Abstract IMF Christine Lagarde G20 OECD Angel Gurria OECD Entrepreneurship at a Glance 2012 start-up rate ADB WWF Ecological Footprint and Inve

ISSN 1019-2441 1757 501 http://www.cepd.gov.tw( ) 101621 ( ) 2011 0.4%1.3% 1.8% 3.0% 2012 1.9% GDP 2011 2012 2012

2 1757 Abstract IMF Christine Lagarde G20 OECD Angel Gurria OECD Entrepreneurship at a Glance 2012 start-up rate ADB WWF Ecological Footprint and Investment in Natural Capital in Asia and the Pacific The global economy is still rocked by turmoil, with uncertain prospects for growth and jobs. The planet is warming rapidly, with unknown and possibly dire consequences down the line. Across too many societies, the gap between the haves and have-nots is getting wider and strains are getting fiercer, IMF Managing Director Christine Lagarde said. Europe s leaders came under severe pressure from the rest of the world at the G20 summit to act decisively to resolve the eurozone crisis. Angel Gurría, Secretary-General of the OECD, accused the eurozone of not using its existing tools to the fullest. The fire is in Europe right now and it is affecting the system as a whole. It is no longer just a European issue, he said. Start-up rates in most countries are slowly bouncing back toward their pre-crisis levels, but not all countries have seen significant acceleration in new businesses, according to a new OECD Entrepreneurship at a Glance 2012report. Asia and the Pacific is consuming more resources than its ecosystems can sustain, threatening the future of the region s beleaguered forests, rivers, and oceans as well as the livelihoods of those who depend on them, according to the joint ADB-WWF study, Ecological Footprint and Investment in Natural Capital in Asia and the Pacific.

1753 3 5 OPEC 13 1. 91 5. 110 G20 2. 94 6. 115 7. 117 3. 104 ADB OECD 4. 106

4 1757 8. 120 9. 122 10. 130 BEXCO 2 PPP 21 60 11 138 139 140

1757 5 2008 2008 4.0% 1.4%2009 2.2% 2010 4.2% 2009 2010 2011 2.7% 2012 2.5% 2011 annual rate 0.4%1.3% 1 1.8%3.0% 2012 1.9% GDP 2011 Carnes & Slifer1991 17 6 1980 2009 1990

6 1757 1 (%) (%)* ( ) ( ) ( ) (%)* 2009 1 9.6 35.5 43.2 142,187 12,049 7.8 2-6.7 1.3 9.1 35.7 42.1 141,660 12,860 8.3 3 9.7 36.4 41.2 140,754 13,389 8.7 4 9.2 40.4 43.9 140,654 13,796 8.9 5-0.7 8.3 9.8 43.2 44.5 140,294 14,505 9.4 6 9.7 45.3 46.3 140,003 14,727 9.5 7 11.2 49.1 46.7 139,891 14,646 9.5 8 1.7 6.4 14.0 52.8 48.2 139,458 14,861 9.6 9 9.2 52.4 50.1 138,775 15,012 9.8 10 10.5 55.2 50.1 138,401 15,421 10.0 11 3.8 5.3 10.9 53.7 48.4 138,607 15,227 9.9 12 11.3 54.9 49.8 137,968 15,124 9.9 2010 1 10.8 58.4 50.5 138,500 14,953 9.7 2 3.9 4.5 10.5 56.5 53.0 138,665 15,039 9.8 3 11.7 59.6 55.4 138,836 15,128 9.8 4 11.3 60.4 55.4 139,306 15,221 9.9 5 3.8 1.2 11.6 59.7 55.4 139,340 14,876 9.6 6 11.2 56.0 54.0 139,137 14,517 9.4 7 11.5 55.7 54.5 139,139 14,609 9.5 8 2.5 1.8 11.5 57.4 52.4 139,338 14,735 9.6 9 11.8 56.4 53.5 139,344 14,574 9.5 10 12.3 57.0 55.0 139,072 14,636 9.5 11 2.3 1.8 12.3 58.0 55.9 138,937 15,104 9.8 12 12.5 57.3 57.2 139,220 14,393 9.4 2011 1 12.6 59.9 58.3 139,330 13,919 9.1 2 0.4-1.0 13.3 59.8 59.0 139,551 13,751 9.0 3 13.0 59.7 56.3 139,764 13,628 8.9 4 13.1 59.7 54.4 139,628 13,792 9.0 5 1.3-0.3 11.7 54.2 54.5 139,808 13,892 9.0 6 11.5 55.8 53.3 139,385 14,024 9.1 7 12.2 51.4 53.4 139,450 13,908 9.1 8 1.8 1.8 12.1 52.5 53.8 139,754 13,920 9.1 9 13.1 52.5 52.6 140,107 13,897 9.0 10 13.3 51.8 52.6 140,297 13,759 8.9 11 3.0 1.2 13.6 52.2 52.6 140,614 13,323 8.7 12 13.6 53.1 53.0 140,790 13,097 8.5 2012 1 14.2 54.1 56.8 141,637 12,758 8.3 2 1.9-0.9 15.1 52.4 57.3 142,065 12,806 8.3 3 14.4 53.4 56.0 142,034 12,673 8.2 4 14.4 54.8 53.5 141,865 12,500 8.1 5 13.8 53.5 53.7 142,287 12,720 8.2 *

1757 7 1 () ( ) ( ) ( ) (%) (%) (%) (%) 2009 1-2.2-2.4 490 545 0.3 0.9 2-0.6-0.6 582 558 0.4-0.3 3-1.7-1.7 505 513-0.1-0.9 4-0.9-0.9 478 521 0.1 0.5 5-1.1-0.9 540 556 0.1 0.1 6-0.4-0.4 585 601 0.8 1.9 7 1.0 1.0 594 595 0-1.2 8 1.0 1.2 586 616 0.4 1.6 9 0.6 0.9 585 609 0.2-0.2 10 0.2 0.3 534 583 0.3 0.4 11 0.4 0.6 588 623 0.3 1.3 12 0.5 0.7 581 664 0.1 0.4 2010 1 1.0 1.1 614 636 345 0.1 1.0 2 0.4 0.7 604 650 336 0.0-0.6 3 0.6 0.8 636 687 381 0.0 0.5 4 0.4 0.7 687 637 422 0.0-0.1 5 1.6 1.8 583 575 280-0.1-0.2 6 0.2 0.3 536 587 305 0.0-0.2 7 0.7 0.8 546 579 283 0.2 0.2 8 0.2 0.4 599 580 282 0.2 0.7 9 0.4 0.5 594 563 317 0.1 0.4 10-0.4-0.4 543 558 291 0.3 0.8 11 0.3 0.4 545 560 287 0.2 0.4 12 1.1 1.1 539 632 326 0.4 0.9 2011 1 0.1 0.1 632 566 308 0.3 0.8 2-0.2-0.3 518 536 273 0.4 1.1 3 0.8 0.8 600 590 301 0.5 0.5 4-0.5-0.5 552 578 312 0.4 0.7 5 0.3 0.3 551 624 308 0.3 0.1 6 0.1 0.0 615 633 304 0.1 0.1 7 0.9 0.9 614 627 297 0.3 0.5 8 0.3 0.1 581 645 292 0.3 0.2 9 0.2 0.1 647 616 306 0.3 0.9 10 0.6 0.5 630 667 314 0.0-0.3 11 0.2 0.1 708 709 327 0.1 0.1 12 0.9 0.8 697 701 339 0.0-0.1 2012 1 0.6 0.5 720 684 339 0.2 0.3 2 0.4 0.4 718 707 358 0.4 0.3 3-0.5-0.6 706 769 332 0.3 0.0 4 1.0 0.9 744 723 343 0.0-0.2 5-0.1-0.3 708 780-0.3-1.0

8 1757 1990 1 2011 2012 0.9%

1757 9 1 2009 1,000 2011 2011 20122 1,510 PMI ISM PMI 50 50 50 PMI PMI GDP 50 41.9 PMI PMI ISM PMI PMI 1 PMI 2009

10 1757 20104 PMI 60.4 2011 50 PMI 2011 PMI 2011 PMI 2012 2011 PMI 2011 GDP GDP GDP 5 PMI GDP coincident 1 2010 2009121.38 20119 1.40 20125 1.42 200910 10.0% 20124 8.1%

1757 11 GDP 1 2011 20115 20122 20123 6 10% GDP 1 2009 2011 2011 2012 20124 74.4 5 70.8

12 1757 1 2009 2011 2012 2011 2012 2012 2012620 Fed 20126 4,000 2012 6 30 3 10 0.85 Fed Fed 1. 2009 2. 1995 Carnes W. S. & S. D. Slifer1991The Atlas of Economic IndicatorsHapper & Row, Publishers, New York

1757 13 2012 3.2%2013 3.8% EIU 20126 10 2010 2012 2012 3.2%2013 3.8% 2 3 5 Brent 126 115 20% 200 2012 2.9% 2011 4 11.5 8.0% 2012 2.2% 2012 0.7% 2012 1.5%

14 1757 2012 1 1.29 2012 1 86 414 2007 0.5% 1% 2012 1 6.27 2013 2016 1.7% 20119 10% 2012 4 4 EIU 2012 1.3% 2013 2012 OPEC 6.6% OPEC 1.3%2012 112.5 2012 2.2%2013 2.1% 2011 3.0% 2012 2.2% 2011 2012 2.2%2013 2.1%

1757 15 GDP 2009 99% 2011 86% 2006 30% 2006 657% 2011 499% 201111 40 2006 30 4 11.5 8.0% 6 9 2011 400 0.25% 2014 2012 1 1.29 1 86 1 6.27 2012 0.7%2013 0.5% 2011 0.3% 2012 2012 0.7% 2013 0.5% 0.1% 1.5%2.2% IMF 56 6 EIU 50%

16 1757 2011 GDP8.5% 2012 5.5% 2.0% 2012 2013 1.0% 2014 2016 2.5% 2012 1.5%2013 1.3% 20113 0.7%2012 2012 1.5% 2013 1.3% 2013 2016 1.3% 1824 2014 2015 201110 1 75.7 20123 1 83.7 2012 1 86 2012 0.3% 2012 6.1%2013 6.7% 2016

1757 17 2012 6.1%2013 6.7% 2012 2011 201111 1 3.5% 2 12%3 5.8% 2012 25% 8.6% 14% 1.8% 3 5%4 2012 2012 8.3% 2011 6.5% 4 3.4% 2012 4.0% 3.7% 2012/13 7.0% 2012 2016 5.6% 2016 2012 3.8% 2013 4.3% 2010 2011 4.3% 2012 3.8% 2013 OECD

18 1757 1 % 2009 2010 2011 2012 2013 GDP -0.8 5.1 3.7 3.2 3.8-2.4 4.0 2.5 2.2 2.7-3.5 3.0 1.7 2.2 2.1-2.8 3.2 2.5 2.0 2.1-5.5 4.5-0.7 1.5 1.3-4.3 1.9 1.5-0.7 0.5 27-4.3 2.0 1.6-0.4 0.8-5.7 3.4 3.8 2.4 3.3 a -2.7 2.6 3.1 1.2 2.7 5.0 8.4 6.4 6.1 6.7 1.2 7.9 4.7 4.9 5.5-2.0 6.0 4.3 3.8 4.3 1.5 4.2 3.2 4.0 4.2 b 1.2 4.4 4.4 4.0 4.9 a b The Economic Intelligence Unit Ltd, EIU Country Forecast, June, 2012. 2012 4.0% 2013 4.2% 4.3% 14.3% 2012 3.4% 2014 2016 4.0% 2011 4.0% 2006 2012 3.4% 2011 2012 GCC 2012 4.0%2013 4.2%

1757 19 2012 2016 5.0% 2012 2016 7.0% 5 0.1%8.2% 2012 GDP 2.2% 1.9% 0.3% GDP 1.9% 2012 GDP 1.9% 2.2% 2011 3.0% GDP 1.12% 0.47% GDP -0.03% 2.4% 1.1% 2.3% 1.2% GDP / +2.7% +14.3% +2.3% +1.9% +19.4% +7.2% +6.1% -5.9% -8.3% -0.8% -2.5% +0.21% GDP +1.7% GDP+1.3%

20 1757 GDP 3.6% 1,346 154,540 GDI +2.7% 5 CPI-U 0.3% 5 CPI-U 0.3% 6.8% 4.3% CPI-U 0.2% 12 CPI-U 1.7% 20119 3.9% CPI-U -3.9% 200910 2.8% CPI-U 2.3% 5 CPI-U 0% -0.1% +0.2% -4.3% -6.4% -0.7% +0.2% +0.2% +1.0% +0.4% 0% +0.2% +0.2% +0.3% +0.5% CPI-W 1.6% 226.601982~84=100 5 0.1 8.2% 5 6.9 0.1% 8.2% 1,270 4 7.8% 7.4% 11.0% 24.1% 7.4% 13.6% 5.2%4 27 510 540 42.8% 0.2%63.8% / 58.6% 810 240 4 12 83.0 5 / +3.3 +2 +1.6 +1.2-2.8 5 23.41 0.2%

1757 21 * 1 2 3 4 5WTO 2-1 % * * * (+) GDP (-) ( ) ( ) * * 2001 1.1-3.4 4.7 1.9 2.8 3.25 4.75 7,311.9-6.8 11,524.7-6.3-4,212.8 2002 1.8 0.2 5.8-1.3 1.6 2.25 4.25 6,974.4-4.6 11,719.3 1.7-4,744.9 2003 2.5 1.2 6.0 3.2 2.3 2.00 4.00 7,298.2 4.6 12,702.3 8.4-5,404.1 2004 3.5 2.3 5.5 3.6 2.7 3.25 5.25 8,219.9 12.6 14,854.9 16.9-6,635.0 2005 3.1 3.3 5.1 4.9 3.4 5.25 7.25 9,116.9 10.9 16,924.2 13.9-7,807.3 2006 2.7 2.2 4.6 2.9 3.2 6.25 8.25 10,259.7 12.5 19,194.3 13.4-8,934.6 2007 1.9 2.5 4.6 3.9 2.9 4.75 7.25 11,482.0 11.9 20,204.0 5.3-8,722.1 2008-0.3-3.5 5.8 6.4 3.8 0.50 3.25 12,874.4 12.1 21,694.9 7.4-8,820.4 2009-3.5-11.4 9.3-2.5-0.3 0.50 3.25 10,560.4-18.0 16,053.0-26.0-5,492.5 2010 3.0 5.4 9.6 4.2 1.6 0.75 3.25 12,782.6 21.0 19,691.8 22.7-6,909.2 2011 1.7 4.1 9.0 6.0 3.1 0.75 3.25 14,804.3 15.8 22,658.9 15.1-7,854.6 2010 7 7.8 9.5 4.1 1.4 0.75 3.25 1,040.6 21.5 1,690.2 21.3-649.6 8 3.5 7.0 9.6 3.3 1.2 0.75 3.25 1,068.5 22.4 1,763.2 30.8-694.7 9 6.7 9.5 3.9 1.1 0.75 3.25 1,076.4 17.7 1,721.9 18.9-645.5 10 6.1 9.5 4.3 1.2 0.75 3.25 1,171.0 17.1 1,752.4 16.1-581.3 11 3.1 6.0 9.8 3.3 1.1 0.75 3.25 1,130.5 19.5 1,735.4 18.0-604.9 12 6.7 9.4 3.9 1.4 0.75 3.25 1,174.8 18.2 1,708.3 13.9-533.5 2011 1 5.8 9.1 3.6 1.6 0.75 3.25 1,101.8 19.0 1,717.8 22.2-616.0 2 2.2 5.2 9.0 5.4 2.1 0.75 3.25 1,096.5 16.8 1,605.5 16.6-509.1 3 5.3 8.9 5.5 2.6 0.75 3.25 1,317.3 19.2 1,908.1 17.7-590.9 4 4.4 9.0 6.3 3.1 0.75 3.25 1,239.6 21.0 1,830.4 16.1-590.8 5 1.6 3.2 9.0 6.6 3.4 0.75 3.25 1,241.1 17.7 1,939.4 20.7-698.4 6 3.1 9.1 6.8 3.5 0.75 3.25 1,230.4 14.8 1,966.1 13.4-735.7 7 3.4 9.1 7.2 3.6 0.75 3.25 1,202.4 15.6 1,922.3 13.7-719.9 8 1.5 3.4 9.1 6.6 3.8 0.75 3.25 1,266.3 18.5 2,014.8 14.3-748.4 9 3.2 9.0 7.2 3.9 0.75 3.25 1,271.1 18.1 1,944.7 12.9-673.6 10 4.2 8.9 6.0 3.6 0.75 3.25 1,310.6 11.9 1,967.8 12.3-657.2 11 1.6 4.1 8.7 5.7 3.5 0.75 3.25 1,259.0 11.4 1,950.9 12.4-691.9 12 3.8 8.5 4.7 3.0 0.75 3.25 1,268.4 8.0 1,891.2 10.7-622.8 2012 1 4.4 8.3 4.2 2.9 0.75 3.25 1,182.1 7.3 1,882.9 9.6-700.8 2 2.0 5.1 8.3 3.4 2.9 0.75 3.25 1,234.3 12.6 1,761.1 9.7-526.8 3 3.6 8.2 2.8 2.6 0.75 3.25 1,399.6 6.3 2,023.1 6.0-623.5 4 5.1 8.1 1.9 2.3 0.75 3.25 1,274.1 2.8 1,943.0 6.2-668.9 5 4.7 8.2 0.8 1.7 0.75 3.25

22 1757 4 25 501 4 1,829 2,330 501 25 41 15 4 1,307 15 1,955 41 522 1 375 1 4 / -15-10 -6 +7 +4 +2 / -20-6 -5-5 -4 4 +33 +20 +7 +2-246 -115-87 -63-54 -46-33 -19-19 -18-17 -13 4 237 303 67 68 2012 GDP 0.2 4 GDP 1.0% 2012 GDP 1.2% 4.7% GDP 1.0 0.1 2011 1.2% 0.7% 3.8% 1.5% 2.1% 3.0% 1.9%2012 GDP 1.2%GDP 1.3%

1757 23 * 1 2 3 4 5 6WTO 2-2 % * * * (+) GDP (-) ( ) ( ) * * 2001 0.4 5.0-2.3-0.8 0.10 1.38 4,032.4-15.9 3,492.0-8.0 540.4 2002 0.3 5.4-2.1-0.9 0.10 1.38 4,167.3 3.3 3,376.0-3.3 791.3 2003 1.7 5.2-0.8-0.2 0.10 1.38 4,718.2 13.2 3,933.0 16.5 785.2 2004 2.4 4.8 4.7 1.3 0.0 0.10 1.38 5,656.7 19.9 4,551.9 15.7 1,104.8 2005 1.3 1.4 4.4 1.7-0.3 0.10 1.38 5,948.6 5.2 5,158.1 13.3 790.5 2006 1.7 4.5 4.1 2.2 0.2 0.40 1.63 6,467.4 8.7 5,790.4 12.3 676.9 2007 2.2 2.8 3.8 1.7 0.1 0.75 1.88 7,142.1 10.4 6,221.4 7.4 920.8 2008-1.0-3.3 4.0 4.6 1.4 0.30 1.68 7,820.5 9.5 7,625.9 22.6 194.6 2009-5.5-21.9 5.1-5.3-1.3 0.30 1.48 5,807.2-25.7 5,519.6-27.6 287.6 2010 4.4 16.5 5.1-0.1-0.7 0.30 1.48 7,697.7 32.6 6,940.5 25.7 757.2 2011-0.7-2.4 4.6 2.1-0.3 0.30 1.48 8,225.6 6.9 8,550.0 23.2-324.3 2010 7 14.6 5.0-0.1-1.0 0.30 1.48 682.0 33.1 592.6 25.1 89.5 8 5.5 15.5 5.0 0.0-1.1 0.30 1.48 609.5 28.2 602.1 31.4 7.5 9 12.1 5.1-0.1-0.9 0.30 1.48 692.0 23.9 600.3 19.6 91.8 10 5.0 5.1 0.9-0.2 0.30 1.48 699.0 18.9 599.7 20.1 99.3 11 3.1 7.0 5.0 0.9-0.3 0.30 1.48 659.6 17.9 640.5 23.6 19.1 12 5.9 4.9 1.2-0.4 0.30 1.48 732.6 21.2 646.4 18.9 86.3 2011 1 6.1 4.9 1.6-0.6 0.30 1.48 601.6 11.9 661.8 24.2-60.2 2-0.2 4.5 4.7 1.7-0.5 0.30 1.48 677.5 19.3 600.3 20.7 77.2 3-12.4 4.6 2.0-0.5 0.30 1.48 716.3 8.0 695.4 24.2 20.9 4-12.7 4.7 2.6-0.5 0.30 1.48 618.7-1.9 676.0 22.3-57.3 5-1.8-4.6 4.5 2.2-0.4 0.30 1.48 585.7 1.2 691.6 26.9-105.9 6-0.6 4.6 2.5-0.4 0.30 1.48 717.2 11.1 709.2 24.1 8.0 7-1.7 4.7 2.8 0.2 0.30 1.48 728.2 6.8 719.4 21.4 8.8 8-0.5 1.6 4.3 2.6 0.2 0.30 1.48 693.6 13.8 794.2 31.9-100.7 9-2.4 4.2 2.4 0.0 0.30 1.48 777.5 12.3 739.9 23.3 37.6 10 0.9 4.4 1.6-0.2 0.30 1.48 717.3 2.6 754.2 25.8-36.9 11-0.6-2.9 4.5 1.6-0.5 0.30 1.48 669.8 1.6 758.9 18.5-89.1 12-3.0 4.5 1.1-0.2 0.30 1.48 722.3-1.4 749.1 15.9-26.8 2012 1-1.6 4.6 0.5 0.1 0.30 1.48 585.9-2.6 778.4 17.6-192.5 2 2.8 1.5 4.5 0.6 0.3 0.30 1.48 693.7 2.4 690.5 15.0 3.2 3 14.2 4.5 0.5 0.5 0.30 1.48 752.6 5.1 763.1 9.7-10.6 4 12.9 4.6-0.3 0.5 0.30 1.48 683.0 10.4 747.1 10.5-64.1 5-0.5 0.30 1.48 657.1 12.2 771.0 11.5-113.9

24 1757 4 13.4% 4 90.4 13.4% 95.8 0.2% 4 89.4 16.3% 0.9% 104.7 10.8% 2.0% 5 3.2% 6 5 2.4% 4 0.2% 4 100.42010=100 0.4% 100.2 0.2% 98.9 0.3% 6.4% 0.7% 4.7% 0.9% 0.3% 3.4% 0.6% 0.1% 0.3% 4 4.6% 4 4.6% 0.1 4.8% 0.1 4.2% 0.1 4 315 14 191 13 125 108 6 76 14 4 6,275 27 1,050

1757 25 23 1,019 30 705 35 505 20 4 56.5% 0.2 4 4,504 23 4 2.6% 4 301,948 2.6% 16.7% 16.1% 4.3% 3.0% 2.1% 7.5% 15.6% 0.7% 4 469,381 2.7% 6.0% 7.9%4 3.8% 4 7.9% 4 5 5,665 7.9% 219.7% 72.7% 17.6% 12.7% 15.7% 4 6868 8.0% 28 63.3% 45.7% 27.1% 33.2%4 48.3%4 82.31 0.7% 4 42.9% 6 317.1% 25.1% 4.4% 4 161.7% 143.7%4 4,258 165.9% 3 4 EU 1.9% 7 ; EU 4.2% 13 4 614 22.9% 10 4 3229

26 1757 2.6% 4 2 5,512 1.8% 28 35.9% 71.1% 18.3% 4 4,717 21.1% 14 4 9,954 7.1% 7 4 1 2,696 7.5% 94.9% 67.2% 23.5% 4 2,742 150.4% 1. 2012 0.1% 27 0.1% 2.7%2.9% 17 0.1% 27 0.1% 2012 2011 0.1% GDP 0.1% 0.5%0.2% 1.4%0.9% 4 2.3% 1.7% 20124 2011 2.3%1.7% 4.5%3.5% 6.2%4.5% 3.4% 3.3%1.3% 0.3% 0.4% 4 11%10.3% 20124 11.0%10.3% 4 2,466.7 3 10.2 70.6% 1,740.5 3 11 22.4% 25 4

1757 27 1 546.2 3 2 61.5% 335.8 3 2 5 2.4% 2.6% 20125 2.4%2.6% 3.3% 4.7% 4% 3.7% 2.3% 2.1% 2% 1.9% 1.8% 1.4% 1.3% 0.7% 4 5.2 12 20124 5.2 2011 6% 1,476 1% 1,424 20124 27 12 2011 7% 1,314 3% 1,434 1 1.2% 2012 1.2% 0.8 4,110 61.2 2012 0.8% 4 0.7% 20124 0.7% 3.6% 6% 3.7% 0.4% 4 3 1.9%4 4 3 3.2% 4 3.6% 0.4% 5.0% 3.3% 0.9% 4 5.4% 20124 5.4% 4,140 3 17.8 229 3 2.1 5 285 4 10.8

28 1757 2-3-1 % * * (+) GDP (-) ( ) ( ) * * 2001 1.5-0.1 7.8 2.0 3.25 3.42 5,689.1 3.8 4,838.7-2.0 850.4 2002 0.0-1.1 8.7 1.4 2.75 2.98 6,201.1 9.0 4,938.7 2.1 1,262.4 2003-0.4 0.5 9.8 1.0 2.00 2.13 7,593.5 22.5 6,107.9 23.7 1,485.6 2004 1.2 4.3 10.5 1.7 2.00 2.17 9,120.3 20.1 7,180.6 17.6 1,939.7 2005 0.7 3.0 11.3 1.6 2.25 2.41 9,718.0 6.6 7,756.1 8.0 1,961.9 2006 3.7 5.3 10.2 3.5 1.6 3.50 3.64 11,088.9 14.1 9,074.5 17.0 2,014.5 2007 3.3 5.8 8.7 3.5 2.3 4.00 4.71 13,221.9 19.2 10,558.5 16.4 2,663.4 2008 1.1 0.6 7.5 5.4 2.6 2.50 2.99 14,492.7 9.6 11,857.6 12.3 2,635.1 2009-5.1-16.4 7.8-6.9 0.3 1.00 0.48 11,206.1-22.7 9,258.0-21.9 1,948.1 2010 3.7 11.2 7.1 5.8 1.1 1.00 0.81 12,584.0 12.3 10,542.0 13.9 2,042.0 2011 3.0 7.4 6.0 7.5 2.3 1.00 1.14 14,723.1 17.0 12,541.2 19.0 2,181.9 2010 7 8.3 7.0 5.3 1.2 1.00 0.58 1,036.4 4.3 871.6 12.6 164.8 8 4.0 15.6 6.9 6.4 1.0 1.00 0.64 956.7 11.6 835.4 14.7 121.3 9 8.5 6.8 7.6 1.3 1.00 0.62 1,120.8 8.6 906.2 4.8 214.6 10 9.2 6.8 7.7 1.3 1.00 0.78 1,192.6 11.1 991.8 11.7 200.7 11 3.8 12.9 6.7 7.8 1.5 1.00 0.83 1,193.3 10.7 1,006.0 19.8 187.3 12 16.2 6.6 9.5 1.7 1.00 0.81 1,068.1 8.3 903.0 12.4 165.1 2011 1 14.7 6.5 9.4 2.0 1.00 0.79 1,048.6 16.2 914.3 16.5 134.3 2 4.6 15.0 6.3 10.8 2.1 1.00 0.89 1,144.5 19.7 983.2 26.8 161.3 3 10.0 6.2 10.9 2.1 1.00 0.90 1,371.3 18.4 1,109.8 18.2 261.5 4 6.1 6.1 9.2 2.4 1.25 1.13 1,214.2 20.7 1,059.4 27.3 154.8 5 2.9 18.5 6.0 8.9 2.3 1.25 1.24 1,317.4 37.9 1,109.3 33.9 208.0 6 0.4 6.0 8.5 2.3 1.25 1.28 1,264.4 21.8 1,086.3 25.2 178.1 7 6.8 5.9 8.2 2.4 1.50 1.42 1,219.4 17.7 1,072.4 23.0 147.0 8 2.7 11.4 5.9 6.5 2.4 1.50 1.37 1,218.7 27.4 1,052.8 26.0 165.9 9 5.6 5.8 5.7 2.6 1.50 1.35 1,305.0 16.4 1,070.4 18.1 234.6 10 0.4 5.7 5.0 2.5 1.50 1.36 1,219.3 2.2 1,066.2 7.5 153.1 11 2.0 4.2 5.6 4.9 2.4 1.25 1.23 1,282.3 7.5 1,067.8 6.1 214.5 12-0.4 5.6 3.0 2.1 1.00 1.14 1,117.9 4.7 949.3 5.1 168.6 2012 1 4.3 5.6 3.0 2.1 1.00 0.84 1,107.5 5.6 938.4 2.6 169.1 2 1.2 3.2 5.5 2.6 2.3 1.00 0.63 1,203.2 5.1 1,009.0 2.6 194.2 3-0.7 5.5 2.2 2.1 1.00 0.47 1,300.9-5.1 1,073.9-3.2 227.0 4-0.7 5.4 2.4 2.1 1.00 0.41 1,144.0-5.8 956.3-9.7 187.7 5 1.7 1.9 1.00 0.39 * 1 19991 Main refinancing operations Minimum bid rate 2 19991 Prime rate 1 2 3 4WTO

1757 29 2-3-2 % * * * * (+) GDP (-) ( ) ( ) * * 2001 3.2-1.5 5.0-0.3 1.2 4.00 4.50 2,723.2-4.3 3,316.1-0.8-592.9 2002 2.7-1.5 5.1-0.1 1.3 4.00 4.00 2,797.8 2.7 3,515.6 6.0-717.8 2003 3.5-0.3 5.0 0.6 1.4 3.75 3.50 3,076.6 10.0 3,873.5 10.2-796.9 2004 3.0 0.9 4.7 1.0 1.3 4.75 5.00 3,497.5 13.7 4,612.7 19.1-1,115.2 2005 2.1-0.8 4.8 2.0 2.1 4.50 5.00 3,845.1 9.9 5,091.8 10.4-1,246.7 2006 2.6 0.0 5.4 2.0 2.3 5.00 5.50 4,479.0 16.5 6,005.4 17.9-1,526.4 2007 3.5 0.5 5.3 2.3 2.3 5.50 6.50 4,393.4-1.9 6,248.9 4.1-1,855.5 2008-1.1-2.8 5.6 6.8 3.6 2.00 5.50 4,610.6 4.9 6,352.1 1.7-1,741.5 2009-4.4-9.0 7.6 1.6 2.2 0.50 1.00 3,533.3-23.4 4,831.5-23.9-1,298.2 2010 2.1 1.9 7.8 4.2 3.3 0.50 1.00 4,156.0 17.6 5,902.2 22.2-1,746.2 2011 0.7-1.2 8.0 5.6 4.5 0.50 1.00 5,020.7 20.8 6,739.6 14.2-1,718.9 2010 7 1.6 7.7 4.2 3.1 0.50 1.00 345.8 9.5 498.3 15.5-152.5 8 3.0 3.9 7.6 4.2 3.1 0.50 1.00 329.3 21.8 462.5 24.4-133.2 9 3.7 7.7 3.8 3.0 0.50 1.00 366.7 13.3 512.2 14.6-145.5 10 2.7 7.7 4.0 3.1 0.50 1.00 378.9 11.1 526.8 14.4-147.9 11 1.7 2.8 7.7 4.1 3.2 0.50 1.00 398.8 18.8 557.8 22.8-159.0 12 3.3 7.8 4.2 3.7 0.50 1.00 376.5 13.6 530.3 23.6-153.9 2011 1 3.3 7.8 5.0 4.0 0.50 1.00 402.8 40.1 520.4 17.6-117.6 2 1.5 1.3 7.7 5.3 4.3 0.50 1.00 443.3 32.8 501.3 16.6-58.0 3-0.9 7.7 5.6 4.1 0.50 1.00 432.1 21.7 588.2 19.3-156.1 4-1.9 7.8 5.6 4.5 0.50 1.00 390.5 18.6 523.5 12.1-133.1 5 0.4-1.6 7.9 5.4 4.5 0.50 1.00 422.3 37.4 573.5 24.1-151.2 6-0.6 8.0 5.8 4.2 0.50 1.00 402.1 15.8 574.9 10.7-172.8 7-1.4 8.1 6.1 4.5 0.50 1.00 410.0 18.6 580.5 16.5-170.5 8 0.3-1.5 8.3 6.0 4.5 0.50 1.00 377.1 14.5 562.1 21.5-185.0 9-1.8 8.3 6.3 5.2 0.50 1.00 436.4 19.0 590.9 15.4-154.5 10-2.5 8.3 5.7 5.0 0.50 1.00 467.7 23.4 586.3 11.3-118.6 11 0.5-3.3 8.3 5.4 4.8 0.50 1.00 433.5 8.7 609.3 9.2-175.9 12-3.1 8.3 4.8 4.2 0.50 1.00 403.1 7.1 528.7-0.3-125.5 2012 1-4.1 8.2 4.0 3.6 0.50 1.50 391.2-2.9 543.9 4.5-152.7 2-0.1-2.4 8.1 4.1 3.4 0.50 1.50 395.1-10.9 558.9 11.5-163.8 3-2.6 8.1 3.7 3.5 0.50 1.50 434.2 0.5 604.8 2.8-170.7 4-1.0 3.2 3.0 0.50 1.50 363.0-7.0 562.4 7.4-199.4 5 2.8 2.8 0.50 1.50 * Bank Rate 1 2 3 4WTO

30 1757 6.7% 2012 290 5 1.9% 20125 2011 1.9% 5 5.8% 3.4% 5.7% 4.7% 4.7% 4.3% 4 7.5% 2,103 2011 7.5% 1,146 2011 5.6% 957 9.7% 189 2 0.1% 2012 0.1% 2/3 4.4% 3.1% 2012 0.1% 4 1% 20124 2011 1% 20112 12 14 2 8.1% 20122 8.1% 265 2012 300 8.7% 8.8% Office for budget responsibility 2012 8.7% 2016 6.3% 4 3% 20124 2011 3% 2009 3 6.4% 1,042.6 2011 6.4% 437.9 2011 3.9% 604.7 8.2% 166.8 3 0.3% 2012

1757 31 0.3% 0.2% 2011 +0.1% 0.8% +1.3% 0.7% 2011-1.4% 0.3% 2011 +1.1% 2012 2012 0.5% 20124 0.9% 10.2% 2012 4 10.2% 404 1,610 20125 2011 2% 0.1 5 HICP 0.1% 2.2% 3 4 2 2% 57% 1.3% 3 1,167 2011 5.9% 542.5 2011 4.5% 624.5 7% 82 4 0.9% 4 5 2% 3 5.9% 4 1.4% 2012 1.4% 2012 GDP IMF 2012 2.2% 4 2011 8.8% 20119 8 7.6% 4 8.8%

32 1757 2-3-3 % * * * * (+) GDP (-) ( ) ( ) * * 2001 1.8 0.8 8.2 1.6 3.25 3.42 3,003.9 0.2 3,015.2-0.7-11.3 2002 0.9-1.4 8.3 1.9 2.75 2.98 3,182.4 5.9 3,146.7 4.4 35.7 2003 0.9-1.1 8.9 2.1 2.00 2.13 3,761.3 18.2 3,753.5 19.3 7.8 2004 2.5 1.4 9.3 2.1 2.00 2.17 4,263.3 13.3 4,339.2 15.6-75.9 2005 1.8 0.1 9.3 1.7 2.25 2.41 4,435.9 4.0 4,738.0 9.2-302.1 2006 2.5 0.9 9.2 2.9 1.7 3.50 3.64 4,957.4 11.8 5,418.1 14.4-460.8 2007 2.3 1.2 8.4 2.3 1.5 4.00 4.71 5,598.5 12.9 6,315.3 16.6-716.8 2008-0.1-2.8 7.8 4.8 2.8 2.50 2.99 6,173.7 10.3 7,179.2 13.7-1,005.4 2009-3.1-12.6 9.5-5.6 0.1 1.00 0.48 4,845.6-21.5 5,607.1-21.9-761.5 2010 1.7 4.7 9.8 3.1 1.5 1.00 0.81 5,233.3 8.0 6,094.9 8.7-861.5 2011 1.7 2.4 9.7 5.3 2.1 1.00 1.14 5,958.8 13.9 7,136.9 17.1-1,178.1 2010 7 5.0 9.7 3.6 1.7 1.00 0.58 453.8 0.9 495.6 5.1-41.7 8 1.9 2.5 9.8 3.2 1.4 1.00 0.64 348.7 9.2 438.9 12.2-90.1 9 3.5 9.8 3.9 1.6 1.00 0.62 449.2 0.3 526.9 4.7-77.7 10 3.0 9.7 3.8 1.6 1.00 0.78 474.3 0.0 530.7-0.9-56.5 11 1.8 4.3 9.7 4.2 1.6 1.00 0.83 486.2 12.3 581.5 8.8-95.3 12 5.9 9.7 5.0 1.8 1.00 0.81 449.9 6.4 541.2 6.8-91.4 2011 1 5.4 9.6 5.4 1.8 1.00 0.79 433.9 9.4 545.6 15.9-111.7 2 2.4 5.9 9.6 5.9 1.7 1.00 0.89 468.2 12.9 571.4 21.6-103.2 3 3.0 9.6 6.0 2.0 1.00 0.90 568.0 17.7 671.7 20.7-103.8 4 1.9 9.6 6.0 2.1 1.25 1.13 504.3 13.2 607.7 19.8-103.4 5 1.7 1.4 9.5 5.4 2.0 1.25 1.24 538.8 43.5 651.1 40.2-112.3 6 2.1 9.6 5.2 2.1 1.25 1.28 517.5 13.4 611.0 19.4-93.6 7 3.2 9.6 5.5 1.9 1.50 1.42 492.6 8.5 584.3 17.9-91.7 8 1.5 4.1 9.6 5.4 2.2 1.50 1.37 438.6 25.8 540.5 23.2-102.0 9 1.2 9.7 5.3 2.2 1.50 1.35 512.2 14.0 612.2 16.2-100.0 10 2.0 9.7 5.1 2.3 1.50 1.36 498.6 5.1 594.7 12.0-96.0 11 1.2 0.8 9.8 4.8 2.5 1.25 1.23 517.6 6.5 605.3 4.1-87.7 12-1.5 9.9 3.8 2.5 1.00 1.14 468.5 4.1 541.3 0.0-72.8 2012 1-2.0 10.0 3.5 2.3 1.00 0.84 458.0 5.6 557.5 2.2-99.5 2 0.3-1.6 10.1 3.5 2.3 1.00 0.63 490.3 4.7 594.5 4.0-104.2 3-1.0 10.1 3.2 2.3 1.00 0.47 540.0-4.9 619.2-7.8-79.2 4 0.9 10.2 2.2 2.1 1.00 0.41 472.2-6.4 567.9-6.6-95.7 5 2.0 1.00 0.39 * 1 19991 Main refinancing operations Minimum bid rate 2 19991 Prime rate 1 2INSEE 3WTO

1757 33 2-3-4 % * * * * (+) GDP (-) ( ) ( ) * * 2001 1.9-1.2 9.1 2.8 3.25 3.42 2,401.6 2.0 2,313.6-0.9 88.0 2002 0.5-1.5 8.6 2.5 2.75 2.98 2,529.1 5.3 2,443.4 5.6 85.7 2003 0.0-0.6 8.5 2.7 2.00 2.13 2,979.0 17.8 2,947.1 20.6 31.9 2004 1.7-0.2 8.0 2.2 2.00 2.17 3,545.9 19.0 3,563.7 20.9-17.8 2005 0.9-0.6 7.7 2.0 2.25 2.41 3,706.4 4.5 3,824.0 7.3-117.6 2006 2.2 3.7 6.8 5.2 2.1 3.50 3.64 4,172.2 12.6 4,426.0 15.7-253.8 2007 1.7 1.9 6.1 3.3 1.8 4.00 4.71 5,002.4 19.9 5,118.7 15.7-116.3 2008-1.2-3.7 6.8 5.8 3.4 2.50 2.99 5,446.4 8.9 5,631.1 10.0-184.7 2009-5.5-18.7 7.8-5.4 0.8 1.00 0.48 4,068.3-25.3 4,148.6-26.3-80.4 2010 1.8 6.8 8.4 3.1 1.5 1.00 0.81 4,468.9 9.8 4,869.3 17.4-400.4 2011 0.4 0.3 8.4 5.0 2.8 1.00 1.14 5,233.1 17.1 5,575.6 14.5-342.5 2010 7 6.9 8.4 4.2 1.6 1.00 0.58 425.7 2.8 406.1 11.1 19.7 8 1.9 9.5 8.3 3.7 1.6 1.00 0.64 271.3 16.9 311.4 22.3-40.1 9 6.3 8.2 4.2 1.5 1.00 0.62 392.2 4.5 439.9 12.8-47.8 10 5.1 8.5 4.0 1.8 1.00 0.78 427.4 9.7 463.1 16.3-35.7 11 2.3 5.8 8.2 4.0 1.8 1.00 0.83 416.0 10.1 462.3 17.7-46.3 12 6.6 8.1 4.7 1.8 1.00 0.81 392.8 8.7 432.7 19.1-39.9 2011 1 1.3 8.0 5.3 2.1 1.00 0.79 349.3 16.7 433.6 20.2-84.3 2 1.3 3.1 7.9 5.8 2.3 1.00 0.89 403.9 17.3 445.2 15.9-41.3 3 3.3 7.9 6.2 2.4 1.00 0.90 481.8 17.7 534.8 23.6-53.0 4 4.0 8.0 5.6 2.7 1.25 1.13 448.4 21.1 489.1 27.1-40.8 5 1.0 1.8 8.2 4.8 2.6 1.25 1.24 480.6 36.8 512.6 35.2-32.0 6 0.2 8.2 4.6 2.8 1.25 1.28 469.1 27.2 493.6 19.7-24.5 7-1.2 8.4 4.9 2.8 1.50 1.42 503.0 18.1 481.3 18.5 21.7 8 0.4 2.9 8.4 4.8 2.7 1.50 1.37 346.8 27.8 388.4 24.7-41.7 9-2.5 8.8 4.7 3.0 1.50 1.35 454.4 15.9 480.3 9.2-25.9 10-3.4 8.8 4.7 3.2 1.50 1.36 440.4 3.0 454.9-1.8-14.5 11-0.5-3.9 9.2 4.7 3.2 1.25 1.23 439.6 5.7 461.1-0.3-21.5 12-2.2 9.3 3.9 3.2 1.00 1.14 415.8 5.9 400.7-7.4 15.2 2012 1-4.2 9.5 3.5 3.2 1.00 0.84 351.9 0.7 408.0-5.9-56.1 2-1.4-6.3 9.8 3.2 3.3 1.00 0.63 419.9 4.0 434.9-2.3-15.0 3-5.6 10.1 2.8 3.3 1.00 0.47 476.7-1.1 449.4-16.0 27.3 4-8.8 10.2 2.5 3.2 1.00 0.41 401.7-10.4 404.3-17.3-2.7 5 3.2 1.00 0.39 * 1 19991 Main refinancing operations Minimum bid rate 2 19991 Prime rate 1 2ISTAT 3WTO

34 1757 2.4% 11.8% 2.3% 4 10.2% 20124 10.2% 3 0.1 2004 250 2007 2013 29% 80 46 3 8.9% 926 2011 8.9% 476.6 2011 1.1% 449.4 16% 27.3 2. 30 4 Skolkovo Z-Park 6 Gazprom 2017 Gazprom Aton Vyacheslav Bunkov 2012 2011 Mikhail Rotaev

1757 35 2014 1. 20125 6 5 9.6% 20125 9.6% 4 0.3 5 10.7% 5 6.6% 6.4% 11.0% 6.7% 5 9.8% 9.1% 41 40 11.9% 10.2% 9.6% 8.5% 7.8% 16.4% 4.8% 9.7% 13.3% 4.5% 5 8.3% 11.2% 12.6% 5 471 321 2.7% 6.3% 4.3% 0.7% 304 6.6% 127 7.1% 171.5 18.5% 92.7 22.6% 5 1.4% 20125 1.4% 5 0.3% 2.1% 1.5% 1.1% 2.6% 0.9% 1.8% 2.1% 1.0% 1.2%

36 1757 2-4-1 % * * (+) GDP (-) ( ) ( ) * * 2001 8.3 9.5 3.6-1.3 0.7 2.97 5.58 2,661.0 6.8 2,435.5 8.2 225.5 2002 9.1 12.9 4.0-2.3-0.8 2.97 5.04 3,256.0 22.4 2,951.7 21.2 304.3 2003 10.0 17.0 4.3 2.3 1.2 2.97 5.04 4,382.3 34.6 4,127.6 39.8 254.7 2004 10.1 16.2 4.2 6.1 3.9 3.24 5.22 5,933.3 35.4 5,612.3 36.0 321.0 2005 11.3 16.4 4.2 4.9 1.8 3.24 5.22 7,619.5 28.4 6,599.5 17.6 1,020.0 2006 12.7 16.6 4.1 3.0 1.5 3.24 5.58 9,693.2 27.2 7,917.9 20.0 1,775.3 2007 14.2 18.5 4.0 3.1 4.8 3.24 6.57 12,186.4 25.7 9,559.5 20.7 2,626.9 2008 9.6 12.9 4.2 6.9 5.9 1.80 4.86 14,306.9 17.4 11,325.7 18.5 2,981.3 2009 9.2 11.0 4.3-5.4-0.7 1.80 4.86 12,016.1-16.0 10,059.2-11.2 1,956.9 2010 10.4 15.7 4.2 5.5 3.3 2.25 5.35 15,777.5 31.3 13,962.5 38.8 1,815.1 2011 9.2 13.9 4.1 6.0 5.4 2.25 6.10 18,983.8 20.3 17,434.8 24.9 1,549.0 2010 7 13.4 4.8 3.3 1.80 4.86 1,454.3 38.0 1,168.9 22.8 285.4 8 9.6 13.9 4.1 4.3 3.5 1.80 4.86 1,392.4 34.3 1,194.8 35.4 197.6 9 13.3 4.3 3.6 1.80 4.86 1,449.2 25.1 1,283.6 24.4 165.6 10 13.1 5.0 4.4 1.80 5.10 1,359.2 22.8 1,091.1 25.6 268.1 11 9.8 13.3 4.1 6.1 5.1 1.80 5.10 1,532.8 34.9 1,309.9 38.3 222.9 12 13.5 5.9 4.6 2.25 5.35 1,541.0 17.9 1,414.9 25.9 126.1 2011 1 13.3 6.6 4.9 2.25 5.35 1,507.0 37.6 1,449.2 51.7 57.8 2 9.7 14.9 4.1 7.2 4.9 2.25 5.60 966.8 2.3 1,045.5 20.0-78.7 3 14.8 7.3 5.4 2.25 5.60 1,521.3 35.8 1,523.2 27.5-1.9 4 13.4 6.8 5.3 2.25 5.85 1,555.9 29.8 1,443.7 21.9 112.2 5 9.5 13.3 4.1 6.8 5.5 2.25 5.85 1,570.5 19.3 1,441.2 28.4 129.3 6 15.1 7.1 6.4 2.25 5.85 1,619.0 17.9 1,397.0 19.2 221.9 7 14.0 7.5 6.5 2.25 6.10 1,751.5 20.4 1,450.2 24.1 301.4 8 9.1 13.5 4.1 7.3 6.2 2.25 6.10 1,732.4 24.4 1,553.8 30.1 178.6 9 13.8 6.5 6.1 2.25 6.10 1,695.8 17.0 1,549.9 20.7 145.9 10 13.2 5.0 5.5 2.25 6.10 1,573.5 15.8 1,402.2 28.5 171.3 11 8.9 12.4 4.1 2.7 4.2 2.25 6.10 1,743.9 13.8 1,597.2 21.9 146.6 12 12.8 1.7 4.1 2.25 6.10 1,746.2 13.3 1,581.6 11.8 164.6 2012 1 1.5 0.7 4.5 2.25 6.10 1,498.9-0.5 1,226.9-15.3 272.0 2 8.1 21.3 4.1 0.0 3.2 2.25 6.10 1,144.4 18.4 1,461.0 39.7-316.6 3 11.9-0.3 3.6 2.25 6.10 1,656.6 8.9 1,603.2 5.3 53.3 4 9.3-0.7 3.4 2.25 6.10 1,632.5 4.9 1,448.3 0.3 184.3 5 9.6-1.4 3.0 2.25 6.10 1,811.4 15.3 1,624.4 12.7 187.0 * 1 2 3WTO

1757 37 5 3.0% 5 3.0% 3.0% 2.9% 6.4% 1.4% 3.6% 1.7% 5 3.5% 5 6.4% 2.02 31.2% 0.78 5.1% 0.36 0.6% 0.02 11.3% 0.27 3.4% 0.10 6.0% 0.07 7.1% 0.16 9.8% 0.08 3.3% 7.3% 0.5% 3.1% 3.4% 1.9% 1.9% 8.9% 0.5% 2.1% 6.3% 3.3% 0.5% 0.5% 0.1% 3.6% 3.5% 2.2% 1.7% 12.8% 0.8% 0.2% 2.1% 1.6% 1.2% 5.8% 1.6% 2.2% 1.3% 1.1% 5 3.0% 1.7 1.3 5 5 15,108.9 7.7% 7744 8.7% 7,364.9 6.7% 379.1 5 3,435.8 14.1% 11 3,341.1 1,811.4 15.3% 1,624.4 12.7% 5 8,015.7 8.8%

38 1757 3,718.3 9.8% 4,297.4 8.0% 5,302.3 4.4% 3,404.4 6.3% 1,897.9 1.3% 5 2,208.2 1.3% 1,900.0 12.0% 1,537.4 9.2% 1,347.1 0.4% 363.0 332.3 24.4%10.9% 5 4,478.8 9.9% 1.2 57.8% 1,794.6 6.7% 1,485 12.1% 525.7 2.5% 380.7 1.4% 164.2 8.5% 5 3.1 9.0% 138.4 13.9% 2,343 20.7% 544.7 5.7% 2,974.0 51 31.5% 5 M1 3.5% 5 M2 90.00 13.2% 0.4 M1 27.86 3.5% 0.4 (M0) 4.90 10.0% 0.4 1,160 5 62.31 15.4% 58.72 15.7% 0.3 1.4 7,932 2,416 2,137 1,138 999 5,758 1,524 1,699 2,320 5,658 13.6% 48 5 87.84 12.2% 85.45 11.4% 5.7 1.22

1757 39 1,143 3,776 57.9% 131 2. 2012 0.4% 0.4% 2012 GDP 2011 0.4% 31.7% 5.6% 17.2%6.1% 25.2% 12.2% 2.5% 5.7% 2.7% 3.6%2.5% 2012 GDP 1% 3% -1.7% 2012 2011 1.7% 2011 3.6% 2012 2011 6.6% 3.5% 2012-19.1% -14.7% -11.5% -2.3% 6.5% +6.3% +3.7% +3.3% +2.6% +1.1%

40 1757 * 1 2 3WTO 2-4-2 % * * (+) GDP (-) ( ) * * 2001 0.5-1.6 5.13 1,901.0-5.9 2,014.8-5.4-113.8 2002 1.8-3.1 5.00 2,003.2 5.4 2,080.2 3.2-77.0 2003 3.0-2.6 5.00 2,240.4 11.8 2,325.8 11.8-85.4 2004 8.5 6.9-0.4 5.00 2,594.2 15.8 2,714.6 16.7-120.4 2005 7.1 5.7 0.9 7.75 2,895.1 11.6 2,999.7 10.5-104.6 2006 7.0 2.2 4.8 2.0 7.75 3,168.0 9.4 3,346.8 11.6-178.8 2007 6.4-1.5 4.1 2.0 6.75 3,447.4 8.8 3,682.2 10.0-234.8 2008 2.3-6.7 3.5 4.3 5.00 3,630.0 5.3 3,888.9 5.6-258.9 2009-2.6-8.3 5.2 0.6 5.00 3,187.6-12.2 3,476.6-10.6-289.0 2010 7.1 3.5 4.4 2.3 5.00 3,903.7 22.5 4,335.1 24.7-431.4 2011 5.0 0.7 3.5 5.3 5.00 4,292.2 10.0 4,840.0 11.6-547.8 2010 7 4.3 0.6 5.00 336.6 22.9 375.9 24.5-39.2 8 6.9 5.4 4.3 2.4 5.00 373.3 35.7 388.7 28.1-15.3 9 4.2 1.9 5.00 360.8 23.8 392.3 19.2-31.5 10 4.2 2.5 5.00 353.4 13.7 382.1 13.9-28.7 11 6.7 5.8 4.0 2.8 5.00 352.1 16.6 382.4 16.3-30.3 12 3.9 2.9 5.00 325.4 12.2 381.5 14.5-56.0 2011 1 3.8 3.5 5.00 364.6 27.3 385.1 18.7-20.5 2 7.6 3.6 3.6 3.6 5.00 292.5 24.5 324.8 24.8-32.2 3 3.5 4.4 5.00 361.3 21.0 412.7 18.4-51.4 4 3.6 4.6 5.00 324.3 3.9 378.8 6.0-54.6 5 5.4 1.9 3.6 5.3 5.00 360.1 10.3 406.0 13.2-45.9 6 3.6 5.6 5.00 375.4 9.3 427.1 11.6-51.7 7 3.5 7.9 5.00 367.4 9.1 413.5 10.0-46.1 8 4.4 0.2 3.2 5.7 5.00 397.4 6.5 442.0 13.7-44.6 9 3.2 5.8 5.00 348.8-3.3 400.1 2.0-51.3 10 3.3 5.8 5.00 393.1 11.2 422.8 10.7-29.8 11 3.0-2.2 3.3 5.7 5.00 358.0 1.7 414.7 8.4-56.7 12 3.3 5.7 5.00 349.5 7.4 412.4 8.1-62.9 2012 1 3.2 6.1 5.00 334.0-8.4 345.4-10.3-11.4 2 0.4-1.7 3.4 4.7 5.00 335.0 14.5 394.0 21.3-59.0 3 3.4 4.9 5.00 338.1-6.4 394.6-4.4-56.5 4 3.3 4.7 5.00 343.1 5.8 398.3 5.1-55.2 5 3.2 5.00

1757 41 5 3.2% 20125 3.2% 1.4% 20124 3,649,300 2012 5 3,662,600 13,300 20124 124,700 20125 123,400 1,300 57,500 54,000 3,500 4 4.7% 20124 2011 4.7% 20123 5.6% 2012 1 2 6.1% 20123 9.4% 9.9% 7.9%6.6% 5.9% 6.0% 4.3%4.0% 4.0%3.8% 3.5%3.3% 2.4%1.1% 1.1% 1.2% 20123 18.6% 23.6% 1.3%1.4% 4 5.4% 20124 741.4 2011 5.4% 343.1 2011 5.8% 398.3 5.1% 55.2 20124 2011 5.8% 27.5% 17.3% 7.4% 7.2% 6.2% 15.4% 21.5% 2.5%

42 1757 27.8% 11.5% 7.1% 5.4% 7.7% 3.1% 2.3% 2.2% 1. 14 5 BSI 5 BSI 84 6 BSI86 4P 2 BSI5 97 93 46 97 BSI5 90 89 16 91 90 1 BSI5 88 90 26 88 92 4 21.7% 18.1% 12.7% 5 BSI81 16 BSI83 2 BSI5 92 6 94 BSI5 91 6 90 93 3 BSI 5 89 90 16 89 93 4 19.7% 17.2% 16.0% 5 105 5 CSI 105 1 CSI90 3 CSI99 2 CSI99 CSI109 1

1757 43 CSI81 4 CSI93 3 CSI94 2 CSI CSI 137115 CSI CSI 9396 CSI105 1 CSI101 2 CSI CSI 101 100 1 CSI97 CSI94 2 3.7% 0.1 4 4 0.5% 0.9% -0.9% -1.7% 3.5% 14.7% 0.8% -12.2% -13.1% 3.1% 4.5% 0.9% 16.2% 79.3% 1.2-6.9% -1.2% 3.1% 1.4% 0.2% -5.3% -2.0% 9.4% 4.7% 1.0% -1.8% -0.8% 4.3% 1.0% -1.4% 1.3% 1.3% 0.4% 13.0% 4.8% -2.3% -1.6% -0.7%

44 1757 * 1 2 3WTO 2-5-1 % * * (+) GDP (-) ( ) ( ) * * 2001 4.0 0.6 4.0-0.5 4.1 4.00 6.84 1,504.4-12.7 1,411.0-12.1 93.4 2002 7.2 8.0 3.3-0.3 2.8 4.25 6.58 1,624.7 8.0 1,521.3 7.8 103.4 2003 2.8 5.5 3.6 2.2 3.5 3.75 6.20 1,938.2 19.3 1,788.3 17.6 149.9 2004 4.6 10.4 3.7 6.0 3.6 3.25 5.52 2,538.4 31.0 2,244.6 25.5 293.8 2005 4.0 6.3 3.7 2.2 2.8 3.75 5.74 2,844.2 12.0 2,612.4 16.4 231.8 2006 5.2 8.4 3.5 0.9 2.2 4.50 6.19 3,254.6 14.4 3,093.8 18.4 160.8 2007 5.1 6.9 3.3 1.4 2.5 5.00 7.08 3,714.9 14.1 3,568.5 15.3 146.4 2008 2.3 3.4 3.2 8.6 4.7 3.00 6.89 4,220.1 13.6 4,352.7 22.0-132.7 2009 0.3-0.1 3.7-0.2 2.8 2.00 5.81 3,635.3-13.9 3,230.8-25.8 404.5 2010 6.3 16.3 3.7 3.8 2.9 2.50 5.40 4,663.8 28.3 4,252.1 31.6 411.7 2011 3.6 6.9 3.4 6.1 4.0 3.25 5.69 5,554.1 19.1 5,243.5 23.3 310.6 2010 7 15.0 3.7 3.4 2.5 2.25 5.39 404.2 26.7 354.2 28.0 50.0 8 4.5 15.8 3.3 3.1 2.7 2.25 5.51 364.8 26.0 352.7 28.7 12.1 9 2.8 3.4 4.0 3.4 2.25 5.45 394.1 16.2 350.0 17.6 44.1 10 13.3 3.3 5.0 3.7 2.25 5.37 433.4 27.6 370.0 21.7 63.4 11 4.9 11.2 3.0 4.9 3.0 2.50 5.34 412.6 21.4 386.7 30.9 25.9 12 10.8 3.5 5.3 3.0 2.50 5.40 441.5 22.6 400.6 21.7 40.9 2011 1 13.4 3.8 6.2 3.4 2.75 5.64 444.7 44.7 419.9 33.1 24.8 2 4.2 8.6 4.5 6.6 3.9 2.75 5.66 384.7 16.4 364.0 17.3 20.7 3 9.1 4.3 7.3 4.1 3.00 5.78 480.4 28.8 455.2 27.9 25.3 4 6.8 3.7 6.8 3.8 3.00 5.70 485.4 23.5 441.8 24.4 43.5 5 3.5 8.3 3.2 6.2 3.9 3.00 5.76 474.2 21.9 452.9 29.9 21.3 6 6.4 3.3 6.2 4.2 3.25 5.80 467.4 11.2 448.2 27.1 19.2 7 3.7 3.3 6.5 4.5 3.25 5.86 489.5 21.1 442.9 25.0 46.6 8 3.6 4.8 3.0 6.6 4.7 3.25 5.84 457.6 25.4 453.8 28.7 3.7 9 7.4 3.0 5.7 3.8 3.25 5.76 465.2 18.0 452.5 29.3 12.7 10 6.6 2.9 5.6 3.6 3.25 5.77 466.4 7.6 427.3 15.5 39.1 11 3.3 5.7 2.9 5.1 4.2 3.25 5.83 460.6 11.6 430.1 11.2 30.5 12 2.9 3.0 4.3 4.2 3.25 5.69 478.1 8.3 454.9 13.6 23.3 2012 1-2.1 3.5 3.4 3.4 3.25 5.79 412.0-7.4 434.2 3.4-22.2 2 2.8 14.4 4.2 3.5 3.1 3.25 5.71 463.2 20.4 449.8 23.6 13.4 3 0.7 3.7 2.8 2.6 3.25 5.74 473.4-1.5 450.0-1.1 23.4 4 0.0 3.5 2.4 2.5 3.25 5.71 461.3-5.0 440.6-0.3 20.7 5 3.1 1.9 2.5 3.25 470.5-0.8 448.0-1.1 22.6

1757 45-0.5% 5.5% 4.5% 4.1% 10.2% 5.0% 7.0% 5.2% 7.5% 4.4% 0.2 5 47.2 5 2,513.3 47.2 5 60.5% 0.4 OECD 1564 65.1% 0.4 5 3.1% 0.1 80.7 1.2 20116 12 10.9 9.2 8.8 6.1-6.7-2.1 35.6 13.6 18.6 2.3 5 1,557.9 5.6 54.1 4.2 19 6.6 5 2.5% 5 106.22010=100 0.2% 2.5% 2.5% 0.2%1.6%

46 1757 0.3%1.5% 0.1%2.2% 0.2% 3.8% 0.1%1.5% 0.2%13.9% 0.2% 3.5% 0.2% 25.5% 0.2%14.2% 5.9% 7.1% 0.1% 7.4% 0.4%3.5% 0.1%3.9% 0.2%1.3% 5 0.6% 5 0.6% 1.9% 1.6% 0.7% 0.1% 1.0% 4.6% 1.7% 0.1% 0.3% 5 471 448 5 0.6% 471 1.1% 448 22.6 7.1% 5.7% 3.2% 19.3% -19.4% -30.1% -9.3% 24.4% 4.6% 7.9% -4.9% -8.3% -0.5% -0.2% 2.3% 18.2% 13.7% -8.7% 4 5 22.6 9.2 0.3

1757 47 56.4 36.6 28.0 15.3-22.1-81.5-9.8 201215 2,280 2,223 58 5 0.3% 1.9% 5 0.3% 3.2% 2.7% 0.4% 5 1.9% 2.1% 3.9% 0.7% 1.6% 0.9% 2. 6.4% 4.7% 1 1.6% 2012 1.6% 10.0% 9.9% 1%3% 1% 2.2% 4% 5.1% 3.5% 0.3%

48 1757 * 1 2 3 4WTO 2-5-2 % * * (+) GDP (-) ( ) * * 2001-1.2 2.7 1.0 5.35 1,217.5-11.6 1,160.0-13.8 57.5 2002 4.2 3.6-0.4 5.35 1,251.8 2.8 1,164.4 0.4 87.4 2003 4.6 4.0 0.5 5.30 1,599.6 27.8 1,362.6 17.0 237.0 2004 9.2 13.9 3.4 1.7 5.30 1,986.3 24.2 1,735.8 27.4 250.5 2005 7.4 9.5 3.1 0.5 5.30 2,296.5 15.6 2,000.5 15.2 296.0 2006 8.8 11.9 2.7 1.0 5.33 2,718.1 18.4 2,387.1 19.3 331.0 2007 8.9 5.9 2.1 2.1 5.33 2,993.0 10.1 2,631.5 10.2 361.4 2008 1.7-4.2 2.3 6.6 5.38 3,381.8 13.0 3,197.8 21.5 184.0 2009-1.0-4.2 3.0 0.6 5.38 2,698.3-20.2 2,457.8-23.1 240.5 2010 14.8 29.7 2.2 2.8 5.38 3,518.7 30.4 3,107.9 26.4 410.8 2011 4.9 7.8 2.0 5.2 5.38 4,095.0 16.4 3,657.7 17.7 437.3 2010 7 9.3 3.1 5.38 296.4 22.7 276.9 28.1 19.5 8 10.6 6.9 2.1 3.3 5.38 314.8 33.4 263.7 26.6 51.1 9 26.1 3.7 5.38 310.8 26.1 264.8 13.9 46.0 10 29.6 3.5 5.38 326.3 28.1 272.3 17.8 54.0 11 12.5 41.3 2.2 3.8 5.38 305.7 19.4 274.4 21.9 31.3 12 8.8 4.6 5.38 317.5 20.0 272.4 12.7 45.1 2011 1 25.5 5.5 5.38 329.4 27.1 282.4 19.3 47.0 2 9.1 11.0 1.9 5.0 5.38 283.1 21.7 245.6 12.8 37.6 3 20.0 5.0 5.38 362.9 24.4 333.5 29.3 29.4 4-7.0 4.5 5.38 340.8 16.1 305.6 15.7 35.2 5 1.2-14.9 2.1 4.5 5.38 341.5 23.2 317.3 32.7 24.2 6 13.3 5.2 5.38 351.8 20.1 314.6 17.4 37.2 7 5.4 5.4 5.38 346.1 16.8 300.3 8.4 45.8 8 6.0 14.3 2.0 5.7 5.38 367.1 16.6 345.4 31.0 21.7 9 7.5 5.5 5.38 355.3 14.3 302.0 14.1 53.4 10 6.6 5.4 5.38 339.2 3.9 301.5 10.7 37.6 11 3.6-2.3 2.0 5.7 5.38 333.5 9.1 323.9 18.0 9.6 12 25.1 5.5 5.38 344.4 8.5 285.7 4.9 58.8 2012 1-9.4 4.8 5.38 316.2-4.0 306.9 8.7 9.4 2 1.6 12.3 2.1 4.6 5.38 360.2 27.2 316.5 28.9 43.7 3-3.1 5.2 5.38 357.8-1.4 338.3 1.4 19.5 4-0.3 5.4 5.38 345.1 1.3 309.3 1.2 35.8 5 5.38 345.9 1.3 329.8 3.9 16.0

1757 49 0.8% 7.7% 4 0.3% EDB 20124 0.3% 4.1% 29.1%14 22.5% 2.7% 4 1.9% 2%14 2.8% 5.5% 3.8% 7.1% 1%1 4 4.8% 4 17% 6.8% 7.2%12.5% 4.2% 4 12.6% 15.9% 7.6% 12.5% 4 16.4% 41.8% 23.4% 25.3% 4 5.4% 2012 4 CPI 5.4% 2.7% 4 5% CPI 4 9.1% 11.1% 4 7.5% 3 8.6% CPI 4.3%3.6%2.4%1.5%1.3%0.1% 5 4.6% IE Singapore 20125 4.6% 1.5% 5 3.3% 1.6% 6.0% 1.5%5 NODX 3.2% 4 1.7% 2 6.4% 2012 GDP 6.4% 4.9%

50 1757 * 1NSCB 2 3 4WTO 2-5-3 % * * (+) GDP (-) ( ) ( ) * * 2001 2.9 5.4 8.30 10.10 321.5-15.6 330.6-4.1-9.1 2002 3.6 0.4 2.0 2.7 4.19 9.30 352.1 9.5 392.4 18.7-40.3 2003 5.0-1.3 11.4 8.6 2.3 5.53 9.00 362.3 2.9 404.7 3.1-42.4 2004 6.7-2.5 11.8 12.0 4.8 8.36 9.00 396.8 9.5 440.4 8.8-43.6 2005 4.8 1.0 9.8 9.0 6.6 5.70 9.75 512.5 29.2 474.2 7.7 38.3 2006 5.2-8.5 7.9 11.2 5.5 5.04 9.75 474.1-7.5 537.5 13.3-63.4 2007 6.6-2.7 7.3-0.7 2.9 4.28 7.25 504.7 6.4 577.1 7.4-72.4 2008 4.2 0.3 7.4 4.1 8.2 6.00 8.00 490.3-2.9 602.1 4.3-111.8 2009 1.1-11.9 7.5-1.4 4.2 3.50 6.00 384.4-21.6 457.4-24.0-73.0 2010 7.6 23.2 7.3-4.9 3.8 4.00 6.00 515.0 34.0 582.3 27.3-67.3 2011 3.9 1.1 7.0 0.9 4.7 4.50 6.50 483.1-6.2 637.8 9.5-154.7 2010 7 21.6 6.9-5.4 3.8 4.00 6.00 45.1 36.0 50.0 17.3-4.9 8 7.3 25.6-7.3 4.1 4.00 6.00 47.7 37.5 47.3 22.7 0.5 9 15.6-6.9 3.8 4.00 6.00 53.4 46.8 48.6 24.6 4.8 10 16.9 7.1-6.2 3.3 4.00 6.00 47.9 27.7 52.1 28.8-4.2 11 6.1 16.9-7.1 3.7 4.00 6.00 41.5 11.5 52.3 35.2-10.9 12 15.6-5.8 3.6 4.00 6.00 42.0 26.5 52.2 25.6-10.2 2011 1 14.5 7.4-2.5 4.0 4.00 6.00 40.0 11.8 55.9 22.8-15.9 2 4.9 11.2-0.2 4.7 4.00 6.00 39.3 10.0 49.9 19.7-10.6 3 10.2-0.6 4.9 4.04 6.07 43.6 4.2 58.2 20.0-14.6 4 3.1 7.2 2.0 4.7 4.25 6.25 43.1 19.2 57.7 19.0-14.6 5 3.6 2.7 1.8 4.9 4.47 6.47 41.2-2.9 51.9 2.6-10.7 6-0.2 2.4 5.2 4.50 6.50 41.4-9.3 47.7 5.8-6.4 7 4.6 7.1-0.2 4.9 4.50 6.50 44.6-1.0 53.0 6.0-8.4 8 3.2 1.2 0.4 4.6 4.50 6.50 41.7-12.6 53.8 13.8-12.1 9 0.3 1.6 4.7 4.50 6.50 39.0-27.0 53.9 11.0-14.9 10-12.5 6.4 2.6 5.2 4.50 6.50 41.6-13.2 53.3 2.3-11.7 11 4.0-6.4 2.5 4.7 4.50 6.50 33.7-18.8 53.3 1.9-19.6 12-7.8 1.5 4.2 4.50 6.50 34.1-18.9 49.2-5.7-15.1 2012 1 0.1 7.2 1.9 4.0 4.44 6.40 41.2 3.0 54.5-2.6-13.3 2 6.4 5.4 2.1 2.7 4.25 6.25 44.3 12.8 53.0 6.2-8.7 3 8.8 1.9 2.6 4.03 6.00 43.2-0.8 57.0-2.1-13.8 4 5.4 6.9 1.5 3.0 4.00 6.00 5 2.9 4.00 6.00

1757 51 389 6.6% 48.4 115 2012 5% 6% 5 2.9% 20125 4 3% 2.9% 4 0.8% 5 0.1% 5 2.5%3.4% 2012 4 7.6% 20124 7.6% 4 7.2% 4 24%16.3 28% 201214 175.1 5.5% 3 3.3% 20123 55.5 53 3.3% 201213 157.3 155.0 1.5% 38.7% 47.1% 74% 3 91%2012 74%8.5 3 3.1%4.1% 20124

52 1757 1.5% 4 2.6% 1.2% 3.7% 2012 2.7% 2012 3.1%4.1% 2012 2011 4 0.5% 20124 MPI 166.2 13.8% 0.5% 4 2012 20124 83.1% 65.6% 2011 13.8%2.2% 2012 8.2%4.5% 5 77.1 20125 77.1 4 77.6 6 100 66.3 11

1757 53 2-5-4 % * * (+) GDP (-) ( ) ( ) * * 2001 2.2 0.0 3.3 1.6 2.14 7.25 630.7-7.1 605.8-2.9 24.9 2002 5.3 9.8 2.4 0.7 1.59 6.75 660.9 4.8 633.5 4.6 27.4 2003 7.1 12.8 2.2 1.8 1.03 5.75 781.1 18.2 743.5 17.4 37.6 2004 6.3 11.1 2.1 2.8 1.79 5.75 949.4 21.5 934.8 25.7 14.6 2005 4.6 8.8 1.9 4.5 3.80 6.75 1,093.6 15.2 1,176.2 25.8-82.6 2006 5.1 6.4 1.5 4.6 4.85 7.75 1,297.2 18.6 1,287.7 9.5 9.5 2007 5.0 8.1 1.4 2.2 3.20 7.10 1,538.7 18.6 1,399.7 8.7 139.0 2008 2.5 3.9 1.4 5.5 2.71 7.00 1,777.8 15.5 1,792.2 28.0-14.5 2009-2.3-7.2 1.5-0.8 1.00 6.13 1,524.2-14.3 1,337.1-25.4 187.1 2010 7.8 14.4 1.1 3.3 1.80 6.38 1,953.1 28.1 1,829.2 36.8 123.9 2011 0.1-9.3 0.7 3.8 3.15 7.50 2,288.2 17.2 2,285.0 24.9 3.2 2010 7 13.1 0.9 3.5 1.25 6.25 155.7 20.6 165.0 36.0-9.4 8 6.6 8.4 0.9 3.3 1.39 6.25 164.5 23.9 158.1 41.1 6.5 9 8.1 0.9 3.0 1.53 6.25 180.6 21.2 149.9 16.0 30.7 10 6.0 0.9 2.9 1.55 6.25 171.3 15.6 149.8 14.8 21.5 11 3.8 5.7 1.0 2.8 1.53 6.25 177.0 28.5 172.9 35.3 4.1 12-3.4 0.7 3.0 1.80 6.38 173.7 18.8 160.8 11.4 13.0 2011 1 4.1 1.0 3.0 1.97 6.63 167.5 22.2 176.1 33.3-8.6 2 3.2-3.0 0.7 2.9 2.11 6.63 188.7 31.0 171.0 22.2 17.7 3-6.7 0.7 3.1 2.23 6.88 212.6 30.6 194.7 25.7 17.9 4-8.1 0.8 4.0 2.34 7.00 175.6 25.0 183.4 26.1-7.8 5 2.7-3.7 0.5 4.2 2.53 7.00 194.4 17.4 191.8 33.8 2.5 6 3.8 0.4 4.1 2.84 7.13 206.5 14.5 198.0 26.1 8.4 7-0.7 0.5 4.1 3.02 7.38 215.2 38.3 187.2 13.5 28.0 8 3.7 6.8 0.7 4.3 3.18 7.38 215.7 31.1 227.7 44.1-12.0 9-0.3 0.8 4.0 3.37 7.50 215.1 19.1 212.8 41.9 2.3 10-30.1 0.6 4.2 3.38 7.50 171.9 0.3 182.0 21.5-10.1 11-8.9-47.2 0.8 4.2 3.42 7.50 155.0-12.5 168.7-2.4-13.8 12-25.3 0.4 3.5 3.15 7.50 170.2-2.1 191.5 19.1-21.3 2012 1-15.0 0.8 3.4 3.10 7.38 157.4-6.0 168.6-4.2-11.3 2 0.3-3.2 0.7 3.3 2.90 7.38 190.4 0.9 185.1 8.3 5.3 3-2.7 0.7 3.4 2.88 7.38 198.7-6.5 244.6 25.6-45.9 4 0.5 1.0 2.5 2.91 7.38 169.2-3.7 197.9 7.9-28.7 5 2.5 2.92 7.38 * 1 2 3 4WTO

54 1757 5 8 4 24.3 27.4 5 2.5% 20125 115.2 2.5% 201215 3.0% 2012 5 2.0% 15 2.5% 1.4% 0.3% 20126 2.8% 3.2% 3.3%3.8% 2012 4 3.7% 20124 169.2 3.7% 197.9 7.9% 28.7 201214 715.6 3.9% 796.2 9.8% 80.5 20124 4 3.9% 6.9%

1757 55 23.1% 44.0% 59.8% 4 6.8% 1.1% 0.4% 2012 15% 1% 2012 4 4.7% 2012 GDP 4.7% 0.5% 60%2012 4.4%3 1% 6.6%5.2%6.9% 5.0%4.2%2.1% 15.5% 0.3% 4 3.2% 20124 3.2% 5.7% 3.4% 3.6% 2.2% 12.2% 10.4% 5.1% 20124 3.2% 201214 3.2% 5.4% 4.9% 1.7% 4 5.3% 20124 524 163.8 5.3% 5.2%116 76

56 1757 * 1 2 3WTO 2-5-5 % * * (+) GDP (-) ( ) * * 2001-3.4 3.7 6.39 879.7-10.4 737.4-10.0 142.3 2002 4.7 3.5 6.39 940.6 6.9 797.6 8.2 143.0 2003 9.2 3.6 6.00 1,047.1 11.3 833.0 4.4 214.1 2004 11.3 3.6 5.98 1,266.5 21.0 1,051.7 26.3 214.8 2005 3.6 3.6 6.20 1,416.3 11.8 1,143.2 8.7 273.1 2006 5.6 4.8 3.3 3.6 6.72 1,606.8 13.4 1,311.5 14.7 295.2 2007 6.3 2.3 3.2 2.0 6.72 1,762.1 9.7 1,469.8 12.1 292.3 2008 4.8 0.8 3.3 5.4 6.48 1,995.2 13.2 1,569.0 6.7 426.2 2009-1.5-7.6 10.9 0.6 5.51 1,574.3-21.1 1,238.3-21.1 336.0 2010 7.2 7.3 9.7 1.7 6.27 1,986.1 26.2 1,646.2 32.9 339.9 2011 5.1 1.2 9.3 3.2 6.53 2,269.9 14.3 1,876.6 14.0 393.3 2010 7 2.9 3.2 1.8 6.27 172.4 25.3 150.8 30.6 21.6 8 5.2 4.1 3.1 2.0 6.27 167.4 23.2 141.2 29.9 26.2 9 5.8 3.0 1.8 6.27 162.0 20.0 139.9 29.0 22.1 10 2.6 2.8 1.9 6.27 177.1 11.1 155.2 23.5 21.9 11 4.8 4.1 3.0 1.9 6.27 169.0 14.4 140.3 15.5 28.7 12 4.4 3.1 2.1 6.27 183.0 14.2 151.8 21.6 31.3 2011 1 0.5 3.4 2.4 6.27 179.1 15.1 146.5 25.4 32.6 2 5.0 4.5 2.9 2.9 6.27 163.1 19.4 128.8 25.3 34.3 3 2.0 3.0 3.0 6.27 203.7 14.0 166.4 22.8 37.3 4-0.3 3.0 3.2 6.27 191.8 18.5 155.3 16.6 36.5 5 4.3-5.2 3.0 3.3 6.54 182.8 13.8 154.7 14.1 28.2 6 0.5 3.2 3.5 6.54 191.0 18.1 164.9 15.2 26.0 7-0.1 3.0 3.4 6.54 197.8 14.7 166.2 10.2 31.6 8 5.7 3.5 3.1 3.3 6.54 196.2 17.2 159.4 12.9 36.8 9 2.8 3.3 3.4 6.54 190.2 17.4 159.0 13.6 31.2 10 2.7 3.0 3.4 6.54 201.7 13.9 159.4 2.7 42.4 11 5.2 2.0 3.1 3.3 6.54 180.3 6.7 150.2 7.1 30.1 12 2.5 3.1 3.0 6.53 192.0 4.9 165.8 9.2 26.3 2012 1 0.4 3.0 2.7 6.53 176.9-1.3 148.8 1.5 28.1 2 4.7 8.2 3.2 2.2 6.53 188.1 15.3 153.1 18.8 35.0 3 1.5 2.9 2.1 6.53 203.0-0.4 168.6 1.3 34.3 4 3.1 1.9 6.53 188.6-1.7 164.0 5.6 24.5 5

1757 57 59.6% 33.0% 34.1% 16.8% 201214 2,059.6 6.3% 20124 102.8 0.8% 0.01%4 25.7 10.5% 3.5% 201214 101 9.3% 3 2.1% 20123 104.5 2.1% 2 3 3.5% 2.9% 2.9% 2.8% 2.6% 2.4% 2.2% 1.8% 1.3% 0.7% 0.4% 201213 104.5 2.3% 4 0.1% 20124 577.4 180.4 0.1% 502.3 7.4% 75.1 31.8% 4 0.1% 2012 4 2,314.6 3.3% 1,941.7 7.1% 372.9 12.82% 4 184.9 32.0% 42.4 41.9 41.2 38.4 35.1 22.5 19.3 17.6 17.4 81.1 79.7 65.9 48.1 33.5 25.1 4 144.1 48

58 1757 43.1 5 73.7 60.6 54.7 41.2 28.7 5 6.1% 2012 6.1% 2011 5.9% 8.2% 9.1% 6.2% 6.1% 5.6% 2012 6.7% 4 4.5% 2012 5 4.45%4 4.5% 3 5 0.07% 4 0.21% 2009 6 5 5 4 3.5% 20124 159.8 3.5% 166.2 11.7% 6.4 20107 10 4 3 20107 1.4 20087 3.4 2008 4 7.3 4 20.5 12.2 12.1 35.4% 4 24.6 21 9.6 9.2 8.5 20124

1757 59 * 1 2 3WTO 2-5-6 % * * (+) GDP (-) ( ) * * 2001 3.6 4.3 8.1 18.05 563.2-9.3 309.6-7.6 253.6 2002 4.5 3.3 9.1 19.12 571.6 1.5 312.9 1.1 258.7 2003 4.8 5.5 9.5 15.76 610.6 6.8 325.5 4.0 285.1 2004 5.0 3.3 9.9 14.63 715.8 17.2 465.2 42.9 250.6 2005 5.7 1.3 11.2 16.15 856.6 19.7 577.0 24.0 279.6 2006 5.5-1.6 10.3 14.64 1,035.3 20.9 806.6 39.8 228.7 2007 6.3 5.6 9.1 13.08 1,180.1 14.0 931.0 15.4 249.1 2008 6.0 3.0 8.1 9.8 14.32 1,396.1 18.3 1,276.0 37.1 120.0 2009 4.6 1.3 7.4 4.8 12.83 1,196.5-14.3 945.5-25.9 251.0 2010 6.2 4.4 7.1 5.1 11.98 1,580.7 32.1 1,353.2 43.1 227.5 2011 6.5 4.1 6.6 5.4 11.84 2,005.9 26.9 1,768.8 30.7 237.1 2010 7 6.2 12.39 130.0 26.7 122.6 27.1 7.4 8 5.8 7.1 6.4 12.38 141.9 30.3 126.2 44.5 15.8 9 5.8 12.21 125.2 23.5 95.0 28.1 30.2 10 5.7 12.07 142.8 20.0 119.2 24.9 23.7 11 6.8 6.3 11.98 150.5 41.4 127.9 47.6 22.6 12 7.0 11.98 165.0 22.6 139.7 52.5 25.4 2011 1 3.7 7.0 12.03 149.6 42.0 123.7 31.5 25.9 2 6.4-2.7 6.8 6.8 11.82 141.6 26.1 121.2 32.5 20.5 3 2.6 6.7 12.18 167.8 25.9 145.8 30.4 22.0 4-1.0 6.2 12.02 163.6 34.7 149.5 36.5 14.1 5 6.5 3.9 6.0 12.15 178.0 42.0 148.2 43.8 29.8 6 3.6 5.5 12.08 175.9 37.8 155.7 37.9 20.2 7 10.8 4.6 12.06 168.8 29.9 158.4 29.2 10.5 8 6.5 4.2 6.6 4.8 12.15 185.1 30.4 147.6 17.0 37.5 9 14.0 4.6 12.00 169.2 35.1 149.2 57.1 19.9 10 6.9 4.4 11.98 170.7 19.5 155.3 30.3 15.4 11 6.5 0.9 4.2 11.91 165.9 10.3 155.1 21.3 10.8 12 2.6 3.8 11.84 169.7 2.9 159.2 14.0 10.6 2012 1 2.3 3.7 11.88 152.5 1.9 152.3 23.1 0.2 2 6.3 11.4 6.3 3.6 11.45 158.9 12.2 159.5 31.7-0.6 3 2.5 4.0 11.15 170.8 1.8 162.1 11.2 8.7 4 6.9 4.5 161.5-1.3 166.0 11.0-4.4 5 4.5

60 1757 2012518 618 1 2012518 618 26.00 1,540.001,635.00 618 1,615.50 518 6 18 1 2012518 618 1 79.14 78.65 78.2179.98 1 0.6334 0.6388 0.63330.6513 1 0.7861 0.7916 0.78310.8088 4 3.3% 4 0.6%5 0.2% GDP 1.9%5 PMI 20099 52.75ADP 13.3 14.8 5 6.9 15 68 AA+ 2012 2013 1.2

1757 61 1.30 3-1 87 1.15 84 1.00 81 0.85 78 0.70 75 0.55 72 0.40 69 3/2 3/9 3/16 3/23 3/30 4/6 4/13 4/20 4/27 5/4 5/11 5/18 5/25 6/1 6/8 6/15 522 "AA" "A+" 524 615 0-0.1% 6 17 2012 825 65 6 610

62 1757 313 0 0.25% 615 1.00% 1.00% 0.5% 2.50% 1,000 EFSF ESM ECB66 1.0% 612 4 CPI 0.6% 3.0% 20102 67 0.5% 3,250 IMF 614 1,000 Fed424-25 200812 0 0.25% Ben S. Bernanke 2% 2012 61920 731 9 12 102324 1211 Ben S. Bernanke Bank of Canada65 1.00% 67 17 1.00% 1.75%0.25% 2012 2% 2%

1757 63 3.50% 3.00% 5.75% 3.25% 0.1% 67 0.5% 39 3,250 5,190 614 1,000 615 620 RBNZ614 2.50% 726 913 1025 126 RBA65 25 3.75% 3.50% 5 2.53% 61 2012 3.3-3.8% 2012 5.7% 6% 530 6 13 3.00% 612 5.75% 3.5%5.5% 5 4 4.5% 4.45% 6.3% 2011 6.5% 6.3%6.7% 2012 68 3.25% 20117 12

64 1757 % 1.6 3-2 3 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 3/2 3/9 3/16 3/23 3/30 4/6 4/13 4/20 4/27 5/4 5/11 5/18 5/25 6/1 6/8 6/15 1840 1800 1760 1720 1680 1640 1600 1560 3-3 1520 1480 5/7 5/10 5/13 5/16 5/19 5/22 5/25 5/28 5/31 6/3 6/6 6/9 6/12 6/15 518 6 18 26.00 1,540.00 1,635.00 6 18 1,615.50 615 00.1% 1.00% 2012518 1,589.50 530 1,540.00 2012618 1,615.50 26.00 5

1757 65 530 10 20121 6% 10 7% 61 13.3 15 6 7 BBB Baa3 EIA612 Short-Term Energy Outlook 2012 70 120 EIA OPEC EIA 2012 2011 EIA 70 2011 80 OECD 2012 2013 80 110 2012OECD 40 2013 OECD OPEC 20122013 80 120

66 1757 5 6 89 47 EIA 20122013 2 2012 2013 16 Kashagan 2 OPEC 2 3,000 2012 90 2013 OPEC 50 20125 (1) (2) GDP 3.4%(3) (4) 3 (5) (6) (7) 20126 (1) GDP 1.9%(2) (3) 1998 (4) 3 (5) 5 8.2%(6) Fed EI20126 OMI 2013 OPEC 2012 2013 140 100 4 2011 5 109

1757 67 130 125 120 115 110 105 100 95 90 85 80 75 70 4-1 OPEC * % 2005 50.59 54.4 56.51 49.29 2006 61.04 65.17 66.11 61.52 2007 69.03 72.51 72.27 68.42 2008 93.27 96.99 99.67 93.61 2009 61.00 61.48 61.64 61.68 2010 77.38 79.53 79.41 78.14 2011 107.44 111.33 95.08 106.18 201105 109.94 115.14 101.27 108.80 06 109.04 114.04 96.28 107.60 07 111.63 116.85 97.18 110.10 08 106.32 110.52 86.37 104.89 09 107.61 113.08 85.49 106.31 10 106.29 109.43 86.44 104.08 11 110.08 110.70 97.16 108.97 12 107.36 107.86 98.58 106.39 201201 111.76 110.66 100.38 109.71 02 117.48 119.53 102.41 116.07 03 122.97 125.27 106.25 122.32 04 118.18 119.73 103.37 117.25 05 108.07 110.27 94.47 107.64 201205 % -8.55-7.90-8.61-8.20 201205 % -1.70-4.23-6.71-1.07 *Saharan Blend Minas Iran Heavy Basra Light Kuwait Export Es Sider Bonny Light Qatar Marine ArabLight Murban BCF17 11 Energy Intelligence Group,Oil Market Intelligence, June 2012. / OPEC 4-1 65 05/2010 09/2010 01/2011 05/2011 09/2011 01/2012 05/2012 /

68 1757 4-2 / 2012 2011 2012 2011 2011 5 4 3 5 OECD 44.0 44.2 45.0 43.9 45.8 45.8 44.6 OECD 43.9 43.8 43.3 43.0 43.8 43.3 43.3 87.9 88.0 88.3 86.9 89.6 89.1 87.9 OPEC 31.6 31.8 31.3 29.1 31.1 29.7 29.2 OPEC6.5 6.5 6.4 5.9 6.4 6.0 6.0 OPEC 51.3 50.9 50.6 50.1 50.6 50.3 50.3 2.3 2.3 2.2 2.2 2.3 2.2 2.2 91.8 91.5 90.6 87.3 90.4 88.3 87.6 3.8 3.5 2.3 0.5 0.8-0.8-0.2 OECD 2,649 2,629 2,626 2,684 5,301 5,282 5,236 5,318 4-1 4-3 / 2012 5 4 3 a 20115 1OPEC 9,825 9,827 9,648 11,460 8,595 2,965 3,000 3,150 3,700 3,575 3,025 3,137 2,880 3,137 2,677 2,750 2,750 2,756 2,750 2,250 2,575 2,550 2,575 2,800 2,646 730 735 743 900 731 550 550 550 680 600 2385 2380 2417 2,650 2,599 1999 2039 1862 2,700 2,021 1475 1435 1390 1,525 125 1140 1170 1210 1,200 1,193 OPEC 31,645 31,845 31,337 35,917 29,067 OPEC 6,503 6,459 6,406 5,944 OPEC 38,148 38,303 37,743 35,012 2 OPEC 17,740 17,358 16,938 2,558 2,540 2,550 1,018 1,056 1,106 1,565 1,650 1,651 10,024 9,984 10,013 4,004 3,972 4,066 792 794 794 13,590 13,537 13,454 OPEC 51,291 50,891 50,572 89,439 89,195 88,315 a. 30 3 4-1

1757 69 1.2%20123 0.7% 0.2% 66.7 2011 6.7% 1/4 12.0% 5.7%50%4 0.5%1.0% OECD 3.3% 0.2% 5OECD 12.2 4,402 0.3% OECD 96.2 4,392 2.2 OPEC OPEC 5 OPEC 20 OPEC 43.6 5 28 9,179 OPEC 4.4 3.5 300 OPEC 5 20125 CRBDJ-AIG Reuters 272.97128.382,890.29 - -10.78% -9.14% - 2.86% 5. 2012 2011 29% 64.57-3.91% 1,585.50 2.88-9.13% 117.20-7.39% 37.60-5.74%

70 1757 5-1 CRB 1967=100 DJ-AIG 1991=100 Reuters 9/18/1931=100 2005 331.83 171.15 1,796.56 2006 307.26 166.51 2,228.64 2007 358.71 184.96 2,592.90 2008 229.54 117.24 1,746.52 2009 283.38 139.19 2,321.27 2010 332.80 162.39 3,174.42 2011 305.30 140.68 2,695.51 201105 350.06 166.91 3,224.81 06 338.05 158.13 3,139.74 07 342.08 162.81 3,139.93 08 342.57 164.43 3,131.19 09 298.15 140.20 2,811.36 10 319.84 149.48 2,822.04 11 313.82 146.16 2,722.86 12 305.30 140.68 2,695.51 201201 312.31 144.16 2,935.40 02 322.43 148.04 2,970.83 03 308.46 141.90 2,978.38 04 305.95 141.29 2,975.35 05 272.97 128.38 2,890.29 % -10.78-9.14-2.86 % -22.02-23.08-10.37 CRB= DJ-AIG= Rueters= 7.79% 20,370.7 4.9% 17,020.0 4.11% 7,919.9 3.34% 1,930.0 3.11% 1,998.9 2.25% 2,000.5-12.39% 0.79%

1757 71 1. 5.60 6.80 USDA20126 2012/13 0.51 2011/12 1,000 3,000 4,000 2011/12 13 2012/13 1,100 22.34 HRW SRW 1,000 1,000 2012/13 4,100 5.60 6.80 10 2011/12 7.25 2012/13 700 150 550 2011/12 2012/13 27 300 27 100 100 20 2012/13 460 27 27

72 1757 5-2 * 2010/11 200.55 651.14 131.65 116.33 654.46 132.43 197.23 26.55 60.06 2.64 3.59 30.71 35.08 23.47 174.00 591.08 129.01 112.74 623.75 97.36 173.77 31.92 202.86 5.31 58.44 141.76 67.63 30.68 2.34 16.10 0.01 0.10 5.95 9.49 3.01 5.59 27.89 0.12 3.00 6.13 18.66 8.82 7.83 23.17 0.44 2.84 7.69 16.58 7.18 27 16.16 135.70 4.73 52.50 122.00 22.91 11.68 85.21 184.80 70.70 22.36 243.79 8.14 88.79 2.60 5.90 6.70 0.20 10.80 2.54 1.86 54.43 115.18 0.93 13.00 110.50 0.94 59.09 8.74 19.64 13.57 2.52 33.00 1.29 7.66 10.95 15.93 24.18 2.38 39.23 0.36 11.47 3.56 23.90 0.20 0.40 23.00 1.35 3.31 3.12 0.00 15.80 2.82 14.42 0.55 3.95 16.12 80.80 0.27 2.90 81.76 0.07 15.36 25.84 81.06 5.66 23.73 75.04 13.88 23.64 14.72 41.51 0.09 16.00 38.60 3.98 13.74 4.30 9.64 0.01 1.90 6.20 4.86 2.88 2.36 16.84 0.04 2.80 11.60 4.30 3.34 2011/12 197.23 694.17 142.96 148.29 695.84 148.76 195.56 23.47 54.41 3.27 4.90 32.62 28.71 19.82 173.77 639.75 139.70 143.40 663.22 120.04 175.75 30.68 206.64 8.01 67.70 150.93 66.10 28.31 3.01 14.50 0.01 0.10 5.95 10.10 1.46 8.82 29.50 0.10 4.60 7.83 22.50 8.10 7.18 25.26 0.40 5.50 10.40 17.30 5.14 27 11.68 137.38 7.50 57.50 126.75 16.20 13.61 88.79 187.89 77.05 36.16 259.93 7.28 86.51 1.86 5.80 7.30 0.50 11.20 2.00 1.76 59.09 117.40 3.00 22.00 120.50 1.00 57.99 7.66 17.62 15.25 3.57 33.57 0.91 6.05 11.47 18.43 23.50 3.25 41.15 0.48 11.77 3.31 24.20 0.20 0.40 23.10 1.15 3.46 3.95 0.00 16.30 3.99 16.06 0.55 3.64 15.36 86.87 0.03 3.10 81.56 0.75 19.95 23.64 114.42 7.21 29.43 81.89 37.61 25.78 13.74 56.23 0.20 16.00 38.50 21.00 10.67 2.88 22.73 0.01 4.00 9.00 11.00 5.63 3.34 22.12 0.10 6.10 14.95 5.00 5.61 * USDA,WorldAgriculturalSupplyandDemandEstimates,June.11,2012.

1757 73 5-2 * 2012/13 6 195.56 672.06 135.29 131.67 681.87 135.42 185.76 6 19.82 60.80 3.27 5.99 33.69 31.30 18.89 6 175.75 611.26 132.03 125.69 648.18 104.13 166.86 6 28.31 196.01 6.01 60.30 144.40 59.70 26.22 6 1.46 12.00 0.01 0.10 6.00 6.20 1.27 6 8.10 26.00 0.10 4.00 7.30 20.50 6.40 6 5.14 27.00 0.40 2.70 7.85 18.50 6.19 27 6 13.61 131.01 5.50 53.50 123.25 14.50 12.36 6 86.51 186.42 73.00 31.01 257.69 4.20 84.04 6 1.76 5.00 6.70 0.20 11.00 0.50 1.96 6 57.99 120.00 2.50 22.00 122.00 1.00 57.49 6 6.05 17.59 15.20 1.92 31.73 0.52 6.60 6 11.77 16.78 23.00 2.40 40.90 0.40 10.25 6 3.46 23.00 0.20 0.40 23.20 0.30 3.16 6 3.64 0.00 15.40 2.99 15.57 0.58 2.90 6 19.95 91.00 0.00 3.60 85.45 2.50 23.00 6 25.78 94.76 6.61 25.18 77.76 29.11 20.29 6 10.67 53.00 0.20 15.50 37.90 16.00 9.97 6 5.63 15.00 0.01 3.50 8.50 8.50 3.64 6 5.61 13.00 0.10 2.80 11.70 4.00 3.01 * 5-2 2012/13 160 200 30 100 2012/13 240 1.85 5-2 2. 4.20 5.00 20126 2012/13 4.20 5.00 2011/12 12 4 2011/12 0.5

74 1757 0.5 2011/12 2011/12 5.95 6.25 2012/13 1,600 2011/12 2011/12 100 safrinha 5 2012 6 46 200 69 2012/13 420 27 12 2012/13 200 110 80 30 2012/13 27 30 2,400 340 200 100 5-3 3. 12.00 14.00 20126 2012/13 2011/12 2011/12

1757 75 5-3 * 2010/11 143.92 829.12 92.60 501.05 848.72 91.39 124.32 43.38 316.17 0.70 121.74 285.01 46.60 28.64 100.54 512.95 91.90 379.31 563.71 44.79 95.67 6.04 34.52 0.41 10.25 17.95 18.75 4.27 0.87 23.60 0.01 5.30 7.30 16.35 0.83 5.17 10.92 0.40 4.95 10.65 2.40 3.44 13.70 106.56 57.17 114.57 162.54 1.48 13.41 1.49 6.50 5.80 10.10 12.50 0.01 1.28 27 5.21 55.93 7.36 47.50 62.50 1.08 4.92 0.68 0.00 15.65 11.20 15.70 0.00 0.63 1.39 21.01 8.26 13.20 29.00 0.09 1.57 2.82 23.01 7.81 22.40 30.30 0.30 3.05 1.62 0.07 8.11 6.07 8.21 0.00 1.58 9.99 57.40 0.79 42.50 49.50 8.40 10.28 1.76 11.71 0.95 6.67 11.43 1.71 1.28 51.30 177.25 0.98 128.00 180.00 0.11 49.42 1.54 18.49 0.33 11.37 13.26 5.21 1.89 0.67 11.92 0.04 5.40 6.50 5.01 1.12 2011/12 124.32 872.98 93.98 509.08 868.11 96.41 129.19 28.64 313.92 0.51 115.58 279.54 41.91 21.62 95.67 559.07 93.47 393.50 588.57 54.50 107.57 4.27 32.50 0.04 10.55 18.40 14.50 3.91 0.83 21.00 0.01 5.60 7.70 13.00 1.14 3.44 11.50 0.03 4.95 10.70 1.50 2.77 13.41 114.44 54.60 117.40 165.63 3.05 13.77 1.28 5.50 5.00 9.00 10.80 0.01 0.97 27 4.92 64.64 5.50 51.50 67.00 2.70 5.36 0.63 0.00 15.50 11.00 15.50 0.00 0.63 1.57 19.00 10.50 13.70 29.70 0.01 1.36 3.05 25.19 6.40 22.60 30.70 0.33 3.60 1.58 0.08 7.50 5.60 7.70 0.00 1.46 10.28 69.00 0.80 46.00 54.00 12.00 14.08 1.28 10.70 0.90 5.80 10.80 0.40 1.68 49.42 192.78 5.00 131.00 188.00 0.20 59.00 1.89 33.69 0.26 14.99 17.46 16.34 2.03 1.12 22.84 0.05 7.50 8.80 14.00 1.21 * 5-2

76 1757 5-3 * 2012/13 6 129.19 949.93 100.32 553.31 923.39 105.32 155.74 6 21.62 375.68 0.38 138.44 301.64 48.26 47.78 6 107.57 574.25 99.94 414.88 621.75 57.06 107.96 6 3.91 38.00 0.04 10.90 19.70 18.00 4.24 6 1.14 25.00 0.01 5.80 8.60 16.00 1.55 6 2.77 13.00 0.03 5.10 11.10 2.00 2.69 6 13.77 116.68 57.35 122.70 171.83 2.27 13.71 6 0.97 5.80 5.20 9.00 11.00 0.01 0.96 27 6 5.36 64.15 7.00 53.50 69.50 2.00 5.01 6 0.63 0.00 16.00 11.50 16.00 0.00 0.63 6 1.36 21.00 9.30 13.50 29.70 0.03 1.93 6 3.60 25.60 7.05 24.60 32.70 0.23 3.32 6 1.46 0.08 8.50 6.50 8.60 0.00 1.44 6 14.08 67.00 0.80 47.50 56.00 12.00 13.88 6 1.68 12.60 0.50 7.40 12.60 0.50 1.68 6 59.00 195.00 7.00 139.00 201.00 0.20 59.80 6 2.03 36.26 0.24 16.39 19.56 15.94 3.03 6 1.21 24.00 0.05 7.50 9.30 14.00 1.96 * 5-2 2,000 13.35 1,500 2011/12 3,500 1.75 2012/13 500 1,400 2012/13 2,000 14.85 2012/13 12.00 14.00 short ton=0.907 335 365 52.50 56.50 50 2011/12 50 100 6,550 4,150 5-4

1757 77 5-4 * 2010/11 60.54 264.69 88.85 221.17 251.34 92.64 70.10 4.11 90.61 0.39 44.85 48.39 40.86 5.85 56.44 174.09 88.45 176.32 202.95 51.78 64.25 38.90 132.87 0.07 75.00 79.75 45.86 46.24 22.28 49.00 0.01 37.61 39.21 9.21 22.87 16.29 75.50 0.04 35.93 38.93 29.95 22.94 14.25 17.62 76.89 75.89 92.70 0.27 15.78 13.26 15.10 52.34 55.00 65.95 0.19 14.56 27 0.54 1.04 12.48 12.27 13.46 0.06 0.56 0.24 0.22 2.92 2.15 3.21 0.00 0.17 0.05 0.17 3.50 3.63 3.66 0.00 0.05 2011/12 70.10 236.38 90.22 223.41 253.42 89.91 53.36 5.85 83.17 0.41 45.18 48.33 36.33 4.77 64.25 153.20 89.81 178.24 205.09 53.57 48.59 46.24 111.00 0.06 73.75 78.53 47.60 31.16 22.87 41.50 0.00 36.50 38.10 7.80 18.47 22.94 65.50 0.04 36.00 39.10 36.70 12.68 15.78 16.16 79.76 79.11 95.83 0.26 15.61 14.56 13.50 57.00 59.10 70.10 0.20 14.76 27 0.56 1.12 11.00 11.30 12.31 0.03 0.33 0.17 0.22 2.70 1.90 2.95 0.00 0.14 0.05 0.20 3.40 3.55 3.59 0.00 0.07 2012/13 6 53.36 271.03 95.82 234.05 264.95 96.71 58.54 6 4.77 87.23 0.41 44.77 48.18 40.42 3.80 6 48.59 183.80 95.41 189.28 216.77 56.30 54.73 6 31.16 140.80 0.07 79.10 84.08 49.40 38.55 6 18.47 55.00 0.01 39.80 41.45 10.10 21.93 6 12.68 78.00 0.04 36.80 40.00 34.20 16.52 6 15.61 15.39 84.50 83.63 100.68 0.26 14.56 6 14.76 12.60 61.00 63.40 74.52 0.20 13.64 27 6 0.33 1.20 11.00 11.18 12.18 0.03 0.32 6 0.14 0.22 2.80 1.90 2.96 0.00 0.20 6 0.07 0.20 3.50 3.67 3.70 0.00 0.07 * 5-2 4. 34.1 20126 2012/13 34.1 2011/122012/13

78 1757 5-5 480 2010/11 47.82 116.40 35.92 114.67 36.66-0.69 49.51 2.95 18.10 0.01 3.90 14.38 0.18 2.60 44.87 98.30 35.91 110.77 22.29-0.88 46.91 19.32 52.26 1.93 30.37 18.70-0.99 25.43 2.16 6.83 0.01 1.95 4.62 0.03 2.40 0.59 2.28 3/ 0.19 2.13 0.00 0.56 6.72 15.46 0.90 5.64 5.50-0.28 12.21 0.75 4.20 3/ 0.04 2.51-0.15 2.55 4.35 9.00 0.70 4.30 2.00-0.15 7.91 9.37 26.40 0.45 21.05 6.00-0.75 9.92 * 24.01 43.24 31.43 76.34 2.49 0.11 19.76 0.63 0.73 1.20 1.65 0.35 0.03 0.54 15.25 30.50 11.98 46.00 0.12 0.00 11.60 27 0.52 1.15 1.07 1.07 1.05 0.05 0.56 1.93 2.11 3.35 5.60 0.15-0.08 1.72 3.04 8.64 1.70 10.00 0.63 0.03 2.73 0.44 0.03 2.10 2.05 0.02 0.05 0.44 0.29 3/ 1.75 1.70 0.00 0.03 0.32 0.79 0.06 3.70 3.70 0.00 0.01 0.84 0.38 0.02 1.63 1.65 0.00 0.00 0.38 2011/12 49.51 123.07 43.40 106.12 43.42-0.89 67.32 2.60 15.57 0.02 3.40 11.60-0.01 3.20 46.91 107.49 43.38 102.72 31.82-0.88 64.12 25.43 53.87 1.14 28.96 26.81-0.99 25.66 2.40 6.84 0.02 2.10 4.10 0.03 3.05 0.56 3.00 3/ 0.19 2.22 0.00 1.15 12.21 15.89 0.22 5.32 10.07-0.28 13.20 2.55 4.70 3/ 0.04 4.20-0.15 3.16 7.91 9.10 0.04 4.00 4.90-0.15 8.30 9.92 26.50 0.60 20.00 10.00-0.75 7.77 * 19.76 50.33 39.53 69.92 3.22 0.11 36.38 0.54 1.24 1.00 1.65 0.35 0.03 0.75 11.60 33.50 23.25 41.00 0.03 0.00 27.33 27 0.56 1.61 0.90 0.93 1.36 0.05 0.74 1.72 3.25 2.30 5.30 0.30-0.08 1.75 2.73 10.60 1.20 10.25 1.10 0.03 3.16 0.44 0.03 1.98 1.90 0.02 0.05 0.48 0.32 3/ 1.23 1.28 0.00 0.03 0.25 0.84 0.08 3.15 3.20 0.00 0.01 0.86 0.38 0.02 1.58 1.58 0.00 0.00 0.40 3/ 5,000 * 5-2

1757 79 2012/13 5-5 480 6 67.32 115.29 36.97 109.01 36.95-0.88 74.51 6 3.20 17.00 0.01 3.50 11.80 0.01 4.90 6 64.12 98.29 36.97 105.51 25.15-0.88 69.61 6 27.33 30.50 13.50 40.00 0.03 0.00 31.30 3/ 5,000 5-2 5. 60.0 80.0 20126 2011/122012/13 2012/13 2012/13 1,700 2011/12 20 2012/13 20 2012/13 60.080.0 5.0 2012/13 140 100 2012/13 70 1% 7,450 42% 2012/12 180 2006/07 5-5

80 1757 6. 4.0% COMEX20125 357.03 371.92 4.0%

1757 81 1 1. 2. 3. 4. 5. 6.Statistischeo Bundesamt 7.UK National Statistics 8.France INSEE 2002 5.3 1.8 0.3 0.0 2.7 0.9 7.2 2003 3.7 2.5 1.7-0.4 3.5 0.9 2.8 2004 6.2 3.5 2.4 1.2 3.0 2.5 4.6 2005 4.7 3.1 1.3 0.7 2.1 1.8 4.0 2006 5.4 2.7 1.7 3.7 2.6 2.5 5.2 2007 6.0 1.9 2.2 3.3 3.5 2.3 5.1 2008 0.7-0.3-1.0 1.1-1.1-0.1 2.3 2009-1.8-3.5-5.5-5.1-4.4-3.1 0.3 2010 10.7 3.0 4.4 3.7 2.1 1.7 6.3 2011 4.0 1.7-0.7 3.0 0.7 1.7 3.6 2009 4 8.8-0.5-0.5-2.2-0.8-1.0 6.3 2010 1 12.9 2.2 4.9 2.4 1.2 1.0 8.7 2 13.0 3.3 4.4 4.1 2.5 1.6 7.6 3 11.2 3.5 5.5 4.0 3.0 1.9 4.5 4 6.5 3.1 3.1 3.8 1.7 1.8 4.9 2011 1 6.6 2.2-0.2 4.6 1.5 2.4 4.2 2 4.5 1.6-1.8 2.9 0.4 1.7 3.5 3 3.4 1.5-0.5 2.7 0.3 1.5 3.6 4 1.8 1.6-0.6 2.0 0.5 1.2 3.3 2012 0.4 2.0 2.8 1.2-0.1 0.3 2.8

82 1757 2 2000 6.7 4.0 5.1 2.0 3.6 16.9 2001-8.4-3.4-0.1-1.5 0.8 0.6 2002 7.5 0.2-1.1-1.5-1.4 8.0 2003 9.1 1.2 0.5-0.3-1.1 5.5 2004 9.3 2.3 4.8 4.3 0.9 1.4 10.4 2005 3.8 3.3 1.4 3.0-0.8 0.1 6.3 2006 4.7 2.2 4.5 5.3 0.0 0.9 8.4 2007 7.8 2.5 2.8 5.8 0.5 1.2 6.9 2008-1.8-3.5-3.3 0.6-2.8-2.8 3.4 2009-8.1-11.4-21.9-16.4-9.0-12.6-0.1 2010 26.9 5.4 16.5 11.2 1.9 4.7 16.3 2011 5.0 4.1-2.4 7.4-1.2 2.4 6.9 2010 7 21.1 7.8 14.6 8.3 1.6 5.0 15.0 8 23.5 7.0 15.5 15.6 3.9 2.5 15.8 9 12.1 6.7 12.1 8.5 3.7 3.5 2.8 10 14.4 6.1 5.0 9.2 2.7 3.0 13.3 11 19.6 6.0 7.0 12.9 2.8 4.3 11.2 12 18.9 6.7 5.9 16.2 3.3 5.9 10.8 2011 1 17.9 5.8 6.1 14.7 3.3 5.4 13.4 2 13.0 5.2 4.5 15.0 1.3 5.9 8.6 3 14.6 5.3-12.4 10.0-0.9 3.0 9.1 4 8.4 4.4-12.7 6.1-1.9 1.9 6.8 5 8.6 3.2-4.6 18.5-1.6 1.4 8.3 6 4.4 3.1-0.6 0.4-0.6 2.1 6.4 7 3.9 3.4-1.7 6.8-1.4 3.2 3.7 8 4.5 3.4 1.6 11.4-1.5 4.1 4.8 9 1.7 3.2-2.4 5.6-1.8 1.2 7.4 10 1.0 4.2 0.9 0.4-2.5 2.0 6.6 11-4.6 4.1-2.9 4.2-3.3 0.8 5.7 12-8.1 3.8-3.0-0.4-3.1-1.5 2.9 2012 1-16.8 4.4-1.6 4.3-4.1-2.0-2.1 2 8.4 5.1 1.5 3.2-2.4-1.6 14.4 3-3.4 3.6 14.2-0.7-2.6-1.0 0.7 4-2.3 5.1 12.9-0.7-1.0 0.9 0.0 5 4.7 1. 2. 3. 4. 5. 6.

1757 83 3 2000 3.0 4.0 4.7 8.0 5.4 9.0 4.4 2001 4.6 4.7 5.0 7.8 5.0 8.2 4.0 2002 5.2 5.8 5.4 8.7 5.1 8.3 3.3 2003 5.0 6.0 5.2 9.8 5.0 8.9 3.6 2004 4.4 5.5 4.7 10.5 4.7 9.3 3.7 2005 4.1 5.1 4.4 11.3 4.8 9.3 3.7 2006 3.9 4.6 4.1 10.2 5.4 9.2 3.5 2007 3.9 4.6 3.8 8.7 5.3 8.4 3.3 2008 4.1 5.8 4.0 7.5 5.6 7.8 3.2 2009 5.8 9.3 5.1 7.8 7.6 9.5 3.7 2010 5.2 9.6 5.1 7.1 7.8 9.8 3.7 2011 4.4 9.0 4.6 6.0 8.0 9.7 3.4 2010 7 5.2 9.5 5.0 7.0 7.7 9.7 3.7 8 5.2 9.6 5.0 6.9 7.6 9.8 3.3 9 5.1 9.5 5.1 6.8 7.7 9.8 3.4 10 4.9 9.5 5.1 6.8 7.7 9.7 3.3 11 4.7 9.8 5.0 6.7 7.7 9.7 3.0 12 4.7 9.4 4.9 6.6 7.8 9.7 3.5 2011 1 4.6 9.1 4.9 6.5 7.8 9.6 3.8 2 4.7 9.0 4.7 6.3 7.7 9.6 4.5 3 4.5 8.9 4.6 6.2 7.7 9.6 4.3 4 4.3 9.0 4.7 6.1 7.8 9.6 3.7 5 4.3 9.0 4.5 6.0 7.9 9.5 3.2 6 4.4 9.1 4.6 6.0 8.0 9.6 3.3 7 4.4 9.1 4.7 5.9 8.1 9.6 3.3 8 4.5 9.1 4.3 5.9 8.3 9.6 3.0 9 4.3 9.0 4.2 5.8 8.3 9.7 3.0 10 4.3 8.9 4.4 5.7 8.3 9.7 2.9 11 4.3 8.7 4.5 5.6 8.3 9.8 2.9 12 4.2 8.5 4.5 5.6 8.3 9.9 3.0 2012 1 4.2 8.3 4.6 5.6 8.2 10.0 3.5 2 4.3 8.3 4.5 5.5 8.1 10.1 4.2 3 4.2 8.2 4.5 5.5 8.1 10.1 3.7 4 4.1 8.1 4.6 5.4 10.2 3.5 5 8.2 3.1 1. 2. 3. 4. 5.

84 1757 4 2000 1.8 1.3 3.8 3.4 0.0-0.7 1.5 1.4 0.8 1.7 2.0 2.3 2001-1.3 0.0 1.9 2.8-2.3-0.8 2.0-0.3 1.2 1.6-0.5 4.1 2002 0.1-0.2-1.3 1.6-2.1-0.9 1.4-0.1 1.3 1.9-0.3 2.8 2003 2.5-0.3 3.2 2.3-0.8-0.2 1.0 0.6 1.4 2.1 2.2 3.5 2004 7.0 1.6 3.6 2.7 1.3 0.0 1.7 1.0 1.3 2.1 6.0 3.6 2005 0.6 2.3 4.9 3.4 1.7-0.3 1.6 2.0 2.1 1.7 2.2 2.8 2006 5.6 0.6 2.9 3.2 2.2 0.2 3.5 1.6 2.0 2.3 2.9 1.7 0.9 2.2 2007 6.5 1.8 3.9 2.9 1.7 0.1 3.5 2.3 2.3 2.3 2.3 1.5 1.4 2.5 2008 5.1 3.5 6.4 3.8 4.6 1.4 5.4 2.6 6.8 3.6 4.8 2.8 8.6 4.7 2009-8.7-0.9-2.5-0.3-5.3-1.3-6.9 0.3 1.6 2.2-5.6 0.1-0.2 2.8 2010 5.5 1.0 4.2 1.6-0.1-0.7 5.8 1.1 4.2 3.3 3.1 1.5 3.8 2.9 2011 4.3 1.4 6.0 3.1 2.1-0.3 7.5 2.3 5.6 4.5 5.3 2.1 6.1 4.0 2010 7 5.3 1.3 4.1 1.4-0.1-1.0 5.3 1.2 4.2 3.1 3.6 1.7 3.4 2.5 8 3.3-0.5 3.3 1.2 0.0-1.1 6.4 1.0 4.2 3.1 3.2 1.4 3.1 2.7 9 3.8 0.3 3.9 1.1-0.1-0.9 7.6 1.3 3.8 3.0 3.9 1.6 4.0 3.4 10 3.7 0.6 4.3 1.2 0.9-0.2 7.7 1.3 4.0 3.1 3.8 1.6 5.0 3.7 11 2.4 1.5 3.3 1.1 0.9-0.3 7.8 1.5 4.1 3.2 4.2 1.6 4.9 3.0 12 2.3 1.2 3.9 1.4 1.2-0.4 9.5 1.7 4.2 3.7 5.0 1.8 5.3 3.0 2011 1 2.0 1.1 3.6 1.6 1.6-0.6 9.4 2.0 5.0 4.0 5.4 1.8 6.2 3.4 2 3.9 1.3 5.4 2.1 1.7-0.5 10.8 2.1 5.3 4.3 5.9 1.7 6.6 3.9 3 5.8 1.4 5.5 2.6 2.0-0.5 10.9 2.1 5.6 4.1 6.0 2.0 7.3 4.1 4 4.7 1.3 6.3 3.1 2.6-0.5 9.2 2.4 5.6 4.5 6.0 2.1 6.8 3.8 5 3.4 1.7 6.6 3.4 2.2-0.4 8.9 2.3 5.4 4.5 5.4 2.0 6.2 3.9 6 3.9 1.9 6.8 3.5 2.5-0.4 8.5 2.3 5.8 4.2 5.2 2.1 6.2 4.2 7 4.0 1.3 7.2 3.6 2.8 0.2 8.2 2.4 6.1 4.5 5.5 1.9 6.5 4.5 8 4.1 1.3 6.6 3.8 2.6 0.2 6.5 2.4 6.0 4.5 5.4 2.2 6.6 4.7 9 5.1 1.4 7.2 3.9 2.4 0.0 5.7 2.6 6.3 5.2 5.3 2.2 5.7 3.8 10 5.8 1.3 6.0 3.6 1.6-0.2 5.0 2.5 5.7 5.0 5.1 2.3 5.6 3.6 11 4.9 1.0 5.7 3.5 1.6-0.5 4.9 2.4 5.4 4.8 4.8 2.5 5.1 4.2 12 4.3 2.0 4.7 3.0 1.1-0.2 3.0 2.1 4.8 4.2 3.8 2.5 4.3 4.2 2012 1 4.4 2.4 4.2 2.9 0.5 0.1 3.0 2.1 4.0 3.6 3.5 2.3 3.4 3.4 2 1.8 0.2 3.4 2.9 0.6 0.3 2.6 2.3 4.1 3.4 3.5 2.3 3.5 3.1 3-0.2 1.2 2.8 2.6 0.5 0.5 2.2 2.1 3.7 3.5 3.2 2.3 2.8 2.6 4-0.6 1.4 1.9 2.3-0.3 0.5 2.4 2.1 3.2 3.0 2.2 2.1 2.4 2.5 5-0.6 1.7 0.8 1.7-0.5 1.7 1.9 2.8 2.8 2.0 1.9 2.5 1. 2. 3. 4. 5.

1757 85 5 2000 1,519.5 22.8 1,407.3 26.6 112.2 7,847.8 12.4 12,305.7 19.0-4,457.9 2001 1,263.1-16.9 1,079.7-23.3 183.4 7,311.9-6.8 11,524.7-6.3-4,212.8 2002 1,353.2 7.1 1,132.4 4.9 220.8 6,974.4-4.6 11,719.3 1.7-4,744.9 2003 1,506.0 11.3 1,280.1 13.0 225.9 7,298.2 4.6 12,702.3 8.4-5,404.1 2004 1,823.7 21.1 1,687.6 31.8 136.1 8,219.9 12.6 14,854.9 16.9-6,635.0 2005 1,984.3 8.8 1,826.2 8.2 158.1 9,116.9 10.9 16,924.2 13.9-7,807.3 2006 2,240.2 12.9 2,027.0 11.0 213.2 10,259.7 12.5 19,194.3 13.4-8,934.6 2007 2,466.8 10.1 2,192.5 8.2 274.3 11,482.0 11.9 20,204.0 5.3-8,722.0 2008 2,556.3 3.6 2,404.5 9.7 151.8 12,874.4 12.1 21,694.9 7.4-8,820.5 2009 2,036.7-20.3 1,743.7-27.5 293.0 10,560.4-18.0 16,053.0-26.0-5,492.6 2010 2,746.0 34.8 2,512.4 44.1 233.6 12,782.6 21.0 19,691.8 22.7-6,909.2 2011 3,082.6 12.3 2,814.4 12.0 268.2 14,804.3 15.8 22,658.9 15.1-7,854.6 2010 7 239.0 38.5 217.4 42.6 21.6 1,040.6 21.5 1,690.2 21.3-649.6 8 240.5 26.6 217.8 27.9 22.7 1,068.5 22.4 1,763.2 30.8-694.7 9 224.0 17.5 206.2 24.9 17.8 1,076.4 17.7 1,721.9 18.9-645.5 10 241.9 21.9 212.0 27.9 29.9 1,171.0 17.1 1,752.4 16.1-581.4 11 243.7 21.8 239.6 33.8 4.1 1,130.5 19.5 1,735.4 18.0-604.9 12 238.1 19.0 222.3 21.4 15.8 1,174.8 18.2 1,708.3 13.9-533.5 2011 1 253.3 16.5 234.5 21.9 18.8 1,101.8 19.0 1,717.8 22.2-616.0 2 212.3 27.2 203.1 28.6 9.2 1,096.5 16.8 1,605.5 16.6-509.0 3 272.2 16.5 254.6 16.6 17.6 1,317.3 19.2 1,908.1 17.7-590.8 4 273.0 24.6 243.6 25.7 29.4 1,239.6 21.0 1,830.4 16.1-590.8 5 278.6 9.4 266.3 19.2 12.3 1,241.1 17.7 1,939.4 20.7-698.3 6 251.6 10.8 237.8 12.5 13.8 1,230.4 14.8 1,966.1 13.4-735.7 7 281.2 17.7 247.4 13.8 33.8 1,202.4 15.6 1,922.3 13.7-719.9 8 257.8 7.2 231.4 6.2 26.4 1,266.3 18.5 2,014.8 14.3-748.5 9 246.1 9.9 228.0 10.6 18.1 1,271.1 18.1 1,944.7 12.9-673.6 10 270.3 11.7 236.9 11.7 33.4 1,310.6 11.9 1,967.8 12.3-657.2 11 246.7 1.2 214.6-10.4 32.1 1,259.0 11.4 1,950.9 12.4-691.9 12 239.5 0.6 216.3-2.7 23.2 1,268.4 8.0 1,891.2 10.7-622.8 2012 1 210.8-16.8 206.1-12.1 4.7 1,182.1 7.3 1,882.9 9.6-700.8 2 234.0 10.3 205.7 1.3 28.3 1,234.3 12.6 1,761.1 9.7-526.8 3 263.4-3.2 239.9-5.8 23.5 1,399.6 6.3 2,023.1 6.0-623.5 4 255.4-6.4 248.6 2.1 6.8 1,274.1 2.8 1,943.0 6.2-668.9 5 261.0-6.3 238.3-10.5 22.7

86 1757 2000 4,793.0 14.3 3,797.3 22.0 995.7 5,479.8 1.7 4,936.0 5.0 543.8 2001 4,032.4-15.9 3,492.0-8.0 540.4 5,689.1 3.8 4,838.7-2.0 850.4 2002 4,167.3 3.3 3,376.0-3.3 791.3 6,201.1 9.0 4,938.7 2.1 1,262.4 2003 4,718.2 13.2 3,933.0 16.5 785.2 7,593.5 22.5 6,107.9 23.7 1,485.6 2004 5,656.7 19.9 4,551.9 15.7 1,104.8 9,120.3 20.1 7,180.6 17.6 1,939.7 2005 5,948.6 5.2 5,158.1 13.3 790.5 9,718.0 6.6 7,756.1 8.0 1,961.9 2006 6,467.4 8.7 5,790.4 12.3 677.0 11,088.9 14.1 9,074.5 17.0 2,014.4 2007 7,142.1 10.4 6,221.4 7.4 920.7 13,221.9 19.2 10,558.5 16.4 2,663.4 2008 7,820.5 9.5 7,625.9 22.6 194.6 14,492.7 9.6 11,857.6 12.3 2,635.1 2009 5,807.2-25.7 5,519.6-27.6 287.6 11,206.1-22.7 9,258.0-21.9 1,948.1 2010 7,697.7 32.6 6,940.5 25.7 757.2 12,584.0 12.3 10,542.0 13.9 2,042.0 2011 8,225.6 6.9 8,550.0 23.2-324.4 14,723.1 17.0 12,541.2 19.0 2,181.9 2010 7 682.0 33.1 592.6 25.1 89.4 1,036.4 4.3 871.6 12.6 164.8 8 609.5 28.2 602.1 31.4 7.4 956.7 11.6 835.4 14.7 121.3 9 692.0 23.9 600.3 19.6 91.7 1,120.8 8.6 906.2 4.8 214.6 10 699.0 18.9 599.7 20.1 99.3 1,192.6 11.1 991.8 11.7 200.8 11 659.6 17.9 640.5 23.6 19.1 1,193.3 10.7 1,006.0 19.8 187.3 12 732.6 21.2 646.4 18.9 86.2 1,068.1 8.3 903.0 12.4 165.1 2011 1 601.6 11.9 661.8 24.2-60.2 1,048.6 16.2 914.3 16.5 134.3 2 677.5 19.3 600.3 20.7 77.2 1,144.5 19.7 983.2 26.8 161.3 3 716.3 8.0 695.4 24.2 20.9 1,371.3 18.4 1,109.8 18.2 261.5 4 618.7-1.9 676.0 22.3-57.3 1,214.2 20.7 1,059.4 27.3 154.8 5 585.7 1.2 691.6 26.9-105.9 1,317.4 37.9 1,109.3 33.9 208.1 6 717.2 11.1 709.2 24.1 8.0 1,264.4 21.8 1,086.3 25.2 178.1 7 728.2 6.8 719.4 21.4 8.8 1,219.4 17.7 1,072.4 23.0 147.0 8 693.6 13.8 794.2 31.9-100.6 1,218.7 27.4 1,052.8 26.0 165.9 9 777.5 12.3 739.9 23.3 37.6 1,305.0 16.4 1,070.4 18.1 234.6 10 717.3 2.6 754.2 25.8-36.9 1,219.3 2.2 1,066.2 7.5 153.1 11 669.8 1.6 758.9 18.5-89.1 1,282.3 7.5 1,067.8 6.1 214.5 12 722.3-1.4 749.1 15.9-26.8 1,117.9 4.7 949.3 5.1 168.6 2012 1 585.9-2.6 778.4 17.6-192.5 1,107.5 5.6 938.4 2.6 169.1 2 693.7 2.4 690.5 15.0 3.2 1,203.2 5.1 1,009.0 2.6 194.2 3 752.6 5.1 763.1 9.7-10.6 1,300.9-5.1 1,073.9-3.2 227.0 4 683.0 10.4 747.1 10.5-64.1 1,144.0-5.8 956.3-9.7 187.7 5 657.1 12.2 771.0 11.5-113.9

1757 87 2000 1,722.7 19.9 1,604.8 34.0 117.9 1,378.0 20.2 1,345.4 21.1 32.6 2001 1,504.4-12.7 1,411.0-12.1 93.4 1,217.5-11.6 1,160.0-13.8 57.5 2002 1,624.7 8.0 1,521.3 7.8 103.4 1,251.8 2.8 1,164.4 0.4 87.4 2003 1,938.2 19.3 1,788.3 17.6 149.9 1,599.6 27.8 1,362.6 17.0 237.0 2004 2,538.4 31.0 2,244.6 25.5 293.8 1,986.3 24.2 1,735.8 27.4 250.5 2005 2,844.2 12.0 2,612.4 16.4 231.8 2,296.5 15.6 2,000.5 15.2 296.0 2006 3,254.6 14.4 3,093.8 18.4 160.8 2,718.1 18.4 2,387.1 19.3 331.0 2007 3,714.9 14.1 3,568.5 15.3 146.4 2,993.0 10.1 2,631.5 10.2 361.5 2008 4,220.1 13.6 4,352.7 22.0-132.6 3,381.8 13.0 3,197.8 21.5 184.0 2009 3,635.3-13.9 3,230.8-25.8 404.5 2,698.3-20.2 2,457.8-23.1 240.5 2010 4,663.8 28.3 4,252.1 31.6 411.7 3,518.7 30.4 3,107.9 26.4 410.8 2011 5,554.1 19.1 5,243.5 23.3 310.6 4,095.0 16.4 3,657.7 17.7 437.3 2010 7 404.2 26.7 354.2 28.0 50.0 296.4 22.7 276.9 28.1 19.5 8 364.8 26.0 352.7 28.7 12.1 314.8 33.4 263.7 26.6 51.1 9 394.1 16.2 350.0 17.6 44.1 310.8 26.1 264.8 13.9 46.0 10 433.4 27.6 370.0 21.7 63.4 326.3 28.1 272.3 17.8 54.0 11 412.6 21.4 386.7 30.9 25.9 305.7 19.4 274.4 21.9 31.3 12 441.5 22.6 400.6 21.7 40.9 317.5 20.0 272.4 12.7 45.1 2011 1 444.7 44.7 419.9 33.1 24.8 329.4 27.1 282.4 19.3 47.0 2 384.7 16.4 364.0 17.3 20.7 283.1 21.7 245.6 12.8 37.5 3 480.4 28.8 455.2 27.9 25.2 362.9 24.4 333.5 29.3 29.4 4 485.4 23.5 441.8 24.4 43.6 340.8 16.1 305.6 15.7 35.2 5 474.2 21.9 452.9 29.9 21.3 341.5 23.2 317.3 32.7 24.2 6 467.4 11.2 448.2 27.1 19.2 351.8 20.1 314.6 17.4 37.2 7 489.5 21.1 442.9 25.0 46.6 346.1 16.8 300.3 8.4 45.8 8 457.6 25.4 453.8 28.7 3.8 367.1 16.6 345.4 31.0 21.7 9 465.2 18.0 452.5 29.3 12.7 355.3 14.3 302.0 14.1 53.3 10 466.4 7.6 427.3 15.5 39.1 339.2 3.9 301.5 10.7 37.7 11 460.6 11.6 430.1 11.2 30.5 333.5 9.1 323.9 18.0 9.6 12 478.1 8.3 454.9 13.6 23.2 344.4 8.5 285.7 4.9 58.7 2012 1 412.0-7.4 434.2 3.4-22.2 316.2-4.0 306.9 8.7 9.4 2 463.2 20.4 449.8 23.6 13.4 360.2 27.2 316.5 28.9 43.7 3 473.4-1.5 450.0-1.1 23.4 357.8-1.4 338.3 1.4 19.5 4 461.3-5.0 440.6-0.3 20.7 345.1 1.3 309.3 1.2 35.8 5 470.5-0.8 448.0-1.1 22.5 345.9 1.3 329.8 3.9 16.0 1. 2.WTO

88 1757 6 2003 34.42 1.1286 1.6344 1.238 1.4011 2004 33.42 1.2417 1.8318 1.157 1.3010 2005 32.17 1.2436 1.8204 1.315 1.2118 2006 32.53 1.2545 1.8426 1.245 1.1344 2007 32.84 1.3687 2.0017 1.194 1.0741 2008 31.52 1.4648 1.8532 1.079 1.0670 2009 33.05 1.3892 1.5645 1.086 1.1431 2010 31.64 1.3244 1.5461 1.038 1.0302 2011 29.46 1.3901 1.6036 0.873 0.9895 2010 8 31.95 1.2890 1.5661 1.027 1.0419 9 31.78 1.3068 1.5574 0.981 1.0331 10 30.96 1.3897 1.5858 0.984 1.0180 11 30.71 1.3654 1.5970 0.999 1.0128 12 30.55 1.3219 1.5621 0.937 1.0084 2011 1 29.61 1.3360 1.5774 0.940 0.9947 2 29.39 1.3649 1.6124 0.931 0.9883 3 29.53 1.3999 1.6168 0.916 0.9762 4 29.01 1.4442 1.6343 0.867 0.9583 5 28.81 1.4348 1.6320 0.853 0.9707 6 28.87 1.4388 1.6215 0.841 0.9768 7 28.86 1.4251 1.6125 0.801 0.9555 8 29.00 1.4342 1.6373 0.804 0.9828 9 29.74 1.3749 1.5785 0.804 1.0029 10 30.28 1.3706 1.5762 0.871 1.0205 11 30.24 1.3556 1.5838 0.911 1.0235 12 30.27 1.3179 1.5606 0.937 1.0241 2012 1 30.06 1.2905 1.5521 0.922 1.0131 2 29.56 1.3224 1.5799 0.902 0.9966 3 29.55 1.3201 1.5817 0.903 0.9939 4 29.50 1.3162 1.6000 0.907 0.9926 5 29.52 1.2799 1.5916 0.971 1.0096 5-0.06 % -2.76-0.52-6.59-1.68 5-2.40 % -10.79-2.48-12.15-3.86 1. 1 2. CEIC LBMA

1757 89 2003 0.6485 115.93 1.7422 7.7868 1,191.61 363.32 2004 0.7354 108.19 1.6902 7.7880 1,145.32 409.17 2005 0.7637 110.22 1.6644 7.7773 1,024.12 444.45 2006 0.7530 116.30 1.5889 7.7678 954.79 603.77 2007 0.8368 117.75 1.5071 7.8014 929.26 695.39 2008 0.8388 103.36 1.4149 7.7868 1,102.05 871.96 2009 0.7799 93.57 1.4545 7.7518 1,276.93 972.35 2010 0.9173 87.78 1.3635 7.7692 1,156.06 1,224.52 2011 1.0291 79.81 1.2578 7.7840 1,108.21 1,571.52 2010 8 0.9000 85.47 1.3561 7.7710 1,179.99 1,215.81 9 0.9358 84.39 1.3359 7.7660 1,162.94 1,270.98 10 0.9805 81.87 1.3046 7.7590 1,122.23 1,342.02 11 0.9902 82.48 1.2983 7.7550 1,128.08 1,369.89 12 0.9921 83.43 1.3072 7.7740 1,146.23 1,391.01 2011 1 0.9952 82.61 1.2879 7.7810 1,119.43 1,356.40 2 1.0086 82.50 1.2774 7.7890 1,119.51 1,372.73 3 1.0100 81.79 1.2689 7.7920 1,120.45 1,424.01 4 1.0585 83.35 1.2480 7.7730 1,084.83 1,473.81 5 1.0688 81.26 1.2374 7.7740 1,084.05 1,510.44 6 1.0603 80.51 1.2347 7.7850 1,080.87 1,528.66 7 1.0766 79.40 1.2172 7.7890 1,058.49 1,572.81 8 1.0505 77.22 1.2088 7.7970 1,074.05 1,755.81 9 1.0239 76.84 1.2506 7.7930 1,125.09 1,771.85 10 1.0118 76.77 1.2792 7.7770 1,150.25 1,665.21 11 1.0102 77.58 1.2875 7.7810 1,134.19 1,738.98 12 1.0121 77.86 1.2957 7.7770 1,148.30 1,646.18 2012 1 1.0383 76.98 1.2805 7.7630 1,144.56 1,656.12 2 1.0726 78.39 1.2537 7.7540 1,122.94 1,742.62 3 1.0543 82.43 1.2584 7.7620 1,126.94 1,673.77 4 1.0342 81.49 1.2515 7.7610 1,135.65 1,650.07 5 0.9971 79.75 1.2623 7.7636 1,158.21 1,585.50 5-3.58 % 2.18-0.85-0.03-1.95-3.91 5-6.71 % 1.89-1.98 0.13-6.40 4.97 1. 1 2. CEIC LBMA

90 1757 7 2000 4.63 7.71 6.00 9.50 0.50 1.50 4.75 4.95 6.50 5.25 8.41 2001 2.13 7.38 3.25 4.75 0.10 1.38 3.25 3.42 4.50 4.00 6.84 2002 1.63 7.10 2.25 4.25 0.10 1.38 2.75 2.98 4.00 4.25 6.58 2003 1.38 3.43 2.00 4.00 0.10 1.38 2.00 2.13 3.50 3.75 6.20 2004 1.75 3.52 3.25 5.25 0.10 1.38 2.00 2.17 5.00 3.25 5.52 2005 2.25 3.85 5.25 7.25 0.10 1.38 2.25 2.41 5.00 3.75 5.74 2006 2.75 4.12 6.25 8.25 0.40 1.63 3.50 3.64 5.50 4.50 6.19 2007 3.38 4.31 4.75 7.25 0.75 1.88 4.00 4.71 6.50 5.00 7.08 2008 2.00 4.21 0.50 3.25 0.30 1.68 2.50 2.99 5.50 3.00 6.89 2009 1.25 2.56 0.50 3.25 0.30 1.48 1.00 0.48 1.00 2.00 5.81 2010 1.63 2.68 0.75 3.25 0.30 1.48 1.00 0.81 1.00 2.50 5.40 2011 1.88 2.88 0.75 3.25 0.30 1.48 1.00 1.14 1.00 3.25 5.69 2010 7 1.38 2.59 0.75 3.25 0.30 1.48 1.00 0.58 1.00 2.25 5.39 8 1.38 2.63 0.75 3.25 0.30 1.48 1.00 0.64 1.00 2.25 5.51 9 1.38 2.63 0.75 3.25 0.30 1.48 1.00 0.62 1.00 2.25 5.45 10 1.50 2.65 0.75 3.25 0.30 1.48 1.00 0.78 1.00 2.25 5.37 11 1.50 2.67 0.75 3.25 0.30 1.48 1.00 0.83 1.00 2.50 5.34 12 1.63 2.68 0.75 3.25 0.30 1.48 1.00 0.81 1.00 2.50 5.40 2011 1 1.63 2.69 0.75 3.25 0.30 1.48 1.00 0.79 1.00 2.75 5.64 2 1.63 2.72 0.75 3.25 0.30 1.48 1.00 0.89 1.00 2.75 5.66 3 1.63 2.72 0.75 3.25 0.30 1.48 1.00 0.90 1.00 3.00 5.78 4 1.75 2.73 0.75 3.25 0.30 1.48 1.25 1.13 1.00 3.00 5.70 5 1.75 2.77 0.75 3.25 0.30 1.48 1.25 1.24 1.00 3.00 5.76 6 1.75 2.78 0.75 3.25 0.30 1.48 1.25 1.28 1.00 3.25 5.80 7 1.88 2.81 0.75 3.25 0.30 1.48 1.50 1.42 1.00 3.25 5.86 8 1.88 2.86 0.75 3.25 0.30 1.48 1.50 1.37 1.00 3.25 5.84 9 1.88 2.86 0.75 3.25 0.30 1.48 1.50 1.35 1.00 3.25 5.76 10 1.88 2.88 0.75 3.25 0.30 1.48 1.50 1.36 1.00 3.25 5.77 11 1.88 2.88 0.75 3.25 0.30 1.48 1.25 1.23 1.00 3.25 5.83 12 1.88 2.88 0.75 3.25 0.30 1.48 1.00 1.14 1.00 3.25 5.69 2012 1 1.88 2.89 0.75 3.25 0.30 1.48 1.00 0.84 1.50 3.25 5.79 2 1.88 2.89 0.75 3.25 0.30 1.48 1.00 0.63 1.50 3.25 5.71 3 1.88 2.89 0.75 3.25 0.30 1.48 1.00 0.47 1.50 3.25 5.74 4 1.88 2.89 0.75 3.25 0.30 1.48 1.00 0.41 1.50 3.25 5.71 5 1.88 2.89 0.75 3.25 0.30 1.48 1.00 0.39 1.50 3.25 1. 2. 3. 4. 5. 6.ECB Monthly Bulletin

1757 91 1. GDP3.6% G20 OECD 2011 Oslo 60 WB IMFFATA UN Transparency InternationalGlobal Financial Integrity OECD Richard Boucher Boucher IMF Christine Lagarde Lagarde Lagarde

92 1757 ILO 2 7,500 Lagarde IMF Lagarde IMF Lagarde 25 22 GDP1% 10 1 Lagarde 250 2020 Lagarde Lagarde

1757 93 IMF IMF IMF IMF 2012 612 FT/Brookings Tiger Brookings Eswar Prasad G20 Felipe Calderón Calderón IMF 4,300 G20 G20 11 Bob Zoellick G20 FT/BrookingsTiger 2008-2009 Prasad 2012617

94 1757 G20 G20 2008 OECD Angel Gurria Mariano Rajoy Mario Monti Barack Obama G20 G20 G20 feedback loop IMF G20 10IMF/WB IMF IMF G20 20131 IMF 2012619 2. 201264 151 / 79.24 0.43% / 0.7963 0.96% / 0.6432 0.18% / 0.9562 0.97% 1 64 8 611 15

1757 95 2-1 4 0.6% 0.2%5 0.2% 62 329.3 68 AA+ 2012 2013 10 1.2 64 G7 5 2012 825 65 6 ECB66 1.0% ECB 2013115 ECB 612 67 6 0.5% 3,250

96 1757 2-1 (1) 6/116/15 (2)(1)(2) % 6/46/8 + - 79.24 79.02 +0.2733 0.7963 0.7998-0.4428 0.6432 0.6477-0.6908 0.9562 0.9605-0.4477 1.0272 1.0341-0.6634 1.0038 1.0174-1.3337 1.2799 1.2822-0.1809 7.7588 7.7583 +0.0072 1167.27 1173.26-0.5105 29.924 29.906 +0.0602 1 CEIC 20126 17 2-2 07 1.139 0.504 0.685 1.133 0.988 1.436 111.710 7.798 935.80 32.430 08 1.432 0.684 0.718 1.067 1.224 1.438 90.790 7.750 1,262.00 32.760 09 1.114 0.619 0.698 1.036 1.046 1.404 93.080 7.754 1,163.65 31.950 10 1.114 0.619 0.698 1.036 1.046 1.404 93.080 7.754 1,163.65 31.950 11 0.976 0.644 0.771 0.937 1.017 1.295 76.980 7.766 1,158.50 30.270 11-020.983 0.615 0.725 0.931 0.974 1.272 81.940 7.788 1,123.70 29.740 11-030.965 0.623 0.705 0.916 0.972 1.260 82.760 7.775 1,097.25 29.400 11-040.914 0.599 0.675 0.867 0.949 1.223 81.310 7.767 1,068.40 28.670 11-050.938 0.608 0.696 0.853 0.969 1.234 81.290 7.778 1,078.00 28.640 11-060.932 0.622 0.689 0.841 0.964 1.227 80.640 7.781 1,066.30 28.790 11-070.915 0.614 0.701 0.801 0.951 1.205 77.553 7.793 1,054.42 28.886 11-080.934 0.615 0.694 0.804 0.978 1.203 76.500 7.788 1,063.90 28.990 11-090.934 0.615 0.694 0.804 0.978 1.203 76.500 7.788 1,063.90 28.990 11-100.943 0.620 0.717 0.871 0.993 1.252 77.970 7.764 1,112.05 29.910 11-110.976 0.637 0.743 0.911 1.020 1.283 77.580 7.773 1,140.05 30.310 11-120.976 0.644 0.771 0.937 1.017 1.295 76.980 7.766 1,158.50 30.270 12-010.944 0.635 0.766 0.922 1.005 1.258 76.340 7.756 1,125.70 29.610 12-020.928 0.627 0.749 0.902 0.987 1.247 81.100 7.755 1,117.10 29.370 12-030.965 0.626 0.750 0.903 0.999 1.257 82.410 7.766 1,131.40 29.500 12-040.957 0.616 0.755 0.907 0.981 1.239 80.480 7.759 1,131.00 29.200 12-051.030 0.649 0.809 0.971 1.035 1.289 78.290 7.762 1,180.00 29.870 12-0608 1.013 0.648 0.801 0.962 1.033 1.285 79.470 7.758 1,173.59 29.940 12-0615 0.994 0.639 0.792 0.951 1.024 1.272 78.650 7.758 1,164.25 29.890 CEIC

1757 97 2-3 3 6 14 1,000 6 15 620 ECTR 50 2003 1.152 4.038 0.061 2.123 0.260 2004 2.564 4.885 0.053 2.153 0.717 2005 4.536 4.639 0.066 2.487 1.010 2006 5.360 5.320 0.568 3.723 2.103 2007 4.703 5.994 0.895 4.679 2.757 2008 1.425 2.770 0.833 2.894 0.662 2009 0.251 0.605 0.251 0.655 0.252 2010 0.303 0.758 0.188 0.937 0.170 2011 0.581 1.080 0.196 1.292 0.052 11-02 0.311 0.801 0.191 1.046 0.170 11-03 0.303 0.818 0.200 1.180 0.180 11-04 0.273 0.822 0.196 1.339 0.185 11-05 0.253 0.826 0.196 1.382 0.176 11-06 0.246 0.826 0.195 1.491 0.175 11-07 0.256 0.833 0.195 1.557 0.175 11-08 0.327 0.886 0.193 1.484 0.005 11-09 0.374 0.953 0.194 1.495 0.023 11-10 0.429 0.987 0.195 1.527 0.043 11-11 0.529 1.038 0.198 1.407 0.517 11-12 0.581 1.080 0.196 1.292 0.052 12-01 0.542 1.083 0.196 1.059 0.070 12-02 0.484 1.060 0.196 0.896 0.087 12-03 0.468 1.027 0.196 0.681 0.110 67 12-04 0.466 1.013 0.196 0.642 0.112 12-05 0.467 0.993 0.196 0.595 0.098 12-0608 0.468 0.991 0.196 0.578 0.092 12-0615 0.468 0.951 0.196 0.572 0.091 CEIC 1 6.56% 6.31%1 3.5% 3.25% 3 200612 5 2007 20111231 5 75% 2012 75% 2011 7.8

98 1757 6.3 6.3 5.4 2.6 28 5 Fed 67 Fed 67 BBB Baa3 201261 1,606.00 68 1,576.50 2012615 1,615.50 8.50 20116 4 2012617 69 610 1,000 EFSF ESM 53% 1,550 614 10 6.931% 618 G20

1757 99 1,000 GDP 20% 2012618 11 Fed Fed619 20119Fed 4,000 6 30 3 10 0.85 Fed Fed Fed Fed 2,000 Fed 0.25% 0.75% Fed 2014 2012619 5 1.7% 1.8% 0.2% 15 611 15 212.97 1.7% 12,767.17 500 17.18 3.0% 1,342.84 14.38 0.5% 2,872.80 G20

100 1757 2-4 DAX 225 100 20120611 12,411.23 8,624.90 18,953.63 5,432.40 6,141.05 20120612 12,573.80 8,536.72 18,872.56 5,473.70 6,161.24 20120613 12,496.38 8,587.84 19,026.52 5,483.80 6,152.49 20120614 12,651.91 8,568.89 18,808.40 5,467.00 6,138.61 20120615 12,767.17 8,569.32 19,233.94 5,478.80 6,229.41 (1) 12,554.20 8,459.26 18,502.34 5,435.10 6,130.82 (20120608) (2)(+)(-) +212.97 +110.06 +731.60 +43.70 +98.59 (3) (%) +1.7 +1.3 +4.0 +0.8 +1.6 20126 9 20126 16 / %/ +43.70/+0.8%/5,478.80 DAX +98.59/+1.6%/6,229.41 +35.93 /+1.2%/3,087.62 225 +110.06/+1.3%/8,569.32 5 0.2% 5 0.3% 1,373-1,319 5 0.1%6 74.1 77.5 617 Charles Evans 20122013 18 500 3.1% AT&T 3.4% Progressive 5.3% 4.0%

1757 101 1.9% 200 Synthes 4.8% 1.8% 2.9% 1.1% AK Steel AK Steel 8.3% 0.5% 9.0%ComScore 10.8% 1.5% NvidiaMacBook Pros 1.4% MacBook ios 6 1.1% FactSet 11.5% 0.3% 5 2.4% 4 0.8% -1.2% 4 2.0% 4 0.7% -0.1% 610 1,000 611 6 12 10 6.8% 1997 613 A3 Baa3 Ba1 Ba3 614 G20 50 1,000 Charles Evans 50 G20 5 M2 2.1% 4-2.8% 5.7% 1.6% 2012619

102 1757 2-1 2009/01/022012/06/15 13700 11900 10100 8300 6500 09/01 09/04 09/07 09/10 10/01 10/04 10/07 10/10 11/01 11/04 11/07 11/10 12/01 12/04 225 2009/01/052012/06/15 11800 10600 9400 8200 7000 09/01 09/04 09/07 09/10 10/01 10/04 10/07 10/10 11/01 11/04 11/07 11/10 12/01 12/04 2009/01/022012/06/15 26000 22000 18000 14000 10000 09/01 09/04 09/07 09/10 10/01 10/04 10/07 10/10 11/01 11/04 11/07 11/10 12/01 12/04 100 2009/01/022012/06/15 6200 5500 4800 4100 3400 09/01 09/04 09/07 09/10 10/01 10/04 10/07 10/10 11/01 11/04 11/07 11/10 12/01 12/04 DAX 2009/01/022012/06/15 8300 7100 5900 4700 3500 09/01 09/04 09/07 09/10 10/01 10/04 10/07 10/10 11/01 11/04 11/07 11/10 12/01 12/04 DRI Asia Database.

1757 103 10 5 5 2.8% 2.0% 5 SK Innovation 11.2% SK IBM 7.6% 5.1% 15 2.4% +22.52/+1.2%/1,858.16 4% 19.7% +731.60 /+4.0%/19,233.94 4 5 3.8% BSE30 +230.96/+1.4%/16,949.83 / %/ +38.63/+3.4%/1,165.73-7.22 /-0.2%/3,818.11 +73.11/+2.7%/2,811.00 +8.61/+0.5%/1,579.23-63.44/-1.3%/4,930.63 2012619

104 1757 3. OECD Entrepreneurship at a Glance 2012 Start-up rate OECD 2008 OECD 2011 2011 2008 2009 OECD 2011 2% OECD Mariarosa Lunati OECD 201266 ADB ADB WWF Ecological Footprint and Investment in Natural Capital in Asia and the Pacific Coral Triangle ADB Nessim Ahmad Coral Triangle

1757 105 2008 1970 Living Planet Index, LPI 1970 40 LPI 30% 64% WWF Jim Leape 1 100 ADB 201265 OECD OECD The Pensions Outlook 2012 50 7 OECD 65 14 67 69 34OECD 28 OECD Angel Gurria Gurria 10 20%25% OECD

106 1757 13 60% OECD 201210 OECD 20126 11 4. 64 8 WTI 4 84.07 6 85.05 8 84.28 Brent 98.43 6 100.91 8 98.39 (1) 5 (2) Fed ECB (3) GDP 1.9%(4) 3 (5) 5 8.2%(6) 11% 1995 (7) 611 15 WTI 11 82.47 15 84.00 Brent 11 98.05 15 97.29 97.00 96.81 1 (1) (2) 1998 (3) 5 (4) Fed

1757 107 4-1 6/046/08 2 6/116/15 1 / % OPEC7 96.63 95.96-0.69 Brent 98.93 97.22-1.73 WTI 84.38 82.59-2.12 Fateh 96.27 96.74 0.49 Petroleum Intelligence Weekly 2012618 4-1 2011/10/312012/06/15 130 125 120 115 110 105 100 95 90 85 80 75 70 10/31 11/14 11/28 12/12 12/26 1/9 1/23 2/6 2/20 3/5 3/19 4/2 4/16 4/30 5/14 5/28 6/11 Energy Information AdministrationU.S. Dept. of Energy. http://www.eia.doe.gov/emeu/international/crude1.xls (5) OPEC (6) 611 15 OPEC BrentWTI Fateh 95.96 97.22 82.59 96.74 64 8-0.69%-1.73%-2.12%0.49% 4-1 20126 19 OPEC 614 ViennaOPEC 12OPEC 3,000

108 1757 100 OPEC OPEC 6% OPEC OPEC Muhammad Ali Khatibi Youcef Yousfi OPEC 3,000 Ali al-naimi 100 128 68 99.47 Khatibi 20124 20 Eurasia Greg Priddy 614 OPEC OPEC Abdalla El-Badri OPEC 160 3,000 71 Bloomberg 2012 61014

1757 109 Arch Coal 2008 80 8 2002 BumiXstrataAnglo AmericanPeabody EnergyGlencoreNoble Newcastle 87.3 20106 1 21.5% 40 3 34% 19731 Paolo Coghe 2011 2008 2012 611 Yinglik Yiyu Wang

110 1757 Yinglik 2011 2012 30%250% 20126 17 5. 2012611 15 CRB DJ-AIG Reuters 271.04128.302,869.53 64 8 + - -0.43%-0.19%0.48% 5-1 2012615 8 Fed 50.75 1,627.25 3.22% 0.49 28.66 1.47% 76.00 1,493.0 5.36% 19 632.00 3.10% 5-3 2012615 8 2008 5

1757 111 5-1 CRB DJ-AIG Reuters (1967=100) (1991=100) (9/18/1931=100) 2009 283.38 139.19 2,321.27 2010 323.94 157.86 3,217.53 2011 305.30 140.68 2,695.51 201107 342.08 162.81 3,139.93 ESM08 342.57 164.43 3,131.19 09 298.15 140.20 2,811.36 10 319.84 149.48 2,822.04 EFSF11 313.82 146.16 2,722.86 12 305.30 140.68 2,695.51 201201 312.31 144.16 2,935.40 02 322.43 148.04 2,970.83 03 308.46 141.90 04 305.95 141.29 Fed 05 272.97 128.38 2,890.29 20120604 270.00 127.55 0605 270.38 127.67 0606 273.77 129.44 2,856.98 0607 274.01 129.24 2,855.53 0608 272.88 128.80 2,855.19 0611 270.75 128.34 2,871.02 0612 270.86 128.19 2,868.69 0613 269.29 127.35 2,866.98 0614 272.06 128.83 2,865.85 0615 272.23 (1) 3.72% 271.04 06/11-06/15 128.79 128.30 2,875.10 2,869.53 7,521.0 (2) 272.21 128.54 2,855.90 06/04-06/08 1.84% (1)(2) % -0.43-0.19 0.48 7,634.0 CRB= DJ-AIG= Reuters= 1.68% 16,610.0 5-2 LME 1.62% 1,914.5 2012/06/0406/15 0.28% 19,555.0 12/06/08 12/06/15 1.24% 1,914.5 101,080 4,864,200 100,860 4,847,550-220 -16,650 5-3 229,675 249,450 19,775 20126 15 8 345,325 344,750-575 105,318 103,560-1,758 12,155 12,180 25 952,050 948,775-3,275 LME

112 1757 5-4 2012 619 ABARES 2012-2013 2,410 3 2,570 6.6% 2009-2010 20% USDA 2013 4 5 7 1.1% 6.225 612 2.7% 6.1325 66 USDA 5 1.88 1.86 Bloomberg 1.85 6.78 6.72 ABARES 3 1,370 1,340 3,300 2012-2013 4,550 3,850 ABARES Kim Ritman 1,170 870

1757 113 5-3 / / 06 635.70 12.90 1,117.0 324.0 2,850.0 6,290.0 1,775.0 34,205.0 11,900.0 4,331.0 07 833.75 14.75 1,530.0 364.0 2,350.5 6,676.5 2,532.0 25,805.0 16,380.0 2,290.0 08 869.75 10.79 898.0 183.0 1,455.0 2,902.0 949.0 10,810.0 10,355.0 1,120.5 09 1,104.00 16.99 1,466.0 402.0 2,208.0 7,346.0 2,395.0 18,480.0 16,725.0 2,570.0 10 1,410.25 30.63 1,731.0 791.0 2,461.0 9,739.5 2,587.0 24,960.0 26,945.0 2,432.5 11 1,574.50 28.18 1,381.0 636.0 1,970.5 7,554.0 1,980.0 18,280.0 18,950.0 1,828.0 11-04 1,473.81 41.97 1,794.3 771.5 2,662.7 9,483.3 2,741.1 26,328.9 32,460.6 2,372.4 11-05 1,510.44 36.75 1,784.2 736.2 2,592.2 8,927.1 2,420.4 24,210.0 28,733.5 2,160.4 11-06 1,528.66 35.80 1,768.5 770.3 2,555.4 9,045.4 2,512.2 22,354.1 25,576.4 2,230.5 11-07 1,572.81 37.92 1,759.8 788.7 2,512.0 9,619.2 2,682.6 23,731.2 27,312.9 2,390.5 11-08 1,755.81 40.30 1,804.4 763.7 2,392.7 9,041.3 2,404.7 22,083.9 24,418.6 2,211.8 11-09 1,771.85 38.15 1,748.1 709.0 2,296.7 8,314.8 2,298.8 20,392.0 22,655.2 2,076.8 11-10 1,665.21 31.97 1,535.2 616.5 2,172.2 7,347.5 1,948.6 18,886.4 21,792.6 1,859.2 11-11 1,738.98 33.08 1,597.0 628.2 2,073.5 7,551.8 1,982.0 17,882.0 21,255.2 1,916.1 11-12 1,646.18 30.41 1,461.1 643.2 2,021.8 7,567.6 2,019.0 18,153.5 19,422.5 1,916.4 12-01 1,656.12 30.77 1,506.2 659.1 2,144.1 8,043.5 2,094.1 19,821.9 21,461.2 1,980.7 12-02 1,742.62 34.14 1,657.8 703.0 2,203.9 8,422.7 2,126.1 20,465.0 24,342.6 2,058.2 12-03 1,673.77 32.95 1,655.4 684.4 2,182.9 8,457.0 2,061.5 18,709.5 23,016.1 2,034.5 12-04 1,650.07 31.55 1,585.2 655.6 2,046.5 8,259.6 2,063.1 17,897.4 22,091.6 1,996.7 12-05 1,585.50 28.67 1,468.0 618.0 2,000.5 7,919.9 1,998.9 17,020.0 20,370.7 1,930.0 12-06081,576.50 28.17 1,417.0 613.0 1,938.5 7,251.5 1,884.0 16,335.0 19,500.0 1,873.5 12-06151,627.25 28.66 1,493.0 632.0 1,914.5 7,521.0 1,914.5 16,610.0 19,555.0 1,908.0 LBMA LPPM LME 5-4 Metricton lbs lb lb bushel bushel bushel 06 1,599 124.12 11.70 53.87 6.62 4.99 3.76 07 2,035 136.20 10.82 68.01 11.99 8.85 4.56 08 2,665 112.05 11.81 49.02 9.72 6.11 4.07 09 3,289 135.95 26.95 75.60 10.40 5.42 4.15 10 3,035 240.50 32.12 144.81 13.94 7.94 6.29 11 2,109 226.85 23.30 91.80 11.99 6.53 6.47 11-043,108 281.72 25.43 192.86 13.65 7.78 7.53 11-053,051 274.53 21.85 156.55 13.57 7.66 7.22 11-062,977 257.97 26.07 155.73 13.60 6.96 7.21 11-073,112 252.12 29.47 113.58 13.66 6.69 6.84 11-082,979 256.43 28.87 103.85 13.65 7.17 7.13 11-092,799 260.41 27.72 105.23 13.38 6.80 6.90 11-102,637 233.12 26.27 100.74 12.14 6.30 6.33 11-112,422 231.02 24.52 96.33 11.67 6.16 6.28 11-122,093 222.35 23.38 88.94 11.44 6.06 6.03 12-012,260 223.42 24.01 96.24 12.00 6.32 6.32 12-022,325 208.87 24.88 91.93 12.56 6.49 6.40 12-032,330 186.05 24.73 89.90 13.51 6.49 6.51 12-042,223 178.69 22.98 90.29 14.41 6.31 6.34 12-052,256 173.70 20.25 79.10 14.18 6.36 6.17 12-0608 2,200 155.60 19.98 72.90 14.26 6.30 5.98 12-0615 2,219 150.05 20.84 79.98 13.76 6.10 5.80 CBOT NYBOT

114 1757 New South Wales 13%690 Bloomberg 2012613 El Niño Commodity Weather David Streit WeatherBell Joe D Aleo Marex Spectron Jonathan Parkman 2012 50% 2010 2011 La Niña 2012612 31 15 10% 67 94%79.57

1757 115 15 2.1% ICE 7 79.98 20113 2.1515 USDA USDA 140 2012615 6. 8 Facebook Lindsey Graham Jeb Bush George H. W. Bush Real Clear Politics2012614

116 1757 4 6 DNPM Ibram Jose Femando Coura 2011 2012 Concession 50 Coura Mineweb2012615 1 50% 47% 11 Neera Tanden 20119 2 State of the Union 5 Reuters2012614

1757 117 5 0.1% 3 6 74.1 Capital Economic 1% 2.7% 5 0.4% 0.5% 1.5% 0.2% 0.1% 0.1% The New York Times 2012615 7. 2030 100 4% 5 16 2030 70 10 1,100 RWE E.On EDF 8 2016 Ed Davey 250,000 Tom Greatrex 1. 2011 green power

118 1757 2. 1,100 10 2 3. 4. 2030 100 DECC 5. 20129 6. 2,500 1939 20125 26 Olli Rehn Olli Rehn 1. 2. 3. 2013 Betreuungsgeld WestLB LBHSH Nordbank 2022 201268

1757 119 2012 11.5 8 9 6 CAE 2 CIE 2012614 IMF Corrado Passera 800 2012618 2011 20 2012619

120 1757 8. 6 17 56 IMF EU 抛 10 7% 2 61 6 ECB 1% 201112 20122 3 6 6 20123 84 1 78 1 61

1757 121 20113 79 77 75 1 2011 9 78 1 78 1 2011 20111031 75.32 1 3 20123 2012 78.14 1 614 15 201263 621 6 15 6 沢

122 1757 66 621 100 618 G20 615 6 615 66 201267 9. 201261

1757 123 2008 2009 4 5,850 1,500 4 4 3 2012 3,500 550 2009 530 20 8% 201264

124 1757 5 PMI 4 2012 4 6.9% 10% PMI 70 201110 5 100 8,684/ 0.31% 20119 9 73 1 5 1.53% 4 0.82 30%

1757 125 2012 201267 67 2008 2012 5 PMI 50.4% M2M1 1.1

126 1757 0.8 201268 68 9 3 5CPI 3.0% 20106 PPI PMI PMI 2

1757 127 PPI PMI 67 20%30%

128 1757 20126 12 5 3.0% CPI CPI 5 6.4% CPI 2.02 1,000 80% 5 40 25 10 50% 2012614 爲

1757 129 爲 産産 2010 産産 爲 産 2012618 5 2012 1% 14% 2% 43 47.2 50 500 50 50 57.8 2012 84% 10% 13 34% 49.7 51.6 3% 2.3% 6,000 3,000 2015 1 60% 23%

130 1757 2012619 10. BEXCO 2 BEXCO 2001 1 11 61 2 2 2 BEXCO2 46,508 12 2 KINTEX 4,002 BEXCO 201262 6 SW 10 1. 5,000 2. 3. 11 4. Venture Capital

1757 131 201211 SW 201266 12 121 1. 20113 Post China 3 6,000 2. 514 Knowledge Sharing Program, KSP 1. 2. KDI Myanmar development institutemdi 3.

132 1757 2012612 201266 21 International Council for Commercial Arbitration, ICCA 2012 610 59 1,000 ( ) Maxwell Chambers SIAC 140 White & Case 2010 2012611

1757 133 PPP NEDA PPP 2012 NAIA 150 123 1 NEDA 260 PPP NAIA 6 158.6 NAIA NAIA NAIA 5.2 4 PPP 201261 2012611 Ramon Paje 25 2012611 5 10 30%35% CP

134 1757 2012 3 20129 50% 25% 5862 120 500 9,200 67 1 201269 2012 4 9 24 30 3 1 2 3 2012 15% 2012 100 36% 24 15% 20%30% 2012 15%

1757 135 300 2012611 21 2012528 21 204.6 (65 ) Infineon 10 40 1,000 Guocoland 2020 125 2020 13.4 GNI 4,721 Frost & Sullivan 2020 9,323 830 AIG NTT MSC 2.5 NTT com Plentiful Harvest 9,850 800 hybrid grouper Duria Resources 3.26 15.7 21 2020 45.9 39,918 2012531 60 2012613 2012 55 60 5 1 3,145 60

136 1757 70% 55 2012614 20126 13 BMDTP 13 4,050 4,374 12 2012 201264 2012 2012 6.5% 2012 0.10.2 20124 6.4 20107 201213 9.2 6.9 8.4 2011 GDP 54.6% 2011 32% 1,580 1,667 2,400 2,532

1757 137 2012611 FDI 2006 108 201268 30% 612 201230% 1. 2. 3. 2012 1. 2. 3. 2012 4.1 2 2012613

138 1757 11. 11 Rebecca Blank 20 Blank 20092011 30% 216 2011 360 270 5 1 John Bryson Blank Tata 6,000 SelectUSA 2013 SelectUSA Investment Summit Krishna Krishna 2011 1.000 Blank Krishna 30 Super 301 Priority commerce.gov2012612

1757 139 1. 2. -7-3 1 5 9 182 186 190 194 198-2 0 2 4 222 225 228 231-1 0 1 2 3 102 103 104 105 106-3 -2-1 0 1 98 99 100 101 102-7 -3 1 5 9 13 90 100 110 120 130 0 0.7 1.4 2.1 2.8 109 110 111 112 113-1 2 5 8 110 115 120 125 130 0 1.5 3 4.5 6 100 102 104 106 108

140 1757 1. (2006 100) (1982 100) (2005 100) (2005 100) (2005 100) 1998 89.4 130.7 103.9 91.1 1999 85.4 133.0 102.3 89.2 2000 86.9 138.0 102.4 91.0 2001 85.7 140.7 100.0 90.6 2002 85.8 138.9 98.0 90.3 2003 87.9 143.3 97.1 92.3 2004 94.1 148.5 98.4 97.9 2005 94.7 155.8 100.0 100.0 100.0 2006 100.0 160.4 102.2 103.5 100.9 2007 106.5 166.6 104.0 107.1 102.3 2008 111.9 177.2 108.7 112.9 111.1 2009 102.2 172.8 103.0 105.0 110.9 2010 107.8 180.0 102.9 111.2 115.1 2011 112.4 190.8 105.0 119.5 122.1 2011 6 112.4 190.4 105.5 120.1 121.9 7 112.2 191.4 105.7 119.4 122.4 8 112.6 191.8 105.5 119.5 122.8 9 114.0 193.6 105.3 119.8 122.9 10 114.0 193.0 104.6 118.6 122.9 11 113.0 193.2 104.6 119.4 122.6 12 112.7 193.1 104.5 119.4 122.9 2012 1 112.8 193.6 104.5 120.8 123.8 2 112.6 194.2 104.7 122.0 124.7 3 113.0 194.2 105.2 123.1 125.4 4 112.9 193.8 105.4 123.7 125.3 5 111.9 191.8 105.0 122.8 124.6 2. (2006 100) (19821984 100) (2010=100) (2005=100) (2010=100) 1998 94.7 163.0 103.7 90.9 70.9 1999 94.9 166.6 103.4 91.4 71.5 2000 96.1 172.2 102.7 92.7 73.1 2001 96.1 177.0 101.9 94.5 76.1 2002 95.9 179.9 101.0 95.9 78.2 2003 95.6 184.0 100.7 96.9 80.9 2004 97.2 188.9 100.7 98.5 83.8 2005 99.4 195.3 100.4 100.0 86.1 2006 100.0 201.6 100.7 101.6 88.1 2007 101.8 207.3 100.7 103.9 90.3 2008 105.4 215.3 102.1 106.6 94.5 2009 104.5 214.6 100.7 107.0 97.1 2010 105.5 218.1 100.0 108.2 100.0 2011 107.0 224.9 99.7 110.7 104.0 2011 6 107.4 224.8 99.7 110.6 103.8 7 107.1 225.5 99.7 111.0 104.3 8 107.1 226.3 99.9 111.0 105.0 9 107.2 226.9 99.9 111.1 104.9 10 107.8 226.8 100.0 111.1 104.7 11 107.8 227.0 99.4 111.1 104.8 12 108.0 227.0 99.4 111.9 105.2 2012 1 108.4 227.5 99.6 111.5 105.7 2 106.9 228.4 99.8 112.3 106.1 3 107.0 229.1 100.3 112.6 106.0 4 108.0 229.2 100.4 112.8 106.0 5 108.6 228.5 112.6 106.2