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- ? - ;9?? YL @woafn Fbckob Hcasubtnaf

]jns ortnhbe bccls ot tje Aonrckn Xtchl Exhjoafe (AXE) tc nmeatndy wjnhj drc o au ker cd strotefnes wcubm prcmuhe wnaanafstchls ca o hcasnsteat kosns. ]je ortnhbe navcbves o stumy na wjnhj snx jypctjetnhob navest eat motes ore hcasnmerem ketweea;99: oam ;9?9 oam stchls pnhlem ca tje kosns cd tjree strotefnes dcr dcur oaauob oam twc enfjt- catj perncms prncr tc tjesenavest eat motes.

Xtchls ore pnhlem ca tje kosns cd tjenr cutperdcr oahe na tje navest eat perncms prncr tc tje navest eat motes. ]je strotefnesnahbume o mnvnmeam ynebm strotefy, o hopntob frcwtj strotefy oam o tctob retura (jykrnm) strotefy tc nmeatndy wjnhj o caf tjesewcubm prcvnme tje jnfjest au ker cd wnaaers na tje perncm dcbbcwnaf tje navest eat motes.

]je navest eat motes hcasnmerem ore7

?6 Goauory ;99:

?= Acve ker ;99:

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- ; - ;9?? YL @woafn Fbckob Hcasubtnaf

; @orhj ;99>

;9 @oy ;99>

;> Guby ;9?9

> Xepte ker ;9?9

Dcr eose cd hc putotnca oam kehouse cd o bohl cd omequote moto ca mnvnmeams ponm dcr tje sc e cd tje s obb hop. stchls, tjemnvnmeam ynebm ns tolea os o prcxy dcr tje mnvnmeam ponm dcr tje perncm tc orrnve ot tctob retura. N t ns qunte hcahenvokbe tjot o jnfjynebm dcr o stchl oy exnst obcafsnme o jnfj mnvnmeam oam vnhe verso.

[eseorhj

J nfj m nvnmeam ynebm strotefy

O au ker cd stchls were pnhlem ca tje kosns cd o jnfj mnvnmeam ynebm ca tje navest eat motes. Jnfj mnvnmeam ynebm stchls?weretjcse wntj ynebms cd okcve = per heat oam wjnhj sjcwem tjns hcasnsteatby cver tje snx perncms hcasnmerem. Xtchls tjot hcasnsteatbysjcwem jnfj ynebms (na ot beost dnve cd tje snx perncms hcasnmerem) were Eost Odrnhoa Krewernes Btm., Krntnsj O ernhoa ]ckohhcBtm., Leayo Hc erhnob Koal Btm., Leayo Cnb Btm.;, ]ctob Leayo Btm. oam LeaFea Btm. Eaerfy stchls na portnhubor pcstem veryn pressnve ynebms murnaf obb snx perncms overofnaf webb cver 89 per heat dcr Leayo Cnb Btm. oam webb cver : per heat dcr ]ctobLeayo Btm. Krntnsj O ernhoa ]ckohhc Leayo Btm. hcasnsteatby ynebmem na exhess cd 4 per heat dcr tje perncms hcasnmerem.

Jcwever, pnhlnaf stchls ca tje kosns cd o jnfj mnvnmeam ynebm mnm act prcve tc ke o wnaanaf dcr ubo. Caby Eost Odrnhoa KrewernesBtm. oam Krntnsj O ernhoa ]ckohhc Leayo Btm. oaofem tc cutperdcr (na ter s cd hopntob frcwtj) na ot beost dnve cd tje snxperncms dcbbcwnaf tje navest eat motes. ]ctob Leayo Btm. oam LeaFea Btm. were portnhuborby pccr caby oaofnaf tc cutperdcrna twc cd tje snx perncms dcbbcwnaf tje navest eat motes. ]jns eoas tjot cd tje snx stchls pnhlem ca tje kosns cd o jnfj mnvnmeamynebm caby twc stchls were okbe tc hcasnsteatby cutperdcr n.e. na ot beost dnve cd tje snx perncms hcasnmerem- o suhhess rote cd 88 perheat.

?Obsc jereca rederrem tc os jnfj ynebm stchls.

;]jns stchl pcstem tje jnfjest mnvnmeam ynebms na obb tje perncms hcasnmerem.

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- = - ;9?? YL @woafn Fbckob Hcasubtnaf

]je okcve sjcwem tjot hopntob frcwtj os oa navest eat strotefy na pnhlnaf wnaaers wcubm act jove suhhessdub na mcnaf sc. Xc ecd tje webb-perdcr naf stchls na ter s cd hopntob frcwtj na tje beom up tc tje navest eat perncms (tje bnles cd ]ctob Leayo Btm.oam Eofoms Btm.) perdcr em mns obby na tje perncms odter na ter s cd hopntob frcwtj. Os wnbb ke seea boter post wnaaers jove oteameahy tc kehc e duture bcsers oam vnhe verso.

] ctob retura (jykrnm ) strotefy

O strotefy tc pnhl stchls ca tje kosns cd tctob retura na tje perncms prehemnaf tje navest eat motes nmeatndnem Otjn [nver @nanafBtm. oam Xtoamorm Hjorterem Koal Btm., na portnhubor, os pcssnkbe wnaaers os tjese cutperdcr em na ter s cd tctob frcwtj na obb snxperncms hcasnmerem. Ctjer stchls tjot were pnhlem ca tje kosns cd tjns strotefy nahbumem Eost Odrnhoa Krewernes Btm., Hnty ]rustBtm., ]ctob Leayo Btm., XhoaFrcup Btm. oam Eofoms Btm. obb wjnhj cutperdcr em na ter s cd tctob retura na dcur cd tje snx perncmshcasnmerem.

Dcbbcwnaf tje rebevoat navest eat motes, Otjn [nver @nanaf Btm oam Eost Odrnhoa Krewernes Btm. cutperdcr em na obb snx perncmswjnbe XhoaFrcup Btm. oam Xtoamorm Hjorterem Koal Btm. cutperdcr em na dnve oam dcur perncms respehtnveby na ter s cd hopntobfrcwtj na tje yeors dcbbcwnaf tje navest eat motes. ]jns eoas tjot cd tje sevea stchls tjot were nmeatndnem ky o strotefy kosem catctob retura tc pnhl wnaaers, dcur stchls oaofem tc cutperdcr na tje yeors dcbbcwnaf tje navest eat mote- o suhhess rote cd 56per heat.

]jus o strotefy kosem ca nmeatndynaf stchls tjot jom cutperdcr em ca tje kosns cd tctob retura oam nahbumnaf tjese na tje navestcrspcrtdcbnc wcubm jove prcvnmem o jnfjer nahnmeahe cd wnaaers na tje suksequeat navest eat perncms (jere cae yeor) na ter s cdsjore perdcr oahe keotnaf obteraotnve strotefnes kosem ca jnfj ynebms oam hopntob frcwtj.

Obtjcufj o au ker cd namnvnmuob stchls tjot were exhbumem uamer obb tjree strotefnes- mnvnmeam ynebm, hopntob frcwtj oam tctobretura, mnm nameem cutperdcr na tje snx perncms dcbbcwnaf tje rebevoat navest eat motes- Loluzn Btm., Vnbbno sca ]eo Leayo Btm.,

Ko kurn He eat Btm., Hrcwa Kerfer (L) Btm., Equnty Koal Btm., Guknbee Nasuroahe Hc. Btm. oam ]YX (Xereao) Btm.- nt ns mnddnhubttc nmeatndy o strotefy tjot wcubm jove pnhlem tjese stchls ex-oate tc mebnver o wnaanaf pcrtdcbnc.

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- 5 - ;9?? YL @woafn Fbckob Hcasubtnaf

Oaobysns

] ctob retura

Mnvnmeam ynebm represeats tje retura drc cwanaf o sjore ot tje prevonbnaf orlet sjore prnhe. Jcwever tjns ns act tje caby returaohjnevem drc jcbmnaf stchl os hopntob frcwtj obsc aeems tc ke tolea natc ohhcuat. ]jus tje navestcr aeems tc hcasnmer tje tctobretura na ossessnaf tje dubb exteat cd jns equnty navest eat. ]ctob retura ns wjot reobby omms up oam hc pcuams dcr navestcrs cver

tn e.

]c nmeatndy mnvnmeam-poynaf stchls tjot ore fcnaf tc fnve fccm tctob retura cver tn e tje navestcr aeems tc stumy stchl tctob returabcaf-rua overofes. Durtjer, wjot tje navestcr ns act fettnaf drc ynebm aeems tc ke scufjt na frcwtj oam vnhe-verso. Vjere tjemnvnmeam ns obsc frcwnaf tjns jos o pcsntnve n poht ca tje sjore prnhe fnvnaf tje navestcr o durtjer retura na hopntob frcwtj. ]justje nmeob hc knaotnca ns tjot cd o meheat ynebm hcupbem tc kctj oa nahreosnaf mnvnmeam oam rnsnaf sjore prnhe. ]jns wcubm jebp

oxn nse tctob retura dcr tje navestcr. ]je tctob retura (jykrnm) strotefy hcasnmerem okcve oaofem tc nmeatndy o au ker cd stchlstjot were okbe tc cutperdcr na tje perncms beomnaf up tc tje rebevoat navest eat motes ao eby Otjn [nver @nanaf Btm. oamXtoamorm Hjorterem Koal Btm..

Hopntob fonas cver tn e ore tjus hcrrebotem tc mnvnmeams ponm os webb os hcrrebotem tc tje eoranafs wjnhj poy tje mnvnmeams. Xc nt'sact gust o hopntob frcwtj stcry, nt's obsc o otter cd tje nahc e drc jcbmnaf tje stchl os webb os tje frcwtj cd tjot nahc e cvertn e. Mespnte tje aeem dcr mnvnmeam frcwtj, jcwever, bcw ynebmnaf Otjn [nver @nanaf Btm., Eofoms Btm. oam Hnty ]rust Btm. werestnbb okbe tc cutperdcr ca tje kosns cd tctob retura na tje beom up tc tje respehtnve navest eat motes jeahe eoranaf o pbohe na tjetctob retura strotefy pcrtdcbnc.

Ofe prcdnbe oam rnsl

Jcw tje navestcr pnhls cut jns nx cd ynebm oam frcwtj na o pcrtdcbnc tc ohjneve o meheat tctob retura wnbb ke funmem ky jns ofeprcdnbe oam tjeredcre oppetnte dcr rnsl. N d tje navestcr ns rebotnveby ycuaf wntj o bcaf perncm cd sovnaf oam navest eat ojeom cd jntje nmeob wnbb ke tc seel o bct cre frcwtj na exhjoafe dcr tolnaf o bcwer ynebm.

Dcr tjcse navestcrs hbcser tc retnre eat o tctob retura strotefy tjot seels cut cre cd tje jnfj ynebm stchls oam bess cd hopntobfrcwtj wcubm ke ley. Jcwever, tjns lnam cd navestcr wnbb aeem tc wothj cut dcr stchls tjot stort cut wntj o rebotnveby bcw ynebm kut

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- 4 - ;9?? YL @woafn Fbckob Hcasubtnaf

fc ca tc frcw tjenr mnvnmeam ca oa oaauob kosns tjereky reveobnaf o uhj jnfjer ynebm na duture yeors. ]je hc pcuamnaf aoture cdsuhj frcwtj (mnvnmeam ynebm rnsnaf os tje mnvnmeam frcws) na mnvnmeams sjcubm see cdd meheat poy hjeques na retnre eat.

Durtjer, dcr tje n peamnaf retnree nt ns n pcrtoat tc jcbm stchl na o hc poay wntj o hcasnsteat jnstcry cd poynaf cut mnvnmeam (dcrexo pbe Leayo Hc erhnob Koal Btm., Leayo Cnb Btm., Eost Odrnhoa Krewernes Btm., Krntnsj O ernhoa ]ckohhc Leayo Btm. oamLeaFea Btm.). Dcr jn o tctob retura strotefy tjot e pjosnses cre cd tje mnvnmeam ebe eat obsc krnafs wntj nt remuhem rnsl wereo hopntob meprehnotnca tc tole pbohe. ]jns eoas tjot snahe tje mnvnmeam ns cre cr bess fnvea tjns cdders o sehure dcr cd nahc eevea were tje stchl tc sudder drc o bcss na vobue. Utnbnty hc poanes8na portnhubor, mue tc tjenr borfe hosj reserves, oy webb keokbe tc sustona hcastoat mnvnmeams evea na tje dohe cd mehbnanaf sjore vobues oam wcubm ke oa naterestnaf oreo tc jcbm stchl dcrnavestcrs opprcohjnaf retnre eat.

Murnaf keor orlets, nmeatndynaf jnfj mnvnmeam ynebm stchls kehc es o ketter strotefy os tje orlet struffbes wntj aefotnve hopntobfrcwtj. Jcwever, wjere n prcvnaf ynebms ore mrnvea ky dobbnaf sjore prnhes oam act nahreosnaf mnvnmeams ley wnbb ke tcmnddereatnote ketweea tjcse stchls tjot ore ynebmnaf ketter kehouse cd o frcwnaf mnvnmeam ( e.f. Ko kurn He eat Btm. ketweea;99: oam ;9??) oam tjcse wjere tje sjore prnhe ns dobbnaf (e.f. @u nos Xufor Btm. ketweea ;99: oam ;9??). N d tje keor orlet nshcupbem wntj prevonbnaf bcw naterest rotes, mnvnmeam ynebms oy tjeredcre preseat tje caby cdder cd o meheat nahc e dcr navestcrs osynebms ca kcams (wjnhj rua na toame wntj prevonbnaf naterest rotes) wnbb obsc ke bcw. ]jns strotefy oy ke fnvea evea cre

n petus wjere tje navestcr purhjoses cr hcatnaues tc jcbm stchl cd o hc poay poynaf o hcastoat mnvnmeam oam jeahe cddernaf ocre premnhtokbe retura.

] je `ohrc- eavnrca`eat

NadbotncaOa nadbotncaory eavnrca eat wnbb requnre tjot tctob retura hc peasotes tje navestcr dcr tje bcss cd purhjosnaf pcwer. @oaofnaftje nadbotncaory eavnrca eat oy requnre o rekoboahnaf cd tje pcrtdcbnc owoy drc hosj, aca namex-bnalem kcams oam equntnestcworms osset hbosses tjot wnbb jcbm vobue cver tn e e.f. hertona jorm hc cmntnes bnle fcbm, keahj orl hurreahnes oam hc cmntyhurreahnes=. Na o medbotncaory eavnrca eat tje hcaverse wnbb jcbm true. Jcwever, evea na o mepressem ehcac y navestnaf na

8Na drcatner `orlets sc`e cd tjese hc`poanes ore okbe tc keaednt drc` pcbntnhob potrcaofe (sc`etn`es na tje dcr` cd tox hcahessncas) tjereky `oaofnaf tc

`onatona prcdntoknbnty evea na mnddnhubt tn`es cr mnddnhubt `orlets.

=Hc``cmnty hurreahnes ore hurreahnes cd hcuatrnes wjnhj mepeam jeovnby ca tje expcrt cd hertona row `oternobs dcr nahc`e. ]jese hcuatrnes ore entjer

mevebcpnaf hcuatrnes bnle Kuruamn (Kuruamn Droah- KND) oam ]oazoano (]oazoano sjnbbnaf- ]WX) cr mevebcpem hcuatrnes bnle Oustrobno (Oustrobnoa mcbbor- OUM),Hoaomo (Hoaomnoa mcbbor- HOM), Aew Weoboam (Aew Weoboam mcbbor- AWM) oam Xcutj Odrnho (Xcutj Odrnho roam- WO[).

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- 6 - ;9?? YL @woafn Fbckob Hcasubtnaf

mnvnmeam-poynaf dnr s wntj o trohlokbe mnvnmeam pcbnhy oam/cr sjore kuykohl pcbnhy hoa easure tjot sc e meheat retura nsohjnevem.

Na sntuotncas wjere fcvera eats ore te ptem tc use nadbotnca tc eshope o dnshob mednhnt (jnfj mekt bevebs) nadbotnca oy persnst cvertje emnu tc bcafer ter . ]jns hcubm tjreotea tje reob vobue cd hosj oam kcam navest eats- oam ole tje hopntob frcwtjpcteatnob cd equntnes cre ottrohtnve.

Cwanaf stchls na sehtcrs bnle utnbntnes oam ctjer namustrnes wjcse reveaues (oam ky exteasnca mnstrnkutokbe prcdnts) ore tnem tcnadbotnca hoa oht os o aeor perdeht jemfe snahe os nadbotnca fces up sc mc utnbnty knbbs< tje navestcr fettnaf oa outc otnh poss-tjrcufjcd nadbotnca tc reveaues oam eoranafs. Os o hcasequeahe mnvnmeam poycuts rnse na bnae wntj nadbotnca.

Naterest rotes]je settnaf cd bcw naterest rotes tc oaofe o medbotncaory eavnrca eat hcubm lnhlstort o cve eat owoy drc hosj sovnafs tcequntnes oam jeahe nahreosem equnty orlet ohtnvnty. ]jns hoa beom tc o surfe na sjore prnhes oam nahreosem hopntob frcwtj

Hcaverseby, rnsnaf naterest rotes (soy tc oaofe nadbotnca) eoa nahreosem kcrrcwnaf hcsts dcr hcasu ers oam kusnaesses, wjnhj natura oddeht tje oknbnty cd hc poanes tc frcw oam expoam. ]jns jurts eoranafs remuhnaf tje pcssnknbnty cd o mnvnmeam poycut. Obsc os

naterest rotes rnse kcam navestcrs wnbb requnre o jnfjer hcupca tc hcavnahe tje tc purhjose oay aew kcam nssues tjereky olnafkcams oam hosj cre ottrohtnve obteraotnve tc stchls. Mehreosem me oam dcr stchls hcubm mepress tjenr prnhes.

Durtjer, o rnse na naterest rotes wnbb beom tc rnses na kctj nahc e oam equnty ynebms os navestcrs seel tje jnfjer retura na hosj. Kctjtje prnhes cd kcams oam equnty wnbb dobb ronsnaf tjenr ynebms na tje aeor ter . O rnse na naterest rotes obsc suffests tjot tje navestcrwnbb aeem tc pnhl jnfj ynebmnaf stchls hc porokbe tc tjcse cdderem ky kcams. ]je upsnme tc tjns ns tjot tjese stchls wnbb feaerobbyjove freoter hopntob-opprehnotnca pcteatnob tjoa tje obteraotnve kcams oam kcam duams.

Tcbotnbnty rnsl

Tcbotnbnty rnsl reders tc tje pcteatnob dcr osset prnhes tc dobb murnaf omverse orlet hcamntncas. X obb-hop stchls ore portnhuborbyvubaerokbe oam snfandnhoat bcsses na o sjcrt spohe cd tn e ore usuobby hc ca, reformbess cd jcw slnbbem tje navestcr cr duam

oaofer ns. Tcbotnbnty hoa jor pcrtdcbncs na o au ker cd woys. Dcbbcwnaf orlet turkubeahe, dcr exo pbe, retnrees cr tjcse poynafnatc peasnca duams wnbb see tjenr retnre eat sovnafs dobb hcasnmerokby. Obtjcufj tje orlet eveatuobby rehcvers, retnrees pcrtdcbncs

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- : - ;9?? YL @woafn Fbckob Hcasubtnaf

wnbb jove bess tn e tc rehcver kedcre tjey ore requnrem tc suppcrt bndestybes. Bcss cd vobue na equnty pcrtdcbncs tjeredcrenaomverteatby remuhes tje o cuats tjot hoa ke ponm cut os nahc e (mnvnmeam) cr wntjmrowa os prcdnt (hopntob fona).

Jcwever, tje cst nasnmncus ospeht cd vcbotnbnty ns nts n poht ca navestcr kejovncur. Vjea orlets fyrote e ctncas hoa fet tjeketter cd navestcrs oam te pt tje natc olnaf tje hcuaternatuntnve cve cd kuynaf jnfj oam sebbnaf bcw. ]je so e obsc joppeasna kubb orlets wjea hcrpcrotes oam duams pcst n pressnve resubts oam navestcrs pnbe na eatjusnostnhobby. Xuhj duams oy jcweverke tolnaf cversnzem rnsls oam wjea tje orlets hcrreht oam navestcrs gu p sjnp prnhes oy jnt o mcwaworm spnrob tjerekyreturanaf vcbotnbnty tc tje orlet. ]jus o jerm eatobnty hoa jor pcrtdcbncs oam tje navestcr wnbb aeem tc jcbm jns aerve evea nasee nafby treohjercus tn es. Dcbbcwnaf tje fbckob dnaoahnob hrnsns na ;99:/9>, tje easunaf jerm eatobnty sow o ogcr equnty sebb-cdd ca tje AXE tjot sow tje sjores cd sc e kbue-hjnp dnr s bcse cre tjoa jobd tjenr vobues. Actokbe were Equnty Koal Btm.,Uafo Frcup Btm., Eost Odrnhoa Hokbes Btm. oam H@H Jcbmnafs Btm. mespnte sjcwnaf rebotnveby stokbe uamerbynaf perdcr oahemurnaf tje perncm.

]c fuorm ofonast suhj kejovncur, tje navestcr aeems tc jove o hbeor uamerstoamnaf cd jns cwa hopohnty tc eamure vcbotnbnty. Or nafjn sebd wntj oa jcaest oppronsob cd jns hopohnty dcr rnsl obbcws tje navestcr tc navest natebbnfeatby. Dcr tje houtncus navestcr,ovcnmnaf vcbotnbe sehtcrs bnle ]ehjacbcfy, @emno & Omvertnsnaf, Ofrnhubture oam pcteatnobby ]roaspcrt wcubm ke omvnsokbeobcafsnme hcastruhtnaf o pcrtdcbnc cd nan obby hcrrebotem stchls.

]je aeem tc nan nse vcbotnbnty kehc es poro cuat tje hbcser tje navestcr fets tc jns navest eat fcob(s). ]jns oy eoa opredereahe dcr cre stokbe navest eats represeatem ky kcams (na portnhubor navest eat frome fcvera eat kcams) oam hosjmepcsnts keornaf na nam, jcwever, tje beveb cd nadbotnca snahe tjns hcubm ercme tje returas tjot hoa ke ohjnevem.

Na su ory tje navestcr ns ketter cdd pcpubotnaf jns pcrtdcbnc wntj mnvnmeam-poynaf stchls rotjer tjoa aca-mnvnmeam poynaf caes.]je dcr er's oknbnty tc poy o mnvnmeam prcvnmes freoter nahc e stoknbnty os webb os cddernaf o s obb husjnca ofonast hopntob bcsses.Jcwever, bcclem ot nt na tje wnmer shje e cd tjnafs mnvnmeam-poynaf stchls' vcbotnbnty prcdnbe ns sukstoatnobby jnfjer tjoa tjot dcrkcams. Vjere tje navestcr ns seelnaf refubor nahc e oam stoknbnty cd tje prnahnpob, kcams sjcubm dcr tje freoter prcpcrtnca cd owebb-mnversndnem pcrtdcbnc snahe tjese jebp tc ohjneve cptn ob tctob retura espehnobby na retnree pcrtdcbncs.

] ox hcasnmerotncas

Hcaveatncaob dnaoahnob-pboaanaf wnsmc jcbms tjot tje kest tn e tc rekoboahe o pcrtdcbnc ns ot tox-yeor-eam, wntj oa eye tcwormjorvestnaf oay bcsses sudderem murnaf o orlet mcwatura tc cddset ofonast hopntob fonas ebsewjere na o pcrtdcbnc.

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- > - ;9?? YL @woafn Fbckob Hcasubtnaf

]je twc hc pcaeats tc tctob retura--mnvnmeams oam hopntob fonas--jove twc tctobby mnddereat tox treot eats. Mnvnmeams oren emnoteby toxokbe wjnbe toxes ca hopntob fonas orea't mue uatnb tje stchl ns scbm, hreotnaf o tox mederrob tjot onms na weobtjohhu ubotnca. ]je suspeasnca cd hopntob fonas tox na Leayo dcr tje bost twc mehomes jos eoat tjot navestcrs jove act keeasukgehtem tc toxes ca fonas ome ca ohqunsntnca oam suksequeat mnspcsob cd equntnes cr dnxem-nahc e sehurntnes. Jcwever, tjesekehc e toxokbe wjea navestem tjrcufj o utuob duam os toxokbe prcdnts. ]jus equntnes wntj bcw mnvnmeam ynebms ore portnhuborbyottrohtnve tc jnfjer-rote toxpoyers wjc ore okbe tc hc knae o bcw mnvnmeam- oam jeahe o rebotnveby bcwer tox kurmea- wntj osukstoatnob tox-dree hopntob fona.

Na hjccsnaf ketweea o mnvnmeam ynebm strotefy oam o hopntob frcwtj strotefy, jcwever, tje navestcrs perscaob tox treot eat wnbb keoa n pcrtoat hcasnmerotnca. Dcr tje bcwer nahc e navestcr act uhj mnddereahe, drc o tox perspehtnve, wnbb ke cktonaem kyomcptnaf entjer cd tje strotefnes. Jcwever, dcr tje jnfjer nahc e eoraer, sukstoatnob sovnaf hoa ke ohjnevem ky cptnaf dcr o hopntobfrcwtj strotefy os cppcsem tc o mnvnmeam ynebm strotefy.

Durtjer, rotjer tjoa poy tjenr eoranafs mnrehtby tc sjorejcbmers os mnvnmeams, sc e hc poanes oy cpt tc renavest tjcse eoranafs natjenr kusnaesses returanaf caey tc sjorejcbmers vno bess mnreht eoas suhj os sjore kuykohls. ]jns jos tox omvoatofes ossjorejcbmers ore na eddeht rehenvnaf o hopntob fona tjrcufj tjese sjore kuy kohl shje es. Os seea okcve navestcrs na tje hcuatryore exe pt drc hopntob fonas tox. Jcwever, na Leayo, hc poay bow prcjnknts sjore kuy-kohl ky hc poanes.

@ onatonanaf o bcaf-ter` vnew

Os o pcrtdcbnc oaofer nt ns o knf nstole tc dchus tcc uhj otteatnca ca sjcrt-ter perdcr oahe< rotjer tje dchus sjcubm kebcafer-ter au kers n.e. eohj jcbmnaf's retura cver tje post tjree oam dnve yeors rebotnve tc tjot cd ctjer cddernafs wntjna tje so ehotefcry. Na tjns hose o ley hcasnmerotnca wcubm ke o hc pornsca cd tje retura ca o pcrtdcbnc hcastruhtem ca tje kosns cd tctobretura oam tjot hcastruhtem ca sc e ctjer kosns (soy o vobue strotefy).

]je pcrtdcbnc oaofer wnbb obsc aeem tc tole acte cd okscbute returas poynaf otteatnca na portnhubor tc sehurnty jcbmnafs tjot jove

hcatrnkutem tje cst--cr metrohtem tje cst--drc jns pcrtdcbnc's kcttc bnae. Hcatnauem uamerperdcr oahe hoa ke oa namnhotncatjot sc etjnaf's o nss wntj tje jcbmnaf obtjcufj tjns hoa obsc prcvnme oa cppcrtuanty tc kuy cre cd tje jcbmnaf ca tje hjeopoam expeht tc keaednt drc o reversnca tc tje eoa cver tn e. Xc e cd tje dnaoahnob stchls, na bnfjt cd tje fbckob dnaoahnob hrnsns natje bost tjree cr sc yeors, jove hcatnauem tc uamerperdcr oam hcatnaue tc prcvnme ottrohtnve vobuotncas, actokby Korhboys KoalBtm., Aotncaob Koal cd Leayo Btm. oam HDH Xtoaknh Btm.

8/6/2019 Dividend Yield or Capital Growth on the Nairobi Stock Exchange (NSE)

10/19

- ?9 - ;9?? YL @woafn Fbckob Hcasubtnaf

]je pcrtdcbnc oaofers cverrnmnaf prnahnpbe, jcwever, sjcubm ke tc omgust jns osset obbchotnca tc othj navestcrs' navest eatjcrnzcas tjrcufj tn e rotjer tjoa trynaf tc tn e tje orlet's ups oam mcwas. Cae cd tje eosnest trops dcr navestcrs tc dobb natc nskuynaf oam sebbnaf ot tje wrcaf tn es. Ju oa aoture wcubm jove navestcrs kuynaf wjea orlet hcamntncas see dovcurokbe oamsebbnaf wjea tjey meterncrote kut suhj ju oa natuntnca hoa serncusby n peme cverobb retura.

Dcbbcwnaf keor orlets bnle tje reheat fbckob dnaoahnob hrnsns5, bcss cd hopntob oy kehc e o ogcr hcahera dcr navestcrs. Jcwever,tjese ore esseatnobby poper bcsses oam mc act hcastntute per oaeat hopntob bcss uabess tje jcbmnaf ns bnqunmotem. ]jns eoas tjebcaf-ter navestcr wnbb aeem tc stoy dchusem dcr tje bcaf joub evea wjea tje orlets tole o tu kbe. ]jcse navestcrs wjc jove tjemnshnpbnae tc stnhl wntj tjenr bcaf-ter navest eat pboas wnbb reop tje keaednts tjot oternobnse cver tje hcurse cd hc pbete orlethyhbes n.e. kcc tc kust tc suksequeat kcc . @cst cd tje stchls ca tje AXE jove oaofem tc rehcver drc tjenr @orhj/ Oprnb;99> bcws wntj sc e kebbwetjer stchls bnle Otjn [nver @nanaf Btm., @u nos Xufor Hc poay Btm. oam Leayo Onrwoys Btm.frcwnaf na exhess cd ?99 per heat ketweea tjenr @orhj/ Oprnb ;99> bcws oam Guby ;9?? oam ctjers bnle Loluzn Btm. oaofnaf o;99+ per heat frcwtj murnaf tje so e perncm.

Durtjer, na keor orlets, strotefnh osset obbchotnca (rekoboahnaf) kehc es hruhnob oam wnbb navcbve oa nahreosem expcsure tc hosj,kcams (na portnhubor bcaf-motem fcvera eat kcams), fcbm oam hertona ctjer jorm hc cmntnes os sode joveas. ]je suffestnca jerens tjot cd oa navertem ynebm hurve (mue tc mepressem orlet hcamntncas) na tje aeor-ter wntj sjcrt-rua sehurntnes (equntnes) horrynaf

o jnfjer rnsl oam navestcrs prederrnaf bcafer-ter expcsure.

M nversndnhotnca

Vjere tje navestcr mehnmes tc omcpt entjer o mnvnmeam ynebm strotefy, hopntob frcwtj strotefy cr tctob retura strotefy, je wnbb aeem tcke owore cd tje moafers cd jummbnaf jns jcbmnafs na o snafbe navest eat stybe. Je oy aeem tc tole acte cd tje orlet sehtcrwenfjtnafs (sehtcrs cre represeatem wntjna tje keahj orl namex) oam tjcse nmeatndnem ky jns strotefy sjcubm act ke dor owoydrc tjns. Obsc je wnbb aeem tc easure tjot tje pcrtdcbnc, evea wntj jns omcptem navest eat strotefy, ns act mnsprcpcrtncaotebyslewem tcworm cae cr twc namnvnmuob stchl jcbmnafs, sehtcrs cr namustrnes. Nt ns cdtea tje hose tjot nd cae hc poay na o fnvea

sehtcr ruas natc trcukbe oam jos tc hut nts mnvnmeam, nts peers oy act ke dor kejnam. Ot tje so e tn e, nameem, sc e navest eatsoam osset hbosses wnbb perdcr webb wjnbe ctjers wnbb struffbe. O portnhubor yeors wnaanaf navest eat ns qunte bnleby tc kehc e tjedcbbcwnaf yeors bcser. ]jus nt kehc es aehessory tc mnversndy ohrcss sehtcr, namustry oam obsc osset hboss.

5Drcatner `orlets bnle Leayo jove act keea n``uae drc` tjns wntj tje AXE-;9 namex dobbnaf ;9 per heat na tje bost tjree yeors (Oufust 9: tc Guby ??) oam tje

AXE Obb-sjore namex dobbnaf ?5 per heat murnaf tje so`e perncm. ]jese bcsses ore cd hcurse `ofandnem ky tje `catj-ca-`catj nadbotnca rnse na Leayo na exhesscd 5 per heat (ca overofe) murnaf tjns perncm.

8/6/2019 Dividend Yield or Capital Growth on the Nairobi Stock Exchange (NSE)

11/19

8/6/2019 Dividend Yield or Capital Growth on the Nairobi Stock Exchange (NSE)

12/19

- ?; - ;9?? YL @woafn Fbckob Hcasubtnaf

sukstoatnob hopntob frcwtj wntjna jns pcrtdcbnc. Jovnaf sonm tjot tjcufj nt ns tje s obb hop stchls tjot ore tje cst vcbotnbe oamsudder tje cst murnaf o orlet mcwatura.

N avest`eat stybe

Duam oaofers acr obby rua tjenr duams usnaf o hc knaotnca cd tcp-mcwa oaobysns ( ohrc-navestnaf) oam kcttc -up hremnt

sebehtnca. ]c mevebcp tjenr tcp-mcwa perspehtnve, tje oaofers bccl ot dohtcrs suhj os nadbotnca, naterest rotes oam hremnt hyhbes4oam pcsntnca tje pcrtdcbnc ohhcrmnafby. Vntjna tjenr kcttc -up stchl sebehtnca, jcwever, tjey wnbb aeem tc wothj cut dcr sehtcrs crstchls- bofforms- tjot hc e natc dovcur ereby kehouse caey jos hc e kohl tc equntnes (dcbbcwnaf nahreosem rnsl oppetnte na oreturanaf kubb orlet) act kehouse tjenr duamo eatobs jove n prcvem. ]jey wnbb obsc aeem tc ke owore cd hjosnaf sehtcrs cr stchlstjot mnm webb na o mcwatura os tjese wnbb jove bcw ynebms oam jeahe bcw returas (nahc e) wjnbe tjcse tjot mnm act perdcr webb

oy jcbm ottrohtnve vobuotncas oam ynebms. nebms ca jnfjer quobnty sehurntnes, na portnhubor, wnbb jove keea mrnvea mcwa sjorpbysuffestnaf tjot durtjer prnhe opprehnotnca nsa't ca tje horms.

@cst bnstem hc poanes ca tje AXE hcatnauem tc poy mnvnmeams evea murnaf tje jenfjt cd tje dnaoahnob hrnsns reveobnaf mnvnmeamynebms ot tjenr jnfjest dcr cst cd tjese stchls os prnhes tu kbem. Os sjore prnhes jove rehcverem mnvnmeam ynebms jove hcatnauem tcdobb redbehtnaf tjenr jnstcrnhob vobues.

Chhosncaobby na reobby keornsj orlets jnfj-quobnty hc poanes' sjores oy kehc e sc bcwby vobuem tjot tjey deoture jnfjer ynebmstjoa tjenr kcam hcuaterports6. Obtjcufj represeatnaf freoter rnsl tjese stchls cdder cre hopntob-opprehnotnca pcteatnob tjoa cstkcams. Os tje keornsj rua aeors nts eam navestcrs oy hcatnaue tc vnew mnvnmeam-poynaf stchls os cddernaf oa ottrohtnve nx cdhurreat nahc e oam frcwtj pcteatnob.

Duams tjot dchus ca mnvnmeams vory wnmeby na tjenr opprcohjes. Xc e kuy mnvnmeam-poynaf stchls wjcse ynebms ore jnfj, entjer naokscbute ter s cr rebotnve tc tje krcom orlet cr o orlet namex. Ctjers dchus bess ca o hc poay's hurreat mnvnmeam ynebm oam

4]jese reder tc tje ohhess tc hremnt ky kcrrcwers. Hremnt hyhbes dnrst fc tjrcufj perncms na wjnhj duams ore eosy tc kcrrcw< tjese perncms ore hjorohternzem kybcwer naterest rotes, bcwerem beamnaf requnre`eats oam oa nahreose na tje o`cuat cd ovonbokbe hremnt. ]jese perncms ore tjea dcbbcwem ky o hcatrohtnca na tjeovonboknbnty cd duams murnaf wjnhj tn`e naterest rotes hbn`k oam beamnaf rubes kehc`e strnhter. ]je hcatrohtnca perncm hcatnaues uatnb rnsls ore remuhem dcrtje beamnaf nastntutncas, ot wjnhj pcnat tje hyhbe storts ofona.

6Jnfj mnvnmeam ynebms okcve tjcse cdderem ky kcams ore usuobby o snfaob tc kuy equntnes.

8/6/2019 Dividend Yield or Capital Growth on the Nairobi Stock Exchange (NSE)

13/19

- ?8 - ;9?? YL @woafn Fbckob Hcasubtnaf

cre ca nts oknbnty tc nahreose nts mnvnmeam na tje duture. Vjnhj opprcohj ns tje ketter wnbb mepeam ca tje navest eat rotncaobe cdtje navestcr wntj tje dcr er strotefy oppeobnaf cre tc navestcrs na seorhj cd hurreat nahc e, wjereos tje botter opprcohj ns tjewoy tc fc dcr navestcrs seelnaf dnaoahnobby strcaf hc poanes wntj duture frcwtj pcteatnob kut wjc hore bess okcut ynebm.

]je kest mnvnmeam-poynaf navest eats, jcwever, koboahe nahc e wntj hopntob opprehnotnca oam fccm rnsl hcatrcbs. Nd seelnaf omnvnmeam-dchussem duam prn ornby dcr hurreat nahc e, tje navestcr wnbb aeem tc hjehl nts ohtuob mnvnmeam poycut dnrst. N s tje poycutrotnc sustonaokbe fcnaf dcrworm wntjcut jo pernaf hopntob renavest eat oam crfoanh frcwtj3 Tery jnfj mnvnmeam ynebms kohlem kyjnfj poycut rotncs serve os o woranaf snfa tjot tje orlet vnews o dnr s poycut beveb os uasustonaokbe:. ]jns actwntjstoamnaf tje

cst stronfjtdcrworm woy tc nahbume mnvnmeam nahc e na o pcrtdcbnc ns tc kuy sjores wntj jnfj mnvnmeam ynebms, cr duams tjot kuymnvnmeam-poynaf stchls. ]ckohhc oam utnbnty hc poanes- tje bnles cd Krntnsj O ernhoa ]ckohhc Leayo Btm. oam LeaFea Btm-feaerobby poy jedty mnvnmeams oam ore o fccm pbohe tc bccl dcr jnfj-ynebms obtjcufj, os stotem, o very jnfj ynebm hcubm obsc snfaob ornsly stchl.

]jere ore fccm reoscas wjy tje navestcr nfjt woat tc jcbm mnvnmeam-poynaf sjores na jns pcrtdcbnc. Mnvnmeams ore feaerobby crerebnokbe tjoa hopntob fonastje navestcr lacws exohtby jcw uhj je ns fettnaf oam wjea je ns fettnaf nt. Os o resubt, mnvnmeam-poynaf sjores cdtea perdcr rebotnveby webb na o vcbotnbe orlet oam ore espehnobby pcpubor o caf navestcrs aeornaf retnre eat wjcore seelnaf o stokbe scurhe cd nahc e. Ky tje so e tclea jnfj ynebm mnvnmeam-poynaf stchls put hosj mnrehtby na tje navestcrs

pchlet oam team tc prcvnme o uhj cre stokbe scurhe cd retura tjoa prnhe opprehnotnca wjnhj mepeams ca tje orlet cve eatswjnhj ot tn es hoa ke very uastokbe. Jcwever, cae hoa stnbb ohjneve ketter returas ky kuynaf natc bcw ynebmnaf stchls tjot sjcwfccm hopntob opprehnotnca os webb os poynaf o refubor mnvnmeam. Na portnhubor nahc e-seelnaf navestcrs wnbb preder tje mnstrnkutnafduams (wjnhj mnstrnkute mnvnmeams tc duam jcbmers) cver hopntobnsnaf duams (wjnhj renavest mnvnmeams). Nt ns, jcwever, esseatnob tcleep tox hcasnmerotncas na nam wjea hjccsnaf ketweea tjese twc.

Oactjer cptnca dcr mnvnmeam-juafry navestcrs ns prederrem stchl os nt ohts os o nx cd stchls oam kcams. Bnle o stchl, nt represeatsoa cwaersjnp stole na o hc poay, kut bnle o kcam, nt poys o dnxem mnvnmeam oam nts vobue ns very seasntnve tc naterest rotes. ]je vobuecd sjores na hc poanes wntj o prederrem stchl ebe eat teams tc vory freotby wntj hjoafes na naterest rotes.

Vjea seelnaf mnvnmeam poynaf stchls nt oy kehc e aehessory tc seorhj tje s obb hop spohe tc nmeatndy s obb hop hc poanes tjotpoy mnvnmeams os cppcsem tc hcaheatrotnaf ca borfe hops tjot poy ac mnvnmeam ot obb. Ofrnhubture stchls Eofoms Btm. (o s obb hopstchl) oam Xosnan ]eo & Hcddee Btm. (o borfe hop stchl) ore prn e exo pbes. Vntj Eofoms Btm. tje navestcr jos tje ommem

:Aotnca @emno Frcup Btm. wntj oa overofe ynebm cd = per heat na tje bost tjree yeors oam o mnvnmeam hcver overofnaf ?.8 tn`es murnaf tje so`e perncm

suffestem o poycut rotnc cd 66 per heat. ]je `orlets vnew cd tje uasustonaoknbnty cd tjns na tje bcaf rua jos bem tc o dobb cd ?;5 per heat na nts sjore prnhe na tjebost tjree yeors. Heatu` Navest`eat Btm. pcstem bcsses na dnaoahnob yeors ;99: oam ;99> kut hcatnauem tc poy mnvnmeams suffestnaf o mrowmcwa ca postreserves. Nts sjore prnhe jos `cre cr bess stofaotem na tje bost tjree yeors dobbnaf ?> per heat murnaf tje perncm.

8/6/2019 Dividend Yield or Capital Growth on the Nairobi Stock Exchange (NSE)

14/19

- ?= - ;9?? YL @woafn Fbckob Hcasubtnaf

omvoatofe cd rehenvnaf o mnvnmeam ca tcp cd oay hopntob opprehnotnca. Murnaf keor orlets tjns strotefy oy ynebm jnfjer returas ostjere ns bnttbe tc ke ohjnevem na tje woy cd hopntob opprehnotnca ky jcbmnaf Xosnan ]eo & Hcddee Btm.

Xodety cd prnahnpob

Na obb navestnaf mehnsncas, tje dnaob hcasnmerotnca sjcubm ke sodety cd prnahnpob. Jnfj ynebms wnbb obwoys ke namnhotnve cd o jnfj

mnvnmeam cr o prnahnpob remuhtnca cr kctj. O jnfj cr nahreosnaf mnvnmeam tjot ns act sustonaokbe na tje bcaf rua oam/cr o remuhtncacd prnahnpob kctj jove uamesnrokbe eddehts dcr tje navestcr.

Vjnbe hc pornaf mnvnmeam ynebm wntj tjot ca o keahj orl sehurnty bnle tje ?9-yeor treosury kcam, tje bcaf-ter navestcr wnbb aeemtc keor na nam tjot obtjcufj tje dcr er oy ke jnfjer, ot beost wntj tje treosury kcam tje navestcr lacws exohtby wjot je nsfettnaf- n.e. o se n-oaauob nahc e os webb os tje prnahnpob ca oturnty. ]jns suffests tjot na keor orlets wjere sjore prnheopprehnotnca ns okseat, seelnaf mekt ynebms os cppcsem tc equnty ynebms jos tje ommem omvoatofe cd prctehtnaf caes prnahnpob. ]jusmnvnmeam-poynaf stchls sjcubm ke seea os o woy cd reorroafnaf oa equnty pcrtdcbnc rotjer tjoa o sukstntute dcr o dnxem-nahc ejcbmnaf espehnobby dcr navestcrs opprcohjnaf retnre eat. Dcr stoknbnty purpcses, dnxem-nahc e jcbmnafs sjcubm re ona tjehcraerstcae cd o webb-mnversndnem navest eat pcrtdcbnc.

Xodety cd prnahnpob ns durtjer eajoahem ky seelnaf orfna cd sodety. ]jns navcbves bcclnaf dcr bcw rnsl navest eats na feaerob oamossessnaf wjot hcubm fc wrcaf evea na wjot oppeors tc ke o bcw rnsl sntuotnca. Yoynaf bess tjrcufj o bcw sjore prnhe cr o jnfjynebm updrcat ns o fccm woy tc prcteht caesebd drc cr nan nse tje mcwasnme rnsl.

Hc`poay mnvnmeam pcbnhy

[eturanaf hosj tc sjorejcbmers ns o hrntnhob port cd tje navest eat prchess. O stchl's vobue ns fnvea ky tje preseat vobue cd ntsduture mnvnmeams. Evea tjcufj hopntob fonas prcvnme tje n petus dcr navestcrs tc jcbm stchls, nt ns tje stchl eveatuobby returanafhosj tc tje cwaers tjot wnbb spur nts upworm prnhe cve eat. Durtjer cre, mnvnmeams prcvnme o usedub nasnfjt natc tje quobnty cd okusnaess. Vjnbe nt oy ke pcssnkbe tc oanpubote eoranafs ky usnaf mnddereat ohhcuatnaf treot eats, tjns hoaact ke mcae wntjmnvnmeams wjnhj eoas tjot tjese fnve o cre ohhurote pnhture cd o hc poays weobtj.

Hc poanes poy mnvnmeams kehouse tjns ns reobby wjot hcrpcrotncas ore eoat tc mc. Xtchls horry oa n pbnhnt prc nse cd duturereturas cd hosj tc sjorejcbmers. Jnfj poycut rotncs wnbb na tje sebves jebp ottroht navestcrs wntj o bcaf-vnew ca jcbmnaf tje

8/6/2019 Dividend Yield or Capital Growth on the Nairobi Stock Exchange (NSE)

15/19

- ?5 - ;9?? YL @woafn Fbckob Hcasubtnaf

sjores. Ommntncaobby, revnewnaf tje mnvnmeam jnstcry cd o dnr wnbb jebp estokbnsj tje sehurnty cd bcaf-ter nahc e. Vjere tjehc poay jos hcasnsteatby ponm cut o mnvnmeam (os cppcsem tc o dnr tjot chhosncaobby poys cut mnvnmeam), tjns wnbb jove o pcsntnveeddeht ca tje hc poays stchl prnhe oam jeahe nahreose tje pcssnknbnty cd hopntob fona.

Na oay cae orlet mnddereat mnvnmeam-poynaf hc poanes wnbb team act tc ke equobby mnstrnkutem ohrcss tje orletpbohe. Xc e typescd hc poanes oam namustrnes wnbb team tc dovcur poynaf cut mnvnmeams cre tjoa ctjers wjc oy jcbm kohl tjenr eoranafs na crmertc dnaoahe frcwtj cr na sc e hoses, tc cddset bcsses. @cst bnstem hc poanes ca tje AXE mc nameem poy mnvnmeams wntj tjemnstnahtnca oppeornaf na tje bevebs cd mnvnmeam ponm ketweea tje jnfj ynebm oam bcw ynebm hc poanes. Jnfj ynebms ore prevobeat natje Namustrnobs, Eaerfy oam Utnbntnes sehtcrs wjnbe Dnaoahnobs oam Hcasu er Xervnhes jove cre cd tje bcwer ynebmnaf stchls.Jcwever, gust kehouse o hc poay cr oa namustry ns poynaf o jnfj mnvnmeam mcesa't eoa tjot tje kusnaess ns fccm cr tjot tje stchlns wcrtj cwanaf. Ley wnbb ke tc estokbnsj wjetjer tje hc poay jos o prcfressnve mnvnmeam pcbnhy n.e. nt hoa hcatnaue tc suppcrt ojnfj oam frcwnaf mnvnmeam. Na reheat yeors tje bnles cd Aotnca @emno Frcup Btm, Heatu Navest eat Btm. oam Eost OdrnhoaHokbes Btm. jove hcatnauem tc poy sukstoatnob mnvnmeams na tje dohe cd o mehbnanaf mnvnmeam hcver na tje hose cd Aotnca @emnoFrcup Btm. oam dobbnaf eoranafs na tje hoses cd Heatu Navest eat Btm.>oam Eost Odrnhoa Hokbes Btm. ronsnaf tje prcspeht tjotsuhj mnvnmeams oy kehc e uasustonaokbe na tje bcaf rua.

Na pnhlnaf stchls scbeby ca tje kosns cd mnvnmeam ynebm, jcwever, tje navestcr wnbb aeem tc keor na nam tjot aew hc poanes oam

tjcse stnbb ot tje stofe cd ropnm frcwtj oy cpt act tc poy mnvnmeams os tjenr sjorejcbmers wcubm rotjer tjot tje duams ke navestemna durtjer frcwtj cd tje kusnaess tjrcufj retonaem eoranafs. O mnvnmeam ynebm strotefy oy tjus nfacre stchls tjot prc nse fccmreturas snahe tjese ore act poynaf cut mnvnmeams. Mespnte tjns jcwever nt wos mnddnhubt tc nmeatndy wnaaers o caf tje aca-mnvnmeampoynaf stchls ca tje AXE murnaf tje perncms hcasnmerem. Ot kest Xosnan ]eo oam Hcddee Btm., Uafo Frcup Btm. oam Aotncaob Koalcd Leayo Btm. (obb aca-mnvnmeam poynaf stchls) cutperdcr em na caby tjree cd tje snx perncms redereahem.

Os namnhotem okcve, navestcrs cufjt tc ke owore cd tje respehtnve mnvnmeam hcver dnfures dcr hc poanes sebehtem tc pcpubote opcrtdcbnc. O jnfj mnvnmeam ynebm wntjcut o hcrrespcamnaf jnfj mnvnmeam hcver oy suffest tjot tje hc poay ns poynaf tcc jnfj omnvnmeam na bnfjt cd nts eoranafs. Vjere tje mnvnmem hcver ns aeor ? cr kebcw, tjns ns namnhotnve cd o hc poay poynaf nts mnvnmeam cutcd prncr yeor eoranafs tjereky n ponrnaf nts duture frcwtj. ]jns oy house hcahera tc navestcrs oam n poht nts stchl prnhe.

Hcaverseby, o jnfj mnvnmeam hcver na exhess cd ; tn es- osschnotem wntj jnfj bevebs cd renavest eat wntjna aew cr frcwnafhc poanes cr osschnotem wntj jnfj keto hc poanes requnrnaf omequote hosj dcr vcbotnbe orlet perncms- ns oa namnhotnca tjot tjednr ns naomequoteby beverofem. ]jese stchls wnbb tjeredcre horry bcw ubtnpbes kut ottrohtnve vobuotncas.

>Dcbbcwnaf bcsses na ;99: oam ;99>, Heatu` Navest`eat Btm. `oaofem tc retura tc prcdntoknbnty na ;9?9.

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- ?4 - ;9?? YL @woafn Fbckob Hcasubtnaf

Na tje bost tjree dnaoahnob yeors (;99:-?9) ANH Koal Btm. oam Hor & Feaerob (L ) Btm. jove hcatnauem tc sjcw rebotnveby jnfjmnvnmeam hcvers- 8+ tn es oam =+ tn es respehtnveby- wntj hcrrespcamnafby rebotnveby bcw ubtnpbes< tjot dcr Hor & Feaerob (L)Btm. jos overofem =.5 per heat wjnbe tjot dcr ANH Koal Btm. jos overofem ?? per heat murnaf tje perncm. ]jese hc poanes hoatjeredcre ke hcasnmerem tc ke naomequoteby beverofem oam jcbmnaf borfe hosj reserves tjot wcubm rotjer ke mnstrnkutem tcsjorejcbmers tc kccst prnhe perdcr oahe. ]jenr vobuotncas jove, os o hcasequeahe, re onaem rebotnveby bcw webb kebcw tjenr donrvobues.

O houtncaory acte, jcwever, ns tjot mnvnmeam pcteatnob ns act scbeby mrnvea ky frcwtj cd tje uamerbynaf kusnaess. Na doht, ropnmfrcwtj na hertona hopntob-nateasnve kusnaesses hoa ohtuobby ke o mrof ca mnvnmeam prcspehts. Nt oy eoa tjot hosj aeems tc ke re-navestem tc leep pohe wntj tje frcwnaf hc poay rotjer tjoa fettnaf ponm cut os mnvnmeams. O hose na pcnat ns Cby pno HopntobJcbmnafs Btm. wjnhj jos seea hcasnmerokbe frcwtj na tje bost mehome kut bnttbe cr ac mnvnmeams ponm tc nts sjorejcbmers. ]jns bohlcd hosj retura tc navestcrs oy portby expbona tje 69 per heat dobb na nts sjore prnhe wntjna tje bost tjree yeors.

Navestcrs wjc hcatnaue tc dchus scbeby ca reveaue cr eoranafs frcwtj--cr evea gust tje opprehnotnca cd tje stchl prnhewntjcutdchusnaf ca tje mnvnmeam tjeredcre stoam tc nss tje knf pnhture. O hc poay tjot nsa't poynaf o jeobtjy mnvnmeam tc tje oy kesettnaf tje up dcr oa uadcrtuaote dote os nt kehc es jormer tc ohjneve o prnhe frcwtj fcnaf dcrworm. Ubtn oteby, o scbnm mnvnmeamjebps remuhe tje stchl's vcbotnbnty, oam ohts os o hjehl ca oaofe eat's hopntob-obbchotnca prohtnhes.

Hc`pcuamnaf

Yoynaf mnvnmeams prcves tjot o hc poay ns scbveat. Nt jos tc jove hosj na crmer tc poy cut hosj. @oaofe eat ns me castrotnaftjot tjey ore hc nttem tc rewormnaf sjorejcbmers mnrehtby. Nd tje mnvnmeam ns frcwnaf tjot's fcnaf tc prcmuhe evea cre cd oretura oam omm tjns tc oay hopntob opprehnotnca oam tje retura ns evea freoter. Ofona, os oa navestcr, nt poys tc tjnal na ter s cdtctob retura act gust hopntob fonas cr mnvnmeam ynebm na nscbotnca.

Oa cppcsnaf navestcr nmecbcfy, jcwever, tc tjot cd navestnaf na dnr s tjot poy cut snfandnhoat mnvnmeams ns tje nmeo tjot nahc e

sjcubm ke bet tc hc pcuam. Vjere mnvnmeams ore renavestem tje bcaf-ter pnhture wnbb ke tjot returas wnbb ke jnfjer, mue tchc pcuamnaf?9, tjoa na sntuotncas wjere dnr s poy cut borfe pcrtncas cd tjenr prcdnts os mnvnmeams. Xc e mnvnmeam-poynafhc poanes oy rua Mnvnmeam [enavest eat Yboas (M[NYX) wjnhj cdder sjorejcbmers tje cptnca tc outc otnhobby renavest cr

?9]jns ns tje oknbnty cd oa osset tc feaerote eoranafs, wjnhj ore tjea renavestem na crmer tc feaerote tjenr cwa eoranafs. Na ctjer wcrms, hc`pcuamnaf reders tc

feaerotnaf eoranafs drc` prevncus eoranafs.

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hcavert mnvnmeams natc ommntncaob sjores. M[NYs obbcw navestcrs tc keaednt drc pcuam-hcst overofnaf??oam sc e pboas evea cddero mnshcuat tc tje orlet prnhe cd tje sjores ca tje poy eat mote.

Hoveots

Ossu ptncas ome oam cut-cd-so pbe testnaf

Xc e cd tje ossu ptncas ome na tjns stumy oy act jcbm true na tje reob wcrbm. Mnvnmeam ynebm ns act oa exoht prcxy dcr mnvnmeamponm. O jnfj ynebm oy exnst obcafsnme o bcw mnvnmeam nd tje stchl prnhe dobbs sjorpby. Bnlewnse o bcw ynebm oy exnst obcafsnme o jnfjmnvnmeam wjere tje stchl prnhe rnses sjorpby.

Durtjer, tje stumy bccls ot moto drc tje perncm ;99: tc ;9?9. ]jns perncm hcnahnmes wntj tje fbckob ehcac nh ebtmcwa tjot jospersnstem natc ;9?? tjreoteanaf o mcukbe-mnp rehessnca ot beost na tje mevebcpem ehcac nes. Os o resubt orlet kejovncur oymndder na cre stokbe ehcac nh tn es oam tje stumy jere oy act eatnreby redbeht stchl orlet kejovncur na Leayo uamer acr obhcamntncas.

]cc jnfj o ynebm

Murnaf o orlet mcwatura, wjea stchl prnhes ore dobbnaf, nt kehc es mnddnhubt tc mnddereatnote jnfj-ynebm stchls tjot represeat vobueoam o freot retura drc tjcse tjot snfaob o hc poay ohtuobby na mnstress. Usuobby o leea bccl ot tje koboahe sjeet wnbb reveob tjernsls navcbvem espehnobby wjere tje dnr ns jeovnby feorem. Jcwever, evea wntj webb-perdcr naf dnr s, jnfj ynebms oy kehc euasustonaokbe na o keor rua oam tje moafer ns tjot tje mnvnmeam oy jove tc ke hut tjereky eotnaf natc navestcr nahc e.

Durtjer na keor orlets, wjere mnvnmeam-poynaf stchls ore cddernaf cre ottrohtnve ynebms hc porem tc kcams?;, nt ns n pcrtoat tcacte tjot tje twc osset hbosses ore act naterhjoafeokbe. Navestcrs na mnvnmeam-poynaf sjores hoa expeht cre vcbotnbnty tjoa

navestcrs na jnfj-quobnty kcams oam tjeredcre na ter s cd nahc e stoknbnty oam rnsl remuhtnca ac stchls cr equnty duam wnbb ke okbetc suppboat kcams cr hosj.

??]jns reders tc navestnaf tje so`e o`cuat ot refubor natervobs, n`kunaf natc tje navest`eat prchess o prumeat oam syste`otnh navest`eat opprcohj tjot resubts

na s`cctjer oam ketter returas tjoa cppcsnaf strotefnes.

?;Kcam ynebms wnbb ke mrnvea mcwaworms os navestcrs seel sodety na tje dnxem-nahc`e spohe mue tc tje rebotnve stoknbnty cd nahc`e oam prnahnpob tjot kcams cdder.

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@eoa-[eversnca

Vntj stchls returas post wnaaers kehc e duture bcsers oam vnhe verso. Ynhlnaf webb-perdcr naf stchls na cae perncm oy actaehessornby fuoroatee duture pcsntnve returas espehnobby na tje hose cd frcwtj stchls. [eturas revert tc tjenr eoa every tjree tcdnve yeors. Yost wnaaers beom tc tjese stchls kehc naf cverkcufjt oam jeahe ottonanaf prnhes webb okcve tjenr donr vobues. Yostbcsers wnbb kehc e cverscbm oam opprcohj prnhes kebcw tjenr donr vobues. ]jese sntuotncas na tura prcvnme kctj sebbnaf oam kuynafcppcrtuantnes tjereky reversnaf tje prnhe cve eats oam teamnaf tjese tcworms tjenr eoa vobues (bcaf-ter overofes). ]jushopntob fona cr bcss hoaact persnst namednanteby.

Uahertonaty cd duture nahc e

Uabnle dnxem nahc e sehurntnes wjnhj poy o dnxem hcupca, tje mnvnmeam ponm uamer oa equnty-kosem navest eat oy act caby vorydrc yeor tc yeor kut oy act ke ponm ot obb. Vntj kcams oa navestcr hoa mnshcuat duture nahc e dbcws- tje hcupca oam hopntobrepoy eat ca oturnty tc mernve o dcrworm-bcclnaf oam jeahe cre rebevoat ynebm tc funme oa navest eat mehnsnca. Jcwever wntjequnty kctj retura dbcws- tje post mnvnmeam usem tc mernve tje ynebm oam hopntob frcwtj tc mote ore kohlworm-bcclnaf (jnstcrnh)vobues oam duture rehenpts cd tje so e ore uahertona. ]jus tje tctob retura vobue dcr oa equnty-kosem navest eat ns o uhj bessrebevoat oam rebnokbe funme tc duture navest eat wjea hc porem tc tje tctob retura vobue (ynebm tc oturnty) dcr o dnxem-nahc e

kosem navest eat.

Nadbotnca (nadbotncaory eavnrca`eat)

]je keaednts ohhrunaf drc o rnsnaf mnvnmeam, rnsnaf mnvnmeam ynebm, hopntob opprehnotnca cr evea tctob retura ore sukgeht tc vobueercsnca tjrcufj nadbotnca. Nadbotnca bevebs tjot exheem oay cd tjese returas beom tc aefotnve reob frcwtj. ]jns eoas tjot tje vobuecd tje navestcrs caey ot tje eam cd tje navest eat perncm ns bess tjoa tjot ot tje kefnaanaf cd tje perncm.

Jcwever, navestcrs hoa tole omvoatofe cd osset hbosses tjot jove oa nakunbt jemfe ofonast nadbotnca e.f. namex-bnalem kcams crstchls cd hc poanes tjot hoa poss ca nadbotncaory nahreoses na prnhes tc hcasu ers. Dnaoahnob (na portnhubor Koals), Eaerfy oam

Utnbnty hc poanes ore okbe tc poss ca tc tje hcasu er nahreosem kcrrcwnaf cr prcmuhtnca hcsts. ]jns husjnca obbcws tje rebevoathc poanes tc nahreose tjenr mnvnmeam poycuts na bnae wntj nadbotnca tjereky jebpnaf tc onatona ynebm bevebs tjot easure o pcsntnvereob retura.

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Hurreahy rnsl

Jcbmnafs cd cverseos navest eats oam rehenpts cd mnvnmeams na oa cverseos hurreahy hoa horry snfandnhoat vobue meprehnotnca rnslwjere tjns hurreahy dobbs na vobue vns--vns tjot cd tje navestcr. Os oa exo pbe, tje hurreat ehcac nh eavnrca eat wjere scverenfamekt bevebs jove kehc e o persnsteat tjreot tc sc e cd tje mevebcpem ehcac nes, mebnkerote mevobuotncas cd tjenr hurreahnes (tcketter oaofe exteraob mekt cr tc nahreose tje hc petntnveaess cd tjenr expcrts) wnbb naevntokby beom tc remuhtncas na tje reobreturas cd dcrenfa jcbmers cd kctj equnty oam mekt nastru eats na tjenr orlets.

Hcahbusnca

Navestnaf eoas cwanaf port cd o kusnaess oam tjns sjcubm hc e wntj o aeem tc prcperby reseorhj tje dnr s pcpubotnaf tjenavestcrs cr duam oaofers pcrtdcbnc. ]jns eatonbs o duamo eatob oaobysns cd tjese dnr s actokby oaobysnaf tjenr dnaoahnobstote eats, stumynaf tjenr kusnaess cmebs, actnaf ohrc-ehcac nh treams oam ossessnaf tje dnr s hc petntnve pcsntncanafs. ]jnsjebps nmeatndy vobue oam kuynaf cppcrtuantnes os webb os jebpnaf tc nmeatndy exnt strotefnes kut wntj tje nateatnca cd jcbmnaf tjestchl(s) os bcaf os nt oles sease.

Navestcrs tcc cdtea jurt tje sebves ky trynaf tc ole sjcrt-ter tohtnhob sjndts. Ycrtdcbnc rekoboahnaf ns aehessory kut ubtn oteby owebb mnversndnem pcrtdcbnc tjot nan nses sjcrt-ter tohtnhob sjndts oam mesnfaem tc jebp tje navestcr reohj jns bcaf-ter fcobs,wjnbe leepnaf rnsl ot o beveb je hoa oaofe, sjcubm ke tje ubtn ote fcob. Na tjns seelnaf tctob retura wnbb uamcuktemby jebp na tjeohjneve eat cd tjns fcob.

Mnshbon er

Tnews expressem jere ore scbeby tjcse cd tje outjcr oam mc act represeat navest eat omvnhe.