The Most Important Money Milestones for New Grads
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Posted by admin on 10/01/2014 | Short Link

Of the roughly 21 million students attending US colleges and universities during this school year, 1 million will earn an associate’s degree, 1.8 million will earn a bachelor’s degree, 821,000 will earn a master’s degree and 177,500 will earn a doctoral degree, according to the National Center for Education Statistics.

So if you happen to be a recent or upcoming grad, the odds are you have three things on your mind: jobs, housing and finances.

1. Finding the Right Job

Certainly, the dollars are important, not least because average salaries for 20- to 24-year-olds have actually lost ground on an inflation-adjusted basis over the past 30 years. Even so, there are three important matters to consider first.

To start, does the work interest you? Can you see yourself at that company, school or hospital for a couple of years? Employers will give a pass to recent college grads for their first and even second jobs. Thereafter, your moves need to make sense (that is, to demonstrate increasing responsibility within a field) and the tenures should be lengthening. Recruiting and training new hires is a costly undertaking, so you can understand why no employer would want to make that kind of investment for the benefit of a candidate’s next boss.

Second on the list is environment. Look around. How do you feel about the people with whom you’ll be working? What about the person to whom you’ll be reporting? What’s the pace of the work flow? Remember, interviewing is a two-way street. So use that time to gain as much of a sense for the people in the company as they’re attempting to do the same for you.

Third–and as far as I’m concerned–the most important consideration: Will these folks help you to become more tomorrow than you are today? Will they train and mentor you? Are they setting forth a reasonably attainable career path? Given that US companies are trending away from apprenticeships and professional development activities, this is a critical consideration as you map out your career.

If the answers to the preceding are all positive, take heart. Not only will you be able to look forward to interesting work with people you respect at an organization that values your involvement, you can probably count on being fairly paid as well.

2. Deciding on a Home

Once you’ve zeroed in on a place to work, the next order of business is securing a place to live. College grads who need to split the rent often use sites such as Craigslist and Roomie Match for their search. But partnering with a responsible roommate is, at least at this stage, more important than finding a soul mate: Dating either works out or it doesn’t; when it doesn’t, the parties typically go their separate ways with little or any financial entanglements to unwind.

Not so with roommates.

Landlords don’t ordinarily care if there are one, two or six people sharing the space, as long as the rent gets paid. In fact, it wouldn’t be unusual for all the roommates to be asked to sign a lease that holds each party fully responsible for the total value of the contract. The term for that is “joint and several responsibility,” and the downside can be significant.

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What if four people are sharing a $3,000 per month apartment and one of them is unable to come up with the cash? Instead of $750, you and your other two roommates will each end up having to pay $1,000. That’s all the more reason to do two things ahead of time:

  1. Do your best to thoroughly assess the character and financial capacity of your prospective roommates. Verify employment, contact personal references, do a background check and trust your intuition.
  2. It’s also wise to establish a sacrosanct set of house rules, the most important of which should be that everyone is required to remit his or her share of the rent into a common account no less than one week before the payment is due (payroll dates taken into account). That way, a bounced check can be covered and more serious problems can be addressed ahead of time.

3. Organizing Your Finances

You’ll soon be on your own, so now is the time to devise a plan for handling all your financial responsibilities–rent, food, debt payments and so forth. I’ve written before about taking a 25% approach to budgeting as a starting point.

Assume that the first 25% of your gross (pretax) salary will be consumed by taxes: federal, state, local, Social Security and Medicare. The second 25% represents the most you should spend on rent or mortgage payments. If your annual salary is, say, $40,000, then 25% of that amount–$10,000 per year, $833.33 per month–would be as high as you should be willing to go.

The third 25% represents the maximum amount of debt service you can reasonably carry, including for the repayment of your student loans.

That leaves $833.33 per month for everything else–food, transportation, entertainment and a savings stash, which should total six months’ worth of expenses at the very least.

Can’t make that work? Then reconsider the apartment, limit your borrowing or renegotiate the payments for the loans you have in place (government student loans in particular can be restructured under a variety of relief programs). The point is that other than for your tax obligation, the money you earn is yours to spend as you see fit.

And one more thing.

This is the perfect time for establishing good personal credit habits, if for no other reason than it’ll save you money today and in the long run. For example, always make your payments on time to avoid budget-busting late fees, keep your credit cards at no or low balances and only apply for the credit you absolutely need.

Finally, be sure to check your credit bureau reports every year, not just because it’s important for you to know what the bureaus have to say about you, but also to ensure what they’re saying is true! The good news is that federal law entitles you to one free credit bureau report per year. (You can get yours at www.AnnualCreditReport.com–a site that’s run by the Big-3 bureaus: Experian, Equifax and TransUnion.) Remember to put your challenges in writing and calendar a follow up. You can also get a free credit score every month at Credit.com.

More on Student Loans:

  • A Credit Guide for College Graduates
  • How to Pay for College Without Building a Mountain of Debt
  • Strategies for Paying Off Student Loan Debt

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Make it easier on yourself
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Posted by admin on 10/01/2014 | Short Link

Stubbe helps business leaders to cut through the noise and prioritize. With his professional guidance, personal goals are aligned with business goals.

Measurable profitability gains are set and targeted. And Stubbe holds you accountable to achieving those goals.

Certified in business finance and development, Stubbe is also a likeable, down to earth, regular guy with a wealth of knowledge who speaks the language of business and finance. He is adept at simplifying the complex.

Over his career as a business advocate, Stubbe established, secured funding for and revitalized two new and three existing business-led county Economic Development Corporations.

He turned them into well-respected local business advisors. During one typical recent year, he advised six business owners who invested over $25 million to expand, resulting in over 650 new jobs and $20 million in additional payroll.

He has also created programs in three locations advising 125 entrepreneurs per year on average, and resulted in about eight new small businesses per year.

I believe that, small business owners, and the many opportunities they create, help make this country great, Stubbe says.

You can find out more at www.linkedin.com/pub/kenneth-stubbe/22/820/186/, or www.baltusgroup.com, or kstubbe@advicoach.com, or by calling (920) 905-1929.

The Chamber of Manitowoc County, with its submission of The Chamber Notebook, offers space for Chamber members to present information about their business. The publishing of this information is in no way intended as showing preference for that business by The Chamber.

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Thoresby Colliery will close next year – UK Coal
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Posted by admin on 10/01/2014 | Short Link

(Follow @coalguru on Twitter for important updates)

UK Coal finally confirmed that it has secured funding to close Thoresby Colliery in the summer of next year.

The deal includes a commercial loan of GBP 4 million from the Government as well as support from other partners, which will allow the company to safely close Kellingley Colliery in South Yorkshire as well.

Mr Andrew Mackintosh, communications director, said that This is a day of very mixed emotions, but it was critical that we managed to avoid insolvency and the immediate collapse of the business. We are very grateful for the support we have been given and this deal does not prevent fresh investment in the company, even at this late stage.

Mr Mackintosh said that We would like to thank the Government, our people, our customers, suppliers and other interested parties for all of their support and will work with them to ensure a smooth transition in the coming months.

Almost 200 jobs are thought to have been lost already with the rest – between 300 and 400 – expected to be gone by July.

UK Coal said that they needed tens of millions of pounds to stave off insolvency, after denying they were in trouble.

Since then union officials have battled to put together a package to save the pit, which is the last deep mine left in Nottinghamshire.

Source – www.chad.co

Get latest updates through Twitter Follow @coalguru

lt;a href=http://www.coalguru.com/gt;(www.coalguru.com)lt;/agt;

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What Order Do You Pay Bills When You Can’t Pay Them All?
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Posted by admin on 10/01/2014 | Short Link

An illness or job loss can overwhelm a household budget that had been working just fine. You think you have all the bases covered and then something goes horribly wrong and suddenly there are more payments due than there is money. Which bill do you pay first?

First, youll want to ensure that you have the basics: a roof over your head, transportation to work (or job interviews), electricity, water and groceries. Then look at the bills you have been paying and decide if some expenses can be eliminated, at least temporarily. Examples are cable, subscriptions and other non-essential items. If you have federal student loans, you can investigate deferment so that you dont have to make payments until you have some financial breathing room. That may help you chop the bills down to something you can come closer to being able to pay.

Food costs, in particular, may be more flexible than you think. Check out tips and tricks for lowering grocery costs and if you are unaccustomed to cooking at home, nows the time to learn. (Bonus: You are likely to consume far less processed food than when you were better able to afford convenience items.)

An expense you should try to keep paying is your health insurance premium. First, you are now required by law to have health insurance. And second, the risks of going without it are too great if a member of your family develops a health problem. Also resist the temptation to skimp on healthcare, though you may find ways to get needed care for less (at the health department or a low-cost clinic). Vehicle maintenance also needs to be a priority.

Scary as it may be, its a good idea to pull your free annual credit reports and your credit scores (you can get your credit score for free from Credit.com) while you are struggling. Make sure those records are accurate. You also want to be sure that you are aware of all debts listed on your credit reports and that you dont have any negatives on your credit report that you hadnt been aware of. (If you find mistakes, you should dispute them.) If you are able to get through the crisis with your credit intact, thats the best scenario.

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Which Creditors to Pay First

Check any loan documents to find out if you have secured loans, where the object you bought is at risk of repossession if you dont pay. If those items are essential to you (say its the car you drive to work), then repayment is a priority. But if the item really is not essential (a recreational vehicle, for example), its more important to keep putting food on the table. While a collections account would hurt your credit score, you might be able to avoid it by calling the lender and explaining the situation or selling the item yourself if you think it would bring enough money to satisfy the loan.

Credit cards are a fairly low priority. If you need to conserve all you can, consider making minimum payments. As long as you make the minimum payments on time, your credit scores shouldnt take a nosedive  unless you start maxing out your cards.

If medical bills are the reason you are suddenly unable to make ends meet, try getting in touch with your healthcare provider to see what arrangements can be made. In some cases, payment plans can be arranged or fees can be reduced. You wont know until you ask. Also, go over bills carefully to be sure the patient actually received every service that was billed for. Hospitals can and do make mistakes. If you or a family member need continuing care, be sure the medical professionals are aware of your finances. In some cases, there are programs that pay for medications, or doctors may offer samples or stick with cheaper, generic medicines. Not only that, but stress over finances can affect your physical health.

Garage sales and the like can also help you convert no-longer-needed items into the cash you need. Those ideas work best if not being able to pay bills is a temporary obstacle and you can reasonably expect cash flow to improve.

But there are other cases in which repayment seems completely unrealistic. In that case, it may be time to consult an attorney about bankruptcy. Bankruptcy will hurt your credit, but it may also give you a fighting chance at getting back on your feet financially.

Heres one big dont: Dont raid your retirement funds to try to pay your creditors. Many people consider bankruptcy later than they should have after they have taken money out of accounts that would have been protected in a bankruptcy. And with a few exceptions, retirement accounts are.

Being unable to meet all your financial obligations is scary, but knowing how to order your bills by priority can at least help you ensure that your familys most basic needs will be taken care of first.

More on Managing Debt:

  • How to Pay Off Credit Card Debt
  • 5 Tips for Consolidating Credit Card Debt
  • Top 10 Debt Collection Rights

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Backed By a Baidu Founder, Allele Raises $7M to Reprogram Stem Cells
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Posted by admin on 10/01/2014 | Short Link

After subsisting mostly on Small Business Innovation Research grants and sales of laboratory reagents over the past 15 years, San Diego-based Allele Biotechnology amp; Pharmaceuticals says it has raised $7 million in its first round of institutional funding.

Yuan Capital, a private equity firm with offices in Beijing and Hong Kong, led the Series A round, according to the company. Joining the deal was Yifang Ventures, an early stage venture firm led by Eric Xu, who co-founded Baidu, the Chinese-language search engine.

“It’s not quite the same as a typical Series A,” says Jiwu Wang, who started Allele as a postdoc in molecular biology at UC San Diego. ” But it’s an important step for us. It gives us the ability to move faster with our iPS [induced pluripotent stem cells] technology.”

As a research scientist, Wang says he was focused mostly on studying protein-RNA interactions and pre-messenger RNA splicing regulation. After founding Allele in 1999, Wang says he initially secured funding from NIH grants for small business, and operating much like an academic laboratory. “After one year, we have our first patent filed for [a] reagent,” Wang says. “After that, we started direct marketing of reagents and kits, mostly to academic research labs.” He later explained, “At some point, you have to sustain yourself and grow. One of the quicker ways to grow is to sell reagents.”

Over time, Allele developed additional lines of business: fluorescent proteins; single domain antibodies; iPS cells; and other supplies. In 2012, Wang participated in an important advance that uses messenger RNA to “reprogram” human stem cells in a safer and more efficient way than using viruses, which was the current standard, and avoided unintended alterations of the genome.

Prior technology that used virus-based reprogramming limited the potential clinical applications of iPS cells, such as regenerative medicine or transplant therapies.

Wang said Allele will use the new funding to expand its production of Allele’s proprietary stem cells for potential cell therapy programs, cell-based assays, and customer stem cell banking. More recently, Allele says it has focused on emerging applications that use stem cell-based therapies in areas such as neural diseases.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788 Follow @bvbigelow

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Black hole in UK public finances widens in August
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Posted by admin on 10/01/2014 | Short Link

Black hole in UK public finances widens in August

Borrowing increases in August, as weak income tax receipts cast doubt over
Governments full-year target

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How $30K Of Fertility Debt Helped Me Reinvent My Finances
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Posted by admin on 09/30/2014 | Short Link

By Michelle Piper*, as told to Marianne Hayes

This post originally appeared on LearnVest.

In ourMoney Micseries, we hand over the podium to people with controversial views about money. These are their views, not ours, but we welcome your responses.

Today, one woman shares how struggling to finance fertility treatments ultimately led to a total moneytransformation.

My husband, Tom,* and I have never been big spenders. We don’t own an extravagant home or drive fancy cars. In fact, prior to this year, I hadn’t bought a new vehicle in over a decade.

But despite our modest lifestyle, saving hasn’t exactly been a strong suit for us–until recently. Whatever disposable income we had often went to short-term fun, instead of padding a rainy-day fund.

Were we jet-setting every weekend? No, but we did enjoy regular vacations, like weekend cruises and ski trips. Was I a shopaholic? Hardly, but I also didn’t see anything wrong with spending a couple hundred dollars a month on clothes.In a nutshell, we were an average couple who didn’t know how to save.

But that all changed in 2009.

After years of trying to start a family the old-fashioned way, Tom and I turned to fertility treatments. As we progressed through the years-long process, our financial burden neared $30,000. The kicker? We had only about $2,000 in savings.

For most people, this might sound like a recipe for disaster. But, much to our surprise, tackling our fertility debt jump-started us on the road to financial freedom.

Oh, Baby! Why We Chose Pricey Fertility Treatments

After getting married in 2003, Tom and I immediately wanted to begin building our family. We’d used the cash gifts from our wedding for a down payment on a three-bedroom house in the Orlando area, and I was just beginning a career in marketing. We thought the timing was perfect–except that we soon hit a snag.

After about a year of not getting pregnant on our own, my doctor suggested an ultrasound to see if there was anything out of the ordinary going on. That’s when we discovered that I had endometriosis, a reproductive condition that was directly impacting my fertility.

In 2004 I underwent surgery to remove some large cysts, as well as one of my ovaries, and I was told afterward that fertility treatments would give us the best chance of having a baby. Once I recovered, we took a six-month break from trying, just to let it all sink in. After that, I clung to the hope that getting pregnant on our own was possible, so we gave it another go–to no avail.

It wasn’t until 2009 that Tom and I finally accepted that we needed to explore other options–and, boy, are there tons to consider. We had just $2,000 in savings at that point, but we didn’t dwell on the low balance. We really wanted a baby, so we agreed to take it one step at a time, figuring out our finances on the fly.

I started with a basic drug called Clomid that helps promote ovulation, which I was able to purchase for $4 a bottle. The small expense was really encouraging–maybe fertility treatments weren’t going to set us back that much, after all.

But after trying Clomid and other similar drugs for several months, we still weren’t having any luck. That’s when we got more aggressive with our approach.

Artificial insemination was the natural next step–and ran us about $300 per attempt. Since the cost was modest, we were able to cover it out-of-pocket, without having to dip into our savings. I can’t remember how many cycles we did–I’ve honestly lost count–but it never put us into debt.

Yet by 2011 I still wasn’t pregnant. I had mixed emotions; I wasn’t quite ready to give up, but my enthusiasm was definitely starting to wane.

Our last-ditch effort was to try in vitro fertilization (IVF)–the granddaddy of fertility treatments. In addition to being more invasive than other options, IVF was also much more expensive.

We met with a fertility specialist and decided on a plan of action–we’d sign up for six rounds of IVF–and an $18,000, 9.99% interest loan to pay for it. And there was a catch: That $18,000 didn’t include the cost of all the pills and injections that go hand in hand with IVF, which can set you back upward of $3,000 per cycle. Plus, my insurance considered IVF a voluntary treatment, so they weren’t footing the bill.

Covering these unforeseen expenses required some creative financial footwork. Tom picked up extra shifts at his construction job, and we found someone to rent a room in our home for $450 a month, which helped us keep our savings intact and not assume any additional debt.In the end, the whole experience cost us nearly $30,000–and the worst part is that I never got pregnant.

By the spring of 2012, I was emotionally–not to mention financially–drained.

RELATED:Are You Ready for a Baby … Financially?

Our Get-Fertility-Debt-Free Plan

Once we finally decided to call it quits with IVF, I shifted my focus to our debt: I wanted to be rid of it–and move on with my life.

But before we could come up with a plan, I had to see it all in black and white. I’m a spreadsheets geek, so I created logs of our income–our full-time jobs,plus Tom’s side gig as a motorcycle mechanic–and all of our debt. It was the first time I’d ever sat down and looked at exactly where our money was going each month.

We’d started paying off the $18,000 loan in the fall of 2011, which helped put a small dent in the balance. But we had other debt to contend with: Between our mortgage, an equity line of credit and both our student loans, we owed another $200,000.

Seeing it all laid out in front of me was overwhelming, but I was also optimistic that we could come up with a plan to get back on our feet. My goal was simply to get started, hacking away at the balances little by little.

My first order of business was to eliminate all unnecessary spending. This required sacrifices, like canceling our cable service and replacing it with Netflix and Hulu subscriptions. A friend at work also turned me onto couponing, and I began clipping for everything from groceries and toiletries to dates with Tom–a strategy that would eventually save us $5,000 a yearonce we got really good at it.

I also became more mindful of sales, and stopped buying new clothes so regularly. And Tom and I quit vacationing every other month, which had been the norm prior to our fertility adventure. In total, making all of these changes shaved $900 off our budget each month.

We used this “found” cash–as well as our boarder’s rent–to make double payments on our IVF loan. Instead of putting $400 toward the debt each month as we had been, we paid it in $800 chunks. And any time we found extra cash in our budget, we made even bigger payments.

In less than six months, we fully paid off the IVF loan. It felt amazing–and brought a sense of closure about my infertility battle.And with our savings engines revved up, I couldn’t help but ask myself: What else can we pay off?

Next up: a $2,000 student loan Tom took out and our $15,000 equity line of credit balance. By keeping to our new-and-improved frugal budget and continuing our double-payments strategy, we knocked out both debts in just 10 months. In fact, since overhauling our spending habits, we’ve paid off a total of about $36,000 of our debt–andI see no signs of slowing down.

RELATED:The One-Number Strategy: A New Approach to Budgeting

Infertility and Finances: The Lessons We Learned

In a weird way, I believe this experience has been a blessing in disguise–at least when it comes to our money. Coming face-to-face with all that debt, and having so little saved, nudged me to take stock of my financial reality.

As a result, our financial picture is the strongest it’s ever been. Aside from our mortgage–we still owe roughly $93,000–the onlydebt we have is $18,000 from a used car I bought a couple months back and about $70,000 in student loans that we plan to wipe out within the next three years.

We’re also prioritizing retirement savings in a way we hadn’t before. We’re both contributing about 10% of our take-home pay to 401(k)s and Roth IRAs, and my employer kicks in another 8% through a match program that I take advantage of.

Another major lesson we learned? The importance of having an emergency fund. If we’d had more of a cushion, it might have been easier to finance our fertility treatments. Right now we have about two months’ worth of expenses saved up, with a plan to continue beefing it up until we hit six months. This, along with paying off my$70,000 in student loans, is our current financial focus.

At the end of the day,everyonehas different financial targets they want to hit. Unfortunately, for Tom and me, it took a taxing personal battle to identify what exactly ours were. But as a hardworking couple, we took away from the experience that, once you set your mind to getting financially straight, the battle isn’t quite so uphill.

As for our dream of becoming parents, Tom and I may consider adoption one day. But with so many choices and financial commitments accompanying such a huge decision, we’ll take our time–and make a financial plan first.

*Names have been changed.

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National Electric Vehicle Sweden announces layoffs
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Posted by admin on 09/30/2014 | Short Link

All you folks rooting for the underdog that the new Saab, AKA. National Electric Vehicle Sweden, has become? Well, Im afraid Ive got some bad news.

National Electric Vehicle Sweden announced in a press release last week it is laying off up to 200 employees due to lack of work, as the decision to re-start production will be further delayed.

According to the release, National Electric Vehicle Sweden Nevs, as the company calls itself in its press releases has maintained a full workforce for production since the stop of production at the end of May. The reason the employees were not laid off then reportedly was because Nevs wanted to be able to start production up quickly if the decision to do so was made.

Heres the official word from Nevs:

The prerequisites for making a decision to start up production are to have long-term secured funding and a business plan that has been worked through together with a new majority owner .

The ongoing discussions on collaboration and ownership structure , which has not yet resulted in a binding agreement , indicates that the decision for a start-up of production will take time.

With this there is a redundancy of the workforce. Therefore, Nevs’ management has decided to hand in a notice of intention to lay off up to 200 employees to the Swedish Public Employment Service .

The terminations were said to be scheduled for this month, with the goal of rapidly reducing Nevs costs during a company reorganization period, the release said. Meanwhile, those unaffected by the layoffs the release did not mention how many employees would remain after September will be tasked with keeping the Nevs factory in good working order so that a return to production will be swift, should that opportunity ever come.

For those of you out there fantasizing about owning an all-electric-powered Saab sedan in the future, these are bleak times. Reuters reported Nevs had previously said it was in talks with two unnamed car firms to secure its future and that it was carrying a debt of $56 million after recording a pretax loss of $601 million on sales of $40 million.

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Fitch Affirms MAEXIM Secured Funding Limited Series 1-2013 Notes
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Posted by admin on 09/30/2014 | Short Link

CHICAGO–(BUSINESS WIRE)–Fitch Ratings has affirmed the following senior secured notes issued by
MAEXIM Secured Funding Limited:

–Class A1 notes at AAA;

–Class A2 notes at BB+.

The Rating Outlook is Stable.

The transaction is backed by euro-denominated notes (collateral
securities) issued by the Hungarian Export-Import Bank (Eximbank) under
its EUR2 billion Global Medium Term Note Programme (MTN Programme). The
collateral securities are unconditionally and irrevocably guaranteed by
the government of Hungary.

The Multilateral Investment Guarantee Agency (MIGA) has provided a
guarantee to MAEXIM for 95% of the scheduled payments due under the
collateral securities. The MIGA contract of guarantee only relates to
the collateral securities, but as the schedule coupon and principal
payments on the class A1 notes represent 95% of the schedule payments of
the collateral securities, the class A1 notes are fully covered by the
payments received under the MIGA contract of guarantee.

The ratings address the timely payment of interest on a semi-annual
basis and payment of principal at legal maturity on Feb. 15, 2019.

KEY RATING DRIVERS

The affirmation of the rating assigned to the class A1 notes reflects
the contract of guarantee, the credit quality of MIGA, and the
structural features of the transaction. In addition, the affirmation
reflects the timely payment of the notes from the proceeds received
under the collateral securities. To date, all timely payments have been
made on the collateral securities and no claims have been submitted to
MIGA.

The rating affirmation of the class A2 notes reflects Fitchs rating
affirmation of the collateral securities, which benefit from the
unconditional and irrevocable guarantee by Hungary. On June 6, 2014,
Fitch affirmed Hungarys long-term foreign currency Issuer Default
Rating (IDR) at BB+/Outlook Stable taking into consideration its
external financial vulnerabilities, a nascent economic recovery,
persistently high public debt and weakness and uncertainty in the
banking sector.

Additionally, the transaction continues to benefit from a EUR2.25
million expense reserve sufficient to cover any costs expected to be
incurred during the life of the transaction, including potential legal
costs.

RATING SENSITIVITIES

The rating of the class A1 notes is directly linked to the credit
quality of MIGA, the guarantee provider. A change in Fitchs assessment
of the credit quality of MIGA would automatically result in a change in
the rating on the class A1 notes. Any change on Fitchs view on the
contract of guarantee, or deterioration on the credit quality of the
counterparties may result in a downgrade to the notes.

The rating of the class A2 notes reflects the credit quality of the
collateral securities. Any change to the IDR of Hungary and as a
consequence to Eximbanks IDR or the notes issued under Eximbanks IDR
or the notes issued under Eximbanks MTN program would cause a change to
the rating of the class A2 notes.

Additional information is available at www.fitchratings.com.

Applicable Criteria and Related Research:

–Global Structured Finance Rating Criteria – Aug. 4, 2014;

–Counterparty Criteria for Structured Finance and Covered Bonds – May
14, 2014;

–Criteria for Rating Caps in Global Structured Finance Transactions –
May 28, 2014;

–MAEXIM Secured Funding Limited – Oct. 25, 2013;

–Hungarian Export Import Bank – Jan. 13, 2014.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Counterparty Criteria for Structured Finance and Covered Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Criteria for Rating Caps and Limitations in Global Structured Finance
Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748781

MAEXIM Secured Funding Limited

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=721994

Hungarian Export Import Bank

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701489

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=882874

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
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Big rain boosts WA crop hopes
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Posted by admin on 09/30/2014 | Short Link

ONE of the biggest South West frontal rain systems in decades has put most WA grain growers back in the game after receiving a dry hospital pass in August.

The system sent out early warnings of strong winds on a hot Saturday and early Sunday before depositing a mixture of season-making, season-saving, and season-ending rain throughout the Wheatbelt.

The big winners were districts through the central spine of the Great Southern which are now poised to deliver above average crops with the distinct possibility of setting new receivals records.

Recipients of the Houdini rain were scattered throughout mostly eastern districts while patches in northern, eastern and south eastern areas of the Wheatbelt received falls that would have helped six to eight weeks ago.

As an almost final insult, those patches are likely to record more rain this weekend.

Overall it has left the majority of the States farmers in a more positive mood with the hope of consolidating debt on the back of a good season in 2015.

That spells good news for the agribusiness sector, emphasised during the recent machinery field days round with farmers acknowledging a will to do business with a good finish to the season.

But the rain also has brought immediate management thoughts related to spraying programs with radish, ryegrass and melons greedily soaking up the new-found moisture to germinate in crops ready to be harvested.

Narrogin farmer Ashley Wiese, who recorded 15 millimetres on his property, summed up the thoughts of many farmers in districts set to produce excellent crops: We have been lucky to be in the sweet spot all season.

It has been a textbook season with good moisture and warm weather at the right time to set crops up.

Were definitely looking at potential above average crops.

Mr Wiese said he had been hoping to start cutting hay this week but all plans were on hold until he could assess the forecast rain on Saturday.

Nyabing farmer Scott Crosby described the between 11mm and 13mm rain that fell throughout his property as ice cream on top.

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