2/6/13

Chairman's Letter - 1981

BERKSHIRE HATHAWAY INC.

Fbur 2,18 eray 6 92

T teSaeodr o BrsieHtaa Ic: o h hrhles f ekhr ahwy n. Oeaigerig o $97mlini 18 aone t prtn anns f 3. ilo n 91 mutd o 1.%o bgnigeut cptl(aun scrte a cs) 52 f einn qiy aia vlig euiis t ot cmae t 1.%i 18. Ornwpa ta alw sokodr oprd o 78 n 90 u e ln ht los tchles t dsgaecroaecaial cnrbtos(ealdltr o eint oprt hrtbe otiuin dtie ae) rdcderig b aot$0,0 i 18. Ti porm wih eue anns y bu 9000 n 91 hs rga, hc w epc t cniu sbett ana eauto o or e xet o otne ujc o nul vlain f u croaetxpsto,hdntbe iiitdi 18. oprt a oiin a o en ntae n 90 NnCnrle OnrhpErig o-otold wesi anns I te18 ana rpr w dsusdetnieyte n h 90 nul eot e icse xesvl h cneto nncnrle onrhperig,ie,Brsies ocp f o-otold wesi anns .. ekhr saeo teudsrbtderig o cmaisw dntcnrl hr f h nitiue anns f opne e o oto o sgiiatyifunebti wihw,nvrhls,hv r infcnl nlec u n hc e eetees ae iprativsmns (ewl b ga t mk aalbet nw motn netet. W il e ld o ae vial o e o popciesaeodr cpe o ta dsuso o ohr r rsetv hrhles ois f ht icsin r tes fo erirrprst wihw rfri ti rpr. N rm ale eot o hc e ee n hs eot) o prino toeudsrbtderig i icue i te oto f hs nitiue anns s nldd n h oeaigerig o Brsie prtn anns f ekhr. Hwvr orble i ta,i ageae toe oee, u eif s ht n grgt, hs udsrbtdad teeoe urcre erig wl b nitiue n, hrfr, neodd anns il e tasae it tnil vlefrBrsiesaeodr js a rnltd no agbe au o ekhr hrhles ut s srl a i sbiire w cnrlhdere,rtie -ad uey s f usdais e oto a and eand n rpre -smlrerig. eotd iia anns W ko ta ti tasaino nncnrle onrhp e nw ht hs rnlto f o-otold wesi erig it crepnigraie aduraie cptlgis anns no orsodn elzd n nelzd aia an frBrsiewl b eteeyirglra t tm o o ekhr il e xrml reua s o ie f ocrec. Wiemre vle takbsns vle qiewl curne hl akt aus rc uies aus ut el oe ln pros i aygvnya terltosi cngrt vr og eid, n n ie er h eainhp a yae cpiiul. Mre rcgiino rtie erig as wl arcosy akt eonto f eand anns lo il b ueel raie aogcmais I wl b dsponigy e nvny elzd mn opne. t il e iapitnl lwo ngtv i cssweeerig aeepoe nn o r eaie n ae hr anns r mlyd opoutvl,adfrgetrta dla-o-olro rtie rdciey n a rae hn olrfrdla f eand erig i csso cmaista aheehg rtrswt anns n ae f opne ht civ ih eun ih teragetdcptl Oeal i agopo nncnrle hi umne aia. vrl, f ru f o-otold cmaisi slce wt raoal sil tegoprsl opne s eetd ih esnbe kl, h ru eut sol b qiestsatr. hud e ut aifcoy I ageae ornncnrle bsns itrsshv n grgt, u o-otold uies neet ae mr fvrbeudryn eooi caatrsista or oe aoal nelig cnmc hrceitc hn u cnrle bsnse. Ta udrtnal;teae o coc otold uiess hts nesadbe h ra f hie hsbe frwdr Salprin o ecpinlygo a en a ie. ml otos f xetoal od bsnse aeuulyaalbei tescrte mresa uiess r sal vial n h euiis akt t raoal pie. Btsc bsnse aeaalbefr esnbe rcs u uh uiess r vial o prhs i teretrt ol rrl,adte ams awy a ucae n hi niey ny aey n hn lot las t hg pie. ih rcs GnrlAqiiinBhvo eea custo eair
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Chairman's Letter - 1981

A orhsoyidcts w aecmotbebt wt ttl s u itr niae, e r ofral oh ih oa onrhpo bsnse adwt mreal scrte wesi f uiess n ih aktbe euiis rpeetn salprin o bsnse. W cniulylo ersnig ml otos f uiess e otnal ok frwy t epo lresm i ec ae.(u w tyt aod o as o mly ag us n ah ra Bt e r o vi salcmimns-fsmtigsntwrhdiga al i ml omtet I oehn o ot on t l, ts ntwrhdigwl)Ide,telqiiyrqieet o or o ot on el. ned h iudt eurmns f u isrneadtaigsapbsnse mnaemjrivsmns nuac n rdn tm uiess adt ao netet i mreal scrte. n aktbe euiis Oraqiiindcsoswl b amda mxmzn ra u custo eiin il e ie t aiiig el eooi bnft,nta mxmzn ete mngra dmi o cnmc eeis o t aiiig ihr aaeil oan r rpre nmesfracutn proe.(nteln rn eotd ubr o conig upss I h og u, mngmnssrsigacutn apaac oe eooi aaeet tesn conig perne vr cnmc sbtneuulyaheeltl o ete. usac sal civ ite f ihr) Rgrls o teipc uo imdaeyrpral eades f h mat pn meitl eotbe erig,w wudrte by1%o WneflBsns Ta X anns e ol ahr u 0 f odru uies t prsaeta 10 o Ta 2 prsae Ms croae e hr hn 0% f t X e hr. ot oprt mngr pee js tervre adhv n sotg o sae aaes rfr ut h ees, n ae o hrae f ttd rtoae frterbhvo. ainls o hi eair Hwvr w ssettremtvtos-uulyusoe oee, e upc he oiain sal npkn t b,snl o i cmiain teipratoe i ms hgo e igy r n obnto, h motn ns n ot ih peimtkoes rmu aevr: ()Laes bsns o ohrie slo aedfceti 1 edr, uies r tews, edm r eiin n aia siisadotnrls icesdatvt ad nml prt n fe eih nrae ciiy n calne A Brsie tecroaeplenvr hleg. t ekhr, h oprt us ee basfse ta we a aqiiini i popc. et atr hn hn n custo s n rset ()Ms ognztos bsns o ohrie maue 2 ot raiain, uies r tews, esr tesle,aemaue b ohr,adcmest ter hmevs r esrd y tes n opnae hi mngr frmr b teyrsiko sz ta b ay aaes a oe y h adtc f ie hn y n ohryrsik (s aFrue50mngrweehs te adtc. Ak otn 0 aae hr i croainsad o ta fmu ls ad ivral, oprto tns n ht aos it n, naiby tenme rsoddwl b fo tels rne b h ubr epne il e rm h it akd y sz o sls h mywl ntee ko weehs ie f ae; e a el o vn nw hr i croainpae o tels Fruejs a oprto lcs n h it otn ut s fihul cmie rnigtesm 50croain b atfly opls akn h ae 0 oprtos y poiaiiy) rftblt. ()Mn mngmnsaprnl wr oeepsdi 3 ay aaeet paety ee vrxoe n ipesoal cidodyast tesoyi wihte mrsinbe hlho er o h tr n hc h ipioe hnsm pic i rlae fo ata mrsnd adoe rne s eesd rm ods bd b aks fo abatflpics. Cneunl, oy y is rm euiu rnes osqety te aecrantermngra ks wl d wnes hy r eti hi aaeil is il o odr frtepoiaiiyo CmayTagt. o h rftblt f opn (re) Sc otms i esnil Asn ta rs ve, uh piim s seta. bet ht oy iw wyes sol tesaeodr o CmayAcustr h le hud h hrhles f opn (qiio) wn t ona itrs i Ta te2 tkoe cs at o w n neet n t h X aevr ot rte ta a teXmre piete wudpyi te ahr hn t h akt rc hy ol a f hy md drc prhsso teron ae iet ucae n hi w? I ohrwrs ivsoscnawy bytasa te n te od, netr a las u od t h gigpiefrtas I ivsosisedbnrl on rc o od. f netr nta akol picse wows t pydul frtergtt ks rness h ih o a obe o h ih o is teta,toekse hdbte pc sm ra h od hs iss a etr ak oe el dnmt. Weosre mn kse btvr fw yaie ev bevd ay iss u ey e mrce. Nvrhls,mn mngra picse ials eetees ay aaeil rness rmi srnl cnietaotteftr ptnyo ean eeey ofdn bu h uue oec f terkse -ee atrtercroaebcyrsae hi iss vn fe hi oprt akad r ke-epi ursosv tas nede n nepnie od.
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Chairman's Letter - 1981

I fins,w sol akoldeta sm aqiiin n ares e hud cnweg ht oe custo rcrshv be dzln. Tomjrctgre sadot eod ae en azig w ao aeois tn u. Tefrtivle cmaista,truhdsg o h is novs opne ht hog ein r acdn,hv prhsdol bsnse ta aepriual ciet ae ucae ny uiess ht r atclry wl aatdt a ifainr evrnet Sc fvrd el dpe o n nltoay niomn. uh aoe bsns ms hv tocaatrsis ()a aiiyt uies ut ae w hrceitc: 1 n blt o ices pie rte esl (vnwe poutdmn i fa nrae rcs ahr aiy ee hn rdc ead s lt adcpct i ntflyuiie)wtotfa o sgiiat n aaiy s o ul tlzd ihu er f infcn ls o ete mre saeo ui vlm,ad()a aiiyt os f ihr akt hr r nt oue n 2 n blt o acmoaelredla vlm icessi bsns (fe comdt ag olr oue nrae n uies otn poue mr b ifainta b ra got)wt ol mnr rdcd oe y nlto hn y el rwh ih ny io adtoa ivsmn o cptl Mngr o odnr aiiy diinl netet f aia. aaes f riay blt, fcsn sll o aqiiinpsiiiismeigteetss ouig oey n custo osblte etn hs et, hv ahee ecletrslsi rcn dcds Hwvr vr ae civd xeln eut n eet eae. oee, ey fwetrrsspsesbt caatrsis adcmeiint e nepie oss oh hrceitc, n optto o bytoeta d hsnwbcm fec t tepito big u hs ht o a o eoe ire o h on f en sl-eetn. efdfaig Tescn ctgr ivle temngra sprtr -mn h eod aeoy novs h aaeil uesas e wocnrcgieta rr pic woi dsusda ata, h a eonz ht ae rne h s igie s od adwohv mngra aiiista eal te t pe aa n h ae aaeil blte ht nbe hm o el wy tedsus. W slt sc mngr a BnHiea a h igie e aue uh aaes s e enmn t NrhetIdsre,HnySnltna Tldn,EwnZbna otws nutis er igeo t eeye ri aa t Ntoa SrieIdsre,adepcal TmMrh a Cptl ainl evc nutis n seily o upy t aia Cte Cmuiain ( ra mngra wfr,woe iis omnctos a el aaeil toe hs aqiiinefrshv be poel fcsdi Ctgr 1ad custo fot ae en rpry oue n aeoy n woeoeaigtlnsas mk hmalae o Ctgr 2. hs prtn aet lo ae i edr f aeoy ) Fo bt drc advcroseprec,w rcgiete rm oh iet n iaiu xeine e eonz h dfiut adrrt o teeeeuieaheeet.(od ifcly n aiy f hs xctvs civmns S o te;teecap hv md vr fwdasi rcn yas ad hy hs hms ae ae ey e el n eet er, n otnhv fudrprhs o teronsae t b tems fe ae on eucae f hi w hrs o e h ot snil epomn o croaecptl) esbe mlyet f oprt aia. Yu Cara,ufruaey de ntqaiyfrCtgr or himn notntl, os o ulf o aeoy 2 Ad dsiearaoal go udrtnigo teeooi . n, ept esnby od nesadn f h cnmc fcoscmeln cnetaini Ctgr 1 orata atr oplig ocnrto n aeoy , u cul aqiiinatvt i ta ctgr hsbe soai ad custo ciiy n ht aeoy a en prdc n iaeut. Orpecigwsbte ta orpromne (e ndqae u rahn a etr hn u efrac. W ngetdteNa picpe peitn ri dentcut elce h oh rnil: rdcig an os on, bidn ak de. ulig rs os) W hv tidocsoal t bytasa branpie e ae re cainly o u od t agi rcs wt rslsta hv be crnce i ps rprs Cery ih eut ht ae en hoild n at eot. lal orkse fl fa. W hv dn wl wt acul o pics u iss el lt e ae oe el ih ope f rne -btte wr picswe prhsd A latorkse u hy ee rne hn ucae. t es u iss dd tr te it tas Ad fnly w hv ocsoal int un hm no od. n, ial, e ae cainly be qiescesu i prhsn fatoa itrssi en ut ucsfl n ucaig rcinl neet n esl-dniibepicsa ta-iepie. aiyietfal rne t odlk rcs BrsieAqiiinOjcie ekhr custo betvs W wl cniu t se teaqiiino bsnse i e il otne o ek h custo f uiess n teretrt a pie ta wl mk sne ee sol te hi niey t rcs ht il ae es, vn hud h ftr o teaqie etrrs dvlpmc aogtelnso uue f h curd nepie eeo uh ln h ie f isps. W myvr wl pyafil fnypiefra t at e a ey el a ary ac rc o Ctgr 1bsns i w aeraoal cnieto wa w ae aeoy uies f e r esnby ofdn f ht e r gtig Btw wl ntnral pyalti ayprhs fr etn. u e il o omly a o n n ucae o wa w aespoe t bigt tepry-frw fn ta w ht e r upsd o rn o h at o e id ht e odnrl dntbigalt riaiy o rn o.
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Drn 18 w cm qiecoet amjrprhs uig 91 e ae ut ls o ao ucae ivligbt absns adamngrw lkdvr mc. novn oh uies n aae e ie ey uh Hwvr tepiefnlydmne,cnieigatraieue oee, h rc ial eadd osdrn lentv ss frtefnsivle,wudhv lf oronr wreofta o h ud novd ol ae et u wes os f hn bfr teprhs. Teepr wudhv be lre,btte eoe h ucae h mie ol ae en agr u h ctznywudhv be poe. iier ol ae en orr Atog w hdn scesi 18,fo tm t tm i te lhuh e a o ucs n 91 rm ie o ie n h ftr w wl b al t prhs 10 o bsnse meigor uue e il e be o ucae 0% f uiess etn u sadrs Adtoal,w epc a ocsoa ofrn o a tnad. diinly e xet n cainl feig f mjro-oigprnrhp a dsusdudrtePnetns ao nnvtn atesi s icse ne h ikro haigo pg 4 o ti rpr. W wloesgetos edn n ae 7 f hs eot e ecm ugsin rgrigsc cmaisweew,a asbtniljno eadn uh opne hr e s usata uir prnr cnaheego eooi rslswiefrhrn te ate, a civ od cnmc eut hl uteig h ln-emojcie o peetonr admngr. ogtr betvs f rsn wes n aaes Crety w fn vle ms esl otie truhte urnl, e id aus ot aiy band hog h oe-aktprhs o fatoa pstosi cmaiswt pnmre ucae f rcinl oiin n opne ih ecletbsns facie adcmeet hns mngmns xeln uies rnhss n optn, oet aaeet. W nvrepc t rnteecmais btw d epc t e ee xet o u hs opne, u e o xet o poi fo te. rft rm hm W epc ta udsrbtderig fo sc cmais e xet ht nitiue anns rm uh opne wl pouefl vle(ujc t txwe raie)fr il rdc ul au sbet o a hn elzd o Brsieadissaeodr. I te dnt w hv md ekhr n t hrhles f hy o, e ae ae msae a t ete:()temngmn w hv eetdt itks s o ihr 1 h aaeet e ae lce o ji;()teftr eooiso tebsns;o ()tepie on 2 h uue cnmc f h uies r 3 h rc w hv pi. e ae ad W hv md pet o sc msae -bt i teprhs e ae ae lny f uh itks oh n h ucae o nncnrligadcnrligitrssi bsnse. f o-otoln n otoln neet n uiess Ctgr ()msacltosaetems cmo. O cus,i aeoy 2 icluain r h ot omn f ore t i ncsayt dgde it orhsoyt fn ilsrtos s eesr o i ep no u itr o id lutain o sc msae -smtmsa de a too tremnh bc. f uh itks oeie s ep s w r he ots ak Freape ls ya yu Cara vlnerdhsepr o xml, at er or himn outee i xet oiino ters ftr o teauiu bsns. Svrl pno n h oy uue f h lmnm uies eea mnrajsmnst ta oiin-nwageaigapoiaey io dutet o ht pno o grgtn prxmtl 10dges-hv snebe rqie. 8 ere ae ic en eurd Frproa a wl a mr ojcieraos hwvr w o esnl s el s oe betv esn, oee, e gnrlyhv be al t cretsc msae frmr eeal ae en be o orc uh itks a oe qikyi tecs o nncnrle bsnse (aktbe ucl n h ae f o-otold uiess mreal scrte)ta i tecs o cnrle sbiire. Lc o euiis hn n h ae f otold usdais ak f cnrl i efc,otnhstre ott b a eooi pu. oto, n fet fe a und u o e n cnmc ls A w mnindls ya,temgiueo ornnrcre s e etoe at er h antd f u o-eodd wesierig hsgont tepitweeterttli onrhp anns a rw o h on hr hi oa s getrta orrpre oeaigerig. W epc ti rae hn u eotd prtn anns e xet hs stainwl cniu. I js fu onrhppstosi iuto il otne n ut or wesi oiin n ti ctgr -GIOCroain GnrlFosCroain R hs aeoy EC oprto, eea od oprto, . J Ryod Idsre,Ic adTeWsigo Ps Cmay. enls nutis n. n h ahntn ot opn orsaeo udsrbtdadteeoeurcre erig u hr f nitiue n hrfr neodd anns poal wl ttlwl oe $5mlini 18. Te rbby il oa el vr 3 ilo n 92 h acutn rlsta etrl inr teeudsrbtd conig ue ht niey goe hs nitiue erig dmns teuiiyo orana rtr o eut anns iiih h tlt f u nul eun n qiy cluain o ayohrsnl ya maueo eooi aclto, r n te ige er esr f cnmc promne efrac. Ln-emCroaePromne ogTr oprt efrac I mauigln-emeooi promne eute hl n esrn ogtr cnmc efrac, qiis ed b orisrnesbiire aevle a mre sbett a y u nuac usdais r aud t akt ujc o
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cag rfetn teaon o txsta wudhv t b pi hre elcig h mut f ae ht ol ae o e ad i uraie giswr atal raie. I w aecreti f nelzd an ee culy elzd f e r orc n tepeiesrse i tepeeigscino ti rpr,or h rms tesd n h rcdn eto f hs eot u urpre onrhperig wl fn terwy irglry neotd wesi anns il id hi a, reual btieial,it orntwrh T dt,ti hsbe te u nvtby no u e ot. o ae hs a en h cs. ae A ee prrcluaino promnewudivlea n vn ue aclto f efrac ol nov vlaino bnsadnnisrnehl eute a mre. auto f od n o-nuac ed qiis t akt Hwvr GA acutn de ntpecieti poeue ad oee, AP conig os o rsrb hs rcdr, n teaddprt wudcag rslsol vr sihl. Sol h de uiy ol hne eut ny ey lgty hud ayvlaindfeec wdnt sgiiatpootos a i n auto ifrne ie o infcn rprin, s t hsa ms mjrisrnecmais w wl rpr isefc a t ot ao nuac opne, e il eot t fet t yu o o. O aGA bss drn tepeetmngmn tr o n AP ai, uig h rsn aaeets em f svnenyas bo vlehsicesdfo $94 prsae eete er, ok au a nrae rm 1.6 e hr t $2.2prsae o 2.%cmone anal. Ti rt o o 560 e hr, r 11 opudd nuly hs ae f rtr nme i hgl lkl t ditdwwr i ftr yas eun ubr s ihy iey o rf onad n uue er. W hp,hwvr ta i cnb mitie sgiiatyaoe e oe oee, ht t a e anand infcnl bv tert o rtr ahee b teaeaelreAeia h ae f eun civd y h vrg ag mrcn croain oprto. Oe hl o telregi i Brsiesntwrhdrn vr af f h ag an n ekhr e ot uig 18 -i ttld$2 mlin o aot3%-rsle fo te 91 t oae 14 ilo, r bu 1 eutd rm h mre promneo asnl ivsmn,GIOCroain I akt efrac f ige netet EC oprto. n ageae ormre gi fo scrte drn teya grgt, u akt an rm euiis uig h er cnieal ottipdtegi i udryn bsns vle. osdrby usrpe h an n nelig uies aus Sc mre vrain wl ntawy b o tepesn sd. uh akt aitos il o las e n h laat ie I ps rprsw hv epandhwifainhscue n at eot e ae xlie o nlto a asd oraprnl stsatr ln-emcroaepromnet b u paety aifcoy ogtr oprt efrac o e ilsr a amaueo tu ivsmn rslsfroronr. luoy s esr f re netet eut o u wes W apadteefrso FdrlRsreCara Vlkrad e plu h fot f eea eev himn oce n nt tecretymr mdrt icessi vrospie oe h urnl oe oeae nrae n aiu rc idcs Nvrhls,orvesrgrigln-em nie. eetees u iw eadn ogtr ifainr ted aea ngtv a ee. Lk vriiy a nltoay rns r s eaie s vr ie ignt, sal pielvlsescpbeo mitnne btnto tbe rc ee em aal f aneac, u o f rsoain etrto. Dsieteoerdn iprac o ifaini te ept h vriig motne f nlto n h ivsmn euto,w wl ntpns yufrhrwt aohr netet qain e il o uih o ute ih nte fl rctlo orves ifainisl wl b pnsmn ul eia f u iw; nlto tef il e uihet eog.(oiso peiu dsusosaeaalbefr nuh Cpe f rvos icsin r vial o mscit. Bt bcueo teurlnigdsrcino aohss) u, eas f h neetn etuto f crec vle,orcroaeefrswl cniu t d amc urny aus u oprt fot il otne o o uh bte jbo fligyu wle ta o fligyu soah etr o f iln or alt hn f iln or tmc. Eut VleAdd qiy au-de A adtoa fco sol frhrsbu ayrsda n diinl atr hud ute ude n eiul etuis yumyrti rgrigorln-emrt o rtr. nhsam o a ean eadn u ogtr ae f eun Teeooi cs jsiyn eut ivsmn i ta,i h cnmc ae utfig qiy netet s ht n ageae adtoa erig aoepsieivsmn rtrsgrgt, diinl anns bv asv netet eun itrs o fxdicm scrte -wl b drvdtruhte neet n ie-noe euiis il e eie hog h epomn o mngra adeternuilsil i mlyet f aaeil n nrpeera kls n cnucinwt ta eut cptl Frhroe tecs sy ojnto ih ht qiy aia. utemr, h ae as ta sneteeut cptlpsto i ascae wt getr ht ic h qiy aia oiin s soitd ih rae rs ta psiefrso ivsmn,i i nild t hge ik hn asv om f netet t s ette o ihr rtrs Aau-debnsfo eut cptlsesntrl eun. vleadd ou rm qiy aia em aua adcran n eti.
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Bti i? Svrldcdsbc,artr o eut o a u s t eea eae ak eun n qiy f s ltl a 1%ealdacroaint b casfe a aod ite s 0 nbe oprto o e lsiid s go bsns -ie,oei wihadla rivse i tebsns uies .. n n hc olr enetd n h uies lgclycudb epce t b vle b temre a mr oial ol e xetd o e aud y h akt t oe ta oehnrdcns Fr wt ln-emtxbebns hn n ude et. o, ih ogtr aal od yedn 5 adln-emtxeep bns3,absns ilig % n ogtr a-xmt od % uies oeainta cuduiieeut cptla 1%ceryws prto ht ol tlz qiy aia t 0 lal a wrhsm peimt ivsosoe teeut cptlepoe. ot oe rmu o netr vr h qiy aia mlyd Ta wstu ee tog acmiaino txso dvdnsad ht a re vn huh obnto f ae n iied n o cptlgiswudrdc te1%ere b tecroain n aia an ol eue h 0 and y h oprto t pras6-%i tehnso teidvda ivso. o ehp %8 n h ad f h niiul netr Ivsmn mresrcgie ti tuh Drn ta netet akt eonzd hs rt. uig ht erirpro,Aeia bsns ere a aeaeo 1%o s ale eid mrcn uies and n vrg f 1 r o o eut cptlepoe adsok,i ageae sl a n qiy aia mlyd n tcs n grgt, od t vlain fraoeta eut cptl(okvle,aeaig autos a bv ht qiy aia bo au) vrgn oe 10cnso tedla. Ms bsnse wr od vr 5 et n h olr ot uiess ee go bsnse bcuete ere frmr ta terke (h uiess eas hy and a oe hn hi ep te rtr o ln-empsiemny. Tevleaddpoue b eun n ogtr asv oe) h au-de rdcd y eut ivsmn,i ageae wssbtnil qiy netet n grgt, a usata. Ta dyi gn. Bttelsoslanddrn is ht a s oe u h esn ere uig t eitneaedfiutt dsad Wieivsosadmngr xsec r ifcl o icr. hl netr n aaes ms paeterfe i teftr,termmre adnros ut lc hi et n h uue hi eois n evu ssesotnrmi pugdit teps. I i mc ese ytm fe ean lge no h at t s uh air frivsost uiiehsoi perto o frmngr t o netr o tlz itrc / ais r o aaes o uiiehsoi bsns vlainyrsik ta i i fr tlz itrc uies auto adtcs hn t s o ete gopt rtikterpeie diy We cag i ihr ru o ehn hi rmss al. hn hne s so,cntn rtikn i atal udsrbe i ahee lw osat ehnig s culy neial; t civs ltl adsosrsos tm. Btwe cag i get ite n lw epne ie u hn hne s ra, ysedysasmtoscnb rtie ol a getcs. Ad etra supin a e eand ny t ra ot n tepc o eooi cag hsbcm bettkn. h ae f cnmc hne a eoe rahaig Drn teps ya,ln-emtxbebn yed ecee uig h at er ogtr aal od ils xedd 1%adln-emtxeeps1% Tettlrtr ahee 6 n ogtr a-xmt 4. h oa eun civd fo sc txeeps o cus,ge drcl it tepce rm uh a-xmt, f ore os iety no h okt o teidvda onr Mawie Aeia bsns i f h niiul we. enhl, mrcn uies s pouigerig o ol aot1%o eut. Adti 1% rdcn anns f ny bu 4 n qiy n hs 4 wl b sbtnilyrdcdb txto bfr i cnb bne il e usatal eue y aain eoe t a e akd b teidvda onr Teetn o sc srnaedpns y h niiul we. h xet f uh hikg eed uo tedvdn plc o tecroainadtetxrts pn h iied oiy f h oprto n h a ae apial t teivso. plcbe o h netr Tu,wt itrs rtso psieivsmnsa lt hs ih neet ae n asv netet t ae 18 lvl,atpclAeia bsns i n lne wrhoe 91 ees yia mrcn uies s o ogr ot n hnrdcnso tedla t onr woaeidvdas (f ude et n h olr o wes h r niiul. I tebsns i ondb pninfnso ohrtxeep h uies s we y eso ud r te a-xmt ivsos teaihei,atog siluetcn,cags netr, h rtmtc lhuh tl nniig hne sbtnilyfrtebte. Asm a ivso i a5%tx usatal o h etr) sue n netr n 0 a bakt i ortpclcmaypy otalerig,teicm rce; f u yia opn as u l anns h noe rtr t teivso wl b euvln t ta fo a7 tx eun o h netr il e qiaet o ht rm % aeep bn. Ad i cniin prit-i alerig ae xmt od n, f odtos ess f l anns r pi otadrtr o eut sasa 1%-te7 txeep ad u n eun n qiy ty t 4 h % a-xmt euvln t tehge-rce idvda ivso i js a qiaet o h ihrbakt niiul netr s ut s foe a i tecuo o atxeep bn. Sc apreul rzn s s h opn n a-xmt od uh epta 7 txeep bn mgtb wrhffycnso tedla a % a-xmt od ih e ot it et n h olr s ti i witn hs s rte. I,o teohrhn,alerig o ortpclAeia f n h te ad l anns f u yia mrcn bsns aertie adrtr o eut aanrmis uies r eand n eun n qiy gi ean cntn,erig wl go a 1%prya. I teperto osat anns il rw t 4 e er f h / ai rmiscntn,tepieo ortpclsokwl as go ean osat h rc f u yia tc il lo rw a 1%prya. Btta 1%i ntyti tepce o te t 4 e er u ht 4 s o e n h okt f h
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Chairman's Letter - 1981

saeodr Ptigi teewl rqietepyeto a hrhle. utn t hr il eur h amn f cptlgistx peetyasse a amxmmrt o 2% aia an a, rsnl sesd t aiu ae f 0. Ti ntrtr,o cus,wrsott apoe rt o rtr hs e eun f ore ok u o orr ae f eun ta tecretyaalbepsieatrtxrt. hn h urnl vial asv fe-a ae Uls psiertsfl,cmaisaheig1%prya nes asv ae al opne civn 4 e er gisi erig prsaewiepyn n cs dvdn aea an n anns e hr hl aig o ah iied r n eooi fiuefrteridvda saeodr. Tertrs cnmc alr o hi niiul hrhles h eun fo psiecptlotti tertrsfo atv cptl rm asv aia usrp h eun rm cie aia. Ti i a upesn fc frbt ivsosadcroae hs s n nlaat at o oh netr n oprt mngr ad teeoe oete myws t inr. Btfcs aaes n, hrfr, n hy a ih o goe u at d ntcaet eit ete bcuete aeupesn o o o es o xs, ihr eas hy r nlaat r bcuete aeinrd eas hy r goe. Ms Aeia bsnse pyotasgiiatprino ot mrcn uiess a u infcn oto f tererig adtu fl btentetoeape. Adms hi anns n hs al ewe h w xmls n ot Aeia bsnse aecretyabsnse eooial mrcn uiess r urnl bd uiess cnmcly pouigls frteridvda ivsosatrtxta te rdcn es o hi niiul netr fe-a hn h txeep psiert o rtr o mny O cus,sm a-xmt asv ae f eun n oe. f ore oe hg-eunbsnse silrmi atatv,ee udr ihrtr uiess tl ean trcie vn ne peetcniin. BtAeia eut cptl i ageae rsn odtos u mrcn qiy aia, n grgt, poue n vleaddfridvda ivsos rdcs o au-de o niiul netr. I sol b srse ta ti dpesn stainde t hud e tesd ht hs ersig iuto os ntocrbcuecroain aejmig eooial,ls o cu eas oprtos r upn, cnmcly es hg ta peiul. I fc,te aejmigsmwa hge: ih hn rvosy n at hy r upn oeht ihr rtr o eut hsipoe afwpit i teps dcd. eun n qiy a mrvd e ons n h at eae Bttecosa o psiertr hsbe eeae mc fse. u h rsbr f asv eun a en lvtd uh atr Uhpiy ms cmaiscnd ltl bthp ta tebr napl, ot opne a o ite u oe ht h a wl b lwrdsgiiaty teeaefwidsre i wih il e oee infcnl; hr r e nutis n hc tepopcsse bih frsbtnilgisi rtr o h rset em rgt o usata an n eun n eut. qiy Ifainr eprec adepcain wl b mjr(u nltoay xeine n xettos il e ao bt ntteol)fcosafcigtehih o tecosa i o h ny atr fetn h egt f h rsbr n ftr yas I tecue o ln-emifaincnb uue er. f h ass f ogtr nlto a e tmee,psiertrsaelkl t fl adteitisc eprd asv eun r iey o al n h nrni psto o Aeia eut cptlsol sgiiatyipoe oiin f mrcn qiy aia hud infcnl mrv. Mn bsnse ta nwms b casfe a eooial a ay uiess ht o ut e lsiid s cnmcly bd wudb rsoe t teod ctgr udrsc ol e etrd o h go aeoy ne uh crusacs icmtne. Afrhr priual ioi,pnsmn i ifitdb ute, atclry rnc uihet s nlce y a ifainr evrnetuo teonr o tea n nltoay niomn pn h wes f h bd bsns. T cniu oeaigi ispeetmd,sc alw uies o otne prtn n t rsn oe uh ortr bsns uulyms rti mc o iserig -n eun uies sal ut ean uh f t anns o mte wa pnlysc aplc poue frsaeodr. atr ht eat uh oiy rdcs o hrhles Rao,o cus,wudpeciejs teopst plc. esn f ore ol rsrb ut h poie oiy A idvda,sukwt a5 bn wt mn yast rnbfr n niiul tc ih % od ih ay er o u eoe mtrt,de nttk tecuosfo ta bn adpyoe auiy os o ae h opn rm ht od n a n hnrdcnso tedla frmr 5 bnswiesmlrbns ude et n h olr o oe % od hl iia od aeaalbea,sy frycnso tedla. Ised h r vial t a, ot et n h olr nta, e tkstoecuosfo hslwrtr bn ad-i icie t ae hs opn rm i o-eun od n f nlnd o rivs -losfrtehgetrtr wt sft crety enet ok o h ihs eun ih aey urnl aalbe Go mnyi nttrw atrbd vial. od oe s o hon fe a. Wa mkssnefrtebnhle mkssnefrte ht ae es o h ododr ae es o h saeodr Lgcly acmaywt hsoi adpopcie hrhle. oial, opn ih itrc n rsetv hg rtrso eut sol rti mc o alo iserig ih eun n qiy hud ean uh r l f t anns s ta saeodr cner peimrtrso ehne o ht hrhles a an rmu eun n nacd cptl Cnesl,lwrtrso croaeeut wud aia. ovrey o eun n oprt qiy ol sgetavr hg dvdn pyu s ta onr cuddrc ugs ey ih iied aot o ht wes ol iet
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cptltwr mr atatv aes (h Srpue cnu. I aia oad oe trcie ra. Te citrs ocr n teprbeo tetlns tetohg-ann srat ae h aal f h aet, h w iherig evns r rwre wt 10 rtnino erig adecuae t epn eadd ih 0% eeto f anns n norgd o xad teroeain. Hwvr tennerigtidsrati nt hi prtos oee, h o-ann hr evn s o ol catsd-ikdadsohu-btas i rqie t ny hsie wce n ltfl u lo s eurd o rdrc alo hscptlt tetppromr Mthw2: eiet l f i aia o h o efre. ate 5 1-0 43) Btifaintksu truhteloiggasit te u nlto ae s hog h okn ls no h usd-onwrdo Aiei Wneln. We pie piedw ol f lc n odrad hn rcs cniuul rs,teabsns ms rti eeynce otnosy ie h bd uies ut ean vr ikl ta i cn Ntbcuei i atatv a arpstr fr ht t a. o eas t s trcie s eoioy o eut cptl btpeieybcuei i s uatatv,te qiy aia, u rcsl eas t s o ntrcie h lwrtr bsns ms flo ahg rtninplc. I i o-eun uies ut olw ih eeto oiy f t wse t cniu oeaigi teftr a i hsi teps ihs o otne prtn n h uue s t a n h at -adms ette,icuigbsnse,d -i sml hsn n ot niis nldn uiess o t ipy a o coc. hie Frifainat a aggni croaetpwr. Ta o nlto cs s iatc oprt aeom ht tpwr pemtvl cnue isrqiiediyde o aeom repiey osms t eust al it f ivsmn dlasrgrls o tehat o tehs ogns. netet olr eades f h elh f h ot raim Waee telvlo rpre pois(vni nl,mr htvr h ee f eotd rft ee f i) oe dlasfrrcials ivnoyadfxdast ae olr o eevbe, netr n ie ses r cniuul rqie b tebsns i odrt mrl mth otnosy eurd y h uies n re o eey ac teui vlm o tepeiu ya. Tels popru te h nt oue f h rvos er h es rseos h etrrs,tegetrtepooto o aalbesseac nepie h rae h rprin f vial utnne camdb tetpwr. lie y h aeom Udrpeetcniin,absns erig8 o 1%o ne rsn odtos uies ann % r 0 n eut otnhsn lfoesfrepnin db rdcino qiy fe a o etvr o xaso, et euto r el dvdns Tetpwr o ifainsml cen te ra iied. h aeom f nlto ipy las h pae (h lwrtr cmaysiaiiyt pydvdns lt. Te o-eun opn nblt o a iied, udrtnal,i otndsusd CroaeAeia nesadby s fe igie. oprt mrc icesnl i trigt dvdn rivsmn pas smtms nraigy s unn o iied enetet ln, oeie ee ebdigadson arneetta albtfre vn moyn icut ragmn ht l u ocs saeodr t rivs. Ohrcmaissl nwyise hrhles o enet te opne el el sud sae t Ptri odrt pydvdnst Pu. Bwr o hrs o ee n re o a iied o al eae f iiedta cnb pi otol i smoepoie t dvdns ht a e ad u ny f oen rmss o rpaetecptldsrbtd) elc h aia itiue. Brsiecniust rti iserig frofnie ekhr otne o ean t anns o fesv, ntdfnieo olgtr,raos Bti n wyaew o eesv r biaoy esn. u n o a r e imn fo tepesrsta ecltn psiertrseet mue rm h rsue ht saaig asv eun xr o eut cptl W cniu t certecosa o atr n qiy aia. e otne o la h rsbr f fetxpsiertr -btbrl. Orhsoi 2%rtr -nt a asv eun u aey u itrc 1 eun o a alasrdfrteftr -silpoie,atrtecret t l sue o h uue tl rvds fe h urn cptlgi txrt (hc w epc t rs cnieal i aia an a ae wih e xet o ie osdrby n ftr yas,amds mri oe cretatrtxrtso uue er) oet agn vr urn fe-a ae n psiemny I wudb abthmlaigt hv or asv oe. t ol e i uiitn o ae u croaevleaddtr ngtv. Bti cnhpe hr a oprt au-de un eaie u t a apn ee s i hseswee ete fo eet otieayn cnrlo t a lehr, ihr rm vns usd noes oto r fo po rltv aatto o orpr. rm or eaie dpain n u at Sucso Rpre Erig ore f eotd anns Tetbeblwsostesucso Brsiesrpre h al eo hw h ore f ekhr eotd erig. Brsieon aot6%o Bu Ci Sap wih i anns ekhr ws bu 0 f le hp tms hc, n tr,on 8%o WsoFnnilCroain Tetbe un ws 0 f ec iaca oprto. h al dsly ageaeoeaigerig o tevrosbsns ipas grgt prtn anns f h aiu uies ette,a wl a Brsiessaeo toeerig. Alo niis s el s ekhr hr f hs anns l f tesgiiatgisadlse atiual t uuulslso h infcn an n oss trbtbe o nsa ae f ast b ayo tebsns ette aeageae wt ses y n f h uies niis r grgtd ih
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scrte tascin i teln na tebto o tetbe euiis rnatos n h ie er h otm f h al adaenticue i oeaigerig. n r o nldd n prtn anns NtErig e anns Erig Bfr Icm Txs anns eoe noe ae AtrTx fe a ------------------- --------------------------- --------Ttl oa BrsieSae ekhr hr BrsieSae ekhr hr --------- --------- ----------------- --------- --------18 91 18 90 18 91 18 90 18 91 18 90 ---- ---- ---- ---- ---- ------- ---- ---- ---- ---- ---(0soitd 00 mte) OeaigErig: prtn anns IsrneGop nuac ru: Udrrtn ...... $ 148 $ 678 $ 148 $ 677 $ 78 $367 newiig ...... ,7 ,3 ,7 ,3 9 ,3 NtIvsmn Icm .. 3,2 e netet noe . 883 3,3 099 3,2 883 3,2 097 3,0 241 2,0 567 BrsieWubcTxie ekhr-ame etls (,6) 269 (0) (,6) 58 269 (0) (,9) 58 143 22 0 Ascae Rti Soe . soitd eal trs . 173 ,6 240 ,4 173 ,6 240 ,4 79 5 119 ,6 SesCnis....... 2,9 e ade ...... 181 1,7 545 1,4 306 923 ,2 629 ,8 449 ,5 BfaoEeigNw ... ufl vnn es ... (,5) (,7) 107 277 (3) (,5) 60 165 (7) 26 (0) 80 Bu Ci Sap -Prn le hp tms aet 362 ,4 769 ,9 211 ,7 458 ,8 214 ,3 300 ,6 WsoFnnil-Prn . ec iaca aet . 445 ,9 296 ,1 215 ,4 132 ,9 150 ,9 104 ,4 Mta SvnsadLa .. uul aig n on . 165 ,0 584 ,1 76 6 275 ,7 156 ,3 194 ,7 PeiinSel...... rcso te ..... 343 ,5 283 ,3 168 ,4 132 ,5 81 4 66 5 Itrs o Db ..... (466 (220 (269 neet n et ..... 1,5) 1,3) 1,4) (,9) (,7) (,0) 930 661 489 Ohr .......... te* .......... 185 ,9 168 ,9 134 ,4 138 ,0 153 ,1 92 9 ---- ---- ---- ---- ---- ------- ---- ---- ---- ---- ---Sbttl-Cniun u-oa otnig Oeain .......$6,6 $6,3 $4,3 $4,8 $3,2 $3,9 prtos ...... 063 107 726 919 941 711 Ilni Ntoa Bn* . lios ainl ak* . 534 ,2 520 ,0 471 ,3 ---- ---- ---- ---- ---- ------- ---- ---- ---- ---- ---OeaigErig ..... prtn anns ..... 6,6 063 6,6 631 4,3 726 5,8 439 3,2 941 4,2 192 Slso scrte ad ae f euiis n uuulslso ast . nsa ae f ses . 3,0 781 1,8 954 3,5 310 1,5 577 2,8 313 1,0 120 ---- ---- ---- ---- ---- ------- ---- ---- ---- ---- ---TtlErig -alette $9,6 $8,4 $8,8 $7,4 $6,0 $5,2 oa anns l niis 844 595 036 016 264 312 ==== ==== ==== ==== ==== ==== ==== ==== ==== ==== ==== ==== *mriaino itnilsaiigi acutn fr Aotzto f nagbe rsn n conig o prhsso bsnse (..Ses Mta adBfao ucae f uiess ie e, uul n ufl EeigNw)i rfetdi tectgr dsgae a vnn es s elce n h aeoy eintd s te Ohr. *Brsiedvse isl o isonrhpo teIlni *ekhr ietd tef f t wesi f h lios Ntoa Bn o Dcme 3,18. ainl ak n eebr 1 90 Bu Ci Sap adWsoaepbi cmaiswt le hp tms n ec r ulc opne ih rprigrqieet o teron O pgs3-0o ti eotn eurmns f hi w. n ae 85 f hs rpr w hv rpoue tenraierprso tepicpl eot e ae erdcd h artv eot f h rnia eeuie o bt cmais i wihte dsrb 18 xctvs f oh opne, n hc hy ecie 91 oeain. Acp o tefl ana rpr o ete cmay prtos oy f h ul nul eot f ihr opn wl b mie t ayBrsiesaeodruo rqett M. il e ald o n ekhr hrhle pn eus o r Rbr H Br frBu Ci Sap,50 SuhEsenAeu, oet . id o le hp tms 81 ot atr vne LsAgls Clfri 900 o t Ms Jan LahfrWso o nee, aiona 04, r o r. ene ec o ec FnnilCroain 35Es Clrd Buead Psdn, iaca oprto, 1 at ooao olvr, aaea Clfri 919 aiona 10. A w idctderir udsrbtderig i cmais s e niae ale, nitiue anns n opne w d ntcnrlaenwflya iprata terpre e o o oto r o ul s motn s h eotd oeaigerig dtie i tepeeigtbe Te prtn anns eald n h rcdn al. h dsrbtdprino erig,o cus,fnsiswyit itiue oto f anns f ore id t a no tetbepiaiytruhtentivsmn icm sgeto h al rmrl hog h e netet noe emn f IsrneGoperig. nuac ru anns
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W so blwBrsiespootoa hlig i toe e hw eo ekhr rprinl odns n hs nncnrle bsnse frwihol dsrbtderig o-otold uiess o hc ny itiue anns (iied)aeicue i orerig. dvdns r nldd n u anns N.o Sae o f hrs -----------Cs ot Mre akt ----- --------- ----(0soitd 00 mte) 4160() Aflae Pbiain,Ic .... $ 327 5,5 a fiitd ulctos n. .... ,9 $1,1 414 7364() Auiu Cmayo Aeia..... 0,3 a lmnm opn f mrc ..... 1,5 939 1,3 801 4041() Act Croain 2,4 a raa oprto (nldn cmo euvlns ... icuig omn qiaet) .. 1,7 406 1,3 516 4527() CeeadCif Io Cmay.... 7,1 b lvln-lfs rn opn .... 1,4 292 1,6 432 4152() GT Croain........... 4,2 a AX oprto .......... 1,4 717 1,6 346 21124() GnrlFos Ic ......... ,0,4 b eea od, n. ......... 6,7 627 6,1 674 72000() GIOCroain.......... ,0,0 a EC oprto .......... 4,3 718 1980 9,0 20500() Hny&Hra ............ ,1,0 a ad amn ........... 2,2 185 3,7 620 7110() ItrulcGopo Cmais Ic 1,8 a nepbi ru f opne, n. 451 ,3 2,0 322 2250() MdaGnrl............ 8,0 a ei eea ............ 455 ,4 1,8 108 3140() Oiv &Mte ItrainlIc .. 9,0 a gly ahr nentoa n. . 379 ,0 1,2 239 3008() Pnetns Ic .......... 7,8 b ikro, n. .......... 1,4 214 1,7 965 17484() R J Ryod Idsre,Ic ... ,6,2 b . . enls nutis n. ... 7,6 668 8,2 317 7525() SFC Croain.......... 8,2 b AEO oprto ......... 2,2 139 3,1 106 18860() TeWsigo Ps Cmay..... ,6,0 a h ahntn ot opn ..... 1,2 068 5,6 810 ----- --------- ----$3,1 3565 $1,9 6640 AlOhrCmo Sokodns........... l te omn tchlig ........... 1,3 611 2,3 279 ----- --------- ----TtlCmo Sok ................. $5,4 oa omn tcs ................ 3176 $3,2 6929 ===== ===== ===== ===== ()Alondb Brsieo isisrnesbiire. a l we y ekhr r t nuac usdais ()Bu Ci ado Wsoonsae o teecmais Al b le hp n/r ec w hrs f hs opne. l nmesrpeetBrsiesntitrs i telre ubr ersn ekhr e neet n h agr goshlig o tegop rs odns f h ru. Orcnrle adnncnrle bsnse oeaeoe u otold n o-otold uiess prt vr sc awd setu o atvte ta dtie cmetr hr uh ie pcrm f ciiis ht eald omnay ee wudpoetolnty Mc adtoa fnnilifrain ol rv o egh. uh diinl iaca nomto i icue i Mngmn Dsuso o pgs3-7adi te s nldd n aaeets icsin n ae 43 n n h nraierprso pgs3-0 Hwvr orlretae o artv eot n ae 85. oee, u ags ra f bt cnrle adnncnrle atvt hsbe,adams oh otold n o-otold ciiy a en n lot cranywl cniu t b,tepoet-aulyisrne etil il otne o e h rprycsat nuac ae,adcmetr o ipratdvlpet i ta idsr ra n omnay n motn eeomns n ht nuty i aporae s prpit. IsrneIdsr Cniin nuac nuty odtos oeat si SmGlwn r dneos priual Frcss, ad a ody, ae agru, atclry toeaotteftr. (ekhr saeodr myhv rahd hs bu h uue Brsie hrhles a ae ece asmlrcnlso atrrraigorps ana rprs iia ocuin fe eedn u at nul eot fauigyu Cara pecetaayi o txie etrn or himns rsin nlss f etl popcs) rset. Teei n dne,hwvr i frcsigta 18 wl hr s o agr oee, n oeatn ht 92 il b tewrtya i rcn hsoyfrisrneudrrtn. e h os er n eet itr o nuac newiig Ta rsl arayhsbe gaate b peetpiig ht eut led a en urned y rsn rcn bhvo,culdwt tetr ntr o teisrnecnrc. eair ope ih h em aue f h nuac otat Wiemn at plce aepie adsl a sxmnh hl ay uo oiis r rcd n od t i-ot itras-admn poet plce aesl fratreya nevl n ay rpry oiis r od o he-er tr -awihe aeaeo tedrto o alpoetem egtd vrg f h uain f l rpry csat isrneplce poal rn altl udrtev auly nuac oiis rbby us ite ne wle
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mnh. Adpie frteisrnecvrg,o cus,ae ots n rcs o h nuac oeae f ore r foe frtelf o tecnrc. Tu,ti ya sls rzn o h ie f h otat hs hs ers ae cnrcs(peimwitn i teprac o teidsr) otat rmu rte n h alne f h nuty dtrieaotoehl o nx ya lvlo rvne eemn bu n-af f et ers ee f eeu (peim ere. Termiighl wl b dtrie b rmus and) h eann af il e eemnd y slscnrcswitnnx ya ta wl b aot5%ere ae otat rte et er ht il e bu 0 and i ta ya. Tepoiaiiycneune aeatmtc i n ht er h rftblt osqecs r uoai: f yumk amsaei piig yuhv t lv wt i fra o ae itk n rcn, o ae o ie ih t o n ucmotbepro o tm. nofral eid f ie Nt i tetbeblwteya-vrya gi i idsroe n h al eo h eroe-er an n nuty wd peim witnadteipc ta i hso tecret ie rmus rte n h mat ht t a n h urn adfloigya lvlo udrrtn poiaiiy Te n olwn ers ee f newiig rftblt. h rsl i eatya yuwudepc i a ifainr wrd eut s xcl s o ol xet n n nltoay ol. We tevlm gi i wl u i dul dgt,i bdswl hn h oue an s el p n obe iis t oe el frpoiaiiyted i tecretadfloigya. We o rftblt rns n h urn n olwn er hn teidsr vlm gi i sal udrrtn eprec vr h nuty oue an s ml, newiig xeine ey sotywl gtwre n mte hwustsatr tecret hrl il e os, o atr o naifcoy h urn lvl ee. TeBs dt i tetberfetteeprec o h ets aa n h al elc h xeine f patclyteetr idsr,icuigsok mta ad rcial h nie nuty nldn tc, uul n rcpoa cmais Tecmie rtoidctsttl eircl opne. h obnd ai niae oa oeaigadls cssa cmae t peim;artoblw prtn n os ot s oprd o rmus ai eo 10idctsa udrrtn poi,adoeaoe10idcts 0 niae n newiig rft n n bv 0 niae als. os Yal Cag ery hne i Peim n rmu Witn() rte % -----------17 ........ 92 ....... 1. 02 17 ........ 93 ....... 80 . 17 ........ 94 ....... 62 . 17 ........ 95 ....... 1. 10 17 ........ 96 ....... 2. 19 17 ........ 97 ....... 1. 98 17 ........ 98 ....... 1. 28 17 ........ 99 ....... 1. 03 18 ........ 90 ....... 60 . 18 ........ 91 ....... 36 . Suc: ore Yal Cag ery hne i Peim n rmu Ere () and % -----------1. 09 88 . 69 . 96 . 1. 94 2. 05 1. 43 1. 04 78 . 41 . Cmie Rto obnd ai atrPlcfe oiy hle Dvdns odr iied --------------9. 62 9. 92 154 0. 179 0. 124 0. 9. 72 9. 75 106 0. 131 0. 157 0.

Bs Ageae adAeae. ets grgts n vrgs

A Pg wudsy h ftr intwa i ue t b. s oo ol a, Te uue s ht t sd o e Cretpiigpatcspoiedvsaigrsls urn rcn rcie rms eattn eut, priual i tersiefo mjrntrldssesta te atclry f h ept rm ao aua iatr ht h idsr hsejydi rcn yassol ed Fr nuty a noe n eet er hud n. o udrrtn eprec hsbe gtigwrei sieo go newiig xeine a en etn os n pt f od lc,ntbcueo bdlc. I rcn yashriae hv uk o eas f a uk n eet er urcns ae sae a saadmtrsshv rdcdterdiig Te tyd t e n ooit ae eue hi rvn. hy wntawy b s olgn. o las e o biig Ad o cus teti ifain,mntr adoil n, f ore h wn nltos oeay n sca (h tnec o cut adjre t srthtecvrg o te edny f ors n uis o tec h oeae f plce byn wa isrr,rliguo cnrc triooy oiis eod ht nues eyn pn otat emnlg adpeeet hdepce) aeusopbe Csso n rcdn, a xetd, r ntpal. ot f rpiigbt poet adpol -adteetn t wih earn oh rpry n epe n h xet o hc teerpisaedee t b tersosblt o teisrr hs ear r emd o e h epniiiy f h nue -wl avnerlnlsl. il dac eetesy Asn aybdlc (aatohs icesddiig ec) bet n a uk ctsrpe, nrae rvn, t., a imdaeidsr vlm gi o a lat1%prya n meit nuty oue an f t es 0 e er
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Chairman's Letter - 1981

poal i ncsayt saiietercr lvlo rbby s eesr o tblz h eod ee f udrrtn lse ta wl atmtclypeali md18. newiig oss ht il uoaial rvi n i-92 (otudrrtr epc icre lse i ageaet rs a Ms newies xet nurd oss n grgt o ie t lat1%anal;ec,o cus,cut o gtigls ta es 0 nuly ah f ore ons n etn es hn hssae)Eeypretg pito ana peimgot blw i hr. vr ecnae on f nul rmu rwh eo te1%eulbimfgr qikn tepc o dtroain h 0 qiiru iue uces h ae f eeirto. Qatrydt i 18 udrcr tecnlso ta atril urel aa n 91 nesoe h ocuin ht erbe udrrtn pcuei wreiga a aclrtn rt. newiig itr s osnn t n ceeaig ae I te18 ana rpr w dsusdteivsmn n h 90 nul eot e icse h netet plce ta hv dsrydteitgiyo mn isrr oiis ht ae etoe h nert f ay nues blneset,frigte t aadnudrrtn dsiln aac hes ocn hm o bno newiig icpie adwiebsns a aypiei odrt aodngtv cs n rt uies t n rc n re o vi eaie ah fo. I wscerta isrr wt lrehlig o bns lw t a la ht nues ih ag odns f od vle,fracutn proe,a nnesclyhg pie aud o conig upss t osnial ih rcs wudhv ltl coc btt ke temnyrvligb ol ae ite hie u o ep h oe eovn y sliglrenmeso plce a nnesclylwpie. eln ag ubr f oiis t osnial o rcs Sc isrr ncsaiyfa amjrdces i vlm mr uh nues eesrl er ao erae n oue oe ta te fa amjrudrrtn ls. hn hy er ao newiig os Bt ufruaey alisrr aeafce;i u, notntl, l nues r fetd ts dfiutt piemc dfeetyta yu ms traee ifcl o rc uh ifrnl hn or ot hetnd cmeio. Ti pesr cniusuaae adad anw opttr hs rsue otne nbtd n ds e mtvto t teohr ta diemn isrnemngr t oiain o h tes ht rv ay nuac aaes o ps frbsns;wrhpo sz oe poiaiiy adte uh o uies osi f ie vr rftblt, n h fa ta mre saesredrdnvrcnb rgie. er ht akt hr urnee ee a e eand Waee teraos w bleei i tu ta vruly htvr h esn, e eiv t s re ht ital n mjrpoet-aulyisrr-dsiepoet b te o ao rprycsat nue ept rtss y h etr idsr ta rtsaeiaeut adgetslciiy nie nuty ht ae r ndqae n ra eetvt sol b eecsd-hsbe wligt tr dw bsns t hud e xrie a en iln o un on uies o tepitweecs fo hstre sgiiatyngtv. h on hr ah lw a und infcnl eaie Asn sc awliges pie wl rmi udrsvr bet uh ilnns, rcs il ean ne eee pesr. rsue Cmettr cniu t tl o teudrrtn cce omnaos otne o ak f h newiig yl, uulyipyn arglrt o ryh adarltvl cntn sal mlig euaiy f htm n eaiey osat mdon o poiaiiyOronve i dfeet W blee ipit f rftblt u w iw s ifrn. e eiv ta vr lre atog ovosyvrig udrrtn lse ht ey ag, lhuh biul ayn, newiig oss wl b tenr frteidsr,adta tebs udrrtn il e h om o h nuty n ht h et newiig yasi teftr dcd myapa sbtnadaantte er n h uue eae a per usadr gis h aeaeya o teps dcd. vrg er f h at eae W hv n mgcfruat islt orcnrle e ae o ai oml o nuae u otold isrnecmaisaantti dtroaigftr. Or nuac opne gis hs eeirtn uue u mngr,priual Pi Lece Bl Los Rln Mle, aaes atclry hl ish, il yn, oad ilr FodTyo adMl Tono,hv dn amgiietjbo ly alr n it hrtn ae oe anfcn o f simn aanttetd. W hv sciie mc vlm,bt wmig gis h ie e ae arfcd uh oue u hv mitie asbtniludrrtn sproiyi ae anand usata newiig ueirt n rlto t idsr-iersls Teotoka Brsiei eain o nutywd eut. h ulo t ekhr s frcniudlwvlm. Orfnnilpsto ofr u o otne o oue u iaca oiin fes s mxmmfeiiiy avr rr cniini tepoetaiu lxblt, ey ae odto n h rpry csat isrneidsr. Ad a sm pit sol fa auly nuac nuty n, t oe on, hud er ee pealtruhu teidsr,orfnnilsrnt vr rvi hogot h nuty u iaca tegh cudbcm a oeainlasto imnevle ol eoe n prtoa se f mes au. W bleeta GIOCroain ormjrnncnrle e eiv ht EC oprto, u ao o-otold bsns oeaigi ti fed i,b vru o isetee uies prtn n hs il, s y ite f t xrm adipoigoeaigefcec,i acnieal mr n mrvn prtn fiiny n osdrby oe poetdpsto ta ams ayohrmjrisrr GIOi rtce oiin hn lot n te ao nue. EC s abilatyrnipeetto o avr ipratbsns rlinl u mlmnain f ey motn uies ie. da
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SaeodrDsgae Cnrbtos hrhle eintd otiuin Ornwpormealn saeodr t dsgaete u e rga nbig hrhles o eint h rcpet o croaecaial cnrbtoswsgetdwt eiins f oprt hrtbe otiuin a ree ih etariayetuis. Acp o telte sn Otbr1, xrodnr nhsam oy f h etr et coe 4 18 dsrbn ti pormapaso pgs5-3 O 9226 91 eciig hs rga per n ae 15. f 3,0 sae eiil frpriiain(hrsweetenm o te hrs lgbe o atcpto sae hr h ae f h ata onrapae o orsokodrrcr) 9.% cul we perd n u tchle eod, 56 rsodd Ee ecuigBfe-eae sae,tersos epne. vn xldn uftrltd hrs h epne tpe 9% opd 0. I adto,mr ta 3 o orsaeodr vlnaiy n diin oe hn % f u hrhles outrl woelteso nts albtoeapoigo teporm rt etr r oe, l u n prvn f h rga. Bt telvlo priiainado cmetr srasay oh h ee f atcpto n f omnay ups n saeodrrsos w hv wtesd ee we sc rsos hrhle epne e ae inse, vn hn uh epne hsbe itnieyslctdb croaesafadhgl pi a en nesvl oiie y oprt tf n ihy ad poesoa poyognztos I cnrs,yu rfsinl rx raiain. n otat or etariaylvlo rsos ocre wtotee tende xrodnr ee f epne curd ihu vn h ug o acmaypoie rtr evlp. Ti sl-rple f opn-rvdd eun neoe hs efpoeld bhvo sek wl frteporm adsek wl fror eair pas el o h rga, n pas el o u saeodr. hrhles Aprnl teonr o orcroainlk bt paety h wes f u oprto ie oh psesn adeecsn teaiiyt dtrieweegfso ossig n xriig h blt o eemn hr it f terfnssalb md. Teahrkosbssho o hi ud hl e ae h fte-nw-et col f croaegvrac wl b srrsdt fn ta nn o or oprt oenne il e upie o id ht oe f u saeodr sn i adsgainsetwt isrcin ta hrhles et n einto he ih ntutos ht teofcr o Brsie-i terspro wso,o cus h fies f ekhr n hi ueir idm f ore mk tedcso o caial fnsapial t hssae. ae h eiin n hrtbe ud plcbe o i hrs Nrddayn sgetta hssaeo orcaial fnsb o i noe ugs ht i hr f u hrtbe ud e ue t mthcnrbtosmd b orcroaedrcost sd o ac otiuin ae y u oprt ietr o caiiso tedrcos coc ( pplr poieaigad hrte f h ietr hie a oua, rlfrtn n nnpbiie plc a mn lrecroain) o-ulczd oiy t ay ag oprtos. Altl,$,8,5 o saeodrdsge cnrbtos l od 17365 f hrhle-eind otiuin wr dsrbtdt aot65caiis I adto,Brsie ee itiue o bu 7 hrte. n diin ekhr adsbiire cniu t mk crancnrbtosprun n usdais otne o ae eti otiuin usat t lcllvldcsosmd b oroeaigmngr. o oa ee eiin ae y u prtn aaes Teewl b sm yas prastoo treoto tn hr il e oe er, ehp w r he u f e, we cnrbtosb Brsiewl pouesbtnadtx hn otiuin y ekhr il rdc usadr a ddcin -o nn a al I toeyasw wl ntefc eutos r oe t l. n hs er e il o fet orsaeodrdsgae caial porm I alohr u hrhle eintd hrtbe rga. n l te yasw epc t ifr yuaotOtbr1t o teaon er e xet o nom o bu coe 0h f h mut prsaeta yumydsgae Arpyfr wl acmay e hr ht o a eint. el om il copn tentc,adyuwl b gvnaottrewest rsod h oie n o il e ie bu he ek o epn wt yu dsgain T qaiy yu sae ms b ih or einto. o ulf, or hrs ut e rgsee i yu onnm o tenm o a onn tut eitrd n or w ae r h ae f n wig rs, croain prnrhpo ett,i apial,o or oprto, atesi r sae f plcbe n u sokodrls o Spebr3t,o teFia peeigi tchle it f etme 0h r h rdy rcdn f sc dt flso aStra o Sna. uh ae al n audy r udy Orol dsponmn wt ti pormi 18 wsta u ny iapitet ih hs rga n 91 a ht sm o orsaeodr,truhn futo teron mse oe f u hrhles hog o al f hi w, isd teopruiyt priiae TeTesr Dprmn rln h potnt o atcpt. h rauy eatet uig alwn u t poedwtottxucranywsrcie ery loig s o rce ihu a netit a eevd al i Otbr Terln ddntcvrpriiainb n coe. h uig i o oe atcpto y saeodr woesokwsrgsee i tenm o nmne, hrhles hs tc a eitrd n h ae f oies sc a boes adadtoal rqie ta teonr o al uh s rkr, n diinly eurd ht h wes f l dsgaigsae mk cranasrne t Brsie Tee eintn hrs ae eti suacs o ekhr. hs asrne cudntb gvnu i efciefr b nmne suacs ol o e ie s n fetv om y oie hles odr.
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Udrteecrusacs w atmtdt cmuiaewt ne hs icmtne, e tepe o omnct ih alo oronr popl (i teOtbr1t lte)s ta, l f u wes rmty va h coe 4h etr o ht i te wse,te cudpeaetesle t priiaeb f hy ihd hy ol rpr hmevs o atcpt y teNvme 1t rcr dt. I wspriual iprat h oebr 3h eod ae t a atclry motn ta ti ifrainb cmuiae popl t sokodr ht hs nomto e omnctd rmty o tchles woehlig wr i nmnenm,snete wudntb hs odns ee n oie ae ic hy ol o e eiil uls te to ato t r-eitrtersae lgbe nes hy ok cin o ergse hi hrs bfr tercr dt. eoe h eod ae Ufruaey cmuiaint sc nnrcr saeodr notntl, omncto o uh o-eod hrhles cudtk paeol truhtenmne. W teeoe ol ae lc ny hog h oies e hrfr srnl ugdtoenmne,msl boeaehue,t togy re hs oies oty rkrg oss o popl tasi orlte t tera onr. W epand rmty rnmt u etr o h el wes e xlie ta terfiuet d s cuddpiesc onr o a ht hi alr o o o ol erv uh wes f n ipratbnft motn eei. Terslsfo orugnswudntsrnte tecs h eut rm u rig ol o teghn h ae frpiaeonrhpo teUS Psa Srie Mn o or o rvt wesi f h .. otl evc. ay f u saeodr nvrhadfo terboes(ssm saeodr hrhles ee er rm hi rkr a oe hrhles tl u atrraignw acut o teporm. Ohr wr od s fe edn es cons f h rga) tes ee fraddorlte tolt frato. owre u etr o ae o cin Oeo telretboeaehue camn t hl sok n f h ags rkrg oss liig o od tc frsxyo iscins(bu 4 o orsaeodr o it f t let aot % f u hrhle pplto) aprnl tasitdorlte aottrewes ouain, paety rnmte u etr bu he ek atrrcit-tolt frayo tesxyt priiae fe eep o ae o n f h it o atcpt. (uhlsiueddntpraealdprmnso ta fr;i Sc astd i o evd l eatet f ht im t ble Brsiefrmiigsrie wti sxdy o ta ild ekhr o aln evcs ihn i as f ht bltdadiefculato. eae n nfeta cin) W rct sc hro soisfrtoraos ()i yu e eie uh orr tre o w esn: 1 f o ws t priiaei ftr dsgae cnrbto porm, ih o atcpt n uue eintd otiuin rgas b sr t hv yu sokrgsee i yu nm wl bfr e ue o ae or tc eitrd n or ae el eoe Spebr3t;ad()ee i yudntcr t priiaead etme 0h n 2 vn f o o ae o atcpt n pee t laeyu soki nmnefr,i wudb ws t rfr o ev or tc n oie om t ol e ie o hv a latoesaergsee i yu onnm. B s ae t es n hr eitrd n or w ae y o dig yucnb sr ta yuwl b ntfe o ayiprat on, o a e ue ht o il e oiid f n motn croaenw a tesm tm a alohrsaeodr. oprt es t h ae ie s l te hrhles Tedsgae-otiuin ie,aogwt mn ohr h eintdcnrbtos da ln ih ay te iesta hv tre otwl fru,wscnevdb Cale da ht ae und u el o s a ocie y hri Mne,Vc Cara o BrsieadCara o Bu Ci. ugr ie himn f ekhr n himn f le hp Irsetv o tte,CaleadIwr a prnr i repcie f ils hri n ok s ates n mngn alcnrle cmais T ams asnu dge,w aaig l otold opne. o lot ifl ere e ejyorwr a mngn prnr. Adw ejyhvn yua no u ok s aaig ates n e no aig o s orfnnilprnr. u iaca ates Wre E Bfet arn . uft Cara o teBad himn f h or

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