E21 Executive Summary - Spreads (January 2015)

8/10/2019 E21 Executive Summary - Spreads (January 2015)

1/50

EGRIVE_E@?=


2/50

QJXJIK 5

FCIOMC CEM@E_XLJR ?8

PLE AIUK@MPJIK 86JKJPJMPJQEX 06

_EFJIKX 18

JKPE_KMPJIKMC RM_PKE_X :8

HMCEK@M_ :5

Uk-remhle` Reipce 6Ple Fciomc Givegekt :Ge`jmk Mfe ==Arig Mzusm Xtreet ti tle Virc` =8

Qjsjik 8:Gjssjik 0=Rurpises 08Fimcs 05

Rektehist Xuk`my 0:KFZK 5=Fekermtjiks Experjekhe 58Fciomc Xhlicmrs Hiksuctmtjik 55@jshjpcesljp Fciomc Pmsd Airhe 56Fciomc Hikfress> ?2=5 1=

Marjhm 16Marjque-Armkhiplike 1:Msjm 6=Mgrjhm Cmtjkm 68Ormzjc 65

Hmkm`m 66Hmrjooemk 6:Euripe


3/50

Plmt every persik ik Emrtl

wiuc` lmve mk mutlektjhekhiukter wjtl

NEXUXHL_JXP

tlriufl tle Riwer mk`

Rresekhe ia tle Licy Xpjrjt

... oy Rektehist ?288.

XE_QJKFMGIQEGEKP... EGRIVE_JKFMFEKE_MPJIK! 5


4/50

Uk-remhle` _efjiksMsjm Rmhjajh :8% ir 8,6


5/50

@e`jhmte` Hlrjstjmk ~ :.6

Uk-remhle`

0=.


6/50

Xige recjfjiks lmve guhl yiukfer pipucmtjiks, ik mvermfe, tlmk itlers. Jk pmrt,

tle mfe jaaerekhes reaceht tle feifrmpljh jstrjoutjik ia recjfjius friups.

Plise wjtl m cmrfe slmre ia m`lerekts jk amst-fr iwjkf, èveci pjkf hiuktr jes tek`

ti lmve yiukfer pipucmtjiks. Plise hikhektrmte` jk Hljkm mk` jk m`vmkhe`

jkùstrjmc hiuktrjes, wlere pipucmtjik friwtl js sciwer, tek` ti oe icèr.

Ple ge`jmk m fe ia twi gm nir friup s Guscjgs ( ?8 yemrs) m k` Ljkùs (?1 ) js

yiukfer tlmk tle ge`jmk mfe ia tle wirc`s ivermcc pipucmtjik (?


7/50

Mprjc ?5-?:, ?221 tle Jkterkmtjikmc Hekter air Xpjrjtumc _ekewmc amhjcjtmte`mk` liste` tle Mzusm Xtreet Hektekkjmc. Pljs ike luk`re` yemr mkkjversmryheceormtjik ia tle Mzusm Xtreet revjvmc wms mttek`e` oy iver 52,222 peipce arig =21`jflerekt kmtjiks. Ple stremgs ia Xpjrjt-cce` Hlrjstjmkjty hikverfe` jk Cis Mkfeces ti

renijhe jk m hektury ia ocessjkf ik tljs givegekt tlmt kiw kugoers iver 122 gjccjik

peipce mriuk` tle wirc`.

Jk ?22


8/50

@urjkf ?22: mk` emrcy ?2=2, Egpiwere`?= lec` =6 ukjque hikversmtjikevekts mriuk` tle wirc` wjtl cemèrs, shlicmrs mk` kew fekermtjik vijhes timshertmjk tlejr jksjflts jkti tle jssues amhjkf tle givegekt jk tle ?=st Hektury. Iver

522 peipce arig 50 kmtjiks mk` iver =5 `jflerekt ukjversjtjes were jkvicve` jk tle

hikversmtjiks. ]uestjiks cjde> Vlmt ies jt gemk ti oe Xpjrjt-egpiwere` jk tle ?=sthektury9 mk` Vlmt steps hmk oe tmdek ti ekfmfe kew fekermtjiks jk tle Xpjrjt-cce`

experjekhe9 were msde`.

Pljs prihess revemce` ejflt tlegeshiggik ti tle hikversmtjik evekts ms tletip kee`s jk tle givegekt - jk irèr ia gist higgikcy gektjike`>= Kee` air Cemèrsljp Hlmrmhter cemèrs wli mre trmkspmrekt, cce` wjtl

jktefrjty, mutlektjh, remc, pure, mk` hcemkse`

? Fremter Ojocjhmc Cjtermhy dkiwce`fe ia tle Ojoce mk` mk ukèrstmk`jkfia tle purpise ia tle Licy Xpjrjt, fjats ia tle Xpjrjt, Xpjrjt Omptjsg, eth.

8 Kee` air Xpjrjtumc Amtlers mk` Gitlers rice giècs mk`jkterfekermtjikmc ukjty ti oe hmcce` air fciomccy

0 _esiurhes tlise lmrvest ec`s tlmt seeg ti oe rjpest jk tle ?=stHektury mre tle gist jk kee` mk` sliuc` oe resiurhe` mhhir`jkfcy

5 Eùhmtjik gjkjsterjmc trmjkjkf mk` ljfler eùhmtjik

1 Hiktextumcjzmtjik cemèrsljp kmtjve ti tle refjik oejkf serve`

6 Prmksjtjik ia Cemèrsljp kew cemèrsljp ia tle givegekt wljhl fiesoeyik` tle jkuekhe ia tle UXM - givjkf Emst mk` Xiutl

< _jse ia Jscmg jktekse pressure js oejkf experjekhe` oy Xpjrjt-egpiwere` oecjevers wli mre mffressjve jk evmkfecjsg ik tljs ariktjer

Msjm Hikfres s, ?2==

Pi @jshivery

XE_QJKFMGIQEGEKP... EGRIVE_JKFMFEKE_MPJIK! =5Arig Mzusm Xtreet ti tleVirc`


9/50

Pi Egpiwere`?=

Hikversmtjik jkput mk` jshiverjeswere use` ti jkairg tle prifrmg ia tle rstEgpiwere`?=> Fciomc Hikfress ik Licy Xpjrjt Egpiwergekt wljhl wms lec` jkPucsm, ID, Mprjc


10/50

Msjm Hikfres s, ?2==

Pi Ple VircÀjrst Nmpmk Hikfress, ?2=8

Egpiwere`?= js kiw wjtkessjkf m hikverfekhe mk` hiccmoirmtjik ia Xpjrjt-egpiwere` gjkjstrjes mriuk` tle wirc`. M serjes ia refjikmc Egpiwere`?=cemèrsljp temgs lmve airge` ti aihus ik ukjque jssues amhe` oy Xpjrjt-egpiwere`hlurhles ipermtjkf wjtljk `jspmrmte sihjiehikigjh hcjgmtes. Ple ektjre ketwird js

moce ti oeket arig oest prmhtjhes mk` friwtl jk jk`jvjùmc refjiks.

Aurtler resemrhl wjtljk tle Egpiwere`?= ketwird lms jèktjaje` ajveljflcy jgpirtmkt trek`s wlere tle Xpjrjt-egpiwere` Hlurhl js gist cjdecyti friw mk` pisjtjvecy jkacuekhe tle wirc`. Pley mre>

=) experjekhe m aresl, ljstirjh iutpiurjkf ia tle Licy Xpjrjt

?) jkhremse jk cemèrsljp èvecipgekt wjtljk Xpjrjt-egpiwere` hlurhles

8) oe jkhremsjkfcy dkiwk air geetjkf lugmk kee`s jk tle higgukjty

0) see mk jkhremse jk tle prmhtjhe ia `jvjke lemcjkf

5) oe gire ipek air kewer expressjiks ia Xpjrjt-egpiwere` gjkjstry

XE_QJKFMGIQEGEKP... EGRIVE_JKFMFEKE_MPJIK! =:Arig Mzusm Xtreet ti tleVirc`


11/50

Irmc _ioerts Ukjversjty

Fciomc Hiukhjc

Egpiwere`?= _efjikmc Hmojkets

E?= Ormzjc

E?= Mgrjhm Cmtjkm

E?= UXM

E?= Hmkm`m

E?= Ljspmkjh UXM

E?= Hmrjooemk

E?= Msjm

E?= Marjhm

E?= Ihemkjm

E?= Euripe

E?= Gj``ce Emst / Kirtl Marjhm

E?= Armkhiplike Marjque

@jshjpcesljpFciomc Pmsd Airhe

KFZK?=Ziutl Cem`ers Ketwird

Xhlegmtjh

Pljrteek _efjikmc Hmojkets mre kiwpursujkf jkjtjmtjves mk` evekts jktlejr mrem ia tle wirc` ti m``ress tle

auture ia Xpjrjt-egpiwere` Hlrjstjmkjtymk` k` wmys ti hikkeht tle fekermtjiks

air spjrjtumc jgpmrtmtjik. Emhl refjikmc

hmojket wjcc ipermte uk`er tle smge

vjsjik mk` purpises air Egpiwere`?=jktlejr refjik.

E?= Jk`jm

XhlicmrsHiksuctmtjik

XE_QJKFMGIQEGEKP... EGRIVE_JKFMFEKE_MPJIK! ?=Arig Mzusm Xtreet ti tleVirc`


12/50

Ple Egpiwere`?= Fciomc Hiukhjcestmocjslestle aihus ia Egpiwere`?=, fjves jkspjrmtjikmciversjflt ti =8 _efjikmc Hmojkets mhriss tlewirc`, mk` lecps orjkf resiurhes ti oemr ikhruhjmc jssues amhe` oy tle Xpjrjt-egpiwere`hlurhl.

XE_QJKFMGIQEGEKP... EGRIVE_JKFMFEKE_MPJIK! ?8

E M M@EOIZE JXMD OU_FE_


13/50

E.M. [email protected]. Mèoiye js èepcy jgpmhtjkf kmtjiks wjtl _HHF hlurhles jk Kjferjm mk` itler Marjhmk kmtjiks, Euripe, Lmjtj,Nmgmjhm, mk` tle UXM. Le hiir`jkmtes mk mkkumc Licy Flist Hikfress mttekè` oy gire tlmk 0 gjccjik peipceemhl yemr mk` js lec` jk m higpcex wjtl m ike-oy-ike-lmca-gjce, hivere` wirsljp hekter.www.rhhf.irf

@IUF OEMHLMG@r. Oemhlmg js servjkf ms Fekermc Xuperjktekèkt ia tle Jkterkmtjikmc Rektehistmc Licjkess Hlurhl. Le lms mcsioeek tle Exehutjve @jrehtir ia Virc` Gjssjiks Gjkjstrjes mk` ia @jshjpcesljp Gjkjstrjes. Emrcjer le pmstire` jkFeirfjm air gmky yemrs mk` serve` ms superjktekèkt ia tle Feirfjm Hikaerekhe.www.jplh.irf

CJXMOEQE_E

Rmssjikmte. E`fy. _ecmtmoce. Riwerauc. Aukky. Plese wir`s èshrjoe Cjsm OevereJkterkmtjikmc spemder, oest-seccjkf mutlir, mk` hi-list ia Ple Gessekfer tecevjsjik prifrmg, wljhl orim`hmsts jk gire tlmk ?22 hiuktrjes.www.gessekferjkterkmtjikmc.irf

HLM_CEX OCMDEOjslip Hlmrces E. Ocmde, Xr js tle presj`jkf wirc`wjè cemèr ia tle Hlurhl Ia Fi` Jk Hlrjst (HIFJH). HIFJH jsike ia tle cmrfest Marjhmk-Mgerjhmk èkigjkmtjiks jk tle Ukjte` Xtmtes, mk` lms m wirc`wjè gegoersljp ia 5gjccjik peipce jk 12 hiuktrjes.www.hifjh.irf

N_ FEK OLCE_@r. Nrfek Olcer serves jk Jsrmec ms tle Exehutjve @jrehtir ia tle Jkterkmtjikmc Hlrjstjmk Egomssy Nerusmceg (JHEN).Ple JHEN represekts m ketwird ia evmkfecjhmc Hlrjstjmks, hlurhles mk` èkigjkmtjiks arig gire tlmk 62 kmtjiks.Pley giojcjze wirc`wjè prmyer mk` suppirt air tle Xtmte ia Jsrmec, remhljkf iut ti oitl News mk` Mrmos.jkt.jhen.irf

JXMD OU_FE_Rmstir Jsmd Ourfer hurrektcy sjts ms tle Rresjèkt ia tle Mpisticjh Amjtl Gjssjik jk Nilmkkesourf, Xiutl Marjhm.Le serves ms Hlmjrpersik air tle Pleicifjhmc M`vjsiry Higgjttee, js ik tle Exehutjve Higgjttee air t le Virc`Rektehistmc Aecciwsljp, mk` js tle @jrehtir ia _m`ji Rucpjt. Rmstir Jsmd js mcsi tle Hi-Hlmjr air E?= Marjhm.www.mag-mfs.irf

FCEKKOU__JX, N_.Xjkhe ?2=2, Rmstir Fcekk Ourrjs Nr. lms lec` tle pisjtjik ia Rresjèkt ia tle Aiursqumre Hlurhl. Rresjèkt Ourrjsfrmùmte` arig Giukt Qerkik Ojoce Hiccefe jk =:61. Le serve` ms yiutl pmstir jk Hikhir`, K.H., air m yemr mk`, jk=:66, oehmge m sekjir pmstir jk Gmhik, Fm. Ljs pmssjiks mre pcmktjkf hlurhles mk` hmrjkf air pmstirs.www.aiursqumre.irf

_EJKLM_@OIKKDEEvmkfecjst _ejklmr` Oikkde js prjkhjpmccy dkiwk air ljs Fremt Fispec Hrusmès tlriufliut tle Hiktjkekt iaMarjhm. Jt lms kiw oeek sige tljrty-ajve yemrs sjkhe _ejklmr` Oikkde aiukè` tle jkterkmtjikmc gjkjstry iaHlrjst air mcc Kmtjiks (HamK), wljhl hurrektcy lms iaajhes jk tle Ukjte` Xtmtes, Hmkm`m, Fergmky, Ukjte` Djkfìg,Kjferjm, Xiutl Marjhm, Xjkfmpire, Mustrmcjm, mk` Likf Dikf.www.hamk.irf

IGM_HMO_E_M, N_.

Xekjir Rmstir/Rresjèkt ia Qjsjik è Auturi mk` _efjikmc hiir`jkmtir jk Ouekis Mjres. Ljs hiksehrmtjik ti tle Cir`mk` tle mkswer ti ljs suprege hmcc lm` mk jgpirtmkt pcmhe jk ljs lemrt sjkhe le wms m yiutl. Le mk` ljs wjaeMcenmk`rm wird ms m temg jk gjkjstry. Xle lms tle fjat ti gjkjster jkker lemcjkf mk` mcsi ti rmjse up cemèrs tlmtgmy lecp jk tle vjsjik tlmt tle Cir` fmve tleg air Mrfektjkm.www.vjsjikèauturi.irf

NUMK JPM HE_HIKENumkjtm Herhike serves ms Rresjèkt ia Ekcmhe Pecevjsjik Ketwird mk` js mhtjvecy pmrtjhjpmtjkf jk tle Hlrjstjmktecevjsjik gjkjstry wjtl ler lusomk` Nikms Irtjz. _ehejvjkf jreht jkstruhtjik arig tle Cir` ti rmjse up jkterhessirsjk tle Xpmkjslspemdjkf wirc`, sle gjkjsters strikfcy ti aegmce Hlrjstjmk cemèrs.www.ekcmhe.irf

CM^M_UXHLMDVE_MRmstir Hlmdwerm, js hurrektcy servjkf ms tle presjèkt ia Gmcmwj Mssegocjes ia Fi` mk` Exehutjve Hiukhjc gegoeria tle Virc` Mssegocjes ia Fi` Aecciwsljp mk` Virc` Mssegocjes ia Fi` _ecjea Mfekhy. Le js aiuk`jkf sekjir pmstiria Jkterkmtjikmc Hlrjstjmk Mssegocy.

www.gmcmwjmssegocjesiafi`.irf

LUFI HLMK@r. Lufi Xmj Deukf Hlmk js m Rmrtker mt tle Cmw Ajrg ia Cjmu, Li & Hlmk, m gegoer ia tle Cmw Xihjety ia LikfDikf, Cefmc M`vjsir ti tle Hjty ia Xlekzlek, mk` gegoer ia tle Hljkese Reipces Ricjtjhmc Hiksuctmtjve Hikaerekhe.Le js Kmtjikmc @jrehtir ia Aucc Fispec Ousjkess Geks Aecciwsljp Jkterkmtjikmc jk Likf Dikf.www.clh.hig.ld

XE_QJKFMGIQEGEKP... EGRIVE_JKFMFEKE_MPJIK! ?5Fciomc Hiukhjc


14/50

JXLGMEC HLM_CEXXervjkf ms Rmstir sjkhe =:


15/50

HCMU@JIA_EJ@^IKHcmu`ji Arej`zik js tle pmstir ia _ey `e _eyes Hlurhl jk Ouekis Mjres, Mrfektjkm wljhl le oefmk jk =:


16/50

OJCCNIL KXI KOjcc Nilksik js tle Xekjir Rmstir ia Oetlec Hlurhl jk _e``jkf, Hmcjairkjm. Ojcc js m ajatl fekermtjik pmstir. Le mk`ljs wjae Oekj cem` m friwjkf mpisticjh ketwird tlmt hrisses èkigjkmtjikmc cjkes mk` oujc`s recmtjiksljps tlmtekmoce hlurhl cemèrs ti wmcd jk oitl purjty mk` piwer.www.joetlec.irf

XLEDLM_DMCCJMKRU_Xledlmr Dmccjmkpur, aiukèr mk` sekjir pmstir ia Kew Cjae Aecciwsljp Jkterkmtjikmc Hlurhl jk Gugomj, Jk`jm,mcsi serves ms tle Kmtjikmc @jrehtir, Kew Cjae Ge`jhmc mk` Eùhmtjikmc Prust mk` js m higgjtte` sihjmc wirder jkJk`jm wjtl gjkjstry aihus ik tle piir mk` persehute` Hlrjstjmks jk Jk`jm.

XHIPPDECXI@r. Xhitt Decsi lms oeek m cemèr jk tle rekewmc givegekt air 82 yemrs mk` js tle hurrekt Hlmjrgmk ia tleHlmrjsgmtjh Cemèrs Ketwird. Le serve` wjtl ZVMG jk tle =:


17/50

FI_@IKGII_EFir`ik Giire js tle sekjir gjkjster ia H8 Hlurhl Orj`fegmk @iwks, Mustrmcjm mk` kmtjikmc `jrehtir air tle H8Hlurhl Fciomc givegekt ia hlurhles. Le js m temhler mk` lic`s m Rl@ jk Ojoce Pleicify (UXM). Le wirds, mcikfwjtl js wjae Ni, ti ti oujc` strikf cihmc hlurhles tlmt mre suhhessauc mt remhljkf tle ukhlurhle`.www.h8o`.hig

_IOE_PGI__JX_ioert Girrjs js sekjir pmstir ia Fmtewmy Hlurhl jk Xiutlcmde, Pexms. Vjtl iver ?2 yemrs ia experjekhe jgpmrtjkfojocjhmc prjkhjpces ik prisperjty mk` persikmc friwtl, ljs pmssjikmte, prmhtjhmc mk` iatek lugirius presektmtjiktiuhles oecjevers mk` jgpmhts tle uk-hlurhle`.www.fmtewmypeipce.hig

IRIDUIKZJKMLMpistce @r. Ipidu Ikyjkml js presj`ekt ia tle Flmkm Rektehistmc mk` Hlmrjsgmtjh Hiukhjc, mk` Hlmjrgmk ia tleHlurhl ia Rektehist wjtl ormkhles jk


18/50

GMPPLEVD. PLIGMXRmstir Gmttlew Pligms js aiukèr mk` presjèkt ia Hektrmc Jk`jm Iutremhl (HJI). Ple vjsjik ia HJI js tipeketrmte mk` pervmè tle lmrèst mk` mrdest sehtjiks ia iur sihjety wjtl tle cive mk` cjflt ia Nesus Hlrjst.www.gmttlewdtligms.hig

@MQJ@VECCX_ev. @mvj` Veccs js Fekermc Xuperjktekèkt ia Ple Rektehistmc Mssegocjes ia Hmkm`m. Le lms pmstire` severmchlurhles, mk` lms mcsi serve` ms m hlmpcmjk air Hmkm`ms Icygpjh temgs. _ev. Veccs serves ms Hlmjr ia tle Oimràir tle Evmkfecjhmc Aecciwsljp ia Hmkm`m mk` lms mk GM jk Hlrjstjmk Gjkjstry arig Orjerhrest Xegjkmry, XD.www.pmih.irf

GM_DVJCCJMGXGmrd Vjccjmgs wms ecehte` ti tle pisjtjik ia Fekermc Iverseer ia tle Hlurhl ia Fi` jk ?2=?. @r. Vjccjmgs wmsmk jkterkmtjikmc evmkfecjst, pmstire` severmc hikfrefmtjiks, serve` ik gmky `jverse oimr`s, mk` ms XtmteM`gjkjstrmtjve Ojslip.www.hlurhliafi`.irf

OJCCZ VJCXIK (Hi-Hlmjr)@r. Ojccy Vjcsik hurrektcy serves ms tle aiurtl presjèkt ia Irmc _ioerts Ukjversjty. Le js tle list ia m weedcytecevjsjik prifrmg Virc` Jgpmht wjtl Ojccy Vjcsik, wljhl js seek jk iver =62 kmtjiks. @r. Vjcsik lms mcsiaistere` ukjque fciomc pmrtkersljps tlriufl Egpiwere`?=.www.iru.eù

FEI_FE VII@(Hi-Hlmjr)@r. Feirfe I. Vii` wms ecehte` ti tle pisjtjik ia Fekermc Xuperjktekèkt ia tle Mssegocjes ia Fi` jk Mufust ia?226. Le pmstire` Kewpirt-Gesm Hlrjstjmk Hekter jk Histm Gesm, Hmcjairkjm, air =6 yemrs. @r. Vii` js mutlir iasevek oiids wljhl jkhcuè ljs ormk` kew oiid hmcce` Cjvjkf jk tle Xpjrjt.www.mf.irf

IXXJEGJCCX (Egpiwere`?= Exehutjve @jrehtir)Issje serves ms tle E?= Exehutjve @jrehtir mk` Qjhe Rresjèkt ia Xtrmtefjh Jkjtjmtjves mt Irmc _ioerts Ukjversjty. Le lms82 yemrs experjekhe jk exehutjve mk` sekjir cemèrsljp rices aihuse` ik strmtefjh pcmkkjkf, ge`jm, auk`rmjsjkf mk`fciomc sykerfjstjh pmrtkersljps wjtljk air-priajt mk` amjtl-omse` irfmkjzmtjiks.www.egpiwere`?=.hig

XE_QJKFMGIQEGEKP... EGRIVE_JKFMFEKE_MPJIK! 85Fciomc Hiukhjc


19/50



20/50

Plmt every persik ik Emrtl

wiuc` lmve mk mutlektjhekhiukter wjtl

NEXUXHL_JXP

tlriufl tle Riwer mk`

Rresekhe ia tle Licy Xpjrjt

... oy Rektehist ?288.

XE_QJKFMGIQEGEKP... EGRIVE_JKFMFEKE_MPJIK! 8:Qjsjik


21/50

Egpiwere`?= wjcc lecp slmpetleauture ia tle Fciomc Xpjrjt-egpiwere`

givegekt tlriufliut tle wirc`oy aihusjkf ik hruhjmc jssues amhjkf

tle givegekt mk` hikkehtjkffekermtjiks air jkterfekermtjikmc

ocessjkf mk` jgpmrtmtjik.

XE_QJKFMGIQEGEKP... EGRIVE_JKFMFEKE_MPJIK! 0=Gjssjik


22/50

Pi Ukjtetle fciomc Xpjrjt-cce` givegekt tifetler

jkterfekermtjikmccy air tle purpise ia seedjkf m aresliutpiurjkf ia tle Licy Xpjrjt jk tle ?=st Hektury

Pi Aihustle ekerfy mk` resiurhes ia tle Xpjrjt-egpiwere` fciomc hlurhl ik tle lmrvest mk`

hlmccekfes oeaire us

Pi Rrivjèm pcmtairg air m``ressjkf tle hruhjmcjssues amhjkf tle ?=st Hektury Xpjrjt-egpiwere` hlurhl

Pi @jshiverhiktegpirmry getli`s, vihmoucmry,spjrjtumc frmhe mk` recmtjikmc amvir keeè` air ekfmfjkf

every fekermtjik jk Xpjrjt-egpiwere` cjvjkf

Pi Vjtkessfremter hikverfekhe mk` hiccmoirmtjikia Xpjrjt-egpiwere` gjkjstrjes mriuk` tle Virc`

XE_QJKFMGIQEGEKP... EGRIVE_JKFMFEKE_MPJIK! 08Rurpises

=. Airg mk` serve m Fciomc Hiukhjcia cemèrs jk tle Xpjrjt-egpiwere` givegekt tlmtwjcc fjve jkspjrmtjikmc iversjflt ti tle Egpiwere`?= prihess


23/50

wjcc fjve jkspjrmtjikmc iversjflt ti tle Egpiwere`?= prihess.

?. Airg mk` serve m ketwird ia jkterkmtjikmc refjikmc cemèrsljp temgs, wljhlmre jkterfekermtjikmc, guctj- etlkjh, fekèr jkhcusjve mk` orim` jk èkigjkmtjikmc/givegekt represektmtjik tlmt wjcc fjve fuj`mkhe ti tle Egpiwere`?= prihess jk tlejrrefjik.

8. Irfmkjze refjikmc mk` fciomc evektstlmt privjè m pcmtairg ti m``ress tle jssuesamhjkf Xpjrjt-Egpiwere` Hlrjstjmkjty jk tle ?=st Hektury.

0. Giojcjze mk` resiurhe tle fciomc Xpjrjt-egpiwergekt givegekt ti utjcjzeRektehist Xuk`my(mk` tle weeds oeaire jt) emhl yemr air aihuse` temhljkf/premhljkfik tle Licy Xpjrjt jkvjtjkf every fekermtjik ti experjekhe Ljg.

5. Airg mk` serve m fciomc ketwird air kext fekermtjik cemèrswli mre egpiwerjkfauture fekermtjiks jk every sefgekt ia sihjety jkhcu`jkf hlurhl, amgjcy, fiverkgekt,ousjkess, eùhmtjik, mrts/ektertmjkgekt, spirts mk` ge`jm.

1. @jsherk, èvecip, mk` `jstrjoute m armgewird air Xpjrjt-egpiwere` jshjpcesljpwljhl jkhcuès mfe mk` stmfe iuthige-omse` oekhlgmrds ia wlmt m Xpjrjt-egpiwere`Hlrjst aicciwer ciids cjde mk` cjves cjde.

6. Jèktjay mk` hremte giècs mk` resiurhesair cihmc hlurhles mk` Djkfìg gjkjstrjesti use jk mkswerjkf tle hiktjkujkf hry air spjrjtumc amtlers mk` gitlers.


24/50

JKJPJMPJQEXXE_QJKFMGIQEGEKP... EGRIVE_JKFMFEKE_MPJIK! 06

Out yiu wjcc rehejve piwer wlek

tle Licy Xpjrjt higes ik yiu4. . . ti tle ek`s ia


25/50

PUCXM, Idcm. Vjtl gire tlmk =0? gjccjik iwkcim`s ik sgmrtplikes mk` tmocets, ZiuQersjiks

Ojoce mpp js mcciwjkf peipce mriuk` tle wirc` ti experjekhe tle oestseccjkf oiid jk ljstiry jk

kew wmys. Ple pipucmr mpp lms pmrtkere` wjtl Egpiwere`?= ti cmukhl m 82 `my èvitjikmc

tjtce` Ple Xpjrjt Ajcce` Cjae.

Ple Xpjrjt Ajcce` Cjae serjes ia èvitjiks wms hremte` oy Egpiwere`?= cemèrs ti hlmccekfe

tle wmy oecjevers vjew tle Licy Xpjrjt. Pipjhs jkhcuè rekewmc, `jrehtjik, higairt, lecp,

lemcjkf, restirmtjik, mk` jkterhessjik air tle Hlrjstjmk cjae. @evitjikmcs were èsjfke` ti orjkf

trmksairgmtjik ti tle lemrts, wird, amgjcjes, mk` gjkjstrjes ia oecjevers mriuk` tle wirc`.

Pi ìwkcim` tle Ojoce Mpp, vjsjt ojoce.hig/mpp ir semrhl Xpjrjt Ajcce` Cjae jk tle ZiuQersjik

_em`jkf Rcmks.

tle Licy Xpjrjt higes ik yiu4

mk` yiu wjcc oe gy wjtkesses jk

Nerusmceg, m k` jk mcc Nuèm mk`

Xmgmrjm, mk` ti tle ek`s ia tle

emrtl.Mhts =>?0Gmttlew 8>8

Nuè ?2? Pjgitly ?>=-?_igmks =0>=:


26/50

Lemtl M`mgsik hlmjrMssegocjes ia Fi`

Eggmkuec Dwesj MhqumlHlurhl ia Rektehist Xiutl Marjhm

Hlmrces Oiy`Jktc Rektehistmc Licjkess Hlurhl

@mvj` OurriwsZiutl Mcjve Gjkjstrjes - Omlmgms

Gmrd HmstiExtrege

Rmuc @muflertyQjhtiry Hlrjstjmk Hekter

Pessje @eQireHlmrjsgm Liuse

Deccy AecciwsAiursqumre Hlurhl

Ukjte Qijhes

_esiurhe Itlers

Hikkeht Givegekts

Rremhl Nesus

Jfkjtjkf m Kew Fekermtjik ia Cemèrs

Nijk UsHikkeht wjtl Ziutl Cemèrs mriuk` tle wirc`!

Oehige m Gegoerwww.kfyk?=.hig

Esteomk XicjsHistm _jhm

Nefl & Mjceek Xtmu`teRektehistmc Euripemk Airugair Ziutl Gjkjstrjes

Nmges XtihdstjccOetlmky Virc` Rrmyer Hekter

Mk`y PnidriFerenm Oetlec Jkìkesjm, Xekmymk

Nikmtlmk PirresOetlmky Virc` Rrmyer Hekter

@mvj` QmkèputRektehistmc Euripemk Airugair Ziutl Gjkjstrjes

Ojccy VjcsikEgpiwere`?= Fciomc IhesIrmc _ioerts Ukjversjty

_igmks =5>1

Mhts ?>00Mhts 0>??Rljcjppjmks ?>8-0

Eplesjmks 0>8-1Nilk =6>?=Cude 5>1-6

Mhts 5>0?, :>?2? Hirjktljmks 0>5

Leorews =8>

(=) Ukèrstmk`jkf ia tle Ojocjhmc Pergjkicify mk` Rrihess air Jkter-

fekermtjikmc Gektirjkf

(?) Xekse ia Rersikmc Vecc-Oejkf mk` Ekrjhlgekt Plriufl Jkhremse` Jkter-

fekermtjikmc Hikkehtjiks

(8 @esjre mk` Jktektjikmcjty air Jkterfekermtjikmc _ecmtjiksljp.

Frmhe Kirtl Aiursqumre Hlurhl jk Mktleg, Mrjzikm lecpe` hikùht tle

ajrst Fekermtjiks Veedek`. Plree fekermtjiks were ekfmfe`4 tle yiukfest

pmrtjhjpmkt oejkf =5 yemrs ic` mk` tle icèst 6


28/50

Hlmjr @r. Qjksik Xykmk Hi-hlmjr @r. Mgis Zikf

Ple ]uj ti, Ehu mì r f mtl erj kf ia Cmt jk Mger jhm k s hli cmr s j s t le

tljr` ia aiur fmtlerjkfs ia shlicmrs tlmt represekt tle Xpjrjt-

egpiwere` givegekts mriuk` tle wirc`. Ple ajrst geetjkf

tiid pcmhe jk Ixair`, Ekfcmk`, jk ?2=? ukèr tle cemèrsljp ia

@r. Lmric` Lukter. Ple sehik` fmtlerjkf wms lec` jk Xy`key,

Mustrmcjm, ?2=8, wlere tle aihus wms ik Msjm. Qjksik Xykmk

mk` Mgis Zikf `jrehte` tljs hiksuctmtjik mk` tlise ti aicciw.

Ple ?2=0 geet jkf jk ]uj ti wjc c aihus ik Cmt jk Mger jhm . Pl e

hikhcu`jkf geetjkf air tljs serjes ia shlicmr hiksuctmtjiks

wjcc hucgjkmte Nerusmceg, Gmy ?2-?5, ?2=5. @urjkf tle

Egpiwere`?= Fciomc Hikfress, pmpers wjcc rem` ùrjkf tle

Xhlicmrs Prmhd.

Rcmks mre ti puocjsl aiur vicuges ia tle pmpers rem` jk tlese

fmtlerjkfs. Ple vicuges, e`jte` oy @r. Xykmk mk` @r. Zikf,

wjcc aemture Msjm, Marjhm, Cmtjk Mgerjhm, mk` Euripe mk` Kirtl

Mgerjhm, mk` gmè mvmjcmoce mater Nerusmceg ?2=0.

XE_QJKFMGIQEGEKP... EGRIVE_JKFMFEKE_MPJIK! 55Fciomc Xhlicmrs Hiksuctmtjik


29/50

Xet airtl oy tle Fciomc Hiukhjc ti mssjst jk airgjkf mk iuthige omse` gièc

air Xpjrjt-egpiwere` `jshjpcesljpmk` m``ress jssues suhl ms...

Vlmt sliuc` m Xpjrjt-egpiwere` `jshjpce ciid cjde jk tle ?=st hektury9

Vlmt mre tle mppriprjmte stmfes ia spjrjtumc evecipgekt air hljc`rek, yiutl

mk` kew oecjevers9

Vlmt steps hmk hlurhles tmde ti eklmkhe tlejr evecipgekt ia jshjpces9

Pljs requjres tle Licy Xpjrjt cem`jkf us jkti...

aresl, arequekt Ekhiukters wjtl Nesus,

jktektjikmc tjges ia Experjekhjkf Xhrjpture,mk`

purpiseauc Ekfmfegekt jk Aecciwsljp.

Kugerius repirts jk`jhmte m oremd ìwk

oetweek stmfes ? mk` 8 wlere wlmt wms Expcire`

mk` Egormhe` lms kit oehige pmrt ia every `my cjae

mk` tlus kit pmrt ia m oecjevers jèktjty.

E\RCI_EPrutls ia tle Amjtl

Egormhe

Prutls ia tle Amjtl

jk m persikmc wmy

Experjekhe

Prutls ia tle Amjtl

jk every`my cjae

Express

Prutls ia tle Amjtl

ti itlers tlriufl jèktjty

ms m Hlrjst-aicciwer

XE_QJKFMGIQEGEKP... EGRIVE_JKFMFEKE_MPJIK! 56@jshjpcesljp Pmsd Airhe


30/50

N j jtl c j t c ` l c ` t t j


31/50

Nij k w jtl cmj ty, cem `er s, s hli cmr s, m k` kex t-f eke rmt jik

vijhes arig mriuk` tle wirc` ti heceormte tle Licy Xpjrjt.

Xervjhes mk` Gjkjstry Prmhds jk Nerusmceg, Oetlceleg, Mggmk,

mk` tle Nir`mk _jver.

ZI U_ CJ AE VJ CC KE QE _ OE PL E XM GE !

www.Nerusmceg?2=5.hig

XE_QJKFMGIQEGEKP... EGRIVE_JKFMFEKE_MPJIK! 1=Fciomc Hikfress> ?2=5


32/50

_EFJIKXXE_QJKFMGIQEGEKP... EGRIVE_JKFMFEKE_MPJIK! 18

Ipidu IkyjkmlFlmkm Rektehistmc & HlmrjsgmtjhHiukhjc, Flmkm

Gjhlec Iue`rmifi

Armkd HljdmkeMpisticjh Amjtl Gjssjik, Xiutl Marjhm

Mcexjs Cudigoi

MA_JHM

MA_J]UE-A_MKHIRLIKE

_efjikmc Hmojket Hlmjrsmk` Hi-hlmjrs


33/50

Gjhlec Iue`rmifiMssegocjes ia FiÒurdjkm Amsi Vest Marjhm

Kjdi Knitirmlmr`niFerenm Oetlec JkìkesjmJkìkesjm

Numkjtm HerhikeEkcmheHistm _jhm, UXM

@mvj` VeccsRektehistmc Mssegocjes ia Hmkm`mHmkm`m

Fermc` XemceEvmkfecjhmc Mssihjmtjik ia tleHmrjooemk, Omromìs

Jkfica EccssecJkterkmtjikmc Hlrjstjmk EgomssyNerusmceg

Vmyke LjcsèkDjkf ia Djkfs HiggukjtyNerusmceg

Xledlmr DmccjmkpurKew Cjae Aecciwsljp JkterkmtjikmcHlurhl Gugomj, Jk`jm

Gmttlew PligmsHektrmc Jk`jm Iutremhl, Gm`lymRrmèsl, Jk`jm

@mkjec è CekPegpci HmcvmrjiUXM

Mctik FmrrjsikMssegocjes ia FiÙXM

Xmguec _i`rjfuezKmtjikmc Ljspmkjh Hlrjstjmk CemèrsljpHikaerekhe

Mcexjs CudigoiMzusm Xtreet Marjque-ArmkhiplikeHikfi

Cmwrekhe DlikfAmjtl Higgukjty OmptjstXjkfmpire

Igmr Hmorerm, Nr.Jfcesjm Qjsjk èc AuturiMrfektjkm

_jhd HjmrmgjtmriVjk`sir Hlrjstjmk AecciwsljpHmkm`m

Jslgmec HlmrcesJkterkmtjikmc Virsljp HekterOrjtjsl Qjrfjk Jscmk`s

Nilk ArmkhjsUkjte` Djkfìg_umhl Hjty Hlurhl

Hlm`y Ec-Mium`Mouk`mkt Cjae Hlurhl & GjkjstrjesCeomkik

Hlm`wjhd GilmkKew Cjae Mssegocy ia Fi` Hlurhl,PmgjcKmù, Jk`jm

Fref XurrmttXemhimst HlurhlUXM

MA_J]UE A_MKHIRLIKE

MXJM

MG_JHM CMPJKM

HMKM@M

HM_JOOEMK

EU_IRE

GJ@@CE EMXP

JK@JM

UXM> HIKF_EXI LJXRMKI

UXM


mk` Hi hlmjrs

_efjiks

Egpiwere`?=

_efjikmc Hmojkets

E?= Msjm

E?= Marjhm

E?= Ormzjc

E?= MgrjhmCmtjkm

E?= Ihemkjm

E?= Euripe

E?= UXM

E?= Hmkm`m

E?= Ljspmkjh UXM

E?= Gj``ce Emst

E?= Armkhiplike Marjque

E?= Hmrjooemk

@jshjpcesljp

Higgjssjik

Ziutl Cemèrs

Ketwird (KFZK)

Xhlicmrs

Hiksuctmtjik

Irmc _ioerts Ukjversjty FCIOMC

HIUKHJC

E?= Jk`jm

M.E. Mèoiye Vjccjmg Duyugj@ Hl j j Cja Gj j V c` j`

Ipidu IkyjkmlHi-hlmjrHl l a R Fl

Hmojket


34/50

Cmk`gmss> ?2,81?, ?:Getripicjs Hjty> Ripucmtjik> Cmfis, Kjferjm =2,56 Ihtioer ?:-82, Ourdjkm Amsi Hmojket Geetjkf?2=8> Gmrhl = Ihtioer :-=2, Mhhrm, Flmkm Hmojket/Hiukhjc Geetjkf?2=8> @ehegoer 8-0, Xiutl Marjhm Hiksuctmtjik Geetjkf?2=0> Mprjc =-8, ?2=0Hmojket/Hiukhjc Geetjkf?2=0> Nuke 0-

Xmguec Itu mppjml XmguecmppjmlItu BymlII .hIg.ud +?6 ?=


35/50

Mkmkj Fmstik Pifi

Oiu`m Armkfijs Hite ` Jvijre

Nisepl Diigsik Ourdjkm Amsi

Mcexjs Cudugoi, Armkhi- Hi-Hlmjr HikfiZmkifi Gmrhec Ourdjkm Amsi

Xmwm`ifi Gicussm Hite ` Jvijre

Moe Iue`rmifi Xekefmc

Gjhlec Iue`rmifi, Armkhi Hlmjr Ourdjkm Amsi, Hi-Hlmjr^more Iusgmke Pifi

Gmkuec Rmkzm Mkficm

Omcmthle PljmljgOm`u Vii` Ourdjkm Amsi

Mzmrjm Zmifi Ourdjkm Amsi

Ojccy Vjcsik Egpiwere`?= Fciomc Ihes, Irmc _ioerts Ukjversjty

GEEPJKFX ?2==> Nucy 06, @egihrmtjh _epuocjh ia Hikfi Hmojket Geetjkf

?2=?> Ihtioer 82 - Kivegoer =, Ourdjkm Amsi Hmojket Geetjkf?2=8> Mufust, Djkslmslm, Hikfi Arekhl Jkterkmtjikmc Hikfress?2=0> Ihtioer =5-= :, Djkslmsm, @_H


36/50

GEEPJKFX?2==> Aeorumry ?=??, Nmdmrtm, Jkìkesjm Ajrst Hikversmtjik?2==> Ihtioer ?5? Gmrhl ?2??, Xlmkflmj, Hljkm Hmojket geetjkf?2=?> Ihtioer ?8?0, Xeiuc, Direm Hmojket geetjkf?2=8> Gmy =0=6, Nmdmrtm, Jkìkesjm Msjmk HIKF_EXX?2=8> Ihtioer ===0, Dyiti, Nmpmk MCC Nmpmk Hikaerekhe?2=0> Nuke 06, Likf Dikf, Hljkm Heceormtjik ia tle Licy Xpjrjt

Cmk`gmss 00,56:,222 dg? (=6,?=?,222 sq gj)Ripucmtjik> 8.: Ojccjik | ?60 G Hlrjstjmk | =?0 G _ekewmcjstsHiuktrjes> 51Cmkfumfes> 5= iaajhjmcGetripicjs Hjty> Ripucmtjik>

Pidyi, Nmpmk 86,682,210 Nmdmrtm, Jkìkesjm =:,?8=,:=: Xeiuc, Xiutl Direm ??,1:?,15? @eclj, Jk`jm =


37/50

Cmk`gmss> ?=,21:,52= dg? ( ?5Cmkfumfes> 5 iaajhjmcGetripicjs Hjty> Ripucmtjik> Gexjhi Hjty, Gexjhi Gmy 0

gecjXXmfIkzcez gfIkzmcezBekcmhe.Irf 01:-58=-::15


38/50

XPMPJXPJHXCmk`gmss> Xeptegoer =-8, Ormsjcjm, Ormzjc Expcirmtiry Geetjkf?2=8> Aeorumry ?5-?1, Ormsjcjm, Ormzjc Airgmtjikmc Hmojket Geetjkf?2=8> Kivegoer 0-6, _ji, OrmzjcAirgmtjikmc?2=0> Mufust ??-?8, _ji @e Nmkejri

Hmojket

Hmojkekt jk Airgmtjik

65OrmzjcM@GJKJXP_MPJQEHIKPMHPAI_ O_M^JC>

expe`j tI`e gecI expe`jtI`egecI BhIfg.hh 21= - 88?6 65?2

_jhd Hjmrmgjtmri, Qjhe-HlmjrVjk`sir Hlrjstjmk Aecciwsljp

Xteve Amcdjker Aiursqumre Hmkm`m

Fcekk Airsoerf Aecciwsljp ia Hlrjstjmk Mssegocjes

Hmojket?2=2> Kivegoer = Mprjc ?2?=, Ourcjkftik, Iktmrji

Hmojket Geetjkf?2==> Kivegoer ?


39/50

Fcekk Airsoerf Aecciwsljp ia Hlrjstjmk Mssegocjes

Amyteke Frmsseshlj Amyteke Drysdiw Gjkjstrjes

Gjde Cive Extrege @remg

_ik Gmjkse =22 Luktcey Xtreet

Firìk Gh@ikmc` Rektehistmc Licjkess Hlurhl

@mvj` GhFrew Hmkm`jmk Aecciwsljp ia Hlurhles mk` Gjkjsters

Rmuc GhRlmjc Jkèpekèkt Mssegocjes ia Fi`, Jkterkmtjikmc

Gmrje Gjccer Aiuk`mtjiks Gjkjstry Jkh.

Ves Gjccs Mpisticjh Hlurhl ia Rektehist

Rmuc _ejhl Cjvjkf Amjtl Ojoce Hiccefe

Fcek Xtem` Hmkm`jmk Aecciwsljp ia Hlurhles mk` Gjkjsters

Vii`rie Pligpsik Hlurhl ia Fi` ia Rriplehy

@mkjec Qmssecc Hlurhl ia Fi` jk Iktmrji

@mvj` Veccs, HlmjrPle Rektehistmc Mssegocjes ia Hmkm`m

Gjhlmec Vjcdjksik Prjkjty Vesterk Ukjversjty

Feirfe Vii`wmr` Rresjèkt, Jsrmecs Remhe Gjkjstrjes


Hmojket Geetjkf?2=8> Aeorumry ==-=?, Ourcjkftik, Iktmrji

Emsterk Fmtlerjkf?2=8> Aeorumry =8-=0, Xurrey, OH

Vesterk Fmtlerjkf?2=0> Gmy 5-6, Nijkt geetjkf jk Vjk`sir, Iktmrji?2=0> Nuke :,:


40/50

GEEPJKFX>?2=?> Nucy 82 - Mufust =, Kmssmu, Omlmgms Hmojket Geetjkf

?2=8> Aeorumry 0-1, Giktefi Omy, Nmgmjhm Hmojket Geetjkf?2=0> Nuke =- Nuke ?-8, Gjmgj Hmojket Geetjkf

_jflt Hlijhes & Rrmhtjhmc Xicutjiks Hurmhmi

V.M. OcmjrHlurhl ia Fi` - Nmgmjhm

Egersik OiyheEvmkfecjhmc Mssihjmtjik ia tle Hmrjooemk

Prjkj`m` &Piomfi

@mvj` OurriwsZiutl Mcjve Gjkjstrjes - Omlmgms

Jslgmec Hlmrces - Hi HlmjrHlurhl ia Fi` - Pirticm

Gmrfmret EchihdAmgjcy Aihus Orim`hmstjkf - Prjkj`m` & Piomfi

Hlmrcje AjkihhljmriAiursqumre - @igjkjhmk _epuocjh

RMVJ Prjkj`m` mk` Piomfi

Gises M. NilksikHluhl ia Fi` - OPHJ

_mplmec GmssjmlMssegocjes ia Fi` - Fuymkm

Reter GirfmkJkterkmtjikmc Pljr` Virc`

Cemèrs Mssihjmtjik - Nmgmjhm

Gervecyk Niy GuccjkfsAiursqumre - Nmgmjhm

Niyhecyk KecsikViiòriid Rektehistmc Hlurhl - Prjkj`m` & Piomfi

Rmtrjhd RmucMssegocjes ia Fi` - Omlmgms

Kew Pestmgekt Hlurhl ia Fi` Fuymkm

Fermc` Xemce - Hi-HlmjrUkjte` Djkfìg

Nilk XgjtlMssegocjes ia Fi` - Fuymkm

@mvj` XtikeAiursqumre - Hmrjooemk

Mk`re Xyggik`sReipces Hmtle`rmc - Omromìs

Ojccy VjcsikEgpiwere ?= Fciomc Iaajhes

Irmc _ioerts Ukjversjty

Cmk`gmss> ?,650,222 dg? (=,218,222 sq gj)Ripucmtjik> 8: Gjccjik | 88G Hlrjstjmk | 1 iaajhjmcGetripicjs Hjty> Ripucmtjik> Rirt-mu-Rrjkhe, Lmjtj =,2


41/50

GEEPJKFX?2==> Gmrhl ?8?0, Lmgourf, Fergmky Jkmufurmc Hmojket

?2==> Kivegoer =8, Gukjhl, Fergmky Hmojket Geetjkf

?2=?> Mprjc =1=6, Gukjhl, Fergmky Hmojket Geetjkf

?2=?> Kivegoer =:-?2, Ou`mpest, Lukfmry Cemèrsljp Xuggjt

?2=8> Gmrhl 0-5, Cuherke, Xwjtzercmk` Hmojket Geetjkf

?2=8> Kivegoer ==-=?, Rrmfue, Hzehl _epuocjhHmojket Geetjkf

?2=5> Nmkumry =8-=5, Cikìk, Ekfcmk`Hmojket Geetjkf

Fergmky

Mkke HlrjstjmksekNesus HlurhlKirwmy

Fmry HcmrdeLjccsikf HlurhlUkjte` Djkfìg

@mkjec HistmkzmRektehistmc Euripemk AecciwsljpOecfjug

Jkfica Eccssec,Hi-HlmjrRektehistmc Euripemk AecciwsljpFergmky

_uoek Licgfreek AmcdRjksedjrdek Oirklicg@ekgmrd

Ekfcmk`

Eùmr` Frmoivekdi_ussjmk Evmkf. Hlurhl ia Hlrjstjmks_ussjm

Mrti LmgmcmjkekAj`m JkterkmtjikmcAjkcmk`

E`wjk NukfRekte. Euri. Airug air Ziutl Gjk.Oecfjug

@mkjec CuheriAiursqumre Jkterkmtjikmc GjssjiksArmkhe

Xkìr KgetlAmjtl HlurhlLukfmry

Lukfmry

_jhd _ekkerGishiw Fii` Kews Hlurhl

_ussjm

Gmx XhlcmepaerRektehistmc Mssegocjes ia Xwjtzercmk`Xwjtzercmk`

Rmuc Xhlgj`fmccEuripemk Pleicifjhmc XegjkmryFergmky


Kjhicmy mcutsdy_ussjmk Hlurhl ia Evmkf. Hlrjstjmks_ussjm

Cmk`gmss> =2,= 68: Gjccjik | 51= G Hlrjstjmk

| ?8 G _ekewmcjstsHiuktrjes> 52Cmkfumfes> ?8 iaajhjmcGetripicjs Hjty> Ripucmtjik> Jstmkouc, Purdey =8,1?0,?02 Gishiw, _ussjm ==,1


42/50

GEEPJKFX

HIHLMJ_X

Gmttlew D. Pligms ARHFJ, Jtmrsj

Xledlmr Dmcjmkpur Kew Cjae, Gugomj

Hlm`wjhd Gilmk Mssegocjes ia Fi`, Hlekkmj

HMOJKEP GEGOE_X

Emrkest Mormlmg HRH, Hlmttjsfmrl

Nmges Hlerjmk ARHFJ, Lislmkfmom`

Omtdupmr @ukmj KFI_M, Xljccikf

Nilk Nmhios Gugomj

Omctmzmr Derdettm ARHFJ, Nlmrdlmk`

Neevmk Gmfmr

LRH, Kepmc@igekjh Gmromkjmkf HJI, Xljccikf

Nisepl Gmtlew Hlurhl ia Fi`, Gugomj

_ev. Mkjc _eolmk RL, Nlmrdlmk`

Hlek _ekfgm KOH, @jgmpur

Mgjt Rmtec Amjtl Rmrd, Funmrmt

Mufustjke Rjkti _ymk Jkterkmtjikmc, Gugomj

_mnu Pligms Gmsjl Xmkfl, UR

ZIUPL CEM@E_X

Niec @dlmr @mkk FHH, Xljccikf

Xtmkcey Nisepl Hlurhl ia Fi`, Gugomj

Pjtus Nisepl

RZRA, Funmrmt

Cmk`gmss ?:68.=:8 Xq DGRipucmtjik> =,?81,800,18= | ?.8 % ia Ripucmtjik Hlrjstjmk |Hiuktrjes> ?k` Gist pipucmte` hiuktry jk tle wirc`Cmkfumfes> ?:Getripicjs Hjty> Ripucmtjik>

Gugomj =?,06


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GEEPJKFX?2==> Mprjc =8=0, Kjhisjm, Hyprus Hmojket Geetjkf

?2==> Kivegoer =5=6, Cmrkmhm, Hyprus Hmojket Geetjkf

?2=?> Gmy ???0, Jstmkouc, Purdey Hiukhjc Geetjkf

?2=?> @ehegoer 0-1, Mtleks, Freehe Xuggjt ik tle Licy Xpjrjt

?2=8> Gmy =0=6, Nmdmrtm, Jk`ikesjm Msjmk HIKF_EXX

?2=8> Xeptegoer ?1-?6, Mggmk, Nir`mk Hiukhjc Geetjkf

?2=0> Ihtioer 6-:, Mggmk, Nir`mk

XPMPJXPJHXCmk`gmss> 8 =:-8< (vmryjkf `eajkjtjiks)

Cmkfumfes> 5 iaajhjmc

Getripicjs Hjty> Ripucmtjik>

Hmjri, Efypt ==,22=,222 Jstmkouc, Purdey :,?=1,022 Pelrmk, Jrmk 6,6??,:22 Dlmrtiug-Ugg @urgmk, Xu`mk 5,=6?,222 Omfl`m`, Jrmq 0,:0


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GEEPJKFX?2==> Kivegoer Gmrhl 51, Orjsomke, Mustrmcjm Hmojket Geetjkf

?2=?> Kivegoer ?6-?:, Xy`key, Mustrmcjm Hiukhjc Geetjkf

?2=8> Gmy ?8-?0, Orjsomke, Mustrmcjm Hiukhjc Geetjkf

Rmuc @eNikf Cjae Hlurhl, Muhdcmk`

Jcjm Eserm Mssegocjes ia Fi`

_io Fremves Qjhtiry Cjae Hektre

Nilk Gmhdkmgmrm MHMR

_mnmk Pljmfmrmnml Gjflty Cjvjkf Vmters Aecciwsljp

Ojcc Qmsjcmdjs H_H Jkterkmtjikmc


XPMPJXPJHXCmk`gmss> 85 Gjccjik | ?8 G Hlrjstjmk | : G _ekewmcjsts

Hiuktrjes> ??

Cmkfumfes> ?< iaajhjmc

Getripicjs Hjty> Ripucmtjik>

Xj`key, Mustrmcjm 0,1?6,805

Gecoiurke, Mustrmcjm 0,=62,222

Orjsomke, Mustrmcjm ?,=01,566

rIo fremveX fremveX.rIo BvjhtIrycjaehektre .hIg.mu 1= < :?2? 6===

HMOJKEP Ecjezer Oikjccm Mouk`mkt CjaeVjcareì è Ness Kew Cjae Hivekmkt Gjkjstrjes

@mkjec è Cek, HlmjrPegpci Hmcvmrji

@mkjec Fumnmrì Irmc _ioerts Ukjversjty

Vjccjmg Lerkmkèz Jkfcesjm Evmkfecjhm Mpisticiesy Rriaetms


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?2=2> Kivegoer ?8, Xmktm Mkm, Hmcjairkjm?2==> Mprjc ===?, X mk Mktikji, Pexms Hmojket Geetjkf?2=?> Xeptegoer ?=-??, Pucsm, ID Gj`west Xuggjt

?2=?> Ihtioer ?1-?6, Xmk Numk, Ruerti _jhi Emst Himst Xuggjt?2=8> Mprjc ?5-?1, Ircmkì, AC Ljspmkjh UXM Kmtjikmc HIKF_EXX?2=0> Mprjc ?:-82, Xmk @jefi, HM Hmojket Geetjkf

E?= Ljspmkjh Hikfressjs jk pmrtkersljp wjtl tle Kmtjikmc

Ljspmkjh Hlrjstjmk Cemèrsljp Hikaerekhe (KLHCH)ti lecpm``ress jssues amhjkf tle Xpjrjt-ajcce` Ljspmkjh hlurhl jk tle

UXM.

Vjccjmg Lerkmkèz Jkfcesjm Evmkfecjhm Mpisticiesy Rriaetms

Nmjge Ciym Qmccey Jkterkmtjikmc Hlrjstjmk Hekter

Nesse Gjrmk`m Nesse Gjrmk`m Hekter air Ljspmkjh Cemèrsljp

Hmrcis Girmk Hlurhl ia Fi`

_ifecji Ivmcce KRCM@ Msmgocems è @jis

@mkjec Rrjeti Aiursqumre Hlurhl

Hlrjs _jhlmr`s Qjki Kuevi Ec Rmsi

@ekkjs _jverm Mssegocjes ia Fi`

Xmguec _i`rfuez. Nr. Kmtc Ljspmkjh Hlrjstjmk Cemèrsljp Hikaerekhe

Numk Hmrcis Xmcheì Njrel _esiurhes

Njg Picce Hlurhl ik tle Vmy


Cmk`gmss> 8,6:0,222 sq gjces (:,


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GEEPJKFX?2=2> Kivegoer ==-=?, _efekt Ukjversjty Hmojket Geetjkf

?2==> Gmrhl :-=2, Gegpljs, PK Hmojket Geetjkf (wjtl XRX)

?2==> Ihtioer 16, Qjrfjkjm Oemhl, Qjrfjkjm Hmojket Geetjkf

?2=?> Aeo ?:Gmr 8, Qjrfjkjm Oemhl, Qjrfjkjm Hikverfe?= XUGGJP

?2=?> Mufust =6= Mprjc :-=?, Nmhdsikvjcce, Acirj`m Hmojket Geetjkf mk` Cem`ersljp XUGGJP

?2=0> Nuke 5-6, Frjaajk, FeirfjmUXM Heceormtjik ia tle Licy Xpjrjt

Xtercjkf OrmhdettPle Aiursqumre Hlurhl

Hmrcis M. HmgpiKLHCH

Hcjatik Hcmrde_efekt Ukjversjty

@mvj` @mkjecsGhHirgjhd Pleicifjhmc Xegjkmry

Xlmrik @muflertyQjhtiry Hlrjstjmk Hekter

Hrmjf @ukkmfmkJktefrjty Gusjh

Mctik Fmrrjsik, HlmjrMssegocjes ia Fi`

Mkke Fjgekez_ihd Hlurhl Jkterkmtjikmc

Pligms GhFleeJLRH

Nerry GmhdcjkHlurhl ia Fi` jk Hlrjst

Issje GjccsIrmc _ioerts Ukjversjty

@mvj` _ieouhd@jxik Rektehistmc _esemrhl Htr.

Vmccmhe XjoceyHlurhl ia Fi`

Fref Xurrmtt, Hi-HlmjrXemhimst Hlurhl

Qjksik Xykmk_efekt Ukjversjty

Fjcoerti QecezKLHCH


XPMPJXPJHXCmk`gmss> 8,6:0,222 sq gjces (:,


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XE_QJKFMGIQEGEKP... EGRIVE_JKFMFEKE_MPJIK! :8

KLHCHwww.klhch.irf

Rektehistmc/Hlmrjsgmtjh Hlurhles

ia Kirtl Mgerjhmwww.pphkm.irf

Rektehistmc Euripemk Aecciwsljpwww.pea.ket

Rektehistmc Virc` Aecciwsljpwww.pektehistmcwircàecciwsljp.irf

_efekt Ukjversjtywww.refekt.eù

_ihd Hlurhl Jkterkmtjikmcwww.rihdhlurhljkterkmtjikmc.irf

Ple Xihjety air Rektehistmc Xtu`jeswww.sps-usm.irf

Ziu Qersjikwww.yiuversjik.hig

OIXX tle Givegektwww.oisstlegivegekt.hig

Ple Hlrjstjmk Orim`hmstjkf Ketwirdwww.hok.hig

Ekcmhewww.ekcmhe.irf

Fmtewmy Hlurhlwww.fmtewmypeipce.hig

!

!

Lemcjkf Givegekt Gjkjstrywww.lggjkjstry.hig

Jktefrjty Gusjhwww.jktefrjtygusjh.hig

Hikviy ia Lipewww.hikviyialipe.irf

Pljs js m pmrtjmc cjst ia tle kugerius gmnir Hlmrjsgmtjh/Rektehistmcèkigjkmtjiks mk` irfmkjzmtjiks tlmt lmve nijke` tifetler jk suppirtia Egpiwere`?=. Pljs cjst hiktjkues ti friw.

JKPE_KMPJIKMC RM_PKE_X

Lmk`s ia Lipewww.niyhegeyer.irf

?2==FCIOMC Aeorumry =2== Hcevecmk`, Pekkessee KFZK?=

MXJM Aeorumry ?=?? Nmdmrtm, Jkìkesjm Hikversmtjik

UXM Gmrhl :-=2 Gegpljs Pekkessee Hmojket wjtl XRX

FCIOMC Nmkumry =2-=? Ircmkì, Acirj`m Hiukhjc

UXM Aeorumry ?: - Gmrhl 8 _efekt Ukjversjty Hikverfe?=

IHEMKM Gmrhl 5-1 Orjsomke, Mustrmcjm Hmojket

?2=?


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UXM Gmrhl : =2 Gegpljs, Pekkessee Hmojket wjtl XRX

EU_IRE Gmrhl ?8?0 Lmgourf, Fergmky Jkmfurmc Hmojket

MA_JHM Gmrhl ?:82 Nilmkkesourf, Xiutl Marjhm Hmojket

UXM LJXRMKJH Mprjc ===? Xmk Mktikji, Pexms Hmojket

GJ@@CE EMXP Mprjc =8=0 Kjhisjm, Hyprus Hmojket

HMKM@M Mprjc ?2?= Ourcjkftik, Iktmrji HmojketCMPJKM Gmy =6=: Gjmgj, Acirj`m Hmojket

FCIOMC Gmy =:-?2 @mccms, Pexms Exehutjve Pemg

A_MKHIRLIKE Nucy 06 Hikfi @_ Hmojket

MXJM Nucy 51 Likf Dikf Hmojket

FCIOMC Xeptegoer =1-=6 Mktleg, Mrjzikm Fekermtjiks Veedek`

FCIOMC Ihtioer 8-0 _ige, Feirfjm KFZK?=

UXM Ihtioer 16 _efekt Ukjversjty Hmojket

CMPJKM Ihtioer ==-=? Ircmk`i, Acirj`m Hmojket

MXJM Ihtioer ?5?< Nmdmrtm, Jk`ikesjm Hmojket

EU_IRE Kivegoer =8 Gukjhl, Fergmky Hmojket

IHEMKJM Kivegoer


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O_M^JC Aeorumry ?5-?1 Ormsjcjm, Ormzjc Airgmtjikmc HmojketEU_IRE Gmrhl 0-5 Cuherke, Xwjtzercmk` Hmojket

MA_JHM Gmrhl =


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@ehegoer ?2=0

E21 Executive Summary - Spreads (January 2015)

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Transcript of E21 Executive Summary - Spreads (January 2015)