Gypsum Products & investment

9

Fe|tnlub|fne ․ Mvpru Mvpruj j fr i jfeo jfeoti tiaa ei|u ei|uti tiaaaav v cnue cnuel l fe ei|uto% ․ Lo Loe e|i |iaa ippa ippafb fbi| i|ffne ner; r;  ‒ Fjptorrfne ji|otfiar ji|otfiar  ‒ Bner|tub|fem bir|r bir|r iel lfor  ‒ Jigfem topafbir

4

Floia ptnpot|for nc lfo ji|otfiar ․ Lf Lfjo joe erf rfne neia ia ibb ibbut utib ibv% v% ․ Oiro nc uro% ․ Ib Ibbu buti ti|o |o top toptn tnlu lub|f b|fne ne nc nc cfeo cfeo lo|i lo|ifafa%% ․ Feot|% ․ Mnnl r|toem|h% ․ Feoxpoerfso% ․ Id Idttir irfn fne e to torf rfr| r|i ie| e|%% ․ Mn Mnnl nl bn bnan antt bn bne e|t |tir ir|| 2

MVPR_J

Ptnlub| _ro fe Loe|fr|tv

MVPR_J : biabfuj ruaci|o : ei|utiaav nbbutr ir lfhvlti|o Hoi| tojnsor }i|ot iel bnesot|r lfhvlti|o |n hojfhvlti|o%

WMvpruj Pn}lotZ ' WH4NZ   WMvprujZ ' WHoi|Z Biabfuj Ruaci|o Hojfhvlti|o

Biabfuj Ruaci|o Lfhvlti|o

LFTOB\ sotrur

FELFTOB\ PTNBOL_TOR

Loe|ia Ijiamij Loe|ia Bnjpnrf|or

Feaivr! Neaivr! Btn}er! iel Dtflmor Pit|fia iel Cuaa Loe|utor Loe|utor \ojpntitv Ippafiebor <

Ptnpot|for iel dohisfnut  ․ Bhojfb fbia ia pt ptn npo pot| t|fo for r; (oxn|hotjfb toib|fne& Bi rua uaci ci|o |o lfh fhvl vlti ti|o |o hojfhvlti|o

hoi|

}i|o |ott an anr rr mtn tnu uel

Bi ru ruac aci| i|o o

․ \ho ptn ptnlub lub|fn |fne e nc sitf sitfnu nur r |vpor |vpor nc nc mvpru mvpruj j fr dir dirfbi fbiaav aav |ho |ho rijo;  ‒ Fc |ho hoi|fem ptnborr nbbutr fe i|jnrphotfb ptorruto i| 99?°B! |ho pn}lot pit|fbaor ito pntnur iel fttomuait (d hojfhvlti|o!! pair|ot&% hojfhvlti|o  ‒ fc hoi|fem ptnborr fr uelot ptorruto! pn}lot pit|fbaor ito tomuai tomuaitt iel aorr pntnu pntnur r (i hojfhv hojfhvlti|o lti|o!! nt loe| loe|ia ia r|neo&% ?

 ‒ I cut|hot febtoiro fe ptorruto iel tocfefem nc  |ho pn}lot dv mtfelfem torua|r fe loerot  r|neo! hfmh*r|toem|h nt lfo r|neo  ‒ ]hoe r|neo fr jfxol }f|h rfafbi; loe|ia fesor|joe|! i ji|otfia |hi| bie }f|hr|iel hfmh hoi| iel r|torr ptnlubol }hoe jna|oe jo|ia fr cntbol fe|n jnalr |n cntj felftob| tor|nti|fner 3

MVPR_J Ro||fem Toib|fne

WMvpruj Pn}lotZ ' WH4NZ   WMvprujZ ' WHoi|Z Ibboaoti|ntr

WBiRN<*(9.4&H4NZ ' W(2.4&H4NZ

 

WBiRN<*(4&H4NZ ' WHoi|Z

To|itlotr

Biabfuj Ruaci|o Hojfhvlti|o

Biabfuj Ruaci|o Lfhvlti|o

=

MVPR_J PTNL_B\R; ․ ․ ․ ․

Pair|ot  R|neo Hfmh r|toem|h.an} oxpierfne r|neo Hfmh r|toem|h.hfmh oxpierfne r|neo

․ ․

Rpobfia|v R|neor Fesor|joe| Ji|otfiar ]ntgfem Bir| }f|h Tojnsidao Lfor

Oloe|uanur Bir|

Nt|hnlne|fb Jnloa

]ntgfem Bir|

Tojnsidao Lfo }f|h ]ixol Feaiv

8

Mvpruj ptnlub|r   r    f   t   i    P    c   n   t   o    |   r   i    a    P

  o   e   n    |   r    a   i    |   e   o    L

Hoi|ol uelot ptorruto 94?°B

Hoi|ol fe npoe gf||ao (990*940 °B&

   h    |   m   e   o   t    |   r    h   o   m   e    f   n    |    H  r

Jilo ctnj loerf|o! dnfaol fe 20/ BiBa4! |hoe }irhol }f|h }i|ot iel mtnuel 6

Phvrfbia ptnpot|for \vpo

].P

Pntnrf|v

Bnjptorrfs  Idtirfne o r|toem|h torfr|iebo

Ro||fem oxpierfne

pair|ot

0%
Hfmh

8%8 JPi

An}

Hfmh

R|neo

0%20

jnloti|o 40%3 JPi

Jnloti|o

Jnloti|o

Hfmh r|toem|h r|neo

0%42

An}

2<%2 JPi

Hfmh

An}

Hfmh r|toem|h

0%40

An}

<8%0 JPi

Hfmh

Hfmh

Hfmh* oxpierfne r|neo

90

Phvrfbia ptnpot|for (bne|%& ․ R|t |to oem|h iel hi hitl tle eorr;  Iccob|ol dv  ‒ Pntnrf|v  ‒ Rhipo nc pit|fbaor (aitmo (aitmo fttomuait pit|fbaor pit|fbaor lne‖| bneloero }oaa aoilfem |n lobtoirol loerf|v&%  ‒ Ijnue| nc nc }i|ot jfxol }f|h |ho pn}lot% Hfmhot pntnrf|v toyuftor jnto }i|ot |n do jfxol |n ptnlubo i bir| }hfbh }faa do }oigot%

99

․ Lfj fjoe oerf rfne neia ia ibb ibbut utib ibv; v;  ‒ \ho hfmhot hfmhot |ho ro||fem oxpierfne! oxpierfne! |ho an}ot |ho ibbutibv%  ‒ Ro||fem oxpierfne oxpierfne torua|r ctnj |ho mtn}|h nc btvr|iar ir |hov knfe%

․ Rnaudfaf|v;  ‒ Ro| mvpruj fr en| en| hfmhav rnaudao  ‒ \ho mtoi|ot mtoi|ot |ho pntnrf|v |ho mtoi|ot mtoi|ot |ho rnaudfaf|v%

94

․ To Topt ptnl nlub ub|f |fne ne nc lo lo|i |ifafa;;  ‒ Mtoi|ot pntnrf|v lobtoiror lobtoiror rutcibo lo|ifa lo|ifa ptnlub|fne  ‒ \ho fjptorrfne ji|otfia ji|otfia rhnual do bnjpi|fdao }f|h |ho mvpruj |n fjptnso lo|ifa toptnlub|fne% \ho dor| bnjpi|fdfaf|v fr do|}ooe rfafbne iel pnavo|hotr iel mvpruj

92

Bairrfcfbi|fne Bairrfcfbi|f ne nc mvpruj ․ Fjpt Fjptor orrf rfne ne pa pair ir|o |ott (\v (\vpo po F& +roalnj urol+ ․ Jnlo loaa pai pair| r|o ot (\v (\vpo po FF FF&; &; urol cnt   ‒ Lfimenr|fb bir|  ‒ It|fbuai|fne nc r|neo bir| bir|  ‒ It| pnt|fne nc }ntgfem bir|  ‒ Cairgfem ptnboluto ptnboluto cnt  ibtvafb loe|utor (bir| oel& \ho jfx ptnlubor i }oig bir| bnjpitol |n loe|ia r|neo% F|‖r isifaidao fr cir| iel tomuait ro|r%

Fjptorrfne (eomi|fso topafbi&! pnutol fe|n mvpruj |n jigo i bir| (pnrf|fso topafbi

9<

․ Loe|ia r| r|neo (\ (\vpo FFF&; urol cnt jigfem  ‒ Cuaa nt pit|fia loe|uto loe|uto jnloar  ‒ Nt|hnlne|fb jnloar  ‒ Cairgfem ptnboluto ptnboluto cnt  ibtvafb loe|utor (|oo|h oel& F| toyuftor aorr }i|ot! r|tnemot |hie pair|ot 

Loe|ia r|neo bir|r

9?

․ Loe| Loe|ia ia r| r|ne neo! o! hf hfmh mh r| r|to toem em|h |h (\vpo FS&;  ‒ Gen}e ir lfo r|neo! urol fe cidtfbi|fem }ix pi||oter nc bir| tor|nti|fner (btn}e #dtflmo&  ‒ Fjpaie|r  ‒ Ptobfrfne i||ibhjoe|r i||ibhjoe|r }ntg  ‒ Nc|oe bnantol bnantol pfeg nt  mtooe  ‒ Iajnr| 4 |fjor r|tnemot  |hie |vpo FFF r|neo

Lfo r|neo urol fe |ho cidtfbi|fne nc bir| btn}e tor|nti|fne

93

․ Hfmh Hfmh r|to r|toem em|h! |h! hfm hfmh h oxpi oxpierf erfne ne lo loe|i e|iaa r|ne r|neo o (\vpo S&  ‒ Bnantol dauo nt mtooe  ‒ Jnr| bnr|av nc iaa mvpruj mvpruj ji|otfiar  ‒ An}or| ];P ti|fn! hfmhot bnjptorrfso bnjptorrfso r|toem|h  ‒ \ho eool cnt hfmhot oxpierfne oxpierfne }ir |n bnjpoeri|o cnt |ho rnaflfcfbi|fne rhtfegimo nc  rnjo iaanvr urol ir diro jo|iar urol cnt  loe|ia bir|fem 9=

Jiefpuai|fne ․ Roaob| Roaob|fne fne;; dirol dirol ne |ho lor lorfto ftol l ptnp ptnpot| ot|for for iel loe|ia ippafbi|fne% o%m%;  ‒ Cnt i lfimenr|fb lfimenr|fb bir|! pair|ot bie do urol%  ‒ Cnt i }ntgfem bir|! r|toem|h fr toyuftol toyuftol iel ibbutibv! loe|ia r|neo fr |ho mvpruj nc  bhnfbo  ‒ ]ntgfem jnloar jnloar cnt bir| tor|nti|fner tor|nti|fner toyufto lfo r|neo

98

Jiefpuai|fne (bne|%& ․ Pt Ptnp npnt nt|f |fne nefe fem m (]; (];P P ti| ti|fn fn&& tuao; Jieucib|utot fer|tub|fner  ‒ Mnaloe tuao; rhnual ia}ivr do cnaan}ol%  ‒ Sitfi|fner fe ];P ti|fn iccob| iccob| |ho ro| ji|otfiar‖ ji|otfiar‖ ptnpot|for rubh ir r|toem|h iel ibbutibv% ․ \n \nn n jub jubh h }i| }i|ot ot> > ․ \n \nn n afaf|| ||ao ao }i }i|o |ot> t>

96

Jiefpuai|fne (bne|%& ․ Jfxfem;  ‒ Jieuia; Tuddot  Tuddot  dn}a iel rpi|uai% Pn}lot fr rfc|ol fe|n }i|ot |n oeruto mnnl }o||fem iel isnfl baujpr! iel isnfl ift  duddaor

40

Jobhie Job hiefbi fbiaa (ia (iarn rn urol urol }f|h }f|h sib sibuuj uuj&&

49

Jiefpuai|fne (bne|%& ․ Fef Fef|f |fia ia ro ro||f ||fem em |f |fjo jo*} *}nt ntgf gfem em |f |fjo jo  ‒ ]ntgfem |fjo r|it| r|it| ic|ot jfxfem cnt 9 jfeu|o jfeu|o  ‒ Fef|fia ro||fem |fjo; |fjo |fjo oaiprol ctnj |ho |ho r|it| nc jfx ue|fa anrr nc manrr (8*90 jfeu|or&  ‒ 3*90 jfeu|or nc }ntgfem |fjo ito isifaidao isifaidao |n pnut |ho mvpruj%

44

MVPR_J

Ro||fem Jobhiefrj

Lfrrnau|fne nc hojfhvlti|o

Ptobfpf|i|fne nc lfhvlti|o

Btvr|ia oxpierfne iel fe|otanbgfem

42

JIEFP_AI\FNE nc Mvpruj Ptnlub|r

Ptnpnt|fne P iel A

Jfbtnr|neo

Duag P

Pto*pibgimol P Pto*

\tiercot |n fjptorrfne

4<

․ Cfeia Cfeia ro|| ro||fem fem |fj |fjo; o; fr fr toibh toibhol ol }ho }hoe e |ho |ho ji|ot ji|otfia fiar r bie do ricoav hielaol! |ho mvpruj fr bnna (oxn|hotjfb toib|fne fr nsot&% ․ Ro||f Ro||fem em oxp oxpie ierfn rfne; e; To Torua rua|r |r ctn ctnj j btvr| btvr|ia ia mtn mtn}| }|h h lutfem ro||fem% Bie do lobtoirol dv |ho illf|fne nc  pn|irrfuj ruaci|o! rnlfuj bhantflo! dntix% ․ Hvmtn Hvmtnrbn rbnpfb pfb oxp oxpie ierfn rfne% e% Fc mvpr mvpruj uj rnig rnigol ol lut lutfem fem ro||fem! }i|ot cfaar pntor iel febtoiror snaujo ․ F|‖r F|‖r tob tobnjj njjoel oelol ol |n ro ropit piti|o i|o |ho bi bir| r| ctn ctnj j fjptorrfne ic|ot 9 hnut% ․ R|t R|toe oem|h m|h feb febtoi toiro ror r 4*2 4*2 |fj |fjor or ic ic|ot |ot 4< hn hnutr utr

4?

\or|r cnt fef|fia ro||fem! iel cfeia ro||fem |fjor ․ Anrr Anrr nc man manrr rr |or| |or| cnt fef fef|fi |fiaa ro||f ro||fem em |fjo |fjo;; anrr anrr nc  nc  manrr nbbutr ir }i|ot fr |igoe up dv mvpruj |n cntj |ho lfhvlti|o% \ho ji|otfiar lnor en| hiso joirutidao bnjptorrfso r|toem|h % ․ Fef|fi Fef|fiaa Mfaaj Mfaajnto nto |or |or|| cnt cnt fef|f fef|fia ia ro|; ro|; eo eool olaor aor ito urol |n feloe| |ho ji|otfia ue|fa en feloe|i|fne bie do rooe : fef|fia ro||fem |fjo%

43

MVPR_J Ro||fem R|imor

Jfxfem \fjo 00;00;00 00;00;00 00;09;00

]ntgfem \fjo 00;0 =;00

Ro||fem \fjo 00;90;00 \FJO

Jfxfem Fe|otsia

]ntgfem Fe|otsia

Ro||fem Fe|otsia Fef|fia Ro| : ]ntgfem \fjo

Cfeia Ro| : Ro||fem \fjo Aitmo Mfajnto Eoolao

ANRR NC MANRR

Rjiaa Mfajnto Eoolao

4=

I

․ Sfbi Sfbi|| poe poeo| o|tn tnjo jo|o |ott (I& (I& cn cnt  t  ro||fem |fjo; urol cnt |ho eox| r|imo nc ro||fem (tocot |n cfmuto& ic|ot anrr nc manrr! |ho pauemot  tnl fr toaoirol ne|n |ho jfx% \fjo oaiprol ue|fa |ho tnl en anemot poeo|ti|or fr |ho ro||fem |fjo% D

D

․ Mfaa Mfaajn jnto to |o |or| r| (D (D&& cnt cnt cf cfei eiaa ro||fem |fjo; i hoisfot  Mfaajnto eoolao |n lo|otjfeo cfeia ro||fem |fjo% 48

46

Toilv cnt uro btf|otfi ․ \ho \ho idfa idfaf| f|v v |n kul kulmo mo toi toilf lfeo eorr rr nc nc mvpr mvpruj uj |n do hielaol fjptnsor }f|h oxpotfoebo% ․ \obhe \obhefbi fbiaaaav! v! |ho |ho ji|ot ji|otfi fiaa fr bnerf bnerflo loto tol l toilv }hoe bnjptorrfso r|toem|h toibhor 80/ nc |ho r|toem|h i||ifeol ic|ot ic| ot 9 hnut% ․ Jnr| Jnr| ptn ptnlu lub| b|r r ito ito toi toilv lv |n |n uro uro fe 20 jfeu|or%

20

․ Bafefb Bafefbia ia |fp |fp;; docn docnto to rop ropiti iti|fe |fem m bir| bir| ctn ctnj j fjptorrfne! oeruto |hi| en pit| nc |ho | ho |tiv fr bneeob|ol |n |ho mvpruj ․ Bafefb Bafefbia ia |fp |fp;; fc fc iamf iamfei| ei|o o fjpt fjptorrf orrfne ne ltf ltfol ol docnto bir| ropiti|fne! rnig fe }i|ot cnt  c nt  9? jfeu|or%

29

Hn} |n bne|tna ro||fem |fjo 9% Bhiem emfe fem m }i|o |ott ; pn pn} }lot ti ti|f |fn n Febtoirfem }i|ot

Lobtoirfem }i|ot 

To|itlol ro||fem

Rhnt|ot ro||fem |fjo

]oigot jnloa nt bir|

Jfx lfccfbua| |n jiefpuai|o

Feibbuti|o jnloa

Duddaor febaurfne fe jfx

********

Feibbuti|o jnloa

24

4% Rpi| Rpi|ua uai| i|fn fne; e; ti tipf pfl l iel iel pt ptna nane nemo mol l rpi|uai|fne ibboaoti|or ro||fem iel iarn febtoiror ro||fem oxpierfne% 2% \ojp \ojpot oti| i|ut uto; o; fe febt btoi oirf rfem em }i }i|o |ot  t  |ojpoti|uto |n i bot|ife aosoa }faa ibboaoti|o ro||fem%

22

<% Ib Ibbo boao aoti ti|n |ntr tr iel iel to| to|it itlo lottr;  ‒ Jieucib|utotr ill ill ibboaoti|ntr nt to|itlotr to|itlotr |n mvpruj% \horo bhojfbiar febtoiro nt  lobtoiro mvpruj rnaudfaf|v torpob|fsoav }hfbh }faa ia|ot ro||fem |fjo ibbntlfemav%  ‒ Bafefbfier bie ill ill ibboaoti|ntr rubh rubh ir pn|irrfuj ruaci|o nt ro| mvpruj (rauttv }i|ot&! |hov ib| ir rf|or cnt btvr|iaaf{i|fne%  ‒ Ro||fem toib|fne toib|fne to|itlotr; dannl! dannl! riafsi! iamfei|o% Fc aoc| ne fjptorrfne! bie iccob| rutcibo lo|ifar nc fjptorrfne% Fjptorrfne rutcibo eool |n do ptnpotav tferol docnto dofem pnutol% 2<

․

Pnutfem nc nc |h |ho bi bir|; |h |ho bi bir| fr fr bn bnjpnrol nc  nc  |}n pit|r }hfbh ito ptopitol ropiti|oav  ‒

\ho iei|njfbia iei|njfbia pit| (hitl iel rnc| |frruo&! fjptorrfne pnutol urfem i sfdti|nt 

 ‒

It| pnt|fne nt diro! diro! }hfbh fr fjpnt|ie| |n |n ifl fe hielafem iel it|fbuai|fem |ho bir|r% Bie do pnutol fe lfccotoe| }ivr;

2?

9% Lnudao*pnut jo|hnl 9

4

2

23

4% Rfemao r|op ․ Dn|h Dn|h iei iei|n |njf jfbi biaa iel iel it| it| pnt| pnt|fn fner er nc nc |ho |ho bir| ito ptopitol i| |ho rijo |fjo% \hfr jo|hnl toyuftor rgfaa iel ibbuti|o |fjfem% Lfccfbua|v oebnue|otol;  ‒ Fc jfx fr |nn tueev>  ‒ Fc jfx r|it|ol |n fef|fiaav fef|fiaav ro|>

2=

2% Dnxfem jo|hnl ․ I r|tf r|tfp p nc }i }ix x fr cf| cf||ol |ol itn itnue uel l |ho |ho fjpt fjptorr orrfne fne |hoe mvpruj fr pnutol% \ho }ix dntlot rhnual ox|oel i| aoir| 0%? febh idnso |ho hfmhor| pnfe| nc |ho fjptorrfne%

28

R|ntimo iel baoie up ․ Mvpru Mvpruj j rhnu rhnual al do do r|nt r|ntol ol fe fe ift| ift|fm fmh| h| ltv ltv itoi% Ptnanemol oxpnruto |n jnfr|uto bie to|itl ro||fem luo |n lobtoirol rnaudfaf|v nc pn}lot% ․ Toao Toaosi sie| e| oyu oyufp fpjo joe| e| rhnu rhnual al do do gop| gop| baoi baoie e |n isnfl ue}ie|ol ibboaoti|fne nc ro||fem dv ro| mvpruj% 26

Fecob|fne bne|tna ․ Bir| Bir|r r rhnu rhnual al his hiso o ro| ro| cnt cnt 4< hnu hnutr tr doc docnt nto o dofem lfrfecob|ol fc eoborritv% ․ Rp Rpti tiv v ti| ti|ho hott |hi |hie e fjj fjjot otro ro ․ Lf Lfrf rfec ecob ob|i |ie| e|r r bnjjn bnjjnea eav v urol; urol;  ‒ Rnlfuj hvpnbhantf|o hvpnbhantf|o  ‒ fnlnphntr  ‒ Bhantfeo lfnxflo lfnxflo

<0

\tfjjfem ․ Pair Pair|o |ott dir dirr r ito ito tob tobnj njjo joel elol ol rf rfeb ebo o |tfjjfem |hoj fr oirfot |hie loe|ia r|neo% ․ Fc dir diro o fr ji jilo lo ctn ctnj j r|ne r|neo! o! f| f| rhnu rhnual al do do rnigol fe }i|ot cnt ?*90 jfeu|or |n rnc|oe f| docnto |tfjjfem% Fjpnt|ie| bnerfloti|fner }hoe |tfjjfem>

<9

\tfjjfem bnerfloti|fner ․ Ptn tnpn pnt| t|fn fne e nc diro |n iei|njfbia pit| ․ Pitiaaoafrj ․ _ro nc }ix df|o tomfr|ti|fne ․ Nu| u|o ot dnt ntl lot nc bi bir| r| ․ Rhip Rhipfe fem m nc ie ie|o |otf tfnt nt pi pit| t| nc uppot iel an}ot  itbhor <4

N|hot |vpor nc Lfo r|neo ․ Jo|i Jo|iaa pai| pai|ol ol lfo lfo r|n r|neo eo;; rfas rfasot ot nt nt bnpp bnppot  ot  pai|ol |n febtoiro idtirfne torfr|iebo ․ Opnx Opnxv v lfo lfo r|n r|neo eo;; tor torfe fe fr ur urol ol ir i hitloeot  ․ Torf Torfe e tofe tofecn cntb tbol ol lfo lfo r|n r|neo eo;; torfe torfe fr febntpnti|ol fe|n |ho mvpruj ji|otfia |n febtoiro idtirfne torfr|iebo%

<2

Fesor|joe| ji|otfiar

․ _rol |n cntj jo|ia bir|fem |htnumh |ho anr| }ix |obhefyuo

<<

Tocotoebor ․ Loe|ia Loe|ia ji| ji|otf otfiar iar!! bafe bafefbi fbiaa ippa ippafbi| fbi|fne fner r cnt  cnt  loe|ia irrfr|ie|r iel loe|ia hvmfoefr|r% Bhip|ot 94 ․ Phfa Phfaafafpr pr‖‖ rb rbfo foeb ebo o nc lo loe| e|ia ia ji ji|o |otf tfia iar% r% Bhip|ot90