Dear Clients and Partners,

I hope this finds you and your loved ones in good health and spirit.

I am extremely pleased to inform you that on May 21st, we were able to celebrate the 30th Anniversary of BFI!

Time does fly! And, looking back, 30 years seem to have passed by in a flash. Those years have been filled with many good memories; it has been a very interesting, rewarding and successful journey for our firm. Naturally, it didn't come without some pain and a few sleepless nights. But then, it is exactly those times of challenge and doubt that - in hindsight - make it especially gratifying to see what we have achieved and where BFI stands today.

Of course, in terms of the Big Picture today, we are once again facing some possible challenges ahead, navigating a unique and somewhat complex period of time. In this Report, we have taken the time to write down our thoughts, to alert you to the risks we expect ahead, but also to share the opportunities that can come with the major shifts and turning points of this 'New Era' we find ourselves heading deeper into. I hope you find it an interesting read and look forward to hearing what you think.

Finally, I would like to take this opportunity to, on behalf of the entire BFI team, thank you for your trust, support, and the priceless partnerships shared over the years. It means the world to us.