sida3314en-teacher-education-teachers-conditions-and-motivation

You might also like

Download as pdf or txt
Download as pdf or txt
You are on page 1of 38

8IEGLIV)HYGEXMSR8IEGLIVW

'SRHMXMSRWERH1SXMZEXMSR

.ERYEV]

7;)(-7,-28)62%8-32%0():)0341)28
'334)6%8-32%+)2'=

(ITEVXQIRXJSV(IQSGVEG]ERH
7SGMEP(IZIPSTQIRXr()73
)HYGEXMSR(MZMWMSR
8)%',)6)(9'%8-328)%',)67 '32(-8-327
%2(138-:%8-32z

*SVI[SVH  

)\IGYXMZI7YQQEV]  

+SEPWERH4SMRXWSJ(ITEVXYVI  

%REP]XMGEPJVEQI[SVO  
 &XUULFXODFRGHVDQGYDOXHV 
 $QHZUROHIRUWHDFKHUV 

7MXYEXMSREPJVEQI[SVO  
 7KHFKDOOHQJHRILPSOHPHQWLQJH[LVWLQJNQRZOHGJH 
 'HWHULRUDWLRQRIVDODU\OHYHOV 
 'HWHULRUDWLRQRIWKHSURILOHDQGVRFLDOVWDWXVRIWHDFKHUV 
 3UHFDULRXVZRUNLQJFRQGLWLRQV
 /RZHUVDODULHVOHVVWLPHOHVVVXSSRUWDQGPRUHWDVNV 
 (VFDODWLQJFULWLFLVPRIVFKRRODQGWHDFKHUV 
 'HWHULRUDWLRQRIWHDFKHUV·PRUDOHDQGKHDOWK 
 'HSURIHVVLRQDOLVDWLRQRIDQGIOLJKWIURPWKHWHDFKLQJSURIHVVLRQ 
 )HPLQLVDWLRQRIWKHWHDFKLQJIRUFH

8IEGLIV)HYGEXMSR'YVVIRX8VIRHWERH0IWWSRW0IEVRIH 
 3UHVHUYLFHDQGLQVHUYLFHWHDFKHUHGXFDWLRQ 
 5HVLGHQWLDODQGGLVWDQFHWUDLQLQJ
 7KHUROHRIWHDFKHUVLQWKHSURPRWLRQRIFKLOGUHQ·VULJKWV
 7KHUROHRIWHDFKHUVLQWKHSURPRWLRQRIJHQGHUHTXDOLW\

%PXIVREXMZI1SHIPWSJ8IEGLIV)HYGEXMSR  

8IEGLMRK7IVZMGIW4PERRMRK1EREKIQIRXERH8VEMRMRK 

7XVEXIKMIWJSV8IEGLIV)HYGEXMSRVIJSVQ  
 .H\LVVXHVLQWHDFKHUHGXFDWLRQ 7( VWUDWHJLHV
 &ULWLFDOLVVXHVLQGHILQLQJZKDWWHDFKHUVQHHGWROHDUQ

1EMR6IGSQQIRHEXMSRWJSV)\XIVREP7YTTSVXXS8IEGLIV)HYGEXMSR  

6IJIVIRGIW  


&3<)7

%R[ $VFKRROIRUFKLOGUHQZLWKULJKWV 
%R[ 6HOIKHOSDFWLRQIRUHGXFDWLRQ 6+$3( LQ=DPELD  
%R[ 7HDFKHUHGXFDWLRQUHIRUPSURMHFW 7(53 DQGEDVLFHGXFDWLRQ
WHDFKHU VGLSORPD %(7' LQ1DPLELD  
%R[ 6KLNVKD.DUPLSURMHFW 6.3 LQ5DMDVWKDQ,QGLD 
%R[ 6FKRRO&OXVWHU3ROLF\LQ&DPERGLD 
%R[ 7KHSURJUDPPHIRUTXDOLW\LPSURYHPHQWLQSULPDU\VFKRROVLQ
WKHGLVDGYDQWDJHGDUHDVRI&KLOH² 3  
%R[ 5HWUDLQLQJRIXQTXDOLILHGWHDFKHUVLQ7DQ]DQLD  


*36);36(

7HDFKHUV
´«+DUGO\DQ\SURIHVVLRQLVVRLPSRUWDQWLQUHDOLVLQJWKHLGHDRIWKHFKLOGUHQ·VULJKWV«µ
7KRPDV+DPPDUEHUJ81,&()

7HDFKHUHGXFDWLRQLVJHQHUDOO\DJUHHGWREHDNH\DUHDLQSURJUDPPHVDLPHGDW
LPSURYLQJWKHTXDOLW\RIHGXFDWLRQ7KLVDUHDDOVRFRQVWLWXWHVRQHHVVHQWLDOFRP
SRQHQWRI6LGD·VSROLF\IRU&RRSHUDWLRQLQ%DVLF(GXFDWLRQDQG(GXFDWLRQ5HIRUP  7KLV
SRVLWLRQSDSHURQWHDFKHUVIRUPVSDUWRIDQRQJRLQJSROLF\GHYHORSPHQWSURFHVV
DW6LGD·V(GXFDWLRQ'LYLVLRQ6LGD6XSSRUWWR(GXFDWLRQDO0DWHULDOV3URJUDPPH²
$UHYLHZRI([SHULHQFHDQG&XUUHQW6WUDWHJLHV 'HF LVDQHDUOLHUFRPSOHPHQWDU\SROLF\
SDSHU

7KHLQWHQWLRQLVWRGHYHORSDQGUHYLHZ6LGD·VSROLF\FRRSHUDWLRQLQWKHHGXFDWLRQ
VHFWRULQYLHZRIWKHVKLIWIURPSURMHFWWRVHFWRUSURJUDPPHVXSSRUWLHWKHVHF
WRUZLGHDSSURDFK 6:$S DVZHOODVDKXPDQULJKWVDQGGHPRFUDF\SHUVSHFWLYH

7KHPDLQSXUSRVHRIWKLVSDSHULVWRVHUYHDVDIUDPHRIUHIHUHQFHIRUSROLF\DQDO\
VLVDQGGLDORJXHLQWKHFRQWH[WRISUHSDULQJDQGIROORZLQJXSVHFWRUSURJUDPPH
VXSSRUWWRJHWKHUZLWKORFDODQGLQWHUQDWLRQDOSDUWQHUV,WZLOODOVRKRSHIXOO\VHUYH
DXVHIXOSXUSRVHLQWKHSURFHVVHVRIDVVLVWLQJWHDFKHUHGXFDWLRQSURM
HFWVSURJUDPPHVPRUHGLUHFWO\LQYROYLQJSDUWQHULQVWLWXWLRQVFRQVXOWDQWV
DQGRWKHUUHVRXUFHSHRSOH

7KHKRSHLVWKDWWKHSDSHUZLOOHQKDQFHGLVFXVVLRQVRQKRZWRLPSURYHWHDFKHU
HGXFDWLRQDQGWKHVLWXDWLRQRIWHDFKHUVLQJHQHUDODQGKHOSWRGHYHORSPRUHYLDEOH
DQGSDUWLFLSDWRU\VWUDWHJLHVWRDGGUHVVSHUVLVWLQJSUREOHPVLQPRVWHGXFDWLRQV\V
WHPV,WLVRXUFRQYLFWLRQWKDWDOOVXFKVWUDWHJLHVPXVWFRQVLGHUWHDFKHUV·KXPDQ
ULJKWVDVZHOODVWKHLUWUDGHXQLRQIUHHGRPV6WUDWHJLHVPXVWDFWLYHO\LQYROYHWKH
WHDFKLQJIRUFH:HYHU\PXFKZHOFRPHFRPPHQWV7KLVSDSHULVVHHQDVD´OLYLQJµ
GRFXPHQWLHZHIRUHVHHWKDWUHYLVLRQZLOOEHQHFHVVDU\GXULQJWKHFRPLQJ\HDUV

7KHGRFXPHQWKDVHYROYHGIURPPDQ\FRQWULEXWLRQVDQGGLVFXVVLRQV,WLVDMRLQW
HIIRUWLQZKLFKVWRFNKDVEHHQWDNHQRIWKHFXUUHQWLQWHUQDWLRQDOGHEDWHRQWHDFKHU
HGXFDWLRQDVZHOODV6LGD·VRZQH[SHULHQFH$UHIHUHQFHJURXSZDVVHWXSLQ
LQRUGHUWRIDFLOLWDWHDQGSURGXFHWKLVSDSHU'LVFXVVLRQVDQGVHPLQDUVKDYHEHHQ
KHOG&RQFOXVLRQVIURPWKHVHDVZHOODVZULWWHQFRQWULEXWLRQVKDYHEHHQFRQVLG
HUHGDQGZKHQSRVVLEOHLQWHJUDWHGLQWRWKHSUHVHQWGRFXPHQW

,QWKHFRXUVHRIWKLVZRUNWKHIROORZLQJLQGLYLGXDOVZHUHHQJDJHGLQWKHUHIHUHQFH
JURXSPHQWLRQHGDERYH$5065DMDEX 360LQLVWU\RI(GXFDWLRQDQG&XO
WXUH7DQ]DQLD 5DQMLQL$EH\ZDUGHQD 'HSDUWPHQWRI'LVWDQFH(GXFDWLRQ1D
WLRQDO,QVWLWXWHRI(GXFDWLRQ6UL/DQND $JQHWD:nQJGDKO)OLQFN 6FKRRORI
(GXFDWLRQ8QLYHUVLW\RI/XQG /HLI/LQGEHUJ 'HSDUWPHQWRI(GXFDWLRQ8PHn
8QLYHUVLW\ *|UDQ/LQGKH 'HSDUWPHQWRI(GXFDWLRQDO5HVHDUFK6WRFNKROP,Q
VWLWXWHRI(GXFDWLRQ :\FOLIIH+2GLZXRU ,QVWLWXWHRI,QWHUQDWLRQDO(GXFDWLRQ
6WRFNKROP8QLYHUVLW\ 'LPLWHU3HUQLNOLMVNL ,QVWLWXWHRI(GXFDWLRQ6WRFNKROP
8QLYHUVLW\ $OOSURYLGHGPDQ\XVHIXODQGYDOXDEOHLQSXWVERWKZULWWHQDQGYHU
EDO/DUV'DKOVWU|PDQG.ODV8QR)U\NPDQ ERWKIURP7(538PHn8QLYHU


VLW\ DOVRPDGHLPSRUWDQWFRQWULEXWLRQVEDVHGRQWKHLUH[SHULHQFHRIUHIRUPLQJ
SUHVHUYLFHWHDFKHUHGXFDWLRQLQ1DPLELD

,QDGGLWLRQ7HDFKHU7UDLQLQJ3URILOHVRQSURJUDPPHVVXSSRUWHGE\6LGDZHUHSUH
SDUHGDVEDFNJURXQGGRFXPHQWVE\6LGD·VHGXFDWLRQSURJUDPPHRIILFHUVDQG
0DULW6WRUHQJ ,QVWLWXWHRI,QWHUQDWLRQDO(GXDWLRQ6WRFNKROP8QLYHUVLW\ 7KHVH
SURILOHVFRQVWLWXWHGDQLPSRUWDQWVRXUFHIRUWKHDQDO\VHVLQWKHSUHVHQWSROLF\SD
SHU6RPHDOVRVHUYHGDVVRXUFHVIRUWKHLQIRUPDWLRQER[HVLQFOXGHGLQWKHGRFX
PHQWDVH[HPSOHVRIOHVVRQVOHDUQWIURPSURJUDPPHVVXSSRUWHGE\6LGD

7KHUHLVDQXUJHQWQHHGIRUDOOSDUWLHVFRQFHUQHGWRILQGVXVWDLQDEOHVWUDWHJLHV
IRULPSURYLQJWKHSURIHVVLRQDOGHYHORSPHQWDQGVWDWXVRIWHDFKHUVZRUOGZLGH
7KH\FRQVWLWXWHVRQHRIWKHPRVWLPSRUWDQWJURXSVZKRH[HUWJUHDWLQIOXHQFHRQ
WKHDGXOWVRIWRPRUURZ7KLVSRVLWLRQSDSHUUHIOHFWVRXUEHOLHILQWKHNH\UROHRI
WHDFKHUVIRUWKHUHVXOWVRIHGXFDWLRQGHYHORSPHQWSURJUDPPHVDQGUHIRUPV

$JQHWD/LQG
+HDGRI(GXFDWLRQ'LYLVLRQ
6LGD




)<)'98-:)7911%6=

7KLVSRVLWLRQSDSHUKDVEHHQHVWDEOLVKHGLQWKHFRQWH[WRI6ZHGLVKGHYHORSPHQW
FRRSHUDWLRQREMHFWLYHVZKLFKDLPSULPDULO\DWUHGXFLQJSRYHUW\,WWDNHVLQWRFRQ
VLGHUDWLRQWKHGHFODUDWLRQRIWKH:RUOG&RQIHUHQFHRQ(GXFDWLRQIRU$OODVZHOODV
HIIRUWVDLPHGDWSURPRWLQJJHQGHUHTXDOLW\KXPDQULJKWVGHPRFUDF\DQGVXV
WDLQDEOHGHYHORSPHQW,QDGGLWLRQLWUHODWHVWR6LGD·VSROLF\LQVXSSRUWLQJEURDG
HGXFDWLRQDOUHIRUPV,QWKLVSDSHUDWWHPSWVDUHPDGHDWSURYLGLQJDKROLVWLFDQG
FRQWH[WERXQGYLHZRIWKHVLWXDWLRQRIWHDFKHUVDQGWHDFKHUHGXFDWLRQ
7KLVSDSHULVLQWHQGHGWRFRQVWLWXWHDIUDPHRIUHIHUHQFHIRUSROLF\DQDO\VLVDQG
GLDORJXH

(GXFDWLRQDOFKDQJHVDQGUHIRUPVZKLFKDUHH[SHFWHGWRWDNHSODFHLQWKHFODVV
URRPVPXVWDOVREHUHIOHFWHGLQWHDFKHUHGXFDWLRQ7HDFKHUVDUHH[SHFWHGWREH
WKHPDLQIDFLOLWDWRUVRIOHDUQLQJ$VVXFKWKH\VKRXOGHQVXUHWKHEHVWLQWHUHVWRIWKH
FKLOGDQGNQRZKRZWRDGDSWWKHFXUULFXOXPWRFKLOGUHQ·VQHHGV0RUHRYHUWKH\
DUHUHTXLUHGWREHDGPLQLVWUDWRUVDQGDFWDVWKHOLQNEHWZHHQSDUHQWVDQGWKH
FRPPXQLW\7KHJDSEHWZHHQZKDWLVUHTXLUHGIURPWKHLGHDOWHDFKHUDQGWKH
VNLOOVWKDWKHVKHSRVVHVVHVDSSHDUVWREHZLGHQLQJ,QRUGHUWRHQDEOHWHDFKHUVWR
PHHWWKHYDULRXVGHPDQGVSODFHGRQWKHLUSURIHVVLRQLWLVLQFUHDVLQJO\UHFRJQLVHG
WKDWWHDFKHUV VNLOOVQHHGWREHFRQWLQXRXVO\XSJUDGHG

7KHFKDOOHQJHLVKRZWRLPSOHPHQWH[LVWLQJNQRZOHGJHRQWHDFKHUHGXFDWLRQDQG
WHDFKHUV·ZRUNLQJFRQGLWLRQV,QEULHIWKHSUREOHPVIDFLQJWKHWHDFKLQJSURIHVVLRQ
FDQEHVXPPDULVHGDVIROORZV
D ORZVDODU\OHYHOV
E ORZVRFLDOVWDWXV
F SUHFDULRXVZRUNLQJFRQGLWLRQV
G GHSURIHVVLRQDOLVDWLRQ
H ODFNRIDSSURSULDWHFRQGLWLRQVIRUWUDLQLQJ
I GHILFLHQWHGXFDWLRQDOEDFNJURXQGDQGWUDLQLQJ

([SHULHQFHVKRZVWKDWWHDFKHUVDUHPDUJLQDOLVHGLQQHDUO\DOOUHIRUPSURFHVVHV
,QPDQ\FDVHVHGXFDWLRQSROLFLHVDUHIRUPXODWHGZLWKRXWWKHLUSDUWLFLSDWLRQ7KH
IDFWWKDWWHDFKHUVWUDGHXQLRQIUHHGRPVDUHQRW\HWUHFRJQL]HGLQPDQ\FRXQWULHV
FRQWULEXWHVWRDVLWXDWLRQZKHUHWKHFROOHFWLYHYRLFHRIWHDFKHUVFDQQRWEHKHDUG

7KHUHLVDWUHQGWRZDUGVORZHUJHQHUDOHGXFDWLRQTXDOLILFDWLRQVDPRQJWHDFKHU
WUDLQHHV7KLVDORQJZLWKWKHHPSKDVLVRQOHDUQLQJPDWHULDOVDQGLQVHUYLFHWUDLQ
LQJUDWKHUWKDQSUHVHUYLFHWUDLQLQJLVWRVRPHH[WHQWFDXVHGE\WKHODFNRIFRQIL
GHQFHLQWHDFKHUV·FDSDELOLWLHVDQGWKHVHYHUHSUHVVXUHRQHGXFDWLRQEXGJHWV

7KHWHDFKHUHGXFDWLRQV\VWHPQHHGVWREHXQLILHGDQGFRRUGLQDWHGHQVXULQJWKDW
SUHDQGLQVHUYLFHHGXFDWLRQLVVHHQDVRQHVLQJOHSURFHVV,WLVYLWDOWKDWWKHLP
SRUWDQFHRIWHDFKHUVDQGWKHUROHRIWHDFKHUVDUHDFNQRZOHGJHG/HDUQLQJE\
GRLQJDQGFULWLFDODQGV\VWHPDWLFUHIOHFWLRQRQWKHPRGDOLWLHVXVHGLQSUDFWLVHLV
HVVHQWLDOIRUWKHGHYHORSPHQWRIWUDLQLQJDQGSURIHVVLRQDOVNLOOVRIWHDFKHUV

&DSDFLW\DWDOOOHYHOVWRSODQPDQDJHDQGWUDLQDOOHGXFDWLRQVWDIILVFUXFLDOWR
DQ\VWUDWHJ\DLPHGDWVWUHQJWKHQLQJWKHUROHRIWKHWHDFKLQJSURIHVVLRQ7KHHGX


FDWLRQV\VWHPDVDZKROHQHHGVWREHWDNHQLQWRDFFRXQWZKHQSODQQLQJQDWLRQDO
WHDFKHUHGXFDWLRQVWUDWHJLHV

:KDWWHDFKHUVOHDUQPXVWFRUUHVSRQGWRZKDWWKH\DUHH[SHFWHGWRWHDFK7KHUH
IRUHWHDFKHUVPXVWEHLQYROYHGLQGHILQLQJQHZWHDFKHUHGXFDWLRQFXUULFXOD
0RUHRYHUFXUULFXODPXVWEHGHYHORSHGLQFRKHUHQFHZLWKWKHVFKRROV\VWHPLWVHOI
7HDFKHUVDOVRQHHGWROHDUQDERXWWKHUHODWLRQVKLSEHWZHHQVRFLHW\DQGVFKRROLQ
RUGHUWREHDEOHWRFRSHZLWKWKHVSHFLILFOHDUQLQJQHHGVRIWKHFKLOGUHQ

7HDFKHUVDQGWHDFKHUHGXFDWLRQVKRXOGQRWEHUHJDUGHGDVPHUH´LQSXWVµLQWRWKH
HGXFDWLRQV\VWHP7HDFKHUV·ZRUNLQJFRQGLWLRQVDQGSURIHVVLRQDOGHYHORSPHQW
QHHGWREHVHULRXVO\DGGUHVVHG,IHGXFDWLRQDOUHIRUPVQHJOHFWWKHSUREOHPVRIWKH
HGXFDWLRQDOVWDIIUHIRUPVDUHOLNHO\WRIDLO


+3%07%2(43-2873*()4%6896)

7KHRYHUULGLQJJRDORI6ZHGLVKGHYHORSPHQWFRRSHUDWLRQLVWRLPSURYHWKHTXDO
LW\RIOLIHRISRRUSHRSOH7KLVUHTXLUHVFRQFHUWHGGHYHORSPHQWHIIRUWVLQDOOVHFWRUV
RIVRFLHW\LQFOXGLQJHFRQRPLFJURZWKFRPELQHGZLWKDFWLRQVDGGUHVVLQJLQHTXDOL
WLHVSHDFHGHPRFUDF\VXVWDLQDEOHXVHRIQDWXUDOUHVRXUFHVDQGHTXDOULJKWVIRU
ZRPHQDQGPHQ+XPDQGHYHORSPHQWLQDEURDGVHQVHLVDWWKHFRUHRIDQ\
VXFKSRYHUW\DOOHYLDWLRQVWUDWHJ\

7KHJRDORISRYHUW\DOOHYLDWLRQLVDJHQHUDOSRLQWRIGHSDUWXUHIRU6LGD VFR
RSHUDWLRQLQDOOVHFWRUVLQFOXGLQJWKHHGXFDWLRQVHFWRU6SHFLILFHGXFDWLRQJRDOV
DQGSRLQWVRIGHSDUWXUHDUHH[SUHVVHGLQWKHLQWHUQDWLRQDOO\DJUHHGGHFODUDWLRQ
RIWKH:RUOG&RQIHUHQFHRQ(GXFDWLRQIRU$OO :&()$ LQDQGDOVRLQWKH
&RQYHQWLRQRIWKH5LJKWVRIWKH&KLOG &5& 7KHPDLQWKUXVWRI6LGD·V(GX
FDWLRQ3ROLF\IRU&RRSHUDWLRQLQ%DVLF(GXFDWLRQDQG(GXFDWLRQ5HIRUPµ  LVWRVXSSRUW
EURDGHGXFDWLRQDOUHIRUPVZKLFKDUHDLPHGDW

• $FFHVVWREDVLFHGXFDWLRQIRUDOO
• ,PSURYLQJTXDOLW\RIEDVLFHGXFDWLRQZLWKIRFXVRQOHDUQLQJ
• 5HDFKLQJPDUJLQDOLVHGJURXSV HJXQGHUVHUYHGUHJLRQVZRUNLQJFKLOGUHQ
JLUOVLQUXUDODUHDVGLVDEOHGFKLOGUHQUHIXJHHVDQG,QWHUQDOO\'LVSODFHG3HU
VRQV 

6XFKUHIRUPSURFHVVHVUHTXLUHWKHGHPRFUDWLVDWLRQRIHGXFDWLRQDQGPDLQVWUHDP
LQJJHQGHUHTXDOLW\LQWRWKHHQWLUHV\VWHP0DMRUFKDOOHQJHVDUHKRZWRWUDQVIRUP
DOOWHDFKLQJOHDUQLQJIURPFRQYHQWLRQDOWRSGRZQDSSURDFKHVWRSDUWLFLSDWRU\DQG
OHDUQHUFHQWUHGDSSURDFKHVDQGKRZWRGHYHORSDQHGXFDWLRQV\VWHPWKDWFRQ
WULEXWHVWRWKHGHYHORSPHQWRIDGHPRFUDWLFVRFLHW\

7KHFRQFHSWRIEDVLFHGXFDWLRQLVEURDGDQGLQFOXGHVIRUPDODQGQRQIRUPDOHGX
FDWLRQIRUFKLOGUHQ\RXWKDQGDGXOWV

6LGD VSROLF\RQEDVLFHGXFDWLRQLGHQWLILHVVRPHSULRULW\DUHDVRIVXSSRUWVXFKDV
SROLF\SODQQLQJPDQDJHPHQWWHDFKHUVDQGWHDFKHUHGXFDWLRQWH[WERRNVDQG
HGXFDWLRQDOPDWHULDOVDQGFXUULFXOXPGHYHORSPHQW+RZHYHUQRRUGHURISULRULW\
LVPDGHZLWKLQWKHILHOGRIEDVLFHGXFDWLRQUHIRUP$KROLVWLFDQGFRQWH[WERXQG
YLHZLVFRQVLGHUHGQHFHVVDU\7KLVLVSDUWLFXODUO\HVVHQWLDOLQRUGHUWRLPSOHPHQW
6LGD·VFXUUHQWLQWHQWLRQVWRVKLIWIURPSURMHFWWRVHFWRUZLGHDSSURDFK

7KLVSRVLWLRQSDSHURQWHDFKHUHGXFDWLRQLVWKHUHIRUHQRWPHDQWDVDVWUDWHJ\RU
JXLGHIRU6LGD·VVXSSRUWWRWHDFKHUHGXFDWLRQSURMHFWVLVRODWHGIURPEURDGHUVXS
SRUWWRHGXFDWLRQUHIRUPV,WLVUDWKHUDIUDPHRIUHIHUHQFHIRUSROLF\DQDO\VLVDQG
GLDORJXHLQWKHFRQWH[WRIIXWXUHSURFHVVHVRISUHSDULQJDQGIROORZLQJXSVHFWRU
SURJUDPPHVXSSRUWLQYROYLQJEURDGSDUWQHUVKLSVDPRQJLQWHUQDWLRQDOQDWLRQDO
DQGORFDOVWDNHKROGHUV:LWKLQVXFKSURJUDPPHVVSHFLILFSDUWQHUVKLSVIRUWHDFKHU
HGXFDWLRQPD\LIGHHPHGDSSURSULDWHDULVHDQGLQYROYHLQVWLWXWLRQDOGHYHORSPHQW
FRRSHUDWLRQDUUDQJHPHQWV

7KLVSDSHUIRFXVHVRQSULPDU\VFKRROWHDFKHUVLQIRUPDOVFKRRODQGLVEDVHGRQ
LQWHUQDWLRQDOGRFXPHQWDWLRQRIH[SHULHQFHIURP$IULFD/DWLQ$PHULFDDQG$VLD


DVZHOODV6LGD·VRZQH[SHULHQFHRIVXSSRUWLQJWHDFKHUHGXFDWLRQLQWKHVHUHJLRQV
7KHVHH[SHULHQFHVIRFXVRQSULPDU\VFKRROWHDFKHUVEXWDOVRLQFOXGHWUDLQLQJRI
DGXOWHGXFDWRUVOLWHUDF\WHDFKHUVQRQIRUPDOHGXFDWLRQWHDFKHUVDQGYRFDWLRQDO
WUDLQLQJWHDFKHUV7KHDVVXPSWLRQRIWKLVSDSHULVWKDWWKHPDLQSUREOHPVDQGLV
VXHVLQYROYHGLQWUDLQLQJRIQRQIRUPDODQGYRFDWLRQDOWHDFKHUVDUHVLPLODUWRWKRVH
RIWHDFKHUVRIWKHIRUPDOJHQHUDOV\VWHP7KHPRUHVSHFLILFLVVXHVLQYROYHG
LQDGXOWHGXFDWLRQDQGYRFDWLRQDOHGXFDWLRQDQGWUDLQLQJKDYHQRWEHHQLQFOXGHG
GXHWRWKHJHQHUDOQDWXUHRIWKHSDSHU

7KHWHUP7HDFKHU(GXFDWLRQ 7( KDVFRQVFLRXVO\EHHQFKRVHQVRDVWRHQFRP
SDVVDOOHGXFDWLRQDQGWUDLQLQJWKDWWHDFKHUVQHHGRUXQGHUJRVXFKDVWKHLUEDVLF
JHQHUDOHGXFDWLRQXSJUDGLQJRIVXEMHFWNQRZOHGJHDQGSURIHVVLRQDOSHGDJRJLFDO
WUDLQLQJ


%2%0=8-'%0*6%1);36/

3ODQQHGHGXFDWLRQDOFKDQJHVDQGUHIRUPVWKDWDUHH[SHFWHGWRWDNHSODFHLQWKH
FODVVURRPPXVWDOVRRFFXULQWHDFKHUHGXFDWLRQ2WKHUZLVHHGXFDWLRQUHIRUPVDQG
SROLFLHVZLOOQRWGHYHORSEH\RQGYLVLRQVH[SUHVVHGLQGRFXPHQWV

(GXFDWLRQPD\EHUHJDUGHGDVKDYLQJWKUHHPDLQVRFLHWDOIXQFWLRQVDOORIZKLFKDUH
SDUWO\UHSURGXFWLYHDQGSDUWO\SRWHQWLDOO\FKDQJHRULHQWHGLH
• WKHLGHRORJLFDOIXQFWLRQ EDVLFSROLWLFDODQGFXOWXUDOYDOXHV 
• WKHHFRQRPLFIXQFWLRQ SURPRWLQJSURGXFWLYLW\DQGLQFRPHJHQHUDWLRQHWF 
• WKHVRFLDOLVDWLRQIXQFWLRQ LQFRUSRUDWLRQRIVRFLDOQRUPVKDELWVDWWLWXGHV 

)URPWKLVSRLQWRIYLHZWKHWUHQGVVLQFHKDYHEHHQWRRYHUHPSKDVLVHWKHHFRQRPLF
IXQFWLRQDWWKHH[SHQVHRIWKHRWKHUVDQGWKXVXQGHUYDOXHWKHLPSRUWDQFHRIWKHWHDFKHU
DVDUROHPRGHO

*OREDOLVDWLRQPDUNHWRULHQWDWLRQHFRQRPLFFULVLVWKHZHDNHQLQJUROHRIWKHVWDWHDQG
LQFUHDVHGDLGGHSHQGHQF\KDVPHDQWWKDWJOREDOWUHQGVLQPRVWILHOGVDQGVHFWRUVKDYH
LPSDFWHGRQDOOFRXQWULHV'RPLQDQWJOREDOWUHQGVJHQHUDOO\DULVHIURPDJHQGDVVHWE\
WKHPRVWSRZHUIXOHFRQRPLFDJHQWVRIWKHZRUOGVXFKDVWKH:RUOG%DQNDQG,0)

2QHVXFKWUHQGLVGHFHQWUDOLVHGVFKRROPDQDJHPHQWRIWHQLPSO\LQJDXWRQRPRXVVFKRRO
LQVWLWXWLRQV$ORWKDVEHHQGRQHLQWKLVGLUHFWLRQZLWKRXWSUHSDULQJWHDFKHUDXWRQRP\
:LWKRXWVWUHQJWKHQLQJWHDFKHUV·SURIHVVLRQDODXWRQRP\DQGDSSURSULDWHUHVRXUFH
DOORFDWLRQVGHFHQWUDOLVDWLRQPD\FRQWULEXWHWRPDLQWDLQLQJRULQFUHDVLQJWKHJDS
EHWZHHQHIILFLHQWDQGLQHIILFLHQWVFKRROV

 'YVVMGYPEGSHIWERHZEPYIW

$QRWKHUJOREDOHGXFDWLRQWUHQGLVWRPRYHDZD\IURPQDWLRQDOLVWLFSROLWLFDODQG
HWKLFDOPRUDOLVWLFRULHQWHGVFKRROFXUULFXODWRDPRUHQHXWUDODQGXWLOLWDULDQFXUULFXOD
7KLVLVHVSHFLDOO\WKHFDVHRIPDQ\IRUPHUVRFLDOLVWVWDWHVZKHUHWKHSROLWLFDODQG
HFRQRPLFV\VWHPKDVDGMXVWHGWRIUHHPDUNHWUHTXLUHPHQWV&RQVHTXHQWO\FXOWXUDO
QDWLRQDODQGRWKHUFRQWH[WXDOYDOXHVVHHPWRKDYHORVWWKHLUSODFH2QHRSSRVLQJIRUFH
LVUHSUHVHQWHGE\DQDWLRQDOLVWLFDQGSDWULDUFKDOWUHQGLQFHUWDLQVWDWHVDQGPRYHPHQWV
2WKHUFRXQWHUIRUFHVPRUHLQIDYRXURIJHQGHUHTXDOLW\DQGGHPRFUDWLFSDUWLFLSDWLRQ
DUHQHHGHG

7KHUDWLILFDWLRQRIWKH&RQYHQWLRQRQWKH5LJKWVRIWKH&KLOGDQGWKHDGRSWLRQRI
RWKHUFRQYHQWLRQVDQGGHFODUDWLRQVE\DPDMRULW\RIVWDWHVPD\KRSHIXOO\UHSUHVHQWD
QHZHPHUJLQJGHPRFUDWLFDQGJHQGHUEDODQFHGFXUULFXOXPFRGH

/LQNHGWRWKLVLVWKHFRPSOH[ODQJXDJHLVVXHLQPXOWLOLQJXDOFRQWH[WV7KHLQFUHDVLQJ
SUHVVXUHVDQGUHTXLUHPHQWVWROHDUQDQDWLRQDODQGLQWHUQDWLRQDOODQJXDJHHJ(QJOLVK
RU$UDELFFRPELQHGZLWKDWHQGHQF\WRLQWURGXFHPRWKHUWRQJXHLQVWUXFWLRQLQWKH
ORZHUJUDGHVLVPDNLQJWKHWHDFKLQJSURIHVVLRQHYHQPRUHFKDOOHQJLQJUHTXLULQJPXFK
PRUHDWWHQWLRQWRELDQGPXOWLOLQJXDOLVPLQWKHEDVLFHGXFDWLRQFXUULFXOD

,QDVVHVVLQJDQGDQDO\VLQJWKHTXDOLW\RIHGXFDWLRQUHIRUPVDQGWHDFKHUHGXFDWLRQ
SURSRVDOVLWLVQHFHVVDU\WRHVWDEOLVKWKHYDOXHVRQZKLFKHGXFDWLRQSROLFLHVDUHEDVHG


HVSHFLDOO\UHJDUGLQJWKHVFKRRODVDGHPRFUDWLFLQVWLWXWLRQDQGDVDPHDQVRIDFFRP
SOLVKLQJGHPRFUDWLFGHYHORSPHQWDQGHTXDOLW\EHWZHHQZRPHQDQGPHQ

7KHLPSURYHPHQWRITXDOLW\LQEDVLFHGXFDWLRQGHSHQGVRQWHDFKHUV·HGXFDWLRQDQG
WHDFKHUV·EHKDYLRXUDQGDWWLWXGHV)RUPDOXSJUDGLQJRITXDOLILFDWLRQVLVREYLRXVO\QRW
HQRXJKLIIRUH[DPSOHWHDFKHUVFRQWLQXHWRVH[XDOO\KDUDVVDQGDEXVHVWXGHQWV7KH
FXUULFXOXPRIWKHVFKRROV\VWHPDVZHOODVOHJDOULJKWVRIFKLOGUHQZRPHQDQGPHQ
VKRXOGGHWHUPLQHWKHGHVLJQDQGFRQWHQWRIWHDFKHUHGXFDWLRQDQGWUDLQLQJ

:KLOHLWLVZLGHO\UHFRJQLVHGWKDWWKHFRQYHQWLRQDOVFKRROV\VWHPLVRODWHGIURPWKH
VXUURXQGLQJVRFLHW\QHHGVWREHSURIRXQGO\UHIRUPHGWHDFKHUHGXFDWLRQVHHPWR
FRQWLQXHWRUHSURGXFHWKHROGHUVFKRROPRGHOV7HDFKHUVFRQWLQXHWREHVHHQDVWKH
EHDUHUVRIWUXWKVDQGSDVVLYHLPSOHPHQWRUVRIFXUULFXOD

 8LIRI[VSPISJXIEGLIVW

7KHLGHDOQHZWHDFKHULVH[SHFWHGWRIDFLOLWDWHOHDUQLQJQRWPHUHO\LQVWUXFWSUH
GHWHUPLQHGDQGVWDWLFHQF\FORSDHGLFIDFWVDQGNQRZOHGJH7HDFKHUVDUHQRZDGD\V
H[SHFWHGWRLQWHUSUHWDSSO\DGDSWDQGIXUWKHUHODERUDWHWKHFXUULFXOXPWRVHDUFKIRU
DQGVHOHFWLQIRUPDWLRQDQGFRQWHQWVVRDVWRPHHWWKHGLIIHUHQWOHDUQLQJQHHGVRIWKH
SXSLOV

,QRUGHUWRPHHWWKHXQFHUWDLQDQGFKDQJLQJIXWXUHZKLFKIDFHVWKHVWXGHQWVDQG
DGXOWVRIWKHVWFHQWXU\WHDFKHUVPXVWEHDEOHWRSURPRWHHVVHQWLDOFRPSHWHQ
FLHVDQGDWWLWXGHVDPRQJWKHLUVWXGHQWV LHFUHDWLYLW\FULWLFDOWKLQNLQJSUREOHP
VROXWLRQDGDSWDELOLW\WRFKDQJLQJVLWXDWLRQV 7KH\PXVWNHHSWKHPVHOYHVLQIRUPHG
RIDQGXQGHUVWDQGQHZGHYHORSPHQWVLQGLIIHUHQWVXEMHFWVEHDEOHWRLQWHUSUHWDQG
DGGUHVVLQWHUGLVFLSOLQDU\VFLHQFHVGHDOZLWKQHZWHFKQRORJ\IROORZQHZPHVVDJHV
IURPPDVVPHGLDEHSUHSDUHGWRFROODERUDWHDQGPDQDJHFROODERUDWLRQZLWKSDU
HQWVDVZHOODVVFKRRODGPLQLVWUDWLRQDQGFRPPXQLW\OLQNHGDFWLYLWLHV

7KHLQFUHDVLQJJDSEHWZHHQWKHLGHDOWHDFKHUUHTXLUHGIRULPSOHPHQWLQJQHZ
HGXFDWLRQSROLFLHVDQGZKDWLVFXUUHQWO\DYDLODEOHLVDODUPLQJDQGQHHGVXUJHQW
DWWHQWLRQ6WHSVQHHGWREHWDNHQWRVWDUWUHGXFLQJWKLVJDS+RZHYHULWPXVWEH
DGPLWWHGWKDWUDGLFDOWUDQVIRUPDWLRQLVDORQJWHUPSURFHVVDQGZLOOQRWEHSRVVL
EOHLQWKHVKRUWWHUP(GXFDWLRQDOUHIRUPQHHGVWRWDNHLQWRDFFRXQWDQGDQDO\VH
WKHKXPDQUHVRXUFHJDS LQFOXGLQJWKHJHQGHUJDS QRWRQO\WKHILQDQFLDOJDS
EHWZHHQZKDWLVDYDLODEOHDQGZKDWLVUHTXLUHGWRDFKLHYHORQJWHUPJRDOV


&S\%WGLSSPJSVGLMPHVIR[MXLVMKLXW
´7HDFKHUVFRXOGILQGWKHLUMREGHVFULSWLRQLQWKH&RQYHQWLRQRQWKH5LJKWVRIWKH&KLOG,WVSULQFL
SOHV DERXW QRQGLVFULPLQDWLRQ WKH EHVW LQWHUHVWV RI WKH FKLOG FKLOG GHYHORSPHQW DQG UHVSHFWLQJ
YLHZVRIWKHFKLOGDUHDOOLQJUHGLHQWVLQWKHFRQGXFWRIHGXFDWRUV+DUGO\DQ\SURIHVVLRQLVVRLP
SRUWDQWLQUHDOLVLQJWKHLGHDRIWKHFKLOGUHQ·VULJKWV2EYLRXVO\WKH&RQYHQWLRQHQFRXUDJHVWKH
FKDQJLQJUROHRIHGXFDWRUVIURPOHFWXUHUVWR¶IDFLOLWDWRUV7KHLUVNLOOVLVWRHQFRXUDJHDQGDVVLVW
SXSLOVLQWKHOHDUQLQJSURFHVVUDWKHUWKDQWRNQRZDOOWKHIDFWV,WLVDOVRWRPDNHWKHVFKRROUHODWH
WRWKHFRPPXQLW\DQGRXWVLGHZRUOGLQDFRQVWUXFWLYHZD\µ
7KRPDV+DPPDUEHUJ81,&()

,QRUGHUWRFUHDWHDULJKWVEDVHGHGXFDWLRQIRUVWXGHQWVWHDFKLQJPHWKRGVXVHGDW
VFKRROQHHGWREHFKDQJHGWREHFRPHPRUHOHDUQHUFHQWUHGZKHUHWKHFKLOGUHQ
WKHPVHOYHVSDUWLFLSDWHLQFUHDWLQJWKHLUOHDUQLQJFRQGLWLRQV7KHFKLOG·VGHYHORS
PHQWDQGOHDUQLQJPXVWEHWKHPDLQIRFXVRIWHDFKLQJDQGWKHHVVHQWLDOJRDORI
HGXFDWLRQ7KHUROHRIWKHVFKRROWHDFKHULVWKHUHIRUHWRSURPRWHFKLOGUHQ·VQHHGV
DQGULJKWV)RUWKHWHDFKHUWREHDEOHWRSOD\WKDWUROHWKHWHDFKHUVULJKWVVKRXOG
EHVHFXUHGRWKHUZLVHHGXFDWLRQFDQQRWEHULJKWVEDVHG


7-89%8-32%0*6%1);36/

 8LIGLEPPIRKISJMQTPIQIRXMRKI\MWXMRKORS[PIHKI

*URZLQJQDWLRQDODQGLQWHUQDWLRQDOFRPPLWPHQWVWRXQLYHUVDOLVLQJSULPDU\HGX
FDWLRQDQGLPSURYLQJLWVTXDOLW\GXULQJWKHVKDYHSDUDGR[LFDOO\FRLQFLGHG
ZLWKDJOREDOGHWHULRUDWLRQRIWHDFKLQJDQGWHDFKHUV FRQGLWLRQV,QVSLWHRIWKLV
WHDFKHUVLQJHQHUDODUHGHGLFWDWHGDQGFRPPLWWHGWRWKHLUSURIHVVLRQ

7KHGUDVWLFHURVLRQRIWHDFKHUV·ZRUNLQJFRQGLWLRQVDQGWKHFRQVHTXHQWEUDLQ
GUDLQRITXDOLILHGDQGH[SHULHQFHGWHDFKHUVWRRWKHUSURIHVVLRQDOILHOGVKDYHEHHQ
GRFXPHQWHGDQGDGGUHVVHGE\,/2  DQGE\DQXPEHURIRWKHUQDWLRQDODQG
LQWHUQDWLRQDOVWXGLHV7KHVDODULHVRIWHDFKHUVLQSRRUHUFULVLVVWUXFNFRXQWULHVXQ
GHUJRLQJVWUXFWXUDODGMXVWPHQWSURJUDPPHVDUHQRWHQRXJKWRHQVXUHWKHEDVLF
QHHGVRIHYHQWKHVPDOOHVWIDPLO\&RQVHTXHQWO\WKHVHWHDFKHUVKDYHWRXVHDORW
RIWKHLUWLPHIRURWKHULQFRPHJHQHUDWLQJDFWLYLWLHVLQFOXGLQJRXWRIVFKRROSULYDWH
WXLWLRQDQGFKDUJLQJRWKHU´GHIDFWRµIHHVIURPSDUHQWV7KLVSURGXFHVVHYHUDO
QHJDWLYHHIIHFWVRQTXDOLW\DVZHOODVLQKLELWLQJDFFHVVWREDVLFHGXFDWLRQ7KLVLQ
IRUPDOSULYDWLVDWLRQRIWKHHGXFDWLRQSURFHVVDOVRGHQLHVFKLOGUHQIURPSRRUIDPL
OLHVWKHULJKWWROHDUQ

3URIHVVLRQDOTXDOLW\LVGLUHFWO\LQWHUFRQQHFWHGWRTXDOLW\RIOLIH,WLVWKHUHIRUHORJL
FDODQGXQGHUVWDQGDEOHWKDWWHDFKHUVZLWKYHU\ORZLQFHQWLYHVZKRDUHDEOHWRXS
JUDGHWKHLUIRUPDOTXDOLILFDWLRQVWKHQORRNIRUEHWWHUMREDOWHUQDWLYHV6XFFHVVIXO
WHDFKHUHGXFDWLRQDQGWUDLQLQJSURJUDPPHVLQFUHDVLQJO\UHVXOWLQ´ZRUNLQJIRU
RWKHUVµ7KHZRUNLQJFRQGLWLRQVRIWKRVHWHDFKHUVZKRVWD\LQWKHSURIHVVLRQ
ZKHWKHUWUDLQHGRUQRWSUHYHQWWKHPIURPSHUIRUPLQJWKHLUGXWLHVDVWHDFKHUV

7KLVLVGXHWR

• WKHQHHGWRXVHWLPHWRHDUQDGGLWLRQDOLQFRPHV
• WKHRIWHQSUHFDULRXVFODVVURRPVLWXDWLRQZLWKRXWDGHTXDWHIDFLOLWLHVQHFHVVDU\
HTXLSPHQWDQGWHDFKLQJPDWHULDOV
• LUUHJXODUVWXGHQWDWWHQGDQFH
• RYHUFURZGHGFODVVHVRUPXOWLJUDGHFODVVHVDVZHOODV
• QHZGHPDQGVDQGH[SHFWDWLRQVRQWKHUROHRIWHDFKHUV

)RUWKHVHUHDVRQVWHDFKHUHGXFDWLRQDQGWUDLQLQJFDQQRWEHDGGUHVVHGLQLVRODWLRQ
IURPRWKHULPSRUWDQWIDFWRUVDIIHFWLQJWHDFKHUSHUIRUPDQFHDQGGHYHORSPHQW
$Q\DOWHUQDWLYHWHDFKHUHGXFDWLRQPRGHOPXVWWKHUHIRUHEHLQVHUWHGLQWRDQ
RYHUDOORUJDQLVDWLRQDODQGSHGDJRJLFDOUHIRUPRIWKHVFKRROV\VWHPDQGDGGUHVV
WKHFXUUHQWORZOHYHOVRIHFRQRPLFPRUDODQGSURIHVVLRQDOLQFHQWLYHVRIIHUHGWR
WKHPLQPRVWFRXQWULHV

7KHVHSUREOHPVDQGWKHLUSRVVLEOHVROXWLRQVKDYHUHSHDWHGO\EHHQLGHQWLILHG,P
SOHPHQWLQJNQRZOHGJHDOUHDG\ZLGHO\DFFHSWHGDSSHDUVWREHWKHPDMRUFKDOOHQJH

)RUH[DPSOHWKH:RUOG&RQIHUHQFHRQ(GXFDWLRQIRU$OO'HFODUDWLRQDQG
)UDPHZRUNRI$FWLRQSURSRVHPHDVXUHVWRLPSURYHWHDFKHUV·HGXFDWLRQDQG
WUDLQLQJSURIHVVLRQDOSURILOHDQGZRUNLQJFRQGLWLRQV


´7KHUHFRJQLWLRQRIWKHYLWDOUROHRIERWKIDPLOLHVDQGWHDFKHUVLVSDUWLFXODUO\LPSRUWDQW,QWKLV
FRQWH[WWKHWHUPVDQGFRQGLWLRQVRIVHUYLFHRIWHDFKHUVDQGWKHLUVWDWXVZKLFKFRQVWLWXWHDGHWHU
PLQLQJIDFWRULQWKHLPSOHPHQWDWLRQRIHGXFDWLRQIRUDOOPXVWXUJHQWO\EHLPSURYHG
:&()$'HFODUDWLRQ$UWLFOH

´7KHSUHHPLQHQWUROHRIWHDFKHUVDVZHOODVRIRWKHUHGXFDWLRQDOSHUVRQQHOLQSURYLGLQJTXDOLW\
EDVLFHGXFDWLRQQHHGVWREHUHFRJQLVHGDQGGHYHORSHGWRRSWLPLVHWKHLUFRQWULEXWLRQ7KLVPXVWHQ
WDLOPHDVXUHVWRUHVSHFWWHDFKHUV·XQLRQVULJKWVDQGSURIHVVLRQDOIUHHGRPVDQGWRLPSURYHWKHLU
ZRUNLQJFRQGLWLRQVDQGVWDWXVQRWDEO\LQUHVSHFWWRWKHLUUHFUXLWPHQWLQLWLDODQGLQVHUYLFHWHDFKHU
WUDLQLQJUHPXQHUDWLRQDQGFDUHHUGHYHORSPHQWSRVVLELOLWLHVDVZHOODVWRDOORZWHDFKHUVWRIXOILO
WKHLUDVSLUDWLRQVVRFLDOREOLJDWLRQVDQGHWKLFDOUHVSRQVLELOLWLHVµ )UDPHZRUNRI$FWLRQ
%XLOGLQJ3DUWQHUVKLSVDQG0RELOLVLQJ5HVRXUFHV

,QVSLWHRIWKHVHGHFODUDWLRQVWKHRYHUDOOWHDFKHULVVXHKDVRIWHQEHHQDYRLGHGLQ
QDWLRQDODQGLQWHUQDWLRQDOGLVFRXUVH5HFHQWO\,/2DQG81(6&2KDYHSDLG
VSHFLDODWWHQWLRQWRWKHVLWXDWLRQDQGUROHRIWHDFKHUV

 (IXIVMSVEXMSRSJWEPEV]PIZIPW

7KHUHLVOLWWOHUHVHDUFKRQWKHHYROXWLRQRIWHDFKHUVDODU\OHYHOV,QVRPHPLGGOH
LQFRPHFRXQWULHVZLWKRXWVWUXFWXUDODGMXVWPHQWSURJUDPPHVVXFKDV%RWVZDQD
6RXWK$IULFDDQG1DPLELDWKHWHDFKLQJSURIHVVLRQHYHQDWSULPDU\OHYHOLVVWLOO
DWWUDFWLYHDQGVDODULHVKDYHHYHQLQFUHDVHGLQUHDOWHUPV1DPLELDSUREDEO\KDV
WKHKLJKHVWSDLGWHDFKLQJFRUSVDPRQJGHYHORSLQJFRXQWULHV,QPRVWFRXQWULHVLQ
$IULFDDQG/DWLQ$PHULFDWKHVDODULHVKDYHGHWHULRUDWHGVREDGO\LQUHODWLRQVKLSWR
SULFHVWKDWWKHYHU\H[LVWHQFHRIWKHWHDFKLQJSURIHVVLRQLVWKUHDWHQHG

´,QWKHFDVHRI/DWLQ$PHULFDLWLVDFNQRZOHGJHGWKDWRYHUWKHODVWGHFDGHDQGZLWKLQWKH
,0):RUOG%DQNVWUXFWXUDODGMXVWPHQWSROLFLHVWKHDGMXVWLQJYDULDEOHKDVEHHQWKHWHDFKHU·V
VDODU\ZKLFKKDVH[SHULHQFHGDPRUHSURIRXQGUHGXFWLRQWKDQWKDWRIRWKHUSXEOLFVHUYDQWV7KH
IHPLQL]DWLRQRIWKHWHDFKLQJSURIHVVLRQW\SLFDORIWKLVUHJLRQ RYHURISULPDU\VFKRROWHDFKHUV
DUHZRPHQ FDQQRORQJHUEHVHHQDVWKHH[SUHVVLRQRIZRPHQ·VDGYDQFHPHQWEXWUDWKHUDV\HW
DQRWKHULQGLFDWLRQRIWKHGHYDOXDWLRQRIWKHWHDFKLQJSURIHVVLRQIRUZRPHQZKRZRUNKDOI
GD\µ 7RUUHVS

,Q0R]DPELTXHDQG7DQ]DQLDPRVWSULPDU\VFKRROWHDFKHUVKDYHDPRQWKO\LQ
FRPHWKDWLVVLJQLILFDQWO\EHORZWKHDEVROXWHSRYHUW\OLQH,QERWKFRXQWULHVUHDO
ZDJHVRISXEOLFVHUYDQWVIHOOE\DWOHDVWGXULQJWKHSHULRG²
81'381,&() 

,QFUHDVHGWHDFKHUDEVHQWHHLVPGXHWRDGGLWLRQDOMREVDQGIUHTXHQWVWULNHVLQPDQ\
FRXQWULHVKDVIXUWKHUUHGXFHGWKHDOUHDG\OLPLWHGWLPHGHGLFDWHGWRLQVWUXFWLRQ
DQGOHVVRQSUHSDUDWLRQ

 (IXIVMSVEXMSRSJXLITVSJMPIERHWSGMEPWXEXYWSJXIEGLIVW

3RRUO\HGXFDWHGLQWKHGHILFLHQWSXEOLFHGXFDWLRQV\VWHPOLWWOHRUQRWHDFKHUHGX
FDWLRQDQGWUDLQLQJOLPLWHGRUDOPRVWQRFRQWDFWZLWKERRNVWHFKQRORJ\DQGVFL
HQFHDQGLQFUHDVLQJO\UHFUXLWHGIURPDPRQJORZLQFRPHDQGRFFXSDWLRQDOVRFLDO
VHFWRUVLVDW\SLFDOSURILOHRIWHDFKHUVLQGHYHORSLQJFRXQWULHV7KHPDMRULW\RIWKH


XQWUDLQHGRUXQGHUWUDLQHGWHDFKHUVZRUNLQUXUDODUHDVZKHUHWKHSRRUHVWDQG
PRVWGHSULYHGVFKRROVDUHVLWXDWHG

3ULPDU\VFKRROWHDFKHUV·RZQNQRZOHGJHEDVHDQGEDVLFVNLOOVLQWKH5V 5HDGLQJ
:ULWLQJDQG$ULWKPHWLF DUHRIWHQYHU\VKDN\DQGVHOGRPFRQVLGHUHGLQFXUULFX
OXPDQGWHDFKHUWUDLQLQJUHIRUPV

7KHWHDFKHULVYHU\IDUIURPZKDWKHVKHLVLGHDOO\DVVXPHGRUH[SHFWHGWREHLQ
UHFHQWO\LPSOHPHQWHGSROLFLHVDQGHGXFDWLRQDOUHIRUPV

 4VIGEVMSYW[SVOMRKGSRHMXMSRW

7KHFODVVURRPDQGWHDFKLQJHQYLURQPHQWKDVVHULRXVO\GHWHULRUDWHGGXULQJWKH
ODVWWHQWRILIWHHQ\HDUVDVDUHVXOWRIGHFUHDVLQJSXEOLFH[SHQGLWXUHSHUSXSLOLQ
PRVWFRXQWULHVLQ$IULFDDQG/DWLQ$PHULFD,QSUDFWLFHUHVXOWVLQFOXGHRYHU
FURZGHGFODVVURRPVPDLQO\LQXUEDQDUHDVODFNRIVWDWLRQHU\WHDFKLQJDLGVWH[W
ERRNVVFKRROIXUQLWXUHDQGHTXLSPHQW$YDLODEOHWH[WERRNVDUHRIWHQRXWGDWHG
DQGWKHWHDFKHUKDVQRUHIHUHQFHERRNVRUVSDFHWRVLWDQGSUHSDUHOHVVRQV7KH
VFKRROVRIWHQODFNZDWHUDQGWRLOHWV7HDFKHUVSODFHGLQUXUDODUHDVIDUDZD\IURP
KRPHKDYHQRGHFHQWKRXVLQJ

0RUHZHDOWK\SDUHQWVWHQGWRVHQGWKHLUFKLOGUHQWRSULYDWHVFKRROVDQGSXEOLF
VFKRROVUHFHLYHRQO\WKHFKLOGUHQRISRRUHUIDPLOLHVZKRRIWHQQHHGWKHLUFKLOGUHQ·V
ODERXU&RQVHTXHQWO\PDQ\SXSLOVDWWHQGLUUHJXODUO\FDQQRWGRKRPHZRUNFRPH
KXQJU\WRVFKRROGRQRWDIIRUGWREX\QHFHVVDU\VFKRROPDWHULDODQGGRQRWKDYH
DFKDQFHWROHDUQDQGDFKLHYHH[SHFWHGUHVXOWV$VDUHVXOWWKHWHDFKHUVDUHIRUFHG
WRWHDFKYHU\KHWHURJHQHRXVFODVVHVDQGFDQQRWVKRZVDWLVIDFWRU\DFKLHYHPHQWV
IURPWKHLUZRUN

 0S[IVWEPEVMIWPIWWXMQIPIWWWYTTSVXERHQSVIXEWOW

/RZHUVDODULHVOHVVWLPHDYDLODEOHZHDNHUWUDLQLQJDQGOHVVJHQHUDOVXSSRUWFRLQ
FLGHZLWKPRUHGHPDQGVDQGDQLQFUHDVLQJO\FRPSOH[UROHRIWKHWHDFKHU7HDFK
HUVDUHUHTXLUHGWREHJHQHUDOLVWVDQGPXOWLUHVRXUFHSHUVRQVLQDUHDVVXFKDV
KHDOWKSURPRWLRQFXOWXUDODQLPDWLRQFRPPXQLW\RUJDQLVDWLRQHQYLURQPHQWDO
SURWHFWLRQHWF

1HZWKHPHVIRUWKHVFKRROFXUULFXOXPDUHIUHTXHQWO\SURSRVHGE\UHVHDUFKHUV
LQWHUQDWLRQDODQGQDWLRQDOGHYHORSPHQWDJHQFLHVDQGRWKHUV7KHLPSOLFDWLRQVRI
WKHVHGHPDQGVIRUWKHVFKRROFXUULFXOXPLWVHOIDQGWKHWHDFKHUV·HGXFDWLRQDQG
WUDLQLQJFXUULFXOXPDUHVHOGRPWDNHQLQWRDFFRXQW7HDFKHUVDUHH[SHFWHGWRSRV
VHVVVNLOOVLQVXFKGLYHUVHDQGFRPSOH[DUHDVDVHDUO\FKLOGKRRGDQGSUHVFKRRO
HGXFDWLRQVSHFLDOHGXFDWLRQVH[XDODQGUHSURGXFWLYHKHDOWKHGXFDWLRQPXOWL
JUDGHWHDFKLQJPHWKRGRORJLHVFRPPXQLW\PRELOLVDWLRQWHFKQLTXHVDGXOWHGXFD
WLRQHWF

5HFHQWWHQGHQFLHVWRHPSKDVLVHFRVWFXWWLQJPHDVXUHVVXFKDVLQFUHDVHGLQVWUXF
WLRQWLPHLQFUHDVHGFODVVVL]HDQGPXOWLVKLIWVPXOWLSO\HYHQIXUWKHUWKHLQFUHDVLQJ
GHPDQGVIRUJUHDWHUGHGLFDWLRQIURPWHDFKHUV'HYHORSPHQWDJHQFLHVHQFRXUDJH
DQGILQDQFLDOO\VXSSRUWLQYHVWPHQWVLQWH[WERRNVDQGLQVHUYLFHWHDFKHUWUDLQLQJ


EXWXQIRUWXQDWHO\QRWLQLQFUHDVHGVDODULHVSUHVHUYLFHWHDFKHUWUDLQLQJRURYHUDOO
LPSURYHPHQWRIZRUNLQJFRQGLWLRQV

 )WGEPEXMRKGVMXMGMWQSJWGLSSPERHXIEGLIVW

7HDFKHUVDUHRIWHQEODPHGIRUWKHSUREOHPVRIWKHVFKRROV\VWHPDQGVWXGHQWV·
GHILFLHQWOHDUQLQJDFKLHYHPHQWV*URZLQJFULWLFLVPRISXEOLFVFKRROVFRLQFLGHZLWK
GHFUHDVLQJFRQILGHQFHLQWHDFKHUVZKHQLQUHDOLW\WHDFKHUVDUHQRWJLYHQWKHFRQ
GLWLRQVWRHQVXUHWHDFKLQJDQGHYHQOHVVOHDUQLQJ7HDFKHUVWKHPVHOYHVSURGXFWVRI
WKHSRRUHGXFDWLRQV\VWHPDUHRIWHQVHHQDVREVWDFOHVWRHGXFDWLRQDOFKDQJH
UDWKHUWKDQDVNH\KXPDQUHVRXUFHV2QWKHRWKHUKDQGWHDFKHUVWHQGWRUHVSRQG
GHIHQVLYHO\E\RYHUHPSKDVLVLQJSUREOHPVRXWVLGHWKHLUGLUHFWLQIOXHQFH

 (IXIVMSVEXMSRSJXIEGLIVW QSVEPIERHLIEPXL

:LGHVSUHDGIUXVWUDWLRQDQGORZPRUDOHLQWKHWHDFKLQJIRUFHDUHWKHUHVXOWRIDOO
WKHVHQHJDWLYHIDFWRUVORZVDODULHVSRRUZRUNLQJFRQGLWLRQVFULWLFLVPDQGORZ
VWDWXVODFNRIWUDLQLQJDQGVXSSRUWHWF7HDFKHUVRZQGLVVDWLVIDFWLRQKDVEHHQ
PDQLIHVWHGLQDQLQFUHDVLQJLQFLGHQFHRIWHDFKHUVWULNHVDOORYHUWKHZRUOGLQWHU
UXSWLQJQRUPDOWHDFKLQJIRUZHHNVRUPRQWKVZLWKRXWDQ\SRVLWLYHUHVXOWVIRUWKH
WHDFKHUVRUWKHVFKRROV\VWHP

+HDOWKSUREOHPVDPRQJWHDFKHUVKDYHEHHQGRFXPHQWHGLQDQXPEHURIFRXQ
WULHVDVIRUH[DPSOHLOOXVWUDWHGE\WKHJURZLQJQXPEHURIWHDFKHUVDIIHFWHGE\
+,9$,'6LQ6XE6DKDUDQ$IULFD

 (ITVSJIWWMSREPMWEXMSRSJERHJPMKLXJVSQXLIXIEGLMRKTVSJIWWMSR

7KHFRPELQHGHIIHFWRIWKHVHIDFWRUVLQIOXHQFLQJWKHGHWHULRUDWLQJVLWXDWLRQRI
WHDFKHUVLVDSURFHVVRIGHSURIHVVLRQDOLVDWLRQRIWKHWHDFKLQJSURIHVVLRQ7KLVLV
UHIOHFWHGLQORZHUHQWU\UHTXLUHPHQWVIRUWHDFKHUWUDLQLQJOHVVWLPHDYDLODEOHIRU
HGXFDWLRQWUDLQLQJDQGWHDFKLQJPRUHWLPHUHTXLUHGIRUDGPLQLVWUDWLYHGXWLHV
WHDFKLQJDVDQDFWLYLW\FRPELQHGZLWKRWKHULQFRPHJHQHUDWLQJDFWLYLWLHV

7KHHQGUHVXOWLVWKDWRQO\WKRVHZKRFDQQRWILQGDOWHUQDWLYHPRUHUHZDUGLQJMREV
VWD\LQWKHWHDFKLQJSURIHVVLRQ7HDFKHUVZKRKDYHFRPSHWLWLYHVNLOOVHJLQPDWKV
DQGLQQDWXUDOVFLHQFHVDEDQGRQWKHLUSRVWVZLWKVHULRXVLPSOLFDWLRQVIRUWHDFKLQJ
DQGOHDUQLQJLQEDVLFVFKRROVXEMHFWV,QDGGLWLRQWHDFKHUDEVHQWHHLVPLVDQRWKHU
PHWKRGRIIOLJKWDQGH[SUHVVLRQRIGLVVDWLVIDFWLRQ

 *IQMRMWEXMSRSJXLIXIEGLMRKJSVGI

2QHUHVXOWRIGHWHULRUDWLQJVWDWXVDQGRWKHUFRQGLWLRQVIRUWHDFKHUVLQPRVWFRXQ
WULHVLVDSURFHVVRIIHPLQLVDWLRQRIWKHWHDFKLQJIRUFH7KHPDMRULW\RISULPDU\
VFKRROWHDFKHUVDUHZRPHQLQPDQ\UHJLRQVRIWKHZRUOG HJ/DWLQ$PHULFDWKH
&DULEEHDQDQG(XURSH ,QRWKHUUHJLRQVWKLVLVDOVRWUXHLQFRXQWULHVZLWKUHOD
WLYHO\KLJKOLWHUDF\UDWHVLHLQ6UL/DQNDDVZHOODVLQXUEDQDUHDVDOORYHUWKH
ZRUOG%XWHYHQLQFRXQWULHVZKHUHPDOHSULPDU\WHDFKHUVKDYHFRQVWLWXWHGWKH
PDMRULW\WKHWUHQGLVDOUHDG\FKDQJLQJ)RUH[DPSOHLQ0R]DPELTXHWKHUHDUH
SUHVHQWO\PRUHPDOHWKDQIHPDOHSULPDU\VFKRROWHDFKHUVEXWDPRQJWHDFKHU
WUDLQHHVDWWHDFKHUWUDLQLQJFROOHJHVWKHPDMRULW\ZHUHZRPHQLQ


2QHQHJDWLYHUHVXOWGXHWRRWKHUJHQGHULPEDODQFHVLVWKDWWKHUHLVRIWHQDODFNRI
WUDLQHGWHDFKHUVLQPDWKVDQGQDWXUDOVFLHQFHV

$VREVHUYHGLQPDQ\FRXQWULHVVXFKDVHJ6ZHGHQWKLVPD\LPSO\WKDWER\VDW
WHQGLQJEDVLFHGXFDWLRQVWDUWODJJLQJEHKLQGJLUOVSRVVLEO\DVDUHVXOWRIODFNRI
SRVLWLYHUROHPRGHOV7KHJHQGHULPSDFWRIWKHRQJRLQJZRUOGZLGHSURFHVVRI
IHPLQLVDWLRQRIWKHWHDFKLQJIRUFHQHHGVPRUHDWWHQWLRQDPRQJUHVHDUFKHUVDQG
HGXFDWLRQDOLVWV


8)%',)6)(9'%8-32'966)2886)2(7%2(0)773270)%62)(

7KHLVVXHRIWHDFKHUVKDVEHHQQHJOHFWHGLQHGXFDWLRQSROLFLHVDQGVWUDWHJLHVSDU
WLFXODUO\WHDFKHUVDODULHVDQGWHDFKHUHGXFDWLRQ

(GXFDWLRQSROLFLHVFRQWLQXHWREHIRUPXODWHGDQGLPSOHPHQWHGZLWKYHU\OLWWOH
WHDFKHUSDUWLFLSDWLRQHYHQLQUHIRUPSURFHVVHVLQWHQGHGWRLQYROYHVWDNHKROGHUV
7KH\DUHLQVWHDGUHJDUGHGDVPHUHSRWHQWLDOWUDLQHHVDQGLPSOHPHQWRUV7HDFKHUV
DUHLQPRVWFDVHVH[SHFWHGWRDGDSWWRUHIRUPVUDWKHUWKDQUHIRUPVDGDSWLQJWR
WHDFKHUV7HDFKHUV·SDUWLFLSDWLRQLQHGXFDWLRQUHIRUPSURFHVVHVVXFKDVFXUULFX
OXPGHYHORSPHQWLVQRWRQO\DGHPRFUDWLFUHTXLUHPHQWEXWDOVRDSUDFWLFDOQH
FHVVLW\,IIRUH[DPSOHPDQ\WHDFKHUVGRQRWXQGHUVWDQGWKHFRQWHQWVDQGRUWKH
DSSURDFKRIQHZFXUULFXODDQGWH[WERRNVWKH\ZLOOQRWFRQWULEXWHWRLQWHQGHG
TXDOLW\LPSURYHPHQWVUDWKHUWKHFRQWUDU\

7KHUHLVQRV\VWHPDWLFUHVHDUFKRQWHDFKHUHGXFDWLRQLQGHYHORSLQJFRXQWULHVRQ
ZKDWDQGKRZWHDFKHUVOHDUQZKDWWKH\QHHGDQGZDQWWROHDUQHWF7HDFKHUHGX
FDWLRQKDVEHHQFULWLFLVHGIRUEHLQJRXWGDWHGHQF\FORSDHGLFDEVWUDFWWRRVKRUWRU
WRRORQJIRFXVLQJWRRPXFKRQFRQWHQWDWWKHH[SHQVHRISHGDJRJLFVHWF7KH
RYHUDOO7(PRGHOKDVKRZHYHUQHYHUEHHQVHULRXVO\TXHVWLRQHG

6RPHUHFHQWWUHQGVKDYHEHHQWRRSWIRUDFFHOHUDWHGFUDVKSURJUDPPHVDQGWRUH
FUXLWWHDFKHUWUDLQHHVZLWKORZHUJHQHUDOHGXFDWLRQTXDOLILFDWLRQVWKDQEHIRUH
7KHVHWUHQGVKDYHHYROYHGPRUHLQUHVSRQVHWRWKHDLPVRILQFUHDVLQJDFFHVVDQG
FRVWUHGXFWLRQWKDQWRWKHDLPRILPSURYLQJWKHTXDOLW\RIEDVLFHGXFDWLRQ7KH
UHFHQWHPSKDVLVRQWKHLPSRUWDQFHRIWH[WERRNVDQGHGXFDWLRQDOWHFKQRORJ\LV
SDUWO\DUHIOHFWLRQRIODFNRIFRQILGHQFHLQWHDFKHUVDQGWKHLUFDSDELOLWLHVDVZHOODV
DUHVSRQVHWRWKHLQFUHDVLQJSUHVVXUHRQHGXFDWLRQEXGJHWV

$QRWKHUIDFWRUEHKLQGWKHWHQGHQF\WRSODFHHPSKDVLVRQWH[WERRNVDQGLQVHUYLFH
WUDLQLQJDQGOHVVRQSUHVHUYLFHWUDLQLQJLVWKHILQGLQJVRIVHYHUDOVWXGLHVVKRZLQJ
WKDWVWXGHQWVWDXJKWE\WHDFKHUVZLWKKLJKHUIRUPDOTXDOLILFDWLRQVGRQRWQHFHVVDU
LO\DFKLHYHEHWWHUUHVXOWVWKDQVWXGHQWVWDXJKWE\WHDFKHUVZLWKORZHUIRUPDOTXDOL
ILFDWLRQVLQFOXGLQJWHDFKHUWUDLQLQJ7KHSUREOHPLVWKDWWKHVHFRQFOXVLRQVGRQRW
FRQVLGHURWKHUYDULDEOHVLQIOXHQFLQJOHDUQLQJ7KHWHDFKHULVLQVXFKVWXGLHVVHHQDV
DQ´LQSXWµLQDVLPSOLVWLFLQSXWRXWSXWPRGHO

$VDQXPEHURIVWXGLHVKDYHUHYHDOHGWHDFKHUV·DWWLWXGHVDQGH[SHFWDWLRQVFDQEH
PRUHLPSRUWDQWIRUVWXGHQWOHDUQLQJWKDQKLVKHUPDVWHU\RIWKHVXEMHFWRURI
SHGDJRJLFV

2WKHUQHJOHFWHGIDFWRUVLQWKHSUHYDLOLQJPRGHOVRILQVHUYLFHDQGSUHVHUYLFH
WHDFKHUWUDLQLQJPRGHOVZKLFKQHHGWREHDGGUHVVHGDUH

• WHDFKHUV·SUHYLRXVNQRZOHGJHDQGH[SHULHQFH
• WUDLQLQJQHHGVRIRWKHUNH\VWDIILHSULQFLSDOVVXSHUYLVRUVDQGHGXFDWLRQ
RIILFHUVDWDOOOHYHOV
• VDODULHVZRUNLQJDQGOLYLQJFRQGLWLRQVFDUHHUGHYHORSPHQWDQGRUJDQLVDWLRQDO
LVVXHV


• WHDFKHUV·PRWLYDWLRQFRQFHUQVDYDLODEOHWLPHDQGUHVRXUFHV
• SDUWLFLSDWLRQRIWHDFKHUVLQGHILQLQJWUDLQLQJSURJUDPPHV
• DGMXVWPHQWRIWUDLQLQJWRGLIIHUHQWW\SHVDQGOHYHOVRIWHDFKHUV
• DKROLVWLFDSSURDFKDVRSSRVHGWRWUDLQLQJDVDWRROIRUDVSHFLILFSURMHFW
RUSROLF\LQSXW
• WKHQHHGWRLPSURYHWHDFKLQJSUDFWLFHUDWKHUWKDQSURGXFHIRUPDOO\FHUWLILHG
WHDFKHUV
• WKHVFKRRORUWHDFKHUFROOHFWLYHUDWKHUWKDQLQGLYLGXDOWHDFKHUV
• WKHVFKRROLHWKHZRUNSODFHDVWKHEHVWSODFHIRUWUDLQLQJ
• WKHQHHGIRUDFRQWLQXLQJHGXFDWLRQVFKHPHQRWMXVWDOLPLWHGRQHRIIWUDLQLQJ
FRXUVH HJFRXUVHVLQWURGXFLQJQHZWH[WERRNVDUHQHFHVVDU\EXWQHHGWREH
SDUWRIDFRQWLQXXP
• RXWRIWUDLQLQJOHDUQLQJPRGDOLWLHVVXFKDVFODVVURRPREVHUYDWLRQSHHUJURXS
GLVFXVVLRQVVHOIVWXG\HWF
• WKHQHHGWRLQWHJUDWHSHGDJRJLFDODQGDGPLQLVWUDWLYHNQRZOHGJHDQGVNLOOV
• WKHQHHGWRFRPELQHDQGQRWVHSDUDWHVXEMHFWPDWWHUDQGSHGDJRJ\
• WKHLPSRUWDQFHRIDQLQIRUPDOHQYLURQPHQWLQFOXGLQJSOD\DQGHQMR\PHQW
• WKHOHDUQLQJSHUVSHFWLYH DSSURDFKHGIURPWKHQHHGVRIWKHVWXGHQWV QRWRQO\
WKHWHDFKLQJSHUVSHFWLYH
• WHDFKLQJSUDFWLFHDQGWKHXVHRISDUWLFLSDWRU\PHWKRGVDVWKHPRVWLPSRUWDQW
VRXUFHRIOHDUQLQJ
• DFWLYHOHDUQLQJFULWLFDOWKLQNLQJFUHDWLYLW\ZKLFKWHDFKHUVDUHH[SHFWHGWR
SURPRWHLQWKHLUFODVVURRPV
• DKXPDQDQGFKLOGULJKWVSHUVSHFWLYH

 4VIWIVZMGIERHMRWIVZMGIXIEGLIVIHYGEXMSR

%RWKSUHVHUYLFHDQGLQVHUYLFHWUDLQLQJKDYHEHHQFULWLFLVHGIRUWKHLUODFNRITXDO
LW\DQGUHOHYDQFHHJWKHLURYHUO\WKHRUHWLFDOELDV*LYHQWKHSRRUFRQGLWLRQRI
PRVWSUHVHUYLFHLQVWLWXWLRQVDQGWKHLUKLJKFRVWWKHUHFHQWWHQGHQF\KDVEHHQWR
SD\PRUHDWWHQWLRQWRLQVHUYLFHWUDLQLQJDVPRUHFRVWHIIHFWLYHDQGSRWHQWLDOO\RI
KLJKHUTXDOLW\WKDQSUHVHUYLFH

+RZHYHUWKLVDVVXPSWLRQDFWXDOO\GHSHQGVRQKRZWKHSURJUDPPHVDUHGHVLJQHG
DQGLPSOHPHQWHGDQGRQHDFKVSHFLILFFRQWH[W,QDGHTXDFLHVRILQVHUYLFHWUDLQLQJ
RIXQTXDOLILHGWHDFKHUVKDYHEHHQLGHQWLILHGE\+DOODN  VXFKDVWKHDGGL
WLRQDOZRUNORDGWKH\GHPDQGRQDOUHDG\KDUGZRUNLQJWHDFKHUV2QHLPSRUWDQW
UHDVRQIRUWKHIDLOXUHRIVXFKSURJUDPPHVLVWKHSHUVLVWHQFHRIWKHSRRUFODVVURRP
FRQGLWLRQVXQGHUZKLFKWKHWHDFKHUVDUHZRUNLQJ

7KH:RUOG%DQNKDVDGYRFDWHGDVWUDWHJ\WKDWLPSOLHVPRUHHPSKDVLVRQLQ
VHUYLFHSURJUDPPHVDQGOHVVRQSUHVHUYLFH7KHLGHDLVWRUHFUXLWWHDFKHUVIURP
DPRQJVHFRQGDU\VFKRROJUDGXDWHVZLWKDGHTXDWHVXEMHFWNQRZOHGJHWKXVUHGXF
LQJWKHWLPHQHFHVVDU\IRUXSJUDGLQJRIVXEMHFWNQRZOHGJHLQWHDFKHUWUDLQLQJDQG
VKRUWHQWKHSUHVHUYLFHWUDLQLQJSURJUDPPHZKLFKZRXOGFHQWUHRQSHGDJRJLFDO
NQRZOHGJH5HYLVLRQRIVDODULHVLVRIWHQSDUWRIWKLVSURSRVDOVRDVWRDWWUDFWVXFK
DGHTXDWHO\HGXFDWHGFDQGLGDWHV7KHSHGDJRJLFDOVRFLDODQGRWKHUFRQVHTXHQFHV
KDYHKRZHYHUQRWEHHQDQDO\VHG


 6IWMHIRXMEPERHHMWXERGIXVEMRMRK

7KHDGYDQWDJHVDQGGLVDGYDQWDJHVRIGLVWDQFHPRGDOLWLHVRIWHDFKHUWUDLQLQJKDYH
EHHQVWXGLHGLQWKHFDVHVRI6UL/DQND,QGRQHVLDDQG7DQ]DQLD7KHILQGLQJV
VKRZHGEHWWHUUHVXOWVWKDQFRQYHQWLRQDOSURJUDPPHVLQVXEMHFWVWKDWDUHYHUEDO
DQGLQIRUPDWLRQRULHQWHGDVRSSRVHGWRPDWKVDQGVNLOOVRULHQWHGVXEMHFWV 1LHO
VHQHWDO 

$JHQHUDOFRQFOXVLRQZDV

´,WLVQRWWKHWHFKQRORJ\RIWUDQVPLVVLRQWKDWPDNHVWKHVHSURJUDPPHVHIIHFWLYHEXWWKHNLQGRI
OHDUQLQJVLWXDWLRQVWKDWWKH\FUHDWH,QGLVWDQFHHGXFDWLRQOHDUQLQJPDWHULDOVDUHGHYHORSHGXVLQJ
SULQFLSOHVRILQVWUXFWLRQDOGHVLJQZKLFKIRFXVRQKRZSHRSOHOHDUQUDWKHUWKDQRQVXEMHFWPDWWHU
EHLQJWDXJKW7KHPRVWHIIHFWLYHGLVWDQFHHGXFDWLRQPHWKRGVUHO\RQFRRSHUDWLYHRUFROODERUDWLYH
OHDUQLQJLQZKLFKJURXSVRIWHDFKHUWUDLQHHVPHHWWRGLVFXVVWKHLUOHVVRQVDQGWKHGLIILFXOWLHVWKH\
DUHKDYLQJZLWKWKHPµ 1LHOVHQ

6WXGLHVRIPRUHUHFHQWH[SHULHQFHVRI6LGDVXSSRUWHGGLVWDQFHHGXFDWLRQRIXQ
WUDLQHGWHDFKHUVLQ6UL/DQNDUHSRUWHGWKDWWKHWHDFKHUVJUDGXDWLQJIURPWKHGLV
WDQFHHGXFDWLRQSURJUDPPHGRQRWUHWDLQWKHLUNQRZOHGJHDQGVNLOOVDVZHOODV
WHDFKHUVJUDGXDWLQJIURPUHVLGHQWLDOSURJUDPPHV7KHSRVVLEOHH[SODQDWLRQJLYHQ
LVWKHORZHULQLWLDOOHYHORIHGXFDWLRQDVZHOODVOHVVSULRUH[SHULHQFHRIWHDFKLQJ
,QRUGHUWRFRPSHQVDWHIRUWKLVDQGIXUWKHUGHYHORSDQGVXVWDLQWHDFKHUV·SURIHV
VLRQDOFRPSHWHQFHLWKDVEHHQUHFRPPHQGHGWKDWWHDFKHUVJUDGXDWLQJIURPWKH
'(FRXUVHVKRXOGFRQWLQXHWRJHWWKHVFKRRODQG5HJLRQDO&HQWUHEDVHGWXWRU
VXSSRUWZKLFKZDVDFUXFLDOSDUWRIWKHGLVWDQFHSURJUDPPH 5DQMLQL$EH\HZDU
GHQH

*RRGGLVWDQFHHGXFDWLRQDOZD\VSURYLGHVDFRPELQDWLRQRIGLVWDQFHDQGIDFHWR
IDFHOHDUQLQJ1RQHWKHOHVVWKHDGYDQWDJHVFDQDOVREHDFKLHYHGWKURXJKJRRG
IDFHWRIDFHHGXFDWLRQ

%RWKUHVLGHQWLDODQGGLVWDQFHPRGHOVFDQEHJRRGRUEDG$QDGHTXDWHPL[RI
ERWKLVWREHUHFRPPHQGHGPDNLQJWKHEHVWRIWKHFRPSDUDWLYHDGYDQWDJHVRI
ERWK

$VHULRXVJHQGHUSUREOHPRIUHVLGHQWLDOWUDLQLQJLQVWLWXWLRQVLQVRPHFRXQWULHVHJ
0R]DPELTXHLVWKHLQDGHTXDWHRUJDQLVDWLRQDQGGRUPLWRU\UHVRXUFHV7KHIHPDOH
WUDLQHHVDUHRIWHQVH[XDOO\DEXVHGDQGKDUDVVHG7KLVFRXOGPRUHHDVLO\EHSUH
YHQWHGE\WKHSURYLVLRQRIVHSDUDWHDQGVDIHIHPDOHVHFWLRQVPDQDJHGE\IHPDOH
VWDII

 8LIVSPISJXIEGLIVWMRXLITVSQSXMSRSJGLMPHVIR WVMKLXW

´7HDFKLQJKXPDQULJKWVDWVFKRROPHDQVWDFNOLQJWKHZKROHSUREOHPRIGHPRFUDF\LQDKXPDQ
FRPPXQLW\7KHGHPRFUDWLFIXQFWLRQLQJRIVFKRROVLVDSUHUHTXLVLWHIRUWKHJHQXLQHQHVVDQGFUHGL
ELOLW\RIKXPDQULJKWVHGXFDWLRQ:LWKRXWLWKXPDQULJKWVWHDFKLQJUHPDLQVDGHDGOHWWHUEHFDXVH
LWLVVHSDUDWHGIURPWKHOLIHDQGUHDOLW\RIWKHVRFLDOJURXSZLWKZKLFKLWLVFRQFHUQHGµ
81(6&2


7HDFKHUVFDQEHFRQVLGHUHGRQHRIWKHPRVWLPSRUWDQWDJHQWVLQWKHSURPRWLRQ
DQGDSSOLFDWLRQRIWKHULJKWVRIWKHFKLOG$FKLOGULJKWVSHUVSHFWLYHKDVLPSRUWDQW
LPSOLFDWLRQVIRUWKHZD\WHDFKLQJLVFRQFHLYHGDQGRUJDQLVHG,WLPSOLHVWKHHODER
UDWLRQRIIOH[LEOHDQGOHDUQHUFHQWUHGWHDFKLQJPHWKRGVZKLFKVKRXOGFUHDWHFRQ
GLWLRQVIRUDOOFKLOGUHQWRGHYHORSWRWKHLUIXOOHVWSRWHQWLDODQGLQDQDFWLYHPDQQHU
7HDFKHUVVKRXOGDOVREHFRPHDZDUHRIDQGYDOXHWKHOLYLQJFRQGLWLRQVKLVWRU\DQG
FXOWXUHRIWKHFKLOGUHQVRWKDWWKH\PD\LQWURGXFHUHOHYDQWFRQWHQWDQGUHODWHLQD
UHVSHFWIXOPDQQHUWRZDUGVWKHFKLOG$FKLOGIULHQGO\VFKRROQRWRQO\SURYLGHV
PRUHHIIHFWLYHOHDUQLQJLWLVDOVRWKHEHGURFNIRUDGHPRFUDWLFVRFLHW\EDVHGRQ
WROHUDQFHDQGPXWXDOUHVSHFWDPRQJSHRSOH

1RQGLVFULPLQDWLRQPHDQVWKDWDOOFKLOGUHQKDYHHTXDOULJKWVWRHTXDOHGXFDWLRQ
,QRUGHUWRFUHDWHFRQGLWLRQVIRUWHDFKHUVWRWDFNOHWKHYDULRXVQHHGVRIFKLOGUHQ
ZLWKGLVDELOLWLHVUHIXJHHFKLOGUHQZRUNLQJFKLOGUHQHWFWHDFKLQJPHWKRGVQHHGWR
EHIOH[LEOHDQG7(DGHTXDWH&RQVHTXHQWO\FKLOGUHQ·VULJKWVVKRXOGEHDGGUHVVHG
GXULQJWHDFKHUWUDLQLQJ

 8LIVSPISJXIEGLIVWMRXLITVSQSXMSRSJKIRHIVIUYEPMX]

([SHULHQFHVXFKDVWKRVHLQ%DQJODGHVKPDGHE\SURJUDPPHVUXQE\WKHQDWLRQDO
1*2%DQJODGHVK5XUDO$GYDQFHPHQW&RPPLWWHH %5$& KDYHVKRZQWKDWWKH
UHFUXLWPHQWRIORFDOZRPHQDVWHDFKHUVFRPELQHGZLWKVPDOOVFKRROVQHDUE\JLUOV·
KRPHVDQGWKHLQYROYHPHQWRISDUHQWVKHOSVWRLQFUHDVHJLUOV·HQUROPHQWDWWHQ
GDQFHDQGDFKLHYHPHQWLQSRRUUXUDOFRPPXQLWLHV

7KHUROHPRGHORIFRPPLWWHGWHDFKHUV ORFDOO\UHFUXLWHGDPRQJPHQDQGZRPHQ
ZLWKOHVVIRUPDOHGXFDWLRQWKDQQRUPDOO\UHTXLUHGIRUWHDFKHUWUDLQLQJ IRUJLUOVDV
ZHOODVER\VFDQEHVLJQLILFDQWDVVKRZQE\WKHSRVLWLYHDFKLHYHPHQWVRISUR
JUDPPHVVXFKDV%5$&DQG6KLNVKD.DUPL VHHER[S ,QWKHVHSUR
JUDPPHVWKHWHDFKHUVKDYHJUDGXDOO\XSJUDGHGWKHLUHGXFDWLRQDODQGSURIHVVLRQDO
TXDOLILFDWLRQVWKURXJKLQVHUYLFHWUDLQLQJ

7HDFKHUVQHHGWROHDUQWRWUHDWJLUOVDQGER\VZLWKRXWGLVFULPLQDWLRQDQGDWWKH
VDPHWLPHKHOSWKHPWRGHYHORSWKHLUJHQGHUUROHLGHQWLWLHV7HDFKHUHGXFDWRUV
WKHPVHOYHVSUHVHQWLQJUROHPRGHOVIRUWHDFKHUWUDLQHHVWKHUHIRUHQHHGWKRURXJK
WUDLQLQJLQJHQGHUHTXDOLW\LVVXHV

6H[XDOKDUDVVPHQWDQGDEXVHE\PDOHWHDFKHUVRUPDOHWUDLQHUVLVE\IDUDPRQJ
WKHPRVWFKDOOHQJLQJDQGVHULRXVJHQGHUSUREOHPWKDWQHHGVWREHDGGUHVVHGRQD
EURDGIURQWE\DOOVHFWRUVRIVRFLHW\QRWMXVWHGXFDWLRQ7KLVLVQHFHVVDU\LIWHDFK
HUVDUHWRVHUYHDVUROHPRGHOVIRUJHQGHUHTXDOLW\LQRUGHUWRGHIHQGFKLOGUHQ·V
DQGZRPHQ·VULJKWVDQGWRSUHYHQW+,9$,'6DQGRWKHUGDQJHURXVVH[XDOO\
WUDQVPLWWHGGLVHDVHV

$QRWKHUVHULRXVJHQGHUSUREOHPRIWHQDUHVXOWRIVH[XDOKDUDVVPHQWLVHDUO\
SUHJQDQFLHVDPRQJVWXGHQWVDQGWHDFKHUWUDLQHHV7KHSUHJQDQW\RXQJZRPHQ
DUHWKHILUVWWREHSXQLVKHGE\EHLQJH[FOXGHGIURPFRQWLQXHGVWXGLHV$WWKHVDPH
WLPHQRWKLQJLVGRQHWRPDNHWKHWHDFKHUVDFFRXQWDEOHIRUWKHLUPLVEHKDYLRXUDQG
DEXVHRIWKHIHPDOHVWXGHQWV


%08)62%8-:)13()073*8)%',)6)(9'%8-32

7KHIHZLQQRYDWLYHLQLWLDWLYHVHPHUJLQJLQYDULRXVGHYHORSLQJFRXQWULHVDUHPRUH
RIWHQUHODWHGWRLQVHUYLFHWKDQWRSUHVHUYLFH7(DQGKDYHRIWHQLQYROYHGWKHSDU
WLFLSDWLRQRI1*2VLQFOXGLQJWHDFKHURUJDQLVDWLRQV6WLOOWKHVWDWHDVWKHPDLQ
HPSOR\HURIWHDFKHUVZLOOFRQWLQXHWRSOD\DPDMRUUROHLQ7(7HDFKHURUJDQLVD
WLRQVQHHGWRVKDUHUHVSRQVLELOLW\ZLWKWKHVWDWH8QLYHUVLWLHVDQGRWKHUDFDGHPLF
RUDUWLVWLFLQVWLWXWLRQVDUHIXUWKHUNH\SDUWQHUVIRU7(

(GXFDWLRQUHIRUPDWWKHVFKRROOHYHOUHTXLUHVDSURIRXQGUHIRUPRIWKHSUHYDLOLQJ
FRQYHQWLRQDOWUDQVPLVVLRQWHDFKHUHGXFDWLRQPRGHO

)LUVWO\WKHWHDFKHUHGXFDWLRQV\VWHPQHHGVWREHXQLILHGDQGFRRUGLQDWHGHQVXU
LQJFRQWLQXLQJHGXFDWLRQIRUWKHWHDFKHUSURIHVVLRQZKHUHSUHDQGLQVHUYLFH
WUDLQLQJLVVHHQDVRQHVLQJOHSURFHVVZLWKFOHDUDUWLFXODWLRQEHWZHHQDOOOHYHOVRI
WKHHGXFDWLRQV\VWHP

6HFRQGO\WKHWHDFKHUDVDUROHPRGHODQGWKHPDMRUVXEMHFWDQGDJHQWRIHGXFD
WLRQKDVWREHUHFRJQLVHG,QRWKHUZRUGVZKRWKHWHDFKHULVZKDWKHVKHNQRZV
DQGLVDEOHWRGRGHWHUPLQHVZKDWLVDFWXDOO\WDXJKWDQGKRZLWLVWDXJKWLQWKH
FODVVURRPLHKRZWKHFXUULFXOXPLVLPSOHPHQWHGDQGWKHDFWXDOOHDUQLQJSURF
HVVHVDQGRXWFRPHV7KHZRUNLQJFRQGLWLRQVDQGWKHLQVWLWXWLRQDOFRQWH[WVHWOLPLWV
RQWKHLQIOXHQFHRIWKHWHDFKHUEXWQRLQSXWFDQVXEVWLWXWHIRUWKHWHDFKHU

,QSRRUHQYLURQPHQWVZKHUHDGXOWLOOLWHUDF\LVZLGHVSUHDGDQGWKHVFKRRORIWHQLV
WKHRQO\FRQWDFWZLWKWKHSULQWHGZRUGWKHUROHRIWKHWHDFKHULVHYHQPRUHFUXFLDO
WKDQLQPRUHOLWHUDWHHQYLURQPHQWV

%HIRUHWKLQNLQJRIWHDFKHUHGXFDWLRQUHIRUPVWUDWHJLHVLWLVXVHIXOWRFRQVLGHUKRZ
DQGZKHUHWHDFKHUVOHDUQ7HDFKHUWUDLQHHVGRQRWVWDUWOHDUQLQJIURPGD\RQHDWD
WHDFKHUWUDLQLQJFROOHJH7HDFKHUVKDYHEHHQVWXGHQWVRIWKHIRUPDOVFKRROV\VWHP
RIWHQPHDQLQJWKDWWKH\OLNHRWKHUVWXGHQWVOHDYHVFKRROZLWKDSRRUDQGRIWHQ
RXWGDWHGJHQHUDOHGXFDWLRQ7KHVHIXWXUHWHDFKHUVLQWHUQDOLVHWKHYDOXHVPHWKRGV
DQGSUDFWLFHVRIDQROGIDVKLRQHGDXWKRULWDULDQVFKRROHQYLURQPHQWZKLFKWKH\
ODWHUWHQGWRUHSOLFDWHZLWKWKHLURZQVWXGHQWV&RQVHTXHQWO\WHDFKHUHGXFDWLRQ
DWEHVWEHFRPHVFRPSHQVDWRU\LQRUGHUWRFRXQWHUDFWWKHEDGLQIOXHQFHRIWKH
FRQYHQWLRQDOVFKRROPRGHO

7KLVUHLWHUDWHVWKHXUJHQF\RILPSURYLQJWKHEDVLFHGXFDWLRQV\VWHP*RRGTXDOLW\
VHFRQGDU\HGXFDWLRQLVDOVRFULWLFDOWRWKHFRPSHWHQFHRIIXWXUHWHDFKHUV$KROLVWLF
DQGLQWHJUDWHGUHIRUPRIWKHHGXFDWLRQV\VWHPDVDZKROHLVWKHUHIRUHFUXFLDOIRU
PRYLQJWHDFKHUHGXFDWLRQLQWKHGHVLUHGGLUHFWLRQ

3RVLWLYHH[SHULHQFHXQGHUOLQHVWKHLPSRUWDQFHRIOHDUQLQJE\GRLQJLHWHDFKLQJ
SUDFWLFH6HOIUHIOHFWLRQRQSHUVRQDOSHGDJRJLFDOSUDFWLFHLQRUGHUWRLPSURYHDQG
DGMXVWWHDFKLQJLVDQH[DPSOHRIWKLVSUDFWLFHRULHQWHGPRGDOLW\RIWHDFKHUHGXFD
WLRQ&ULWLFDODQGV\VWHPDWLFUHIOHFWLRQRQSUDFWLFHLVQHFHVVDU\:LWKRXWWKLV
WHDFKLQJSUDFWLFHGRHVQRWQHFHVVDULO\PHDQSURIHVVLRQDOGHYHORSPHQW

2QHSUHVHUYLFH7(SURJUDPPHLQ1DPLELDDQGRQHLQVHUYLFHSURJUDPPHLQ
=DPELDERWKVXSSRUWHGE\6LGDLOOXVWUDWHKRZWHDFKLQJSUDFWLFHDQGVHOI


UHIOHFWLRQKDYHEHHQDGRSWHGDVNH\FRPSRQHQWVRIUHIRUPLQJROGPRGHOVRI
WHDFKHUHGXFDWLRQDQGGHYHORSPHQWDSSURDFKHV 6HH%R[DQG 

&S\7IPJLIPTEGXMSRJSVIHYGEXMSR 7,%4) MR>EQFME

6+$3( LV DQ LQVHUYLFH WHDFKHU WUDLQLQJ SURJUDPPH URRWHG LQ WKH µ(GXFDWLRQ
:LWK 3URGXFWLRQµ FRQFHSW 7KH SURJUDPPH KDV EHHQ RSHUDWLQJ VLQFH  DQG
6LGDKDVILQDQFHGPRVWRILWVRSHUDWLRQ7KHSURJUDPPHDLPVLQFOXGH KHOSLQJ
WHDFKHUV WR LGHQWLI\ SURIHVVLRQDO QHHGV   HTXLSSLQJ WHDFKHUV ZLWK SODQQLQJ DQG
RUJDQLVDWLRQVNLOOV VXSSRUWLQJWHDFKHUVLQWKHFRQWLQXRXVGHYHORSPHQWRIWKHLU
VXEMHFW NQRZOHGJH DQG DVVRFLDWHG WHDFKLQJ VWUDWHJLHV DQG   VWUHQJWKHQLQJ WKH
WUDLQLQJ FDSDFLW\ RI 7HDFKHU·V 7UDLQLQJ &ROOHJHV 77&V  DQG RWKHU LQVWLWXWLRQV
GHDOLQJ ZLWK LQVHUYLFH WUDLQLQJ WKURXJK WKH SURYLVLRQ RI ILQDQFLDOPDWHULDO DQG
VXSSRUW WUDLQLQJ 7KH SURJUDPPH KDV WDUJHWHG SULPDU\ VFKRRO WHDFKHUV KHDG
WHDFKHUV77&OHFWXUHUVUHVRXUFHFHQWUHFRRUGLQDWRUVDQGVFKRROLQVSHFWRUV,WLV
QDWLRQDO LQ FKDUDFWHU DQG FRYHUV DOO WKH  GLVWULFWV LQ =DPELD 7KH SURJUDPPH
ZDV LPSOHPHQWHG LQ DQ HQYLURQPHQW RI H[SDQVLRQ RI SXSLO HQUROPHQW FRXSOHG
ZLWKGHWHULRUDWLQJTXDOLW\RIWHDFKLQJDQGOHDUQLQJ0RUHRYHUWKHSURJUDPPHKDV
EHHQLQVWUXPHQWDOLQFRQWULEXWLQJWRDQHQKDQFHPHQWRIWKHTXDOLW\RIHGXFDWLRQ
WKURXJKWKHH[FOXVLYHSURYLVLRQRILQVHUYLFHWUDLQLQJWRVFKRROWHDFKHUV

$FFRUGLQJWRDQHYDOXDWLRQFRQGXFWHGLQDURXQGRIDOOSULPDU\VFKRRO
WHDFKHUVKDYHXQGHUJRQHLQVHUYLFHWUDLQLQJRUJDQLVHG XQGHU  6+$3( ,Q D QXW
VKHOOWKHSURJUDPPHLVFRQFHLYHGWRKDYHKHOSHGWHDFKHUVLQDUWLFXODWLQJSURIHV
VLRQDOQHHGVDQGKDVHTXLSSHGWKHPZLWKEHWWHUSODQQLQJDQGRUJDQLVDWLRQDOVNLOOV
,Q DGGLWLRQ LW KDV VXSSRUWHG WHDFKHUV LQ WKHLU VXEMHFW NQRZOHGJH DQG WHDFKLQJ
VWUDWHJLHV  +RZHYHU LQ VSLWH RI WKHVH SRVLWLYH UHVXOWV LW KDV EHHQ DUJXHG WKDW
6+$3(  KDV VXIIHUHG IURP H[FOXVLYH ILQDQFLDO UHOLDQFH RQ 6LGD DQG WKDW VRPH
FRPSRQHQWVRIWKHSURMHFW LHFRQVWUXFWLRQSURYLVLRQRIHTXLSPHQWHWF ZHUHLP
SOHPHQWHGWRRVORZO\$QRWKHUZHDNQHVVZKLFKKDVEHHQPHQWLRQHGZDVWKHVHSD
UDWHLGHQWLW\RIWKHSURMHFWDQGLWVODFNRILQWHJUDWLRQLQWRWKHRYHUDOODFWLYLWLHVRI
WKH0LQLVWU\ RI (GXFDWLRQ /HVVRQV DUH EHLQJ OHDUQHG IURP WKHVH H[SHULHQFHV IRU
IXWXUHSURJUDPPHVXSSRUWDQGDVVLVWDQFH6LGDFRQWULEXWHGDURXQG6(.PLO
OLRQWRWKHSURMHFWGXULQJWKHSHULRG


&S\8IEGLIVIHYGEXMSRVIJSVQTVSNIGX 8)64 ERHFEWMGIHYGEXMSR
XIEGLIV WHMTPSQE &)8( MR2EQMFME

6LQFH,QGHSHQGHQFHLQ1DPLELDKDVHPEDUNHGRQDFRPSUHKHQVLYHHGXFDWLRQUH
IRUPSURJUDPPH7KHVHUHIRUPVDLPDWDFKLHYLQJDFFHVVHTXLW\TXDOLW\DQGGHPRFUDF\
LQWKHHGXFDWLRQDOV\VWHP7KHFHQWUDOUROHRIWHDFKHUVDVDJHQWVRIFKDQJHFRQVWLWXWHVWKH
EDVLVRIWKHµ7HDFKHU(GXFDWLRQ5HIRUP3URMHFW7(53µ

7KHRYHUDOODQGORQJWHUPREMHFWLYHVRI7(53KDYHEHHQWRDVVLVWWKH1DPLELDQJRYHUQ
PHQWLQGHYHORSLQJDWHDFKHUHGXFDWLRQUHIRUPIRUEDVLFHGXFDWLRQDQGWRDVVLVWWKH0LQ
LVWU\ RI (GXFDWLRQ LQ WKH LQVWLWXWLRQDO GHYHORSPHQW RI WKH 1DWLRQDO ,QVWLWXWH RI (GXFD
WLRQDO 'HYHORSPHQW 1,('  LQ WKH DUHD RI WHDFKHU HGXFDWLRQ IRU EDVLF HGXFDWLRQ SODQ
QLQJDQGUHVHDUFK&RQVHTXHQWO\RQHRIWKHDLPVRIWKHRQJRLQJUHIRUPSURFHVVKDVEHHQ
WRLQFUHDVHWKHQXPEHURITXDOLILHGWHDFKHUVDQGWRWUDLQWHDFKHUVWKURXJKDGHPRFUDWLF
WHDFKHU HGXFDWLRQ 7KH REMHFWLYH KDV EHHQ WR IRVWHU WHDFKHUV ZLWK QHZ YLVLRQV FRPPLW
PHQWV DQG XQGHUVWDQGLQJ ZKR ZRXOG LQ WXUQ EH DEOH WR WHDFK LQ DFFRUGDQFH ZLWK WKH
OHDUQHUFHQWUHGSKLORVRSK\

7KH%DVLF(GXFDWLRQ7HDFKHU'LSORPD %(7' ZDVLQWURGXFHGDVDQDWLRQDOSURJUDPPH


LQ  UHSODFLQJ SUHYLRXV SURJUDPPHV 7KH %(7' DLPHG DW SUHSDULQJ WHDFKHUV IRU
JUDGHV7KLVSUHVHUYLFHFRXUVHWDNHVWKUHH\HDUVRIIXOOWLPHVWXG\DQGKDVEHHQRI
IHUHGDWWKHIRXUFROOHJHVRI:LQGKRHN2QJZHGLYD.DWLPD0XOLORDQG5XQGX$QLQ
VHUYLFHSURJUDPPHZKLFKDLPVDWWKHIRUPDOXSJUDGLQJRIWHDFKHUVWRWKH%(7'OHYHOLV
DOVR RIIHUHG RQ D GLVWDQFH HGXFDWLRQ EDVLV DQG KDV D GXUDWLRQ RI  IRXU \HDUV ,Q DFFRU
GDQFHZLWKWKHOHDUQHUFHQWUHGSKLORVRSK\WHDFKLQJKDVEHHQFHQWUHGDURXQGWKHQHHGV
RI WKH OHDUQHUV DQG WKHLU QDWXUDO FXULRVLW\ DQG HDJHUQHVV 7KH OHDUQHUV· H[LVWLQJ NQRZO
HGJHVNLOOVLQWHUHVWVDQGXQGHUVWDQGLQJKDYHJXLGHGWKHWHDFKLQJPHWKRGRORJ\DGRSWHG
/HDUQHUVDUHYLHZHGDVSDUWQHUVDQGQRWRQO\DVUHFHLYHUVRIHGXFDWLRQ7KHDLPKDVEHHQ
WRHPSRZHUWKHPWRWDNHUHVSRQVLELOLW\ERWKIRUWKHLURZQDQGRWKHUV·OHDUQLQJ,QRWKHU
ZRUGVWKH%(7'ZDVFHQWUHGDURXQGYLVLRQVRIWHDFKLQJH[SUHVVHGLQVXFKWHUPVDVUH
IOHFWLYHLQWHJUDWHGSDUWLFLSDWRU\DQGFULWLFDOLQTXLU\

6LGD·V DVVLVWDQFH WR WKH QDWLRQDO UHIRUP LQ 1DPLELDQ WHDFKHU HGXFDWLRQ KDV EHHQ FKDQ
QHOOHGWKURXJK8PHn8QLYHUVLW\DQGWKH0LQLVWU\RI%DVLF(GXFDWLRQDQG&XOWXUH7KH
DVVLVWDQFHFRYHUHGWKUHH OHYHOV 6FKRRO VXSSRUW WHDFKHUV  UHJLRQDOO\ WR HDFK RI WKH IRXU
FROOHJHVDQGQDWLRQDOO\WR1,(',QDGGLWLRQVXSSRUWKDVEHHQSURYLGHGWRIRVWHULQWHU
FROOHJH FRRSHUDWLRQ 'XULQJ WKH SHULRG  VRPH  VWXGHQWV KDYH EHQHILWHG
IURPWKHSURJUDPPHZLWKDQDYHUDJHXQLWFRVWRI6(.9LHZVGLIIHUDVWRWKHLP
SDFWRIWKHSURJUDPPHPDLQO\GHSHQGLQJRQLQGLYLGXDOSRVLWLRQVLQWKHHGXFDWLRQV\VWHP
DQGGLIIHUHQWW\SHVRIH[SHFWDWLRQVHYHQEH\RQGWKHEDVLFHGXFDWLRQFODVVURRP+RZHYHU
PDQ\FRQVLGHUWKDW7(53KDVVXFFHHGHGLQSURYLGLQJVXSSRUWWRWKHODXQFKLQJRIDQHZ
HGXFDWLRQDOV\VWHPLQ1DPLELDDQGWKDWWKHSURMHFWKDVVXSSRUWHGWKHGHPRFUDWLVDWLRQRI
WKH UHIRUP ZRUN 7KURXJK WKH YDULRXV SURMHFW DFWLYLWLHV 7(53 KDV PDQDJHG WR UDLVH
SHGDJRJLFDOLVVXHVFXULRVLW\DQGHQFRXUDJHGWKHSURPRWLRQRIGLYHUVLW\RIYLHZVDQGDO
WHUQDWLYH DSSURDFKHV WR XQGHUVWDQGLQJ 'XULQJ WKH SHULRG  6LGD FRQWULEXWHG
DURXQG0LOOLRQ6(.WRWKHSURMHFW


8)%',-2+7)6:-')740%22-2+1%2%+)1)28%2(86%-2-2+

7KHFDSDFLW\RI(GXFDWLRQDO$XWKRULWLHVDWFHQWUDODQGUHJLRQDOOHYHOVWRSODQ
PDQDJHDQGWUDLQDOOSHUVRQQHOLQYROYHGLQWHDFKLQJVHUYLFHVLQFOXGLQJSROLF\
DQGUHVHDUFKGHYHORSPHQWLVFULWLFDOIRUDQ\VWUDWHJ\DLPHGDWLPSURYLQJDQG
VWUHQJWKHQLQJWKHSURIHVVLRQDOUROHRIWHDFKHUV

7KHWDVNVLQFOXGHNH\LVVXHVVXFKDV

• IRUHFDVWLQJWHDFKHUGHPDQGDQGVXSSO\
• GHSOR\PHQWDQGUHGHSOR\PHQWRIWHDFKHUVDFFRUGLQJWRQHHGV
• GHILQLQJFDUHHUGHYHORSPHQWSDWKV
• GHILQLQJDQGVHWWLQJXSQHFHVVDU\LQFHQWLYHV\VWHPV
• WUDLQLQJDQGUHFUXLWPHQWRIVWDIIIRUVXSHUYLVLRQDQGVXSSRUWVHUYLFHV
• RUJDQLVDWLRQDQGWUDLQLQJIRU6FKRROVDQG7UDLQLQJ&ROOHJHPDQDJHPHQW
SHUVRQQHOLQFOXGLQJ6FKRRO'LUHFWRUV
• WUDLQLQJRIWHDFKHUWUDLQHUV

$OOWKHVHPHDVXUHVDUHQHFHVVDU\WRIDFLOLWDWHRWKHUPHDQLQJIXOLPSURYHPHQWVRI
WKH7(V\VWHPERWKSUHDQGLQVHUYLFHDQGQHHGWREHEDVHGRQRYHUDOOHGXFD
WLRQDOSROLFLHVDQGSODQV

6\VWHPVWRDWWUDFWWHDFKHUFDQGLGDWHVDQGGHSOR\WUDLQHGWHDFKHUVUHSUHVHQWLQJDOO
UHJLRQVODQJXDJHJURXSVXUEDQDQGUXUDODUHDVLQDEDODQFHGIDVKLRQDUHRIWHQ
QHFHVVDU\0HFKDQLVPVIRUHQVXULQJHTXDOUHSUHVHQWDWLRQDPRQJZRPHQDQG
PHQVSHFLDOUHJXODWLRQVLQFHQWLYHVRURWKHUDFWLRQVDUHDOVRQHHGHG

8QGHUSULYLOHJHGJURXSVGRIRUH[DPSOHQRWDOZD\VKDYHHQRXJKEDVLFIRUPDO
HGXFDWLRQWRTXDOLI\IRUWHDFKHUWUDLQLQJRUHPSOR\PHQW,QVXFKFDVHVH[FHS
WLRQDOSURJUDPPHVFDQEHSXWLQSODFHDVKDVEHHQGRQHLQWKHFDVHRI6KLNVKD
.DUPLLQ5DMDVWKDQ,QGLD 6HH%R[ /RFDOO\UHFUXLWHG\RXQJWHDFKHUFDQGL
GDWHVZLWKDPLQLPXPRIRQO\VL[\HDUVRIIRUPDOVFKRROLQJZHUHSRVWHGDVWHDFK
HUVDIWHUDVKRUWSHULRGRISUHVHUYLFHWUDLQLQJ$IWHUWKLVWKH\UHJXODUO\DWWHQGLQ
VHUYLFHFRXUVHVXSJUDGLQJWKHLUEDVLFHGXFDWLRQDQGGHYHORSLQJWKHLUSURIHVVLRQDO
VNLOOV$IWHUHLJKW\HDUVRIVHUYLFHWKH\DUHDFFUHGLWHGDVWUDLQHGSULPDU\VFKRRO
WHDFKHUV


&S\7LMOWLE/EVQMTVSNIGX 7/4 MR6ENEWXLER-RHME

7KLV 6.3 EDUHIRRW WHDFKHUV SURMHFW  ZKLFK VWDUWHG LQ  DLPV DW RYHUFRPLQJ
WZRPDLQSUREOHPV WHDFKHUV·DEVHQWHHLVPIURPVFKRROVORFDWHGLQUHPRWHDQG
GLIILFXOWDUHDVDQG SRRUHQUROPHQWDQGKLJKGURSRXWUDWHRIFKLOGUHQSDUWLFX
ODUO\JLUOV7KH6.3LVEDVHGRQWKHSUHPLVHWKDWDFKDQJHDJHQWFDQIXQFWLRQHI
IHFWLYHO\ LI KHVKH EHORQJV WR WKH VDPH ORFDOLW\ 7KLV FRQFHSW ILQGV LWV UHOHYDQFH
PDLQO\IRUUHPRWHDQGEDFNZDUGDUHDVZKHUHLWKDVEHHQREVHUYHGWKDWRXWVLGHUV
KDGGLIILFXOWLHVLQVWD\LQJRU EHFRPLQJ DFFHSWHG ,Q VXFK FRQGLWLRQV HGXFDWLRQDO
TXDOLILFDWLRQVDSSHDUWREHOHVVLPSRUWDQWWKDQWKHWHDFKHU·VZLOOLQJQHVVDQGDELOLW\
WRIXQFWLRQDVDVRFLDOZRUNHU

7KHSURMHFWUHOLHVRQWZRPDLQDVVXPSWLRQV WKDWHGXFDWLRQVHUYLFHVPXVWHQMR\
FRPPXQLW\VXSSRUWLIWKH\DUHWREHH[WHQGHGWRPHHWWKHQHHGVRIGHSULYHGVHF
WLRQV RI WKH UXUDO DUHD DQG   WKDW RUGLQDU\ SHRSOH LI JLYHQ D FKDQFH DQG JRRG
WUDLQLQJ FDQ SHUIRUP ZHOO DQG FRQWULEXWH VLJQLILFDQWO\ WR VRFLDO GHYHORSPHQW
7KURXJK WKH SURMHFW WUDLQLQJ LV SURYLGHG IRU VHOHFWHG 6KLNVKD .DUPL EDUHIRRW
WHDFKHUV  LQ WHDFKLQJ PHWKRGV DQG RWKHU VXEMHFWV LQFOXGLQJ HOHPHQWV RI HGXFD
WLRQDOSODQQLQJDQGPDQDJHPHQW6SHFLDOPHDVXUHVZHUHWDNHQWRHQVXUHWKHSDU
WLFLSDWLRQ RI ZRPHQ 7KH SDUWLFLSDWLRQ RI WKH ORFDO FRPPXQLW\ WKURXJK FLWL]HQ·V
DVVHPEO\LQPDWWHUVUHJDUGLQJWKHORFDOHGXFDWLRQDOSURFHVVHVZDVVWURQJO\HPSKD
VLVHG7UDLQLQJRI6KLNVKD.DUPLVDQG0DVWHU7UDLQHUVZDVLPSOHPHQWHGE\DOR
FDO 1*2 7KH REMHFWLYHV RI WKHVH WUDLQLQJ DFWLYLWLHV ZHUH PHDQW WR   XSJUDGH
HGXFDWLRQDOTXDOLILFDWLRQV LPSURYHDQGSURPRWHWHDFKLQJDELOLWLHVDQG UHLQ
IRUFHVROLGDULW\EHWZHHQWKHWHDFKHUVFRPPXQLW\ HVSHFLDOO\ ZLWK UHJDUGV WR WKHLU
VRFLDODFWLYLVWUROH

$ORRNDWWKHDFKLHYHPHQWRIWKHSURMHFWRYHUWKHSHULRGUHYHDOVWKHIRO
ORZLQJ

D  %RWK GD\ DQG QLJKW VFKRROV RYHU    FDWHU IRU WKH QHHGV RI VRPH  
FKLOGUHQRXWRIZKRPILUVWJHQHUDWLRQOHDUQHUV
E $URXQG6KLNVKD.DUPLVWHDFKHUVZHUHWUDLQHG
F RIJLUOVDJHGRIWKH6.3YLOODJHVZHUHHQUROOHGLQWKHVFKRROV
G (QUROPHQWLQFUHDVHGE\PRUHWKDQDQGLQYLOODJHVHQUROPHQWRIHOL
JLEOHER\VDQGJLUOVZDV
H 5HWHQWLRQRISXSLOVLQFUHDVHGRQDYHUDJHIURPWR

'XULQJ WKH SHULRG  6LGD FRQWULEXWHG DURXQG  0LOOLRQ 6(. WR WKH
SURMHFW

,QFRXQWULHVZKHUHIHPDOHWHDFKHUVDUHXQGHUUHSUHVHQWHGVLPLODUVSHFLDOUHFUXLW
PHQWDQGWUDLQLQJSURJUDPPHVKDYHEHHQSXWLQSODFH

,Q(WKLRSLDZKHUHWKHUHFHQWUHJLRQDOLVDWLRQDQGODQJXDJHSROLF\PHDQVWKDWWKH
ODQJXDJHRILQVWUXFWLRQLVDGRSWHGWRDQGGHWHUPLQHGE\HDFKUHJLRQWKHGLIILFXOW\


LQUHFUXLWLQJWHDFKHUVZLWKODQJXDJHVNLOOVRWKHUWKDQ$PKDULFWKHRIILFLDOODQ
JXDJHRISUHYLRXVUHJLPHVKDVQRW\HWEHHQVROYHG

7HDFKHUGHSOR\PHQWLVSDUWLFXODUO\FKDOOHQJLQJLQVLWXDWLRQVRIUDSLGFKDQJHXU
EDQLVDWLRQDQGLQFUHDVLQJO\XQHYHQGHYHORSPHQW7\SLFDOO\VFKRROIDFLOLWLHVLQ
UHPRWHUXUDODUHDVDUHXQGHUXWLOLVHGVFKRROVZKLOHXUEDQVFKRROVDUHRYHU
FURZGHGDQGXVHGIRUWZRRUWKUHHVKLIWV$QRWKHUSUREOHPLVWRUHFUXLWRUUHWDLQ
WHDFKHUVLQGHSULYHGDUHDV+RXVLQJIRUUXUDOWHDFKHUVLQFHQWLYHVRUERQXVHVIRU
WHDFKHUVZKRWHDFKLQXQDWWUDFWLYHDUHDVSDLGKRPHOHDYHUHLPEXUVHPHQWIRU
WUDYHOH[SHQVHVDQGDOORZDQFHVRURWKHUVXSSRUWIRUWUDQVSRUWFORWKLQJRURWKHU
H[WUDVPD\EHQHHGHGWRFRQYLQFHWUDLQHGWHDFKHUVWRWHDFKZKHUHWKH\DUH
QHHGHG7KHUHFUXLWPHQWRIFDQGLGDWHVDPRQJEDVLFHGXFDWLRQJUDGXDWHVIURPWKH
DUHDLQZKLFKWHDFKHUVDUHQHHGHGLVDQRWKHUZD\RIPDNLQJLWHDVLHUWRREWDLQVXI
ILFLHQWWHDFKHUV

7KHLQWURGXFWLRQRIRUJDQLVHGPXOWLJUDGHWHDFKLQJLVRIWHQVHHQDVDFRVWHIIHFWLYH
VROXWLRQLQVSDUVHO\SRSXODWHGDUHDVEXWUHTXLUHVVSHFLDOWUDLQLQJDQGLQVHUYLFH
VXSSRUW7KHRUJDQLVDWLRQRI6FKRRO&OXVWHUVDURXQGUHVRXUFHFHQWUHVDOORZLQJIRU
VPDOOHUVFKRROVZLWKRQO\RQHRUDIHZWHDFKHUVWREHRUJDQLVHGDURXQGRQHELJJHU
VFKRROPDQDJHGE\D6FKRRO'LUHFWRUUHVSRQVLEOHIRUDOOWKHVFKRROVDQGWHDFKHUV
LQWKHFOXVWHULVLQDSURFHVVRIJUDGXDOGHYHORSPHQWLQ&DPERGLDZLWKVXSSRUW
IURP6LGDYLD81,&() VHHER[ 

&S\7GLSSP'PYWXIV4SPMG]MR'EQFSHME

(GXFDWLRQ LQ &DPERGLD KDV EHHQ  JUDGXDOO\ UHVWRUHG DQG GHYHORSHG +RZHYHU WKH
&DPERGLDQSULPDU\HGXFDWLRQDOV\VWHPKDVEHHQFKDUDFWHULVHGE\KLJKOHYHORILQWHUQDO
LQHIILFLHQF\FRXSOHGZLWKVKRUWDJHVRIWHDFKHUVDQGHGXFDWLRQDOVXSSOLHV$VDUHVXOWWKH
JRYHUQPHQWKDVVHWREMHFWLYHVWRLPSURYHWKHHGXFDWLRQDOV\VWHPWKURXJKFXUULFXOXPDQG
WH[WERRNV UHIRUP DQG FKDQJH RI WKH HGXFDWLRQDO VWUXFWXUH IURP D  V\VWHP WR D
V\VWHP

,Q RUGHU WR HQKDQFH HGXFDWLRQDO GHYHORSPHQW FOXVWHU GHPRQVWUDWLRQ SURMHFWV ZHUH LP
SOHPHQWHGLQVHYHQSURYLQFHVDQGPXQLFLSDOLWLHVLQ7KHSURMHFWVZHUHLPSOHPHQWHG
LQ FRRSHUDWLRQ ZLWK 81,&() 5('' %$51$ DQG RWKHU 1*2V 6LGD KDV EHHQ VXS
SRUWLQJWKHSURMHFWWKURXJK81,&()$QHYDOXDWLRQRIWKHVHSURMHFWVLQLQDOOWKH
VLWHVUHYHDOHGWKHSRVLWLYHLPSDFWRIWKHSURMHFWVRQHQUROPHQWTXDOLW\RIWHDFKLQJDQG
SURPRWLRQ UDWHV &RQVHTXHQWO\ DV D PDWWHU RI SROLF\ WKH JRYHUQPHQW KDV GHFUHHG WKH
HVWDEOLVKPHQWRIVFKRROFOXVWHUVWKURXJKRXWWKHFRXQWU\

7KHVFKRROFOXVWHUPRGHOLQFRUSRUDWHVDPRQJRWKHUVFRPPXQLW\SDUWLFLSDWLRQDQGHQ
FRXUDJH ORFDO LQLWLDWLYHV DQG FDOO IRU FRRSHUDWLRQ ZLWK LQWHUQDWLRQDO RUJDQLVDWLRQV DQG
1*2V7KHFOXVWHUPRGHOLVYLHZHGDVDQLPSRUWDQWLQVWUXPHQWLQWKHLPSURYHPHQWRI
WKHTXDOLW\RIDQGDFFHVVWRHGXFDWLRQ7KHFOXVWHUDUUDQJHPHQWKDVHQDEOHGWHDFKHUVWR
VHWZHHNO\DJHQGDVZKHUHE\PHHWLQJVDUHUHJXODUO\KHOGZLWKDYLHZRIILQGLQJVROXWLRQV
WRFRPPRQSUREOHPV

'XULQJWKHSHULRG6LGDKDVVRIDUFRQWULEXWHGDURXQG0LOOLRQ6(.WRWKH
SURMHFW


786%8)+-)7*368)%',)6)(9'%8-326)*361

 /I]-WWYIWMR8IEGLIV)HYGEXMSR 8) 7XVEXIKMIW

1DWLRQDOVWUDWHJLHVIRU7(QHHGWRWDNHLQWRDFFRXQWWKHZKROHHGXFDWLRQV\VWHP
SUHSULPDU\SULPDU\VHFRQGDU\ JHQHUDODQGYRFDWLRQDO DQGDGXOWHGXFDWLRQ
LQFOXGLQJVSHFLDOQHHGVHGXFDWLRQZLWKLQHDFKRIWKHVHVXEV\VWHPV3ULRULWLHVDQG
FKRLFHVKDYHWREHPDGHDVUHJDUGVIRUH[DPSOHZKHUHWRVWDUWZKHQDQGKRZWR
LQWURGXFHWKHYDULRXVFXUULFXOXPFRPSRQHQWVKRZWRFRPELQHWKHRU\DQGSUDF
WLFHSUHVHUYLFHDQGLQVHUYLFHPRGDOLWLHVHWF

7KHNH\SHGDJRJLFDOSULQFLSOHRIUHVSRQGLQJWROHDUQHUQHHGVDQGFRQFHUQVDVWKH
SRLQWRIGHSDUWXUHLVQHFHVVDU\WRDGKHUHWRZKHQGHVLJQLQJDWHDFKHUWUDLQLQJ
VWUDWHJ\1HYHUWKHOHVVWKHSURFHVVRI7(PXVWJREH\RQGLPPHGLDWHGHPDQGVE\
HQDEOLQJWHDFKHUVWRGHYHORSWKHLUSHUFHSWLRQRIWKHLURZQOHDUQLQJQHHGVIRUGH
YHORSPHQWWRZDUGVDPRUHSURIHVVLRQDOUROH

/LQNHGWRWKLVLVWKHQHHGWRFRQVLGHUWHDFKHUHGXFDWLRQDVDGXOWHGXFDWLRQVRDVWR
EUHDNFRQYHQWLRQDO7(SUDFWLFHRIWUHDWLQJWHDFKHUWUDLQHHVDVLIWKH\ZHUHFKLO
GUHQDQGQRWDGXOWV%ULQJLQJLQNQRZOHGJHDQGH[SHULHQFHIURPDGXOWHGXFDWLRQ
FRXOGEHYHU\EHQHILFLDOWR7(HVSHFLDOO\FRQVLGHULQJWKDWWHDFKHUVLQGHYHORSLQJ
FRXQWULHVDUHDGXOWVRIWHQFRPLQJIURPORZLQFRPHXQGHUSULYLOHJHGVHFWRUVRIVR
FLHW\7KHHPSRZHULQJDSSURDFKHVRIDGXOWHGXFDWLRQFRXOGEHQHILWIXWXUHWHDFK
HUVDQGEHFRPHDVWHSLQDVWUDWHJ\DLPHGDWHPSRZHULQJWKHWHDFKLQJIRUFHLQ
WKHLUSHUVRQDODQGSURIHVVLRQDOGHYHORSPHQW(QKDQFLQJVHOIFRQILGHQFHRIWHDFK
HUVLQWKHPDVWHU\RIVXEMHFWDQGSHGDJRJLFDONQRZOHGJHDQGVNLOOVVKRXOGEHDWWKH
KHDUWRIDQ\7(SURJUDPPHZKHWKHUSUHRULQVHUYLFHWUDLQLQJ([DPSOHVRI
VXFKOLQNVZLWKDGXOWHGXFDWLRQDQGHPSRZHUPHQWDUHIRXQGLQWKH6LGDVXS
SRUWHG6KLNVKD.DUPL3URMHFWLQWKHVWDWHRI5DMDVWKDQLQ,QGLDLQVSLUHGE\WKHZRUNRI
ORFDO1*2VDQGWKH´6FKRROV3URJUDPPHµLQ&KLOH VHH%R[ 

7KHUHLVDQXUJHQWQHHGWRLQWURGXFHPRUHV\VWHPDWLFSLORWDFWLYLWLHVOLQNHGWRUH
VHDUFKLQWKHDUHDRIGLIIHUHQWWHDFKHUHGXFDWLRQPRGDOLWLHV7KLVLVSDUWLFXODUO\
LPSRUWDQWVHHLQJWKDWLWLVYHU\KDUGWRFKDQJHWHDFKLQJEHKDYLRXUZLWKRXWVHHLQJ
DQGH[SHULHQFLQJPRGHOVWKDWGLIIHUIURPWKHQRUPDORUIURPZKDW\RXSHUVRQDOO\
H[SHULHQFHGDWVFKRRODQGDWWHDFKHUWUDLQLQJLQVWLWXWLRQV,WLVWKHUHIRUHLPSHUDWLYH
WRRUJDQLVHJRRGH[DPSOHVE\IDFLOLWDWLQJQHWZRUNLQJEHWZHHQVFKRROVDQGVHWWLQJ
XSGHPRQVWUDWLRQVFKRROVRUPRGHOVFKRROVDVGRQHLQWKHFDVHRIIRUH[DPSOH
WKH6+$3(SURJUDPPHLQ=DPELD,QDGGLWLRQGLVVHPLQDWLRQRIVXFFHVVIXOLQQR
YDWLYHSURJUDPPHVIURPDOOSDUWVRIWKHZRUOGLVKHOSIXO


&S\8LITVSKVEQQIJSVUYEPMX]MQTVSZIQIRXMRTVMQEV]WGLSSPWMR
XLIHMWEHZERXEKIHEVIEWSJ'LMPIr 4

7KH SURJUDPPH IRU TXDOLW\ LPSURYHPHQW RI SULPDU\ VFKRROV LQ WKH GLVDGYDQ
WDJHGDUHDVRI&KLOH 3 LVFRQVLGHUHGDVRQHRIWKHPRVWVXFFHVVIXO H[SHUL
HQFHV LQ &KLOH 7KH SURJUDPPH·V LQQRYDWLYH DSSURDFK PDNHV LW UHSOLFDEOH LQ
RWKHUFRXQWULHV7KHSURJUDPPHZDVLQLWLDWHGLQE\WKH0LQLVWU\RI(GX
FDWLRQLQ&KLOHLQRUGHUWRDGGUHVVWKHSUREOHPVRIORZHGXFDWLRQDOTXDOLW\ORZ
OHDUQLQJDFKLHYHPHQWVDQGXQHTXDOGLVWULEXWLRQRIHGXFDWLRQRSSRUWXQLWLHV7KH
SURJUDPPH FRQVLVWHG RI WKH IROORZLQJ FRPSRQHQWV   LQVHUYLFH ZRUNVKRSV IRU
WHDFKHUV OHDUQLQJZRUNVKRSVIRUVWXGHQWVZLWKORZOHDUQLQJDFKLHYHPHQWV
SUHSDUDWLRQRIWH[WERRNVIRUVWXGHQWVDQGLQVHUYLFHWUDLQLQJPDQXDOVIRUWHDFK
HUV DQG VXSHUYLVRUV   SURYLVLRQ RI FODVVURRP OLEUDULHV DQG GLGDFWLF PDWHULDOV
DQG LPSURYHPHQWRILQIUDVWUXFWXUH

,QVHUYLFHWUDLQLQJZDVFDUULHGRXWWKURXJKZHHNO\ZRUNVKRSVLQVFKRROVDPRQJ
WHDFKHUV JUDGH   7KH WKHPHV RI WKH ZRUNVKRSV ZHUH DLPHG DW LPSURYLQJ
WHDFKLQJPHWKRGVLQWKHWKUHH5·VDQGWKHXQGHUVWDQGLQJ RI FKLOGUHQ·V FXOWXUDO
VXUURXQGLQJUHODWLRQVKLSZLWKWKHFRPPXQLW\DQGFUHDWLYLW\7KHDSSURDFKZDV
H[SHULPHQWDODQGDFWLYHLQQDWXUHDQGSURPRWHGYHUEDOH[SUHVVLRQH[SORUDWLRQ
GHFLVLRQPDNLQJ DQG LQFRUSRUDWLRQ RI GDLO\ H[SHULHQFHV 7KH ZRUNVKRSV SUR
YLGHG WHDFKHUV ZLWK WKH RSSRUWXQLW\ WR IRUP JURXSV IRU UHIOHFWLRQ RQ OHDUQLQJ
DFKLHYHPHQWV DQG WHDFKLQJ SUDFWLFHV LQ WKH VFKRROV 3URYLQFLDO VXSHUYLVRUV RU
JDQLVHGWKHZRUNVKRSVDQGZHUHWUDLQHGDQGSURYLGHGZLWKPDWHULDOV

(YDOXDWLRQUHVXOWVIURPWKHSURJUDPPHKDYHUHYHDOHGWKHGUDVWLFLPSURYHPHQW
RIOHDUQLQJDFKLHYHPHQWVLQWKHVFKRROVZKLFKSDUWLFLSDWHGLQWKHSURJUDPPH,Q
IDFWSHUIRUPDQFHLQVRPHVFKRROVZHUHHYHQEHWWHUWKDQLQVFKRROVRXWVLGHWKH
SURJUDPPH7KHSURJUDPPHZDVHVSHFLDOO\LQQRYDWLYHLQLWVDSSURDFKWRWUDLQ
LQJ \RXQJ FRPPXQLW\ PHPEHUV WR UXQ OHDUQLQJ ZRUNVKRSV ZKLFK DLPHG DW
VWUHQJWKHQLQJOHDUQLQJ LPSURYLQJ VHOIHVWHHP DQG IDYRXULQJ VRFLDO FRPSHWHQFH
DPRQJVWXGHQWVZLWKORZHGXFDWLRQDFKLHYHPHQWV

'XULQJLWVGXUDWLRQWKHSURJUDPPHFRYHUHGSHUFHQWRIWKHFRXQWU\·VVFKRRO
LQWRWDOVFKRROV WHDFKHUVVXSHUYLVRUVDQGSXSLOV7KH
DSSUR[LPDWHFRVWRIWKHSURJUDPPHZDV86RIZKLFKWKH&KLOHDQ
JRYHUQPHQWFRYHUHGSHUFHQW6ZHGHQFRQWULEXWHGSHUFHQWDQG'HQPDUN
SHUFHQWRIWKHSURJUDPPHFRVWV


6\VWHPDWLFUHIOHFWLRQRIWHDFKLQJH[SHULHQFHVWKURXJKIRUH[DPSOHYLGHRVWHDFK
HUVGLDULHVVFKRROEDVHGVWXGLHVRUGUDPDLQRUGHUWRSURPRWHDQDFWLYHOLQNEH
WZHHQSUDFWLFDOH[SHULHQFHDQGWKHRU\DQGYLFHYHUVDLVDQHVVHQWLDOFRPSRQHQWLQ
WHDFKHUV·SURIHVVLRQDOGHYHORSPHQW6KDULQJH[SHULHQFHVZLWKRWKHUWHDFKHUVWKXV
EUHDNLQJWKHLVRODWLRQRISURIHVVLRQLVHVSHFLDOO\LPSRUWDQW3DUWLFLSDWRU\WUDLQLQJ
DSSURDFKHVDQGWHDPZRUNDUHSDUWRIWKLV,IWKLVLVWRRFFXUWLPHDQGVSDFHPXVW
EHSURYLGHGIRUZRUNLQJWHDFKHUVWRPHHWDQGH[FKDQJHH[SHULHQFHRQSUREOHPV
DQGVROXWLRQV

,QIRUPDOOHDUQLQJDQGVHOIVWXG\PXVWQRWEHXQGHUHVWLPDWHGDVDPRGHRIGHYHO
RSLQJWHDFKHUV·FRPSHWHQFH)RUWKLVWREHSRVVLEOHLWLVRIWHQQHFHVVDU\WRPDNH
VXUHWKDWWHDFKHUVKDYHDFFHVVWRUHIHUHQFHOLWHUDWXUHERRNVQHZVSDSHUVPDJD
]LQHVUDGLRDQGLISRVVLEOH79DVZHOODVPXVHXPVDQGOLEUDULHV

7HDFKHUVDUHH[SHFWHGWRPRWLYDWHWKHLUOHDUQHUVE\LQWURGXFLQJDFWLYLWLHVVXFKDV
JDPHVPXVLFVRQJVGUDPDHWF)RUPDODQGULJLGWHDFKLQJRIWHDFKHUWUDLQLQJ
SURJUDPPHVQHHGWRLQFOXGHVXFKPRUHLQIRUPDODQGIXQDFWLYLWLHVDVDQLPSRU
WDQWSHGDJRJLFDOWRROLQWKHGHYHORSPHQWRIFUHDWLYHWHDFKLQJ

 'VMXMGEPMWWYIWMRHIJMRMRK[LEXXIEGLIVWRIIHXSPIEVR

)LUVWO\WHDFKHUVPXVWEHLQYROYHGLQWKHSURFHVVRIGHILQLQJDQHZ7(FXUULFXOXP
LQRUGHUWRPDNHVXUHWKDWLWUHVSRQGVWRWKHLUQHHGVDQGDOVRDVDEDVLFGHPRFUDWLF
UHTXLUHPHQW6HFRQGO\LWLVHVVHQWLDOWKDWWKH7(FXUULFXOXPFRUUHVSRQGVWRWKH
VFKRROFXUULFXOXP,QRWKHUZRUGVZKDWDQGKRZWHDFKHUVOHDUQDQGZKDWWKH\DUH
H[SHFWHGWRWHDFKPXVWEHFRPSDWLEOH7HDFKHUVQHHGWREHHPSRZHUHGZLWKWKH
FRPSHWHQFLHVFRQVLGHUHGQHFHVVDU\IRUDPRGHUQGHPRFUDWLFDSSURDFKWRWHDFK
LQJWKDWVWLPXODWHVUHDVRQLQJFULWLFDOWKLQNLQJJURXSZRUNDQGVHOIVWXG\HWF


&S\6IXVEMRMRKSJYRUYEPMJMIHXIEGLIVWMR8ER^ERME

7KHH[SDQVLRQRIWKHSULPDU\VFKRROV\VWHPLQWKHVDVDPHDQVRIDFKLHYLQJ
83(KDVEURXJKWDORQJWKHHPSOR\PHQWIRUWKRXVDQGVRIQRQTXDOLILHGWHDFKHUV
7KHPDMRULW\RIWHDFKHUVSRVVHVVVHYHQ\HDUVRIVFKRROLQJDQGVRPHOLPLWHGWUDLQ
LQJ7KLVYDULDWLRQLQWKHOHYHORIWHDFKHUV·HGXFDWLRQKDVFDXVHGDVWUDWLILFDWLRQRI
WKHWHDFKLQJIRUFHLQWRYDULRXVFDWHJRULHV $%DQG& &DWHJRU\$DUHWKRVHZKR
SRVVHVV\HDUV·RIVFKRROLQJDQG\HDUV·RIUHVLGHQWLDOWHDFKHUWUDLQLQJ7KHJRY
HUQPHQW·VSROLF\KDVEHHQWRDWWHPSWWRVWDQGDUGLVHWKHWHDFKHUV·TXDOLILFDWLRQDQG
XSJUDGHDOOWKH%DQG&FDWHJRULHVWHDFKHUVWR&DWHJRU\$WKURXJKDV\VWHPRILQ
VHUYLFHWUDLQLQJ6LGDKDVEHHQDPDMRUIXQGHUWRWKHSURMHFWZKLFKDGGUHVVHVWKH
QHHGV RI VRPH  RI SULPDU\ VFKRRO WHDFKHUV LQ 7DQ]DQLD 7KURXJK WKH LQ
VHUYLFHWUDLQLQJSURJUDPPHSDUWLFLSDQWVDUHH[SHFWHGWRUHDFKWKHIRUPDOOHYHORI
\HDUV·RIVFKRROLQJ ´2µOHYHO ZKLFKLVWKHQVXSSOHPHQWHGE\DRQH\HDUUHVL
GHQWLDOFRXUVH6LQFHWKHLQFHSWLRQRIWKHSURMHFWVRPHWHDFKHUVKDYHFRP
SOHWHGWKHLU´2µOHYHODQGVRPHRIWKHVHKDYHJUDGXDWHGIURPWKHUHVLGHQWLDO
WUDLQLQJ +RZHYHU GXH WR WKH JHQHUDOO\ SRRU FRQGLWLRQV VXUURXQGLQJ WHDFKHUV·
VDODULHVDQGZRUNLQJFRQGLWLRQVLWDSSHDUVWKDWRQO\KDOIRIWKHPKDVUHPDLQHGLQ
WKH WHDFKLQJ SURIHVVLRQ DIWHU JUDGXDWLRQ 7KH JRYHUQPHQW DV ZHOO DV WKH GRQRUV
DUHDZDUHRIWKHSUREOHPVDQGWKHUHDUHFXUUHQWO\FRQFHUWHGHIIRUWVEHLQJPDGHWR
DGGUHVVWKHVHLVVXHV

'XULQJWKHV6LGDFRQWULEXWHGVRPH0LOOLRQ6(.WRWKHSURMHFW

7KHSULRULWLHVRI7(SURJUDPPHVPXVWEHGLIIHUHQWLDWHGDQGDGDSWHGWRHDFK
FRQWH[WDQGWKHVSHFLILFOHDUQLQJQHHGVRIWKDWFRQWH[W7KHVHZLOOEHGHWHUPLQHG
E\HGXFDWLRQDOREMHFWLYHVWKHVRFLRFXOWXUDOEDFNJURXQGRIWKHVWXGHQWVWKH
WHDFKLQJOHDUQLQJHQYLURQPHQWWKHFXUULFXOXPWKHDYDLODEOHWHDFKLQJPDWHULDOV
WKHHYDOXDWLRQV\VWHPDQGWKHSRVVLELOLWLHVRIFRQWLQXRXVO\LPSURYLQJWHDFKLQJ
SUDFWLFH

,QDGGLWLRQWRVXEMHFWDQGFRPELQHGSUDFWLFDOWKHRUHWLFDOSHGDJRJLFDOWUDLQLQJ
WHDFKHUVQHHGVWREHWUDLQHGLQERWKDGPLQLVWUDWLYHDQGSHGDJRJLFDOPDQDJHPHQW
$OVRWKHWHDFKHUVPXVWOHDUQKRZWRUHODWHWRDQGXQGHUVWDQGWKHFRPPXQLW\LQ
ZKLFKWKHVFKRROLVORFDWHGLQRUGHUWREHDEOHWRGHDOZLWKH[WHUQDOIDFWRUVZKLFK
VWURQJO\LQIOXHQFHOHDUQLQJVXFKDVSRYHUW\QXWULWLRQDQGKHDOWK

$VWREDVLFJHQHUDO´DFDGHPLFµVNLOOVWHDFKHUV·RZQODQJXDJHFRPSHWHQFLHVHVSH
FLDOO\LQUHDGLQJDQGZULWLQJRIWHQQHHGVWREHSULRULWLVHG7KLVLVGXHWRGHILFLHQ
FLHVLQWHDFKHUV·RZQHGXFDWLRQDOEDFNJURXQGDQGWKHFULWLFDOUROHRIODQJXDJHLQ
WHDFKLQJDQGFRQWLQXRXVOHDUQLQJIRUWKHLURZQSURIHVVLRQDOGHYHORSPHQWDQGVHOI
FRQILGHQFH7KLVLQFOXGHVPRWKHUWRQJXHDVZHOODVELOLQJXDODQGPXOWLOLQJXDO
VLWXDWLRQV0DQ\WHDFKHUVDUHH[SHFWHGWRWHDFKLQDODQJXDJHWKH\GRQRWPDVWHU
WKHPVHOYHV7KLVUHTXLUHVLQWHQVLYHODQJXDJHWUDLQLQJDQGEHWWHUXQGHUVWDQGLQJRI
ODQJXDJHUHODWHGLVVXHVDIIHFWLQJWHDFKLQJDQGOHDUQLQJ

,QIDFWDFULWLFDODUHDLQEDVLFHGXFDWLRQLQGHYHORSLQJFRXQWULHVLVOHDUQLQJWRUHDG
DQGZULWH)DLOXUHLQWKLVDUHDLVFORVHO\UHODWHGWRWKHIUHTXHQWO\KLJKUDWHVRI
UHSHWLWLRQLQWKHILUVWWZRJUDGHV:KDWDUHRIWHQODEHOOHGDVOHDUQLQJGLIILFXOWLHV
DUHDFWXDOO\RIWHQWHDFKLQJGLIILFXOWLHVWKDWQHHGWREHVHULRXVO\DGGUHVVHG


7HDFKLQJDQGOHDUQLQJEDVLFOLWHUDF\DVZHOODVQXPHUDF\QHHGVWREHJLYHQPXFK
PRUHDWWHQWLRQWDNLQJLQWRDFFRXQWWKHKHWHURJHQHRXVJURXSVRIOHDUQHUVDWWHQG
LQJQHDUO\HYHU\FODVV

0XOWLJUDGHWHDFKLQJLVDFRPSHWHQFHWKDWDOOEDVLFHGXFDWLRQWHDFKHUVQRWRQO\
PXOWLJUDGHWHDFKHUVQHHG7KLVKHOSVLQDGGUHVVLQJWKHGLIIHUHQWQHHGVDQGOHYHOV
UHSUHVHQWHGLQRQHFODVVLQFOXGLQJIXQFWLRQDOO\GLVDEOHGOHDUQHUVZLWK´VSHFLDO
QHHGVµ

)LQDOO\DOOWKHWDVNVEHLWQHZDQGROG²WKDWWHDFKHUVDUHH[SHFWHGWRSHUIRUP
QHHGWREHDGGUHVVHGLQ7(KRZWRDVVLJQKRPHZRUNDGDSWWKHFXUULFXOXP
HYDOXDWHLQYROYHSDUHQWVSURPRWHDWWLWXGHVDQGYDOXHVVXFKDVHTXDOLW\EHWZHHQ
ZRPHQDQGPHQEHWZHHQGLIIHUHQWHWKQLFDOJURXSVHWF


1%-26)'311)2(%8-327*36)<8)62%0794436883
8)%',)6)(9'%8-32

,QRUGHUWRDFKLHYHDWUXO\OHDUQHUDQGRUFKLOGFHQWUHGHGXFDWLRQV\VWHPWHDFK
HUVDQGWKHLUSURIHVVLRQDOGHYHORSPHQWPXVWEHWKHEDFNERQHDQGDWWKHFHQWUHRI
HGXFDWLRQDOUHIRUPV(GXFDWLRQVHFWRUGHYHORSPHQWSURJUDPPHVFRILQDQFHGE\
QDWLRQDOJRYHUQPHQWVDQGWKHLUH[WHUQDOIXQGLQJSDUWQHUVPXVWEHDQDO\VHGLQD
KROLVWLFPDQQHU,QWKLVFRQWH[WH[WHUQDOILQDQFLDOVXSSRUWVKRXOGQRWIDLOWRDG
GUHVVWKHVDODU\FDUHHUDQGSURIHVVLRQDOGHYHORSPHQWDVSHFWVRIWKHWHDFKLQJDQG
QRQWHDFKLQJVXSSRUWVWDII

,QDGGLWLRQSURYLVLRQVKRXOGEHPDGHIRUH[FKDQJHRIH[SHULHQFHEHWZHHQDQG
DPRQJWHDFKHUVDQGHGXFDWLRQDOPDQDJHUV7KHVHH[FKDQJHVVKRXOGEHSURPRWHG
ZLWKLQDQGEHWZHHQFRXQWULHV

,QVWLWXWLRQDOGHYHORSPHQWWKURXJKOLQNVZLWKVXLWDEOHWUDLQLQJLQVWLWXWLRQVHOVH
ZKHUHVKRXOGEHHQFRXUDJHG7KURXJKWKHVHDUUDQJHPHQWVWHDFKHUVDQGWUDLQHUV
PD\EHH[SRVHGWRDOWHUQDWLYHDSSURDFKHVZKLFKPLJKWEHLQVWUXPHQWDOWRWKHUH
IRUPSURFHVVHV7KHVHOLQNVFRXOGDOORZFRXQWULHVWREHH[SRVHGWRRWKHUPRGHOV
UHODWHGWRWKHPDQDJHPHQWDQGGHYHORSPHQWRIWKHWHDFKLQJIRUFH6XFKLQVWLWX
WLRQDOGHYHORSPHQWOLQNVVKRXOGDOVRSURPRWHWKHGHYHORSPHQWRIDFWLRQUHVHDUFK
FDSDFLW\WKURXJKLQQRYDWLYHH[SHULPHQWDWLRQRUSLORWDFWLYLWLHV

$NH\LVVXHLQDQDO\VLQJUHIRUPSURJUDPPHVLVWKHSDUWLFLSDWLRQDQGLQYROYHPHQW
RIWHDFKHUVLQGHILQLQJWKHLURZQWUDLQLQJQHHGV,QWKLVFRQWH[WWHDFKHUV·XQLRQV
VKRXOGEHHQFRXUDJHGWRSDUWLFLSDWHLQWKHUHIRUPSURFHVVHV1HWZRUNLQJDQGFR
RSHUDWLRQEHWZHHQXQLRQVIURPYDULRXVFRXQWULHVFRXOGVWUHQJWKHQWKHXQLRQ·V
YRLFH,WLVIXUWKHUHVVHQWLDOWRHQVXUHWKDWWKH7(UHIRUPDGDSWVDFRQWLQXRXV
HGXFDWLRQDQGWUDLQLQJSURFHVVDSSURDFKDQGGRHVQRWEXLOGRQIUDJPHQWHG
WUDLQLQJFRXUVHVRIDQDGKRFFKDUDFWHU

7KHSUREOHPVGLVFXVVHGLQWKLVSDSHULQWKHVLWXDWLRQDODQDO\VLV VHFWLRQ DQGWKH


HOHPHQWVIRUDVWUDWHJ\DGGUHVVHGLQVHFWLRQVPD\JXLGHWKHDVVHVVPHQWRISUR
SRVDOVIRUGHYHORSLQJWKHWHDFKLQJSURIHVVLRQLQWKHFRQWH[WRIHGXFDWLRQUHIRUPV
7KHSHUVSHFWLYHVDQGFRQVLGHUDWLRQVRIWKLVSDSHUVKRXOGKRZHYHUQRWRQO\JXLGH
DVVHVVPHQWRIWHDFKHUHGXFDWLRQFRPSRQHQWVRIUHIRUPVEXWDOVRRWKHULQWHJUDO
FRPSRQHQWVRUVXESURJUDPPHV)RUH[DPSOHFXUULFXOXPDQGWH[WERRNGHYHO
RSPHQWDVVHVVPHQWV\VWHPVHWFPXVWWDNHLQWRDFFRXQWWHDFKHUV·WLPHHGXFD
WLRQDOEDFNJURXQGFRPSHWHQFHWUDLQLQJQHHGVXQGHUVWDQGLQJDQGLQYROYHPHQW

,QRUGHUWRHQVXUHGHPRFUDWLFHGXFDWLRQDOUHIRUPVZKLFKDLPDWOHDUQHUFHQWUHG
HGXFDWLRQWHDFKHUV·QHHGVZRUNLQJFRQGLWLRQVDQGPRWLYDWLRQQHHGWREHVHUL
RXVO\DGGUHVVHG7HDFKHUVDQG7(VKRXOGQRWEHVHHQDVRQO\RQHRIVHYHUDO´LQ
SXWVµ4XHVWLRQVWKDWVKRXOGJXLGHWKHDVVHVVPHQWRIPRVWDVSHFWVRIHGXFDWLRQ
UHIRUPVDUH

• :KRDUHWKHWHDFKHUV"+RZZLOOWKH\EHLQYROYHGDQGPRWLYDWHGLQGHVLJQLQJ
DQGLPSOHPHQWLQJWKHUHIRUPVDQGZKDWLQVWUXPHQWVRUUHVRXUFHVGRWKHWHDFK
HUVKDYHDWWKHLUGLVSRVDOIRUGHDOLQJZLWKWKHVHFKDQJHV"


• :KDWVXSSRUWLVSODQQHGIRUWKHWHDFKHUVDQGLQZKDWZD\LVWKHLUHGXFDWLRQ
DQGWUDLQLQJSUHSDUHGIRUWKHFKDQJHV"
• +RZFDQWKHFKDQJHVEHDGDSWHGWRWKHH[LVWLQJDQGWKHQHZWHDFKLQJIRUFH"

$VGLVFXVVHGWKURXJKRXWWKLVSDSHUHGXFDWLRQDOUHIRUPVDUHOLNHO\WRIDLOLIGXH
FRQVLGHUDWLRQLVQRWJLYHQWRWKHWHDFKHUV7KLVSDSHUKDVUDLVHGVRPHRIWKHPRVW
SHUWLQHQWLVVXHVZKLFKFRXOGJXLGHWKHDVVHVVPHQWRIHGXFDWLRQUHIRUPSUR
JUDPPHVSURMHFWVDVUHODWHGWRWKHQHHGVRIWHDFKHUV


6)*)6)2')7

&DPERGLD0LQLVWU\RI(GXFDWLRQ<RXWKDQG6SRUWV  ´6FKRRO&OXVWHU


'HYHORSPHQW3ROLF\µ&DPERGLD

+DOODN-  ´,QYHVWLQJLQWKH)XWXUH6HWWLQJ(GXFDWLRQDO3ULRULWLHVLQWKH'HYHORSLQJ


:RUOGµ,,(381(6&23DULV

+DPPDUEHUJ7  ´$6FKRROIRU&KLOGUHQZLWK5LJKWVµ8QLFHI,QWHUQDWLRQDO


&KLOG'HYHORSPHQW&HQWUH,WDO\

,/2  ´,PSDFWRIVWUXFWXUDODGMXVWPHQWRQWKHHPSOR\PHQWDQGWUDLQLQJRIWHDFKHUVµ


*HQHYD

1LHOVHQ'HDQDQG7HUHVD07  ´7KHFRVWHIIHFWLYHQHVVRIGLVWDQFHHGXFDWLRQ


IRUWHDFKHUVWUDLQLQJµ%ULGJHV5HVHDUFK5HSRUW6HULHV1R&DPEULGJH

6LGD  ´3ROLF\IRU6LGD&RRSHUDWLRQLQ%DVLF(GXFDWLRQDQG(GXFDWLRQ5HIRUPµ'H


SDUWPHQWIRU'HPRFUDF\DQG6RFLDO'HYHORSPHQW(GXFDWLRQ'LYLVLRQ6WRFN
KROP

7RUUHV50  ´7HDFKHU(GXFDWLRQ)URP5KHWRULFWR$FWLRQµ81,&()

81'381(6&281,&():RUOG%DQN  ´:RUOG'HFODUDWLRQRQ(GXFD


WLRQIRU$OOµ1HZ<RUN

81(6&2  ´7HDFKHUVDQGWHDFKLQJLQDFKDQJLQJZRUOG:RUOG(GXFDWLRQ5HSRUWµ


3DULV

81(6&2  ´$OOKXPDQEHLQJV²0DQXDOIRUKXPDQULJKWVHGXFDWLRQµ3DULV

8QLFHI81'3  ´3D\3URGXFWLYLW\DQG3XEOLF6HUYLFH3ULRULWLHVIRU5HFRYHU\LQ


6XE6DKDUDQ$IULFDµ1HZ<RUN

:RUOG%DQN  ´3ULRULWLHVDQG6WUDWHJLHVIRU(GXFDWLRQ$:RUOG%DQN5HYLHZµ


:DVKLQJWRQ'&

=LPEDEZH0LQLVWU\RI(GXFDWLRQ  ´7KH1HZ7HDFKHU'HFRORQLVLQJWKH


FODVVURRPµ=LPIHS7HDFKLQJ6HULHV=LPEDEZH


7;)(-7,-28)62%8-32%0():)0341)28'334)6%8-32%+)2'=

77XSGOLSPQ7[IHIR

8IP  *E\  

,SQITEKILXXT[[[WMHEWI

You might also like