Annotated Historical Timeline of James Madison

-DPHV0DGLVRQ8QLYHUVLW\
WR
$Q$QQRWDWHG
+LVWRULFDO7LPHOLQH
5HVHDUFKHGDQG:ULWWHQ
E\
/6HDQ&URZOH\
$FNQRZOHGJPHQWV
7KLVGRFXPHQWZDVSUHSDUHGDVSDUWRI&DUULHU/LEUDU\¶V6SHFLDO&ROOHFWLRQVFRQWULEXWLRQWRWKH
&HQWHQQLDO&HOHEUDWLRQRI
6HYHUDOLQGLYLGXDOVIURPWKH-08FRPPXQLW\JDYHRIWKHLUWLPHDQGH[SHUWLVHIRUWKLVSURMHFW
PHHWLQJZLWKPHRUUHVSRQGLQJWRP\QXPHURXVKLVWRULFDOLQTXLULHV7KHLUHIIRUWVDLGHGLQWKH
YHULILFDWLRQRIVHYHUDONH\SLHFHVRILQIRUPDWLRQ
• )UHG+LOWRQ&HQWHQQLDO&HOHEUDWLRQ'LUHFWRU-08&HQWHQQLDO2IILFH
• -HQQ\/\RQV5HDO3URSHUW\$GPLQLVWUDWRU2IILFHRI%XGJHW0DQDJHPHQW
• &DUULH0R\HUV6WXGHQW5HFRUGV0DQDJHU2IILFHRIWKH5HJLVWUDU
• &DUO3XIIHQEDUJHU$VVLVWDQW'LUHFWRU6XSSRUW6HUYLFHV)DFLOLWLHV0DQDJHPHQW
• -HII:ULJKW(QJLQHHULQJ7HFKQLFLDQ'UDIWVPDQ)DFLOLWLHV0DQDJHPHQW
6SHFLDO WKDQNVWR-XOLD0HUNHO&DUULHU/LEUDU\3UHVHUYDWLRQ6SHFLDOLVWZKRJRWPHLQYROYHGLQ
WKLVSURMHFWDOORZHGPHXQOLPLWHGDFFHVVWR6SHFLDO&ROOHFWLRQVDQGJUDQWHGPHJUHDWPHWKH
WLPHWRSXUVXHWKHSURMHFWWRLWVFRQFOXVLRQ
-DPHV0DGLVRQ8QLYHUVLW\
WR
$Q$QQRWDWHG
+LVWRULFDO 7LPHOLQH
0DUFK ³+DUULVRQEXUJ*HWV1RUPDO´ ‡&RQGLWLRQVRI(VWDEOLVKPHQW
³+DUULVRQEXUJ*HWV1RUPDO´
-DPHV0DGLVRQ8QLYHUVLW\-08FDPHLQWREHLQJDVWKH6WDWH1RUPDODQG,QGXVWULDO6FKRROIRU
:RPHQDW+DUULVRQEXUJRQ7XHVGD\HYHQLQJ0DUFKDWSP
7KDWHYHQLQJWKH9LUJLQLD*HQHUDO $VVHPEO\ KDGILQDOO\DIWHUD³GD\RIVWUHQXRXVEDWWOH´
SDVVHGWKHDSSURSULDWLRQ¶VELOOZKLFKZRXOGSURYLGHIRUWKHHVWDEOLVKPHQWRIDQHZ
QRUPDOVFKRROIRUWHDFKHUWUDLQLQJDW+DUULVRQEXUJ
3DVVDJHRIWKHELOOZKLFK FDPHZLWKRXWDYRWHWRVSDUHUHSUHVHQWHGWKHFOLPD[RIIRXU\HDUVRI
SXEOLFDQGOHJLVODWLYHVWUXJJOHE\DQGRQWKHEHKDOIRIWKHFRPPXQLWLHVRI+DUULVRQEXUJDQG
5RFNLQJKDP&RXQW\WRHQVXUHWKDWWKHSURSRVHGVFKRROZRXOGEHORFDWHGLQWKHVPDOO
6KHQDQGRDK 9DOOH\WRZQ
1HZVRIWKH$VVHPEO\¶VGHFLVLRQUHDFKHG+DUULVRQEXUJDIHZPLQXWHVDIWHUWKHYRWHZDVWDNHQ
&LWL]HQVRIWKHWRZQKDGZDLWHGDQ[LRXVO\DOOGD\EXWE\WKLVWLPHPRVWKDGDOUHDG\UHWLUHGIRU
WKHHYHQLQJ$VWDOZDUWIHZKRZHYHUKDGQRW DQGUHPDLQHGDVVHPEOHGLQWKHGRZQWRZQRIILFHV
RIWKH+DUULVRQEXUJ'DLO\1HZVKRPHRIWKHORFDOQHZVSDSHU
:KHQWKHJRRGQHZVZDVUHFHLYHGWKHHQWLUH1HZV5HJLVWHUEXLOGLQJZDVLOOXPLQDWHGLQDEOD]H
RIOLJKWVDQGWKHWRZQ¶VILUHZKLVWOHEURNHWKHQLJKWVLOHQFHZLWKDSURORQJHGEODVWZDNLQJPDQ\
UHVLGHQWVDQGSURPSWLQJGR]HQVRILQTXLULQJFDOOVWRWKHFHQWUDO WHOHSKRQHRIILFH
7KHQH[WGD\WKHORFDOSDSHUDQQRXQFHGWKHJRRGQHZVZLWKWKHKHDGOLQH³+DUULVRQEXUJ*HWV
1RUPDO´DQGWKHVFKRROZDVYLUWXDOO\³WKHVROHWRSLFRIGLVFXVVLRQWKURXJKRXWWKHWRZQ´
&RQGLWLRQVRI(VWDEOLVKPHQW
:KLOHWKHVWDWHKDGJLYHQWKHJRDKHDGWRHVWDEOLVKWKHVFKRROWKHDSSURSULDWLRQELOO VHWIRUWK
VHYHUDOFRQGLWLRQVWKDWQHHGHGWREHPHWEHIRUHWKHVFKRRO FRXOGEHFRQVLGHUHGOHJDOO\
HVWDEOLVKHGDFTXLVLWLRQRIDVXLWDEOHORFDWLRQRIQROHVVWKDQWKLUW\DFUHVWKHDSSURSULDWLRQIURP
+DUULVRQEXUJDQG5RFNLQJKDP&RXQW\RIDQGUHVSHFWLYHO\XSRQSXUFKDVHRID
VLWHDQGWKHDSSURYDORIWKHVHOHFWHGVLWHE\WKH6WDWH%RDUGRI(GXFDWLRQ
7KHVHUHTXLUHPHQWVZRXOGEHPHWLQMXVWRYHUWKUHHPRQWKV
0DUFK³*HQHUDO5HMRLFLQJ´.HH]HOO*RRG$UULYH
2Q7KXUVGD\WZRGD\VDIWHUWKHELOOSURYLGLQJIRUWKHHVWDEOLVKPHQWRIWKHVFKRROKDGEHHQ
SDVVHGE\WKH*HQHUDO$VVHPEO\WKHWZROHJLVODWRUVZKRKDGOHGWKHILJKWIRUWKH+DUULVRQEXUJ
1RUPDO6FKRRODUULYHGLQWRZQIURP5LFKPRQG
2QHZDV6WDWH6HQDWRU*HRUJH%.HH]HOODQGWKHRWKHUZDV5HSUHVHQWDWLYH3%)*RRGRI
5RFNLQJKDP&RXQW\8SRQWKHLUDUULYDOWKHPHQZHUHJUHHWHGZLWK WKHELJJHVWSXEOLFZHOFRPH
VLQFH3UHVLGHQW0F.LQOH\KDGSDVVHGWKURXJKEULHIO\LQDFFRUGLQJWRWKH+DUULVRQEXUJ
'DLO\1HZV
6RPHILYHKXQGUHGSHRSOHZHUHZDLWLQJDWWKHVWDWLRQZKHQWKHWUDLQDUULYHGDQGDVWKHWZRPHQ
HPHUJHG³PLJKW\FKHHUV´HUXSWHGIURPWKHFURZG WKHEDQGVWUXFNXS³'L[LH´DQGDOORIWKH
WRZQ¶VIDFWRU\ZKLVWOHVVRXQGHGLQFHOHEUDWLRQ$V.HH]HOODQG*RRGZHUHHVFRUWHG±ZLWKJUHDW
GLIILFXOW\ ±WKURXJKWKHFURZGWRDZDLWLQJDXWRPRELOHWKH\ZHUH³VPRWKHUHGZLWKERXTXHWV´
2QFHLQWKHDXWRPRELOHDSDUDGHLQWKHLUKRQRUZDVEHJXQ/HGE\WKH'DLO\1HZVEDQGDQG
LQFOXGLQJWKH+DUULVRQEXUJ*XDUGWKHORFDO)LUH'HSDUWPHQWDQGQXPHURXVWRZQDQGFRXQW\
RIILFLDOVWKHSDUDGHPDGHLWVZD\IURPWKHVWDWLRQ WRGRZQWRZQ¶V&RXUW6TXDUH
2YHUKDOIRIWKHWRZQ¶VQHDUO\FLWL]HQVWXUQHGRXWWRZLWQHVVWKLVFHOHEUDWLRQ DQG:HVW
0DUNHW6WUHHWZDVMDPPHGZLWKKXQGUHGVRI SHRSOHZDYLQJKDWVDQGKDQGNHUFKLHIVDVWKHSDUDGH
PDGHLWVZD\SDVW 7KHSDUDGHZRXQGDURXQGWKHFRXUWKRXVHDQGVWRSSHGDWWKHVRXWKHUQ
HQWUDQFH
7KHVDPHELOODOVRSURYLGHGIRUWKHHVWDEOLVKPHQWRIDQRUPDOVFKRROLQ)UHGHULFNVEXUJWRGD\NQRZQDV0DU\
:DVKLQJWRQ$FRS\RIWKHELOOLVDYDLODEOHLQ %RDUGRI7UXVWHHV0LQXWHVSS%RDUGRI9LVLWRUV
&ROOHFWLRQ 356SHFLDO&ROOHFWLRQV &DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
KWWSZZZOLEMPXHGXVSHFLDOMPXKLVWRULFDOGRFXPHQWV%29PLQXWHVBGRF!>-DQXDU\@
$OWKRXJKWKHSDSHUZDVFDOOHGWKH +DUULVRQEXUJ'DLO\1HZV WKHEXLOGLQJZKLFKKRXVHGWKHSDSHU¶VRIILFHVZDV
JHQHUDOO\UHIHUUHGWRDVWKH1HZV5HJLVWHUEXLOGLQJ ³+DUULVRQEXUJ*HWV1RUPDO´+DUULVRQEXUJ'DLO\1HZV
0DUFK ³*HQHUDO5HMRLFLQJDW:LQQLQJ1RUPDO´+DUULVRQEXUJ'DLO\1HZV0DUFK5D\PRQG&
'LQJOHGLQH-U 0DGLVRQ&ROOHJH7KH)LUVW)LIW\<HDUV +DUULVRQEXUJ9$0DGLVRQ&ROOHJH
1DQF\%RQGXUDQW-RQHV 5RRWHGRQ%OXHVWRQH+LOO RQ%OXH6WRQH+LOO$+LVWRU\RI-DPHV0DGLVRQ
8QLYHUVLW\6DQWD)H10DQG6WDXQWRQ9$&HQWHUIRU$PHULFDQ3ODFHVLQDVVRFLDWLRQZLWKWKH&RPPXQLW\
)RXQGDWLRQRI+DUULVRQEXUJDQG5RFNLQJKDP&RXQW\
%HIRUHDFDSDFLW\FURZGLQ $VVHPEO\+DOODPHHWLQJZDVFRQGXFWHGWRJLYHSXEOLFUHFRJQLWLRQ
WR WKHWZRPHQZKRKDGGRQHVRPXFKWREULQJWKHVFKRROWR+DUULVRQEXUJ5HVROXWLRQVRI
DSSUHFLDWLRQ ZHUHUHDGDQGWKHQDGRSWHGZLWKDVWDQGLQJRYDWLRQRI³WKUHHFKHHUVIRU.HH]HOODQG
*RRG´
0D\RU2%5ROOHUGHFODUHGWKLVWREH³WKHSURXGHVWPRPHQWLQWKHKLVWRU\RI+DUULVRQEXUJ´
0DUFK )RXQGLQJ'D\2IILFLDO(VWDEOLVKPHQWRIWKH6FKRRO
2Q6DWXUGD\0DUFK9LUJLQLD*RYHUQRU&ODXGH$6ZDQVRQ VLJQHGLQWRODZWKH
$SSURSULDWLRQV$FWSDVVHGIRXUGD\VHDUOLHUE\WKH*HQHUDO$VVHPEO\:LWK6ZDQVRQ¶V
VLJQDWXUHWKH6WDWH1RUPDODQG,QGXVWULDO6FKRROIRU:RPHQDW+DUULVRQEXUJQRZ-08ZDV
RIILFLDOO\HVWDEOLVKHG
0DUFK LVFRQVLGHUHGDQGFHOHEUDWHGDVWKHIRXQGLQJGDWHRIWKHLQVWLWXWLRQ
$SULO )LUVW%RDUGRI7UXVWHHV0HHWLQJ‡6HDUFKLQJIRU+RPH )LUVW6LWH,QVSHFWLRQ
)LUVW%RDUGRI7UXVWHHV0HHWLQJ
7KHVFKRRO¶VJRYHUQLQJERG\GXULQJLWVIRUPDWLYH\HDUVZDVWKHHOHYHQPHPEHU%RDUGRI
7UXVWHHV7HQPHPEHUVKDGEHHQDSSRLQWHGE\WKH*RYHUQRU&ODXGH6ZDQVRQZKLOHWKH
HOHYHQWKWKH6WDWH6XSHULQWHQGHQWRI3XEOLF,QVWUXFWLRQVHUYHGDVDQH[RIILFLRPHPEHU
7KH%RDUGRI7UXVWHHVKHOGLWILUVWPHHWLQJDWSPRQ:HGQHVGD\HYHQLQJ$SULO
*DWKHULQJLQ WKH1HZV5HJLVWHUEXLOGLQJLQGRZQWRZQ+DUULVRQEXUJIRUDSSUR[LPDWHO\WZR
KRXUVWKH%RDUGHOHFWHGRIILFHUVDQGHVWDEOLVKHGFRPPLWWHHV
6HQDWRU*HRUJH%.HH]HOORI5RFNLQJKDP&RXQW\ZDVHOHFWHG%RDUG &KDLUPDQ$+6Q\GHU
HGLWRURIWKH+DUULVRQEXUJ'DLO\1HZVZDVFKRVHQDV6HFUHWDU\DQG(:&DUSHQWHU
5RFNLQJKDP&RXQW\7UHDVXUHUZDVHOHFWHGDVWKH%RDUG¶V7UHDVXUHU
6WDQGLQJFRPPLWWHHVZHUHHVWDEOLVKHGWRGHYHORSDFXUULFXOXPWRRYHUVHHWKHJURXQGVDQG
EXLOGLQJSURMHFWVDQGWRPDQDJHWKHVFKRRO¶VILQDQFHV$VSHFLDOFRPPLWWHHZDVDSSRLQWHGWR
GLUHFWVHOHFWLRQHIIRUWVIRUWKHLQVWLWXWLRQ¶VILUVWSUHVLGHQW
)LQDOO\WKH%RDUGGHFLGHGLWZRXOG³EXLOGIRUWKHIXWXUH´ZLWKDYLHZWRDFFRPPRGDWLQJWR
VWXGHQWV
6HDUFKLQJIRU+RPH)LUVW6LWH,QVSHFWLRQ
³*HQHUDO5HMRLFLQJDW:LQQLQJ1RUPDO´ +DUULVRQEXUJ'DLO\1HZV0DUFK³*UHDW2YDWLRQWR.HH]HOODQG
*RRG´+DUULVRQEXUJ'DLO\1HZV0DUFK'LQJOHGLQH -RQHV 5RRWHGRQ%OXHVWRQH+LOO
'LQJOHGLQH )UHG'+LOWRQ³&KDQJLQJIURPD&ROOHJHWRD8QLYHUVLW\0DGLVRQ&ROOHJHWR-DPHV0DGLVRQ
8QLYHUVLW\´0DVWHU¶VWKHVLV-DPHV0DGLVRQ8QLYHUVLW\
7KHH[DFWORFDWLRQRIWKHVFKRROKDGEHHQDPDMRUWRSLFRIGLVFXVVLRQDPRQJWKHFLWL]HQVRI
+DUULVRQEXUJVLQFHWKHPRPHQWWKH*HQHUDO$VVHPEO\KDGFKRVHQWKHWRZQDVWKHKRPHRIWKH
LQVWLWXWLRQ,WZDVDOVRQDWXUDOO\DSULRULW\RIWKH%RDUGRI7UXVWHHV
7KXVLQWKHDIWHUQRRQEHIRUHWKH%RDUGJDWKHUHGIRULWVILUVWPHHWLQJWKDWHYHQLQJPHPEHUV
VSHQWVHYHUDOKRXUVH[DPLQLQJSRVVLEOHORFDWLRQVIRUWKHQHZVFKRROLQFOXGLQJWKHVLWHWKDW
ZRXOGHYHQWXDOO\EHFKRVHQ
$SULO 6HDUFKLQJIRU+RPH6LWH,QVSHFWLRQ&RQWLQXHV
2Q7KXUVGD\PRUQLQJ³ULGLQJLQD\HOORZVXUU\ >VLF@ZLWKDIULQJHDURXQGWKHWRS´ PHPEHUVRI
WKH%RDUGRI7UXVWHHVFRQGXFWHGDVHFRQGURXQGRIVLWHLQVSHFWLRQVKDYLQJPDGHWKHLUILUVWWKH
SUHYLRXVDIWHUQRRQ
$WWKHWLPHWKHUHZHUHDWOHDVWILYHVLWHVFRQVLGHUHGVXLWDEOHDVDKRPHIRUWKHVFKRRO$IWHU
LQVSHFWLQJVHYHUDORIWKHORFDWLRQVKRZHYHUUDLQIRUFHGWKH%RDUGWRFXWVKRUWLWVHIIRUWVDQGWKH
PHPEHUVUHWLUHGLQWRDIRUPDOEXVLQHVVVHVVLRQ
$OWKRXJKLWZDVZLGHO\H[SHFWHGWKH\ZRXOGGRVRWKH%RDUGWRRNQRGHILQLWHDFWLRQUHJDUGLQJ
WKHSURFXUHPHQWRIDVLWHDQGPDGHQRIRUPDORIIHUV,QVWHDGDVSHFLDO FRPPLWWHHFKDLUHGE\
6HQDWRU*HRUJH.HH]HOOZDVHVWDEOLVKHGWRQHJRWLDWHZLWK DQGVHFXUHRIIHUVIURP WKHRZQHUVRI
GHVLUDEOHODQG
7KHFRPPLWWHHZRXOGVXEPLWRSWLRQVDQGUHFRPPHQGDWLRQVWRWKH%RDUGDWWKHQH[WPHHWLQJLQ
PLG-XQH
-XQH 6HDUFKLQJIRU+RPH/DQG2SWLRQ6HFXUHG
2Q-XQHWKH%RDUGRI7UXVWHHV¶VSHFLDOVLWHVHOHFWLRQ FRPPLWWHHVHFXUHGDQRSWLRQRQDWUDFWRI
ODQGRZQHGE\ WKHIDPLO\RI+01HZPDQ7KHODQGHQFRPSDVVLQJDSSUR[LPDWHO\ô
DFUHVZRXOGVRRQEHFRPHWKHVFKRRO¶VKRPH
-XQH 6HDUFKLQJIRU+RPH6LWH5HSRUW6XEPLWWHG
$IWHUWZRZHHNVRIZRUNWKHVLWHVHOHFWLRQFRPPLWWHHVXEPLWWHGLWVUHSRUWWRWKH%RDUGRI
7UXVWHHV7KHUHSRUWLQFOXGHGWKH³OHJDOO\H[HFXWHGRSWLRQV´WKDWKDGEHHQVHFXUHGRQYDULRXV
%RDUGRI7UXVWHHV0LQXWHV HQWU\GDWH$SULOSS³1RUPDO7UXVWHHV7RPRUURZ´
+DUULVRQEXUJ'DLO\1HZV$SULO³1RUPDO6FKRRO%RDUG+ROGV)LUVW0HHWLQJ´ +DUULVRQEXUJ'DLO\1HZV
$SULOLQ1HZV&OLSSLQJV)ROGHULQ3XEOLF5HODWLRQV&ROOHFWLRQ38
6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$'LQJOHGLQH'LQJOHGLQH
PLVWDNHQO\ FLWHVWKHDIWHUQRRQRIWKHWK DVWKHGD\RIILUVWVLWHLQVSHFWLRQ
7KHVLWHLQVSHFWLRQEHJDQDWDSSUR[LPDWHO\DP'LQJOHGLQH %RDUGRI7UXVWHHV0LQXWHV
HQWU\GDWH$SULOSS³1RUPDO6FKRRO%RDUG+ROGV)LUVW0HHWLQJ´ +DUULVRQEXUJ'DLO\1HZV$SULO
³0HHWLQJRI%RDUG8QH[SHFWHGO\%ULHI´+DUULVRQEXUJ'DLO\1HZV0D\
³'HHGRI6DOH+01HZPDQDQG:LIH/RUHQD0DOOLHWRWKH6WDWH1RUPDODQG,QGXVWULDO6FKRROIRU:RPHQDW
+DUULVRQEXUJ´ -XO\'HHG%RRNSS &OHUNRIWKH&RXUW¶V2IILFH5RFNLQJKDP&RXQW\
&RXUWKRXVH&RXUW 6TXDUH+DUULVRQEXUJ9LUJLQLDKHUHDIWHUFLWHGDV³'HHGRI6DOH´
WUDFWVRIODQGLQFOXGLQJWKHRSWLRQRQWKH1HZPDQSURSHUW\ REWDLQHGHDUOLHULQWKHPRQWKDV
ZHOODVWKHFRPPLWWHH¶VUHFRPPHQGDWLRQV
)ROORZLQJDEULHIGLVFXVVLRQRIWKHPDWWHUKRZHYHUVHOHFWLRQRIDVLWHIRUWKHVFKRROZDV
SRVWSRQHGXQWLOWKHSODQQHGPHHWLQJWKHIROORZLQJPRUQLQJ
-XQH 6HDUFKLQJIRU+RPH6LWH6HOHFWHG
$WDPRQ7KXUVGD\-XQHWKHVFKRRO¶V%RDUGRI7UXVWHHVPHWIRUZKDWZRXOGEHWKHLU
ILQDOGHOLEHUDWLRQVRYHUVHOHFWLRQRIDVLWHIRUWKHQHZVFKRRO7ZRORFDWLRQVUHFHLYHGWKHPRVW
VHULRXVFRQVLGHUDWLRQ
7KHILUVWZDVNQRZQDVWKH:DWHUPDQSURSHUW\ZKLFKFRQVLVWHGRIILIW\DFUHV7KHVHFRQGZDV
WKH1HZPDQIDUPRIMXVWRYHUIRUW\WZRDFUHV7KH%RDUGZHLJKHGWKHFRVWWKHTXDOLW\DQGWKH
ORFDWLRQRIWKHODQGEHIRUHYRWLQJ7KH:DWHUPDQSURSHUW\ZDVWKHODUJHUDQGOHVVH[SHQVLYHRI
WKHWZREXWWKH1HZPDQODQGZDVGHHPHGDEHWWHUORFDWLRQ
,QDXQDQLPRXVGHFLVLRQWKH%RDUGVHOHFWHGDQGDJUHHGWRSXUFKDVH³DFUHVURRGVDQG
SROHV´RUURXJKO\ôDFUHVIURP0U+HQU\01HZPDQDQGKLVZLIH/RUHQD0DOOLHIRUWKH
SULFHRI/RFDWHGRQWKHSURSHUW\ZHUHDEULFNIDUPKRXVHWKH1HZPDQ¶VKRPHDQG
VHYHUDOEDUQVDQGRXWEXLOGLQJV
3XUFKDVHRIWKH1HZPDQ SURSHUW\ PDUNHGWKHSK\VLFDO EHJLQQLQJVRIWKHLQVWLWXWLRQ
-XQH 3UHVLGHQW%XUUXVV(OHFWHG‡6FKRRO¶V2SHQLQJ'DWH6HW‡/HJDO(VWDEOLVKPHQW
3UHVLGHQW%XUUXVV(OHFWHG
7KHVSHFLDOSUHVLGHQWLDOVHOHFWLRQFRPPLWWHHZKLFKKDGEHHQHVWDEOLVKHGE\WKH%RDUGRI
7UXVWHHVLQ$SULOVXEPLWWHGLWVUHSRUWDQGUHFRPPHQGDWLRQVRQ)ULGD\-XQH
$QLQLWLDOSRRORIWZHQW\ILYHFDQGLGDWHVKDGEHHQQDUURZHGWRWKUHHDQGWKHLUQDPHVZHUH
SUHVHQWHGWRWKH%RDUGIRUFRQVLGHUDWLRQ
• -RKQ+%DGHURI0F*DKH\VYLOOH
• ('0XUGDXJKSUHVLGHQWRIWKH0DU\ODQG6WDWH1RUPDO6FKRRODW)URVWEXUJDQG
• -XOLDQ$%XUUXVVRI5LFKPRQG
%RDUGRI7UXVWHHV0LQXWHVHQWU\GDWH-XQHS
%RDUGRI7UXVWHHV0LQXWHVHQWU\ GDWHV-XQHSDQG-XQHS³'HHGRI6DOH´
³5RFNLQJKDPDQG+DUULVRQEXUJ/R\DOO\VXSSRUWHG(YHU\0RYHWR/DXQFKWKH(VWDEOLVKPHQWRI7HDFKHUV&ROOHJH´
'DLO\1HZV5HFRUG 0DUFKWKLVDUWLFOHLVWKHVHFRQGKDOIRIWKHDGGUHVVPDGHE\6HQDWRU*HRUJH.HH]HOODW
WKHILUVW)RXQGHUV'D\H[HUFLVHVRQ0DUFK³1HZPDQ6LWH&KRVHQIRU1RUPDO6FKRRO´ +DUULVRQEXUJ
'DLO\1HZV-XQHLQ1HZV&OLSSLQJV)ROGHU³/DQG2ZQHGE\0DGLVRQ&ROOHJH´
LQ8QLYHUVLW\)DUP 9HUWLFDO)LOH 6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ
9$'LQJOHGLQH
$IWHUGHOLEHUDWLRQVWKH%RDUGXQDQLPRXVO\HOHFWHGWKLUW\WKUHH\HDUROG-XOLDQ$%XUUXVVWREH
WKHILUVWSUHVLGHQWRIWKH6WDWH1RUPDODQG,QGXVWULDO6FKRROIRU:RPHQDW+DUULVRQEXUJ
%XUUXVVZKRZDVLQ5RFKHVWHU1<DWWKHWLPHUHFHLYHGDWHOHJUDPLQIRUPLQJKLPRIKLV
HOHFWLRQ
6FKRRO¶V2SHQLQJ'DWH6HW
6KRUWO\EHIRUHWKH%RDUGDGMRXUQHGLWZDVUHVROYHGWRKDYHWKHVFKRRO³RSHQHGIRULQVWUXFWLRQ
QRWODWHUWKDQ6HSWHPEHU´DWDUJHWGDWHWKDWZRXOGEHPLVVHGE\RQO\WZRZHHNV
/HJDO(VWDEOLVKPHQW
$OVRRQ WKLVGDWHWKH6WDWH%RDUGRI(GXFDWLRQ XQDQLPRXVO\ DSSURYHGWKH1HZPDQVLWH
SXUFKDVHGHLJKWGD\VHDUOLHUDVWKHORFDWLRQIRUWKHVFKRROWKXVIXOILOOLQJWKHILQDOIRUPDOLW\
QHHGHGIRUWKHLQVWLWXWLRQWREHFRQVLGHUHGOHJDOO\HVWDEOLVKHG
7KHRWKHUFRQGLWLRQVVHWIRUWKE\WKHELOOHVWDEOLVKLQJWKHVFKRRO ±DFTXLVLWLRQRIDVXLWDEOH
ORFDWLRQRIQROHVVWKDQWKLUW\DFUHVDQGWKHDSSURSULDWLRQIURP+DUULVRQEXUJDQG5RFNLQJKDP
&RXQW\RIDQGUHVSHFWLYHO\ ±KDGEHHQ SUHYLRXVO\PHW
-XO\ 3UHVLGHQW%XUUXVV)LUVW3UHVLGHQW
2Q:HGQHVGD\-XO\5LFKPRQGQDWLYH-XOLDQ$VKE\%XUUXVVRIILFLDOO\EHJDQKLVWHQXUH
DVWKHILUVW3UHVLGHQWRIWKH6WDWH1RUPDODQG,QGXVWULDO6FKRROIRU:RPHQDW+DUULVRQEXUJ
3UHYLRXVO\%XUUXVVKDGDWWHQGHG5LFKPRQG&ROOHJHDQG9LUJLQLD3RO\WHFKQLF,QVWLWXWH 9LUJLQLD
7HFKLQ%ODFNVEXUJDQGVHUYHGDVSULQFLSDORIDSXEOLFVFKRROLQ5LFKPRQGIRUWKUHH\HDUV$W
WKHWLPHKHZDVHOHFWHGWROHDGWKH+DUULVRQEXUJ1RUPDO6FKRRO%XUUXVVZDVZRUNLQJWRZDUGV
FRPSOHWLRQRIDGRFWRUDWHGHJUHHDW&ROXPELD8QLYHUVLW\LQ1HZ<RUNDQGZDVKHDGRIWKH
PDQXDOWUDLQLQJSURJUDPIRU5LFKPRQGSXEOLFVFKRROV
7KURXJKRXWKLVDGPLQLVWUDWLRQ%XUUXVVZRXOGSURYHWREHD³KDQGVRQ´DQGWLUHOHVVOHDGHU
DOZD\VORRNLQJWRWKHIXWXUHRIWKHLQVWLWXWLRQ+LVHIIRUWVDELOLW\DQG]HDOZRXOGSURYHDQ
LQVSLUDWLRQWRVWXGHQWVDQGIDFXOW\DOLNHDQGKLVOHDGHUVKLSLQWKHFRPPXQLW\ZRXOGHQGHDUKLP
DQGWKHVFKRROLQWKHKHDUWVRIWKHORFDOFLWL]HQU\
%\WKHWLPHKHOHIWLQVL[PDMRUEXLOGLQJVKDGEHHQFRQVWUXFWHGDQGWKHVFKRROKDGEHHQ
HVWDEOLVKHGDVRQHRIWKHVWDWH¶VOHDGLQJHGXFDWLRQDOLQVWLWXWLRQV
$FFRUGLQJWR%XUUXVVKHKDGLQLWLDOO\EHHQLQWHUHVWHGLQREWDLQLQJWKHSUHVLGHQF\RIWKHQRUPDOVFKRROLQ
)UHGHULFNVEXUJQRZ0DU\:DVKLQJWRQQRWLQ+DUULVRQEXUJ-XOLDQ$%XUUXVV>1RWHVIRU)RXQGHUV¶'D\
6SHHFK@SLQ 5HFRUGVRIWKH2IILFHRIWKH3UHVLGHQW-XOLDQ$%XUUXVV5HFRUG*URXS1XPEHU5*
1HZPDQ/LEUDU\6SHFLDO&ROOHFWLRQV8QLYHUVLW\$UFKLYHV8QLYHUVLW\/LEUDULHV9LUJLQLD7HFK%ODFNVEXUJ
9$$V\QRSVLVRI%XUUXVV¶V)RXQGHUV¶'D\VSHHFKFDQEHIRXQGLQ³)RXQGHUV'D\2EVHUYHGDV7ZHQW\
)LUVW$QQLYHUVDU\´7KH%UHH]H 0DUFK %RDUGRI7UXVWHHV0LQXWHVHQWU\GDWH-XQH
SS'LQJOHGLQH³-XOLDQ$%XUUXVV(OHFWHG3UHVLGHQW´ +DUULVRQEXUJ'DLO\1HZV-XQHLQ
1HZV&OLSSLQJV)ROGHU ³7DWH%RDUG3OHDVHGZLWK1HZPDQ6LWH´ +DUULVRQEXUJ'DLO\
1HZV-XQHLQ1HZV&OLSSLQJV)ROGHU
-XO\ 6HDUFKLQJIRU+RPH/DQG'HHG([HFXWHG
2Q:HGQHVGD\WKHGHHGIRUWKH1HZPDQSURSHUW\ VHOHFWHGDVWKHEXLOGLQJVLWHIRUWKH
LQVWLWXWLRQLQ-XQHZDVH[HFXWHG7KHSURSHUW\ZDVQRZRIILFLDOO\WKHSRVVHVVLRQRIWKH6WDWH
1RUPDODQG,QGXVWULDO6FKRRO IRU:RPHQDW+DUULVRQEXUJ
7ZHQW\GD\VODWHURQWKHWKWKHGHHGZDVUHFHLYHGDQGUHFRUGHGE\WKH5RFNLQJKDP&RXQW\
&OHUNRIWKH&RXUW¶V2IILFH
-XO\ 3UHVLGHQW%XUUXVV$UULYDORI&LWL]HQ%XUUXVV%XUUXVV6HWVWR:RUN
$UULYDORI&LWL]HQ%XUUXVV
2QWKHPRUQLQJRI-XO\3UHVLGHQW%XUUXVVDUULYHGLQ+DUULVRQEXUJIRUWKHILUVWWLPH+HZDV
JLYHQDWRXURIWKHVFKRRO¶VVLWHE\*HRUJH.HH]HOODQG$+6Q\GHUSUHVLGHQWDQGVHFUHWDU\RI
WKH%RDUGRI7UXVWHHVUHVSHFWLYHO\
5HSRUWHGO\³GHOLJKWHG´ZLWKWKHFKRVHQORFDWLRQDQGSDUWLFXODUO\³FKDUPHG´ZLWKWKHWRZQLQ
JHQHUDO%XUUXVVVWDWHGKLVEHOLHIWKDWWRJHWKHU+DUULVRQEXUJDQGWKH1RUPDO6FKRROZRXOGKHDG
LQWR³DEULJKWIXWXUH´$QQRXQFLQJKLVDQGWKHVFKRRO¶VDUULYDO%XUUXVVSURFODLPHG³,DP KDSS\
WRFDOOP\VHOIDFLWL]HQRI+DUULVRQEXUJIURPWKLVGD\´
%XUUXVV6HWVWR:RUN
:LWKRQO\IRXUWHHQPRQWKVEHIRUHWKHSODQQHGRSHQLQJRIWKHVFKRROLQ6HSWHPEHU%XUUXVV
VHWWRZRUNLPPHGLDWHO\)RUWZRPRQWKVKHWUDYHOHGWRRWKHUVWDWHVYLVLWLQJVLPLODUHGXFDWLRQDO
LQVWLWXWLRQVDQGORRNLQJIRULGHDVDQGDGYLFHRQKRZWREHVWSURFHHG
6XEVHTXHQWO\%XUUXVVVSHQWD\HDUDWWHQGLQJDQGDGGUHVVLQJWHDFKHUV¶PHHWLQJVDFURVVWKHVWDWH
SHUVRQDOO\RYHUVHHLQJWKHSODQQLQJRIWKHFDPSXVOD\RXWDQGWKHFRQVWUXFWLRQRIWKHILUVW
EXLOGLQJVDGYHUWLVLQJDQGSURPRWLQJWKHVFKRROIRUPXODWLQJWKHFXUULFXOXPKLULQJIDFXOW\
PHPEHUVDQGDGPLWWLQJWKHILUVWVWXGHQWV
$OOWROG%XUUXVVWUDYHOHGVRPHPLOHVPDLOHGOHWWHUVRYHUVDZWKHGLVWULEXWLRQRI
DSSUR[LPDWHO\LQIRUPDWLRQDOEXOOHWLQVDQGFLUFXODUVDQGZRUNHG³OLWHUDOO\GD\DQGQLJKW
LQSUHSDULQJIRUWKHRSHQLQJRIWKHVFKRRO´
'LQJOHGLQH3UHVLGHQW%XUUXVV¶FDUHHULVEULHIO\GLVFXVVHGLQ³7DWH%RDUG3OHDVHGZLWK1HZPDQ6LWH´
+DUULVRQEXUJ'DLO\1HZV-XQHLQ1HZV&OLSSLQJV)ROGHU5D\96RQQHU
³0DGLVRQ&ROOHJH7KH0LOOHU<HDUV´3K'GLVV8QLYHUVLW\RI9LUJLQLD
³'HHGRI6DOH´-RKQ::D\ODQG³6RPH,WHPV5HODWLQJWRWKH6WDWH1RUPDODQG,QGXVWULDO6FKRROIRU:RPHQDW
+DUULVRQEXUJ/DWHUWKH6WDWH7HDFKHUV&ROOHJHDQG1RZ0DGLVRQ&ROOHJHZLWK6SHFLDO5HIHUHQFHWRWKH6HYHUDO
%XLOGLQJVWKDWKDYHEHHQ(UHFWHG)URP7LPHWR7LPH´ 0DUFK$SULO SLQ:D\ODQG-RKQ:
3HUVRQDO5HPLQLVFHQFHV9HUWLFDO)LOH 6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\
+DUULVRQEXUJ9$
³3UHVLGHQW%XUUXVV+HUHWR%HJLQ:RUN´+DUULVRQEXUJ'DLO\1HZV-XO\LQ1HZV&OLSSLQJV
)ROGHU-XOLDQ$%XUUXVV5HSRUWWRWKH%RDUGRI7UXVWHHV-XQHSLQ5HFRUGVRI WKH2IILFHRI
WKH3UHVLGHQW-XOLDQ$%XUUXVV%R[)ROGHU-XOLDQ$%XUUXVV>1RWHVIRU)RXQGHUV¶'D\
6HSWHPEHU 6HDUFKLQJIRU+RPH 7UXVWHHV5HFHLYH/DQG'HHG
2Q:HGQHVGD\$+6Q\GHU6HFUHWDU\RIWKHVFKRRO¶V%RDUGRI7UXVWHHVZDVSUHVHQWHGZLWK
WKHGHHGWRWKHVFKRRO¶VSURSHUW\
6HSWHPEHU &DPSXV/D\RXW%XLOGLQJ'HVLJQ3URSRVDOV$GRSWHG‡)LUVW%XLOGLQJV
&DPSXV/D\RXW%XLOGLQJ'HVLJQ3URSRVDOV$GRSWHG
$IWHUPRQWKVRILQYHVWLJDWLRQDQGSUHSDUDWLRQ3UHVLGHQW%XUUXVVVXEPLWWHGDWZHQW\WZRSDJH
UHSRUWWRWKH%RDUGRI7UXVWHHVRXWOLQLQJWKH³SROLFLHVLGHDOVXOWLPDWHVFRSHDQGHTXLSPHQW´KH
EHOLHYHGZRXOGEHEHVWIRUWKHQHZVFKRRO
,QFOXGHGLQWKHUHSRUWZHUHVHYHUDOGUDZLQJVSUHSDUHGE\5LFKPRQGDUFKLWHFW&KDUOHV5RELQVRQ
GHSLFWLQJ%XUUXVV¶VYLVLRQIRU WKHDUUDQJHPHQWRIWKHVFKRRO¶VJURXQGVDQGWKHGHVLJQRILWV
EXLOGLQJV
7KHGUDZLQJVRIWKHSURSRVHGFDPSXVOD\RXWGHSLFWHGWKHQRZGLVWLQFWLYHTXDGUDQJOH
DUUDQJHPHQWZKLOHWKHGUDZLQJVRIWKHEXLOGLQJVVKRZHGWKHPFRQVWUXFWHGRXWRIQDWLYHEOXH
OLPHVWRQHZLWKUHG6SDQLVKWLOHURRIV7KHVHUHQGLWLRQVZHUHGHHPHGWR³HPERG\WKHLGHDOVDQG
JHQHUDOSROLF\RIWKH%RDUG´DQGZHUHXQDQLPRXVO\DSSURYHG
)LUVW%XLOGLQJV
$IWHUDSSURYLQJWKHSODQVIRUWKHEXLOGLQJVDQGJURXQGVWKH%RDUGVHOHFWHG0U&KDUOHV0
5RELQVRQDVWKHVFKRRO¶VRIILFLDODUFKLWHFW5RELQVRQZDVWKHQFDOOHGXSRQWREHJLQLPPHGLDWH
SODQQLQJIRUWKHFDPSXV¶VILUVWWZREXLOGLQJVDGRUPLWRU\UHIHUUHGWRVLPSO\DV'RUPLWRU\1R
QRZ-DFNVRQ+DOODQGDQDFDGHPLFEXLOGLQJWREHFDOOHG6FLHQFH+DOOQRZ0DXU\+DOO
2FWREHU 0DXU\-DFNVRQ+DOOV%XLOGLQJ3ODQV$SSURYHG
2Q:HGQHVGD\HYHQLQJPHPEHUVRIWKH%RDUGRI7UXVWHHVJDWKHUHGDWWKH5LFKPRQGRIILFHRI
VFKRRODUFKLWHFW&KDUOHV05RELQVRQ+HUHDWOHQJWKWKH%RDUGFRQVLGHUHG5RELQVRQ¶VSODQV
IRUWKHILUVWWZRVFKRROEXLOGLQJV'RUPLWRU\1R-DFNVRQ+DOODQG6FLHQFH0DXU\+DOO
6FLHQFH+DOOZRXOGVHUYHDVWKHVFKRRO¶VDFDGHPLFDQGDGPLQLVWUDWLYHEXLOGLQJ2QWKHILUVW
IORRUZRXOGEHWKHRIILFHVRIWKHSUHVLGHQWDQGWKHUHJLVWUDU$URRPLQWKHVRXWKZHVWFRUQHU
ZRXOGEHGHGLFDWHGWRVHUYHDVWKHVFKRRO¶VILUVWOLEUDU\ZKLOHRQHRQWKHQRUWKHDVWVLGHZRXOGEH
KRPHWRD³ERRNDQGVXSSO\URRP´WKHILUVWERRNVWRUH
6SHHFK@SLQ5HFRUGVRIWKH2IILFHRIWKH3UHVLGHQW-XOLDQ$%XUUXVV'LQJOHGLQH-RQHV
5RRWHG +LOWRQ
6HHPDUJLQQRWHVLQ ³'HHGRI6DOH´
7KH1RUPDO%XOOHWLQ QR)HEUXDU\ %RDUGRI7UXVWHHV 0LQXWHVHQWU\GDWH6HSWHPEHUS ³1RUPDO%RDUG$FWVRQ%XLOGLQJ3ODQV´ +DUULVRQEXUJ 'DLO\1HZV6HSWHPEHULQ1HZV&OLSSLQJV
)ROGHU'LQJOHGLQH
$WWKHQRUWKHUQHQGRIWKHVHFRQGIORRUWZRODUJHFODVVURRPVVHSDUDWHGE\DUHPRYDEOH
SDUWLWLRQZRXOGVHUYHDVWKHDXGLWRULXPDQGJ\PQDVLXP$OVRDVPDOOPXVLFURRPZRXOGEH
SURYLGHG)LQDOO\DFDGHPLFFODVVURRPVDQGODERUDWRULHVIRUVFLHQFH³GRPHVWLFHFRQRP\´
FRRNLQJVHZLQJDQGGUDZLQJZRXOGEHGLVWULEXWHGWKURXJKRXWWKHEXLOGLQJ
7KHGRUPLWRU\ZRXOGSURYLGHDFFRPPRGDWLRQVIRUVL[W\IRXUVWXGHQWVDQGLQFOXGHDSDUORUIRU
HQWHUWDLQLQJDQGDURRPIRUWKHPDWURQ ,QWKHEDVHPHQWZRXOGEHWKHVFKRRO¶VILUVWGLQLQJKDOO
FRPSOHWHZLWKDGMRLQLQJNLWFKHQDQGSDQWU\,WFRXOGVHDWURXJKO\RQHKXQGUHG
6DWLVILHGWKH%RDUGDSSURYHGWKHSODQVDQGGLUHFWHGWKHVHFUHWDU\WREHJLQDGYHUWLVLQJIRU
FRQVWUXFWLRQELGV
7RGD\0DXU\+DOOLVKRPHWRWKHFODVVURRPVDQGRIILFHVRIWKH3ROLWLFDO6FLHQFH'HSDUWPHQW
DQG-DFNVRQ+DOOLVKRPHWRWKHVDPHIRUWKH+LVWRU\'HSDUWPHQW
1RYHPEHU 0DXU\-DFNVRQ+DOOV&RQVWUXFWLRQ&RQWUDFWV$ZDUGHG
2Q7KXUVGD\1RYHPEHUWKH%RDUGRI7UXVWHHVPHWWRFRQVLGHUWKHWKLUWHHQELGVZKLFKKDG
EHHQVXEPLWWHGRYHUWKHSUHYLRXVZHHNVIRUWKHFRQVWUXFWLRQRIWKHVFKRRO¶VILUVWWZREXLOGLQJV
'RUPLWRU\1R-DFNVRQ+DOODQG6FLHQFH0DXU\+DOO
%LGVKDGEHHQVXEPLWWHGIRUFRQVWUXFWLRQXVLQJHLWKHUEULFNRUVWRQHEXWEHIRUHYLHZLQJWKHP
WKH%RDUGYRWHGXQDQLPRXVO\WRKDYHWKHVFKRRO¶VEXLOGLQJVFRQVWUXFWHGRI³QDWLYHVWRQHZLWK
6SDQLVKWLOHURRI´DVRULJLQDOO\SURSRVHG7KLVGHFLVLRQVHFXUHGWKHGLVWLQFWLYHDQGWLPHOHVVORRN
RI WKHLQVWLWXWLRQ¶VPDLQFDPSXVEXLOGLQJV
7KHVXEPLWWHGELGVUDQJHGLQSULFHIURPDORZRIWRDKLJKRI7KH%RDUG
DZDUGHGWKHFRQWUDFWWRWKHORZHVWELGGHU:0%XFKHU6RQRI+DUULVRQEXUJSUHGHFHVVRURI
WRGD\¶V1HLOVRQ%XLOGHUV,QF
8OWLPDWHO\RQFHDOO WKHELOOVZHUHWDOOLHG6FLHQFH+DOOFRVWMXVWRYHUZKLOH'RUPLWRU\
1RFRVW
%RDUGRI7UXVWHHV0LQXWHVHQWU\GDWH6HSWHPEHUSDQGQGS³$GRSW3ODQVIRU1RUPDO
6FKRRO´>SDSHUXQNQRZQSRVVLEO\ 5LFKPRQG7LPHV'LVSDWFK@2FWREHULQ1HZV&OLSSLQJV
)ROGHU'LQJOHGLQHSURYLGHVQLFHGHWDLOHGGHVFULSWLRQV RIWKHEXLOGLQJV¶LQWHULRUV6HHDOVR7KH
1RUPDO%XOOHWLQ QR)HEUXDU\DQG 7KH1RUPDO%XOOHWLQ QR0D\7KH
VHFRQGIORRUDXGLWRULXPJ\PQDVLXPVHUYHGDVWKHVFKRRO¶VILUVWDVVHPEO\KDOO,WZDVIRUPHGIURPWZRFODVVURRPV
WKDWZHUHVHSDUDWHGE\DUHPRYDEOHUROOLQJSDUWLWLRQZKHQFODVVHVZHUHLQVHVVLRQ:KHQDVVHPEOLHVZHUHWREH
KHOGWKHSDUWLWLRQEHWZHHQWKHWZRURRPVZDVVLPSO\UHPRYHG:D\ODQG³6RPH,WHPV´ SDJHHQWLWOHG³3ODFHV
:KHUH$VVHPEOLHV:HUH+HOG´ ³9LVLW*XLGH ±:DONLQJ7RXU± %OXHVWRQH$UHD´2IILFHRI$GPLVVLRQV -DPHV
0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$KWWSZZZMPXHGXDGPLVVLRQVYLVLWJXLGH%OXHVWRQHDUHDVKWPO!>
-XO\@
7KHELGVVXEPLWWHGDWWKLVWLPHGLGQRWLQFOXGH FRVWVIRUKHDWLQJZLULQJDQGSOXPELQJ&RQWUDFWVIRUWKHVH
SURMHFWVZHUHDZDUGHGRQ-DQXDU\IRUDQDGGLWLRQDOFRVWRI %RDUGRI7UXVWHHV0LQXWHVHQWU\GDWHV
1RYHPEHUSSDQG-DQXDU\SS'LQJOHGLQH-RQHV 5RRWHG RQ%OXH6WRQH+LOO
$VZLWKPDQ\VWDWLVWLFVDQGILJXUHVIURPWKHHDUO\\HDUVVRXUFHVYDU\7KHILQDOFRVWRIWKHEXLOGLQJVSUHVHQWHG
KHUHZDVWDNHQIURP³6FKHGXOHRI%XLOGLQJVDQG&RVWRI6DPHDW0DGLVRQ&ROOHJH+DUULVRQEXUJ9$´-DQXDU\
LQ %XLOGLQJV-089HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\
1RYHPEHU $GGLWLRQDO/DQG3XUFKDVHG
$WDSXEOLFVDOHRQ6DWXUGD\1RYHPEHUDVSHFLDOFRPPLWWHHRIWKH%RDUGRI7UXVWHHV
SXUFKDVHGDILYHDFUHSDUFHORIODQGIRU
7KHODQGSDUWRIWKHHVWDWHRI&DSW:DUUHQ6/XUW\DQGNQRZQDVWKH³/XUW\ORW´ERUGHUHGWKH
1HZPDQSURSHUW\WRWKHQRUWKHQFRPSDVVLQJWKHFXUUHQW60DVRQ6WUHHWHQWUDQFHDUHD,WZDV
FRQVLGHUHGDQHFHVVDU\DGGLWLRQWRWKHVFKRROJURXQGVDQGEHFDXVHRILWVLPSRUWDQFHWKH
FRPPLWWHHZLOOLQJO\H[FHHGHGWKHLURULJLQDOPD[LPXPELGGLQJSULFHE\PRUHWKDQ
3XUFKDVHRIWKHODQGIRUPDOO\DSSURYHGE\WKH%RDUGRQ-DQXDU\LQFUHDVHGWKHVL]HRI
WKHFDPSXVWRIRUW\HLJKWDFUHV
1RYHPEHU 0DXU\-DFNVRQ+DOOV*URXQGEUHDNLQJ&RQVWUXFWLRQ%HJLQV
2Q:HGQHVGD\1RYHPEHUJURXQGZDVEURNHQIRUWKHLQVWLWXWLRQ¶VILUVWWZREXLOGLQJV
'RUPLWRU\1R-DFNVRQ+DOODQG6FLHQFH0DXU\+DOO
&RQVWUXFWLRQRIERWKEXLOGLQJVZDVEHLQJGRQHE\WKHORFDO+DUULVRQEXUJILUP:0%XFKHU
6RQV6RPHRIWKHVWRQHXVHGWRFRQVWUXFWWKHEXLOGLQJVZDVDSSDUHQWO\TXDUULHGRQFDPSXVIURP
WKUHHORFDWLRQVWZRRQWKH4XDGLQWKHDUHDEHWZHHQ$VKE\ DQG6SRWVZRRG+DOOVDQGRQHLQWKH
DUHDZKHUH%XUUXVV+DOOLVWRGD\
$OWKRXJK QHLWKHUEXLOGLQJZRXOGEHHQWLUHO\ILQLVKHGZKHQWKHVFKRRORSHQHGRQ6HSWHPEHU
WKH\ZRXOGEHVXIILFLHQWO\FRPSOHWHGWRRIIHUFRPIRUWDEOHRFFXSDQF\
+DUULVRQEXUJ9$ 0DXU\ZDVFLWHGDVFRVWLQJ +RZHYHUDQRWKHUVRXUFH *HRUJH:&KDSSHOHDU
³%XLOGLQJVDQG*URXQGV´ 7KH9LUJLQLD7HDFKHU QR$SULOSURYLGHVVOLJKWO\GLIIHUHQWQXPEHUV
7KH%RDUGKDGGHVLUHGWRSXUFKDVHWKHODQGLQ-XQHZKHQLWERXJKWWKH1HZPDQSURSHUW\EXWIRUQRPRUHWKDQ
7KH HVWDWHKRZHYHUZDVWLHGXSLQOLWLJDWLRQ7KHDFWXDOVL]HRIWKHSORWZDV³DFUHVSROHV´ZKLFKLV
URXJKO\HTXLYDOHQWWRDFUHV6HH³/DQG2ZQHGE\0DGLVRQ&ROOHJH´ )RULQIRUPDWLRQRQWKH³/XUW\ORW´
SXUFKDVHVHH %RDUGRI7UXVWHHV 0LQXWHV SS ³6DOHRI/XUW\3URSHUW\´+DUULVRQEXUJ'DLO\1HZV
1RYHPEHU LQ1HZV&OLSSLQJV )ROGHUDQG'LQJOHGLQH
7KH1RUPDO%XOOHWLQ QR)HEUXDU\,Q'U-RKQ:D\ODQGDPHPEHURIWKHILUVWIDFXOW\GUHZ
DPDSVKRZLQJWKHORFDWLRQDVEHVWKHFRXOGUHFDOORIWKHWZRTXDUULHVRQWKH4XDG6HH &DPSXV0DSV 9HUWLFDO
)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$:D\ODQGZULWHVWKDW KH
WKRXJKWLWSRVVLEOHWKDWVRPHRIWKHVWRQHVIRU0DXU\DQG-DFNVRQDQGSRVVLEO\$VKE\+DUULVRQDQG6SRWVZRRG
PLJKWKDYHEHHQTXDUULHGWKHUH'LQJOHGLQHZKHQGLVFXVVLQJWKHVWDWHRIWKHVFKRRODWWKHHQGRIWKHILUVW
GHFDGHZULWHVWKDWVWRQHVTXDUULHGRQFDPSXVZHUHXVHGWREXLOGODUJHSRUWLRQVRI³WKHWKUHHQHZHUEXLOGLQJV´
SUHVXPDEO\UHIHUULQJWR+LOOFUHVW+DUULVRQDQG6SRWVZRRGEXWGRHVQRWLQGLFDWHLIWKH\ZHUHXVHGIRU-DFNVRQ
DQG0DXU\7KHUHVXOWLQJGHSUHVVLRQVFDXVHGE\ WKHTXDUU\LQJZHUHODUJHO\ILOOHGLQE\
7KHSULPDU\UHDVRQWKHEXLOGLQJVZHUHQRWFRPSOHWHLQWLPHIRUWKHRSHQLQJRIWKHVFKRROUHYROYHGDURXQG
WURXEOHVZLWKVXEFRQWUDFWRUVDQGLVVXHVUHJDUGLQJWKHFHPHQWZRUNIRUWKHGRUPLWRU\3UHVLGHQW%XUUXVVGLVFXVVHV
WKHVHLVVXHVLQ -XOLDQ$%XUUXVV5HSRUWWRWKH%RDUGRI7UXVWHHV1RYHPEHUSSLQ 5HFRUGVRIWKH
2IILFHRIWKH3UHVLGHQW-XOLDQ$%XUUXVV%R[)ROGHU
-DQXDU\ )LUVW6WXGHQW
2Q-DQXDU\ILIWHHQ\HDUROG(OHDQRU%HDWULFH0DUDEOHRI3ULQFH*HRUJH&RXQW\
EHFDPHWKHILUVW\RXQJODG\WRLQTXLUHDERXWDWWHQGLQJWKH6WDWHWKH1RUPDODQG,QGXVWULDO6FKRRO
IRU:RPHQDW+DUULVRQEXUJ
3UHVLGHQW%XUUXVVZKRSHUVRQDOO\KDQGOHGDOOVWXGHQWLQTXLULHVDQGDSSOLFDWLRQVWRWKHVFKRRO
UHVSRQGHGWR0DUDEOH¶VOHWWHU WKHQH[WGD\ ³,VKDOOEHSOHDVHGWRVHQG\RXDFRS\RIRXU
3URVSHFWXV´ZURWH%XUUXVV³DVVRRQDVWKHVDPHLVSXEOLVKHG´KRSHIXOO\LQ)HEUXDU\%XUUXVV
DGGHGWKDWKHZDV³JODGWRNQRZ>VKH@ZDVWKLQNLQJRIEHFRPLQJDVWXGHQW´DWWKHVFKRRODQG
LQYLWHGWKH\RXQJJLUOWRFRUUHVSRQGZLWKKLPIXUWKHUVKRXOGVKHKDYHDQ\PRUHTXHVWLRQV
6RPHWLPHLQWKHGD\VDQGPRQWKVIROORZLQJWKLVH[FKDQJH0DUDEOHEHFDPHWKHILUVWVWXGHQWWR
VXEPLWKHUDSSOLFDWLRQDQGWREHDFFHSWHGLQWRWKHVFKRRO
:KHQ0DUDEOHDUULYHGDWWKHVFKRROLQ6HSWHPEHUVKHZDVVL[WHHQ\HDUVROG6KHDWWHQGHG
WKURXJKWKHVFKRRO¶VVHFRQG\HDUDQGWKHQDJDLQLQ$IWHUDSURORQJHG
DEVHQFHVKHUHWXUQHGLQDQGJUDGXDWHGFXPODXGHLQWKHVXPPHURI6KHZDVILIW\
WZR
$OWKRXJKWKHUHZRXOGEHRWKHU³ILUVWVWXGHQWV´WKHILUVWWRDUULYHRQRSHQLQJGD\WKHILUVWWR
IRUPDOO\UHJLVWHUIRUFODVVHVEHFDXVH0DUDEOHZDVWKHILUVWWRDSSO\DQGEHDFFHSWHGVKHLV
RIWHQUHIHUUHGWRDV³%OXHVWRQH+LOO¶V)LUVW'DXJKWHU´
-DQXDU\ )LUVW&XUULFXOXP'HSDUWPHQWVRI,QVWUXFWLRQ‡)LUVW)DFXOW\6WDII
)LUVW&XUULFXOXP'HSDUWPHQWVRI,QVWUXFWLRQ
7KHVFKRRO¶VILUVWFXUULFXOXPFRPSLOHGDQGUHFRPPHQGHGE\3UHVLGHQW%XUUXVVDQGWKHIDFXOW\
&RPPLWWHHRQ&RXUVHRI,QVWUXFWLRQZDVDGRSWHGE\WKH%RDUGRI7UXVWHHVGXULQJD)ULGD\
PHHWLQJ
3ULQFH*HRUJH&RXQW\LVORFDWHGLQVRXWKHDVW 9LUJLQLD7KHWLWOHRI³%OXHVWRQH+LOO¶V)LUVW'DXJKWHU´DSSDUHQWO\
RULJLQDWHGZLWK0DUDEOHKHUVHOI -XOLDQ$%XUUXVV/HWWHUVWR0LVV0DUDEOH-DQXDU\DQG$XJXVWLQ
-RQHV1DQF\%&ROOHFWLRQ 6&%R[)ROGHU6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ
8QLYHUVLW\+DUULVRQEXUJ9$:-*LIIRUG/HWWHUWR%HDWULFH0DUDEOHDQG0\UWOH9LUJLQLD(DUPDQ1RYHPEHU
LQ -RQHV1DQF\%&ROOHFWLRQ -RKQ::D\ODQG³6XQGU\,WHPV5HODWLQJWR 0DGLVRQ&ROOHJH*OHDQHGIURP
WKH 3HUVRQDO'LDU\RI -RKQ::D\ODQG´SLQ:D\ODQG-RKQ:3HUVRQDO5HPLQLVFHQFH 9HUWLFDO)LOH6SHFLDO
&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$ ³7KH)LUVW6WXGHQW´-08 &HQWHQQLDO
&HOHEUDWLRQ:HEVLWHKWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQILUVWVWXGHQWVKWPO!>$SULO@-RQHV 5RRWHG
RQ%OXH6WRQH+LOO $QKLVWRULFDOQRWHRILQWHUHVW WKHVFKRROGLGQRWVWDUWXVLQJWKHWHUPFXUULFXOXPXQWLOWKHVFKRRO\HDU
'LQJOHGLQH
)DUIURPWKHH[SDQVLYHOLEHUDODUWVHGXFDWLRQSURYLGHGE\WKH8QLYHUVLW\WRGD\WKHSULPDU\JRDO
RIWKH6WDWH1RUPDODQG,QGXVWULDO6FKRROIRU:RPHQ DW+DUULVRQEXUJZDVWKHSUHSDUDWLRQRI
³FRPSHWHQWWHDFKHUV´7KHLQVWLWXWLRQDOVRVRXJKWWRWUDLQ³FRPSHWHQWKRPHPDNHUV´DQGWRD
PRUHOLPLWHGH[WHQWSURYLGHD³JRRGSUDFWLFDOHGXFDWLRQ´EH\RQGWHDFKHUWUDLQLQJIRUWKRVHZKR
ZHUHLQWHUHVWHG
7KH+DUULVRQEXUJ1RUPDO6FKRRO+16FXUULFXOXPRIIHUHGIRXU\HDUVRIKLJKVFKRROOHYHO
ZRUNDQGWZR\HDUVRISRVWKLJKVFKRROZRUN7RDWWHQGWKHVFKRROSURVSHFWLYHVWXGHQWVKDGWR
EHDWOHDVW\HDUVRIDJHKDYHFRPSOHWHGDWOHDVWWKHVHYHQWKJUDGHDQGEH³RIJRRGPRUDO
FKDUDFWHU´
:KHQWKHVFKRRORSHQHGLQ6HSWHPEHUVHYHQDUHDVRI VWXG\ ZHUHRIIHUHG$OOZHUH
SULPDULO\LQWHQGHGWRWUDLQZRPHQIRUYDU\LQJOHYHOVRI WHDFKLQJDQGVXSHUYLVRU\SRVLWLRQVLQ
9LUJLQLD¶VSXEOLFVFKRROV
• 5HJXODU1RUPDO&RXUVHDWKUHHWRVL[\HDUSURJUDPWRSUHSDUHWHDFKHUVWRWHDFKLQ
9LUJLQLDSXEOLFVFKRROV
• 7UDLQLQJ&ODVV&HUWLILFDWH&RXUVHDRQH\HDUFRXUVHOHDGLQJWRDOLFHQVHWRWHDFKLQ WKH
ORZHUJUDGHVRIUXUDOVFKRROV
• 3URIHVVLRQDO&RXUVHDWZR\HDUFRXUVHIRUIRXU\HDUKLJKVFKRROJUDGXDWHVOHDGLQJWR
DIXOOGLSORPD
• +RXVHKROG$UWV&RXUVHDWZR\HDUSURJUDPWRSUHSDUHZRPHQIRUWHDFKLQJDQG
VXSHUYLVLQJRIWKH'RPHVWLF6FLHQFHVLQFOXGLQJFRRNLQJDQGVHZLQJ
• 0DQXDO$UWV&RXUVHDWZR\HDUFRXUVHWRSUHSDUHWHDFKHUVDQGVXSHUYLVRUVLQGUDZLQJ
DQGPDQXDOWUDLQLQJ
• 5XUDO$UWV&RXUVHDWZR\HDUSURJUDPWRSUHSDUHWHDFKHUVDQGVXSHUYLVRUVLQ
DJULFXOWXUHJDUGHQLQJDQGQDWXUHVWXGLHV
• .LQGHUJDUWHQ&RXUVHDVSHFLDOWZR\HDUSURJUDPWRWUDLQ.LQGHUJDUWHQWHDFKHUV
6XFFHVVIXOFRPSOHWLRQRIWKHVHFRXUVHVZRXOGOHDGHLWKHUWRDGLSORPDRUDFHUWLILFDWHJUDQWLQJ
WKHUHFLSLHQWHOLJLELOLW\WRWHDFKLQWKHSXEOLFVFKRROV
7ZHOYHGHSDUWPHQWVRILQVWUXFWLRQZHUHHVWDEOLVKHG(GXFDWLRQ(QJOLVK/DQJXDJHDQG
/LWHUDWXUH)RUHLJQ/DQJXDJHV*HRJUDSK\+LVWRU\DQG6RFLDO6FLHQFHV+RXVHKROG$UWV
0DQXDO$UWV0DWKHPDWLFV0XVLF1DWXUDO6FLHQFH3K\VLFDO(GXFDWLRQDQG5XUDO$UWV
7KURXJKWKHVHGHSDUWPHQWVFODVVHVZHUHLQLWLDOO\ RIIHUHG
7KHILUVWVL[FRXUVHVRIVWXG\KDGEHHQDGRSWHGIURPWKHRXWVHWEXWWKH.LQGHUJDUWHQ&RXUVHZDVDGGHGWRWKH
FXUULFXOXPLQ0D\ 7KHVFKRROFDWDORJVIRU)HEUXDU\DQG0D\OLVWHGDFRPELQHGWRWDORIDFDGHPLF
FRXUVHVSOXVDQDGGLWLRQDOVL[SK\VLFDOHGXFDWLRQFODVVHVZKLFKZHUH QRQFUHGLWEXWUHTXLUHG%RWKWKHQXPEHURI
FODVVHVRIIHUHGDQGWKHJHQHUDOFRXUVHVRIVWXG\IOXFWXDWHGGXULQJWKHILUVW\HDUV,QIRUH[DPSOHWKHUHZHUH
RQO\ILYHFRXUVHVRIVWXG\DQGWKHQXPEHURIFODVVHVGURSSHGWRQLQHW\ILYH,QERWKURVHVLJQLILFDQWO\ZLWK
QLQHFRXUVHVRIVWXG\DQGFODVVHVOLVWHGLQWKHFDWDORJ 7KH1RUPDO%XOOHWLQ QR)HEUXDU\
7KH1RUPDO%XOOHWLQ QR0D\7KH1RUPDO%XOOHWLQ QR0D\ %RDUGRI7UXVWHHV
0LQXWHV HQWU\GDWH-DQXDU\ S³&RXUVHRI6WXG\$GRSWHGE\%RDUG´ +DUULVRQEXUJ'DLO\
1HZV-DQXDU\'LQJOHGLQH
)LUVW)DFXOW\6WDII
$IWHUDGRSWLQJWKHFXUULFXOXPWKH%RDUGRIILFLDOO\KLUHGWKHILUVWWKUHHIDFXOW\PHPEHUV
• &RUQHOLXV-+HDWZROH±+HDGRIWKH'HSDUWPHQWRI(GXFDWLRQ
• 'U-RKQ::D\ODQG±+HDGRIWKH'HSDUWPHQWRI+LVWRU\DQG6RFLDO6FLHQFHV
• <HWWD66KRQLQJHU±,QVWUXFWRULQ3ULPDU\0HWKRGVDQGVXSHUYLVRURIWHDFKHUWUDLQLQJ
3UHVLGHQW%XUUXVVZDVWKHQDXWKRUL]HGWRKLUHDGGLWLRQDOIDFXOW\PHPEHUVFRQWLQJHQWXSRQWKH
VDWLVIDFWRU\FRPSOHWLRQRIFRQWUDFWQHJRWLDWLRQV7KH\ZHUH
• $OWKHD/RRVH-RKQVWRQ± ,QVWUXFWRULQ 3K\VLFDO(GXFDWLRQDQG)RUHLJQ/DQJXDJHV
• 6DUDK)6DOH±+HDGRI+RXVHKROGDQG0DQXDO$UWV'HSDUWPHQW
• 0DUJDUHW*.LQJ±,QVWUXFWRULQ *HRJUDSK\DQG1DWXUH6WXG\
%\)HEUXDU\$OWKHD/RRVHKDGEHHQKLUHGDVKDGWKHILUVWPHPEHURIWKHVFKRRO¶VDGPLQLVWUDWLYH
VWDII(YHO\Q9/LJJHWWZKRZRXOGVHUYHDV3UHVLGHQW%XUUXVV¶VHFUHWDU\WKURXJKWKHHQGRIWKH
\HDU%RWK6DUDK6DOHDQG0DUJDUHW.LQJZHUHKLUHGVRPHWLPHEHIRUHPLG$SULO
)HEUXDU\ )LUVW6FKRRO3XEOLFDWLRQ‡)LUVW6FKRRO6HDO‡)LUVW6FKRRO0RWWR
)LUVW6FKRRO3XEOLFDWLRQ
7KHVFKRRO¶VILUVWSXEOLFDWLRQZDVLWVFDWDORJ7KH1RUPDO%XOOHWLQ,VVXHGLQ)HEUXDU\WKH
ILUVWYROXPHZDVDSDJH³3URVSHFWXV´IRUSRWHQWLDOVWXGHQWV,WSURYLGHGDZLGHUDQJHRI
LQIRUPDWLRQDERXWWKHQHZVFKRROWRWKHSXEOLFIRUWKHILUVWWLPH
7KH³3URVSHFWXV´EULHIO\FKURQLFOHGWKHKLVWRU\RIWKHLQVWLWXWLRQ¶VHVWDEOLVKPHQWDQGSURYLGHG
GUDZLQJVGRQHE\ WKHDUFKLWHFW RIWKHILUVWWZREXLOGLQJVXQGHUFRQVWUXFWLRQDWWKHWLPHDQGRI
DQDHULDOYLHZRIWKHSURSRVHGFDPSXVOD\RXW
,WDOVRRXWOLQHGDQGGLVFXVVHGWKHVFKRRO¶VSXUSRVHDQGIXQFWLRQVLWVJRYHUQLQJVWDQGDUGVDQG
SULQFLSOHVDVZHOODVLWVDGPLVVLRQVSROLFLHVDQGWXLWLRQUDWHVDQGRWKHUH[SHQVHV $WWKHHQGRI
WKH³3URVSHFWXV´ZDVDPDSRI9LUJLQLDVKRZLQJWKHYDULRXVUDLOZD\FRQQHFWLRQVWR
+DUULVRQEXUJ$Q DSSOLFDWLRQIRUPIRUDGPLVVLRQZDVDOVRSURYLGHG
1DWXUDOO\WKHPDMRULW\RIWKHSXEOLFDWLRQZDVJLYHQRYHUWRGHWDLOHGLQIRUPDWLRQRQWKHVFKRRO¶V
FXUULFXOXP
7KH1RUPDO%XOOHWLQZDVSXEOLVKHGIRXUWLPHVD\HDULQ-DQXDU\0DUFK0D\DQG1RYHPEHU
7KH0D\LVVXHGVHUYHGDVWKHDQQXDOFDWDORJZKLOHWKH0DUFKDQG-DQXDU\LVVXHVZHUH
%RWK/RRVHDQG/LJJHWWZHUHOLVWHGRQWKHIDFXOW\URVWHULQWKHILUVWVFKRROFDWDORJLVVXHGLQ)HEUXDU\6HH
7KH1RUPDO%XOOHWLQ QR)HEUXDU\/LJJHWWFRQWLQXHGWREHOLVWHGLQWKHFDWDORJWKURXJKWKH1RYHPEHU
LVVXHEXWZKHQWKHQH[WHGLWLRQZDVUHOHDVHGIRU-DQXDU\KHUQDPHKDGGLVDSSHDUHG:KHQWKH%RDUG
PHWRQ$SULO3UHVLGHQW%XUUXVVUHSRUWHGWKDWKHKDGKLUHG6DOHDQG.LQJ %RDUGRI7UXVWHHV0LQXWHVHQWU\GDWHV
-DQXDU\S DQG$SULOS 'LQJOHGLQH DQQRXQFHPHQWVIRUWKHVXPPHUDQGVSULQJTXDUWHUVUHVSHFWLYHO\7KH1RYHPEHULVVXHZDVXVHG
DVDVSHFLDOHGLWLRQDQGIRFXVHGRQGLIIHUHQWWRSLFV
7KH1RUPDO%XOOHWLQVHUYHGDVWKHVFKRRO¶VFDWDORJWKURXJK7KHODVWLVVXHZDVSXEOLVKHG
IRU0D\RIWKDW\HDUDQGLQWKH%XOOHWLQZDVUHSODFHGE\DQRWKHUVFKRROSXEOLFDWLRQ7KH
9LUJLQLD7HDFKHU
)LUVW6FKRRO6HDO
7KHLQVWLWXWLRQ¶VILUVWVHDODSSHDUHGRQWKHFRYHURIWKHVFKRRO¶VILUVWFDWDORJ
&LUFOLQJWKHHGJHRIWKHVHDOZHUHWKHLQVWLWXWLRQ¶VQDPH6WDWH1RUPDODQG,QGXVWULDO6FKRRODQG
LWVORFDWLRQ+DUULVRQEXUJ9LUJLQLD$QLQQHUFLUFOHFRQVLVWHGRIWKHZRUGV³+HDG+HDUW+DQG´
VXUURXQGLQJDVKLHOG:LWKLQWKHVKLHOGDERYHLPDJHVRIWKHVWDWHVHDODVWDFNRIERRNVD
EHHKLYHDQGDVSLQQLQJZKHHOZHUHWKHZRUGV³6WDWH/LWHUDWXUH,QGXVWU\+RPH´
([FHSWIRUWKHFKDQJHLQWKHVFKRRO¶VQDPHLQWKLVVHDOZRXOGUHPDLQWKHVDPHXQWLO
ZKHQDYHUVLRQRIWKHFXUUHQWVHDOZDVDGRSWHG7KHRIILFLDOVHDOLQXVHWRGD\ZDVDGRSWHGLQ
)LUVW6FKRRO0RWWR
7KHVFKRRO¶VILUVWPRWWRZDV³7KDWRXUGDXJKWHUVPD\EHDVFRUQHUVWRQHVSROLVKHGDIWHUWKH
VLPLOLWXGHRIDSDODFH´7KHPRWWRZRXOGEHUHWDLQHGXQWLOWKHIDOORIZKHQLWZDVGURSSHG
GXHWRWKHULVLQJQXPEHURIPDOHVWXGHQWVDWWHQGLQJWKHVFKRRO
7RGD\-08XVHVWKHPRWWR³$OO7RJHWKHU2QH´WRUHIOHFWWKHGLYHUVLW\RIWKH0DGLVRQ
FRPPXQLW\DQGWKHVSHFLDOFORVHQHVVZKLFKELQGVLWVPHPEHUVWRRQHDQRWKHU
$SULO )LUVW)DFXOW\6WDII0RUH+LUHV‡)LUVW3UHVLGHQWLDO+RPH
)LUVW)DFXOW\6WDII0RUH+LUHV
&RQWLQXLQJWKHLUHIIRUWVWRVHFXUHVXIILFLHQWVWDIILQJIRUWKHRSHQLQJRIWKHVFKRROLQ6HSWHPEHU
WKH%RDUGRI7UXVWHHVDQQRXQFHGWKHKLULQJRIIRXUPRUHIDFXOW\DQGVWDIIPHPEHUVGXULQJD
:HGQHVGD\PHHWLQJ
• (OL]DEHWK3&OHYHODQG±+HDGRIWKH(QJOLVK /DQJXDJHDQG/LWHUDWXUH'HSDUWPHQW
7KH³3URVSHFWXV´FRQVLVWHGRISULQWHGSDJHVKRZHYHU JRLQJ VWULFWO\E\WKHQXPEHUHGSDJHVDVLVJHQHUDOO\
SURSHUWKHSXEOLFDWLRQVKULQNVVOLJKWO\WR SDJHV 7KH1RUPDO%XOOHWLQ QR)HEUXDU\ 'LQJOHGLQH
SURYLGHVDQLFHDFFRXQWLQJRIWKHFRQWHQWVRI WKH³3URVSHFWXV´ -RQHV 5RRWHG
7KH1RUPDO%XOOHWLQ QR)HEUXDU\IURQWFRYHU )RUDEULHIKLVWRU\RIWKHVHDOVHH³7KH6HDO´-08
&HQWHQQLDO&HOHEUDWLRQ:HEVLWHKWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQVHDOVKWPO!>-XQH@ 7KH
VFKRRO¶VILUVW PRWWRZDVODVWSULQWHGLQWKH 6FKRROPD¶DPDQGODVWDSSHDUHGLQWKHFDWDORJIRUWKH\HDU
'LQJOHGLQH 'LVFXVVLRQRIWKHFXUUHQWPRWWRFDQEHIRXQGKHUH
KWWSZZZDOOWRJHWKHURQHRUJDOOBWRJHWKHUBRQHKWPO!DQGKHUHKWWSZZZMPXHGXDGPLVVLRQVYLVLWJXLGH!
>6HSWHPEHU@
• 1DWDOLH/DQFDVWHU±0DWKHPDWLFVLQVWUXFWRU
• 0DWWLH6SHFN±SDUWWLPH,QVWUXFWRURI 0DQXDO$UWV
• 0UV5RGHULFK%%URRNH ±0DWURQ
)LUVW3UHVLGHQWLDO+RPH
,Q$SULO3UHVLGHQW%XUUXVVDQGKLVZLIH5DFKHOZHUHOLYLQJLQWZRXSVWDLUVURRPVLQD
KRPHNQRZQDVWKH6P\WKH+RXVHZKLFKZDVORFDWHGDGMDFHQWWRWKHFDPSXVDORQJ6RXWK0DLQ
6WUHHWLQWKHDUHDEHWZHHQWKHSUHVHQWGD\0XVLF%XLOGLQJDQG'XNH+DOO+RZHYHUZLWKWKH
VFKRROVHWWRRSHQLQOHVVWKDQ VL[PRQWKVWKH%RDUGRI7UXVWHHVZDVFRQVLGHULQJRQFDPSXV
RSWLRQVIRUWKHSUHVLGHQW
,QLWLDOO\WKH%RDUGKDGLQWHQGHGWRXVHWKH1HZPDQIDUPKRXVHWKDWKDGEHHQSXUFKDVHGZLWKWKH
ODQGDVWKHSUHVLGHQW¶VKRXVH+RZHYHUGXULQJWKH$SULO%RDUGPHHWLQJ3UHVLGHQW%XUUXVV
H[SUHVVHGKLVGHVLUHWKDWWKH1HZPDQKRPHFDOOHGWKH&RWWDJHDWWKHWLPHQRWEHXVHGDVWKH
SUHVLGHQWLDOUHVLGHQFHEXWLQVWHDGEHFRQYHUWHGLQWRGRUPURRPVIRUVWXGHQWV%XUUXVVSURSRVHG
WKDWKHDQGKLVZLIH5DFKHOEHKRXVHGLQ'RUPLWRU\1R-DFNVRQ+DOOZKHQLWZDVFRPSOHWHG
7KH%RDUGFRQVHQWHGDQGIURPWKHRSHQLQJRIWKHVFKRROXQWLOWKHFRPSOHWLRQRI+LOOFUHVWWKH
RIILFLDOKRPHRIWKHSUHVLGHQWLQWKHFRXSOHOLYHGDPRQJWKHVWXGHQWVRFFXS\LQJWZR
SULYDWHURRPVDWWKHVRXWKZHVWHQGRI WKHEXLOGLQJ¶VVHFRQGIORRU7KH\KDGDSULYDWHEDWKEXW
WRRNWKHLUPHDOVLQWKHVFKRRO¶VGLQLQJKDOOORFDWHGLQWKHEDVHPHQW
$SULO 0DXU\+DOO,QVWLWXWLRQDO&RUQHUVWRQH3ODFHG
:LWKWUXPSHWVDQGFKHHUVWKHFRUQHUVWRQHRIWKHVFKRROZDVSXWLQSODFHLQWKHQRUWKZHVWFRUQHU
RIWKHLQVWLWXWLRQ¶VILUVWEXLOGLQJ6FLHQFH0DXU\+DOODWDP7KXUVGD\PRUQLQJ
³$QLPPHQVHWKURQJRISHRSOH´ZDVSUHVHQWIRUWKHWKLUW\PLQXWHFHUHPRQ\KDYLQJFRPHWRWKH
VFKRROZLWKDODUJHFHOHEUDWRU\SDUDGHWKDWOHIW&RXUW6TXDUHLQGRZQWRZQ+DUULVRQEXUJDW
LQWKHPRUQLQJ7KHSURFHVVLRQDOOHGE\PRXQWHGSROLFHVWUHWFKHGIRUKDOIDPLOHDQGLQFOXGHG
KXQGUHGVRIVFKRROFKLOGUHQWKH'DLO\1HZVEDQGPLOLWDU\DQGFLYLFRUJDQL]DWLRQVDQGDOLQHRI
FDUULDJHVWUDQVSRUWLQJWKHPD\RUQXPHURXVWRZQDQGFRXQW\RIILFLDOVDQGLQYLWHGJXHVWV
LQFOXGLQJPHPEHUVRIWKH6WDWHOHJLVODWXUH
$IWHUWKHOD\LQJRIWKHFRUQHUVWRQHE\WKH*UDQG/RGJHRI0DVRQVRI9LUJLQLDWKHSURFHVVLRQDO
UHIRUPHGDQGPDUFKHGEDFNGRZQWRZQWR$VVHPEO\+DOOZKHUHDGGUHVVHVZHUHPDGHEHIRUHD
FDSDFLW\FURZG7KHPDLQDGGUHVVZDVGHOLYHUHGE\'RQ3+DOVH\DPHPEHURIWKH%RDUGRI
7UXVWHHV6HYHUDO6HQDWRUVLQFOXGLQJ6HQDWRU*HRUJH.HH]HOOZKRKDGOHGWKHHIIRUWVWRKDYH
WKHVFKRROORFDWHGLQ+DUULVRQEXUJDOVRVSRNHGXULQJWKHRFFDVLRQ
,QWKH6P\WKH+RXVHEHFDPHWKH&DUWHU+RXVH7KHEXLOGLQJZDVUD]HGLQWKHPLG¶VWRPDNHZD\IRU
FDPSXVH[SDQVLRQ7KHUHLVDPLQRUGLVFUHSDQF\LQWKHKLVWRULFDOUHFRUGDVWRWKHQXPEHURIURRPVZKLFK3UHVLGHQW
%XUUXVVDQGKLVZLIHRFFXSLHGZKHQWKH\PRYHGLQWR-DFNVRQ6RPHVRXUFHVVD\WKUHHRWKHUVWZR7ZRZDV
FKRVHQEHFDXVHWKDWLVWKHQXPEHUPRVWRIWHQFLWHGDQGWKHRQHWKDWDSSHDUVLQWKHPLQXWHVRIWKH%RDUG %RDUGRI
7UXVWHHV0LQXWHV HQWU\GDWH1RYHPEHUSDQGHQWU\GDWH$SULOSS
&KDSSHOHDU'LQJOHGLQH -RQHV 5RRWHGRQ%OXHVWRQH+LOO0RIIHWW
7KH5LFKPRQG7LPHV'LVSDWFKZURWHWKDWWKHHQWLUH³DIIDLUZDVFRQVLGHUHGRQHRIWKHPRVW
LPSRUWDQWRIGHFDGHVLQWKHKLVWRU\RIWKHYDOOH\´
-XQH 6HSWHPEHU )LUVW)DFXOW\6WDII)LQDO+LUHV‡)LUVW6WXGHQW$VVLVWDQWV
)LUVW)DFXOW\6WDII)LQDO+LUHV
'XULQJWKHILQDOPRQWKVEHIRUHWKHVFKRROZDVWRRSHQ3UHVLGHQW%XUUXVVFRPSOHWHGWKHIDFXOW\
DQGVWDIIURVWHUZLWKWKHDGGLWLRQRIILYHPRUHPHPEHUV
• $QQLH9&OHYHODQG±$VVLVWDQWLQ(QJOLVKDQG)RUHLJQ/DQJXDJHROGHUVLVWHURI
(OL]DEHWK&OHYHODQG
• /LGD3&OHYHODQG±,QVWUXFWRURI0XVLFFRXVLQRI(OL]DEHWKDQG$QQLH
• (YDOLQD0+DUULQJWRQ ±+HDGRI.LQGHUJDUWHQ(GXFDWLRQ
• 0DU\,%HOO ±5HJLVWUDUDQG$FWLQJ/LEUDULDQ
• 0U365ROOHU±6XSHULQWHQGHQWRI%XLOGLQJVDQG*URXQGV
:KHQWKHVFKRRORSHQHGLQODWH6HSWHPEHUWKHUHZHUHDWRWDORIVHYHQWHHQIDFXOW\DQGVWDII
PHPEHUV
)LIWHHQRIWKHVHLQGLYLGXDOVFRPSULVHGWKHILUVWIDFXOW\ 2IWKHILIWHHQWZHOYHZHUHFODVVURRP
LQVWUXFWRUVOLVWHGDERYHDQGLQSUHYLRXVHQWULHV7ZR0DU\%HOODQG0UV%URRNHWKHPDWURQ
GLGQRWWHDFKEXWDWWHQGHGPRVWRI WKHIDFXOW\PHHWLQJVDQGKDYHKLVWRULFDOO\EHHQFRQVLGHUHG
SDUWRIWKHRULJLQDOIDFXOW\WKRXJKLQODWHU\HDUV%HOOZRXOGHQWHUWKHFODVVURRPWRSURYLGH
LQVWUXFWLRQLQOLEUDU\PHWKRGV)LQDOO\WKHUHZDV3UHVLGHQW%XUUXVV%XUUXVVZKRGLUHFWHGWKH
IDFXOW\PHHWLQJVGLGQRWGRDQ\WHDFKLQJIRUWKHILUVW\HDUEXWLQWKHVXPPHURIKHEHJDQ
WHDFKLQJFRXUVHVLQPDQXDODQGLQGXVWULDODUWV
)LUVW6WXGHQW$VVLVWDQWV
6LQFHWKHEHJLQQLQJVWXGHQWDVVLVWDQWVKDYHSOD\HGDQLPSRUWDQWSDUWLQWKHHYHU\GD\IXQFWLRQLQJ
RIWKHLQVWLWXWLRQ7KHILUVWVWXGHQWDVVLVWDQWVZHUHKLUHGEHIRUHWKHVFKRRORSHQHGDQGZHUH
OLVWHGDORQJZLWKWKHIDFXOW\LQWKH$XJXVWHGLWLRQRIWKHFDWDORJ7KH\ZHUH
³&HUHPRQLHV8QGHUWKH+DSSLHVW$XVSLFHV´+DUULVRQEXUJ 'DLO\1HZV$SULOLQ1HZV&OLSSLQJV
)ROGHU³&RUQHU6WRQHRI6FKRROLV/DLG´ 5LFKPRQG7LPHV'LVSDWFK$SULO7KH
6FKRROPD¶DP ³/D\LQJRI&RUQHUVWRQH´ 7KH1RUPDO%XOOHWLQ QR0D\'LQJOHGLQH
$FRS\RIWKHSURJUDPIRUWKHFRUQHUVWRQHOD\LQJFHUHPRQLHVLVDYDLODEOHLQ %XLOGLQJV-08
7KHILQDOPHPEHUVRIWKHIDFXOW\DQGVWDIIZHUHKLUHGVRPHWLPHEHWZHHQ-XQHDQGWKHLVVXDQFHRIDVSHFLDO
$XJXVWHGLWLRQRIWKHVFKRRO¶VFDWDORJ6HH-XOLDQ$%XUUXVV5HSRUWWRWKH%RDUGRI7UXVWHHV1RYHPEHU
SSLQ5HFRUGVRIWKH2IILFHRIWKH3UHVLGHQW-XOLDQ$%XUUXVV%R[)ROGHUDQG 7KH1RUPDO
%XOOHWLQ QR$XJXVW$OWKRXJK0U5ROOHUVXSHUYLVRURIEXLOGLQJVDQGJURXQGVKDGVHYHUDO
DVVLVWDQWVWKH\DUHQRWOLVWHGLQWKHVFKRRO¶VFDWDORJDQGDUHQRWFRXQWHGKHUHDVKDYLQJEHHQDPRQJWKHVFKRRO¶V
SULPDU\HPSOR\HHV)RUDQH[SODQDWRU\GLVFXVVLRQRIWKHILUVWIDFXOW\VHH-RKQ::D\ODQG/HWWHUWR3UHVLGHQW
0LOOHU 0DUFKLQ:D\ODQG-RKQ:3HUVRQDO5HPLQLVFHQFHV 9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU
/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$'LQJOHGLQH$FRPSOHWHOLVWRIIDFXOW\
PHPEHUVZLWKGDWHVRIHPSOR\PHQWIURPFDQEHIRXQGLQ7KH9LUJLQLD7HDFKHUQR$SULO
SOHDVHQRWHWKDWVRPHRIWKHGDWHVJLYHQLQWKLVDUWLFOHDUHRIVXVSHFWDFFXUDF\
•
•
•
•
6DUDK6/HZLV±0XVLFDQG3K\VLFDO(GXFDWLRQRIILFHV
$PHOLD%URRNH ±+RPH'HSDUWPHQWRIILFH
&KDUORWWH+/DZVRQ ±/LEUDU\
*UDFH-DFNVRQ ±/LEUDU\
$IWHUWKHVFKRRORSHQHGVWXGHQWVZHUHDOVRHPSOR\HGLQWKHPDLQRIILFHWKHVXSSO\URRPDQG
WKHGLQLQJKDOOLQIDFWDOOWKHGLQLQJKDOOHPSOR\HHVZHUHVWXGHQWV$WWKHWLPHRQO\VWXGHQWV
GHPRQVWUDWLQJDILQDQFLDOQHHGZHUHHOLJLEOHIRUWKHVHRQFDPSXVSRVLWLRQV
7RGD\WKURXJKWKH,QVWLWXWLRQDO(PSOR\PHQW3URJUDPDQGWKH)HGHUDO:RUN6WXG\ILQDQFLDODLG
SURJUDP-08HPSOR\VVRPHVWXGHQWDVVLVWDQWVLQDYDULHW\RIDFDGHPLFDGPLQLVWUDWLYH
DQGVHUYLFHRULHQWHGSRVLWLRQVDFURVVWKHFDPSXV
6HSWHPEHU )LUVW)DFXOW\0HHWLQJ
$WDP:HGQHVGD\PRUQLQJ3UHVLGHQW%XUUXVVDQGHLJKWPHPEHUVRIWKHIDFXOW\JDWKHUHGLQ
0DXU\6FLHQFH+DOOIRUWKHILUVWIDFXOW\PHHWLQJ
$UHODWLYHO\EULHIPHHWLQJWKHPHPEHUVIRFXVHGRQWKUHHJRDOVJHWWLQJDFTXDLQWHGGLVFXVVLQJ
VFKRROSROLF\DQGDGPLQLVWUDWLRQDQGHVWDEOLVKLQJQHFHVVDU\IDFXOW\FRPPLWWHHV
7KHIDFXOW\ZRXOGKROGWKUHHPRUHPHHWLQJVRYHUWKHQH[WILYHGD\VEHIRUHWKHRSHQLQJRIWKH
VFKRRO RQ6HSWHPEHU
6HSWHPEHU )LUVW6WXGHQWV$UULYH‡)LUVW0HDO
)LUVW6WXGHQWV$UULYH
2Q0RQGD\6HSWHPEHUWKHILUVWVWXGHQWVEHJDQDUULYLQJDWWKHVFKRRO
7KURXJKRXWWKHGD\VWXGHQWVFDPHWR+DUULVRQEXUJIURPDURXQGWKHVWDWHYLDWUDLQ6RPHDUULYHG
DWWKH&KHVDSHDNHDQG:HVWHUQ&:5DLOZD\GHSRWZKLFKZDVRQO\DVKRUWGLVWDQFHIURP
FDPSXVDFURVV6RXWK0DLQ6WUHHW2WKHUVGLVHPEDUNHGDWDVWDWLRQORFDWHGDFURVVWRZQMXVWRII
:HVW0DUNHW6WUHHWZKLFKVHUYHGERWKWKH6RXWKHUQDQGWKH%DOWLPRUH2KLR%25DLOZD\V
)DFXOW\PHPEHUVZHUHRQKDQGDWWKHVWDWLRQVWRJUHHWWKHVWXGHQWVDQGVHHWKHPRQWKHLUZD\WR
FDPSXV
$PHOLD%URRNHZDVWKHGDXJKWHURI0UV5%%URRNHWKHVFKRRO¶V0DWURQ 7KH1RUPDO%XOOHWLQQR$XJXVW
7KH1RUPDO%XOOHWLQ QR0D\)RULQIRUPDWLRQRQWKH,QVWLWXWLRQDO(PSOR\PHQW
3URJUDPVHHKWWSZZZMPXHGXVWXHPSOR\LQVWHPSOR\!)RULQIRUPDWLRQRQ)HGHUDO:RUN6WXG\VHH
KWWSZZZMPXHGXZRUNVWXG\!DQGKWWSZZZMPXHGXZRUNVWXG\MREW\SHV!
)DFXOW\0LQXWHV HQWU\GDWH 6HSWHPEHUSS %RDUGRI9LVLWRUV&ROOHFWLRQ 35
%R[6SHFLDO&ROOHFWLRQV &DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$'LQJOHGLQH
7KHILUVWVWXGHQWWRDUULYHDWWKHVFKRROWKDWGD\ZDVWZHQW\IRXU\HDUROG1DQQLH6ZRUGD
VHFRQGJUDGHVFKRROWHDFKHUIURP/HH&RXQW\9LUJLQLD0V6ZRUGFDPHLQRQWKH&:DQG
ZDONHGDFURVVZKDWZDVWKHQDQRSHQILHOGWRWKHFDPSXV1XPHURXVRWKHUVZHUHQRWIDUEHKLQG
,QWKHDIWHUQRRQWZRWUDLQVDUULYHGDWWKH6RXWKHUQDQG%2VWDWLRQFDUU\LQJXSZDUGVRIWZR
GR]HQJLUOV7KHORFDOSDSHUUHSRUWHGWKDWWKH³EDJJDJHPHQZHUHVZDPSHG´LQDGHOXJHRI
WUXQNVVXLWFDVHVER[HVDQGXPEUHOODVDQGWKDW³HYHU\DYDLODEOHVXUUH\>RUFDUULDJH@ZDVSUHVVHG
LQWRVHUYLFH´WRWDNHWKHJLUOVWRWKHVFKRRO
,QSDUDGHOLNHIDVKLRQWKLVDVVHPEODJHRIVWXGHQWVPDGHLWVZD\DURXQG&RXUW6TXDUHDQGWKHQ
KHDGHGRXWRQ6RXWK0DLQ6WUHHWWRZDUGVWKHFDPSXVGUDZLQJWKHFXULRXVDQGLQWHUHVWHG
DWWHQWLRQRISHRSOHRQWKHVWUHHWVDQGLQWKHLUEXVLQHVVHV0HDQZKLOHLWWRRNVHYHUDOWULSVXVLQJD
ODUJHWZRKRUVHZDJRQWRJHWDOOWKHJLUOV¶WUXQNVWRVFKRRO
%\SPWKDWHYHQLQJDSSUR[LPDWHO\IRUW\ILYHVWXGHQWVKDGDUULYHGRQFDPSXV
)LUVW0HDO
7KDWHYHQLQJWKHILUVWPHDOZDVVHUYHGDWWKHVFKRRO*DWKHULQJLQWKHGLQLQJKDOOLQWKH
EDVHPHQWRI'RUPLWRU\1RQRZ-DFNVRQ+DOOWKHJLUOVZHUHWUHDWHGWRZKDWZRXOGEHFRPHD
VWDSOHLWHPRQWKHPHQX±EDNHGDSSOHVRU³VKULYHOHGZLWFKHV´DVWKHJLUOVFDOOHGWKHP7KH
DSSOHVKDGEHHQSLFNHGIURPWKHFDPSXVRUFKDUG
6HSWHPEHU-XQH )LUVW<HDU&DOHQGDU([SHQVHV6FKRODUVKLSV&DPSXV
&DOHQGDU
)RUWKHLQVWLWXWLRQ¶VILUVWWKLUW\VHYHQ\HDUVWKHDFDGHPLFFDOHQGDUZDVEDVHGRQWKHTXDUWHU
V\VWHP)RXUTXDUWHUVLQFOXGLQJDVXPPHUVHVVLRQZHUHRIIHUHGZLWKFRPSOHWLRQRIDQ\WKUHH
HYHQLIQRQFRQVHFXWLYHHTXDOLQJRQH\HDU
(DFKTXDUWHUODVWHGDSSUR[LPDWHO\WZHOYHZHHNV
• 7KHILUVWRUIDOO TXDUWHU UDQIURPODWH6HSWHPEHUWRWKH&KULVWPDVKROLGD\VLQODWH
'HFHPEHU
• 7KHVHFRQGRUZLQWHUTXDUWHUZDVKHOGIURPHDUO\-DQXDU\WRODWH0DUFK
• 7KHWKLUGRUVSULQJTXDUWHUVWDUWHGLQODWH0DUFKDIHZGD\VDIWHUWKHHQGRIWKH
ZLQWHUTXDUWHUDQGFDUULHGRQXQWLOFRPPHQFHPHQWLQHDUO\RUPLG-XQH
/HH&RXQW\LVORFDWHGDWWKHH[WUHPHVRXWKZHVWHUQWLSRI9LUJLQLD'LQJOHGLQH1DQQLH&DOGRQD6ZRUG
5HJLVWUDWLRQ&DUG1R6WXGHQW5HFRUGV0DQDJHU2IILFHRIWKH5HJLVWUDU-DPHV0DGLVRQ8QLYHUVLW\
+DUULVRQEXUJ9D³3UHWW\ 1RUPDO*LUOV$UULYLQJ´+DUULVRQEXUJ'DLO\7LPHV6HSWHPEHU 0¶/HGJH
0RIIHWW³7KH%HJLQQLQJRI6WXGHQW$FWLYLWLHVDW+DUULVRQEXUJ´ 7KH9LUJLQLD7HDFKHU QR0D\ 7KH1RUPDO%XOOHWLQ QR$XJXVW :D\ODQG³6XQGU\,WHPV´
$WWKHWLPHWKHUHZHUHWZRRUFKDUGVRQWKHFDPSXVJURXQGV2QHFRQVLVWLQJSULPDULO\RIDSSOHWUHHVZDV
ORFDWHGWRWKH³QRUWKHDVWHDVWDQGVRXWKHDVW´RI0DXU\+DOO7KHRWKHUDQDVVHPEODJHRIDSSOHFKHUU\DQGSHDU
WUHHVJUHZLQWKHDUHDLQIURQWRI0RRG\+DOO7KHDSSUR[LPDWHORFDWLRQVRIERWKRUFKDUGVDUHVKRZQRQDPDS
GUDZQE\'U:D\ODQG6HH&DPSXV0DSV RU:D\ODQG/HWWHUWR3UHVLGHQW'XNH'LQJOHGLQH
• 7KHIRXUWKRUVXPPHUTXDUWHUZDVGLYLGHGLQWRWZRWHUPVRIDERXWVL[ZHHNVHDFK
7KHILUVWWHUPEHJDQLQ-XQHDZHHNDIWHUJUDGXDWLRQDQGODVWHGXQWLOWKHHQGRI-XO\
$IWHUDWZRWRWKUHHGD\EUHDNWKHVHFRQGWHUPVWDUWHGDQGFDUULHGRQXQWLOWKHHQGRI
$XJXVWRUHDUO\6HSWHPEHU
7KHLQFOXVLRQRIDIXOOWZHOYHZHHNVXPPHUTXDUWHUZDVDILUVWIRUD9LUJLQLDVFKRRODQGPHDQW
WKDWWKHVFKRROZRXOGEHRSHQQHDUO\\HDUURXQG
7KHVFKRROVZLWFKHGWRWKHVHPHVWHUV\VWHPLQ
([SHQVHV
2QHRIWKHPDLQJRDOVRIWKHVFKRROZKHQLWRSHQHGZDVWRNHHSVWXGHQWFRVWVWRDPLQLPXP
7XLWLRQUDWHVZHUHSHUTXDUWHURUIRURQH\HDU+RZHYHUIRUWKRVHVWXGHQWVZKRKDG
SUHYLRXVO\WDXJKWLQ9LUJLQLD¶VSXEOLFVFKRROVRUZKRKDGUHFHLYHGDVWDWHVFKRODUVKLSWXLWLRQ
FKDUJHVZRXOGEHZDLYHG
)RUWKHILUVWTXDUWHUURRPDQGERDUGZDVIXUQLVKHGDWDFWXDOFRVW $IXUQLVKHGURRPSOXVPHDOV
OLJKWKHDWDQGODXQGU\FRVWVWXGHQWVQRPRUHWKDQSHUPRQWKDQGLIFRVWVWXUQHGRXWWREH
OHVVWKDQWKHVWXGHQWKDGSDLGDUHIXQGZRXOGEHPDGH%HJLQQLQJLQKRZHYHUDILUPIODW
UDWHRISHUTXDUWHUSHU\HDUZDVFKDUJHG
:LWKUHJDUGVWRWH[WERRNVWKHVFKRRO¶VSROLF\LQWKHHDUO\\HDUVZDVWRIXUQLVKWKHP³DWORZHVW
SRVVLEOHFRVWDQGHQWLUHO\ZLWKRXWSURILWWRWKHVFKRRORUDQ\RQHFRQQHFWHGZLWKLW´7KXV
WH[WERRNVFRXOGEHSXUFKDVHGDWFRVWRUUHQWHGIURPWKHVFKRRO ERRNVWRUHWKHQORFDWHGLQ
6FLHQFH>0DXU\@+DOOIRUWRSHUTXDUWHUZLWKDGHSRVLW
7KHUHQWDORSWLRQ ZDVSRSXODUZLWKWKHVWXGHQWVEXWVHHPVWRKDYHEHHQDYDLODEOHRQO\GXULQJ
WKHILUVWTXDUWHUEXWSRVVLEO\WKHVHFRQGDVZHOO$IWHUWKLVVWXGHQWVKDGWKHRSWLRQRIEX\LQJ
XVHGERRNVDWUHGXFHGFRVW2YHUDOOVWXGHQWVFRXOGH[SHFWWKHLUWRWDOFRVWVIRUD\HDU¶VZRUWKRI
WH[WERRNVWREHEHWZHHQDQG
2WKHUH[SHQVHVLQFOXGHGIRUWKHUHTXLUHGJ\PVXLWIRUDJUDGXDWLQJFHUWLILFDWHIRU
DGLSORPDDQGDQ\QHFHVVDU\PDWHULDOVIHHVIRUFODVVHVVXFKDVVHZLQJDQGPDQXDODUWV
)LUVW6FKRODUVKLSV
6WXGHQWVFKRODUVKLSVZHUHPDGHDYDLODEOHIURPWKHYHU\EHJLQQLQJ7KHOHJLVODWLYHDFWRI0DUFK
HVWDEOLVKLQJWKHVFKRROKDGSURYLGHGIRUVWDWHIXQGHGVFKRODUVKLSVWREHDZDUGHGWRD
7KHTXDUWHUEDVHGV\VWHPZDVUHSODFHGE\WKHVHPHVWHUEDVHGDFDGHPLF\HDUEHJLQQLQJZLWKWKH
VFKRRO\HDU 7KH1RUPDO%XOOHWLQ QR)HEUXDU\'LQJOHGLQH
%HJLQQLQJLQDOOVWXGHQWVZHUHUHTXLUHGWRSD\WXLWLRQIRUWKHVXPPHUTXDUWHU 7KH1RUPDO%XOOHWLQ QR)HEUXDU\ 7KH1RUPDO%XOOHWLQ QR0D\-XOLDQ$%XUUXVV5HSRUWWRWKH
%RDUGRI7UXVWHHV1RYHPEHUSLQ 5HFRUGVRIWKH2IILFHRIWKH3UHVLGHQW-XOLDQ$%XUUXVV
%R[)ROGHU'LQJOHGLQH
FHUWDLQQXPEHURIVHOHFWVWXGHQWVHDFK\HDU5HFLSLHQWVRIWKHVHVFKRODUVKLSVZRXOGJHWDIXOO
WXLWLRQZDLYHUDVZHOODVSUHIHUHQWLDOFRQVLGHUDWLRQIRUGRUPURRPDVVLJQPHQWV
7RUHFHLYHWKHVFKRODUVKLSVWXGHQWVKDGWRREWDLQWKHQRPLQDWLRQDQGVXSSRUWRIWKHLUORFDO
'LYLVLRQ6XSHULQWHQGHQWRI6FKRROVDQGGHFODUHWKHLULQWHQWLRQWRWHDFKLQ9LUJLQLD¶VSXEOLF
VFKRROVIRUIRXU\HDUVDIWHUOHDYLQJWKHVFKRRO
7KHILUVWQRQVWDWHIXQGHGVFKRODUVKLSZDVSURYLGHGE\WKH,QGXVWULDO(GXFDWLRQDO/HDJXHRIWKH
6RXWKD:DVKLQJWRQ'&EDVHGZRPHQ¶VJURXS7KLVVFKRODUVKLSFRYHUHGWKHHQWLUHH[SHQVHV
³RIDZRUWK\\RXQJODG\´DWWKHVFKRROIRURQH\HDU7KHUHFLSLHQWRIWKHVFKRODUVKLSIRUWKHILUVW
\HDUZDV0\UWOH+DUYH\RI7\H5LYHU9LUJLQLD
&DPSXV
:KHQFRPSDUHGWRWKHVL]HRIWKHVFKRROZKHQLWRSHQHGRQHKXQGUHG\HDUVDJRWRGD\¶V
VSUDZOLQJDFUHFDPSXVZLWKLWVEXLOGLQJVUHVHPEOHVDVPDOOFLW\
,QLWVILUVW\HDUWKHVFKRRORFFXSLHGRQO\IRUW\HLJKWDFUHVDQGFRQVLVWHGRIWZRVFKRROEXLOGLQJV
³DFRWWDJHDQRUFKDUGDQGDFDW´WKHODWWHUUHSRUWHGO\PRYLQJLQWRWKHFRWWDJHLQ-DQXDU\
6HSWHPEHU )LUVW'D\5HJLVWUDWLRQ‡/LEUDU\)LUVW/LEUDU\)LUVW%RRNV
)LUVW'D\5HJLVWUDWLRQ
7XHVGD\6HSWHPEHUZDV³WKHEHJLQQLQJRIWKHEHJLQQLQJ´IRU-DPHV0DGLVRQ
8QLYHUVLW\WKHQFDOOHGWKH6WDWH1RUPDODQG,QGXVWULDO6FKRROIRU:RPHQDW+DUULVRQEXUJ7KLV
ZDVWKHILUVWGD\RIWKHILUVWVFKRRO\HDUDQGLWZDVVHWDVLGHIRUVWXGHQWUHJLVWUDWLRQ
$FRS\ RIWKH DSSURSULDWLRQVELOOLVDYDLODEOHLQ %RDUGRI7UXVWHHV0LQXWHV SS 6HH6HFWLRQ)RXU
RIWKHELOOS 7KH1RUPDO%XOOHWLQ QR)HEUXDU\ 7KH1RUPDO%XOOHWLQ QR0D\
'LQJOHGLQH
$GLVFUHSDQF\H[LVWVUHJDUGLQJZKDWH[SHQVHVFRYHUHGE\WKH,QGXVWULDO(GXFDWLRQDO/HDJXH¶VVFKRODUVKLS
$FFRUGLQJWRDUHSRUWVXEPLWWHGWRWKH%RDUGRI7UXVWHHVE\3UHVLGHQW%XUUXVVLQ1RYHPEHUWKHVFKRODUVKLS
FRYHUHGDOOH[SHQVHV+RZHYHUDFFRUGLQJWRWKH0D\FDWDORJLWFRYHUHGRQO\WKHVWXGHQWV³OLYLQJH[SHQVHV´
,WLVSRVVLEOHWKDWWKHVFKRODUVKLS¶VFRYHUDJHFKDQJHGEHWZHHQWKDWWLPH7KHGXUDWLRQRIWKLVVFKRODUVKLSLVQRW
NQRZQEXWLWSUREDEO\ODVWHGRQO\RQHRUWZR\HDUV$IWHUSXEOLFDWLRQRIWKH0D\FDWDORJLWGLVDSSHDUVIURP
WKHOLVWRIDYDLODEOHVFKRODUVKLSRSSRUWXQLWLHV7\H5LYHULVORFDWHGLQWKH&KDUORWWHVYLOOHDUHD-XOLDQ$%XUUXVV
5HSRUWWRWKH%RDUGRI7UXVWHHV1RYHPEHUSLQ5HFRUGVRIWKH2IILFHRIWKH3UHVLGHQW-XOLDQ$
%XUUXVV %R[)ROGHU 7KH1RUPDO%XOOHWLQ QR0D\
7KHDFUHDJHSUHVHQWHGKHUHLQFOXGHVRQHDFUH8QLYHUVLW\)DUP -DPHV0DGLVRQ8QLYHUVLW\2IILFHRI,QVWLWXWLRQDO
5HVHDUFK³-DPHV0DGLVRQ8QLYHUVLW\)DFWVDQG)LJXUHV´0DUFK
KWWSZZZMPXHGXLQVWUHVUFKVWDWVXPB)DFWV)LJVSGI!>-XQH@7KHWZREXLOGLQJVZHUH-DFNVRQ
+DOOWKHQ'RUPLWRU\1RDQG0DXU\6FLHQFH+DOO7KH&RWWDJHZDVWKHROG1HZPDQIDUPKRXVH 0DU\/RXLVH
6HHJHU³0DGLVRQ&ROOHJH5HPLQLVFHQFHV´0DUFK$GGUHVVDW)RXQGHU¶V'D\3URJUDP0DGLVRQ&ROOHJH
SLQ+LVWRU\0LVF5HPLQLVFHQFHV 9HUWLFDO)LOH7KH6FKRROPD¶DP 7KH 6FKRROPD¶DP
0\UWOH9LUJLQLD(DUPDQRIQHDUE\.HH]OHWRZQZDVWKHILUVWVWXGHQWWRRIILFLDOO\UHJLVWHUDWWKH
VFKRRO%\WKHHQGRIWKHGD\VWXGHQWVRXWRIWKHZKRKDGDUULYHGZHUHUHJLVWHUHG
/LEUDU\)LUVW/LEUDU\
³7KHOLEUDU\RIDQHZLQVWLWXWLRQPXVWQHFHVVDULO\EHFRPSDUDWLYHO\VPDOO´VWDWHGWKHVFKRRO¶V
ILUVWFDWDORJLVVXHGLQ)HEUXDU\,QGHHGLWZDV
7KHVFKRRO¶VILUVWOLEUDU\ZDVDVLQJOHFODVVURRPPHDVXULQJ¶E\ ¶,WZDVORFDWHGLQWKH
VRXWKZHVWFRUQHURIWKHILUVWIORRURI6FLHQFH0DXU\+DOO%RRNVKHOYHVOLQHGWKHZDOOVDQG
WZHOYHWDEOHVSURYLGHGVHDWLQJIRUDSSUR[LPDWHO\IRUW\VWXGHQWV
$WWKHVWDUWRIWKHVFKRRO\HDUWKHOLEUDU\VWDIIFRQVLVWHGRIRQH³DFWLQJOLEUDULDQ´0DU\,%HOO
DQGWZRVWXGHQWDVVLVWDQWV+RZHYHUE\HDUO\1RYHPEHUKHDY\XVHRIWKHOLEUDU\QHFHVVLWDWHG
WKHDGGLWLRQRIWZRPRUHVWXGHQWDVVLVWDQWV
)LUVW%RRNV
7KHWDVNRIFDWDORJLQJWKHVFKRRO¶VOLEUDU\ERRNVEHJDQRQRSHQLQJGD\$WRWDORIYROXPHV
FRQVLVWLQJRIGLVWLQFWWLWOHVZHUHUHFRUGHGLQWKHOLEUDU\¶VDFFHVVLRQERRN
7KHILUVWERRNWREHHQWHUHGLQWRWKH³+DUULVRQEXUJ1RUPDO6FKRRO/LEUDU\´FROOHFWLRQZDVD
FRS\RIWKH+RO\%LEOHZKLFKKDGEHHQGRQDWHGE\0DWWLH&RFNH3UHVLGHQWRIWKHDOOIHPDOH
+ROOLQV,QVWLWXWHQRZ+ROOLQV8QLYHUVLW\LQ5RDQRNH
7KHPDMRULW\RIWKHERRNV ZKLFKZHUHSULPDULO\FROOHFWLRQEXLOGLQJYROXPHVVXFKDV
HQF\FORSHGLDVGLFWLRQDULHVDQGDFDGHPLFWLWOHVKDGEHHQSXUFKDVHGDOWKRXJKDFRQVLGHUDEOH
QXPEHUVXFKDVWKH%LEOHKDGEHHQGRQDWHGE\IDFXOW\PHPEHUVDQGIULHQGVRIWKHVFKRRO
%\WKHHQGRIWKHILUVWTXDUWHULQ'HFHPEHUWKHQXPEHURIYROXPHVLQWKHOLEUDU\KDGULVHQWR
0\UWOH9LUJLQLD (DUPDQ5HJLVWUDWLRQ&DUG1R6WXGHQW5HFRUGV0DQDJHU2IILFHRIWKH5HJLVWUDU-DPHV
0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9D 6HHDOVR-RQHV1DQF\%&ROOHFWLRQ OHWWHUGDWHG1RYHPEHUE\
:-*LIIRUG 7KHQXPEHURIVWXGHQWVZKRUHJLVWHUHGRQ6HSWHPEHUZDVSURYLGHGE\&DUULH0R\HUV6WXGHQW
5HFRUGV0DQDJHU2IILFHRIWKH5HJLVWUDU 'LQJOHGLQHGLVFXVVHVWKHDUULYDORIWKHILUVWVWXGHQWV³1RZDW
)HPDOH1RUPDO´'DLO\7LPHV 6HSWHPEHU
$FFRUGLQJWRWKHOLEUDU\DFFHVVLRQERRNYROXPHGXULQJWKHRSHQLQJVHVVLRQRIWKHVFKRROERRNVZHUHHQWHUHG
LQWRWKHFROOHFWLRQRQRQO\WKUHHRFFDVLRQV±6HSWHPEHUDQGDQG2FWREHU&XULRXVO\QRIXUWKHUDGGLWLRQV
ZHUHUHFRUGHGXQWLO$XJXVW,WLVQRWGHILQLWHO\NQRZQLIPRUHYROXPHVZHUHDGGHGGXULQJWKLVSHULRG
+RZHYHUWKHVFKRRO¶V0D\FDWDORJ7KH1RUPDO%XOOHWLQQR0D\JLYHVWKHQXPEHURI
YROXPHVDV³DERXWWZRWKRXVDQG´'LQJOHGLQHDOVRFLWHVWKLVQXPEHU:KLOHWKLVPD\VHHPWRVXJJHVWWKDWPRUH
YROXPHVZHUHLQGHHGDGGHGLWLVDOVRSRVVLEOHWKDWWKHVFKRROVLPSO\URXQGHGXSWRWKHKLJKHUQXPEHU2QHRIWKH
HDUOLHVWNQRZQSKRWRJUDSKVRIWKHOLEUDU\FDQEHIRXQGLQ7KH1RUPDO%XOOHWLQ QR0D\LPPHGLDWHO\
IROORZLQJSDJH $FFRUGLQJWR &KDSSHOHDUWKHURRP¶VQXPEHUDWWKHWLPHZDVQLQH7KHH[DFWURRP
GLPHQVLRQVWDNHQIURPWKHEXLOGLQJSODQVZHUH¶´E\¶´ 7KH1RUPDO%XOOHWLQ QR)HEUXDU\
-XOLDQ$%XUUXVV5HSRUWWRWKH%RDUGRI7UXVWHHV-XQHSLQ5HFRUGVRIWKH2IILFHRIWKH3UHVLGHQW
-XOLDQ$%XUUXVV %R[)ROGHU'LQJOHGLQH %RDUGRI7UXVWHHV0LQXWHV SVHHSRI
WKHILQDQFLDOVWDWHPHQWLQVHUWGDWHG'HFHPEHU 7KH1RUPDO%XOOHWLQ QR$XJXVW 7KH1RUPDO
6HSWHPEHU 6HFRQG'D\6WXGHQWV5HJLVWHUHGIRU)LUVW6HVVLRQ
:HGQHVGD\WKHVHFRQGGD\RIWKHILUVWVFKRRO\HDULQFOXGHGPRUHVWXGHQWUHJLVWUDWLRQ ZKLOH
FODVVHVZHUHRUJDQL]HGDQGVWXGHQWVDGMXVWHGWRWKHLUQHZVXUURXQGLQJV
%\WKHFORVHRIUHJLVWUDWLRQWKDWHYHQLQJDWRWDORIVWXGHQWVKDGUHJLVWHUHG7KHDYHUDJHDJH
RIWKHVHILUVWVWXGHQWVZDVQLQHWHHQDQGDKDOI7KH\UHSUHVHQWHGWKLUW\HLJKWFRXQWLHVDQGILYH
FLWLHVLQ9LUJLQLD2QO\WZRVWXGHQWVZHUHIURPRXWVLGHWKHVWDWH
$FFRPPRGDWLQJVXFKDODUJHQXPEHUSURYHGFKDOOHQJLQJDVWKHGRUPLWRU\DQG&RWWDJHWKHROG
1HZPDQIDUPKRXVHFRXOGRQO\KRXVHVHYHQW\WKUHH0DQ\VWXGHQWVZHUH WKHUHIRUHSODFHGLQ
RIIFDPSXVDFFRPPRGDWLRQVZLWKORFDOIDPLOLHV
6HSWHPEHU 7KLUG'D\ &ODVVHV%HJLQ)LUVW$VVHPEO\)LUVW6WXGHQW5HJXODWLRQV
&ODVVHV%HJLQ
&ODVVHVPHWIRUWKHILUVWWLPHDWDP7KXUVGD\PRUQLQJ$OOFODVVHVZHUHKHOGLQ6FLHQFH
0DXU\+DOOZKLFKZDVWKHLQVWLWXWLRQ¶VRQO\DFDGHPLFEXLOGLQJDWWKHWLPH
)LUVW$VVHPEO\
/DWHUDWDPWKHVWXGHQWVWKHIDFXOW\3UHVLGHQW%XUUXVVPHPEHUVRIERWKWKH%RDUGRI
7UXVWHHVDQGWKHVWDWH*HQHUDO$VVHPEO\DVZHOODVORFDOIXQFWLRQDULHVJDWKHUHGDWWKHQRUWKHDVW
HQGRIWKHVHFRQGIORRURI 6FLHQFH+DOOIRUWKHVFKRRO¶VILUVWDVVHPEO\
:LWKVRQJUHDGLQJRIVFULSWXUHSUD\HUDQGVSHHFKHVWKH RIILFLDORSHQLQJRIWKH1RUPDO6FKRRO
ZDVVSLULWHGO\PDUNHG$FFRUGLQJWR3URIHVVRU-RKQ:D\ODQGLWZDVDQHYHQW³YLEUDQWZLWKMR\
DQGKRSH´
)LUVW6WXGHQW5HJXODWLRQV
,QWKHODWHDIWHUQRRQWKHIDFXOW\JDWKHUHGIRULWVILIWKPHHWLQJ7KHSULQFLSOHWRSLFRIGLVFXVVLRQ
ZDV³VWXGHQWZHOIDUH´DQGWKHUHVXOWRIWKHPHHWLQJZDVWKHILUVWVHWRIUXOHVJRYHUQLQJVWXGHQW
FRQGXFW
7KH³\RXQJODGLHV´ZHUHQRWWREHDOORZHGWR³DFFHSWLQYLWDWLRQVWRVSHQGWKHQLJKWLQWRZQ´RU
WROHDYHWKHGRUPWRJRWRWRZQIRUDQ\UHDVRQZLWKRXWSHUPLVVLRQ7KH\FRXOGJRWR6XQGD\
PRUQLQJFKXUFKVHUYLFHVXQHVFRUWHGEXWIRUHYHQLQJVHUYLFHVDFKDSHURQHZRXOGEHUHTXLUHG
)LQDOO\QRVHFUHWVWXGHQWRUJDQL]DWLRQVZRXOGEHWROHUDWHG
%XOOHWLQ QR1RYHPEHU-XOLDQ$%XUUXVV5HSRUWWRWKH%RDUGRI7UXVWHHV1RYHPEHUSS
LQ5HFRUGVRIWKH2IILFHRIWKH3UHVLGHQW-XOLDQ$%XUUXVV%R[)ROGHU /LEUDU\$FFHVVLRQ
%RRNV Y 6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$ 7KH
6FKRROPD¶DP 7KH1RUPDO%XOOHWLQ QR1RYHPEHU'LQJOHGLQH
'LQJOHGLQH-RKQ::D\ODQG +LVWRULF+DUULVRQEXUJUHSULQW+DUULVRQEXUJ9$&-&DUULHU&R
-RKQ::D\ODQG³6LJQLILFDQW,QFLGHQWVLQWKH(DUO\/LIHRIWKH6FKRRO´7KH9LUJLQLD7HDFKHUQR
2FWREHU )LUVW6WXGHQW2UJDQL]DWLRQV‡ )LUVW6RFLDO)XQFWLRQ
)LUVW6WXGHQW2UJDQL]DWLRQV
$WWKHHQGRIWKHVHFRQGZHHNRI WKHILUVWVFKRRO \HDUVWXGHQWVHVWDEOLVKHGWKHLUILUVW
RUJDQL]DWLRQV±WZROLWHUDU\VRFLHWLHV
2QHWKH/HH6RFLHW\ZDVQDPHGDIWHU&RQIHGHUDWH*HQHUDO5REHUW(/HH7KHRWKHUWKH
/DQLHU6RFLHW\ZDVQDPHGLQKRQRURI6LGQH\/DQLHUDIDPRXV6RXWKHUQSRHW(DFKKDG
WZHQW\ILYHLQLWLDOPHPEHUVDQGHDFKFKRVHUHSUHVHQWDWLYHFRORUV/HHFKRVHJUD\DQGJROG
ZKLOH/DQLHUDGRSWHGYLROHWDQGZKLWH7KHVHFRORUVZRXOGVRRQEHFRPELQHGWRIRUPWKH
VFKRRO¶VFRORUV
7KH/HHDQG/DQLHU6RFLHWLHVKHOGGHEDWHVDQGVSRQVRUHGUHDGLQJVWDONVDQGPXVLFDOHYHQWVDQG
ZHUHDPDMRUSDUWRIWKHH[WUDFXUULFXODUOLIHRIWKHVWXGHQWVIRU RYHUWKLUW\\HDUVWKH\ZHUH
GLVFRQWLQXHGLQ
)LUVW6RFLDO)XQFWLRQ
7KHILUVWVRFLDOIXQFWLRQ WREHKHOGDWWKHVFKRROZDVDIDFXOW\UHFHSWLRQIRUWKHVWXGHQWVWKDW
HYHQLQJDWSP
2FWREHU ³+RXVH:DUPLQJ$WWKH1RUPDO´
7KHVFKRRO¶VVHFRQGVRFLDOIXQFWLRQZDVDQRSHQKRXVH)URPWR SPRQ6DWXUGD\
KXQGUHGVRIORFDOFLWL]HQVIURP+DUULVRQEXUJDQGWKHVXUURXQGLQJFRXQWLHVLQVSHFWHGWKHFDPSXV
DQGWRXUHGWKHEXLOGLQJV
9LVLWRUVZHUHPHWDW'RUPLWRU\1R -DFNVRQ+DOOE\0UV%XUUXVVDQG0UV%URRNH WKH
PDWURQ'RUPURRPVZHUHRSHQHGDQGVWXGHQWVJDYHJXLGHGWRXUV7HDDQGFRRNLHVZHUHVHUYHG
LQWKHUHFHSWLRQKDOOE\VWXGHQWVLQWKH+RXVHKROG$UWVSURJUDP
$W6FLHQFH0DXU\+DOOYLVLWRUVZHUHUHFHLYHGE\3UHVLGHQW%XUUXVVDQGIDFXOW\PHPEHUVJDYH
WRXUVWKURXJKWKHEXLOGLQJ¶VOLEUDU\FODVVURRPVRIILFHVDQGODEV
$FFRUGLQJWRWKHORFDO 'DLO\1HZVDOOZKRDWWHQGHGZHUH³LPSUHVVHG´DQGWKH³RFFDVLRQ>ZDV@D
KDSS\DQGPHPRUDEOHRQH´IRUDOO
$SULO7KHIDFXOW\PHHWLQJEHJDQDWSPDQGDGMRXUQHGDWSP )DFXOW\0LQXWHV
HQWU\ GDWH6HSWHPEHUS
7KH 6FKRROPD¶DP0RIIHWW'LQJOHGLQH³3XUSOHDQG*ROG´&HQWHQQLDO
&HOHEUDWLRQZHEVLWHKWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQSXUSOHBJROGVKWPO!>$SULO@)DFXOW\
0LQXWHVHQWU\GDWH6HSWHPEHUS 7KH1RUPDO %XOOHWLQQR1RYHPEHU
7KH6FKRROPD¶DP³0DQ\9LVLW1RUPDO6FKRRO´+DUULVRQEXUJ'DLO\1HZV2FWREHU
'LQJOHGLQH 7KH1RUPDO%XOOHWLQ QR1RYHPEHU
2FWREHU *RYHUQRU9LVLWV‡)LUVW6WXGHQW5HJXODWLRQV2IILFLDOO\$GRSWHG
*RYHUQRU9LVLWV
2Q0RQGD\9LUJLQLD*RYHUQRU&ODXGH6ZDQVRQZKRKDGVLJQHGWKHELOOHVWDEOLVKLQJWKHVFKRRO
LQ0DUFKYLVLWHGWKHVFKRRO$QDVVHPEO\ ZDVKHOGZKHUHWKH*RYHUQRUJDYHDVSHHFKDQG
ZDVSHUVRQDOO\LQWURGXFHGWRHDFKVWXGHQWE\3UHVLGHQW%XUUXVV7KHJRYHUQRUZDVWKHQJLYHQD
WRXURIWKHFDPSXV
$GRSWLRQRI5HJXODWLRQV
7KDWHYHQLQJGXULQJDOHQJWK\ILYHKRXUPHHWLQJWKHIDFXOW\RIILFLDOO\DGRSWHGWKHILUVW
UHJXODWLRQVUHJDUGLQJVWXGHQWVRFLDOSULYLOHJHVDQGFRQGXFW5HIOHFWLQJWKHWLPHVJXLGHOLQHV
ZHUHHVWDEOLVKHGZKLFKIRFXVHGKHDYLO\ RQWKHVWXGHQWV¶LQWHUDFWLRQVZLWKWKHRSSRVLWHVH[
• 3KRQHFDOOVIURPPHQZHUHVWULFWO\UHJXODWHG
• VWXGHQWVZHUHRQO\DOORZHGWRUHFHLYH³DSSURYHG´PDOHYLVLWRUVRQFDPSXVLQWKH
GRUPLWRU\UHFHSWLRQDUHDEHWZHHQDQGSPRQ)ULGD\VDQG6DWXUGD\V DQG
• VWXGHQWVFRXOGQRWOHDYHFDPSXV³LQWKHFRPSDQ\RI \RXQJPHQ´ZLWKRXWD FKDSHURQH
• 0RUHPXQGDQHUHJXODWLRQVLQFOXGHGHVWDEOLVKPHQWRIVWXG\KRXUVIURPWRSP
0RQGD\WKURXJK7KXUVGD\
6XFKUHVWULFWLRQVZRXOGVORZO\EHHDVHGRYHUWKH\HDUVDQGHYHQWXDOO\DEDQGRQHGDOOWRJHWKHU
2FWREHU 6FKRRO&RORUV$GRSWHG‡)LUVW5HOLJLRXV2UJDQL]DWLRQ‡ )LUVW0XVLF(YHQW
6FKRRO&RORUV$GRSWHG
:KHQWKHVFKRRO¶VWZROLWHUDU\VRFLHWLHVKDGEHHQHVWDEOLVKHGLQHDUO\2FWREHUHDFKKDGFKRVHQ
LWVRZQ UHSUHVHQWDWLYHFRORUVWKH/HH6RFLHW\VHOHFWHGJUD\DQGJROGZKLOHWKH/DQLHU6RFLHW\
DGRSWHGYLROHWDQGZKLWH
2Q )ULGD\2FWREHURQHFRORUZDVWDNHQ IURPHDFK ±YLROHWIURP /DQLHUDQGJROGIURP/HH
7RJHWKHU WKHVHFRORUVZHUH RIILFLDOO\DGRSWHGDVWKHVFKRRO¶VFRORUV$IHZ\HDUVODWHUYLROHW
ZRXOGEHUHSODFHGE\WKHHDVLHUWRSURFXUHFRORUSXUSOHDQGIURPWKHQRQLWZDVSXUSOHDQGJROG
)LUVW5HOLJLRXV2UJDQL]DWLRQ
2QWKHVDPHGD\VWXGHQWVHVWDEOLVKHGDFDPSXVFKDSWHURIWKH<RXQJ:RPHQ¶V&KULVWLDQ
$VVRFLDWLRQ<:&$7KHRUJDQL]DWLRQKDGDQLQLWLDOPHPEHUVKLSRIVHYHQW\WZRUHSUHVHQWLQJ
QHDUO\KDOIWKHVWXGHQWERG\DQGE\WKHHQGRIWKHVFKRRO\HDUWKHQXPEHUKDGJURZQWR
7KH1RUPDO%XOOHWLQ QR1RYHPEHU'LQJOHGLQH )DFXOW\0LQXWHVHQWU\GDWH
2FWREHUS
7KHJURXSKHOGLWVILUVWPHHWLQJRQ2FWREHULQ $VVHPEO\ +DOOLQWKHGRZQWRZQFRXUWKRXVH
DQGDGRSWHGDVLWVPRWWRDYHUVHIURPWKH2OG7HVWDPHQW=HFKDULDK³1RWE\PLJKWQRUE\
SRZHUEXWE\P\6SLULWVDLWKWKH/RUGRI+RVWV´
,QLWVILUVW\HDUWKH<:&$ RUJDQL]HGVHYHQ%LEOHVWXG\FODVVHVDQGDPLVVLRQVWXG\FODVVZLWK
HLJKWHHQPHPEHUV,WDOVRHVWDEOLVKHGDWUDGLWLRQRIKROGLQJZHHNO\GHYRWLRQDOPHHWLQJVDQG
VSRQVRULQJLQIRUPDOVRFLDOHYHQWVDQGHQWHUWDLQPHQWVIRUWKHVWXGHQWV
7KH<:&$ZDVWKHVFKRRO¶VILUVWVWXGHQWUHOLJLRXVRUJDQL]DWLRQEXWQRWWKHODVW7KH³<´DVLW
ZDVODWHUNQRZQUHPDLQHGDQLPSRUWDQWSDUWRIVWXGHQWOLIHIRURYHUVL[W\\HDUVEXWGLVDSSHDUHG
IURP FDPSXVLQWKHHDUO\V %\WKLVWLPHKRZHYHUVHYHUDORWKHUUHOLJLRXVJURXSVKDG
DUULYHG
7RGD\-08LVKRPHWRDGLYHUVHIDPLO\RIVL[WHHQVWXGHQWUHOLJLRXVRUJDQL]DWLRQVLQFOXGLQJ
&DPSXV&UXVDGHIRU&KULVWWKH0XVOLP6WXGHQW$VVRFLDWLRQDQGWKH)UHHWKLQNHUV
)LUVW0XVLF(YHQW
$QRWKHULPSRUWDQWHYHQWRIWKDWIDOO )ULGD\LQ ZDVWKH'DLO\1HZVEDQG¶VVHUHQDGHWR WKH
VWXGHQWV WKHILUVWPXVLFDOHYHQWWREHKHOGRQFDPSXV
2FWREHU )LUVW2II&DPSXV2XWLQJ
'XULQJWKHHDUO\GHFDGHVRI WKHVFKRRORIIFDPSXVH[FXUVLRQVWRORFDOKLVWRULFDO DQGVFHQLFVLWHV
ZHUHFRPPRQ DQGPXFKDQWLFLSDWHGE\WKHVWXGHQWV /HGE\PHPEHUVRIWKHIDFXOW\WKHVHWULSV
FRXOGWDNHWKHIRUPRIVLPSOHDIWHUQRRQZDONVSHUKDSVZLWKDSLFQLFOXQFKWRVLWHVLQWKH
+DUULVRQEXUJDUHDRUFRXOGEHPRUHLQYROYHGDOOGD\WULSVWRORFDWLRQVPRUHGLVWDQWVXFKDV1HZ
0DUNHW
7KHILUVWRIVXFKWULSVZDVPDGHRQ6DWXUGD\2FWREHUZKHQKLVWRU\SURIHVVRU-RKQ:D\ODQG
OHGDJURXSRIVWXGHQWVRQDVKRUWZDONLQJWULSWRWKHQHDUE\PRQXPHQWIRU&RQIHGHUDWH%ULJDGLHU
*HQHUDO7XUQHU$VKE\ $VKE\DFDYDOU\FRPPDQGHUVHUYLQJXQGHU³6WRQHZDOO´-DFNVRQ GXULQJ
KLV9DOOH\&DPSDLJQZDVNLOOHGLQDVNLUPLVKZLWK8QLRQWURRSV RQ-XQHRIWKDW\HDU
6WXGHQWVKDGVRWKRURXJKO\HQMR\HGWKHRXWLQJWKDWLWZDVLQFOXGHGLQWKH\HDUERRN¶V
WLPHOLQHRILPSRUWDQWGDWHV7KHHQWU\UHDG³7ULSWR$VKE\0RQXPHQW7KUHH&KHHUVIRU'U
:D\ODQG´
7KH<:&$ZDVODVWSLFWXUHGLQWKH\HDUERRN 7KH6FKRROPD¶DP 'LQJOHGLQH
$OLVWRIWKHVL[WHHQUHOLJLRXVJURXSVFDQEHIRXQGDW
KWWSZZZXVQHZVFRPXVQHZVHGXFROOHJHGLUHFWRU\EULHIGUH[WUDVBBEULHISKS!>$XJXVW@:D\ODQG
³6LJQLILFDQW,QFLGHQWV´ ³3XUSOHDQG*ROG´ ³0XVLFDWWKH&ROOHJH´7KH9LUJLQLD7HDFKHUQR$SULO
7KH6FKRROPD¶DP%ULHIJHQHUDOGLVFXVVLRQVRIH[FXUVLRQVLQFOXGLQJWULSVWR$VKE\0RQXPHQWFDQ
EHIRXQGLQ'LQJOHGLQH7KH$VKE\0RQXPHQWZDVXQYHLOHGRQ-XQH:D\ODQG +LVWRULF
+DUULVRQEXUJ 2FWREHU 1RYHPEHU )LUVW6SRUWV7HDPV2UJDQL]HG
7KHILUVWVSRUWWREHRUJDQL]HGDWWKHVFKRROZDVWHQQLV $OWKRXJKQRVSHFLILFGDWHVRI
RUJDQL]DWLRQ DUHNQRZQWKH5DFNHWDQGWKH3LQTXHW7HQQLV&OXEVZHUHRUJDQL]HGVRPHWLPHLQ
2FWREHURUHDUO\1RYHPEHU
7KHWZRWHDPVKDGSODQQHGWRSOD\HDFKRWKHULQWKHVFKRRO¶VILUVWWHQQLVWRXUQDPHQWLQ-XQH
DVSDUWRIWKHFRPPHQFHPHQWIHVWLYLWLHVEXWEDGZHDWKHUIRUFHG WKHJDPH¶VFDQFHOODWLRQ
DQGLWZDVQRWSOD\HGXQWLO 1RYHPEHU
7KH5DFNHWDQG3LQTXHWFOXEVZHUHUHSODFHGLQE\ &ODVVWHQQLVWHDPVDQGDYDUVLW\WHQQLV
WHDPZDVVWDUWHGLQ
1RYHPEHU 'HFHPEHU )LUVW6WXGHQW0XVLFDO2UJDQL]DWLRQ)RUPHG7KH*OHH&OXE
6RPHWLPHGXULQJWKHODWWHUSDUWRI WKHIDOO TXDUWHUWKHVFKRRO
VILUVWPXVLFDORUJDQL]DWLRQZDV
HVWDEOLVKHG&DOOHGWKH*OHH&OXEWKLVVWXGHQWYRFDOJURXSZDVFRPSULVHGRI QLQHWHHQPHPEHUV
ZKRZHUHXQGHUWKHGLUHFWLRQRIWKHPXVLFLQVWUXFWRU/LGD3&OHYHODQG
7KH*OHH&OXEEHJDQSHUIRUPLQJLQPDNLQJDSSHDUDQFHVDWVFKRRODVVHPEOLHVDQGVSHFLDO
HYHQWVDQGVLQJLQJZLWKORFDOFKXUFKFKRLUV2QHRIWKHILUVWUHFRUGHGSHUIRUPDQFHVE\WKH&OXE
ZDVDWWKHVFKRRO¶V$UERU'D\FHOHEUDWLRQLQ$SULO
1RYHPEHU )LUVW/\FHXP(YHQW
-XVWRYHUDPRQWKDIWHUWKHVFKRROKDGRSHQHGWKHILUVWO\FHXPSURJUDPZDVKHOGZLWK+HQU\
6RXWKZLFN'HDQRIWKH(PHUVRQ&ROOHJHRI2UDWRU\LQ%RVWRQJLYLQJUHDGLQJVIURP
6KDNHVSHDUH¶V-XOLXV&DHVDU
,QWURGXFHGE\WKHIDFXOW\DVDPHDQVRISURYLGLQJWKHVWXGHQWERG\DVZHOODVWKHFRPPXQLW\
ZLWKGLYHUVHFXOWXUDOH[SHULHQFHVWKHDQQXDOO\FHXPSURJUDPZRXOGEULQJWRWRZQDQGFDPSXV
OHFWXUHUVDQGSHUIRUPHUVRIVRFLDOSROLWLFDODQGFXOWXUDOVLJQLILFDQFH
0U6RXWKZLFN¶VDSSHDUDQFHODXQFKHGZKDWKDVQRZEHFRPHDRQHKXQGUHG\HDUWUDGLWLRQ
7KHWZRWHDPVZHUHFHUWDLQO\HVWDEOLVKHGSULRUWR1RYHPEHU6HH-XOLDQ$%XUUXVV5HSRUWWRWKH%RDUGRI
7UXVWHHV1RYHPEHUS LQ5HFRUGVRIWKH2IILFHRIWKH3UHVLGHQW-XOLDQ$ %XUUXVV%R[
)ROGHU 3KRWRVRIWKHWHQQLVWHDPVDSSHDUHGLQWKHILUVWLVVXHRIWKHVFKRRO\HDUERRN7KH6FKRROPD¶DP
'LQJOHGLQH&DUUROO$OWKHD/RRVH-RKQVWRQ³$WKOHWLFVDWWKH&ROOHJH´ 7KH9LUJLQLD7HDFKHU
QR$SULO-RKQVWRQDQG&DUUROOHUURQHRXVO\FLWHWKHGDWHRIWKHILUVWWHQQLVWRXUQDPHQWDV
1RYHPEHU 7KH6FKRROPD¶DP QSFRQWDLQVDSKRWRJUDSKRIWKHILUVWYDUVLW\WHQQLVWHDP
,QWHUHVWLQJO\QR H[DFW GDWHRIRUJDQL]DWLRQIRUWKH*OHH&OXEDSSHDUVWREHNQRZQ0RVWVHFRQGDU\VRXUFHVVD\LW
ZDVHVWDEOLVKHGGXULQJWKHILUVWTXDUWHULQEXWQRSULPDU\VRXUFHGRFXPHQWDWLRQRIWKLVZDVIRXQG+RZHYHU
LWVHHPVOLNHO\WKDWLWZRXOGKDYHEHHQHVWDEOLVKHGGXULQJWKLVSHULRG,IVRWKHDXWKRU¶VUHVHDUFKZRXOGLQGLFDWHWKDW
LWKDSSHQHGVRPHWLPHDIWHU1RYHPEHU )XUWKHULWLVSRVVLEOHWKDWWKHJURXSZDVIRUPHGDVODWHDV-DQXDU\
7KH6FKRROPD¶DP 7KH9LUJLQLD7HDFKHU QR)HEUXDU\7KH1RUPDO%XOOHWLQ QR
0D\'LQJOHGLQH
$VVHPEO\+DOOORFDWHGLQWKHGRZQWRZQFRXUWKRXVHZDVWKHYHQXHIRUPDQ\RIWKHO\FHXPQXPEHUVXQWLO
ZLWKWKHFRQVWUXFWLRQRIWKHDXGLWRULXPLQ+DUULVRQ+DOO'LQJOHGLQH 7KH6FKRROPD¶DP
1RYHPEHU )HEUXDU\ )LUVW%DVNHWEDOO7HDPV2UJDQL]HG
6RPHWLPHEHWZHHQODWH1RYHPEHUDQGODWH)HEUXDU\WKHILUVWEDVNHWEDOOWHDPVZHUH
RUJDQL]HG7KHUHZHUHWKUHH± WKH6FDOSHUV7LS7RSDQGWKH7RPDKDZNHUV
&ODVVEDVNHWEDOOWHDPVZHUHLQDXJXUDWHGWKHIROORZLQJ\HDUZKLFKOHGWRWKHGURSSLQJRIWKH
GHVFULSWLYHQDPHVDQGLQWHUVFKRODVWLFFRPSHWLWLRQEHJDQLQZLWKWKHHVWDEOLVKPHQWRID
YDUVLW\EDVNHWEDOOWHDP
1RYHPEHU *UDGLQJ6\VWHP$GRSWHG‡ )LUVW6HULRXV,QFLGHQWRI6WXGHQW0LVFRQGXFW
*UDGLQJ6\VWHP$GRSWHG
'XULQJD7XHVGD\HYHQLQJIDFXOW\PHHWLQJWKHVFKRRO¶VILUVWXQLIRUPH[DPLQDWLRQDQGJUDGLQJ
V\VWHPZDVDGRSWHG )LQDOH[DPLQDWLRQVZRXOGFRXQWDVRQHWKLUGRIDVWXGHQW¶VILQDOJUDGH
ZKLOHUHJXODUFODVVZRUNZRXOGFRXQWIRUWZRWKLUGV6WXGHQWV¶RYHUDOODFDGHPLFDFKLHYHPHQW
ZRXOGEHFKDUWHGXVLQJWKHOHWWHUJUDGHVRI³$´YHU\JRRG³%´JRRG³&´SDVVDEOH³'´
FRQGLWLRQHGDQG³(´IDLOXUH
7KHGUHDGHG³)´IRUIDLOXUHZRXOGQRWEHLQWURGXFHGXQWLOWKHVHVVLRQDQGWKHXVHRI
TXDOLW\SRLQWVVXFKDV³$´ SRLQWVGLGQRWEHJLQXQWLO
)LUVW6HULRXV6WXGHQW0LVFRQGXFW,QFLGHQW
0RVWRIWKHPHHWLQJKRZHYHUZDVGHYRWHGWRFRQVLGHUDWLRQRID³VHULRXVRIIHQVH´ZKLFKKDG
EHHQ FRPPLWWHGE\DVWXGHQW )RXQGJXLOW\RIVWHDOLQJGROODUVIURPDURRPPDWHLWZDV
GHFLGHGWRKHOSWKHVWXGHQWRYHUFRPHKHU³ZHDNQHVVHV´UDWKHUWKDQH[SHOKHU
7ZRGD\VODWHURQ 'HFHPEHU WKHFDVHZDVH[SODLQHGWRWKHVWXGHQWERG\ GXULQJWKHGDLO\
DVVHPEO\LQ0DXU\6FLHQFH+DOO7KHLUKHOSZDVFDOOHGIRULQDLGLQJWKH³IDOOHQ>VWXGHQW@WR
ULVHLQJUHDWHUVWUHQJWK´ 7KHVWXGHQWUHPDLQHGWRILQLVKRXWWKH\HDU
'HFHPEHU-DQXDU\ )LUVW6FKRRO6RQJ
'XULQJDPRUQLQJDVVHPEO\LQHDUO\'HFHPEHU3UHVLGHQW%XUUXVVH[SUHVVHGKLV&KULVWPDVZLVK
³,ZLVK6DQWD&ODXVZRXOGEULQJXVDVFKRROVRQJ´KHWROGWKRVHDVVHPEOHG
$VZLWKWKHWHQQLVWHDPVSLQSRLQWLQJDQH[DFWGD\RIRUJDQL]DWLRQIRUWKHEDVNHWEDOOWHDPVLVGLIILFXOW,WLV
SRVVLEOHWKH\ZHUHRUJDQL]HGLQODWHEXWQRGRFXPHQWDWLRQRQWKLVDSSDUHQWO\H[LVWV+RZHYHUWKHWHDPVZHUH
FHUWDLQO\HVWDEOLVKHGE\)HEUXDU\GXHWRWKHIDFWWKDWWKH\DUHPHQWLRQHGLQWKHIDFXOW\PLQXWHVIRUWKDWGD\
6HH)DFXOW\0LQXWHV HQWU\GDWHG)HEUXDU\S3KRWRVRIWKHWKUHHEDVNHWEDOOWHDPVDSSHDU
LQ 7KH6FKRROPD¶DP
7KH9LUJLQLD7HDFKHU QR6XSSOHPHQWQR0D\ 7KHPLVFRQGXFWFDVHDQGDQRWKHULVVXHUHODWLQJ
WRWKHVDPHVWXGHQWZHUHFRQVLGHUHGE\WKHIDFXOW\RQVHYHUDORFFDVLRQVWKURXJKRXW$SULO6HH)DFXOW\
0LQXWHV 7KHPLVFRQGXFWFDVHLVDOVRGLVFXVVHGLQ'LQJOHGLQH )RUWKHJUDGLQJ
V\VWHPVHH)DFXOW\0LQXWHV $IHZZHHNVODWHUVKRUWO\EHIRUHWKHVHVVLRQHQGHGIRU&KULVWPDVEUHDNWZRVRQJV±³6KHQGR
/DQG´DQG³%OXH6WRQH+LOO´±P\VWHULRXVO\DSSHDUHGLQWKHSUHVLGHQW¶VPDLOER[WKHDQRQ\PRXV
VXEPLVVLRQRI RQH³6DQG\&ODZV´7KHVRQJVKDGLQIDFWEHHQSHQQHGE\'U-RKQ:D\ODQG
KHDGRIWKH+LVWRU\'HSDUWPHQWWKRXJKWKLVZRXOGUHPDLQXQNQRZQIRUDWOHDVWD\HDURUWZR
:KLOHERWKVRQJVSURYHGWREHYHU\SRSXODULWZDV³%OXH6WRQH+LOO´VHWWRWKHPXVLFRI
³-XDQLWD´WKDWZDVFKRVHQDVWKHVFKRRO¶VILUVWDOPDPDWHUZLWKWKHGHFLVLRQSUHVXPDEO\EHLQJ
PDGHVRPHWLPHLQ-DQXDU\DIWHUWKHKROLGD\EUHDN
³%OXH6WRQH+LOO´ZLWKWKHFKRUXV³0DWHU$OPD0DWHU7KRXJKDIDUZHEOHVVWKHHVWLOO$QG
PD\/RYHIRUHYHU6PLOHRQ%OXH6WRQH+LOO´ZRXOGUHPDLQWKHVFKRRO¶VRIILFLDOVRQJXQWLOWKH
HDUO\V
'HFHPEHU (QGRI)LUVW4XDUWHU
2Q7KXUVGD\WKHILUVWTXDUWHURIWKHILUVW\HDUHQGHGDQGVWXGHQWVKHDGHGWRWKHWUDLQVIRUWKH WULS
KRPH
-DQXDU\
7KHVHFRQGRUZLQWHUTXDUWHU RIWKHILUVWVFKRRO\HDUEHJDQ
)HEUXDU\ <HDUERRN2ULJLQ
7KHRULJLQVRIWKHVFKRRO¶V\HDUERRNGDWHWRDODWH7XHVGD\DIWHUQRRQIDFXOW\PHHWLQJLQ6FLHQFH
0DXU\+DOOZKHQDUHFRPPHQGDWLRQE\WKHIDFXOW\&RPPLWWHHRQ3XEOLFDWLRQVWKDWWKH
VWXGHQWVEHHQFRXUDJHGWRSXEOLVKD\HDUERRNE\WKHHQGRIWKHVFKRRO\HDULQ-XQHZDV
DSSURYHG
)HEUXDU\ <HDUERRN3ODQ6XEPLWWHG
,QODWH)HEUXDU\WKHIDFXOW\¶VLQLWLDWLYHWRKDYHWKHVWXGHQWVSXEOLVKD\HDUERRNFDPHLQWRVROLG
IRUPZKHQWKH&RPPLWWHHRQ3XEOLFDWLRQVXEPLWWHGLWVSODQIRUWKHHOHFWLRQRI\HDUERRNVWDII
7KHSULPDU\ DFFRXQWRIWKLVHYHQW FRPHVIURP:D\ODQGKLPVHOIDOEHLWVHYHUDOGHFDGHVODWHU:D\ODQGJLYHV
'HFHPEHUDVWKHDSSUR[LPDWHGDWHRIWKHDVVHPEO\ 1RVRXUFHVFRXOGEHORFDWHGVWDWLQJH[DFWO\ZKHQWKHVRQJ
ZDVFKRVHQDVWKHVFKRROVRQJ 6HH-RKQ::D\ODQG³$QHQWWKH6RQJ%OXH6WRQH+LOO´LQ $OPD0DWHUDQG
2WKHU6RQJV9HUWLFDO)LOH 6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
:D\ODQG³6LJQLILFDQW,QFLGHQWV´)RUGLVFXVVLRQRIWKHILUVWVRQJDQGVXEVHTXHQWVFKRROVRQJVVHH'LQJOHGLQH
DQG-DQHW7:HQGHONHQ³6FKRRO6RQJV&KDQJHZLWK7LPHV´S LQ³-DPHV0DGLVRQ8QLYHUVLW\
´6SHFLDOWRWKH 'DLO\1HZV5HFRUG 0DUFK
7KH1RUPDO%XOOHWLQ QR$XJXVW
7KHPHHWLQJEHJDQDWSPLQZKDWZDVWKHQ5RRPRI0DXU\+DOO )DFXOW\0LQXWHVHQWU\
GDWH)HEUXDU\S
DQGWKHHVWDEOLVKPHQWRIRYHUVLJKWDXWKRULW\
0DUFK <HDUERRN)LUVW(GLWRULDO6WDII(OHFWHG
$VSHUWKHSODQVVXJJHVWHGE\WKHIDFXOW\WKHVWXGHQWERG\HOHFWHGWKHILUVWHGLWRULDOVWDIIRIWKH
DV\HWXQQDPHG\HDUERRN
.DWKHULQH9LUJLQLD5RVHZDVFKRVHQDVWKHILUVWHGLWRULQFKLHIDQG9HUJLOLD36DGOHUZDV
VHOHFWHGDVWKHDVVLVWDQWHGLWRULQFKLHI7HQRWKHUVWXGHQWVDVVXPHGWKHSRVLWLRQVRIDVVRFLDWH
HGLWRUVDUWHGLWRUVDQGEXVLQHVVPDQDJHUV
0DUFK )LUVW3XEOLF'HEDWH
%HJLQQLQJDWUDGLWLRQRISXEOLFGHEDWHVDW-08IRXUVWXGHQWVWZRHDFKIURPWKH/HHDQG/DQLHU
/LWHUDU\6RFLHWLHVZLWKRQHRQ HDFKVLGHRIWKHGHEDWHIDFHGRIIRYHUWKHTXHVWLRQRIOLPLWLQJ
PHPEHUVKLSLQWKHVRFLHWLHVWRILIW\
7KHGHEDWHZDVGHVFULEHGE\WKHORFDOSDSHUDVDQDOODURXQG³VSOHQGLG´HIIRUWDQGZDVVDLGWR
KDYHEHHQ³YLJRURXV´ZLWK³ZHOOEDODQFHG´DUJXPHQWV ,QWKHHQGWKHMXGJHVRIWKHGHEDWH
GHFLGHGDJDLQVWOLPLWHGPHPEHUVKLS
0DUFK )LUVW6WXGHQW3OD\
2Q6DWXUGD\WKHVFKRRO¶V3URIHVVLRQDO&ODVVSUHVHQWHG WKHILUVWVWXGHQWSOD\(QWLWOHG0LVV
)HDUOHVV&RPSDQ\WKHSOD\IROORZVDJURXS RI JLUOVZKRDIWHUEHLQJVOLJKWHGPDNHDSDFWQRW
WRFRPPXQLFDWHZLWKPHQIRUDPRQWK
7KHJLUOVPRYHWKHPVHOYHVDZD\IURP³ZKHUHµWKHER\V¶DUHVWD\LQJ´7KH\PDNHDQHIILJ\RID
PDQDQGEHDWLWZLWKDEURRP6RRQKRZHYHUWKH\ EHFRPHORQHO\DQGVFDUHGDQGEHJLQVHQGLQJ
PHVVDJHVWRWKHPHQ8OWLPDWHO\WKHJLUOVDGPLWGHIHDWDQGUHWXUQ
0DUFK )LUVW6FKRRO*DUGHQ
2QD7XHVGD\WKHVFKRRO¶V5XUDO$UWVFODVV³ZHQWIRUWKZLWKVWDNHVDQGVWULQJV´WREHJLQZRUN
RQWKHVFKRRO¶VILUVWJDUGHQ %HKLQG'RUPLWRU\1R-DFNVRQ+DOOVWXGHQWVODLGRXWSORWV
PHDVXULQJ¶E\¶ WLOOHGWKHVRLODQGEHJDQSODQWLQJ
)DFXOW\0LQXWHV HQWU\GDWH)HEUXDU\SS
7KH6FKRROPD¶DP'LQJOHGLQH
³6SOHQGLG,QLWLDO(IIRUWE\6WDWH1RUPDO6FKRRO*LUOV´>SDSHUXQNQRZQ@0DUFKLQ1HZV&OLSSLQJV
)ROGHU 7KH6FKRROPD¶DP 7KH6FKRROPD¶DP'LQJOHGLQH
7KH6FKRROPD¶DP'LQJOHGLQH
0DUFK $VKE\+DOO3ODQV$SSURYHG
$WD:HGQHVGD\PHHWLQJRIWKH%RDUGRI7UXVWHHVVFKRRODUFKLWHFW&KDUOHV05RELQVRQ
VXEPLWWHGKLVSODQVDQGVSHFLILFDWLRQVIRUDPXFKQHHGHGVHFRQGGRUPLWRU\WRGD\NQRZQDV
$VKE\+DOO7KH7UXVWHHVDSSURYHG5RELQVRQ¶VSODQVDQGSUHSDUHGWRDGYHUWLVHIRUFRQVWUXFWLRQ
ELGV
7KHQHZEXLOGLQJZRXOGSURYLGHDFFRPPRGDWLRQVIRUDQDGGLWLRQDOVHYHQW\WZRVWXGHQWVDQG
ZRXOGKRXVHWKHVFKRRO¶VILUVWUHDOJ\PQDVLXP
0DUFK 6HFRQG4XDUWHURI)LUVW6FKRRO<HDU(QGV
2Q7KXUVGD\0DUFKWKHVHFRQGTXDUWHURIWKHILUVWVFKRRO\HDUHQGHG 7RWDOHQUROOPHQWIRU
WKHTXDUWHUZDV
0DUFK 7KLUG4XDUWHURI)LUVW6FKRRO<HDU%HJLQV
2Q7XHVGD\WKHWKLUGRUVSULQJTXDUWHURIWKHILUVWVFKRRO\HDUEHJDQ 7RWDOHQUROOPHQWZDV
0DUFK <HDUERRN1DPH$GRSWHG
'XULQJDQHYHQLQJPHHWLQJLQ6FLHQFH0DXU\+DOOWKHIDFXOW\DJUHHGZLWKWKHUHFHQWO\HOHFWHG
VWXGHQW\HDUERRNVWDIIRQWKHQDPHRIWKHDQQXDO ±7KH6FKRROPD¶DP
7KHQDPHKDGEHHQSURSRVHGE\IDFXOW\PHPEHU(OL]DEHWK&OHYHODQGRIWKH(QJOLVK'HSDUWPHQW
DQGKDGEHHQFKRVHQE\VWXGHQWVDQGIDFXOW\RYHURWKHUQDPHVVXFKDV³%OXH6WRQH%HOOV´DQG
³6KHQGR0DLG´
0DUFK $WKOHWLF$VVRFLDWLRQ(VWDEOLVKHG
7KHGLVWDQWIRUHUXQQHURIWRGD\¶V'LYLVLRQRI$WKOHWLFVZDVWKH$WKOHWLF$VVRFLDWLRQ$$
(VWDEOLVKHGRQ7KXUVGD\0DUFKRQWKHSUHPLVH³WKDWVRXOKHOSVERG\QRWPRUHWKDQERG\
KHOSVVRXO´WKH$VVRFLDWLRQ¶VJRDOZDV³WRSURPRWHSK\VLFDOPRUDODQGPHQWDOGHYHORSPHQW´
DPRQJWKHVWXGHQWERG\DQGWKHIDFXOW\DOORIZKRPZHUHDXWRPDWLFDOO\PDGHPHPEHUV
7KH$WKOHWLF$VVRFLDWLRQKHDGHGE\ DVWXGHQW$WKOHWLF&RXQFLOZRXOGVHUYHDVDVXSSOHPHQWWR
WKHH[LVWLQJSK\VLFDOHGXFDWLRQSURJUDPDGPLQLVWHUHGXQGHUWKHDHJLVRIWKH'HSDUWPHQWRI
3K\VLFDO(GXFDWLRQDQGZRXOGEHLQFKDUJHRI³SODQQLQJDQGVXSHUYLVLQJWKHSK\VLFDOUHFUHDWLRQ
DQGLQWUDPXUDOVSRUWVSURJUDPV´RIWKHVFKRRO
%RDUGRI7UXVWHHV0LQXWHVHQWU\GDWH0DUFKSS 7KH1RUPDO%XOOHWLQ QR0D\
'LQJOHGLQH&KDSSHOHDU
7KH1RUPDO%XOOHWLQ QR0D\
7KH 1RUPDO%XOOHWLQ QR-DQXDU\7KH1RUPDO%XOOHWLQQR0D\
7KHWHUP³6FKRROPD¶DP´LVDYDULDWLRQRIWKH ZRUG³6FKRROPDUP´DIHPDOHWHDFKHUXVXDOO\ORFDWHGLQDUXUDO
DUHD )DFXOW\0LQXWHVHQWU\GDWH0DUFKS'LQJOHGLQH
2YHUWKH\HDUVWKH$$ZRXOGVXSSRUWDQGSURPRWHERWKLQWHUFODVVDQGLQWHUFROOHJLDWHDWKOHWLF
FRPSHWLWLRQE\WKHVFKRRO¶VVSRUWVWHDPVZKLFKZHUHSODFHGXQGHUWKHDXVSLFHVRIWKH
$VVRFLDWLRQ,QGLYLGXDODQGJURXSDFWLYLWLHVZHUHDOVRVWUHVVHG
7KH$VVRFLDWLRQSODQQHGWKH)LHOG'D\H[HUFLVHVZKLFKZHUHDSURPLQHQWIHDWXUHRIHDUO\
FRPPHQFHPHQWSURJUDPV,WDOVRRYHUVDZWKHDQQXDO0D\'D\FHOHEUDWLRQVIRUDQXPEHURI
\HDUV,QWKH$$EHJDQDZDUGLQJ³OHWWHUV´IRUVLJQLILFDQWDWKOHWLFDFKLHYHPHQW,QWKH
VLWEHJDQFRVSRQVRULQJWKHVWXGHQWKDQGERRN7KH$VVRFLDWLRQDOVRUHJXODUO\SUHVHQWHG
HQWHUWDLQPHQWVVXFKDVGDQFHVVWXQWVDQGPRYLHVWRUDLVHPRQH\IRUDYDULHW\RIFDXVHV
&XUUHQWO\WKH'LYLVLRQRI$WKOHWLFVRYHUVHHVDQDWKOHWLFSURJUDPZLWKRYHUVWXGHQWV
FRPSHWLQJLQILIWHHQZRPHQ¶VDQGWKLUWHHQPHQ¶VVSRUWV KRZHYHULQPLGWKHVHQXPEHUV
DUHVFKHGXOHGWREHGHFUHDVHG
$SULO )LUVW$UERU'D\
$WDPDQDVVHPEODJHRI VRPHSHRSOHFRQVLVWLQJRI WKHVWXGHQWERG\DQGIDFXOW\DQG
ORFDOKLJKVFKRRODQGNLQGHUJDUWHQVWXGHQWVDQGWHDFKHUVEHJDQSODQWLQJWUHHVDURXQGFDPSXVLQ
REVHUYDWLRQRI$UERU'D\
(DFKFODVVDQGWKHIDFXOW\ SODQWHGDWUHHZLWK DSSUR[LPDWHO\ HOHYHQLQFOXGLQJRDNEODFN
ZDOQXWDVKDQGVXJDUPDSOHVEHLQJSODQWHGGXULQJWKHKRXUORQJFHOHEUDWLRQ 7KLVPDUNHGWKH
LQLWLDOHIIRUWRIWKHVFKRROERG\ WRWXUQWKHEDUUHQIDUPODQGFDPSXVLQWRWKHVKDGHGWUHHOLQHG
FDPSXVLWLVWRGD\
$ORQJZLWK RWKHU RFFDVLRQV$UERU'D\ZRXOGFRQWLQXHWREHFHOHEUDWHGHDFK\HDUZLWK WUHH
SODQWLQJVDURXQGFDPSXVXQWLOE\ZKLFKWLPHWUHHVDQGVKUXEEHU\ZHUHSOHQWLIXO:KLOH
PDQ\RIWKHWUHHVSODQWHGLQWKHHDUO\\HDUVUHPDLQVWDQGLQJWRGD\PDQ\ZHUHUHPRYHGRYHU WKH
\HDUVGXHWRFDPSXVH[SDQVLRQDQGFRQVWUXFWLRQQHHGV
$SULO $VKE\+DOO&RQWUDFWRU6HOHFWHG
7KH%RDUGRI7UXVWHHVPHWDWSPRQ7XHVGD\WRFRQVLGHUELGVIRUWKHFRQVWUXFWLRQRI
'RUPLWRU\1R$VKE\ +DOO
,Q6HSWHPEHUWKH%RDUGRI9LVLWRUVYRWHGWRHOLPLQDWHVHYHQPHQ¶VDQGWKUHHZRPHQ¶VDWKOHWLFSURJUDPVLQ
RUGHUWREHLQFRPSOLDQFHZLWKWKH UHTXLUHPHQWVRI7LWOH,;7KLVFKDQJHZLOOWDNHHIIHFWRQ-XO\7KH
'HSDUWPHQWRI3K\VLFDO(GXFDWLRQZDVRQHRIWKHWZHOYHGHSDUWPHQWVHVWDEOLVKHGDWWKHRSHQLQJRIWKHVFKRRO
6WXGHQWVZHUHUHTXLUHGWRHQJDJHLQDYDULHW\RILQGRRUDQGRXWGRRUDFWLYLWLHVLQFOXGLQJZDONLQJUXQQLQJOLJKW
ZHLJKWOLIWLQJPDUFKLQJWHQQLVEDVNHWEDOODQGJ\PQDVWLFV (VWDEOLVKPHQWRIDQDWKOHWLFDVVRFLDWLRQZDVILUVW
DGYRFDWHGE\WKHIDFXOW\&RPPLWWHHRQ/LWHUDU\5HOLJLRXV$WKOHWLFDQG2WKHU2UJDQL]DWLRQVRQ6HSWHPEHU
6HH)DFXOW\0LQXWHVHQWU\GDWHG6HSWHPEHUS 7KH6FKRROPD¶DP
'LQJOHGLQH-DPHV0DGLVRQ8QLYHUVLW\2IILFHRI,QVWLWXWLRQDO5HVHDUFK³-DPHV
0DGLVRQ8QLYHUVLW\)DFWVDQG)LJXUHV´0DUFK
KWWSZZZMPXHGXLQVWUHVUFKVWDWVXPB)DFWV)LJVSGI!>-XQH@*HQHUDOLQIRUPDWLRQRQVSRUWVDW
-08FDQEHIRXQGRQOLQHDW KWWSZZZMPXVSRUWVFRP*HQHUDO,QIR!>$XJXVW@
³$UERU'D\2EVHUYHGDW1RUPDO6FKRRO´+DUULVRQEXUJ'DLO\ 1HZV$SULOLQ7UHH3ODQWLQJ9HUWLFDO
)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$ 7KH 6FKRROPD¶DP
'LQJOHGLQH
6L[ELGVKDGEHHQ SODFHGDQGWKHFRQWUDFWZDVDZDUGHGWR:0%XFKHU6RQWKHORZHVW
ELGGHU%XFKHU6RQZDVWKHFRPSDQ\WKDWKDGEXLOWWKHVFKRRO¶VILUVWWZREXLOGLQJV
'RUPLWRU\1R-DFNVRQ+DOODQG6FLHQFH0DXU\+DOO
0D\ $VKE\+DOO&RQVWUXFWLRQ%HJLQV6WRQH4XDUULHGRQ&DPSXV
:KHQFRQVWUXFWLRQ RI 'RUPLWRU\1R$VKE\+DOOEHJDQ RQ0RQGD\0D\WKHSODQZDVWR
KDYHWKHEXLOGLQJFRPSOHWHGE\ODWH'HFHPEHUDQGRSHUDWLRQDOIRUWKHVWDUWRIWKHZLQWHUTXDUWHU
LQ-DQXDU\ +RZHYHUVORZSURJUHVVZRXOGSXVKFRPSOHWLRQ EDFNXQWLO )HEUXDU\
'RUPLWRU\1R ZDVWKHWKLUGEXLOGLQJWREHFRQVWUXFWHGIRUWKHVFKRRODQGOLNHLWVSUHGHFHVVRUV
6FLHQFH0DXU\+DOODQG'RUPLWRU\1R-DFNVRQ+DOOPXFKRIWKHVWRQHXVHGLQLWV
FRQVWUXFWLRQZDVTXDUULHGIURPWZRSLWVORFDWHGRQWKHFDPSXVJURXQGV%HFDXVHRIWKLVGXULQJ
LWVFRQVWUXFWLRQLWZDVQRWXQXVXDOIRUVWXGHQWVWREHUXGHO\URXVHGIURPWKHLUGD\GUHDPLQJ
GXULQJFODVVE\WKHUXPEOHRIG\QDPLWHEODVWV
0D\ 6KDNHVSHDUH7KH&REXUQ:RRGODQG3OD\HUV
2Q:HGQHVGD\DQG7KXUVGD\WKH6KDNHVSHDULDQWURXSHWKH&REXUQ3OD\HUVSHUIRUPHG$V<RX
/LNH,WDQG0HUFKDQWRI9HQLFH
:KLOHLQWHQGHGWREHSHUIRUPHGDWWKHVFKRRO¶VRSHQDLUDPSKLWKHDWHUORFDWHGEHKLQG6FLHQFH
0DXU\+DOOSRRUZHDWKHUIRUFHGWKHHYHQWLQGRRUVDQGVLQFHWKHVFKRRO¶VLQGRRU DXGLWRULXPLQ
6FLHQFH+DOOZDVWRRVPDOOWKHHYHQWWRRNSODFHLQ$VVHPEO\+DOO DWWKHFRXUWKRXVH
7KH&REXUQ3OD\HUVSHUIRUPHGDQQXDOO\IRUWKHILUVWILYH\HDUVDVSDUWRIWKHVFKRRO¶VO\FHXP
SURJUDP7KHLUODVWSHUIRUPDQFHZDVLQDVIDPHRQ%URDGZD\PDGHWKHPXQDYDLODEOHDIWHU
WKLV2WKHU6KDNHVSHDUHDQWURRSVKRZHYHUVXFKDVWKH%HQ*UHHW3OD\HUVDQGWKH'HYHUHX[
3OD\HUVILOOHGWKHYRLGSHUIRUPLQJDQQXDOO\ RYHUWKHFRPLQJGHFDGHV
0D\ +RQRU6\VWHP$GRSWHG
2QWKHLQLWLDWLYHRIWKHVWXGHQWVDQGZLWKLQSXWDQGFRQVHQWIURPWKHIDFXOW\WKHILUVWIRUPDO
+RQRU6\VWHP ZDVDGRSWHGE\WKHVWXGHQWERG\DQGWKHILUVW+RQRU&RPPLWWHHZDVVHOHFWHG
7KHKRQRUV\VWHPPDQGDWHG³DEVROXWHKRQHVW\LQDOORUDODQGZULWWHQFODVVZRUNLQDOO
H[DPLQDWLRQV´DQGLQDOORWKHUVFKRROZRUN,WDOVRDSSOLHGWRWKHJLYLQJDQGUHFHLYLQJRI
³LOOHJLWLPDWHKHOS´
$OOVWXGHQWVZHUHUHTXLUHGWRVLJQDFRS\RIWKHUXOHVDQGSOHGJHWRDELGHE\WKHPDQGWKH
%RDUGRI7UXVWHHV0LQXWHVHQWU\GDWH$SULOSS'LQJOHGLQH
7KH1RUPDO%XOOHWLQ QR0D\'LQJOHGLQH6HHKDQGGUDZQPDSE\:D\ODQGVKRZLQJORFDWLRQ
RIWKHTXDUULHVLQ &DPSXV0DSV6HHJHU
7KH6FKRROPD¶DP'LQJOHGLQH )DFXOW\0LQXWHV $OLVWRIWKHGUDPDWLF
SHUIRUPDQFHVDWWKHVFKRROIURPFDQEHIRXQGLQ5XWK6+XGVRQ³'UDPDWLFVDWWKH&ROOHJH´7KH
9LUJLQLD7HDFKHU QR$SULO
WZHOYHPHPEHU+RQRU&RPPLWWHHZDVUHVSRQVLEOHIRULQYHVWLJDWLQJDQGDGMXGLFDWLQJFKDUJHVRI
PLVFRQGXFWIDFXOW\DSSURYDOZDVQHFHVVDU\RQILQDOGHFLVLRQV
-XQH <HDUERRN7KH6FKRROPD¶DP
6KRUWO\EHIRUHWKHHQGRIWKHVHVVLRQRQ-XQHWKHILUVWVFKRRO\HDUERRN7KH6FKRROPD¶DP
ZDVLVVXHG
7KHILUVWLVVXHZDVSDJHVDQGRQO\òE\òLQFKHV7RGD\¶V\HDUERRNVE\FRQWUDVWDUH
W\SLFDOO\DURXQGSDJHVDQGPHDVXUHóE\ó LQFKHVLQVL]H
$OWKRXJK³DOLWWOHVK\´DWKHUGHEXW 7KH6FKRROPD¶DPZRXOGVHUYHDVWKHVFKRRO¶V\HDUERRNIRU
ILIW\WZR\HDUVZLWKWKHODVWYROXPHEHLQJLVVXHGLQ,WZDVUHSODFHGLQE\WKHFXUUHQW
\HDUERRNWKH%OXHVWRQH
-XQH )LUVW³&RPPHQFHPHQW´ 3URFHHGLQJV%HJLQ
8QOLNHWRGD\¶VRQHGD\ FRPPHQFHPHQWFHUHPRQ\LQWKHHDUO\\HDUVRIWKH8QLYHUVLW\
FRPPHQFHPHQWSURFHHGLQJVW\SLFDOO\H[WHQGHGRYHUDSHULRGRIVHYHUDOGD\VDQGLQFOXGHGD
EDFFDODXUHDWHVHUPRQILHOGDQGFODVVH[HUFLVHVH[KLELWLRQVRIVWXGHQWZRUNDQGDFDPSXVRSHQ
KRXVH)ROORZLQJWKHVHDFWLYLWLHVZHUHWKHILQDOJUDGXDWLRQH[HUFLVHVZLWKWKHDZDUGLQJRI
GLSORPDVDQGFHUWLILFDWHVIRUFRXUVHFRPSOHWLRQDQGEHJLQQLQJLQWKHFRQIHUULQJRI
GHJUHHV
$OWKRXJKWKHUHZRXOGEHQRUHJXODUJUDGXDWHVDQGQRGLSORPDVLVVXHGWKLVILUVW\HDULWZDV
GHFLGHGWRKROGIXOOFRPPHQFHPHQWFHUHPRQLHVDQ\ZD\DQGWRDZDUGFHUWLILFDWHVIRUWKH
FRPSOHWLRQRIRQH\HDURIVWXG\
7KHFRPPHQFHPHQWSURFHHGLQJVEHJDQRQ6XQGD\PRUQLQJ-XQHZKHQVKRUWO\EHIRUH
DPVWXGHQWVDQGIDFXOW\OLQHGXSWREHJLQWKHPDUFKGRZQWRZQWRWKHORFDO0HWKRGLVW&KXUFK
IRUWKHEDFFDODXUHDWHVHUPRQ7KHSURFHVVLRQRIJLUOVDOORIZKRPZHUHGUHVVHG³LQZKLWHVNLUWV
DQGVWLIIFROODUHGZKLWHOLQHQZDLVWV´VWUHWFKHGIRUEORFNV7KLVVRFDOOHG³1RUPDOOLQH´ZRXOG
EHFRPHDIHDWXUHGSDUWRIIXWXUHFRPPHQFHPHQWSURFHHGLQJV
2Q0RQGD\DIWHUQRRQ-XQHGHVSLWHEDGZHDWKHUDODUJHQXPEHURISHRSOHWXUQHGRXWIRUDQ
RSHQKRXVHDQGWRZLWQHVVLQGRRUVWXGHQWDWKOHWLFH[KLELWLRQVLQFOXGLQJFDOLVWKHQLFVDQGIRON
GDQFHV7KHUHZHUHDOVRVWXGHQWGHPRQVWUDWLRQVLQFRRNLQJKRXVHNHHSLQJDQGILUVWDLGDQGD
VKRZFDVHRIVWXGHQWV¶ZRUNLQFOXGLQJEDVNHWVUXJVKDWVDQGGUDZLQJV
-XQH )LUVW³&RPPHQFHPHQW´ (QGRI)LUVW6FKRRO<HDU
2Q7XHVGD\PRUQLQJ-XQHDWDPWKH6WDWH1RUPDODQG,QGXVWULDO6FKRROIRU:RPHQ
DW+DUULVRQEXUJKHOGLWVILUVWFRPPHQFHPHQWGD\H[HUFLVHV7KHHYHQWZDVKHOGLQ$VVHPEO\
)DFXOW\0LQXWHV IRUDFRPSOHWHOLVWRIWKH+RQRU6\VWHPUXOHVVHH7KH1RUPDO
%XOOHWLQ QR0D\'LQJOHGLQH
7KH 6FKRROPD¶DP:D\ODQG³6RPH,WHPV´ 'LQJOHGLQH %OXHVWRQH 3OHDVHVHHWKHIROORZLQJIRRWQRWHIRUVRXUFHVRQWKHILUVWFRPPHQFHPHQW
+DOO DWWKHFRXUWKRXVHLQGRZQWRZQ+DUULVRQEXUJ7KHKDOOZDVSDFNHGDQGWKHVWXGHQWVZHUH
DOOGUHVVHGLQIDFXOW\DSSURYHGZKLWHGUHVVHVZKLFKUHDFKHGWRWKHDQNOHVDQGKDGORQJVOHHYHV
DQGKLJKFROODUV
9LUJLQLD*RYHUQRU:LOOLDP+RGJHV0DQQGHOLYHUHGWKHNH\QRWHDGGUHVV)ROORZLQJ0DQQ
3UHVLGHQW%XUUXVVPDGHDIHZUHPDUNVDQGWKHQUHDGWKHQDPHVRIWKHWZHQW\ILYHVWXGHQWVZKR
ZHUHDZDUGHGFHUWLILFDWHVRIFRXUVHFRPSOHWLRQ 7KHUHZHUHQRJUDGXDWHVWKLV\HDUEXWWKRVH
ZKRUHFHLYHGFHUWLILFDWHVZHUHHOLJLEOHWRWHDFKWKHVSHFLILHGVXEMHFWVLQ9LUJLQLD¶VSXEOLF
VFKRROV
7KLVGD\DOVRPDUNHGWKHHQGRIWKHVSULQJTXDUWHUDQGWKHRIILFLDOHQGRIWKHILUVWVFKRRO\HDU
DQGGXULQJKLVFRPPHQFHPHQWUHPDUNV3UHVLGHQW%XUUXVVGHFODUHGLWWRKDYHEHHQ³WKHEHVW
\HDULQWKHKLVWRU\RIWKHLQVWLWXWLRQ´
$WRWDORIVWXGHQWVKDGHQUROOHGIRUWKHILUVW\HDU
-XQH 6HSWHPEHU )LUVW6XPPHU6HVVLRQ‡)LUVW0DOH6WXGHQWV
)LUVW6XPPHU6HVVLRQ
,QWKHVFKRROEHFDPHWKHILUVWLQ9LUJLQLDWRRIIHUDIXOOTXDUWHURIZRUN± HTXLYDOHQWWRDQ\
RWKHUTXDUWHU ±GXULQJWKHVXPPHU 7KHVXPPHUTXDUWHUZDVGLYLGHGLQWRWZRWHUPVRIVL[ZHHNV
-XQH-XO\DQGILYHZHHNV$XJXVW6HSWHPEHU
$WRWDORIVWXGHQWVZHUHHQUROOHGIRUWKHILUVWVXPPHUVHVVLRQ,QWKHIROORZLQJ\HDUV
HQUROOPHQWLQVXPPHUVHVVLRQVFRQWLQXHGWRFOLPE,QLWUHDFKHGDQGLQLWKLWWKH
KLJKHVWOHYHOIRUWKHILUVWILIW\\HDUVZLWKVWXGHQWVHQUROOHG
)LUVW0DOH6WXGHQWV
$OWKRXJKWKHVFKRROKDGEHHQIRXQGHGDVDQDOOIHPDOHLQVWLWXWLRQPHQZHUHDGPLWWHGLQWRWKH
VXPPHUVHVVLRQVIURPWKHYHU\ VWDUW2IWKHVWXGHQWVHQUROOHGLQWKHVXPPHUVHVVLRQ
DERXWIRXUWHHQZHUHPHQ
$WWKHWLPHPDOHVWXGHQWVFRXOGRQO\DWWHQGDVGD\VWXGHQWVEHFDXVHGRUPLWRU\IDFLOLWLHVIRUWKHP
ZHUHQRWDYDLODEOH+RZHYHUIRUDEULHISHULRGIURPWKURXJKWKHVFKRROGLGRIIHU
RQFDPSXVURRPDQGERDUGIRUPDOHVWXGHQWV)URPRQO\GLQLQJURRP
DFFRPPRGDWLRQVZHUHRIIHUHGEXWLQGRUPLWRU\IDFLOLWLHVZHUHDJDLQSURYLGHG
7KHPDLQVRXUFHVRQWKHILUVWFRPPHQFHPHQWDUHWKHIROORZLQJ +DUULVRQEXUJ'DLO\7LPHV DUWLFOHV
³&RPPHQFHPHQWDWWKH1RUPDO´-XQH³)LQH6HUPRQWR1RUPDO*LUOV´-XQH³/DUJH1XPEHU
$WWHQG([KLELW´-XQHDQG³6FKRRO(QGVZLWK+RQRUV´-XQH6HHDOVR'LQJOHGLQHIRUD
EULHIDFFRXQWLQJRIWKHHYHQW$QRULJLQDOFRPPHQFHPHQWLQYLWDWLRQDQGVFKHGXOHFDQEHIRXQGLQ
&RPPHQFHPHQW3URJUDPV $QQXDO(YHQWV2IILFH &ROOHFWLRQ$1%R[)ROGHU 6SHFLDO
&ROOHFWLRQV &DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$ 7KH1RUPDO%XOOHWLQQR0D\
-XOLDQ$%XUUXVV5HSRUWWRWKH%RDUGRI7UXVWHHV0DUFKSLQ5HFRUGVRIWKH2IILFHRIWKH
3UHVLGHQW-XOLDQ$%XUUXVV
0HQZRXOGQRWHQUROOLQWKHVFKRRO¶VUHJXODUVHVVLRQVXQWLODQGWKHLQVWLWXWLRQGLGQRW
EHFRPHIXOO\FRHGXFDWLRQDOXQWLOWKHPLGV
-XO\ 6WXGHQW7ULSWR³:DVKLQJWRQ&LW\´
7KHVFKRROSULGHGLWVHOIRQSURYLGLQJLWVVWXGHQWVZLWKDYDULHW\RIHQWHUWDLQPHQWVDQGH[FXUVLRQV
DQGWKHVFKRRO¶VFDWDORJVURXWLQHO\OLVWHGDUHDVRILQWHUHVWERWKORFDODQGPRUHGLVWDQW
2QHRIWKHILUVWORQJGLVWDQFHWULSVSURYLGHGIRUVWXGHQWVZDVDODWH-XO\ZHHNHQGWULSWRWKH
QDWLRQ¶VFDSLWDO$IWHUWDNLQJDULGHRQWKH6RXWKHUQ5DLOZD\'U-RKQ:D\ODQGKHDGRIWKH
+LVWRU\'HSDUWPHQWOHGVL[VXPPHUVHVVLRQVWXGHQWVRQWKHLUILUVWWRXURI:DVKLQJWRQ'&
6HSWHPEHU 6HFRQG<HDU%HJLQV
2Q7XHVGD\6HSWHPEHUUHJLVWUDWLRQIRUWKHIDOOTXDUWHURIWKHVHFRQGVFKRRO\HDUEHJDQ 2Q
WKHWKUHJLVWUDWLRQFRQWLQXHGDQGFODVVHVZHUHRUJDQL]HG &ODVVHVEHJDQRQ6HSWHPEHU
$WRWDORI VWXGHQWVHQUROOHGIRUWKHIDOOTXDUWHUXSIURPLQ
2FWREHU $VKE\+DOO&RUQHUVWRQH/DLG%XW&RQVWUXFWLRQ%HKLQG6FKHGXOH
%\WKHWLPHWKHFRUQHUVWRQHIRU'RUPLWRU\1R$VKE\+DOOZDVODLGRQ6DWXUGD\2FWREHU
FRQVWUXFWLRQRIWKHEXLOGLQJZDVDOUHDG\RIIVFKHGXOH
:KHQZRUNRQWKHGRUPLWRU\KDGEHJXQLQ0D\LWZDVSODQQHGWRKDYHLWFRPSOHWHGE\WKHHQG
RI'HFHPEHUWRHQVXUHLWZRXOGEHUHDG\IRURFFXSDQF\DWWKHVWDUWRIWKHZLQWHUTXDUWHULQ
-DQXDU\+RZHYHUE\WKHHQGRI6HSWHPEHUWKH%RDUGRI7UXVWHHVKDGEHFRPHIUXVWUDWHGZLWK
WKHVORZSURJUHVVEHLQJPDGH
7KH%RDUGQRWLILHGWKHFRQWUDFWRU:0%XFKHU6RQ RILWVGLVVDWLVIDFWLRQDQGXUJHG³WKH
LPSRUWDQFHRISXVKLQJVDLGZRUNIRUZDUGPRUHUDSLGO\´'HVSLWHWKLVWKHEXLOGLQJZRXOGQRWEH
UHDG\RQWLPH
1RYHPEHU )LUVW7HQQLV7RXUQDPHQW
7ZRWHQQLVWHDPVWKH3LQTXHWDQG5DFNHWFOXEVKDGEHHQHVWDEOLVKHGLQ $WRXUQDPHQW
7KLVILUVW VXPPHUTXDUWHUZDVGLYLGHGLQWRWZRWHUPVRIVL[DQGILYHZHHNVHDFKUXQQLQJIURP-XQHWR-XO\
DQG$XJXVWWR6HSWHPEHU7KH1RUPDO%XOOHWLQQR0DUFK'LQJOHGLQH'LQJOHGLQH
GLVFXVVHVVXPPHUVHVVLRQVLQGHWDLO ³6XPPHU1RUPDO$%LJ6XFFHVV´+DUULVRQEXUJ'DLO\1HZV
$XJXVWLQ1HZV&OLSSLQJV)ROGHUWKHIXOOVXPPHUVFKRROURVWHUFDQEHIRXQGLQ
7KH1RUPDO%XOOHWLQ QR0D\
³6RXWKZHVW*LUOV3UHWW\RI&RXUVH´SDSHUXQNQRZQOLNHO\D:DVKLQJWRQ'&SDSHU-XO\LQ1HZV
&OLSSLQJV )ROGHU:D\ODQG³6XQGU\,WHPV´3ODQV IRUDQRXWLQJ WRWKHFDSLWDOZHUHILUVW
GLVFXVVHGRQ-XO\GXULQJDIDFXOW\PHHWLQJVHH )DFXOW\0LQXWHVHQWU\GDWH-XO\S7KH
1RUPDO%XOOHWLQ QR0DUFKOLVWV'& LQLWVGLVFXVVLRQRIH[FXUVLRQGHVWLQDWLRQVIRUVWXGHQWV
7KH1RUPDO%XOOHWLQ QR0D\ 7KH1RUPDO%XOOHWLQ QR0D\
7KH%RDUGRI7UXVWHHVKDGFRPSODLQHGDVHDUO\DV6HSWHPEHUDERXWWKHVORZSURJUHVVEHLQJPDGHRQWKH
EXLOGLQJVHH %RDUGRI7UXVWHHV0LQXWHVHQWU\GDWH6HSWHPEHUSS
ZDVSODQQHGDVSDUWRIWKHILUVWFRPPHQFHPHQWH[HUFLVHVLQ-XQHEXWUDLQIRUFHGLWVFDQFHOODWLRQ
7KHILUVWWHQQLVWRXUQDPHQWZDVWKXVKHOGGXULQJWKHVHFRQGVFKRRO\HDU
2Q DFROGDQGZLQG\ 1RYHPEHU6DWXUGD\GR]HQVRIKLJKVFKRROVWXGHQWVDQGORFDOFLWL]HQV
DWWHQGHGWKH WRXUQDPHQW7KHPDWFKZDVDGRXEOHVWRXUQDPHQWEHWZHHQWKH3LQTXHWDQGWKH
5DFNHWWHQQLVFOXEV7KH3LQTXHWVZHUHWKHYLFWRUV
)ROORZLQJWKHPDWFKHYHU\RQHJDWKHUHGLQWKHDVVHPEO\URRPLQ 6FLHQFH0DXU\+DOO ZKHUH
WKH3LQTXHWVZHUHSUHVHQWHGZLWKDWURSK\FDOOHGWKH³ORYLQJFXS´ /DWHULQWKHHYHQLQJWKH
ZLQQHUVKRVWHGD SDUW\ IRUWKH5DFNHWVDQGWKHIDFXOW\
1RYHPEHU +LVWRU\6WXGHQWV'RXU
$EULHIUHSRUWRQFDPSXVKDSSHQLQJVLQWKHORFDOSDSHUWROGKRZKLVWRU\VWXGHQWVHQYLVLRQLQJD
VWHHSULVHLQWKHOHYHORIUHVHDUFKUHDGLQJZHUHVSRUWLQJ³ORQJIDFHVDQGGRORURXVVLJKV´DIWHU
OHDUQLQJWKDWWKHOLEUDU\KDGMXVWUHFHLYHGWZHQW\SDJHYROXPHVRIZRUOGKLVWRU\ FRYHULQJ
$' WRWKHSUHVHQW
-DQXDU\
7KHVHFRQGVFKRRO\HDU¶VZLQWHUTXDUWHUEHJDQ7RWDOHQUROOPHQWIRUWKHTXDUWHUZDVXS
IURPLQ
)HEUXDU\ <HDUERRN)LUVW³,Q0HPRULDP´
2Q:HGQHVGD\QLJKW)HEUXDU\IRUPHUVWXGHQW*DUQHWW&DWKHULQH2GHQGLHGRIW\SKRLGIHYHU
DWKHUKRPHLQ&RYLQJWRQ9LUJLQLD2GHQZKRKDGFHOHEUDWHGKHUQLQHWHHQWKELUWKGD\WKDWYHU\
GD\KDGDWWHQGHGWKHVFKRROGXULQJWKHVSULQJDQGVXPPHUTXDUWHUVRI
,QUHFRJQLWLRQRIKHUSDVVLQJWKHHGLWLRQRI 7KH6FKRROPD¶DPUDQDQ³,Q0HPRULDP´SDJH
LWVILUVW6XFKSDJHVZRXOGXQIRUWXQDWHO\EHDFRPPRQFRPSRQHQWLQWKHVFKRRO¶V\HDUERRNVXS
WRWKHSUHVHQWGD\
7KH6FKRROPD¶DPSKRWRRIFXS-RQHV5RRWHGRQ%OXHVWRQH+LOO'LQJOHGLQH
$OWKHD/RRVH-RKQVWRQ³$WKOHWLFVDWWKH&ROOHJH´7KH9LUJLQLD7HDFKHU QR$SULO-RKQVWRQ
HUURQHRXVO\FLWHVWKH\HDURIWKHWRXUQDPHQWDV
³1RUPDO%UHH]HV´>SDSHUXQNQRZQ@ 1RYHPEHULQ1HZV&OLSSLQJV )ROGHU
7KH1RUPDO%XOOHWLQ QR0D\ 7KH1RUPDO%XOOHWLQ QR0D\ ³'HDWKRI0LVV2GHQ´ +DUULVRQEXUJ'DLO\1HZV)HEUXDU\LQ1HZV&OLSSLQJV )ROGHU
7KH6FKRROPD¶DPWKH %OXHVWRQH LQFOXGHVDQ³,Q0HPRULDP´SDJHIRUIRXULQGLYLGXDOVS
0DUFK $VKE\+DOO2SHQV
2Q:HGQHVGD\0DUFKWZRPRQWKVODWHUWKDQRULJLQDOO\SODQQHG'RUPLWRU\1R$VKE\
+DOOZDVILQDOO\RSHQHG
7KHQHZGRUPLWRU\ZKLFKFRVWMXVWXQGHUKDGDFFRPPRGDWLRQVIRUVHYHQW\WZR
VWXGHQWVZLWKWZRWRDURRPDFRXSOHRIIDFXOW\PHPEHUVDQGDQDVVLVWDQWPDWURQ,WDOVR
KRXVHGWKHVFKRRO¶VILUVWUHDOJ\PQDVLXP
7KHJ\PQDVLXPORFDWHGLQWKHEDVHPHQWKDGDQLQGRRUEDVNHWEDOOFRXUWDQGDQDUUD\RIH[HUFLVH
DQGGULOOHTXLSPHQWVXFKDVGXPEEHOOVPHGLFLQHEDOOVMXPSLQJDSSDUDWXVZDQGVDQG,QGLDQ
FOXEV7KHUHZHUHDOVRVKRZHUVGUHVVLQJURRPVDQGORFNHUV3ODQVZHUHGHYHORSHGIRUWKH
LQFOXVLRQDERZOLQJDOOH\EXWWKH\ZHUHQHYHUIXOO\UHDOL]HG
,Q0D\WKHVFKRRO¶VKHDWLQJSODQWZRXOGEHUHORFDWHGIURP'RUPLWRU\1R-DFNVRQ+DOOWR
WKHQHZEXLOGLQJ
0DUFK 0HDVOHV4XDUDQWLQH&DOOLQWKH1RUPDO*LUOV
$WWKHUHTXHVWRIWKHORFDOVFKRROERDUGWKH1RUPDO 6FKRRO IDFXOW\EHJDQDUUDQJHPHQWVWRKDYH
VRPHRI LWVVWXGHQWVVXEVWLWXWHIRUVHYHUDO+DUULVRQEXUJFLW\VFKRROWHDFKHUVZKRZHUHEHLQJ
SODFHGXQGHUDWKUHHZHHNTXDUDQWLQHDIWHUEHLQJH[SRVHGWRWKHPHDVOHVGXULQJDFLW\ZLGH
RXWEUHDN
%\WKHVW1RUPDOJLUOVZHUHLQWKHFODVVURRPVDQGZRXOGVHUYHXQWLO$SULOZKHQWKH
TXDUDQWLQHZDVOLIWHG
$SULO $VKE\+DOO3DUW\LQWKH*\P
2QHPRQWKDIWHU'RUPLWRU\1R$VKE\+DOORSHQHGD³KRXVHZDUPLQJ´SDUW\ZDVKHOGLQWKH
EDVHPHQWJ\PQDVLXP$FFRUGLQJWRWKH6FKRROPD¶DPD³JHQHUDOJRRGWLPH´ZDVKDGE\
DOO
%HJLQQLQJLQWKHODWHVWKHJ\PQDVLXPZRXOGEHUHIHUUHGWRDVWKH³/LWWOH*\P´WR
GLVWLQJXLVKLWIURPWKH³%LJ*\P´WKDWZDVEXLOWLQ5HHG.HH]HOO+DOO
&RQVWUXFWLRQRI$VKE\+DOOKDGEHHQFRPSOHWHGLQ)HEUXDU\DQGE\WKHHQGRIWKHPRQWKVWXGHQWVZHUHPRYLQJ
LQ,WZDVQRWXQWLO0DUFKKRZHYHUWKDWWKHPRYHZDVFRPSOHWHDQGWKHEXLOGLQJIRUPDOO\RSHQHG-XOLDQ$
%XUUXVV5HSRUWWRWKH%RDUGRI7UXVWHHV)HEUXDU\S LQ5HFRUGVRIWKH2IILFHRIWKH3UHVLGHQW-XOLDQ$
%XUUXVV%R[)ROGHU$FFRUGLQJWRDGRFXPHQWVLJQHGE\ WKHVFKRRO¶V%XVLQHVV0DQDJHU
WKHH[DFWFRVWRIWKHEXLOGLQJZDV6HH³6FKHGXOHRI%XLOGLQJVDQG&RVWRI6DPHDW0DGLVRQ&ROOHJH
+DUULVRQEXUJ9$´'LQJOHGLQHDSSDUHQWO\XVHGWKLVVRXUFHIRUKHZURWHWKDWWKHEXLOGLQJFRVW³DERXW
´:KLOHWKLVLVOLNHO\FRUUHFWDQRWKHUGRFXPHQW &KDSSHOHDU SXWVWKHWRWDOFRVWDW 7KH
1RUPDO %XOOHWLQ QR0D\ 7KH6FKRROPD¶DP'LQJOHGLQH:D\ODQG³6RPH
,WHPV´-RKQVWRQ
)DFXOW\0LQXWHV HQWU\GDWH0DUFK S ³0HDVOHV4XDUDQWLQH,V2Q´ +DUULVRQEXUJ 'DLO\
1HZV0DUFK³1RUPDO*LUOV6HH7DQWDOL]LQJ6LJKW´+DUULVRQEXUJ'DLO\1HZV>GD\XQNQRZQ@$SULO LQ1HZV&OLSSLQJV)ROGHU
:D\ODQG³6RPH,WHPV´ 7KH6FKRROPD¶DP :D\ODQG/HWWHUWR3UHVLGHQW'XNHS
$SULO 1HZ6WXGHQW5HJXODWLRQV$GRSWHG
$WIDFXOW\PHHWLQJVKHOGRQFRQVHFXWLYH:HGQHVGD\HYHQLQJVQHZUHJXODWLRQVIRUVWXGHQWV
OLYLQJRQDQGRIIFDPSXVZHUHDGRSWHG
*HQHUDOO\VLPLODUWRWKHRQHVDGRSWHGLQWKHUXOHVVWDWHGWKDW
• VWXGHQWVFRXOGQRWJRRXWDWQLJKWXQOHVVSURSHUO\FKDSHURQHG
• VWXGHQWVPXVWUHJLVWHUDQ\WLPH WKH\OHIWWKHGRUPRUUHVLGHQFHZKHUHWKH\ZHUHOLYLQJ
• VWXG\KRXUVZHUHIURP WRSP0RQGD\WKUX7KXUVGD\GXULQJZKLFKWLPHQR
YLVLWLQJEHWZHHQGRUPVZDVDOORZHG
• \RXQJPHQFRXOGFDOORQO\RQ)ULGD\DQG6DWXUGD\HYHQLQJVZLWKSULRUSHUPLVVLRQRI
WKHJLUO¶VSDUHQWVDQGWKHPDWURQRUODG\RIWKHKRPH
• ³GULYLQJZLWKD\RXQJPDQ´ZDVSURKLELWHG
$SULO )LUVW6HQLRU3ULYLOHJHV*UDQWHG
1RWORQJDIWHUWKHIDFXOW\KDGLPSOHPHQWHGDQHZVHWRIVWXGHQWUHJXODWLRQVLWJUDQWHGWKH
JUDGXDWLQJFODVVRIVSHFLDOSULYLOHJHV0HPEHUVRIWKH&ODVVRIZRXOGEHDOORZHGWR
•
•
•
•
OHDYHFDPSXVDQ\WLPHZLWKRXWSHUPLVVLRQ
EHDFFRPSDQLHGE\³JHQWOHPDQ´WRDQGIURPFKXUFKDQGVRFLDOHYHQWV
DWWHQGVRFLDOIXQFWLRQVLQJURXSVRIWZRRUPRUHZLWKRXWDFKDSHURQH
YLVLWGXULQJVWXG\KRXUVDVORQJDVWKH\GLGQRWLQWHUIHUHZLWKWKHZRUNRIRWKHU
VWXGHQWV
7KHJUDQWLQJRI 6HQLRU3ULYLOHJHVVXEVHTXHQWO\EHFDPHDUHJXODUSUDFWLFHDQGEHJLQQLQJZLWKWKH
QH[WVFKRRO\HDUWKHVHSULYLOHJHVZRXOGEHJUDQWHGLQWKHIDOO
-XQH )LUVW6HQLRU&ODVV3OD\
$VDQRSHQLQJWRWKHFRPPHQFHPHQWIHVWLYLWLHVWKH6HQLRU&ODVVSHUIRUPHGLWVILUVWSOD\
³(VPHUDOGD´RQ )ULGD\LQWKHGRZQWRZQ FRXUWKRXVH¶V$VVHPEO\ +DOO
:KLOHLQWHQGHGWREHSHUIRUPHGDWWKHVFKRRO¶VRSHQDLUDPSKLWKHDWHUSRRUZHDWKHUIRUFHGWKH
HYHQWLQGRRUVDQGVLQFHWKHVFKRRO¶VDXGLWRULXPLQ6FLHQFH0DXU\+DOOZDVWRRVPDOOWKHHYHQW
WRRNSODFHLQ$VVHPEO\+DOODWWKHFRXUWKRXVH
7KHSUHVHQWDWLRQRI6HQLRUSOD\VEHIRUHFRPPHQFHPHQWEHFDPHDVFKRROWUDGLWLRQDQGEHJLQQLQJ
LQWKHSOD\VZHUHXVXDOO\SUHVHQWHGLQ WKHVFKRRO¶VRXWGRRUDXGLWRULXPWKHQORFDWHGEHKLQG
6FLHQFH0DXU\+DOO7KLVRSHQDLUDPSKLWKHDWUHFRXOGDFFRPPRGDWHDERXWSHRSOH
)DFXOW\0LQXWHV HQWU\GDWHVDQG$SULOSS 'LQJOHGLQH
)DFXOW\0LQXWHV HQWU\GDWH$SULOS 'LQJOHGLQH
$IWHUWKHFRPSOHWLRQRIWKH:LOVRQ+DOODXGLWRULXPLQWKHSOD\VPRYHGLQGRRUV7RGD\
WKHDUHDWKDWZDVKRPHWRWKHRXWGRRUWKHDWUHLVWKHSDUNLQJORWDQGGULYHZD\ EHKLQG0DXU\
+DOO
-XQH )LUVW*UDGXDWLRQ&RPPHQFHPHQW%HJLQV
,Q-XQHWKHVFKRROFRQGXFWHGLWVILUVWFRPPHQFHPHQWH[HUFLVHGHVSLWHWKHUHEHLQJQR
JUDGXDWHV$\HDUODWHUKRZHYHUWKHVFKRROZDVUHDG\ WRJUDGXDWHLWVILUVWVWXGHQWV
7KHILUVWJUDGXDWLRQFRPPHQFHPHQWH[HUFLVHVEHJDQRQ 6DWXUGD\-XQHZKHQ WKH/HHDQG
/DQLHUOLWHUDU\VRFLHWLHVKHOGDQHQGRI\HDUFHOHEUDWLRQLQ6FLHQFH0DXU\+DOO2Q6XQGD\WKH
FRPPHQFHPHQWVHUPRQZDVGHOLYHUHGDWWKHORFDO3UHVE\WHULDQ&KXUFK
)LHOG'D\H[HUFLVHVZHUHFRQGXFWHGRQ0RQGD\WKHWK LQWKHJ\PQDVLXPRI'RUPLWRU\1R
QRZ$VKE\ +DOODQGLQFOXGHGIRONGDQFLQJKLJKMXPSLQJDQ³,QGLDQFOXEGULOO´DQGD
EDVNHWEDOOJDPH$OVRH[KLELWVRIZRUNGRQHE\WKHYDULRXVFODVVHVGXULQJWKH\HDUZHUHRQ
GLVSOD\LQ6FLHQFH+DOOIRUSXEOLFYLHZLQJ
7KHILQDOFRPPHQFHPHQWH[HUFLVHVZRXOGEHFRQGXFWHGWKHQH[WHYHQLQJ
-XQH $OXPQL$VVRFLDWLRQ(VWDEOLVKHG‡)LUVW*UDGXDWLQJ&ODVV
$OXPQL $VVRFLDWLRQ(VWDEOLVKHG
2Q7XHVGD\PRUQLQJ-XQH&ODVV'D\H[HUFLVHVZHUHKHOGDVSDUWRIWKHRQJRLQJ
FRPPHQFHPHQWDFWLYLWLHV7KHUHZDVDWDONE\WKHSUHVLGHQWRIWKH&ODVVRIDUHDGLQJRI
WKHFODVVKLVWRU\UHDGLQJRISRHPVDQGVLQJLQJ$VSDUWRIWKHH[HUFLVHVWKHVRRQWREH
JUDGXDWHVRUJDQL]HGWKH$OXPQDH$VVRFLDWLRQDQGHOHFWHG0LQQLH'LHGULFKDVWKH$VVRFLDWLRQ¶V
ILUVWSUHVLGHQW
,QWKH$VVRFLDWLRQFKDQJHGLWVQDPHWRWKH$OXPQL$VVRFLDWLRQLQUHFRJQLWLRQRI WKH
JURZLQJQXPEHURIPDOHJUDGXDWHV
)LUVW*UDGXDWLQJ&ODVV
$WSPWKDWHYHQLQJLQWKHFRXUWKRXVH¶V$VVHPEO\+DOOWKHVFKRRO¶VILUVWJUDGXDWLRQ
H[HUFLVHVZHUHKHOGDQGWKHILUVWGLSORPDVZHUHLVVXHGWRDFODVVRIWZHQW\
7KLUWHHQGLSORPDVIRUFRPSOHWLRQRIWKH5HJXODU1RUPDO&RXUVHZHUHDZDUGHGDVZHUHWKUHH
.LQGHUJDUWHQ7UDLQLQJGLSORPDVWZR+RXVHKROG$UWVGLSORPDVDQGWZR0DQXDO$UWVGLSORPDV
7ZHQW\VHYHQRWKHUVWXGHQWVZHUHDZDUGHGFHUWLILFDWHVPDNLQJWKHPHOLJLEOHWRWHDFKRU
VXSHUYLVHLQSXEOLFVFKRROV
7KH6FKRROPD¶DP'LQJOHGLQH
&RPPHQFHPHQW3URJUDPV 7KH6FKRROPD¶DP ,QDVXUYH\RIWKHVHILUVWWZHQW\JUDGXDWHVVKRZHGWKDWVHYHQWHHQKDGUHPDLQHGLQ
9LUJLQLDVHYHQRIWKHPLQ+DUULVRQEXUJ2IWKLVVHYHQILYHZHUHWHDFKLQJNLQGHUJDUWHQWKURXJK
ILIWKJUDGHFODVVHVDWORFDOSXEOLFVFKRROVZKLOHWKHUHPDLQLQJWZRZHUHVWLOODIILOLDWHGZLWKWKHLU
DOPDPDWHU± RQHZRUNLQJDVDQDVVLVWDQWWRWKHPDWURQDQGWKHRWKHUDVDSRVWJUDGXDWHVWXGHQW
1H[W\HDU¶VJUDGXDWLQJFODVVZDVPRUHWKDQGRXEOHZLWKIRUW\WKUHHVWXGHQWVUHFHLYLQJGLSORPDV
DQGDWWKHHQGRIWKHVFKRRO¶VILUVWGHFDGHLQWKHJUDGXDWLQJFODVVKDGJURZQWRQLQHW\
QLQH
-XQH ³$WWKH6WDWLRQ´(QGRIWKH6HFRQG6FKRRO<HDU
:LWKWKHVHFRQGVFKRRO\HDURIILFLDOO\RYHUVWXGHQWVIORFNHGWRWKHWUDLQVWDWLRQVWREHJLQWKHLU
MRXUQH\VKRPH
7RWDOHQUROOPHQWIRUWKHVHFRQGVFKRRO\HDUZDVXSIURPLQ
7KHVWXGHQWVUHSUHVHQWHGVL[W\ILYHFRXQWLHVXSIURPDQGHLJKWFLWLHVXSIURPLQ9LUJLQLD
ZKLOHVL[VWXGHQWVFDPHIURPRXWRIVWDWHXSIURP
0DUFK )LUVW+LNH8S0DVVDQXWWHQ0RXQWDLQ
$WWHQ R¶FORFNRQDVSULQJ6DWXUGD\ PRUQLQJWKUHHWHDFKHUVDQGDERXWWZHQW\ILYHRUWKLUW\
VWXGHQWVKRSSHGDWUDLQWR.HH]OHWRZQDQGIURPWKHUHEHJDQWKHILUVWVFKRROKLNHWRWKHWRSRI
³3HDNHG0RXQWDLQ´0DVVDQXWWHQ0RXQWDLQ
$IWHUDSLFQLFOXQFKLQWKH³.HWWOH´DURXQGWKHJURXSKHDGHGEDFN+RZHYHUVORZ
SURJUHVVUHTXLUHGVRPHWRUXQDKHDGDQGKDYHWKHWUDLQKHOGIRUWKHRWKHUV%\SPDOOKDG
PDGHLWWRWKHVWDWLRQ DW0F*DKH\VYLOOHDQGWKHWUDLQFDUULHGWKHPEDFNWR+DUULVRQEXUJ
+LNHVXSWKHPRXQWDLQEHFDPHDQDQQXDOHYHQWXVXDOO\WDNLQJSODFHLQWKHIDOO,WZDVQRW
XQFRPPRQIRUJURXSVWRFRQVLVWRIZHOORYHURQHKXQGUHGVWXGHQWV
-XQH )LUVW$OXPQL 5HXQLRQDQG1HZ,QGXFWLRQV
0HPEHUVRIWKH$OXPQDH$OXPQL$VVRFLDWLRQZKLFKKDGEHHQ HVWDEOLVKHGWKHSUHYLRXV\HDU
UHWXUQHGIRUWKHLUILUVWUHXQLRQ'XULQJDEDQTXHWRQ 0RQGD\HYHQLQJODVWLQJIURPSPWR
PLGQLJKWQHZJUDGXDWHVIRUWKH\HDUZHUHLQGXFWHGLQWRWKH$VVRFLDWLRQ
&RPPHQFHPHQW3URJUDPV 7KH6FKRROPD¶DP :D\ODQG³6RPH,WHPV´ 'LQJOHGLQH
)DFXOW\0LQXWHV7KH1RUPDO%XOOHWLQ QR0D\ 7KH1RUPDO%XOOHWLQ
QR0D\6FKRROPD¶DP 7KH1RUPDO%XOOHWLQ QR0D\ 7KH1RUPDO%XOOHWLQ QR0D\
:D\ODQG/HWWHUWR3UHVLGHQW'XNHS$SRHWLFDODFFRXQW RIWKHWULSFDQEHIRXQGLQ³7UDLQ7LPHWR
0F*DKH\VYLOOH´7KH6FKRROPD¶DP 6HHDOVR'LQJOHGLQH
-XQH +LOOFUHVW7LPHWR%XLOGD3UHVLGHQWLDO+RPH
6LQFHWKHRSHQLQJRIWKHVFKRROLQ6HSWHPEHU3UHVLGHQW%XUUXVVDQGKLVZLIH5DFKHOKDG
OLYHGDPRQJWKHVWXGHQWERG\RFFXS\LQJWZRSULYDWHURRPVZLWKDSULYDWHEDWKDWWKH
VRXWKZHVWHQGRIWKHVHFRQGIORRURI'RUPLWRU\1R-DFNVRQ+DOODQGHDWLQJLQWKHGLQQLQJ
URRP
'XULQJDQHDUO\HYHQLQJPHHWLQJDIHZKRXUVEHIRUHWKH\HDU¶VJUDGXDWLRQFHUHPRQ\WKH%RDUG
RI7UXVWHHVYRWHGXQDQLPRXVO\WREXLOGDSHUPDQHQWUHVLGHQFHODWHUNQRZQDV+LOOFUHVWIRUWKH
SUHVLGHQW7RSD\IRULWVFRQVWUXFWLRQWKH%RDUGVHWDVLGHIURPIXQGVUHFHQWO\SURYLGHG
E\WKH*HQHUDO$VVHPEO\
6HSWHPEHU±-XQH +LJKHVW(QUROOPHQWRI)LUVW'HFDGH
7RWDOHQUROOPHQWIRUWKHVFKRRO¶VIRXUWK\HDUZDV7KLVZDVWKHKLJKHVWQXPEHU
GXULQJWKHILUVWGHFDGHRIWKHVFKRRO¶VRSHUDWLRQ
)DOO )LUVW6WXGHQW+DQGERRN ‡)LUVW)LHOG+RFNH\7HDPV
)LUVW6WXGHQW+DQGERRN
7KHILUVWVWXGHQWKDQGERRNZDVLVVXHGIRUWKHVHVVLRQ6SRQVRUHGE\ WKHFDPSXV
<:&$WKLVVPDOO´E\ ´WZHQW\WKUHHSDJHERRNOHWZDVVHQWWRLQFRPLQJIUHVKPDQDVD
JUHHWLQJDQGSUHSDUDWRU\JXLGH
7KH³6WXGHQW¶V+DQG%RRN´RXWOLQHGWKHVWUXFWXUHSXUSRVHDQGDFWLYLWLHVRIWKH<:&$
DUJXDEO\WKHPRVWLPSRUWDQWVWXGHQWRUJDQL]DWLRQDWWKHWLPHFRQWDLQHGWKHVFKRRO¶V+RQRU
6\VWHPUXOHVDQGSURYLGHGLQIRUPDWLRQRQRWKHUVWXGHQWRUJDQL]DWLRQVDQGWKH$WKOHWLF
$VVRFLDWLRQ
7KHKDQGERRNLQFOXGHGDGDLO\VFKRROVFKHGXOH³5LVLQJ%HOO´DWDP³/LJKWV2XW´DW
SPDQGVXJJHVWHGLWHPVQHZVWXGHQWVVKRXOGEULQJVXFKDVSLFWXUHVFXUWDLQVEODQNHWV
IDYRULWHERRNVDQG³DOOWKHGDLQW\DUWLFOHVXVXDOO\IRXQGRQ\RXUGUHVVLQJWDEOH´
)LQDOO\WKHERRNOHWFRQFOXGHGE\SURYLGLQJVHYHUDO³SRLQWHUV´IRUWKHLQFRPLQJIUHVKPDQGRQRW
EHDIUDLGWRDVNTXHVWLRQVZDWFKWKHEXOOHWLQERDUGVIRULPSRUWDQWLQIRUPDWLRQ³WDNHSOHQW\RI
RXWVLGHH[HUFLVH´DQG³EHVXUHWRMRLQWKH<:&$´
7RGD\WKHVWXGHQWKDQGERRNLVLVVXHGXQGHUWKHDXVSLFHVRIWKH2IILFHRI-XGLFLDO$IIDLUVDQGLV
DYDLODEOHLQSULQWDQGRQOLQH
'LQJOHGLQH
%RDUGRI7UXVWHHV0LQXWHV HQWU\GDWH-XQHS VHHW\SHGLQVHUW 'LQJOHGLQH
'LQJOHGLQH
6WXGHQW¶V+DQG%RRN 6WDWH1RUPDODQG,QGXVWULDO6FKRROIRU:RPHQDW+DUULVRQEXUJ<RXQJ:RPHQ¶V&KULVWLDQ
$VVRFLDWLRQ'LQJOHGLQH 7KHPRVWUHFHQW6WXGHQW+DQGERRNLVDYDLODEOHDW
KWWSZZZMPXHGXMXGLFLDOKDQGERRNVKWPO!>$XJXVW@
)LUVW)LHOG+RFNH\7HDPV
6RPHWLPHGXULQJWKHIDOOTXDUWHUWKHVFKRRO¶VILUVWILHOGKRFNH\WHDPVZHUHRUJDQL]HG
$GRSWLQJWKHQDPHVRI1DWLYH$PHULFDQWULEHVWKHWHDPVZHUHFDOOHGWKH&KHURNHHDQGWKH
&KLFNDVDZDQGFRPSHWHGDJDLQVWHDFKRWKHULQLQWHUJURXSJDPHV$KRFNH\ILHOGZDVODLGRXW
DSSUR[LPDWHO\ZKHUH%XUUXVV+DOODQGLWVSDUNLQJORWDUHWRGD\
,QWKH&KHURNHHVEHFDPHWKH$SDFKHVDQGDWKLUGWHDPWKH6KHQDQGRDKZDVHVWDEOLVKHG
%HJLQQLQJLQWKHIDOORIKRZHYHUWKHVSRUWDWOHDVWLQRUJDQL]HGIRUPVHHPVWRKDYH
GURSSHGIURPWKHDWKOHWLFVFHQHEXWZDVUHYLYHGGXULQJWKHVFKRRO\HDUZLWK
LQWHUFODVVFRPSHWLWLRQ
$YDUVLW\KRFNH\WHDPILUVWSOD\HGLQWKHIDOO RIDQGWKHVSRUWUHDFKHGWKHKHLJKWRILWV
SRSXODULW\GXULQJWKHVZKHQWKHVFKRROEHFDPHDUHJXODUSDUWLFLSDQWLQWKHDQQXDO9LUJLQLD
+RFNH\7RXUQDPHQW
:RPHQ¶VILHOGKRFNH\UHPDLQVDSURPLQHQWSDUWRIWKHDWKOHWLFOLIHRI-08WRGD\
)HEUXDU\ ³3UHWW\6FKRRO*LUO(ORSHV)URP1RUPDO´
$WDURXQGDP)ULGD\PRUQLQJVWXGHQW/LOOLDQ&DPSEHOOVWROHRXWRIKHUILUVWIORRUEHGURRP
ZLQGRZLQ'RUPLWRU\1R $VKE\+DOOE\PHDQVRIDEHGVKHHWURSHDQGUDQRIIZLWKKHU
ILDQFp7KRPDV%HUU\WREHPDUULHGLQ:DVKLQJWRQ'&7KHLQFLGHQWFDXVHGDVHQVDWLRQ
OHDYLQJWKHVWXGHQWERG\³VKRFNHG´DQGPDNLQJKHDGOLQHVDURXQGWKHVWDWH
7KDWDIWHUQRRQWKHIDFXOW\PHWWRFRQVLGHUWKHFDVH7KHPHHWLQJZKLFKODVWHGRYHUVHYHQKRXUV
DQGVWUHWFKHGSDVWPLGQLJKWUHVXOWHGLQDXQDQLPRXVGHFLVLRQWRH[SHO0LVV&DPSEHOO
+RZHYHUVKHZDVQRWH[SHOOHGIRUHORSLQJDVWKHUHZDVQRVSHFLILFUXOHDJDLQVWLW,QVWHDG
&DPSEHOOZDVGLVPLVVHGIRUEUHDNLQJ³WKHVSHFLILFDQGHPSKDWLFUXOHWKDWQRVWXGHQWLVWR
OHDYHWKHVFKRROZLWKRXWSHUPLVVLRQ´
$OVRLQYROYHGLQWKHPDWWHUZHUH&DPSEHOO¶VWZRURRPPDWHVRQHRIZKRP(ORDLVH%HUU\ZDV
WKH\RXQJPDQ¶VVLVWHU%RWKZHUHIRXQGWRKDYHDLGHGLQ&DPSEHOO¶VHVFDSHDQGZHUH
GLVFLSOLQHGIRUWKHLUSDUWLFLSDWLRQ0LVV%HUU\ZDVDVNHGWRZLWKGUDZ³DWRQFH´IURPWKHVFKRRO
ZKLOHWKHRWKHUURRPPDWHZDVKDQGHGDRQH\HDUVXVSHQVLRQZKLFKEHJDQLPPHGLDWHO\
)LHOGKRFNH\WHDPVZHUHQRWSLFWXUHGLQWKH\HDUERRNIURPWR7KHRQO\QRWDEOHJDPHWKDWZDV
DSSDUHQWO\SOD\HGGXULQJWKLVSHULRGZDVRQ7KDQNVJLYLQJ'D\1RYHPEHUEHWZHHQWKH-XQLRUDQG6HQLRU
WHDPV,QWKH-XQLRUDQG6HQLRUKRFNH\WHDPVZHUHSLFWXUHGLQWKH\HDUERRNDQGKRFNH\WHDPVKDYHEHHQ
SLFWXUHGHYHUVLQFH'LQJOHGLQHXVHVWKHWLWOH 9LUJLQLD+RFNH\$VVRFLDWLRQ7RXUQDPHQW WRGHVFULEHWKH
WRXUQDPHQWVRIWKHV&RQWHPSRUDU\VRXUFHVGRQRW'LQJOHGLQH-RKQVWRQ7KH
6FKRROPD¶DP QS 7KH6FKRROPD¶DP QS
7KHIDFXOW\PHHWLQJEHJDQDWSPDQGDGMRXUQHGDWDP7ZRVSHOOLQJVRI0LVV%HUU\¶VILUVWQDPH
DSSHDULQWKHKLVWRULFDOUHFRUG,QWKHPDMRULW\RIFDVHVLWLVVSHOOHG(ORDLVH+RZHYHULQDFRXSOHRILQVWDQFHVLW
0DUFK +LOOFUHVW3ODQV$GRSWHG
6FKRRODUFKLWHFW&KDUOHV5RELQVRQVXEPLWWHGSODQVIRUWKHSURSRVHGSUHVLGHQW¶VUHVLGHQFH
+LOOFUHVW7KH%RDUGRI7UXVWHHVDSSURYHGWKHSODQVDQGDSSRLQWHGDFRPPLWWHHWRVHFXUHELGV
IRUWKHEXLOGLQJ¶VFRQVWUXFWLRQ
0D\ )LUVW0D\'D\&HOHEUDWLRQ‡+LOOFUHVW*URXQGEUHDNLQJ
)LUVW0D\'D\&HOHEUDWLRQ
2Q7KXUVGD\0D\WKHVFKRROKHOGLWVILUVW0D\'D\FHOHEUDWLRQ
7KHHYHQWEHJDQZLWKDVWXGHQWSURFHVVLRQDOIURP-DFNVRQ +DOO 'RUPLWRU\1RWR0D\SROH
+LOOURXJKO\ WKHDUHDRSSRVLWH.HH]HOO QHDUWKHHDVWHQGRI $OXPQDH+DOO +HUHVHQLRUV
VXUURXQGHGE\WKHVWXGHQWERG\SHUIRUPHGWKH0D\SROHGDQFHZKLFKFRQVLVWHGRIFLUFOLQJWKH
0D\SROHZKLOHLQWHUWZLQLQJULEERQVRIJUHHQDQGZKLWHWKHVHQLRUFODVVFRORUV
7KHGDQFHZDVIROORZHGZLWK WKHVLQJLQJRI0D\'D\VRQJVDQGWKHFURZQLQJRIWKHILUVW0D\
4XHHQVHQLRUFODVVSUHVLGHQW(OL]DEHWK.HOOH\ 7KHQWKHFODVVVRQJZDVSHUIRUPHGDQGWKH
VWXGHQWVPDUFKHGWRWKHJ\PLQ$VKE\+DOO'RUPLWRU\1RWRSDUWDNHRIJDPHVEHIRUH
KHDGLQJWRGLQQHU
7KH0D\'D\FHOHEUDWLRQEHFDPHDQDQQXDOVSULQJWLPHWUDGLWLRQDQGFRQWLQXHGIRURYHUKDOID
FHQWXU\HQGLQJLQDPLGVWULGHQWFKDQJHVLQVRFLDOQRUPVDQGFXVWRPV
+LOOFUHVW*URXQGEUHDNLQJ
$VSHFLDOSDUWRIWKHIHVWLYLWLHVRQWKLVILUVW0D\'D\ZDVDJURXQGEUHDNLQJFHUHPRQ\IRUWKH
SUHVLGHQWLDOKRPHODWHUNQRZQDV+LOOFUHVW7KHEXLOGLQJZRXOGEHFRPSOHWHGLQHDUO\
-XQH -DFNVRQ+DOO7KH)LUVW%XUUXVV+DOO
6RPHWLPHVKRUWO\EHIRUHJUDGXDWLRQRQ-XQHWKH&ODVVRIUHFHLYHGSHUPLVVLRQIURPWKH
%RDUGRI7UXVWHHVWRUHQDPH'RUPLWRU\1R QRZ-DFNVRQ+DOODV%XUUXVV+DOOLQKRQRURI
3UHVLGHQWDQG0UV%XUUXVVWKHWZRRIZKRP KDGEHHQOLYLQJRQWKHVHFRQGIORRURIWKHEXLOGLQJ
VLQFH 7RPDUNWKHRFFDVLRQWKH&ODVVKHOGD³VROHPQFKULVWHQLQJEUHDNLQJWKHERWWOHDQG
SHUIRUPLQJRWKHUILWWLQJFHUHPRQLHV´
DSSHDUVDV(ORLVH )DFXOW\0LQXWHV HQWU\GDWH)HEUXDU\SS)RUIXUWKHUPRVWO\
PLQRUGHOLEHUDWLRQVUHJDUGLQJWKHFDVHVHHSDJHVDQG ³3UHWW\6FKRRO
*LUO(ORSHV)URP1RUPDO´>SDSHUXQNQRZQ@)HEUXDU\DQG³7ZR*LUOV/HDYH6FKRRO´>SDSHUXQNQRZQ@
)HEUXDU\LQ1HZV&OLSSLQJV)ROGHU'LQJOHGLQH-RQHV 5RRWHG
%RDUGRI7UXVWHHV0LQXWHV HQWU\GDWH0DUFKS )UHG+LOWRQ³0D\'D\¶V&URZQLQJ*ORU\&RXOGQ¶W(VFDSH&KDQJLQJ6RFLDO&OLPDWH´ 0DGLVRQ QR6SULQJ
³%OXHVWRQH-RXUQDO,QWKH0HUU\0RQWKRI0D\´0RQWSHOLHU6SULQJ
KWWSZZZMPXHGXPRQWSHOLHULVVXHVVSULQJMRXUQDOKWPO!>0D\@³)LUVW0D\'D\+HOG4XDUWHU
&HQWXU\$JR´7KH%UHH]H0D\ 7KH6FKRROPD¶DP 7KH 1RUPDO%XOOHWLQ QR0D\
'LQJOHGLQH
'HVSLWHWKHKRQRU 3UHVLGHQW%XUUXVVREMHFWHGWRKDYLQJDEXLOGLQJQDPHGDIWHUDOLYLQJSHUVRQ
DQGDSROLF\ZDVVRRQ DGRSWHG RIQDPLQJEXLOGLQJVRQO\DIWHUSHUVRQVQRORQJHUOLYLQJ
$OWKRXJK WKHQDPHZDVQHYHURIILFLDOO\DGRSWHGWKHEXLOGLQJZRXOGFRQWLQXHWREHUHIHUUHGWRDV
%XUUXVV+DOOXQWLOZKHQLWZDVIRUPDOO\UHQDPHG-DFNVRQ+DOO
7RGD\¶V%XUUXVV+DOOZDVRSHQHGLQDV%XUUXVV6FLHQFH+DOO DQGLVFXUUHQWO\KRPHWRWKH
%LRORJ\DQGWKH0DWKHPDWLFV6WDWLVWLFVGHSDUWPHQWV
-XQH +LOOFUHVW&RQVWUXFWLRQWR%HJLQ
([DFWO\RQH\HDUDIWHUWKH%RDUGRI7UXVWHHVKDGYRWHGWREXLOGDSHUPDQHQWUHVLGHQFHIRUWKH
LQVWLWXWLRQ¶VSUHVLGHQWWKHEXLOGLQJFRQWUDFWZDVDZDUGHGDQGFRQVWUXFWLRQZDVDXWKRUL]HGWR
EHJLQ
7KHEXLOGLQJODWHUQDPHG+LOOFUHVWEHFDXVHRILWVSURPLQHQWORFDWLRQRQWKHWRSRIDKLOOZRXOG
EHFRQVWUXFWHGE\WKHVDPHILUPWKDWKDGEXLOWWKHVFKRRO¶VILUVWWKUHHEXLOGLQJV:0%XFKHU
6RQ,WZRXOGEHFRPSOHWHGLQWKHVSULQJRI
2FWREHU /DXQGU\)LUH
$WDURXQGR¶FORFN)ULGD\PRUQLQJZKLOHFODVVHVZHUHLQVHVVLRQDERLOHULQWKHVFKRRO¶V
ODXQGU\ EXLOGLQJDZRRGHQVKDFNORFDWHGLQWKHDUHDEHKLQGZKHUH0RRG\ +DOOVWDQGVWRGD\
RYHUKHDWHGDQGFDXVHGWKHURRIWRFDWFKILUH
6WXGHQWVDQGIDFXOW\ TXLFNO\UXVKHGWRWKHVFHQHDQGPDQDJHGWRVDYHDOORIWKHHTXLSPHQW±
LURQVLURQLQJERDUGVWDEOHV±DQGDOORIWKHFORWKLQJ 0HDQZKLOHWKHORFDOILUHGHSDUWPHQW
DUULYHGLQLWVQHZILUHWUXFNDQGZDVDEOHWRFRQWDLQWKHEOD]HDQGVDYHWKHEXLOGLQJIURPWRWDO
GHVWUXFWLRQ 7RWDOGDPDJHVDPRXQWHGWREXWZHUHFRPSOHWHO\FRYHUHGE\LQVXUDQFH
)RUWKHVWXGHQWVRIWKHDOOJLUOVFKRROKRZHYHUWKHPRVWH[FLWLQJHOHPHQWRIWKHZKROHDIIDLUZDV
WKHDUULYDORIDODUJHQXPEHURI ³PHQUHDOPHQ´ZKRKDGFRPH³WHDULQJDFURVVWKHFDPSXV´
IURPDOOGLUHFWLRQVLQUHVSRQVHWRWKHILUH
&KDSSHOHDU 0DUJDUHW03UXIHU³$+LVWRU\RIWKH6WDWH1RUPDO6FKRRODW+DUULVRQEXUJ´7KH1RUPDO
%XOOHWLQ0DJD]LQH 2FWREHU:D\ODQG³6LJQLILFDQW,QFLGHQWV´ :D\ODQG³6XQGU\,WHPV´
:D\ODQG³6RPH,WHPV´)DFXOW\0LQXWHVHQWU\GDWH-XQHS %RDUGRI9LVLWRUV
&ROOHFWLRQ 35%R[6SHFLDO&ROOHFWLRQV &DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
7KH1RUPDO%XOOHWLQ0DJD]LQH 6HSWHPEHU 'LQJOHGLQH ³9LVLW*XLGH´
%RDUGRI7UXVWHHV0LQXWHV HQWU\GDWH-XQHS
'LQJOHGLQH³1RUPDO*LUOV:ULWH6WRU\RIWKH)LUH´ 'DLO\1HZV5HFRUG 2FWREHULQ1HZV
&OLSSLQJV )ROGHU %270LQXWHV HQWU\GDWH'HFHPEHUS -RQHV 5RRWHGRQ
%OXHVWRQH+LOO ³)LUHDW1RUPDO´ 'DLO\1HZV5HFRUG 1RYHPEHU7KH6FKRROPD¶DP
-DQXDU\ 6WUDWIRUG3OD\HUV2UJDQL]HG
2Q 6DWXUGD\-DQXDU\WHQPHPEHUVIURPWKH/HHDQG/DQLHU/LWHUDU\6RFLHWLHVMRLQHG
WRJHWKHUWRIRUPWKHFRUHRIDQHZVWXGHQWRUJDQL]DWLRQ ±WKH6WUDWIRUG/LWHUDU\6RFLHW\
$GUDPDJURXS 6WUDWIRUGDGRSWHG WKHPRWWR³$OOWKHZRUOG¶VDVWDJHDQGDOOWKHPHQDQGZRPHQ
PHUHO\SOD\HUV´DQGVRRQ EHJDQWRJLYHUHDGLQJVDQGSHUIRUPDQFHVRI6KDNHVSHDUHSOD\V7KH
ILUVWZDVDSURJUDP IURP $V<RX/LNH,W RQ)HEUXDU\ 7KLVZDVIROORZHGLQ0DUFKE\WKH
JURXS¶VSDUWLFLSDWLRQLQDMRLQWSUHVHQWDWLRQ ZLWK WKH/HHDQG/DQLHUVRFLHWLHVRI $ODQD¶'DOH
,QWKHVRFLHW\FKDQJHGLWVQDPHWRWKH6WUDWIRUG'UDPDWLF&OXEDQGEHJDQSUHVHQWLQJD
WKHDWULFDOSHUIRUPDQFHHDFK\HDUDWWKH1HZ9LUJLQLD7KHDWUHLQGRZQWRZQ+DUULVRQEXUJ
7KHJURXSRIILFLDOO\ EHFDPHWKH6WUDWIRUG3OD\HUVRQ$SULODQGFRQWLQXHVWRSHUIRUPDV
SDUWRI-08
V6FKRRORI 7KHDWUHDQG'DQFH7KH6WUDWIRUG3OD\HUVUHSUHVHQWWKHROGHVWVWXGHQW
UXQRUJDQL]DWLRQ DW-08
)HEUXDU\ 0DUFK ³7KH'DUN$JH´
2Q 6XQGD\ QLJKW)HEUXDU\DWKLUWHHQE\ ILYHIRRWKROHRSHQHGXSLQWKHGDPRIWKHFLW\¶V
K\GURHOHFWULFSODQW/RFDWHGRQWKH6KHQDQGRDK5LYHUWKHSODQWZDV+DUULVRQEXUJ¶VRQO\
VRXUFHRIHOHFWULFLW\:KHQWKHGDPEXUVWWKHSODQWVKXWGRZQDQGWKHFLW\DORQJZLWKWKH
VFKRROZDVSOXQJHGLQWRGDUNQHVV 7KHVFKRROZDVZLWKRXWHOHFWULFLW\IRUQHDUO\DPRQWK
OHDGLQJVRPHVWXGHQWVWRGXE WKHSHULRG³WKH'DUN$JH´
:KHQWKHVWXGHQWVOHDUQHGWKDWLWZRXOGWDNHVRPHWLPHWRPDNHUHSDLUV WKH\ KRSHIXOO\
ZRQGHUHG³LIVWXG\KRXUVZHUHWREHDEDQGRQHG´IRUWKHGXUDWLRQRIWKHRXWDJH 7RWKHLUFKDJULQ
KRZHYHUHDUO\ WKHIROORZLQJPRUQLQJWKHVFKRRO¶VPDWURQ0UV%URRNHKXUULHGWRWRZQWREX\
ODQWHUQVDQGODPSVIRUWKHGRUPLWRULHV
(YHQLQJVWXGLHVDQGRWKHUVFKRRODFWLYLWLHVFRQWLQXHGODUJHO\ XQLQWHUUXSWHGGXULQJWKHRXWDJH
WKDQNVWRWKHHPSOR\PHQWRIVRPHRLOODPSVPDQ\ODQWHUQVDQGDQXQWROGQXPEHURI
FDQGOHV $VRQHVWXGHQWODPHQWHGRQO\WZRZHHNVLQWRWKHDIIDLU³:HKDYHQRWVXFFHHGHGLQ
JHWWLQJRXWRIRQHELWRIVFKRROZRUN´ $WQLJKWODQWHUQVZHUHXVHGWRLOOXPLQDWHWKHFDPSXV¶
ZDONZD\VDQGGULYHZD\
%DGZHDWKHUDQGWKHGLIILFXOW\RIWKHUHSDLUVGHOD\HGWKHUHVWRUDWLRQRISRZHUXQWLOWKHHYHQLQJRI
0DUFK
7KH6FKRROPD¶DP³1RUPDO6WXGHQW:ULWHV&RPSRVLWLRQRQµ/LJKWV2XW¶LQ:RPDQV
&ROOHJH´'DLO\1HZV5HFRUG )HEUXDU\LQ1HZV&OLSSLQJV6FUDSERRN HQWU\GDWH
$SULOS6WUDWIRUG3OD\HUV&ROOHFWLRQ63%R[6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV
0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$'LQJOHGLQH
0DUFK 0D\ +LOOFUHVW&RPSOHWHG
6RPHWLPHEHWZHHQWKHHQGRI0DUFKDQGWKHHQGRI0D\+LOOFUHVWWKHSUHVLGHQWLDOKRPHZDV
FRPSOHWHGDQGRFFXSLHG
%XLOWDWDFRVWRI+LOOFUHVWZRXOGVHUYHDVWKHSUHVLGHQWLDOKRPHXQWLOZKHQDPRUH
SULYDWHRIIFDPSXVUHVLGHQFHZDVSXUFKDVHG
7RGD\WKHKLVWRULFEXLOGLQJKRXVHVWKHRIILFHVRIWKH+RQRU¶V3URJUDPDQGWKH*HQHUDO
(GXFDWLRQ3URJUDP
0DUFK ³6QRZEDOO:DUIDUH´
2QDVQRZ\0DUFKDIWHUQRRQVWXGHQWVIURPWKHWZRGRUPLWRULHVHQJDJHGLQDVSLULWHGVQRZEDOO
EDWWOHRQFDPSXV
)RUWKHFRQIURQWDWLRQIRUWVDQGGHIHQVLYHZDOOVZHUHEXLOWDQGDPPXQLWLRQVQRZEDOOVZDV
PDGH)DFXOW\PHPEHUV-DPHV&-RKQVWRQDQG5KHD6FRWWVHUYHGDV*HQHUDOVRI WKHRSSRVLQJ
IRUFHV(DFKVLGH¶VEDWWOHIODJIOXWWHUHGLQWKHEUHH]HDQGVWUHWFKHUVVWRRGUHDG\WRUHFHLYHWKH
ZRXQGHG
$WSPZLWKGUXPVEHDWLQJEXJOHVEORZLQJDQGVWXGHQWVVKRXWLQJWKHEDWWOHEHJDQ³7KH
EDOOVIOHZWKLFNDQGIDVWVSDWWHULQJDQGVFDWWHULQJHYHU\ZKHUH´
$WWKHHQGRIWKHGD\WKHYLFWRUVRIWKLV³PRVWH[WUDRUGLQDU\EDWWOH´ZHUHWKHVWXGHQWVRI
'RUPLWRU\1R-DFNVRQ+DOO
7KHIROORZLQJ'DLO\1HZV5HFRUG DUWLFOHVGLVFXVVWKHSRZHURXWDJHDQG LWVLPSDFWRQWKHVFKRRO³6HULRXV%UHDN
$W3RZHU3ODQW3XWV+DUULVRQEXUJLQ'DUNQHVV´)HEUXDU\³:LQWHU:HDWKHU0DNHV5HSDLU:RUN$W
+\GUR(OHFWULF3ODQW9HU\6ORZ´)HEUXDU\ ³1RUPDO6WXGHQW:ULWHV&RPSRVLWLRQRQµ/LJKWV2XW¶LQ
:RPDQV &ROOHJH´ )HEUXDU\LQ1HZV&OLSSLQJV ³1RUPDO6FKRRO1RWHV´0DUFK LQ
1HZV&OLSSLQJVDQG³/LJKWV&RPH2Q$IWHU1LJKWV´0DUFK:D\ODQG³6XQGU\,WHPV´
7KH6FKRROPD¶DP VHH\HDUERRNWLPHOLQHHQWULHVIRU)HEUXDU\DQG0DUFK'LQJOHGLQH
-RQHV5RRWHGRQ%OXHVWRQH+LOO
,QWHUHVWLQJO\QRH[DFWGDWHVHHPVWREHDYDLODEOHIRUZKHQ+LOOFUHVWZDVILUVWRFFXSLHG 7KHWLPHIUDPHJLYHQ
KHUHLVEDVHGRQD0DUFKUHSRUWE\3UHVLGHQW%XUUXVVZKLFKVWDWHGWKDWWKHEXLOGLQJZDV³QHDUO\UHDG\IRU
RFFXSDQF\´DQGWKHVFKRRO¶V0D\FDWDORJQRH[DFWGDWHRISXEOLFDWLRQZKLFKLQFOXGHGDSKRWRJUDSKRI DVHHPLQJO\
FRPSOHWHGEXLOGLQJ6HH-XOLDQ$%XUUXVV5HSRUWWRWKH%RDUGRI7UXVWHHV0DUFKSLQ5HFRUGVRIWKH
2IILFHRIWKH3UHVLGHQW-XOLDQ$%XUUXVV%R[)ROGHUDQG 7KH1RUPDO%XOOHWLQ QR0D\
LPPHGLDWHO\IROORZLQJSDJH %RDUGRI7UXVWHHV 0LQXWHVHQWU\GDWH-XQHS
'LQJOHGLQH&KDSWHUIRRWQRWH-RQHV 5RRWHG RQ%OXH6WRQH+LOO PLVWDNHQO\FLWHVDVWKH\HDU
+LOOFUHVWZDVODVWXVHGDVWKHSUHVLGHQW¶VKRPH+RZHYHURQSDJH-RQHVFRUUHFWO\ FLWHVDVWKHGDWHWKH
VFKRROSXUFKDVHGDQHZRII FDPSXVSUHVLGHQWLDOUHVLGHQFH
³%DWWOHDW1RUPDO6FKRRO´'DLO\1HZV5HFRUG0DUFK'LQJOHGLQH³6QRZ%DWWOH´SKRWRJUDSKV
7KH6FKRROPD¶DP QS
0DUFK ,QVWLWXWLRQ¶V6HFRQG1DPH‡%RDUGRI7UXVWHHVWR%H$EROLVKHG
,QVWLWXWLRQ¶V6HFRQG1DPH
,Q0DUFKWKH*HQHUDO $VVHPEO\SDVVHGDELOOWKDWGURSSHGWKHWHUP³LQGXVWULDO´IURPWKHQDPHV
RIWKHIRXUVWDWHQRUPDOVFKRROV$VDUHVXOWWKH6WDWH1RUPDO DQG,QGXVWULDO 6FKRROIRU:RPHQ
DW+DUULVRQEXUJEHFDPHVLPSO\WKH6WDWH1RUPDO6FKRROIRU:RPHQDW+DUULVRQEXUJ
6LQFHWKHRSHQLQJRIWKHLQVWLWXWLRQWKHVFKRROKDGEHHQFRPPRQO\ UHIHUUHGWRDVWKH
+DUULVRQEXUJ1RUPDO6FKRRO+167KHDFURQ\P+16FRQWLQXHGWREHXVHGXQWLOWKHQH[W
QDPHFKDQJHLQ
%RDUGRI7UXVWHHVWR%H$EROLVKHG
7KHVDPHELOODOVRDEROLVKHGWKHVHSDUDWHERDUGVRIWUXVWHHVRIWKHIRXUQRUPDOVFKRROVLQFOXGLQJ
+DUULVRQEXUJDQGFUHDWHGWKH9LUJLQLD1RUPDO6FKRRO%RDUGWRWDNHRYHUDGPLQLVWUDWLRQRIWKH
VFKRROV 7KHFKDQJHZDVWREHFRPHHIIHFWLYHRQ-XO\
0D\ +DUULVRQ+DOO*URXQGEUHDNLQJ
$WDP0RQGD\PRUQLQJWKHVFKRROJDWKHUHGIRULWVGDLO\ DVVHPEO\LQ6FLHQFH0DXU\
+DOO)ROORZLQJDEULHIGHYRWLRQDODQGDQ DGGUHVVE\3UHVLGHQW%XUUXVVWKHFODVVHVIRUPHGLQD
SURFHVVLRQDQGPDUFKHGWRWKHRSHQVSDFHEHWZHHQ'RUPLWRU\1R-DFNVRQ+DOODQG
'RUPLWRU\1R$VKE\+DOO
+HUHVWXGHQWVIDFXOW\DQGDOXPQDHKHOGDJURXQGEUHDNLQJFHUHPRQ\IRUWKHLQVWLWXWLRQ¶VILIWK
PDMRUEXLOGLQJWKH6WXGHQWV¶%XLOGLQJQRZ+DUULVRQ+DOO
$IWHURSHQLQJWKHFHUHPRQ\ZLWKWKHVLQJLQJRI³2OH9LUJLQLD´6HQLRU&ODVVSUHVLGHQW$OSKD
+ROFRPEHGHOLYHUHG³DSUHWW\OLWWOHVSHHFK´WKHQOLIWHGKHUSLFNDEUDQGQHZRQHIRUWKLVVSHFLDO
RFFDVLRQDQGVZXQJEUHDNLQJJURXQG7KHYLFHSUHVLGHQWRIWKH&ODVV9LUJLH%XFKDQDQWKHQ
VKRYHOHGRXWWKHILUVWGLUW&ODVVRIILFHUVWKHIDFXOW\DQGUHSUHVHQWDWLYHVRIWKHDOXPQDH
IROORZHGVXLWDQGE\WKHHQGRIWKHFHUHPRQ\ZKLFKHQGHGVKRUWO\DIWHUDPD³VL]HDEOH
KROH´KDGEHHQGXJ
%HIRUHGLVSHUVLQJWKHFURZGMRLQHGWRJHWKHULQVLQJLQJWKHVFKRRO¶VDOPDPDWHU³%OXHVWRQH
+LOO´
7KHQHZEXLOGLQJXQGHUFRQWUDFWZLWK:0%XFKHU6RQZRXOGEHODUJHO\FRPSOHWHGE\ WKH
VXPPHURI ,WZRXOGSURYLGHVSDFHIRUDGPLQLVWUDWLYHRIILFHVDODUJHGLQLQJKDOO
DXGLWRULXPDQGDQHZOLEUDU\
7KH1RUPDO6FKRRO%RDUGEHFDPHWKH%RDUGRI9LUJLQLD7HDFKHUV&ROOHJHVLQ,QWKLV%RDUGZDV
DEROLVKHGDQGWKH&ROOHJHIHOOXQGHUWKHDXVSLFHVRIWKH6WDWH%RDUGRI(GXFDWLRQ³&KDSWHU$Q$FWWR&UHDWH
WKH9LUJLQLD1RUPDO6FKRRO%RDUG´0DUFKLQ$FWVDQG-RLQW5HVROXWLRQVRIWKH*HQHUDO$VVHPEO\RI
WKH6WDWHRI9LUJLQLD6HVVLRQ:KLFK&RPPHQFHGDWWKH6WDWH&DSLWDORQ:HGQHVGD\-DQXDU\ 5LFKPRQG'LQJOHGLQH3UXIHU
0D\ &KHHUVIRUWKH90,&DGHWV
2Q:HGQHVGD\ PRUQLQJRYHUFDGHWVIURPWKH9LUJLQLD0LOLWDU\,QVWLWXWH90,LQ
/H[LQJWRQPDUFKHGWKURXJK+DUULVRQEXUJKHDGLQJWR1HZ0DUNHWDERXWHLJKWHHQPLOHVWRWKH
QRUWK7KHRFFDVLRQZDVWKHILIWLHWKDQQLYHUVDU\RIWKH&LYLO:DUEDWWOHWKDWWRRNSODFHWKHUHRQ
0D\DQGLQZKLFK FDGHWVKDGIRXJKWZLWKWKH&RQIHGHUDF\KHOSLQJEULQJYLFWRU\WR
WKHVRXWKHUQIRUFHV
$WDURXQGDPWKHFROXPQ RIFDGHWVDUULYHGDWWKHVFKRRO ZKHUHWKH\ ZHUHJUHHWHGZLWK
KHDUW\FKHHUVIURPWKHVWXGHQWVDOORI ZKRP ZHUH³GUHVVHGLQZKLWHZDYLQJIODJVDQGZHDULQJ
UHGEXQWLQJ´ +DOWLQJLQIURQWRIWKHVFKRRODORQJZKDWLVWRGD\0DLQ6WUHHWWKHFDGHWVULJKW
IDFHGDQGEDFNVWHSSHG
:LWKWKHFDGHWVVWDQGLQJDWDWWHQWLRQIDFLQJWKHOLQHRIFKHHULQJJLUOVDFURVVWKHURDGDURXQGD
GR]HQ &LYLO:DUYHWHUDQVZKRKDGIRXJKWLQWKH%DWWOHRI1HZ0DUNHWPDUFKHGWRWKHIURQW
RIWKHFROXPQ7KHFDGHWVWKHQIDFHGIRUZDUGDQGFRQWLQXHGWKHLUQRUWKZDUGPDUFK
7KHJLUOVPHDQZKLOHGLVSHUVHGDQGTXLFNO\PDGHWKHLUZD\DFURVVWKHFDPSXVWR6FLHQFH
0DXU\+DOOIRUWKHILUVWFODVVHVRIWKHGD\ZKLFKEHJDQDW
-XQH +DUULVRQ+DOO/D\LQJRIWKH&RUQHUVWRQH
2QDVZHOWHULQJDIWHUQRRQLQ-XQHLWZDVGHJUHHVLQWKHVKDGHWKHFRUQHUVWRQHIRUWKH
6WXGHQWV¶%XLOGLQJ+DUULVRQ+DOOZDVODLGZLWKIXOO0DVRQLFULWHV7KHHYHQWZKLFKZDV
NLFNHGRIIZLWKDFHOHEUDWRU\SDUDGHKHDGHGE\WKH'DLO\1HZVEDQGZDVSDUWRIWKHVHFRQGGD\
RIWKDW\HDU¶VFRPPHQFHPHQWH[HUFLVHV
6WXGHQWVIDFXOW\DQGDOXPQDHDVZHOODVDODUJHQXPEHURIORFDOFLWL]HQVZHUHSUHVHQW'XULQJD
EULHIDGGUHVV3UHVLGHQW%XUUXVVGHGLFDWHGWKHEXLOGLQJWR³WKH\RXQJZRPHQRI9LUJLQLD´
)RUVRPHWLPHWKHEXLOGLQJZDVUHIHUUHGWRLQWHUFKDQJHDEO\DVWKH'LQLQJ+DOO%XLOGLQJDQGWKH6WXGHQWV¶
%XLOGLQJ6RPHGRFXPHQWVODEHOLWDVWKHIRUPHURWKHUVWKHODWWHUDQGVWLOORWKHUVXVHERWKGHVLJQDWLRQV$
UHODWLYHO\GHWDLOHGDFFRXQWRIWKHJURXQGEUHDNLQJFDQEHIRXQGLQ:D\ODQG/HWWHUWR3UHVLGHQW'XNHS7KH
VDPHDFFRXQWLVDOVRLQ:D\ODQG³6XQGU\,WHPV´6HHDOVR'LQJOHGLQH 7KH1RUPDO %XOOHWLQ QR0D\2QHPLQRUGLVFUHSDQF\VKRXOGEHQRWHG'LQJOHGLQHFUHGLWVWKH&ODVV93ZLWKVKRYHOLQJRXW
WKHILUVWGLUWEXW:D\ODQGJLYHVWKLVKRQRUWR +ROFRPEH7KHFRQWUDFWIRUWKHEXLOGLQJKDGEHHQDZDUGHGRQ$SULO
VHH %RDUGRI7UXVWHHV0LQXWHVHQWU\GDWH$SULOSSDQG³+DUULVRQEXUJ)LUP
*HWV&RQWUDFWIRU%XLOGLQJDW1RUPDO´ 'DLO\1HZV5HFRUG $SULO
:D\ODQG³6XQGU\,WHPV´:D\ODQG/HWWHUWR3UHVLGHQW'XNH S 'LQJOHGLQH9LUJLQLD0LOLWDU\
,QVWLWXWH$UFKLYHV³7KH%DWWOHRI1HZ0DUNHW9LUJLQLD0D\6HOHFWHG2QOLQH5HVRXUFHVIURPWKH90,
$UFKLYHV´KWWSZZZYPLHGXDUFKLYHV&LYLOB:DUFZQPKWPO!>$XJXVW@
³/D\&RUQHUVWRQHDW1RUPDO6FKRRO´DQG³+RWWHVW-XQH'D\´>SDSHUXQNQRZQ@-XQHLQ 1HZV
&OLSSLQJV )ROGHU7KH1RUPDO%XOOHWLQQR0D\
-XO\ %RDUGRI7UXVWHHV'LVVROYHG
7KH%RDUGRI7UXVWHHVZKLFKKDGJRYHUQHGWKHVFKRROVLQFHLWVFUHDWLRQLQZDVRIILFLDOO\
GLVVROYHGRQ-XO\VKRUWO\DIWHUWKHFRQFOXVLRQRIWKHVFKRRO¶VILIWK\HDU $WWKLVWLPHFRQWURO
RIWKHVFKRROZDVWUDQVIHUUHGWRWKHUHFHQWO\FUHDWHGVWDWHDJHQF\WKH9LUJLQLD1RUPDO6FKRRO
%RDUG
7KHGHFLVLRQWRDEROLVKWKH%RDUGKDGEHHQPDGHLQ0DUFKDQGZKHQ WKHVFKRRO¶V\HDUERRN 7KH
6FKRROPD¶DPZDVLVVXHGLQ HDUO\ -XQHLWLQFOXGHGDSDJHWKDQNLQJWKH7UXVWHHVIRUWKHLU
³IRUHVLJKW´DQG³ZLVHV\PSDWKHWLFDQGHIILFLHQWOHDGHUVKLS´ZKLFKKDGHIIHFWLYHO\JXLGHGWKH
VFKRROWKURXJKLWVIRUPDWLYH\HDUV
,QGHHGWKH%RDUG¶VLQIOXHQFH±RQHYHU\WKLQJIURPFKRRVLQJWKHVFKRRO¶VORFDWLRQDQGHOHFWLQJ
LWVILUVWSUHVLGHQWWRKLULQJWKHILUVWIDFXOW\DXWKRUL]LQJWKHFDPSXV¶TXDGUDQJOHOD\RXWDQG
DSSURYLQJXVHRIWKHQDWLYHEOXHOLPHVWRQHIRUWKHEXLOGLQJV±KDGEHHQFUXFLDOWRILUPO\
HVWDEOLVKLQJ-08DVDXQLTXHDQGORQJODVWLQJLQVWLWXWLRQ
1RYHPEHU 'LVWDQFH/HDUQLQJ7KH'HSDUWPHQWRI([WHQVLRQ:RUN
6LQFHLWVEHJLQQLQJH[WHQVLRQZRUN RI YDU\LQJVRUWVKDGEHHQSDUWRI WKH1RUPDO6FKRRO¶V
DFDGHPLFHIIRUWV ,QLWLDOO\WKHVFKRROLVVXHGEXOOHWLQVRQYDULRXVVXEMHFWVDQGIDFXOW\PHPEHUV
UHJXODUO\WUDYHOHGDURXQGWKHVWDWHJLYLQJOHFWXUHVDQGGHPRQVWUDWLRQVDWRWKHULQVWLWXWLRQVDQG
HGXFDWLRQDOJDWKHULQJV ,QKRZHYHUH[WHQVLRQZRUNHIIRUWVZHUHVLJQLILFDQWO\ZLGHQHG
,QZKDWFRXOGEHFRQVLGHUHGWKHIRUHUXQQHURIWRGD\¶VRQOLQHGLVWDQFHOHDUQLQJFRXUVHV WKH
VFKRRO HVWDEOLVKHGWKH'HSDUWPHQWRI([WHQVLRQ:RUNDQGLQDXJXUDWHGWKHILUVWODUJHVFDOH
V\VWHPDWLFSURJUDPIRUKRPHVWXG\ FRUUHVSRQGHQFHFRXUVHVLQ9LUJLQLD 7KLVQHZSURJUDP
ZRXOGDOORZLQWHUHVWHGLQGLYLGXDOVWRWDNHFODVVHVWKURXJKWKHPDLOIUHHRIFKDUJH &HUWLILFDWHV
ZRXOGEHDZDUGHGIRUVXFFHVVIXOFRPSOHWLRQRIWKHFRXUVHDQGWKHILQDOH[DP
7KHSURJUDPKRZHYHUGUHZLQVXIILFLHQWLQWHUHVWDQGSURYHGDEXUGHQRQWKHIDFXOW\ ZKR
UHFHLYHGQRH[WUDSD\ ZKLOHKDYLQJWRPDLQWDLQWKHLUUHJXODUWHDFKLQJORDGVDQGZDV
GLVFRQWLQXHGDIWHURQO\DIHZ\HDUV
7KH%RDUGUHSRUWHGO\PHWIRUWKHILQDOWLPHRQFRPPHQFHPHQWGD\-XQHWRZUDSXSLWVDIIDLUV+RZHYHUWKH
ODVWPHHWLQJUHFRUGHGLQWKHPLQXWHVRIWKH%RDUGZDVIRU$SULOVHH %RDUGRI7UXVWHHV0LQXWHV
HQWU\GDWH$SULOSS7KHWHUPVRIWKHPHPEHUVH[SLUHGRQ-XQH³+DUULVRQEXUJ)LUP*HWV
&RQWUDFWIRU%XLOGLQJDW1RUPDO´ 'DLO\1HZV5HFRUG $SULO'LQJOHGLQH³2XU%RDUGRI7UXVWHHV´
7KH6FKRROPD¶DP 3UXIHU³5HSRUWDQG%\/DZV9LUJLQLD1RUPDO6FKRRO%RDUG-XO\VW ±
-DQXDU\VW´3HWHUVEXUJ9$9LUJLQLD1RUPDO6FKRRO%RDUG-DQXDU\LQ %XUUXVV-XOLDQ$
1HZV5HOHDVHV 9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\
+DUULVRQEXUJ9$
)DFXOW\0LQXWHV HQWU\GDWH)HEUXDU\SS³1RUPDO(QODUJHV([WHQVLRQ:RUN´>SDSHU
XQNQRZQ@'HFHPEHULQ 1HZV&OLSSLQJV)ROGHU'LQJOHGLQH 7KH1RUPDO
%XOOHWLQ QR1RYHPEHU -XOLDQ$%XUUXVV5HSRUWWRWKH9LUJLQLD1RUPDO6FKRRO%RDUG$SULO
SSLQ5HFRUGVRIWKH2IILFHRIWKH3UHVLGHQW-XOLDQ$%XUUXVV%R[)ROGHU
1RYHPEHU $%XGGLQJ6XIIUDJHWWH
:KHQKLVWRU\SURIHVVRU-RKQ::D\ODQGWRRNKLVFLYLFVFODVVRQDILHOGWULSWRWKHORFDO SROOLQJ
FHQWHURQ1RYHPEHU WRVHHILUVWKDQGWKHPHFKDQLFVRIYRWLQJZRPHQLQWKH8QLWHG
6WDWHVZHUHVWLOOVRPHVL[\HDUVDZD\IURPKDYLQJWKHULJKWWRYRWH
1RQHWKHOHVVRQH\RXQJODG\IURPWKHFODVVSHUKDSVWDNLQJWKHVSLULWRIWKHSURIHVVRU¶VEHOLHILQ
³OHDUQLQJE\GRLQJ´DOLWWOHIDUWKHUWKDQKHKDGLQWHQGHG³FDOPO\WRRNXSDEDOORW´ILOOHGLWRXW
³DQGZDVLQWKHDFWRISXWWLQJLWLQWRWKHER[ZKHQVKHZDVLQWHUUXSWHGE\WKHXQV\PSDWKHWLF
HOHFWLRQRIILFLDO´
7KLVEXGGLQJVXIIUDJHWWHUHSRUWHGO\³ZHQWDZD\PRUHGHWHUPLQHGWKDQHYHU´WRVRPHGD\ H[HUFLVH
WKHULJKWZKLFKVKHKDGMXVWEHHQGHQLHG
)HEUXDU\ $SSOLFDWLRQIRU6WXGHQW*RYHUQPHQW
7KURXJK\HDUVRIGHOLEHUDWLRQVDQGFRQIHUHQFHVEHWZHHQWKHIDFXOW\DQGWKHVWXGHQWERG\WKH
RULJLQDO+RQRU6\VWHPDGRSWHGGXULQJWKHILUVWVHVVLRQLQHYROYHGDQGHYHQWXDOO\
GHYHORSHGLQWRDEURDGHUV\VWHPRIVWXGHQWJRYHUQPHQW
'XULQJDWZRKRXUPHHWLQJRQ)HEUXDU\WKHIDFXOW\FRQVLGHUHGVOLJKWO\DPHQGHGDQGWKHQ
DSSURYHG WKHFRQVWLWXWLRQDQGE\ODZVIRUVHOIJRYHUQPHQWUHFHQWO\ VXEPLWWHGE\WKHVWXGHQW
ERG\
)HEUXDU\ 6WXGHQW*RYHUQPHQW,QDXJXUDWHG
2Q7KXUVGD\)HEUXDU\WKHILUVWVWXGHQWJRYHUQPHQWERG\WKH6WXGHQW$VVRFLDWLRQZDV
RIILFLDOO\FUHDWHG7KH6WXGHQW$VVRFLDWLRQ¶VSXUSRVHZDVWR³SUHVHUYHVWXGHQWKRQRU´ UHJXODWH
VWXGHQWFRQGXFW DQGHQIRUFHWKHLQVWLWXWLRQ¶VUHJXODWLRQV
$JQHVV6WULEOLQJKHDGRIWKH+RQRU&RPPLWWHHDQG6WXGHQW%RG\3UHVLGHQWZDVFKRVHQDVWKH
$VVRFLDWLRQ¶VILUVWSUHVLGHQW
%XUUXVV-XOLDQ$1HZV5HOHDVHV UHOHDVH GDWHG1RYHPEHUS9HUWLFDO)LOH6SHFLDO
&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
)DFXOW\0LQXWHV HQWU\GDWH)HEUXDU\S$FRS\RIWKHFRQVWLWXWLRQDQGE\ODZVLV
DYDLODEOHLQWKHFLWHGVRXUFH
:D\ODQG³6XQGU\,WHPV´'LQJOHGLQH³6WXGHQW*RYHUQPHQW´ 7KH6FKRROPD¶DPQS
-XQH +DUULVRQ+DOO)LUVW0HDOLQWKH1HZ/LEUDU\"
%\WKHVSULQJRIDIWHUPRUHWKDQD\HDURIFRQVWUXFWLRQZRUN PRVWRIWKH6WXGHQWV¶
%XLOGLQJ+DUULVRQ+DOOKDGEHHQFRPSOHWHGZLWKWKHQRWDEOHH[FHSWLRQRIWKHEXLOGLQJ¶V
SULPDU\IHDWXUHLWVGLQLQJKDOOIDFLOLWLHV
7KLVPHDQWWKDWZKHQDOXPQDHDQGJXHVWVJDWKHUHGLQWKHQHZEXLOGLQJIRUWKHDQQXDO$OXPQDH
$OXPQL$VVRFLDWLRQEDQTXHWRQWKHHYHQLQJEHIRUHJUDGXDWLRQWKH\DWHQRWLQWKHQHZGLQLQJ
KDOOEXWLQWKHQHZOLEUDU\URRPRQWKHILUVWIORRU
7KHGLQLQJKDOOZRXOGQRWEHXVHGIRULWVLQWHQGHGSXUSRVHXQWLOWKHIDOORI
$XJXVW +DUULVRQ+DOO1HZ/LEUDU\2IILFHVDQG$XGLWRULXP%XW1R'LQLQJ+DOO
:LWKWKHWZRPDLQIORRUVRIWKHQHZ6WXGHQWV¶%XLOGLQJ+DUULVRQ+DOOFRPSOHWHGWKHIRUPDO
RFFXSDWLRQRIWKHEXLOGLQJJRWXQGHUZD\LQ$XJXVW
1HZ/LEUDU\
2QWKHZHVWZLQJRIWKHILUVWIORRUZDVDODUJHURRPWKDWZRXOGVHUYHDVWKHVFKRRO¶VQHZOLEUDU\
7KHSUHYLRXVOLEUDU\IDFLOLWLHVORFDWHGLQDILUVWIORRUFODVVURRPLQ0DXU\6FLHQFH+DOOFRXOG
RQO\DFFRPPRGDWHIRUW\VWXGHQWVDQGKDGEHHQGHVFULEHGDV³LQDGHTXDWH´DVHDUO\DVWKHIDOORI
)XUWKHUVLQFHDOODYDLODEOHVKHOIVSDFHKDGEHHQILOOHGDQGWKHUHZHUHPDQ\
LQVWDQFHVZKHUHERRNVZHUHVKHOYHGXSWR WKUHHGHHS
7KHQHZOLEUDU\ZDVPRUHWKDQGRXEOHWKHVL]HRIWKHRULJLQDOPHDVXULQJDSSUR[LPDWHO\ ò¶
E\¶DQGKDGVHDWVIRUQLQHW\HLJKWVWXGHQWV,QFUHDVHGVKHOIVSDFHKHOSHGWRDOOHYLDWHWKH
RYHUFURZGHGFRQGLWLRQVDQGIDFLOLWDWHGWKHJURZWKRIWKHOLEUDU\¶VKROGLQJV%HWZHHQ$XJXVW
DQG$XJXVWMXVWDVWKHQHZVSDFHZDVILUVWEHLQJSXWWRXVHWKHOLEUDU\UHFRUGHGLWVODUJHVW
PRQWKO\LQFUHDVHLQQHZWLWOHVRIWKHILUVWIHZGHFDGHVZLWKWKHDGGLWLRQRIQHZERRNV7KH
WRWDOQXPEHURIYROXPHVLQWKHOLEUDU\DWWKHHQGRI$XJXVWZDVDSSUR[LPDWHO\
7KHOLEUDU\VWDIIFRQVLVWHGRIRQHIXOOWLPHOLEUDULDQ0DU\,%HOOZKRZDVDLGHGE\VHYHUDO
VWXGHQWDVVLVWDQWV
$FFRUGLQJWRWKHVFKRRO¶V0DUFKFDWDORJWKHEXLOGLQJZDV³MXVWEHLQJFRPSOHWHG´DWWKHWLPHLWZDVLVVXHG
6HH7KH1RUPDO%XOOHWLQ QR0DUFK 6HHDOVRWKHFRPPHQFHPHQWSURJUDPFDUGLQ
&RPPHQFHPHQW3URJUDPVZKLFKJLYHVWKHORFDWLRQRIWKHEDQTXHWDVWKHOLEUDU\³:D\ODQG
³6LJQLILFDQW,QFLGHQWV´PHQWLRQVWKHHYHQWEXWHUURQHRXVO\VWDWHVWKDWLWZDVKHOGLQWKHQHZGLQLQJKDOO
'LQJOHGLQH
7KHOLEUDU\¶VDFFHVVLRQERRNOLVWHGYROXPHV+RZHYHUGXHWRORVWRUZLWKGUDZQWLWOHVZKLFKZHUHQRW
PDUNHGLQWKHDFFHVVLRQERRNVWKHDFWXDOQXPEHURIERRNVLQWKHOLEUDU\ZDVOLNHO\VRPHWKLQJVOLJKWO\OHVVWKDQ
1RH[DFWFRXQWDSSHDUVWREH DYDLODEOHIRUWKLVWLPHIUDPH%DVHGRQDYDLODEOHHYLGHQWWKHUHZHUHSUREDEO\
WKUHHVWXGHQWDVVLVWDQWVDWWKHWLPH -XOLDQ%XUUXVV5HSRUWWRWKH9LUJLQLD1RUPDO6FKRRO%RDUG1RYHPEHU
SLQ5HFRUGVRIWKH2IILFHRIWKH3UHVLGHQW-XOLDQ$%XUUXVV%R[)ROGHU /LEUDU\
$FFHVVLRQ%RRNV Y3UXIHU6DPXHO3'XNH$QQXDO5HSRUWWRWKH6WDWH%RDUGRI(GXFDWLRQ
-XO\SLQ3UHVLGHQW¶V5HSRUWVWR6WDWH%RDUGRI(GXFDWLRQ%RDUGRI9LVLWRUV&ROOHFWLRQ35
%R[%LQGHU6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ
9$'LQJOHGLQH
2IILFHVDQG $XGLWRULXP%XW1R'LQLQJ+DOO
2QWKHHDVWZLQJZHUHVHYHUDODGPLQLVWUDWLYHRIILFHVLQFOXGLQJWKHSUHVLGHQW¶VRIILFHWKH
UHJLVWUDU¶VRIILFHWKHSRVWRIILFHDQGDIDFXOW\URRP
7KHHQWLUHVHFRQGIORRUZDVJLYHQRYHUWRDVLQJOHODUJHSDUWLWLRQDEOHURRP ZKLFKZRXOGVHUYH
DVWKHVFKRRO¶VGLQLQJKDOODVZHOODVLWVDXGLWRULXP
$OWKRXJKWKHGXDOXVHURRPZDVFRPSOHWHDQGZRXOGVHHXVHDVDQDXGLWRULXPLWZRXOGQRWEH
XVHGDVDGLQLQJKDOOXQWLOODWHEHFDXVHILQDQFLDOFRQVWUDLQWVGHOD\HGWKHFRQVWUXFWLRQRIWKH
DUFKZD\VHFWLRQEHKLQGWKHEXLOGLQJZKLFKZDVWRKRXVHWKHNLWFKHQDQGVWRUHURRPV
-DQXDU\ 7KH1RUPDO%XOOHWLQ0DJD]LQH1XPEHU
7KHVFKRRO¶VILUVWSXEOLFDWLRQZDVLWVFDWDORJ7KH1RUPDO%XOOHWLQLVVXHGLQ)HEUXDU\
6HYHQ\HDUVODWHULQ-DQXDU\WKHVFKRROEHJDQSXEOLFDWLRQRID0DJD]LQH1XPEHURI WKH
1RUPDO%XOOHWLQ
'LVWLQFWIURPWKHFDWDORJLVVXHVRI WKH%XOOHWLQWKLVQHZSXEOLFDWLRQZDVGHVLJQHGDVDQ
HGXFDWLRQDOTXDUWHUO\,WVFRQWHQWFRQVLVWHGSULPDULO\RIVFKRODUO\DUWLFOHVZULWWHQE\PHPEHUV
RIWKHIDFXOW\RWKHUHGXFDWRUVDQGRFFDVLRQDOO\VWXGHQWVRIWKHVFKRRODQGERRNDQGPDJD]LQH
UHYLHZV
$OVRWRKHOSIRUPHUVWXGHQWVNHHSLQWRXFKZLWKVFKRROKDSSHQLQJVLWIHDWXUHGVHFWLRQVRQ
VFKRROQHZVDQGDOXPQDHDFWLYLWLHV,WLVZRUWKQRWLQJWKDWWKLVIHDWXUHLQDGYHUWHQWO\SURGXFHGD
YHU\ULFKKLVWRULFDOUHFRUGRIWKHVFKRRO¶VHDUO\\HDUV
$VZLWKWKHFDWDORJLVVXHVRI 7KH1RUPDO%XOOHWLQ WKHPDJD]LQHQXPEHUVZHUHUHSODFHGLQ
E\ 7KH9LUJLQLD7HDFKHU
-DQXDU\-XQH 6KDNHVSHDUH<HDURIWKH3OD\ZULJKW
:KLOHVWXGHQWHQWKXVLDVPIRUWKHZRUNVRI:LOOLDP6KDNHVSHDUHKDGEHHQHYHUSUHVHQWVLQFHWKH
RSHQLQJRIWKHVFKRROLQQRSHULRGPDWFKHGWKDWRIWKHZLQWHUDQGVSULQJTXDUWHUVRI
,Q-DQXDU\WKH6WUDWIRUG3OD\HUV6WUDWIRUG/LWHUDU\6RFLHW\NLFNHGRIIWKH\HDU¶V6KDNHVSHDUH
IHVWLYLWLHVZLWK³6KDGHVRI6KDNHVSHDUH´DPRVDLFRIIDPRXV6KDNHVSHDUHFKDUDFWHUVLQWKHLU
-XOLDQ%XUUXVV5HSRUWWRWKH9LUJLQLD1RUPDO6FKRRO%RDUG'HFHPEHUS LQ 5HFRUGVRIWKH2IILFHRI
WKH3UHVLGHQW-XOLDQ$%XUUXVV%R[)ROGHU-XOLDQ%XUUXVV$QQXDO5HSRUWWRWKH9LUJLQLD
1RUPDO6FKRRO%RDUG-XQHSLQ5HFRUGVRIWKH2IILFHRIWKH3UHVLGHQW-XOLDQ$%XUUXVV
%R[)ROGHU'LQJOHGLQH
7KH1RUPDO%XOOHWLQ0DJD]LQH -DQXDU\ %XUUXVV-XOLDQ$1HZV5HOHDVHV UHOHDVH
GDWHG-DQXDU\'LQJOHGLQH
PRVWIDPRXVVFHQHV7ZRPRQWKVODWHULQ0DUFKWKHUHZDVDSURGXFWLRQRIWKHSOD\ 7KH
&RPHG\RI(UURUV
,Q$SULOVWXGHQWVREVHUYHGWKHDQQLYHUVDU\RI6KDNHVSHDUH¶VELUWKDQGEHJDQWDNLQJXSD
FROOHFWLRQWRUDLVHPRQH\WREX\DQGSODQWRQFDPSXV³DOOWKHVKUXEVDQGSODQWVPHQWLRQHGE\
6KDNHVSHDUHWKDWZHFDQUHDVRQDEO\KRSHWRFRD[WRJURZKHUH´
2Q0D\WKH6KDNHVSHDUHDQWURXSHWKH&REXUQ3OD\HUVPDGHWKHLUILQDODSSHDUDQFHDWWKH
VFKRROIDPHRQ %URDGZD\EHFNRQHGWKHPZLWKDQHYHQLQJSHUIRUPDQFHRI 5LFKDUG,,, LQWKH
VFKRRO¶VRSHQDLUWKHDWUH $WWKHHQGRIWKHPRQWKWKHVFKRROZDVKRPHWRDPDVVLYHWZRGD\
6KDNHVSHDUHSDJHDQWLQ UHFRJQLWLRQ RI WKHWK DQQLYHUVDU\RIWKHSOD\ZULJKW¶VGHDWK
2Q-XQHWKH6HQLRUFODVVSHUIRUPHG7KH:LQWHUV7DOHDVSDUWRIWKHFRPPHQFHPHQWH[HUFLVHV
7KH&ODVVRISUHVHQWHGWKHVFKRROZLWKDEXVWRI6KDNHVSHDUH7KHVWXGHQW\HDUERRNWKH
6FKRROPD¶DPZDVGHGLFDWHGWRWKHSOD\ZULJKW¶VVSLULWDQGLQFOXGHGDZKLPVLFDOILYHSDJH
³(QF\FORSHGLD6KDNHVSHDULDQD´$OVRWKHILUVWOHWWHURIHDFKHQWU\LQWKH\HDUERRN¶V WUDGLWLRQDO
FDOHQGDURIUHGOHWWHUGD\VZDVXVHGWRVSHOORXW:,//,$06+$.(63($5(
6KDNHVSHDUHZDVHYHU\ZKHUHWKDW\HDUDQGDV1DQF\+XIIRUG)XUURZ&ODVVRIODWHU
UHFDOOHG³ZHOLWHUDOO\DWHGUDQNDQGGUHDPHG6KDNHVSHDUHIRUPRQWKV´
)HEUXDU\ /LWWOH+HDW0XFK&ROG7KH%RLOHU%UHDNGRZQ
'XULQJWKHVHFRQGZHHNRI)HEUXDU\WKHVFKRRO¶VKHDWLQJSODQWZKLFKFRQVLVWHGRIWZR
VPDOOERLOHUVLQWKHEDVHPHQWRI 'RUPLWRU\1R$VKE\+DOOSDUWLDOO\IDLOHGDQGOHIWWKH
FDPSXVLQKDELWDQWVVKLYHULQJIRUDZHHN
2Q:HGQHVGD\HYHQLQJ)HEUXDU\RQHRIWKHERLOHUVKDGWREHVKXWGRZQGXHWRPHFKDQLFDO
SUREOHPV7KHQH[WGD\3UHVLGHQW%XUUXVVVHQWDQXUJHQWUHTXHVWIRUUHSDLUSDUWV7KHUHPDLQLQJ
ERLOHUPHDQZKLOHZDVEHLQJKHDYLO\WD[HGE\LWVORQHHIIRUWV WRKHDWWKHFDPSXV¶EXLOGLQJV
:KHQLWEHJDQWRVXFFXPERQ7KXUVGD\HYHQLQJ3UHVLGHQW%XUUXVVDQGDVFKRROHPSOR\HHKDG
WRVSHQGPRVWRIWKHQLJKWLQWKHERLOHUURRPWHQGLQJWRWKHVWUXJJOLQJPDFKLQHLQDQHIIRUWWR
NHHSLWUXQQLQJ7KH\ZHUHVXFFHVVIXOEXWRQ )ULGD\ WKHEXLOGLQJVZHUHVWLOOXQFRPIRUWDEO\
FROGIRUFLQJWKHHDUO\GLVPLVVDORIVRPHFODVVHV
2Q 6XQGD\ HYHQLQJWKHWKWKHUHZDVPRUHWURXEOHZLWKWKHERLOHUDV³DOHDNRIVRPH
FRQVHTXHQFH´KDGGHYHORSHG $JDLQ%XUUXVVDQGWKHHPSOR\HHVWD\HGZLWK WKHERLOHUPRVWRI
WKHHYHQLQJDQGDJDLQWKH\ZHUHVXFFHVVIXOLQNHHSLQJLWJRLQJ 0RQGD\DQG7XHVGD\KRZHYHU
VDZWKHZHDWKHUFRQVSLUHDJDLQVWWKHLUHIIRUWVE\WDNLQJDWXUQIRUWKHZRUVH
6QRZDQGLFHEODQNHWHGWKHFDPSXVDQGD1RUWKZLQGSXVKHGWHPSHUDWXUHVGRZQ WRWZRGHJUHHV
DERYH]HUR7KHEXLOGLQJVZHUHUHSRUWHGWREH³LQEDGVKDSHIRUKHDW´DQGWKHQXPEHURI
7KH1RUPDO%XOOHWLQ0DJD]LQH1XPEHU $SULO +XGVRQ %XUUXVV-XOLDQ$1HZV
5HOHDVHV UHOHDVHGDWHG$SULO 7KH6FKRROPD¶DP QS1DQF\+)XUURZTXRWHGLQ³/HWWHUVIURP
0&$OXPQDH´ LQ³0DGLVRQ&ROOHJHWK $QQLYHUVDU\(GLWLRQ´ 'DLO\1HZV5HFRUG 0DUFK
VWXGHQWVVXFFXPELQJWRWRQVLOOLWLVDQGFROGVZDVJURZLQJ &ODVVHVZHUHFXWVKRUWRQWKHWK DQG
FDQFHOOHGFRPSOHWHO\WKHQH[WGD\ZKHQDOODYDLODEOHKHDWZDVWUDQVIHUUHGWRWKHGRUPV
2QWKHWKWHPSHUDWXUHVEHJDQWRULVHDQGFODVVHVZHUHUHVXPHG7KHPXFK QHHGHGUHSDLUSDUWV
KRZHYHUVWLOOKDGQRWDUULYHG
0DUFK %DFKHORU¶V'HJUHHV$XWKRUL]HG
2QWKLVGDWHWKH9LUJLQLD*HQHUDO $VVHPEO\DXWKRUL]HGWKH6WDWH1RUPDO6FKRRO%RDUGWKH
VFKRRO¶VJRYHUQLQJERG\WRJUDQWGHJUHHVLQHGXFDWLRQ
7KH$VVHPEO\¶VDFWLRQUHSUHVHQWHGDPDMRUDFDGHPLFWXUQLQJSRLQWIRULWRSHQHGWKHGRRUIRUWKH
LQVWLWXWLRQ WRRIIHUIRUWKHILUVWWLPHLQLWVKLVWRU\DIRXU\HDUGHJUHH± WKH%DFKHORURI6FLHQFHLQ
(GXFDWLRQ3UHYLRXVO\RQO\WZR\HDUGLSORPDVDQGFHUWLILFDWHVIRUFRPSOHWLRQRIWKHYDULRXV
FRXUVHVRIVWXG\ZKLFKFRQVLVWHGODUJHO\RIKLJKVFKRROOHYHOZRUNFRXOGEHRIIHUHG
$OWKRXJKWKHRSWLRQWRDZDUGGHJUHHVKDGEHHQPDGHDYDLODEOHLWZDVRQO\WKHILUVWVWHS7KH
0D\LVVXHRIWKHVFKRRO¶VFDWDORJDQQRXQFHGWKHDXWKRUL]DWLRQEXWDOVRVWDWHGWKDW
SURYLVLRQIRUWKHGHJUHHZRXOGEHPDGH³DVVRRQDVWKHGHPDQGVHHPVWRMXVWLI\LW´7KXVWKH
%6GHJUHHZRXOGQRWEHFRPHSDUWRIWKHFXUULFXOXPXQWLOWKHVFKRRO\HDU
0D\ )LUVW$FDGHPLF&RVWXPH:RUQ‡6SRWVZRRG+DOO*URXQGEUHDNLQJ
)LUVW$FDGHPLF&RVWXPH:RUQ
2Q:HGQHVGD\PRUQLQJWKHHQWLUHVWXGHQWERG\GUHVVHGLQZKLWHGUHVVHVJDWKHUHGLQWKH
DXGLWRULXPRI WKH6WXGHQWV¶%XLOGLQJ+DUULVRQ+DOO $IWHUPXVLFDQGVRQJWKHIDXOW\PDUFKHG
LQWRWKHDXGLWRULXPZHDULQJIXOODFDGHPLFFRVWXPH±FDSVJRZQVDQGKRRGV
+DYLQJGHFLGHGVHYHUDOZHHNVHDUOLHUWREHJLQZHDULQJWKHFRVWXPHIRUFRPPHQFHPHQWDQGRWKHU
VSHFLDORFFDVLRQVWKLVZDVWKHILUVWWLPHWKHIDFXOW\KDGGRQQHGWKHLUDFDGHPLFUHJDOLD
)ROORZLQJEULHIFKDSHOH[HUFLVHVDSURFHVVLRQZDVIRUPHG
7KHKHDWLQJSODQWIDLOXUHLVFKURQLFOHGLQVHYHUDOOHWWHUVZULWWHQE\3UHVLGHQW-XOLDQ%XUUXVVWR5LFKDUG%'DYLV
&KDLUPDQRIWKH9LUJLQLD1RUPDO6FKRRO%RDUGGXULQJWKHFULVLV,QWKHPKHUHODWHVHYHQWVDWWKHVFKRROEXWDOVR
XVHVWKHSUREOHPWRGHPRQVWUDWHWKHQHHGIRUDQXSJUDGHGKHDWLQJSODQWVRPHWKLQJ%XUUXVVKDGEHHQVHHNLQJIRU
VRPHWLPH6HHOHWWHUVGDWHGDQG)HEUXDU\ LQ5HFRUGVRIWKH2IILFHRIWKH3UHVLGHQW-XOLDQ$
%XUUXVV%R[)ROGHU $EULHIPHQWLRQRIWKHSUREOHPZDVPDGHGXULQJDIDFXOW\PHHWLQJVHH
)DFXOW\0LQXWHV HQWU\GDWHG)HEUXDU\S&KDSSHOHDUJLYHVWKHKHDWLQJSODQW¶V
ORFDWLRQGXULQJWKLVSHULRGDVWKHEDVHPHQWRI$VKE\+DOO
³&KDSWHU$Q$FWWR$PHQGDQG5HHQDFW6HFWLRQRIWKH$FWRIWKH*HQHUDO$VVHPEO\HQWLWOHG$Q$FWWR
&UHDWHWKH9LUJLQLD1RUPDO6FKRRO%RDUG´0DUFKLQ$FWVDQG-RLQW5HVROXWLRQVRIWKH*HQHUDO
$VVHPEO\RIWKH6WDWHRI9LUJLQLD6HVVLRQ:KLFK&RPPHQFHGDWWKH6WDWH&DSLWDORQ-DQXDU\ 5LFKPRQG'LQJOHGLQH7KH1RUPDO%XOOHWLQ QR0D\
6SRWVZRRG+DOO*URXQGEUHDNLQJ
7KHSURFHVVLRQOHGE\3UHVLGHQW%XUUXVVDQGWKHIDFXOW\ZLWKVWXGHQWVIROORZLQJLQFODVVRUGHU
PDUFKHGIURP +DUULVRQDFURVVWKHFDPSXVWRDVLWHGLUHFWO\RSSRVLWHRI'RUPLWRU\1R$VKE\
+DOO
+HUHZLWKDVZLQJRIWKHSLFN6HQLRU&ODVV3UHVLGHQW(OL]DEHWK*UHDYHVEURNHJURXQGIRUWKH
VFKRRO¶VVL[WKEXLOGLQJ'RUPLWRU\1RQRZ6SRWVZRRG+DOO7KHILUVWVKRYHOIXORIGLUWZDV
WKHQOLIWHGRXWE\6HQLRU&ODVV9LFH3UHVLGHQW(VWKHU+XEEDUG7KHGLJJLQJFRQWLQXHGDV
*UHDYHVDQG+XEEDUGZHUHIROORZHGILUVWE\RWKHUFODVVRIILFHUVDQGWKHQPHPEHUVRIWKH
IDFXOW\
$PRQWKODWHUWKHEXLOGLQJ¶VFRUQHUVWRQHZDVODLGDQGE\WKHVSULQJTXDUWHURILWZDVUHDG\
IRURFFXSDQF\
0D\ 6KDNHVSHDUH3DJHDQW
)RUWZRGD\VLQ0D\WKHFDPSXVZDVKRPHWRZKDWWKHORFDOSDSHUGHVFULEHGDVD
³PDJQLILFHQW´6KDNHVSHDUHDQIHVWLYDO FRPPHPRUDWLQJWKHWK DQQLYHUVDU\RIWKHSOD\ZULJKW¶V
GHDWK
,QWKHDIWHUQRRQRI7KXUVGD\0D\ORFDOVFKRROFKLOGUHQSHUIRUPHGVNHWFKHVDQGVFHQHVRI
:LOOLDP6KDNHVSHDUH¶VSOD\VLQWKHFDPSXV¶RSHQDLUDXGLWRULXPQRORQJHULQH[LVWHQFHEHKLQG
6FLHQFH0DXU\+DOO 7KLVZDVIROORZHGE\WKH0D\'D\FHOHEUDWLRQVZKLFKLQFOXGHGWKH
PD\SROHGDQFHPRUHSOD\VFRXQWU\GDQFHVIRONVRQJVDQGJDPHVIURPWKH(OL]DEHWKDQSHULRG
$URXQGSPWKHHYHQW¶VSDUWLFLSDQWVJDWKHUHGIRUDJURXSSKRWRZKLFKFRQVLVWHGRIRYHU
FRVWXPHGLQGLYLGXDOV
$IWHUWKHSKRWRJUDSKDJUDQGSURFHVVLRQRIEHWZHHQWRSHRSOHPRVWGUHVVHGLQSHULRG
FRVWXPHZDVIRUPHG7KHSDUDGHOHIWWKHJDWHVRI WKH1RUPDO6FKRRODQGKHDGHGGRZQWRZQ WR
&RXUW6TXDUH6WUHWFKLQJRYHUKDOIDPLOHWKHSURFHVVLRQPHUULO\PDGHLWVZD\DORQJ0DLQ
6WUHHWZKLFKZDVOLQHGZLWKFDUVFDUULDJHVDQGKXQGUHGVRIRQORRNHUV
2QWKHWKWKHVWXGHQWVRI WKH1RUPDO6FKRROKHOGWKHILQDOGD\RISDJHDQWU\'UHVVHGLQ
FRVWXPHVPDGHE\WKHVHZLQJFODVVHDFKFODVVDQGWKHWKUHHOLWHUDU\VRFLHWLHVSHUIRUPHG
DEULGJHGYHUVLRQVRIVHOHFWHG6KDNHVSHDUHSOD\VLQWKHRXWGRRUDXGLWRULXP6HOHFWLRQVLQFOXGHG
-XOLXV&DHVDU0HUFKDQWRI9HQLFHDQG0LGVXPPHU1LJKW¶V'UHDP3HUIRUPDQFHVZHUH
LQWHUVSHUVHGZLWKGDQFHVEDOODGVDQGJDPHV
'XULQJWKHWZRGD\HYHQWIDPRXV6KDNHVSHDUHFKDUDFWHUVVXFKDV5RPHRDQG-XOLHW4XHHQ
(OL]DEHWKDQG+DPOHWURDPHGWKHFDPSXV7KHUHZHUHDOVRVSHFLDOIHDWXUHVDQ(OL]DEHWKDQWHD
'LQJOHGLQHVWDWHVWKDW6SRWVZRRGZDVWKHILIWKPDMRUEXLOGLQJHUHFWHGRQFDPSXV+HDSSDUHQWO\ZDVQRW
FRXQWLQJ+LOOFUHVWDPRQJWKHPDMRUEXLOGLQJV 7KH1RUPDO%XOOHWLQ0DJD]LQH1XPEHU-XO\ %XUUXVV
-XOLDQ$1HZV5HOHDVHV QHZVUHOHDVHVGDWHG DQG 0D\:D\ODQG³6XQGU\,WHPV´
:D\ODQG/HWWHUWR3UHVLGHQW'XNH 'LQJOHGLQH
ZKLFKNLFNHGRIIWKHIHVWLYLWLHVZDVJLYHQE\VWXGHQWVRIWKH+RXVHKROG$UWVGHSDUWPHQWZKR
ZHUH³GUHVVHGLQTXDLQWLQQPDLGFRVWXPHV´ DQDUFKHU\UDQJHLQKDELWHGE\5RELQ+RRGDQGKLV
PHUU\PHQDQGD6KDNHVSHDUHDQHUDIHDVWSUHSDUHGE\WKHVFKRRO¶VFRRNLQJFODVV
6RPHSHRSOHSDUWLFLSDWHGLQWKHYDULRXVSOD\VDQGUHSUHVHQWDWLRQVZKLOHRYHUSHRSOH
IURP+DUULVRQEXUJDQGWKHVXUURXQGLQJFRXQWLHVUHSRUWHGO\DWWHQGHGWKLV³IDVFLQDWLQJDQG
LQVSLULQJ´HYHQW
-XQH 6HYHQWK<HDU&RPPHQFHPHQW3URJUDP%HJLQV
&RPPHQFHPHQWH[HUFLVHVIRUWKH\HDU ZHUHUHIOHFWLYHRIWKHH[WHQGHGQDWXUHRIWKH
HYHQWGXULQJWKHVFKRRO¶VHDUO\\HDUV
&RPPHQFHPHQWEHJDQRQ)ULGD\HYHQLQJ-XQHZLWKWKHSUHVHQWDWLRQRID6HQLRU&ODVVSOD\
6KDNHVSHDUH¶V7KH:LQWHU¶V7DOH 2Q6DWXUGD\WKHUHZDVDWHQQLVWRXUQDPHQWLQWKHPRUQLQJ
IROORZHGE\DPXVLFUHFLWDOLQWKHHYHQLQJ$WDPRQ6XQGD\PRUQLQJ-XQHWKHVWXGHQWV
DQGIDFXOW\JDWKHUHGDWWKHORFDO0HWKRGLVWFKXUFK IRUWKHWUDGLWLRQDOFRPPHQFHPHQWVHUPRQ
2Q0RQGD\IURP WR SPVWXGHQWZRUN ZDVH[KLELWHGLQ 6FLHQFH0DXU\+DOO
-XQH 6SRWVZRRG+DOO/D\LQJRIWKH&RUQHUVWRQH
&RUQHUVWRQHOD\LQJFHUHPRQLHVIRUWKHVFKRRO¶VWKLUGUHVLGHQFHKDOO'RUPLWRU\1R
6SRWVZRRG+DOOZHUHLQFRUSRUDWHGLQWRWKH\HDU¶VFRPPHQFHPHQWH[HUFLVHV
$WSPRQ0RQGD\WKHGD\EHIRUHJUDGXDWLRQWKHFRUQHUVWRQHZDVODLGZLWKIXOO0DVRQLFULWHV
E\WKH5RFNLQJKDP8QLRQ/RGJH1R$)$0)DFXOW\LQFDSVDQGJRZQVVWXGHQWVLQ
ZKLWHGUHVVHVQXPHURXVDOXPQDHVRPH0DVRQVIURPDURXQGWKH9DOOH\DVZHOODVDODUJH
FURZGRIORFDOFLWL]HQVZHUHSUHVHQWIRUWKHHYHQW
7KHEXLOGLQJZRXOGEHUHDG\IRUXVHLQVSULQJ
-XQH )LUVW*UDGXDWLRQ&RPPHQFHPHQW+HOGRQ&DPSXV
$WSPDSURFHVVLRQRIIDFXOW\DQGVWXGHQWVIRUPHGEHWZHHQ6FLHQFH0DXU\+DOODQG
+LOOFUHVWDQGPDUFKHGDFURVVFDPSXVWRWKH6WXGHQWV¶%XLOGLQJ+DUULVRQ+DOO+HUHWKHILQDO
JUDGXDWLRQH[HUFLVHVWRRNSODFHLQWKHVFKRRO¶VQHZPRUHVSDFLRXVDXGLWRULXPZKLFKKDGRSHQHG
WKHSUHYLRXVVXPPHU
$FRS\RIWKH6KDNHVSHDUH3DJHDQWHYHQWSURJUDPLVDYDLODEOHLQ'UDPD&ODVVDQG2WKHU6WXGHQW3OD\V
9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$ 6HHDOVRWKH
GHGLFDWLRQSDJHDQG³6KDNHVSHDUH3DJHDQW´LQ7KH6FKRROPD¶DPQS³6KDNHVSHDUH3DJHDQW´7KH
6FKRROPD¶DP QS³7KRXVDQGV-RLQLQ'RLQJ+RQRUWR6KDNHVSHDUH´ 'DLO\1HZV5HFRUG 0D\
³%ULOOLDQW6FHQHVDW3DJHDQW¶V(QG´ 'DLO\1HZV5HFRUG 0D\)DFXOW\0LQXWHV HQWU\GDWH
0D\S 7KH1RUPDO%XOOHWLQ QR-XO\:D\ODQG³6XQGU\,WHPV´ %XUUXVV-XOLDQ$
1HZV5HOHDVHV UHOHDVHGDWHG-XQH'LQJOHGLQH
&RPPHQFHPHQW3URJUDPV
&RPPHQFHPHQW3URJUDPV³/D\&RUQHUVWRQH$W6WDWH 1RUPDO´ 'DLO\1HZV5HFRUG -XQH
)ROORZLQJWKHPDLQDGGUHVVE\5HYHUHQG'-2¶&RQQHOO''RIWKH&DWKROLFGLRFHVHRI
5LFKPRQG3UHVLGHQW%XUUXVVSUHVHQWHGGLSORPDVWRWKHVL[W\HLJKWJUDGXDWHV
7KLVZDVWKHILUVWWLPHWKDWWKHJUDGXDWLRQFHUHPRQ\KDGEHHQFRQGXFWHGRQWKHVFKRROJURXQGV
)RUWKHILUVWVHYHUDO\HDUVJUDGXDWLRQZDVKHOGLQ$VVHPEO\+DOODWWKH+DUULVRQEXUJFRXUWKRXVH
,QWKHH[HUFLVHVZHUHPRYHGWRWKH1HZ9LUJLQLD7KHDWUHGRZQWRZQZKLFKKDGRSHQHGLQ
-DQXDU\
2FWREHU 7KH%LUWKRI$1DWLRQ
6LQFHWKHRSHQLQJRIWKHVFKRROFRQVLVWHQWHIIRUWVKDGEHHQPDGHE\WKHIDFXOW\WRH[SRVH
VWXGHQWVWRDZLGHUDQJHRIHQWHUWDLQPHQWVDQGDFWLYLWLHVVXFKDVOHFWXUHVFRQFHUWVSOD\VDQG
ILOPV6RZKHQWKHRSSRUWXQLW\SUHVHQWHGLWVHOILQ2FWREHUIRUWKHVWXGHQWVWRYLHZIUHHRI
FKDUJHWKHODWHVWLQJUDQGFLQHPDWLFHQWHUWDLQPHQWSODQVZHUHPDGH
2Q6DWXUGD\DIWHUQRRQ2FWREHUWKHHQWLUHVFKRROPDUFKHGGRZQWRZQWRWKH1HZ9LUJLQLD
7KHDWUHWRDWWHQGDPDWLQHHVKRZLQJRIDILOP3UHVLGHQW:LOVRQKDGFDOOHG³KLVWRU\ZULWZLWK
OLJKWQLQJ´±':*ULIILWK
V7KH%LUWKRID1DWLRQ
1RYHPEHU +DUULVRQ+DOO'LQLQJ+DOO2SHQV
0RUHWKDQWZR\HDUVDIWHUZRUNRQWKH6WXGHQWV¶%XLOGLQJ+DUULVRQ+DOOKDGEHJXQWKH
EXLOGLQJ¶VSULPDU\FRPSRQHQW± WKHGLQLQJKDOO ±ZDVILQDOO\UHDG\IRUXVH
7KHPDMRUVHFWLRQVRIWKHEXLOGLQJWKRVHKRXVLQJWKHOLEUDU\RIILFHVDQGWKHGLQLQJKDOO
DXGLWRULXPKDGEHHQFRPSOHWHGDQGSXWWRXVHWKHSUHYLRXVVXPPHU/DFNRIIXQGVKRZHYHU
KDGGHOD\HGFRPSOHWLRQRI WKHDUFKZD\VHFWLRQEHKLQGWKHEXLOGLQJFDOOHGWKHVHUYLFHEXLOGLQJDW
WKHWLPHZKLFKZDVWRKRXVHWKHNLWFKHQDQGVWRUHURRPV7KLVLQWXUQSRVWSRQHGXVDJHRIWKH
GLQLQJKDOO
,WZDVQRWXQWLOHDUO\1RYHPEHUWKDWWKHVHUYLFHEXLOGLQJZDVFRPSOHWHHQRXJKWRDOORZWKH
GLQLQJKDOODQGNLWFKHQHTXLSPHQWWREHPRYHGIURPWKHEDVHPHQWRI'RUPLWRU\1R-DFNVRQ
+DOO$IWHUWKHPRYHZDVFRPSOHWHGWKHQHZGLQLQJKDOOODWHUFDOOHGWKH%OXHVWRQH'LQLQJ
+DOORSHQHGIRUXVHRQ:HGQHVGD\1RYHPEHU
$OWKRXJKWKHPDLQEXLOGLQJDQGLWVDUFKZD\ZHUHODUJHO\FRPSOHWHDQGIXQFWLRQDODWWKLVSRLQW
FRQVWUXFWLRQRIFHUWDLQVHFWLRQVRIERWKZRXOGFRQWLQXHXQWLOWKHVSULQJRI7KHFRVWRIWKH
EXLOGLQJZDVDSSUR[LPDWHO\
$GGLWLRQVWRWKHUHDURI+DUULVRQ ZHUHPDGHLQDQG
&RPPHQFHPHQW3URJUDPV'LQJOHGLQH:D\ODQG³6XQGU\,WHPV´³1RUPDO)LQDOV&RPHWR
&ORVH´'DLO\1HZV5HFRUG -XQH ³)LIWHHQ+XQGUHG3HRSOH3UHVHQWRQ2SHQLQJ'D\RI1HZ 9LUJLQLD
7KHDWUH´'DLO\1HZV5HFRUG-DQXDU\
)DFXOW\0LQXWHVHQWU\GDWH2FWREHUS 7KH1RUPDO%XOOHWLQ QR0D\
7KH1RUPDO%XOOHWLQ0DJD]LQH1XPEHU2FWREHU'LQJOHGLQH
7KHFRQWUDFWIRUWKHEXLOGLQJKDGEHHQDZDUGHGRQ$SULO6HH %RDUGRI7UXVWHHV0LQXWHV
HQWU\GDWH$SULOSSDQG³+DUULVRQEXUJ)LUP*HWV&RQWUDFWIRU%XLOGLQJDW1RUPDO´ 'DLO\1HZV
'HFHPEHU )LUVW)DFXOW\'HDWK
2Q7XHVGD\HYHQLQJ'HFHPEHUIDFXOW\PHPEHU$QQLH9&OHYHODQGSDVVHGDZD\ DW
5RFNLQJKDP0HPRULDO+RVSLWDO6KHZDVVL[W\HLJKW\HDUVROG
&OHYHODQGZDVDPHPEHURIWKHRULJLQDOIDFXOW\KDYLQJEHHQWKHODVWRQHKLUHGEHIRUHWKHVFKRRO
RSHQHGLQ 6HSWHPEHU )RUVHYHQ\HDUVVKHVHUYHGDVDQDVVLVWDQWLQ ERWK (QJOLVKDQG
)RUHLJQ/DQJXDJHV)UHQFK
³0LVV$QQLH´DVVKHZDVRIWHQFDOOHGZDVPXFKORYHGE\WKHVWXGHQWVDQGWKHIDFXOW\6KHZDV
GHVFULEHGDVDZRPHQRI³VZHHWVLQFHULW\NLQGO\KXPRUDQGJHQWOHFRXUWHV\´LQWKHVFKRRO
\HDUERRNZKLFKZDVGHGLFDWHGWRKHU,QWKHVFKRRO¶V&RWWDJH WKHRULJLQDO1HZPDQ
IDUPKRXVHZDVUHQDPHG&OHYHODQG&RWWDJHLQKHUKRQRU
$QQLHZDVRQHRIWKUHH&OHYHODQG¶VRQWKH RULJLQDOIDFXOW\URVWHU7KHUHZDVDOVRKHU\RXQJHU
VLVWHU (OL]DEHWK3&OHYHODQGZKRWDXJKW(QJOLVKDQGOLWHUDWXUHDQGIRUZKRP&OHYHODQG+DOOLV
QDPHGDQGWKHLUFRXVLQ/LGD&OHYHODQGZKRZDVWKHVFKRRO¶VILUVWPXVLFLQVWUXFWRU )RUWKH
ILUVW\HDUWKHVFKRROZDVRSHQWKHWKUHHODGLHVOLYHGWRJHWKHULQWKH&RWWDJH $QQLHKRZHYHU
UHVLGHGWKHUHXQWLOKHUGHDWK
$PHPRULDOVHUYLFHZDVKHOGRQ6XQGD\DIWHUQRRQ-DQXDU\LQWKHVFKRRO
DXGLWRULXP
-DQXDU\ -RDQRI$UF³$Q,QVSLUDWLRQWR$OO:RPDQNLQG´
'XULQJDVSHFLDO 6DWXUGD\PRUQLQJDVVHPEO\LQ WKH6WXGHQWV¶%XLOGLQJQRZ+DUULVRQ+DOO
3UHVLGHQWDQG0UV%XUUXVVSUHVHQWHGWKHVFKRROZLWKDVWDWXWHRIWKH)UHQFKKHURLQH-RDQRI
$UF
7KHOLIHVL]HVWDWXHDSODVWHUFDVWRIDQPDUEOHVWDWXHE\VFXOSWRU+HQUL&KDSXGHSLFWV-RDQ
GUHVVHGLQVLPSOHSHDVDQWJDUEVLWWLQJGHPXUHO\ZLWKKDQGVFODVSHGWLOWLQJKHUKHDGXSZDUG
OLVWHQLQJWRWKHGLYLQHYRLFHVRIWKHVDLQWVWKDWZRXOGVRRQFRPSHOKHUWRWDNHXSDUPVWRVDYH
)UDQFH
5HFRUG $SULO7KHEDVHPHQWRI+DUULVRQZDVFRPSOHWHGE\PLG$SULODQGWKHVHFRQGIORRURIWKH
VHUYLFHEXLOGLQJRUDUFKZD\ZDVILQLVKHGVRRQDIWHU-XOLDQ$%XUUXVV5HSRUWWRWKH([HFXWLYH&RPPLWWHHRIWKH
9LUJLQLD1RUPDO6FKRRO%RDUG2FWREHUS6HHDOVRWKHIROORZLQJUHSRUWVE\3UHVLGHQW%XUUXVVWRWKH
9LUJLQLD1RUPDO6FKRRO%RDUG-DQXDU\S-XQHSDQG$SULOSLQ 5HFRUGVRIWKH
2IILFHRIWKH3UHVLGHQW-XOLDQ$%XUUXVV%R[)ROGHU ³6FKHGXOHRI%XLOGLQJVDQG&RVWRI6DPH
DW0DGLVRQ&ROOHJH+DUULVRQEXUJ9$´'LQJOHGLQH
'LQJOHGLQH³0LVV$QQLH&OHYHODQG'LHV´ 'DLO\1HZV5HFRUG'HFHPEHU³0HPRULDODW
1RUPDO´'DLO\1HZV5HFRUG-DQXDU\ 7KH6FKRROPD¶DP ³0HPRULDO([HUFLVHVLQ+RQRURI0LVV
$QQLH9&OHYHODQG´ 7KH1RUPDO%XOOHWLQ0DJD]LQH1XPEHU$SULO0HPRULDO6HUYLFHSURJUDP
DYDLODEOHLQ )DFXOW\0LQXWHVHQWU\GDWH-DQXDU\S
7KHVWDWXHZDVDILWWLQJDQGWLPHO\JLIWEHLQJJLYHQWRDQDOOIHPDOHVFKRROZKRVHFRXQWU\ZRXOG
VRRQEHSOXQJHGLQWRZDULQ(XURSH,QKLVSUHVHQWDWLRQVSHHFK3UHVLGHQW%XUUXVVVWDWHGKLV
LQWHQWWKDWWKHVWDWXH³VKRXOGVHUYHWRLQVSLUHHYHU\\RXQJZRPDQZKRVHHVLWZLWKIDLWKDQG
KRSHDQGFRXUDJH´ -RDQZDVSODFHGSURPLQHQWO\LQ+DUULVRQ+DOO¶VIR\HUZKHUHVKHFRXOGEH
VHHQE\DOO
'XULQJWKHQH[WIHZ\HDUV-RDQZRXOGEHFRPHDQ LPSRUWDQWLFRQWRPDQ\VWXGHQWVEXWRYHUWLPH
VKHZRXOGEHODUJHO\IRUJRWWHQ%\WKHHDUO\VHYHQWLHV-RDQKDGIDOOHQYLFWLPWRVWXGHQWJUDIILWL
DJLQJDQGJHQHUDOQHJOHFWDQGIRXQGKHUVHOIVWXIIHGDZD\LQVWRUDJH,QVKHZDVDOPRVW
VROGDWDXFWLRQ
)RUWXQDWHO\UHVWRUDWLRQHIIRUWVLQUHYLYHGWKHVWDWXHWRLWVRULJLQDOVSOHQGRUDQGWRGD\ -RDQ
UHVLGHVTXLHWO\ RQWKHILUVWIORRURI&DUULHU/LEUDU\JUDFLQJWKHEXLOGLQJ¶VRULJLQDOOREE\ ZLWKD
WRXFKRIWKHSDVW
)HEUXDU\ 7KH6PLWK+XJKHV$FWDQG+RPH(FRQRPLFV
,Q&RQJUHVVSDVVHGWKH6PLWK+XJKHV9RFDWLRQDO(GXFDWLRQ$FWWRSURYLGHIHGHUDOIXQGV
IRUWKHDGYDQFHPHQWRIHGXFDWLRQLQKRPHHFRQRPLFVDJULFXOWXUHDQGWUDGHVDOORIZKLFKZHUH
WKHQGHHPHGDVHVVHQWLDOFRPSRQHQWVRIDJRRGSXEOLFVFKRROHGXFDWLRQIRUZRPHQ
7KH+DUULVRQEXUJ1RUPDO6FKRRO +16 ZDVDSLRQHHULQWKHDUHDRIKRPHHFRQRPLFVEHLQJ
RQHRIWKHILUVWVFKRRO¶VLQ9LUJLQLDWRHPSKDVL]HDKRPHHFRQRPLFVHGXFDWLRQ7KHVFKRROKDG
EHHQRIIHULQJDWZR\HDUFRXUVHLQ +RXVHKROG$UWVZKLFKEHFDPH+RPH(FRQRPLFVLQ
VLQFHLWRSHQHGLQ%HJLQQLQJZLWKWKHVFKRRO\HDUDIRXU\HDUGHJUHHFRXUVHLQ
+RPH(FRQRPLFVZDVEHJXQDQGLQ HDUO\ WKHVFKRRORSHQHGWKHILUVW+RPH(FRQRPLFV
SUDFWLFHKRXVHLQWKHVWDWH
,QDVDUHVXOWRIWKHVWURQJSURJUDPWKDWKDGEHHQGHYHORSHG+16ZDVVHOHFWHGDVRQHRI
RQO\WZRLQVWLWXWLRQVLQ9LUJLQLDWKHRWKHUEHLQJ:LOOLDPDQG0DU\LQ:LOOLDPVEXUJWRUHFHLYH
6PLWK+XJKHVIXQGVWRWUDLQWHDFKHUVDQGVXSHUYLVRUVRIKRPHHFRQRPLFV
5HFHLSWRIWKHVHIXQGVZKLFKEHJDQDUULYLQJE\-XO\ZRXOGFRQWULEXWHWRWKHFRQWLQXHG
JURZWKRIWKH+RPH(FRQRPLFVGHSDUWPHQWDWWKHVFKRROKHOSLQJWRFUHDWHRQHRIWKHEHVW
SURJUDPVLQWKH6RXWK
7KH1RUPDO%XOOHWLQ0DJD]LQH1XPEHU $SULO:D\ODQG/HWWHUWR3UHVLGHQW'XNHS7KH
6FKRROPD¶DP 'LQJOHGLQH³1RUPDO1RWHV´'DLO\1HZV5HFRUG0D\)RUDQLFHV\QRSVLVRI
WKHVWDWXHDQGLWVOLIHDW-08VHH$XJXVW6PLWK³-RDQRI$UF´-08 &HQWHQQLDO&HOHEUDWLRQ:HEVLWH
KWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQMRDQVKWPO!>0D\@
,Q2FWREHU3UHVLGHQW%XUUXVVSUHVHQWHGDFRPSUHKHQVLYHDUJXPHQWLQIDYRURIWKHVFKRROUHFHLYLQJ6PLWK
+XJKHVIXQGVWRWKH9LUJLQLD1RUPDO6FKRRO%RDUG 6HH-XOLDQ$%XUUXVV/HWWHUWRWKH9LUJLQLD1RUPDO6FKRRO
%RDUG2FWREHULQ5HFRUGVRIWKH2IILFHRIWKH3UHVLGHQW-XOLDQ$%XUUXVV%R[)ROGHU
$FFRUGLQJWRILQDQFLDOVWDWHPHQWVFRQWDLQHGZLWKLQDUHSRUWE\3UHVLGHQW%XUUXVVWKHILUVWDPRXQWUHFHLYHGXQGHUWKH
$FWZDV6HH-XOLDQ$ %XUUXVV5HSRUWWRWKH9LUJLQLD1RUPDO6FKRRO%RDUG-XO\LQ3UHVLGHQW¶V
5HSRUWVWR%RDUGRI7UXVWHHV9LUJLQLD1RUPDO6FKRRO%RDUG%RDUGRI9LVLWRUV&ROOHFWLRQ 35
%R[%LQGHU6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
0DUFK 6SRWVZRRG+DOO5HDG\IRU2FFXSDQF\
%\WKHWLPHWKHVSULQJTXDUWHUEHJDQRQ0DUFKWKHVFKRRO¶VVL[WKEXLOGLQJ'RUPLWRU\
1R6SRWVZRRG+DOOZDVUHDG\IRU RFFXSDQF\7KHQHZGRUPLWRU\KDGWKLUW\HLJKWVWXGHQW
EHGURRPVDQGRQHURRPIRUWKHFKDSHURQH 7KHUHZDVDOVRWKHVWDQGDUGUHFHSWLRQURRP
/RFDWHGGLUHFWO\DFURVVWKH4XDGIURP'RUPLWRU\1R$VKE\+DOOWKHEXLOGLQJKDGEHHQ
FRQVWUXFWHGE\WKHVDPHORFDOILUPWKDWKDGEXLOWWKHVFKRRO¶VRWKHUEXLOGLQJV:0%XFKHU
6RQ0DQ\RI WKHVWRQHVXVHGLQLWVFRQVWUXFWLRQZHUHTXDUULHGRQFDPSXVRQO\DVKRUWGLVWDQFH
DFURVVWKH4XDG %\WKHWLPHLWZDVFRPSOHWHGDQGIXUQLVKHGFRVWVKDGVOLJKWO\H[FHHGHG
1DPHGLQ-XQHIRU$OH[DQGHU6SRWVZRRGWKHFRORQLDO*RYHUQRURI9LUJLQLDZKROHGWKH
ILUVW(QJOLVKH[SHGLWLRQLQWRWKH6KHQDQGRDK9DOOH\6SRWVZRRG+DOOZDVWKHILUVWEXLOGLQJWREH
FRQVWUXFWHG RQWKHQRUWKVLGHRIWKH4XDG,WZDVDOVRWKHODVWPDMRUEXLOGLQJWREHFRQVWUXFWHG
XQGHUWKHWHQXUHRI3UHVLGHQW%XUUXVVZKRZRXOGUHVLJQLQDOLWWOHRYHUWZR\HDUV
6SRWVZRRGFRQWLQXHVWRVHUYHDVDUHVLGHQFHKDOOWRWKLVGD\
$SULO ::,³7KH1RUPDO*RHVWR:DU´
2Q$SULOWKH8QLWHG6WDWHVIRUPDOO\HQWHUHGWKHZDUWKDWKDGEHHQUDJLQJLQ(XURSHVLQFH
7KHQDWLRQGLGQRWHQWHUWKHIUD\DORQHKRZHYHU%DFNLQ+DUULVRQEXUJDWWKH6WDWH
1RUPDO6FKRROIRU:RPHQ-08VWXGHQWVDQGIDFXOW\ZHUHDOUHDG\SLWFKLQJLQ
6WDUWLQJLQ0DUFKDQGFDUU\LQJRYHUWKURXJK$SULOWKHVFKRROXQGHUWRRNLWVILUVWZDUUHODWHG
DFWLYLWLHV'XULQJWKLVSHULRGVWXGHQWVRUJDQL]HGFODVVHVLQILUVWDLGWUDLQLQJLQFRQMXQFWLRQZLWK
5RFNLQJKDP0HPRULDO+RVSLWDODQGEHJDQPDNLQJVXUJLFDOJDUPHQWVDQGGUHVVLQJVIRUWKH5HG
&URVV
7KHVHDFWLYLWLHVZHUHMXVWWKHEHJLQQLQJ)RUWKHGXUDWLRQRIWKHFRQIOLFW³DZKROHVRXOHG
SDWULRWLVP´DVSURIHVVRU-RKQ:D\ODQGZRXOGODWHUZULWHZDVSUHVHQWRQWKHFDPSXVDQGIDFXOW\
DQGVWXGHQWVFRQWLQXRXVO\SDUWLFLSDWHGLQVSHFLDOZDUUHODWHGFODVVHVKHOGIXQGUDLVLQJHYHQWV
DQGPDUFKHGLQORFDOSDUDGHVLQVXSSRUWRIWKHZDUHIIRUW
3HDUO3RZHUV0RRG\³6PLWK+XJKHV7HDFKHU7UDLQLQJLQ+RPH (FRQRPLFVDW+DUULVRQEXUJ´7KH9LUJLQLD7HDFKHU
QR$SULO-XOLDQ$%XUUXVV³)HGHUDO$LGIRU+RPH(FRQRPLFV´7KH1RUPDO%XOOHWLQ
0DJD]LQH-DQXDU\>DXWKRUXQNQRZQEXWOLNHO\5D\PRQG'LQJOHGLQH6U@³7KH+RPH(FRQRPLFV
'HSDUWPHQWRI0DGLVRQ&ROOHJH´0DUFKSLQ+RPH(FRQRPLFV9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV
&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$'LQJOHGLQH
2QO\WKHVHFRQGIORRUZDVFRPSOHWHGDQGRFFXSLHGDW WKHVWDUWRIWKHVSULQJTXDUWHU7KHHQWLUHEXLOGLQJZDVQRW
ILQLVKHGXQWLO 0D\6HH-XOLDQ$%XUUXVV5HSRUWWRWKH9LUJLQLD1RUPDO6FKRRO%RDUG-XQHSLQ
5HFRUGVRIWKH2IILFHRIWKH3UHVLGHQW-XOLDQ$%XUUXVV%R[)ROGHU %XUUXVV-XOLDQ$
1HZV5HOHDVHV QHZVUHOHDVHGDWHG$XJXVW'LQJOHGLQH&KDSSHOHDU
-RKQ::D\ODQG³7KH+DUULVRQEXUJ6WDWH1RUPDO6FKRRO,Q5HODWLRQWR WKH:RUOG:DU´LQ
:D\ODQG-RKQ:3HUVRQDO5HPLQLVFHQFHV9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ
8QLYHUVLW\+DUULVRQEXUJ9$KHUHDIWHUFLWHGDV:D\ODQG³::,´$FRQGHQVHGYHUVLRQRIWKLV:D\ODQGDUWLFOH
DSSHDUVLQ7KH1RUPDO%XOOHWLQ0DJD]LQH1XPEHU $SULO'LQJOHGLQH
$SULO 6FKRRO5HFHLYHV$XWKRUL]DWLRQ7R$ZDUG%DFKHORUV'HJUHHV
,QWKHVSULQJRIWKH*HQHUDO$VVHPEO\KDGJLYHQ WKH9LUJLQLD1RUPDO 6FKRRO%RDUGWKH
VFKRRO¶VJRYHUQLQJERG\WKHSRZHUWRFRQIHUGHJUHHVLQHGXFDWLRQ,WZDVQRWXQWLO$SULO
KRZHYHUWKDWWKHVFKRROLWVHOIZDVRIILFLDOO\JUDQWHGSHUPLVVLRQWRGRVR
$WDPHHWLQJRIWKH%RDUGKHOGRQ6DWXUGD\$SULO3UHVLGHQW%XUUXVVPDGHDIRUPDOUHTXHVW
IRUDXWKRUL]DWLRQ³WRRIIHUDIRXU\HDUFRXUVHRISURIHVVLRQDOWUDLQLQJOHDGLQJWRWKH%6GHJUHH´
%XUUXVV¶VUHTXHVWZDV³PRYHGVHFRQGHGDQGFDUULHG´
7KHIROORZLQJPRQWKRQ0D\WKHIDFXOW\PHWDQGGLVFXVVHGWHQWDWLYHRXWOLQHVIRUWKHQHZ
IRXU\HDUFRXUVHVWKDWZHUHWREHRIIHUHGEHJLQQLQJZLWKWKHQH[WVFKRRO\HDU
0D\ &DPSXV&OHDQ8S'D\
2Q7KXUVGD\0D\FODVVHVZHUHFDQFHOOHGVRHYHU\RQHFRXOGSDUWLFLSDWHLQWKHILUVWFDPSXV
³FOHDQXSDQGSODQWLQJGD\´$WDPJURXSVRIVWXGHQWVDQGIDFXOW\VSUHDGRXWRYHUWKH
FDPSXVDQGEHJDQSORZLQJDQGKRHLQJSODQWLQJIORZHUVDQGFURSVZHHGLQJSXVKLQJ
ZKHHOEDUURZVDQGSLFNLQJXSWUDVK
$WQRRQZKHQWKHWDVNVZHUHFRPSOHWHGWKHUHZDV³DJUDQGPDUFKRIWKHZRUNHUVDURXQGWKH
FDPSXV´WR0D\SROHKLOO+HUHOXQFKZDVVHUYHGE\VWXGHQWVRIWKH+RXVHKROG$UWVGHSDUWPHQW
,QWKHDIWHUQRRQYDULRXVUHFUHDWLRQDODFWLYLWLHVZHUHHQMR\HG7KHKLJKOLJKWZDVDEDVHEDOOJDPH
EHWZHHQVWXGHQWVIURPWRZQDQGIHPDOHIDFXOW\PHPEHUVWKHIDFXOW\ORVW
0D\ ³7KH1RWHERRN´6FKRRO1HZVZLWKD+XPRURXV7ZLVW
6HYHUDO\HDUVEHIRUHSXEOLFDWLRQRIWKHILUVWVFKRROQHZVSDSHU7KH%UHH]HEHJDQDQRWKHU
SXEOLFDWLRQPDGHDEULHIDSSHDUDQFH,WZDVFDOOHG7KH1RWHERRNDQGZDVLQFOXGHGDVDQLQVHUW
LQWKHVFKRRO\HDUERRN
7KH1RWHERRNZDVD³QHZVSDSHUVW\OH´SXEOLFDWLRQZLWKFRQWHQWVWKDWZHUHDGPLWWHGO\³IDUIURP
VHULRXV´7KHSDSHUFRQVLVWHGSULPDULO\RIKXPRURXVDUWLFOHVRQVFKRROKDSSHQLQJVMRNHVDQG
SRHPV
3UHSDUHGE\PHPEHUVRIWKHVFKRRO¶VOLWHUDU\VRFLHWLHVDQGHGLWHGE\WKH\HDUERRNVWDII7KH
1RWHERRNWUDFHGLWVURRWVEDFNWRWKHRUDOUHDGLQJVRIVFKRROQHZVIXQVWRULHVDQGVRRQWKDW
KDGEHHQSDUWRIWKHVRFLHWLHV¶SXEOLFPHHWLQJVVLQFHWKH\EHJDQLQ
-XOLDQ$%XUUXVV/HWWHUWRWKH9LUJLQLD1RUPDO6FKRRO%RDUG $SULOSLQ 5HFRUGVRIWKH2IILFHRIWKH
3UHVLGHQW-XOLDQ$%XUUXVV %R[)ROGHU )DFXOW\0LQXWHV HQWU\GDWH0D\S
'LQJOHGLQH %XUUXVV-XOLDQ$1HZV5HOHDVHV UHOHDVHGDWHG0D\³&OHDQ8S'D\´
7KH1RWHERRN 0D\LQ7KH6FKRROPD¶DP 7KH1RWHERRNZKLFKUDQIURPIRXUWRHLJKWSDJHVLQOHQJWKZDVSULQWHGDQQXDOO\LQWKH
\HDUERRNXQWLOZKHQLWZDVUHSODFHGE\DQDQQXDOVXSSOHPHQWRI 7KH%UHH]H
-XQH &DPSXV%XLOGLQJV)LUVW1DPHGLQ+RQRUDULXP
'XULQJWKHHYHQLQJFRPPHQFHPHQWH[HUFLVHVRQ7XHVGD\-XQH3UHVLGHQW%XUUXVVDQQRXQFHG
WKHUHVXOWVRIEDOORWLQJGRQHHDUOLHUWKDWGD\E\DSSUR[LPDWHO\PHPEHUVRIWKHVWXGHQWERG\
IDFXOW\DQGDOXPQDHWRFKRRVHRIILFLDOSHUPDQHQWQDPHVIRUWKHVFKRRO¶VPDMRUEXLOGLQJV
• 6FLHQFH+DOOEHFDPH0DXU\+DOOLQKRQRURIQRWHG9LUJLQLDVFLHQWLVWDQG
RFHDQRJUDSKHU0DWWKHZ)RQWDLQH0DXU\
• 'RUPLWRU\1RZDVUHQDPHG$VKE\+DOODIWHU&RQIHGHUDWH*HQHUDO7XUQHU$VKE\
ZKRZDVNLOOHGRQ-XQHDIHZPLOHVIURPFDPSXV
• 'RUPLWRU\1REHFDPH6SRWVZRRG+DOODIWHU$OH[DQGHU6SRWVZRRGFRORQLDO
*RYHUQRURI9LUJLQLDDQGOHDGHURIWKHILUVW(QJOLVKH[SHGLWLRQLQWRWKH6KHQDQGRDK
9DOOH\LQ
• 6WXGHQWV¶%XLOGLQJEHFDPH+DUULVRQ+DOOLQKRQRURI*HVVQHU+DUULVRQ8QLYHUVLW\RI
9LUJLQLDSURIHVVRUDXWKRUDQG+DUULVRQEXUJQDWLYH
• 7KH&RWWDJHWKHROG1HZPDQIDUPKRXVHZKLFKFDPHZLWKWKHRULJLQDOODQGSXUFKDVH
ZDVUHQDPHG&OHYHODQG&RWWDJHLQKRQRURI$QQLH9&OHYHODQGDPHPEHURIWKH
RULJLQDOIDFXOW\ZKRKDGOLYHGLQWKH&RWWDJHDQGGLHGWKHSUHYLRXV\HDU7KLVZDVWKH
ILUVWVFKRROEXLOGLQJWREHRIILFLDOO\QDPHGDIWHUVRPHRQHDVVRFLDWHGZLWKWKH
LQVWLWXWLRQ ,WZDVUD]HGLQWRPDNHZD\IRUWKHFRQVWUXFWLRQRI0RRG\+DOO
2QHSURPLQHQWEXLOGLQJKRZHYHUZDVQRWUHQDPHGDWWKLVWLPH±'RUPLWRU\1RQRZ-DFNVRQ
+DOO,QWKH&ODVVRIWKDW\HDUKDGGXEEHGWKHEXLOGLQJ%XUUXVV+DOODIWHU3UHVLGHQWDQG
0UV%XUUXVV %XW3UHVLGHQW%XUUXVVREMHFWHGWRWKLVDQGDSROLF\ZDVDGRSWHGZKLFKEDUUHGWKH
QDPLQJRIEXLOGLQJVDIWHUOLYLQJSHUVRQV
'XHWRWKH&ODVVRI¶VFORVHWLHVWRWKHEXLOGLQJLWZDVGHFLGHGWRSRVWSRQHWKHUHQDPLQJRI
WKHGRUPLWRU\XQWLO-XQHZKHQWKH&ODVVZRXOGPHHWIRULWVILIWKUHXQLRQ$WWKLVWLPHWKH\
ZRXOGEHJLYHQWKHKRQRURIFKRRVLQJWKHQHZQDPH
-XO\$XJXVW ::,6XPPHU6FKRRO5DLVHV0RQH\IRUWKH³&RPPRQ&DXVH´
6WXGHQWVDWWHQGLQJWKHVXPPHUVHVVLRQFRQGXFWHGYDULRXV³HQWHUWDLQPHQWV´WRUDLVHPRQH\
IRUWKHZDUHIIRUWLQFOXGLQJD-XO\WK SDWULRWLFSDJHDQW
7KH1RWHERRN0D\LQ 7KH6FKRROPD¶DP ³6FKRRO3XEOLFDWLRQV´ 7KH6FKRROPD¶DP QS'LQJOHGLQH
-XOLDQ$%XUUXVV5HSRUWWRWKH9LUJLQLD1RUPDO6FKRRO%RDUG-XQHSLQ5HFRUGVRIWKH2IILFHRI
WKH3UHVLGHQW-XOLDQ$%XUUXVV%R[)ROGHU)DFXOW\0LQXWHVHQWU\GDWHG-XQH
SS'LQJOHGLQH 7KH1RUPDO%XOOHWLQ0DJD]LQH -XO\ 7KH1RUPDO%XOOHWLQ
0DJD]LQH 6HSWHPEHU )DFXOW\0LQXWHV HQWULHVGDWHG-XQHSS DQG-XQH
S :D\ODQG³6RPH,WHPV´:D\ODQG³6XQGU\,WHPV´:D\ODQG/HWWHUWR 3UHVLGHQW'XNHS
³0DMRU%XLOGLQJV´-08&HQWHQQLDO&HOHEUDWLRQ:HEVLWH
KWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQPDMRUBEXLOGLQJVVKWPO!>-DQXDU\@
7KHSDJHDQWKHOGRQ-XO\LQWKHVFKRRO¶VRXWGRRUWKHDWUHEHKLQG0DXU\+DOOODVWHGWZRDQGD
KDOIKRXUVDQGLQFOXGHGLPSHUVRQDWLRQVRI*HRUJH:DVKLQJWRQDQG7KRPDV-HIIHUVRQGHSLFWLRQV
RID5HG&URVVXQLWDQGPXQLWLRQVZRUNHUVDQGDQ³DHURSODQH´PDGHE\VWXGHQWVLQWKH0DQXDO
$UWVFODVVHV
7KHVWXGHQWVZHUHDEOHWRUDLVHZKLFKWKH\SURXGO\GRQDWHGWRWKHORFDOFKDSWHURIWKH
5HG&URVV7KHPRQH\ZDVXVHGWREX\³VZHDWHUVSDMDPDVDQGKRVSLWDOVKLUWVDQGWKUHHER[HV
RIVXUJLFDOGUHVVLQJVZKLFKZHUHVHQWWR)UDQFH´
6HSWHPEHU-XQH %DFKHORU¶V'HJUHHV)LUVW2IIHUHG‡::,6FKRRO:DU(IIRUWV
%DFKHORU¶V'HJUHHV)LUVW2IIHUHG
6WXGHQWVHQWHULQJWKH6WDWH1RUPDO6FKRROIRU:RPHQDW+DUULVRQEXUJIRUWKH
VHVVLRQLQ6HSWHPEHUZHUHWKHILUVWWREHRIIHUHGWKHRSSRUWXQLW\RISXUVXLQJDEDFKHORU¶VGHJUHH
DWWKHVFKRRO7ZR%DFKHORURI6FLHQFHGHJUHHVLQ(GXFDWLRQZHUHRIIHUHG+LJK6FKRRO
7HDFKLQJDQG$GPLQLVWUDWLRQDQG+RXVHKROG,QGXVWULDO$UWVIRU$GYDQFHG7HDFKLQJDQG
6XSHUYLVLRQ
6HYHQWHHQVWXGHQWVRIWKHVWXGHQWERG\ZHUHHQUROOHGLQGHJUHHFRXUVHVIRUWKHIDOO
TXDUWHU
7KHIROORZLQJ\HDUWKHGHJUHHLQ+RXVHKROG,QGXVWULDO$UWVEHFDPHWKH+RPH
(FRQRPLFVGHJUHHDQGDQHZGHJUHHFRXUVHLQ(OHPHQWDU\7HDFKLQJDQG6XSHUYLVLRQZDVDGGHG
7KHILUVW%6GHJUHHVZHUHDZDUGHGLQ-XQH
6FKRRO:DU(IIRUWV
7KHVFKRRO¶VQLQWK\HDUDOVRVDZWKHLQWURGXFWLRQRIQXPHURXVZDUUHODWHGFRXUVHVDQGDFWLYLWLHV
LQUHDFWLRQWRWKHFRXQWU\¶VGLUHFWLQYROYHPHQWLQ:RUOG:DU2QH,QPDQ\FDVHVWKHVFKRRO¶V
UHJXODUFRXUVHVZHUHDOWHUHGWRKDYHPRUHRIDZDUIRFXVDQGVWXGHQWVDQGIDFXOW\UHJXODUO\
SDUWLFLSDWHGLQSDWULRWLFSDUDGHVDQGERXJKWZDUERQGV
(DUO\LQWKHVHVVLRQVWXGHQWVIRUPHGDQDX[LOLDU\RIWKH5HG&URVVZKLFKPHWHYHU\6DWXUGD\DQG
PDGHVZHDWHUVDQGEDQGDJHV7KURXJKRXWWKH\HDUVSHFLDOFODVVHVDQGSURJUDPVLQIRRG
FRQVHUYDWLRQDQG³ZDUUHFLSHV´ZHUHRIIHUHG+XQGUHGVRI³WUHQFKFDQGOHV´ZHUHPDGHE\WKH
0DQXDO$UWVFODVVHV6WXGHQWVLQWKH+RXVHKROG$UWVGHSDUWPHQWIRFXVHGRQPDNLQJEDQGDJHV
DQGKRVSLWDOJDUPHQWVDQGDOVRIRUPHGD³NQLWWLQJFOXE´WRPDNHFORWKLQJIRUVROGLHUV
5DLVLQJPRQH\IRUWKHZDUZDVDOVRDQLPSRUWDQWDFWLYLW\DQGE\WKHHQGRIWKHVFKRRO\HDU
IDFXOW\DQGVWXGHQWVKDGSXUFKDVHGRYHUZRUWKRI/LEHUW\%RQGVDQGZRUWKRI7KULIW
6WDPSV
7KHVXPPHUTXDUWHUEHJDQRQ-XQHDQGHQGHGRQ$XJXVW 7KH1RUPDO%XOOHWLQ0DJD]LQH1XPEHU$SULO
:D\ODQG³::,´³3DWULRWLF3DJHDQW7RQLJKW´'DLO\1HZV5HFRUG -XO\³3DWULRWLF3DJHDQW
*LYHQ$W6XPPHU1RUPDO6FKRRO´'DLO\1HZV5HFRUG-XO\
'XULQJWKHZDUWKHVFKRROZDVIRUFHGWRDGMXVWWKHZD\LWXVHGSDSHU3ULRUWRWKHZDUVWXGHQWV
KDGJHQHUDOO\EHHQDOORZHGWRZULWHRQRQO\RQHVLGHRIWKHVKHHW+RZHYHUGXULQJWKHFRQIOLFW
SDSHUEHFDPHUDWKHUVFDUFHDQGPDUNHGO\PRUHH[SHQVLYH7KXVVWXGHQWVZHUHDOORZHGWR³XVH
ERWKVLGHVIRUWKHVDNHRIHFRQRP\´7KLVFKDQJHEHFDPHDKDELWDQGFRQWLQXHGDIWHUWKHZDU
)LQDOO\DFFRUGLQJWRKLVWRULDQDQGVFKRROSURIHVVRU-RKQ::D\ODQGVWXGHQWVDQGIDFXOW\RI
WKH1RUPDO6FKRROZRXOGSDUWLFLSDWHLQ³HYHU\SDUDGHGHPRQVWUDWLRQDQGSDWULRWLFUDOO\WKDW
WRRNSODFHLQ+DUULVRQEXUJGXULQJWKHZDU´7KHWZRRIWKHPRVWQRWDEOHZRXOGWDNHSODFHLQ
$SULODQG0D\
'HFHPEHU ::,&KULVWPDV%R[HV
-XVWEHIRUH&KULVWPDVVWXGHQWVSDFNHGER[HVRIYDULRXVLWHPVIRUWKHVROGLHUVILJKWLQJLQ
(XURSH7KLUW\ILYHRIWKHER[HVZHUHSDLGIRUE\WKHVWXGHQWV
-DQXDU\ )LUVW6FKRRO 'HDQ‡ )LUVW³3UDFWLFH+RXVH´LQ9LUJLQLD
)LUVW6FKRRO'HDQ
:LOOLDP76DQJHUEHFDPHWKHILUVWGHDQRIWKHVFKRRO LQ HDUO\ 6DQJHUKDGRULJLQDOO\FRPH
WRWKHVFKRROLQWR WHDFKGXULQJWKHVXPPHUWHUPV7KUHH\HDUVODWHUKHEHFDPHUHJXODU
IDFXOW\DVDSURIHVVRURI3V\FKRORJ\DQG(GXFDWLRQ,QKHEHFDPHKHDGRIWKH(GXFDWLRQ
'HSDUWPHQW
,Q6DQJHUUHVLJQHGWRDFFHSWWKHGHDQVKLSRIKLVDOPDPDWHU%ULGJHZDWHU&ROOHJH+HZDV
UHSODFHGLQ6HSWHPEHUE\:DOWHU-*LIIRUGZKRVHUYHGXQWLO
)LUVW³3UDFWLFH+RXVH´LQ9LUJLQLD
,Q'HFHPEHU WKHVFKRRO KDGUHQWHGWKH6P\WKH+RXVHWKHQORFDWHGDGMDFHQWWRFDPSXV
DORQJ6RXWK0DLQ6WUHHWLQWKHDUHDEHWZHHQWKHSUHVHQWGD\0XVLF%XLOGLQJDQG'XNH+DOOWR
VHUYHDVDSUDFWLFHKRXVHIRULWV+RPH(FRQRPLFVVWXGHQWV
:RUNLQJRQDWLJKWEXGJHWVWXGHQWVDQGIDFXOW\PDGHUHQRYDWLRQVDQGDFTXLUHGWKHQHFHVVDU\
IXUQLWXUHDQGHTXLSPHQWPRVWRIZKLFKZDVPDGHE\ WKHVWXGHQWVRUWDNHQIURPRWKHU
GHSDUWPHQWV%\-DQXDU\WKHILUVW+RPH(FRQRPLFVSUDFWLFHKRXVHLQWKHVWDWHRI9LUJLQLD
ZDVUHDG\IRUXVH
7KH1RUPDO%XOOHWLQ0DJD]LQH 2FWREHU7KH1RUPDO%XOOHWLQ0DJD]LQH 2FWREHU7KH
1RUPDO%XOOHWLQ QR0D\7KH1RUPDO%XOOHWLQ QR0D\
'LQJOHGLQH:D\ODQG³6XQGU\,WHPV´:D\ODQG³::,´
:D\ODQG³::,´7KH1RUPDO%XOOHWLQ0DJD]LQH1XPEHU$SULO'LQJOHGLQH
(DFKTXDUWHUVL[+RXVHKROG$UWVVHQLRUVZRXOGOLYHDQGZRUNKHUHSUDFWLFLQJZKDWWKH\ZRXOG
VRPHGD\EHWHDFKLQJ2QDURWDWLQJEDVLVHDFKZDVUHTXLUHGWRSHUIRUPWKHGXWLHVRIPDLG
GLVKZDVKHUFRRNDQGKRXVHNHHSHUKRPHPDNHU
,Q$SULOWKHVFKRROERXJKWWKHWZRDFUH6P\WKHSURSHUW\DQGFRQYHUWHGWKHKRXVHLQWRD
GRUPLWRU\IRUFLQJWKHSUDFWLFHKRXVHIDFLOLWLHVWREHWHPSRUDULO\TXDUWHUHGLQYDULRXVORFDWLRQV
XQWLOZKHQFRQVWUXFWLRQRIDQHZSHUPDQHQWSUDFWLFHKRXVHZDVFRPSOHWHG
$SULO ::,/LEHUW\/RDQ3DUDGH
2QDFKLOO\RYHUFDVW)ULGD\ DIWHUQRRQLQ$SULOWKHJLUOVRIWKH1RUPDOIRUPHG³DVSOHQGLGSDUW´
RIWKHFLW\¶V/LEHUW\/RDQSDUDGHZLWKDKRUVHGUDZQIORDWGHFRUDWHGLQUHGZKLWHDQGEOXH
5LGLQJRQWKHIORDWZHUHVHYHUDO VWXGHQWVGHSLFWLQJWKH8QLWHG6WDWHVDQGWKH5HG&URVVJLYLQJ
DLGDQGFRPIRUWWRZDUWRUQ (XURSH
2WKHUJURXSVRIVWXGHQWVPDUFKHGFDUU\LQJEDQQHUVRU GLVSOD\LQJWKHYDULRXVZDUUHODWHG
DFWLYLWLHVWKH\KDGEHHQXQGHUWDNLQJVXFKDVFDQQLQJNQLWWLQJDQGJDUGHQLQJ7KH1RUPDOJLUOV
DOVRKDGWKHGLVWLQFWLRQRIJXDUGLQJWKHSDUDGH¶V/LEHUW\%HOO
7KHVFKRRO¶VPRVWFDWFKLQJDWWUDFWLRQKRZHYHUZDVVWXGHQW3DXOLQH&DOOHQGHUZKRULGLQJD
ZKLWHKRUVHDQGUHSUHVHQWLQJ-RDQRI$UFOHGDFROXPQRIVRPHFDGHWVIURPWKH$XJXVWD
0LOLWDU\$FDGHP\
$IWHUWKHSDUDGHPXFKWRWKHGHOLJKWRIWKHJLUOVWKHFDGHWVYLVLWHGFDPSXVDUULYLQJLQPLOLWDU\
IRUPDWLRQZLWKWKHEDQGSOD\LQJ)URPSPHYHU\RQHHQMR\HGDQDQLPDWHGGLQQHUWRJHWKHU
LQWKHVFKRRO¶VGLQQLQJKDOO
0D\ ::,³3DWULRWLF0D\'D\´
2QD:HGQHVGD\DIWHUQRRQLQWKHVFKRROKHOGLWVVL[WKDQQXDO0D\'D\FHOHEUDWLRQ
%HFDXVHWKHFRXQWU\ZDVDWZDUWKLVZDVDVSHFLDO0D\'D\DQGWKH6HQLRU&ODVVFKRVHD
SDWULRWLFWKHPHIRUWKHHYHQW
0HPEHUVRIWKH6HQLRU&ODVVSHUIRUPHGVRQJVDQGGDQFHVRIVHYHQDOOLHGQDWLRQVLQFOXGLQJ
(QJODQG)UDQFH%HOJLXPDQGRIFRXUVHWKH8QLWHG6WDWHV)ROORZLQJWKHWUDGLWLRQDOZLQGLQJ
,QWKH6P\WKH+RXVHEHFDPHWKH&DUWHU+RXVH7KHEXLOGLQJZDVUD]HGLQWKHPLG¶VWRPDNHZD\IRU
FDPSXVH[SDQVLRQ'LQJOHGLQH -RQHV 5RRWHGRQ%OXHVWRQH+LOO
0RRG\³6PLWK+XJKHV´3HDUO3RZHUV0RRG\³7KH3UDFWLFH+RXVH´7KH1RUPDO%XOOHWLQ0DJD]LQH
-DQXDU\ 7KH6FKRROPD¶DP QS 7KH1RUPDO%XOOHWLQ0DJD]LQH -DQXDU\³/DQG
2ZQHGE\0DGLVRQ&ROOHJH´
'DLO\1HZV5HFRUG³3DUDGH3ODQVDUHLQWKH0DNLQJ´$SULO³/LEHUW\'D\&HOHEUDWLRQ$&HUWDLQW\´
$SULO³3DUDGHLQ&LW\<HVWHUGD\ZDV*UDQG6XFFHVV´$SULODQG³1RUPDO1RWHV´0D\
³:KHQ$0$9LVLWHG+16´ 7KH6FKRROPD¶DP QS:D\ODQG³::,´ SOHDVHQRWHWKDW :D\ODQG
HUURQHRXVO\FRPELQHVHOHPHQWVRIWKH/LEHUW\/RDQ3DUDGHDQGWKH5HG&URVV3DUDGHLQWKLVDUWLFOH 'LQJOHGLQH
RIWKH0D\SROHWKHIODJRIWKH8QLWHG6WDWHVZDVFHUHPRQLRXVO\XQIXUOHGE\DVWXGHQW
UHSUHVHQWLQJWKH³*RGGHVVRI/LEHUW\´
0D\ ::,5HG&URVV3DUDGH³*UHDWHVW3DUDGHLQ+LVWRU\´
$WSP³HYHU\ZKLVWOHLQWKHFLW\´ZDVVRXQGHGWRPDUNWKH³EHJLQQLQJRIWKHELJJHVW
SDUDGHHYHUVHHQLQWKHFLW\RI+DUULVRQEXUJ´DFFRUGLQJWRWKHORFDOSDSHU$WWKHSURPSWLQJRI
WKHZKLVWOHVWKHPDVVLYHSDUDGHKHOGDVDVKRZRIVXSSRUWIRUWKHZDUHIIRUWOHIWWKH1RUPDO
6FKRROJURXQGVDQGSURFHHGHGWRPDUFKWKURXJKWRZQ
7KHSURFHVVLRQLQFOXGHGIRXUEDQGV WKH+RPH*XDUGDQGWKHILUHGHSDUWPHQWKXQGUHGVRI
VFKRROFKLOGUHQRIDOODJHVQXPHURXVIORDWVFDUVFDUU\LQJZDULQGXVWU\ZRUNHUVPHPEHUVRI
WKH5HG&URVVDQGHYHQDIHZ&LYLO:DUYHWHUDQVIURPWKH&RQIHGHUDWHVLGH $OVRPDUFKLQJ
ZHUHPRWKHUVZKRVHVRQVKDGEHHQNLOOHGLQWKHFXUUHQWZDUWKH\ZHUHLGHQWLILDEOHE\WKHVPDOO
IODJVPDUNHGZLWKDVLQJOHVWDUZKLFKWKH\FDUULHG
2YHUSHRSOHWXUQHGRXWWRZLWQHVVWKHVSHFWDFOHDQGLQ VRPHSODFHV0DLQ6WUHHWZDV
MDPPHGILYHDQGVL[SHRSOHGHHS
2QHRIWKHPDLQIHDWXUHVRIWKHSDUDGHZDV WKHIRUPDWLRQRIDJLDQWKXPDQUHGFURVVPDGHE\
QHDUO\JLUOVIURPWKH1RUPDO6FKRRO:HDULQJUHGDQGZKLWHKHDGGUHVVHVDQGPDUFKLQJLQ
IRUPDWLRQWKLV³KXJHOLYLQJPRYLQJUHGFURVV´UHSRUWHGO\ FDXVHG³TXLWHDVHQVDWLRQ´
-XQH -DFNVRQ+DOO1DPHG‡ ::,6HQLRU'UHVVHV
-DFNVRQ+DO1DPHG
$WWKHLUILIWKUHXQLRQWKH&ODVVRIZDVJLYHQWKHSULYLOHJHRIIRUPDOO\UHQDPLQJ'RUPLWRU\
1R 7KH&ODVVZKLFKKDGRULJLQDOO\FKULVWHQHGWKHEXLOGLQJ%XUUXVV+DOOLQFKRVHWKH
QDPH-DFNVRQ+DOOLQKRQRURI&RQIHGHUDWH*HQHUDO ³6WRQHZDOO´-DFNVRQ7KHDQQRXQFHPHQW
RIWKHQHZQDPHZDVPDGHGXULQJWKHHYHQLQJJUDGXDWLRQFHUHPRQ\KHOGLQ+DUULVRQ+DOO
6HQLRU'UHVVHV
$VSDUWRIWKHLUFRQWLQXLQJZDUHIIRUWVDSSUR[LPDWHO\RQHWKLUGRIWKHVHQLRUFODVVPDGHWKHLU
RZQJUDGXDWLRQGUHVVHV 6WXGHQWVNHSWWKHGUHVVHVVLPSOHDQGLQH[SHQVLYHEHFDXVHPDQ\IHOW
³WKLVLVQRWWKHWLPHIRUILQHU\´ZKHQVRPDQ\LQ(XURSHZHUHZLWKRXWWKHEDUHQHFHVVLWLHV
7KH6FKRROPD¶DPQS'LQJOHGLQH
³6SOHQGLG5HG&URVV'LVSOD\´'DLO\1HZV5HFRUG 0D\³*UHDWHVW3DUDGHLQ+LVWRU\&UHGLWHGWRWKH
5HG&URVV´'DLO\1HZV5HFRUG 0D\:D\ODQG³::,´'LQJOHGLQH
7KHQHZQDPHZDVDSSURYHGEHIRUHKDQGE\WKHIDFXOW\DWDDPPHHWLQJRQWKHPRUQLQJRI-XQH )DFXOW\
0LQXWHV HQWU\GDWHG -XQH S :D\ODQG³6XQGU\,WHPV´³1RUPDO6FKRRO)LQDOV+HOGLQ
+DUULVRQ+DOO/DVW1LJKW´'DLO\1HZV5HFRUG -XQH 7KH1RUPDO%XOOHWLQ0DJD]LQH1XPEHU $SULO
'LQJOHGLQH
0D\ ::,7KH6FKRROPD¶DP
7KHHGLWLRQRI 7KH6FKRROPD¶DPZDVERXQGLQSDSHUERDUGWRSURPRWHHFRQRP\DQGWKULIW
DVSDUWRIWKHZDUHIIRUW
-XO\ ::,6XPPHU6FKRRO 3DWULRWLF3DJHDQW
2QD)ULGD\HYHQLQJDIWHUDZHHN¶VSRVWSRQHPHQWWKHVXPPHUVWXGHQWVILQDOO\SXWRQWKHDQQXDO
WK RI-XO\SDJHDQW7KLV\HDU¶VSURJUDPZDVFDOOHG³+RZWR:LQWKH:DU´
*URXSVRIVWXGHQWVZLWKDVVLVWDQFHIURPVRPHORFDOFLWL]HQVSUHVHQWHGEULHISURJUDPV
KLJKOLJKWLQJDQGFHOHEUDWLQJWKHSDWULRWLFDFWLYLWLHVRIYDULRXVJURXSVVXFKDVVROGLHUVVDLORUV
VKLSEXLOGHUVPXQLWLRQVZRUNHUVEDQNHUVIDUPHUVNQLWWHUVDQGKRXVHZLYHV
7KHHYHQWDOVRLQFOXGHGWKHSDUWLFLSDWLRQRIWKH+DUULVRQEXUJ+RPH*XDUGUHSUHVHQWLQJWKH86
$UP\DQGIHDWXUHGDPRFNWDQNDQGDLUVKLS$IHZEULHIDGGUHVVHVRQWKHZDUZHUHDOVRPDGH
7KHSDJHDQWZDVKHOGLQ WKHRXWGRRUDXGLWRULXPEHKLQG0DXU\+DOODQGODVWHGIURP
DSSUR[LPDWHO\WR7KHHYHQWFRQFOXGHGZLWKD³JUDQGSURFHVVLRQ´RIWKHSDJHDQWV¶
SDUWLFLSDQWVDURXQG0DXU\+DOO
6HSWHPEHU1RYHPEHU 7KH6SDQLVK³*ULSSH´$UULYHV
,QDQGDJUHDWLQIOXHQ]DSDQGHPLFVZHSWWKHJOREH6RPHIRUW\PLOOLRQSHRSOHORVW
WKHLUOLYHV,QWKHIDOORIWKHVRFDOOHG6SDQLVK³*ULSSH´RU6SDQLVK)OXFDPHWRWKH
+DUULVRQEXUJ1RUPDO6FKRROIRUFLQJLWVFORVXUHIRUDQHQWLUHPRQWK
• 6HSWHPEHU7KHVFKRRORSHQVIRULWVWHQWK\HDU
• 6HSWHPEHU3UHVLGHQW%XUUXVVDWWHQGVDPHHWLQJLQ&KDUORWWHVYLOOHZLWKWKH
SUHVLGHQWVRIWKHRWKHUWKUHHVWDWHQRUPDOVFKRROVWRGLVFXVVWKHLQIOXHQ]DSUREOHP
ZKLFKZDVVSUHDGLQJDFURVVWKHVWDWH$WWKHWLPHKRZHYHURQO\RQHRIWKHVFKRROV
KDGDQ\UHSRUWHGFDVHV
• 6HSWHPEHU,QWKHHYHQLQJWKHVFKRROKROGVLWVRSHQLQJUHFHSWLRQIRU WKH\HDU
0RVWRIWKHVWXGHQWVDQGIDFXOW\DUHSUHVHQWIRUWKHHYHQWZKLFKZDVKHOGLQWKH
J\PQDVLXPLQ$VKE\+DOO6RPHKRZHYHUGLGQRWDWWHQGGXHWR³EDGFROGV´
• 6HSWHPEHU'XULQJDVSHFLDO6DWXUGD\PRUQLQJDVVHPEO\3UHVLGHQW%XUUXVV
GLVFXVVHVWKHIOXVLWXDWLRQZLWKWKHVWXGHQWVDQGDVNVWKDWDQ\RQHVKRZLQJVLJQVRID
:D\ODQG³::,´ 'LQJOHGLQH3LQSRLQWLQJWKHH[DFWGDWHVRQZKLFKWKH\HDUERRNVZHUHUHOHDVHGLVRIWHQ
QRWSRVVLEOH+RZHYHUEDVHGRQWKHIDFWWKDWWKHVFKRRO\HDUHQGHGRQ7XHVGD\-XQHLWVHHPVOLNHO\WKH
HGLWLRQZDVSXEOLVKHGVRPHWLPHLQODWH0D\ :D\ODQG³6XQGU\,WHPV´ :D\ODQGܳ::,´Sò>WKLVLVWKHQXPEHUDVLWDSSHDUVRQWKHSDJH@³1RUPDO
6FKRRO3DJHDQWWREH*LYHQ7RQLJKW´ 'DLO\1HZV5HFRUG -XO\³7RGD\´'DLO\1HZV5HFRUG-XO\
%XUUXVV-XOLDQ$1HZV5HOHDVHV UHOHDVHGDWHG-XO\
³FROG´UHSRUWWRWKHLQILUPDU\ORFDWHGLQ&OHYHODQG&RWWDJHQRZWKHVLWHRI0RRG\
+DOO$ERXWWKLUW\VWXGHQWVVRRQDUULYHGDWWKH&RWWDJH± PDQ\ZHUHGHWDLQHG
6RPHWLPHWKDWGD\'U:LOOLDP6DQJHUEHFDPHWKHILUVWWREHGLDJQRVHGZLWKWKH
PDODG\
• 6HSWHPEHU0RUHIOXFDVHVDUHUHSRUWHG
• 6HSWHPEHU%\0RQGD\WKHVFKRRO¶VVPDOOLQILUPDU\ZDVRYHUUXQZLWKSDWLHQWV
QHFHVVLWDWLQJWKHWUDQVIRUPDWLRQRI-DFNVRQ+DOOLQWRDWHPSRUDU\KRVSLWDO
• 2FWREHU2Q7XHVGD\PRUQLQJ3UHVLGHQW%XUUXVVEHFDPH³ODLGXSZLWKWKHµJULS¶´
DQGZDVWHPSRUDULO\UHSODFHGDVSUHVLGHQWE\3URIHVVRU-DPHV&-RKQVWRQ$ERXW
VL[W\FDVHVRILQIOXHQ]DZHUHUHSRUWHGDWWKLVWLPH
• 2FWREHU:LWKWKHQXPEHURIFDVHVFRQWLQXLQJWRULVHDQGWKHVLWXDWLRQDSSHDULQJ
³XWWHUO\KRSHOHVV´%XUUXVVRUGHUVWKHVFKRROFORVHGIRUWZRZHHNV
0RVWVWXGHQWVZKRZHUHQRWLOORUGLUHFWO\DLGLQJWKHVLFNZHUHVHQWKRPH7KHHQWLUH
IDFXOW\PHDQZKLOHYROXQWHHUHGWRVWD\
• 2FWREHU%\PLG2FWREHUFRQGLWLRQVKDGVLJQLILFDQWO\LPSURYHGDQGDOOWKRVHZKR
KDGEHHQVWULFNHQE\WKHLQIOXHQ]DZHUH³QRZFRQVLGHUHGRXWRIGDQJHU´+RZHYHULQ
RUGHUWRHQVXUHWKLQJVFRQWLQXHGWRLPSURYHWKHVFKRROZDVFORVHGIRUDQRWKHUWZR
ZHHNV
• 1RYHPEHU7KHVFKRROUHRSHQHG:HGQHVGD\PRUQLQJZLWKDOOEXWQLQHWHHQVWXGHQWV
SUHVHQW
$OWKRXJKRIWKHVWXGHQWVHQUROOHGIRUWKHTXDUWHUDQGRYHUKDOIRI WKHWZHQW\WKUHH
IDFXOW\ PHPEHUVZKRZHUHRQFDPSXVDWWKHWLPHIHOOLOOGXULQJWKHRXWEUHDNUHPDUNDEO\WKHUH
ZHUHQRGHDWKV
7KHFLW\RI+DUULVRQEXUJWRRKDGEHHQKLWKDUGE\WKHLQIOXHQ]DZLWKDSSUR[LPDWHO\
UHSRUWHGFDVHVDQGVHYHUDOGHDWKV:KHQWKHRXWEUHDNVXEVLGHGRQFDPSXVLQPLG2FWREHU
QXPHURXVIDFXOW\PHPEHUVDQGVWXGHQWVZHQWLQWRWKHORFDOFRPPXQLW\WRKHOS
$WWKHWLPHWKHWHUP³JULSSH´ZDVV\QRQ\PRXVZLWKWKHIOX$SRHPHQWLWOHG³7KH)OX´E\VWXGHQW9LUJLQLD
=LUNOHZKLFKDSSHDUHGLQ7KH6FKRROPD¶DPQSVWDWHVWKDW'U6DQJHUZDVWKHILUVWIOXYLFWLP7KLV
KRZHYHUDSSHDUVWREHWKHRQO\VRXUFHPDNLQJWKHFODLP7KHH[DFWQXPEHURIIDFXOW\ZKRIHOOLOOGRHVQRWDSSHDU
WREHNQRZQ$FFRUGLQJWR:D\ODQG/HWWHUWR3UHVLGHQW'XNH³DERXWRIWKHWHDFKHUV´JRWVLFN7KHEHVW
SULPDU\VRXUFHFKURQLFOLQJWKHLQIOXHQ]DRXWEUHDNLV-XOLDQ$%XUUXVV³6WDWHPHQW´1RYHPEHULQ)DFXOW\
0LQXWHV SSVHHWKHLQVHUWVRQWKHHYHQQXPEHUHGSDJHV7KLVGRFXPHQWZDVLQWHQGHGE\
%XUUXVVWRVHUYHDVDQRIILFLDOUHFRUGRIWKHRXWEUHDNDQGFRQVLVWVRIDVXPPDU\DQGVHYHUDOOHWWHUVWKDWZHUHLVVXHG
UHJDUGLQJWKHVWDWXVRIWKHVFKRRODQGLWVLQKDELWDQWVGXULQJWKHFRXUVHRIWKHHSLGHPLF$WWKHWLPHRIWKHRXWEUHDN
WKHUHZHUHWZHQW\IRXUIDFXOW\PHPEHUVRQWKHVFKRRO¶VURVWHU+RZHYHURQH5D\PRQG&'LQJOHGLQH>6U@ZDV
DZD\LQ5LFKPRQGVHUYLQJLQWKH$UP\6HH DOVR-XOLDQ%XUUXVV5HSRUWWRWKH9LUJLQLD1RUPDO6FKRRO%RDUG
'HFHPEHUSSLQ5HFRUGVRIWKH2IILFHRIWKH3UHVLGHQW -XOLDQ$%XUUXVV%R[)ROGHU
1RYHPEHU ::,:DU(IIRUWV&RQWLQXH
'HVSLWHWKHKLQGUDQFHVDQGKDUGVKLSVFDXVHGE\WKH6SDQLVK,QIOXHQ]DRQFHLWKDGSDVVHG
VWXGHQWVDQGIDFXOW\LPPHGLDWHO\UHVXPHGWKHLUZDUUHODWHGDFWLYLWLHV
:RUNIRUWKH5HG&URVVFRQWLQXHGZLWKVWXGHQWVPDNLQJVFUDSERRNVIRUFRQYDOHVFHQWVROGLHUV
DQGVHZLQJJDUPHQWVIRUUHIXJHHFKLOGUHQ0RVWQRWDEO\VWXGHQWVUDLVHGDQGSOHGJHGDWRWDORI
RUDQDYHUDJHRIDERXWHDFKIRUWKH:DU5HOLHI'ULYH7KLVGRXEOHGWKHDPRXQWRI
WKHSUHYLRXV\HDU
1RYHPEHU 7KDQNIXO1R6FKRRO'HDWKV)URP,QIOXHQ]D
)RXUGD\VDIWHUWKHVFKRROUHRSHQHGIROORZLQJWKHSDVVDJHRIWKHLQIOXHQ]DRXWEUHDNDVSHFLDO
6XQGD\PRUQLQJVHUYLFHZDVKHOGWRJLYHWKDQNVIRUWKHVFKRRO¶V³KDSS\GHOLYHUDQFHIURPDQ\
GHDWKRIVWXGHQWRUWHDFKHU´GXULQJWKHHSLGHPLF
:LWK³K\PQSUD\HUDQGVSRNHQZRUG´WKRVHDVVHPEOHGH[SUHVVHGWKHLUJUDWLWXGHWR*RGDQGWR
RQHDQRWKHUDQGSUDLVHGWKHFKHHUIXOQHVVDQG³UHVROXWHVSLULW´GHPRQVWUDWHGE\HYHU\RQHGXULQJ
WKHFULVLV
1RYHPEHU ::,$UPLVWLFH'D\
2Q0RQGD\PRUQLQJDWDP:RUOG:DU,FDPHWRDQHQG&KHHUVZKLFKUHSRUWHGO\FRXOG
EHKHDUGRYHUKDOIDPLOHDZD\EURNHRXWDFURVVWKHFDPSXV7KDWHYHQLQJVWXGHQWVSDUWLFLSDWHG
LQDWRZQSDUDGHDQGFHOHEUDWLRQ
1RYHPEHU ::,&LW\$UPLVWLFH3DUDGH
(DUO\RQ6DWXUGD\PRUQLQJ+DUULVRQEXUJDQGWKHVXUURXQGLQJFRXQWLHVFHOHEUDWHGWKHHQGRIWKH
)LUVW:RUOG:DUZLWKDPDVVLYHSDUDGH7HQWRILIWHHQ WKRXVDQGSHRSOHGHVFHQGHGRQWKHFLW\
EORZLQJZKLVWOHVVKRRWLQJILUHZRUNVFKHHULQJDQGFHOHEUDWLQJ
6WXGHQWVDQGIDFXOW\IURPWKH1RUPDOSDUWLFLSDWHGLQWKHSDUDGHZKLFKDOVRLQFOXGHGPRXQWHG
SROLFHWKH'DLO\1HZVEDQGWKHORFDOILUHFRPSDQ\WKH5HG&URVVDQGVFRUHVRIGHFRUDWHGFDUV
DQGGUHVVHGXSFLWL]HQVFDYRUWLQJLQFHOHEUDWLRQ
%XUUXVV-XOLDQ$1HZV5HOHDVHVQHZUHOHDVHGDWHG1RYHPEHU 7KH1RUPDO %XOOHWLQ
0DJD]LQH 2FWREHU'DLO\1HZV5HFRUG³,QIOXHQ]D&ORVHV$OOFLW\6FKRROV´2FWREHU
³1RUPDO6FKRRO:LOO1RW5HRSHQ:HGQHVGD\´2FWREHU³1RUPDO6FKRRO2SHQV'RRUV5HFHQWO\6KXWRQ
$FFRXQWRIµ)OX¶´1RYHPEHU:D\ODQG³6LJQLILFDQW,QFLGHQWV´:D\ODQG³::,´'LQJOHGLQH
-RQHV 5RRWHGRQ%OXH6WRQH+LOO 7KH1RUPDO%XOOHWLQ0DJD]LQH 2FWREHU:D\ODQG³::,´ 7KH1RUPDO%XOOHWLQ QR
0D\
7KH1RUPDO%XOOHWLQ0DJD]LQH1XPEHU 2FWREHU:D\ODQG ³6XQGU\,WHPV´ 'LQJOHGLQH
3URIHVVRU-RKQ:D\ODQGZURWHWKDWKHFRXOGKHDUWKHFKHHULQJDWKLVKRPHZKLFKZDVôRIDPLOHDZD\6HH
:D\ODQG ³6XQGU\,WHPV´ :D\ODQG³::,´
³$HURSODQHDQG$YLDWRU7KULOO$OO2Q/RRNHUV´'DLO\1HZV5HFRUG 1RYHPEHU
'HFHPEHU ::,³$0HVVDJH:H6KDOO1HYHU)RUJHW´
2QHPRQWKDIWHUWKHHQGRIWKH)LUVW:RUOG:DUWKHVFKRROUHFHLYHGLWVILUVWYLVLWLQJZDUYHWHUDQ
0DMRU&(.LQJRIWKH%ULWLVK$UP\¶V5R\DO)LHOG$UWLOOHU\
0DMRU.LQJZKRKDGVSHQWWKUHH\HDUVLQ)UDQFHZKHUHKHZDVVHYHUHO\ZRXQGHGVSRNHWRWKH
VWXGHQWVDQGIDFXOW\³YLYLGO\DQGSHUVRQDOO\´DERXWWKHZDUDQGOLIHLQWKHWUHQFKHV7KLVZDVWKH
ILUVWWLPHVWXGHQWVKDGKHDUGDILUVWKDQGH\HZLWQHVVDFFRXQWRIWKHZDU
$FFRUGLQJWR3URIHVVRU-RKQ:D\ODQG.LQJKDGDPDJQHWLFVSHDNLQJVW\OHDQG³WKHJLUOVDWWKH
1RUPDOQHDUO\ZHQWZLOGRYHUKLP´
'HFHPEHU 2YHU9ROXPHVLQWKH/LEUDU\
$WWKHFORVHRIWKHIDOOVHVVLRQWHQ\HDUVDIWHUWKHILUVWERRNVKDGEHHQHQWHUHGLQWRWKH
OLEUDU\FDWDORJWKHOLEUDU\¶VFROOHFWLRQKDGJURZQWRLQFOXGHVRPHYROXPHV
-DQXDU\ 6WXGHQW%DWWDOLRQ0LOLWDU\'ULOO&RXUVH%DWWDOLRQ&RORU*XDUG&RPSHWLWLRQ
0LOLWDU\'ULOO&RXUVH
,QVWXGHQWVKDGPDUFKHGLQVHYHUDOSDUDGHVLQVXSSRUWRIWKHZDUHIIRUW:KLOHWKHLU
HQWKXVLDVPZDVQRGRXEWRIWKHKLJKHVWRUGHUWKHLUOHYHORISUHFLVLRQPDUFKLQJZDVQRW
,QWKHH\HVRI3UHVLGHQW%XUUXVV³DQH[FDGHWRIILFHURI93,´WKHPDUFKLQJKDGEHHQ
ODFNOXVWHU6RWRKRQHWKHJLUOV¶DELOLWLHVLQWKLVDUHD%XUUXVVLQVWLWXWHGDFRXUVHLQPLOLWDU\GULOO
EHJLQQLQJLQ-DQXDU\7KHFRXUVHZDVUHTXLUHGDQGFRXQWHGDVRQHSRLQWWRZDUGVWKH
QHFHVVDU\SK\VLFDOHGXFDWLRQFUHGLWV
7KHVWXGHQWVZHUHRUJDQL]HGLQWRIRXUFRPSDQLHVHDFKOHGE\VWXGHQWRIILFHUV7KHVHFRPSDQLHV
FRPSULVHGDVLQJOHEDWWDOLRQRIZKLFK3UHVLGHQW%XUUXVVZDVWKHFRPPDQGHU'ULOOVHLWKHUE\
LQGLYLGXDO FRPSDQLHVRUWKHZKROHEDWWDOLRQZHUHKHOGRQFHDZHHN
$GUHVVXQLIRUPGHVFULEHGDWWKHWLPHDV³YHU\µFKLF¶´ZDVDGRSWHG,WFRQVLVWHGRI³DSODLQ
ZKLWHPLGG\VXLWZLWK EODFNWLHZKLWHVDLORUFDSDQGZKLWHVKRHV´7RGLVWLQJXLVKWKHPVHOYHV
³2XU%ULWLVK*XHVW´ 7KH6FKRROPD¶DPQS:D\ODQG³6XQGU\,WHPV´S,WDSSHDUVWKDWQRPHQWLRQ
RI0DMRU.LQJ¶VYLVLWWRWKHVFKRROPDGHWKHORFDOSDSHU+RZHYHUKLVWDONDWWKH$VVHPEO\+DOOWKHQLJKWEHIRUH
GLG6HH³0DMRU.LQJ*LYHV3OHDVLQJ6SHHFK´'DLO\1HZV5HFRUG 'HFHPEHU7KLVDUWLFOHJLYHVGHWDLOV
DQGTXRWHVIURPKLVVSHHFKDQGSUREDEO\UHSUHVHQWVVLPLODULIQRWWKHH[DFWFRQWHQWVRIKLVVSHHFKWRWKHVWXGHQWV
7KHH[DFWQXPEHUDFFRUGLQJWR /LEUDU\$FFHVVLRQ%RRNVYZDV+RZHYHUWKLVQXPEHU
GRHVQRWUHIOHFWDQDFWXDOFRXQW,WLVOLNHO\WKDWWKHDFWXDOQXPEHUZDVVRPHZKDWOHVVDVDUHVXOWRIORVWRU
ZLWKGUDZQYROXPHV
WKHRIILFHUVZRUHWKHEDWWDOLRQLQVLJQLD±DVWDUZLWKLQDFLUFOH±LQWKHVFKRROFRORUVRISXUSOHDQG
JROGRQWKHLUOHIWVOHHYH
%DWWDOLRQ&RORU*XDUG&RPSHWLWLRQ
2Q)ULGD\-DQXDU\DIWHUZHHNVRIWUDLQLQJDFRPSHWLWLYHGULOOZDVKHOGLQWKHVFKRRO
J\PQDVLXPLQ$VKE\+DOOWRGHWHUPLQHZKLFKFRPSDQ\ZRXOGVHUYHDVWKHEDWWDOLRQ¶VFRORU
JXDUG:LWKORFDOPLOLWDU\SHUVRQQHOMXGJLQJWKHHYHQW%&RPSDQ\XQGHUWKHFRPPDQGRI
9LUJLQLD=LUNOHRI+DUULVRQEXUJZRQWKHGD\LQDFORVHFRQWHVWDQGZDVGXEEHG³%XUUXVV¶V
%HVW´
%RWKWKHVWXGHQWEDWWDOLRQDQGWKHPLOLWDU\GULOOFRXUVHZHUHVKRUWOLYHGH[SHULPHQWVKRZHYHU
$IWHUDSSHDULQJSURPLQHQWO\LQWKH\HDUERRNWKHEDWWDOLRQYDQLVKHGIURPWKHDQQXDO¶V
SDJHVZKLOHWKHGULOOFRXUVHGLVDSSHDUHGIURPWKHFXUULFXOXPEHJLQQLQJZLWKWKH
VFKRRO\HDU
0DUFK ::,)RUPHU6WXGHQW5HFRXQWV:DU([SHULHQFHV
2Q0RQGD\IRUPHUVWXGHQW-XOLD0F&RUNOHVSRNHWRWKHVWXGHQWERG\DQGIDFXOW\DERXWKHU
H[SHULHQFHVDVDQXUVHLQDOOLHGKRVSLWDOVLQ )UDQFHGXULQJWKH)LUVW:RUOG:DU
0F&RUNOHDOLHXWHQDQWLQWKH9LUJLQLD8QLWRIWKH5HG&URVVDQGODWHUDPHPEHURIWKH8QLWHG
6WDWHV$UP\1XUVHV¶&RUSKDGVHUYHGWZHQW\WZRPRQWKVLQ(XURSHVSHQGLQJPXFKRIKHU
WLPHDVKHDGQXUVHDWDKRVSLWDOQHDUWKHIURQWOLQHVDW$PLHQVLQQRUWKHUQ)UDQFH6KHWROGRI
VKHOOVKRFNHGDQGJDVVHGSDWLHQWVDQGGHVFULEHGDLUUDLGVDVWKHPRVWWHUULI\LQJRIKHU
H[SHULHQFHV
0F&RUNOHZDVRQHRIWKHILUVWQXUVHVIURPWKHVRXWKHUQVWDWHVWRVHUYHLQ(XURSHKDYLQJDUULYHG
LQ-XO\
-XQH 6WXGHQW%DWWDOLRQ<HDUERRN)HDWXUH'UHVV3DUDGH
7KH\HDUERRNIHDWXUHGDWKUHHSDJHVSUHDGRQWKHQHZVWXGHQWEDWWDOLRQ7KHOD\RXW
FRQVLVWHGRIDURVWHURIWKHEDWWDOLRQ¶VRIILFHUVDQGSKRWRJUDSKVRIWKHFRORUJXDUGDQGWKH
EDWWDOLRQVWDQGLQJLQIRUPDWLRQ
2Q-XQHDVSDUWRIWKHVFKRRO¶VWHQWKDQQXDOFRPPHQFHPHQWIHVWLYLWLHVWKHVWXGHQWEDWWDOLRQ
WKULOOHGRQORRNHUVZLWKDGUHVVSDUDGHRQFDPSXV7KHEDWWDOLRQ¶VFRORUJXDUG&RPSDQ\%
7KH1RUPDO%XOOHWLQ QR0D\7KH1RUPDO%XOOHWLQ0DJD]LQH1XPEHU$SULO 7KH
6FKRROPD¶DP QS )DFXOW\0LQXWHV HQWU\GDWHG-DQXDU\S1HZV5HOHDVHGDWHG
)HEUXDU\LQ %XUUXVV-XOLDQ$1HZV5HOHDVHV 'LQJOHGLQH-RQHV 5RRWHG 0F&RUNOHKDGDWWHQGHGWKH VFKRROGXULQJWKHRSHQLQJVHVVLRQLQDQGGXULQJWKHVHFRQG\HDU$W
OHDVWRQHRWKHUIRUPHUVWXGHQW0DUJDUHW$OOHEDXJKDOVRVHUYHGDVDQXUVHLQ(XURSHGXULQJWKHZDU:D\ODQG
+LVWRULF+DUULVRQEXUJ ³0LVV-XOLD0F&RUNOH7HOOV:DU([SHULHQFH´ 'DLO\1HZV5HFRUG$SULO 7KH
1RUPDO%XOOHWLQ QR0D\7KH1RUPDO%XOOHWLQ QR0D\ 7KH1RUPDO%XOOHWLQ
0DJD]LQH1XPEHU 2FWREHU³0LVV0F&RUNOHLQ(QJODQG´ 'DLO\1HZV5HFRUG -XO\ %XUUXVV
-XOLDQ$1HZV5HOHDVHV:D\ODQG³6XQGU\,WHPV´
FDUULHGZLWKWKHPWZRVLONIODJV±RQHWKHIODJRIWKH8QLWHG6WDWHVZLWKIRUW\HLJKWVWDUVWKH
RWKHUWKDWRIWKH6WDWH1RUPDO6FKRROIRU:RPHQDW+DUULVRQEXUJHPEOD]RQHGZLWKWKH9LUJLQLD
VWDWHVHDO
-XQH )LUVW%DFKHORU¶V'HJUHHV$ZDUGHG‡ *UDGXDWHV)LUVW:HDU&DSVDQG*RZQV
7ZRILUVWVRFFXUUHGDWWKH WHQWKDQQXDO FRPPHQFHPHQWFHUHPRQ\KHOGDWSP7XHVGD\
HYHQLQJLQ+DUULVRQ+DOO ±WKHILUVWEDFKHORU¶VGHJUHHVZHUHFRQIHUUHGDQGJUDGXDWHVGRQQHGIXOO
DFDGHPLFFRVWXPHIRUWKHILUVWWLPH
)LUVW%DFKHORU¶V'HJUHHV$ZDUGHG
1LQHVWXGHQWVRXWRIDJUDGXDWLQJFODVVRI QLQHW\QLQHZHUHDZDUGHG%DFKHORURI6FLHQFH
'HJUHHVLQ(GXFDWLRQ7KH\ZHUHLQWKHIROORZLQJDUHDV(OHPHQWDU\7HDFKLQJDQG6XSHUYLVLRQ
+LJK6FKRRO7HDFKLQJDQG$GPLQLVWUDWLRQDQG+RPH(FRQRPLFV 7KHQH[W\HDU
WZHQW\%6GHJUHHVZHUHDZDUGHG
*UDGXDWHV)LUVW:HDU&DSVDQG*RZQV
,W¶VKDUGWRLPDJLQHJUDGXDWLRQZLWKRXWFDSVDQGJRZQVEXWIRUWKHILUVWQLQHFRPPHQFHPHQW
H[HUFLVHVVWXGHQWVZRUH RQO\ VLPSOHZKLWHGUHVVHVZKLFKKDGWREHRIIDFXOW\DSSURYHGOHQJWK
,QDQGVHQLRUVKDGDVNHGWRZHDUFDSVDQGJRZQVEXWZHUHGHQLHGERWKWLPHV
,QKRZHYHU WKH\ZHUHDOORZHGWRGRVRDQGIRUWKHILUVWWLPHWKHJUDGXDWLQJFODVVJUDFHG
FRPPHQFHPHQWLQFDSVDQGJRZQV)XUWKHUDVHDFK VWXGHQWUHFHLYHGKHUGHJUHHVKHZDV
SHUVRQDOO\KRRGHGE\3UHVLGHQW%XUUXVV
7KHPDLQFRPPHQFHPHQWDGGUHVVZDVJLYHQE\'U+HQU\/6PLWKSUHVLGHQWRI:DVKLQJWRQ
DQG/HH8QLYHUVLW\ZKRVSRNHRQWKHUROHRISURYLGHQFHLQWKH)LUVW:RUOG:DU
-XQH 3UHVLGHQW%XUUXVV3UHVLGHQWRI93,"
7ZRGD\VDIWHUWKHHQGRIWKHVFKRRO¶VWHQWK\HDU3UHVLGHQW-XOLDQ$%XUUXVVZDVHOHFWHG
SUHVLGHQWRI9LUJLQLD3RO\WHFKQLF,QVWLWXWH 9LUJLQLD7HFKE\WKDWLQVWLWXWLRQ¶V%RDUGRI9LVLWRUV
³1RUPDO6FKRRO*UDGXDWHV+HDU6SOHQGLG$GGUHVV´'DLO\1HZV5HFRUG -XQH'LQJOHGLQH-RQHV
5RRWHG
)DFXOW\UHVSRQVHVWRVWXGHQWUHTXHVWVWRZHDUFDSVDQGJRZQVFDQEHIRXQGLQWKHIROORZLQJHQWULHVLQ )DFXOW\
0LQXWHV)HEUXDU\S0DUFKSDQG0DUFKSS,Q
WKHIDFXOW\RYHUURGHE\RQHYRWHWKHUHFRPPHQGDWLRQRIWKH6WXGHQW:HOIDUH&RPPLWWHHWKDWJUDGXDWHVEHDOORZHG
WRZHDUDFDGHPLFFRVWXPH $QLQWHUHVWLQJSRLQWWRQRWHLVWKDWGXULQJWKLVSHULRGWKHJUDGXDWLQJFODVVZDVUHIHUUHGWR
DVWKH'HJUHH&ODVVZKLOHWKHGHVLJQDWLRQRI6HQLRUIHOOXSRQZKDWZRXOGWRGD\EHFRQVLGHUHGWKHMXQLRUOHYHO6HH
7KH6FKRROPD¶DP )RUDJHQHUDOV\QRSVLVRIJUDGXDWLRQKLVWRU\LQFOXGLQJPHQWLRQRIFDSVDQGJRZQVVHH
-DQHW7:HQGHONHQ³*UDGXDWLRQKDV&KDQJHG6LQFH´ -DPHV0DGLVRQ8QLYHUVLW\1HZV0D\DQG
³*UDGXDWLRQ+LVWRU\´-08&HQWHQQLDO:HEVLWH
KWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQFRPPHQFHPHQWVKWPO!>0DUFK@ 7KH9LUJLQLD7HDFKHU QR
6XSSOHPHQWQR0D\'LQJOHGLQH &RPPHQFHPHQW3URJUDPV³:DVKLQJWRQDQG
/HH+HDG$GGUHVVHV1RUPDO6FKRRO¶'DLO\1HZV5HFRUG -XQH
$OWKRXJKLWZDVZLGHO\DVVXPHGKHZRXOGDFFHSWWKHRIIHUWROHDGKLVDOPDPDWHUWKHORFDO
SDSHUDQQRXQFHGKLVHOHFWLRQZLWKWKHKHDGOLQH³-XOLDQ$%XUUXVVWR/HDYH+DUULVRQEXUJ6WDWH
1RUPDO´%XUUXVVFRQVLGHUHGWKHPDWWHUIRUVRPHWLPHDQGKLVGHFLVLRQZDVQRWDQQRXQFHGXQWLO
-XO\
-XO\ 3UHVLGHQW%XUUXVV5HVLJQLQJ
2Q6DWXUGD\LWZDVDQQRXQFHGSXEOLFO\WKDW-XOLDQ$%XUUXVVWKHLQVWLWXWLRQ¶VILUVWSUHVLGHQW
ZRXOGEHOHDYLQJWKHVFKRROWRDFFHSWWKHSUHVLGHQF\RIKLVDOPDPDWHU9LUJLQLD3RO\WHFKQLF
,QVWLWXWH 9LUJLQLD7HFKLQ %ODFNVEXUJ
-XO\ 3UHVLGHQW%XUUXVV0RYLQJ2Q%XW³:LWKWKH*UHDWHVW6RUURZ´
,QDOHWWHUGDWHG-XO\3UHVLGHQW%XUUXVVIRUPDOO\UHVSRQGHGWRWKHPDQ\OHWWHUVKHKDGUHFHLYHG
IURPDOXPQDHDERXWWKHOLNHOLKRRGRIKLVOHDYLQJWREHFRPHWKHSUHVLGHQWRI9LUJLQLD3RO\WHFKQLF
,QVWLWXWH 9LUJLQLD7HFK
%XUUXVVZULWLQJWZRGD\VDIWHUKLVGHFLVLRQWRDFFHSWWKHRIIHUKDGEHHQPDGHSXEOLFH[SUHVVHG
KLVJUDWLWXGHDQGWROGWKHDOXPQDHWKDWWKHFKRLFHKDGQRWEHHQDQHDV\RQH³,KDYHVWUXJJOHGD
ORQJWLPHZLWKWKLVPDWWHU´KHZURWH8OWLPDWHO\KRZHYHULWZDV³DVHQVHRIREOLJDWLRQ´WRKLV
DOPDPDWHUWKDWOHGKLPWRDFFHSWWKHQHZSRVLWLRQ³>,@WLVP\GXW\WRJR´KHWROGWKHP
³,VKDOOOHDYHWKHZRUNDW+DUULVRQEXUJ´%XUUXVVDGGHG³ZLWKWKHJUHDWHVWVRUURZ´
-XO\ 3UHVLGHQW%XUUXVV5HVLJQDWLRQ$FFHSWHG‡3UHVLGHQW'XNH(OHFWHG
3UHVLGHQW%XUUXVV5HVLJQDWLRQ$FFHSWHG
$WD7XHVGD\DIWHUQRRQPHHWLQJRIWKH9LUJLQLD1RUPDO6FKRRO%RDUG3UHVLGHQW%XUUXVV¶V
UHVLJQDWLRQZKLFKZRXOGEHFRPHHIIHFWLYH6HSWHPEHUZDVIRUPDOO\DFFHSWHG)ROORZLQJWKLV
WKH%RDUGYRWHGRQDQHZSUHVLGHQWIRUWKHVFKRRO
3UHVLGHQW'XNH(OHFWHG
:KHQLWFDPHWLPHWRDSSRLQWDVHFRQGSUHVLGHQWIRUWKHLQVWLWXWLRQWKUHHFDQGLGDWHVZHUH
FRQVLGHUHGIRUWKHSRVLWLRQ&RUQHOLXV-+HDWZROHDQG:LOOLDP76DQJHUIRUPHUSURIHVVRUDQG
GHDQRIWKHVFKRROUHVSHFWLYHO\DQG6DPXHO3'XNH9LUJLQLD6WDWH6XSHUYLVRURI+LJK6FKRROV
,QDVHYHQWRIRXUYRWHWKLUW\WKUHH\HDUROG6DPXHO'XNHZDVFKRVHQRYHUORFDOIDYRULWH
:LOOLDP6DQJHU
³-XOLDQ$%XUUXVVWR/HDYH+DUULVRQEXUJ6WDWH1RUPDO´'DLO\1HZV5HFRUG -XQH
³%XUUXVV:LOO$FFHSW3UHVLGHQF\RI93,´'DLO\1HZV5HFRUG -XO\
%XUUXVV-XOLDQ$1HZV5HOHDVHV9HUWLFDO)LOHOHWWHUGDWHG-XO\
³'XNHLV(OHFWHG1RUPDO3UHVLGHQW´ 'DLO\1HZV5HFRUG -XO\'LQJOHGLQH -RQHV 5RRWHGRQ
%OXH6WRQH+LOO
$XJXVW 3UHVLGHQW'XNH6HFRQG3UHVLGHQW± ³7KH%XLOGHU´$UULYHV
$OWKRXJKKLVSUHVLGHQF\ZRXOGQRWRIILFLDOO\EHJLQXQWLO6HSWHPEHU6DPXHO 3DJH'XNH
DVVXPHGKLVGXWLHVDVWKHLQVWLWXWLRQ¶VVHFRQG3UHVLGHQWRQ 7XHVGD\$XJXVWMXVWQLQHGD\V
EHIRUHKLVWKLUW\IRXUWKELUWKGD\
'XNHDQDWLYHRI6RXWKZHVW9LUJLQLDREWDLQHGKLVEDFKHORU¶VGHJUHHIURP5DQGROSK0DFRQ
&ROOHJHDQGKLVPDVWHU¶VIURPWKH7HDFKHUV&ROOHJH&ROXPELD8QLYHUVLW\+HEHJDQKLV
WHDFKLQJFDUHHULQDW:LOOLH+DOVHOO&ROOHJHDVPDOOVFKRROLQWKH³,QGLDQ7HUULWRU\´RI
2NODKRPDZKHUHKHWDXJKWKLVWRU\DQGVFLHQFHDQGFRDFKHGWKHIRRWEDOODQGEDVHEDOOWHDPVZLWK
WKHIRUPHUFRQVLVWLQJPRVWO\RI&KHURNHH,QGLDQV$WDJHKLVZDVPDGH9LFH3ULQFLSDORIWKH
VFKRRO
,Q'XNHEHFDPHDKLJKVFKRROSULQFLSOHDQGIURPWRKHZDVWKHGLUHFWRURIWKH
6WDWH7HDFKHUV&ROOHJHLQ)DUPYLOOH9LUJLQLD)RUHLJKWHHQPRQWKVSULRUWRKLVHOHFWLRQDV
VFKRROSUHVLGHQWKHVHUYHGDV6WDWH6XSHUYLVRURI+LJK6FKRROV
6DPXHO'XNHDUULYHGDWWKHVFKRROMXVWRQHPRQWK EHIRUHWKHVWDUWRILWVHOHYHQWK\HDU
7KHLQVWLWXWLRQ'XNHKDGLQKHULWHGZDVFRPSULVHGRI WHQEXLOGLQJVVLWXDWHGRQIRUW\QLQH
DFUHVRIODQG7KHUHZHUHWZHQW\VL[IDFXOW\ PHPEHUVDQGVWXGHQWHQUROOPHQWIRUWKH\HDUZRXOG
EH'XNHDOVRLQKHULWHGWKHSUREOHPRISURYLGLQJVXIILFLHQWGRUPLWRU\DQGFODVVURRPVSDFH
IRUWKHJURZLQJVWXGHQWSRSXODWLRQ DVZHOODVDVKRFNLQJWUHDVXU\EDODQFHRIRQO\ 'HVSLWHWKHVHSUREOHPVWKHILQDOUHVXOWVRI'XNH¶VWKLUW\\HDUWHQXUHZHUHLPSUHVVLYH
%\WKHWLPHKHOHIWRIILFHLQWKHPDLQFDPSXVKDGH[SDQGHGWRVL[W\WZRDFUHVDQGWKH
VFKRROKDGDFTXLUHGDQDGGLWLRQDOWKLUW\RQHDFUHVDORQJWKH6KHQDQGRDK5LYHUZKLFKLWXVHGDVD
FDPSNQRZQWRGD\DV8QLYHUVLW\)DUP 7KHQXPEHURIEXLOGLQJVKDGLQFUHDVHGWRWZHQW\
WKUHHZLWKQLQHPDMRUEXLOGLQJVKDYLQJEHHQFRQVWUXFWHGLQFOXGLQJ$OXPQDH+DOO.HH]HOO+DOO
:LOVRQ+DOODQGWKHVFKRRO¶VILUVWVWDQGDORQHOLEUDU\0DGLVRQ0HPRULDO/LEUDU\QRZ&DUULHU
/LEUDU\
$OWKRXJK'XNHZDVDEOHWRVLJQLILFDQWO\H[SDQGWKHDYDLODEOHGRUPLWRU\VSDFHKHZRXOGEHQR
PDWFKIRUWKHJURZLQJVWXGHQWHQUROOPHQWZKLFKSHUPDQHQWO\SDVVHGWKHPDUNXQGHUKLV
WHQXUH
/HWWHUIURP6DPXHO3'XNHWR 5LFKPRQG7LPHV'LVSDWFK 5HSRUWHUGDWHG$SULOSSLQ'XNH
6DPXHO39HUWLFDO)LOH)ROGHU 6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\
+DUULVRQEXUJ9$³'XNHLV(OHFWHG1RUPDO3UHVLGHQW´ 'DLO\1HZV5HFRUG-XO\³'U63'XNH)RUPHU
0DGLVRQ3UHVLGHQW'LHV´'DLO\QHZV5HFRUG $SULO-RQHV 5RRWHGRQ%OXH6WRQH+LOO,PDJHVRI
-DPHV0DGLVRQ8QLYHUVLW\%OXH6WRQH+LOOWR-08
7KHVFKRROFDWDORJLVVXHGLQ0D\RQO\DIHZPRQWKVEHIRUH'XNHDVVXPHGWKHSUHVLGHQF\OLVWVDWRWDORI
WHQEXLOGLQJVLQFOXGLQJWKHSUHVLGHQW¶VKRPHDEDUQDQHPSOR\HHFRWWDJHDQGDVPDOOODXQGU\EXLOGLQJ$Q
HOHYHQWKEXLOGLQJWKHRIIFDPSXV3UDFWLFH+RXVHIRUXVHE\+RPH(FRQRPLFVVWXGHQWVZDVEHLQJUHQWHGE\WKH
VFKRRO 7KH1RUPDO %XOOHWLQ QR0D\ 7KH9LUJLQLD7HDFKHU QR6XSSOHPHQWQR
0D\'LQJOHGLQH7KHDFWXDOVL]HRIWKHFDPSZDVVOLJKWO\RYHUDFUHV
$FFRUGLQJWRWKHVFKRRO¶VFDWDORJWKHUHZHUHILYHDFDGHPLFEXLOGLQJVVHYHQUHVLGHQFHKDOOVVL[KRXVHVDQGRWKHU
EXLOGLQJVVXFKDV6KHQDQGRDKDQG:HOOLQJWRQ$SDUWPHQWVDQGILYHVSHFLDOEXLOGLQJVLQFOXGLQJWKH&RWWDJHDQG
WKH+HDWLQJ3ODQW %XOOHWLQ 0DGLVRQ&ROOHJH>5HJLVWHUIRU@ ³-083UHVLGHQWV´-08
)LQDOO\'XNHRYHUVDZWUHPHQGRXVDFDGHPLFH[SDQVLRQDWWKHVFKRROLQFOXGLQJWKHJURZWKRI
WKHIDFXOW\WRRYHUHLJKW\WKHLQWURGXFWLRQRIWKHEDFKHORU¶VGHJUHHDQGWKHWUDQVIRUPDWLRQRIWKH
LQVWLWXWLRQIURP³DQRUPDOVFKRROWRDWHDFKHUVFROOHJHWRDPXOWLSXUSRVHLQVWLWXWLRQ´
,WLVOLWWOHZRQGHUWKDWE\WKHWLPHRIKLVGHSDUWXUH'XNHKDGEHHQGXEEHGWKH³%XLOGHU´
SUHVLGHQW
6HSWHPEHU 3UHVLGHQW'XNH3UHVLGHQF\2IILFLDOO\%HJLQV
$OWKRXJK6DPXHO3'XNHKDGVWDUWHGZRUNLQODWH$XJXVWKLVSUHVLGHQF\RIILFLDOO\EHJDQRQ
6HSWHPEHU
)HEUXDU\ 7KH9LUJLQLD7HDFKHU
,QDQHZSXEOLFDWLRQ7KH9LUJLQLD7HDFKHUDSSHDUHGRQFDPSXVDQGUHSODFHG7KH1RUPDO
%XOOHWLQDVERWKWKHVFKRRO¶VFDWDORJDQGLWVPRQWKO\PDJD]LQH
)LUVWLVVXHGLQ)HEUXDU\LQLWVPDJD]LQHIRUPDWWKHFRQWHQWRI 7KH9LUJLQLD7HDFKHUZDVYLUWXDOO\
LGHQWLFDOWRLWVSUHGHFHVVRU,WWRRZDVFRPSULVHGSULPDULO\RIVFKRODUO\DUWLFOHVDQGERRN
UHYLHZVZLWKDVHFWLRQIRUVFKRRODQGDOXPQDHQHZV7KLVQHZHGXFDWLRQDOPDJD]LQHZDVPHDQW
WRVHUYHIDFXOW\DOXPQDHDQGVWXGHQWVDOLNHDOWKRXJKLWZRXOGXOWLPDWHO\IDLOWRVDWLVI\WKH
ODWWHU
%HJLQQLQJLQ0DUFKVXSSOHPHQWLVVXHVRI 7KH9LUJLQLD7HDFKHUZHUHSXEOLVKHGWKDWVHUYHGDV
WKHDQQXDOFDWDORJVDQGWKHVSULQJDQGVXPPHUTXDUWHUDQQRXQFHPHQWV)URPWR
WKHVHVXSSOHPHQWDOFDWDORJLVVXHVZHUHSXEOLVKHGXQGHUWKHWLWOH%XOOHWLQRI,QIRUPDWLRQ $IWHU
&HQWHQQLDO&HOHEUDWLRQ:HEVLWHKWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQSUHVLGHQWVVKWPO!>0D\@ )RU
WKHODVW\HDURI'XNH¶VSUHVLGHQF\VWXGHQWHQUROOPHQWZDV-RQHV 5RRWHGRQ%OXH6WRQH+LOO
HUURQHRXVO\JLYHVWKHQXPEHURIVWXGHQWVHQUROOHGLQDV-RQHVDSSHDUVWRKDYHVLPSO\
PLVUHDG'LQJOHGLQH'LQJOHGLQHGLGLQGHHGSURYLGHWKLVQXPEHUEXWKHZDVGLVFXVVLQJWKHUHVXOWVRI'XNH¶V
ILUVWWZRGHFDGHVLQRIILFHDQGZDVFLWLQJQXPEHUVIRUWKH\HDUQRWIRU6RQQHUPDNHV
WKHVDPHPLVWDNH
)DFXOW\QXPEHUVIRUPRVWRIWKHHDUO\WLPHSHULRGVFDQYDU\GHSHQGLQJRQWKHVRXUFH+RZHYHUEDVHGVWULFWO\
RQWKHVFKRRO¶VFDWDORJ %XOOHWLQ0DGLVRQ&ROOHJH>5HJLVWHUIRU@WKHQXPEHURIIDFXOW\ZDVHLJKW\IRXU
LQFOXGLQJWZHOYHLQVWUXFWRUVLQWKH6FKRRORI0XVLF7KLVQXPEHULVKRZHYHUH[FOXVLYHRIWKHQLQHWHHQLQVWUXFWRUV
ZRUNLQJLQWKHSXEOLFVFKRROVDV³WUDLQLQJVFKRROVXSHUYLVRUV´7KHODWWHUZHUHQRWJHQHUDOO\LQFOXGHGLQIDFXOW\
FRXQWV
7KHILUVWLQVWDQFHRI'XNHEHLQJUHIHUUHGWRDVWKH³%XLOGHU´PD\EHDDUWLFOHE\WKHQIDFXOW\PHPEHU
&RQUDG/RJDQ6HH/RJDQ³6DPXHO3'XNH%XLOGHU´,Q+LOWRQ ³&KDQJLQJIURPD&ROOHJHWRD 8QLYHUVLW\´
WKHDXWKRUSRLQWVRXWWKDWVXEVHTXHQWSUHVLGHQWVRYHUVDZIDUPRUHFRQVWUXFWLRQDQGH[SDQVLRQWKDQGLG'XNH DQG
WKXVUHIHUVWR'XNHDVWKH³)LUVW RIWKHµ%XLOGHU¶3UHVLGHQWV´+RZHYHULWLV'XNHZKRLVJHQHUDOO\GHVLJQDWHGDVWKH
³%XLOGHU3UHVLGHQW´
'LQJOHGLQH
WKH%XOOHWLQRI,QIRUPDWLRQEHFDPHDVHSDUDWHVWDQGDORQHFDWDORJUHSODFLQJWKHFDWDORJ
LVVXHVRI 7KH9LUJLQLD7HDFKHU
7KHPDJD]LQHQXPEHUVRI 7KH9LUJLQLD7HDFKHUKRZHYHUFRQWLQXHGWREHSXEOLVKHGXQWLO0D\
DWZKLFKWLPHODFNRIILQDQFLDOVXSSRUWIRUFHG WKHLUGLVFRQWLQXDQFH,QDQRWKHU
PDJD]LQH7KH0DGLVRQ4XDUWHUO\WRRNLWVSODFH
0DUFK +DUULVRQ+DOO+HDWLQJ3ODQW/DXQGU\$GGHG
,Q 0DUFK LQVWDOODWLRQRIQHZODXQGU\IDFLOLWLHVLQWKHEDVHPHQWRIWKHVHUYLFHEXLOGLQJWKH
+DUULVRQ+DOODUFKZD\ZDVEHJXQ$WWKHVDPHWLPHMXVWEHKLQGWKHDUFKZD\ZRUNVWDUWHGRQ D
QHZFHQWUDOKHDWLQJSODQWIRUWKHVFKRRO%RWKZHUHFRPSOHWHGLQ
6HSWHPEHU±-XQH 7HQWK6FKRRO<HDU&ROOHJH/HYHO(GXFDWLRQ2QO\
:KHQWKHVFKRROILUVWRSHQHGLQLWRIIHUHGIRXU\HDUVRIKLJKVFKRROZRUNDQGWZR\HDUVRI
SRVWKLJKVFKRROZRUNDQGSURVSHFWLYHVWXGHQWVQHHGHGRQO\KDYHFRPSOHWHGWKHVHYHQWKJUDGHWR
PHHWWKHHQWUDQFHUHTXLUHPHQWV2YHUWKH\HDUVFRQVWDQWHIIRUWVZHUHPDGHWRLQFUHDVHFRXUVH
RIIHULQJVDQGUDLVHDFDGHPLFVWDQGDUGVDQGHQWUDQFHUHTXLUHPHQWV
7KHPRVWVLJQLILFDQWDFDGHPLFDGYDQFHPHQWFDPHLQZKHQWKHVFKRRORIIHUHGIRXU
\HDUGHJUHHVIRUWKHILUVWWLPH 7KHIROORZLQJ\HDUWKHLQVWLWXWLRQUDLVHGLWVHQWUDQFH
UHTXLUHPHQWVDQGWKRVHZLVKLQJWRDWWHQGKDGWRKDYHFRPSOHWHGDIXOOWKUHH\HDUVRIKLJKVFKRRO
7KLVPHDQWWKDWWKHVFKRROZDVQRZRIIHULQJRQO\RQH\HDURIKLJKVFKRROOHYHOZRUNLQWKHIRUP
RIWKH3UHSDUDWRU\&RXUVHDQGWKDWLWZDVFORVHUWKDQ HYHUWRSURYLGLQJDVROHO\FROOHJHOHYHO
HGXFDWLRQ
7ZR\HDUVODWHUIRUWKHVHVVLRQWKH3UHSDUDWRU\&RXUVHZDVGURSSHGDQGWKHVFKRRO
VWRSSHGRIIHULQJKLJKVFKRROOHYHOZRUN7KLVPRPHQWPDUNHGWKHEHJLQQLQJRIWKHLQVWLWXWLRQ¶V
ILQDOPDUFKWRZDUGVFROOHJHVWDWXV
1RYHPEHU $OXPQDH+DOO ³7KH%XLOGHU´%HJLQV
'XULQJDQDOXPQDHOXQFKHRQLQ5LFKPRQG9LUJLQLD3UHVLGHQW'XNHNQRZQDV³WKH%XLOGHU´
SUHVLGHQWSURSRVHGDSODQWKHILUVWRILWVNLQGIRUD9LUJLQLDWHDFKHUVVFKRROWRFRQVWUXFWDQ
$OXPQDH6WXGHQWV¶%XLOGLQJ7KHEXLOGLQJZDVWRFRQWDLQDODUJHUHFHSWLRQURRPIRUVRFLDO
HYHQWVJXHVWURRPVIRUYLVLWLQJDOXPQDHDQGVSHFLDOJXHVWVRIWKHVFKRRODQGRIILFHVSDFHIRU
VWXGHQWRUJDQL]DWLRQV
7KH9LUJLQLD7HDFKHUQR)HEUXDU\'LQJOHGLQH
7KHFRVWRIWKHQHZKHDWLQJSODQWDQGODXQGU\IDFLOLWLHVZDVURXJKO\GHSHQGLQJRQZKDWVRXUFHLV
FRQVXOWHG7KHQHZODXQGU\ZDVLQRSHUDWLRQE\DWOHDVW$XJXVW&KDSSHOHDU'LQJOHGLQH
³6FKHGXOHRI%XLOGLQJVDQG&RVWRI6DPHDW0DGLVRQ&ROOHJH+DUULVRQEXUJ9$´ 7KH9LUJLQLD7HDFKHU QR
$XJXVW
'LQJOHGLQH³1RUPDO6FKRRO2SHQV,WV7HQWK<HDU7RPRUURZ´'DLO\1HZV5HFRUG 6HSWHPEHU
7KH1RUPDO %XOOHWLQ QR0D\
'XNHFDOOHGRQWKHDOXPQDHWRUDLVHWKHPRQH\IRULWVFRQVWUXFWLRQ+LVSODQZDVXQDQLPRXVO\
HQGRUVHGE\WKHDOXPQDHSUHVHQWDWWKHOXQFKHRQ
6RRQDOXPQDHIURPDURXQGWKHVWDWHZHUHFDOOLQJIRUGRQDWLRQVDQGHQJDJLQJLQYDULRXVIXQG
UDLVLQJHIIRUWV8OWLPDWHO\DOXPQDHIDFXOW\DQGIULHQGVRIWKHVFKRROLQFOXGLQJORFDOFLWL]HQV
ZRXOGUDLVH)DUIURPHQRXJKWRFRPSOHWHWKHSURMHFWZKLFKZDVWRFRVWWKH
UHPDLQLQJDPRXQWZRXOGHYHQWXDOO\EHSURFXUHGIURPWKHVWDWHDQGWKHVFKRRO¶V
RSHUDWLQJIXQGV
:RUNRQWKHEXLOGLQJZRXOGEHJLQLQWKHVSULQJRI
-DQXDU\ )LUVW9DUVLW\%DVNHWEDOO7HDP)LUVW,QWHUVFKRODVWLF%DVNHWEDOO*DPH
6LQFHWKHVFKRRO¶VEDVNHWEDOOWHDPVKDGHQJDJHGVROHO\LQLQWHUFODVVFRPSHWLWLRQEXWLQ
WKH+DUULVRQEXUJ1RUPDO6FKRRO +16 RUJDQL]HGLWVILUVWYDUVLW\WHDP DQGEHJDQ WR
FRPSHWHLQWHUVFKRODVWLFDOO\
2Q6DWXUGD\HYHQLQJ-DQXDU\DVSHFLDOO\SLFNHGWHDP IRUPHGIURPPHPEHUVRIWKHFODVV
WHDPVILUVWWHVWHGLWVYDUVLW\PHWWOHDJDLQVWWKHWHDPIURP%ULGJHZDWHU&ROOHJH 7KHJDPHZDV
SOD\HGLQWKH%ULGJHZDWHUJ\PQDVLXP
7KHURRNLHYDUVLW\WHDPKDGDQLPSUHVVLYHILUVWKDOIRXWVFRULQJ%ULGJHZDWHUSRLQWVWR 7KH
VHFRQGKDOIKRZHYHUZDVEOHDNZLWKWKHWHDPVFRULQJRQO\ SRLQWVWR%ULGJHZDWHU¶V
'HVSLWHWKHVHFRQGKDOIGRZQWXUQ WKHURRNLHWHDP VWLOOZDONHGDZD\LQYLFWRU\ZLWKDILQDO VFRUH
RI WR
7KHUHPDLQLQJVL[JDPHVRIWKHVHDVRQZRXOGEHSOD\HGDJDLQVWWKH WHDPVIURPWKHRWKHU6WDWH
1RUPDO6FKRROV)DUPYLOOH)UHGHULFNVEXUJDQG5DGIRUGZLWKWKH+16YDUVLW\ WHDP QH[W
PHHWLQJWKH)DUPYLOOHWHDPRQ)HEUXDU\+DUULVRQEXUJGHPROLVKHG)DUPYLOOHE\ DVFRUHRI
WR DQGZHQWRQWRDDQGVHDVRQ
$FFRUGLQJWRWKHORFDOSDSHUFLWL]HQVRI+DUULVRQEXUJFRQWULEXWHGDSSUR[LPDWHO\WRWKHSURMHFW6HH
³1RUPDO6FKRRO+HDUV6HUPRQ´'DLO\1HZV5HFRUG -XQH*URXQGZDVEURNHQDQGZRUNRQWKHEXLOGLQJ¶V
IRXQGDWLRQZDVEHJXQVRPHWLPHLQHLWKHU0DUFKRU$SULO 7KH9LUJLQLD7HDFKHUQR$SULO
&KDSSHOHDU 'LQJOHGLQH³7KH)LUVW&DSLWDO&DPSDLJQ´-08 &HQWHQQLDO&HOHEUDWLRQ:HEVLWH
KWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQFDPSDLJQVKWPO!>-XO\@
,WVKRXOGEHQRWHGWKDWDYDUVLW\EDVNHWEDOOWHDPZDVILUVWIRUPHGLQHDUO\+RZHYHULWVHHPVWKHWHDPZDV
RUJDQL]HGVSHFLDOO\IRUWKHSXUSRVHRISOD\LQJDJDLQVWDIDFXOW\WHDPQRWDVDQDFWXDOO\YDUVLW\WHDPLQWHQGHGIRU
LQWHUVFKRODVWLFFRPSHWLWLRQ7KHWZRWHDPVPHWRQ0DUFKZLWKWKHYDUVLW\WHDPZLQQLQJE\DVFRUHRIWR
1RRWKHUJDPHVVHHPWRKDYHEHHQSOD\HGE\WKHWHDPDQG QRWHDPSLFWXUHDSSHDUHGLQWKDW\HDU¶V\HDUERRN)RU
PHQWLRQRIWKH9DUVLW\)DFXOW\JDPHVHH7KH9LUJLQLD7HDFKHUQR$SULO 7KH6FKRROPD¶DP
QSVHHWLPHOLQH RIUHGOHWWHUGD\VDQG&DUUROO 7KH6FKRROPD¶DP QS³,QWHUHVWLQJ%DVNHWEDOO*DPHDW
6WDWH1RUPDO´ 'DLO\1HZV5HFRUG -DQXDU\³6WDWH1RUPDO6FKRRO7HDP:LQV2YHU%+6´'DLO\1HZV
5HFRUG )HEUXDU\7KH 'DLO\1HZV5HFRUG PLVWDNHQO\UHSRUWHGWKDW+DUULVRQEXUJKDGSOD\HGWKH
-XQH $OXPQDH+DOO&RUQHUVWRQH/DLG&RQVWUXFWLRQ&RQWLQXHV
7KHOD\LQJRIWKHFRUQHUVWRQHIRU$OXPQDH+DOOWRRNSODFHDWSP0RQGD\DIWHUQRRQDVSDUWRI
WKH\HDU¶VFRPPHQFHPHQWSURJUDP
3UHVLGHQW'XNHIRUPHUVHQDWRU*HRUJH1&RQUDGDQGUHSUHVHQWDWLYHVRIWKHDOXPQDHDQGWKH
VWXGHQWERG\ PDGHEULHIUHPDUNVZKLOH³WHOHJUDPVRIFKHHUFDPHLQ´IURPDURXQGWKHVWDWH7KH
FHUHPRQ\ZDVFRQFOXGHGZLWKWKHVLQJLQJRIWKHDOPDPDWHU³%OXH6WRQH+LOO´
7KURXJKRXWWKHVXPPHUFRQVWUXFWLRQFRQWLQXHGDQGWKHEXLOGLQJ¶VZDOOVZHUHLQSODFHE\
1RYHPEHU$WWKLVMXQFWXUHKRZHYHUIXQGVUDQRXWDQGFRQVWUXFWLRQZDVKDOWHG,WZRXOGEH
VHYHUDOPRQWKVEHIRUHIXUWKHUIXQGLQJZRXOGEHREWDLQHGIURPWKHVWDWHDQGWKHVFKRRO¶V
RSHUDWLQJIXQGVEXWZKHQLWZDVFRQVWUXFWLRQUHVXPHGDQGWKHEXLOGLQJZDVUHDG\E\WKH
EHJLQQLQJRIWKHVXPPHUVHVVLRQ
)DOO ³7KH%UHH]H´6WXGHQW3XEOLFDWLRQ0RYHPHQW%HJLQV 7KH³*R*HWµ(U´
6LQFHWKHRSHQLQJRIWKHVFKRROLQRQHWKLQJVWXGHQWVKDGQHYHUHVWDEOLVKHGZDVWKHLURZQ
QHZVSDSHU+RZHYHUGXULQJWKHVFKRRO¶VWKLUWHHQWK\HDUDPRYHPHQWEHJDQWKDW
GLGMXVWWKDW
$WWKHWLPHWKHUHZDVRQO\RQHUHJXODUO\LVVXHGSXEOLFDWLRQWKDWVWXGHQWVFRXOGWXUQWRIRUVFKRRO
QHZVDQGHQWHUWDLQPHQW7KH9LUJLQLD7HDFKHU 7KLVPRQWKO\PDJD]LQHHGLWHGE\PHPEHUVRI
WKHIDFXOW\FRQWDLQHGVHFWLRQVRQVFKRRODQGDOXPQDHQHZVEXWZDVIRUWKHPRVWSDUWD
VFKRODUO\MRXUQDO
:KLOHWKHVWXGHQWVFRQVLGHUHG7KH9LUJLQLD7HDFKHUWREHILQHLQLWVRZQZD\WKH\ VDLGWKH\
GHVLUHG³VRPHWKLQJPRUHRIWKHLURZQDSDSHULQZKLFKWKH\FRXOGWHOODOOWKHKDSSHQLQJVDURXQG
WKHFDPSXVDQGFRXOGVD\H[DFWO\ZKDWWKH\WKRXJKWDERXWWKLQJV´
7KHILUVWVWHSLQIXOILOOLQJWKLVGHVLUHFDPHZKHQDVPDOOJURXSRIVWXGHQWVZLWKWKH
HQFRXUDJHPHQWRI(QJOLVK3URIHVVRU&RQUDG/RJDQIRUZKRP/RJDQ+DOOLVQDPHGEHJDQ
LVVXLQJWKHLURZQSDSHUWKH³*R*HWµ(U´
'HVFULEHGDV³DVPDOODFFRXQWRIWKHDIIDLUVRIWKH6WXGHQW%RG\´WKH³*R*HWµ(U´ZDVLVVXHG
PRQWKO\EXWEHFDXVHLWZDVW\SHZULWWHQRQO\DVLQJOHFRS\RIHDFKLVVXHZDVSXEOLVKHG 7KHVH
%ULGJHZDWHUKLJKVFKRROWHDPZKLOHLQFRQWUDGLFWLRQLWDOVRUHSRUWHGLQWKHVDPHDUWLFOHWKDWWKH\KDGSOD\HG
%ULGJHZDWHU&ROOHJH
'LQJOHGLQH³1RUPDO6FKRRO+HDUV6HUPRQ´ 'DLO\1HZV5HFRUG -XQH7KH6FKRROPD¶DP
QS³7KH)LUVW&DSLWDO&DPSDLJQ´-08&HQWHQQLDO&HOHEUDWLRQ:HEVLWH
KWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQFDPSDLJQVKWPO!>-XO\@
:KHQH[DFWO\WKH³*R*HWµ(U´ILUVWDSSHDUHGVHHPVWREHXQNQRZQDQGXQIRUWXQDWHO\RQO\RQHLVVXHRIWKH
SDSHULQLWVKDQGZULWWHQIRUPDWUHPDLQVLQWKHSRVVHVVLRQRI-08+RZHYHUEDVHGRQWKHDYDLODEOHHYLGHQFHLW
VHHPVOLNHO\WKDWSXEOLFDWLRQEHJDQVRPHWLPHGXULQJWKHIDOOTXDUWHURI 6HH³7KH*R*HWµ(U´0DUFK
LQ 'LQJOHGLQH5D\PRQG& 0DGLVRQ&ROOHJH7KH)LUVW<HDUV9HUWLFDO)LOH)ROGHU6SHFLDO&ROOHFWLRQV
&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
ORQHLVVXHVZHUHSODFHGLQWKHPDJD]LQHUDFNDWWKHOLEUDU\IRUJHQHUDOXVHDQGVWXGHQWV³HDJHUO\´
DZDLWHGWKHUHOHDVHRIHDFKQHZLVVXH
7KH³*R*HWµ(U´JHQHUDOO\UHJDUGHGDVWKHILUVWVWXGHQWSDSHUZDVDELJVXFFHVVDQGVRRQ
VSDUNHGHIIRUWVWREHJLQSXEOLFDWLRQRIDUHJXODUFDPSXVQHZVSDSHU7KHVHHIIRUWVERUHIUXLWLQ
WKHIDOORIZLWKWKHHVWDEOLVKPHQWRI 7KH%UHH]HWKHILUVWVWXGHQWQHZVSDSHU
6SULQJ ³7KH%UHH]H´6WXGHQW3XEOLFDWLRQ&RPPLWWHH$SSRLQWHG
,QODWHDVPDOOJURXSRIVWXGHQWVKDGEHJXQLVVXLQJWKH³*R*HWµ(U´DQLQIRUPDO
W\SHZULWWHQVFKRROQHZVSDSHU5HOHDVHRIWKHSDSHUFRXSOHGZLWKWKHSRVLWLYHUHVSRQVHLW
UHFHLYHGSURPSWHGVWXGHQWVWRUHDOL]HWKDWWKHUHZDVQRUHDVRQZK\WKH\VKRXOGQRWKDYHD³UHDO´
QHZVSDSHURIWKHLURZQ
6RPHWLPHLQWKHVSULQJRIQRWWRRORQJEHIRUHWKHVFKRRO\HDUZDVVHWWRHQGWKHVWXGHQW
ERG\FRQYHQHGDPHHWLQJWRGLVFXVVWKHLVVXH7KLVUHVXOWHGLQWKHRUJDQL]DWLRQRIDVWXGHQW
SXEOLFDWLRQFRPPLWWHHZKLFKZDVWDVNHGZLWKLQYHVWLJDWLQJ³ZD\VDQGPHDQVRIHVWDEOLVKLQJD
QHZVSDSHU´+RZHYHULWSURYHGWREHWRRODWHLQWKH\HDUIRUDQ\VXEVWDQWLYHDFWLRQWREHWDNHQ
1RQHWKHOHVVVWXGHQWVUHPDLQHGGHGLFDWHGWRWKHLGHDDQGLQWKHHDUO\SDUWRI WKHFRPLQJIDOO
TXDUWHUWKHFRPPLWWHHZRXOGEHUHRUJDQL]HGDQGHIIRUWVUHQHZHG%\WKHHQGRIWKHTXDUWHU
VWXGHQWVZRXOGEHJLQSXEOLFDWLRQRIWKHLUILUVWQHZVSDSHU7KH%UHH]H
)HEUXDU\-XQH 6KHOGRQ+DOO)LYH<HDUVRI:RUN%HJLQV
,Q)HEUXDU\3UHVLGHQW'XNHREWDLQHGSHUPLVVLRQWRXVHVRPHRIWKHVFKRRO¶VVDYLQJVWRHUHFW
KDOIRIDQHZDFDGHPLFEXLOGLQJODWHUQDPHG6KHOGRQ+DOOWRKHOSDOOHYLDWHWKHVSDFHSUREOHP
WKHQRFFXUULQJGXHWRWKHFRQWLQXHGULVHLQVWXGHQWHQUROOPHQW
%\0DUFKH[FDYDWLRQIRUWKHEXLOGLQJZDVXQGHUZD\DQGFRQVWUXFWLRQEHJDQRQ-XQH
7KHHDVWZLQJRI6KHOGRQZLWKDQHZDXGLWRULXPDQGVHYHUDOFODVVURRPVZDVEXLOWE\WKHHQG
RIEXWDWWKLVSRLQWFRQVWUXFWLRQZDVKDOWHGGXHWRDODFNRIIXQGV,WZRXOGQRWEHXQWLOWKH
VSULQJRIZKHQWKHVFKRROREWDLQHGPRUHIXQGLQJWKDWFRQVWUXFWLRQRIWKHZHVWZLQJFRXOG
FRPPHQFH7KHEXLOGLQJZDVILQDOO\FRPSOHWHGLQ0D\
³+16*HWV6FKRRO3DSHUµ7KH%UHH]H¶´ 7KH%UHH]H'HFHPEHU³7UDFH+LVWRU\RI%UHH]HWR3UHVHQW
'D\´7KH%UHH]H-DQXDU\1DQF\%RQGXUDQW-RQHV³+HDGV,W¶V7KH%UHH]H7DLOV,W¶V&DPSXV&DW´
0RQWSHOOLHU)DOOKWWSZZZMPXHGXPRQWSHOLHU)DOO+HDGV7KH%UHH]HVKWPO!>0D\@
'LQJOHGLQH
³+16*HWV6FKRRO3DSHUµ7KH%UHH]H¶´ 7KH%UHH]H'HFHPEHU³6FKRRO$FWLYLWLHV´7KH9LUJLQLD
7HDFKHUQR1RYHPEHU'LQJOHGLQH
,QHDUO\WKHEXLOGLQJZDVQDPHGIRU(GZDUG$6KHOGRQDSULQFLSDOOHDGHULQWKHQLQHWHHQWK
FHQWXU\QRUPDOVFKRROPRYHPHQWDQGIRXQGHURIWKH2VZHJR7UDLQLQJ6FKRROLQ1HZ<RUN
6KHOGRQ+DOOZDVWKHVHYHQWKEXLOGLQJWREHHUHFWHGRQWKH4XDG
-XQH $OXPQDH+DOO5HDG\)RU8VH
$WWKHVWDUWRIWKHWZHOIWKVXPPHUVHVVLRQ RQ-XQH$OXPQDH+DOORSHQHGIRUXVHIRUWKHILUVW
WLPH+RZHYHUWKHEXLOGLQJZDVQRWFRPSOHWHO\XWLOL]HGDVRULJLQDOO\LQWHQGHG
,WKDGEHHQSODQQHGIRU$OXPQDHWRSURYLGHURRPVIRUVWXGHQWRUJDQL]DWLRQVDQGJXHVWVRQWKH
VHFRQGIORRUDERYHDJHQHUDOUHFHSWLRQKDOOWKHODWWHUWREHXVHGIRUYDULRXVVRFLDOHYHQWV
,QVWHDGDUHFRUGHQUROOPHQWIRUWKHVXPPHURIVWXGHQWVIRUFHGWKHVFKRROWRFRQYHUWWKHVH
VHFRQGIORRUURRPVLQWRGRUPLWRU\VSDFH $SSUR[LPDWHO\ WKLUW\VWXGHQWVFDOOHG$OXPQDH+DOO
KRPHWKDWVXPPHU
7KHILUVWIORRUURRPVZRXOGEHRFFXSLHGE\WKHHQGRIWKH\HDU
6HSWHPEHU )LUVW6XPPHU6HVVLRQ&RPPHQFHPHQW
(QUROOPHQWLQWKHVFKRRO¶VVXPPHUVHVVLRQKDGJURZQWUHPHQGRXVO\VLQFHILUVWEHLQJKHOGLQ
WKDW\HDUVWXGHQWVDWWHQGHG 7ZHOYH\HDUVODWHU VWXGHQWVZHUHHQUROOHGLQ WKH
VXPPHUVHVVLRQ $VDUHVXOWRIWKLVJURZWKDQLQFUHDVLQJQXPEHURIVWXGHQWVZHUHFRPSOHWLQJ
WKHLUHGXFDWLRQGXULQJWKHVXPPHUDQGLWZDVWKXVQHFHVVDU\WR RIIHUFRPPHQFHPHQWDWWKHHQG
RIWKHVXPPHUVHVVLRQ
7KHVFKRRO¶VILUVWVXPPHUFRPPHQFHPHQWZDVKHOG)ULGD\HYHQLQJDWSPLQWKHQRZGHIXQFW
RSHQDLUDXGLWRULXPORFDWHGEHKLQG0DXU\ +DOO7KHUHZHUHWZHQW\JUDGXDWHVDQG+DUULV+DUW
6XSHULQWHQGHQWRI3XEOLF,QVWUXFWLRQZDVWKHVSHDNHU
7KLVZDVDOVRWKHILUVWRXWGRRU VXPPHUVHVVLRQ FRPPHQFHPHQWWREHKHOGLQ9LUJLQLD
%\WKHVL]HRIVXPPHUJUDGXDWLQJFODVVHVKDGGURSSHGORZHQRXJKWKDWWKHVFKRROGHFLGHG
WRGLVFRQWLQXHVXPPHUFRPPHQFHPHQWV+RZHYHUWKH\ZHUHUHYLYHGLQ
)DOO³7KH%UHH]H´6WXGHQW3XEOLFDWLRQ&RPPLWWHH5HRUJDQL]HG3ODQ$GRSWHG
1HDUWKHHQGRIWKHVSULQJVHVVLRQVWXGHQWVKDGRUJDQL]HGDFRPPLWWHHWRSXUVXHWKH
SRVVLELOLW\RIHVWDEOLVKLQJDVWXGHQWQHZVSDSHURQFDPSXV+RZHYHUWKH\HDUHQGHGEHIRUH
GHILQLWHDFWLRQFRXOGEHWDNHQ
3UHVLGHQW'XNHDQQRXQFHGWKHQDPLQJRI6KHOGRQ+DOORQ)HEUXDU\VHH³+LVWRU\RI&ROOHJH)RXQG
5HFRUGHGLQWKH%UHH]H´ 7KH%UHH]H 'HFHPEHU 7KH9LUJLQLD7HDFKHUQR0DUFK
&KDSSHOHDU'LQJOHGLQH³0DMRU%XLOGLQJV´
'LQJOHGLQH³1RUPDO6FKRRO2SHQV:LWK$5HFRUG%UHDNLQJ$WWHQGDQFH´'DLO\1HZV5HFRUG
-XQH
7KH9LUJLQLD7HDFKHU QR$SULO'LQJOHGLQH 7KH9LUJLQLD7HDFKHUQR$XJXVW
)DFXOW\0LQXWHV%RDUGRI9LVLWRUV&ROOHFWLRQ 35%R[6SHFLDO &ROOHFWLRQV
&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$HQWU\GDWHG$XJXVWS
1RWREHGHWHUUHGWKHVWXGHQWVUHRUJDQL]HGWKHFRPPLWWHHHDUO\LQWKHIDOOTXDUWHURIDQG
EHJDQWKHLUHIIRUWVDQHZ:LWKDGYLFHDQGHQFRXUDJHPHQWIURP(QJOLVKSURIHVVRU&RQUDG
/RJDQDQGWKURXJK WKH³XQWLULQJHIIRUWV´RIWKHVWXGHQWFRPPLWWHH¶VFKDLUPDQ5RVHO\Q
%URZQOH\SODQVZHUHVRRQZRUNHGRXW
7KHSODQVZHUHSUHVHQWHGWR3UHVLGHQW'XNHZKRVXEPLWWHGWKHPWRWKHIDFXOW\&RPPLWWHHRQ
6WXGHQW3XEOLFDWLRQV,QHDUO\1RYHPEHUWKHSODQVUHFHLYHGIDFXOW\DSSURYDO
1RYHPEHU 6KHOGRQ+DOO+DOI&RPSOHWHG$XGLWRULXP2SHQV
%\1RYHPEHUKDOIRI6KHOGRQ+DOOWKHHDVWZLQJZDVODUJHO\FRPSOHWHGFRQVWUXFWLRQRI
WKHZHVWZLQJZRXOGQRWEHJLQXQWLO7KDQNVWRUXVKHGFRQVWUXFWLRQHIIRUWVRYHUWKH
VXPPHUWKHVHFRQGIORRUDXGLWRULXPZDVUHDG\IRUXVHLQWLPHIRUWKHDUULYDORIFROGZHDWKHU
7KHILUVWIORRUFODVVURRPVPHDQZKLOHUHPDLQHGLQFRPSOHWHXQWLOPLG'HFHPEHUDQGZHUHQRW
XVHGXQWLOWKHRSHQLQJRIWKHZLQWHUTXDUWHULQ-DQXDU\
7KHQHZDXGLWRULXPZRXOGUHSODFHWKHRQHLQ+DUULVRQ+DOOZKLFKGXHWRWKHJURZLQJVWXGHQW
SRSXODWLRQZDVEHLQJVWHDGLO\HQFURDFKHGXSRQE\WKHGLQLQJKDOODWWKHWLPHWKHVDPHVSDFH
ZDVXVHGIRUERWK7KHDXGLWRULXPZDVDSSUR[LPDWHO\IRUW\ E\HLJKW\IHHWDQGKDGDVHDWLQJ
FDSDFLW\RIDURXQGPRUH WKDQHQRXJKWRDFFRPPRGDWHWKHVWXGHQWERG\RI,WDOVRKDG
DVWDJHD³PRYLQJSLFWXUHPDFKLQH´DQGZDVHTXLSSHGZLWKUDGLRFRQQHFWLRQV
7KHDXGLWRULXPZDVILUVWXVHGRQ0RQGD\1RYHPEHUZKHQVWXGHQWVDQGIDFXOW\JDWKHUHGWKHUH
IRUWKHUHJXODUDVVHPEO\SHULRG$IRUPDORSHQLQJRIWKHDXGLWRULXPZDVPDGHWZRZHHNVODWHU
RQ)ULGD\HYHQLQJ1RYHPEHU
7KDWQLJKWDFDSDFLW\FURZGRIVWXGHQWVIDFXOW\DQGORFDOFLWL]HQVDWWHQGHGDWZRSDUWYDULHW\
VKRZFRQVLVWLQJRIPXVLFDOQXPEHUVDQGGDQFHVIROORZHGE\DRQHDFWFRPHG\FDOOHG³:XU]HO
)OXPPHU\´E\IDPHG%ULWLVKSOD\ZULJKWDQGDXWKRU$$0LOQH
1RYHPEHU³7KH%UHH]H´6WXGHQW3DSHU$SSURYHG6XEVFULSWLRQV$GV2EWDLQHG
6WXGHQW3DSHU$SSURYHG
2Q7XHVGD\1RYHPEHUWKHIDFXOW\DSSURYHGWKHVWXGHQWV¶SODQVIRUWKHLURZQQHZVSDSHU
+RZHYHUGXHWRWKHIHDUVRIPDQ\IDFXOW\PHPEHUVWKDWWKHQHZSDSHUPLJKWQHJDWLYHO\LPSDFW
WKHH[LVWLQJVFKRROSXEOLFDWLRQ7KH9LUJLQLD7HDFKHUDIHZVWLSXODWLRQVZHUHDGGHG
³+16*HWV6FKRRO3DSHUµ7KH%UHH]H¶´DQG³)DFXOW\7KDQN<RX´7KH%UHH]H 'HFHPEHU
'LQJOHGLQH
&KDSSHOHDUJLYHVWKHGDWHRIILUVWIORRUFRPSOHWLRQDV'HFHPEHU³1HZ1RUPDO+DOOLV1RZ&RPSOHWH´
'DLO\1HZV5HFRUG 1RYHPEHU'LQJOHGLQH³1RUPDO([FXUVLRQWR0DVVDQXWWHQ´'DLO\1HZV5HFRUG
2FWREHU 7KH9LUJLQLD7HDFKHUQR6XSSOHPHQWQR$SULO7KH9LUJLQLD7HDFKHU QR1RYHPEHU³)RUPDO2SHQLQJRI2XU1HZ$XGLWRULXP´7KH%UHH]H'HFHPEHU 7KH
6FKRROPD¶DP 6WXGHQWVZRXOGEHUHTXLUHGWRDVVXPHRYHUDOOILQDQFLDOUHVSRQVLELOLW\IRUWKHSDSHU)LUVWWKH\
ZRXOGQHHGWRKDYHDWOHDVWVXEVFULSWLRQVZKLFKZHUHWREHVHWDWDFRPELQDWLRQUDWHRI
SHU\HDUIRUERWKWKHQHZSDSHUDQG7KH9LUJLQLD7HDFKHU 6HFRQGVWXGHQWVZRXOGQHHGWR
REWDLQDPLQLPXPRIZRUWKRIDGYHUWLVLQJFRQWUDFWVIRUWKHILUVW\HDU
6XEVFULSWLRQV$GV2EWDLQHG
2YHUWKHQH[WIHZZHHNVWKHVWXGHQWVKHOG³SHSPHHWLQJV´WRJHWWKHQHHGHGVXEVFULSWLRQV
IRUWKHQHZSDSHU%\WKHHQGRIWKHPRQWKWKH\KDGRYHU
/LNHZLVHVWXGHQWVKDGOLWWOHWURXEOHPHHWLQJWKHLUDGYHUWLVHPHQWTXRWD/RFDOEXVLQHVVHVZHUH
HDJHUWRDGYHUWLVHLQWKHQHZSDSHUDQGZKHQWKHILUVWLVVXHZDVSXEOLVKHGLQ'HFHPEHUWKHUH
ZHUHWZHQW\ILYHDGVIRUDYDULHW\RIJRRGVDQGVHUYLFHV
1RYHPEHU³7KH%UHH]H´)LUVW6WDII5HSRUWHUV1DPH&KRVHQLQ&RQWHVW
)LUVW6WDII5HSRUWHUV
2QD0RQGD\HYHQLQJDIHZZHHNVDIWHUWKHIDFXOW\KDGDSSURYHGSODQVIRUDVWXGHQWQHZVSDSHU
WKHILUVWVWDIIDQGUHSRUWHUVRIWKHDV\HWXQQDPHGSDSHUZHUHVHOHFWHG
)URPWKHLURZQUDQNVVWXGHQWVHOHFWHG5RVHO\Q%URZQOH\DVWKHSDSHU¶VHGLWRULQFKLHIDQG
)ORUHQFH6KHOWRQDVWKHEXVLQHVVPDQDJHU%URZQOH\DQG6KHOWRQWKHQVHOHFWHGWKUHHDVVLVWDQWV
7KHVHILYHLQGLYLGXDOVFRPSULVLQJWKHSDSHU¶VILUVWHGLWRULDOVWDIIWKHQFKRVHVL[UHSRUWHUVRQH
IURPHDFKRIWKHIRXUFODVVHVDQGWZRIURPWKHJHQHUDOVWXGHQWERG\
1DPH&KRVHQLQ&RQWHVW
6RPHWLPHVKRUWO\DIWHUWKHSDSHU¶VVWDIIZDVLQSODFHDFRQWHVWZDVEHJXQWRILQGWKHEHVWQDPH
IRUWKHQHZSXEOLFDWLRQ$ZLGHUDQJHRIQDPHVZHUHVXJJHVWHG
7KHUHZHUHVHYHUDOVXFKDV³%OXH6WRQH+LOO´DQG³%HOOVRIWKH%OXH6WRQH´ZKLFKVRXJKWWR
LQFRUSRUDWHWKH%OXH6WRQHWKHPH 6RPHPDGHDSOD\RQZRUGVOLNHWKH³9DOOH\'LFWRULDQ´DQG
DWOHDVWRQHWKH³'LQJOHGLQH´ZDVQDPHGDIWHUDSURIHVVRU5D\PRQG'LQJOHGLQH7KHUHZHUH
DOVRVRPHOHVVGLJQLILHGVXJJHVWLRQVVXFKDV³7KH/XQDWLF´³7KH0DQLDF´³7KH6WUXWWHU´DQG
³7KH.HWFK$OO´
8OWLPDWHO\WKHFKRLFHVZHUHQDUURZHGWRWZR± WKH³&DPSXV&DW´DQG³7KH%UHH]H´ZLWKWKH
ODWWHUEHLQJVXJJHVWHGE\IDFXOW\PHPEHU(OL]DEHWK&OHYHODQGZKRKDGQDPHGWKH\HDUERRNLQ
7KHVWDIIKRZHYHUZDVXQDEOHWRUHDFKDQDJUHHPHQWDQGWKXVGHFLGHGWRVHWWOHWKHPDWWHUZLWKD
FRLQWRVV6R³8SZHQWWKHTXDUWHU'RZQFDPHKHDGV´$QG7KH%UHH]HZDVERUQ
)DFXOW\0LQXWHV HQWU\GDWH1RYHPEHUS 7KH9LUJLQLD7HDFKHUQR1RYHPEHU
'LQJOHGLQH
1RYHPEHU 'HFHPEHU 5DGLR&RPHV7R&DPSXV‡$OXPQDH+DOO)LQLVKLQJ7RXFKHV
5DGLR&RPHVWR&DPSXV
'XULQJWKHVWKHODWHVWLQFRPPXQLFDWLRQWHFKQRORJ\ ±WKHUDGLR±EHJDQWRHVWDEOLVKLWVHOI
DVDFRPPRQFRPSRQHQWRI$PHULFDQGDLO\OLIH1RWRQHWRIDOOEHKLQGWKHWLPHVWKH
+DUULVRQEXUJ1RUPDO6FKRRO SDUWLFLSDWHGLQWKLVQHZWHFKQRORJLFDODGYDQFHPHQW
5DGLRILUVWFDPHWRWKHFDPSXVLQWKHIDOORIFRXUWHV\RI'U*HRUJH&KDSSHOHDUKHDGRI
WKH'HSDUWPHQWRI%LRORJ\$JULFXOWXUHDQGPDQDJHURIJURXQGV6RPHWLPHLQPLGWRODWH
1RYHPEHURUHDUO\'HFHPEHU'U&KDSSHOHDULQVWDOOHGRQHRIKLVRZQVHWVOLNHO\KRPHPDGH
LQWKH6KHOGRQ+DOODXGLWRULXP
'U&KDSSHOHDUWKHQEHJDQWRJLYH³UDGLRFRQFHUWV´IRUWKHVWXGHQWVWXQLQJLQWRVWDWLRQVIURP
DURXQGWKHFRXQWU\WROLVWHQWRDYDULHW\RIOHFWXUHVDQGPXVLFHVSHFLDOO\MD]]ZKLFKZDVD
IDYRULWHRIWKHVWXGHQWV
$OXPQDH+DOO)LQLVKLQJ7RXFKHV
$OWKRXJK$OXPQDH+DOOKDGEHHQLQXVHVLQFH-XQHZKHQVXPPHUVHVVLRQVWXGHQWVZHUHKRXVHG
RQWKHVHFRQGIORRULWZDVQRWXQWLOWKHIDOOWKDWWKHEXLOGLQJUHDFKHGFRPSOHWLRQ
2Q7KDQNVJLYLQJPRUQLQJDQLQIRUPDOKRXVHZDUPLQJIRUWKHILUVWIORRURI$OXPQDHZDVKHOGLQ
WKHODUJHUHFHSWLRQURRPWKDWVHUYHGDVWKHEXLOGLQJ¶VIRFDOSRLQW
%\'HFHPEHUWKHIXUQLVKLQJRIWKHILUVWIORRURIILFHVZDVZHOOXQGHUZD\DQGQHZRFFXSDQWV
ZHUHPRYLQJLQGDLO\$OXPQDHEHFDPHKRPHWRWKHRIILFHVRIWKH$OXPQDH6HFUHWDU\WKH'HDQ
RI:RPHQWKH6WXGHQW*RYHUQPHQW$VVRFLDWLRQDQGWKHUHFHQWO\HVWDEOLVKHGVWXGHQWQHZVSDSHU
7KH%UHH]HDPRQJRWKHUV
:KHQ 7KH%UHH]HUHSRUWHGRQWKHQHDULQJFRPSOHWLRQRI$OXPQDH+DOOLQPLG'HFHPEHULW
ZURWH³7KHVHILQLVKLQJWRXFKHVFDXVHMR\WRPDQ\KHDUWVDQGPHDQWKHUHDOL]DWLRQRIPDQ\
GUHDPV´7KHVHZRUGVUHIOHFWHGWKHWUXHLPSRUWDQFHRIWKHQHZEXLOGLQJ±WKDWLWZDVWKHILUVWWR
KDYHEHHQFRQVWUXFWHGZLWKJHQHURXVILQDQFLDOVXSSRUWIURPQXPHURXVDOXPQDHDQGIULHQGVRI
WKHVFKRRO
³+16*HWV6FKRRO3DSHUµ7KH%UHH]H¶´ 7KH%UHH]H 'HFHPEHU³6FKRRO$FWLYLWLHV´7KH9LUJLQLD
7HDFKHUQR1RYHPEHU-RQHV³+HDGV,W¶V7KH%UHH]H7DLOV,W¶VWKH&DPSXV&DW´'LQJOHGLQH
'LQJOHGLQH ³:K\WKH%UHH]H"´7KH%UHH]H 'HFHPEHU
$OWKRXJKQRH[DFWGDWHDSSHDUVREWDLQDEOHIRUZKHQDUDGLRZDVILUVWLQVWDOOHGRQWKHFDPSXVRUZKHQWKHILUVW
³UDGLRFRQFHUW´ZDVJLYHQDQDSSUR[LPDWHHVWLPDWLRQVHHPVWREHSRVVLEOH7KHWLPHIUDPHRIPLGWRODWH
1RYHPEHUILWVZLWKVRPHNQRZQIDFWV6KHOGRQ+DOODXGLWRULXPRSHQHGLQHDUO\1RYHPEHUDQGKDGUDGLR
FRQQHFWLRQFDSDELOLWLHV&KDSSHOHDUFRXOGKDYHLQVWDOOHGDUDGLRDOPRVWDQ\WLPHGXULQJWKLVPRQWK,QPLG
'HFHPEHU7KH%UHH]H UHSRUWHGWKDW³PDQ\SOHDVDQWHYHQLQJV´KDGEHHQVSHQWLQ6KHOGRQOLVWHQLQJWR&KDSSHOHDU¶V
³UDGLRFRQFHUWV´7KLVLQGLFDWHVWKDWVHYHUDOFRQFHUWVKDGDOUHDG\EHHQJLYHQE\WKLVWLPHWKXVSXWWLQJWKHOLNHO\
RULJLQGDWHVRPHWLPHLQPLGWRODWH1RYHPEHUEXWFHUWDLQO\E\HDUO\'HFHPEHU7KHLGHDWKDWWKHUDGLRZDV
SUREDEO\RI&KDSSHOHDU¶VRZQFRQVWUXFWLRQLVEDVHGRQDEULHIFRPPHQWLQ³3*¶V(QWHUWDLQHG´ 7KH%UHH]H 'HFHPEHUZKLFKLQGLFDWHVWKDWWKHKHKDGPDGHDWOHDVWRQHUDGLR³5DGLR&RQFHUW´ 7KH%UHH]H 'HFHPEHU³5DGLR&RQFHUW´ 7KH%UHH]H -DQXDU\'LQJOHGLQH
7RGD\$OXPQDH+DOOLVWKHORFDWLRQRIVHQLRUDGPLQLVWUDWLYHRIILFHVLQFOXGLQJWKRVHRIWKH
8QLYHUVLW\¶VSUHVLGHQW/LQZRRG5RVHDQGWKHVHQLRUYLFHSUHVLGHQWIRUVWXGHQWDIIDLUV
'HFHPEHU 6WXGHQW)LUH'HSDUWPHQW(VWDEOLVKHG
,QWKHIDOORIWKHVFKRROSDUWLFLSDWHGLQ1DWLRQDO)LUH3UHYHQWLRQ:HHN5DLVLQJDZDUHQHVV
RIWKHWKUHDWRIILUHZDVLPSRUWDQWVLQFHVHYHUDOILUHVKDGEURNHQRXWRQFDPSXVLQWKHSUHFHGLQJ
\HDUV)RUWXQDWHO\WKRXJKWKH\KDG³DOZD\VFDXVHGPRUHH[FLWHPHQWWKDQUHDOGDPDJH´DQGLQ
IDFWQRVHULRXVWKUHDWRIDPDMRUILUHZDVEHOLHYHGWRH[LVW
1RQHWKHOHVVSDVWKLVWRU\FRXSOHGZLWKWKHGLVFXVVLRQVSUHVHQWHGGXULQJ)LUH3UHYHQWLRQ:HHN
OHGWKH6WXGHQW&RXQFLOWRDSSRLQWDVWXGHQWILUHGHSDUWPHQWWRVHUYHDVWKHILUVWUHVSRQGHUVLQWKH
HYHQWRIDILUHRQFDPSXV
2QHVWXGHQWIURPHDFKRIWKHWKUHHGRUPLWRULHVDQGRQHIURPHDFKRIWKHRWKHUFDPSXVEXLOGLQJV
LQZKLFKVWXGHQWVZHUHKRXVHGZHUHDSSRLQWHGDVPHPEHUVRIWKHGHSDUWPHQW -XQLRU&ORWLOGH
5RGHVZDVFKRVHQWRKHDGWKHGHSDUWPHQW7KHVHLQWUHSLGZRXOGEHILUHILJKWHUVZRXOGUHFHLYH
WUDLQLQJE\DIDFXOW\PHPEHULQWKHSURSHUXVHRIWKHILUHH[WLQJXLVKHUVDQGKRVHVORFDWHGLQ
HDFKEXLOGLQJDQGLWZRXOGEHWKHGXW\RIHDFK WRZDUQWKRVHLQWKHLUEXLOGLQJZKHQDILUHEURNH
RXW
7KHIROORZLQJIDOODIWHUDVPDOOILUHLQ0DXU\+DOODQRWKHUVWXGHQWILUHGHSDUWPHQWZDV
RUJDQL]HGRQO\WKLVWLPHWKUHHVWXGHQWVIURPHDFKGRUPLWRU\ZHUHHQOLVWHGDQGD'ULOO0DVWHU
SRVLWLRQZDVFUHDWHGWRVHUYHDORQJVLGHWKDWRIWKH&KLHI
'HFHPEHU³7KH%UHH]H´)LUVW,VVXH
2Q6DWXUGD\'HFHPEHU3URIHVVRU-RKQ:D\ODQGVHWRXWLQKLVFDUIRU6WUDVEXUJORFDWHGDERXW
ILIW\PLOHVQRUWKRI+DUULVRQEXUJ:LWKKLPZHUHWZRVWXGHQWV5RVHO\Q%URZQOH\DQG)ORUHQFH
6KHOWRQWKHHGLWRULQFKLHIDQGEXVLQHVVPDQDJHUUHVSHFWLYHO\RI 7KH%UHH]HWKHQHZVWXGHQW
SDSHU
7KHGHVWLQDWLRQRIWKLVVPDOOEDQGZDVWKH6KHQDQGRDK3XEOLVKLQJ+RXVH2QFHWKHUHWKH\
RYHUVDZWKHSULQWLQJRIWKHILUVWLVVXHRI 7KH%UHH]H 7KHWKUHHDUULYHGEDFNDW+DUULVRQ+DOODW
SPZLWKFRSLHVRIQHZSDSHU
7KHILUVWLVVXHZDVDIRXUSDJHIRXUFROXPQSDSHUPHDVXULQJE\ ¶¶,WFRQWDLQHGQR
SKRWRJUDSKVRUJUDSKLFVRIDQ\NLQGEXWGLGKDYHWZHQW\ILYHEXVLQHVVDGYHUWLVHPHQWVZLWKLQLWV
,WVKRXOGEHQRWHGWKDWXQWLOWKHSRVLWLRQRI'HDQRI:RPHQZDVUHIHUUHGWRDV6RFLDO'LUHFWRU6HH
'LQJOHGLQH³)LQLVKLQJ7RXFKHVWR$OXPQL+DOO´ 7KH%UHH]H 'HFHPEHU 7KH9LUJLQLD7HDFKHU QR
'HFHPEHU
,WGRHVQRWDSSHDUWREHNQRZQH[DFWO\KRZORQJWKHVWXGHQWILUHGHSDUWPHQWHQGHDYRUODVWHGRUHYHQLIWKH
VWXGHQWVHYHUUHVSRQGHGWRDUHDOILUH5HIHUHQFHVWRWKHRUJDQL]DWLRQDQGDFWLYLW\RIWKHVWXGHQWILUH GHSDUWPHQW
VHHPWREHIHZDQGIDUEHWZHHQ+RZHYHUGRUPILUHFKLHIVZHUHVWLOOEHLQJDSSRLQWHGLQWKHV³)LUH
'HSDUWPHQW&KRVHQ´ 7KH%UHH]H 'HFHPEHU³$)DOVH$ODUP´ 7KH%UHH]H -DQXDU\³)LUH
'HSDUWPHQW´ 7KH%UHH]H 2FWREHU
SDJHV7KHQHZSDSHUFRVWSHUFRS\RUIRUD\HDU¶VVXEVFULSWLRQDQGZDVSXEOLVKHGEL
ZHHNO\RQ DOWHUQDWH6DWXUGD\V7KHLQLWLDOVXEVFULSWLRQOLVWZDVRYHU
0RUHWKDQHLJKW\\HDUVODWHU 7KH%UHH]HFRQWLQXHVWRVHUYHDVWKHVWXGHQWQHZVSDSHU7RGD\WKH
SDSHUPHDVXUHVE\ ´DQGUHJXODUO\UXQVDQ\ZKHUHEHWZHHQWZHQW\DQGWKLUW\WZRSDJHV
EXWFDQUHDFKRYHUILIW\SDJHVZLWKVSHFLDOLQVHUWV,WLVLVVXHGIUHHRIFKDUJHWZLFHDZHHNRQ
0RQGD\VDQG7KXUVGD\VDQGLVVXHVDUHVORZO\EHLQJPDGHDYDLODEOHYLDWKH,QWHUQHW
-DQXDU\ )LUVW6FKRRO2UFKHVWUD3HUIRUPDQFH
7RGD\-08ERDVWVQXPHURXVLQVWUXPHQWDOHQVHPEOHJURXSVRIYDU\LQJVL]HV7KHUHDUHVRPH
UHODWLYHO\VPDOOEUDVVSHUFXVVLRQVWULQJDQGMD]]HQVHPEOHVEXWDOVRVHYHUDOODUJHHQVHPEOHV
VXFKDVWKHDFFODLPHG0DUFKLQJ5R\DO'XNHVDWKLUW\PHPEHUFKDPEHURUFKHVWUDDQGD
VHYHQW\ILYHPHPEHUV\PSKRQ\ RUFKHVWUD
7KHRULJLQVRIWKLVGLYHUVHDUUD\RILQVWUXPHQWDOJURXSVFDQEHWUDFHGEDFNPRUHWKDQHLJKW
GHFDGHVWRDVPDOOJURXSRIILYHVWXGHQWV:LWKWZRJLUOVVKDULQJSLDQRGXWLHVRQHSOD\LQJWKH
EDQMRXNXOHOHDQRWKHU³VDZLQJ´WKHYLROLQDQGWKHILIWKEHKLQGWKHGUXPNLWWKHVFKRRO¶VILUVW
RUFKHVWUDPDGHLWVGHEXWSHUIRUPDQFHRQ6DWXUGD\-DQXDU\
)URPWRSPWKHJLUOVSURYLGHGVRPHRIWKHPXVLFIRUDGDQFHEHLQJKHOGLQWKH$VKE\ +DOO
J\PQDVLXP7KLVZDVDVSHFLDOHYHQWWRHQWHUWDLQWKHFDGHWVRIWKH9LUJLQLD7HFK0LQVWUHOVZKR
ZRXOGEHSHUIRUPLQJODWHULQWKHHYHQLQJ
$FFRUGLQJWR7KH%UHH]HVWXGHQWVKDGEHHQGHVLURXVRIDQRUFKHVWUDIRU\HDUVDQGZKHQWKH
SDSHUUHSRUWHGRQWKLVILUVWSHUIRUPDQFHWKHKHDGOLQHUHDG³$W/DVW±$Q2UFKHVWUD´
0DUFK 0D\ &DPSXV&UD]HV%REEHG+DLU&KHZLQJ*XP/ROOLSRSV 6ZHDWHUV
%REEHG+DLU
7KHVSULQJRIZDVXVKHUHGLQZLWKDIDVKLRQFUD]HWKDWKDGDSSDUHQWO\DOUHDG\EHFRPH
VRPHWKLQJRI DUHJXODUVHDVRQDO RFFXUUHQFHRQFDPSXV±³WKHERE´$VKRUWKDLUVW\OHIRUZRPHQ
³WKHERE´ZDVDSURGXFWRIWKHHDUO\VIODSSHUFXOWXUHDQGZDVTXLWHFRQWURYHUVLDODWWKH
WLPH
:D\ODQG/HWWHUWR3UHVLGHQW'XNHS'LQJOHGLQH³7UDFH+LVWRU\RI%UHH]HWR3UHVHQW'D\´7KH
%UHH]H -DQXDU\³<HDUV$JR)LUVW %UHH]H $SSHDUHGRQ0DGLVRQ&DPSXV´7KH%UHH]H'HFHPEHU
³6FKRRO$FWLYLWLHV´ 7KH9LUJLQLD7HDFKHU QR1RYHPEHU -RQHV³+HDGV,W¶V7KH%UHH]H
7DLOV,W¶V&DPSXV&DW´ 7KH%UHH]H >,QWHUQHW+RPHSDJH@KWWSZZZWKHEUHH]HRUJ! >0D\ @,QWHUQHW
DUFKLYHGLVVXHVDUHDYDLODEOHDWKWWSZZZWKHEUHH]HRUJDUFKLYHVKWPO!>0D\@
)RULQIRUPDWLRQRQ-08
VPXVLFHQVHPEOHJURXSVYLVLWKWWSZZZMPXHGXPXVLFHQVHPEOHV! ³$W/DVW ±$Q
2UFKHVWUD´ 7KH%UHH]H -DQXDU\³9$7HFK0LQVWUHOV%LJ6XFFHVV+HUH´7KH%UHH]H -DQXDU\
7KHVFKRROIDFXOW\ZDVRSSRVHGWRWKHWUHQG\KDLUVW\OHDQGWULHGWRGLVFRXUDJHLWVVSUHDGDPRQJ
WKHVWXGHQWERG\EXWWRQRDYDLO7KHVWXGHQWSDSHU 7KH%UHH]HUHSRUWHGWKDWGXULQJRQHZHHN
LQODWH0DUFK ³VHYHQRUHLJKWQHZEREEHGKHDGV´DSSHDUHGRQFDPSXV7KHIROORZLQJ\HDU
³KDLUEREELQJ´ZRXOGEHDOOWKHUDJH
&KHZLQJ*XP
$FFRUGLQJWR7KH%UHH]HFDQG\ZDVPXFKLQYRJXHLQ$SULO)LUVWLWZDVFKHZLQJJXP
0DQ\JLUOVZHUHFKHZLQJZLWKUHFNOHVVDEDQGRQ³DVLI>LW@ZHUHDPDWWHURIOLIHDQGGHDWK´
ZKLOHPDNLQJWKHRFFDVLRQDO³SRS´RIVDWLVIDFWLRQ'HVSLWHWKHMR\WKLVREYLRXVO\EURXJKWWR
PDQ\VWXGHQWVWKHSDSHUFRQGHPQHGWKHSUDFWLFHRISXEOLFJXPFKHZLQJDV³RQHRIWKHPRVW
XQUHILQHGKDELWVZHKDYHLQVFKRRO´
/ROOLSRSV
1H[WLWZDVOROOLSRSV,WZDVUHSRUWHGWKDWHYHU\RQHRQFDPSXVKDGDQ³XQH[SODLQDEOHFUD]HIRU
OROOLSRSV´DQGWKDW³DOOGD\ORQJWKHUHLVDFRQWLQXDOVXFNVXFNVXFNXQWLOWKHOROO\SRSLVJRQH
JRQHJRQH´/ROOLSRSVKRZHYHUGLGQRWUHFHLYHWKHKDUVKMXGJPHQWKDQGHGGRZQRQFKHZLQJ
JXP5DWKHUWKHSDSHUVLPSO\UHFRPPHQGHGQRWOHWWLQJWKHQHZHVWFUD]HGULYH\RXFUD]\
6ZHDWHUV
,Q0D\FDQG\WRRNDEDFNVHDWWRVZHDWHUV*LUOVZHUHNQLWWLQJVZHDWHUVDOORYHUFDPSXVDQGLQ
WKHKDOOZD\VDQGLQFODVVLIWKH\FRXOGJHWDZD\ZLWKLW³&OLFN&OLFN*RHVWKHQHHGOHV
6ZLVK6ZLVK*RHVWKHZRRO´³(YHU\RQHVHHPVWREHNQLWWLQJ´
-XQH ³7KH%UHH]H´)LUVW3KRWRJUDSKV‡5RVHO\Q%URZQOH\‡)LUVW$QQXDO6XSSOHPHQW
)LUVW3KRWRJUDSKV
6L[PRQWKVDIWHUEHJLQQLQJSXEOLFDWLRQ7KH%UHH]HUDQLWVILUVWSKRWRJUDSKV$SSHDULQJRQWKH
IURQWSDJHRIWKHSDSHU¶VIRXUWHHQWKLVVXHUHOHDVHGRQ-XQHZHUHSKRWRVRIWKHWZR
FRPPHQFHPHQWVSHDNHUVIRUWKDW\HDU±9LUJLQLD*RYHUQRU(/HH7ULQNOHDQG*HRUJH1&RQUDG
RIWKH9LUJLQLD1RUPDO6FKRRO%RDUG
3KRWRJUDSKVGLGQRWDSSHDUDJDLQXQWLOWKHIDOORIDQGGLGQRWVHHUHJXODUXVHXQWLOWKHPLG
V
5RVHO\Q%URZQOH\
$OWKRXJKPDQ\KDGSDUWLFLSDWHGLQWKHHIIRUWVWRHVWDEOLVKWKHILUVWVWXGHQWSDSHULWLV5RVHO\Q
%URZQOH\PRUHWKDQDQ\RWKHUZKRLVYLHZHGDVWKHIRXQGHURI 7KH%UHH]H
7KH%UHH]H ³%REEHG+DLU´0DUFK³&KHZLQJ*XP´$SULO³-XVW$QRWKHU&UD]H´$SULO
³6ZHDWHU&UD]H´0D\'LQJOHGLQH
1RWRQO\KDG%URZQOH\KHDGHGDQGEHHQWKHGULYLQJIRUFHEHKLQGWKHVWXGHQWSXEOLFDWLRQ
FRPPLWWHHZKLFKGUDIWHG WKHLQLWLDOSODQVIRUWKHHVWDEOLVKPHQWRIWKHSDSHUVKHDOVRVHUYHGDV
WKHSDSHU¶VILUVWHGLWRULQFKLHIIURP1RYHPEHUXQWLO-XQH OHDGLQJLWWKURXJK
LWVFULWLFDOIRUPDWLYHPRQWKV
7KH6FKRROPD¶DPDSWO\GHVFULEHGKHUDV³7KHELUGWKDWPDGH7KH%UHH]HWREORZ´
)LUVW$QQXDO6XSSOHPHQW
,QDQ$QQXDO6XSSOHPHQWLVVXHRI 7KH%UHH]HZDVILUVWSXEOLVKHGDVSDUWRIWKH\HDUERRN
7KHHLJKWSDJHVXSSOHPHQWUHSODFHG7KH1RWHERRNDKXPRUSDSHUGHDOLQJZLWKVFKRRO
KDSSHQLQJVZKLFKKDGEHHQUXQQLQJLQWKH\HDUERRNVLQFH
$QQXDOVXSSOHPHQWVRI 7KH%UHH]HZRXOGDSSHDULQWKH\HDUERRNVWKURXJK
$XJXVW $OO%RDUGLQJ6WXGHQWV$FFRPPRGDWHG
6LQFHWKHRSHQLQJRIWKHVFKRROLQRQHRIWKHSULPDU\SUREOHPVIDFLQJWKHDGPLQLVWUDWLRQ
ZDVWKDWRI SURYLGLQJGRUPLWRU\DFFRPPRGDWLRQVIRU VWXGHQWV(YHU\\HDUHQUROOPHQWHDVLO\
VXUSDVVHGWKHDYDLODEOHRQFDPSXVVSDFHDQGQXPEHUVRIVWXGHQWVZHUHIRUFHGWRVHHNRII
FDPSXVKRXVLQJ +RZHYHUIRUDEULHIPRPHQWWKLVFKDQJHG
:KHQ3UHVLGHQW'XNHVXEPLWWHGKLVDQQXDOUHSRUWWRWKH9LUJLQLD1RUPDO6FKRRO%RDUGLQ
$XJXVWKHVWDWHGWKDWGXULQJWKHSUHYLRXVVFKRRO\HDUDOOERDUGLQJVWXGHQWV
KDGEHHQ SURYLGHGZLWKGRUPLWRU\ URRPV'XNHQRWHGWKDWWKLVZDVWKHILUVW\HDULQ WKHVFKRRO¶V
KLVWRU\WKDWWKLVKDGEHHQDFFRPSOLVKHG
'XNHFUHGLWHGWKHRSHQLQJRI$OXPQDH+DOODQG6KHQDQGRDK $SDUWPHQWVIRUWKLVDFKLHYHPHQW
EXWTXLFNO\ SRLQWHGRXWWKDWVXFKDIHDWZDVDOUHDG\LPSRVVLEOHIRUWKHFRPLQJ\HDU
6HHWKH-XQHDQG2FWREHULVVXHVRI 7KH%UHH]H8VHRISKRWRJUDSKVDIWHU2FWREHUZDV
VSRUDGLFDQGLWZDVQRWXQWLOWKDWWKH\EHJDQDSSHDULQJLQDOPRVWHYHU\LVVXH'LQJOHGLQHHUURQHRXVO\
JLYHVDVWKH\HDUWKHILUVWSKRWRVDSSHDUHGWKLVLVSHUKDSVWKHUHVXOWRIDW\SRJUDSKLFDOHUURU7KLVHUURULV
UHSHDWHGLQ-RQHV³+HDGV,W¶V7KH%UHH]H7DLOV,W¶VWKH&DPSXV&DW´³6FKRRO3XEOLFDWLRQV´7KH6FKRROPD¶DP
QS³7UDFH+LVWRU\RI%UHH]HWR3UHVHQW'D\´7KH%UHH]H -DQXDU\ 7KH%UHH]H-XQH
$QQXDO6XSSOHPHQWLQ7KH6FKRROPD¶DP 6DPXHO3'XNH$QQXDO5HSRUWWRWKH9LUJLQLD1RUPDO6FKRRO%RDUG$XJXVWSLQ3UHVLGHQW¶V
5HSRUWVWR %RDUGRI7UXVWHHV9LUJLQLD1RUPDO6FKRRO%RDUG
)DOO ³7KH5RFN´8QHDUWKHG%ULHI+LVWRU\
8QHDUWKHG
7KURXJKRXWWKHVH[WHQVLYHODQGVFDSLQJHIIRUWVZHUHXQGHUWDNHQWREHDXWLI\WKHFDPSXVDQG
WRJUDGHRUOHYHOWKHTXDGUDQJOH%\WKHODWHPRQWKVRIJUDGLQJLQIURQWRI$OXPQDHDQG
6KHOGRQ+DOOVZDVDOUHDG\XQGHUZD\+HUHDFFRUGLQJWRKLVWRULDQDQGVFKRROSURIHVVRU'U-RKQ
:D\ODQGWKHODQGZDV³JUDGHGGRZQWRDGHSWKRIIRXURUILYHIHHWSHUKDSVVOLJKWO\PRUHLQ
VRPHSODFHV´,WLVEHOLHYHGWKDWLWZDVGXULQJWKLVH[FDYDWLRQWKDWWKHJLDQWSLHFHRIOLPHVWRQHLQ
IURQWRI$OXPQDH+DOONQRZQWRGD\DV³WKH5RFN´ZDVXQHDUWKHG
$OWKRXJKSODQVZHUHPDGHWRUHPRYH³WKH5RFN´FLUFXPVWDQFHVFRQVSLUHGWRJLYH-08RQHRI
LWVPRVWGLVWLQFWLYHIHDWXUHV
7KHUHDSSHDUWRKDYHEHHQWZRUHDVRQVZK\WKHVWRQHZDVOHIWLQSODFH7KHILUVWZDVWKHFRVW
UHPRYLQJLWZRXOGVLPSO\KDYHEHHQWRRH[SHQVLYH7KHVHFRQGUHDVRQDVUHODWHGE\1DQF\
&KDSSHOHDU%DLUGWKHGDXJKWHURI*HRUJH&KDSSHOHDUZKRZDVWKH6XSHULQWHQGHQWRI%XLOGLQJV
DQG*URXQGVDWWKHWLPHLVDELWPRUHLQWHUHVWLQJ
2QHGD\DFFRUGLQJWR0UV%DLUGDVDZRUNPDQZDVLQWKHSURFHVVRISUHSDULQJDKROHLQZKLFK
WRSODFHWKHG\QDPLWHWKHERULQJWRROKHZDVXVLQJVOLSSHGIURPKLVKDQGDQG³YDQLVKHGLQWR
ZKDWWKH\IHDUHGPLJKWEHDFDYHUQ´7KLVVWRSSHGWKHUHPRYDOHIIRUW
%ULHI+LVWRU\
6LQFHLWZDVXQHDUWKHGWKH5RFNKDVEHFRPHRQHRIWKHPRVWXQLTXHIHDWXUHVRIWKHFDPSXV
(DUO\RQLWEHFDPHNQRZQDV³.LVVLQJ5RFN´EHFDXVHFRXSOHVZRXOGVWHDONLVVHVEHKLQGLWRXWRI
YLHZRIWKHZDWFKIXOH\HVRIFKDSHURQHVDQGPDWURQV(YHQWXDOO\WKHP\WKZDVERUQWKDWWKH
SHUVRQ\RXNLVVHGDW³.LVVLQJ5RFN´ZRXOGEHWKHSHUVRQ\RXZRXOGPDUU\
2YHUWKHGHFDGHVWKH5RFNKDVDSSHDUHGLQDQXQWROGQXPEHURISKRWRJUDSKVRIWKHFDPSXV
XVXDOO\VHUYLQJDVIRUHJURXQGPDWHULDOIRUSLFWXUHVRI:LOVRQ+DOO7RGD\LQWKHVSULQJDQG
VXPPHUPRQWKVVWXGHQWVFDQEHIRXQGORXQJLQJDQGVWXG\LQJRQDQGDURXQGWKH5RFNDQG
RFFDVLRQDOO\SURIHVVRUVZLOOKROGFODVVHVWKHUH
1RWHLWLVSRVVLEOHWKDW ³WKH5RFN´ZDVXQFRYHUHGDVHDUO\DV RUDVODWHDV :KLOHUHVHDUFKLQJWKLV
WLPHOLQHQRVRXUFHSULPDU\RUVHFRQGDU\ZDVGLVFRYHUHGWKDWSURYLGHGDVSHFLILFGDWH*HQHUDOO\WKHFORVHVWRQH
FDQJHWWRDGDWHLV³WKHHDUO\V´+RZHYHUWKLVDXWKRUEHOLHYHVDIWHUH[DPLQLQJQXPHURXVVRXUFHV WKDWWKHIDOO
RILVDVROLGFDQGLGDWHIRUDWLPHIUDPHRIXQHDUWKLQJ+RSHIXOO\WKHUHZLOOEHIXWXUHUHVHDUFKRQWKLVLVVXHWKDW
ZLOOHLWKHUSURYHRUGLVSURYHWKLVDXWKRU¶VFRQFOXVLRQ
%\ODQGVFDSLQJHIIRUWVLQFOXGLQJJUDGLQJSODQWLQJWUHHVDQGVKUXEVILOOLQJLQGHSUHVVLRQVRQWKHTXDGKDG
EHHQXQGHUZD\IRUQHDUO\IRXU\HDUV+RZHYHUJUDGLQJRIWKHTXDGUDQJOH DSSHDUVWRKDYH FRQWLQXHGDWOHDVWXQWLO
PLGDQG PD\QRWKDYHEHHQIXOO\FRPSOHWHGXQWLOWKHPLGGOHRUHQGRI³&DPSXV&KDQJHV´ 7KH%UHH]H
2FWREHU 7KH9LUJLQLD7HDFKHU QR-DQXDU\6DPXHO3'XNH$QQXDO5HSRUWWRWKH%RDUGRI
9LUJLQLD7HDFKHUV&ROOHJHV-XO\SLQ3UHVLGHQW¶V5HSRUWVWR%RDUGRI7UXVWHHV9LUJLQLD1RUPDO
6FKRRO%RDUG'LQJOHGLQH:D\ODQG³6RPH,WHPV´ ³7KH5RFN´-08&HQWHQQLDO
&HOHEUDWLRQ:HEVLWHKWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQURFNVKWPO!>0D\@1DQF\&KDSSHOHDU
%DLUG³-DPHV0DGLVRQ8QLYHUVLW\$V5HPHPEHUHG%\1DQF\&KDSSHOHDU%DLUG´LQ'LQJOHGLQH
5D\PRQG&0DGLVRQ&ROOHJH7KH)LUVW<HDUV9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV
)HEUXDU\ ,QVWLWXWLRQ¶V7KLUG1DPH)URP1RUPDO6FKRROWR7HDFKHUV&ROOHJH
2Q:HGQHVGD\)HEUXDU\9LUJLQLD*RYHUQRU(/HH7ULQNOHVLJQHG6HQDWH%LOO
GHVLJQDWLQJWKHVWDWH¶VIRXUQRUPDOVFKRROVDVVWDWHWHDFKHUVFROOHJHV
7KH6WDWH1RUPDO6FKRROIRU:RPHQDW+DUULVRQEXUJ WKXVEHFDPHWKH6WDWH7HDFKHUV&ROOHJHDW
+DUULVRQEXUJ7KLVZDVWKHLQVWLWXWLRQ¶VWKLUGQDPHVLQFHLWVIRXQGLQJLQ6XEVHTXHQWO\
WKHVFKRROZDVPRVWRIWHQUHIHUUHGWRDVWKH+DUULVRQEXUJ7HDFKHUV&ROOHJH+7&
3UHVLGHQW'XNHKDGSOD\HGDOHDGLQJUROHLQJHWWLQJWKHQDPHFKDQJHDUJXLQJLQIDYRURILWIRU
VHYHUDO\HDUVSULRUWRLWVUHDOL]DWLRQ 2YHUWKHSUHFHGLQJ\HDUVWKHLQVWLWXWLRQKDGVWHDGLO\UDLVHG
LWVHQWUDQFHUHTXLUHPHQWVH[SDQGHGLWVFXUULFXOXPDQGVLQFHKDGEHHQRIIHULQJWKH
%6GHJUHHLQHGXFDWLRQIRUFRPSOHWLRQRIIRXU\HDUFRXUVHV
%\WKHLQVWLWXWLRQZDVHVVHQWLDOO\SURYLGLQJDFROOHJHOHYHOHGXFDWLRQRQSDULQPDQ\
UHVSHFWVZLWKPDMRUXQLYHUVLWLHVOLNHWKH8QLYHUVLW\RI9LUJLQLDDQG:LOOLDP0DU\7KXV
FKDQJLQJWKHQDPHIURPWKH6WDWH1RUPDO 6FKRROWR6WDWH7HDFKHUV&ROOHJHZRXOGEHWWHUUHIOHFW
WKHKLJKHUHGXFDWLRQDOQDWXUHRI WKHLQVWLWXWLRQZKLFKKDGDOUHDG\HPHUJHG
7KHVWXGHQWSDSHU 7KH%UHH]HHFKRHG'XNH¶VYLHZVDQGVXPPDUL]HGWKHDUJXPHQW³7KLV
VFKRROKDVEHHQEDVHGXSRQWKHVWDQGDUGVRIDFROOHJHIRUVHYHUDO\HDUVDQGDOOWKDWZDVQHHGHG
ZDVWKHQDPH´ 7KH%UHH]HVDZWKHFKDQJHDV³DELJVWULGH´IRUWKHVFKRRODQGFDOOHGXSRQ
VWXGHQWVWRPDLQWDLQWKHKLJKVWDQGDUGVRISUHYLRXV\HDUV
0DUFK 9DUVLW\%DVNHWEDOO)LUVW8QGHIHDWHG6HDVRQ6WDWH&KDPSLRQV
7KHHLJKWKDQGILQDOJDPHRIWKHEDVNHWEDOOVHDVRQWRRNSODFHRQ6DWXUGD\HYHQLQJ0DUFK
LQWKH$VKE\+DOO'RUPLWRU\1RJ\PQDVLXP%\DVFRUHRIWKHVFKRRO¶VYDUVLW\
WHDPLQIRUPDOO\GXEEHGWKH³%OXHVWRQHEDVNHWHHUV´KDQGLO\EHDWWKHYLVLWLQJ5LFKPRQG1RUPDO
VFKRROWHDP
:LWKWKLVYLFWRU\WKHYDUVLW\WHDPUHFRUGHGLWVILUVWXQGHIHDWHGVHDVRQVLQFHLWZDV
LQDXJXUDWHGLQ7KHWHDPRIRXWVFRUHGLWVRSSRQHQWVWRDQGSURXGO\ERUHWKH
PDQWOHRIVWDWHFKDPSLRQV
0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$ -RQHV 5RRWHGRQ%OXH6WRQH+LOO 6XVDQ('DZVRQ³-DPHV
0DGLVRQ8QLYHUVLW\$Q(QYLURQPHQWDO+LVWRU\´'DZVRQ6XVDQ(³-DPHV0DGLVRQ8QLYHUVLW\$Q(QYLURQPHQWDO
+LVWRU\´$%XUUXVV5HVHDUFK3URMHFW3DSHU -DPHV0DGLVRQ8QLYHUVLW\
6DPXHO3'XNH³7KH1HZ6WDWH7HDFKHUV&ROOHJHV´ 7KH9LUJLQLD7HDFKHU)HEUXDU\'LQJOHGLQH
-RQHV 5RRWHG³+169DQLVKHG+7&$SSHDUV´7KH%UHH]H )HEUXDU\DFRS\RI6HQDWH
%LOO1RLVDYDLODEOHLQ1DPH0DGLVRQ&ROOHJH9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV
0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
0RUHSHUIHFWVHDVRQVZRXOGIROORZLQDQG7KHWHDPVRIDQG
KRZHYHUGLGPRUHWKDQZLQ7KHVHWHDPVUHJXODUO\PDXOHGWKHLURSSRQHQWVRXWVFRULQJWKHPE\
GRXEOHDQGWULSOHSRLQWVLQPRVWJDPHV
$SULO ³%REEHG+DLU&UD]H´6ZHHSV&DPSXV
³7RERERUQRWWRERE"´7KDWZDVWKHTXHVWLRQSRVHGLQ HDUO\ $SULOE\WKHVWXGHQWSDSHU
)RU\HDUVWKHDGPLQLVWUDWLRQDQGIDFXOW\KDGEHHQWU\LQJWRFXUEWKHDGYDQFHRQFDPSXVRIWKLV
FRQWURYHUVLDOVKRUWKDLUVW\OHIRUZRPHQEXWLQJURZLQJQXPEHUVWKHJLUOVZHUHFRQWLQXLQJWRFXW
WKHLUKDLU³0RUQLQJQRRQDQGQLJKW´VWDWHG 7KH%UHH]H³WKHJLUOVDSSHDUZLWKWKHLUVKRUQ
KHDGV´
7KHVWXGHQWSDSHU UXPLQDWHGRYHUZKHWKHURUQRW WKHVW\OHLPSURYHGWKHJLUOV¶ DSSHDUDQFHVRULILW
PLJKWDGYHUVHO\LPSDFWWKHLUIXWXUHMRESURVSHFWVEXWHLWKHUZD\WKHSDSHUDGPLWWHGWKHUHZDV
QRVWRSSLQJLW³KDLULVEHLQJEREEHGDQGQRWKLQJVHHPVWREHDEOHWRVWRSWKHFUD]H´
8OWLPDWHO\7KH%UHH]H¶VDVVHVVPHQWZDVFRUUHFW± WKHWUHQGZRXOGQRWEHVWRSSHG
)DFXOW\HIIRUWVWRVWHPWKHDGYDQFHRIWKHGUHDGHG³ERE´DFURVVFDPSXVVXIIHUHGVHWEDFNVZKHQ
KLJKO\UHVSHFWHGVWXGHQWVVXFKDV(OL]DEHWK5ROVWRQSUHVLGHQWRIWKH6WXGHQW$VVRFLDWLRQ
EHJDQDGRSWLQJWKHVW\OH(YHQZRUVHE\WKHWLPHWKHQH[WVFKRRO\HDUEHJDQLQ
6HSWHPEHUWKHUHZHUHUXPRUVWKDWVRPHPHPEHUVRIWKHIDFXOW\ZHUHWKLQNLQJRI³\LHOGLQJWR
µWKHFUD]H¶´
7KRVHUXPRUVHYHQWXDOO\SURYHGWUXHZKHQ0UV%HUQLFH9DUQHU'HDQRI:RPHQUHWXUQHGIURP
DWULSVSRUWLQJWKHKDLUVW\OH$IWHUWKLVWKHIDFXOW\³JDYHXSWKHILJKW´
6XPPHU 2XWGRRU6ZLPPLQJ3RRO
7R³SURYLGHIRUWKHSURILWDEOHHPSOR\PHQWRIWKHOHLVXUHWLPH´RIVWXGHQWVWKHVFKRRORSHQHGDQ
RXWGRRUVZLPPLQJSRROLQWKHVXPPHURI/RFDWHGLQDGHSUHVVLRQDVKRUWGLVWDQFHEHKLQG
DQGEHWZHHQWKHSUHVHQWGD\EXLOGLQJVRI0RRG\DQG9DUQHUWKLVZDVWKHVFKRRO¶VILUVW
VZLPPLQJIDFLOLW\$GPLVVLRQIHHVZRXOGEHFKDUJHGLQWKHKRSHRIUHFRXSLQJFRQVWUXFWLRQ
FRVWV
7HFKQLFDOO\WKLVJDPHZDVVLPSO\WKHFURZQLQJPRPHQWFOLQFKLQJDQXQGHIHDWHGVHDVRQ7KHFKDPSLRQVKLS
KDGDFWXDOO\EHHQVHDOHGGXULQJWKHSUHYLRXVJDPHZKHQWKHVFKRROQDUURZO\EHDWWKH)DUPYLOOHWHDPRQ0DUFK
E\DVFRUH RIWR ³&KDPSLRQVKLS´ 7KH%UHH]H 0DUFK³(QYLDEOH5HFRUG+XQJ8S%\2XU
%DVNHWHHUV´7KH%UHH]H$SULO³%OXH6WRQH9DUVLW\&DSWXUHV+LJK6FRUH´ 7KH%UHH]H $SULO
³6SRUWLQJ1HZV´7KH%UHH]H$QQXDO6XSSOHPHQW-XQH SSLQ7KH6FKRROPD¶DP 7KH
6FKRROPD¶DP 'LQJOHGLQH 7KH6FKRROPD¶DPDQGQS
³%REEHG+DLU&UD]H´ 7KH%UHH]H $SULO³0LVVLQJ/RFNV´7KH%UHH]H 6HSWHPEHU'LQJOHGLQH
-RQHV 5RRWHG
,WVKRXOGEHQRWHGWKDWWKHORFDWLRQRIWKHSRRODVGHVFULEHGKHUHLVGLIIHUHQWIURPWKHORFDWLRQGHVFULEHGLQWZRRI
WKHVWDQGDUGVHFRQGDU\VRXUFHVRQWKHVFKRRO¶VKLVWRU\ ,PDJHVRI-DPHV0DGLVRQ8QLYHUVLW\DQG
-RQHV5RRWHGRQ%OXH6WRQH+LOOZKROLNHO\XVHGWKHIRUPHUDVKHUVRXUFHERWKVWDWHWKHSRROZDVORFDWHGRQ
WKHVLWHRISUHVHQWGD\9DUQHU+RXVH+RZHYHUEDVHGRQDEULHIGHVFULSWLRQLQ'LQJOHGLQHDQGPDSVRI
FDPSXVIURPDQGLWVHHPVFOHDUWKDWWKHSRROZDVLQIDFWORFDWHGDVGHVFULEHGKHUHLQ6HH
$XJXVW )LUVW%DFKHORU¶V'HJUHH$ZDUGHG'XULQJ6XPPHU6HVVLRQ
7ZR\HDUVHDUOLHUWKHVFKRROKDGKHOGLWVILUVWVXPPHUVHVVLRQFRPPHQFHPHQW7KDW\HDUDQG
GXULQJWKHIROORZLQJVXPPHURQO\GLSORPDVDQGFHUWLILFDWHVKDGEHHQDZDUGHGWRJUDGXDWHV,Q
KRZHYHUWKHVFKRRODZDUGHGLWVILUVWGHJUHHGXULQJDVXPPHUFRPPHQFHPHQW
7KHUHFLSLHQWZDV(XQLFH(OL]DEHWK/DPEHUWRIQHDUE\0F*DKH\VYLOOHZKRZDVDZDUGHGWKH
GHJUHHRI%DFKHORURI6FLHQFHLQ+RPH(FRQRPLFV'XULQJWKHHYHQLQJFHUHPRQ\WZHQW\HLJKW
RWKHUJUDGXDWHVUHFHLYHGWZR\HDUGLSORPDV
6HSWHPEHU )LUVW-RXUQDOLVP&RXUVH2IIHUHG
7KHVFKRRO¶VILUVWMRXUQDOLVPFODVVZDVLQWURGXFHGZLWKWKHDFDGHPLF\HDU
$GPLQLVWHUHGWKURXJKWKH(QJOLVK'HSDUWPHQWWKHFRXUVHHQWLWOHGVLPSO\³6FKRRO-RXUQDOLVP´
WDXJKWVWXGHQWVKRZWRZULWHIRUSXEOLFDWLRQKRZWRSUHSDUHFRS\DQGDERXWVSHFLDOSUREOHPV
IDFLQJVFKRROSXEOLFDWLRQV7KHFRXUVHUHFHLYHGDQHQWKXVLDVWLFUHVSRQVHIURPVWXGHQWVDQG
MRXUQDOLVPZDVVXEVHTXHQWO\PDGHDUHJXODUSDUWRIWKHVFKRRO¶VFXUULFXOXP
-RXUQDOLVPUHPDLQHGDQGHYROYHGDVSDUWRIWKHVFKRRO¶VFXUULFXOXPRYHUWKHQH[WWZHQW\\HDUV
EXWLWZDVGLVFRQWLQXHGLQ,QLWZDVUHLQWURGXFHGDVSDUWRIDWZRVHPHVWHUFRXUVH
FDOOHG³-RXUQDOLVPDQG(QJOLVK&RPSRVLWLRQ´ZLWKVWXGHQWVWDNLQJMRXUQDOLVPIRUWKHILUVW
VHPHVWHUDQG(QJOLVKGXULQJWKHVHFRQG%\WKHHQGRIWKHVMRXUQDOLVPZDVDJDLQEHLQJ
RIIHUHGDVDVWDQGDORQHFRXUVHDQGWZRQHZFRXUVHV±³1HZV:ULWLQJ´DQG³1HZV(GLWLQJ´±
KDGEHHQLQWURGXFHG
7RGD\WKURXJKWKH6FKRRORI0HGLD$UWVDQG'HVLJQ60$'-08RIIHUVVRPHILIW\WZR
FRXUVHVRQMRXUQDOLVPSULQWDQGHOHFWURQLFPHGLDPDVVFRPPXQLFDWLRQDQGQXPHURXVRWKHU
PHGLDUHODWHGWRSLFV,QRYHUVWXGHQWVGHFODUHGWKHPVHOYHVDV60$'PDMRUV
³&DPSXV0DSV´6DPXHO3'XNH$QQXDO5HSRUWWRWKH%RDUGRI 9LUJLQLD7HDFKHUV&ROOHJHV$XJXVWS
LQ3UHVLGHQW¶V5HSRUWVWR %RDUGRI7UXVWHHV9LUJLQLD1RUPDO6FKRRO%RDUG 7KH9LUJLQLD7HDFKHU QR6XSSOHPHQWQR)HEUXDU\ 7KH9LUJLQLD7HDFKHU QR6HSWHPEHU
7KH9LUJLQLD7HDFKHU QR6XSSOHPHQWQR$SULO 'LQJOHGLQH³7KLUG
6XPPHU6HVVLRQ&ORVHVDW+7&´ 7KH%UHH]H 6HSWHPEHU,WVKRXOGEHQRWHGWKDWWKHUHLVGLVFUHSDQF\
FRQFHUQLQJWKHDFWXDOGDWHRIJUDGXDWLRQLQWKHKLVWRULFDOUHFRUG7KH)HEUXDU\DQG$SULOLVVXHVRI 7KH
9LUJLQLD7HDFKHU JLYHWKHGDWHRI$XJXVWDVWKHHQGRI WKHVHVVLRQZKLOHWKH6HSWHPEHU9LUJLQLD7HDFKHUJLYHV
WKHHYHQLQJRI$XJXVW)LQDOO\7KH%UHH]H JLYHVWKHVHVVLRQHQGLQJGDWHDV6HSWHPEHU ,WZDVGHFLGHGWKDW
$XJXVWZDVWKHPRVWOLNHO\GDWH VLQFH WZRVRXUFHVXVHGLWDQG LWZDVD)ULGD\WKH GD\RIWKHZHHNRQZKLFKPRVW
RWKHUVXPPHUFRPPHQFHPHQWVWRRNSODFH8QIRUWXQDWHO\QRSURJUDPIRUWKHHYHQWLV DYDLODEOHLQ&RPPHQFHPHQW
3URJUDPV
7KH9LUJLQLD7HDFKHU QR6XSSOHPHQW1R$SULO³-RXUQDOLVP1RZ3DUWRI&XUULFXOXP´7KH
%UHH]H 2FWREHU %XOOHWLQ 0DGLVRQ&ROOHJH $QQRXQFHPHQWIRU %XOOHWLQ 0DGLVRQ&ROOHJH
QR1RYHPEHU 'LQJOHGLQH³7DEOH2QDQG2II&DPSXV)LUVW0DMRUVE\&ROOHJH
)DOO ± )DOO´KWWSZZZMPXHGXLQVWUHVUFKVWDWVXPBWRFVKWPO!
6HSWHPEHU ³7KH%UHH]H´:HHNO\3XEOLFDWLRQ%HJLQV
6LQFHLWVILUVWLVVXHLQ'HFHPEHU7KH%UHH]HKDGEHHQSXEOLVKHGELZHHNO\RQ DOWHUQDWH
6DWXUGD\V%XWEHJLQQLQJZLWKWKH6HSWHPEHULVVXHWKHSDSHUVZLWFKHGWRZHHNO\
SXEOLFDWLRQZLWKLVVXHVEHLQJUHOHDVHGHDFK6DWXUGD\
2FWREHU 6WXGHQWV¶5DGLR
$OWKRXJKUDGLRKDGEHHQRQFDPSXVVLQFHWKHIDOORILWVRSHUDWLRQZDVUHPDQGHGVROHO\WR
WKHIDFXOW\VSHFLILFDOO\'U&KDSSHOHDUZKRJDYH³UDGLRFRQFHUWV´LQWKH6KHOGRQ+DOO
DXGLWRULXPIRUWKHVWXGHQWVWKDWLQFOXGHGOHFWXUHVDQGPXVLF
,QWKHIDOORIKRZHYHUGXULQJWKHZHHNRI 2FWREHUWKHVWXGHQWERG\UHFHLYHGD
VXSHUKHWHURG\QHUDGLRIRULWVRZQXVH$VEHIRUHWKHUDGLRZDVVHWXSLQ6KHOGRQ¶VDXGLWRULXP
EXWQRZWKHVWXGHQWVWKHPVHOYHVFRXOGWXQHLQWRKHDUSROLWLFDOVSHHFKHVVHUPRQVHGXFDWLRQDO
SURJUDPVDQGPXVLFDOHQWHUWDLQPHQW
/LVWHQLQJWLPHVZHUHVFKHGXOHGGXULQJWKHZHHNLQWKHDIWHUQRRQVIROORZLQJFODVVHVDQGLQWKH
HYHQLQJVXQWLOVWXG\KRXUVEHJDQDQGDOVRRQ6DWXUGD\DQG6XQGD\DIWHUQRRQVDQGHYHQLQJV$
PRQWKODWHUKRZHYHU7KH%UHH]HUHSRUWHGWKDW³RXUQHZUDGLR´KDGQRWVHHQPXFKXVHDQG
HQFRXUDJHGVWXGHQWVWRFRPHDQGOLVWHQUHPLQGLQJWKHPWKDWWKH\FRXOGEHWDXJKWWRXVHLW
,QWKHFRPLQJGHFDGHVUDGLRZRXOGVHHLQFUHDVLQJSUROLIHUDWLRQRQFDPSXV%HJLQQLQJZLWKWKH
VFKRRO\HDUHDFKGRUPLWRU\ZRXOGKDYHLWVRZQUDGLRORXQJHDQGE\WKHHDUO\ V
UDGLRVZRXOGEHLQHYHU\URRP
2FWREHU :HOFRPLQJ)UHVKPDQV6W\OH 7KH 2OG*LUO1HZ*LUO:HGGLQJ
,QWKHIDOORIVWXGHQWVEHJDQDQHZDFXVWRPWKDWZRXOGODVWIRUWZHQW\ILYH\HDUV
2Q7XHVGD\HYHQLQJ2FWREHULQWKHVFKRRO¶VRSHQDLUWKHDWUHWKHQORFDWHGEHKLQG0DXU\
+DOOIUHVKPHQVWXGHQWVZHUHZHOFRPHGDQGPDGHDQRIILFLDOSDUWRIWKHVWXGHQWERG\WKURXJK
PHDQVRIDQHODERUDWHFHUHPRQ\NQRZQDVWKH2OG*LUO1HZ*LUO:HGGLQJ
,QWKHFHUHPRQ\ZKLFKZDVPHDQWWRV\PEROL]HWKHELQGLQJRIWKHFODVVHVRQH³ROGJLUO´DQ
XSSHUFODVVPDQUHSUHVHQWLQJWKH³JURRP´ZDVPDUULHGWRD³QHZJLUO´DIUHVKPDQUHSUHVHQWLQJ
WKH³EULGH´$VSDUWRIWKHLUYRZVWKH³ROGJLUO´SURPLVHGWRSURWHFWDQGFDUHIRUWKH³QHZJLUO´
ZKRLQ WXUQSURPLVHGWRREH\DOOWKHVFKRROUXOHV
7KH ILUVWZHHNO\SXEOLFDWLRQRI 7KH%UHH]H DFWXDOO\RFFXUUHGLQ0D\ZKHQWKHODVWWZRHGLWLRQVRIWKH\HDU
ZHUHLVVXHGRQ0D\DQG5HJXODUZHHNO\SXEOLFDWLRQVWDUWHGRQ6HSWHPEHUZLWKWKHEHJLQQLQJRIWKHQHZ
VFKRRO\HDU³2QH6WHS)RUZDUG´ 7KH%UHH]H 6HSWHPEHU 7KH9LUJLQLD7HDFKHU QR
1RYHPEHU
'LQJOHGLQH³5DGLR1HZV´7KH%UHH]H 2FWREHU³2XU5DGLR´ 7KH%UHH]H 1RYHPEHU
³5DGLR/RXQJHV´ 7KH%UHH]H 6HSWHPEHUS
7KHFHUHPRQ\ZDVFRPSOHWHZLWKEULGHVPDLGVDQGDPDLGRIKRQRUIUHVKPHQDQGJURRPVPHQ
DEHVWPDQDQGWKHIDWKHURIWKHEULGHXSSHUFODVVPHQ7KH6WXGHQW$VVRFLDWLRQSUHVLGHQW
VHUYHGDVPLQLVWHUZKLOHWZRIDFXOW\FKLOGUHQVHUYHGDVWKHULQJEHDUHUDQGIORZHUJLUO
,QWKH2OG*LUO1HZ*LUO:HGGLQJFHUHPRQ\ZDVWRQHGGRZQWRDVLPSOHUFHUHPRQ\
ZKLFKLQYROYHGWKHJLYLQJRIFRUVDJHVDQGVFKRROSLQV%\WKHHQGRIWKHVLWKDGHYROYHG
LQWRWKH2OG6WXGHQW1HZ6WXGHQWFHUHPRQ\ZLWKIUHVKPDQEHLQJ³FDSSHGZLWK0DGLVRQ
µEHDQLHV¶DQGSLQQHGZLWKULEERQERZV´
1RYHPEHU ³([FLWHPHQWWRWKH/DVW'HJUHH´)LUVW9DUVLW\+RFNH\*DPH
2Q1RYHPEHUWZHOYH\HDUVDIWHUWKHILUVWILHOGKRFNH\WHDPVKDGEHHQHVWDEOLVKHGDWWKH
VFKRROWKHVWXGHQWSDSHUDQQRXQFHGWKHRUJDQL]DWLRQRIWKHILUVWYDUVLW\KRFNH\VTXDG([DFWO\
RQHZHHNODWHURQ1RYHPEHUWKHWHDPSOD\HGLWVILUVWDQGRQO\JDPHRIWKH\HDU
2QDFROGDQGZHW6DWXUGD\DIWHUQRRQIOHGJOLQJ+DUULVRQEXUJWHDPKRVWHGWKHWHDPIURP
:HVWKDPSWRQ&ROOHJHLQ5LFKPRQGRQHRIWKHEHVWLQWKHVWDWH
7KHJLUOVWRRNWRWKHVRDNHGDQGVOLSSHU\ILHOGORFDWHGLQWKHDUHDZKHUHWKH%XUUXVV+DOO
SDUNLQJORWLVWRGD\ZHDULQJWKHXQLIRUPRI WKHGD\ ±³EODFNPLGG\EORXVHVIXOOEORRPHUVDQG
ORQJEODFNVRFNV´:KLOHWKHWHDPUHSRUWHGO\³SHUIRUPHGEULOOLDQWO\DWWLPHV´WKHJDPHZDVORVW
E\DVFRUHRIWR'HVSLWHWKLVWKHVFKRROSDSHUGHVFULEHGWKHJDPHDV³DµWKULOOHU¶IURP
EHJLQQLQJWRHQG´DQGGHWDLOHGVRPHRIWKHDFWLRQ
7KHORFDOSDSHUWRRFRYHUHGWKHJDPHSRLQWLQJRXWWKDWLWZDVWKHILUVWLQWHUFROOHJLDWHILHOG
KRFNH\JDPHHYHUSOD\HGLQWKH6KHQDQGRDK9DOOH\
-XQH³7KH%UHH]H´)LUVW&URVVZRUG3X]]OH
$VWDQGDUGIHDWXUHRIWRGD\¶V%UHH]HLVWKHFURVVZRUGSX]]OH6WXGHQWVFDQEHIRXQGGRLQJWKHP
DOORYHUFDPSXV± RQWKH4XDGLQWKHOLEUDU\DWZRUNDQGLQFODVV
&URVVZRUGVEHFDPHZLGHO\SRSXODULQ$PHULFDLQWKHVDQGVDQG7KH%UHH]HILUVW
UHSRUWHGRQWKLV³VHQVLEOHIDG´RQ-DQXDU\7KHSDSHUGHHPHGFURVVZRUGVDKHDOWK\
'LQJOHGLQH³1HZ6WXGHQWV7DNHQ,QWRWKH6WXGHQW%RG\´7KH%UHH]H 2FWREHU-RQHV
5RRWHG)RULQIRUPDWLRQRQWRGD\¶VRULHQWDWLRQSURJUDPVHH
KWWSZZZMPXHGXRULHQWDWLRQLQGH[VKWPO!
³9DUVLW\+RFNH\6TXDG&KRVHQ´7KH%UHH]H1RYHPEHU 7KH6FKRROPD¶DPQS'LQJOHGLQH
&DUUROO³+RFNH\*DPH+HUH7RGD\DW7HDFKHUV¶&ROOHJH´'DLO\1HZV5HFRUG 1RYHPEHU³%LJ
+RFNH\*DPH+HUH7RGD\30´ 'DLO\1HZV5HFRUG 1RYHPEHU³+7&*LUOV0DNH*RRG6KRZLQJ
%XW/RVH)LUVW+RFNH\0DWFK´'DLO\1HZV5HFRUG1RYHPEHU³:HVWKDPSWRQ&DSWXUHVYLFWRU\IURP
+7&´7KH%UHH]H 1RYHPEHU
HGXFDWLRQDOLQGXOJHQFHEHFDXVHWKH\UHTXLUHGFRUUHFWVSHOOLQJGHILQLWLRQDQGXVDJHRIZRUGV
HQODUJHGRQHVYRFDEXODU\DQGWRRN³FOHYHUWKLQNLQJ´WRPDNH
'HVSLWHWKHSRVLWLYHHQGRUVHPHQWLWZRXOGEHQHDUO\ILYHPRQWKVEHIRUHWKHILUVWFURVVZRUG
SX]]OHZDVSULQWHGLQWKHSDSHU,WUDQLQWKH$QQXDO 6XSSOHPHQWLVVXHZKLFKZDV
SXEOLVKHGLQWKHVFKRRO¶V\HDUERRN7KH6FKRROPD¶DPLQ-XQH
-DQXDU\ /LEUDU\9ROXPHV
7KHOLEUDU\WKHQORFDWHGRQWKHILUVWIORRURI+DUULVRQ+DOOUHDFKHGDQRWDEOHPLOHVWRQHLQ
-DQXDU\ZKHQLWFDWDORJHGLWVWHQWKRXVDQGWKYROXPH,WZDVDFRS\RI 7KH(QJOLVK
/DQJXDJHLQ$PHULFDE\*3.QDSS
0D\ &ROOHJH)LUVW3DUWLFLSDWHVLQWKH:LQFKHVWHU$SSOH%ORVVRP)HVWLYDO
7KH$SSOH%ORVVRP)HVWLYDOZDVILUVWKHOGLQLQ:LQFKHVWHU9LUJLQLD 6WLOOKHOGWRGD\WKH
IHVWLYDOLVDJLDQWFHOHEUDWLRQRIWKHDUULYDORIVSULQJDQGWKHEORVVRPLQJRI WKHPLOOLRQVRIDSSOH
WUHHVLQWKHYDOOH\
6WXGHQWVIURP +DUULVRQEXUJ7HDFKHUV&ROOHJH+7&ILUVWSDUWLFLSDWHGLQWKH$SSOH%ORVVRP
)HVWLYDOLQ'XULQJWKHHYHQLQJIHVWLYLWLHVRQRSHQLQJGD\:HGQHVGD\0D\VWXGHQWV
IURPWKHFROOHJH¶V*OHH&OXESHUIRUPHGDQRSHUHWWD³7KH:LOG5RVH´
7KHIROORZLQJGD\0D\+7& VWXGHQWVWRRNSDUWLQWKH)HVWLYDO¶VSUHPLHUHYHQW±DJUDQG
SDUDGH2YHUSHRSOHDWWHQGHGWKHSDUDGHZKLFKVWUHWFKHGIRUQHDUO\ILYHPLOHVDQG
LQFOXGHGRYHUSDUWLFLSDQWVWZHQW\WZRPDUFKLQJEDQGVDQGIORDWV
2QHRIWKHIORDWVZDVIURPWKH1RUPDO6FKRRO,WFDUULHGWZHQW\RQHVWXGHQWVDQGIHDWXUHG
VWXGHQW(OL]DEHWK5ROVWRQUHSUHVHQWLQJNQRZOHGJHDQGHGXFDWLRQ7KHIORDWZDVSXOOHGE\DEXV
FDUU\LQJWKH*OHH&OXEDQG3UHVLGHQW'XNHZKRZRUHKLVFDSDQGJRZQ'HFNHGRXWLQWKH
FRORUVFKHPHRIWKHIHVWLYDO ±SLQNJUHHQDQGZKLWH± WKHVFKRRO¶VIORDWZRQVHFRQGSUL]H
7KHILUVWFURVVZRUGSX]]OHWRDSSHDULQDVFKRROSXEOLFDWLRQZDVDPDWKHPDWLFVFURVVZRUGZKLFKUDQLQWKH
0DUFKHGLWLRQRI 7KH9LUJLQLD7HDFKHU 7KH9LUJLQLD7HDFKHUQR0DUFKYLL7KHDQVZHUVWRWKH
ILUVW %UHH]H FURVVZRUGSX]]OHZHUHWRDSSHDULQWKHRSHQLQJLVVXHIRUWKHVFKRRO\HDUUHOHDVHGLQ
6HSWHPEHUEXWWKDWLVVXHKDVDSSDUHQWO\EHHQORVW³7KH&URVV:RUG3X]]OH´7KH%UHH]H$QQXDO6XSSOHPHQW
-XQHLQ 7KH6FKRROPD¶DP /LEUDU\$FFHVVLRQ%RRNVY
³+7&*LUOV:LWK)ORDW:LOO'D]]OH:LQFKHVWHU´ 'DLO\1HZV5HFRUG$SULO³$SSOH%ORVVRP
3DUDGHWRGD\WR%H0LOHV/RQJ´ 'DLO\1HZV5HFRUG0D\³$W$SSOH%ORVVRP)HVWLYDO3DUDGHLV
*RUJHRXV´'DLO\1HZV5HFRUG 0D\³&ROOHJH)ORDW$ZDUGHG6HFRQG$SSOH%ORVVRP)HVWLYDO3UL]H´ 7KH
%UHH]H 0D\³$SSOH%ORVVRP)HVWLYDO´7KH6FKRROPD¶DPQS7KH9LUJLQLD7HDFKHUQR
-XQH:D\ODQG³6LJQLILFDQW,QFLGHQWV´'LQJOHGLQHHUURQHRXVO\VWDWHVWKDWWKHVFKRROWRRNILUVW
SUL]HLQ
0D\ 6KHOGRQ+DOO7KH:HVW:LQJ
+DOIRI6KHOGRQ+DOOWKHHDVWZLQJKDGEHHQ FRPSOHWHGLQODWHZLWKFODVVURRPVRQWKH
ILUVWIORRUDQGDQDXGLWRULXPRQWKHVHFRQGIORRU'XHWRODFNRIIXQGVFRQVWUXFWLRQRIWKHZHVW
ZLQJZDVSRVWSRQHG%XWLQHDUO\WKH9LUJLQLD*HQHUDO$VVHPEO\SDVVHGWKH1RHOO$FW
ZKLFKSURYLGHGVWDWHVXSSRUWHGLQVWLWXWLRQVZLWKPRQH\IRUWKHFRQVWUXFWLRQRIEXLOGLQJV7KLV
DOORZHGWKHVFKRROWRFRPPHQFHZLWKWKHUHPRGHOLQJDQGIXUWKHUFRQVWUXFWLRQRI6KHOGRQ+DOO
2Q0D\1HLOVRQ%XLOGHUV1HLOVRQ&RQVWUXFWLRQ&RPSDQ\RI+DUULVRQEXUJEHJDQHIIRUWVWR
FRQYHUW6KHOGRQLQWRDGRUPLWRU\7KLVHQWDLOHGWKHUHPRGHOLQJRIWKHHDVWZLQJDQGWKH
FRQVWUXFWLRQRIDQHZZHVWZLQJ
7KHUHPRGHOLQJZDVFRPSOHWHGLQWLPHIRUVWXGHQWVWRPRYHLQDWWKHRSHQLQJRIWKHIDOOTXDUWHU
LQ6HSWHPEHU7KHFRQVWUXFWLRQRIWKHZHVWZLQJKRZHYHUIHOOEHKLQGVFKHGXOHDQGDERXWWZR
GR]HQ VWXGHQWVKDGWREHFURZGHGLQWRWKHEXLOGLQJVHDVWZLQJWKUHHWRDURRPIRUWKHHQWLUH
TXDUWHU
0D\ .HH]HOO+DOO&RQVWUXFWLRQ%HJLQV
$WWKHVDPHWLPHWKHVFKRROEHJDQFRQYHUWLQJ6KHOGRQ+DOOLQWRDGRUPLWRU\FRQVWUXFWLRQRID
QHZDFDGHPLFDQGKHDOWKSK\VLFDOHGXFDWLRQEXLOGLQJZDVEHJXQ
7KHEXLOGLQJODWHUQDPHG:DOWHU5HHG+DOODQGWRGD\NQRZQDV.HH]HOO+DOOZRXOGKDYHDERXW
DGR]HQFODVVURRPVVHYHUDODGPLQLVWUDWLYHRIILFHVDODUJHJ\PQDVLXPZKLFK ZRXOGDOVRVHUYH
DVWKHDXGLWRULXPDQGDQLQGRRUVZLPPLQJSRRO
7KH+DUULVRQEXUJ%XLOGLQJDQG6XSSO\&RPSDQ\FRQWUDFWRUVIRUWKHQHZEXLOGLQJSXVKHGWKHLU
FRQVWUXFWLRQHIIRUWVRYHUWKHVXPPHUDQGWKHEXLOGLQJZDVUHDG\IRUXVHE\PLGIDOO
2FWREHU .HH]HOO+DOO2IILFLDO2SHQLQJ7KH³%LJ*\P´
2IILFLDO2SHQLQJ
$WDP:HGQHVGD\PRUQLQJFRQYRFDWLRQH[HUFLVHVRIILFLDOO\RSHQHGWKHVFKRRO¶VQHZHVW
HGLWLRQ:DOWHU5HHG+DOOQRZ.HH]HOO+DOO
7DNLQJSODFHLQWKHQHZGXDOXVHJ\PQDVLXPDXGLWRULXPWKHH[HUFLVHVZHUHPDUNHGE\WKH
XVXDOIDUHIRUVXFKHYHQWV±WKHUHDGLQJRIVFULSWXUHWKHRIIHULQJRIDSUD\HUWKHVLQJLQJRI
VRQJVDQGWKHJLYLQJRIDGGUHVVHV
&KDSSHOHDU³&RQWUDFWV6LJQHGIRU1HZ%XLOGLQJ´ 7KH%UHH]H 0D\'LQJOHGLQH³7ZR
1HZ%XLOGLQJV$GG6L]HDQG%HDXW\WR+DUULVRQEXUJ´ 7KH%UHH]H 6HSWHPEHU³1HZ5RRPV$VVLJQHGLQ
6KHOGRQ+DOO´ 7KH%UHH]H 'HFHPEHU
³&RQWUDFWV6LJQHGIRU1HZ%XLOGLQJ´ 7KH%UHH]H 0D\'LQJOHGLQH&KDSSHOHDU³7ZR1HZ
%XLOGLQJV$GG6L]HDQG%HDXW\WR+DUULVRQEXUJ´ 7KH%UHH]H 6HSWHPEHU
3UHVLGHQW'XNHVSRNHEULHIO\DQGUHSRUWHGO\SOHDVHGWKHFURZGZKHQKHWROGWKHPWKDWWKH
SUREDEOHQDPHIRUWKHEXLOGLQJZRXOGEH:DOWHU5HHG+DOODIWHUWKHUHQRZQHG9LUJLQLD
SK\VLFLDQDQGPHGLFDOUHVHDUFKHU
)ROORZLQJ'XNHWKH+RQRUDEOH+DUULV+DUW6WDWH6XSHULQWHQGHQWRI3XEOLF,QVWUXFWLRQGHOLYHUHG
WKHPDLQDGGUHVV+DUWFRQJUDWXODWHGWKHVFKRROIRULWVSDUWLQUDLVLQJWKHVWDQGDUGVRISXEOLF
HGXFDWLRQLQ9LUJLQLD
7KH³%LJ*\P´
7KHQHZJ\PQDVLXPNQRZQDVWKH³ELJJ\P´WRGLVWLQJXLVKLWIURPWKH³OLWWOHJ\P´LQ$VKE\
+DOOZDVMXVWXQGHUIHHWORQJDQGDSSUR[LPDWHO\ILIW\ILYHIHHWZLGH$FFRUGLQJWRWKH
VFKRROFDWDORJLWZDVVWRFNHGZLWK³WKHPRVWPRGHUQHTXLSPHQWDQGGHYLFHV´IRUDZLGHUDQJHRI
SK\VLFDODFWLYLW\8QGHUQHDWKWKHJ\PDQLQGRRUVZLPPLQJSRROZDVSODQQHG,WZRXOGEH
FRPSOHWHGLQHDUO\
$OVREHFDXVHRILWVODUJHVL]HWKH³ELJJ\P´ZDVXVHGDVWKHVFKRRO¶VPDLQDXGLWRULXP
FRPSOHWHZLWKDZRRGHQVWDJHUHPRYDEOHURZVRIFKDLUVDQGPRWLRQSLFWXUHHTXLSPHQW,W
FRXOGDFFRPPRGDWHDQDXGLHQFHRIDERXWDQGUHPDLQHGLQXVHXQWLOWKHRSHQLQJRI:LOVRQ
+DOOLQ
1RYHPEHU .HH]HOO+DOO)LUVW&ODVVHV+HOG
$PRQWKDIWHUFRQYRFDWLRQH[HUFLVHVKDGIRUPDOO\RSHQHGWKHJ\PQDVLXPDXGLWRULXPLQ5HHG
.HH]HOO+DOOWKHEXLOGLQJ¶VGR]HQFODVVURRPVZHUHILUVWXVHG:KHQWKHVWXGHQWVVKRZHGXS
IRUWKHLUFODVVHVLQWKHQHZEXLOGLQJLWZDVUHSRUWHGWKDWWKH³WKHEULJKWFOHDQQHZZDOOVDQG
IORRUVKDGHYHU\JLUOH[FLWHGWRWKHQWKGHJUHH´
%HVLGHVWKHJ\PDQGWKHFODVVURRPVDQGODWHUWKHLQGRRUSRROFRPSOHWHGLQWKHEXLOGLQJ
DOVRKDGIRXUDGPLQLVWUDWLYHRIILFHVDQGZDVKRPHWRWKH(GXFDWLRQ+LVWRU\DQG+HDOWK
(GXFDWLRQGHSDUWPHQWV
,QWKHVSULQJRI5HHG+DOOZDVUHQDPHG.HH]HOO+DOOLQKRQRURI 6HQDWRU*HRUJH%
.HH]HOOZKRKDGOHGWKHILJKWWRKDYHWKHVFKRROHVWDEOLVKHGLQ+DUULVRQEXUJDQGVHUYHGDV
FKDLUPDQ RIWKHVFKRRO¶V%RDUGRI7UXVWHHVIURP
7KHSRROKDVORQJVLQFHEHHQFRYHUHGRYHUDQGWRGD\ .HH]HOOVHUYHVDVROHO\DFDGHPLFIXQFWLRQ
KRXVLQJFODVVURRPVDQGRIILFHVIRUWKH(QJOLVKGHSDUWPHQWDQGWKH)RUHLJQ/DQJXDJHV
/LWHUDWXUHVGHSDUWPHQW
$FFRUGLQJWRWKHDUFKLWHFWXUDOGUDZLQJVRIWKHEXLOGLQJWKHJ\PZDV¶´E\ ¶ ³6XSHULQWHQGHQW+DUW6SHDNV
DW &RQYRFDWLRQ([HUFLVHV´7KH%UHH]H2FWREHU'LQJOHGLQH³7ZR1HZ%XLOGLQJV$GGWRWKH
&DPSXV´7KH%UHH]H $QQXDO6XSSOHPHQW-XQHLQ7KH6FKRROPD¶DP :D\ODQG³6RPH,WHPV´
:D\ODQG³6XQGU\,WHPV´:D\ODQG/HWWHU 7KH9LUJLQLD7HDFKHU QR6XSSOHPHQWQR %XOOHWLQRI
,QIRUPDWLRQ$SULO³7ZR1HZ%XLOGLQJV$GG6L]HDQG%HDXW\WR+DUULVRQEXUJ´ 7KH%UHH]H 6HSWHPEHU
³:DOWHU5HHG+DOO2SHQHGWR&ODVVHVRQ/DVW :HGQHVGD\´ 7KH%UHH]H 1RYHPEHUS :D\ODQG
³6RPH,WHPV´:D\ODQG³6XQGU\,WHPV´ 7KH9LUJLQLD7HDFKHUQR6XSSOHPHQWQR%XOOHWLQRI
-DQXDU\ 6KHOGRQ+DOO2SHQV$V'RUPLWRU\
)LYH\HDUVDIWHULQLWLDOFRQVWUXFWLRQRQWKHEXLOGLQJKDGEHJXQ6KHOGRQ+DOOZDVILQDOO\
FRPSOHWHG,WVGRRUV RSHQHGWRDSSUR[LPDWHO\VWXGHQWVDWWKHVWDUWRIWKHZLQWHU
TXDUWHU
2ULJLQDOO\FRQVWUXFWHGDVDQDFDGHPLFEXLOGLQJLQZLWKDQDXGLWRULXPDQGFODVVURRPV
FRQYHUVLRQRI6KHOGRQ+DOOLQWRDGRUPLWRU\ KDGEHJXQLQVSULQJ%XWE\WKHIDOORIWKDW
\HDURQO\KDOIRIWKHEXLOGLQJZDVUHDG\IRUVWXGHQWRFFXSDQF\
7RGD\6KHOGRQ+DOOLVRQFHDJDLQDQDFDGHPLFEXLOGLQJKRXVLQJWKHRIILFHVRIWKH&ROOHJHRI
6FLHQFHDQG0DWKHPDWLFVDQGWKHGHSDUWPHQWVRI $QWKURSRORJ\6RFLRORJ\DQG3KLORVRSK\
5HOLJLRQ
)HEUXDU\ /LEUDU\5HDGLQJ5RRP$GGHG
,QHDUO\WKHFROOHJHOLEUDU\ORFDWHGRQWKHILUVWIORRURI+DUULVRQ+DOOUHFHLYHGVRPHPXFK
QHHGHGH[SDQVLRQZKHQDIDFXOW\FRQIHUHQFHURRPZDVFRQYHUWHGLQWRDUHDGLQJURRP
$OOWKHOLEUDU\¶VPDJD]LQHVDQGQHZVSDSHUVZHUHPRYHGLQWRWKLVQHZVSDFHZKLFKFRXOG
DFFRPPRGDWHDERXWWZHQW\VL[VWXGHQWVEULQJLQJWKHOLEUDU\¶VVHDWLQJFDSDFLW\WRDOPRVW
7KHURRPZKLFKZRXOGQRWEHVWDIIHGZRXOGEHRSHQDWDOOKRXUVHYHQZKHQWKHOLEUDU\ZDV
FORVHGDQGVWXGHQWVZRXOGEHRQWKHLUKRQRUQRWWRUHPRYHDQ\RIWKHPDWHULDOV
+RZHYHURQWKHILUVW7XHVGD\HYHQLQJRIHDFKPRQWKWKHURRPZRXOGVWLOOEHXVHGIRUIDFXOW\
PHHWLQJV,WZRXOGDOVRFRQWLQXHWRVHUYHDVWKHIDFXOW\FORDNURRPGXULQJPHDOWLPHV
,QWKHOLEUDU\ZRXOGEHH[SDQGHGWRHQFRPSDVVWKHHQWLUHILUVWIORRURI+DUULVRQ
)HEUXDU\ .HH]HOO+DOO,QGRRU6ZLPPLQJ3RRO2SHQV
$OWKRXJKWKHJ\PQDVLXPFODVVURRPVDQGRIILFHVLQ5HHG.HH]HOO+DOOKDGEHHQFRPSOHWHGE\
WKHHQGRIRQHLPSRUWDQWHOHPHQWUHPDLQHG± WKHLQGRRUVZLPPLQJSRROORFDWHGEHQHDWK
WKHJ\P
,QIRUPDWLRQ6WDWH7HDFKHUV&ROOHJH $SULO'LQJOHGLQH³5HHG+DOO5HQDPHG.HH]HOO+DOO,Q
+RQRURI/DWH6HQDWRU.HH]HOO´7KH%UHH]H0DUFK
$OWKRXJKVWXGHQWVRFFXSLHG6KHOGRQLQ-DQXDU\WKHILQLVKLQJWRXFKHVZHUHQRWFRPSOHWHXQWLO0D\VHH
&KDSSHOHDU³7HPSRUDU\5RRPVDUH'LVFDUGHGZLWK&RPSOHWLRQRI6KHOGRQ´7KH %UHH]H -DQXDU\ 7KH
9LUJLQLD7HDFKHU QR6XSSOHPHQWQR%XOOHWLQRI,QIRUPDWLRQ 6WDWH7HDFKHUV&ROOHJH $SULO
³9LVLW*XLGH´
³&ROOHJH5HDGLQJ5RRP7R%H2SHQHG6RRQ´7KH%UHH]H -DQXDU\³5HDGLQJ5RRP,V)LQH$VVHWWR
&DPSXV´7KH%UHH]H )HEUXDU\ 7KH9LUJLQLD7HDFKHUQR0DUFK
&RQVWUXFWLRQRIWKHSRROZDVGHOD\HGGXHWRWKHQHFHVVLW\RIUDLVLQJIXQGV7KHRULJLQDO
FRQVWUXFWLRQFRVWVIRUWKHEXLOGLQJKDGDSSDUHQWO\QRWLQFOXGHGWKHFRVWRIDSRRODQGWKXVLWZDV
OHIWWR3UHVLGHQW'XNHWRGUXPXSSULYDWHFRQWULEXWLRQVIRULWVFRQVWUXFWLRQZKLFKZHUHHVWLPDWHG
DW
'XNH¶VIXQGLQJGULYHKDGEHJXQLQWKHIDOORI$SSHDOVWRWKHORFDOEXVLQHVVFRPPXQLW\
VRRQ UDLVHG6WXGHQWVDQGIDFXOW\ZHUHDOVRDVNHGWRUDLVHPRQH\6WXGHQWVZHUHFDOOHG
WRFRQWULEXWHHDFKDQGVWXGHQWRUJDQL]DWLRQVUDLVHGIXQGVWKURXJKYDULRXVSURMHFWVDQG
HQWHUWDLQPHQWV)DFXOW\PHPEHUVDOVRGRQDWHGPRQH\)ROORZLQJWKHDFTXLVLWLRQRIIXUWKHU
IXQGLQJIURPWKHJRYHUQRUFRQVWUXFWLRQSURFHHGHG
$WDFRVWRIDSSUR[LPDWHO\WKHSRROZDVILQDOO\FRPSOHWHGLQ)HEUXDU\7KHSRRO
ZKLFKZDVVWHDPKHDWHGZDVVL[W\IHHWORQJDQGWZHQW\ILYHIHHWZLGHZLWKDGHHSHQGRIHLJKW
DQGDKDOIIHHWDQGDVKDOORZHQGRIIRXUIHHW$ORQJRQHHGJHRIWKHSRROZHUHVWRQHEHQFKHV
IRUVSHFWDWRUV7KHUHZHUHDOVRORFNHUVEDWKURRPVDQGVKRZHUV
2Q)HEUXDU\DWSPWKHSRROZDVIRUPDOO\RSHQHGZKHQ3UHVLGHQW'XNHWRRNWKHILUVW
SOXQJH
$SULO ³7KH %UHH]H´³7KH6QHH]H´
2Q$SULO7KH%UHH]HZDVUHSODFHGE\ 7KH6QHH]H3XEOLVKHGE\WKHVHOIGHVFULEHG³PRURQVRQ
WKHQHZVSDSHUVWDII´7KH6QHH]HZDVDKXPRURXV$SULO)RROHGLWLRQRIWKHUHJXODUSXEOLFDWLRQ
)RUWKHQRPLQDOFRVWRI³WKUHHNDFKRRVDFRS\´DQ\RQHFRXOGJHWWKHLUKDQGVRQWKHODWHVWLQ
QRQVHQVHQHZVUHODWLQJWRWKHVFKRRO
)RUH[DPSOHLWZDVUHSRUWHGWKDWWKH6WXGHQW&RXQVHOKDGDEROLVKHGWKHUHVWULFWLYHUXOHV
JRYHUQLQJFDUULGLQJZLWKPHQ³5LGHZKHQ\RXSOHDVHKHUHDIWHU´ZLWKGUHZWKHIDFXOW\¶V
SULYLOHJHRIVPRNLQJRQFDPSXVDQGJDYHLWWRWKHVWXGHQWVDQGJUDQWHGDOOVWXGHQWVWKUHHFODVV
FXWVSHUZHHN
,WZDVIXUWKHUUHSRUWHGWKDWDQHZUHTXLUHGFRXUVHLQ3LJ/DWLQKDGEHHQDGGHGWRWKHFXUULFXOXP
DQGWKDWRQHRIWKHVFKRRO¶VPRVWGLVWLQJXLVKHGSURIHVVRUV5D\PRQG'LQJOHGLQHKDGUHFHQWO\
ZRQWKH1DWLRQDO&KHZLQJ*XP&KDPSLRQVKLS
7RUHDGDOOWKLVQHFHVVDU\QHZVWKRXJKRQHZRXOGKDYHWRUHSHDWHGO\WXUQWKHSDSHUDURXQGIRU
PDQ\RIWKHDUWLFOHVZHUHSULQWHGXSVLGHGRZQ
:KHQWKHEXLOGLQJZDVFRPSOHWHFRQVWUXFWLRQFRVWVUHDFKHGH[FOXGLQJWKHFRVWRIWKHSRRO ³6FKHGXOH
RI%XLOGLQJVDQG&RVWRI6DPHDW0DGLVRQ&ROOHJH+DUULVRQEXUJ9$´$FFRUGLQJWR 7KH%UHH]H 'XNHILUVW
DSSURDFKHGWKHVWXGHQWERG\DERXWFRQWULEXWLQJIXQGVWRWKHSRRO¶VFRQVWUXFWLRQRQ2FWREHU6HH³7KH
6ZLPPLQJ3RRO´7KH%UHH]H $QQXDO6XSSOHPHQW-XQHSLQ7KH6FKRROPD¶DP 7KLV %UHH]H
DUWLFOHKRZHYHUHUURQHRXVO\FLWHVWKHGDWHRI'XNH¶VSOXQJHDV0RQGD\)HEUXDU\WKHWK ZDVDFWXDOO\D
6DWXUGD\³7ZR1HZ%XLOGLQJV$GG6L]HDQG%HDXW\WR+DUULVRQEXUJ´7KH%UHH]H 6HSWHPEHUS
³&RQWUDFWV6LJQHGIRU1HZ%XLOGLQJ´ 7KH%UHH]H 0D\³3UHVLGHQW7DNHV)LUVW6ZLP 6ZLPPLQJ3RRO
%HFRPHV5HDOLW\ZLWK)RUPDO2SHQLQJ0RQGD\´7KH%UHH]H )HEUXDU\S&KDSSHOHDU'LQJOHGLQH
IRRWQRWH
$SULO &ROOHJH:LQV)LUVW3UL]HLQ$SSOH%ORVVRP)HVWLYDO
,QVWXGHQWVSDUWLFLSDWHGIRUWKHVHFRQGWLPHLQWKH:LQFKHVWHU$SSOH%ORVVRP)HVWLYDO
2Q:HGQHVGD\WKH*OHH&OXEVDQJDWWKHFRURQDWLRQRI³4XHHQ6KHQDQGRDK´DQGUHFHLYHG
³KLJKFRPPHQGDWLRQ´IRUWKHLUSHUIRUPDQFH
2Q7KXUVGD\DIWHUQRRQVWXGHQWVSDUWLFLSDWHGLQWKHJUDQGSDUDGHHLWKHUPDUFKLQJRUULGLQJ
RQWKHVFKRRO¶VIORDWZKLFKFDPHWKLUGLQWKHSURFHVVLRQEHKLQGWKH)HVWLYDO4XHHQ¶VIORDWDQGD
PDUFKLQJEDQG7KHSDUDGHZRXQGWKURXJKWKHVWUHHWVRI:LQFKHVWHUVWUHWFKLQJIRUDOPRVWWKUHH
PLOHVDQGWDNLQJVRPHWZRKRXUVWRSDVVDQ\VLQJOHSRLQW
$WWKHHQGRIWKHGD\WKHFROOHJHIORDWZDVDZDUGHGILUVWSUL]H±7KLVZDVWKHILUVWWLPHD
IORDWUHSUHVHQWLQJDJURXSIURPRXWVLGH:LQFKHVWHUKDGZRQILUVWSODFHLQWKH)HVWLYDO¶VIRXU\HDU
KLVWRU\
,QDQGWKHFROOHJH¶VIORDWZRXOGDJDLQZLQILUVWSUL]HEXWDIWHUWKLVWKHVFKRROIORDW
ZDVUHSODFHGE\DVWXGHQWUHSUHVHQWDWLYH
-XQH )LUVW'D\WLPH*UDGXDWLRQ &HUHPRQLHV
$WR¶FORFN:HGQHVGD\PRUQLQJVWXGHQWVIDFXOW\DQGIULHQGVJDWKHUHGLQ 5HHG.HH]HOO
+DOOIRUWKH\HDU¶VILQDOJUDGXDWLRQH[HUFLVHV
7KLVZDVWKHILUVWWLPHJUDGXDWLRQKDGEHHQFRQGXFWHGGXULQJWKHGD\SUHYLRXVO\ JUDGXDWLRQ
FRPPHQFHPHQWKDGWDNHQSODFHRQ7XHVGD\ HYHQLQJV
)RUW\ VWXGHQWVUHFHLYHG%DFKHORURI6FLHQFHGHJUHHVDQGUHFHLYHGWZR\HDUGLSORPDVDQG
FHUWLILFDWHV
$XJXVW )LUVW'LSORPD$ZDUGHG7R$0DOH6WXGHQW
'XULQJFRPPHQFHPHQWH[HUFLVHVKHOGRQ)ULGD\HYHQLQJLQWKHJ\PQDVLXPRI 5HHG.HH]HOO
+DOO+XQWHU/HH-DFNVRQRI0F*DKH\VYLOOHEHFDPHWKHILUVWPDOHWRUHFHLYHDGLSORPDDQG
JUDGXDWHIURPWKHVFKRRO -DFNVRQ UHFHLYHGKLVGLSORPDIRUFRPSOHWLRQ RIWKHFROOHJH¶VWZR\HDU
SURIHVVLRQDOFRXUVHIRUJUDPPDUVFKRROWHDFKHUV
7KH6QHH]H>7KH%UHH]H@$SULO'LQJOHGLQH'LQJOHGLQHLGHQWLILHVWKH 6QHH]H DVWKHILUVW$SULO)RRO
LVVXHRI 7KH%UHH]H 7KLVLVLQFRUUHFW 7KHILUVWRQHDFWXDOO\DSSHDUHGWKH\HDUEHIRUH+RZHYHULWZDVODFNOXVWHU
FRPSDUHGWR 7KH6QHH]H,WFRQWDLQHGVHULRXVDUWLFOHVEXWWKHLQVLGHSDJHVZHUHEODQNH[FHSWIRUDJLDQWUHG$35,/
)22/ZULWWHQDFURVVWKHP6HH7KH%UHH]H$SULO
³+DQIRUG0DF1LGHU&URZQVWKH4XHHQRI$SSOH)HVWLYDO´ 'DLO\1HZV5HFRUG$SULO³&ROOHJH)ORDW
7DNHV)LUVW3UL]HDW$SSOH%ORVVRP)HVWLYDO´ 7KH%UHH]H$SULO'LQJOHGLQH 7KH6FKRROPD¶DP
QS
:D\ODQG³6XQGU\,WHPV´ 7KH9LUJLQLD7HDFKHU QR-XO\7KH9LUJLQLD7HDFKHUQR
$SULO &RPPHQFHPHQW3URJUDPV'LQJOHGLQH
&RPPHQFHPHQW3URJUDPV³0DQ*UDGXDWH5HFHLYHV'LSORPD´ 7KH%UHH]H 6HSWHPEHU
'LQJOHGLQH 9LUJLQLD7HDFKHU QRVXSSOHPHQWQR$SULO
)DOO &DPSXV*ROI&RXUVH
&RQVWUXFWLRQRIDQLQHKROHFDPSXVJROIFRXUVHZDVEHJXQLQWKHIDOORI$³SHWSURMHFW´RI
3UHVLGHQW'XNHWKHFRXUVHZRXOGEHFRPSOHWHGLQHDUO\
&RYHULQJDGLVWDQFHRIMXVWRYHUWZRPLOHVWKHFRXUVHVWUHWFKHGIURPWKHIURQWVRXWKVLGHRI
FDPSXVLQWKHDUHDEHKLQG$VKE\+DOODQGDURXQGWRWKHEDFNFDPSXVWRDQDUHDMXVWQRUWKHDVW
RI+LOOFUHVW
,QWKHIDOORIDQLQIRUPDOQRQSURIHVVLRQDOJROIWRXUQDPHQWZDVKHOGZLWKVRPHWKLUW\
FRPSHWLWRUV7KURXJKRXWWKHUHVWRIWKHVPDLQWHQDQFHRIWKHFRXUVHSURYHGGLIILFXOWLQ
PRUHZD\VWKDQRQH.HHSLQJWKHJUHHQVLQVDWLVIDFWRU\FRQGLWLRQZDVDPDMRUSUREOHPEXWVR
ZDVFDPSXVH[SDQVLRQ,QIRUH[DPSOHRQHKROHZDVORVWZKHQ6HQLRU&RQYHUVH
+DOOZDVFRQVWUXFWHG
%\WKHEHJLQQLQJRIWKHQH[WGHFDGHWKHRQFHUHJXODWLRQFRXUVHKDGEHFRPHQRWKLQJPRUHWKDQD
VKRUWSUDFWLFHFRXUVHRQWKHEDFNFDPSXV%\LWZRXOGEHFRPSOHWHO\JRQH
'HFHPEHU $FFUHGLWDWLRQ
,QWKHLQVWLWXWLRQ¶VDFDGHPLFJURZWK KDGJDUQHUHGLWRIILFLDO FROOHJHVWDWXVZKHQLWVQDPH
ZDVFKDQJHGIURP WKH6WDWH1RUPDO6FKRRO WRWKH+DUULVRQEXUJ6WDWH7HDFKHUV&ROOHJH+7&
7KUHH\HDUVODWHU WKHFRQWLQXHGULVHLQ DFDGHPLFVWDQGDUGVDVZHOODVWKHSK\VLFDO GHYHORSPHQW
RIWKH&ROOHJHOHGWRPHPEHUVKLSLQWKH6RXWKHUQ $VVRFLDWLRQRI&ROOHJHVDQG6FKRROVWKHQ
NQRZQDVWKH6RXWKHUQ$VVRFLDWLRQRI&ROOHJHVDQG6HFRQGDU\6FKRROVWKHSULPDU\DFFUHGLWLQJ
DJHQF\IRUVRXWKHUQVFKRROV
7KH&ROOHJHKDGQRWVLPSO\ VDWLVILHGWKH$VVRFLDWLRQ¶VVWULQJHQWHLJKWHHQSRLQWUHTXLUHPHQWOLVW
IRUDGPLVVLRQEXWKDGJUHDWO\ LPSUHVVHGWKHRUJDQL]DWLRQ ZLWK WKHRXWVWDQGLQJSHUIRUPDQFHRI LWV
JUDGXDWHVDWRWKHULQVWLWXWLRQVRIKLJKHUOHDUQLQJ 2XWRIJUDGXDWHFRXUVHVWDNHQRQO\IRXU
KDGEHHQIDLOHG
$FFRUGLQJWR 7KH%UHH]H WKHFRXUVHFRYHUHGDGLVWDQFHRIDSSUR[LPDWHO\PLOHV'HVSLWHWKHVKULQNLQJRIWKH
FRXUVHDIWHUWKHVFKRROFDWDORJVFRQWLQXHGWRGHVFULEHWKHFRXUVHDVDQLQHKROHUHJXODWLRQFRXUVHXQWLO
$V'LQJOHGLQHSXW³)RUDIHZ\HDUVORQJHUWKH&ROOHJHNHSWXSWKHSUHWHQVHRISURYLGLQJDFDPSXV
FRXUVHRIQLQHKROHV´7KHFDWDORJIRUZDVWKHODVWWRPHQWLRQWKHDYDLODELOLW\RIJROIIDLUZD\VRQ
FDPSXV'LQJOHGLQH 7KH%UHH]H ³1XPHURXV,PSURYHPHQWV0DGH7KURXJKRXW6FKRRO´6HSWHPEHU
³1HZ$GGLWLRQV´'HFHPEHU³,PSURYHPHQWV0DNLQJ+HDGZD\´$SULO³7KH*ROI7RXUQDPHQW´
2FWREHU-RQHV 5RRWHGRQ%OXH6WRQH+LOO ³1HZ+RQRU&DSWXUHGE\7¶FKHUV&ROOHJH LQ6RXWKHUQ$VV¶Q´ 'DLO\1HZV5HFRUG 'HFHPEHU
'LQJOHGLQH
0DUFK 7ZHQWLHWK$QQLYHUVDU\)LUVW)RXQGHUV¶'D\&HOHEUDWHG
)URPDPWRSPWKHUHZDVD³ELJFHOHEUDWLRQ´DWWKHVFKRROWRPDUNWKHWZHQWLHWK
DQQLYHUVDU\RIWKHVLJQLQJRIWKH*HQHUDO$VVHPEO\ ELOOWKDWKDGHVWDEOLVKHGWKHLQVWLWXWLRQ
7KHHYHQWGXEEHG)RXQGHUV¶ 'D\EHJDQZLWK DQDFDGHPLFSURFHVVLRQDFURVVFDPSXVIURP
+DUULVRQWR5HHG.HH]HOO+DOO,QWKH5HHGJ\PQDVLXPDGGUHVVHVZHUHPDGHPXVLFZDV
SOD\HGDQGVRQJVZHUHVXQJ
7KHPDLQVSHDNHUZDV*HRUJH%.HH]HOOWKHIRUPHU6WDWH6HQDWRUZKRKDGOHGWKHILJKWWRKDYH
WKHVFKRROORFDWHGLQ +DUULVRQEXUJ .HH]HOOGHOLYHUHGDOHQJWK\VSHHFK RQWKHKLVWRU\RIWKH
LQVWLWXWLRQ¶VHVWDEOLVKPHQW (OL]DEHWK&OHYHODQGDPHPEHURIWKHRULJLQDOIDFXOW\ ZKRZDVVWLOO
WHDFKLQJDWWKH&ROOHJHDOVRVSRNH
+DUULVRQEXUJ0D\RU6KHII\/'HYLHUUHDGDOHWWHURI FRQJUDWXODWLRQ RQ EHKDOIRIWKHFLW\2WKHU
FRQJUDWXODWRU\ OHWWHUV LQFOXGLQJWKRVHIURPIRUPHUVFKRROSUHVLGHQW-XOLDQ%XUUXVVDQG9LUJLQLD
*RYHUQRU+DUU\)%\UGZKRZHUHQRWSUHVHQWZHUHDOVRUHDG
,Q)RXQGHUV'D\EHFDPH-DPHV0DGLVRQ'D\ :KLOHVWLOOFRPPHPRUDWLQJWKH
HVWDEOLVKPHQWRI-08RQ0DUFKWKHHPSKDVLVRIWKHFHOHEUDWLRQKDVVKLIWHGWR-DPHV
0DGLVRQ ±KLVELUWK RQ 0DUFK KLVFRQWULEXWLRQVWRWKHQDWLRQDQGKLVFRQQHFWLRQWR
WKHXQLYHUVLW\ -DPHV0DGLVRQ'D\LVSDUWRIWKHODUJHU-DPHV0DGLVRQ:HHNFHOHEUDWLRQ
0DUFK +DUULVRQ+DOO1HZ$GGLWLRQ%HJXQ
2Q0DUFKZRUNRQDQRWKHUDGGLWLRQWR+DUULVRQ+DOOEHJDQ3ODQVFDOOHGIRUDQRWKHU
GLQLQJKDOOWREHEXLOWWKLVRQHMXVWIRU6HQLRUVPRUHVWRUHURRPDQGNLWFKHQVSDFHDQGDQ
H[SDQVLRQRIWKHKHDWLQJSODQWIDFLOLWLHV
0D\ )LUVW,QWHUFROOHJLDWH7HQQLV0DWFK
2Q 6DWXUGD\ 0D\WKH+DUULVRQEXUJ7HDFKHUV&ROOHJH+7&FRPSHWHGLQLWVILUVW
LQWHUFROOHJLDWH WHQQLVPDWFKKRVWLQJWKHWHDPIURP*HRUJH:DVKLQJWRQ8QLYHUVLW\
-XOLDQ%XUUXVVWKHVFKRRO¶VILUVWSUHVLGHQWKDGSODQHGWRDWWHQGWKHFHOHEUDWLRQDQGKLVQDPHDSSHDUVLQWKHHYHQW
SURJUDPDVDVSHDNHU+RZHYHUVKRUWO\EHIRUHWKHDQQLYHUVDU\GDWH%XUUXVVEHFDPHLOODQGZDVVXEVHTXHQWO\
XQDEOHWREHSUHVHQW.HH]HOO¶VDGGUHVVDQGWKHOHWWHUVRIFRQJUDWXODWLRQFDQEHIRXQGUHSULQWHGLQ 7KH9LUJLQLD
7HDFKHUQR0D\$FRS\RIWKHHYHQWSURJUDPFDQEHIRXQGLQ )RXQGHUV'D\V9HUWLFDO )LOH6SHFLDO
&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$ 6HHDOVR³7HDFKHUV&ROOHJH2EVHUYHV
7RGD\,WVWK $QQLYHUVDU\´'DLO\1HZV5HFRUG 0DUFK:D\ODQG³6XQGU\,WHPV´ $QQLYHUVDULHVWK
LQWK LQ9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\
+DUULVRQEXUJ9$$XJXVW6PLWK³3UHYLRXV$QQLYHUVDULHV´IURPWKH-08&HQWHQQLDO&HOHEUDWLRQ:HEVLWH
KWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQDQQLYUVDULHVVKWPO!> -DQXDU\@³6SLULW7KURXJK7UDGLWLRQ-DPHV
0DGLVRQ'D\´7KH%UHH]H 0DUFKS 7KH%UHH]H -XQH$QQXDO6XSSOHPHQWS LQ 7KH
6FKRROPD¶DP 'LQJOHGLQH
7KH&ROOHJH¶VWHQQLVFRXUWVWKHQORFDWHGZKHUH&DUULHU/LEUDU\VWDQGVWRGD\FDPHDOLYHDVWKH
WRXUQDPHQWEHJDQ DWSP 7KUHHVLQJOHVDQGWZRGRXEOHVPDWFKHVZHUHSOD\HG 7KHILUVW
WZRVLQJOHVPDWFKHVZHUHORVWEXWWKH+7&³UDFTXHWHUV´SXOOHGRXWDYLFWRU\LQWKHWKLUG 7KLV
PRPHQWXPFDUULHGRYHULQWRWKHILUVWGRXEOHVPDWFKZLWKDQRWKHUYLFWRU\7KHVHFRQGPDWFK
KRZHYHUVDZDQRWKHUGHIHDW
$OWKRXJKWKH&ROOHJHORVWLWVILUVWLQWHUFROOHJLDWHWHQQLVFRPSHWLWLRQLWZDVDFORVHJDPHZLWKD
ILQDOVFRUHRI
0D\ ³7UDJHG\RQWKH7UDFNV´
6KRUWO\DIWHUQRRQRQ7XHVGD\0D\DVFKRROFDUFDUU\LQJIRXUVWXGHQWVEDFNWRFDPSXVDIWHU
DPRUQLQJRI VWXGHQWWHDFKLQJDWDORFDOKLJK VFKRROZDVVWUXFNEURDGVLGHE\DWUDLQ DWWKH*UDFH
6WUHHWUDLOURDGFURVVLQJDERXWWZREORFNVIURPWKHVFKRRO
7ZRVWXGHQWVERWKVHQLRUVZHUHNLOOHGLQVWDQWO\ $QRWKHUDVRSKRPRUHGLHGDIHZKRXUVODWHU
DW5RFNLQJKDP0HPRULDO+RVSLWDO7KHIRXUWKVWXGHQWDVHQLRUDQGWKHGULYHURIWKHFDUD
VFKRROHPSOR\HHZHUHVHULRXVO\LQMXUHGEXWHYHQWXDOO\UHFRYHUHG
&ODVVHVZHUHVXVSHQGHGIRUWKHUHVWRIWKHGD\DQGGLGQRWUHVXPHXQWLOWKHPRUQLQJRI0D\
$WSPWKHUHZDVDPDVVPHHWLQJRIIDFXOW\DQGVWXGHQWV3UHVLGHQW'XNHPDGHDVWDWHPHQWRI
ZKDWIDFWVZHUHWKHQNQRZQDERXWWKHWUDJHG\
$WDSSUR[LPDWHO\SPWKDWHYHQLQJWKHFDVNHWVFRQWDLQLQJWKHERGLHVRIWKHWKUHHJLUOVZKR
KDGEHHQNLOOHGZHUHSODFHGLQWKHIDFXOW\VLWWLQJURRPLQ$OXPQDH+DOO+HUHWKH\UHVWHGLQ
VWDWHVXUURXQGHGE\IORZHUVEURXJKWE\WKHLUFODVVPDWHVDQGRWKHUVXQWLOWKHIROORZLQJGD\
7KHGHDWKV³VWXQQHGWKHZKROHFRPPXQLW\DQGWKUHZDSDOORIJULHIRYHUWKH6WDWH7HDFKHUV
&ROOHJH´UHSRUWHGWKHORFDOSDSHU&ROOHJHSURIHVVRUDQGDXWKRU5D\PRQG&'LQJOHGLQH-U
ZURWHLQWKHODWHVWKDWLWZDV³WKHPRVWWUDJLFDFFLGHQWLQWKHKLVWRU\RIWKH&ROOHJH´
0D\ 0HPRULDO6HUYLFH
)URPWRSPVWXGHQWVIDFXOW\IDPLO\PHPEHUVDQGRWKHUVJDWKHUHGRXWVLGHRI$OXPQDH
+DOOIRUDEULHI\HWKHDUWIHOWPHPRULDOVHUYLFHIRUWKHWKUHHVWXGHQWVWUDJLFDOO\NLOOHGWKHSUHYLRXV
GD\
³+7&:LOO3OD\7HQQLV6WDUVRI*:86DW´'DLO\1HZV5HFRUG 0D\³+7&/RVHV)LUVW7HQQLV
0DWFKWR´ 'DLO\1HZV5HFRUG0D\³+DUULVRQEXUJ/RVHV)LUVW&ROOHJLDWH7HQQLV0DWFK´ 7KH%UHH]H
0D\7KH%UHH]H PLVWDNHQO\GDWHVWKH6DWXUGD\JDPHRQ0D\
³&RURQHU+ROGV%27UDLQ([FHHGHG&LW\6SHHG/LPLWLQ*UDFH6WUHHW'HDWK&ROOLVLRQ´ 'DLO\1HZV5HFRUG
0D\:D\ODQG³6XQGU\,WHPV´³7KUHH.LOOHG7ZR,QMXUHG:KHQ7UDLQ+LWV&DU´7KH%UHH]H-XQH
7KHIDFXOW\FDOOHGDVSHFLDOPHHWLQJDWSPWRGLVFXVVWKHWUDJHG\)DFXOW\0LQXWHV HQWU\GDWH
0D\SS%RDUGRI9LVLWRUV&ROOHFWLRQ35%R[2YHUVL]H 6SHFLDO&ROOHFWLRQV &DUULHU
/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$KHUHDIWHUFLWHGDV)DFXOW\0LQXWHV³,Q
0HPRULDP´ 7KH6FKRROPD¶DPQS-RQHV 5RRWHGRQ%OXHVWRQH+LOO 'LQJOHGLQH
7KHVHUYLFHVZHUHRSHQHGZLWKWKH*OHH&OXE VLQJLQJ³2/RYH7KDW:LOO1RW/HW0H*R´ 1H[W
3URIHVVRU-RKQ:D\ODQGUHDGEULHIO\IURPVFULSWXUHDQGJDYHDSUD\HU 3UHVLGHQW'XNHDQG
VHYHUDOUHSUHVHQWDWLYHVRIWKHVWXGHQWERG\ WKHQ VSRNHLQVRPEHUWULEXWHWRWKHWKUHHJLUOV
-XQH 5HYLVHG&RPPHQFHPHQW3URJUDP
$VDUHVXOWRIWKHWUDJLFGHDWKVRI WKUHHVWXGHQWVLQODWH0D\FRPPHQFHPHQWSODQVZHUHDOWHUHG
7KHEDFFDODXUHDWHVHUPRQZDVKHOGRQFDPSXVLQVWHDGRIDWDGRZQWRZQFKXUFK7KLVPHDQW
WKDWIRUWKHILUVWWLPHVLQFHWKHVFKRRO KDGRSHQHGWKHWUDGLWLRQDO³1RUPDOOLQH´GLGQRWPDNHWKH
EDFFDODXUHDWHSURFHVVLRQ WKURXJKGRZQWRZQ
0DQ\ RI WKHWUDGLWLRQDO FRPPHQFHPHQWDFWLYLWLHVZHUHVXVSHQGHG7KH6HQLRUSOD\LQ ZKLFKWKH
WZRVHQLRUVZKRZHUHNLOOHGKDGOHDGLQJSDUWVZDVFDQFHOOHGDVZHUHWKHFODVVDQGILHOGGD\
H[HUFLVHVWKHVHQLRUVRSKRPRUHGDQFHDQGWKHXVXDO VWXGHQWDQGIDFXOW\ UHFHSWLRQV
)LQDOO\JUDGXDWLRQZDVKHOGWZRGD\VHDUOLHUWKDQRULJLQDOO\SODQQHG 2Q-XQHGHJUHHVIRU
WKHWZRVHQLRUVDQGDWZR\HDUGLSORPDIRUWKHVRSKRPRUHZHUHDZDUGHGSRVWKXPRXVO\ GXULQJ
WKHILQDOFRPPHQFHPHQWFHUHPRQ\LQ.HH]HOO:DOWHU5HHG+DOO
$XJXVW &RQVWUXFWLRQRI+RPH(FRQRPLFV3UDFWLFH+RXVH%HJLQV
7KHVFKRRO¶VILUVW+RPH(FRQRPLFVSUDFWLFHKRXVHDOVRWKHILUVWLQWKHVWDWHKDGEHHQDUHQWDO
SURSHUW\XVHGIURPXQWLO ZKHQ WKHEXLOGLQJZDVFRQYHUWHGLQWRDGRUPLWRU\$IWHU
WKLVWKHSUDFWLFHKRXVHIDFLOLWLHVZHUHKRXVHGLQGLIIHUHQWORFDWLRQVQHDUWKHVFKRRO
+RZHYHURQ$XJXVWFRQVWUXFWLRQEHJDQRQZKDWZDVWREHWKHVFKRRO¶VILUVWSHUPDQHQW
RQFDPSXVSUDFWLFHKRXVH7KHVWUXFWXUHZRXOGEHFRPSOHWHGLQOHVVWKDQD\HDURSHQLQJLQ
)HEUXDU\
$XJXVW )LUVW0DOH6WXGHQW$ZDUGHG'HJUHH
(UQHVW)%RZPDQRI+DUULVRQEXUJZDVWKHILUVWPDOHVWXGHQWWREHDZDUGHGDIRXU\HDUGHJUHH
IURPWKHVFKRROUHFHLYLQJKLV%DFKHORURI6FLHQFH'HJUHHLQ+LJK6FKRRO7HDFKLQJDQG
$GPLQLVWUDWLRQGXULQJWKHVXPPHUFRPPHQFHPHQWH[HUFLVHV
7KHIDFXOW\PHWDRQ0RQGD\PRUQLQJDQGGHFLGHGWRKROGDVHUYLFHWKDWDIWHUQRRQDW )DFXOW\0LQXWHV
HQWU\GDWH0D\ SS³&RURQHU+ROGV%27UDLQ([FHHGHG&LW\6SHHG/LPLWLQ*UDFH
6WUHHW'HDWK&ROOLVLRQ´'DLO\1HZV5HFRUG0D\:D\ODQG³6XQGU\,WHPV´³7KUHH.LOOHG7ZR
,QMXUHG:KHQ7UDLQ+LWV&DU´7KH%UHH]H-XQH
7KHIDFXOW\KDGGHFLGHGRQWKHGD\RIWKHDFFLGHQWWRFDQFHOWKH6HQLRUSOD\)DFXOW\0LQXWHV HQWU\
GDWH0D\SS7KHGHFLVLRQWRDZDUGWKHGHJUHHVSRVWKXPRXVO\ZDVPDGHGXULQJWKHIDFXOW\¶V0D\
PHHWLQJ )DFXOW\0LQXWHV HQWU\GDWH 0D\S³7HDFKHUV&ROOHJH)LQDOV2Q0RQGD\´
'DLO\1HZV5HFRUG -XQH³+7&)LQDOV2SHQ:LWK0XVLF5HFLWDO´'DLO\1HZV5HFRUG -XQH 7KH
9LUJLQLD7HDFKHU QR-XO\ &RPPHQFHPHQW3URJUDPV 'LQJOHGLQH
&KDSSHOHDU'LQJOHGLQH
7KHVXPPHUJUDGXDWLQJFODVVRIIRUW\HLJKWVWXGHQWVZDVWKHODUJHVWVLQFHVXPPHU
FRPPHQFHPHQWVZHUHILUVWKHOGLQ7KLUW\WZRVWXGHQWVUHFHLYHGGLSORPDVIRUFRPSOHWLRQ
RIWKHWZR\HDUSURIHVVLRQDOFRXUVHDQGVHYHQWHHQLQFOXGLQJ0U%RZPDQZHUHDZDUGHG%6
GHJUHHV
6HSWHPEHU 4XDOLW\3RLQWV*UDGLQJ6\VWHP,QDXJXUDWHG
%HJLQQLQJZLWKWKHVFKRRO\HDUWKH6WDWH7HDFKHUV&ROOHJHDW+DUULVRQEXUJH[SDQGHG
LWVVWXGHQWDFDGHPLFDVVHVVPHQWV\VWHPWRLQFOXGHWKHXVHRITXDOLW\SRLQWV
3UHYLRXVO\VWXGHQWZRUNZDVDVVHVVHGRQO\ TXDQWLWDWLYHO\E\WKHDZDUGLQJRIOHWWHUJUDGHV
1RZKRZHYHULQNHHSLQJZLWKWKHSUDFWLFHVRIWKHPDMRULW\RIQDWLRQDOLQVWLWXWLRQVRIKLJKHU
OHDUQLQJDWWKHWLPHVWXGHQWVZRXOGDOVRUHFHLYHTXDOLW\SRLQWVEDVHGRQWKHOHWWHUJUDGHVWKH\
UHFHLYHG³$´ ³%´ ³&´ ³'´ 7KLVV\VWHPWKHEDVLVIRUWKH*UDGH3RLQW$YHUDJH*3$ UHPDLQVWKHFRUHRIWRGD\¶VPRUH
QXDQFHGSRLQWVV\VWHP
2FWREHU +DUULVRQ+DOO6HQLRU'LQQLQJ+DOO2SHQV
:RUNRQDQHZDGGLWLRQWR+DUULVRQ KDGEHJXQLQ0DUFK DQGE\WKHWLPHWKHQH[WVFKRRO\HDU
EHJDQLQ6HSWHPEHUWKHQHZ6HQLRU'LQLQJ+DOOZDVUHDG\IRUXVH$IRUPDORSHQLQJFHUHPRQ\
ZDVKHOGRQ2FWREHUZKLFKLQFOXGHG³DVSHFLDOGLQQHUVSHHFKHVDQGDVRQJDQGGDQFH
SURJUDP´
:RUNRQWKHEXLOGLQJKRZHYHUZDVQRWFRPSOHWHGXQWLO)HEUXDU\
1RYHPEHU -RKQVWRQ+DOO &RPSOHWHG
2Q1RYHPEHUFRQVWUXFWLRQ RI-RKQVWRQ+DOOWKHILUVWFRPSOHWHO\ILUHSURRIEXLOGLQJWREH
HUHFWHG RQFDPSXVZDVFRPSOHWHG
%XLOWE\ WKH1LHOVHQ&RQVWUXFWLRQ&RPSDQ\RI+DUULVRQEXUJ1LHOVRQ%XLOGHUV,QFWKH
VWUXFWXUHFRVWVOLJKWO\RYHUDQGRULJLQDOO\VHUYHGDVERWKDGRUPLWRU\DQGDFDGHPLF
EXLOGLQJ 7KHWZRPDLQIORRUVFRQWDLQHGIRUW\HLJKWURRPVIRUVWXGHQWVDQGDFKDSHURQH
ZKLOHWKHEDVHPHQWKRXVHGWKH3K\VLFV'HSDUWPHQWDQGODERUDWRULHV
,QWKHEXLOGLQJZDVQDPHGIRU-DPHV&-RKQVWRQDIRUPHUFKHPLVWU\SURIHVVRU,Q
WKHEXLOGLQJ¶VGHVLJQDWLRQZDVH[WHQGHGWRLQFOXGH-RKQVWRQ¶VZLIH±$OWKHD/RRVH-RKQVWRQ
7KH9LUJLQLD7HDFKHU QR6XSSOHPHQWQR%XOOHWLQRI,QIRUPDWLRQ 6WDWH7HDFKHUV&ROOHJH $SULO
'LQJOHGLQH³)RUW\(LJKW*UDGXDWHDW6XPPHU4XDUWHURI7HDFKHUV&ROOHJH2QH0DQ$PRQJWKH
*UDGXDWHV´ 'DLO\1HZV5HFRUG6HSWHPEHU³6XPPHU6FKRRO+DV/DUJH&ODVV´ 7KH%UHH]H 6HSWHPEHU
7KH9LUJLQLD7HDFKHU QR6XSSOHPHQWQR %XOOHWLQRI,QIRUPDWLRQ6WDWH7HDFKHUV&ROOHJH$SULO
7KH+DUULVRQDGGLWLRQFRVW³)RUPDO2SHQLQJRI6HQLRU'LQQLQJ+DOO´ 7KH%UHH]H 2FWREHU
'LQJOHGLQH&KDSSHOHDU
IRUPHUKHDGRI WKH3K\VLFDO(GXFDWLRQ 'HSDUWPHQWDQGZRPHQ¶VEDVNHWEDOO FRDFK 7RGD\
-RKQVRQKDOOLVKRPHWRWKH6FKRRORI3V\FKRORJ\
)HEUXDU\ 9DUQHU+RXVH2SHQV
(OHYHQ\HDUVDIWHURSHQLQJWKHVWDWH¶VILUVW+RPH(FRQRPLFVSUDFWLFHKRXVHDQRIIFDPSXV
UHQWDOSURSHUW\WKHVFKRRORSHQHGWKHGRRUVWRLWVILUVWSHUPDQHQWRQFDPSXVSUDFWLFHKRXVH
7KHQHZEXLOGLQJFRQVWUXFWHGDWDFRVWRIZDVNQRZQVLPSO\DVWKH3UDFWLFH+RXVH
,WZDVEXLOWDVDGXSOH[ZLWKD³QRUWKKRXVH´DQGD³VRXWKKRXVH´HDFKFRQWDLQLQJFRPSOHWH
IDFLOLWLHVDQGDFFRPPRGDWLRQVIRUXSWRIRXUWHHQKRPHHFRQRPLFVVWXGHQWVZKRZRXOGVSHQGD
IXOOTXDUWHUOLYLQJDQGZRUNLQJLQWKHKRXVH
2QWKHILUVWIORRUZHUHWZROLYLQJURRPVWZRIXOO\HTXLSSHGDQGIXQFWLRQDONLWFKHQVDQGWZR
GLQLQJURRPV7KHVHFRQGIORRUFRQWDLQHGILYHEHGURRPVIRXUIRUVWXGHQWVRQHIRUDQ
LQVWUXFWRUDQGWKHEDVHPHQWSURYLGHGVWRUDJHVSDFHIRUVXSSOLHV7KHWKLUGIORRUZRXOGEH
FRPSOHWHGODWHUZLWKWKUHHDGGLWLRQDOEHGURRPV
,QWKHEXLOGLQJZDVUHQDPHGWKH+RPH0DQDJHPHQW+RXVHDQGLQHDUO\ LWEHFDPH
NQRZQDVWKH9DUQHU+RPH0DQDJHPHQW+RXVHLQKRQRURI%HUQLFH59DUQHUZKRVHUYHGDV
'HDQRI:RPHQDQGDVSURIHVVRUDQGKHDGRIWKH+RPH(FRQRPLFV'HSDUWPHQW
%\WKHHDUO\VZKHQWKHSXUSRVHRIWKHEXLOGLQJKDGFKDQJHGWKHQDPHZDV
VKRUWHQHGWR9DUQHU+RXVH
7RGD\WKH9DUQHU+RXVHORFDWHGQH[WWR0RRG\+DOODORQJ%OXHVWRQH'ULYHLVKRPHWRWKH
&RXQVHOLQJDQG6WXGHQW'HYHORSPHQW&HQWHU
0D\ )LUVW,QWHUFROOHJLDWH6ZLPPLQJ0HHW
,Q0D\WKHVFKRRO¶VYDUVLW\ VZLPDQGWHQQLVWHDPVERWKRIZKLFKKDGEHHQRUJDQL]HGWKH
SUHYLRXV\HDUWUDYHOHGWR:DVKLQJWRQ'&WRFRPSHWHDJDLQVWWKHWHDPVIURP*HRUJH
:DVKLQJWRQ8QLYHUVLW\*:8
:KLOHWKLVZDVWKHVHFRQGWLPHWKH+DUULVRQEXUJ7HDFKHUV&ROOHJH+7& WHQQLVWHDP KDG
IDFHGRII DJDLQVW*:8WKH\KDGORVWWKHLUPDWFK WKHSUHYLRXV0D\LWZDVWKHILUVWWLPHWKH
YDUVLW\VZLPWHDPKDGFRPSHWHGLQWHUFROOHJLDWHO\
&KDSSHOHDU'LQJOHGLQH ³0DMRU%XLOGLQJV´³9LVLW*XLGH´
3HDUO3RZHUV0RRG\³2XU3UDFWLFH+RXVH´7KH9LUJLQLD7HDFKHUQR0DUFK&KDSSHOHDU
'LQJOHGLQH³1HZ%XLOGLQJWR%H$GGHGWRWKH+7&´ 'DLO\1HZV5HFRUG-XQH
³5HHG+DOO5HQDPHG.HH]HOO+DOO,Q+RQRURI/DWH6HQDWRU.HH]HOO´7KH%UHH]H 0DUFK 1DPLQJ RI
%XLOGLQJV ³9LVLW*XLGH´
7KHWHQQLVPDWFKZDVKHOGLQWKHDIWHUQRRQ DQGWKH+7& WHDPZRQKDQGLO\E\DVFRUHRIWR
7KHVZLPPHHWWRRNSODFHWKDWHYHQLQJDWDWWKH<:&$VZLPPLQJSRRO (YHQWV
LQFOXGHGDQG\DUGIUHHVW\OHGDVKHV\DUGIUHHVW\OHUHOD\\DUGEUHDVWVWURNH³IDQF\
GLYLQJ´DQG³SOXQJHIRUGLVWDQFH´
7KHVZLPWHDP³PDGHDVSOHQGLGVKRZLQJ´DFFRUGLQJWRWKHVWXGHQWSDSHUEXWQRQHWKHOHVVORVW
WKHPHHW
-XQH 8QLYHUVLW\)DUP)LUVW2XWLQJ
$ZHHNEHIRUHJUDGXDWLRQDWQRRQRQ7KXUVGD\-XQHLQVWUXFWRU$OWKHD-RKQVWRQVHWRIIE\FDU
ZLWKWKHVL[VWXGHQWWHDFKHUVRIWKH\HDUIRUDSLFQLFDORQJWKH6KHQDQGRDK5LYHU7KHLU
GHVWLQDWLRQZDVWKHROG+RRNHKRPHVWHDGORFDWHGDERXWWZHOYHPLOHVHDVWRI+DUULVRQEXUJMXVW
DFURVVWKHULYHUIURPWKHVPDOOKDPOHWRI3RUW5HSXEOLF
7KH+RRNH¶VODQGZKLFKLQFOXGHGDODUJHEULFNKRXVHKDGEHHQOHDVHGE\WKHVFKRROZLWKWKH
LQWHQWRIVHUYLQJDVDQRIIFDPSXVZHHNHQGGHVWLQDWLRQIRUVWXGHQWV± DSODFHWRUHOD[WLUHG
PLQGV,Q$XJXVWWKHVFKRROZRXOGSXUFKDVHWKHODQGDQGFRQYHUWLWLQWRDFDPSQRZFDOOHG
8QLYHUVLW\)DUP
$IWHUHDWLQJ³DGHOLFLRXVOXQFK´WKHVWXGHQWVH[SORUHGWKH+RRNHKRPHZKLFKZDVVHWEDFN
DERXW\DUGVIURPWKHULYHU7KH\DOVRZDQGHUHGDURXQGDGPLULQJWKHODUJH\DUGZLWKLWV
PDQ\IORZHUVEXWHVSHFLDOO\WKHWZRFKHUU\WUHHVLQWKHEDFN
:KHQWKHVWXGHQWSDSHUUHSRUWHGRQWKHWULSWKHIROORZLQJZHHNLWVDLGWKDWWKHVLWHZDV³D
SHUIHFWO\ORYHO\SODFHIRUDFDPS´
$XJXVW 8QLYHUVLW\)DUP 3XUFKDVHG
2Q$XJXVWWKHVFKRROVSHQWWRSXUFKDVHDSSUR[LPDWHO\ WKLUW\RQHDFUHVRIODQGDORQJ
WKH6KHQDQGRDK5LYHUZKLFKLWKDGSUHYLRXVO\EHHQOHDVLQJIURP*URYHU6+RRNHDQGKLVZLIH
$QQD7KHSXUFKDVHLQFOXGHGWKHIDPLO\¶VWKUHHVWRU\VL[URRPEULFNKRXVHDQGVHYHUDO
RXWEXLOGLQJV
$OWKRXJKWKHFDPSKDGVHHQLWVILUVWVFKRROYLVLWRUVLQ-XQHLWZRXOGQRWEHXVHGDJDLQXQWLO
$SULODIWHUQHFHVVDU\UHQRYDWLRQVKDGEHHQPDGHWRWKHSURSHUW\DQGWKHEXLOGLQJV'XULQJ
$YDUVLW\VZLPWHDPZDVILUVWRUJDQL]HGLQ)HEUXDU\VHH³9DUVLW\6ZLPPLQJ$5HDOLW\´7KH%UHH]H
)HEUXDU\³7HQQLVDQG6ZLPPLQJ7HDPVWR0HHW*:8QLYHUVLW\´7KH%UHH]H 0D\³7HQQLVDQG
6ZLPPLQJ7HDPV&RPSHWHZLWK*:$WKOHWHV´7KH%UHH]H 0D\ 7KH9LUJLQLD7HDFKHU QR-XO\
PLVWDNHQO\VWDWHVWKDWWKLVZDVWKHILUVWLQWHUFROOHJLDWHWHQQLVPDWFK
7KHLGHDIRUDFROOHJHFDPSRULJLQDWHGDWOHDVWDVHDUO\DVWKHIDOORI6HH³+RZ$ERXWD&DPS"´7KH
%UHH]H 1RYHPEHU,WLVOLNHO\WKDWWKHSURSHUW\ZDVOHDVHGVRPHWLPHDURXQGHDUO\0D\DVWKHILUVW
SXEOLFPHQWLRQRIWKHVFKRROOHDVLQJWKHSURSHUW\DSSHDUVWRKDYHRFFXUUHGRQ0D\ZKHQ3UHVLGHQW'XNH
PDGHWKHDQQRXQFHPHQWDWWKHORFDO.LZDQLV&OXE6HH³'U'XNH5HYLHZV5HPDUNDEOH*URZWK7HDFKHUV
&ROOHJH´'DLO\1HZV5HFRUG 0D\³)LUVW7ULSWR1HZ&DPSLV0DGHE\*URXS´ 7KH%UHH]H -XQH
8QLYHUVLW\)DUP9HUWLFDO)LOH-DPHV0DGLVRQ8QLYHUVLW\6SHFLDO&ROOHFWLRQV &DUULHU/LEUDU\-DPHV
0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
WKHVWKHFDPSZDVDSRSXODUDQGPXFKXVHGVSULQJDQGVXPPHUWLPHJHWDZD\VSRW,W
UHPDLQHGSRSXODULQWKHVGHVSLWHEHLQJFORVHGIRUWKUHH\HDUVDVDUHVXOWRI:RUOG:DU,,
8VHRIWKHFDPSZDQHGLQWKHVDQGVDVVWXGHQWPRELOLW\LQFUHDVHG
5HQDPHG8QLYHUVLW\)DUPLQWKHDUHDFRQWLQXHVWREHXVHGIRUSLFQLFVPHHWLQJVDQG
YDULRXVVFKRROUHODWHGVRFLDOHYHQWV7KHRULJLQDOEXLOGLQJVKDYHORQJVLQFHEHHQUHPRYHGEXW
WKH)DUPFXUUHQWO\IHDWXUHVEDUEHTXHDQGKRUVHVKRHSLWVYROOH\EDOOVWDQGDUGVDQGDSDYLOLRQWKDW
FDQDFFRPPRGDWHHLJKW\SHRSOH
-DQXDU\ 6WDWH%RDUGRI(GXFDWLRQ$VVXPHV$XWKRULW\2YHUWKH,QVWLWXWLRQ
7KHLQVWLWXWLRQ¶VILUVWJRYHUQLQJERG\ KDGEHHQLWVRZQLQGHSHQGHQW%RDUGRI7UXVWHHV :KHQ
WKH%RDUGZDVGLVVROYHGLQFRQWURORYHUWKHVFKRROZDVVKLIWHGWRWKHQHZO\FUHDWHGVWDWH
DJHQF\NQRZQDVWKH9LUJLQLD1RUPDO6FKRRO%RDUGODWHUWKH%RDUGRI9LUJLQLD7HDFKHUV
&ROOHJHV
,QWLPHWKLV%RDUGWRRZDVDEROLVKHGDQGEHJLQQLQJLQWKHLQVWLWXWLRQZDVSODFHGXQGHU
WKHDXWKRULW\RIWKH6WDWH%RDUGRI(GXFDWLRQZKLFKUHPDLQHGWKHJRYHUQLQJERG\RIWKH
LQVWLWXWLRQXQWLO ZKHQ DQLQGHSHQGHQW%RDUGRI9LVLWRUVZDVHVWDEOLVKHG
0D\ :LOVRQ+DOO*URXQGEUHDNLQJ
$WURXJKO\R¶FORFNRQ0RQGD\PRUQLQJDWWKHWRSRIWKHTXDGUDQJOHLQEHWZHHQ 0DXU\DQG
5HHG.HH]HOO+DOOVZRUNPHQEHJDQWKHWDVNRIGLJJLQJRXWWKHIRXQGDWLRQIRUZKDWZRXOG
VHUYHDVWKHVFKRRO¶VPDLQDGPLQLVWUDWLRQEXLOGLQJ
7KURXJKRXWWKHGD\WUXFNVKDXOHGDZD\ORDGVRIHDUWKZKLOHQXPHURXVIDFXOW\PHPEHUV
LQFOXGLQJ3UHVLGHQW'XNHKHOSHGWKHZRUNPHQVKRYHOGLUW
$WWKLVSRLQWWKHEXLOGLQJKDGQRW\HWEHHQQDPHGDQGZDVJHQHULFDOO\UHIHUUHGWRDVWKH
DGPLQLVWUDWLYHEXLOGLQJ
7KHDFWXDOVL]HRIWKHFDPSZDV³DFUHVUR>R@GVSROHV´ZKLFKZDVVOLJKWO\RYHUDFUHV6HH³/DQG
2ZQHGE\0DGLVRQ&ROOHJH´ 8QLYHUVLW\)DUP9HUWLFDO)LOH'LQJOHGLQH)UHG+LOWRQ³'RZQE\
WKH6KHQDQGRDK5LYHUVLGH´ 0RQWSHOLHU :LQWHU$XJXVW6PLWK³-088QLYHUVLW\)DUP´-08
&HQWHQQLDO&HOHEUDWLRQ:HEVLWHKWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQIDUPVKWPO!>0D\@³6HQLRUV
9LVLW&ROOHJH&DPS´ 7KH%UHH]H $SULO 3ROLF\*XLGHOLQHVIRU*URXSV8VLQJWKH8QLYHUVLW\)DUP
-DPHV0DGLVRQ8QLYHUVLW\KWWSZZZMPXHGX-08SROLF\VKWPO!>$SULO@
7KH9LUJLQLD1RUPDO6FKRRO%RDUGEHFDPHWKH%RDUGRI9LUJLQLD7HDFKHUV&ROOHJHVLQ 'LQJOHGLQH
3UXIHU
³%UHDN*URXQGIRU1HZ$GPLQLVWUDWLYH%XLOGLQJ´ 7KH %UHH]H0D\'LQJOHGLQH
-XQH :LOVRQ+DOO/D\LQJRIWKH&RUQHUVWRQH
2Q7KXUVGD\DIWHUQRRQRYHUSHRSOHDWWHQGHGWKHFRUQHUVWRQHOD\LQJFHUHPRQLHVIRUWKH
LQVWLWXWLRQ¶VFHQWUDODGPLQLVWUDWLYHEXLOGLQJ:LOVRQ+DOO
$VZDVXVXDOZLWKVXFKFHUHPRQLHVJUDQGSURFHVVLRQDOVZHUHPDGH2QHSDUDGHOHIWWKHORFDO
0DVRQLF7HPSOHLQGRZQWRZQ+DUULVRQEXUJKHDGLQJWRZDUGVWKHFROOHJH,WFRQVLVWHGRIWKH
0DVRQVWKH+DUULVRQEXUJ3ROLFHWKH0D\RUDQGVHYHUDOFLW\FRXQFLOPHQDQGZDVOHGE\WKH
+DUULVRQEXUJ0XQLFLSDO%DQG$VSHFLDOHVFRUWZDVSURYLGHGE\DXQLIRUPHGFRQWLQJHQWRIWKH
.QLJKWV7HPSODU
$VHFRQGSURFHVVLRQDOPDUFKHGDFURVVFDPSXV,WZDVFRPSULVHGRIWKHVFKRRO¶VIDFXOW\LQIXOO
DFDGHPLFFRVWXPH7KHVHWZRSURFHVVLRQDOVPHWRQFDPSXVDWWKHVLWHRIWKHQHZEXLOGLQJDQG
WKHFHUHPRQLHVEHJDQ
)LUVWWKHUHZHUHPXVLFDOSHUIRUPDQFHVE\WKH+DUULVRQEXUJ0XQLFLSDO%DQG7KHVHZHUH
IROORZHGE\DGGUHVVHVE\IRUPHU6HQDWRUV*HRUJH1&RQUDGDQG*HRUJH%.HH]HOOERWKRI
ZKRPKDGSOD\HGLPSRUWDQWUROHVLQWKHIRXQGLQJRIWKHVFKRRO7KH³WZRµ*HRUJHV¶´VSRNHRQ
WKHHVWDEOLVKPHQWKLVWRU\JURZWKDQGIXWXUHRIWKHLQVWLWXWLRQ
$IWHUWKH6HQDWRUVKDGVSRNHQWKHFRUQHUVWRQHZDVSODFHGDWSPE\WKH5RFNLQJKDP
8QLRQ/RGJHRI0DVRQVWKHVDPH/RGJHWKDWKDGSODFHGWKHVFKRRO¶VIRXQGLQJFRUQHUVWRQHDW
0DXU\+DOOWZHQW\WZR\HDUVHDUOLHU
)ROORZLQJWKHVWRQHOD\LQJ3UHVLGHQW6DPXHO'XNHJDYHWKHILQDODGGUHVVRIWKHGD\DQGXVHG
WKHRSSRUWXQLW\WRRIILFLDOO\UHFRPPHQGWKDWWKHEXLOGLQJEHQDPHGLQKRQRURI:RRGURZ
:LOVRQ ±WZHQW\VHYHQWKSUHVLGHQWRIWKH8QLWHG6WDWHVHGXFDWRUDQG6KHQDQGRDK9DOOH\QDWLYH
&RQVWUXFWLRQRIWKHEXLOGLQJZDVDOUHDG\XQGHUZD\DWWKHWLPHRIWKHFHUHPRQ\ :RUNZDV
EHLQJGRQHE\1LHOVHQ&RQVWUXFWLRQ&RPSDQ\RI+DUULVRQEXUJQRZ1LHOVRQ%XLOGHUV,QF
VXFFHVVRUWRWKH:0%XFKHU6RQFRQVWUXFWLRQILUPWKDWKDGEXLOWWKHVFKRRO¶VILUVWEXLOGLQJV
:LOVRQ+DOOZRXOGEHFRPSOHWHGLQDWDFRVWRI
6HSWHPEHU -XQH /DUJHVW9LUJLQLD7HDFKHUV&ROOHJH
(QUROOPHQWLQWKHFROOHJHGXULQJLWVWZHQW\VHFRQG\HDUZDV7KLVQXPEHU
PDGHWKH6WDWH7HDFKHU¶V&ROOHJHDW+DUULVRQEXUJWKHODUJHVWWHDFKHUVFROOHJHLQ9LUJLQLD7KLV
VWDWXVZRXOGEHUHWDLQHGIRUWKHUHVWRIWKHGHFDGH
³$OOLV5HDG\IRU&RUQHUVWRQH/D\LQJ´ 'DLO\1HZV5HFRUG -XQH³1HZ+7&+DOO0D\%HDU1DPH
:RRGURZ:LOVRQ´'DLO\1HZV5HFRUG -XQH³:LOVRQLV1DPH8UJHGIRU1HZ3ODQWDW&ROOHJH´
5LFKPRQG7LPHV'LVSDWFK -XQH³6FKHGXOHRI%XLOGLQJVDQG&RVWRI6DPHDW0DGLVRQ&ROOHJH
+DUULVRQEXUJ 9$´'LQJOHGLQH,WVKRXOGEHQRWHGWKDWVHYHUDOVRXUFHVHUURQHRXVO\GDWHWKHOD\LQJ
RI:LOVRQ+DOO¶VFRUQHUVWRQHWR-XO\7KH\DUHWKHWZRPDMRUVHFRQGDU\ZRUNVRQWKHLQVWLWXWLRQ¶VKLVWRU\ 'LQJOHGLQHDQG-RQHVDQGRQH SULPDU\VRXUFH ±7KH%UHH]H³&RUQHUVWRQH&HUHPRQLHV+HOGE\0DVRQV
-XO\´6HSWHPEHU
'LQJOHGLQH&RQUDG7/RJDQ³6DPXHO3'XNH%XLOGHU´7KH9LUJLQLD7HDFKHUQR$SULO
1RYHPEHU $UPLVWLFH'D\3DUDGHDQG 6WXGHQW%RG\ 3LFQLF
$IWHUPDUFKLQJLQWKHORFDO$UPLVWLFH'D\SDUDGHWKHHQWLUHVWXGHQWERG\ ZKLFKQXPEHUHG
JDWKHUHGIRUD³JUDQGSLFQLFVXSSHU´DWWKH&ROOHJH&DPS8QLYHUVLW\)DUPODWH7XHVGD\
DIWHUQRRQ
7KHVWXGHQWSDSHU 7KH %UHH]HUHSRUWHGWKDWLWWRRNHOHYHQEXVHVVL[WULSVWRWUDQVSRUWDOOWKH
VWXGHQWVWRWKHVLWHDERXWWZHOYHPLOHVHDVWRIWKHVFKRRO 7KLVZDVWKHILUVWWLPHWKHZKROH
VWXGHQWERG\ KDGEHHQWRWKHFDPSWRJHWKHU
0D\ :LOVRQ+DOO)LUVW$VVHPEO\
2Q:HGQHVGD\PRUQLQJVWXGHQWVDQGIDFXOW\JDWKHUHGIRUWKHILUVWDVVHPEO\WREHKHOGLQWKH
:LOVRQ+DOODXGLWRULXP)RUPRVWRIWKHVWXGHQWVWKLVZDVWKHLUILUVWJOLPSVHRIWKHQHZ
DXGLWRULXP
)ROORZLQJEULHIDQQRXQFHPHQWVE\3UHVLGHQW'XNHDQGDIHZIDFXOW\PHPEHUVDERXWWKH
XSFRPLQJGHGLFDWLRQRIWKHEXLOGLQJWKHFXUWDLQVZHUHGUDZQDQGWKHVWXGHQWVZHUHWUHDWHGWRD
GHPRQVWUDWLRQRIWKHVWDJH¶VOLJKWLQJV\VWHP7KHGLVSOD\UHSRUWHGO\HOLFLWHG³2K¶VDQG$K¶V´
IURPWKHDXGLHQFH
7KHJDWKHULQJHQGHGZLWKWKHVWXGHQWERG\VLQJLQJRIVWDQ]DVIURP³3UDLVHWR*RG,PPRUWDO
3UDLVH´DQG³2OG9LUJLQLD´
0D\ :LOVRQ+DOO'HGLFDWLRQ
2Q³DFOHDUSUHWW\´)ULGD\LQ0D\:LOVRQ+DOOZDVIRUPDOO\GHGLFDWHGZLWKDGD\ORQJ
FHOHEUDWLRQ
$WDPWKHVRXQGVRI6FKXEHUW¶V8QILQLVKHG6\PSKRQ\EHJDQWRILOOWKH:LOVRQDXGLWRULXP
PDUNLQJWKHVWDUWRIWKHSURJUDP6RRQDODUJHSURFHVVLRQDO FRQVLVWLQJRIVWDWHRIILFLDOVFROOHJH
GLJQLWDULHVSURPLQHQWHGXFDWRUVVSHFLDOJXHVWVIDFXOW\DQGVWXGHQWVIRUPHGRXWVLGH+DUULVRQ
+DOODQGPDGHLWVZD\DFURVVFDPSXVWR:LOVRQ$VWKHSURFHVVLRQHQWHUHGWKHDXGLWRULXPLWZDV
³JUHHWHGE\WKHVWLUULQJVWUDLQVRIWKH*UDQG0DUFKIURP $LGD9HUGL´
7KHGHGLFDWRU\H[HUFLVHVZHUHEHJXQDWZLWKIRUPHU9LUJLQLD*RYHUQRU(/HH7ULQNOH
SUHVLGLQJ
³6WXGHQW%RG\7DNHV7ULSWR6FKRRO&DPS´ 7KH %UHH]H 1RYHPEHU 7KH9LUJLQLD7HDFKHUQR
6XSSOHPHQWQR%XOOHWLQRI,QIRUPDWLRQ6WDWH7HDFKHUV&ROOHJH0DUFK7KH6FKRROPD¶DP QS 7KH9LUJLQLD7HDFKHU QR'HFHPEHU
³)LUVW$VVHPEO\+HOGLQ:LOVRQ:HGQHVGD\´7KH%UHH]H 0D\
$QRYHUIORZFURZGRIVRPHZDVLQDWWHQGDQFHLQFOXGLQJ9LUJLQLD*RYHUQRU-*3ROODUG
IRUPHU6WDWH6HQDWRU*HRUJH.HH]HOOWKH0D\RURI+DUULVRQEXUJUHSUHVHQWDWLYHVIURPRYHU
WZHQW\ILYHFROOHJHVDQGQXPHURXVFLW\FRXQFLOPHQDQGPHPEHUVRIWKH6WDWH%RDUGRI
(GXFDWLRQ$OVRLQDWWHQGDQFHZDVDYHU\VSHFLDOJXHVWRIKRQRU± (GLWK%RZOLQJ:LOVRQWKH
ZLGRZRI3UHVLGHQW:LOVRQ
7KHGHGLFDWRU\DGGUHVVZDVJLYHQE\:LOOLDP('RGGSURIHVVRURI$PHULFDQ+LVWRU\DWWKH
8QLYHUVLW\RI&KLFDJRDQG:LOVRQLDQVFKRODUDQGDXWKRU7KHVXEMHFWRI'RGG¶VDGGUHVVZDV
³:RRGURZ:LOVRQ1DWLRQDODQG,QWHUQDWLRQDO/HDGHU´
$OVRVSHDNLQJZHUH-XOLDQ%XUUXVVWKHVFKRRO¶VILUVWSUHVLGHQWDQGWKHQSUHVLGHQWRI9LUJLQLD
3RO\WHFKQLF,QVWLWXWHDQGFXUUHQWVFKRRO SUHVLGHQW6DPXHO'XNH%XUUXVVGLVFXVVHGWKH
&ROOHJH¶VFRQWULEXWLRQVWRWKHVWDWHRI9LUJLQLDZKLOH'XNHVSRNHEULHIO\RQWKHIXWXUH RIWKH
VFKRRO
7KHGHGLFDWLRQSURJUDPZKLFKLQFOXGHGVHYHUDOVRQJVE\WKH*OHH&OXEODVWHGXQWLOSP,W
ZDVIROORZHGE\DOXQFKHRQDQGWKHDQQXDO0D\'D\H[HUFLVHV,QWKHHYHQLQJWKHUHZDVD
GLQQHUZLWKPRUHVSHHFKHVIROORZHGE\WKHILUVWFRQFHUWWREHKHOGLQWKHQHZDXGLWRULXPZLWK
YLROLQLVW$OEHUW6SDOGLQJDQGWHQRU5LFKDUG&URRNVSHUIRUPLQJ
6XPPHU :LOVRQ+DOO2FFXSLHG
,QWKHGD\VDQGPRQWKVIROORZLQJWKHPLG0D\GHGLFDWLRQFHUHPRQ\IRU:LOVRQ+DOOWKH
DUGXRXVWDVNRIPRYLQJLQWRQHZEXLOGLQJZDVEHJXQ
%\WKHHQGRIWKHVXPPHU:LOVRQZDVWKHQHZKRPHRIQXPHURXVDGPLQLVWUDWLYHRIILFHVPDQ\
RIZKLFKKDGUHORFDWHGIURP+DUULVRQLQFOXGLQJWKRVHRIWKHSUHVLGHQWDQGWKHGHDQ7KH
RIILFHVRIWKHUHJLVWUDUDQGWUHDVXUHUHDFKZLWKWKHLURZQQHZILUHSURRIYDXOWVKDGPRYHGLQDV
KDGWKHSRVWRIILFH
2QWKHVHFRQGIORRUZHUHFODVVURRPVIRUWKH0DWKHPDWLFVDQG(GXFDWLRQ'HSDUWPHQWVZKLOHWKH
WKLUGIORRUKRXVHGWKH(QJOLVKDQG$UW'HSDUWPHQWV7KHUHZHUHDOVRODERUDWRULHVIRUFKHPLVWU\
SK\VLFVDQGILQHDUWV
7KHFHQWUDOIHDWXUHRI:LOVRQKRZHYHUZDVWKHDXGLWRULXP:LWKDVHDWLQJFDSDFLW\RIQHDUO\
LWZDVWKHLQVWLWXWLRQ¶VILUVWODUJHSHUPDQHQWDXGLWRULXPFRPSOHWHZLWKDPRGHUQ
WKHDWULFDOVWDJHDQGPRWLRQSLFWXUHHTXLSPHQW3UHYLRXVO\PDNHVKLIWDXGLWRULXPVLQ0DXU\
+DUULVRQDQGRWKHUEXLOGLQJVDVZHOODVDQRXWGRRUDPSKLWKHDWUHZHUHXVHG
7KHQXPEHURIFROOHJHVDQGXQLYHUVLWLHVWKDWZHUHUHSUHVHQWHGZDVVRPHZKHUHEHWZHHQWZHQW\ILYHDQGWKLUW\
ILYHGHSHQGLQJRQZKLFKVRXUFHLVFRQVXOWHG'RGG¶VDGGUHVVDVZHOODVWKRVHRIRWKHUVSHDNHUVLVDYDLODEOHLQ 7KH
9LUJLQLD7HDFKHU QR6HSWHPEHU³'HGLFDWLRQRI:LOVRQ+DOO´ 7KH6FKRROPD¶DP QS
³,PSRVLQJ7HDFKHUV&ROOHJH$XGLWRULXP:LOO%H'HGLFDWHG7RGD\WR:LOVRQ´'DLO\1HZV5HFRUG
0D\³:LOVRQ¶V*HQLXV7KULOOVDV9D'HGLFDWHV&ROOHJH%XLOGLQJWR+LV0HPRU\´'DLO\1HZV5HFRUG 0D\7KH9LUJLQLD7HDFKHU QR$SULO 7KH%UHH]H³&RUQHUVWRQH&HUHPRQLHV+HOGE\0DVRQV
-XO\´6HSWHPEHU³'HGLFDWRU\3URJUDP$QQRXQFHG0D\´)HEUXDU\³:RRGURZ:LOVRQ
+DOO'HGLFDWRU\5LWH+HOG´0D\³:LOVRQ+DOO&URZQV+7&&DPSXV´0D\ 'LQJOHGLQH
-RQHV 5RRWHGRQ%OXH6WRQH+LOO:D\ODQG³6RPH,WHPV´:D\ODQG³6XQGU\,WHPV´
:LOVRQ+DOOZDVWKH³FURZQLQJVWUXFWXUH´RIWKHVFKRRODQGZLWKLWVDGGLWLRQWKHRULJLQDO
TXDGUDQJOHSODQVIRUWKHFDPSXVZHUHILQDOO\IXOILOOHG
7RGD\:LOVRQ+DOOLVKRPHWRQXPHURXVDFDGHPLFDQGDGPLQLVWUDWLYHRIILFHVDQGLVWKHORFDWLRQ
RIVHYHUDOOHDUQLQJUHVRXUFHFHQWHUVWKH&RPPXQLFDWLRQ5HVRXUFH&HQWHUWKH5HDGLQJ
:ULWLQJ5HVRXUFH&HQWHUD6FLHQFH0DWK5HVRXUFH&HQWHUDQGWKH8QLYHUVLW\:ULWLQJ&HQWHU
,WLVDOVRWKHVLWHRIWKHRIILFHVRI8QLYHUVLW\,QIRUPDWLRQ8QLYHUVLW\3ODQQLQJ$QDO\VLV7KH
-DPHV0DGLVRQ&HQWHUDQG'LVDELOLW\6HUYLFHV
$XJXVW /DUJHVW*UDGXDWLQJ&ODVVIRUD6XPPHU6HVVLRQ
7KHVXPPHUVHVVLRQ&ODVVRIWRWDOHG ,WZDVWKHODUJHVWVXPPHUJUDGXDWLQJFODVVRIWKH
LQVWLWXWLRQ¶VILUVWILIW\\HDUV 6HYHQW\HLJKWWZR\HDUGLSORPDVDQGWKLUW\VL[%6GHJUHHVZHUH
DZDUGHG
)DOO /LEUDU\([SDQGHG
7KHFRPSOHWLRQRI:LOVRQ+DOOHDUOLHULQWKH\HDUDOORZHGQXPHURXVDGPLQLVWUDWLYHRIILFHV
ORFDWHGLQ+DUULVRQ+DOOWREHPRYHG7KHOLEUDU\WKHQRFFXS\LQJSDUWRIWKHILUVWIORRURI
+DUULVRQEHFDPHWKHEHQHILFLDU\RIWKHPRYHZKHQLWDFTXLUHGWKHUHFHQWO\YDFDWHGVSDFH
%\WKHWLPHVWXGHQWVDUULYHGIRUWKHQHZVFKRRO\HDULQODWH6HSWHPEHUWKHOLEUDU\IDFLOLWLHVKDG
EHHQVLJQLILFDQWO\H[SDQGHGDQGQRZRFFXSLHGWKHHQWLUHILUVWIORRURI+DUULVRQ
)RXUQHZURRPVZHUHDGGHG
• $FDWDORJLQJURRPWKDWZRXOGVHUYHDVDVWDIIZRUNURRP
• $PDWHULDOVURRPWKDWZRXOGKRXVHUHVRXUFHVIRUVWXGHQWWHDFKHUVVXFKDV
WH[WERRNVWHDFKHUV¶PDQXDOVSDPSKOHWVDQGPRXQWHGSLFWXUHVDQGDUWZRUN
WKDWFRXOGEHXVHGIRUHGXFDWLRQLQVWUXFWLRQ
• $UHIHUHQFHURRPWKHVFKRRO¶VILUVWIRUHQF\FORSHGLDVGLFWLRQDULHVDQG
ERXQGSHULRGLFDOV
• $FRQIHUHQFHURRPIRUVWXGHQWJURXSV
7KHDGGLWLRQDOVSDFHEURXJKWWKHOLEUDU\¶VVHDWLQJFDSDFLW\IURPDERXWWRDSSUR[LPDWHO\
³,PSRVLQJ7HDFKHUV&ROOHJH$XGLWRULXP:LOO%H'HGLFDWHG7RGD\WR:LOVRQ´'DLO\1HZV5HFRUG
0D\³'HGLFDWRU\3URJUDP$QQRXQFHG0D\´7KH%UHH]H )HEUXDU\ 7KH9LUJLQLD7HDFKHU QR
6XSSOHPHQWQR%XOOHWLQRI,QIRUPDWLRQ 6WDWH7HDFKHUV&ROOHJH $SULO 7KH9LUJLQLD7HDFKHU QR
2FWREHU'LQJOHGLQH-RQHV 5RRWHG:D\ODQG³6RPH,WHPV´
'LQJOHGLQH7KH9LUJLQLD7HDFKHUQR6XSSOHPHQWQR %XOOHWLQRI,QIRUPDWLRQ6WDWH7HDFKHUV
&ROOHJH0DUFK
³1HZVRIWKH&ROOHJH´7KH9LUJLQLD7HDFKHU QR2FWREHU ³&ROOHJH$GGV1HZ9ROXPHVWR
/LEUDU\´7KH%UHH]H )HEUXDU\³/LEUDU\([SDQVLRQ%HJDQLQ´7KH%UHH]H2FWREHU 7KH
9LUJLQLD7HDFKHU QR6XSSOHPHQWQR%XOOHWLQRI,QIRUPDWLRQ6WDWH7HDFKHUV&ROOHJH0DUFK
6DPXHO3'XNH$QQXDO5HSRUWWRWKH6WDWH%RDUGRI(GXFDWLRQ-XO\SLQ3UHVLGHQW¶V5HSRUWVWR6WDWH
2FWREHU $QQXDO)LHOG+RFNH\7RXUQDPHQW+HOG2Q&DPSXV
)LHOGKRFNH\ZDVLQDXJXUDWHGDWWKHVFKRROLQODWHDQGVLQFHDYDUVLW\VTXDGKDGEHHQ
ILHOGHG:KLOHSRSXODUKRFNH\GLGQRWEHFRPHDWRSVSRUWDWWKHVFKRROXQWLOWKHV
+RFNH\¶VSRSXODULW\ZDVJLYHQDVLJQLILFDQWERRVWGXULQJWKHGHSUHVVLRQGHFDGHE\WKHVFKRRO¶V
DQQXDOSDUWLFLSDWLRQLQWKH9LUJLQLD&ROOHJH+RFNH\7RXUQDPHQWZKLFKZDVILUVWKHOG2FWREHU
1RYHPEHUDWWKH&ROOHJHRI:LOOLDPDQG0DU\:KHQWKHVFKRROKRVWHGWKHVHFRQG
DQQXDOWRXUQDPHQWRQ2FWREHUDQG KRFNH\PRYHGWRWKHIRUHIURQWRIWKHVFKRRO¶V
DWKOHWLFOLIHDVWKHFDPSXVUHSRUWHGO\H[SHULHQFHGD³FRPSOHWHDEVRUSWLRQLQWKHVSRUW´
7KHWRXUQDPHQWGUHZQHDUO\SOD\HUVFRDFKHVDQGRIILFLDOVIURPVHYHQ9LUJLQLDFROOHJHVDQG
RQH1RUWK&DUROLQDFROOHJH6DOHPWRWKHVFKRRO¶VFDPSXV7KH-RKQVWRQ+DOOGRUPLWRU\ZDV
UHOLQTXLVKHGE\VWXGHQWVWRPDNHURRPIRUWKHJXHVWVDQGDQHZVHFRQGKRFNH\ILHOGZDVODLG
RXWRYHUWKHORZHUSDUWRIWKHJROIFRXUVHDWWKHEDVHRIWKHKLOOEHKLQGWKHSUHVLGHQW¶VKRPH
+LOOFUHVW%RWKWKHQHZILHOGDQGWKHROGILHOGZHUHXVHGIRUWRXUQDPHQWSOD\
7KUHHPDWFKHVZHUHSOD\HGRQRSHQLQJGD\)ULGD\2FWREHUEHJLQQLQJDWSP7KH
ILQDOJDPHRIWKHGD\ZKLFKVWDUWHGDWSPSLWWHG WKH+DUULVRQEXUJ7HDFKHUV&ROOHJH+7&
YDUVLW\VTXDGDJDLQVWWKHWHDPIURP6ZHHW%ULDU&ROOHJH+7&ZRQWKHJDPHKDQGLO\E\D
VFRUHRIWR
'XULQJWKHVHFRQGGD\RIWKHWRXUQDPHQWVL[PDWFKHVZHUHSOD\HG7KLVWLPHWKH+DUULVRQEXUJ
WHDPNLFNHGWKLQJVRIIPHHWLQJLWVROGULYDO:LOOLDPDQG0DU\DWDPIRUWKHILUVWJDPHRIWKH
GD\,QDPDWFKWKDWZDVGHVFULEHGDV³IDVWIXULRXVDQGKRWO\FRQWHVWHG´+DUULVRQEXUJHPHUJHG
WKHYLFWRUWDNLQJWKHJDPH/DWHULQWKHDIWHUQRRQDVSHFLDOJDPHEHWZHHQWKHFRDFKHVDQG
DOXPQDHRIWKHYDULRXVFROOHJHVZDVSOD\HG7KHDOXPQDHWHDPWULXPSKHGWR
7KHFOLPD[RIWKHWRXUQDPHQWZDVWKHDOOVWDUJDPH)RUWKLVPDWFKHOHYHQDOOVWDUSOD\HUV
LQFOXGLQJWKUHHIURPWKH+7&VTXDGZHUHFKRVHQIURPDPRQJWKHWRXUQDPHQW¶VSDUWLFLSDQWV
WRGREDWWOHDJDLQVWWKH³VWHOODU´DQG³UHQRZQHG´:DVKLQJWRQ+RFNH\&OXE7KHJDPHEHJDQDW
DQG³6SHFWDFXODUDQGGD]]OLQJZDVWKHVWLFNZRUNDQGJHQHUDOKRFNH\WHFKQLTXHGLVSOD\HG´
RQERWKVLGHVUHSRUWHGWKH+DUULVRQEXUJ'DLO\1HZV5HFRUG:KHQWKHJDPHHQGHGWKHDOOVWDU
WHDPKDGZRQDQDUURZYLFWRU\EHDWLQJWKH:DVKLQJWRQ&OXEWR
+DUULVRQEXUJFRPSHWHGLQHDFKWRXUQDPHQWWKURXJKRXWWKHGHFDGHDQGKRVWHGWKHHYHQWIRUD
VHFRQGWLPHLQ1RYHPEHU
)HPDOHVWXGHQWVDW-08FRQWLQXHWKHWUDGLWLRQRILQWHUFROOHJLDWHILHOGKRFNH\FRPSHWLWLRQDQGLQ
$XJXVWWKH-08ZRPHQ¶VILHOGKRFNH\WHDPZDVUDQNHGWK QDWLRQDOO\
%RDUGRI(GXFDWLRQ%RDUGRI9LVLWRUV&ROOHFWLRQ35%R[%LQGHU6SHFLDO
&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
³+RFNH\LV)DYRULWH6SRUWDW+7&´ 7KH%UHH]H 0D\³9DUVLW\+RFNH\3OD\HUV+RQRUHGDW
7RXUQDPHQW´ 7KH%UHH]H 1RYHPEHUS 7KH6FKRROPD¶DP QSVHH³+RFNH\´LQWKHDWKOHWLFV
VHFWLRQ³+RFNH\&RPHVWR)RUHLQ+7&$WKOHWLF/LIH´ 7KH%UHH]H 0D\SS 7KH6FKRROPD¶DP
QSVHHWKHHYHQWVWLPHOLQHHQWU\GDWH2FWREHU³+7&LV+RVWHVVDW6WDWH+RFNH\0HHW´7KH%UHH]H
2FWREHU³+RFNH\7RXUQH\2SHQV7RPRUURZ´'DLO\1HZV5HFRUG 2FWREHU³+RFNH\7RXUQDP¶W
0DUFK 6LOYHU$QQLYHUVDU\
$WZRGD\FHOHEUDWLRQZDVKHOGLQWKH:LOVRQ+DOODXGLWRULXPWRPDUNWKHLQVWLWXWLRQ¶VWZHQW\
ILIWKDQQLYHUVDU\
2Q)ULGD\PRUQLQJWKHWKRYHUSHRSOHDWWHQGHGWKH)RXQGHUV'D\SURJUDP7KHHYHQW
ZDVSUHVLGHGRYHUE\IRUPHUJRYHUQRUDQGFXUUHQW6WDWH%RDUGRI(GXFDWLRQSUHVLGHQW(/HH
7ULQNOH$PRQJWKHIHDWXUHGVSHDNHUVZHUHFXUUHQWVFKRRO3UHVLGHQW6DPXHO'XNHIRUPHU
3UHVLGHQW-XOLDQ%XUUXVVDQG%UXFH53D\QHSUHVLGHQWRIWKH3HDERG\&ROOHJHDW9DQGHUELOW
8QLYHUVLW\
7KHIROORZLQJPRUQLQJWKH$OXPQDH$VVRFLDWLRQKRVWHGD+RPHFRPLQJSURJUDPIHDWXULQJ
DGGUHVVHVE\DOXPQDHDQGWKHSUHVHQWDWLRQ RIDSRUWUDLWRIWKHODWH6HQDWRU*HRUJH%.HH]HOO
7KHSDLQWLQJGRQDWHGE\WKH&ODVVRIZDVXQYHLOHGE\6HQDWRU.HH]HOO¶VJUDQGGDXJKWHU
DQGVWLOOKDQJVLQ:LOVRQDXGLWRULXPWRGD\
)HEUXDU\ &RQYHUVH+DOO
'XULQJWKHILUVWZHHNRI)HEUXDU\WKHVFKRROEHJDQPRYLQJLQWRLWVQHZHVWEXLOGLQJD
WKUHHVWRU\GRUPLWRU\FDOOHG6HQLRU+DOOQRZ&RQYHUVH+DOO2QWKHVWIXUQLVKLQJVEHJDQWR
EHEURXJKWLQDQGDZHHNODWHURQ)ULGD\WKHWKVHQLRUVPRYHGLQ
&RQVWUXFWLRQRIWKHEXLOGLQJKDGEHJXQLQWKHVSULQJRIDIWHU3UHVLGHQW'XNHREWDLQHGIXQGV
WKURXJKWKH)HGHUDO 3XEOLF:RUNV$GPLQLVWUDWLRQ3:$ZKLFKKDGEHHQHVWDEOLVKHGLQE\
WKH*RYHUQPHQWDVSDUWRILWV1HZ'HDOUHVSRQVHWRWKHFULVHVEURXJKWDERXWE\WKH*UHDW
'HSUHVVLRQ
%XLOWE\WKH-RKQ&6HQDWRUFRQVWUXFWLRQILUPRI5RDQRNH6HQLRU+DOOKDGEHHQFRPSOHWHGLQ
-DQXDU\DWDFRVWRIDSSUR[LPDWHO\6WXGHQWDFFRPPRGDWLRQVFRQVLVWLQJRIILIW\HLJKW
EHGURRPVWKLUW\RQHEDWKVDQGVHYHUDOVPDOONLWFKHQHWWHVZHUHRQWKHVHFRQGDQGWKLUGIORRUV
LV&RORUIXO(YHQW+7&(OHYHQ:LQV´ 'DLO\1HZV5HFRUG2FWREHU³+7&(OHYHQDQG$OO6WDUV
9LFWRUV´ 'DLO\1HZV5HFRUG 1RYHPEHU³$OO6WDU7HDP:LQVIURP+RFNH\7HDP´7KH%UHH]H
1RYHPEHUSS³-08)LHOG+RFNH\5DQNHGWK3LFNHG7KLUGLQ&$$´DYDLODEOHDW
KWWSZZZMPXVSRUWVFRP7HDP6WRULHVBDVS"7HDP,' !>$XJXVW@
$QQLYHUVDULHVWK LQWK LQ9HUWLFDO)LOH6PLWK³3UHYLRXV$QQLYHUVDULHV´'LQJOHGLQH
6HQDWRU.HH]HOOSDVVHGDZD\DWDJHVHYHQW\VHYHQRQ-XQHVHH:D\ODQG +LVWRULF+DUULVRQEXUJ 2QWKHILUVWIORRUZHUHWKHGRUPLWRU\ FKDSHURQH¶VTXDUWHUVWKHSULPDU\NLWFKHQDQGWKHPDLQ
OREE\RIIRIZKLFKZHUHVHWWKUHHSDUORUV$PHQ¶VORXQJLQJURRPZDVDOVRSURYLGHGDVDQ
DXWKRUL]HGSODFHIRUWKHJLUOVWRPHHWDQGVRFLDOL]HZLWKWKHLUGDWHV
7KHEXLOGLQJZDVUHQDPHG&RQYHUVH+DOO LQIRU+HQU\$&RQYHUVH³IRUPHU
UHJLVWUDUSURIHVVRUDQGKHDGRIWKHPDWKHPDWLFVGHSDUWPHQW´
6WLOOXVHGDVDGRUPLWRU\WRGD\WKHEXLOGLQJQRZSURYLGHVXSSHUFODVVPHQZLWK³6XEVWDQFH)UHH
OLYLQJDFFRPPRGDWLRQVDVUHVLGHQWVDUHFRQWUDFWXDOO\REOLJDWHGWRPDLQWDLQDVPRNHDOFRKRODQG
GUXJIUHHHQYLURQPHQWDWDOOWLPHV
0DUFK $UULYDORID /LEHUDO$UWV(GXFDWLRQ%DFKHORURI$UWV'HJUHHV$XWKRUL]HG
2Q)ULGD\0DUFKWKH9LUJLQLD6WDWH%RDUGRI(GXFDWLRQXQDQLPRXVO\DXWKRUL]HGDOOIRXURI
WKHVWDWH¶VWHDFKHUVFROOHJHVLQFOXGLQJ+DUULVRQEXUJ WRDZDUG%DFKHORURI$UWVGHJUHHV,WDOVR
DSSURYHGWKHH[SDQVLRQRIWKHVFKRROV¶FXUULFXODDQGHVWDEOLVKHGVWULFWUHTXLUHPHQWVIRUREWDLQLQJ
WKHQHZGHJUHHLQFOXGLQJPDQGDWRU\FRPSOHWLRQRIWZR\HDUVRI/DWLQRU*UHHN+LVWRU\DQG
6FLHQFHDVZHOODVRQH\HDURI0DWKHPDWLFVDPRGHUQODQJXDJHDQG3KLORVRSK\RU3V\FKRORJ\
7KHGHFLVLRQFDPHRQO\DIWHU\HDUVRIDGYRFDF\VWXG\DQGGLVFXVVLRQRQWKHSDUWRI3UHVLGHQW
'XNHWKH3UHVLGHQWVRIWKHRWKHUVWDWHWHDFKHUVFROOHJHVDQGWKH6WDWH%RDUGRI(GXFDWLRQ,W
UHIOHFWHGWKHFRQWLQXHGJURZWKRIWKH&ROOHJH¶VFXUULFXOXPDQGWKHFRUUHVSRQGLQJQHHGWRH[SDQG
DFDGHPLFUHZDUGVDQGDOVRWKHUHDOL]DWLRQWKDWWKH6WDWHZDVWUDLQLQJHQRXJKWHDFKHUVDQGQRZ
QHHGHGWRSURYLGHDEURDGHUFXOWXUDOHGXFDWLRQIRUZRPHQHVSHFLDOO\WKRVHQRWVHHNLQJWRHQWHU
WKHWHDFKLQJSURIHVVLRQ
7KHDELOLW\WRFRQIHUWKH%DFKHORURI$UWVGHJUHHSXVKHGWKHLQVWLWXWLRQ VTXDUHO\LQWRWKHOLEHUDO
DUWVILHOGIRUWKHILUVWWLPHDOORZLQJLWWRPRYHEH\RQGWKHFRQILQHVRIWHDFKHUWUDLQLQJ7KH%$
GHJUHHZRXOGEHRIIHUHGEHJLQQLQJLQ6HSWHPEHUDWWKHVWDUWRIWKHVFKRRO\HDU
6HSWHPEHU 5DGLR/RXQJHV
:KHQVWXGHQWVFDPHWRFDPSXVIRUWKHLQVWLWXWLRQ¶VWZHQW\VHYHQWK\HDUWKH\ZHUH
JUHHWHGE\VRPHWKLQJQHZ±UDGLRORXQJHV
$FFRUGLQJWR 7KH%UHH]H3:$IXQGVZHUHREWDLQHGLQHDUO\-DQXDU\DQGZRUNZDVVFKHGXOHWREHJLQ
DURXQGPLG)HEUXDU\VHH³3:$$SSURSULDWLRQWREH8VHGIRU&RQVWUXFWLRQRI'RUPLWRU\+7&2EWDLQV
IRU1HZ%XLOGLQJ´-DQXDU\ 7KHFRQVWUXFWLRQFRQWUDFWZDVDZDUGHGRQ0DUFK³1HZ
'RUPLWRU\DW+7&&RPSOHWHG´'DLO\1HZV5HFRUG )HEUXDU\³6HQLRUV0RYH2YHU,QWR1HZ%XLOGLQJ´
7KH%UHH]H )HEUXDU\ %XOOHWLQRI,QIRUPDWLRQ 6WDWH7HDFKHUV&ROOHJH QR 0DUFK
'LQJOHGLQH³0DMRU%XLOGLQJV´
³5HVROXWLRQRIWKH6WDWH%RDUGRI(GXFDWLRQ$XWKRUL]LQJ6WDWH7HDFKHUV&ROOHJHVWR*UDQW$%$ZDUGV´
0DUFK SSLQ%DFKHORURI$UWV'HJUHH9HUWLFDO)LOH 6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\
-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$ ³)XOO&ROOHJH5DQN*LYHQ7HDFKHUV¶6FKRROVLQ6WDWH´7KH
5LFKPRQG7LPHV'LVSDWFK 0DUFK³7HDFKHUV&ROOHJHLV*UDQWHG)XOO$FDGHPLF5DQN´'DLO\1HZV5HFRUG
0DUFK³+DUULVRQEXUJ7HDFKHUV&ROOHJH$XWKRUL]HGWR*UDQW$%'HJUHH´ 7KH %UHH]H 0DUFK
'LQJOHGLQH
5DGLRKDGEHHQDJURZLQJSUHVHQFHLQVWXGHQWV¶OLYHVVLQFHLWILUVWDUULYHGRQFDPSXVLQODWH
$WWKDWWLPHDIDFXOW\RSHUDWHGUDGLRZDVLQVWDOOHGLQWKHDXGLWRULXPRI6KHOGRQ+DOODQG
XVHGIRU³UDGLRFRQFHUWV´7ZR\HDUVODWHULQ2FWREHUWKHVWXGHQWERG\ZDVJLYHQLWVRZQ
UDGLRWRXVH
7KHQLQLQGLYLGXDOUDGLRORXQJHVDSSHDUHGLQHDFKGRUPLWRU\$FFRUGLQJWRWKHVWXGHQW
SDSHUWKHVHQHZORXQJHVZHUH³WKHSULGHRIDOOWKHROGJLUOV´UHWXUQLQJVWXGHQWVDQGZHUHOLNHO\
WREHPXFKDSSUHFLDWHGE\WKHQHZVWXGHQWV
:LWKLQVL[\HDUVUDGLRVZRXOGEHLQHYHU\GRUPURRP
1RYHPEHU &OHYHODQG+DOO&RQVWUXFWLRQ%HJLQV
&RQVWUXFWLRQRIDQHZGRUPLWRU\ ±-XQLRU+DOOQRZFDOOHG&OHYHODQG+DOO±ZDVEHJXQRQ
7XHVGD\1RYHPEHU
7KHQHZEXLOGLQJSDLGIRUZLWKIXQGVIURPWKH)HGHUDO3URMHFW:RUNV$GPLQLVWUDWLRQZRXOGEH
FRQVWUXFWHGE\WKH+DUULVRQEXUJ%XLOGLQJDQG6XSSO\&RPSDQ\DQGZRXOGRSHQLQ2FWREHU
$XJXVW )LUVW%DFKHORURI$UWV'HJUHHV$ZDUGHG
'XULQJWKHHYHQLQJFRPPHQFHPHQWH[HUFLVHVIRUWKHVXPPHUTXDUWHU WKHVFKRRODZDUGHG
LWVILUVW%DFKHORURI$UWVGHJUHHVWRWZRVWXGHQWV$QQH6SRWVZRRG%RQGRI3HWHUVEXUJDQG
(OL]DEHWK%URZQ0\HUVRI+DUULVRQEXUJ
)RUEHV+1RUULVDVVLVWDQWVXSHULQWHQGHQWRI5LFKPRQG&LW\6FKRROVJDYHWKHPDLQ
FRPPHQFHPHQWDGGUHVVDQGWKHUHZHUHDWRWDORIIRUW\VHYHQJUDGXDWHV7ZHQW\ILYH%DFKHORU
RI6FLHQFHGHJUHHVDQGWZHQW\3URIHVVLRQDOGLSORPDVZHUHDOVRDZDUGHG
2FWREHU &OHYHODQG+DOO2FFXSLHG)LUVW3DUW\
%HJXQLQ 1RYHPEHUFRQVWUXFWLRQ RI-XQLRU&OHYHODQG+DOO ZDVRULJLQDOO\VODWHGIRU
FRPSOHWLRQE\WKHRSHQLQJRIWKHVFKRRO\HDULQ6HSWHPEHU+RZHYHUEDGZHDWKHUWKHSUHYLRXV
ZLQWHUKDGGHOD\HGWKHSURMHFW7KXVZKHQWKHVFKRRORSHQHGWKHMXQLRUVKDGWREHWHPSRUDULO\
KRXVHGLQRWKHUFDPSXVGRUPLWRULHVFUHDWLQJFUDPSHGDQGFRQJHVWHGDFFRPPRGDWLRQVIRUDOO
³5DGLR/RXQJHV´7KH%UHH]H6HSWHPEHUS'LQJOHGLQH
7KHFRQVWUXFWLRQFRQWUDFWKDGEHHQDZDUGHGRQ2FWREHU 7KH%UHH]H ³&RQWUDFWLV/HWIRU1HZ'RUPLWRU\´
2FWREHU³:RUN%HJXQRQ1HZ'RUPLWRU\´1RYHPEHU
&RPPHQFHPHQW3URJUDPV ³+7&*UDGXDWLRQ([HUFLVHV7RQLJKW¶'DLO\1HZV5HFRUG$XJXVW
³'HJUHHV*LYHQ)RUW\6HYHQ´7KH %UHH]H6HSWHPEHU
)RUWXQDWHO\LQPLG2FWREHUOHVVWKDQDPRQWKLQWRWKHVFKRRO\HDUQLQHW\VL[MXQLRUVZHUHDEOH
WRPRYHLQWRWKHLUQHZKRPH7KHLUDUULYDOZDVPDUNHGE\WKHILUVWSDUW\WREHWKURZQLQWKH
EXLOGLQJDELUWKGD\SDUW\IRUMXQLRU(OVLH-DUYLV
(VVHQWLDOO\DVPDOOHUUHSOLFDRILWVVLVWHUGRUPLWRU\6HQLRU&RQYHUVH+DOOFRPSOHWHGLQ
-XQLRU+DOOZDVDWKUHHVWRU\GRUPLWRU\ZLWKIRUW\HLJKWEHGURRPVDGR]HQEDWKURRPVDQG
NLWFKHQHWWHVRQWKHVHFRQGDQGWKLUGIORRUVDQGDSDUORU FKDSHURQH¶VTXDUWHUVDQGUDGLRORXQJH
RQWKHILUVW
%XLOWE\WKH+DUULVRQEXUJ%XLOGLQJDQG6XSSO\&RPSDQ\WKHDSSUR[LPDWHO\SULFHWDJ
ZDVSDLGIRUE\IXQGVUHFHLYHGWKURXJKWKH)HGHUDO3URMHFW:RUNV$GPLQLVWUDWLRQ
7KHEXLOGLQJZDVUHQDPHG&OHYHODQG+DOOLQLQKRQRURI(OL]DEHWK3&OHYHODQGDPHPEHU
RIWKHILUVWIDFXOW\&OHYHODQGVHUYHGIRUWKLUW\IRXU\HDUVDQGZDVKHDGRIWKH
(QJOLVK 'HSDUWPHQWDVZHOODVD)UHQFKLQVWUXFWRU
7RGD\WKHEXLOGLQJLVRFFXSLHGE\QXPHURXVIDFXOW\DQGDGPLQLVWUDWLYHRIILFHV
2FWREHU /LEUDU\,W³/HDYHV0XFK7R%H'HVLUHG´
,QWKHVFKRRO¶VOLEUDU\RFFXSLHGWKHILUVWIORRU RI+DUULVRQ+DOOLWVORFDWLRQVLQFH
:KLOHPXFKODUJHUWKDQWKHRULJLQDOOLEUDU\ZKLFKKDGEHHQDVLQJOHURRPLQ0DXU\ 6FLHQFH
+DOOE\WKHHQGRIWKHVLWZDVHYLGHQWWKDWLWZDVLQVXIILFLHQWWRPHHWWKHQHHGVRIWKH
JURZLQJLQVWLWXWLRQ
$Q HGLWRULDOLQWKH2FWREHULVVXHRIWKHVWXGHQWSDSHUODPHQWHGWKHLQDGHTXDFLHVRIWKH
OLEUDU\,QVKRUWLWZDVWRRVPDOOWRRQRLV\SRRUO\OLWDQGODFNHGDVXIILFLHQWQXPEHURIURRPV
IRUVWXG\LQJDQGJURXSPHHWLQJV,WDOVRQHHGHGPRUHERRNV
7KHOLEUDU\KDGDVHDWLQJFDSDFLW\RIRQO\±IRUDVWXGHQWERG\RI QHDUO\±DQGZDV
RIWHQIXOO$FFRUGLQJWRWKHHGLWRULDODFROOHJHOLEUDU\QHHGHGDWOHDVWYROXPHVEXWDWWKH
WLPHWKHOLEUDU\KHOGRQO\DERXWDQGKDGOLWWOHRUQRURRPIRUDGGLWLRQVEHVLGHV 7KH
OLEUDU\DOVRODFNHGPXFKQHHGHGILUHSURRILQJPHDVXUHVWRHQVXUHWKHVDIHW\RIWKHVWXGHQWVDQG
WKHOLEUDU\FROOHFWLRQ
'LQJOHGLQHJLYHVWKHFRVWDV³VOLJKWO\RYHU´ZKLOH %XOOHWLQRI,QIRUPDWLRQ6WDWH7HDFKHUV
&ROOHJH QR0DUFKFLWHVDFRVWRIDERXW(OL]DEHWK&OHYHODQGUHWLUHGDWWKHHQGRIWKH
VFKRRO\HDU'LQJOHGLQH 7KH%UHH]H³:RUNLV%HJXQRQ1HZ'RUPLWRU\´1RYHPEHU
³1HZ'RUPLWRU\,QFRPSOHWH-XQLRUV6HHN2WKHU+RPHV´6HSWHPEHU³-U+DOO&RPSOHWHRQ2FWREHU´
2FWREHU³-XQLRU+DOO¶V)LUVW3DUW\LVLQ+RQRURI(OVLH-DUYLV´2FWREHU³-XQLRU+DOOLV$FFHSWHG
E\3:$´'DLO\1HZV5HFRUG 2FWREHU
7KHHGLWRULDOFDOOHGIRU³DQHQWLUHO\QHZEXLOGLQJ´WREHHUHFWHGRQHZLWKDEURZVLQJURRP
PRUHDGHTXDWHFRQIHUHQFHDQGVHPLQDUURRPVPRUHFKDLUVFRPIRUWDEOHRQHVEHWWHUOLJKWLQJ
DQGPRUHERRNV
6WXGHQWVZRXOGKDYHWREHSDWLHQWKRZHYHUIRULWZRXOGEHWZR\HDUVEHIRUHDQHZOLEUDU\
ZRXOGJUDFHWKHFDPSXV
)HEUXDU\ ,QVWLWXWLRQ¶V)RXUWK1DPH0DGLVRQ&ROOHJH
2QWKLVGDWH6HQDWH%LOO1RZDVSDVVHGE\WKH9LUJLQLD*HQHUDO$VVHPEO\DXWKRUL]LQJWKH
6WDWH7HDFKHUV&ROOHJHDW+DUULVRQEXUJWRFKDQJHLWVQDPHWR0DGLVRQ&ROOHJHDIWHUWKHQDWLRQ¶V
IRXUWKSUHVLGHQW-DPHV0DGLVRQ
0DUFK ,QVWLWXWLRQ¶V)RXUWK1DPH*RYHUQRU6LJQV1DPH&KDQJH%LOOLQWR/DZ
2Q7XHVGD\0DUFK*RYHUQRU-DPHV+3ULFHVLJQHGWKH*HQHUDO$VVHPEO\ELOODXWKRUL]LQJ
WKHLQVWLWXWLRQWRFKDQJHLWVQDPHWR0DGLVRQ&ROOHJH7KHFKDQJHZRXOGEHFRPHHIIHFWLYHLQ
-XQH
-XQH 6WDWH7HDFKHUV&ROOHJHRU0DGLVRQ&ROOHJH"7KH*UDGXDWLRQ4XHVWLRQ
%HIRUHDFDSDFLW\FURZGLQWKH:LOVRQ+DOODXGLWRULXPWKHWZHQW\QLQWKDQQXDOFRPPHQFHPHQW
FHUHPRQ\JRWXQGHUZD\DWDPRQ0RQGD\-XQH
$WWKHWLPHWKHFROOHJHZDVLQVRPHWKLQJRIDWUDQVLWLRQSHULRG 7ZRPRQWKVHDUOLHUWKH
*RYHUQRUKDGVLJQHGDELOOFKDQJLQJWKHQDPHRIWKHLQVWLWXWLRQIURPWKH6WDWH7HDFKHUV&ROOHJH
DW+DUULVRQEXUJWR0DGLVRQ&ROOHJH+RZHYHUWKHFKDQJHZDVQRWVHWWREHFRPHHIIHFWLYHXQWLO
WZRZHHNVDIWHUJUDGXDWLRQ
7KHUHIRUHWKHTXHVWLRQZDVVKRXOGWKHGLSORPDVEHLVVXHGZLWKWKHROGVHDORIWKH6WDWH
7HDFKHUV&ROOHJHRUZLWKWKHQHZVHDORI0DGLVRQ&ROOHJH"
7KHQXPEHURIYROXPHVLQWKHOLEUDU\DWWKLVWLPHLVEDVHGRQWKHDXWKRU¶VFDOFXODWLRQVXVLQJVHYHUDOVRXUFHV
³2EVHUYH2XU/LEUDU\´7KH%UHH]H 2FWREHU6DPXHO3'XNH$QQXDO5HSRUWWRWKH6WDWH%RDUGRI
(GXFDWLRQ-XO\LQ3UHVLGHQW¶V5HSRUWVWR6WDWH%RDUGRI(GXFDWLRQ%RDUGRI9LVLWRUV
&ROOHFWLRQ35%R[%LQGHU6SHFLDO&ROOHFWLRQV &DUULHU/LEUDU\-DPHV0DGLVRQ
8QLYHUVLW\+DUULVRQEXUJ9$'LQJOHGLQH/LEUDU\$FFHVVLRQ%RRNVY
7KHVDPHELOODOVRFKDQJHGWKHQDPHRIWKH)UHGHULFNVEXUJ6WDWH7HDFKHUV&ROOHJH WR 0DU\:DVKLQJWRQ
³&ROOHJH%LOO3DVVHVWKH$VVHPEO\´'DLO\1HZV5HFRUG )HEUXDU\ ³%LOOIRU0DGLVRQ3DVVHV+RXVH
8QGHEDWHG´7KH%UHH]H)HEUXDU\ 'LQJOHGLQH
³&ROOHJH1DPH%LOOLV6LJQHG´ 'DLO\1HZV5HFRUG0DUFK³&ROOHJH%HFRPHV0DGLVRQ$V*RYHUQRU
6LJQV%LOO´7KH%UHH]H 0DUFK
$QLQTXLU\RIWKHJUDGXDWLQJFODVVVWURQJVKRZHGWKDWWKHRYHUZKHOPLQJPDMRULW\ZDQWHG
WRZDONRXWRI:LOVRQ+DOOZLWKGLSORPDVEHDULQJWKHQHZQDPH3URYLVLRQZDVPDGHIRUWKLV
DQGWKH&ODVVRIEHFDPHWKHILUVWWRUHFHLYHGLSORPDVIURP0DGLVRQ&ROOHJH
'XULQJWKHFHUHPRQ\3UHVLGHQW'XNHEULHIO\GLVFXVVHGWKHUHDVRQVEHKLQGWKHQDPHFKDQJHDQG
WKHPDLQVSHDNHU'U)UDQFLV3*DLQHV3UHVLGHQWRI:DVKLQJWRQ/HH8QLYHUVLW\SDLGWULEXWH
WR-DPHV0DGLVRQZLWKDQDGGUHVVHQWLWOHG³-DPHV0DGLVRQWKH3URSKHWRIWKH0LQG´
*DLQHVDUJXHGWKDWRIDOOWKHIRXQGLQJIDWKHUVLWZDV0DGLVRQZKRKDGPRVWFOHDUO\XQGHUVWRRG
³WKHVLJQLILFDQFHRIWKHPLQGLQDFWLRQ´+HWKXVGHHPHGLW³ILWWLQJ´WKDWDQHGXFDWLRQDO
LQVWLWXWLRQZRXOGVHUYHDVDPHPRULDOWRVXFKDPDQ
-XQH ,QVWLWXWLRQ¶V)RXUWK1DPH ³,QWURGXFLQJ0DGLVRQ&ROOHJH´
2Q-XQHWKH6WDWH7HDFKHUV&ROOHJHDW+DUULVRQEXUJRIILFLDOO\EHFDPH0DGLVRQ&ROOHJH
,WZDV3UHVLGHQW6DPXHO'XNHZKRKDGSURSRVHGWKDWWKHVFKRROEHQDPHGLQKRQRURI-DPHV
0DGLVRQ ±D9LUJLQLDQWKHFRXQWU\¶VIRXUWKSUHVLGHQW³IDWKHU´RIWKH&RQVWLWXWLRQDQGDGYRFDWH
RIKLJKHUHGXFDWLRQIRUPHQ DQGZRPHQ'XNHEHOLHYHGWKHQDPHWREHGLVWLQFWLYHDQG
GLVWLQJXLVKHGDQGRQHWKDWZRXOGJLYHWKH&ROOHJHDVWURQJVHQVHRILQGLYLGXDOLW\
$WWKHWLPHKRZHYHUPDQ\ORFDOFLWL]HQVIDYRUHGDQDPHPRUHUHIOHFWLYHRIWKHFRPPXQLW\DQG
LWVKLVWRULFDOURRWV
7KH\DGYRFDWHGIRUWKHLQVWLWXWLRQWREHFDOOHG+DUULVRQ&ROOHJHLQUHFRJQLWLRQRIIRUPHU8QLWHG
6WDWHV3UHVLGHQW:LOOLDP+HQU\+DUULVRQDQGRWKHU+DUULVRQVDVVRFLDWHGZLWKWKHDUHDVXFKDV
*HVVQHU+DUULVRQD6RXWKHUQHGXFDWRUERUQLQ5RFNLQJKDP&RXQW\DQGWKH+DUULVRQIDPLO\IRU
ZKLFKWKHFLW\LVQDPHG
6HSWHPEHU-XQH 7KLUWLHWK<HDU(QUROOPHQW7RSV
'XULQJWKHVFKRRO\HDUDW WRWDORIVWXGHQWVZHUH HQUROOHG7KLVZDVWKHILUVW
WLPHLQWKHLQVWLWXWLRQ¶VKLVWRU\ WKDWD VLQJOH\HDU¶VHQUROOPHQWKDGSDVVHG
³&ROOHJH1DPH%LOOLV6LJQHG´ 'DLO\1HZV5HFRUG 0DUFK³&ROOHJH%HFRPHV0DGLVRQ$V*RYHUQRU
6LJQV%LOO´7KH%UHH]H 0DUFK ³*UDGXDWHDV0DGLVRQLV*LYHQ3UDLVH´'DLO\1HZV5HFRUG -XQH
&RPPHQFHPHQW3URJUDPV'LQJOHGLQH
1RWHWKHGDWHSURYLGHGKHUHLVQRWWKHRQHJHQHUDOO\UHJDUGHGDVWKHGDWHWKH&ROOHJH¶VQDPHFKDQJHGWR
0DGLVRQ7KLVLVGXHWRWKHIDFWWKDWGXULQJWKHFRXUVHRIUHVHDUFKLQJWKLVWLPHOLQHWKHDXWKRUGLVFRYHUHGWKH
H[LVWHQFHRIDGLVFUHSDQF\LQWKHKLVWRULFDOUHFRUGUHJDUGLQJWKHGDWHRQZKLFKWKHVFKRRO³RIILFLDOO\´EHFDPH
0DGLVRQ&ROOHJH*HQHUDOO\WKHGDWHRI-XQHLVJLYHQSULPDULO\EHFDXVHLWLVWKHRQHWKDWDSSHDUVLQ
'LQJOHGLQH¶VZRUNVHHSDJH +RZHYHULWWKLVDXWKRU¶VEHOLHIWKDWWKHDFWXDOGDWHRIWKHQDPHFKDQJHZDVLQ
IDFW-XQH7KHDXWKRUDOVREHOLHYHVWKDWLQWLPHWKLVGDWHZLOOJDLQSURPLQHQFH$QDUWLFOHRQWKHFRQIXVLRQRYHU
WKHGDWHLVEHLQJSODQQHGE\)UHG+LOWRQ'LUHFWRURI WKH&HQWHQQLDO&HOHEUDWLRQ
6DPXHO3'XNH³,QWURGXFLQJ0DGLVRQ&ROOHJH´ 7KH9LUJLQLD7HDFKHU QR0DUFK-RQHV
5RRWHG RQ%OXH6WRQH+LOO³-RKQQ\5RFNLQJKDP6D\V´ 'DLO\1HZV5HFRUG )HEUXDU\³:KDWWKH2WKHU
6LGH7KLQNV´7KH %UHH]H )HEUXDU\³&ROOHJH1DPH%LOOLV6LJQHG´'DLO\1HZV5HFRUG0DUFK
'LQJOHGLQH
2FWREHU /LEUDU\&RQVWUXFWLRQ&RQWUDFW$ZDUGHG
&RQWLQXHGLQVWLWXWLRQDOJURZWKRYHUWKH\HDUVOHGWRDSUHVVLQJQHHGIRUDQHZOLEUDU\DQGHDUO\LQ
3UHVLGHQW'XNHKDGEHHQDEOHWRVHFXUHIXQGVIRUDQHZOLEUDU\WKURXJKWKH)HGHUDO3XEOLF
:RUNV$GPLQLVWUDWLRQ3:$%\\HDUVHQGFRQVWUXFWLRQELGVZHUHEHLQJDFFHSWHGIRU WKH
EXLOGLQJNQRZQWRGD\DV&DUULHU/LEUDU\
7KHILUVWELGVWREHVXEPLWWHGSUREDEO\VRPHWLPHLQ6HSWHPEHUDOOH[FHHGHGWKHVFKRRO¶V
SODQQHGH[SHQGLWXUHVVRDVHFRQGURXQGRIELGGLQJZDVVFKHGXOHGDIWHUDOWHUDWLRQVLQWKH
EXLOGLQJSODQVZHUHPDGH
2Q2FWREHUQHZELGVZHUHVXEPLWWHGDQGWKHVFKRRO DZDUGHGWKHOLEUDU\FRQVWUXFWLRQ
FRQWUDFWWRWKH+DUULVRQEXUJ%XLOGLQJDQG6XSSO\&RPSDQ\
2FWREHU -DQXDU\ /LEUDU\*URXQGEUHDNLQJ(DUO\&RQVWUXFWLRQ3URJUHVV
2Q0RQGD\2FWREHUDWDVLWHMXVWQRUWKHDVWRI5HHG.HH]HOO+DOOZKHUHWKHWHQQLVDQG
EDVNHWEDOOFRXUWVZHUHWKHQORFDWHGJURXQGZDVEURNHQIRUZKDWZRXOGEHFRPHWKHLQVWLWXWLRQ¶V
ILUVWVWDQGDORQHOLEUDU\ ±0DGLVRQ0HPRULDO/LEUDU\QRZ&DUULHU/LEUDU\
%\WKHILUVWZHHNRI 'HFHPEHUWKHIRXQGDWLRQRIWKHDV\HWXQQDPHGEXLOGLQJZDVFRPSOHWHG
DQGZRUNKDGQHDUO\UHDFKHGWKHILUVWIORRU([WUHPHZLQWHUZHDWKHUVORZHGFRQVWUXFWLRQEXWE\
PLG-DQXDU\WKHRXWVLGHZDOOVXSWRWKHILUVWIORRUZHUHILQLVKHGWKHFRQFUHWHIORRUKDGEHHQ
SRXUHGDQGZRUNRQWKHVWHSVWRWKHEXLOGLQJKDGEHJXQ
&RPSOHWLRQRIWKHEXLOGLQJZDVVWLOO PDQ\PRQWKVGLVWDQWKRZHYHU,WZRXOGQRWEHRSHQHGXQWLO
6HSWHPEHU
'XNHZDVSUHSDULQJWRDVNWKH6WDWH%RDUGRI(GXFDWLRQIRU3:$IXQGVDVHDUO\DV0D\6HH6DPXHO3'XNH
5HSRUWWRWKH6WDWH%RDUGRI(GXFDWLRQ0D\LQ3UHVLGHQW¶V5HSRUWVWR6WDWH%RDUGRI(GXFDWLRQ
%RDUGRI9LVLWRUV&ROOHFWLRQ 35 %R[%LQGHU 6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\
-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$ 'XULQJKLVRSHQLQJUHPDUNVDWFRPPHQFHPHQWLQ-XQH'XNH
DQQRXQFHGWKDWWKHVWDWHKDGDSSURYHGWKH3:$ORDQDSSOLFDWLRQ 6HH³*UDGXDWHDV0DGLVRQLV*LYHQ3UDLVH´
'DLO\1HZV5HFRUG -XQH ³/LEUDU\%LGV7RR+LJK2WKHUV:LOO%H2SHQHG2FW>@´ 7KH %UHH]H 2FWREHU³%LG)RU/LEUDU\,V$FFHSWHG´7KH%UHH]H2FWREHU )DFXOW\0LQXWHV ± HQWU\GDWH2FWREHUS%RDUGRI9LVLWRUV&ROOHFWLRQ 35%R[ 6SHFLDO&ROOHFWLRQV &DUULHU
/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$³/LEUDU\%XLOWE\6HSWHPEHU´7KH%UHH]H1RYHPEHU
'LQJOHGLQH ³)RXQGDWLRQ:RUNRQ/LEUDU\&RPSOHWHG)XUQLWXUH´ 7KH%UHH]H 'HFHPEHU
³:RUN$GYDQFHVRQ/LEUDU\´7KH%UHH]H-DQXDU\
)HEUXDU\ 6RURULWLHV$XWKRUL]HG
'XULQJWKHLQVWLWXWLRQ¶VHDUO\\HDUVVRURULWLHVDQGSULYDWHRUVHFUHWVWXGHQWVRFLHWLHVDQGFOXEV
ZHUHQRWZHOOIDYRUHG ,QIDFWRQHRIWKHILUVWUHJXODWLRQVDGRSWHGE\WKHIDFXOW\LQ6HSWHPEHU
ZDVWKDWQRVHFUHWVWXGHQWRUJDQL]DWLRQVZRXOGEHWROHUDWHG
,Q WKH\HDUERRN7KH 6FKRROPD¶DP LQFOXGHGDWZRSDJHVSUHDGZKLFK GHSLFWHGDVNXOODQG
FURVVERQHVEHQHDWKWKHKHDGLQJ³6RURULWLHV´DQGVWDWHGEOXQWO\WKDWWKHVFKRRO KDGKDGQR
VRURULWLHVLQWKHSDVWKDGQRQHDWSUHVHQWDQGZRXOGKDYHQRQHLQWKHIXWXUH
2YHUWKH\HDUVKRZHYHUVHQWLPHQWLQIDYRURIVRURULWLHVLQFUHDVHGEXWLWZRXOGVWLOO WDNHWKUHH
GHFDGHVEHIRUHWKH\ DUULYHGRQFDPSXV
3HUPLVVLRQIRUWKHVWXGHQWERG\WRHVWDEOLVKVRURULWLHVZDVJUDQWHGE\WKHIDFXOW\GXULQJD
7XHVGD\ PHHWLQJRQ )HEUXDU\ +RZHYHUDOOSURSRVHGVRURULWLHVZRXOGQHHGWKH
DSSURYDORI ERWK WKH6WXGHQW2UJDQL]DWLRQ&RPPLWWHHDQGWKHSUHVLGHQWRIWKH&ROOHJH
0DUFK )LUVW6RURULW\3HWLWLRQ
/HVVWKDQDPRQWKDIWHUUHFHLYLQJWKHJRDKHDGWRHVWDEOLVKVRURULWLHVRQFDPSXVWKHILUVWDWWHPSW
WREHFRPHDIILOLDWHGZLWKDQDWLRQDOVRURULW\ZDVPDGH 2QD:HGQHVGD\HYHQLQJWKLUW\HLJKW
VWXGHQWVVLJQHGDFKDUWHUSHWLWLRQWRIRUP DORFDOFKDSWHURIWKHQDWLRQDOVRURULW\6LJPD6LJPD
6LJPD
0D\ )LUVW6RURULWLHV2IILFLDOO\(VWDEOLVKHG
%\PLG$SULOVWXGHQWDSSOLFDWLRQVWRWZRVRURULWLHV±6LJPD6LJPD6LJPDDQG$OSKD6LJPD
$OSKD±KDGEHHQDSSURYHGE\WKHQDWLRQDODXWKRULWLHV
/RFDOFKDSWHUVRIWKHVHVRURULWLHVZHUHRIILFLDOO\LQVWDOOHGGXULQJDWKUHHGD\DIIDLULQ0D\
ZKLFKFRQVLVWHGRISOHGJLQJLQLWLDWLRQVDMRLQWVRURULW\EDQTXHWHOHFWLRQRIRIILFHUVDQGD3DQ
+HOOHQLF&RQIHUHQFH )RUW\JXHVWVLQFOXGLQJWKHQDWLRQDOSUHVLGHQWVRIWKHWZRVRURULWLHV
DWWHQGHGWKHZHHNHQGVHUYLFHV
,QWKHIDOODWKLUGVRURULW\3L.DSSD6LJPDZDVHVWDEOLVKHG 7RGD\WKH8QLYHUVLW\LVKRPHWR
HLJKWVRURULWLHV
)DFXOW\0LQXWHVHQWU\ GDWH6HSWHPEHUS'LQJOHGLQH 7KH6FKRROPD¶DP )DFXOW\0LQXWHV ± HQWU\GDWH)HEUXDU\S
³&KDUWHU6RXJKWIRU7UL6LJPD6RURULW\´7KH%UHH]H0DUFK
3L.DSSD6LJPDZDVLQVWDOOHGRQWKHHYHQLQJRI1RYHPEHU$QRQOLQHOLVWLQJRIWKHFXUUHQWFDPSXV
VRURULWLHVLVDYDLODEOH DWKWWSZZZMPXHGXXFHQWHUVRV)UDW6RU/LIHQHZFKDSWHUVKWP!>-XO\@
³7UL6LJPDDQG$OSKD6LJPD$OSKD&KDSWHUV$UH2IILFLDOO\,QVWDOOHG´7KH%UHH]H0D\)DFXOW\0LQXWHV
± HQWU\GDWH$SULOSS³1HZ6RURULW\$W0DGLVRQ´ 'DLO\1HZV5HFRUG
1RYHPEHU'LQJOHGLQH
6HSWHPEHU /LEUDU\)LUVW0DOH/LEUDULDQ
'XULQJDIDFXOW\PHHWLQJRQ6HSWHPEHU3UHVLGHQW'XNHIRUPDOO\LQWURGXFHGQHZIDFXOW\
PHPEHUV$PRQJWKHPZDV0U5LFKDUG+/RJVGRQDVVRFLDWHSURIHVVRULQ/LEUDU\6FLHQFHDQG
FKLHIOLEUDULDQ/RJVGRQZDVWKHILUVWPDOHOLEUDULDQWREHHPSOR\HGE\WKHVFKRRODQGKDGEHHQ
KLUHGWRKHDGWKHVRRQWREHRSHUDWLRQDO0DGLVRQ0HPRULDO/LEUDU\QRZ&DUULHU/LEUDU\
$JUDGXDWHRI&DVH:HVWHUQ5HVHUYH8QLYHUVLW\LQ2KLRDQGD3K'FDQGLGDWHDWWKH8QLYHUVLW\
RI&KLFDJR/RJVGRQKDGEHHQZRUNLQJLQWKHOLEUDU\ILHOGIRUHOHYHQ\HDUVVWDUWLQJDVDVWXGHQW
DVVLVWDQWWKHQPRYLQJRQWRREWDLQ KLV%6LQ/LEUDU\6FLHQFH+HVHUYHGDVFKLHIOLEUDULDQDW
0DGLVRQXQWLO
6HSWHPEHU 6WXGHQWV)LOO:LOVRQ+DOO $XGLWRULXP
2Q:HGQHVGD\DIWHUQRRQVRPHKXQGUHGVWXGHQWVSDFNHGWKH:LOVRQ+DOODXGLWRULXPIRU
WKH\HDU¶VFRQYRFDWLRQ H[HUFLVHV :LWKVRPDQ\LQDWWHQGDQFHDODUJHQXPEHUZHUHIRUFHGWRVLW
LQWKHEDOFRQ\VHFWLRQ $FFRUGLQJWRWKH+DUULVRQEXUJ'DLO\1HZV5HFRUGWKLVZDVWKHILUVW
WLPHVLQFHLWVFRPSOHWLRQLQWKDWWKHIORRURIWKHDXGLWRULXPFRXOGQRWDFFRPPRGDWH WKH
HQWLUHVWXGHQWERG\
(QUROOPHQWIRUWKHVFKRRO\HDUZDVWKHKLJKHVWWRGDWH
6HSWHPEHU /LEUDU\)LUVW/LEUDU\%XLOGLQJ2SHQV
0DGLVRQ0HPRULDO&DUULHU/LEUDU\ZDVFRPSOHWHGLQHDUO\6HSWHPEHUDWDFRVWRI ,W
RSHQHGIRUXVHDWDPRQ)ULGD\PRUQLQJ6HSWHPEHUWZRGD\VDIWHUFODVVHVEHJDQIRUWKH
VFKRRO¶VWKLUW\ILUVW\HDU
7KLVZDVWKHLQVWLWXWLRQ¶VILUVWVWDQGDORQHOLEUDU\EXLOGLQJ3UHYLRXVO\WKHOLEUDU\IDFLOLWLHVKDG
EHHQKRXVHGLQ0DXU\+DOO IURPDQGWKHQLQ+DUULVRQ+DOOIURP7KH
QHZWZRVWRU\OLEUDU\ZDVEXLOWRIWKHVDPHQDWLYHEOXHOLPHVWRQHDVWKHPDLQFDPSXVEXLOGLQJV
DQGKDGDPDWFKLQJUHG6SDQLVKWLOHURRI
2QWKHILUVWIORRUZDVDODUJHEURZVLQJURRPZKLFK FRQWDLQHGQRQDFDGHPLFERRNVDQG
PDJD]LQHVDQGZDVXVHGE\VWXGHQWVDVDSODFHRIUHOD[DWLRQLWLVQRZ&RQIHUHQFH5RRP
DQGWKHRIILFHRIWKH'HDQRI/LEUDULHV$GMRLQLQJWKHEURZVLQJURRPZDVDMXYHQLOHERRNURRP
QRZXVHGDVDGPLQLVWUDWLYHRIILFHV7KHUHZDVDOVRDFODVVURRP IRUOLEUDU\VFLHQFHLQVWUXFWLRQ
DQGDUHVHUYHERRNVUHDGLQJURRPQRZWKH*RYHUQPHQW'RFXPHQWVDUHD
2QWKHVHFRQGIORRU RQHZRXOGILQGWKHPDLQFLUFXODWLRQGHVNWKHQFDOOHGWKH³FKDUJLQJGHVN´
WKHPDLQERRNFROOHFWLRQ QRZWKHIRXUWKDQGILIWKVWDFNOHYHOWKHUHIHUHQFHDQGJHQHUDOUHDGLQJ
)DFXOW\0LQXWHV ± HQWU\GDWH6HSWHPEHUS³0U/RJGRQ>VLF@+DV)LUVW
([SHULHQFH,Q/LEUDU\:KHUH&KLHI,QWHUHVW,VQ¶WD'DWH´ 7KH%UHH]H6HSWHPEHU'LQJOHGLQH
%XOOHWLQRI,QIRUPDWLRQ0DGLVRQ&ROOHJH QR)HEUXDU\
³0DGLVRQ&ROOHJH&RQYRFDWLRQ'UDZV/DUJHVW6WXGHQW$VVHPEO\´'DLO\1HZV5HFRUG 6HSWHPEHU
'LQJOHGLQH
URRPQRZKRPHWRWKH7HFKQLFDO6HUYLFHV'HSDUWPHQWDQGWKHSHULRGLFDOVURRPQRZWKH
VHFRQGIORRUVWDFNVDQG+RQRUV5RRPDUHD
,QWKHEDVHPHQWZHUHWZRFODVVURRPVDQGDQDFDGHPLFRIILFH
7KHQHZOLEUDU\KDGDVHDWLQJFDSDFLW\RIPRUHWKDQGRXEOHWKDWRIWKHSUHYLRXVOLEUDU\,W
KHOGDSSUR[LPDWHO\YROXPHVEXWFRXOGKDQGOHDFFRUGLQJWKHFROOHJHFDWDORJXSWR
8QOLNHWRGD\ERRNVIURPWKHPDLQFROOHFWLRQZHUHRIIOLPLWVWRVWXGHQWVZKRKDGWRILOORXWD
UHTXHVWVOLSIRUWKHERRNVWKH\ZDQWHG%RRNVZRXOGWKHQEHUHWULHYHGE\DPHPEHURIWKH
OLEUDU\VWDIIZKLFKFRQVLVWHGRIRQHKHDGOLEUDULDQWZRDVVLVWDQWOLEUDULDQVDQGWKLUW\WZR
VWXGHQWDVVLVWDQWV
7KHOLEUDU\¶VGDLO\KRXUVZLWKVRPHH[FHSWLRQVZHUHDPWR SPSPWR SP
SPWRSP7KHUHZHUHQR6DWXUGD\HYHQLQJKRXUVDQGWKHOLEUDU\ZDVFORVHGRQ
6XQGD\V
2FWREHU /LEUDU\)XOO\(TXLSSHG
$OWKRXJKWKHQHZ0DGLVRQ0HPRULDO&DUULHU/LEUDU\KDGRSHQHGDPRQWKHDUOLHUWKHVFKRRO
ZDVKDYLQJGLIILFXOW\IXOO\HTXLSSLQJWKHEXLOGLQJEHFDXVHRIODWHGHOLYHULHVDQGSRRUTXDOLW\
PHUFKDQGLVH7KHVHSUREOHPVZHUHQRWVDWLVIDFWRULO\UHVROYHGXQWLOWKHHQGRI2FWREHU
2QWKHVWWKHILQDOVKLSPHQWRIIXUQLVKLQJVLQFOXGLQJWDEOHVRIILFHIXUQLWXUHDQGILOOLQJ
FDELQHWVIRULQGH[FDUGVDUULYHGDQGWKHOLEUDU\ZDVIXOO\DQGSURSHUO\HTXLSSHG
'HFHPEHU /LEUDU\)RUPDOO\2SHQHG
0DGLVRQ0HPRULDO/LEUDU\QRZ&DUULHU/LEUDU\ZDVIRUPDOO\RSHQHGGXULQJDWZRKRXU
UHFHSWLRQKHOGRQ7XHVGD\HYHQLQJIURPWRSP2YHULQYLWDWLRQVKDGEHHQVHQWRXW
*XHVWVZHUHJUHHWHGE\3UHVLGHQWDQG0UV'XNH0U5LFKDUG/RJVGRQWKHQHZKHDGOLEUDULDQ
DQGWKHEXLOGLQJ¶VDUFKLWHFW-%LQIRUG:DOIRUGDQGWKHQJLYHQJXLGHGWRXUVRIWKHQHZEXLOGLQJ
2QWKHVHFRQGIORRUUHIUHVKPHQWVZHUHVHUYHG+HUHYLVLWRUVFRXOGHQMR\GLVSOD\VRIKLVWRULFDO
GRFXPHQWVDQGSDUDSKHUQDOLDDVVRFLDWHGZLWK3UHVLGHQW-DPHV0DGLVRQDVZHOODVDFROOHFWLRQRI
RULJLQDOERRNVSXUFKDVHGIRUWKHOLEUDU\LQ
7KHSUHFLVHFRVWRIWKHEXLOGLQJZDV6HH³6FKHGXOHRI%XLOGLQJVDQG&RVWRI6DPHDW0DGLVRQ
&ROOHJH+DUULVRQEXUJ9$´7KHQXPEHURIYROXPHVLQWKHOLEUDU\DWWKLVWLPHLVEDVHGRQWKHDXWKRU¶VFDOFXODWLRQV
XVLQJVHYHUDOVRXUFHV %XOOHWLQRI,QIRUPDWLRQ0DGLVRQ&ROOHJH QR)HEUXDU\³1HZ/LEUDU\
&RPSOHWHG´ 7KH%UHH]H 6HSWHPEHU³1HZ0DGLVRQ/LEUDU\2SHQVWR3XEOLF´ 7KH%UHH]H 6HSWHPEHU
³0DGLVRQ¶V/LEUDU\)RUPDOO\2SHQV7KLV(YHQLQJ5HFHSWLRQ)ROORZHGE\'DQFH´ 'DLO\1HZV
5HFRUG 'HFHPEHU³1HZ0DGLVRQ/LEUDU\2SHQVWR3XEOLF´7KH%UHH]H 6HSWHPEHU %XOOHWLQRI
,QIRUPDWLRQ0DGLVRQ&ROOHJH QR)HEUXDU\ %XOOHWLQRI,QIRUPDWLRQ0DGLVRQ&ROOHJH QR
)HEUXDU\
³/LEUDU\)XUQLWXUH1RZ&RPSOHWH´ 7KH%UHH]H 1RYHPEHU6DPXHO3'XNH5HSRUWWRWKH6WDWH%RDUG
RI(GXFDWLRQ2FWREHUSLQ3UHVLGHQW¶V5HSRUWVWR6WDWH%RDUGRI(GXFDWLRQ 7KHUHFHSWLRQFRLQFLGHGZLWKDGDQFHLQWKH5HHG.HH]HOO+DOOJ\PQDVLXPIURPSP WR
PLGQLJKWWRZKLFKDOOZHUHLQYLWHG
0DMRUDGGLWLRQVWRWKHOLEUDU\EXLOGLQJZHUHPDGHLQDQG,WZDVUHQDPHG&DUULHU
/LEUDU\ LQLQKRQRURI-08
VIRXUWKSUHVLGHQW'U5RQDOG(&DUULHUDQGKLVZLIH
(GLWK
6HSWHPEHU 0DUWKD%RD]
2Q 6HSWHPEHU0DUWKD7%RD] WKHQHZDVVLVWDQWOLEUDULDQ DW0DGLVRQ0HPRULDO/LEUDU\ZDV
LQWURGXFHGE\3UHVLGHQW'XNHGXULQJDIDFXOW\PHHWLQJ
%RD]ZDVDJUDGXDWHRIWKHVFKRRODQGKDGZRUNHGLQWKHVFKRRO¶VOLEUDU\ WKHQORFDWHGLQ
0DXU\IRUD\HDU7KDWH[SHULHQFHOHGKHUWRSXUVXHD0DVWHU¶V'HJUHHLQ/LEUDU\6FLHQFHDQG
EHFRPHDOLEUDULDQ %RD]VHUYHGDVDVVLVWDQWOLEUDULDQ DW0DGLVRQ XQWLO
%RD]ZHQWRQWRZULWHVHYHUDOERRNVRQOLEUDU\VFLHQFHDQGPDQDJHPHQWDQGZDVWKH'LUHFWRURI
WKH6FKRRORI/LEUDU\6FLHQFHDWWKH8QLYHUVLW\RI6RXWKHUQ&DOLIRUQLDIURP
7KHUHIHUHQFHURRPRI&DUULHU/LEUDU\ LVQDPHGLQKHUKRQRU
)DOO &KDQJLQJ7LPHV /HVV6WRFNLQJV0RUH5DGLRV
,QVWXGHQWVEHJDQWRSUHVVYLJRURXVO\ IRUDORRVHQLQJRIWKHUXOHVDQGUHJXODWLRQV
JRYHUQLQJWKHLUVRFLDOOLYHVDQGFRQGXFW
/HVV6WRFNLQJV
2QRQHRFFDVLRQDFFRUGLQJWRDVRSKRPRUHDWWKHWLPHDJURXSRIJLUOV³PDUFKHGXSWKHPLGGOH
RIFDPSXV´DWQLJKW³DQGZHQWULJKWLQWRWKHIDFXOW\PHHWLQJDQGWROGWKHPZKDWWKH\ZDQWHG´
:KDWWKH\ZDQWHGDPRQJRWKHUWKLQJVZDVWRQRWKDYHWRZHDUVWRFNLQJVWRGLQQHUHDFKHYHQLQJ
DQGRQ 6XQGD\V
)DFXOW\0LQXWHV ± HQWU\GDWH'HFHPEHU S ³0DGLVRQ¶V/LEUDU\)RUPDOO\
2SHQV7KLV(YHQLQJ5HFHSWLRQ)ROORZHGE\'DQFH´'DLO\1HZV5HFRUG 'HFHPEHU³,QYLWDWLRQV
6HQWWR/LEUDU\'HGLFDWLRQ´7KH%UHH]H'HFHPEHU'LQJOHGLQH³0DGLVRQ5HQDPHV/LEUDU\IRU
&DUULHUV´ 'DLO\1HZV5HFRUG0D\
³%RD]1HZ/LEUDULDQ6D\V0DGLVRQ6SLULW8QFKDQJHG6LQFH6KHZDV6WXGHQW+HUH´ 7KH%UHH]H 2FWREHU
'LQJOHGLQH³/RRNLQJ%DFNDW86&¶V)DFXOW\´
KWWSZZZXVFHGXDFDGHPHIDFXOW\HVSHFLDOO\BIRUIDFXOW\ORRNLQJBEDFNBDWBWKHBIDFXOW\KWPO!>$SULO@
0RUH5DGLRV
5DGLRKDGEHHQSDUWRIVWXGHQWV¶FDPSXVDFWLYLWLHVVLQFHDQGEHJLQQLQJLQ HDFK
GRUPLWRU\KDGEHHQSURYLGHGZLWKDFRPPRQ³UDGLRORXQJH´2Q1RYHPEHUWKH
6WXGHQW*RYHUQPHQW$VVRFLDWLRQSUHVHQWHG WKHIDFXOW\ZLWK SURSRVHGUHJXODWLRQVIRUDOORZLQJ
UDGLRVLQLQGLYLGXDOGRUPURRPV 7KHVWXGHQWV¶SURSRVDOZDVDSSURYHGE\WKHIDFXOW\RQ
'HFHPEHU
7KHVHHYHQWVZHUHRQO\ WKHEHJLQQLQJDQGWKHIROORZLQJ\HDUVWXGHQWVZRXOGJDUQHUPRUH
FKDQJHVWRWKHUXOHVDQGUHJXODWLRQV
-DQXDU\ 7KH0DGLVRQ4XDUWHUO\
7KH0DGLVRQ4XDUWHUO\ZDVLQWURGXFHGLQ-DQXDU\VKRUWO\DIWHUWKHGLVFRQWLQXDQFHRI 7KH
9LUJLQLD7HDFKHU &RQWDLQLQJDUWLFOHVRQYDU\LQJWRSLFVE\SURIHVVRUVDW0DGLVRQDQGHOVHZKHUH
WKLVQHZMRXUQDOZDVSXEOLVKHGWKURXJK1RYHPEHU
)HEUXDU\ )LUVW0V0DGLVRQ
,Q HDUO\ DQHZWUDGLWLRQRQHWKDWFRQWLQXHVWRWKLVGD\ZDVEHJXQDWWKHVFKRRO ±WKH
HOHFWLRQRI0LVV0DGLVRQ
7KHILUVW0LVV0DGLVRQWLWOHKROGHUZDVVRSKRPRUH-HDQ%HOOZKRZDVFKRVHQE\WKHVWXGHQW
ERG\GXULQJDQDVVHPEO\RQ0RQGD\)HEUXDU\%HOOZDVSUHVHQWHGZLWKDVLOYHUFXSRQ
ZKLFKKHUQDPHIROORZHGE\KHUQHZWLWOH³0LVV0DGLVRQ¶´ZDVHQJUDYHG7KLVFXSZRXOG
EHJLYHQWRVXEVHTXHQWZLQQHUVZKRVHQDPHVDQGWLWOHVZRXOGEHDGGHG
6SRQVRUHGE\WKH$UW&OXEWKH0LVV0DGLVRQFRQWHVWZDVLQLWLDOO\VW\OHGDVDEHDXW\FRQWHVW
ZLWKWKHZLQQHUUHSUHVHQWLQJ0DGLVRQ¶VPRVWEHDXWLIXOJLUO
$WWKHWLPHWKH$UW&OXE¶VJXLGHOLQHVVWDWHGWKDWFDQGLGDWHVZHUHWREHMXGJHG³VWULFWO\RQWKH
EHDXW\SRLQWVRISRVWXUHSURSRUWLRQVJURRPLQJDQGIDFLDOH[SUHVVLRQ´2UDV7KH%UHH]HSXWLW
YRWLQJZDVIRU³WKHSUHWWLHVWIDFHWKHEHVWILJXUH´DQGWKHEHVWSRVWXUH³,WLVDEHDXW\FRQWHVW´
ZURWHWKHVWXGHQWSDSHU³QRWRQHRISRSXODULW\SHUVRQDOLW\RUIULHQGOLQHVV´
2YHUWKH\HDUVKRZHYHUWKHFRQWHVWEHFDPHOHVVDERXWSK\VLFDOEHDXW\DQGPRUHDERXW
VXEVWDQWLYHTXDOLWLHV
)RUPHQWLRQRIWKHLVVXHRIZHDULQJVWRFNLQJVDQGEDUJLQJLQWRWKHIDFXOW\PHHWLQJVHH³6WXGHQW5HEHOOLRQ
0LVF 0HPRULHV´LQ -RQHV1DQF\%&ROOHFWLRQ%R[ )ROGHU6&DQG-RQHV 5RRWHGRQ%OXHVWRQH+LOO
'LVFXVVLRQRIUDGLR¶VRQFDPSXVFDQEHIRXQGLQ 'LQJOHGLQH )DFXOW\0LQXWHV ± 1RYHPEHU
HQWU\GDWHV1RYHPEHUSDQG 'HFHPEHUSS 7KH0DGLVRQ4XDUWHUO\ QR-DQXDU\'LQJOHGLQH
,QHDUO\DVHFRQG0LVV0DGLVRQZDVHOHFWHGEXWDIWHUWKLVWKHFRQWHVWZDVQRWKHOGIRUWZR
\HDUV,QWKHIDOORIZKHQWKHFRQWHVWUHVXPHGZLQQHUVZHUHFKRVHQIRUWKHLU³SHUVRQDOLW\
JRRGORRNVDQGOHDGHUVKLSTXDOLWLHV´DVUHSUHVHQWLQJ³0DGLVRQ¶VPRVWW\SLFDOVWXGHQW´%\
RQO\VHQLRUVZHUHHOLJLEOHIRUWKHWLWOH
,QWKHHDUO\V0V0DGLVRQZDVFKRVHQIRUKHU³ZKROHVRPHQHVVDQGIULHQGOLQHVV´DQGE\
WKHHQGRIWKHGHFDGHWKH³W\SLFDO0DGLVRQLWH´ZDVVHOHFWHGEDVHGRQDFDGHPLFDFKLHYHPHQW
FLWL]HQVKLSFRPPXQLW\LQYROYHPHQW³SRLVHDQGGLJQLW\´
1RZFRQGXFWHGXQGHUWKHDXVSLFHVRIWKH6WXGHQW*RYHUQPHQW$VVRFLDWLRQWRGD\¶V0V0DGLVRQ
FRQWHVWVHHNVWRVHOHFWWKHIHPDOHJUDGXDWLQJVHQLRUZKRLVFRQVLGHUHGWKHEHVWH[HPSODURIWKH
VSLULWFKDUDFWHUDQGTXDOLW\RI-DPHV0DGLVRQ8QLYHUVLW\
0D\7KH³0D\5HYROW´
5HIOHFWLQJWKHFKDQJLQJWLPHVWKHVWXGHQWERG\SULPDULO\WKHIUHVKPDQDQGVRSKRPRUHFODVVHV
VWUHQXRXVO\GHPDQGHGDEURDGHQLQJRISULYLOHJHVGXULQJWKHPRQWKRI0D\'XULQJWKLVVR
FDOOHG³0D\UHYROW´VWXGHQWVWKUHDWHQHGDVLWLQDKXQJHUVWULNHDFODVVER\FRWWDQGDPDUFKRQ
+LOOFUHVWWKHSUHVLGHQW¶VUHVLGHQFH
1RQHRIWKHVHDFWLRQVRFFXUUHGEXWWKHWKUHDWVGLGSURYHHIIHFWLYH $VWXGHQWFRPPLWWHHZDV
IRUPHGWKDWPHWZLWKWKHIDFXOW\ WRQHJRWLDWHDOWHUDWLRQVWRWKHUXOHVDQGUHJXODWLRQV 7KH
VWXGHQWVVRXJKWDKRVWRIFKDQJHVLQWKHLUVRFLDOSULYLOHJHV
•
•
•
•
PRUHZHHNHQGVRIIFDPSXV
QRQFRPSXOVRU\DWWHQGDQFHIRUPRYLHVDQGRWKHUFDPSXVHQWHUWDLQPHQW¶
ORQJHUOLJKWVRQWLPHGXULQJILQDOH[DPV DQG
IUHHGRPIURPZHDULQJVWRFNLQJVRQFHUWDLQRFFDVLRQV
0RVWGHPDQGVKRZHYHUFHQWHUHGDURXQGHDVLQJWKHUHVWULFWLRQVRQGDWLQJGDQFLQJDQGYDULRXV
RWKHULQWHUDFWLRQVZLWKPHQ
2Q0D\WKHIDFXOW\ XQDQLPRXVO\UHYLVHGWKHUHJXODWLRQVJRYHUQLQJVWXGHQWSULYLOHJHV7KH
SURWHVWVKDGZRUNHG3ULYLOHJHVZHUHEURDGHQHGDQGVDLGRQHVWXGHQW³:HWRRNRIIWKRVH
GRJJRQHVWRFNLQJV´
7KHFRQWHVWZDVQRWKHOGGXULQJWKHDQGVFKRRO\HDUV 7KH%UHH]H ³&OXE6SRQVRUV%HDXW\
&RQWHVW´ )HEUXDU\³9RWHIRU0DGLVRQ%HDXW\7RQLJKW´DQG³9RWHIRU%HDXW\´)HEUXDU\³%HOOLV
(OHFWHGµ0LVV0DGLVRQ¶´)HEUXDU\³$UW&OXE7R+ROG&RQWHVW0RQGD\7R&KRRVH7\SLFDO0DGLVRQ
*LUO´1RYHPEHU³6DUDK2YHUWRQ&KRVHQ0RVW7\SLFDO0DGLVRQ*LUOLQ$UW&OXE&RQWHVW´'HFHPEHU
³0LVV0DGLVRQ´)HEUXDU\³$UW&OXE1RPLQDWHVµ0LVV0DGLVRQ¶&DQGLGDWHV6HOHFWV)URP6HQLRU
&ODVV´1RYHPEHU³(OHYHQ&DQGLGDWHVIRU0LVV0DGLVRQ´)HEUXDU\'LQJOHGLQH 7KH
%OXHVWRQH³0UDQG0V0DGLVRQ1RPLQDWLRQV´
KWWSZZZMPXHGXMPXZHEVWXGHQWVQHZVVWXGHQWVVKWPO!>-XO\@
6HH'LQJOHGLQH IRUD JHQHUDOGLVFXVVLRQRIWKH³XSULVLQJ´ 7KHUHJXODWLRQVZHUHSULQWHGLQ7KH%UHH]H
VHH³'U'XNH3UHVHQWV5HYLVHG/LVWVRI6RFLDO5HJXODWLRQVWR6WXGHQWV´7KH%UHH]H0D\)DFXOW\
0LQXWHV HQWU\GDWHV0D\SDQG0D\S
1RYHPEHU )LUVW5HSUHVHQWDWLYHVLQ³:KR¶V:KR$PRQJ6WXGHQWV´
,QODWHHLJKWVWXGHQWVZHUHVHOHFWHGWREHWKHILUVWUHSUHVHQWDWLYHVRIWKHVFKRROLQWKH
SUHVWLJLRXV:KR¶V:KR$PRQJ6WXGHQWVLQ$PHULFDQ8QLYHUVLWLHVDQG&ROOHJHVDQDQQXDO
SXEOLFDWLRQUHFRJQL]LQJWKRVHVWXGHQWVZLWKRXWVWDQGLQJFDPSXVOHDGHUVKLSDQGVFKRODVWLF
DFKLHYHPHQWV
-08VWXGHQWVFRQWLQXHWREHKRQRUHGZLWKWKLVUHFRJQLWLRQ
'HFHPEHU ::,,3HDUO+DUERU6FKRRO:DU(IIRUWV%HJLQ
3HDUO+DUERU
2Q6XQGD\PRUQLQJ'HFHPEHUMXVWWZRZHHNVEHIRUHWKHIDOOTXDUWHUZDVVHWWRHQG
-DSDQHVHSODQHVDWWDFNHGWKH86QDYDOIOHHWVWDWLRQHGDW3HDUO+DUERU+DZDLL
:KHQQHZVRIWKHDWWDFNDUULYHGLQ+DUULVRQEXUJDURXQGSPVWXGHQWVKDGRQO\UHFHQWO\
UHWXUQHGIURP FKXUFKVHUYLFHVDQGWKHDIWHUQRRQ6XQGD\GLQQHU%DFNLQ WKHLUGRUPVWKHJLUOV
ZHUHFKDQJLQJDQGUHOD[LQJ6RPHZHUHVWXG\LQJ0DQ\KDGWKHLUUDGLRVZKLFKKDGEHHQ
DXWKRUL]HGIRUGRUPURRPXVHRQO\D\HDUHDUOLHUWXQHGWRVRIWPXVLF
7KLVW\SLFDOTXLHWFDUHIUHH6XQGD\DIWHUQRRQZDVGLVUXSWHGE\VWXQQLQJQHZVEXOOHWLQVZKLFK
EXUVWRYHUWKHDLUZDYHV³7KHUHKDVEHHQD-DSDQHVHDWWDFNRQ3HDUO+DUERU$PHULFDQVRLOKDV
EHHQLQYDGHG$PHULFDQOLYHVKDYHEHHQORVW´
6FKRRO:DU(IIRUWV%HJLQ
2Q'HFHPEHUWKH8QLWHG6WDWHVGHFODUHGZDURQ-DSDQDQGDVKDGKDSSHQHGGXULQJWKH)LUVW
:RUOG:DUSDWULRWLVPDQGDVHQVHRIGXW\DQGVHUYLFHTXLFNO\VZHSWWKHFDPSXV
7KHVWXGHQWSDSHU 7KH%UHH]HFDOOHGRQVWXGHQWVWRUHPDLQFDOP DQG³WRFRQWLQXHZLWKWKH
EXVLQHVVRISUHSDULQJ´WKHPVHOYHVWRWDNHWKHLUSODFHVLQ WKHZRUOG6WXGHQWVQHHGHGWREH
SUHSDUHGQRWRQO\DFDGHPLFDOO\WRPHHWWKHFRPLQJFKDOOHQJHVEXWDOVRRFFXSDWLRQDOO\IRUWKH\
ZRXOG³EHFDOOHGWRWKHMREVZKLFKWKHPHQRIWKHQDWLRQPXVWYDFDWHLQRUGHUWRVHUYHLQWKH
ILJKWLQJIRUFHV´
,QDGGLWLRQWRSUHSDUDWLRQWKHSDSHUVWUHVVHGWKHQHHGIRUIXOOFRRSHUDWLRQZLWKWKHVFKRRO
DGPLQLVWUDWLRQLQLWVZDUUHODWHGDFWLYLWLHVDQGXUJHGVWXGHQWVWREHJLQEX\LQJGHIHQVHVWDPSVDQG
ERQGVVRPHWKLQJLWZRXOGGRWKURXJKRXWWKHFRQIOLFW
,QWKHODVWGD\VRI WKHIDOOTXDUWHUZKLFKHQGHGRQ'HFHPEHUWKHVFKRRORUJDQL]HGZKDW
ZRXOGEHWKHILUVWRIPDQ\ZDUFRXUVHV±D5HG&URVVILUVWDLGFODVV7KLVFRXUVHZDVJLYHQIRU
WKHEHQHILWRIWKHORFDOFRPPXQLW\DQGRYHUWZRGR]HQWRZQDQGFRXQW\VWXGHQWVDWWHQGHG
³5HSUHVHQWDWLYHVWR:KR¶V:KRDUH&KRVHQ´ 7KH%UHH]H 1RYHPEHU'LQJOHGLQH+RQRUV
3URJUDPKWWSZZZMPXHGXKRQRUVSURJ$ZDUGV5HFRJQLWLRQVVKWPO!>-XO\@
7KH&ROOHJH¶VGHIHQVHDFWLYLWLHVZRXOGEHUDPSHGXSIXOO\EHJLQQLQJLQHDUO\DQGZRXOG
FRQWLQXHXQWLOWKHFRQFOXVLRQRIWKHZDU 'XULQJWKHFRQIOLFWDWOHDVWHLJKWRIWKH&ROOHJH¶V
SURIHVVRUVZRXOGOHDYHWRVHUYHLQWKHPLOLWDU\
-DQXDU\-XQH ::,,&LYLOLDQ'HIHQVH&RPPLWWHH 6FKRRO<HDU'HIHQVH$FWLYLWLHV
&LYLOLDQ'HIHQVH&RPPLWWHH
$VWKHQDWLRQZDVJHDULQJXSIRUZDULQHDUO\VRWRRZDV0DGLVRQ&ROOHJH
1RWORQJDIWHU3HDUO+DUERU3UHVLGHQW'XNHDSSRLQWHGD&LYLOLDQ'HIHQVH&RPPLWWHH&'&WR
RYHUVHHWKH&ROOHJH¶VZDUHIIRUWVGXULQJWKHFRQIOLFW 7KH&'&ZDVFRPSRVHGRIERWKIDFXOW\
DQGVWXGHQWVDQGZDVKHDGHGE\0UV%HUQLFH9DUQHURIWKH+RPH(FRQRPLFV'HSDUWPHQW
2QWKHHYHQLQJRI-DQXDU\WKH&'&PHWDQGRXWOLQHGDFRPSUHKHQVLYHSODQIRUGHIHQVH
UHODWHGFRXUVHVDQGH[WUDFXUULFXODUGHIHQVHDFWLYLWLHVWREHLPSOHPHQWHGGXULQJWKHZLQWHUDQG
VSULQJTXDUWHUV
%HJLQQLQJRQ-DQXDU\QXPHURXVUHJXODUDQGYROXQWHHUFRXUVHVZRXOGEHRIIHUHG7KHUH
ZRXOGEHFODVVHVWDXJKWE\WKHVFKRROIDFXOW\LQKRPHQXUVLQJILUVWDLGQXWULWLRQFDQWHHQ
ZRUNDQG6LJQDO&RUSVWUDLQLQJZLWKWKHODWWHULQFOXGLQJLQVWUXFWLRQLQ0RUVH&RGH
&HUWLILFDWHVZRXOGEHDZDUGHGWRWKRVHVWXGHQWVZKRVXFFHVVIXOO\FRPSOHWHGWKHFRXUVHV
)XUWKHUURRPVZRXOGEHGHVLJQDWHGRQFDPSXVZKHUHVWXGHQWVFRXOGDVVHPEOHWRNQLWVHZDQG
SUHSDUHVXUJLFDOGUHVVLQJV0DWHULDOVIRUWKHVHDFWLYLWLHVZRXOGEHVXSSOLHGE\WKH5HG&URVV$
VSHFLDOEXOOHWLQERDUGWREHXVHGIRUZDUQHZVDQG&'&DQQRXQFHPHQWVZDVSODFHGLQWKH
OREE\RI+DUULVRQ+DOOVRVWXGHQWVFRXOGNHHSDEUHDVWRILPSRUWDQWGHYHORSPHQWV
6FKRRO<HDU'HIHQVH$FWLYLWLHV
%\WKHHQGRIWKHVFKRRO\HDULQ -XQHRYHUVWXGHQWVKDGFRPSOHWHGWKHYDULRXVGHIHQVH
FRXUVHVLPSOHPHQWHGE\WKH&'&DQGUHFHLYHGFHUWLILFDWHV6WXGHQWVZKRSDUWLFLSDWHGLQWKH
VHZLQJDQGNQLWWLQJJURXSVPDGHFKLOGUHQ¶VFORWKHVDQGKRVSLWDOJDUPHQWVDQGVHZHG
DSSUR[LPDWHO\WKLUW\ORQJVOHHYHGJDUPHQWVDQGNQLWWHGRYHUWZHQW\ILYHVZHDWHUVIRUVROGLHUV
DQGFLYLOLDQV
³%OXHVWRQH-RXUQDO7KH$IWHUQRRQWKDW%URNHWKH5XOHV± 0DGLVRQ¶V::,,<HDUV´ 0RQWSHOLHU)DOO
KWWSZZZMPXHGXPRQWSHOLHULVVXHVIDOOMRXUQDOKWPO!>0D\@-RQHV 5RRWHGRQ%OXHVWRQH+LOO ³&KULVWPDV´ 7KH%UHH]H 'HFHPEHU%HUQLFH5HDQH\9DUQHU³0DGLVRQ&ROOHJH'HIHQVH
$FWLYLWLHV´LQ'XNH6DPXHO39HUWLFDO)LOH)ROGHU6SHFLDO &ROOHFWLRQV&DUULHU/LEUDU\
-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$'LQJOHGLQH
7KHVWXGHQWERG\DOVRHQJDJHGLQQXPHURXVRWKHUGHIHQVHUHODWHGDFWLYLWLHV6WXGHQWVLQWKH$UW
&OXEIRUH[DPSOHPDGHSRVWHUVDGYHUWLVLQJGHIHQVHVWDPSVDQGZDUERQGVZKLOHFDPSXV
VRURULWLHVFROOHFWHGERRNVIRUVHUYLFHPHQDQGVROGZDUERQGVDQGVWDPSV2WKHUVWXGHQWVDLGHG
LQWKHFDPSXVVDOYDJHSURJUDPWRJDWKHUGLVFDUGHGSDSHUDQGPHWDODQGYLVLWHGORFDOIDPLOLHV
RIIHULQJWRKHOSWKRVHZKRZHUHLQWHUHVWHGLQSODQWLQJGHIHQVHRUYLFWRU\JDUGHQV
)HEUXDU\ ::,,9LFWRU\%RRN&DPSDLJQ
,QODWH)HEUXDU\7KH%UHH]HUHSRUWHGWKDW0DGLVRQVWXGHQWVKDGFRQWULEXWHGDSSUR[LPDWHO\
ERRNVDQGPDJD]LQHVWRWKH7UL6LJPDVRURULW\¶V³9%RRN&DPSDLJQ´ZKLFKZDVSDUWRID
QDWLRQDOGULYHWRFROOHFWUHDGLQJPDWHULDOVIRUWKRVHVHUYLQJLQWKHPLOLWDU\
-XQH ::,,6XSSRUWLQJWKH7URRSV
7KHVFKRRO\HDUERRNIRUZDVGHGLFDWHGWR³7KRVHPHQHYHU\ZKHUHZKRDUHILJKWLQJWKDW
GHPRFUDF\PD\OLYH´
-XQH $XJXVW ::,,³7KH6XPPHU4XDUWHUDQG1DWLRQDO'HIHQVH´
$VDUHVXOWRIWKHZDU0DGLVRQLQWURGXFHGDVSHFLDOZDUWLPHVXPPHUSURJUDPLQ
6SHFLDOFRXUVHVUHODWLQJWRQDWLRQDOGHIHQVHZHUHRIIHUHGE\WKH+HDOWK3K\VLFDO(GXFDWLRQDQG
+RPH(FRQRPLFV'HSDUWPHQWV7KH+LVWRU\'HSDUWPHQWRIIHUHGDVSHFLDOFRXUVHRQ-DSDQDQG
WKH)DU(DVW
7KHVFKRRODOVRSURPRWHGWKHDELOLW\RIVWXGHQWVWRREWDLQDIRXU\HDUGHJUHHLQRQO\WKUHH\HDUV
%HFDXVHWKHVFKRRORSHUDWHGRQDYLUWXDO\HDUURXQGEDVLVVWXGHQWVFRXOGFRPSOHWHWKHLU
HGXFDWLRQHDUO\E\HQUROOLQJLQWKHVXPPHUTXDUWHUV
'HVFULEHGDV³WKHDFFHOHUDWHGSURJUDP´RIVWXG\WKLVRSWLRQKDGEHHQDYDLODEOHVLQFHWKH
VFKRRO¶VILUVW\HDUEXWQRZZLWKWKHFRXQWU\SOXQJHGLQWRZDUWKHLPSRUWDQFHRIHGXFDWLQJ
VWXGHQWVDVTXLFNO\DVSRVVLEOHFDPHWRWKHIRUH
6XFKZDUWLPHVXPPHUSURJUDPVZRXOGFRQWLQXHXQWLOWKHHQGRIWKHFRQIOLFW
1RH[DFWGDWHIRUWKHHVWDEOLVKPHQWRIWKH&'&VHHPVWREHDYDLODEOH$FFRUGLQJWR'LQJOHGLQHLWZDV
HVWDEOLVKHG³VRRQDIWHU3HDUO+DUERU´1RPHQWLRQRI WKHFRPPLWWHHLVPDGHLQWKHIDFXOW\PLQXWHVIRU'HFHPEHU
KRZHYHUDQGWKHILUVWWLPHWKHVWXGHQWSDSHUPHQWLRQVWKHFRPPLWWHHLVLQ-DQXDU\³0UV9DUQHU+HDGV
'HIHQVH&RPPLWWHH´ 7KH%UHH]H -DQXDU\³'HIHQVH0RYHVLQ)XOO6ZLQJRQ&DPSXV´ 7KH%UHH]H )HEUXDU\ 9DUQHU³0DGLVRQ&ROOHJH 'HIHQVH$FWLYLWLHV´³9DULRXV'HIHQVH$FWLYLWLHVDUH1HDU
&RPSOHWLRQ´ 7KH%UHH]H $SULO
³9%RRN&DPSDLJQ,V&RPSOHWHG+HUH´7KH%UHH]H)HEUXDU\
7KH6FKRROPD¶DPQS'LQJOHGLQH-RQHV 5RRWHGRQ%OXHVWRQH+LOO ³7KLUW\6HFRQG6XPPHU6FKRRO2SHQV-XQH´ 7KH%UHH]H 0D\ %XOOHWLQRI,QIRUPDWLRQ 0DGLVRQ
&ROOHJH QR0D\
-XQH ::,,$LU5DLG%ODFNRXWV
:RUOG:DU7ZREURXJKWDQHZH[SHULHQFHWRWKHFDPSXV± WKHDLUUDLGEODFNRXW)HDURIHQHP\
DLUUDLGVOHGWKHVWDWHWRLPSRVHPDQGDWRU\WHVWEODFNRXWVWRHQVXUHWKDWFRPPXQLWLHVFRXOG
TXLFNO\ ³JRGDUN´VKRXOGHQHP\SODQHVDSSHDULQWKHVNLHV
2QWKHHYHQLQJRIWKHWK WKHILUVWGD\RIWKHVXPPHUVHVVLRQ WKH&ROOHJHSDUWLFLSDWHGLQ
+DUULVRQEXUJDQG5RFNLQJKDP&RXQW\¶VILUVWWHVWEODFNRXW
$WDSSUR[LPDWHO\SPDOOWKHWHOHSKRQHVDQGEHOOVWKURXJKRXWDOOWKHFROOHJH¶VEXLOGLQJV
EHJDQULQJLQJ7KLVZDVWKHVLJQDOIRUWKHVFKRROWR³JREODFN´±DOOOLJKWVLQFOXGLQJFDQGOHV
IODVKOLJKWVDQGHYHQFLJDUHWWHVZHUHWREHLPPHGLDWHO\H[WLQJXLVKHG7KHEODFNRXWODVWHGXQWLO
SP
7ZRGD\VODWHUDVWDWHZLGHGXVNWRGDZQEODFNRXWZDVLPSRVHG7KLVWLPHQRVLJQDOVZHUH
JLYHQEXWDVWKHVXQOLJKWIDGHGWKDW:HGQHVGD\HYHQLQJWKHVFKRRODJDLQZHQWEODFN
(DUO\LQWKHEODFNRXW WKHUHZDVDWKLUW\PLQXWHDLUUDLGWHVWGXULQJZKLFKWLPHDOOWUDIILFZDV
VXVSHQGHGDOOSHGHVWULDQVZHUHWREHRIIWKHVWUHHWVDQGWHOHSKRQHXVHZDVSURKLELWHG$IWHUWKH
WHVWWUDIILFFRXOGUHVXPHEXWZLWKGLPPHGOLJKWV$EDQRQVPRNLQJLQWKHRSHQ ZDVLQSODFH
IRUWKHGXUDWLRQRIWKHEODFNRXWDQGLQRUGHUWRPRQLWRUWKHWHVWD&LYLO$LU3DWUROSODQHIOHZRYHU
WKHDUHD
)DOO ::,,8QLYHUVLW\)DUP&ORVHG³6FUDSVIRU'HIHQVH´:DU%RRN'LVSOD\
8QLYHUVLW\)DUP&ORVHG
,QWKHIDOORIWKHVWUDLQVRIZDUOHGWKHVFKRROWRFORVHLWVFDPSQRZFDOOHG8QLYHUVLW\
)DUPORFDWHGDERXWWZHOYHPLOHVHDVWRI+DUULVRQEXUJDORQJWKH6KHQDQGRDK5LYHU7KHWKLUW\
RQHDFUHFDPSZKLFKKDGEHHQDSRSXODUGHVWLQDWLRQIRUVWXGHQWVDQGIDFXOW\VLQFHWKHV
ZRXOGUHPDLQFORVHGIRUQHDUO\WKUHH\HDUVQRWEHLQJXVHGDJDLQXQWLOWKHVXPPHURI
³6FUDSVIRU'HIHQVH´
'XULQJWKHIDOOTXDUWHUWKHVFKRROSDUWLFLSDWHGLQDQDWLRQZLGHGULYHWRFROOHFWVFUDSPHWDOIRUWKH
ZDUHIIRUW7KH$UW'HSDUWPHQWFROOHFWHGSRXQGVRIFRSSHUDQGWLQOHIWRYHUIURPFUDIW
FRXUVHVZKLOH7KH6FKRROPD¶DPDQG7KH%UHH]HFRQWULEXWHGPRUHWKDQKDOIDWRQRIFRSSHUDQG
]LQFIURPWKHLUREVROHWHFXWV
8OWLPDWHO\WKH&ROOHJHFRQWULEXWHGRYHUSRXQGVRIVFDUSPHWDOVWRWKHQDWLRQDOWRWDORI
QHDUO\WKUHHPLOOLRQ
-RQHV 5RRWHGRQ%OXH 6WRQH+LOOHUURQHRXVO\FLWHV-XQHDVWKHGDWHRIWKHILUVWWULDOEODFNRXW )DFXOW\
0LQXWHV ± HQWU\GDWH-XQHS³%ODFNRXW+HUH7RQLWH%HWZHHQDQG30´'DLO\
1HZV5HFRUG -XQH³%ODFNRXW+HUH7HUPHG6XFFHVV$OO/LJKWV2XW´'DLO\1HZV5HFRUG-XQH
)DFXOW\0LQXWHV ± HQWU\GDWH-XQHS³'XVN7R'DZQ%ODFNRXW2YHU9LUJLQLD
7RQLJKW´ 'DLO\1HZV5HFRUG -XQH³%ODFNRXWLQ&LW\DQG&RXQW\LV7HUPHG6XFFHVV´'DLO\1HZV
5HFRUG -XQH
:DU%RRN'LVSOD\
$WWKHUHTXHVWRIWKHVFKRRO¶VVWXGHQWWHDFKHUVWKHOLEUDU\VHWXSDGLVSOD\RIERRNVIRU\RXQJ
SHRSOHPRVWO\LQWKHXSSHUJUDGHVDQGKLJKVFKRROWKDWGHDOWZLWKZDULVVXHV
7KHWLWOHVLQFOXGHG³:DU7LPH+DQGERRNIRU<RXQJ$PHULFDQV´ZKLFKIRFXVHGRQWKH
FRXQWU\¶VFLYLOLDQGHIHQVHSURJUDPDQGLQFOXGHGKXPRURXVFDUWRRQV³'HIHQGLQJ$PHULFD´
ZKLFKGLVFXVVHGVROGLHUVLQVLJQLDVDQGWKHPDFKLQHVRIZDUDQG³/LWWOH2VFDU¶V)LUVW5DLG´
ZKLFKWROGKRZD\RXQJER\QDPHG2VFDUWRRNFDUHRIKLPVHOIGXULQJDQDLUUDLG
1RYHPEHU ::,,:DU:RUN3ODQ$GRSWHG0LOLWDU\'ULOO )RUXPV3URMHFWV
:DU:RUN3ODQ$GRSWHG
$OWKRXJKFDPSXVZDUDFWLYLWLHVKDGEHHQLPSOHPHQWHGWKHSUHYLRXV\HDUGXULQJWKHPRQWKRI
1RYHPEHUWKHVFKRROSXWLWVHOIRQDGHILQLWLYHZDUIRRWLQJDVVWXGHQWVDGRSWHGD
FRPSUHKHQVLYHZDUZRUNSODQDQGHQOLVWHGLQQXPHURXVZDUUHODWHGDFWLYLWLHVIRUWKH
VFKRRO\HDU
7KLQJVJRWXQGHUZD\GXULQJD0RQGD\PRUQLQJDVVHPEO\RQ1RYHPEHUZKHQWKHVWXGHQWERG\
HQGRUVHGWKHGHIHQVHDFWLYLWLHVSODQRIIHUHGE\WKHVFKRRO¶V&LYLOLDQ'HIHQVH&RPPLWWHH,Q
DFFRUGDQFHZLWKJXLGHOLQHVSXWIRUWKE\WKH)HGHUDO*RYHUQPHQWWKHSODQLQFOXGHGDSK\VLFDO
ILWQHVVFRPSRQHQWZDUDQGPRUDOHSURMHFWVDQGVWXG\RIFXUUHQWLQWHUQDWLRQDOSUREOHPV
6WXGHQWVZHUHDVNHGWRHQOLVWIRUIRXUKRXUVRIZDUZRUNSHUZHHN7ZRKRXUVZHUHWREHVSHQW
LQPLOLWDU\GULOODQGFDOLVWKHQLFVDQGWZRKRXUVLQYDULRXVRWKHUDFWLYLWLHVVXFKDVIRUXPVDQGZDU
SURMHFWV
0LOLWDU\'ULOO
7KH6HFRQG:RUOG:DUEURXJKWWKHUHWXUQWRFDPSXVRIWKHPLOLWDU\GULOODQDFWLYLW\ZKLFKKDG
EHHQEULHIO\LPSOHPHQWHGDURXQGWKHHQGRIWKH)LUVW:RUOG:DU
6WXGHQWVEHJDQHQOLVWLQJIRUWKHPLOLWDU\GULOODQGFDOLVWKHQLFVSURJUDPRQ1RYHPEHUDQGE\
WKHPLGGOHRIWKHPRQWKVHYHQKXQGUHGDQGWKLUWHHQ RYHUKDOIWKHVWXGHQWERG\KDGVLJQHGXS
%RWKDQRIILFHU¶VWUDLQLQJFRUSVDQGDGUXPFRUSVZHUHHVWDEOLVKHGDQGDWWKHHQGRIWKHPRQWK
WKHVWXGHQWVZHUHIRUPHGLQWRVL[FRPSDQLHV'UHVVSDUDGHVZLWKWKHVWXGHQWVZHDULQJD
XQLIRUPRI VZHDWHUVVNLUWVDQGVDGGOHVKRHVZHUHVFKHGXOHGWREHFRQGXFWHGDWOHDVWRQFHD
PRQWK
³&ROOHJH2SHQV&DPS$JDLQ´7KH%UHH]H6HSWHPEHU'LQJOHGLQH 7KHVFKRROUHFHLYHGIRU
LWVVFUDSPHWDO 7KH6FKRROPD¶DP FRQWULEXWHGSRXQGVRIFRSSHUDQGSRXQGVRI]LQFZKLOH 7KH%UHH]H JDYH
SRXQGVRI]LQF ³6FUDSVIRU'HIHQVH´ 7KH%UHH]H 2FWREHU³3RXQGVRI6FUDS0HWDO1HWV
IRU&ROOHJHWR'DWH´7KH%UHH]H2FWREHU³6WDIIV&RQWULEXWH+DOI7RQRI0HWDOWR:DU3URGXFWLRQ´7KH
%UHH]H -DQXDU\'LQJOHGLQH8QIRUWXQDWHO\WKHERRNVWKDWZHUHRQGLVSOD\DUHQRORQJHULQWKH
OLEUDU\¶VFROOHFWLRQ³/LEUDU\5HIHUHQFH5RRP'LVSOD\V1HZ%RRNVWKDW'HDOZLWK:DU)DFWV´ 7KH%UHH]H 2FWREHU
)RUXPV3URMHFWV
2YHURQHKXQGUHGVWXGHQWVVLJQHGXSIRUWKHVSHFLDOIRUXPVWKDWZHUHJLYHQ RQGHIHQVHVXEMHFWV
VXFKDVFXUUHQWSUREOHPVLQLQWHUQDWLRQDOUHODWLRQVDLUFUDIWLGHQWLILFDWLRQDQGQXWULWLRQDQGHYHQ
PRUHSDUWLFLSDWHGLQWKHQXPHURXVZDUSURMHFWVWKDWZHUHRIIHUHG
0DQ\RIWKHSURMHFWVHDFKVSRQVRUHGE\ DVWXGHQWRUJDQL]DWLRQZHUHFDUULHGRYHUIURPWKH
SUHYLRXV\HDU6WXGHQWVVLJQHGXSLQODUJHQXPEHUVWRKHOSZLWK VWDPSDQGERQGVDOHV WRPDNH
VXUJLFDOGUHVVLQJVDQGWRKHOSLQ WKHVDOYDJHDQGFROOHFWLRQRIQHHGHGZDUPDWHULDOV 7KH$UW
'HSDUWPHQWPHDQZKLOHFRQWLQXHGWRPDNHGHIHQVHSRVWHUVDQGQXPHURXVFRXUVHVDQGSURMHFWV
FRQWLQXHGWREHRIIHUHGWRORFDOUHVLGHQWV
1HZSURMHFWVIRUWKH\HDULQFOXGHGDLUSODQHVSRWWLQJZRUNLQWKHORFDOFKLOGUHQ¶VKRPHDQG
QXUVHU\VFKRROVDQGZRUNLQWKHVFKRRO¶VYLFWRU\JDUGHQ)XUWKHUVSHFLDOFDPSXVPRUDOH
SURMHFWVZRXOGEHFRQGXFWHGE\WKH*OHH&OXEWKH&KRUDO&OXEDQGWKH6WUDWIRUG'UDPDWLF&OXE
6WUDWIRUG3OD\HUVDPRQJRWKHUV
1RYHPEHU ³7KH%UHH]H´'HDWK$W7ZHQW\"
,QWKHVWXGHQWSDSHU 7KH%UHH]H WXUQHGWZHQW\DQGDOPRVWVWRSSHGEORZLQJ
,QWKHOHDGDUWLFOHRIWKH1RYHPEHULVVXHRIWKHSDSHUWKHHGLWRULDOVWDIIFDOOHGIRU³&KDQJH´
:KDWGLGWKH\ZDQWWRFKDQJH"7KH\ZDQWHGWRFKDQJHWKHQDPHRIWKHVFKRROSDSHU
7KH%UHH]HWKH\VDLGVLPSO\³LVQRWDQDSSURSULDWHQDPHIRU0DGLVRQ¶VQHZVSDSHU´³,W>ZDV@
DQLOOFKRVHQDOPRVWIRROLVKQDPH´DQGLWZDV³FORVHWRPHDQLQJOHVV´7KHRQO\WKLQJJRLQJIRU
LWZDVWUDGLWLRQ ±ZKLFKZDVQRWVXIILFLHQW³7ZHQW\\HDUVLVORQJHQRXJK´ZURWHWKHHGLWRUV,W
ZDVWLPHIRUDQHZEHWWHUDQGPRUHUHSUHVHQWDWLYHQDPH
7KHVWDII¶VDUJXPHQWDQG³ZKROHKHDUWHG´HQGRUVHPHQWIRUWKHFKDQJHDSSDUHQWO\VWUXFNDFKRUG
:KHQWKHQH[WLVVXHRIWKHSDSHUZDVSXEOLVKHGRQ1RYHPEHUWKHFROXPQ³*LUO$ERXW
&DPSXV´SRVHGWKHQDPHFKDQJHTXHVWLRQWRVWXGHQWVDQGWKHXQDQLPRXVUHSO\ DWOHDVWRIWKH
IRXUUHVSRQVHVSULQWHGLQWKHSDSHUZDV³/HW¶VFKDQJHLW´,Q-DQXDU\WKHVWXGHQWERG\ZRXOG
GRMXVWWKDW
3OHDVHQRWHWKDWDQHUURUUHJDUGLQJWKHQXPEHURIVWXGHQWVZKRVLJQHGXSIRUPLOLWDU\ GULOOH[LVWVZLWKLQWKH
IROORZLQJDUWLFOH³5HFUXLWV1XPEHU)RUXP3ODQV&KDQJHG´ 7KH%UHH]H 1RYHPEHU,QWKHDUWLFOH¶V
KHDGOLQHVWXGHQWVDUHVDLGWRKDYHHQUROOHGEXWLQWKHWH[WWKHQXPEHUVJLYHQDGGXSWR7KHQXPEHULQWKH
KHDGOLQHZDVOLNHO\WKHUHVXOWRIDW\SRJUDSKLFDOHUURU³6WXGHQWV8QDQLPRXVO\$FFHSW&'&3ODQ:LOO(QOLVWIRU
)RXU+RXUV:HHNO\LQ0LOLWDU\'ULOO)RUXPV3URMHFWV´7KH%UHH]H 1RYHPEHU'LQJOHGLQH
³%OXHVWRQH-RXUQDO7KH$IWHUQRRQWKDW%URNH WKH5XOHV±0DGLVRQ¶V::,,<HDUV´³'UXPPHUVWR0DUFKLQ
0LOLWDU\'ULOO´ 7KH%UHH]H 1RYHPEHU³3ODQ'HIHQVH6FKHGXOH+RXUVDUH$VVLJQHG´7KH%UHH]H
1RYHPEHU
,WZDVUHSRUWHGWKDWDYRWHRQWKHLVVXHZDVWREHKHOGRQ1RYHPEHUEXWQRUHFRUGRIWKLVDFWXDOO\RFFXUULQJ
ZDVORFDWHGE\WKHDXWKRU,WLVSRVVLEOHWKHYRWHZDVVLPSO\SRVWSRQHGXQWLOWKHIROORZLQJ\HDU ³&KDQJH´7KH
%UHH]H 1RYHPEHU³)OLSRI&RLQ'HFLGHV1DPHRIµ%UHH]H¶DW+616LQ´ DQG³*LUO$ERXW&DPSXV´
7KH%UHH]H 1RYHPEHU
-DQXDU\ ³7KH%UHH]H´,V7KLV*RRGE\H"
7KHSUHYLRXV1RYHPEHU7KH%UHH]H¶VHGLWRULDOVWDIIKDGEHJXQDPRYHPHQWWRFKDQJHWKHQDPH
RIWKHFDPSXVSDSHU2Q0RQGD\-DQXDU\WKHVWXGHQWERG\PHWDQGYRWHGRQWKHLVVXH
6WXGHQWVZHUHJLYHQWZRFKRLFHVIRUDQHZQDPH±³7KH0DGLVRQLDQ´RU³0DG&DS´$VDQ
DOWHUQDWLYHIRUWKRVHZKRGLGQRWOLNHWKHVHQDPHVRUZKRZDQWHG WRNHHSWKHRULJLQDOQDPH³7KH
%UHH]H´ZDVLQFOXGHGDVDYRWLQJRSWLRQ:HOORYHUKDOIRIWKHVWXGHQWERG\YRWHGDQGZKHQWKH
YRWHVZHUHWDOOLHGLWZDVFOHDUDFKDQJHZDVGHVLUHG7KHUHZHUHYRWHVIRU³7KH
0DGLVRQLDQ´IRU³0DG&DS´DQGRQO\IRU³7KH%UHH]H´
'HVSLWHVXFKDGHPRFUDWLFXQGHUWDNLQJE\WKHVWXGHQWVWKHILQDOMXGJPHQWRQWKHQDPHFKDQJH
IHOOWRWKH3UHVLGHQWWKH)DFXOW\&RPPLWWHHRQ6FKRRO3XEOLFDWLRQVDQGWKHIDFXOW\ZKRZRXOG
UHQGHUWKHLUGHFLVLRQLQ)HEUXDU\
)HEUXDU\ ³7KH%UHH]H´/RQJ/LYH³7KH%UHH]H´
,Q-DQXDU\VWXGHQWVKDGYRWHGWRFKDQJHWKHQDPHRIWKHVWXGHQWSDSHUIURP 7KH%UHH]HWR7KH
0DGLVRQLDQ 7KLVSURSRVDOKRZHYHUZDVUHMHFWHGE\WKHIDFXOW\GXULQJD7XHVGD\HYHQLQJ
PHHWLQJ
7KHIDFXOW\FRQVLGHUHGWKHVWXGHQWV¶GHFLVLRQWREHVRPHZKDWKDVW\DQGIHDUHGLWPLJKWEH
UHJUHWWHGODWHU7KH\DOVRFLWHGWUDGLWLRQDQGDUJXHGWKDWRYHUXVHRIWKHQDPH³0DGLVRQ´FRXOG
FKHDSHQWKHVFKRRO¶VQDPH
)HEUXDU\ ::,,$OO6FKRRO9LFWRU\5HYXH0DGLVRQ&ROOHJH%RQG4XHHQ
2Q)ULGD\HYHQLQJ)HEUXDU\VWXGHQWVDLPLQJWR³KDYHDJRRGWLPHDQGKHOS8QFOH6DP
WRR´SXWRQDQDOOVFKRRO³9LFWRU\5HYXH´SURJUDPWRUDLVHPRQH\IRUWKHZDUWKURXJKWKHVDOH
RIGHIHQVHVWDPSVDQGZDUERQGV
)RUWKHHYHQWZKLFKZDVKHOGLQ:LOVRQ+DOOVHYHQWHHQFDPSXVRUJDQL]DWLRQVSUHVHQWHGVNLWV
LQDFRPSHWLWLRQIRU WKHJUDQGSUL]HRIDZDUERQGDQG0DGLVRQ¶VILUVW%RQG4XHHQZDV
HOHFWHG7KHSULFHRIDGPLVVLRQZDVDZDUVWDPSRIDQ\GHQRPLQDWLRQ
7KHZLQQHURIWKHVNLWFRPSHWLWLRQZDVWKH*OHH&OXEZKRVHPHPEHUVGUHVVHGDV³9LFWRU\
%HOOHV´LQUHGZKLWHDQGEOXHVDQJDPHGOH\RIZDUVRQJV/DWHUIROORZLQJWKHFRQFOXVLRQRI
WKHHYHQLQJ¶VILQDOSHUIRUPDQFHFDPHWKH³JUDQGILQDOH´±WKHDQQRXQFHPHQWRIWKHZLQQHURI
WKH%RQG4XHHQFRQWHVW
(QUROOPHQWIRUWKH\HDUZDVVHH'LQJOHGLQH³6WXGHQWVYRWHWR&KDQJH1DPHRIµ%UHH]H¶
WRµ0DGLVRQLDQ¶0DG&DS5XQV&ORVH5DFHZLWK:LQQHU´ 7KH%UHH]H-DQXDU\
)DFXOW\0LQXWHV ± HQWU\GDWH)HEUXDU\S³)DFXOW\9RWHVWR.HHS1DPHµ%UHH]H¶
IRU3DSHU5HMHFW3URSRVDORI1HZ1DPHIRU3XEOLFDWLRQ´ 7KH%UHH]H)HEUXDU\
6SRQVRUHGE\ 7KH%UHH]HWKHFRQWHVWWRHOHFWWKH%RQG4XHHQKDGEHJXQRQWKHQG6WXGHQWV
YRWHGE\SXUFKDVLQJGHIHQVHVWDPSVZLWKWKHSHQQ\YDOXHRIHDFKVWDPSFRXQWLQJIRUWKHVDPH
QXPEHULQYRWHV6HQLRU'RW:LONLQVRQUHFHLYHGWKHPRVWYRWHVDQGZDVFURZQHGDVWKHILUVW
%RQG4XHHQRI0DGLVRQ&ROOHJH6KHZDVVXEVHTXHQWO\HQWHUHGLQWRWKH1DWLRQDO%RQG4XHHQ
FRQWHVW
7KHHYHQWFROOHFWHGLQGHIHQVHVWDPSVDQGLQZDUERQGVDQGZDVVDLGWRKDYHEHHQ
³RQHRIWKHWRSSHUIRUPDQFHVHYHUSUHVHQWHG´DWWKHVFKRRO
7KHVXFFHVVDQGSRSXODULW\RIWKHSURJUDPOHGWRDVHFRQG%RQG5HYLHZDQGWKHHOHFWLRQRID
VHFRQG%RQG4XHHQLQWKHIDOORI
0DUFK ::,,5HG&URVV'ULYH
(IIRUWVRQEHKDOIRIWKH5HG&URVVKDGDOZD\VEHHQFRPPRQDWWKHVFKRROVRZKHQWKH
RUJDQL]DWLRQVWDUWHGDIXQGUDLVLQJGULYHLQ0DUFKVHHNLQJWRUDLVHPLOOLRQGROODUV
VWXGHQWVDQGIDFXOW\XQKHVLWDWLQJO\SDUWLFLSDWHG
%HDWLQJWKHFDPSXVJRDOE\DOPRVWGROODUVVWXGHQWVDQGIDFXOW\FRQWULEXWHGWR
WKH5HG&URVVGULYH
$SULO ::,,9LFWRU\*DUGHQ6XVSHQVLRQRI0LOLWDU\'ULOO:DU6ZLPPLQJ&RXUVH
9LFWRU\*DUGHQ
,QHDUO\$SULODVSDUWRIWKHLUFRQWULEXWLRQWRWKHZDUHIIRUW+RPH(FRQRPLFVVWXGHQWVSODQWHGD
9LFWRU\*DUGHQLQDVPDOOSORWEHKLQGWKH/LEUDU\ZKLFKLQFOXGHGSRWDWRHVEHDQVOHWWXFH
UDGLVKHVFDUURWVDQGRQLRQV
6XVSHQVLRQRI0LOLWDU\'ULOO
$OVRLQ$SULOWKHVFKRRO¶VPLOLWDU\GULOOSURJUDPZKLFKKDGEHHQLPSOHPHQWHGLQ1RYHPEHURI
ZDVVXVSHQGHG
$OWKRXJKHQWKXVLDVPIRUWKHSURJUDPKDGLQLWLDOO\EHHQYHU\KLJKZHOORYHUKDOIWKHVWXGHQW
ERG\HQOLVWHGMHDORXVO\RIVWXGHQWRIILFHUVJUDGXDOO\GHYHORSHGDQGVWXGHQWSDUWLFLSDWLRQ
QRWLFHDEO\GHFUHDVHG,WZDVWKRXJKWEHVWWRVFUDSWKHSURJUDPDQGIRFXVLQVWHDGRQFDOLVWKHQLFV
DQGUHJXODUSK\VLFDOHGXFDWLRQFODVVHV
7KH%UHH]H ³&DPSXV5HYXHWR$QQRXQFH%RQG4XHHQ´ )HEUXDU\³$OO6FKRRO9LFWRU\5HYXH5HYHDOV
%RQG4XHHQ7RQLJKW´)HEUXDU\³*OHH&OXE:LQV+RQRUV,Q5HYXH:LONLQVRQ(OHFWHG%RQG4XHHQ´DQG
³9LFWRU\5HYXH7RWDOVLQ:DU6WDPSV%RQG6DOHV´0DUFK³%RQG5HYLHZ:LOO%H$IWHU
7KDQNVJLYLQJ$OO2UJDQL]DWLRQV7R3UHVHQW6NLWV1RY´1RYHPEHU'LQJOHGLQH
)DFXOW\0LQXWHV ± HQWU\GDWH$SULOS³$OO2XW'ULYH1HWV7RWDORI´ 7KH
%UHH]H $SULO'LQJOHGLQH
³+RPH0DQDJHPHQW*LUOV3ODQW)RRGIRU9LFWRU\´7KH%UHH]H $SULO'LQJOHGLQH
³0LOLWDU\'ULOOLV6XVSHQGHG´ 7KH%UHH]H $SULO'LQJOHGLQH
:DU6ZLPPLQJ&RXUVH
,QPLG$SULO0DGLVRQ&ROOHJHEHFDPHRQHRIWKHILUVWLQVWLWXWLRQVLQWKHFRXQWU\WRRIIHUD
ZDUWLPHVZLPPLQJDQGZDWHUVDIHW\FRXUVHWRZRPHQ
%DVHGRQDSURJUDPIRUPHQZKRLQWHQGHGWRHQWHUPLOLWDU\VHUYLFHWKLVZDUWLPHVZLPPLQJ
FRXUVHUHTXLUHGSDUWLFLSDQWVWRVZLP\DUGVIXOO\FORWKHGWRVZLPIORDWDQGWUHDGZDWHUIRU
WHQPLQXWHVFRQWLQXRXVO\DQGWRVZLPIXOO\FORWKHGXQGHUZDWHUDWDGHSWKRIDERXWHLJKWIHHW
IRUDGLVWDQFHRIIRUW\ILYHIHHW
3DUWLFLSDQWVDOVRKDGWRPDVWHUYDULRXVOLIHVDYLQJDQGVHOIOLIHVDYLQJWHFKQLTXHVVXFKDVSXOOLQJD
IXOO\FORWKHGYLFWLPWKURXJKWKHZDWHUDQGUHPRYLQJRQHVVKRHVVKLUWDQGSDQWVZKLOHLQGHHS
ZDWHUWKHQLQIODWLQJWKHSDQWVWRPDNHDIORDWLQJGHYLFHDQGXVLQJWKDWGHYLFHWRVWD\DIORDWIRU
ILYHPLQXWHV
$FFRUGLQJWR7KH%UHH]HILIWHHQVWXGHQWVSDVVHGWKHFRXUVHGHPRQVWUDWLQJ³WKHVNLOOUHTXLUHGIRU
VZLPPLQJWDFWLFVWREHXVHGLQDFWXDOZDUIDUHFRQGLWLRQV´
0D\ ::,,3DWULRWLF0D\'D\
$VLWKDGGRQHLQGXULQJWKH)LUVW:RUOG:DUWKHVFKRROFKRVHDSDWULRWLFWKHPHIRULWV
DQQXDO0D\'D\FHOHEUDWLRQLQ7KHSURJUDPHQWLWOHGWKH³6RQJVDQG'DQFHVRIWKH$OOLHG
1DWLRQV´EHJDQDWSPRQWKH4XDGLQIURQWRI:LOVRQ+DOOZLWKDSURFHVVLRQDO
/HGE\DVSHFLDOO\IRUPHG0D\'D\%DQGWKH0D\4XHHQDQGKHUFRXUWJUDFHIXOO\VWUROOHGRQWR
WKHPDLQFDPSXVJURXQGVLQIORZLQJSXUHZKLWHGUHVVHV,QUHFRJQLWLRQDQGVXSSRUWRIDQDWLRQ
DWZDUWKH4XHHQDQGKHUPDLGRIKRQRUFDUULHGVSHFLDOERXTXHWVRIUHGZKLWHDQGEOXH
FDUQDWLRQV
$IWHUWKHFURZLQJRIWKH4XHHQVWXGHQWVSHUIRUPHGQXPHURXVWUDGLWLRQDOVRQJVDQGIRONGDQFHV
KRQRULQJWKHDOOLHVMXVWDVWKH\KDGGRQHWZHQW\ILYH\HDUVHDUOLHU$Q³LQVSLULQJ´SDUWRIWKH
SURJUDPZDVWKHLQFOXVLRQRIRYHUWZRGR]HQIODJVUHSUHVHQWLQJWKH$OOLHG1DWLRQVZKLFK
IOXWWHUHGLQWKHFDPSXVEUHH]HGXULQJWKHSHUIRUPDQFHV
)RUWKHILQDOHDVHOHFWLRQRIVRQJVDQGGDQFHVRIWKH8QLWHG6WDWHVZDVSHUIRUPHGLQFOXGLQJD
VWLUULQJUHQGLWLRQRIWKH1DWLRQDODQWKHP7KDWHYHQLQJWKHIODJVRIWKH$OOLHG1DWLRQVZHUH
XVHGWRGHFRUDWHWKHJ\PQDVLXPIRUWKH0D\'D\GDQFH
³0DGLVRQKDVD.QDFNIRU0DNLQJ+LVWRU\,V)LUVWWR*LYH)XQFWLRQDO6ZLPPLQJ&RXUVH´ 7KH%UHH]H $SULO
³0D\'D\´7KH6FKRROPD¶DPQS³0DLGV6HOHFW$WWHQGDQWV)RU0D\&HOHEUDWLRQ´7KH%UHH]H
$SULO³%DQG3URFHVVLRQDOWR%HJLQ)HWH´ 7KH%UHH]H 0D\ ³%OXHVWRQH-RXUQDO,QWKH0HUU\0RQWK
RI0D\´0RQWSHOLHU 6SULQJ'LQJOHGLQH
0D\ 3UHVLGHQW'XNHWK $QQLYHUVDU\
,QDV3UHVLGHQW6DPXHO3'XNHPDUNHGKLVWZHQW\ILIWK\HDULQRIILFHDWZRGD\
FHOHEUDWLRQZDVKHOGWRKRQRU0DGLVRQ¶VVHFRQGSUHVLGHQW
$FDSDFLW\ FURZGZDVSUHVHQWLQ:LOVRQ+DOORQ)ULGD\DIWHUQRRQ0D\IRUDFHUHPRQLDO
DVVHPEO\KRQRULQJ'XNH1XPHURXVVWDWHRIILFLDOVHGXFDWRUVDQGIULHQGVSUDLVHGWKH
SUHVLGHQW¶VOHDGHUVKLSDQGDFFRPSOLVKPHQWV
7KHPDLQVSHDNHU9LUJLQLXV56KDFNHOIRUGDPHPEHURIWKH6WDWH%RDUGRI(GXFDWLRQJDYHDQ
DGGUHVVHQWLWOHG³7KH&RQWULEXWLRQRI6DPXHO3'XNHWRWKH(GXFDWLRQRI9LUJLQLD:RPHQ´DQG
UHSUHVHQWDWLYHVIURPWKHDOXPQDHWKHVWXGHQWERG\DQGWKHIDFXOW\H[WHQGHGJUHHWLQJV
(DUO\WKDWHYHQLQJVRPHRXWRIWRZQJXHVWVDWWHQGHGDEDQTXHWLQ WKH%OXHVWRQH'LQLQJ+DOO
LQ+DUULVRQLQKRQRURI'UDQG0UV'XNH/DWHUDUHFHSWLRQIRUORFDOFLWL]HQVZDVKHOGLQ
6HQLRU&RQYHUVH+DOO
2QWKHVHFRQGGD\DPRUQLQJV\PSRVLXPGLVFXVVLQJWKHVWDWHRIWHDFKHUHGXFDWLRQLQ9LUJLQLD
ZDVFRQGXFWHGLQ:LOVRQ+DOO7KLVZDVIROORZHGLQWKHDIWHUQRRQE\WKH0D\'D\)HVWLYDODQG
D0D\'D\'DQFHWKDWHYHQLQJ
)DOO ::,,:DVWH3DSHU'ULYH
,QWKHIDOORIWKHVFKRROKDGSDUWLFLSDWHGLQDQDWLRQZLGHGULYHWRVDOYDJHVFUDSPHWDOIRU
WKHZDUHIIRUW,QDSURMHFWZDVEHJXQWRFROOHFWZDVWHSDSHUZKLFKDWWKHWLPHZDV
GHHPHG³PRUHLPSRUWDQWDQGPRUHXUJHQWWKDQWKHVDOYDJLQJRIPHWDOVFUDS´
:LWKWKHVORJDQ³.HHSµ(P)XOO´FROOHFWLRQER[HVZHUHSODFHGDURXQGWKHFDPSXVZLWKSLFN
XSVEHLQJPDGHWZLFHDZHHN
$SURJUDPDQGDERRNOHWRIWKHHQWLUHSURFHHGLQJVIRU'XNH¶VDQQLYHUVDU\FHOHEUDWLRQFDQEHIRXQGLQ'XNH
6DPXHO3 ³'U'XNH:LOO%H+RQRUHGRQWK $QQLYHUVDU\´'DLO\1HZV5HFRUG 0D\³'U
63'XNHLV+RQRUHGRQWK $QQLYHUVDU\´'DLO\1HZV5HFRUG0D\³)DFXOW\6WXGHQWV7R&HOHEUDWH
7ZHQW\)LIWK$QQLYHUVDU\RI'U'XNH¶V3UHVLGHQF\´7KH%UHH]H$SULO³6SHFLDO3URJUDPV+RQRU'U
'XNH,Q$QQLYHUVDU\:HHNHQG&HOHEUDWLRQ´ 7KH%UHH]H 0D\
³'HIHQVH &RXQFLO+ROGV'ULYH)RU6DOYDJLQJ:DVWH3DSHU´ 7KH%UHH]H 1RYHPEHU
$SULO ::,,&ORWKLQJ'ULYHIRU:DU7RUQ(XURSH
'XULQJWKHPRQWKRI$SULOWKHUHZDVDFDPSXVGULYHWRFROOHFWXVDEOHFORWKLQJIRUWKHZDU
UDYDJHGSRSXODWLRQVRI(XURSH'URSRIIORFDWLRQVZHUHVHWXSLQWKHGRUPLWRULHVDQGVRURULW\
KRXVHVDQGLWZDVKRSHGWKDWRYHUDUWLFOHVRIFORWKLQJZRXOGEHGRQDWHG
)DFXOW\DQGVWXGHQWVFDPHYHU\FORVHWRUHDFKLQJWKLVJRDOJLYLQJRYHULWHPVWRWKHGULYH
LQFOXGLQJVRPHVZHDWHUVVNLUWVFRDWVDQGSDLUVRIVKRHVDQGVRFNV
0D\ ::,,0D\'D\³3HDFH´3URJUDP9LFWRU\,Q(XURSH%RQG'ULYH:DU¶V(QG
$WSPRQ6DWXUGD\0D\DFDSDFLW\DXGLHQFHSDFNHGWKH:LOVRQ+DOODXGLWRULXPIRUWKH
DQQXDO0D\'D\FHOHEUDWLRQ:LWKDQ $OOLHGYLFWRU\LQ(XURSHDOOEXWIRUPDOO\VHFXUHGWKH
WKHPHFKRVHQIRUWKHHYHQWZDV³7KH3URPLVHRI3HDFH´
:LWKWKHFROOHJHRUFKHVWUDSOD\LQJVWXGHQWIODJEHDUHUVPDUFKHGGRZQWKHDXGLWRULXP¶VDLVOHV
FDUU\LQJWKHIODJVRIWKH$OOLHGQDWLRQV1H[WWKH0D\4XHHQDQGKHUFRXUW±DOORIZKRP
FDUULHGULEERQVDQGIORZHUVRIUHGZKLWHDQGEOXH±HQWHUHGWKHDXGLWRULXPDQGWRRNWKHLUSODFHV
RQWKHVWDJH$IWHUWKHFURZQLQJRIWKH4XHHQWKHPDLQSURJUDPZDVEHJXQ
$VWKH\KDGGRQHIRUWKH0D\'D\FHOHEUDWLRQVWXGHQWVSHUIRUPHGUHSUHVHQWDWLYHGDQFHVRI
YDULRXV$OOLHGQDWLRQV7KLV\HDUKRZHYHUWKHIRFXVZDVRQWKHVRFDOOHG³WKUHHJXDUGLDQVRI
SHDFH´±(QJODQG5XVVLDDQGWKH8QLWHG6WDWHV7UDGLWLRQDOGDQFHVIURPHDFKZHUHSUHVHQWHG
$VXVXDO0D\'D\ZDVFDSSHGRIIZLWKDQHYHQLQJGDQFHLQWKHJ\PQDVLXP
9LFWRU\LQ(XURSH
7ZRGD\VDIWHUWKH0D\'D\IHVWLYDOWKHSURPLVHRISHDFHFDPHFORVHUWRUHDOLW\ZKHQ*HUPDQ\
VXUUHQGHUHGXQFRQGLWLRQDOO\WRWKH$OOLHGIRUFHV
%RQG'ULYH
$OWKRXJKWKHZDULQ(XURSHZDVRYHUILJKWLQJLQWKH3DFLILFFRQWLQXHG³:HKDYHRQHPRUH
HQHP\RQRXUOLVW´ZURWH7KH%UHH]H±³-DSDQ´DQG³0DGLVRQ¶VILJKWLQJGROODUVDUHQHHGHGQRZ
DVPXFKDVHYHU´
7RKHOSUDLVHPRQH\WKHVFKRROKHOGDQRWKHUFDPSXVERQGGULYHWKLVWLPHZLWKD³SLQXSER\´
WKHPH 6WXGHQWVZHUHDVNHGWRVXEPLWWKHLUIDYRULWHSLFWXUHVRIIDWKHUVEURWKHUVER\IULHQGV³RU
ZKDWKDYH\RX´7KHVHSKRWRVZKLFKZHUHSRVWHGLQWKHOREE\RI+DUULVRQ+DOOZRXOGWKHQEH
YRWHGRQWKURXJKSXUFKDVHRIVWDPSVDQGERQGV
7KH%UHH]H ³&ORWKLQJ'ULYHIRU:DU7RUQWR%HJLQ$SU´0DUFK³'ULYHIRU&ORWKLQJLV8QGHU:D\´
$SULO³*DUPHQWVDUH&ROOHFWHGLQ'ULYH´$SULO'LQJOHGLQH
:DU¶V(QG
2Q0D\7KH%UHH]HFDOOHGRQVWXGHQWVWRVXSSRUWWKHZDUE\YRWLQJIRUWKHSLQXSER\EXWLW
DOVRXUJHGDPRUHSURORQJHGFRPPLWPHQWDVNLQJWKHPWR³NHHSEX\LQJERQGVXQWLOWKH
FHOHEUDWLRQRIFRPSOHWHYLFWRU\´
,WZRXOGEHDQRWKHUWKUHHPRQWKVEHIRUH³FRPSOHWHYLFWRU\´ZRXOGEHKDG2Q$XJXVW-DSDQ
ILQDOO\VXUUHQGHUHGDQGWKH6HFRQG:RUOG:DUZDVRYHU
0D\ /LEUDU\)LUVW0LFURILOP5HDGHU
,QODWH0D\7KH%UHH]HUHSRUWHGWKDWWKHOLEUDU\KDG³MXVWUHFHLYHG´LWVILUVWPLFURILOPUHDGHU
8QOLNHWRGD\¶VWDEOHWRSPRQROLWKVWKLVPLFURILOPUHDGHUZDVDSSDUHQWO\SRUWDEOH³$SHUVRQ
PD\FDUU\WKHPDFKLQH´VDLGWKHSDSHU³DQGVHWLWXSDQ\SODFHVLQFHLWFDQEHIROGHGVLPLODUWRD
SRUWDEOHW\SHZULWHUWKHRQO\UHTXLUHPHQWLVWKDWLWKDVWREHUXQE\HOHFWULFLW\´
6HSWHPEHU +HUH&RPHWKH%R\V
:KHQ WKHJLUOVRI0DGLVRQ&ROOHJHDUULYHGWRUHJLVWHURQ0RQGD\6HSWHPEHUIRU WKH
LQVWLWXWLRQ¶VWKLUW\HLJKWKVFKRRO\HDUWKHUHZDVDGLVWLQFWO\GLIIHUHQWHOHPHQWSUHVHQW±0(1
)RUWKHILUVWWLPHLQWKHLQVWLWXWLRQ¶VKLVWRU\PHQ ZHUH WREHHQUROOHGDVVWXGHQWVIRUWKHUHJXODU
VHVVLRQSUHYLRXVO\PDOHVWXGHQWVFRXOGRQO\DWWHQGWKHVXPPHUVHVVLRQV
7KHDGPLVVLRQ RIPHQGXULQJWKHUHJXODUVHVVLRQZDVDUHVXOWRI WKH6HFRQG:RUOG:DU
5HWXUQLQJYHWHUDQVZHUHJXDUDQWHHGDFROOHJHHGXFDWLRQXQGHUWKH*,%LOODQG9LUJLQLD¶V
FRHGXFDWLRQDOFROOHJHVDQGXQLYHUVLWLHVIHOWWKHVWUDLQRIDFFRPPRGDWLQJWKHODUJHLQIOX[RIQHZ
DSSOLFDQWV 7KXVWKHGRRUVRIWKHVWDWH¶VZRPHQ¶VFROOHJHVZHUHRSHQHGWRPHQ WRUHOLHYHVRPH
RI WKHSUHVVXUH 0DOHHQUROOPHQWKRZHYHUZDVERWKOLPLWHGDQGQRWDORQJWHUPJXDUDQWHH
)LUVWPHQZHUHDOORZHGWRHQUROORQO\DVGD\VWXGHQWV7KLVPHDQWWKH\FRXOGDWWHQGFODVVHVDQG
EHSURYLGHGZLWKERDUGEXWFRXOGQRWOLYHRQFDPSXV 6HFRQGWKHDGPLVVLRQRIPHQKDGQRW
EHHQ HVWDEOLVKHGRQDSHUPDQHQWEDVLVDQGWKHLUFRQWLQXHGHQUROOPHQWZRXOGEHUHOLDQWXSRQ
\HDUO\DSSURYDO E\6WDWHDXWKRULWLHV
7KH0D\'D\FHOHEUDWLRQKDGEHHQVFKHGXOHGWRWDNHSODFHRQWKH4XDGEXWEDGZHDWKHUIRUFHGWKHIHVWLYLWLHV
LQVLGH³0D\'D\3URJUDPµ3URPLVHRI3HDFH¶%HJLQV%HIRUH:LOVRQDW7RPRUURZ´7KH%UHH]H 0D\
³0DGLVRQ&ROOHJH0D\ 'D\)HVWLYDO,QGRRUVWKLV$IWHUQRRQDW)RXU´'DLO\1HZV5HFRUG0D\³0&0D\
'D\$WWUDFWV7KURQJ´ 'DLO\1HZV5HFRUG 0D\$FRS\RIWKHSURJUDPIRU³7KH3URPLVHRI3HDFH´
FHOHEUDWLRQLVDYDLODEOHLQ 0D\'D\V9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\
+DUULVRQEXUJ9$ 7KH%UHH]H³7KHPHRI'ULYHLV3LQ8S%R\´$SULO³'HIHQVH&RPPLWWHHWR+HDG
$QQXDO&DPSXV%RQG'ULYH´$SULO³9RWHIRU<RXU3LQ8S´0D\'LQJOHGLQH
³0DGLVRQ0HPRULDO/LEUDU\5HFHLYHV0LFURILOP5HDGHU´7KH%UHH]H0D\
8OWLPDWHO\KRZHYHU6HSWHPEHUGLGPDUNWKHEHJLQQLQJRI -08
VVORZWUDQVIRUPDWLRQ
LQWRDIXOO\FRHGXFDWLRQDOLQVWLWXWLRQZKLFKFDPHDERXWRIILFLDOO\LQ
%\WKHHQGRIUHJLVWUDWLRQRQ:HGQHVGD\6HSWHPEHU0DGLVRQ&ROOHJHKDGWKLUW\QLQHPDOH
VWXGHQWVKDGHQUROOHGDSSUR[LPDWHO\WKLUW\RIZKRPZHUH9HWHUDQV%\WKHHQGRIWKHVFKRRO
\HDULQ-XQH WKLVQXPEHUZRXOGULVHVOLJKWO\WRILIW\WKUHH 7KHIROORZLQJ\HDU
WKH&ROOHJHFRXQWHGPDOHVWXGHQWV
6HSWHPEHU ³*LUO0DQ$ERXW&DPSXV´
7KHDSSHDUDQFHRIPDOHVWXGHQWVGXULQJWKHUHJXODUVHVVLRQZRXOGXOWLPDWHO\OHDGWRPDQ\
FKDQJHVLQFDPSXVOLIH±VRPHODUJHVRPHVPDOO$QH[DPSOHRIWKHODWWHURFFXUUHGRQ
6HSWHPEHUZKHQWKHORQJUXQQLQJ%UHH]HFROXPQ³*LUO$ERXW&DPSXV´ZKLFKSRVHGD
VHOHFWHGTXHVWLRQWRWKHVWXGHQWERG\ZDVWHPSRUDULO\GLVSODFHGZLWKDQHZFROXPQ±³0DQ
$ERXW&DPSXV´
7KHFROXPQDVNHGVRPHRIWKHQHZDUULYDOV³:KDWGR\RXWKLQNRIEHLQJDW0DGLVRQZLWK VR
PDQ\JLUOV"´ 0RVWVDLGWKH\IRXQG0DGLVRQLQYLWLQJDQGIULHQGO\ DQGVRPHWROGKRZWKH\KDG
EHHQUHIHUUHGWRLQFODVVDV³PLVV´E\WKHSURIHVVRUV2QHFRPSODLQHGWKDWWKHUHZHUH WRRPDQ\
GLVWUDFWLRQVDQGQRWHQRXJKEULGJHSOD\HUV
7KHWUDGLWLRQDO³*LUO$ERXW&DPSXV´FROXPQUHWXUQHGLQVXEVHTXHQWLVVXHVEXWRQO\EULHIO\
:KHQWKH2FWREHULVVXHRI 7KH%UHH]HZDVUHOHDVHGWKHFROXPQ ZDVJRQHUHSODFHGZLWKWKH
JHQGHUQHXWUDO³,I<RX$VN7KHP´
2FWREHU )LUVW0DOH$WKOHWLF7HDP 7KH0DGLVRQ'XNHV
,Q2FWREHUWKHPDOHVWXGHQWVRUJDQL]HGWKHVFKRRO¶VILUVWPDOHVSRUWVWHDP ±DVHYHQWHHQPDQ
EDVNHWEDOOVTXDGQDPHGWKH0DGLVRQ'XNHV
7KHQDPH³'XNHV´KDGEHHQFKRVHQXQDQLPRXVO\E\WKHWHDP ERWKWRKRQRUWKHVFKRRO¶V
SUHVLGHQW'U6DPXHO3'XNHDQGDOVRKRSHIXOO\DFFRUGLQJWR:DOWHU(\HZKRSOD\HGIRUZDUG
RQWKHWHDPWRHQFRXUDJH'U'XNHWR³IRUNRYHUVRPHPRQH\WREX\EDOOVDQGHTXLSPHQW´+H
GLG
³5HJLVWUDWLRQ$W0DGLVRQ2SHQV´ 'DLO\1HZV5HFRUG 6HSWHPEHU³*,¶V*HWWLQJ$FFXVWRPHGDW
0DGLVRQ&ROOHJHDQG/LNH,W´ 'DLO\1HZV5HFRUG 6HSWHPEHU'LQJOHGLQH *7\OHU0LOOHU
³$WWHQGDQFHRI0HQ6WXGHQWVDW0DGLVRQ&ROOHJH´5HSRUWWRWKH6WDWH%RDUGRI(GXFDWLRQ0DUFKSLQ
3UHVLGHQW¶V5HSRUWVWR6WDWH%RDUGRI(GXFDWLRQ%RDUGRI9LVLWRUV&ROOHFWLRQ35%R[
%LQGHU6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$-RQHV
5RRWHGRQ%OXHVWRQH+LOO
³0DQ$ERXW&DPSXV´ 7KH%UHH]H6HSWHPEHU
³%R\V2UJDQL]HIRU%DVNHWEDOO´ 7KH%UHH]H 2FWREHU'LQJOHGLQH-RQHV 5RRWHGRQ%OXHVWRQH+LOO
-DQXDU\ 3UHVLGHQW%XUUXVV'HDWKRI-XOLDQ$VKE\%XUUXVV
$WVL[R¶FORFN6DWXUGD\PRUQLQJ'U-XOLDQ$VKE\%XUUXVV-08¶VILUVWSUHVLGHQWGLHGDWKLV
KRPHLQ%ODFNVEXUJ9LUJLQLD
%XUUXVVKDGVHUYHGDVSUHVLGHQWIRUHOHYHQ\HDUVIURPWKHEHJLQQLQJRIWKHLQVWLWXWLRQLQ
XQWLOZKHQKHOHIWWRDFFHSWWKHSUHVLGHQF\RIKLVDOPDPDWHU9LUJLQLD3RO\WHFKQLF
,QVWLWXWH
-DQXDU\ )LUVW0DGLVRQ'XNHV*DPH
2Q6DWXUGD\-DQXDU\WKHVFKRRO ZDVUHSUHVHQWHGLQDWKOHWLFFRPSHWLWLRQE\DPDOHWHDPIRU
WKHILUVWWLPHLQLWVKLVWRU\
7KDWHYHQLQJEHIRUHDUHFRUGFURZGLQWKH5HHG.HH]HOO+DOO J\PQDVLXPWKHUHFHQWO\IRUPHG
0DGLVRQ'XNHVEDVNHWEDOOWHDP KRVWHG WKHDOOPDOHWHDPIURP0DU\:DVKLQJWRQ&ROOHJHLQ
)UHGHULFNVEXUJIRUWKHILUVWJDPHRIWKHVHDVRQ
,QWKHILUVWTXDUWHUWKH'XNHVWRRNWKHOHDGDQGQHYHUJDYHLWXS:KHQWKHJDPHHQGHGWKH
VFRUHZDVWR7KH0DGLVRQ'XNHVKDGZRQWKHLUILUVWPDWFK 7KH\ZHQWRQWRD
VHDVRQ
0D\ )LUVW)UDWHUQLW\
,QPLG0D\WZHQW\ILYHPDOHVWXGHQWVZHUHJUDQWHGSHUPLVVLRQE\WKHIDFXOW\WRIRUPDPHQ¶V
³VRFLDOFOXE´1RWORQJDIWHUWKHJURXS DGRSWHG WKHQDPH6LJPD'HOWD5KRDQGEHFDPHWKH
LQVWLWXWLRQ¶VILUVWIUDWHUQLW\ 6WXGHQW%HU\O6QHOOLQJVDYHWHUDQZKRKDGVHUYHGLQWKH1RUWK
$WODQWLFGXULQJWKH6HFRQG:RUOG:DUZDVHOHFWHGSUHVLGHQW
7RGD\WKHUHDUHWZHOYHIUDWHUQLWLHVRQFDPSXV
%XUUXVVZDVERUQRQ$XJXVWLQ5LFKPRQG9LUJLQLD³'U%XUUXVV'LHV$W%ODFNVEXUJ´ 'DLO\1HZV
5HFRUG -DQXDU\
³0DGLVRQ'XNHVWR3OD\0DU\:DVKLQJWRQ&DJHUV´7KH %UHH]H -DQXDU\³0DGLVRQ'XNHV$UH
:LQQHUV´ 'DLO\1HZV5HFRUG-DQXDU\ 7KH 6FKRROPD¶DP-RQHV 5RRWHGRQ%OXHVWRQH+LOO
'LQJOHGLQH
³0HQ6WXGHQWV2UJDQL]H&OXE(OHFW6QHOOLQJV´ 7KH%UHH]H 0D\7KH6FKRROPD¶DP
-RQHV5RRWHGRQ%OXHVWRQH+LOO'LQJOHGLQH³*,¶V*HWWLQJ$FFXVWRPHGDW0DGLVRQ&ROOHJHDQG/LNH,W´
'DLO\1HZV5HFRUG 6HSWHPEHU$OLVWLQJRIWKHFXUUHQWFDPSXVIUDWHUQLWLHVDQGVRURULWLHVLVDYDLODEOHDW
KWWSZZZMPXHGXXFHQWHUVRV)UDW6RU/LIHQHZFKDSWHUVKWP!>-XO\@
-XQH <HDUERRN)LUVW0DOH6WXGHQW3LFWXUHV
$OWKRXJKVWLOOUHWDLQLQJLWVIHPLQLQHPRQLNHU7KH6FKRROPD¶DPÜ WKH\HDUERRNIRUFDUULHG
ZLWKLQLWVSDJHVWKHILUVWPDOHFODVVSLFWXUHV7ZRVRSKRPRUHDQGILIWHHQIUHVKPDQPDOHIDFHV
ZHUHLQWHUVSHUVHGDPRQJWKHGHPXUHLPDJHVRIWKHJUDFHIXO0DGLVRQJLUOV
6HSWHPEHU %HJLQQLQJRI6HPHVWHU%DVHG6FKRRO<HDU
6LQFHLWVRSHQLQJLQWKHVFKRRO¶VDFDGHPLF\HDUKDGEHHQEDVHGRQWKHTXDUWHUV\VWHP
)RXUTXDUWHUV±IDOOZLQWHUVSULQJDQGVXPPHU±ZHUHRIIHUHGZLWKFRPSOHWLRQRIDQ\WKUHH
TXDUWHUVHTXDOLQJRQH\HDU %XWEHJLQQLQJZLWKWKHVFKRROVHVVLRQWKHLQVWLWXWLRQ
IROORZLQJDQDWLRQDOWUHQGVZLWFKHGWRWKHVHPHVWHUEDVHGV\VWHP
7KHVHPHVWHUVFKHGXOHEDFNWKHQKRZHYHUZDVDOLWWOHGLIIHUHQWWKDQLWLVWRGD\7KHIDOO
VHPHVWHUEHJDQLQPLG6HSWHPEHUDQGH[WHQGHGRYHUWKH&KULVWPDVKROLGD\QRWHQGLQJXQWLO ODWH
-DQXDU\7KHVSULQJVHPHVWHUVWDUWHGDWWKHHQGRI -DQXDU\ DQGJUDGXDWLRQZDVKHOGLQHDUO\
-XQH 7KHVHPHVWHUVFKHGXOHFKDQJHGLQ WR6HSWHPEHUWKURXJK'HFHPEHUJLYLQJ
VWXGHQWVWKHQRZPXFKDQWLFLSDWHG&KULVWPDVEUHDNDQG-DQXDU\WR0D\
,WZDVQRWXQWLOWKHVHVVLRQKRZHYHUWKDWWRGD\¶VIDPLOLDUVFKHGXOHLQZKLFKWKHIDOO
VHPHVWHUEHJLQVLQODWH$XJXVWDQGHQGVLQHDUO\'HFHPEHUDQGZKHUHWKHVSULQJVHPHVWHUVWDUWV
LQHDUO\-DQXDU\ ZLWKJUDGXDWLRQ KHOGLQHDUO\0D\ZDVDGRSWHG
2FWREHU )RRWEDOO&RPHVWR0DGLVRQ
7RGD\¶VFKDPSLRQVKLSIRRWEDOO WHDPEHJDQPRGHVWO\ DQGLQGHHGVRPHZKDWPHHNO\LQWKHIDOORI
'XULQJWKHZHHNRI2FWREHU3UHVLGHQW'XNHJDYHWKHPDOHVWXGHQWVSHUPLVVLRQWRSOD\
IRRWEDOODQGILYHWRXFKIRRWEDOOWHDPVHDFKZLWKHLJKWSOD\HUVDQGHDFKVSRQVRUHGE\RQHRIWKH
VFKRRO¶VVRURULWLHVZHUHIRUPHG 7KH WHDPVDQGWKHLUVSRQVRUVZHUH
$6$5DLGHUV$OSKD6LJPD$OSKD
3L.DS&RPPRGRUHV3L.DSSD6LJPD
6LJPD'\QDPRV6LJPD6LJPD6LJPD
7DX7HUURUV$OSKD6LJPD7DX
7KHWD7KXJV7KHWD6LJPD8SVLORQ
,QHDUO\ 2FWREHU WKHEDFNFDPSXVKDGEHHQVHOHFWHGDVWKHSOD\LQJILHOGDQG\DUGOLQHVZHUH
PDUNHGDQGJRDOSRVWVZHUHSODFHG7KHILHOGZDVFKULVWHQHGWKH³'XNH%RZO´ :LWKIDFXOW\
7KH6FKRROPD¶DP-RQHV 5RRWHGRQ%OXHVWRQH+LOO
7KH6WDWH6FKRRO%RDUGKDGDXWKRUL]HGWKHFKDQJHLQDQGWKHIDFXOW\PDGHSODQVWRVZLWFKWRWKHVHPHVWHU
V\VWHPDWD6HSWHPEHUPHHWLQJ )DFXOW\ 0LQXWHV ± HQWU\GDWH6HSWHPEHUS
7KHGDWHUDQJHIRUWKHVHPHVWHUVLVEDVHGRQWKHDXWKRU¶VH[DPLQDWLRQVRIWKHDFDGHPLFFDOHQGDUVFRQWDLQHGLQWKH
VFKRRO¶VDQQXDOFDWDORJVIURPWR %XOOHWLQ0DGLVRQ&ROOHJH 'LQJOHGLQH
PHPEHUVDVUHIHUHHVWKHILUVWIRRWEDOOJDPHVZHUHSOD\HGWKHZHHNRI2FWREHU RQ0RQGD\
7XHVGD\DQG)ULGD\DWDURXQGLQWKHDIWHUQRRQ
0D\ 3UHVLGHQW'XNH,OO+HDOWK)RUFHV5HVLJQDWLRQ
3RRUKHDOWKOHGWRWKHUHVLJQDWLRQRI3UHVLGHQW'XNHLQDIWHUWKLUW\\HDUVRIOHDGHUVKLS
'XNHKDGVXIIHUHGWZRVWURNHVLQRQHLQ0D\DQGRQHLQ6HSWHPEHUWKHODWWHUOHDYLQJKLP
SDUWLDOO\SDUDO\]HG'XNHZDVXQDEOHWRFDUU\RXWKLVGXWLHVDQGIRUWKHVFKRRO\HDU
DILYHPHPEHUH[HFXWLYHFRPPLWWHHKHDGHGE\&ROOHJH'HDQ:DOWHU*LIIRUGVDZWRWKH
VFKRRO¶VDGPLQLVWUDWLYHQHHGV
6WLOOEDWWOLQJLOOKHDOWKLQ'XNHVXEPLWWHGKLVUHVLJQDWLRQWRWKH6WDWH%RDUGRI(GXFDWLRQ
:LWKUHJUHWWKH%RDUGDFFHSWHGKLVUHVLJQDWLRQRQ0RQGD\0D\,WEHFDPHHIIHFWLYHRQ
$XJXVW
0RYLQJIRUZDUGWKH%RDUGDSSRLQWHGDFRPPLWWHHWRVHOHFWKLVUHSODFHPHQW
-XQH )LUVW0DOH5HJXODU6HVVLRQ*UDGXDWHV
'XULQJWKHVFKRRO¶VIRUWLHWKDQQXDO FRPPHQFHPHQWFHUHPRQLHVWKHILUVWPDOHUHJXODUVHVVLRQ
VWXGHQWVZHUHJUDGXDWHGWKH\QXPEHUHGILYH
-XO\ 3UHVLGHQW0LOOHU(OHFWHG
2Q6DWXUGD\-XO\DIWHUVHYHUDOPHHWLQJVDQGWKHFRQVLGHUDWLRQRIQXPHURXVFDQGLGDWHV6WDWH
%RDUG RI(GXFDWLRQ3UHVLGHQW%ODNH1HZWRQDQQRXQFHGWKH%RDUG¶VXQDQLPRXVGHFLVLRQWKDW*
7\OHU0LOOHU9LUJLQLD¶V6WDWH6XSHULQWHQGHQWRI6FKRROVZRXOGEHWKHQH[WSUHVLGHQWRI 0DGLVRQ
&ROOHJH
0LOOHUWKHLQVWLWXWLRQ¶VWKLUGSUHVLGHQWZRXOGUHSODFH6DPXHO3'XNHZKRKDGDQQRXQFHGKLV
UHVLJQDWLRQLQ0D\
7KH%UHH]H³7KH6SRUWOLJKW´2FWREHU³0HQ6WXGHQWV2UJDQL]H&DPSXV)RRWEDOO7HDPV´2FWREHU
³5DLGHUV'HIHDW'\QDPRV'\QDPRV7RS7HUURUV$V0&)RRWEDOO6HDVRQ2SHQV´1RYHPEHU³0HQ
+DYH7ZR)RRWEDOO*DPHV´1RYHPEHUDQG³0HQ3OD\7ZR)RRWEDOO*DPHV´1RYHPEHU
'LQJOHGLQH
³'U63'XNH5HVLJQVDW0&´'DLO\1HZV5HFRUG 0D\³0LOOHU0D\6XFFHHG'XNH´'DLO\1HZV
5HFRUG 0D\'LQJOHGLQH 7KHH[HFXWLYHFRPPLWWHHHVWDEOLVKHGLQ'XNH¶VDEVHQFHKHOGLWVILUVW
PHHWLQJRQ2FWREHU7KHPLQXWHVRIWKHFRPPLWWHHDUH DYDLODEOHLQ ([HFXWLYH&RPPLWWHH0LQXWHV
35%R[)ROGHU6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
-RQHV 5RRWHGRQ%OXH 6WRQH+LOO &RPPHQFHPHQW3URJUDPV $QQXDO(YHQWV2IILFH&ROOHFWLRQ
$1%R[)ROGHU6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
³*7\OHU0LOOHU1DPHG$V0DGLVRQ3UHVLGHQW´ 'DLO\1HZV5HFRUG -XO\
$XJXVW 3UHVLGHQW'XNH5HVLJQDWLRQ(IIHFWLYH1DPHG3UHVLGHQW(PHULWXV
2Q$XJXVWWKHUHVLJQDWLRQRIWKHLQVWLWXWLRQ¶VVHFRQGSUHVLGHQW6DPXHO3'XNHEHFDPH
HIIHFWLYH$OVRRQWKLVGDWH'XNHRIILFLDOO\EHFDPHSUHVLGHQWHPHULWXVRI WKH&ROOHJHKDYLQJ
EHHQXQDQLPRXVO\HOHFWHGWRWKHSRVLWLRQE\WKH6WDWH%RDUGRI(GXFDWLRQLQ0D\
6HSWHPEHU 3UHVLGHQW0LOOHU7KLUG3UHVLGHQW
)RUW\VHYHQ\HDUROG*7\OHU0LOOHURIILFLDOO\DVVXPHGKLVGXWLHVDVWKHLQVWLWXWLRQ¶VWKLUG
SUHVLGHQWRQ7KXUVGD\6HSWHPEHUMXVWDIHZZHHNVSULRUWRWKHVWDUWRIWKHLQVWLWXWLRQ¶V
IRUW\ILUVWVFKRRO\HDU
0LOOHUD5DSSDKDQQRFN&RXQW\QDWLYHKDGDWWHQGHG5DQGROSK0DFRQ$FDGHP\LQ)URQW5R\DO
DQGKDGJUDGXDWHGIURPWKH9LUJLQLD0LOLWDU\,QVWLWXWHZLWKDEDFKHORU¶VGHJUHHLQHOHFWULFDO
HQJLQHHULQJ+HKDGDOVRGRQHVRPHJUDGXDWHZRUNDWWKH8QLYHUVLW\RI9LUJLQLD
3ULRUWRFRPLQJWR0DGLVRQ0LOOHUKDGRYHUWZRGHFDGHVRIH[SHULHQFHLQWKHHGXFDWLRQILHOG
VHUYLQJDWGLIIHUHQWWLPHVDVDKLJKVFKRROSULQFLSOHDGLYLVLRQVXSHULQWHQGHQWIRUVFKRROVLQWZR
FRXQWLHVDQGSUHVLGHQWRIWKH9LUJLQLD(GXFDWLRQ$VVRFLDWLRQ)URPWRKHZDVWKH
6WDWH6XSHULQWHQGHQWRI3XEOLF,QVWUXFWLRQ
$WWKHWLPHRI0LOOHU¶VDUULYDOWZHQW\WKUHHEXLOGLQJVZHUHEHLQJHPSOR\HGE\URXJKO\
VWXGHQWVIDFXOW\DQGVWDIIRQDPDLQFDPSXVRIVL[W\WZRDFUHV 7ZHQW\\HDUVODWHUZKHQ
0LOOHU¶VSUHVLGHQF\HQGHGZLWKKLVUHWLUHPHQWRQ'HFHPEHUWKHVFKRROKDGJURZQWR
RYHUDFUHVDQGHQUROOPHQWKDGSDVVHG
'XULQJWKLVWLPHQLQHWHHQPDMRUEXLOGLQJVKDGEHHQFRQVWUXFWHGLQFOXGLQJVHYHUDOUHVLGHQFH
KDOOVVXFKDV/RJDQ*LIIRUG:D\ODQGDQG6KRUWVWKHILUVWPDOHGRUPLWRU\DQGDILQHDUWV
EXLOGLQJ'XNH+DOODQHZGLQLQJKDOO*LEERQV+DOODQGDQLQILUPDU\+HDOWK&HQWHU7KHUH
ZDVDOVR$QWKRQ\6HHJHU+DOOWKHQDQHOHPHQWDU\VFKRRODQG%XUUXVV+DOO
/LNHKLVSUHGHFHVVRUV0LOOHUWRRZRXOGZRUNWRH[SDQGWKHVFKRRO¶VDFDGHPLFKRUL]RQV8QGHU
KLVOHDGHUVKLSWKHVFKRROZRXOGLQWURGXFHDJHQHUDOHGXFDWLRQSURJUDPDQGDJUDGXDWHSURJUDP
EHJLQDZDUGLQJPDVWHU¶VGHJUHHVGLYHUVLI\DQGH[SDQGLWVRIIHULQJVLQWKHOLEHUDODUWVDQG
EHFRPHIXOO\FRHGXFDWLRQLQ
³'U63'XNH5HVLJQVDW0&´'DLO\1HZV5HFRUG 0D\
³*7\OHU0LOOHU1DPHG$V0DGLVRQ3UHVLGHQW´ 'DLO\1HZV5HFRUG -XO\'LQJOHGLQH7KHVFKRRO
DOVRRZQHGWKHQHDUO\WKLUW\RQHDFUH6KHQDQGRDK5LYHUFDPSNQRZQWRGD\DV8QLYHUVLW\)DUP$FFRUGLQJWRWKH
VFKRRO¶VFDWDORJWKHUHZHUHILYHDFDGHPLFEXLOGLQJVVHYHQUHVLGHQFHKDOOVVL[KRXVHVDQGRWKHUEXLOGLQJVVXFKDV
6KHQDQGRDKDQG:HOOLQJWRQ$SDUWPHQWVDQGILYHVSHFLDOEXLOGLQJVLQFOXGLQJWKH&RWWDJHDQGWKH+HDWLQJ3ODQW
%XOOHWLQ0DGLVRQ&ROOHJH>5HJLVWHUIRU@³7KH,QDXJXUDWLRQRI*7\OHU0LOOHU´³-083UHVLGHQWV´
-08&HQWHQQLDO&HOHEUDWLRQ:HEVLWHKWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQSUHVLGHQWVVKWPO!>0D\@
,PDJHVRI-DPHV0DGLVRQ8QLYHUVLW\%OXH6WRQH+LOOWR-08+DUULVRQEXUJ9$-DPHV
0DGLVRQ8QLYHUVLW\
6HSWHPEHU 3UHVLGHQW0LOOHU)LUVW0HHWLQJZLWKWKH)DFXOW\
7KHQHZSUHVLGHQWPHWZLWKWKHHQWLUHIDFXOW\IRUWKHILUVWWLPHGXULQJWKHILUVWIDFXOW\PHHWLQJRI
WKHVFKRRO\HDU0LOOHUVSRNHEULHIO\H[SUHVVLQJKLVDSSUHFLDWLRQIRUWKHZDUP
ZHOFRPHKHKDGUHFHLYHG
'HFHPEHU 3UHVLGHQW0LOOHU3UH,QDXJXUDO5HFHSWLRQ
7KHHYHQLQJEHIRUH3UHVLGHQW0LOOHUZDVWREHIRUPDOO\LQDXJXUDWHGDUHFHSWLRQZDVKHOGIRUWKH
SXEOLFLQ6HQLRU&RQYHUVH+DOO2YHUSHRSOHIURP+DUULVRQEXUJDQGWKHVXUURXQGLQJ
FRXQWLHVDWWHQGHG
'HFHPEHU 3UHVLGHQW0LOOHU,QDXJXUDWLRQ
2Q6DWXUGD\'HFHPEHU3UHVLGHQW0LOOHUEHFDPHWKHILUVWSUHVLGHQWWREHIRUPDOO\
LQDXJXUDWHG0LOOHU¶VSUHGHFHVVRUV±3UHVLGHQWV%XUUXVVDQG'XNH±KDGDUULYHGRQFDPSXVZLWK
OLWWOHIDQIDUHRUFHOHEUDWLRQ
7KHLQDXJXUDWLRQH[HUFLVHVEHJDQDWDPEHIRUHDFDSDFLW\FURZGLQWKH:LOVRQ+DOO
DXGLWRULXP$PRQJWKRVHLQDWWHQGDQFHZHUHGHOHJDWHVIURPXQLYHUVLWLHVDQGFROOHJHV
QXPHURXVPHPEHUVRIWKH6WDWH%RDUGRI(GXFDWLRQDQG*RYHUQRU:LOOLDP+7XFN
7KHLPSUHVVLYHFHUHPRQLHVLQFOXGHGDIXOODFDGHPLFSURFHVVLRQDODFFRPSDQLHGE\ WKHFROOHJH
RUFKHVWUDDVDOXWDWLRQIURPWKH*RYHUQRUDQGDVSHHFKLQDSSUHFLDWLRQRI3UHVLGHQW(PHULWXV
'XNHGHOLYHUHGE\0¶/HGJH0RIIHW&ODVVRIDQG'HDQRI:RPHQDW5DGIRUG7KHKLJK
SRLQWKRZHYHUZDV0LOOHU¶VLQDXJXUDODGGUHVVZKLFKIROORZHGKLVLQGXFWLRQDVSUHVLGHQWE\
%ODNH1HZWRQ3UHVLGHQWRIWKH6WDWH%RDUGRI(GXFDWLRQ
,QKLVDGGUHVV0LOOHURXWOLQHGDGHILQLWLYHSODQIRUWKHLQVWLWXWLRQ¶VIXWXUHJURZWK+HFDOOHGIRU
IXOOOHJDODXWKRULW\WRDOORZPDOHVWXGHQWVWRHQUROO RQDSHUPDQHQWEDVLVDQGIRUWKH
HVWDEOLVKPHQWRIWKH&ROOHJHDVDFRHGXFDWLRQDO LQVWLWXWLRQ+HDGYRFDWHGIRUDUHYLVLRQRI
DGPLVVLRQVVWDQGDUGVDQGWKHLPSOHPHQWDWLRQRISRVWJUDGXDWHSURJUDPVDQGVWUHVVHGWKH
LQVWLWXWLRQ¶VQHHGIRUPRUHGRUPLWRU\VSDFHDQHZVFLHQFHEXLOGLQJDQGDILQHDUWVEXLOGLQJ
'XULQJKLVWHQXUHZKLFKHQGHGLQ'HFHPEHU0LOOHUZRXOGDFKLHYHWKHPDMRULW\RIKLV
JRDOV
)DFXOW\0LQXWHV ± HQWU\GDWH6HSWHPEHUS
³0LOOHU7R%H,QDXJXUDWHG$V0DGLVRQ3UHVLGHQW´'DLO\1HZV5HFRUG 'HFHPEHU
$QLFHDUWLFOHFRQWUDVWLQJWKHGLIIHUHQWUHFHSWLRQVUHFHLYHGE\WKH8QLYHUVLW\¶VILUVWWZRSUHVLGHQWV %XUUXVVDQG
'XNH ZLWKWKDWRILWVWKLUG*7\OHU0LOOHULV1DQF\%RQGXUDQW-RQHV³)URP/XNHZDUPWR*UDQG)DVKLRQ´
0RQWSHOLHU )DOOKWWSZZZMPXHGXPRQWSHOLHULVVXHVIDOOEOXHVWRQHKWP!>0D\@ 7KH
FRPSOHWHLQDXJXUDOSURFHHGLQJVLQFOXGLQJ0LOOHU¶VDGGUHVVFDQEHIRXQGLQ³7KH,QDXJXUDWLRQRI*7\OHU0LOOHU´
%XOOHWLQ0DGLVRQ&ROOHJH QR -DQXDU\)RUDJRRGDQDO\VLVRIWKHDGGUHVVVHH5D\96RQQHU
³0DGLVRQ&ROOHJH7KH0LOOHU<HDUV´3K'GLVV8QLYHUVLW\RI9LUJLQLD ³0LOOHU
,QDXJXUDWHG$V3UHVLGHQWRI0DGLVRQ´'DLO\1HZV5HFRUG 'HFHPEHU'LQJOHGLQH+LOWRQ³&KDQJLQJ
IURPD&ROOHJHWRD8QLYHUVLW\´
0DUFK )LUVW-DPHV0DGLVRQ'D\
2Q)HEUXDU\9LUJLQLD*RYHUQRU-RKQ6%DWWOHKDGRIILFLDOO\GHFODUHG0DUFKWREH
-DPHV0DGLVRQ'D\DQGGHVLJQDWHG0DGLVRQ&ROOHJHDVWKHVLWHRIWKHVWDWH¶VFRPPHPRUDWLRQ
FHUHPRQLHV
2Q0DUFK WKH&ROOHJHDQGWKH6WDWHRI9LUJLQLDFHOHEUDWHGWKHWK DQQLYHUVDU\RIWKHELUWK
RI-DPHV0DGLVRQWKHQDWLRQ¶VIRXUWKSUHVLGHQWDQGWKH&ROOHJH¶VQDPHVDNH
*XLGHGWRXUVRI0DGLVRQ0HPRULDO/LEUDU\ZHUHJLYHQLQWKHPRUQLQJ2QGLVSOD\ZHUH
PDQXVFULSWVZULWWHQDQGVLJQHGE\WKHIRXUWKSUHVLGHQWDVZHOODVSHUVRQDOREMHFWVVXFKDV
0DGLVRQ¶VSRFNHWNQLIH
,QWKHDIWHUQRRQH[HUFLVHVZHUHKHOGLQ WKH:LOVRQ+DOODXGLWRULXP 7KHPDLQDGGUHVVZDV
JLYHQE\'U5D\PRQG%3LQFKEDFN'HDQRIWKH8QLYHUVLW\RI5LFKPRQGZKRGLVFXVVHG
0DGLVRQDVWKHIDWKHURIWKH&RQVWLWXWLRQ 7KHUHZDVDOVRDWULEXWHWR3UHVLGHQW(PHULWXV6DPXHO
3'XNH 6RPHSHRSOHDWWHQGHGLQFOXGLQJ*RYHUQRU%DWWOHPHPEHUVRIWKH9LUJLQLD
*HQHUDO$VVHPEO\DQGVHYHUDOGHVFHQGHQWVRI-DPHV0DGLVRQ
,Q-DPHV0DGLVRQ'D\LQFRUSRUDWHGDQGUHSODFHG)RXQGHUV'D\DVWKH8QLYHUVLW\¶VDQQXDO
FHOHEUDWRU\HYHQW
6HSWHPEHU %XUUXVV+DOO*URXQGEUHDNLQJ
:LWKVHYHUDOPHPEHUVIURPWKHVFLHQFHIDFXOW\DQGDGPLQLVWUDWLYHVWDIIORRNLQJRQ3UHVLGHQW*
7\OHU0LOOHUDQG3HUF\:DUUHQKHDGRIWKH%LRORJ\'HSDUWPHQWEURNHJURXQGDWSP
7KXUVGD\DIWHUQRRQIRUWKHVFKRRO¶VQHZVFLHQFHEXLOGLQJ
7KHFRQWUDFWIRUWKHEXLOGLQJZKLFKZRXOGEHQDPHG%XUUXVV6FLHQFH+DOODIWHUWKHLQVWLWXWLRQ¶V
ILUVWSUHVLGHQW-XOLDQ$%XUUXVVKDGEHHQDZDUGHGWZRGD\VHDUOLHUWRWKH1HLOVRQ&RQVWUXFWLRQ
&RPSDQ\RI+DUULVRQEXUJQRZ1HLOVRQ%XLOGHUV
7KHQHZEXLOGLQJZDVGHVSHUDWHO\QHHGHGWRDOOHYLDWHWKHRYHUFURZGHGFRQGLWLRQVRIWKHH[LVWLQJ
VFLHQFHIDFLOLWLHVORFDWHGLQ0DXU\ +DOO,WZRXOGEHFRPSOHWHGLQIRUDSSUR[LPDWHO\
³9D2IILFLDOVWR$WWHQG0DGLVRQ3URJUDP7RGD\´'DLO\1HZV5HFRUG0DUFK³*RYHUQRU/HDGV-DPHV
0DGLVRQ$QQLYHUVDU\&HUHPRQLHV+HUH´ 'DLO\1HZV5HFRUG0DUFK $QQLYHUVDULHVWK $QQLYHUVDU\RI
%LUWKRI-DPHV0DGLVRQ 9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\
+DUULVRQEXUJ9$
³*RYHUQRU$SSURYHV%XLOGLQJ3ODQV%LG´ 7KH%UHH]H 6HSWHPEHU³0LOOHU2IILFLDOV%UHDN*URXQGIRU
%XLOGLQJ´ 7KH%UHH]H 6HSWHPEHU'LQJOHGLQH
)DOO 'HDQ¶V/LVW,QWURGXFHG
:LWKWKHVWDUWRIWKHVFKRRO\HDU0DGLVRQLQWURGXFHGWKH'HDQ¶V/LVWWRUHFRJQL]H
RXWVWDQGLQJVWXGHQWDFDGHPLFDFKLHYHPHQW7KLVQHZUHFRJQLWLRQUHSODFHGWKH³$´DQG³%´
KRQRUUROOVDQGUHTXLUHGVWXGHQWVWRPDLQWDLQD*3$RIRUKLJKHU
7RPDNHWKH'HDQ¶V/LVWWRGD\D*3$RIWRZLWKDFRXUVHORDGRIDWOHDVWFUHGLW
KRXUVLVUHTXLUHG7KHUHLVDOVRD3UHVLGHQW¶V/LVWIRUVWXGHQWVZLWKD*3$RIRUDERYH
0D\ <HDUERRN)LUVW&RORU3KRWRJUDSK8VHG
6LQFHLWZDVILUVWLVVXHGLQWKHVFKRRO¶V\HDUERRN7KH6FKRROPD¶DP LQFOXGHGRQO\EODFN
DQGZKLWHSKRWRVDFFHSWIRUDIHZSKRWRVLQWKHHDUOLHVW\HDUERRNV WKDWKDGEHHQKDQGFRORUHG
E\VWXGHQWVLQWKHPDQXDODUWVFODVVHV
,WZDVQRWXQWLOWKDWWKH\HDUERRNILUVWXVHGDQDFWXDOFRORUSKRWRJUDSK7KDW\HDU7KH
6FKRROPD¶DPZDVLVVXHGZLWKDSLFWXUHFRYHUWKHILUVWZKLFKFRQVLVWHGRIDIXOOFRORU
SKRWRJUDSKRI:LOVRQ+DOODQG³WKH5RFN´
,QVLGHKRZHYHUWKHSKRWRJUDSKVUHPDLQHGLQEODFNDQGZKLWH&RORUSKRWRJUDSKVGLGQRWEHJLQ
DSSHDULQJLQVLGHWKH\HDUERRNXQWLO
2FWREHU /DUJHVWDQG0RVW3LYRWDO/DQG3XUFKDVHLQ-08¶V+LVWRU\
,QODWHIRUWKHVXPRI0DGLVRQ&ROOHJHSXUFKDVHGDSSUR[LPDWHO\DFUHVRI
ODQGDGMRLQLQJWKHFDPSXVWRWKHHDVWDQGVRXWKHDVW7KLVDFUHDJHZDVWKHUHPDLQLQJSRUWLRQRI
WKHRULJLQDO1HZPDQSURSHUW\IRUW\WZRDFUHVRIZKLFKKDGEHHQSXUFKDVHGEDFNLQDVWKH
RULJLQDOVLWHIRUWKHLQVWLWXWLRQ
7RWKLVGD\DFTXLVLWLRQRIWKHODQGFDOOHGWKH³EDFNFDPSXV´UHPDLQVWKHVLQJOHODUJHVWDQG
PRVWSLYRWDOUHDOHVWDWHSXUFKDVHHYHUPDGHE\WKHLQVWLWXWLRQIRULWQHDUO\TXDGUXSOHGWKHVL]HRI
WKHPDLQFDPSXVZKLFKZDVDERXWVL[W\WZRDFUHVDWWKHWLPHDQGPDGHFRQWLQXHGJURZWKDQG
H[SDQVLRQSRVVLEOH
)XWXUHGHYHORSPHQWRIWKLVDUHDZRXOGPRVWLPSRUWDQWO\OHDGWRWKHHUHFWLRQRIQXPHURXV
UHVLGHQFHKDOOVZKLFKHQVXUHGWKHFRQWLQXHGJURZWKLQHQUROOPHQW7KHDUHDDOVREHFRPHKRPH
WRPDQPDGH1HZPDQ/DNHDQG%ULGJHIRUWK6WDGLXP &DUULH 0R\HUV6WXGHQW5HFRUGV0DQDJHU2IILFHRIWKH5HJLVWUDUSURYLGHGWKHLQDXJXUDWLRQGDWHRIIDOO
'LQJOHGLQH-DPHV0DGLVRQ8QLYHUVLW\-DPHV0DGLVRQ8QLYHUVLW\%XOOHWLQQR8QGHUJUDGXDWH&DWDORJ
0D\
7KURXJKRXWLWVKLVWRU\WKH\HDUERRNKDVEHHQLVVXHGZLWKDSLFWXUHFRYHURQO\RQWZRRFFDVLRQV±DQG
WKHODWWHUZDVEODFNDQGZKLWH 7KH6FKRROPD¶DP DQG
6XFKJURZWKDQGH[SDQVLRQZDVSDUWO\UHVSRQVLEOHIRUWKHLQVWLWXWLRQREWDLQLQJXQLYHUVLW\VWDWXV
LQ6LPSO\SXWZLWKRXWWKLVSXUFKDVH-08ZRXOGQRWKDYHEHFRPHZKDWLWLVWRGD\
6HSWHPEHU %XUUXVV+DOO&RPSOHWHG
7ZR\HDUVDIWHUJURXQGZDVEURNHQWKHGRRUVWRWKHVFKRRO¶VQHZVFLHQFHEXLOGLQJ%XUUXVV+DOO
ZHUHRSHQHG
7KHEXLOGLQJQDPHGLQKRQRURI 0DGLVRQ¶VILUVWSUHVLGHQW'U-XOLDQ$%XUUXVVZDVRULJLQDOO\
FDOOHG%XUUXVV6FLHQFH+DOO,WSURYLGHGIUHVKDFFRPPRGDWLRQVIRUDOORIWKHVFKRRO¶VVFLHQFH
GHSDUWPHQWVJHRORJ\ELRORJ\FKHPLVWU\SK\VLFVDQGJHRJUDSK\ZKLFKKDGEHHQH[LVWLQJLQ
FUDPSHGTXDUWHUVLQ0DXU\+DOODVZHOODVWKHPDWKHPDWLFVGHSDUWPHQW7KHUHZHUHRIFRXUVH
QXPHURXVFODVVURRPVODERUDWRULHVDQGRIILFHVEXWDOVRDGDUNURRPDQGD³UDGLRODERUDWRU\´
,PPHGLDWHO\WRWKHHDVWDVPDOOJUHHQKRXVHZDVEXLOWIRUXVHE\WKH%LRORJ\'HSDUWPHQWZKLOH
GLUHFWO\EHKLQGWKHEXLOGLQJDSDUNLQJORWZDVODLGRYHUZKDWKDGEHHQWKHVFKRRO¶VILUVWKRFNH\
ILHOG
%XUUXVV+DOOZDVWKHILUVWEXLOGLQJWREHRIILFLDOO\QDPHGDIWHURQHRI -08¶VSUHVLGHQWV'XNH
+DOOQDPHGIRUWKHVHFRQGSUHVLGHQW6DPXHO 3'XNHIROORZHGLQ,Q0LOOHU+DOO
ZDVQDPHGIRU*7\OHU0LOOHUWKHLQVWLWXWLRQ¶VWKLUGSUHVLGHQWDQGLQ0DGLVRQ0HPRULDO
/LEUDU\ZDVUHQDPHG&DUULHU/LEUDU\LQKRQRURI-08
VIRXUWKSUHVLGHQW'U5RQDOG(&DUULHU
DQGKLVZLIH(GLWK-&DUULHU
%XUUXVV+DOOLVSUHVHQWO\ KRPHWRWKHGHSDUWPHQWVRI%LRORJ\ DQG0DWKHPDWLFV6WDWLVWLFV
0DUFK *UDGXDWH3URJUDP$XWKRUL]HG(VWDEOLVKHG
$VSDUWRIDFRRSHUDWLYHH[WHQVLRQOHDUQLQJYHQWXUHZLWKWKH8QLYHUVLW\RI9LUJLQLD0DGLVRQ KDG
EHHQRIIHULQJDIHZJUDGXDWHFRXUVHVGXULQJWKHVXPPHUVHVVLRQVVLQFHZLWKFUHGLWIRUWKHVH
FRXUVHVDEOHWREHDSSOLHGWRZDUGV WKH8QLYHUVLW\¶V0DVWHURI(GXFDWLRQGHJUHH %XWLQ
0DGLVRQ EHJDQLWVRZQLQGHSHQGHQWJUDGXDWHSURJUDP
³/DQG2ZQHGE\0DGLVRQ&ROOHJH´³&ROOHJH4XDGUXSOHV,WV6L]H3XUFKDVHV)DUPIRU´ 7KH%UHH]H 2FWREHUS'LQJOHGLQH6RQQHU+LOWRQ³&KDQJLQJIURPD&ROOHJHWRD8QLYHUVLW\´
-RQHV5RRWHGRQ%OXH6WRQH+LOO )UHG+LOWRQ³$FUH&DPSXV*URZV´SSLQ³-DPHV0DGLVRQ
8QLYHUVLW\´6SHFLDOWRWKH 'DLO\1HZV5HFRUG 0DUFK
'LQJOHGLQH³0DMRU%XLOGLQJV´
,Q0DUFKDIWHUQHDUO\ILYH\HDUVRIHIIRUWDQGDGYRFDF\RQWKHSDUWRI3UHVLGHQW0LOOHUDQGWKUHH
\HDUVRIIDFXOW\FRPPLWWHHVWXG\WKH6WDWH%RDUGRI(GXFDWLRQDXWKRUL]HG-080DGLVRQ
&ROOHJHWRHVWDEOLVKLWVRZQ JUDGXDWHSURJUDPDQGWRDZDUGWKHGHJUHHVRI 0DVWHURI6FLHQFHLQ
(GXFDWLRQDQG0DVWHURI$UWVLQ(GXFDWLRQ
7KHSURJUDP ZDVILUVWLPSOHPHQWHGDWWKHVWDUWRI WKHVHVVLRQLQ6HSWHPEHU
-XO\ $QWKRQ\6HHJHU/DQG3XUFKDVHG
)RUWKH&ROOHJHSXUFKDVHGòDFUHV RIODQGDWWKHFRUQHURI0DLQDQG*UDFH6WUHHWVWR
VHUYHDVWKHIXWXUHVLWHRIDFDPSXVHOHPHQWDU\VFKRRO
&RPSOHWHGLQWKHEXLOGLQJQDPHG$QWKRQ\6HHJHUZDVXVHGDVDWUDLQLQJJURXQGIRUWKH
&ROOHJH¶VVWXGHQWWHDFKHUV
6HSWHPEHU *UDGXDWH*HQHUDO(GXFDWLRQ3URJUDPV,QDXJXUDWHG
:KHQWKHVFKRRO¶VIRUW\VL[WK\HDUJRWXQGHUZD\LQ6HSWHPEHUWZRQHZDQGLPSRUWDQW
DFDGHPLFSURJUDPVZHUHODXQFKHG
)LUVWDJUDGXDWHSURJUDP OHDGLQJHLWKHUWRD0DVWHURI6FLHQFHRU0DVWHURI$UWVLQ(GXFDWLRQ
ZDVLQDXJXUDWHGDOEHLWRQDOLPLWHGEDVLV7KHVFKRRORIIHUHGRQO\RQHJUDGXDWHFRXUVHLQWKH
HYHQLQJVGXULQJHDFKVHPHVWHULQ )XOOLPSOHPHQWDWLRQRIWKHSURJUDPEHJDQZLWK
WKHVXPPHUVHVVLRQ ZKHQ DERXWWZHQW\FRXUVHVLQWHQ GLIIHUHQWILHOGVZHUHRIIHUHGDQG
VWXGHQWVZHUHHQUROOHGLQWKHSURJUDP
6HFRQGWKHVFKRROLQWURGXFHGD*HQHUDO(GXFDWLRQSURJUDPGHVLJQHGWRHQVXUHWKDWDOOVWXGHQWV
H[SORUHGWKH³PDMRUDUHDVRIKXPDQNQRZOHGJHDQGH[SHULHQFH´DQGWRJLYHWKHP³LPSHWXVDQG
GLUHFWLRQWRZDUGFLWL]HQVKLSLQDGHPRFUDF\´
7RGD\WKH&ROOHJHRI*UDGXDWHDQG3URIHVVLRQDO3URJUDPVHVWDEOLVKHGLQRYHUVHHV
JUDGXDWHVWXGLHV6WXGHQWVFDQSXUVXHQXPHURXVPDVWHU¶VGHJUHHV(GXFDWLRQDO6SHFLDOLVW
GHJUHHVDQG3K'¶VLQ 3KLORVRSK\DQG3V\FKRORJ\
7KH*HQHUDO(GXFDWLRQ7KH+XPDQ&RPPXQLW\RU*(1('SURJUDPPHDQZKLOHLVQRZWKH
FRUHDFDGHPLFSURJUDPDW-08DQGDOOVWXGHQWVDUHUHTXLUHGWRVXFFHVVIXOO\FRPSOHWHWKH
SURJUDPGXULQJWKHLUPDWULFXODWLRQDWWKHLQVWLWXWLRQ
'HVSLWHWKHSDVVDJHRIPRUHWKDQILIW\\HDUVWKHSURJUDP¶VJRDOVDQGSKLORVRSK\UHPDLQ
IXQGDPHQWDOO\WKHVDPH±WRSURYLGH³DVWURQJIRXQGDWLRQRINQRZOHGJHVNLOOVDQGH[SHULHQFH´
'LQJOHGLQH )DFXOW\0LQXWHV± HQWU\GDWH$SULOS %XOOHWLQ0DGLVRQ
&ROOHJH QR0DUFK
7KHSXUFKDVHSULFHFRPHVIURP³/DQG2ZQHGE\0DGLVRQ&ROOHJH´'LQJOHGLQHURXQGVWKHSULFHXSWR
DQGWRSURPRWH³WKHFXOWLYDWLRQRIKDELWVRIWKHPLQGDQGKHDUWWKDWDUHHVVHQWLDOWRLQIRUPHG
FLWL]HQVLQDGHPRFUDF\DQGJOREDO FRPPXQLW\´
$SULO 3UHVLGHQW'XNH'HDWKRI6DPXHO3DJH'XNH
$IWHUDSURORQJHGLOOQHVV0DGLVRQ¶VVHFRQGSUHVLGHQW'U6DPXHO3'XNHSDVVHGDZD\RQ
0RQGD\PRUQLQJ$SULODWKLVKRPHRQ6RXWK0DLQ6WUHHW
'XNHZDVSUHVLGHQWRI0DGLVRQIRU WKLUW\\HDUVIURPXQWLO ZKHQGHFOLQLQJKHDOWK
IRUFHGKLPLQWRUHWLUHPHQW
0D\ )LUVW0U0DGLVRQ
1HDUO\ILIWHHQ\HDUVDIWHUWKHILUVW0V0DGLVRQZDVHOHFWHGDQGWHQ\HDUVDIWHUPHQZHUHILUVW
DGPLWWHGDVUHJXODUVHVVLRQGD\VWXGHQWVWKHVFKRRO HOHFWHGLWVILUVW³0DGLVRQ¶V0DQRIWKH<HDU´
±VHQLRU*HRUJH'HZH\³-DFN´/HIHOO-U /HIHOOZDVIHDWXUHGLQWKH0D\ HGLWLRQRI 7KH
6FKRROPD¶DPDORQJZLWK0LVV0DGLVRQ
7RGD\0U0DGLVRQLVFKRVHQ DORQJZLWK0V0DGLVRQDVUHSUHVHQWLQJWKHV\PEROLFEHVWRI
-DPHV0DGLVRQ8QLYHUVLW\
-XQH )LUVW0DVWHU¶V'HJUHHV$ZDUGHG
7KH&ROOHJHKDGLQDXJXUDWHGLWVJUDGXDWHSURJUDPLQWKHIDOORIDQGLQWKHVSULQJRI
WKHILUVWPDVWHU¶VGHJUHHVZHUHDZDUGHG
6WXGHQWVEHJDQDUULYLQJRQ6HSWHPEHUIRUWKH\HDUFODVVHVVWDUWHGRQWKHWK *7\OHU0LOOHU
5HSRUWWRWKH6WDWH%RDUGRI(GXFDWLRQ2FWREHULQ 3UHVLGHQW¶V5HSRUWVWR6WDWH%RDUGRI(GXFDWLRQ
0LOOHU¶VUHSRUWVWDWHVWKDWWZHQW\FRXUVHVLQWHQGHSDUWPHQWVZHUHRIIHUHGZKLOH %XOOHWLQ0DGLVRQ&ROOHJH
QR0DUFKOLVWVWZHQW\WKUHHFRXUVHVLQQLQHGHSDUWPHQWV )DFXOW\0LQXWHV ± HQWU\
GDWH$SULOSVHHDOVRWKHIROORZLQJFRPPHQFHPHQWSURJUDPSDPSKOHWVHQWLWOHG³6RPH6LJQLILFDQW
)DFWV$ERXW0DGLVRQ&ROOHJH´-XQH-XQHDQG-XQHLQ&RPPHQFHPHQW3URJUDPV
'LQJOHGLQH'LQJOHGLQHSXWVWKHQXPEHURIVWXGHQWVHQUROOHGLQWKHJUDGXDWHSURJUDPDW+LV
QXPEHULVLQFRQWUDGLFWLRQZLWK0LOOHU¶VUHSRUWWRWKH6WDWH%RDUGRI(GXFDWLRQ %XOOHWLQ0DGLVRQ&ROOHJH QR)HEUXDU\ -DPHV0DGLVRQ8QLYHUVLW\%XOOHWLQQR8QGHUJUDGXDWH&DWDORJ0D\
'XNHZDVERUQRQ6HSWHPEHULQ)HUUXP9LUJLQLD /HWWHUGDWHG$SULOSLQ'XNH6DPXHO3
³'U63'XNH)RUPHU0DGLVRQ3UHVLGHQW'LHV´ 'DLO\1HZV5HFRUG $SULO³6WXGHQWV0RXUQ
3DVVLQJRI6DPXHO'XNH´7KH%UHH]H$SULO
7KH6FKRROPD¶DPQS ³0UDQG0V0DGLVRQ1RPLQDWLRQV´
KWWSZZZMPXHGXMPXZHEVWXGHQWVQHZVVWXGHQWVVKWPO!>-XO\@
'XULQJWKHILQDOH[HUFLVHVRIWKHIRUW\VHYHQWKDQQXDO FRPPHQFHPHQWSURJUDPKHOGDWSPLQ
WKH:LOVRQ+DOODXGLWRULXPWZRVWXGHQWV9LYLDQ%HUU\)DXYHURI+DUULVRQEXUJDQG(YHUHWW
(UVNLQH:LOIRQJRI'D\WRQEHFDPHWKHILUVWVWXGHQWVWRUHFHLYHPDVWHU¶VGHJUHHVIURP WKH
LQVWLWXWLRQ %RWKZHUHDZDUGHG WKH0DVWHURI$UWVLQ(GXFDWLRQ
0D\ <HDUERRN)LUVW,QWHULRU&RORU3KRWRJUDSK8VHG
)LYH\HDUVHDUOLHUWKHFRYHURI 7KH6FKRROPD¶DPFRQVLVWHGRI DIXOOFRORUSKRWRJUDSK RI:LOVRQ
+DOODQG³WKH5RFN´7KLVZDVWKHILUVWWLPHWKH\HDUERRNKDGHPSOR\HGDJHQXLQHFRORU
SKRWRJUDSKKDQGFRORUHGSKRWRJUDSKVKDGEHHQXVHGLQVRPHRIWKHHDUO\\HDUERRNV
,Q0D\WKHILUVWUHDOFRORUSKRWRJUDSKDSSHDUHGLQVLGHRIWKH\HDUERRN,WZDVDWZRSDJH
DHULDOSKRWRJUDSKRIWKHFDPSXVEODQNHWHGLQVQRZZKLFKVHUYHGDVWKHRSHQLQJSDJHVIRUWKDW
\HDU¶VHGLWLRQ
7KHUHZHUHQRFRORUSKRWRJUDSKVWKHIROORZLQJ\HDUEXWLQ WKHUHZHUHWZR7KHILUVWZDV
RI DVWXGHQWVLWWLQJRQDVWDFNRIERRNVKDSSLO\ORRNLQJWKURXJKKHUFRS\RIWKH\HDUERRNDQGWKH
RWKHUZDVDIURQWVKRWRI:LOVRQ+DOO
&RORUSKRWRJUDSKVGLGQRWVHHKHDY\XVHLQWKH\HDUERRNVXQWLOWKHVDQGWKHILUVWFRORUFODVV
SLFWXUHVGLGQRWDSSHDUXQWLO
0D\ 6L[%XLOGLQJV1DPHGLQ+RQRUDULXP
'XULQJWKH+RPHFRPLQJOXQFKHRQ3UHVLGHQW0LOOHUSXEOLFO\DQQRXQFHGWKHQHZQDPHV
WKDWKDGEHHQFKRVHQIRUVL[FDPSXVEXLOGLQJV)LYHZHUHQDPHGDIWHUIRUPHUIDFXOW\PHPEHUV
DQGRQHDIWHUDQLPSRUWDQWOHJLVODWRU
7ZRRIWKHEXLOGLQJVZHUHGRUPLWRULHVWKDWKDGEHHQEXLOWLQWKHPLGVDQGZHUHLQXVHDW
WKHWLPH
• 6HQLRU+DOOZDVUHQDPHG&RQYHUVH+DOOLQKRQRURI+HQU\$&RQYHUVHZKR
EHJDQWHDFKLQJGXULQJWKHVXPPHUVHVVLRQVLQDQGEHFDPHDUHJXODUIDFXOW\
PHPEHULQ'XULQJKLVWHQXUH&RQYHUVHVHUYHGDVUHJLVWUDU
SURIHVVRUDQGKHDGRIWKH0DWKHPDWLFV'HSDUWPHQW
• -XQLRU+DOOZDVUHQDPHG&OHYHODQG+DOOLQUHFRJQLWLRQRI(OL]DEHWK3
&OHYHODQG$PHPEHURIWKHRULJLQDOIDFXOW\&OHYHODQGVHUYHGIRUWKLUW\IRXU\HDUV
DQGZDVWKHILUVWKHDGRIWKH(QJOLVK'HSDUWPHQW
&RPPHQFHPHQW3URJUDPV'LQJOHGLQH
7KH6FKRROPD¶DPQS 7KH6FKRROPD¶DPQS'LQJOHGLQH %OXHVWRQH 7ZRRWKHUEXLOGLQJVDOVRGRUPLWRULHVZHUHXQGHUFRQVWUXFWLRQDWWKHWLPH
• :D\ODQG+DOOIRUPHUO\'RUPLWRU\1RZDVQDPHGLQKRQRURI'U-RKQ:
:D\ODQGDPHPEHURIWKHILUVWIDFXOW\DQGIRUPHUKHDGRIWKH+LVWRU\'HSDUWPHQW
DVZHOODVDQHPLQHQWKLVWRULDQDQGDXWKRU7KHEXLOGLQJZDVILUVW
RFFXSLHGLQ 6HSWHPEHU
• 'RUPLWRU\1RZDVGHVLJQDWHG*LIIRUG+DOOWRUHFRJQL]HWKHFRQWULEXWLRQVRI'U
:DOWHU-*LIIRUGIRUPHUGHDQDQGKHDGRIWKH(GXFDWLRQ'HSDUWPHQW,W
WRRZDVILUVWXVHGLQ6HSWHPEHU
7KHILQDOWZREXLOGLQJVZHUHRQO\LQWKHSODQQLQJVWDJHVDWWKHWLPH
• $QHOHPHQWDU\VFKRROEXLOWRQFDPSXVWRSURYLGHIRUWHDFKHUWUDLQLQJZDVQDPHGWKH
$QWKRQ\6HHJHU&DPSXV6FKRROLQUHFRJQLWLRQRIWKHZRUNRI.DWKHULQH0$QWKRQ\
DQG0DU\/RXLVH6HHJHU %RWKKDGVHUYHGDVIDFXOW\
PHPEHUVLQWKH(GXFDWLRQ'HSDUWPHQW7KHVFKRRORSHQHGLQ6HSWHPEHU
• 7KHFROOHJHLQILUPDU\ZKLFKZRXOGEHFRPSOHWHGLQ$SULOZDVWRKDYHEHHQ
FDOOHG.HH]HOO,QILUPDU\DIWHUWKHODWH6HQDWRU*HRUJH%.HH]HOOZKRKDGOHGWKH
ILJKWWRKDYHWKHVFKRROHVWDEOLVKHGLQ+DUULVRQEXUJ 8OWLPDWHO\KRZHYHU WKHQDPH
ZDVQRWDGRSWHG,QVWHDGWKHEXLOGLQJUHPDLQHGNQRZQDVWKH&ROOHJH,QILUPDU\XQWLO
ZKHQLWEHFDPHWKH:DOWHU5HHG,QILUPDU\ $WWKHVDPHWLPHWKHIRUPHU5HHG
+DOOZDVUHQDPHG.HH]HOO+DOO
:D\ODQGDQG*LIIRUG+DOOVWKH$QWKRQ\6HHJHUVFKRRODQGWKHLQILUPDU\ZHUHIRUPDOO\
GHGLFDWHGGXULQJWKHVFKRRO¶VWK DQQLYHUVDU\FHOHEUDWLRQLQ0DUFK
0DUFK WK$QQLYHUVDU\*ROGHQ$QQLYHUVDU\&HOHEUDWLRQ%HJLQV
2Q0DUFKD\HDUORQJFHOHEUDWLRQLQFRPPHPRUDWLRQRIWKHILIWLHWKDQQLYHUVDU\RIWKH
LQVWLWXWLRQ¶VHVWDEOLVKPHQWZDVNLFNHGRIIZLWKWKH)RXQGHUV'D\SURJUDP
-XVWEHIRUHQRRQWKHHQWLUHVWXGHQWERG\DQGPHPEHUVRIWKHIDFXOW\FURZGHGLQWRWKH:LOVRQ
+DOODXGLWRULXP7KHSURJUDPIHDWXUHGDWULEXWHWR6HQDWRU*HRUJH%.HH]HOOWKH³IDWKHURIWKH
LQVWLWXWLRQ´DQGIRUPHUFKDLUPHQRIWKHVFKRRO¶V%RDUGRI7UXVWHHV
7KHOXQFKHRQZKLFKEHJDQDWSPZDV KHOGLQWKH%OXHVWRQH'LQLQJ+DOOLQ+DUULVRQ 7KHQDPHVIRUWKH
EXLOGLQJVKDGEHHQDSSURYHGE\WKH6WDWH%RDUGRI(GXFDWLRQRQ0DUFK6HHWKHOHWWHUVZULWWHQWRWKHYDULRXV
LQGLYLGXDOVLQIRUPLQJWKHP WKDWWKHEXLOGLQJVZHUHWREHQDPHGLQWKHLUKRQRULQ 1DPLQJRI%XLOGLQJV
'LVFLSOLQDU\DQG%XGJHW5HSRUWV&ROOHFWLRQ35%R[)ROGHU6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\
-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$'LQJOHGLQH ³&ROOHJHV,Q
0D\'D\V7RGD\%ULGJHZDWHUDQG0DGLVRQWR+ROG0D\3DJHDQWV´'DLO\1HZV5HFRUG 0D\³0&
%XLOGLQJV7R+RQRU(GXFDWRUVDQG/HJLVODWRU´'DLO\1HZV5HFRUG 0D\³'RUPV$UH1DPHG*LIIRUG
:D\ODQG&RQYHUVH&OHYHODQG´7KH%UHH]H0D\³5HHG+DOO5HQDPHG.HH]HOO+DOO,Q+RQRURI/DWH
6HQDWRU.HH]HOO´ 'DLO\1HZV5HFRUG 0DUFK
7KHNH\QRWHDGGUHVV³0DGLVRQ&ROOHJH7KH+HULWDJHRI+HU3DVW´ZDVJLYHQE\3URIHVVRU
5D\PRQG&'LQJOHGLQH
0D\ WK $QQLYHUVDU\$UWV)HVWLYDODQG0D\'D\&HOHEUDWLRQ
7KHVHFRQGPDMRUHYHQWRIWKH*ROGHQ$QQLYHUVDU\FHOHEUDWLRQVZDVDWZRGD\DUWVIHVWLYDO RQ
)ULGD\DQG6DWXUGD\,WLQFOXGHGDUWH[KLELWVUHDGLQJVDQGOHFWXUHVDSOD\DILOPDQGDFRQFHUW
7KHIHVWLYDOZDVLQWHUZRYHQZLWKWKHWUDGLWLRQDO0D\'D\FHOHEUDWLRQZKLFKZDVKHOGRQWKH
DIWHUQRRQRI0D\RQWKH4XDG7KDWHYHQLQJWKH0D\'D\%DOOZDVKHOGLQWKH.HH]HOO5HHG
J\PQDVLXP
-XO\ WK $QQLYHUVDU\,QVWLWXWHRQ3XEOLF(GXFDWLRQ
7KH&ROOHJH¶VDQQXDO,QVWLWXWHRQ3XEOLF(GXFDWLRQZKLFKKDGEHHQVWDUWHGLQWKHVXPPHURI
WRSURPRWHLPSURYHPHQWLQHGXFDWLRQKHOGLWVILIWHHQWKPHHWLQJLQ-XO\ 1RUPDOO\D
RQHGD\HYHQWLWZDVH[SDQGHGLQWRDWZRGD\DIIDLULQREVHUYDQFHRIWKHRQJRLQJWK
DQQLYHUVDU\FHOHEUDWLRQV
7KHWKHPHIRUWKHPHHWLQJZDV³(GXFDWLRQLQDQ$JHRI6FLHQFH7KH1HHGIRUD%DODQFHG
&XUULFXOXP´7KHPDLQVSHDNHUZDVQXFOHDUSK\VLFLVW5DOSK(/DSS
'XULQJWKHHYHQWWKHFROOHJH¶VDFKLHYHPHQWVRYHUWKHODVWILIW\\HDUVZHUHQRWHGDQGKRQRUHG
6HSWHPEHU $QWKRQ\6HHJHU2SHQV
:KHQ -08RSHQHGLQDVWKH6WDWH1RUPDODQG,QGXVWULDO6FKRROIRU:RPHQDW
+DUULVRQEXUJLWVSULPDU\PLVVLRQZDVWRWUDLQSXEOLFVFKRROWHDFKHUV)RUGHFDGHVVWXGHQWV
XVHGWKHORFDOSXEOLFVFKRROVWRREVHUYHDQGSUDFWLFHWKHLUFKRVHQSURIHVVLRQ $IWHUILIW\\HDUV
WUDLQLQJWHDFKHUVUHPDLQHGDPDMRUIXQFWLRQRIWKHLQVWLWXWLRQDQGRQ 6HSWHPEHU
0DGLVRQ&ROOHJHRSHQHGLWVRZQHOHPHQWDU\VFKRROWKH$QWKRQ\6HHJHU&DPSXV6FKRRO
$QWKRQ\6HHJHUZDVDIXOO\IXQFWLRQDOHOHPHQWDU\VFKRROVHUYLQJERWKWKHFRPPXQLW\ ±WKURXJK
WKHWHDFKLQJRILWVFKLOGUHQE\H[SHULHQFHGSXEOLFVFKRROWHDFKHUV±DQG0DGLVRQE\SURYLGLQJ
IXUWKHURSSRUWXQLWLHVIRUVWXGHQWWHDFKHUWUDLQLQJSULPDULO\WKURXJKREVHUYDWLRQ
$SSUR[LPDWHO\FKLOGUHQLQNLQGHUJDUWHQWKURXJKVL[WKJUDGHZHUHHQUROOHG7KHVFKRRO¶V
IDFLOLWLHVZHUHILUVWUDWHDQGLQFOXGHGDQDXGLWRULXPDFDIHWHULDDSOD\JURXQGFHQWHUVIRU
UHDGLQJVSHHFKKHDULQJDQGFKLOGJXLGDQFHDQGODWHUDQXUVHU\VFKRRO
$QQLYHUVDULHVWK LQ9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\
+DUULVRQEXUJ9$6PLWK³3UHYLRXV$QQLYHUVDULHV´WKH)RXQGHUV'D\SURJUDPLVDYDLODEOHLQ
&RPPHQFHPHQW3URJUDPV³)RXQGHUV¶'D\&HUHPRQLHV,QLWLDWHV%HJLQQLQJRI7KH*ROGHQ
$QQLYHUVDU\´7KH%UHH]H 0DUFK
$QQLYHUVDULHVWK LQ$UWV)HVWLYDOSURJUDPDYDLODEOHLQ &RPPHQFHPHQW3URJUDPV
'LQJOHGLQH
6PLWK³3UHYLRXV$QQLYHUVDULHV´'LQJOHGLQH &RPPHQFHPHQW3URJUDPV
7KHRQHVWRU\EULFNEXLOGLQJZDVQDPHGIRU.DWKHULQH0$QWKRQ\DQG0DU\/RXLVH6HHJHU
ERWKIRUPHUIDFXOW\PHPEHUVLQ0DGLVRQ &ROOHJH¶VHOHPHQWDU\HGXFDWLRQGHSDUWPHQW
&RQVWUXFWHGE\WKH1LHOVRQ&RQVWUXFWLRQ&RPSDQ\WKHEXLOGLQJSOXVJUDGLQJDQGWKH
SOD\JURXQGSXVKHGFRVWVSDVW7KHEXLOGLQJLWVHOIUHFHLYHGQDWLRQDOSUDLVHDWWKHWLPH
DQGZRQDQDZDUGIRUDUFKLWHFWXUDOH[FHOOHQFHIURPWKH$PHULFDQ,QVWLWXWHRI$UFKLWHFWV
$QWKRQ\6HHJHUUHPDLQHGDQHOHPHQWDU\DQGWUDLQLQJVFKRROXQWLO-XQHDIWHUZKLFK-08
EHJDQXVLQJLWDVDQDFDGHPLFFODVVURRPEXLOGLQJ,QWKHFODVVURRPVZHUHPRYHGWRKHOS
GLPLQLVK WKHDPRXQWRIVWXGHQWSHGHVWULDQWUDIILFFURVVLQJ6RXWK0DLQ6WUHHW
7RGD\WKHEXLOGLQJKRXVHVWKHRIILFHVRIWKH&HQWHUIRU$VVHVVPHQWDQG5HVHDUFK6WXGLHVDQGWKH
VWXGHQWSDSHU7KH%UHH]HDPRQJRWKHUV
6HSWHPEHU )LIWLHWK<HDU0DGLVRQ2SHQVIRULWVWK 6HVVLRQ
2Q6XQGD\6HSWHPEHU0DGLVRQ¶VILIWLHWKVFKRRO\HDUJRWXQGHUZD\DVIUHVKPDQEHJDQ
DUULYLQJRQFDPSXV7KURXJKRXWWKHZHHNVWXGHQWVUHJLVWHUHGZHUHDVVLJQHGGRUPURRPVZHQW
WKURXJKRULHQWDWLRQWRRNSODFHPHQWDQGVFUHHQLQJWHVWVPHWZLWKWKHLUDGYLVRUVDQGDWWHQGHG
PHHWLQJVUHFHSWLRQVDQGSDUWLHVVXFKDVWKHIUHVKPDQ³&RNH´SDUWLHVZKHUHHYHU\RQHPLQJOHG
DQGGUDQN&RFD&ROD&ODVVHVEHJDQDWDPRQ)ULGD\6HSWHPEHU
6WXGHQWQXPEHUVUHDFKHGUHFRUGOHYHOVGXULQJWKHVHVVLRQ2YHUQHZVWXGHQWV
KDGUHJLVWHUHGGXULQJWKHZHHNWKHODUJHVWRSHQLQJUHJLVWUDWLRQXSWRWKDWWLPH7RWDOHQUROOPHQW
IRUWKH\HDUUHDFKHG WKHKLJKHVWVLQJOH\HDUHQUROOPHQWRIWKHILUVWILIW\\HDUV 2QH
KXQGUHGVL[W\RQHPHQZHUHLQFOXGHGLQWKLVQXPEHU
$OVRWZRQHZGRUPLWRULHV±:D\ODQG+DOODQG*LIIRUG+DOO ±ZHUHRSHQHGWRVWXGHQWVIRUWKH
ILUVWWLPH
0DUFK WK $QQLYHUVDU\)LQDO2EVHUYDQFHV%HJLQ
2Q0DUFKWKHILUVWSURJUDP RI WKHILQDO WZRGD\VRIFHOHEUDWLRQRIWKHLQVWLWXWLRQ¶VWK
DQQLYHUVDU\ZDVKHOG
'LQJOHGLQH-RQHV 5RRWHGRQ%OXHVWRQH+LOO6HHDOVR³7HDFKHUV´DQGOHWWHURI6HSWHPEHU
LQ$QWKRQ\6HHJHU&DPSXV6FKRRO&ROOHFWLRQ$6%R[)ROGHU$66SHFLDO
&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$ -DPHV0DGLVRQ8QLYHUVLW\2IILFHRI
0HGLD5HODWLRQV³-08WR0RYH&ODVVHVIURP$QWKRQ\6HHJHU´$SULOKWWSZHEMPXHGXPHGLDUHO35
WKLV5HOHDVHDVS"$XWR,' !>6HSWHPEHU@
³0&2SHQVWK <HDU1H[W:HHN´ 'DLO\1HZV5HFRUG 6HSWHPEHU³0&:LOO2SHQ7RGD\:LWK2YHU
1HZ6WXGHQWV´'DLO\1HZV5HFRUG 6HSWHPEHU*7\OHU0LOOHU$QQXDO5HSRUWWRWKH6WDWH%RDUGRI
(GXFDWLRQ-XO\SLQ3UHVLGHQW¶V5HSRUWVWR6WDWH%RDUGRI(GXFDWLRQ%RDUGRI9LVLWRUV
&ROOHFWLRQ35%R[)ROGHU6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\
+DUULVRQEXUJ9$'LQJOHGLQH
7KHSURJUDPZDVD6RFLDO6FLHQFHVV\PSRVLXPKHOGLQ:LOVRQ+DOODQGSUHVLGHGRYHUE\'HDQ
3HUF\+:DUUHQ7KHV\PSRVLXP¶VWKHPHZDV³(PHUJLQJ+RUL]RQVLQDQ$JHRI6FLHQFH´
'UV5REHUW&KDUSLHQXFOHDUDQGWKHRUHWLFDOSK\VLFVDQG$VKOH\0RQWDJXDQWKURSRORJ\DQG
VRFLDOELRORJ\VSRNHRQWKHQDWLRQDODQGLQWHUQDWLRQDOLPSDFWRIVFLHQWLILFDGYDQFHPHQWV
0DUFK WK $QQLYHUVDU\)RXQGHUV¶'D\3URJUDP
7KHILQDOHYHQWPDUNLQJWKHHQGRIWKHVFKRRO¶V\HDUORQJ*ROGHQ$QQLYHUVDU\FHOHEUDWLRQZDVD
VSHFLDO)RXQGHUV¶'D\SURJUDPSUHVLGHGRYHUE\3UHVLGHQW0LOOHU
7KHSURJUDPFRQGXFWHGLQWKH:LOVRQ+DOODXGLWRULXPEHJDQDW6DWXUGD\PRUQLQJZLWK
DQRUJDQSUHOXGH)ROORZLQJDIRUPDOSURFHVVLRQDODFFRPSDQLHGE\WKH&ROOHJHRUFKHVWUD
FDPHDQLQYRFDWLRQDQGDSHUIRUPDQFHE\WKHFROOHJHFKRLU
1H[W3UHVLGHQW0LOOHUZHOFRPHGWKHFHUHPRQ\¶VVSHFLDOJXHVWVDQGVDOXWDWLRQVWRWKHFROOHJH
ZHUHGHOLYHUHGE\WKH6WDWH6XSHULQWHQGHQWRI3XEOLF,QVWUXFWLRQWKH3UHVLGHQWRIWKH$VVRFLDWLRQ
RI9LUJLQLD&ROOHJHVDQGWKHSUHVLGHQWVRI0DGLVRQ¶V$OXPQL$VVRFLDWLRQDQG6WXGHQW
*RYHUQPHQW$VVRFLDWLRQ
,QDVSHFLDOIHDWXUHRIWKHFHUHPRQ\'U5D\PRQG&'LQJOHGLQHDVVRFLDWHSURIHVVRURI6RFLDO
6FLHQFHDQG+LVWRU\LQWURGXFHGDQGSUHVHQWHGWRWKH&ROOHJHKLVUHFHQWO\SXEOLVKHGKLVWRU\
0DGLVRQ&ROOHJH7KH)LUVW)LIW\<HDUV 7KLVZRUNUHPDLQVWKHSUHPLHUFKURQLFOH
RI-08KLVWRU\
'LQJOHGLQH¶VSUHVHQWDWLRQZDVIROORZHGE\WKHSURJUDP¶VPDLQIHDWXUH± WKHIRUPDOGHGLFDWLRQRI
WKHVL[PDMRUEXLOGLQJVEXLOWEHWZHHQDQG7KH\ZHUH
• /RJDQ+DOO$GRUPLWRU\FRPSOHWHGLQ1RYHPEHUDQGQDPHGDIWHU&RQUDG7
/RJDQIRUPHUSURIHVVRUDQGKHDGRIWKH(QJOLVK'HSDUWPHQW
• %XUUXVV6FLHQFH+DOO7KHQHZKRPHRIWKHVFLHQFHDQGPDWKHPDWLFVGHSDUWPHQWV,W
ZDVFRPSOHWHGLQ6HSWHPEHUDQGZDVQDPHGIRU'U-XOLDQ$%XUUXVV-08¶V
ILUVWSUHVLGHQW7RGD\LWLVNQRZQVLPSO\DV%XUUXVV+DOO
• :D\ODQG+DOO$GRUPLWRU\ILUVWRFFXSLHGLQ6HSWHPEHU,WLVQDPHGIRU'U
-RKQ::D\ODQG:D\ODQGZDVDPHPEHURIWKHILUVWIDFXOW\DQG
IRUPHUKHDGRIWKH+LVWRU\'HSDUWPHQW
• *LIIRUG+DOO$GRUPLWRU\RFFXSLHGLQ6HSWHPEHUDQGQDPHGDIWHU'U:DOWHU-
*LIIRUGIRUPHUGHDQDQGKHDGRIWKH(GXFDWLRQ'HSDUWPHQW
• $QWKRQ\6HHJHU&DPSXV6FKRRO$PRGHOHOHPHQWDU\VFKRROIRUWHDFKLQJWUDLQLQJ
&RPSOHWHGLQ6HSWHPEHULWLVQDPHGIRU.DWKHULQH0$QWKRQ\DQG
0DU\/RXLVH6HHJHUERWKIRUPHUIDFXOW\PHPEHUVLQWKH(GXFDWLRQ
'HSDUWPHQW
6HHWKHSURJUDPIRUV\PSRVLXPLQ &RPPHQFHPHQW3URJUDPV$QQLYHUVDULHVWK LQ
³0DGLVRQ&ROOHJHWK $QQLYHUVDU\(GLWLRQ´'DLO\1HZV5HFRUG0DUFK6PLWK³3UHYLRXV
$QQLYHUVDULHV´
• &ROOHJH,QILUPDU\ODWHU5HHG,QILUPDU\WRGD\WKH8QLYHUVLW\+HDOWK&HQWHU7KH
VFKRRO¶VPHGLFDOIDFLOLWLHV&RPSOHWHGLQ$SULO
$IWHUWKHGHGLFDWLRQWKHEXLOGLQJVZHUHIRUPDOO\DFFHSWHGE\DUHSUHVHQWDWLYHRIWKH6WDWH%RDUG
RI(GXFDWLRQ
7KHPDLQDGGUHVVRIWKHGD\ZDVGHOLYHUHGE\WKHSUHVLGHQWRI+DPSGHQ6LGQH\&ROOHJH'U
-RVHSK&5REHUW$WR¶FORFNWKHUHZDVDOXQFKHRQIRUGHOHJDWHVDQGJXHVWVIROORZHGDW
SPE\JXLGHGWRXUVRIWKHVL[QHZO\GHGLFDWHGEXLOGLQJV
7KH'DLO\1HZV5HFRUGPHDQZKLOHFRPPHPRUDWHGWKHVFKRRO¶VILIWLHWKDQQLYHUVDU\ZLWKWKH
SXEOLFDWLRQRIDJLDQWò´E\ò¶¶VSHFLDOHGLWLRQZKLFKLQFOXGHGRYHUIRUW\DUWLFOHVRQWKH
LQVWLWXWLRQDQGLWVKLVWRU\
0D\ )LIWLHWK<HDU&ORVLQJ([HUFLVHV%HJLQ
$WSP)ULGD\DIWHUQRRQWKHSURFHHGLQJVRIWKHILIWLHWKFRPPHQFHPHQWZHUHLQDXJXUDWHG
ZLWKDJDUGHQSDUW\LQ+LOOFUHVWIRUWKDW\HDU¶VJUDGXDWHV7KLVZDVIROORZHGODWHULQWKHHYHQLQJ
E\DFRQFHUWLQ:LOVRQ+DOOE\WKH0XVLF'HSDUWPHQWDQG&RQFHUW&KRLUDQGDJUDGXDWH¶VFRIIHH
LQ$OXPQDH+DOO
6DWXUGD\WKHWKEHJDQZLWKD6HQLRUEUHDNIDVW&ODVVGD\H[HUFLVHVD6HQLRUSLFQLFDQGD
PRYLHILOOHGXSWKHDIWHUQRRQZKLOHD6HQLRUGDQFHLQWKH5HHG.HH]HOO+DOOJ\PQDVLXP
SROLVKHGRIIWKHHYHQLQJ)URPPLGQLJKWWRDPWKHVRURULW\KRXVHVDQGGRUPLWRULHVZHUH
RSHQIRUFRIIHH
0D\ )LIWLHWK<HDU)LIWLHWK$QQXDO&RPPHQFHPHQW ([HUFLVHV
2Q6XQGD\PRUQLQJDFRPPHQFHPHQWVHUPRQZDVJLYHQLQ:LOVRQ+DOO,QWKHHDUO\DIWHUQRRQ
DOXQFKHRQIRUJUDGXDWHVDQGWKHLUIDPLOLHVDQGIULHQGVZDVJLYHQLQ%OXHVWRQH'LQLQJ+DOOLQ
+DUULVRQ
7KHILQDOJUDGXDWLRQH[HUFLVHVEHJDQDW SPLQ:LOVRQ+DOO$SSUR[LPDWHO\SHRSOH
ZHUHLQDWWHQGDQFH
$GGUHVVLQJWKHJUDGXDWHVZDV/RXLV75DGHUKHDGRIWKH6SHFLDOW\&RQWURO'HSDUWPHQWRI
*HQHUDO(OHFWULFLQ:D\QHVERUR5DGHUVSRNHRQWKHQHHGIRUWHDFKHUVWRYRLFHWKHLURSLQLRQV
DQGSURPRWHDZDUHQHVVRIWKHZLVGRPDQGYDOXHVGHULYHGIURPDOLEHUDODUWVHGXFDWLRQ
1H[W'HDQ3HUF\:DUUHQLQWURGXFHGWKHJUDGXDWLQJFODVVRIVWXGHQWV3UHVLGHQW0LOOHUWKHQ
SUHVHQWHGWKHJUDGXDWHVZLWKWKHLUGLSORPDV2QH0DVWHUV'HJUHH%6GHJUHHVHLJKWHHQ
7KHLQILUPDU\ZDVUHQDPHGLQDIWHU:DOWHU5HHG6HHWKH³)LIWLHWK$QQLYHUVDU\)RXQGHUV¶'D\´SURJUDP
LQ &RPPHQFHPHQW3URJUDPV $QQLYHUVDULHVWK LQ 6PLWK³3UHYLRXV$QQLYHUVDULHV´
'LQJOHGLQH³5HHG+DOO5HQDPHG.HH]HOO+DOO,Q+RQRURI/DWH6HQDWRU.HH]HOO´'DLO\1HZV
5HFRUG 0DUFK ³0DGLVRQ&ROOHJHWK $QQLYHUVDU\(GLWLRQ´ 'DLO\1HZV5HFRUG 0DUFK
&RPPHQFHPHQW3URJUDPV ³0DGLVRQWR6WDUW)LQDOVRQ)ULGD\´'DLO\1HZV5HFRUG 0D\
%$GHJUHHVQLQH%DFKHORURI0XVLFGHJUHHVDQGHLJKWHHQ6HFUHWDULDOGLSORPDVZHUH
DZDUGHG
1XPHULFDO&RPSDULVRQ)LUVW<HDU)LIWLHWK<HDU
)URP6HSWHPEHUWKURXJK0D\DWRWDORIVWXGHQWVKDGEHHQHQUROOHGDWWKH
VFKRRO2IWKLVQXPEHUDSSUR[LPDWHO\KDGEHHQJUDGXDWHG
DFUHV
DFUHV
LQFOXGLQJ8QLYHUVLW\)DUP
%XLOGLQJV
)DFXOW\
&DPSXV6L]H
&RPPHQFHPHQW3URJUDPV ³$ZDUGHG'LSORPDVDV&ROOHJHV+ROG([HUFLVHV´ 'DLO\1HZV
5HFRUG -XQH
$VZLWKRWKHUVWDWLVWLFVSUHVHQWHGLQWKLVWLPHOLQHQXPEHUVYDU\GHSHQGLQJRQWKHVRXUFH7KHQXPEHURI
VWXGHQWVHQUROOHGGXULQJWKHILUVWILIW\\HDUVFRPHVIURP%XOOHWLQ0DGLVRQ&ROOHJH QR$SULO DQG
DSSHDUVWREHDVROLGVWDWLVWLF7KHQXPEHURIJUDGXDWHVDVRI0D\KRZHYHULVDELWKDUGHUWRGHWHUPLQH DQG
WKHQXPEHUSUHVHQWHGKHUHLV DQDSSUR[LPDWLRQEDVHGRQWKHDXWKRU¶V UHVHDUFKRIDYDLODEOHVRXUFHV'LQJOHGLQH
JLYHVWKHQXPEHURIJUDGXDWHVIRUWKHILUVWIRUW\QLQH\HDUVDVKLVERRNZDVFRPSOHWHGDQGSXEOLVKHGZHOO
EHIRUHWKH&ODVVRIZDVUHDG\WRJUDGXDWH7KLVVDPHQXPEHUDSSHDUVLQ%XOOHWLQ0DGLVRQ&ROOHJH QR
$SULOZKLFKDOVRSUHGDWHVWKH&ODVVRI%\WDNLQJWKLVQXPEHUDQGDGGLQJWRLWWKHQXPEHURI
JUDGXDWHVIURP0D\RQHDUULYHVDWWKHQXPEHU6HHDOVR³7DEOH'HJUHHV&RQIHUUHG
7KURXJK´KWWSZZZMPXHGXLQVWUHVUFKVWDWVXPKWP!>$SULO@ 7KLVVRXUFHSURYLGHV
WKHVOLJKWO\KLJKHUQXPEHURIEXWOLNHO\LQFOXGHVJUDGXDWHVRI WKHVXPPHUVHVVLRQ
7KHFDPSXVRIZDVFRPSULVHGRIWZRSORWVRIODQGRQHPHDVXULQJ³DFUHV URRGVSROHV´
URXJKO\ DFUHVDQG WKHRWKHU³DFUHVSROHV´DSSUR[LPDWHO\DFUHV7RJHWKHUWKHVHSORWVWRWDOHG
RUDFUHV6HH³'HHGRI6DOH´DQG³/DQG2ZQHGE\0DGLVRQ&ROOHJH´7KHFDWDORJVWDWHVWKDWWKHVFKRRO
FRPSULVHGIRUW\QLQHDFUHVRIODQG6HH7KH1RUPDO%XOOHWLQQR0D\7KLVILJXUHLVDOVRFLWHGLQ
'LQJOHGLQH,QWKHVHFDVHVLWLVWKHDXWKRU¶VEHOLHIWKDWWKHILJXUHZDVVLPSO\URXQGHGXSE\RQHDFUH7KH
FDPSXVRIZDVFRPSULVHGRIQXPHURXVSORWVRIODQGLQFOXGLQJWKHQHDUO\WKLUW\RQHDFUH&ROOHJH&DPS
8QLYHUVLW\)DUP:KLOHWKHWRWDODPRXQWRIODQGRZQHGE\WKH&ROOHJHZDVDFUHVWKHVFKRRO¶VFRQWLJXRXV
FDPSXVHQFRPSDVVHGDFUHVPDLQFDPSXVDFUHVDFUHVFRQVWLWXWLQJWKHODUJHO\XQGHYHORSHGEDFN
FDPSXVDUHD %XOOHWLQ0DGLVRQ&ROOHJH QR$SULO³/DQG2ZQHGE\0DGLVRQ&ROOHJH´
,QWKHVFKRROKDGWKUHHSULPDU\EXLOGLQJV ±6FLHQFH0DXU\+DOO'RUPLWRU\1R-DFNVRQ+DOO
DQGD&RWWDJHWKH1HZPDQIDUPKRXVHWKDWKDGEHHQSXUFKDVHGZLWKWKHSURSHUW\7KHUHZDVDOVRDIRXUWKYHU\
VPDOOEXLOGLQJRUVKDFNXVHGDVWKHVFKRRO¶VODXQGU\,WKRZHYHULVQRWJHQHUDOO\FRXQWHGWRZDUGVWKHWRWDOQXPEHU
RIEXLOGLQJV,QWKHUHZHUHVHYHQDFDGHPLFEXLOGLQJVWHQUHVLGHQFHKDOOVWKUHHRQFDPSXVKRPHV
VHUYLQJDVGRUPVILYHRIIFDPSXVKRPHVDSDUWPHQWVVXFKDV6KHQDQGRDKDQG:HOOLQJWRQ$SDUWPHQWVXVHGIRU
VWXGHQWDQGIDFXOW\DFFRPPRGDWLRQVIRXU³VSHFLDOVHUYLFH´EXLOGLQJVVXFKDV$OXPQDHDQG+LOOFUHVWDVZHOODVD
KHDWLQJSODQWDJUHHQKRXVHDQGDJDUDJH %XOOHWLQ0DGLVRQ&ROOHJH QR-DQXDU\ %XOOHWLQ
0DGLVRQ&ROOHJH QR$SULO
7KHIDFXOW\QXPEHUVLQFOXGHWKHSUHVLGHQW 7KH1RUPDO%XOOHWLQ QR$XJXVW :D\ODQG/HWWHUWR
3UHVLGHQW0LOOHU7KH$SULOFDWDORJOLVWVIXOODQGSDUWWLPHIDFXOW\PHPEHUV %XOOHWLQ 0DGLVRQ&ROOHJH
QR$SULO
6WXGHQW(QUROOPHQW
5HJXODU6HVVLRQ
6WXGHQW(QUROOPHQW
6XPPHU6HVVLRQ
*UDGXDWHV
LQWKHILUVW\HDU
VWXGHQWVZHUHJUDGXDWHG
0DMRU9LUJLQLD&LWLHV
5HSUHVHQWHG
2WKHU6WDWHV5HSUHVHQWHG
SOXV'&
)RUHLJQ&RXQWULHV
5HSUHVHQWHG
9LUJLQLD&RXQWLHV
5HSUHVHQWHG
/LEUDU\6WDWLVWLFV
*HQHUDO
• /RFDWLRQ2QHURRPRQ
WKHILUVWIORRURI0DXU\
6FLHQFH+DOO
*HQHUDO
• /RFDWLRQ0DGLVRQ0HPRULDO
/LEUDU\RQHRIWKHODUJHVW
FROOHJHOLEUDULHVLQ9LUJLQLD
• 6HDWLQJ&DSDFLW\
• 6HDWLQJ&DSDFLW\
• 6WDIIOLEUDULDQ
VWXGHQWDVVLVWDQWV
• 6WDIIIXOOWLPHOLEUDULDQV
SDUWWLPHOLEUDULDQVWXGHQW
DVVLVWDQWV
7KH1RUPDO%XOOHWLQ QR0D\³6RPH6LJQLILFDQW)DFWV$ERXW0DGLVRQ&ROOHJH´0D\
LQ&RPPHQFHPHQW3URJUDPV
7KH1RUPDO%XOOHWLQ QR0D\ %XOOHWLQ 0DGLVRQ&ROOHJHQR$SULO
7KH1RUPDO%XOOHWLQ QR0D\'LQJOHGLQH %XOOHWLQ 0DGLVRQ&ROOHJH QR$SULO
7KHQXPEHUVIRUUHSUHVHQWDWLRQGXULQJWKHVFKRRO\HDUFDQEHIRXQGLQ7KH1RUPDO%XOOHWLQ QR
1RYHPEHU)RUWKHVFKRRO\HDUVHH %XOOHWLQ 0DGLVRQ&ROOHJH QR$SULO
$FFRUGLQJWRWKHFDWDORJSWKHUHZHUHQLQHIRUHLJQVWXGHQWVUHSUHVHQWLQJVHYHQFRXQWULHV DQGRQH
FRQWLQHQW ± &DQDGD)UDQFH+ROODQG,UDQVWXGHQWV0H[LFR7XUNH\<XJRVODYLDDQG6RXWK$PHULFD
&ROOHFWLRQ
• 9ROXPHV
&ROOHFWLRQ
• 9ROXPHVRYHU
• 3HULRGLFDOV0DJD]LQHV
³DODUJHQXPEHU´
• 3HULRGLFDOV0DJD]LQHVRYHU
• 1HZVSDSHUV
• 2WKHUODUJHPLFURILOPUHFRUG
DQGPRYLHFROOHFWLRQV
$FFRUGLQJWRWKHOLEUDU\¶VDFFHVVLRQERRNIRUWKH\HDUWKHVFKRROFDWDORJHGYROXPHVEHWZHHQ6HSWHPEHU
DQG$XJXVW7KHVFKRRO¶V0D\FDWDORJPHDQZKLOHSXWVWKHQXPEHUDW³DERXWWZRWKRXVDQG´7KLV
LVWKHQXPEHUJLYHQE\'LQJOHGLQHDVZHOO /LEUDU\$FFHVVLRQ%RRNVY 7KH1RUPDO%XOOHWLQ QR1RYHPEHU7KH1RUPDO%XOOHWLQQR0D\ %RDUGRI7UXVWHHV 0LQXWHV
LQVHUWGDWHG'HFHPEHUS'LQJOHGLQH
%XOOHWLQ 0DGLVRQ&ROOHJH QR$SULO³0DGLVRQ¶V2QHRI/DUJHVW&ROOHJH/LEUDULHVLQ6WDWH´LQ
³0DGLVRQ&ROOHJHWK $QQLYHUVDU\(GLWLRQ´'DLO\1HZV5HFRUG0DUFK
%LEOLRJUDSK\
$OPD0DWHUDQG2WKHU6RQJV 9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV
0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
7KLVILOHFRQWDLQVHYHQWSURJUDPVDQGW\SHGO\ULFVWRQXPHURXVVRQJVLQFOXGLQJWKH
GLIIHUHQWDOPDPDWHUV
$QQLYHUVDULHVWK LQWK LQ9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\
-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
7KLVFROOHFWLRQFRQWDLQVHYHQWSURJUDPVOHWWHUVDUWLFOHVDQGPDQXVFULSWVRQWKHVFKRRO¶V
ILUVWWZRDQQLYHUVDU\FHOHEUDWLRQV
$QQLYHUVDULHVWK LQ9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\
-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
7KLVFROOHFWLRQFRQWDLQVOHWWHUVFRQFHUQLQJWKHSODQQLQJRIWKHDQQLYHUVDU\HYHQWV
LQYLWDWLRQVHYHQWSURJUDPVPHQXVEDQTXHWVHDWLQJDUUDQJHPHQWVDGGUHVVHVGHOLYHUHG
GXULQJWKHFHUHPRQLHVDQGQHZVSDSHUFOLSSLQJV
$QQLYHUVDULHVWK $QQLYHUVDU\RI%LUWKRI-DPHV0DGLVRQ 9HUWLFDO)LOH6SHFLDO
&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
7KLVILOHFRQWDLQVYDULRXVGRFXPHQWVSHUWDLQLQJWRWKHLQVWLWXWLRQ¶VFHOHEUDWLRQRI-DPHV
0DGLVRQ¶VWK ELUWKGD\
$QWKRQ\6HHJHU&DPSXV6FKRRO&ROOHFWLRQ$6%R[)ROGHU$6
6SHFLDO &ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
$FROOHFWLRQRIQXPHURXVOHWWHUVGRFXPHQWVDQGYDULRXVHSKHPHUDFRQFHUQLQJWKH
KLVWRU\RIWKH$QWKRQ\6HHJHU&DPSXV6FKRRO
%DFKHORURI$UWV'HJUHH9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV
0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
$QDVVRUWPHQWRIOHWWHUVIRUPVGDWDOLVWVUHSRUWVDQGQHZVSDSHUFOLSSLQJVUHJDUGLQJWKH
LVVXHRIJUDQWLQJWKHVFKRRODXWKRULW\WRDZDUG%DFKHORURI$UWVGHJUHHV
%DLUG1DQF\&KDSSHOHDU³-DPHV0DGLVRQ8QLYHUVLW\$V5HPHPEHUHG%\1DQF\&KDSSHOHDU
%DLUG´,Q 'LQJOHGLQH5D\PRQG&0DGLVRQ&ROOHJH7KH)LUVW<HDUV
9HUWLFDO)LOH)ROGHU6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\
+DUULVRQEXUJ9$
$RQHSDJHUHPLQLVFHQFHRIWKHZRUNRI*HRUJH&KDSSHOHDUKHDGRIWKH%LRORJ\
'HSDUWPHQWDQG6XSHULQWHQGHQWRI%XLOGLQJVDQG*URXQGVE\KLVGDXJKWHU7KLV
UHPHPEUDQFHZDVSUREDEO\ZULWWHQIRU5D\PRQG'LQJOHGLQHZKRKDGDVNHGQXPHURXV
LQGLYLGXDOVIRUWKHLUPHPRULHVZKLOHZULWLQJKLVERRNRQWKHVFKRRO¶VKLVWRU\
³%OXHVWRQH-RXUQDO,QWKH0HUU\0RQWKRI0D\´0RQWSHOLHU6SULQJ
KWWSZZZMPXHGXPRQWSHOLHULVVXHVVSULQJMRXUQDOKWPO!>0D\@
$VKRUWDUWLFOHRQWKHKLVWRU\RIWKH0D\'D\FHOHEUDWLRQ
³%OXHVWRQH-RXUQDO7KH$IWHUQRRQWKDW%URNHWKH5XOHV±0DGLVRQ¶V::,,<HDUV´0RQWSHOLHU
)DOOKWWSZZZMPXHGXPRQWSHOLHULVVXHVIDOOMRXUQDOKWPO!>0D\@
'LVFXVVHVLQEULHIWKHLQVWLWXWLRQ¶VDFWLYLWLHVGXULQJ:RUOG:DU,,
%RDUGRI7UXVWHHV0LQXWHV%RDUGRI9LVLWRUV&ROOHFWLRQ356SHFLDO
&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
KWWSZZZOLEMPXHGXVSHFLDOMPXKLVWRULFDOGRFXPHQWV%29PLQXWHVBGRF!
>-DQXDU\@
7KHPLQXWHVRIWKH%RDUGRI7UXVWHHVZKLFKVHUYHGDVWKHVFKRRO¶VJRYHUQLQJERG\IURP
WR&RYHUVDOOWKHPDMRUHYHQWVRIWKHVFKRRO¶VILUVWVHYHQ\HDUVIURPWKH
SXUFKDVHRIWKHRULJLQDOVLWHIRUWKHVFKRROWRWKHVHOHFWLRQRIWKHILUVWSUHVLGHQWWRWKH
EXLOGLQJRIGRUPLWRULHVDQGDFDGHPLFEXLOGLQJV$WUDQVFULEHGYHUVLRQRIWKHKDQGZULWWHQ
OHGJHULVDYDLODEOHRQOLQH
7KH%UHH]H+DUULVRQEXUJ9$-DPHV0DGLVRQ8QLYHUVLW\
7KHVWXGHQWQHZVSDSHU
BBBBBBBB>,QWHUQHW+RPHSDJH@KWWSZZZWKHEUHH]HRUJ!>0D\@
7KHRQOLQHDFFHVVSRLQWIRU7KH%UHH]H&RQWDLQVWKHPRVWFXUUHQWLVVXHRIWKH
SXEOLFDWLRQDQGSURYLGHVDOLQNWRDUFKLYHGEDFNLVVXHV
%XLOGLQJV-089HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\
+DUULVRQEXUJ9$
7KLVILOHFRQWDLQVYDULRXVGRFXPHQWVSHUWDLQLQJWRWKHVFKRRO¶EXLOGLQJV
%XOOHWLQ 0DGLVRQ&ROOHJH +DUULVRQEXUJ9$0DGLVRQ&ROOHJH
7KHFROOHJHFDWDORJIURP)HEUXDU\WR0DUFK
%XOOHWLQRI,QIRUPDWLRQ0DGLVRQ&ROOHJH+DUULVRQEXUJ9$0DGLVRQ&ROOHJH
7KHFROOHJHFDWDORJIURP0DUFKWKURXJKWKHVSULQJRI
%XOOHWLQRI,QIRUPDWLRQ6WDWH7HDFKHUV&ROOHJH+DUULVRQEXUJ9$6WDWH7HDFKHUV&ROOHJH
7KHFROOHJHFDWDORJIURP)HEUXDU\WR)HEUXDU\
%XUUXVV-XOLDQ$³)HGHUDO$LGIRU+RPH(FRQRPLFV´7KH1RUPDO%XOOHWLQ0DJD]LQH
-DQXDU\
$QDUWLFOHE\WKHSUHVLGHQWRIWKHVFKRROUHSRUWLQJRQWKHGHWDLOVRIWKH6PLWK+XJKHV$FW
RIZKLFKSURYLGHGIHGHUDOIXQGVIRUWKHGHYHORSPHQWRIYRFDWLRQDOHGXFDWLRQ
SURJUDPVDURXQGWKHFRXQWU\DVWKH\SHUWDLQHGWRWKHVFKRRODQGLWV+RPH(FRQRPLFV
SURJUDP
%XUUXVV-XOLDQ$1HZV5HOHDVHV9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU
/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
1XPHURXVGRFXPHQWVFRQFHUQLQJWKHILUVWSUHVLGHQWRIWKHLQVWLWXWLRQ ±OHWWHUVDUWLFOHV
DQGQHZVSDSHUFOLSSLQJV&RQWDLQVDWKLFNVWDFNRIQHZVUHOHDVHVIURPWKHVFKRROIRUWKH
\HDUVWRHDFKRIZKLFKEULHIO\UHODWHVVFKRRODFWLYLWLHVDQGKDSSHQLQJV
&DPSXV0DSV9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\
+DUULVRQEXUJ9$
7KLVIROGHUFRQWDLQVPDSVRIWKHFDPSXVIRUYDULRXVWLPHSHULRGV
&DUUROO0DU\/RX³7KH+LVWRU\DQG'HYHORSPHQWRI3K\VLFDO(GXFDWLRQDW0DGLVRQ&ROOHJH´
$SULO>6WXGHQW3DSHU@6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ
8QLYHUVLW\+DUULVRQEXUJ9D
$VWXGHQWSDSHUH[DPLQLQJWKHGHYHORSPHQWRIWKH8QLYHUVLW\¶VDWKOHWLFVDQG
SK\VLFDOHGXFDWLRQSURJUDPVIURPWR
&KDSSHOHDU*HRUJH:³%XLOGLQJVDQG*URXQGV´7KH9LUJLQLD7HDFKHUQR$SULO
6XPPDUL]HVWKHVFKRRO¶VSURSHUW\DFTXLVLWLRQVDQGFRQVWUXFWLRQRIFDPSXVEXLOGLQJVXS
WR,QFOXGHVGDWHVFRVWVDQGEXLOGLQJV¶FRQWHQWVDVZHOODVDUFKLWHFWXUDOGUDZLQJV
RI:LOVRQ+DOO
³&KDSWHU$Q$FWWR&UHDWHWKH9LUJLQLD1RUPDO6FKRRO%RDUG´0DUFK,Q $FWV
DQG-RLQW5HVROXWLRQVRIWKH*HQHUDO$VVHPEO\RIWKH6WDWHRI9LUJLQLD6HVVLRQ:KLFK
&RPPHQFHGDWWKH6WDWH&DSLWDORQ:HGQHVGD\-DQXDU\ 5LFKPRQG
7KH*HQHUDO$VVHPEO\$FWRIZKLFKDEROLVKHGWKH%RDUGRI7UXVWHHVDQGFKDQJHG
WKHLQVWLWXWLRQ¶VQDPHIURPWKH6WDWH1RUPDODQG,QGXVWULDO6FKRROIRU:RPHQDW
+DUULVRQEXUJWRWKH6WDWH1RUPDO6FKRROIRU:RPHQDW+DUULVRQEXUJ
³&KDSWHU$Q$FWWR$PHQGDQG5HHQDFW6HFWLRQRIWKH$FWRIWKH*HQHUDO$VVHPEO\
HQWLWOHG$Q$FWWR&UHDWHWKH9LUJLQLD1RUPDO6FKRRO%RDUG´0DUFK,Q
$FWVDQG-RLQW5HVROXWLRQVRIWKH*HQHUDO$VVHPEO\RIWKH6WDWHRI9LUJLQLD6HVVLRQ
:KLFK&RPPHQFHGDWWKH6WDWH&DSLWDORQ-DQXDU\ 5LFKPRQG
7KH*HQHUDO$VVHPEO\$FWRIZKLFKDXWKRUL]HGWKH9LUJLQLD1RUPDO6FKRRO%RDUG
WRFRQIHUGHJUHHVLQHGXFDWLRQ
&RPPHQFHPHQW3URJUDPV $QQXDO(YHQWV2IILFH&ROOHFWLRQ$1%R[
)ROGHU6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ
9$
&RQWDLQVRULJLQDOFRSLHVRIFRPPHQFHPHQWLQYLWDWLRQVDQGSURJUDPVIRU
1RWDEO\LVPLVVLQJ
&RPPHQFHPHQW3URJUDPV $QQXDO(YHQWV2IILFH&ROOHFWLRQ$1%R[
)ROGHU6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ
9$
&RQWDLQVRULJLQDOFRSLHVRIFRPPHQFHPHQWLQYLWDWLRQVDQGSURJUDPVIRU
'DLO\1HZV5HFRUG+DUULVRQEXUJ9$
7KHORFDO+DUULVRQEXUJQHZVSDSHU (VWDEOLVKHGLQDQGVWLOOSXEOLVKHGWRGD\
'DZVRQ6XVDQ(³-DPHV0DGLVRQ8QLYHUVLW\$Q(QYLURQPHQWDO+LVWRU\´$%XUUXVV5HVHDUFK
3URMHFW3DSHU-DPHV0DGLVRQ8QLYHUVLW\
$KLVWRU\RIWKHFDPSXVJURXQGVIURPWR
³'HHGRI6DOH+01HZPDQDQG:LIH/RUHQD0DOOLHWRWKH6WDWH1RUPDODQG,QGXVWULDO6FKRRO
IRU:RPHQDW+DUULVRQEXUJ´-XO\'HHG%RRNSS&OHUNRIWKH
&RXUW¶V2IILFH5RFNLQJKDP&RXQW\&RXUWKRXVH&RXUW6TXDUH+DUULVRQEXUJ9LUJLQLD
7KHH[HFXWHGGHHGRIWKHLQVWLWXWLRQ¶VLQLWLDOODQGSXUFKDVHLQ,QFOXGHVWKHSODW
'LQJOHGLQH5D\PRQG& 0DGLVRQ&ROOHJH7KH)LUVW<HDUV9HUWLFDO)LOH6SHFLDO
&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
7KLVILOHFRQWDLQVWZRIROGHUVZLWKQXPHURXVOHWWHUVRIFRUUHVSRQGHQFHVROLFLWHGIURP
IRUPHUVWXGHQWVE\'LQJOHGLQHGXULQJWKHZULWLQJRIKLVERRN0DGLVRQ&ROOHJH7KH
)LUVW)LIW\<HDUV
'LQJOHGLQH5D\PRQG&-U0DGLVRQ&ROOHJH7KH)LUVW)LIW\<HDUV+DUULVRQEXUJ
9$0DGLVRQ&ROOHJH
&RYHUVLQJUHDWGHWDLOWKHILUVWILIW\\HDUVRIWKHLQVWLWXWLRQ'LVFXVVHVHYHU\WKLQJIURP
FXUULFXOXPJURZWKWRVWXGHQWVRFLDOOLIHWRH[SDQVLRQRIWKHFDPSXV
'UDPD&ODVVDQG2WKHU6WXGHQW3OD\V9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV
0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
&RQWDLQVQXPHURXVHSKHPHUDSURJUDPVSDPSKOHWVHWFUHODWLQJWRVWXGHQWSOD\V
SHUIRUPHGDWWKHVFKRRO
'XNH6DPXHO39HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ
8QLYHUVLW\+DUULVRQEXUJ9$
7KLVILOHFRQWDLQVERRNOHWVDQGSDPSKOHWVFHOHEUDWLQJ'XNH¶VILUVWWZHQW\ILYH\HDUVRI
VHUYLFHDVZHOODVVHYHUDOGRFXPHQWVUHODWLQJELRJUDSKLFDOLQIRUPDWLRQRQWKHVHFRQG
SUHVLGHQW$OVRQXPHURXVDUWLFOHVDQGOHWWHUV
'XNH6DPXHO3³,QWURGXFLQJ0DGLVRQ&ROOHJH´7KH9LUJLQLD7HDFKHUQR0DUFK
'XNHGLVFXVVHVWKHFKDQJLQJRIWKHLQVWLWXWLRQ¶VQDPHIURPWKH6WDWH7HDFKHUV&ROOHJHDW
+DUULVRQEXUJWR0DGLVRQ&ROOHJH'XNHRXWOLQHVWKUHHUDWLRQDOHVMXVWLI\LQJERWKWKH
QDPHFKDQJHLWVHOIDQGWKHFKRLFHRIQDPHVDNH
BBBBBBBB³7KH1HZ6WDWH7HDFKHUV&ROOHJHV´7KH9LUJLQLD7HDFKHU)HEUXDU\
3UHVLGHQW'XNHH[SODLQVWKHUHDVRQVEHKLQGWKHFKDQJLQJRIWKHLQVWLWXWLRQ¶VQDPHIURP
WKH6WDWH1RUPDODQG,QGXVWULDO6FKRROIRU:RPHQDW+DUULVRQEXUJWRWKH6WDWH7HDFKHUV
&ROOHJHDW+DUULVRQEXUJ'XNHRXWOLQHVWZHOYHUHDVRQVSURYLGLQJGHWDLOVRQHDFK
([HFXWLYH&RPPLWWHH0LQXWHV3UHVLGHQW6DPXHO'XNH&ROOHFWLRQ35%R[
)ROGHU6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\
+DUULVRQEXUJ9$
7KHPLQXWHVRIWKHFRPPLWWHHHVWDEOLVKHGWRUXQWKHVFKRRO¶VGD\WRGD\RSHUDWLRQV
GXULQJ3UHVLGHQW'XNH¶VDEVHQFHGXHWRLOOQHVV
)DFXOW\0LQXWHV%RDUGRI9LVLWRUV&ROOHFWLRQ35%R[ 6SHFLDO
&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
/HGJHUFRQWDLQLQJWKHKDQGZULWWHQIDFXOW\PLQXWHVIRUWR
)DFXOW\0LQXWHV%RDUGRI9LVLWRUV&ROOHFWLRQ35%R[ 6SHFLDO
&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
/HGJHUFRQWDLQLQJWKHKDQGZULWWHQIDFXOW\PLQXWHVIRUWR
)DFXOW\0LQXWHV%RDUGRI9LVLWRUV&ROOHFWLRQ35 %R[ 6SHFLDO
&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
/HGJHUFRQWDLQLQJWKHKDQGZULWWHQIDFXOW\PLQXWHVIRUWR
)DFXOW\0LQXWHV%RDUGRI9LVLWRUV&ROOHFWLRQ35%R[2YHUVL]H6SHFLDO
&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
/HGJHUFRQWDLQLQJWKHKDQGZULWWHQIDFXOW\PLQXWHVIRUWR
)DFXOW\0LQXWHV ±%RDUGRI9LVLWRUV &ROOHFWLRQ35 %R[6SHFLDO
&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
)DFXOW\PLQXWHVIRUWKURXJK1RYHPEHU+DQGZULWWHQ1XPHURXV
JDSV
³7KH)LUVW&DSLWDO&DPSDLJQ´-08&HQWHQQLDO&HOHEUDWLRQ:HEVLWH
KWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQFDPSDLJQVKWPO!>-XO\@
'LVFXVVHVWKHHIIRUWVRIDOXPQDHWRUDLVHWKHFDSLWDOWREXLOG$OXPQDH+DOOLQWKHHDUO\
V
³7KH)LUVW6WXGHQW´-08&HQWHQQLDO&HOHEUDWLRQ:HEVLWH
KWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQILUVWVWXGHQWVKWPO!>$SULO@
$EULHI DUWLFOHDERXWWKHILUVWWZRVWXGHQWV1DQQLH6ZRUGDQG(OHDQRU%HDWULFH0DUDEOH
7KHLQIRUPDWLRQFRQWDLQHGLQWKHDUWLFOHLVGHULYHGIURP'LQJOHGLQH¶V0DGLVRQ&ROOHJH
7KH)LUVW)LIW\<HDUV
)RXQGHU¶V'D\V9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ 8QLYHUVLW\
+DUULVRQEXUJ9$
7KLVILOHFRQWDLQVHYHQWSURJUDPVDQGRWKHUHSKHPHUDUHODWHGWRWKH)RXQGHU¶V'D\V
FHOHEUDWLRQV
³*UDGXDWLRQ +LVWRU\´-08&HQWHQQLDO:HEVLWH
KWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQFRPPHQFHPHQWVKWPO!>0DUFK@
$QDUWLFOHFKURQLFOLQJWKHKLVWRU\DQGHYROXWLRQRIWKHVFKRRO¶VFRPPHQFHPHQW
FHUHPRQLHVIURPWRWKHSUHVHQW
+DUULVRQEXUJ'DLO\1HZV+DUULVRQEXUJ9$
2QHRIVHYHUDOORFDOSDSHUVRIWKHHDUO\WZHQWLHWKFHQWXU\6FKRROQHZVUHJXODUO\PDGH
WKHIURQWSDJH8QIRUWXQDWHO\PDQ\LVVXHVDUHQRORQJHUDYDLODEOH
+DUULVRQEXUJ'DLO\7LPHV+DUULVRQEXUJ9$
2QHRIVHYHUDOORFDOSDSHUVRIWKHHDUO\WZHQWLHWKFHQWXU\0DQ\LVVXHVDUHQRORQJHU
DYDLODEOH
+LOWRQ)UHG'³&KDQJLQJIURPD&ROOHJHWRD8QLYHUVLW\0DGLVRQ&ROOHJHWR-DPHV0DGLVRQ
8QLYHUVLW\´0DVWHU¶VWKHVLV-DPHV0DGLVRQ8QLYHUVLW\
7KLVZRUNIRFXVHVRQ5RQDOG&DUULHUWKHLQVWLWXWLRQ¶VIRXUWKSUHVLGHQWDVWKHHSLFHQWHURI
WKHWUDQVIRUPDWLRQRI-08IURPDVPDOOSULPDULO\IHPDOHWHDFKHUVFROOHJHWRD
FRPSUHKHQVLYHUHJLRQDOFRHGXFDWLRQDOOLEHUDODUWVXQLYHUVLW\,WH[DPLQHV&DUULHU¶V
OHDGHUVKLSUROHDQGQXPHURXVSROLF\LQLWLDWLYHVZKLFKFRDOHVFHGWRHQDEOHWKHFKDQJHWR
RFFXU
BBBBBBBB³'RZQE\WKH6KHQDQGRDK5LYHUVLGH´0RQWSHOLHU:LQWHU
$EULHIKLVWRU\RIWKH8QLYHUVLW\)DUPXSWR
BBBBBBBB³0D\'D\¶V&URZQLQJ*ORU\&RXOGQ¶W(VFDSH&KDQJLQJ6RFLDO&OLPDWH´0DGLVRQ
QR6SULQJ
$EULHIDUWLFOHRQWKHKLVWRU\RIWKH0D\'D\FHOHEUDWLRQ
+LVWRU\0LVF5HPLQLVFHQFHV9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV
0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
$VPDOOILOHFRQWDLQLQJRQO\WKUHHGRFXPHQWV$)RXQGHUV'D\DGGUHVVE\0DU\
/RXLVH6HHJHUDVKRUWHVVD\RQWKHKLVWRU\RIWKHVFKRROE\-HVVLH>*LEERQV"@GDWHG
VXPPHUDQGDIROGHUZLWKQHZVSDSHUFOLSSLQJVIURP RQHE\3UHVLGHQW
%XUUXVVWKHRWKHUE\0LVV&OHYHODQG
³7KH+RPH(FRQRPLFV'HSDUWPHQWRI0DGLVRQ&ROOHJH´0DUFK,Q +RPH(FRQRPLFV
9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\
+DUULVRQEXUJ9$
$VHYHQSDJHDUWLFOHGHVFULELQJWKHKLVWRU\RIWKHLQVWLWXWLRQ¶V+RPH(FRQRPLFVSURJUDP
XSWR3ULPDULO\GLVFXVVHVFXUULFXOXPFKDQJHVDQGWKHYDULRXVGHSDUWPHQWKHDGV
DQGIDFXOW\PHPEHUVRYHUWKH\HDUVEXWEULHIO\WRXFKHVRQGHJUHHVWKH6PLWK+XJKHV
$FWDQGWKHSUDFWLFHKRXVH
+XGVRQ5XWK6³'UDPDWLFVDWWKH&ROOHJH´7KH9LUJLQLD7HDFKHUQR$SULO
'LVFXVVHVWKHKLVWRU\RIGUDPDWLFSHUIRUPDQFHVDWWKHVFKRROIURPWR
3ULPDULO\FRQVLVWVRIFKURQRORJLFDOOLVWLQJVRIDOOWKHSURIHVVLRQDOGUDPDFRPSDQLHVWKDW
YLVLWHGWKHVFKRRODVZHOODVDOOWKHSOD\VSUHVHQWHGE\VWXGHQWVLQFOXGLQJWKRVHRIWKH
6HQLRU&ODVVDQGWKH6WUDWIRUG3OD\HUV
,PDJHVRI-DPHV0DGLVRQ8QLYHUVLW\%OXH6WRQH+LOOWR-08 +DUULVRQEXUJ
9$-DPHV0DGLVRQ8QLYHUVLW\
$SLFWRULDOKLVWRU\RI-08LVVXHGLQFRPPHPRUDWLRQRIWKHLQVWLWXWLRQ¶VWK DQQLYHUVDU\
³7KH,QDXJXUDWLRQRI*7\OHU0LOOHU´%XOOHWLQ0DGLVRQ&ROOHJH-DQXDU\
7KHFRPSOHWHSURFHHGLQJVRIWKHLQDXJXUDWLRQFHUHPRQLHVRI-08
VWKLUGSUHVLGHQW*
7\OHU0LOOHU
-DPHV0DGLVRQ8QLYHUVLW\%XOOHWLQQR8QGHUJUDGXDWH&DWDORJ0D\
+DUULVRQEXUJ9$'LYLVLRQRI$FDGHPLF$IIDLUV-080D\
7KHFXUUHQW8QLYHUVLW\FDWDORJ
³-DPHV0DGLVRQ8QLYHUVLW\´6SHFLDOWRWKH'DLO\1HZV5HFRUG0DUFK
$FROOHFWLRQRIDUWLFOHVRQWKHKLVWRU\RIWKHVFKRRO,VVXHGDVSDUWRIWKH8QLYHUVLW\¶V
'LDPRQG$QQLYHUVDU\FHOHEUDWLRQV
-DPHV0DGLVRQ8QLYHUVLW\2IILFHRI,QVWLWXWLRQDO5HVHDUFK³-DPHV0DGLVRQ8QLYHUVLW\
)DFWVDQG)LJXUHV´0DUFK
KWWSZZZMPXHGXLQVWUHVUFKVWDWVXPB)DFWV)LJVSGI!>-XQH@
3DUWRIWKH2,5¶VVWDWLVWLFDOVXPPDU\IRU&RQWDLQVEDVLFVIDFWVDQGILJXUHV
VXFKDVWKHVL]HRIWKHFDPSXVWKHQXPEHURIEXLOGLQJVDQGWKHQXPEHURIVWXGHQWV
HQUROOHG
BBBBBBBB³7DEOH'HJUHHV&RQIHUUHG7KURXJK´
KWWSZZZMPXHGXLQVWUHVUFKVWDWVXPKWP!>$SULO@
3DUWRI2,5¶V6WDWLVWLFDO6XPPDU\*LYHVWKHQXPEHURIGHJUHHVFRQIHUUHGE\
\HDUIURPWKURXJK
-DPHV0DGLVRQ8QLYHUVLW\2IILFHRI0HGLD5HODWLRQV³-08WR0RYH&ODVVHVIURP$QWKRQ\
6HHJHU´$SULO
KWWSZHEMPXHGXPHGLDUHO35WKLV5HOHDVHDVS"$XWR,' !>6HSWHPEHU@
$QHZVUHOHDVHGLVFXVVLQJWKHPRYLQJRIFODVVURRPVIURP$QWKRQ\6HHJHU+DOO
-08&HQWHQQLDO&HOHEUDWLRQ>,QWHUQHW+RPHSDJH@
KWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQ!>0D\@
7KHFHQWUDORQOLQHUHVRXUFHIRUWKH&HQWHQQLDO&HOHEUDWLRQ3URYLGHVGR]HQVRIOLQNVWR
KLVWRULFDOLQIRUPDWLRQRQWKHVFKRRO
³-083UHVLGHQWV´-08&HQWHQQLDO&HOHEUDWLRQ:HEVLWH
KWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQSUHVLGHQWVVKWPO!>0D\@
%ULHIVXPPDULHVRIWKHLQVWLWXWLRQ¶VILYHSUHVLGHQWLDODGPLQLVWUDWLRQV
-RKQVWRQ$OWKHD/RRVH³$WKOHWLFVDWWKH&ROOHJH´7KH9LUJLQLD7HDFKHUQR$SULO
$YHU\VKRUW\HWLQIRUPDWLYHDUWLFOHRQWKHGHYHORSPHQWRIDWKOHWLFVDWWKH&ROOHJHIURP
WR:ULWWHQE\WKHZRPDQZKRKHDGHGWKH3K\VLFDO(GXFDWLRQ 'HSDUWPHQW
DQGFRDFKHGEDVNHWEDOO
-RQHV1DQF\%&ROOHFWLRQ6&%R[)ROGHU 6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\
-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
&RQWDLQVOHWWHUVRIFRUUHVSRQGHQFHEHWZHHQ3UHVLGHQW%XUUXVVDQG%HDWULFH0DUDEOHDQG
DVSHHFKE\0DUDEOH
-RQHV1DQF\%RQGXUDQW³)URP/XNHZDUPWR*UDQG)DVKLRQ´0RQWSHOLHU)DOO
KWWSZZZMPXHGXPRQWSHOLHULVVXHVIDOOEOXHVWRQHKWP!>0D\@
&RQWUDVWVWKHGLIIHUHQWUHFHSWLRQVUHFHLYHGE\WKH8QLYHUVLW\¶VILUVWWZRSUHVLGHQWV
%XUUXVVDQG'XNHZLWKWKDWRILWVWKLUG*7\OHU0LOOHU7KHDUWLFOHDOVRSURYLGHVD
JRRGVXPPDUL]HGDFFRXQWRIWKHLQDXJXUDWLRQRI3UHVLGHQW0LOOHU
BBBBBBBB³+HDGV,W¶V7KH%UHH]H7DLOV,W¶V&DPSXV&DW´0RQWSHOOLHU)DOO
KWWSZZZMPXHGXPRQWSHOLHU)DOO+HDGV7KH%UHH]HVKWPO!>0D\
@
$EULHIDUWLFOHRQWKHRULJLQVDQGOLIHRIWKHILUVWVWXGHQWSDSHU 7KH%UHH]H5HFRXQWV
KRZWKHSDSHUJRWLWVQDPHGLVFXVVHVHDUO\FRQWHQWPHQWLRQVFRQWURYHUVLHVDQGVKRZV
KRZLWKDVHYROYHGSK\VLFDOO\DQGMRXUQDOLVWLFDOO\
BBBBBBBB5RRWHGRQ%OXH6WRQH+LOO$+LVWRU\RI-DPHV0DGLVRQ8QLYHUVLW\
6DQWD)H10DQG6WDXQWRQ9$&HQWHUIRU$PHULFDQ3ODFHVLQDVVRFLDWLRQZLWKWKH
&RPPXQLW\)RXQGDWLRQRI+DUULVRQEXUJDQG5RFNLQJKDP&RXQW\
$KLVWRU\RI-08IURPWR
.LQQHDU'XQFDQ/\OH³$6KRUW+LVWRU\RI9LUJLQLD7HFK7KH%XUUXVV$GPLQLVWUDWLRQ
´QGKWWSVSHFOLEYWHGXDUFKLYHVWKNLQQHDUEXUUXVVKWP!>0D\@
7KLVRQOLQHDUWLFOHVXPPDUL]HVWKHKLJKOLJKWVRI-XOLDQ%XUUXVV¶VWHQXUHDVSUHVLGHQWRI
9LUJLQLD7HFK
³/DQG2ZQHGE\0DGLVRQ &ROOHJH´,Q 8QLYHUVLW\)DUP9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV
&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
7KLVGRFXPHQWVLJQHGE\WKH&ROOHJH¶V%XVLQHVV0DQDJHUOLVWVWKHSURSHUWLHVDQG
EXLOGLQJVSXUFKDVHGE\WKHLQVWLWXWLRQIURPWR,QFOXGHVGDWHVFRVWVDQG
DFUHDJHV
³/HWWHUVIURP0&$OXPQDH´0DGLVRQ&ROOHJHWK $QQLYHUVDU\(GLWLRQ'DLO\1HZV5HFRUG
0DUFK
7ZROHWWHUVRIUHPHPEUDQFHDQGFRQJUDWXODWLRQVXEPLWWHGWRWKH'DLO\1HZV5HFRUGE\
DOXPQDHIRUWKHSDSHU¶VVSHFLDODQQLYHUVDU\HGLWLRQ
/LEUDU\$FFHVVLRQ%RRNVYROV6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV
0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
+DQGZULWWHQOHGJHUVRIWKHERRNVFDWDORJHGE\WKHOLEUDU\IURPWR
/RJDQ&RQUDG7³6DPXHO3'XNH%XLOGHU´7KH9LUJLQLD7HDFKHUQR$SULO
%ULHIO\WUDFHV'XNH¶VHIIRUWVWRLPSURYHWKHIDFXOW\DQGHQODUJHWKHVFKRROGXULQJKLVILUVW
WZHOYH\HDUVLQRIILFH
³0DGLVRQ&ROOHJHWK $QQLYHUVDU\(GLWLRQ´'DLO\1HZV5HFRUG0DUFK
$QRYHUVL]HHGLWLRQRIWKHORFDOQHZVSDSHULVVXHGDVSDUWRIWKHLQVWLWXWLRQ¶VILIWLHWK
DQQLYHUVDU\FHOHEUDWLRQ&RQWDLQVRYHUIRUW\DUWLFOHVRQWKHLQVWLWXWLRQDQGLWVKLVWRU\
³0DMRU%XLOGLQJV´-08&HQWHQQLDO&HOHEUDWLRQ:HEVLWH
KWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQPDMRUBEXLOGLQJVVKWPO!>-DQXDU\@
$QDOSKDEHWLFDOOLVWLQJRIWKH8QLYHUVLW\¶VPDMRUEXLOGLQJV,QFOXGHVWKH\HDUHDFK
EXLOGLQJZDVFRQVWUXFWHGDQGIRUZKRPWKH\DUHQDPHG
0D\'D\V9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\
+DUULVRQEXUJ9$
&RQWDLQVSURJUDPVDQGLQIRUPDWLRQUHJDUGLQJWKHVFKRRO¶VDQQXDO0D\'D\FHOHEUDWLRQV
0RIIHWW0¶/HGJH³7KH%HJLQQLQJRI6WXGHQW$FWLYLWLHVDW+DUULVRQEXUJ´7KH9LUJLQLD7HDFKHU
QR0D\
$ILUVWKDQGSHUVRQDODFFRXQWRIOLIHDWWKHVFKRROGXULQJLWVILUVW\HDUV
0RRG\3HDUO 3RZHUV³2XU3UDFWLFH+RXVH´7KH9LUJLQLD7HDFKHUQR0DUFK
$QDUWLFOHDERXWWKHUHFHQWO\FRPSOHWHGKRPHHFRQRPLFVSUDFWLFHKRXVHE\WKHKHDGRI
WKH+RPH(FRQRPLFV'HSDUWPHQWDWWKHWLPH3URYLGHVDGHWDLOHGDFFRXQWRIWKH
EXLOGLQJ¶VIXUQLVKLQJVDQGLQFOXGHVWKHIORRUSODQIRUWKHILUVWDQGVHFRQGIORRUV
BBBBBBBB³7KH3UDFWLFH+RXVH´7KH1RUPDO%XOOHWLQ0DJD]LQH -DQXDU\
$GHWDLOHGDUWLFOHRQWKHQHFHVVLW\LPSOHPHQWDWLRQDQGRSHUDWLRQRIWKHVFKRRO¶VKRPH
HFRQRPLFVSUDFWLFHKRXVH,QFOXGHVDGHVFULSWLRQRIWKHKRXVH¶VLQWHULRUGLVFXVVLRQRI
WKHZRUNSHUIRUPHGE\VWXGHQWVDQGEXGJHWDQGH[SHQGLWXUHFKDUWV
BBBBBBBB³6PLWK+XJKHV7HDFKHU7UDLQLQJLQ+RPH(FRQRPLFVDW+DUULVRQEXUJ´7KH9LUJLQLD
7HDFKHUQR$SULO
'LVFXVVHVWKH6PLWK+XJKHV$FWDQGWKHGHYHORSPHQWRIWKHVFKRRO¶VKRPHHFRQRPLFV
SURJUDP
1DPH0DGLVRQ&ROOHJH9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV
0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
7KLVILOHFRQWDLQVLQIRUPDWLRQUHODWLQJWRWKHLQVWLWXWLRQ¶VQDPHFKDQJHLQ
1DPLQJRI%XLOGLQJV 'LVFLSOLQDU\DQG%XGJHW5HSRUWV&ROOHFWLRQ35
%R[)ROGHU6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\
+DUULVRQEXUJ9$
7KLVIROGHUFRQVLVWVSULPDULO\RIOHWWHUVLQIRUPLQJKRQRUHHVWKDWFDPSXVEXLOGLQJVZHUHWR
EHQDPHGDIWHUWKHP,QFOXGHVOHWWHUVWR'U-RKQ:D\ODQGDQG0UV%HUQLFH9DUQHU
1HZV&OLSSLQJV3XEOLF5HODWLRQV&ROOHFWLRQ38 6SHFLDO&ROOHFWLRQV
&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
$YHU\QLFHDQGH[WHQVLYHFROOHFWLRQRISKRWRFRSLHGQHZVSDSHUFOLSSLQJVIRUYDULRXV
GDWHVIURP DQG
7KH1RUPDO%XOOHWLQ+DUULVRQEXUJ9$6WDWH1RUPDO DQG,QGXVWULDO6FKRROIRU:RPHQ
6WDWH1RUPDO6FKRROIRU:RPHQ
7KHVFKRRO¶VILUVWFDWDORJ
7KH1RUPDO%XOOHWLQ0DJD]LQH +DUULVRQEXUJ9$6WDWH1RUPDO6FKRROIRU:RPHQ
0DJD]LQHHGLWLRQRI 7KH1RUPDO%XOOHWLQ
3ROLF\*XLGHOLQHVIRU*URXSV8VLQJWKH8QLYHUVLW\)DUP-DPHV0DGLVRQ8QLYHUVLW\
KWWSZZZMPXHGX-08SROLF\VKWPO!>$SULO@
2XWOLQHVSROLFLHVIRUUHTXHVWLQJXVHRIWKH8QLYHUVLW\)DUP
3UHVLGHQW¶V5HSRUWVWR%RDUGRI7UXVWHHV9LUJLQLD1RUPDO6FKRRO%RDUG %RDUGRI
9LVLWRUV&ROOHFWLRQ35%R[%LQGHU 6SHFLDO&ROOHFWLRQV&DUULHU
/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
&RQWDLQVRULJLQDOFRSLHVRIUHSRUWVLQFOXGLQJDQQXDOUHSRUWVVXEPLWWHGWRWKH%RDUGRI
7UXVWHHVDQGWKH9LUJLQLD1RUPDO6FKRRO%RDUG%RDUGRI9LUJLQLD7HDFKHUV&ROOHJHV
E\3UHVLGHQWV%XUUXVVDQG'XNHIURPWR
3UHVLGHQW¶V5HSRUWVWR6WDWH%RDUGRI(GXFDWLRQ %RDUGRI9LVLWRUV&ROOHFWLRQ35
%R[%LQGHU 6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV
0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
&RQWDLQVRULJLQDOFRSLHVRIUHSRUWVLQFOXGLQJDQQXDOUHSRUWVVXEPLWWHGWRWKH6WDWH
%RDUGRI(GXFDWLRQE\3UHVLGHQW'XNHIURPWR-XO\
3UHVLGHQW¶V5HSRUWVWR6WDWH%RDUGRI(GXFDWLRQ %RDUGRI9LVLWRUV&ROOHFWLRQ35
%R[%LQGHU 6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV
0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
&RQWDLQVRULJLQDOFRSLHVRIUHSRUWVLQFOXGLQJDQQXDOUHSRUWVVXEPLWWHGWRWKH6WDWH
%RDUGRI(GXFDWLRQE\3UHVLGHQW'XNHIURP2FWREHUWR0D\
3UHVLGHQW¶V5HSRUWVWR6WDWH%RDUGRI(GXFDWLRQ %RDUGRI9LVLWRUV&ROOHFWLRQ35
%R[%LQGHU 6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV
0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
&RQWDLQVRULJLQDOFRSLHVRIUHSRUWVLQFOXGLQJDQQXDOUHSRUWVVXEPLWWHGWRWKH6WDWH
%RDUGRI(GXFDWLRQE\3UHVLGHQW'XNHIURP-XO\WR0D\
3UHVLGHQW¶V5HSRUWVWR6WDWH%RDUGRI(GXFDWLRQ%RDUGRI9LVLWRUV&ROOHFWLRQ35
%R[%LQGHU6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV
0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
&RQWDLQVRULJLQDOFRSLHVRIUHSRUWVLQFOXGLQJDQQXDOUHSRUWVVXEPLWWHGWRWKH6WDWH
%RDUGRI(GXFDWLRQE\3UHVLGHQW0LOOHUIURP-XO\WR0D\
3UHVLGHQW¶V5HSRUWVWR6WDWH%RDUGRI(GXFDWLRQ%RDUGRI9LVLWRUV&ROOHFWLRQ35
%R[)ROGHU6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ
8QLYHUVLW\+DUULVRQEXUJ9$
&RQWDLQVRULJLQDOFRSLHVRIUHSRUWVLQFOXGLQJDQQXDOUHSRUWVVXEPLWWHGWRWKH6WDWH
%RDUGRI(GXFDWLRQE\3UHVLGHQW0LOOHUIURP>1RWH0LOOHU¶VDQQXDO
UHSRUWLVQRWDYDLODEOH@
3UHVLGHQW¶V5HSRUWVWR6WDWH%RDUGRI(GXFDWLRQ%RDUGRI9LVLWRUV&ROOHFWLRQ35
%R[)ROGHU6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\
+DUULVRQEXUJ9$
&RQWDLQVRULJLQDOFRSLHVRIUHSRUWVLQFOXGLQJDQQXDOUHSRUWVVXEPLWWHGWRWKH6WDWH
%RDUGRI(GXFDWLRQE\3UHVLGHQW0LOOHULQ
3UXIHU0DUJDUHW0³$+LVWRU\RIWKH6WDWH1RUPDO6FKRRODW+DUULVRQEXUJ´7KH1RUPDO
%XOOHWLQ0DJD]LQH2FWREHU
$QDUWLFOHDERXWWKHVFKRRO¶VILUVWWHQ\HDUVZKLFKPHQWLRQVPDQ\³ILUVWV´LQWKHKLVWRU\
RIWKHVFKRROWRWKDWWLPH+RZHYHULWDOVRFRQWDLQVVHYHUDOIDFWXDOHUURUVPRVWO\
UHJDUGLQJGDWHVZKLFKZHUHOLNHO\WKHUHVXOWRIVLPSOHW\SRJUDSKLFDOHUURUV
³3XUSOHDQG*ROG´-08&HQWHQQLDO&HOHEUDWLRQ:HEVLWH
KWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQSXUSOHBJROGVKWPO!>$SULO@
'LVFXVVHVWKHRULJLQVRIWKHVFKRRO¶VFRORUV
5HFRUGVRIWKH2IILFHRIWKH3UHVLGHQW-XOLDQ$%XUUXVV5HFRUG*URXS1XPEHU
5*%R[)ROGHU%R[)ROGHU%R[)ROGHU1HZPDQ/LEUDU\
6SHFLDO&ROOHFWLRQV8QLYHUVLW\$UFKLYHV8QLYHUVLW\/LEUDULHV9LUJLQLD7HFK
%ODFNVEXUJ9$
$ODUJHFROOHFWLRQRIFRUUHVSRQGHQFHDQGUHSRUWVE\-XOLDQ%XUUXVVGXULQJKLVWHQXUHDV
SUHVLGHQWRIERWKWKH+DUULVRQEXUJ1RUPDO6FKRRODQG9LUJLQLD7HFK
7KRVHGRFXPHQWVUHOHYDQWWR-08DUHPRVWO\UHSRUWVWRWKH%RDUGRI7UXVWHHVDQG
WKH9LUJLQLD1RUPDO6FKRRO%RDUGDQGFHUWDLQPHHWLQJPLQXWHVRIWKH1RUPDO6FKRRO
%RDUG:KLOH-08SRVVHVVHVWKHGRFXPHQWVFLWHGLQWKLVZRUNWKH\DUHQRWFXUUHQWO\
DYDLODEOHWRWKHSXEOLFWKURXJKWKH8QLYHUVLW\
³5HSRUWDQG%\/DZV9LUJLQLD1RUPDO6FKRRO%RDUG-XO\VW-DQXDU\VW´
3HWHUVEXUJ9$9LUJLQLD1RUPDO6FKRRO%RDUG-DQXDU\,Q %XUUXVV-XOLDQ$
1HZV5HOHDVHV9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV
0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
5HSRUWDQG%\/DZVRIWKH9LUJLQLD1RUPDO6FKRRO%RDUG
³7KH5RFN´-08&HQWHQQLDO&HOHEUDWLRQ:HEVLWH
KWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQURFNVKWPO!>0D\@
$YHU\VKRUWDUWLFOHRQWKHP\WKRIWKH³.LVVLQJ5RFN´WKHJLDQWOLPHVWRQHURFNRQWKH
4XDG
³6FKHGXOHRI%XLOGLQJVDQG&RVWRI6DPHDW0DGLVRQ&ROOHJH+DUULVRQEXUJ9$´-DQXDU\
,Q %XLOGLQJV-089HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV
0DGLVRQ 8QLYHUVLW\+DUULVRQEXUJ9$
$GRFXPHQWVLJQHGE\WKH&ROOHJH¶V%XVLQHVV0DQDJHUOLVWLQJWKHQDPHVWKHFRVWVDQG
WKHFRQVWUXFWLRQGDWHVRIWKHEXLOGLQJVHUHFWHGIURPWR
6FKRROPD¶DP7KH+DUULVRQEXUJ9D3XEOLVKHGE\
WKHVWXGHQWVRIWKH6WDWH1RUPDO6FKRRORIWKH6WDWH7HDFKHUV&ROOHJH
RI0DGLVRQ&ROOHJH
7KHVFKRRO¶V\HDUERRNIURPWR
6FUDSERRN 6WUDWIRUG3OD\HUV&ROOHFWLRQ63%R[ 6SHFLDO&ROOHFWLRQV
&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
7KLVVFUDSERRNFRQWDLQVPHHWLQJPLQXWHVVKRZSURJUDPVOHWWHUVVHDVRQLQIRUPDWLRQ
DQGPRUHIRU
³7KH6HDO´-08&HQWHQQLDO&HOHEUDWLRQ:HEVLWH
KWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQVHDOVKWPO!>-XQH@
$EULHIZULWHXSGLVFXVVLQJWKHKLVWRU\DQGGHYHORSPHQWRIWKH8QLYHUVLW\¶VVHDO
6HHJHU0DU\/RXLVH³0DGLVRQ&ROOHJH5HPLQLVFHQFHV´0DUFK$GGUHVVDW)RXQGHU¶V
'D\3URJUDP0DGLVRQ&ROOHJH,Q +LVWRU\0LVF5HPLQLVFHQFHV9HUWLFDO)LOH
$SHUVRQDODFFRXQWRIOLIHDWWKHVFKRROGXULQJLWVILUVW\HDUV'LVFXVVHVWKHWURXEOHZLWK
WKHERDUGZDONPHQWLRQVWKDWVWRQHVZHUHTXDUULHGRQFDPSXVIRUWKHILUVWEXLOGLQJVDQG
WDONVDERXWKRZWKHIDFXOW\XVHGWRPHDVXUHWKHVWXGHQWV¶GUHVVHVWRHQVXUHSURSHUOHQJWK
6PLWK$XJXVW³-088QLYHUVLW\)DUP´-08&HQWHQQLDO&HOHEUDWLRQ:HEVLWH
KWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQIDUPVKWPO!>0D\@
$EULHIKLVWRU\RIWKH8QLYHUVLW\)DUPQHDU3RUW5HSXEOLF
BBBBBBBB³-RDQRI$UF´-08&HQWHQQLDO&HOHEUDWLRQ:HEVLWH
KWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQMRDQVKWPO!>0D\@
$EULHIDUWLFOHRQWKHSUHVHQWDWLRQRIWKH-RDQRI$UFVWDWXHLQDQGLWVSRVVLEOH
RULJLQV
BBBBBBBB³3UHYLRXV$QQLYHUVDULHV´-08&HQWHQQLDO&HOHEUDWLRQ:HEVLWH
KWWSZZZMPXHGXFHQWHQQLDOFHOHEUDWLRQDQQLYUVDULHVVKWPO!>-DQXDU\@
$JRRGVXPPDUL]HGDFFRXQWRIWKHLQVWLWXWLRQ¶VWZHQWLHWKWZHQW\ILIWKILIWLHWKDQG
VHYHQW\ILIWKDQQLYHUVDU\FHOHEUDWLRQV
6RQQHU5D\9³0DGLVRQ&ROOHJH7KH0LOOHU<HDUV´3K'GLVV8QLYHUVLW\RI
9LUJLQLD
'HWDLOVWKHDGPLQLVWUDWLRQRI-08
VWKLUGSUHVLGHQW*7\OHU0LOOHU
6WXGHQW5HFRUGV0DQDJHU2IILFHRIWKH5HJLVWUDU-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9D
6WXGHQWUHJLVWUDWLRQUHFRUGVIURPWRSUHVHQWDUHDYDLODEOHWKURXJKWKLVRIILFH
6WXGHQW¶V+DQG%RRN+DUULVRQEXUJ9$6WDWH1RUPDODQG,QGXVWULDO6FKRROIRU:RPHQ<RXQJ
:RPHQ¶V&KULVWLDQ$VVRFLDWLRQ
7KHILUVWVWXGHQWKDQGERRN2XWOLQHVWKHVWUXFWXUHSXUSRVHDQGDFWLYLWLHVRIWKH<:&$
WKH+RQRU6\VWHPUXOHVDQGYDULRXVSRLQWHUVDQGUHFRPPHQGDWLRQVIRULQFRPLQJ
IUHVKPDQ
7UHH3ODQWLQJ9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\
+DUULVRQEXUJ9$
7KLVILOHFRQWDLQVWZRQHZVDUWLFOHVIURPFRYHULQJWKHILUVW$UERU'D\DQGWUHH
SODQWLQJFHUHPRQLHVFRQGXFWHGDWWKHVFKRRO7KHUHDUHDOVRVHYHUDOSURJUDPVIRUWUHH
SODQWLQJFHUHPRQLHVKHOGGXULQJWKHV
8QLYHUVLW\)DUP9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ
8QLYHUVLW\+DUULVRQEXUJ9$
7KLVILOHFRQWDLQVH[FHUSWVIURPSUHVLGHQWLDOUHSRUWVIRUDQGZKLFKGLVFXVVWKH
IDUPDUWLFOHVRQWKHIDUPIURPDQGDOLVWLQJRIODQGRZQHGE\WKHVFKRRODW
WKHWLPHDQGDEULHIELRJUDSKLFDOVNHWFKRIWKH+RRNHIDPLO\E\5D\PRQG'LQJOHGLQH
9DUQHU%HUQLFH5HDQH\³0DGLVRQ&ROOHJH'HIHQVH$FWLYLWLHV´,Q 'XNH6DPXHO3
9HUWLFDO)LOH)ROGHU6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ
8QLYHUVLW\+DUULVRQEXUJ9$
$W\SHGOLVWLQJRIWKH&ROOHJHVZDUUHODWHGFRXUVHVDQGYROXQWHHUDFWLYLWLHVIRU
6LJQHGE\0UV%HUQLFH9DUQHUZKRZDVKHDGRIWKH&ROOHJH¶V&LYLOLDQ'HIHQVH
&RPPLWWHH
9LUJLQLD7HDFKHU7KH+DUULVRQEXUJ9$6WDWH1RUPDO6FKRRO6WDWH7HDFKHUV
&ROOHJH0DGLVRQ&ROOHJH
$VFKRROSXEOLFDWLRQZKLFKZDVLVVXHGERWKDVWKHVFKRRO¶VFDWDORJDQGDVDVFKRODUO\
PDJD]LQH
³9LVLW*XLGH:DONLQJ7RXU %OXHVWRQH$UHD´ 2IILFHRI$GPLVVLRQV-DPHV0DGLVRQ
8QLYHUVLW\+DUULVRQEXUJ9$
KWWSZZZMPXHGXDGPLVVLRQVYLVLWJXLGH%OXHVWRQHDUHDVKWPO!>-XO\@
$QRQOLQHYLUWXDOZDONLQJWRXURIWKH%OXHVWRQH$UHDRIWKHFDPSXVWKH4XDGDQGWKH
VXUURXQGLQJDUHD3URYLGHVOLQNVWRLPDJHVRIWKHEXLOGLQJVDVZHOODVEULHIGHVFULSWLRQV
RIWKHGHSDUWPHQWVDQGRIILFHVZKLFKRFFXS\WKHPDQGOLQNVWRWKRVHGHSDUWPHQWV
:D\ODQG-RKQ:³$QHQWWKH6RQJ%OXH6WRQH+LOO´,Q $OPD0DWHUDQG2WKHU6RQJV
9HUWLFDO)LOH6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\
+DUULVRQEXUJ9$
$EULHIDFFRXQWRIWKHRULJLQVRIWKHVFKRRO¶VILUVWDOPDPDWHU
BBBBBBBB+LVWRULF+DUULVRQEXUJ5HSULQW+DUULVRQEXUJ9$&-&DUULHU&R
&KURQLFOHVWKHRULJLQVDQGGHYHORSPHQWRIWKHWRZQDQGSHRSOHRI+DUULVRQEXUJIURP
WR
BBBBBBBB/HWWHUWR3UHVLGHQW'XNH-XQH,Q :D\ODQG-RKQ:3HUVRQDO
5HPLQLVFHQFHV9HUWLFDO)LOH6SHFLDO &ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ
8QLYHUVLW\+DUULVRQEXUJ9$
7KLVWZHQW\IRXUSDJHGRFXPHQWFRQWDLQVH[FHUSWVIURP:D\ODQG¶VGLDU\ZKLFKFKURQLFOH
VHYHUDOLQWHUHVWLQJHYHQWVDWWKHVFKRRO,WDOVRLQFOXGHVDKDQGGUDZQPDSRIWKHFDPSXV
VKRZLQJWKHORFDWLRQVRIWKHRUFKDUGVDQGTXDUU\SLWVDQGDSDJHGLVFXVVLQJWKHVFKRRO¶V
SODFHVRIDVVHPEO\LQWKHHDUO\\HDUV
BBBBBBBB/HWWHUWR3UHVLGHQW0LOOHU0DUFK,Q :D\ODQG-RKQ:3HUVRQDO
5HPLQLVFHQFHV9HUWLFDO)LOH6SHFLDO &ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ
8QLYHUVLW\+DUULVRQEXUJ9$
$EULHIOHWWHUGLVFXVVLQJWKHLQVWLWXWLRQ¶VILUVWIDFXOW\PHPEHUV
BBBBBBBB³6LJQLILFDQW,QFLGHQWVLQWKH(DUO\/LIHRIWKH6FKRRO´7KH9LUJLQLD7HDFKHUQR
$SULO
$EULHIUHFRXQWLQJRIQRWDEOHVFKRROKDSSHQLQJVGXULQJWKHILUVWWZRGHFDGHV$W\SHG
URXJKGUDIWRIWKLVDUWLFOHGDWHG0DUFKFDQEHIRXQGLQWKH:D\ODQG9HUWLFDO)LOH
BBBBBBBB³6XQGU\,WHPV5HODWLQJWR0DGLVRQ&ROOHJH*OHDQHGIURPWKH3HUVRQDO'LDU\RI
-RKQ::D\ODQG´,Q :D\ODQG-RKQ:3HUVRQDO5HPLQLVFHQFHV9HUWLFDO)LOH6SHFLDO
&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
$OHQJWK\DQQRWDWHGWLPHOLQHRIHYHQWVDWWKHVFKRROIURPWR
BBBBBBBB³6RPH,WHPV5HODWLQJWRWKH6WDWH 1RUPDODQG,QGXVWULDO6FKRROIRU:RPHQDW
+DUULVRQEXUJ/DWHUWKH6WDWH7HDFKHUV&ROOHJHDQG1RZ0DGLVRQ&ROOHJHZLWK6SHFLDO
5HIHUHQFHWRWKH6HYHUDO%XLOGLQJVWKDWKDYHEHHQ(UHFWHG)URP7LPHWR7LPH´
0DUFK$SULO,Q :D\ODQG-RKQ:3HUVRQDO5HPLQLVFHQFHV9HUWLFDO)LOH
6SHFLDO&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
5HFROOHFWLRQVRIIRUPHUIDFXOW\PHPEHU'U-RKQ:D\ODQGUHJDUGLQJWKHEXLOGLQJVDQG
JURXQGVRIWKHVFKRROIURPWKURXJKWKHHDUO\V3UHVHQWHGSULPDULO\LQWLPHOLQH
IRUP,QFOXGHVPDQ\VSHFLILFGDWHV
BBBBBBBB³7KH+DUULVRQEXUJ6WDWH1RUPDO6FKRRO,Q5HODWLRQWRWKH:RUOG:DU´
,Q :D\ODQG-RKQ:3HUVRQDO5HPLQLVFHQFHV9HUWLFDO)LOH6SHFLDO &ROOHFWLRQV&DUULHU
/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
&KURQLFOHVWKHDFWLYLWLHVRIWKHVFKRROGXULQJWKH\HDUVRI:RUOG:DU,
:D\ODQG-RKQ:3HUVRQDO5HPLQLVFHQFHVRI&ROOHJH+LVWRU\9HUWLFDO)LOH6SHFLDO
&ROOHFWLRQV&DUULHU/LEUDU\-DPHV0DGLVRQ8QLYHUVLW\+DUULVRQEXUJ9$
/HWWHUVVSHHFKHVSHUVRQDODFFRXQWVRIHDUO\VFKRROKDSSHQLQJVH[FHUSWVIURPKLVGLDU\
DQGELEOLRJUDSKLHVRI:D\ODQG¶VZRUN
:HQGHONHQ-DQHW7³*UDGXDWLRQKDV&KDQJHG6LQFH´-DPHV0DGLVRQ8QLYHUVLW\1HZV
0D\
$QDUWLFOHFKURQLFOLQJWKHKLVWRU\DQGHYROXWLRQRIWKHVFKRRO¶VFRPPHQFHPHQW
FHUHPRQLHVIURPWR7KLVDUWLFOHZDVKHDYLO\XVHGIRUWKH&HQWHQQLDO
&HOHEUDWLRQZHEVLWHDUWLFOH³*UDGXDWLRQ+LVWRU\´