Signature Series XIV Red & Black Angus Bull Sale 2010

?=C8H vF; ;F?;G 6$/( '$< 3+21(6

&OLQW 1DWKDQ -RH 6HEDVWLHQ 6LOYHU 6DJH

6$/( 67$))

&OLII 3DKO $XFWLRQHHU +

*UDQW (OOHIVRQ 5LQJPDQ &

1DWKDQ 0DULQ 5LQJPDQ &

5REHUW 3HOW]HU %X\HU 5HS &

&DVVLH -RKQVRQ 86 %X\HU 5HS &

$&&2002'$7,216 +HULWDJH ,QQ 6XLWHV

6&+('8/( )ULGD\ 0DUFK

%XOOV FDQ EH YLHZHG DOO GD\ DW WKH 6LOYHU 6DJH 3OHDVH MRLQ XV IRU D SUH VDOH JHW WRJHWKHU DW S P

6DWXUGD\ 0DUFK

%HHI OXQFK VHUYHG DW 1RRQ 6LJQDWXUH 6HULHV %XOO 6DOH S P

35(9,(: 7+( %8//6

%XOOV FDQ DOVR EH YLHZHG SULRU WR WKH VDOH DW /D]\ 0& $QJXV DQG %DQGXUD 5DQFKHV 9LVLWRUV DOZD\V ZHOFRPH

,1685$1&(

0DUFK S P

6LOYHU 6DJH &RPPXQLW\ &RUUDO %URRNV $OEHUWD &DQDGD

9,'(2 6$/( 9

$OO EXOOV ZLOO EH YLGHR¶G DKHDG RI WKH VDOH 3OHDVH FDOO XV IRU D '9' $OO RI WKH EXOOV ZLOO EH SHQQHG LQ WKH 6LOYHU 6DJH IRU YLHZLQJ SULRU WR WKH VDOH 5DWKHU WKDQ VWUHVVLQJ WKH EXOOV DQG WKH FUHZ WKH DXFWLRQ ZLOO EH FRQGXFWHG XVLQJ ODUJH VFUHHQ YLGHR RI HDFK EXOO 7KLV ZLOO DOVR JLYH ELGGHUV WKH RSSRUWXQLW\ WR YLHZ UHIHUHQFH DQLPDOV DW WKH VDPH WLPH 9LGHR SURGXFWLRQ E\ 0RUWRQ 0RO\QHX[

/HWKEULGJH $OEHUWD

ZZZ N FRP FRP

21/,1( 385&+$6,1*

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

,I \RX SODQ WR OHDYH \RXU EXOO ZLWK XV ZH DVN WKDW \RX LQVXUH KLP ,QVXUDQFH UHSUHVHQWDWLYH ZLOO EH DYDLODEOH VDOH GD\

6WRFNPHQ¶V ,QVXUDQFH /DUU\ 7RQHU RI¿FH

5HFHLYH RII WKH SXUFKDVH SULFH IRU WDNLQJ \RXU EXOO KRPH RQ VDOH GD\

7(506

3D\PHQW GXH DW WLPH RI SXUFKDVH $OO FDWWOH VHOO XQGHU WKH VWDQGDUG WHUPV DQG FRQGLWLRQV RI WKH &DQDGLDQ $QJXV $VVRFLDWLRQ (3'¶V LQ WKLV FDWDORXJH DUH WKH PRVW UHFHQW DYDLODEOH DW SUHVV WLPH $Q\ DQQRXQFHPHQWV PDGH VDOH GD\ VXSHUVHGH LQIRUPDWLRQ SULQWHG LQ WKLV FDWDORXJH 7KH EXOOV ZLOO EH VHPHQ WHVWHG NHSW DIWHU WKH VDOH GHOLYHUHG DQG IXOO\ JXDUDQWHHG 6FURWDO FLUFXPIHUHQFHV DQG FXUUHQW ZHLJKWV DYDLO DEOH VDOH GD\ 7KH VHOOHUV UHVHUYH WKH ULJKW WR FRO OHFW VHPHQ RQ DQ\ EXOO IRU LQ KHUG XVH RQO\ DW WKH VHOOHU¶V H[SHQVH DQG EX\HUV FRQYHQLHQFH

&DWDORXJH RQOLQH DW ZZZ OD]\PFDQJXV FRP

;A9DB;

WR RXU WK $QQXDO %XOO 6DOH

>8C@ Dv

,W LV RXU SO HDVXUH WR EH 6WHZDUW DQG KRVWLQJ WKLV %DQGXUD IDP HYHQW DORQJ Z LOLHV 7KH EX DW WKH WRS RI LWK WKH -HQV OOV RIIHU VR RXU EUHHG HQ PH H[FLWLQJ J HQHWLFV WKDW DUH

H D DvF $ ÓvL;FG :H DUH YHU\ H [F LWHG WR EH Z FRQVLJQRUV RUNLQJ ZLWK V 2XU IDPLOLHV XFK D JUHDW J DUH DOO FRP FRPELQHG IR URX PLWWHG WR WK UFHV WR EULQ %HQM $QGHUVRQ H VDPH JRDOV S RI J TXDOLW\ 5HG H[FHOOHQW F DQG KDYH

% RZ ODFN $QJXV KHUGV WRJH 2+ 5DQFK JHQHWLFV EDFN WKHU LQ RQH P HG E\ DU NH WLQJ SURJUDP 7KUHH &RXOHH )DUPV

,W LV D ßUVW FODVV RIIHUL %DUU\ 6FKOHQNHU PRGHUDWH WK QJ RI WRS HQ LFN PDGH FD G WZR \HDU R OYLQJ HDVH \HD WKH &URS LQ %R[ (OGHU &RORQ\ OG EXOOV DQG UOLQJV 7KLV V RQH ORFDWLR DOH UHSUHVHQ Q EDFNHG E\ U FDWWOH EXVLQH 3DSD -DFN 5HG $QJXV WV WKH ·&UHDP HSXWDEOH SHRS VV :H UHVS RI OH ZKR DUH FR HFW RXU FXVW LFV WKDW KHO -DVRQ 0DUWLQ PPLWWHG WR W RP S WR DGYDQFH HUV QHHGV DQ KH Z G LW VW %\ K W UL F K YH DUHIXOO\ VHOH H HYHU FKDQJL WR SURGXFH &DP 0RUULV FWLQJ JHQHWLFV QJ GHPDQGV R JHQHW VDWLVI\ WKH I Z WK LW H K ERWK SKHQRW EHHI LQGXVWU\ PRVW GLVFULP 6FRWW 6WHZDUW \SH DQG VROLG

LQDWLQJ SURGX GDWD ZH KRS FHU *ORULD %ODGHV H WR

$JDLQ WKLV \ HDU ZH DUH K 6WDPPHUV 5DQFK KRXVLQJ DOO W DYLQJ D YLGHR KH EXOOV LQVL VDOH :H DUH 5XVV $QLWD :HEE GH IRU YLHZLQ RXU JXHVW RQ ORRNLQJ IRUZ J :H ZRXOG )ULGD\ HYHQLQ DUG WR DOVR OLNH WR J IRU D SUH 5HGULFK )DUPV LQYLWH \RX W VDOH VRFLDO WR R EH YLHZ WKH EX

-RH /LQGD 0LOQH -RLQ XV 0DU OOV FK

WK )RU DQ\ TXHV DW WKH ·6LOY *HUDOG 7UHPEHFNL HU 6DJH IRU WLRQV DERXW OXQFK DQG V WKH VDOH RII SOHDVH JLYH X &URZ %XWWH 5DQFK /WG RPH KRVSLWD HULQJ RU WR Y V D FDOO ,I OLW\ LH Z \R WKH EXOOV DQ X YL D HZ UH LQ X J DQG ELGGLQJ QDEOH WR PDN G FRZ KHUGV 'DYLG 2FNHUPDQ &RQWDFW /LY H WK H

VD OH ZH ZLOO K H$XFWLRQV W DYH LQWHUQHW Y RU &KULVWLQ :HVW *HP 5DQFKHV H

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

:H DSSUHFLD %HFNHU 5DQFKLQJ &R WH W K H FRQßGHQFH DQ SURJUDPV DQ G ORRN IRUZ G WUXVW PDQ %UDQG )DUPV DUG WR VHHLQJ \ RI \RX KDY H JLYHQ RXU \RX VDOH GD\ &KDUOHV -RE

5DQG\ %HWW\ /DQGLV

:DOODFH )UDVHU

.LQG 5HJDUGV

5LFN 9ROHN

& OLQW $QJHOD 5RHQ 5DQFK 0RUDVFK

+LJK 6HOOLQJ %XOO %XOOLV &UHHN 5DQFK 9ROXPH %X\HU -HQQHU &RORQ\ 5HSHDW %X\HUV

81'(567$1',1* 8/75$6281'

5$1&+(56¶ *8,'( 72 (3'6

0DUEOLQJ

.QRZ WKH PDUNHWV \RX ZLVK WR KLW IHHGHU FDOYHV \HDU OLQJ UHSODFHPHQW IHPDOHV +DYH D WUXH DSSUDLVDO RI KRZ FORVH \RXU FRZ KHUG LV WR WKDW WDUJHW XQGHUVWDQGLQJ \RXU FRZV KDYH WR FRQWLQXH WR OLYH DQG UH SURGXFH LQ \RXU HQYLURQPHQW ,GHQWLI\ EXOOV ZKRVH (3'V SUHGLFW WKH DELOLW\ WR PRYH \RXU FRZKHUG LQ WKH ULJKW GLUHF WLRQ IRU WKH WUDLWV UHTXLUHG WR KLW \RXU &DQDGLDQ $QJXV &DQDGLDQ $QJXV 3HUIRUPDQFH 3URJUDP PDUNHW HQG SRLQW

8OWUDVRXQG GDWD ZDV VFDQQHG E\ -DPLH -HQVHQ D FHUWL¿HG 8*& DQG &83 WHFKQLFLDQ PHHWLQJ VWDQGDUGV VHW E\ PDQ\ EUHHG DVVRFLDWLRQV 7KH DFFXUDF\ LV KLJK HQRXJK WKDW EXOOV VHOHFWHG EDVHG XSRQ XO WUDVRXQG UHVXOW LQ SRVLWLYH JHQHWLF FKDQJH LQ SURJHQ\ FDUFDVV WUDLWV +HULWDELOLW\ IRU FDUFDVV WUDLWV DUH PRGHUDWH WR KLJK ZKLFK LV VOLJKWO\ KLJKHU WKDQ ELUWK ZHLJKWV ZHDQ LQJ ZHLJKWV DQG \HDUOLQJ ZHLJKWV

0DUEOLQJ LV WKH EHVW LQGLFDWRU ZH KDYH WR WHOO XV ZKDW NLQG RI EHHI HDWLQJ H[SHULHQFH ZH ZLOO KDYH 5HVHDUFK VKRZV WKDW DYHUDJH $$$ DQG DERYH PDUEOLQJ SURGXFHV WKH PRVW VDWLV¿HG FXVWRPHUV $V PDUEOLQJ LQFUHDVHV VR GRHV WKH MXLFLQHVV WKH Ã&#x20AC;DYRXU IXOOQHVV DQG WKH WHQGHUQHVV 6LQJOH $ 6WDQGDUG 'RXEOH $$ 6HOHFW $ERYH 7ULSOH $$$ &KRLFH %DFN )DW PP

)DW GHSWK GHFUHDVHV OHDQ PHDW \LHOG )DW EXOOV KDYH OHVV OHDQ PHDW PXVFOH LQ WKH FDUFDVV 7KH IDW PHDVXUHPHQW DOVR JLYHV DQ LQGLFDWLRQ RI WKH EXOOV Ã&#x20AC;HVKLQJ DELOLW\ &DOYHV IURP D EXOO ZLWK YHU\ OLWWOH IDW PD\ ¿QLVK WRR VORZO\ LQ WKH IHHGORW %RG\ FRQGLWLRQ VFRUH IDW GHSWK LQ IHPDOHV LV UHODWHG WR WKHLU DELOLW\ WR UHDFK SXEHUW\ DW DQ HDUO\ DJH SURGXFH PLON DQG UHEUHHG DQG PDLQWDLQ D VKRUW FDOYLQJ LQWHUYDO 2Q WKH RWKHU KDQG EXOOV FDUU\LQJ H[FHVVLYH IDW PD\ VXIIHU UHGXFHG IHUWLOLW\ 5LEH\H $UHD LQð

7KH ULEH\H LV WKH ODUJHVW PXVFOH LQ WKH ERG\ DW ELUWK VR 5($ JLYHV DQ LQGLFDWLRQ RI RYHUDOO FDUFDVV PXVFOLQJ &XWDELOLW\ /0<

&XWDELOLW\ LV WKH SHUFHQWDJH OHDQ PHDW \LHOG LQ WKH FDUFDVV <LHOG JUDGH LV DQ LPSRUWDQW IDFWRU LQ ERWK &DQDGD DQG WKH 86$ 3URGXFLQJ FDOYHV ZLWK D KLJK JHQHWLF SRWHQWLDO IRU WKLV WUDLW FDQ EH DQ LPSRUWDQW REMHFWLYH RI D EUHHGLQJ SURJUDP %DFN IDW ZLOO UHGXFH \LHOG E\ WR WLPHV ZKDW 5($ ZLOO LQFUHDVH \LHOG 6XPPDU\

/LNH DOO WUDLWV ZH VKRXOG DYRLG WKH H[WUHPHV 0RGHUDWLRQ LV WKH NH\ $V SURGXFHUV ZH QHHG WR HYDOXDWH RXU RZQ IHPDOHV DQG WKHQ GHFLGH ZKDW NLQG RI SURJHQ\ ZH ZDQW WR SURGXFH 7KLV VKRXOG GLFWDWH ZKDW NLQG RI VLUH ZH ZDQW WR SXUFKDVH

7KH EXOO LV PHUHO\ D GHOLYHU\ V\VWHP IRU WKH JHQHWLFV KH SDVVHV RQ 3HUIRUPLQJ WKLV MRE UHTXLUHV WKHP WR EH VRXQG IHUWLOH DQG DWKOHWLF +RZHYHU LW LV WKH UHOLDELOLW\ RI WKHLU JHQHWLF SUHGLFWLRQV WKDW XOWLPDWHO\ EHDU RXW WKHLU WUXH YDOXH WR SURGXFHUV¶ ERWWRP OLQH

(3' %5((' $9(5$*(6 &$/) &523 5HG $QJXV %: :: <: 0LON 70 %ODFN $QJXV %: :: <: 0LON 70

'1$ 7(67,1*

*HQRPLFV '1$ WHVWLQJ LV FXWWLQJ HGJH WHFKQRORJ\ IRU LGHQWLI\LQJ JHQHWLFV WKDW FRQWULEXWH WR EHHI TXDOLW\ 3UR GXFHUV FDQ XVH WKLV LQIRUPDWLRQ WR DGG YDOXH WR WKHLU KHUG DQG HQDEOH D SRVLWLYH LPSDFW WR \RXU ERWWRP OLQH %\ FRPELQLQJ '1$ WHVWV ZLWK RWKHU LQIRUPDWLRQ LW LV SRV VLEOH WR PDNH EUHHGLQJ GHFLVLRQV EDVHG RQ PRUH SUHFLVH LQIRUPDWLRQ UHJDUGLQJ HDFK LQGLYLGXDO DQLPDO¶V JHQHWLFV DQG WR XOWLPDWHO\ VKRUWHQ WKH WLPH DQG QXPEHU RI JHQ HUDWLRQV QHFHVVDU\ WR VHH SUDFWLFDO UHVXOWV ,JHQLW\ PHDW WUDLW UHVXOWV UHSRUW WKH VFRUHV REWDLQHG IURP DQDO\VLV RI PXOWLSOH PDUNHUV LQ JHQHV UHODWHG WR FDUFDVV FRPSRVLWLRQ 7KLV DQDO\VLV DVVRFLDWHV WKH JHQRW\SH UHVXOW ZLWK WKH PDJQLWXGH RU VL]H RI WKH WUDLW LGHQWL¿HG ,Q JHQ HUDO DQLPDOV ZLWK ORZ VFRUHV IRU IDW WKLFNQHVV DQG \LHOG JUDGH ZLOO KDYH KLJK VFRUHV IRU KRW FDUFDVV ZHLJKW DQG ULEH\H DUHD %X\ / WW EXOOV WR LPSURYH \RXU KHUG¶V SRWHQWLDO IRU PDU EOLQJ 5HWDLQ FRZV DQG VHOHFW UHSODFHPHQW KHLIHUV ZLWK J GHVLUHG OHSWLQ JHQRW\SH DORQJ ZLWK RWKHU JHQHWLF WUDLWV

&$/9,1* ($6( 6&25(

5HFRPPHQGHG IRU XVH RQ PRGHUDWH IUDPHG ¿UVW FDOI KHLIHUV IRU PLQLPDO RU QR FDOYLQJ WURXEOH 5HFRPPHQGHG IRU XVH RQ ODUJH IUDPHG ¿UVW FDOI KHLIHUV IRU PLQLPDO RU QR FDOYLQJ WURXEOH 5HFRPPHQGHG IRU XVH RQ FRZV IRU PLQLPDO RU QR FDOYLQJ WURXEOH

27+(5 &$7$/28*( 7(506 8OWUDVRXQG E\ -DPLH -HQVHQ 7DEHU $%

ZZZ MHQWHFKXOWUDVRXQG FRP

$2' $JH RI 'DP %: $FWXDO ZHLJKW DW ELUWK $:: $GMXVWHG GD\ ZHDQLQJ ZHLJKW $<: $GMXVWHG GD\ \HDUOLQJ ZHLJKW :3'$ :HLJKW 3HU 'D\ RI $JH

%R[ %DVVDQR $OEHUWD &DQDGD 7 - % 3KRQH )D[

&HOO ( PDLO OD]\PF#[SORUQHW FRP :HE ZZZ OD]\PFDQJXV FRP &OLQW $QJHOD /DXULH /D\QH 0RUDVFK

5HIIHUH HQFH H 6LUHV 5HG /D]\ 0& 6PDVK 1

)HEUXDU\

%: $:: $<: 0DW 6& FP &( ,JHQLW\ / WW

5(' )&& 5$0%2 5(' 666 %220(5 %

5(' 666 0,66 +,*+ /$66 ;

(3 3'6 '6

%: ::

5(' %5</25 <281*%/22' < <: 5(' /$8521 <% 526$ * 0LON

5(' $/$/7$ $&5(6 526$/,1'$ < 70 6PDVK¶V UHVXPH FRQWLQXHV WR EXLOG +H ZDV WKH 1R 5HG &( $QJXV EXOO IRU UHJLVWUDWLRQV LQ µ DQG VLUHG WKH µ &$$ 0&( 6KRZ )HPDOH RI WKH <HDU DQG &'1 :HVWHUQ $JULELWLRQ 5%& 5($ 6XSUHPH &KDPSLRQ IHPDOH 1 LV D FRQVLVWHQW VLUH ZLWK 0DUE FXUYH EHQGLQJ JHQHWLFV +LV WUXH OHJDF\ ZLOO EH KLV VRQV ZKR )DW FRQWLQXH WR JDLQ FRPPHUFLDO DSSUHFLDWLRQ +LV GDXJKWHUV 6WD\ FRQVLVWHQWO\ EULQJ LQ WRS FDOYHV µ6PDVK¶ SURGXFHV VWRXW PDGH ZHOO VWUXFWXUHG FRPSOHWH KLJK SHUIRUPLQJ FDWWOH +3* ZLWK JUHDW KDLU FRDWV &'1 86 6HPHQ DYDLODEOH

5HG 50- 5HGPDQ 7

-DQXDU\

%: $:: $<: 0DW 6& FP &( ,JHQLW\ / WW

5(' 9*: .,1* 2) 7+( :(67 5(' / 1256(0$1 .,1*

5(' 1256(0$1 3-0

(3 3'6 '6

%: :: <:

2&& +817(5 + 0LON &52:)227 .858%$ 3 70

5(' &52:)227 .858%$ 0 &( µ5HGPDQ¶ KDV DQ H[FLWLQJ JURXS RI FDOYHV KHUH DW /D]\ 0& 0&( +H ZDV DQ H[FHOOHQW FKRLFH IRU KHLIHUV DQG KH KDV ZRUNHG 5($ YHU\ ZHOO RQ RXU µ6PDVK¶ GDXJKWHUV +H LV PRGHUDWH IUDPHG ZLWK JUHDW PXVFOH VKDSH JRRG IHHW DQG VWUXFWXUH :H IHHO 0DUE )DW KLV VRQV DUH ZKDW ZH KDYH EHHQ ZRUNLQJ WRZDUGV SURGXF LQJ +H ZLOO KHOS VHFXUH /D]\ 0& DV \RXU OHDGLQJ 2XWFURVV 6WD\ *HQHWLFV 6RXUFH &'1 6HPHQ DYDLODEOH +3*

5HG /D]\ 0& (OL[LU 6

)HEUXDU\

%: $:: $<: 0DW 6& FP &( ,JHQLW\ / FW

&9 (/,;,5 .

5(' 5,1*67($' (/,;,5 3

5(' &9 &233(5 48((1 .

(3 3'6 '6

%: :: <:

&211($/< '$7(/,1( 0LON /$=< 0& %(66 .

70

5(' /$=< 0& $0¶6 %(67 + &( µ(OL[LU¶ LV D PDWHUQDO EURWKHU WR ERWK RXU %RRP EXOOV 1 0&( 1 DQG 6SODVK 7 6 ORRNV WR EH VLULQJ DV VWURQJ DV KLV PDWHUQDO EURWKHUV +LV VRQV DUH ORQJ VLGHG VPRRWK 5($ PDGH ZLWK H[FHOOHQW IHHW 7KH\ DUH D JRRG RXWFURVV FKRLFH 0$5% )$7 *HQHWLFV LQFOXGH $QNRQLDQ (OL[LU &RQQHDO\ GDWHOLQH DQG 6DP¶V 3URVSHFWRU 67$< +3*

8ÖL ( 5HIHUHQFH 'DPV

44L

'DP RI /RW

185M

59L

'DP RI /RW

47r

'DP RI /RW

67r 'DP RI /RW

'DP RI /RW

4K 'DP RI /RW

*UDQG 'DP RI /RW

3789N

'DP RI /RW

'DP RI /RW

16H

308n

'DP RI /RW

701t

40r

'DP RI /RW

74l

'DP RI /RW

1

5HG /D]\ 0& *ULGLURQ 6

)HEUXDU\

%: $:: $<: 0DW 6& FP &( $2'

5(' 666 %220 72:1 ' &5&& %220 1

/$=< 0& %(66 .

(3'6

%: :: <:

'$ (6 52 7:,67(5 0LON /$=< 0& &5,67< / 70

5(' /$=< 0& &5,67< * &( 0&( µ*ULGLURQ¶ LV DQ H[FLWLQJ PL[ RI UHG DQG EODFN 5($ JHQHWLFV 6 LV D SRZHUIXOO\ EXLOW EXOO ZLWK )$7 0$5% JRRG IHHW DQG ERQH +H LV PRGHUDWH IUDPHG +3*

VTXDUH KLSSHG DQG FDQ JHW RXW DQG PRYH +LV GDP / LV D PRGHO $QJXV IHPDOH 6KH LV H[WUHPHO\ GHHS PDGH DQG ZHGJH VKDSHG ZLWK D JRRG XGGHU DQG IHHW 7KH %RRP 1 JHQHWLFV RIIHU WKH SHUIRUPDQFH DQG TXDOLW\ VWUXFWXUH RI %RRPWRZQ DORQJ ZLWK WKH FDOYLQJ HDVH DQG PDWHUQDO H[FHOOHQFH RI RXU . FRZ µ*ULGLURQ¶V¶ SURJHQ\ DUH SURYLGLQJ H\H DS SHDO OHQJWK RI VSLQH DQG YROXPH 'DXJKWHU 5HG /D]\ 0& 6SDUNOH 8 ZDV DW IRRW RI WKH 5%& 6XSUHPH &KDP SLRQ )HPDOH $QRWKHU GDXJKWHU 5HG /D]\ 0& 0LVV 8 KDV ZRQ QXPHURXV VKRZV LQFOXGLQJ 6HQLRU &KDPSLRQ 1DWLRQDO 6KRZ $JULELWLRQ µ*ULGLURQ¶ LV LQ WKH WRS RI WKH EUHHG IRU ZHDQLQJ ZHLJKW \HDUOLQJ ZHLJKW DQG ULEH\H $OVR QRWH KLV FDUFDVV (3'¶V RQ WKH SRVLWLYH VLGH IRU ERWK ULEH\H DQG PDUEOLQJ

5HG /D]\ 0& 0LVV 8 GDXJKWHU 5HG /D]\ 0& 6SDUNOH 8 GDXJKWHU

6(//,1* )8// 3266(66,21 21 7+,6 (;&,7,1* 6(0(; $, 6,5( 5HG /D]\ 0& *ULGLURQ 8 VRQ 5HG &RUQHU &UHHN 'XUDEXOO 8 VRQ

2

5HG /D]\ 0& 6WRXW 8

$SULO

%: $:: $<: 0DW 6& FP &( $2'

5(' /$=< 0& 60$6+ 1 5(' /$=< 0& 67287 6

5(' /$=< 0& 6&<7+,$ 1

/$=< 0& :25/':,'( .

5(' /$=< 0& 67$5 0

5(' /$=< 0& 67$5 -

2))(5,1* 7+( )8// %527+(5 72 5(' /$=< 0& &2:%2< &87 8

(3'6

%: :: <: 0LON 70 0$5% 5($ %)

µ6WRXW¶ KDV VWDUWHG D TXDOLW\ WUDFN UHFRUG DV ZHOO LQFOXGLQJ 5HVHUYH -XQLRU &KDPSLRQ %XOO :RUOG $QJXV )RUXP DV ZHOO DV ,QWHUPHGLDWH &KDPSLRQ %XOO 'HQYHU 0 LV RQH RI RXU SUHPLHU FRZV 6KH LV DQ LQFUHGLEO\ ELJ URRP\ FRZ ZLWK D FRXSOH RI WZLVWV LQ KHU SHGLJUHH 0 KDV SURGXFHG IRXU WRS KHUG EXOOV WKXV IDU LQFOXGLQJ 5HG /D]\ 0& &RZER\ &XW 8 /D]\ 0& /RRNRXW 8 DQG 5HG /D]\ 0& 6PDVK 6 ZRUNLQJ IRU 'RHUNVRQ )DUPV

6(//,1* ,17(5(67 $1' )8// 3266(66,21 ,1 7+,6 723 127&+ &$/9,1* ($6( 6,5( 5HG /D]\ 0& &RZER\ &XW 8 5HG /D]\ 0& &RZER\ &XW 8 µ6WRXW¶ ,QW &KDPSLRQ %XOO 'HQYHU µ µ6WRXW¶ ,QW &KDPSLRQ %XOO 'HQYHU µ )XOO %URWKHU WR µ6WRXW¶

3

5HG /D]\ 0& 7LGDO :DYH :

)HEUXDU\

%: $:: $<: &( $2' %

(3'6

5(' /$=< 0& 60$6+ 1 5(' /$=< 0& 63/$6+ 7 5

/$=< 0& %(66 .

%: :: <: 0LON 70

5(' &5 0218 9$/8( 5 5(' /$=< 0& '2// /

5(' 666 '2// (

&$5&$66

0$5% $ 5($ LQð %) LQ /0<

7LGDO :DYH LV RQH RI RXU WRS KHUGVLUH SURVSHFWV 5HVHUYH ,QWHU PHGLDWH &KDPSLRQ %XOO FDOI DW :RUOG $QJXV )RUXP FODVV ZLQQHU DW 5HG 5RXQGXS %XOO )XWXULW\ DV ZHOO DV ,QWHUPHGLDWH &KDPSLRQ %XOO &DOI DW WKH 1DWLRQDO 6KRZ $JULELWLRQ +LV VLUH 6SODVK 7 KDV ZRUNHG YHU\ ZHOO IRU (\H +LOO 6WRFN )DUP DQG KLV GDP / KDV EHHQ D WRS SURGXFLQJ FRZ : LV D VWURQJ JHQHWLF SDFNDJH

5HG /D]\ 0& 6SODVK 7 VLUH

:RUOG $QJXV )RUXP

5HVHUYH ,QW &KDPSLRQ %XOO &DOI

4

1DWLRQDO 6KRZ $JULELWLRQ ,QW &KDPSLRQ %XOO &DOI

5HG /D]\ 0& *UL]]O\ :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

5(' 666 %220(5 % 5(' /$=< 0& 60$6+ 1

5(' /$8521 <% 526$ *

%: :: <: 0LON 70

5(' %52; -,*6$: 5(' 06 %,/75,7( 35,0( 5,% /

5(' 6$6.$,5,( /25,1 )

&$5&$66

0$5% $$ 5($ LQð %) LQ /0<

Å&#x20AC; RQH RI WKH WRS µ6PDVK¶ VRQV RQ RIIHU Å&#x20AC; ô EURWKHUV VHOO DV ORWV

5

5HG /D]\ 0& 6PDVK :

)HEUXDU\

%: $:: $<: &( $2'

5(' 666 %220(5 % 5(' /$=< 0& 60$6+ 1

5(' /$8521 <% 526$ *

5(' &5 0218 9$/8( 5(' /$=< 0& 0,1(59$ /

5(' $1'252 0,1(59$ )

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQð %) LQ /0< Å&#x20AC; YHU\ VLPLODU JHQHWLF SDFNDJH WR ORW Å&#x20AC; ORQJ VSLQHG VPRRWK PDGH EXOO

6

5HG /D]\ 0& .LQJPDQ :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

/ 1256(0$1 .,1* 5(' 50- 5('0$1 7

&52:)227 .858%$ 3

%: :: <: 0LON 70

5(' /$=< 0& 60$6+ 1 5(' /$=< 0& 0,66 5

5(' /$=< 0& 0,66 :25/' 1

&$5&$66

0$5% $$ 5($ LQð %) LQ /0<

,I \RX OLNH WKLFN ZLGH EDVHG JRRG IRRWHG KHUG EXOOV GRQ¶W PLVV .LQJPDQ +H KDV LQFUHGLEOH KHUG EXOO SRWHQWLDO ([FHOOHQW SKHQR W\SH VWUXFWXUH DQG VFURWDO FLUFXPIHUHQFH EDFNHG E\ D FRZ IDPLO\ VHFRQG WR QRQH 5 LV D EHDXWLIXO XGGHUHG 6PDVK GDXJK WHU DQG KDV KLW D KRPH UXQ ZLWK HYHU\ FDOI VKH KDV UDLVHG :¶V PDWHUQDO VLVWHU ZDV 6HQLRU &KDPSLRQ \HDUOLQJ DW WKH 1DWLRQDO 6KRZ $JULELWLRQ ô EURWKHU WR 5HG /D]\ 0& && 'HWRXU : DQRWKHU WRS µ5HGPDQ¶ VRQ DQG µ6HPH[¶ KHUGVLUH

5HG /D]\ 0& 0LVV :RUOG 1 5HG /D]\ 0& 0LVV :RUOG 1 0DWHUQDO *UDQG 'DP RI :

7

5HG /D]\ 0& 0LVV 8 0DWHUQDO 6LVWHU WR :

µ.LQJPDQ¶

5HG /D]\ 0& 5HGPDQ :

-DQXDU\

%: $:: $<: &( $2'

(3'6

/ 1256(0$1 .,1* 5(' 50- 5('0$1 7

&52:)227 .858%$ 3

%: :: <: 0LON 70

5(' /$=< 0& 60$6+ 1 5(' /$=< 0& '8&+(66 7

5(' /$=< 0& '8&+(66 (

&$5&$66

0$5% $$ 5($ LQð %) LQ /0< Å&#x20AC; PRGHUDWH WUHPHQGRXVO\ WKLFN DQG VWURQJ WRSSHG Å&#x20AC; WKH 5HGPDQ 6PDVK FURVV UHDOO\ KLW WKH PDUN

8

5HG /D]\ 0& 5HGPDQ :

)HEUXDU\

%: $:: $<: &( $2'

/ 1256(0$1 .,1* 5(' 50- 5('0$1 7

&52:)227 .858%$ 3

5(' /$=< 0& 60$6+ 1 5(' /$=< 0& &$66,( 6

5(' /$=< 0& &$66,( /

&$5&$66

(3'6

%: :: <: 0LON 70

0$5% $$ 5($ LQð %) LQ /0<

Å&#x20AC; FDOYLQJ HDVH SHUIRUPDQFH Å&#x20AC; GDP LV D IXOO VLVWHU WR RXU WRS VKRZ KHLIHU &DVVLH 5 RZQHG E\ 1DWKDQ -HQVHQ

9

5HG /D]\ 0& :UDQJOHU :

-DQXDU\

%: $:: $<: &( $2'

(3'6

/ 1256(0$1 .,1* 5(' 50- 5('0$1 7 &52:)227 .858%$ 3

%: :: <: 0LON 70

/$=< 0& %220 5 5(' /$=< 0& '8&+(66 7

5(' /$=< 0& '8&+(66 5

&$5&$66

0$5% $$ 5($ LQð %) LQ /0<

:UDQJOHU LV D YHU\ FRPSOHWH LQGLYLGXDO 6LOYHU PHGDOLVW DW WKH :RUOG $QJXV )RUXP KLV RQO\ WLPH VKRZQ +LV GDP 7 LV D ô VLVWHU WR RXU SRZHUIXO KHUGVLUH 5HG /D]\ 0& +XVWOH 7 6WURQJ RYHUDOO SDFNDJH ZKHQ \RX ORRN DW SHUIRUPDQFH (3'¶V DQG SKH QRW\SH

6(//,1* ,17(5(67 $1' )8// 3266(66,21 ,1 7+,6 :(// %$/$1&(' 0$7(51$/ 6,5(

µ:UDQJOHU¶ µ:UDQJOHU¶ :RUOG $QJXV )RUXP 6LOYHU 0HGDOLVW :RUOG $QJXV )RUXP 6LOYHU 0HGDOLVW

%RRP 5 0DWHUQDO *UDQG 6LUH 3 3DWHUQDO *UDQG 'DP

10

5HG /D]\ 0& 5HGPDQ :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

/ 1256(0$1 .,1* 5(' 50- 5('0$1 7 &52:)227 .858%$ 3

%: :: <: 0LON 70

5(' /$=< 0& */2%$/ 0 5(' /$=< 0& ',21$ 5 5(' /$=< 0& ',21$ .

&$5&$66

0$5% $$ 5($ LQð %) LQ /0< Å&#x20AC; RQH RI RXU IDYRXULWH µ5HGPDQ¶ VRQV Å&#x20AC; GDUN UHG GDUN IRRWHG VW\OLVK EXOO

11

5HG /D]\ 0& 5HGPDQ :

)HEUXDU\

%: $:: $<: &( $2'

/ 1256(0$1 .,1* 5(' 50- 5('0$1 7

&52:)227 .858%$ 3

/$=< 0& :25/':,'( .

5(' )/275( *2/' 5

5(' /$=< 0& *2/' ('*( -

&$5&$66

(3'6

%: :: <: 0LON 70

0$5% $$$ 5($ LQð %) LQ /0< Å&#x20AC; FDOYLQJ HDVH EXOO ZLWK D WRS SURGXFLQJ GDP Å&#x20AC; VWURQJ PDWHUQDO JHQHWLFV Å&#x20AC; WRS PDUEOLQJ EXOO RI HQWLUH RIIHULQJ

12

5HG /D]\ 0& 'HVWLQDWLRQ :

-DQXDU\

%: $:: $<: &( $2'

(3'6

/$=< 0& %220 5 5(' /$=< 0& +867/( 7

5(' /$=< 0& /$5.$%$ 5

%: :: <: 0LON 70

&52:)227 3 5(' << 3$77< 7

5(' %:$ 3$77< 5

&$5&$66

0$5% $$ 5($ LQð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

+XVWOH 7 6LUH

13

5 3DWHUQDO *UDQG 'DP 5 3DWHUQDO *UDQG 'DP 5

µ'HVWLQDWLRQ¶ VXPPHU µ

/D]\ 0& %ODFNPDQ :

0DUFK

%: $:: $<: &( $2'

(3'6

/ 1256(0$1 .,1* 5(' 50- 5('0$1 7

&52:)227 .858%$ 3

%: :: <: 0LON 70

&211($/< '$7(/,1( /$=< 0& %(66 .

5(' /$=< 0& $0¶6 %(67 +

&$5&$66

0$5% $$ 5($ LQð %) LQ /0< Å&#x20AC; %HVV . LV RXU µ6LJQDWXUH¶ IHPDOH ZLWK RI KHU VRQV ZRUNLQJ LQ SXUHEUHG KHUGV Å&#x20AC; : LV RQH RI RXU YHU\ EHVW 5HGPDQ VRQV

14

5HG /D]\ 0& 5HGPDQ : 0DUFK

%: $:: $<: &( $2'

/ 1256(0$1 .,1* 5(' 50- 5('0$1 7

&52:)227 .858%$ 3

5(' /$=< 0& 60$6+ 1 5(' /$=< 0& ),5()/< 6

5(' /$=< 0& ),5()/< +

&$5&$66

(3'6

%: :: <: 0LON 70

0$5% $$ 5($ LQð %) LQ /0< Å&#x20AC; FDOYLQJ HDVH EXOO EDFNHG E\ D VWURQJ FRZ IDPLO\

15

5HG /D]\ 0& 6PDVK :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

5(' 666 %220(5 % 5(' /$=< 0& 60$6+ 1

5(' /$8521 <% 526$ *

%: :: <: 0LON 70

5(' /$=< 0& ',9,'( 5(' /$=< 0& '8&+(66 /

5(' /$=< 0& '8&+(66 (

&$5&$66

0$5% $$ 5($ LQð %) LQ /0<

Å&#x20AC; YHU\ FRPSOHWH µ6PDVK¶ VRQ Å&#x20AC; ô EURWKHUV VHOO DV ORWV

16

5HG /D]\ 0& 6PDVK :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

5(' 666 %220(5 % 5(' /$=< 0& 60$6+ 1

5(' /$8521 <% 526$ *

%: :: <: 0LON 70

5(' /$=< 0& ',9,'( 5(' /$=< 0& /$5.$%$ 0

5(' 666 683(5 /$5.$%$ $

&$5&$66

0$5% $ 5($ LQð %) LQ /0<

Å&#x20AC; IXOO EURWKHU VROG WR &XQQLQJKDP¶V LQ RXU µ VDOH Å&#x20AC; ORQJ VLGHG JRRG KDLUHG EXOO Å&#x20AC; ô EURWKHUV VHOO DV ORWV

17

5HG /D]\ 0& 6PDVK :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

5(' 666 %220(5 % 5(' /$=< 0& 60$6+ 1

5(' /$8521 <% 526$ *

%: :: <: 0LON 70

5(' 666 0$5.60$1 ) 5(' /$=< 0& 9$11$ 5(' /$=< 0& 9$11$ (

&$5&$66

0$5% $$ 5($ LQð %) LQ /0<

Å&#x20AC; IXOO EURWKHU KDV GRQH D JUHDW MRE IRU /DUU\ 'HOYHU Å&#x20AC; 9DQQD FRZ IDPLO\ LV RQH RI RXU EHVW

18

5HG /D]\ 0& 5HGPDQ :

)HEUXDU\

%: $:: $<: &( $2'

/ 1256(0$1 .,1* 5(' 50- 5('0$1 7

&52:)227 .858%$ 3

5(' /$=< 0& 60$6+ 1 5(' /$=< 0& 0(/2'< 7

5(' 2&& 0(/2'< -

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQð %) LQ /0<

Å&#x20AC; FDOYLQJ HDVH EXOO Å&#x20AC; PRGHUDWH DQG VW\OLVK

19

5HG /D]\ 0& /DQGPDUN :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

5(' 5,1*67($' (/,;,5 3 5(' /$=< 0& (/,;,5 6

/$=< 0& %(66 .

%: :: <: 0LON 70

5(' /$=< 0& )25781( ( 5(' /$=< 0& 6&<7+,$ +

5(' %5</25 6&<7+,$ :

&$5&$66

0$5% $$ 5($ LQð %) LQ /0<

Å&#x20AC; ORQJ VLGHG GDUN UHG (OL[LU VRQ Å&#x20AC; RQH RI RXU WRS SHUIRUPLQJ EXOOV RQ WHVW

20

5HG /D]\ 0& 6PDVK :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

5(' 666 %220(5 % 5(' /$=< 0& 60$6+ 1

5(' /$8521 <% 526$ *

%: :: <: 0LON 70

5(' /$=< 0& ',9,'( 5(' /$=< 0& 9$11$ 3

5(' /$=< 0& 9$11$ -

&$5&$66

0$5% $$ 5($ LQð %) LQ /0<

Å&#x20AC; ODUJHU IUDPHG EXOO ZLWK VROLG SHUIRUPDQFH Å&#x20AC; ô EURWKHUV VHOO DV ORWV

21

5HG /D]\ 0& 6PDVK :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

5(' 666 %220(5 % 5(' /$=< 0& 60$6+ 1

5(' /$8521 <% 526$ *

%: :: <: 0LON 70

5(' %52; -,*6$: 5(' 06 %,/75,7( 35,0( 5,% /

5(' %(//( *2/'(1 )

&$5&$66

0$5% $$ 5($ LQð %) LQ /0<

Å&#x20AC; VWURQJ WRSSHG VPRRWK IURQWHG EXOO ZLWK DGGHG GLPHQVLRQ Å&#x20AC; ô EURWKHUV VHOO DV ORWV

22

5HG /D]\ 0& 6PDVK :

)HEUXDU\

%: $:: $<: &( $2'

5(' 666 %220(5 % 5(' /$=< 0& 60$6+ 1

5(' /$8521 <% 526$ *

5(' %52; -,*6$: 5(' 06 %,/75,7( 35,0( 5,% /

5(' 6$6.$,5,( 623+,$ )

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $ 5($ LQð %) LQ /0<

Å&#x20AC; ORWV WUXO\ UHSUHVHQW µ6PDVK¶V¶ FRQVLVWHQW W\SH

23

5HG /D]\ 0& 'HVLJQ :

-DQXDU\

%: $:: $<: &( $2'

(3'6

/ ',5(&7 ),5( 5(' / ',5(&7 '(6,*1

5(' / $',1$

%: :: <: 0LON 70

)&& 5$0%2 5(' 2&& 0(/2'< %-5 0(/2'< <

&$5&$66

0$5% $$ 5($ LQรฐ %) LQ /0< ล SDWHUQDO EURWKHUV ZHUH WRS VHOOHUV LQ ODVW \HDUV EXOO VDOH ล SDWHUQDO EURWKHU WR /RW

24

5HG /D]\ 0& 5HGPDQ :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

/ 1256(0$1 .,1* 5(' 50- 5('0$1 7

&52:)227 .858%$ 3

%: :: <: 0LON 70

5(' 666 0$5.60$1 ) 5(' /$=< 0& 0,66 (66(1&( 7

/$=< 0& 0,66 (66(1&( 5

&$5&$66

0$5% $$ 5($ LQรฐ %) LQ /0<

ล RQH RI RXU WRS ยต5HGPDQยถ VRQV RQ RIIHU ZLWK FDOYLQJ HDVH DQG VW\OLVK KHUG EXOO SRWHQWLDO

25

5HG /D]\ 0& 6PDVK :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

5(' 666 %220(5 % 5(' /$=< 0& 60$6+ 1

5(' /$8521 <% 526$ *

%: :: <: 0LON 70

5(' %,/75,7( &$53(17(5 0 5(' %,/75,7( 06 6$0ยถ6 681 6

5(' 6$6.$,5,( 7+(/0$ )

&$5&$66

0$5% $$ 5($ LQรฐ %) LQ /0<

ล FDOYLQJ HDVH EXOO

26

5HG /D]\ 0& 6PDVK :

)HEUXDU\

%: $:: $<: &( $2'

5(' 666 %220(5 % 5(' /$=< 0& 60$6+ 1

5(' /$8521 <% 526$ *

5(' 7(5 521 0&*:,5( / 5(' /$=< 0& /$5.$%$ 3

5(' 666 /$5.$%$ (

&$5&$66

)HEUXDU\

%: $:: $<: &( $2'

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQรฐ %) LQ /0<

ล FDOYLQJ HDVH EXOO

27

5HG /D]\ 0& 6PDVK :

5(' 666 %220(5 % 5(' /$=< 0& 60$6+ 1

5(' /$8521 <% 526$ *

5(' /$=< 0& )25781( ( 5(' /$=< 0& ',21$ +

5(' 7 * ',21$ %

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQรฐ %) LQ /0<

ล FDOYLQJ HDVH EXOO

28

5HG /D]\ 0& 6PDVK :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

5(' 666 %220(5 % 5(' /$=< 0& 60$6+ 1

5(' /$8521 <% 526$ *

%: :: <: 0LON 70

5(' &5&& %/$=(¶1 7+528*+ * 5(' /$=< 0& 2/(1$ .

5(' 7 * &$66,( (

&$5&$66

0$5% $$ 5($ LQð %) LQ /0<

Å&#x20AC; IXOO EURWKHU ZRUNLQJ IRU 3UDLULH )HHGHUV Å&#x20AC; FDOYLQJ HDVH EXOO

/ 1256(0$1 .,1* 5(' 50- 5('0$1 7 &52:)227 .858%$ 3 5(' &5&& %220 1 5(' /$=< 0& 2/(1$ 5 5(' /$=< 0& 2/(1$ 0

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQð %) LQ /0<

Å&#x20AC; PDWHUQDO EURWKHU WR ODVW \HDUV KLJK VHOOLQJ EXOO DW WR %XOOLV &UHHN 5DQFK 1HEUDVND Å&#x20AC; ORQJ VLGHG FDOYLQJ HDVH EXOO

5HG /D]\ 0& 5HGPDQ :

0DUFK

%: $:: $<: &( $2'

31

5HG /D]\ 0& 5HGPDQ :

0DUFK

%: $:: $<: &( $2'

(3'6

/ 1256(0$1 .,1* 5(' 50- 5('0$1 7

&52:)227 .858%$ 3

%: :: <: 0LON 70

5(' /$=< 0& &586+ 5 5(' /$=< 0& '8&+(66 7

5(' /$=< 0& '8&+(66 /

&$5&$66

0$5% $$ 5($ LQð %) LQ /0<

Å&#x20AC; DQRWKHU VWURQJ µ5HGPDQ¶ VRQ RXW RI D ¿UVW FDOI 6PDVK GDXJKWHU

32

)HEUXDU\

%: $:: $<: &( $2'

30

29

5HG /D]\ 0& 5HGPDQ :

5HG /D]\ 0& 5HGPDQ :

0DUFK

%: $:: $<: &( $2'

/ 1256(0$1 .,1* 5(' 50- 5('0$1 7

&52:)227 .858%$ 3

5(' 7(5 521 0&*:,5( / /$=< 0& 0,66 (66(1&( 5

09.' 0,66 (66(1&( *

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQð %) LQ /0<

Å&#x20AC; PDWHUQDO EURWKHU VROG LQ µ VDOH WR &DP 0RUULV Å&#x20AC; GDP LV D YHU\ QLFH EODFN UHG FDUULHU FRZ DQG PDWHUQDO JUDQG GDP WR /RW

33

5HG /D]\ 0& (OL[LU :

0DUFK

%: $:: $<: &( $2'

(3'6

/ 1256(0$1 .,1* 5(' 50- 5('0$1 7

&52:)227 .858%$ 3

%: :: <: 0LON 70

/$=< 0& %220 5 /$=< 0& +2//< 7

5(' /$=< 0& +2//< 1

&$5&$66

5(' 5,1*67($' (/,;,5 3 5(' /$=< 0& (/,;,5 6

/$=< 0& %(66 .

5(' %,/75,7( &$53(17(5 0 5(' %,/75,7( 06 6$0¶6 681 6

5(' /$=< 0& 0,66 '<1 /

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQð %) LQ /0<

0$5% $$ 5($ LQð %) LQ /0<

Å&#x20AC; FDOYLQJ HDVH EXOO RXW RI D WHUUL¿F \HDU ROG

Å&#x20AC; FDOYLQJ HDVH EXOO YHU\ FRPSOHWH SDFNDJH Å&#x20AC; 6 LV D YHU\ JRRG \RXQJ FRZ

34

5HG /D]\ 0& 5HGPDQ :

0DUFK

%: $:: $<: &( $2'

/ 1256(0$1 .,1* 5(' 50- 5('0$1 7

&52:)227 .858%$ 3

5(' /$=< 0& 60$6+ 1 5(' /$=< 0& 0,66 ),5()/< 6

5(' /$=< 0& 0,66 ),5()/< /

&$5&$66

35

5HG /D]\ 0& (OL[LU :

0DUFK

%: $:: $<: &( $2'

(3'6 %: :: <: 0LON 70

5(' 5,1*67($' (/,;,5 3 5(' /$=< 0& (/,;,5 6

/$=< 0& %(66 .

5(' /$=< 0& 1(: 5(/($6( ) 5(' /$=< 0& 0,675(66 /

5(' /$=< 0& 0,675(66 -

&$5&$66

(3'6

%: :: <: 0LON 70

0$5% $$ 5($ LQð %) LQ /0<

0$5% $$ 5($ LQð %) LQ /0<

Å&#x20AC; FDOYLQJ HDVH EXOO EDFNHG E\ D VWURQJ FRZ IDPLO\

Å&#x20AC; FDOYLQJ HDVH EXOO

36

5HG /D]\ 0& 0+ $OOLDQFH :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

5(0,7$// /2*$1 / 5(' %)/ $//,$1&( 5

%)/ %$1* /

%: :: <: 0LON 70

5(' 6+2'(5(( 67250 3 5(' %52; .58%$ 7

5(' %52; .58%$ 5

&$5&$66

0$5% $$ 5($ LQรฐ %) LQ /0<

ล RQH RI WKH ORQJHU VLGHG ODUJHU IUDPHG EXOOV LQ WKH RIIHULQJ ล JRRG SHUIRUPDQFH PDNLQJ : D YHU\ FRPSOHWH LQGLYLGXDO

37

5HG /D]\ 0& 0+ 5DLQPDNHU :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

67(9(1621 5$,10$.(5 * 5(' 5$,10$.(5 2) &8'/2%( .

&8'/2%( /$'< 9(/9(7 %

%: :: <: 0LON 70

5(' 6+2'(5(( 67250 3 5(' %52; 2$./($) 7

5(' %52; 2$./($) 5

&$5&$66

0$5% $$ 5($ LQรฐ %) LQ /0< ล YHU\ VPRRWK PDGH EXOO ZLWK RXWFURVV SHGLJUHH

38

5HG /D]\ 0& 0+ -HVWHU :

)HEUXDU\

%: $:: $<: &( $2'

'85/2:( -(67(5 / 5(' %(// 52&. -(67(5 1

.%- '8&+(66 *

5(' 0$& /$1&(5 / 5(' %52; /$'< 526(77( 5

5(' %52; /$'< 526(77( *

&$5&$66

(3'6 %: :: <: 0LON 70

ล ORQJ VLGHG SRZHU EXOO

)HEUXDU\

%: $:: $<: &( $2'

5(0,7$// /2*$1 / 5(' %)/ $//,$1&( 5

%)/ %$1* /

5(' 6+2'(5(( 67250 3 5(' %52; 6&<7+,$ 7

5(' %52; 6&<7+,$ 5

&$5&$66

5(' *2/' %$5 .,1* 9 .

5(' *2/' %$5 0(5&('(6 . 0

5(' /3& %,5',( '<1$0,&6 .

5(' && 6(16$7,21 5(' %52; 2$./($) 5

5(' %52; 2$./($) 1

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $ 5($ LQรฐ %) LQ /0<

ล VW\OLVK SHUIRUPDQFH EXOO

5HG /D]\ 0& 0+ $OOLDQFH :

)HEUXDU\

%: $:: $<: &( $2'

0$5% $$ 5($ LQรฐ %) LQ /0<

40

39

5HG /D]\ 0& 0+ 0HUFHGHV :

41

5HG /D]\ 0& 0+ ,GHDO :

0DUFK

%: $:: $<: &( $2'

(3'6 %: :: <: 0LON 70

5(' 8 ,//,&,7 3 5(' 8 ,'($/ 6

5(' 8 $1(;$ (

5(' *(,6 35,0( 5,% 5(' %52; 6&<7+,$ 5

5(' 75$,/9,(: 6&<7+,$ ยถ

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQรฐ %) LQ /0<

0$5% $$ 5($ LQรฐ %) LQ /0<

ล PRGHUDWH IUDPHG DQG WKLFN PDGH ล GDUN UHG GDUN IRRWHG EXOO

ล VROLG SHUIRUPDQFH EXOO

42

/D]\ 0& %ODFNPDQ : -DQXDU\

%: $:: $<: &( $2'

6$) %$1'2 6$9 %$1'2

&+$03,21 +,// 6/((3< 0,66

2&& -2.(5 &52:)227 526( 1

*/$':$// 526( 2) /

(3 3'6 %: :: <: 0LON 70

&$5&$66

0$5% $$ 5($ LQð %) LQ /0<

Å&#x20AC; H[FHOOHQW KHUG VLUH SURVSHFW Å&#x20AC; ERWK VLUH DQG GDP RIIHU VXSHUE SKHQRW\SH DQG VWUXFWXUH

43

/D]\ 0& (OL[LU 8 0DUFK

%: $:: $<: &( $2'

5(' 5,1*67($' (/,;,5 3 5(' /$=< 0& (/,;,5 6

/$=< 0& %(66 .

'$ (6 52 7:,67(5 /$=< 0& &5,67< /

5(' /$=< 0& &5,67< *

(3 3'6

%: :: <: 0LON 70

Å&#x20AC; PDWHUQDO EURWKHU WR /RW 5HG /D]\ 0& *ULGLURQ 6 Å&#x20AC; GHHS VLGHG VRXQG PDGH EXOO

44

6WHZDUWV +HDY\ 8

-DQXDU\

%: $:: $<: &( $2'

5(' 666 %220(5 % 5(' /$=< 0& 60$6+ 1

5(' /$8521 <% 526$ *

7& 672&.0$1 67(:$57 0,66 3$7+< 1

5(' -(:(/ 3,66 3$7+< $

(3 3'6 %: :: <: 0LON 70

Å&#x20AC; VRIW PDGH JRRG KDLUHG µ6PDVK¶ WZR \HDU ROG

45

5HG /D]\ 0& 6PDVK 8

0DUFK

%: $:: $<: &( $2'

5(' 666 %220(5 % 5(' /$=< 0& 60$6+ 1

5(' /$8521 <% 526$ *

5(' /$=< 0& %/$=(¶1 5(' /$=< 0& 0,66 '<1 /

5(' /$=< 0& 0,66 '<1 +

(3 3'6

%: :: <: 0LON 70

Å&#x20AC; RQH RI RXU VWURQJHVW WZR \HDU ROGV RQ RIIHU Å&#x20AC; PRGHUDWH IUDPHG HDV\ Ã&#x20AC;HVKLQJ Å&#x20AC; RXW RI RQH RI RXU WRS GRQRU FRZV

1DWKDQ -HQVHQ )DPLO\ %R[ 7DEHU $OEHUWD 7 * & 3KRQH &HOO

(PDLO HQMD\ #KRWPDLO FRP

( 5HIHUHQFH 'DPV 194F 'DP RI /RW

910J

308N

*UDQG 'DP RI /RWV 'DP RI /RW

59M 'DP RI /RW

70N

'DP RI /RW

46

5HG 1&- 'LJLWV : )HEUXDU\

%: $:: $<: &( $2'

5(' 666 67250 0 5(' 6+2'(5(( '(67,1< 3

5(' 6+2'(5(( /($',1* /$'< .

5(' << ' 723 *81 ) 5(' 7(5 521 0,66 0$& 5(' '(92/$1( 0,66 0$& *

(3'6

%: :: <: 0LON 70

&$5&$66

0$5% $ 5($ LQรฐ %) LQ /0< : KDV KDG WKH ORRN RI D JUHDW RQH VLQFH KH ZDV ERUQ DQG KDVQยถW ORRNHG EDFN $ SRZHUIXO ZHOO PXVFOHG EXOO LQ D FRPSOHWH DQG PRGHU DWH IUDPH +H LV DQ (7 FDOI IURP D IDEXORXV GRQRU FRZ RZQHG E\ 7HU 5RQ )DUPV DQG &RUQHU &UHHN $QJXV $QRWKHU EXOO ZLWK IUHVK JHQHWLFV WR RIIHU LQ WKH 6LJQDWXUH 6HULHV VDOH $ WRWDO RXWFURVV IURP DQ\ RI WKH VDOH RIIHU LQJ

6KRGHUHH 'HVWLQ\ 6LUH 6KRGHUHH 'HVWLQ\ 6LUH

47

5HG /- )XOO $XWR :

-DQXDU\

%: $:: $<: &( $2'

5(' +($57/$1' .1,*+7 &+$50 / 5(' 7(5 521 )8//< /2$'(' 5

5(' 7(5 521 *2/',( /

5(' %$5 7+5(( + 5$0%2 ' 5(' (**(1 *5$9,7< 0,66 5(' (**(1 & 0,66 (

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $ 5($ LQรฐ %) LQ /0<

ล VLUH ZDV 6XSUHPH &KDPSLRQ DW $JULELWLRQ LQ ล GDP LV WKH RULJLQDO PDWULDUFK RI WKH 0LVV 0DWW FRZ IDPLO\ DW 1&- DQG ZLOO HQWHU RXU ร XVK SURJUDP WKLV \HDU DORQJ ZLWK RI KHU GDXJKWHUV

48

1&- )UHHGRP :

-DQXDU\

%: $:: $<: &( $2'

(3'6

&211($/< )25()5217 7& )5(('20

7& 58%<

%: :: <: 0LON 70

5(' '85$/7$ + 5(' 67(:$57 .858%$ 0

5(' ($*/( $&5(6 .858%$ )

&$5&$66

0$5% $$ 5($ LQรฐ %) LQ /0< ล ODUJHU IUDPHG EXOO ZLWK DERYH DYHUDJH FDUFDVV QXPEHUV

49

5HG 1&- 'HVWLQDWLRQ :

-DQXDU\

%: $:: $<: &( $2'

/ ',5(&7 ),5( 5(' / ',5(&7 '(6,*1

5(' / $',1$

5(' /$=< 0& ',9,'( - 5(' /$=< 0& 67$5ยถ6 /$66 3

5(' %%&& 67$5ยถ6 /$66 '

(3'6 %: :: <: 0LON 70

&$5&$66

0$5% $ 5($ LQรฐ %) LQ /0< Z UHSUHVHQWV D VWURQJ FRPELQDWLRQ RI VRPH RI WKH LQGXVWULHV PRVW GHSHQGDEOH DQG WUXVWHG JHQHWLFV DV ZHOO DV D QHZ DQG H[FLWLQJ RXWFURVV +LV GDP LV D SRZHUIXO (7 GDXJKWHU VLUHG E\ /D]\ 0& 'LYLGH - WKH DPD]LQJ IHPDOH PDNHU Z ZLOO LQFUHDVH SRXQGV LQ WKH SDVWXUH DQG LQ WKH IHHGORW ZKLOH EULQJLQJ D IUHVK DQG H[FLWLQJ SHGLJUHH WR WKH 5HG $QJXV LQGXVWU\

'LUHFW 'HVLJQ 6LUH RI /RW

'LYLGH - 0DWHUQDO *UDQG 6LUH WR /RWV

50

5HG 1&- 7D]] :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

5(' /$=< 0& 60$6+ 1 5(' 1&- 7$=(5 7

67(:$57 0,66 3$7+< 1

%: :: <: 0LON 70

5(' 3(5.6 $'9$1&( 5 5(' 0(0 %$<%(55< 5

5(' 0(0 %$<%(55< -

&$5&$66

0$5% $ 5($ LQð %) LQ /0< Å&#x20AC; RQH RI 7D]HU¶V EHVW Å&#x20AC; H[FHOOHQW VKDSH DQG RYHUDOO EDODQFH

51

5HG 1&- 7D]HU :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

5(' /$=< 0& 60$6+ 1 5(' 1&- 7$=(5 7

67(:$57 0,66 3$7+< 1

%: :: <: 0LON 70

5(' 666 %20%(5 * 5(' -&& <2162778 0

5(' -&& <2162778 )

&$5&$66

0$5% $$ 5($ LQð %) LQ /0<

Å&#x20AC; VROLG EXOO ZLWK JRRG GLVSRVLWLRQ

52

5HG 1&- %OD]HU :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

5(' /$=< 0& 60$6+ 1 5(' 1&- 7$=(5 7

67(:$57 0,66 3$7+< 1

%: :: <: 0LON 70

5(' *(,6 +, +2 ¶ 5(' 695 )$1&< /$'< 6

5(' 695 )$1&< /$'< /

&$5&$66

0$5% $$ 5($ LQð %) LQ /0< Å&#x20AC; GDP LV IURP RQH RI 695¶V VWURQJHVW FRZ IDPLOLHV Å&#x20AC; PRGHUDWH DQG FRUUHFW

53

5HG 1&- 0XOEHUU\ :

)HEUXDU\

%: $:: $<: &( $2'

5(' &203$66 08/%(55< 0 5(' ),1( /,1( 08/%(55< 3

5(' '86 )$<(77( *

5(' /$=< 0 683(5 %2:/ & 5(' ($*/( $&5(6 /,1'2 )

5(' ($*/( $&5(6 /$&( &

&$5&$66

)HEUXDU\

%: $:: $<: &( $2'

(3'6

%: :: <: 0LON 70

0$5% $ 5($ LQð %) LQ /0<

Å&#x20AC; ( 7 FDOI DQG IXOO EURWKHU WR /27 Å&#x20AC; UHVXOW RI D Ã&#x20AC;XVK IURP ) ZKR KDV EHHQ D VXSHU SURGXFHU DQG LV VWLOO JRLQJ VWURQJ DW \HDUV

54

5HG 1&- 0XOEHUU\ :

5(' &203$66 08/%(55< 0 5(' ),1( /,1( 08/%(55< 3

5(' '86 )$<(77( *

5(' 3(5.6 $'9$1&( 5 5(' 6&6& 0,66 3$7+< 5

67(:$57 0,66 3$7+< 1

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQð %) LQ /0< Å&#x20AC; JRRG 0XOEHUU\ VRQ IURP RQH RI RXU VWURQJHVW FRZ IDPLOLHV

55

1&- +RW 6KRW :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

5(' /$=< 0& 60$6+ 1 5(' 1&- 7$=(5 7

67(:$57 0,66 3$7+< 1

%: :: <: 0LON 70

6,7= $//,$1&( &52:)227 9(51,&( 5

&52:)227 9(51,&( -

&$5&$66

0$5% $$ 5($ LQรฐ %) LQ /0< ล DERYH DYHUDJH SHUIRUPDQFH ล H[FHOOHQW SKHQRW\SH

56

5HG 1&- %XFNVKRW :

)HEUXDU\

%: $:: $<: &( $2'

5(' +($57/$1' .1,*+7 &+$50 / 5(' 7(5 521 )8//< /2$'(' 5

5(' 7(5 521 *2/',( /

5(' << ' 723 *81 ) 5(' 7(5 521 0,66 0$& 5(' '(92/$1( 0,66 0$& *

&$5&$66

(3'6

%: :: <: 0LON 70

0$5% $ 5($ LQรฐ %) LQ /0< ล PDWHUQDO EURWKHU WR /RW ล IXOO VLVWHU LQ WKH UHSODFHPHQW SHQ ORRNV JRRG

57

5HG 1&- 5HG &ORXG :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

5(' / 1256(0$1 .,1* 5(' 50- 5('0$1 7

&52:)227 .858%$ 3

%: :: <: 0LON 70

/$=< 0& :25/':,'( .

5(' /$=< 0& 0,66 :25/' 1

5(' &5 0,66 '<1 %

&$5&$66

0$5% $$ 5($ LQรฐ %) LQ /0< ล RXWFURVV JHQHWLFV JDORUH ล 1 LV WKH JUDQG GDP WR /RW

58

5HG 1&- 0XOEHUU\ :

)HEUXDU\

%: $:: $<: &( $2'

5(' &203$66 08/%(55< 0 5(' ),1( /,1( 08/%(55< 3

5(' '86 )$<(77( *

5(' /$=< 0 683(5 %2:/ & 5(' ($*/( $&5(6 /,1'2 )

5(' ($*/( $&5(6 /$&( &

&$5&$66

59

5HG 1&- &RSHQKDJHQ :

0DUFK

%: $:: $<: &( $2'

(3'6

%: :: <: 0LON 70

0$5% $$ 5($ LQรฐ %) LQ /0<

ล 0XOEHUU\ 3 KDV VLUHG WRS FDWWOH DOO RYHU WKH ZRUOG DQG ZRQ SUHPLHU VLUH DW WKH :RUOG $QJXV )RUXP LQ -XO\ ล ร XVK PDWH WR /RW

5(' / 1256(0$1 .,1* 5(' 50- 5('0$1 7

&52:)227 .858%$ 3

&5&& %220 1 /$=< 0& ,21$ 6

/$=< 0& ,21$ 0

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQรฐ %) LQ /0<

ล KDV D EHDXWLIXO GDP

-RH 6DQG\ %DQGXUD %R[ 'XFKHVV $OEHUWD 7 - = 3KRQH &HOO

(PDLO EDQGXUD#HLGQHW RUJ

5HIHUHQFH 6 6LUHV <RXQJ 'DOH :RUWK $ORW 7

)HEUXDU\

%: $::

(3'6

6$9 75$9(/(5 6$9 1(7 :257+

6$9 0$<

<281* '$/( 5($/ '($/ <281* '$/( %5,'( 0

'28%/( - %5,'( + 7KLV SRZHUIXO KHUG VLUH FDPH WR %DQGXUD 5DQFKHV DV WKH KLJK VHOOLQJ $QJXV EXOO WKURXJK WKH $QJXV 3ULGH VDOH +H ZDV UHFHQWO\ QDPHG WKH :RUOG $QJXV )RUXP )XWXULW\ *UDQG &KDPSLRQ %XOO &XVWRPHUV FDQ DFFHVV WKH VLULQJ SRZHU RI 1HW :RUWK WKURXJK VRQV RI WKLV KLJK SHUIRUPDQFH VRXQG PDGH KHUG EXOO

%: :: <: 0LON 70 <* &( 0&( 5($ 0$5% )$7

//% /XWKHU 3

0DUFK

%: $::

(3'6

6,7= $//,$1&( 5(0,7$// /87+(5 /

5(0,7$// */$&(5 /,/< .,/0$856 '$48$17$( + *(,6 '(:'523 ¶

0-/& '(:'523 - <RX ZLOO KDYH D KDUG WLPH ¿QGLQJ D GHHSHU VLGHG VPRRWKHU PDGH KHUG VLUH µ/XWKHU¶ LV D YHU\ VRXQG PDGH H\H DSSHDOLQJ KHUG VLUH WKDW ZLOO H[FHO PDWHUQDO O\ 7KH VRQV LQ WKLV VDOH RIIHU VROLG SHUIRUPDQFH VW\OH DQG WKH µ ¶ LQÃ&#x20AC;XHQFH

%: :: <: 0LON 70 <* &( 0&( 5($ 0$5% )$7

5HG %U\ORU 6'/ 5HGZRRG 6

-DQXDU\

%: $:: $<:

5(' %-5 +,*+ &$3$&,7< 5(' 8%$5 6(482,$

5(' )2567(5 &233548((1

5(' %5</25 1(: 75(1' ' 5(' %52; &5(67$ +

5(' %52; &5(67$ % µ5HGZRRG¶V¶ GDP LV OLVWHG DV DQ (OLWH GDP ZLWK WKH &$$ DQG KHU VWUHQJWKV FDQ EH VHHQ LQ KLV DELOLW\ WR SURYLGH H[FHSWLRQDO PDWHUQDO VWUHQJWK +H ZLOO PRGHUDWH IUDPH DGG PXVFOH DQG LPSURYH VFURWDO DQG GHSWK RI Ã&#x20AC;DQN +LV SHGLJUHH FRPELQHV 6HTXRLD ZLWK WKH PDWHUQDO VWUHQJWK RI 1HZ 7UHQG

(3'6

%: :: <: 0LON 70 &( 0&( 5($ 0$5% )$7 67$< +3*

รฟ8C:vF8 5HIHUHQFH 'DPV 101R

10t

4058p

'DP RI /RW 'DP RI /RW 'DP RI /RW

60

205n

'DP RI /RW

%$1 5HOLDEXOO :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

+) 352*5(66 . +) 5(/,$%8// 6

+) $11,( 3

6$9 35('20,1$17 (//,27 %/$&.&$3 7

%,(9(56 %/$&.&$3 +

%: :: <: 0LON 70

&$5&$66

0$5% $$ 5($ LQรฐ %) LQ /0<

61

%$1 5DFKLV :

)HEUXDU\

%: $:: $<: &( $2'

5(0,7$// 1,*+7+$:. 1 5(0,7$// + 5$&+,6 5

+(1'(5621 0,66,( ยถ

5(0,7$// /87+(5 / 5(0,7$// 48((1 5

5(0,7$// 48((1 .

(3'6 %: :: <: 0LON 70

&$5&$66

0$5% $$ 5($ LQรฐ %) LQ /0<

62

%$1 /XWKHU :

)HEUXDU\

%: $:: $<: &( $2'

5(0,7$// /87+(5 / //% /87+(5 3

*(,6 '(:'523 ยถ

7& )25()5217 '- 5(9/21 *(25*,1$ 5

'- /29( $/27 *(25*,1$

(3'6 %: :: <: 0LON 70

&$5&$66

0$5% $$ 5($ LQรฐ %) LQ /0<

63

%$1 3UHGHVWLQHG :

-DQXDU\

%: $:: $<: &( $2'

(3'6

% 5 1(: '(6,*1 *$5 35('(67,1('

*$5 (;7

%: :: <: 0LON 70

$/%(5'$ 75$9(/(5 52<$/ /8&< '5&& 3

7+20$6 /8&<

&$5&$66

0$5% $$ 5($ LQรฐ %) LQ /0<

64

5HG %$1 7XUERSDQ :

)HEUXDU\

%: $:: $<: &( $2'

5(' *2/' %$5 3$1'(021,80 3 5(' *2/' %$5 785%2 3$1 7

5(' 0&5$(6 .(5, /(( 1

5(' 67(:$57 3$7+),1'(5 / 5(' ' %$5 67$5/(77 6

5(' )8//(57216 67$5/(7 +

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQรฐ %) LQ /0<

65

%$1 )UHH :KHHOHU :

-DQXDU\

%: $:: $<: &( $2'

+) )5(( :+((/(5 1 //% $// ,1 7

$%(/ (5,&$ /

+) 12 6855(1'(5 +$5521 -8/,$1$ 1

%,(9(56 -8/,$1$ *

&$5&$66

(3'6 %: :: <: 0LON 70

5HG -25' 5HGZRRG :

0DUFK

%: $:: $<: &( $2'

5(' 8%$5 6(482,$ 5(' %5</25 6'/ 5(':22' 6

5(' %52; &5(67$ +

5(' &5 +($9< / 5(' 7* (//,( 5

5(' 7* (//,( 0

&$5&$66

7& $'9$17$*( %2: 5,'*( $'9$17$*( 6

*(7 $ /21* (/%$

'5</$1' ,&(%(5* ($6721'$/( 7236< ยถ

7236< 2) 3/($6$17 9,67$ &

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQรฐ %) LQ /0<

68

%$1 /XWKHU :

$SULO

%: $:: $<: &( $2'

(3'6 %: :: <: 0LON 70

0$5% $ 5($ LQรฐ %) LQ /0<

)HEUXDU\

%: $:: $<: &( $2'

0$5% $$ 5($ LQรฐ %) LQ /0<

67

66

%$1 $GYDQWDJH :

5(0,7$// /87+(5 / //% /87+(5 3

*(,6 '(:'523 ยถ

+) 35(0,80 3/86 . +) 7,%%,( 3

+) 7,%%,( +

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% 1 $ 5($ LQรฐ 1 $ %) LQ 1 $ /0< 1 $

69

5HG -25' 3DVTXDOH :

-DQXDU\

%: $:: $<: &( $2'

(3'6

5(' 9*: 5$0%/(5 5(' %5</25 3$648$/( 3

5(' ;;; /$.0( 0

5(' &52:)227 2/(ยถ6 26&$5 0 5(' -25' ,21$

5(' 7* ,21$ 5

&$5&$66

%: :: <: 0LON 70

0$5% 1 $ 5($ LQรฐ 1 $ %) LQ 1 $ /0< 1 $

70

5HG -25' 6DNLF :

-DQXDU\

%: $:: $<: &( $2'

5(' 6,; 0,/( $9,$725 3 5(' 6,; 0,/( 6$.,& 6

5(' 6,; 0,/( 6,(5$ 3

5(' /&& 05 0$5%/,1* & 5(' 6:$1 &5((. '(% 00 1

5(' *2/' %$5 '(%%,( * -

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQรฐ %) LQ /0<

71

-DQXDU\

&$ )8785( ',5(&7,21 6$9 6$,17 $17+21<

6$9 0$'$0( 35,'(

6$) %$1'2 /%5 $1*86 %$5% 3

+$33<9$/( 587+ -

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQรฐ %) LQ /0<

%$1 :RUWK $ORW :

0DUFK

%: $:: $<: &( $2'

6$9 1(7 :257+ <281* '$/( :257+ $/27 7

<281* '$/( %5,'( 0

//% '$48$17$( 3 +) (5,&$ 6

+) (5,&$ 3

&$5&$66

%$1 :RUWK $ORW :

)HEUXDU\

%: $:: $<: &( $2'

%: $:: $<: &( $2'

73

72

%$1 67 $QWKRQ\ :

6$9 1(7 :257+ <281*'$/( :257+ $/27 7

<281*'$/( %5,'( 0

6$1'< %$5 $'9$17$*( :,/%$5 /8&< 6

:,/%$5 /8&< /

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQรฐ %) LQ /0<

74

%$1 /XWKHU :

0DUFK

%: $:: $<: &( $2'

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQรฐ %) LQ /0<

5(0,7$// /87+(5 / //% /87+(5 3

*(,6 '(:'523 ยถ

7& )25()5217 '- 5$&+(/ %/$&./$66 5

'- -(66,&$ %/$&./66 -

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQรฐ %) LQ /0<

75

%$1 5DFKLV -U :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

5(0,7$// 1,*+7+$:. 1 5(0,7$// + 5$&+,6 5

+(1'(5621 0,66,( ยถ

%: :: <: 0LON 70

:,:$ &5((. +2*$1 ยถ 5(0,7$// (,/((1 +$33<9$/( (,/((1 &

&$5&$66

0$5% $$ 5($ LQรฐ %) LQ /0<

76

%$1 :RUWK $ORW :

-DQXDU\

%: $:: $<: &( $2'

(3'6

6$9 1(7 :257+ <281*'$/( :257+ $/27 7

<281*'$/( %5,'( 0

%: :: <: 0LON 70

+) 32:(5 6285&( 0 +) 0,66 /8&< 5

+) 0,66 /8&< '

&$5&$66

0$5% $$ 5($ LQรฐ %) LQ /0<

77

)HEUXDU\

%: $:: $<: &( $2'

&$ )8785( ',5(&7,21 6$9 6$,17 $17+21<

6$9 0$'$0( 35,'(

:,1'586+ 5$,10$.(5 :,1'586+ 0,66 %85*(66 /

%5$0%/(%522. 0,66 %85*(66 &

&$5&$66

79

(3'6 %: :: <: 0LON 70

%$1 $ORW :

0DUFK

6$9 1(7 :257+ <281*'$/( :257+ $/27 7

<281*'$/( %5,'( 0

75,3/( ( 0$75,; &&/ %/$&.&$3 6& 1

(%21 +,// %/$&.&$3 ยถ

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQรฐ %) LQ /0<

-DQXDU\

(3'6

6$1'< %$5 $'9$17$*( 0 +) .2',$. 5

:,/%$5 58%< 5

-867$0(5( 7,0( 5(*8/$725 1 -867$0(5( 1 6$33+,5( 7

60& 6$33+,5( 0

&$5&$66

%: :: <: 0LON 70

0$5% $$ 5($ LQรฐ %) LQ /0<

80

%$1 :RUWK $ORW :

)HEUXDU\

%: $:: $<: &( $2'

%: $:: $<: &( $2'

%$1 .RGLDN :

%: $:: $<: &( $2'

0$5% $$ 5($ LQรฐ %) LQ /0<

&$5&$66

78

%$1 67 $QWKRQ\ :

6$9 1(7 :257+ <281*'$/( :257+ $/27 7

<281*'$/( %5,'( 0

+) 32:(5 6285&( 0 +) %/$&.%,5' 6

+) %/$&.%,5' 3

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQรฐ %) LQ /0<

81

%$1 (FKR :

)HEUXDU\

%: $:: $<: &( $2'

(3'6

5(0,7$// /87+(5 / //% /87+(5 3

*(,6 '(:'523 ยถ

%: :: <: 0LON 70

-:. 6/((3< %2< ($5/< 6816(7 7,/'$ 6

($5/< 6816(7 7,/'$ 3

&$5&$66

0$5% $ 5($ LQรฐ %) LQ /0<

82

/%5 $QJXV (GZDUG 8

6HSWHPEHU

%: $:: &( $2'

6$9 %$1'2 /%5 /8,6 6

',$021' &5((. 0$7,/'$ 0

7/$ 35,'(6 5(9,9$/ *(7 $ /21* %211,(

*(,6 %211,( ยถ

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% 1 $ 5($ LQรฐ 1 $ %) LQ 1 $ /0< 1 $

83

0DUFK

%: $:: $<: &( $2'

5(0,7$// 1(7:25. 1 5(0,7$// 5(6,6725 5

&$<0(1 526( ยถ

*5$1'9,(: :20$&. ',5(&7 5(0,7$// 1(21,$ 5

+$33<9$/( 1(21,$ (

&$5&$66

(3'6 %: :: <: 0LON 70

&RWWDJH &UHHN %LOO\ %RE :

0DUFK

%: &( $2'

2&& /(*(1' / %& /22.287

*,%%(7 +,// 0,*1211( (

-:. 6/((3< %2< '8'6:(// +,// 7$0$5$

'8'6:(// +,// 5$:+,'( 5

&$5&$66

%$1 :RUWK $ORW :

)HEUXDU\

%: $:: $<: &( $2'

0$5% $$ 5($ LQรฐ %) LQ /0<

85

84

%$1 5HVLVWRU :

6$9 1(7 :257+ <281*'$/( :257+ $/27 7

<281*'$/( %5,'( 0

(116 .58**(5$1'6 72172 3 -867$0(5( 3 %$5$1'$ 6

: % %/$&. &$3

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQรฐ %) LQ /0<

86

%$1 3OD\ER\ :

)HEUXDU\

%: $:: $<: &( $2'

(3'6 %: :: <: 0LON 70

0$5% 1 $ 5($ LQรฐ 1 $ %) LQ 1 $ /0< 1 $

//% 1,*+7 75$,1 0 5(0,7$// 3/$<%2< 3

%(/9,1 /$'< %/26620 ยถ

6$9 ),1$/ $16:(5 5(0,7$// 48((1 7

5(0,7$// 48((1 5

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQรฐ %) LQ /0<

6HEDVWLHQ 6DUDK 6WHZDUW %R[ 6LWH 55 &RFKUDQH $OEHUWD 3KRQH &HOO

(PDLO VWHZDUWFDWWOH#[SORUQHW FRP :HE ZZZ VWHZDUWFDWWOHFRPSDQ\ FRP

&DWWOH &R & WWOO &

5HIHUHQFH 6LUH 5HG /HDFKPDQ (QG &XW *

0DUFK

%: $:: $<:

(3'6

5(' /0$1 121( %(77(5 5(' /&+01 121( +($9,(5 '

5(' /($&+0$1 35,/$5.

5(' %8) &5. '<1$02 5(' 3$5. 9,&725,$ &

5(' %8) &5. 0,12/$ (QG &XW LV D SRZHUIXO VLUH ZKR SDVVHV RQ H[FHSWLRQDO SKHQRW\SH DQG PXVFOH H[SUHVVLRQ LQ D PRGHUDWH SDFNDJH ZLWK DERYH DYHUDJH VFURWDO GHYHOSRPHQW +LV GDXJKWHUV KDYH EHDXWLIXO XGGHUV DQG ZLWK VWURQJ GDUN IHHW (QG &XW UDQNV LQ WKH WRS IRU :: DQG WRS IRU <: +LV PLON LV LQ WKH WRS RI WKH EUHHG 7R GDWH KLV FDOYHV KDYH VKRZQ H[WUD SRZHU DQG GLPHQVLRQ ZLWKRXW FRPSURPLVLQJ FDOYLQJ HDVH 7KH\ KDYH GDUN UHG FRDWV H[FHOOHQW YLJRU DQG DUH FRQVLVWHQW LQ W\SH

H;J8FH 5HIHUHQFH 'DPV 15m *UDQG 'DP RI /RW

87

306n

'DP RI /RWV

5HG 6WHZDUW (QG &XW :

-DQXDU\

%: $:: $<: &( $2'

5(' /&+01 121( +($9,(5 ' 5(' /($&+0$1 (1' &87 *

5(' 3$5. 9,&725,$ &

5(' << &+,()/,1( 1 5(' 6%6 0$( ../ 5

5(' %$5 ( / 0$( 0

&$5&$66

62a

'DP I /RWV

6WHZDUWV 3XQFK :

)HEUXDU\

%: $:: $<: &( $2'

(3'6 %: :: <: 0LON 70

0$5% 1 $ 5($ LQรฐ 1 $ %) LQ 1 $ /0< 1 $ ล 7KLV FDOYLQJ HDVH EXOO ZLOO EH JUHDW RQ KHLIHUV 'DP LV D JRUJHRXV IHPDOH ZLWK DQ H[FHOOHQW XGGHU *UDQG GDP ZDV &KDPSLRQ DW ERWK )DUPIDLU DQG $JULELWLRQ LQ ยถ

88

%: :: <: 0LON 70 &( 0&( 5($ 0$5% )$7 67$< +3*

7& )5(('20 67(:$576 35,086 5

5(' 67(:$57 0,66 3$7+<

5(' 67(:$57 3$7+),1'(5 / 5(' 67(:$57 3$75,&,$ 1

5(' 67(:$57 06 3$75,27 +

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQรฐ %) LQ /0< ล 'DP LV WKH EHVW LQ RXU KHUG 3XQFK KDV H[FHOOHQW VWUXFWXUH KDLU FRDW IHHW DQG WHVWLFOHV ZLWK H[WUD OHQJWK RI VSLQH 5HFRPPHQGHG IRU ODUJHU KHLIHUV DQG FRZV

89

5HG 6WHZDUW %DELQH :

-DQXDU\

%: $:: $<: &( $2'

(3'6

5(' /&+01 121( +($9,(5 ' 5(' /($&+0$1 (1' &87 *

5(' 3$5. 9,&725,$ &

%: :: <: 0LON 70

5(' 67(:$57 3$7+),1'(5 / 5(' 67(:$57 3$75,&,$ 1

5(' 67(:$57 06 3$75,27 +

&$5&$66

0$5% $$ 5($ LQð %) LQ /0< Å&#x20AC; 7KLV LV D GHHS ERGLHG EXOO ZLWK JUHDW IHHW KDLU DQG H\H DSSHDO LQ D PRGHUDWH SDFNDJH ([SHFW VRJJ\ UHSODFHPHQWV ZLWK H[FHOOHQW XGGHUV +H LV D PDWHUQDO EURWKHU WR RXU QHZ +HUG 6LUH µ0DVWHU 8¶

90

5HG 6WHZDUW 6PDVK :

-DQXDU\

%: $:: $<: &( $2' (7

(3'6

5(' 666 %220(5 % 5(' /$=< 0& 60$6+ 1

5(' /$8521 <% 526$ *

%: :: <: 0LON 70

5(' 7+5(( ' 3$7+),1'(5 ¶ 5(' -(:(/ 0,66 3$7+< $

5(' -(:(/ 0,66 &+(52.(( :

&$5&$66

0$5% $ 5($ LQð %) LQ /0< Å&#x20AC; )XOO EURWKHU WR /RW DQG WKH KLJK VHOOHU LQ WR 6KRGHUHH 5DQFK

91

5HG 6WHZDUW 6NDJLW :

-DQXDU\

%: $:: $<: &( $2' (7

5(' 666 %220(5 % 5(' /$=< 0& 60$6+ 1

5(' /$8521 <% 526$ *

5(' 7+5(( ' 3$7+),1'(5 ¶ 5(' -(:(/ 0,66 3$7+< $

5(' -(:(/ 0,66 &+(52.(( :

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% $$ 5($ LQð %) LQ /0< Å&#x20AC; 7KLFN PRGHUDWH FDOYLQJ HDVH EXOO +LV GDP LV RQH RI &DQDGD¶V JUHDW PDWURQV ZLWK UHJLVWHUHG SURJHQ\ DQG WZR PRUH ERUQ WKLV \HDU 6DIH IRU XVH RQ ERWK KHLIHUV DQG FRZV

92

5HG 6WHZDUW 8

)HEUXDU\

%: &( $2'

5(' /$=< 0& 60$6+ 1 5(' 67(:$57 02&&$6,1 6

5(' 67(:$57 78%(( 3

81.12:1 5(' 67(:$57 75,;,( 6

5(' %,5&+/$:1 75,;,( -

&$5&$66

(3'6 %: :: <: 0LON 70

0$5% 1 $ 5($ LQð 1 $ %) LQ 1 $ /0< 1 $ Å&#x20AC; ([FHOOHQW EXOO WR FRYHU D ODUJH JURXS RI KHLIHUV $OWKRXJK WKH VLUH RI WKH GDP LV XQNQRZQ VKH LV D PRGHO FRZ ZLWK DQ H[FHO OHQW XGGHU DQG VWURQJ IHHW