/
The Powerful Women Leaders in Indian Education, 2023 The Powerful Women Leaders in Indian Education, 2023

The Powerful Women Leaders in Indian Education, 2023 - PDF document

TKRmagazine
TKRmagazine . @TKRmagazine
Follow
67 views
Uploaded On 2023-05-31

The Powerful Women Leaders in Indian Education, 2023 - PPT Presentation

This edition of The Knowledge Review The Powerful Women Leaders in Indian Education 2023 that are covered Women Leaders in Indian Education ID: 1000264

#topeducationmagazine #besteducationmagazine #educationmagazine #onlineeducationmagazine #blogsoneducation #educati

Share:

Link:

Embed:

Download Presentation from below link

Download Pdf The PPT/PDF document "The Powerful Women Leaders in Indian Edu..." is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.


Presentation Transcript

ÞÞ޽Ρ‘¬¯±Þ­‘ŽŸ‘É‘Ý¢‘Þ½Œ±® fª¦ºŸ õ/ÃÃƋŸ¤õ¡Ÿ¡¢fª¦ºŸ õ/ÃÃƋŸ¤õ¡Ÿ¡¢ 0¯Ž¢v b~;2ëv;j½ :RPHQ â;Ý*;ŠÕÂÕ*ŠÝÕ o*Ý*ŠëÕJ  'U%KXYDQD6DUDYDQDQ)RXQGHUDQG&KDLUSHUVRQ6UL$VKL\DQD3XEOLF6FKRRO 0DQVL7KDNNDU'LUHFWRU:LQGSOXV3YW/WG3RGFDVWHUDQG/HDGHUVKLS&RDFK 1HHUX6RRG)RXQGHUDQG3URSULHWRU3UHS6XFFHVV .HHUWKL3XUQLPD,,QsXHQFLDO/HDGHUDQG)RXQGHU/LWWOH6WDUDQG6XUHSDOOL5DPXODPPDRX7XEH&KDQQHOV ˆäˆ)r°ˆDûˆ Xä°Ùärw HTXDOLW\$VRQHPLJKWORRNEHKLQGWKHLQVWDQFHVZKHUHZRPHQZHUHSUDLVHGSDUWLFXODUO\IRUWKHLUGHGLFDWLRQZHUHOLPLWHGGXHWRWKHIDFWWKDWWKH\ZHUHSURYLGHGIHZHULQVWDQFHVWRVKRZFDVHWKHPVHOYHV%XWQRZWKHWLPHVKDYHFKDQJHGWRWKHH[WHQWWKDWQRWRQO\ZRPHQDUHZDONLQJKHDGWRKHDGZLWKRWKHUVEXWDOVREOD]LQJDWUDLOIRUWKHPVHOYHVWKDWLVPDUNHGE\WKHLUWDOHQWV7KLVSURSHOVWKHPWRWKHSLQQDFOHRIDFKLHYHPHQWDQGSRVLWLRQVWKHPWROHDGRWKHUV,WLVLPSRUWDQWWRFHOHEUDWHDQGDFNQRZOHGJHWKHVHZRPHQOHDGHUV\nFRQWULEXWLRQVDQGWRVXSSRUWDQGHQFRXUDJHPRUHZRPHQWRWDNHRQOHDGHUVKLSUROHV7KHLUUHVLOLHQFHGHWHUPLQDWLRQDQGXQZDYHULQJ bDŠä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n7DNLQJXS6SDFH\nKDVQHYHUORRNHGVRSRZHUIXODQGLQVSLULQJ7KHFROOHFWLYHH\ruRUWRIZRPHQLQWKHSDVWDQGWKDWRIWKHSUHVHQWKDVSDYHGWKHZD\IRURWKHUZRPHQDQGPDGHLWSRVVLEOHIRUZRPHQLQWKHIXWXUHWRUHOLVKWKHJLIWRIVRYHUHLJQW\DQG  qŠ„‡€Ž $&RPSDVVLRQDWH:RPHQ/HDGHU  $7RUFKEHDUHURI)XWXUH:RPHQ/HDGHUV  qŠ„‡€Ž $:RPDQRI6XEVWDQFH  8QGHUVWDQGLQJWKH-RXUQH\WR'HVWLQDWLRQ  c„~‡€Ž +RZ:RPHQDUH&KDQJLQJWKH:RUN/DQGVFDSH  5HIRUPDWLRQVE\:RPHQLQWKH/DE\ULQWKRI/HDGHUVKLS b~;2ëv;j½ :RPHQ â;Ý*;ŠÕÂÕ*ŠÝÕ o*Ý*ŠëÕJ  d ‘š“Šˆ‰•`kikl\r”Šˆ‰•”–„„†””†…Š‚‚…†„‰ˆš—•&•…&'“Šˆ‰•”“†”†“—†…&‰†„•†•‚…ŠŽ‚ˆ†”–”†…Š•‰Š”Ž‚ˆ‚›Š†”‰–…•ƒ†“†‘“…–„†…“•“‚”ŽŠ••†…Š‚š‡“Ž“ƒš‚šŽ†‚”'††„•“Š„'Ž†„‰‚Š„‚'‘‰•„‘šŠˆ'“†„“…Šˆ“•‰†“˜Š”†'˜Š•‰–•‘“Š“‘†“ŽŠ””Š‡“Ž\r”Šˆ‰•””–„„†””&†‘“Š•“Šˆ‰•”“†Ž‚Š”†š˜Š•‰\r”Šˆ‰•”–„„†””†…Š‚‚…†„‰ˆš—•&•…&‰†˜†…ˆ††—Š†˜Š”‘˜†“†…ƒš\r”Šˆ‰•”–„„†””†…Š‚‚…†„‰ˆš—•&•…& •‰†Œ˜†…ˆ†“†—Š†˜ •‰†Œ˜†…ˆ†“— çÛÜæ4XEOLFDWLRQ*HMXSVMR(LMIJ5SSNE'ERWEP(SHIWMKRIV&ROMXE5ERHLEVTYVI&VXERH)IWMKR-IEHERH:MWYEPMWIV2*24*\IGYXMZI=EWL'LEXX(MVGYPEXMSR2EREKIV8ERENM+EVXEHI)MKMXEP2EVOIXMRK2EREKIV7IRYOE0YPOEVRM8IGLRMGEPTIGMEPMWX7ENIWL[EVM&ZLEH2EVOIXMRK2EREKIV&WL[MRM5ELYVOEV')25VM]EROE,YTXEV:MGI5VIWMHIRX2IKLE2MWLVE ‰†˜†…ˆ††—Š†˜ 4ï3S7EMRFS[5PE^ELMZEV(LS[O5MQTPIEYHEKEV5YRI2ELEVEWLXVE5LSRI.RHME*QEMPMRJS%XLIORS[PIHKIVIZMI[GSQ+SVYFWGVMTXMSRXLIORS[PIHKIVIZMI[GSQ (SRXVMFYXMRK;VMXIVW7M]E2EHLY2EREKMRK*HMXSV&RMWL)EZMH7ELYPLMRHI WEPIW%XLIORS[PIHKIVIZMI[GSQ 'UHDWRUV V')*5VMRG]'SHETEXM -MVEP(LEZHE7EWLM7SLEXKMSREP0EXLYVME0IIVXLM5YVRMQE-MVEP(LEZHEMWERIWXIIQIHTVSJIWWSVEX(9LEL9RMZIVWMX]LIIPIZEXIWXLIH]REQMWQSJXLIIHYGEXMSRWIGXSV[MXLLIVZEWXORS[PIHKIERHXEPIRX0IIVXLM5YVRMQEMWERMRñYIRXMEPPIEHIV[LSEHHVIWWIWXLITVSFPIQMRLIVVIKMSRVIKEVHMRKXLIPEGOSJE[EVIRIWWEFSYXQYWMGHERGITEMRXMRKERHPMXIVEXYVIIHYGEXMSR3IIVYSSH2ERWM8LEOOEV&GSEGLGSRWYPXERXERHWXVEXIKMWX3IIVYSSHLEWSZIV]IEVWSJI\TIVMIRGIMRGSRWYPXEXMSRERHQEVOIXMRKLIEPWSLEWXIR]IEVWSJGSVTSVEXII\TIVMIRGIMRXLIFVERHQEREKIQIRXHSQEMR[VXLIEPXLGEVIERHTLEVQEGIYXMGEPMRHYWXV]'MRHY5VEQSH9RRMWIVZIWEWEHMWXMRKYMWLIHXIEGLIVEX8LI:MPPEKI.RXIVREXMSREPGLSSP;MXLLIVI\TIVMIRGIWLIPIZIVEKIWI\GIPPIRXTIHEKSKMGEPQIXLSHSPSKMIWJSVWXYHIRX WFIRIðX2ERWM8LEOOEVMWE1IEHIVWLMT8VEMRIVERHE5VSJIWWMSREPWTIEOIV[MXLRMRI]IEVWSJI\TIVMIRGIMRXLIXVEMRMRKERHHIZIPSTQIRXMRHYWXV]LIMWEH]REQMG]SYRKTVSJIWWMSREP[MXLXVEMRMRKEWEJSGEPIRHIEZSYV[EXM)[MZIHM[EXM)[MZIHMMWEREWWSGMEXITVSJIWWSV[LSMWVIWTSRWMFPIJSVXLIEGEHIQMGWYGGIWWSJWXYHIRXWMRXLI7,VSYTSJ.RWXMXYXMSRW(SPPIKISJ*RKMRIIVMRK2EREKIQIRXERH8IGLRSPSK]'MRHY5VEQSH9RRM)V'LYZERIWL[EVM\r'LYZEREEVEZERERSREP0EXLYVMELEWEHIGEHISJI\TIVMIRGIMRXLIIHYGEXMSRWIGXSVLILEWFIIRWIVZMRKEWE/YRMSVGLSSP-IEHQMWXVIWWJSV,),SIROEMKREXYVIGLSSPJSVXLIPEWXJSYV]IEVW5MRO]/EMR µåÜØÙÃØåæâáÜá¹âÖèæ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ñIGXMZIERHFIGSQIVIWIEVGLMRJSVQIHTVEGXMXMSRIVW .RñYIRGMEP1IEHIVERH+SYRHIV1MXXPIXEVERHYVITEPPM7EQYPEQQE=SYXYFI(LERRIPW5VSJIWWSV(9LEL9RMZIVWMX]+SYRHIVERH5VSTVMIXSV5VITYGGIWW)MVIGXSV;MRH5PYW5ZX1XH&WWSGMEXI5VSJIWWSV7,VSYTSJ.RWXMXYXMSRW(SPPIKISJ*RKMRIIVMRK2EREKIQIRXERH8IGLRSPSK]8IEGLIV8LI:MPPEKI.RXIVREXMSREPGLSSP+SYRHIVERH(LEMVTIVWSRVM&WLM]ERE5YFPMGGLSSP-IEHSJ8IEGLIV*HYGEXMSR1IIHW'IGOIXX9RMZIVWMX] 7KH3RZHUIXO , /HDGHUV LQ,QGLDQ o*Ý*ŠëÕJ  /YRMSVGLSSP-IEHQMWXVIWW,),SIROEMKREXYVIGLSSP&WWSGMEXI5VSJIWWSV3SVH9RMZIVWMX] ÂåÚÔáÜæÔçÜâá¢ÆâÖÜÔßÀØ×ÜÔ»Ôá×ßØæ ·åµÛèéÔáÔ 6DUDYDQDQ $&RPSDVVLRQDWH:RPHQ/HDGHU $ WHDFKHULVDSHUVRQZKRJHQHUDWHVFXULRVLW\DQGLPELEHVNQRZOHGJHDQGZLVGRPLQVWXGHQWV,QRXUOLIHWKHUHLVDOZD\VDWHDFKHUZKRPRWLYDWHVDQGLQVSLUHVXVWRPRYHWRZDUGVWKHEUDFNHWRIHYHUFKDQJLQJVXFFHVVLQOLIH:HDOOIDFHPDQ\SURIHVVLRQDODQGSHUVRQDOFKDOOHQJHVDQGWKHUHDUHWLPHVZKHQZHGRQ\nWXQGHUVWDQGZKDWWRGRLQWKDWSDUWLFXODUVLWXDWLRQ$WHDFKHULQWKHIRUPRIDJXLGHDOZD\VWHQGVWRJXLGHXVWRWKHULJKWSDWKDWDQ\VWDJHRIOLIHDQGWKHUHLVDOZD\VRQHWHDFKHUIURPRXUVFKRRODQGFROOHJHZKRPZHIDVFLQDWHDQGORRNXSRQIRUWKHLUJXLGDQFHLQHYHU\VLWXDWLRQ7HDFKHUVDFWDVWKHHQJLQHWKDWWDNHVWKHHGXFDWLRQV\VWHPIRUZDUGWKH\SOD\DYLWDOUROHLQQXUWXULQJDQGSUHSDULQJWKHIXWXUHJHQHUDWLRQWREHFRPHFDSDEOHOHDGHUV7KH\DUHWKHJUHDWHVWLQÀXHQFHULQWKHHGXFDWLRQVSDFHDQGKHOSVLQVKDSLQJWKHFKLOG\nVIXWXUH$OOWHDFKHUDUHWKHSRZHUKRXVHRIDEXQGDQWNQRZOHGJHDQGZLVKHVWRVHHWKHLUVWXGHQWVJURZLQHYHU\SKDVHRIOLIH&DWHULQJWRWKDWQHHGIRUOHDGLQJDVWDEOHKROLVWLFOLIH'U%KXYDQD6DUDYDQDQHVWDEOLVKHG6UL$VKL\DQD3XEOLF6FKRROLQZKLFKVKHIRFXVHVPRUHRQSURYLGLQJTXDOLW\HGXFDWLRQWRWKHVWXGHQWVZKRDUHHFRQRPLFDOO\GHSULYHGDQGDUHSK\VLFDOO\GLVDEOHG%HLQJRQHRIWKHPRVWLQÀXHQWLDODQGSRZHUIXOZRPHQHGXFDWRUVLQWKHFRXQWU\'U%KXYDQDDOZD\VEHOLHYHGWKDWHGXFDWLRQLVWKHIXQGDPHQWDOULJKWRIHYHU\FKLOGGHVSLWHDQ\XQFHUWDLQWLHV6KHDLPVWRHVWDEOLVKYDULRXVEUDQFKHVDOORYHU7DPLO1DGXDQGLQWKHUXUDODUHDVZKHUHHGXFDWLRQIDFLOLWLHVDUHWKHQHHGRIWKHKRXU:KLOHLQWHUDFWLQJZLWK7KH.QRZOHGJH5HYLHZ'U%KXYDQD6DUDYDQDQWKH)RXQGHUDQG&KDLUSHUVRQRIWKH6UL$VKL\DQD3XEOLF6FKRROVKDUHVKHURSLQLRQVDQGH[SHULHQFHVDQGDVVHUWVKHUYLVLRQIRUWKHVFKRRO\nVIXWXUH7KH%DFNJURXQG6WRU\'U%KXYDQD6DUDYDQDQDQG0U656DUDYDQDQIRXQGHG6UL$VKL\DQD3XEOLF6FKRROLQ7KHVFKRROLVXQGHUWKHÀDJVKLSRI\n*XUX5DJKDYHQGUD7UXVW\nDQGWKHIRXQGHUDQGFKDLUSHUVRQRIWKHWUXVWLV'U%KXYDQD6DUDYDQDQ7KHVFKRROZDVLQFHSWHGZLWKDYLVLRQWRHQVXUHWKDWWKHXQGHUSULYLOHJHGHVSHFLDOO\DEOHGFKLOGUHQDQGZRPHQIURPWKHEDFNZDUGFRPPXQLW\JHWWKHSURSHUHGXFDWLRQDQGHPSOR\PHQWRSSRUWXQLW\WRDFKLHYHWKHLUFDUHHUJRDOV7KURXJK6UL$VKL\DQD6FKRRO'U%KXYDQD6DUDYDQDPDLPVWRSURYLGHWKHXOWLPDWHUHVXOWLQWKHHGXFDWLRQVHFWRUDQGDOVRIRFXVHVRQWKHIUHHGRPRIOHDUQLQJZKLFKJHQHUDWHVLQWHUHVWDQGPDNHVWKHOHDUQLQJSURFHVVPRUHDFFHVVLEOHWRVWXGHQWV'U%KXYDQD6DUDYDQDQ$%HQHYROHQFH3HUVRQDOLW\'U%KXYDQDVWDUWHGKHUFDUHHULQ&UHDWLQJDVRFLHW\ZKHUHHYHU\LQGLYLGXDOLVWUHDWHGHTXDOO\ZLWKRXWDQ\ELDVRUUHOLJLRQRUFDVW I°8™°rº•Æ•Çdz³³bŠä(8D³+äÙ ärä²ä³bÎD4 DVDQXUVHU\WHDFKHUDIWHUZRUNLQJLQVHYHUDOVFKRROVDQGOHDUQHGQHZWHDFKLQJPHWKRGVVXFKDV0RQWHVVRULSOD\ZD\YHKLFOHDQGPDQ\PRUH:KLOHZRUNLQJVKHIHOWWKDWVRPHWKLQJZDVPLVVLQJDQGPDQ\WHDFKHUVFRXOGQ\nWXQGHUVWDQGWKHSV\FKRORJLFDODVSHFWRILQGLYLGXDOVWXGHQWV'XHWRODFNRIDWWHQWLRQVRPHVWXGHQWVFRXOGQRWSHUIRUPZHOODQGODEHOHGDVVORZOHDUQHUV0RVWVFKRROVZDQWWKHLU\HDUO\SHUIRUPDQFHWREHWKHEHVW+RZHYHULQWKHUDFHWRDFKLHYHWKHLUVXFFHVVVRPHWLPHVWKH\IDLOWRIRFXVRQDQLQGLYLGXDOVWXGHQW\nVLQWHUHVWLQHGXFDWLRQDQGLQRUGHUWRFDWHUWRWKHEHVWVFKRRODFFUHGLWDWLRQWKH\DYRLGWKHVWXGHQW\n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¿WVWKHXQGHUSULYLOHJHGWKURXJKVRFLDOHGXFDWLRQDOHFRQRPLFDQGPHGLFDODFWLYLWLHV$SSUHFLDWLQJ3XSLO$SWLWXGH'U%KXYDQD\nVSULRULW\LVWRSURYLGHWKHIXQGDPHQWDOULJKWWRHGXFDWLRQDQGEULQJRXWWKHVWXGHQWV\nKLGGHQWDOHQWVIURPUXUDODUHDVRIWKHFRXQWU\'XHWRSRRUHFRQRPLFFRQGLWLRQVIHZVWXGHQWVGRQ\nWJHWDFKDQFHWRH[SORUHWKHLULQWHOOLJHQFHDQGWDOHQW6LPLODUO\WKHVFKRROSURYLGHVHGXFDWLRQWRVXFK ³³³bŠä(8D³+äÙ ärä²ä³bÎD4ÇÇI°8™°rº•Æ• (GXFDWLRQLVFRQVLGHUHGDWRRORIHPSRZHUPHQWZHPDNHVXUHWKDWFKLOGUHQIURPXQGHUSULYLOHJHGDUHDOVRJLYHQWKHVDPHHGXFDWLRQDVWKHRWKHUFKLOGUHQ VWXGHQWVHGXFDWHVWKHPLQGLYLGXDOO\UHVSHFWVWKHPDQGSULRULWL]HVWKHLUIHHOLQJV(YHU\FKLOGKDVXQLTXHWDOHQWVDQGFDQVKLQHLIWKH\JHWWKHSURSHUSODWIRUPDQGLQVSLUDWLRQWRDFKLHYHWKHLUJRDOV7KHVFKRROKDVPDGHLWDSULPDU\REMHFWLYHZKLFKKHOSHGWKHPWRFUHDWHDGL\ruHUHQWHGXFDWLRQPHWKRGWKDWLVYHU\VLJQL¿FDQWIRUGL\ruHUHQWO\DEOHGDQGHFRQRPLFDOO\GHSULYHGVWXGHQWV$GRSWLQJ0RGHUQ(GXFDWLRQDO3HGDJRJLHV:KLOHWDONLQJDERXWWKHPRGHUQSHGDJRJLHV'U%KXYDQDVKDUHGKHUSHUVRQDORSLQLRQRQWKHRQOLQHOHDUQLQJV\VWHPDQGVDLG$VSHUP\YLHZV,IHHOR þLQHFODVVHVDUHEHWWHUWKDQRQOLQHFODVVHVEHFDXVHLQR þLQHFODVVHVWKHFKLOGZLOOLQWHUDFWZLWKWKHWHDFKHUDQGVWXGHQWVZKLFKLVQRWSRVVLEOHLQRQOLQHFODVVHV%XWGXULQJWKHSDQGHPLFRQOLQHFODVVHVKHOSHGWKHFKLOGUHQWREHFRQQHFWHGZLWKWKHLUVXEMHFWDQGV\OODEXV&KDOOHQJHVLQ([SHGLWLRQ'U%KXYDQDIDFHGPDQ\FKDOOHQJHVDQGVWUXJJOHGDORWZKLOHHVWDEOLVKLQJWKHVFKRRODQGWKHPDMRUFKDOOHQJHVVKHFDPHDFURVVZHUHLPSOHPHQWLQJQHZWHFKQLTXHVLQHGXFDWLRQDVSDUHQWVDQGSHRSOHGLGQ\nWEHOLHYHLQWKHQHZPHWKRGVRIHGXFDWLRQ+LJKOLJKWLQJVRPHRIWKHFKDOOHQJHV'U%KXYDQDHQFRXQWHUHGLQKHUHGXFDWLRQDOYHQWXUHVKHKLJKOLJKWHG6RPHWLPHVWKHSDUHQWVGRFRPSDUHRWKHUSHGDJRJLFDOVFKRROVDQGWU\WR¿QGWKHÀDZVZKLFKGHPRWLYDWHVKHUWREULQJQHZWHFKQLTXHVWRWKHVFKRRO$OVRWKHSDUHQWVDUHPRUHFRQFHUQHGDERXWWKHDFDGHPLFSHUIRUPDQFHVRIWKHLUFKLOGUHQWKDQWKHLULQWHUHVWLQOHDUQLQJ(PSRZHULQJ(GXFDWLRQ&RQFHUQLQJHGXFDWLRQ'U%KXYDQDVKDUHGKHUH[SHULHQFHRIKRZVKHKDVEHHQHPSRZHULQJHGXFDWLRQLQVRFLHW\:KLOHVD\LQJVRVKHVD\V(GXFDWLRQLVFRQVLGHUHGDWRRORIHPSRZHUPHQW I°8™°rº•Æ•Çdz³³bŠä(8D³+äÙ ärä²ä³bÎD4 0HVVDJHIRU8SFRPLQJ(GXFDWLRQ/HDGHUV:KHQZHDVNHG'U%KXYDQDDERXWDQ\PHVVDJHWRWKHXSFRPLQJHGXFDWLRQOHDGHUVH[SUHVVLQJKHUYLHZVVKHDVVHUWV(GXFDWLRQ¿HOGLVDYHU\YDVW¿HOGWKRVHZKRZDQWWRVWHSLQWRWKHVHVKRXOGOHDUQQHZWKLQJVVKRXOGEHUHDG\IRUFULWLFLVPDQGVKRXOGEHUHDG\WRWDNHDQLQQRYDWLYHVWHSWRGHYHORSWKHLQVWLWXWH(QYLVLRQLQJWKH)XWXUH6UL$VKL\DQD3XEOLF6FKRROZDVHVWDEOLVKHGWRSURYLGHHGXFDWLRQWRHFRQRPLFDOO\GHSULYHGDQGGLVDEOHGVWXGHQWVDVHYHU\RQHKDVDQHTXDOULJKWWRHGXFDWLRQLQWKHZRUOG$QGIRUWKHSDVWHLJKW\HDUVWKHVFKRROKDVEHHQVWULYLQJWRSURYLGHTXDOLW\HGXFDWLRQDWDYHU\ORZFRVWWRXQGHUSULYLOHJHGVWXGHQWVDQGWKRVHZKRFDQQRWD\ruRUGWRSD\WKHVFKRROIHHV7KH6UL$VKL\DQD3XEOLF6FKRRODLPVWRRSHQLWVEUDQFKHVDOORYHU7DPLO1DGXVWDWHDQGHYHQLQYLOODJHVZLWKYHU\UDUHVFKRROV ZHPDNHVXUHWKDWFKLOGUHQIURPXQGHUSULYLOHJHGDUHDOVRJLYHQWKHVDPHHGXFDWLRQDVWKHRWKHUFKLOGUHQ6RGXULQJWKHSDQGHPLFZHYLVLWHGPRUHWKDQYLOODJHVLQDQGDURXQG0$'85$,DQGSURYLGHGWKHFKLOGUHQZLWKVWDWLRQHU\DQGWRRNFODVVHVDVWKHVHFKLOGUHQFDQ\nWD üRUGSKRQHVRUODSWRSVWRDWWHQGRQOLQHFODVVHV3URFXUHPHQWVRIWKH6FKRROV(QVXULQJDOOWKHLQLWLDWLYHVDQGWKHLUFKDOOHQJHV'U%KXYDQDDOVRPHQWLRQHGWKHVFKRRO\nVDFKLHYHPHQWVZLWKXVVKHOLVWHGRXWWKHDZDUGV,6$*/2%$/$:$5'6,:$$$:$5',1',$1,&21,&('8&$7,21$:$5',1',$,163,5$7,21$/:20(1$:$5'+81$55$71$$:$5'*/2%$/7($&+,1*(;&(//(1&($:$5''U6%KXYDQHVKZDUL 'U%KXYDQD6DUDYDQDQ )RXQGHUDQG&KDLUSHUVRQ6UL$VKL\DQD3XEOLF6FKRRO7KH3RZHUIXO:RPHQ/HDGHUVLQ,QGLDQ(GXFDWLRQ ³³³bŠä(8D³+äÙ ärä²ä³bÎD4ÇÇI°8™°rº•Æ• R i ;RPHQ KHKLJKFDSDELOLWLHVRIZRPHQKDYHEDUHO\EHHQSDUWRIFRQWHPSRUDU\RUJDQL]DWLRQV'XHWRFRXQWOHVVDGYHUVLWLHVZRPHQEDUHO\UHSUHVHQWHGWKHFRUSRUDWHZRUOGDQGIHPDOHOHDGHUVKDQGOLQJEXVLQHVVHVORRNHGOLNHDGLVWDQWGUHDP+RZHYHUWKHFXUUHQWLQFOXVLYHZRUNHQYLURQPHQWWUHQGVKDYHFUHDWHGPRUHRSSRUWXQLWLHVIRUZRPHQWREHLQFOXGHGLQWKHZRUNSODFHI°8™°rº•Æ•Çdz³³bŠä(8D³+äÙ ärä²ä³bÎD4 ;RUN mŠ®:§Š/µŠ2µ !ØŠÐÞÐ Hص 8 §2 ÿ HÞÐX§öP:ÞhÞHo³³³bŠä(8D³+äÙ ärä²ä³bÎD4ÇÇI°8™°rº•Æ• I°8™°rº•Æ•Çdz³³bŠä(8D³+äÙ ärä²ä³bÎ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n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¿WHGIURPWKDW5HPRWHZRUNLQJLVEHFRPLQJH\rvFLHQWQRWMXVWIRUWKHHPSOR\HHVEXWIRUWKHRUJDQL]DWLRQVDVZHOO2UJDQL]DWLRQVFDQPLQLPL]HWKHPDLQWHQDQFHEXGJHWE\DOORZLQJZRUNHUVWRZRUNUHPRWHO\+RPHPDNHUVFDQFDUU\RXWWKHLUGDLO\ZRUNDQGSURIHVVLRQDOZRUNVLPXOWDQHRXVO\5HPRWHZRUNLQJLVDOVRYLWDOLQVDYLQJH[SHQVHVVLQFHWKHVHZRPHQZLOOQRWKDYHWRWUDYHOWRSXUVXHWKHLUGUHDPV&RQVLGHULQJWKHVHEHQH¿WVUHPRWHZRUNLQJZLOOOLNHO\EHDPDLQVWUHDPZD\RIEXVLQHVVRSHUDWLRQVDQGZRPHQDUHDERXWWRJUDEWKHSHUNVRILW5ROH0RGHOV6XFFHVVIXOZRPHQDUHRIWHQFRQVLGHUHGUROHPRGHOVLQVRFLHW\7KHVHZRPHQFDQLQVSLUHRWKHUVWRIROORZWKHLUSURIHVVLRQDOGUHDPV+DYLQJZRPHQDVOHDGHUVZLOODOVRLQLWLDWHHWKLFDOFKDQJHVIRUZRPHQ\n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n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nVHPSRZHUPHQWUHVXOWVLQWKHVHFKDQJHV7KHVHFKDQJHVLQGLFDWHDEULJKWIXWXUHIRUZRPHQ d€}d€Œ$Ÿd88E$ ‰†„Œ”‰–…ƒ†…“‚˜Š‡‚—“‡(\r\r   \r  &&\r   5($',7),567 ˜˜˜&•‰†Œ˜†…ˆ†“†—Š†˜&„Ž \n˜”( ‡‡&&kk'‚Šƒ˜‚›‚'‰Š—‚“‰˜Œ'ŠŽ‘†‚–…‚ˆ‚“'–†'‚‰‚“‚”‰•“‚mjjijp‰†E\r…Š‚(—rjpmjiiprqqj;qk;ql;qm;qn Ž‚Š(Š‡^Œ˜†…ˆ†“†—Š†˜&„Ž\n“–ƒ”„“Š‘•Š(˜˜˜&•‰†Œ˜†…ˆ†“†—Š†˜&„Ž‰†˜†…ˆ††—Š†˜ ¡ºØcˆboFØoغóêóØoÁº­o°]oFioØß @¶¨—†–d $SDUWIURPWKLVVKHKDVDNHHQLQWHUHVWLQOLWHUDWXUHDQGZULWHVSRHPVDUWLFOHVDQGVWRULHV6RPHRIKHUVWRULHVDUHSXEOLVKHGLQDQWKRORJLHVDQGHGLWHGE\UHQRZQHGZULWHUVRI7HODQJDQD:KLOHVHDUFKLQJIRU7KH3RZHUIXO:RPHQ/HDGHUVLQ,QGLDQ(GXFDWLRQZHHQFRXQWHU.HHUWKL3XUQLPDWRNQRZKHUFRQWULEXWLRQWRWKH,QGLDQHGXFDWLRQVSDFH/HW\nVGLYHLQWRNQRZLQJLQVLJKWIXOLQIRUPDWLRQDERXWWUDLOEOD]LQJZRPHQOHDGHU.HHUWKL3XUQLPD$=HVWIXO6SLULWHG:RPDQ.HHUWKL3XUQLPDKDVORYHGOLWHUDWXUHDQGUHODWHGVHUYLFHVVLQFHKHUFKLOGKRRG6WLOOGXHWRVRPHDGYHUVLWLHVLQKHUUHJLRQVKHGLGQ\nWJHWSURSHUJXLGDQFHDQGIDFLOLWLHVLQWKHOLWHUDWXUH¿HOG\HWVKHGHFLGHGWRPRYHIRUZDUGDQGFOLQFKHGWKHRSSRUWXQLWLHV.HHUWKL\nV]HDOIRUOLWHUDWXUHGURYHKHUWRFKRRVHDQREHOSURIHVVLRQWHDFKLQJ6LQFHFKLOGKRRGVKHOHDUQWWKDWKXPDQVDUHEOHVVHGZLWKDEUDLQZKHUH+RZHYHUWKHZRPHQRIWRGD\\nVHUDDUHDEOHHQRXJKWRFODLPWKHLUSRZHUVDQGLQMXVWDIHZJHQHUDWLRQVZRPHQVWDQGHTXDOWRPHQ:KLOHWUDLOEOD]LQJZRPHQ\nVSRZHU$P\7HQQH\VD\V7KH:RUOGQHHGVVWURQJZRPHQ:RPHQZKRZLOOOLIWDQGEXLOGRWKHUVZKRZLOOORYHDQGEHORYHGZRPHQZKROLYHEUDYHO\ERWKWHQGHUDQG¿HUFHZRPHQRILQGRPLWDEOHZLOO3UHVHQWO\ZRPHQDUHVWURQJDQGOLIWLQJRWKHUVWKURXJKRUJDQL]LQJJURXSVDQGDGGUHVVLQJWKHLVVXHV6LPLODUO\DPRQJWKHRWKHUSRZHUIXOZRPHQ.HHUWKL3XUQLPDLVWKHLQÀXHQWLDOOHDGHUZKRDGGUHVVHVWKHSUREOHPLQKHUUHJLRQ7HODQJDQDZKHUHWKHUHLVDODFNRIDZDUHQHVVDERXWPXVLFGDQFHSDLQWLQJDQGOLWHUDWXUHHGXFDWLRQ7KXVVKHVWDUWHGWHDFKLQJPXVLFGDQFHDQGSDLQWLQJDW'XULQJKHUVHFRQG\HDUSRVWJUDGXDWLRQVKHVWDUWHGDRX7XEH&KDQQHOFDOOHG\n/LWWOH6WDU\nDQG\n6XUHSDOOL5DPXODPPD\nVKHHPSKDVL]HVFKLOGUHQWKURXJKWKLVFKDQQHOKDWDPLUDFXORXVWLPHKDVDUULYHG$WLPHZKHQZRPHQDUHLQGLJHQRXV\HWSRZHUIXOWRIDFHDQ\FKDOOHQJHVWKDWVWRSWKHPIURPEHFRPLQJVXFFHVVIXOOHDGHUV(YHU\ZRPDQLVERUQZLWKOHDGHUVKLSTXDOLWLHV\HWWKH\QHYHUUHDOL]HWKHLULQQDWHVNLOOVDQGVRPHWLPHVKLGHWKHLUDELOLWLHVEHFDXVHVRPHWLPHVWKH\JHWSXQLVKHGIRUEHLQJSRZHUIXOZRPHQLQVXEWOHDQGQRWVRVXEWOHZD\V ó¤êóØoßêˆo io°°‚ºêˆo­°iF°iºêˆoßՍ؍ê æ †)d¿d…d¨‘d‘2x…¨¶ æ I°8™°rº•Æ•Çdz³³bŠä(8D³+äÙ ärä²ä³bÎD4 $*RRG,QWHQVLRQ5HTXLUHVWKH6XSSRUWRID*RRG$FWLRQ.HHUWKLHPSKDVL]HVKLULQJH[FHOOHQWWHDFKHUVLQPXVLFGDQFHSDLQWLQJFUDIWLQJDQGIDVKLRQGHVLJQLQJDQGFDQWHDFKVWXGHQWVIRUIUHHDQGPDNHLWDFFHVVLEOHDOODFURVVWKHFRXQWU\7KHPRWLYHEHKLQGWKLVFKDQQHOLVWRSURYLGHDFFXUDWHLQIRUPDWLRQWKURXJKVRFLDOPHGLDDVLWLVWKHIDVWHVWZD\WRVSUHDGDZDUHQHVVDQGLQIRUPDWLRQUDWKHUWKDQDQHZVSDSHU$SDUWIURPPDNLQJYLGHRVVKHZULWHVDUWLFOHVDQGSRHPVDQGLVSODFHGLQDSRSXODUPDJD]LQH\n%DOD3DUPDODP\nIRUUXQQLQJDVXPPHUUHVRUWIRUFKLOGUHQ.HHUWKLDOVRZURWHSUL]HZLQQLQJVWRULHVWKDWZHUHSXEOLVKHGLQDQWKRORJLHV:LWKRXWFKDUJLQJDQ\IHHVVKHHQFRXUDJHVKHUYLHZHUVDQGHYHU\RQH.HHUWKLDOVRRUJDQL]HVVHYHUDOFRPSHWLWLRQVVRVWXGHQWVFDQSDUWLFLSDWHRQOLQHDQGVKRZWKHLUWDOHQWVWRWKHZRUOG.HHUWKLKDVWZRRX7XEHFKDQQHOVDQGWKHSULPDU\DLPRIWKHVHFKDQQHOVLVWRHQFRXUDJHSHRSOHWRSDUWLFLSDWHLQFRPSHWLWLRQV7KHFKDQQHOFDWHUVWRFKLOGUHQZRUOGZLGH\n/LWWOH6WDUV\nDQGWKHRWKHULV\n6XUHSDOOL5DPXODPPD\n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nWH[SORUHWKHLULQQDWHVNLOOV(GXFDWLRQKHOSVSHRSOHWRNQRZWKHLUKLGGHQWDOHQWVDQGORRNIRURSSRUWXQLWLHVWRXSVFDOHDQGHQFRXUDJHWKHPVHOYHVWRZRUNKDUGWRHQKDQFHWKHLUVNLOOVVKHIXUWKHUDGGV0DNLQJ(GXFDWLRQ$FFHVVLEOH6KHKDVDOZD\VEHHQHQWKXVLDVWLFDQGZDQWHGWRKHOSDVPDQ\SHRSOHDVSRVVLEOH:KHQVKHWKRXJKWDERXWHGXFDWLQJSHRSOHDFURVVWKHFRXQWU\VKHFDPHDFURVVZLWKDQLGHDDQGVWDUWHGDRX7XEHFKDQQHODQGWDXJKWE\PDNLQJYLGHRVRQYDULRXVWRSLFV *xx¨²…†@¶¨—†–d"—˶x—p†d‘,xdtx¨d—tœ¶—tx¨i,†²²‘xG²d¨d—tG¶¨x¥d‘‘†Cd–¶‘d––d[œ¶L¶ox …d——x‘¬ L…x@œ¿x¨¶‘Yœ–x—,xdtx¨¬†—"—t†d—t¶pd²†œ—i³³³bŠä(8D³+äÙ ärä²ä³bÎD4ÇÇI°8™°rº•Æ• *iócFꍺ°ßêˆo­ºßêÕº o؁ó¤ oFÕº° ocF°óßoêºcˆF°‚oêˆo ºØ¤i æ †2x‘¬œ—1d—tx‘d æ $ZDUGVDUHOLNH$SSODXVH6KHUHFHLYHGDFDVKSUL]HRIRQHWKRXVDQGUXSHHVLQWKH0RPVSUHVVRFRPSHWLWLRQIRUZULWLQJWKHEHVWVWRU\\n$WWD2ND1DWL.RGDOH\n$OVRVKHZRQ¿YHKXQGUHGUXSHHVIRUFUHDWLQJDQH[FHOOHQWYORJIRUWKHLUDSS6KHUHFHLYHGDQHQFRXUDJHPHQWJLIWIRUWKH\n'DUSDQDP\nGUDPDZKLFKZDVLQFOXGHGLQWKH065VWRU\FROOHFWLRQLQ6KHDOVRZURWHDVWRU\FDOOHG6WUL6YHFKD QDQQLHV ZKLFK'U3HOODNXUX-D\DSUDGDODWHUHGLWHGLQ6KHZURWH\n6KLNKDQGL6WRU\\nIRULWVKHZRQKHUVHFRQGFDVKSUL]HLHWZRWKRXVDQGUXSHHV$QGODWHULQWKHVWRU\ZDVPRGL¿HGLQWKH.DWKD/RJLOLDQWKRORJ\XQGHUWKHHGLWRUVKLSRI'U9DLUDJ\DP3UDEKDNDU$SDUWIURPWKHVHJLIWV.HHUWKLZRQ¿UVWSUL]HLQDQHVVD\ZULWLQJFRPSHWLWLRQRUJDQL]HGE\787)LQWKH$GLODEDGGLVWULFW6KHDOVRUHFHLYHGWKHVHFRQGSUL]HRIWZRWKRXVDQGUXSHHVLQ.DULPQDJDU\nVVWDWHOHYHOFRQVXPHUODZSDLQWLQJFRPSHWLWLRQLQ7KHVDPH\HDUVKHZRQDQRWKHURQHWKRXVDQGUXSHHVDVWKH¿UVWSUL]HLQDQHVVD\ZULWLQJFRPSHWLWLRQRQWKHVDPHWRSLF,Q:RUOG7HOXJX&XOWXUDO)HVW.HHUWKLZDVOLVWHGLQWKHWRSWHQFDQGLGDWHV,,)/DQG6WRU\0LUURURUJDQL]HGDSRHWU\FRPSHWLWLRQLQZKHUHVKHZRQ¿UVWSUL]HIRUKHUVWRU\,QVKHUHFHLYHGWKHDZDUGLQWKH¿UVWVWRU\FDWHJRU\LQDQRWKHUFRPSHWLWLRQRUJDQL]HGE\WKHVDPHRUJDQL]DWLRQV,QVKHDOVRUHFHLYHGDVSHFLDOSUL]HLQ\n$NKLO%KDUWL\D6DKLW\D3DULVKDG\nV\nSRHWU\FRPSHWLWLRQ6LQFHWKHVHFRQG\HDURIKHUSRVWJUDGXDWLRQWLOOQRZVKHKDVZRQXSWRWZHQW\SUL]HVLQYDULRXVFRPSHWLWLRQVDWWKHVFKRRODQGFROOHJHOHYHOVDWWKDWWLPHVKHXVHGWRZULWHDUWLFOHVDQGLQWHUYLHZVLQVRPHQHZVSDSHUV I°8™°rº•Æ•Çdz³³bŠä(8D³+äÙ ärä²ä³bÎD4 ,I,KDGQ\nWKDGPHQWRUV,ZRXOGQ\nWEHKHUHWRGD\,\nPDSURGXFWRIJUHDWPHQWRULQJJUHDWFRDFKLQJ&RDFKHVRUPHQWRUVDUHYHU\LPSRUWDQW7KH\FRXOGEHDQ\RQH²\RXUKXVEDQGRWKHUIDPLO\PHPEHUVRU\RXUERVV,QGUD1RR\L 0 V0DQVLDGPLUHV,QGUD1RR\LZKHQLWFRPHVWRZRPHQLQOHDGHUVKLSSRVLWLRQV0DQVLKDVKDGWKHJUHDWIRUWXQHWRFRPHDFURVVWKHLGHDOPHQWRUVZKRKDYHKHOSHGKHUFDUHHUWDNHR\ru7RLPSOHPHQWWKHVHWHDFKLQJVRQHPXVWEHDEOHWRDQDO\VHDQGFRPSUHKHQGWKHPZKLFKFDQRQO\EHGRQHWKURXJKHGXFDWLRQ%HFDXVHHGXFDWLRQSURYLGHVSHRSOHSHUVSHFWLYHGLOLJHQFHDQGDZDUHQHVVRIRWKHUSRLQWVRIYLHZLWLVDIXQGDPHQWDOKXPDQULJKW'HVSLWHWKHIDFWWKDWSHRSOHDUHDZDUHRIKRZSRZHUIXOHGXFDWLRQLVVRPHSDUWVRIWKHZRUOGKDYHQ\nW\HWVHHQLWVOLJKW6HYHUDOSLRQHHUVKDYHHPHUJHGLQDQH\ruRUWWRDGGUHVVHYHU\RQH\nVQHHGVDQGLQIRUPWKHZRUOGDERXWLW'LUHFWRU:LQG3OXV3YW/WG0V0DQVL7KDNNDULVRQHVXFKLQGXVWU\SLRQHHU6KHLVDFDSDEOHDQGKRQRXUDEOHZRPDQZKRWKLQNVWKDWOHDGHUVKLSGHYHORSPHQWDQGHGXFDWLRQFDQHPSRZHUSHRSOHHYHU\ZKHUHRXQJDQGVXFFHVVIXOLQKHUMREVKHKDVHVWDEOLVKHGKHUVHOIDVDFDSDEOHOHDGHUDQGFLWL]HQRIWKHJOREH6DJD6WRU\0V0DQVL7KDNNDU0V7KDNNDUKROGVDGLSORPDIURP6KDKDQG$QFKRU3RO\WHFKQLF&ROOHJH6KHUHFHLYHGKHU%(,7GHJUHHIURP3LOODL&ROOHJHRI(QJLQHHULQJLQ1HZ3DQYHO8QLYHUVLW\RI0XPEDL$VDUHVXOWRIKHULQWHUHVWLQHQKDQFLQJSHRSOH\nVSHUVRQDOJURZWKWKURXJKPRWLYDWLRQDOVSHDNLQJVKHXSVNLOOHGWRRNSXEOLFVSHDNLQJDQGWUDLQWKHWUDLQHUFRXUVHVLQDQG,QDGGLWLRQVKHFRQWLQXHGWRFRQGXFWWUDLQLQJVHVVLRQV7KLVHQDEOHGKHUWRDGYDQFHLQKHULQIRUPDWLRQWHFKQRORJ\FDUHHUDW3LOODL&ROOHJHRI(QJLQHHULQJ$PHQWRULVVRPHRQHZKRVHHVPRUHWDOHQWDQGDELOLW\LQ\RXWKDQ\RXVHHLQ\RXUVHOIDQGKHOSVEULQJLWRXWRI\RX%RE3URFWRU6KHSHUFHLYHVPHHWLQJKHUPHQWRUWREHRQHRIWKHPRVWVLJQL¿FDQWHYHQWVLQKHUOLIH'U5DGKDNULVKQDQ3LOODL,QGLD\nV1REXVLQHVVDXWKRUPHW0V7KDNNDU'U5DGKDNULVKQDQ3LOODLPHQWRUHGKHUGXULQJKHUSRVWJUDGXDWHDFDGHPLFFDUHHUJXLGLQJKHURQWKHSDWKWREHFRPLQJDOHDGHUVKLSFRDFKDQGZRUNLQJIRU\RXWKDQGZRPHQ\n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¿FDQFHRIYDOXHV7KHVHYDOXHVZLOOKHOSKHURQKHUIXWXUHMRXUQH\3HUVRQDOL]HG(GXFDWLRQ$FFRUGLQJWR0V7KDNNDUSHUVRQDOL]DWLRQLPSDUWVNQRZOHGJHDQG ˆ›D4°8ˆDûˆƒ™ÅwŠ°8Îä I°8™°rº•Æ•Çdz³³bŠä(8D³+äÙ ärä²ä³bÎD4 LPSURYHVSHRSOH\nVVNLOOVVRWKH\FDQVKDUSHQWKHLUYLHZSRLQWVLQQHZGLPHQVLRQV6KHVHWVJRDOVIRUKHUVHOIDQGSXUVXHVWKHPUHOHQWOHVVO\LQRUGHUWREHQH¿WKHUFOLHQWV,QRUGHUWRFUDIWDQGKRQHKHUGHOLYHU\DQGH\ruHFWLYHO\UHDFKDQGJXLGHWKHOHDUQLQJFRPPXQLW\VKHKDVPDGHDQH\ruRUWWRXQGHUVWDQGWKHSV\FKRORJ\RILWVPHPEHUV6KHGHOLYHUVLQVHYHUDOODQJXDJHVWDNLQJLQWRDFFRXQWDXGLHQFHPHPEHUV\nQHHGVFDUHIXOO\VHOHFWLQJWKHWLPHVORWDQGFRPPLWWHGWRKHUDXGLHQFHUHJDUGOHVVRIVL]HEHFDXVHVKHLVDZDUHRIWKHOLQJXLVWLFKXUGOHV6KHVWDWHVKHUZLVKWREHDFFHVVLEOHIRUXSVNLOOLQJSURJUDPPHVWKDWDUHH[WUHPHO\LQQRYDWLYHDQGJLYHQLQDFXVWRPLVHGZD\HYHQRQZHHNHQGV&KDOOHQJLQJWKH&KDOOHQJHV)DLOXUHVDQGGL\rvFXOWLHVKDYHERWKEHHQFRPSRQHQWVRIVXFFHVVDQG0V7KDNNDUH[SODLQHGERWKIURPDYHU\SHUVRQDOSHUVSHFWLYH,WZDVGL\rvFXOWWROHDUQQHZLQLWLDWLYHVDIWHUIDLOLQJLQKHUWZR\HDUVRIHQJLQHHULQJ%XWWKURXJKRXWWKRVHWZR\HDUVVKHXQGHUZHQWWUDLQLQJGHYHORSLQJDPRUHUHVLOLHQWDWWLWXGH$VVKHFRQWLQXHGKHULPSUHVVLYHHGXFDWLRQDOMRXUQH\WKLVWZR\HDUDGYHQWXUHDOVRKHOSHGKHUUHDOLVHWKHVLJQL¿FDQFHRIHGXFDWLRQWKHQHHGIRUXSVNLOOLQJDQGWKHQHFHVVLW\RILQWHJUDWLQJVWURQJSULQFLSOHVOLNHFRQWLQXRXVOHDUQLQJLQWRWKHHGXFDWLRQDOV\VWHP([SRVLQJWKH3RWHQWLDOWRWKH:RUOG:LQGSOXVKDVDGKHUHGWRSHUFHQWRIZRPHQ\n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¿QGLQJWKHULJKWPHQWRUVWRKHOSKHUUHDFKKHUPD[LPXPFDSDELOLWLHV6KHORYHVOHDUQLQJQHZWKLQJVZKLFKSURYLGHVKHUZLWKDXQLTXHSHUVSHFWLYHRQKRZWRFRQWLQXDOO\UHOHDUQXQOHDUQDQGOHDUQQHZWKLQJVN”ÎÒÀº³žÎÀíØ¢³”ÒØÀËÎÀ”ÒÒ¥Àº³žÎÀíØ¢c 7KH3RZHUIXO:RPHQ/HDGHUVLQ,QGLDQ(GXFDWLRQ 2ERWM8LEOOEV )MVIGXSV;MRHTPYW5ZX1XH5SHGEWXIVERH1IEHIVWLMT(SEGL ³³³bŠä(8D³+äÙ ärä²ä³bÎD4ÇÇI°8™°rº•Æ• 6KHTXRWHVKHUVHOI,KDYHEHHQEOHVVHGZLWKPDQ\PHQWRUVZKRKDYHUHGLUHFWHGP\SDWKLQWRDWUDQVIRUPDWLYHMRXUQH\7KH(QJDJHPHQWZLWK6WXGHQWV,QRUGHUWRHQFRXUDJHVWXGHQWV\nSHUVRQDOGHYHORSPHQWVHYHUDOKLJKO\LQWHUDFWLYHIUHHWUDLQLQJVHVVLRQVDUHEHLQJKHOGLQFROOHJHV)XUWKHUPRUHSDLGRQOLQHDQGR\rwLQHSURJUDPPHVDUHUXQVLPXOWDQHRXVO\6KHKDVFRQGXFWHGYDULRXVRQOLQHWUDLQLQJDQGFRDFKLQJVHVVLRQVDQGVKHLQWHQGVWRR\ruHUVHOISDFHGSUHUHFRUGHGFRXUVHVLQWKHIXWXUH&XUUHQWO\KHUFRQWHQWFUHDWLRQRQ,QVWDJUDP/LQNHG,QDQG)DFHERRNLVDGGLQJYDOXHDQGLQVSLULQJPDQ\DVSLULQJOHDGHUV'HSDUWHG:LVGRP0V7KDNNDUDGYLVHVDOOVWXGHQWVDURXQGWKHZRUOGWRNHHSOHDUQLQJDOZD\VEHKXPEOH¿QGWKHULJKWPHQWRUVEHFRPHDUROHPRGHOIRURWKHUVGRQ\nWFRPSURPLVHRQLQWHJULW\EXLOG\RXUFKDUDFWHUDQGSXVKKXPDQLW\IRUZDUG$ZDUGVDQG$FKLHYHPHQWV0V7KDNNDUDZHOONQRZQOHDGHULQ,QGLDQHGXFDWLRQKDVUHFHLYHGQXPHURXVKRQRXUVDQGDZDUGV6KHZDVLQWHUYLHZHGDVD\RXWKVSHDNHUE\)HYHU)0DQGKDVWUDLQHGRYHUODNK\RXWKDQGZRPHQDFURVV,QGLDLQ\HDUV6KHUHFHLYHGWKH\n1DWLRQDO$ZDUGV%XVLQHVVPLQW\nXQGHULQVSLULQJHQWUHSUHQHXUVDZDUGLQWKHOHDGHUVKLSWUDLQLQJFDWHJRU\DVZHOODVWKH\n*UDQG4XHHQV*OREDO/HDGHUVKLS$ZDUG\nIRUHGXFDWLRQDQGWUDLQLQJ6KHKDVUHFHLYHGRYHUVSHDNLQJDZDUGVDQGKDVEHHQIHDWXUHGLQVHYHUDOSURPLQHQW,QGLDQQHZVSDSHUV'U.DUXQDPRRUWK\GHVLJQDWHGKHUIRUWKH:LQGSOXV3YW/WG%RDUGRI'LUHFWRUV+HEHOLHYHV0V0DQVLLVDZRPDQRIVXEVWDQFHZKRFDQDGGDORWRIYDOXH6KHZDVVHOHFWHGWREHDFRQWHQWFUHDWRUDW%LJEUDLQFR6KHLVFXUUHQWO\WKHSRGFDVWKRVWRI&KDQDN\D8QVFULSWHGZLWK'U5DGKDNULVKQDQ3LOODL3ODQQLQJWKH)XWXUH6WHSV0V0DQVLLVFXUUHQWO\ZRUNLQJRQWKH:LQGSOXV/LQNHG,QSDJH'U.DUXQDPRRUWK\\n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”Î쥺žÀÎóÀÝØ¢³””ÎÒ¢¥Ë”씳À˹”ºØ¥ÒҔÎ쥺ž¹ó‹ÀݺØÎóÀÎØ¢”ÝØÝΔc %XVLQHVVZHEVLWHZZZZLQGSOXVLQ2IILFLDOZHEVLWHKWWSVPDQVLWKDNNDULQ ; ªµÏ 2ÿŠHÞ :¦o ;RPHQ0HDGHUVKLS mŠ¦o2ÞHØRPHQKDYHSURYHGWKDWKDUGZRUNDQGWDOHQWEHDWDOOWKHKXUGOHVDQGHPHUJHDVWKHNH\VWRVXFFHVVLQDQ\HQYLURQPHQW7KHLUJULWGHWHUPLQDWLRQDQGVNLOOVDUHEHLQJFHOHEUDWHGDOORYHUWKHZRUOG7KHVWUXJJOHIRUZRPHQWRVXFFHHGLQWKHLUSURIHVVLRQDOOLYHVKDVEHHQDVLJQL¿FDQWFKDOOHQJHWRRYHUFRPHI°8™°rº•Æ•Çdz³³bŠä(8D³+äÙ ärä²ä³bÎD4 Ï ÞHص §Þ µµ2: Ï!؊е ³³³bŠä(8D³+äÙ ärä²ä³bÎD4ÇÇI°8™°rº•Æ• +RZHYHUWKHJUDSKRIIHPDOHVXFFHVVVWRULHVKDVMXVWJRQHXSZDUGVLWLVDVRXYHQLURSWLPLVWLFFKDQJHIRURWKHUZRPHQ:RPHQUHSUHVHQWKDOIRIWKHZRUOG\nVSRSXODWLRQDQGXVLQJWKHLUSRWHQWLDOZLOOEHDJUHDWLGHDWRDFKLHYHDXWRSLDQIXWXUH5HFHQWO\WKHUHKDYHEHHQVLJQL¿FDQWPRYHPHQWVOLNHIHPDOHUHVHUYDWLRQDQGIHPDOHVDIHW\IRULQGLYLGXDOMRESRVWVWRVWULYHWRZDUGVJHQGHUHTXDOLW\7KHVHVWHSVFDQPRWLYDWHZRPHQWR¿JKWIRUWKHLUSURIHVVLRQDOJRDOV7KXVZRPHQLQWKHFXUUHQWWLPHVDUHFUHDWLQJWKHLURZQEUDQGVDQGJLYLQJDQHZPHDQLQJWRZRPHQHPSRZHUPHQW%\PDNLQJSHUVRQDOEUDQGVZRPHQKDYHVKRZQWKHLUFDSDELOLWLHVDQGFUHDWHGDQHQYLURQPHQWRIJHQGHUHTXDOLW\IRUHYHU\RQH)URPWKHLUH\ruRUWVLWLVHYLGHQWWKDWWKHUHLVQRVFRSHIRUELDVHVLQZRUNSODFHV2YHUFRPLQJ'LVFULPLQDWLRQ:RPHQKDYHGRQHH[FHSWLRQDOZRUNWRHPHUJHDJDLQVWLQHTXDOLW\7RGD\LWLVDIDPLOLDUVLJKWWRVHHZRPHQOHDGLQJRUJDQL]DWLRQVDQGSHUIRUPLQJVLJQL¿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ruHFWLYHO\E\FXUUHQWIHPDOHOHDGHUV%DODQFLQJ3HUVRQDODQG3URIHVVLRQDO/LI6WULNLQJWKHULJKWEDODQFHEHWZHHQSURIHVVLRQDODQGSHUVRQDOOLIHKDVEHHQDPDWWHURIFRQFHUQIRUDOOHPSOR\HHV:RPHQZKRIXO¿OPDQ\UROHVIURPEHLQJKRPHPDNHUVWRPRWKHUVKDYHWRSHUIRUPKRXVHKROGGXWLHVDORQJZLWKEHLQJSURIHVVLRQDOO\DYDLODEOH7KHUHPRWHZRUNLQJPHWKRGKDVZRUNHGPLUDFXORXVO\IRUWKHVHZRPHQ7KHVHZRPHQGRQRWKDYHWRLQYHVWWLPHLQWUDYHOOLQJWRR\rvFHV,WPLQLPL]HVVWUHVVIRUZRUNLQJZRPHQVLQFHWUDYHOOLQJFDQEHWLPHFRQVXPLQJDQGVWUHVVIXO6RPHZRPHQKDYHDOVRFKRVHQWRZRUNDVIUHHODQFHUVWRVWULNHDEDODQFH)UHHODQFLQJFDQEHGRQHDFFRUGLQJWRFRQYHQLHQFHDQGFDQEHDSHUIHFWDOWHUQDWLYHRSWLRQIRUVRPHZRPHQ)HPDOH/HDGHUVKLS3URJUDPV:RPHQUXQPXOWLSOHIHPDOHOHDGHUVKLSGHYHORSPHQWSURJUDPV7KHPRWLYHRIWKHVHSURJUDPVLVWRHPSRZHUZRPHQWR¿JKWIRUWKHPVHOYHV7KHVHSURJUDPVGRQRWMXVWWUDLQZRPHQWREHFDSDEOHRISHUIRUPLQJSURIHVVLRQDOGXWLHVEXWDOVRWR¿JKWIRUWKHPVHOYHVLQSHUVRQDOLVVXHV,QGHSHQGHQWDQGFRQ¿GHQWZRPHQGRQRWMXVWWDNHWKHPVHOYHVWRKLJKHUSRVLWLRQVEXWWKH\HQVXUHWKHFRPELQHGVXFFHVVRIWKHLUIDPLOLHV7KURXJKWKHVHSURJUDPVWUDLQHHZRPHQDOVREHFRPHPRUHDZDUHRIWKHLUULJKWVDQGSROLFLHVZKLFKDUHKHOSIXOIRUWKHP7KHNQRZOHGJHRIWKHVHDVSHFWVKHOSVLQ¿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ÀXHQFHSHRSOHVXFFHVVIXOZRPHQLQHDFK¿HOGKDYHWKHFDSDELOLW\WRHQKDQFHJHQGHUHTXDOLW\DQGIHPDOHLQFOXVLRQLQWKRVHUHVSHFWLYH¿HOGV7KHJUDSKRIIHPDOHVXFFHVVLVH[SHFWHGWRJRRQO\DERYHLQWKHIXWXUHWKDQNVWRWKHLUH\ruRUWV:RPHQGHVHUYHWREHSUDLVHGIRUWKHLUH\ruRUWVWRHPHUJHYLFWRULRXVDJDLQVWDOOWKHEDUULHUV7KH\KDYHVHWDQHZWUHQGRIHTXDOLW\ZKLFKZLOOSDYHDSDWKIRURWKHUZRPHQLQWKHIXWXUH2SSRUWXQLWLHVLQWKHFXUUHQWWLPHVDUHDEXQGDQWEXWZRPHQKDYHFUHDWHGWKHPRVWSDUWIRUWKHPVHOYHVOLNHEUDQGLQJWKHPVHOYHVRQWKHLQWHUQHWDQGHPSRZHULQJRWKHUZRPHQWKURXJKSURJUDPV I°8™°rº•Æ•Çdz³³bŠä(8D³+äÙ ärä²ä³bÎD4 (GXFDWHGZRPDQLVWKHOLJKWRIVRFLHW\JXLGLQJLWWKURXJKWKHGDUNQHVV , QGLDKDVDORQJKLVWRU\RIZRPHQ\nVVWUXJJOHV(VSHFLDOO\ZKHQLWFRPHVWRHGXFDWLRQWKHVWUXJJOHKDVEHHQRQHRIWKHKDUGHVW3OD\LQJGL\ruHUHQWUROHVLQKHUOLIHDQGEHLQJDQXUWXUHUE\QDWXUHDZRPDQ¶VHGXFDWLRQLVDQLPSRUWDQWIDFWRULQLQÀXHQFLQJWKHIDPLO\¶VRYHUDOOSURJUHVVDQGWKXVVRFLHW\([FHOOLQJLQWKH¿HOGRIHGXFDWLRQZRPHQKDYHPDGHDSODFHIRU6RRGKDVDOZD\VH[FHOOHGDVDVWXGHQWLQ6HFRQGDU\DQG6U6HFRQGDU\FODVVHV6KHSDVVHGRXWRI%LUOD9LG\D1LNHWDQLQDQGFRPSOHWHGKHU%3KDUPDDQG0%$VSHFLDOLVLQJLQ0DUNHWLQJDQG)LQDQFHIURPUHSXWHG'HOKL8QLYHUVLW\,QVWLWXWHV6KHKDVDFRUSRUDWHH[SHULHQFHRI\HDUVLQEUDQGPDQDJHPHQWGRPDLQZUWKHDOWKFDUHDQGSKDUPDFHXWLFDOLQGXVWU\DQGKDVODWHUDFFRPSOLVKHGSURMHFWVLQGL\ruHUHQWLQGXVWULHVZKLFKKDVIXUWKHUOHGWRKHUKROLVWLFH[SHULHQFHLQEUDQGPDQDJHPHQWDQGPDUNHWLQJDFURVVVXEMHFWVDQGLQGXVWULHV7KXVVKHKDVDPL[RIFRUSRUDWHH[SHULHQFHRI\HDUVDQGDQDGGLWLRQDO\HDUVRIHQWUHSUHQHXULDOH[SHULHQFHPDNLQJKHUDWWDLQKLJKHUOHYHOVRIVXFFHVV6KHLVD0DQDJHPHQW&RQVXOWDQWDQG'LJLWDO0DUNHWLQJ6WUDWHJLVWZLWKDWHDPRIVXEMHFWPDWWHUH[SHUWV6KHKDVEHHQZRUNLQJZLWKVWDUWXSV60(VDQG060(VDQGKDVEHHQDVVLVWLQJWKHPZLWKWKHLUVWUDWHJLFPDUNHWLQJH\ruRUWV)URPDVVLVWLQJWKHVHRUJDQLVDWLRQVLQFRQFHSWXDOLVLQJWKHLUGLJLWDOLPDJHWRVWUDWHJL]LQJWKHGLJLWDOH\ruRUWVDQG¿QDOO\WUDQVODWLQJLWWRVXFFHVVIXOGLJLWDOLPSOHPHQWDWLRQVDFURVVVRFLDOPHGLDFKDQQHOVZHEVLWHVDQGRQOLQHIRUXPV7KLVXOWLPDWHO\OHDGVWRDFKLHYHPHQWRIUHVXOWRULHQWHGH\ruRUWV+HUEXVLQHVV\nVFRUHFRPSHWHQF\LVLGHQWLI\LQJWKHFOLHQWFRPSDQ\¶VWKHPVHOYHV2QHRIWKHIHZQDPHVH[FHOOLQJLQWKH¿HOGRIHGXFDWLRQLQWKH,QGLDQHGXFDWLRQDOVRFLHW\LV1HHUX6RRG)RXQGHUDQG3URSULHWRU3UHS6XFFHVV$FRDFKFRQVXOWDQWDQGVWUDWHJLVW1HHUXKDVRYHU\HDUVRIH[SHULHQFHLQFRQVXOWDWLRQDQGPDUNHWLQJ/HW\nVNQRZPRUHDERXW1HHUXDZRPDQZKRKDVSDYHGKHUSDWKRQKHURZQDQGXQGHUVWDQGVWKHMRXUQH\WRGHVWLQDWLRQ-RXUQH\)URPWKH%HJLQQLQJ%RUQDQGEURXJKWXSLQ'HOKL1HHUX 400% &m7;uv|-m7bm]|_;o†um;‹|o ;v¡m-¡om $_;o‰;u=†s)ol;m;-7;uvbmm7b-m 7†1-¡om7Ž‘ m;m;;7v|o0u;-h|_uo†]_|_;1s†‚;u‰_;mruolo¡m]‹o†uv;s=7-m7l-uh;¡m]1-lr-b]mv‰b|_bm1;m¡ˆ;v1-m7o|_-|9 ;;u†"oo7\ro†m7;u-m7uorub;|ou7u;r“"†11;vvI°8™°rº•Æ•Çdz³³bŠä(8D³+äÙ ärä²ä³bÎ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ruHUHQWVWHSVRIWKHLUUHVSHFWLYHEXVLQHVVVXFFHVVMRXUQH\V$VDEXVLQHVVFRQVXOWDQWVKHZDQWVWRHQVXUHDFFRPSOLVKPHQWRIWDUJHWHGVXFFHVVPLOHVWRQHVIRUVWDUWXSVZRPHQHQWUHSUHQHXUV60(VDQG060(V6KHFRQVXOWVRQ6WUDWHJLF%XVLQHVV*URZWKE\VWUHQJWKHQLQJ'LJLWDO0DUNHWLQJ(\ruRUWVIRUWKHLUUHVSHFWLYHYHQWXUHV$VDSURIHVVLRQDOEXVLQHVVFRQVXOWDQWKHOSLQJEXVLQHVVHVDQGSHRSOHUHDFKWKHLUJRDOVDQGH[FHO1HHUXKDVUHDOLVHGWKDWWKHZLOOWROHDUQLPSURYHDQGDGDSWDUHWKHNH\VWRVXFFHVV6KHVWULYHVWRKHOSLQGLYLGXDOVDQGEXVLQHVVHVVHHNLQJVXFFHVVWROHDUQWKHDUWRIVXFFHHGLQJE\KDQGKROGLQJDQGJXLGLQJWKHPWKURXJKWKHVHHVVHQWLDOSKDVHVWRVXFFHVV9HQWXULQJLQWR'LJLWDOLVDWLRQ3UHS6XFFHVVLVIRFXVHGRQDFKLHYLQJWKHSULPHREMHFWLYHRIFRDFKLQJDQGXSJUDGLQJWKHVNLOOVRIYDULRXVH[SHULHQFHKHOSLQJR üVKRUHDQGRQVKRUHFOLHQWVZLWKVSHFL¿FEXVLQHVVJURZWKDQGEXVLQHVVGHYHORSPHQWREMHFWLYHV1HHUXKLJKOLJKWHGH[SODLQLQJVRPHRIWKHH[SHULHQWLDOFKDOOHQJHVVKHIDFHG*URZLQJRXWMXVWDIWHUWKHPRQWKRIVWDUWLQJKHUEXVLQHVV1HHUXHQFRXQWHUHGPLQLPXPEXVLQHVV¿QDQFLDOULVNV7KHSULPHUHDVRQIRUWKHVDPHZDVLQIUDVWUXFWXUDOFRVWVEHLQJSULPDULO\OLQNHGWRFRPPXQLFDWLRQDQGRSHUDWLRQDOZRUNLQJDQGH[HFXWLRQLQLWLDOO\+RZHYHULWZDVWRXJKIRUKHUWRFUHDWHDWHDPVKHFXUUHQWO\KDVDQGDFFRXQWLQJZKLOHNHHSLQJWUDFNRI¿QDQFLDOJURZWK1HHUXEHOLHYHVWKDWDWWLPHVLWZDVH[WUHPHO\FKDOOHQJLQJIRUKHUWRNHHSKHUWHDPPRWLYDWHGDQGDWWKHVDPHWLPHWRDOVREULQJLQQHZFOLHQWVWKURXJKPDUNHWLQJKHUSUHYLRXVO\DFFRPSOLVKHGSURMHFWV6LJQL¿FDQW)RRWLQJ1HHUXSURYLGHVZRPHQHQWUHSUHQHXUVEXVLQHVVHV60(V060(VDQGFRUSRUDWHVZLWKWUDLQLQJDQGGHYHORSPHQWDVZHOODVPRWLYDWLRQDOSURJUDPVLQGLYLGXDOVDQGSURIHVVLRQDOV,WHQVXUHVWKHDFKLHYHPHQWRIGRPHVWLFDVZHOODVJOREDOUHDFKZKLFKLVE\WKHVXEVHTXHQWODXQFKRIKHU:HE3RUWDODQGRX7XEH&KDQQHO7KLVGLJLWDOYHQWXUHE\1HHUXVWD\VFORVHWRKHUKHDUW7KURXJKWKLVSODWIRUPVKHVWULYHVWRH[WHQGFRDFKLQJDQGLPSDUWOHDUQLQJWRLQGLYLGXDOVDQGSURIHVVLRQDOVLQRUGHUWRKHOSWKHPQRWMXVWXQGHUVWDQGGL\ruHUHQWVWDJHVRIWKHLUEXVLQHVVEXWDOVRJHWDOLJQHGWRWKHLUEXVLQHVVUHTXLUHPHQWVDQGDFFRUGLQJO\VWUHDPOLQHWKHLUPDUNHWLQJH\ruRUWVVRDVWRDFKLHYHWDUJHWHGPLOHVWRQHVZKLOHGULYLQJWKHJURZWKRIWKHLUUHVSHFWLYHEXVLQHVV%HLQJD%XVLQHVV&RDFKKHUVHOI1HHUX6RRGXQGHUVWDQGVWKHSRZHURIVRFLDOPHGLDDQGWKURXJKKHU)DFHERRNSDJH3UHS6XFFHVV ZZZIDFHERRNFRP3UHS6XFFHVV DQG,QVWDJUDPKDQGOHVKHLVEXLOGLQJDFRPPXQLW\IRUEXLOGLQJDEHWWHUIXWXUH+XUGOH3XGGOH7KHFRUHLGHDWRVWDUWWKHEXVLQHVVZDVWRXVHP\OHDUQLQJIURPWKHFRUSRUDWHZRUOGEUDQGPDQDJHPHQWH[SHULHQFHLQKHDOWKFDUHDQGSKDUPDFHXWLFDOVDQGLQWHJUDWHLWZLWKNQRZOHGJHSURFHVVRXWVRXUFLQJ³³³bŠä(8D³+äÙ ärä²ä³bÎD4ÇÇI°8™°rº•Æ• 7KHEUDQGPDQDJHPHQWSURJUDPPHFXUDWHGE\3UHSVXFFHVV 3UHS6XFFHVV DLPVWRKHOSLQGLYLGXDOVFRPSDQ\RZQHUVEXVLQHVVRZQHUVDQGHQWUHSUHQHXUVWRJDLQDKROLVWLFYLHZRIVWUDWHJLFEUDQGPDQDJHPHQWLQWHQGHGWRKHOSWKHPWKURXJKWKHLUEUDQG\nVMRXUQH\ZKHWKHULWLVUHODWHGWRGHYHORSLQJDQHZEUDQGLGHQWLW\UHSRVLWLRQLQJDQH[LVWLQJEUDQGRQJRLQJFRQWURORIDQHVWDEOLVKHGEUDQGRUSHUVRQDOEUDQGLQJDQGLGHQWLW\1HHUXEHOLHYHVWKDWPDUNHWLQJFDPSDLJQVDUHWKHSHUIHFWZD\WRUHDFKFXVWRPHUVFOLHQWVDQGOHDGV7KH\FRXOGEHWKHJDPHFKDQJLQJPRYHWKDWVHFXUHVPHHWLQJVZLWKFXVWRPHUVRUSURVSHFWV3URGXFLQJFDPSDLJQVZLWKDVHULHVRIWRXFKSRLQWVZRXOGJUDEVRPHRQH\nVDWWHQWLRQEHWWHUWKDQDVLQJOHDGYHUWLVHPHQW2QHQHHGVWREUHDNWKURXJKWKHFOXWWHUZKHQSURPRWLQJRQHVHOIRURQH\nVEXVLQHVVDQGPDUNHWLQJFDPSDLJQVZLWKLQFHQWLYHVFDQGRWKDWZLWKWKHEHVWVROXWLRQVFUHDWLQJFUHGLELOLW\$ORQJZLWKWKLVVKHPDLQWDLQVKHUGLVFLSOLQHUHJDUGLQJWKHGHDGOLQHVEDVHGRQWKHG\QDPLVPRIWKHFOLHQWDQGWKHHQHUJ\WKDWDSURMHFWRUDEXVLQHVVUHTXLUHV,QWHJUDWLRQRIWKHWKUHHDVSHFWV\n6WUDWHJLF$QDO\VLV\n\n%UDQG%XLOGLQJ*XLGDQFH\nDQG\n'LJLWDO0DUNHWLQJ6WHHULQJ\nKDVKHOSHG1HHUXFRPHXSZLWKDKROLVWLFVROXWLRQIRUKHUFOLHQWV$GYLFHIRU%XGV+HUDGYLFHIRU\RXQJVWXGHQWVLV$QLQGLYLGXDOHYROYHVSURIHVVLRQDOO\DQGSHUVRQDOO\WKHLUVNLOOVUH¿QHDQGWKXVWKH\EHFRPHEHWWHUDGDSWHG7KHRQO\SHUVRQ\RXDUHGHVWLQHGWREHFRPHLVWKHRQH\RXDFWXDOO\GHFLGHWREHFRPHEXW\RXPXVWDGHTXDWHO\SUHSDUHIRULW$IWHUDWRWDORI\HDUVRIH[SHULHQFHHYHQWRGD\1HHUXLVSUHSDULQJIRUWKHQH[WDFKLHYDEOHPLOHVWRQHLQKHUSURIHVVLRQDOFDUHHU7KXVVKHVWURQJO\EHOLHYHVWKDWVXFFHVVLVGH¿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ruHFWLYHZD\RIUHDFKLQJFXVWRPHUV&RQ¿UPLQJFXVWRPHUUHODWLRQVKLSVYLDIROORZXSVDOHVFDPSDLJQVDQGOR\DOW\SURJUDPV1HHUXKDVQRWHGWKHSURZHVVWRXQGHUVWDQGWKHFKDQJLQJPDUNHWLQJG\QDPLFVDQGDGDSWWKHPDUNHWLQJLQLWLDWLYHVZKLOHPHQWRULQJWKHRUJDQLVDWLRQLQLWVEUDQGEXLOGLQJDQGGLJLWDOPDUNHWLQJH\ruRUWV+HUYHQWXUHLVLQVWUXPHQWDOLQGHYLVLQJGLJLWDOPDUNHWLQJSODQVIRURUJDQLVDWLRQVDWYDULRXVVWDJHVRIWKHLUJURZWKSDWK,WLVPHDVXUDEOHDQGHQFRXUDJHVFRRSHUDWLYHDQGFROODERUDWLYHPDUNHWLQJLQLWLDWLYHVZLWKOLNHPLQGHGSDUWQHUV,WDOVRKDVZHOODUWLFXODWHGDQGWLPHGGLJLWDOFDPSDLJQV6(2DQGLQWHUQHWPDUNHWLQJDFWLYLWLHVDQGVRFLDOQHWZRUNLQJRSSRUWXQLWLHV:LWKDOOWKHVHDFKLHYHPHQWV1HHUXLVSURXGRIWKHEUDQGEXLOGLQJPDQDJHPHQWDQGGLJLWDOH\ruRUWVRIPDQ\RUJDQLVDWLRQV60(V060(V6WDUWXSV2UJDQLVDWLRQVDQG(QWUHSUHQHXUVWRIUXLWLRQ6QDFN)RU(QHUJ\1HHUXEHOLHYHVLQSURYLGLQJKHUFOLHQWV mbm7bˆb7†-s;ˆosˆ;vruo=;vvbom-ss‹-m7r;uvom-ss‹8|_;buvhbssvu;Cm;-m7|_†v|_;‹0;1ol;0;‚;u-7-r|;79$_;oms‹r;uvom‹o†-u;7;v¡m;7|o0;1ol;bv|_;om;‹o†-1|†-ss‹7;1b7;|o0;1ol;70†|‹o†l†v|-7;t†-|;s‹ru;r-u;=oub|4 I°8™°rº•Æ•Çdz³³bŠä(8D³+äÙ ärä²ä³bÎD4