Ian Randle Publishers 2012 Catalogue

0HVVDJH IURP WKH 0DQDJLQJ 'LUHFWRU &217(176

ZZZ LDQUDQGOHSXEOLVKHUV FRP

-DPDLFD DQG 7ULQLGDG DQG 7REDJR ERWK FHOHEUDWH \HDUV RI ,QGHSHQGHQFH LQ DQG ,DQ 5DQGOH 3XEOLVKHUV DUH SURXG WR KDYH EHHQ SDUW RI WKDW PDWXULQJ SURFHVV E\ SXEOLVKLQJ ÀQH ERRNV RQ WKH LQGHSHQGHQFH H[SHULHQFHV RI DOO WKH FRXQWULHV RI WKH &DULEEHDQ UHJLRQ 2XU OHDG WLWOH IRU WKH 6SULQJ RI WKLV -XELOHH \HDU LV 7KH &DULEEHDQ LQ 6HSLD $ 3KRWRJUDSKLF +LVWRU\ ZKLFK LV VLJQLÀFDQW EHFDXVH LW FDSWXUHV WKH &DULEEHDQ LQ WKRVH FUXFLDO \HDUV LPPHGLDWHO\ DIWHU (PDQFLSDWLRQ DV WKH SHRSOHV RI WKH UHJLRQ VHW RXW WR IDVKLRQ QHZ VRFLHWLHV WKDW FRXOG EH VDLG WR PDUN WKH EHJLQQLQJ RI WKH URDG WR ,QGHSHQGHQFH 6LJQLÀ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·V 3LFWXULQJ WKH 3RVW &RORQLDO 1DWLRQ DQG (UQD %URGEHU·V IUHVK FROOHFWLRQ RI VKRUW VWRULHV 7KH :RUOG LV D +LJK +LOO SURYLGH GLIIHUHQW SHUVSHFWLYHV RQ WKH LQGHSHQGHQFH H[SHULHQFH $QG DV WKH UHJLRQ ORRNV WRZDUGV WKH QH[W \HDUV :LQVWRQ 'RRNHUDQ·V 3RZHU 3ROLWLFV DQG 3HUIRUPDQFH SURYLGHV VLJQSRVWV IRU D QHZ DSSURDFK WR GHYHORSPHQW IRU VPDOO VWDWHV OLNH RXUV LQ WKH &DULEEHDQ 7KH QH[W \HDUV OHDGLQJ WR WKH FHQWHQDU\ SURPLVHV WR EH HTXDOO\ H[FLWLQJ HYHQ DV WKH\ SURYLGH QHZ FKDOOHQJHV IRU WUDGLWLRQDO SXEOLVKLQJ 7KH ,DQ 5DQGOH 3XEOLVKHUV PDQWUD ¶)URP WKH &DULEEHDQ WR WKH :RUOG· KDV DOUHDG\ EHJXQ WR WDNH RQ D QHZ UHDOLW\ LQ WKH DYDLODELOLW\ RI VRPH RI RXU WLWOHV DV ERWK HOHFWURQLF DQG SULQWHG ERRNV DQG DV ZH VHQG WKH PHVVDJH ZRUOGZLGH WKURXJK WKH XVH RI VRFLDO PHGLD YLD WKH LQWHUQHW 2XU UHDGHUV DXWKRUV DQG VXSSRUWHUV LQ WKH &DULEEHDQ WKH IDU ÁXQJ 'LDVSRUD DQG WKH ZRUOG DW ODUJH ZLOO FRQWLQXH WR EH LQIRUPHG HGXFDWHG DQG HQWHUWDLQHG E\ RXU ÀQH RIIHULQJV DV ZH FRQWLQXH WR VKRZFDVH WKH LQFUHGLEOH HQHUJ\ DQG WDOHQW RI WKH &DULEEHDQ SHRSOH

*HQHUDO &XOWXUDO 6WXGLHV +LVWRU\ 7KH &RQWHPSRUDU\ &DULEEHDQ 3ROLWLFV (FRQRPLFV DQG 'HYHORSPHQW /DZ /LWHUDWXUH 7H[WERRNV 7LWOH ,QGH[ $XWKRU ,QGH[

&KULVWLQH 5DQGOH

6XEVFULEH WR RXU HPDLO GLVWULEXWLRQ OLVW )RU WKH ODWHVW QHZV RI ,53·V QHZ ERRNV MRLQ RXU HPDLO OLVW 6HQG D PHVVDJH ZLWK WKH ZRUG ¶VXEVFULEH· WR PDUNHWLQJ#LDQUDQGOHSXEOLVKHUV FRP :H ZLOO OHW \RX NQRZ ZKHQ QHZ ERRNV DUH UHOHDVHG DQG NHHS \RX XS WR GDWH ZLWK RXU SXEOLVKLQJ SURJUDPPH &XQQLQJKDP $YHQXH 3 2 %R[ .LQJVWRQ -DPDLFD : , ZZZ LDQUDQGOHSXEOLVKHUV FRP 7HO

)D[

(PDLO VDOHV#LDQUDQGOHSXEOLVKHUV FRP

)LQG XV RQ )DFHERRN

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

)ROORZ XV RQ 7ZLWWHU

-DPDLFD 7ULQLGDG DQG 7REDJR

*HQHUDO 5RYLQJ :LWK /DODK 0RUH 6OLFHV RI (YHU\GD\ -DPDLFDQ /LIH 5REHUW /DODK ,I \RX WKRXJKW WKH ÀUVW 5RYLQJ ZLWK /DODK ZDV IXQQ\ \RX ZLOO ORYH 5RYLQJ ZLWK /DODK 0RUH 6OLFHV RI (YHU\GD\ -DPDLFDQ /LIH )ROORZLQJ RQ WKH FRQWLQXLQJ VXFFHVV RI WKH ZHHNO\ *OHDQHU QHZVSDSHU FROXPQ E\ WKH VDPH QDPH 5RYLQJ 5HSRUWHU 5REHUW /DODK FRQWLQXHV KLV MRXUQH\ DURXQG -DPDLFD UHYHOOLQJ LQ WKH VLJKWV VRXQGV VFHQHU\ DQG SHRSOH RI WKLV EHDXWLIXO &DULEEHDQ LVODQG )URP ¶$ &KDW ZLWK 0DPD 0DUOH\· WR ¶'UDPD LQ WKH &KLQHVH 5HVWDXUDQW· DQG ¶7KH 1RW VR &RPI\ 6WUHHW 'DQFH· /DODK·V QDUUDWLYH FKDUP LQ HDFK RI WKH VWRULHV LPSDUWV -DPDLFDQ IDFWV DQG À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¶5RYLQJ ZLWK /DODK· IRU 7KH *OHDQHU

&RQWHQWV

ZZZ LDQUDQGOHSXEOLVKHUV FRP

$ %HHI\ $IIDLU $ &KDW ZLWK 0DPD 0DUOH\ $ 6WRS LQ 6WRQ\ *XW $ 9H[LQJ (QFRXQWHU RQ WKH 7ROO 5RDG %XVWOLQJ &KULVWLDQD &RRO 5XQQLQJV DW &ODUHQGRQ 3DUN 'HOD\ DQG 'LVWXUEDQFH LQ 6W &DWKHULQH $ )UXLWIXO 7ULS WR ,VOLQJWRQ 'UDPD LQ WKH &KLQHVH 5HVWDXUDQW ([SORULQJ +LOO 5XQ 7UDIÀF /LJKW $QLPRVLW\ +LJKZD\ %OXHV .HHSLQJ $ÁRDW LQ )DOPRXWK /DUU\ DQG WKH *LDQW )LVK /RDGLQJ 'RQNH\V LQ .HOOLWV /RQHVRPH LQ %RJXH 3UHSDULQJ IRU WKH $IWHUOLIH 3XPS $FWLRQ

86

µ [ µ SJV +DUGEDFN 0DUFK

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

*HQHUDO -DPDLFD *ROGHQ 0RPHQWV 7KH *OHDQHU &RPSDQ\ /WG -$0$,&$ *ROGHQ 0RPHQWV LV DQ HQWKUDOOLQJ YLVXDO FHOHEUDWLRQ RI WKH GHILQLQJ PRPHQWV LQ WKH \HDU SRVW LQGHSHQGHQFH KLVWRU\ RI WKLV VPDOO DQG HQLJPDWLF LVODQG QDWLRQ WKDW KDV PDGH DQ LQGHOLEOH PDUN RQ WKH UHVW RI WKH :RUOG )URP 7KH *OHDQHU QHZVSDSHU DUFKLYHV EUHDWKWDNLQJ LPDJHV KLJKOLJKW PDMRU HYHQWV LQ HDFK RI WKH Ã&#x20AC;YH GHFDGHV WKH UDLVLQJ RI WKH 1DWLRQDO )ODJ WKH FURZQLQJ RI D -DPDLFDQ DV 0LVV :RUOG WKH LQDXJXUDWLRQ RI $LU -DPDLFD 5R\DO YLVLWV WKH WULXPSK RI WKH Ã&#x20AC;UVW IHPDOH 2O\PSLF *ROG 0HGDO WKH %REVOHG WHDP +LJKZD\ 5HJJDH 6XQVSODVK DQG 5HJJDH 6XPIHVW DQG 8VDLQ %ROW DPRQJ RWKHUV DOO FDSWXUH WKH YLEUDQF\ DQG OHJDF\ RI WKH &DULEEHDQ QDWLRQ 0RUH WKDQ D MXVW D ERRN RI SKRWRJUDSKV -$0$,&$ *ROGHQ 0RPHQWV LV D WULEXWH WR WKH LVODQG DQG LWV SHRSOH RQ KHU *ROGHQ -XELOHH

ZZZ LDQUDQGOHSXEOLVKHUV FRP

86

µ [ µ SJV +DUGEDFN 0D\

-DPDLFD Â&#x2021; 7ULQLGDG DQG 7REDJR

*HQHUDO %ODFN 0HWHRUV 7KH &DULEEHDQ LQ ,QWHUQDWLRQDO 7UDFN DQG )LHOG %DVLO $ ,QFH %ODFN 0HWHRUV 7KH &DULEEHDQ LQ ,QWHUQDWLRQDO 7UDFN DQG )LHOG VSRWOLJKWV &DULEEHDQ DWKOHWHV DQG WKHLU UROH LQ EULQJLQJ WKH UHJLRQ WR WKH IRUHIURQW RI LQWHUQDWLRQDO WUDFN DQG Ã&#x20AC;HOG DWKOHWLFV $OWKRXJK WKH PDLQ IRFXV LV RQ DWKOHWHV IURP WKH &RPPRQZHDOWK &DULEEHDQ %DVLO ,QFH DOVR LQFOXGHV QRWDEOH DWKOHWHV IURP WKH ZLGHU )UHQFK 6SDQLVK DQG 'XWFK VSHDNLQJ &DULEEHDQ 7KLV FRPSHQGLXP RI &DULEEHDQ WUDFN DQG Ã&#x20AC;HOG DWKOHWLFV DOVR IHDWXUHV VWDWLVWLFV RQ DOO &DULEEHDQ DWKOHWHV DQG WKHLU VWDQGLQJ IRU HYHU\ PDMRU FRPSHWLWLRQ VLQFH WKH /RQGRQ 2O\PSLF *DPHV ,W LV DQ LQGLVSHQVDEOH JXLGH WR DWKOHWLFV LQ WKH &DULEEHDQ DQG LV EHQHÃ&#x20AC;FLDO WR VWXGHQWV RI VSRUWV DQG WKH JHQHUDO UHDGHU ZLWK DQ LQWHUHVW LQ WUDFN DQG Ã&#x20AC;HOG DWKOHWLFV %DVLO $ ,QFH KROGV D GRFWRUDWH IURP 1HZ <RUN 8QLYHUVLW\ +H KDV UHSUHVHQWHG WKH :HVW ,QGLHV DW WKH 3DQ $PHULFDQ *DPHV DQG KDV ZRQ ERWK VLOYHU DQG JROG LQ WKH [ P UHOD\ DQG WKH P LQ +H ZDV LQGXFWHG LQWR WKH 7ULQLGDG DQG 7REDJR 6SRUWV +DOO RI )DPH DQG ZHQW RQ WR EHFRPH 3UHVLGHQW RI WKH 1DWLRQDO $VVRFLDWLRQ RI $WKOHWHV DQG WKH PDQDJHU RI WKH 2O\PSLF WUDFN DQG Ã&#x20AC;HOG WHDP ZKLFK ZRQ JROG LQ

&RQWHQWV

ZZZ LDQUDQGOHSXEOLVKHUV FRP

,QWURGXFWLRQ 7KH *X\V ZLWK )DVW WZLWFK 0XVFOH )LEUHV DW WKH +HLJKW RI WKH &ROG :DU 7KH *X\V ZLWK WKH )DVW WZLWFK 0XVFOH )LEUHV DQG &ROG :DU 6KHQDQLJDQV ² WKH V 7KH 6SULQWHUV &RRO 'RZQ DQG WKH &ROG :DU :D[HV DQG :DQHV %ODFN 0HWHRUV DQG /LJKWQLQJ %ROWV ²

:HVW ,QGLDQ :RPHQ 6ORZ 2II WKH %ORFNV :HVW ,QGLDQ :RPHQ 7KH 6OHHSLQJ *LDQW ([SORGHV 7KH *ROGHQ $JH RI WKH 2QH ODSSHUV 7KH 2QH ODSSHUV DQG WKH )XWLOH 6HDUFK IRU (O 'RUDGR 7ZLFH $URXQG WKH 7UDFN LQ 6HDUFK RI *ROG 7KH 3HUIRUPDQFHV RI WKH %DKDPDV *X\DQD %DUEDGRV WKH 2UJDQL]DWLRQ RI (DVWHUQ &DULEEHDQ 6WDWHV DQG WKH QRQ (QJOLVK VSHDNLQJ &RXQWULHV )URP WKH &DULEEHDQ ZLWK /RYH 9LHQHQ ORV &XEDQRV *UDFLDV D OD UHYROXFLyQ < ODV PXMHUHV WDPELpQ &RQFOXVLRQ

86

µ [ µ SJV 3DSHUEDFN 0D\

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

* H Q H U D O 5XQQLQJ IRU %ODFN *ROG )LIW\ <HDUV RI $IULFDQ $WKOHWLFV .HYLQ /LOOLV ´7KH KDOI FHQWXU\ VLQFH $EHEH %LNLOD ZRQ WKH 2O\PSLF JROG PHGDO LQ ZRUOG UHFRUG WLPH LQ 5RPH LQ KDV EHHQ D JROGHQ SHULRG IRU $IULFDQ DWKOHWLFV µ 5XQQLQJ IRU %ODFN *ROG )LIW\ <HDUV RI $IULFDQ $WKOHWLFV RIIHUV D GRFXPHQWHG QDUUDWLYH RI WKH $IULFDQ JURZWK WR SURPLQHQFH LQ LQWHUQDWLRQDO DWKOHWLFV FRPSHWLWLRQV VSDQQLQJ WKH ODVW \HDUV .HYLQ /LOOLV UHÁHFWV RQ WKH SURPLQHQFH RI $IULFDQ DWKOHWHV ZKR KDYH GRPLQDWHG LQ SDUWLFXODU WKH PLGGOH DQG ORQJ GLVWDQFH HYHQWV +H DOVR DQDO\VHV WKH QXPHURXV YDULDEOHV ZKLFK KDYH FRQWULEXWHG WR WKH RXWVWDQGLQJ SHUIRUPDQFH RI WKHVH DWKOHWHV 5XQQLQJ IRU %ODFN *ROG LV UHSOHWH ZLWK VWDWLVWLFDO GDWD VKRZFDVLQJ WKH PRVW QRWDEOH SHUIRUPDQFHV RI $IULFDQ $WKOHWHV RYHU WKH ÀYH GHFDGH VSDQ RI SRVW ,QGHSHQGHQFH ,W LV DQ LPSRUWDQW YROXPH WR RZQ IRU WKH DYLG VSRUWV IDQ DQG WKH QRYLFH DOLNH DV LW LV WKH PRVW FRPSUHKHQVLYH WH[W HYHU ZULWWHQ RQ $IULFDQ WUDFN DQG ÀHOG DWKOHWLFV .HYLQ /LOOLV LV D FRQVXOWDQW LQ LQWHUQDWLRQDO DLG SURJUDPPHV DQG KROGV D GRFWRUDWH LQ 3KLORVRSK\ IURP WKH 8QLYHUVLW\ RI 6XVVH[ +H KDV D ZLGH EDFNJURXQG LQ DPDWHXU VSRUWLQJ KDYLQJ SOD\HG FULFNHW IRU .HQ\D DV ZHOO DV SHUIRUPLQJ DV FDSWDLQ RI WKH .HQ\DQ DQG (DVW $IULFDQ 5XJE\ WHDP +H LV DOVR D VSRUWVZULWHU ZKR KDV ZULWWHQ IRU WKH 'DLO\ 1DWLRQ LQ .HQ\D DQG WKH QRZ GHIXQFW $IULFD 6SRUWV

&RQWHQWV $IULFDQ 0HQ *ROG 0HGDOV DW WKH 2O\PSLF *DPHV $IULFDQ 0HQ *ROG 0HGDOV DW WKH ,$$) :RUOG &KDPSLRQVKLSV $IULFDQ :RPHQ RQ WKH *OREDO $WKOHWLFV 6WDJH $IULFDQ 0HQ :RUOG 5HFRUGV &RQFOXVLRQV 7KH $IULFDQ $OO 7LPH 3RGLXP

86

µ [ µ SJV 3DSHUEDFN 0D\

-DPDLFD 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

,QWURGXFWLRQ

*HQHUDO 7KH /RQJHU 5XQ $ 'DXJKWHU·V 6WRU\ RI $UWKXU :LQW 9DOHULH :LQW

$UWKXU :LQW LV EHVW NQRZQ DV RQH RI WKH IRUHUXQQHUV RI -DPDLFD·V GRPLQDQFH LQ WUDFN DQG ÀHOG DWKOHWLFV ZLWK KLV VWXQQLQJ SHUIRUPDQFHV LQ WKH +HOVLQNL DQG /RQGRQ 2O\PSLFV %XW :LQW ZDV DOVR D PXOWL IDFHWHG PDQ ZLWK RXWVWDQGLQJ FDUHHUV DV D 3K\VLFLDQ 'LSORPDW DQG IDPLO\ PDQ ,Q 7KH /RQJHU 5XQ 9DOHULH :LQW SDLQWV D YLYLG DQG URXQGHG SRUWUDLW RI D IDWKHU KXVEDQG WHDPPDWH DQG IULHQG ZKR DOZD\V PDQDJHG WR UHPDLQ KXPEOH LQ VSLWH RI KLV SURIHVVLRQDO VXFFHVV DQG SHUVRQDO WULDOV 6KH JLYHV UHDGHUV QHYHU EHIRUH JUDQWHG DFFHVV LQWR WKH OLIH VWRU\ RI DQ HQLJPDWLF ÀJXUH ZKR WRZHUHG DERYH PRVW LQ VWDWXUH EXW OLYHG DV D JHQWOH JLDQW

9DOHULH :LQW LV WKH HOGHVW GDXJKWHU RI $UWKXU :LQW DQG FXUUHQWO\ UHVLGHV LQ &DQDGD

86

µ [ µ SJV 3DSHUEDFN

8VDLQ %ROW 0\ 6WRU\ %HLQJ WKH :RUOG·V )DVWHVW 0DQ 8VDLQ %ROW ZLWK 6KDXQ &XVWLV

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ÁXHQFH LQ WKH \RXQJ DWKOHWH·V OLIH DUH LQFOXGHG JLYLQJ WKH ERRN D WUXO\ DXWKHQWLF YRLFH

7ULSOH 2O\PSLF DQG :RUOG &KDPSLRQ 8VDLQ %ROW LV WKH IDVWHVW PDQ LQ WKH ZRUOG

86

µ [ µ SJV 3DSHUEDFN

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

*HQHUDO -DPDLFD )L 5HDO %HDXW\ 9LEHV DQG &XOWXUH .HYLQ 2·%ULHQ &KDQJ $UJXDEO\ WKH EHVW ERRN RQ -DPDLFD HYHU SURGXFHG -DPDLFD )L 5HDO LV FHUWDLQO\ WKH ÀUVW ERRN RQ -DPDLFD WKDW WHOOV WKH WUXWK ² WKH ZKROH WUXWK ² DERXW WKLV HQWLFLQJ &DULEEHDQ LVODQG ,Q DEVRUELQJ GHWDLO &KDQJ GHVFULEHV WKH H[XEHUDQFH RI WKH SHRSOH WKH WDQWDOLVLQJ ÁDYRXUV RI WKH IRRG WKH UK\WKP RI WKH PXVLF DQG WKH YLYLG DQG YDULHG DUWV DQG FXOWXUH RI -DPDLFD 7KH LVODQG·V ULFK KLVWRU\ DQG SROLWLFV IURP WKH HDUO\ \HDUV WR PRGHUQ WLPHV DORQJ ZLWK LWV VSRUWLQJ WUDGLWLRQ DQG EUHDWKWDNLQJ VFHQHU\ DUH YLEUDQWO\ UHODWHG SDLQWLQJ D SLFWXUH RI WKH 5HDO -DPDLFD DV RQO\ D -DPDLFDQ FRXOG WHOO LW

.HYLQ 2·%ULHQ &KDQJ LV D EXVLQHVVPDQ ZKR OLYHV DQG ZRUNV LQ 0DQFKHVWHU -DPDLFD +H LV FR DXWKRU RI WKH EHVWVHOOLQJ ERRN 5HJJDH 5RXWHV 7KH 6WRU\ RI -DPDLFDQ 0XVLF

86 3DSHUEDFN 86 +DUGEDFN µ [ µ SJV

7DVWHV /LNH +RPH 0\ &DULEEHDQ &RRNERRN

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·V PXVLQJV RQ IRRG DQG OLIH UHJXODUO\ DSSHDU LQ SXEOLFDWLRQV LQ WKH &DULEEHDQ DQG 1RUWK $PHULFD

86

µ [ µ SJV 3DSHUEDFN

-DPDLFD 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

&\QWKLD 1HOVRQ

* H Q H U D O EDFNOLVW %H\RQG D %RXQGDU\ &DULEEHDQ &ROOHJH (GLWLRQ &/5 -DPHV ZLWK $Q ,QWURGXFWLRQ E\ +LODU\ %HFNOHV &DULEEHDQ 5LJKWV

&/5 -DPHV UHFRXQWV KDOI D OLIHWLPH VSHQW SOD\LQJ ZDWFKLQJ DQG ZULWLQJ DERXW FULFNHW 3DUW PHPRLU RI D :HVW ,QGLDQ ER\KRRG SDUW SDVVLRQDWH FHOHEUDWLRQ DQG GHIHQVH RI FULFNHW DV DQ DUW IRUP SDUW LQGLFWPHQW RI FRORQLDOLVP %H\RQG D %RXQGDU\ DGGUHVVHV QRW MXVW D VSRUW EXW D ZKROH FXOWXUH WR DVN WKH TXHVWLRQ ¶:KDW GR WKH\ NQRZ RI FULFNHW ZKR RQO\ FULFNHW NQRZ"· &/5 -DPHV ZDV D KLVWRULDQ QRYHOLVW FXOWXUDO DQG SROLWLFDO DFWLYLVW ERUQ LQ 3RUW RI 6SDLQ 7ULQLGDG +LV :ULWLQJV LQFOXGH KLV IDPRXV VWXG\ RI WKH +DLWLDQ UHYROXWLRQ 7KH %ODFN -DFRELQV +LODU\ 0F' %HFNOHV LV 3URIHVVRU RI +LVWRU\ DQG 3UR 9LFH &KDQFHOORU DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV ZKHUH KH LV 3ULQFLSDO RI WKH &DYH +LOO FDPSXV LQ %DUEDGRV

86 Â&#x2021; µ[ µ Â&#x2021; SJV Â&#x2021; 3DSHUEDFN Â&#x2021;

+RUL]RQV 7KH /LIH DQG 7LPHV RI (GULF &RQQHU *HRUJH /DPPLQJ %ULGJHW %UHUHWRQ *RUGRQ 5RKOHKU 86

´ [ ´ SS 3DSHUEDFN

7UXO\ D *HQWOHPDQ 7KH 5LJKW ([FHOOHQW 6LU +XJK :RUUHOO 6SULQJHU .HDQ 6SULQJHU ´ [ ´ SS

+E 86

7KH %LRJUDSK\ RI %DTXDTXD 5RELQ /DZ 3DXO /RYHMR\ 86

´ [ ´ SS 3DSHUEDFN

+XJK 6KHDUHU $ 9RLFH IRU WKH 3HRSOH +DUWOH\ 1HLWD 86

´ [ ´ SS 3DSHUEDFN

, 6SHDN IRU WKH 3HRSOH 0HPRLUV RI :\QWHU &UDZIRUG (G E\ :RRGYLOOH 0DUVKDOO ´ [ ´ SS 3E 86

+E 86

7KH 0DQOH\ 0HPRLUV %HYHUOH\ $QGHUVRQ 0DQOH\ 86

´ [ ò´ SS 3DSHUEDFN

7LP +HFWRU $ &DULEEHDQ 5DGLFDO¶V 6WRU\ 3DXO %XKOH 86

´ [ ´ SS 3DSHUEDFN

1R 6WRQH 8QWXUQHG 7KH &DUO DQG 5RVLH 6WRU\ 5RVHPDULH 6WRQH 86

´ [ ò´ SS 3DSHUEDFN

0DVWHULQJ WKH &UDIW 7HQ <HDUV RI :HHNV

6LU (YHUWRQ :HHNHV ZLWK +LODU\ %HFNOHV 86

´ [ ´ SS 3DSHUEDFN

0DUFXV *DUYH\ 6X]DQQH )UDQFLV %URZQ -HDQ -DTXHV 9D\VVLqUHV ´ [ ´ SS 3E (QJ 86 3E )UHQ 86 3E 6SDQ 86 +E (QJ 86

7KH $GYHQWXUHV RI $Q (FRQRPLF 0LJUDQW $QWKRQ\ :DGH ´ [ ´ SS

ZZZ LDQUDQGOHSXEOLVKHUV FRP

3E 86

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

3E 86

+E 86

EDFNOLVW * H Q H U D O $OEHUW +XLH )DWKHU RI -DPDLFDQ 3DLQWLQJ (GZDUG /XFLH 6PWLK 86

´ [ ´ SS +DUGEDFN

$UW LQ %DUEDGRV :KDW .LQG RI 0LUURU ,PDJH" $OLVVDQGUD &XPPLQV $OOLVRQ 7KRPSVRQ 1LFN :KLWOH 86

´ [ ´ SS +DUGEDFN

5HJJDH 5RXWHV 7KH 6WRU\ RI WKH -DPDLFD 0XVLF .HYLQ 2¶%ULHQ &KDQJ :D\QH &KHQ 86

´ [ ´ SS 3DSHUEDFN

7KH -R\V RI +HDOWK\ &RRNLQJ LQ WKH &DULEEHDQ :HQG\ &ODUNH $OLVRQ :KLWH 0DQXHOLWD =HSKULQ 5RVLH -DFNPDQ 86

´ [ ´ SS 3DSHUEDFN

)L¿W\ <HDUV )LIW\ $UWLVWV 7KH 6FKRRO RI 9LVXDO $UWV (G 3HWULQH $UFKHU 6KDZ 86

´ [ ´ SS 3DSHUEDFN

%DUULQJWRQ <HDUV RI 'UDZLQJ %DUULQJWRQ :DWVRQ 86

´ [ ´ SS +DUGEDFN

5DVWDIDULDQ $UW (G E\ :ROIJDQJ %HQGHU 86

´ [ ´ SS 3DSHUEDFN

$UFKLWHFWXUDO +HULWDJH RI WKH &DULEEHDQ $Q $ = RI +LVWRULF %XLOGLQJV $QGUHZ *UDYHWWH ´ [ ´ SS

7KH 5HDO 7DVWH RI -DPDLFD (QLG 'RQDOGVRQ ´ [ ´ SS

3DSHUEDFN 86

3DSHUEDFN 86

+DUGEDFN 86

+DUGEDFN 86

-DPDLFDQ +RXVHV $ 9DQLVKLQJ /HJDF\ *HRIIUH\ GH 6ROD 3LQWR $QJKHOHQ $UULQJWRQ 3KLOOLSV 86

´ [ ò´ SS 3DSHUEDFN

&DULEEHDQ &RRNERRN 5LWD * 6SULQJHU 86

´ [ ´ SS 3DSHUEDFN

-DPDLFD 7ULQLGDG DQG 7REDJR

6KDGHV RI *UH\ %DUULQJWRQ :DWVRQ ´ [ ´ SS +DUGEDFN 6S (G 86

5HJ (G 86

7KH 1DWXUDO +LVWRU\ 6RFLHW\ RI -DPDLFD *XLGH WR WKH %OXH DQG -RKQ &URZ 0RXQWDLQV 0DUJDUHW +RGJHV 86

´ [ ´ SS 3DSHUEDFN

ZZZ LDQUDQGOHSXEOLVKHUV FRP

7KH :RUOG¶V )LQHVW -DPDLFD %OXH 0RXQWDLQ &RIIHH 1RUPD %HQJKLDW 86

´ [ ´ SS +DUGEDFN

$UWH 'XWFK &DULEEHDQ $UW &DULEEHDQ 5LJKWV

$GL 0DUWLV -HQQLIHU 6PLWK 86

´ [ ´ SS +DUGEDFN

&XOWXUDO 6WXGLHV 3LFWXULQJ WKH 3RVWFRORQLDO 1DWLRQ ,QWHU 1DWLRQDOLVP LQ WKH $UW RI -DPDLFD î &ODXGLD +XFNH ,Q SRVW LQGHSHQGHQW -DPDLFD D SHULRG PDUNHG E\ VLJQLÃ&#x20AC;FDQW VRFLDO SROLWLFDO DQG FXOWXUDO VKLIWV DUW SOD\HG D YLWDO UROH LQ HVWDEOLVKLQJ DQ LGHQWLW\ IRU D K\EULG QDWLRQ DW WKH GDZQ RI LWV VHOI GLVFRYHU\ 3LFWXULQJ WKH 3RVWFRORQLDO 1DWLRQ ,QWHU

1DWLRQDOLVP LQ WKH $UW RI -DPDLFD î H[DPLQHV WKH UHODWLRQVKLS EHWZHHQ DUW DQG QDWLRQ EXLOGLQJ KLJKOLJKWLQJ WKH YDULHG ZD\V DUW ZDV XVHG WR QRW RQO\ GHÃ&#x20AC;QH -DPDLFD EXW WR SURPRWH DQG EUDQG D -DPDLFD WKDW ZDV DV LQQRYDWLYH ULFK DQG FKDQJLQJ DV DUW LWVHOI &ODXGLD +XFNH·V GHWDLOHG WRXU RI WKH DUW RI -DPDLFD GXULQJ WKLV WUDQVIRUPDWLYH SHULRG VKRZV WKH FKDOOHQJHV IDFHG LQ EUDQGLQJ WKH QHZ QDWLRQ $V DUW ZDV D QDWLRQ EXLOGLQJ WRRO XVHG WR EUXVK DZD\ WKH FRORQLDO LQ IDYRXU RI WKH SRVWFRORQLDO DQG WR SDLQW OLIH DV LW UHDOO\ H[LVWHG LQ -DPDLFD PDQ\ DUWLVWV IHOW SUHVVXUHG WR SURGXFH DUW WKDW ZDV XQLTXHO\ -DPDLFDQ DQG VRFLDOO\ UHVSRQVLEOH WR EXLOGLQJ DQG EUDQGLQJ WKH QDWLRQ 7KH &RQWHPSRUDU\ $UWLVWV· $VVRFLDWLRQ &-$$ IRXQGHG E\ DUWLVWV (XJHQH +\GH .DUO 3DUERRVLQJK DQG %DUULQJWRQ :DWVRQ KHOSHG -DPDLFDQ DUWLVWV WR FUDIW DQ LPDJH RI -DPDLFD WKURXJK V\QWKHVLV RI WKH FRORQLDO ZLWK WKH SRVWFRORQLDO IRON ZLWK PRGHUQ DQG WKH LQWHUQDWLRQDO ZLWK QDWLRQDO DUW

&RQWHQWV ¶$ 1DWLRQ :LWKRXW $UW LV QRW D 1DWLRQ"·

ZZZ LDQUDQGOHSXEOLVKHUV FRP

0DNLQJ RI +LVWRU\ DQG 6HDUFK IRU WKH $XWKHQWLF

,Q DQG 2XWVLGH WKH 1DWLRQ ¶(PHUJLQJ IURP WKH 3DOP *URYHV DQG 6XJDU &DQH )LHOGV·

&ODXGLD +XFNH LV 6HQLRU /HFWXUHU LQ $UW +LVWRU\ DW WKH (GQD 0DQOH\ &ROOHJH RI WKH 9LVXDO DQG 3HUIRUPLQJ $UWV .LQJVWRQ -DPDLFD 6KH KDV D 3K' LQ $UW +LVWRU\ IURP WKH 8QLYHUVLW\ RI +DPEXUJ *HUPDQ\ DQG LV DQ LQGHSHQGHQW FXUDWRU ZKRVH ZRUN LQFOXGHV -D]] DQG 7LQJV ² 6HOHFWLRQV IURP .DUO 3DUERRVLQJK·V 6NHWFKERRNV DW WKH %ROLYDU *DOOHU\ DQG WKH %DUULQJWRQ :DWVRQ UHWURVSHFWLYH DW WKH 1DWLRQDO *DOOHU\ RI -DPDLFD

86

µ [ µ SJV +DUGEDFN ZLWK -DFNHW -XO\

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

&XOWXUDO 6WXGLHV %XUQLQJ IRU )UHHGRP $ 7KHRORJ\ RI WKH %ODFN $WODQWLF 6WUXJJOH IRU /LEHUDWLRQ 'HOUR\ 5HLG 6DOPRQ ,Q %XUQLQJ IRU )UHHGRP $ 7KHRORJ\ RI WKH %ODFN $WODQWLF 6WUXJJOH IRU /LEHUDWLRQ 'HOUR\ 5HLG 6DOPRQ H[SORUHV WKH UHDVRQV EHKLQG WKH DEROLWLRQ RI VODYHU\ LQ WKH %ODFN $WODQWLF :RUOG E\ H[DPLQLQJ WKH 6DP 6KDUSH 5HYROW 7KURXJK WKLV H[DPLQDWLRQ VRFLR SROLWLFDO DQG QRQ FRQIHVVLRQDO EDVHV IRU KXPDQ OLEHUDWLRQ ² OLEHUDWLRQ WKHRULHV WKDW HVSRXVH VRFLR SROLWLFDO UHDVRQV DPRQJ WKH HQVODYHG IRU ZDQWLQJ IUHHGRP DQG KXPDQ VHOI UHOLDQFH DQG VRYHUHLJQW\ RYHU WKHLU RZQ OLYHV ² DUH FKDOOHQJHG ,QVWHDG WKH EHOLHI WKDW OLEHUDWLRQ LQ WKH %ODFN $WODQWLF :RUOG ZDV DV D GLUHFW UHVXOW RI WKH PDQLIHVWDWLRQ RI WKH ZRUN RI *RG LQ KXPDQ H[LVWHQFH LV SXW IRUZDUG WKH 6DP 6KDUSH 5HYROW LV D WKHRORJLFDO DFW VLJQLI\LQJ WKH UHYHODWLRQ DQG LQYROYHPHQW RI *RG LQ KLVWRU\ WR VHW WKH RSSUHVVHG IUHH $V WKH Ã&#x20AC;UVW PDMRU WKHRORJLFDO VWXG\ DQG LQWHUSUHWDWLRQ RI WKH 6DP 6KDUSH 5HYROW %XUQLQJ IRU )UHHGRP SODFHV IDLWK LQ *RG DQG WKH SURPLVH RI *RG DV HVWDEOLVKHG LQ HYHQWV VXFK DV 7KH ([RGXV 6WRU\ 7KH 3URSKHWLF 7UDGLWLRQ DQG 7KH *RVSHO RI -HVXV &KULVW DV WKH EDVLV IRU KXPDQ OLEHUDWLRQ ZKLFK HQDEOHG DQG HQJHQGHUHG IUHHGRP LQ WKH %ODFN $WODQWLF :RUOG

'HOUR\ 5HLG 6DOPRQ KDV EHHQ SDVWRU RI WKH *UDFH %DSWLVW &KDSHO LQ 1HZ <RUN IRU RYHU \HDUV DQG LV DOVR D 9LVLWLQJ )HOORZ DW WKH 2[IRUG &HQWUH IRU &KULVWLDQLW\ DQG &XOWXUH 5HJHQWV 3DUN &ROOHJH +H KDV D 3K' LQ WKHRORJ\ IURP WKH 8QLYHUVLW\ RI %LUPLQJKDP 8QLWHG .LQJGRP DQG D 0DVWHU RI 'LYLQLW\ 'HJUHH IURP +DUYDUG 8QLYHUVLW\ 'LYLQLW\ 6FKRRO

,QWURGXFWLRQ 6DP 6KDUSH 7KH 0DQ EHKLQG WKH ¶/HJHQG· $OO 5LJKW 3HUVSHFWLYHV RI WKH 6DP 6KDUSH 5HYROW /LYLQJ LQ %XFNUD·V +RXVH 7KH 0DNLQJ RI D /LEHUDWRU :RUNLQJ LQ 9DLQ 7KH /LPLWV RI /LEHUDWLRQ *HW 8S DQG 6WDQG 8S 7KH *URXQGV RI /LEHUDWLRQ 8SULVLQJ 7KH 3RZHU RI WKH 2SSUHVVHG $OO ¶2· :H $ 2QH 7LHV 7KDW %LQG )LJKWLQJ IRU 6XUYLYDO 7RZDUGV D 7KHRORJ\ RI WKH %ODFN $WODQWLF 6WUXJJOH IRU /LEHUDWLRQ &RQFOXVLRQ

86

µ [ µ SJV 3DSHUEDFN 0D\

-DPDLFD Â&#x2021; 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

&RQWHQWV

&XOWXUDO 6WXGLHV &DULEEHDQ 3ROLWLFDO 7KRXJKW 7KH &RORQLDO 6WDWH WR &DULEEHDQ ,QWHUQDWLRQDOLVPV (GLWHG E\ $DURQ .DPXJLVKD &RYHULQJ &RQVWLWXWLRQV DQG /DZV 0DQLIHVWRV DQG 6SHHFKHV WKH &RORQLDO 6WDWH $QWL &RORQLDO 7KRXJKW DQG &DULEEHDQ ,QWHUQDWLRQDOLVPV LQ WKLV ÀUVW RI WZR YROXPHV RQ &DULEEHDQ 3ROLWLFDO 7KRXJKW HGLWRUV .DPXJLVKD DQG +XPH XQFRYHU FROOHFW DQG UHÁHFW RQ WKH ZHDOWK RI SROLWLFDO WKRXJKW SURGXFHG LQ WKH &DULEEHDQ UHJLRQ )LOOLQJ D YRLG LQ WKH LQWHOOHFWXDO ZRUN RI WKH UHJLRQ WKH LGHDV DUH FROOHFWHG IRU DQRWKHU JHQHUDWLRQ RI VFKRODUV VWXGHQWV DQG D ODUJHU &DULEEHDQ LQWHOOLJHQWVLD &DULEEHDQ 3ROLWLFDO 7KRXJKW 7KH &RORQLDO 6WDWH WR &DULEEHDQ ,QWHUQDWLRQDOLVPV ZLOO EH LQYDOXDEOH WR WKH PRGHUQ &DULEEHDQ VFKRODU

$DURQ .DPXJLVKD DQG <DQLTXH +XPH DUH ERWK /HFWXUHUV LQ &XOWXUDO 6WXGLHV DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV &DYH +LOO

86

µ [ µ SJV 3DSHUEDFN 1RYHPEHU

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ÀGHOLW\ WR WKH WHUULWRULDO OLQJXLVWLF DQG FXOWXUDO FRPSOH[LW\ RI WKH UHJLRQ ZKLOH FRQVWUXFWLQJ D QDUUDWLYH WKDW LOOXVWUDWHV WKHLU UHDGLQJ RI WKH PDLQ WUHQGV RI WKH SROLWLFDO WKRXJKW RI WKH UHJLRQ )URP 5RGQH\ WR /DPPLQJ %URGEHU DQG %DUULWHDX &DULEEHDQ 3ROLWLFDO 7KRXJKW 7KHRULHV RI WKH 3RVW &RORQLDO 6WDWH SRVLWV WKH EHOLHI WKDW WKH &DULEEHDQ PXVW UHFUHDWH LWVHOI DQHZ ² D WUDQVIRUPDWLRQ HPEUDFLQJ SROLWLFDO DUUDQJHPHQWV EH\RQG SHWW\ ERXUJHRLV GRPLQDQFH $DURQ .DPXJLVKD DQG <DQLTXH +XPH DUH ERWK /HFWXUHUV LQ &XOWXUDO 6WXGLHV DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV &DYH +LOO

86

µ [ µ SJV 3DSHUEDFN 1RYHPEHU

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

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î WKH FRDOHVFHQFH RI VHHPLQJO\ GLVSDUDWH FRQFHUQV WRJHWKHU XQGHU WKH RYHUDUFKLQJ LQWHOOHFWXDO SURMHFW RI &DULEEHDQ &XOWXUDO 7KRXJKW LQ RUGHU WR VWUHVV WKH ORQJ KLVWRU\ RI FULWLFDO ZULWLQJV RQ FXOWXUH DQG LWV LQWHUVHFWLRQ ZLWK SROLWLFDO ZRUN LQ WKH &DULEEHDQ LQWHOOHFWXDO WUDGLWLRQ IURP ZLWKLQ WKH DFDGHP\ DQG EH\RQG LWV FRQÀQHV ,QWHUGLVFLSOLQDU\ DQG 7UDQVGLVFLSOLQDU\ LQ VFRSH WKH QHDUO\ FKDSWHUV PDNLQJ XS &DULEEHDQ &XOWXUDO 7KRXJKW FRQWULEXWH WRZDUGV WKH RQJRLQJ SURMHFW RI LOOXVWUDWLQJ WKH FRPSOH[LW\ RI YRLFHV IURP GLIIHUHQW KLVWRULFDO SROLWLFDO FXOWXUDO DQG WHUULWRULDO SHUVSHFWLYHV WKDW FRQVWLWXWH WKH &DULEEHDQ UHJLRQ <DQLTXH +XPH DQG $DURQ .DPXJLVKD DUH ERWK /HFWXUHUV LQ &XOWXUDO 6WXGLHV DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV &DYH +LOO

86

µ [ µ SJV 3DSHUEDFN 1RYHPEHU

$ 5HDGHU LQ $IULFDQ -DPDLFDQ 0XVLF 'DQFH DQG 5HOLJLRQ (GLWHG E\ :ROIJDQJ %HQGHU DQG 0DUFXV &RHVWHU

,Q WKLV 5HDGHU &RHVWHU DQG %HQGHU KDYH FRPSLOHG VRPH RI WKH PRVW LPSRUWDQW HWKQRJUDSKLF ZRUN E\ QRWHG UHVHDUFKHUV ZKLFK DOWKRXJK SUHYLRXVO\ SXEOLVKHG KDYH EHHQ H[FHSWLRQDOO\ GLIÀ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

ZZZ LDQUDQGOHSXEOLVKHUV FRP

-DPDLFD·V ULFK FXOWXUH LV NQRZQ WKH ZRUOG RYHU DQG HYHU\ DVSHFW RI WKLV FXOWXUH KDV EHHQ LQÁXHQFHG E\ -DPDLFD·V $IULFDQ KHULWDJH $IULFDQ UHWHQWLRQV IURP WKH WLPH RI VODYHU\ KDYH EHFRPH PRUH WKDQ SUHVHUYHG DVSHFWV RI -DPDLFD·V SDVW $IULFDQ WUDGLWLRQV KDYH EHFRPH SDUW DQG SDUFHO RI -DPDLFDQ FXOWXUH

86 µ [ µ SJV 3DSHUEDFN 1RYHPEHU

-DPDLFD 7ULQLGDG DQG 7REDJR

&XOWXUDO 6WXGLHV &DULEEHDQ 5HDVRQLQJV &DULEEHDQ 3ROLWLFDO $FWLYLVP 5LFKDUG +DUW (GLWHG E\ 5XSHUW /HZLV 5LFKDUG +DUW·V FRQVWDQW TXHVW IRU SROLWLFDO DXWRQRP\ GHFRORQLVDWLRQ DQG UHJLRQDO XQLW\ KDV HDUQHG KLP D VSDFH LQ WKH DQQDOV RI KLVWRU\ DV RQH RI -DPDLFD·V OHDGLQJ QDWLRQDOLVW ÀJXUHV DQG DV D YLWDO FRQWULEXWRU WR WKH &DULEEHDQ LQWHJUDWLRQ PRYHPHQW $V D NH\ SURSRQHQW RI VRFLDO SROLWLFDO DQG HFRQRPLF WUDQVIRUPDWLRQV LQ WKH UHJLRQ +DUW IRXJKW DUGXRXVO\ IRU WUDGH XQLRQLVP SROLWLFDO VRYHUHLJQW\ DQG PDVV EDVHG GHPRFUDWLF SROLWLFDO SDUWLHV DPRQJ RWKHU LPSRUWDQW LVVXHV ZKLFK DGYDQFHG WKH OLYHV RI &DULEEHDQ QDWLRQDOV &DULEEHDQ 5HDVRQLQJV &DULEEHDQ 3ROLWLFDO $FWLYLVPî5LFKDUG +DUW RIIHUV VRPH RI WKH EHVW DVVHVVPHQW RI WKH ZRUN RI RQH RI -DPDLFD·V EHVW SROLWLFLDQ DFWLYLVW DQG KLVWRULDQ $ORQJ ZLWK WKH FULWLFDO UHÁHFWLRQ RI KLV ZRUN &DULEEHDQ 3ROLWLFDO $FWLYLVP DOVR VKRZV WKH VWUXJJOHV WKH -DPDLFDQ DQG *UHQDGLDQ VRFLHW\ IDFHG LQ WKH SRVW LQGHSHQGHQFH \HDUV RI WKH V DQG V 5XSHUW /HZLV LV 3URIHVVRU RI 3ROLWLFDO 7KRXJKW LQ WKH 'HSDUWPHQW RI *RYHUQPHQW DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV 0RQD DQG $VVRFLDWH 'LUHFWRU RI WKH &HQWUH IRU &DULEEHDQ 7KRXJKW

86

µ [ µ SJV 3DSHUEDFN $XJXVW

&DULEEHDQ 5HDVRQJLQJV 0 * 6PLWK 6RFLDO 7KHRU\ DQG $QWKURSRORJ\ LQ WKH &DULEEHDQ DQG %H\RQG (GLWHG E\ %ULDQ 0HHNV 0 * 6PLWK 6RFLDO 7KHRU\ DQG $QWKURSRORJ\ LQ WKH &DULEEHDQ DQG %H\RQG LQYLWHV UHDGHUV WR H[SORUH WKH OLIH DQG ZRUN RI 0LFKDHO *DUÀHOG 6PLWK RQH RI WKH PRVW SUROLÀF &DULEEHDQ WKLQNHUV RI WKH SRVW ZDU HUD 0 * 6PLWK DV KH ZDV NQRZQ LV FUHGLWHG ZLWK KDYLQJ PDGH VLJQLÀFDQW FRQWULEXWLRQV LQ WKH ÀHOGV RI DQWKURSRORJ\ VRFLDO WKHRU\ VRFLRORJ\ DQG SROLWLFV 7KLV FROOHFWLRQ RI HVVD\V SUHVHQWHG DW WKH &DULEEHDQ 5HDVRQLQJV FRQIHUHQFH KHOG LQ KRQRXU RI 0 * 6PLWK LV GLYLGHG LQWR WKUHH SDUWV ¶&ULWLFDO &RQWHVWDWLRQV· ¶$QWKURSRORJLFDO ([FXUVLRQV· DQG ¶%H\RQG 0 * 6PLWK

%ULDQ 0HHNV LV 3URIHVVRU RI 6RFLDO DQG 3ROLWLFDO &KDQJH DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV 0RQD DQG 'LUHFWRU RI WKH 6LU $UWKXU /HZLV ,QVWLWXWH RI 6RFLDO DQG (FRQRPLF 6WXGLHV +H LV DOVR D 'LUHFWRU RI WKH &HQWUH IRU &DULEEHDQ 7KRXJKW 8:, 0RQD

86

µ [ µ SJV 3DSHUEDFN

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

&XOWXUDO 6WXGLHV &DULEEHDQ 5HDVRQLQJV 7KH *HRUJH /DPPLQJ 5HDGHU 7KH $HVWKHWLFV RI 'HFRORQLVDWLRQ (GLWHG E\ $QWKRQ\ %RJXHV ZLWK D IRUHZRUG E\ 1J Jw ZD 7KLRQJ·R *HRUJH /DPPLQJ LV RQH RI WKH EHVW NQRZQ FHUWDLQO\ RQH RI WKH PRVW KLJKO\ UHJDUGHG FRQWHPSRUDU\ ZULWHUV IURP WKH &DULEEHDQ 6SDQQLQJ QHDUO\ \HDUV DQG HQFRPSDVVLQJ ÀFWLRQ SRHWU\ DQG FULWLFDO HVVD\V /DPPLQJ·V ZULWLQJV VSDQV WKH IXOO VSHFWUXP RI &DULEEHDQ LQWHOOHFWXDO FXOWXUDO SROLWLFDO DQG OLWHUDU\ OLIH ,Q 7KH $HVWKHWLFV RI 'HFRORQLVDWLRQ IULHQG DQG FROOHDJXHV $QWKRQ\ %RJXHV SXOOV WRJHWKHU /DPPLQJ·V FULWLFDO ZRUNV VRPH SUHYLRXVO\ SXEOLVKHG VRPH JLYHQ DV DGGUHVVHV OHFWXUHV DQG LQWHUYLHZV DORQJ ZLWK FULWLFDO UHÁHFWLRQV RQ /DPPLQJV ZRUN E\ QRWHG VFKRODUV H[DPLQHV WKH KLVWRU\ RI WKH &DULEEHDQ DQG WKH FDWHJRULHV ZKLFK FRQWLQXH WR VKDSH DQG LQÁXHQFH &DULEEHDQ LGHQWLW\ LQ RXU FRQWHPSRUDU\ ZRUOG $QWKRQ\ %RJXHV LV 3URIHVVRU RI $IULFDQD 6WXGLHV DQG 3ROLWLFDO 6FLHQFH DW %URZQ 8QLYHUVLW\ +H LV DOVR D 'LUHFWRU RI WKH &HQWUH IRU &DULEEHDQ 7KRXJKW 8QLYHUVLW\ RI WKH :HVW ,QGLHV 0RQD

$OVR LQ WKH &DULEEHDQ 5HDVRQLQJV 6HULHV 86

µ [ µ SJV 3DSHUEDFN

0RWKHU ,QGLD·V 6KDGRZ 2YHU (O 'RUDGR ,QGR *X\DQHVH 3ROLWLFV DQG ,GHQWLW\ V V &OHP 6HHFKDUDQ

&OHP 6HHFKDUDQ LV 3URIHVVRU LQ &DULEEHDQ +LVWRU\ DQG +HDG RI &DULEEHDQ 6WXGLHV DW /RQGRQ 0HWURSROLWDQ 8QLYHUVLW\

86

µ [ µ SJV 3DSHUEDFN

-DPDLFD 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

0RWKHU ,QGLD·V 6KDGRZ 2YHU (O 'RUDGR ,QGR *X\DQHVH 3ROLWLFV DQG ,GHQWLW\ V V ¶LV D PDVWHUSLHFH 7KLV ERRN LV DXWKRULWDWLYH DQG FRQYLQFLQJ LQ UHFRXQWLQJ WKH HIIHFWV RI ,QGLD·V ´VKDGRZµ RQ KHU DOLHQDWHG FKLOGUHQ LQ %ULWLVK *XLDQD ,W LV D SRZHUIXO VWRU\ RI PHQ RI YLVLRQ ZKR WULHG WR VKDSH WKHLU DFWXDO KRPH LQWR D FLYLOLVD WLRQ LQ ZKLFK SHRSOH RI WKHLU UDFH ,QGLDQV FRXOG EH UHVSHFWHG HYHQ DV WKH\ GUHZ LQVSLUDWLRQ IURP GHYHORSPHQWV LQ WKHLU DQFHVWUDO KRPHODQG · 6LU 5RQDOG 6DQGHUV &DULEEHDQ GLSORPDW DQG ZULWHU

ZZZ LDQUDQGOHSXEOLVKHUV FRP

& X O W X U D O 6 W X G L H V EDFNOLVW

$ &DO\SVR 7ULORJ\ 5DZOH *LEERQV 86

´ [ ò´ SS 3DSHUEDFN

$IUR &XEDQ 5HOLJLRQV &DULEEHDQ 5LJKWV

0LJXHO %DUQHW 86

´ [ ´ SS 3DSHUEDFN

$WODV RI WKH /DQJXDJHV RI 6XULQDPH &DULEEHDQ 5LJKWV

(G E\ (LWKQH &DUOLQ -DFTXHV $UHQGV 86

ò´ [ ò´ SS 3DSHUEDFN

%DFFKDQDO 7KH &DUQLYDO &XOWXUH RI 7ULQLGDG 3HWHU 0DVRQ 86

´ [ ´ SS 3DSHUEDFN

%HWZL[W DQG %HWZHHQ ([SORUDWLRQV LQ $IUR &DULEEHDQ 0LQGVFDSHV %DUU\ &KHYDQQDHV 86

´ [ ´ SS 3DSHUEDFN

&DULEEHDQ &XOWXUDO ,GHQWLW\ 7KH &DVH RI -DPDLFD 5H[ 1HWWOHIRUG 86

´ [ ´ SS 3DSHUEDFN

&DULEEHDQ &XUUHQWV &DULEEHDQ 0XVLF IURP 5XPED WR 5HJJDH &DULEEHDQ 5LJKWV

3HWHU 0DQXHO .HQQHWK %LOE\ 0LFKDHO /DUJH\ 86

´ [ ´ SS 3DSHUEDFN

7KH %ODFN 'LDVSRUD RI WKH $PHULFDV ([SHULHQFHV DQG 7KHRULHV RI WKH &DULEEHDQ &KULVWLQH &KLYDOORQ 86

´ [ ´ SS 3DSHUEDFN

&DULEEHDQ 5HDVRQLQJV $IWHU 0DQ 7RZDUGV WKH +XPDQ &ULWLFDO (VVD\V RQ 6\OYLD :\QWHU (G E\ $QWKRQ\ %RJXHV 86

´ [ ´ SS 3DSHUEDFN

&DULEEHDQ 5HDVRQLQJV &XOWXUH 3ROLWLFV 5DFH 'LDVSRUD 7KH 7KRXJKW RI 6WXDUW +DOO (G E\ %ULDQ 0HHNV 86

´ [ ´ SS 3DSHUEDFN

&DULEEHDQ 5HDVRQLQJV *HRUJ 3DGPRUH 3DQ $IULFDQ 5HYROXWLRQDU\ (G E\ 5XSHUW /HZLV 86

´ [ ´ SS 3DSHUEDFN

&DULEEHDQ 5HDVRQLQJV 7KH 7KRXJKW RI 1HZ :RUOG 7KH 4XHVW IRU 'HFRORQLVDWLRQ (G E\ %ULDQ 0HHNV DQG 1RUPDQ *LUYDQ 86

´ [ ´ SS 3DSHUEDFN

&XEDQ )HVWLYDOV $ &HQWXU\ RI $IUR &XEDQ &XOWXUH -XGLWK %HWWHOKHLP 86

´ [ ´ SS 3DSHUEDFN

&XEDQ 0XVLF )URP 6XQ DQG 5XPED WR %XHQD 9LVWD 6RFLDO &OXE DQG 7LPED &XEDQD 0D\D 5R\ 86

´ [ ´ SS 3DSHUEDFN

'DXJKWHUV RI WKH 'LDVSRUD $IUR +LVSDQLF:ULWUHUV 0LULDP 'H&RVWD :LOOLV ´[ ´ SS 3DSHUEDFN 86

+DUGEDFN 86

&DULEEHDQ &KLOGKRRGV 2XWVLGH $GRSWHG RU /HIW %HKLQG *RRG (QRXJK 3DUHQWLQJ DQG 0RUDO )DPLOLHV &KULVWLQH %DUURZ 86

´ [ ´ SS 3DSHUEDFN

'HVFHQGDQWV RI WKH 'UDJRQ 7KH &KLQHVH LQ 7ULQLGDG 7REDJR .LP -RKQVRQ 86

´ [ ò´ SS +DUGEDFN

'HYRQ +RXVH )DPLOLHV (QLG 6KLHOGV 86

´ [ ò´ SS 3DSHUEDFN

)DPLO\ /RYH ,Q 7KH 'LDVSRUD 0LJUDWLRQ DQG WKH $QJOR &DULEEHDQ ([SHULHQFH 0DU\ &KDPEHUODLQ 86

´ [ ´ SS +DUGEDFN

'DQFH -DPDLFD 5HQHZDO DQG &RQWLQXLW\ 7KH 1DWLRQDO 'DQFH 7KHDWUH &RPSDQ\ RI -DPDLFD 5H[ 1HWWOHIRUG 86

´ [ ´ SS 3DSHUEDFN

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

EDFNOLVW & X O W X U D O 6 W X G L H V )RON 6RQJV RI %DUEDGRV 7UHYRU 0DUVKDOO 3HJJ\ 0F*UHDU\ *UDFH 7KRPSVRQ 86

´ [ ´ SS 3DSHUEDFN

)UHHGRP DQG &RQVWUDLQW LQ &DULEEHDQ 0LJUDWLRQ (G (OL]DEHWK +RSH 86

´ [ ´ SS 3DSHUEDFN

*OREDOLVDWLRQ 'LDVSRUD DQG &DULEEHDQ 3RSXODU &XOWXUH &KULVWLQH +R .HLWK 1XUVH 86

´ [ ´ SS 3DSHUEDFN

*RYHUQLQJ 6RXQG 7KH &XOWXUDO 3ROLWLFV RI 7ULQLGDG¶V &DUQLYDO 0XVLF &DULEEHDQ 5LJKWV

-RFHO\Q *XLOEDXOW 86

´ [ ´ SS 3DSHUEDFN

+RPH $ZD\ IURP +RPH <HDUV RI ,QGLDQ 3UHVHQFH LQ -DPDLFD (G E\ $MDL 0DQVLQJK /D[PL 0DQVLQJK 86

´ [ ò´ SS 3DSHUEDFN

7KH %ODFN +DQGERRN 7KH 3HRSOH +LVWRU\ DQG 3ROLWLFV RI $IULFD DQG WKH $IULFDQ 'LDVSRUD &DULEEHDQ 5LJKWV

( %XWH + +DUPHU 86

´ [ ´ SS 3DSHUEDFN

*RUGRQ . /HZLV RQ 5DFH &ODVV DQG ,GHRORJ\ LQ WKH &DULEEHDQ $QWKRQ\ 3 0DLQJRW 86

ò´ [ ´ SS 3DSHUEDFN

0XVLF 0HPRU\ 5HVLVWDQFH &DO\SVR DQG WKH &DULEEHDQ /LWHUDU\ ,PDJLQDWLRQ (G E\ 6DQGUD 3DTXHW 3DWULFLD 6DXQGHUV 6WHSKHQ 6WXHPSÃ&#x20AC;H 86

´ [ ´ SS 3DSHUEDFN

5DFH :DU 1DWLRQDOLVP $ 6RFLDO +LVWRU\ RI :HVW ,QGLDQV LQ WKH )LUVW :RUOG :DU *OHQIRUG +RZH 86

´ [ ´ SS 3DSHUEDFN

5DVWDIDUL $ 8QLYHUVDO 3KLORVRSK\ LQ WKH 7KLUG 0LOOHQQLXP :HUQHU =LSV 86

´ [ ´ SS 3DSHUEDFN

7KH &R\DED &KURQLFOHV 5HÃ&#x20AC;HFWLRQV RI %ODFN ([SHULHQFH LQ WKH WK &HQWXU\ 3HWHU $EUDKDPV ´[ ´ SS 3DSHUEDFN 86

+DUGEDFN 86

7KH ,VODQG RI 2QH 3HRSOH $Q $FFRXQW RI WKH +LVWRU\ RI -HZV RI -DPDLFD 0DULO\Q 'HOHYDQWH $QWKRQ\ $OEHUJD 86

ò´ [ ´ SS 3DSHUEDFN

0DQ 9LEHV 0DVFXOLQLWLHV LQ WKH -DPDLFDQ 'DQFHKDOO 'RQQD +RSH 86

´ [ ´ SS 3DSHUEDFN

7UXH %RUQ 0DURRQV &DULEEHDQ 5LJKWV

.HQQHWK %LOE\ 86

´ [ ´ SS 3DSHUEDFN

,Q 7ULQLGDG 3KRWJUDSKV E\ 3DEOR 'HODQR 86

´ [ ´ SS +DUGEDFN

7KH 3DQ $IULFDQLVWV %DUULQJWRQ :DWVRQ 86

´ [ ´ SS 3DSHUEDFN

<HW :H 6XUYLYH 7KH .DOLQDJR 3HRSOH RI 'RPLQLFD 2XU /LYHV LQ :RUGV DQG 3LFWXUHV 0DU\ :DOWHUV 86

´ [ ò´ SS +DUGEDFN

-DPDLFD Â&#x2021; 7ULQLGDG DQG 7REDJR

0DQJR 7LPH )RON 6RQJV RI -DPLFD 1RHO 'H[WHU *RGIUH\ 7D\ORU 86

ò´ [ ´ SS +DUGEDFN

ZZZ LDQUDQGOHSXEOLVKHUV FRP

)LQGLQJ $ 3ODFH 7KH ,QGR 7ULQLGDGLDQ &RQWULEXWLRQ WR /LWHUDWXUH .ULV 5DPSHUVDG 86

´ [ ´ SS 3DSHUEDFN

+LVWRU\ 7KH &DULEEHDQ LQ 6HSLD $ +LVWRU\ LQ 3KRWRJUDSKV î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Ã&#x20AC;UVW VHFWLRQ ¶%XLOGLQJ D 1HZ 6RFLHW\· HQFRPSDVVHV WKH LPPHGLDWH SRVW HPDQFLSDWLRQ SHULRG DORQJ EURDG VRFLDO DQG HFRQRPLF WKHPHV VXFK DV WKH 6XJDU ,QGXVWU\ ,GHQWXUHG ,PPLJUDWLRQ WKH *ROG 5XVK +HDOWK DQG (GXFDWLRQ DQG /HLVXUH 'UHVV DQG 6W\OH 7KH VHFRQG VHFWLRQ IRFXVHV RQ ¶3HRSOH DQG 3ODFHV· DQG WKH GHYHORSPHQW RI YDULRXV WHUULWRULHV IURP WKH %DKDPDV GRZQ WR *X\DQD DQG 6XULQDPH 7KH Ã&#x20AC;QDO VHFWLRQ UHSUHVHQWV JURXQG EUHDNLQJ UHVHDUFK RQ WKH KLVWRULFDO HYROXWLRQ RI SKRWRJUDSK\ LQ WKH &DULEEHDQ FRPSOHWH ZLWK WLPHOLQHV RI WKH PDMRU HYHQWV WRJHWKHU ZLWK SURÃ&#x20AC;OHV RI WKH PRVW SUROLÃ&#x20AC;F SKRWRJUDSKHUV RI WKH SHULRG

ZZZ LDQUDQGOHSXEOLVKHUV FRP

0LFKDHO $\UH KROGV D SRVWJUDGXDWH GHJUHH LQ &DULEEHDQ KLVWRU\ IURP &ROXPELD 8QLYHUVLW\ +H KDV WUDYHOOHG H[WHQVLYHO\ WKURXJKRXW WKH UHJLRQ $IWHU UHVLGLQJ LQ WKH 1HWKHUODQGV $QWLOOHV IRU PDQ\ \HDUV 0LFKDHO QRZ VSHQGV KLV WLPH EHWZHHQ &DQDGD DQG /LWKXDQLD

&RPPHQWV ´ , DP GHHSO\ LPSUHVVHG ,W LV D VSOHQGLG FROOHFWLRQ RI YHU\ UDUH LPDJHV 7KH VHFWLRQ RQ WKH KLVWRU\ RI SKRWRJUDSK\ LV WUXO\ RULJLQDO DQG YHU\ YDOXDEOHµ %ULGJHW %UHUHWRQ 3URIHVVRU RI +LVWRU\ 8QLYHUVLW\ RI WKH :HVW ,QGLHV 6W $XJXVWLQH 7ULQLGDG ´7KLV ERRN LV D WUHDVXUH WURYH RI UHVRXUFHV WKDW ZLOO SURYLGH GDWD IRU DQDO\VLV E\ KLVWRULDQV IRU TXLWH VRPH WLPH WR FRPH ,W UHSUHVHQWV D XQLTXH FRQWULEXWLRQ WR WKH KLVWRULRJUDSK\ RI WKH &DULEEHDQµ 3HGUR :HOFK /HFWXUHU LQ +LVWRU\ 8QLYHUVLW\ RI WKH :HVW ,QGLHV &DYH +LOO %DUEDGRV

86

µ [ µ SJV +DUGEDFN 0DUFK

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

+LVWRU\ /DERXU 3DLQV 5HVLVWDQFH DQG 3URWHVW LQ %DUEDGRV î +HQGHUVRQ &DUWHU 7KH VLJQLÃ&#x20AC;FDQW XSKHDYDOV DFURVV WKH &DULEEHDQ LQ WKH V KDYH WUDGLWLRQDOO\ PDUNHG WKH FRPPHQFHPHQW RI WKH RUJDQLVDWLRQ RI ODERXU DQG WKH GHYHORSPHQW RI SROLWLFDO FXOWXUH LQ WKH %ULWLVK &DULEEHDQ ,Q %DUEDGRV KRZHYHU WKH ODERXU UHEHOOLRQV RI WKH V ZHUH LQIRUPHG E\ D UDFH DQG FODVV FRQVFLRXVQHVV GHYHORSHG E\ FRQWLQXRXV UHVLVWDQFH E\ WKH LVODQG·V DJULFXOWXUDO VXJDU ZRUNHUV ,Q /DERXU 3DLQV +HQGHUVRQ &DUWHU KLJKOLJKWV WKH SHUVLVWHQW VWUXJJOH RI WKH ZRUNLQJ SRSXODWLRQ RI %DUEDGRV DJDLQVW SRYHUW\ DQG GLVHQIUDQFKLVHPHQW DQG WKHLU XQFHDVLQJ HIIRUWV WR DWWDLQ VRFLDO EHQHÃ&#x20AC;WV ² EDVLF FLYLO ULJKWV ² DQG PDWHULDO EHQHÃ&#x20AC;WV VXFK DV ODQG DQG EHWWHU ZDJHV DQG ZRUNLQJ FRQGLWLRQV )URP DUVRQ WR ULRW UHEHOOLRQ WR GLVHQJDJHPHQW ZRUNHUV· UHVLVWDQFH LQ %DUEDGRV EHWZHHQ DQG ODLG WKH IRXQGDWLRQV IRU WKH PRPHQWRXV DFWLYLWLHV RI WKH V DQG WKH VXEVHTXHQW GHYHORSPHQW RI D PRGHUQ SROLWLFDO FXOWXUH RI GHPRFUDWLF JRYHUQDQFH +HQGHUVRQ &DUWHU LV +HDG RI WKH +LVWRU\ 'HSDUWPHQW DW WKH 4XHHQ·V &ROOHJH LQ %DUEDGRV DQG SDUW WLPH OHFWXUHU DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV &DYH +LOO +H LV WKH DXWKRU RI %XVLQHVV LQ %LP $ %XVLQHVV +LVWRU\ RI %DUEDGRV î

86

µ [ µ SJV 3DSHUEDFN -DQXDU\

5DFH &ODVV 3ROLWLFV DQG WKH 6WUXJJOH IRU (PSRZHUPHQW LQ %DUEDGRV î 'DYLG 9 & %URZQH

'DYLG 9 & %URZQH LV D +LVWRULDQ DQG LV 3ULQFLSDO RI 4XHHQ·V &ROOHJH %DUEDGRV +H LV WKH DXWKRU RI $WODQWLF ,QWHUDFWLRQV $ 7H[WERRN IRU &$3( +LVWRU\ 6WXGHQWV

86

ZZZ LDQUDQGOHSXEOLVKHUV FRP

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Ã&#x20AC;OOV D YRLG LQ %DUEDGRV KLVWRULRJUDSK\ ZKLOH MRLQLQJ WKH UDQNV RI FRQWHPSRUDU\ KLVWRULDQV ZKR KDYH H[DPLQHV UDFH UHODWLRQV LQ RWKHU WHUULWRULHV VXFK DV 7ULQLGDG -DPDLFD DQG *X\DQD

µ [ µ SJV 3DSHUEDFN -DQXDU\

-DPDLFD Â&#x2021; 7ULQLGDG DQG 7REDJR

+LVWRU\ 6XJDU DQG 3RZHU LQ WKH &DULEEHDQ +XPEHUWR *DUFÌD 0XxL] 7KH 6RXWK 3RUWR 5LFR 6XJDU &RPSDQ\ D 1HZ <RUN EDVHG PXOWLQDWLRQDO FRUSRUDWLRQ HVWDEOLVKHG ZRUOG OHDGLQJ VXJDU IDFWRULHV LQ 3XHUWR 5LFR DQG WKH 'RPLQLFDQ 5HSXEOLF 7KHVH WZR FRXQWULHV ZLWK GLVVLPLODU KLVWRULHV DQG UHDOLWLHV ZHUH XQGHU WKH FRQWURO RI WKH 8QLWHG 6WDWHV GXULQJ D PRVW SURSLWLRXV WLPH RI JURZWK LQ WKH VXJDU LQGXVWU\ 6XJDU DQG 3RZHU LQ WKH &DULEEHDQ H[SORUHV LQ D FRPSDUDWLYH PDQQHU WKH FRPSDQ\·V VXFFHVVIXO HVWDEOLVKPHQW DQG H[SDQVLRQ IURP WR E\ DQDO\VLQJ KRZ LW FRPELQHG *HUPDQ FDSLWDO VSHFLDOLVHG /RXVLDQD DGPLQLVWUDWLYH WHFKQLFDO SHUVRQQHO LQ VXJDU SURFHVVLQJ %DUEDGLDQ ELRORJLFDO WHFKQRORJ\ DQG VXSHUYLVLRQ LQ FDQH FXOWLYDWLRQ DV ZHOO DV &DULEEHDQ ODERXU

+XPEHUWR *DUFÌD 0XxL] LV 'LUHFWRU RI WKH 8QLYHUVLW\ RI 3XHUWR 5LFR·V ,QVWLWXWH IRU &DULEEHDQ 6WXGLHV

86

µ [ µ SJV 3DSHUEDFN 0D\

(QJHQGHULQJ &DULEEHDQ +LVWRU\ &URVV &XOWXUDO 3HUVSHFWLYHV (GLWHG E\ 9HUHQH 6KHSKHUG 6FKRODUO\ ZRUNV RQ ZRPHQ DQG JHQGHU LQ WKH &DULEEHDQ KDYH H[SORGHG VLQFH WKH V 7RJHWKHU ZLWK WKH JURZLQJ QXPEHU RI ¶ZRPHQ·V KLVWRU\· FRXUVHV EHLQJ WDXJKW ZRUOGZLGH DW WKH SRVW VHFRQGDU\ OHYHO WKH RSSRUWXQLW\ KDV EHHQ SUHVHQWHG IRU WKH DUWLFXODWLRQ RI ZRPHQ·V KLVWRULFDO H[SHULHQFHV 9HUHQH $ 6KHSKHUG KDV VHL]HG WKLV RSSRUWXQLW\ DQG KDV FROOHFWHG FRPSLOHG DQG HGLWHG WKH FRQWULEXWLRQV PDNLQJ XS (QJHQGHULQJ &DULEEHDQ +LVWRU\ 3UHVHQWLQJ FRQWULEXWLRQV IURP 6FKRODUV LQ WKH &DULEEHDQ 1RUWK $PHULFD WKH 8. DQG (XURSH WKH ERRN LV DQ H[FHOOHQW FRPSHQGLXP FRYHULQJ D ZLGH UDQJH RI VFKRODUVKLS RQ JHQGHU DQDO\VLV DQG ZRPHQ·V KLVWRULFDO H[SHULHQFHV 9HUHQH 6KHSKHUG LV 3URIHVVRU RI 6RFLDO +LVWRU\ DQG 'LUHFWRU RI WKH &HQWUH IRU *HQGHU DQG 'HYHORSPHQW DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV 0RQD

86

µ [ µ SJV 3DSHUEDFN

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

EDFNOLVW + L V W R U \ $ &RORQ\ RI &LWL]HQV 5HYROXWLRQ DQG 6ODYH (PDQFLSDWLRQ LQ WKH )UHQFK &DULEEHDQ

&DULEEHDQ 5LJKWV

/DXUHQW 'XERLV 86

´ [ ´ SS 3DSHUEDFN

$ )LHUFH +DWUHG RI ,QMXVWLFH &ODXGH 0F.D\¶V -DPDLFD DQG +LV 3RHWU\ RI 5HEHOOLRQ &DULEEHDQ 5LJKWV

:LQVWRQ -DPHV 86

´ [ ò´ SS 3DSHUEDFN

$ 4XHVWLRQ RI /DERXU ,QGHQWXUHG ,PPLJUDWLRQ LQ 7ULQLGDG DQG %ULWLVK *XLDQD . 2 /DZUHQFH 86

´ [ ´ SS 3DSHUEDFN

7KH $PD]LQJ $GYHQWXUHV RI (TXLDQR

%ORRG DQG 6LOYHU $ +LVWRU\ RI 3LUDF\ LQ WKH &DULEEHDQ DQG &HQWUDO $PHULFD .ULV /DQH 86

´ [ ò´ SS 3DSHUEDFN

%XVKD¶V 0LVWUHVV RU &DWKHULQH WKH )XJLWLYH $ 6WLUULQJ 5RPDQFH RI WKH 'D\V RI 6ODYHU\ (G E\ 3DXO /RYHMR\ 9HUHQH 6KHSKHUG 86

´ [ ´ SS 3DSHUEDFN

&DULEEHDQ )UHHGRP (FRQRP\ 6RFLHW\ )URP (PDQFLSDWLRQ WR WKH 3UHVHQW (G E\ +LODU\ %HFNOHV 9HUHQH 6KHSKHUG 86

´ [ ´ SS 3DSHUEDFN

&DULEEHDQ 6HD RI 7KH 1HZ :RUOG *HUPiQ $UFLQLHJDV ´[ ´ SS

&KDWWOH +RXVH %OXHV 0DNLQJ D 'HPRFUDF\ LQ %DUEDGRV )URP &OHPHQW 3D\QH WR 2ZHQ $UWKXU +LODU\ %HFNOHV 86

´ [ ´ SS 3DSHUEDFN

%DKDPLDQ 6RFLHW\ $IWHU (PDQFLSDWLRQ *DLO 6DXQGHUV 86

ò´ [ ò´ SS 3DSHUEDFN

-HDQ -DFTXHV 9D\VVLqUHV ´[ ´ SS 3E (QJOLVK 86

3E )UHQFK 86

+DUGEDFN 86

%XVLQHVV LQ %,0 $ %XVLQHVV +LVWRU\ RI %DUEDGRV

+HQGHUVRQ &DUWHU ´[ ¶ SS 3E 86

+E 86

%H\RQG 7UDGLWLRQ 5HLQWHUSUHWLQJ WKH &DULEEHDQ +LVWRULFDO ([SHULHQFH 5LWD 3HPEHUWRQ +HDWKHU &DWHDX 86

´ [ ´ SS 3DSHUEDFN

&DSLWDOLVP DQG 6ODYHU\ &DULEEHDQ 5LJKWV

(ULF :LOOLDPV 86

ò´ [ ò´ SS 3DSHUEDFN

+E 86

&DULEEHDQ 6ODYHU\ LQ WKH $WODQWLF :RUOG $ 6WXGHQW 5HDGHU (G E\ +LODU\ %HFNOHV 9HUHQH 6KHSKHUG 86

´ [ ´ SS 3DSHUEDFN

&HQWHULQJ :RPDQ *HQGHU 'LVFRXUVHV LQ &DULEEHDQ +LVWRU\ +LODU\ %HFNOHV 86

´ [ ´ SS +DUGEDFN

&RORQLDOLVP $ 7KHRUHWLFDO 2YHUYLHZ -Â&#x20AC;JHQ 2VWHUKDPPHO 86

´ [ ´ SS 3DSHUEDFN

'DGG\ 6KDUSH $ 1DUUDWLYH RI WKH /LIH RI 6DPXHO 6KDUSH )UHG .HQQHG\ ´ [ ò´ SS

3E 86

+E 86

)LUH IURP WKH 0RXQWDLQ 7KH 7UDJHG\ RI 0RQWVHUUDW DQG WKH %HWUD\DO RI ,WV 3HRSOH 3ROO\ 3DWXOOR 86

´ [ ´ SS 3DSHUEDFN

3E 86

-DPDLFD Â&#x2021; 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

$WODQWLF ,QWHUDFWLRQV $ WH[WERRN IRU &$3( +LVWRU\ 6WXGHQWV 'DYLG 9 & %URZQH 86

´ [ ´ SS 3DSHUEDFN

$IULFDQ 9RLFHV RI WKH $WODQWLF 6ODYH 7UDGH %H\RQG WKH 6LOHQFH DQG WKH 6KDPH &DULEEHDQ 5LJKWV

$QQH & %DLOH\ 86

´ [ ò´ SS 3DSHUEDFN

+ L V W R U \ EDFNOLVW 7KH &URVV DQG WKH 0DFKHWH 1DWLYH %DSWLVWV RI -DPDLFD ,GHQWLW\ 0LQLVWU\ DQG /HJDF\ 'HYRQ 'LFN 86

´ [ ´ SS 3DSHUEDFN

)UHHGRP 5HWURVSHFWLYH DQG 3URVSHFWLYHV (G E\ 6ZLWKLQ :LOPRWW 86

´ [ ´ SS 3DSHUEDFN

+LVWRU\ RI -DPDLFD (GZDUG /RQJ 86

´ [ ´ SS +DUGEDFN

, :DQW WR 'LVWXUE 0\ 1HLJKERXU /HFWXUHV RQ 6ODYHU\ (PDQFLSDWLRQ DQG 3RVW &RORQLDO -DPDLFD 9HUHQH $ 6KHSKHUG

´ [ ´ SS 3DSHUEDFN

ZZZ LDQUDQGOHSXEOLVKHUV FRP

.LQJVWRQ $ &XOWXUDO DQG /LWHUDU\ +LVWRU\ 'DYLG +RZDUG 86

´ [ ´ SS 3DSHUEDFN

3LHFHV RI WKH 3DVW $ 6WUROO 'RZQ -DPDLFD¶V 0HPRU\ /DQH 5HEHFFD 7RUWHOOR [ SS

3DSHUEDFN 86

+DUGEDFN 86

6DYLQJ 6RXOV 7KH $IULFDQ DQG %ULWLVK 6WUXJJOHV WR (QG WKH 7UDQVDWODQWLF 7UDGH LQ $IULFDQ 3HRSOHV (G +LODU\ %HFNOHV 9HUHQH 6KHSKHUG 86

´ [ ´ SS 3DSHUEDFN

0DUWKD %UDH¶V 7ZR +LVWRULHV (XURSHDQ ([SDQVLRQ DQG WKH &DULEEHDQ &XOWXUH %XLOGLQJ LQ -DPDLFD &DULEEHDQ 5LJKWV

-HDQ %HVVRQ 86

´ [ ´ SS 3DSHUEDFN

3UHKLVWRULF *XLDQD 'HQLV :LOOLDPV ´ [ ´ SS

3DSHUEDFN 86

+DUGEDFN 86

6ODYH 6RFLHW\ LQ WKH &LW\ %ULGJHWRZQ %DUEDGRV 3HGUR :HOFK ´ [ ´ SS 3DSHUEDFN 86

+DUGEDFN 86

*UHDW +RXVH 5XOHV /DQGOHVV (PDQFLSDWLRQ DQG :RUNHUV¶ 3URWHVWV LQ %DUEDGRV +LODU\ %HFNOHV 86

´ [ ´ SS 3DSHUEDFN

,Q 7KH 6KDGRZ RI WKH 3ODQWDWLRQ &DULEEHDQ +LVWRU\ DQG /HJDF\ $OYLQ 7KRPSVRQ ´ [ ´ SS 3DSHUEDFN 86

+DUGEDFN 86

+DLOH 6HODVVLH¶V :DU $QWKRQ\ 0RFNOHU 86

´ [ ´ SS 3DSHUEDFN

/LYHVWRFN 6XJDU DQG 6ODYHU\ &RQWHVWHG 7HUUDLQ LQ &RORQLDO -DPDLFD 9HUHQH 6KHSKHUG ´ [ ´ SS 3DSHUEDFN 86

+DUGEDFN 86

0DURRQ 7HDFKHUV 7HDFKLQJ WKH 7UDQVDWODQWLF 7UDGH LQ (QVODYHG $IULFDQV 6DQGUD ,QJULG *LIW 86

´ [ ´ SS 3DSHUEDFN

7KH 0R\QH 5HSRUW 5HSRUW RI :HVW ,QGLDQ 5R\DO &RPPLVLRQ ,QWURGXFWLRQ E\ 'HQLV %HQQ 86

´ [ ´ SS 3DSHUEDFN

4XHVWLRQLQJ &UHROH &UHROLVDWLRQ 'LVFRXUVH LQ &DULEEHDQ &XWOXUH (G E\ 9HUHQH 6KHSKHUG DQG *OHQ 5LFKDUGV 86

´ [ ´ SS 3DSHUEDFN

)RXQGHG 8SRQ WKH 6HDV $ +LVWRU\ RI WKH &D\PDQ ,VODQGV DQG 7KHLU 3HRSOH 0LFKDHO &UDWRQ WKH 1HZ +LVWRU\ &RPPLWWHH ´[ ´ SS

6ODYHU\ DQG $IULFDQ (WKQLFLWLHV LQ WKH $PHULFDV 5HVWRULQJ WKH /LQNV &DULEEHDQ 5LJKWV

*ZHQGRO\Q 0LGOR +DOO 86

´ [ ´ SS 3DSHUEDFN

5HYLVLWLQJ WKH 7UDQVDWODQWLF 7ULDQJOH 7KH &RQVWLWXWLRQDO 'HFRORQLVDWLRQ RI WKH (DVWHUQ &DULEEHDQ 5DIDHO &R[ $ORPDU 86

´ [ ´ SS 3DSHUEDFN

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

3DSHUEDFN 86

+DUGEDFN 86

EDFNOLVW + L V W R U \ *RQH LV WKH $QFLHQW *ORU\ 6SDQLVK 7RZQ -DPDLFD

-DPHV 5REHUWVRQ ´ [ ´ SS

6SDQLVK -DPDLFD )UDQFLVFR 0RUDOHV 3DGURQ ´ [ ´ SS

3DSHUEDFN 86

+DUGEDFN 86

3DSHUEDFN 86

+DUGEDFN 86

6ZHHWHQLQJ %LWWHU 6XJDU -RFN &DPSEHOO WKH %RRNHU 5HIRUPHU LQ %ULWLVK *XLDQD

&OHP 6HHFKDUDQ 86

´ [ ´ SS 3DSHUEDFN

7KH &DULEEHDQ &DULEEHDQ 5LJKWV

*DG +HXPDQ 86

´ [ ò´ SS 3DSHUEDFN

7KH 'HYHORSPHQW RI &UHROH 6RFLHW\ LQ -DPDLFD .DPDX %UDWKZDLWH 86

´ [ ò´ SS 3DSHUEDFN

7KH 6LOYHU 0HQ :HVW ,QGLDQ /DERXU 0LJUDWLRQ /DERXU 0LJUDWLRQ WR 3DQDPD 9HOPD 1HZWRQ 86

´ [ ´ SS 3DSHUEDFN

:RPHQ LQ &DULEEHDQ +VLWRU\ &RPSLOHG DQG (GLWHG E\ 9HUHQH $ 6KHSKHUG 86

´ [ ´ SS 3DSHUEDFN

7UDGLQJ 6RXOV (XURSH¶V WUDQVDWODQWLF 7UDGH LQ $IULFDQV WR WKH &DULE EHDQ (G +LODU\ %HFNOHV 9HUHQH 6KHKHUG 86

´ [ ´ SS 3DSHUEDFN

:RUNLQJ 6ODYHU\ 3ULFLQJ )UHHGRP 3HUSHFWLYHV IURP WKH &DULEEHDQ $IULFD DQG $IULFDQ 'LDVSRUD (G E\ 9HUHQH 6KHSKHUG 86

´ [ ´ SS 3DSHUEDFN

-DPDLFD Â&#x2021; 7ULQLGDG DQG 7REDJR

7KH &DULEEHDQ $Q ,QWHOOHFWXDO +LVWRU\ 'HQLV %HQQ ´ [ ´ SS 3DSHUEDFN 86

+DUGEDFN 86

7KH 6ODYH 6KLS )UHGHQVERUJ /HLI 6YDOHVHQ 86

´ [ ò´ SS 3DSHUEDFN

7KRXJKWV RQ WKH 2EMHFWLRQDEOH 6\VWHP RI /DERXU IRU :DJHV LQ WKH :HVW ,QGLD &RORQLHV $QG RQ WKH 1HFHVVLW\ RI 6XEVWLWXWLQJ D 6\VWHP RI 7HQDQF\ DQG $OORWPHQW RI WKH 6WDSOH &XOWLYDWLRQ +HQU\ -DPHV 5RVV 86

´ [ ´ SS 3DSHUEDFN

1DQQ\¶V $VDIR :DUULRUV 7KH -DPDLFDQ 0DURRQV¶ $IULFDQ ([SHULHQFH :HUQHU =LSV 86

´ [ ´ SS 3DSHUEDFN

ZZZ LDQUDQGOHSXEOLVKHUV FRP

7KH 6WRU\ RI WKH -DPDLFDQ 3HRSOH 3KLOLS 6KHUORFN +D]HO %HQQHWW 86

´ [ ´ SS 3DSHUEDFN

6XJDU 6ODWH &DULEEHDQ 5LJKWV

&KDUORWWH :LOOLDPV 86

´ [ ´ SS 3DSHUEDFN

7KH &RQWHPSRUDU\ &DULEEHDQ 5LQJ 7RQHV RI 2SSRUWXQLW\ 3ROLF\ 7HFKQRORJ\ DQG $FFHVV LQ &DULEEHDQ &RPPXQLFDWLRQV +RSHWRQ 'XQQ 5LQJWRQHV RI 2SSRUWXQLW\ 3ROLF\ 7HFKQRORJ\ DQG $FFHVV LQ &DULEEHDQ &RPPXQLFDWLRQV FHQWUHV RQ WZR PDMRU GHYHORSPHQWV LQ FRPPXQLFDWLRQV ZKLFK KDYH LPSDFWHG &DULEEHDQ SXEOLF SROLF\ PDNLQJ LQ WKH ODVW WZR GHFDGHV ²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Ã&#x20AC;HOG

&RQWHQWV 6HFWLRQ , 6WUDWHJLF ,VVXHV 3ROLF\ ,VVXHV 2SSRUWXQLWLHV DQG &KDOOHQJHV LQ &DULEEHDQ ,&7V +RSHWRQ 'XQQ DQG ,QGLDQQD ' 0LQWR &R\ &RPPXQLFDWLRQV 3ROLF\ LQ WKH *OREDO 6RXWK 3LHWHU )RXULH ,&7 3ROLF\ PDNLQJ LQ WKH &DULEEHDQ /HDGHUVKLS 'HFLVLRQ 0DNLQJ DQG &DSDFLW\ EXLOGLQJ +RSHWRQ 'XQQ 0LFKHOH 7KRPDV DQG $OOLVRQ %URZQ

ZZZ LDQUDQGOHSXEOLVKHUV FRP

6HFWLRQ ,, ,&7 $SSOLFDWLRQV DQG 6RFLHW\

+RSHWRQ 'XQQ LV 3URIHVVRU RI &RPPXQLFDWLRQV 3ROLF\ DQG 'LJLWDO 0HGLD LQ WKH )DFXOW\ RI 6RFLDO 6FLHQFHV DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV 0RQD &DPSXV +H LV WKH 6HFUHWDU\ *HQHUDO RI WKH ,QWHUQDWLRQDO $VVRFLDWLRQ IRU 0HGLD DQG &RPPXQLFDWLRQ 5HVHDUFK ,$0&5 &KDLUPDQ RI WKH %URDGFDVWLQJ &RPPLVVLRQ RI -DPDLFD DQG D PHPEHU RI WKH -DPDLFD 1DWLRQDO &RPPLVVLRQ IRU 81(6&2

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

86

µ [ µ SJV 3DSHUEDFN 0D\

/HJDO ,VVXHV LQ 7HOHFRPPXQLFDWLRQV ,QWHUFRQQHFWLRQ /LVDPDH *RUGRQ ,QWHOOHFWXDO 3URSHUW\ 5LJKWV DQG &DULEEHDQ ,&7 ,QGXVWULHV 'LDQQH 'DOH\ DQG 1LFROH )RJD /HJLVODWLQJ &\EHUFULPHV DQG ( 7UDQVDFWLRQV LQ -DPDLFD ,VVXHV RI 3XEOLF DQG &RUSRUDWH /LDELOLW\ 0 *HRUJLD *LEVRQ +HQOLQ ,&7V DQG WKH (QYLURQPHQW 0LFKDHO 7D\ORU DQG 5LFKDUGR :LOOLDPV

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

7KH &RQWHPSRUDU\ &DULEEHDQ 7KH 5DPD\DQD 7UDGLWLRQ DQG 6RFLR 5HOLJLRXV &KDQJH LQ 7ULQLGDG 6KHUU\ $QQ 6LQJK +LQGXLVP LV WKH VHFRQG ODUJHVW VRFLR UHOLJLRXV GHQRPLQDWLRQ LQ 7ULQLGDG DQG 7REDJR \HW PXFK RI WKH IXQGDPHQWDO GLPHQVLRQV RI 7ULQLGDG +LQGXLVP UHPDLQ XQGRFXPHQWHG DQG D YLUWXDO HQLJPD IRU PRVW RI WKH QRQ +LQGX SRSXODWLRQ ,Q 7KH 5DPD\DQD 7UDGLWLRQ DQG 6RFLR 5HOLJLRXV &KDQJH LQ 7ULQLGDG î 6KHUU\ $QQ 6LQJK GHP\VWLÃ&#x20AC;HV +LQGX WKRXJKW DQG SUDFWLFH LQ 7ULQLGDG DQG FKDUWV WKH HYROXWLRQ RI D VLJQLÃ&#x20AC;FDQW VHFWLRQ RI WKH ,QGLDQ 'LDVSRUD 8VLQJ WKH 5DPD\DQD RQH RI WKH WZR JUHDW HSLFV RI ,QGLD DQG WKH PRVW SRSXODU +LQGX UHOLJLRXV WH[W LQ 7ULQLGDG 6LQJK GHFRQVWUXFWV WKH PDMRU PLVFRQFHSWLRQV VXUURXQGLQJ 7ULQLGDG +LQGXLVP 5DWKHU WKDQ H[DPLQLQJ +LQGXLVP LQ 7ULQLGDG DV D VHFRQGDU\ GLPHQVLRQ RI WKH ,QGLDQ H[SHULHQFH 6LQJK HPSOR\V DQ LQVLGHU·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

,QWURGXFWLRQ 6RFLR 5HOLJLRXV &KDQJH 7KH 5DPD\DQD 7UDGLWLRQ 7KH +LQGX 7H[WXDO 7UDGLWLRQ 6RFLR 5HOLJLRXV &KDQJH î 7KH 3ULYDWH 'RPDLQ 6RFLR 5HOLJLRXV &KDQJH î 7KH 3XEOLF 'RPDLQ &RQFOXVLRQ

86

µ [ µ SJV 3DSHUEDFN -DQXDU\

-DPDLFD Â&#x2021; 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

&RQWHQWV

7KH &RQWHPSRUDU\ &DULEEHDQ 6RLOV RI WKH &DULEEHDQ 1D]HHU $KPDG

7KH VRLOV RI WKH &DULEEHDQ DUH WKH PRVW YDOXDEOH RI WKH UHJLRQ·V UHVRXUFHV 7KHLU SURSHU XVH LV LPSRUWDQW LQ IRRG VHFXULW\ H[SRUW RI DJULFXOWXUDO SURGXFWV DQG LQ WKH SURYLVLRQ RI KRXVLQJ WRXULVWLF DQG LQGXVWULDO GHYHORSPHQW VSRUWV DQG UHFUHDWLRQDO IDFLOLWLHV $OWKRXJK LQWHUHVW LQ WKH VWXG\ RI &DULEEHDQ VRLOV KDV DWWUDFWHG VFLHQWLVWV IURP VHYHUDO SDUWV RI WKH ZRUOG VLQFH WKH EHJLQQLQJ RI WKH ODVW FHQWXU\ UHVHDUFK LQSXWV KDYH UHPDLQHG VSRUDGLF HYHQ XS WR WKH SUHVHQW 3URIHVVRU $KPDG·V FRPSUHKHQVLYH VXUYH\ DQG GHWDLOHG DQDO\VLV RI WKH VRLOV RI WKH &DULEEHDQ UHJLRQ LV D SLRQHHULQJ HIIRUW WR DGGUHVV WKDW GHÃ&#x20AC;FLHQF\ 7KH ZRUN FRYHUV WKH HQWLUH UHJLRQ ZLWK WKH H[FHSWLRQ RI WKH )UHQFK RYHUVHDV WHUULWRULHV WKH 'XWFK $QWLOOHV DQG 6XULQDPH DQG WKH %DKDPDV EXW VLJQLÃ&#x20AC;FDQWO\ LQFOXGHV WKH &$5,)2580 FRXQWULHV RI &XED WKH 'RPLQLFDQ 5HSXEOLF DQG +DLWL 1D]HHU $KPDG LV 3URIHVVRU (PHULWXV RI 6RLO 6FLHQFH )DFXOW\ RI 6FLHQFH DQG $JULFXOWXUH 8QLYHUVLW\ RI WKH :HVW ,QGLHV 6W $XJXVWLQH 7ULQLGDG +H LV WKH DXWKRU RI QXPHURXV MRXUQDO DUWLFOHV ERRN FKDSWHUV DQG DXWKRU HGLWRU RI IRXU ERRNV DOO UHODWLQJ WR WKH VRLOV RI WKH &DULEEHDQ

86

µ [ µ SJV 3DSHUEDFN

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Ã&#x20AC;HG DV HIIHFWLYH SURJUDPPHV LQ DGGUHVVLQJ WKH HSLGHPLF

&R SXEOLVKHG ZLWK

86

µ [ µ SJV 3DSHUEDFN

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

7KH &RQWHPSRUDU\ &DULEEHDQ $ 1DWLRQ ,PDJLQHG )LUVW :HVW ,QGLHV 7HVW 7HDP 7KH 7RXU +LODU\ %HFNOHV 86

´ [ ´ SS 3DSHUEDFN

$JULFXOWXUH LQ WKH &LW\ $ .H\ WR 6XVWDLQDELOLW\ LQ +DYDQD &XED 6DQFKH] 0HGLQD 86

´ [ ´ SS 3DSHUEDFN

+LJKHU (GXFDWLRQ &DULEEHDQ 3HUVSHFWLYHV (G E\ .HQQHWK +DOO 5RVH 0DULH &DPHURQ 86

´ [ ´ SS 3DSHUEDFN

,Q 3UDLVH RI %ODFN :RPDQ $QFLHQW $IULFDQ 4XHHQ¶V &DULEEHDQ 5LJKWV

6LPRQH 6FKZDU] %DUW 86

´ [ ´ SS +DUGEDFN

&DULEEHDQ 6RFLRORJ\ ,QWURGXFWRU\ 5HDGLQJV (G E\ &KULVWLQH %DUURZ 5KRGD 5HGGRFN 86

´ [ ´ SS 3DSHUEDFN

&KDQWLQJ 'RZQ %DE\ORQ $ 5DVWDIDUL 5HDGHU &DULEEHDQ 5LJKWV

(G E\ 1 6DPXHO 0XUUHO :LOOLDP 6SHQFHU $QGULDQ $QWKRQ\ 86

´ [ ´ SS 3DSHUEDFN

&ULPH 'HOLQTXHQF\ DQG -XVWLFH $ &DULEEHDQ 5HDGHU 5DPHVK 'HRVDUDQ 86

´ [ ´ SS 3DSHUEDFN

0XVFXODU /HDUQLQJ &ULFNHW DQG (GXFDWLRQ LQ WKH %ULWLVK :HVW ,QGLHV DW WKH (QG RI WKH WK &HQWXU\ &OHP 6HHFKDUDQ 86

´ [ ´ SS 3DSHUEDFN

(GXFDWLRQ DQG +,9 $,'6 LQ WKH &DULEEHDQ 0LFKDHO - .HOO\ %UHQGDQ %DLQ 86

´ [ ´ SS 3DSHUEDFN

(ULF :LOOLDPV DQG WKH 0DNLQJ RI WKH 0RGHUQ &DULEEHDQ &DULEEHDQ 5LJKWV

&ROLQ 3DOPHU 86

´ [ ´ SS 3DSHUEDFN

)DPLO\ LQ WKH &DULEEHDQ 7KHPHV DQG 3HUVSHFWLYHV &KULVWLQH %DUURZ 86

´ [ ´ SS 3DSHUEDFN

7KH (OXVLYH (ULF :LOOLDPV .HQ / %RRGKR ´ [ SS

*HQGHU DQG 0DQDJHPHQW &DVHV IURP WKH &DULEEHDQ /LQGD &ODXGLD 'H )RXU *ZHQGROLQ :LOOLDPV 86

´ [ ´ SS 3DSHUEDFN

*HQGHU (TXDOLW\ LQ WKH &DULEEHDQ 5HDOLW\ RU ,OOXVLRQ (G E\ *HPPD 7DQJ 1DLQ %DUEDUD %DLOH\ 86

´ [ ´ SS 3DSHUEDFN

*HQGHU LQ WKH VW &HQWXU\ &DULEEHDQ 3HUVSHFWLYHV 9LVLRQV DQG 3RVVLELOLWLHV (G %DUEDUD %DLOH\ (OVD /HR 5K\QLH ´[ ´ SS 3DSHUEDFN 86

+DUGEDFN 86

*X\DQD (WKQLFLW\ &ODVV DQG *HQGHU 6WHYH *DUQHU 86

´ [ ´ SS 3DSHUEDFN

+HDOWK DQG 'HYHORSPHQW LQ 2XU 7LPH 6HOHFWHG 6SHHFKHV RI 6LU *HRUJH $OOH\QH (G E\ +HQU\ 6 )UDVHU 86

´ [ ´ SS 3DSHUEDFN

3DSHUEDFN 86

+DUGEDFN 86

-DPDLFD Â&#x2021; 7ULQLGDG DQG 7REDJR

+DUGEDFN 86

7KH :KLWH 0LQRULW\ LQ WKH &DULEEHDQ (G E\ +RZDUG -RKQVRQ .DUO :DWVRQ 86

´ [ ´ SS 3DSHUEDFN

.LQJVWRQ -DPDLFD 8UEDQ 'HYHORSPHQW DQG 6RFLDO &KDQJH

&ROLQ * &ODUNH 86

´ [ ´ SS +DUGEDFN

ZZZ LDQUDQGOHSXEOLVKHUV FRP

5H[ 1 5H[ 1HWWOHIRUG 6HOHFWHG 6SHHFKHV (G E\ .HQQHWK +DOO ´ [ ´ SS

3DSHUEDFN 86

7KH &RQWHPSRUDU\ &DULEEHDQ *RYHUQDQFH LQ WKH 1RQ ,QGHSHQGHQW &DULEEHDQ &KDOOHQJHV DQG 2SSRUWXQLWLHV LQ WKH 7ZHQW\ ¿UVW &HQWXU\ (G E\ 3HWHU &OHJJ DQG (PLOLR 3DQWRMDV *DUFLD 86

´ [ ´ SS 3DSHUEDFN

6H[ 3RZHU DQG 7DERR *HQGHU DQG +,9 LQ WKH &DULEEHDQ DQG %H\RQG (G E\ 'RURWK\ 5REHUWV 5KRGD 5HGGRFN 'LDQQH 'RXJODV DQG 6DQGUD 5HLG 86

´ [ ´ SS 3DSHUEDFN

6H[XDOLW\ 6RFLDO ([FOXVLRQ DQG +XPDQ 5LJKWV 9XOQHUDELOLW\ LQ WKH &DULEEHDQ &RQWH[W RI +,9 (G E\ &KULVWLQH %DUURZ 0DUMDQ GH %UXLQ DQG 5REHUW &DUU 86

´ [ ´ SS 3DSHUEDFN

+,9 $LGV DQG 6RFLDO :RUN 3UDFWLFH LQ WKH &DULEEHDQ (G E\ $GHOOH ' -RQHV -DFTXHOLQH $ 3DGPRUH DQG 3UL\D ( 0DKDUDM 86

´ [ ´ SS 3DSHUEDFN

7KH *URZWK RI WKH 0RGHUQ :HVW ,QGLHV *RUGRQ /HZLV 86

´ [ ´ SS 3DSHUEDFN

WK 6XULQDPH &RQWLQXLWLHV DQG 'LVFRQWLQXLWLHV LQ D 1HZ :RUOG 6RFLHW\ 5RVHPDULMQ +RHIWH 3HWHU 0HHO 86

´ [ ´ SS 3DSHUEDFN

0DNHUV RI WKH &DULEEHDQ -DPHV )HUJXVRQ ´ [ ´ SS

7KH &DULEEHDQ &LW\ (G 5LYNH -DIIH 86

´ [ ´ SS 3DSHUEDFN

7KH 6LOHQW .LOOHU %DUEDUD &KDVH 86

´ [ ´ SS 3DSHUEDFN

(QJOLVK 86

ZZZ LDQUDQGOHSXEOLVKHUV FRP

)UHQFK 86

86 ,QWHUYHQWLRQ LQ %ULWLVK *XLDQD $ &ROG :DU +LVWRU\ &DULEEHDQ 5LJKWV

6WHSKHQ * 5DEH 86

´ [ ´ SS 3DSHUEDFN

)URP ,PSHULDO &ROOHJH WR WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV $ +LVWRU\ RI WKH 6W $XJXVWLQH &DPSXV 7ULQLGDG DQG 7REDJR (G E\ %ULGJHW %UHUHWRQ ´ [ ´ SS 3DSHUEDFN 86

+DUGEDFN 86

(PHUJLQJ &DULEEHDQ $ 3ROLWLFDO *HRJUDSK\ 3DVFDO %XOHRQ 0RQLTXH %pJRW DQG 3DWULFH 5RWK 86

´ [ ´ SS +DUGEDFN

7KH 'HSDUWPHQW RI &KHPLVWU\ 8:, 0RQD 5REHUW /DQFDVKLUH DQG .HQQHWK 0DJQXV 86

´ [ ´ SS +DUGEDFN

7KH 0DNLQJ RI D 8QLYHUVLW\ )URP &$67 WR 87HFK $OIUHG 6DQJVWHU 86

´ [ ´ SS +DUGEDFN

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

3ROLWLFV (FRQRPLFV 'HYHORSPHQW

7KH 3ROLWLFV RI ,QWHJUDWLRQ &DULEEHDQ 6RYHUHLJQW\ 5HYLVLWHG 7HUUL $QQ *LOEHUW 5REHUWV 5HJLRQDO *RYHUQDQFH KDV ORQJ EHHQ DFNQRZOHGJHG DV DQ LPSHUDWLYH IRU VRFLR HFRQRPLF GHYHORSPHQW DQG IRU LQWHJUDWLRQ LQWR WKH JOREDO SROLWLFDO HFRQRP\ E\ WKH VPDOO VWDWHV RI WKH &DULEEHDQ &RPPXQLW\ &$5,&20

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

86

µ [ µ SJV 3DSHUEDFN 2FWREHU

7KH 5HJLRQDO *RYHUQDQFH 6XE &XOWXUH 7KH (DVWHUQ &DULEEHDQ ([SHULHQFH 3$57 7KH &$5,&20 0RGH RI *RYHUQDQFH 7KH &$5,&20 5HJLRQDO *RYHUQDQFH ([SHULHQFH 6LWXDWLQJ 7UDGLWLRQDO 6RYHUHLJQW\ 3UD[LV ZLWKLQ &RQWHPSRUDU\ 5HJLRQDOLVW $SSURDFKHV

-DPDLFD Â&#x2021; 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

7HUUL $QQ *LOEHUW 5REHUWV LV D 5HVHDUFK )HOORZ DW WKH 6LU $UWKXU /HZLV ,QVWLWXWH RI 6RFLDO DQG (FRQRPLF 6WXGLHV 6$/,6(6

RQ WKH 0RQD &DPSXV RI WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV ZKHUH VKH OHFWXUHV DQG FRQGXFWV UHVHDUFK RQ UHJLRQDO LQWHJUDWLRQ 6KH KDV VWXGLHG DQG ZULWWHQ H[WHQVLYHO\ RQ LVVXHV UHODWHG WR WKH SROLWLFV RI &DULEEHDQ LQWHJUDWLRQ FLWL]HQ VHFXULW\ DQG \RXWK GHYHORSPHQW

3ROLWLFV (FRQRPLFV 'HYHORSPHQW

3RZHU 3ROLWLFV DQG 3HUIRUPDQFH $ 3DUWQHUVKLS $SSURDFK IRU 'HYHORSPHQW :LQVWRQ 'RRNHUDQ 7KH SHUFHSWLRQ RI SROLWLFV DV DQ REVWDFOH WR WKH DGYDQFHPHQW RI WKH &DULEEHDQ PXVW EH UHPRYHG ,Q 3RZHU 3ROLWLFV DQG 3HUIRUPDQFH :LQVWRQ 'RRNHUDQ DUJXHV WKDW IRU PHDQLQJIXO FKDQJH SROLWLFV PXVW EH YLVLRQDU\ DQG SXUVXHG ZLWK SULQFLSOHG SXUSRVH +H DUJXHV IRU SDUWQHUVKLS WKURXJK UHJLRQDOLVP DQG H[SORUHV WKH LVVXHV IDFLQJ VPDOO GHYHORSLQJ VWDWHV DQG WKHLU VRYHUHLJQW\ 'RRNHUDQ LGHQWLÃ&#x20AC;HV WKH LPSHUDWLYHV RI Ã&#x20AC;QDQFLDO VWDELOLW\ DQG WKH VWUXFWXUHV UHTXLUHG IRU EXLOGLQJ D NQRZOHGJH EDVHG HFRQRP\ 3RZHU 3ROLWLFV DQG 3HUIRUPDQFH IRFXVHV RQ NH\ LVVXHV RI OHDGHUVKLS DQG WKH SROLWLFDO SURFHVVHV VXJJHVWLQJ WKDW XOWLPDWHO\ OHDGHUVKLS LV DERXW Ã&#x20AC;QGLQJ VROXWLRQV DQG VXFK VROXWLRQV UHTXLUH UDGLFDO WUDQVIRUPDWLRQ RI SROLWLFDO SDUWLHV DQG SROLWLFDO LQVWLWXWLRQV 7KH ERRN H[DPLQHV DQG DQDO\VHV VSHFLÃ&#x20AC;F SUREOHPV DQG GLVWRUWLRQV LQ VPDOO VWDWHV DQG WKH FKDOOHQJH RI EXLOGLQJ HIIHFWLYH OHDGHUVKLS ZKLOH SURYLGLQJ D EOXHSULQW IRU WKH ZD\ IRUZDUG 3RZHU 3ROLWLFV DQG 3HUIRUPDQFH LV D ZHOFRPHG DGGLWLRQ WR WKH &DULEEHDQ ,QWHJUDWLRQ DUHQD DQG VHWV WKH VWDJH IRU D SDUDGLJP VKLIW LQ WKH JRYHUQDQFH RI VPDOO VWDWHV

&RPPHQWV

ZZZ LDQUDQGOHSXEOLVKHUV FRP

3RZHU 3ROLWLFV DQG 3HUIRUPDQFH RXWOLQHV D FRQYLQFLQJ FDVH WKDW WKH EHVW URXWH IRU WKH RSWLPXP 'HYHORSPHQW RI 6PDOO 6WDWHV UHTXLUHV WKH G\QDPLFV RI D 3DUWQHUVKLS $SSURDFK ² ZLWK LWV FLWL]HQV UHJLRQDO LQVWLWXWLRQV DQG WKH JOREDO FRPPXQLW\

:LQVWRQ 'RRNHUDQ LV LV WKH 0LQLVWHU RI )LQDQFH RI 7ULQLGDG DQG 7REDJR $ IRXQGLQJ GLUHFWRU RI WKH )RXQGDWLRQ IRU 3ROLWLFV DQG /HDGHUVKLS +H KDV VHUYHG DV 0LQLVWHU RI 3ODQQLQJ 7ULQLGDG DQG 7REDJR DQG LV D IRUPHU *RYHUQRU RI WKH &HQWUDO %DQN RI 7ULQLGDG DQG 7REDJR 3UHYLRXVO\ KH ZDV D 9LVLWLQJ 6FKRODU DW WKH &HQWUH IRU ,QWHUQDWLRQDO $IIDLUV DW +DUYDUG 8QLYHUVLW\ DQG D 9LVLWLQJ 6FKRODU DW WKH :RUOG ,QVWLWXWH IRU 'HYHORSPHQW (FRQRPLFV 5HVHDUFK RI WKH 8QLWHG 1DWLRQV 8QLYHUVLW\ +H VHUYHG DV WKH 6HQLRU (FRQRPLVW DW WKH 8QLWHG 1DWLRQV (FRQRPLF &RPPLVVLRQ IRU /DWLQ $PHULFD DQG WKH &DULEEHDQ DQG DV D OHFWXUHU DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV 'HSDUWPHQW RI (FRQRPLFV

0RVW +RQ 3HUFLYDO -DPHV 3DWWHUVRQ 21 2&& 3& 4& )RUPHU 3ULPH 0LQLVWHU RI -DPDLFD

&RQWHQWV ,QWURGXFWLRQ î $ 3DUWQHUVKLS $SSURDFK 0XOWL 6WDNHKROGHU $SSURDFK WR 1DWLRQ %XLOGLQJ 3DUDGLJP 3RZHU *OREDO ,QIRUPDWLRQ 7HFWRQLFV *HWWLQJ 'HYHORSPHQW 5LJKW /HDGHUVKLS DQG *RYHUQDQFH LQ 6PDOO 6WDWHV 3ROLWLFV 'HYHORSPHQW 6RYHUHLJQW\ &URVVFXUUHQWV LQ &DULEEHDQ 3ROLF\ $QDO\VLV )RXQGDWLRQ IRU 3ROLWLFV /HDGHUVKLS 6ROXWLRQ DQG $FWLRQ $JHQGD IRU 1DWLRQDO 'HYHORSPHQW 3ROLWLFV &XOWXUH RI &RUUXSWLRQ 'LVWRUWHG 3ROLWLFDO (FRQRP\ ² &XOWXUH 0DWWHUV &RDOLWLRQ 3ROLWLFV *RRG *RYHUQDQFH *HWWLQJ WKH 3ROLWLFV ([HUFLVH RI 3RZHU 5LJKW ² 6KDUHG 3ULQFLSOHV

86

µ [ µ SJV +DUGEDFN $SULO

(QWUHSUHQHXULDO (FRQRP\ +XPDQ 3RWHQWLDO $ 1HZ 3DWK IRU (FRQRPLF 'HYHORSPHQW )LQDQFH 'HYHORSPHQW &HQWUDO %DQN $JHQGD %UHDNLQJ WKH $QWL *URZWK &RDOLWLRQ 6ROXWLRQV IRU &DULEEHDQ DQG &$5,&20 'HYHORSPHQW

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

3ROLWLFV (FRQRPLFV 'HYHORSPHQW

*HRUJH 3ULFH $ /LIH 5HYHDOHG 7KH $XWKRUL]HG %LRJUDSK\ *RGIUH\ 3 6PLWK ´2QFH GHVFULEHG DV WKH ¶SULPH PLQLVWHU ZKR ZDQWHG WR EH D SULHVW· *HRUJH 3ULFH ZDV RQH RI WKH PRVW HQLJPDWLF DQG VHFUHWLYH OHDGHUV RI WKH PRGHUQ &DULEEHDQ DQG &HQWUDO $PHULFDQ VXE UHJLRQ /LWWOH LV NQRZQ RI KLV SHUVRQDO OLIH DQG KLV ORQJ SROLWLFDO FDUHHU ZDV RIWHQ PLUHG LQ FRQWURYHUV\ 1RZ KLV DXWRELRJUDSK\ *HRUJH 3ULFH $ /LIH 5HYHDOHG ZULWWHQ E\ D IRUPHU SROLWLFDO DFRO\WH *RGIUH\ 6PLWK SURPLVHV WR VKHG OLJKW RQ 3ULFH·V XQXVXDO SHUVRQDOLW\ XQHDUWK SUHYLRXVO\ XQNQRZQ IDFWV DQG SURYLGH IUHVK LQWHUSUHWDWLRQV RI VRPH RI KLV PRUH FRQWURYHUVLDO SROLWLFDO DFWLRQV

*RGIUH\ 3 6PLWK LV D IRUPHU 0HPEHU RI WKH %HOL]H 3DUOLDPHQW DQG KDV VHUYHG DV D FDELQHW PLQLVWHU +H FXUUHQWO\ SUDFWLFHV DV DQ $WWRUQH\ DW /DZ

86 3DSHUEDFN 86 +DUGEDFN µ[ µ SJV

:RPHQ LQ &DULEEHDQ 3ROLWLFV (GLWHG E\ &\QWKLD %DUURZ *LOHV

&RYHULQJ D QXPEHU RI WHUULWRULHV ZLWK YDU\LQJ SROLWLFDO HWKQLF DQG VRFLR HFRQRPLF LVVXHV :RPHQ LQ &DULEEHDQ 3ROLWLFV WHOOV WKH VWRU\ RI ZRPHQ VWUXJJOLQJ DJDLQVW DQG H[FHOOLQJ LQ VSLWH RI WKH UHVWUDLQWV LPSRVHG XSRQ WKHP E\ GHELOLWDWLQJ FXVWRPV REVWUXFWLRQLVW DWWLWXGHV DQG SDWULDUFKDO VRFLHWLHV &\QWKLD %DUURZ *LOHV LV D OHFWXUHU LQ SROLWLFDO VFLHQFH DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV &DYH +LOO %DUEDGRV 6KH KDV SXEOLVKHG ZLGHO\ LQ WKH DUHDV R ÀQWHUQDWLRQDO UHODWLRQV JHQHUDO HOHFWLRQV DQG YRWLQJ LQ WKH &DULEEHDQ &DULEEHDQ 6RYHUHLJQW\ UHJLRQDO LQWHJUDWLRQ DQG WKH SROLWLFDO SDUWLFLSDWLRQ RI ZRPHQ LQ WKH &RPPRQZHDOWK &DULEEHDQ

86

µ [ µ SJV 3DSHUEDFN -DQXDU\

-DPDLFD 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

7KLV ZRUN SURÀOHV RI WKH PRVW LQÁXHQWLDO ZRPHQ DQG WKHLU FRQWULEXWLRQ WR WKH SROLWLFDO DQG VRFLDO ODQGVFDSH RI WKH &DULEEHDQ UHJLRQ ,W IHDWXUHV ZRPHQ ZKR OHG WKH IUHHGRP ÀJKW DJLWDWLQJ IRU HTXDO ULJKWV DQG MXVWLFH LQ WKH SUH LQGHSHQGHQFH SHULRG SRVWFRORQLDO WUDLOEOD]HUV DQG ZRPHQ ZKR KDYH ULVHQ WR WKH WRS RI EXVLQHVV DQG EXVLQHVV RUJDQLVDWLRQV

3ROLWLFV (FRQRPLFV 'HYHORSPHQW

$ 1HZ 3HUVSHFWLYH RQ 3RYHUW\ LQ WKH &DULEEHDQ 7KH 6WUHQJWK RI D 3DUWLFLSDWRU\ $SSURDFK (G E\ (OHDQRU :LQW -XGLWK 0HOYLOOH 86

´ [ ´ SS 3DSHUEDFN

$GXOW 6XIIUDJH 3ROLWLFDO $GPLQLVWUDWLRQ LQ -DPDLFD $ FRPSHQGLXP DQG &RPPHQWDU\ 7UHYRU 0XQURH DQG $UQROG %HUWUDP 86

´ [ ´ SS 3DSHUEDFN

$OXPLQLXP 6PHOWLQJ +HDOWK (QYLURQPHQW (QJLQHHULQJ 3HUVSHFWLYHV (G E\ 0XNHVK .KDUH &OHPHQW . 6DQNDW *\DQ 6 6KULYDVWDYD &KLQWDQDSDOOL 9HQNREDFKRU 86

´ [ ´ SS +DUGEDFN

%HOL]H $ &DULEEHDQ 1DWLRQ LQ &HQWUDO $PHULFD 6HOHFWHG 6SHHFKHV RI 6DLG 0XVD (G E\ *RGIUH\ 6PLWK ´ [ ´ SS 3E 86

+E 86

%H\RQG WKH %ORRG WKH %HDFK DQG WKH %DQDQD 1HZ 3HUVSHFWLYHV LQ &DULEEHDQ 6WXGLHV (G E\ 6DQGUD &RXUWPDQ 86

´ [ ´ SS 3DSHUEDFN

7KH ,VODQG RI &XED $ 3ROLWLFDO (VVD\ E\ $OH[DQGHU 9RQ +XPEROGW (G E\ /XLV 0DUWLQH] )HUQDQGH] 86

´ [ ´ SS 3DSHUEDFN

&DULEEHDQ &KDULVPD /HJLWLPDF\ DQG 3ROLWLFDO /HDGHUVKLS LQ WKH (UD RI ,QGHSHQGHQFH (G E\ $QWRQ $OODKDU 86

´ [ ´ SS 3DSHUEDFN

7KH &DULEEHDQ &RPPXQLW\ LQ 7UDQVLWLRQ )XQFWLRQDO &RRSHUDWLRQ DV D &DWDO\VW IRU &KDQJH (G E\ .HQQHWK +DOO 0\UWOH &KXFN $ 6DQJ 86

´ [ ´ SS 3DSHUEDFN

&DULEEHDQ 'UXJV )URP &ULPLQDOL]DWLRQ WR +DUP 5HGXFWLRQ &DULEEHDQ 5LJKWV

$OH[ .OHLQ 0DUFXV 'D\ $QWKRQ\ +DUULRW 86

´ [ ´ SS 3DSHUEDFN

&DULEEHDQ ,PSHUDWLYHV 5HJLRQDO *RYHUQDQFH ,QWHJUDWHG 'HYHORSPHQW (G E\ .HQQHWK +DOO 'HQLV %HQQ 86

´ [ ´ SS 3DSHUEDFN

&DULEEHDQ 6HFXULW\ LQ WKH $JH RI 7HUURU &KDOOHQJH DQG &KDQJH (G E\ ,YHODZ *ULI¿WK 86

´ [ ´ SS 3DSHUEDFN

&DULEEHDQ 7RXULVP 0RUH 7KDQ 6XQ 6DQG DQG 6HD (G E\ &KDQGDQD -D\DZDUGHQD 86

´ [ ´ SS 3DSHUEDFN

&DULEEHDQ 7RXULVP 3HRSOH 6HUYLFH DQG +RVSLWDOLW\ (G E\ &KDQGDQD -D\DZDUGHQD 86

´ [ ´ SS 3DSHUEDFN

&DULEEHDQ 7RXULVP 9LVLRQV 0LVVLRQV &KDOOHQJHV (G E\ &KDQGDQD -D\DZDUGHQD 86

´ [ ´ SS 3DSHUEDFN

&DULEEHDQ 7UDGH ,QYHVWPHQW 5HSRUW &RUSRUDWH ,QWHJUDWLRQ DQG &URVV %RUGHU 'HYHORSPHQW &$5,&20 6HFUHWDULDW 86

´ [ ´ SS 3DSHUEDFN

&$5,&20 $SSURSULDWH $GDSWDWLRQ WR &KDQJLQJ *OREDO (QYLURQPHQW 8:, &$5,&20 3URMHFW 86

´ [ ´ SS 3DSHUEDFN

&$5,&20 2SWLRQV 7RZDUGV ,QWHJUDWLRQ LQWR WKH :RUOG (FRQRP\ (G E\ .HQQHWK +DOO 0\UWOH &KXFN $ 6DQJ 86

´ [ ´ SS 3DSHUEDFN

&$5,&20 2XU &DULEEHDQ &RPPXQLW\ &$5,&20 6HFUHWDULDW ´ [ ´ SS 3E 86

+E 86

$ 'HYHORSPHQW $JHQGD IRU WKH &DULEEHDQ )LQDQFLDO DQG (FRQRPLF $SSURDFKHV . 'ZLJKW 9HQQHU ´ [ ´ SS

3E 86

+E 86

$W WKH 5DLQERZ¶V (GJH 6HOHFWHG 6SHHFKHV E\ .HQQ\ ' $QWKRQ\ (G E\ 'LGDFXV -XOHV 7HQQ\VRQ -RVHSK ´ [ ´ SS 3E 86

+E 86

ZZZ LDQUDQGOHSXEOLVKHUV FRP

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

3ROLWLFV (FRQRPLFV 'HYHORSPHQW &DULEEHDQ 7UDGH DQG ,QYHVWPHQW 5HSRUW 6WUDWHJLHV IRU 5HFRYHU\ 5HQHZDO DQG 5HIRUP &$5,&20 6HFUHWDULDW 86

´ [ ´ SS 3DSHUEDFN

(OHFWLRQV 9LROHQFH DQG 7KH 'HPRFUDWLF 3URFHVV LQ -DPDLFD $PDQGD 6LYHV 86

´ [ ´ SS 3DSHUEDFN

&$5,&20 6LQJOH 0DUNHW DQG (FRQRP\ &KDOOHQJHV %HQH¿WV 3URVSHFWV 8:, &$5,&20 3URMHFW 86

´ [ ´ SS 3DSHUEDFN

&$5,&20 *HQHVLV DQG 3URJQRVLV (G E\ .HQQHWK +DOO 0\UWOH &KXFN $ 6DQJ 86

´ [ ´ SS 3DSHUEDFN

&RDVWDO 5HVRXUFH 0DQDJHPHQW LQ WKH :LGHU &DULEEHDQ 5HVLOLHQFH $GDSWDWLRQ DQG &RPPXQLW\ 'LYHUVLW\ <YDQ %UHWRQ %ULDQ 'DY\ /XLV 2YDUHV 'DYLG 1 %URZQ 0LOWRQ +DXJKWRQ 86

´ [ ´ SS 3DSHUEDFN

&RQIURQWLQJ &KDOOHQJHV 0D[LPLVLQJ 2SSRUWXQLWLHV $ 1HZ 'LSORPDF\ IRU 0DUNHW $FFHVV 8:, &$5,&20 3URMHFW 86

´ [ ´ SS 3DSHUEDFN

&RQWHQGLQJ :LWK 'HVWLQ\ 7KH &DULEEHDQ LQ WKH VW &HQWXU\ (G E\ .HQQHWK +DOO 'HQLV %HQQ 86

´ [ ´ SS 3DSHUEDFN

&RRSHUDWLRQ LQ WKH *UHDWHU &DULEEHDQ 7KH 5ROH RI WKH &DULEEHDQ 6WDWHV 1RUPDQ *LUYDQ 86

´ [ ´ SS 3DSHUEDFN

(FRQRPLF 7KHRU\ DQG 'HYHORSPHQW 2SWLRQV IRU WKH &DULEEHDQ 6LU $UWKXU /HZLV 0HPRULDO /HFWXUHV

86

´ [ ´ SS 3DSHUEDFN

*HQHUDO (OHFWLRQV DQG 9RWLQJ LQ WKH (QJOLVK 6SHDNLQJ &DULEEHDQ &\QWKLD %DUURZ *LOHV 7HQQ\VRQ -RVHSK 86

´ [ ´ SS 3DSHUEDFN

*OREDOLVDWLRQ &RPPXQLFDWLRQV DQG &DULEEHDQ ,GHQWLW\ (G E\ +RSHWRQ 6 'XQQ 86

´ [ ´ SS 3DSHUEDFN

*RYHUQDQFH &RQÃ&#x20AC;LFW $QDO\VLV DQG &RQÃ&#x20AC;LFW 5HVRXOWLRQ 0DUN .LUWRQ &HGULF *UDQW 86

´ [ ´ SS 3DSHUEDFN

*RYHUQDQFH LQ WKH $JH RI *OREDOLVDWLRQ &DULEEHDQ 3HUVSHFWLYH (G E\ .HQQHWK +DOO 'HQLV %HQQ 86

´ [ ´ SS 3DSHUEDFN

&RPLQJ RI $JH +RQ 'U 'HQ]LO / 'RXJODV 3ULPH 0LQLVWHU RI 6W .LWWV DQG 1HYLV 7KH )LUVW 7ZR 7HUPV -XO\ 2FWREHU (GLWHG DQG ,QWURGXFHG E\ .HQQHWK * 7LOH\ ´ [ ´ SS 3E 86

+E 86

-DPDLFD Â&#x2021; 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

&$5,&20 3ROLF\ 2SWLRQV IRU ,QWHUQDWLRQDO (QJDJHPHQW (G E\ .HQQHWK 2 +DOO DQG 0\UWOH &KXFN $ 6DQJ 86

´ [ ´ SS 3DSHUEDFN

ZZZ LDQUDQGOHSXEOLVKHUV FRP

3ROLWLFV (FRQRPLFV 'HYHORSPHQW

,QVWLWXWLRQDO $VSHFWV RI :HVW ,QGLDQ 'HYHORHSPHQW (GZLQ -RQHV HW DO 86

´ [ ´ SS 3DSHUEDFN

,QWHJUDWLRQ &$5,&20¶V .H\ WR 3URVSHULW\ .HQQHWK +DOO 0\UWOH &KXFN $ 6DQJ 86

´ [ ´ SS 3DSHUEDFN

,QGXFWLRQ WR &DULEEHDQ 3ROLWLFV &\QWKLD %DUURZ *LOHV 86

´ [ ´ SS 3DSHUEDFN

,PSURYLQJ WKH 2UJDQL]DWLRQ RI (OHFWLRQV $ 3HUVSHFWLYH &DUO : 'XQGDV 86

´ [ ´ SS 3DSHUEDFN

,QWHUYHQWLRQ %RUGHU DQG 0DULWLPH ,VVXHV LQ &$5,&20 (G E\ .HQQHWK +DOO 0\UWOH &KXFN $ 6DQJ 86

´ [ ´ SS 3DSHUEDFN

-DPDLFD¶V ([SRUW (FRQRP\ 7RZDUGV D 6WUDWHJ\ RI ([SRUW OHG *URZWK 'RQDOG - +DUULV 86

´ [ ´ SS 3DSHUEDFN

/LYLQJ DW WKH %RUGHUOLQHV ,VVXHV LQ WKH &DULEEHDQ 6RYHUHLJQW\ DQG 'HYHORSPHQW (G E\ &\QWKLD %DUURZ *LOHV 'RQ 0DUVKDOO 86

´ [ ´ SS 3DSHUEDFN

0DQDJLQJ 7RZDUGV ,QWHUQDWLRQDO &RPSHWLWYHQHVV $OYLQ :LQW 86

´ [ ´ SS 3DSHUEDFN

0RGHUQL]LQJ WKH 6WDWH 3XEOLF 6HFWRU 5HIRUP LQ WKH &RPPRQZHDOWK &DULEEHDQ 3DXO 6XWWRQ 86

´ [ ´ SS 3DSHUEDFN

2EVHUYLQJ (OHFWLRQV WKH &RPPRQZHDOWK¶V :D\ 7KH (DUO\ <HDUV &DUO 'XQGDV 86

´ [ ´ SS 3DSHUEDFN

7KH 3ROLWLFDO +LVWRU\ RI &$5,&20 $QWKRQ\ 3D\QH 86

´ [ ´ SS 3DSHUEDFN

3ROLWLFV LQ D +DOI 0DGH 6RFLHW\ 7ULQLGDG DQG 7REDJR .LUN 0HLJKRR 86

´ [ ´ SS 3DSHUEDFN

3URGXFWLRQ ,QWHJUDWLRQ LQ &$5,&20 )URP 7KHRU\ WR $FWLRQ .HQQHWK +DOO 'HQLV %HQQ 86

´ [ ´ SS 3DSHUEDFN

5HFODLPLQJ 'HYHORSPHQW ,QGHSHQGHQW 7KRXJKW DQG &DULEEHDQ &RPPXQLW\ .DUL /HYLWW 86

´ [ ´ SS 3DSHUEDFN

6XUYLYDO DQG 6RYHUHLJQW\ LQ WKH &DULEEHDQ &RPPXQLW\ (G E\ .HQQHWK +DOO 0\UWOH &KXFN $ 6DQJ 86

´ [ ´ SS 3DSHUEDFN

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

3ROLWLFV (FRQRPLFV 'HYHORSPHQW

7KH &DULEEHDQ &RPPXQLW\ %H\RQG 6XUYLYDO (G E\ .HQQHWK +DOO 86

´ [ ´ SS 3DSHUEDFN

7KH &DULEEHDQ (FRQRP\ $ 5HDGHU (G E\ 'HQQLV 3DQWLQ 86

´ [ ´ SS 3DSHUEDFN

7KH &DULEEHDQ ,QWHJUDWLRQ 3URFHVV $ 3HRSOH &HQWHUHG $SSURDFK (G E\ .HQQHWK +DOO 0\UWOH &KXFN $6DQJ 86

´ [ ´ SS 3DSHUEDFN

7KH &ULWLFDO 7UDGLWLRQ RI &DULEEHDQ 3ROLWLFDO (FRQRP\ 7KH /HJDF\ RI *HRUJH %HFNIRUG .DUL /HYLWW DQG 0LFKDHO :LWWHU 86

´ [ ´ SS 3DSHUEDFN

7KH +DXQWLQJ 3DVW 3ROLWLFV (FRQRPLFV DQG 5DFH LQ &DULEEHDQ /LIH $OYLQ 2 7KPSVRQ 86

´ [ ´ SS 3DSHUEDFN

7KH 3ROLWLFV RI /DERXU LQ WKH %ULWLVK &DULEEHDQ 7KH 6RFLDO 2ULJLQV RI $XWKRULWDULDQLVP DQG 'HPRFUDF\ LQ WKH /DERXU 0RYHPHQW 2 1LJHO %ROODQG ´ [ ´ SS 3E 86

+E 86

7KH 3UDFWLFH RI (FRQRPLF 0DQDJHPHQW &DULEEHDQ 3HUVSHFWLYH &RXUWQH\ %ODFNPDQ 86

´ [ ´ SS 3DSHUEDFN

7KH 3UDFWLFH RI 3XEOLF 5HODWLRQV $ &DULEEHDQ 3HUVSHFWLYH (ODLQH &RPPLVVLRQJ 86

´ [ ´ SS 3DSHUEDFN

7UDGH ,QYHVWPHQW DQG 'HYHORSPHQW LQ WKH &RQWHPSRUDU\ &DULEEHDQ %KRHQGUDGDWW 7HZDULH 5RJHU +RVHLQ 86

´ [ ´ SS 3DSHUEDFN

7RXULVP 7KH 'ULYHU RI &KDQJH LQ WKH -DPDLFDQ (FRQRP\" (G E\ .HQQHWK +DOO 5KHLPD +ROGLQJ 86

´ [ ´ SS 3DSHUEDFN

8QGHUVWDQGLQJ ,QWHUQDWLRQDO 7UDGH $ &$5,&20 3HUVSHFWLYH (GZLQ /DXUHQW 86

´ [ ´ SS 3DSHUEDFN

:HVW ,QGLDQ 'HYHORSPHQW DQG WKH 'HHSHLQJ DQG :LGHQLQJ RI WKH &DULEEHDQ &RPPXQLW\ :LOOLDPV * 'HPDV 86

´ [ ´ SS 3DSHUEDFN

7KH 5DFH IRU )LVKHULHV DQG +\GURFDUERQV LQ WKH &DULEEHDQ %DVLQ 7KH %DUEDGRV 7ULQLGDG DQG 7REDJR 0DULWLPH 'LVSXWH 5HJLRQDO 'HOLPLWDWLRQ ,PSOLFDWLRQV &OLIIRUG *ULI¿Q 86

´ [ ´ SS 3DSHUEDFN

7ULQLGDG DQG 7REDJR ,QGXVWULDO 3ROLF\ :HQGHOO 0RWWOH\ 86

´ [ ´ SS +DUGEDFN

-DPDLFD Â&#x2021; 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

7KH %LUWK RI &DULEEHDQ &LYLOLVDWLRQ $ &HQWXU\ RI ,GHDV DERXW &XOWXUH DQG ,GHQWLW\ 1DWLRQ DQG 6RFLHW\ 2 1LJHO %ROODQG 86

´ [ ´ SS 3DSHUEDFN

9LVLW ,53路V QHZO\ ODXQFKHG ZHEVLWH ZZZ LDQUDQGOHSXEOLVKHUV FRP

/DZ 7UDQVLWLRQV LQ &DULEEHDQ /DZ /DZ 0DNLQJ &RQVWLWXWLRQDOLVP DQG WKH &RQYHUJHQFH RI 1DWLRQDO DQG ,QWHUQDWLRQDO /DZ (GLWHG E\ 'DYLG 6 %HUU\ DQG 7UDF\ 5RELQVRQ &DQ WKH &DULEEHDQ GHYHORS LWV ODZ FRQVLVWHQW ZLWK LWV ¶LGHQWLW\· DQG ZLOO ODZPDNHUV DQG WKH OHJDO SURIHVVLRQ DFFHSW WKH &DULEEHDQ RQ LWV RZQ WHUPV" 7KHVH DUH WKH TXHVWLRQV HQJDJHG ZLWK UH SUHVHQWHG DQG DQVZHUHG E\ WKH FRQWULEXWRUV WR 7UDQVLWLRQV LQ &DULEEHDQ /DZ 7KH LQGLYLGXDO FKDSWHUV H[SORUH DQG RIIHU LQVLJKWV DERXW D QXPEHU RI FURVV FXWWLQJ WKHPHV WKDW DUH DW WKH IURQW RI &DULEEHDQ UHJLRQDO MXULVSUXGHQFH ² IURP WKH FKDOOHQJHV LQYROYHG LQ DSSO\LQJ DEVWUDFW VRPHWLPHV UHJLRQDO RIWHQ H[WUD UHJLRQDO

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

&RQWHQWV 7UDQVLWLRQV LQ &DULEEHDQ /DZ $Q ,QWURGXFWLRQ 'DYLG 6 %HUU\ DQG 7UDF\ 5RELQVRQ , /$:0$.,1* ,1 7+( &$5,%%($1 )L :H /DZ 7KH (PHUJHQFH RI &DULEEHDQ -XULVSUXGHQFH DQG WKH 'RFWULQH RI 3UHFHGHQW /HLJKWRQ 0 -DFNVRQ &RUSRUDWH *RYHUQDQFH 2QH 6L]H )LWV $OO" 6X]DQQH *ROGVRQ

8QUHVROYHG 4XHVWLRQV &DULEEHDQ -XULVSUXGHQFH RQ WKH 'XW\ RI 8EHUULPDH )LGHV /HVOH\ $ :DOFRWW ,, 7+( &21)/8(1&( 2) ,17(51$7,21$/ $1' '20(67,& /$: 7KH 8VH RI ,QWHUQDWLRQDO /DZ E\ 'RPHVWLF 7ULEXQDOV LQ WKH &DULEEHDQ LQ 'HDWK 3HQDOW\ &DVHV 'DYLG 6 %HUU\ /HJLWLPDWH ([SHFWDWLRQV ,QWHUQDWLRQDO 7UHDWLHV DQG WKH &DULEEHDQ &RXUW RI -XVWLFH (GG\ ' 9HQWRVH +XPDQ 7UDIÃ&#x20AC;FNLQJ /HJLVODWLRQ LQ WKH &RPPRQZHDOWK &DULEEHDQ (IIHFWLYH RU (IIHFWHG" .DPLOOH $GDLU ,,, 7+( +$%,76 2) &2167,787,21$/,60 7KH &RPPRQ /DZ DQG WKH /LWLJDWLRQ RI )XQGDPHQWDO 5LJKWV DQG )UHHGRPV EHIRUH WKH 3ULY\ &RXQFLO 0DUJDUHW 'HPHULHX[

86

µ [ µ SJV 3DSHUEDFN 2FWREHU

-XGLFLDO ,QGHSHQGHQFH DV DQ ,QGLVSHQVDEOH )HDWXUH RI WKH 5XOH RI /DZ DQG 'HPRFUDF\ ,PSOLFDWLRQV IRU WKH &RPPRQZHDOWK &DULEEHDQ $ULI %XONDQ

ZZZ LDQUDQGOHSXEOLVKHUV FRP

([SDQGLQJ WKH 3XUYLHZ RI $FFRXQWDELOLW\ LQ (PSOR\PHQW E\ WKH 6WDWH 5RVH 0DULH $QWRLQH

&RQVWLWXWLRQDOLVP LQ %HOL]H /HVVRQV IRU WKH &RPPRQZHDOWK &DULEEHDQ" *RGIUH\ 3 6PLWK 2XU ,QKHUHQW &RQVWLWXWLRQ 7UDF\ 5RELQVRQ

-DPDLFD Â&#x2021; 7ULQLGDG DQG 7REDJR

/DZ 5HDGLQJ 7H[W DQG 3ROLW\ +HUPHQHXWLFV DQG &RQVWLWXWLRQDO 7KHRU\ 6LPHRQ 0F,QWRVK 7KH FULWLFDO LPSRUWDQFH RI LQWHUSUHWDWLRQ WR WKH HQWHUSULVH RI FRQVWLWXWLRQDO DGMXGLFDWLRQ KDV EHHQ KLJKOLJKWHG UHFHQWO\ E\ VHYHUDO FDVHV RXW RI WKH &RPPRQZHDOWK &DULEEHDQ ,Q 5HDGLQJ 7H[W DQG 3ROLW\ QRWHG ODZ 3URIHVVRU 6LPHRQ 0F,QWRVK FRQWHQGV WKDW KHUPHQHXWLFV ² WKH DUW RI LQWHUSUHWDWLRQ ² LV FHQWUDO WR KRZ &DULEEHDQ FRQVWLWXWLRQV DUH UHDG DQG LQ WXUQ LV D IXQGDPHQWDO SROLWLFDO DFW GHÃ&#x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Ã&#x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

ZZZ LDQUDQGOHSXEOLVKHUV FRP

&RQWHQWV

,QWURGXFWLRQ ² 7RZDUG D :HVW ,QGLDQ +HUPHQHXWLFV 7KH 5ROH RI WKH &DULEEHDQ &RXUW RI -XVWLFH /HJDO +HUPHQHXWLFV $ 3KLORVRSKLFDO &ULWLTXH &RQWURYHUVLDO 3URSRVLWLRQV RI /DZ DQG WKH 3RVLWLYLVW (PEDUUDVVPHQW 7KH +DUW 'ZRUNLQ 'HEDWH 5HFRQVLGHUHG 2Q 5HDGLQJ WKH 1LQHWK $PHQGPHQW $ 5HSO\ WR 5DRXO %HUJHU $ 3RHWLF IRU /DZ &RQVWLWXWLRQDO 7KHRU\ DV 0HWDSKRU 5HDGLQJ 'UHG 6FRWW 3OHVV\ DQG %URZQ 7RZDUG D &RQVWLWXWLRQDO +HUPHQHXWLFV :HVW ,QGLDQ &RQVWLWXWLRQDO 'LVFRXUVH $ 3RHWLFV RI 5HFRQVWUXFWLRQ

86

µ [ µ SJV 3DSHUEDFN 0DUFK

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

/DZ

(DVWHUQ &DULEEHDQ /DZ 5HSRUW )RUWKFRPLQJ $YDLODEOH (&/5 6LQJOH 9RO 86

7ULQLGDG DQG 7REDJR ,QGXVWULDO &RXUW 5HSRUWV 9RO î

-DQXDU\ 86

7ULQLGDG DQG 7REDJR 7D[ &DVHV 9RO 7D[ $SSHDO %RDUG $OVR $YDLODEOH 9RO

6LQJOH 9RO 86

7ULQLGDG DQG 7REDJR /DZ 5HSRUWV $YDLODEOH 9ROV

6LQJOH 9RO 86 &RPSOHWH 6HW 86

6XSUHPH &RXUW RI -DPDLFD &LYLO 3URFHGXUH 5XOHV :LWK $PHQGPHQWV 86

´ [ ´ SS %LQGLQJ /RRVH OHDI LQ %LQGHU

5HSXEOLF RI 7ULQLGDG DQG 7REDJR 6XSUHPH &RXUW RI -XGLFDWXUH &LYLO 3URFHHGLQJV 5XOHV 86

´ [ ´ SS %LQGLQJ /RRVH OHDI LQ %LQGHU

(DVWHUQ &DULEEHDQ 6XSUHPH &RXUW &LYLO 3URFHHGLQJV 5XOHV 86

´ [ ò´ SS %LQGLQJ /RRVH OHDI LQ %LQGHU

-DPDLFD Â&#x2021; 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

-DPDLFD /DZ 5HSRUWV $YDLODEOH 9ROV

6LQJOH 9RO 86 &RPSOHWH 6HW 86

-DPDLFD &RXUW RI $SSHDO 5XOHV 86

´ [ ´ SS 3DSHUEDFN

ZZZ LDQUDQGOHSXEOLVKHUV FRP

/ D Z EDFNOLVW

&ULPLQDO 3UDFWLFH DQG 3URFHGXUH LQ WKH 0DJLVWUDWHV &RXUWV LQ WKH &RPPRQZHDOWK &DULEEHDQ *HRUJH %HOQDYLV 86

´ [ ´ SS 3DSHUEDFN

5LVN\ %XVLQHVV 3HUVSHFWLYHV RQ &RUSRUDWH 0LVFRQGXFW (G E\ 6KD]HHGD $OL 86

´ [ ´ SS 3DSHUEDFN

&DULEEHDQ &RQVWLWXWLRQDO 5HIRUP 5HWKLQNLQJ :HVW ,QGLDQ 3ROLW\ 6LPHRQ 0F,QWRVK 86

´ [ ´ SS 3DSHUEDFN

7KH 'HDWK 3HQDOW\ DQG +XPDQ 5LJKWV 6LU )UHG 3KLOOLSV 86

´ [ ´ SS 3DSHUEDFN

'HPRFUDF\ DQG &RQVWLWXWLRQ 5HIRUP LQ 7ULQLGDG 7REDJR .LUN 0HLJKRR 3HWHU -DPDGDU 86

´ [ ´ SS 3DSHUEDFN

)XQGDPHQWDO 5LJKWV DQG 'HPRFUDWLF *RYHUQDQFH (VVD\V LQ &DULEEHDQ -XULVSUXGHQFH 6LPHRQ 0F,QWRVK 86

´ [ ´ SS 3DSHUEDFN

+DUULVRQ¶V /DZ 1RWHV DQG 0DWHULDOV .DUO +DUULVRQ 0DUF +DUULVRQ DQG 0RQLTXH +DUULVRQ 86

´ [ ´ SS 3DSHUEDFN

,QGXVWULDO 5HODWLRQV /DZ DQG 3UDFWLFH LQ -DPDLFD *HRUJH .LUNDOG\ 86

´ [ ´ SS 3DSHUEDFN

.HOVHQ LQ WKH *UHQDGD &RXUW (VVD\V RQ 5HYROXWLRQDU\ /HJDOLW\ 6LPHRQ 0F,QWRVK 86

´ [ ´ SS 3DSHUEDFN

1RQ &RQWHQWLRXV 3UREDWH 3UDFWLFH LQ WKH (QJOLVK 6SHDNLQJ &DULEEHDQ .DUHQ 1XQH] 7HVKHLUD 86

´ [ ´ SS 3DSHUEDFN

7HOIRUG *HRUJHV $ OHJDO 2G\VVH\ $OEHUW )LDGMRH *LOEHUW .RGLOLQ\H -R\FH &ROH *HRUJHV 86

´ [ ´ SS 3DSHUEDFN

7KH &DULEEHDQ &RXUW RI -XVWLFH &ORVLQJ WKH &LUFOH RI ,QGHSHQGHQFH 'XNH ( 3ROODUG 86

´ [ ´ SS 3DSHUEDFN

7KH &DULEEHDQ &RXUW RI -XVWLFH (QKDQFLQJ WKH /DZ RI ,QWHUQDWLRQDO 2UJDQL]DWLRQV 6KHOGRQ 0F'RQDOG 86

´ [ ´ SS 3DSHUEDFN

7KH &$5,&20 6\VWHP %DVLF ,QVWUXPHQWV 'XNH 3ROODUG 86

´ [ ´ SS 3DSHUEDFN

7KH /DZ RI WKH 6HD &RPSHQGLXP RI %DVLF 'RFXPHQWV ,QWHUQDWLRQDO 6HDEHG $XWKRULW\ ´ [ ´ SS

7KH /D\SHUVRQ¶V 9HUVLRQ RI WKH &RQVWLWXWLRQ RI -DPDLFD ,QFOXGLQJ $PPHQGPHQWV XS WR

(G E\ 0DUWLQ $XE %HWK $XE 86

´ [ ò´ SS 3DSHUEDFN

3E 86

+E 86

7KH /JHDO 3URIHVVLRQ LQ (QJOLVK 6SHDNLQJ &DULEEHDQ .DUHQ 1XQH] 7HVKHLUD 86

´ [ ´ SS 3DSHUEDFN

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

/LWHUDWXUH 7KH :RUOG LV D +LJK +LOO 6WRULHV DERXW -DPDLFDQ :RPHQ (UQHU %URGEHU (UQD %URGEHU·V HFOHFWLF SUHVHQWDWLRQ RI WKH -DPDLFDQ ZRPDQ LQ 7KH :RUOG LV D +LJK +LOO LV ERWK HQOLJKWHQLQJ DQG HQWHUWDLQLQJ 7KH VWRULHV UHÁHFW WKH WULDOV DQG WULXPSKV RI WKH -DPDLFDQ ZRPDQ ZKLOVW DGGUHVVLQJ VRPH RI WKH PRVW FRQWURYHUVLDO RI LVVXHV RI WKH GD\ LQFOXGLQJ WKH UROH RI FRORXU 5DVWDIDULDQVLP LQQHU FLW\ OLIH WHHQDJH SUHJQDQF\ FXOWXUDO WDERRV SROLWLFV DQG RI FRXUVH JHQGHU UHODWLRQV )URP /LOLHWK WR %HYHUO\ 3DXOLQH DQG 9DGQH\ %URGEHU SUHVHQWV DOO IDFHWV DQG IDFHV RI WKH -DPDLFDQ ZRPDQ LQ KHU DWWHPSW WR DVFHQG WKH ¶KLJK KLOO· DQG PDNH KHU ZD\ LQ WKH ZRUOG ,Q WKH VWRULHV PDNLQJ XS 7KH :RUOG LV D +LJK +LOO %URGEHU·V OLQJXLVWLF FUHDWLYLW\ DQG PDVWHU\ RI -DPDLFDQ FXOWXUH SURYLGH ERWK ODXJKWHU DQG OHVVRQ LQ FRQIURQWLQJ WKH UROH RI ZRPHQ LQ FRQWHPSRUDU\ VRFLHW\

(UQHU %URGEHU LV D -DPDLFDQ :ULWHU DQG 6RFLRORJLVW 6KH ZRQ WKH &DULEEHDQ DQG &DQDGLDQ UHJLRQDO &RPPRQZHDOWK :ULWHUV· 3UL]H LQ IRU KHU QRYHO 0\DO DQG LV DOVR WKH DXWKRU RI WKH DFFODLPHG -DQH DQG /RXLVD ZLOO 6RRQ &RPH +RPH

&RQWHQWV

7KLV FROOHFWLRQ OLYHG XS WR P\ H[SHFWDWLRQV RI D SURGXFW RI WKH SHQ RI 1DQ (UQD %URGEHU +HU IDQV ZLOO QRW EH GLVDSSRLQWHG DQG QHLWKHU ZLOO QHZ UHDGHUV

%HYHUO\

3URIHVVRU 9HUHQH $ 6KHSKHUG 8QLYHUVLW\ 'LUHFWRU ,QVWLWXWH IRU *HQGHU DQG 'HYHORSPHQW 6WXGLHV 8QLYHUVLW\ RI WKH :HVW ,QGLHV 0RQD

&\QWKLD .LVKZDQD /LOLHWK /LO\ 0DU\ 3DXOLQH 5RVD 6X]HWWH 8UVLH 9DGQ\ 9DOHULH

86

µ [ µ SJV 3DSHUEDFN 0D\

-DPDLFD 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

&RPPHQWV

/LWHUDWXUH 7KH +LOOV RI +HEURQ 6\OYLD :\QWHU

:KHQ 6LVWHU 5RVH WKH EHDXWLIXO \RXQJ ZLIH RI 2EDGLDK WKH OHDGHU RI WKH &KXUFK RI WKH 1HZ %HOLHYHUV EHFRPHV SUHJQDQW WKH KLOOVLGH FRPPXQLW\ RI +HEURQ LV WKURZQ LQWR D ZKLUOZLQG RI VXVSLFLRQ GLVEHOLHI DQG GRXEW )RU 2EDGLDK KDG WDNHQ D YRZ RI FKDVWLW\ QRW WR OD\ ZLWK 5RVH IRU RQH \HDU DQG RQH PRQWK :ULWWHQ LQ WKH ODWH V RQ WKH FXVS RI -DPDLFD·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

86

µ [ µ SJV 3DSHUEDFN

%HWZHHQ 7ZR *UDPPDUV 5HVHDUFK DQG 3UDFWLFH IRU /DQJXDJH /HDUQLQJ DQG 7HDFKLQJ LQ D &UHROH VSHDNLQJ (QYLURQPHQW %HYHUOH\ %U\DQ %HWZHHQ 7ZR *UDPPDUV 5HVHDUFK DQG 3UDFWLFH IRU /DQJXDJH /HDUQLQJ DQG 7HDFKLQJ LQ D &UHROH VSHDNLQJ (QYLURQPHQW EXLOGV RQ HDUOLHU ZRUNV LQ WKH Ã&#x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·V UHFRPPHQGDWLRQV LQ %HWZHHQ 7ZR *UDPPDUV DUH WKH UHVXOW RI \HDUV RI UHVHDUFK ZLWKLQ WKH Ã&#x20AC;HOGV RI VRFLROLQJXLVWLFV ODQJXDJH HGXFDWLRQ &DULEEHDQ KLVWRU\ DQG WHDFKHU HGXFDWLRQ %HYHUOH\ %U\DQ LV D 3URIHVVRU RI (QJOLVK DQG +HDG RI WKH 'HSDUWPHQW RI (GXFDWLRQDO 6WXGLHV DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV 0RQD 6KH LV WKH DXWKRU RI QXPHURXV SURIHVVLRQDO MRXUQDO DUWLFOHV DQG ERRN FKDSWHUV

86

µ [ µ SJV 3DSHUEDFN

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

/LWHUDWXUH &UHDWHG LQ WKH :HVW ,QGLHV &DULEEHDQ 3HUVSHFWLYHV RI 9 6 1DLSDXO (GLWHG E\ %DUEDUD /DOD DQG -HQQLIHU 5DKLP &UHDWHG LQ WKH :HVW ,QGLHV &DULEEHDQ 3HUVSHFWLYHV RQ 9 6 1DLSDXO XSGDWHV DQG IXUWKHUV WKH GHEDWHV RQ WKH OLIH DQG ZRUN RI DQ LQWHUQDWLRQDOO\ DFFODLPHG ZULWHU 1REHO ODXUHDWH DQG QDWLYH VRQ RI 7ULQLGDG DQG 7REDJR 7KH HVVD\V LQ WKLV FROOHFWLRQ DUH RUJDQLVHG LQWR WKUHH VHFWLRQV WKDW UHSUHVHQW D FRPSUHVVLRQ RI WKH PXOWLIDFHWHG UDQJH RI 9 6 1DLSDXO·V FUHDWLYH FRQFHUQV WKHPDWLF H[SORUDWLRQV HYHQ REVHVVLRQV DQG SKLORVRSKLFDO SHUVXDVLRQV 7KH VLQJXODU SRZHU RI WKHVH FRQWULEXWLRQV LV WKHLU DELOLW\ WR SXVK DW WKH ERUGHUV RI 1DLSDXO VFKRODUVKLS FXWWLQJ QHZ SDWKZD\V IRU FRQVLGHULQJ WKLV PRVW LQWULJXLQJ FUHDWLYH PLQG DQG RIIHULQJ IUHVK SHUVSHFWLYHV RQ WKH QRZ IDPLOLDU WKHPHV RI SRVWFRORQLDO LGHQWLW\ DQG QDWLRQDOLVP WKH ÀFWLRQ RI KLVWRU\ DQG KLVWRU\ RI ÀFWLRQ KRPH DQG EHORQJLQJ LQ D ZRUOG FKDUDFWHULVHG E\ ÁX[ PRYHPHQW DQG FXOWXUDO FRQWDFW %DUEDUD /DOD LV D 6HQLRU /HFWXUHU LQ /LWHUDWXUH LQ WKH 'HSDUWPHQW RI /LEHUDO $UWV 8QLYHUVLW\ RI WKH :HVW ,QGLHV 6W $XJXVWLQH 7ULQLGDG DQG 7REDJR 6KH LV D FULWLF SRHW DQG VKRUW VWRU\ ZULWHU -HQQLIHU 5DKLP LV 3URIHVVRU RI /DQJXDJH DQG /LWHUDWXUH DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV 6W $XJXVWLQH 7ULQLGDG 6KH LV WKH DXWKRU RI VHYHUDO ERRNV DQG ZLQQHU RI WKH 9LFH &KDQFHOORU·V $ZDUG IRU ([FHOOHQFH

86

µ [ µ SJV 3DSHUEDFN

)UDQN &ROO\PRUH $ %LRJUDSK\ (GZDUG %DXJK

(GZDUG %DXJK LV 3URIHVVRU (PHULWXV RI (QJOLVK 8QLYHUVLW\ RI WKH :HVW ,QGLHV 0RQD +H LV DXWKRU RI 'HUHN :DOFRWW 0HPRU\ DV 9LVLRQ DQG 'HUHN :DOFRWW

86

µ [ µ SJV +DUGEDFN

-DPDLFD 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

7KLV ORQJ RYHUGXH ERRN OHQJWK ELRJUDSK\ RI )UDQN &ROO\PRUH ZKR HDUQHG KLJK HVWHHP IRU KLV FRQWULEXWLRQ WR VHYHUDO DUHDV RI %DUEDGRV DQG &DULEEHDQ OLIH DV VFKRROPDVWHU SRHW VKRUW VWRU\ ZULWHU HGLWRU SXEOLVKHUV DUWLVW DFWRU DQG JORVVDU\ FRPSLOHU KDV EHHQ ZHOO UHFHLYHG DQG ULJKWO\ VR ,Q SURÀOLQJ WKLV ¶JRGIDWKHU· RI :HVW ,QGLDQ OLWHUDWXUH %DXJK GUDZV IURP D YDULHW\ RI VRXUFHV DPRQJ WKHP XQSXEOLVKHG GLDULHV DQG OHWWHUV MRXUQDOV DQG LQWHUYLHZV ZLWK IULHQGV %\ GRLQJ VR KH EULQJV DQ XQIRUJHWWDEOH SHUVRQDOLW\ WR LPDJLQDWLYH OLIH D OLIH QXDQFHG WR WKH FRQWH[W RI %DUEDGLDQ VRFLHW\

/LWHUDWXUH 7KH 0LFKDHO $QWKRQ\ &ROOHFWLRQ 0LFKDHO $QWKRQ\ LV DQ DFFODLPHG &DULEEHDQ QRYHOLVW DQG SRSXODU KLVWRULDQ +H KDV ZULWWHQ RYHU ERRNV LQ KLV IRXU GHFDGH FDUHHU LQFOXGLQJ 7KH <HDU LQ 6DQ )HUQDQGR DQG *UHHQ 'D\V E\ WKH 5LYHU 7RGD\ KH OLYHV LQ 3RUW RI 6SDLQ 7ULQLGDG ZKHUH KH FRQWLQXHV WR UHVHDUFK DQG ZULWH

$OO 7KDW *OLWWHUV :KHQ \HDU ROG +RUDFH·V IDYRXULWH DXQW 5RRPHHQ DUULYHV IURP KHU ORQJ VRMRXUQ LQ 3DQDPD HYHU\RQH LV H[FLWHG WR VHH KHU EXW HYHU\RQH LV HYHQ PRUH LQWHUHVWHG LQ ZKDW LV LQ KHU WUXQN ,Q WKH GD\V IROORZLQJ $XQWLH 5RRPHHQ·V DUULYDO KHU JROG FKDLQ JRHV PLVVLQJ DQG WKH WKHIW LJQLWHV WKH ORQJ VWDQGLQJ ULIW EHWZHHQ $XQWLH 5RRPHHQ DQG KHU VLEOLQJV $PLGVW WKH DUJXLQJ +RUDFH PXVW TXHVWLRQ WKH LQWHQWLRQV DQG DFWLRQV RI WK HSHRSOH KH ORYHV PRVW ZKLOH WKH KXQW IRU WKH JROG FKDLQ VHWV LQ PRWLRQ D VHULHV RI HYHQWV LQFOXGLQJ DQ XQH[SHFWHG ZHGGLQJ D VXUSULVLQJ ORYH WULDQJOH DQG DQ H[SORVLYH FRQIURQWDWLRQ WKDW ZLOO KDYH +RUDFH EHOLHYLQJ WKDW DOO WKDW JOLWWHUV WUXO\ LVQ·W JROG 6HW LQ V 7ULQLGDG LQ D VPDOO ÀVKLQJ YLOODJH $OO 7KDW *OLWWHUV LV D ZLWW\ DQG KHDUW ZDUPLQJ VWRU\ DERXW GHFHSWLYH DSSHDUDQFHV DQG UHGHPSWLRQ DQG KRZ ELJ WKLQJV FDQ VWLU XS WKH TXLDQW H[LVWHQFH RQ D VPDOO LVODQG

ZZZ LDQUDQGOHSXEOLVKHUV FRP

86 ͻ ͻ µ [ µ ͻ 3DJHV ͻ 3DSHUEDFN ͻ

%ULJKW 5RDG

,Q WKH +HDW

.LQJ RI WKH

WR (O 'RUDGR

RI WKH 'D\

0DVTXHUDGH

86

86

86

µ [ µ 3DJHV 3DSHUEDFN

µ [ µ 3DJHV 3DSHUEDFN

7KH &KLHIWDLQ·V

6WUHHW RI

7KH *DPHV

&DUQLYDO

&RQÁLFW

:HUH &RPLQJ

86

86

86

µ [ µ 3DJHV 3DSHUEDFN

µ [ µ 3DJHV 3DSHUEDFN

µ [ µ 3DJHV 3DSHUEDFN

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

µ [ µ 3DJHV 3DSHUEDFN

EDFNOLVW / L W H U D W X U H $QG , 5HPHPEHU 0DQ\ 7KLQJV )RONORUH RI WKH &DULEEHDQ &KULVWLQH %DUURZ 86

´ [ ´ SS 3DSHUEDFN

&URDNLQJ -RKQQ\ DQG 'L]]\ /L]]\ /LQGD *DPEULOO 0DUOHQH :HLQEHUJHU 86

ò´ [ ´ SS 3DSHUEDFN

(QFRXQWHUV 9RLFHV DQG (FKRHV 3RHPV IURP D &KLQHVH -DPDLFDQ ([SHULHQFH (DVWRQ /HH 86

´ [ ´ SS 3DSHUEDFN

+DUG :RUGV WKH &KDOOHQJH RI 5HDGLQJ DQG :ULWLQJ IRU &DULEEHDQ 6WXGHQWV 7KHLU 7HDFKHUV 7KHLU 7HDFKHUV 6 -RHO :DUULFDQ 86

´ [ ò´ SS 3DSHUEDFN

,V (QJOLVK :H 6SHDNLQJ DQG 2WKHU (VVD\V 0HUY\Q 0RUULV 86

´ [ ´ SS 3DSHUEDFN

,W 7DNHV D 0LJKW\ )LUH + ' &DUEHUU\ 86

´ [ ò´ SS 3DSHUEDFN

/XQFKWLPH 0HGOH\ :ULWLQJV LQ :HVW ,QGLDQ &ULFNHW 0HUY\Q 0RUULV DQG -LPP\ &DUQHJLH 86

´ [ ò´ SS 3DSHUEDFN

0DNLQJ :HVW ,QGLDQ /LWHUDWXUH 0HUY\Q 0RUULV 86

´ [ ´ SS 3DSHUEDFN

0LVV 7LQ\ /LQGD *DPEULOO 86

ò´ [ ´ SS 3DSHUEDFN

7HDFKLQJ /DQJXDJH DQG /LWHUDF\ WR &DULEEHDQ 6WXGHQWV )URP 9HQDFXODU WR 6WDQGDUG (QJOLVK 'HQQLV &UDLJ 86

´ [ ´ SS 3DSHUEDFN

7KH %HQML 7ULORJ\ 5RGHULFN :DOFRWW 86

´ [ ò´ SS 3DSHUEDFN

7KH &DULEEHDQ 1RYHO LQ (QJOLVK $Q ,QWURGXFWLRQ (G E\ .HLWK %RRNHUV 'XEUDYND -XUDJD 86

´ [ ´ SS 3DSHUEDFN

7KH 0HHWLQJ 3RLQW $XVWLQ &ODUNH 86

´ [ ´ SS 3DSHUEDFN

7KH :HVW ,QGLDQ 1RYHO DQG LWV %DFNJURXQG .HQQHWK 5DPFKDQG 86

´ [ ´ SS 3DSHUEDFN

9 6 1DLSDXO 5HYLVLWHG (WKQLFLW\ 0DUJLQDOLW\ DQG WKH 7ULXPSK RI ,QGLYLGXDO :LOO %KRHQGUDGDWW 7HZDULH 86

´ [ ´ SS 3DSHUEDFN

6RXOGDQFH 3RHPV DQG :ULWLQJV -HDQ /RZULH &KLQ 86

´ [ ´ SS 3DSHUEDFN

:KHQ *URXQG 'RYHV )O\ (VWKHU 3KLOOLSV 86

´ [ ´ SS 3DSHUEDFN

:ULWLQJ /LIH 5HÃ&#x20AC;HFWLRQV E\ :HVW ,QGLDQ :ULWHUV (G E\ 0HUY\Q 0RUULV &DURO\Q $OOHQ 86

´ [ ´ SS 3DSHUEDFN

6KLIWLQJ +RPHODQGV 7UDYHOOLQJ ,GHQWLWLHV :ULWHUV RI WKH &DULEEHDQ 'LDVSRUD (G E\ -DVELU -DLQ DQG 6XSUL\D $JDUZDO 86

´ [ ´ SS 3DSHUEDFN

-DPDLFD Â&#x2021; 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

$ %R\ 1DPHG 1HYLOOH /LQGD *DPEULOO 0DUOHQH :HLQEHUJHU 86

ò´ [ ´ SS 3DSHUEDFN

7H [ W E R R N V &6(& 0DWKHPDWLFV 0XOWLSOH &KRLFH 7HVWV 3DVW 3DSHUV DQG :RUNHG 6ROXWLRQV 0LFKDHO $UFKLH 7KH KLJKO\ GHPDQGHG &6(& 0DWKHPDWLFV 0XOWLSOH &KRLFH 7HVWV 3DVW 3DSHU 4XHVWLRQV DQG :RUNHG 6ROXWLRQV LV SURGXFHG SULPDULO\ IRU VWXGHQWV SUHSDULQJ IRU WKH &DULEEHDQ ([DPLQDWLRQV &RXQFLO·V &;& &DULEEHDQ 6HFRQGDU\ (GXFDWLRQ &HUWLÀ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

&RQWHQWV 0XOWLSOH &KRLFH 7HVWV 1XPEHU 7KHRU\ )UDFWLRQV DQG 5RXQGLQJ &RQVXPHU $ULWKPHWLF 5DWLR DQG 3HUFHQWDJHV $OJHEUD ([SUHVVLRQV DQG (TXDWLRQV 6HWV *HRPHWU\ DQG 7ULJRQRPHWU\

ZZZ LDQUDQGOHSXEOLVKHUV FRP

)HDWXUHV

0HDVXUHPHQW 3HULPHWHU $UHD DQG 9ROXPH

ɻ î 3DVW SDSHUV ɻ 6WUXFWXUHG 4XHVWLRQV :RUNHG $QVZHUV ɻ 0XOWLSOH &KRLFH 4XHVWLRQV $QVZHUV ɻ 'HPRQVWUDWLRQ SUREOHPV ɻ 3RVVLEOH WHDFKHU DVVLJQPHQWV ZLWK DQVZHUV ɻ $ *ORVVDU\

&RRUGLQDWH *HRPHWU\ 7UDQVIRUPDWLRQV DQG 0DWULFHV $OJHEUD 5HODWLRQV )XQFWLRQV DQG *UDSKV 6WDWLVWLFV $QVZHUV DQG *ORVVDU\ 6WUXFWXUHG 4XHVWLRQV 1XPEHU 7KHRU\

0LFKDHO $UFKLH KDV WDXJKW D 0DWKHPDWLFV IRU RYHU \HDUV +H FXUUHQWO\ WHDFKHV DW WKH ,QVWLWXWH RI $FDGHPLF ([FHOOHQFH DQG SHUIRUPV &;& ZRUNVKRSV LQ KLJK VFKRROV DFURVV -DPDLFD

&RQVXPSWLRQ &RQVXPHU $ULWKPHWLF 6HWV 0HDVXUHPHQW 6WDWLVWLFV $OJHEUD

5HODWLRQV

86

)XQFWLRQV

ó [ 3DJHV 3DSHUEDFN 0D\

*UDSKV

*HRPHWULFDO &RQVWUXFWLRQV

&RPELQDWLRQ RI 7RSLF 4XHVWLRQV ,QYHVWLJDWLRQ $QVZHUV

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

7H [ W E R R N V :ULWLQJ LQ (QJOLVK QG (G $ &RXUVHERRN IRU &DULEEHDQ 6WXGHQWV +D]HO 6LPPRQV 0F'RQDOG /LQGD )LHOGV DQG 3HWHU 5REHUWV )LUPO\ HVWDEOLVKHG DV DQ DXWKRULW\ LQ &RPPXQLFDWLRQ VWXGLHV :ULWLQJ LQ (QJOLVK KDV EHHQ ZLGHO\ XVHG DFURVV WKH &DULEEHDQ WR WHDFK ZULWLQJ DW WKH XSSHU VHFRQGDU\ VFKRRO OHYHO DQG DV D IRFXVHG WH[W IRU (QJOLVK ODQJXDJH FRXUVHV DW FRPPXQLW\ FROOHJHV DQG XQLYHUVLWLHV %XLOGLQJ RQ WKH VXFFHVV RI WKH ÀUVW HGLWLRQ WKLV QHZ HGLWLRQ DGGUHVVHV WRSLFV FRQFHUQHG ZLWK FRPSXWHU MDUJRQ DV ZHOO DV UHFHQW WHFKQRORJLFDO GHYHORSPHQWV DQG KRZ WKH\ DIIHFW ODQJXDJH DQG FRPPXQLFDWLRQ WRGD\ ,W DOVR LQFOXGHV D QHZ VHFWLRQ RQ $UJXPHQW 7KH ÀUVW WZR VHFWLRQV SURYLGH EDFNJURXQG LQIRUPDWLRQ RQ ODQJXDJH DQG LWV VSHFLÀ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ÁHFWLRQ RQ ZULWLQJ 7KH UHIHUHQFH XQLWV ZLOO IDFLOLWDWH FKHFNV IRU JUDPPDU VSHOOLQJ PHFKDQLFV DQG IRU XVDJH LQ GLIIHUHQW FRGHV DQG UHJLVWHUV 7KH JUDPPDU SRLQWV VKRZ WKH GLIIHUHQFH EHWZHHQ VWDQGDUG DQG &DULEEHDQ QRQ VWDQGDUG YDULHWLHV DQG ZH XVH H[DPSOHV IURP WKH ZULWLQJ RI IRUPHU VWXGHQWV DV D EDVLV IRU GLVFXVVLQJ WKH JUDPPDU SRLQWV 7KH H[HUFLVHV SURYLGH RSSRUWXQLWLHV IRU DGGLWLRQDO SUDFWLFH IRU WKRVH ZKR KDYH VSHFLÀF GLIÀFXOWLHV

/LQGD )LHOGV LV FXUUHQWO\ WHDFKLQJ (QJOLVK (QJOLVK DW %URZDUG &ROOHJH 'DYLH )ORULGD

&RQWHQWV 6HFWLRQ 2QH ,QWURGXFWLRQ WR /DQJXDJH DQG /LWHUDF\ 6HFWLRQ 7ZR /DQJXDJH 9DULHWLHV 6HFWLRQ 7KUHH ² 'LVFRXUVH 7\SHV

3HWHU 5REHUWV LV UHWLUHG 3URIHVVRU RI &UHROH /LQJXLVWLFV DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV &DYH +LOO +H LV WKH DXWKRU RI :HVW ,QGLDQV DQG WKHLU ODQJXDJH &;& (QJOLVK DQG )URP 2UDO WR /LWHUDWXUH &XOWXUH

6HFWLRQ )RXU 6WUDWHJLHV IRU :ULWWHQ 'LVFRXUVH 6HFWLRQ )LYH ([SRVLWLRQ $QDO\VLV 6HFWLRQ 6L[ $UJXPHQW 6HFWLRQ 6HYHQ 'RFXPHQWLQJ 5HVHDUFK 6HFWLRQ (LJKW 'LVFRXUVH DFURVV WKH $FDGHPLF 'LVFLSOLQHV 6HFWLRQ 1LQH 8VDJH DQG 'LFWLRQ 6HFWLRQ 7HQ *UDPPDU 5HYLHZ

86

µ [ µ SJV 3DSHUEDFN -XQH

-DPDLFD 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

6LPPRQV 0F'RQDOG LV WKH 3UR 9LFH &KDQFHOORU DQG 3ULQFLSDO RI WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV 2SHQ &DPSXV 6KH DOVR ZULWHV SRHWU\ DQG ÀFWLRQ DV D KREE\ DQG KDV SXEOLVKHG LQ ERWK JHQUHV

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

'DYLG 9 & %URZQH LV WKH 3ULQFLSDO RI 4XHHQ·V &ROOHJH %DUEDGRV DQG LV DOVR D 3DUW 7LPH /HFWXUHU LQ WKH 'HSDUWPHQW RI +LVWRU\ DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV &DYH +LOO &DPSXV

ZZZ LDQUDQGOHSXEOLVKHUV FRP

+HQGHUVRQ &DUWHU LV D OHFWXUHU LQ KLVWRU\ DW 7KH 8QLYHUVLW\ RI WKH :HVW ,QGLHV &DYH +LOO &DPSXV ZKHUH KH WHDFKHV :HVW ,QGLDQ KLVWRU\ DQG %XVLQHVV KLVWRU\ 6RPH RI KLV SXEOLFDWLRQV LQFOXGH /DERXU 3DLQV 5HVLVWDQFH DQG 3URWHVW LQ %DUEDGRV î DQG $WODQWLF ,QWHUDFWLRQV $ 7H[WERRN IRU &$3( +LVWRU\ 6WXGHQWV

)HDWXUHV

&RQWHQWV

ɻ 3URYLGHV JXLGDQFH RQ WDFNOLQJ HVVD\ DQG VWUXFWXUHG TXHVWLRQV ɻ %UHDNV QHZ JURXQG SURYLGLQJ D SOHWKRUD RI XS WR GDWH H[DPSOHV ZKLFK FDQ EH XVHG WR LOOXVWUDWH SRLQWV LQ VLPSOH HVVD\V ɻ 2IIHUV VWHS E\ VWHS JXLGDQFH RQ WKH ,QWHUQDO $VVHVVPHQW SURMHFW ɻ 3UHVHQWV WKH FRQFHSWV DQG LVVXHV LQ D VWXGHQW IULHQGO\ ZULWLQJ VW\OH ZKLOH HQFRXUDJLQJ WKH HQKDQFHPHQW RI VWXGHQWV· DQDO\WLFDO VNLOOV ɻ 'UDZV IURP DOO WKH GLVFLSOLQHV SUHYLRXVO\ PHQWLRQHG WR IXOÀOO WKH GHPDQGV RI WKH DGYDQFHG OHYHO V\OODEXV WR SURYLGH D FRPSOHWH XQGHUVWDQGLQJ RI WKH &DULEEHDQ :RUOG

/RFDWLQJ DQG 'HÀQLQJ WKH &DULEEHDQ :RUOG 7KH TXHVWLRQ RI &DULEEHDQ ,GHQWLW\ 6RFLHW\ DQG &XOWXUH LQ WKH &DULEEHDQ :RUOG +RZ VRFLDO LQVWLWXWLRQV VKDSH WKH &DULEEHDQ :RUOG +RZ KLVWRU\ KDV VKDSHG WKH &DULEEHDQ :RUOG +RZ *HRJUDSK\ LPSDFWV RQ VRFLHW\ DQG FXOWXUH ,QWHUDFWLQJ RQ WKH JOREDO VWDJH 'HYHORSPHQW LQ WKH &DULEEHDQ ,PSDFW RI *OREDOL]DWLRQ ,QWHJUDWLQJ WKH &DULEEHDQ 6SRUWV LQ WKH &DULEEHDQ &DULEEHDQ ,QWHOOHFWXDO WUDGLWLRQV LQ RSHUDWLRQ 0DVV 0HGLD DQG &DULEEHDQ 'HYHORSPHQW 6RFLDO -XVWLFH DQG 'HYHORSPHQW

86

&RQGXFWLQJ WKH VRFLDO LQYHVWLJDWLRQ

µ[ µ SJV 3DSHUEDFN $XJXVW

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

7H [ W E R R N V $WODQWLF ,QWHUDFWLRQV 8QLWV

$ 7H[WERRN IRU &$3( +LVWRU\ 6WXGHQWV 'DYLG 9 & %URZQH DQG +HQGHUVRQ &DUWHU 7KLV VHFRQG HGLWLRQ RI $WODQWLF ,QWHUDFWLRQV KDV EHHQ ZULWWHQ WR VDWLVI\ WKH V\OODEXV UHTXLUHPHQWV RI ERWK 8QLWV DQG RI WKH &DULEEHDQ $GYDQFHG 3URÀFLHQF\ &$3( H[DPLQDWLRQV 7KH ERRN·V FRQWHQWV PLPLF WKH V\OODEXV DGKHULQJ DV FORVHO\ DV SRVVLEOH WR WKH WRSLFV ZKLOH IDFLOLWDWLQJ OHDUQLQJ RXWFRPHV LQWHQGHG E\ WKH &DULEEHDQ ([DPLQDWLRQV &RXQFLO &;& (DFK FKDSWHU FRQWDLQV GRFXPHQW EDVHG TXHVWLRQV VKRUW UHVSRQVH TXHVWLRQV DQG VXJJHVWLRQV IRU IXUWKHU UHDGLQJ ,Q DGGLWLRQ WR D OLVW RI UHIHUHQFHV WKHUH LV D ´7KLQJV WR &RQVLGHUµ VHFWLRQ ZKLFK ZLOO VKDUSHQ VWXGHQWV· LQTXLU\ VNLOOV DQG HQFRXUDJH UHÁHFWLRQ RQ WKH FXUUHQW VWDWH RI KLVWRULFDO WKRXJKW DQG UHVHDUFK 7KH VLPSOH DQG VWUDLJKWIRUZDUG ODQJXDJH ZLOO HQVXUH WKDW VWXGHQWV UHDGLO\ XQGHUVWDQG DOO WKH PDMRU PRGXOHV DQG WKHPHV RI WKH V\OODEXV 7HDFKHUV ZLOO DOVR ÀQG WKLV ERRN WR EH D XVHIXO WRRO DV WKH HVVD\ TXHVWLRQV ZLOO JHQHU DWH GLVFXVVLRQ DQG GHEDWH DERXW KLVWRULFDO LVVXHV

'DYLG 9 & %URZQH LV WKH 3ULQFLSDO RI 4XHHQ·V &ROOHJH %DUEDGRV DQG LV DOVR D 3DUW 7LPH /HFWXUHU LQ WKH 'HSDUWPHQW RI +LVWRU\ DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV &DYH +LOO &DPSXV +H LV WKH DXWKRU RI $WODQWLF ,QWHUDFWLRQV $ 7H[WERRN IRU &$3( +LVWRU\ 6WXGHQWV

+HQGHUVRQ &DUWHU LV D OHFWXUHU LQ KLVWRU\ DW 7KH 8QLYHUVLW\ RI WKH :HVW ,QGLHV &DYH +LOO &DPSXV ZKHUH KH WHDFKHV :HVW ,QGLDQ KLVWRU\ DQG %XVLQHVV KLVWRU\ 6RPH RI KLV SXEOLFDWLRQV LQFOXGH /DERXU 3DLQV 5HVLVWDQFH DQG 3URWHVW LQ %DUEDGRV î DQG %XVLQHVV LQ %,0 $ %XVLQHVV +LVWRU\ RI %DUEDGRV î

7KH &RQFHSW RI DQ $WODQWLF :RUOG ,QGLJHQRXV 6RFLHWLHV LQ WKH $PHULFDV 3UH &ROXPELDQ &RQWDFWV DQG 6SDQLVK &RQTXHVW 6XUYLYDO RI (QVODYHG 3HRSOH 5HVLVWDQFH RI (QVODYHG 3HRSOH DQG WKH HQG RI 6ODYH 6\VWHPV 3RSXODU 3URWHVWV LQ WKH &DULEEHDQ 1DWLRQ %XLOGLQJ +DLWL DQG &XED ,QWHJUDWLRQ 0RYHPHQWV LQ WKH %ULWLVK DQG )UHQFK FRORQLVHG &DULEEHDQ

86

µ [ µ SJV 3DSHUEDFN $XJXVW

-DPDLFD 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

&RQWHQWV

7H [ W E R R N V &6(& 3DVW 3DSHUV

$JULFXOWXUDO 6FLHQFH 6$ '$

86

$JULFXOWXUDO 6FLHQFH 6$ DQG '$

86

$FFRXQWLQJ 86

$FFRXQWLQJ 86

%LRORJ\ 86

%XLOGLQJ 7HFKQRORJ\ 2SW DQG 0HFKDQLFDO (QJLQHHULQJ 7HFKQRORJ\ 86

%XLOGLQJ 7HFKQRORJ\ 86

$UW 'HVLJQ DQG *HRPHWULFDO DQG 0HFKDQLFDO (QJLQHHULQJ 'UDZLQJ 86

$SSOLHG 0DWKHPDWLFV 86

%LRORJ\ 86

&DULEEHDQ +LVWRU\ 86 &KHPLVWU\ 86 )RRG 1XWULWLRQ +RPH (FRQRPLFV 0DQDJHPHQW DQG &ORWKLQJ 7H[WLOHV 86 3ULQFLSOHV RI $FFRXQWV DQG (FRQRPLFV 86 7HFKQLFDO 'UDZLQJ DQG (OHFWULFDO DQG (OHFWURQLF 7HFKQRORJ\ 86 (QJOLVK $ DQG (QJOLVK % 86

ZZZ LDQUDQGOHSXEOLVKHUV FRP

&$3( 3DVW 3DSHUV

)UHQFK 86 *HRJUDSK\ 86

&DULEEHDQ +LVWRU\ 86 &KHPLVWU\ 86 (FRQRPLFV 86 (OHFWURQLF 'RFXPHQW 3UHSDUDWLRQ 0DQDJHPHQW 86 (QJOLVK $ (QJOLVK % 86 )UHQFK 86 *HRJUDSK\ 86 +XPDQ 6RFLDO %LRORJ\ 86 ,QIRUPDWLRQ 7HFKQRORJ\ 86 ,QWHJUDWHG 6FLHQFH 86 0DWKHPDWLFV 86

%LRORJ\ 86 &DULEEHDQ 6WXGLHV 86 &KHPLVWU\ 86 &RPPXQLFDWLRQ 6WXGLHV 86 &RPSXWHU 6FLHQFH DQG (OHFWULFDO (OHFWURQLF 7HFKQRORJ\ 86 (FRQRPLFV 86 )UHQFK 86 *HRJUDSK\ 86 +LVWRU\ 86 ,QIRUPDWLRQ 7HFKQRORJ\ 86 /DZ 86

+XPDQ DQG 6RFLDO %LRORJ\ 86

0HFKDQLFDO (QJLQHHULQJ 7HFKQRORJ\ (OHFWULFDO DQG (OHFWURQLF 7HFKQRORJ\ 86

,QIRUPDWLRQ 7HFKQRORJ\ 86

2IÃ&#x20AC;FH $GPLQLVWUDWLRQ 86

6RFLRORJ\ 86

,QWHJUDWHG 6FLHQFH 86

3K\VLFDO (GXFDWLRQ 6SRUW 5HOLJLRXV (GXFDWLRQ 86

6SDQLVK 86

0DWKHPDWLFV 86 7KHDWUH $UWV DQG 0XVLF ZLWK &' 520 86

3K\VLFV 86 3ULQFLSOHV RI $FFRXQWV 86

3K\VLFDO (GXFDWLRQ 6SRUW DQG 5HOLJLRXV 6WXGLHV 86

3ULQFLSOHV RI %XVLQHVV 86

3K\VLFV 86

6SDQLVK 86

3ULQFLSOHV RI %XVLQHVV 86

7HFKQLFDO 'UDZLQJ 86

6RFLDO 6WXGLHV 86

7KHDWUH $UWV DQG 0XVLF 86

6SDQLVK 86

9LVXDO $UWV 86

9LVXDO $UWV 3URGXFWLRQ 86

+RPH (FRQRPLFV 0DQDJHPHQW DQG &ORWKLQJ 7H[WLOHV DQG )RRG 1XWULWLRQ 86

(OHFWURQLF 'RFXPHQW 3UHSDUDWLRQ 0DQDJHPHQW DQG 2IÃ&#x20AC;FH $GPLQLVWUDWLRQ 86

6RFLDO 6WXGLHV 86

/LWHUDWXUHV LQ (QJOLVK 86 3K\VLFV 86

$SSOLHG 0DWKHPDWLFV DQG 3XUH DQG 3XUH 0DWKHPDWLFV 86 0DQDJHPHQW RI %XVLQHVV 86 (QYLURQPHQWDO 6FLHQFH DQG )RRG 1XWULWLRQ 86

$UW DQG 'HVLJQ 86 %LRORJ\ 86 &DULEEHDQ 6WXGLHV 86 &KHPLVWU\ 86 &RPPXQLFDWLRQ 6WXGLHV 86 &RPSXWHU 6FLHQFH 86 (FRQRPLFV 86 (OHFWULFDO DQG (OHFWURQLF 7HFKQRORJ\ 86 (QYLURQPHQWDO 6FLHQFH 86 )RRG DQG 1XWULWLRQ 86 )UHQFK 86 6SDQLVK 86 *HRJUDSK\ 86 *HRPHWULFDO DQG 0HFKDQLFDO (QJLQHHULQJ 86 +LVWRU\ 86 ,QIRUPDWLRQ 7HFKQRORJ\ 86 /DZ 86 /LWHUDWXUHV LQ (QJOLVK 86 0DQDJHPHQW RI %XVLQHVV 86 3K\VLFV 86 3XUH 0DWKHPDWLFV 86 6RFLRORJ\ 86

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

7H [ W E R R N V &6(& 6\OODEXVHV

&$3( 6\OODEXVHV

$JULFXOWXUDO 6FLHQFH 86

$FFRXQWLQJ 86

%LRORJ\ 86

$SSOLHG 0DWKHPDWLFV 86

&DULEEHDQ +LVWRU\ 86

$UW DQG 'HVLJQ 86

&KHPLVWU\ 86

$UW DQG 'HVLJQ 86

(FRQRPLFV 86

%LRORJ\ 86

(OHFWURQLF 'RFXPHQW 0DQDJHPHQW DQG 3UHSDUDWLRQ

86

&DULEEHDQ 6WXGLHV 86

(QJOLVK $ DQG (QJOLVK % 86

&KHPLVWU\ 8QLW DQG 8QLW 86 &RPPXQLFDWLRQ 6WXGLHV 86

(QJOLVK $ DQG (QJOLVK % 86

&RPSXWHU 6FLHQFH 86

*HRJUDSK\ 86

(FRQRPLFV 86

+RPH (FRQRPLFV 86

(OHFWULFDO DQG (OHFWURQLF 7HFKQRORJ\ 86

+XPDQ DQG 6RFLDO %LRORJ\ 86

(QYLURQPHQWDO 6FLHQFH 86

,QIRUPDWLRQ 7HFKQRORJ\ 86

)RRG DQG 1XWULWLRQ 86

,QWHJUDWHG 6FLHQFH 86

)UHQFK 86 *HRJUDSK\ 86

0RGHUQ /DQJXDJHV )UHQFK DQG 6SDQLVK 86 0XVLF 86

*HRPHWULFDO DQG 0HFKDQLFDO (QJLQHHULQJ 'UDZLQJ

86

2IÃ&#x20AC;FH $GPLQLVWUDWLRQ 86

+LVWRU\ 86

3K\VLFDO (GXFDWLRQ DQG 6SRUW 86

,QIRUPDWLRQ 7HFKQRORJ\ 86

3K\VLFV 86

/DZ 86

3ULQFLSOHV RI $FFRXQWV 86

/LWHUDWXUHV LQ (QJOLVK 86

3ULQFLSOHV RI %XVLQHVV 86

/LWHUDWXUHV LQ (QJOLVK 86

5HOLJLRXV (GXFDWLRQ 86

0DQDJHPHQW RI %XVLQHVV 86

5HOLJLRXV (GXFDWLRQ 86

3K\VLFV 86

6RFLDO 6WXGLHV 86

3XUH 0DWKHPDWLFV 86

7HFKQLFDO 'UDZLQJ 86

6RFLRORJ\ 86

7KHDWUH $UWV 86

6SDQLVK 86

7KHDWUH $UWV 86

ZZZ LDQUDQGOHSXEOLVKHUV FRP

0DWKHPDWLFV 86

9LVXDO $UWV 86

-DPDLFD Â&#x2021; 7ULQLGDG DQG 7REDJR

7H [ W E R R N V 3ULQFLSOHV RI $FFRXQWV IRU &DULEEHDQ ([DPLQDWLRQV ,QFOXGHV &' 5RP

/\VWUD 6WHSKHQV -DPHV /HVOH\ %XUURZV 1LJHO &RRSHU DQG .LUN 3KLOLS 7KLV QHZ FRSLRXVO\ LOOXVWUDWHG WH[W LV SURGXFHG SULPDULO\ IRU VWXGHQWV SUHSDULQJ IRU WKH &DULEEHDQ ([DPLQDWLRQV &RXQFLO &6(& 3ULQFLSOHV RI $FFRXQWV H[DPLQDWLRQ ,Q 3ULQFLSOHV RI $FFRXQWV IRU &DULEEHDQ ([DPLQDWLRQV WKH ZRUOG RI DFFRXQWLQJ FRPHV DOLYH 7KH DXWKRUV UHYLHZ WKH EDVLF SULQFLSOHV LQ UHOHYDQW DQG SUDFWLFDO ZD\V WR VXVWDLQ LQWHUHVW LQ DFFRXQWLQJ WKDW ZLOO OHDG WR &DULEEHDQ VWXGHQWV· H[DPLQDWLRQ VXFFHVV 7KH WH[W LV DUUDQJHG WR PLUURU WKH &6(& V\OODEXV PDNLQJ LW HDV\ IRU WHDFKHUV DQG VWXGHQWV WR IROORZ DQG DYDLODEOH DQVZHUV DOORZ VWXGHQWV WR ZRUN RQ WKHLU RZQ RU ZLWK VXSHUYLVLRQ

/\VWUD 6WHKSHQV -DPHV LV WKH 'HDQ 6HFRQGDU\ DW +RO\ 6DLQW &RQYHQW &RXYD 7ULQLGDG DQG 7REDJR /HVOH\ %XUURZV LV WKH 'HDQ 6HFRQGDU\ DW )DWLPD &ROOHJH LQ 3RUW RI 6SDLQ 7ULQLGDG DQG 7REDJR 1LJHO &RRSHU LV DQ DFFRXQWLQJ WHDFKHU DW 6W $QWKRQ\·V &ROOHJH 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

.LUN 3KLOLS LV LV D WHDFKHU RI 3ULQFLSOHV RI $FFRXQWV 3ULQFLSOHV RI %XVLQHVV DQG 0DQDJHPHQW RI %XVLQHVV DW +RO\ )DLWK &RQYHQW 3HQDO 7ULQLGDG DQG 7REDJR

)HDWXUHV

&RQWHQWV

É» 5HVRXUFH ZHEVLWH FRPSOHWH ZLWK Â&#x2021; SUDFWLFH TXHVWLRQV DQG DQVZHUV Â&#x2021; GLUHFW FRQWDFW ZLWK DXWKRUV Â&#x2021; YLGHR WXWRULDOV Â&#x2021; SRZHU SRLQW SUHVHQWDWLRQV Â&#x2021; EORJ Â&#x2021; VDPSOH 6%$ PDUN VFKHPH ZZZ KLJKVFKRRODFFRXQWV ZHHEO\ FRP

%DVLFV LQ $FFRXQWLQJ %DVLF )HDWXUHV DQG 5HFRUGV $FFRXQWLQJ IRU D %XVLQHVV ,QWURGXFWLRQ WR WKH /HGJHU $FFRXQWV %RRNV RI 2ULJLQDO (QWU\ 'D\ %RRNV /HGJHUV DQG WKH /HGJHU $FFRXQWV 3UHSDUDWLRQ RI 8QDGMXVWHG )LQDQFLDO 6WDWHPHQWV IRU D 6ROH 7UDGHU

É» 6XSSOHPHQWDU\ &' É» &KDSWHU 6XPPDULHV É» ,OOXVWUDWLRQV 'LDJUDPV 'UDZLQJV DQG 7DEOHV

(QG RI <HDU $GMXVWPHQWV ,QYHQWRU\ 6WRFN 9DOXDWLRQ ,QWURGXFWLRQ WR 5DWLR $QDO\VLV &RQWURO 6\VWHPV (UURUV DQG 6XVSHQVH $FFRXQWV &RQWURO 6\VWHPV &RQWURO $FFRXQWV ,QFRPSOHWH 5HFRUGV %DQN 5HFRQFLOLDWLRQ 6WDWHPHQWV 3DUWQHUVKLS $FFRXWLQJ

86

$FFRXWLQJ IRU &RUSRUDWLRQV

µ [ µ SJV 3DSHUEDFN

$FFRXWLQJ IRU &R RSHUDWLYH 6RFLHWLHV $FFRXQWLQJ IRU 1RQ 3URÃ&#x20AC;W 2UJDQLVDWLRQV 0DQXIDFWXULQJ $FFRXQWV 3D\UROO $FFRXQWLQJ

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

7H [ W E R R N V 7KH .QRWV LQ (QJOLVK $ 0DQXDO IRU &DULEEHDQ 8VHUV 0HUOH +RGJH 2ULJLQDOO\ SXEOLVKHG LQ WKLV KLJKO\ DQWLFLSDWHG QHZ HGLWLRQ RI 7KH .QRWV LQ (QJOLVK $ 0DQXDO IRU &DULEEHDQ 8VHUV SURYLGHV UHDGHUV ZLWK D YLEUDQW JXLGH WR WKH GRV DQG GRQ·WV RI WKH (QJOLVK ODQJXDJH 'HYHORSHG RXW RI 0HUOH +RGJH·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Ã&#x20AC;FDWLRQ RQ SDUWLFXODU JUDPPDU SRLQWV RU ZRUN WKURXJK WKH VHFWLRQV IURP EHJLQQLQJ WR HQG 0HUOH +RGJH LV D UHWLUHG 6HQLRU /HFWXUHU DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV 6W $XJXVWLQH 7ULQLGDG 6KH LV DOVR D ZULWHU DQG DFWLYLVW :HOO NQRZQ IRU KHU QRYHOV OLNH &ULFN &UDFN 0RQNH\ VKH EULQJV \HDUV RI /DQJXDJH $UWV WHDFKLQJ DW GLIIHUHQW OHYHOV DQG LQ GLIIHUHQW SDUWV RI WKH FDULEEHDQ SURGXFLQJ WKLV JXLGH IRU XVLQJ (QJOLVK

86

µ[ µ SJV 3DSHUEDFN

5HVHDUFK 0HWKRGV IRU ,QH[SHULHQFHG 5HVHDUFKHUV ,QFOXGHV &' 5RP

& - /HDFRFN 6 -RHO :DUULFDQ DQG *HUDOG 6W & 5RVH

& - /HDFRFN OHFWXUHV LQ UHVHDUFK PHWKRGV DW ERWK JUDGXDWH DQG XQGHUJUDGXDWH OHYHOV DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV &DYH +LOO %DUEDGRV 6 -RHO :DUULFDQ LV 'LUHFWRU RI 6W 9LQFHQW DQG WKH *UHQDGLQHV &RPPXQLW\ &ROOHJH *HUDOG 6W & 5RVH LV D 5HVHDUFK )HOORZ LQ WHK 6FKRRO RI (GXFDWLRQ DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV &DYH +LOO %DUEDGRV

86

µ [ µ SJV 3DSHUEDFN

-DPDLFD Â&#x2021; 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

&RYHULQJ DOO DVSHFWV RI UHVHDUFK IURP WKH VRXUFHV RI LQIRUPDWLRQ WR WKH FROOHFWLQJ FRPSLOLQJ DQG DQDO\VLQJ RI PDWHULDO 5HVHDUFK 0HWKRGV IRU ,QH[SHULHQFHG 5HVHDUFKHUV SURYLGHV HDV\ DFFHVV WR WKH WKHRUHWLFDO DQG SUDFWLFDO DVSHFWV RI UHVHDUFK IRU XVHUV DW DOO OHYHOV $OUHDG\ D SRSXODU WH[W ZLWK VWXGHQWV WKLV KDQGERRN LV DQ HVVHQWLDO WRRO IRU DQ\RQH QHHGLQJ WR DFFHVV DQG DQDO\VH LQIRUPDWLRQ

7 H [ W E R R N V EDFNOLVW 6RFLRORJ\ IRU &DULEEHDQ 6WXGHQWV 1DVVHU 0XVWDSKD

7KLV YROXPH LV WKH HVVHQWLDO WH[W IRU HYHU\ 6RFLRORJ\ VWXGHQW DW WKH KLJKHU VHFRQG DU\ OHYHO )ROORZLQJ FORVHO\ WKH VWUXFWXUH RI ERWK 8QLWV 2QH DQG 7ZR RI WKH &$3( V\OODEXV 6RFLRORJ\ IRU &DULEEHDQ 6WXGHQWV DGGUHVVHV 6RFLRORJ\ &XOWXUH DQG ,GHQWLW\ 6RFLDO ,QVWLWXWLRQV )DPLO\ 5HOLJLRQ DQG (GXFDWLRQ 6RFLDO 6WUDWLÃ&#x20AC;FDWLRQ DQG 6RFLDO 0RELOLW\ 3RSXODWLRQ 6WXGLHV 6RFLDO 2UGHU 6RFLDO &RQWURO DQG 'HYLDQFH DQG 6RFLDO 'HYHORSPHQW DQG 3RYHUW\

1DVVHU 0XVWDSKD LV 'HSXW\ 'HDQ RI 8QGHUJUDGXDWH 6WXGLHV LQ WKH )DFXOW\ RI 6RFLDO 6FLHQFHV DW WKH 8QLYHUVLW\ RI WKH :HVW ,QGLHV 6W $XJXVWLQH 7ULQLGDG KH KDV VHUYHG DV PHPEHU RI WKH 6XEMHFW SDQHO DQG &KLHI ([DPLQHU RI &$3( 6RFLRORJ\ VLQFH LWV LQFHSWLRQ

86

µ [ µ SJV 3DSHUEDFN

$WODQWLF ,QWHUDFWLRQV $ 7H[WERRN IRU &$3( +LVWRU\ 6WXGHQWV 'DYLG 9 & %URZQH 86

´ [ ´ SS 3DSHUEDFN

&DULEEHDQ )UHHGRP (FRQRP\ DQG 6RFLHW\ IURP (PDQFLSDWLRQ WR WKH 3UHVHQW (G E\ 9HUHQH 6KHSKHUG +LODU\ %HFNOHV 86

´ [ ´ SS 3DSHUEDFN

)XQFWLRQDO 6SDQLVK IRU &DULEEHDQ 6WXGHQWV 6KHLOD &DUWHU 86

ò´ [ ´ SS 3DSHUEDFN

:ULWLQJ LQ (QJOLVK $ &RXUVH %RRN IRU &DULEEHDQ 6WXGHQWV +D]HO 6LPPRQGV 0F'RQDOG /LQGD )LHOGV 3HWHU 5REHUWV 86

ò´ [ ´ SS 3DSHUEDFN

&DSLWODLVP DQG 6ODYHU\ &DULEEHDQ 5LJKWV

(ULF :LOOLDPV 86

´ [ ò´ SS 3DSHUEDFN

UNDERSTANDING THE CONTEMPORARY

CARIBBEAN second edition

edited by

Richard S. Hillman & Thomas J. Dâ&#x20AC;&#x2122;Agostino

8QGHUVWDQGLQJ WKH &RQWHPSRUDU\ &DULEEHDQ QG (G 6KHLOD &DUWHU 86

´ [ ´ SS 3DSHUEDFN

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

&DULEEHDQ 6ODYHU\ LQ WKH $WODQWLF :RUOG (G E\ +LODU\ %HFNOHV DQG 9HUHQH 6KHSKHUG 86 ´ [ ´ SS 3DSHUEDFN

%ORRPLQJ ZLWK WKH 3RXLV &ULWLFDO 7KLQNLQJ 5HDGLQJ DQG :ULWLQJ $FURVV WKH &XUULFXOXP (G E\ 3DXOHWWH 5DPVD\ 9LYLHQQH +DUGLQJ -DQLFH &RROV DQG ,JULG 0F/DUHQ 86

´ [ ´ SS 3DSHUEDFN

7LWOH ,QGH[ $ %R\ 1DPHG 1HYLOOH /LQGD *DPEULOO $ &DO\SVR 7ULORJ\ 5DZOH *LEERQV $ &RORQ\ RI &LWL]HQV 5HYROXWLRQ DQG 6ODYH (PDQFLSDWLRQ LQ WKH )UHQFK &DULEEHDQ î /DXUHQW 'XERLV

$OEHUW +XLH )DWKHU RI -DPDLFDQ 3DLQWLQJ (GZDUG /XFLH 6PLWK $OO WKDW *OLWWHUV 0LFKDHO $QWKRQ\

&$3( 3DVW 3DSHUV %H\RQG 7UDGLWLRQ &DULEEHDQ 'UXJV 5HLQWHUSUHWLQJ WKH î )URP &ULPLQDOL]DWLRQ &DULEEHDQ +LVWRULFDO WR +DUP 5HGXFWLRQ ([SHULHQFH &$3( 6\OODEXVHV $OH[ .OHLQ 0DUFXV 'D\ DQG 5LWD 3HPEHUWRQ DQG +HDWKHU $QWKRQ\ +DUULRWW &DWHDX &DSLWDOLVP DQG 6ODYHU\ (ULF :LOOLDPV &DULEEHDQ (FRQRP\ %LRJUDSK\ RI 0RKDPPDK $ 5HDGHU 7KH %DTXDTXD 7KH &DULEEHDQ 7KH (GLWHG E\ 'HQQLV 3DQWLQ 5RELQ /DZ DQG 3DXO /RYHMR\ *DG +HXPDQ

&DULEEHDQ )UHHGRP &DULEEHDQ $Q ,QWHOOHFWXDO (FRQRP\ DQG 6RFLHW\ IURP %LUWK RI &DULEEHDQ +LVWRU\ î 7KH (PDQFLSDWLRQ WR WKH 3UHVHQW &LYLOLVDWLRQ $ 'HQLV %HQQ (GLWHG E\ 9HUHQH 6KHSKHUG &HQWXU\ RI ,GHDV DERXW DQG +LODU\ %HFNOHV &XOWXUH DQG ,GHQWLW\ &DULEEHDQ &KLOGKRRGV 1DWLRQ DQG 6RFLHW\ 7KH ¶2XWVLGH· ¶$GRSWHG· RU ¶/HIW &DULEEHDQ ,PSHUDWLYHV 2 1LJHO %ROODQG %HKLQG·" ¶*RRG (QRXJK· 5HJLRQDO *RYHUQDQFH DQG 3DUHQWLQJ RU 0RUDO )DPLOHV ,QWHJUDWHG 'HYHORSPHQW %ODFN 'LDVSRUD RI &KULVWLQH %DUURZ (GLWHG E\ .HQQHWK +DOO DQG WKH $PHULFDV 7KH 'HQLV %HQQ &KULVWLQH &KLYDOORQ &DULEEHDQ &KDULVPD

/HJLWLPDF\ DQG 3ROLWLFDO &DULEEHDQ LQ 6HSLD $ +LVWRU\ /HDGHUVKLS LQ WKH (UD RI RI 3RVW &RORQLDO 6WDWH 7KH %ODFN +DQGERRN 7KH ,QGHSHQGHQFH 0LFKDHO $\UH 3HRSOH +LVWRU\ DQG (GLWHG E\ $QWRQ $OODKDU 3ROLWLFV RI $IULFD DQG WKH &DULEEHDQ ,QWHJUDWLRQ $IULFDQ 'LDVSRUD 7KH &DULEEHDQ &LW\ 7KH 3URFHVV $ 3HRSOH ( / %XWH DQG + - 3 +DUPHU (GLWHG E\ 5LYNH -DIIH &HQWUHG $SSURDFK 7KH

(GLWHG E\ .HQQHWK +DOO DQG &DULEEHDQ &RPPXQLW\ LQ 0\UWOH &KXFN $ 6DQJ %ODFN 0HWHRUV 7KH 7UDQVLWLRQ )XQFWLRQDO &DULEEHDQ LQ ,QWHUQDWLRQDO &RRSHUDWLRQ DV D &DULEEHDQ 1RYHO LQ (QJOLVK 7UDFN DQG )LHOG &DWDO\VW IRU &KDQJH 7KH $Q ,QWURGXFWLRQ 7KH %DVLO ,QFH (GLWHG E\ .HQQHWK +DOO (GLWHG E\ 0 .HLWK %RRNHUV 0\UWOH &KXFN $ 6DQJ DQG 'XEUDYND -XUDJD %ORRG DQG 6LOYHU $ +LVWRU\ RI 3LUDF\ LQ WKH &DULEEHDQ &DULEEHDQ &RPPXQLW\ &DULEEHDQ 3ROLWLFDO 7KRXJKW DQG &HQWUDO $PHULFD %H\RQG 6XUYLYDO 7KH 7KH &RORQLDO 6WDWH WR .ULV /DQH (GLWHG E\ .HQQHWK +DOO &DULEEHDQ ,QWHUQDWLRQDOLVPV (GLWHG E\ $DDURQ .DPXJLVKD DQG <DQLTXH +XPH

-DPDLFD Â&#x2021; 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

$OXPLQLXP 6PHOWLQJ +HDOWK (QYLURQPHQWDO DQG (QJLQHHULQJ 3HUVSHFWLYHV (GLWHG E\ 0XNHVK .KDUH &OHPHQW . 6DQNDW *\DQ 6 6KULYDVWDYD DQG &KLQWDQDSDOOL $ 'HYHORSPHQW $JHQGD IRU WKH &DULEEHDQ 9HQNREDFKDU )LQDQFLDO DQG (FRQRPLF $SSURDFKHV $PD]LQJ $GYHQWXUHV RI (TXLDQR 7KH . 'ZLJKW 9HQQHU -HDQ -DFTXHV 9D\VVLqUHV $ )LHUFH +DWUHG RI,QMXVWLFH $QG , 5HPHPEHU 0DQ\ &ODXGH 0F.D\·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î $W WKH 5DLQERZ·V (GJH . 2 /DZUHQFH 6HOHFWHG 6SHHFKHV E\ .HQQ\ ' $QWKRQ\ î $ 5HDGHU LQ $IULFDQ -DPDLFDQ (GLWHG E\ 'LGDFXV -XOHV DQG 0XVLF 'DQFH DQG 5HOLJLRQ 7HQQ\VRQ 6 ' -RVHSK :ROIJDQJ %HQGHU DQG 0DUNXV &RHVWHU $WODQWLF ,QWHUDFWLRQV 8QLW $ 7H[WERRN IRU $GXOW 6XIIUDJH DQG 3ROLWLFDO &$3( +LVWRU\ 6WXGHQWV $GPLQLVWUDWLRQ LQ -DPDLFD 'DYLG 9 & %URZQH î $ &RPSHQGLXP DQG &RPPHQWDU\ $WODQWLF ,QWHUDFWLRQV 7UHYRU 0XQURH DQG $UQROG 8QLWV $ 7H[WERRN %HUWUDP IRU &$3( +LVWRU\ 6WXGHQWV 'DYLG 9 & %URZQH DQG $GYHQWXUHV RI DQ +HQGHUVRQ &DUWHU (FRQRPLF 0LJUDQW 7KH $QWKRQ\ :DGH $WODV RI WKH /DQJXDJHV RI 6XULQDPH $IULFDQ 9RLFHV RI WKH (GLWHG E\ (LWKQH &DUOLQ DQG $WODQWLF 6ODYH 7UDGH -DFTXHV $UHQGV %H\RQG WKH 6LOHQFH DQG WKH 6KDPH %DFFKDQDO 7KH &DUQLYDO $QQH & %DLOH\ &XOWXUH RI 7ULQLGDG 3HWHU 0DVRQ $IUR &XEDQ 5HOLJLRQV 0LJXHO %DUQHW %DKDPLDQ 6RFLHW\ DIWHU (PDQFLSDWLRQ $JULFXOWXUH LQ WKH &LW\ *DLO 6DXQGHUV $ .H\ WR 6XVWDLQDELOLW\ LQ +DYDQD &XED %DUULQJWRQ <HDUV RI 0DULD &DULGDG &UX] DQG 'UDZLQJV î 5REHUWR 6DQFKH] 0HGLQD %DUULQJWRQ :DWVRQ

&DULEEHDQ &RQVWLWXWLRQDO %HOL]H $ &DULEEHDQ 1DWLRQ %ORRPLQJ ZLWK 3RXLV LQ &HQWUDO $PHULFD 6HOHFWHG &ULWLFDO 7KLQNLQJ 5HDGLQJ 5HIRUP 5HWKLQNLQJ WKH :HVW ,QGLDQ 3ROLW\ 6SHHFKHV RI 6DLG 0XVD DQG :ULWLQJ $FURVV (GLWHG E\ *RGIUH\ 6PLWK WKH &XUULFXOXP ² $ 6LPHRQ 0F,QWRVK 5KHWRULFDO 5HDGHU IRU &DULEEHDQ 7HUWLDU\ 6WXGHQWV &DULEEHDQ &RRNERRN %HQML 7ULORJ\ 7KH 'U 3DXOHWWH $ 5DPVD\ ,QJULG 5LWD * 6SULQJHU 5RGHULFN :DOFRWW $ 0F/DUHQ 9LYLHQQH $ +DUGLQJ -DQLFH $ &RROV &DULEEHDQ &RXUW RI %HWZHHQ 7ZR *UDPPDUV -XVWLFH &ORVLQJ WKH &LUFOH 5HVHDUFK DQG 3UDFWLFH RI ,QGHSHQGHQFH 7KH IRU /DQJXDJH DQG %ULJKW 5RDG WR (O 'RUDGR 0LFKDHO $QWKRQ\ 'XNH ( 3ROODUG 7HDFKLQJ LQ &UHROH 6SHDNLQJ (QYLURQPHQW %XUQLQJ IRU )UHHGRP &DULEEHDQ &RXUW RI -XVWLFH %HYHUOH\ %U\DQ $ 7KHRORJ\ RI WKH (QKDQFLQJ WKH /DZ RI %ODFN $WODQWLF ,QWHUQDWLRQDO 2UJDQL]DWLRQV 7KH %HWZL[W DQG %HWZHHQ 6WUXJJOH IRU /LEHUDWLRQ 6KHOGRQ 0F'RQDOG 'HOUR\ 5HLG 6DOPRQ ([SORUDWLRQV LQ DQ $IULFDQ &DULEEHDQ &DULEEHDQ &XOWXUDO ,GHQWLW\ 0LQGVFDSH %XVKD·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î 3HWHU 0DQXHO .HQQHWK %LOE\ +HQGHUVRQ &DUWHU

DQG 0LFKDHO /DUJH\

ZZZ LDQUDQGOHSXEOLVKHUV FRP

7LWOH ,QGH[ &DULEEHDQ 3ROLWLFDO 7KRXJKW 7KHRULHV RI WKH 3RVW &RORQLDO 6WDWH (GLWHG E\ $DDURQ .DPXJLVKD DQG <DQLTXH +XPH

&DULEEHDQ 7RXULVP 0RUH WKDQ 6XQ 6DQG DQG 6HD (GLWHG E\ &KDQGDQD -D\DZDUGHQD

&DULEEHDQ 5HDVRQLQJ 7KH $HWKHWLFV RI 'HFRORQLVDWLRQ 7KH *HRUJH /DPPLQJ 5HDGHU $QWKRQ\ %RJXHV

&DULEEHDQ 7RXULVP 3HRSOH 6HUYLFH DQG +RVSLWDOLW\ (GLWHG E\ &KDQGDQD -D\DZDUGHQD

&DULEEHDQ 5HDVRQLQJV $IWHU 0DQ 7RZDUGV WKH +XPDQ &ULWLFDO (VVD\V RQ 6\OYLD :\QWHU (GLWHG E\ $QWKRQ\ %RJXHV

&DULEEHDQ 7RXULVP 9LVLRQV 0LVVLRQV &KDOOHQJHV (GLWHG E\ &KDQGDQD -D\DZDUGHQD &DULEEHDQ 7UDGH DQG ,QYHVWPHQW 5HSRUW &RUSRUDWH ,QWHJUDWLRQ &URVV %RUGHU 'HYHORSPHQW &$5,&20 6HFUHWDULDW

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iQ $UFLQLHJDV &RPPXQLW\ &$5,&20 6HFUHWDULDW &DULEEHDQ 6HFXULW\ LQ WKH $JH RI 7HUURU &HQWHULQJ :RPDQ &KDOOHQJH DQG &KDQJH *HQGHU 'LVFRXUVHV (GLWHG E\ ,YHODZ *ULIÀWK LQ &DULEEHDQ 6ODYHU\ +LODU\ %HFNOHV &DULEEHDQ 6ODYHU\ LQ WKH $WODQWLF :RUOG &KDOOHQJLQJ +,9 DQG $ 6WXGHQW 5HDGHU $,'6 $ 1HZ 5ROH IRU (GLWHG E\ +LODU\ %HFNOHV DQG &DULEEHDQ (GXFDWLRQ 9HUHQH 6KHSKHUG (GLWHG E\ 0LFKDHO 0RUULVVH\

&DULEEHDQ 6RFLRORJ\ ,QWURGXFWRU\ 5HDGLQJV &KDQWLQJ 'RZQ %DE\ORQ (GLWHG E\ &KULVWLQH %DUURZ $ 5DVWDIDUL /HDGHU DQG 5KRGD 5HGGRFN (GLWHG E\ 1 6DPXHO 0XUUHO :LOOLDP 6SHQFHU DQG $GULDQ &DULEEHDQ :RUOG $ $QWKRQ\ 7H[WERRN IRU &DULEEHDQ 6WXGLHV ([DPLQDWLRQ &KDWWHO +RXVH %OXHV 'DYLG 9 & %URZQH DQG 0DNLQJ D 'HPRFUDF\ LQ +HQGHUVRQ &DWHU %DUEDGRV )URP &OHPHQW 3D\QH WR 2ZHQ $UWKXU &$5,&20 6\VWHP +LODU\ %HFNOHV %DVLF ,QVWUXPHQWV 7KH 'XNH 3ROODUG &KLHIWDLQ·V &DUQLYDO 7KH 0LFKDHO $QWKRQ\

'HSDUWPHQW RI &KHPLVWU\ &RDVWDO 5HVRXUFH &URDNLQJ -RKQQ\ 0DQDJHPHQW 'L]]\ /L]]\ 8:, 0RQD 7KH LQ WKH :LGHU &DULEEHDQ /LQGD *DPEULOO DQG 5REHUW /DQFDVKLUH DQG 5HVLOLHQFH $GDSWDWLRQ 0DUOHQH /HZLV :HLQEHUJHU .HQQHWK 0DJQXV DQG &RPPXQLW\ 'LYHUVLW\ <YDQ %UHWRQ %ULDQ 'DY\ 'HVFHQGDQWV RI WKH 'UDJRQ /XLV 2YDUHV 'DYLG 1 %URZQ &URVV DQG WKH 0DFKHWH 7KH &KLQHVH LQ 7ULQLGDG 0LOWRQ +DXJKWRQ DQG 7REDJR î 1DWLYH %DSWLVWV RI -DPDLFD ,GHQWLW\ .LP -RKQVRQ &RORQLDOLVP $ 7KHRUHWLFDO 0LQLVWU\ DQG /HJDF\ 7KH 2YHUYLHZ 'HYRQ 'LFN 'HYHORSPHQW RI &UHROH - UJHQ 2VWHUKDPPHO 6RFLHW\ LQ -DPDLFD &6(& 3DVW 3DSHUV î 7KH &RPLQJ RI $JH 6HOHFWHG î .DPDX %UDWKZDLWH 6SHHFKHV RI 'HQ]LO 'RXJODV 7KH &6(& 6\OODEXVHV 'HYRQ +RXVH )DPLOLHV )LUVW 7ZR 7HUPV (QLG 6KLHOGV î &6(& 0DWKHPDWLFV (GLWHG E\ .HQ 7LOOH\ 0XOWLSOH &KRLFH 7HVWV (DVWHUQ &DULEEHDQ /DZ 3DVW 3DSHUV DQG :RUNHG 5HSRUWV &RQIURQWLQJ &KDOOHQJHV 6ROXWLRQV 0D[LPLVLQJ & : $UFKLH (DVWHUQ &DULEEHDQ 2SSRUWXQLWLHV 6XSUHPH &RXUW &LYLO $ 1HZ 'LSORPDF\ &60( &KDOOHQJHV 3URFHHGLQJV 5XOHV IRU 0DUNHW $FFHVV %HQHÀWV DQG 3URVSHFWV 8:, &$5,&20 3URMHFW 8:, &$5,&20 3URMHFW (FRQRPLF 7KHRU\ &RQWHQGLQJ ZLWK 'HVWLQ\ &60( *HQHVLV 'HYHORSPHQW 2SWLRQV IRU 7KH &DULEEHDQ DQG 3URJQRVLV WKH &DULEEHDQ 7KH 6LU LQ WKH VW &HQWXU\ (GLWHG E\ .HQQHWK +DOO DQG $UWKXU /HZLV 0HPRULDO (GLWHG E\ .HQQHWK +DOO DQG 0\UWOH &KXFN $ 6DQJ /HFWXUHV î 'HQLV %HQQ . 'ZLJKW 9HQQHU DQG &XEDQ )HVWLYDOV $ 5DOSK *RQVDOYHV &RRSHUDWLRQ LQ WKH &HQWXU\ RI $IUR &XEDQ *UHDWHU &DULEEHDQ &XOWXUH (GXFDWLRQ DQG +,9 7KH 5ROH RI WKH (GLWHG E\ -XGLWK %HWWHOKHLP $,'6 LQ WKH &DULEEHDQ $VVRFLDWLRQ RI 0LFKDHO - .HOO\ DQG %UHQGDQ &DULEEHDQ 6WDWHV %DLQ 1RUPDQ *LUYDQ &XEDQ 0XVLF )URP 6XQ DQG 5XPED WR %XHQD 9LVWD (OHFWLRQV 9LROHQFH DQG &R\DED &KURQLFOHV 6RFLDO &OXE DQG WKH 'HPRFUDWLF 3URFHVV 5HÁHFWLRQV RI WKH 7LPED &XEDQD LQ -DPDLFD î %ODFN ([SHULHQFH LQ 0D\D 5R\ $PDQGD 6LYHV WKH WK &HQWXU\ 7KH 3HWHU $EUDKDPV 'DGG\ 6KDUSH $ 1DUUDWLYH (OXVLYH (ULF :LOOLDPV 7KH RI WKH /LIH $GYHQWXUHV .HQ , %RRGKR &UHDWHG LQ WKH :HVW RI 6DPXHO 6KDUSH ,QGLHV &RQWHPSRUDU\ $ :HVW ,QGLDQ (PHUJLQJ &DULEEHDQ 3HUVSHFWLYHV RQ 9 6 1DLSDXO 6ODYH :ULWWHQ E\ 3DWULFH 5RWK 0RQLTXH (GLWHG E\ -HQQLIHU 5DKLP DQG +LPVHOI %pJRW DQG 3DVFDO %XOpRQ %DUEDUD /DOOD )UHG .HQQHG\ (QFRXQWHUV 9RLFHV DQG &ULPH 'HOLQTXHQF\ 'DQFH -DPDLFD (FKRHV 3RHPV IURP D DQG -XVWLFH 5HQHZDO DQG &RQWLQXLW\ &KLQHVH -DPDLFDQ $ &DULEEHDQ 5HDGHU 7KH 1DWLRQDO 'DQFH ([SHULHQFH (GLWHG E\ 5DPHVK 'HRVDUDQ 7KHDWUH &RPSDQ\ RI (DVWRQ /HH

-DPDLFD ²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

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

7LWOH ,QGH[ )LIW\ <HDUV )LIW\ $UWLVWV î 7KH 6FKRRO RI 9LVXDO $UWV (GLWHG E\ 3HWULQH $UFKHU 6KDZ

*HQGHU (TXDOLW\ LQ WKH &DULEEHDQ 5HDOLW\ RU ,OOXVLRQ (GLWHG E\ *HPPD 7DQJ 1DLQ DQG %DUEDUD %DLOH\

)LQGLQJ D 3ODFH 7KH ,QGR 7ULQLGDGLDQ &RQWULEXWLRQ WR /LWHUDWXUH î .ULV 5DPSHUVDG

*HQGHU LQ WKH VW &HQWXU\ &DULEEHDQ 3HUVSHFWLYHV 9LVLRQV DQG 3RVVLELOLWLHV (GLWHG E\ %DUEDUD %DLOH\ DQG (OVD /HR 5K\QLH

)LUH IURP WKH 0RXQWDLQ 7KH 7UDJHG\ RI 0RQWVHUUDW DQG WKH %HWUD\DO RI ,WV 3HRSOH 3ROO\ 3DWWXOOR

*HQHUDO (OHFWLRQV DQG 9RWLQJ LQ WKH (QJOLVK 6SHDNLQJ &DULEEHDQ î &\QWKLD %DUURZ *LOHV DQG 7HQQ\VRQ -RVHSK

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

*RUGRQ /HZLV RQ 5DFH &ODVV DQG ,GHRORJ\ LQ WKH &DULEEHDQ (GLWHG E\ $QWKRQ\ 0DLQJRW

*RYHUQDQFH LQ WKH $JH RI *OREDOLVDWLRQ )URP ,PSHULDO &ROOHJH WR &DULEEHDQ 3HUVSHFWLYH 8QLYHUVLW\ RI WKH :HVW (GLWHG E\ .HQQHWK +DOO DQG ,QGLHV $ +LVWRU\ RI WKH 'HQLV %HQQ 6W $XJXVWLQH &DPSXV 7ULQLGDG DQG 7REDJR *RYHUQDQFH LQ WKH %ULGJHW %UHUHWRQ 1RQ ,QGHSHQGHQW &DULEEHDQ &KDOOHQJHV )XQFWLRQDO 6SDQLVK IRU DQG 2SSRUWXQLWLHV LQ WKH &DULEEHDQ 6WXGHQWV 7ZHQW\ )LUVW &HQWXU\ 6KHLOD &DUWHU 3HWHU &OHJJ DQG (PLOLR 3DQWRMDV *DUFtD )XQGDPHQWDO 5LJKWV DQG 'HPRFUDWLF *RYHUQDQFH *RYHUQDQFH &RQÁLFW (VVD\V LQ &DULEEHDQ $QDO\VLV DQG -XULVSUXGHQFH &RQÁLFW 5HVROXWLRQ 6LPHRQ 0F,QWRVK 0DUN .LUWRQ &HGULF *UDQW *DPHV :HUH &RPLQJ *RYHUQLQJ 6RXQG 7KH 7KH &XOWXUDO 3ROLWLFV RI 7ULQLGDG·V 0LFKDHO $QWKRQ\ &DUQLYDO 0XVLF -RFHO\Q *XLOEDXOW *HQGHU DQG 0DQDJHPHQW &DVHV IURP WKH *UHDW +RXVH 5XOHV &DULEEHDQ /DQGOHVV (PDQFLSDWLRQ /LQGD &ODXGLD 'H )RXU DQG DQG :RUNHU·V 3URWHVW *ZHGROLQ :LOOLDPV LQ %DUEDGRV î +LODU\ %HFNOHV

-DPDLFD 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

)UHHGRP 5HWURVSHFWLYH DQG 3URVSHFWLYH 0RQD $FDGHPLF &RQIHUHQFH 3DSHUV

(GLWHG E\ 6ZLWKLQ 5 :LOPRW

*RQH LV WKH $QFLHQW *ORU\ 6SDQLVK 7RZQ -DPDLFD î -DPHV 5REHUWVRQ

*URZWK RI 0RGHUQ , 6SHDN IRU WKH ,W 7DNHV D 0LJKW\ )LUH :HVW ,QGLHV 7KH 3HRSOH 0HPRLUV + ' &DUEHUU\ *RUGRQ /HZLV RI :\QWHU &UDZIRUG (GLWHG E\ :RRGYLOOH 0DUVKDOO -DPDLFD *X\DQD î *ROGHQ 0RPHQWV (WKQLFLW\ &ODVV DQG , :DQW WR 'LVWXUE 0\ 7KH *OHDQHU &RPSDQ\ /WG *HQGHU 1HLJKERXU /HFWXUHV RQ 6WHYH *DUQHU 6ODYHU\ (PDQFLSDWLRQ -DPDLFD &RXUW RI $SSHDO DQG 3RVW &RORQLDO 5XOHV +DLOH 6HODVVLH·V :DU -DPDLFD 9HUHQH 6KHSKHUG $QWKRQ\ 0RFNOHU -DPDLFD )L 5HDO %HDXW\ 9LEHV DQG &XOWXUH +DUG :RUGV 7KH ,PSURYLQJ WKH 2UJDQL]DWLRQ .HYLQ 2·%ULHQ &KDQJ &KDOOHQJH RI RI (OHFWLRQV $ 5HDGLQJ DQG :ULWLQJ 3HUVSHFWLYH -DPDLFDQ +RXVHV &DUO : 'XQGDV IRU &DULEEHDQ 6WXGHQWV $ 9DQLVKLQJ /HJDF\ DQG WKHLU 7HDFKHUV *HRIIUH\ 'H6ROD 3LQWR DQG 6 -RHO :DUULFDQ ,Q 3UDLVH RI %ODFN :RPHQ $QJKHOHQ $UULQJWRQ 3KLOOLSV $QFLHQW $IULFDQ 4XHHQV 6LPRQH 6FKZDU] %DUW +DUULVRQV· /DZ 1RWHV DQG 0DWHULDOV -DPDLFD /DZ 5HSRUWV .DUO +DUULVRQ 0DUF +DUULVRQ ,Q WKH +HDW RI 'D\ DQG 0RQLTXH +DUULVRQ 0LFKDHO $QWKRQ\ -DPDLFD·V ([SRUW (FRQRP\

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î 6\OYLD :\QWHU &ROLQ * &ODUNH ,QWHJUDWLRQ &$5,20·V +LVWRU\ RI -DPDLFD .H\ WR 3URVSHULW\ .LQJVWRQ $ &XOWXUDO (GZDUG /RQJ .HQQHWK +DOO DQG 0\UWOH DQG /LWHUDU\ +LVWRU\ &KXFN $ 6DQJ 'DYLG +RZDUG +,9 $,'6 DQG 6RFLDO :RUN 3UDFWLFH LQ WKH &DULEEHDQ ,QWHUYHQWLRQ %RUGHU .QRWV LQ (QJOLVK 7KHRU\ ,VVXHV ,QQRYDWLRQ DQG 0DULWLPH ,VVXHV $ 0DQXDO IRU &DULEEHDQ $GHOH ' -RQHV -DFTXHOLQH LQ WKH &$5,&20 8VHUV 7KH 3DGPRUH DQG 3UL\D 0DKDUDM (GLWHG E\ .HQQHWK +DOO DQG 0HUOH +RGJH

0\UWOH &KXFN $ 6DQJ /DERXU 3DLQV 5HVLVWDQFH +RPH $ZD\ )URP +RPH ,QWURGXFWLRQ WR &DULEEHDQ DQG 3URWHVW LQ %DUEDGRV <HDUV RI ,QGLDQ 3ROLWLFV +HQGHUVRQ &DUWHU 3UHVHQFH LQ -DPDLFD &\QWKLD %DUURZ *LOHV î /DZ RI WKH 6HD &RPSHQGLXP (GLWHG E\ /D[PL 0DQVLQJK ,V (QJOLVK :H 6SHDNLQJ RI %DVLF 'RFXPHQWV DQG $MDL 0DQVLQJK DQG 2WKHU (VVD\V ,QWHUQDWLRQDO 6HDEHG $XWKRULW\ 0HUY\Q 0RUULV +RUL]RQV 7KH /LIH DQG /D\SHUVRQ·V 9HUVLRQ RI 7LPHV RI (GULF &RQQHU ,VODQG RI &XED $ 3ROLWLFDO WKH &RQVWLWXWLRQ î (VVD\ E\ $OH[DQGHU RI -DPDLFD *HRUJH /DPPLQJ %ULGJHW 9RQ +XPEROGW 7KH ,QFOXGLQJ $PHQGPHQWV XS %UHUHWRQ DQG *RUGRQ (GLWHG E\ /XLV 0DUWLQH] WR 7KH 5RKOHKU )HUQDQGH] (GLWHG E\ 0DUWLQ $XE DQG %HWK $XE +XJK 6KHDUHU $ ,VODQG RI 2QH 3HRSOH $Q 9RLFH IRU WKH 3HRSOH $FFRXQW RI WKH +LVWRU\ RI /HJDO 3URIHVVLRQ LQ +DUWOH\ 1HLWD WKH -HZV RI -DPDLFD 7KH WKH (QJOLVK 6SHDNLQJ 0DULO\Q 'HOHYDQWH DQG &DULEEHDQ 7KH $QWKRQ\ $OEHUJD .DUHQ 1XQH] 7HVKHLUD

ZZZ LDQUDQGOHSXEOLVKHUV FRP

7LWOH ,QGH[ 0HHWLQJ 3RLQW 7KH 3ROLWLFDO +LVWRU\ RI 5DFH &ODVV 3ROLWLFV 5LVN\ %XVLQHVV /LYHVWRFN 6XJDU DQG &$5,&20 7KH DQG WKH 6WUXJJOH IRU 3HUVSHFWLYHV RQ &RUSRUDWH 6ODYHU\ &RQWHVWHG 7HUUDLQ $XVWLQ &ODUNH $QWKRQ\ 3D\QH (PSRZHUPHQW IRU %DUEDGRV 0LVFRQGXFW LQ &RORQLDO -DPDLFD (GLWHG E\ 6KD]HHGD $OL 9HUHQH 6KHSKHUG 0LVV 7LQ\ 'DYLG %URZQH /LQGD *DPEULOO DQG 0DUOHQH 3ROLWLFV LQ D +DOI 0DGH 6RFLHW\ 7ULQLGDG DQG 5RYLQJ ZLWK /DODK 0RUH /LYLQJ DW WKH %RUGHUOLQHV /HZLV :HLQEHUJHU 7REDJR 5DFH :DU DQG 1DWLRQDOLVP 6OLFHV RI (YHU\GD\ ,VVXHV LQ WKH &DULEEHDQ .LUN 0HLJKRR $ 6RFLDO +LVWRU\ RI :HVW -DPDLFDQ /LIH 6RYHUHLJQW\ DQG 0RGHUQL]LQJ WKH 6WDWH ,QGLDQV LQ WKH 5REHUW /DODK 'HYHORSPHQW 3XEOLF 6HFWRU 5HIRUP )LUVW :RUOG :DU (GLWHG E\ &\QWKLD %DUURZ LQ WKH &RPPRQ 7KH 3ROLWLFV RI *OHQIRUG +RZH *LOHV DQG 'RQ 0DUVKDOO ZHDOWK &DULEEHDQ ,QWHJUDWLRQ &DULEEHDQ 5XQQLQJ IRU %ODFN *ROG 3DXO 6XWWRQ 6RYHUHLJQW\ 5HYLVLWHG <HDUV RI $IULFDQ $WKOHWLFV 7HUUL $QQ *LOEHUW 5REHUWV 5DPD\DQD 7UDGLWLRQ DQG .HYLQ /LOOLV /RQJHU 5XQ $ 'DXJKWHU·V 6RFLR 5HOLJLRXV &KDQJH 6WRU\ RI $UWKXU :LQW 7KH 0RWKHU ,QGLD·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

7KH 2 1LJHO %ROODQG 5DVWDIDULDQ $UW 6H[ 3RZHU DQG 7DERR 0DNHUV RI WKH &DULEEHDQ 0XVFXODU /HDUQLQJ (GLWHG E\ :ROIJDQJ %HQGHU *HQGHU DQG +,9 LQ WKH -DPHV )HUJXVRQ &ULFNHW DQG (GXFDWLRQ

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ÁH &RXUWQH\ %ODFNPDQ

,QGHSHQGHQW 7KRXJKW DQG 'RQQD 3 +RSH 3UDFWLFH RI 3XEOLF &DULEEHDQ &RPPXQLW\ 6KDGHV RI *UH\ 5HODWLRQV $ &DULE %DUULQJWRQ :DWVRQ .DUL /HYLWW 0DQDJLQJ 7RZDUGV 1DQQ\·V $VDIR :DUULRUV EHDQ 3HUVSHFWLYH 7KH ,QWHUQDWLRQDO :HUQHU =LSV (ODLQH &RPPLVVLRQJ 6KLIWLQJ +RPHODQGV 5HJJDH 5RXWHV 7KH &RPSHWLWLYHQHVV 6WRU\ RI WKH -DPDLFD 0XVLF 7UDYHOOLQJ ,GHQWLWLHV :ULWHUV $OYLQ :LQW 1DWXUDO +LVWRU\ 6RFLHW\ 3UHKLVWRULF *XLDQD .HYLQ 2·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·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·V 'LVSXWH 5HJLRQDO $FFHVV LQ &DULEEHDQ +LODU\ %HFNOHV 0HPRU\ /DQH 'HOLPLWDWLRQ ,PSOLFDWLRQV &RPPXQLFDWLRQV 6RLOV RI WKH &DULEEHDQ &OLIIRUG *ULIÀQ +RSHWRQ 'XQQ 1D]HHU $KPDG 5HEHFFD 7RUWHOOR

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

7LWOH ,QGH[

7HOIRUG *HRUJHV $ /HJDO 2G\VVH\ $OEHUW )LDGMRH *LOEHUW .RGLOLQ\H DQG -R\FH &ROH *HRUJHV

7ZHQWLHWK &HQWXU\ :ULWLQJ LQ (QJOLVK $ 6XULQDPH &RQWLQXLWLHV &RXUVHERRN IRU &DULEEHDQ DQG 'LVFRQWLQXLWLHV LQ 6WXGHQWV D 1HZ :RUOG 6RFLHW\ +D]HO 6LPPRQV 0F'RQDOG 5RVHPDULMQ +RHIWH /LQGD )LHOGV DQG 3HWHU DQG 3HWHU 0HHO 5REHUWV

7KRXJKWV RQ WKH 8QGHUVWDQGLQJ :ULWLQJ LQ (QJOLVK $ 2EMHFWLRQDEOH 6\VWHP RI /DERXU IRU :DJHV ,QWHUQDWLRQDO 7DGH &RXUVHERRN IRU &DULEEHDQ LQ WKH :HVW ,QGLD &RORQLHV $ &$5,&20 3HUVSHFWLYH 6WXGHQWV QG (G +D]HO 6LPPRQV 0F'RQDOG $QG RQ WKH 1HFHVVLW\ (GZLQ /DXUHQW /LQGD )LHOGV DQG 3HWHU RI 6XEVWLWXWLQJ D 6\VWHP RI 7HQDQF\ DQG $OORWPHQW 8QGHUVWDQGLQJ WKH 5REHUWV RI WKH 6WDSOH &XOWLYDWLRQ &RQWHPSRUDU\ &DULEEHDQ QG +HQU\ -DPHV 5RVV (GLWHG E\ 5LFKDUG 6 +LOOPDQ :ULWLQJ /LIH 5HÁHFWLRQV DQG 7KRPDV '·$JRVWLQR E\ :HVW ,QGLDQ :ULWHUV (GLWHG E\ 0HUY\Q 0RUULV DQG 7LP +HFWRU $ &DULEEHDQ 5DGLFDO·V 6WRU\ 86 ,QWHUYHQWLRQ LQ %ULWLVK &DURO\Q $OOHQ 3DXO %XKOH *XLDQD $ &ROG :DU +LVWRU\ <HW :H 6XUYLYH 7KH .DOLQDJR 6WHSKHQ * 5DEH 3HRSOH RI 'RPLQLFD 2XU 7RXULVP 7KH 'ULYHU RI /LYHV LQ :RUGV DQG 3LFWXUHV &KDQJH LQ WKH -DPDLFDQ 8VDLQ %ROW 0\ 6WRU\ 0DU\ :DOWHUV (FRQRP\" %HLQJ WKH :RUOG·V )DVWHVW (GLWHG E\ .HQQHWK +DOO DQG 0DQ 5KHLPD +ROGLQJ 8VDLQ %ROW ZLWK 6KDXQ &XVWLV

-DPDLFD 7ULQLGDG DQG 7REDJR

ZZZ LDQUDQGOHSXEOLVKHUV FRP

6RXOGDQFH 3RHPV 7UDGH ,QYHVWPHQW DQG 9 6 1DLSDXO 5HYLVLWHG DQG :ULWLQJV 'HYHORSPHQW LQ WKH (WKQLFLW\ 0DUJLQDOLW\ DQG &RQWHPSRUDU\ &DULEEHDQ WKH 7ULXPSK RI ,QGLYLGXDO :LOO -HDQ /RZULH &KLQ %KRHQGUDGDWW 7HZDULH DQG %KRHQGUDGDWW 7HZDULH 5RJHU +RVHLQ 6SDQLVK -DPDLFD :HVW ,QGLDQ 'HYHORSPHQW )UDQFLVFR 0RUDOHV 3DGURQ 7UDGLQJ 6RXOV (XURSH·V DQG WKH 'HHSHQLQJ DQG

7UDQVDWODQWLF 7UDGH LQ :LGHQLQJ RI WKH &DULEEHDQ 6WRU\ RI WKH -DPDLFDQ $IULFDQV WR WKH &DULEEHDQ &RPPXQLW\ :LOOLDPV * 'HPDV 3HRSOH 7KH +LODU\ 0F' %HFNOHV DQG 9HUHQH 6KHSKHUG 3KLOLS 6KHUORFN DQG +D]HO :HVW ,QGLDQ 1RYHO DQG %HQQHWW 7UDQVLWLRQV LQ &DULEEHDQ LWV %DFNJURXQG 7KH /DZ /DZ 0DNLQJ .HQ 5DPFKDQG 6WUHHW RI &RQÁLFW &RQVWLWXWLRQDOLVP DQG WKH 0LFKDHO $QWKRQ\ &RQYHUJHQFH RI 1DWLRQDO :KHQ *URXQG 'RYHV )O\ DQG ,QWHUQDWLRQDO /DZ (VWKHU 3KLOOLSV 6XJDU DQG 3RZHU LQ WKH &DULEEHDQ (GLWHG E\ 'DYLG 6 %HUU\ DQG :KLWH 0LQRULW\ LQ WKH +XPEHUWR *DUFLD 0XxL] 7UDF\ 5RELQVRQ &DULEEHDQ 7KH 6XJDU DQG 6ODWH 7ULQLGDG DQG 7REDJR (GLWHG E\ +RZDUG -RKQVRQ ,QGXVWULDO DQG .DUO :DWVRQ &KDUORWWH :LOOLDPV &RXUW 5HSRUWV :RPHQ LQ &DULEEHDQ 6XSUHPH &RXUW RI -DPDLFD &LYLO 3URFHGXUH 5XOHV 7ULQLGDG DQG 7REDJR +LVWRU\ 7UDGH (GLWLRQ

,QGXVWULDO 3ROLF\ &RPSLOHG DQG (GLWHG E\ 9HUHQH 6KHSKHUG 6XUYLYDO DQG 6RYHUHLJQW\ î $ +LVWRULFDO LQ WKH &DULEEHDQ &RPPXQLW\ DQG &RQWHPSRUDU\ $QDO\VLV :HQGHOO 0RWWOH\ :RPHQ LQ &DULEEHDQ 3ROLWLFV (GLWHG E\ .HQQHWK +DOO DQG (GLWHG &\QWKLD %DUURZ *LOHV 0\UWOH &KXFN $ 6DQJ 7ULQLGDG DQG 7REDJR ,QGXVWULDO &RXUW 5HSRUWV 6ZHHWHQLQJ %LWWHU :RUNLQJ 6ODYHU\ 3ULFLQJ 6XJDU -RFN &DPSEHOO )UHHGRP 3HUVSHFWLYHV WKH %RRNHU 5HIRUPHU LQ 7ULQLGDG DQG 7REDJR /DZ IURP WKH &DULEEHDQ $IULFD %ULWLVK *XLDQD î 5HSRUWV DQG $IULFDQ 'LDVSRUD &OHP 6HHFKDUDQ (GLWHG E\ 9HUHQH 6KHSKHUG 7ULQLGDG DQG 7REDJR 7D[

7DVWHV /LNH +RPH &DVHV 0\ &DULEEHDQ &RRNERRN 7UXH %RUQ 0DURRQV :RUOG·V )LQHVW ² -DPDLFD &\QWKLD 1HOVRQ %OXH 0RXQWDLQ &RIIHH 7KH .HQQHWK %LOE\ 1RUPD %HQJKLDW 7HDFKLQJ /DQJXDJH DQG /LWHUDF\ WR &DULEEHDQ 7UXO\ D *HQWOHPDQ :RUOG LV D +LJK +LOO 6WRULHV 6WXGHQWV )URP 9HUQDFXODU 7KH 5LJKW ([FHOOHQW 6LU WR 6WDQGDUG (QJOLVK +XJK :RUUHOO 6SULQJHU DERXW -DPDLFDQ :RPHQ 7KH .HDQ 6SULQJHU (HUQHU %URGEHU 'HQQLV &UDLJ

ZZZ LDQUDQGOHSXEOLVKHUV FRP

$XWKRU ,QGH[ $EUDKDPV 3HWHU $JDUZDO 6XSUL\D $KPDG 1D]HHU $OEHUJD $QWKRQ\ $OL 6KD]HHGD $OODKDU $QWRQ $OOHQ &DURO\Q $QWKRQ\ $GULDQ $QWKRQ\ 0LFKDHO $UFKHU 6KDZ 3HWULQH $UFKLH & : $UFLQLHJDV *HUPiQ $UHQGV -DFTXHV $XE %HWK $XE 0DUWLQ $\UH 0LFKDHO %DLOH\ $QQH & %DLOH\ %DUEDUD %DLQ %UHQGDQ %DUQHW 0LJXHO %DUURZ &KULVWLQH %DUURZ *LOHV &\QWKLD %DXJK (GZDUG %HFNOHV +LODU\ 0F'

%pJRW 0RQLTXH %HOQDYLV *HRUJH %HQGHU :ROIJDQJ %HQJKLDW 1RUPD %HQQ 'HQLV %HQQHWW +D]HO %HUQDUG 0\UQD %HUU\ 'DYLG 6 %HUWUDP $UQROG %HVVRQ -HDQ %HWWHOKHLP -XGLWK %LOE\ .HQQHWK %ODFNPDQ &RXUWQH\ %RJXHV $QWKRQ\ %ROODQG 2 1LJHO %ROW 8VDLQ %RRGKR .HQ , %RRNHUV 0 .HLWK %URGEHU (UQD %UDWKZDLWH .DPDX %UHUHWRQ %ULGJHW %UHWRQ <YDQ %URZQ 'DYLG 1 %URZQH 'DYLG 9 & %U\DQ %HYHUOH\ %XKOH 3DXO %XOpRQ 3DVFDO %XQG\ 'RQDOG %XUURZV /HVOH\ %XWH ( / &DPHURQ 5RVH 0DULH &DUEHUU\ + ' &DUOLQ (LWKQH &DUQHJLH -LPP\ &DUU 5REHUW &DUWHU +HQGHUVRQ &DUWHU 6KHLOD &DWHDX +HDWKHU &KDPEHUODLQ 0DU\ &KDQJ .HYLQ 2·%ULHQ

&KDVH %DUEDUD &KHQ :D\QH &KHYDQQHV %DUU\ &KLYDOORQ &KULVWLQH &KXFN $ 6DQJ 0\UWOH

&ODUNH $XVWLQ &ODUNH &ROLQ * &ODUNH :HQG\ &OHJJ 3HWHU &RHVWHU 0DUNXV &RROV -DQLFH $ &RRSHU 1LJHO &RPPLVVLRQJ (ODLQH &RXUWPDQ 6DQGUD &R[ $ORPDU 5DSKDHO &UDLJ 'HQQLV &UDWRQ 0LFKDHO &XPPLQV $OLVVDQGUD '·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ÀQ &OLIIRUG *ULIÀWK ,YHODZ /OR\G *XLOEDXOW -RFHO\Q +DOO *ZHQGRO\Q 0LGOR +DOO .HQQHWK

+DUGLQJ 9LYLHQQH $ +DUPHU + - 3 +DUULRWW $QWKRQ\ +DUULV 'RQDOG - +DUULVRQ .DUO

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tD (PLOLR 3DWWXOOR 3ROO\ 3D\QH $QWKRQ\ 3HPEHUWRQ 5LWD 3KLOOLS .LUN 3KLOOLSV $QJKHOHQ $UULQJWRQ 3KLOOLSV (VWKHU 3KLOOLSV )UHG 3ROODUG 'XNH ( 3RXFKHW 3DTXHW 6DQGUD 5DEH 6WHSKHQ * 5DKLP -HQQLIHU 5DPFKDQG .HQQHWK 5DPSHUVDG .ULV 5DPVH\ 3DXOHWWH $ 5HGGRFN 5KRGD 5HJJLR 0LOOD &R]DUW 5HLG 6DQGUD 5HLG 6DOPRQ 'HOUR\ 5LFKDUGV *OHQ 5REHUWV 'RURWK\ 5REHUWV 3HWHU 5REHUWVRQ -DPHV 5RELQVRQ 7UDF\ 5RKOHKU *RUGRQ 5RVH *HUDOG 6W & 5RVV +HQU\ -DPHV 5RWK 3DWULFH 5R\ 0D\D

&HOHEUDWLQJ \HDUV RI ,QGHSHQGHQFH

6DQJVWHU $OIUHG 6DQNDW &OHPHQW .

6DXQGHUV *DLO 6DXQGHUV 3DWULFLD 6FKZDU] %DUW 6LPRQH 6HHFKDUDQ &OHP 6KHSKHUG 9HUHQH

6KHUORFN 3KLOLS 6KLHOGV (QLG 6KULYDVWDYD *\DQ 6 6LPPRQV 0F'RQDOG +D]HO

6LQJK 6KHUU\ $QQ 6LYHV $PDQGD 6PLWK -HQQLIHU 6PLWK *RGIUH\ 6SHQFHU :LOOLDP 6SULQJHU .HDQ 6SULQJHU 5LWD * 6WHSKHQVRQ -DPHV /\VWUD 6WRQH 5RVHPDULH 6WXHPSÁH 6WHSKHQ 6XWWRQ 3DXO 6YDOHVHQ /HLI 7DQJ 1DLQ *HPPD 7D\ORU *RGIUH\ 7HZDULH %KRHQGUDGDWW 7KRPDV +RSH (OL]DEHWK 7KRPSVRQ $OOLVRQ 7KRPSVRQ $OYLQ 7KRPSVRQ *UDFH 7LOOH\ .HQQHWK * 7RUWHOOR 5HEHFFD 9D\VVLqUHV -HDQ -DFTXHV 9HQNREDFKDU &KLQWDQDSDOOL 9HQQHU . 'ZLJKW :DGH $QWKRQ\ :DOFRWW 5RGHULFN :DOWHUV 0DU\ :DUULFDQ 6 -RHO :DWVRQ %DUULQJWRQ :DWVRQ .DUO :HHNHV (YHUWRQ :HLQEHUJHU 0DUOHQH :HOFK 3HGUR :KLWH $OLVRQ :KLWWOH 1LFN :LOOLDPV &KDUORWWH :LOOLDPV 'HQLV :LOOLDPV (ULF :LOOLDPV *ZHGROLQ :LOPRW 6ZLWKLQ 5 :LQW $OYLQ :LQW (OHDQRU :LQW 9DOHULH :LWWHU 0LFKDHO :\QWHU 6\OLYD =HSKLULQ 0DQXHOLWD =LSV :HUQHU

38%/,&$7,21 $11281&(0(176 ,DQ 5DQGOH 3XEOLVKHUV VHQGV SXEOLFDWLRQ DQQRXQFHPHQWV YLD HPDLO ZKHQ QHZ ERRNV DUH SXEOLVKHG ,I \RX ZRXOG OLNH WR NQRZ ZKHQ ,53 QHZ WLWOHV DUH DYDLODEOH SOHDVH VHQG \RXU HPDLO DGGUHVV WR PDUNHWLQJ#LDQUDQGOHSXEOLVKHUV FRP ZLWK WKH VXEMHFW KHDGLQJ VXEVFULEH <RX ZLOO UHFHLYH DQ HPDLO DOHUW ZKHQHYHU WKHUH DUH QHZO\ UHOHDVHG WLWOHV

$87+25 *8,'(/,1(6 7R KDYH \RXU PDQXVFULSW UHYLHZHG IRU SXEOLVKLQJ SOHDVH YLVLW RXU ZHEVLWH DW ZZZ LDQUDQGOHSXEOLVKHU FRP DQG IROORZ WKH LQVWUXFWLRQV WR FRPSOHWLQJ RXU ´$XWKRU 4XHVWLRQQDLUHµ 7R Ã&#x20AC;QG WKLV TXHVWLRQQDLUH IROORZ WKH OLQN RQ WKH KRPH SDJH WKDW UHDGV ´0DQXVFULSW 6XEPLVVLRQµ &RPSOHWH WKH TXHVWLRQQDLUH DQG FOLFN VXEPLW LW ZLOO JR GLUHFWO\ WR RXU HGLWRULDO GHSDUWPHQW IRU UHYLHZ

25'(5 ,1)250$7,21 21/,1( ZZZ LDQUDQGOHSXEOLVKHUV FRP

0$,/

3+21(

,DQ 5DQGOH 3XEOLVKHUV

)$;

(0$,/ VDOHV#LDQUDQGOHSXEOLVKHUV FRP

&XQQLQJKDP $YHQXH 3 2 %R[ .LQJVWRQ -DPDLFD : ,

72// )5(( )520 7+( 86 $1' 7+( &$5,%%($1

285 $*(176 $1' 672&.,676 86$ &DULEEHDQ %RRN 'LVWULEXWRUV &RQWDFW *UDHPH 5DQGOH 1: WK $YHQXH 0LDPL )/ 7HO

(PDLO FDULEERRNV#JPDLO FRP :HEVLWH ZZZ FDULEEHDQERRNV QHW

75,1,'$' .HLWK .KDQ 1DYHW 5RDG 6DQ )HUQDQGR 7ULQLGDG 7HO

)D[

(PDLO NNDKQ#WVWW QHW WW

8. *OREDO %RRN 0DUNHWLQJ % :DOOLV 5RDG /RQGRQ ( /1 7HO (PDLO W]#JOREDOERRNPDUNHWLQJ FR XN

%(/,=( 0RQWVHUUDW &DVD 'XPRQW &XEROD 3URGXFWLRQV (OL]DEHWK 6WUHHW %HQTXH 9LHMR GHO &DUPHQ %HOL]H & $ 7HO

(PDLO FXERODE]#EWO QHW

*5(1$'$ *UHQDGD 7HDFKHUV· 6FKRRO 6XSSOLHV &RQWDFW 0LFKDHO 3KLOEHUW *UHQYLOOH 6WUHHW 6W *HRUJHV *UHQDGD 7HOHID[

(PDLO PDKS #KRWPDLO FRP

67 9,1&(17 *D\PHV %RRNVWRUH &RQWDFW 0LFKDHO 3KLOEHUW .LQJVWRZQ 6W 9LQFHQW 7HO

(PDLO GHQQLVJD\PHV#YLQF\VXUI FRP

-DPDLFD Â&#x2021; 7ULQLGDG DQG 7REDJR