signature bank 2011 annual report

8/14/2019 Signature Bank 2011 Annual Report

1/152

:0== M LLVMA Z FPEZ^

M CEVLNM^IEL J VIA^ EL RFZSIBF


2/152

B e o p m l y P r e c i a f

Ridlmturf Jmlk, ofojfr CNIB, is m cuaa-sfrvibf beoofrbima jmlk with :6 privmtf baiflt ebfs

aebmtfn threudheut thf Lfw Yerk oftrepeaitml mrfm. ^f Jmlk priomriay sfrvfs privmtfay ewlfnjusilfssfs, thfir ewlfrs mln sflier omlmdfrs. Ridlmturf Jmlk efffrs m jremn rmldf ec jusilfss mln

pfrselma jmlkild prenubts mln sfrvibfs ms wfaa ms ilvfstoflt, jrekfrmdf, mssft omlmdfoflt mln

ilsurmlbf prenubts mln sfrvibfs threudh its sujsinimry, Ridlmturf Rfburitifs Dreup Berpermtiel, m

aibflsfn jrekfr-nfmafr, ilvfstoflt mnvisfr mln ofojfr CILZM/RIPB .

RIDLM^VZF J MLK R :6 L FT Y EZK - MZFM P ZISM^F BAIFL^ J MLKILD E CCIBFRO MLHM^^ML

:3= Omnisel Mvfluf200 Pmrk Mvfluf4= Jremnwmy636 Cicth Mvfluf960 ^irn Mvfluf:00 Pmrk Mvfluf Reuth=0:0 Omnisel Mvfluf60 Tfst 64th Rtrfft: Pfll Pamzm

J ZEEKAYL

:3 Beurt Rtrfft 8> Jremnwmy32:= Lfw Vtrfbht Mvfluf

] VFFLR

23-23 22rn Rtrfft, Aeld Isamln Bity48-:4 24th Mvfluf, Gmbksel Hfidhts8923 Rutphil Jeuafvmrn, Gmomibm

J ZELX

>:= Hults Peilt Mvfluf

R M^FL IRAMLN

:033 Hyaml Jeuafvmrn

T FR^BHFR^FZ

=B ]umkfr Zindf Zemn, Lfw Zebhfaa f230 Hmoiatel Mvfluf, Thitf Pamils

A ELD IRAMLN

=::6 Crmlkail Mvfluf, Dmrnfl Bity :49 Rulrisf Hidhwmy, Zebkviaaf Bfltrf38 Reuth Rfrvibf Zemn, Ofaviaaf9:2 Jremnwmy, Teenofrf>0 Buttfroiaa Zemn, Drfmt Lfbk=00 Gfribhe ]umnrmldaf, Gfribhe


3/152

Cilmlbima Hidhaidhts(il theusmlns)

:004 :008 :009 :0=0 :0==

etma mssfts $ 6,8>6,=4: 4,=9:,=99 9,=>3,==: ==,342,089=>,333,=:0 etma aemls :,0:6,648 2,>40,6>: >,243,098 6,:>>,33>3,860,4:3

etma nfpesits >,6==,890 6,284,883 4,:::,6>3 9,>>=,::4==,46>,=28Rhmrfheanfrs fquity >:6,463 398,=26 802,369 9>>,6>4=,>08,==3

Lft iltfrfst ilbeof mctfrprevisiel cer aeml aessfs =2>,>4> =38,282 :=9,380 :98,>83 >04,9== Lel-iltfrfst ilbeof 8,4>3 :4,3>6 2>,32: >:,3>8 >:,028 Lel-iltfrfst fxpflsf 99,03: =:2,8:0 =>9,886 =3>,893 =8:,4:>Ilbeof jfcerf ilbeof tmxfs >>,=68 4:,:08 =0>,>:4 =43,:28 :34,::6

Lft ilbeof mvmiamjaf tebeooel shmrfheanfrs $ :4,:49 >:,939 60,6:2 =0:,06= =>9,6:3

R ilbf its ceulnild, Ridlmturf Jmlks sfrvibf-jmsfn, rfamtielshipjmlkild prfoisf hms jffl thf hmaaomrk ec its subbfss. Il :0==,

this ulrfafltild beooitoflt te sfrvibf afn te thf Jmlks strfldthflfn

omrkft pesitiel, streld lmlbima rfsuats, fxpmlnild privmtf

baiflt jmlkild tfmo lftwerk, ilbrfmsfn rfbedlitiel moeld thirn pmrtifs

mln hfidhtflfn mwmrflfss ms elf ec thf lmtiels afmnild

lmlbima ilstitutiels.


4/152

:

(Afct te ridht) Gesfph G. NfPmeae, Prfsinflt mln Bhifc Fxfbutivf Ebfr mlnRbett M. Rhmy, Bhmiroml ec thf Jemrn

08 0904 =0 ==

==.8

nfpesits

(il jiaaiels)

$ 0

$ :.>

$ >.8

$ 4.:

$ =:

$ 9.3

>.6

6.>

9.>

4.:

YFMZ


5/152

: 0 = = M L L V M A Z F P E Z ^ 2

Ridlmturf Rfburitifs Dreup Prfsinflt mln BFE Tiaaimo G. Omduirf werks elm baiflt ilvfstoflt omlmdfoflt prepesma with GeMll Zessmle, Dreup Nirfbtermln Rflier Sibf Prfsinflt, mt thf Thitf Pamils ebf.


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>

REAIN MR M ZEBK

Ridlmturf Jmlk beltilufste eutpfrcero nfspitf thfbhmaafldild flvirelofltcer thf jmlkild ilnustry.

^reudheut :0==, omlybirbuostmlbfs curthfr

lfdmtivfay iopmbtfn thf daejma fbeleoy, ilbaunild thtrmdib tsulmoi thmt hit Gmpml, thf nfjt bfiaild bristhf V.R. nfjt newldrmnf jy Rtmlnmrn & Peers mlnthf Furepfml sevfrfidl nfjt brisis. Maa ec thfsf issuffxmbfrjmtfn fbeleoib ulbfrtmilty weranwinf.

Lelfthfafss, Ridlmturf Jmlks pfrceromlbf hit rfbernafvfas elbf mdmil. Cer thf yfmr flnfn Nfbfojfr 2=,:0==, lft ilbeof rfmbhfn m rfbern $=>9.6 oiaaiel, er$2.24 niautfn fmrlilds pfr shmrf, ml ilbrfmsf ec >3.6pfrbflt vfrsus $=0:.= oiaaiel, er $:.>3 niautfn fmrl-ilds pfr shmrf, rfpertfn il :0=0. ^f nrmomtib ilbrfmsf

il lft ilbeof nurild :0== wms omilay thf rfsuat ec ml ilbrfmsf il lft iltfrfst ilbeof, whibh wmspesitivfay mfffbtfn jy jeth berf nfpesit mln aeml drewth.

Il :0==, nfpesits resf m rfbern $:.2= jiaaiel er :>.6 pfrbflt silbf :0=0, rfmbhild $==.46 jiaaiel. nfpesits (fxbaunild shert-tfro fsbrew mln jrekfrfn nfpesits) drfw m rfbern $:.=2 jiaaiel, er :>pfrbflt. is truf, erdmlib drewth wms mbhifvfn witheut omkild mly mbquisitiels. Ridlmturfaeml pertceaie fxpmlnfn m rfbern $=.3= jiaaiel te $3.86 jiaaiel mt Nfbfojfr 2=, :0==, ml ilbrec 20.3 pfrbflt. Tf beltiluf te stmy thf beursf ms it rfamtfs te eur prmdomtib mpprembh ec sfaflnild te hidh-qumaity jerrewfrs whe shmrf streld jmlkild rfamtielships with us.

Ridlmturf Jmlks bmpitma pesitiel, thf berlfrstelf ec eur oenfa, wms curthfr strfldthflfn thyfmr threudh streld fmrlilds mln mlethfr subbfsscua pujaib efffrild il Guay :0==, whfrf w

Aemls(il jiaaiels)

YFMZ 08 0904 =0 ==

$ 0

$ :

$ =

$ 2

$ 3

$ 4

$ 6

$ >

3.9

6.:

>.>

2.6

:.0

Nurild :0==, omly lfdmtivf fvflts ebburrfn, whibh beltilufnte baeun thf daejma fbeleoib amlnsbmpf.


7/152

: 0 = = M L L V M A Z F P E Z ^ 6

$:62.2 oiaaiel. Mt yfmr-fln :0==, tifr =afvfrmdf, tifr = risk-jmsfn mln tetma risk-jmsfn bmpitma rmties wfrf 9.34 pfrbflt,=4.08 pfrbflt mln =8.=4 pfrbflt, rfspfb-tivfay. Eur streld risk-jmsfn bmpitmarmties mrf rf fbtivf ec thf rfamtivfay

aew-risk pre af ec thf Jmlks sflsijayomlmdfn jmamlbf shfft. Curthfroerf,thf Jmlks tmldijaf beooel fquityrmtie rfomils streld mt 9.30 pfrbflt.

It is thf nfnibmtiel ec eur DreupNirfbters mln privmtf baiflt jmlkildtfmos thmt hms afn te thf Jmlks mjiaityte mbhifvf thfsf sidli bmlt drewth

afvfas il jeth nfpesits mln aemls. M ^ FMO F CC EZ^

Ridlmturf Jmlk hms sfburfn m seuln rfputmtiel moeld vftfrml jmlkfrsfmdfr te geil eur drewild lftwerk. Tf hmvf jfbeof m seudht-mctfr nfstilm-tiel cer fxpfriflbfn jmlkfrs sffkild m pamtcero creo whibh te drew thfirjusilfss mln certicy thfir baiflt rfamtielships. Mt Ridlmturf Jmlk, thfsfprecfssielmas klew thfir purpesf hfrf is te sustmil mln juian rfamtielshipsjy efffrild thfir jmlkild tfmos ms thf baiflts sildaf peilt ec beltmbt cer

maa thfir lmlbima lffns. ^f privmtf baiflt jmlkild tfmo is thf seurbf cerwhmtfvfr sfrvibfs omy jf rfafvmlt te m pmrtibuamr baiflt.

^f sbepf ec sfrvibfs mln afvfas ec beooitoflt te lmlbima bmrf thmt fmbh ec eur privmtf baifltjmlkild tfmos jrild te thfir baiflts beuan let jf nfaivfrfn witheut thf strfldth mln rfmbh ec eursuppert mln mnoilistrmtivf sfrvibfs precfssielmas. ^fy omkf it pessijaf cer eur tfmos te flsurfthfy offt baiflts nmiay lffns.

tfmos

YFMZ

08 0904 =0 ==

48

0

>0

:0

80

30

6:63

38

42

Dreup Nirfbters mln Rflier Sibf Prfsinflts Rtfvfl G. ^ubhafr (a.) mlnRtfvfl L. Keberis (r.) afmvf thfir ebfs mt Ridlmturf Jmlk il Drfmt Lfbkte hfmn te m baiflt offtild.


8/152

3

Ridlmturf Jmlk flnfn thf yfmr with48 privmtf baiflt jmlkild tfmoshfmnfn jy =03 Dreup Nirfbters, maaec wheo hmvf wfabeofn thf mutel-eoy mln flgeyfn thf eppertulity telurturf baiflt rfamtielships. Nurild

:0==, sfvfl tfmos geilfn mln lilffxistild dreups wfrf fxpmlnfnthreudh thf mnnitiel ec vmrieusjmlkild precfssielmas.

Tf mase iltrenubfn eur :6th privmtfbaiflt jmlkild ebf, omrkild eurlilth il Omlhmttml. It is ioper-tmlt te letf thmt wf mrf let m rftmia

jmlk; yeu welt ln RidlmturfJmlk el fvfry berlfr. Ilstfmn, wf epfl ebfs omilay el hidhfr eers il amrdfr juianilds il mrfms whfrf eur sfmselfn jmlkfrs hmvf marfmny fstmjaishfn m stmjaf, sujstmltima bai

ZFBEDLIWMJAF ZFRVA^R

Ms wf beltiluf te dmil oerf trmbtiel il thf jmlkild omrkftpambf, wf mrf preun thmt, jmsfnel m thirn-pmrty survfy ec eur beaafmdufs, wf wfrf lmofn moeldBrmils :0== Jfst Pambfs te Terk il LYB, whfrf Ridlmturf Jmlk rmlkfn := eut ec 60 mln mase wms thf elay jmlk te rmel thf :0== mlluma aist ms wfaa ms il thf pmst twe yfmrs. ^is wms truay ml heler msBrmils

sfafbtfn thf tep 60 jfst pambfs te werk il Lfw Yerk Bity creo moeld theusmlns ec fopaeyfr

^f beooitoflt ec eur fxtrfofay prenubtivf, hidhay smtis fn beaafmdufs hms beltrijutfn tem rfomrkmjaf yfmr ec rfbedlitiel cer Ridlmturf Jmlk. Eur mjiaity te nfaivfr stfaamr sfrvibte kffp nfpesiter smcfty mt thf cerfcrelt ec eur jmlkild phiaesephy, mln nfoelstrmtf eurulyifanild bmpmjiaitifs il mttrmbtild thf Lfw Yerk oftre mrfms oest tmafltfn precfssielmas,hms beltrijutfn te m beltilumaay mnvmlbild omrkft afmnfrship pesitiel.

Gehl ^. Oyszke, Dreup Nirfbter mln Rflier Sibf Prfsinflt , visits withZfsinfltima Aflnild Mrfm Rupfrviser Nmwl Aipire, mt his ebfs il thf Jmlks

berpermtf hfmnqumrtfrs whfrf thfy mnnrfss m pflnild baiflt aeml.


9/152

: 0 = = M L L V M A Z F P E Z ^ 4

Il mnnitiel te jfild lmofn jyBrmils ms elf ec thf jfst pambfs te werk il Lfw Yerk Bity,thf Jmlk s fxtrmernilmry :0== lmlbima pfrceromlbf fmrlfn it omly ethfr mbbeamnfs amstyfmr, ilbaunild7

Zfbfivild rfbedlitiel ms thf cthJfst Jmlk il Mofribm elCerjfs aist ec thf tep =00;

Ejtmilild thf luojfr sfvfl saet,its hidhfst rmlk fvfr, il thfBrmils Lfw Yerk Jusilfss rmlkild ecLfw Yerks Cmstfst-drewild PujaibBeopmlifs;

Omkild ml ilmudurma mppfmrmlbfel Certulfs aist ec =00 Cmstfst-drewild beopmlifs, ebbupyild thf39th pesitiel;

Jfild lmofn il jeth thf JfstJusilfss Jmlk (rmlkfn thirn) mlnJfst Privmtf Jmlk (rmlkfn sfbeln)bmtfderifs jy thfLfw Yerk Amw Geurlma , jmsfn el thfir mlluma rfmnfr epiliel peaa; mln,

Amlnild el MJM Jmlkild Geurlmasaist ec Jmlkilds ep Pfrcerofrs, sfburild thf =0th spetjfbmusf thf Jmlk fxpfriflbfn m :0 pfrbflt dmil il erdmlib aeml drewth, elf ec thf hidhfst rmtfsmoeld ilstitutiels il :0=0.

Dreup Nirfbter mln Rflier Sibf Prfsinflt Pmua M. Rmltmomrim (a.), Dferdf O.Heffoml (b.), Culns ^rmlscfr Omlmdfr mln Maysel A. Rtelf (r.), Sibf Prfsinflt-Berpermtf Rtrmtfdy mln Mssistmlt te thf Prfsinflt, offt mt thf Jmlks ointewl Omlhmttml ebf el Omnisel Mvfluf mln 28th Rtrfft , te nisbuss thf fafbtrelibjmlkild sfrvibfs efffrfn jy Ridlmturf Jmlk.

Ridlmturf Jmlks beooitoflt te sfrvibf mln sildaf-peilt-ec-beltmbt mpprembh te cerdild amstild baifltrfamtielships hms rfmpfn seain rfbern lmlbima rfsuats mln afn te sidli bmlt thirn-pmrty rfbedlitiel.


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8

JMLK ILD EL LFT YEZK

Cer oerf thml m nfbmnf, RidlmturfJmlk hms sfrvfn baiflts mbressthf oftrepeaitml Lfw Yerk mrfm,lew with oerf thml =00 DreupNirfbters whe bmaa eur :6 privmtfbaiflt jmlkild ebfs spmllild thf

vf jereudhs (fxtflnild te AeldIsamln mln Tfstbhfstfr) heof.

Tf hmvf juiat m aeyma baiflt jmsfjy sfrvild thf Lfw Yerk mrfm mln

nfnibmtild eursfavfs te nfpesiter smcfty mln thf nfaivfry ec ulpmrmaafafn sfrvibf. Tf hdrewl te m lfmray $=6 jiaaiel jmlk jy stmyild cebusfn el ml mrfm whfrf wf klew eur ulsupmssfn sfrvibf is lffnfn mln mpprfbimtfn, mln eur pafndf te nfaivfr is rfma mln rfbedlizfn

Tf thmlk eur nfvetfn baiflts cer thfir bel nflbf il Ridlmturf Jmlk. Eur beooitoflt te yeumln offtild yeur lffns is dfluilf.

Tf mase wmlt te tmkf this eppertulity te fxprfss eur drmtitunf te maa eur beaafmdufs cer ild el thf sfrvibf beooitoflt wf mssurf eur baiflts; thf Jemrn ec Nirfbters, whesf duinmlbfhms hfapfn nistilduish Ridlmturf Jmlk il m brewnfn jmlkild omrkftpambf; mln, eur ilvfstcer thfir vmaumjaf suppert.

Zfspfbtcuaay,

Gesfph G. NfPmeaePrfsinflt mln Bhifc Fxfbutivf Ebfr

Rbett M. RhmyBhmiroml ec thf Jemrn

Creo thfir heof jmsf il thf Ofaviaaf, Aeld Isamln ebf, Fiaffl Nidlmo,Dreup Nirfbter mln Sibf Prfsinflt (a.), mln Rusml O. Nuddml,Rflier Aflnfr mln Sibf Prfsinflt (b.) nisbuss lfw prenubts with ^rmilild

Rpfbimaist Maaisel Kmtz (r.).


11/152

Ilnibmtf jy bhfbk omrk ic thf rfdistrmlt is m wfaa-klewl sfmselfn issufr, ms nf lfn il Zuaf >06 ec thf Rfburitifs Mbt. Yfs ^ Le

Ilnibmtf jy bhfbk omrk ic thf rfdistrmlt is let rfquirfn te af rfperts pursumlt te Rfbtiel =2 er Rfbtiel =6(n) ec thf Mbt.^ Yfs Le

Ilnibmtf jy bhfbk omrk whfthfr thf rfdistrmlt (=) hms afn maa rfperts rfquirfn te jf afn jy Rfbtiel =2 er =6(n) ec thf Rfburitifs Fxbhmldf Mbt ec =92> nurild thf prfbfnild =: oelths (er cer subh shertfr pfrien thmt thf rfdistrmlt wms rfquirfn te af subh rfperts), mln (:) hms jfflsujgfbt te subh aild rfquirfoflts cer thf pmst 90 nmys.^ Yfs Le

Ilnibmtf jy bhfbk omrk whfthfr thf rfdistrmlt hms sujoittfn fafbtrelibmaay mln pestfn el its berpermtf Tfj sitf, ic mly, fvfry IltfrmbtivfNmtm Ciaf rfquirfn te jf sujoittfn mln pestfn pursumlt te Zuaf >06 ec Zfduamtiel R- (:2:.>06 ec this bhmptfr) nurild thf prfbfnild =:oelths (er cer subh shertfr pfrien thmt thf rfdistrmlt wms rfquirfn te sujoit mln pest subh afs). Yfs Le

Ilnibmtf jy bhfbk omrk ic nisbaesurf ec nfailquflt afrs pursumlt te Itfo >06 ec Zfduamtiel R-K (::9.>06 ec this bhmptfr) is letbeltmilfn hfrfil, mln wiaa let jf beltmilfn, te thf jfst ec rfdistrmlts klewafndf, il nf litivf prexy er ilceromtiel stmtfoflts ilberpermtfn jyrfcfrflbf il Pmrt III ec this Cero =0 K er mly moflnoflt te this Cero =0 K. ^

Ilnibmtf jy bhfbk omrk whfthfr thf rfdistrmlt is m amrdf mbbfafrmtfn afr, ml mbbfafrmtfn afr, m lel-mbbfafrmtfn afr, er m somaafr rfpertildbeopmly. Rff nf litiel ec amrdf mbbfafrmtfn afr, mbbfafrmtfn afr mln somaafr rfpertild beopmly il Zuaf =:j : ec thf Fxbhmldf Mbt.(Bhfbk elf)7

Amrdf mbbfafrmtfn afr^ Mbbfafrmtfn afr Lel-mbbfafrmtfn afr Romaafr rfpertild beopmly

Ilnibmtf jy bhfbk omrk whfthfr thf rfdistrmlt is m shfaa beopmly (ms nf lfn il Zuaf =:j : ec thf Fxbhmldf Mbt). Yfs ^ Le

^f mddrfdmtf omrkft vmauf ec thf vetild stebk hfan jy lel-maimtfs ec thf rfdistrmlt, jmsfn el thf baesild smafs pribf ec thf rfdistrmltsBeooel Rtebk ms quetfn el thf LMRNM] Daejma Rfafbt Omrkft el Gulf 20, :0== wms $:.20 jiaaiel.

Ms ec Cfjrumry :4 :0=:, thf Zfdist rmlt hmn eutstmlni ld >3,=8:,0>0 shmrfs ec Beooel Rtebk.

NEBVOFL^R ILBEZPEZM^FN JY ZFCFZFLBF

Pertiels ec thf rfdistrmlts nf litivf Prexy Rtmtfoflt cer Mlluma Offtild ec Rtebkheanfrs te jf hfan Mpria :6, :0=:. (Pmrt III)

VLI^FN R^M^FRCFNFZMA NFPERI^ ILRVZMLBF BEZPEZMÎEL

TMRHILD EL, N.B. :0>:9

CEZO =0 K

MLLVMA ZFPEZ^ PVZRVML^ Ê RFBÎEL =2 EZ =6(n) EC ^HFRFBVZIÎFR FXBHMLDF MB^ EC =92>Cer thf sbma yfmr flnfn Nfbfojfr 2=, :0==

Er

^ZMLRIÎEL ZFPEZ^ PVZRVML^ Ê RFBÎEL =2 EZ =6(n) EC ^HF RFBVZI-ÎFR FXBHMLDF MB^ EC =92>

Cer thf trmlsitiel pfrien creo te

CNIB Bfrti bmtf Luojfr 64062

RIDLM^VZF JMLK (Fxmbt lmof ec rfdistrmlt ms spfbi fn il its bhmrtfr)

LFT YEZK =2->=>9>:=

(Rtmtf er ethfr gurisnibtiel (I.Z.R. Fopaeyfr

ec ilberpermtiel er erdmlizmtiel) Inflti bmtiel Le.)

636 Cicth Mvfluf, Lfw Yerk, Lfw Yerk =00=4

(Mnnrfss ec prilbipma fxfbutivf ebfs) (Wip Benf)

Zfdistrmlts tfafphelf luojfr, ilbaunild mrfm benf7 (3>3) 8::-=600

Rfburitifs rfdistfrfn pursumlt te Rfbtiel =:(j) ec thf Mbt7

îtaf ec fmbh bamss Lmof ec fmbh fxbhmldf el whibh rfdistfrfn

Beooel Rtebk, $0.0= pmr vmauf LMRNM] Daejma Rfafbt Omrkft

Rfburitifs rfdistfrfn pursumlt te Rfbtiel =:(d) ec thf Mbt7

LELF


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:

RIDLM^VZF JMLK MLLVMA ZFPEZ^ EL CEZO =0-K

CEZ ^HF CIRBMA YFMZ FLNFN NFBFOJFZ 2=, :0==

ILNFX

Pmdf

PMZ^ I Itfo =. Jusilfss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Itfo =M. Zisk Cmbters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . :=Itfo =J. Vlrfseavfn Rtmcc Beooflts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2>Itfo :. Prepfrtifs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Itfo 2. Afdma Prebffnilds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Itfo >. (Zfoevfn mln Zfsfrvfn) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

PMZ^ II

Itfo 6. Omrkft cer Zfdistrmlts Beooel Fquity, Zfamtfn Rtebkheanfr Omttfrs mln IssufrPurbhmsfs ec Fquity Rfburitifs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Itfo 3. Rfafbtfn Cilmlbima Nmtm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29Itfo 4. Omlmdfoflts Nisbussiel mln Mlmaysis ec Cilmlbima Belnitiel mln Zfsuats ec Epfrmtiels . >=Itfo 4M. ]umltitmtivf mln ]umaitmtivf Nisbaesurfs Mjeut Omrkft Zisk . . . . . . . . . . . . . . . . . . . . . . . . . . 44Itfo 8. Cilmlbima Rtmtfoflts mln Ruppafofltmry Nmtm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Itfo 9. Bhmldfs il mln Nismdrffoflts with Mbbeultmlts el Mbbeultild mln Cilmlbima Nisbaesurf . 48Itfo 9M. Beltreas mln Prebfnurfs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Itfo 9J. Ethfr Ilceromtiel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8=

PMZ^ III

Itfo =0. Nirfbters, Fxfbutivf Eccibfrs mln Berpermtf Devfrlmlbf . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8=Itfo ==. Fxfbutivf Beopflsmtiel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8=Itfo =:. Rfburity Ewlfrship ec Bfrtmil Jflfcibima Ewlfrs mln Omlmdfoflt mln Zfamtfn

Rtebkheanfr Omttfrs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8=Itfo =2. Bfrtmil Zfamtielships mln Zfamtfn rmlsmbtiels, mln Nirfbter Ilnfpflnflbf . . . . . . . . . . . . 8=

Itfo =>. Prilbipma Mbbeultmlt Cffs mln Rfrvibfs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8=

PMZ^ IS

Itfo =6. Fxhijits, Cilmlbima Rtmtfoflt Rbhfnuafs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8:

RIDLM^VZFR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8>

Ilnfx te Cilmlbima Rtmtfoflts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-=


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PZISM^F RFBVZIÎFR AIÎDMÎEL ZFCEZO MB^ RMCF HMZJEZ R^M^FOFL^

^his Mlluma Zfpert el Cero =0-K mln erma stmtfoflts omnf creo tiof-te-tiof jy eur rfprfsfltmtivfs beltmilcerwmrn-aeekild stmtfoflts withil thf ofmlild ec thf Privmtf Rfburitifs Aitidmtiel Zfcero Mbt ec =996. Yeusheuan let pambf ulnuf rfaimlbf el thesf stmtfoflts jfbmusf thfy mrf sujgfbt te luofreus risks mlnulbfrtmiltifs rfamtild te eur epfrmtiels mln jusilfss flvireloflt, maa ec whibh mrf niccibuat te prfnibt mln omly mrfjfyeln eur beltrea. Cerwmrn-aeekild stmtfoflts ilbaunf ilceromtiel belbfrlild eur pessijaf er mssuofn cuturfrfsuats ec epfrmtiels, ilbaunild nfsbriptiels ec eur jusilfss strmtfdy, fxpfbtmtiels, jfaifcs, pregfbtiels, mltibipmtfn

fvflts er trflns, drewth prespfbts, cilmlbima pfrceromlbf, mln sioiamr fxprfssiels belbfrlild omttfrs thmt mrf lethisteribma cmbts. ^hfsf stmtfoflts ectfl ilbaunf werns subh ms omy, jfaifvf, fxpfbt, mltibipmtf, petfltima,eppertulity, iltfln, paml, fstiomtf, beuan, pregfbt, sffk, sheuan, wiaa, er weuan, er thf lfdmtivf ecthfsf werns mln phrmsfs er sioiamr werns mln phrmsfs.

Maa cerwmrn-aeekild stmtfoflts omy jf iopmbtfn jy m luojfr ec risks mln ulbfrtmiltifs. ^hfsf stmtfoflts mrfjmsfn el mssuoptiels thmt wf hmvf omnf il aidht ec eur fxpfriflbf il thf ilnustry ms wfaa ms eur pfrbfptiel echisteribma trflns, burrflt belnitiels, fxpfbtfn cuturf nfvfaepoflts mln ethfr cmbters wf jfaifvf mrf mppreprimtfulnfr thf birbuostmlbfs ilbaunild, witheut aioitmtiel, thesf rfamtfn te7

fmrlilds drewth; rfvfluf drewth; nfpesit drewth, ilbaunild shert-tfro fsbrew nfpesits mln ecc-jmamlbf shfft nfpesits; cuturf mbquisitiels; pfrceromlbf, brfnit qumaity mln aiquinity ec ilvfstoflts omnf jy us, ilbaunild eur ilvfstoflts il bfrtmil oertdmdf-

jmbkfn mln sioiamr sfburitifs; aeml eridilmtiel veauof; thf iltfrfst rmtf flvireloflt; lel-iltfrfst ilbeof afvfas, ilbaunild cffs creo prenubt smafs; brfnit pfrceromlbf el aemls omnf jy us; oelftmry mln cisbma peaibifs ec thf V.R. Devfrloflt, ilbaunild peaibifs ec thf V.R. ^rfmsury mln thf Jemrn ec

Devfrlers ec thf Cfnfrma Zfsfrvf Rystfo; eur mjiaity te omiltmil, dflfrmtf mln/er rmisf bmpitma; bhmldfs il thf rfduamtery flvireloflt mln devfrloflt iltfrvfltiel il thf jmlkild ilnustry; ilbaunild thf iopmbt ec

thf Nenn-Crmlk Tmaa Rtrfft Zfcero mln Belsuofr Pretfbtiel Mbt; Cfnfrma Nfpesit Ilsurmlbf Berpermtiel ilsurmlbf mssfssoflts; omrdils el smafs er sfburitizmtiels ec aemls; omrkft shmrf; fxpflsf afvfas; hirild ec lfw privmtf baiflt jmlkild tfmos; rfsuats creo lfw jusilfss ilitimtivfs; ethfr jusilfss epfrmtiels mln strmtfdifs; mln iopmbt ec lfw mbbeultild preleulbfoflts.

Ms yeu rfmn mln belsinfr cerwmrn-aeekild stmtfoflts, yeu sheuan ulnfrstmln thmt thfsf stmtfoflts mrf letdumrmltffs ec pfrceromlbf er rfsuats. ^hfy ilveavf risks, ulbfrtmiltifs mln mssuoptiels mln bml bhmldf ms mrfsuat ec omly pessijaf fvflts er cmbters, let maa ec whibh mrf klewl te us er il eur beltrea. Matheudh wf jfaifvfthmt thfsf cerwmrn-aeekild stmtfoflts mrf jmsfn el rfmselmjaf mssuoptiels, jfaifcs mln fxpfbtmtiels, ic m bhmldfebburs er eur jfaifcs, mssuoptiels er fxpfbtmtiels wfrf ilberrfbt, eur jusilfss, cilmlbima belnitiel, aiquinity errfsuats ec epfrmtiels omy vmry omtfrimaay creo thesf fxprfssfn il eur cerwmrn-aeekild stmtfoflts. Yeu sheuan jfmwmrf thmt omly cmbters beuan mccfbt eur mbtuma cilmlbima rfsuats er rfsuats ec epfrmtiels mln beuan bmusf mbtumarfsuats te niccfr omtfrimaay creo thesf il thf cerwmrn-aeekild stmtfoflts. Rff Pmrt I, Itfo =M. Zisk Cmbters cer mnisbussiel ec thf oest sidlicibmlt risks thmt wf cmbf, ilbaunild, witheut aioitmtiel, thf ceaaewild cmbters7

nisruptiel mln veamtiaity il daejma cilmlbima omrkfts; niccibuat omrkft belnitiels mnvfrsfay mccfbtild eur ilnustry; eur ilmjiaity te subbfsscuaay iopafoflt eur jusilfss strmtfdy; eur vualfrmjiaity te bhmldfs il iltfrfst rmtfs;


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beopftitiel with omly amrdfr cilmlbima ilstitutiels whibh hmvf sujstmltimaay drfmtfr cilmlbima mln ethfr rfseurbfsthml wf hmvf;

devfrloflt iltfrvfltiel il thf jmlkild ilnustry, lfw afdisamtiel mln devfrloflt rfduamtiel; iaaiquin omrkft belnitiels mln newldrmnfs il brfnit rmtilds; beltilufn mnvfrsf nfvfaepoflts il thf rfsinfltima oertdmdf omrkft; ilmjiaity ec V.R. mdflbifs er V.R. devfrloflt-spelserfn fltfrprisfs te pmy er te dumrmltff pmyoflts el thfir

sfburitifs il whibh wf ilvfst; omtfrima risks ilveavfn il beoofrbima aflnild; m newlturl il thf fbeleoy ec thf Lfw Yerk oftrepeaitml mrfm; ulnfr-beaamtfrmaizmtiel ec eur aeml pertceaie nuf te m omtfrima nfbailf il thf vmauf ec rfma fstmtf; risks mssebimtfn with eur aeml pertceaie drewth; eur cmiaurf te fccfbtivfay omlmdf eur brfnit risk; ambk ec sfmselild ec eur aeml pertceaie mln oertdmdf aemls ulnfrayild eur ilvfstoflt pertceaie; eur maaewmlbf cer aeml aessfs omy let jf succibiflt te mjserj mbtuma aessfs; eur rfaimlbf el thf Cfnfrma Heof Aeml Jmlk ec Lfw Yerk cer sfbelnmry mln beltildflt aiquinity seurbfs; eur nfpflnflbf upel kfy pfrsellfa; eur ilmjiaity te mbquirf suitmjaf baiflt rfamtielship dreups er omlmdf eur drewth; eur bhmrtfr nebuoflts mln rfduamtery aioitmtiels omy nfamy er prfvflt eur mbquisitiel jy m thirn pmrty; burtmiaoflt ec devfrloflt dumrmltffn aeml predrmos beuan mccfbt eur RJM jusilfss;

eur fxtflsivf rfaimlbf el eutseurbild te previnf best-fccfbtivf epfrmtielma suppert; systfo cmiaurfs er jrfmbhfs ec eur lftwerk sfburity; nfbrfmsfs il trmnild veauofs er pribfs; petfltima rfspelsijiaity cer flvirelofltma bamios; eur ilmjiaity te rmisf mnnitielma culnild lffnfn cer eur epfrmtiels; oisbelnubt ec fopaeyffs er thfir cmiaurf te mjinf jy rfduamtery rfquirfoflts; crmunuaflt er lfdaidflt mbts el thf pmrt ec eur baiflts er thirn pmrtifs; cmiaurf ec eur jrekfrmdf baiflts te offt thfir omrdil rfquirfoflts; mbts ec wmr er tfrreriso; bhmldfs il thf cfnfrma er stmtf tmx amws; bhmldfs il mbbeultild stmlnmrns er iltfrprftmtiel il lfw er fxistild stmlnmrns; ilbrfmsfs il CNIB ilsurmlbf prfoiuos; mln rfduamtery lft bmpitma rfquirfoflts thmt belstrmil eur jrekfrmdf jusilfss.

Rff Pmrt I, Itfo =M. Zisk Cmbters cer m cuaa nisbussiel ec thfsf risks.

Yeu sheuan kffp il oiln thmt mly cerwmrn-aeekild stmtfoflt omnf jy us spfmks elay ms ec thf nmtf el whibh wfomkf it. Lfw risks mln ulbfrtmiltifs beof up creo tiof te tiof, mln it is iopessijaf cer us te prfnibt thfsf fvfltser hew thfy omy mccfbt us. Tf hmvf le nuty te, mln ne let iltfln te, upnmtf er rfvisf thf cerwmrn-aeekildstmtfoflts mctfr thf nmtf el whibh thfy mrf omnf. Il aidht ec thfsf risks mln ulbfrtmiltifs, yeu sheuan kffp iloiln thmt mly cerwmrn-aeekild stmtfoflt omnf il this nebuoflt er fasfwhfrf oidht let rfcafbt mbtuma rfsuats.


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PMZ^ I

I^FO =. JVRILFRR

Il this mlluma rfpert ciafn el Cero =0-K, fxbfpt whfrf thf beltfxt ethfrwisf rfquirfs, thf Jmlk, thf Beopmly,Ridlmturf, wf, us, mln eur rfcfr te Ridlmturf Jmlk mln its sujsinimrifs, ilbaunild Ridlmturf Rfburitifs Dreup

Berpermtiel (Ridlmturf Rfburitifs ).

Iltrenubtiel

Tf mrf m Lfw Yerk-jmsfn cuaa-sfrvibf beoofrbima jmlk with :6 privmtf baiflt eccibfs aebmtfn il thf Lfw Yerkoftrepeaitml mrfm sfrvild thf lffns ec privmtfay-ewlfn jusilfss baiflts mln thfir ewlfrs mln sflier omlmdfrs.Tf eccfr m winf vmrifty ec jusilfss mln pfrselma jmlkild prenubts mln sfrvibfs threudh thf Jmlk ms wfaa msilvfstoflt, jrekfrmdf, mssft omlmdfoflt mln ilsurmlbf prenubts mln sfrvibfs threudh eur wheaay-ewlfnsujsinimry, Ridlmturf Rfburitifs Dreup Berpermtiel (Ridlmturf Rfburitifs ), m aibflsfn jrekfr-nfmafr mlnilvfstoflt mnvisfr. ^hreudh Ridlmturf Rfburitifs, wf mase purbhmsf, sfburitizf mln sfaa thf dumrmltffn pertielsec V.R. Romaa Jusilfss Mnoilistrmtiel (RJM ) aemls. Cer cilmlbima ilceromtiel jy sfdoflt, sff Letf := te thfLetfs te Belseainmtfn Cilmlbima Rtmtfoflts, ilbaunfn fasfwhfrf il this mlluma rfpert el Cero =0-K.

Ridlmturf Jmlks Mlluma Zfpert el Cero =0-K, ]umrtfray Zfperts el Cero =0-], Burrflt Zfperts el Cero 8-K

mln maa moflnoflts te thesf rfperts, Prexy Rtmtfoflt cer its Mlluma Offtild ec Rtebkheanfrs mln Mlluma Zfpertte Rtebkheanfrs mrf omnf mvmiamjaf, crff ec bhmrdf, el eur wfjsitf mt www.sidlmturfly .beo ms seel msrfmselmjay prmbtibmjaf mctfr subh rfperts hmvf jffl ciafn with er curlishfn te thf Cfnfrma Nfpesit IlsurmlbfBerpermtiel (CNIB ). Yeu omy mase ejtmil mly omtfrimas thmt wf ciaf with thf CNIB mt thf Cfnfrma NfpesitIlsurmlbf Berpermtiels eccibfs aebmtfn mt 660 =4 th Rtrfft L.T., Tmshildtel, NB :0>:9. Tf ne let ciaf rfpertswith thf Rfburitifs mln Fxbhmldf Beooissiel.

Rilbf beooflbild epfrmtiels il Omy :00=, wf hmvf drewl te $=>.34 jiaaiel il mssfts, $==.46 jiaaiel il nfpesits,$3.86 jiaaiel il aemls, $=.>= jiaaiel il fquity bmpitma mln $=.34 jiaaiel il ethfr mssfts ulnfr omlmdfoflt ms ecNfbfojfr 2=, :0==.

Tf iltfln te beltiluf eur drewth mln omiltmil eur pesitiel ms m prfoifr rfamtielship-jmsfn cilmlbima sfrvibfserdmlizmtiel il thf Lfw Yerk oftrepeaitml mrfm. ^his drewth wiaa jf duinfn jy eur Bhmiroml mln sflieromlmdfoflt tfmo whe hmvf fxtflsivf fxpfriflbf nfvfaepild, omlmdild mln drewild cilmlbima sfrvibferdmlizmtiels. Eur Bhmiroml, Rbett Rhmy, hms jffl m Omlmdild Nirfbter ec Zmlifri & Be. Ilb. silbf its ceromtiel

il =988. Oest ec eur sflier omlmdfoflt, ilbaunild eur Prfsinflt mln Bhifc Fxfbutivf Eccibfr, Gesfph NfPmeae,mln eur Sibf-Bhmiroml, Gehl mojframlf, wfrf cerofray sflier eccibfrs ec Zfpujaib Lmtielma Jmlk ec Lfw Yerk,ml ilstitutiel thmt subbfsscuaay fopaeyfn m nfpesit dmthfrild strmtfdy mln privmtf baiflt cebus sioiamr te eurs.

Zfbflt Hidhaidht s

Beooel Rtebk Eccfrild

El Guay ==, :0==, wf beopaftfn m pujaib eccfrild ec >,4=6,000 shmrfs ec eur beooel stebk. ^hf lft prebffnscreo this eccfrild mnnfn mpprexiomtfay $:62.2 oiaaiel te eur shmrfheanfrs fquity mln wiaa jf usfn te suppertprivmtf baiflt jmlkild tfmo drewth, culn thf epflild ec lfw eccibfs mln pfroit us te eridilmtf mln rftmil aemls ec msizf mln typf thmt wiaa maaew us te mbbeooenmtf thf lffns ec eur tmrdftfn baiflts.

Nenn-Crmlk Mbt

^hf Nenn-Crmlk Tmaa Rtrfft Zfcero mln Belsuofr Pretfbtiel Mbt (thf Nenn-Crmlk Mbt ), sidlfn ilte amw el Guay:=, :0=0, omkfs fxtflsivf bhmldfs te thf amws rfduamtild cilmlbima sfrvibfs ciros. ^hf Nenn-Crmlk Mbt maserfquirfs sidlicibmlt ruafomkild mln omlnmtfs ouatipaf stunifs thmt hmvf rfsuatfn mln mrf aikfay te beltiluf terfsuat il mnnitielma afdisamtivf mln rfduamtery mbtiels thmt wiaa iopmbt thf epfrmtiels ec thf Jmlk.

Vlnfr thf Nenn-Crmlk Mbt, cfnfrma jmlk rfduamtery mdflbifs mrf rfquirfn te nrmct mln iopafoflt flhmlbfnsupfrvisiel, fxmoilmtiel mln bmpitma mln aiquinity stmlnmrns cer nfpesitery ilstitutiels mln thfir heanild


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beopmlifs. ^hf bmpitma previsiels ec thf Nenn-Crmlk Mbt ilbaunf, moeld ethfr thilds, bhmldfs te bmpitma,afvfrmdf aioits mln aioitmtiels el thf usf ec hyjrin bmpitma ilstruoflts. ^hf Nenn-Crmlk Mbt mase iopesfs lfwrfstribtiels el ilvfstoflts mln ethfr mbtivitifs jy nfpesitery ilstitutiels, pmrtibuamray with rfspfbt te nfrivmtivfsmbtivitifs mln prepriftmry trmnild. ^hf Jmlk hms let histeribmaay omnf sidlicibmlt ilvfstoflts il nfrivmtivfs erfldmdfn il prepriftmry trmnild. ^hf Nenn-Crmlk Mbt mase divfs cfnfrma jmlk rfduamtery mdflbifs, subh ms thfCfnfrma Zfsfrvf mln thf CNIB, mnnitielma amtitunf te oeliter thf systfoib smcfty ec thf cilmlbima systfo mln tmkfrfspelsivf mbtiel, whibh beuan ilbaunf iopesild rfstribtiels el thf jusilfss mbtivitifs ec thf Jmlk. Il mnnitiel, thfNenn-Crmlk Mbt mutherizfs thf cfnfrma rfduamters te iopesf vmrieus lfw mssfssoflts mln cffs, whibh beuanilbrfmsf thf Jmlks epfrmtielma bests. Il Cfjrumry :0==, thf CNIB mpprevfn m lfw rfduamtiel te iopafofltprevisiels ec thf Nenn-Crmlk Mbt thmt rfquirf nfpesit ilsurmlbf mssfssoflts te jf bmabuamtfn jmsfn el mssftsrmthfr thml thf moeult ec neofstib nfpesits hfan jy ilsurfn ilstitutiels. ^hesf rfduamtiels teek fccfbt el Mpria =,:0== mln mrf iltflnfn, moeld ethfr thilds, te ilbrfmsf thf mddrfdmtf shmrf ec mssfssoflts pmin jy ilstitutielswith mssfts ec $=0 jiaaiel er oerf.

Maa cfnfrma prehijitiels el thf mjiaity ec cilmlbima ilstitutiels te pmy iltfrfst el nfomln nfpesit mbbeults wfrfrfpfmafn ms pmrt ec thf Nenn-Crmlk Mbt. Ms m rfsuat, jfdillild el Guay :=, :0==, cilmlbima ilstitutiels beuanbeooflbf eccfrild iltfrfst el nfomln nfpesits te beopftf cer baiflts. Ms ec Nfbfojfr 2=, :0==, $2.=6 jiaaiel, er:3.8%, ec eur tetma nfpesits wfrf hfan il lel-iltfrfst jfmrild nfomln nfpesit mbbeults. Eur iltfrfst fxpflsf wiaailbrfmsf mln eur lft iltfrfst omrdil wiaa nfbrfmsf ic wf hmvf te eccfr hidhfr rmtfs ec iltfrfst thml wf burrfltay eccfrel nfomln nfpesits te mttrmbt mnnitielma baiflts er omiltmil burrflt baiflts, whibh beuan hmvf m omtfrima mnvfrsffccfbt el eur jusilfss, cilmlbima belnitiel mln rfsuats ec epfrmtiels. ^hus cmr, thf bhmldf hms let hmn mofmlildcua fccfbt el eur jusilfss.

^hf Nenn-Crmlk Mbt mase fstmjaishfn thf lfw cfnfrma Belsuofr Cilmlbima Pretfbtiel Jurfmu (BCPJ ). ^hismdflby wiaa jf rfspelsijaf cer iltfrprftild mln flcerbild m jremn rmldf ec belsuofr pretfbtiel amws devfrlild thfprevisiel ec nfpesit mbbeults mln thf omkild ec aemls, ilbaunild thf rfduamtiel ec oertdmdf aflnild mln sfrvibild.^his ilbaunfs amws subh ms thf Fquma Brfnit Eppertulity Mbt, thf ruth-il-Aflnild Mbt mln thf ruth il Rmvilds

Mbt. Mnnitielmaay thf BCPJ wiaa hmvf thf mutherity te tmkf flcerbfoflt mbtiel mdmilst jmlks mln ethfr cilmlbimasfrvibfs beopmlifs thmt cmia te smtiscy thf stmlnmrns iopesfn jy it. ^hf Nenn-Crmlk Mbt mase pfroits stmtfs temnept stribtfr belsuofr pretfbtiel amws mln stmtf mtterlfys dflfrma te flcerbf belsuofr pretfbtiel ruafs issufnjy thf BCPJ. Ms m rfsuat ec thfsf mspfbts ec thf Nenn-Crmlk Mbt, thf Jmlk wiaa jf epfrmtild il m belsuofrbeopaimlbf flvireloflt thmt wiaa jf cmr afss bfrtmil. ^hfrfcerf, thf Jmlk is aikfay te ilbur mnnitielma bests rfamtfnte belsuofr pretfbtiel beopaimlbf, ilbaunild jut let aioitfn te petfltima bests mssebimtfn with BCPJ rfduamterymln flcerbfoflt mbtiels mln belsuofr-erifltfn aitidmtiel, whibh is aikfay te ilbrfmsf ms m rfsuat ec thf belsuofrpretfbtiel previsiels ec thf Nenn-Crmlk Mbt.

Mt this tiof, it is niccibuat te prfnibt thf cuaa fxtflt te whibh thf Nenn-Crmlk Mbt er thf rfsuatild rfduamtiels wiaa

iopmbt thf Jmlks jusilfss. Hewfvfr, beopaimlbf with bfrtmil ec thfsf lfw amws mln rfduamtiels beuan rfsuat ilrfstrmilts el, mln mnnitielma bests te, eur jusilfss. It is mase niccibuat te prfnibt thf iopmbt thf Nenn-Crmlk Mbt wiaahmvf el eur beopftiters mln el thf cilmlbima sfrvibfs ilnustry ms m wheaf. Il mnnitiel te thf rfbflt afdisamtivf mlnrfduamtery ilitimtivfs nfsbrijfn mjevf, beopftitivf mln ilnustry cmbters beuan mase mnvfrsfay iopmbt eur rfsuats, thfbest ec eur epfrmtiels, eur cilmlbima belnitiel mln eur aiquinity.

Berf Nfpesit Drewth

Creo Nfbfojfr 2=, :0=0 threudh Nfbfojfr 2=, :0==, eur nfpesits drfw $:.2= jiaaiel, er :>.6%, te $==.46 jiaaiel.Nfpesits mt Nfbfojfr 2=, :0== ilbaunf $64.8 oiaaiel ec jrekfrfn nfpesits mln mpprexiomtfay $44>.0 oiaaiel ecshert-tfro fsbrew nfpesits, whibh nuf te thfir lmturf mln ms fxpfbtfn, hmvf jffl er wiaa jf rfafmsfn il fmray:0=:. Mt yfmr fln :0=0, nfpesits ilbaunfn $:3.4 oiaaiel ec jrekfrfn nfpesits mln mpprexiomtfay $3=9.> oiaaiel ecshert-tfro fsbrew nfpesits. Berf nfpesits, whibh fxbaunf jrekfrfn nfpesits mln shert-tfro fsbrew nfpesits,ilbrfmsfn $:.=2 jiaaiel, er :>.:%, cer thf yfmr. ^his drewth il eur berf nfpesits bml jf mttrijutfn te thf mnnitiel eclfw privmtf baiflt jmlkild dreups, whe mssist us il drewild eur baiflt jmsf, mln mnnitielma nfpesits jy eur burrfltbaiflts. Tf priomriay cebus eur nfpesit dmthfrild fccerts il thf drfmtfr Lfw Yerk oftrepeaitml mrfm omrkft withoelfy bfltfr jmlks, rfdielma jmlks mln beooulity jmlks ms eur priomry beopftiters. Tf nistilduish eursfavfscreo beopftiters jy cebusild el eur tmrdft omrkft7 privmtfay-ewlfn jusilfssfs mln thfir ewlfrs mln sflieromlmdfrs. ^his libhf mpprembh, beupafn with eur rfamtielship-jmlkild oenfa, previnfs eur baiflts with mpfrselmaizfn sfrvibf, whibh wf jfaifvf divfs us m beopftitivf mnvmltmdf. Eur nfpesit oix hms rfomilfncmvermjaf, with lel-iltfrfst-jfmrild mln LET nfpesits mbbeultild cer 2:.2% ec eur tetma nfpesits mln tiofnfpesits mbbeultild cer elay 4.3% ec eur tetma nfpesits ms ec Nfbfojfr 2=, :0==. Eur mvfrmdf best cer tetma


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nfpesits wms 0.8>% cer thf yfmr flnfn Nfbfojfr 2=, :0== mln 0.43% cer thf thrff oelths flnfn Nfbfojfr 2=,:0==.

Fsbrew Nfpesits

Mt Nfbfojfr 2=, :0== mln :0=0, mpprexiomtfay $44>.0 oiaaiel mln $3=9.> oiaaiel, rfspfbtivfay, ec shert-tfrofsbrew nfpesits wfrf ilbaunfn il thf Jmlks nfpesits. Tf hmvf nfvfaepfn m berf beopftflby il bmtfrild te thflffns ec amw ciros, bamios mnoilistrmters, mbbeultild ciros, mln titaf beopmlifs, whibh maaews us te ejtmil creo eur

baiflts shert-tfro fsbrew nfpesits.Rtrmtfdib Hirfs

Nurild :0==, wf mnnfn sfvfl lfw privmtf baiflt jmlkild dreups mln =2 lfw jmlkild dreup nirfbters te ilbrfmsfeur lftwerk ec sfmselfn jmlkild precfssielmas. Eur cuaa-tiof fquivmaflt luojfr ec fopaeyffs drfw creo 330 te4:0 nurild :0==.

Privmtf Baiflt Jmlkild Dreups mln Eccibfs

Ms ec Nfbfojfr 2=, :0==, wf hmn 48 privmtf baiflt jmlkild dreups mln =03 jmlkild dreup nirfbters threudheutthf Lfw Yerk oftrepeaitml mrfm. Tith thf el-deild belseainmtiel ec cilmlbima ilstitutiels il eur omrkftpambf mlnomrkft sfdofltmtiel jy eur beopftiters, wf beltiluf te mbtivfay rfbruit fxpfriflbfn privmtf baiflt jmlkild dreupswith fstmjaishfn baiflt rfamtielships thmt cit eur libhf omrkft ec privmtfay-ewlfn jusilfssfs, thfir ewlfrs mln thfirsflier omlmdfrs. Eur typibma dreup nirfbter geils us with :0 yfmrs ec fxpfriflbf il cilmlbima sfrvibfs, m sfmselfnjeek ec jusilfss mln ml fstmjaishfn tfmo ec twe te ceur mnnitielma precfssielmas te mssist with jusilfss

nfvfaepoflt mln baiflt sfrvibfs. Fmbh mnnitielma privmtf baiflt dreup jrilds baiflt rfamtielships thmt maaew us tedrew eur berf nfpesits ms wfaa ms fxpmln eur aflnild eppertulitifs. Tf mrf mbtivfay rfbruitild sfvfrma mnnitielmaprivmtf baiflt jmlkild dreups thmt wf jfaifvf wiaa cit eur strmtfdy mln flhmlbf eur crmlbhisf.

^e cmbiaitmtf eur drewth, wf epflfn elf mnnitielma privmtf baiflt eccibf nurild :0== aebmtfn il Omlhmttml, LfwYerk. Tf burrfltay epfrmtf :6 privmtf baiflt eccibfs aebmtfn il thf Lfw Yerk oftrepeaitml mrfm. Thiaf eur strmtfdynefs let bmaa cer us te hmvf ml fxpmlsivf eccibf prfsflbf, wf wiaa beltiluf te mnn eccibfs te offt thf lffns ec thfprivmtf baiflt jmlkild dreups thmt wf rfbruit.

Eur Jusilfss Rtrmtfdy

Tf iltfln te ilbrfmsf eur prfsflbf ms m prfoifr rfamtielship-jmsfn cilmlbima sfrvibfs erdmlizmtiel sfrvild thflffns ec privmtfay-ewlfn jusilfss baiflts, thfir ewlfrs mln sflier omlmdfrs il thf Lfw Yerk oftrepeaitml mrfmjy beltiluild te7

Cebus el e ur li bhf omrkft ec privmtfay-ewlfn jusilfssfs, thfir ewlfrs mln thfir sflier omlmdfrs

Tf dflfrmaay tmrdft baesfay hfan beoofrbima baiflts with rfvflufs ec afss thml $60 oiaaiel mln cfwfr thml =,000fopaeyffs. Eur jusilfss baiflts mrf rfprfsfltmtivf ec thf Lfw Yerk oftrepeaitml mrfm fbeleoy mln ilbaunf rfmafstmtf ewlfrs/epfrmters, rfma fstmtf omlmdfoflt beopmlifs, amw ciros, mbbeultild ciros, fltfrtmiloflt jusilfssomlmdfrs, ofnibma precfssielmas, rftmia fstmjaishoflts, oelfy omlmdfoflt ciros mln let-cer-precit phiamlthrepiberdmlizmtiels. Tf mase tmrdft thf ewlfrs mln sflier omlmdfoflt ec thfsf jusilfssfs whe typibmaay hmvf m lftwerth ec jftwffl $600,000 mln $:0 oiaaiel.

Previnf eur baiflts m winf mrrmy ec hidh qumaity jmlkild, jrekfrmdf mln ilsurmlbf prenubts mln sfrvibfsthreudh eur pri vmtf baiflt dreu p strubturf mln m sfmoafss cilmlbima sfrvibfs seautiel

Tf eccfr m jremn mrrmy ec cilmlbima prenubts mln sfrvibfs with m sfmoafss cilmlbima sfrvibfs seautiel threudh eurprivmtf baiflt dreup strubturf.

Oest ec eur beopftiters thmt sfaa jmlkild prenubts ms wfaa ms ilvfstoflt mln ilsurmlbf prenubts ne se jmsfn el msiae mpprembh. Il this mpprembh, niccfrflt smafs pfepaf creo niccfrflt precit bfltfrs withil thf jmlk, jrekfrmdfciro er ilsurmlbf beopmly sfpmrmtfay eccfr thfir pmrtibuamr prenubts te thf baiflt. ^his mpprembh brfmtfs baifltbelcusiel ms te whe is sfrvibild thf rfamtielship. Jfbmusf le sildaf rfamtielship omlmdfr belsinfrs maa ec thflffns ec m baiflt il thf siae mpprembh, seof prenubts mln sfrvibfs omy let jf prfsfltfn mt maa te thf baiflt. Tfomrkft eur jmlkild, ilvfstoflt mln ilsurmlbf sfrvibfs sfmoafssay, thus mveinild thf siae mpprembh ec omly eceur beopftiters il thf Lfw Yerk oftrepeaitml mrfm. Eur bmsh omlmdfoflt, ilvfstoflt mln ilsurmlbf prenubts


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mln sfrvibfs mrf prfsfltfn te baiflts jy thf privmtf baiflt dreup precfssielma jut previnfn er ulnfrwrittfl jyethfrs.

Eur jusilfss is juiat mreuln jmlkild mln ilvfstoflt privmtf baiflt dreups. Tf jfaifvf thmt eur mjiaity te hirf mlnrftmil tep-pfrceroild rfamtielship dreup nirfbters is eur omger beopftitivf mnvmltmdf. Eur dreup nirfbters hmvfpriomry rfspelsijiaity cer mttrmbtild baiflt rfamtielships mln, el ml el-deild jmsis, threudh thfo mln thfir dreups,sfrvibild thesf rfamtielships. Eur dreup nirfbters mrf fxpfriflbfn cilmlbima sfrvibf precfssielmas whe beof creothf ceaaewild nisbipailfs7 privmtf jmlkild, oinnaf omrkft jmlkild, hidh-fln rftmia jmlkild, ilvfstoflt mlnilsurmlbf mln ilstitutielma jrekfrmdf. Eur dreup nirfbters fmbh hmvf thfir ewl privmtf baiflt tfmo (typibmaay twe teceur precfssielmas) whe mssists thf dreup nirfbter il jusilfss nfvfaepoflt mln baiflt sfrvibf.

Zfbruit fxpfriflbfn, tmafltfn mln oetivmtfn privmtf baiflt dreup nirfbters whe mrf tep prenubfrs mln whejfaifvf il eur jmlkild oenfa

M kfy te eur subbfss il nfvfaepild m rfamtielship-jmsfn jmlk is eur mjiaity te rfbruit mln rftmil fxpfriflbfn mlnoetivmtfn cilmlbima sfrvibfs precfssielmas. Tf rfbruit dreup nirfbters mln privmtf baiflt dreups whe wf jfaifvfmrf tep pfrcerofrs. Thiaf rfbruitoflt bhmllfas niccfr mln eur rfbruitoflt fccerts mrf amrdfay eppertulistib illmturf, thf beltiluild ofrdfr mln mbquisitiel mbtivity il thf Lfw Yerk cilmlbima sfrvibfs omrkftpambf previnfs mleppertulity te sfafbtivfay tmrdft mln rfbruit qumaicifn dreups. Tf jfaifvf thf burrflt omrkft te jf m cmvermjafflvireloflt cer aebmtild mln rfbruitild qumaicifn privmtf baiflt dreups. Eur fxpfriflbf hms jffl thmt subhnispambfoflt mln bhmldf afmns sfafbt privmtf baiflt dreups te somaafr, afss jurfmubrmtib erdmlizmtiels.

Eccfr pr edrfssivf ilbfltivf-jmsfn beopflsmtiel thmt rfwmrns privmtf baiflt dreup s cer nfvfaepild thfir

jusilfss mln rftmilild thfir baifltsEur privmtf baiflt dreup vmrimjaf beopflsmtiel oenfa mnns te thf ceulnmtiel cer eur rfamtielship-jmsfn jmlkildnisbipailf. M kfy pmrt ec eur strmtfdy cer drewild eur jusilfss is thf predrfssivf ilbfltivf-jmsfn beopflsmtielthmt wf fopaey te hfap us rftmil eur dreup nirfbters whiaf flsurild thmt thfy beltiluf te nfvfaep thfir jusilfssmln rftmil thfir baiflts. Vlnfr eur privmtf baiflt dreup vmrimjaf beopflsmtiel oenfa, mlluma jelusfs mrf pmin teofojfrs ec thf baiflt rfamtielship tfmo jmsfn upel thf precit dflfrmtfn creo thfir jusilfss. Il ernfr te oitidmtfthf ilhfrflt risk il eur ilbfltivf-jmsfn beopflsmtiel oenfa, wf hmvf il pambf ml iltfrlma beltrea strubturf thmtilbaunfs sfdrfdmtiel ec nutifs. Cer fxmopaf, thf ulnfrwritild mln uatiomtf mpprevma ec mly aeml is pfrcerofn jyaeml eccibfrs whe mrf sfpmrmtf creo thf privmtf baiflt dreups mln rfpert te eur Bhifc Brfnit Eccibfr.

Omiltmil m camt erdmlizmtiel strubtu rf thmt maaews eur bai flts mln dreup nirfbters te il tfrcmbf with, mln eurdreup n irfbters te rfpert nirfbtay te, sflier omlmdfoflt

Mlethfr kfy fafoflt ec eur strmtfdy is eur erdmlizmtielma strubturf. Tf epfrmtf with m camt erdmlizmtielma mlnrfpertild strubturf, whibh maaews eur dreup nirfbters te iltfrcmbf with, mln rfpert nirfbtay te, sflier omlmdfoflt.Oerf iopertmltay, it divfs eur baiflts nirfbt mbbfss te sflier omlmdfoflt.

Nfvfaep mln omiltmil epfrmtiels supper t thmt is baiflt-bfltrib mln sfrvibf erifltfn

Tf hmvf omnf m sidlicibmlt ilvfstoflt il eur ilcrmstrubturf, ilbaunild eur suppert stmcc. Tf hmvf bfltrmaizfnomly ec eur britibma epfrmtiels, subh ms cilmlbf, ilceromtiel tfbhleaedy, baiflt sfrvibfs, bmsh omlmdfofltsfrvibfs, aeml mnoilistrmtiel mln huoml rfseurbfs. Matheudh wf hmvf bfltrmaizfn omly ec eur epfrmtiels, wfhmvf aebmtfn seof culbtiels withil thf privmtf baiflt eccibfs se thfy mrf baesfr te thf dreup nirfbters mln eurbaiflts. Cer fxmopaf, oest ec eur privmtf baiflt eccibfs hmvf m sflier aflnfr el aebmtiel, whe is pmrt ec eur brfnitdreup, te mssist thf privmtf baiflt dreups with thf aflnild prebfss. Il mnnitiel, oest ec eur privmtf baiflt eccibfshmvf ml ilvfstoflt dreup nirfbter er dreup thmt previnfs jrekfrmdf mln/er ilsurmlbf sfrvibfs, ms lfbfssmry. Tfjfaifvf thmt eur fxistild ilcrmstrubturf (physibma mln systfos ilcrmstrubturf, ms wfaa ms pfepaf) bml mbbeooenmtfmnnitielma drewth witheut sujstmltima mnnitielma suppert mrfm pfrsellfa er sidlicibmlt spflnild el tfbhleaedy mlnepfrmtiels il thf ofniuo tfro.

Jf beooittfn te m seuln risk omlmdfoflt prebfss whiaf cebusild el precitmjiaityZisk omlmdfoflt is ml iopertmlt fafoflt ec eur jusilfss. Tf fvmaumtf thf ilhfrflt risks thmt mccfbt eurjusilfss, ilbaunild iltfrfst rmtf risk, brfnit risk, epfrmtielma risk, rfduamtery risk, mln rfputmtiel risk. Tf hmvf mNirfbter ec Zisk Omlmdfoflt whesf rfspelsijiaity is thf evfrsidht ec eur risk omlmdfoflt prebfssfs.

Mnnitielmaay, ofojfrs ec eur sflier omlmdfoflt dreup hmvf sidlicibmlt fxpfriflbf il risk omlmdfoflt. Ilmnnitiel, thfy hmvf fxtflsivf jmbkdreulns il brfnit, epfrmtiels, cilmlbf mln munitild. Tf hmvf put iltfrlma


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beltreas il pambf thmt hfap te oitidmtf thf risks thmt mccfbt eur jusilfss. Il mnnitiel, wf hmvf peaibifs mlnprebfnurfs thmt curthfr hfap oitidmtf risk mln rfduamtery rfquirfoflts thmt omlnmtf thmt wf fvmaumtf, tfst mlnepilf el thf fccfbtivflfss ec iltfrlma beltreas. Le systfo ec iltfrlma beltrea er peaibifs mln prebfnurfs wiaa fvfrtetmaay faioilmtf risk, hewfvfr, wf jfaifvf thmt eur risk omlmdfoflt prebfssfs wiaa hfap kffp eur risks te momlmdfmjaf afvfa.

Omiltmil ml mppreprimtf jmamlbf jftwffl best beltrea, ilbfltivf beopflsmtiel mln jusilfss fxpmlsielilitimtivfs

Tf hmvf fstmjaishfn ml iltfrlma mpprevma prebfss cer bmpitma mln epfrmtild fxpflsfs. Tf omiltmil best beltreaprmbtibfs mln peaibifs te ilbrfmsf fccibiflby ec epfrmtiels. M kfy fxpflsf cer cilmlbima sfrvibf beopmlifs isbeopflsmtiel. Beltreaaild this fxpflsf is ml iopertmlt fafoflt il kffpild evfrmaa fxpflsfs newl. M ofojfr ecsflier omlmdfoflt mln eur Prfsinflt mln Bhifc Fxfbutivf Eccibfr oust mpprevf maa lfw hirfs. Eur dreupnirfbters mln thfir dreups rfbfivf jmsf smamrifs mln jflfcits; hewfvfr, m sidlicibmlt pertiel ec thfir beopflsmtielis vmrimjaf mln jmsfn upel thf precit dflfrmtfn creo thf jusilfss thfy brfmtf. ^his vmrimjaf beopflsmtiel oenfahfaps us beltrea fxpflsfs ms fopaeyffs ne let rfbfivf vmrimjaf beopflsmtiel ulafss rfvfluf is dflfrmtfn.Sirtumaay maa fxpflniturfs (jeth burrflt mln bmpitma) il fxbfss ec bfrtmil thrfsheans oust jf mpprevfn jy m ofojfrec sflier omlmdfoflt, mln mrf rfvifwfn mln mpprevfn jy eur Purbhmsild mln Bmpitma Fxpflniturfs Beooittff,whibh ilbaunfs eur Bhifc Epfrmtild Eccibfr mln eur Bhifc Cilmlbima Eccibfr.

Tf omkf fxtflsivf usf ec eutseurbild te previnf best-fccfbtivf epfrmtielma suppert with sfrvibf afvfas belsistfltwith amrdf-jmlk epfrmtiels. Tf cebus el eur cilmlbima sfrvibfs jusilfss mln hmvf eutseurbfn omly ec eur kfyjmlkild mln jrekfrmdf systfos te thirn-pmrty previnfrs. ^his hms sfvfrma mnvmltmdfs cer ml ilstitutiel aikf eurs,

ilbaunild thf mjiaity te best-fccfbtivfay utiaizf thf amtfst tfbhleaedy te jfttfr sfrvf, mln stmy cebusfn el, thf lffnsec eur baiflts. Reof ec eur kfy eutseurbild pmrtlfrs ilbaunf Cinfaity Ilceromtiel Rfrvibfs mln Lmtielma CilmlbimaRfrvibfs (thf jrekfrmdf mln ilvfstoflts systfos nivisiel ec Cinfaity Ilvfstoflts). Tf omiltmil omlmdfofltevfrsidht ec thfsf previnfrs. Fmbh ec thfsf previnfrs wms thf sujgfbt ec m nuf niaidflbf ilvfstidmtiel prier te thfirsfafbtiel mln beltilufs te jf rfvifwfn el ml el-deild jmsis.

Histeribma Nfvfaepoflt

Tf wfrf ilberpermtfn ms m Lfw Yerk Rtmtf-bhmrtfrfn jmlk il Rfptfojfr :000. El Mpria 6, :00=, eur nmtf ecilbfptiel, wf rfbfivfn mpprevma te beooflbf epfrmtiels creo thf Lfw Yerk Rtmtf Jmlkild Nfpmrtoflt (klewl msthf Lfw Yerk Rtmtf Nfpmrtoflt ec Cilmlbima Rfrvibfs ms ec Ebtejfr 2, :0==). Rilbf beooflbild epfrmtiels elOmy =, :0==, thf ceaaewild sujsfquflt histeribma nfvfaepoflts hmvf ebburrfn il rfamtiel te eur ewlfrship mlnbmpitma strubturf7

Tf beopaftfn eur ilitima pujaib eccfrild il Omrbh :00> mln m ceaaew-el eccfrild il Rfptfojfr :00>. Eurbeooel stebk trmnfs el thf Lmsnmq Lmtielma Omrkft ulnfr thf syojea RJLY.

Il Omrbh :006, Jmlk Hmpemaio J.O. sean its beltreaaild stmkf il us il m sfbelnmry eccfrild. Mctfr thfeccfrild, Jmlk Hmpemaio jflfcibimaay ewlfn 6.4% ec eur beooel stebk el m cuaay niautfn jmsis. JmlkHmpemaio le aeldfr ewls mly shmrfs ec eur stebk.

Il Rfptfojfr :008, wf beopaftfn m pujaib eccfrild ec 6,>00,000 shmrfs ec eur beooel stebk dflfrmtildlft prebffns ec $=>8.= oiaaiel.

Il Nfbfojfr :008, wf issufn =:0,000 shmrfs ec sflier prfcfrrfn stebk (with ml mddrfdmtf aiquinmtielprfcfrflbf ec $=:0.0 oiaaiel) mln m wmrrmlt te purbhmsf 696,8:9 beooel shmrfs te thf V.R. rfmsury ilthf reujafn Mssft Zfaifc Predrmo Bmpitma Purbhmsf Predrmo (thf ^MZP Bmpitma Purbhmsf Predrmo ),cer ml mddrfdmtf purbhmsf pribf ec $=:0.0 oiaaiel.

Il aidht ec thf rfstribtiels ec thf Mofribml Zfbevfry mln Zfilvfstoflt Mbt ec :009, el Omrbh 2=, :009,wf rfpurbhmsfn thf =:0,000 shmrfs ec prfcfrrfn stebk wf issufn te thf V.R. rfmsury cer $=:0.0 oiaaielpaus mbbrufn mln ulpmin nivinflns ec $434,000.

Il Gulf :009, wf beopaftfn m pujaib eccfrild ec 6,=46,000 shmrfs ec eur beooel stebk dflfrmtild lftprebffns ec $=:4.2 oiaaiel.

Il Omrbh :0=0, thf V.R. rfmsury sean, il m pujaib eccfrild, m wmrrmlt te purbhmsf 696,8:9 shmrfs ec eurbeooel stebk thmt wms rfbfivfn creo us il thf ^MZP Bmpitma Purbhmsf Predrmo.


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Il Guay :0==, wf beopaftfn m pujaib eccfrild ec >,4=6,000 shmrfs ec eur beooel stebk dflfrmtild lftprebffns ec mpprexiomtfay $:62.2 oiaaiel.

Ridlmturf Rfburitifs

Ridlmturf Rfburitifs is m rfdistfrfn jrekfr-nfmafr il sfburitifs ulnfr thf Rfburitifs Fxbhmldf Mbt ec =92> (thfFxbhmldf Mbt ) mln m ofojfr ec thf Lmtielma Mssebimtiel ec Rfburitifs Nfmafrs, Ilb. (LMRN ). It ceromaayepflfn cer cuaa jusilfss epfrmtiels el Omy =, :00=.

Ridlmturf Rfburitifs previnfs eur baiflts with beoprfhflsivf ilvfstoflt, jrekfrmdf, wfmath omlmdfoflt, mlnethfr lel-jmlkild cilmlbima prenubts mln sfrvibfs. Ridlmturf Rfburitifs nfaivfrs thfsf prenubts mln sfrvibfs te itsbaiflts threudh fxpfriflbfn ilvfstoflt dreup nirfbters, aebmtfn il eur privmtf baiflt eccibfs, whe werk nirfbtay witheur jmlkild dreup nirfbters te jrild thfsf sfrvibfs te baiflts.

Prenubts mln Rfrvibfs

Tf eccfr m winf vmrifty ec nfpesit, fsbrew nfpesit, brfnit, bmsh omlmdfoflt, ilvfstoflt mln ilsurmlbf prenubtsmln sfrvibfs te eur baiflts. Mt Nfbfojfr 2=, :0==, wf omiltmilfn mpprexiomtfay 48,000 nfpesit mbbeults, 3,900ilvfstoflt mbbeults, 8,300 aeml mbbeults mln =>,200 baiflt rfamtielships.

Jusilfss Baiflts

Tf eccfr m cuaa rmldf ec prenubts mln sfrvibfs erifltfn te thf lffns ec eur jusilfss baiflts, ilbaunild7

Nfpesit prenubts subh ms lel-iltfrfst-jfmrild bhfbkild mbbeults, oelfy omrkft mbbeults mln tiofnfpesits;

Fsbrew nfpesit sfrvibfs; Bmsh omlmdfoflt sfrvibfs; Beoofrbima aemls mln ailfs ec brfnit cer werkild bmpitma mln te cilmlbf iltfrlma drewth, mbquisitiels mln

afvfrmdfn juyeuts; Pfromlflt rfma fstmtf aemls; Afttfrs ec brfnit; Ilvfstoflt prenubts te hfap jfttfr omlmdf inaf bmsh jmamlbfs, ilbaunild oelfy omrkft outuma culns mln

shert-tfro oelfy omrkft ilstruoflts; Jusilfss rftirfoflt mbbeults subh ms >0=(k) pamls; mln

Jusilfss ilsurmlbf prenubts, ilbaunild dreup hfmath mln dreup aicf prenubts.Pfrselma Baiflts

Tf eccfr m cuaa rmldf ec prenubts mln sfrvibfs erifltfn te thf lffns ec eur hidh lft werth pfrselma baiflts,ilbaunild7

Iltfrfst-jfmrild mln lel-iltfrfst-jfmrild bhfbkild mbbeults, with eptielma cfmturfs subh ms nfjit/MÔbmrns mln evfrnrmct pretfbtiel mln, cer eur tep baiflts, rfjmtfs ec bfrtmil bhmrdfs, ilbaunild MÔ cffs;

Oelfy omrkft mbbeults mln oelfy omrkft outuma culns; îof nfpesits; Pfrselma aemls, jeth sfburfn mln ulsfburfn; Oertdmdfs, heof fquity aemls mln brfnit bmrn mbbeults; Ilvfstoflt mln mssft omlmdfoflt sfrvibfs; mln Pfrselma ilsurmlbf prenubts, ilbaunild hfmath, aicf mln nismjiaity.

Nfpesit Prenubts

^hf omrkft cer nfpesits beltilufs te jf vfry beopftitivf. Tf priomriay cebus eur nfpesit dmthfrild fccerts il thfdrfmtfr Lfw Yerk oftrepeaitml mrfm with oelfy bfltfr jmlks, rfdielma jmlks mln beooulity jmlks ms eurpriomry beopftiters. Tf nistilduish eursfavfs creo beopftiters jy cebusild el eur tmrdft omrkft7 privmtfay-ewlfnjusilfssfs mln thfir ewlfrs mln sflier omlmdfrs. ^his libhf mpprembh, beupafn with eur rfamtielship-jmlkildoenfa, previnfs eur baiflts with m pfrselmaizfn sfrvibf, whibh wf jfaifvf divfs us m beopftitivf mnvmltmdf.


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Tf eccfr m vmrifty ec nfpesit prenubts te eur baiflts mt iltfrfst rmtfs thmt mrf beopftitivf with ethfr jmlks. Eurjusilfss nfpesit prenubts ilbaunf beoofrbima bhfbkild mbbeults, oelfy omrkft mbbeults, fsbrew nfpesitmbbeults, aebkjex mbbeults, bmsh belbfltrmtiel mbbeults mln ethfr bmsh omlmdfoflt prenubts. Eur pfrselmanfpesit prenubts ilbaunf bhfbkild mbbeults, oelfy omrkft mbbeults mln bfrticibmtfs ec nfpesit. Tf mase maaeweur pfrselma mln jusilfss nfpesit baiflts te mbbfss thfir mbbeults, trmlscfr culns, pmy jiaas mln pfrcero ethfrmbbeult culbtiels evfr thf iltfrlft mln threudh MÔ ombhilfs. Mt Nfbfojfr 2=, :0==, wf omiltmilfnmpprexiomtfay 48,000 nfpesit mbbeults rfprfsfltild $==.40 jiaaiel il baiflt nfpesits, fxbaunild jrekfrfn nfpesits.

^hf ceaaewild tmjaf prfsflts thf oix ec eur nfpesits mln nfpesit prenubts ms ec Nfbfojfr 2=, :0== mln :0=0.

(neaamrs il theusmlns) Moe ult Pfrbfl tmdf Moe ult Pfrbfl tmdfPfrselma nfomln (=) 22=,:38$ :.8:% :83,=33 2.02%Jusilfss nfomln (=) :,8=4,=38 :2.94% :,=32,80: ::.9:%Zflt sfburity 46,=29 0.3>% >4,03: 0.60%Pfrselma LET 24,09> 0.2:% 40,:=6 0.4>%Jusilfss LET mln iltfrfst-jfmrild nfomln 303,023 6.=3% 320,223 3.38%Pfrselma oelfy omrkft :,2=>,239 =9.38% =,36>,694 =4.62%Jusilfss oelfy omrkft >,344,>:> 29.49% 2,330,>>3 28.44%Pfrselma tiof nfpesits >9:,030 >.=9% 60=,:93 6.2=%Jusilfss tiof nfpesits 2>6,48: :.9>% >00,3>= >.:>%Jrekfrfn tiof nfpesits 64,498 0.>9% :3,333 0.:8%

êtma ==,46>,=28$ =00.00% 9,>>=,::4 =00.00%2,=>8,>23$ :3.49% :,>>9,938 :6.96%

3>2,=20 6.>8% 400,66= 4.>:%4,033,92: 30.==% 6,23:,=06 63.80%

824,8>: 4.=2% 90=,924 9.66%64,498 0.>9% :3,333 0.:8%

êtma ==,46>,=28$ =00.00% 9,>>=,::4 =00.00%Pfrselma 2,=4>,49=$ :4.0=% :,6=:,:4> :3.3=%Jusilfss 8,6:=,6>9 4:.60% 3,90:,:84 42.==%Jrekfrfn tiof nfpesits 64,498 0.>9% :3,333 0.:8%

êtma ==,46>,=28$ =00.00% 9,>>=,::4 =00.00%

(=) Lel-iltfrfst jfmrild.

Nfomln (=)LET mln iltfrfst-jfmrild nfomlnOelfy omrkftîof nfpesitsJrekfrfn tiof nfpesits

:0== :0=0Nfbfojfr 2=,

Aflnild Mbtivitifs

Eur trmnitielma beoofrbima mln ilnustrima aflnild is dflfrmaay aioitfn te fxistild baiflts with wheo wf hmvf erfxpfbt te hmvf nfpesit mln/er jrekfrmdf rfamtielships il ernfr te mssist il oeliterild mln beltreaaild brfnit risk.Tf tmrdft eur aflnild te privmtfay-ewlfn jusilfssfs, thfir ewlfrs mln sflier omlmdfrs, dflfrmaay hidh lft werthilnivinumas whe offt eur brfnit stmlnmrns. ^hf brfnit stmlnmrns mrf sft jy thf Brfnit Beooittff ec eur Jemrn ecNirfbters (thf Brfnit Beooittff ) with thf mssistmlbf ec eur Bhifc Brfnit Eccibfr, whe is bhmrdfn with flsurildthmt brfnit stmlnmrns mrf oft jy aemls il eur pertceaie. Il mnnitiel, wf hmvf m brfnit mutherizmtiel peaiby ulnfrwhibh le sildaf ilnivinuma is mutherizfn te mpprevf m aeml rfdmrnafss ec neaamr moeult. Romaafr aemls omy jfmpprevfn jy belburrild mutherizfn eccibfrs. Amrdfr aemls rfquirf thf mpprevma ec thf Brfnit Beooittff. Euramrdfst aeml bmtfdery rfquirfs thf mpprevma ec eur Jemrn ec Nirfbters. Eur brfnit stmlnmrns cer beoofrbimajerrewfrs rfcfrflbf luofreus britfrim with rfspfbt te thf jerrewfr, ilbaunild histeribma mln pregfbtfn cilmlbimailceromtiel, thf strfldth ec omlmdfoflt, mbbfptmjaf beaamtfrma mln mssebimtfn mnvmlbf rmtfs, mln omrkftbelnitiels mln trflns il thf jerrewfrs ilnustry. Il mnnitiel, prespfbtivf aemls mrf mlmayzfn jmsfn el burrfltilnustry belbfltrmtiels il eur aeml pertceaie te prfvflt ml ulmbbfptmjaf belbfltrmtiel ec aemls il mly pmrtibuamrilnustry. Tf jfaifvf eur brfnit stmlnmrns mrf sioiamr te thf stmlnmrns dflfrmaay fopaeyfn jy amrdf lmtielwinfjmlks il thf omrkfts wf sfrvf. Tf sffk te niccfrfltimtf eursfavfs creo eur beopftiters jy cebusild el mln


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mddrfssivfay omrkftild te eur berf baiflts mln mbbeooenmtild, te thf fxtflt pfroittfn jy eur brfnit stmlnmrns,thfir ilnivinuma lffns. Tf dflfrmaay aioit ulsfburfn aflnild cer belsuofr aemls te privmtf jmlkild baiflts whe wfjfaifvf nfoelstrmtf mopaf lft werth, aiquinity mln rfpmyoflt bmpmbity.

Tf omkf aemls thmt mrf mppreprimtfay beaamtfrmaizfn ulnfr eur brfnit stmlnmrns. Mpprexiomtfay 94% ec eur culnfnaemls mrf sfburfn jy beaamtfrma. Vlsfburfn aemls mrf typibmaay omnf te ilnivinumas with sujstmltima lft werth.

Beoofrbima mln Ilnustrima Aemls

Eur beoofrbima mln ilnustrima (B&I ) aeml pertceaie is beoprisfn ec ailfs ec brfnit cer werkild bmpitma mln tfroaemls te cilmlbf fquipoflt, beopmly-ewlfn rfma fstmtf mln ethfr jusilfss mssfts, maeld with beoofrbimaevfrnrmcts. Eur ailfs ec brfnit cer werkild bmpitma mrf dflfrmaay rflfwfn el ml mlluma jmsis mln eur tfro aemlsdflfrmaay hmvf tfros ec twe te civf yfmrs. Eur ailfs ec brfnit mln tfro aemls typibmaay hmvf caemtild iltfrfst rmtfs,mln ms ec Nfbfojfr 2=, :0==, mpprexiomtfay 3=% ec eur eutstmlnild B&I aemls wfrf vmrimjaf rmtf aemls. B&Iaemls bml jf sujgfbt te risk cmbters uliquf te thf jusilfss ec fmbh baiflt. Il ernfr te oitidmtf thfsf risks mlnjfttfr sfrvf eur baiflts, wf sffk te dmil ml ulnfrstmlnild ec thf jusilfss ec fmbh baiflt mln thf rfaimjiaity ec thfirbmsh caew, se thmt wf bml pambf mppreprimtf vmauf el beaamtfrma tmkfl mln strubturf thf aeml te omiltmil beaamtfrmavmaufs mt mppreprimtf afvfas. Il mlmayzild brfnit risk, wf dflfrmaay cebus el thf jusilfss fxpfriflbf ec eurjerrewfrs omlmdfoflt. Tf prfcfr te afln te jerrewfrs with ml fstmjaishfn trmbk rfbern ec aeml rfpmyoflt mlnprfnibtmjaf drewth mln bmsh caew. Tf mase rfay el thf fxpfriflbf ec eur jmlkfrs mln thfir rfamtielships with eurbaiflts te min eur ulnfrstmlnild ec thf baiflt mln its jusilfss. Eur ailfs ec brfnit typibmaay mrf aioitfn te mpfrbfltmdf ec thf vmauf ec thf mssfts sfburild thf ailf. Ailfs ec brfnit mrf dflfrmaay rfvifwfn mllumaay mln mrftypibmaay suppertfn jy mbbeults rfbfivmjaf, ilvfltery mln fquipoflt. Nfpflnild el thf risk preciaf ec thf

jerrewfr, wf omy rfquirf pfrienib mdild ec rfbfivmjafs, ms wfaa ms jerrewild jmsf bfrticibmtfs rfprfsfltild burrfltafvfas ec ilvfltery, fquipoflt, mln mbbeults rfbfivmjaf. Eur tfro aemls mrf typibmaay mase sfburfn jy thf mssftsec eur baiflts jusilfssfs. Beoofrbima jerrewfrs mrf rfquirfn te previnf upnmtfn pfrselma mln berpermtfcilmlbima stmtfoflts mt afmst mllumaay. Mt Nfbfojfr 2=, :0==, culnfn B&I aemls tetmafn mpprexiomtfay =6% ec eurtetma culnfn aemls. Aemls fxtflnfn te jerrewfrs withil thf sfrvibfs ilnustrifs ilbaunf aemls te cilmlbf werkildbmpitma mln fquipoflt, ms wfaa ms aemls te cilmlbf ilvfstoflt mln ewlfr-ebbupifn rfma fstmtf.


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^hf ceaaewild tmjaf prfsflts ilceromtiel rfdmrnild thf nistrijutiel ec eur B&I aemls moeld sfafbt ilnustrifs ilwhibh wf hmn thf amrdfst belbfltrmtiel ec aemls eutstmlnild mt Nfbfojfr 2=, :0==. Ethfr Ilnustrifs ilbaunf mnivfrsf rmldf ec ilnustrifs, ms nftfroilfn jy Rfbter Ilceromtiel Benf (RIB ), ilbaunild sfrvibf-erifltfn ciros thmtprevinf iltrenubtiels te lfw baiflt rfamtielships mln privmtf heusfheans.

Ilnustry jy RIB Nfsidlmtiel

(neaamrs il theusmlns) Aeml Moeu lt Pfrbfl tmdf^mxi Ofnmaaiels :9>,338$ :3.8:%Zfma Fstmtf mln Zfma Fstmtf Omlmdfoflt :0=,43= =8.23%Theafsmaf ^rmnf 94,=96 8.86%Omlucmbturild 66,>63 6.06%Rpfbima rmnf Beltrmbters >2,444 2.98%Afdma Rfrvibfs >2,:44 2.9>%Zftmia ^rmnf 24,200 2.29%Cilmlbima Rfrvibfs 2=,26> :.86%Hfmath Rfrvibfs :6,66> :.22%Ofojfrship Erdmlizmtiels :>,:82 :.:=%

Precfssielma Rfrvibfs :2,446 :.=3%Juianild mln Belstrubtiel Beltrmbters =8,923 =.4:%Jusilfss Rfrvibfs =>,323 =.22%Zfbrfmtielma Rfrvibfs 9,8:0 0.89%Oetiel Pibturfs 4,98= 0.42%Fnubmtielma Rfrvibfs 3,0>= 0.66%^rmlspertmtiel Rfrvibfs >,9:2 0.>6%Ethfr Ilnustrifs =68,038 =>.29%

^etma =,098,806$ =00.00%

Nfbfojfr 2=, :0==

Zfma Fstmtf Aemls

Eur rfma fstmtf aeml pertceaie ilbaunfs aemls sfburfn jy beoofrbima mln rfsinfltima prepfrtifs. Tf mase previnftfopermry cilmlbild cer beoofrbima mln rfsinfltima prepfrty. Eur pfromlflt rfma fstmtf aemls dflfrmaay hmvfcixfn tfros ec civf yfmrs. Tf dflfrmaay mvein aeldfr tfro aemls cer beoofrbima rfma fstmtf hfan cer ilvfstoflt.Eur pfromlflt rfma fstmtf aemls hmvf jeth caemtild mln cixfn rmtfs. Nfpflnild el thf cilmlbima stmtus ec thfjerrewfr, wf omy rfquirf pfrienib mpprmismas ec thf prepfrty te vfricy thf eldeild mnfqumby ec thf beaamtfrma. MtNfbfojfr 2=, :0==, culnfn rfma fstmtf aemls tetmafn mpprexiomtfay $6.4> jiaaiel, rfprfsfltild mpprexiomtfay 80%ec eur tetma culnfn aemls.


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^hf ceaaewild tmjaf shews thf nistrijutiel ec eur rfma fstmtf aemls ms ec Nfbfojfr 2=, :0== jy beaamtfrma typf7

Aemls Rfburfn jy Zfma Fstmtf

(neaamrs il theusmlns) Aeml Moeu lt Pfrbfl tmdf

Ouati-cmoiay rfsinfltima prepfrty 2,002,>:8$ 6:.20%

Beoofrbima prepfrty :,:=8,062 28.3:%=-> cmoiay rfsinfltima prepfrty :69,>=8 >.6:%Heof fquity ailfs ec brfnit =98,246 2.>6%Belstrubtiel mln amln 32,446 =.==%

^etma 6,4>2,0>9$ =00.00%

Nfbfojfr 2=, :0==

Tf ebbmsielmaay omkf pfrselma rfsinfltima rfma fstmtf aemls. ^hfsf aemls belsist ec cirst mln sfbeln oertdmdfaemls cer rfsinfltima prepfrtifs. ^hfsf aemls mrf typibmaay omnf te hidh lft werth ilnivinumas ms pmrt ec eur privmtfbaiflt sfrvibfs. Tf dflfrmaay ne let rftmil aeld-tfro, cixfn rmtf rfsinfltima rfma fstmtf aemls il eur pertceaie nuf teiltfrfst rmtf mln beaamtfrma risks mln aew afvfas ec precitmjiaity. Tf ne let belsinfr pfrselma rfsinfltima rfma fstmtfaemls m berf pmrt ec eur jusilfss.

Rujstmltimaay maa ec thf beaamtfrma cer eur rfma fstmtf aemls is aebmtfn withil thf Lfw Yerk oftrepeaitml mrfm. Ms mrfsuat, eur cilmlbima belnitiel mln rfsuats ec epfrmtiels omy jf mccfbtfn jy bhmldfs il thf fbeleoy mln thf rfmafstmtf omrkft ec thf Lfw Yerk oftrepeaitml mrfm. M preaeldfn pfrien ec fbeleoib rfbfssiel er ethfr mnvfrsffbeleoib belnitiels il thf Lfw Yerk oftrepeaitml mrfm, subh ms thf elf wf mrf fxpfriflbild lew, omy rfsuat ilml ilbrfmsf il lelpmyoflt ec aemls, m nfbrfmsf il beaamtfrma vmauf, mln ml ilbrfmsf il eur maaewmlbf cer aemlaessfs.

Afttfrs ec Brfnit

Tf issuf stmlnjy er pfrceromlbf afttfrs ec brfnit, mln bml sfrvibf thf iltfrlmtielma lffns ec eur baiflts threudhberrfspelnflt jmlks. Mt Nfbfojfr 2=, :0==, eur beooitoflts ulnfr afttfrs ec brfnit tetmafn mpprexiomtfay$:26.4 oiaaiel.

Belsuofr Aemls

Eur pfrselma aeml pertceaie belsists ec pfrselma ailfs ec brfnit mln aemls te mbquirf pfrselma mssfts. Eur pfrselmaailfs ec brfnit dflfrmaay hmvf tfros ec elf yfmr mln eur tfro aemls usumaay hmvf tfros ec thrff te civf yfmrs. Eurailfs ec brfnit typibmaay hmvf caemtild iltfrfst rmtfs. Ic thf cilmlbima situmtiel ec thf baiflt is succibiflt, wf wiaa drmltulsfburfn ailfs ec brfnit. Tf mase fxmoilf thf pfrselma aiquinity ec eur ilnivinuma jerrewfrs, il seof bmsfsrfquirild mdrffoflts te omiltmil m oiliouo afvfa ec aiquinity, te ilsurf thmt thf jerrewfr hms succibiflt aiquinity terfpmy thf aeml. Nuf te aew afvfas ec precitmjiaity, iltfrfst rmtf risks mln beaamtfrma risks, wf ne let belsinfr sfburfnpfrselma aemls, subh ms muteoejiaf aemls, m berf pmrt ec eur jusilfss. Mt Nfbfojfr 2=, :0==, eur belsuofraemls tetmafn $==.8 oiaaiel, rfprfsfltild afss thml =% ec eur tetma culnfn aemls.

Ilvfstoflt mln Mssft Omlmdfoflt Prenu bts mln Rfrvibfs

Ilvfstoflt mln mssft omlmdfoflt prenubts mln sfrvibfs mrf previnfn threudh eur sujsinimry, RidlmturfRfburitifs. Ridlmturf Rfburitifs is m aibflsfn jrekfr-nfmafr mln is m ofojfr ec thf LMRN mln thf RfburitifsIlvfster Pretfbtiel Berpermtiel (RIPB ). Ridlmturf Rfburitifs is ml iltrenubild ciro mln, ms subh, bafmrs its trmnfsthreudh Lmtielma Cilmlbima Rfrvibfs, Ilb., m wheaay-ewlfn sujsinimry ec Cinfaity Ilvfstoflts. Ridlmturf Rfburitifsis mase rfdistfrfn ms ml ilvfstoflt mnvisfr il Lfw Yerk, Lfw Gfrsfy, Pfllsyavmlim mln Caerinm. Eur ilvfstofltdreup nirfbters werk with eur baiflts te nfcilf ejgfbtivfs, demas mln strmtfdifs cer thfir ilvfstoflt pertceaies,whfthfr eur baiflts mrf aeekild cer m rfamtielship jmsfn previnfr er mrf aeekild cer mssistmlbf with m pmrtibuamrtrmlsmbtiel.

Tf eccfr m winf mrrmy ec mssft omlmdfoflt mln ilvfstoflt prenubts, ilbaunild thf mjiaity te purbhmsf mln sfaa maatypfs ec ilnivinuma sfburitifs subh ms fquitifs, eptiels, cixfn ilbeof sfburitifs, outuma culns mln mlluitifs. Tfeccfr trmlsmbtielma, bmsh omlmdfoflt typf jrekfrmdf mbbeults with bhfbk writild mln nmiay swffp bmpmjiaitifs.Tf eccfr eur baiflts ml mssft omlmdfoflt predrmo whfrfjy wf werk with eur baiflts te tmiaer thfir mssft maaebmtiel


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mbbernild te thfir risk preciaf mln thfl ilvfst thf baiflts mssfts fithfr nirfbtay with m sfafbt dreup ec hidh qumaityoelfy omlmdfrs, le aemn outuma culns er m beojilmtiel ec jeth. Tf beltrmbt with m thirn pmrty te pfrceroilvfstoflt omlmdfr nuf niaidflbf cer us el thfsf oelfy omlmdfrs mln outuma culns. Tf hmvf fltfrfn ilte mlmdrffoflt mln strmtfdib maaimlbf with Mofribml Rtebk rmlscfr & rust Beopmly mln utiaizf this ciro te previnfeur berpermtf mln pfrselma baiflts with trust, busteny mln fstmtf pamllild prenubts mln sfrvibfs. Tf eccfr leprepriftmry prenubts er sfrvibfs. Tf ne let pfrcero mln wf ne let previnf eur baiflts with eur ewl jrmlnfnilvfstoflt rfsfmrbh. Ilstfmn, wf hmvf beltrmbtfn with m luojfr ec thirn-pmrty rfsfmrbh previnfrs mln mrf mjaf teprevinf eur baiflts with trmnitielma Tmaa Rtrfft rfsfmrbh creo m luojfr ec seurbfs.

Tf mase eccfr rftirfoflt prenubts subh ms ilnivinuma rftirfoflt mbbeults (IZMs ) mln mnoilistrmtivf sfrvibfs cerrftirfoflt vfhibafs subh ms pflsiel, precit shmrild, mln >0=(k) pamls te eur baiflts. ^hfsf prenubts mrf letprepriftmry prenubts.

Ridlmturf Rfburitifs eccfrs wfmath omlmdfoflt sfrvibfs te eur hidh lft werth pfrselma baiflts. ^edfthfr with eurbaiflt mln thfir ethfr precfssielma mnvisers, ilbaunild mtterlfys mln bfrticifn pujaib mbbeultmlts, wf nfvfaep msephistibmtfn cilmlbima paml thmt bml ilbaunf fstmtf pamllild, jusilfss subbfssiel pamllild, mssft pretfbtiel,ilvfstoflt omlmdfoflt, cmoiay eccibf mnvisery sfrvibfs, jiaa pmyoflt, mrt mln beaafbtijaf mnvisery sfrvibfs mlnbelbfltrmtfn stebk sfrvibfs.

RJM Aemls mln Peeas

Tf mrf ml mbtivf pmrtibipmlt il thf RJM aeml mln RJM peea sfbelnmry omrkft jy purbhmsild, sfburitizild, mlnsfaaild thf dumrmltffn pertiels ec RJM Rfbtiel 4(m) aemls. Oest RJM Rfbtiel 4(m) aemls hmvf mngustmjaf rmtfs

mln caemt mt m sprfmn te thf priof rmtf mln rfsft oelthay er qumrtfray. RJM aemls belsist ec m dumrmltffn pertielec thf aeml mln ml ul-dumrmltffn jmamlbf, whibh typibmaay rfprfsflts =0% ec thf eridilma jmamlbf thmt is rftmilfnjy thf eridilmtild aflnfr. ^hf dumrmltffn pertiels ec RJM aemls mrf jmbkfn jy thf cuaa cmith mln brfnit ec thf V.R.devfrloflt mln, thfrfcerf, hmvf le brfnit risk mln bmrry m 0% risk wfidht cer bmpitma purpesfs. Mt Nfbfojfr 2=,:0==, wf hmn $29:.0 oiaaiel il RJM aemls hfan cer smaf, rfprfsfltild mpprexiomtfay 6% ec eur tetma culnfn aemls,beopmrfn te $28:.: oiaaiel mt Nfbfojfr 2=, :0=0. ^hf ilbrfmsfn ilvfltery hms jffl usfn te ciaa ilbrfmsfn baifltnfomln cer this prenubt.

Ridlmturf Rfburitifs mbts ms ml mdflt mln ms m belsuatmlt te thf Jmlk el thf purbhmsf, smaf mln mssfojay ec RJMaemls mln peeas. Ridlmturf Rfburitifs is elf ec thf amrdfst RJM peea mssfojafrs il thf Vlitfn Rtmtfs. ^hfpriomry jusilfss ec thf dreup is te jf ml mbtivf omrkft omkfr il thf RJM aeml mln peea sfbelnmry omrkft jypurbhmsild, sfburitizild mln sfaaild thf devfrloflt dumrmltffn pertiels ec thf RJM aemls. Ridlmturf Jmlk ismpprevfn jy thf RJM ms m peea mssfojafr mln is mpprevfn jy thf CNIB te fldmdf il devfrloflt sfburitifs nfmafrmbtivitifs.

Tf purbhmsf thf dumrmltffn pertiel ec RJM aemls creo vmrieus RJM aflnfr baiflts. Elbf purbhmsfn, wf typibmaaywmrfheusf thf dumrmltffn aeml cer mpprexiomtfay 20 te =80 nmys. Creo this wmrfheusf, wf mddrfdmtf aikf RJMaemls jy sioiamr bhmrmbtfristibs ilte peeas cer sfburitizmtiel mln smaf te thf sfbelnmry omrkft. Il ernfr te offt thfRJMs rmtf rfquirfoflt, wf omy strip fxbfss sfrvibild creo aemls with niccfrflt beupels te brfmtf m peea mt mbeooel rmtf. ^his hms rfsuatfn il thf brfmtiel ec twe mssfts7 m pmr peea mln fxbfss sfrvibild strips. Fxbfsssfrvibild rfprfsflts thf pertiel ec thf beupel strippfn creo m aeml. Mt Nfbfojfr 2=, :0==, thf bmrryild moeultec eur RJM fxbfss sfrvibild strip mssfts wms $40.= oiaaiel.

Beasel Rfrvibfs Berp. is thf devfrloflt mppeiltfn cisbma mln trmlscfr mdflt cer thf RJMs Rfbelnmry OmrkftPredrmo. Ms thf nfsidlmtfn sfrvibfr, it previnfs trmlsmbtiel prebfssild, rfbern kffpild mln aeml sfrvibildculbtiels, ilbaunild nebuoflt rfvifw mln busteny, pmyoflt beaafbtiel mln nisjursfoflt, mln nmtm beaafbtiel mlnfxbhmldf cer us.

Ilsurmlbf Rfrvibfs

Tf eccfr eur jusilfss mln privmtf baiflts m winf mrrmy ec ilnivinuma mln dreup ilsurmlbf prenubts, ilbaunild hfmath,aicf, nismjiaity mln aeld-tfro bmrf ilsurmlbf prenubts threudh eur sujsinimry, Ridlmturf Rfburitifs. Tf ne letulnfrwritf ilsurmlbf peaibifs. Tf elay mbt ms ml mdflt il eccfrild ilsurmlbf prenubts mln sfrvibfs ulnfrwrittfljy ilsurfrs thmt wf jfaifvf mrf thf jfst cer eur baiflts il fmbh bmtfdery.


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Beopftitiel

^hfrf is sidlicibmlt beopftitiel moeld beoofrbima jmlkild ilstitutiels il thf Lfw Yerk oftrepeaitml mrfm. Tfbeopftf with ethfr jmlk heanild beopmlifs, lmtielma mln stmtf-bhmrtfrfn beoofrbima jmlks, smvilds mln aemlmssebimtiels, belsuofr cilmlbf beopmlifs, brfnit uliels, sfburitifs jrekfrmdf ciros, ilsurmlbf beopmlifs,oertdmdf jmlkild beopmlifs, oelfy omrkft outuma culns, mssft-jmsfn lel-jmlk aflnfrs, mln ethfr cilmlbimailstitutiels. Omly ec thfsf beopftiters hmvf sujstmltimaay drfmtfr cilmlbima rfseurbfs, aflnild aioits mln amrdfreccibf lftwerks thml wf ne mln mrf mjaf te eccfr m jremnfr rmldf ec prenubts mln sfrvibfs thml wf bml. Jfbmusfwf beopftf mdmilst amrdfr ilstitutiels, eur cmiaurf te beopftf fccfbtivfay cer nfpesit, aeml, mln ethfr baiflts il euromrkfts beuan bmusf us te aesf omrkft shmrf, saew eur drewth rmtf mln omy hmvf ml mnvfrsf fccfbt el eurcilmlbima belnitiel mln rfsuats ec epfrmtiels.

^hf omrkft cer jmlkild mln jrekfrmdf sfrvibfs is fxtrfofay beopftitivf mln maaews belsuofrs te mbbfss cilmlbimaprenubts mln beopmrf iltfrfst rmtfs mln sfrvibfs creo luofreus cilmlbima ilstitutiels aebmtfn mbress thf VlitfnRtmtfs. Ms m rfsuat, baiflts ec maa cilmlbima ilstitutiels, ilbaunild thesf withil eur tmrdft omrkft, mrf sflsitivf tebeopftitivf iltfrfst rmtf afvfas mln sfrvibfs. Eur cuturf subbfss il mttrmbtild mln rftmilild baiflt nfpesitsnfpflns, il pmrt, el eur mjiaity te eccfr beopftitivf rmtfs mln sfrvibfs. Eur baiflts mrf pmrtibuamray mttrmbtfn te thfafvfa ec pfrselmaizfn sfrvibf wf bml previnf. Eur jusilfss beuan jf iopmirfn ic eur baiflts jfaifvf ethfr jmlksprevinf jfttfr sfrvibf er ic thfy beof te jfaifvf thmt hidhfr rmtfs mrf oerf iopertmlt te thfo thml jfttfr sfrvibf.

Cilmaay, evfr thf pmst thrff yfmrs thfrf hms jffl sidlicibmlt devfrloflt iltfrvfltiel il thf jmlkild ilnustry,ilbaunild fquity ilvfstoflts, aiquinity cmbiaitifs mln dumrmltffs. ^hfsf mbtiels hmvf bhmldfn mln hmvf thfpetfltima te bhmldf thf beopftitivf amlnsbmpf sidlicibmltay. Cer fxmopaf, baiflts omy vifw seof ec eurbeopftiters ms tee jid te cmia mln subh beopftiters omy thfrfjy jflfcit creo ml iopaibit V.R. devfrlofltdumrmltff jfyeln thesf previnfn te maa jmlks mln thfir baiflts. Il mnnitiel, seof ec thfsf devfrloflt predrmoshmvf, er omy hmvf, thf mjiaity te divf risf te lfw beopftiters. Cer ilstmlbf, thf CNIB hms iltrenubfn m jinnildprebfss cer ilstitutiels thmt hmvf jffl er wiaa jf pambfn ilte rfbfivfrship jy cfnfrma er stmtf rfduamters. ^hisprebfss is epfl te fxistild cilmlbima ilstitutiels, ms wfaa ms dreups witheut prf-fxistild epfrmtiels. ^hf iopmbt eceldeild devfrloflt iltfrvfltiel is niccibuat te prfnibt mln beuan mnvfrsfay mccfbt eur beopftitivf stmlnild mlnprecitmjiaity.

^hf Lfw Yerk Omrkft

Rujstmltimaay maa ec eur jusilfss is aebmtfn il thf Lfw Yerk oftrepeaitml mrfm. Tf jfaifvf thf Lfw Yerkoftrepeaitml mrfm fbeleoy prfsflts ml mttrmbtivf eppertulity te curthfr drew ml ilnfpflnflt cilmlbima sfrvibfsbeopmly erifltfn te thf lffns ec thf Lfw Yerk oftrepeaitml mrfm fbeleoib omrkftpambf. ^hf Lfw Yerk

Oftrepeaitml Rtmtistibma Mrfm (ORM ) is, jy cmr, thf amrdfst omrkft il thf Vlitfn Rtmtfs cer jmlk nfpesits. ^hfORM ec Lfw Yerk, Aeld Isamln mln Lerthfrl Lfw Gfrsfy is with mpprexiomtfay $=.= triaaiel il tetma nfpesits, msec Gulf 20, :0== oerf thml twe mln m hmac tiofs amrdfr thml thf sfbeln amrdfst ORM il thf V.R. (Phiamnfaphim,Bmonfl, Tiaoildtel). ^hf Lfw Yerk ORM is mase heof te thf amrdfst luojfr ec jusilfssfs with cfwfr thml 600fopaeyffs il thf lmtiel. ^hf fbeleoy ec thf Lfw Yerk oftrepeaitml mrfm hms nivfrsicifn sujstmltimaay evfr thfpmst sfvfrma nfbmnfs mln ilbaunfs m drfmtfr vmrifty ec ilnustrifs subh ms sfrvibfs, tfbhleaedy mln rfma fstmtf.^hf Lfw Yerk oftrepeaitml mrfm cilmlbima sfrvibfs omrkftpambf is sfrvfn jy omly amrdf, nivfrsf cilmlbima sfrvibfsbeopmlifs, ilbaunild amrdf, ouati-lmtielma cilmlbima sfrvibfs beopmlifs, rfdielma jmlks mln jrekfrmdf ciros, oin-sizf beoofrbima jmlks mln jrekfrmdf ciros mln outuma mln stebk smvilds jmlks.

Ms ec Nfbfojfr 2=, :0==, wf epfrmtfn :6 privmtf baiflt eccibfs aebmtfn il thf Lfw Yerk oftrepeaitml mrfm. ^hfsf:6 eccibfs heusfn m tetma ec 48 privmtf baiflt jmlkild dreups. Ms pmrt ec thf beltiluild nfvfaepoflt ec eurjusilfss strmtfdy, wf fxpfbt te epfl mnnitielma eccibfs il :0=:. Tf jfaifvf thfsf privmtf baiflt eccibfs wiaa maaewus te fxpmln eur burrflt epfrmtiels il thf Lfw Yerk oftrepeaitml mrfm.

Ilceromtiel ^fbhleaedy mln Rystfo Rfburity

Tf rfay el ilnustry afmnild tfbhleaedy beopmlifs te nfaivfr sectwmrf, suppert mln nismstfr rfbevfry sfrvibfs.Eur berf jmlkild mppaibmtiel sectwmrf (NNM, Rmvilds, Beopaimlbf, Dflfrma Afndfr, faafr, mln Iltfrlft Jmlkild)is previnfn jy Cinfaity Ilceromtiel Rfrvibfs. Eur berf jrekfrmdf systfos mrf previnfn jy mln rul mt eur bafmrildciro, Lmtielma Cilmlbima Rfrvibfs, m sujsinimry ec Cinfaity Cilmlbima Rfrvibfs Berp. Eur pfrsellfa bellfbt te thf


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systfo vim jeth nfnibmtfn mln Iltfrlft jmsfn bellfbtiels te Cinfaity Cilmlbima Rfrvibfs il Jestel,Omssmbhusftts.

Eur ilceromtiel tfbhleaedy flvireloflt usfs Cinfaity Ilceromtiel Rfrvibfs tfbhleaedy bfltfr il Aittaf Zebk, Mrkmlsms. ^his tfbhleaedy bfltfr ilbaunfs nfnibmtfn aidhts eut beoputfr rmisfn-caeer spmbf, ms wfaa msnfsidlmtfn eccibf spmbf cer ilceromtiel tfbhleaedy suppert pfrsellfa. M beojilmtiel ec jmbkup pewfr dflfrmtiel,uliltfrruptijaf pewfr systfos mln :> heur m nmy oeliterild ec thf cmbiaity pfrioftfrs, hmrnwmrf, epfrmtild systfosectwmrf, lftwerk bellfbtivity, mln juianild flvirelofltma systfos oilioizfs thf risk ec mly sfrieus eutmdf ersfburity jrfmbh.

Fopaeyffs

Ms ec Nfbfojfr 2=, :0==, wf hmn 4:0 cuaa-tiof fquivmaflt fopaeyffs, >24 ec wheo wfrf eccibfrs. Lelf ec eurfopaeyffs is rfprfsfltfn jy m beaafbtivf jmrdmilild mdrffoflt. Tf belsinfr eur rfamtiels with eur fopaeyffs tejf deen.

Zfduamtiel mln Rupfrvisiel

Ms m stmtf-bhmrtfrfn jmlk, thf nfpesits ec whibh mrf ilsurfn jy thf CNIB, wf mln eur sujsinimrifs mrf sujgfbt te mbeoprfhflsivf systfo ec jmlk supfrvisiel mnoilistfrfn jy cfnfrma mln stmtf jmlkild mdflbifs. Jfbmusf wf mrfbhmrtfrfn ulnfr thf amws ec thf Rtmtf ec Lfw Yerk, thf Lfw Yerk Rtmtf Nfpmrtoflt ec Cilmlbima Rfrvibfs is eurpriomry rfduamter. ^hf CNIB is eur priomry cfnfrma jmlkild rfduamter jfbmusf wf mrf let m ofojfr ec thf CfnfrmaZfsfrvf Rystfo. ^hfsf rfduamters evfrsff eur beopaimlbf with mppaibmjaf cfnfrma mln Lfw Yerk amws mlnrfduamtiels devfrlild eur mbtivitifs, epfrmtiels, mln jusilfss.

^hf priomry purpesf ec thf V.R. systfo ec jmlk supfrvisiel is te flsurf thf smcfty mln seulnlfss ec jmlks ilernfr te pretfbt nfpesiters, thf CNIB ilsurmlbf culn, mln thf cilmlbima systfo dflfrmaay. It is let priomriayiltflnfn te pretfbt thf iltfrfst ec shmrfheanfrs. ^hus, ic wf wfrf te vieamtf jmlkild amw mln rfduamtiels, ilbaunildfldmdild il ulsmcf er ulseuln prmbtibfs, wf beuan jf sujgfbt te flcerbfoflt mbtiels mln ethfr smlbtiels thmtbeuan jf nftriofltma te shmrfheanfrs.

^hf cfnfrma devfrloflt hms rfbfltay iopafofltfn mln mlleulbfn predrmos nfsidlfn te jeastfr thf bmpitma ecV.R. jmlks. Reof ec thfsf predrmos hmvf, mln mly cuturf predrmos omy, iopesf mnnitielma ruafs mln rfduamtielsel us, seof ec whibh omy mccfbt thf wmy wf belnubt eur jusilfss mln/er aioit eur mjiaity te beopftf fccfbtivfay.Rff Zisk Cmbters Tf mrf sujgfbt te sidlicibmlt devfrloflt rfduamtiel.

Rmcfty mln Reulnlfss Zfduamtiel

Lfw Yerk amw devfrls eur mutherity te fldmdf il nfpesit-tmkild, aflnild, ilvfstild, mln ethfr mbtivitifs. Lfw Yerkamw mase iopesfs rfstribtiels iltflnfn te flsurf eur smcfty mln seulnlfss, ilbaunild aioitmtiels el thf moeult ecoelfy wf bml afln te m sildaf jerrewfr (dflfrmaay, =6% ec bmpitma; :6% ic thf aeml is sfburfn jy bfrtmil typfs ecbeaamtfrma), prehijitiels el fldmdild il mbtivitifs subh ms ilvfstild il fquity sfburitifs er lel-cilmlbimabeooenitifs, mln prehijitiels el omkild aemls sfburfn jy eur ewl bmpitma stebk.

Tf mrf sujgfbt te beoprfhflsivf bmpitma mnfqumby rfquirfoflts iltflnfn te pretfbt mdmilst aessfs thmt wf omyilbur. CNIB rfduamtiels rfquirf thmt wf omiltmil m oiliouo rmtie ec qumaicyild tetma bmpitma te tetma risk-wfidhtfnmssfts (ilbaunild ecc-jmamlbf shfft itfos) ec 8.0%, mt afmst elf-hmac ec whibh oust jf il thf cero ec ifr = bmpitma,mln m rmtie ec îfr = bmpitma te tetma risk-wfidhtfn mssfts ec >.0%. îfr = bmpitma is dflfrmaay nfcilfn ms thf suo ecberf bmpitma fafoflts afss deenwiaa mln bfrtmil ethfr nfnubtiels. Berf bmpitma ilbaunfs beooel shmrfheanfrsfquity, lel-buouamtivf pfrpftuma prfcfrrfn stebk, mln oilerity iltfrfsts il fquity mbbeults ec belseainmtfnsujsinimrifs. Ruppafofltmry bmpitma, whibh qumaicifs ms îfr : bmpitma mln beults tewmrns tetma bmpitma sujgfbt tebfrtmil aioits, ilbaunfs maaewmlbfs cer aeml aessfs, pfrpftuma prfcfrrfn stebk, sujernilmtfn nfjt, mln bfrtmil hyjrinilstruoflts. Mt Nfbfojfr 2=, :0==, eur tetma risk-jmsfn bmpitma rmtie wms =8.=4%, mln eur îfr = risk-jmsfnbmpitma rmtie wms =4.08%.

Tf mrf mase rfquirfn te omiltmil m oiliouo afvfrmdf bmpitma rmtie - thf rmtie ec îfr = bmpitma (lft ec iltmldijafs) temngustfn tetma mssfts. Jmlks thmt hmvf rfbfivfn thf hidhfst rmtild ec civf bmtfderifs usfn jy rfduamters te rmtfjmlks mln mrf let mltibipmtild er fxpfriflbild mly sidlicibmlt drewth oust omiltmil m afvfrmdf bmpitma rmtie ec mt


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afmst 2.0%. Maa ethfr ilstitutiels oust omiltmil m afvfrmdf bmpitma rmtie ec >.0%. Mt Nfbfojfr 2=, :0==, eurafvfrmdf bmpitma rmtie wms 9.34%.

Il mnnitiel, pmyoflts ec nivinflns el eur beooel stebk omy jf sujgfbt te thf prier mpprevma ec thf Lfw YerkRtmtf Nfpmrtoflt ec Cilmlbima Rfrvibfs, mln thf CNIB. Vlnfr Lfw Yerk amw, wf mrf prehijitfn creo nfbamrild mnivinfln se aeld ms thfrf is mly iopmiroflt ec eur bmpitma stebk. Il mnnitiel, wf weuan jf rfquirfn te ejtmil thfmpprevma ec thf Lfw Yerk Rtmtf Nfpmrtoflt ec Cilmlbima Rfrvibfs ic thf tetma ec maa eur nivinflns nfbamrfn il mlybmaflnmr yfmr weuan fxbffn thf tetma ec eur lft precits cer thmt yfmr beojilfn with rftmilfn lft precits ec thfprfbfnild twe yfmrs, afss mly rfquirfn trmlscfr te surpaus er m culn cer thf rftirfoflt ec mly prfcfrrfn stebk. Tfweuan mase jf rfquirfn te ejtmil thf mpprevma ec thf CNIB prier te nfbamrild m nivinfln ic mctfr pmyild thf nivinflnwf weuan jf ulnfrbmpitmaizfn, sidlicibmltay ulnfrbmpitmaizfn, er britibmaay ulnfrbmpitmaizfn.

^hf cfnfrma jmlkild rfduamters mrf burrfltay werkild el sidlicibmlt rfvisiels te thf bmpitma mnfqumby rfduamtiels teiopafoflt thf lfw bmpitma mbbern jfild nrmctfn jy thf Jmsfa Beooittff el Jmlk Rupfrvisiel. Tf bmllet mt thistiof prfnibt whfthfr thf lfw rfquirfoflts wiaa mppay te us er thf fccfbt thmt thfy omy hmvf el eur jusilfss.Hewfvfr, ic thf lfw bmpitma mnfqumby rfduamtiels wfrf te aewfr thf bmpitma rfquirfoflts cer amrdf oelfy bfltfrjmlks jut let cer somaafr jmlks aikf Ridlmturf Jmlk, wf beuan jf put mt m beopftitivf nismnvmltmdf.

^hf cfnfrma jmlkild mdflbifs hmvf mase mneptfn duinfailfs fstmjaishild smcfty mln seulnlfss stmlnmrns cer maailsurfn nfpesitery ilstitutiels. ^hf smcfty mln seulnlfss duinfailfs rfamtf te eur iltfrlma beltreas, ilceromtielsystfos, iltfrlma munit systfos, aeml ulnfrwritild mln nebuofltmtiel, beopflsmtiel, mln iltfrfst rmtf fxpesurf.^hf stmlnmrns mssist thf cfnfrma jmlkild mdflbifs with fmray inflticibmtiel mln rfseautiel ec prejafos mt ilsurfnnfpesitery ilstitutiels. Ic wf wfrf te cmia te offt thfsf stmlnmrns, thf CNIB beuan rfquirf us te sujoit mbeopaimlbf paml mln tmkf flcerbfoflt mbtiel ic ml mbbfptmjaf beopaimlbf paml wfrf let sujoittfn.

Preopt Berrfbtivf Mbtiel mln Flcerbfoflt Pewfrs

Tf mrf mase sujgfbt te CNIB rfduamtiels thmt mppay te fvfry CNIB-ilsurfn beoofrbima jmlk mln thrict ilstitutiel msystfo ec omlnmtery mln nisbrftielmry supfrvisery mbtiels, mln whibh dflfrmaay jfbeof oerf sfvfrf ms thfbmpitma afvfas ec ml ilnivinuma ilstitutiel nfbailf. ^hf rfduamtiels fstmjaish civf bmpitma bmtfderifs cer purpesfs ecnftfroilild eur trfmtoflt ulnfr thfsf preopt berrfbtivf mbtiel previsiels.

Tf weuan jf bmtfderizfn ms wfaa bmpitmaizfn ulnfr thf rfduamtiels ic (i) wf hmvf m tetma risk-jmsfn bmpitma rmtie ecmt afmst =0.0%; (ii) wf hmvf m îfr = risk-jmsfn bmpitma rmtie ec mt afmst 3.0%; (iii) wf hmvf m afvfrmdf bmpitma rmtie ecmt afmst 6.0%; mln (iv) wf mrf let sujgfbt te mly writtfl mdrffoflt, ernfr, bmpitma nirfbtivf, er preopt berrfbtivfmbtiel nirfbtivf issufn jy thf CNIB te offt mln omiltmil m spfbicib bmpitma afvfa.

Tf weuan jf bmtfderizfn ms mnfqumtfay bmpitmaizfn ic (i) wf hmvf m tetma risk-jmsfn bmpitma rmtie ec mt afmst 8.0%;(ii) wf hmvf m îfr = risk-jmsfn bmpitma rmtie ec mt afmst >.0%; mln (iii) wf hmvf m afvfrmdf bmpitma rmtie ec mt afmst>.0% (2.0% ic wf mrf rmtfn il thf hidhfst supfrvisery bmtfdery).

Tf weuan jf bmtfderizfn ms ulnfrbmpitmaizfn ic (i) wf hmvf m tetma risk-jmsfn bmpitma rmtie thmt is afss thml 8.0%;(ii) wf hmvf m îfr = risk-jmsfn bmpitma rmtie thmt is afss thml >.0%; er (iii) wf hmvf m afvfrmdf bmpitma rmtie thmt isafss thml >.0% (2.0% ic wf mrf rmtfn il thf hidhfst supfrvisery bmtfdery).

Tf weuan jf bmtfderizfn ms sidlicibmltay ulnfrbmpitmaizfn ic (i) wf hmvf m tetma risk-jmsfn bmpitma rmtie thmt is afssthml 3.0%; (ii) wf hmvf m îfr = risk-jmsfn bmpitma rmtie thmt is afss thml 2.0%; er (iii) wf hmvf m afvfrmdf bmpitmarmtie thmt is afss thml 2.0%.

Tf weuan jf bmtfderizfn ms britibmaay ulnfrbmpitmaizfn mln sujgfbt te previsiels omlnmtild mppeiltoflt ec mbelsfrvmter er rfbfivfr ic wf hmvf m rmtie ec tmldijaf fquity te tetma mssfts thmt is :.0% er afss. ^mldijaf fquitydflfrmaay ilbaunfs berf bmpitma paus buouamtivf pfrpftuma prfcfrrfn stebk.

Mt Nfbfojfr 2=, :0==, eur tetma risk-jmsfn bmpitma rmtie wms =8.=4%; eur îfr = risk-jmsfn bmpitma rmtie wms=4.08%; mln eur afvfrmdf bmpitma rmtie wms 9.34%. Fmbh ec thfsf rmties fxbffns thf oiliouo rmtie fstmjaishfncer m wfaa bmpitmaizfn ilstitutiel.

Il mnnitiel te ofmsurfs tmkfl ulnfr thf preopt berrfbtivf mbtiel previsiels, ilsurfn jmlks omy jf sujgfbt tepetfltima mbtiels jy thf cfnfrma rfduamters cer ulsmcf er ulseuln prmbtibfs il belnubtild thfir jusilfssfs er cervieamtiels ec mly amw, ruaf, rfduamtiel er mly belnitiel iopesfn il writild jy thf mdflby er mly writtfl mdrffoflt


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=9

with thf mdflby. Flcerbfoflt mbtiels omy ilbaunf thf issumlbf ec bfmsf mln nfsist ernfrs, thf iopesitiel ec biviaoelfy pflmatifs, thf issumlbf ec nirfbtivfs te ilbrfmsf bmpitma, ceroma mln ilceroma mdrffoflts, er rfoevma mlnprehijitiel ernfrs mdmilst ilstitutiel-mcciaimtfn pmrtifs, mln tfroilmtiel ec ilsurmlbf ec nfpesits. ^hf Lfw YerkRtmtf Nfpmrtoflt ec Cilmlbima Rfrvibfs mase hms jremn pewfrs te flcerbf beopaimlbf with Lfw Yerk amws mlnrfduamtiels. ^hf Lfw Yerk Rtmtf Nfpmrtoflt ec Cilmlbima Rfrvibfs mln/er thf CNIB fxmoilf us pfrienibmaay cersmcfty mln seulnlfss mln cer beopaimlbf with mppaibmjaf amws.

Ethfr Zfduamtery Zfquirfoflts

Tf mrf sujgfbt te bfrtmil rfquirfoflts mln rfpertild ejaidmtiels ulnfr thf Beooulity Zfilvfstoflt Mbt (BZM ).^hf BZM dflfrmaay rfquirfs cfnfrma jmlkild mdflbifs te fvmaumtf thf rfbern ec m cilmlbima ilstitutiel il offtild thfbrfnit lffns ec its aebma beooulitifs, ilbaunild aew- mln oenfrmtf-ilbeof lfidhjerheens. ^hf BZM curthfrrfquirfs thf mdflbifs te tmkf ilte mbbeult eur rfbern ec offtild beooulity brfnit lffns whfl fvmaumtildmppaibmtiels cer, moeld ethfr thilds, lfw jrmlbhfs er ofrdfrs. ^hf pfrceromlbf stmlnmrns mln fxmoilmtielcrfquflby ec BZM fvmaumtiels niccfr nfpflnild el whfthfr m jmlk cmaas ilte thf somaa er amrdf jmlk bmtfderifs.^hf CNIBs oest rfbflt BZM fxmoilmtiel belbaunfn ms ec Mudust :>, :009 mln thf Lfw Yerk Rtmtf Nfpmrtofltec Cilmlbima Rfrvibfs oest rfbflt fxmoilmtiel belbaunfn el Nfbfojfr 2=, :008. Ridlmturf Jmlk wms fvmaumtfnulnfr thf amrdf jmlk stmlnmrns. Il ofmsurild eur beopaimlbf with thfsf BZM ejaidmtiels, thf rfduamters rfay el mpfrceromlbf-jmsfn fvmaumtiel systfo thmt jmsfs eur BZM rmtild el eur mbtuma aflnild sfrvibf mln ilvfstofltpfrceromlbf. Il bellfbtiel with thfir mssfssoflts ec BZM pfrceromlbf, thf CNIB mln LYRJN mssidl m rmtild eceutstmlnild, smtiscmbtery, lffns te ioprevf, er sujstmltima lelbeopaimlbf. Ridlmturf Jmlk rfbfivfn msmtiscmbtery BZM Mssfssoflt Zmtild creo jeth rfduamtery mdflbifs.

Cfnfrma mln stmtf jmlkild amws mase rfquirf us te tmkf stfps te pretfbt belsuofrs. Jmlk rfduamtery mdflbifs mrfilbrfmsilday cebusild mttfltiel el beopaimlbf with belsuofr pretfbtiel amws mln rfduamtiels. ^hfsf amws ilbaunfnisbaesurfs rfdmrnild truth il aflnild, truth il smvilds, culns mvmiamjiaity, privmby pretfbtiel ulnfr thfDrmoo-Afmbh-Jaiafy Mbt ec =999, mln prehijitiels el nisbrioilmtiel il thf previsiel ec jmlkild sfrvibfs. Ilmnnitiel, thf lfway-fstmjaishfn BCPJ wiaa jf rfspelsijaf cer iltfrprftild mln flcerbild m jremn rmldf ec belsuofrpretfbtiel amws devfrlild thf previsiel ec nfpesit mbbeults mln thf omkild ec aemls, ilbaunild thf rfduamtiel ecoertdmdf aflnild mln sfrvibild. Tf hmvf ilburrfn mln omy il thf cuturf ilbur mnnitielma bests il beopayild withthfsf rfquirfoflts.

Tf oust mase beopay with thf mlti-oelfy amulnfrild previsiels ec thf Jmlk Rfbrfby Mbt, ms moflnfn jy thf VRMPM^ZIE^ Mbt, mln iopafofltild rfduamtiels issufn jy thf CNIB mln thf V.R. Nfpmrtoflt ec thf ^rfmsury. Ms mrfsuat, wf oust ejtmil mln omiltmil bfrtmil rfberns whfl epflild mbbeults, oeliter mbbeult mbtivity cersuspibieus trmlsmbtiels, iopesf m hfidhtflfn afvfa ec rfvifw el privmtf jmlkild mbbeults epflfn jy lel-V.R.pfrsels mln, whfl lfbfssmry, omkf bfrtmil rfperts te amw flcerbfoflt er rfduamtery eccibimas thmt mrf nfsidlfn temssist il thf nftfbtiel mln prfvfltiel ec oelfy amulnfrild mln tfrrerist cilmlbild mbtivit

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