7(&+1,&$/:25.,1*3$3(56(5,(6 7+(%,$62)7+(565(67,0$725$1'7+($&&85$&<2)620($/7(51$7,9(6 :LOOLDP1*RHW]PDQQ /LDQJ3HQJ 7HFKQLFDO:RUNLQJ3DSHU KWWSZZZQEHURUJSDSHUV7 1$7,21$/%85($82)(&2120,&5(6($5&+ 0DVVDFKXVHWWV$YHQXH &DPEULGJH0$ $SULO 7KLVSDSHUEHQHILWHGVLJQLILFDQWO\IURPWKHFRPPHQWVDQGVXJJHVWLRQVRI-RKQ&ODSS:HDOVRWKDQN'RQDOG $QGUHZV6WHIDQR$WKQDVRXOLV%UDGIRUG&DVH'DYLG*HOWQHU5RJHU,EERWVRQ3HWHU&%3KLOOLSV5REHUW 6KLOOHU0DWWKHZ6SLHJHO/X=KHQJDQGSDUWLFLSDQWVDWWKH$PHULFDQ5HDO(VWDWHDQG8UEDQ (FRQRPLFVPHHWLQJIRUKHOSIXOGLVFXVVLRQVDQGFRPPHQWV:HWKDQN.DUO&DVHDQG5REHUW6KLOOHUIRU SURYLGLQJXVKLVWRULFDOGDWDRIKRXVHSULFHV$OOHUURUVDUHRXUVDORQH7KHYLHZVH[SUHVVHGLQWKLVSDSHUDUH WKRVHRIWKHDXWKRUVDQGQRWQHFHVVDULO\WKRVHRIWKH1DWLRQDO%XUHDXRI(FRQRPLF5HVHDUFK E\:LOOLDP1*RHW]PDQQDQG/LDQJ3HQJ$OOULJKWVUHVHUYHG6KRUWVHFWLRQVRIWH[WQRWWRH[FHHG WZRSDUDJUDSKVPD\EHTXRWHGZLWKRXWH[SOLFLWSHUPLVVLRQSURYLGHGWKDWIXOOFUHGLWLQFOXGLQJQRWLFHLV JLYHQWRWKHVRXUFH