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9E0-851 Customer Response Solution 3.0 (CRS)

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9E0-851 exam Dumps Source : Customer Response Solution 3.0 (CRS)

Test Code : 9E0-851
Test cognomen : Customer Response Solution 3.0 (CRS)
Vendor cognomen : Cisco
exam questions : 292 true Questions

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Cisco Customer Response Solution 3.0

Hybrid Chat for Cisco adventure solutions | true Questions and Pass4sure dumps

The solution offered in this article is the winner of the Cisco & Google Cloud problem contest in 2018 – accomplished with Bucher & Suter and Expertflow:

Cisco consumer Care, now Cisco customer undergo solutions (CJS), is via definition the best structure to undergo and assist the present maximum priority in great businesses – client journey sales innovation, the #1 priority for 71% of the enterprise leaders (2017 global CX Benchmarking report).  CJS, very often considered a cost middle during the past, is now viewed by artery of agencies as a driver of revenue, able to enhance customer loyalty, retention cost, and significant economic metrics such because the Annual Renewal fee (ARR).

these days, 65% of consumers determine on Chats versus typical voice calls to consumer trust (BT international features-Cisco-Davies Hickman partners 2017). thus, to deem these alterations of users habit, a modern CJS has to tender a compass of contact methods, called Omnichannel, and at the same time tender the possibility to tide seamlessly between interaction channels bringing the context alongside.

Conversational self provider powered by using artificial intelligence

shoppers moreover await a near lickety-split response time and quick conclusion of their wants – each being key commerce metrics confirmed to constrain customer retention and loyalty. One third of the time it needs two or more interactions to accumulate to the bottom of the subject, inflicting client dissatisfaction and forty% of them eventually leaving to find a brand unusual issuer (ICMI, 451 analysis). This company request is surroundings a different obligatory exigency for a latest CJS: it has to tender Conversational Self provider solutions powered by artery of artificial Intelligence that are effective, productive and reasonable.

hybrid chatThe four primary company needs addressed by the “Hybrid Chat,synthetic Intelligence solution for Cisco CCE/CCX/HCS”

The subsequent picture describes the architecture of the reply developed by Bucher & Suter and Expertflow, a Cisco Ecosystem accomplice. The architecture is constituted of a brace of constructing blocks in a position to engage, speak, and orchestrate through OPEN API’s to allow handy customization of the conclude customer answer:

  • DIGITAL tools (any configuration of latest and future category of CHAT tools used through conclude users)
  • synthetic INTELLIGENCE services and companies
  • Cisco CJS structure: CCX, CCE, PCCE, HCS and CJP
  • A CONVERSATIONAL ENGINE developed by the ECOSYSTEM associate, being the broking service, the orchestrator between digital tools, CJS APIs, AI companies and NLP functions, and providing the integration of both conclude users and brokers entrance ends.
  • Hybrid chat journey 2

    Let’s remark the manner it works, beginning with a description of its hybrid approach

    When implementing a chat bot in a digital CJS you always exigency a hand-off approach for everyone these situations where the BOT isn’t assured satisfactory to reply and for that understanding wants a human agent. This skill that in a measure reply a chat is always managed either via a BOT or by using an agent, which very regularly effects in very low productivity of the CJS, above everyone if the chat bot is not powered with AI.

    The solution offered in this article elements a discrete imaginitive strategy where the agent, the BOT, and the person are always engaged in a continuous Chat convention, and the agent can video array multiple chats and leverage the BOT everyone through the gross conversation, thereby cutting back the workload and response time. After a hand-off to an agent, the BOT continues to breathe within the dialog and works as an agent aide so upon every consumer utterance query, the Hybrid Chat presents probably the most appropriate answers identified by artery of the BOT to the agent.

    a coloured icon indicators the agent which chats exact an intervention (purple), the conversations where the BOT can sprint independently (eco-friendly), and those where the BOT has numerous options (together with a “strike probability view”) but it surely isn't a hundred% confident so gold measure could breathe having the agent picking out the reform one or overwriting (YELLOW). The agent can let the BOT auto-answer with the highest-scoring reply, intervene and choose one amongst people who the BOT suggests, or even draft a unusual response to the customer.

    A timer displayed with a coloured circle across the chat icons shows timeouts upon which obvious configurable actions are taken.

    The BOT uses a model created with laptop studying powered by Google Dialogflow to answers chats, but the solution is fairly imaginative moreover since the messages tagged and validated via the brokers may moreover breathe used as unusual working towards facts to the BOT in an pains to enrich future consciousness fees (natural Language knowing) and answers (talk Engine).

    The chatbot is continuously discovering through conversations from adult-to-grownup (consumers and brokers) making the entire reply self-tuning on the job, the state the performances of the BOT are continually enhancing in a particular contest further reducing appointment of the brokers and hence raising productiveness and decreasing costs. The interaction between consumer, agents, and the BOT moreover reduces the response time, expanding the nice of the provider delivered and enabling greater client pride and loyalty.

    Hybrid Chat Journey 3

    Let’s now dissect the artery this solution interacts and integrates with a Cisco CCX/CCE or HCS CJS.

    Hybrid Chat Journey 4

    As highlighted via the diagram above, the Conversational Engine developed through Expertflow is holding a standing of the chats allocated to every agent, but it surely additionally at everyone times predicts predicted “depth and human work volume” with computer gaining knowledge of, in accordance with the kind of unserved diagnosed intents and the class of media (SMS is slower than FB Chat). according to such evaluation, it assigns numerous chats in parallel to agents interacting with Cisco CJS through Open APIs (CTI and UQ API), making confident that each agent has the equal work quantity. If an agent is thoroughly charged, the Conversational engine makes a brand unusual synchronous media routing request to the CJS to reserve the subsequent full-time agent. Conversely, if a chat session requires a full-time collaboration session (escalation to audio and/or video and monitor sharing), everyone different ongoing chats are given lower back to the frequent chat pool and distributed to other brokers and that agent is reserved for the whole-time session.

    The solution offered in this article is displaying the surprising knowledge of combining collectively the Cisco architectures with Google artificial intelligence to design customized options concentrated on the modern enterprise needs of huge, medium, and diminutive organisations: consumer event, consumer loyalty, customer retention, elevated renewal earnings, diminished expenses.


    Cisco: professionals And Cons | true Questions and Pass4sure dumps

    No outcome discovered, try unusual keyword!The products that defined Cisco as a tech stalwart are losing ground. a brief perusal of the closing quarter’s facet “boom” paints a sobering photograph: (YoY%) Switching -9.0% NGN Routing -9.0% Collabo...

    Networking providers respond to Cisco ACI | true Questions and Pass4sure dumps


    EUC with HCI: Why It concerns

    Cisco's announcement remaining week of its application Centric Infrastructure (ACI), which the networking noteworthy has been setting up through its spin-out Insieme, made waves in the networking world. Of selected keep is Cisco's statement that utility described networking (SDN) isn't ample, according to Cisco VP Ish Limkakeng, who spoke to enterprise Networking Planet's Sean Michael Kerner in regards to the vendor's ACI imaginative and prescient and strategy.

    vital to Cisco's imaginative and prescient is the faith that purposes are probably the most captious piece of any facts core and will power the infrastructure. vital to Cisco's strategy, in the meantime, is...Cisco hardware. particularly, the brand unusual ACI-optimized Nexus 9000 switch household, as Sean pronounced.

    As might breathe expected, no longer every person in the commerce is on board with ACI. Over on ENP sister web page eWeek, Jeffrey Burt pointed out that the very concept of application defined networking represents a risk to Cisco's enterprise and that "rivals had been brief to color ACI as Cisco's manner of guaranteeing consumers proceed buying its expensive hardware even though SDN comprises the engage of being in a position to sprint their networks via application housed on reduce cost boxes."

    Juniper and PLUMgrid pros query Cisco's ACI approach

    Mike Marcellin, senior vp of routine and advertising for Juniper's Platform techniques Division, is a vocal critic of ACI. based on Marcellin, Cisco's ACI approach will work to lock valued clientele in to a proprietary Cisco SDN stack. The proven fact that Cisco is working on an utility coverage Infrastructure Controller (APIC) to head together with its Nexus 9000 ACI switches tends to endure this out.

    Marcellin referred to as out Cisco's should give protection to its legacy enterprise and contrasted it with Juniper's MetaFabric architecture and method, which "underscores Juniper's commitment to simplification and openness," he stated in an announcement to ENP and eWeek.

    "Cisco's reply to the consumer want for more application agility is to double the variety of chips in each container. That worked when Doritos delivered their birthday celebration size bag, but not so a pleasant deal in networking," Marcellin pointed out.

    Marcellin isn't the only 1 questioning Cisco's approach, both. Pere Monclus, CTO of overlay SDN startup PLUMgrid, questioned Cisco's focus on hardware. "In launching their hardware-centric SDN stack, Cisco highlighted scalability and protection (issues that they reliance virtual community infrastructure excels at) as SDN boundaries that a hardware-concentrated routine can tackle, but skirted the ideas of openness, extensibility, and feature agility essential during this business. application overlays can provide that, not ASICs and hardware infrastructure," Monclus told commerce Networking Planet. Monclus delivered that "usual, the Insieme/ACI announcement is first rate validation of the networking fashions that the SDN community and vendors infatuation PLUMgrid had been deploying in valued clientele for the final twelve months, however it indicates that a mismatch of cultures remains present in the Cisco answer."

    Monclus expressed some optimism, although. "We seem to breathe forward to the haphazard to set up their superior VNI reply on suitable of Insieme hardware fabric to complement the obstacles and shortcomings of a hardware-based mostly strategy to software-conscious infrastructure," he observed.

    Plexxi: towering quality about ACI

    not every person's piling on Cisco. Over at Plexxi, the response is high-quality. Michael Bushong, VP of marketing (and low commercial enterprise Networking Planet guest contributor), advised me that he is of the same conviction with "Cisco's captious thesis that applications ought to promote first." He introduced that "our commerce must start and conclusion with the utility. here is one among Plexxi's founding ideas, and they are thrilled to remark the trade dialogue shift in their route."

    And the networking world must understand that hardware nonetheless concerns, Bushong said. "So plenty of the networking focal point privilege now is on application, with SDN, network virtualization, NFV, and DevOps everyone garnering consideration. however there's a physical point of providing software workloads that can not breathe not noted."

    What Cisco is doing reform is "providing software workload orchestration," Bushong noted. "The talent to specify what is crucial to an software, translate that into decrease-degree device behavior, and supply the actual infrastructure to bring it really is powerful. Cisco has wrapped this privilege into a tightly integrated answer. The tradeoff privilege here is flexibility, and valued clientele will ultimately should develop a conclusion the extent to which they exigency alternative and freedom. but so long as the result is a dynamic, software-pushed environment, purchasers may breathe ."

    Bushong suggested towards providers giving in to the impulse to cleave aside rivals' products, pointing out that vendor self-interest is "a piece of the understanding the community is at nighttime a while relative to different parts of the records middle." For the trade to tide ahead, he stated, the trade must collaborate a pleasant deal more than it has to this point, not handiest on development of recent applied sciences, but additionally on education of the user base.

    "The ultimate component they exigency is a tit-for-tat war," he mentioned.

    What's your response to Cisco's ACI announcement, and providers' reactions to it? recommend us within the comments.

    ENP editor Jude ChaoJude Chao is govt editor of enterprise Networking Planet. follow her on Twitter @judechao.

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    Customer Response Solution 3.0 (CRS)

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    Despite failures, ConEd targets more energy savings from non-wires pioneer BQDM | true questions and Pass4sure dumps

    By almost any measure, Consolidated Edison's Brooklyn-Queens exact Management program has been a success, so it is no astound the utility wants to expand on it. But just how much more energy efficiency can Con Ed squeeze from the neighborhood? 

    At least 11 MW, according to the utility's procedure for 2019.

    But first, a refresher: It's been five years since Con Edison proposed the BQDM project. Facing a $1.2 billion substation upgrade, the utility instead went about lining up distributed resources, exact response and efficiency.

    While not everything has gone as planned, so far the utility is achieving its goals. Problems with its exact response offering and a scrapped commercial refrigeration program were offset by voltage optimization gains that significantly exceeded expectations.

    The procedure included 52 MW of exact reductions from non-traditional customer-side and utility-side solutions by the summer of 2018. While there enjoy been some hiccups along the way, the utility has not only avoided the substation but has helped pioneer the "non-wires alternative" as a strategy for utilities everywhere.

    The unusual York Public Service Commission has already approved a petition from Con Edison to extend the BQDM program beyond 2018, allowing the utility to obtain additional load reductions without additional funding. On Jan. 29, the utility filed its 2019 implementation procedure with the commission.

    A change in the plan

    While ConEd achieved its 52 MW peak load reduction target for summer 2018, the utility says it got there with some changes to the original plan. Officials mumble the program achieved 33.5 MW of peak load reduction from Customer-Sided Solutions (CSS) and about 18 MW from Utility-Sided Solutions (USS). That's not the mix they were initially aiming for, but the utility sees it as an occasion to build on.

    "In aggregate, BQDM achieve[d] its 52 MW peak load reduction as originally anticipated," Con Edison told Utility Dive in an email, adding, "there are several initiatives that continue to provide additional peak load reduction from CSS programs."

    The 18 MW of USS was more than the 11 MW originally planned, thanks in piece to the utility's Conservation Voltage Optimization (CVO) program and a Distributed Energy Storage System it deployed.

    Officials mumble the CVO efforts "outperformed based on voltage reduction optimization," from 1.5% to 2.5%-3.0%.

    ConEd projects that it will achieve customer-side load reductions greater than the 41 MW cumulative smooth by 2021. In terms of total capacity, Con Edison officials told Utility Dive that the BQDM program "is anticipated to achieve more than 55 MW of peak load reduction by summer 2022."

    More load reductions

    The utility told regulators it has been evaluating existing projects in the BQDM program and identifying opportunities for DER to provide additional load reductions, "such as through emerging storage technologies that can breathe a callable resource or provide constant load reduction, while maintaining the reliability of the system."

    Based on initial analyses and load relief needs, the company told the PSC that it "anticipates that it can procure approximately 11 MWs of additional customer-side load reductions. Projects that can breathe implemented in a timely manner by the summers of 2019 through 2021 will breathe prioritized."

    The utility is looking to build on its Commercial Direct Install program, which helps identify and install efficiency measures for customers with a peak exact of 300 kW or less, past a May 2019 peak reduction goal of 12.2 MW. The utility will moreover pursue opportunities in its multi-family efficiency program, past the June 2019 goal of 4.9 MW.

    Con Edison's process for acquiring load reductions in the BQDM program has typically been to cast a wide net, using auctions and requests for proposals. But the utility moreover told regulators there will likely breathe situations which justify a sole-source acquisition approach, "most likely where a unique solution is available or a specific customer presents an opportunity."

    But the procedure is to continue deploying "various competitive procurement approaches," Con Edison said. "Just as the Company originally anticipated, procurement approaches enjoy not been static, one-time buying events, but rather a progression of actions on a strategic timing basis as deemed most appropriate for each solution. "

    Best practice

    The utility's strategy is becoming a best practice for others. The Rocky Mountain Institute (RMI) developed a "playbook" for implementing non-wires solutions, and pointed to Con Edison's employ of a invert auction in addition to the more-traditional RFP approach.

    RMI famed that a successful auction "requires a fairly develope market, with a pool of prequalified bidders that enjoy a pleasant understanding of the solicitation requirements and expectations."

    While auctions may provide transparency to the market, RMI cautioned they are "a blunt mechanism. ... Auctions value different types of resources on the basis of price solitary and may not allow for comparing the unique attributes of those resources."

    Con Edison famed it has used a variety of strategies, depending on the necessary resource.

    "To aid meet the BQDM peak reliability need, the Company designed and conducted a descending clock auction to procure exact response resources with specific performance attributes," the utility told regulators. "The auction allowed the Company to procure DR resources during fixed windows, while avoiding any resulting snap back of load during other over-load hours."

    Despite the successful auction, the utility's BQDM exact response program has been scrapped.

    Hiccups in exact response, commercial cooling

    Not everyone of the resources enjoy worked out as planned, and Con Edison officials mumble they enjoy abandoned some ideas originally included.

    A exact response auction procured 22.7 MW of load reduction for 2018, but more than 19 MW was declared "deficient," the utility said. More than half of those awarded exact response contracts had proposed battery storage as a primary means of providing exact response.

    "However, with the need of clarity in the battery permitting process and lengthy time involved, these awardees were not able to enjoy their battery energy storage solution installed for the 2018 capability period," the utility told regulators in its report. "Others moreover declared partial deficiency due to vicissitude with customer acquisition."

    Con Edison's Eduardo Guerra, a manager in the company’s energy efficiency unit, told Utility Dive that "customer acquisition and need of permitting clarity were a barrier to implementation," and that "those resources are no longer pursued."

    A commercial refrigeration project moreover fell through, the utility said.

    Con Edison released an RFP in July 2015 and engaged with a unusual technology vendor for a refrigeration thermal storage battery.

    "This unusual technology vendor has contracted for the full 1.5 MW of load reduction to breathe provided by summer 2018," the utility said. But "after working with Con Edison personnel and conducting thorough targeted research, the implementation of thermal storage technology was unsuccessful."

    That belief has been shelved for now, officials say. 

    "The company has no plans to acquire load reductions from commercial refrigeration within the BQDM territory at this time," the utility told the PSC.

    Despite some difficulties, Guerra said the utility had taken this into account. The "BQDM portfolio of solutions was built with some buffer to mitigate potential underperformance risks," he said.

    Carpenter Technology Reports First Quarter Fiscal Year 2019 Results | true questions and Pass4sure dumps

    October 24, 2018 08:15 ET | Source: Carpenter Technology Corporation

    Earnings per participate of $0.65; solid performance partially offset by annual preventative maintenance shutdowns

    Net Sales of $572.4 million; year-over-year revenue gains across everyone end-use markets

    Backlog up 9% sequentially and 38% year-over-year

    Continuing to invest in targeted growth areas including additive manufacturing and soft magnetics

    PHILADELPHIA, Oct. 24, 2018 (GLOBE NEWSWIRE) -- Carpenter Technology Corporation (NYSE: CRS) (the “Company”) today announced financial results for the fiscal first quarter ended September 30, 2018. For the quarter, the Company reported net income of $31.5 million, or $0.65 earnings per diluted share.

    “Our first quarter results reflect further execution of their commercial strategy and success in capitalizing on stalwart market conditions partially offset by their annual preventative maintenance shutdowns at confident key work centers,” said Tony Thene, Carpenter’s President and CEO. “While this created a near-term headwind, their solutions focus continues to generate significant customer response as their backlog increased 9% on a sequential basis and 38% compared to eventual year.”

    “Demand patterns are robust and everyone five of their end-use markets delivered year-over-year revenue growth.  In the Aerospace and Defense end-use market, engine activity remains near record levels and they are moreover generating hardy customer exact in other sub-markets. They moreover continue to undergo stalwart exact for their titanium solutions in the Medical end-use market as they further implement their solutions-focused approach and broaden their relationships with leading industry OEMs.”

    “Looking ahead, they are focused on executing their commercial and manufacturing strategies while moreover strategically investing in targeted growth areas that will enhance their long-term growth profile. This includes their announced acquisition of LPW Technology Ltd., a leader in advanced metal powders and powder lifecycle management solutions for additive manufacturing, and the investment in their high-value soft magnetics portfolio.  These priorities are consistent with their strategic mandate to breathe a complete solutions provider for their customers and best position Carpenter to deliver increasing long-term value to shareholders.”

    Financial Highlights

    ($ in millions)   Q1   Q1   Q4     FY2019   FY2018   FY2018 Net Sales $ 572.4     $ 479.8     $ 618.0   Net Sales Excluding Surcharge (a) $ 456.3     $ 409.8     $ 494.5   Operating Income $ 45.0     $ 42.2     $ 59.9   Net Income $ 31.5     $ 23.4     $ 42.8   Cash Provided from (Used for) Operating Activities $ 9.4     $ (7.4 )    $ 118.5   Free Cash tide (a) $ (41.7 )   $ (44.9 )    $ 55.9  

    (a)  Non-GAAP financial measures explained in the attached tables

    Net sales for the first quarter of fiscal year 2019 were $572.4 million compared with $479.8 million in the first quarter of fiscal year 2018, an extend of $92.6 million (or 19.3 percent), on 3.6 percent higher volume.  Net sales excluding surcharge were $456.3 million, an extend of $46.5 million (or 11.3 percent) from the same epoch a year ago.

    Operating income was $45.0 million compared to $42.2 million in the prior year period. These results primarily reflect stronger end-use market conditions compared to the prior year epoch as well as the further execution of a solutions-focused commercial approach.

    Cash provided from operating activities in the first quarter of fiscal year 2019 was $9.4 million, compared to cash used of $7.4 million in the same quarter eventual year.  The extend in operating cash tide was primarily related to increased earnings and improving working capital. Free cash tide in the first quarter of fiscal year 2019 was negative $41.7 million, compared to negative free cash tide of $44.9 million in the same quarter eventual year. Capital expenditures were $41.6 million in the first quarter of fiscal year 2019 compared to $28.9 million in the same quarter eventual year due to increased investment in target growth areas including additive manufacturing and soft magnetics.

    Total liquidity, including cash and available revolver balance, was $411.0 million at the conclude of the first quarter of fiscal year 2019.  This consisted of $17.0 million of cash and $394.0 million of available borrowings under the Company’s credit facility.

    Conference call and Webcast Presentation

    Carpenter Technology will host a conference call and webcast presentation today, October 24th at 10:00 a.m. ET, to argue the financial results of operations for the first quarter of fiscal year 2019. gladden dial +1 412-317-9259 for access to the live conference call.  Access to the live webcast will breathe available at Carpenter Technology’s website (, and a replay will soon breathe made available at Presentation materials used during this conference call will breathe available for viewing and download at

    Non-GAAP financial Measures

    This press release includes discussions of financial measures that enjoy not been determined in accordance with U.S. Generally Accepted Accounting Principles (GAAP).  A reconciliation of the non-GAAP financial measures to their most directly comparable financial measures prepared in accordance with GAAP, accompanied by reasons why the Company believes the non-GAAP measures are important, are included in the attached schedules.

    About Carpenter Technology

    Carpenter Technology Corporation (NYSE: CRS) is a recognized leader in high-performance specialty alloy-based materials and process solutions for captious applications in the aerospace, defense, transportation, energy, industrial, medical and consumer markets. Founded in 1889, Carpenter has evolved to become a pioneer in premium specialty alloys, including titanium, nickel and cobalt, as well as alloys specifically engineered for additive manufacturing (AM) processes and soft magnetics applications. Carpenter has expanded its AM capabilities to provide a complete “end-to-end” solution to accelerate materials innovation and streamline parts production.

    Forward-Looking Statements

    This presentation contains forward-looking statements within the import of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to risks and uncertainties that could occasions actual results to vary from those projected, anticipated or implied. The most significant of these uncertainties are described in Carpenter’s filings with the Securities and Exchange Commission, including its report on configuration 10-K for the year ended June 30, 2018, and the exhibits attached to that filing. They involve but are not limited to: (1) the cyclical nature of the specialty materials commerce and confident end-use markets, including aerospace, defense, industrial, transportation, consumer, medical, and energy, or other influences on Carpenter’s commerce such as unusual competitors, the consolidation of competitors, customers, and suppliers or the transfer of manufacturing capacity from the United States to exotic countries; (2) the talent of Carpenter to achieve cash generation, growth, earnings, profitability, operating income, cost savings and reductions, qualifications, productivity improvements or process changes; (3) the talent to recoup increases in the cost of energy, raw materials, freight or other factors; (4) domestic and exotic excess manufacturing capacity for confident metals; (5) fluctuations in currency exchange rates; (6) the outcome of government trade actions; (7) the valuation of the assets and liabilities in Carpenter’s pension trusts and the accounting for pension plans; (8) viable labor disputes or work stoppages; (9) the potential that their customers may substitute alternate materials or adopt different manufacturing practices that replace or confine the suitability of their products; (10) the talent to successfully acquire and integrate acquisitions, including LPW Technology Ltd.; (11) the availability of credit facilities to Carpenter, its customers or other members of the supply chain; (12) the talent to obtain energy or raw materials, especially from suppliers located in countries that may breathe subject to unstable political or economic conditions; (13) Carpenter’s manufacturing processes are subject upon highly specialized apparatus located primarily in facilities in Reading and Latrobe, Pennsylvania and Athens, Alabama for which there may breathe limited alternatives if there are significant apparatus failures or a catastrophic event; (14) the talent to hire and retain key personnel, including members of the executive management team, management, metallurgists and other skilled personnel; and (15) fluctuations in oil and gas prices and production. Any of these factors could enjoy an adverse and/or fluctuating outcome on Carpenter’s results of operations. The forward-looking statements in this document are intended to breathe subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Carpenter undertakes no duty to update or revise any forward-looking statements.

    PRELIMINARYCONSOLIDATED STATEMENTS OF INCOME(in millions, except per participate data)(Unaudited)

        Three Months Ended     September 30,     2018   2017           NET SALES   $ 572.4     $ 479.8   Cost of sales   480.7     394.1   Gross profit   91.7     85.7             Selling, universal and administrative expenses   46.7     43.5   Operating income   45.0     42.2             Interest expense   (6.3 )   (7.2 ) Other income, net   1.6     0.2             Income before income taxes   40.3     35.2   Income tax expense   8.8     11.8             NET INCOME   $ 31.5     $ 23.4             EARNINGS PER COMMON SHARE:         Basic   $ 0.66     $ 0.49   Diluted   $ 0.65     $ 0.49             WEIGHTED medium COMMON SHARES OUTSTANDING:         Basic   47.6     47.1   Diluted   48.2     47.3             Cash dividends per common share   $ 0.20     $ 0.18  


        Three Months Ended     September 30,     2018   2017 OPERATING ACTIVITIES:         Net income   $ 31.5     $ 23.4   Adjustments to reconcile net income to net cash provided from (used for) operating activities:         Depreciation and amortization   29.7     28.7   Deferred income taxes   1.2     0.6   Net pension expense   2.9     3.6   Share-based compensation expense   3.0     4.2   Net loss on disposals of property and equipment   0.1     0.1   Changes in working capital and other:         Accounts receivable   (3.5 )   (1.2 ) Inventories   (50.5 )   (46.3 ) Other current assets   (6.5 )   (9.0 ) Accounts payable   47.5     15.9   Accrued liabilities   (40.8 )   (21.7 ) Pension procedure contributions   (2.3 )   (4.2 ) Other postretirement procedure contributions   (0.8 )   (0.5 ) Other, net   (2.1 )   (1.0 ) Net cash provided from (used for) operating activities   9.4     (7.4 ) INVESTING ACTIVITIES:         Purchases of property, plant, apparatus and software   (41.6 )   (28.9 ) Proceeds from disposals of property and equipment   0.1     —   Proceeds from sale of marketable securities   2.9     —   Net cash used for investing activities   (38.6 )   (28.9 ) FINANCING ACTIVITIES:         Net change in short-term credit agreement borrowings   —     3.3   Dividends paid   (9.6 )   (8.6 ) Proceeds from stock options exercised   3.2     1.4   Withholding tax payments on share-based compensation awards   (4.1 )   (0.2 ) Net cash used for financing activities   (10.5 )   (4.1 ) Effect of exchange rate changes on cash and cash equivalents   0.5     (1.0 ) DECREASE IN CASH AND CASH EQUIVALENTS   (39.2 )   (41.4 ) Cash and cash equivalents at beginning of period   56.2     66.3   Cash and cash equivalents at conclude of period   $ 17.0     $ 24.9  

    PRELIMINARYCONSOLIDATED balance SHEETS(in millions)(Unaudited)

        September 30,   June 30,     2018   2018 ASSETS         Current assets:         Cash and cash equivalents   $ 17.0     $ 56.2   Accounts receivable, net   381.6     378.5   Inventories   740.5     689.2   Other current assets   49.0     54.9   Total current assets   1,188.1     1,178.8   Property, plant and equipment, net   1,316.8     1,313.4   Goodwill   268.7     268.7   Other intangibles, net   61.7     63.3   Deferred income taxes   4.5     4.3   Other assets   167.9     178.5   Total assets   $ 3,007.7     $ 3,007.0             LIABILITIES         Current liabilities:         Accounts payable   $ 255.9     $ 214.7   Accrued liabilities   107.5     148.6   Total current liabilities   363.4     363.3   Long-term debt   545.5     545.7   Accrued pension liabilities   285.1     288.8   Accrued postretirement benefits   108.7     108.2   Deferred income taxes   155.7     161.6   Other liabilities   58.6     53.5   Total liabilities   1,517.0     1,521.1             STOCKHOLDERS' EQUITY         Common stock   278.9     278.6   Capital in excess of par value   310.0     310.0   Reinvested earnings   1,498.8     1,475.9   Common stock in treasury, at cost   (335.9 )   (338.8 ) Accumulated other comprehensive loss   (261.1 )   (239.8 ) Total stockholders' equity   1,490.7     1,485.9   Total liabilities and stockholders' equity   $ 3,007.7     $ 3,007.0  

    PRELIMINARYSEGMENT financial DATA(in millions, except pounds sold)(Unaudited)

      Three Months Ended   September 30,   2018   2017 Pounds sold (000):       Specialty Alloys Operations 62,714     61,190   Performance Engineered Products 2,732     3,526   Intersegment 170     (1,370 ) Consolidated pounds sold 65,616     63,346           Net sales:       Specialty Alloys Operations       Net sales excluding surcharge $ 361.5     $ 325.6   Surcharge 114.0     71.2   Specialty Alloys Operations net sales 475.5     396.8           Performance Engineered Products       Net sales excluding surcharge 108.0     100.5   Surcharge 3.7     0.2   Performance Engineered Products net sales 111.7     100.7           Intersegment       Net sales excluding surcharge (13.2 )   (16.3 ) Surcharge (1.6 )   (1.4 ) Intersegment net sales (14.8 )   (17.7 )         Consolidated net sales $ 572.4     $ 479.8           Operating income:       Specialty Alloys Operations $ 52.8     $ 50.5   Performance Engineered Products 7.3     5.3   Corporate costs (15.8 )   (12.9 ) Intersegment 0.7     (0.7 ) Consolidated operating income $ 45.0     $ 42.2  

    The Company has two reportable segments, Specialty Alloys Operations (“SAO”) and Performance Engineered Products (“PEP”).

    The SAO segment is comprised of Carpenter’s major premium alloy and stainless steel manufacturing operations.  This includes operations performed at mills primarily in Reading and Latrobe, Pennsylvania and surrounding areas as well as South Carolina and Alabama.

    The PEP segment is comprised of the Company’s differentiated operations. This segment includes the Dynamet titanium business, the Carpenter Powder Products (CPP) business, the Amega West business, the CalRAM commerce and the Latrobe and Mexico distribution businesses. The businesses in the PEP segment are managed with an entrepreneurial structure to promote flexibility and agility to quickly respond to market dynamics.  It is their faith this model will ultimately drive overall revenue and profit growth.  The pounds sold data above for the PEP segment includes only the Dynamet and CPP businesses.

    Corporate costs are comprised of executive and director compensation, and other corporate facilities and administrative expenses not allocated to the segments. moreover included are items that management considers not representative of ongoing operations and other specifically-identified income or expense items.

    PRELIMINARYNON-GAAP financial MEASURES(in millions)(Unaudited)

                  Three Months Ended     September 30, NET SALES AND OPERATING MARGIN EXCLUDING SURCHARGE   2018   2017           Net sales   $ 572.4     $ 479.8   Less: surcharge   116.1     70.0   Net sales excluding surcharge   $ 456.3     $ 409.8             Operating income   $ 45.0     $ 42.2             Operating margin   7.9 %   8.8 % Operating margin excluding surcharge   9.9 %   10.3 %

    Management believes that removing the impact of raw material surcharge from net sales and operating margin provides a more consistent basis for comparing results of operations from epoch to period, thereby permitting management to evaluate performance and investors to develop decisions based on the ongoing operations of the Company. Management uses its results excluding surcharge to evaluate its operating performance and to argue its commerce with investment institutions, the Company’s board of directors and others.

        Three Months Ended     September 30, FREE CASH FLOW   2018   2017           Net cash provided from (used for) operating activities   $ 9.4     $ (7.4 ) Purchases of property, plant, apparatus and software   (41.6 )   (28.9 ) Proceeds from disposals of property and equipment   0.1     —   Dividends paid   (9.6 )   (8.6 ) Free cash flow   $ (41.7 )   $ (44.9 )

    Management believes that the free cash tide measure provides useful information to investors regarding their financial condition because it is a measure of cash generated which management evaluates for alternative uses.


        Three Months Ended     September 30, NET SALES BY END-USE MARKET   2018   2017 End-Use Market Excluding Surcharge:         Aerospace and Defense   $ 239.6     $ 215.6   Energy   37.5     28.8   Transportation   31.4     30.6   Medical   39.5     33.4   Industrial and Consumer   74.6     71.7   Distribution   33.7     29.7             Total net sales excluding surcharge   456.3     409.8             Surcharge   116.1     70.0             Total net sales   $ 572.4     $ 479.8  

    Media Inquiries:William J. Rudolph, Jr.+1

    Investor Inquiries:Brad EdwardsThe Plunkett Group+1

    10-K: PRUDENTIAL financial INC | true questions and Pass4sure dumps



    Page Overview 48 Outlook 48 Industry Trends 50 impact of a Low Interest Rate Environment 51 Results of Operations 54 Consolidated Results of Operations 54 Segment Results of Operations 55 Segment Measures 57 impact of exotic Currency Exchange Rates 58 Accounting Policies & Pronouncements 60 Application of captious Accounting Estimates 60 Adoption of unusual Accounting Pronouncements 72 Results of Operations by Segment 72

    Table of Contents

    Certain of the statements included in this section constitute forward-looking statements within the import of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.'s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. confident captious factors that could occasions actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can breathe institute in the "Risk Factors" and "Forward-Looking Statements" sections herein.

    Our principal operations are comprised of five divisions, which together encompass seven segments, and their Corporate and Other operations. The PGIM division is comprised of their PGIM segment (formerly named the Investment Management segment). The U.S. Workplace Solutions division consists of their Retirement and Group Insurance segments. The U.S. Individual Solutions division consists of their Individual Annuities and Individual Life segments. The International Insurance division consists of their International Insurance segment, and the Closed screen division consists of their Closed screen segment. Their Corporate and Other operations involve corporate items and initiatives that are not allocated to commerce segments and businesses that enjoy been or will breathe divested or placed in run-off.

    Revenues and Expenses

    We win their revenues principally from insurance premiums; mortality, expense, asset management and administrative fees from insurance and investment products; and investment of universal account and other funds. They receive premiums primarily from the sale of confident individual life insurance, group life and disability insurance, retirement and annuity contracts. They win mortality, expense, and asset management fees primarily from the sale and servicing of divorce account products including variable life insurance and variable annuities, and from the sale and servicing of other products including universal life insurance. They moreover win asset management and administrative fees from the distribution, servicing and management of mutual funds, retirement products and other investment management products and services. Their operating expenses principally consist of insurance benefits provided and reserves established for anticipated future insurance benefits, universal commerce expenses, dividends to policyholders, commissions and other costs of selling and servicing their products and interest credited on universal account liabilities.


    Our profitability depends principally on their talent to price their insurance and annuity products at a smooth that enables us to win a margin over the costs associated with providing benefits and administering those products. Profitability moreover depends on, among other items, their actuarial and policyholder conduct undergo on insurance and annuity products, and their talent to attract and retain customer assets, generate and maintain conducive investment results, effectively deploy capital and utilize their tax capacity, and manage expenses.

    Historically, the participating products included in the Closed screen enjoy yielded lower returns on capital invested than many of their other businesses. As they enjoy ceased offering domestic participating products, they await that the symmetry of the traditional participating products in their in-force commerce will gradually diminish as these older policies age, and they grow other businesses. However, the relatively lower returns to us on this existing screen of commerce will continue to affect their consolidated results of operations for many years.


    Management expects that results in 2019 will continue to benefit from their differentiated mix of market-leading businesses that complement each other to provide competitive advantages. Their mix of high-quality protection, retirement and investment management businesses creates growth potential due to earnings diversification and the occasion to provide customers with integrated cross-business solutions, as well as capital benefits from a balanced risk profile. While challenges exist in the configuration of a low interest rate environment (see "Impact of a Low Interest Rate Environment"), fee compression in confident of their businesses and other market factors, they await that their altenative of businesses coupled with stalwart execution will produce attractive returns.

    Table of Contents

    We are well positioned to meet the needs of customers and tap into significant market opportunities through their U.S. financial Wellness businesses, PGIM, their investment management commerce and their International Insurance business. U.S. financial Wellness represents their Workplace Solutions and Individual Solutions businesses. They remark an occasion to address the evolving needs of individual customers, workplace clients, and society at great through their increasingly captious financial wellness solutions. They possess the key components to execute on this strategy, including a workplace platform covering twenty million individuals; solutions that cover protection, retirement, savings, income, and investment needs; and a customer-centric approach with different ways to engage with their clients through multiple channels such as meeting with one of their financial advisors, calling or video-conferencing with an advisor, or interacting with us in a purely digital manner. Their goal is to meet their customers' needs when, where and how they want. By leveraging technology and their scale, they can significantly expand the addressable market, build deeper and longer-lasting relationships with customers and clients, and develop a meaningful contrast in the financial wellness of their lives.

    PGIM has moreover produced differentiated outcomes with stalwart investment performance that has led to consistently positive annual net institutional flows over the past sixteen years. In addition to providing solutions for its third-party clients, PGIM provides their U.S. financial Wellness and International Insurance businesses with a competitive odds through its investment expertise across a broad array of asset classes, including specialty classes such as true estate, private placements, and commercial mortgages.

    Our International Insurance commerce includes their world-class Japanese life insurance operation and investments in high-growth markets with great populations such as Brazil, India, Indonesia and China. They approach these markets in a differentiated way, and that has led to uniform overall growth, attractive returns and significant capital generation.

    In summary, they feel confident about their prospects for the future supported by their integrated and complementary businesses. Specific outlook considerations for each of their businesses involve the following:

    U.S. Workplace Solutions. In their Retirement commerce they continue to provide products that respond to the needs of procedure sponsors to manage risk and control their benefit costs, while ensuring they maintain appropriate pricing and return expectations under changing market conditions. Their differentiated capabilities and demonstrated execution in the pension risk transfer commerce is expected to continue to generate attractive growth opportunities. They expect, however, that growth will not breathe linear given the episodic nature of larger cases, which is the segment of the market where they are most competitive and where the returns are the most compelling. In addition, while they foresee continuation of the spread and fee compression that they enjoy been experiencing in their full-service business, they believe these are manageable headwinds. In their Group Insurance business, they are focused on expanding their Premier market segment, while maintaining a leadership position in the national segment. They are seeing benefits from their multi-year underwriting efforts, especially in their disability commerce where improved claims management and their continued pricing discipline enjoy resulted in improvements to their benefits ratio. In both Retirement and Group Insurance, they believe their financial Wellness platform provides meaningful differentiation in the market and is helping us build deeper customer relationships.

    U.S. Individual Solutions. Their Individual Annuities commerce remains focused on helping its customers meet their investment and retirement needs. They await continued stalwart results and stable free cash flows, with near-term returns on assets above their long-term target. They await to incur costs associated with their enhanced risk management strategy, but this program is expected to produce less volatile net income and cash flows, particularly in adverse scenarios. In addition, they await a natural reduction in medium fee rates due to the maturation of the existing screen and due to sales of newer products which generally enjoy lower rate structures. They await the combination of these factors to occasions their returns on assets to migrate to the long-term target over time. They continue to execute on their product diversification strategy and remain focused on a broad compass of outcome-oriented solutions for customers. Their Individual Life commerce is continuing to execute on its product diversification strategy in order to maintain a diversified product mix and an attractive risk profile. They continue to deepen relationships with distribution partners while developing a more customer-oriented experience. Recent product actions could result in a slightly higher portion of sales in term and variable life as they remain committed to achieving a diversified product offering.

    Table of Contents

    PGIM. Their investment management commerce is focused on maintaining stalwart investment performance while leveraging both the scale of its approximately $1.2 trillion distinctive multi-manager model and Prudential enterprise relationships. PGIM is making targeted investments to further diversify its product offerings, expand its global investment and distribution footprint, selectively acquire unusual investment capabilities, and further strengthen external recognition as a leading global asset manager. These capabilities will enable PGIM to continue to meet their clients' evolving needs and, in turn, to generate flows across multiple asset classes, client segments and geographies. Underpinning their growth strategy is their talent to continue to deliver robust investment performance, and to attract and retain high-caliber investment talent. While they are experiencing fee pressures, their medium fee succumb has remained relatively flat due to unusual flows coming into higher fee yielding strategies within fixed income, equities and alternatives such as true estate and private fixed income, and because of their diverse commerce profile.

    International Insurance. They continue to concentrate on deepening their presence in Japan and other markets in which they currently operate and expanding their distribution capabilities in emerging markets. They continue to focus on protection solutions and innovate as clients' needs evolve. The returns on their death protection products are largely driven by mortality margins which helps mitigate the exposure of results to interest rates. They enjoy seen a shift in sales mix with a greater stress on U.S. dollar-denominated products in Japan. They await this trend to continue. They are moreover focused on achieving scale in select growth markets outsides of Japan. With admiration to distribution, they are seeking to grow Life Planners in everyone countries where that model exists and to strategically expand the Bank and Independent Agency channel, however they may remark a decline in Gibraltar Life Insurance Company, Ltd. ("Gibraltar Life") Consultants as they continue to focus on increasing quality and productivity standards.

    In order to capitalize on the growth opportunities in their domestic and international markets highlighted above, they continue to develop investments in and across their businesses. These investments are focused on product development, distribution and technology. They are investing in product innovation through the employ of data and digital initiatives to better understand and serve the needs of a customer foundation with changing demographics and to achieve a goal of offering a broader array of cost effective and easily comprehensible products. They are investing in expanding their distribution capabilities through a focus on customer undergo and technology enabled counsel and distribution, cross-business collaboration, further development of work site relationships with individuals and expanding their talent to tender germane products and services to customers through whichever channels they choose. In addition, they are making investments in their information technology infrastructure in order to streamline processes and enhance the effectiveness of their administrative systems.

    While they await these strategic investments to ultimately generate commerce growth, they may result in elevated expenses in the near term. In addition, they await the time periods required for these investments to generate returns to vary. These investments are being funded through a combination of operating cost efficiencies and the returns generated by their businesses, and they await to breathe able to continue to absorb some of these investment costs through efficiency gains.

    Industry Trends

    Our U.S. and international businesses are impacted by financial markets, economic conditions, regulatory oversight, and a variety of trends that affect the industries where they compete.

    Financial and Economic Environment.

    U.S. Businesses - As discussed further under "Impact of a Low Interest Rate Environment" below, interest rates in the U.S. remain lower than historical levels, which may continue to negatively impact their portfolio income yields and their net investment spread results. In addition, they are subject to financial impacts associated with movements in equity markets and the evolution of the credit cycle as discussed in "Segment Results of Operations" where applicable and more broadly in "Risk Factors".

    International Businesses - Their international insurance operations, especially in Japan, continue to operate in a low interest rate environment. Although the local market in Japan has adapted to low interest rates, as discussed under "Impact of a Low Interest Rate Environment" below, the current reinvestment yields for confident blocks of commerce in their international insurance operations are now generally lower than the current portfolio succumb supporting these blocks of business, which may negatively impact their net investment spread results. The continued low interest rate environment in the U.S. may moreover impact the relative attractiveness of U.S. dollar-denominated products to yen-denominated products in Japan. In addition, they are subject to financial impacts associated with movements in exotic currency rates, particularly the Japanese yen. Fluctuations in the value of the yen will continue to impact the relative attractiveness of both yen-denominated and non-yen denominated products. In addition, they are subject to financial impacts associated with movements in equity markets and the evolution of the credit cycle as discussed in "Segment Results of Operations" where applicable and more broadly in "Risk Factors".

    Table of Contents


    U.S. Businesses - Customer demographics continue to evolve and unusual opportunities present themselves in different consumer segments such as the millennial and multicultural markets. Consumer expectations and preferences are changing. They believe existing customers and potential customers are increasingly looking for cost-effective solutions that they can easily understand and access through technology-enabled devices. At the same time, income protection, wealth accumulation and the needs of retiring baby boomers are continuing to shape the insurance industry. A persistent retirement security gap exists in terms of both savings and protection. Despite the ongoing phenomenon of the risk and responsibility of retirement savings shifting from employers to employees, employers are becoming increasingly focused on the financial wellness of the individuals they employ.

    International Businesses- Japan has an aging population as well as a great pool of household assets invested in low-yielding deposit and savings vehicles. The aging of Japan's population, along with strains on government pension programs, enjoy led to a growing exact for insurance products with a significant savings constituent to meet savings and retirement needs as the population prepares for retirement. They are seeing a similar shift to retirement-oriented products across other Asian markets, including Korea and Taiwan, each of which moreover has an aging population.

    Regulatory Environment. remark "Business-Regulation" for a discussion of regulatory developments that may impact the Company and the associated risks.

    Competitive Environment. remark "Business-" for a discussion of the competitive environment and the basis on which they compete in each of their segments.

    Impact of a Low Interest Rate Environment As a global financial services company, market interest rates are a key driver of their results of operations and financial condition. Changes in interest rates can affect their results of operations and/or their financial condition in several ways, including conducive or adverse impacts to: investment-related activity, including: investment income returns, net interest margins, net investment spread results, unusual money rates, mortgage loan prepayments and bond redemptions; insurance reserve levels, market undergo true-ups and amortization of both deferred policy acquisition costs ("DAC") and value of commerce acquired ("VOBA");

    customer account values, including their impact on fee income;

    fair value of, and viable impairments on, intangible assets such as goodwill;

    product offerings, design features, crediting rates and sales mix; and

    policyholder behavior, including submission or withdrawal activity.

    See below for discussions related to the current interest rate environments in their two largest markets, the United States and Japan; the composition of their insurance liabilities and policyholder account balances; and the hypothetical impacts to their results if these interest rate environments are sustained.

    U.S. Operations excluding the Closed screen Division

    Interest rates in the U.S. enjoy experienced a epoch of historically low levels in great piece due to Federal Reserve efforts to assist with the economic recovery subsequent to the financial crisis of 2008. However, more recently market interest rates enjoy begun to climb in conjunction with a progression of Federal Reserve decisions to raise interest rates in response to a strengthening economy. While market conditions and events develop uncertain the timing, amount and impact of any further monetary policy decisions by the Federal Reserve, a trend of rising interest rates may enhance their reinvestment yields, primarily for their investments in fixed maturity securities and commercial mortgage loans. As interest rates rise, their reinvestment succumb may approach or exceed the overall portfolio yield. Conversely, if interest rates were to decline, their reinvestment succumb may topple below their overall portfolio yield, resulting in an unfavorable impact to earnings.

    For the universal account supporting their U.S. Individual Solutions division, U.S. Workplace Solutions division, PGIM division and their Corporate and Other operations, they appraise annual principal payments and prepayments that they would breathe required to reinvest to breathe approximately 6.0% of the fixed maturity security and commercial mortgage loan portfolios through 2020. The portion of the universal account attributable to these operations has approximately $198 billion of such assets (based on net carrying value) as of December 31, 2018. The medium portfolio succumb for fixed maturity securities and commercial mortgage loans is approximately 4.3%, as of December 31, 2018.

    Table of Contents

    Included in the $198 billion of fixed maturity securities and commercial mortgage loans are approximately $113 billion that are subject to call or redemption features at the issuer's option and enjoy a weighted medium interest rate of approximately 4%. Of this $113 billion, approximately 64% hold provisions for prepayment premiums. If they reinvest scheduled payments or prepayments (not subject to a prepayment fee) at rates below the current portfolio yield, including in some cases at rates below those guaranteed under their insurance contracts, future operating results will breathe impacted to the extent they Do not, or are unable to, reduce crediting rates on in-force blocks of business, or effectively utilize other asset/liability management strategies described below, in order to maintain current net interest margins.

    The following table sets forth the insurance liabilities and policyholder account balances of their U.S. Operations excluding the Closed screen Division, by type, for the date indicated:

    As of December 31, 2018 (in billions) Long-duration insurance products with fixed and guaranteed terms $ 124 Contracts with adjustable crediting rates subject to guaranteed minimums 57 Participating contracts where investment income risk ultimately accrues to contractholders 15 Total $ 196

    The $124 billion above relates to long-duration products such as group annuities, structured settlements and other insurance products that enjoy fixed and guaranteed terms, for which underlying assets may enjoy to breathe reinvested at interest rates that are lower than portfolio rates. They quest to mitigate the impact of a prolonged low interest rate environment on these contracts through asset/liability management, as discussed further below.

    The $57 billion above relates to contracts with crediting rates that may breathe adjusted over the life of the contract, subject to guaranteed minimums. Although they may enjoy the talent to lower crediting rates for those contracts above guaranteed minimums, their willingness to Do so may breathe limited by competitive pressures. The following table sets forth the related account values by compass of guaranteed minimum crediting rates and the related compass of the difference, in basis points ("bps"), between rates being credited to contractholders as of December 31, 2018, and the respective guaranteed minimums.

    Account Values with Adjustable Crediting Rates subject to Guaranteed Minimums:

    Greater than 1-49 50-99 100-150 150 At bps above bps above bps above bps above guaranteed guaranteed guaranteed guaranteed guaranteed minimum minimum minimum minimum minimum Total ($ in billions) compass of Guaranteed Minimum Crediting Rates: Less than 1.00% $ 0.5 $ 1.2 $ 0.5 $ 0.1 $ 0.0 $ 2.3 1.00% - 1.99% 1.0 4.1 11.1 2.1 0.6 18.9 2.00% - 2.99% 1.3 0.7 1.9 1.1 0.7 5.7 3.00% - 4.00% 26.7 2.0 0.2 0.2 0.0 29.1 Greater than 4.00% 0.9 0.0 0.0 0.0 0.0 0.9 Total(1) $ 30.4 $ 8.0 $ 13.7 $ 3.5 $ 1.3 $ 56.9 Percentage of total 54 % 14 % 24 % 6 % 2 % 100 % __________

    . . .

    Feb 15, 2019

    (c) 1995-2019 Cybernet Data Systems, Inc. everyone Rights Reserved

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