8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): June 14, 2010

EMPLOYERS HOLDINGS, INC.

(Exact Name of Registrant as Specified in its Charter)

NEVADA (State or Other Jurisdiction of Incorporation)	001-33245 (Commission File Number)	04-3850065 (I.R.S. Employer Identification No.)
10375 Professional Circle Reno, Nevada (Address of Principal Executive Offices)		89521 (Zip Code)
Registrant's telephone number including area code: (888) 682-6671
No change since last report (Former Name or Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 7 – Regulation FD

Item 7.01.                      Regulation FD Disclosure.

In connection with presentations by senior management of Employers Holdings, Inc. (the "Company") with certain analysts and investors, the Company is disclosing certain information (the "Disclosed Information").

Statements made in the Disclosed Information that are not historical are forward-looking statements that reflect management's current views with respect to future events and performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical fact. Such statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. See "Forward-looking Statements" in the Disclosed Information.

A copy of the Disclosed Information is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information set forth under "Item 7.01. Regulation FD Disclosure" and Exhibit 99.1 is intended to be furnished pursuant to Item 7.01. Such information, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. The furnishing of this information pursuant to Item 7.01 shall not be deemed an admission by the Company as to the materiality of such information.

Section 9 – Financial Statements and Exhibits

Item 9.01.                      Financial Statements and Exhibits.

99.1           Presentation Materials

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EMPLOYERS HOLDINGS, INC.
By:	/s/ Lenard T. Ormsby
Name:	Lenard T. Ormsby
Title:	Executive Vice President, Chief
	Legal Officer and General Counsel

Dated:       June 14, 2010

Exhibit Index

Exhibit No.	Exhibit
99.1	Presentation Materials

EX-99

Exhibit 99.1

Employers Holdings, Inc.

Investor Presentation

June, 2010

Safe Harbor Disclosure

This slide presentation is for informational purposes only.It should be read in conjunction with our Form 10-K for the year 2009, our Form 10-Qs and our
Form 8-Ks filed with the Securities and Exchange Commission (SEC), all of which are available on the “Investor Relations” section of our website at
www.employers.com.

Non-GAAP Financial Measures

In presenting Employers Holdings, Inc.’s (EMPLOYERS) results, management has included and discussed certain non-GAAP financial measures, as
defined in Regulation G.Management believes these non-GAAP measures better explain EMPLOYERS results allowing for a more complete
understanding of underlying trends in our business.These measures should not be viewed as a substitute for those determined in accordance with GAAP.
The reconciliation of these measures to their most comparable GAAP financial measures is included in this presentation or in our Form 10-K for the year
2009, our Form 10-Qs and our Form 8-Ks filed with the Securities and Exchange Commission (SEC) and available in the “Investor Relations” section of our
website at www.employers.com.

Forward-looking Statements

This presentation may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-
looking statements include statements regarding anticipated future results and can be identified by the fact that they do not relate strictly to historical or
current facts. They often include words like "believe”, "expect”, "anticipate”, "estimate" and "intend" or future or conditional verbs such as "will”, "would”,
"should”, "could" or "may”. All subsequent written and oral forward-looking statements attributable to us or individuals acting on our behalf are expressly
qualified in their entirety by these cautionary statements.

Any forward-looking statements made in this presentation reflect EMPLOYERS current views with respect to future events, business transactions and
business performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements
involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements.

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Copyright © 2010 EMPLOYERS. All rights reserved. EMPLOYERS® and America’s small business insurance specialist.® are registered trademarks of Employers Insurance
Company of Nevada. Employers Holdings, Inc. is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services focused
on select, small businesses engaged in low to medium hazard industries. The company, through its subsidiaries, operates in 30 states. Insurance subsidiaries include
Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, and Employers Assurance Company, all
rated A- (Excellent) by A.M. Best Company. Additional information can be found at: http://www.employers.com.

 1  

Overview

Business

·Specialty provider of workers’ compensation
insurance

·Coverage generally required by statute

ØMedical, temporary/permanent indemnity, death

Geographic

·30 states with concentrations in CA, FL, WI, IL and
NV

ØUnique markets by state and area

Customers

·Small “main street” businesses

·Low-to-medium hazard exposure industries

ØTop classes include restaurants, physicians, dentists,
clerical, retail stores

·Distribution through agents and strategic partners

$38 billion
per year
industry
(2010, A.M. Best)

Highly
focused
business
model

Operate in
76% of total
market
(2010, A.M. Best)

2                                       

Key Strategies

FOCUS

GROWTH

CAPITAL

•Target attractive

small business

market

•Maintain

disciplined risk

selection,

underwriting,

pricing and

claims operations

•Focus on

underwriting

profitability

•Selectively

expand into

additional

markets

•Increase

penetration in

current markets

•Leverage

infrastructure,

technology and

systems

•Develop existing

and new

distribution

partners

•Invest in core

operations

•Invest in strategic

acquisitions

•Return capital to

shareholders

 3  

CA, 49.6%

FL, 6.5%

WI, 5.2%

NV, 6.0%

IL, 5.3%

Other,

27.4%

2008
Acquisition of
AmCOMP
Incorporated,
entry into IA

2007
Demutualization
and IPO - entry
into FL, IL and
OR

2005
Formation of
mutual hold co

Selectively Expanding Footprint

2000

2002

2006

2007

FL

NM

MD

TX

OK

KS

NE

SD

ND

MT

WY

CO

UT

ID

AZ

NV

WA

CA

OR

KY

ME

PA

NH

MA

CT

VA

WV

OH

IN

IL

NC

TN

SC

AL

AR

LA

MO

IA

MN

MS

VT

NJ

DE

RI

2008

1913 - 1999
State WC
fund in NV

2000
Privatization

2002
Acquisition,
book of
business in
CA, UT, ID,
MT, CO

Entry into
TX, AZ

In Force Premiums Written (%)
3/31/10

GA

 4  

0

100

200

300

400

500

600

700

2002

2003

2004

2005

2006

2007

2008

2009

Q 1

2010

(TTM*)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

In Force Policies

Net Premiums Written

$ million

# policies

Market Penetration

Purchased
Fremont Book
of Business

Purchased
AmCOMP
Incorporated

Policy Count ‘02-’09

CAGR = 9.3%

NPW ‘02-’09 CAGR = 10.2%

* Trailing Twelve Months

Substantive
M&A growth

History of
responsible,
strong in
force policy
growth

5.7% decrease in
unit count from
3/31/09 to3/31/10

Maintaining
underwriting
discipline

  5  

Disciplined Risk Selection

Hazard Group A

Hazard Group B

Hazard Group C

Hazard Group D

Hazard Group E

Hazard Group F

Hazard Group G

Lower
Risk

Higher
Risk

EMPLOYERS = 83% of
Total In Force Premium,
Hazard Groups A - D

% In Force Premiums, 12/31/09

EMPLOYERS
Top 10 Classes

EMPLOYERS
Top 10 Classes

NCCI
Hazard
Group

%
In Force
Premium

Focused Guidelines and Selection within Industry-defined Classes

A	Restaurants	9.9
C	Physicians/Clerical	7.8
D	Automobile Services	6.6
B	Wholesale Stores	4.3
B	College Employee	2.6
B	Retail Stores	2.3
D	Machine Shops	1.8
C	Clerical	1.7
B	Hotel Employees	1.6
C	Grocery/Provision Stores	1.6
	Total Top 10	40.2

12%

21%

36%

14%

11%

5%

  6  

Delivering Superior Loss Ratios

Consistently Lower Loss and LAE Ratios than the Industry

75.2%

56.4%

61.4%

58.3%

37.9%

46.5%

47.1%

57.5%

56.3%

0%

25%

50%

75%

100%

2002

2003

2004

2005

2006

2007

2008

2009

Q 1 2010

Losses & LAE (before LPT deferred reinsurance gain)

Industry Losses & LAE Ratio

A.M. Best, “Aggregates and Averages”

  7  

Strategic Partnerships

Unique Distribution Network

Industry Focused

•1,600 in place

•Strong relationships
with agents

•Two key partners

ØADP

ØAnthem Blue Cross

Restaurants and physicians
are our top two classes of
customers

•California Restaurant Association
provider of choice

•California Medical Association
sponsorship

•NFIB (National Federation of
Independent Business)

Independent Agents and Brokers

  8  

Increasing Points of Access

Partnerships

… a distribution
advantage by
expanding market
reach and providing
local knowledge

… in high persistency

… about 20% of
in-force premiums
at 3/31/10

Largest payroll services company in the U.S.

Partner since 2002 - business originates with ADP’s field sales staff
and insurance agency with “Pay-by-Pay” premium collection

Online payroll services and payment processing

One of the largest independent payroll processors in Southern CA

Partner since Q 1 2009

Small business payroll services - partner since Q 2 2008

Provider of insurance software services - partner since Q 4 2007

Specialty provider of payroll services/insurance broker

Partner since Q 4 2006, expanded alliance in 2008

Largest group health carrier in CA - exclusive relationship - use medical
provider network

Partner since 2002 - business originated by health agents with a single bill to
customers

  9  

Strong Retention Rates

Strategic Partnerships Result in Consistently Higher Retention Rates

* Trailing Twelve Months

89%

90%

89%

85%

81%

78%

92%

93%

92%

88%

88%

89%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2005

2006

2007

2008

Overall retention

Strategic Markets

  10  

Superior Claims Management

In-house medical management staff

Comprehensive fraud program

Rigorous quality assurance processes

Dedicated subrogation unit

Pharmacy benefit management program

Claims professionals average over a decade of experience

•Coordinate care and manage medical costs

•URAC accreditation in case management and utilization review

•$5.9 million savings in 2009

•Ensure compliance with best practices and regulatory requirements

•Recoveries over $4.1 million in 2009

•Savings over $2.9 million in 2009

  11  

Key Highlights

INCOME STATEMENT ($ million except per share)	Q 1 2010	Q 1 2009
Netpremiums earned	79.3	111.6
Net investment income	21.3	23.3
GAAP net income	16.1	20.9
Net income before the LPT	11.7	16.5
Earnings per share before the LPT	0.27	0.34
BALANCE SHEET ($ million)
Total investments	2,027.4	2,029.6
Cash and cash equivalents	190.3	191.6
Total assets	3,651.5	3,676.7
Reserves for loss and LAE	2,393.9	2,425.7
Shareholders’ equity	509.2	498.4
Equity including LPT deferred gain	893.4	887.0
UNDERWRITING
Loss ratio before LPT	56.3%	56.9%
Combined ratio before LPT	111.3%	103.6%
Change in net rate (premium in-force/insured payroll)	-1% (since 12/31/09) -5% (since 3/31/09)
Change in insured payroll	-7% (since 12/31/09) -17% (since 3/31/09)
FINANCIAL
Book value per share	$20.91	$20.67
Return on average adjusted equity (12 mos.)	6.9%	9.4%

Decreased underwriting and other
operating expense $4.2 million or 11.6%

Continued positive net rate in California
with little change in policy count

Continued favorable prior accident year
reserve releases of $11.1 million

Book value per share growth of 1.2% since
12/31/09 from $20.67 to $20.91 at 3/31/10

  12  

215

339

431

531

640

698

578

661

550

0

200

400

600

800

2002

2003

2004

2005

2006

2007

2008

2009

Q 1 2010

Strong Capital Position

($ million)

.6 to 1
NPW/Statutory
Surplus Ratio

$355 million
extraordinary
dividends to
parent in 2008

Strong Growth in Statutory Surplus Provides a Solid Basis for Underwriting

On June 3, 2010, an extraordinary dividend of $150 million was paid to the holding company.

  13

Loss Portfolio Transfer (LPT)

Remaining liabilities at 3/31/10: $878.5 million

Retroactive 100%
quota share
reinsurance
coverage for all
losses prior to
7/1/95

Gain on transaction
booked as statutory
surplus; deferred
and amortized
under GAAP

Non-recurring
transaction with no
ongoing cash
benefits or charges
to current
operations

3 Reinsurers: ACE,
Berkshire (NICO), XL

Fully collateralized under
agreement:largely
cash/short-term securities,
U.S. treasuries, and Wells
Fargo stock

Contract
	($ million)
Total Coverage	$2,000
Original Reserves (Liabilities) Transferred	$1,525
Consideration	$775
Gain at 1/1/2000	750
Subsequent Reserve Adjustments	(147.5)
Gain at 3/31/10	$602.5

Accounting at 3/31/10
	($ million)
Statutory Surplus Created	$602.5
Cumulative Amortization To Date	(218.3)
GAAP: Deferred Reinsurance Gain - LPT Agreement	$384.2

  14  

Return on Average Adjusted Equity, Increasing Book
Value per Share

NOTE:50,000,002 pro forma shares prior to February 5, 2007 (IPO date)

Return on Average Equity includes deferred gain related to the LPT - equity in the ROE calculation is averaged for the period

Book Value per Share (2)

* Trailing Twelve Months

$14.94

$16.21

$17.43

$20.67

$20.91

$12.14

16.7%

22.5%

13.2%

10.1%

7.5%

6.9%

$0

$5

$10

$15

$20

$25

2005

2006

2007

2008

2009

Q 1 2010

(TTM*)

0%

5%

10%

15%

20%

25%

30%

Adjusted Book Value per Share

Return on Average Adjusted Equity

  15  

Consistently Profitable Underwriting

Underwriting model targets a
100% combined ratio and a 12-
13% return on a premium dollar

NOTE:LPT percentages include reserve adjustments

84.9%

72.6%

85.6%

91.5%

102.5%

Expense ratio includes 1.2 points
of non-recurring restructuring
costs .

111.3%

58.3%

37.9%

46.5%

47.1%

57.5%

56.3%

10.7%

12.3%

12.8%

13.3%

8.9%

12.5%

16.0%

22.3%

26.3%

31.1%

36.0%

42.5%

2005

2006

2007

2008

2009

Q 1 2010

Loss & LAE Ratio Before the LPT

Commission Expense Ratio

Underwriting & Other Operating Expense Ratio

  16  

History of Reserve Strength

Reserve Review

Reserve Development

Net reserves for workers’ comp industry estimated to be deficient by $9 Billion at 12/31/09 (1)

(1)NCCI, “State of the Line” - May 6, 2010 - an increase of 50% from $6 billion in 2008

Net Calendar Year Reserve Releases for
Prior Accident Years ($ million)

$69.2

$37.6

$78.1

$107.1

$60.0

$11.1

$71.7

$51.4

2003

2004

2005

2006

2007

2008

2009

Q 1

2010

Quarterly
evaluation of prior
year reserves
and current year
los picks

Consider point
estimate of
independent
consulting
actuary

•Twice annually

Results from
senior
management to
Board Audit
Committee

2009: changed
external actuary

•Current AY loss

estimates closer to

consulting actuary

pick, than historically

 17  

Prudent Capital Management

Share
Repurchases

Investing in the Future

Returning Capital to Shareholders

Holding Company Flexibility at 3/31/10

•Debt ratio - 12.9%

–Wells Fargo Secured Credit Facility - $100 million remaining

–$32 million of acquired surplus notes

•$300 million in cash and securities (nearly half tied to Wells Fargo Secured Credit Facility)

–Includes ordinary dividends of $112 million from operating subsidiaries

•Extraordinary dividend of $150 million paid June 3, 2010

•Generating capital to invest in operations/securities

•Deploying capital - opportunistic acquisitions

–Acquired AmCOMP (October, 2008) - equity value $189 million with expected savings of $20 - $22 million in 2010

•Controlling costs

–Underwriting and other operating expense declined 11.6% over prior year’s first quarter

–Extensive budget review with staff reductions in 2009 and 2010 (acquisition savings, consolidation and recognized
efficiencies)

Dividends

 18  

•97% fixed maturities with an
average weighted AA+ rating

•Average book yield of 4.3%

•Tax equivalent book yield of
5.5%

•Effective duration of 5.00

•Managed by Conning Asset
Management

High Quality Investment Portfolio

Portfolio at 3/31/10

$2.0 billion fair market value

U.S

. treasury

securities

6.9%

U.S

. agency

securities

6.1%

Corporate

securities

17.7%

States

and

municipalities

50.5%

Residential

mortgage-

backed

securities

13.1%

Commercial

mortgage-

backed

securities

1.4%

Asset-backed

securities

0.7%

Equities

3.6%

 19  

High Quality Reinsurance

Program Structure, Effective 7/1/09

Reinsurance Management

Reinsurers by Market

100% rated A or better

Long-term relationships with
load reinsurers

Maintain a high quality reinsurance program

Focus on
select

small
business
provides a
natural
dispersion
of

exposure
across
markets

Bermuda
31%

Lloyds
30%

Europe
17%

USA
22%

 20  

Summary of Financial Strength

Strong

Underwriting

Leverage

Conservative
Reserving

High Quality
Investment
Portfolio

Catastrophe
Reinsurance
Program

.6 to 1 NPW to
Surplus at 3/31/10

$2 billion - nearly 97%
invested in fixed
maturities with
average weighted
rating of AA+

Track record of
reserve strength:
since IPO, $194
million favorable
prior AY reserve
development as of
3/31/10

Coverage up to
$200 M loss

 21  

Key Strengths

•Strong underwriting franchise with established presence in attractive
markets

–97 year operating history - attractive, underserved target market segment with growth
opportunities

•Unique, long-standing strategic distribution relationships

•Conservative risk profile and prudent capital management

•Strong financial position and strong balance sheet

–rated A- by A.M. Best

•Experienced management team with deep knowledge of workers’
compensation

–average 27 years experience with the ability to manage through challenging operating
conditions

 22  

Douglas D. Dirks
President & Chief Executive Officer
Employers Holdings, Inc.


William E. (Ric) Yocke
Chief Financial Officer
Employers Holdings, Inc.

Analyst Contact:

Vicki Erickson
Vice President, Investor Relations
Employers Holdings, Inc.
(775) 327-2794
verickson@employers.com

10375 Professional Circle
Reno, NV 89521
(775) 327-2700

 23  

Stock Ownership Limitations

As a reminder to investors, Employers Holdings, Inc. (EMPLOYERS) owns four insurance companies, domiciled in three
different states. These wholly-owned insurers are regulated by insurance commissioners and are subject to the statutes and
regulations of the various states where they are domiciled and authorized to transact insurance. As a result, EMPLOYERS
has the following stock ownership limitations, which must be satisfied prior to certain stock transactions.

● For a period of five years following the effective date of the Plan of Conversion of EMPLOYERS, which was February 5,

2007, no person may directly or indirectly acquire or offer to acquire in any manner beneficial ownership of 5% or more of
any class of EMPLOYERS voting securities without the prior approval by the Nevada Commissioner of Insurance of an
application for acquisition under Section 693A.500 of the Nevada Revised Statutes.

● Under Nevada insurance law, the Nevada Commissioner of Insurance may not approve an application for such acquisition

unless the Commissioner finds that (1) the acquisition will not frustrate the plan of conversion as approved by our members
and the Commissioner, (2) the board of directors of Employers Insurance Company of Nevada has approved the acquisition
or extraordinary circumstances not contemplated in the plan of conversion have arisen which would warrant approval of the
acquisition, and (3) the acquisition is consistent with the purpose of relevant Nevada insurance statutes to permit
conversions on terms and conditions that are fair and equitable to the members eligible to receive consideration.

● Furthermore, any person or entity who individually or together with an affiliate (as defined by applicable law) seeks to

directly or indirectly acquire in any manner, at any time, beneficial ownership of 5% or more of any class of EMPLOYERS
voting securities, will be subject to certain requirements, including the prior approval of the proposed acquisition by certain
state insurance regulators, depending upon the circumstances involved. Any such acquisition without prior satisfaction of
applicable regulatory requirements may be deemed void under state law.

 24  

Appendix

 

Operating Organization

Employers Holdings, Inc.

Employers

Insurance Company

of Nevada

Employers

Compensation

Insurance Company

Employers

Preferred

Insurance Company

Employers

Occupational

Health, Inc.

Employers

Assurance

Company

Employers Group, Inc.

25  

Income Statement ($ million)	2005	2006	2007	2008	2009
Gross Written Premium	$451.4	$386.8	$351.8	$318.4	$379.9
Net Written Premium	432.5	372.2	339.7	308.3	368.3
Net Earned Premium	438.3	393.0	346.9	328.9	404.2
Net Investment Income	54.4	68.2	78.6	78.1	90.5
Net Income	137.6	171.6	120.3	101.8	83.0
Net Income Before LPT	93.8	152.2	102.2	83.4	65.0
Balance Sheet ($ million)	2005	2006	2007	2008	2009
Total Investments	$ 1,595.8	$ 1,715.7	$ 1,726.3	$ 2,042.9	$ 2,029.6
Cash and Cash Equivalents	61.1	80.0	149.7	202.9	191.6
Total Assets	3,188.8	3,266.8	3,264.3	3,825.1	3,676.7
Reserves for Loss and LAE	2,350.0	2,307.8	2,269.7	2,506.5	2,425.7
Shareholders’ Equity	144.6	303.8	379.5	444.7	498.4
Equity Including LPT Deferred Gain	607.0	746.8	804.5	851.3	887.0

Selected Operating Results

26  

Regional, Pricing Trends 9/30/09 thru 7/01/10

ME

NY

NH

MA

CT

VT

NJ

RI

KY

OH

IN

MO

IA

MN

IL

MIDWEST

KS

NE

SD

ND

NM

TX

OK

MT

WY

CO

UT

ID

AZ

NV

WESTERN

WA

CA

OR

PACIFIC

Corporate Headquarters

Regional Headquarters

MD

PA

VA

WV

NC

TN

AL

AR

LA

GA

MS

DC

SC

FL

SOUTHEAST

States Licensed, actively writing

States Licensed, not actively writing

%Employers Insurance Co of NV (EICN)

%Employers Comp Ins Company (ECIC)

%Employers Assurance Co (EAC)

%Employers Preferred Insurance Co (EPIC)

+3.0%

-7.4%

-4.2%

-9.7%

-2.6%

-18.8%

-0.1%

-24.5%

+7.0%

-6.8%

-6.8%

-6.8%

-6.7%

-37.4%

+2.3%

-28.7%

+22.0%

-6.1%

-27.0%

-29.8%

+3.7%

-14.3%

+14.2%

-28.1%

-19.1%

-28.3%

+4.4%

-37.8%

-13.7%

-1.1%

-1.3%

-34.7%

+2.2%

-42.1%

-9.6%

-9.6%

+5.8%

-32.6%

-21.2%

-10.0%

-2.8%

+0.4%

+0.4%

-4.2%

-7.6%

-7.5%

+6.2%

-28.1%

-5.8%

-5.8%

+8.7%

-24.1%

-0.1%

-0.1%

-6.4%

+1.9%

-4.2%

-4.2%

-4.2%

+3.0%

+3.0%

 27