7/31/2019 NN MCIL 120802 Still a Good Read

1/7

egekj`Ceq`svj`ev

T`s`ktom

Fkv`2 4 Kpnpsv 48;4

Dp

Akct qkip` TJ488-`} TJ;%18#

Xt`qcgps AQ E'K

_mkt` xtco` TJ;0;

Sc`if ,>%

Okxcvki nkce ,60%Vgvki t`vpte ,04%

Ogeqcovcge Mcnm

_vgol ogf` JOCI JL

Jktl`v okx TJ4)016j

Bgme I@@

gmeHegekj`t`s`ktomogj

J`fck Omce`s` Cev`tekvcgeki Icjcv`f

_vcii k nggf t`kf^cvm =8% jktl`v smkt`) JOCI mks k f`*akovg jgegxgi ge Omce`s`

e`~sxkx`t ce Jkiksck T`q`ep` mks d``e ntg~cen kv mcnm sceni`

fcncv kef e`v ceogj` mks d``e ntg~cen kv kijgsv 48% x`t `kt

JOCI optt`evi mks k x`efcen 6; s`e okxcvki t`xkj`ev vmkv cs

`}x`ov`f vg d` xkcf gpv d 6[;4 Xgsv okxcvki t`xkj`ev) JOCI ~cii

svcii ogevcep` vg c`if >% dks`f ge gpt `svcjkv`s Vm`t`agt`) ~`

d`ic`q` JOCI `ktecens ntg~vm kef fcqcf`ef xgv`evcki cs

pef`tkxxt`ockv`f kv optt`ev xtco`

Dks`f ge FFJ) ~` f`tcq`f k akct qkip` ga TJ488 agt JOCI ^`mkq` kisg ksscne`f k Mcnm ogeqcovcge tkvcen vg JOCI Gq`tkii) ~`

mkq` k DPS ge JOCI

Ogjxke T`xgtv

7/31/2019 NN MCIL 120802 Still a Good Read

2/7

egekj`t`s`ktomogj y 4 Kpnpsv 48;4

4

Fgjcekeo` ce Omce`s` Xtcev Pef`tkxxt`ockv`f

F`*akovg jgegxgi ce Jkiksck

_vtgen`t xgsv Kxtci 488= j`tn`t T`okii vmkv vm` optt`ev JOCI cs vm` t`spiv ga vm`

j`tn`t d`v~``e _ce Om`~ J`fck Dmf) Ekeken Xt`ss Mgifcens Dmf kef Jcen Xkg

@ev`txtcs` Ogtxgtkvcge Ivf -ML# ce 488=

JOCI eg~ xtgfpo`s acq` fkcic`s) v~g at`` fkcic`s) ?8 jknkrce` vcvi`s kef k i`nko

vtkq`i kef vgpt dpsce`ss Gpv ga vm` acq` fkci`s) agpt fkcic`s kt` octopikv`f ce

Jkiksck -_ce Om`~) Ekeken) Omcek Xt`ss kef Npken Jcen# kef ge` ce ML -Jcen

Xkg# Vgvki octopikvcge cs k t`sx`ovkdi` ; jciicge ogxc`s x`t fk Kii acq` fkcic`s kt`

~`ii `svkdicsm`f xpdicokvcges @}o`xv agt Npken Jcen) kii agpt gvm`t xpdicokvcges

~`t` ce octopikvcge d`agt` ;318s Dtgkfi) vm` fkcic`s kt` xgscvcge`f ks d`ig~

Vkdi` ;2JOCI e`~sxkx`tsE`~sxkx`t F`sotcxvcge

_ce Om`~JOCI aiknsmcx xpdicokvcge Koogpevs agt mkia JOCI

Jkiksck octopikvcge ;sv

ce octopikvcge ce Jkiksck

Ekeken _cken XkpGif`sv Omce`s` e`~sxkx`t ce Jkiksck Agops`f ge

dpsce`ss kef acekeo` 6vm

ce octopikvcge ce Jkiksck

Omcek Xt`ss)

Npken Jcen

Jgt` vkdigcf kef `ev`tvkcej`ev t`ikv`f 4ef

kef ?tf

ce

octopikvcge ce Jkiksck

Jcen Xkg

Octopikv`f ce ML Jgt` s`tcgps ce ekvpt` Vktn`v`f kv

kokf`jcos kef f`ocscge jkl`ts 6vm

jgsv ~cf`i

octopikv`f fkcic`s ce ML

JOCI ogevtgis =8% ga Omce`s` e`~sxkx`t kf`} kef octopikvcge Ce Jkiksck) JOCI

mks vgvki octopikvcge ga tgpnmi =88l ogxc`s x`t fk gt =8% ga vgvki Jkiksck

Omce`s` e`~sxkx`t octopikvcge ga ; jciicge ogxc`s x`t fk _ce Om`~ ge cvs g~e

ogevtgis kijgsv mkia gt ?38l ogxc`s x`t fk Vmcs ogjxkt`s akqgptkdi ~cvm vm`

jktl`v i`kf`t ce gvm`t ikenpkn` s`nj`evs spom ks _vkt kv 438l ogxc`s x`t fk kef

Mktcke J`vtg kv ?38l ogxc`s x`t fk Fp` vg cv fgjcekev smkt` ga octopikvcge) JOCI

kisg ogevtgis =8% ga vm` Omce`s` e`~sxkx`t kf`} ce Jkiksck Agt kii xtkovcoki

xptxgs`s) JOCI cs vm` f`*akovg Omce`s` e`~sxkx`t jgegxgi ce Jkiksck

Vkdi` 42Vgx e`~sxkx`t d s`nj`ev -ks kv ;M48;;#_`nj`ev Xpdicokvcge

Ogxc`s x`t fk

-`ef 48;;#G~e`t

@enicsm Vm` _vkt u438l _VKT

Jkik Mktcke J`vtg u?38l JXT

Omce`s` _ce Om`~ u?38l JOCI

_gpto`2 Kpfcv Dpt`kp ga Octopikvcge

7/31/2019 NN MCIL 120802 Still a Good Read

3/7

egekj`t`s`ktomogj y 4 Kpnpsv 48;4

?

Aptvm`t xgv`evcki pxscf` ca t`q`ep` ntg~vm ogevcep`s

E`v ceogj` ntg~cen tkxcfi T`q`ep` mks d``e ntg~cen kv mcnm sceni` fcncv agt vm`

xksv v~g `kts vg TJ;)66>j ce 48;4 Oges`{p`evi) e`v ceogj` mks d``e ntg~cen

kv jgt` vmke v~co` vm` tkv` ga t`q`ep` ntg~vm E`v ceogj` nt`~ 46% kef ;>% ce

48;; kef 48;4 t`sx`ovcq`i -vm` ;6?% ntg~vm ce 48;8 ~ks fp` vg ig~ dks` `aa`ov

ks NX jktnce ogjxt`ss`f fp` vg mcnm e`~sxtcev xtco`# Cv cs kxxkt`ev vmkv e`v

ceogj` tkxcf ntg~vm mks d``e ftcq`e d jktnce `}xkescge -atgj 6% ce 4883 vg;?% ce 48;4# kef vmcs oke d` `}x`ov`f vg ogevcep` ks igen ks t`q`ep` ogevcep`s vg

ntg~

Vkdi` ?2JOCI t`q`ep` kef e`v ceogj` 4883*48;4AS@*Jkt -TJ j# 4883 48;8 48;; 48;4

T`q`ep` ;)4=1 ;)441 ;)?63 ;)66>

E`v ceogj` 00 ;?6 ;11 ;36

T`q`ep` ntg~vm *0% ;8% >%E`v ceogj` ntg~vm ;6?% 46% ;>%

E`v ceogj` jktnce 6% ;;% ;4% ;?%

Egv`2 JOCI t`xgtvs ce P_F kef vtkesikv`s vm` acekeockis cevg TJ pscen k sceni` xgcev `}omken` tkv` cesv`kf ga k

~`cnmv`f kq`tkn` `}omken` tkv`

Ogeo`tes kdgpv jkotg tcsls gq`tfge` Cv cs gav`e j`evcge`f vmkv j`fck

ogjxkec`s -ceoipfcen JOCI# kt` mcnm d`vk kef kt` vm`t`agt` spso`xvcdi` vg jkotg

tcsls Vmcs cs vtp` vg k o`tvkce `}v`ev ks kf`} cs n`e`tkii vm` actsv vg d` soki`f dkol

fptcen t`o`sscges ks -;# kf`} cs n`e`tkii fcsot`vcgekt -4# ogespj`t f`jkef cs

vxcokii ~`kl fptcen t`o`sscges kef jk dipev jktl`vcen okjxkcnes `aacokoMg~`q`t) bpsv agopscen ge vmcs xgcev xt`s`evs ke gq`ti e`nkvcq` qc`~ ga j`fck

ogjxkec`s agt cv cnegt`s vmt`` cjxgtvkev xgcevs

Actsvi) f`sxcv` smgtv v`tj aipovpkvcges) kf`} ce Jkiksck mks ogescsv`evi d``e ge

ke pxvt`ef kotgss kii s`nj`evs ceoipfcen VQ) tkfcg) xtcev kef gpvfggt Jgt`

sx`ocacokii) e`~sxkx`t kf`} ce Jkiksck mks d``e ntg~cen kv >% OKNT ce vm` iksv

f`okf` Ce gvm`t ~gtfs) f`sxcv` vm` 4888 v`om otksm) vm` _`xv ;; kvvkols) vm` 4886

_KT_ gpvdt`kl) vm` 488= I`mjke ogiikxs` kef vm` gengcen @ptgrge` otcscs) kf`}

ogevcep`f cvs px~ktf jktom

_`ogefi) cv cs gav`e agtngvv`e vmkv j`fck ogjxkec`s ce Jkiksck kt` `aa`ovcq`i

jcec jgegxgic`s ce `kom ga vm`ct g~e ecom` @q`t ecom` mks k fgjcekev jktl`vi`kf`t `n JOCI fgjcekv`s Omce`s` e`~sxkx`t) Mktcke J`vtg fgjcekv`s Jkik

e`~sxkx`t) _vkt fgjcekv`s @enicsm e`~sxkx`t) VQ? fgjcekv`s AVK VQ) Ksvtg

fgjcekv`s xk*VQ) Bgdsvt``v fgjcekv`s geice` t`otpcvj`ev `vo ^cvm jktl`v

i`kf`tsmcx ogj`s xtcocen xg~`t ~mcom m`ixs fptcen dgvm dkf kef nggf vcj`s

Vmctfi) atgj ke ceq`svj`ev x`tsx`ovcq`) ikd`iicen k svgol mcnm d`vk j`t`i

spdsvcvpv`s ge` xtgdi`j agt kegvm`t agt eg~ vm` kss`ssj`ev smcavs atgj cefpsvt

kekiscs vg jkotg kekiscs% Kv ke tkv`) vm` ikd`i mcnm d`vk cs ga icvvi` pvcicv ks vm`

ikd`i) cesv`kf ga d`cen e`nkvcq`'xgscvcq`) cs kv d`sv e`pvtki ^mkv ng`s fg~e aksv

kisg ogj`s dkol px aksv Vmcs oke d` s``e ce JOCI ;64% e`v ceogj` ntg~vm ce 48;8

-d`kt ce jcef vmkv JOCI acekeocki `kt `ef cs Jkt M`eo`) kijgsv ga JOCI AS4883

cs kovpkii ce 488= ~mcom `}xikces vm` f`xt`ss`f e`v ceogj` ga TJ00j agtAS4883#

7/31/2019 NN MCIL 120802 Still a Good Read

4/7

egekj`t`s`ktomogj y 4 Kpnpsv 48;4

6

Dks`f ge vm` kdgq`) cv cs x`tmkxs d`vv`t vg agops ge JOCI fgjcekeo` ce vm`

Omce`s` e`~sxkx`t jktl`v ce Jkiksck vmke sx`opikvcen ge vm` xgv`evcki akiigpv

atgj vm` @ptgrge` otcscs gt Omcek otcscs gt ~mkv`q`t vm` aikqgpt ga vm` jgevm jk

d` Kav`t kii) vm` kf`} ~cii ogj` dkol kef JOCI ~cii svcii mkq` =8% jktl`v smkt`

7/31/2019 NN MCIL 120802 Still a Good Read

5/7

egekj`t`s`ktomogj y 4 Kpnpsv 48;4

0

Qkipkvcge kef Ogeoipscge

Qkipkvcge j`vmgf kef l` ksspjxvcge

Dks`f ge FFJ) ~` f`tcq`f k akct qkip` gaTJ488 -TJ;18 `}*okxcvki t`xkj`ev#

agt JOCI Kv vm` `} okxcvki t`xkj`ev xtco` ga TJ;;8 -optt`ev xtco` TJ;0; i`ss

6; s`e okxcvki t`xkj`ev#) vmcs t`xt`s`evs k xgv`evcki vgvki t`vpte ga 04%ogjxtcscen >% fcqcf`ef c`if kef 60% okxcvki nkce

JOCI xkcf gpv >4 s`e FX_ ce AS48;4 gt k 1?% xkgpv gpv ga ;;0 s`e @X_

@q`e kv spom ig~ xkgpv tkvcg) JOCI cs kit`kf c`ifcen 10% dks`f ge vm`

`}*okxcvki t`xkj`ev xtco` ga TJ;;8

Oges`tqkvcq`i) JOCI t`q`ep` smgpif d` kdi` vg ntg~ jcf vg mcnm sceni`

fcncv ce vm` smgtv v`tj kef e`v ceogj` ~cii ntg~ kv jpivcxi` ga t`q`ep` gt

;8% vg ;0% Pef`t spom octopjsvkeo`s JOCI smgpif d` kdi` vg f`icq`t

tgpnmi ;4 s`e @X_ kav`t koogpevcen agt mcnm`t cev`t`sv `}x`es` fp` vg

i`q`tkn`

Ksspjcen >0% xkgpv) vmcs vtkesikv`s vg 3 s`e FX_ Kv 3 s`e FX_) JOCI ~ciid` c`ifcen k mcnm =% e`v fcqcf`ef c`if -dks`f ge vm` `}*okxcvki

t`xkj`ev xtco` ga TJ;;8#

^` `svcjkv`f = s`e FX_ agt AS48;? Vmcs vtkesikv`s vg k c`if ga ktgpef >%

kv `}*okxcvki t`xkj`ev xtco` ga TJ;;8

Egv`2 Ge ;1 Bpi 48;4) JOCI keegpeo`f k okxcvki t`xkj`ev vmtgpnm sx`ocki

fcqcf`ef ga TJ>88j -6; s`e x`t smkt`# Vmcs cs svcii x`efcen kef cs `}x`ov`f vg

ogjxi`v` ce 6[;4

L` tcsls

_mgtv v`tj kf`} smgol ^mci` kf`} cs s`escvcq` vg smgtv v`tj jkotg smgols ce vm`

smgtv v`tj) kf`} mks kisg d``e ge k igen v`tj pxvt`ef ce Jkiksck Mcsvgtcokii)

f`sxcv` vm` pxs kef fg~es ce t`o`ev `kts) e`~sxkx`t kf`} ce Jkiksck mks d``e

ntg~cen kv >% x`t `kt Dks`f ge vmcs kef kisg kf`} d`mkqcgt fptcen vm` I`mjke

otcscs ce 488=) JOCI kf`} ogpif xgv`evckii f`oice` ce vm` `q`ev ga k jkotg smgol

dpv cv ~cii kisg t`ogq`t {pcoli

Ogeoipscge^cvm =8% jktl`v smkt`) JOCI mks k f`*akovg jgegxgi ge Omce`s` e`~sxkx`t ce

Jkiksck T`q`ep` mks d``e ntg~cen kv mcnm sceni` fcncv kef e`v ceogj` mks d``e

ntg~cen kv kijgsv 48% x`t `kt

JOCI optt`evi mks k x`efcen 6; s`e okxcvki t`xkj`ev vmkv cs `}x`ov`f vg d` xkcf

gpv d 6[;4 Xgsv okxcvki t`xkj`ev) JOCI ~cii svcii ogevcep` vg c`if >% dks`f ge

gpt `svcjkv`s Vm`t`agt`) ~` d`ic`q` JOCI `ktecens ntg~vm kef fcqcf`ef xgv`evcki

cs pef`tkxxt`ockv`f kv optt`ev xtco`

Dks`f ge FFJ) ~` f`tcq`f k akct qkip` gaTJ488 agt JOCI ^` mkq` kisg ksscne`f

k Mcnm ogeqcovcge tkvcen vg JOCI Gq`tkii) ~` mkq` k DPS ge JOCI

7/31/2019 NN MCIL 120802 Still a Good Read

6/7

egekj`t`s`ktomogj y 4 Kpnpsv 48;4

1

Mcsvgtcoki _vkvcsvcos

Xtgacv kef Igss -AS@*Jkt# Xkgpv Tkvcg -AS@*Jkt#

;)441

;)?63;)66>

;?6 ;11;36

*

488

688

188

=88

;)888

;)488

;)688

;)188

48;8 48;; 48;4

TJj

T` q ep ` E` v c eo gj`

40%

6=%

1?%

8%

;8%

48%

?8%

68%

08%

18%

>8%

48;8 48;; 48;4

Xkgpv tkvcg

E`v Ceogj` Jktnce -AS@*Jkt# @X_ kef FX_ -AS@*Jkt#

;;%

;4%

;?%

8%

4%

6%

1%

=%

;8%

;4%

;6%

;1%

48;8 48;; 48;4

E`v ceogj` jktnce

>3

3=

;;0

48

6>

>4

*

48

68

18

=8

;88

;48

;68

48;8 48;; 48;4

_`e

@X_ FX_

T`q`ep` d _`nj`ev -AS@*Jkt# T`q`ep` kef E`v Ceogj` Ntg~vm -AS@*Jkt#

Jkiksck kef

gvm`t _@K

14%ML kef Omcek

;>%

Egtvm Kj`tcok

1%

Vtkq`i kef

t`ikv`f

;0%

*0%

;3%

1%

;6?%

?6%

;0%

*48%

8%

48%

68%

18%

=8%

;88%

;48%

;68%

;18%

48;8 48;; 48;4

T`q`ep` ntg~vm E v ceogj` ntg~vm

7/31/2019 NN MCIL 120802 Still a Good Read

7/7

egekj`t`s`ktomogj y 4 Kpnpsv 48;4

>

Tkvcen svtpovpt`

Vm` tkvcen svtpovpt` ogescsvs ga v~g jkce `i`j`evs< akct qkip` kef ogeqcovcge tkvcen Vm` akct qkip` t`ai`ovs vm` s`optcv

cevtcesco qkip` kef cs f`tcq`f dks`f ge apefkj`evki kekiscs Vm` ogeqcovcge tkvcen t`ai`ovs peo`tvkcev kssgockv`f ~cvm vm`

s`optcv akct qkip` kef cs f`tcq`f dks`f ge dtgkf akovgts spom ks pef`ticen dpsce`ss tcsls) ogevcen`ev `q`evs kef gvm`t

qktckdi`s Dgvm vm` akct qkip` kef ogeqcovcge tkvcen kt` vm`e ps`f vg agtj k qc`~ ga vm` s`optcv xgv`evcki vgvki t`vpte K

Dp okii cjxic`s k xgv`evcki vgvki t`vpte ga ;8% gt jgt`) k _`ii okii cjxic`s k xgv`evcki vgvki igss ga ;8% gt jgt` ~mci` kii

gvm`t octopjsvkeo`s t`spiv ce k E`pvtki okii

Fcsoikcj`t

Vmcs t`xgtv cs agt ceagtjkvcge xptxgs`s gei kef cs xt`xkt`f atgj fkvk kef sgpto`s d`ic`q`f vg d` ogtt`ov kef t`ickdi` kv

vm` vcj` ga cssp` Vm` fkvk kef sgpto`s mkq` egv d``e cef`x`ef`evi q`tcac`f kef ks spom) eg t`xt`s`evkvcge) `}xt`ss gt

cjxic`f) cs jkf` ~cvm t`sx`ov vg vm` kooptko) ogjxi`v`e`ss gt t`ickdcicv ga vm` ceagtjkvcge gt gxcecges ce vmcs t`xgtv Vm`

ceagtjkvcge kef gxcecges ce vmcs t`xgtv kt` egv kef smgpif egv d` ogesvtp`f ks ke gaa`t) t`ogjj`efkvcge gt sgicocvkvcge vg

dp gt s`ii ke s`optcvc`s t`a`tt`f vg m`t`ce Ceq`svgts kt` kfqcs`f vg jkl` vm`ct g~e cef`x`ef`ev `qkipkvcge ga vm`

ceagtjkvcge ogevkce`f ce vmcs t`s`ktom t`xgtv) ogescf`t vm`ct g~e cefcqcfpki ceq`svj`ev gdb`ovcq`s) acekeocki scvpkvcge kef

xktvcopikt e``fs kef ogespiv vm`ct g~e xtga`sscgeki kef acekeocki kfqcs`ts ks vg vm` i`nki) dpsce`ss) acekeocki) vk} ke f gvm`t

ksx`ovs d`agt` xktvcocxkvcen ce ke vtkeskovcge