conn job? substantial downside likely

7/21/2019 CONN Job? Substantial Downside Likely

1/19

KBWWN]FIN@A ]N[NC]KJ

RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR

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KBEE Lbm2 [umstcetic` Abwesian @ion`y

Kbee's is c sumpridn fiecekn kbdpcey witj antnribrctieh krnait tjct

is dcsqunrcaieh cs c rntci`nr. Qjn tjnsis tjct Kbee's wi`` sukknssfu``yue`bca its krnait riso tb ce uesuspnktieh muynr, wji`n rntcieieh

ueanrwritieh cutjbrity cea snrvikieh, cppncrs annp`y f`cwna. Xn

mnìnvn eb muynr is audm nebuhj tb muy Kbee's pbrtfbìb, cea knan

ueanrwritieh cea snrvikieh mcko tb Kbee's. Xitjbut cutbebdy bvnr

krnait krnctibe, Kbee's rntci` dban` is ìon`y mrbone.

Fcir Vcùn ~ $3>.77 pnr sjcrn? 67% abwesian


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IDWB]QCEQ Aisk`cidnrW`ncsn rnca tjis Aisk`cidnr ie its netirnty mnfbrnkbetieuieh tb rnca bur rnsncrkj bpieibe. Ybu sjbuà ab ybur bwe rnsncrkjcea aun aiìhnekn mnfbrn dcoieh cey ievnstdnet ankisibe witj rnspnkt tbsnkuritins kbvnrna jnrnie. Xn strivn tb prnsnet iefbrdctibe ckkurctn`y ceakitn tjn sburkns cea cec`ysis tjct jn`p fbrd bur bpieibe. Cs bf tjn actn tjisbpieibe is pbstna, tjn cutjbr bf tjis rnpbrt jcs c sjbrt pbsitibe ie tjnkbdpcey kbvnrna jnrnie cea stceas tb rncìzn hcies ie tjn nvnet tjct tjn

prikn bf tjn stbko ankìens. Qjn cutjbr abns ebt prbvian cey cavceknawcreieh bf futurn rnpbrts tb btjnrs. Fb``bwieh pumìkctibe bf tjis rnpbrt, tjncutjbr dcy trcesckt ie tjn snkuritins bf tjn kbdpcey, cea dcy mn `beh, sjbrt,br enutrc` ct cey tidn jnrncftnr rnhcra`nss bf bur ieitic` bpieibe. Qb tjn mnst

bf bur cmiìty cea mnìnf, c`` iefbrdctibe kbetciena jnrnie is ckkurctn cearnìcm`n, cea jcs mnne bmtciena frbd pumìk sburkns wn mnìnvn tb mnckkurctn cea rnìcm`n. Jbwnvnr, sukj iefbrdctibe is prnsnetna cs is,

witjbut wcrrcety bf cey oiea wjntjnr nxprnss br idpìna. Qjn cutjbr bftjis rnpbrt dcons eb rnprnsnetctibes, nxprnss br idpìna, cs tb tjn tidnìenssbr kbdp`ntnenss bf cey sukj iefbrdctibe br witj rnhcra tb tjn rnsu`ts tb mnbmtciena frbd its usn. C`` nxprnssibes bf bpieibe crn sumlnkt tb kjcehnwitjbut ebtikn cea tjn cutjbr abns ebt ueanrtcon tb upactn br supp`ndnettjis rnpbrt br cey bf tjn iefbrdctibe kbetciena jnrnie. Qjis is ebt ce bffnr tb

muy cey snkurity, ebr sjc`` cey snkurity mn bffnrna br sbà tb cey pnrsbe, iecey lurisaiktibe ie wjikj sukj bffnr wbuà mn ue`cwfu` ueanr tjn snkuritins`cws bf sukj lurisaiktibe.


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Ct first mùsj, tjn mu``/mncr anmctn be Kbee's (KBEE) wbuà cppncr wn`` ueanrstbba my c`` ievb`vna.Kbee's is c mctt`nhrbuea stbko, witj tjbuhjtfu` ievnstbrs jbàieh nxtrndn`y aispcrctn vinws be tjnkbdpceys futurn. Cftnr spneaieh ce iebraiectn cdbuet bf tidn cec`yzieh tjn krnait sian bf Kbee's, wn

mnìnvn sumstcetic` abwesian nxists fbr rncsbes butsian bf tjn typikc` mu``/mncr anmctn.

Qbacy, tjn dbst idpbrtcet vcricm`n ie tjn Kbee's stbry is wjntjnr tjn kbdpcey kce sukknssfu``y dbentizntjn krnait pbrtfbìb ceaenhbtictn c f`bw chrnndnet. Qjn wbra cea is pcrcdbuet ie tjis aiskussibemnkcusn c sc`n bf tjn krnait pbrtfbìb, witjbut c f`bw chrnndnet tjct c``bws Kbee's tb kbetieun ueanrwritieh`bbsn krnait, anstrbys Kbee's rntci` nkbebdiks. Kbee's stbko jcs mnne chhrnssivn`y mbuhjt my rntci` snktbrievnstbrs wjb fbbìsj`y mnìnvn tjn rntci` musienss wbuà jcvn hrnctnr stcea-c`ben vcùn ieanpneanet frbdtjn krnait sian bf tjn jbusn. Qjis enw ievnstbr mcsn, cs wn`` cs tjn dclbrity bf rntci` sn``-sian cec`ysts, abnsebt cppncr tb ueanrstcea Kbee's krnait pbrtfbìb dntriks, br tjn rntci` snhdnet's rnìcekn be ie-jbusn krnait.Qjn twb musienssns bpnrctn sydmibtikc``y cea crn jncvi`y anpneanet be ben cebtjnr.

Qjn rnknet ;>% rue ie Kbee's stbko mnhce wjne dcechndnet stctna tjnrn wnrn du`tip`n pcrtins ietnrnstnaie its krnait pbrtfbìb. Cdczieh`y, ievnstbrs jcvn nquctna tjn nxistnekn bf ietnrnstna pcrtins witj c fcvbrcm`nbutkbdn. Qjn fckt du`tituan `neanrs wcet tb aiìhnekn Kbee's krnait pbrtfbìb sjbuà ebt mn surprisieh. Qjnieknetivn tb ckknss Kbee's actc rbbd fbr iefbrdctibe is eb aiffnrnet tjce pumìk ievnstbrs wjb `bbo ct cecrrcy bf anc`s anspitn jcvieh dieidc` ietnet tb muy. Ie tbacy's ncsy dbeny nevirbednet, wjnrn tjn tjirst fbryinà bftne supnrsnans riso kbesianrctibes, wn kbeknan tjct c audm muynr dcy ndnrhn. Jbwnvnr, wnmnìnvn cey sc`n wbuà kbdn witj jihj`y rnstriktivn tnrds be futurn ueanrwritieh. [jbuà c sc`n mnckkbdpceina witj rnstriktibes be Kbee's ueanrwritieh cea snrvikieh cutbebdy, cey stbko pbp wi`` mn sjbrtìvna. Xitjbut kcrtn m`cekjn aiskrntibe be chhrnssivn fiecekieh, wjikj wn mnìnvn jcs rnsu`tna ie c dctnric`bvnrstctndnet bf Kbee's rntci` nkbebdiks (ce idmnaana kbst bf fiecekieh c``bws Kbee's tb hnenrctn c17.>% rntci` hrbss dcrhie), Kbee's rntci` dban` wi`` mrnco.

Mcsna be bur cec`ysis, wn mnìnvn Kbee's jcs aisiehneubus`y wieabw arnssna its krnait pbrtfbìb, wji`nsumt`y rndbvieh idpbrtcet aisk`bsurns frbd ievnstbr prnsnetctibes. Anspitn wian rcehieh sn``-sian cec`ysisbf Kbee's, tjn dbst idpbrtcet pikturnkudu`ctivn `bss kurvnsjcs sbdnjbw dcechna tb nskcpn skrutiey.Bur cec`ysis jnrnie uenquivbkc``y i`ùstrctns wjy tjn kbesnesus vinw bf idprbvieh krnait is fc`sn. Xn c`sbantci` eucekns witjie Kbee's krnait pbrtfbìb cea ueanrwritieh prcktikns tjct jcvn mnne enh`nktna myievnstbrs, mut wi`` ueìon`y mn bvnr`bbona my pbtnetic` muynrs. Qjn dcronts cssudptibe tjct c pbrtfbìb sc`n

ceaf`bw chrnndnet is c fcit ckkbdpì jcs krnctna siheifikcet abwesian riso fbr KBEE ievnstbrs sjbuàenitjnr dctnricìzn. Cs sukj, wn mnìnvn Kbee's stbko wi`` rntnst tjn ncr`y =73> `bws crbuea $3> pnrsjcrn, rnprnsnetieh 67% encr-tnrd abwesian.Ie tjis rnpbrt, wn cec`yzn tjn fb``bwieh issuns ietrbauktibe bf arckbeice rnhu`ctibe tcrhntieh tjn `neaieh & kb``nktibe prcktikns bf tjnpcyacy `bce ieaustry. Qjn KFWM jcs c`sb csona fbr pumìk kbddnets be 3= crncs bf kbeknreie tjnkrnait kcra dcront. Qwb siheifikcet fiecekic` arivnrs fbr Kbee's, anfnrrna ietnrnst cea caa-be prbaukts,cppncr tb mn ueanr tjn KFWMs dikrbskbpn. Anfnrrna ietnrnst prbaukts kbdprisn ;;% bf Kbee's `bcepbrtfbìb, wji`n caa-be prbaukts rnprnsnet $>7 di`ìbe bf jihj dcrhie rnvneun ie tjn krnait kcrasnhdnet. Cey krnait pbrtfbìb muynr wbuà prnsudcm`y ebt be`y enna tb hnt kbdfbrtcm`n witjtjnsn `bbdieh rnhu`ctbry risos, mut c`sb qucetify tjn dctnric` nkbebdik riso be Kbee's.Fiec``y,tjn [NK's behbieh iequiry ietb Kbee's jcs tjn pbtnetic` tb krnctn nvne dbrn ueknrtciety fbr c pbtnetic`muynr. Qjn k`css cktibe `cwsuit c``nhns tjct Kbee's tbp twb nxnkutivns pbssnssna tjn dbtivn tb kbdditfrcua _wjne tjnyT rncpna dbrn tjce $1.> di`ìbe ie iesianr trcaieh prbknnas.If trun, tjn [NK wi``jcvn bmvibus hrbueas tb pursun nefbrkndnet cktibes.

Xn mnìnvn Kbee's dcechndnet cea `crhn ievnstbrs jcvn nekburchna sn``-sian cec`ysts tb usn MùnstndMrceas cs c prbxy fbr c anc` strukturn. Qjis kbdpcrisbe cppncrs disp`ckna. Mùnstnd brihiectns ceasnrvikns `bces rntciena my [cetceanr Kbesudnr ^[C ([K). Jbwnvnr, ckkbraieh tb its cdneana 37O,

be`y ;7% bf Mùnstnd's sc`ns wnrn fiecekna tjrbuhj [K `cst yncr.=Qjis kbdpcrns witj cpprbxidctn`y

:9% bf Kbee's sc`ns tjct rn`y be fiecekieh. Furtjnr, [K is ebt rnquirna tb tcon c`` bf Mùnstnds `bces,

mut iestnca jcs tjn bptibe tb purkjcsn knrtcie `bces.;Kbee' c`rncay jcs tjis typn bf tjira pcrty

rn`ctibesjip witj [yekjrbey Fiecekic` ([YF), wjb kjbsn tb fiecekn lust 37.:% bf Kbee's `bces `cstyncr. Mùnstnd c`sb cppncrs tb mn fcr dbrn cttrcktivn cs c fiecekieh pcrtenr hivne c) `nss rnìcekn beissuns kurrnet`y ueanr tjn dikrbskbpn bf rnhu`ctbrs, cea m) strikt behbieh rnhu`ctibe my tjn FAIK (tjnirkcras crn issuna tjrbuhj ce FAIK iesurna mceo). If ce u`tidctn pbrtfbìb/f`bw chrnndnet `bbos ìonMùnstnd, wn mnìnvn Kbee's pcrtenr wbuà be`y ckknpt c diebrity bf `bces, wji`n rnfusieh tb knanueivnrsc` ueanrwritieh cutjbrity.

C Mrinf Qidnìen be tjn [c`n Wrbknss


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Cey cec`ysis bf Kbee's dust stcrt witj tjn ueanrstceaieh tjct sumpridn fiecekieh ueanrpies tjn rntci`nkbebdik dban`. Ie tjn trciìeh twn`vn dbetjs, cpprbxidctn`y 8:% bf Kbee's sc`ns wnrn fiecekna tjrbuhjie-jbusn krnait, wji`n cebtjnr 3>% bf sc`ns wnrn fiecekna my [yekjrbey Fiecekic` br CkknptceknEbw's

]net-tb-Bwe. Kcsj trcescktibes rnprnsnetna lust 6.>% bf sc`ns.1Xitjbut tjn fun` bf ncsy krnait, Kbee's

nkbebdik dban` sjbuà mn sidi`cr tb btjnr mih mbx rntci`nrs tjct struhh`n tb dcon dbeny. Kbee's

dcechndnet ebt be`y ueanrstceas tjis, mut snnds prbua bf tjn aiffnrnetictibe frbd ncsy krnait. Ct tjnKceckkbra Hneuity kbefnrnekn be :/31/=73;, Kbee's KBB bpne`y stctna tjct c kbrn kbdpntitivncavcetchn is bur krnait bffnrieh._Fbr caaitibec` mckohrbuea be dcechndnet's c``nhna wi`ìehenss tbsckrifikn krnait stceacras tb arivn rntci` sc`ns hrbwtj, wn suhhnst rncaieh tjn upactna k`css cktibe `cwsuitactna 1/37/=73>. Abkont 31-kv-77>1:T.

Kbesianrieh jbw ietnhrc` ie-jbusn fiecekieh is tb Kbee's, it sjbuà mn uesurprisieh tjn stbko kb``cpsn wcskbekbditcet witj tjn krnait antnribrctibe tjct kbddnekna ie `ctn =73;. Cftnr c yncr bf krnait qucìtynrbsibe cea qunstibes cmbut tjn sustciecmiìty bf its musienss dban`, Kbee's ceebuekna ie Bktbmnr =731 tjct

it wcs nxp`brieh strctnhik c`tnrectivns, wjikj iekùana tjnsc`n bf tjn kbdpcey.>]buhj`y six dbetjs

`ctnr, be Dcrkj ;3, =73>, Kbee's ceebuekna aiscppbietieh 1S'3> rnsu`ts.6Ie its ncreiehs rn`ncsn,

dcechndnet aisk`bsna tjny wnrn eb `behnr nxp`brieh tjn sc`n bf tjn kbdpcey, mut iestnca pursuieh tjn

sc`n bf c`` br c pbrtibe bf tjn `bce pbrtfbìb, br btjnr rnfiecekieh bf bur `bce pbrtfbìb.8Xji`n tjn stbko

wcs pbisna tb chcie kb``cpsn, aurieh tjn S&C snhdnet bf tjn kbefnrnekn kc``, dcechndnet iesieuctna tjct

c sc`n bf tjn pbrtfbìb ct mbbo vcùn (ent bf tjn krnait rnsnrvn) wcs pbssim`n.:Dcechndnet furtjnr stctna

tjct witj cey pbtnetic` trcescktibe, tjny p`ceena tb rntcie tjn cmiìty tb brihiectn cea snrvikn ckkbuets

ie cey kirkudstcekns.9Kbefianet`y rnsnttieh nxpnktctibes fbr c pbrtfbìb sc`n ceaf`bw chrnndnet jcs

rnsu`tna ie c >>% pcrcmbìk stbko dbvn bff tjn ietrcacy `bw bf $=6.>7 be ;/;3/3>.

Xji`n c sc`n ceaf`bw chrnndnet is ebw tjn kbesnesus nxpnktctibe, cey pbtnetic` muynr wi`` ueabumtna`yenna tb hnt kbdfbrtcm`n witj dcey ueknrtcietins, `ncst bf c`` tjn tihjt kbrrn`ctibe mntwnne uefnttnrnasumpridn `bce hrbwtj cea dcssivn ievnstbr `bssns. Xji`n Kbee's dcechndnet dcy ebt ìon tjnkbdpcrisbe, cey muynr bf Kbee's krnait cea rnhu`ctbry riso, wjb c`sb knans behbieh ueanrwritiehCEAsnrvikieh, wi`` ìon`y hb tjn wcy bf Dntris, Wrbviaice, cea Kbdpukrnait. Ie tjn fb``bwieh aiskussibe, wnianetify dcey krnait cea rnhu`ctbry issuns. Ie isb`ctibe, nckj ieaiviauc` issun wbuà aissucan pbtnetic`muynrs frbd miaaieh be tjn Kbee's pbrtfbìb ct mbbo vcùn. Mut wjne kbesianrieh c`` bf tjn issuns

kb``nktivn`y, wn mnìnvn it is jihj`y ueìon`y tjct Kbee's fieas c pbrtfbìb muynr ceaf`bw pcrtenr.

Qjn BE@Y Kjcrt tjct Dcttnrs

Wumìk cec`ysis bf Kbee's krnait pbrtfbìb jcs mnne ìditna tb anìequnekins cea kjcrhn-bffs. Frbd c krnaitpnrspnktivn, tjnsn dntriks ueabumtna`y dcttnr. Jbwnvnr, tjn dbst iesihjtfu` cpprbckj tb cec`yzieh Kbee'skrnait pbrtfbìb cea ueanrwritieh stceacras is tjn cssnssdnet bf its kudu`ctivn `bss kurvns. [tctik pbb`kudu`ctivn `bss cec`ysis kbdpcrns tjn pnrfbrdcekn bf aiffnrnet `bce vietchns ct sidi`cr pbiets ie tidn. Mykbdpcrieh `bssns ckrbss vietchns, br `bces tjct jcvn prbhrnssna frbd anìequneky tb ent kjcrhn-bff stctus,cec`ysts kce csknrtcie fcr dbrn iefbrdctibe tjce sidp`y `bboieh ct dcechndnet's jcea sn`nktna dntriks.^`tidctn `bss nstidctns hnenrc``y rnprnsnet tjn `crhnst vcricm`n ie antnrdieieh c rcehn bf pbrtfbìb rntures.Xji`n ievnstbrs cea sn``-sian cec`ysts ab ebt cppncr tb ueanrstcea stctik pbb` kudu`ctivn `bss cec`ysis, wnmnìnvn sbpjistikctna muynrs bf Kbee's pbrtfbìb wi`` fiea siheifikcet rna f`chs wjne tjny pnrfbrd tjiscec`ysis.

Mn`bw, wn jcvn rnprbaukna Kbee's stctik pbb` kudu`ctivn `bss kurvns my vietchn. QJN QCM@N MN@BX]NW]N[NEQ[ QJN DB[Q WBXN]F^@ ]NF^QCQIBE BF QJN KBE[NE[^[ VINX QJCQ KBEE'[K]NAIQ WB]QFB@IB I[ IDW]BVIEH. êsurprisieh`y, Kbee's dcechndnet cppncrs tb jcvn quint`yrndbvna tjis kjcrt snvnrc` yncrs chb frbd ievnstbr prnsnetctibes.


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Qjn stctik pbb` kudu`ctivn `bss kjcrt k`ncr`y pbrtrcys Kbee's pnrsistnet krnait antnribrctibe bvnr tjn pcstfbur yncrs. Qjn =733 vietchn neana witj c 6% tnrdiec` kudu`ctivn `bss rctn (br $;8 di`ìbe bf ent krnait

`bssns be $63; di`ìbe bf brihiectibes).37[iekn =733, nckj sukknssivn ceeuc` vietchn jcs nxpnrinekna

siheifikcet antnribrctibe, witj tjn =73;/=731 vietchns andbestrctieh aistrnssieh `bss kurvns. Cey pbtnetic`muynr bf tjn Kbee's pbrtfbìb wi`` enna tb mìea`y ckknpt tjct tjn =73; vietchn, wjikj is be cvnrchn ebwtwb yncrs bà, jcs be`y rnknet`y stcrtna tb f`cttne. Dbrn aisturmieh tjce tjn aiscstrbus =73; vietchn is tjn

s`bpn bf tjn =731 vietchn. Cs snne my tjn purp`n ìen witj triceh`ns cmbvn, tjn s`bpn bf tjn =731 vietchnis sti``stnnpneieh, wjikj dnces `bssns crn ckkn`nrctieh ct c envnr-mnfbrn snne rctn (fcstnr nvne tjcetjn jbrrneabus =73; vietchn).

It is bur bpieibe tjct Kbee's dcechndnet wcs nitjnr iekbdpntnet br ietnetibec``y dis`ncaieh wjneaiskussieh pbrtfbìb `bssns witj tjn ievnstdnet kbddueity. Ie Ankndmnr =73;, dcechndnet k`cidna tjct

ncrìnr rnkbheitibe bf `bssns kbuà stnnpne tjn s`bpn bf tjn kudu`ctivn `bss kurvns ncr`y ie tjnir ìfn.33Qjis

iekrncsna `bss vn`bkity wcs nvianet ie tjn =73= vietchn, cs snne cmbvn. ]nmuttieh dcechndnet'snxp`cectibe fbr tjn stnnpnr `bss kurvns is tjn fckt tjn =73; cea =731 vietchns jcvn nxpnrinekna ckkn`nrctieh`bssns wn`` mnybea dcechndnet's pumìk huiacekn. Qjn :.=% kudu`ctivn `bss be tjn =731 vietchn wi`` sbbenkìpsn tjn =73; vietchn (:.;% ct Lceucry ;3, =73>), wji`n c`rncay nxknnaieh tjn kudu`ctivn `bssns bf

nvnry btjnr vietchn actieh mcko tb =776.3=

Dcechndnet's brihiec` huiacekn fbr tjn =73; vietchn wcs c 6% kudu`ctivn `bss rctn. Qjis huiacekn wcskbddueikctna witj kbefianekn wjne dcechndnet prbk`cidna, dcey yncrs bf nxpnrinekn ueanrwritieh

cea kb``nktieh tjis typn bf krnait c``bw us tb anìvnr tjis kbesistnet pnrfbrdcekn.3;Ynt tjrnn dbetjs `ctnr,

dcechndnet's k`cids bf nxpnrinekn cea kbesistnet pnrfbrdcekn `bbona prbdbtibec`, ieckkurctn, anùsibec`ceadis`ncaieh. Ie Ankndmnr =73;, dcechndnet kbefnssna tjnrn wbuà mn dbanst upwcra prnssurnbetjn =73; vietchn. Jbwnvnr, tjny c`sb cssurna ievnstbrs ebt _tbT nxpnkt tjn fiec` stctik pbb` `bss rctns ueanr

rncsbecm`y fbrnsnncm`n sknecribs tb nxknna 8%.31Cs antci`na ie Qcm`n = mn`bw, Kbee's dcechndnet

cppncrs tb jcvn chcie snvnrn`y nrrna ie its krnait cssnssdnet br mnne jihj`y aisiehneubus. Lust eien dbetjscftnr stctieh tjn =73; stctik pbb` `bss rctn wbuà ebt nxknna 8% "ueanr rncsbecm`y fbrnsnncm`n sknecribs,"

[burkn< [NK fiìehs, kbdpcry prnsnetctibes, cea bur nstidctns.

Kjcrt 3. [tctik Wbb` Kudu`ctivn @bss my Vietchn

7%

3%

=%

;%

1%

>%

6%

8%

:%

9%

7 3 = ; 1 > 6 8 : 9 37 33 3= 3; 31 3> 36 38 3: 39 =7 =3

'76 '78 '7: '79 '37 '33 '3= '3; '31 '3>


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dcechndnet iekrncsna tjn kudu`ctivn `bss huiacekn fbr =73; cea =731 tb :% cea 9.>%,3>rnspnktivn`y

(9/=/31). Lust six dbetjs `ctnr, be ;/;3/3>, tjn `bss rctns be tjnsn vietchns wnrn rcisna chcie tb :.6% (=73;)

cea 37.>% (=731).36

Ce bmlnktivn cec`yst wbuà prnsudcm`y tcon issun witj dcey bf tjn stctndnets Kbee's dcechndnet jcsdcan. Mut iekrnaim`y, dcey ievnstbrs cea suppbrtivn sn``-sian cec`ysts mnìnvn kjcehns dcan ie =73; tb

Kbee's ueanrwritieh prcktikns jcvn rnsu`tna ie idprbvna krnait pnrfbrdcekn. Cs jihjìhjtna frbd Kbee'sievnstbr prnsnetctibe sìan anko, tjn kbdpcey dcan ueanrwritieh kjcehns ie Bktbmnr =73;. If tjis wnrntru`y tjn kcsn, tjne tjn mnenfit bf tjnsn kjcehns sjbuà jcvn mnne pcrtic``y rnf`nktna ie tjn =731 vietchn.

Qcm`n 3. Jistbrikc` Iekrncsns ie Kud @bss Wrblnktibes

9/>/3; 3=/>/3; ;/=8/31 6/=/31 9/=/31 ;/;3/3> Luen '3>

=73; 6% 08% 8% 8% :% :.6%

=731 08% 8% 8% 9.>% 37.>% 2

[burkn< kbdpcey fiìehs.

Qcm`n =. Kud @bss Huiacekn cea Kbddnetcry

Kc`` Actn

9/>/3; [tctik pbb` bss rctns jcvn mnne fcir`y stcm`n bvnr tidn ct crbuea 6% Qjn kbdpcey's dcey yncrs bf nxpnrinekn

ueanrwritieh cea kb``nktieh tjis typn bf krnait c``bw us tb anìvnr tjis kbesistnet pnrfbrdcekn Xn nxpnkt tjn fiec`

stctik pbb` bss rctns fbr tjn rnknet fiskc` yncrs tb mn ie ien witj jistbrikc` nxpnrinekn tjbuhj tjnrn dcy mn dbanst

upwcra prnssurncs c rnsu`t bf tjn rnknet nxnkutibe issuns? cea fbr tjn kurrnet fiskc` yncr aun tb tjn iekrncsna vbùdn bfenw krnait kustbdnrs netnrieh tjn pbrtfbìb.

3=/>/3; Xn nxpnkt tjn fiec` stctik pbb` bss rctns fbr tjn rnknet fiskc` yncrs tb mn ie ìen witj jistbrikc` nxpnrinekn tjbuhj tjnrn dcy

mn dbanst upwcra prnssurncs c rnsu`t bf tjn rnknet nxnkutibe issuns, cea, fbr tjn kurrnet fiskc` yncr, aun tb tjn iekrncsna

vbùdn bf enw krnait kustbdnrs. Jbwnvnr, aun tb tjn rcpia pcy abwe bf tjn rnknivcm`ns wn ebw nxpnrinekn, wn w buà ebt

nxpnkt tjn fiec` stctik pbb` `bss rctns ueanr rncsbecm`y fbrnsnncm`n sknecribs tb nxknna 8%.

;/=8/31 Xn nxpnkt tjn fiec` stctik pbb` bss rctns fbr tjn rnknet fiskc` yncrs tb mn ie ìen witj jistbrikc` nxpnrinekn tjbuhj tjnrn dcy

mn dbanst upwcra prnssurn cs c rnsu`t bf tjn rnknet nxnkutibe issuns, cea fbr tjn kurrnet fiskc` yncr, aun tb tjn iekrncsna

vbùdn bf enw krnait kustbdnrs. Jbwnvnr, aun tb tjn rcpia pcy abwe bf tjn rnknivcm`ns wn ebw nxpnrinekn, wn nxpnkt tjn

fiec` stctik pbb` bss rctns ueanr rncsbecm`y fbrnsnncm`n sknecribs tb nea up crbuea 8%.

@ctnr, wjne csona "wjct hivns ybu tjn kbefianekn tjct jn `bss rctns crn hbieh tb dirrbr tjn jistbrikc` cvnrchn," KBEE's

KNB k`cidna tjn kjcehns tb tjnir rn-chieh cea kjcrhn-bff pbìky is "wn'rn lust hbieh tb hnt tjnrn quikonr."

6/=/31 Xn nxpnkt tjn fiec` stctik pbb` bss rctns fbr tjn rnknet fiskc` yncrs tb mn ie ìen witj jistbrikc` nxpnrinekn tjbuhj tjnrn

dcy mn dbanst upwcra prnssurn tb crbuea 8%cs c rnsu`t bf tjn nxnkutibe issuns nxpnrinekna ie fiskc` =731, cea aun tb

tjn iekrncsna vbùdn bf enw krnait kustbdnrs brihiectna aurieh tjbsn pnribas.

9/=/31 [tctik bssns fbr fiskc` =73; brihiectibes crn ebw nxpnktna tb mn jihjnr tjce brihiec``y fbrnkcst, dbvieh frbd 8% tb

crbuea :%. Cs wn'vn ieaikctna prnvibus`y, tjn fiskc` =731 brihiectibes stctik bssns wi`` mn n`nvctna, cea wn ebw

nxpnkt tjnsn tb mn crbuea 9.>%. Fiskc` =73> brihiectibes stctik bssns crn nxpnktna tb trnea abwe frbd fiskc` =731.

Xn stctna tjn hbc` bf dcietcieieh stctik bssns ct 8% br mn`bw tb cssist ievnstbrs ie ueanrstceaieh jbw tjn kbdpcey is

ueanrwritieh ckkbuets.

;/;3/3> Qjn fiskc` =731 brihiectibe stctik bssns wi`` mn n`nvctna cea wn ebw nxpnkt tjnsn tb mn crbuea 37.>% mcsna be kurrnet

kb``nktibes trneas. Bur pribr nxpnktctibe fbr fiskc` =731 stctik bss wcs 9.>%. Bur nxpnktctibe fbr bss iekrncsna pridcri`y

mnkcusn bf bur cssnssdnet bf tjn idpckt bf tihjtnr rn-chieh stceacras cea rnaukna ckkbuet kbdmiectibes.

[burkn< kc`` trceskripts.


8/19



:

Xji`n tjn idp`ndnetctibe tidn rnquirna fbr tjn kjcehns tb idpckt krnait qucìty is anmctcm`n, tjn =731 `bss

kurvns suhhnst znrb idprbvndnet wcs rncìzna. Qjn =73> vietchn, wjikj sjbuà jcvn rnknivna tjn fu``mnenfit bf tjn =73; ueanrwritieh kjcehns, suhhnsts Kbee's dbrn kbesnrvctivn cpprbckj wcs nitjnr ce cmlnktfciùrn br kbdp`ntn`y iesieknrn. Cs snne ie Kjcrt 3 cmbvn, tjn ieitic` kjcrhn-bffs be tjn =73> vietchn(rnprnsnetna my tjn hrnne mbx) crn c`rncay rueeieh ;7 mcsis pbiets cjncabf tjn kctcstrbpjik =731 vietchn.Cs nckj sukknssivn vietchn snnds tb jcvn krnait qucìty wbrsn tjce tjn yncr pribr, dcechndnet jcskbetieuna tb prbvian wian rcehieh nxkusns fbr krnait antnribrctibe. Bvnr tjn pcst nihjtnne dbetjs, tjn sn``-

sian jcs mìea`y ckknptna nxkusns fbr krnait antnribrctibe, wjikj iekùan kjcehns tb tjn rn-chieh pbìky,38

iestc``dnet issuns witj c kb``nktibes p`ctfbrd,3:cea nvne rnaukna sc`ns bf kjcrhna-bff anmt.39It is bur

bpieibe tjct dcechndnet's nea`nss nxkusns crn sidp`y hrbss disrnprnsnetctibes, wjikj is c vinw sjcrna myc eudmnr bf fbrdnr ndp`bynns cs aiskussna `ctnr.

Kbetrcry tb ievnstbrs' disp`ckna mnìnf tjct Kbee's krnait pnrfbrdcekn is be tjn dnea (wjne `bboieh ct tjnwrbeh dntriks), tjn strieh bf enhctivn krnait surprisns wi`` ìon`y kbetieun. Be its fburtj qucrtnr =73>

ncreiehs kc``,=7dcechndnet prbviana 3S'36 kjcrhn-bff huiacekn mntwnne 3=.>% cea 3;.>%. Mcsna be burcssudptibe fbr tjn 3S'36 cvnrchn butstceaieh `bce mc`cekn, dcechndnet's huiacekn idpìns 3S'36 entkjcrhn-bffs bf $17 tb $1> di`ìbe, wjikj wbuà mn c 377% yncr-bvnr-yncr iekrncsn. Ckkbraieh tb Kbee's

Dcrkj =73> ievnstbr prnsnetctibe,=3ct `ncst 96% bf tjn rndcieieh pbrtfbìb ct 3/;3/=73> wcs kbdprisna bf

tjn =731 cea =73> vietchn. Cs sukj, 3S'36 kjcrhn-bffs wi`` mn jncvi`y kbeknetrctna ie tjnsn vietchns.

Ie Kjcrt = mn`bw, wn p`bt tjn nstidctna kudu`ctivn `bss kurvns ct 1/;7/3>, hnenrbus`y cssudieh kjcrhn-bffsct tjn `bw- tb diapbiet bf dcechndnet's huiacekn. ^sieh dcechndnet's huiacekn fbr tbtc` ent-kjcrhn bffs,wn mnìnvn tjn =731 vietchn kudu`ctivn `bss wi`` iekrncsn tb bvnr 37% ie 3S'36. Qjis wbuà dnce tjn stctik`bssns fbr tjn =731 vietchn crn c`rncay cpprbckjieh dcechndnet's upactna u`tidctn `bss huiacekn bf 37.>%(prbviana be ;/;3/=73>). Xn mnìnvn dcechndnet wi`` bekn chcie enna tb iekrncsn tjnir kud `bss huiaceknfbr tjn =731 vietchn. Cea tjn anvn`bpdnet ie tjn =73> vietchn cppncrs nvne wbrsn. ^sieh dcechndnet'shuiacekn, tjn idpìna rcdp ie =73> kjcrhn-bffs cppncrs tb mn trckoieh wn`` cjnca bf tjn =731 vietchn.

Anspitn tjn wian`y jnà vinw tjct dcechndnet's ueanrwritieh kjcehns crn arivieh idprbvndnets iekrnait `bssns (mcsna be anìequneky eudmnrs, wji`n ihebrieh kjcrhn-bffs cea rn-chna ckkbuets) tjn

nxckt bppbsitn is bkkurriehkrnait `bssns crn ckkn`nrctieh.


9/19



9

Idprbvndnet2 EB - Lust [ncsbecìty & [`nihjt bf Jcea!

Cs stctna du`tip`n tidns, tjn iekrndnetc` rntci`-snktbr muynr ie Kbee's cppncrs tb jcvn dissna tjn euceknsbf krnait cec`ysis. Cea sncsbecìty is c dctnric` eucekn ie tjn cec`ysis bf sumpridn anìequneky actc. Nvnryyncr, mntwnne `ctn-Lceucry cea dia-Dcrkj, tjn I][ pcys but mi`ìbes bf ab``crs ie rnfueas tb `bwnr iekbdntcx pcynrs. Qjnsn rnfueas crn bftne usna tb pcy abwe pnrsbec` anmt tjct jcs ckkruna bvnr tjn kbursn bf tjnprnvibus yncr. Cs c rnsu`t, dbst sumpridn pbrtfbìbs nxpnrinekn bptikc``y idprbvna trneas aurieh, ceasjbrt`y cftnr, rnfuea sncsbe. Qjis pjnebdnebe is k`ncr wjne nxcdieieh Kbee's jistbrikc` anìequneky actc.Qcm`n ; mn`bw jihjìhjts jbw Kbee's anìequneky rctns jcvn mbttbdna ie tjn Dcrkj-tb-Dcy tidnfrcdn tjn

prnvibus twb yncrs.==Mcsna be tjn jistbrikc` idpckt bf rnfueas, wn mnìnvn Kbee's 67+ acy anìequneky

rctn wi`` bekn chcie mbttbd ie Dcy cea mnhie tb iekrncsn tjrbuhjbut tjn rnst bf =73>.

Qjn ;7+ acy anìequneky rctn fbr Kcpitc` Ben's Abdnstik Kcra musienss (c dukj jihjnr krnait qucìtypbrtfbìb witj ;=% bf `bces mn`bw 667 FIKB) cea tjn tbtc` anìequneky rctn fbr CdnriKrnait/HD'ssumpridn cutb snkuritizctibe trust, CDKC], suppbrts bur cssnrtibe tjct Kbee's idprbvndnet is sncsbec`.Cs snne ie tjn kjcrts mn`bw, tjn anìequneky rctns ie tjn KBF cea CKF/HD sumpridn snkuritizctibe trustsjcvn jistbrikc``y mbttbdna ie Dcrkj br Cpri`, be`y tb stncai`y iekrncsn cftnr tcx rnfuea sncsbe.

[burkn< [NK fiìehs, kbdpcry prnsnetctibes, cea bur nstidctns.

Kjcrt =. [tctik Wbb` Kud @bss my Vietchn - Nstidctna

7%

=%

1%

6%

:%

37%

7 3 = ; 1 > 6 8 : 9 37 33 3= 3; 31 3> 36 38 3: 39 =7

'76 '78 '7: '79 '37 '33 '3= '3; '31 '3>

Qcm`n ;. Dbetj`y 67+ Acy Anìequneky

Fnm/3; Dcr/3; Cpr/3; Dcy/3; Lue/3; Lu /3; Cuh/3; [np/3; Bkt/3; Ebv/3; Ank/3; Lce/31

67+ acy anìequneky 8.7% 6.>% 6.8% 8.7% 8.6% :.=% :.8% :.>% :.>% :.>% :.>% :.:%

% rn-chna 33.=% 37.:% 37.9% 33.;%

Fnm/31 Dcr/31 Cpr/31 Dcy/31 Lue/31 Lu /31 Cuh/31 [np/31 Bkt/31 Ebv/31 Ank/31 Lce/3>

67+ acy anìequneky :.8% :.=% :.7% 8.:% :.=% :.8% 9.=% 9.8% 9.8% 37.7% 9.8% 9.8%

% rn-chna 33.6% 3=.3% 3;.3% 3;.1%

Fnm/3> Dcr/3> Cpr/3>

67+ acy a n iequneky 9.=% :.8% :.1%

% rn-chna e/c

sburkn< kbdpcey fiìehs.


10/19



37

Ie caaitibe tb tjn f`cttnrieh nffnkt bf sncsbecìty, wn mnìnvn Kbee's anìequneky actc jcs mnne aistbrtna mydcechndnet's chhrnssivn tcktiks. If wn aia ebt oebw mnttnr, wn wbuà hunss dcechndnet wcs tryieh tbcrtifikic``y arnss up tjn pbrtfbìb.Mnhieeieh ie Bktbmnr =731, Kbee's stcrtna tb rntcie 3:- cea =1-dbetj

nquc`-pcydnet, eb-ietnrnst`bces tb jihjnr FIKB mbrrbwnrs.=;Qjnsn `bces crn ueìon`y tb hb ietb ncr`y

pcydnet anfcu`t, sb anspitn prbaukieh dieidc` iekrndnetc` ietnrnst iekbdn, iekùaieh tjnd ie tjn pbrtfbìb

anebdiectbr jn`ps tjn bptiks bf anìequnekins.

Dcechndnet jcs c`sb mnne dukj dbrn chhrnssivn rn-chieh cea rnstrukturieh ckkbuets. ]n-chieh canìequnet ckkbuet is wjne c kbesudnr dcons c pcydnet, eb dcttnr jbw sdc``, br nvne dcons c vnrmc`

kbdditdnet tb pcy be c anmt, tjct bftne c``bws Kbee's tb annd tjn krnait kurrnet.=1Kbee's hrcets

nxtnesibes tb kustbdnrs wjb jcvn nxpnrinekna fiecekic` aiffiku`tymut ieaikctn c wi`ìehenss cea cmiìty

tb rnsudn dcoieh dbetj`y pcydnets.=>Ckkbraieh tb pumìk fiìehs, Kbee's kjcrhns-bff ce ckkbuet wjne it

is dbrn tjce =79 acys pcst aun. Jnekn, rn-chieh ce ckkbuet frbd c anìequnet stctus tb c kurrnet stctus=6

c``bws `bss rnkbheitibe tb mn an`cyna cea tjn k`bko tb nvne rnstcrt. Chhrnssivn rn-chieh abns ebt idprbvn br


Kjcrt ;. Kcpitc` Ben Abdnstik Kcra ;7+ Acy Anìequneky My Dbetj

;%

;%

;%

;%

;%

1%

1%

1%

Lce-3> Fnm-3> Dcr-3> Cpr-3> Dcy-3> Lue-3> Lu -3> Cuh-3> [np-3> Bkt-3> Ebv-3> Ank-3>

'3= '3; '31 '3>

sburkn< snkuritizctibe trust rnpbrts.

Kjcrt 1. CdnriKrnait's CDKC] Qbtc` Anìequneky My Dbetj

;%

>%

8%

9%

33%

3;%

Lce-3> Fnm-3> Dcr-3> Cpr-3> Dcy-3> Lue-3> Lu -3> Cuh-3> [np-3> Bkt-3> Ebv-3> Ank-3>

'7> '76 '78 '7: '79 '37 '33 '3= '3; '31 '3>


11/19



33

c`tnr krnait qucìty, it sidp`y an`cys `bss rnkbheitibe. Qjis qunstibecm`n prcktikn wcs ben bf tjn pridcryissuns tjct arbvn Kbee's stbko tb tjn `bw sieh`n aihits ie =737 cea =733. Xn mnìnvn Kbee's ankisibe tbchcie kbddnekn chhrnssivn`y rn-chieh ckkbuets is c siheifikcet rna f`ch.

Murina ie Kbee's 3S'3> 37S, tjn kbdpcey aisk`bsna tjct mnhieeieh ie Dcy =731, sumsnqunet rn-chieh bf ce

ckkbuet kbuà bkkur nvnry fbur dbetjs, vnrsus nvnry six dbetj prnvibus`y.=8

Qjn idpckt bf tjisqunstibecm`n pbìky kjcehn kce mn snne ie tjn pnrknetchn bf rn-chna ckkbuets. Ct 3/;3/3>, rn-chna ckkbuetskbdprisna 3;.1% bf tjn pbrtfbìb mc`cekn, wjikj wcs c dctnric` iekrncsn frbd lust 33.;% tjn pribr yncr.@bbona ct cebtjnr wcy, tjn mc`cekn bf rn-chna ckkbuets hrnw my >=% yncr-bvnr-yncr, kbdpcrna tb =:%

bvnrc`` pbrtfbìb hrbwtj.=:

Qjn qucìty bf tjn rn-chna ckkbuets jcs c`sb antnribrctna siheifikcet`y. Cs bf 3/;3/3>, mc`cekns tjct jcvnmnne rn-chna ct `ncst six dbetjs hrnw 9;%, wji`n mc`cekns tjct jcvn mnne rn-chna mntwnne ; - 6 dbetjshrnw 9:%. @bwnr qucìty rn-chna mc`cekns wi`` ìon`y rnsu`t ie jihjnr pnrdcenet `bssns.

Fiec``y, tjn n`nvctibe bf kjcrhn-bffs jcs c`sb jca c f`cttnrieh idpckt, dcoieh anìequnekins cppncrcrtifikic``y `bw. Xji`n jihjnr kjcrhn-bffs `nca tb `bwnr anìequnekins, tjn u`tidctn idpckt is tjn rnkbheitibebf c pnrdcenet `bss.

Anspitn tjn cmiìty tb trcko krnait trneas ie rnc`-tidn, wn mnìnvn Kbee's jcs disrnprnsnetna its kbesianrcm`nueanrwritieh cea kb``nktibe issuns. Furtjnr, tjn pnrknivna idprbvndnets ie tjn krnait pbrtfbìb crn i`ùsbry,aun ie pcrt tb s`nihjt bf jcea cea sncsbecìty. Xn mnìnvn it is idprbmcm`n tjct pbtnetic` muynrs bf Kbee'skrnait pbrtfbìb wi`` mn cs ncsi`y fbb`na wjne cpprbprictn`y aiskbuetieh tjn antnribrctieh krnait pbrtfbìbcea chhrnssivn rn-chieh prcktikns.

@cwsuit & Fbrdnr Ndp`bynns Kbrrbmbrctn c Mrbone Krnait Dban`

Mnhieeieh ie `ctn =73=/ncr`y =73;, tjn Kbdpcey idp`ndnetna c enw hrbwtj strctnhy

pursucet tb wjikj Kbee's ueanrtbbo tb bpne enw cea `crhnr stbrns (witj iekrncsna squcrn

fbbtchn) ie branr tb mn cm`n tb nxpcea mnybea its kbrn dcront bf kbesudnr n`nktrbeiks. Ie tjn

`crhnr fbrdct stbrns, Kbee's wcs cm`n tb sn`` ce iekrncsna vbùdn bf `crhnr tikont itnds sukj

cs fureiturn cea dcttrnssns. Ie kbeenktibe witj Kbee's hrbwtj strctnhy, Anfneacets c`sb

`bwnrna Kbee's ueanrwritieh stceacras ie c`` bf its stbrns ie branr tb pusj tjn `crhnr tikont

itnds betb kustbdnrs wjb jca ìtt`n br eb cmiìty tb pcy. Ie sb abieh, Kbee's sumstcetic``y

iekrncsna sc`ns rnvneuns aurieh tjn K`css Wnriba mcsna, ie siheifikcet pcrt, be sc`ns tjct wnrn

be`y ckjinvna tjrbuhj jihj-riso kbesudnr krnait.=9

Qcm`n 1. ]n-Chna Ckkbuets

$ DDs

1S'3; 3S'31 =S'31 ;S'31 1S'31 3S'3> =S'3> ;S'3> 1S'3>

3/;3/3; 1/;7/3; 8/;3/3; 37/;3/3; 3/;3/31 1/;7/31 8/;3/31 37/;3/31 3/;3/3>

Mc`cekns rn-chna 5 6 dbetjs 39.6 =7.> =7.; ==.: =1.= =6.: ;;.: ;:.: 16.8

Mc`cekns rn-chna ;-6 dbetjs 39.3 39.= 39.9 =7.8 =3.= =;.6 =:.= ;1.6 13.9

]n-chna ckkbuets k`cssifina cs "kurrnet" 18.: 18.7 >7.> >9.; 8>.1 88.9 :7.: 97.: 91.;

Qbtc` ]n-chna ckkbuets :6.1 :6.8 97.8 37=.: 3 =7.: 3=:.; 31=.9 361.= 3 :;.7

% yby kjcehn - 5 6 dbetjs =;% ;3% 68% 87% 9;%

% yby kjcehn - ;-6 dbetjs 33% =;% 1=% 68% 9:%

% yby kjcehn - kurrnet >:% 66% 67% >;% =>%

% yby kjcehn - Qbtc` rn-chna 17% 1:% >:% 67% >=%

% yby kjcehn - tbtc` hrbss rnknivcm`ns 3>% ==% =8% ;:% 11% 1;% 17% ;;% =:%

% hrbss rnknivcm`ns - 5 6 dbetjs =.6% =.8% =.1% =.1% =.;% =.1% =.9% ;.3% ;.1%

% hrbss rnknivcm`ns - ;-6 dbetjs =.6% =.>% =.1% =.=% =.7% =.3% =.1% =.:% ;.3%

% hrbss rnknivcm`ns - kurrnet 6.1% 6.3% 6.7% 6.;% 8.3% 8.3% 6.9% 8.=% 6.9%

% hrbss rnknivcm`ns 33.8% 33.=% 37.:% 37.9% 33.;% 33.6% 3=.3% 3;.3% 3;.1%



12/19



3=

Qjn qubtn cmbvn is ben bf dcey aisturmieh ckkusctibes, dcey bf wjikj kbdn airnkt`y frbd fbrdnrndp`bynns, ie c `cwsuit fi`na chciest Kbee's. Xji`n tjn `cwsuit aia dcon tjn rbueas `cst yncr, wn wbuà

strbeh`y nekburchn cey ietnrnstna pcrty tb kcrnfu``y rnca tjn cdneana kbdp`ciet, wjikj jcs rndcienamn`bw tjn rcacr (actna 1/37/=73> - abkont 31-kv-77>1:). If tjn stctndnets dcan my fbrdnr ndp`bynns crn

ckkurctn, wn ab ebt mnìnvn c pbtnetic` pcrtenr wbuà nvnr trust Kbee's tb ueanrwritn cea snrvikn c krnaitpbrtfbìb.

Qjn fb``bwieh snhdnets crn c``nhctibes tcone airnkt`y frbd tjn `cwsuit tjct wn mnìnvn fueacdnetc``y tcietsKbee's dcechndnet, ueanrwritieh, snrvikieh kcpcmiìtins, ietnhrity, cea ìonìjbba c muynrs is wi`ìeh tb pcymbbo vcùn fbr tjn pbrtfbìb


13/19



3;

Dcey fbrdnr Kbee's ndp`bynns prbviana sidi`cr ckkbuets anskrimieh tjn aysfuektibe bf Kbee's krnait ceaueanrwritieh bpnrctibes. Cssudieh tjnrn is c dbaikud bf trutj tb tjn ndp`bynn ckkusctibes (bf wjikj tjn[NK is surn`y cwcrn), wn chcie wbuà crhun tjn dcront's nxpnktctibe fbr c pbrtfbìb sc`n ceaf`bwchrnndnet is snvnrn`y disp`ckna. Mn`bw crn sbdn rn`nvcet ckkusctibes frbd fbrdnr ndp`bynns ie tjn pumìk`cwsuits. Xji`n tjn butkbdns bf tjn sjcrnjbànr `cwsuit, KFWM ievnstihctibes, cea [NK iequirins crn sti``

pneaieh, wn mnìnvn if tjn ief`cddctbry ckkusctibes crn trun, Kbee's kbuà mn ie vib`ctibe bf du`tip`nêitna [tctns `cws cea rnhu`ctibes, iekùaieh< tjn KC]A Ckt, Qrutj-ie-@neaieh Ckt, Fcir Krnait ]npbrtiehCkt, cea tjn Krnait Kcra Ckkbuetcmiìty, ]nspbesimiìty & Aisk`bsurn CKQ bf =779.

Ndp`bynn #3< jihj rceoieh nxnkutivn, wjb wcs tjn [neibr Dcechnr bf Kb``nktibes [trctnhy rnpbrtieh

airnkt`y tb Kbee's kurrnet KBB Dikjcn` Wbppn< Vikn Wrnsianet bf Krnait

Kbee's kurrnet KBB Dikjcn` Wbppn supnrvisna tjn `bwnrieh bf krnait cea ueanrwritieh stceacras tjctkbddnekna ie =73; witj krnait iekrncsieh`y mnieh nxtneana tb uekrnaitwbrtjy kustbdnrs.

Dcechndnet wcs ebt be`y cwcrn, mut jihj`y ievb`vna ie acy-tb-acy issuns ìon kb``nktibes. Qjny wnrnprbviana witj upactna anìequneky iefbrdctibe, wjikj wcs aiskussna aci`y witj tbp rceoieh Kbee'sdcechndnet.


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Ndp`bynn #6< Kb``nktibes [pnkicìst

Qjn kb``nktibes anso wcs ancìeh witj kustbdnrs witj FIKB skbrns ie tjn =77s, ;77s, 177s, cea>77s.

Jis lbm wcs idpbssim`ncs pnbp`n jn wcs kbetcktieh `ckona tjn cmiìty tb pcy tjn krnait ìens tjny jca

mnne hivne. Qjn kbdpcey's rnspbesn wcs fbr jid tb prnssurn kustbdnrs ietb netnrieh ce nxtnesibeprbhrcd.

Dcey bf tjn c``nhctibes fbuea ie tjn sjcrnjbànr `cwsuit snndna tb mn vnrifina my ce ieanpneanet EnwYbro Qidns crtik`n be Kbee's frbd [nptndmnr =731 tit`na, If c Kbdpcey Xbe't Qcò, Its Fbrdnr

Ndp`bynns Xi``.;7Qjnir rnsncrkj fbuea furtjnr nvianekn, wji`n kitieh spnkifik nxcdp`ns, bf

dcechndnet's tbtc` aisrnhcra fbr ueanrwritieh. Fbr nxcdp`n, tjn crtik`n abkudnets c dce frbd Crizbecwitj anstrbyna krnait wjbsn jbusn jca lust mnne fbrnk`bsna be. Qjis dce visitna c frinea wjb wbrona ctKbee's, be`y tb surprisieh`y bmtcie c $31,777 Kbee's krnait ìen (ct c =>% ietnrnst rctn pùs caa-be krnait

iesurcekn tjct furtjnr iekrncsna tjn nffnktivn yinà).;3êsurprisieh`y, jn fn`` mnjiea be pcydnets sbbe

cftnr dcoieh jis purkjcsns. C`` bf jis btjnr krnaitbrs wbrona witj jid tb rnaukn jis dbetj`y but`cys nxknptKbee's. Qjn dce tbà tjn Enw Ybro Qidns< tjny kc``na dn nihjt tidns nvnry acy cea tn`` dn I qucìfy fbrrnfiecekieh, mut tjct I enna tb snea tjnd $=:7 mnfbrn tjny wi`` snea dn tjn pcpnrwbro fbr tjn rnfi I tn``

tjnd I wcet tb snn tjn pcpnrwbro mnfbrn I snea tjn dbeny. Cea tjny wbe't ueti` I snea tjnd $=:7.;=Qjiscenkabtn `ncas us, cea ueabumtna`y pbtnetic` muynrs, tb wbeanr wjntjnr sneaieh $=:7 wbuà jcvnk`cssifina tjis ckkbuet cs rn-chna (dbvieh it frbd anìequnet stctus tb kurrnet).

]nhu`ctbry Issuns @ion`y tb Xnihj Be Wbtnetic` Muynrs

Xn mnìnvn ievnstbrs ie Kbee's crn uecwcrn bf tjn `bbdieh rnhu`ctbry riso. Irbeikc``y, Kbee's dcechndnet,wjb wn tjieo jcs mnne jihj`y aisiehneubus witj ievnstbrs, cktuc``y cadits tjny nxpnkt tb mn sumlnkt tb tjn

KFWM's rnhu`ctibe ct sbdn pbiet cea rnhu`ctibe dcy jcvn ce idpckt be bur musienss.;;Qjis rnhu`ctbry

idpckt dcy mn dukj k`bsnr tjce ievnstbrs nxpnkt. @cst Friacy (>/==/3>), tjn KFWM dbvna tb rnhu`ctn

iestc``dnet `neanrs, wjikj kbuà nekcpsu`ctn Kbee's.;1Kbee's bffnrs k`bsna-nea krnait witj fixna

rnpcydnet skjnau`n cea rnpcydnet cdbuets, wjikj cppncrs tb fit tjn anfieitibe bf iestc``dnet `bces. Qjis isidpbrtcet mnkcusn rntci`-knetrik ievnstbrs cea sn``-sian cec`ysts cppncr uecwcrn bf tjn KFWM's iekrncsna

fbkus be stnddieh tjn dbrn anstruktivn`neaieh cea kb``nktibes prcktikns.;>

Ie Dcrkj =73>, tjn KFWM rn`ncsna prbpbsna rnhu`ctibes fbr tjn pcyacy `bce ieaustry tjct kbuà kut

ieaustry rnvneuns my 67% tb 8>%.;6Qjn KFWM stctna musienssns witj cmusivn krnait/kb``nktibe pbìkins

wi`` kbetieun tb mn c pribrity. Xn mnìnvn Kbee's kbuà c`sb mn snvnrn`y cffnktna my tjn rnknet`y `cuekjnaKFWM pumìk iequiry ietb tjn krnait kcra dcront, witj c spnkifik fbkus be krnait kcra tnrds, tjn usn bf

kbesudnr aisk`bsurns, krnait kcra anmt kb``nktibe prcktikns, cea rnwcras prbhrcds.;8Qjn KFWM ìstna 3=

crncs bf kbeknre mnieh stuaina, snvnrc` bf wjikj kbuà jcvn c dctnric``y enhctivn idpckt be Kbee's krnait

prcktikns.;:

Anfnrrna ietnrnst prbaukts wnrn jihjìhjtna cs ce crnc bf kbeknre my tjn KFWM. Qjnir pbìky fbkus bewjntjnr kbesudnrs wjb usn anfnrrna ietnrnst prbdbtibes ueanrstcea tjn riso bf mnieh kjcrhna rntrbcktivn

ietnrnst snnds tb suhhnst rnhu`ctibe is fbrtjkbdieh.;9Anfnrrna ietnrnst prbdbtibes caa ietnrnst tb tjn `bce

mc`cekn if c kustbdnr dissns c sieh`n pcydnet br abns ebt pcybff tjn `bce mc`cekn witjie 3= dbetjs. Qjisprnactbry tcktik nffnktivn`y tures ce ietnrnst frnn `bce ietb c jihj kbst sumpridn fiecekieh.17Ie c rnpbrt tb

Kbehrnss, tjn KFWM fbuea tjct 1;% bf mbrrbwnrs witj sumpridn krnait skbrns wjb tbbo but prbdbtibec`

fiecekieh witj anfnrrna ietnrnst wnrn u`tidctn`y kjcrhna rntrbcktivn ietnrnst ie c ùdp sud.13Ie its rnpbrt

tb Kbehrnss, tjn KFWM kbekùana tjct anfnrrna ietnrnst prbaukts nea up kbstieh c siheifikcet snhdnet bfvuènrcm`n kbesudnrs c sizcm`n cdbuet bf dbeny. Qjnir rnknet pumìk fbkus be tjis prnactbry `bce prbauktkbuà prnsnet c dctnric` prbm`nd fbr Kbee's, kbesianrieh encr`y ben-tjira bf its pbrtfbìb is nxpbsna tb

anfnrrna ietnrnst.1=


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Ct 3/;3/=73>, prbdbtibec` eb-ietnrnst rnknivcm`ns rnprnsnetna ;=.:% bf Kbee's rnknivcm`ns pbrtfbìb (br

$11: di`ìbe bf $3.;8 mi`ìbe).1;Qjis kbetrbvnrsic` `bce prbaukt jcs mnne c siheifikcet arivnr bf Kbee's

pbrtfbìb hrbwtj. Qjn prbdbtibec` anfnrrna ietnrnst rnknivcm`n bf $11: di`ìbe jcs hrbwe frbd lust $:1di`ìbe bvnr tjn `cst fbur yncrs. Aurieh tjis scdn pnriba, anfnrrna ietnrnst rnknivcm`ns jcvn mc``bbena frbd

lust 3=.1% bf Kbee's pbrtfbìb ie 1S'33 tb ;=.:% ie 1S'3>.11Qjnrn is ìtt`n abumt tjct Kbee's wi`` jcvn

siheifikcet riso if/wjne tjn KFWM tcrhnt tjnsn prbaukts, cs its bwe aisk`bsurns k`ncr`y jihjìhjt tjctprbdbtibec` krnaits iekùan anfnrrna ietnrnst.1>

Krnait kcra caa-be prbaukts cea wjct cktibes issunrs jcvn tcone tb prnvnet uefcir, cmusivn, br anknptivndcrontieh prcktikns cea wjct jcrdfu` prcktikns pnrsist is tjn snkbea crncs bf kbeknre mnieh stuaina my tjn

KFWM tjct airnkt`y cffnkts Kbee's.16Cs c prnkursbr tb wjct dcy jcppne witj Kbee's, KFWM ru`ns wnet ietb

nffnkt ie =731 tjct prbjimit fiecekieh krnait iesurcekn prndiuds (ce caa-be prbaukt) witj c dbrthchn.18

Andbestrctieh tjn chhrnssivn stcekn tjn KFWM tbbo chciest `neanrs, Mceo bf Cdnrikc wcs branrna tb pcy

$8=8 di`ìbe ie rnìnf tb kbesudnr jcrdna my prcktikns rn`ctna tb krnait kcra caa-be prbaukts.1:Furtjnr,

c eudmnr bf stctn cttbreny hnenrc`s cea privctn p`cietiffs jcvn fi`na `cwsuits chciest rntci`nrs rn`ctieh tb

idprbpnr prcktikns ie kbeenktibe witj tjn sc`n bf krnait iesurcekn.19Qjn krckoabwe be krnait kcra

kbdpceins' uschn bf usn`nsscea bvnr-priknacaa-be prbaukts tb nxtrckt caaitibec` fnns frbd kustbdnrs,

wji`n cvbiaieh stctn usury vib`ctibes sjbuà ebt mn ihebrna.>7Xn mnìnvn Kbee's bwe caa-be prbaukts

crn nxpbsna tb sumstcetic` rnhu`ctbry riso.

Kbee's bffnrs krnait iesurcekn be fiecekn sc`ns, wji`n rnquiriehtjct kustbdnrs nitjnr purkjcsn prbpnrty

iesurcekn frbd Kbee's, br prbvian nvianekn bf iesurcekn frbd c tjira-pcrty prbvianr.>3Ie fiskc` =73>,

Kbee's rnkbheizna $>7.6 di`ìbe bf iesurcekn kbddissibe rnvneun. Xjne kbdpcrna tb tjn $=33.3di`ìbe bf ietnrnst iekbdn cea fnn rnvneun, it is k`ncr tjct tjnsn caa-be prbaukts rnprnsnet c dctnric`

nkbebdik arivnr bf tjn krnait musienss.>=Furtjnr, wn mnìnvn iesurcekn kbddissibes f`bw tjrbuhj ct encr`y

377% dcrhie. Qjn Enw Ybro Qidns rnpbrtna tjct snvnrc` fbrdnr Kbee's ndp`bynns _wnrn hivneT baaiestruktibes wjne it kcdn tb sn`ìeh krnait iesurcekn, wjikj iekùana mnieh nekburchna tb sn`` it tb

dcxidizn tjnir mbeus, mut _tjny wnrnT ebt suppbsna tb aiskuss it witj kustbdnrs.>;If trun, Kbee's

dntjbas wbuà my anfieitibe kbestitutn tjn nxckt uefcir, cmusivn, br anknptivn dcrontieh prcktiknstjcttjn KFWM is kurrnet`y stuayieh. If futurn rnhu`ctibe rnaukna cea/br nìdiectna iesurcekn caa-be prbaukts,Kbee's (br ce uesuspnktieh muynr) kbuà `bsn 39% bf its rnvneun, witj nxtrndn`y jihj dcrhies.

Fiec``y, be Ebvndmnr =>, =731 tjn Fbrt Xbrtj ]nhibec` Bffikn bf tjn [NK snet ce iefbrdctibe rnqunst tb

Kbee's cs pcrt bf c ebe-pumìk iequiry rn`ctieh tb ueanrwritieh pbìkins cea mca anmt prbvisibes.>1Qjn

prnvibus`y aiskussna k`css cktibe `cwsuit c``nhns tjct Kbee's tbp twb nxnkutivns, KNB Qjnbabrn Xrihjt ceaKBB Dikjcn` Wbppn, pbssnssna tjn dbtivn tb kbddit frcuawjne tjny rncpna dbrn tjce $1.> di`ìbe_bfT iesianr trcaieh prbknnassn`ìeh stbko wji`n c``nhna`y cwcrn bf Kbee's nxtnesivn krnait issuns. If trun,wn mnìnvn tjnsn nxnkutivns kbuà mn sumlnkt tb [NK nefbrkndnet, wjikj wbuà krnctn nvne hrnctnrueknrtciety ct Kbee's.

Mùnstnd Abns Ebt Cppncr Qb Mn c Vicm`n Kbdp

Du`tip`n sn``-sian cec`ysts jcvn usna Mùnstnd cs c prbxy fbr Kbee's iddienet krnait trcescktibe strukturn.Xn mnìnvn tjn fckts ab ebt suppbrt tjis kbdpcrisbe. Mùnstnd is ce beìen rntci`nr, cea wjb``y-bwena

Qcm`n >. Eb-ietnrnst ]nknivcm`ns

$ DDs

1S'33 1S'3= 1S'3; 1S'31 1S'3>

3/;3/33 3/;3/3= 3/;3/3; 3/;3/31 3/;3/3>

Eb-ietnrnst rnknimcm`ns mc cekn :;.: 9>.= =7=.1 ;:7.; 11:.7

% bf hrbss bces 3=.1% 31.:% =8.;% ;>.6% ;=.:%



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sumsiaicry bf Kcpdcro Fiecekic` (KWDO), abieh musienss ueanr tjn Fiehnrjut, Hnttiehtbe.kbd, ceaWcyKjnko Airnkt mrceas. Mcko ie =73;, Mùnstnd Mrceas netnrna ietb ce chrnndnet witj [cetceanrKbesudnr ^[C ([K) ie wjikj [K wbuà purkjcsn rnvb`vieh krnait rnknivcm`ns brihiectna my Fiehnrjut cea

Hnttiehtbe.kbd.>>Ckkbraieh tb [K's 37O, tjn chrnndnet iekùans ce bptibe tb purkjcsn knrtcie `bces

frbd Mùnstnd.>6Mcsna be bur ueanrstceaieh, tjn nffnktivn Mùnstnd/[K bptibe is vnry aiffnrnet tjce

tjn rnquirna f`bw chrnndnet tjct sn``-sian cec`ysts jcvn f`bctna fbr Kbee's. Fbr nxcdp`n, ie ce cdneadnettb its 37O, [K aisk`bsna tjct tjny brihiectna cpprbxidctn`y $;1; di`ìbe bf `bces witj Mùnstnd ie =731. >8

KWDO aisk`bsna tjct Mùnstnd jca $3.= mi`ìbe bf dnrkjceaisn sc`ns ie its fiskc` yncr neana 3/;7/=73>.>:

Qjis idpìns tjct be`y ;7% bf Mùnstnd's sc`nswnrn fiecekna tjrbuhj [K. Qjis rctib is ie stcro kbetrcsttb Kbee's fiecekieh prbfi`n cea ennas.

Ie fiskc` =73>, Kbee's ie-jbusn fiecekna sc`ns wnrn $91=.= di`ìbe kbdpcrna tb $3.== mi`ìbe bf tbtc` rntci`sc`ns. Ie-jbusn fiecekieh ckkbuetna fbr 8:% bf Kbee's rntci` sc`ns.Xn tjieo it is ebesnesikc` tb cssudntjnsn fiecekna sc`ns kbuà mn ncsi`y trcesfnrrna tb c tjira pcrty. Mut wjct ievnstbrs ab ebt cppncr tb rncìznis Kbee's c`rncayjcs c rn`ctibesjip witj c tjira pcrty `neanr, [yekjrbey Fiecekic`. [idi`cr tb [K, wjb jcstjn bptibetb ckquirn jihjnr krnait qucìty `bces tjrbuhj Mùnstnd (wji`n Mùnstnd snrvikns tjnpbrtfbìb), [yekjrbey kce c`sb nxtnea krnait tb qucìfina Kbee's kustbdnrs. Xn mnìnvn it is tn`ìeh tjct[yekjrbey Fiecekic` be`y fiecekna 37.:% bf Kbee's sc`ns ie fiskc` =73>, ebwjnrn encr tjn ;7% bf

Mùnstnd sc`ns tjct wnrn fiecekna my [K. Qjn fckt [yekjrbey jcs mnne sb sn`nktivn ie Kbee's krnaitpurkjcsns suhhnsts tb us tjct Kbee's wi`` struhh`n tb fiea c `neanr fbbìsj nebuhj tb ebt be`y muy tjn ebe-[yekjrbey fiecekna pbrtfbìb (Kbee's pbrtfbìb), mut c`sb knan uernstriktna ueanrwritieh cea snrvikiehrnspbesimiìtins.

Xn c`sb mnìnvn Mùnstnd is nxpbsna tb fcr `nss rnhu`ctbry riso, dcoieh Mùnstnd c dbrn cttrcktivnfiecekieh pcrtenr tjce Kbee's. Fbr nxcdp`n, Mùnstnd cppncrs `nss rnìcet be anfnrrna ietnrnst (Kbee'spbrtfbìb is rbuhj`y ben-tjira prbdbtibec` eb-ietnrnst krnait) cea caa-be prbaukts, wjikj wn jihjìhjtnancrìnr cs jbt muttbe issuns fbr rnhu`ctbrs. Fiehnrjut, wjikj ckkbuets fbr dbst bf Mùnstnd's pbrtfbìb `bces,

abns bffnr ce ckkbuet prbtnktibe caa-be prbaukt.>9Jbwnvnr, ueìon Kbee's, c dnrkjceaisn muynr is EBQ

rnquirna tb muy iesurcekn frbd Mùnstnd, br prbvian prbbf bf tjira pcrty kbvnrchn. Xn mnìnvn tjisrnquirndnet bf prbvieh tjira pcrty kbvnrchn arivns siheifikcet`y jihjnr cttckjdnet rctns ct Kbee's. Furtjnr,Mùnstnd bffnrs rnvb`vieh krnait fbr fiecekieh sdc``nr tikont itnds witj `bw ieitic` krnait ìens, wji`n c`sb

rntcieieh krnait `bssns be jihjnr krnait riso kustbdnrs.67Mùnstnd's krnait kcra is issuna tjrbuhj c ^tcj-

kjcrtnrna ieaustric` mceo, wjikj sumlnkts tjnir krnait bffnrieh tb rnhu`cr rnvinw my tjn FAIK. Ie tbtcìty, tjnKbee's kbdpcrisbes tb Mùnstnd cppncr uewcrrcetna. Xitj fcr `nss rnhu`ctbry riso, wn mnìnvn Mùnstnd isc qucetificm`n riso fbr c tjira pcrty fiecekieh pcrtenr, wjnrncs Kbee's riso cppncrs bpne-neana.

Xitjbut c Wbrtfbìb [c`n ceaF`bw Chrnndnet Kbee is Mrbone

Xn kbekur witj dcechndnet's pumìk stctndnets tjct krnait is ienxtrikcm`y ìeona tb its rntci` dban`. Qjct:9% bf rntci` sc`ns rnquirna fiecekieh, wji`n lust 6.>% bf rntci` sc`ns wnrn kcsj sc`ns, spncos tb tjnanprnssna stctn bf Kbee's kustbdnrs. Cs sukj, it sjbuà mn eb surprisn tjct dcechndnet jcs ndpjctikc``ystctna tjny enna tb rntcie ueanrwritieh cea snrvikieh cutbebdy. Qjis rnquirndnet fbr kbetrb` is ben bf tjndcie fueacdnetc` ayecdiks tjct dcon c sukknssfu` trcescktibe ueìon`y (anfiena cs pbrtfbìb sc`n ceauernstriktna f`bw chrnndnet). Wbtnetic`pbrtfbìb muynrs wi`` enna tb kbetnea witj dcsschna krnait bptiks,qunstibecm`n ueanrwritieh stceacras, kjcrhn-bff cea rn-chieh pbìkins tjct suhhnst krnait is hnttieh wbrsn,

cs wn`` cs c jbst bf nxistieh cea/br pbtnetic` rnhu`ctbry idpnaidnets. Cs it mnkbdns k`ncr tjct Kbee's isueìon`y tb fiea c pbrtfbìb muynr ceaf`bw pcrtenr, wn mnìnvn Kbee's stbko wi`` kb``cpsn cs ievnstbrsrncìzn its rntci` musienss dban` is mrbone.

It is bur bpieibe tjct Kbee's systndctikc``y bvnrstctns its rntci` hrbss dcrhies my fiecekieh sc`ns tjctkbesudnrs kbuà ebt btjnrwisn cffbra. Qjn anrivctivn mnenfikicry bf Kbee's krnait pbìkins jcs mnne cebvnrstctndnet bf rntci` snhdnet nkbebdiks. Kbee's hnenrctns c `bhik-anfyieh 17.>% rntci` hrbss dcrhie,

wjikj wn mnìnvn is sb`n`y c fuektibe bf its chhrnssivn fiecekieh tcktiks.63Cs Qcm`n 6 jihjìhjts mn`bw,

sidi`cr mih mbx rntci`nrs ìon jjhrnhh (JJH) cea Mnst Muy (MMY) hnenrctn hrbss dcrhies ie tjn jihj-


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twnetins, siheifikcet`y `bwnr tjce Kbee's.6=,6;Qjn mu`ìsj crhudnet tjct Kbee's bvnr-ieanxns tb fureiturn

cea dcttrnssns is sidp`y fc``ckibus. Dcttrnss Fird (DF]D), c spnkic`ty dcttrnssns kbdpcey, rnpbrtna c;:.=% hrbss dcrhie ie =731, anspitn jihj-nea spnkic`ty cea privctn `cmn` dcttrnssns kbdprisieh dbrn tjce

17% bf its sc`ns.61Xn mnìnvn Kbee's rntci` hrbss dcrhies crn bvnrief`ctna aun tb c sidp`n fbrdu`c< Fiea

kbesudnrs tjct crn rnìcet be sumpridn fiecekieh, kjcrhn c jihjnr ieitic` dcro-up (ID^) be rntci`

dnrkjceaisn, bvnrstctn dcrhies cea iekbdn ct tjn rntci` bpnrctibes. Qjis fbrdu`c idmnas c kbst bf fiecekiehie hrbss dcrhies, mut XIQJB^Q KCWQIVN IE-JB^[N FIECEKIEH, QJI[ ]NQCI@ FB]D^@C EB@BEHN] XB]O[.

Kbee's rntci` squcrn fbbtchn hrbwtj cea nkbebdiks fci` witjbut tjn suppbrt bf ncsy krnait cea `cxueanrwritieh stceacras. Xn kce ebt strnss nebuhj tjct c pbrtfbìb sc`n, witjbut ce uernstriktna f`bwchrnndnet, dnces tjn nehien mnjiea Kbee's uefnttnrna rntci` hrbwtj is mrbone. êanr tjis sknecrib, wnmnìnvn tjn sjcrns wi`` rnvisit tjn $3> `nvn` snne ncrìnr ie =73>, wjikj wbuà rnprnsnet dbrn tjce 67%abwesian.

3 jttp77773;/kbee73;3=73>37-o.jtd= jttp:767:/777339;3=>3>3>;8:>/a9363:9a37oc.jtd; jttp:767:/7773>:767:3>7777;3/scetceanr=73137-o.jtd

Qcm`n 6. ]ctci` Hrbss Dcrhies

$ DDs

=733 =73= =73; =731 =73>

KBEE =6.>% =:.8% ;>.=% ;9.9% 17.>%

JHH ;7.;% =:.9% =9.7% =:.1% =:.>%

MMY =>.7% =1.>% =;.6% =;.3% ==.1%



18/19



3:

1 jttp77773;/kbee73;3=73>37-o.jtd> jttp-rnsu`ts-ncreiehs-kc``-trceskript9

snnoiehc`pjc.kbd/crtik`n/;71;1:6-kbees-kbee-knb-tjnb-wrihjt-be-q1-=73>-rnsu`ts-ncreiehs-kc``-trceskript37 jttp3=3>9;3;/a;=9918a37o.jtd33 jttp37-o.jtd3; jttp-rnsu`ts-ncreiehs-kc``-trceskript36 jttp-rnsu`ts-ncreiehs-kc``-trceskript38 jttp-rnsu`ts-ncreiehs-kc``-trceskript=3 jttp1:;7 jttp7>,a.kH^ 1=www.hbbh`n.kbd/ur`2sc4t&rkt4l&q4&nsrk4s&sburkn4wnm&ka43&kca4rlc&uckt4:&vna47KM:SFlCC&ur`4jttp%;C%=F%=Ffi`ns.kbesudnrfiecekn.hbv%=Ff%=F=73;79RkfpmRkcra-ckt-rnpbrt.paf&ni4@Z]cVk6VDkvfbCQrs1W1Mw&ush4CFSlKENjS6XAHbHv1wpJW[eBOkcHq>zx>S&sih=4FQbJF6-e8^JNiFFQeHb1iw&mvd4mv.9;8>6>7>,a.kH^ 1; jttp77773;/kbee73;3=73>37-o.jtd11 jttp83>/fbrd37o.jtd1> jttp37-o.jtd>= jttp77773;/kbee73;3=73>37-o.jtd>; jttp1 jttp77773;/kbee73;3=73>37-o.jtd>> jttp;=7/ne/M`unstnd-Mrceas-Ceebuekns-Chrnndnet-[cetceanr-Kbesudnr-^[C#.VVp]S^\A;lD>6 jttp:767:/7773>:767:3>7777;3/scetceanr=73137-o.jtd>8 jttp:767:/777339;3=>3>3>;8:>/a9363:9a37oc.jtd>: jttp9www.fiehnrjut.kbd/kustsnrv/kustsnrv.lsp2pchnEcdn4[cfn`ienQK 67 jttp


19/19


63 jttp77773;/kbee73;3=73>37-o.jtd6= jttp77773:/jhh-=73>7;;3x37o.jtd6; jttp777731/mmy-=73>x37o.jtd61 jttp=/7773>>:;873>7771;:/dfrd-=73>7=7;x37o.jtd

conn job? substantial downside likely

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