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7/28/2019 CIR IndustryReport FINAL
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TGOIUGIVOIJKBWTILAO^CLI WIG]XGNVGF XGT^BILA KBWTIG_ ETBC KBWTILAO^V VB XWDAO^MGT
dy Tbdgrt K) Tbsgitmla!
Gxgnutovg Forgntbr
7/28/2019 CIR IndustryReport FINAL
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Oi tmg sporot b kburilaoston trlisplrginy! Tgoivgitoij Kburilaosc os
Tbdgrt K) Tbsgitmlas lnnbuit b lssucoij aglfgrsmop b tmg Ngitgr br
Oivgstojltovg Tgpbrtoij lif aluinmoij Nlaobriol Zltnm! ots stltgwofg
rgpbrtoij tglc) Vmos rgpbrt wls wrottgi lt tmg rgqugst b tmg Kbmi ^) lif
Klcgs A) @iojmt Ebuifltobi wotm tmg loc b mgapoij gaabw kburilaoscbrjliozltobis! plrtonualray ibiprbt stlrtups! aglri rbc NOTs gxpgrogings)
Ln`ibwagfjgcgits;^uppbrt br tmos rgpbrt wls prbvofgf dy tmg Kbmi ^) lif Klcgs A) @iojmt
Ebuifltobi) Nmrostl ^nmlrgidgrj! Ilrfl [lnnmoib lif Clr` @ltnmgs
prbvofgf oivlauldag ggfdln` lif gfotoij suppbrt) Vmli`s tb Io``o Eron` br
nbpy gfotoij lif @ltg Kgssup br brjliozoij tmg sofgdlrs lif br mgr rgsglrnm)
7/28/2019 CIR IndustryReport FINAL
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NGIVGT EBT OIUG^VOJLVOUG TGXBTVOIJ;TGOIUGIVOIJ KBWTILAO^C;
Vmos wly b wbr`oij wls fogrgit
rbc mbw igwsrbbcs trlfotobilaay
wgrg brjliozgf) Nrgltoij li gitoty tmltnbuaf prbfung tmos igw `oif b stbry#
tgaaoij! lif lasb gxpaloioij ot tb pbtgi#
tola uifgrs! wls cy rst nmlaagijg)
Cy trlisbrcltobi rbc kburilaost"
gfotbr tb slagscli"gvlijgaonla gi#
trgprgigur dgjli occgfoltgay oi tmg
woitgr b 488=! wotmoi wgg`s b kboi#
oij NOT) O wls dlsonlaay stlrtoij rbc
snrltnm wotm l stl b sgvgi pgbpag
lif l dufjgt lrbuif &8#yglr mostbry lif sur#
vovla oistoints) Cy rst bnus mlf tb
dg bi sustloioij NOT) O `igw mbw tb
nrlt stbrogs lif stbrogs wgrg wmlt
cbst b tmg kburilaosc uifgrs wgrg
nbcbrtldag ilinoij) ^b O dgjli dy
rlcoij potnmgs lrbuif prbkgnts)
O spgit sgvgrla rloiy Egdrulry flys oiIgw _br` vosotoij clkbr buifltobis
wotm Nmrostl ^nmlrgidgrj! bur ls#
sbnoltg forgntbr! wmb mlf dggi wotm
NOT br vg yglrs lif mlf dggi lnt#
oij gxgnutovg forgntbr br tmg yglr
probr tb cy moroij) O gxpaloigf tmg
cuato#paltbrc lpprblnm wg wlit#
gf tb nrgltg lif tla`gf ldbut l gw
clkbr prbkgnts! oinaufoij wbr` ls#
sbnoltgf wotm Orlq lif Ljmliostli!
mucli rojmts! tmg givorbicgit! lif
stltg nbvgrljg b Nlaobriol) Ib bigkucpgf but b mos br mgr sglt wotm
gxnotgcgit) Vmgrg wgrg fbudts lif
nmlaagijoij qugstobis ldbut tmg ig#
ngssoty b nrgltoij igw cbfgas but b
sclaa gxostoij ibiprbts)
Vmgi! wgg`s ltgr tmg Igw _br` trop!
wg cgt wotm tmg Klcgs Orvoig Ebui#
fltobi) Vmg prbjrlc bngr aostgigf
pltogitay tb cy cuato#paltbrc nbi#
ngpt lif tb bur stbry ofgls! lif tmgi
smg ls`gf! Nli ybu fb sbcgtmoijtmlts bnusgf bi Nlaobriol2 Bur
uifoij os bnusgf bi Nlaobriol)
O wls tmroaagf; L pbtgitola clkbr
uifgr wls oitgrgstgf) Nbvgroij tmg
stltg! wotm l naglr bnus bi oivgstojl#
tovg rgpbrtoij! fof ibt oitocofltg cg)
O mlf dggi l stltgmbusg rgpbrtgr lif
rli igwsrbbcs wmgrg stltg lif stltg#
mbusg nbvgrljg wgrg probrotogs) Nlao#
briol! oi lffotobi! os ibt biay doj#
jgr tmli cbst nbuitrogs! dut os grtoag
jrbuif br oivgstojltovg rgpbrtoij)
Vmg prbngss b nrgltoij wmlt wbuaf
dgnbcg Nlaobriol Zltnm tbb` b
ltgr tmlt nbivgrsltobi) L aottag wmoag
altgr! O mlf cy rst cggtoij wotm stl
b tmg Kbmi ^) lif Klcgs A) @iojmtEbuifltobi) O alof but l socoalr cgiu
lif tmg cuato#paltbrc lpprblnm)
Vmgy lasb rgspbifgf pbsotovgay) Vmgy
ao`gf tmg ofgl ldbut nrgltoij l kbur#
ilaoston brjliozltobi oi wmonm usoij
tgnmibabjy! gijljoij tmg pudaon lif
sustloioij tmg gbrt wgrg ngitrla tb
tmg cossobi)
Zg wgrg oitgrgstgf oi gijljoij tmg
pudaon oi rgpbrtoij! li gvbavoij nbi#
ngpt) Zg rglaozgf tmlt ot wls wbrtm
gxpabroij tmg qugstobi rglfgrs lif
vogwgrs btgi ls` ltgr li oivgstojl#
tobi mls dggi pudaosmgf; Zmlt nli wg
fb ibw2 Zg wlitgf tb if l wly tb
duoaf tmlt oitb tmg kburilaosc! gvgi
lrbuif tmg sgisotovg sudkgnts tmlt oi#
vgstojltovg rgpbrtoij gxpabrgs)
Mbw tb cliljg lif gijljg li lufo#
ging wls sbcgtmoij wg wbuaf mlvg
tb duoaf oitb bur paliioij) Zg wlit#
gf tb nrgltg igw strltgjogs tb smlrg
oibrcltobi! ls wgaa ls gxpabrg igwfostrodutobi cbfgas) ^bnola cgfol
wls gxpabfoij lif bgrgf sbcg igw
pltmwlys br pudaon gijljgcgit lif
fostrodutobi) Vmg ldoaoty b stbrogs lif
vofgb tb jb vorla prgsgitgf l naglr bp#
pbrtuioty) Zg wlitgf tb nrgltg nbc#
cuiotogs b oitgrgst lrbuif sudkgnts
lif jgbjrlpmy) Lif wg wlitgf tb
oivbavg tmgsg nbccuiotogs tb jltmgr
oibrcltobi lif mgap if sbautobis)
Lt tmg slcg tocg tmlt O wls brcualt#oij l stltg nbingpt! brcgr ^li Erli#
nosnb Nmrbionag stl wrotgr Abuos
Erggfdgrj mlf jbttgi sggf cbigy
rbc tmg Orvoig Ebuifltobi lif tmg
Zoaaolc lif Eabrl Mgwagtt Ebuifl#
tobi tb fgvgabp l socoalr prbjrlc)
Erggfdgrj lif O mlf sgvgrla tla`s! lif
wmoag wg mlf fogroij vosobis! tmgrg
wls rglsbi tb smlrg bur palis) Zg dbtm
`igw tmlt uifs wgrg aocotgf lif tmlt
Cy trlisbrcltobi rbc
kburilaost"gfotbr tb
slagscli"gvlijgaonla
gitrgprgigur dgjli
occgfoltgay oi tmg woitgr
b 488=! wotmoi wgg`s b
kboioij NOT)
Lt tmg ngitgr b bur rgpbrtoij lif fos#
trodutobi cbfga os tmg stbry) Vmg spb`gs
rgprgsgit tmg cuato#paltbrc prbfuntobi
lif fostrodutobi)
7/28/2019 CIR IndustryReport FINAL
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NGIVGT EBT OIUG^VOJLVOUG TGXBTVOIJ;TGOIUGIVOIJ KBWTILAO^C;6
ot cojmt dg pboitagss tb nbcpgtg! gs#
pgnolaay oi oinrglsoijay forg gnbibcon
tocgs) Zg fgnofgf tmlt wg wbuaf
pursug bur palis sgplrltgay! dut aglvg
bpgi tmg pbssodoaoty b kboioij brngs)
Lrbuif tmos tocg! l tlagitgf tgagvo#
sobi prbfungr agt NOT) Oistglf b rg#
palnoij mgr wotm libtmgr kburilaost! Ofgnofgf tb morg sbcgbig wmb nbuaf
mgap ply tmg doaas) Zg iggfgf tb rlosg
cbigy)
Vmrbujm l rogif! O cgt sbcgbig
wotm l strbij uifrlosoij rsuc!
oinaufoij gxpgroging rlosoij cbigy
br kburilaosc! l rlrg nbcdoiltobi
jovgi mbw gw kburilaosc#bnusgf
ibiprbts tmgrg wgrg lt tmg tocg) Oi
wmlt prbvgf tb dg l nrunola fgnosobi!
Nmgroayi Xlrsbis wls morgf ls l plrt#
tocg fgvgabpcgit forgntbr) Ot wls
lasb l `gy stgp oi cy gvbautobi rbc
gfotbr tb pudaosmgr)
Oi cy plst rbag ls gfotbr b l doj
igwsrbbc! O rgsgitgf wmgi gfotbrola
rgsburngs wgrg nut wmoag dusoigss
dufjgts oinrglsgf) Dut ibw! tmoi`oij
cbrg ao`g l pudaosmgr tmli li gfotbr!
O `igw tmlt rgpalnoij tmg fgplrtoij
kburilaost wotm libtmgr rgpbrtgr wls
ibt li bptobi) O iggfgf sbcgbig
wmb uifgrstbbf tmg wbraf b bui#fltobis! tmgor iulings lif oitgrgsts!
lif mlf l sgisodoaoty ldbut bur kbur#
ilaoston cossobi) Zotm Vmg -Nagvgalif/ Xaloi Fglagr! Kuig
7/28/2019 CIR IndustryReport FINAL
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NGIVGT EBT OIUG^VOJLVOUG TGXBTVOIJ;TGOIUGIVOIJ KBWTILAO^C;7
Vmg Dloagy Xrbkgnts cbfga mlf jloigf
l jrglt fgla b pbsotovg lttgitobi) Ot
wls naglr tmlt wg mlf mot tmg toppoij
pboit tmg pboit lt wmonm igws br#
jliozltobis wotm fosplrltg s`oaas lif
gxpgrtosg lif smroi`oij rgsburngs
wgrg dgttgr b wbr`oij tbjgtmgr) Zg
`igw tmlt wg wgrg fboij jrglt kbur#
ilaosc! wmonm gat jbbf! dut tmg nba#aldbrltobi wls igngsslry tb `ggp tmg
oivgstojltobi jboij0 ot wls prbfunoij
stbrogs tmlt gvgitulaay agf tb nbivon#
tobis lif rgbrcs oi tmg Bl`alif
Xbaong Fgplrtcgit)
Zotm tmg Nmluingy Dloagy Xrbkgnt! wg
aglrigf tmlt wg nbuaf nbitrba fostro#
dutobi tmrbujm ls cliy plrtigr rgal#
tobismops ls wg nbuaf cliljg proit!
tgagvosobi! rlfob! wgdsotgs lif tmlt
trlfotobila nbingris ldbut gxnausovoty!gvgi wotm
7/28/2019 CIR IndustryReport FINAL
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NGIVGT EBT OIUG^VOJLVOUG TGXBTVOIJ;TGOIUGIVOIJ KBWTILAO^C;5
Zotm buifltobis! O wls sbbi tb aglri!
ybu bpgrltgf bi tmgor nynag lif lt
tmgor plng) Vmgy mlvg cliy suotbrs)
Vmgy mlvg oitgrila fyilcons! nbi#
eonts lif stl nmlijgs tmlt nli latgr
ybur brjliozltobis aog! br dgttgr br
wbrsg) Dut ls O wls rgcoifgf ljloi
lif ljloi! tmg kbd b buifltobis os
tb jovg lwly cbigy) Cy kbd wls tbprgsgit l strbij brjliozltobi lif lr#
jucgit br tmgor oivgstcgits)
Vmgrg wls l mgr`y#kgr`y rmytmc tb
tmg vlrobus buifltobi uifoij nynags
lif dblrf snmgfuags! wmonm agt vgry
aottag tocg br cg tb fb lacbst liy#
tmoij gasg lt NOT) Elng tocg wotm
uifgrs! wmonm rgquorgf tmg cui#
flig snmgfuaoij lif nbircoij b
cliy cggtoijs! wls ls gssgitola ls
uifgrstlifoij tmg oitgrgsts b glnmbuifltobi) O trlvgagf rgqugitay tb
cggt wotm buifltobi stl cgcdgrs!
wmonm btgi oivbavgf tmrgg#fly nrbss#
nbuitry trops wotm ls cliy ls vg
cggtoijs l fly) Jgttoij oi tmg fbbr
wls ibt lawlys glsy) Vmg gxpgroging
b nmlrgidgrj lif Xlrsbis wls nru#
nola tb bpgioij fbbrs) Dut tmg cggt#
oijs wgrg ocpgrltovg tb fgvgabpoij
l rlppbrt wotm vgry dusy prbjrlc
bngrs)
O wls l ibvong lt tmos! dut gvgry stgp
wls l igw agssbi)
ELNG VOCG ZOVM L DOAAOBILOTG
XMOALIVMTBXO^V
Vmg cbst ggntovg lng#tb#lng cggt#
oijs bnnurrgf wmgi O wls ldag tb nbi#
vgy bur vosobi lif cossobi lif rgaly
cy pgrsbila stbry ls l kburilaost) Xlr#
sbis mlf tb dg prgsgit lt cliy b tmg
cggtoijs tb nbbrfoiltg baabw#up lif
frlt tmg prbpbslas) Kujjaoij cuatopag
buifltobi rgqugsts lif prbpbslas
cglit sgttoij up l rojbrbus cliljg#
cgit systgc br wmonm ^nmlrgidgrj
lif Xlrsbis mlf rgspbisodoaoty) Vmgy
mlf cy trust! lif tmgy mlf cy dln`)
Ugry ocpbrtlit br cg! tmgy pusmgf
dln`! ls`gf qugstobis! uifgrstbbf bur
cossobi lif turigf tmlt vosobi oitb
naglr prbsg) Vmg Nlaobriol prbkgnt
lif NOTs uturg wgrg ls rgaolit bi
tmgor s`oaas lif pgrsostging ls liybigs)
Lrbuif tmos tocg! oi tmg sproij b
488=! O mlf cy rst big#bi#big nbi#
vgrsltobis wotm pmoalitmrbposts) Vmg
rst stgp os jgttoij oi tmg fbbr) ^bcg#
tocgs! tmg fbbr nli dg bpgigf dy
nmling br dy nbitlnt clfg tmrbujmdblrf cgcdgrs! rogifs br lnquloi#
tlings) Btmgr tocgs! tmg fbbr igvgr
bpgis) Vmgrg os ib rgla trloioij br
tmos) _bu lrg sgaaoij ybur wots! pgrsbi#
laoty! plssobi lif vosobi0 nmgcostry os
gssgitola)
L rogif wmb mlf sgnurgf uifoij
rbc Jgbrjg brbs br l dusoigss prbk#
gnt yglrs ljb tbaf cg tmlt oi cggt#
oij l pbtgitola jrlitgg! ^brbs wbuaf
`ibw oi l nbupag b coiutgs wmgtmgr
mg wbuaf uif ybu) Mg slof ^brbs
clfg tmbsg fgnosobis wotm mos jut)
Vmrbujm libtmgr rogif! O wls ldag
tb cggt ^li Erlinosnb pmoalitmrbpost
lif doaaobilorg ilinogr Zlrrgi Mgaa#
cli) Zmgi O ls`gf cbrg gxpgrogingf
uifrlosgrs mbw O smbuaf prgplrg br
tmlt cggtoij! tmg nbisgisus wls dg
ybursga)
O wgit tb Mgaaclis bng) Mos nabtmgs
wgrg rucpagf0 mos smbgs wgrg wbri
lif nbcbrtldag#abb`oij) Mg tbb` bmos spbrts kln`gt lif! wotmbut abb`oij!
tbssgf ot oi l mglp bi l nbrigr nmlor)
Of igvgr cgt liybig wotm mos wglatm!
lif O `igw mg mlf tmg nlplnoty tb dg
l ilinola jlcg nmlijgr br NOT) O
occgfoltgay gat nbcbrtldag wotm
moc0 O tbaf moc ldbut cy dln`#
jrbuif! wg tla`gf spbrts! lif O gvgi#
tulaay aluinmgf oitb wmgrg O mbpgf
tb tl`g NOT lif tmg oifs b kburila#
osc wg wbuaf fb) O fof ibt gga ao`gl slagscli! tmbujm O suppbsg tmlts
wmlt O wls)
Ltgr l gw coiutgs b cy vosobi
tla`! Mgaacli stbppgf cg)
Zg mlvg tb uif tmg cbtmgr! mg slof)
Vmg cbtmgr2 O rgspbifgf) O mlf ib
ofgl wmlt mg cglit)
_bu! mg slof) _bu iggf tmg suppbrt
lrbuif ybu tb fb wmlt ybu nli fb)
O fof ibt rglaozg ot lt tmg cbcgit! dut
mg jbt tmg vosobi) Ls l dusoigsscli
lif gitrgprgigur! Mgaacli uifgr#
stbbf tmg nbingpts O wls alyoij but!
lif mg wls tmoi`oij ldbut mbw tb
suppbrt tmgc! lif cg)O nlcg but b tmg cggtoij wotm l
jbbf ggaoij) O ao`gf Mgaacli! lif mg
wlitgf tb cggt ljloi) O mlf dggi tbaf
tmlt fgvgabpoij li oifovofula fb#
ibr nbuaf dg l agijtmy prbngss) Ot wls
ldbut rgaltobismop duoafoij! lif mgrg
ot wls oi prlntong)
Bvgr tmg igxt gw cbitms! O cgt
wotm Mgaacli sgvgrla tocgs) Mg slof
mg wbuaf mgap lif clfg l &
7/28/2019 CIR IndustryReport FINAL
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NGIVGT EBT OIUG^VOJLVOUG TGXBTVOIJ;TGOIUGIVOIJ KBWTILAO^C;:
prgssobi bi oifovofula pmoalitmrbposts)
Dut O lasb mlf aglrigf tmlt duoafoij
tmgsg rgaltobismops wbuafit lawlys
trlisaltg oitb suppbrt tmlt nbuaf prb#
vofg tmg typg b ilinola rgsburngs
wg iggfgf tb rglnm bur vosobi)
Ls tmg Mgaacli oitgraufg uibafgf
lif uirlvgagf! wg lasb wgrg wbr`#oij wotm cliy buifltobis! alrjg lif
sclaa) Ot os ocpbrtlit tb mlvg cliy
aoigs but lif dg rglfy tb gvbavg lif
lfkust ybur tmoi`oij lif strltgjogs)
Ebr gxlcpag! oi oiotola nbivgrsltobis
furoij tmg sproij b 488=! wg wgrg
tla`oij ldbut nrgltoij l fgstoiltobi
wgdsotg br tmg Nlaobriol prbkgnt)
Zg wgrg nbisofgroij tmg ofgl b dg#
oij tmg jb#tb sotg br oi#fgptm Nlao#
briol igws! oinaufoij bur bwi oi#
vgstojltobis lif ljjrgjltgf nbitgit
rbc lrbuif tmg stltg)
Dut lt tmg slcg tocg! tmg Nmluin#
gy Dloagy Xrbkgnt fgcbistrltgf tmg
strgijtm b nbaaldbrltovg rgpbrtoij
lif fostrodutobi) Zg mlf nrgltgf tmg
nbisostgit ldoaoty tb rglnm alrjg lu#
fogings tmrbujm cliy socuatligbus
pudaosmoij lif drblfnlst plrtigrs) Ot
wbuaf mlvg dggi bbaosm tb ojibrg
tmlt sunngssua aglrioij gxpgroging)
Vmrbujm tmg prbkgnt wmonm rg#vglagf l smbffy pbaong oivgstojltobi
lif agf tb twb curfgr nbivontobis oi
48
7/28/2019 CIR IndustryReport FINAL
10/24
NGIVGT EBT OIUG^VOJLVOUG TGXBTVOIJ;TGOIUGIVOIJ KBWTILAO^C;=
Vmg ilrrltovg br bur prbpbsla wls
tl`oij smlpg ls wg mbigf `gy proi#
nopags) Vb fgvgabp lif tgst tmos cbfga!
tmg Nlaobriol prbkgnt wbuaf;
p Fgvgabp nbaaldbrltobi ls l `gy
strltgjy br tmg igws bpgrltobis b
tmg uturg
p Ocpagcgit cuatocgfol fostrodutobils plrt b gvgry stbry lif tgst igw
fojotla tgnmibabjogs
p Fgvgabp oiibvltovg! rgpaonldag
strltgjogs tmlt nli jgigrltg
rgvgiug rbc cuatocgfol nbitgit
lif mgap sustloi bpgrltobis
Furoij tmg alst qulrtgr b 488=! wg
sudcottgf tmg prbpbslas tb tmg Orvoig!
Mgwagtt lif @iojmt buifltobis) Vmg
tbtla brojoila dufjgt br tmg rst yglrb Nlaobriol Zltnm wls iglray &
7/28/2019 CIR IndustryReport FINAL
11/24
NGIVGT EBT OIUG^VOJLVOUG TGXBTVOIJ;TGOIUGIVOIJ KBWTILAO^C;?
Oi glray Kuay! wg wgrg rglfy tb stlrt
moroij) Zmoag wg mlf l alrjg lcbuit
b cbigy! ot mlf tb strgtnm bvgr tmrgg
yglrs) Vmg dufjgt wls tojmt! lif wg
iggfgf tb clxocozg ot) Zg wgrg sgt#
toij but tb nbvgr tmg alrjgst stltg oi
tmg nbuitry) Vmrbujm kburilaosc gc#
pabycgit wgdsotgs! wg liibuingf
tmlt wg wgrg moroij sox rgpbrtgrs liftwb cuatocgfol prbfungrs) Iglray
:88 kburilaosts lppaogf) Clrnol Xlr`gr
cliljgf tmg bisalujmt) Ls wg dg#
jli bur glray strltgjy sgssobis lif
tmbujmt ldbut tmg qulaotogs wg wgrg
sgg`oij oi igw stl cgcdgrs! tmgrg
wls ljrggcgit tmlt wg wbuaf dg nrg#
ltoij l cuato#paltbrc! nbaaldbrltovg
igws brjliozltobi wmgrg gvgrybig
mlf tb tmoi` b mocsga br mgrsga ls l
pbtgitola gitrgprgigur oi lffotobi tb
dgoij l kburilaost)
Oi nbivgrsltobis wotm sgiobr stl! laa
b wmbc wgrg oivbavgf oi tmg oitgr#
vogw prbngss! wg strgssgf tmg iggf tb
dg naglr wotm lppaonlits tmlt tmos wls l
rljoag! dut jrglt! bppbrtuioty tb duoaf
sbcgtmoij uioqug) Zg lasb gcpml#
sozgf tmlt gvgrybig wbuaf dg plrt b
tmg gvbautobi b tmg prbkgnt! lif tmgy
mlf tb dg bpgi tb! lif nbcbrtldag
wotm! nbaaldbrltobi oitgrilaay lif gx#
tgrilaay) Zg lasb wgrg fgtgrcoigf tbmorg l fovgrsg tglc)
Vmg rlijg b lppaonlits wls stro`oij!
rbc cuatopag Xuaotzgr Xrozg woiigrs
rbc agjlny igwsplpgrs tb ybuijgr
kburilaosts wmb mlf wbr gf biay
br wgd#dlsgf igws brjliozltobis)
@ltnmgs! wmb mlf dggi bi tmg dblrf
b Oivgstojltovg Tgpbrtgrs lif Gfo#
tbrs lif oivbavgf wotm ots cgitbroij
prbjrlc! lasb mlf nbiigntobis tb l
igtwbr` b ybuij! tlagitgf lif lc#dotobus kburilaosts)
Vmgrg wls li lduifling b igw
cuatocgfol kburilaosts bi bur aost lif
strbij nbcputgr#lssostgf rgpbrtoij
lppaonlits) Zg lasb wgrg abb`oij br
pgbpag wmb mlf cuatopag#paltbrc
stbrytgaaoij s`oaas lif wgrg nbcbrt#
ldag usgrs b sbnola cgfol lif igw
tgnmibabjogs) Ot wls naglr tmlt cliy
kburilaosts wgrg oitgrgstgf oi dgoij
plrt b duoafoij sbcgtmoij igw) Gvgi
wotm bur uingrtloi uturg! lppaonlits
wgrg woaaoij tb dg plrt b wmlt wg laa
slw ls l ibdag gxpgrocgit)
Bur igw tglc wbuaf iggf tmg ldoaoty
tb lflpt tb nmlijgs lif bppbrtuio#
togs oi tgnmibabjy) O fof ibt wlit lnmlijg#rgsostlit nuaturg wgffgf tb
plst prlntongs) Zg iggfgf tb mlvg l
egxodag lif iocdag brjliozltobi) Zg
iggfgf tb dg nbistlitay abb`oij but#
wlrf tb tmg lufoging lif bur plrt#
igrs iggfs)
@ltnmgs nlcg bi tmg sngig wotm tmg
lutmbroty tb smlpg tmg gfotbrola tglc!
wmonm wbuaf dg rgpbrtoij tb moc) Mg
mlf tmg gxpgroging! nrgfgitolas lif
rgputltobi tb duoaf tmg uiot) Oi tmg
gif! wg morgf tmg tglc wg mlf givo#
sobigf; rbc vgtgrli Nlaobriol kbur#
ilaosts Aling Zoaaolcs -^li Erlinosnb
Nmrbionag/ lif Tbdgrt ^laalfly -Abs
Lijgags Vocgs/0 tb ybuijgr rgpbrtgrs
Gronl Xgrgz -Coawlu`gg Kburila ^gi#
toiga/! Nmrostoil Kgwgtt -XrbXudaonl/!
Nbrgy J) Kbmisbi -Vmg Elygttgvoaag
Bdsgrvgr/ lif Nmlsg Flvos -Fgs
Cboigs Tgjostgr/0 tb cuatocgfol prb#
fungrs Clr` Aun`og -
7/28/2019 CIR IndustryReport FINAL
12/24
NGIVGT EBT OIUG^VOJLVOUG TGXBTVOIJ;TGOIUGIVOIJ KBWTILAO^C;
bvgrlaa stbry br tmg stltg! mg lasb mlf
fgtloagf fltl br lacbst liy nbuity br
abnlaoty! wmonm bgrgf l jrglt lvgiug
br plrtigroij wotm cgfol butagts
tmrbujmbut Nlaobriol tb abnlaozg tmg
alrjgr oivgstojltobi)
Ibw wg mlf tb jurg but fostro#
dutobi) Zbuaf gfotbrs dg bpgi tb l
rglfy#clfg! uioqug ?"
7/28/2019 CIR IndustryReport FINAL
13/24
NGIVGT EBT OIUG^VOJLVOUG TGXBTVOIJ;TGOIUGIVOIJ KBWTILAO^C;78 brtmg stbry) -Zg mlvg soing oinrglsgf
bur ggs sojionlitay)/ Igws wgd#
sotgs wbuaf jgt tmg stbry br rgg! ls
wbuaf btmgr ibiprbts lif @\GF)
Zotm moifsojmt! tmg lcbuit b dln`
lif brtm lif bur lixogty bvgr tmg
slags potnm wls nbconla! jovgi tmg
rgaltovgay sclaa lcbuits b cbigy wg
wgrg sgg`oij) Dut ot wls butsofg b
bur kburilaoston nbcbrt zbig)
Zg dgjli cl`oij ls cliy nlaas ls wg
nbuaf! fgsnrodoij Nlaobriol Zltnm
lif NOT tb gfotbrs) Zg gxpaloigf tmlt
wg mlf l stbry oi wmonm tmgy cojmt
dg oitgrgstgf! fgsnrodoij mbw ot nbuaf
dg abnlaozgf! agttoij tmgc `ibw tmlt
wg wgrg bgroij ot tb btmgrs lrbuif
tmg stltg! pbssoday gvgi btmgr cgfol
oi tmgor clr`gt! tgaaoij tmgc wg wgrgnmlrjoij -nroijg/! lif fgsnrodoij
tocoij lif palis br rgaglsg)
Zg mlf ib ofgl o tmos wbuaf wbr`!
dut ot fof) ^nmuazs stbry rli bi tmg
rbit pljg b ldbut twb fbzgi igws#
plpgrs! rglnmoij cbrg tmli Nbaucdol Kburilaosc Tgvogw!
Cly"Kuig 48
7/28/2019 CIR IndustryReport FINAL
14/24
NGIVGT EBT OIUG^VOJLVOUG TGXBTVOIJ;TGOIUGIVOIJ KBWTILAO^C;
7/28/2019 CIR IndustryReport FINAL
15/24
NGIVGT EBT OIUG^VOJLVOUG TGXBTVOIJ;TGOIUGIVOIJ KBWTILAO^C;
^BAUOIJ FO^VTODWVOBI
NBIWIFTWC^
Ls stbrogs dgjli tb dg nbcpagtgf lif
fostrodutgf! wg rgigf tmg gfotoij
lif fostrodutobi prbngss wg mlf gs#
tldaosmgf wotm tmg mbcgalif sgnuroty
stbry) Zg `igw rbc tmlt gxpgroging
tmlt tmgrg wls l iggf tb mgap igwsbrjliozltobis abnlaozg bur stbrogs) Dut
wg nbuaf ibt cliljg tmlt prbngss br
gvgry plrtigr)
@ltnmgs nlcg up wotm l sbautobi) Mg
gfotgf tmrgg tb bur vgrsobis b l proit
stbry! dy jgbjrlpmy! wmgi pbssodag)
Zg cojmt mlvg ^butmgri! Ngitrla
lif Ibrtmgri Nlaobriol vgrsobis! br
gxlcpag) Laa b tmgsg stbrogs wgrg frl#
cltonlaay smbrtgr tmli tmg uaa#agijtm
vgrsobi wg wbuaf pudaosm bi bur
wgdsotg) Oi sbcg nlsgs! >!888#wbrf
stbrogs wbuaf dg nut dy twb#tmorfs
br igws brjliozltobis tmlt nbuafit
lnnbccbfltg agijtmy tgxt stbrogs)
Xlrtigrs wbuaf mlvg lnngss tb bur
fltl lif nbuaf nrlt abnla oisgrts br l
igw tbp wotm bur soji#b) Vmgy lasb
nbuaf fb tmgor bwi sofgdlrs wotm l
abnla bnus) Zg fgaovgrgf dufjgt aoigs
ls glray ls pbssodag! rgqugitay twb
wgg`s lmglf b tmg pudaonltobi fltg)
@\GF rlfob lif Cbitjbcgry! bur
smlrgf rgpbrtgr! wgrg oivbavgf rbc
tmg dgjoiioij b stbrogs! fgnofoij oi
nbisuatltobi wmonm bigs mg wbuaf
bnus bi br drblfnlst) Vmg rgst b us
quon`ay aglrigf tmg nbingpt b sbuif!
kust ls wg aglrigf ldbut tmg iggf br
vofgb tmrbujm bur wbr` wotm @JB#
VU lif btmgrs) Ljustoi Lrcgiflroz!
bur fltl lilayst! nrgltgf sglrnmldag
fltldlsgs br cliy stbrogs)
Fostrodutobi wls tl`oij up cbrg bErggfdgrjs lif cy tocg) Zg `igw
wg iggfgf l stl cgcdgr bnusgf bi
fostrodutobi lif plrtigr cliljgcgit)
Zg lasb wlitgf tb lff l mglatm rg#
pbrtgr! sb wg sgt but tb if lffotobila
uifoij) Dy tmg sproij b 48
stbrogs) Vwgity#gojmt sglrnmldag fl#
tldlsgs nbcpagcgitgf bur wbr` lif
mgapgf tmg pudaon abnlaozg lif pgr#
sbilaozg doj ossugs) ^tbrogs oinaufgf l
abb` lt DX rgngovoij stocuaus uifs!
ngslrgli sgntobi rltgs lnrbss Nlaobriol
lif ossugs rgaltgf tb cltgrila mglatm!
lif naocltg nmlijg agjosaltobi oi Nla#
obriol)
Bur stbrogs wgrg mlvoij li ocplnt;
p Zg fgtloagf iucgrbus notltobis
br l clkbr rgtloagr br sgaaoij kgwgary
tloitgf wotm aglf! prbcptoij
tmg rgtloagr tb puaa otgcs rbc stbrg
smgavgs iltobiwofg lif aglfoij tb
pgifoij stltg agjosaltobi tb cbrg
ggntovgay prgvgit sunm slags)
p Zg smbwgf mbw muifrgfs b
iursoij mbcgs mlf nut stl lif
rgfungf wljgs! gvgi ls tmgy tbb`
cbigy rbc l tlxplygr uif
fgsojigf tb fb kust tmg bppbsotg)
Ltgr tmg stbry rli! tmg jbvgribr
liibuingf l sgrogs b qulaoty lif
lnnbuitldoaoty rgbrcs tmlt wgrg
lpprbvgf dy tmg Agjosalturg lifsojigf oitb alw)
p Zg smbwgf mbw alw gibrngcgit
ljginogs wgrg oinrglsoijay usoij
FWO nmgn`pboits tb sgozg vgmonags
rbc uiaongisgf frovgrs! cbstay
occojrlits) Ltgrwlrf! dlsgf bi
bur wbr`! tmg noty b Abs Lijgags
lif sgvgi btmgr notogs mlatgf tmg
prlntong b ocpbuifoij vgmonags)
Vmg stbry lasb rgsuatgf oi pudaon
prbtgsts) Agjosaltobi wls oitrbfungftb frlcltonlaay nurd ocpbuifoij
lt nmgn`pboits)
Bur wbr` mls agf tb oifustry lwlrfs!
oinaufoij l jgigrla gxngaaging lwlrf
rbc tmg Biaoig Igws Lssbnoltobi
lif Kburilaosts b tmg _glr lif Oivgs#
tojltovg Tgpbrtoij lwlrfs rbc tmg
Ibrtmgri Nlaobriol Nmlptgr b tmg
^bnogty b Xrbgssobila Kburilaosts)
Bur Nlaobriol Zltnm wgdsotg lasb
wbi l Iltobila Mglfaoigr Lwlrf brdgst biaoig#biay igws sotg)
Zotm Xudaon Gijljgcgit Cliljgr
Lsmagy Lavlrlfb oi palng! wg prb#
fungf oi#fgptm Tglnt % Lnt cltg#
rolas oi nbikuintobi wotm clkbr oivgs#
tojltobis) Vb gildag bur lufoging tb
tl`g lntobi bi ossugs tmgy nlrg ldbut!
Lavlrlfb nrgltgf \%Ls! lnt smggts!
aoi`s tb jbbf sburngs b urtmgr oibr#
cltobi! lif nbitlnt oibrcltobi br
`gy palygrs lif jbvgricgit bnolas!
laa oi big glsy#tb#ilvojltg palng) Bur
gijljgcgit lasb gxtgifgf tb forgnt
nbccuioty nbitlnt! sunm ls rgg aglf
snrggioijs baabwoij bur oivgstojl#
tobi oitb nbitlcoiltgf nbstucg kgw#
gary! lif Bpgi Igwsrbbc gvgits oi
wmonm wg stltobi rgpbrtgrs oi Zo#Eo#
lnngssodag nlgs lrbuif tmg stltg tb gx#
paloi Nlaobriol Zltnm tb tmg pudaon)
7/28/2019 CIR IndustryReport FINAL
16/24
NGIVGT EBT OIUG^VOJLVOUG TGXBTVOIJ;TGOIUGIVOIJ KBWTILAO^C;
aoig Nbccuioty Cliljgr Cgjmlii
Elriswbrtm agf tmg oiotoltovg tb nrgltg
l cgcdgrsmop lif syifonltobi cbfga
tmlt wbuaf jgigrltg lffotobila rgv#
giug) Eojuroij but pronoij lif jgt#
toij l sgisg b wmlt igwsplpgrs wotm
smroi`oij dufjgts wbuaf ply wls
l rst stgp) Zg `igw tmlt tmg vlaugprbpbsotobi br bur stbrogs wls ro#
fonuabusay nmglp br bur plrtigrs) Kust
nbcputoij slalry lif dgigts br l
rgpbrtgr! ls wgaa ls gfotoij tocg br l
stbry tmlt wbuaf nbisgrvltovgay tl`g
tmrgg cbitms! wbuaf nbst l igws#
rbbc l coiocuc b &48!888)
L igws brjliozltobi oi 48
7/28/2019 CIR IndustryReport FINAL
17/24
NGIVGT EBT OIUG^VOJLVOUG TGXBTVOIJ;TGOIUGIVOIJ KBWTILAO^C;oi 488= lt l ^li Erlinosnb Eoac ^b#
nogty gvgit) Vmg altg Jrlmlc Agjjlt!
tmg vosobilry lif oisporltobila gxgnu#
tovg forgntbr b tmg sbnogty lt tmg tocg!
oitrbfungf cg tb Alrry lif ^mlrbi
Clanbacsbi! l nbupag wmb mlf li
oitgrgst oi oivgstojltovg rgpbrtoij
lif fbnucgitlry ac) Zg nmlttgf!
lif tmgy nlcg tb bur abt bng oi
Dgr`gagy) Zg cgt bi l fly wmgi ot
wls drutlaay mbt! lif bur strujjaoijibiprbt abb`gf lif gat ao`g l struj#
jaoij ibiprbt) Vmgy agt slyoij tmlt
wg iggfgf tb jurg but mbw tb sus#
tloi wmlt wg wgrg fboij)
Zg stlygf oi tbunm) Vmgy nlcg tb
mglr cg spgl` lt l nbupag b gvgits!
lif wg lawlys mlf liocltgf! oitgisg
nbivgrsltobis) Oi altg 48
nbcpliy lif ls`gf o O nbuaf cggt
br auinm) Zmgi wg cgt tmg igxt
wgg`! tmgy ls`gf cg wmlt wg iggfgf)
O cgitobigf sgvgrla tmoijs) O lasb tbaf
tmgc tmlt wg wgrg lnoij l smbrtlaa
br tmg yglr)
Vmos wls lw`wlrf br cg) Vmg Cla#
nbacsbis! ao`g pmoalitmrbpost lif prg#
vobus NOT fbibr Zlrrgi Mgaacli!
wgrg uiprgtgitobus! nlifof pgbpag
wotm wmbc O gat nbcbrtldag) Dut
cbrg tmli tmrgg yglrs oitb cy rbag! ot
wls stoaa mlrf tb ls` forgntay br cbi#
gy) O fof ibt cgitobi l fbaalr jurg)
Ibr fof tmgy) Alrry Clanbacsbi slof
tmgy wbuaf cl`g l fbiltobi tb NOT
ltgr spgl`oij wotm tmgor lnnbuitlit)
O mlf ib ofgl wmlt tmgy wgrg tmoi`oij)
Vmg igxt wgg`! ^mlrbi Clanbacsbi
nlaagf lif slof mgr igpmgw wbuaf
nbcg dy tmg igxt fly wotm l nmgn`) O
slof tmli` ybu)
Vmgi smg slof! Ot woaa dg br l coaaobi
fbaalrs)
O wls stuiigf)
Vmg Clanbacsbis `igw tmlt tmgor
suppbrt wbuaf jovg us l aottag drgltm#
oij rbbc) Vmgrg wgrg ib stroijs lt#
tlnmgf)
Wsg ot tb `ggp tmg aojmts bi! Cr)
Clanbacsbi slof) Vmgy dgaogvgf wg
wgrg nlpldag b ocpbrtlit wbr`! dbtm
bi stbrogs lif oi bur cbfga! lif tmgy
uifgrstbbf mbw tgiubus bur sotul#
tobi wls) Vmgor suppbrt mls prbvgf tbdg l aogaoig tmos yglr latmbujm wg
stoaa mlvg btmgr mbags oi bur dufjgt
tmlt wgrg lttgcptoij tb aa)
Vmg Clanbacsbis wgrg twb oinrgfo#
day jgigrbus lif mbigst pgbpag) O wls
ldag tb gstldaosm l rgaltobismop wotm
tmgc) Ots nrunola tb mlvg tmlt `oif b
rgaltobismop wotm oifovofula fbibrs)
Zmgi ot plys b! ot os dlsgf bi l pgr#
sbila nmgcostry ls cunm ls liytmoij
gasg) Oifovofula fbibrs nli trlisbrcli brjliozltobi! lif tmg gbrt tb if
tmgc! nuatovltg tmgc lif wbr` wotm
tmgc os gssgitola)
Vmg Clanbacsbis `igw tmlt dln` oi
48
7/28/2019 CIR IndustryReport FINAL
18/24
NGIVGT EBT OIUG^VOJLVOUG TGXBTVOIJ;TGOIUGIVOIJ KBWTILAO^C;
7/28/2019 CIR IndustryReport FINAL
19/24
NGIVGT EBT OIUG^VOJLVOUG TGXBTVOIJ;TGOIUGIVOIJ KBWTILAO^C;
rgjualtobis oi Nlaobriols pudaon snmbbasrbn`s stltgs buifltobis
@iojmt Dabj! Lproa Nlaobriol Zltnm ifs l igw nbisucgr
jrbup br ots Bi ml`y Jrbuif
oivgstojltobi; ofs
Iogcli Kburilaosc Ald! Lproa =! 48
7/28/2019 CIR IndustryReport FINAL
20/24
NGIVGT EBT OIUG^VOJLVOUG TGXBTVOIJ;TGOIUGIVOIJ KBWTILAO^C;
ots bwi lfvgrtosoij igtwbr`) Vmos woaa
cl`g ot pbssodag tb gcdgf bur vofgb
bi plrtigrs wgdsotgs wotm bur drlif)
Ot woaa drblfgi bur fostrodutobi
nlpldoaotogs lif jgigrltg rgvgiug!
tmbujm kust mbw cunm os uinaglr)
Zg lasb lrg dgjoiioij tb wbr` ui#
fgr l jrlit rbc Jbbjag tb usg ots
LfZbrfs igtwbr`) Vmg jrlit! wmonm
tbtlas &
7/28/2019 CIR IndustryReport FINAL
21/24
NGIVGT EBT OIUG^VOJLVOUG TGXBTVOIJ;TGOIUGIVOIJ KBWTILAO^C;
7/28/2019 CIR IndustryReport FINAL
22/24
NGIVGT EBT OIUG^VOJLVOUG TGXBTVOIJ;TGOIUGIVOIJ KBWTILAO^C;48
tmgc os l dot nbiusgf) Vmlts dgnlusg
tmgy sgg tmlt pmoalitmrbpy lppglrs tb
dg wbr`oij br us! lif tmgy wbifgr
wmy wg fbit bnus sbagay bi pmoali#
tmrbpon suppbrt) Dut wmlt wg rglaozg os
tmlt buifltobi suppbrt nli foslppglr)
Vmgrg lrg oimgrgit nbieonts lif
nmlaagijgs br tmg ibiprbt abb`oijbr igw rgvgiug br ots wbr`) Zg
mlvg cuatopag uifgrs glnm wotm
ots bwi nbrg oitgrgsts) ^bcg uifgrs
nlrg ldbut l spgnon ossug) Btmgrs
nlrg ldbut l plrtonualr rgjobi) ^bcg
wlit us tb cglsurg ocplnt dy lufo#
ging lif wlit tb oibrc tmg pudaon)
Btmgrs nlrg fggpay ldbut gijljgcgit
lif ocplnt) Lif sbcg uifgrs cly
socpay dgaogvg oi kburilaosc lif tmg
vlaug b oivgstojltovg rgpbrtoij) Ots
iglray ocpbssodag tb paglsg gvgrybig)
Zg lasb quon`ay aglrigf tmlt droijoij
oi pgbpag wotm dusoigss s`oaas os nbstay!
dut igngsslry) Zg mlvg nbcg tb `ibw
wmlt wg fofit `ibw! lif wbr`oij
bi tmg dusoigss pali rglaay clfg tmlt
naglr; Zg lrg kburilaosts! ibt CDLs)
Ls wg wbr`gf bi tmg pali! wg fgigf
wmlt wbuaf mgap sustloi bur lttgcpt
tb duoaf l mydrof ibiprbt wotm l
plrt b ots drloi frovgi dy rgvgiug)
Vmos agf tb li uifgrstlifoij tmlttmgrg lrg l wofg vlrogty b ofgls tmlt
nbuaf mgap sustloi us; Ocpbrtlit!
uioqug stbrogs tmlt cl`g l fogrging
cly fb cbrg tmli liytmoij gasg tb
sustloi us) Nrgltoij l prbfunt rbc
bur fltl nbitgit tmlt nbuaf tl`g b
ls l cbdoag lpp cojmt mgap sustloi us)
Eojuroij but tmg tbbas lif ibwagfjg
tb clstgr lufoging gijljgcgit nli
mgap sustloi us) Nmbbsoij lif gx#
gnutoij tmg stbrogs tmlt cl`g li oc#
plnt nli mgap sustloi us) Lffoij stl
tb nuatovltg oifovofula fbibrs nbuaf
mgap sustloi us) Mlvoij tmg stl br
s`oaas tb clstgr biaoig lif sbnola cg#
fol clr`gtoij lif uifrlosoij nbuaf
mgap sustloi us) Nurltgf lif lufo#
ging#tlrjgtgf fltl nbuaf mgap sustloi
us) Nb#prbfuntobi lif syifonltobi
b bur stbrogs nbuaf mgap sustloi us)
Ot woaa dg cuatopag lif vlrogf strglcs!
alrjg lif sclaa! tmlt nbuaf nrgltg l
rovgr b rgvgiug)
Bur pali os ibt pgrgnt! lif bur mbpg
os tmlt btmgr oivgstbrs lif oiibvltbrs
woaa mgap us smlrpgi ot ls wg cbvg
brwlrf) Zg rglaozg wg iggf pgbpag
lif brjliozltobis wotm nbcpagcgi#tlry s`oaas tb wbr`! nbaaldbrltg lif
cgaf wotm us)
Oi twb yglrs! NOT lif Nlaobriol
Zltnm mlvg cbrpmgf lif nmlijgf)
Ls l jrbup! bur aglfgrsmop tglc mls
ljrggf tb bnus bi bur tmrgg poaalrs b
sustloildoaoty lufoging jrbwtm! igw
rgvgiug lif gijljgcgit)
Zg `ibw wg nli fb tmg oivgstojl#
tovg rgpbrtoij) Dut bur sustloildoaoty
lif suppbrt stl os strgtnmgf tmoi bribigxostgit) Vmg dua` b bur rgsburngs
mlvg dggi bnusgf bi nbitgit) O wg
bdtloi uifs jboij brwlrf! bur pro#
broty woaa dg bi pbsotobis tmlt nrgltg l
strbijgr oirlstrunturg br sustloildoa#
oty) Zg mlvg bppbrtuiotogs lrbuif tmg
nustbcozltobi lif lnngss tb fltl! gspg#
nolaay ston`y oitgrlntovg fltldlsgs tmlt
gijljg pgbpag) Zg iggf tb fb cbrg b
tmlt) Zg lasb woaa cl`g l jrgltgr nbc#
cotcgit tb usg liocltobi ls l tbba br
stbrytgaaoij) Vmgrg os naglray li lufo#ging br tmlt cgfouc) Li gxlcpag
wls tmg rgngit sunngss b NOTs Vmg
Xrong b Jls liocltgf vofgb)
Zg `ibw wg cust fb dgttgr wotm
drlifoij lif clr`gtoij) Ot os ocpbr#
tlit tmlt tmg pudaon uifgrstlif tmg
sbnola nurrginy b tmg wbr` b oivgs#
tojltovg rgpbrtgrs! wmgtmgr lt NOT br
tmg btmgr oivgstojltovg rgpbrtoij ibi#
prbts) Ot cl`gs sgisg br us tb wbr`
nabsgay wotm bur plrtigrs lt tmg Oivgs#tojltovg Igws Igtwbr` bi l iltobila
clr`gtoij lif drlifoij nlcploji
lrbuif tmg vlaug b kburilaosc lif
oivgstojltovg rgpbrtoij)
XBO^GF BI L NML^C
Bi l pgrsbila agvga! tmos mls dggi l
nmlaagijoij lif! lt tocgs! fonuat
kburigy) O lc brtuiltg tb mlvg mlf
tmg bppbrtuioty tb dg plrt b duoaf#
oij sbcgtmoij uioqug) Vmg tbrrgit
b cy pgrsbila ls wgaa ls prbgssobila
ups lif fbwi bvgr tmg nbursg b cy
nlrggr mls oibrcgf cunm b wmlt
wg mlvg fbig mgrg lt NOT lif wotm
Nlaobriol Zltnm)
Dut ls O mlvg clfg naglr! tmgrg lrg
tmoijs wg nli! lif woaa! fb dgttgr)
O iggf tb mgap bnus bur probrotogs!
stldoaozg bur gbrts! lif jgt nbisos#
tgit fltl bi bur cgtrons lif fostro#
dutobi) Zg mlvg lffgf gfotbrola wbr`
wotmbut lffoij suppbrt stl tmos yglr!
gxngpt oi tmg fojotla lrgl) Vmos os l fo#
agccl oi laa stlrtups) _bu nli sgg tmg
bppbrtuioty! dut ot os l agijtmy prbngss
tb nbivoing uifgrs b tmg iggf lif
tmgi sgnurg uifoij)
O iggf tb wbr` cbrg nabsgay wotm
tmg dblrf lif cliljg up! ls wgaa ls
fbwi lif sofgwlys) Zg iggf tb lff
igw pgbpag tb tmg dblrf! wotm s`oaas
oi tgnmibabjy lif dusoigss lif igt#
wbr`s b nbitlnts wmb nli mgap us
gigrjgtonlaay sustloi tmg brjliozltobi)
Ls pudaosmgr! O mlvg bvgrsggi trgcgi#
fbus jrbwtm! dut oi l stljjgrgf! oi#
nbisostgit wly) Zg lrg bpgrltoij biaotgrlaay fbzgis b fogrgit uifoij
nynags! wmonm cl`gs br foskboitgf
paliioij) Ebr gxlcpag! wg lrg sgnur#
oij uifs br l fostrodutobi cliljgr!
gvgi ls uifs br rgpbrtgrs lrg dgnbc#
oij fgpagtgf) Zg lrg rgaltovgay nbi#
fgit wg nli `ggp tmg uifs nbcoij
oi tmos wly! dut tmoi` ldbut wmlt tmos
wly b bpgrltoij wbuaf cgli o ybu
wgrg ruiioij l igwsplpgr)
Ocljoig l sngilrob oi wmonm yburrgpbrtoij rgsburngs lif tmg nbsts b
pudaosmoij tmg igwsplpgr wgrg sgt
uitoa tmg gif b tmg yglr) Dut oi Bn#
tbdgr! tmg dblrf b tmg jrbup tmlt mls
uifgf tmg jlsbaoig br ybur fgaovgry
trun`s fgnofgs ot mls l igw probroty)
_bur uifs br nbitgit nrgltobi lrg
rgstrontgf! lif ybu nlit if libtmgr
http://centerforinvestigativereporting.org/articles/the-price-of-gas-4865http://centerforinvestigativereporting.org/articles/the-price-of-gas-4865http://centerforinvestigativereporting.org/articles/the-price-of-gas-4865http://centerforinvestigativereporting.org/articles/the-price-of-gas-48657/28/2019 CIR IndustryReport FINAL
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NGIVGT EBT OIUG^VOJLVOUG TGXBTVOIJ;TGOIUGIVOIJ KBWTILAO^C;48 sgnbifs) Lcbij cy saofgs
wgrg l juoaabtoig! sycdbaozoij jgttoij
rgf! lif lt tmg gif! l ponturg b luturoston trloi eyoij oitb splng wotm
tmg glrtm smoioij ao`g l jgc dgabw)
Ot sycdbaozgf li ui`ibwi uturg)
O gifgf tmlt tla`! pboitoij lt li lufo#
ging b vgry sclrt ^oaonbi Ulaagy stlrs!
lif tbaf tmgc tmgrg os l sbautobi tb
tmos nmlaagijg b sustloioij kburila#
osc) Dut ots jboij tb tl`g pgbpag ao`g
cg wbr`oij tbjgtmgr wotm pgbpag
ao`g tmgc) Ot wls l nmlaagijg! dut lasb
l nlaa br mgap)
Ebr laa b us! l rgaltovgay sclaa jrbup
b oiibvltovg! gitrgprgigurola kbur#
ilaosts! tmg cossobi os tb brjg l cbfga
tmlt gisurgs tmlt kburilaosc lif oi#
vgstojltovg rgpbrtoij survovg! uaaaoij
tmgor rbag oi oibrcoij tmg pgbpag lif
prbtgntoij fgcbnrlny) Ebr cg! tmg
cbst rgwlrfoij lif gxnotoij kburigys
mlvg oivbavgf ros` lif tmg ui`ibwi)
^b lr oi tmos kbd! O mlvgit dggi smbt
lt br tmrbwi oi l fuijgbi br gvgirgf) Dut ots stoaa dggi tmg cbst nmla#
agijoij lif rgwlrfoij gxpgroging b
cy nlrggr) Lif tmg kburigy nbitoiugs)
Gvgi wmgi wglroij cy
pudaosmgrs rbdgs! uifgr#
igltm O lc stoaa l kburilaost)
Cy bwi wbr` os ib abijgr
bnusgf bi tgaaoij btmgrpgbpags stbrogs! dut bi
tgaaoij tmg stbry b tmg
brjliozltobi)
7/28/2019 CIR IndustryReport FINAL
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)/ Fbit ebrjgt ybur costl`gs) Vmgy woaa dglcbij ybur lif tmg brjliozltobis dgsttglnmgrs)
6)/ Duoaf ybur tglc) Mgap tmgc sunnggf! lifcl`g surg ybu oinaufg pgbpag wmb lrg s`oaagflt lif plssobiltg ldbut tmoijs ybu fbit
fb wgaa br gvgi uifgrstlif) Vmgrg lrggifagss igw bppbrtuiotogs ebr kburilaoscbrjliozltobis0 ybur tglc smbuaf mlvgtmg s`oaas! gxpgroging lif fovgrsoty tb rgspbif)
7)/ Vrust ybur tglc) Oi tmos ljg be tgnmibabjonlaoiibvltobi! igw ebrcs be stbrytgaaoij lif
pbtgitola ebr alrjg lufogings! ybu iggf lnrgltovg! plssobiltg tglc tmlt ybu juofgdut fb ibt nbitrba) Fb ibt tmoi` ebr btmgrs0agt tmgc tmoi` ebr ybu)
5)/ Nbaaldbrltobi os nrunola! oitgrilaay lifgxtgrilaay) Glsogr slof tmli fbig)
:)/ Wifgrstlif! cliljg lif nbitrba ybur gjb)Btmgrs jgt nrgfot! ibt ybu)
=)/ ^ton` tb ybur proinopags! gtmons! oistointslif gxpgroging! dut dg woaaoij tb nmlijgybur coif! tbb! lif rglaozg ybu mlvgkust aglrigf sbcgtmoij)
?)/ ^tly Nlac) ^bcgtocgs tmg dgst rgspbisg tbl nrosos os tb stly nlac! gvgi tb fb ibtmoij)
Vocg lif gvgits nli sbavg wmlt egat sbbvgrwmgacoij oi tmg mglt be tmg cbcgit)