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amics remain headwinds for the region as whole. Where export-orientated growth is more elusive, such as in the more closed economies of Brazil and Colombia, domestic demand may not be sufficient to provide attractive rates of return for foreign investment against a backdrop of US rate normalization. A
uipment" where they previously have been small players. This is backed up when looking at hard data, with rising German imports mainly benefitting Central and Eastern Europe. The CE-4 market share of total German imports post-crisis has risen by 50% to around 12% of total. Meanwhile Norwegian imports are showing a si
markets. We entered LATAM in 2001 in Puerto Rico. Since then, we have expanded First Data's services and now conduct business in Argentina. Brazil, Colombia. Panama, Mexico, Uruguay. Central America. and the Caribbean. In Brazil. we opened an office in 2002 and primarily provided issuer paces-sing servic
ronic payments will continue to drive growth in the region. particularly as more commerce moves online and businesses and financial institutions in Central and Eastern Europe and the Middle East and Africa continue to develop and mature. Similar to the United States and Canada, we believe the penetration of new industry v
in Asia, Europe, and North America. Mr. Karim received a BA (Honors) from McGill University and both a Master in International Affairs and a JD from Columbia University. A.J. Agarwal is a Senior Managing Director in the Real Estate group and leads Blackstone's U.S. Core+ real estate business, Blackstone Property Pa
Ferland was an Associate at Merrill Lynch Global Principal Investments where he was imol ed in a variety of real estate acquisitions, primarily in Central and Eastern Europe. Prior to Merrill Lynch, Mr. Ferland was a corporate attorney in New York City. Mr. Ferland received a dual degree in Common and Civil Law from McG
Entities connected to both Columbia University and Central and Eastern Europe

Jeffrey Epstein
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United States
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