The document provides an analysis of purchasing managers' index (PMI) survey results for various economies and sectors globally, in Europe, and in the UK, Ireland, and Northern Ireland. Key points include: - Northern Ireland manufacturing firms posted the fastest rate of output growth in January 2014 according to the PMI surveys. - The PMI surveys suggest growth continued in the Northern Ireland private sector in the second half of 2013 and the recovery took hold. - PMI results indicate buoyant order books and backlogs of work in Northern Ireland, suggesting more growth in coming months.

1. Ulster Bank Northern Ireland
Purchasing Managers Index (PMI)
Includes analysis of Global, Eurozone, UK, UK Regions, NI &
Republic of Ireland economic performance by sector
January 2014 Survey Update
Issued 10th February 2014
Richard Ramsey
Chief Economist Northern Ireland
richard.ramsey@ulsterbankcm.com
Twitter @UB_Economics

2. PMI Surveys
Purchasing Managers’ Indexes (PMIs) are monthly surveys of private sector companies
which provide an advance indication of what is happening in the private sector economy
by tracking variables such as output, new orders, employment and prices across different
sectors.
Index numbers are calculated from the percentages of respondents reporting an
improvement, no change or decline on the previous month. These indices vary from 0 to
100 with readings of 50.0 signalling no change on the previous month. Readings above
50.0 signal an increase or improvement; readings below 50.0 signal a decline or
deterioration. The greater the divergence from 50.0 the greater the rate of change
(expansion or contraction). The indices are seasonally adjusted to take into consideration
expected variations for the time of year, such as summer shutdowns or holidays.
< 50.0 = Contraction 50.0 = No Change > 50.0 = Expansion
Data at a sector level are more volatile and 3‐month moving averages have been used to
more accurately identify the broad trends.

3. Global output growth begins 2014 on a firmer footing
than it started 2013
Global Output - PMI
65
Source: Markit Economics
Expansion
60
55
50
Contraction
45
40
35
30
Total
25
Jan-07
Jan-08
Jan-09
Manufacturing
Jan-10
Jan-11
Services
Jan-12
Jan-13
Jan-14

4. The Eurozone started 2013 will all sectors contracting
now only construction is waiting for a return to growth
Eurozone PMIs: Output
65
Expansion
Source: Markit Economics Output Indices
60
55
50
Contraction
45
40
35
30
Composite (M&S)
Manufacturing
Services
Construction
25
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14

5. Northern Ireland manufacturing firms posted the
fastest rate of output growth in January 2014!
PMIs: Manufacturing Output January 2014
NI
Japan
Germany
Czech Republic
UK
Denmark
Taiwan
Netherlands
Poland
N.Zealand*
EU
EZ
Austria
Italy
Switzerland
Mexico
US
Global
Spain
Turkey
Vietnam
Greece
Ireland
Canada
India
Israel**
Singapore
S.Korea
China
Brazil
Indonesia
France
Russia
S.Africa
Australia
35
UK, NI & RoI
€
Source: Markit Economics Output Indices,
*December ** October. For the US ISM is used.
40
45
50
55
60
65
70

6. The Republic of Ireland, N.Ireland and the UK posted the
fastest rates of service sector output growth in January
PMIs: Services Output January 2014
Ireland
NI
UK
US*
Spain
Global
EU
Germany
EZ
Japan
Emergin
China
Russia
Brazil
Italy
Australia
France
India
€
Source: Markit Economics Output Indices, *
US Non-manufacturing which is wider than
services
35
40
45
50
55
60
65

7. Germany, Spain & Italy all improve in January while
France sees its rate of contraction accelerate
Composite PMIs
65
(Manufacturing & Services
** Excludes Construction**)
Expansion
60
55
50
Contraction
45
40
35
30
Source: Markit Economics PMIs
25
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14

8. The UK & China saw their composite PMIs slip in January,
the US stayed broadly the same & EZ moved higher
Composite PMIs
(Manufacturing & Services
** Excludes Construction**)
65
Eurozone
US (ISM)
China
UK
Expansion
60
55
50
Contraction
45
40
Source: Markit Economics PMIs, US includes construction
35
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14

9. Japan & the Eurozone on the rise in January whilst the
US & China move in the opposite direction
Manufacturing PMIs
65
US (ISM)
China
Japan
Eurozone
No Change
60
Expansion
55
50
Contraction
45
40
35
30
Source: Markit Economics
25
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14

10. Emerging markets slowdown continues…
Composite PMIs
(Manufacturing & Services
Brazil
Russia
India
** Excludes Construction**)
Emerging Markets
No Change
65
Expansion
60
55
50
Contraction
45
40
35
Source: Markit Economics
30
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14

11. Australia’s manufacturing and services sectors
remain in contraction territory in January
Australia - PMI
65
Manufacturing
Services
No Change
60
Expansion
55
50
Contraction
45
40
35
Source: Markit Economics PMIs
30
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14

12. The UK & RoI see growth rates ease in January while NI
posts its fastest rate of growth in almost 10 years
Private Sector Business Activity - PMIs
**PMI Surveys Exclude Agriculture & Public Sector**
65
NI
UK
RoI
Expansion
60
55
50
45
Contraction
40
35
Source: Markit & Ulster Bank NI PMI
50 = threshold between expansion / contraction
30
Jan-04
Sep-05
May-07
Jan-09
Sep-10
May-12
Jan-14

13. PMI suggests growth in DFP’s new private sector composite index
(combines indices for construction, services, agriculture & industrial production) in Q3 & Q4
NI Private Sector Output Index Versus NI PMI
PSO Q/Q%
5
4
NICEI Left Hand Scale
PMI Right Hand Scale
50 mark is the threshold for expansion / contraction with PMI
Expansion
3
2
PMI
65
60
55
1
0
50
-1
45
-2
Contraction
-3
-4
-5
-6
Source: New DFP Northern Ireland Composite Economic
Index (NICEI) & Ulster Bank / Markit Economics NI PMI, *
refers to Jan-14 only for PMI
40
35
30
2003 Q3 2005 Q1 2006 Q3 2008 Q1 2009 Q3 2011 Q1 2012 Q3 2014 Q1*

14. NI’s recovery took hold in the second half (H2) of 2013
NI Private Sector Performance (PMI)
PMI Index
60
New Orders
Employment
Export Orders
55
50
45
40
35
Source: Markit Economics & Ulster Bank NI
20
07
H
1
20
07
H
2
20
08
H
1
20
08
H
2
20
09
H
1
20
09
H
2
20
10
H
1
20
10
H
2
20
11
H
1
20
11
H
2
20
12
H
1
20
12
H
2
20
13
H
1
20
13
H
2
30
Expansion Contraction
Business Activity

15. 2014 has started well with NI firms reporting an
acceleration in job creation, output & new orders
NI Private Sector Activity
Monthly
70
Business Activity
New Business
Employment
Expansion
65
60
55
50
Contraction
45
40
35
Source: Markit Economics & Ulster Bank NI PMI
30
Jan-04
Sep-05
May-07
Jan-09
Sep-10
May-12
Jan-14

16. Buoyant order books suggest more growth in the
months ahead. NI’s new orders index hits a record high
Private Sector New Orders
Monthly
NI
UK
Orders increasing
65
RoI
60
55
50
40
35
Source: Markit Economics & Ulster Bank NI
30
Jan-04
Jan-06
Jan-08
Jan-10
Jan-12
Orders Contracting
45
Jan-14

17. Surge in demand is leading to backlogs of work with
NI index accelerating rapidly in recent months
Private Sector Backlogs
3 month moving average
60
UK
RoI
Increasing
NI
55
50
Decreasing
45
40
35
Source: Markit Economics & Ulster Bank NI PMI
30
Jan-04
Sep-05
May-07
Jan-09
Sep-10
May-12
Jan-14

18. NI firms post their 7th successive rise in export orders
NI New Export Business
70
Expansion
New Export Orders
No Change
60
50
Contraction
40
30
Source: Markit Economics & Ulster Bank NI PMI
20
Jan-04
Jan-06
Jan-08
Jan-10
Jan-12
Jan-14

19. PMI underestimated QES job gains in 2012. PMI for Q3 signals fastest
rate of jobs growth since Q4 2007 with even stronger growth in Q4/Q1
PMI Index
NI Employment: PMI v QES*
Q/Q
60
1.0%
*QES is DFP's official Quarterly Employment Survey of the
number of jobs in NI & includes public sector
Job
gains
55
0.8%
0.5%
0.3%
Discontinuity in QES Series
50
0.0%
-0.3%
45
-0.5%
Job
losses
40
-1.0%
Source: DFP, Ulster Bank & Markit Economics,
PMI Index 50.0 denotes threshold between
expansion / contraction, * Jan-14 only for PMI
-1.3%
35
2004 Q1
-0.8%
-1.5%
2006 Q3
2009 Q1
PMI Employment Index
No Change
2011 Q3
QES Q/Q
2014 Q1*

20. UK, RoI & NI firms all saw job creation accelerate in
January
Private Sector Employment Levels
Monthly
60
UK
RoI
Job Gains
NI
55
50
Job Losses
45
40
35
Source: Markit Economics & Ulster Bank NI PMI
30
Jan-04
Sep-05
May-07
Jan-09
Sep-10
May-12
Jan-14

21. Private sector’s profitability squeeze remains but
pricing power has been on the rise for 9 months
NI Private Sector Profit Squeeze
3 Month Moving Average
Output Prices
Input Prices
80
No Change
Profits
squeeze
70
Inflation
60
50
Price of goods &
services rising
Source: Markit Economics & Ulster Bank NI PMI
Deflation
40
30
Jan-04
Jan-06
Jan-08
Jan-10
Jan-12
Jan-14

22. Regional
Comparisons

23. Strong growth across all UK regions and the RoI in
January with NI posting the 4th fastest rate of growth in UK
Output / Business Activity
January 2014
PMI Index
70
50 = No change
65
60.4
59.1
54.8
55
Expansion
60
50
Contraction
45
Source: Markit Economics & Ulster Bank NI PMI
40
SW SE WM NI East UK NW Wal Y&H Scot Lon NE EM
RoI

24. …all the UK regions & the RoI post growth over the
last 3 months
Output / Business Activity
PMI Index
70
3 months to January 2014
50 = No change
65
59.6
59.0
56.3
55
Contraction
50
45
Source: Markit Economics & Ulster Bank NI PMI
40
SW SE WM Lon East UK EM NW
Expansion
60
NI
NE Wal Y&H Scot
RoI

25. … and over the last 12 months
Output / Business Activity
12 months to January 2014
PMI Index
65
50 = No change
60
57.1
54.3
50
Contraction
45
Source: Markit Economics & Ulster Bank NI PMI
40
Lon
SE
NW SW
UK
EM Wal Y&H East WM Scot
Expansion
54.5
55
NI
NE
RoI

26. All the UK regions and the Republic of Ireland post
employment growth in January …
Employment Levels
January 2014
PMI Index
60
50 = No change
58
56
55.6
55.0
52.9
52
Decreasing
50
48
Source: Markit Economics & Ulster Bank NI PMI
46
SW Lon NW UK East Y&H NI
Increasing
54
SE WM NE Scot Wal EM
RoI

27. … and over the last 3 months
Output / Business Activity
3 months to January 2014
PMI Index
70
50 = No change
65
59.6
59.0
56.3
55
Contraction
50
45
Source: Markit Economics & Ulster Bank NI PMI
40
SW SE WM Lon East UK EM NW
Expansion
60
NI
NE Wal Y&H Scot
RoI

28. In 2013 NI posts its 1st annual increase in private sector
employment since 2007 with trend continuing in January
Output / Business Activity
12 months to January 2014
PMI Index
65
50 = No change
60
57.1
54.3
50
Contraction
45
Source: Markit Economics & Ulster Bank NI PMI
40
Lon
SE
NW SW
UK
EM Wal Y&H East WM Scot
Expansion
54.5
55
NI
NE
RoI

29. Sectoral
Comparisons

30. All sectors post strong growth with construction
expanding at its fastest rate in six-and-a-half years
UK Business Activity / Output - PMIs
70
Services
Manufacturing
Construction
Expansion
60
50
Contraction
40
30
Source: Markit Economics
20
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14

31. UK posts strong rates of economic growth in Q2-Q4
PMI Index
UK GDP versus UK Composite PMI
UK Composite includes Construction
GDP Q/Q
65
1.5
60
1
55
0.5
50
0
45
-0.5
40
-1
35
-1.5
30
Source: ONS & Markit Economics, * for PMI January only
25
-2
-2.5
2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1*
GDP Q/Q
PMI
PMI No Change

32. RoI output growth eases across all sectors in January
but remains at healthy levels
RoI Business Activity - PMIs
Monthly
70
Services
Construction
No Change
65
60
Expansion
Manufacturing
55
Contraction
50
45
40
35
30
25
Source: Markit Economics
20
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14

33. All 3 broad sectors within NI saw a marked
turnaround in business activity in H2 2013
PMI Index
NI Private Sector Business Activity (PMI)
65
Manufacturing
Services
Construction
Retail
Expansion
60
55
50
Contraction
45
40
35
Source: Markit Economics & Ulster Bank NI
20
07
H
20 1
07
H
20 2
08
H
20 1
08
H
20 2
09
H
20 1
09
H
20 2
10
H
20 1
10
H
20 2
11
H
20 1
11
H
20 2
12
H1
20
12
H
20 2
13
H
20 1
13
H2
30

34. All 3 broad sectors within NI continue to report
robust rates of output growth at the start of 2014
Northern Ireland Private Sector Output
3 month moving average
65
Manufacturing
Services
Construction
Expansion
60
55
50
Contraction
45
40
35
Source: Markit Economics &
Ulster Bank NI PMI
30
Jan-04
Sep-05
May-07
Jan-09
Sep-10
May-12
Jan-14

35. …with all sectors also reporting employment growth over
the last 3 months with manufacturing at a record rate
NI PMI - Employment Index
3 month moving average
65
Manufacturing
Services
Construction
Job Gains
60
55
50
Job Losses
45
40
35
30
Source: Markit Economics &
Ulster Bank NI PMI
25
Jan-04
Sep-05
May-07
Jan-09
Sep-10
May-12
Jan-14

36. NI manufacturers continue to report strong rates of growth
in orders, employment & output over the last 3 months
NI Manufacturing Activity
3 month moving average
Business activity
New Orders
Employment
60
55
50
40
35
30
25
Jan-04
Source: Markit Economics & Ulster Bank NI
Sep-05
May-07
Jan-09
Sep-10
May-12
Contraction accelerating
45
Growth accelerating
65
Jan-14

37. UK, RoI & NI manufacturing firms continue to post strong
rates of growth in output during the last 3 months
Manufacturing Output
3 month moving average
65
UK
NI
RoI
No Change
Expansion
60
55
50
Contraction
45
40
35
Source: Markit Economics & Ulster Bank NI PMI
30
Jan-04
Jan-06
Jan-08
Jan-10
Jan-12
Jan-14

38. The UK posts the strongest rate of growth in new orders
Manufacturing New Orders
3 month moving average
65
UK
NI
RoI
No Change
Expansion
60
55
50
Contraction
45
40
35
30
Source: Markit Economics & Ulster Bank NI PMI
25
Jan-04
Sep-05
May-07
Jan-09
Sep-10
May-12
Jan-14

39. NI has been outperforming its European competitors
Manufacturing Output - PMI
70
RoI
Italy
Spain
Greece
NI
Expansion
60
50
Contraction
40
30
Source: Markit Economics PMIs
20
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14

40. Cost price inflation remains for local manufacturing firms
but pricing power is improving due to increased demand
NI Manufacturing Input & Output Inflation
3 month moving average
No Change
Input Costs
Output Prices
80
Profits
squeeze
70
Inflation
60
50
Deflation
40
Source: Markit Economics & Ulster Bank NI PMI
30
Jan-04
Sep-05
May-07
Jan-09
Sep-10
May-12
Jan-14

41. PMI underestimated jobs surge in Q2. Following further job
creation in Q3, PMI suggests more of the same in Q4/Q1
PMI Index
65
NI Manufacturing Employment: PMI v QES*
Q/Q
4%
*QES is DFP's official Quarterly Employment
Survey of the number of jobs in NI firms
60
Job
gains
Discontinuity in
QES Series
3%
2%
55
1%
50
0%
45
-1%
Job
losses
40
-2%
-3%
35
Source: DFP, Ulster Bank & Markit Economics,
PMI Index 50.0 denotes threshold between
expansion / contraction, * Jan-14 only for PMI
-4%
30
2004 Q1
-5%
2006 Q3
2009 Q1
PMI Employment Index
2011 Q3
No Change
QES Q/Q
2014 Q1*

42. Service sector recovery well underway with new orders
rising at their fastest rate since the survey began
NI Service Sector (excludes Retail)
3 month moving average
Business activity
New Orders
Employment
65
60
55
Contraction accelerating
50
45
40
35
Source: Markit Economics & Ulster Bank NI
30
Jan-03
Nov-04
Sep-06
Growth accelerating
70
Jul-08
May-10
Mar-12
Jan-14

43. All 3 economies post strong growth in services output
in January with NI & RoI activity accelerating …
Services Output (excluding Retail)
3 month moving average
70
UK
NI
RoI
No Change
65
Expansion
60
55
50
Contraction
45
40
35
Source: Markit Economics & Ulster Bank NI PMI
30
Jan-04
Sep-05
May-07
Jan-09
Sep-10
May-12
Jan-14

44. … and an acceleration in new orders growth for the
RoI and NI too
Services New Orders (excluding Retail )
3 month moving average
70
UK
NI
RoI
No Change
Expansion
60
50
Contraction
40
Source: Markit Economics & Ulster Bank NI PMI
30
Jan-04
Sep-05
May-07
Jan-09
Sep-10
May-12
Jan-14

45. Output price inflation within service sector firms
eases in January from recent 5-year high
NI Services Input & Output Inflation
3 month moving average
No Change
Input Costs
Output Prices
80
Profits
squeeze
70
Inflation
60
50
Deflation
40
Source: Markit Economics & Ulster Bank NI
30
Jan-04
Sep-05
May-07
Jan-09
Sep-10
May-12
Jan-14

46. Service sector employment growth accelerates within
in the RoI but eases for the UK & NI
Services Employment
3 month moving average
65
UK
RoI
NI
No Change
Expansion
60
55
50
Contraction
45
40
35
Source: Markit Economics & Ulster Bank NI PMI
30
Jan-04
Jan-06
Jan-08
Jan-10
Jan-12
Jan-14

47. In Q4 the services PMI shows the fastest rate of
quarterly jobs growth since Q4 2007 but eased in Jan-14
PMI Index
65
NI Manufacturing Employment: PMI v QES*
Q/Q
4%
*QES is DFP's official Quarterly Employment
Survey of the number of jobs in NI firms
60
Job
gains
Discontinuity in
QES Series
3%
2%
55
1%
50
0%
45
-1%
Job
losses
40
-2%
-3%
35
Source: DFP, Ulster Bank & Markit Economics,
PMI Index 50.0 denotes threshold between
expansion / contraction, * Jan-14 only for PMI
-4%
30
2004 Q1
-5%
2006 Q3
2009 Q1
PMI Employment Index
2011 Q3
No Change
QES Q/Q
2014 Q1*

48. NI retailers continue to report strong rates of growth
in business activity and new orders in January
Northern Ireland Retail PMI
3 monthly average
75
Business Activity
New Orders
Backlogs
No Change
Expansion
65
55
Contraction
45
35
Source: Markit Economics & Ulster Bank NI PMI
25
Jan-04
Sep-05
May-07
Jan-09
Sep-10
May-12
Jan-14

49. Local retailers maintain pricing power in January
NI Retail Input & Output Inflation
3 month moving average
90
Input Costs
Output Prices
No Change
80
Profits squeeze
Inflation
70
60
50
Deflation
40
Source: Markit Economics & Ulster Bank NI
30
Jan-04
Sep-05
May-07
Jan-09
Sep-10
May-12
Jan-14

50. NI construction sector continues to report growth in
output, new orders & employment over the last 3 months
NI Construction PMI
3 month moving average
Output
New Orders
Employment
Expansion
60
50 = No change
50
Contraction
40
30
Source: Markit Economics, Ulster Bank PMI
20
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14

51. …and output prices have been rising at a record rate
NI Construction Sector Profits Squeeze
3 month moving average
PMI Index
Input Prices
Output Prices
No Change
70
Inflation
60
50
Deflation
40
30
Source: Markit Economics & Ulster Bank PMI
20
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14

52. NI’s construction PMI posted its 1st quarter of jobs growth
in Q3 2013 since Q4 2007 with further growth in Q4/Q1
PMI Index
NI Construction Employment: PMI v QES*
Q/Q
65
5.0%
**QES is NI's official Quarterly Employment Survey of the no. of jobs in NI firms
60
55
Discontinuity in QES Series
Job
gains
50
2.5%
0.0%
45
-2.5%
40
35
-5.0%
Job losses
30
25
-7.5%
Source: DFP, Ulster Bank & Markit Economics,
PMI Index 50.0 denotes threshold between
expansion / contraction
20
2004 Q1
-10.0%
2006 Q3
PMI Employment Index
2009 Q1
2011 Q3
No Change
2014 Q1*
QES Q/Q

53. Construction output growth accelerates in the UK over
the last 3 months and remains strong in both NI & RoI
Construction Sector Output - PMI
3 month moving average
PMI Index
70
UK
RoI
Expansion
NI
60
Contraction
50
40
30
Source: Markit Economics
20
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14

54. New orders growth accelerating in the UK & NI and
remains strong in the RoI
Construction Sector New Orders - PMI
3 month moving average
PMI Index
70
NI
UK
RoI
Expansion
60
50
Contraction
40
30
Source: Markit Economics
20
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14

55. Opportunities for NI firms within GB market. House
building is expanding at its fastest rate in over 11 years
UK Construction Activity - PMIs
3 month moving average
70
Housing Activity
Commercial Activity
Civil Engineering Activity
Expansion
60
50
Contraction
40
30
Source: Markit Economics
20
Jan-05
Jul-06
Jan-08
Jul-09
Jan-11
Jul-12
Jan-14

56. …with opportunities returning within the RoI too
Republic of Ireland Construction Activity - PMI
3 month moving average
70
Housing Activity
Commercial Activity
Engineering Activity
Expansion
60
50 = No change
50
Contraction
40
30
Source: Markit Economics & Ulster Bank
20
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14

57. Disclaimer
This document is intended for clients of Ulster Bank Limited and Ulster Bank Ireland Limited (together and separately, "Ulster Bank") and is
not intended for any other person. It does not constitute an offer or invitation to purchase or sell any instrument or to provide any service in
any jurisdiction where the required authorisation is not held. Ulster Bank and/or its associates and/or its employees may have a position or
engage in transactions in any of the instruments mentioned.
The information including any opinions expressed and the pricing given, is indicative, and constitute our judgement at time of publication and
are subject to change without notice. The information contained herein should not be construed as advice, and is not intended to be
construed as such.
This publication provides only a brief review of the complex issues discussed and recipients should not rely on information contained here
without seeking specific advice on matters that concern them. Ulster Bank make no representations or warranties with respect to the
information and disclaim all liability for use the recipient or their advisors make of the information.
Over-the-counter (OTC) derivatives can involve a number of significant and complex risks which are dependent on the terms of the particular
transaction and your circumstances. In the event the market has moved against the transaction you have undertaken, you may incur
substantial costs if you wish to close out your position.
Calls may be recorded.
Slide 57