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Page 1: *XOI (FRQRPLF 8SGDWH (FRQRPLF 'LYHUVLILFDWLRQ IRU D ... · $ :ruog %dqn *urxs 3xeolfdwlrq iru wkh *xoi &rrshudwlrq &rxqflo (frqrplhv *xoi (frqrplf 8sgdwh (frqrplf 'lyhuvlilfdwlrq

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Gulf Economic Update

(FRQRPLF'LYHUVLILFDWLRQIRUD6XVWDLQDEOHDQG5HVLOLHQW*&&

/^^hϱϮϬϭϵ

Page 2: *XOI (FRQRPLF 8SGDWH (FRQRPLF 'LYHUVLILFDWLRQ IRU D ... · $ :ruog %dqn *urxs 3xeolfdwlrq iru wkh *xoi &rrshudwlrq &rxqflo (frqrplhv *xoi (frqrplf 8sgdwh (frqrplf 'lyhuvlilfdwlrq
Page 3: *XOI (FRQRPLF 8SGDWH (FRQRPLF 'LYHUVLILFDWLRQ IRU D ... · $ :ruog %dqn *urxs 3xeolfdwlrq iru wkh *xoi &rrshudwlrq &rxqflo (frqrplhv *xoi (frqrplf 8sgdwh (frqrplf 'lyhuvlilfdwlrq

Gulf Economic Update

(FRQRPLF'LYHUVLILFDWLRQIRUD 6XVWDLQDEOHDQG5HVLOLHQW*&&

Page 4: *XOI (FRQRPLF 8SGDWH (FRQRPLF 'LYHUVLILFDWLRQ IRU D ... · $ :ruog %dqn *urxs 3xeolfdwlrq iru wkh *xoi &rrshudwlrq &rxqflo (frqrplhv *xoi (frqrplf 8sgdwh (frqrplf 'lyhuvlilfdwlrq

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ŵŝƌĂƟĚŝƌŚĂŵ 'D ďƵŚĂďŝ'ůŽďĂůDĂƌŬĞƚ E^ ĂĚũƵƐƚĞĚŶĞƚƐĂǀŝŶŐƐ Y/ ĂŝƌƋƵĂůŝƚLJŝŶĚĞdž , ĂŚƌĂŝŶŝĚŝŶĂƌ ďƉ ďĂƐŝƐƉŽŝŶƚƐ ^ ĐĂƌďŽŶĐĂƉƚƵƌĞĂŶĚƐƚŽƌĂŐĞ h ĐĂƌďŽŶĐĂƉƚƵƌĞĂŶĚƵƐĞ KϮ ĐĂƌďŽŶĚŝŽdžŝĚĞ W/ ŽŶƐƵŵĞƌWƌŝĐĞ/ŶĚĞdž /& ƵďĂŝ/ŶƚĞƌŶĂƟŽŶĂů&ŝŶĂŶĐŝĂůĞŶƚƌĞ Φ ƵƌŽ 'Z ŵŝƐƐŝŽŶĂƚĂďĂƐĞĨŽƌ'ůŽďĂůƚŵŽƐƉŚĞƌŝĐZĞ- ƐĞĂƌĐŚ h ƵƌŽƉĞĂŶhŶŝŽŶ Ğ-<z ĞůĞĐƚƌŽŶŝĐŬŶŽǁLJŽƵƌĐƵƐƚŽŵĞƌ D/ ŵĞƌŐŝŶŐDĂƌŬĞƚƐŽŶĚ/ŶĚĞdž W/ ŶǀŝƌŽŶŵĞŶƚĂůWĞƌĨŽƌŵĂŶĐĞ/ŶĚĞdž &/ ĨŽƌĞŝŐŶĚŝƌĞĐƚŝŶǀĞƐƚŵĞŶƚ &/& &ĞĚĞƌĂƟŽŶ/ŶƚĞƌŶĂƟŽŶĂůĞĚĞ&ŽŽƚďĂůůƐƐŽĐŝĂƟŽŶ ' 'ƵůĨŽŽƉĞƌĂƟŽŶŽƵŶĐŝů 'W ŐƌŽƐƐĚŽŵĞƐƟĐƉƌŽĚƵĐƚ ',' ŐƌĞĞŶŚŽƵƐĞŐĂƐ 'E/ ŐƌŽƐƐŶĂƟŽŶĂůŝŶĐŽŵĞ 't ŐŝŐĂǁĂƩ /K ŝŶŝƟĂůĐŽŝŶŽīĞƌŝŶŐ / /ŶƚĞƌŶĂƟŽŶĂůŶĞƌŐLJŐĞŶĐLJ /&^ /ŶƚĞƌŶĂƟŽŶĂů&ŝŶĂŶĐŝĂů^ƚĂƟƐƟĐƐ />K /ŶƚĞƌŶĂƟŽŶĂů>ĂďŽƌKƌŐĂŶŝnjĂƟŽŶ /D& /ŶƚĞƌŶĂƟŽŶĂůDŽŶĞƚĂƌLJ&ƵŶĚ /WW ŝŶĚĞƉĞŶĚĞŶƚƉŽǁĞƌƉƌŽĚƵĐĞƌ

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Natural Capital

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Human Capital

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Produced Capital·High-tech cities of Neom and Masdar·Knowledge-intensive, non-oil-related

sectors (e.g., digital economy, industrial equipment, precision machinery)

·Financial-sector development and fintech programs

·Nature-based solutions, eco-tourism· Investments in urban services

including utilities, public and clean-fuel transportation

·Private sector stimulus plans·CCS•Products and materials made from

captured CO2 (CCU), certified recycled polymers, plastic-recycling technologies

Renewable Natural Capital·Renewable energy generation

and localization·Renewable-energy-based

desalination ·Protection and rehabilitation

of natural landscapes (e.g., beaches, islands, nature reserves) and the prevention of desertification

·Sustainable tourism development

·Sustainable use of water resources

Human Capital•Human capital development

(e.g., vocational training, labor market flexibility and skills-transfer programs)

•Improved government accountability and transparency

•Increased participation of women in the labor market

•Attracting foreign workers with skills in green and digital technologies and adopting new business models

•Improving access to high-quality, affordable healthcare

•Reducing air, sound, water, and soil pollution

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Page 55: *XOI (FRQRPLF 8SGDWH (FRQRPLF 'LYHUVLILFDWLRQ IRU D ... · $ :ruog %dqn *urxs 3xeolfdwlrq iru wkh *xoi &rrshudwlrq &rxqflo (frqrplhv *xoi (frqrplf 8sgdwh (frqrplf 'lyhuvlilfdwlrq

ϱϯ 'ƵůĨĐŽŶŽŵŝĐhƉĚĂƚĞͻ/ƐƐƵĞϱ

ϳϬ KƌŐĂŶŝnjĂƟŽŶŽĨWĞƚƌŽůĞƵŵdžƉŽƌƟŶŐŽƵŶƚƌŝĞƐϮϬϭϵDŽŶƚŚůLJKŝůDĂƌŬĞƚZĞƉŽƌƚsŝĞŶŶĂKƌŐĂŶŝnjĂƟŽŶŽĨWĞƚƌŽůĞƵŵdžƉŽƌƟŶŐŽƵŶƚƌŝĞƐ :ĂŶƵĂƌLJ–KĐƚŽďĞƌϮϬϭϵ KƐƐŽǁƐŬŝZŽůĂŶĚŽĂŶĚ,ĂǀĂƌĚ,ĂůůĂŶĚϮϬϭϲ&ŝƐĐĂůDĂŶĂŐĞŵĞŶƚŝŶZĞƐŽƵƌĐĞ-ƌŝĐŚŽƵŶƚƌŝĞƐƐƐĞŶƟĂůƐĨŽƌĐŽŶŽŵŝƐƚƐWƵďůŝĐ&ŝŶĂŶĐĞWƌŽĨĞƐͲƐŝŽŶĂůƐĂŶĚWŽůŝĐLJDĂŬĞƌƐtĂƐŚŝŶŐƚŽŶtŽƌůĚĂŶŬ WĞƐnjŬŽ'ƌnjĞŐŽƌnjŽŵŝŶŝƋƵĞǀĂŶĚĞƌDĞŶƐďƌƵŐŐŚĞůĞdžĂŶĚĞƌ'ŽůƵď:ŽŚŶtĂƌĚŝŵŝƚƌŝĞŶŐŚĞůŝƐŽƌDĂƌŝũƐŶŶĞ^ĐŚŽƉƉ:ŽŚŶZŽŐĞƌƐĂŶĚŵĞůŝĂDŝĚŐůĞLJϮϬϭϴĞLJŽŶĚ^ƚƌĂŶĚĞĚƐƐĞƚƐůŝŵĂƚĞ^ƚƌĂƚĞŐŝĞƐŽĨ&ŽƐƐŝů-&ƵĞůĞƉĞŶĚĞŶƚŽƵŶƚƌŝĞƐtĂƐŚŝŶŐƚŽŶtŽƌůĚĂŶŬ WĞƚĞƌƐŽŶ/ŶƐƟƚƵƚĞĨŽƌ/ŶƚĞƌŶĂƟŽŶĂůĐŽŶŽŵŝĐƐϮϬϭϵh^-ŚŝŶĂdƌĂĚĞtĂƌdŚĞ'ƵŶƐŽĨƵŐƵƐƚtĂƐŚŝŶŐƚŽŶWĞƚĞƌƐŽŶ/ŶƐƟƚƵƚĞĨŽƌ/ŶƚĞƌŶĂƟŽŶĂůĐŽŶŽŵŝĐƐ ^ĂƵĚŝƌĂďŝĂϮϬϭϳEĂƟŽŶĂůZĞŶĞǁĂďůĞŶĞƌŐLJWƌŽŐƌĂŵ ^ĐŚŽŶďĞƌŐĞƌ^ƚĞǀĞŶEĂĚŝƌDŽŚĂŵŵĞĚĂŶĚDĂƌŝĂsĂŐůŝĂƐŝŶĚŝϮϬϭϳtĂƚĞƌĨŽƌWƌŽƐƉĞƌŝƚLJĂŶĚĞǀĞůŽƉŵĞŶƚZŝƐŬƐĂŶĚKƉƉŽƌƚƵŶŝƟĞƐĨŽƌƚŚĞ'ƵůĨŽŽƉĞƌĂƟŽŶŽƵŶĐŝůŽƵŶƚƌŝĞƐtĂƐŚŝŶŐƚŽŶtŽƌůĚĂŶŬ dŚĞ'ƵůĨŽŽƉĞƌĂƟŽŶŽƵŶĐŝů^ƚĂƟƐƟĐĂůĞŶƚƌĞϮϬϭϵ'^dd;ĚĂƚĂͿϮϬϭϵŚƩƉƐŐĐĐƐƚĂƚŽƌŐ hŶŝƚĞĚƌĂďŵŝƌĂƚĞƐϮϬϭϳŶĞƌŐLJ^ƚƌĂƚĞŐLJϮϬϱϬ hŶŝƚĞĚEĂƟŽŶƐŶǀŝƌŽŶŵĞŶƚWƌŽŐƌĂŵŵĞ;hEWͿtŽƌůĚDĞƚĞŽƌŽůŽŐŝĐĂůKƌŐĂŶŝnjĂƟŽŶ;tDKͿĂŶĚhŶŝƚĞĚEĂƟŽŶƐŽŶǀĞŶƟŽŶƚŽŽŵďĂƚĞƐͲĞƌƟĮĐĂƟŽŶ;hEͿϮϬϭϲ'ůŽďĂůƐƐĞƐƐŵĞŶƚŽĨ^ĂŶĚĂŶĚƵƐƚ^ƚŽƌŵƐEĂŝƌŽďŝhŶŝƚĞĚEĂƟŽŶƐŶǀŝƌŽŶŵĞŶƚWƌŽŐƌĂŵŵĞ ŚƩƉƐƵŶĞƉůŝǀĞƵŶĞƉŽƌŐŵĞĚŝĂĚŽĐƐĂƐƐĞƐƐŵĞŶƚƐŐůŽďĂůͺĂƐƐĞƐƐŵĞŶƚͺŽĨͺƐĂŶĚͺĂŶĚͺĚƵƐƚͺƐƚŽƌŵƐƉĚĨ tĞĂůƚŚĐĐŽƵŶƟŶŐĂŶĚƚŚĞsĂůƵĂƟŽŶŽĨĐŽƐLJƐƚĞŵ^ĞƌǀŝĐĞƐ;ts^ͿϮϬϭϵts^;ĚĂƚĂͿŚƩƉƐǁǁǁǁĂǀĞƐƉĂƌƚŶĞƌƐŚŝƉŽƌŐ tĞŶĚůŝŶŐŵĞƌƐŽŶ:tƐƚLJ>ĞǀLJDĚĞ^ŚĞƌďŝŶŝŶĞƚĂůϮϬϭϴϮϬϭϴŶǀŝƌŽŶŵĞŶƚĂůWĞƌĨŽƌŵĂŶĐĞ/ŶĚĞdžEĞǁ,ĂǀĞŶzĂůĞĞŶƚĞƌĨŽƌŶǀŝƌŽŶŵĞŶƚĂů>ĂǁΘWŽůŝĐLJŚƩƉƐĞƉŝLJĂůĞĞĚƵ tŽƌůĚ,ĞĂůƚŚKƌŐĂŶŝnjĂƟŽŶ;t,KͿϮϬϭϲŵďŝĞŶƚŝƌWŽůůƵƟŽŶ'ůŽďĂůƐƐĞƐƐŵĞŶƚŽĨdžƉŽƐƵƌĞĂŶĚƵƌĚĞŶŽĨŝƐĞĂƐĞ'ĞŶĞǀĂtŽƌůĚ,ĞĂůƚŚKƌŐĂŶŝnjĂƟŽŶ ŚƩƉĂƉƉƐǁŚŽŝŶƚŝƌŝƐďŝƚƐƚƌĞĂŵϭϬϲϲϱϮϱϬϭϰϭϭϵϳϴϵϮϰϭϱϭϭϯϱϯ-ĞŶŐƉĚĨ tŽƌůĚĂŶŬϮϬϭϵĂŽŵŵŽĚŝƚLJDĂƌŬĞƚƐKƵƚůŽŽŬ–dŚĞZŽůĞŽĨ^ƵďƐƟƚƵƟŽŶŝŶŽŵŵŽĚŝƚLJĞŵĂŶĚtĂƐŚŝŶŐƚŽŶtŽƌůĚĂŶŬ —ϮϬϭϵďŽŝŶŐƵƐŝŶĞƐƐϮϬϮϬ–^ƵƐƚĂŝŶŝŶŐƚŚĞWĂĐĞŽĨZĞĨŽƌŵƐtĂƐŚŝŶŐƚŽŶtŽƌůĚĂŶŬ —ϮϬϭϵĐ'ůŽďĂůĐŽŶŽŵŝĐWƌŽƐƉĞĐƚƐ–,ĞŝŐŚƚĞŶĞĚdĞŶƐŝŽŶƐ^ƵďĚƵĞĚ/ŶǀĞƐƚŵĞŶƚ tĂƐŚŝŶŐƚŽŶtŽƌůĚĂŶŬ —ϮϬϭϵĚ'ůŽďĂůDŽŶƚŚůLJ–:ƵůLJϮϬϭϵtĂƐŚŝŶŐƚŽŶtŽƌůĚĂŶŬ —ϮϬϭϵĞtŽƌůĚĞǀĞůŽƉŵĞŶƚ/ŶĚŝĐĂƚŽƌƐ;ĚĂƚĂͿtĂƐŚŝŶŐƚŽŶtŽƌůĚĂŶŬŚƩƉǁĚŝǁŽƌůĚďĂŶŬŽƌŐ —ϮϬϭϵ,ĞĂůƚŚEƵƚƌŝƟŽŶĂŶĚWŽƉƵůĂƟŽŶWŽƌƚĂů;ĚĂƚĂͿtĂƐŚŝŶŐƚŽŶtŽƌůĚĂŶŬ ŚƩƉĚĂƚĂƚŽƉŝĐƐǁŽƌůĚďĂŶŬŽƌŐŚĞĂůƚŚŚŽŵĞ tŽƌůĚĂŶŬ'ƌŽƵƉĂŶĚ/,DϮϬϭϲdŚĞŽƐƚŽĨŝƌWŽůůƵƟŽŶ^ƚƌĞŶŐƚŚĞŶŝŶŐƚŚĞĐŽŶŽŵŝĐĂƐĞĨŽƌĐƟŽŶtĂƐŚŝŶŐƚŽŶtŽƌůĚĂŶŬŚƩƉƐŽƉĞŶŬŶŽǁůĞĚŐĞǁŽƌůĚďĂŶŬŽƌŐďŝƚƐƚƌĞĂŵŚĂŶĚůĞϭϬϵϴϲϮϱϬϭϯϭϬϴϭϰϭƉĚĨƐĞƋƵĞŶĐĞсϰΘŝƐůůŽǁĞĚсLJ

Page 56: *XOI (FRQRPLF 8SGDWH (FRQRPLF 'LYHUVLILFDWLRQ IRU D ... · $ :ruog %dqn *urxs 3xeolfdwlrq iru wkh *xoi &rrshudwlrq &rxqflo (frqrplhv *xoi (frqrplf 8sgdwh (frqrplf 'lyhuvlilfdwlrq

ϱϰ 'ƵůĨĐŽŶŽŵŝĐhƉĚĂƚĞͻ/ƐƐƵĞϱ

KhEdZz^hDDZzd>^

,Z/E

^>dKEKD//E/dKZ^ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵĨ ϮϬϮϬĨ

EŽŵŝŶĂů'Wh^ΨďŝůůŝŽŶ ϯϭ ϯϯ ϯϰ ϯϭ ϯϮ ϯϱ ϯϴ ϯϴ ϯϵ

ZĞĂů'WйĐŚĂŶŐĞ ϯϳ ϱϰ ϰϰ Ϯϵ ϯϱ ϯϴ ϭϴ ϮϬ Ϯϭ

,LJĚƌŽĐĂƌďŽŶϭ -ϴϱ ϭϱϯ ϯϬ -Ϭϭ -Ϭϭ -Ϭϴ -ϭϯ

EŽŶ-ŚLJĚƌŽĐĂƌďŽŶϭ ϳϭ ϯϭ ϰϳ ϯϲ ϰϰ ϰϵ ϯϬ

W//ŶŇĂƟŽŶZĂƚĞĂǀĞƌĂŐĞй Ϯϴ ϯϯ Ϯϲ ϭϴ Ϯϴ ϭϰ Ϯϭ ϯϯ ϯϮ

'ŽǀĞƌŶŵĞŶƚZĞǀĞŶƵĞƐй'W Ϯϲϰ Ϯϰϲ Ϯϲϴ ϭϴϮ ϭϳϱ ϭϴϮ Ϯϭϴ ϮϮϰ Ϯϭϴ

'ŽǀĞƌŶŵĞŶƚdžƉĞŶĚŝƚƵƌĞƐй'W ϯϭϵ ϯϰϯ Ϯϴϰ ϯϲϲ ϯϱϭ ϯϮϰ ϯϬϰ ϯϯϯ Ϯϵϲ

&ŝƐĐĂůĂůĂŶĐĞй'W -ϱϱ -ϵϳ -ϭϲ -ϭϴϰ -ϭϳϲ -ϭϰϮ -ϴϲ -ϭϬϵ -ϳϴ

'ĞŶĞƌĂů'ŽǀĞƌŶŵĞŶƚ'ƌŽƐƐĞďƚй'WϮ ϯϲϮ ϰϯϵ ϰϰϰ ϲϲϬ ϴϭϯ ϴϴϮ ϵϰϳ ϭϬϭϳ ϭϬϲϵ

'ĞŶĞƌĂů'ŽǀĞƌŶŵĞŶƚEĞƚĞďƚй'W

DĞƌĐŚĂŶĚŝƐĞdžƉŽƌƚƐйŶŽŵŝŶĂůĐŚĂŶŐĞ ϭϳϰ ϭϬϵ -ϴϮ -Ϯϵϲ -ϮϮϳ ϮϬϯ ϭϴϳ -ϰϵ Ϭϱ

DĞƌĐŚĂŶĚŝƐĞ/ŵƉŽƌƚƐйŶŽŵŝŶĂůĐŚĂŶŐĞ ϲϮϴ ϴϬ -ϳϬ -ϮϬϲ -ϭϯϱ ϭϴϯ ϭϴϵ -ϰϮ Ϭϰ

ƵƌƌĞŶƚĐĐŽƵŶƚй'W ϴϰ ϳϰ ϰϲ -Ϯϰ -ϰϲ -ϰϱ -ϱϵ -ϰϯ -ϰϰ

KĸĐŝĂůZĞƐĞƌǀĞƐΨďŝůůŝŽŶϯ ϱϮ ϱϯ ϲϬ ϯϰ Ϯϰ Ϯϲ Ϯϭ

DĞŵŽƌĂŶĚƵŵ/ƚĞŵƐ

,LJĚƌŽĐĂƌďŽŶƐĞĐƚŽƌй'Wϭ ϭϴϵ ϮϬϳ ϮϬϰ ϭϵϴ ϭϵϮ ϭϴϯ ϭϳϳ

,LJĚƌŽĐĂƌďŽŶƌĞǀĞŶƵĞйƚŽƚĂůƌĞǀĞŶƵĞϭ ϴϳϮ ϴϴϯ ϴϲϮ ϳϴϭ ϳϱϳ ϳϱϭ ϴϮϰ

ϮϬϮϭĨ

ϰϭ

Ϯϰ

Ϯϯ

Ϯϭϱ

Ϯϴϴ

-ϳϯ

ϭϭϭϯ

ϬϮ

ϭϰ

-ϰϯ

,LJĚƌŽĐĂƌďŽŶĞdžƉŽƌƚƐйƚŽƚĂůĞdžƉŽƌƚƐϰ ϱϬϱ ϰϳϴ ϰϱϬ ϯϯϯ ϯϯϯ ϰϬϯ ϰϳϰ

^ŽƵƌĐĞtŽƌůĚĂŶŬ'ƌŽƵƉDĂĐƌŽĞĐŽŶŽŵŝĐƐdƌĂĚĞĂŶĚ/ŶǀĞƐƚŵĞŶƚ'ůŽďĂůWƌĂĐƟĐĞDĂĐƌŽWŽǀĞƌƚLJKƵƚůŽŽŬKĐƚŽďĞƌϮϬϭϵƵƉĚĂƚĞĚEŽǀĞŵďĞƌϮϬϭϵƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŝŶĚŝĐĂƚĞĚ EŽƚĞƐĨсĨŽƌĞĐĂƐƚƐĞсĞƐƟŵĂƚĞƐ ϭ,ĂǀĞƌŶĂůLJƟĐƐ Ϯ/D&tŽƌůĚĐŽŶŽŵŝĐKƵƚůŽŽŬ-'ůŽďĂůDĂŶƵĨĂĐƚƵƌŝŶŐŽǁŶƚƵƌŶZŝƐŝŶŐdƌĂĚĞĂƌƌŝĞƌƐKĐƚŽďĞƌϮϬϭϵ ϯ/D&/ŶƚĞƌŶĂƟŽŶĂů&ŝŶĂŶĐŝĂů^ƚĂƟƐƟĐƐ ϰhEKDdZ

Page 57: *XOI (FRQRPLF 8SGDWH (FRQRPLF 'LYHUVLILFDWLRQ IRU D ... · $ :ruog %dqn *urxs 3xeolfdwlrq iru wkh *xoi &rrshudwlrq &rxqflo (frqrplhv *xoi (frqrplf 8sgdwh (frqrplf 'lyhuvlilfdwlrq

ϱϱ 'ƵůĨĐŽŶŽŵŝĐhƉĚĂƚĞͻ/ƐƐƵĞϱ

<ht/d

^ŽƵƌĐĞtŽƌůĚĂŶŬ'ƌŽƵƉDĂĐƌŽĞĐŽŶŽŵŝĐƐdƌĂĚĞĂŶĚ/ŶǀĞƐƚŵĞŶƚ'ůŽďĂůWƌĂĐƟĐĞDĂĐƌŽWŽǀĞƌƚLJKƵƚůŽŽŬKĐƚŽďĞƌϮϬϭϵƵƉĚĂƚĞĚEŽǀĞŵďĞƌϮϬϭϵƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŝŶĚŝĐĂƚĞĚ EŽƚĞƐĨсĨŽƌĞĐĂƐƚƐĞсĞƐƟŵĂƚĞƐ ϭ,ĂǀĞƌŶĂůLJƟĐƐ ϮdžĐůƵĚŝŶŐŝŶǀĞƐƚŵĞŶƚŝŶĐŽŵĞ ϯ/D&tŽƌůĚĐŽŶŽŵŝĐKƵƚůŽŽŬ-'ůŽďĂůDĂŶƵĨĂĐƚƵƌŝŶŐŽǁŶƚƵƌŶZŝƐŝŶŐdƌĂĚĞĂƌƌŝĞƌƐKĐƚŽďĞƌϮϬϭϵ ϰ/D&/ŶƚĞƌŶĂƟŽŶĂů&ŝŶĂŶĐŝĂů^ƚĂƟƐƟĐƐ ϱhEKDdZ

^>dKEKD//E/dKZ^ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵĨ ϮϬϮϬĨ ϮϬϮϭĨ

EŽŵŝŶĂů'Wh^ΨďŝůůŝŽŶ ϭϳϰ ϭϳϰ ϭϲϯ ϭϭϱ ϭϬϵ ϭϮϬ ϭϰϮ ϭϰϮ ϭϰϲ ϭϱϮ

ZĞĂů'WйĐŚĂŶŐĞ ϲϲ ϭϭ Ϭϱ Ϭϲ Ϯϵ -ϯϱ ϭϮ Ϭϰ ϮϮ ϮϬ

,LJĚƌŽĐĂƌďŽŶϭ ϭϬϮ -ϭϴ -Ϯϭ -ϭϳ ϰϬ -ϭϰϰ ϭϮ

EŽŶ-ŚLJĚƌŽĐĂƌďŽŶϭ Ϭϲ ϲϱ ϰϴ ϰϮ ϭϰ ϵϵ ϭϯ

W//ŶŇĂƟŽŶZĂƚĞĂǀĞƌĂŐĞй ϯϯ Ϯϳ Ϯϵ ϯϯ ϯϮ ϮϮ Ϭϲ ϭϬ ϭϬ ϯϮ

'ŽǀĞƌŶŵĞŶƚZĞǀĞŶƵĞƐй'WϮ ϲϱϳ ϲϰϰ ϱϯϵ ϯϵϱ ϯϵϲ ϰϰϭ ϰϴϬ ϰϰϭ ϰϱϯ ϰϱϲ

'ŽǀĞƌŶŵĞŶƚdžƉĞŶĚŝƚƵƌĞƐй'W ϯϵϭ ϯϴϯ ϰϲϯ ϱϮϵ ϱϯϲ ϱϯϭ ϱϭϭ ϱϬϲ ϱϭϯ ϱϭϱ

&ŝƐĐĂůĂůĂŶĐĞй'WϮ Ϯϲϲ Ϯϲϭ ϳϲ -ϭϯϰ -ϭϯϵ -ϵϬ -ϯϬ -ϲϱ -ϱϵ -ϱϵ

'ĞŶĞƌĂů'ŽǀĞƌŶŵĞŶƚ'ƌŽƐƐĞďƚй'Wϯ ϯϲ ϯϭ ϯϰ ϰϳ ϵϵ ϮϬϳ ϭϰϳ ϭϱϮ ϭϳϰ ϮϱϬ

'ĞŶĞƌĂů'ŽǀĞƌŶŵĞŶƚEĞƚĞďƚй'W

DĞƌĐŚĂŶĚŝƐĞdžƉŽƌƚƐйŶŽŵŝŶĂůĐŚĂŶŐĞ ϭϲϯ -ϯϯ -ϵϱ -ϰϳϮ -ϭϱϴ ϭϴϰ Ϯϵϵ -Ϯϲ ϯϯ Ϯϯ

DĞƌĐŚĂŶĚŝƐĞ/ŵƉŽƌƚƐйŶŽŵŝŶĂůĐŚĂŶŐĞ ϳϯ ϱϱ ϳϭ -ϬϮ -Ϯϵ ϭϭϮ ϱϵ ϵϮ ϱϬ ϱϬ

ƵƌƌĞŶƚĐĐŽƵŶƚй'W ϰϱϱ ϯϵϵ ϯϯϮ ϳϱ Ϭϲ ϲϱ ϭϱϬ ϵϭ ϴϳ ϵϭ

KĸĐŝĂůZĞƐĞƌǀĞƐΨďŝůůŝŽŶϰ Ϯϴϵ Ϯϵϰ ϯϮϭ Ϯϴϯ ϯϭϬ ϯϯϲ ϯϳϬ

DĞŵŽƌĂŶĚƵŵ/ƚĞŵƐ

,LJĚƌŽĐĂƌďŽŶƐĞĐƚŽƌй'Wϭ ϲϰϱ ϲϮϳ ϲϭϬ ϱϵϳ ϲϬϯ ϱϰϮ ϱϰϭ

,LJĚƌŽĐĂƌďŽŶƌĞǀĞŶƵĞйƚŽƚĂůƌĞǀĞŶƵĞϭ ϵϯϲ ϵϮϭ ϵϬϯ ϴϴϲ ϴϵϮ ϴϵϯ ϴϵϲ

,LJĚƌŽĐĂƌďŽŶĞdžƉŽƌƚƐйƚŽƚĂůĞdžƉŽƌƚƐϱ ϵϱϱ ϵϰϳ ϵϰϵ ϵϮϭ ϵϭϵ ϵϯϬ ϵϯϴ

Page 58: *XOI (FRQRPLF 8SGDWH (FRQRPLF 'LYHUVLILFDWLRQ IRU D ... · $ :ruog %dqn *urxs 3xeolfdwlrq iru wkh *xoi &rrshudwlrq &rxqflo (frqrplhv *xoi (frqrplf 8sgdwh (frqrplf 'lyhuvlilfdwlrq

ϱϲ 'ƵůĨĐŽŶŽŵŝĐhƉĚĂƚĞͻ/ƐƐƵĞϱ

KDE

^ŽƵƌĐĞtŽƌůĚĂŶŬ'ƌŽƵƉDĂĐƌŽĞĐŽŶŽŵŝĐƐdƌĂĚĞĂŶĚ/ŶǀĞƐƚŵĞŶƚ'ůŽďĂůWƌĂĐƟĐĞDĂĐƌŽWŽǀĞƌƚLJKƵƚůŽŽŬKĐƚŽďĞƌϮϬϭϵƵƉĚĂƚĞĚEŽǀĞŵďĞƌϮϬϭϵƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŝŶĚŝĐĂƚĞĚ EŽƚĞƐĨсĨŽƌĞĐĂƐƚƐĞсĞƐƟŵĂƚĞƐ ϭ,ĂǀĞƌŶĂůLJƟĐƐ Ϯ/D&tŽƌůĚĐŽŶŽŵŝĐKƵƚůŽŽŬ-'ůŽďĂůDĂŶƵĨĂĐƚƵƌŝŶŐŽǁŶƚƵƌŶZŝƐŝŶŐdƌĂĚĞĂƌƌŝĞƌƐKĐƚŽďĞƌϮϬϭϵ ϯ/D&/ŶƚĞƌŶĂƟŽŶĂů&ŝŶĂŶĐŝĂů^ƚĂƟƐƟĐƐ ϰhEKDdZ

^>dKEKD//E/dKZ^ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵĨ ϮϬϮϬĨ

EŽŵŝŶĂů'Wh^ΨďŝůůŝŽŶ ϳϳ ϳϵ ϴϭ ϲϵ ϲϲ ϳϭ ϳϵ ϳϳ ϳϵ

ZĞĂů'WйĐŚĂŶŐĞ ϵϯ ϰϰ Ϯϴ ϰϳ ϱϬ Ϭϯ ϭϴ ϬϬ ϯϳ

,LJĚƌŽĐĂƌďŽŶϭ ϯϵ Ϯϱ -ϭϲ ϰϰ ϯϴ ϯϬ Ϯϴ

EŽŶ-ŚLJĚƌŽĐĂƌďŽŶϭ ϭϮϰ ϳϬ ϰϳ ϱϲ ϱϬ ϯϯ ϮϬ

W//ŶŇĂƟŽŶZĂƚĞĂǀĞƌĂŐĞй Ϯϵ ϭϬ ϭϬ Ϭϭ ϭϭ ϭϲ Ϭϵ ϭϱ ϭϴ

'ŽǀĞƌŶŵĞŶƚZĞǀĞŶƵĞƐй'W ϰϴϳ ϰϵϱ ϰϱϯ ϯϰϮ Ϯϵϳ ϯϭϴ ϯϳϰ ϯϲϱ ϯϱϭ

'ŽǀĞƌŶŵĞŶƚdžƉĞŶĚŝƚƵƌĞƐй'W ϰϲϬ ϰϲϮ ϰϴϳ ϱϭϳ ϱϬϴ ϰϱϴ ϰϱϰ ϰϯϮ ϰϯϰ

&ŝƐĐĂůĂůĂŶĐĞй'W Ϯϳ ϯϯ -ϯϰ -ϭϳϱ -ϮϭϮ -ϭϰϬ -ϳϵ -ϲϳ -ϴϰ

'ĞŶĞƌĂů'ŽǀĞƌŶŵĞŶƚ'ƌŽƐƐĞďƚй'WϮ ϰϵ ϱϬ ϰϵ ϭϱϱ ϯϮϱ ϰϲϴ ϱϯϰ ϱϵϵ ϲϯϵ

'ĞŶĞƌĂů'ŽǀĞƌŶŵĞŶƚEĞƚĞďƚй'WϮ -ϭϱϲ -Ϯϴϴ -Ϯϳϲ -ϮϮϴ -ϭϬ ϭϯϰ ϯϮϮ ϯϵϬ ϰϰϵ

DĞƌĐŚĂŶĚŝƐĞdžƉŽƌƚƐйŶŽŵŝŶĂůĐŚĂŶŐĞ ϭϬϳ ϴϮ -ϱϭ -ϯϯϰ -ϮϮϵ ϭϵϲ ϲϵ ϱϭ ϭϭϮ

DĞƌĐŚĂŶĚŝƐĞ/ŵƉŽƌƚƐйŶŽŵŝŶĂůĐŚĂŶŐĞ ϭϵϮ ϮϱϬ -ϭϯϬ -ϰϳ -ϭϵϴ ϭϯϭ -ϮϬ ϮϮ Ϯϴ

ƵƌƌĞŶƚĐĐŽƵŶƚй'W ϭϬϮ ϲϲ ϱϮ -ϭϱϵ -ϭϴϳ -ϭϱϯ -ϱϮ -ϳϮ -ϴϬ

KĸĐŝĂůZĞƐĞƌǀĞƐΨďŝůůŝŽŶϯ ϭϰϰ ϭϲϬ ϭϲϯ ϭϳϱ ϮϬϯ ϭϲϭ ϭϳϰ

DĞŵŽƌĂŶĚƵŵ/ƚĞŵƐ

,LJĚƌŽĐĂƌďŽŶƌĞǀĞŶƵĞйƚŽƚĂůƌĞǀĞŶƵĞϭϭ ϴϰϳ ϴϱϳ ϴϰϯ ϳϴϳ ϲϴϮ ϳϮϵ ϳϴϮ

,LJĚƌŽĐĂƌďŽŶĞdžƉŽƌƚƐйƚŽƚĂůĞdžƉŽƌƚƐϰ ϴϯϲ ϴϭϳ ϴϭϳ ϳϰϵ ϳϬϱ ϳϮϭ ϳϰϰ

ϮϬϮϭĨ

ϴϮ

ϰϯ

ϯϴ

ϯϲϲ

ϰϯϭ

-ϲϱ

ϲϱϬ

ϰϮϵ

ϭϱϵ

ϰϳ

-ϲϲ

,LJĚƌŽĐĂƌďŽŶƐĞĐƚŽƌй'Wϭ ϰϰϵ ϰϯϴ ϰϮϱ ϰϮϰ ϰϭϴ ϰϬϰ ϰϬϴ

Page 59: *XOI (FRQRPLF 8SGDWH (FRQRPLF 'LYHUVLILFDWLRQ IRU D ... · $ :ruog %dqn *urxs 3xeolfdwlrq iru wkh *xoi &rrshudwlrq &rxqflo (frqrplhv *xoi (frqrplf 8sgdwh (frqrplf 'lyhuvlilfdwlrq

ϱϳ 'ƵůĨĐŽŶŽŵŝĐhƉĚĂƚĞͻ/ƐƐƵĞϱ

YdZ

^ŽƵƌĐĞtŽƌůĚĂŶŬ'ƌŽƵƉDĂĐƌŽĞĐŽŶŽŵŝĐƐdƌĂĚĞĂŶĚ/ŶǀĞƐƚŵĞŶƚ'ůŽďĂůWƌĂĐƟĐĞDĂĐƌŽWŽǀĞƌƚLJKƵƚůŽŽŬKĐƚŽďĞƌϮϬϭϵƵƉĚĂƚĞĚEŽǀĞŵďĞƌϮϬϭϵƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŝŶĚŝĐĂƚĞĚ EŽƚĞƐĨсĨŽƌĞĐĂƐƚƐĞсĞƐƟŵĂƚĞƐ ϭ,ĂǀĞƌŶĂůLJƟĐƐ Ϯ/D&tŽƌůĚĐŽŶŽŵŝĐKƵƚůŽŽŬ-'ůŽďĂůDĂŶƵĨĂĐƚƵƌŝŶŐŽǁŶƚƵƌŶZŝƐŝŶŐdƌĂĚĞĂƌƌŝĞƌƐKĐƚŽďĞƌϮϬϭϵ ϯ/D&/ŶƚĞƌŶĂƟŽŶĂů&ŝŶĂŶĐŝĂů^ƚĂƟƐƟĐƐ ϰhEKDdZ

^>dKEKD//E/dKZ^ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵĨ ϮϬϮϬĨ

EŽŵŝŶĂů'Wh^ΨďŝůůŝŽŶ ϭϴϳ ϭϵϵ ϮϬϲ ϭϲϮ ϭϱϮ ϭϲϳ ϭϵϭ ϭϳϮ ϭϳϲ

ZĞĂů'WйĐŚĂŶŐĞ ϰϳ ϰϰ ϰϬ ϯϳ Ϯϭ ϭϲ ϭϱ Ϭϱ ϭϱ

,LJĚƌŽĐĂƌďŽŶϭ ϭϮ Ϭϭ -Ϭϲ -Ϭϲ -Ϭϵ -Ϭϳ -Ϭϲ

EŽŶ-ŚLJĚƌŽĐĂƌďŽŶϭ ϵϵ ϭϬϰ ϵϴ ϴϱ ϱϯ ϯϴ ϯϲ

W//ŶŇĂƟŽŶZĂƚĞĂǀĞƌĂŐĞй Ϯϯ ϯϮ ϯϰ ϭϲ Ϯϵ Ϭϰ ϬϮ Ϭϯ ϯϱ

'ŽǀĞƌŶŵĞŶƚZĞǀĞŶƵĞƐй'W ϰϭϴ ϰϴϮ ϰϯϲ ϯϭϮ ϯϬϵ Ϯϲϰ ϯϭϲ ϯϱϮ ϯϲϴ

'ŽǀĞƌŶŵĞŶƚdžƉĞŶĚŝƚƵƌĞƐй'W ϯϬϱ ϯϯϱ ϯϬϬ ϯϮϭ ϰϬϭ ϯϮϮ Ϯϵϰ ϯϰϬ ϯϰϳ

&ŝƐĐĂůĂůĂŶĐĞй'W ϭϭϯ ϭϰϳ ϭϯϲ -ϭϬ -ϵϮ -ϱϴ ϮϮ ϭϯ Ϯϭ

'ĞŶĞƌĂů'ŽǀĞƌŶŵĞŶƚ'ƌŽƐƐĞďƚй'WϮ ϯϮϭ ϯϬϵ Ϯϰϵ ϯϱϱ ϰϲϳ ϰϵϴ ϰϴϲ ϱϯϮ ϰϴϬ

'ĞŶĞƌĂů'ŽǀĞƌŶŵĞŶƚEĞƚĞďƚй'W

DĞƌĐŚĂŶĚŝƐĞdžƉŽƌƚƐйŶŽŵŝŶĂůĐŚĂŶŐĞ ϭϲϮ Ϭϯ -ϱϬ -ϯϵϬ -Ϯϱϵ ϭϳϴ Ϯϰϵ -ϴϰ ϭϱϮ

DĞƌĐŚĂŶĚŝƐĞ/ŵƉŽƌƚƐйŶŽŵŝŶĂůĐŚĂŶŐĞ ϭϰϯ ϮϮ -ϭϬ -ϴϱ ϭϮϭ -ϯϳ ϴϯ -ϭϱϳ -ϯϰ

ƵƌƌĞŶƚĐĐŽƵŶƚй'W ϯϯϮ ϯϬϰ ϮϰϬ ϴϱ -ϱϱ ϯϴ ϴϳ ϰϰ ϱϲ

KĸĐŝĂůZĞƐĞƌǀĞƐΨďŝůůŝŽŶϯ ϯϮϱ ϰϭϲ ϰϮϳ ϯϲϱ ϯϬϴ ϭϯϴ Ϯϵϭ

DĞŵŽƌĂŶĚƵŵ/ƚĞŵƐ

,LJĚƌŽĐĂƌďŽŶƌĞǀĞŶƵĞйƚŽƚĂůƌĞǀĞŶƵĞϭϭ ϳϳϭ ϵϮϰ ϴϮϮ ϴϭϵ ϴϮϰ ϴϭϱ ϴϯϯ

,LJĚƌŽĐĂƌďŽŶĞdžƉŽƌƚƐйƚŽƚĂůĞdžƉŽƌƚƐϰ ϵϮϱ ϵϭϵ ϵϬϴ ϴϳϱ ϴϱϭ ϴϱϳ ϴϴϮ

ϮϬϮϭĨ

ϭϴϵ

ϯϮ

Ϯϭ

ϯϲϰ

ϯϯϳ

Ϯϴ

ϰϯϭ

ϳϲ

-ϭϬϭ

ϱϬ

,LJĚƌŽĐĂƌďŽŶƐĞĐƚŽƌй'Wϭ ϱϴϭ ϱϱϳ ϱϯϮ ϱϭϭ ϰϵϱ ϰϴϰ ϰϳϰ

Page 60: *XOI (FRQRPLF 8SGDWH (FRQRPLF 'LYHUVLILFDWLRQ IRU D ... · $ :ruog %dqn *urxs 3xeolfdwlrq iru wkh *xoi &rrshudwlrq &rxqflo (frqrplhv *xoi (frqrplf 8sgdwh (frqrplf 'lyhuvlilfdwlrq

ϱϴ 'ƵůĨĐŽŶŽŵŝĐhƉĚĂƚĞͻ/ƐƐƵĞϱ

^h/Z/

^ŽƵƌĐĞtŽƌůĚĂŶŬ'ƌŽƵƉDĂĐƌŽĞĐŽŶŽŵŝĐƐdƌĂĚĞĂŶĚ/ŶǀĞƐƚŵĞŶƚ'ůŽďĂůWƌĂĐƟĐĞDĂĐƌŽWŽǀĞƌƚLJKƵƚůŽŽŬKĐƚŽďĞƌϮϬϭϵƵƉĚĂƚĞĚEŽǀĞŵďĞƌϮϬϭϵƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŝŶĚŝĐĂƚĞĚ EŽƚĞƐĨсĨŽƌĞĐĂƐƚƐĞсĞƐƟŵĂƚĞƐ ϭ,ĂǀĞƌŶĂůLJƟĐƐ Ϯ/D&tŽƌůĚĐŽŶŽŵŝĐKƵƚůŽŽŬ-'ůŽďĂůDĂŶƵĨĂĐƚƵƌŝŶŐŽǁŶƚƵƌŶZŝƐŝŶŐdƌĂĚĞĂƌƌŝĞƌƐKĐƚŽďĞƌϮϬϭϵ ϯ/D&/ŶƚĞƌŶĂƟŽŶĂů&ŝŶĂŶĐŝĂů^ƚĂƟƐƟĐƐ ϰhEKDdZ

^>dKEKD//E/dKZ^ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵĨ ϮϬϮϬĨ

EŽŵŝŶĂů'Wh^ΨďŝůůŝŽŶ ϳϯϲ ϳϰϳ ϳϱϲ ϲϱϰ ϲϰϱ ϲϴϵ ϳϴϳ ϳϱϬ ϳϲϱ

ZĞĂů'WйĐŚĂŶŐĞ ϱϰ Ϯϳ ϯϳ ϰϭ ϭϳ -Ϭϳ Ϯϰ Ϭϰ ϭϵ

,LJĚƌŽĐĂƌďŽŶϭ ϱϭ -ϭϲ Ϯϭ ϱϯ ϯϲ -ϯϭ ϯϭ

EŽŶ-ŚLJĚƌŽĐĂƌďŽŶϭ ϱϱ ϲϰ ϰϵ ϯϮ ϬϮ ϭϯ ϮϮ

W//ŶŇĂƟŽŶZĂƚĞĂǀĞƌĂŐĞй Ϯϵ ϯϱ ϮϮ ϭϯ ϮϬ -Ϭϵ Ϯϱ -ϭϮ Ϭϴ

'ŽǀĞƌŶŵĞŶƚZĞǀĞŶƵĞƐй'W ϰϱϮ ϰϭϮ ϯϲϳ ϮϱϬ Ϯϭϱ Ϯϲϴ ϯϬϳ ϯϮϲ ϯϰϯ

'ŽǀĞƌŶŵĞŶƚdžƉĞŶĚŝƚƵƌĞƐй'W ϯϯϮ ϯϱϱ ϰϬϮ ϰϬϴ ϯϰϯ ϯϲϬ ϯϲϲ ϯϴϳ ϯϴϴ

&ŝƐĐĂůĂůĂŶĐĞй'W ϭϭϵ ϱϲ -ϯϱ -ϭϱϴ -ϭϮϵ -ϵϮ -ϱϵ -ϲϭ -ϰϱ

'ĞŶĞƌĂů'ŽǀĞƌŶŵĞŶƚ'ƌŽƐƐĞďƚй'WϮ ϯϬ Ϯϭ ϭϲ ϱϴ ϭϯϭ ϭϳϮ ϭϵϬ ϮϯϮ Ϯϴϰ

'ĞŶĞƌĂů'ŽǀĞƌŶŵĞŶƚEĞƚĞďƚй'WϮ -ϰϳϳ -ϱϬϵ -ϰϳϭ -ϯϱϵ -ϭϳϭ -ϳϳ -Ϭϭ ϲϴ ϭϯϳ

DĞƌĐŚĂŶĚŝƐĞdžƉŽƌƚƐйŶŽŵŝŶĂůĐŚĂŶŐĞ ϲϱ -ϯϮ -ϴϵ -ϰϬϲ -ϵϴ ϮϬϰ ϯϮϯ -ϱϬ ϴϬ

DĞƌĐŚĂŶĚŝƐĞ/ŵƉŽƌƚƐйŶŽŵŝŶĂůĐŚĂŶŐĞ ϭϴϮ ϴϭ ϯϯ Ϭϱ -ϭϵϳ -ϲϳ ϭϬϭ ϭϬϬ ϭϱϬ

ƵƌƌĞŶƚĐĐŽƵŶƚй'W ϮϮϰ ϭϴϭ ϵϴ -ϴϳ -ϯϳ ϭϱ ϵϬ ϱϵ ϳϭ

KĸĐŝĂůZĞƐĞƌǀĞƐΨďŝůůŝŽŶϯ ϲϱϲϱ ϳϮϱϯ ϳϯϭϵ ϲϭϲϬ ϱϯϱϰ ϰϵϲϬ ϰϵϲϮ

DĞŵŽƌĂŶĚƵŵ/ƚĞŵƐ

,LJĚƌŽĐĂƌďŽŶƌĞǀĞŶƵĞйƚŽƚĂůƌĞǀĞŶƵĞϭϭ ϵϭϴ ϴϵϴ ϴϳϴ ϳϮϵ ϲϰϮ ϲϯϬ ϲϳϱ

,LJĚƌŽĐĂƌďŽŶĞdžƉŽƌƚƐйƚŽƚĂůĞdžƉŽƌƚƐϰ ϴϳϰ ϴϲϰ ϴϰϵ ϳϱϭ ϳϱϲ ϳϳϯ ϴϬϮ

ϮϬϮϭĨ

ϳϵϬ

ϮϮ

ϭϬ

ϯϰϱ

ϯϴϲ

-ϰϭ

ϯϯϲ

Ϯϭϵ

ϴϬ

ϭϴϬ

ϳϵ

,LJĚƌŽĐĂƌďŽŶƐĞĐƚŽƌй'Wϭ ϰϱϮ ϰϯϯ ϰϮϳ ϰϯϮ ϰϰϬ ϰϮϵ ϰϯϮ

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ϱϵ 'ƵůĨĐŽŶŽŵŝĐhƉĚĂƚĞͻ/ƐƐƵĞϱ

hE/dZD/Zd^

^ŽƵƌĐĞtŽƌůĚĂŶŬ'ƌŽƵƉDĂĐƌŽĞĐŽŶŽŵŝĐƐdƌĂĚĞĂŶĚ/ŶǀĞƐƚŵĞŶƚ'ůŽďĂůWƌĂĐƟĐĞDĂĐƌŽWŽǀĞƌƚLJKƵƚůŽŽŬKĐƚŽďĞƌϮϬϭϵƵƉĚĂƚĞĚEŽǀĞŵďĞƌϮϬϭϵƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŝŶĚŝĐĂƚĞĚ EŽƚĞƐĨсĨŽƌĞĐĂƐƚƐĞсĞƐƟŵĂƚĞƐ ϭ,ĂǀĞƌŶĂůLJƟĐƐ Ϯ/D&tŽƌůĚĐŽŶŽŵŝĐKƵƚůŽŽŬ-'ůŽďĂůDĂŶƵĨĂĐƚƵƌŝŶŐŽǁŶƚƵƌŶZŝƐŝŶŐdƌĂĚĞĂƌƌŝĞƌƐKĐƚŽďĞƌϮϬϭϵ ϯ/D&/ŶƚĞƌŶĂƟŽŶĂů&ŝŶĂŶĐŝĂů^ƚĂƟƐƟĐƐ ϰhEKDdZ

^>dKEKD//E/dKZ^ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵĨ ϮϬϮϬĨ

EŽŵŝŶĂů'Wh^ΨďŝůůŝŽŶ ϯϳϱ ϯϵϬ ϰϬϯ ϯϱϴ ϯϱϳ ϯϳϴ ϰϭϰ ϰϭϭ ϰϭϱ

ZĞĂů'WйĐŚĂŶŐĞ ϰϱ ϱϭ ϰϰ ϱϭ ϯϬ Ϭϱ ϭϳ ϭϴ Ϯϲ

,LJĚƌŽĐĂƌďŽŶϭ ϰϴ ϯϮ Ϭϭ ϱϮ Ϯϲ -Ϯϴ Ϯϴ

EŽŶ-ŚLJĚƌŽĐĂƌďŽŶϭ ϰϯ ϲϬ ϲϮ ϱϭ ϯϯ ϮϬ ϭϯ

W//ŶŇĂƟŽŶZĂƚĞĂǀĞƌĂŐĞй Ϭϳ ϭϭ Ϯϰ ϰϭ ϭϲ ϮϬ ϯϭ -ϭϴ ϭϯ

'ŽǀĞƌŶŵĞŶƚZĞǀĞŶƵĞƐй'W ϰϬϬ ϰϬϳ ϯϱϬ ϮϵϬ Ϯϴϵ ϮϵϮ ϯϭϰ ϯϭ Ϯϵϵ

'ŽǀĞƌŶŵĞŶƚdžƉĞŶĚŝƚƵƌĞƐй'W ϯϭϬ ϯϮϯ ϯϯϭ ϯϮϰ ϯϬϵ ϯϬϴ ϯϬϮ ϯϮϯ ϯϬϵ

&ŝƐĐĂůĂůĂŶĐĞй'W ϴϵ ϴϰ ϭϵ -ϯϰ -ϮϬ -ϭϲ ϭϮ -ϭϯ -ϭϬ

'ĞŶĞƌĂů'ŽǀĞƌŶŵĞŶƚ'ƌŽƐƐĞďƚй'WϮ ϭϳϬ ϭϱϴ ϭϱϱ ϭϴϳ ϮϬϮ ϮϬϬ ϭϵϭ ϮϬϭ ϮϬϯ

'ĞŶĞƌĂů'ŽǀĞƌŶŵĞŶƚEĞƚĞďƚй'W

DĞƌĐŚĂŶĚŝƐĞdžƉŽƌƚƐйŶŽŵŝŶĂůĐŚĂŶŐĞ ϭϵϭ ϯϮ -ϳϲ -ϭϮϰ -ϭϴ ϲϯ ϭϭ ϯϴ ϭϱ

DĞƌĐŚĂŶĚŝƐĞ/ŵƉŽƌƚƐйŶŽŵŝŶĂůĐŚĂŶŐĞ ϭϭϲ ϱϴ ϭϲ -ϰϲ ϭϮ ϴϳ -ϰϱ ϲϱ ϱϱ

ƵƌƌĞŶƚĐĐŽƵŶƚй'W ϭϵϳ ϭϵϬ ϭϯϱ ϰϵ ϯϳ ϳϯ ϵϭ ϳϰ ϲϮ

KĸĐŝĂůZĞƐĞƌǀĞƐΨďŝůůŝŽŶϯ ϰϳϬ ϲϴϮ ϳϴϰ ϵϯϳ ϴϱϭ ϵϱϭ ϵϵϮ

DĞŵŽƌĂŶĚƵŵ/ƚĞŵƐ

,LJĚƌŽĐĂƌďŽŶƌĞǀĞŶƵĞйƚŽƚĂůƌĞǀĞŶƵĞϭϭ ϲϳϳ ϲϯϲ ϲϮϵ ϰϱϯ ϮϮϴ ϯϲϭ ϯϲϭ

,LJĚƌŽĐĂƌďŽŶĞdžƉŽƌƚƐйƚŽƚĂůĞdžƉŽƌƚƐϰ ϲϭϬ ϱϵϴ ϲϭϮ ϱϰϰ ϰϰϵ ϰϴϬ ϱϴϰ

ϮϬϮϭĨ

ϰϯϵ

ϯϬ

ϭϱ

Ϯϴϲ

ϮϵϮ

-Ϭϲ

ϮϬϯ

ϱϮ

ϱϲ

ϱϳ

,LJĚƌŽĐĂƌďŽŶƐĞĐƚŽƌй'Wϭ ϯϮϲ ϯϮϬ ϯϬϳ ϯϬϴ ϯϬϲ Ϯϵϲ ϯϬϬ

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ϲϬ 'ƵůĨĐŽŶŽŵŝĐhƉĚĂƚĞͻ/ƐƐƵĞϱ

KDDK/dzWZ/^d>^

EZ'z hŶŝƚ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵĨ ϮϬϮϬĨ ϮϬϮϭĨ ϮϬϮϱĨ

ŽĂůƵƐƚƌĂůŝĂ Ψŵƚ ϳϬϭ ϱϴϵ ϲϲϭ ϴϴϱ ϭϬϳϬ ϳϵϬ ϳϭϬ ϲϵϴ ϲϱϯ

ƌƵĚĞŽŝůĂǀĞƌĂŐĞ Ψďďů ϵϲϮ ϱϬϴ ϰϮϴ ϱϮϴ ϲϴϯ ϲϬϬ ϱϴϬ ϱϵϭ ϲϯϳ

EĂƚƵƌĂůŐĂƐƵƌŽƉĞ ΨŵŵďƚƵ ϭϬϭ ϲϴ ϰϲ ϱϳ ϳϳ ϰϱ ϰϱ ϰϳ ϱϲ

EĂƚƵƌĂůŐĂƐh^ ΨŵŵďƚƵ ϰϰ Ϯϲ Ϯϱ ϯϬ ϯϮ Ϯϱ Ϯϳ Ϯϴ ϯϯ

EĂƚƵƌĂůŐĂƐ:ĂƉĂŶ ΨŵŵďƚƵ ϭϲϬ ϭϬϵ ϳϰ ϴϲ ϭϬϳ ϭϬϳ ϭϬϬ ϵϴ ϵϮ

ϮϬϯϬĨ

ϲϬϬ

ϳϬϬ

ϳϬ

ϰϬ

ϴϱ

EKD/E>h^K>>Z^

^ŽƵƌĐĞtŽƌůĚĂŶŬ'ƌŽƵƉŽŵŵŽĚŝƚLJDĂƌŬĞƚƐKƵƚůŽŽŬ-dŚĞZŽůĞŽĨ^ƵďƐƟƚƵƟŽŶŝŶŽŵŵŽĚŝƚLJĞŵĂŶĚKĐƚŽďĞƌϮϬϭϵ EŽƚĞƐĨсĨŽƌĞĐĂƐƚƐ

KE^dEdh^K>>Z^ϮϬϭϬсϭϬϬ

^ŽƵƌĐĞtŽƌůĚĂŶŬ'ƌŽƵƉŽŵŵŽĚŝƚLJDĂƌŬĞƚƐKƵƚůŽŽŬ-dŚĞZŽůĞŽĨ^ƵďƐƟƚƵƟŽŶŝŶŽŵŵŽĚŝƚLJĞŵĂŶĚKĐƚŽďĞƌϮϬϭϵ EŽƚĞƐĨсĨŽƌĞĐĂƐƚƐ

EZ'z hŶŝƚ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵĨ ϮϬϮϬĨ ϮϬϮϭĨ ϮϬϮϱĨ

ŽĂůƵƐƚƌĂůŝĂ Ψŵƚ ϲϰϴ ϲϬϮ ϳϬϯ ϵϭϬ ϭϬϱϭ ϳϲϬ ϲϳϮ ϲϱϬ ϱϲϳ

ƌƵĚĞŽŝůĂǀĞƌĂŐĞ Ψďďů ϴϴϵ ϱϭϵ ϰϱϱ ϱϰϯ ϲϳϭ ϱϳϴ ϱϰϵ ϱϱϬ ϱϱϱ

EĂƚƵƌĂůŐĂƐƵƌŽƉĞ ΨŵŵďƚƵ ϵϯ ϳϬ ϰϵ ϱϵ ϳϱ ϰϯ ϰϯ ϰϰ ϰϵ

EĂƚƵƌĂůŐĂƐh^ ΨŵŵďƚƵ ϰϬ Ϯϳ Ϯϳ ϯϬ ϯϭ Ϯϰ Ϯϲ Ϯϲ Ϯϵ

EĂƚƵƌĂůŐĂƐ:ĂƉĂŶ ΨŵŵďƚƵ ϭϰϴ ϭϭϮ ϳϴ ϴϴ ϭϬϱ ϭϬϯ ϵϱ ϵϮ ϴϬ

ϮϬϯϬĨ

ϰϳϳ

ϱϱϲ

ϱϲ

ϯϮ

ϲϴ

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ϲϭ 'ƵůĨĐŽŶŽŵŝĐhƉĚĂƚĞͻ/ƐƐƵĞϱ

K/>WZKhd/KEd>

^ŽƵƌĐĞ/ŶƚĞƌŶĂƟŽŶĂůŶĞƌŐLJŐĞŶĐLJΗKŝůDĂƌŬĞƚZĞƉŽƌƚΗ^ĞƉƚĞŵďĞƌϮϬϭϵĂŶĚKĐƚŽďĞƌϮϬϭϵĂŶĚ:ŽŝŶƚKƌŐĂŶŝnjĂƟŽŶƐĂƚĂ/ŶŝƟĂƟǀĞKŝůtŽƌůĚĂƚĂďĂƐĞ

hŶŝƚϭϬϬϬďĚ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ Yϭ-ϮϬϭϵ YϮ-ϮϬϭϵ

ĂŚƌĂŝŶ Ϭϭϳ ϬϮϬ ϬϮϬ ϬϮϬ ϬϮϬ ϬϮϬ Ϭϭϳ Ϭϭϵ ϬϮϬ

<ƵǁĂŝƚ Ϯϰϲ Ϯϱϱ Ϯϱϵ Ϯϳϱ Ϯϴϴ Ϯϳϭ Ϯϳϱ Ϯϳϭ Ϯϲϵ

KŵĂŶ ϬϵϮ Ϭϵϱ Ϭϵϱ Ϭϵϵ ϭϬϭ Ϭϵϴ Ϭϵϵ Ϭϵϴ Ϭϵϴ

YĂƚĂƌ Ϭϳϰ Ϭϳϯ ϬϳϬ Ϭϲϱ Ϭϲϱ ϭϵϳ ϮϬϭ ϮϬϮ ϮϬϭ

^ĂƵĚŝƌĂďŝĂ ϵϱϭ ϵϰϬ ϵϱϯ ϭϬϭϮ ϭϬϰϮ ϵϵϲ ϭϬϯϯ ϭϬϬϲ ϵϳϲ

hŶŝƚĞĚƌĂďŵŝƌĂƚĞƐ Ϯϲϱ Ϯϳϲ Ϯϳϳ Ϯϵϯ ϯϬϱ Ϯϵϯ ϯϬϬ ϯϬϲ ϯϬϱ

Yϯ-ϮϬϭϵ

Ϯϲϱ

Ϭϵϴ

ϮϬϬ

ϵϰϵ

ϯϬϳ

ZhK/>WZKhd/KE

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Page 66: *XOI (FRQRPLF 8SGDWH (FRQRPLF 'LYHUVLILFDWLRQ IRU D ... · $ :ruog %dqn *urxs 3xeolfdwlrq iru wkh *xoi &rrshudwlrq &rxqflo (frqrplhv *xoi (frqrplf 8sgdwh (frqrplf 'lyhuvlilfdwlrq