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8/17/2019 TRENDS 2016 Book
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Z P HE I H P S Z A B S A P
CAEEHPCING IB\HSTEHBT
DI\ISIAB AL TFH
MPHNTHP @NTAB PAXMH
NSSACINTIAB AL PHNGTAPS®
TPHBDS NBBXNGSHEIBNP
CAEEHPCING IB\HSTEHBT DI\ISIAB
AL TFH MPHNTHP @NTAB PAXMH NSSACINTIAB AL PHNGTAPS®
TPHBDS
GNT IBXESZA BSA PS
PAMPNE@NMS Z A B S A P
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Stnyibm Strabm... @uigdibm Stra
Lar avhr 3: yhnrs, tfh Caeehrcing Ibvhstehbt Divisiab (CID)
fns fnd n eissiab ta `ribm tfh ibdividungs nbd caepnbihs witfib
tfh caeehrcing rhng hstnth ibdustry ib tfh Mrhnthr @ntab Paumh nrhn
cgashr tamhtfhr ta sfnrh iblarentiab nbd kbawghdmh
sa tfnt ngg cnb prasphr nbd `htthr shrvh tfhir cgihbts nbd custaehrs
]hgcaeh ta Trhbds, 0:>
Zrheihr Spa
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‗Capyrimfthd 0:>6:-:::>
CFNIPENB TPHBDS Oabnbb S. Stutzenb 0BNI Gntthr & @gue,Ibc./ Sabmy Fimfrands
LIBNBCH TPHBDS @rinb S. Nbdrhws, CE@ 4Tfh Phng Hstnth Phshnrcf Ibstituth
nt GSX’s H.O. Aursa Cagghmh al @usibhss
ZGNTIBXE SZABSAP MXGL CANST @NBK & TPXST CAEZNBY
EXGTILNEIGY TPHBDS Crnim Dnvhbpart, ENI 0:Caak, Eaarh & Nssacinths
ZGNTIBXE SZABSAP BNI GNTTHP & @GXE
IBDXSTPING TPHBDS Scat Muidry, CCIE 36Eikh Lngmaust & Nssacinths Caeehrcing Phng Hstnth
ZGNTIBXE SZABSAP EIH ZPAZHPTIHS
ALLICH TPHBDS @rnbab ]. Zhsbhgg, CCIE, SIAP 8:@hnu @ax Caeehrcing
ZGNTIBXE SZABSAP @HNX @AV CAEEHPCING PHNG HSTNTH
PHSIDHBTING TPHBDS Picfnrd Fnnsh, Zrhsidhbt :4
0
C F N I P E N B T P H B D S
Zrheihr S
Tfnbk yau lar yaur pnrticipntiab ib tfh 0:>< TPHBDS ib Phng HstnthSheibnr. I waugd gikh ta phrsabnggy tfnbk yau lar `hibm fhrh nbd pravidhn `it al tfis hvhbt’s fistary nbd wfnt mahs ibta enkibm it fnpphb hvhry yhnr.
CID? YAXP HVZHPTS IB CAEEHPCING PHNG HSTNTH
Abch nmnib, tfh @ntab Paumh nbd surraubdibm rhng hstnth caeeubity fns caeh tamhtfhr ibcaaphrntiab ta hducnth aur pralhssiabng phhrs nbd nssacinths, ibcgudibm tfh mhbhrng pu`gic,
rhmnrdibm tfh hvhr-cfnbmibm nbd hvagvibm trhbds al aur gacng rhng hstnth enrkht. ]h fnvh nb
appartubity, il abgy lar laur faurs, ta ehht nbd mrhht, discuss `usibhss nbd hboay hncf atfhr’s
caepnby.
Ns 0:>< Cfnirphrsab al TPHBDS nbd 0:>8 Zrhsidhbt al tfh Caeehrcing Ibvhstehbt Divisiab (CID) al tfh @ntab Paumh @anrd
al Phngtars, I waugd gikh ta tfnbk nbd caeehbd ngg tfash ibdividungs nbd caepnbihs tfnt vagubthhrhd tfhir tieh nbd harts
avhr tfh gnst yhnr caepigibm tfh vnst neaubts a l dntn nbd iblarentiab cabtnibhd ib tfhsh TPHBDS prhshbtntiabs. Tfis fimfgy
rhmnrdhd stntisticng dntn pravidhs tfh rhndhr witf n cghnr picturh al currhbt nbd luturh trhbds ib six (= wigg ̀ h Shnb EcDabngd witf Caak, Eaarh & Nssacinths,
nbd currhbt CID Zrhsidhbt. I waugd gikh ta whgcaeh Shnb nbd gaak larwnrd ta nbatfhr hxcitibm yhnr lar rhng hstnth ib @ntab
Paumh!
Sibchrhgy,
Oabnbb S. StutzenbCfnirenb0:>
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CAEEHPCING PHNG HS TNTH LIBNBCH
Phcard Mrawtf, @ut Lar Faw Gabm1
Nccardibm ta n rhchbt prhss rhghnsh lrae tfh Eartmnmh @nbkhrs Nssacintiab, tfh ghvhg al
caeehrcing/eugtilneigy eartmnmh dh`t autstnbdibm ibcrhnshd ta $0.63 triggiab ib tfh laurtf
qunrthr al 0:>8, nb ibcrhnsh al $89.= `iggiab, ar 0.0 phrchbt, avhr tfh tfird qunrthr. Ab n yhnr-
avhr-yhnr `nsis, tfh neaubt al eartmnmh dh`t autstnbdibm nt tfh hbd al 0:>8 wns $>64.8
`iggiab fimfhr tfnb nt tfh hbd al 0:>4, nb ibcrhnsh al =.: phrchbt. Eugtilneigy eartmnmh dh`t
autstnbdibm rash ta $>.:< triggiab, nb ibcrhnsh al $38.4 `iggiab, ar 3.4 phrchbt, lrae tfh tfird
qunrthr nbd $99.6 `iggiab, ar >:.4 phrchbt, lrae tfh laurtf qunrthr al 0:>4.
‗Duribm 0:>8, caeehrcing nbd eugtilneigy eartmnmh dh`t mrhw `y tfh gnrmhst neaubt sibch
tfh shrihs `hmnb ib 0::=; eugtilneigy eartmnmh dh`t mrhw nt tfh lnsthst pnch sibch tfnt shrihs
`hmnb ib >993; nbd tfh neaubt al caeehrcing nbd eugtilneigy eartmnmh dh`t fhgd ib nmhbcy
nbd MSH partlagias nbd E@S, nbd ab `nbk `ngnbch sfhhts, mrhw earh tfnb ib nby prhviaus
yhnr ab rhcard,― snid Oneih ]aadwhgg, tfh Eartmnmh @nbkhrs Nssacintiab’s \ich Zrhsidhbt
al Caeehrcing Phng Hstnth Phshnrcf ib n Enrcf 0:>< prhss rhghnsh. ―Nt tfh sneh tieh, tfh
neaubt al eartmnmh dh`t fhgd ib caeehrcing eartmnmh `nckhd shcuritihs (CE@S) cabtibuhd
ta dhcgibh. ]figh 0:>8 enrkhd enby bhw rhcards, rhchbt enrkht nbd rhmugntary cfnbmhs
fnvh tfh pathbting ta iepnct tfh nvnign`igity al caeehrcing nbd eugtilneigy eartmnmh dh`t
duribm 0:>.:6 triggiab, ar 36.> phrchbt al tfh tatng. CE@S, CDA nbd atfhr N@S issuhs nrh tfh
shcabd gnrmhst fagdhrs al caeehrcing/eugtilneigy eartmnmhs, fagdibm $8>8 `iggiab, ar >6.0
phrchbt al tfh tatng. Nmhbcy nbd MSH partlagias nbd E@S fagd $4 `iggiab, ar >3.= phrchbt al tfh tatng. Enby
gilh ibsurnbch caepnbihs, `nbks nbd tfh MSHs purcfnsh nbd fagd CE@S, CDA nbd atfhr N@S
issuhs. Tfhsh ganbs npphnr ib tfh CE@S, CDA nbd atfhr N@S cnthmarihs.
4
Zrheihr Spabsar
0:>< LIBNBCH TPHBDS CAEEITTHH
CAEEHPCING & EXGTILNEIGY EAPTMNMH DH@T AXTSTNBDIBM
@y Ibvhstar Mraup, Ns al Laurtf ^unrthr 0:>8
Saurch?E@N Caeehrcing/
Eugtilneigy Eartmnmh
Dh`tAutstnbdibm,
Laurtf ^unrthr0: >8
LIBNBCH TPHBDS
M X G L C A N S T @ N B K &
T P X S T C A E Z N B Y
0:><
Z g n t i b u e
S p a b s a r
@rinb S. Nbdrhws, CE@TPHBDS Sphnkhr
Tfh Phng Hstnth Phshnrcf Ibstituthnt GSX’s H.O. Aursa Cagghmh al @usibhss
@rinb Cngghbdhr]fitbhy @nbk
Onehs P. Zurmhrsab, Or. , CCIECitizhbs @nbk & Trust
Taeey KhfahHustis Caeehrcing Eartmnmh
Khbby FadmhsNssurnbch Libnbcing
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Shh ghbdhr lar caepghth dhtnigs.
[email protected] | 6::.003.0:4
Ohbbilhr@ammsJmugl`nbk.cae
Enrk G. Oubhnu III\Z Caeehrcing Ghbdibm
BEGS# >:->60:
Enrk]hstJmugl`
]iggine Caeeabs Ganb Arimibntar
BEGS #=9=48
008-304-3688
]iggineCaeeabsJmugl`nbk.cae
Gisn Caaphr Ganb Arimibntar
BEGS #43008-=8=-4483
GisnCaaphrJmugl`nbk.cae
@a Kih`ncfGanb Arimibntar
BEGS #68489008-03>->6>4
@aKih`ncfJmugl`
EAPTMNMH GHBDHPS
CAEEHPCING GHBDHPS
<
Eugtilneigy ghbdibm cabtibuhs ta `h tfh east papugnr praphrty ganb typh neabm tfh enoar laadmraups. ]figh tfh Nmhbcihs stigg fnvh tfh fimfhst sfnrh al tfh autstnbdibm dh`t paag, Lnbbih Enh nbd
Lrhddih Enc nrh stigg ubdhr tfh cabshrvntarsfip al tfh Lhdhrng Fausibm Libnbch Nmhbcy nbd nrh su`ohctta cnps ab tatng autstnbdibms (tfhrh fns bat `hhb n rhductiab ib tfh cnp sibch 0:>3).
L I B N B C H T P H B D S
Z g n t i b u e
S p a b s a r
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6
Il n sgawdawb dahs ibdhhd fnpphb ib 0:>8 ta ‗fimfgimft prudhbt risk-enbnmhehbt prnctichs lrae hxistibm muidnbch tfnt
rhmugnthd bnbcing ibstitutiabs sfaugd nppgy ib tfh enbnmhehbt al tfhir caeehrcing rhng hstnth
ghbdibm nctivity.― Tfh stnthehbt, wficf nppgihs ta ibstitutiabs al ngg sizhs, fnd laur `nsic fimfgimfts?
• Libnbcing ibstitutiabs witf whnk risk-enbnmhehbt prnctichs nbd fimf CPH crhdit
cabchbtrntiabs nrh hxpashd ta n mrhnthr risk al gass nbd lnigurh.
• Tfh nmhbcihs’ hxneibntiab nbd ibdustry autrhncf nctivitihs fnvh rhvhnghd nb hnsibm al CPH
ubdhrwritibm stnbdnrds.
• Libnbcing ibstitutiabs sfaugd enibtnib ubdhrwritibm discipgibh nbd hxhrcish prudhbt risk-
enbnmhehbt prnctichs tfnt idhbtily, ehnsurh, eabitar, nbd enbnmh tfh risks nrisibm lraetfhir CPH ghbdibm nctivity.
• Tfh nmhbcihs’ rhvihw al CPH ghbdibm nctivitihs wigg lacus ab bnbcing ibstitutiabs’
iepghehbtntiab al tfh prudhbt pribcipghs ib nppgicn`gh muidnbch rhgntivh ta idhbtilyibm,
ehnsuribm, eabitaribm, nbd enbnmibm cabchbtrntiab risk ib CPH ghbdibm nctivitihs.
BH] GANB APIMIBNTIAB@nbks Ghbdibm
Tfh titgh al n Enrcf 0:>< CaStnr nr ticgh `y Enrk Fhscfehyh r pracgniehd tfnt ‗CPH Ghbdibm
`y @nbks Surmhd ib Laurtf ^unrthr ― laggawhd `y tfh a`shrvntiab tfnt ‗tfh $>.68 triggiab
yhnr-hbd 0:>8 tatng CPH ganbs autstnbdibm caepnrhs ta $>.8 ta tfh yhnr-hbd tatng al $344 `iggiab.
• Bab-rhsidhbting caeehrcing rhng hstnth ghbdibm tatngs ouephd `y $08 `iggiab (3.9.6 `iggiab, dawb 8.8%
lrae tfh tfird qunrthr al 0:>8. Nt tfh gnst phnk al tfh CPH enrkhts, dhgibquhbt CPH
ganbs tatnghd $0=.< `iggiab.
L I B N B C H T P H B D S
Z g n t i b u e
S p a b s a r
Zurcfnsh praphrtystnrtibm nt $3,8::.
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>:
Ib atfhr wards, tfh rhmugntars nrh nwnrh al tfh simbicnbt mrawtf nbd tfh hnsibm al
ubdhrwritibm stnbdnrds tfnt nrmun`gy cabtri`uthd ta tfh mrawtf, nbd tfhy wigg gaak gabm
nbd fnrd nt tfh partlagias al lnst mrawibm ibstitutiabs duribm tfh 0:>< hxneibntiabs. Ib tfh
shctiab titghd Suphrvisary Hxphctntiabs lar Libnbcing Ibstitutiabs, tfh laggawibm paibts whrh
endh cghnr?
• Duribm 0:>< `ut eimft
mivh atfhr `nbks nb appartubity ta pick up saeh al tfh `usibhss tfhy eisshd aut ab ib 0:>8.
Cabduit GhbdibmCaeehrcing Eartmnmh @nckhd Shcuritihs ar CE@S arimibntiabs ib 0:>8 whrh hxphcthd ta `h
fimfhr tfnb 0:>4 nbd ibdhhd tatnghd avhr $>:> `iggiab lar tfh yhnr vhrsus $94 `iggiab ib tfh
prhviaus yhnr, nbatfhr rhcard yhnr sibch tfh crhdit enrkht crnsf ib 0::6. Issunbch ib 0:><
wns ibitinggy praohcthd ta rhncf $>>: `iggiab `ut enby nbngysts fnvh sibch gawhrhd tfash
praohctiabs `y ns eucf ns 3: phrchbt. Nccardibm ta n Phshnrcf Dntnbath titghd Saurchs al
Caeehrcing nbd Eugtilneigy Eartmnmh Libnbcibm ib 0:>< rhghnshd ib Enrcf `y tfh Eartmnmh
@nbkhrs Nssacintiab, ‗n shrihs al enrkht nbd rhmugntary cfnbmhs fnvh gieithd giquidity ib tfhCE@S enrkht ib rhchbt qunrthrs. Caupghd witf upcaeibm rhductiabs ib tfh autstnbdibm
`ngnbch al CE@S nbd rhmugntiabs tfnt wigg lubdnehbtnggy cfnbmh hghehbts al tfh enrkht
iblrnstructurh, tfh nvnign`igity al eartmnmh dh`t lrae tfh CE@S enrkht caugd lnch simbicnbt
prhssurh.―
Enbus Cgnbcy, Shbiar Enbnmibm Dirhctar nbd tfh ghndhr al Nppgihd Dntn, Phshnrcf, nbd
Zricibm dhpnrtehbts nt Trhpp, snys tfnt ‗shvhrng bhw rhmugntiabs fnvh hitfhr mabh ibta hhct
ar wigg ma ibta hhct ib 0:>< tfnt mrhntgy iepnct CE@S― nbd tfnt ‗tfh phbdibm rhmugntiab tfnt
is tfh `immhst issuh fnbmibm avhr tfh enrkht rimft baw is risk rhthbtiab.― Cgnbcy snys tfnt HvhrhttLibnbcing,Ibc. D/@/NSuprhehGhbdibm (BEGS ID #0>09) nt>46:>^uarue Dr.,#3::,Dnggns, TV =8084.6==-38:-8008.Capyrimft©0:>6,NrizabnZribcipngAllich? 08:3:S >9:tfStrhht, ^uhhbCrhhk,N_ 68>40;Gichbshd`ytfh Dhpnrtehbtal@usibhss Avhrsimftubdhr tfhCngilarbin Phsidhbting EartmnmhGhbdibmNct-Gichbsh4>3:>4–MharminPhsidhbting EartmnmhGichbshh;IggibaisPhsidhbting EartmnmhGichbsh- Atfhr TrndhBneh#>[email protected]– Gichbshd`al@nbkibm nbdCabsuehr Libnbch;B\ Divisiabal EartmnmhGhbdibmEartmnmh@nbkhr #4:6>9>-E@ –Gichbshd `ytfh Bhw Fnepsfirh@nbkibmDhpnrtehbt; Gichbshd`ytfh B.O.Dhpnrtehbt al@nbkibm nbdIbsurnbch– PhsidhbtingEartmn
EartmnmhGhbdibmGichbshEG-4080996GG;Thxns-SEGEartmnmh@nbkhr Phmistrntiab– PhsidhbtingEartmnmhGanbArimibntar. Tfhcarparnthallich isgi chbshdnbdhCabsuehr CrhditCaeeissiabhr altfh Stnthal Thxns,PhmugnthdGhbdhr Gichbsh#43:44;\N? BEGS ID#0>09(www.begscabsuehrncchss.arm);]nsfibmtabCabsuehr GanbCaepnbyGichbshCG-0>09.Lar nggatfhr gichbshs,visit fttp?//www.begscabsuehrncchss.arm/.
Gauisinbn Faeh Ganbs witf Zhrsabngizhd Shrv
@uigdibm Custaehrs Lar GilhXbdhrwritibm, Cgasibm nbd LubdibmSuprheh Ghbdibm fns ib-faush ubdhrwritibm, cgasibm nbd lubdibm dhpnrtehbts wfa
hxphdith tfh avhrngg ganb prachss wficf nggaws lar n seaatfhr nbd lnsthr trnbsnctiab.
Ndvnbchd Thcfbagamy nbd Ibdustry KbawghdmhSuprheh ushs tfh east ndvnbchd thcfbagamy nvnign`gh ta quickgy cgash nbd lubd yaur
ganb. @y cae`ibibm tfh ush al tfh Ibthrbht ngabm witf ndvnbchd prachssibm saltwnrhnbd nutaenthd ubdhrwritibm systhes, wh fnvh tnkhb tfh eysthry a ut al nppravibmnbd cgasibm n faeh ganb.
Zhrsabngizhd Custaehr Shrvich@hcnush wh nrh ib yaur nrhn, wh cnb ehht witf yau ib phrsab ta discuss yaureartmnmh aptiabs. Aur mang is ta pravidh strabm custaehr shrvich, wficf ibcgudhslrhquhbt nbd tiehgy caeeubicntiabs tfraumfaut tfh faeh `uyibm prachss ta khhpyau whgg iblarehd nbd hducnthd n`aut tfh stntus al yaur ganb.
www.Nppgy`r.cae40>0 Nehricnb ]ny, Suith C | @ntab Paumh, GN =:6><
Lar Eartmnmh Iblarentiab Cngg
@igg ]ngkhr, @rnbcf Enbnmhr BEGS #>04493 00 Oie Earn, Aphrntiabs Enbnmhr BEGS #>3> 00Carhy Kgibm, Ganb Affichr BEGS #>>48=93 00Fhntfhr Mrheiggiab, Ganb Affichr BEGS #>4>9344 00
Ohbbih Sthvhbs, Ganb Affichr BEGS #690
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Gilh Ibsurnbch Caepnby Ghbdibm
Nccardibm ta n Lh`runry >=, 0:>< nrticgh ib Bntiabng Phng Hstnth Ibvhstar, ‗Enby gilh caepnbihs
rhparthd ra`ust ghbdibm vaguehs ib 0:>8 nbd tfh hxphctntiab lar tfh caeibm yhnr is lar caeehrcing
rhng hstnth ghbdibm ta surpnss tfash vaguehs.― Khy paibts lrae tfh nrticgh?
• Gilh ibsurhrs nrh cabtibuibm ta pravidh lnirgy cabshrvntivh, gaw-ghvhrnmh ganbs nbd nrh
cnutiaus n`aut daibm dhngs ib shcabdnry nbd thrtinry enrkhts, `ut tfhy wigg pra`n`gy
fnvh tfh gawhst rnths nraubd il it is n maad qungity nssht nbd n maad qungity gacntiab
witf maad spabsarsfip.
• Tfhrh is stigg n maad pnch al trnbsnctiab nctivity accurribm, nbd rhbnbcibm dhenbd is
ngsa hxphcthd ta rhenib strabm lar tfh bhxt lhw yhnrs.
• Lar tfh east pnrt, gilh caepnby ghbdhrs nrh lacusibm ab tfh laur carh shctars al ach,
ibdustring, rhtnig nbd eugtilneigy, ns whgg ns daibm dhngs ib tfh prienry ehtrapagitnb
rhmiabs.
• ]figh 0:>< is hxphcthd ta ̀ h nbatfhr strabm praductiab yhnr, east gilh ibsurhrs rhenib lacushd
ab enbnmibm risks, pnrticugnrgy ib saeh praphrty shctars nbd mhamrnpfic nrhns tfnt eny `h
bhnribm tfh phnk.
Tfh E nrcf 0:>< Phshnrcf Dntnbath snys t fnt ‗Gilh ibsurnbch caepnbihs fnvh rh enibhd n sthndy
saurch al eartmnmh dh`t. N`shbt simbicnbt enrkht ar rhmugntary cfnbmhs, tfhy nrh gikhgy ta rhenib
n rhgin`gh saurch al eartmnmh dh`t lar caeehrcing nbd eugtilneigy praphrtihs.―
Saurch? Nehricnb Caubcig al Gilh Ibsurnbch Caepnbihs
Saurch? Caeehrcing Eartmnmh Nghrt
stnrtibm ib gnth 0:>.
666.= cnepuslhdhrng.arm
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IBTHPHST PNTH IBDHV XZDNTHLgantibm Pnth Ibdhxhs – Nt gabm gnst tfh Lhdhrng Phshrvh endh tfh rst ibcrhnsh ib sfart thre
rnths ib bibh yhnrs, ibcrhnsibm tfh Zrieh Pnth lrae 3.08% ta tfh currhbt 3.8:% ghvhg. Ns al
Enrcf 0:>< it is ubcghnr wfhb tfh Lhdhrng Phshrvh eimft enkh nb ndditiabng ibcrhnsh ib tfh
rnth.
Tfis hxthbdhd phriad al bhnr zhra vagntigity is hxtrheh gy rnrh avhr n :-Yhnr XS Trhnsury rnth hbdhd 0:>8 nt 0.0=%, `nrh gy
cfnbmhd lrae 0.0:% nt tfh hbd al 0:>4. Ib Lh`runry nbd Enrcf 0:>< tfh rnth stnyhd `hgaw 0.::%.
Dnvid Znybh al Kipgibmhr snys tfnt ‗rnths sfaugd stny nt vhry gaw ghvhgs (witf tfh >:-yhnr Trhnsury
bath yihgdibm ghss tfnb 0%) lar eucf al tfh rst fngl al tfh yhnr, `hlarh stnrtibm ta pick up nraubd
tfh tieh al tfh Lhdhrng Phshrvh’s gikhgy rnth ibcrhnsh ib Oubh.― Znybh praohcthd tfnt ‗`y tfh hbd al
0:>:-yhnr Trhnsury bath rnth sfaugd `h 0.4%, vhrsus >.6% baw, nbd tfh 3:-yhnr eartmnmh
rnth sfaugd `h 4.0% lrae 3.=%.―
L I B N B C H T P H B D S
Z g n t i b u e
S p a b s a r
>4
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><
GHBDHP ZPHLHPHBCH XZDNTH
PhngtyPnths.cae >st ^unrthr 0:>< Ibvhstar Survhy al phrenbhbt ghbdhrs sfaws tfh laggawibm
prhlhrhbchs al praphrty t yphs (ns al tfh laurtf qunrthr al 0:>8)?
PHSIDHBTING PHNG HSTNTH LIBNBCHCabvhbtiabng Eartmnmh Pnths
Eartmnmh rnths ab sibmgh lneigy rhsidhbchs fnvh sfawb vagntigity avhr tfh pnst vh yhnrs witf
currhbt rnths stigg gawhr tfnb fnd `hhb praohcthd nt tfis tieh gnst yhnr.
L I B N B C H T P H B D S
Z g n t i b u e
S p a b s a r
It is iepartnbt ta vihw tfh >:-yhnr XST ib n gabmhr cabthxt ta nmnib shh tfnt tfh currhbt
ghvhg is hxtrhehgy gaw ns caepnrhd ta n 8:-yhnr fistary.
Gacntiab is hvhrytfibm. Hsphcinggyyaur eartmnmh caepnby’s gacntia
]fhb yau’rh rhndy ta eavh ab n pihch al
praphrty, yau bhhd n eartmnmh thne tfnt’s rhndy
ta eavh, taa. Abh tfnt ubdhrstnbds tfh vnguh al tfh
bhimf`arfaad gikh yau da. N thne tfnt kbaws faw
lnst n mrhnt nddrhss cnb shgg—nbd fns n trnck rhcard
al eavibm lnsthr ta cgash tfh dhng. Tfhrh’s abgy abh
wny ta enkh tfh eartmnmh prachss ns siepgh ns it
sfaugd `h? hxphrihbchd phapgh enkibm gacng
dhcisiabs ab gacng praphrtihs.
Endh ib Gauisinbn. Endh lar Gauisinbn.
rhdrivhr`nbk.bht - 008.903.:030
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0:
Zrheihr Spabsar
EXGTILNEIGY TPHBDS
B N I G N T T H P & @ G X E
0:><
Z g n t i b u e
S p a b s a r
]h nbngyzhd twa shts al rhbtng dntn, wficf dihr `y caepasitiab nbd bue`hr al praphrtihs ibcgudhd
Tfh entcfhd dntnsht cabsist s al >>3 caepghxhs, witf n sengghr entc fhd snepgh al 4= gnrmhr (0::
ubit) caepghxhs ngsa nbngyzhd. ^uathd rhbtngs lar tfh >>3-caepghx entcfhd snepgh dhcrhnsh
:.=4% lrae Lngg/]ibthr 0:>4->8 ta Lngg /]ibthr 0:>8->< (avhr n >0-eabtf phriad). Tfh rhparth
vncnbcy rnth lar tfh entcfhd snepgh wns 8.4). Tfh nvhrnmh
bue`hr al ubits n`sar`hd hncf yhnr (tfraumf 0:>3) wns 6,83>¾ ubits whrh `uigt (caepghthd) ib 0:>8
q 3,>:9¾ ubits nrh ubdhr cabstructiab lar (ar fnvh `hhb dhgivhrhd tfus lnr ib) 0:><
q 3,>64¾ ubits nrh prapashd lar cabstructiab `y tfh hbd al 0:>=;
q Al tfh prapashd ubits, wh cabsidhr >,::3¾ ubits ta `h earh gikhgy ta ̀ h `uigt tfnb tfh
rhenibibm 0,>6>¾ ubits.
q Tfh tatng bhw rhbtng suppgy (`uigt ar currhbtgy ubdhr cabstructiab) lar 0:>8->< wigg `h
4,=, tfh bhw suppgy lar 0:>8->=
wigg hqunth ta avhr 0,,::: phapgh, wh sfaug
bhhd ta fnvh raumfgy 30: al tfash 3,::: rhsidhbts) bhhd ta `h rhbtng ubits. Ta n`sar` tfh 4,8->
tfh @ntab Paumh nrhn’s gabm-thre papugntiab waugd bhhd ta ibcrhnsh `y earh tfnb 36,:::¾ (wficf
is earh tfnb tfh papugntiab ibcrhnsh tfnt rhsugthd lrae Furricnbh Kntribn), tfaumf atfhr lnctars gik
tfh bhhd ta rhpgnch pfysicnggy ar lubctiabnggy a`saghth ubits (threhd ‗dhpghtiab―) nbd hvhr-sfribkibm
0:>< @NTAB PAXMH NZNPTEHBT ENPKHTIBTPADXCTIAB & SXEENTIAB
Tfh @ntab Pa umh nrhn np nrtehbt enr kht, wfigh stigg rhgntivhgy strabm, is s tnrtibm ta sfaw tfh
rippghs (ib tfh lare al dawbwnrd rhbtng trhbds) mhbh rnthd ̀ y tfh wnvh al bhw ubits caepghthd
ib 0:>8. \ncnbcihs rhenib bhnr fistaric gaws, `ut enrkht cabditia bs nrh gikhgy ta mht lnr earh
caephtitivh avhr tfh bhxt >0 ta 04 eabtfs, ns n fumh (ngn Er. Truep) bue`hr al ubits ubdhr
cabstruct iab (nbd pgnbbhd) wigg ̀ h dhgivhrhd ta tfh enrkht ib 0:>=. Npnr tehbt awbhrs
nbd enbnmhrs ib chrtnib su`enrkhts sfaugd `rnch lar su`stnbting ibcrhnshs ib caephtitivh
prhssurhs (nbd cabchssiabnry ehnsurhs) ns tfhsh bhw ubits mft ta cnpturh enrkht sfnrh.
Dntn cagghcthd nbd nbngyzhd hncf yhnr (east rhchbtgy ib Lngg 0:>8/]ibthr 0:>0¾ eabtfs fnvh rhenibhd cabsisthbt witf fistaricng bares
(sgimftgy ubdhr 4 ghvhgs.
Zriar ta Kntribn, tfh @ntab Paumh Npnrtehbt Nssacintiab wns rhpartibm city-widh vncnbcihs
nt 6%. N sieignr murh (% vncnbcy enrkht-widh. \ncnbcihs rash ib 0::6->> (ns
n rhsugt al n past-Kntribn cabstructiab `aae) ta ns fimf ns =%, `ut dhcgibhd ta ngeast 8%
ib 0:>0->4. Tfh Lngg/]ibthr 0:>8->< survhy rhffhct s 8.94% vncnbcy enrkht-widh (lar >9:
caepghxhs survhyhd), witf tfh risibm trhbd ib vncnbcihs nttri`utn`gh ta buehraus bhw ubits
hbthribm tfh enrkht.
0:>< EXGTILNEIGY TPHBDS CAEEITTHH
Crnim Dnvhbpart, ENITPHBDS Sphnkhr Caak, Eaarh & Nssacinths
N``y EcEnsthrsCaak, Eaarh & Nssacinths
P. Dhnbh @rysabGntthr & @gue Phngtars
Ty Mash, CCIE
Gntthr & @gue Phngtars
D. ]hsghy Eaarh, II, ENI, CCIE
Caak, Eaarh & Nssacinths
Gnurn ]fith & @htf EighsGntthr & @gue Zraphrty Emet
Cfnd & @aych Pim`yStrhne Phngty
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nvhrnmh faushfagd sizh (tfis stnt fns `hhb mhttibm sengghr lar yhnrs, nbd lhwhr phapgh phr
faushfagd ehnbs tfh earh fausibm ubits cnb `h bhhdhd ta sntisly tfh dhenbd phr >,:::
rhsidhbts) caugd fnvh nb ashttibm hhct. Tfh bue`hr al faushfagds ib tfh @ntab Paumh nrhn
fns bat mrawb sufficihbtgy ta bhhd tfh bue`hr al ubits `hibm nddhd ta tfh suppgy, sa n stnth
al avhrsuppgy is gikhgy ta rhsugt. Tfis is hxphcthd ta fnvh n enthringgy ndvhrsh iepnct ab tfh
hxistibm rhbtng fausibm stack.
q Ib Spribm 0::6, wh hxphc thd tfh gacng npnr tehbt enrkht ta `hcaeh fimfgy
cabchssiabnry `y tfh hbd al 0::6, pnrticugnrgy ib tfh Cgnss N su`enrkht. ]figh it taak n wfigh
gabmhr lar tfh rippgh ta surlnch, `y gntthr 0::9 wh `hmnb ta shh ‗ lrhh eabtf nbd n lrhh T\―
(ar atfhr sieignrgy structurhd) cabchssiabs ahrhd nt n bue`hr al tfh upscngh praphrtihs. Ns
tfh vnst enoarity al tfh bhw ubits whrh upscngh, tfh Cgnss N praphrtihs lhgt tfh `rubt al tfh
caephtitivh prhssurh s lrae tfh ibcaeibm suppgy. Tfhir caephtitivh ndoustehbts ib 0::9->:
npphnr ta fnvh hvhbtunggy larchd rhbtng ndoustehbts `y tfh Cgnss @ praphrtihs, wfa tfhb put
pricibm prhssurh ab Cgnss C praphrtihs. Ba`ady is `ugght-praal. Tfhsh caephtit ivh cabditiabs
npphnr ta fnvh su`sidhd ib 0:>0->3, `ut fnvh stnrthd ta rhturb ib 0:>< ns bhw ubits fnvh
`raumft bhw caephtitivh prhssurhs. ]h hxphct cabchssiabs ta `hcaeh caeeabpgnch ib
0:>=.
q Tfh criticng lnctars tfnt wigg ugtienthgy drivh tfh gabm-thr e dhenbd lar, nbd n`sarptiab al,
ndditiabng fausibm ubits ib tfh @ntab Paumh nrhn nrh tfh bue`hr al oa`s tfnt cnb `h rhtnibhd
gacnggy (wfhrh tfh oa`s ma, tfh papugntiab wigg laggaw) nbd tfh n`igity al aur iblrnstructurh
(rands, scfaags, mavhrbibm `adihs) ta nccaeeadnth tfis mrawtf nbd enibtnib tfh cfnrncthr
nbd enrkhtn`igity al tfh @ntab Paumh rhmiab ns n pgnch ta givh. @ntab Paumh fns vhry pasitivh
dybneics, witf eadhrnthgy strabm oa` mrawtf hxphcthd avhr tfh bhxt lhw yhnrs. Tfh nrhn
rhenibs pasitiabhd ta prasphr. Tfh dhptf al tfh nrhn’s ibcrhehbtng dhenbd, fawhvhr, wigg
saab `h thsthd.
Ab tfh laggawibm pnmhs wigg ̀ h p rhshbthd sybapshs al bhw eugtilneigy rhsidhbting cabstructia b
praohcts, nbd tn`ghs iggustrntibm rhbtng/vncnbcy trhbds. Lar earh dhtnighd discussiabs nbd/
ar iblarentiab, pghnsh cngg us (wh pravidh pralhssiabng cabsugtibm shrvichs) ar ma ta www.
CaakEaarh.cae ar [email protected].
II. BH] NZNPTEHBT CABSTPXCTIAB
@ntab Paumh hxphrihbchd n rhcavhry phriad ib npnrtehbt cabstructiab lrae >998 ta 0::8.
Duribm tfis phriad, n tatng al 4). Tfh nvhrnmh bue`hr al ubits n`sar`hd hncf yhnr (0::< tfraumf 0:>3) wns 6
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Ib 0:>8, >,83>¾ ubits whrh `uigt (caepghthd), wfigh 3,>:9¾ ubits nrh baw ubdhr cabstructiab
(lar 0:>= dhgivhrihs) nbd nb ndditiabng 3,>64¾ ubits nrh prapashd lar cabstructiab `y
tfh hbd al 0:>=. Tfh tatng bhw rhbtng suppgy lar 0:>8->= caugd hxchhd =,6::¾ ubits, wficf
waugd hqunth ta raumfgy 0,=). Tfh tatng bhw rhbtng suppgy (`uigt ar currhbtgy ubdhr
cabstructiab) lar 0:>8->< wigg `h 4,,6::+ ubits pgnbbhd), tfh Cabwny Zgnbtntiab dhvhgapehbt ib Mabznghs (0::+ ubits
pgnbbhd), Pauznb ab Zhrkibs Pand (0::+ ubits pgnbbhd), Pivhr Znrk (Zhth Cghehbt fns pgnbs
lar npnrtehbts ib fis ensthr dhsimb) nbd atfhrs. Xbtig sphcic pgnbs nrh nbbaubchd lar tfhsh(sith pgnb nppravng rhquhsts su`eitthd), tfhsh ubits rhenib sphcugntivh nbd, tfus, fnvh bat
`hhb ibcgudhd ib aur piphgibh suppgy nbngyshs.
Tfh bhw npnrtehbt caepghxhs `uigt, ubdhrwny nbd/ar pgnbbhd ib @ntab Paumh nrhn nrh gisthd
ab tfh laggawibm pnmhs?
Caepghx Bneh Gacntiab # Xbits
Hxphcthd
Caepghtiab Caeehbts
Caepghthd 0:>8
Tfh District Zhrkibs Pand bhnr Zaggnrd 3>0 0:>8 Xpscngh/Guxury Xbits
T hrrn ch s n t Zh rkib s Pa wh Zh rkib s Pa wh Dh vh ga peh bt , @u igd ib m H 66 0:>8 Ca ep gh tia b a l Sf hgg Xb it s
Tfh Hxcfnbmh nt @ntab Paumh 449 @hb Fur Pd nt @ur̀ nbk 3:4 0:>8 Xps cngh - Studhbt Xbits
Sthrgibm Xbivhrsity 4>94 @ur`nbk nt ]. Znrkhr 038 0:>8 Xpscngh - Studhbt Xbits
Tfh Stnbdnrd ]hs t Cfiehs St nt Ngnskn 06= 0:>8 Xpscngh - Studhbt Xbits
I@E Tawhrs Pivhr Pand nt Enib Strhht (C@D) 68 0:>8 Xpscngh/Guxury Xbits
]ibdsar Caurt GN Fwy =4 (St. Mn`rihg) >0: 0:>8 Nllardn`gh fausibm ubits
44: ab Tfird (Cnp Abh) 44: Tfird Strhht (C@D) 8 Xpscngh/Guxury Xbits
@ur̀ hrry Hstnths 6>=6 MSPI 38 0:>8 Nllardn`gh fausibm ubits
Ca bvh bt iabng Studh bt N llar dn g̀ h
Tatng Caepghthd ib 0:>8 >,83> 88: 60< >88
NZNPTEHBT CAEZGHVHS CAEZGHTHD IB 0:>8
IB TFH @NTAB PAXMH ESN
04
EXG T I L NE I G Y
T P H B D S
Z g n t i b u e
S p a b s a r
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0<
Caepghx Bneh Gacntiab # Xbits
Hxphcthd
Caepghtiab Caeehbts
Xbdhr Cabstructiab 0:>< - 0 :>=
Tfh Nddisab Tfh Mravh Znrkwny >39 0:>< Xpscngh/Guxury Xbits
Tfh Abyx >:: Tfird Strhht (C@D) 06 0:>< Xpscngh/Guxury Xbits
Caeehrch @uigdibm 333 Gnurhg St (C@D) 93 0:>< Xpscngh/Guxury Tawhr Xbits
Abh Enritieh >:> Lrnbch St (C@D) >9 0:>< Xpscngh/Guxury Xbits
Nudu`ab Npts GN Fwy 60 0:>< Xpscngh/Guxury Xbits
Cyprhss Spribms Hgdhrgy Faaphr Pand hnst al Zgnbk >44 0:>< Nllardn`gh fausibm ubits
Ivy Znrk - Zf ns h II Oab hs Crhhk Pa nd b hnr Tim hr @hb d < Xp scngh/ Guxu ry Xb its - Nd dit ia b ta Zf ns h I
]igdwaad al @P @ur`nbk nt @hb Fur 0:4 0:>< Xpscngh Studhbt Xbits
Ca gu eb s nt Ga bm Lnre Ohllhrs ab Fwy nt @nrrib mhr La rhenb 0=< 0:>< Xp scngh/ Gu xu ry Xb its
Tnp hs try Znrk a b Ohllhrs ab Ohllhrs ab Fwy ̀ y Znb hrn @rhnd >04 0:>< Xp scngh/ Gu xu ry Xb its
Crhhksidh Crassibm 3:>:: ]ngkhr Pand (]ngkhr) >< Xpscngh/Guxury Xbits
Znges nt Ou`nb Gnkhs @uddy Hggis Pand (Dhbfne) >6: 0:>< Xpscngh/Guxury Xbits
E nb cf nc Gn kh Np nr teh bt s N ir gi bh nt @n ya u E nb cf nc (Z rn ir ih vigg h) 0 =0 0 :> < Xp s cn gh /Gu xu ry Xb it s
Nrgib mta b Ta wb fa ehs @hb Fu r Pa nd s aut f a l @ur` nb k Dr >=9 0:>< Xp scngh St ud hb t Xbits
Sumnr Eigg Zfns h II < Xps cngh/Guxury Xbits - Ndditiab ta Zfnsh I
@hnurhmnrd ̂ unrthrs Bnpaghab nt Nehricn (C@D) 08 0:>< Xpscngh/Guxury Xbits
@nyabbh nt Sautfsfarh Stnblard Nvhbuh 04: 0:>= Xpscngh - Phpgncibm >00 Dheagisfhd Xbits
Pivhr Faush Bicfagsab Drivh nt Akgnfaen 004 0:>= Xpscngh/Guxury Xbits
Znrk = Npnrtehbts ]. Znrkhr nt Dadsab 06: 0:>= Xpscngh Studhbt Xbits
Zart Payng Nirgibh bhnr Fnbks Pand >90 0:>= Nllardn`gh fausibm ubits
C ab vh bt ia bn g S tudh bt N ll ar dn g̀ h
Tatng Xbdhr Cabstructiab 0:>< 3,>:9 0,>:9 = TPHBDS Spabsarsfips
Cngg Oigg Sygvhst
008-304-:4:4C A E E H P C I N G I B \ H S T E H B T D I \ I S I A B
AL TFH MPHNTHP @NTAB PAXMH NSSACINTIAB AL PHNGTAPS®
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Caepghx Bneh Gacntiab # Xbits
Hxphcthd
Caepghtiab Caeehbts
ZrapashdNpnrtehbts 0:>< - 0:>= - Gik hgy
Znrk Pawh Zhrkibs Pawh Dhvhgapehbt 334 0:>= Xpscngh/Guxury Xbits
Galts nt = Xpscngh Tawhr - Libnbcibm bat shcurhd
340 Gnlnyhtth 340 Gnlnyhtth Strhht (C@D) >< 0:>= Xpscngh/Guxury Xbits
Bicfagsab Zgnch ]. Paashvhgt nt ]. Mnrlihgd 4: 0:>= Nllardn`gh faus ibm ubits
Gn kh si dh \i gg ns Zf ns h I I E ig gh rv igg h n t I -> 0 ( Sa ut fh ns t ̂ u nd rn bt ) > 44 0 :> = Xp s cn gh /Gu xu ry Xb it s - N dd it ia b t a Z fn sh I
_ncf nry Znrks idh - Zfns h II GN Fwy 9= Xp scngh/Gu xu ry Xbits - Ndditiab ta Zf ns h I
Hdhb`arbh GN Fwy 44 nt I->: (Mabznghs) 0:: 0:>= Xpscngh/Guxury Xbits
Pivhr Sautf >=8:8 Ohllhrs ab Fimfwny 39 0:>= Xp scngh/Gu xu ry Xbits - Ndditiab ta Zf ns h I
Cabvhbt iabn g Studhbt Nllardn g̀h
Tatng Zrapashd 0:>< - 0:>= Gikhgy >,::3 9>= : 6<
ZrapashdNpnrtehbts 0:>< - 0:>= - Ghss Gikhgy
Mr hh bs n t E iggh rv iggh E iggh rv iggh n t I ->0 ( Ba rt fwh st ̂ u nd rn bt ) 30: 0: >= Xp sc ngh /Gu xu ry Xb it s
Giv ib ms ta b Np nrt ehb ts Zht h's Fwy nt Ca ak Pa nd (Dhb fne) 0=0 0:>= Xp scngh/ Gu xu ry Xb it s
Xb iv hrs it y Cgu ` Ch bt rh GN Fwy 3: nt @n ya u E nb cf nc (St . Mn r̀ ih g > = Xp sc ngh /Gu xu ry Xb it s
Sigvhr Anks Nirgibh bhnr Mhrenby Pd (Dupghssis) 06: 0:>= Xpscngh/Guxury Xbits
\iggnmhs nt Enmbagin Trnch EcFumf Pand (_ncfnry) >8< 0:>= Xpscngh/Guxury Xbits
Hgysinb II Spnbisf Tawb Pand bhnr Ncndinb >:: 0:>= Nllardn`gh fausibm ubits - Ndditiab ta Zfnsh I
Ehnda ws nt Bicfa gs ab Bicfags ab Drivh nt Mnrdhrh Gnbh 006 0:>= Nllardn`gh f aus ibm ubits
Tfh Sueeit Bicfagsab Drivh bhnr @ur`nbk Dr 488 0:>= Xpscngh - Studhbt Xbits
Sfahcrhhk Suggivnb Pad (Chbtrng) 0>: 0:>= Xpscngh/Guxury Xbits
Cabvhbt iabn g Studhbt Nllardn g̀h
Tatng Zrapashd 0:>< - 0:>= Ghss Gikhgy 0,>6> >,396 488 306
Tatng Zrapashd/Nbbaubchd0:>< - 0:>= 3,>64 0,3>8 488 4>4
Tatng @uigt, Xbdhrwny & Zrapashd =,604 4,9=4 >,944 9:8
NZNPTEHBT CAEZGHVHS XBDHP CABSTPXCTIAB IB 0:>=
IB TFH @NTAB PAXMH ESN
Bat ibcgudhd ib tfh prhchdibm gists eny ̀ h ndditiabng praphrtihs (ib tfh pgnbbibm nbd/ar bnbcibm stnmhs) lar wficf tfh sith fns bat
`hhb purcfnshd, sith pgnb nppravng fns bat ̀ hhb mrnbthd nbd/ar pgnbs fnvh bat ̀ hhb pu`gicgy nbbaubchd. Ns cabstructiab al bhw
ubits cnbbat accur witfaut sith pgnb nppravng nbd tfh prachss al ncquiribm sucf nppravng is fimfgy pagiticng nbd sphcugntivh (ns cnb
`h tfh sith ncquisitiab prachss), ibcgusiab al sucf praphrtihs ib n trnditiabng ‗piphgibh― nbngysis waugd ̀ h ibnppraprinth.
III. Npnrtehbt Phbt& \ncnbcy Stntistics
Ab tfh laggawibm pnmhs nrh
prhshbthd tn`ghs sueenrizibm tfh
murhs caepighd lrae tfh GSX/CEN
npnrtehbt survhys phrlarehd ib Lngg/
]ibthr 0:>8->
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3:
ht
:@P
Xbits
>@P
Xbits
0@P
Xbits
3@P
Xbits
4@P
Xbits
Tatng # al
Caepghxhs
:@P
Xbits
>@P
Xbits
0@P
Xbits
3@P
Xbits
4@P
Xbits
Tatng
Xbits
epghxhs 03 >6: >>< 30 >9: 44: >>,3:3 >8,=0> >,33> 33,>:6
aepghxhs 9 => =3 8> >3 =3 036 =,=:9 >:,:3: 0,0,>>>
Bue`hr al Caepghxhs ]itf Bue`hr al Xbits ̀ y Dntn Sht
TN@GH > Npnrtehbt Dntn `y Nrhn (Lngg 0:>8 Lugg Dntn Sht)
TN@GH 0 Npnrtehbt Dntn `y Nrhn lar Gnrmh Caepghxhs (Lngg 0:>8 Lugg Dntn Sht)
TN@GH 3LNGG 0:>8 Lugg Dntn Sht Stntistics
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\ncnbcy
_ip Cadh
Bue`hr al
Caepghxhs
Bue`hr al
Xbits phr Xbit phr Sq. Lt. Tatng
=:=0< 4 >,>9< $9,00< $>.>0 4.03%
=:=9> 0 3>< $>,>>< $>.:: 4.=8%
=:6:> 3 36 $>,0.80 8.00 >,,34< $>.86 =.9:%
=:6:8 < =4= $84 $:.69%
=:6:= 3 444 $9.>= >8.==%
=:6:6 >= 3,>>9 $>,:8> $>.>9 4.6=%
=:6:9 03 4,8:< $>,:0< $>.:3 4.0: >: >,=6> $998 $:.96 8.9:%
=:6>0 0 0:6 $ $:.93 >.90%
=:6>4 4 84> $8 >8 0,3=0 $< 33 =,8=4 $6=4 $:.93 4.3= 4 > $:.64 3.>4%
=:60: 0> 3,33: $>,486 $>.38 >:.48%
Nvhrnmh Phbt
Caeh ̀ y aur alch nt606 @guh`abbht @gvd, Suith L • @ntab Paumh, GN • 008.=8 Lugg Dntn Sht)
N p nr t e hb t D n t n ` yN r h n
S pr i b
m0 : > 0 -L ng g 0 : > 8 E n t c f h d S ne
pg h D n t n S h t
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34
BNTIAB]IDH PHCAMBITIAB
• Ehe`hrs al tfh Ne hricnb Cagghmh al Phng Hstnth Gnwyhrs nbd tfh Nehricnb Cagghmh al Eartmnmh Nttarbhys
• Pnbkhd ib Gauisinbn Phng Hstnth ib Cfne`hrs XSN
• 40 nttarbhys rhcambizhd ib Tfh @hst Gnwyhrs ib Nehricn ® 0:><
• Phcambizhd lar hxhepgnry cgihbt shrvich ib Tfh @TI Cabsugtibm Mraup’s Cgihbt Shrvich N-Thne 0:>8
• Shrvibm cgihbts bntiabwidh lrae >3 allichs ib 6 stnths nbd tfh District al Cague`in
TFIS IS NB ND\HPTISHEHBT. Nutfarizibm Nttarbhy? O-Z Zhrrnugt, @ntab Paumh.
EcMgibcfhy Stnllard ZGGC ib NG, LG, GN, ES, BY, AF, TV, nbd DC. EcMgibcfhy Stnllard GGZ ib CN.
]fhrh @usibhss & Gnw I
C
G
E
B
]nsfib
ecmgibcf
EcMgibcfhy Stnllard’s hxphrihbchd, trusthd thne fhgps caepnbihs bnvimn
hstnth dhngs nbd hcabaeic ibchbtivhs, structuribm trnbsnctiabs tfnt prathct
ibthrhsts nbd cgash ab tieh.
Lrae siepgh ghnshs ta caepghx eugtistnth ncquisitiabs, wh pravidh caeprh
caeehrcing rhng hstnth rhprhshbtntiab. Dhvhgaphrs, ghbdhrs, purcfnshrs,
titgh ibsurhrs, libnbcing ibstitutiabs, ibdividungs, nbd carparntiabs rhgy ab aur
kbawghdmh ta mht tfh dhng dabh ab scfhdugh.
]h strivh ta siepgily praohcts nbd strhnegibh prachsshs sa aur cgihbts cnb lacus
entthrs east. ]h cngg it prncticibm wfhrh tfh `usibhss al rhng hstnth nbd gnw ib
EcMgibcfhyStnllard
Jecmgibcfhy
EcMgibcfhy Stnllard
Sapfisticnthd Caeehrcing
Phng Hstnth Phprhshbtntiab
EXG T I L NE I G Y
T P H B D S
Z g n t i b u e
S p a b s a r
T N @ G H <
N p n r t e h b t D n t n ` y N r h n l a r G n r m h C a e p g h x h s
S p r i b m 0 : > 0 - L n g g 0 : > 8 E n t c f h d S n e p g h D n t n S h t
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3<
\ncnbcy
_ip Cadh
Bue`hr al
Caepghxhs
Bue`hr al
Xbits Zhriad phr Xbit phr Sq. Lt. Tatng
L 0:>8 $9>8 $>.06 =.:6%
L 0:>4 $9>8 $>.06 >.>0%
=:6:0 3 83= L 0:>3 $66: $>.03 =.0:%
L 0:>0 $668 $>.04 4.=4%
S 0:>0 $6=4 $>.00 8 $8 $:.6: :.30 $838 $:.=< >:.8>%
S 0:>0 $839 $:.== >>.89%
L 0:>8 $4 $:.=6 =.43%
=:6:< >< 0>83 L 0:>3 $=:= $:.== 9.=9%
L 0:>0 $=:: $:.== =.8=%
S 0:>0 $8 $6>: $:.9= 4.>4%
L 0:>4 $636 $>.:> 4.39%
=:6:6 >: 0:06 L 0:>3 $604 $:.99 3.3:%
L 0:>0 $6>9 $:.99 4.=4%
S 0:>0 $63: $>.:: 6.06%
L 0:>8 $>,:0= $>.:3 4.08%
L 0:>4 $>,:0> $>.:0 8.46%
=:6:9 0> 448: L 0:>3 $>,::: $>.:: 3.9>%
L 0:>0 $963 $:.99 4.49%
S 0:>0 $980 $:.98 8.38%
L 0:>8 $>,:3< $>.:> 8.80%
L 0:>4 $>,>30 $>.>: : 6 >> L 0:>3 $>,:49 $>.:0 3.=9%
L 0:>0 $>,:>0 $:.96 3.9=%
S 0:>0 $>,:3> $>.:: =.30%
L 0:>8 $3 $606 $:.66 8.60 $6:8 $:.6< 8.>0%
S 0:>0 $=93 $:.64 8 $90> $:.68 3.33%
L 0:>4 $96= $:.9> 3.8:%
=:6>= 3 8=> L 0:>3 $94= $:.66 4.0:%
L 0:>0 $696 $:.63 0.0 $69= $:.63 0.06%
L 0:>8 $>,:.>< >0.>9%
L 0:>4 $>,:34 $>.>3 9.>>%
=:60: >0 >3 $>,:=: $>.>= 6.0=%
L 0:>0 $>,:8< $>.>8 4.83%
S 0:>0 $>,:8< $>.>8 9.03%
Nvhrnmh Phbt
Ehe`hr LDIC
Strhbmtf ghnds ta
appartubity.
]FITBHY @NBK N]NPDHD N
STNP PNTIBM LPAE@NXHPLIBNBCING, IBC.
PNBKHD NEABM TFH FIMFHST IB @NBKIBM LAP YHN
Strhbmtf isb’t saehtfibm yau cgnie. It’s saehtfibm yau pravh. Nbd
wh’vh dabh oust tfnt. Phchbtgy @nuhrLibnbcing, Ibc., tfh bntiab’s ghnd
bnbcing rntibm re, nwnrdhd ]fitbhy its fimfhst 8-stnr rntibm. Ib ln
wh’vh hnrbhd n @nuhrLibnbcing fimf rntibm lar 08 cabshcutivh yhnrs.
praal tfnt ]fitbhy @nbk hxchgs ib tfh nrhns al cnpitng, nssht qungity
pratn`igity, risk enbnmhehbt nbd saubd ̀ usibhss prnctichs. N stra
`nbk ghnds ta n strabm @ntab Paumh. Zut ]fitbhy ta wark lar yau.
008-36>-:400 wfitbhy`nbk.cae
EXG T I L NE I G Y
T P H B D S
Z g n t i b u e
S p a b s a r
T N @ G H =
N p n r t e h b t D n t n ` y _ i p C a d h
S p r i b m 0 : > 0 - L n g g 0 : > 8 E n t c f h d S n e p g h D n t n S h t
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IBDXSTPING TPHBDS
E I H Z P A Z H P T I H S
0:><
Z g n t i b u e
S p a b s a r
HVHCXTI\H SXEENPY‗Mga`ng Cabditiabs & Tfh Hllhcts ab Aur Enrkht―
Tfh mrhnthr @ntab Paumh ibdustring enrkht, n bibh pnrisf nrhn surraubdibm Hns t @ntab Paumh
Znrisf, n`sar`hd 43=,0=3¾ squnrh lhht ib 0:>8. \ncnbcy rhenibhd wns =.8=%. Tfhsh bue`hrs
rhvhnghd simbicnbtgy sengghr mrawtf wfhb caepnrhd ta tfh prhviaus yhnr. Tfh prhviaus
yhnr fnd n bht n`sarptiab tfnt wns n`aut tfrhh tieh tfh currhbt yhnr (>,043,809) wfigh tfh
vncnbcy rnth (=.4 YH 0:>8
TATNG IB\HBTAPY 08,4>9 SL 0
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4:
STN@IGI_HD ENPKHT…
• Bhw cabstructiab phnkhd ib 0:>4 nt 90),
=39,::: sl (0:>3), 94), 0:8,::: sl (0:>8). Tfhsh
ra`ust ta gnbmuid rhsugts nrh bat surprisibm ns affich-wnrhfaush
cabstructiab ib tfh @ntab Paumh ESN fistaricnggy is praohct
drivhb lar awbhr accupihd ar prhghnshd `uigd-ta-suit spnch
witf gieithd squnrh lhht al ibvhbtary nddhd lrae sphcugntivh
praohcts. Tfh enrkht earh ar ghss laggawhd tfh wnvh al tfh
gnrmhr eugti-eiggiab-daggnr pgnbt hxpnbsiabs tfnt `hmnb nraubd
0:>: nbd nrh ib tfh bng stnmhs ib 0:>8-0:>< wficf crhnthd
dhenbd lar bhw shrvich-suppgy-suppart caepnbihs hbthribm
tfh enrkht nbd tfh hxpnbsiab lar tfash tfnt ngrhndy fnd n prhshbch fhrh. Cabshquhbtgy,
tfh bhmgimi`gh cfnbmh ib tfh vncnbcy rnth al =.8=% eimft `h bathd ns n tippibm paibt ib
tfh enrkht.
BhhdSpnch1
| Mabznghs, Gauisinbn =:=3= | 008.8=>.>::0
www.eih-gn.cae
Lar fimf-qungity nbd strnthmicnggy-gacnthd ffhx, alch, wnrhfaush
ar rhtnig spnch, tfhrh’s abgy abh rhng hstnth dhvhgaphr ta cngg?
EIH Zraphrtihs. ]h dhvhgap nbd enibtnib praphrtihs lar tatng
thbnbt sntislnctiab, witf vh prieh gacntiabs ib @ntab Paumh nbd
Mabznghs. Aur ib-faush praphrty enbnmhehbt thne wigg khhp yaur
spnch ib phnk aphrntibm cabditiab!
A L L I C H • L G H V • P H T N I G • ] N P H F A X
| Mabznghs, Gauisinbn =:=3= | 008.8=>.>::0
www.eih-gn.cae
I B D X S T P I N G TPHBDS
Z g n t i b u e
S p a b s a r
Tfhsh ra`ust tagnbmuid rhsugts nrhbat surprisibm nsaffich-wnrhfaushcabstructiab ibtfh @ntab PaumhESN fistaricnggy is
praohct drivhb larawbhr accupihd ar
prhghnshd `uigd-ta-suit spnch witfgieithd squnrh lhhtal ibvhbtary nddhdlrae sphcugntivh
praohcts.
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…ar Salthbibm Enrkht
Tfhrh wns n batichn`gh ‗`rhnk-pue pibm― ib tfh enrkht
eid-yhnr 0:>8 ns nctivity dhcrhnshd tfraumfaut tfh
shcabd fngl al tfh yhnr. Zhreits lar tfh rst fngl al
tfh yhnr hqunghd >0>,:::¾ squnrh lhht drappibm ta
64,:::¾ squnrh lhht ib tfh shcabd fngl al tfh yhnr.
Tfh wibdibm dawb al fhnvy ibdust ring praohcts,
tfh cabtibuntiab al sibkibm aig nbd mns prichs, nbd
pgubmibm caeeadity prichs, ngg eny fnvh ibffuhbchd
sengg `usibhss ta carparnth larwnrd sphbdibm pgnbs lar
aphrntiabs nbd lncigitihs. Mhbhrnggy bathd, tfh rhsugt is
n enrkht witf vhry gittgh eavhehbt ns shrvich chbthr
hxpnbsiabs, rhgacntiabs nbd caepnbihs hbthribm tfhenrkhtpgnch fnvh `hhb gnrmhgy sntishd. Tfh Cnpitng
rhmiab, `hcnush it is n Cnpitng City witf ngg al tfh
`hbhts tfnt caeh witf it, nbd nttri`uthd ta tfh gnrmh
cnpitng hxphbditurhs ib fhnvy ibdustry, it’s nbciggnry
`usibhsshs tfnt prat lrae tfhe, faspitng hxpnbsiabs
nbd atfhr caepnbihs tfnt nrh cabsidhrhd `nsh
hcabaeic eugtipgihrs, fns sa lnr `hhb strabm hbaumf
ta whntfhr tfh stare al tfh aig nbd mns enrkht tfnt nrh bhmntivhgy nhctibm saeh al tfh atfhr
rhmiabng hcabaeihs al Gauisinbn.
Tfh wibdibm dawb
al fhnvy ibdustring
praohcts, tfh
cabtibuntiab al sibkibm
aig nbd mns prichs, nbd
pgubmibm caeeadity
prichs, ngg eny fnvh
ibffuhbchd sengg
`usibhss ta carparnth
larwnrd sphbdibm pgnbs
lar aphrntiabs nbd
lncigitihs.
I B D X S T P I N G TPHBDS
Z g n t i b u e
S p a b s a r
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Phng Hstnth StrnthmihsDhgivhrhdSfrhvhpart | Bhw Arghnbs | Dnggns | Faustab | Snb Nbtabia | Ntgnbtn | B
Lugg-Shrvich CaeehrcingPhng Hstnth
IbvhstehbtDhvhgapehbt
Ghnsibm
Enbnmhehbt Dnbihg Z. ZCCIE, S
DnbZJShngy
Ohbbilhr NCCIE, SI
OhbbilhrGJShng
Shngy & Caepnby >8: Onehs Drivh Hnst, Suith >4: St. Pash, GN =::
8:4.4::,:::+ squnrh laat distri`utiab chbthrs, ar buehraus sengghr vnrihty affich
wnrhfaushs. Avhr`uigdibm wns bat cabtri`utibm lnctar ib 0:>8.
ALLICH]NPHFAXSH SNGH ZPICHS
Tfhrh whrh ghss tfnb 8: rhparthd sngh trnbsnctiabs al ibdustring cnthmary praphrtihs ib tfh Hnst
@ntab Paumh Znrisf ESN (8,:::+ squnrh lhht). Zraphrtihs gacnthd ib nby al tfh mrawtf nrhns nbd
cabstructhd witfib tfh pnst >: yhnrs cabtibuh ta trhbd nbd caeenbdhd prheiue prichs ns
praduct sizh rnbmibm lrae 8,::: ta 0:,::: squnrh lhht sagd ab nvhrnmh $60¾ phr squnrh laat ib
tfh sautfhrb part iab al Hnst @ntab Paumh Znrisf, Nschbsiab Znrisf, ]hst @ntab Paumh Znrisf nbd
hnst sidh al tfh Eississippi Pivhr ib I`hrviggh Znrisf.
Agdhr, enturh nrhns, sucf ns tfh S. Cfactnw carridar rhenibhd ubcfnbmhd lrae priar yhnrs,
rnbmibm lrae $08 ta$3:/squnrh laat. 0:,::: squnrh lhht nbd gnrmhr pricibm lar praphrtihs ib lnir
cabditiab ab nvhrnmh $>6 ta $0: phr squnrh laat. 0:+ yhnr cabstructhd praphrtihs ib mrawtf
nrhns al Hnst @ntab Paumh nbd ib Nschbsiab nbd I`hrviggh Znrisfhs rhngizhd pricibm n`avh $ Hxcgudhs gnydawb ynrd nrhn0 Eugti-thbnbt, tigt wngg cabstructiab witf n eibieue affich/wnrhfaush rntia al 0:/6:
Snepgh @uigdibm Ghnsh Dntn>
Zraduct Typh Sizh (SL) Ghnsh Pnth Pnbmh (/SL) Ghnsh Typh
Lghx Spnch0 8,::: ->8,::: $6.:: - $>0.:: Bht
Allich ]nrhfaush Agdhr 8,:::->8,::: $3.8: - $4.8: Bht
Allich ]nrhfaush Bhw 8,:::->8,::: $6.8: - $9.8: Bht
@ugk ]nrhfaush Agdhr 0:,:::+ $3.:: - $4.8: Bht
@ugk ]nrhfaush Bhw 0:,:::+ $8.8: - $=.:: Bht
I B D X S T P I N G TPHBDS
Z g n t i b u e
S p a b s a r
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GNBD SNGHS
Caepnrn`gh gnbd snghs ibthbdhd lar fhnvy caeehrcing-ibdustring dhvhgapehbt rhenibhd
ubcfnbmhd YAY. Tfhrh rhenibhd n gieithd nvnign`igity al qu ngity siths, idhbtih d ns praphrtih s witf
tfh praphr zabibm, utigitihs, praxieity ta enoar fimfwnys nbd eibieng curntivh-dhvhgapehbt
cabchrbs. Dhenbd lar ibdustring gnbd eny fnvh caaghd dawb ib mhbhrng duh ta tfh cnutiabs
surraubdibm tfh prich al aig nbd its hhcts ab gacng ibdustry.
TA LIBD N CZE ® IB YAXP NPHN, \ISITwww.irhe.arm/LibdnCZE
I NE N
CZE
AP, CABTNCT XS?
NE YAXP NSSHT
ZHPLAPENBCH
HVZHPTCHPTILIHD ZPAZHPTY ENBNMHP
®
®
IPHE Fhndqunrthrs43: Bartf Eicfimnb Nvhbuh
Cficnma, IG (6::) 63=-:=:< • (3>0) 309-8 BATICHN@GH TPHBDS
• Tfh \ncnbcy Pnth stn`igizhd YAY virtunggy ubcfnbmhd.
• Gacng hcabaey rhenibhd fhngtfy dhspith dhprhsshd aig prichs
• Tfird & laurtf qunrthr, cabchrbs rash avhr tfh cabtibuhd dhprhsshd aig prichs
• Phbtng rnths rhenibhd fhngtfy ̀ ut bat ibcrhnsibm
• Yhnrhbd cabchrbs al mga`ng hcabaeic cabchrbs nbd bnbcing distrhss `hmnb ta dnephb
`usibhss eaads.
• Tfh strabm daggnr nbd whnk caeeadity enrkhts bhmntivhgy nhct aur ̀ nsh cfheicng
enbulncturhrs.
• Tfhrh whrh ghss eugti-eiggiab daggnr nbbaubchehbts `ut tfhy cabtibuh ta ̀ h nbbaubchd
• Hxpnbdibm ehdicng-faspitng carridars wigg ̀ adh whgg lar tfh gacng hcabaey.
• Ibcrhnshd dhenbd lar ach-wnrhfausibm witf stn`igizhd enthring starnmh ynrds.
• XS ibdustring enrkhts bht n`sarptiab abh al tfh strabmhst ab rhcard, rhmisthribm nt 036.<
esl.
• XS dhenbd lar ibdustring spnch hxphcthd ta caag dawb.
• Tfh mns ta giquids-GBM praohcts caeibm abgibh is S] Gauisinbn nrh lncibm n sauribm nbd ghss
pratn`gh mga`ng trndh enrkht. Tfhy’rh gnrmh scngh gabm rnbmh praohcts `ut hxphbsivh taa.
• Phmiabng ibdustring shrvich chbthrs cabtibuh ta cabsagidnth lncigitihs ubdhr ‗abh raal―.
• Pnrhgy da nby al tfh tngkibm fhnds succhssluggy prhdict wfhrh tfh prich al aig ar mns wigg ma.
Ba`ady cnb rhnggy sny.
• Aig hxpartibm threibngs wigg mraw n bhw ibdustry.
• ^ungity ibcaeh praphrtihs wigg trndh nt gaw CNZ rnths duh ta strabm dhenbd.
0:>8 BATH]APTFY ENOAP ZPAOHCTS NBBAXBCHDHstienthd/Paubdhd Nhctibm tfh Mrhnthr @ntab Paumh ESN Enrkhtpgnch
• Yufunbm Cfheicng - $>.68 ̀ iggiab ehtfnbag caepghx, St. Onehs Znrisf• Lareasn Zhtracfheicngs - $9.4 `iggiab ibdustring caepghx, dawbstrhne cfheicngs,
St. Onehs Znrisf
• Lirst @nuxith - $0:: eiggiab ̀ nuxith prachssibm ibvhstehbt, St. Oafb Znrisf
• Eabsnbta – > @iggiab Hxpnbsiab, St. Cfnrghs Znrisf pgnbt
• Zib Anks Threibngs - $
Hnst @ntab Paumh (/SL) ]hst @ntab Paumh (/SL) Nschbsiab (/SL)
ZPIEH $=.:: - $6.8: $0.:: - $3.:: $4.:: - $8.::
BAB-ZPIEH $3.:: - $4.:: $:.=8 - $0.:: $0.:: - $3.::
I B D X S T P I N G TPHBDS
Z g n t i b u e
S p a b s a r
. ,, ,
..
>@nshd ab gnbd trncts cabsistibm al 0 – >: Ncrhs
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0:>< LAPHCNST
It is iepartnbt ta bath tfnt tfh dntn caepighd ib tfis rhpart nrh lar yhnrhbd 0:>8 nbd `y
tfh tieh yau nrh rhndibm tfis wh nrh fhndibm ibta tfh shcabd qunrthr al 0:>< ns it rhgnths ta tfis entthr.
Fhrh nrh tfh lubdnehbtngs ns wh shh it. Ab tfh mga`ng sidh,
tfh vagueh al caeeaditihs ncrass ngg ibdustrihs cabtibuh
ta `h praduchd nbd eibhd nt ibcrhnsibm neaubts wfigh
tfh trndibm vnguhs nrh nt distrhssibm bue`hrs rhsphctivh ta
faw tfhy’rh prichd. Tfh dihrhbting `htwhhb tfh prich al
aig nbd mns nrh currhbtgy taa cgashgy prichd lar tfh mns nbd
aig hxparthrs ta `h ns pratn`gh ns tfhy hstienthd oust n lhw yhnrs nma. Tfh strabm daggnr
cabtibuhs ta enkh hxpart trndh lar XS caepnbihs ghss caephtitivh. Gac nggy, wfigh tfh cgienth
is bat ns ra`ust ns duribm tfh rhchbt `aae yhnrs, wh da bat hxphct n drnentic sfilt ib hitfhr
dirhctiab ngtfaumf tfh vncnbcy rnth eny tick up sgimftgy. ]h nrh saehwfnt ibsugnthd `y saeh
Ab tfh mga`ng sidh,
tfh vagueh al
caeeaditihs ncrass
ngg ibdustrihs cabtibuh
ta `h praduchd nbd
eibhd nt ibcrhnsibm
neaubts wfigh tfh
trndibm vnguhs nrh nt
distrhssibm bue`hrs
rhsphctivh ta faw
tfhy’rh prichd.
al tfh pitlnggs shhb ib atfhr nrhns `hcnush tfis is n cnpitng city ESN. Fawhvhr, tfis yhnr abh al aur
gnrmhst hepgayhrs, stnth mavhrbehbt, is ib n bnbcing dawbwnrd spirng nbd tfh tnx nbd iblrnstructurh
ibchbtivh pncknmhs tfnt nrh rhspabsi`gh lar pnrtinggy `ribmibm aur nrhn tfhsh eugti-eiggiab-`iggiab
daggnr hxpnbsiabs, npphnr ta `h ib quhstiab.
Tfhrh sfaugd `h hbaumf abmaibm wark ta khhp tfh enrkht stn`gh tfraumf tfh rst fngl al tfh yhnr `ut
hxphct saeh al tfh lrabthbd ibdustrihs, ns ib hxnepgh piph nbd sthhg ln`ricntiab ta lhhg n sgawdawb
ubtig tfh bhxt wnvh al ibdustring praohcts nrh rhghnshd. Cabstructiab bue`hrs wigg `h mrhnthr tfnb
0:>8 duh tfh tfrhh Givibmstab praohcts ngabh (Hpic Ziph, Enrtib @rawhr nbd `hvhrnmh distri`utiab
chbthr) wficf whrh bat phreitthd `y tfh hbd al 0:>8 (48:,:::¾ squnrh lhht).
\ncnbcy rnths wigg gikhgy rhenib ffnt. Tfh enrkht eny `h tippibm sgimftgy tawnrd n thbnbt’s enrkht.
^ungity ibcaeh praducibm ibvhstehbt praduct wigg trndh n gaw CNZ rnths dhspith tfh pathbting alibcrhnshd ibthrhst rnths duh ta tfh gnck al nvnign`igity nbd strabm dhenbd nbd vagntigity ib tfh stack
enrkht.
• Sybmns Hbhrmy- $3= eiggiab aghbs hxpnbsiab – stnrthd 0:><
• Enrtib @rawhr, $0: eiggiab, >::,:::+ sl distri`utiab lncigity witf rnig, Givibmstab Znrisf
• Hpic Ziph, $43 eiggiab, 0::,:::+ sl piph nbd ln`ricntiab lncigity, Givibmstab Znrisf
– sith wark ubdhrwny.
• Ta `h Bnehd, $8 eiggiab, >4:,::: sl wnrhfaush distri`utiab lar n ̀ hvhrnmh caepnby,
Givibmstab Znrisf
I B D X S T P I N G TPHBDS
Z g n t i b u e
S p a b s a r
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8:
Zrheihr Spabsar
0:>< ALLICH TPHBDS CAEEITTHH
@rnbab ]. Zhsbhgg, CCIE, SIAPTPHBDS Sphnkhr @hnu @ax Caeehrcing
Mnry @gnck ]nepagd Caepnbihs
Oabnbb StutzenbTPHBDS CfnirenbBNI Gntthr & @gue
Sabmy Fimfrands
A\HP\IH]?
Tfh @nt ab Pau mh all ich enr kht t atngs nppra xienth gy 8. Fawhvhr, tfh enrkht sgawhdnbd `hcneh lgnt tawnrds tfh hbd al tfh yhnr; n trhbd tfnt fns cabtibuhd ibta hnrgy
0:>8 fns shvhrhgy gieithd tfh bue`hr al bhw thbnbts hbthribm tfh
enrkht. Tfhrh fnvh bat `hhb enby ibdicntiabs tfnt tfh tureaig ib tfh aig enrkhts wigg
crhnth n mgut al su`ghnsh spnch ib @ntab Paumh nt tfis tieh. East `rakhrs fnvh rhparthd
tfnt nctivity fns sgawhd `ut nmrhh tfh avhrngg fhngtf al tfh enrkht is maad ngtfaumf it
eny rhenib lgnt lar tfh rhenibdhr al 0:><
Z g n t i b u e
S p a b s a r
hbvirabehbts, ns hvidhbchd `y tfh cabtibuhd vncnbcy ib buehraus `uigdibms ib aur survhy.
Tfh allich enrkh t fns `hhb cabsid hrn`g y sgawh r ib tfh lirst qunr thr al 0:>< tfnb shhb ib tfh
prhviaus laur qunrthrs. Ns n criticng caepabhbt al aur gacng nbd stnth hcabaey, aig prichs bhhd
ta stn`igizh nbd mraw. Fawhvhr, il bnturng mns prichs rhenib gaw, nctivity ib tfh ibdustring shctar
sfaugd cabtibuh ta drivh dhenbd lar allich spnch, khhpibm aur gacng hcabaey fhngtfy hbaumf
ta hbdurh tfh hxistibm dawbturb.
ALLICH GHNSIBM NCTI\ITY
]itf gieithd spnch aptiabs, bhmatintiabs stigg lnvar tfh gnbdgard ib east su`-enrkhts. Saeh
`uigdibms fnvh `hhb n`gh ta pusf rnths duh ta strabm dhenbd lar gacntiab nbd bhnr`y nehbitih s
Fawhvhr, il nctivity cabtibuhs ta sgaw, tfis trhbd eny ghsshb nbd gnbdgards eny `hcaeh earh
nmmrhssivh ib nttrnctibm thbnbts. Ns it fns `hhb trnditiabnggy ib aur enrkht, cabchssiabs sucf
ns lrhh rhbt, gnrmh thbnbt iepravhehbt nggawnbchs, ar
atfhr ibchbtivhs nrh gieithd. Bntiabng `rakhrs nbd thbnbts
stigg phrchivh @ntab Paumh ta `h n sengg enrkht witf n
phrchivhd pathbting lar bhmatintibm nmmrhssivh dhngs tfnt
ibcgudh n vnrihty al spnch aptiabs. Fawhvhr, tfhy fnvh
quickgy laubd tfnt aur gaw vncnbcy rnths nbd gieithd spnch
aptiabs ghnvh tfhe witf gittgh bhmatintibm raae lar bhw
dhngs ar rhbhwngs.
Tfh n eaubt al s u`ghns h sp nch i b tfh @ntab Paumh enrkh t
did ibcrhnsh sgimftgy, ̀ ut it fns bat nllhcthd rnth s ar dhenbdlar gnbdgard dirhct spnch. Accupnbcy rnths lar tfh >st
^unrthr al 0:>< dhcrhnshd ta 68.=8%, dawb lrae 69.06%
ib 0:>8. Tfh `ugk al tfh dhcgibh cnb `h nttri`uthd ta gnrmh
vncnbcihs crhnthd `y Tfh Ndvacnth rhgacntibm lrae =09:
@guh`abbht ta tfhir bhw fhndqu nrthrs ab Sihmhb Gnbh nbd I@E libngizibm tfhir eavh lrae Hssh b
Chbthr ta tfh C@D. Nvhrnmh quathd rhbtng rnths lar `atf Cgnss N nbd Cgnss @ praphrtihs rhenibhd
virtunggy lgnt. Fawhvhr, saeh Cgnss N gnbdgards witf `uigdibms ib fimf dhenbd gacntiabs whrh
n`gh ta pusf rnths. Ns fns `hhb stnbdnrd ib aur enrkht, gacng gnbdgards fnvh `hhb n`gh ta khhp
thbnbt iepravhehbt nggawnbchs nraubd $>.:: - $0.:: phr squnrh laat phr yhnr al ghnsh thre.
@NTAB PAXMH ALLICH ENPKHT ACCXZNBCY
Bntiabng `rakhrs nbd
thbnbts stigg phrchivh @ntab
Paumh ta `h n sengg enrkht
witf trhehbdaus pathbting
lar bhmatintibm nmmrhssivh
dhngs nbd n vnrihty al
spnch aptiabs.
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80
A L L I C H TPHBDS
Z g n t i b u e
S p a b s a r
CGNSS N & @/C ALLICH ACCXZNBCY
Allich Snghs Nctivity
Sngh nctivity lar gnrmhr nsshts wns sgawhr ib 0:>8 saghgy `hcnush al tfh gnck al nvnign`gh
praphrtihs. ]itf ibthrhst rnths stigg gaw, ibvhstars nrh nctivhgy shhkibm maad appartubitihs,
`ut dhngs nrh vhry gieithd.
0:>8 Batn`gh trnbsnctiabs ibcgudhd tfh laggawibm?
Nehdisys sagd its Sfhrwaad Larhst @aughvnrd
fhndqunrthrs `uigdibm ta tfh Lrnbciscnb Eissiabnrihs
al Aur Gndy Fhngtf Systhe lar $0: eiggiab. Gacnthd
nt 8989 Sautf Sfhrwaad Larhst @gvd., Nehdysis
purcfnshd tfh >>:,:::-squnrh-laat sith lar $4.0eiggiab ib 0::8. Tfh `uigdibm fnd gabm snt vncnbt
ns tfh larehr Scfwhmenbb’s Suphrenrkht wfhb
Nehdisys endh tfh dhcisiab ta purcfnsh it ns its
prienry carparnth allichs, sphbdibm shvhrng yhnrs nbd
shvhrng eiggiab daggnrs rhbavntibm tfh lncigity. AGAG’s
cabtibuhd mrawtf ib tfh rhmiab wns tfh prienry
Tfh `uigdibm fnd
gabm snt vncnbt ns tfh
larehr Scfwhmenbb’s
Suphrenrkht wfhb
Nehdis ys end h tfh
dhcisiab ta purcfnsh it ns its
prien ry car parnth allichs ,
sphbdibm shvhrng yhnrs
nbd shvhrng eiggiab daggnrs
rhbavntibm tfh lncigity.
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A L L I C H TPHBDS
Z g n t i b u e
S p a b s a r
drivhr lar its purcfnsh al tfh `uigdibm. Nehdisys wigg rhgacnth its allichs ta gacntiab ab
Nehricnb ]ny all Caurshy @gvd.
N mraup al gacng ibvhstars purcfnshd @guh`abbht Chbtrh nt 9>:: @guh`abbht Chbthr
@gvd. ib hnrgy Acta`hr lar $9.88 eiggiab. Tfh ibvhstars, tfraumf nb GGC, purcfnshd tfh
=:,8::-squnrh-laat praphrty lrae n mraup al Eississippi nbd Ngn`nen ibvhstars, wfa fnd
awbhd it sibch 0::>. Tfh `uigdibm wns >::% accupihd nt tfh tieh al tfh sngh.
4::: Sfhrwaad allich `uigdibm sagd ib Onbunry 0:>8 lar $6,>8:,:::. Tfh praphrty wns
98% accupihd nt tfh tieh al sngh. 4::: Sfhrwaad fns gabm `hhb cabsidhrhd tfh gabh
Cgnss N allich `uigdibm ib tfh Sfhrwaad Larhst @gvd allich su`enrkht.
Sfhrwaad Anks Allich Znrk sagd lar nb ubdiscgashd neaubt Enrcf 0:>8. N mraup al Bhw
Arghnbs ibvhstars ncquirhd Sfhrwaad Anks Allich Znrk nt 4384 S. Sfhrwaad Larhst @gvd.lar nb ubdiscgashd prich lrae tfh Ntgnbtn-`nshd ibvhstehbt mraup tfnt fns awbhd it
sibch 0:>3. Sfhrwaad Anks is n laur-`uigdibm allich pnrk witf earh tfnb >:>,::: squnrh
lhht al spnch ab =.3 ncrhs bhnr tfh ibthrshctiab al Sautf Sfhrwaad Larhst nbd Caurshy
`aughvnrds.
Nt Bhimf`ars wh
ubdhrstnbd tfnt
yaur `usibhss is
earh tfnb oust n oa`.
Cabtnct us tadny lar
iblarentiab ab wfnt
wh cnb da lar yau
nbd yaur `usibhss.
SHNGY & CAEZNBY >8: Onehs Drivh Hnst, Suith >4:
St. Pash, Gauisinbn =::6=
@P? 008.=>44> Ibdustripghx @aughvnrd
3,0:: s.l., 3,39: s.l., 3,: s.l
@ntab Paumh 8 - Allich
>>0:: Ibdustripghx @aughvnrd >,9>3 s.l. up ta 40,388 s.l.
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8<
A L L I C H TPHBDS
Z g n t i b u e
S p a b s a r
Ncndinb/Cagghmh Dawbtawb
SfhrwaadLarhst
Hsshb/@guh`abbht
0:>0 $0>.>9 $0>.6.8: $0:.:4
0:>3 $0>.63 $0>.=8 $>6.9.9<
0:>4 $00.39 $0>.=8 $>6.9.>8 $00.40
0:>< $00.>: $03.09 $>9.>8 $00.:.::
$>8.::
$0:.::
$08.::
Z r i c h p h r S L
CGNSS N ALLICH N\HPNMH PHBTNG PNTH ZHP SL 0:>0-0:><
CGNSS @/C ALLICH N\HPNMH PHBTNG PNTH ZHP SL 0:>0-0:><
Bntiabng Phncf. Strabm Mrawtf. Gacng Hxphrtish.
Tnkibm caggn`arntiab ib caeehrcing rhng hstnth
ta n wfagh bhw ghvhg.
8 www.svbm
Hncf alch ibdhphbdhbtgy awbhd nbd aphrnthd.
Discavhr tfh S\B Dillhrhbch.
DABNTA EXCCINCCINPA
@HB MPNFNECCIE
@PXCH ECBHNGMS@@, CEC
CNEE EAPTAB OAHY CNBHGGNOXSTIB GNBMGAISCCIE
KNTFPYB M. OXBHNX
STNCY PAYHP STH\H MPHHP
DNBBY G. ]NTTS ZHTHP DXENIBH
STH\H GHMHBDPHCCIE
TAEEY ZNPSABS
TPAY @XPTAB TPAY CAGGIBS
PYNB LPXMH
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86
ALLICH ENPKHT ACCXZNBCY
Tfh @nta b Paumh al lich enrk ht tatn gs npprax ienth gy < fns `hhb sgaw nbd gacng `rakhr s nrh rhpartibm
gieithd sfawibms nbd nctivity. Iepravhehbt ib tfh phtra-cfheicng nbd cabstructiab
enrkhts sfaugd fhgp dhenbd lar allich spnch. ]h hxphct tfh enoarity al nctivity ta caeh
lrae hxpnbsiabs nbd rhgacntiabs lrae witfib aur enrkht.
Twhbty Bibh
(09) @uigdibms
==.63% Accupnbcy Tfirty Shvhb (3=) @uigdibms 9:.:6% Accupnbcy
@NTAB PAXMH ALLICH ENPKHT - ENPCF 0:><
citizhbs`nbknbdtrust.cae
ib Caeehrcing Phng Hstn
Sibch >
Nt Citizhbs, wh fnvh ̀ uigt n rhputntiab ab ̀ hibm ̀ usibh
`nbkhrs wfa nrh ngsa hxchptiabng ̀ usibhss pnrtbhrs wit
aur cgihbts.
Tfis is hsphcinggy truh wfhb it caehs ta enkibm caee
rhng hstnth ganbs lar n widh vnrihty al rhnsabs, usibm
lghxi`igity ta fhgp aur custaehrs rhncf tfhir mangs.
Tfh phrsabng shrvich wh dhgivhr is prhtty rhenrkn`gh, ta
il wh sny sa aurshgvhs.
@usibhss @nbkhrs.@usibhss Znrtbhrs.
Mwhb Cnbmhgasi\ich ZrhsidhbtmcnbmhgasiJc`tgn.cae
Oie Zurmhrsab, CCIEShbiar \ich Zrhsidhbt
opurmhrsabJc t̀gn.cae
Pynb Hggiatt, CCIE\ich ZrhsidhbtrhggiattJc`tgn.cae
@raaks GhwisShbiar \ich Zrhsidhbt`ghwisJc`tgn.cae
Zhthr Fhbry, III\ich ZrhsidhbtpfhbryJc`tgn.cae
Knrhb Yabts\ich Zrhsidhbt-Zhrkibs @rnbcf Emr.kyabtsJc`tgn.cae
Eicfnhg Dabnfuh\ich Zrhsidhbt-@usibhss @nbkibmedabnfuhJc`tgn.cae
Gigginb Mrassghy\ich Zrhsidhbt-@usibhss DhvhgapehbtgmrassghyJc`tgn.cae
Dinbn ]hhes\ich ZrhsidhbtdwhhesJc`tgn.cae
]h’rh enkibm ganb
A L L I C H TPHBDS
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<
NCNDINB/CAGGHMH
@XIGDIBM CGNSS S^XNPH
L HHT A CCXZ IHDACCXZNBCY
PNTH PNTH SX@GHNSH
< EABTFSZHBDIBM
Ncndinb Chbtrh N =4,869 =4,869 >::.::% $0>.:: : :
CitiZgnch Chbtrh I (Fnbcack @nbk @uigdibm J CitiZgnch) N 60,:03 =6,84> 98.=8% $03.:: : :
CitiZgnch Chbtrh II N 3>,8>< 3>,8>< >::.::% $00.:: : :
CitiZgnch Chbtrh III (Tfh @nbcarp @nbk Chbthr J CitiZgnch) N 40,0>,::: >0>,::: >::.::% $0:.:: : :
Carparnth Ntriue N =::.::% $00.:: : :
Phpu`gic Libnbch N 0=,::: > 6,::: .8: : :
I@E N >4:, >34,364 98.84% $3:.:: : :
>,8>>,34< >,3: >90,::.::% $>9.8: : :
VII Xbithd Zgnzn N >84,::: >84,::: >::.::% $04.:: : :
@guh`abbht Chbtrh N =>,,::.::% $04.:: : :
Gauisinbn Scfaag Hepgayhh Phtirhehbt N >>0,083 >>0,083 >::.::% B/N : :
Onca`s Zgnzn N >90,90,::.::% B/N : :
Sfnw N 04:,::: 04:,::: >::.::% B/N : :
Zhrkibs Pawh N >06.8: : :
04>,369 03=,9.>8 : :
TATNG
ibms NPHN CGNSS S^XNPH
LHHT ACCXZIHD
ACCXZNBCYPNTH
PNTH S X@GHNS H < EABTFS
ZHBDIBM
NCNDINB/CAGGHMH N < 0>,3=< 898,90: 98.9:% $00.>: >,34< >,3,4 =0,::: >=0,::: >::.::% $9.9> :
0 Phbnissnbch ]hst @ 8:,::: : :.::% $>3.:: :
3 Mrns Tawb Zgnzn @ 3:,::: 06,8:: 98.::% $>::.::% $>8.8: :
< 339 Lgaridn @ 4 4,804 44,804 >::.::% $>
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A L L I C H TPHBDS
Tfursdny Eny 8, 0:>0?:: ZE ta 8?:: ZE Cfhck ib lar Cablhrhbch, Fathg Cfhck ib nt 4?:: ar hnrgihr il Paae nvnign
>?3: ZE ta 8?3: ZE CCIE >:>, >:3, nbd >:4 Phlrhsfhr Picfnrd Oumh, Zius Ghubm, Knrg Gnbdrhbhnu
8 NE ta 6?>8 NE @rhnklnst
6?>8 NE Ibtraductiab nbd ]hgcaeh Knrg Gnbdrhbhnu
6?0: NE Cnptnib @rhtt Zngehr, Cngcnsihu Pivhr Zigats Nssacintiab
9?:8 NE >:3> Tnx Dhlhrrhd Hxcfnbmhs, Sphnkhr T@N
9?8: NE Dr. @igg Migehr, Dirhctar, Ibstituth lar Phmiabng Larhcnstibm, C.T. @nuhrCagghmh al @usibhss, Xbivhrsity al Faustab
>:?3: NE Fathg Cfhckaut
>>?:8 NE Dr. Oie Dubcnb, Dirhctar, Caeeadity Enrkht Phshnrcf, Cabaca Zfiggips
>0?:: ZE @rakhr Znbhg nbd Gubcf
Eadhrntar
Faustab AffichFaustab IbdustringGnlnyhtth Enrkht@P/BAGN Pivhr carridar
>?>8 ZE Ndoaurbehbt
0?:: ZE Aptiabng Ndd-ab? Magl nt tfh Magdhb Bummht lar $69.Zghnsh henig Cfnrgatth Dnvis nt CdnvisJmbgce.cae ta ̀ aak yaur thh tie
nbd ehbtiab ib yaur henig tfnt yau nrh witf tfh CCIE Hbhrmy Cablhrhbc
Nmhbdn
Ntthbdhhs wigg bhhd ta cngg Magdhb BuGnkh Cfnrghs nt 644-===-MAGD lar tfmraup rnth al $>49.:: pgus.
Ta mht tfis mraup rnth, cngghrs bhhd tarhquhst tfh ‗GN nbd Faustab CCIE CHbhrmy Cablhrhbch―
Paae @gack Hxpirhs Nprig >8, 0:>.4848gncciecfnpthrJccie.bht
Y
Y
Y
Y
K
Lar Cgnss N & @/C @uigdibms
Tfursdny, Enrcf :3, 0:><
NPHNC GN SS S X̂ NP H L HH T A CC XZ IH D
ACCXZNBCYPNTH PNTH SX@GHNSH ZHBDIBM
> NCNDINB/CAGGHMH N & @/C =:6,988 < 6=.09.:6 : :
>
ACCXZNBCY %
Spribm 0:>0
ACCXZNBCY %
Spribm 0:>3
ACCXZNBCY %
Spribm 0:>4
ACCXZNBCY %
Spribm 0:>8
ACCXZNBCY %
Spribm 0:><
NCNDINB/CAGGHMH N & @/C 93.40% 6=..48% 9>.8:% 9>.:>% 93.
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PHSIDHBTING TPHBDS
C . O . @ P A ] B P H N G T A P S
0:><
Z g n t i b u e
S p a b s a r
< PHSIDHBTING TPHBDS CAEEITTHHPicfnrd FnnshTPHBDS Sphnkhr Gntthr & @gue, Ibc., Zrhsidhbt
Dhbish Gibscae`hThrry Litzpntrick Gntthr & @gue, Ibc.
TPHBDS Znbhgist? Bhw FaehsCaeeubitihs
Cntfy Cusienba, N@P, hZPA, MPIC.O. @rawb Phngtars
HVHCXTI\H SXEENPY
Phsidhbting enrkhts fnvh sfawb ndditiabng mnibs duribm tfh pnst twhgvh eabtfs.
Ibthrhstibmgy, n`aut =8% al tfh snghs vagueh mnibs cneh lrae fimfhr ubit snghs tfis
yhnr nbd n`aut 08% al tfh ibcrhnshd vagueh cneh lrae sngh prich ibcrhnshs. East
waugd nmrhh tfnt wh nrh cabtibuibm ta eavh ibta n earh barengizhd enrkht al suppgy
nbd dhenbd tfraumfaut ngg Mrhnthr @ntab Paumh. Abch nmnib tfis is caepghthgy ib gibh
witf hxphctntiabs lar n enrkht tfis sizh nlthr shvhrng yhnrs al vhry strabm mrawtf. Tfh
Phsidhbting Phng Hstnth enrkhts nrh hnsihst ta ubdhrstnbd wfhb gaakhd nt tfraumf tfh
ghbs al Suppgy nbd Dhenbd nbd tfh larchs nllhctibm `atf.
SXZZGY N\NIGN@GH IB\HBTAPY
Khhpibm ib eibd tfnt nvnign`gh ibvhbtary ghvhgs (suppgy) nrh hsshbtinggy n sbnpsfat al
tfh bue`hr nbd qungity al praphrtihs nvnign`gh ib tfh enrkht ab n mivhb dnth. N maad
enby vnrin`ghs cnb iepnct tfh yhnr avhr yhnr caepnrisabs. Baw, nt tfh `hmibbibm al
0:>< wh waugd gikh ta cabvhy n shbsh al cabtibuhd rhductiab ib nvnign`gh rhsidhbting
praphrtihs lar sngh. Tfis rhductiab al ibvhbtary is duh ta lhwhr praphrtihs caeibm ta
enrkht, nbd n lnsthr n`sarptiab al tfnt ibvhbtary tfnb wns tfh cnsh gnst yhnr. Duribm
tfh phriad `htwhhb Enrcf >st 0:>4 - Lh`runry 06tf, 0:>8, praphrty shgghrs gisthd lar
sngh $3,38st 0:>8 - Lh`runry 06tf, 0:> eabtfs al ibvhbtary
ab enrkht. @y caepnrisab, gnst yhnr nt tfis sneh tieh wh fnd 4.8 eabtfs al ibvhbtary...n 3>%
dhcgibh ib abh yhnr.
Tfis sfar tnmh al ibvhbta ry is baw caeea b pgnch bat abgy fhrh ib Mrhnt hr @ntab Paumh , `ut
tfraumfaut east al Gauisinbn nbd tfh XSN, ns whgg. Kh hp ib eibd tfnt vnrin`ghs gikh paar whntfhr,
wfhrh fagidnys lngg ab tfh cnghbdnr, nrtilicing stieugnbts sucf ns mavhrbehbtng tnx ibchbtivh ta
`uy htc., cnb ngg pgny ibta tfh shnsabngity al tfis ibvhbtary caeibm ta enrkht.
Tfh sc nrch i bvhbtar y enrk ht is ` hibm `r aumft ab `y n vnriht y al ln ctar s. Du ribm t fh pns t 6 yh nrs,
eiggiabs al faehawbhrs rhlibnbchd tfhir eartmnmhs ta su` 3.8% ibthrhst rnths nbd pnid lhhs
ta da sa. Ns tfh eartmnmh ibthrhst rnths ibcrhnsh it ndds ta tfh cast al ‗eavibm up― nbd cnb
rheavh saeh shgghrs (nbd tfhrhlarh fausibm ibvhbtary) lrae tfh enrkht. Nbatfhr dhthrrhbt ta
ibvhbtary caeibm ta tfh enrkht is tfh stnth al tfh hepgayehbt picturh. Tfh hbhrmy shctar issullhribm mrhntgy lrae tfh drnstic dhcgibhs ib aig nbd mns prichs. Ns aig shr vich hepgayhrs fnvh nrh
ndoustibm tfhir `usibhsshs ta tfh bhw rhngity al lhwhr cabtrncts nbd gawhr ibcaeh, gnyalls nrh ib
tfh bhws whhkgy. Siepgy put, phapgh dab’t enkh n eavh, ubghss tfhy n`saguthgy eust, wfhb tfh
luturh al tfhir oa` is quhstiabn`gh. Gnst paibt ab tfh ‗shgghr sgaw dawb― is tfh stnth’s hcabaeic
ubchrtnibtihs, fimfhr snghs tnxhs htc., tfh tfrhnt al gass al cagghmh tuitiab scfagnr- sfips nbd tfh
stnth dhlicit cnsts n pngg avhr tfh enrkht wficf rhsugts ib lhwhr faehawbhrs caeibm ta tfh
enrkht ta trndh up ta tfhir bhxt faeh.
Aur nmhbts cabtibuh ta hxphrihbch eugtipgh allhrs ab bhwgy gisthd praphrtihs nt n rnth eucf
fimfhr tfnb ib prhviaus yhnrs. Al caursh, tfis caephtitivh purcfnsibm situntiab is strabmhr ib
saeh enrkhts tfnb atfhrs, `ut avhrngg it fns ibcrhnshd su`stnbtinggy. Aur `usihst nmhbts nrh
shhibm eugtipgh allhrs ab tfhir fimfhst qungity gisthd praphrtihs nbd gikhwish ab praphrtihs lar
wficf tfhy nrh bhmatintibm ab `hfngl al tfhir `uyhr cgihbts. Tfh hllhct ab pricibm is hvidhbt taa.
ENPKHT BATH
]figh ibdividung bhimf`arfaads vnry, tfh hbtirh Mrhnthr @ntab Paumh Enrkht, fagds 3.> eabtfs
al nctivh ibvhbtary ̀ nshd ab tfh r nth al bhwgy phbdibm snghs. N ‗Shgghr’s Enrkht― is usunggy dhlibhd
ns nby enrkht wficf fagds ubdhr tfrhh eabtfs al nvnign`gh fausibm ibvhbtary. Tfh enrkht is
sittibm ab tfh gibh `htwhhb n bareng enrkht nbd n lugg `gawb shgghr’s enrkht. Ibvhbtary sfartnmh
ib n saumft nlthr bhimf`arfaad crhnths scnrcity. Scnrcity ibcrhnshs tfh caephtitiab lar shghct
praphrtihs nbd tfis ib turb, ghnds ta prich ibcrhnshs. Ns prichs ibcrhnsh ib tfhsh bhimf`arfaads,
dhenbd sfilts ta atfhr bhimf`arfaads nbd tawbs. Nb ibcrhnsibm bue`hr al caeeubitihs nbd
prich rnbmhs nrh `hibm gn`hghd ns `hibm ib n ‗Shgghr’s Enrkht―. Cabvhrshgy n ‗@uyhr’s Enrkht― is
n enrkht wficf fagds avhr six eabtfs al nvnign`gh fausibm ibvhbtary. N enrkht wficf fagds
`htwhhb tfrhh nbd six eabtfs al nvnign`gh fausibm ibvhbtary is n enrkht ib hquigi`riue ib wficf
suppgy nbd dhenbd nrh ib `ngnbch.
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8 SNGHS \AGXEH
Nlthr ibcrhnsibm >9% duribm 0:>3 nbd 4, tatng snghs vagueh lar t fh Mrhnthr
@ntab Paumh Eugtipgh Gistibm nrhn ibcrhnshd abch nmnib `y raumfgy >>% duribm 0:>8.
Dhenbd lar Mrhnthr @ntab Paumh fausibm is vhry fimf. Lnctars wficf fnvh nllhcthd tfis
ibcgudh Mrhnthr @ntab Paumh’s succhss ib cnptur ibm n disprapartiabnthgy fimf phrchbtnmh
al tfh bhw oa`s crhnthd ib Gauisinbn, avhrngg fausibm nllardn`igity (gnrmhgy duh ta vhr y gaw
cast al eartmnmh libnbcibm), tfh rhgntivhgy fimf cast al rhbtibm vs awbibm nbd phrfnps
east iepartnbtgy tfh rnth al bhw faushfagd crhntiabs ghndibm ta phbt up dhenbd. Tfh
0:>8 snghs vagueh phrlarenbch enrks tfh liltf strnimft yhnr al ibcrhnsibm snghs vagueh
laggawibm laur yhnrs al dhcgibh lrae 0::= tfraumf 0:>:.
Lnctars nllhctibm dhenbd lar tfh rh enibdhr al 0:>< nbd 0:>= wigg `h; CHA nbd Cabsuehr
cablidhbch rhgnthd ta oa`s - aig nbd mns nbd stnth `udmht crisis rhsagutiab. Atfhr issuhswh nrh trnckibm; avhrngg fausibm nllardn`igity, ibcaeh mrawtf nbd tfh nvnign`igity al
libnbcibm/crhdit lar faeh eartmnmhs. Ph mnrdibm fausibm nllardn`igity, dhspith yhnr avhr
yhnr prich ibcrhnshs, fausibm nllardn`igity rhenibs nt bhnr rhcard fimfs. Tfh ehdinb
ibcaeh ib tfh Xbithd Stnths is stigg ngeast twa tiehs tfh ibcaeh bhchssnry ta qungily
lar tfh ehdinb prichd faeh eartmnmh. Ibcaeh rhgntivh ta cast al fausibm is stigg vhry
strabm nbd bhnr rhcard fimfs. Bhxt, avhr tfh pnst bibh yhnrs faeh `uyhrs fnvh `hhb
tfh `hbhlicinry al hxtrhehgy gaw ibthrhst rnths. Eiggiabs fnvh `aumft bhw ar rhlibnbchd
eartmnmh ganbs nt fistaricnggy gaw ibthrhst rnths. Sfaugd tfh ibthrhst rnths rish, nbd wh
`hgihvh tfnt tfh Lhdhrng Phshrvh wigg cabtibuh ab n sthndy caursh al ibcrhnsh s, tfhrh wigg ̀ h
n systheic drnm ab tfh eavh up fausibm enrkht. Tfh eavh up enr kht cabsists al currhbt
faeh awbhrs wfa waugd gikh ta shgg tfhir praphrty nbd `uy tfhir bhxt. Il tfh ibthrhst rnth
dillhrhbting ibcrhnshs duh ta risibm rnth s tfh casts ta ea vh up wigg `h prafi`itivh nbd sgaw
tfnt shmehbt al tfh enrkht drnenticnggy.
ZPICH NZZPHCINTIAB
Mrhnthr @ntab Paumh nvhrnmh snghs prich libisfhd 0:>8 nt n twhgvh yhnr (nbd phrfnps ngg
tieh) fimf al $0>9,:::. Tfis 0.=% nvhrnmh sngh prich ibcrhnsh is tfh sixtf strnimft yhnr avhr
yhnr ibcrhnsh. Tfh cae`ibhd twa yhnr snghs prich ibcrhnsh lrae $>99,343 ta $0>=,>:: is
gikhgy n sustnibn`gh rnth (4.9% phr yhnr) eavibm larwnrd. Phng Hstnth prnctitiabhrs kbaw
tfnt tfis rnth al npprhcintiab is hbaumf ta nssurh tfnt n bhw purcfnshr/awbhr al Phng
Hstnth ncfihvh n rhnsabn`gh yhnr avhr yhnr ibcrhnsh ib praphrty vnguh. Sfaugd n purcfnshr
al rhsidhbting Phng Hstnth shgg tfh praphrty witfib tfrhh ta laur yhnrs nlthr purcfnsh, tfhy
wigg gikhgy `h n`gh ta da sa nt n libnbcing `rhnk-hvhb nlthr hxphbshs. Ib ndditiab, tfis ghvhg
al npprhcintiab typicnggy wigg bat prich `uyhrs aut al n mivhb enrkht nrhn ar simbilicnbtgy
ghsshb dhenbd.
P H S I D H B T I N G TPHBDS
Z g n t i b u e
S p a b s a r
]fhb yau ush n C.O. @rawb PHNGTAPS Nmhbt ta ̀ uy ar shgg
Phng Hstnth, yau pnrticipnth ib aur eissiab al `uigdibm n strabmhr
caeeubity. ]h dabnth aur tieh nbd rhsaurchs ta St. Oudh Cfigdrhb’s
Phshnrcf Faspitng, Eimfty Eaes, Xbithd ]ny, gacng fimf scfaag
ntfghtics, Oubiar Ghnmuh, Cntfagic Cfnritihs nbd atfhrs ib aur
caeeubity. Cfaash ta da ̀ usibhss witf n caepnby wfash Nmhbts
nrh bat abgy caeeitthd ta hxchgghbch, ̀ ut nrh ngsa cfnepiabs al
mrhnthr cnushs.
PHNGTAPS®
Sibch >9>=
(64 Zhrkibs Pand, Suith 0::@ntab Paumh, GN =:6:6
(008) =8::
CO @rawb - Sfhrwaad Larhst
3:09 S. Sfhrwaad Larhst @gvd.,Sth. 0::, @ntab Paumh, GN =:6><
(008) 090->:::
CO @rawb - Givib
038: S. Pnbmh NDhbfne Spribms, G
(008) =9>->
]FHB YAX DA @XSIBHSS ]ITF XSYAX @XIGD N STPABMHP CAEEXBIT
Givh, Zgny, Sfap... Yaur Gilh Siepgilihd!GATS BA] N\NIGN@GH, Stnrtibm nt $40,
Cngg - 008.3>=.906: ar 008.090.>::: lar earh
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ENPKHT A\HP\IH]
Tfh d ntn i bcgudh s ngg snghs rhpar thd ta t fh Mr hnthr @ntab Paumh Eugtip gh Gi stibm Shrv ich
wficf ibcgudhs Hnst @ntab Paumh, ]hst @ntab Paumh, Givibmstab, Nschbsiab, I`hrviggh,
Zaibth Cauphh, Hnst Lhgicinbn nbd ]hst Lhgicinbn Znrisfhs. Gnst yhnr, tfhrh whrh
nppraxienthgy $0.> `iggiab snghs rhparthd ta tfh Mrhnthr @ntab Paumh Eugtipgh Gistibm
Shrvich `y n ehe`hrsfip al avhr 0,0-eabtf `nsis. ]fhb
tfh yhnr 0:>8 is rhlhrhbchd `hgaw, it ehnbs Enrcf, 0:>8 - Lh`runry, 0:>4 ta 0:>< ibdicnthd tfnt lrae Enrcf al 0:>8 ta Lh`runr y
al 0:>4 nbd 0:>8 witf 6,6=: nbd 6,689 rhsphctivhgy. Hxchpt lar tfh t wa yhnrs 0::8/0::< (tfh
Kntribn nbaengy) tfis is tfh fimfhst bue`hr al snghs ib twhgvh yhnrs.
Tatng snghs vague h rash nppra xienth gy ta $0,:9 8 lrae npprax ienthg y
$>,669,:::,::: ib 0:>4 nbd $>,=3. Tfis rhprhshbts nb ibcrhnsh ib tatng
P H S I D H B T I N G TPHBDS
Z g n t i b u e
S p a b s a r
snghs vagueh al >>% witf 6% al tfnt mnib caeibm lrae fimfhr ubit snghs nbd 3% caeibm lrae
fimfhr nvhrnmh snghs prich.
Tfh nvh rnmh d nys ab enrkh t (DAE ) lhgg l rae 63 ib 0:>4 ta =< ib 0:>8 , ar n 6.8% rhduc tiab ib tfh
tieh it tnkhs ta mht n praphrty sagd. Tfh eabtfs al ibvhbtary dhcrhnshd lrae 4.8: ib 0:>4 ta
3.> eabtfs al ibvhbtary ib 0:>8 rhprhshbtibm n 3>% dhcrhnsh. Ib sueenry, tfh hbtirh enrkht
hxphrihbchd nb ibcrhnsh ib vagueh nttri`utn`gh gnrmhgy ta nb ibcrhnsh ib tfh bue`hr al faehs
sagd. Tfh ibcrhnshd dhenbd fns fhgphd pusf prichs fimfhr.
–
Dnth >0/>4 >/>8 0/>8 3/>8 4/>8 8/>8 8 =/>8 6/>8 9/>8 >:/>8 >>/>8 >0/>8 >/><
Lar Sngh 3 88= 34 4 3: 69
Bhw Gistibm = 08 >: 49 996 > 00 3 > >3 > > 00< >3 4< > 098 > >> : > :6 = >:: 3 = 64 = 46 >: :9
Sagd =:= 808 0 6== >:3= 969 94< 66= =93 8 .6 0> .> 00 .3 0 =.8 0 =. 6 06. 0 0< .> 0 =.> 0 8.8 0 >.8 0 0. 9 >6. 3 0:. 3 0< .=
–
Dnys ab Enr-
kht 6= 9: 63 69 63 9= > 09 > 0: > >4 >>3 >>0 =: 63 =9
Ehdinb >=9 >== >6= >64 >9: >9> >90 >9: >68 >6= >6: >68 >66 >=9
>8 EABTF ENPKHT SYBAZSIS EABTF @Y EABTFNGG ZPAZHPTY TYZHS, NGG M@P NPHNS
Currhbt Tieh Zhriad Caepnrisabs Gistibm nbd Snghs Nctivity - Currhbt Zicturh Phsidhbting Xbit Snghs –- Ngg @ntab Paumh, Ngg Ph
ting Zraphrtihs
Cur-
rhbt
Eabtf
0/0:>
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Gnst
Eabtf
>/0:>
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%
Cfnbmh
Cur-
rhbt
Eabtf
0/0:>
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Sneh
Eabtf
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0/0:>
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Cfnbmh
Currhbt
9: Dny
Zhriad
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9: Dny
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nma
>0/0:>4
ta
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%
Cfnbmh
Lar
Sngh3:6= 3:69 :.:% 3:6= 34 939: >:463
Sagd :.6%
0:%09%
8.0%
0:.=%
CXPPHBT TIEH ZHPIAD CAEZNPISABS GISTIBM & SNGHS NCTI\ITYCXPPHBT ZICTXPH PHSIDHBTING XBIT SNGHS, NGG @NTAB PAXMH, NGG PHSIDHBTING ZPAZHPTIHS
@PNBDAB N@IDIB008-6>:-406=
BEGS ID # >89>4
̀ rnbdabJibthggimhbt-eartmnmh.cae
www.ibthggimhbt-eartmnmh.cae
NSK N@AXT AXP 0:>< ZXPCFNSH DHNDGIBH MXNPNBTHHNZZGY BA] TA MHT ZPH-^XNGILIHD - Cngg Tadny! 008-6>:-406=
@ntab Paumh’s Lnsthst MrawibmEartmnmh Caepnby
◁ >::% Ganb Ta \nguh witf 86: LICA ab XSDN Ganbs◁>::% Ganb Ta \nguh ab \N Ganbs ta 8:: LICA◁9
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=:
ENOAP ENPKHT SHMEHBTS
Tfh Mrh nthr @nt ab Paum h enrkh t cabti buhs ta ` h daeibnt hd `y tfrh h pnrisf hs? Hns t @ntab
Paumh, Givibmstab, nbd Nschbsiab. Nmnib tfis yhnr, avhr 9>% al tfh snghs rhparthd ta EGS
taak pgnch ib tfhsh tfrhh pnrisfhs. Hncf enrkht shmehbt wns nbngyzhd shpnrnthgy.
HNST @NTAB PAXMH
Hnst @ntab Paumh Znrisf cabtibuhs ta `h tfh `hggwhtfhr enrkht lar ngg al Mrhnthr @ntab
Paumh. Nlthr n lgnt snghs ubit yhnr avhr yhnr mrawtf rhsugt ib 0:>4 tfh tatng bue`hr al
0:>8 Hnst @ntab Paumh snghs ibcrhnshd 9% ta 8,088. Tfh rubbibm tfrhh yhnr nvhrnmh ubit
snghs mrawtf rnth is rimft nt =.3%.
Ibvhrshgy ta gnst yhnr, wfhb snghs mrawtf wns drivhb `y nvhrnmh snghs prich ibcrhnsh, tfis
yhnr ubit snghs dravh tfh rhsugts witf nb ibcrhnsh al 9% (avhr 43: ndditiabng snghs). Xbits
nbd Snghs Zrich ibcrhnshs cae`ibhd ta gilt Hnst @ntab Paumh cgashd snghs vagueh rhsugts
`y >:% ta $>,>0:=,3=3,0 yhnrs. Tfis sphnks ta tfh ubdhrgyibm avhrngg dhenbd lar fausibm; bhw faushfagd
crhntiab, nllardn`igity nbd up ubtig baw, strabm hcabaey nbd CHA/cabsuehr cablidhbch.
P H S I D H B T I N G TPHBDS
Mrid `hgaw dhpicts cfnbmhs lrae 0::4 ta 0:>< tfraumfaut Mrhnthr @ntab Paumh
Sibmgh Lneigy, Cabdaeibiues nbd Tawb Faehs
Cfnbmhs lrae 0::4 - 0:><
Lurbisfhd Eadhgs Aphb >-<
Ab @guh`abbht bhnr Bic
www.prhshrvh`r
G X S F Z N P K | C G X @ F A X S H | Z A A G & Z N \ I G I A B S | E I G H S A L T P N I G S | F A E H S L P A E 3 9 : s | T A ] B F A E H S
Cntfy Cusienb
008-4>3-
008.=8::
N ]nepagd/Lhtzhr Dhvhgapehbt
N Bhimf`arfaad wfhrhis yaur Bhimf`ar Bnturh
Th Zrhshrvh nt Fnrvhstab
fns ngeast >:: rhsidhbt fae
witf 33 earh custae fa
vnriaus stnmhs al caepgh
]h ibvith yau ta caeh hxp
Th Zrhshrvh nt Fnrvhs
MP
@
N
T
A
B
B
•
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=0
P H S I D H B T I N G TPHBDS
Z g n t i b u e
S p a b s a r
NSCHBSIAB
Surprisibmgy Nschbsiab Znrisf hxphrihbchd n sgimft dhcgibh ib yhnr avhr yhnr ubit snghs lrae >,=>9
ta >,=:= ar n`aut ->%. Nvhr- nmh snghs prich ibcrhnshs sfarhd up tfh vagueh wficf ncfihvhd nb
ibcrhnsh lrae $3=4,:=:,484 ta $4:>,9.0=% ib 0:>4 ta 3% ta =>. Currhbtgy nvnign`gh ibvhbtary lhgg `y 00.84% lrae 48= faehs
nvnign`gh lar sngh ib 0:>8 ta 384 ib 0:>.6 eabtfs al stnbdibm ibvhbtary. Tfis ghvhg is n mhbuibh cabstrnibt ta tfh enrkht nbd is
rhlghcthd ib tfh dhcgibh ib yhnr avhr yhnr ubit snghs. Gnck al ibvhbtary is n pra`ghe lar `uyhrs ibNschbsiab pnrisf.
Snghs ib Nschbsiab Znrisf rhenib simbilicnbtgy fimfhr tfnb prh-Kntribn ghvhgs ib `atf ubits nbd
snghs vagueh. Nvhrnmh snghs prich rash `y 6.0>% nbd ta $038.4==.::, n twhgvh yhnr (nbd phrfnps
ngg-tieh fimf).
Tfh mrid `hgaw rhlghcts enrkht dntn lar Nschbsiab Znrisf lrae Enrcf al 0::4 ta Lh`runry al 0:><
nbd is `nshd ab Sibmgh Lneigy, Cabdaeibiues nbd Tawbfaehs.
. NSCHBSIAB
HNST @NTAB PAXMH
Nvhrnmh sngh prich fns rishb lrae $0:9,>=3 ib 0:>3 ta $009,6:: ib 0:>8, rhprhshbtibm
n vhry strabm twa yhnr ibcrhnsh al 9%. Gist prichs rash `y 6 ib 0:>3
nbd $003,84. Tfh pnch al tfh enrkht quickhbhd `ut abgy sgimftgy avhr gnst yhnr
witf dnys ab tfh enrkht gawhribm `y shvhb dnys lrae 64 ta ==. Batfibm batn`gh hxists
n`aut tfh nvhrnmh dnys ab enrkht hxchpt ta sny tfnt it lits whgg witfib bareng enrkht
pnrnehthrs nbd is tfh gabmhst tieh ab enrkht al tfh tfrhh su`-nrhns wh nrh gaakibm nt
ib tfis
rhpart.
Currhbt nvnign`gh ibvhbtary ‗tfh sbnpsfat― al tfh enrkht sfaws tfnt nvnign`gh ibvhbtary
dhcrhnshd ta >,,69= ib 0:>8 nbd 0,3=> ib 0:>4. Tfh yhnr avhr yhnr dhcrhnsh
ib ibvhbtary is >>.>6% rhprhshbtibm n tfrhh yhnr dhcrhnsh al 3=%. Tfis dhcgibh is su`-
stnbting nbd aut al typicng enrkht bares.
Tfh mrid `hgaw rhlghcts enrkht dntn lar Hnst @ntab Paumh Znrisf lrae Enrcf al 0::4 ta
Lh`runry al 0:>< nbd is `nshd ab Sibmgh Lneigy, Cabdaeibiues nbd Tawbfaehs.
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=4
P H S I D H B T I N G TPHBDS
Z g n t i b u e
S p a b s a r
GI\IBMSTAB
Al tfh tfrhh su`-nrhns ib tfis rhpart, Givibmstab Znrisf fns tfh gawhst nvhrnmh s nghs prich
nbd tfhrhlarh tfh east nllardn`gh fausibm enrkht. Tfh nvhrnmh sngh prich ib Givibmstab
Znrisf ib 0:>8 wns $>=6,>0:.:: ns caepnrhd t a tfh nvhrnmh sngh prich ib H nst @ntab Paumh
Znrisf al $009,6::.:: nbd Nschbsiab Znrisf al $038,4==.::.
Tfis yhnr Givibm stab Znrisf `aak hd i ts 8 tf s trnimf t yh nr a l ibc rhnsh d sn ghs ubits nbd 4 tf
strnimft yhnr al ibcrhnshd snghs vagueh. Givibmstab Znrisf, pra`n`gy drivhb `y its mrhnthr
nllardn`igity, hxphrihbchd tfh fimfhst snghs vagueh ibcrhnsh ib aur study. Givibmstab
Znrisf fns hxphrihbchd nb nstaubdibm snghs vagueh mrawtf rnth al 88% avhr tfh pnst
tfrhh yhnrs, ar >6% snghs vagueh mrawtf phr yhnr.
Duribm 0:>8 Givibmstab Znrisf snw n < nbd is `nshd ab Sibmgh Lneigy, Cabdaeibiues nbd Tawbfaehs.
GI\IBMSTAB
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=<
P H S I D H B T I N G TPHBDS
Z g n t i b u e
S p a b s a r
BH] FAEH SNGHS
Tfh Bhw Faeh snghs cnthm ary pasth d nb autst nbdibm yhnr ib t fh Mrhnt hr @ntab Paumh
Enrkht. Tfis rhpart su`dividhs tfh Bhw Faehs enrkht ibta faehs rnbmibm ib prich lrae;
$>::,::: ta $008,:::, $008,::: ta $3::,:::, $3::,::: ta $4::,:::, nbd $4::,::: nbd up.
Faehs n`avh $008,::: ib prich sfawhd tfh mrhnthst ibcrhnshs.
BH] FAEH SNGHS $>::,::: TA $008,:::Mrhnthr @ntab Paumh EGS Nrhn
Tfh gawhr prich rnbmh ar stnr thr bhw faeh enrkh t sf awhd n dh crhns h a l >% ib va gueh
nbd >.8% ib ubit snghs prich lrae 0:>4 ta 0:>8. Tfhrh whrh >,:83 snghs tfnt taak pgnch
lrae $>::,::: ta $008,::: ib 0:>4. Ib 0:>8, tfnt bue`hr fnd drapphd ta >,:3=, ar
dawb n`aut >.8%. Tfh dhcrhnsh al >< ubits wns bat ngnreibm nbd is east gikhgy duh ta
caephtibm praphrtihs ib fimfhr prich rnbmhs `h- caeibm earh nttrnctivh nbd n sfartnmhal ibvhbtary ib tfh prich cnthmar y. Ngsa al bath, ib tfis prich rnbmh, `uyh rs nrh abgy pnyibm
nppraxienthgy n 9% prheiue ta `uy tfh ehdinb prichd bhw faeh, tfnb ta `uy tfh
ehdinb prichd rhsngh faeh (ib Givibmstab Znrisf). Tfis gaw cast dillhrhbting `ht whhb bhw
nbd ushd faehs ubdau`thdgy enkhs lar n strabm hbtry ghvhg bhw cabstructiab fausibm
enrkht. Gist prichs nbd sngh pr ichs whrh eastgy lgnt witfib tfis prich rnbmh ` atf ibcrhnsibm
nt >% nbd .8%, rhsphctivhgy.
Tfh nv hrnmh dnys ab en rkht sfawh d nb ibcrhn sh l rae 9 9 dnys ab en rkht ib 0:> 4 ta >>8
dnys ib 0:>8. Currhbt ibvhbtary fns baw dh