8/17/2019 TRENDS 2016 Book

1/55

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

8/17/2019 TRENDS 2016 Book

2/55

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

8/17/2019 TRENDS 2016 Book

3/55

‗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:>

8/17/2019 TRENDS 2016 Book

4/55

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

8/17/2019 TRENDS 2016 Book

5/55

Shh ghbdhr lar caepghth dhtnigs.

MXGL@NBK.CAE | 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

8/17/2019 TRENDS 2016 Book

6/55

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::.

8/17/2019 TRENDS 2016 Book

7/55

>:

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#>E@.09– 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

8/17/2019 TRENDS 2016 Book

8/55

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

8/17/2019 TRENDS 2016 Book

9/55

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

8/17/2019 TRENDS 2016 Book

10/55

><

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

8/17/2019 TRENDS 2016 Book

11/55

8/17/2019 TRENDS 2016 Book

12/55

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

8/17/2019 TRENDS 2016 Book

13/55

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 www.@ntabPaumhTrhbds.bht.

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

8/17/2019 TRENDS 2016 Book

14/55

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

8/17/2019 TRENDS 2016 Book

15/55

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®

8/17/2019 TRENDS 2016 Book

16/55

06

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->

8/17/2019 TRENDS 2016 Book

17/55

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

8/17/2019 TRENDS 2016 Book

18/55

\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  

8/17/2019 TRENDS 2016 Book

19/55

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

8/17/2019 TRENDS 2016 Book

20/55

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

8/17/2019 TRENDS 2016 Book

21/55

36

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

8/17/2019 TRENDS 2016 Book

22/55

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.

8/17/2019 TRENDS 2016 Book

23/55

40

…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

8/17/2019 TRENDS 2016 Book

24/55

44

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

8/17/2019 TRENDS 2016 Book

25/55

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

8/17/2019 TRENDS 2016 Book

26/55

46

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

8/17/2019 TRENDS 2016 Book

27/55

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.

8/17/2019 TRENDS 2016 Book

28/55

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.

8/17/2019 TRENDS 2016 Book

29/55

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.

8/17/2019 TRENDS 2016 Book

30/55

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

8/17/2019 TRENDS 2016 Book

31/55

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

8/17/2019 TRENDS 2016 Book

32/55

<

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 >::.::% $>

8/17/2019 TRENDS 2016 Book

33/55

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.

8/17/2019 TRENDS 2016 Book

34/55

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.

8/17/2019 TRENDS 2016 Book

35/55

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

 

8/17/2019 TRENDS 2016 Book

36/55

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:>

<

Gnst

Eabtf

>/0:>

<

%

Cfnbmh

Cur-

rhbt

Eabtf

0/0:>

<

Sneh

Eabtf

> yhnr

nma

0/0:>

8

%

Cfnbmh

Currhbt

9: Dny

Zhriad

>0/0:>

8

ta

0/0:><

9: Dny

Zhriad

> yhnr

nma

>0/0:>4

ta

0/0:>8

%

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

8/17/2019 TRENDS 2016 Book

37/55

=:

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 

        •

 

8/17/2019 TRENDS 2016 Book

38/55

=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.

8/17/2019 TRENDS 2016 Book

39/55

=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

8/17/2019 TRENDS 2016 Book

40/55

=<

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