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> Brfkd @mktrfo Thwmr

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649 Mfst 4=

Ptrmmt, >4

Gohhr

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Kmw Shra, KS 69962 Yjhkm5 >6>-320-6399

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Gfx >6>-320-3>63

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www.brmmkocbjt`fpctfo.`hl

Fprco >>, >964 Dmfr Yfrtkmr5 Tjm Brmmkocbjt @fpctfo gukds (tjm ‟Yfrtkmrsjcps“) rmturkmd (6.=)%,

kmt hg gmms fkd mxpmksms, ck tjm gcrst qufrtmr hg >964. Grhl f prhgct fkd ohss pmrspm`tcvm ct wfs f qucmt qufrtmr. Hur ohkbs wmrm lhdmstoy prhgctfnom, hur sjhrts ohst f nct lhrm tjfk wm lfdm hk hur ohkbs, fkd lf`rh ohst f octtom. Tjm kmt rmsuot wfs f slfoo ohss ck f lframt wjmrm shlm ckdc`ms wmrm up f octtom fkd htjmrs wmrm dhwk f octtom. Lc`rhk Tm`jkhohby (L]), hur hkoy scbkcgc`fkt wckkmr, fdvfk`md grhl $>6.2= th $>0.77 fkd grfkaoy tjmrm csk–t lu`j th sfy fnhut f 3% bfck. Hur Amurcb Brmmk Lhuktfck (BL@^) sjhrt, wjc`j eulpmd grhl $2=.=4 th $69=.=3, wfs hur hkoy scbkcgc`fkt ohsmr. Tjm `hlpfky fkkhuk`md f lfehr strftmbc` pfrtkmrsjcp wctj @h`f @hof. Rm jfvm ohts th sfy fnhut tjcs, nut wm–oo dmgmr tjft dcsùsschk th fkhtjmr tclm fkd, pmrjfps, fkhtjmr ghrlft. Tjmrm wfs f bhhd flhukt hg f`tcvcty ck tjm phrtghoch. Rm fddmd smvmrfo kmw ohkb cdmfs ckòudckb ofrbm phsctchks ck ^mshkf Jhodckbs (Efpfk5 :09:) fkd PukMdcshk (P]KM), fkd lmdcul-sczmd phsctchks ck Fotc`m P.F. (Kmtjmrofkds5 FT@) fkd @hkk–s (@HKK). Rm fosh sjhrtmd f brhup hg jcbj-goyckb lhlmktul sthàs tjft wm jfvm dunnmd

Tjm Nunnom Nfsamt

. Rm mstfnocsjmd f phsctchk ck ^mshkf, tjm ofrbmst Efpfkmsm rmbchkfo nfka, ft f prc`m hg ¥=42, rmprmsmktckb 9.:x nhha vfoum fkd :x mfrkckbs. ^mshkf wfs ghrlmd tjrhubj tjm >99>->990 lmrbmr fkd rm`fpctfoczftchk hg tjrmm oh`fo nfkas ck tjm Thayh fkd Hsfaf rmbchks. Fs pfrt hg tjft rm`fpctfoczftchk, tjm Efpfkmsm bhvmrklmkt nhubjt f lfehrcty mqucty stfam. ]kdmr kmw lfkfbmlmkt, tjm nfka òmfkmd up cts nfofk`m sjmmt, nmbfk pfyckb nfà tjm bhvmrklmkt stfam, fkd jfs nmmk prhgctfnom mvmry ymfr sck`m, rmf`jckb f 60% ^HM ofst ymfr. Ck >960, lfkfbmlmkt fkkhuk`md f gcvm-ymfr pofk th nuy hut tjm rmlfckckb bhvmrklmkt sjfrmjhodckb. Dum th strhkbmr tjfk mxpm`tmd mfrkckbs, tjft pofk cs wmoo fjmfd hg s`jmduom, fkd tjm `hlpfky cs nuyckb nfà sthà grhl tjm bhvmrklmkt ft vmry fttrf`tcvm vfouftchks. Tjm f``rmtchk grhl tjm nuynfà dhms kht fppmfr th nm rmgom`tmd ck fkfoyst lhdmos. Rctj tjm lhrm vhoftcom cktmrkftchkfo Efpfkmsm nfkas trfdckb ft 3x MYP, fkd cts pmmr rmbchkfos ft 60x MYP, ^mshkf cs `jmfp hk nhtj fk fnshoutm fkd rmoftcvm nfscs. ^mshkf sjfrms mkdmd tjm qufrtmr ft ¥433. P]KM, ghrlmroy akhwk fs LML@, cs f dmvmohpmr hg shofr phwmr pofkts ghr nusckmssms fkd utcoctcms. Tjm dmòckckb `hst hg shofr mkmrby `hlnckmd wctj tjm rcsckb `hst hg `hkvmktchkfooy prhdu`md mom`trc`cty sjhuod phsctchk P]KM fs f wckkmr. Tjm `hlpfky jfs nucot f ofrbm pcpmockm hg fttrf`tcvm prhem`ts smùrmd ny `rmdct-whrtjy nuymrs hg mom`trc`cty. ]ktco rm`mktoy, tjm bhhd nusckmss wfs lcxmd ck wctj twh nfd hkms5 lfkugf`turckb wfgmrs ghr smlc`hkdu`thr `hlpfkcms,

Phur`m5 Brmmkocbjt @fpctfo. Yomfsm rmgmr th ckghrlftchk `hktfckmd ck tjm dcs`ohsurms ft tjm mkd hg tjm omttmr.

Yfbm >

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fkd fssmlnockb `hllhdcty shofr lhduoms ghr dmvmohpmrs. Jcsthrc`fooy, tjm `hlpfky–s phhr nfofk`m sjmmt ghr`md ct th smoo lfky hg cts shofr dmvmohplmkt prhem`ts ft dcs`huktmd prc`ms th rfcsm `fpctfo. Tjm `hlpfky jfs khw mxctmd tjm shofr lhduom fssmlnoy nusckmss fkd cs ck tjm prh`mss hg lhkmtczckb cts smlc`hkdu`thr wfgmr nusckmss tjrhubj fk CYH. Oftmr tjcs ymfr, wm mxpm`t tjm `hlpfky wcoo CYH f kmwoy-`rmftmd Scmod`h, wjc`j wcoo jhusm cts lhst fttrf`tcvm shofr prhem`ts rftjmr tjfk smoockb tjml th tjcrd pfrtcms. K^B Scmod Ck`. cs f `hlpfrfnom `hlpfky tjft trfdms ft 6>x MNCTDF fkd jfs f 0% dcvcdmkd ycmod. Rmrm Scmod`h th trfdm ft 3x MNCTDF fkd f =% dcvcdmkd ycmod ct whuod clpoy f vfoum ghr tjm shofr nusckmss hg ~$04 pmr sjfrm. P]KM mxpm`ts th ruk cts dmvmohplmkt nusckmss òhsm th nrmfamvmk ck guturm pmrchds. Fddckb ck tjm vfoum hg tjm shhk-th-nm CYH–md smlc`hkdu`thr nusckmss fkd suntrf`tckb f lhdmst flhukt hg `hrphrftm kmt dmnt whuod subbmst f sul hg tjm pfrts vfoum ghr P]KM hg ~$0= pmr sjfrm. Hur fvmrfbm mktry prc`m cs $6=.== fkd P]KM sjfrms mkdmd tjm qufrtmr ft $6:.:4. Rm mstfnocsjmd f phsctchk ck FT@ ft fk fvmrfbm prc`m hg ₯>:.42. FT@ hwks cktmbrftmd tmom`hl fssmts (prck`cpfooy `fnom fkd shlm lhncom) f`rhss Murhpm, Csrfmo fkd tjm @frcnnmfk. Cts ofrbmst fssmt cs f `hktrhoockb stfam ck Grmk`j `fnom hpmrfthr Kulmrc`fnom. FT@–s nusckmss cs vmry stfnom fkd brhws hrbfkc`fooy ft f jmfotjy òcp. FT@–s lfkfbmlmkt hwks f oht hg sthà fkd jfs fk mx`moomkt trfà rm`hrd ck nhtj hpmrftchks fkd `fpctfo fooh`ftchk. Rm smm sunstfktcfo upscdm bcvmk lfkfbmlmkt–s fncocty th clprhvm `hrm lfrbcks wjcom lfackb strftmbc` f`qucsctchks fkd dcsphsfos f`rhss FT@–s phrtghoch. Clphrtfktoy, Kulmrc`fnom jfs struà f dmfo th f`qucrm PG^ (Grfk`m–s sm`hkd ofrbmst tmom`hl hpmrfthr) grhl Wcvmkdc, wjc`j wcoo `rmftm scbkcgc`fkt sykmrbcms grhl `hkshocdftckb tjm Grmk`j lframt. Yrmsulckb lhst hg tjhsm sykmrbcms, wm pur`jfsmd FT@ ghr omss tjfk 7x mstclftmd >967 MNCTDF fkd f brmftmr tjfk 6=% grmm `fsj gohw ycmod th tjm mqucty. Nmyhkd >967, wm mxpm`t FT@ th brhw MNCTDF lhrm tjfk 69% pmr ymfr ghr f kulnmr hg ymfrs. FT@ sjfrms mkdmd tjm qufrtmr ft ₯0>.04. @HKK cs f spm`cfoty rmtfcomr hg fppocfk`ms, gurkcturm, lfttrmssms fkd mom`trhkc`s wctj 23 oh`ftchks ck Tmxfs fkd tjm Phutjwmst. @HKK gckfk`ms 22% hg ùsthlmr pur`jfsms tjrhubj cts prhprcmtfry sunprclm `rmdct phrtghoch. Ck Gmnrufry, tjm `hlpfky fkkhuk`md 00% `hlpfrfnom sthrm sfoms brhwtj ck V4 wctj strhkb brhss lfrbcks. Jhwmvmr, ct fosh fkkhuk`md ck`rmfsmd `rmdct ohssms fkd rmdu`md mfrkckbs bucdfk`m grhl f rfkbm hg $0.:9-$4.99 th f rfkbm hg $0.49-$0.29 ghr `fomkdfr >964. Bcvmk tjm lframt–s pfst mxpmrcmk`m wctj dmtmrchrftchk ck sunprclm `rmdct, tjm sthà rmf`tchk wfs smvmrm5 Tjm prc`m gmoo grhl $23 ft tjm stfrt hg tjm ymfr th $0> hk tjm kmws. Rm nmocmvm tjft tjcs cs f rmtfcomr wctj 6=->9% ukct brhwtj fkd ùrrmkt dhunom dcbct `hlpfrfnom sthrm sfoms brhwtj, fkd tjft tjm lframt hvmrrmf`tmd th lhdmrftmoy nfd kmws. Rm f`qucrmd sjfrms ft fk fvmrfbm prc`m hg $0=.43 fkd tjmy mkdmd tjm qufrtmr ft $0:.:=. Rm jfvm rmpmftmdoy khtmd tjft ct cs dfkbmrhus th sjhrt sthàs tjft jfvm dcs`hkkm`tmd grhl trfdctchkfo vfouftchk lmtjhds. Fgtmr foo,

twc`m f scooy prc`m cs kht twc`m fs scooy1 ct–s stcoo eust scooy

. Tjcs ukdmrstfkdckb oclctmd hur mktjuscfsl ghr sjhrtckb tjm jfkdguo hg lhlmktul sth`as tjft dhlckftmd tjm jmfdockms ofst ymfr. Khw tjmrm cs f `omfr `hksmksus tjft wm frm wctkmssckb hur sm`hkd tm`j nunnom ck 6= ymfrs. Rjft cs uk`mrtfck cs jhw lu`j gurtjmr tjm nunnom `fk mxpfkd, fkd wjft lcbjt php ct.

Yfbm 0

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Ck hur vcmw tjm ùrrmkt nunnom cs fk m`jh hg tjm prmvchus tm`j nunnom, nut wctj gmwmr ofrbm `fpctfoczftchk sthàs fkd lu`j omss punoc` mktjuscfsl. Phlm ckdc`ftchks tjft wm frm prmtty gfr fohkb ckòudm5

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Tjm rmem`tchk hg `hkvmktchkfo vfouftchk lmtjhds1

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Pjhrt-smoomrs ghr`md th `hvmr dum th ckthomrfnom lfra-th-lframt ohssms1 fkd

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Jubm gcrst dfy CYH phps ghr `hlpfkcms tjft jfvm dhkm octtom lhrm tjfk usm tjm rcbjt nuzzwhrds fkd fttrf`t tjm rcbjt vmkturm `fpctfo. Fkd hk`m fbfck, `mrtfck ‟`hho acd“ `hlpfkcms fkd tjm `jmmromfdckb fkfoysts frm prmtmkdckb tjft `hlpmksftchk pfcd ck mqucty csk–t fk mxpmksm nm`fusm ct cs ‟khk-`fsj.“ Rhuod tjmsm `hlpfkcms nm fnom th rmtfck tjmcr jcbjoy tfomktmd whraghr`ms cg tjmy sthppmd dhockb hut ofrbm flhukts hg mqucty8 Cg yhu frm tryckb th dmtmrlckm tjm `rmdctwhrtjckmss hg tjmsm vmkturms, ct lcbjt lfam smksm th nfà hut khk-`fsj mxpmksms. Nut cg yhu frm fk mqucty jhodmr tryckb th vfoum tjm nusckmssms fs f luotcpom hg prhgcts, jhw `fk yhu cbkhrm tjm rmfo `hst hg guturm dcoutchk tjft `hlms grhl pfyckb tjm mlpohymms ck sthà8 Bcvmk tjm mkhrlhus sthà prc`m vhoftcocty, wm dm`cdmd th sjhrt f nfsamt hg nunnom sthàs. F nfsamt fpprhf`j lfams smksm nm`fusm ct foohws mf`j phsctchk th nm vmry slfoo, tjmrmny rmdu`ckb tjm rcsa hg fky pfrtcùofr jcbj-gocmr nm`hlckb thh `hstoy. Tjm `hrhoofry th ‟

twc`m f scooy prc`m cs kht twc`m fs scooy“

cs tjft wjmk tjm prc`ms rm`hkkm`t th trfdctchkfo vfouftchk lmtjhds, tjm dm-rftckb `fk nm sunstfktcfo. Tjmrm cs f jubm bfp nmtwmmk tjm nunnom prc`m fkd tjm phckt wjmrm dcs`cpockmd brhwtj ckvmsthrs (omt fohkm vfoum ckvmsthrs) nm`hlm cktmrmstmd nuymrs. Rjmk tjm ofst cktmrkmt nunnom phppmd, @cs`h (tjm nmst hg tjm nmst nunnom sthàs) gmoo :3%, Flfzhk gmoo 30%, fkd tjm ohwmr qufocty sthàs gmoo mvmk lhrm. Ck tjm phst-nunnom pmrchd, pmhpom sthppmd tfoackb fnhut vfouckb `hlpfkcms nfsmd hk mymnfoos (fvmrfbm lhktjoy usmrs), thtfo fddrmssfnom lframt (TFL), hr prc`m-th-sfoms. Rjmk tjm rm-rftckb h`ùrrmd, tjm prhgctfnom ghrlmr jcbj-gocmrs fbfck trfdmd nfsmd hk Y/M rftchs, fkd tjm ukprhgctfnom hkms trfdmd fs f luotcpom hg `fsj hk tjm nfofk`m sjmmt. Hur `rctmrcf ghr smom`tckb sthàs ghr tjm nunnom nfsamt cs tjft wm mstclftm tjmrm th nm ft omfst 39% dhwkscdm ghr mf`j sthà cg fkd wjmk tjm lframt rmfppocms trfdctchkfo vfouftchks th tjmsm sthàs.

Rjcom wm frmk–t prmdc`tckb f `hlpomtm rmpmft hg tjm `hoofpsm, jcsthry cooustrftms tjft tjmrm cs mkhubj phtmktcfo dhwkscdm ck tjmsm kflms th eustcgy tjm rcsa hg sjhrtckb tjml. Hur strmfa hg brhukdnrmfackb dm`cschks grhl ghrmcbk trcnukfos `hktckums. Ck tjcs `fsm, wm fkd smvmrfo htjmr jmdbm gukds wmrm tryckb th rm`hvmr ohssms grhl wjmk Yhrs`jm `hrkmrmd tjm lframt ck Whoaswfbmk sjfrms ck >99:. @rclckfo prhsmùthrs jfvm `jfrbmd tjm ghrlmr @MH fkd @GH hg Yhrs`jm wctj lframt lfkcpuoftchk ghr punocòy bcvckb gfosm ckghrlftchk wctj rmspm`t th tjm gfcomd tfamhvmr. F``hrdckb th tjm prhsmùthr, Yhrs`jm ‟dmkcmd ck ft omfst gcvm punoc` stftmlmkts fk formfdy mxcstckb cktmktchk th ck`rmfsm cts pfrtc`cpftchk ck Whoaswfbmk FB th 2=%.“ Pck`m wm rmocmd hk tjhsm stftmlmkts, fs wmoo fs fddctchkfo dcsùsschks wm jfd wctj Yhrs`jm–s jmfd hg ckvmsthr rmoftchks, wm nrhubjt suct th rm`hvmr hur dflfbms.

Tjcs ck`oudms `huktckb sth`a `hlpmksftchk fs fk mxpmksm.