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To the Directors of the First Kentucky Co:
FIRST KENTUCKY Co., Louisville 1, Ky., January 10, 1947.
There are submitted herewith the balance sheet of the First Kentucky Co. as of December 31, 1946, and statements of income and surplus for the year ended December 31, 1946; also a list of the securities held by the corporation, a summary of its assets and other information.
The net asset value of the capital stock of the First Kentucky Co. as of December 31, 1946, valuing assets at market quotations, or, in the absence of market quotations, at fair value in the opinion of the investment officers, was (as more particulary, shown on p. 4) approximately $115.51 per share on the 40,000 shares of common stock outstanding. The corresponding net asset value per share on December 31, 1945 was $123.69 and on December 31, 1944, $97.15. The net operating profit after all expenses (and exclusive of capital gains and the tax thereon) was $109,361.22. The corresponding figure for 1945 was $80,038.86 and for 1944, $61,220.71.