-Õ««œÀÌi`ÊLÞÊ̅iÊ ÕÀœ«i>˜Ê œ““ˆÃȜ˜

/…ÕØi`>Ê/ˆÛˆ}ÊÊNÊÊ >˜ˆiÊ }}iÀÌÊÊNÊÊ >Õ`ˆ>ÊœÀL

/…iÊ“«>VÌʜv i“œ}À>«…ˆVÊ …>˜}i œ˜Ê̅iÊ …i“ˆV>Ê˜`ÕÃÌÀÞ ˆ˜Ê ÕÀœ«i

/…ÕØi`>Ê/ˆÛˆ}ÊÊNÊÊ >˜ˆiÊ }}iÀÌÊÊNÊÊ >Õ`ˆ>ÊœÀL

/…iÊ“«>VÌʜv i“œ}À>«…ˆVÊ …>˜}i œ˜Ê̅iÊ …i“ˆV>Ê˜`ÕÃÌÀÞ ˆ˜Ê ÕÀœ«i

&RS\ULJKW‹ (GLWRUV 8QLYHUVLW\RI5RVWRFN )DFXOW\IRU(FRQRPLFDQG6RFLDO6FLHQFHV &KDLUIRU*URZWKDQG%XVLQHVV&\FOHV 8OPHQVWU 5RVWRFN *HUPDQ\ ZZZZLZLXQLURVWRFNGHYZOZDNRQ 5RVWRFN&HQWHU IRUWKH6WXG\RI'HPRJUDSKLF&KDQJH 5HVHDUFK*URXS$JHLQJ/DERXU)RUFH .RQUDG=XVH6WU 5RVWRFN *HUPDQ\ ZZZURVWRFNHU]HQWUXPGH $XWKRUV 7KXVQHOGD7LYLJ'DQLHO(JJHUW&ODXGLD.RUE &RYHU'HVLJQ6ORZ)RQW%HUOLQ 'HVLJQDQG7\SH6HWWLQJ6ORZ)RQW%HUOLQDQG &ODXGLD.RUE5RVWRFN&HQWHUIRUWKH6WXG\RI 'HPRJUDSKLF&KDQJH

$OOULJKWVLQFOXGLQJWKHULJKWVRISXEOLFDWLRQGLVWULEXWLRQ VDOHDQGWUDQVODWLRQDUHUHVHUYHG1RSDUWRIWKLVERRN PD\EHUHSURGXFHGRUWUDQVPLWWHGLQDQ\IRUPRUE\DQ\ PHDQV±HOHFWURQLFPHFKDQLFDOSKRWRFRS\LQJUHFRU GLQJRURWKHULQIRUPDWLRQVWRUDJHDQGUHWULHYDOV\VWHP± ZLWKRXWSULRUZULWWHQSHUPLVVLRQIURPWKHHGLWRUV

7KLVVWXG\ZDVFRPPLVVLRQHGE\WKHVRFLDOSDUWQHUV IRU WKH (XURSHDQ FKHPLFDO LQGXVWU\ ± WKH (XURSHDQ &KHPLFDO (PSOR\HUV *URXS (&(*  WKH (XURSHDQ 0LQH &KHPLFDO DQG (QHUJ\ :RUNHUV  )HGHUDWLRQ (0&() DQGWKH)pGpUDWLRQ(XURSpHQQHGHV&DGUHV GHOD&KLPLHHWGHV,QGXVWULHVDQQH[HV)(&&,$ ±DV DQLQWHJUDOSDUWRIWKHLUSURMHFW'HYHORSPHQWRI6WUDWH JLHVXQG0HDVXUHVWRRYHUFRPHWKH(IIHFWVRI'HPR JUDSKLF&KDQJHDQGWKH(FRQRPLF&ULVLV±3URMHFWWR SURPRWH WKH (PSOR\PHQW RI \RXQJ (PSOR\HHV DQG DFWLYH $JHLQJ LQ WKH &KHPLFDO ,QGXVWU\ LQ (XURSH VXSSRUWHGE\WKH(8&RPPLVVLRQ ZZZGHPRJUDSKLFVLQFKHPLVWU\HX 6XSSRUWHGE\WKH(XURSHDQ&RPPLVVLRQ

3'41",$0,-$.5".5, !"#$%&'(#)%"*

+

* *

!"#$%&'()*+,-)'.%" * * *

* ,-.)"-*/"&*0$%1#2*34556745859* * :.$#);)# +D +E

! * *

6*+,0#* * Q;.*&.*:$/"(.*3:R+59* * R2T".U,;F.K*3:RH+9*

+H +S 45

! * *

78+$-* * V%CW/$&9* * V/N)%*3!X?>9*

4+ 44 48

! * *

9,&8#:!;&,%: