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[Audio] Investment Committee Meeting December 16, 2025 Updated.
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Economic & Investment Outlook. EFU Insurance. Economic & Investment Outlook To Be Updated.
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Recent Highlights !. All three major credit rating agencies have upgraded Pakistan's rating with a stable outlook. This is a significant positive development following a period of stress on the economy and movement away from default risk..
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Reforms and successful IMF reviews Reqo Diq financial close Power & Gas circular debt backlog resolution Pakistan Credit Rating and launch of Eurobond New NFC Award Formula PIA privatization.
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[Audio] Over the last few quarters, Pakistan energy sector collection ratio is almost equal to the cost. As a result, recovery ratios of the companies are around 95% (earlier: 60-70%). Due to better recoveries, companies have also improved their payout ratios to shareholders. Government is also actively pursuing the agenda of privatization with first transaction closed last month after two decades. Although the first attempt to privatize P-I-A failed in Oct 2024, the transaction is likely to sail through in 2026. . We may also expect further credit rating upgrade in 2026 due to consolidation in forex reserves during I-M-F program. In 2025, three top global rating agencies (S&P)--, Fitch and Moody’s upgraded Pakistan by one notch. With further rating upgrade, Pakistan may resort to international bond market by issuing Eurobond and Sukuks to strengthen debt maturity profile. To Be Updated.
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[Audio] Status quo expected over Pakistan diplomatic relations specially with China and US. Besides this, we also expect continuation of border closure between India and Pakistan. On Afghan issue, any permanent peace deal will be a positive for market as Pakistan enjoys decent trade balance with Afghanistan. Continuation in I-M-F guidelines is expected including the likely implementation of new N-F-C formula which is expected to release some burden of federation through lower provincial sharing formula. Currently federation is supposed to share 57.5% of its tax revenues with provinces as per 18th Amendment to Constitution of Pakistan. Due to high tax sharing formula, the federation starts day One of its new year with deficit as alone interest expense is over 60% of the tax revenues which is to be borne by federation. To Be Updated.
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[Audio] Price to earnings & earnings Growth Regional comparison To Be Updated.
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[Audio] P/E multiples during I-M-F programs To Be Updated.
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[Audio] B-2-B expansions To Be Updated. B2B expansions.
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[Audio] Current Macro economic variables Monthly current inflation likely to remain 6-7% Policy rate unchanged at 11% Exchange rates stable at current policy rate To Be Updated.
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[Audio] Annual Remittances (USD Billion) Remittances 2018 2019 2020 2021 2022 2023 2024 2025 2026 * 20 22 23.3 29 31.5 27 30 38 41 * Forecast Source: Profit Pakistan To Be Updated.
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[Audio] Current Account vs Return on KSE-100 CAD 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Y-T-D -2795 -3130 -12621 -19195 -13434 -4449 -2820 -17405 -4100 1572 2100 75 Return on KSE-100 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Y-T-D 0.16 0.1 0.23 -0.1 -0.19 0.02 0.38 -0.12 0 0.89 0.59 0.24 To Be Updated.
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[Audio] Equity market projection Our previous target for KSE-100 index crossing 100000 was realized last year and 150000 in current year. Current index at 157953. Market consensus KSE-100 likely to increase further by 10% to 12% by year end. To Be Updated.
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[Audio] Policy Rate forecast Series 1 44470 44562 44652 44743 44835 44927 45017 45108 45200 45292 45383 45474 45566 45658 45748 45839 45931 46023 46113 7.0000000000000007E-2 0.1 0.12 0.14000000000000001 0.15 0.16 0.2 0.22 0.22 0.22 0.21 0.18 0.15 0.12 0.12 0.11 0.11 0.11 0.1 To Be Updated.
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[Audio] Mutual Funds conversions likely to continue Total A-U-M Rs billion 2020 2021 2022 2023 2024 2025 45962900 1100 1500 2000 4200 3700 4000 Equity as % of total AUMs 2020 2021 2022 2023 2024 2025 45962 26 21 11 9 10 13 15 To Be Updated.
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[Audio] International Oil Prices 2025 Series 1 January February March April May June July December 79.209999999999994 75.16 72.569999999999993 67.75 64.209999999999994 71.45 70.95 62 To Be Updated.
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[Audio] Investment 1009. MIX. 17. INVESTMENT.
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[Audio] 08-DEC-25 31-DEC-24 8-Dec-25 Current Yield 11.00% Equity Fixed Income Subsidiary 17.824566999999998 9.1763209999999997 7.4919609999999999 Dividend Yield Equity Fixed Income Subsidiary 8.2299999999999998E-2 9.5899999999999999E-2 Current Yield Equity Fixed Income Subsidiary 0.10997 Remarks Equity Fixed Income Subsidiary 0 0 0 % Equity Fixed Income Subsidiary 0.51676122781275624 0.26603546143723883 0.21720331075000507 31-Dec-24 Dividend Yield 8.2% Equity Fixed Income Subsidiary 8.6033476895799978 14.483919035200001 8.1999999999999993 Dividend Yield Equity Fixed Income Subsidiary 8.2000000000000003E-2 8.7999999999999995E-2 Current Yield Equity Fixed Income Subsidiary 0.1474 % Equity Fixed Income Subsidiary 0.37264470463911009 0.62735529536088985 0.35517413549862892 Total Investments Rs. 31.3 billion Total Investments Rs. 34.5 billion Dividend Yield to be updated for Portfolio Other data has been updated – 9 Dec 2025.
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[Audio] Investment Mix Available for Sale M 5 % Commercial Banks Oil & Gas Exploration Companies Oil & Gas Marketing Companies Pharmaceuticals Fertilizer Food & Personal Care Products Technology & Communication Insurance Inv. Banks / Inv. Cos. / Securities Cos. Refinery Engineering Paper, Board & Packaging Power Generation & Distribution Others 0.26 0.15000000000000002 0.1 7.0000000000000007e-2 0.03 0.09 0.03 0.04 0.06 0.02 0.01 0.02 0.06 6.0000000000000005e-2 Updated – 9 Dec 2025.
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[Audio] Peers Investment Mix – September 30, 2025 Equity (afs) Efug Aicl Jgicl 10979.368 41771.987000000001 14920.093999999999 30% 77% 44% Equity (hft) Efug Aicl Jgicl 4044.7840000000001 0591.87699999999995 11% 0% 2% Pibs Efug Aicl Jgicl 9444.1630000000005 1468.357 10818.191000000001 26% 3% 32% Govt. Sukuks 0% Efug Aicl Jgicl 0 0 0 0% 0% 0% T-bills Efug Aicl Jgicl 0 5237.1809999999996 6327.5069999999996 0% 10% 19% Tfc / Sukuks Efug Aicl Jgicl 302 0 0 1% 0% 0% Sub./assoc./rp Efug Aicl Jgicl 7497.2280000000001 2223.11321.02699999999999 21% 4% 1% Tdrs Efug Aicl Jgicl 703.29300000000001 0215.374 2% 0% 1% Inv. Prop. 10% 6% 2% Efug Aicl Jgicl 3462.1120000000001 3347.991623.19899999999996 Rs. Million Updated – 9 Dec 2025.
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[Audio] Peers Investment Income September 30, 2025 Particulars EFUG AICL JGICL Rs. ‘000 Rs. ‘000 Rs. ‘000 Equity Securities Available for Sale Dividend Income from Subsidiary/Associate 643204 2254189 Dividend Income from Equity Securities 395429 767742 571401 Realised Gains/(Losses) on Equity Securities 1280018 1180455 2483189 (Impairment)/Reversal – Equity (866836) 1451815 4202386 2263731 Held for Trading Dividend Income from Equity Securities 47665 13870 Realised Gains/(Losses) on Equity Securities 686239 158340 Unrealised Gains/(Losses) on Equity Securities 28318 11214 762222 183424 Fixed Income Securities Return on Debt Securities 1234454 580026 1645527 Realised Gains on Debt Securities 31554 Return on Term Deposits 20683 15967 10543 1286691 595933 1656070 Investment related expenses (86452) (8098) (50587) Total Investment Income 3414276 4790281 4843496 Unrealised Gain on A-F-S Equity Securities 4805298 16747524 5849513 Unrealised Gain on A-F-S Fixed Income Securities 408135 323736 Total Unrealised Gain on A-F-S Securities 5213433 16747524 6173249 Updated – 9 Dec 2025.
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[Audio] Investment Portfolio Updated – 9 Dec 2025.
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[Audio] Fixed Income Rs. 9.2 Billion Fixed Income Securities 3Y pibs 10Y pibs T-F-C's Corp. Sukuks 0.94654306008723721 2.0528163245634144E-2 2.1795228876361414E-2 1.1133547790767319E-2 Rs. 3Y pibs 10Y pibs T-F-C's Corp. Sukuks 8.6857822458000005 0.18837300000000001 0.2 0.10216500000000001 Avg. Maturity 3Y pibs 10Y pibs T-F-C's Corp. Sukuks 0.94 0.06 1.2 0.65602540889095029 Updated – 9 Dec 2025.
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[Audio] Investment Portfolio Window Takaful Operations (Dec 08, 2025) Rs. ‘000 Investment Portfolio OPF PTF Total Portfolio % Yield % Corporate Sukuks 25000 47220 72220 1.52 12.43 GoP Ijara Sukuks 1652907 3028927 4681834 98.48 11.08 Total 1677907 3076147 4754054 100.00 11.10 Updated – 9 Dec 2025.
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[Audio] Equity Portfolio Updated – 9 Dec 2025. EQUITY PORTFOLIO.
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[Audio] Sector wise exposures E-F-U-G KSE-100 Kse 100 Cable & Electrical Goods Leather & Tanneries Automobile Parts & Accessories Refinery Miscellaneous Paper, Board & Packaging Engineering Insurance Inv. Banks / Inv. Cos. / Securities Cos. Oil & Gas Marketing Companies Pharmaceuticals Power Generation & Distribution Automobile Assembler Textile Composite Technology & Communication Chemical Cement Fertilizer Food & Personal Care Products Oil & Gas Exploration Companies Commercial Banks 3.3890073932097624e-3 4.9727263376524271e-3 5.3100074649451243e-3 9.193998103212888e-3 9.3263882529198532e-3 1.0537969968469061e-2 1.1958417912930844e-2 1.8748916959492677e-2 1.9184983195689738e-2 2.4026980432152789e-2 2.5751052334989234e-2 3.5607517251257444e-2 3.6248181197615949e-2 3.8596147376250868e-2 4.2281709617723179e-2 5.9773374382928304e-2 6.6883411702478232e-2 7.788330833851724e-2 0.10262436159026897 0.13094039881387926 0.16795947518496751 Efu Portfolio Miscellaneous Cement Automobile Parts & Accessories Cable & Electrical Goods Textile Composite Leather & Tanneries Engineering Paper, Board & Packaging Refinery Chemical Automobile Assembler Technology & Communication Fertilizer Insurance Power Generation & Distribution Inv. Banks / Inv. Cos. / Securities Cos. Pharmaceuticals Food & Personal Care Products Oil & Gas Marketing Companies Oil & Gas Exploration Companies Commercial Banks 0 0 1.6999999999999999e-3 4.4999999999999997e-3 5.4000000000000003e-3 5.7000000000000002e-3 1.46e-2 1.83e-2 2.0799999999999999e-2 2.2700000000000001e-2 2.3400000000000001e-2 2.5999999999999999e-2 2.8899999999999999e-2 4.0500000000000001e-2 6.1800000000000001e-2 6.3200000000000006e-2 7.1599999999999997e-2 8.48e-2 0.1021 0.1411 0.25240000000000001 Updated – 9 Dec 2025.
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[Audio] Unrealized Gain, Realized Gain & Dividend Available for Sale Rs. million Dividend Income 45999 45632 45263 44898673.00373415000001396.113298.44799999999998265.57843199999996 Realised Gain Equity 45999 45632 45263 44898 3089.9617330000001144.00800000000001 87.736999999999995111.57581270999999 Unrealised Gain Equity 45999 45632 45263 44898 3163.1092365016639 3893.82 1229.2804289999999692.18899999999996 Pending.
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[Audio] Shares in Excess of 5% Market Value of Portfolio (above Rs. 530 million) Rs. ‘000 Company Name Symbol No. of Shares Holding Rate Market Rate Book Value Market Value Unrealized Gain/(Loss) Market Value (%) Holding Capital (%) Meezan Bank Ltd. mebl 2058741 77.51435.82 140196 788286 648090 6.3 0.1 Murree Brewery Pakistan Ltd. mureb 637990 812.04 1040.00 518073 663510 145437 5.3% 2.3% M-C-B Bank Ltd. M-C-B 1853420 336.78 357.38 624195 662375 38180 5.3% 0.2% The Hub Power Company Ltd. H-U-B-C 3000000 226.12 223.97 678360 671910 (6450) 5.4% 0.2% Mari Energies Ltd. mari 900000 742.23 704.59 668007 634131 (33876) 5.1% 0.1% Total 2628831 3420212 791381 Updated – 9 Dec 2025.
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[Audio] Equity Portfolio – Rs. 17824 million Equity Portfolio Available for Sale Held for Trading 12541.37112944 5283.1962168700002 Updated – 9 Dec 2025.
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[Audio] Shares Held for Trading Rs. ‘000 Company Name No. of Shares Book Value Market Value Appreciation D G Khan Cement Company Ltd. 2500000 663368 604725 (58643) Engro Holdings Ltd. 1500000 364243 325380 (38863) Pakistan Aluminum Beverage Cans Ltd. 754000 120517 96768 (23748) Faysal Bank Ltd. 3496000 329984 315724 (14260) United Bank Ltd. 1050000 408163 394349 (13814) GlaxoSmithKline Pakistan Ltd. 556099 227065 217173 (9892) I-G-I Holdings Ltd. 90848 30848 22723 (8125) Pakistan State Oil Company Ltd. 1179193 556461 551367 (5094) Habib Bank Ltd. 500000 158955 154060 (4895) The Bank of Punjab Ltd. 3500000 124895 120610 (4285) Pakistan International Bulk Terminal Ltd. 11369037 177985 174174 (3812) Habib Metropolitan Bank Ltd. 950000 108300 106115 (2185) Ghandhara Automobiles Ltd. 135000 76877 74890 (1988) Askari Bank Ltd. 500000 48718 47160 (1558) Frieslandcampina Engro Pakistan Ltd. 350000.
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[Audio] Shares Held for Trading Rs. ‘000 Company Name No. of Shares Book Value Market Value Appreciation Maple Leaf Cement Factory Limited 500000 52927 52990 63 Attock Petroleum Limited 222909 121508 121880 372 Cherat Cement Company Limited 186889 62416 63468 1052 Allied Bank Limited 150000 25950 27254 1304 Attock Refinery Limited 73567 46568 48521 1953 The Searle Company Limited 800000 83798 87952 4154 Pakistan Petroleum Limited 351000 72060 77020 4960 National Bank of Pakistan 2000000 433176 440300 7124 The Hub Power Company Limited 2250000 489804 503933 14128 Oil and Gas Development Company Limited 1700000 444099 466412 22313 5418295 5283196 (135099) Updated – 9 Dec 2025.
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[Audio] Gain/(loss) on Shares for trading Y-T-D December 08, 2025 Rs. ‘000 Company Name Cost Sales Gain Mari Energies Ltd. 3319825 2170550 2329375 Pakistan Petroleum Ltd. 10099797 1880508 1949003 Pakistan State Oil Company Ltd. 6133783 2561352 2622010 National Bank of Pakistan Ltd. 8876734 1462018 1519899 Ghandara Industries Ltd. 2301988 1729480 1773672 The Hub Power Company Ltd. 9362257 1756197 1799911 System Ltd. 3194118 473538 513507 The Bank of Punjab Ltd. 7734231 227431 265851 Pakistan Stock Exchange Ltd. 7916337 232203 267786 K-Electric Ltd. 67102246 422330 455490 Others 19036576 19207313 170737 31952183 32703817 751634 Updated – 9 Dec 2025.
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[Audio] Equity Securities Available for Sale Rs. ‘000 Company Name No. of Shares Book Value Market Value Appreciation Meezan Bank Ltd. 1808741 140196 788286 648090 Jahangir Siddiqui & Co. Ltd. 19711876 187291 467171 279880 Attock Petroleum Ltd. 825000 189560 451085 261525 Ferozsons Laboratories Ltd. 763858 32586 290159 257573 Pakistan Oilfields Ltd. 612000 164750 377806 213056 Jubilee Life Insurance Ltd. 1459845 64686 243385 178699 Packages Ltd. 281500 39703 206787 167084 Murree Brewery Pakistan Ltd. 637990 518073 663510 145437 United Bank Ltd. 548000 71350 205812 134462 International Industries Ltd. 907506 35130 165130 130000 National Refinery Ltd. 450000 67025 195008 127982 Pakistan Reinsurance Company Ltd. 14937000 126068 240784 114716 Glaxosmithkline Pakistan Ltd. 590204 116539 230492 113953 Habib Metropolitan Bank Ltd. 1500000 64005 167550 103545 Faysal Bank Ltd. 2547633 128426 230077 101651 Bank Islami Pakistan Ltd. 2835804 32980 90888 57908 Lucky Core Industries Ltd. 422206 84581 125171 40590 M-C-B Bank Ltd. 1853420.
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[Audio] Equity Securities Available for Sale Company Name No. of Shares Book Value Market Value Appreciation Pakistan Petroleum Ltd. 2200000 445192 482746 37554 National Bank Of Pakistan Ltd. 2500000 514725 550375 35650 National Foods Ltd. 1000000 365000 400610 35610 Bank Al Falah Ltd. 3667596 351099 385904 34805 Nishat Chunian Power Ltd. 1500000 24180 52320 28140 Sazgar Engineering Works Ltd. 72087 96290 122318 26028 Nishat Mills Ltd. 250000 13155 38170 25015 Pakistan Cables Ltd. 329710 32823 55836 23013 Searle Pakistan Ltd. 240559 3618 26447 22829 Kot Addu Power Company Ltd. 1633150 29700 50448 20748 Azgard Nine Ltd. 2571275 15419 29570 14150 T-R-G Pakistan Ltd. 493500 24132 38069 13937 Oil & Gas Development Company Ltd. 1000000 261740 274360 12620 Jubilee General Insurance Ltd. 218211 5892 17020 11129 Fatima Fertilizer Company Ltd. 2100000 309309 319221 9912 Bata (Pakistan) Ltd. 25096 22673 30644 7971 Engro Holding Ltd. 1500000 317730.
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[Audio] Realized Gain on Shares Available for Sale Y-T-D Rs. ‘000 Company Name No. of Shares Cost Market Value Realized Gain/(Loss) Murree Brewery Company Ltd. 500000 40487 514396 473910 Fauji Fertilizer Company Ltd. 1757910 553263 912782 359519 Bank Al Habib Ltd. 1856127 108823 405603 296780 Oil and Gas Development Company Ltd. 1576198 219042 435636 216594 Air Link Communication Ltd. 1410836 99644 252440 152796 Systems Ltd. 2515760 271967 412104 140137 Fauji Cement Company Ltd. 3500000 111618 213235 101617 Pakistan Petroleum Ltd. 1578310 214468 305112 90644 Meezan Bank Ltd. 250000 26312 100986 74674 Mari Energies Ltd. 368000 161089 219097 58008 Askari Bank Ltd. 950000 38045 93886 55841 Lucky Cement Ltd. 238450 55637 110172 54534 Bank Alfalah Ltd. 688500 24142 69132 44989 Pakistan State Oil Company Ltd. 850000 345270 385568 40298 Habib Metropolitan Bank Ltd. 538000 19847 59420 39573 Pak Elektron Ltd. 3000000 136109 164138 28029 Treet Corporation Ltd. 5000000 116014 139971 23958 Updated – 9 Dec 2025.
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[Audio] Company Name No. of Shares Cost Market Value Realized Gain/(Loss) Citi Pharma Ltd. 500000 32704 50374 17670 Attock Cement Pakistan Ltd. 350000 93624 108389 14764 Engro Fertilizers Ltd. 1560000 307321 319955 12634 Habib Bank Ltd. 1623017 311413 321540 10127 Faysal Bank Ltd. 394500 21489 30037 8548 Lucky Core Industries Ltd. 57724 11564 18908 7344 Interloop Ltd. 719728 53202 59028 5825 Cherat Cement Company Ltd. 94500 29766 32720 2954 Ferozsons Laboratories Ltd. 7500 1118 3021 1903 D G Khan Cement Company Ltd. 236668 28934 30099 1165 International Industries Ltd. 4758 290 1076 786 Thal Ltd. 7000 3360 3843 483 Honda Atlas Cars (Pakistan) Ltd. 435000 5516 5696 181 International Steels Ltd. 500000 48484 45443 (3041) Avanceon Ltd. 356005 24945 15984 (8961) Total 3515510 5839793 2324283 Updated – 9 Dec 2025.
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[Audio] Performance of fresh equity investments up to December 08, 2025 Rs. million Realized Gain Unrealized Gain/(Loss) Dividend Income Total Annualized R-O-I Available for Sale 2324267620 3229 74% Held for Trading 752 (135) 53670 46% Total 3076132673 3899 66% Roi Is Pending.
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[Audio] Thank You!. THANK. YOU!. 38.