December 2016 December 16, 2016

)5(( &ROHEURRNªV/DUJHVW&LUFXODWHG:HHNO\1HZVSDSHU 7KH&ROHEURRN&KURQLFOH &29(5,1*7+(72:162)7+(833(5&211(&7,&875,9(59$//(< )5,'$<'(&(0%(5  92/12 9HWHUDQV([SUHVV&RQFHUQV$ERXW1HZ&RYHUDJH3ODQ %\7KRPDV-RUGDQ /RFDO PLOLWDU\ VHUYLFH YHWHUDQV JDWKHUHG DW WKH &ROHEURRN7RZQ+DOORQ0RQGD\ IRU D PHHWLQJ GLVFXVVLQJ IXWXUH 9$ FRYHUDJH SODQV 5HSUHVHQWDWLYHV RI WKH :KLWH 5LYHU-XQFWLRQ9$+RVSLWDOZHUH SUHVHQW WR RXWOLQH WKH QHZ SURJUDPDQGILHOGTXHVWLRQV 7KLVFRPHVRQWKHKHHOVRIDQ DQWLFLSDWHG FORVXUH RI WKH 9$ FOLQLF DW ,QGLDQ 6WUHDP +HDOWK &HQWHU DORQJ ZLWK D RQHGD\ PRELOH FOLQLF LQ %HUOLQ KDSSHQLQJQH[W)HEUXDU\7KLV QHZSODQZDVGHVLJQHGIROORZLQJ IHHGEDFN IURP D ZHOODWWHQGHG PHHWLQJKHOGWKLVSDVW-XO\ $W WKDW LQLWLDO PHHWLQJ FRQFHUQV ZHUH H[SUHVVHG E\ YHWHUDQVSUHVHQWUHJDUGLQJWKHLU FXUUHQW KHDOWKFDUH VLWXDWLRQ &RQWLQXHGRQSDJH 1RUWKHUQ3DVV 3ODQQHG&ORVHG'2(0HHWLQJ %ULQJV3URWHVWV3RVWSRQHPHQW 2Q6XQGD\WKHDQQXDO&KULVWPDV&RQFHUWZDVKHOGDW*UDFH&RPPXQLW\&KXUFKLQ&DQDDQ7KHIXOO KRXVHLQDWWHQGDQFHZDVWUHDWHGWRDVHOHFWLRQRIKROLGD\LQVSLUHGVRQJDQGGDQFHLQFOXGLQJQXPEHUVE\ WKH&KRUXV&KDUOHV-RUGDQSKRWR &DQDGLDQ)RON5HWUR5RFN%OXHJUDVVDQG&HOWLF *1:&$$QQRXQFHV8SFRPLQJ 6KRZV$W&ROHEURRN&RXQWU\&OXE 7KH *UHDW 1RUWK :RRGV &RPPLWWHH IRU WKH $UWV *1:&$  DQG WKH &ROHEURRN &RXQWU\ &OXE DQQRXQFH WKLV ZHHNWKHQH[WIRXUVKRZVLQWKH SRSXODU*1:&$DWWKH&RXQWU\ &OXE &RQFHUW 6HULHV )RXU GLYHUVH VKRZV ZLOO RIIHU VRPHWKLQJ IRU HYHU\RQH &DQDGLDQIRONJRRGROGURFNDQG UROOIRRWVWRPSLQªEOXHJUDVVDQG D6W3DWULFNªV'D\&HOWLFPXVLF EDVK §/DVWVXPPHUZHGHEXWHGRXU QHZ VHULHV EULQJLQJ EDFN WRJHWKHU WKH *1:&$ªV SURYHQ WUDFNUHFRUGIRUEULQJLQJTXDOLW\ SHUIRUPLQJDUWVWRWKHUHJLRQDQG WKH &ROHEURRN &RXQWU\ &OXEªV ORQJVWDQGLQJFRPPLWPHQWWRWKH %\1DQF\:HVW ,Q'HSWK1+RUJ *RYHUQRU0DJJLH+DVVDQDQG 86 6HQDWRU -HDQQH 6KDKHHQ ZDQWPRUHLQIRUPDWLRQIURPWKH 86'HSWRI(QHUJ\DERXWZK\ WKHSXEOLFDQGSUHVVZHUHWREH H[FOXGHG IURP WZR 1HZ +DPSVKLUH PHHWLQJV DERXW 1RUWKHUQ3DVVDFFRUGLQJWRWKHLU VSRNHVPHQ 7KH PHHWLQJV WR LGHQWLI\ FXOWXUDO ODQGVFDSHV DORQJ WKH URXWH RI WKH SURSRVHG PLOH WUDQVPLVVLRQOLQHIURP3LWWVEXUJ WR 'HHUILHOG VHW IRU QH[W ZHHN ZHUHJRLQJWREHOLPLWHGWRSHRSOH DQG RUJDQL]DWLRQV DOUHDG\ GHVLJQDWHG E\ WKH '2( DV §&RQVXOWLQJ3DUWLHV¨ &RQWLQXHGRQSDJH FRPPXQLW\ WRJHWKHU LQ D EHQHILFLDOVHULHVRIH[FLWLQJPXVLF SURJUDPV¨ VDLG *1:&$ 3UHVLGHQW &KDUOLH -RUGDQ §2XU ILUVW VL[ VKRZV EURXJKW PDQ\ RI RXU DXGLHQFH DORQJ ZLWK XV DV ZHOODVPDQ\QHZSHRSOHZKRWHOO XV WKDW WKH\ HQMR\ WKH &RXQWU\ &OXEªVUHOD[HGHQYLURQPHQW¨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¥ WKHORQJHVWFRPPRQODQGERUGHU LQ WKH ZRUOG ,W UHTXLUHV WKH H[DPLQDWLRQ RI WKUHDWV DQG VHFXULW\QHHGVDWWKHPLOH ORQJQRUWKHUQERUGHUWRLPSURYH UHVRXUFHVPDNHLW§VWURQJHUDQG VDIHU¨  DFFRUGLQJ WR D SUHVV UHOHDVH LVVXHG E\ 6HQDWRU $\RWWHªVRIILFH 1RZ ODZ WKH +HLWNDPS DQG $\RWWH ELOO UHTXLUHV WKH 86 'HSW RI +RPHODQG 6HFXULW\ '+6  WR HYDOXDWH VHFXULW\ WKUHDWVDWWKHERUGHUWKURXJKD &RQWLQXHGRQSDJH