drbubb

3/ Debt restructured in a creative way GCM’s previous large debt-load was more than just a financial millstone around the neck of the Company and its shareholders. It was creating a large overhang of dilution. What was needed was a full restructuring. With the operational parameters all tracking better, management turned their attention to finance. Gran Colombia cleaned up its balance sheet, lowering the Company’s debt level while also reducing the impact of dilution in financing this debt. Here GCM looked even higher up its corporate ladder in devising a plan of action to address Gran Colombia’s debt burden and capital structure. Executive Co-Chairman Serafino Iacono led the way. A veteran in capital markets, Iacono has played an instrumental role in raising billions for natural resource projects around the world. Iacono strengthened GCM’s balance sheet, and he did so in an innovative manner – effectively selling a new debt product as a means of minimizing future dilution while Gran Colombia paid down its debt. What was this “new product”? Gold-backed notes. The low current price of gold is a concern to gold mining companies and gold investors, but it also represents opportunity: the chance to cash in when the price of gold corrects higher to a more rational level. Knowledgeable gold investors understand this reality. Consequently, there was no shortage of takers for Gran Colombia’s gold-backed notes to refinance its debt. Co-Chairman Iacono went into further detail on this successful restructuring. We offered a very attractive piece of paper to the market and the market overwhelmingly responded. We raised US$98 million which allowed us take out our senior secured debentures, reducing potential dilution in the process, and putting in place a new 6-year note that allows us to use less than 10% of Segovia’s expected gold production to repay the debt while providing investors in the notes with an 8 ¼% coupon and upside in their return if gold is above US$1,250 per ounce. We added about US$14 million to our cash position through this financing and the units we sold also included some warrants, an additional source of future capital for our balance sheet. Our operational improvement combined with our improved balance sheet puts us in a very nice position to explore and expand our assets at Segovia and Marmato. 4 / Conclusion For new investors, however, the bottom line is opportunity. Gold mining investors can buy into this mid-tier producer as it nears 200,000 ounces per year of gold production. With vast resources and high-grade mineralization, the Company’s current $89 million market cap represents a bargain-basement valuation. From an operations standpoint, Gran Colombia Gold is just hitting its stride and the market is just beginning to notice. This means for GCM’s share price the best is yet to come. It’s all in the numbers. Read more at http://www.stockhouse.com/news/newswire/2018/07/13/momentum-builds-for-high-grade-mid-tier-gold-producer#DudYie7KRTyAjGd3.99 (Note: was a paid contribution)

2 / Segovia & Marmato What makes this optimization all the more impressive is that Segovia is not a single mine, but rather a mining complex that is currently producing gold from three separate locations on the Segovia property. Then there is the Marmato Project. The Segovia Mine Complex is a robust mid-tier gold mining operation by itself, with an abundant resource base and very high grades. Grades at Marmato are not quite as high (~ 2.5 g/t to 5 g/t Au) as with the Segovia resources, but Marmato is a monster. The Spanish originally began mining gold from this site nearly 500 years ago. Indeed, the Marmato Mine was considered to be such a lucrative asset that it was used as collateral with British banks during Colombia’s war of independence against Spain. Over a span of five centuries, gold mining at Marmato has continued almost continuously. For mining investors who are suspecting that this property has been mined out, guess again. Marmato has a current resource of nearly 4 million ounces of gold (Measured & Indicated) along with over 4 million ounces as an Inferred resource. In addition, these resources contain roughly 38 million ounces of silver. The land package was consolidated by the previous operator (Medoro Resources) during 2009 and 2010. In 2011, Gran Colombia merged with Medoro to become the leading gold mining company in Colombia. The property benefits from abundant infrastructure, with access directly off of the Pan American Highway. Longer term, the Company sees Marmato as a separate underground mine. With operations at Segovia now firing on all cylinders, producing a long-term development strategy for Marmato is high on management’s agenda. That’s the operational picture for Gran Colombia. However, if investors really want to understand this strong turn-around story, they also need to take a close look at the Company’s finances. Read more at http://www.stockhouse.com/news/newswire/2018/07/13/momentum-builds-for-high-grade-mid-tier-gold-producer#DudYie7KRTyAjGd3.99

Great article - favorable to GCM Momentum Builds for High-Grade Mid-Tier Gold Producer Jeff Nielson, Stockhouse 1 Comment| 16 hours ago image: http://www.stockhouse.com/media/marketing/ceo_event/GranColombia_logo.jpg While mining investors wait for bull market sentiment (and valuations) to return to the mining sector, they still want to make money. It’s not as easy as when metals markets are flying high, but it can be done. It requires being selective. Looking for the best projects, in mining-friendly jurisdictions, with solid management. One gold mining company that meets these criteria – and is generating strong returns for investors – is Gran Colombia Gold Corp. (TSX: GCM, OTCQB: TPRFF, Forum). This TSX-listed mid-tier gold miner is nearing a major plateau: 200,000 oz’s per year of gold production (along with silver credits), with large high-grade resources that are certain to whet the appetite. The center of operations is the Company’s flagship Segovia Mine in Colombia: the largest underground gold/silver mining operation in this rising gold jurisdiction. It’s easy for investors to wrap their heads around this story because it’s all in the numbers. It starts with the chart for GCM: image: http://www.stockhouse.com/getattachment/27f985f1-5edd-464c-aa79-42fc2893ba8c/GranColombia_chart.png?width=450&height=282 (click to enlarge) While most of the gold mining industry has struggled over the past year, Gran Colombia has roughly doubled its share price over this period. That’s despite a recent pullback caused by a drop in the price of gold. How has the Company generated this impressive return? More numbers. It starts with rising production… image: http://www.stockhouse.com/getattachment/168469de-8509-4d47-8abd-d8a0e566b057/GranColombia_production.png?width=450&height=359 (click to enlarge) …then add in declining cash costs. image: http://www.stockhouse.com/getattachment/62e573a8-dc6c-4e98-b8b8-bb1e0982a899/GranColombia_costs-(1).png?width=450&height=387 (click to enlarge) Put those two things together and you get stronger margins, rising cash flow, and more profit. Read more at http://www.stockhouse.com/news/newswire/2018/07/13/momentum-builds-for-high-grade-mid-tier-gold-producer#DudYie7KRTyAjGd3.99 > MORE: http://www.stockhouse.com/news/newswire/2018/07/13/momentum-builds-for-high-grade-mid-tier-gold-producer

DEEP STATE wants Antarctica ALIENS to be your new God | Dr. Michael Salla 2018

DEEP STATE wants Antarctica ALIENS to be your new God | Dr. Michael Salla 2018

FNLpf / Fresnillo as a bellwether ... update :

GPR / Great Panther ... all : fr.2016 : Market Cap at $ = website : presentation :

Production News: 2nd Quarter 2018 TORONTO, July 11, 2018 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX:GCM) announced today that it produced a total 18,113 ounces of gold in June bringing the total for the second quarter of 2018 to 52,906 ounces, up 15% compared to the second quarter of 2017. For the first half of 2018, total gold production amounted to 105,578 ounces, up 24% over the first half of 2017. This brings the Company’s trailing 12-months’ total gold production as of June 2018 to 194,316 ounces, up 12% from 2017’s annual production of 173,821 ounces. The Company initially provided guidance that it expected to produce between 182,000 and 193,000 ounces in 2018. However, based on its first half results, the Company now expects that its 2018 gold production will surpass 200,000 ounces. Serafino Iacono, Executive Co-Chairman of Gran Colombia, commented, “We have now reported three consecutive quarters with over 50,000 ounces of gold production. With our local management team doing a very good job focusing on execution of our mine plan at Segovia, we are confident we will produce over 200,000 ounces this year.” At the Segovia Operations, gold production in June amounted to 16,087 ounces, bringing the total for the second quarter of 2018 to 47,071 ounces and for the first half of 2018 to 93,543 ounces, up 28% compared to the first half of 2017. This brings Segovia’s trailing 12-months’ total gold production as of June 2018 to 169,206 ounces, up 14% from 2017 fuelled by continuing growth in the Company’s three mines which represented 95% of Segovia’s trailing 12-months’ production. Read more at http://www.stockhouse.com/companies/bullboard#AyHxL4PwYImEHZfT.99 === : PRODUCTION Mo. : Prod'17: Prod'18: Q1- : 39,008 : 52,672 /3= 17,557 ave. Apr : 14,332 : May: 15,444 : Jun : 16,299 : 18,113 : Q2- : 46,075 : 52,906 : + 14.8% 12mo 173.8k : 194.3k > 2018 Target: 200k oz+ ==== INCOME SENSITIVITY to Production (in Ounces) ======= : - 2016 - : - 2017 -: // Q1'2017- : Q4'2017- : -Q1'2018 : Q2'2018- : Q3'2018- : Prod.Oz : 149,708 : 173,821 // 39,008oz : 51,699oz : 52,672oz : 52,906oz : 50,000oz : Au. Sold : ======> : ======> // 38,434oz : ====== > : 49,610oz : 52,000oz : 50,000oz : Revenues $185.1M : $215.4M // $ 45.7 M : $ 70.9 Mn : $ 64.8 Est : $ 67.6 Est : $ 65.00 Est : Revs/Oz: $1,236oz : $1,239oz // $1189oz : $1371/oz : $1306/oz. : $1300Est : $1300Est (=$123.2x10.55) EBITDA : $ 66.0 M : $ 75.5 M // $ 13.6 Mn : $ 26.8 Mn : $ 27.4 Mn : $ 26.0 Est : $ 25.0 Est : EB-/Oz. : $ 441/oz : $ 434/oz // $ 349/oz : $ 518/oz : $ 520/Est : $ 500/Est : FinlChg. : $ 32.8 M : $ 32.2 M // $ 7.88 M : $ 8.37 Mn : $8.00 Est : $8.00 Est : Eb-Fin'l. : $ 33.2M : $ 43.3 M // $ 5.72 M : $ 18.4 Mn : $ 18.3 Mn : Adj.NetI : $ 15.6 M : $ 22.9 M // $ 3.10 M : $ 11.0 Mn : $ 9.85 Mn : $10.4 Mn aNI/Oz. : $ 104/oz : $ 132/oz // $79.4/oz : $ 213 /oz : $ 199 /oz : $ 200/ Est. Net Inc.- : $ - n/a - : $ - n/a - : // ( 0.8 M ) : $ - n/a - - : $ 5.4 Mn : $ ??? Mn . ExcessCF : $ 2.9M : $ 16.4 M // $ 2.28 M : $8.60 Mn : $2.55 Mn : $6.00 Est ===

Gran Columbian Gold - is the correction finished yet? GCM.t ... update :

Life on Mars Could Have Gotten an Early Start, 'Black Beauty' Meteorite Suggests It didn't take long for Mars to become a potentially habitable world, a new study suggests. The planet-formation process generates a lot of heat, so rocky worlds such as Mars and Earth are covered by oceans of molten rock shortly after they form. Life as we know it cannot get a foothold until these oceans freeze into a crust — and this apparently happened quite early on the Red Planet, the new study reports. "Already 20 million years after the formation of the solar system, Mars had a solid crust that could potentially house oceans and perhaps also life," study co-author Martin Bizzarro, director of the Center for Star and Planet Formation at the Natural National History Museum of Denmark in Copenhagen, said in a statement. [The Search for Life on Mars (A Photo Timeline)] That's about 130 million years sooner than this key event occurred here on Earth, study team members said. Read more: WHAT REALLY HAPPENED | The History The US Government HOPES You Never Learn! http://www.whatreallyhappened.com/#ixzz5KnlwUJ1y

FEARS in China POSSIBLE ANTI-CHINA BEX - Chinese Millionaires Fleeing to United States By: LibertyFTPeople As the Yuan continues to slide downward towards it's worst month ever, more than a third of Chinese millionaires are looking to the United States for a stable place to live and invest their money. These results came from a study by the Huran Research Institute, an English based Chinese research firm along with the Visas Consulting Group, an immigration advisory group. They surveyed 400 Chinese citizens with an average net worth of $4.5 million. Webmaster addition: Trying to suck more money out of China? Read more: WHAT REALLY HAPPENED | The History The US Government HOPES You Never Learn! http://www.whatreallyhappened.com/#ixzz5KnjMqeCU

Market sentiment for Coeur Mining YTD (year-to-date), Coeur Mining (CDE) has underperformed its closest peers. Its return of 2.3% as of June 26 is still higher than the returns of -3.9% for the iShares Silver Trust (SLV) and -11.3% for the Global X Silver Miners ETF (SIL). CDE is still trying to lower its costs, which are expected to be higher in 2018. That’s mainly due to these transitions: ramp-up at its Silvertip mine lower grades and higher stripping costs at its Wharf mine transitions to higher sustaining capital at its Palmarejo and Kensington mines The company acquired the Silvertip mine in Canada in October 2017. It’s expected to increase production 7% in 2018. It has already started producing ahead of schedule. Among Coeur Mining’s peers (SIL), Pan American Silver (PAAS), Hecla Mining (HL), Silver Standard Resources (SSRI), and Newmont Mining (NEM) are also trying to increase production at the lowest possible cost. Analysts’ recommendations Among the primary silver producers we’re covering in this series, Coeur Mining has the third-highest percentage of “buy” recommendations at 56%. Another 44% of analysts are recommending a “hold” for the stock, and there are no “sell” ratings. CDE’s upside potential based on its current target price of $10.50 is 32%. Analysts’ estimates According to Thomson Reuters data, Coeur Mining is expected to have revenue of $738 million in 2018, implying a rise of 4% YoY (year-over-year). That’s most likely the result of an expected increase in production as well as higher estimates for precious metal prices. In 2019, CDE’s revenue is expected to increase significantly, rising 3.5% YoY, mainly due to the start of its growth projects. While Coeur Mining’s revenue is expected to rise in 2018, its EBITDA is expected to fall 0.6% YoY, mostly due to an expected rise in costs. CDE has guided for higher costs in 2018 due to the reasons we listed above. For 2019 and beyond, Coeur Mining’s costs are expected to fall as the Wharf mine enters the high-grade area and Palmarejo’s production ramps up. Analysts expect a margin of 28.8% for CDE in 2019 and 30% in 2020 compared to 25.4% in 2018. > https://marketrealist.com/2018/07/whats-baked-into-coeur-minings-analyst-ratings =

Valuation Catalysts for Silver Miners in 2018 and Beyond By Annie Gilroy Jul 3, 2018 | 1:47 AM Lowest and highest valuation multiples Among the stocks we’ve covered in this series, Tahoe Resources (TAHO) is trading at the lowest enterprise-value-to-forward-EBITDA multiple of 4.4x. That multiple also implies a huge discount of 80% to its trailing-five-year average. Its stock price, analysts’ estimates, and its multiple took a severe hit after the Guatemalan government’s decision to suspend its Escobal mine license in July 2017. Why Tahoe Resources Has Lost Favor with Analysts By Annie Gilroy Jul 3, 2018 | 1:47 AM Tahoe Resources YTD (year-to-date), Tahoe Resources (TAHO) has risen 3.5%. Among the silver miners we are covering in this series, Tahoe’s percentage of “buy” ratings are only better than Hecla Mining (HL). Currently, 47% of analysts covering TAHO are rating it a “buy.” A year ago, 86% of them rated it a“buy.” Tahoe On July 5, 2017, the government of Guatemala decided to revoke Tahoe Resources’ permit to operate its Escobal mine. It cited the company’s lack of consultation with indigenous communities before starting the mine as the major reason for the suspension of its license. That led to the stock underperforming significantly in 2017. These issues are still ongoing, and the legal battle is expected to be resolved by the end of 2018 or in early 2019. Revenue and earnings estimates Analysts expect Tahoe Resources’ revenue to decline 9.8% YoY (year-over-year) in 2018 to $662 million. However, analysts are likely factoring in a favorable resolution to its license woes in Guatemala as well as other successful ramp-ups. They expect a 61% rise in the company’s revenue in 2019. TAHO’s consensus EBITDA estimate for 2018 is $243 million, implying a margin of 36.4%, which is expected to widen to 41.8% in 2019 and to 44.2% in 2020. Its margins have consistently been wider than its peers (SIL) (GDXJ) Pan American Silver (PAAS), Coeur Mining (CDE), and Silver Standard Resources (SSRI). However, 2017 was an exception. > https://marketrealist.com/2018/07/why-tahoe-resources-has-lost-favor-with-analysts

"Friar Lands" in the PH Three religious orders: Dominicans, Augustinians, and Recollects own over 10% of the Improved land in the PH. This dates back to the Spanish period, but when the Americans took over, they agreed to protect the Friars' rights over the Lands. The US purchased some 170,000 hectares of these lands for $7 million for resale. (says Carmen Pedrosa, in her From A Distance column in The Philippine Star)

A "useful" (?) look backwards in Time Might there be more to gain from this old podcast than just nostalgia? (Big moves on high were important then, and they still are.) OVER SIX YEARS AGO - we wondered if GLD / Gold had put in its Top - It had! Dominic Frisby speaks with Jonathan Davis and Michael Hampton about gold Geologic8 6 years ago Seems like the "rubbish" in the podcast was far more accurate than the negative comments from the Gold bulls - who can only see things one way. No wonder those sorts of inflexible "cultists" lose money over time. The Podcast was done in early March 2012, and you can see what happened after the $100 drop Gold - long term GLD / Gold etf - since inception : GBS.L starter earlier : Gold - the last three years : GLD-4yr : Gold Is Approaching an All-Time Inflation-Adjusted Low JUN 6, 2017 If we use the 1980 formula to measure inflation—the year gold peaked—you can see the current price is near all-time inflation-adjusted lows. In fact, gold is selling at roughly the same level as the early 1970s, when it was illegal to own in the US! You can also see that the inflation-adjusted high would be a whopping $11,253 per ounce. Gold may or may not get to 5 figures, but this shows it certainly could if it repeated the performance from the 1970s. This data tells us that not only is gold dramatically undervalued at current prices, but the potential upside is enormous. If the gold price were to match the return from the past mania, it would have to rise 9 times from current levels! Gold (GLD) vs. Resource related etfs, Energy shares (XLE) and Agricultural-Grains (DBA) ... from 2009 : all : 3yr : 6mo : GBS / Gold Bullion Securites started trading earlier Gold (GBS.L) vs. Resource related etfs, Energy shs (XLE) & Agricultural-Grains (DBA) ... > 3/2004 : 1/2008 : 3yr : 6mo : / since 2008 : Below is updated to 1/4/2019 : GBS-$120.83

A "useful" (?) look backwards in Time Might there be more to gain from this old podcast than just nostalgia? (Big moves on high were important then, and they still are.) OVER SIX YEARS AGO - we wondered if GLD / Gold had put in its Top - It had! Dominic Frisby speaks with Jonathan Davis and Michael Hampton about gold Geologic8 6 years ago Seems like the "rubbish" in the podcast was far more accurate than the negative comments from the Gold bulls - who can only see things one way. No wonder those sorts of inflexible "cultists" lose money over time. The Podcast was done in early March 2012, and you can see what happened after the $100 drop Gold - long term GLD / Gold etf - since inception Gold - the last three years : GLD-4yr : Gold Is Approaching an All-Time Inflation-Adjusted Low JUN 6, 2017 If we use the 1980 formula to measure inflation—the year gold peaked—you can see the current price is near all-time inflation-adjusted lows. In fact, gold is selling at roughly the same level as the early 1970s, when it was illegal to own in the US! You can also see that the inflation-adjusted high would be a whopping $11,253 per ounce. Gold may or may not get to 5 figures, but this shows it certainly could if it repeated the performance from the 1970s. This data tells us that not only is gold dramatically undervalued at current prices, but the potential upside is enormous. If the gold price were to match the return from the past mania, it would have to rise 9 times from current levels! Gold (GLD) vs. Resource related etfs, Energy shares (XLE) and Agricultural-Grains (DBA) ... from 2009 : all : 3yr : 6mo :

What ? Wilcock resigned from Gaia??? He was married not long ago. I wonder if there is a connection? "I need a Clean beak, and a Fresh start." Well. It seems to be related to "the Gaia employees movement", & some potential litigation. As the Letter goes on... we learn that... GAIA was promoting Luciferianism - the idea that God is evil, and Lucifer ("a reptilian alien") is Good. Wilcock was appalled that his work was being used to promote this === VIDEO NOTES: On July 1, 2018, D_vid W_ilcock purportedly resigned from G_ia TV according to Gaia Employee Movement insiders. The full transcript of his letter of resignation is read in this video. Again, the disclaimer of YAFTV is that this letter was confirmed by #GEM and appears to come directly from DW's email. For many years, stories have been coming out about the abuses disclosure researchers, whistle-blowers and activists have suffered at the hands of this corporation, which appears to espouse spiritual Luciferian beliefs and may possibly have upper management engaging in physical satanic practices. The vital issue of import, is that genuine research is being bought up, suppressed, covered up and disinformation is then put out in it's wake regarding the Secret Space Program, free energy technology, advanced health technologies and Human Spiritual Evolution. Please pray for the safety and well-being of the whistle-blowers who have, for years, attempted to bring this information forward.

Hang Lung Co's versus China REIT, HX On 8/12/2015 at 2:50 PM, DrBubb said: Hui Xian vs. Hang Lung Companies (Hui Xian and HL-Props track each other!) Symbol : Co.------- : Price-- : PE-R. : Yield% : Div. ? : Earn? : 87001 : Hui Xian- : #03.36 : 17.52 : 8.11% : #0.27 : #0.00 : HK10- : HL-Group: $33.65 : 6.981 : 1.13% : $0.38 : $0.00 : HK101 : HL-Prop. : $20.00 : 7.937 : 1.70% : $0.34 : $2.52 : HK101 : @ target : $17.50 : 6.940 : 1.94% : $0.34 : $2.52 : HK:87001 / Hui Xian vs. Hang Lung Cos. ... All-data : 5-yr : 2-yr : 6-mo : 10d : : 5-yr : QTR: 10-BkV 10-div: HK-10 : HK101: 10/101 : HauX : hlg/HX : start $89.90 : $0.38 : $52.30 : $34.60 : r1.512 : $ 5.00 : r10.46 :4/29/11 e.11: $89.90 : $0.38 : $42.55 : $22.10 : r1.925 : $ 3.56 : r11.95 : e.12: $96.00 : $0.79 : $44.05 : $30.80 : r1.430 : $ 4.15 : r10.61 : e.13: 101.00 : $0.80 : $39.15 : $24.50 : r1.598 : $ 3.88 : r10.09 : e.14: 106.80 : $0.81 : $35.20 : $21.75 : r1.618 : $ 3.48 : r10.11 : e.15: 103.50 : $0.80 : $25.20 : $17.64 : r1.429 : $ 3.33 : r 7.57 : e.16: 101.30 : $0.80 : $27.00 : $16.44 : r1.642 : $ 3.14 : r 8.60 : Q-1 : 101.30 : $0.80 : $33.15 : $20.20 : r1.641 : $ 3.09 : r10.73 : Q-2 : 101.30 : $0.80 : $32.30 : $19.50 : r1.656 : $ 3.11 : r10.45 : Q-3 : 101.30 : $0.80 : $28.05 : $18.54 : r1.513 : $ 3.05 : r 9.20 : e.17: 109.80 : $0.80 : $28.75 : $19.10 : r1.505 : $ 3.15 : r 9.13 : Q-1 : 000.00 : $0.80 : $25.65 : $18.28 : r1.403 : $ 3.10 : r 8.27 : Q-2 : 000.00 : $0.80 : $22.00 : $16.18 : r1.360 : $ 3.19 : r 6.90 : ==== BkV.: 10: $61.06 / 101: $30.27 : 49.57 % / Apr. 2018

HLG bought in about 27 Million Hang Lung Properties (HLP) shares in 2017, raising its ownership from 55.1% to 55.7% - per 2017 Annual Report. This purchase will keep an extra HK$20Million within HLP, vs. End 2016. Non-Controlling Interest : now just 44.3% NCI percentage at the end of the reporting period 44.9% / 55.1 OWNED > 44.3% / 55.7 OWNED (2017) Profit allocated to NCI : 2016 : 2,967 / 2017 : 3,599 Dividend paid - to NCI : 2016 : 1,840 / 2017 : 1,513 ========== :- 2015-- :- 2016-- :- 2017-- : HLP Revs--- : $8.948B : $13.06B : $11.20B : "Net Profit-: $5.092B : $6.195B : $8.124B : "Underly'ng : $4.387B : $6.341B : $5.530B : ShareH-Eqty : $129.0B : $126.6B : $136.2B : EPS-NetPr / : $ 1.13 / : $ 1.38 / : $ 1.81 / : Dividend----: $ 0.75 / : $ 0.75 / : $ 0.75 / : Shs.O/S-----: 4,497 M : 4,498 M : 4,498 M : BkValue/sh. /: $28.68 /: $28.14 /: $30.27 /: %Held by HLG : 00.0% / : 55.1% / : 55.7% /: Shs.Held---- : 0,000 M : 2,478 M : 2,505 M : Book Value-: -000000 : $69.73B : $75.83B : Shs.O/S----- : 1,355 M : 1,362 M : 1,362 M : Per HLG sh. /: $00.00 /: $51.20 /: $55.68 /: =====================

Hang Lung snaps up prime Hangzhou plot for US$1.7b | South China ... www.scmp.com › Business › Companies May 29, 2018 - Hang Lung is paying 10.7 billion yuan (US$1.7 billion) for a parcel of prime commercial land in Hangzhou in eastern China – the Hong Kong ... The land is believed to be the most expensive plot for commercial project development in the capital city of affluent Zhejiang province, and one of Hang Lung’s priciest ever mainland acquisitions. Total investment of 19 billion yuan is earmarked for the planned project, a large-scale commercial mixed-use complex, comprising a world-class shopping centre and office tower, the Hong Kong real estate major said late on Monday. “We are thrilled to have successfully acquired this premium site in Hangzhou,” said Ronnie Chan, chairman of Hang Lung Group and Hang Lung Properties, stressing the acquisition allows the developer to further extend into another strategic location, to capitalise on opportunities available right across the mainland. == The plot extends Hang Lung’s reach to 11 developments in nine mainland cities and marks a “new milestone” for its growth. “This acquisition aligns with our long-term investment plan and we are confident we will create great value for the city and Hang Lung from this world-class, iconic landmark,” Chan said. This acquisition aligns with our long-term investment plan and we are confident we will create great value for the city and Hang Lung from this world-class, iconic landmark Ronnie Chan, chairman of Hang Lung Group and Hang Lung Properties The plot is located in the city’s Xiacheng District, the commercial and business centre of Hangzhou, and has good access to public transport. Covering an area of 44,827 square metres and a maximum above-ground gross floor area of 194,101 square metres, the plot is the only remaining large-scale site for commercial development available in the district. . . . Hangzhou is emerging as one of the most dynamic cities in mainland China, renowned for its tourism attractions and its rising clout as a home to technology majors such as like Alibaba Group and NetEase.

HLG Letter 2017 Annual Report EXCERPT In the more immediate term, rental income from both Hong Kong and the Mainland is expected to rise gently. From 2019 onward, revenue growth should pick up, with rental profit following soon thereafter. It is safe to assume that we will sell out The Long Beach in the coming months. After all, we only have a few apartments remaining. With luck, we should also be able to part with more houses at Blue Pool Road. Thereafter, we will become, for the time being, a pure property rental company, until high-end luxury condos at some of our Mainland developments — Forum 66 in Shenyang, Center 66 (Phase Two) in Wuxi, Spring City 66 in Kunming, and Heartland 66 in Wuhan — are ready for sale. Long-term observers of this Company know that whenever the share price of our publicly listed major subsidiary, Hang Lung Properties Limited (HLPL), is down, we buy the scripts. Inasmuch as we are one of the most transparent entities on the Hong Kong Stock Exchange, no one knows the intrinsic value of these shares as well as this management does. We consider it an excellent opportunity to acquire more at today’s price. HLPL (together with this Company) underperformed before 2002. Thereafter, it became a market darling until 2011. I cannot predict how hot our shares will become in the coming few years, but management does believe that sooner rather than later, our intrinsic value will be recognized anew by the market. I await the arrival of that day. Before 2001, my letters to the shareholders of this Company were much more substantial than those for HLPL. Around that time, we clarified the respective functions of the two entities, where HLPL became the operating arm, and all new real estate projects were put into it. As such, beginning around 2002, my reports for HLPL became much longer. Moreover, before 2011, when we changed our fiscal year-end from June 30 to December 31, my letter at the time of annual results was much more substantial than the interim one. So much so that I feared that many people would only read the end-of-year report of HLPL, and overlook the year-end letter of this Company and the mid-year one of both entities. > http://www.hanglung.com/HLGAnnualReport2017/file/en/HLG_Chairmans_Letter_To_Shareholders_E.pdf

Hang Lung's Quality DESIGN Heartland 66 mall in Wuhan, China While comparing China’s malls with those in other countries, I should add that like nowhere else, our properties are by far the most spectacular architecture-wise. Every shopping center of ours can rightfully be considered as quality public art. Beyond just placing say nice sculptures inside or outside the building, our entire structure, always sizable, is a design masterpiece. Not many people I believe will dispute this statement. There are very few, if any, mall developers who pay so much attention to the shape and elevation of their buildings. Although it may cost us a little more to design and construct, it is good business in the long run. First, many municipal leaders from around the country want us in their city. We help beautify their environment. The image thus created helps them raise the profile of their city and differentiate them from others in front of their political bosses in Beijing. It will not hurt their personal chance of career advancement. Their desire to have a Hang Lung 66 project in their city has given us a slight edge in winning land. On a more altruistic and less personal level, we believe that designing and erecting exceptionally beautiful buildings in a city helps fulfill our determination to be a responsible enterprise that gives back to society. It is a service we provide to all citizens irrespective of whether they are our customers or not. As society becomes more prosperous, people begin to seek aesthetics which is innate to all mankind. We try to help in this regard and, in the process, help foster a more harmonious society. The Future: A continuing commitment to China I together with my colleagues must decide whether to continue to invest in mainland China. So far our decision is a very definite yes. Of less concern to us than policy blunders is the cyclical fluctuation of the market such as the winter of the past six years. We knew that spring would sooner or later return, and it did. On a more immediate business front, I truly believe that in time, in fact quite soon, all of our properties will perform satisfactorily. This includes the two projects that are being built: Kunming Spring City 66 and Wuhan Heartland 66. Frankly there are few reasons to believe otherwise. What is less clear is our ability to acquire good pieces of land at reasonable prices. While this is in no way detrimental to our near-to-medium-term, for we have many square meters of land on the Mainland yet to be developed, our long-term future could be capped. Doubtless we will buy land some time but the uncertainty of timing and outcome will be a test to our nerves. While sticking to our time-proven strategy, we may also explore new ideas. Back to our immediate prospects: I do not expect the rental income of 2018 to be substantially different from that of the past year. A mild increase is the most likely outcome. The positive effects of the recovering retail market should soon come through thereafter. Total profit will again depend on how much of the Blue Pool Road project we sell. In Hong Kong, the major renovation of The Peak Galleria should finish by the end of 2019. We now own about 85% of Amoycan Industrial Centre. Plans for redeveloping the site are being drafted. Wuxi Center 66 The second office tower of Wuxi Center 66 should be completed in mid-2019. Plans for the second site just south of the mall and offices are being drawn up. Trial pile and soil testing are proceeding. Kunming Spring City 66 Ongoing construction works are all progressing as planned with minor delays. The mall of Kunming Spring City 66 is expected to open in mid-2019. So far slightly over 30% of the space is committed or close to being so. Response from retailers is quite encouraging. The office tower is expecting to open three to six months after the shopping center. Ronnie C. Chan Chairman Hong Kong, January 30, 2018

Chairman's Letter, HLP 2017 2017 Annual Report Business Review Retail sales continued to recover in both mainland China and Hong Kong. This has yet to be translated into higher rents due to the lagging effect of lease contracts. It will likely take another 12 to 18 months after which our results should be positively impacted. On the Mainland, the recovery of retail sales of luxury products is particularly strong. On a year-on-year and like-for-like basis, all our malls saw improvements, ranging from 1% in the case of Shenyang Forum 66 to 99% for Dalian Olympia 66. Most of the others increased by 10% to 12%, with Shanghai Plaza 66 climbing 26%. Occupancy rate also advanced in almost all properties, with the biggest rise in Wuxi Center 66 and Tianjin Riverside 66. Shanghai Plaza 66 : Sept. 2017 (re) Opening Overall, there were far fewer instances of lease terminations and negative rent reversions than in the past few years. In the cases of Shanghai Grand Gateway 66 and Wuxi Center 66, the fall in rental revenue was entirely due to the renovation and construction works that took some retail space out of the market. In the former, on average 20% of the retail space was under renovation, with 30% affected at one stage. On a like-for-like basis, the rents collected were 7% higher than the year before. In Wuxi, not counting the 9% retail space taken out by the construction of the second office tower, the revenues received were flat. Comparing the second half of 2017 to the first six months of the year, the rents were up 9%. Offices in Shanghai remained under pressure. Rental income retreated by 8% due primarily to the lead time required to replace a major tenant at Plaza 66. A new long lease is now signed at an attractive rate. The incoming tenant is of a much higher quality than the outgoing one. The office towers in Wuxi Center 66 and Shenyang Forum 66 have done well, with occupancy rates reaching 80% or above, in fact close to 90% for Center 66. All this tells us that the six-year winter is now behind us. Even Forum 66, the most challenging property, is gradually improving. The new on-site management team is delivering positive results. Everywhere, I expect our operating numbers to further advance in the coming year or two. The recovery of Hong Kong retail sales was stronger in the second half of the year. Excluding certain properties that were undergoing major renovations, our rental revenue rose 3% while retail sales increased 8%. However, as explained six months ago, years of outperformance when the market contracted has left our rents with a much higher basis. Consequently, I do not expect them. . . . The numbers basically reflected our view of the market and our own condition as I had presented six months ago. The retail environment everywhere has definitely improved which will soon favorably impact our bottom line. There is little doubt in my mind that better days are ahead... . . . There are two reasons for my optimism. First, under our CEO Mr. Philip Chen, we have in the past seven years greatly transformed our management. Ours is a much better company today, and one which is more prepared to cope with the ever-changing market conditions. We will continue to make improvements. The second is that China’s economy is undergoing desirable changes. Private consumption is fast becoming a major pillar. Not long ago it accounted for about one-third of the economy; now it is over 40% with the economic pie being much bigger. By comparison, the same number in the U.S. is around 69%. Over time, China will move closer to the American level, although it is doubtful if it would ever get as high as that of the U.S. US is "over-malled", and China is not Another way of comparing China’s private consumption with that of other major nations is to look at the average per capita square meter of retail space. The U.S. is the most “over- malled” — for every citizen, there are over 2.2 square meters. No one comes close; the next is Canada with 1.5 square meters per capita. Hong Kong, Singapore, and Australia each has about 1.1 square meters per person. Then the numbers drop off. In Europe, the U.K. has the most at 0.5, France is below 0.4, Italy and Spain each has less than 0.3, and Germany, not even 0.2. The number for China is similar to Italy and Spain at 0.3 square meters per person. This is less than one-seventh of that in the U.S. Taking out China’s huge rural population — approximately 43% of 1.38 billion — with less consumption power, and allocate all retail space just to city dwellers, the number would still be only around 0.5 square meters. So why do some investors complain that China has too many malls? First, most of the new facilities are concentrated in tier-one and tier-two cities. Second, the rate of space addition can be mind-boggling. Although the per capita retail space numbers are favorable for China, the impression to the casual observer is a different story. This “oversupply” together with the onslaught of e-commerce have caused some investors to shy away from Chinese retail real estate. It is amazing how some analysts observing the oversupply in the U.S. market have assumed that China has the same problem. > http://www.hanglung.com/HLPAnnualReport2017/file/en/HLP_Chairmans_Letter_To_Shareholders_E.pdf

DII.B.t / Dorel Ind.s : DII.DB.U - . All : 10Y : 5Y : (in edit)

US Cv Bonds - > Gabelli: http://www.gabelli.com/Gab_pdf/finan/-123.pdf Macquarie Infrastructure Corp., 2.000%, 10/01/23 : 2,084,000 : 2,098,832 1,878,503 DISH Network Corp., 3.375%, 08/15/26 : 2,975,000 : 3,084,130 2,707,312 Chesapeake Energy Corp., 5.500%, 09/15/26 : 1,500,000 : 1,508,690 1,317,900 Global Eagle Entertainment Inc. 2.750%, 02/15/35 : 1,625,000 : 1,362,693 1,048,117 BioMarin Pharmaceutical Inc., 0.599%, 08/01/24 : 1,550,000 : 1,522,108 1,494,710 Dermira Inc., (a) 3.000%, 05/15/22 : 0,500,000 : 0,551,115 0,404,625 Horizon Pharma Investment Ltd. 2.500%, 03/15/22 : 0,750,000 : 0 784,485 0;677,681 Royal Gold Inc., 2.875%, 06/15/19 : 0,600,000 : 0,597,241 0,643,500