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Xe Eur Ymnrcmejhcrs

D` 2668, Jcuinhdn rcpertch $>83.3 ldjjde` d` natcr tnx d`ielc er $>.98 pcr aujjy hdjutch smnrc.Xmds ds n 1.8% rctur` e` c`hd`k cqudty. Eur rctur`s e` c`hd`k cqudty aer tmc jnst vc ycnrs wcrc 1.8%,

8.3%, >6.3%, (6.1%) n`h 4.1%, nvcrnkd`k 1.>%. Xmn`gaujjy, sd`ic wc bckn` d` >4;=, wc mnvc

ielpeu`hch eur cqudty nt 26.2%.> Xmds injiujntde` dk`ercs hdvdhc`h pnylc`ts ea $4;2.> ldjjde`

(d`ijuhd`k tmc spcidnj hdvdhc`h pndh d` >444 ns n inpdtnj knd` hdstrdbutde`), steig rcpurimnscs n`h tmc

>44= hdstrdbutde` ea MelcAch smnrcs te eur smnrcmejhcrs. [c nrc `et pjcnsch wdtm tmc rcsujts evcr

tmc jnst twe ycnrs.

D` tmc jntc >446s tmcrc wns n trclc`heus ru`-up d` tmc vnjuc ea nsscts. [c ie`ijuhch tmnt prdics

wcrc u`sustnd`nbjc n`h, tmcrcaerc, sejh lest ea eur nsscts nt sdk`din`t knd`s. Jnst ycnr dt jeegch

jdgc vnjucs ldkmt rctur` te lerc sc`sdbjc jcvcjs. Ielpctdtde` aer d`vcstlc`t eppertu`dtdcs, mewcvcr,

renrch bnig d` tmc aerl ea 93-ycnr ejh mchkc au`h ln`nkcrs prdvntc cqudty rls wme mnvc `cvcr

g`ew` n bcnr lnrgct n`h etmcr d`vcsters wdjjd`k te d`vcst nt mdkm prdics d` rdsgy nsscts wdtm

sccld`kjy imcnp le`cy. Xmcsc u`kudhch eptdldsts nrc nbjy nssdstch by tmc cxdstc`ic ea n` cbujjdc`tou`g be`h lnrgct n`h tmc met petnte bn`g jen` lnrgct, wmcrc bn`gs lngc jen`s sc`hd`k tmcl

eut tmc heer bcaerc tmc d`g mns bnrcjy hrdch, hdsnppcnrd`k d`te n` nlerpmeus lnrgct wmcrc irchdt ds nt

bcst scie`hnry n`h lestjy aerkettc`. [c we`hcr wme buys tmcsc jen`s. Njj tmds spciujntde` insts n

anldjdnr smnhew n`h rcld`hs us ea >4==, n`h tmc tdlc dllchdntcjy bcaerc tmc hcldsc ea Hrcxcj

Bur`mnl. But, cvcry spciujntdvc crn ds hdaacrc`t n`h c`hs d` n `cw wny. [c nrc pnrtdiujnrjy struig

by tmc anit tmnt aeur ea tmc twcjvc er se NNN ielpn`dcs jdstch e` tmc @cw Terg Yteig Cximn`kc nrc

njj u`hcr d`vcstdkntde` aer njjckch `n`idnj smc`n`dkn`s (LBDN, NDK, An``dc Lnc & Archhdc Lni).

Dt lny bc tmnt dt wdjj tngc selc tdlc aer tmc `nturnj wergd`ks ea inpdtnjdsl te ierrcit dts ew`

cxicsscs, but tmc preicss d` tmc c`h ieujh kct prctty ukjy.

E`c ea us mnh n ie`vcrsntde` rcic`tjy wdtm tmc mcnh ea bn`g jen` sy`hdintde`s nt n` cld`c`t bn`g.

Xmc bn`gcr ielpjdlc`tch us e` eur pntdc`ic n`h njjewch tmnt ln`y hcnjs wdjj jdgcjy bjew up.

Mc n`h mds ielpctdters mnvc n``unj pjn`s n`h buhkcts te lcct n`h irchdt qunjdty mns suiiulbch teielpctdtdvc prcssurcs. [mdjc wc tmn`g tmc bn`gd`k iellu`dty aer ircntd`k auturc d`vc`tery aer

auturc d`vcstlc`ts, dt ds hdaiujt te rclnd` hdsidpjd`ch n`h e` tmc sdhcjd`cs d` n knlc wc jevc.

[c nrc rcld`hch ea tmc pditurc ea Ycwcjj Nvcry, Imndrln` ea Le`tkelcry [nrh hurd`k [erjh [nr

DD, bcd`k inrrdch eut ea mds eaic d` mds imndr aer rcausd`k te nhnpt te tmc tdlcs. Vcrmnps tmnt ds

tmc antc d` sterc aer us.

Jcuinhdn rclnd`s jdqudh wdtm npprexdlntcjy $>.= bdjjde` nvndjnbjc aer d`vcstlc`t wdtmeut n`y aurtmcr

`n`idnj jcvcrnkc. Dt ds pnd`auj mnvd`k le`cy d` tmc bn`g cnr`d`k nbeut 2%. Eur d`vcstlc`t

pmdjesepmy ds bdlehnj, cdtmcr wc d`vcst d` mdkm rctur`d`k eppertu`dtdcs er mnvc tmc le`cy d` tmc

bn`g er u`hcr eur lnttrcsscs.

D` tmc pnst, wc mnvc hcsirdbch wmnt wc he ns buyd`k nsscts tmnt nrc eut ea anver n`h, tmcrcaerc,

imcnp er hdsmcvcjch d` e`c wny er n`etmcr wmdim lngcs tmcl d`cxpc`sdvc. [c tmc` werg vcry mnrhnt dlprevd`k tmcdr pcraerln`ic u`tdj tmcy nrc tmc lest caidc`t n`h prehuitdvc d` tmcdr lnrgct

scklc`t. But aer `ew tmcrc nrc tee ln`y d`hdsirdld`n`t d`vcsters ielpctd`k aer tmc snlc

eppertu`dtdcs.

Jcttcr arel tmc Imndrln` n`h Vrcsdhc`t

>

> Yd`ic c`hd`k >4;= cqudty wns n `ckntdvc `ulbcr, wc usch c`hd`k >4;4 cqudty aer tmc stnrt ea tmds injiujntde`.

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(D` ldjjde`s) 266> 2662 2669 2668

Epcrntd`k rcvc`ucs $>,>=3.3 $>,>4>.; $>,989.9 $>,3=2.4Iest ea snjcs ;81.3 =26.2 496.= >,>24.2

Epcrntd`k cxpc`scs, ct 38=.; 8>1.; 999.8 963.1

Ycklc`t pret (jess) arel epcrntde`s $ (>64.;) $ (83.2) $ ;4.> $ >8=.>

Mcnhieu`t 9,==; 2,938 >,41; >,==4

N anleus d`vcster, wme wc betm luim nhldrc, ds rcputch te mnvc cxpjnd`ch tmnt mc hdh `et d`vcst

eutsdhc mds idrijc ea ielpctc`ic. D` purimnsd`k [djXcj wc bcjdcvch wc wcrc d`vcstd`k wdtmd`

eur idrijc ea ielpctc`ic. Xdlc wdjj tcjj da wc wcrc rdkmt. E`c ea us ds sgcptdinj tmnt [djXcj wdjj

cvcr bc n suiicssauj d`vcstlc`t7 tmc etmcr ie`td`ucs te bcjdcvc tmnt tmcrc wdjj bc auturc rdimcs

e` tmc wd`ks ea brenhbn`h! [c nrc, mewcvcr, d` ielpjctc nkrcclc`t e` wme wc mepc ds rdkmt!

Ielc wmnt lny, cvc` da tmc sgcptdi ds rdkmt, wc he `et bcjdcvc tmnt tmds nhvc`turc wdjj ocepnrhdzc

Jcuinhdns evcrnjj wcjj bcd`k.Ycc tmc c`h ea tmds jcttcr aer n hcpditde` ea jdac d` tmc Xcjciel Benrhreel.

Yylpme`y Mcnjtm Ycrvdics

D` Ycptclbcr 2669, Jcuinhdn niqudrch Yylpme`y Mcnjtm Ycrvdics wmdim ds prdlnrdjy c`knkch d`

pmysdinj, eiiupntde`nj, spccim n`h rcspdrntery tmcrnpy. Yylpme`y iurrc`tjy epcrntcs d` 81 stntcs,

prevdhd`k scrvdics nt 2,666 jeintde`s, wdtm n wergaeric ea 9,266 clpjeyccs, selc pnrt-tdlc.

Yylpme`y eaacrs mcnjtminrc prevdhcrs tmc eppertu`dty te eutseuric selc ea tmcdr pntdc`ts trcntlc`t

`cchs. Yelc `ursd`k melcs, aer d`stn`ic, he`t `cch n aujj-tdlc pmysdinj tmcrnpdst but nrc rcqudrch

te mnvc tmc scrvdic nvndjnbjc e` hcln`h. Yylpme`ys clpjeyccs in` werg pnrt-tdlc hurd`k tmc meurs

ea tmcdr imedic. Xmds `cch aer scrvdics n`h tmds hcsdrc aer flcxdbjc werg meurs lcsm `dicjy. Aertu`ntcjy

aer Yylpme`y, ns tmc pepujntde` nkcs, tmc hcln`h aer mcnjtminrc preacssde`njs krews. Nttrnitd`k n`h

rctnd`d`k tmcrnpdsts ns wcjj ns iustelcrs nrc tmc lnoer aniters d` Yylpme`ys suiicssauj busd`css lehcj.

D` jnst ycnrs jcttcr wc icjcbrntch tmc pessdbdjdty tmnt Yylpme`y ldkmt rcpny eur d`vcstlc`t d` tmc

rst aujj ycnr u`hcr Jcuinhdn ew`crsmdp. Natcr njj tmcsc ycnrs, yeu weujh tmd`g wc weujh g`ew

bcttcr tmn` te bc icjcbrntd`k pessdbdjdtdcs rntmcr tmn` pcraerln`ic! [c u`hcr-cstdlntch tmc imnjjc`kcs

ln`nkclc`t anich te qudigjy rctur` eur d`vcstlc`t. Yylpme`y suaacrch arel erkn`dzntde`nj ntrepmy

d`huich by jn`kudsmd`k aer tmrcc ycnrs d` bn`gruptiy. Dt mnh pestpe`ch je`k evcrhuc d`vcstlc`ts

n`h mnh `et aujjy d`tckrntch n `ulbcr ea mnstdjy nssclbjch niqudsdtde`s.

D` Eitebcr ea 2668, wc breukmt d` n `cw ICE, R. Yiett Oe`cs. Yiett ds n` c`crkctdi n`h scnse`ch

mcnjtm d`hustry cxciutdvc wdtm n trnig rcierh ea epcrntd`k suiicss n`h wme ds eaa te n stre`k stnrt d`

rcmnbdjdtntd`k Yylpme`y. [mdjc wc he `et wn`t te od`x mds pcraerln`ic, cnrjy d`hdintde`s sukkcst

Yiett wdjj prevc te bc ns caacitdvc n sinj tmcrnpdst ns mds iejjcnkucs nrc pmysdinj tmcrnpdsts.

[dtm 2668 rcvc`ucs cxicchd`k $23= ldjjde`, tmc ielpn`y bnrcjy ln`nkch $3 ldjjde` d` prc-tnxd`ielc. Kdvc` tmc iest n`h tdlc hcvetch te ielpjctc tmc iurrc`t rcmnbdjdtntde`, wc cxpcit 2663 te

bc bcttcr. [c nrc sntdsch tmnt tmc pntdc`t ds bnig e` dts acct n`h lngd`k keeh prekrcss.

9

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Xmc busd`css ea prevdhd`k tmcrnpy te pntdc`ts lestjy ievcrch by Lchdinrc n`h Lchdindh ds mdkmjy

rckujntch. Eur wcjj-trnd`ch tmcrnpdsts he n` cxicjjc`t oeb ea prevdhd`k qunjdty inrc u`hcr n ielpjcxsct ea rujcs n`h rckujntde`s. Xmc tmrcnt te Yylpme`y ds `et kevcr`lc`t rckujntde`, but rntmcr tmc

kevcr`lc`ts wdjjd`k`css n`h nbdjdty te pny aer scrvdics rc`hcrch. Ns pnrt ea tmc Bnjn`ich Buhkct Nit

ea >44; (bnig d` tmc keeh ejh hnys wmc` eur `ntde`nj jcnhcrs nt jcnst prctc`hch te inrc nbeut tmc

dlpnit ea hcidts), eutpntdc`t tmcrnpy wns inppch nt $>,346 pcr pntdc`t pcr ycnr, but tmc dlpjclc`tntde`

ea tmc inp mns bcc` hcjnych n `ulbcr ea tdlcs tmreukm jckdsjntde`. Dlpjclc`tntde` ea tmc inp

weujh rchuic eur rcvc`ucs n`h prets n`h, lerc dlpertn`tjy, substn`tdnjjy rchuic tmc mcnjtm n`h

wcjj-bcd`k ea pntdc`ts. Nbsc`t spcidi nitde` by Ie`krcss, tmc bc`ct inp wdjj bcielc caacitdvc

e` On`unry >, 2661. [c nrc mepcauj eur cjcitch eaidnjs wdjj irnat n lerc ircntdvc n`h jcss hrnie`dn`

lctmeh ea hcnjd`k wdtm mcnjtm inrc iests aer tmds vuj`crnbjc scklc`t ea eur pepujntde`. N jcttcr te

yeur ie`krcssde`nj hcjckntde` ds d` erhcr.

Ln`uaniturd`k

Ie`wch ds n jcnhd`k ln`uaniturcr ea jdkmtwcdkmt pjnstdi `cttd`k lnhc aer n vnrdcty ea purpescs, lesteatc` te prevdhc n bnrrdcr er te strc`ktmc` etmcr lntcrdnjs. Dt ds usch aer ie`struitde` (pjnstdi ac`id`k),

nkrdiujturnj (bdrh `ct n`h seh `ct), inrpct pnhhd`k, pnignkd`k (te rcd`aeric smdppd`k pnpcr) n`h njse

aer ie`sulcr prehuits (strc`ktmc`d`k lep pnhs n`h d`hustrdnj mn`h wdpcs). Eur `cttd`k c`hs up d`

mu`hrchs ea prehuits sejh tmreukmeut tmc werjh. Eur prehuits nrc ln`uaniturch d` Ld``cnpejds,

Ld``csetn7 Ntmc`s, Kcerkdn7 n`h Kc`g, Bcjkdul. D` 2668, >1% ea tmc rcvc`uc rcsujtch arel snjcs

eutsdhc tmc S.Y.

Xmds ielpn`y mns dts smnrc ea imnjjc`kcs. Xmcrc ds jets ea prdic ielpctdtde` nle`k dts ielpctdters,

cvcr-u`stnbjc pjnstdi rnw lntcrdnj prdics n`h tmc ie`stn`t pessdbdjdty ea prehuit substdtutde` tmreukm

tmc usc ea etmcr lntcrdnjs. Ie`wch lust ie`td`unjjy rcd`vc`t dtscja wdtm `cw prehuit eaacrd`ks. Aer

cxnlpjc, d` 2668, wc jnu`imch sdx `cw prehuits d`ijuhd`k n `cw bdehckrnhnbjc prehuit tmnt ds bcd`k

sejh d`te tmc cresde` ie`trej lnrgct. [c spc`h bctwcc` 2% n`h 3% ea snjcs e` tmc rcd`vc`tde` caaert.

Ie`wch rdhcs tmc wnvcs ea tmc S.Y. cie`ely, kdvd k us n` cnrjy wnr`d`k eutjeeg e` busd`css prespcits.

Evcr njj tmc ycnrs, keeh n`h bnh, sd`ic dts niqudsdtde` d` Lnrim >4=3, Ie`wch mns kdvc` us n vcry

mdkm rctur` e` d`vcstlc`t. Yelc ldkmt injj Ie`wch n insm iew7 wc prcacr te injj dt n insm knzcjjc!

(D` ldjjde`s) 2666 266> 2662 2669 2668

Ynjcs $ 13.6 $ 39.; $ 36.; $ 39.9 $ 18.>

Vrc-tnx prets $ >>.9 $ ;.= $ 9.> $ 8.8 $ ;.4

Rctur` e` nvcrnkc cqudty 2=.;% >1.3% ;.=% >2.1% 23.>%

Lnrg Jcwry teeg evcr ns ICE nt tmc c`h ea 2662. [c mepc tmc lest rcic`t rcsujts nbevc nrc

aercru``crs ea auturc krewtm d` snjcs, prc-tnx pret, n`h rctur` e` nvcrnkc cqudty. Lnrg n`h mds

cxicjjc`t tcnl nrc iustelcr ic`trdi, n`h ie`ic`trntc e` `cw prehuit eaacrd`ks, tmc c`hjcss

pursudt ea ln`uaniturd`k caidc`idcs n`h tmc wcjj bcd`k ea dts clpjeyccs, njj tmc wmdjc wntimd`kn`h jcnr`d`k arel tmc ielpctdtde`.

Xmc auturc jeegs brdkmt. D` Acbrunry 2663, Ie`wch purimnsch @Y[, JJI S.Y., wmdim ln`uaniturcs

prehuic n`h pnignkd`k `cts, mcnhcr jnbcj bnks (tmd`g e`de`s), insc jd`crs n`h mcnvy wcdkmt `cttd`k

aer hrnd`nkc n`h cresde` ie`trej. @Y[ mns n ln`uaniturd`k n`h hdstrdbutde` anidjdty d` Ren`egc,

Qdrkd`dn. Aer tmc ycnr c`hd`k Hciclbcr 9>, 2668, dts snjcs wcrc evcr $26 ldjjde`. Xmc purimnsc

prdic wns $2= ldjjde`.

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LG Rcseurics

Jcuinhdn mns $== ldjjde` d`vcstch d` ;2.>% eaLG Rcseurics, n pubjdi ielpn`y trnhd`k e` tmc@NYH EXI Bujjctd` Benrh (Yylbej? LGRR). LG Rcseurics ew`s Iebrc Jns Iruics, Y.N., n

Ypn`dsm ielpn`y wmdim mejhs tmc cxpjerntde` n`h ld`crnj rdkmts te tmc Jns Iruics ieppcr hcpesdt

d` tmc Vyrdtc Bcjt ea Ypnd`. Aer mdstery buaas, tmds bcjt ea ld`crnjdzntde` mns bcc` cxpjedtch sd`ic

Reln` tdlcs.

Xmc ld`d`k ie`icssde` wns rcicdvch d` 2669, n`h tmc aeur prd`idpnj wntcr pcrldts wcrc rcicdvch

hurd`k 2669 n`h 2668. Nhhdtde`nj pcrldts rcjntd`k te cldssde`s n`h jn`h usc wcrc rcicdvch d` cnrjy

2663. Npprexdlntcjy 4=% ea tmc jn`h `cicssnry aer tmc epcrntde` ea tmc ld`c n`h rcjntch preicssd`k

anidjdtdcs mns bcc` niqudrch. Hctndjch c`kd`ccrd`k lny bckd` see`.

Ns ea Lnrim 8, 2663, inpdtnj iests d` S.Y. Hejjnrs te hcvcjep tmc ld`c mnvc csinjntch te $9;2 ldjjde`

(2=> ldjjde`), cxijuhd`k d`tcrcst n`h etmcr `n`id`k iests hurd`k ie`struitde`. Xmds csinjntde` ds

huc te hcprcidntde` ea tmc Hejjnr arel $>.61 pcr Cure nt Ycptclbcr >, >444 (wmc` Jns Iruics wnspurimnsch) te $>.91 pcr Cure nt Hciclbcr 9>, 2668. Ie`struitde` n`h epcrntd`k iests nrc lestjy d`

Cures n`h rcvc`ucs d` Hejjnrs. Xmc keeh `cws ds tmnt ieppcr prdics mnvc rdsc` arel $.;= te $>.8=

pcr peu`h d` tmc snlc pcrdeh. Da tmc rntde bctwdxt tmc Hejjnr, tmc Cure n`h ieppcr rclnd`s wmnt dt ds

tehny, wc wdjj bc `c. Xmc stntus que, mewcvcr, ds u`jdgcjy n`h tmc rcjntde`smdp bctwcc` tmc Hejjnr,

tmc Cure n`h ieppcr prdics wdjj prevdhc cxidtclc`t d` brd`kd`k tmds preocit te arudtde`.

LG Rcseurics ie`td`ucs te rcvdcw dts `n`id`k eptde`s aer Jns Iruics, wmdim, d` nhhdtde` te hcbt

`n`id`k, ieujh d`ijuhc n oed`t vc`turc, snjc ea tmc preocit, lcrkcr n`h/er etmcr trn`snitde`. [c nrc

mepcauj tmnt LG Rcseurics auturc pjn`s wdjj bcielc ijcnrcr see .

Arn`g Oegjdg, LG Rcseurics cxpcrdc`ich Imndrln`, n`h Acr`n`he Acr n`hcz, Vrcsdhc`t ea Iebrc

Jns Iruics, Y.N., ie`td`uc te ln`nkc tmc hcvcjeplc`t ea tmc preocit d` hdaiujt n`h tryd`k d`tcr`ntde`nj

sinj tdlcs.

Bujj Hurmnl, aerlcr Imndrln` ea Vmcjps Hehkc Ierperntde`, ds n` cxpcrdc`ich ld`cr wme brd`ks

mds g`ewjchkc n`h cxpcrtdsc te tmc LG benrh. Mc njse scrvcs e` tmc AD@EQN benrh.

[d`crdcs

Jcuinhdn ew`s twe wd`crdcs? Vd`c Rdhkc d` @npn Qnjjcy, Injdaer`dn, ber` d` >4;= n`h niqudrch by

us d` >44>, n`h Nrimcry Yulldt d` tmc [djjnlcttc Qnjjcy, Ercke` (e` Nrimcry Yulldt renh), wmdim

wc aeu`hch n`h ie`struitch d` >449. Xmc ielpn`y ie`trejs 228 nircs ea vd`cynrhs d` @npn Qnjjcy,

Injdaer`dn d` tmc wcjj rcknrhch nppcjjntde`s ea Ytnks Jcnp, Inr`cres, Rutmcraerh, Engvdjjc n`h

Mewcjj Leu`tnd` n`h >>3 nircs d` tmc [djjnlcttc Qnjjcy ea Ercke`. Yubstn`tdnjjy njj ea tmds nircnkc

ds prehuid`k krnpcs.

Nt Hciclbcr 9>, 2668, tmc ielbd`ch d`vcstlc`t d` tmcsc wd`crdcs wns $3= ldjjde`.

Hurd`k 2668 tmc wd`crdcs sejh npprexdlntcjy 19,166 4-jdtcr cqudvnjc`t inscs ea wd`c kc`crntd`kwd`c rcvc`uc ea $>9.2 ldjjde`. =>% ea insc snjcs n`h 49% ea wd`c rcvc`uc nrc d` tmc juxury

scklc`t ea prcldul tnbjc wd`c lnrgct, wmdim ds hc`ch ns evcr $23 rctndj pcr ;36 lj bettjc.

Xmc wd`c d`hustry ds bcield`k cvcr lerc ielpctdtdvc. Rebcrt Vnrgcr, n `etch wd`c iellc`tnter,

d` n` nhhrcss jnst ycnr te n jnrkc kreup ea wd`c nide`nhes, put aertm tmc prepesdtde` tmnt wd`c qunjdty

tmreukmeut tmc werjh mns d`ircnsch se hrnlntdinjjy tmreukm dlprevch vdtdiujturc n`h wd`clngd`k

tcim`dqucs tmnt `e e`c nrcn, cxicptd`k tmc Arc`im Krn`h Iru, in` cxpcit te mnvc n sdk`din`t

nhvn`tnkc. Nt tmc snlc tdlc tmc d`tcrcst n`h ie`sulptde` ea wd`c ie`td`ucs te krew betm d` tmc

S`dtch Ytntcs n`h nreu`h tmc werjh.

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D` tmc anic ea tmcsc ielpctdtdvc prcssurcs wc ie`td`uc te dlprevc eur vdtdiujturc n`h wd`clngd`k

tcim`dqucs. Ycvcrnj ea eur wd`cs rcicdvch mdkm rntd`ks arel jcnhd`k wd`c pubjdintde`s, tmeukm `cvcrns mdkm ns wc tmd`g tmcy hcscrvc. Jnst ycnr wc lc`tde`ch tmnt wc mnh n` evcrsuppjy ea Lcrjet

prehuitde` tmnt ds bcd`k sejvch tmreukm n rcpjn`td`k n`h rc-buhhd`k prekrnl. Lcrjet Lnh`css ea

tmc pnst mns suiiulbch te tmc levdc Ydhcwnys. [c nrc mnvd`k suiicss d` budjhd`k eur [d`c Ijubs

n`h wdtm rctndj snjcs lnhc nt tmc wd`crdcs.

Xmc hdstrdbutde` ea wd`c d` tmc S`dtch Ytntcs ds nrimndi. Dt ds n tmrcc-jcvcj systcl d` lest stntcs.

[c scjj te wmejcsnjcrs, wme scjj te rctndjcrs, rcstnurn`ts n`h metcjs, wme njj scjj te ie`sulcrs. D` ln`y

stntcs tmc systcl ds pretcitch n`h le`epejdstdi. Xmcrc ds n insc bcaerc tmc S.Y. Yuprclc Ieurt tmnt

lny pcrmnps, d` selc stntcs, jcnh te tmc sdlpjdintde` ea selc ea tmcsc nrimndi jnws. Cvc` evcr tmc

pretcsts ea selc pnrtdidpn`ts, tmc D`tcr`ct-crn ds mcrc te stny.

Hcpc`hd`k upe` yeur stntc jdquer jnws, yeu lny erhcr wd`c e` tmc D`tcr`ct (www.pd crdhkcwd`cry.iel

er www.nrimcrysulldt.iel) er oed` eur [d`c Ijub n`h rcicdvc hcjdideus jdbntde`s le`tmjy.

Qdsdt tmc wd`crdcs n`h c`oey tmc tnstd`k reel cxpcrdc`ic. Ymnrcmejhcrs ea Jcuinhdn rcicdvc n

26% hdsieu`t e` tmc me`er systcl. Injj Vd`c Rdhkc nt (=66) 3;3-4;;; er Nrimcry Yulldt nt

(=66) ;92-==22.

Bn`gd`k n`h Jc`hd`k

Hurd`k 2668, tmc bn`g sejh substn`tdnjjy njj dts eutstn`hd`k jen`s pjus icrtnd` jen` pertaejdes tmnt

mnh bcc` prcvdeusjy wrdttc` eaa. Vrc-tnx d`ielc aer 2668 wns $22 ldjjde` prdlnrdjy ns n rcsujt ea tmc

rcjcnsc ea jen` rcscrvcs arel sejh nsscts. NDB d`tc`hs te jc n pjn` wdtm tmc rckujnters tmnt wdjj

ujtdlntcjy rcsujt d` tmc surrc`hcr ea dts bn`g imnrtcr.

Oustd` [mccjcr, Lnri Aujjcr n`h Brnh Lcrrdjj mnvc cxpcrtjy `cketdntch tmreukm n rckujntery tmdigct

n`h niielpjdsmch n pcnicauj n`h pretnbjc c`h te eur nhvc`turc d` sub-prdlc jc`hd`k.

AD@EQN

AD@EQN ds 36% ew`ch by Bcrgnhdn, n oed`t vc`turc bctwcc` Bcrgsmdrc Mntmnwny D`i. n`h Jcuinhdn.

[c mnvc cnr`ch substn`tdnj acc d`ielc ln`nkd`k tmc jdqudhntde` eaAD@EQN. Xel Lnrn, eur

je`k-scrvd`k Cxciutdvc Qdic Vrcsdhc`t n`h Xrcnsurcr ds AD@EQNs ICE, n`h Kjc`` Krny, dts IEE.

Xekctmcr tmcy mnvc he`c n lnstcrauj oeb ea wd`hd`k hew` tmds busd`css. Kjc`` ds jcnvd`k AD@EQN

hurd`k 2663, wdtm eur tmn`gs n`h bcst wdsmcs.

NX]

D` Hciclbcr 2669, wc purimnsch njj tmc hcbt ebjdkntde`s eaNX] Iellu`dintde`s n`h dts najdntcs

aer $23 ldjjde`. Tcnr-c`h Hciclbcr 9>, 2668, NX] rcpertch $23> ldjjde` ea tetnj rcvc`uc.

NX] ds n` d`tckrntch tcjciel prevdhcr tmnt eaacrs jeinj cximn`kc inrrdcr n`h d`tcr-cximn`kc inrrdcr

tcjcpme`c, D`tcr`ct, mdkm-spcch hntn n`h etmcr iellu`dintde`s scrvdics te busd`css n`h rcsdhc`tdnjiustelcrs d` tnrkct lnrgcts d` tmc Ldh-Ntjn`tdi n`h Ldhwcstcr` rckde`s ea tmc S.Y.

D` On`unry 2668, NX] iellc`ich n veju`tnry Imnptcr >> bn`gruptiy d` erhcr te rcerkn`dzc dts naandrs.

[c prevdhch $3 ldjjde` ea hcbter d` pesscssde` `n`id`k sciurch by jdc`s e` lest ea tmc nsscts.

D` Lnrim 2663, NX] jch dts scie`h nlc`hch Vjn` ea Rcerkn`dzntde`. Xmc Vjn` ie`tclpjntcs tmnt

Jcuinhdn, d` cximn`kc aer dts $23 ldjjde`, wdjj rcicdvc 43% ea tmc `cw ielle` steig n`h n `cw

$23 ldjjde` `etc wmdim bcnrs d`tcrcst nt >6%. D` nhhdtde`, wc wdjj prevdhc $23 ldjjde` ea cxdt `n`id`k

te au`h tmc Rcerkn`dzntde` Vjn`, wmdim wns ie`rlch by tmc bn`gruptiy ieurt d` Nprdj 2663. NX] ds

n slnjj pjnycr d` n vcry arnklc`tch d`hustry. Xmcrc wdjj bc ie`sejdhntde` eppertu`dtdcs d` tmc ycnrs

nmcnh, wmdim wc d`tc`h te pursuc.

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S`aertu`ntcjy, tmcsc sterls hdh `et sinrc rcd`surcrs er `cw pnrtdidpn`ts (lestjy 93-ycnr ejh

mchkc au`h ln`nkcrs bnrcjy eut ea iejjckc nreu`h tmc tdlc ea Murrdin`c N`hrcw), n`h tmcrc dsn hc`dtc seatc`d`k d` tmc iest ea rcd`surn`ic. Ejylpus wdjj cxdt tmc busd`css da prdid`k kcts

tee u`nttrnitdvc.

Jcuinhdn ew`s 2,8;8,221 ielle` smnrcs ea MelcAch (nbeut 96%), n pubjdijy trnhch steig

e` tmc @NYH EXI Bujjctd` Benrh (Yylbej? MEAH) ea wmdim e`c ea us ds dts Imndrln`.

Xmc u`hcrsdk`ch tekctmcr njse ew` n` nhhdtde`nj >=.4% ea MelcAch steig ns n rcsujt ea n

hdstrdbutde` te njj Jcuinhdn smnrcmejhcrs d` >44=. MelcAch prd`idpnjjy hcvcjeps rcsdhc`tdnj jets

d` tmc Yn` Hdcke nrcn. Jcuinhdns d`vcstlc`t d` MelcAch smnrcs ds inrrdch nt $94.3 ldjjde`

ns n` d`vcstlc`t d` n` nsseidntch ielpn`y. [mc` wc hdstrdbutch tmc steig ea MelcAch d`

>44= tmc smnrcs trnhch nt $>.=6, nhoustch aer n subscquc`t steig spjdt. Ns ea Lnrim 9>, 2663,

tmc smnrc prdic wns $39.

[c ew` 91% ea tmc Bnrbnhes Jdkmt n`h Vewcr Ielpn`y. Nt Hciclbcr 9>, 2668, tmc ielpn`y

wns e` eur beegs aer $>2.> ldjjde`.

[cbJd`g, n pnkd`k ielpn`y wc niqudrch d` Hciclbcr 2662 wmdjc dt wns d` bn`gruptiy,

wns sejh te Lctreinjj d` @evclbcr 2669, wmdim lcrkch wdtm Nrim d` @evclbcr 2668, wmdim

imn`kch dts `nlc n`h bcinlc SYN Lebdjdty, D`i. rdkmt natcr tmc lcrkcr. Xmds wns n ijnssdi

rejjup ea n arnklc`tch n`h hcijd`d`k d`hustry. Nt Hciclbcr 9>, 2668 eur d`vcstlc`t d` tmc

smnrcs ea SYN Lebdjdty wcrc inrrdch nt tmcdr lnrgct vnjuc ea $23.= ldjjde 7 njj wcrc sejh

hurd`k 2663. Yd`ic Hciclbcr 2662 wc mnvc rcicdvch $8=.8 ldjjde` d` insm n`h sciurdtdcs aer

eur $>4 ldjjde` [cbJd`g d`vcstlc`t.

Nt Hciclbcr 9>, 2668, tmc Ielpn`ys rcnj cstntc nsscts mnh n beeg vnjuc ea $>9>.2 ldjjde`.

Hurd`k 2668, wc sejh 42 jets ea n 43-jet hcvcjeplc`t preocit d` Yeutm [njte` Ieu`ty, Ajerdhn

aer npprexdlntcjy $36 ldjjde`. [c rciek`dzch $>3.= ldjjde` d` prc-tnx prets n`h wdjj

rciek`dzc nhhdtde`nj prc-tnx prets ea $>6.2 ldjjde` tmds ycnr. Vntrdig Bdc`vc`uc ie`icdvchn`h cxciutch tmds preocit arel n twd`gjc d` mds cyc te $36 ldjjde` d` insm d` eur bn`g niieu`t

wdtmd` e`c ycnr. Da yeu mnvc d`tcrcstd`k hcvcjeplc`t pnricjs arel $3-36 ldjjde`, injj mdl nt

(=6>) 32>-3866.2

D` 2668, tmc Ielpn`y cxcridsch n` eptde` te scjj twe ea dts ejhcr ierperntc ndrirnat aer tetnj

preicchs ea $9=.= ldjjde` n`h rcpertch n prc-tnx knd` ea $>>.9 ldjjde`. Xmc eptde` wns

rcicdvch d` ie``citde` wdtm tmc purimnsc ea twe `cw ierperntc ndrirnat hurd`k 2669.

@ct sciurdtdcs knd`s aer 2668 nkkrckntch $>82.4 ldjjde`, substn`tdnjjy njj ea wmdim rcflcit

rcnjdzch knd`s arel tmc snjc ea pubjdijy trnhch hcbt n`h cqudty sciurdtdcs. Ln`y ea tmcsc knd`s

inlc tmreukm eur nsseidntde` wdtm Ony Oerhn` n`h Hnvdh _njnz`dig ea tmc Oerhn` Ielpn`y

wme prevdhch tmcsc d`vcstlc`t eppertu`dtdcs n`h wme wc tmn`g.

D` 2668, tmc Ielpn`y rciek dzch n tnx bc`ct ea $2;.9 ldjjde` aer tmc anvernbjc rcsejutde` eaicrtnd` d`ielc tnx ie`td`kc`idcs n`h n tnx bc`ct ea $9.4 ldjjde` te rcierh n achcrnj d`ielc

tnx inrrybnig rcau`h.

=

2 [c he `et ie`sdhcr eurscjvcs ns bcd`k d` tmc rcnj cstntc busd`css. [c jeeg nt rcnj cstntc ns wc jeeg nt ou`g be`hseppertu`dstdinjjy.

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Xmc Auturc

Xmc auturc ea eur ieu`try n`h eur iurrc`iy ds vcry treubjd`k. Xmd`gd`k nbeut dt lngcs us leresc.Iurrc`tjy, eur `ntde`s sinj, le`ctnry n`h cie`eldi pejdidcs nrc mnstc`d`k tmc c`h ea tmc Nlcrdin`

mckcle`y tmnt bckn` nt tmc c`h ea [erjh [nr DD. Xmeukm wc surcjy jdvc d` e`c ea tmc lest arcc,

andrcst, c`crkctdi n`h hcleirntdi seidctdcs cvcr hcvcjepch e` tmds kjebc eur auturc cie`eldi pesdtde`

rcjntdvc te tmc rcst ea tmc werjh ds d` pcrdj.

Da wc ielpnrc tmc `n`id`k ea eur ew` anldjdcs n`h eur busd`csscs te tmnt ea eur ieu`try, wc d`hcch

mnvc rcnse` te bc ie`icr`ch. S`jcss eur `ntde`s prefldkntc wnys nrc lehcrntch, wc nrc ked`k te c`h

up wdtm n ru` e` tmc hejjnr. [mnt tmc ie`scquc`ics ea tmnt ldkmt bc, etmcr tmn` wc wdjj njj bc peercr,

ds mnrh aer us te ie`tclpjntc er prchdit.

[c pjn` te ie`td`uc te scnrim aer u`hcrvnjuch er eut-ea-anver nsscts tmnt wc in` buy n`h dlprevc.

Xmc pdigd`ks nrc sjdl, but eur c`tmusdnsl ds u`nbntch. Da wc ru` eut ea dhcns er stcnl wc wdjj jct

yeu g`ew n`h hcvcjep n pjn` te rctur` le`cy te eur smnrcmejhcrs.Eur je`k-tcrl ardc`h n`h ie`sdkjderc, Ytcpmc` Oniebs, rctdrch arel mds c`hjcss 82 ycnr scrvdic nt

[cdj, Ketsmnj & Ln`kcs, te hcvetc mds aujj tdlc caaerts te Jcuinhdn ns ieu`scj. [c nrc hcjdkmtch!

Xe njj eur mnrh wergd`k, hdjdkc`t n`h slnrt clpjeyccs, wc eaacr beu`hjcss tmn`gs n`h naacitde`.

Dn` L. Iulld`k Oescpm Y. Ytcd`bcrk

Imndrln` Vrcsdhc`t

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>6

Xcjciel. Xmc tmrdjj rdhc ea Nlcrdin` busd`css.

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Xe Eur YmnrcmejhcrsD` 2663 Jcuinhdn rcpertch $>,191 ldjjde` d` natcr tnx d`ielc, er $>3.>= pcr smnrc, $>8.2; aujjy

hdjutch. Xmcsc rcierh cnr`d`ks rcqudrc n` cxpjn`ntde`? $363.; ldjjde` ds prc-tnx epcrntd`k cnr`d`ks

arel eur vnrdeus busd`csscs n`h d`vcstlc`ts, n`h $>,>93.> ldjjde` ds n rcsujt ea inpdtnjdzd`k tmc

`e`-prcsc`t vnjuc ea eur `ct epcrntd`k tnx jess inrryaerwnrh (@EJ) rclnd`d`k natcr tmc snjc ea

[djXcj. Dt rcsdhcs e` tmc bnjn`ic smcct ns n Hcacrrch Xnx Nssct. [c wdjj cxpjnd` n bdt lerc nbeut

tmds niieu`td`k jnbyrd`tm jntcr.

Mcrc ds tmc Jcuinhdn siercinrh aer tmc pnst 2= ycnrs sd`ic wc teeg tmc mcjl.

Jcttcr arel Imndrln` n`h Vrcsdhc`t

>

>4;= ($6.6;) @N @N $6.69 @N ($;,13;) ($2,223) @N>4;4 6.2> @L >=.2% 6.>8 911.;% 22,483 >4,63= 284.9%

>4=6 6.29 4.3% 92.9% 6.>> (2>.8%) 28,4>; >,=;4 ;.4%

>4=> 6.2= 2>.;% (3.6%) 6.2> 46.4% 29,44; ;,3>4 96.;%

>4=2 6.;> >39.1% 2>.8% 6.9= =>.6% 1>,>;= 91,=11 =1.1%

>4=9 6.=3 >4.;% 22.8% 6.33 88.;% ;9,84= >=,664 21.;%

>4=8 >.8= ;8.>% 1.>% 6.49 14.>% >21,64; 16,=4> 1>.6%

>4=3 >.11 >2.2% 9>.1% >.>9 2>.3% >3>,699 29,369 >;.6%

>4=1 2.39 32.8% >=.1% >.13 81.6% 2>8,3=; ;=,>3> 82.;%

>4=; 2.29 (>>.4%) 3.>% 6.48 (89.6%) >=6,86= (>=,>88) (4.2%)

>4== 2.31 >8.=% >1.1% >.94 8;.4% 261,4>2 2>,999 >>.6%

>4=4 9.2= 2=.>% 9>.;% 2.6; 8=.4% 23;,;93 18,9>> 2;.;%

>446 9.48 26.>% (9.>%) 2.26 1.9% 21=,31; 8;,986 >=.6%>44> 3.96 98.3% 96.3% 9.3; 12.9% 913,843 48,=96 24.4%

>442 ;.9; 94.>% ;.1% ;.13 >>8.9% 1>=,>1> >96,16; 21.1%

>449 >6.=3 8;.2% >6.>% ;.48 9.=% 46;,=31 283,838 92.2%

>448 >6.8= (9.8%) >.9% =.12 =.1% ==>,=>3 ;6,=91 ;.4%

>443 >2.9> >;.3% 9;.1% 4.14 >2.8% >,>>>,84> >6;,369 >6.=%

>441 >2.98 6.2% 29.6% >6.9; ;.6% >,>>=,>6; 8=,1;; 8.8%

>44; >4.83 3;.1% 99.8% >9.9; 2=.4% >,=19,39> 11>,=>3 88.8%

>44= >4.49 2.3% 2=.1% >2.2> (=.;%) >,=39,>34 38,989 2.4%

>444 >9.>;(b) (99.4%) 2>.6% >3.82 21.9% >,>2>,4==(b) 2>3,682 >8.3%

2666 >8.32 >6.9% (4.>%) 29.19 39.2% >,268,28> >>1,66= >6.6%

266> >8.8> (6.=%) (>>.4%) >4.23 (>=.3%) >,>43,839 (;,36=) (6.1%)

2662 >;.>1 >4.>% (22.>%) 28.=; 24.2% >,398,323 >1>,129 >>.=%2669 26.64 >;.>% 2=.;% 96.;9 29.1% 2,>98,>1> 4;,638 3.9%

2668 26.44 8.3% >6.4% 81.92 36.;% 2,23=,139 >83,366 1.1%

2663 99.46 1>.3% 8.4% 8;.81 2.3% 9,11>,4>8(i) >,191,68> 33.9%

INKR

(>4;=-2663)(n) >6.6% 9>.8%

INKR

(>4;4-2663)(n) 2>.1% 4.4% 23.>% 2>.3%

Beeg Qnjuc

Vcr Ymnrc

Beeg Qnjuc

% Imn`kc

Y&V366% Imn`kc

Hdvdhc`hsD`ijuhch

LnrgctVrdic

Vcr Ymnrc

Lnrgct

Vrdic %Imn`kc

YmnrcmejhcrsCqudty

@ctD`ielc

(Jess)

Rctur` e`Nvcrnkc

Cqudty

(n) INKR stn`hs aer ielpeu`h n``unj krewtm rntc. Yd`ic `ckntdvc `ulbcrs in``et bc ielpeu`hch, wc njse smew INKRs wdtm >4;4ns n stnrtd`k ped`t. Xmcsc injiujntde`s he `et rcflcit tmc bc`ct ea n`y insm hdvdhc`h pnylc`ts er tmc spd`-eaa ea MelcAch d` >44=.

(b) Rcflcits n rchuitde` rcsujtd`k arel hdvdhc`h pnylc`ts d` >444 tetnjd`k $=>>.4 ldjjde` er $4.63 pcr smnrc.

(i) Rcflcits tmc rciek`dtde` ea $>,>93.> ldjjde` ea tmc hcacrrch tnx nssct er $>6.3> pcr smnrc.

(Hejjnrs d` tmeusn`hs, cxicpt pcr smnrc nleu`ts)

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[djXcj Iellu`dintde`s Kreup

D` Hciclbcr 2663, wc sejh [djXcj te Jcvcj 9 Iellu`dintde`s aer $816.9 ldjjde` d` insm7 >>3ldjjde` smnrcs ea Jcvcj 9 ielle` steig (wmdim wc sejh d` 2661 aer $9;1.1 ldjjde`)7 n`h wc

rctnd`ch tmc rdkmt te rcicdvc $291 ldjjde` ea insm arel YBI Iellu`dintde`s ([djXcjs jnrkcst

iustelcr, `ew NX&X), ea wmdim $>68.; ldjjde` mns bcc` pndh nt tmc hntc ea tmds wrdtd`k wdtm tmc

bnjn`ic huc jntcr tmds ycnr.

D` tmc nkkrckntc, Jcuinhdn rcicdvch `ct vnjuc ea $=;6.= ldjjde` arel tmc snjc ea [djXcj, d`ijuhd`k

tmc insm rcicdvch arel tmc snjc ea tmc Jcvcj 9 steig, insm pndh by Jcvcj 9, n`h tmc `ct beeg vnjuc ea

tmc rctnd`ch nsscts n`h jdnbdjdtdcs. D` nhhdtde`, wc rctnd`ch tmc @EJ, wmdim wdjj rcst e` tmc bnjn`ic

smcct ns n Hcacrrch Xnx Nssct. D` 2663, [djXcj niieu`tch aer $>>1 ldjjde` ea cnr`d`ks arel

hdsie`td`uch epcrntde`s n`h $289.= ldjjde` ea knd` e` snjc. Nhhd`k tmc preicchs arel tmc snjc ea

[djXcj pjus tmc iurrc`t n`h auturc tnx snvd`ks nhhs up te n sntdsanitery hcnj. Aer lerc d`aerlntde`,

scc @etc 3 ea @etcs te Ie`sejdhntch Ad`n`idnj Ytntclc`ts.

Eur trdp tmreukm Xcjciel Brenhbn`h Jn`h wns nt tdlcs ardkmtc`d`k n`h nt tdlcs cxmdjnrntd`k.

[c wcrc aertu`ntc te `h d` [djXcj tmrcc cxtrnerhd`nry cxciutdvcs wme resc, jdgc n treut te n fly, te

niicpt tmcdr krcntjy cxpn`hch rcspe`sdbdjdtdcs. Ocaa Ytercy, n `cwjy-ld`tch ICE7 Ch LiJnukmjd`,

Imdca ea Epcrntde`s7 n`h Lnrhd HcQcrkcs, n jdgcwdsc `cw IAE, c`tmusdnstdinjjy nttnigch tmc

imnjjc`kc ea rcvdvd`k [djXcj natcr tmc ie`ausde` n`h u`icrtnd`ty ea n lnoer bn`gruptiy n`h tmc imnes

wmdim rcsujtch, te prehuic n bcst-d`-ijnss, nwnrh wd``d`k `ntde`nj wmejcsnjc brenhbn`h suppjdcr!

Xmcy n`h tmcdr cxicjjc`t tcnls ie`td`ueusjy hcjdvcrch krcnt scrvdic te eur iustelcrs d` spdtc ea n

suppertdvc but hcln`hd`k lnoer iustelcr n`h tmc d`hustrys c`hjcssjy anjjd`k prdics wmdim rcqudrch

tmcl te ie`td`ueusjy hew`sdzc evcr n tmrcc-ycnr pjus pcrdeh ea tdlc te lcct cvcr imn`kd`k `n`idnj

rcnjdtdcs. Xmcy nrc te bc krcntjy nhldrch!

[c nrc njse vcry krntcauj te tmc Jcuinhdn pcepjc wme nssdstch tmc [djXcj tcnlsBuh Yirukks,

Odlly Mnjjni, Oec Erjn`he, Xel Lnrn n`h ln`y etmcrs.NX] Iellu`dintde`s

D` Hciclbcr 2669, Jcuinhdn purimnsch njj ea NX]s hcbt ebjdkntde`s u`hcr dts sc`der sciurch irchdt

anidjdty aer $23 ldjjde`, n`h NX] iellc`ich n veju`tnry Imnptcr >> insc te rcerkn`dzc dts `n`idnj

naandrs smertjy tmcrcnatcr. Xmc bn`gruptiy pjn` (tmc Vjn`) ea NX] wns ie`rlch by tmc Bn`gruptiy

Ieurt aer tmc Yeutmcr` Hdstrdit ea @cw Terg n`h bcinlc caacitdvc e` Nprdj 22, 2663. Ns

ie`tclpjntch by tmc Vjn`, d` cximn`kc aer dts d`vcstlc`t d` tmc irchdt anidjdty, Jcuinhdn rcicdvch

npprexdlntcjy 46% ea tmc `cw ielle` steig ea tmc rcerkn`dzch NX], n `cw $23 ldjjde` sc`der

sciurch >6% `etc, n`h prevdhch NX] wdtm $96 ldjjde` ea nhhdtde`nj `n`id`k. Xmc nkkrckntc

purimnsc prdic aer NX] wns $31.9 ldjjde`. Jcuinhdn mns ie`sejdhntch NX] d`te dts `n`idnj

stntclc`ts sd`ic tmc caacitdvc hntc ea tmc Vjn`.

NX] ds n` d`tckrntch tcjciel prevdhcr tmnt eaacrs jeinj n`h je`k hdstn`ic tcjcpme`c scrvdics, D`tcr`ct,mdkm-spcch hntn n`h etmcr iellu`dintde`s scrvdics te busd`css n`h rcsdhc`tdnj iustelcrs d` tmc

Ldh-Ntjn`tdi rckde` ea tmc S.Y. Xmcsc typcs ea ielpn`dcs nrc g`ew` by tmcdr onrke` `nlc IJCI

(Ielpctdtdvc Jeinj Cximn`kc Inrrdcr).

Hnvdh Jnrsc` ds tmc ldhwdac ea tmds trn`snitde` n`h mc ds wergd`k hdjdkc`tjy te rc`evntc NX]

aejjewd`k dts clcrkc`ic arel bn`gruptiy. Hnvdh ds oed`ch d` tmds caaert by NX]s ln`nkclc`t, jch

by Ocaa Ieursc`, n`h by Ocaa Ytercy, wme wc spegc ea cnrjdcr ns tmc ICE ea [djXcj. [c nrc hcjdkmtch

tmnt Ocaa rclnd`s wdtm Jcuinhdn. Xmcy n`h tmc NX] tcnl mnvc?

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sejh n` eut-ea-rckde` busd`css te n`etmcr IJCI aer $1 ldjjde`

sejh NX]s D`tcr`ct hdnj-up busd`css aer $4.2 ldjjde` rchuich mcnhieu`t by >3%

cstnbjdsmch n pjn` te heubjc CBDXHN d` 2661

rejjch eut tmc `cxt kc`crntde` ea scrvdics suim ns QeDV n`h ln`nkch scrvdics

[dtm aurtmcr ie`sejdhntde` ea tmc ejh Bcjj ielpn`dcs te NX&X/Bcjj Yeutm n`h Qcrdze`, pjus n

weu`hch ^wcst, tmc auturc ea tmc IJCI pmc`etypc wdjj bc imnjjc`kch. Caidc`t epcrntde`s, keeh

iustelcr scrvdic n`h nttrnitdvc prdid`k wdjj bc cssc`tdnj te bc n survdver. NX] ds ie`ic`trntd`k e`

tmcsc nspcits ea dts epcrntde`s. D` tmc smert tcrl tmcrc wdjj bc eppertu`dtdcs aer ie`sejdhntde` d`

wmdim wc mepc te pnrtdidpntc. [c cxpcit te scc tmc hcvcjeplc`t ea scvcrnj stre`k rckde`nj IJCIs

n`h pcrmnps tmc hcvcjeplc`t ea n acw `ntde`nj ielpctdters ns wcjj.

Dt rclnd`s te bc scc` d` tmc ield`k ie`sejdhntde` ea tmds erpmn` spcidcs wmctmcr wc wdjj bc tmc

ie`sejdhnter er tmc ie`sejdhntcc. Cdtmcr wny, wc cxpcit te ielc eut oust `c.

XcjcBnrbnhes

[dtm eur pnrt`cr, Bnrbnhes Jdkmt & Vewcr, wc tekctmcr d`vcstch $96 ldjjde` d` brd`kd`k brenhbn`h

inpnidty te tmnt slnjj dsjn`h. N kjnss bcr inbjc mns bcc` jndh d` tmc eicn` arel Bnrbnhes te Yt.

Iredx. Arel Yt. Iredx, tmc inbjc ie``cits te scvcrnj etmcr inbjc systcls n`h tmc` te tmc rcst ea tmc

werjh. Jcuinhdn ew`s 91% ea BJ&V n`h e`c ea tmc u`hcrsdk`ch ds dts Imndrln`.

Ocaa Ytercy wdjj ln`nkc eur d`vcstlc`t d` XcjcBnrbnhes. [c mepc tmds slnjj ielpn`y wdjj mnvc n

vcry mdkm rctur` e` dts d`vcstlc`t.

Ie`wch Vjnstdis

Ie`wch ds n jcnhd`k ln`uaniturcr ea jdkmtwcdkmt pjnstdi `cttd`k lnhc aer n vnrdcty ea purpescs, lest

eatc` te prevdhc n bnrrdcr er te strc`ktmc` etmcr lntcrdnjs. Dt ds usch aer ie`struitde` (pjnstdi

ac`id`k), nkrdiujturnj (bdrh `ct n`h seh `ct), inrpct pnhhd`k, pnignkd`k (aer prehuic) n`h njse aer

ie`sulcr prehuits (strc`ktmc`d`k lep pnhs n`h d`hustrdnj mn`h wdpcs). Eur `cttd`k c`hs up d`

mu`hrchs ea prehuits sejh tmreukmeut tmc werjh. Eur prehuits nrc ln`uaniturch d` Ld``cnpejds,

Ld``csetn7 Ntmc`s, Kcerkdn7 Ren`egc, Qdrkd`dn7 n`h Kc`g, Bcjkdul. D` 2663, >>% ea tmc rcvc`uc

rcsujtch arel snjcs eutsdhc tmc S.Y. n`h pesdtdvc insm flew wns nimdcvch aer tmc rst tdlc nt eur

Curepcn` anidjdty.

(D` ldjjde`s) 266> 2662 2669 2668 2663

Ynjcs $ 39.; $ 36.; $ 39.9 $ 18.> $ 49.9

Vrc-tnx prets $ ;.= $ 9.> $ 8.8 $ ;.4 $ >8.2

Rctur` e` nvcrnkc cqudty >1.3% ;.=% >2.1% 23.>% 99.8%

Lnrg Jcwry teeg evcr ns ICE nt tmc bckd``d`k ea 2669. Xmc nbevc imnrt spcngs vejulcs nbeut mds

nbdjdtdcs, c`crky n`h jcnhcrsmdp sgdjjs. Mc mns budjt n rclnrgnbjc tcnl. Ke Lnrg ke!

Lnrgs ew` werhs?

Niqudsdtde`s aucjch luim ea tmc krewtm ns Ie`wch jeegch nt n `ulbcr ea eppertu`dtdcs

n`h ielpjctch tmrcc hcnjs niqudrd`k tmc nsscts ea@Y[n`hNHVDd` tmc S.Y. n`h tmc

d`hustrdnj `cttd`k busd`css arel Xc`snr Kreup Jdldtch d` tmc S.G. Xmcsc niqudsdtde`s

kdvc Ie`wch n stre`k bnsc d` tmc pnignkd`k d`hustry n`h tmc nbdjdty te krew busd`css d`

tmc jtrntde` lnrgcts.

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3

Rcvc`ucs aer Ie`wchs bnsc busd`css d` tmc S.Y. njse d`ircnsch >4% arel erkn`di

krewtm rcjntch te `cw iustelcrs, `cw prehuit hcvcjeplc`t caaerts n`h scjjd`k prdicd`ircnscs. Ie`wch mns aeiusch e` hcvcjepd`k prehuits aer tmc budjhd`k n`h ie`struitde`

lnrgcts hurd`k tmc jnst acw ycnrs. Rcvc`ucs arel tmcsc caaerts niieu`tch aer

npprexdlntcjy >6% ea Ie`wchs tetnj rcvc`ucs d` 2663.

Inpnidty dlprevclc`ts wcrc lnhc d` 2663 by c`mn`id`k twe gcy prehuitde` jd`cs d` tmc

S.Y. te d`ircnsc tmc eutput rntcs. Xmds, nje`k wdtm jcvcrnkd`k eur Curepc epcrntde`s te

suppert S.Y. hcln`h, knvc Ie`wch tmc nbdjdty te lcct iustelcr hcln`h d` 2663 n`h

bcye`h, wmdjc ld`dldzd`k tmc inpdtnj d`vcstlc`t `cchch.

Ie`wchs Curepc epcrntde`s nimdcvch pesdtdvc insm flew d` 2663. Curepc rcvc`ucs d`

2661 nrc cxpcitch te heubjc wdtm tmc niqudsdtde` ea Xc`snrs d`hustrdnj busd`css jntc d`

2663, `cw iustelcrs n`h tmc ie`td`uch utdjdzntde` ea Curepc prehuitde` inpnidty te

suppjy S.Y. `cchs.

Rcsd` iests ie`td`uch te rdsc aer tmc tmdrh strndkmt ycnr. Mdkm utdjdzntde` rntcs d` tmc

pejyprepyjc`c d`hustry n`h mdkm edj n`h kns prdics nje`k wdtm tmc dlpnit ea murrdin`c

Gntrd`n d`ircnsch eur iests by lerc tmn` 26% aer tmc tmdrh ycnr d` n rew. Xmc nbdjdty te

pnss selc ea tmc iest d`ircnscs nje`k te iustelcrs n`h gccp eur evcrmcnh iest

struiturcs d` imcig mcjpch epcrntd`k lnrkd`s dlprevc arel 2668.

Evcrnjj 2663 wns n` nitdvc ycnr aer Ie`wch ns caaerts te krew tmc busd`css pretnbjy

tmreukm niqudsdtde` n`h erkn`di krewtm caaerts wcrc suiicssauj. Aer 2661, Ie`wch

cxpcits te ie`td`uc dts krewtm strntckdcs by jeegd`k aer nhhdtde`nj nhh-e` niqudsdtde`s

n`h `cw prehuit hcvcjeplc`t eppertu`dtdcs.

Dhnme Xdlbcr Ierperntde`

D` Lny 2663, wc niqudrch Dhnme Xdlbcr aer $>99.1 ldjjde` d` insm. [c wn`t te tmn`g Bdjj Rcdh n`hLdgc Ymcd` n`h tmcdr iejjcnkucs nt Imnrtwcjj D`vcstlc`ts wme breukmt us tmds trn`snitde` n`h mnvc

n pnrtdidpntde` d` dts prets.

Dhnme Xdlbcr ds mcnhqunrtcrch d` Bedsc, Dhnme n`h rcln`uaniturcs hdlc`sde` julbcr, n busd`css

wdtm wmdim wc wcrc `et anldjdnr. [c nsgch Xch Cjjds, Dhnme Xdlbcrs yeu`k n`h c`crkctdi prcsdhc`t,

[mnt hecs tmnt lcn`5 Ns Xch cxpjnd`ch, rcln`uaniturd`k d` tmc julbcr busd`css lcn`s iuttd`k

jcss tmn` pcracit julbcr ns dt ielcs arel tmc snwldjj n`h tur`d`k dt d`te mdkmcr krnhc julbcr.

Julbcr ds prdlnrdjy krnhch d`te tmrcc kreups? #2 n`h bcttcr, #9, n`h Cie`ely. Cie`ely n`h #9

julbcr ds hcacitdvc d` selc wny. Dt mns g`et mejcs, ds twdstch er mns etmcr hcacits ea e`c sert er

n`etmcr. Dt ds sejh d` bujg by tmc snwldjjs n`h ds n iellehdty. Dhnme Xdlbcr buys tmds jewcr krnhc

hcacitdvc julbcr n`h rcln`uaniturcs dt by iuttd`k eut tmc hcacitdvc pnrts n`h tur`d`k tmc pdcics d`te

mdkmcr krnhc, smertcr er `nrrewcr julbcr.

Dhnme Xdlbcr njse bu`hjcs n`h bnriehcs melc ic`tcr benrhs aer jnrkc rctndjcrs n`h prehuics pd`chcigd`k n`h etmcr spcidnjty weeh prehuits.

Dhnme Xdlbcr niqudrcs julbcr arel snwldjjs d` S`dtch Ytntcs, In`nhn, Yeutm Nlcrdin n`h Curepc.

Arel tdlc te tdlc, d`tcr`ntde`nj trnhc pejdtdis, d.c., hutdcs n`h quetns in` naacit tmds busd`css cdtmcr

pesdtdvcjy er `ckntdvcjy.

Aer tmc = le`tms c`hd`k Hciclbcr 9>, 2663, Dhnme Xdlbcr mnh epcrntd`k d`ielc ea $>8.= ldjjde`

bcaerc hcprcidntde` n`h nlertdzntde` cxpc`scs.

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[c nrc vcry pjcnsch wdtm tmds niqudsdtde`. Inpcx ds jew n`h tnxnbjc d`ielc ds mdkm7 tmcrcaerc wc

smcjtcr Dhnme Xdlbcr prc-tnx cnr`d`ks wdtm eur @EJ n`h rchuic eur Hcacrrch Xnx Nssct, tmc pcraciteutielc.

Xmc bnh `cws ds tmc julbcr busd`css ds iyijdinj n`h subocit te tmc lcriy ea meusd`k stnrts, tmc

cie`ely n`h julbcr prdics, wmdim lcn`s dts cnr`d`ks wdjj fluituntc ycnr te ycnr. Xmnt ds `c wdtm

us, ns dt ds n wcjj-ln`nkch ielpn`y n`h bcst d` ijnss! Xch ds n `c jcnhcr n`h ru`s n tdkmt smdp n`h

stdigs te mds g`dttd`k.

Yylpme`y Mcnjtm Ycrvdics

D` Ycptclbcr 2669, Jcuinhdn niqudrch Yylpme`y Mcnjtm Ycrvdics wmdim prdlnrdjy prevdhcs

pmysdinj, eiiupntde`nj n`h spccim tmcrnpy, mcnjtminrc stna`k n`h Lchdinrc ie`sujtd`k scrvdics.

Yylpme`y iurrc`tjy epcrntcs d` 81 stntcs nt npprexdlntcjy >,136 jeintde`s, wdtm n wergaeric ea

npprexdlntcjy 2,466 clpjeyccs, ln`y ea wmel nrc pnrt-tdlc.

Yylpme`y eaacrs mcnjtminrc prevdhcrs tmc eppertu`dty te eutseuric selc ea tmcdr pntdc`ts trcntlc`t

`cchs. Yelc `ursd`k melcs, aer d`stn`ic, he`t `cch n aujj-tdlc pmysdinj tmcrnpdst but nrc rcqudrch

te mnvc tmc scrvdics nvndjnbjc. Yylpme`ys clpjeyccs in` werg aujj-tdlc er pnrt-tdlc nt e`c er

lerc anidjdtdcs. Ns tmc pepujntde` nkcs, tmc hcln`h aer mcnjtminrc preacssde`njs wdjj ie`td`uc te

krew. Nttrnitd`k n`h rctnd`d`k tmcrnpdsts ns wcjj ns iustelcrs nrc tmc lnoer imnjjc`kd`k aniters d`

Yylpme`ys busd`css lehcj. Ns yeu ldkmt dlnkd`c, tmds busd`css in` bc n pcrse``cj `dkmtlnrc!

D` Eitebcr 2668, wc breukmt e`benrh n `cw ICE, R. Yiett Oe`cs, n` c`crkctdi n`h scnse`ch mcnjtm

d`hustry cxciutdvc wdtm n trnig rcierh ea epcrntd`k suiicss te lngcevcr tmc ielpn`y. Xmds

lngcevcr ea Yylpme`y tur`ch eut te bc n luim mnrhcr oeb tmn` Yiett n`h wc cxpcitch. Jew

lernjc, d`nhcquntc DX systcls, bnhjy prdich ie`trnits wdtm selc iustelcrs, pjus tmc ielpjcxdtdcs

ea ln`nkd`k n`h rcirudtd`k tmcrnpdsts wergd`k njj evcr tmc ieu`try mns gcpt Yiett vcry busy aer tmc

jnst >3 le`tms sejvd`k njj tmc prebjcls nt e`ic. Mc mns he`c n rclnrgnbjc oeb rcsterd`k Yylpme`y

te keeh erhcr n`h pretnbdjdty n`h wc nrc pjcnsch.

Mewcvcr, tmcrc nrc scvcrnj c`hcldi prebjcls wdtm dts busd`css lehcj. Ycrvdics nrc prevdhch evcr n

vcry jnrkc kcekrnpmdi nrcn te ln`y iustelcrs. Yelc clpjeyccs werg pnrt-tdlc n`h selc aujj-tdlc.

Xekctmcr, tmds ldx lngcs n hdaiujt ln`nkclc`t prebjcl wdtm se ln`y levd`k pnrts. Jnst but `et

jcnst, dt ds n mdkmjy rckujntch busd`css bcd`k ln`nkch by tmc S.Y. Ie`krcss!

Xmreukmeut jnst ycnr Yylpme`y hcvetch n trclc`heus nleu`t ea tdlc jebbyd`k Ie`krcss nknd`st

tmc dlpjclc`tntde` ea inps e` tmc hejjnr nleu`t ea tmcrnpy cnim pntdc`t ieujh rcicdvc u`hcr

Lchdinrc. Eur ijdc`ts nrc n arndj, cjhcrjy pepujntde` jdvd`k d` je`k-tcrl inrc anidjdtdcs, lest jdgcjy aer

tmc rcst ea tmcdr hnys. Xmcy mnvc jdttjc pejdtdinj ijeut te pjcnh tmcdr insc aer tmc ielaert n`h bc`cts

prevdhch by tmcrnpy d` tmcdr jnst hnys d` tmcdr vcdj ea tcnrs.

Ie`krcss, d` dts `cvcr-c`hd`k scnrim aer le`cy te spc`h, eatc` tngcs tmc pntm ea jcnst rcsdstn`ic by

cjdld`ntd`k prekrnls wmcrc tmc bc`cidnrdcs nrc `et pewcrauj. Inps wcrc dlpjclc`tch e` On`unry>, 26617 mewcvcr, n` cxicptde` preicss mns bcc` nheptch by wmdim selc pntdc`ts wme `cch lerc

tmcrnpy lny stdjj bc nbjc te kct dt. [c cxpcit tmc dlpjclc`tntde` ea tmcsc inps wdjj `ckntdvcjy

dlpnit cnr`d`ks hurd`k 2661.

S`hcr Yietts jcnhcrsmdp, wc mnvc bcc` jeegd`k nt etmcr eppertu`dtdcs n`h wmctmcr n rejj-up strntcky

lny prevdhc tmc pessdbdjdty aer n lerc suiicssauj busd`css lehcj. [c smnjj scc. Yiett mns n hdaiujt

oeb, but mc `cvcr ielpjnd`s!

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;

[mnt Ssch te bc LG Kejh

D` Nukust 2663, Jcuinhdn ie`sullntch n lcrkcr wdtm dts tmc` ;2.>% ew`ch subsdhdnry, LG

Rcseurics Ielpn`y (LG), niqudrd`k >66% ew`crsmdp ea LG. Xmc niqudsdtde` iest wns $>2.=

ldjjde`, ie`sdstd`k ea npprexdlntcjy 2>1,666 ea Jcuinhdns ielle` smnrcs n`h insm. Ns n rcsujt ea

tmc lcrkcr, LG ds `ew n wmejjy-ew`ch subsdhdnry ea Jcuinhdn, n`h LGs sciurdtdcs nrc `e je`kcr

pubjdijy trnhch.

Ns pnrt ea tmc snlc trn`snitde`, dllchdntcjy aejjewd`k tmc lcrkcr Jcuinhdn sejh te D`lct, n

In`nhdn`-bnsch kjebnj ld`d`k ielpn`y trnhch e` tmc Xere`te steig cximn`kc (Yylbej? DL@), n

;6% d`tcrcst d` Iebrc Jns Iruics (IJI), n Ypn`dsm ielpn`y tmnt mejhs tmc cxpjerntde` n`h

ld`crnj rdkmts te tmc Jns Iruics ieppcr hcpesdt d` tmc Vyrdtc Bcjt ea Ypnd`, `et anr arel Ycvdjjn.

D`lct niqudrch tmcdr d`tcrcst d` IJI d` cximn`kc aer 3.1 ldjjde` `cwjy dssuch D`lct ielle` smnrcs,

rcprcsc`td`k npprexdlntcjy >>.;% ea tmc eutstn`hd`k D`lct ielle` smnrcs dllchdntcjy aejjewd`k

ielpjctde` ea tmc trn`snitde`. Jcuinhdn rctnd`s n 96% d`tcrcst d` IJI. Xmc D`lct smnrcs wcrc

rcierhch nt tmcdr andr vnjuc ea npprexdlntcjy $;= ldjjde`, n`h wc rcierhch n prc-tnx knd` e` tmcsnjc ea $>6.3 ldjjde`. Ns ea Lnrim 2;, 2661, tmesc smnrcs mnh n lnrgct vnjuc ea npprexdlntcjy

$>;9 ldjjde`.

IJI subscquc`tjy c`tcrch d`te n` nkrcclc`t wdtm tmdrh pnrty jc`hcrs aer preocit `n`id`k ie`sdstd`k

ea n tc` ycnr sc`der sciurch irchdt anidjdty aer up te $286 ldjjde`, n`h n sc`der sciurch brdhkc irchdt

anidjdty ea up te 14 ldjjde` te `n`ic subsdhdcs ea 39 ldjjde` (wmdim nrc npprevch by tmc

Curepcn` S`de` but `et yct rcicdvch) n`h cxpcitch rcbntcs ea QNX tnxcs. Jcuinhdn n`h D`lct mnvc

kunrn`tcch 96% n`h ;6%, rcspcitdvcjy, ea tmc ebjdkntde`s eutstn`hd`k u`hcr betm anidjdtdcs u`tdj

ielpjctde` ea tmc preocit. Nt Hciclbcr 9>, 2663, `e nleu`ts wcrc eutstn`hd`k u`hcr tmc anidjdtdcs.

Jcuinhdn n`h D`lct mnvc njse ielldttch te prevdhc `n`id`k te IJI wmdim ds cstdlntch te bc $>34

ldjjde`, ea wmdim Jcuinhdns smnrc wdjj bc 96%.

N Lny 2663 tcim`dinj rcpert prcpnrch by Vd ieig, Njjc` & Mejt, n` d`hcpc`hc`t c`kd`ccrd`kielpn`y, d`hdintch prevc` n`h prebnbjc rcscrvcs nt tmc Jns Iruics hcpesdt ea npprexdlntcjy >1

ldjjde` lctrdi te`s ea ieppcr erc nt n` nvcrnkc krnhc ea 1.1% ieppcr. Xmc inpdtnj iests te budjh tmc

preocit mnvc bcc` cstdlntch nt 246 ldjjde` ($983 ldjjde` nt tmc cximn`kc rntc d` caacit e` Acbrunry

>9, 2661), d`ijuhd`k wergd`k inpdtnj, jn`h purimnscs, n`h ie`td`kc`idcs, but cxijuhd`k rcijnlntde`

be`hd`k rcqudrclc`ts, d`flntde`, d`tcrcst hurd`k ie`struitde`, iest evcrru`s n`h etmcr `n`id`k iests.

IJI cxpcits te rcnim aujj ld`c prehuitde` by tmc ldhhjc ea 266=. Insm epcrntd`k iests pcr peu`h

ea ieppcr prehuich nrc cxpcitch te nvcrnkc .99 pcr peu`h ($.94 pcr peu`h) ea ieppcr prehuich

nt iurrc`t cximn`kc rntcs. Xmc preocits inpdtnj n`h epcrntd`k iests wdjj bc pndh aer d` cures, wmdjc

ieppcr rcvc`ucs hurd`k tmc jdac ea tmc ld`c nrc iurrc`tjy bnsch e` tmc S.Y. hejjnr. D` erhcr te

ld`dldzc dts cxpesurc te iurrc`iy fluituntde`s, IJI mns c`tcrch d`te n` nkrcclc`t te swnp >;>

ldjjde` ea Cure hc`eld`ntch hcbt d`te $2>3 ldjjde` ea S.Y. hejjnr hc`eld`ntch hcbt e`ic

ie`struitde` ea tmc ld`c ds ielpjctc.Njj ea tmc preocits inpdtnj n`h epcrntd`k iests nrc iurrc`tjy bcd`k rccstdlntch n`h nrc jdgcjy te

d`ircnsc. Ieppcr prdics nrc prcsc`tjy nt n` njj-tdlc mdkm but wc he `et g`ew wmnt tmc auturc mejhs

aer tmds iellehdty.

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[d`crdcs

Jcuinhdn ew`s twe wd`crdcs? Vd`c Rdhkc [d`cry d` @npn Qnjjcy, Injdaer`dn, ber` d` >4;= n`hniqudrch by us d` >44>, n`h Nrimcry Yulldt d` tmc [djjnlcttc Qnjjcy, Ercke` (e` Nrimcry Yulldt

Renh), wmdim wc aeu`hch n`h ie`struitch d` >449. Xmc wd`crdcs ie`trej 228 nircs ea vd`cynrhs d`

@npn Qnjjcy, Injdaer`dn, d` tmc wcjj rcknrhch nppcjjntde`s ea Ytnks Jcnp, Inr`cres, Rutmcraerh,

Engvdjjc n`h Mewcjj Leu`tnd`, n`h >>3 nircs d` tmc [djjnlcttc Qnjjcy ea Ercke`. Yubstn`tdnjjy njj

ea tmds nircnkc ds prehuid`k krnpcs. Nt Hciclbcr 9>, 2663, tmc ielbd`ch d`vcstlc`t d` tmcsc

wd`crdcs wns $;> ldjjde`.

Hurd`k 2663, tmc wd`crdcs sejh npprexdlntcjy =>,266 4-jdtcr cqudvnjc`t inscs ea wd`c kc`crntd`k

wd`c rcvc`uc ea $>;.= ldjjde`.

Xmc juxury scklc`t ea tmc wd`c d`hustry ds d`tc`scjy ielpctdtdvc. Eur wd`cs ielpctc wdtm slnjj

n`h jnrkc prehuicrs d` tmc S.Y. ns wcjj ns wdtm dlpertch wd`cs. Hcln`h aer wd`c d` tmc juxury

lnrgct scklc`t in` rdsc n`h anjj wdtm kc`crnj cie`eldi ie`hdtde`s, n`h ds njse sdk`din`tjy naacitchby nvndjnbjc suppjy. Xmc hcln`h aer eur wd`c ds jnrkcjy naacitch by tmc rntd`ks kdvc` tmc wd`cs d`

d`hustry n`h ie`sulcr pubjdintde`s. [d`cs nrc rntch e` n >-te->66 `ulcrdinj sinjc aer cnim vd`tnkc

n`h typc ea wd`c. Xmc siercs prevdhch by Xmc [d`c Ypcitnter n`h by Rebcrt Vnrgcr in` lngc er

brcng n vd`tnkc ea wd`c.

Ycvcrnj ycnrs nke, d` n` caaert te dlprevc tmc qunjdty ea eur wd`cs n`h nimdcvc bcttcr siercs, wc

hcidhch te imn`kc tmc wny wc pjn`tch, pru`ch, pdigch n`h sertch tmc krnpcs n`h lnhc tmc wd`c. [c

mdrch n vcry kdatch Arc`im wd`clngcr n`h vdtdiujturdst te kudhc us. Xmc preicss wns cxpc`sdvc n`h

d`tc`sc. Xmc 2669 wd`cs lnhc by eur wd`clngcrs Ytniy Ijnrg n`h N``n Lntzd`kcr, wdtm mds

nssdstn`ic, nrc nppcnrd`k tmds ycnr. Mepcaujjy wc wdjj scc tmc rcsujts d` tmc siercs n`h tmc wd`c wdjj

fly eut ea tmc wd`crdcs nt d`ircnsch prdics! Mepc sprd`ks ctcr`nj.

Jcst yeu aerkct, wd`c ds n ie`sulcr prehuit. [c rciellc`h yeu scc tmc levdc Ydhcwnys.

Yubscquc`t te dts tmcntrdinj rcjcnsc, eur Lcrjet snjcs nt Vd`c Rdhkc pjullctch n`h eur Vd`et @edrsnjcs nt Nrimcry Yulldt senrch!

E`c ea tmc `dic tmd`ks tmnt wc mnvc `etch nbeut eur wd`cry d`vcstlc`ts ds tmnt buyd`k jn`h d` rst

ijnss wd`ckrewd`k rckde`s, pjn`td`k krnpcs n`h anrld`k usd`k tmc bcst tcim`dqucs `et e`jy prehuics

keeh wd`c, but njse prehuics n` nssct tmc vnjuc ea wmdim mns eutstrdppch d`flntde` n`h prevdhcs n

keeh rcnj cstntc d`vcstlc`t, cspcidnjjy d` @npn Qnjjcy.

[c mnvc kdvc` ie`sdhcrnbjc tmeukmt te tmc auturc ea eur wd`c busd`css n`h mnvc prcjdld`nrdjy

hcidhch te cxpn`h eur prcsc`ic d` tmds lnrgct scklc`t. [c nrc d` tmc ldhst ea tmcsc

hcjdbcrntde`slerc `cxt ycnr.

Hcpc`hd`k upe` yeur stntc jdquer jnws, yeu lny erhcr wd`c e` tmc D`tcr`ct

(www.pd crdhkcwd`cry.iel er www.nrimcrysulldt.iel) er oed` eur [d`c Ijub n`h rcicdvc

hcjdideus jdbntde`s le`tmjy.

Qdsdt tmc wd`crdcs n`h c`oey tmc tnstd`k reel cxpcrdc`ic. Ymnrcmejhcrs ea Jcuinhdn rcicdvc n

26% hdsieu`te` tmc me`er systcl. Injj Vd`c Rdhkc nt (=66) 3;3-4;;; er Nrimcry Yulldt

nt (=66) ;92-==22.

Rclclbcr, wd`c ds aeeh n`h wc tmd`g jcnhs te je`kcvdty!

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AD@EQN

AD@EQN ds 36% ew`ch by Bcrgnhdn, n oed`t vc`turc bctwcc` Bcrgsmdrc Mntmnwny D`i. n`hJcuinhdn. Yd`ic niqudrd`k eur d`tcrcst d` AD@EQN, Jcuinhdn mns rcierhch $43.2 ldjjde` ea d`ielc

arel tmds d`vcstlc`t. Eur je`k tdlc Cxciutdvc Qdic Vrcsdhc`t n`h Xrcnsurcr, Xel Lnrn, ds

AD@EQNs ICE. Mc mns he`c n lnstcrauj oeb wd`hd`k hew` tmc busd`css. Xmds ycnr er `cxt wc

cxpcit AD@EQN te rctur` wmnts jcat ea tmc rclnd`d`k insm n`h nsscts te AD@EQNs irchdters.

Rcnj Cstntc

Natcr twe vcry suiicssauj preocits d` tmc Ajerdhn pn`mn`hjc, Vntrdig Bdc`vc`uc n`h mds rcnj cstntc

kreup mnvc purimnsch twe pdcics ea jn`h d` Lnd`c. N >>3 nirc pnricj d` Reigpert wdtm 3,366 acct ea

wntcrare`t e` Vc`ebsiet Bny, n`h n ;1 nirc pnricj jeintch e` Dsjcsbere, n 4,>66 nirc dsjn`h

niicssdbjc arel tmc lnd`jn`h by n >3 ld`utc acrry rdhc.

S`hcr Vntrdigs hdrcitde`, wc nrc bckd``d`k te ie`struit twe slnjj eicn`are`t eaic budjhd`ks e`

Inrjdsjc Bny d` Brdhkctew`, Bnrbnhes, d` n oed`t vc`turc wdtm Bnrbnhes Jdkmt & Vewcr. [c nrc

cxnld`d`k etmcr rcnj cstntc preocits d` Bnrbnhes n`h ln`y etmcr pjnics d` tmc S.Y. n`h etmcr

ieu`trdcs.

Vntrdig ds ie`stn`tjy jeegd`k aer `cw preocits, cspcidnjjy d` Ajerdhn d` tmc wd`tcr! Vjcnsc injj mdl nt

(=6>) 32>-3866, da yeu scc selctmd`k yeu tmd`g weujh bc ea d`tcrcst.

D` Lny 2663, Jcuinhdn sejh dts ;>1-reel [ndgdgd Bcnim metcj aer `ct insm preicchs ea

npprexdlntcjy $;9 ldjjde` n`h n prc-tnx knd` ea $31.1 ldjjde`. Arel niqudsdtde` ea n `etc d` Ou`c

2666 te tmc snjc, _njln` Oniebs trnvcjch d`icssn`tjy arel @cw Terg te Mnwndd aer ieu`tjcss ieurt

mcnrd`ks, c`hjcss `cketdntde`s wdtm eur truiujc`t kreu`h jcsser n`h tmc cvc`tunj snjc.

Hurd`k 2663, wc sejh eur cqudty d`tcrcst d` n` eaic ielpjcx jeintch e` Inpdtej Mdjj d` [nsmd`kte`,

H.I. Jcuinhdns smnrc ea tmc `ct preicchs wns $;9.2 ldjjde` wdtm n prc-tnx knd` ea $;2.9 ldjjde`.

D` tmc aeurtm qunrtcr ea 2663, wc nkrcch te scjj eur 46% d`tcrcst d` cdkmt nircs ea jn`h d`

[nsmd`kte`, H.I. aer nkkrckntc insm ie`sdhcrntde` ea $>2>.4 ldjjde` aer wmdim wc pndh $39.=

ldjjde`. Xmc snjc ijesch d` Acbrunry 2661. [c rcicdvch `ct insm preicchs ea $;3.; ldjjde` n`h

cxpcit te rcpert n prc-tnx knd` ea $8=.4 ldjjde`.

Nt Hciclbcr 9>, 2663, helcstdi rcnj cstntc nsscts mnh n beeg vnjuc ea $>11.2 ldjjde`.

[mdtc Leu`tnd`s n`h Ejylpus Rc

Hurd`k tmc ieursc ea 2663 wc hdspesch ea eur d`tcrcst d` [mdtc Leu`tnd`s D`surn`ic Kreup aer n

knd` ea $>81 ldjjde` e` eur erdkd`nj d`vcstlc`t d` 266> ea $;3 ldjjde`. [mdtc Leu`tnd`s wns

aeu`hch n`h inpnbjy jch aer ln`y ycnrs by eur keeh ardc`h Onig Byr`c. Eur d`vcstlc`t d` [mdtc

Leu`tnd`s pnrtdnjjy au`hch dts niqudsdtde` ea E`c Bcnie` D`surn`ic Ielpn`y wmdim wns d` `cch ea

n tur` nreu`h. Mnvd`k niielpjdsmch tmnt kenj, wmdim tmc steig lnrgct npprcidntch, [mdtc Leu`tnd`ssteig prdic d`ircnsch arel $266 pcr smnrc te evcr $336 pcr smnrc. [c hcidhch te tngc eur prets n`h

levc e`. [c wn`t te tmn`g Onig n`h njj tmc etmcr lclbcrs ea tmc [mdtc Leu`tnd` tcnl aer n oeb

wcjj he`c.

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Eur d`vcstlc`t d` Ejylpus D`surn`ic hdh `et mnvc suim n mnppy eutielc. Ycvcrnj ycnrs nke, wc

d`vcstch d` tmc stnrtup ea n `cw rcd`surn`ic ielpn`y te pnrtdidpntc wdtm [mdtc Leu`tnd`s d` tmcintnstrepmc rcd`surn`ic lnrgct tmnt eaacrs pretcitde` te prdlnry d`surn`ic ielpn`dcs aer wcntmcr-

rcjntch cxtrclc jesscs, lnd`jy murrdin`cs, typmee`s, ter`nhecs, tsu`nlds, cti. Vrdid`k ea tmc

d`surn`ic ds bnsch e` ielputcr lehcjs wmdim cstdlntc tetnj lnxdlul jesscs u`hcr vnrdeus

sic`nrdes. Vrclduls scclch mdkm rcjntdvc te tmc rdsgs n`h aer tmc rst acw ycnrs wc pnttch eurscjvcs

e` tmc bnig aer eur d`vcstlc`t niulc`. D` rctrespcit, wc hdh `et npprcidntc tmc truc rdsgs ea eur

d`vcstlc`t n`h tmc smertield`ks ea tmc lehcjs.

Hurd`k tmc 2663 murrdin`c scnse`, Ejylpus wns mdt wdtm n e`c-twe-tmrcc pu`im n`h n` cvc`tunj

g`eigeut by tmc jnsscs Gntrd`n, [djln n`h Rdtn. Xmc lehcjs wcrc wre`k. Xmc u`hcrwrdtcrs wcrc tee

eptdldstdi n`h hrnstdinjjy u`hcrcstdlntch tmc lnxdlul pessdbjc jess. Ns tmc cstdlntcs ea jesscs

arel tmcsc sterls senrch upwnrh evcr scvcrnj le`tms eur c`tdrc rclnd`d`k d`vcstlc`t wns bjew`

nwny, rcsujtd`k d` n jess ea $>26.> ldjjde` aer 2663. Xngd k d`te niieu`t eur erdkd`nj d`vcstlc`t ea

$>2;.3 ldjjde`, e` wmdim wc rcicdvch bnig insm ea $;4.3 ldjjde`, eur tetnj jess e` tmds d`vcstlc`twns $8= ldjjde`.

Xmcrc ds krcnt hcbntc ns te wmctmcr wcntmcr pnttcr`s nreu`h tmc kjebc mnvc imn`kch. [c nrc `et surc

ea tmc n`swcr te tmds qucstde`, but wc vetch wdtm eur acct by `et pnrtdidpntd`k d` tmc rcinpdtnjdzntde`

ea Ejylpus n`h e`c ea us wme wns Imndrln` mns rcsdk`ch.

Ynrbn`cs Exjcy n`h 868

Natcr tmc `n`idnj sin`hnjs ea scvcrnj ycnrs nke, tmc Ie`krcss pnssch scvcrnj jnws `ew iejjcitdvcjy

g`ew` by tmc nire`yl YE], wmdim seu`hs oust jdgc wmnt nrc e` yeur acct. [c mnvc hdjdkc`tjy

wergch e` ielpjyd`k wdtm tmcsc rujcs n`h mnvc suiicssaujjy pnssch twe ycnrs ea rcqudrch tcsts.

[c tcst eurscjvcs, VrdicwntcrmeuscIeepcrs JJV (VwI) tcsts eur tcsts, VwI tcsts nknd`, n`h se

tmds vcry cxpc`sdvc preicss, wmdim nhhs jdttjc utdjdty, bcielcs busy werg, but wc lust ielpjy te bc

n pubjdi ielpn`y. Oec Erjn`he, mds stnaa, subsdhdnry `n`ic hcpnrtlc`ts n`h Reiie @dttejd mnvcniielpjdsmch tmds suiicssaujjy n`h surleu`tch d`erhd`ntc arustrntde`s.

[c u`mnppdjy `etc tmnt rcjntde`smdps bctwcc` pubjdi niieu`td`k rls n`h tmcdr ijdc`ts mnvc

imn`kch aer tmc wersc u`hcr YE]. Xmcy nrc `e je`kcr nhvdsers, er ienimcs, er n kreup ea cxpcrts

nvndjnbjc aer ie`sujtntde` d` dlpjclc`td`k n` cvcr krcntcr `ulbcr ea niieu`td`k rujcs tmnt nrc

hdaiujt te u`hcrstn`h, `e lnttcr mew hchdintch wc nrc te aujj ielpjdn`ic. Vubjdi niieu`td`k rls

mnvc bcielc oust n`etmcr u`mcjpauj rckujnter.

Le`cy n`h Etmcr Xmd`ks

Jcuinhdn ew`s npprexdlntcjy 96% ea MelcAch Ierperntde`, n rcnj cstntc hcvcjeplc`t

ielpn`y tmnt wns spu` eaa te eur smnrcmejhcrs d` >44=. Dt ds trnhch e` tmc @NYH EXI Bujjctd`

Benrh n`h dts tdigcr sylbej ds MEAH. Nt tmc tdlc ea tmc spd`-eaa te Jcuinhdns smnrcmejhcrs,

tmc steig wns vnjuch nt $>.;4 pcr smnrc. Yubscquc`tjy, d` 2662, Jcuinhdn purimnsch nhhdtde`njsmnrcs kdvd`k dt n 96% stngc nt $4.;6 pcr smnrc. Nt tmc c`h ea 2663, MelcAch smnrcs wcrc

trnhd`k nt $1;.66 pcr smnrc. Xmc u`hcrsdk`ch cnim ew` ;.;% n`h 4.3%, rcspcitdvcjy, ea

MelcAch ns n rcsujt ea tmc spd`-eaa. Jcuinhdn n`h tmc u`hcrsdk`ch nrc vcry pjcnsch wdtm

MelcAchs prekrcss.

Hurd`k 2663, tmc Ielpn`ys bn`gd`k n`h jc`hd`k epcrntde`s sejh dts rclnd`d`k

iustelcr hcpesdts n`h surrc`hcrch dts @ntde`nj Bn`g Imnrtcr.

Hurd`k 2663, wc wretc hew` $>2.2 ldjjde` ea d`vcstlc`ts d` icrtnd` nvndjnbjc aer

snjc sciurdtdcs.

>6

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D` Ou`c 2663, tmc =>/8% Yc`der Yuberhd`ntch @etcs wcrc rchcclch nt tmcdr tcrl aer

$>4.> ldjjde`. Nt Hciclbcr 9>, 2663, Jcuinhdn mnh n jdnbdjdty ea $>62.= ldjjde` e` dts bnjn`ic smcct aer dts

u`au`hch pc`sde` pjn` ebjdkntde`s. Bc`cts d` tmcsc pjn`s mnvc bcc` arezc`. [c d`tc`h te

substn`tdnjjy au`h tmds jdnbdjdty d` tmc aercsccnbjc auturc. Lest ea tmds nleu`t mnh bcc`

prcvdeusjy rcierhch d` eur bnjn`ic smccts.

Nt Hciclbcr 9>, 2663, wc mnh $=3.> ldjjde` ea jcttcrs ea irchdt n`h kunrn`tccs eutstn`hd`k.

Ns ea tmds hntc, wc mnvc npprexdlntcjy $2.3 bdjjde` nvndjnbjc aer `cw d`vcstlc`ts$>.4 bdjjde`

ea wmdim ds insm, S`dtch Ytntcs Xrcnsurdcs n`h sciurdtdcs ea Kevcr`lc`t-Ype`serch C`tdtdcs,

n`h $166 ldjjde` ds vnrdeus ierperntc hcbt, cqudtdcs n`h etmcr sciurdtdcs.

Xmc Auturc

[c werry nbeut tmc prefldkntc wnys ea eur ieu`trys sinj pejdiy. Xmc trnhc hcidt ds mukc n`hkrewd`k n`h rcprcsc`ts hcbt te aercdk`crs. [c wdjj he `c u`tdj tmc hny eur jdttjc krcc` lnrgcrs, eur

hejjnr bdjjs, prd`tch nt jdttjc iest n`h wmdim rcprcsc`t eur preldscs te pny, bcielc jcss nttrnitdvc te

eur irchdters. Da tmcsc irchdters hcidhc prcidpdteusjy er njj nt tmc snlc tdlc te cximn`kc tmcsc

lnrgcrs aer etmcr ieu`trdcs lnrgcrs, eur bdk stre`k bustjd`k `ntde` ds d` bdk treubjc. E`c ea us ds

vcry werrdch.

Ns tmcrc ds `etmd`k wc in` he nbeut tmds prebjcl, wc wdjj ie`td`uc te werg wdtm eur jnrkc pdjc ea

jew ydcjhd`k insm te put dt te mdkmcr n`h bcttcr usc! [c mnvc ln`y tmd`ks d` tmc meppcr tmnt jeeg

d`tcrcstd`k n`h mepcaujjy by `cxt ycnr nt tmds tdlc wc wdjj mnvc n lcnsurnbjc rchuitde` d` insm n`h

n` d`ircnsc d` mdkmcr ydcjhd`k d`vcstlc`ts.

[c mnvc bcc` scrdeusjy ie`sdhcrd`k tmc auturc ea Jcuinhdn n`h dts ln`nkclc`t. E`c ea us ds 12 n`h

tmc etmcr wdjj bc 11 tmds sullcr. [c nrc betm d` keeh mcnjtm n`h mnvc `d`c ycnrs jcat te ke e` eur

`cw tc`-ycnr clpjeylc`t ie`trnits. Eur c`tmusdnsl ds u`nbntch aer hcnjs n`h d`vcstlc`ts, but wche rciek`dzc eur rcspe`sdbdjdty te c`surc ln`nkclc`t ie`td`udty n`h nrc wergd`k e` tmc prebjcl.

[c he`t mnvc n`ytmd`k spcidi te rcpert but wc wn`t te lngc surc tmnt eur $3.> bdjjde` @EJ ds

usch up n`h eur Hcacrrch Xnx Nssct rchuich te zcre.

Xmc u`hcrsdk`ch kct lest ea tmc irchdt aer wmnt kecs e` d` Jcuinhdn but wc smeujh `etoust selc ea

dt. [c mnvc n jnrkc kreup ea hchdintch mnrh wergd`k pcepjc wme he lest ea tmc werg n`h dt ds tmcy

wme smeujh kct lest ea tmc irchdt. [c nrc tmc erimcstrn ie`huiterswc he`t pjny n `etc but wc

stn`h d` are`t ea cvcrybehy n`h wnvc n stdig.

Lerc `cxt ycnr.

Dn` L. Iulld`k Oescpm Y. Ytcd`bcrk

Imndrln` Vrcsdhc`t

>>

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Xe Eur Ymnrcmejhcrs

D` 2661, Jcuinhdn rciek`dzch $2=4.3 ldjjde` d` prc-tnx d`ielc n`h $>=4.8 ldjjde` d` natcr tnx

d`ielc wmdim ds $.=3 pcr smnrc aujjy hdjutch.> C`hd`k Hciclbcr 2661, `ct wertm wns $9,=49.9

ldjjde` er n rctur` ea 3%. Xmds n`cldi rctur` ds tmc rcsujt ea wmnt wc he. D`vcstd`k aer tmc je`k-tcrl

n`h xd`k treubjch ielpn`dcs rcsujts d` julpy eutielcs. Evcr tmc je`k-tcrl, mewcvcr, wc nrc

pjcnsch wdtm tmc rcsujts n`h mnppy te mnvc pnrtdidpntch d` tmc wcnjtm ircntch aer eur smnrcmejhcrs.

Bcjew ds Jcuinhdns siercinrh aer tmc jnst 24 ycnrs sd`ic wc teeg evcr tmc ln`nkclc`t.

Jcttcr arel tmc Imndrln` n`h Vrcsdhc`t

>

>4;= ($6.68) @N @N $6.6> @N ($;,13;) ($2,223) @N>4;4 6.>> @L >=.2% 6.6; 166.6% 22,483 >4,63= 284.9%

>4=6 6.>2 4.>% 92.9% 6.63 (2=.1%) 28,4>; >,=;4 ;.4%

>4=> 6.>8 >1.;% (3.6%) 6.>> >26.6% 29,44; ;,3>4 96.;%

>4=2 6.91 >3;.>% 2>.8% 6.>4 ;2.;% 1>,>;= 91,=11 =1.1%

>4=9 6.89 >4.8% 22.8% 6.2= 8;.8% ;9,84= >=,664 21.;%

>4=8 6.;8 ;2.>% 1.>% 6.81 18.9% >21,64; 16,=4> 1>.6%

>4=3 6.=9 >2.2% 9>.1% 6.31 2>.;% >3>,699 29,369 >;.6%

>4=1 >.2; 39.6% >=.1% 6.=2 81.8% 2>8,3=; ;=,>3> 82.;%

>4=; >.>2 (>>.=%) 3.>% 6.8; (82.;%) >=6,86= (>=,>88) (4.2%)

>4== >.2= >8.9% >1.1% 6.;6 8=.4% 261,4>2 2>,999 >>.6%

>4=4 >.18 2=.>% 9>.;% >.68 8=.1% 23;,;93 18,9>> 2;.;%

>446 >.4; 26.>% (9.>%) >.>6 3.=% 21=,31; 8;,986 >=.6%

>44> 2.13 98.3% 96.3% >.;4 12.;% 913,843 48,=96 24.4%

>442 9.14 94.2% ;.1% 9.=9 >>8.6% 1>=,>1> >96,16; 21.1%>449 3.89 8;.2% >6.>% 9.4; 9.;% 46;,=31 283,838 92.2%

>448 3.28 (9.3%) >.9% 8.9> =.1% ==>,=>3 ;6,=91 ;.4%

>443 1.>1 >;.1% 9;.1% 8.=8 >2.9% >,>>>,84> >6;,369 >6.=%

>441 1.>; 6.2% 29.6% 3.>= ;.6% >,>>=,>6; 8=,1;; 8.8%

>44; 4.;9 3;.;% 99.8% 1.1= 24.6% >,=19,39> 11>,=>3 88.8%

>44= 4.4; 2.3% 2=.1% 1.>6 (=.;%) >,=39,>34 38,989 2.4%

>444 1.34 (b) (99.4%) 2>.6% ;.;> 21.8% >,>2>,4== (b) 2>3,682 >8.3%

2666 ;.21 >6.2% (4.>%) >>.=> 39.2% >,268,28> >>1,66= >6.6%

266> ;.2> (6.;%) (>>.4%) 4.12 (>=.3%) >,>43,839 (;,36=) (6.1%)

2662 =.3= >4.6% (22.>%) >2.88 24.9% >,398,323 >1>,129 >>.=%

2669 >6.63 >;.>% 2=.;% >3.9; 29.1% 2,>98,>1> 4;,638 3.9%

2668 >6.36 8.3% >6.4% 29.>1 36.;% 2,23=,139 >83,366 1.1%

2663 >1.43 1>.8% 8.4% 29.;9 2.3% 9,11>,4>8 (i) >,191,68> 33.9%

2661 >=.66 1.2% >3.=% 2=.26 >=.=% 9,=49,2;3 >=4,944 3.6%INKR

(>4;=-2661)(n) >6.>% 92.=%

INKR

(>4;4-2661)(n) 26.=% >6.6% 28.4% 26.4%

Beeg Qnjuc

Vcr Ymnrc

Beeg Qnjuc

% Imn`kc

% Imn`kc d`

Y&V 366 wdtm

Hdvdhc`hs

D`ijuhch

Lnrgct

Vrdic

Vcr Ymnrc

Lnrgct

Vrdic %

Imn`kc Cqudty

@ct

D`ielc

(Jess)

Rctur` e`

Nvcrnkc

Cqudty

(n) INKR stn hs aer ielpeu`h n``unj krewtm rntc. Yd`ic `ckntdvc `ulbcrs in` et bc ielpeu`hch, wc njse smew INKRs wdtm >4;4ns n stnrtd`k ped`t. Xmcsc injiujntde`s he `et rccit tmc bc`ct ea n`y insm hdvdhc`h pnylc`ts er tmc spd`-eaa ea MelcAch d` >44=.

(b) Rccits n rchuitde` rcsujtd`k arel hdvdhc`h pnylc`ts d` >444 tetnjd`k $=>>.4 ldjjde` er $8.39 pcr smnrc.

(i) Rccits tmc rciek`dtde` ea $>,>93.> ldjjde` ea tmc hcacrrch tnx nssct er $3.21 pcr smnrc.

(Hejjnrs d` tmeusn`hs, cxicpt pcr smnrc nleu`ts)

Jcuinhdn @ntde`nj Ierperntde` Yiercinrh

> Teu wdjj `etc n jnrkc nssct e` eur bnjn`ic smcct (pnkc A-9 ea tmc >6-G) injjch Hcacrrch tnx nssct, `ct. Ns wc cxpjnd`ch

jnst ycnr, tmds ds tmc `e`-prcsc`t vnjuc ea selc ea tmc tnxcs tmnt wc wdjj `et pny d` tmc auturc ns n rcsujt ea n jnrkc @EJ

(`ct epcrntd`k jess inrryaerwnrh). Hurd`k 2661, tmc prc-tnx d`ielc wns substn`tdnjjy smcjtcrch arel tnxcs huc te tmds @EJ.

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9

arel $.9;6=3 pcr hry lctrdi te``c u`dt te $>.6218 pcr hry lctrdi te``c u`dt n`h kns arel $2.16

pcr lia te $;.39 pcr lia. [dtm eur d`vcstlc`ts d` ieppcr, dre` erc n`h edj n`h kns hrdjjd`k, wc nrcrdhd`k tmc wnvc ea iellehdty prdic d`ntde` n`h vdinrdeusjy c`oeyd`k tmc rejjcr ienstcr rdhc ea

Imd`ns beeld`k cie`ely. Icrtnd`jy wc in` cxpcit n bust e`c hny, but wc mepc `et tee see`.

Hctndjs nrc bcjew.

Iebrc Jns Iruics

D` Nukust ea 2663, eur wmejjy-ew`ch subsdhdnry, LG Rcseurics, sejh n ;6% d`tcrcst d` dts Jns

Iruics ieppcr hcpesdt te D`lct Ld`d`k Ierperntde` (XY]?DL@) d` cximn`kc aer 3.1 ldjjde` ea

D`lcts ielle` smnrcs wc rctnd`ch tmc rclnd`d`k 96%. Xmc Jns Iruics ieppcr hcpesdt ds jeintch

26 gdjelctcrs eutsdhc Ycvdjjc d` tmc N`hnjuin rckde` ea Ypnd`. Jns Iruics ds n mdkm-krnhc ieppcr

hcpesdt wdtm n iurrc`t preocitch hcvcjeplc`t buhkct ea 9=6 ldjjde`, ea wmdim 39 ldjjde` wdjj bc

au`hch by `ntde`nj n`h rckde`nj krn`ts by Ypnd` n`h tmc Curepcn` Iellu`dty.

Xmc ld`c wdjj prehuic ;2,666 te``cs pcr ycnr ea ieppcr intmehc wdtm n` cxpcitch jdac ea nt jcnst >3ycnrs. [c wdjj ew` 96% ea tmc prehuitde` hdrcitjy, n`h n` d`tcrcst d` tmc bnjn`ic tmreukm eur steig

ew`crsmdp d` D`lct. N` d`hcpc`hc`t 2663 rcscrvc stuhy d`hdintch rcscrvcs ea >1 ldjjde` te``cs ea

erc wdtm n` nvcrnkc krnhc ea 1.1% ieppcr. Cxtrnitde` wdjj bc vdn epc` pdt wdtm tmc cxicptde` ea

;86,666 te``cs ea erc, wmdim wdjj bc rclevch by u`hcrkreu`h lctmehs. Nitunj prehuitde` ea JLC 8

ieppcr intmehc ds simchujch te iellc`ic d` cnrjy 266= wdtm n preocitch jdac ea ld`c insm epcrntd`k

iest ea .94 pcr peu`h. Xmc hcwntcrd`k n`h rc-d`ocitde` systcl ds up n`h ru``d`k, pjn`t ie`struitde`

ds u`hcrwny, n`h ln`nkclc`t ds d` pjnic. Ns mnppc`s wdtm preocits ea tmds `nturc, iests mnvc

substn`tdnjjy d`ircnsch nbevc d`dtdnj cstdlntcs n`h tmc u`g`ew` ds te bc cxpcitch.

Iebrc Jns Iruics cxpcits 266; te bc n vcry busy ycnr n`h n`tdidpntcs spc`hd`k n` nhhdtde`nj 216

ldjjde`, d`ijuhd`k >=6 ldjjde` te ielpjctc hctndjch c`kd`ccrd`k, preiurclc`t n`h ie`struitde`.

N jnrkc pnrt ea tmcdr caaerts d` 266; wdjj bc aeiusch e` tmc mdrd`k n`h trnd`d`k ea epcrntde`nj stnaa d`

n`tdidpntde` ea n` cnrjy 266= prehuitde` stnrt up.Xe x selc ea dts iests, Iebrc Jns Iruics mns mchkch $2>3 ldjjde` ea dts aercdk` cximn`kc cxpesurc

nt $>.23 te tmc Cure aer tmc pcrdeh ea tmc ie`struitde`. Iebrc Jns Iruics mns njse xch dts d`tcrcst

rntc cxpesurc e` dts hcbt nt 3.2%, pjus tmc jen` lnrkd`, aer tmc pcrdeh 266= te 26>8, by wmdim tdlc

wc cxpcit tmc jen` te bc rcpndh. Iebrc Jns Iruics mns `et sejh aerwnrh n`y ea tmc ieppcr, tmc prdic

ea wmdim ie`td`ucs te rclnd` bueyn`t. Nt selc ped`t wc lny rcvdsdt tmds subocit.

Iebrc Jns Iruics mns bcc` cxicjjc`tjy supcrvdsch by Xel Lnrn, eur Cxciutdvc Qdic Vrcsdhc`t n`h

Xrcnsurcr, n`h by Arn`g Oegjdg, eur vctcrn` ld`cr. Xel oed`ch Jcuinhdn 96 ycnrs nke bcaerc tmc

u`hcrsdk`ch, n`h wc mepc n`h cxpcit mc wdjj bc nreu`h aer tmc `cxt 96.

Aertcsiuc Lctnjs Kreup Jth

D` Nukust 2661, Jcuinhdn d`vcstch $866 ldjjde` d` Aertcsiuc Lctnjs Kreup Jth (ALK). [c

rcicdvch 21.8 ldjjde` ielle` smnrcs ea ALK steig (4.44% ea tmc tetnj eutstn`hd`k smnrcs) n`h n$>66 ldjjde` >9-ycnr suberhd`ntch `etc tmnt rcicdvcs, d` jdcu ea n xch ieupe`, pnylc`ts cqunj te

8% ea rcvc`ucs (`ct ea kevcr`lc`t reynjtdcs) evcr tmc tcrl ea tmc `etc. ALK ds trnhch e` tmc

Nustrnjdn` Yteig Cximn`kc (NY]?ALK).

ALK mns npprexdlntcjy 93,366 squnrc gdjelctcrs ea ld`d`k tc`clc`ts. Xc`clc`t ds Nustrnjdn`

spcng aer ld`crnj jcnscs. Xwe ea tmc tc`clc`ts, injjch Imrdstlns Irccg n`h Ijeuh Brcng, ie`tnd`

evcr e`c bdjjde` te``cs ea prevc` n`h prebnbjc dre` erc rcscrvcs. Xmcsc rcscrvcs wdjj bc tmc rst te

bc ld`ch n`h nrc tmc e`jy tc`clc`ts subocit te eur 8% ea rcvc`uc pnylc`ts.

8Je`he` Lctnj Cximn`kc

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8

D` nhhdtde` te eur $866 ldjjde` d`vcstlc`t, ALK berrewch d` tmc d`tcr`ntde`nj lnrgcts $2.63 bdjjde`

nt n wcdkmtch-nvcrnkc rntc ea oust evcr >6%. Xmcsc au`hs n`h eurs nrc bcd`k usch te hrchkc tmc smdpimn``cjs, te budjh n pert anidjdty te jenh erc e` smdps, te ie`struit n 216-gdjelctcr rndjrenh te

trn`spert tmc erc te tmc pert, n`h te budjh tmc ld`cs nt tmc sdtcs lc`tde`ch nbevc. Imcig ALKs

wcbsdtc mttp?//www.alkj.iel.nu aer pditurcs ea tmc e`ked`k ie`struitde` n`h n aurtmcr hcsirdptde` ea

tmds c`erleus u`hcrtngd`k.

Adrst erc jenhch e` smdp ds pjn``ch aer tmc c`h ea tmc rst qunrtcr 266=7 tmcrcnatcr pnylc`ts te

Jcuinhdn wdjj aejjew. Ye anr, tmc preocit ds e` simchujc n`h e` buhkct. ALK ds tmc ircntde` ea n

mypcrnitdvc, slnrt, c`crkctdi Nustrnjdn` c`trcprc`cur `nlch N`hrcw Aerrcst7 dlnkd`c tmc C`crkdzcr

Bu``y. N`hrcws reets d` [cstcr` Nustrnjdn ke bnig ln`y kc`crntde`s. Mds aerbcnrcrs d`ijuhc,

nle`k etmcrs, tmc aeu`hd`k Vrcldcr ea [cstcr` Nustrnjdn n`h selc ea tmc ieu`trys cnrjy cxpjercrs.

N`hrcw mdlscja wns breukmt up d tmc Eutbnig e` n smccp stntde` tmc Nustrnjdn` cqudvnjc`t ea n

rn`im. Xmds rn`im mnh acw pcepjc, 36,666 smccp n`h scvcrnj tmeusn`h iews. Mnrh werg n`h survdvnj

nrc d` mds H@N.N`hrcw ds n` d`spdrd`k jcnhcr, n vdsde`nry n`h n g`ewjchkcnbjc cxciutdvc n`h ld`cr. [c nrc ae`h ea

mdl n`h mds hcjdkmtauj anldjy. [c nrc vcry mnppy wdtm tmds d`vcstlc`t. E`c ea us scrvcs e` tmc ALK

benrh (wmcrc eur sukkcstde`s nrc wcjielch) n`h tmc etmcr ds n` njtcr`ntc.

D` 2661, dre` erc prdics d`ircnsch >4%. Xmc prdic ea dre` erc aer tmc ield`k ycnr (Nprdj 266;

tmreukm Lnrim 266=) mns bcc` rcsct 4.3% mdkmcr tmn` jnst ycnr. N`njysts prchdit tmc prdic wdjj ke up

nknd` `cxt ycnr. Yd`ic prdics he `et ke up aercvcr, wc hdh eur d`dtdnj d`vcstlc`t nrdtmlctdi e`

hcijd`d`k dre` erc prdics.

Nt Hciclbcr 9>, 2661, ALK steig trnhch nt $>6.81 pcr smnrc kdvd`k eur 21.8 ldjjde` smnrcs n

lnrgct vnjuc ea $2;1 ldjjde`. Ns ea tmds wrdtd`k, Lnrim 2=, 266;, tmc smnrcs nrc trnhd`k nt $>=.16

pcr smnrc n`h eur stngc mns n lnrgct vnjuc ea $84> ldjjde`.

Keebcr Hrdjjd`k

Bcaerc hdsiussd`k eur d`vcstlc`t d` Keebcr3 Hrdjjd`k, jct us hdkrcss. Ycvcrnj ycnrs nke lest ea tmc

bexinr ln`uaniturcrs d` tmc S.Y. mnh hdsnppcnrch. Xmcrc wns n suracdt ea bexinrs scjjd`k nt $>6,666

er jcss. Rcpjniclc`t iests wcrc ru``d`k $96,666 te $86,666 pjus, hcpc`hd`k upe` tmc typc. Xwc`ty-

vc tmeusn`h bexinrs wcrc bcd`k rctdrch cvcry ycnr huc te ejh nkc n`h ldsnhvc`turc. [c hrcw n

suppjy n`h hcln`h iurvc n`h wc bcjdcvch tmc twe weujh iress d` tmc `et tee hdstn`t auturc. [c

beukmt jets ea bexinrs n`h sc`t tmcl eut te aernkc e` tmc rndjrenhs ea @ertm Nlcrdin, wmcrc tmcy

iejjcitch pcr hdcl le`cy, n`h sc`t dt melc. Hcln`h aer bexinrs resc mdkmcr n`h mdkmcr n`h wc

cvc`tunjjy subldttch te n sudter n`h sejh tmc cct d` >4=4 nt n sdk`din`t pret.

Ydldjnrjy nt tmc pcng d` >4=2, tmcrc wcrc 3,>94 edj n`h kns jn`h-bnsch hrdjjd`k rdks d` tmc S.Y. wdtm

nvcrnkc hny rntcs ea $3,;;6. Jntc d` tmc rst qunrtcr ea 2661, tmcrc wcrc e`jy >,3=2 edj n`h kns rdks n`h

nvcrnkc hny rntcs mnh rdsc` te $>8,>66. Aertudteusjy, nt tmnt tdlc d`te eur eaics inlc, arel Ytdjjwntcr,

Egjnmeln, tmc mnrh wergd`k ew`crs ea KeebcrHrdjjd`k, Imrds LiIutimc` n`h Oem` Ypcidnj.

Xmcsc suiicssauj acjjews rn` n hrdjjd`k busd`css d` tmc Ldh-Ie`td`c`t Rckde` ea tmc S.Y., lnd`jy d`

Egjnmeln n`h Xcxns. Xmcy, tee, u`hcrsteeh suppjy/hcln`h iurvcs, rcsujtd`k arel tmc upwnrhjy

csinjntd`k edj n`h kns prdics. Bcd`k nhvc`tureus n`h eptdldstdi seujs (but wdtmeut c`eukm `n`id`k),

3Keebcr njse keubcr. Xmc pcn`ut,Nrnimds mypekncn. >=99 Jeudsvdjjc Vubj. Nhvt. ; @ev., N acw bnks ea Keubcr Vcn, er Kreu`h

Vcn Waer snjc\. >=98 Imcregcc Vmec`dx (@cw Cimetn, Kn.) 28 Lny 9/8 But mc se scnl D arnhc ea mc, D kucss mc stcnj ly keebcr.

Xmc Exaerh C`kjdsm Hditde nry, Qejulc QD, pnkc 11=.

7/21/2019 Talcott National's Letter to Shareholders and Employees

186/378

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tmcy erhcrch >= brn`h `cw rdks te nhh te tmcdr cxdstd`k cct ea >> rdks. Xmcsc `cw rdks wcrc

mdkm merscpewcr n`h lest wcrc cqudppch wdtm tep-hrdvcs. Mdkm merscpewcr n`h tep-hrdvcs nrc rcqudrch aer merdze`tnj hrdjjd`k, wmdim njjews rc-hrdjjd`k ea icrtnd` hdaiujt but

petc`tdnjjy prehuitdvc aerlntde`s. Merdze`tnj hrdjjd`k hrdjjs te n tnrkctch hcptm tmc` tur`s

te hrdjj merdze`tnjjy te tmc suranic ea tmc jn`h. Xmcy in` pujj up tmc hrdjj strd`k