You are on page 1of 339

!

" #$
, -. /+ ' () * % &
! "#$ !%#& '
( ) * + , -. /0# 1 "#2 &
! " #$
)*+, ( !& ' %
1-.0/-.-
(2*3 45 65
4 #56 75 8 & 7&5 #9 4 (: , 5 ; <=5$ 76#9 ,&8 <# >/ , ?
#56 ,5 8 #. 76#9 D#&1: E > A B + C#. #6 0#. @ 7. #6 A(#@ ;
I#FG H 6& 7 (#@ ; C (9 , 7 # 4 (:
<5 (; A=
J @ 1G K=- L M 7 ! 7 N < & O <# P
#5F 8G Q #. C#. #6 , " ( , 7 # 4 (: 4(# RF H L1 # & O # 9
< 6 L M 7 #P:#& A7 8 . < 6 L8G ( (1 T 9 (# (; I7 & . S 7& .
78- L8G V 9 <# @ U. K 9 A7 # 4 (: 4(# #F , 7 U
H5 A#F 4( 1 O #P < #$ (6 L8G A7 89 S 7 89 A7 8 G #
O& C ; # & G # M AX(9 Y # # IHP . >F # LG( , W E >
4(#5 C# 5 # , C#G P *.& 71;# 7;(#@ 4(#6 7 #9 / (F6
,5 75@;# C#G 5P L8G C#G P " A7 # 4 (:
IL #. Y >W& 7 (#; C#.&$
C V U #$M / A7 # 4 (: , 7 # + /#) + <#& #
85@ L8G V 9 <#& >/ L + O ( 9 , < #$ O& 8 V P
7 #P:#& #F)N#U A#/ $ #F /#) 7 # 4 (: 7. &$ Z#$ 7 ( T@ +
75 # 4 (: 75N & 75 ( T@ , #- @) A#F U 7 # 4 (: Q (/ L M
7 ( , # ( E > 7 # C# 8. C# # & L M 7 #P:#& 7 & P 7 (#@ ;:
I7 (#! @) , , # $ $ 89
5 ! ,5 4 (: 6 (G# V> , # 89 D P , #- <#& #
,5/ @ 7.& L M O ! <#& >/ A7 8&! C !8 $ $ 7 # Q;
V 5P 5 C K 9 A, # 89 L M ( L8G V 9 V> K #- @)
5 89 #5F 8G ! , " + AO #6 O / , # 89 F) " ( 7 .
#5/ #& G#& 75 # < #& 89 8 T@ (! H& @) # AO ( X #. , #
5- < *.& # = D 1 40#) L8G 9 , #JG 1 - + C 1[
5 89 " #5 @) , C # - A7 ( $#1 < A7 9& 7 <
, #5 ' , \ L8G ' A, # ' , \ 7 N#; ( #& , #

3
#51 "#5 + L8G I #. # " , #@ "# L8G V(! "# L8G D 1 8
I7 N#! X>F 7& #& #JG 1 - + D + ,/
/ 7 # 4 (: H P 7 #/ C#G P 7 ( T@ "( @)
I# F ' Q 7 9& 7
,5/ @ 7-=- L8G V 9 V> , # $ $ D P K #- <#& #
#5 78 #1 7 (! 7 ' L M 7 #P:#& 7 (! 7 (! C# ' 8 T@ V> H&#
V(! (#. 89 L8G ' O# ( (#. 89 T@ (! #- @)
7 #5 C # -5 $$ D P H # @) T@ (; A7 8 \1 7.
I #- 7 9& ! Z $
1#. @) # A N 8@ = ,# 8 H& <#& T @
5@) #5 AD 51 8 7 '= + (! 7)8 (#@ 7 ( T@
5 / 5 (#@ 7)8 89 # " 7)8 89 T@ (! A 1G V(#9
I -+
L5 M O 5 ! (; #. " 4 (M D P + " # <#& T@
V>5 51G K5 #- @) 7 (! 4 (: T@ V> 1G , #- @) # / 8@
I,.8 ' 7 ( C#&# 9 4 (M 7 ( T@
L58G , .651 5 L M 1 '6& (! ,P ! 6 # . <6
4 #56 7 8 , 7& #9 4 (: , ; <=$ > #& T A . >/ - L8G (;:
'5 9 L M . >/ ^ M , /# 1 # A7 8 , 0= ' A0#. @ 7. #6
I( 6

]
7 8 9 :
4 * '; < 4 5*= >
(9 : 4 !3 ? 8
A7 # 4 (: 7 # C# ( O 7 # + C #6 Q@ A Q . `
IO 7 ) U T )
I#F Q.P 4 ! (#@ AC# U 8 7 # + 7 #! # 1+ 7.6 `
(#@ ; a(#& 7 # 4 (: & 7; ) A7 # 4 (: 7) U Q@ `
I7 U #$M , , # ( 8 7 # + QN#U L8G Q . A7& #9
, # + Q(F - 7 9& U. J (& E= 4 - U. ># b 1 `3
L8G ' H AQ(F >/ , Z!9 7 #P 7 (#@ ; 7 ! Q A7 U 8
I'#6 :#& $& ,;= + E 8 A7 U H c #@ C > Q $+
IE= 4 - U. & #F$#& 7# 7 P; 71;# `]

4 ' A
@ *B5 9+ 3 (A
@
(9 + 3 * 5/-
( + W U9 9 A + 4 (M 8G O ?& Q .
- !) #JP A F 4(# ' L8G 8 . & 4(#G C# 1
& + ! & 7$& O ( AZ C# [ C# 8 .& F IF
># F (G# = ( () IC# 9 # G+ #6 ( +
Q 78 QN#U , 8 . >8 0 [/ e4( 1 d 79 9@ C ;
C 0 6: AC# 8 . H 40#) & G#) F = F ()
I , T# 1+

_
(9+ 3 <D : )A*B /C
7 ) U T ) 7.6 = #F6# , 7 F C #6
4 (: g 7 # C# ( d L M #F ! 7 ) U T ) X>/ A , 79#
Ie7 #
C# ( C #1 (! . & F , QN#U ,/ h e d
T #/ #$M , ( IC# 9 # G+ C# [ ( i 7 #
$ $ & 7;=. C > 7 # C# [ E & , 7 #/ 4')9 7 ) U
, 4 7 ) U T ) A ? AC #!. #- ,@ 1
I#F M #1 C #6 #6
C# 0j 7U , ,# ( QN#U & F ,/ h e d
7 # # #P! 4 (W& ! 4(#G , # ( A7 ( 7 G# @ 7 #6
7@# A7 # S 7 # C # 0j 7)8 #F # 1?& C# U H 6,
Z !9 L. c& Z !9 L. C# U A4 \@ 4 & A7 9
# N (! A$ $ - 4((. 7 # QN#U & ! 0 [/ Ac&
+ H 6 A4 & 7 ;#) : C# 8 . G C#9 ! ! A0= .8
= 7 (#@ ; 7 #! 7N & , @#9 \ 8 76 I7 U C# 8 G
GR IIJ( !. 7 / ,# ( QN#U C( ('M (! g 4 + C
@@ 0 [/ /g C# [ C# 1 0 ( U. E>
I #6 ,

C &- , A7 . #& - #6 , O / O K (9 X#6 E# /


B( # AJ#P #F $1 L8G & C# U , 78 QN#U L8G $! " #/ -?
B (, + 4(# ' A # - AC# 1 AC#. & , 7U 98 4(# ' L M
\ >/ IB + ( , #JP #F $1 C( ' , 7 #. C# 1 E >
4 (M , 7 #. 7 U (G# H$ V> , # ( L M 76#9 Z8 L M B(
G 76 # $# C= . $# #F # 9 7)8 C= . #& 7 (! C#! (

f
( ! J( !. - 7 # 7) U <8$ 76#9 X>/ I7 ( 7 # C= 9
I7 #G C# 1 , 7 '6 (N G C > QN#U L M

(4 * '; 4 '; / 0
>/ , #FP G , C# # AC (+ A /#) AC# U F M
+ 76 ,# ( QN#U C ! 7 # + 7 . #& ( ( ' @)
,# ( W e, # L. d 7 # /#) #& "#! C# U , C ! U.
C#5 8 . C#&#5 9 ,5 ( 5 + E >5 A7 U C# 8 G , #J F J ( <.8
C# # + <#. F LM 6# 9 Al IIIAC# 8. U AZ A7 6# :
I7 # 4 (: QN#U
, 8 . A,) U F.P # F A7 U , (
! A7 8 \1 7' 71;# A7 1& ( C#6# 9 7)8 7 ( E>
H&$ #& I7 # #/# ' L8G (# G #& E > 79 ! 7 # - T H& ,# 0 (+
7 # 4 (! F( 7 8 7 # C ! C# 8 G F) > ( W
, #JP 4 (! F( Q , # #& A7 # # #P! 7 # C# # / * G,
I F (/ Z !9 E > / # F. #1 7& 8$ 7 # ( L8G @9

k
4 * '; <4:H D : (G-F 7 E
I $ 4: H
J4 K < 4 * LMN 9 O ; = = A @ PQ5 *@ * ( *5 9 O5 /-
R N3 * * 9 O3 * R* 6 JS K3 9 & T U )* PQ5
)* *QO ' ; V5 9 ! JWQK
X J4+'* Y3 A V+'*& )* 365 + 6 6 = 7 PQ5 ( 9 O5 /C
3 V+'*& Z M K= 4 * W> B 9U 3 [K5 \ ] W M3+ )*>_ 5
*^ = 46< 4 * '
9+ =7 O W 3 = 9 !+ J )* K <( 9 O5 /0
` K J +'*&3Q V5 ZQK J*^ = 46< 3 V+'*& a &
> >*6 +'*&3Q 4+'* Y3 A
< 4 5 4+ 6K $'8 = 4 *X b*:O < A @ PQ5 ( 9 O5 /e
J4+ 6K 9 O ' ; = R 6+ 4+' ; ' 4 K 4+ 6K )*6< 3
4M&>8 [E = #*:> J)c+ O3 J9E8 X '* Y3 A
V5 4Xc! 9E8 X d 3XA Z QK3 J4: 3N
` K

Jf* 3gA )* h ' ;9 O 4 >* 3gA 4 K 4 * ++( 9 O5 /i


K+ 9 O3 4 *X Jf* 3gA + f* 3gA
7 $8 Z QK3 = A@ PQ5 f + J )*j & < ( 9 O5 /p
= *5 =*63 7 5 5 4B *K 5*! 7 58 R N )*K 5q3
7 58 kl + 6 4+'* Y3 A 4M&>8 ' ;m R* 6 Z+ h 4 =* 3EA
*^ ' ; n 5 o *n ? M

7* =8 )* K 4 > >*6 7* r8 (*@ >*n


C# 1 A7 ( ) 7 8 ,/ # G+ C# U 7 # + 7 #! # 1+
IB 7@@ 7 #; # 1 < #6& A7 # C# 1 AT# 1+
C > C# 1 # # G+ C# U 7.N#1 # 1+ ,/ 7 ( ) 7 1
C# 1 L8G ' Q # / W > Ib#& + + L8G ' 7.N#1 # 1+
h7 #

m
Sole Proprietorships (4+; : )*j & / -
O9#& O 98@ 6+ 7 1 ( V> A(9 T 1 #F 8 7 ( ) 7 1
HN#1 1 7( 7 8 &. # G+ of] , 9 W < #6 >/ , I7 >
A,@ 1 < ( ' A 9 <9#@ - 4 \@ H #1 ,/ 7 ( ) 7 8 8
G 7@ 1 ( # L8G . D 1 <9#@ IE#& L9
<9#@ ID 1 , C ! G 78 # 7 [ J [ * ; Z $
L 9 O # @ #J # P & . O # 8 4( (9 S7 #; 7 [ 9 D 1
C# # P E8 - A$! D 1 , + L8G Q; O M K 9 A7 @ 1
A78 6 4 #6 4(#G e7 ( ) C# 1 V d 7 ( ) 7 8 <#9@ U. I N (8
I7 N#1 : 7G# @ AC# ( A7N'6

(D* Nr8 )* j r/C


Z !9 6+ #J. $#1 ([ - @ 1 T# 1+ C# 1
#J 69 & ,/ A # G+ o n , 9 T# 1+ C# 1 - Ib#& +
7 8 #F HN#1 C# 1 #F8 A7 #!. A ? A C# 1 A( + C# 1
4 & ( (G C > C# 1 g 7 # Z + 4 # g #! & #9 gT# 1 d
Ie0# 1
L 7 18 < (!G L8G 0j # & #F ? T# 1+ C# 1 U.
O( E 1 I7 #. 7 (#. 7 1 (!G , A7 1 (!G " ? (!G
! , C# @ G7 #; 7 [ [ E 1 A4( (9 S7 [
L . & A#F8 # &p#F8 7 1 L8G C# ' #F 8G < , C# @ G #F&
H 6 1 #/ - ! 7 1 C# ' H 6 G 7# 7 [ [ E 1
IE 1 7@# C# 8

(7 58 )* j r/0
, #; # C> A #! 7$ & #F ? 7 . 7 1 + C# 1
H H$ #F M K 9 A( + #F& H , 7 #! 4 ! #& 7 1 H I !
n
7 #! ( !. (!. #F A#F #P#! #/ S H $ # #/ S (P 7 #; V #G(
E= #F Z9 I#F 7 #1 C# 1 B + C# 1 H q H 4( )
+ C# 1 > 9 IB C# 1 H 7 1 (; #F # A#F #& @
okn A(#@ ; , C= #. , # 6M omn L8G #J (#@ ; 4 $ ( ,
C# 1 X>/ /# K9 , E > " G L8G I(#@ ; , Z!9 , b#& +
C# 1 S #& I7 # . o] O & # M <G Ao I n 7& &
7$1 + 9 O6 #F U. A7 (#@ ; 7$1 + H 6 , #F # G " # +
Ib#& + # G+ 69 4 & 7& L8G > 9 7 G# @
1 , #F F 8 A F + 78 9 / C# 1 D >/ E=
78 9 H; I7 8 8 $ & 1 7 (#. F + - I4'# F 7 (#G F
AT@98 V ( H ' Ab#& + T@9 = Z $ G b#& Z !9 F +
F + 78 9 Z9 A F + 7 ; , 4(# ' = Z!9 J(N#G .; #
, C @ F Z9 # A4 (: "86 0#PG <# 7 ( 4 @& C @
I7 1 #U (.
7 1 [1 4 (M , 7!8$ 7$8 < 4 (: "86 0#PG+
7 1 ( ( 4 (: "86 0#PG 1 I#F 7 #. C# # HP
( @9 I 96# #G #6 C# 1 #F6 # (
I - #J ( nInnn g nInnn @ (; 4? # L8G 7 1 ^ #
. & #F > 7 18 F 0 1 , C # - B C' L8G 8@9
Ir \ *)
I7 #F $1 7 1 # G 4 (M , J [ 4 (: "86 " N
4 (: "86 " N ! A4 (: "86 7$ & #F.P , C# # >)
& @) C# 1 D >/ , #J9P (& A4 (: "86 7 ( #! H &
7 8 @ FU , # #P! / 71;# #J!9 A4 (: 7 8
I4 (:
^

7* =8 )*j & 4: 3N 4 > >*6 7* r8 2 = *+ s5 (GCF 7 B


9&
2 ! * +s
> >*6
; tO5 t u 4 StQ5 \t * 9 O3+ ` Vttt E tt = \ttt * 9ttt O+ `
ttttt + J4j ttttt& )*tttttt5 s3 ttttt= 9tttttt O3+ *@t ttttv+ w*tttttt '8
\tttt * tttn Vtttt E ttt = a tttE g*QN
f + * *< *tttttt^ ' ; *^g*tttttt&> 4tttttt: `
; ttO5 f tt 9ttt+ 3 tt = ' tt6 ` x:NK5
4+; < 4j r
4j & < K 4^E \] 9U 4 + v g*! VvN+ `
9t+ h It H 3 Zt 6O 4 !t 5 ` ; <8 =
*^+ 5*! 9E8 4 *= 4+ J4 63Q5 `
\* *^3>* ^3K ` *^3 : 4 ^ `
7* =8 9 R 6+ E*3 \* `
45* 4 SQ5 SQ5 `c y + ` ttttt = 7 ttttt O V M3ttttttQ `
; t O5 t u 4j t & )*tt5 s3 t = 4ttttt>'*65 4 ^tttttQ 7 t ttt58
*@t ttv+ `ctttt y t tt + J4 SttttQ 4+; : 4j & *
*j t tttt& f t tttt+; t tttt= K5*ttttttv35 t t+s 9ttt+ 3 t t = ' t t6 `
+ U, *j & ; = ;*+s )*j r
t 2*OQ> ) 4j & ^3K ` 7*ttt z ' < t t V M3tttQ ` D*Nr8
*j & 4t+' ; ) '*t^ &
4 96> 9+ O 4 ! 5 ` 4 M
)*j t tttt& 9ttttttU; VttttttvN+ `
4+ v
f ttt *ttt^ = 4ttt{ : Wg tttv ` J ; t tO5 `cttt 4 StttQ5 `
4!ttt{*U 4j t t& w*ttt ' f8 J4ttt *= A `ctt fqtt t v ott
4ttt=_ w*ttt '8 *@ttv+ J4 + ttv tttt5 ttttYj '*tttttQU tttt +
4 + v 4!{*U Y3Q ^
4tt *= f tt *tt^ ' ; *tt^K+ 4tt: ` t j *t^ B f f + `
T U8 4 > >*6 7* r8* 4>'*65 Vttttt tttt = *^ ' tttt6 @ tttt >
4= t{ > t6 4tt *X VttvN ` 7 t5} 4tE*O tK= ^ 8
4 9X 5 + M > 9+ 3 )*j r
^tt 8 4tt f8 J4+ t Q t t 63: ` 4t 9t+ O 9t6> + ` 7 58
4tt * +'*tt63 )*tt5 ! f t M+ ^ 8 V Z+ h =
*tt 5 J4j t & ; t 6 t 5 t K 3 7 h ~! `
4+ Q ^ 8 4 X = | !K+ Itttttttttttttttt H V M3ttttttttttttttttQ `
t t+' ; t t5 t t N3
K<
7 t t O t t< ' t t6 *^+ t t `
w*3 l 9+ 3 =
4 + { )s5 = 9 O `
f >*6 * ; O+

(; O 4 SQ ) ] 7 58 )*j & T U 7* r / e
A4( (9 7 [ > E= #F , AC# 1 7 #; # 1 E# /
I4( (9 7 [ C> 7 1 A4( (9 7 1 ,/ 4 F1 #F / .
7 #! # 1+ TN#@ ^' 7@@ # 1+ X>/ 1
7 [ 89 E= 7 @# , #F. 6 E 1 I#J!&# 4 > C# 1
IE # nn ; #F = ((G 4( (9
[ =4 * '; VX K3 9 ^ G-F 9 &
Stockholders ^ 8 4

&
'; | B5

| B5 | g' )U
';

"N <N# "N <N# "N <N#


^# s 8 Z 8

# K WX

W *O5 W *O5 I * W *O5


#*6O3 A )c !

*5 W *O5
W *O5 W *O5
4+ 6K )*6< 3 )*K 5q3
Wg { W *O5
W *O5 * L MN3
4>_ 5N
)* *Q W *O5
`c

3
( * + Ig*H (*@Y *n
G#) Q 7U , B + QN#U , ( + W U9= / #
H$ , A F #F '#6 : E > A#F 0 6M #F # 8 G , 7 # 4 (: H #.
C# 8. L8G @9 <6 79 9@ C ; 79 9@ C [& HP 7 # 4 (:
,# ( QN#U Ae( + AZ A^# : d B + C (: , ( +
(#@ ; H #F #;=G 7U ( #/ ( L 7. 7! $& #F)@
I, # ( 8 7 # + 7$1 +#& AC#&# 9
(4 * '; Ig*H K /-
C# U , I7 U 69 L8G ( . 7 # 4 (: 7) U 7 / 69
IC#&# 9 ; 7$ & #/'#6 M 7 #G 7)@& 7 # 4 (: 7) U W 4 \@
4J 1#& #J$& =
J! #J ; c&@ 7 # 4 (: 7) U W 7U & # (G
"N <N# Q= ,# ( d 7 # [1 " N L A7 U "N &
- Ae d ; 1 , U F + 0'6 - Ie7 # [18
"N LM X #! (! A 69 4 & L M 7$ 7U , 7 # 7) U 8 F
AZ ( @ " N 7 # [18 " N <N# L M #! H & ! A7 U
- 7U 8 7 # 7$1 + G J [ Z (@ ( A, # <;
C ! ># #& ! A#F 76#9 ( G 7 #P: + L8G @9 ,# $$
A # N 7$1 4 (M A7 (! 4 (M A7 # C#!) d 5& 7@# 7' #& 7!8.
L O W A, # <; # Ie7 & 6+ C= . 4 (M A7 G# 6 C# # P 4 (M
7& #9 A7 # C#&# 9 A<N P 4 (M A7 U C#&# 9 - 7 & #9 7$1 +
7 # [1 #& 7$& QN#U #& eZ ( @ d , # ( ' AQ #
I7 8 ( [1 #& 7$& QN#U #& ' Z (@ ( # & A7 6 #
(9 Q U 7U 8 A7 U , 7 F 7 ( C# 1 C # >M
( A78 . #. ! (G G 76 # $# 4 (M F ) U @@ -
$ D >/ V(#) E > 7 # 9 C# # ( H$ J( 6 < ( ,#

]
7 & 6+ C= . G [ ( >/ A4((. 7 # C ( ( #& 7 !. 7)8 &
IZ ( @ ( LM X #! (! 4(#G 78 . #6
(;* 3XA* 4Xc! / C
#$:#& #J 8 ,# ( L8G <6 A(#@ ; #& $& #6
C \ 7 (#@ ; 7$1 + L8G 7& RN# 8 #J ( A7 (#@ ; C# U 8
7 (#@ ; C# U ( , 4 (! F( <6 A7 (#@ ; C# # ,
89 h #- A7 U C# 8 .& 7!8. 4[) C ; ># E > A F J(1 J #$M
, 7 # + a(#& #. + 7 U A7 9& 7 $\ C# # A<8$ * .
/ A, # + (& IV(9 F / 7 # 4 (: , 7 ( (#@ ;
G ( ' 7 #P: 4(N#) # ( G Z&$ C 0 6: > <6 7 # C !
J>M I7 (9 7)8 V(9 (N#. ! 9 O6 7 # C ! A7 #P: 7)8
4 (: , 7 # C ! N# 7N & 7 . F (#@ ; , C# # + 7 .
I7 #
()* *QO * 4Xc! / 0
, 79P Ae<; d C#&# 9 N eZ ( @ d , # N 7$1
W ( ? #& A78 ( *.&& 7$& QN#U &. e d 1 ) + 0'6
W 4 \@ C# U , # F & @) <.@ QN#U 7 & #9 7 # 4 (:
! & #9 - 4 & C# U , A7 # 4 (: QN#U & ! <;
7& #9 & 7 # 7 ; , E# / I7 # 4 (: , 4((. 7$1 ?&
I7 # C ! #& $& t 7 (! C#! ( L8G ' #& $& #/ (9M

(4+ 6K )*6< 3 =sj 3 /


, 0 (+ "# ! E > C# # & (! $ / 7 # + < #9 7) U
Q #. a(#& 7 . #. ( #& I<N P H ( A, # #F.P ! A7 U
7$! ( G ( L8G Q @ , 7 # N ! ( (GW& ! C#&# 9 ( W A#F 8G
IZ#!9 "# L 7! $ X>/ I#F- (9 ( G Q #@ C#. & , 7 .

_
C#! ( 7 (! C#! ( L8G #J # ' A t < #6 , A, # ( #
$$ = 7U , (( L8G 4 (! .6 L8G . I76 # 78 (
7& 8$ @+ L8G @9 #F # ' 7F6 E> 7 P 7 (! C#! ( 8
Q . 8 E > V(! "# + >/ , # ( ( I7 U Q (/ Z !9 E >
#F I7 8.) 76 # 78 ( 7 (! C#! ( L M (# #& C#;#) : C ( : L8G
7 # 7 (! C#! ( #F ( 7U L8G O W A7 U N# b#&
N ! (.& # L M U ,# ( L8G W > I#F- (9 ( G #F # ' 7F6
$ 8 E > 7! G 4 U L8G @98 E > C#&# 9 ( #/(. , 7 #
O W 7 (! C#! ( #& , # ( # / Z $ G I7 N#! #1 L8G Q .
Z !9 , # #& C# ' ( ( L8G 4 (! (G #1 K (9 V(#) 4 (! O (
I7 U , 7 # Q (/+

(4 * )' 6 / 2
7 & #9 7 # C ! & , #- V / 6 Q= LM Z $ t
W A7 # C# # & * G H 6 , F# / F; U. P! & #9 # &
, C ! ># A7 #PM 7 # C# # & $ A7 # N ! ! ,# (
, # G C# # & ) ( (GW& ! & #9 # I $# b#& i F ! ( .
C= 89 C= (. 7 #PM e # d , + #F8 1 , # A7 U &! P#9
IC ! ># 7 8 . C= (

( * + 4 * 8 4M&>8 / e
e d ,# $$ 89 #& # ! e d h,/ , # ( 8 7 # + 7$1 +
X>/ $& e d 1 I C ; ># e d #- C ; >#
#- C ; S #& I7 U , 7 . 7 ' #& 7 # 7$1 +
"# L8G 4( . > C ! X>/ W A7 . 7 ' F) & #F M U

f
, #J9P 7 (! C#! ( L8G ' W , # #& I7 (! C#! ( -
I7!9= @)
* + ? (*@! '
<6 , # ( C ; A7 1 ( G Q8 E# W A# U9 #
,# ( # >W IC #9 - , A F + 78 9 AE= 798@ & F
( W > A7@# 7 # O (/ Z !9 H $ O W AC #9 X>/ , #J96#
Q (/ ?& (! . ( + - A7 U E= Q (/ ,/ # 7 . ^# 9 , #
Ic& U. / #J N ( E=
(y ! /-
H; , C ! ># #& , # ( ! c& U. Q(/ Z !9
R H; (& # ( W A79# N (& 89 ( G Ab#& + Z!9
Z!9 (N#. - AF L8G (N#. (. & (N#. <# 9 A, # (N#G & OG
(N#. 7 !& F L8G (N#. (. <# 9 I7 4J (#G A(9 7 & #9 4 =
I7!9 F + ((G L8G #J ! #. = Z!9
(• X 3 /C
P) (N . = W A#F 8 #F!!9 (N G L8G @9 7 U # #$
8 P) (N . 7!!9 +# A789 (N . E8 J (& J #9
I#J!9 #F = , + 7 ; & #F ; M K 9 4 & 4 ,
(4+ 6K )*6< 3 / 0
E= @9 A F + 78 9 7 (! C#! ( Z!9 b#& + V P "
7 ; & I F #F. ( , T@9 & 7 !& F H && # M 7 (! C#! ( L8G
I & T@9 H ' & ! Q 4 (: "86 0#PG ?& , . F L8G (N#.8
7 ; , 4(# ' L M 6 V P " F L8G (N#. (.
IF L8G (N#. (. 7 ; , 4(# ' 7 U Z!9 (; # 9+ *.& , A F +
W 7 #9 X>/ , 7 (! C#! ( , 4(# ' #& #J&9$@ E > b#& + ( ' # ( G
(' 7 #G 7 # 76 7N & , 7 U A( ' Q F 7 ;

k
E > 76 A $ K9& L8G C#!) *) Z $ G F L8G (N#. (.
#F.P *#) <& & A#F9#& 4(# ' , # #& *) Q 7U C#!) W
J U FF H && F + 78 9 =GM *) Q #F F #. W , #
4(# ' W 7 #9 X>/ , I &! , 7 U 8 7 (! C#! ( , OP#) C#! (
IF 7 ; *#) , # #& 7 8&! 7 (! C#! ( *#) #F 8G < b#& +
7!!9 b#& + # 9 - A $# /#6 #J P 7 9& U.
*N#) ?& 7 # 4 (: , 7 # + 4 ) I7.; E8 G Q 9 (; 7 8.)
# # + ((9 # / (N#. $# I( 6 $# e7 (! C#! ( d (N#.
4(#G 7 #. $# I7 U , E= #F 8 , 4 - - , AF 7 !
G F + 78 9 * . (& O M K 9 A F 8 7P) 7 ; Z !9 9 O6
I7 #. $#

F . W O 8G A7 1 PM L M E > B( 7 1 4#P#! >M


7 (! C#! ( *#) <& & " E > K(9 7. 7 #G 76 (& *) Q
u #& H ( Q 7U # 9 E# / A $# , 4(# '& $& O A7 #9
V([ $# W > A#F) # 7F6 7 P! ,\8 , A &! , 7 (! 4 &
>/ A $# V(#) F . &$ F + 78 9 W A7 #G 7)@& A F 7 ; *#) LM
.; F + 78 9 W A $# E# / # ( G A $# (#) F ,.
#/ $# H #1 , (N#. *) (. Av #G (N#G (. L8G @9
I7P)
<#9@ O! !9 L M L. V> Q(F - (N#. (. 7 $\ # #$
I, # ( Q(/ - #F W A7 U E=

m
(G`c F ^ 8 4 n ! /e
/ 7U , 8 #. H 6 A, # ( Q(/ , # #& A7 U Q(/
7 !& E= 4 - "#! I7 U \1 F86 > AE= 4 - U.
eb#& + Z !9 C ; d 7 (! C#! ( C; L8G Q; X (& V> A7 ; F
< # ! ># 7 U 8 79# N (& 89 ( G A $# #JP A#F ;
,# ( &! I7 U 8 F L8G (N#. (. L8G #/ -? L8G #J & E >
hX# ( 1 #F9P # AF 7 ; (' H; V> (& E > $!

^Q ! * ' 6 ( ^Q 4 X ! (G0F 9 &

;*+_ 9g
< )' 6 +
!> 4 X € g*! '* Y3 A *
46<
^Q MN 4 *3 4+

x<'

n
F 7 ; 7 $\ W > AE= #F 8 , 4 - - F 7 ; # #$
e7 (! C#! ( d (N#. ?& ' <6 IF - 7 $\ , E= 7&S H Z)
IE= 4 - 7 $\ 7 8 G , # + 8 #. =- $#
7 ; L8G C -? #J N ( FU F L8G (N#. (. 7 . F
Ie7 (! C#! ( d &! 8 H; (N#.8 1[ - (N#. (. +AF
' A7 #P 7 (#@ ; 7 ! F 7 ; U. & #$& G P /
Ic #@ <#9@ L8G

(4<*v 4+;* 3XA 4 6 / i


` N#! b ! g #- >M # ( (9 ( D#1 F "# ! -
7)8 @ Z $ G 7 #P 7 ! <# 9 IE= 4 - , #J &#6 M /#
#- I<N P (N ) (.& Z!9 (N#. #- 7( +
7 ! > #- # & AE= 4 - 4(# ' L M V([ 7&6 7 #P 7 ! >
7 #P 7 ! > #- cP IE= 4 - *) 7& # 7 #P
#J 9#& Z!9 V> D 1 W E > L8G J #- # & P >M I< S / 7&6
V # 78 O) # A # 3 nInnn (! & <N P (N ) (.& 7J #@
V([ Q A # ]Innn V # 7&6 7 #P 7 ! W A # f]Innn
H; V #- D 1 7&6 7 #P 7 ! + E > AE= 4 - 4(# ' L M
, 7;=G #F # #P! - E# / W H&$ #& IO &; > E= 4 - ('
(.& (N#. <# 9 ( G $#& #F , 7 # 7 & #9 # #P! #& ,8 . H;
I #- , 8 7( + 7)8 #JP A<N P (N )
IE= 4 - U. & #F$#& #F $# & L M ( . 7 #P 7 ! #& # /
7 #P 7 ! AF 7 ; 4 !& 7$& #F ?& (! . 7 #P 7 ! F) ([
! , C# 1 - . A" . AF 7 ; 4(# '& 7$& 7&6
H AE= 4 - F 7 ; L8G #-t #FU: 7! $ X>/ ( #& C # -
, #@ / q F) E# / M A7 #P 7 ! 7 / # M (G S #& O W E >
O . <6 # I#J!9 O ( A !8 7 ( C (+ (9 - 7 #9 7 !
># ( G 7@# A7 #P 7 ! #F E= 4 - 4(# ' L M V([ "# ; C ( E# /
I #- C ;

(y * 2* O$ • p
#J (/ - c&@ V> E= 4 - U. / , # + Q(F S #&
1 , #/' . C# U - W E > A4 + 7 t , AJ# #
A )U - ( + 7G 6 / c #@ <#9@ IB + c #@ <#9@
H 7 (#@ ; 798@ F$& > q E= A A ( A0= .
1 0= . A . &#! F H( )U # I#F # ( 7U C#6
E > AD 1 C#6# 9 0 1 < 8$ (! A7 1 H8
, 7U IE > G J(N#G #JP . .; F + (! E= A7 . $ 1&
c #@ <#9@+ #P 0 6M V B(#) 7 U #& 7;=G F c #@ 7 # 9 O6
U#)9 7U H 798@ F c #@ U. " Q(F I7 U #& 7$&
I#F 8G
A4 - U. Q(/ F) (& , . 7U H B + c #@ F)
L8G 7.) L@; Z!9 H; 7 U 8 7 G# 6 7 [ - $ >/
H c #@ F H 7 &#6 M 7;=G = F + 78 9 $ 6+
H 7;=G F ( (. *) Q 7;=. D >/ I7 U
Z !9 H $ 7U cP I7 #! V #G( AC#G @ *) 7U
F H AD @ Z8 & " #. #& F + 78 9 4 - U. , 78- #F (/
I7 U #& 7;=G

(#c U8 ' ; / ‚
A7 ;= + C# @ ,;= + E 8 Z= + F) 4 + C ,
7 (& , Liggett & Megers 7 1 h=
J- =G: N# , J & #J # / #
76 # 7 9@ P+ &#! ( # 8 & (! H ( L8G C! mmm #G
Calvin Cleins 7 1 <#9 E > A#F 8G 7 #; # 9 (@ (.& A ( G
40# M #F + J U 78 9 <9 & #J$\P #F 8G 7 #. O # (.& 7 N#G( #F 8 9
#G 7 ;#) , Solomon Brothers 7 1 9 Ae #)$+ =\ d #)$i
> 4 (M g 7 + 7 98 ( 8 u8& H ( L8G #F ! mm
@9 #J ;[ #F. A7 P . J ( 8 nn #F! !9 E > A7 '
I7 #; S C 0#$G , #F ( 7J 6 E> 7 ' > , C 0#$G L8G
4 #6 , Z= + 7 P; C #- A#F 78-# #/ S C# @ X>/ +
7)@& # G+ H 6 W A # g 7 ;= + # 9+ 7 # #. g # G+
7 ;= #. " ? $ L8G . 7@# 7)@& H 6 , 7 #G
7N RN# LM F (M 7 #. # / LM E> ( . A#F # * 7 # 8
! E8 Z L8G < # # G+ , 7 ;= + S C# 8 L8G 7&
#F #1 # G+ ' )9 / 7 ;= + #. HP Q(F I7 &8 #-q
# G+#& 7$& 7 #. (G ! #! b & ' #F& ' = Z + ,
I7 F 8 7 ;= + 7 #
0#PG C#. #6 0# [ A # G+ #6 , C (# ! V 7 ( ,
U #9 H$ 7U ?& .1 F ?& &#6 F o_ ?& C(6 A # &
I7 ;= + #. #& ' = #F ! #F G( J#P 7 # #F (; L8G
, ,;= + E 8 H 61 P + 7! $ ?& (! . F ?& @! <#6
ICode of ethics Z= + #. 7 1 L & / # G+ #6

(#cU8* R* 3 A / .
78N + ?& b ! A # G+ , Z= + C# (& F (9 AE C &
h79 ! C# @ , Z= + P ! #F ( 7 #
SE 8 >/ V([ / w( @! ,N 1G H; , #9 E 8 /`
w7G# 6 ( )& P: L M V(#.
w7G# 6 ( )8 7 ;= + 7 #! Z !9 Z L M V([ E 8 /`
w7 &! 7 ;= + #. H Z) H; , #9 E 8 /`
wJ P ; 78 (& C# 8 E# / / `3

( ?8 E 8 0 6M V ># &; 78N + D >F& # / H&$ #&


#F ! <6 79 ! C ! -? ?& b ! E W ( (9 #& A,;= + '
h#F > &; 4((. # '
w7 U H 798@ F Z !9 Z LM ! >/ V([ /`
w#F. 798@ F V Z !9 9 7 U B( C# ' (6 /`
w t#& P C; ") , c #@ F (9 4(N# L M V([ ! /`
/ w7 U H 798@ F V+ P E# / # >M `3
w#F 6 #.
wJ#P c #@ F q H c #@ F 7;=G ,/ # `]
# G+ , 7 ;= + a(#& F) & F C9&@ C# U -
8 #. ' M A#F C (#1 M #JP A F# U , Z= + C# # HP Z $ G
?& , (F. L8G H ; )U <8$ 4(#. ,) I#F& ' #& #F (
L8G 4(#G Z&$ C# # D >/ I7 ;= + #F # # . C# ;= ?& '
C# 1 - I7 #. 1 7U H c #@ F H 8 #. C# @
! /[ , A7 & ( R & 7 ) !- C (, E 1 #F ( 8 #. <8$
I7 U , Z= + C# #

( ^Q 4 X #cU8 / ƒ
Z= + R & A7 U 7 ; ( ' O ?& (! . Z= + R & Z &$
U #9 A4#P#! Q # A7 #! 4#P#! 8! A7 &#6 : (N ) J((G (!
T= : Z !9 A F + 78 9 7!- (' A7 U G 7 &#6 M 4 @ L8G
4(# ' L M V([ Q @ >/ I7 U H 8 #. &; 9 '

3
-[ >/ e - , 7!- 4(# ' 76 d H; $ 8! 7 (! C#! (
I7 U F 7 ; , #J &#6 M
Q (/ Z !9 V P O ?& O M U ,;= + Q @ E 8 W >
IE= 4 - 4(# ' , 78- 7U

4 *j 4 & 46 !35 *+*vX (*@Q5*U


U O W > I7 U , E= 4 - U. / ,# ( Q(/ ?& #
C# 9=@ F L$. AF < H( F . > E= 8 #F ?& 4 (s
; E8 ( V #J I#F&#9@ 798@ 6+ E > A7 U 4 (: C ! >#
I t # G 7 . 76 ( L M F A7 U 7 ; o nn
IeZ&# , U F , C9P 4 (: 7 8 & @) d
7 $\ , 78- E= Q (/ L8G ! # ( U. AJ# U
# P #F 7@ 1 F9 #@ & F #JP ( W AJ# 8 G AE= 4 -
V( , 7 P. A< # - B + (N ) A71 . B A,) U
.6 (; # / >/ A#F !) L8G 7U #F (! #F8 AC # A7 G# 6
$# E# / ?& ( >M B $# 89 , 8F F S (
#P 76 X>/ I7@# F - L8G 0#P! 7) U (! , - 7 #PM
79P 4 # Z !9 , # #& A(N#. U. ; e U. #P &7 d
IE= 4 -,

(4 *j 4 &5 9 / -
,/ e7 # 7)8 &d L # FU 7@# Q (/+ 7 8 & D @ >/
= #G E# / I7 U Q (/ G 7@ 1 F (/?& F (; ( ?& # 9
I7 # 78 1 *) H L8G = . e7 # 7)8 AZ B ;d h# /

]
(# Q T X/C
A /# ((G #F& , C# 1 - 4 + 7 t ,
W A7 # 7)8 * ) 4 (: 0 ( # P A7 1 4 (M , #J$#1 - 9&@
( $ E > A4 (: "86 <# F @ ( C# 1 X>/ , F + 78 9
= X>/ 7! $ E= ( I (6 ( & F8 (& A (6 S (
( $ ( # , 4 ! F( > 4 (: "86 # , C @
- #J F 8 > W AC @ , 7 #! F; !9 L M 7 #P:#& (
( $ QU 7 8 G , 4 (: L8G F$\P # 8@ .$
I (
L M F. ( ( X#!8 (; V> ( (F / AZ G q #G
7 1 ! # ( G IB 7 1 &; 7 1 L8G 0= / A( 6 0 (+
, #F ; (6 1& #F)N#U V([ 0 18 7 (F 7 1 7 .&7 1
H$ 7 (F 7 1 ?& (! . B + 7 1 L8G , A7P) Z
A#F # 8 G A#F (M 78 / 4(#GW& ! 7 ! !9 #F ; ; . & #F 8G @9
< # ( 6 S #& AH&$ #& F + 7 ; A7 ; #F ; 4(# ' , # #& A#F8
( .6 7 1 L8G 0= (P ( (F M A7 1 7 # 9 7 G# (
I F + 78 9 798@ , @

(4 *j 4 : /0
7 $\ , 7 /# 7# 78 1 4(9 Q ) Z $ GZ B ; 7F6
7.& 1 7# 7)8 Z8 7 #PM u #& !) F + 78 9 W AE= 4 -
hD
IF 7 ; 4(# ' , # #& ( 7&S D#&1M E 8 H h7&#; Q # `
! ( , A7 # 9 C 0 6M A #! .6 8 H ( C#!) X>/
I7 1 <#9@ 798@ 9 F #F 6 F ! #/( ! ( E 8

_
E= H ( hQ # #F 8G < (; , ( C# @ (P 7 # 98 C#!) `
P 7 #) 7 ;#) A ( C# @ ) K #- Q $ 7 #PM u #&
G E= * . K #- Q $ A ( 7 # e7 1d K #- Q $
, u8& ((9 A F 8G 4#!8 7 # i ( 7# 76 # P+
IZ!9 , 4 # 69 - & A(!.
A4( (6 79# T ) '#F , 7 U 7& .@ h78 (& 7@ ) 7)8 `
(G L M V([ (; 7&#; AC ! , #1 A< 8$ , U F#
AC ! 8 A, U F W I4( 6 7 # - T '#F , 4 (!
4 (; (G <& & 79& 7 # - T 6? L M V([ (; A7&#; 7 #
I7G & #/> ) , 7 U
7& 76 ,/ A4 ; #JG#) 7 # Q # - hQ # / `3
4 - 4(# ' L8G . G FP . E > A ( 8 * . / HP
, Q @ 8 ' #9 ( 0#$GM / Q(F I F 7 ; U. E=
7 ;#) 4 IQ @ >/ G F x # FP . F + 78 9 798@
7$ A ( 6 ( L8G @98 7 # #& 7 U 8 c ( 8 4? #
h G 6 L M #F ! (8 * .

f
Imeutive Plan (4 +s :O 4 MU / e
>/ A' FN (+ 7 8 @) F ( 8 D#& 4(#G F . & 7$&
( ' >W AH & C; , X . ((9 Z . & F 0 1 (8 c #
(& 7! $ X>/ W #J U A F i F. & Z $ G [ # F W F .
#. CP) >M 7@# A7 F 7 @# (! ) # 9+ *.& , #F A ( ')9
I ( 4( M G 76 # . J U Z , F +
Performance Plan ;8 4 M U / i
FN ( G ( y # 7$ AZ 0 ( G 78@) 0 (+ 7$
,$. 0 (+ F IB + (N#. < AX F 7 !& #J #! 7 U , '
4? # 8 B N# E# / A4( @ Q (/+ Z !9 & F # ; <& & #J F (8
I' 0 (+#& 7$& 7 (! 4? # ,/
A0 (+ 4? # ( (9 A4? # 8 Z&$ 0 (+ ^> #J!& ( Q .
L8G+ (98 7 #P:#& A4((9 4 ) = #F. ( , A4? # < 9 u8&
I7$ , #/( (9 #F L (+ (9 (N )8

k
m
>*Y 9 :
g*: '*! J# 8 J4 * # ' 8 J4 * 4h*

(9 : 4 !3 ? 8
IV(! Z ( Z + & 7 # 7$# C# [ & 7;=. F `_
IC# 1 C ( D 7 # + TN#@ Q@ `f
I # " , 7 8 A ( &' `k
I4'# 7 (#. F + Z !9 TN#@ C' 71;# `m
I7 # Z + (#& ( (9 #& # " Z C# 8 G 7.6 ` n
I(N#. $# & 7 # + 7;=. 4(N#) #. C# # Q@ `

6K # Q ' ; J# 8 J4 * 4h* )*Q S5 4Xc! (A


@
(# 8 4 * )*Q S • C
h (#@ 7-=- #F 8G @9 + L M ^# 9 , C# 1 H $
EN L M #F8 9 - HN ( &! , E8 7 # C# [ +
= 7 # Z + = t IC ( X>/ L M 6# 9 >
I (#& O= + 4((. D + <8$ * . O H 6 #G B(
> O . &$& #J U " + (#& T# # <& & AT# # K #-
I # Z 7 # C# [ L8G 0'6 >/ , '

(4 * )*Q S • C
A( i C ( H 6 4# ! - , 7$# 7 # C# [ 9
- AC # - e* ;d ( L M #F8 9 - A7 9 A # G+ <#9@
C#G ( L8G (N 4 1#& S 4 1#& 4 @& ( 8 H ( C# [
#F 8G H ( V #6 <# 9 =
J-d A &#! C# ( (! + *.& A7 (!
* ;W& ! - T# 1+ HN ( &! 7 # C# [ *.& Ae #F&#9@

n
#FN= G HN ( - 7 # C# [ *.& E > A#FN= G z + X>/
@d # F8 , - t *.& C( F + AC #!. - @ ,
V([ . 7 # C# [ 7 # C#$8 <8$ 4(#G e7 # 7 ! !9
I7 # C#$8 #F.P C 0 6M ; U , #F)N#U

(4 * )*Q S )c5*!5 < j'*& /0


A7 9 # G+ <#9@ A( + / 7 # C# [ , 8 #. /
7& 1 7 # C# [ C# ( L8G <8$ * . > / 0 [/
8F ( + C ( 4(#G 7 # C# [ B( 79# + 4 &
X>/ L8G <8$ 8- #JP & E & B( ( ! * G $! 81 ( +#
B( + * . , #@ 7G 6 ( + C ( - A* ; 1& +
0'6 G( #JP # G+ <#9@ A P ! # - ( F + AE &
((G B( 7 #6 C#&# 9 1 , ( (9 #& 7 # C# [ B( F ( 79# +
X>/ + P ! ( + F # G+ <#9@ 7 #6 E &
FM K9 A + L8G <8$ , #@ 8- # G+ <#9@ 7G 6 AC# [
IOG ( M F # - P !
C# ? C#G ( <N P #F 4(N# (& #J ;[ HN ( & U) 9 7 9
A7 # C# [ 4 1#& * ! A7 #6 E & B( #F& U) 9 A7 G# 6
7! $& * ! #F8.6 7 9 C# [ ((. 7 ' > H & 7! $&
E> + L8G <8$ , #@ 7 9 - 7 # C# [ 4 1#& S
I7 ( 7 ' '6G

(4 * )*Q S /e
E & A7 = : 7 # - E & A7 #6 E & ,/ 7 # C# [ /
X>/ ,G# 6 # P C# [ A7 #!G 7G ' 7 G# @ 0 7@@
! - 7 9 # G+ <#9@ ( + #F ( + (19 C# [
I7 9 # G+ <#9@ A( + * ;: 7 8 .&

(4 * )*Q S ' ; /i
C9 * ! HN ( #F 7 # C# ( (! & 7 # C# [ F) (&
(N )8 Q ! C\ 7 # 4(# ' H A #! #/((9 # , (N ) Q !
I4( (6 7 # C ( N# # &#& E &8 c # & C#&# 9
>/ 7G 4((. C# ( (! , 4 & E & 9 / X#6
( . 7 # 7F6 E > *.& #FP.& H 4 \@ E & ^# ( L M V([
A # N 7;#$& ( A, t <9 D ( : C# ( , ( (9 #& ,6 $8
, 7 # C# [ A, ( & &G A & &G C= 9 (
I H$ , ,/ ,6 $ , #- H$

(4 * # 8 /p
*N# F ( > 0 [/ O H 6 V> # / + Z &.
#- # & Z , (#& A + , '6G F ( > 0 [/ H
, & 4 1#& 7 . ( 4 1#& 7! $& 7 # C# [ , * ;:
. 7 # Z + Z , i Ie ( d +
h,/ 7 # Z + / A#FP ;M F #-
IV(! Z `
I # " Z `
7 # Z + (#& 6+ @! ( Z , 7 # C= #.
7 # Z + d 6+ $ ( Z , 7 # C= #. AV(! Z ,
I # " Z , #F (#& C( F + - e 6+ 78 $
#. Z T# Z ( C# U H$ + L8G @98
A4 + 4 (@ 7 # Z + H& - T# Z eZ , ( Vd
7G 6 - 8 4 1#& #F. & A4'# F + C( ( (9 #&
C# 1 U. 7 G# 6 C# ? C# [ ? C# 1 - -
#. H & V 7 # Z i Z , H& = + L8G @9
I - 7 # C( F +
>/ A + Z , #F. & 4 + (@ , 7 # Z +
(#& 4 1#& 7 9 C# U 7 # Z + O (@ , Z -
IZ , 8 #. 8 4 1#& H #
(& # ( G 7 # Z + H& + L8G @9 7 U M K9
Z 0'6 9&@ A - ( & #F ( & 7 # Z + , #
Z + H& (#& # A + Z , 4 +7 # Z + H& V #-
IV #- Z , 7 #

(4 * # 8 4 * )*Q S 4Xc! • 0
K 9 A, # Z V(! Z , 7$ 1 4 @& 7 # C# [ /#
X>/ X# ( 1 cP Z , + L8G <8$ * . 8- FM
I7;=.
# 8 4 * )*Q S <4 * )*6< 3 (7 58 )*6< (G-F 9 &

7 58 7 5
)*Q S
^ „Vg ; 4 * d X
7 5
7 5
d = # Q = WM
7 58 D*N 7 58
4 *5 # '
u * # Q
3K
7 5 # Q 7 5
*
4 *5 # ' 4 *5 # '

Z + 7 # C# [ & = + C#! ( X=G 1 cP


# G+ <#9@ ( + # Ie U Sd `T# Z cP # A7 #
< #6 89 (; ( ! L8G <8$ * .8 8- A7 9
h,8 # V(! Z #

( 6K # Q • e
<8$ * . (! &7 # 7;=. = V(! Z
Z I ; 7 #F;#!9 , # 6M A 6+ @; +
, &S A7 9 7@# C# [ ( + B( 78$. V(!
0 [/ W C; ") , I(N G Z !9 4 @; #6q C > 7 # Z , #/ # -
7 F #6# 9 - 6+ @; LM 6# 9 (; Z , 8 #.
0 [/ H + , '6. <#9@ 78&#! V(! Z = F $1
I ; 7 4 @; #6t + , *N# F ( >

3
- 6+ 4 @; 7 # Z , V(! Z , C= #. U.
7 9 7$ & (@ (; <8$ C9 HN ( A7 # Z + A7 ' >
I7 # C# [

( 6K # Q )* = /2
78&#! Q A7 ( ' , 4( 6 7U C V(! Z
7 ! d 4(N#) #F #J #P (@: 7 ; 7 # 6: 7 ! V(! Z , 8 #.
Ie4(N#) . g (@: 7 ;d V # 7 8.) 7 ! e( 8 7 +
() KQ 4 * 8 …g* N I$ (*@ >*n
() KQ /-
(; 7 U LM 1 * ; 78 ( Z ,/ C# U C(
7 . $ 1 C9 ((9 l # & &! , ( ( #& C ' # u8& CP ;
#F - #J #G 1G L M @ 7 ' 4 = Z9 (@ C ( U.
. (@: . - ( L8G 7 8.) 4(N#) 7 ; I, . A (@M .
/ C( 78 9 V Q@ 4(#G #J H( ( L8G 4(N#) . A, :
#J ( L8G 4(N#) #. (( O ?& (G L8G 8@9 > P !
Ie7 : 7 ! d Z#!9 (G ( 7 ; H (& '8
( KQ 4 > >*6 )* Q /C
1 C( 78 9 7 # 9 E > 7 . 7 #; C#& ( (@M <8$
h IC ( X>F
( KQ 6= /
Z !9 ((9 ( (@M #F& , $ 1 ((9 (!. , #; ( &.
L8G e7! - d (!. >/ V 9 e7 U d( (@ C#&6 C( 78 9
$ 1 L8G (!. >/ V 9 # A( ( l # ( 7 ; 4(N#) #. ( (9
I(N ) ( ( # P #JP #F C#@@ ((9 4(#G 4( ! B

]
(45*! † & /2
7P 7 & #9 C=6 & U#) 9 #F 4((9 TN#@ ( (!G , ((9
- C( (@M #; IC ( X>F 4 (@ 7 U 8 (9 HP
I4( 6 7. C > C# U L8G #JN&G
!" # !$ % & !'
#. H Z 7 & #9 (G ; 7 # 7 & #9 C=6 & U#) 9 `
I#F 8G Q #. 7 & #9
4( . 7 # 7 & #9 C# # &8 1 b#@ : 7 ( 4 @& `
I #; & #9 &; 4 (@
I( 6 1& 7 U 8 79# C= F H 6 L8G 7U #9 `
I#F;#!9 (G ( <N P C#!9 H ( `3

(4 $*N † &
, #/( ; $ 1 (!. , C ! A7@# $ 1 L8G C ( (!G V 9
(G# A7 #. $ 1 < #6& 7@# $ 1 * ! L8G * ) A \1
W $ 1 X>/ (& Ae* ; d $# C( 78 9 7 # 9 L8G
I(N ) H (& O ' (G H A7 # $# 7 ; (' Q * !

( & ' )*
7 #9 # P E > 7 U B( 7 . B & U#) 9 $ 1`
I, # {\ (G # P C ( G 76 # C# ' #& 0# (G
(; E >& # ! 7 L8G @9 * \& ( 8 H& * ! H `
H& >M A $ 6+ , e7 (! C#! ( d 7 , '6G L M V([
I 6+ 4 @; C# ' #& 0# 6+
#F / #F8 9 @+ H & M K 9 A7 &#- @+ L8G ( ; HP `
I7!9 C( ( ( L8G 7 U 4 (; (G L M V([

_
AJ#P H (; 7 #PM * ; L8G @9 * ; L8G ( ; HP `3
K9 Z + , 7 # (& * ; 7 #PM V L. &
! # , . 7 # 7& , HP A( ( ( G Z#!9
I| + C ( C#!9 (( L 9 #U L8G
L8G -[ 4((9 7& 1 /# L8G 7 (! T@9 H ' L8G ( ; `]
IC ( <#9@ C#;#!9

7 ; ( ( <8$ C ( ,8 #9 Z9 C ( $ 1 P ! 7) # (G
$ 1 X>F Z V !& ! C( 78 9 ,8- W 7J #G AJ C(
># C( 78 9 H $ #/(.& e* ! d C ( 78 9 J P C&- >M # ( (9
7S# @ 4(#GM * ; , 7 U 8 C( X>/ D#6 #& !
IB 4 $ 1

(G 6K h* 3 A W M5F *^X*6O3 K= ) KQ ; Q h* 3 d <


* \& u #& '69 , # ,$# 9 G / P ! L8G * ) $ 1
C( X>F 4 (@ 7 1 L8G $ 1 O V A#F;#!9 (G C( X>/ ( (
X>/ ( 7 7 Q@ C( Z#!9 &; 7 ( u #& '69
I#F;#!9 &; C ( 0 1 7!9 C( H ( , C#@@

() KQ ; f* {
( (9 4(#G AC ( (( # P 7@@ C# # P V ( (!G , ((9
$# (G 4(# ' #J F =
J #G C# # P X>/ 7 # 9 $ 1& #/'69 C# # P
IC ( (@M
,@ I( (!G , K #- Q $ P - Ae #P d .
,@ eC ( C# # P ;d V #6 E & # 9+ <8S , 7 1 #J@ 1
7& # C 0 6: ># , 7 9=@ O L$. AC ( 78 9 G 7&# < ;
I( (!G $ 1 #J! ' ?&* ! ! # (G C( 78 9 Z !9 7 # 9

f
() KQ 4 : /0
(!G ((9 6+ @; & 4(#G C ( #& 7)8
, -[ , . / I( ( u8& (( C; A4(N#) #. e( 7! - d (
/+ A7P . + 69 AZ#!9 l # ,/ ( L8G 4(N#) . 7)8
I 8 7 # + 7)8 A $# #F
@; * ; L8G O )8 6+ $ * ; #& 4(#G
78 9 L8G $# C( ' # 8 Z#!9 4 C( ' # 8 A7 8 . 7 9# A 6
T D# P , $# C( ' # 8 A4(N#) #. #& [& $# 76 # C(
(G # 9 ( ' Z#!9 4 C( ' # 8 AL8G #/(N G Z , + * ;M
4(N#) #. , -[ #JP * ;= 7P . C( 69 I( #& $& ((
Q C( (@M 7)8 #. + , \ W q < #6 O S I4(# ' #&
V ( #& 0# (G $ W E > AC ( * . 69 4(# ' ( G *)
OG R C( & ((G (@M M K 9 A( ' C( 78 9 L8G $
IC ( 78 9 0# (G $ ( ' # A( ( (. & $#
L8G 8@9 (& C( 78 9 W b P & 4(N#) #. C( ' # 8
I & 76 (& O 8 9 Q V> $ G* .
7 ; ( (9 , "# + - # " Z L8G @9 7)8
7 #PM H $ , #9 . - 7 ' > L8G 4(N#) #. 4(#G 4(N#)
4 (@ C( 69 AZ#!9 4 $# ". $# 4 =G - B 7&
I, # + 4(N#) . L M Q#P 0# (G $#
#. ( (9 - $# K9 7 ( 4 @& C ( ! 4(#G
I $# 76 ( " . #F 4(N#

(' ) KQ 45*! …g* N / e


A 9 7 8&#; 7 @# ,/ 4 (@ C( 7 # TN#@ K=- E# /
L$. TN#@ X>/ I F L M #F8 9 7 8&#; A0#G( &#; 7 @#

k
( 9 OG#6 O (& #M7 . T eV 1 d O8 #9 ( 8 (@
c 9 8 78&#! C ( E> 9 7@# A7 8 #1 1 V LM
C( 78 9 ! A7 (#. F + ((9 ((G V ( \& ( 78 9
Z !9 9 . L8G Z , F + #. # (G F L M #F8 9 &
Ib#& +
( (@ ,$. A4 (@ C( H 6 P 0#G( 7 @#
. - X( (9 0#G( . I#F;#!9 l # &; C ( 0 1 7@ )
7 ! G ( ' 0#G( . W 7 #G 4(G#; IZ#!9 &; 0 1 O& V>
I7 8 4(N#) . V # (. & F 8 7 :

V # 7& & X0#G( o n 4(N# (. & # nnn O ; V> (


4 =. X>/ 0#G( 4 =G L 7 : 7 ! G ( ' V> u8& # nn
I( 8 4 (@ 7F6 7)8 - C( X>/ G ,8 8 C ( 78 9 * .
AZ#!9 (G &; #F ; ( ( ( 4 (@ C( 0#G(
0#G( 4(N#) X>/ W I4(N#) #. H) # ( G 4(N#) #. *) # (G
78&#; C ( H & W H&$ #& IC#@@ $ 1& ' 7 #9 , M A7 (6
O8&#! S C ( #& 7 #! L8G 4(N# #. H( ( 8 (@ .6 0#G( =
78 9 * . & E > e( 78 9 (N . V(! $ d $ ") &#! 0#G( =
IO 8G 7& (N ) ( G ,8 8 (
1 8 7 8&#; - E> F 0 1 # P L8G @9 4(#G C (
((G 0 1 , Z9 C ( 78 9 ,$. 4 ( ,/ `4(#G g F 0 1 # P A#F
Q 4((9 7 ' 4 = ((9 . & e7 (#G F d 7 U , F + .
I< 8$ ; 4(N# . & 7 #PM L8G @9 , 7 U 8 c

m
(7* z' < 4 Jf + # : (*@Y *n
6+ , 7 U #F 8G @9 , + LM 1 # " F)
- A7 ( @ Q>9 H 7 ' + < #6 , ( & $
O 8G @9 V> 6+ $ * ; 1 A ( #& A + (#@
V> 6+ $ 7 8 Z !9& AC ( 1 7U
# " , 7 8 Z !9 A F + 78 9 A#F = 7U O 8G @9
H & Z $ G #J 6 # A4'6 9 b#& + = e#J >d #J 8 ( #F 8G @9
(6 , #F@ 8 7 8 Z !9 ( & Z ) 4'# 7 (#G F
h, #

4 # 6 f + 4 * 8 )*<c3UA (G-F 7 E
4 # 6 f + …g* N
•+ 3 ^ ZO+ A ' ;‡ •+ 3 /
•+ 3 ^ ZO+
) KQ 4 f ! 3+ 4+ 8 ^ 9U < ZO /
9U < ZO ^ +l 7 $8
7 $8
#*6O3 A ; O5 u #*6O3 A ; O5 #*6O3 A /
5 w* '8 N A 9X g : U 3+ Wg v /
Wg v Wg v

( _*3 ^ 8 4+;*! ^ 8 (*@! '


A7 (#G F H& O 8G @9 V> 7 1 # " - 7 8 Z !9
Z !9 L8G @98 E > 7 (#G F (@ C# U I4'# F + #JP
, #PM # " L8G @98 4'# F (@W& ! C# 1 *.& 7 8
I # " 7 8 #1 1 - 4'# 7 (#. F +

3n
(4 +;*! ^ 8 /-
7 N#; 7 1 # #$ ((9 Z#!9 l # #F " V A ( #& # " F v Q@
@ ,!& E> A ( , #@ L8G @9 F + 78 9 Z9 A4
# 9 >/ , . I( ( , 7 + C > B + C# ' 7 # ( ( (.& 7 1
K9 C( ,8 #9 O 8G @9 V> (N#. & (N G L8G 7 (#. F + <#9@ @9
F; !9 # #$ & E= #F * . , $# C&#- (N#G L8G C ( @9
I7 !& + C > C# ' ( ( (.& ,!& ( #& 7$&
b ; L8G 0j # & K 9 C#. ' H ( , #; ' V (6 B 7 9#
I /# 8 7 . 7 . 6 7! (.& 4 (: "86

( _* 3 ^ 8 /C
A G & #F@N#@ , H 6 ,F 7 (#. F + C ( & 4'# F + H!
F + 78 9 &; (N#. >/ L8G @9 , 7 + (N#. C#&- K 9 C( O&1 ,F
X#6 S 7 N ( ,F #/(6 , F + O&1 &#! #& ,/ I7 )@ ( G #9 E > A7 (#.
#9 /# 7& P (.& C#. ' H ( A F + X>F 0 1 4(#G: C# $# 9M , #9
I7& P L$. , (N ) # C#!) 9, &. ,F 7 (#. F i 7& #&
4+;*! ^ 8 _*3 ^ 8 # : (G0F 7 E
4 * 4X'
4+;*! ^ 8 _*3 ^ 8 4>'*6 95*=
= 7 O < ZO (A
@
(9U

3
_*3 ^ 8 ^ 8 4 ZQ 46 8 o 5 /-
;; O5 u 63 4+;*! 9U g*! o 5 /C
; O5 • *n
K= 7 $8 < ZO (*@ >*n
4: 3
4 >*Y 4 8 4 4 6 8 4E'; /-
; O5 u ; O5 ˆ /C
4 6 ;; 3 < ZO (*@Y *n
‰+'* *^ | ‰+'* *^ | #*6O3 A ‰+'*
#*6O3 #*6O3

3
(7* z' # (*@Q5*U
G + L8G @9 O = H$ V> # / # " Z
U#)9 L M Z Q(F A4 +7 # Z + 0 1 A7 # Z + H& Z $
(G 7 # Z + X>/ H & 4(#GM H & , C# U Z (G# K9 7 L8G
IE > 76#9
S 7 X>/ A7@ & Z & # " Z "# -
(#& # " Z , A # " Z 0'6 7@ & Z + A79 9@
X>/ 0 1 H & = B + 7 # Z + 4'# 7 (#. F + C(
IU S (#& U (#& A7 # Z + (#& G E# / Z +
K 9 7 #- Z 1& . 7 8 7 # C# [ &G U (#&
Z #F U (#& &G C (#& U. 7!9 7 # Z + H & #F
I7 # Z +
E8 7U ( K 9 A7@ & Z 7 #@ , 7 # Z + (#&
, C# U 7 # Z + 4 # #F 8 (G#! X>/ U. A7 #@ , J(.!
e4 6# d 7 (#& Q(F (' C# 8 G , 7 #@ , (#& A#F 8.
H & <8$ 0 1 <8$ 7 8 G Z $ G E > A#F. & 7 # Z + 0 1 /
, # #& AH & 7 #9 , H) . & A0 1 7 #9 , *) . & 7 # Z i
H& 0 1 <8$ 7 8 G C &- ( G I #. + P V 1 HN#& L$.
$ R# ( !. <& & #. + \ . J U 7G & C 0 6: 7 !& 0#F M
IC# 8. #6 C #@ U
" 8 S Z eU S Z d Z ^ # 7 # Z + (#&
IU Z , * . 7 N#; , #F.P , 7 # Z + H& 0 1
7 # Z + 0#$ = 7 # C# [ &G F 8&#! H&$ #&
Z + d V(! Z Z 0 1 (! # 0#$ ((G A 6+ 4 @;
V 1 7 G# 6 C# ? C# [ 7 #6 E & # 0= .8 #F. & - e7 #

3
< # (N#G Z !9 6+ 7 # #F; $$ , #F P 6+ 4 @; 7 # Z +
Z $ G V(! Z , #. V' E& W 7 #P:#& A#FN= .
L * ! X>/ B 7 #6 E & - 7 #6 E & * ;
I7 & * ;
7 9 C# U 0j 7 # Z + Z , 8 #. # #J
e @! 6+ , + L8G <8$ d 6+ 4 @; 7 # Z i 7 (@
8 #. (9 W Ae7 # Z i 1 d 6+ 4 @; 7 # Z i * .
E & - 7 # 7$# Z $ G t Q $ L M 4 1#& O6 (&
Q8 eZ + X>/ H & 4(#GMd V #- Z A7 (#& 7 8 .& # !8 E > A0#$
I ( O 76 Ae4 (@ Z i H& dL + Z G
Z i .N#& 1 7 (! Z , C= #. , ( + E #1
, 8 #. E & M - AV(! Z , 4 & u #& & Z + * G 7 #
H && ( + ! A ( 8 79# 4 \@ 7 ; C > Z L M #F ! Z
AZ#!9 l # &; 7 L M #F8 9 & E > 7 (! Z , 7 # Z +
H && ! 7 # C# [ 7 9 C# U A7 # Z + (@W& ( + !
I#F @+ (@ / (; 6+ 4 @; 7 # Z + 0 1
*.& A t #/[ 1 , Z + X>F .N#& F #
@; # - #F 1 q #F. & 4(#G: Z + X>/ V 1 7 # C# [
@! 6+ , (N G Z !9 Z + X>/ 7 9 C# U V 1 6+
I4 @; 4 ) F ( 79# i
2 M g*! g*: )A !5 (*@ ;*
5 5 + Z ( #F = 7 # Z + 7 # C# [ Z8
, + B Ie i P ! d - e i d (
IV(#@ ; L8G 4 & 76 (& -[ Q P ! Z(
75 #. 7 ' A( ! * . d - 7)8 7 (#@ ; G G#) R 4(#G

33
4(5N#) (. g ( ! 7)8 , -[ #/ (& , Ie7 (#@ ; C# # A7 (8
5& 5 + C#! (5 9 7 U 4 (? 4(N#) #. B . I< 8$ (N#.
Q 5U ! L8G 7 ( , 7 (! 7 # C#$8 . I<8$ * . ,! #
#.5 *) 4(# ' 7 P C 0 6: > ? #F W A4 P ( G A7 (#@ ;
#. C # # 8 O W E > A7 #G 7)@& IV(#@ ; P 9 E > 4(N#)
#8 IV(#@ ; , 4(# ' E > G R A + Z ( ( ' # 8 7P) 4(N#)
IV(#@ ; + Z ( *) A4(N#) #. C.)
( g*: '*! )* * /-
V> * . ,/ I + 7)8 < 8$ (N#. (. 4(N#) #. -
W + * ;M # (G I + X>/ , i P ! O. ( <6
75)8 "5 . O W g F + H & ( G # g 4(N#) . ,/ + X>/ * ;M 7)8
(N#. (. " . X (& A< 8$ (N#. (. L , e<8$ d F V (@
5&#! P . W #9 = , I + >8 0 [F H;
4(5N#) #.5 5 R + 7)8 W A $ /#6 ( G I + X>/ F (!
,5 -5 P) g 7 P) AH; P (. & #F8 (. (.& 7 ! !9
I 6+ 4 @; 7 # Z , #-

( 6 6O g*: 7 !5 / C
>5 5 + , (5! A P O (6 K 9 y) #G * (G
A # -5 * ; $ 1& Z8. # Q= V F( " + X>F 6# 9
,5 75 . 7$! ( G I4( [ 7!!9 RN# 7 8 P) F ( " K 9
.5 Z!9 I,! !9 4(N#) . ( G g ( ! 8 4(9 7)8 E# / Ay) #.
7)8 - I #- L8G <8$ C ( * . & ' ,! !9 4(N#)
75;=G I#J& ! o V # 7 &#- #F * ) ,! !9 4(N#) . I i 7 # +
Ae$d <8$ 7 ( eDd * . 7 ( A e3d 1 , #F9 P X>/ <8$ * .

3]
eQd 4(N#) . ( G K(9 e$}Dd + L8G <8$ i * . & (#.
I7 ! !9 4(N#) #.

= WM ) U 5 d ! (W M d ! 4Xc! GeF 9 &


'* Y3 A

g*: '*!

6 6O
& +
+
,

&
, .-

&
.-

+
+ &
, ,
7 58
+ &/+
„d ! ,& / ,
WM
A7 (#5@ ; Q 5U \ H \ 7 ! !9 4(N#) #. W cP
#F G R 7 #6 C= #. , *N#) # IZ , 8 #. B( C= P)
LM !8 E 9 ?& e3d 1 , * . 7 (& V([ # A + * . 4(# '
Ie $} Dd (#5. 7$! ( G A Q *) ,! !9 4(N# . E> G R e Dd
<58$ L58G -[5 Q B GV <N P ;, \ W - #&
I( (6 (#. B L M *#) 4(# ' L M 4(N#) #. ?& H ( # A +

3_
( !: A G g*! F g*: 7 !5 / 0
e* . d + <#9@ O.P V> ,8.) 4(N#) (. /, 4(N#) (.
& . (N#. (. 4(N#) . W <# >/ = e<8$ d O. (& P ! !
A Q ,5! !9 4(N#) . G, 4(N#) . Q8 IE > S > >M M ,
h . - 76
"5 . 7 ;#) $ 1 A( ( (G $ - (@ (@: TN#@ e d
Ie~ Dd $ 4 =G , E >
IeC Dd P 4 =G , E > " . P C#.; e d
7 (#. #/((9 A Q A 7; 8 , 4(N#) . W A' X>/ ( #&
h7 #
e d ~D • CD• Q} Q

$ 4 =G $ ,# (.
e ~ Dd e~ ~ d

Q, 4(N#) . W A7 (#. C9 " ! c P 1 #


Ie~ D d $ 4 =G Ae~ ~ d $ ,# (. h7 # C# -

e d ~D •~~ }Q

, * . #& A )@ V # e~ D d * ) Q Ab 1 $ &
h, # # e~ ~ d $ ,# (. - Ae d 7 (#.
e d CD• Q}~~

3f
(5N#. O5 ?& O5) . V> e~ ~ d $ ,# $ #& # / F
e~ ~ d 5$ 5 ,# (N#. (. I $ 7 # @+ L8G < 8$
A75 ' > W5 > I P C#.; J(N ' ,! !9 4(N#) (. R ( e 7 (#. d
4(5N#) .5 5$ 7 # @ & . A7 9 #/ (@ 6+ @; (
7&5 #& I, 4(N#) . P 4 =G @ Z $ G X (! ,! !9
Dgb~ V #5 ,! !9 4(N#) . Ae d 7 (#. , $ 7 # @i
I$ & #- & E > c P IC

7.$!8 # nI ] Q8 C# 89 , #F!) A # n #F ( B(F


, 4(N#) . & I enI ] € nd B 89 7.$; 3n 0 1 #F , # #&
Io3 (#5! #5. = H; P (. Aof #J #9 V # 7 7. ( L8G
Q #F + A # nIfn L8G @9 #F B 89 7.$; 3n 0 1 J (&
n 75. ( L58G e # n • nInfd # onInf #/ (; 7 #PM A4(N# of Z!9
4(#5 ' Ao3 B 589 7)8 D#) L M V([ 7 4 = P (. o3 I #
, O W AE > 76 I7.$!8 # nI _ L M D#) ge # ]•nIn3d I # nIn
C#5 89 5 7.$; 3 I C# 89 V 1 H$ B(F W 7 4 7 #F
569 , 4(# ' e In }3n€ 3 I d o #J& ! 4(# '& e # nI _ € nIfnd
V>5 of , 4(N#) (. #J& ! - 7 7 #F , B(F 79# ( !
>5 Io ,! !9 4(N#) (. ((9 4 ) = eo3d P (. & *) <6
I,! !9 (N#. (. o V # (. & 7 N 1 #F (; ( ' Q B(F W
5P (5. $5 - e d 7 (#. , H; P L8G 4 =.
=5 O51 . V> P (. " / I #- * ! G = H;
=5 I $ 7 # @+ A #- Ie[& d H; (. ". A,P#
I(5N#G (5. o3Im] Z5!9 A F1 7-=- g 7 ' > p ,F F1

3k
P (. o Im] .; i W A,! !9 (N#G (. o * #&
(. 7. 7 #! H; >/ I7 (#! F1+ 7-=- = eo ` o3Im]d V
>5/ ,5 I mk # + D & + ,) ACP C o f H; P
(5. ,5 . #5 o _I_ (N#G (. #F Z!9 ` F1 7-=- g 7 ' > C;
H5 5 \ H; P 4 =G Ieo ` _I_d o 3I_n H; V P
K (59+ 75 ( C#5 # A7 #9 (N ) #F 4((. . 7&#6 E> '
I7 (

(G 5s 9 F ( g*: '*! 9 † r/e


e '5 d #.5 5 /$ 1 W A $ ") & 7 # Z + D V+
> ( 5 $ 5 & 8 Z#!9 5 l # & (N#. (. 4(N#) . $& 4(N#)
Q @ ") #F 7 # Z P M B + D + I^> 7 '
H$ 7 #9 # (! 7 ' > , $ (G 7. &$ I $ 4( 6 K 9
I ' /$ 1 $ #F =

( g*! KOK5 /
5 5. 5 , #FN 1 7 # 7; O!!9 V> V 4(N#) (.
(5N#. & 7;=. A7 . 7 ' 4 V , I(N#. Z#!9 l # L 9 #F& U#) 9
L9 I(N#. L 9 & #F8 - Z#!9 l # L 9 C; ,;#& AZ#!9 L9
C 5 Q= 5 4( 56 C > 75 # Z + L8G 4(N#) (. 1 cP (N#.
(5N#. 5& 7;=. cP V 4(N#) #. / $ 1 ,#& - / IZ#!9
L5 9 4(#5G L , '# (9 C > (N#. L 9 W h#J # Z#!9 4
LM 1 V(G#@ (9 V(#. (N#. L 9 # I,N# - &. A, . (N#.
E# / #J # 9 A 6+ $ Q # ; 6+ @; Q #
5 7)8 V # #J& ! 6+ @; 7)8 ?& " . C&#- (N#. L 9
I 6+ $

3m
V>5 , # ( 7U , C ;, -[ (N#. L 9 1
I 56+ 5 $ A7)8 ;+ L8G ( . , '# (9 > (N#G L 9 O6
> 5 ( 5 Q ( ? AV(G#@ X#6 , (N#. L 9 # (G
4 5 # , -[ B G E# / S #& I 6+ @; A7P) 7)8
X#56 5G ( ) @ ,# ( 8 (! (N#. L 9 1 W > I* ! Z#!9
I &! , 7.; 4(N#) #.

(G 5s F 9 ^ † r )*+ > /2
7 # Z + h7 F & X ) V(G#@ (9 > (N#. L 9 4(#
'5 75& ! K (9+ + 6+ 78 $ 7 # Z + J &; ; 6+ 4 @;
>5/ 5 *) 5 (N#G Z!9 #F W > I &! , K (9+ J( ? -
4 5!) ,5 # 9P # A4((. # 1 > ? (N#. L 9 ># b 1 , 1) )
h(5N#. L5 9 #5. 1 b 1 #F 8G (# G C# U K=- E# / I7!&#
IZ 7N'6 7 U A P) 7 U AC#.; *

()*!X 3 4+ >
C (. G - C#.; " . (N#. L 9 C#.; 7 U b !
W5 5P (. D#) #& C#.; C# # 8 I &! , P 4(N#) #.
*#5) (5 G " . K(9 I 6+ 78 $ 4(N#) . (. D#) L M V([ E>
,5 4(# ' C#.; W AC#.; * U , O W 7 #G 7)@& I7 8&! C (.
*#5) C#5.; AV(G#5@ (9 X#6 #& (N#G L 9 L M V([ P C (.
C (5. , ! C#.; I, '# X#6 #& (N#G L 9 L M V([ P C (.
M AB 5 C# U ( 6 S #& IV (9 #& (N#G L 9 L M V([ P
I &! 7. 7 U X>/ .6 4(N#) #. P & 7 ! 7;=.

]n
(4 Q 9 v: 4+ >
51 I7 5 P) 7 U & X ) #J (G#@ (9 = (N#. L 9
6+ 78 $ 4(N#) C (. W A7 ' > - A . (@M ( G O ?& 7 U X>/
L5 M ( (#! G >/ I 6+ 4 @; C (. L8G D#) = O6 Q
h# / # 8 # ! !9
,5 ,5 E8 G 6+ 4 @; 7 # Z + , $ - E ( `
I*) 5 (5N#G L58G @9 , &S F ? > A 6+ 78 $ Z +
#. 7 9& J -? ; 7 - 6+ 4 @; 7 # Z + <&
I7 #G 7)@& 4(N#)
5G 56+ $ 8 7.) 4(N# #. H( &S 4(#G P ! `
L8G @98 E > ' 78 $ 4 ) J '69 J U A 6+ @!
L9 .6 P ! &; P) >/ I 6+ $
Z5!9 758 $ Z#!9 4 W 7$# && IL8G L M (9 #& O6 (N#.
I 6+ 4 @; #F!!9 , E8 G 7.) 4(N# C (.
O ! * ! Z ?& Z 7N'6 7 U b ! hZ 7N'6 7 U `
e* ! d + L8G <8$ , * . IZ#!9 l L8G 0j # &
A 5 L5 . & 4(N# 4(N# #. #F ((9 Z#!9 C 0'6 ,
7 5 * 5! - 6+ 4 @; i <8$ * . & '
* 5. & (#. A4(N# 6+ 4 @; 4(N# #. ((9 Q A # Gi
7;=. #& ((9 Q (N#. L 9 (9 I4(N# 6+ 78 $ i <8$
, 7P) 4(N# #. A7$# && IZ , (N# 4(N#) #. & 7 #.
5 $ 5 Z 5 , 7.) 4(N# #. A 6+ @; Z
I 6+

]
^# 5 H$ #F = # K 9 AC ' #F ' F K=- C# U
I7 P) e d I P C#.; e d -? (N#. L 9 (9 W C; V , O ?&
I 56+ 5 $ 56+ @; Z 0 '6 , <8$ * .8 ,& ' e d
P) A &! , P D#) C#.; <& & R (N#. L 9 V(G#@ (9
, K(9 " #. E 8 I 6+ @; Z#!9 C > * ; 7 #9 >/ , P !
B 5! X>5/ & G#) W 7 . 7 ' 7U9 , I(N#. L 9 , '# (9 7 #9
I(N# (N#. L 9 (9 ((9 Q
() ' $ +' …g* U ( MN c= /i
t I $ 7 # 7 # Z + F) #& G , #> 7U98 X>/ L 9
h,/ e d 7 (#. (. I $ 7 # @+ $ 4 =G 7 #PW& !

~D • CD• Q} Q

$ 4 =G $ ,# (.
e~ Dd e~ ~ d
(5. V #5 e Qd 7 # 7; 8 , 4(N#) (. W AB 4 #&.&
Dd H; P 4 =G J(N ' e Qd ,! !9 4(N#) (. $ ,#
(5@ TN#5@ <5 9& \ $ 4 =G Ie~ Dd $ 4 =G J(N ' AeC
4(5N# C (5. Z!9 ?& Q8 Z#!9 C> 7 # Z + V([ AC (@:
I7)8 7
(5@ C (5@:#& 75$& C# ((G $ 4 =G
$ 1 A7 $# AZ#!9 $# A ( #& 0# (G $# #F 7 # Z i
,5 #J.) H; (N#. # # 8 A $ 4 =G C( ' # 8 I<N P $# A(!.
>5 ? A( ( (G 76 # 7.) $# C > C# U #/ (@ , 7 # Z +
A4'5 5 S 7 (;#. $ 1 AZ , #F ( AZ#!9 ( G 78 $ 4
7 & P 4' #F "

]
o *Y 9 :
4+ 6K )*6< 3 J`c JWg v J4 * g 6

(9 : 4 !3 ? 8
I F + 78 9 ! 7 # + C# 8 * \ Q@ `
b#& + 7 N#; A7 . 7 ' A ( 7 N#; C# ^> 7.6 `
I7 (! C#! ( 7 N#; A4'6 9
Z !9 A, # (N#. eV(#. d \1 ( <N P C# # 71;# `
I<N P 76 #.
, 7 (! C#! ( L8G B + 7 (! S Q # E=/: -? F `3
E=/: T@ AE=/: 4( A @i E=/: 7 ; ( (9 A7 U
I7 & P * S+ E > 7
I#F& 7 (! C#! ( 7 N#; ) $ A7 U , 7 (! C#! ( 89 `]

^ 8 4 O + 63 (A
@
7 # #/ #! 7 # #F =6 7G 4((. C# ( 7U
A7 9 C#F68 #F (! #/( (GM 7 ( #! #F ( 7 # 7$1 + c P
Z 7N / A7 & P 7$8 - 7 9 C#F6 A4 (: AE= A 8
(( L8G 7 U 4 (; ! 7 # C# # & ( # I # "
# 7U 0( ! #! X>/ E= ( # I#F;#!9 l , C# '
F + H& 0 1 ; , A F F + 7; 7 ! 4(# ' L M E > B( >M
#JP A7 9 C#F6 # C' #F ( ? #! X>F& 4 (: F # AC (
I7 U 0 ( L8G 7&#; #JP AE= N( 0#P M

]
Q #. 7 & #9 (G ! #& ' : / 7 # C=6 X>/ ( (G: (1
C 0 6: ( . A #! & #9 7 . 6 7$ & 7G P #F 8G
I #! X>/ 1 A #; & #9 7$ & 7 1 , 7.& 7 & #9

(^ 8 4 4* ' / -
K (9+ H 6 7 # X>/ , b 1 AE= 4 (: & #@ 78 ,/
4 (: 7) 8 4 (: 7 # {;# AZ&# #. = 7U L8G & -? #F ,
HP L8G E > -? C#.; (#! #. = #/> ) , $$ #F 6
I7 U 8 , #

(4 * +'*63 / C
h 1 7 # #! E > ,8
I ( 7 N#; `
I7 . 7 ' `
I7G' 4'6 9 b#& + 7 N#; `
I7 (! C#! ( 7 N#; `
& d4 + C K=- ;+ L8G V ,# ! 1 <6
I7 # N ! L8G C#U9= G 7 # #! ( (GM (.& e7 . 7 ' 8
A<# 9 7! $ AC 0 6: A7 & #9 7 # G C# 8. (#@ /
H& + 7 # < 7 # C# N#@9 /+ 7 # C# # & 1 # AC= 9
I7 # #! #F P <6 ;+ L8G - C
(T U … g* U /0
K9& A4( (6 C#6 8 7 U 7$1 G 71;# 7 # #! *.& 1
7 F 78 & A<8$ #F ?& 7 # #! &. C# 1 - A $
I7 U 9 E= E (M L8G -? 8

]3
4 * 8 4 * +'*63 (*@ >*n
7 # #! #F (! , C# 8. F / 0'6 >F& , # + # /
I7 U G ZN#!9 T= A7.& +

(9 U 4 g* X /-
A4((9 7 ' 4 = C# 8 . RN# G ,# T 8 ( 7 N#; (!
p 4J (#G ((9 l # & ,F 7 = # G+ RN# ,$. I ( 7 N#; #F /
, ,F , A7 # 7 J F1 #F ( 4 ( , C# 1 . 7
7 H& ( 7 N#; A4 (s #/( (GM 4J (#G 7 F1 ( 7 N#; p
IE= 8 79#
9U 4 g*6 Š] > (G-F 7 E
- ‚‹‹ )*!
- ‹‹‹ 4=* 5 4=*v 4: *^K5 N+
‚‹‹ y 9 B5
9 &3 I * *^K5 N+
.‹ )*! )*< 5/
-i‹ 4+' ; )*< 5/
-‹‹ `c )*< 5/
00‹ 9 &3 I+'* 5 * E
0‚‹ 9 &3 y '
‚‹ g : N
0‹‹ Wg v 9 X y <*$
-C‹ Œ0‹ Wg v
-.‹ Wg v ! y <*$
-‹ _*3 ^ 8 4 O )*!+_ N+
-‚‹ V+_ 3 9 *6 y <*$
- ‚‹ ^Q = g*! 7 !5

]]
(4 5 ! 4 > s /C
' ((9 l # , 7 U 8 , # HP 8 T 8 7 . 7 ' -
( 1, , (#@ H e7. 6 d 7 U @ & 7 '
, 7 ' - Ie E= O (! # d 7 8 1 , z
IX# ( e d (6

4 { 3< 4 > s 5 9 Y (GCF 7 E


RC‹‹‹ Rƒƒ 4 # 6 R N RC‹‹‹ Rƒƒ 7 $8
4 3
R N 4 35 7 $
‚‹‹ i‹‹ f Kg e‹‹ 0‹‹ 4+ 6>
p‹‹ ‚‹‹ )A* j p‹‹ C‹‹ 4 *5 # '
-‹‹ C‹‹ 46O3Q5 I+'* 5 e‹‹ i‹‹ f K+ 5
-e‹‹ -e‹‹ 4 3 R N *E p‹‹ ƒ‹‹ f sN5
9E8 4 + h f +; 7 $8 *E
p‹‹ e‹‹ C‹‹‹ -ƒ‹‹
4 3
R N *E 43 *Y 7 $8
C‹‹ -.‹‹
G4: 3 * F
4# 6 -C‹‹ -‹i‹ >* 5 { '
-‹‹ -‹‹ _*3 5 ^ .i‹ .‹‹ ) !5 )A•
-C‹ -C‹ 4+;*= ^ -‹‹ .‹ ; = Ž*n
;=J ^ 8 4 X - C‹ i‹ i‹ T U
R*= < ^ -‹‹ ‹‹‹
RC‹‹‹„Rƒƒ
^ 8 4 X < ;*+_ 7 $8 *E
0.‹ 0.‹ Ci‹‹ CC‹‹
4=* 43 *Y
p‹‹ i‹‹ sB3O5 w* ' -0‹‹ -C‹‹ `c *^K5 N+
4 # 6 *E 7 $8 <*$
--‹‹ --‹‹ -C‹‹ -‹‹‹
43 *Y
# 6 R N *E 7 $8 * E
0C‹‹ Cƒ‹‹ 0C‹‹ Cƒ‹‹
4

Z !9 A @ @+ ( & , X=G 7 ' O9P # =


@+ W 6+ 78 $ 4 @; @ @+ & ' #JP A7 8

]_
V A 6+ 4 @; @ 6+ 4 @; @ - 7 ( @ 7 (
C# ' : @ H( @i 7& #& 7 (! L M #F8 9 7& 8$ 7 ' 4 )
#F8 9 $# 7 &#- @ 1 #F W B + ( & # A7 ; 7 ' 4( =
7 8 Z !9 6+ 78 $ ( , 78- @ # A #G - 7 (! L M
(& #F M K 9& @+ ( & 4J (#G 78 $ 4 L8G ( C# ' #F W
I7 -+ @+#&
78 $ C# ' - 6+ 4 @; C# ' E8 & (& #F W @ - #&
I 6+

( sB3O w* '8 4 g*X /0


#F. ( T@9 V cP # A #. = #F!!9 , b#& + cP
O! !9 # #. 7 (& , > # # & 4'6 9 b#& + , K(9 V> \
Ie d (6 , E > & #. =

sB3O w* '8 4 g*X Š] > (G0F 7 B


]nn Z&# #. 4'6 9 b#&
kn <N P (.& #. >F 7!!9 b#& + #F Q#P
#. >F C#. ' #F @
n 4'# F `
fn 7 (#G F `
kn 7G' T@9 , # 6M
_nn 4'6 9 b#& + , # 6M

(4+ 6K )*6< 3 4 g*X /e


( (9 #& A #. = 7 (! C#! ( G T 8 7 (! C#! ( 7 N#; cP
(! A + C# ( (#@ 7 N#; # 9+ *.& , L , A #. 7 #F
AO 8G C8@9 V> #F& C #; , C #- 7U C# 8 G G =
J 89

]f
= 7 # Z + #JP 7 (! C#! ( L8G i 7 9 X>/ 7 N#; #&
<N P8 7)8 O6 + * . (& 7 (! C#! ( " ( &; A7 (
IE=/:

)* K = Wg v (*@Y *n
Ae ( d b#& + L8G <N P ` ( + H ( # A # G+ C# U H(
# & A( + - ( L8G b#& i 7 #P T# 1%+ C# 1 , ( HP
A7 U 8 , #! 1 # #J C# 1 L8G 7& P HP #F W 7 /# C# 1
I7 # e \1 d 7 (#. (N . #F8 ( L8G @9 C# U W
#F A( + B( ( G >F ,& P #. & Z ) #!
I + C# 1 , #. , Q8

(G9 &3 F ;*! †*&K 5 9U /-


C# ( H8 8 H & C# 8 G C# U , O 8G @9 V(#. (
4J (#G A #! , 4((9 7 & P8 HP V(#. ( I7 1 #F (! ,
I ( B 4(# '& 7& P 7& #F ( ' C# LM ( H'
A4(N#) ( 76 #. V(9 $ , 7& P (. & 7; ) <6
7& 5P (5.& 5@ ,5 Q #5 5 7& 5P 5@ 5- T@9
Tax deductibility on the abler tax Cost of expenses
( O L 3 Wg v 7 !5 /C
7 !& O&# 9 7 U 8 V(#. ( L8G H ( <N P (. $
# ( G -+ >/ FU 7& P8 HP# ( L8G #J 7G ( 7& P
( 4(# '& 7& X>/ ( ' 7)8 7& P < HP ( cN 1 E# /
I, #P: (8 HP V> (. - 7 (9 <N P 7&

]k
(… O g : 5 9U /0
7U #F 8G @9 (N V W A7& P8 HP# ( ( (9 7 8 G ,
T@9 A7 U X>F 7 & P C (. & 7& P8 HP V(#. ( L M 7 #P:#&
E > K(9 ,& P ^ ('s #FG P J U B 7! $& #. + < #6 ,
> A F + 78 9 T@9 1 , 7& P8 HP V> ( H' # (G
, #F - > ( + # A ( X>/ L8G 7 #- 4 7& P .( <6
o n (. & F 8 ; 7& L8G < 9 7& P 7& W AB C# 1
I F 8G <N P QG#P #J (#) 7& P L$. ( ,;#& W , # #&

(4 + v 9 X ! 3Q I+'* /e
#JP \1 Q #@ @ C# U 8 c O W A<N P <# 9 ( G
7& P &; ( Q #@ X>/ (#.& 7& P8 HP# ( (N )
IX# ( #- #& E > c P I7& P Q # *)

Y7 1 X7 1
nnInnn nnInnn <N P (N ) &; b#& +
)@ nInnn (N ) @
nnInnn fnInnn 7& P &; b#& +
knInnn _kInnn o3n 7& P @
nInnn n Innn <N P (.& b#& +

# e Innnd X (; ,& P C!!9 eXd 7 1 W 7 #9 X>/ ,

]m
( * 9 U /i
0 1 ( G #/ . 7 -+7 #- 7 # @?& 7 U CU) 9 >M
C# 18 , # ( - 0 1 H& . & Z ) W AH & . ;
I7& P8 OG#P V(#. ( L M Q#P , # ( >/ 7 #

( g*QN 4 * < Wg v /p
b# L8G @9 7!&# C G N# Z!9 , C# U H$
#! M K 9 A7!9 C A7!&# N# <N P ( #& <N P H (
C ((. 9 AC K=-& ((9 (; 7!&# C G N# 9 &c
<N P 7 (#G 7! $ (! / #! >/ * \ AJ# #G 1G L M @
H61 <N P D >/ I#F ( M , ! (. * . , C# U
A0# & 7 # H8 7G# @ - 7 (#@ ; C ( * . 4(#G , C# U
I7N 4( 6 C L8G ,& P 0<. H ' C# 1 OM K9

(`c (*@! '


7 &#- @+ ( 7)8 0'6 7 #PM 7 U 4 @& C# U 8 c
L 7!&# 4 ) = 7)8 8 T @ >/ I7 C( : #F @
I#J & P O 6 #. C# U , E=/: W A7 & P * S+ IE=/:
7 9 C#F6 L8G #FP G ( G Q8 7 # #! Q(F +J U
E=/: <# 9 7)8 Z $ ( Q 7U W AB * S+ #F G
' 9 (! - 7 (#@ ; Q (/ Z!9 4(#G <N P #; A7 & P * S+
Q8 ,# ! * \ # & A @+ . D 7 #- C# U 8
G 7( #J #; c&@ #! )8 G & U#) 9 W E > AH&$ #&
I* S+
# & A7 ( ' 4(#. < 8 ( #& ((9 7 & P * S+ E=/:
Z $ , ( &; I7 # #! * S+ 4 E=/s 7)8 Z $

_n
A7 (! C#! ( E=/: & 7;=. F) <6 A @+ L8G E=/: <# 9
I @+ E=/M 4 A @+ 7 ; E=/M

(4+ 6K )*6< 3 `c /-
! (! ( G b#& + , #@& # / G 7 (! C#! ( #& , # ( F
C# ' AC# 8 . 7 (! C#! ( c P ( 7 N#; Q ( 7 N#; G
, Q # ,/ 7 (! S C# ' A7 U b#& , #@ #F #PM 7 (! S
A4 ) = 7 (! 7 ! !9 C#G ( V P #F C( : #F @
Q # K 9 79 C# @ A ( E=/M AC#@@ AE=/: #F
7 (! Q # # A#F 6 #. 7 (! S Q # 8 7.N#1 # 1+ ,/ E=/:
I7! $ ") & R #. #F W B +
X>/ H 6 4(#GM Z $ G <N P (.& , #@ ( Q # 7 # + 4(G#!
h, # # , #@ c& L M 7 (! SQ #

Z $ G <N P 7U , 9 7 (! S Q # E=/:
(@ O ?& E=/: . ( + *.& 7& P8 HP# ( T@
IF S ,# (@ - O+ i (@ O i

(`c ‡ 9 *6 9$8 4 X /C
- AO E=/: <# 9 V> @+ 7 ; - E=/s &#! @+ 7 ;
I @+ ' F6 Q # L M 7 #P:#& A7 # 6: @+ 7)8

(9$8 `c 3< /0
1& -[ eE=/: 4 d @+ E=/M #F& , 7 ' 4 )
4(# ' L M B( # 8 4 @; @+ E=/M 4 C# # 8 7 (! C#! ( L8G &
( P) A7 (! C#! ( 8 O #PM V> E=/: @ 7 (! C#! (

_
@+ E=/M #F& , 4 ) + A7. 7 (! C#! ( L8G @9 , #
I78 $ 4 ) G P) 4 @; Q

(`c 2*Q # h /e
AC&#- E=/: E=/s 4( (G Z $ E# / W A7 # #! * S+
Z $ #F8 AC 1G G E=/: A( ' E=/: AT;# E=/:
I#F (
" AC K=- 0 @+ 4(#. 4 ( <N P * S+
IC 1G C
Z $ ( O W 7 (! C#! ( 9 O6 7 # 4 (: # / +
I<# >F& # ( , E=/: <# 9

4 K < 4+ 6K )*6< 3 9 O (*@Q5*U


, 7 (! C#! ( T 8 Q@ ,/ #@ #& A7 (! C#! ( 7 N#;
, 7 (! C#! ( ( (9 , ( #F + J U A4((9 7 ' 4 = 7U
71;# ^# 9 t # A0'6 >/ , 7 (! C#! ( 7 N#; $ A,P#
I7 (! + ( (#@ Q @ 7 U , 7 (! C#! (

_
(4 K < 4+ 6K )*6< 3

4 K < 4+ 6K )*6< 3 y{ + G-F 9 &

' E8 V<; ' E8 9 !


O3Q
V<;
)*6O3Q5
r Kg
7 $ )* 5 4 X Kg ;
V f 4 8

+'* 5 9=
? •O
)A* !3 46O3Q5 9 &3

)*B3K5
s *E
r
#' I *
9 &3
V `c
4 * 5 g <

f +
X
V<;
4+ 6> Wg {
4+ h
9E8 3X '*!3
V )*! 5
^ *! 5
# 6
r ;*= )
4 V^ 8<;
… O 9 O f K+ 5

_
W A7 (! - #F8- #F . &$& V(! 9 8 78&#! 7 # Z + U9=
#F 78 ( 7 (! C#! ( 4(# '& ( ' , 7 ' - 7 # Z + 7 (!
hL M 7 (! C#! ( ! #F 76 # C#! ( T! & T!
I7 #6 C# 8 .8 C#! ( `
I # - = C#! ( `
I 8 C#! ( `
, C# ( H8 8 H & ^# :#& 4 1#& $& 76 # 78 ( \1 C#! (
(#.& H 7 # 7 (! C= ( 7 N#; 1 C#! ( X>/ 7 U #F (!
0 1& 7$& 7 (! C#! ( - 7 #- C#! ( A #. = K(9 , eC # & d
Q 0 1 C= 9 W b P & AB H# C #- 7 &#- @ H&
I76 # 7 (! C#! ( L M V([ Q H & 7 8 G # & 76 # 7 (! C#! ( L M V([
L8G 76 # 78 ( 7 (! C#! ( L M V([ 6+ 4 @; ( (( D#6
0 1 4(#GM ( G " . A78 ( 7 (! C#! ( L M V([ Q F H& W - #& I,
C# 8 . & 7 (! C#! ( W A$& ( G A76 # 7 (! C#! ( L M V([ Q F +
7 # Z + 7 (! 69 , -[ Q 4#$. 7 ' 4 = 7 #-
I7 U B(
(4+ 6K )*6< 3 R N3 ';* 5 I K /-
7 '4 = 7 (! C# ( (#@ T 8 &#! #& 7 (! C#! ( 7 N#;
h7 (! (#@ C# ( Q @ T 8 e3d (6 ,8 # A7 .
4+ 6K 4 * 8 ';* )*5 N3 A I K GeF 7 B
)*5 N3 A ';*
9$ < ;*+_ / 9$
< d*:N> /
U < d*:N> / U < ;*+_ /
'*QN <*$ / Wg v ! y <*$ /
… V<; / T U8 4+ 6K u I * 3 `c /
^ 8 r ;*= / ^ V

_3
(4+ 6K )*6< 3 4 g*X ; = /C
( (GM e A A d C $ " &G 7 (! C#! ( 7 N#; ( (GM $
( (GM e]d ( 7 N#; C# # & L8G @9 e3d 7 (! C# ( (#@ 7 N#;
( (GM # " C $ X>/ e3 A d 4 $ 7& 8$ C# # & Q @
I7 (! C#! ( 7 N#;

( 8 MN
= A7 8 Z !9 @ A @+ 7 . 7 ' , C \ <# 9
I # '

(4 >*Y MN
Q @ + eC# ( (#@ d e3d (6 , 4(G#! ( #&
I7 (! 8 ( (@

(4 Y *Y MN
7! $& C $ C(G >M e A d 4 $ 4((9 (#@ H 6H6
I + C# ( , # 6M V # + (#@ , # 6M W 79 9@

(4 ! MN
@9 e3d 4 $ 1 N# b#& + 7 N#; C# # & L8G @9
4 ) ") 7 (! C# ( (#@ 7 N#; C= ( 7 # C# # & / L8G
h,/ C# # & X>/ A7 '
I<N P (.& 7 9& , #@ `
IB + 7 (! SQ # E=/: `
I7 (#. 4'# F + 78 9 T@9 C#G ( `
# A ( 7 N#; 4 1#& O6 <N P (.& c& , #@
h7 # 7 (#. #& #F&# 9 T@9
I4'6 9 b#& + , \ g <N P (.& c& , #@ } T@9

_]
(4 Q5*N MN
7;=. C > C# # & D P #& 78@ C > C# # & * G Q @
H e A A d C $ , 4(. 7 (! C# ( (#@ 7 N#; 76
7 N#; ( (G: #F ( e3d 4 $ , 4(. T@9 AE=/: Ac& , #@
hC#G 6 K=- L M 7;=. C > C# # & Q @ I7 (! C#! (
I \1 C# 8 G 7 (! C#! ( `
I7 # - C# 8 . 7 (! C#! ( `
I C# 8 G 7 (! C#! ( `
, A7 # - C# 8 . 7 (! C#! ( C#) @ X>/
Q , C# 7 N#; / X# ( e]d (6 e d Z&# 1 , #F9 P
7 (! C#! ( 7 N#; #F8 1

4+ 6K )*6< 3 4 g*X (GiF 7 B


)*>* ';* 5
R 4+ 6K )*5 N3 ';* 5
#„
„# 9U 4 g*X
9 &3 )* = 5 4+ 6K )*6< 3 •
„# Wg v ! G '*QN F 4 O <*$ /
„# T U8 4+ 6K u I * 3 `c /
# „ R #' 8 4+ 6K f ; 4 3 7 $8 9j < 3 /
4 *
) '* Y3 A 5 4+ 6K )*6< 3 •
#„ R 43 *Y 7 $8 <*$ < 3 /
#„ R T U8 ) '* Y3 A < 3 /
9+ 3 5 4+ 6K )*6< 3 •
#„ R G;J F Kg )* *Q < 3 /
#„ R 9E8 4 + h f + < 3 /
#„ R sB3O w* '8 f ; 4 # 6 < 3 /
#„ R 4= < … O /

__
(4 g*6 Q: /0
89 7 U #& # / F ,# ( 7 (! C#! ( 7 N#;
C#) @ C#G 6 ,# ( ,G 7U , 7 (! C#! (
#J) # K(9 J $ # >M # ! E > A^ # ( V(! Z ( 7 (! C#! (
V> (! ! #JP 7 N#! ( E > 7 #P:#& A7 # 7U C# #
76 # 78 ( 7 (! C#! ( & #! 7 N#! X>/ AQ (/+ Z &$ @9
V([ ' ( , 4(# ' =
J - 40#) (G L8G Q . #F (
I # N ' , #1 L M 1 (; # 76 # 7 (! C#! ( 4(# ' L M
N ! 7 (! C#! ( 7 N#; P9 H$ ,# ( W 7 #P:#&
b#& 7 N#; A7 (! 7 G 7 ' ( #& e7 (#; 7 7.; d 7$$ 7 #
# #F < S 7$ C # >M # 7 . # 7! $ X>/ A7 (! N#
I7 (! C#! ( U 7F6

_f
_k
V 9 :
4 * +'* 63 9 O
(9 : 4 !3 ? 8
D + 7 # < 89 & # ! #& 7 U #& 7;=G F > C# # / F `
I7 # < & 7 #! 8 7.N#1
I7 # < ( #& , # 89 #& # ! ( G >#9 *.& c P `
, # 6M A N( A ( A$#1 A7 89 7.N#1 < ( `
I7 U , @+
! #F ( , < A7 # 7. 7 ( & 7;=. 71;# `3
I (8 ( ( L8G #F (; 7 U , 7 (
, #- @+ , #- AC#. & #& 7 #! 7 U 7 9& ! `]
IF 7 ; A7 8 Z !9
89 #& # !8 E > 7 # < T 8 e C & V(d 7! $ ( `_
I7 U 8 #
4 * WQK R N3 (A
@
75 U ,5 7 5 # + 75 # #5! 7.& + # .6 Z&# @) ,
6#5 9 / I7 U #& F 4((. #J $ F , ,/ A#F 9 , C# 8.
89 +7 # + 78 ,/ 7 & I7 U 0 ( 40#) L8G 98 7 & " #! L M
I7 & 7 # ! A< ( 7 . L8G ( . 7 # N !
I75 U 0( 5! 7 # < ) <# 9 Z $ <8$ < 89
Z $ &; I7 U 8 7 . 7 ' ( 7 N#; ,/ , # 89 , C= (
< #& F 7U H 8 #. > Q $+ b 1 L M ^# 9 AC= ( X>F
I< X>/ & 7 #! A7 #

_m
(WQK 9 O3 4 3^ ? h8 /-
75 U 4 (M A N ( A F + 78 9 7U , < 89 & F
,5 $#5 (5 B & F &! #9 F + 78 9 #JP I#F )
, #5 5 89 #& F 4(#G N( I F 7 ;, -[ # / (& > A7 U
5 ( ( L8G #F (; A7 U B( 6+ 4 @; 7 (! 7 76 ( 7 . #J #
6# 9 F A7 U 7 9& /e d N (8 , #- # / A* ! 4(N#)
b#56 , #F A#F $1 0 ( , Q 4( 6 $#1 7 #9 ?& ( ? L M
75 U 4 (M W > I7 U 8 7 # 7 #9 < 6 & F F + 78 9 I#F (M
I 5 E=5 5U 75F6 7U HP FU 7 # < <# 9 #9
AB LM 4 7U O6 7&#; 8 7 # < ( 4 (: W 7 #P:#&
I7G & #F 6 #. 78 1 V
(4 * WQK 4>'*6 a > /C
h, t# 89 >/ (4>'*6 * 9 O3 /
I7 ' 4 = < 89 `

I7 # C# U H 7U , < 7 #! `

I7G# @ , $ H < 7 #! `
I7 # . < ( #& 7 #! `
(G 6<8 9 O3 F K5s 9 O3 • 2
L 3N 9 O3 /Š
h, # 1 (WQK 9 O R N3 5 +]*O x! /0
IB < H #F #! >M M L . #F " #F > (9 , 7& `
(G 7 #9 , 4 ) ") <6 89 , 7 ( 7 # #! `
I 9 , ?$ L M V([ (; 7 #-t W AE >

fn
, #5; <5 #9 5 4( . 7.6 7 # C#&# 9 ( P) `
- C# # & L8G V 9 (; #F .6 (G 7 #9 , O M K 9 I< 89
I7 U H;
< #5 ( 5 AZ $ ") & #/ $ #F #! , 7 # C# # & `3
V([ (; AE=F ' #& Z8. # 7@# 7 & #9 Z $ , 7)8
IC# # & 4 1 L M
0 + *
A$#51 <5 e dA7 < e d7 # < C#G 6 H& E# /
I7 9& < e3d A7 ( < e d
4 (; " ! 7 9& < # & A $# "! 7 ( $#1 A7 <
Ib#& + Z !9 L8G 7 U
E5 > #/ ) 7! $ #F&# 9 7 ) < X>/ F) b 1 ,8 #
A #5 G+ RN#5 75 N#; Ae d (6 , 4( 6 7 # C# # & ( =
I7 . 7 ' e d (6
7* =8 • g*3> 4 g* X (G-F 7 E
C‹‹C C‹‹- f*
0‹‚e Cip‚ )*! ); +
C‹.. -‚‹‹ >* 5 g X 4: /
ƒ.p .ip y *E
)* ! I+'* 5 /
-‹‹ -‹. )*! 5 R/
-ƒe -.‚ 4+' ; 4 5 = R/
0i 0i ) '*=
C0ƒ CC0 `c
ip. ii0 )* ! I+'* 5 * E
e-. 0‹0 Wg v g : 9 X )* ! a > 2*Q
ƒ0 ƒ- g : R/
0Ci C-C Wg v 9 X y <*$
ƒe pe ŒCƒ Wg v /
C0- -e. Wg v ! y /
-‹ -‹ … )*!+_ U/
CC- -0. ^ 8 4 O y

f
C ƒ‹ - .- ^Q = g*! 7 !5

f
4 5 ! 4 >s GCF 7 E
C‹‹C C‹‹- # 6 R N C‹‹C C‹‹- 7 $8
4
4 35 R U 4
35 7 $
0.C C‚‹ f Kg ; 0p0 C.. 4+ 6>
‚ƒ ƒƒ ; p. i‹ R
-iƒ --e T U Kg ; $' i‹0 0pi f K+ 5
pC‹ e.0 4 3 R N *E C.ƒ 0‹‹ f sN5
- CC0 - ‹‹e 7 t tt$8 *tttt E
4 3
- C0 ƒp‚*tt^K5F 9ttE8 4tt + h f t +;
G '*B 9+ 3
- pe0 - ei‹ R N *E 7 t tt$8 *tttt E
43 *Y
4
# 6 C ‹‚C - ƒ‹0 {' >* 5
C‹‹ C‹‹ _*3 5 ^ - .pp - pƒ0 ; = ) !5
J t -‹‹ Œi t j 0i. 0-p W * 5 Ž*n
^ C‹‹‹
' 5 *^ w 5 C‚i 0-e ) '*
-ƒ- -ƒ‹ _*3 5 ^ ƒ. ƒp T U 7 $
-‹‹ ‹‹‹ t tttttt C i‹ eppƒ e0CC 7 t tttt$ *tttttt E
*^ w 5 J ^ 43 *n
RC‹‹C R*t= t< 46O3tQ5 CCƒi C‹ip `c U
i‚p CpC
‚p Cee ( RC‹‹- R*= C0‚e CCp 7 t ttt$8 <*ttttt$
43 *Y
eC. e‹.^ 8 2*O$8 )*= < 5
g* _
4 Q58 4 6
- -0i - ‹-C sB3O5 w* '
- ƒie - .C‹ 4 # 6 *E
0 iƒ‚ 0C‚‹ # t t6 R t t N *ttt E 0iƒ‚ 0C‚‹ 7 $8 *E
4

f
(4 * WQK a > /e
(4 Q 9 O /
(G 6+ 4 @; #F # ' #& 0# #& 7 U 4 (; B( & 7 "#!
7 F L . & A#F8 7 U 8 e7 # 7 N= d 7 # 4 (! L M 7 1 I#F;#!9
IC# ' H(
(4 Q | +*65
7. 7 7& `^ 7 7& `< #. # " , #@ `

B LM 1 O M 7& " O S L8G 2* %( 1 *


I #G 1& 7 U , 7
7 ( @ `7 ( @+ } #. # " , #@
# _n } _ n ` I }
A7 8 ( 7&#; 8 ( ) O 0 (+ K 9 C# 1 & 7 #! 8 #J F " ; >/

,/ Ae #. # " , #@d #/ ( 7 L (+ (9 -

I#/( !G 7 ( C#&8$ /

#F # ' #& 0# , 7U 4 (; " ! 7.N#1 < B(9M 10


`h,8 # A 6+ 4 @;
7 ( @
}7 7&
7 ( @
- CC0
- ƒ‚ • •
pC‹
#5F M ,5 ,5 7G# @ L8G ( . 7& &; A 7 &! 7&
A7G# 5@ , 7 &! S #F 7 #. C# ( , 7 &! 7 7& =
J- 7U

f3
7&5 C5P) #5 8 A7 U B( 7 (! C#! ( #& [& L8G 4 (! C( ' # 8
I7 &! 7
W5 #F (5 7 (! C#! ( #& [& L8G 4 (#; 7 ( 9 7U # #$
I7 &! 7& Imf 7&
#. # " , #@ W A(9 7 7& C # >M O ?& 7U9= <6
AJ#& #5 # " , #@ W (9 ; 7 7& C # >M A )@ V #
I78 $ 7 ' 4 ) 7 7 #! 89 0# - J( ) #. # " , #@
@+ ' (#.& (G # 7 7& O&#1 13
8 #G ' 8 7 7& *#) A7 ;+ @+ - , 7 (
h#J #- A7@# * S+ 4'/#6 H8 #F + 7. & <.@ ' 4 - D h#/
< 9 A7 (! L M #F8 9 &; 7 ( c&@ #F L . & 6+#& 4(#G D#& 7 '
h, # #&
' g7 ( @
7. 7 7&
7 ( @
I] km ` I
} }
_ n
A75 &! 7&5 ,/ - (9 V # 7 #. 7. 7 7&
,5$\ A7 U #F M , , 7G# @ D L8G ( . 7 &! 7& W , # #&
H & #J&.@ # ( G 7 U 8 7 #. 7 B J( 6 J 1[ 7. 7 7&
7 5 7& c&@ A7. 7 8 &#; ' # >M # A 7 U X>/ '
I7 8 ( 6 "# ! ,/
7&5 A7 5 7& A #. # " , #@ K=- 7 " #! ?& U9
A7 U B( ( 6 7 HP L8G E > ( # 8 #F ; ( ' # 8 A7. 7
756 # $# 8 7 U * . 8! 7 7 ; 4(# ' A7 - #F.P V
K5 9 7 9& , -[ C; ") , #F 6+ 4 @; C# ' (( , 1)

f]
e d 75 &#- 5@+ 5 7 9& ; 7 ( @+ e d h <& & #F& 7 9P
X>/ , A (#@ (@ 6+ 78 $ @ 7)8 ; 7 ( @
7 7 9& & 7P #! 7 4(# ' 7)8 E# / ?& ! ,) 789
Ie $# d
(†* &K 9 O /2
A75 (! C#5. & L M @+ 9 #F& , 7G $#1 7& "!
t <5 # S 7 "# ! e7 ( @ d 7 #6 C#&# 9 #& Z8. #
HP L8G 7 #G 76 (& -[ Q e7 #6 C#&# 9 d @+ C# , Q=
7 ' , 7 ( @ 7 ( @+ #& 9 , > =
J - A7 ! !9 7
hX# ( cP /# e<A d 7 U
2 4 35 R U 2 7 $
4 35
i ‹‹‹ :$ f Kg ; i ‹‹‹ :$ 4+ 6> /
0 ‹‹‹ -‹ ‹‹‹ R i ‹‹‹ :$ R /
C ‹‹‹ :$ Kg ; k $' i ‹‹‹ :$ f K+ 5 /
T U
i ‹‹‹ C‹ ‹‹‹ f sN5 /
-‹ ‹‹‹ -‹ ‹‹‹ *E C‹ ‹‹‹ C‹ ‹‹‹ *E

5 89 #& O Ae nInnn € nInnnd #F ; 7 # # F8 , 7


- e<d 7 U cP 7 ( @ 7 ( @+ ( & C# Z G+
& 78N# @ #F ( e<d 7 U e d && c 9@ >/ e d 7 U 7
5 ed 7 1 # & A ( Ae d A7 (! 1, 7 e<d ,) e d , E8
L5 M 1 7 ( #F @ e d 7 U e dA ' 1& 78N# 7 ( #F @
L58G $5! (5 . eAd 7 U # & 8 (@ - #/># , & 7
B 5 L58G (#5 G #J! G - 76 (& 89 F O W > IH ( Z
5@+ d 4((59 7 #6 C#&# 98 e7 d7U $#1 ! E > $! 7
51 75 ( 5@+ / , $#1 "# ! " #! ((G E# / Ae7 (

f_
E5 > 5@+ , #5 6: e ( 40#) d 7$1 + A N( ( A '
I#F !
(f s N f ' ; 7 !5
h,8 # < 9 7U ' 7 A$#1 " !
7G#& 7G#P& 7)8
} ' ( (.
'
Inkn
fI } }
km
B 5 <5 #5F #! (5 G $! 7 U , 7.) ( (. 76
(5; I (5 (. I7!&# C 7U 8 ( (. & $#1 ") & C# U
I q $#1 , &! SO . $#1 , J &!
75 ! Z $ G ' $ LM ' ( (. 9
(5. d ]n V # efI € _nd V # ' 9 4( c&@ >F& _n
e ' (
(9 O3 3< 7 !5
@9 @9 # N C# # ! 7. # ( G$
h7! $ #& #F 8G
( (

} , H& $ } @9 4 $

_n

n] ]n
#‚ ]kIm } kI] m } }
45678
_

ff
(; Q 3< L 35
G $ N ( C#&# 9 ( ( 7U #F6# 9 , 4 ) -
h, # # A< 8 + ") & < 9 N(

N( N(
, 0 1 $
' } } (( 4 $

#J _n

k k
m3 I } } }
3nI_n Inkk • f
_n

(7 $8 f ' ; 7 !5
IC#. & Z8 E > #F @+ 7 U ( , 40#) L M 7& X>/ 1
I @+ ( 40#) L8G ( # 8 7& X>/ C( ' # 8
h,8 # < 9
C#. &
}7 ( @+ ( (.
@+ , # 6M
Inf3
4 Ik] } }
I]mf
, 4 k] (! & 7 # 6: @+ ( L8G . 7U LM 1
5@i 75 # 75)8 ( 5 / 7& X>/ <# 9 ( G a(#& (9 I7
( (5. 75 #! Ae 5- K(9 @ d #F ( C# U *.& + 7 # 6:
7)8 ( e #. + D#) M d 0=\ <& & =
J P) (; C# U X>F @+
(. ; Q ( (. W , # #& 4( (6 @+#& 7 #! 7 #

fk
<&5 & 5 C# U & Q= A7 (! @+ C > C# U , (
IC# 8 . 4(# ' <& & #J &# 9 @+ #. , \

(4 > + 9 O /Š
#5/ S L8G ( . 7 U X>/ LM 1 7 U , 7 ( HP
+ A 56+ 78 $ ( #& # / ' ,# 89 , O # A7 9& Z8 ,
4 5 =5 * ! u8& (N ) H ( Z#!9 ( G #/( ( <6 C# ' X>/
5 5&; b#& + F #!9 F H( (& N( # #$ A78 $ 7 '
B & F .; #9 E= W > AeE= d F + 78 9 L8G H '
5 F 5P ! A7 ( X>/ ( ( L8G 7 U 4 (; A7 U B( 7 (
#FP . E > B( # 8 7 U 7 ( C( ' # 8 g 7 U B( 7 76 (& #JP
,5/ 75 # 7. A7 #G 7)@& 7 ( #& F 4 (: #JP I( ( L8G 4 (! (.
,5 (5 ( 5 FU , e(N#. L8G $ cP V d $ 8 78-
I4'# F + ( , # 78 7 &#- C# ' #F 8G <

(4 > + | +*65
cP "# ! 7 ( 69 cP "# ! A7 ( " #! G E# /
I ( 7 ( L8G 4 (!

,5 B + ( & #& 7 #! 7 ( 69 "# ! cP 7 ( 69 "# !


I7 ( 7& ,/ 7 ( " #! / e @ d7 '
76 # C# ' #& 0# , 7U 4 (; ! ( 7( "# ! #
I* ! G = * ! 7 (6 * ! ( !G , cP A ( (
C#!9 8 7 (6 - 4'# F + 78 9 #JP V 6# C#G (
I#F. ( <6
7&5 D#5) A7 $\ 7& & "#! 7 &#- C# ' H( , 7 U 4 (;
I78P) ,/ 7 $\

fm
C# ' , # 6M
}7 ( 7&
@+ , # 6M

I_3
o 3]If } I3]f } }
I]mf

kn
( g : 4 M 7 !5
<5 9 (N ) H ( L8G 7 U 4 (; " ! (N ) 7 $\ 7& #J # 9 L
I7 (6 (!.
<N P (N ) &; b#& +
} (N ) 7 $\ (.
(N )
3 k
4 3I] } }
m
I79 ! ,/ ]` 7 ! K 9 7 &! #F (&
(43 *Y )*5 s3 A 4 M 4 Q>
7& X>/ C( ' # 8 A#F )8 #JP 7 &#- #F # ' 7F6 7U 4 (; " !
I P 7U HP #

0 9!
) '*B+ ‘ Wg v g : 9 X w* '8
/ - F „- F ’ G … V+_ ‘ R s3 A 9$ V<;F‘) '*B+ ‘g :
G GWg v

]•3 k }
e m` d p d • e nInnn• f d • ] •m
3]
Im } }
3
(4 O 9 O /;
X>/ A ( 7 N#; A N# b#& + 7 N#; ,/ 7 9& 89 7 ( 4 (+
5& 75;=. c P , # #& AC#. & L M #/( & (& 7& <# 9 7 N#!
( @+ L8G (N#. (. ( AQ #@ AB + Q # C#. &
h7 9& " #! / I4((. C = 0 (+ , 7 #! 8 ( 7 N#;

k
()*! 9U 4 g*X ; K 5 K 9j 4 Q> 2*Q
C#. & 7)8 g C#. &
c& , # 6M 7& `
C#. &
Inkk g Inf3 c& 6
} }
Inf3 C#. &
mk_
o I } }
Inf3
<N P (N ) &; c& , #@
<N P (N ) &; c& 7& `
C#. &
3 k
} } o I_
Inf3
<N P (.& c& , #@ }
} c& , #@ 7& `
Inf3 C#. &
o fI] }

(7 $8 *E = g*! 7 !5
( 40#) L8G ( 7& X>/ C( ' # 8 Ab#& + Z8 , @+ 40#) " !
I @+

0 9!
<N P (.& b#& +
#- L8G (N#. (. `
@+ , # 6M

o _I3 } }
I]mf

k
(4 # 6 = g*! 7 !5
HP # # 8 7& X>/ C( ' # 8 I7 8 Z !9 Z!9 (N#. (. " !
h P E=

0 9!
<N P (.& c& , #@
7 8 Z !9 L8G (N#. (. `
7 8 Z !9

C0-
Œ -- . • •
- ƒie
.; 5 #59 F + 78 9 "# ! >F& F F L8G (N#. (.
Ib#& F O!!9 # F L8G (N#. (. - I4 (: #JP
h, t#& "#!
(#. F + 78 9 H ' 8 &#! c&
} F L8G (N#. (.
(#. F + ((G

# Im } }
f_I _

(WQK 95* 3 9 O3
( #& E > < 8 # 89 ( H$ C & V( ^> ( #&
Ie d 1 , ^>

k
•> ; Š] > (G-F 9 &
)*!

g*X
y <*$ 4:

4
! 4=*v

U
~5* *@5 Q65
<*$ I *

9
=
)*! 9 &3

I *
9+ 3
= g*! *@ v5
*E
< Wg v
7 $8

)*!

7 !5 *@5 Q65 7 $8
= g*! 7 !5

*@ v5 f' ; = 4 3
< *E
7 $8
<*$
7 $8
# 6

>s
R N
*E 4 3 5 ! 4
R N *E R N
4 5# 6
4

4+ h f +
4!< ^ 8 •
4 5# 6 9E8
4 * *@5 Q65
^ 8
4 5= # 6
^ 8

k3
| 5* N 9 :
; 6K 4 K5s 4 6
(9 : 4 !3 ? 8
E > 4(G# 7$ & 7 &# 9 < # ( A7 ' 7 ! ( 71;# `
I#F 7$ & C#! &$ 9* \
7& 4(N#) #. - A(9 u8& #F #&# 9 A7 8&! 7 ! F) F `
I7 G e4 d
D >/ 7 #! 7!9 4(N#) A7 (#. 4(N#)8 7 8&! 7 ! (#6 M `
I7 4(N#)
7 ! 7 #9 7 ! & 7;=. A(9 u8& #F&# 9 A7 #9 7 ! 4 F `3
I7 8&!
7 (! C#! ( AV "# L8G 7 # 7 (! C#! ( 8 7 #9 7 ! <# 9 `]
4((9 S 7 (! C#! ( A4( ! V 4(N# . "# L8G 7 # S
I7 N (
e d, A7 8&! C# <# 9 HN ( ( (9 e d , Z $ Q@ `_
I 4(N#) (. (#6 M e d, A ( E=F
(9+ 3 < ; 6K 4 K5s 4 6 ' ; (A
@
L8G e<6 d (N#G (. L8G @98 7 # - #J@ C# U O6
7 # Z + Z $ G A4( 6 H #1 Z $ G # M A4 - +
#-q #F A76 # 78 ( 7 (! C#! ( X>F C ; W E > IE & B( HN (
! 7 ' 7 ! I( ! 8 7 ' 7 ! #& # ( #F . , A7 F 7 (#@ ;
(.& O 8G @9 Q V> # & 7 ;V # # ?& (#! G L8G
> + Z $ G E> 9 , ( ! 8 7 ' 7 !8 # ( (& I7 (#; 7 ' 4
I( ! 8 7 ' ! G U , F6 #& G ,

k]
$ & 7( 7 &# 9 N# L8G (# G H A7 #9 7 ! 7 8&! 7 !
I7 #9 7 ! <# 9

(4 *O 4 6 4 63Q 4 6
7 8&! 7 ! < # ( L8G ( . ,# ! 7 # 7 !
#F ! ") ># L M V([ Q < # + X>/ S L8G I7 #9 7 !
, 7 (! C#! ( " ! 4(#G 7 8&! 7 ! < # ? I7)8 7! $& ! LM U
7 (& , 7 (! C#! ( " ! 7 #9 7 ! < # AD 1 4# 9 7 ' 4 ) 7 #F
#F 8G @9 Q , ( ! ,/ 7 8&! 7 ! Ae )@ ' dD 1 4# 9
, 7 (! ,/ 7 #9 7 ! A &! = ' . #J ; , #F 8
I t 78@#9
I . D 1 & 7$& 7 (! C#! ( cP O ( ' $
4 ) - A # 7 (& , )@ ' FU V> ,! + $ G 4 #&G /
,$\ V> ' $ - e d 1 7 #F L 9 $ L 7F6 7 8&!
7 #F , )@ ' K(9 7 (! C#! ( e7 # #9 , d 7 ' C "
76 # 7 (! C#! ( - 7& # 7 ! e d 1 , $ , #F M #1 7
7 #F , 7 8 ( 7 (! C#.! ( - 7&6 7 ! e )@ 4 ) # nInnn #F ;d
$ I> / # ]nnn #F ; 7 #- 4 ) A # Innn #F ; (9 7 ' 4 )
I '

5s L U (G-F 9 &

nnn
nInnn ]nnn 3nnn nnn nnn

:$ 3 ]
( ! + V #- D 1 #& 7$& 7 (! C#! ( F 89 8 c
e d 1 , E > C8- #- #& 7$& 7 (! C#! ( A7 ' 7 ; #F

k_
4# 9 7 (& 7 #F 7$! X>/ + ( (9 #& ' 7$! ") , #F # ; <6
C#! ( 8 7 8&! 7 ! ># 7& 4(N#) ( 7 #9 7 ! < # ID 1
7 8&! 7 ! (#6 : 7 ! X>/ H 6 - AD 1 4# 9 4 7 #F , 7 (!
LM 1 V> e d 1, ' $ L8G #F M #1 7! $ X>/ ID 1 8
- #& Ae7 # 7 dD 1 4# 9 7 #F , "#! V(! Z ( 7 8&! 7 !
Ie d 17 ! < #
( N 2*Q Wj 2*QO (GCF 9 &
7 !5F
GW j 5
4 6
4 63Q

-‹ ‹ 0‹‹‹ i‹‹‹ e‹‹‹ 0‹‹‹ C‹‹‹

4 6 4KQ 4+*^>
*O

7 !5
U
7 ' 4 ) , ( ! 8 7 #9 7 ! (#6 : @ C (. ( 7 #9
I #- 7 ; (#6 : E > 7 ! X>/ H 6 & - A )@
7 ! L8G @9 6+ / ! $ , <# 9 , ( @! L.
7 #9 7 ! S #& I @) >/ , #F 6 #. 7 8&! 7 ! A7 #9
7 ! L8G‚ # # ( . ,# ( MA ! ># , (G# 7 8&! 7 !
I )@ 7 ' 4 ) , ! ># ^# 9 O + A7 #

kf
(2*QO =*Q5 9g* /-
E > <# 9 D >F& # !8 ( 4(#G C; 8 4 7 &# 9 C q
Z $ /#) 7 . V P O S #& I7 #9 7 ! 7 8&! 7 ! (#6 :
# / A#F$ & 7 ' 7 ! N# 7 8 . C#! &$ M A ! X>F <# 9
E> A4(G# N# 7 ( 7& #9 7 t A7 # (6 ( L8G '
I7 ' 7 ! <# 9 $ & E > B 78 #JP ,@ 1 &
(4 K5s 7 B /
4(N#) G P ,/ A7 P# u@ 7 ' (6 $
, 7;( S #& 7 ' ! <# 9 $ & , 4((. 7 #9 7 8&!
, d 4(N#) (. ( (6 P (! A4((. e7 ! d 7 1.
>M I (68 #. 1 cP e d 1 eQ )@ , d ' C (9 e4( G+
#F ; W C 1G 4( o n 4(N# (. ( G 4(N#) #. (#6 M , # &S
eC nd Q @ H eo n 4(N#) d ( G H$#! ( G #/(6 Q e #. d
I<# , 7 97 # 7 # (6 7.& 78 # 7G 6

4 K5s 7 B R N3 9 r (4 K5s 7 B (G0F 7 E


Œi‹ ““ ŒC‹ ““ Œ-‹ ““ ŒC Œ- )
5s
-
C
0

-‹


C‹


i‹

kk
cP #F ( A @) >/ Z# , (6 X>/ b 1
I7 ' ! <# 9 N# C#! &$
(4 *O 4 , /2
( ˆ 4 63Q 4 6 /C
( nInnn u8& #J 7. ( , ( C (& A #G ] , E
L8G @9 Q A7 _] G , .& + 7 7 #F , o ] 7 4(N#)&
E * U , e#J ( nnnp ` • 7 3nd ( knInnn C#G ( M
Aƒ nnInnn Aƒ ]nInnn ƒ nnInnn w E&# 9 ( @ Au8& V <9
7 ! + w ># Aƒ 3 Innn u8& L M @ Q E&# 9 ( @ H&$ #& A0,1
I#J #G 3n 4 ) = A(N ) L8G (N A(N Z !9 & E #G ( : c ( !8 7 '

Compound (4 63Q 4 6 R ^:5 (*@ >*n


internet
L8G T@ 4(N#) u8& cP 7& 4(N#) #. G 8 9
D(: 7 7 #F , # " ePrincipald 0'6 c&@ Q 7 . 7. (
IO 8G 4(N#) H ( V> e( ! d u8& 69 L M 1 # " c8$@ e4 d

Annual *@= r Yj8 4+ KQ 4 j g*: / -


Compound
G #F&# 9 e7 #9 7 ! d , #9 u8& future Value 7 8&! 7 !
7 ' 4 = Compound interest7& 4(N#) #. F) Z &$ Z $
- 7& (N G =GM .& ! OG( 7 # C# [ I4((9 7 8&!
Q@ e#J 7& d #J QG#P eXd7 . 7& AHN ( <#9@+ (N )
I4 4 @& 7 7 F1 7 H& 7
#J 7& 4(N# H 7 8&! 7 ! F)
IX# ( cP #- , O9 P

km
;,:
7& 7 4(N# L8G @9 #F W 7. ( <# 9 , # nn D ( M >M
D( # " <# 9 , # nk L8G @9 Q e d7 7 #F , Ao k
eL + 7 d L + 4 ) 7 #F , 7 ' 7 ! A 4(N#) . ok • # nn
h,/ e d 7 P# 7\ @ #& #F&# 9
;,: ,6A / ; 6A@,: ?,66/ < = > % $! $
ok 4(N# L8G @9 Q B 7 <# 9 , 7. ( X>/ E >M
@9 Q e7 #- 7 d 7 #- 4 ) 7 #F , # nk ( (6 # " L8G
nk 7 #- 7 7 (& , # " A # _I_3 #F ; 7. ( , ( @ L8G
7 #- 7 7 #F , 7 8&! 7 ! M e # nkd L8G 4(N# ok O5 #J #P #
h,8 # < 9

;C: ,,B5B8 /; 6A @,:?,6A / > % $! $

# nk u8& 8 e d 7 (#. , V # 7 =.8 7\ @ (& #& ! # (G


h,8 # e d 7 (#. L8G @9 e d 7 (#. ,
e nk• d • nk• • nn } 7 #- 7 7 #F , 7 8&! 7 !
} e nk• d • nn}
e Inkd• nn
e d # _I_3 }
7 (#. 7 8&! 7 ! <# 9 7 #G 7 P# 7\ @ L M # ( ! 7 (#. X>/
h7 8&! 7 ! <# 9
n
(4) FVn= PV * (1+K)

mn
4 V+ 7 8&! 7 ! (#6 : #F . e d 7 (#. , 7$ & 7;=.
`hC # >W A7 '

m
GNF 3: 4+*^> < 4 63Q 4 6 } FV Z
4 6 :$ 4 K5s 3: 4+ < 7* z' } PV ^Z
4 *O
a < 4+ KQ g*: 7 !5 } K Q
3+ 3 • 4K 3: f ;*= J4 K5s 3: ; = } n 5
*^ < ˆ a +

4 ) 7 #F , 7 8&! 7 ! <# 9 7 #G 7\ @ A7\ @ X>/ ( #&


h, # #& #F)@ e'd

e3 d '
; .@,: ? F E / 5E

I7)8 C#! &$ , X=G 7 (#. (


;C:
#J 7& o_ 4(N# L8G @9 7. ( , # knn ( 9 D(
IC ] (.& O # c&@
h7\ @ ( #& h 595
'
eQ• d • b Z } IZ
D
I # Infnp3n } I k•knn / e I_• • knnd } ZI
I7 # 7 7 #F , # Infnp3n u8& X( @ c&@ , # #&
' $ (

m
4 63Q 4 6 2*QO 4 *O 4 , 4 K5s 7 B R N3 (G0F 9 r

Infnp3n } IZ
#
# knn } b I Z

] 3 )@
4KQ 4+*^>
<# 9 K 9 AJ= $ #J ; Z \ e d Z&# #- , 78 1
i
H$ 7& #9 7 t 7 # (6 ( #& A e In_d 7 !8 " # >68
I0'6 >/ O9 P Z& # A<# 9 7 ; 7 . 7 F &
'
, 4( 6 (6 eQ • d #. #. 8 7 ! ,$. 7 ' (6
7 ! #. L 78 W ,# (6 , A7 # 4 (: <# 7 #F
<# 9 7 . 4(N# (. L8G @98 < P @#9 - #. 4(N#)8 7 8&!
7 !8 4(N#) #. IX#$. 7 ' 4 7 #F , u8& 8 7 #9 7 !8 7 8&! 7 !
e'd 7 ' 4 ) eQd 7& 4(N# (. & # 7 #9 O ; V (& u8& 7 '
Ie Z Q d eFVIFd #F
'
e]d eQ• d } 7 8&! 7 !8 4(N#) #.

7 ' 4 ) H eQd 7 4(N#) (. H$#! ( G #. 8 7 ! (#6 M


A7 . 78 1 7 8&! 7 ! 4(N# #. L8G @9 AeQd 7& #
I,8 # e d , 7\ @ 7S# @ 4(#GM < # #. -& ZQ ( #&

e_d ; E . : F E / 5E
' AQ

m
7& 4(N# 7. ( , # knn u8& D ( M ( G Z&# # #- ,
h,8 # <# 9 (.& 7 ! c&@ AC " 4 ( o_

!
5; 9 H: G $! $
,d (6 , (6 ZQ AJ# 7& Ao_ 4(N# AC " 4(
c&@ A # knn 7 #9 7 ! #& #. >/ < P Ae I kdV # e<#
I InfnI3n 7 8&! 7 !
1 9 " !
Œp i .‹‹ /()cU
R# 2*QO f _ w# /(4: H
-‹‚‹ i.
Comp I n
7*+' FV PV
CPT

(4 63Q 4 6 >* /C
IX#$. 7 ' 4 7 #F , 7 ' 7 ! "# ; <# 9& ! # ?& >
4(N# L8G @9 , 7 ' 4 ) A7)8 4((. 4(N#) #. & 7;=.
AX# ( e3d ; 1 , # F9 P (9 # 8 7 8&! 7 ! #F
hO cP
I7 #G 7 8&! 7 ! C # # 8 4(N#) #. C( ' # 8 `
IL8G 7 8&! 7 ! C# # 8 A $ 7 ' 4 ) C# # 8 `

A7 #9 7 ! V # 7 8&! 7 ! )@ 4(N#) . ( G O U9
I7 #9 7 ! & 7 8&! 7 ! W )@ L8G #. V (G

m3
4 63Q 4 6 4 K5s ) 3: J g*: '*! (4 63Q 4 6 45c= GeF 9 r
7*+

o n
n
o ] ]
n
o n ]
n
o] ]

Π:$
13 12111018090706 0504 03-0-C 00 089 7 6 5 4 3 2 1 0

(4KQ < 5 5 Yj 4 j g*: (*@Y *n


4(N#) < 9 E & # A7 = 4 - 4(#G 7& 4(N#) <# 9
I4 4 @& A, A,G & AV F1 AV H& AV Q@ HN ( L8G
7& 9 7& 4(N#) #& 7;=G #F < # 4((. # #P; G 8 0'6 >/ ,
I7 = 4 -+
(4+ K I > 4 j g*: / -
( (9 J (& 7 = 7& 4 1 V Q@ < <# 9
I7 , H( 7 4(N#) Q@ W AJ# 4(N#)

4(N# E H ( 7. ( <# 9 , #- = # nn E ( # >M


3 4(N# L8G @9 Q EW 4( u8& CG( >W A7 Q@ 7& ok
O cP X# ( (6 A F1 7 - #F A7 ' C H& = 7& o
c&@ u8& W 7J Q@ 7& o k (. & 4(N#) L + 7 7 #F ,
_Imm u8& c&@ 7 #- 7 7 #F , AL + 7 7 #F , # nkI _
Ie d (6 #

m]
I > 4 j 5 g*< Œ. 7 ! 7*+' -‹‹‹ '* Y3 5 4 63Q 4 6 G-F 7 E
3K 4+ K
, 7 8&! 7 ! 7 !8 4(N#) #. 7 (& # "
4 )
e d •e dd 7 7 #F e d 7 8&! e d4 )
n3In In3 nn e7 d F1 _
nkI _ In3 n3In F1

I3m In3 nkI _ F1 k


e d F1 3
_Imm In3 I3m

(4+ K V 4j g*: / C
H& H ( ?& E > A7 = C H& 7 H& 7& 4(N#) <8$
I#J C H& 4((9 4(N#)

4( u8& E >W A7 H& 7& ok 4(N# L8G @9 # .$ >M


A7 ' C # - = Ao 7 H& 7& 4(N# L8G @9 OW A
E > 4(N#) #. <# 9 cP X# ( (6 I7!&# $ F1 7.& #F
he d (6 7 #- 7 7 #F , O 8G @9 V> u8& <# 9
4 j 5 Œ. 7 ! 7*+' -‹‹ '* Y3 < 4 63Q 4 6 (GCF 7 B
3K
7 #F 7 8&! 7 ! 4(N#)8 7 ! #. 7 (& , u8&
4 )
e de • d4 ) e d 7 8&! e d4 )

m_
-‹C ‹ - ‹C -‹‹ @ ^r -0
-‹e ‹e - ‹C -‹C @ ^r -p
-‹p -C - ‹C -‹e ‹e @ ^r -ƒ
-‹. Ce - ‹C -‹p -C 4K
--‹ e‹ - ‹C -‹. Ce @ ^r -i
--C p- - ‹C --‹ e‹ @ ^r -.
--e‹ .p - ‹C --C p- @ ^r C-
--‚ -p - ‹C --e .p f*3K

u8& 7 H& 7& ok 4(N#) (. AL + 7 7 #F ,)


I # fI _ u8& 7 #- 7 7 #F , A # nkI 3
L + 7 7 #F , # nnpn u8& 8 7 ! & #! X# ( (6
cP /# A7 H& 7 Q@ A#J 7& 4(N#) 7 #9 , A7 #-
u #& 7 ; C( ' # 8 A7 = 7& 4(N#) <# 9 C ((G C( ' # 8
I4 ) 7 #F , 7 8

; E V5 3K J4K Œ. g*< 7 ! 7*+' -‹‹ '* Y3 c 4 63Q 4 6 (G0F 7 B


4: 3N5 4 j 5 ) 3<
7& 4(N#
7 7 #F
V H& #‚ #J

nkI 3 nkI _ nkInn


fI _ _Imm _Imm

# < 9 #J 4 -+< (. <# 9 7 #9 , 7 #. 7\ @


A #. = 7& 4(N#) <# 9 , C ((G e d eMd W O9 P
h,8 # #F &# 4(#GM AJ# 7& 4(N#) <# 9 e d 7 (#.
'•
efd Q bZ} IZ

mf
IX# ( #- , #! Z &$
4(N# (. & 4( # nn u8& D(M >W AZ&# # #- , #
7 ; W A7& 7 Q@ 4(N#) 7 #9 ,) I7 H& ok 7 Q@ 7&
V # e d W 7& 7 H& #F 7 #9 , # Aefd 7 (#. ,) e d V # ed
I7 Q@ 7& 7 8&! 7 ! <# 9 efd 7 (#. , * . #& Ae3d

nk
--p ƒƒ • e7G-‘ H&‹e7&F ’-‹‹
4(N#)&
• • • 7 8&!
’ -‹‹ •R#
7 ! <# 9
7*+'
. nk
G-‘ ‹CF ’-‹‹ • 3• • ’-‹‹ • R #
7*+' --‚ -p• 3

>M # A7 8&! !8 e d Ae d (6 , , E8 H Z) RN# X>/


ed ; W #J #J G & AJ# F1 7& 4(N#) #. C#
I, L8G e _]dAe] dAe dV #

(4 *O 4 , 7 B R N3 /
# 8 4(N#)8 7 8&! 7 ! #. L8G @98 7 # (6 ( #
C e d ((. 7& 4(N#) #. # ( G E > Ae4(9 4(9 d (9
"# L8G (6 ! - #& e'd 7 ' 4 eQd 7& (6 ! J (& A7
7& L8G $! V 9 O + (G# S (6 7 ' 4 )8 e •'d A7& e €Qd
7& #9 7 t W (6 X>/ J (& A7 ' C ) ( (9 ((. 4 #
IC #9 X>/ - P+ # ,@ 1 &

7 Q@ 7 9 ok 4(N# (. & #/ # - # nnIn # ( # >M


, C ) ((G Au8& >F 7 8&! 7N) ,/ # A 4( 7 H&

mk
A7 #9 7 ' C ) ((G 4(N#) (. Ae d7@# 7& 4(N#)8 <# 9
Ie d (6 , #F8 A7 8&! 7 !8 4(N#) #. < #6&
7 8&! 7 ! #. 7 ' C ) 4(N#) (. 7& 4 )
,# (6 4(N#)8 e'€ d e €Qd
I fn 3} • o3 € ok 7 Q@
I f k } 3• o 3€ ok 3 7 H&

(4 * 7 B R N3 /2
L8G @9 4(N#)8 7 8&! 7 ! #. • nn e # " d u8& < P
H& 7& 4(N#)8 # fI 7 ! A7 Q@ 7& 4(N#)8 # fIn
I7

(4 *O 4 , R N3 /E
C ) W 7 Q@ 7& 7 ! <# 9 7& #9 7 t # ( >M
, # _Imm 7 8&! 7 ! W o3 4(N#) (. e3d #/((G 7 '
I7& #9 7 t , FU

o3 3 nn C= (
Q ' Z QN#U
_Imm I n PU C#6

#/((G 7 ' 4 ) A7 H& 7& 4(N#) 7 #9 ,


I7 t 71#1 L8G FU # fI f 7 8&! 7 ! Ao 4(N#) (. Aekd

mm
o k nn C= (
Q ' bZ QN#U
I n PU
fI f C#6

- #F A (6 ( #& <# 9 V # 7& #9 7 t#& <# 9 U9=


I< ! (6 , O + A7;(
()*!< 4 63Q 4 6 /0
78 ( (; C#! ( X>/ Ae7 # d 7 7 7 (! C#! ( - C#. (
AC - , i 76 # C#! ( #F . #- L8G C!!9 (N G
AC#. (8 7 8&! 7 ! <# 9 7 ) G K9& &; I7 8&! (N G Z !9 * .&
IeC#. ( d C#! ( G &Z ) (&
( )* !< a > /
Ordinary 7 (#. C#. ( ,/ 7 C#. (8 # + G
K(9 A7 (#. C#. ( , A Annuity due 7!9 C#. ( A Annuity
, 7 (! C#! ( #F K(9 7!9 C#. ( 7 ' 4 ) 7 #F , 7 (! C#! (
I7 ' 4 7 (&

#F8 A#F 8G @98 C#. ( # D V B # # (G


F) I7!9 C#. ( eBd C#. ( A7 (#G C#. ( eAd C#. ( AC ]5 C#. (
, # 6M U9= IX# ( (6 , C#. ( G & Z ) cP P
I # e]Innnd C#. (
4+ 6K )*!< 4+;*! 4+ KQ )*!< 4>'*6 (GeF 7 B
) K i J7*+' - ‹‹‹ 46O3Q
7!9 eBd C#. ( 7 (#G eAd C#. ( 7 7 #F

nn
- ‹‹‹ :$ :$
- ‹‹‹ - ‹‹‹ -
- ‹‹‹ - ‹‹‹ C
- ‹‹‹ - ‹‹‹ 0
- ‹‹‹ - ‹‹‹ e
:$ - ‹‹‹ i
i ‹‹‹ i ‹‹‹ *E
7!9 C#. ( ,) I7 (! C#! ( C; , #)8 C#. ( #G
C#! ( S #& 7 (#. C#! ( , , E8 D C#! ( =
L8G #F ; Q 7!9 C#. ( W A # ]Innn V # G , 7 (!
7!9 C#. ( @9 Q " 7 (! C#! ( <& & A7 (#. C#. (
, 7 8&! 7 ! W A7 #G 7)@& I7 (#. C#. ( < 8 L8G 7& & b#& L8G
C#. ( + I7 (#. C#. ( , 7 8&! 7 ! & 4(#G 7!9 C#. (
c8$@ W E> S > >M M , 4 4 @& 7 ( ,/ 7 (#.
I7 (#. C#. ( L M 4 #1s <# >/ , ( eC#. (d

(4+;*! )*!< 4 63Q 4 6 2*Q /e


IX# ( #- ( #& 7 (#. C#. (8 7 8&! 7 ! (#6 : <# 9 ^# 9
#F ; AC " 4( 7 ; ( ! 8 7 8&! 7 ! ( (9 , # &S >M
of 4(N# . & A7 (#! C " 8 7 7 #F , #J # Innnpn
Ie_d ; (6 , c P #J

g*< 4+;*= 4+ K )*!<; J) K | U J7*+' -‹‹‹ 4 63Q 4 6 (GiF 7 B


Œ‚ 4 j 5
7 8&! 7 ! 7 ! #. C ((G D( u8& 7 7 #F
7 7 #F , 7 8&! 7& e d
e3d e d e d

n
I I 3 Innn
I ] I ] Innn
I 3] I 3] Innn
Infn Infn Innn 3
Innn Innn )@ Innn ]
i ‚i- 4Q5*N 4KQ 4+*^> < 4 63Q 4 6

n
5s L U (GiF 9 r
I
I ]

Infn
Innn

Inn Inn Inn Inn Inn


]If]

] 3 )@

Q A7 # 7 7 #F ,) Ae]d 1 e]d (6 , cP /#
D(: ?& 1 (6 e d ( . ,) I<# 9 , # ]If] p # (
, D(: AC H& + 4(N# L8G @9 Q + W E >& A7 7 #F ,
e d ( . , 7 8&! 7 ! #. > / AC K=- 4( K 7 #- 7
Iof ,/ #F 8G @9 , (N ) X>/ -

(4+;*! )*!< 4 63Q 4 6 2*Q L Q /i


#. < P K 9 A . (9 L M Z&# #- , 9 $ &
`h,8 # E> - A (8

…e I d • Innn„ } C " 7 #F , C#. (8 7 8&! 7 !


…e I ]d • Innn„ •
… e I 3] d • Innn„ •
… e Infnd • Innn„ •
… e Innnd • Innn„ •
h,8 # 7 (#. 7&# 4(#GM A nnn #. >

n
h7 # 7 7 #F , C#. (8 7 8&! 7 ! `_
e • Infn • I 3] • I ]• I d • Innn }
I # ]If] }
< P - C#. (8 7 8&! 7 ! (#6 M O L M # 1 7!&# 7 (#. ,
7 (#. X>/ A4(N#)8 7 8&! 7 ! C= #. 7G 6 , 7 7 (! C#! (
h,8 # #F S# @ 7 #G 7S# @ L M # ( !
C#. ( <# 9 A7 8&! 7 ! (#6 : 7& #9 7 t (6 (
eAd Z ,# (6 ,) 7& #9 7 t ( #& 4(N#) (6 ( #& O$ &
, cP A (6 >/ , #F&# 9 7 (#G C#. ( # 8 7 8&! 7 !
4(N#) C= #. H 6 Z $ G (6 , ! L8G @9 eC-Ad (6
u #& d C= #. E8 H 6& ! A7!&# 7 (#. 7 #9 ,) AC . ((.
h7 # 7 (#. L8G @9 e" ;+ &,
e]If] d • nnn } 7 # 7 7 #F , C#. (8 7 8&! 7 !
# ]If] }
4(N#) #. # ( G C#. (8 4(N#) #. 7 8&! 7 !8 7\ @
e'd 4( AQ (. & #J 7&

/ ;FVIFA: I . F E
JI
;. @,:I
,/I

ekd * (1 + K )
t =1

7 (#. C#. (8 7 8&! 7 ! <# 9 ( < P #. >/ -


#. 7 8&! ! L M 7\ @ 1 A4( (9 7 ' 4 ) ((9 4(N# (. &
((. 7 ' 7 ! H 6 Z $ G #F&# 9 e'd C C#. ( ((. 4(N#)
Innn • e `'d ((. 7 ' ! H 6 Z $ G #F&# 9 e'd 7 C#. (

n3
eFVIFAK,n 1.000} FVIFK,td
7 !& # G (; O + ekd 7\ @ L M D 6 #& 7\ @ X>/ (?
AFVA ( #& AC#. (8 7 8&! 7 ! (#6 : #F ( # AFVIFA <# 9
7 #F , H ( V> u8& - ePMTd end #/((G 7 C#. ( 7 8&! 7 !
(. & #J (8 4(N#) #. 7& # 7 8&! 7 ! -
FVIFA 7
h,8 # 7;=. 7\ @ C end ((. 7 eKd 7& 4(N#
(m) FAVn= PMT (FVIFA)K,n
I, t #- #& E > c P

7 #F , eFVAd C#. (8 7 8&! 7 ! <# 9 , 7&S # ( # >M


#J # nnnIn u8& D ( M A" end C ((G A7 # 7
I7 (#! " C = eKd of 7 7 9 4(N#)& 7. ( <# 9 ePMTd
(7 B R N3 *
(. & C " 4( 7 (#G C#. ( 4(N#) #. 7& # 7 8&! 7 !
e]If] d /eZ-Ad (6 #F 8G @9 e(FVIFA AK) 7%d 4(N#
]If] g O G R ]If] • # Innn V D ( : Ae_d 7 (#. ( #&
IC#. (8 7 8&! 7 ; #
A 7 &# 9 C# 8 G C= ( ( #& 7& #9 7 t ( h7& #9 7 t ( #& e d
7;( - ,/ A # ]If] If3 ,/ 7 (#G C#. ( 7 8&! 7 ! L8G @98

f ] Innn C= (

FV CPT I N PMT 78 G

]f]nIf3

n]
(46O3Q )*!< 4 63Q 4 6 ;*B+ /‚
7!9 C#. ( ,/ C#. ( #JG 1 ;+ 18 7 8&! 7 ! <# 9
h, t #- #& E > b 1 # O W eAn Annuity dued

E> 7 # 7 7 #F , O 8G # 8@9 V> u8& <# 9 , # &S >M


, 7 (#! C " 8 7 7 (& , #J # Innn D( u8& D(M
/# 9 L8G 7 (! C#! ( cP # Ie7 4(N# of H ( d 7. ( <# 9
IX# ( (6 , &
" 7 7!9 C#. ( A # Innn5 7 8&! 7 ! efd (6
Iof 7 9 4(N# (. & C
g*< 7 !5 J46O3Q5 4+ K ) K i J7*+' - ‹‹‹ 7 4 63Q 4 6 (GpF7 E
Œ‚ 4 j 5
4 63Q 4 6 7 E 4 63Q 4 6 ) KQ ; = ˆ 4+*^>
3: 4+*^> < GL-AF g*: 95*! 4j g*: a; 4KQ
GeF G0F ’G-F G0F GCF G-F
- e‹0 - e‹0 i - ‹‹‹ :$
- 0-- - 0-- e - ‹‹‹ -
- CCi - CCi 0 - ‹‹‹ C
- -ei - -ei C - ‹‹‹ 0
- ‹‚‹ - ‹‚‹ - - ‹‹‹ e
p -ie 4KQ 4+*^> < 46O3Q 4 63Q 4 6

5s LU R N3 * (GpF 9 r
I3n
I
I
I 3
Inf
0:88 0:88
_I ]3 }

] 3 :$
n_
4KQ 4+*^>
_I ]3 7 &# 9 7 7 #F , c&@ u8& ?& 1 (6 U9=
C " 8 7 7 (& , D ( : # #$ O ?& cP e d ( . ,) #
h7& #9 7 t ( #&
E > ( . 7!9 C#. (8 7 8&! 7 ! (#6 : 7& #9 7 t ( &;
- A Dueb# ) ( BEGIN) Moded5 (. <6 A7 t D L8G
_I ] I m ,/ 7!9 C#. (8 7 8&! 7 ! (#6 : C= ( ^> (
I #

‚ i - ‹‹‹ C= (

FV CPT I N PMT QN#U

5042:19 C#6

(4+;*! )*!< V5 4>'*6 /.

4( 7 #F , C#. ( ]If] 7 (#. C#. (


4( 7 (& , C#. ( _I ]3 7!9 C#. (

" 7& 4(N# (. L8G @9 Q eL + 7. ( d D ( : W A7 #


e d( . A4(N#) #. 7 8&! 7 ! A> / C H& A7 #- 7. ( AC
Iof 4(N# (. & 4 ) = 7 8&! (N )8 #. -
( #& 7!9 C#. ( <# 9 , #F ( # 7!&# 7\ @ ") &
I7 t 7 (#.
( n) FIVFAK,n = (annuity due) = FVIFAK,n * (1+ K)

nf
end C ((. 4(N#) #. 7 8&! 7 ! LM 1 7 (#. X>/
7 8&! 7 ! < P& #F 8G @9 A7 9 7 eKd 4(N# (. & A 7!9 C#. (
IeK• d , < P& 7 eNd 4 ) eKd 4(N# (. & 7!9 C#. ( 4(N#) #.
7!9 C#. ( 7 (! C#! ( 7. ( + wV P (. >/ /
A( . Ae7 7 #F L 9 7 (& d 7 (#. C#. ( - 7 4(N# L M @9
IB + C#. ( K 7 #PM 7 4(N# Q P 7$# && (K+1) eFVIFA)

7 #F , eKVAd C#. ( 7 8&! 7 ! <# 9 , 7&S # ( # >M


, ePMTd # Innn #F ; 7 7 (& 7. ( C#. ( eNd 7 # 7
( A7 (#! C " 8 eKd of 7& 7 4(N# Z!9 7. ( <# 9
IC ]}NofA}(K) = (& h, # (6
A eZ-Ad (6 7 8&! 7 ! #. (6 4(G# & efd 7 (#. ,
`hL8G @9
FIVFA = (Annuity due) = FVIFA (1+ .07)
7% , 5 yrs 7 % 5 yrs

=5.751 X 1.07=6.154

# Innn PMT 7 ; (& -


FVA = 1.000 • 6.154 = 6.154
ˆ 4 *O 4 6 ( *@! '
7 #9 7 ! A &! , 78 u #& 8 7 ! <# 9 ( ) OM
u #& A &! , O 8G @9 V> # 7 ; ,/ ePresent Valued
7 8&! 7 ! V # 7 . 7 ' 4 ) 7 . 4(N# (. & #/ # - ,

nk
, 7 ' 4 ) L8G 7 # - T ) L8G 4 & 76 (& 7 #9 7 ! ( .
I7 t $ + , E> b 1 u8& #F Z9

(4 *O 4 6 R ^:5 / -
7&#6s F 7 (! C#! ( @ (. L M 1 7 #9 7 ! (#6 M 7 8 G
, <S V> u8& / # A, L8G (N#G L8G @9? , # #$ d [ L8G
eNd 4 ) eFVd # 7 8&! 7 ; L8G @98 7 # - T , t X #-
I7& 4(N#) F) " G ,/ 7 8 . X>/ w
7 !# . @ X(!G # 7 8&! 7 ! <# 9 J (&
>/ eKd (N#G (. Z!9 7@ ) * #& A &! , 78 u #& 8 7 #9
7)8 A # " 7)8 A< 8$ (N#. (. A @ (. & O M #1 V (.
I#F #. ") L8G ( 8 C#98$@ X>/ ( Q A78 (& 7@ )

A t 7 (.& # nnIn L8G @98 #- 7@ E# / # >M


@9 ># A7 (#G Q U U , #- >F o_ (N#. (. # >M
< 8$ u8& ((9 (& [ >/ L8G 7&#6s w 7@ ) X>/ t O 8G
7 ! ePVd .6 G A t 7 (.& # nn c&@ , o_ (. & X # -
I7 8&! 7 ! , 7( 7 (#. ") ( # A7& 8$ S 7 #9
PV * (1+ .06) = 300
X=G 7 (#. 9
300 300
PV =
1+.06
=
1.06
} 283.02

7 #- 7@ ) A 7 (.& 8 # nnIn u8& 7 #9 7 !


I # k I V # (N#. (. o_ Z!9

nm
(4 *O 4 6 7 !5 / C
7 (#. 9& #J P# O&# 9 &! , 8 u8& 7 #9 7 !
u8& ePVd 7 #9 7 ! L . & AePVd L8G @98 e (1+K)*PV=(FV
n

* H t eNd 7 ' 4 , eFVd &! , O 8G @9


h, # 9 L8G < 9 AeKd 7 # - T ) , (N#. (.

1
e d PV =
FV
= FVn *
( 1+K) n ( 1+K) n

#- < 9 7!&# 7 (#. 7 #9 7 !8 7 #. 7 (#. & O&#1 U9


I #- & E > b 1 Ae #- d X=G

C k (.& 8 Q # Ifnn 7 #9 7 ! <# 9 , # &S >M


Lx1.700= # ( G 7 (#. 9& ok O 8G @9 V> (N#. (.
I,8 # ekd 7 (#. Q @ (.& A}(FV)8=n 08.40
1.700 1.700
PV = = = 918.42
( 1+.08)8 (1.08)

( 5s LU R N3
Aok @ A7 8&! 7 ; # Ifnnd (9 u8& 7 #9 7 !8 ' $
e7 #- 7 7 #F L 9

7 7 #F
k f _ ] 3 @
FV=
1.700
PV = 918.42

n
(4 *O 4 , 7 B R N3 /
#. 7 8&! 7 ! 7\ @ ( #& A7 #9 7 ! <# 9 $ &
u8& 7 ; @ @ (. ( G <# 98 ( #. / #. >/ A4(N#)
@ (. & # 8 7 #9 7 ! #. A7 #9 7 ! ( (9 7 8&! 4 , 8
PVIF5& #F M #1 eNd 7 ' 4 ) eKd

e d PVIFK,N =
1
= 4(N#)8 7 #9 7 ! #.
( 1+K) n

Z $ G ( #& 4(N#)8 7 #9 7 ! #. - eA` d , # (6


7S# @ 7&# 4(#GM A< # @ #. PVIF .6
(10) PV = FV n * (PVIF)k,n

, 8 Q u8& 7 #9 7 ! L8G @9 # L M 1 7\ @ X>/


7 #9 7 ! #. , eFVd u8& 8 7 8&! 7 ! < P& ! A7 end &!
I< # (8 4(N#)8

(.& O = # Ifnn u8& 8 7 #9 7 ! <# 9 , 7&S # ( # >M


e # 8 7@ 7)8 d ok (N#. (. t C k
(7 B R N3 /2
L8G @9 C k A4(N# ok Z!9 (8 4(N#)8 7 #9 7 ! #.
, #J‚& P ]3np` / eA d (6 O 8G @9 yrs PVIF k Aok
I # m k 7 #9 7 ! A # Ifnn
m kI3_ 7 #9 7 ! L8G @9 X# ( C= ( A7& #9 7 t ( #&
I #
ok k - ‚‹‹ C= (

PV CPT I M FV C# 8 G

918.46 C#6
I7 t , < ! 8 J U A7 (#. (6 # 7;( - 7&#6:

(4 *O 4 6 >* /E
7 #F , #F # ; - 7 8&! 7 ! * ) #F&# 9 7 #9 7 ! ?& >
7 #9 7 ! Ae4 ) d ' A7)8 @ C (. & 7;=. A4((9 4 )
IX# ( , # & 1 , #F8 - # 8

7*+ 4 *O 4 6 J4 K5s 3: J N )A !5 (4 *O 4 6 4Xc= (G‚F 9 &

Π:$ 1.0

Œi .75-

Œ-‹ .50

-i .25
C‹
Œ
Œ
3 n k _ 3 n k _ 3

<P ' ;7: ' O% K ) L = $ M !% N


I7 #9 7 ! *#) L M E > B( # 8 A @ (. ( ' # 8 `
( G O U9 I7 #9 7 ! *#) L M E > B( $ 7 ' 4 ) C# # 8 `
(. V Ae # d 7 8&! 7 ! V # 7 #9 7 ! W o )@ @ (.
Ie # d 7 8&! 7 ! ; 7 #9 7 ! W )@ & @
(4 63Q 4 6 4 *O 4 6 4>'*65 /0
5 &. h=
J - 7 #9 7 ! L8G C#U9= *.& * \ 0'6 >/ \
" 5. 5- e (1+K ,5/ end 7 ' 4 Aekd @ #. 7 #9 7 ! G
N

5/ end 75 ' 4 5 AeKd 75 9 4(5N# (. & A4(N#)8 7 8&! 7 ! #.


eKd 4(5N#)8 75 #9 75 ! 7 ; 7$# & #F ( ? 7! !9 X>/ A (C+Kd
N

7 8&! 5 7 ! H 76 & 7 #! - e `d L M en) K,n(PVIFd 4 )


AeFVIF)n 4 5 eKd 4(5N# (5. eA+1d (6 , ( 6 4(N#) #.
I( ? #& # # # !
#. 7 8&! 7 ! 4(N#) #. 7 #9 7 ! & 7;=. +
7 ! #. < P 4(N#) #. 7 #9 7 ! L8G @9 # A4(N#)
4(N#) eA d (6 , 4(N#)8 7 8&! 7 ! #. #- A" . 4(N#)8 7 8&!
- ,/ AnI_ L8G @9 I_ p ! A I_ n ,/ C k4 ) A n
IeA d (6 , ( 6 C k4 ) o n @ (. 7 #9 7 ! #.

4+ 6K )*6< 3 4 *O 4 6 (*@Q5*U
#F = , A7 (! C#! ( 8 7 #9 7 ! <# 9 , 4(#G
C#. (d 7)8 7 (! C#! ( e d A7 7 (! C#! ( G E# / A &! ,
C#! ( (9 S D " . X>/ e7$8 d7)8 C#! ( Ae7 # S
". eC#. ( d Z&# , # 9P # 7 # C#. ( L8G C#! ( # A7 (!
C#. ( <# 9 , (@ E# / # #$ AJ# 7 # C#. ( L8G 7 (! C#! (
I78@) 7 (! C#! ( 8 7 # S C#. ( {;# Q A7 #
$#& C> 7 # S C#. (8 7 (! C#! ( C; L M 7 #P:#&
Ie4 d7 ( C#. ( e7N'6 S C#. ( d
Present Value of a mixed (4+ *Q3 u )*!< 4 *O 4 6 / -
stream:
7 ! ( (9 A7 (! C#! ( 8 7 # S C#. (8 7 #9 7 ! (#6 :
H6 - ,# ! , #J!9 b 1 # A7. ( 7 8&! 7 !8 7 #9
I#J. C#. ( 7 #9 !

7 # S H ( 7 (! C#! ( L8G @98 7 # - 7@ * G


IX# ( cP / # < 9&
7 (! C#! ( 7
e‹‹ -
.‹‹ C
i‹‹ 0
e‹‹ e
0‹‹ i
7@ ) X>/ O!!9 V> # B # A ;+ L8G om (N#G (. L8G @9
I7 # -
(7 B R N3 * 9O
@ (. & 7 7. ( 7 #9 7 ! ((9 A78 1 X>/ 9
@9 e @ (.& 7 (! C#! ( d C#. ( X>/ D 6 I ' ( (9 ((. om
, , E8 4(N#)8 7 #9 7 ! #. I7 # 6: 7 (! C#! ( 8 7 #9 7 ! L8G
IE > cP , # (6 eA d (6

3
G‚F 7 E
PV PVIF Cash Flow end
7 #9 7 ! 7 #9 7 ! #. 7 (! C#! (
7
ee d•e de d e d e d
__Ikn m f 3nn
_f I_n k3 knn
k_I` ff ]nn
k I n fnk 3nn 3
m]I` _]n nn ]
# Imn3I_n 7 # S C#. ( 7 (! C#! ( 8 7 #9 7 !

H Q> R S H $ ! ! 9 " !
> A(N#G om (. Z!9 Q # Imn3I_n u8& L8G @9
, 4 > 7 (! C#! ( L8G @98 #- >/ , E > - u8& H (
I (6

] 3 :$

nn 3nn ]nn knn 3nn


_Ikn
_f I_n
k_In
k I n
m]In
4 6 7*+' - ƒ‹e p‹
(4+ *Q3 )*!< 4 *O 4 6 /C
C#. ( , , E8 & 7F &1 7 # C#. (8 7 #9 7 ! <# 9 7! $
IV # S

]
A7 # C#. ( 7 (! C#! ( L8G @98 O. ( <6 # ( (9
AJ# # fnn 7.; 7 (! C#! ( A #- >/ L8G ok (N#. (.
IC " 4( e7 # C#. (d
h ' $ ( #&

] 3 :$

fnn fnn fnn fnn fnn


_3kI n
]mmIm
]]]Ik
] 3I]
3f_Ifn
*E C ‚ƒi -‹
G4 *O 4 6 F

(7 B R N3 * /
)*!< 4 *O 4 6 ;*B+ 4 + M 46+ M (G.F 7 B
7 #9 7 ! PVIFa%,n 7 (! C#! ( 7
‡e • d †e d e d e d end
_3kI n m _I fnn 1
2
]mmImn k]fI fnn 3
]]]Ikn fm3I fnn 4
5
] 3I]n f ]I fnn
3f_Ifn _k I fnn
C57TD5,6 IC#. (8 7 #9 7 !

_
# 8 4(N#)8 7 #9 7 ! #. 7 . Z $ G Z&# 98 $ &
h,8 # E > HP e # fnnd , #F& P -
• Ifm3 • fnn •Ik]f •fnn•m _I•fnn } 7 #9 7 !
# Ifm]I n } '_k •fnn • If ]•fnn }
! 9 < U * & !
Ie_k • If ] • Ifm3 • Ik]f •Im _d fnn }
e dI # Ifm]I n }

#. , C#. ( u8& < P& 7 # C#. (8 7 #9 7 ! <# 9 V


I7. ( 7. 6 7 #9 7 !
(4 *O 4 , 7 B R N3 /2
#. eA-4d (6 #F 8G @9 (8 7 #9 7 !
A4((9 7 ' 4 A4(N# (. C= #. 8 7 #9 7 ! H 6& O 8G @9
h, # 9 L8G 7 (#. #& Z&# 9 T 8
1
(12) PVIFA k,n 8 t=1
(1+K)N
ekd . @ (. & C#. (8 7 #9 7 ! <# 9 ( #. >/
ekd 4(N#)8 7 #9 7 ! #. e d X=G 7\ @ 1 Aend 7 ' 4
(n) 4 )8 4(N#)8 7 #9 7 ! C= #. H 6& #F&# 9 eNd 7 ' 4 )
IePVIFd V # (PVIFAd
Ie d 7\ @ 7.6 & #F ( ? 7;=. X>/
epmtd 7 # C#. ( end #/((G C 4 7 #F , PVA -
7 #9 7 ! #. 7 ; - PVIFA4 ) 7 #F , #J 8 u8& V #
I, # #& E > G &. ekd 4(N#)8
e d PVA = PMT X (PVIFAk,n)

f
# fnn 7 # C#. ( 7 8&! C#! ( 8 7 #9 7 ! (#6 :
IC " 4 ) Ao k
emd (6 , cP /# h (6 ( #&

(4 *O 4 , R N3 * / Š

k ] fnn C= (

C# 8 G
PV CP I N PM
T T
GC‚ƒe ƒ‹F • C#6

4 *O 4 6 )*5 N3 (*@ ;*
I7 8&! 7 (! C#! ( L8G @98 E & , u8& D ( M ( G `
Ie* ! ( ( d * ! E=F `
I C (. `

k
z;* Q 9 :
g* ! h* N

(9 : 4 !3 ? 8
I $ P) A(N#. A $# C# # L. F `
I @i $ "# ! Z $ b 1 `
D + 7 #- 7U)9 8 V # . Q 9 (N#. "# ; Z $ 71;# `
I #; + 78 8 & (6 , $#& , 4((.
AH $#& "# L8G 7 # 7U)9 , (N#. $ TN#@ F `3
, ,& $ "# ; , # & ( C#! 1 $# 7G 7.6
Ie7 # - d7 # 7U)9 , e(9 #- d 4(9 7 # 7;
7 # Z + Z $ & #F ;=G A7 # @+ . ^> b 1 `]
C#.; 76 K(9 V> Z , #- $ , \ e #- d
I $ <6 P ,

( g*! MN )* * (A
@
E > (N#. $ #/ # 8 #. ! ,# ( 8. <6
A7 . TN#@ # F . (N#G $ O. V $ , # ; F 7 ; U.
O #M $ LM U F 7 ; L8G - O TN#@ X>F ' $#&
Q # F8 U Q e @+ 7G 6 d 7U)9 #& (9 @?& $&
*.& * .& ! e(9 #- 7 # 7; d (9 @+ , $ #& (&
I $ @) (N#. $ G7 # + /#)

m
( MN I+ ! /-
, @+ A7 # 4 # Z !9 , 7@ ) / $ A$ & F) #&
; #F , E8 G $# C > #F L8G Q @ 4 # Z !9 , & 7@ #F
(G / F) O ( $ F) A7 8 1 4 @& 4 # Z !9 , 7@
, 7 9 C( A . @+ (N#. ! (G L . L M 1 E> ( ?
Z!9 #F <& 4 # Z!9 #J -=- (.& 4(N# # nn #F8 #9 P
78-# 4 ) 7 1 7 (#G F , #- # nn E > A#F (N#. , <>&>
<>&> <& & 7 #G #/ $# &. A # nn g )@ &b (N#G Z!9
7 #G 76 (& , # @+ (N#. Z!9 # #8 #F (N . ! (G
I ; $ # 7P) <>&> 76 ( C # # 8 ( ?

( g*! I+ ! /C
, <>&> L8G ( . @+ $# !& ! # >M O AcP
- (N#. wO ! Q w, . ># (N#. 7 . (? ^# 9 # W (N .
O #; 4(#G 7 . 7 ' 4 = #- 7!!9 4 # c& , # 6M
#F G &. A4 ) = 7 (! C#. ' V L M 7 #P:#& @+ 7 ; , \ O L8G
A #- L8G (N#. (. ,&# 9 &. 4( 7 (& , #- 7 ; L M 7& #&
h, # # < 9 t1 , Kt # / 7 ' 4 ) @ V+
P1 − pt −1 + Ct
1 Kt =
Pt −1

PV9
t4 ) = < 8$ H; ,! !9 (N#. (. - }Kt
t 4 ) , @+ e7 ;d . - } Pt
t-1 4 ) , @+ e7 ;d . - } Pt - 1
It 4 ) L M t-1 4 ) , - @+ 78 e7 (! d C#! ( - } Ct

n
C#! ( Pt – Pt-1 7 ; , C \ 8 < -? " . Kt (N#.
It 4 ) = Ct 7 (!
(; 7 ' 4 = e(N#. d 4(N#) (. ( (9 ( e d 7 (#.
- ,F E > 4(9 7 4(#G t C #9 U. , - C 1G
IV (N#. (.

ebd D ead D 6? 8 ( 4'F6 0 1 #- = 8 (& # ( # >M


e I]nnd O ; t # e nInnnd u8& & CP 7 &; X0 1 + D
X0 1 , #- D A<N P (.& # knnp` (N#G (. Z!9 #. = #
`d L M # e Innnd *) 7 X>/ , O ; ACP C H& &;
* . #& A # e Ifnnd#/ (! <N P (.& 7 (! C#! ( Z!9 A # e Iknnp
h7 # RN# L8G @9 e d 7 (#. ,

>*Y 9+ 7 8 9+
-C ‹‹‹ /-- .‹‹ • C- i‹‹
- ‚‹‹ ‘ ; Kb .‹‹ ‘ C‹ ‹‹‹ ; Ka
-C ‹‹‹ C‹ ‹‹‹

• - i‹‹ g*! 7 !5 • C 0‹‹ GaF g*! 7 !5


Œ-C i -C ‹‹‹ = Gb F Œ-- i C‹ ‹‹‹ =

C#! ( M 7 = CP) e<d , #- (& 7 ; S #&


= ed + (& , Z!9 (N#. (. G & (N#G (. Z!9 O 8.6 7 (!
A7 (! C#! ( @+ 7 ; \ 76 < -? cP A4 ) ")
IF (. / (N#. (. ( #& #F&# 9
( h*N 9 v: /0
> A7 # C ! V> ( & $ 9 9 G#1 Q8
,/ C= P) C# K=- E# / A &! $ B ( (9 F
I $ > A $ 9 (#. A $ V(#)
WQ X# !
MN 9 v: ` ( MN 9 v: G-F X' 9 &
Z6O g*! 7 !5
MN ;*: VX 3

! <

=> ?

! S(
X2 MN
'
< 8$ (N#. (. W , # #& $ #& .1 O ( (6 V> ( `
A(N#. , \ (6 L . & X2 L M X1 $ 4(# '& \
>/ H&$ #& A $ , 4(# ' #& \ 76 < 8$ (N#. \ cP
I # G+ #$M , ( 6 S .1
A $ 4(# '& ( ' < 8$ (N#. (. W $ B(#) V> ( # `
(. &8$ A $ >/ (P F ) 9 ( D 0 [/ +
I & $# 9 &#! * . 6+ H) (N#G
A $# 4(# ' &#! *) (. &8$ $# F6 > ( `
G ,8 , 7&S F( ( 0 [/ $# #& . F #J U
4(N#) Z!9 E 8 D >/ A & $# 7F6 &! (N#.
I7 U 8
&#! &8$ FW A $ , 4(# ' ( G A $ (#) ( U.
J (& U #9 K 9& F6 4(#G / A(N#. , 4(# ' E >
B(#) V> , # ( W >F F# U $ #& 8&! # ( G E > A #\
I, #PM $# (N#G (. <8$ $#
( 9$8 < h*N (*@ >*n
O. #. A(9 @ H #. = $ F) $
, 7! $ ") & O # ; 7 # 7U)9 , $ (.& # U9= AX( ) &
v , A7U)9 78 9 7 (N Z!9 # A(9 @+ , $ #F& "#!
H; (N#. (. E 8 Z $ G $# 8 ! # 7U)9 (9 @+
I $ (! , 7 N#@9: < # + ( A @i
( h*N 6 /-
# (! , AC # 9 H' 7 # 9 89 ( #& $ !
I @+ . D & $ 9 V> $ B G "# 9:
(4 *QO 9 O /C
L8G @98 E > 4 (! (N . ((G ( #& 7 # 9 89 (
C #9 K=- * A7 # 9 89 7.N#1 Z $ B(9M (N . , <>&> 8 89
C #9 P X>/ A [#) 7 #9 AJ#- (9 - + H; 7 #9 A [#1 7 #9 AQ U
G #F # ; @+ $# 7 #9 X>/ ,) . @?& 7$& (N . Z !9 ,
A78N#) RN# 7 N#1 RN# @ Z $ G O&# 9 V> AB( Z $
; (6 A $ (' # 8 & C1 # #8 p Z ) & B( # #8
h #- 8 (&8 7 # C# # & cP e d
G2F J G F 7 $8 (G-F 7 E
e<d @+ e d @+
nInnn nInnn ,N(& #-
of o N#1
o ] o ] H;
o o f N#)
o _ o3 eRanged B(
> (! #F A7$ & B( ( #& 7 # 9 89 7! $ S #&
>F& $& $ ! #J& ! #F ( , (N#. 7 9 X#6 #& J .1 !
I @+
( * 3 A V+_ 3 /0
# 9 $# L8G Q . 8 #J! G - , 89 , # 9 H' (!
okn7& & 7!!9 RN# C # >W (N#. >/ Z!9 , 7@ ) - . (N#G Z!9
, 4 kn ((.& Z!9 Q 7.; RN# E > L . AK (9 # 9
IK (9 4( [ #F , . >F o nn RN# Z!9 # 9 # >M 4 7

o ] Ao]n A o ] - N#1 #J.; - A [#) C #9 Z!9 # 9


N (& H 6 L8G &. #F L . & o nn V # C # 9 X>/ D 6 A, L8G
I79#

!9G N I !
,# 9 H' 8 D $ & A7;=. C > RN# #& C # 9 $& ^> /
1 C # 9 V # ARN# ((9 ((G L M 1 , A7 # & 7$ /
e d 1 , cP e d #- , e(b Aa) d N (&8 , # &

3
G2F J G F 9$8 < g*! 4!X 3 6 (GCF X' 9 &
ebd @+ eAd @+

,# 9 H' h % &
"# $
,# 9 H' he d 1
G2F 9$} • G F 9$}

!'!
; * : (=

G !9G

;0: (=

CD C4 C, Y,T Y,D Y,, YT Y7 YD S(

]
C1 B( W AJ#!!9 -+ # 9 , (N#. ") #F @+ S #&
Io3 &#! a (16%d , O G ebd e @+ d (& , #J 1 - (N . ,
H' $ # #F 78&#! C # 9 7.; RN# # G >M
((G & + , # & 1 O ?& O M U H' D >/ A ,# 9
IRN#

( MN z* X
( #& #J O #; @+ , $ W AC 1 L M 7 #P:#&
I @+ (N G , \ "# ! 0#@9: G #& G , > ? # / A0#@9:

( '* ! ? O>A
Q 9 / @+ $ "# ; , #JG 1 7 N#@9: C 1[ /
- A K (N#.8 7.; 7 ! A7.; 7 ! 9 C 1 " ! V> A k
V #.
`h, # # < 9 , A#F! !9 (N .
r
e d K= K i × Pr i
t =1

*V9
ith 76 8 (N#.
Ki ` -
nth76 K (9 # 9 - Pri `
I #& G , #/> , RN# ((G n `

Ae d (56 ,5 #5F8 - e<d Ae d # # 7 1 @+ 7.; 7 !


75 ! A V # n A7 #9 , AKj ; ,$. e d ( . APrj ; ,$. Ae d ( .
Io ] V # @ (N#.8 7.;

_
G2F J G F 9$} g*! 4!X 3 4 6 (GCF 7 E
4OE g*! )A* 3 A 4K •g*3K
e • d C -
GAF 9 $8

Œ0 Ci Œ-0 ‹ Ci 4 g*&35
Œ‚ i‹ Œ-i ‹ i‹ 4+;*=
Œe Ci Œ-‚ Ci 4 g*:35
*E
Œ-i VX 3 g*!

Œ- ‚i Œ‚ ‹ Ci 4 g*&35
Œ‚ i Œ-i ‹ i‹ 4+;*=
Œi ‚i ŒC0 ‹ Ci 4 g*:35

Œ-i VX 3 g*! - *E

, Qk V # . Q 9 / @+ $ 7 N#@9: C 1[ /
I$ GC1 "!
D#) L8G ( # ead @+ J $ - / ebd (& U9=
IH) V #. Q 9 7 ; , " . V> ead , $
h, # # V # . Q 9 < 9
n
e d σ k = ( K j − K ) * Pr j
j =1

f
G2F J G F 9$8 < ) g*! '* ! ? O>A 2*Q (G0F 7 E
e d @+
;K i − K :
( Ki K )2 * pri Prj ;K i − K :2 K Ki i
-i -0
Œ- ‹ Ci e ŒC‹ -
Œ Œ
-i -i
:$ ‹ i‹ :$ :$ C
Œ Œ
-i -‚
Œ- ‹ Ci Œe C 0
Œ Œ
o
3
( K i − K ) 2 * pr j = 2%
j =1

3
σ k ( A) = (Kj − K )* pr =i 2 % = 1.41%
j =1

e<d @+

( Ki K ) 2 * pri Prj ;K i − K :2 ;K i − K : K Ki j
‹ Ci -i ‚
Œ-p Œpe Œ./ -
Œ Œ Œ
‹ i‹ -i -i
:$ :$ :$ C
Œ Œ Œ
‹ Ci -i C0
Œ-p Œpe Œ.‘ 0
Œ Œ Œ

k
3
= ('i − ' i ) 2 *Pri = 32%
i

3 2

σ kb = Ki − K * Pr i = 32 = 5.66%
i =1

IZ&# # #- V # . Q 9 <# 9 7 ! cP X=G e d (6

m
Cv . ! G
8 (& 7.; (N . & 7 #! (G O / O C 1 8 "# ! /
IE > & X# ( 7 (#. )8
Qk
e3d Cv =
K

,8 # A $# 76 ( C( ' # 8 & Q= #. 7 ; C # # 8
I 7 N#@9: RN# /+ c P
ebd (& ead (& 0#@9:
o n o H; (N#.
o n om V #. Q 9
nI]n nIf] Q= #.
,5 Aeo n 5&#! omd P) Q 7U W Q= #. L8G (# G #&
e d @+ P) > A# #-

(4 * 4 :O h*N5 (*@Y *n
AB + @+ G J( .& 7 ( )& #. <6 (9 @i $
, (N#. $ L8G @+ >/ -? #$M , #. <6 ( (6 #- #
, 7U)9 E8 ,/ X0 ) 7U)9 LM ,# ( Q(F I7 # 7U)9
. B $# *) L8G . A $ . (9 c& L8G Z!9
Q E> G H$ # ( G A7 # 7U)9 8 (N#. "# ; L M ^# 9 # W > A(N#.
$ ( V> D 78 G LM 1 V> ,N#@9: $#& <# 9& !
I40#) C > 7U)9

(4 :O < '* ! ? O>A g*! /-


( (9 @i (N#.8 c6 $ - 7U)9 , (N#.
I7U)9 8 (N#. <# 9 e d 7 # 7 (#.

n
k
e]d K p = (W1 * K 1 ) + (W2 * K 2 ) + ........ + (Wm * K m ) = (W * K )
t 1

K (98 #J.; - + (N#. ,/ K (N#.8 7.; 7 ! 7.; !8 <# 9


#F&# 9 A @+ , #-
r
K = K i × Z[i
t =1

PV9
y @i - ( 7 ; , # 6M 0'6 - Wy
I @+ L8G (N#. Ki
r
A7 U @ o nn - #F E > , . W1 = 1 W H&$ #&
i =1

<# 9 , #F6 (M <6

, 4(G#! Z &$ Z $ G O&# 9 7U)9 , (N#.8 V # . Q 9


e d 7 (#. ( (9 #& (9 @i V # . Q 9
1
H; (N#.8 # 9 # (G ( , (K − K ) × pri
2
Q= k
t =1
r
(K i − K )2
7 . RN# # ( G #F ( Qk = t =1
AQ .
n −1
I7 # #F * ) K (98 #F # 9
(4 :O VX 3 g*! G F (GeF 7 E
g*! 7 !5
4 K g*! 2*Q VX 3 g*!
VX 3
GeF 9$8 G0F 9$8 GCF 9$8 G-F 9$8 4KQ
‹ i‹ ‘ ‹ -. ’ ‹ i‹F
Œ-C Œ-p Œ. RC‹‹-
• G‹ -p ’
’ ‹ i ‘ -‹ ’ ‹ i‹F
Œ-C Œ-e Œ-‹ RC‹‹C
• G‹ -e
’ ‹ i ‘ ‹ -C ’ ‹ iF
Œ-C Œ-C Œ-C RC‹‹0
• G‹ -C
’ ‹ i ‘ ‹ -e ’ ‹ iF
Œ-C Œ-‹ Œ-e RC‹‹e
• G‹ -‹
’ ‹ i ‘ ‹ -p ’ ‹ iF
Œ-C Œ. Œ-p RC‹‹i
• GŒ.
RC‹‹e • RC‹‹- 5 4 :O g*! 4!X 3 4 6 G2F
% 12 + % 12 + % 12 + % 12 + % 12 = % 12 60
Kp = = = 12 %
5 5
4 K '* ! ? O>A G EF
Qkp= ( 12 12)2 +( 12 12)2 +( 12 12)2 +( 12 12)2 +( 12 12)2 = 5%= 5
(†* 'A /C
5& C(6 W A \ & 7;=. D ( (9 ,N#@9M "# ! / $#&
>M >/ AC#6 ( (N G C # 0 D V+ C# # & - ,F #; + 8 ((G
" #5. X#6 , 78 8 C 9 >M # A(9 X#6 , E 9 X>/ 78 8 C#
I7& # 7;=. W

N J M 4QQ †* 'A (†* 'A GeF9 r


! & ! H
R! & ! H

n
(N#.
(N#.
n
m m

' '
X=G , # & , cP / # 78 8 , 7;=. X>/ -
AO ) X#6 , E 9 # <6 $#& C > 78 8 A7 $ 7;=.
I, G X#6 , E 9 # <# $#&

(V + K3 /0
A, . $ 8! A X0 ) 7U)9 $ #J F & . $#& F)
A7P) $#& 7;=G C > 7& # $#& 7;=G #F @+ 7 U 7 #PM P +
e d 1 A, # 6: (N#. , <>&> *) 7& # 7;=G C > @ <
# /= F , G - 7& # $#& 7;=G C > @ L8G V 9 , 7U)9 cP
<>5&> ; $ e ( $ dK - (N#. K H; (N#. ") # F
#5 # 8 A7& # $#& 7;=G O " @+ # >M L 9 X(9 L8G @ 7& #&
$#5& # #8 <# S $#& # >M L 9 A#F *) <6 $#&
I*) $ # # 8 <6 #F
W * †* ' ) ] 7 $ L (V+ K3 GiF 9 &
;F: (= ;G: (=
. (N#.
(N#.

'
'
;G: K;F: \S9

(N#.

'
5& #F & G#) ( 6 (G , . >/ A$#& #F (6 @+ *.&
A $# *) $#& #F (6 , @+ P A#F 7@# (N )
$#5& 5 #. A< # $#& C> @ P R# -? ") & O
$#5& &$ , . @. < ; $#& #F & " , @i
I # <# $#& # <6
$#& 7;=G # F & # 8@ P Z $ G 7 # - 7U)9
5;?& O8.6 ,8 7U)9 $ 8! (N .8 $#& W 7 # 7&6
8@ 7 7U)9 - #& A $# , ;+ / V> @+ , $
B 5 L M ,8 $ *) 7# C 7&6 $#& 7;=G # F &
IJ )@ # 9+ *.& , AO # V , $ ;

A7 5 8 H5P $#51 C q C ( 7G# @& ! E * L8G


# ( G C#. & *) AV(#@ ; {#. E# / # ( G 7 #G C#. & Z!9
$#5& #F #JP #F #. & , E8 C ( H @ 0 1 >W AV(#@ ; {# E# /
7 #5PM B 5 7 q L8G @9 - #& A7 1 , B + H <6
" #. X#6 , #F ( M X#6 V Z&# D 1 8 7& #& 7 S ,
C ( 5 M A{#5. 4 = 7P) C#. & #F H&$ #& A + H @ 8
7$# N# 7G# @ C (. 7G# @ & $& {# 4 = 7.)
I #$ + *#) AJ#& # $#& V ,&8 - ( ? #& #F

3
Xy 4 :O Z @Y @X 7 $} 4+'* ! )*< O>A J4!X 3 6 J g*! GiF 7 E
Xz 4 :O
4 :O 7 $8
XZ XY
4 KQ
‘ XŒi‹F ‘ YŒi‹F Z Y X
GZŒi‹ GXŒi‹
Œ. Œ-C Œ. Œp Œ. C‹‹-
Œ-‹ Œ-C Œ-‹ Œe Œ-‹ C‹‹C
Œ-C Œ-C Œ-C Œ-C Œ-C C‹‹e
Œ-e Œ-e Œ-‹ Œ-e C‹‹e
Œ-p Œ-C Œ-p Œ. Œ-p C‹‹i
Œ-C Œ-C Œ-C Œ-C Œ-C 4!X 3 4 6
Œ0 -p :$ Œ0 -p Œ0 -p Œ0 -p ? O>A
'* !
) *
Œ-C Œ-C Œ-C Œ-C • 4!X 3 4 6
Œ- -p GŒ- -pF Œ- -p Œ- -p ? O>A
• '* !

V # Z $ G C eXyd 7U)9 cP eXY) (4d7U)9


H; (N#. <# 9& A # < # $#& C> @ AeX) (yd #F @ C# 9
# 7U)9 , H; (N#.8 V # . Q 9 7.; 7 ! AV 7U)9 8
Q 9 ( #& O # ; 7U)9 X>/ , $ AX=G e]d (6 , cP
W > o H; (N#. (. U # & o )@ L M OP ) (; V # .
#8 e $ L8G 0#P! d )@ c&@ LM $ *) ,/ 7& 76
cP / # AO! !9 , #- W # < # $#& C> @+ C #
c&@ V # . Q 9 L M E > B( eXd o]n 7U)9 C# W
I )@ V #
5 C5 Z&#5 (6 , 4 /#U eXZd 7P) heXZd 7U)9
$#5& C> 5@ ,/ AX o]n A o]n , 7 # < & eXZd

]
-?5 AV # . Q 9 ( #& O # ; 7U)9 X>/ , $ A # <6
#5 8 o B , ' # H; (N#. o I_ B , C8U >F&
XZ 5@+ - # <6 $#& / 7U)9 , 7 # @+ & $#& #
$ ; $ c&@ L8G . 7 7U)9 , V #. Q 9 W
,5 $5 L58G , Q V # . Q 9 L8G I7U)9 8 @+ ,
756 X>5/ Ao I _ V # . Q 9 ") # F ZAX # #$ A, # @+
I #F&#1 =@ yAX + &! S HP <& & K(9

g*! 7 !5 J MN JV+ K3 J†* 'A


#5 #5 8 A*) 7 # @+ (N G & $#& # # 8 7 #G 7)@&
G 5 , AZ&# e]d (6 , #- cP
| >/ A $ H # :#&
IeV #5 . Q 59 d $ *#) L8G V([ 7U)9 @+
$#5& 756 ( L58G ( . K 9 >/ ( #& OP ) $ (!
eH * #&d U #9 ( (9 S ((G I @+ & OG
I#F $# *) Q ( (9 = ((. (9
5- I< # # A $#& (6 A<6 # A7 $#& D 7-=-
$#5& -? cP e_d (6 A(N#. $ L8G H R # $#& -?
# ( G O #JP cP 7 7U)9 )8 G $ (N#. 76 ( L8G
#5 $#5& e 5@+ , $#& (6 d L M <6 # $#& E 9
5 7 #9 (6 O U9 IZ!9 Q $ *) L8G 4 (! W A< #
I7U)9 , ( 6 @ $ $ @+ 7 7U)9 #F

5 4> ”<*O 5 ; !35 )*K+ 3 MN g*! J†* 'A (GpF 7 E


$
T 3Q5 T 3Q5
†* 'A 95*!5
MN T 5 g*! T 5
t :K5 *t5 t$ < LN *t5 t$ t5 tg*! t5 WttttE 5 -‘
x! = x! = :K5 R*

_
tttMU 7 ttt$8 tttYj8 tttMN ttt
*t5 t$ t= g*! 5 tE + A :tt$
tMU 9tX t< tMN 5 9X 4E';
x! = :K5 †* '
:$ 5 j [K 9$ <
@ tMU 7 t$8 tYj t< tMN t :K5 $8 g !
R* W * -/
:$ x! =
SAR 8@+ 7 # 7 N#@9: C# # & *.& X# ( h
SKR (= & NH ! ] 0 9 !
;^ . 9G: & NH ! ] (=
Y4 YB R
YA YA S

(4 * 7 $8 !Q Š] K g*! MN (*@! '


The Capital Asset pricing Model (CAPM)

, - O& F V> 7U , ,8 $ / $ C# /
IE=5 4 5- L8G #- T L8G A4 & 76 (& -[ ,8 $ IZ
@+ . #J6> / @+ (N#. $ B , ,/ 7$ & 7 U
V>5 $ (N#. & 7P #! 7;=. F) ^> >/ 7 ( 7 #
I7 # C ! H 6 cP 4(#G

( MN a > /-
5 , 7U)9 $ K(9 ># U A $ 7 # + D + F)
H 6 #J N 1G #/ # #F B @ 7 #PM 9 A(9 @ O
V #5 . Q 59 ( 5 #& I#F (5 5 , e7 # Z d7 # @+
, #5 6M E 8 cP ekd 1 W I7U)9 8 $ , # 6M "# ! E > kp (N#.8
AeX,- (9: d A7 # Z + & ((G # )P # 8 ey,- (9: d 7U)9 $
(59 L5 M @ AH <& & E > K(9 A*) Q 7U)9 8 ,8 $ W

f
Z5!9 $ , *#) U. Z!9 A$ , O L M K 9& 1 I .
#/ # 7 # 7; n` ] & #/((G b 7U)9 Z $ GH
IZ , 7 # Z + #J N 1G

(V+ K3 4 :O h*N5 ( MN x :N GpF X' 9 &


MU
4 :O

MN *E
GD*U MUF V+ K3 * 7 s+ ^3K+ MU

GR*= MUF V+ K3 * 7 s+ A ^3K+ A MU

C C - - i
4 * #' 8 ; =

h, # # N'6 L M O ! 7U)9 8 ,8 $
e_d H #& ' $ •H #& ' $ } ,8 $

Unsystematic #. $ #F Z8$ 7&#@: *.& hH #& ' V> $


5 ,5 7 N 1. <#& +#& $& V> @+ $ 0'6 - / Risk
7 #G K (9+ $# X>/ ( . AH = #/ 9 H = #F 'M
#5F 8G (5 . C ' V (! e7 #! # #P! d t C#&8$ I< P: -
I7 U

T# $ O 8G Z8$ H #& O F6 H #& ' V> $


5 7U , -[ , Z G LM $ >/ ( . AU $

k
A7 ( Q U A P A< 9 - G <& & AH Z $ G O F6
I7. S $ L M V([ , 7 # K (9+
5. , 7 # @+ O U)9 - V+
5$ 5/ O5 F6 , ,& $ AH 8 &#! $ 7 'M O F6 L8G
5 S $ #& #J # F (& 7U - V AH 8 &#! S U
#5 (5 G 75 7 / - H 8 &#! S $ "# ; W > AH 8 &#!
I - B( &! (N#. g $ TN#@ O!!9 , 7 # Z +

CAPM (Š] K (*@Q5*U


O5 F6 V> $ & $& 7 # @+ . ^>
75.& ,5 ^> 5 751;# @+ L8G (N#. (. & H 8 &#! S
$ 8 "# ! - V> # & #. Q@ ^# Q . G * A7 (#! 0 '6+
#J5 # & ^> 5 Q5@ AO ) ^> 8 7 (#. - AH 8 &#! S
5P , H; S \ - b 1 h#J.& A(N#. $ & 7;=. c P
G 7 #G C#U9= (! + 0'6 A(N#. $ & 7;=. L8G $ V(#)
I^>

(* 3 9 5* !5 /-
75 9 756 ( J 1[ - H 8 &#! S $ " ! ebd # & #.
7 # (N . ( IZ (N#G , C \ H #J& #6 E > @+ L8G (N#.
I# & #. <# 9
75 # Z + H5 6 - , Z 7U)9 , (N#. - Z (N#G
51[ A7 51 ]nn &( (# 1[ ( IO #F ( ,
J ( -+ F i # & S #& IZ (N#. 1[ O ( O&#1 qZ
#/ ) #F6# Q F <6 O M A4((. (#@ #F 8G @9
I7U)9 , #F! &$ Q

m
( g ! )*>* 5 *3 Š*3K3 /C
# & 7 ; T= , O ( Z (N#G @+ (N#G & 7;=.
X# ( , # & 1 #& O9 P

R 9$8 J S 9$} *3 >* (*3 V+ K G‚F X' 9 &


,TT8
;S: (=
(= ]
C666
,546/ 9G
;R: (=
,TT7

,5A/ 9G
,TT4
i‘
E ]
‘ ‘ ‘ ‘ ‘ ‘
C‹/ -‹/ -‹ -i C‹ Ci 0‹
i/
/
/
/
/
/
U59= AZ 5 (5N#G Ae(R AS) d A 85@ (N#G & 7;=.
F5 (5N#G " ! eYd , ,- (9: AZ (N#G " ! eXd ,! M ,- (9:
Ie @+ d
(N . @+ Z (N#G C# - (9: <8$ # & ^# L + 4 $
,5 (N . # AC# - (9M , #F @+ Z 8 V (N#. I7 ' 7 8 ,
#5G ,5 =
J -5 nnn g mm #G 4 ) cP eSd @i @+ Z
N#5 ( 5 #& o n Z 5 (5N#G # & o n # eSd @+ (N#G nnn
Z (N#G @+ (N#G & 7;=. Q@ V> $ /$ TN#@ A7 N#@9:
3n
A# & - A$ >/ (9 M eC# # & d $#! H 6 - K 9& AZ $ - ,
c5P 5 eI I d L8G @ eSd @i # & enIkd / eRd @i # &
5 \ 7&#6 - (N#. LM 1 e=
J - $ d 7.) # & > eSd @+
IeRd @+ $ - eSd @+ F > Z (N G ,

(*3 Q: /0
I7 ! X>F 7;=. - ,/ c 9@ (9 V # # - Z 8 # & #.
,/ 7&6 # & A7& # 7&6 #F # M ; L M 1 @i # & #.
I4(# .
H5 7&#6 5 Q@ <6 V> @i (N#. A ]` & H! # & U.
(5N#G ,5 5 \ o X (! \ o I] (. & H; eb=.5d Z
IZ 7U)9
H; eb=2d Z 7&#6 A @+ (N#. , X (! \
IZ 7U)9 (N G , o \ 76 O (N#. , o X (! & \ Z!9

(4 :O *3 /e
A75U)9 , ( 6 @ # & ( #& 7$# && #F # ; 7U)9 # &
J 5@i #5 & #. - b' A7U)9 0'6 - V> ' @+ - ' # (G
IeJ)PJ # & 7 ; <# 9 X# ( ^> (
756 ( L5 M 1 @+ # & , ( L. ") & ) 7U)9 # &
(5N#G # ( G #- IZ (N G , K(9 , C \ 8 7U)9 (N G 7&#6
7& & #/(N G ( ' Q f] #F # & #. , 7U)9 o n (. & ( ' Z
5 Io I] 7& & #/(N G ( ' Q I ] #F # & #. , 7U)9 ofI]
5 #. W5 , # #& *) / # & #. @ L8G V 9 7U)9 cP
75U)9 8 7 e7 # Z +d @i # & #. >M # I*) 7U)9
I#J.) 7U)9 , # & #. W H)

3
G2F J G F 5 4> 5 4 * 4 :O (G.F 9 &
G F 4 :O G F 4 :O
# & #. # & #. @+
@+ @+
.‹ -‹ - pi -‹ -
-‹ -‹ -‹ 0‹ C
pi C‹ - 0‹ C‹ 0
‚i -‹ - -‹ C‹ e
- ‹i i‹ - Ci C‹ i
- -

h,8 # e<d A e d 7U)9 8 # & <# 9 -

I n• n• I n• n• • n• I_]• n}e d# &


I • I ]• n•
f]• n• _]• n• I• n• k• n } e<d # &
Im } In]• ]n •

A7 !$ 7 ! A m V # e<d7U)9 8 # & A I V # e d 7U)9 8 # &


#F W e<d 7U)9 # A7.) #F # & C= #. @ L8G V 9 e d 7U)9 +
I7P) e<d 7U)9 8 # & #. W > 7P) #F = #. @ L8G V 9
h7 (#.
.5 ^> 5 W5 AH 8 &#! S $ <# 9 # & #. ( #&
h /7 # @+
(Km - RF ]•Kj = RF + [bj

3
e_d RF+‡ bj(KM-Rf) †
PV 9
J 9$} 2 M
g*! 7 !5 9Y Kj
)A t !5 R N3tt * z*tt6+ ;*tt= t MN t 5 *ttN t g*! 7 t !5 9ttY
KF
4 5 O 4> sN
J 9$} V+ K3 9 *6 u MN rS5 *3 95*!5 bj
4 * # ' 8 5 4> # Q 4 :O5 = # Q g*= 7 !5 Km

]I < P 3Q $!
e_d7 (#. , C \ E# / # A $ 4 =G A $ ,# (.
5- #5F + AZ 5 $ 4 =G L $ 4 =G J0'6 =- eRf-Kmd
75P) & U#5) 9 #& $& $ $ 9 6+ - #F&8$ , 4 =.
IZ @

(N#. Ao f $ ,# (. A I] # & #. @+ # ( # >M


Km . 7 % , RF ,1.5 = b2 I o G* . Ao 7 #G 7U)9 L8G
h @+ . ^> ( #&
K2 = 7% + [1.5 (11 % -7%1].
= 7% + 6 %= 13%
51[ #5 & H #F - eof`o d o3 V # Z $# #.
4 =5G 7 #5PM (5 G Aeo3 I] do_ V # $ 4 =G 76 I] $
I< 8$ (N#. (. & o 76 $ , #9 (. LM $
(N#. (. ( ' # 8 7.) # & 7 ; C# # 8 A,/ # B + . 0#!& H
$ , #9 (N#. (. # # 8 A7P) # & C# # 8 A< 8$
I*)

3
4 * #' 8 # LU ( >* /i
Z 5 $ L e_d 7 (#. , 7 # @+ . ^> - (G
"5 . A ! 5 $ eSML) Secuity Markel line7 # Z +
H5 8 5&#! S $ C# B Z , < 8$ (N#. (.
eXd ,- (9: , ebd # & #. $ "# ; - , # & , # & ebetad
5- 5 (N#. $ & 78P#) ekd - eyd ,- (9: , < 8$ (N#.
IZ $ & #F8 -
V #5 Km Z 5 (N#G (. of V # RF $ ,# (. h# #- ,
ARF 7$& # & C# - (9M G 6 ( #& Z $ Ao
IKm = 11% AbM = 1.0 ARF = 7% A )@ } brf #- Ibm
# & & $& Z $ #J ( 8! cP /# AZ $ - e nd 1
7&5 #& A#/(5 (9 - ARF – 11% Km, %47% A o3 $ 4 =S A7&6
cP o V # K2 #. (N#. (. A I] V # S b2 V # # & @i
e RF-%13 KZfod o_ V #5 5$ 4 =G AZ @+ Ae nd 1 , E>
#5 & $ 4 =G (9 & V # # & 0,18 @+ ?& cP
IZ , (N# /
(N# ; $ (. A (9 ; ,/ , # & #. 7& #&
IZ ,

33
9$} 4 * #' 8 # LU 4 * #' 8 # LU (G.F X' 9 &
# Q LU

-
c= -
MU -

g*!
c= -
9$8 MU ƒ

GŒF K 2 M
ŒCp # Q .

p
i
e
0
C
-
C‹ -i
b V+ K3 9 *6 - u‹ MN ‹ :$

'5 =5 J ! 5 " Z $ 7 # Z + Z $ H; \
b 5P I< 58$ (N#. , \ L M V([ 7 # Z + Z , O.; \
I $ V(#) P C#.; h # 8 #.& -? SML Z $
I 8@) # F9 1

Nv3 )*!X < 3 /


7 (#. RF $ ,# (N#. (. , -[ P C#.; , \
h,8 # $ , #9 (N#.8
RF = KF + 1P

5P C#5.; , \ AK 7 &#- 4(N# C (. L M X=G 7 (#. 1


5 , #5 (. , A &#! \ L M V([ Q eP d P 4 =.& O M J #1
75 ( 7 #6 7.$#! - K (9 GR $ C#.; E8 76 $
V([ H&$ #& >/ AV' E & , 7 (! C# # C#6# 9 , 4 & C \
IZ $ , b# ' L M
3]
RF , \ V A(N . 7 # + O# $ , #9 (. +
I< 8$ 4(N#) C (. , ". Q
\ 7&#6 Z $ , V' E 9 L M V([ P C (. , \

I \ >/ X#6 4 ! 1#&

( MN ;*: < 3 /2
IZ , - &; $ 8 #. P) ". Z $ (9
A 5$ ,5 4(# ' &#! (N#. , 4(# ' 8&! A $ (#) - U.
SML Z 5 $ 7$# & #F8 - (N#. (. $ & 7&6 7;=. X>/
eXd ,- (59M # & #. & "#! H 8 78&#! S $# & 7;=. cP ,
V(#5) 756 ( "5 . SML Z $ (9 AeYd ,- (9M , (N#G L M ^# 9
<&5 &I 5& 5$ V(#) 76 ( C # # 8 - Z $ # #8 $
5 L. & # & #. "# ! $ . B (& = H) (N#. B
I $ V(#) 4(# '& ( ' $ 4 =G
,5 \ GR Z $ H; , \ #JP $ V(#) , \
I7 G# 6 7 (#@ ; 7 # K (9+ R 4(#G - @)

3_
Nv3 ;*+_ n (# Q LU \+ O ;S+ Nv3 GƒF X' 9 &
# Q LU = VX 3
SML1
A05 K21

04
SML 03
02 K2
01
K
00;
=>B RF1
1P

A6 RF
1P1
1P

K*
A1

0:4 0 0:8 8:4 :$

LU = MN ;*: < ;*+s n # Q LU + MN ;*: (G-‹F X' 9 &


# Q h*N5
SLM

06:4
AA06

SLM
A03 Km1
g*!
A02 K2
A00 Km
+B # Q MU c=
A6 RF
VX 3

g # Q MU c=

0:4 0 =C.
V+ K3 9 *X MN

3f
( MN ;*: < 3 / E
IZ , - &; $ 8 #. P) ". Z $ (9
A 5$ ,5 4(# ' &#! (N#. , 4(# ' 8&! A $ (#) - U.
SML Z 5 $5 7$ & #F8 - - (N#. (. $ & 7&6 7;=. X>/
eXd ,- (59M # & #. & "#! H 8 78&#! S $# & 7;=. cP ,
V(#5) 756 ( " . SML Z $ (9 AeYd ,- (9M , (N#G L8G ^# 9
I & $ V(#) 76 ( C # # 8 - Z $ # #8 $
#5 & #. "# !& $ . B <8$ H) (N#. B <& &
I $ V(#) 4(# '& ( ' $ 4 =G qL. &
,5 \ GR Z $ H; , \ #JP $ V(#) , \
I7 G# 6 7 (#@ ; 7 # K (9+ R 4(#G - @)

V+ K3 9 *6 u MN G--F 9 r
SML

Œ-p K21

SML -e KM1
-0 F KM2
--
1P -‹
RF1

1P
Œ‚ RF
1 P

K* ŒC
Ci -i -‹ ‹i :$

3k
V+ K3 9 *6 u MN (G-CF 9 r
SML

Œ-‚
SML
-e

RF Œ‚

:$
-C -i - (

F5 + Z 5 C# ' #F $ V(#) 4(# ' L8S V([ , #$ i 78-


Q 5U8 C#! (5 W A7 #G 7)@& A > / A< 9 A7 F 7 # 7@ 1 # S
A 5$ 8 (#5) 9&5@ - &! , 7N 7&.@
I $ . B F8&! &#! H) (N#G (. L8G @98 . , # #&
I, # #- , $ V(#) 4(# ' A $ C#.; 4(# ' -? c P

5 ,# (. e d 1 , SML Z $ W AZ&# #- ,
eKM-RFdZ $ 4 =G AKm) 11%d Z (N#G (. Aof V # RF $
ebzd #5 & 5 #. Ao V #5 eZd @i < 8$ (N#. (. A o3 V #
#5 A 5$ V(#) HP - 7 #9 7 (#@ ; K (9+ * ) I I] V #
Io 3 L M eKm1d D#) = Z (N#G (. V([

3m
O.; \ SML Z $ & V([ Q \ >/ AJ# # & E > -
Wm-d ( (6 B (G Z $# 4 =G L M #J&& e d 1 , # D#) #&
756 Q 4 $ @+ < 8$ (N#. (. W E > 76 Aof L M eRf
< 8$ (N#. (. W A I] # & #. K 9 AZ @i 7& #& D#) 9
IV # A @+ . ^> ( #& ( (6 B (G
Kz1 = 7% + [1.0 (14%- 7%)]
= 7% + 10.50 % = 17.50 %

H5 e d 51 ,5 SML Z 5 $ , #F U9= 7 ! X>/


(5N#. (5. W5 A 5 \ #F W ebzd # & O #! Z $ S #& O ?& A7U9=
IZ $ 4 =G , C . V> $ V(#) , 4(# ' <& & ( ' (; < 8$
< 8$ (N#. (. D#) L M V([ $ V(#) ?& 789 X>/ , #J9P (&
*#5) L5 M V([ Q $ V(#) *#) W - #& I $ B
I $ *) B , < 8$ (N#. (.

(7 $8 !Q Š] > = )* c5 /p
(5. <# 9 E > 7 # C# # & L8G @+ L8G . ^> ( .
# & AZ #JP @+ C# # & ( #& #F&# 9 , # & 7 ; I< 8$ (N#.
, < 8$ (N#. (. W >F I7 8&! (N . , K(9 , C \ ".
4(#5GW& 5 ! 4(#G # & #. ( I#J& ! C (! #F ?& ^> #F9P
E 85 ,5 75)8 C#5.; E8 # ( G A7 8&! F #.; L8G 0j # & #F ;
I,P# , #F G ,8&!

]n
, #5 #& A7 # Z + #. E 8 b 1 E > CAPM ^> $ -
A(5N#. L58G 75 # Z ,5 #- - ! - #F& H $ 7 q (!
V>5 Z 5 - IZ 40#) * L8G ( . I#F8 # & 7U)9 , $
C#5.; C# 8. ") O ( F A - #\@ & ((G O (6
(56 A # -5 L58G ( ; V (6 AZ , 7 # Z + E 8 G
5 ! 5 =!G -5 5 I7 # C= #. Q # (6 A<N P
I $# ; A(N#G L8G 8P) A $ (#) / A7! $ ") & 7 # Z +
C#5 ( W A,.; SO (& 0Q Z 8 - + HP S #&
Z 5 + , CAPM 7 U , #F.P 4' 7;=G ( 6 & ( ? C (; 7 ! &$
75 ! !9 7 U @ 7 #9 , AE 7@ & Z - #J$#1 7 9 -+
X>5/ + J 5U #5F C#! &$ V (! , C81 7 U W AC (. H@ -
<#5 S A#5F (#5& *#) E> AJ# & 4 & ,/ A7N'6 8 78&#; S @+
I @+ X>F 0Q Z
#5F A @+ Z &$ 8 78&#; S7 # @+ ^> S #&
A7 (#& 7;=. X>/ <#. I(N#. $ $& #& Z8. !8 H# #$M (!
H&$ #& 7 # C ! ># ( G (N#. $ & 7 (#. #& G , > + 7 #9
I7 U , E= 4 - U. Q(/ L M @ , ,# ( (G#

]
V *Q 9 :
L MN3 4! h
75 $ 51 P ?& 7)8 ;?& + L8G @98 4#1 V L.
#F c 7 # 7 ' 4( , # (! 7 # #F #6# 9 $ $ & M b#6 #&
5FU 75 # C#& .@ W E> " . L8G + X>/ V( H * #) #&
>5F H5; ( 5 + L M c8 ^# 9W& 4?1 4 (M ?6#) # ( G 4 $ 4 @&
, 7 #PM L M ^# 9 4?1 " # , 8. , # ( # >W ^# 9:
7G (#@ G K9& 7 ( 78 # F1 7 O# E> L. & & F1
O& "?& ((G O6 Q (N( G + X>/ L8G @98 #F ( M ,
# M - #F & 7 #! 7 # 7 8 .& # ! H 78F L8G #F ( , N (&
I P+ (&
5 L M 76#9 ( 6 Q1 "$ S F1 LM ,# ( U >M # I
N (5& ((G { 7F6 # # Q8 4 @ W "$ S F1 , 7 #PM
,? K9& #& # ! O c O# , 4 ) @; # & #1# M 79#
O5 6#9 U 7 #\8 #) .P X' 7 # (G N (& E8 ! '=
$ $ #& # ! , , # ( 1 W B 7F6 + L M 786#.
5P ! E 51 5 - Q 5 & C; , # (! 7 # O #6# 9M ( (9 -
#. G F&8S #69M L M V([ # 4?1 4 (M 40#) B( , 8 9
I#F ) 7 # 9 7 #; $ 1 * LM ( . Q 7 !& 78! # 4?1 H

h#F > 7 #F 7$1 + ((G P 8 ,# $$ M


O5$$ >5 ) D 51 #F M ^# 9 Q , 7 # ( 69 ( (9 `
I7 8 \1 O6 &
'=5 + 69 D 1 ( #/ + 69 ( (9 `
I7 6 # (#@ O 8G @9

]
I76#9 ( G #F 8G (# G: , + (#@ P ( (9 `
C#5 8 G , 7 6 # 7 8 ( g 79# + ( M N# P ( (9 `3
ID 1
7$51 + ,5 , #5 $$ \8\ B( V L M FU 7!&# 7$1 + M
7! 7 6# : D 1 C (M # ; H 6 7 # C#6# 9:# D 1 8 B +
#5/ 7 N O! #G L8G H! V> , # ( (G + 7 #F , H 6 7 (
, 8 #. H 6 B( 7 #G <6 c& 7 #9 C # >M Z9& *.& ! #
B(5 <6 7 8 \1 7 #9 W A< 9 7 # 4 (: ( " D 1
ID 1 R & ,8 . <#. 7 8 7.&# #& O c Q# (!& , # (
h 8 & ,# ( 8 7 8 \1 7 #9 Z!9
#/ (#5@ 5 7 8 \51 C# 8. L8G @98 , > O . = `
I#F 1 #. 7! 7 6# : #1 L8G Q .
'5 75! !9 * .& , # ( < #6 V (: ' : = `
F #5U9= L58G @9 8 #. ( H 6 L8G D 1 8 , #
I / U C#F6 L M D# :
h7$1 + G 1 ,# $$ #6 7U9= ,\&
Ie + 4 (M + L8G @9 d 7 # 4 (s 7 ( 8! 7$1 + `
C#&#5 9 ,5&; T#5@ 5 #F L8G 4(#G #F M U , 7$1 + `
5& H5 6 , 69 4 \@ Cx1 ( (. E# / E > L M 7 #P:#&
G 8 Q 4(9 4 (M , C#&# 9 <; #G 7 # 4 (: #G
Z5 # 7 / C#&# 9 <; ,# ( C#@#@ M
I, # $ $ 8 7 '= @# . H 6 G qL. & #F &

]
Z QK3 9 5* 3
Q 5U H5 #@ @ 4?1 8 7& #& 7- # , . $ $ , 1) # >M
L M V'. 1) >/ & + 0'6 W A V(#@ ;: $#1 8 7&9#@ \ (!
# 5P Z # # A #/ @# G &Z (G $$ & # (G
c! > ) 789 , e 6+ 4 @! 78 $ d $$ ( (GM 789 , 0
I$$ (.
# #F8 . K 9& 7)8 $#1 $$ & (9 # #& (@!
>F #!&$ Q @ . 4(9 Z !9 O& (@! Z # (9 * S Z !9 9
4?1 # F= 7 8 G $$ HP #' Z # W L.
I7$ 9 7N & Q U , \ H Z) # & #F$$ (.
789 , O M ^# 9 # W Z # & 7;=. #& Z8. #
I> ) 789 , O M 76#9 ( (' Z # $$ ( (GM

]3
LMN ; = 95* 3
4?51 R 5& $5$ @# G H 6 &H6 P ,# $$ M
W5 E >5 6+ 4 @; 78 $ $$ X>/ C # 0 #F & 78 ( C#;=.
4?51 51 ,8 \1 R # & 7$ ( 6 , - ,# $$ , 0(& 7$!
I#/ ?&
#5P 5 ; 4 (M ( ( ( (9 78 ( R # & >/
C#. & . 69 1 , #F! !9 ,\& , RN# #/ < 8$ C= F
W5 U 4( 6 Cx1 , R # & #F $\ , 7 ' 4 ) E > /+
I 6+ $ Q(/ 1 , # N ( O G &. R # & >/
5 $ $$ 7 8 .& # ! , E 1 V> *.& E# / 7U9= ,\&
<5 # 7$ 7;( B 7# 7;( #& '# 7 8 . X>/ "# L8G 6+
C 5! H 6 ?& 0 [/ L8G ( #F $\ , 7 ' 4 ) $H # G
,$\ C ! X>/ C # 0 [& @ G L8G V $ 4?1 V 4 (M #/ (@ ,
,&& c , 7 # 7$ , 7 7 / ' & #/ 6+ 4 @; 78 $ 4
I &! #& [& 7& .@ C( ' # 8 7 N#! 7$ (. 4( (6 $$
w 6+ $ $$ , ,# ( C# #F M ,/ #
[& #5& (& O W C " 4 ,$\ 6+ $ $$ * )&
7 #. 7 (#@ ;: Q U O 8G Q # ,$\ , C#P : 7G 6 &
I4 ) ") = , # ~# 7G# @ Q U
Q 5U 5- B 5 + 7 #F ,9 *.& #P [& ,$\ <6 #
#/ #.5 ,5 7.; C \ 7 + ( L8G @9 C# # M 6+ 7 # .
5 S #& I,6 B A7 # V ; #. + C# Z Q U
5 H >/ M7# 7;( O@! #&.@ (; C \ X>/ *.&& [&
I7 #9

]]
#. C#/#6 #& Z8. # #@ @ # " Z Q U& [& W E>
7 (#5@ ; Q 5U W5 E > H # P #P &. + B( 4(N#)
*5\& 7 #6 4?1 V C# 8 G L8G 1#& S -? #F B + C \ N#
5 75G 6 H5P V 5P 5 - O ' V> $#1 D G U
ID 1 C# 8 G L8G ,8&! #/ -? & 7!8. C#P :
V>5 "# + - 7 #. 7 (#@ ; Q U #& 7!8. 7!&# C (! M
5@98 75 N= C#; + < (#@ P ( (9 , , # V( O 8G ( .
( 7 N <8@ - . >/ # >M D 1 7 '= 7 # C#6# 9 L8G
(5 75 N#; 7 . 7 ' D 1 ( (GM , ( C (! ") W ,#
$ 5$ 7 8 .& # ! ( G C# 8. ") ( C#&# 9 <; 7 N #/
I, #
7 (#5@ ; Q U #& [& "# L8G #/( (9 7 # C#6# 9 M
H5 ' $#51 R 5& ,8 @) ( (9 4 P <8$ + M & < 9 7 #.
R #5 & 56+ 5 $ $$ 78 G , 7 # 4 $ - ( (9 >/ #/> )
H #F #PM ! 4( (6 H8 7 . & C [& P (& $#1 8 ,8 @)
C=5 9 ,.85 R' , \ 78 9 4( (6 Z + 7 #9 Z ,
7 # C (. , 4( (6 C # - <8$ Q R # & >/ # >M 7 =G:
I 8 ,# $$ , 7 P4 $ - 6+ , 4(# '
( (5GM , H& 7;( B L8G 7 # C#6# 9 ( (9 , 7;( Q;
H5P ,5 75 8G#) B( L8G #/ (& ( . , ( N ; 7 . C# '
I4?1 $#1 ,8 @) R # &

]_
9E8 6 L MN3
6+ $ $$ 6+ @! $ $ &7 / 6Z (6
7 4 ,$. (; 6+ 4 @! 7$ # #9 , H& , 7! $ ( K9
6+ 78 $ 7$ ! 4(#GM 7 8 .& (& <6 C #9 H 6 , H &# 7.P&
75$ HP (.& C-(9 , Q U , C \ #& 9 , > ? #F # P E>
, 7 (! C# ' 1 4(#G > ? 6+ 4 @! $$ W >F 6+ 78 $
I$ $ 4 = 4?1 $#1 7 # 7 6 &.

LMN l :K *Kn Z QK3


5 . H5 6 C> L 9 b#6 #F P $$ 8 ( 6 ( (G: M
5! 75.6 =5 5 M Z!9 b#6 # #& 9 , 7 6 # 78 (
N ( + H 6 . >M 7$ > ) #F; \ , 4 ) $ -
b#56 # 9M W #. H #@ M ,G# 6 (F6& 7! 7! $& 7$ >) G
7 & #9 4 (: #/(. , 7 8 \1 RN# W E > L8G E1 D P c&@ 7$
W5 E5 > L M 7 #P:#& 4?1 , 8 #. ( H 6 # , <6
) 8 7P G C# 8. X>/ c&@ , # 9 & . 7 8 \1 C# 8. )
( . $$ # 7$ HP ( 6 & ,F $$ K9 +B
,# $$ # G?& # ! , 7 # 4 (: 7 N W C [& L8G # #
>5 ) & 7$ 9 Q U H 6& 4 (: X>F ˆ=&: = M #F& * F
75 8 ( 75 6 # Q 5U 75$ & Z&#$ # >M > ) 0(& > 7$
RN# H 7 8.) RN# 7!&#$ B( ( ? 8 0 (+ ! W $$ b#6 V P
C (! C # >M # G ( ? 8 V P &. ! >/ 7 / ! 7$ , 4 (!
H 7 # C (# G: 4(# ' #F8 (. <8$ + ,/ # ,!& 7$ 8 7 8@+
I# 9 &. (. >F& ˆ=&: W 0 (: C (.
* S K3
]f
P ' , ,# ( .6 + 4?1 C#6# 9W& 7 . M
IH ( $ 1 4(N#) . L8G F. * #) + V( & #@ K9
&+ ( ,? $$ 78 G = 4?1 8 7 8 \1 $$ ( (GM (.&
$$ E8 L8G Z#) s 7 '= + 4?1 C#6# 9#& [& / ,# (8
75;( Q# B & 78&! 7 # C#6# 9 (! , 1) 7U9= ,\&
>W5 '= - '= ; C (! E8 C # 0 7N RN# L M V([
C # >W '= - '= ; C (! E8 C # 0 7N RN# C #
Z59 C; , 7 #PM L M ^# 9 4?1 E> L. '= ; C (!
L58G # &8 -[ E > W L. & 7P $ 1& 7 F & #/ H$ (;
'= - L8G @9 W E > L8G 7 F #& T# ,# ( Q(/
-?5 , . >/ 7 8.) C#6# 9 G (' 7 ( S L8G 4(N# H ( X# .
I7 9& + / , # ( 8 , #- Q(F L8G #N
h \ L8G 7 # C#6# 9 #& [& , ,# ( 7;( Q;
(5 (9 7 # + 7 (& 7$! ,/ C#. & #& G#& 7 . & C [& 7;( B( `
I4?1 8 7 # 7 8 \1 $$ H 6
h, # [& , 7.& 78 &. `
, #5 #& C#5. & 4 (M T#@ 4(#G C#. & 7 ' ( (GM M
$$ N# 7& #& 0,1 ") #/( (GM 9 (; 7 ' X>/ * )
7 N= 78 # ,# ( L8G # ' c&@ - B + 7 8 \1
I, # [& 7 8 .& # !8
h # & 8 + * . Q
IC#. & 7 N 7& < 8 `
I (9 : < 8 `

]k
( * S K3 < )*! 5 4+ P 4 QK 2
,5 #5@ @ # ( 5 #5/ - , # [& < # $ & < 8 + >/ & .
`hL8G < 8 + >/ ( . 6+ 4 @; C [&
W5 , #5 #& C#5. & #& 51#& #$#& M $& 7 . 7 ' ( & `
7 C#. & 7 N 7& "# L8G #/ (! 7 # C#6# 9
I7 . 7 ' ( & (& , 4 -
I7 &#- U C#. & LM 7 . 7 ' ( & (& 7 N 7& `
h #-
h, # 9 L8G mm] & ( , V( . 7 1 7 . 7 ' FU
mm] & ( , 7 . 7 '
R N 7 $8
7*+' f* 7*+' f*
C‹‹ ‹‹‹ V<; # ' e‹ ‹‹‹ 4+ 6K
-‹‹ ‹‹‹ 46O3Q5 ' E Wg { 0e‹ ‹‹‹ 5l
C.‹ ‹‹ ) K e‹‹ ‹‹‹ f sN
e‹‹ ‹‹‹ 4+;*= ^ p‹‹ ‹‹‹ 43 *Y 7 $8
G <*$F
e‹‹ ‹‹‹ sB3O5 w* ' - 0.‹ ‹‹‹ 7 $8 a B5
- 0.‹ ‹‹‹ z ' R N a B5
7*
7 518 7;#$ L@; ; >/ - # nnnInnn 7 #P: 7 1 C#. & u8&
(5.& #59#& mm] #G , 7 1 C!!9 (; o3 <N P (.& c& { #/ u8&
3nInnn /#5 L58G C#. ' 0 6W& C #; # knInnn #/ (! <N P
I#F9#& o]n &! , /# L8G D' + 7 1 $$ #
(2 M
L M C( ' C#. & 7& 8$ 7 #P: 7 # C#6# 9: ,/ #
w mm_ #G , # I nnInnn

]m
(9 O
( 8 MN
, C#. & Q= #& Q8 H; , 7 . 7 ' ( & @ ,/
4(#5 ' 7 . 7 ' @+ ( & H 6 L8G Z&$ 4 $ X>/ W >/ # #9
5@ E > L8G ' C# & # > & 7 (! <8$ C#. & B
Z 75 ; ( ('5 H; OW 7 . 7 ' @ < #6 , & 7 &#-
b#5& + 75 ; ( ('5 #5P H; C#. & 69 4(# '& C#!9 E> H(
#5F o nn H ' & ! C; ") , #9#& Z!9 7 1 # #$ 4'6 9
IC#. & 69 4(# '& ( (' C( 4(#. F + W /# L8G
(4 >*Y MN
&. C#. & #& 1#& #$#& M $& , ( & X>/ P (6 ( (GM ,/
e p]d 5; (56 , 4 $ >/ cP C#. & 7 N < 4 @ , #F G
,5 4(# ' <8$ # nn #/ (! C#. & , 4(# ' V (6 >/ cP
75 . (#5@ 5 = <8$ @+ , 4(# ' X>/ # _m #/ (; @+
C#5. & 4(#5 ' H 7 N#!8 4 @& ( (' C#!9 E> H( Z H;
>5/ L58G # nn #/ (; C#. & , 4(# ' # ] u8& & D 1 ( '
5- ,5 o_m 5 # N#!8 4( + - , o ] b $& ! "# +
# nn #/ (! 4(# ' cP >/ o]3 @9 7 # C#6# 9: , # 6M
75 6 # (#5@ 5 4'6 9 b#& + 7 # C#6# 9M #F8&#! C#. & ,
I # ]3 #/ (!
,5 C#5. & 5 75 N 7& #F G &. 7 . 7 ' ( & *.&
I mm] & (

_n
R N 7 $8
4 QK f* 4 QK f*
Œ-‹ V<; # ' ŒC 4+ 6>
Œi ' E Wg { Œ-‚ 5]
46O3Q5
/ ) K ŒC‹ f sN5
/ 4+;*= ^ Œ0‹ 43 *n 7 $ <*$
/ sB35 w* ' Œpƒ 7 a B5
Œ-i R N a B5
4 Z
Œpƒ )*! 5 4 QKj 7 $8
Œ-i R N < 4 g*6 3 ;*+s G*^K5 * M5F
5 <*{ 7*+' 9j 5 4+ P 4 QK
Œie *^ + WB+ 3 )*!

L5 M #5 InnnInnn 5 ( ('5 H; C#. & W 7 #9 X>/ ,


, . C#. & , 4(# ' L8G o]3 7& ( M W , # #& # I nnInnn
C#6# 9: X>/ 0'6 78&#! # _3kInnn u8& + 7 1 C#6# 9M
C#5. & o3 u8& <N P (.& c& (. 7 1 C!!9 >W 4'6 9 b#& +
-5 7 1 * W& # kInnn u8& Z !9 , . E > W mm_ #G
_3Innn #F (5 L!& 5 7 1 W /# L8G 7 #F9#& Q@ H ' ,
>M u58& C#56# 9 , #5@ W5 C#56# 9: , # 6M 7 ! X>/ b $& #
I4( (6 F H& C( (@W& # M O 8G @9 # ]k3Innn
h7 # 4 @ L8G 7 (#. 7S# @
T "
eC` d ` e) ∆d ` e) ∆d } 76 # 7 # C#6# 9:

C#. & 7 N 7& @+ } p" hK 9


IC#. & 7 N 7& eC#. & \ & # N#!8 \ , d @ } pT
IC#. & , \ }) ∆

_
eC#. & L M 7& P (.& c& , #@ 7& d c& { #/ }
I #.8 4 (! C#. & }
Ie7& P (.& c& , #@ d C#. ' 8 7 N 7& }C
h,8 # L8G @9 # W V( . 7 1 L8G 7 (#. X>/ Z&$
`e nnInnnnd ] e nnInnnd _m } 7555 6 # 7555 # C#5556# 9:
IenI]d I nnInnndn3
Ie I nnInnndnIn d e nnInnnd nI]3`
_3Innn g _3kInnn }
I # ]k3Innn }
$! # In_nInnn mm_ #G G 4 (! C#. & =- # P >M
H5P >5/ L8G 7!&# 7 (#. Z &$ W e mm] #G , C # # G o 4(# 'd
h,8 # O 8G < ( (6
e In_nInnndnIn `_nInnndnI]3 } 76 # 7 # C#6# 9:
3 nn 3nn }
I # kknn}
#F (5 7 1 & 76 # <8$ ( : W 7 #9 X>/ ,
0'6 ( ( , /# 8 C#. ' 4(# ' , O ( # kknn X (; *N#
I4( (6 7 # - C#G 1 & # ! , #F (
#5 A + L M 76#9 4(# ' L M V([ C#. & C# D#) H;
4'56 9 b#& + ( #& #F8 7$ & C (# ' M AZ&# #- , FU
Z 5 76 # (#@ L M 7 1 0#6 4 P <8$ 4 & C (# ' M
I + #F #6# 9 L8G #F @98 7 # Z +
5 O8 H . B E# / ,. E> W L. &
I7 6 # (#@ L M 0 68 (& X(.& 7 8 ( (#@

_
Z&$ #$ & " C#. & 7 N 7& < 8 7U9= (&
75 #S ,5 F) # 8 G <8$ < 8 + >/ ( M M H; # 7 # 7! $&
h7 /+
I4?1 8 7 # + # 6 `
I4?1 @ & C#. & & 7;=. Z$ `
9 4 & 7 78 $ 4 & <8$ < 8 + >/ Z &$ W <& >F
C [5& ,5 < 85 + >/ ( P) O W O 8G O ( < #6 ,@ 1
&! , 78 $ 4 ) C [& , < 8 + >/ 7 / ! #& 6+ 4 @; 7 #
I (9 < 8 + # 1;# ( G FU <#& +

S K3 < ' O>A 2 R N3


' O>A 9 O R ^:5
e=- ' C#. & d \ & 7;=. B( 17 ( ((@& # >M
5 \ # F ( (9 # V # F & 7;=. X#6 M ( (9 7 8 89 7 9# # .$
H&#5 \ #& + \ >/ , # W t , \ K (9 , -[
5\ b=$@M + \ L8G Z8$ 9 , e# #- , ' / d( .
[& 8 # M \ >/ & 7;=. (#6 : (9 < 8 ( eC#. & d !
7 8&! K (9+ , 9 &! \ 7 . & H&# \ O 8G #&
I# F & 7;=. 76 ( # # # 8G >M
$#& M # F & # V O ( # F & 7;=. C # \ >/ ; # (@ >W
I ! $ 1> #F8- V> , # & $ # (6 #

_
75$! W5 c 9@ (9 ; \ >/ & $#& : # >M # M
5! X>F cP ,#& 1 , ! $ 9 1 \ ! 78-
C -[5 *5.& ( 56 5U U S$ >/ # 4(#G #1 : 1&
I \ ; L8G -[ , 7 P .
* 5\& \ >/ #/> # , ! #& 8 ,
/ . (9 : $ #1 $ , # # & #$ Z C -[ X>/ #/ 8
5\ >5/ 5& 7;=. - L9 (9 : $ , #/ <6 , $ 1
h,/ - Z(@
I$! ((G & ?& `
D 6 ‰ )@ V # O G ! C# 9 M C#.& D 6 `
(; ; $ >/ G ! C# 9 C#.&

_3
e"d 5 \ 7 (& eTd \ ; - $#! 7.& # ( t * )
hO (#. (9 $ Q @ & # ; I3T A T A T A T ,/
,5 9 D $! 0'6 ,/ ^ ! ,/ K 9d b • " }T
5\ ,5/ T A ! \ ,F " # 7 (#. C& - #F 8G Z8$ # 4(#G
!8 4 U# ! (6 e (9 $ d X# ! V> ! 8 B 4 ( . eH&#
A ,/ ! $ L8G 7.; e3T A T A T A Td 7 ! !9
k A Tk A TkA T
3T k

_]
#5/ 5& 75;=. - L9 ! >F - + HP cP
C#5 9 C#.& D 6&7 7 ; \@ # $. V> HP / - /#U
IL . & eTd #F 4 U# ! G eTd H&# \ 8 7 ! !9 !
K9 # ; } eT`Td R
k
e T` Td• ke T` Td • ek T` Td } eT
k TdR

# ; } e3T 3Td•
$5 d Z ! O E> L. )@ } eT`Td R # >M O cP
IZ (6 O 8G 7 ! !9 $! H 6& e (9
h # (#. = ^ A C& - ;^
eT R •" R d T " 56
e" R d " R
! ((G e d K 9
`
" ` `T }^
TR `
}T / T \ 8 ,&# 9 $ TK9

_
"R
}" / " \ 8 ,&# 9 $ "

(7*Y5
h7 # C# # & E ( C >M
GI 8* F f sN GI 8* F )*! 4KQ
33 nn m
3k nn m
] nn m
]_ 3nn m3
_n ]nn m]
_3 _nn m_
(2 M
I nnn 7 H; ' 7 ; <# 9
h 9
C
z Dz f sN GzF )*! 4KQ
GDF
nnnn 33nn 33 nn m
3nnnn m_nn 3k nn m
mnnnn ]_nn ] nn m
_nnnn 3nn ]_ 3nn m3
]nnnn nnnn _n ]nn m]
_nnnn k3nn _3 _nn m_
m nnnn n3nn 3 nn

_f
eT R •" R d eT " R d
}e d (9 : U9=
e" R d e " R d
e 3• nnd g e n3nnd_
}
e nnd g em nnnnd_
_kn33 f 3nn
}
33 nnnn`]3_nnnn
3 nnn
nIn3 } }
n]nnnn
TR TR
e • d` }^

nn 3
e • nIn3d ` }
_ _
3n } 3 g ]3 }
$5 K 9 C# 9 : C#.& D 6 7 ; \@ ( ? #& ^ A C& -8 ! X>/
h,/ O (#. (9
^• " } T
3n• " nIn3 }T
'5 #/>5 7 ; V?& [& 7!&# (9 : $ 7 (#. 7 . &
5\ #/ #& G#& e"d C#. & 7 ; #/> 7 ; V ( G H&# \ #& G#& eTd
} X (5! C#5. & * 5\& nnn 7 H; ' O 8G !
h / nnn
3n • nnn •nIn3 } T
I # Q kn }3n • 3n}

_k
(C7*Y5
75.; #F C#. & 69 ( (9 P9 #& 7 : C#G# @8 7 #. 4?1 !

)*! 4KQ h7 # C# # & H; mmf #.


0‹ -ƒƒ‹ (9O
-. -ƒƒ-
0C -ƒƒC
CC -ƒƒ0
C. -ƒƒe
e‹ -ƒƒi
e‹ -ƒƒp
C
Dz z z )*! 5 zG) KQ F
GDF
ƒ‹/ ƒ 0/ 0‹ -ƒƒ‹
0p/ e C/ -. -ƒƒ-
0C/ - -/ 0C -ƒƒC
:$ :$ :$ CC -ƒƒ0
C. - - C. -ƒƒe
.‹ e C e‹ -ƒƒi
-C‹ ƒ 0 e‹ -ƒƒp
‚‹ C. :$ C-‹
eT R • " R d eT " R d
}
e" R d e " R d
3mn n• )@ fn•f
I] } }
m_ )@ k •f
n TR
n }^
f
^•" }T
n • " I] } eTd mmf >M
n • 3 • I] }

_m
3n } n • n }
I mmf #. C#. & 63n }

fn
5*Y 9 :
7* z ' 4: 2*Q 4
b 5! 5&; + E > A !& 1#& #$#& #- : ; $&
Z!9 V # - D 1 E# / # >W b ! E> 7 ) L8G Q; V #- :
75)8 ?5& O8 O (! V # - D 1 >/ # o _ X (; (N#G
X# . >/ M K 9 , # U * D 1 >/ W o m #F 8G @9
75)8 C5 # 8 c 9@ " . ! >/ 76 /( D 1 <9#@ 4 -
7 9# # 8 #/ D 1 W o ,/ D 1 #F& , # "
ID 1 <9#@ 4 - (' O+ 7 #
- O M # 8; @ (. 7 (! C#! ( 8 7 #9 ! ^ (G #8 . (!
Q5 7 . + (! eV # - : D 1 #F& , d + 7)8
I + D - E# / # >M # + 7)8 ^
7 #5 C #- : #6 , # " 7)8 # . M 7 / L8G 4 =G
,5 # 5 N = #G # " 7)8 & . =- B * S+ #P . #F M
C5 &- & 7$& E8 C ( (( #& 7@# C ! 0 1 #6N C ;
C# 51 , H Z#$ L8G ( #F # ,# " , ( 7 /#
C #6 , C # . #/ S $) C# 1 0# 0#& F - 4 & 7 #.
I, # #- :
5 75)8 Q58 # #F # - 4((. (#@ L M Cx1 ?68
75)8 O5 V> N= (@ 4?1 # >/ t (@ G (@
#5 75 . 7)8 #F 4'6 9 b#& +# B C #& G < #6 L M ; # "
796 7) #F ?& # " 7)8 Q . C ( E> 7)8 7)8 7 & * !8
I (#@ (@

f
E8 c 6 - (@ 7& #& # " 7)8 (! & ! ,. &$
(#@ 7)8 # . 6 >M (#@ (@ <@ H < # # & 7)8
, # + * \ # " 796 7 # 6: 7)8 L8G , # #& @9 # W
5&! K5 9 5 H #1 ! #. #F ( M / # " 7)8 (!
I*

7* z ' 4: j 2*Q
(5@ + L8G @98 (@ - L M 7 1 #& #S ?68
#F )8 B 7 &#- 7)8 9 # #F 4 \ 7)8 9 # #F 7)8 7)8
7)8 <# 9& ! # " 7)8 <# 9 # '8 7 (& 7;( O6 L8G 7 .
5 + 7)8 <# 9 L M #! - C# 8 . #/'69 , 7 #P: +
#5 " 5 7 # 6: 7)8 78 G # 76 # (#@ #/ &( ,
h7 # C $ , #F@ 8
=- , # " ' / Z !9 #F # . <6 + (#@ ( (9 `
* 5; C(5 (5@M F + H& Z $ G (@ /
I (#@ X>/ *.& $ 8 ,/ E & 4 1#&
5P + 5 # " , O @9 0 P , (@ 7)8 ( (9 `
75 8 G F5 < 8$ u8& < #6 L M 7& 1 L8G 7)8 X>/ #FUM
L8G ! , 7 #9 7 ! <# 9 , 7 ( : (N#. C (. H 7 #!
I<N P H ( (.& 7 (! C#! ( , #@ "#
K5 9& 7 ( 5 5+ (#@ (@ 7)8 ' +#& c 6 `
5 75)8 796 ' + D 6 $ L8G Q#$ 7 #F , @9
I # " 796 7 # 6: 7)8 1 V> 7 ( (#@

f
(5@ 7)8 <# 9 L M ! - 79# + (#@ ( (9 & (& # 8G (&
h7 t + (#@
I 6+ 4 @; ( `
I 6+ 78 $ ( `
I4'# F + `
I4'6 9 b#& + `3
I7 (#. F + `]
I (#@ X>/ 4(9 L8G (#@ # " 7)8 <# 9 7! $ ,8 #
h ( 7)8
O5 8G @9 N ( H; V> (N#. (. #F ?& ( 7)8 Q .
5U 75F6 P ! &; F ( &#! ( ( (G 9 # (G
I 6+ 78 $ B 6+ 4 @; ( E# / 7 '

(9E8 Xf + 4: j
(5 L58G 4(N#) . (. #& 9 #& > + <6 ( 7)8 <# 9 ( G
(8 7& #& #F8&; " <N P H ( (.& O8.6 V 6+ $ @; # 0
75 ' ,5 FU # 4(#. 4(N# . 9 V> D E >& , . # W 6+ @;
75 N ( > C#!9 - 7 ( C#& 8$ < #6 , C#&# 9 *.& 7 1
75)8 <# 9 ( G (#@ &. C#& 8$ X>/ - (N H ( #F 8G <
7 1 ! ,. &$ 4(N# . 9 , 6+ 4 @; ( # # "
E 5& ! # - #. = 4 7!!9 +#& #F. ( , 4(N#) 7 #! &
>5F& E5 & ! # (G * ! L M ,;#& H ( ( u8& # (! 4(N#) b $&
B(59M C8@9 >W 8. 4(N#) . & c&@ ,! !9 4(N#) . W 0 6:
= "# L8. 7 4( o_ 4(N# . & # nnnn 4 (! * ; L8G C# 1
I$! # m3nn u8& E & # 8 Z&#
o_Ik / ,! !9 4(N#) . , # #&
f
_n
_Ik } e nn • d
m3nn
u58& # (! 78&! 7 ! @ & ! E& L M E > , <& ( .
I7 #9 7 ! * ! 8 H ( # & (
(9E8 9+ h + 4: j
O58 9 V>5 (5. >/ A7 (N )& * ; L8G 4?1 @9
O5& 5 9 V #5 8 9 ( & & . (N ) A7.$#; 4 @& # (! Q . 4?1
Q 5@ V ?51 E > , (N ) ?1 <N P @ &; N# b#& + <# 9
#5 6+ 78 $ * ! 7)8 <# 9 ( G #& 9 , E > > ,\& V( M
I#F8-#
<N 5P8 H (5 #5 W #P (N ) <N P &; < 9 (N#. # #
h G 4 #&G 7 ! !9 7)8 (N ) (.& ,!& L8G < 9
7& P C 4(N#) . } 7& P @ (.& ( 7)8
(E eCd (E }
eK` d (E }
V(9 (. # o n 4(N#)& ( L8G @9 7 (+ 7 1 # W& # >M h
w7 9 7& P H ( (.& ( 7)8 ,/ # o3n / 7 9 7& P8
eC` d (E } 7& P H ( (.& ( 7)8 h 9
enI3` d n }
enI_d n }
o_ }
/ 7& P @ (.& ( 7)8 #. L M Cx1 G( V> <& M
C#5!) (5N ) # & 7& P @ (.& 7 (! C#! ( L8G ( . F 7 ; 4(# '
(5 7)8 c&@ K 9 (8 7 #@ 7)8 *) 7& P C ( #F W @ 8
75 (! C#! (5 K 9 7& P @ &; ( 7)8 ; 7& P @ (.&

f3
4#G ) + X#6 #& 4(N#) . (. (! 78-# " L8G ( (N#. C (.
I (8 78P) 7 & P 76 #.
O& ( @! " ( (6 ( L8G 4(N#) . ,/ ( 7)8 7U9= <6
,5 O # . 7 # M, - ,# " 7)8 & , N # # / + (! ( L8G
L8G @9 #& T# !# 7 # C #- #& 7$& C ! >#
IC#. 0 6M 4( (6 C (+ C t 0 1 4( (6
Q58 75 O( ( =- # !&$ 6+ 78 $ ( 7)8 <# 9& # (& (!
Z $ G * ;: ((. ( # = 8; <# 9 7! $
, #5@ 75 #! # 8G <6 6+ 78 $ ( (#@ (@ C( (@M
,5 (5 7)8 <# 9 C ( (@M #F 8G @9 H; 7 (! C#! (
4(59 7. ( # M #F 8G Z) 7 ' 4 = #/( ( K 9& 7 1 L8G # ' 1
Q F1 7 Q@ # 7 # $# ; L8G Z#!9 (G (G
h * L8G ( D >/ 7)8 <# 9 7! $ c P 7)8 78- (
I # #& 7 4(N#) } Q
IC #& e ( d ( 4( }
IeQ #@ 7 + 7 ! d Q #@ b $ (.& ( H & . }"
IO ( 0#F M ( G ( 7 ; }Z
I7& P H ( (.& ( 7)8 }E
I7& P H ( &; ( 7)8 }(
h, # 9 L8G ( 7)8 7 (#. 7S# @
" Z
•Z }E

"•Z

(7*Y5

f]
4(5 ( # nn #/ (! 7 7 !& C ( 7 (+ 7 1 C (@
Q #5@ 7 51 C8 9 (; 7 + #F !& C ( X>/ H && #/(.& ! C ]
L8G 4(N# (. o] o3n #F & 7& P H ( 7 + 7 ! o C\8& (@M
IC ( X>/
(2 M
weC ( d ( >/ 7)8 7 .
h 9
emk nnd
•]}E
]
nn•
mk• nn

]I3} f}
nn• •]}
mm ] ]

mm mm
o]I3] }
o I f } enI3` d o]I3] } <N P H ( (.& }E
L5 #- : # Z , # ( 7;( - B 7! $ (6
# , 7 #9 7 ! (6 # . #& ! 7! $ X>F #!&$ 7 ! 7! $ #&
^ 5 M ,5/ # P . , 78 1 C( 7)8 7;( - 76 LM @
75 N#F 75. ( #5 I f #/ (5! 7 C#G ( .6 V> 4(N#) .
(6 ( M '8 # / # mk ,/ 7 #9 78 ( 7 (! C#! ( V # # nn
I( # L8G @98 7 #9 7 !

f_
(C 7* Y5
.5 & C ] 4( # nInnn 7 !& ( C( 7 (+ 7 1 C (@
7& 5P 4(#G 7 1 H ( ( 7 ; o (@: Q #@ C\8& (; o] 4(N#
7 5 + #F ; < 9 C ( (( & ! / ( $ 1 # o3n #/ (!
I7 # 7 $# ; L8G
(2 M
h ( 7)8 <# 9
(9O
(@: Q #@ ( 7 ; } C( H& 7 (! C#! ( , #@
# mknn} nn` nInnn }
# nnn}]€ nInnn } Z9 V $ !
h,/ 7!9 7 4(N#)
G;F 46O3Q g*: 5 63 ˆ g*: ! 4KQ
7*+' +
i‹‹ -‹ ‹‹‹ Œi -
e‹‹ .‹‹‹ Œi C
0‹‹ p‹‹‹ Œi 0
C‹‹ e‹‹‹ Œi e
-‹‹ C‹‹‹ Œi i
} 7& P &; ( 7)8
nn nn nn 3nn ]nn
] • 3 • • • }mknn
e(• d e(• d e(• d e(• d e(• d
.5 7 # ( 7)8 V # #F $ (6 7 (#. <# 9 ( G
I4(N#) . #F ) ,/ ( 7)8 B 4 #&.& 4(N#)
I,8 ( (N#. (. 7! $& #F6 7 (#. , e(d 7 ; #
I]nn
IC#! ( $ / # nn} }H; V (N#.
]

ff
mknn
7 3I _ } }( ( 4
nn
H! 3I / #. < ; (6 C#. (8 7 #9 7 ! (6 L M D 6 #&
7&5 ( G )@8 7 # C#! ( 8 7 #9 7 ! , #@ , # #& o_ ( G C9
I7;( O6 L8G o]I3]
enI3` d o]I3] }7& P (.& ( 7)8
enI_d o]I3] }
I f}
7.) 7& P <# 9 (.& ! ( 7)8 7U9= 7 F &
(5 7)8 & 7 1 F > / 7 1 #F!!9 , b#& + L8G 7& P <# 9 &;
#/ #& G#& b#& + @ ( L8G #F. ( , (N ) + 7& P H ( (.& &;
C# 51 5P) <&5 >F ^# : 7 8 G Q # P ( 7 8 \1 Q #@
,5 ( , 7)8 78 8; ( (#@ / (@ >/ + \ (
C#&#5 9 X>5/ - L M C# 1 ?68 T# O6 & 7 #G #F <N P <
I<N P #; #/ , # ' 4(#) Z !9

( _*3 ^ 8 4: j
7 (#. F + & 7P ! + & #F . &$ 7& #& H! 4'# F +
7 ( u #& H (& 7 1 L8G ((9 #$#& 9 * ! - #F8- 4'# F +# A
, F + ,;#& L8G 7 8P '# #F 4'# F + W 7 )@ 7 #9 , d 7 .
Ie#F ; (
b#5& + C#5. ' H ( (G , * ! G Q8 4'# F +
( (5 (G ( G #9 /# "= M L M V([ e (N 7&#- & ,/ d # ( 4((9
5$ - * ! $ ; 7 18 7& #& 4'# F +# E > L8G * !
I7 (#. F +

fk
C #- L8G 7& <6 (N#. (. #F ?& 4'# F + 7)8 Q .
>5/ 75 (#. F + 78 9& 7$& < # -? 6 4'# F ?& 7
5N V> ( , #@ L8G # ! '# F 8 D' c& H; , / (.
I ( (6 '# # F #F. & 76 7 18
(9 F 8 D' c&
}F 7)8
( (6 '# F H & , #@
G-F(7*Y5
b#& ?& # nn 7 !& #- (9 #F (@ , 4'# #F F 7 1 CG#& >M
4'# F 7)8 W <# + 7 G @ (.& # nn X (; . & # #/ (;
G 4 #&G
#
o }
nn

GCF(7*Y5
,5 X .5 # & '# F L8G # n X (! # #9& 7 G# @ 7 1 (!
75)8 <5 9 < 58$ F # I] (@: Q # C (; # nn Z
IF
(9O
'# F 8 D' c&
}'# F 7)8
(@: Q # `'# F .

n n
nn• } }
3fI] I]` nn
o nI f # nI f}
7 & 5P C= (. V (& C 4'# F + 7)8 <# 9 7 8 G U9=
5@ 8 758&#; S ( L8G 4(N#) C#!) " . L8G 4'# F + b#& +

fm
( . E > , <& '# F ( #& 7$& 7& P C (6 , # #&
# & 7& P8 HP , u #& #F9 $ 7)8 #. ( L8G (N ) LM
5 5& . b#5& + #F @ 4'# F + 78 6 L8G 7G' b#& +
IQ #
( sB3O w* '8 4: j
75 C # -5 L8G O& <6 (N#. (. / 4'6 9 b#& + 7)8
I F + L8G - O.; V> (N#. (. # # K 9& 4'6 9 b#& ?&
(7*Y5
F5 $! (9 # #F D' F 8 (N#G # Z!9 7 1 * )
#F F #. #F #. ' 7 1 b#& U9= # n (! & F D#&
I# o] (. & ,
I7 #F # LM >/ U
h,8 # F L8G H; (N#. (. <# 9 C# # & E8 0 P ,
H; (. } D' c& }< 8$ H; (N#. (.
F H& .

# }
o n}o]•
n
5/ ,85@+ .5 L8G o] / F + . , H; (. M
IF 7 ; , (9 # #/ (; 4(# ' L M V([ # / # n
O -5 # 7 1 C'6 9 >M Z!9 F . , 4(# ' X>/ M
(N#.& ' 69 # 7 1 C - >M O M e< 8$ H; (N#. d o n (N#.&
5/ #5 # n" # nIn] ( (6 (N#. E> L. W o] X (;
o] " 5 75! !9 , o I] X (; #G#) - e # nIn]nd (N#. >/ M H;
I # I n H; < (& # In] ,/ ( (6 < # c&@ K 9

kn
L58G o] X (5; (N#G &! , Z!9 7 1 M - (! G >W
,5 U ( . F8.6 E > W o I] (. & Z!9 , # #& 4'6 9 b#& +
h, t# F 7 ;
F 8 D' c&
} e"d H; F .
H; (N#. (. •
e (. • d • e"d H; F . •
H; (N#. (. •
In ]•" #
• }"
I n I n
" In ]•
} " I n
I n
# } " In ] " I n
# } "nIf]
# I] }"
H; + # I] L M # n *) O H; F . M
E58 5 + 7)8 ;?& 4'6 9 b#& i # / 7 8 #F - 7 1
V '56 9 #F9#& CG' 7 1 K(9 # ># # / [ b#& +
I0,1
I )@ L M (. *) L M V([ 0 6: >/ M hA
@
L58G (5N#G o n L58G 8@9 - + *) F . M (*@t >*n
IF #-
D' c&
(. • } #- L8G (N#. (.
F H& .
o n} )@• }

k
n
,.; # - : L8G (N#. c&@ 7G' b#& 4 @, (N#.
I< 8$ # - : L8G (N#.8 #
(7*Y5
F5 + 7 ; 5 75 ! # ] 7 !& F b#& D' ,96 7 1
5 75)8 < 9 3 H & Q #@ of b#& + (. # kn } 7 1
w4' 69 b#& i
(9O
F D' c& w* '8 4:
b#& + (. •
Q #@ g F H& . • _ BO

]
o I]}nInf • }
ekn•nIn3d`kn
(4+;*! ^ 8 4: j
D ( c& F <@ , 4?1 8 7& #& V(#. F 7)8
> ? ,!$ O W E > 7!9= C = b#& + X>/ H; K9
h7 # 7 (#. #& 7 (#. F +#& 7)8 < 9 b#& + (. #& G:#&
V b#& + (. • F H; c&
}V(#. F 8 7)8
(@: 7 G Q #@ g F H& .
G-F (7*Y5
# k H& (@: 7 G # 3_ . & H &8 * . # ]n O ; V(#G F
C 8G >M 7)8 (6 # 3I ] 7 7G' b#& + F <@
Iof b#& + (.

k
(9O
}V(#. F 8 7)8
F H; c&
V b#& + (. •
(@: 7 G Q #@ F H& .
3I ]
#& ! o _Im_}nInf• }
nIk`3_
GCF (7*Y5
7 51 H5; # 3 ,; X . C # 7 + O ; V(#G F
(5. & 5 b#& + # ok H & Q #@ o ] (. & F #9#& D'
I 7)8 (6 ok
h 9
]
# ]n} • }F c&
nn
nI]n
o n]m}nInk• }V(#. F 8 7)8
e3•nInkd`3
hF (N#G
h7 # " #! (9?& V(#. F (N#G "#!
I7!!9 b#& + V(#. F <@ `
I7G' b#& + V(#. F <@ `
I F 8 V #6 c& `
I0# ;: 4 ) c& `3
h7 # 7 (#. O6 M 7!!9 b#& + V(#. F <@
`
(#. /# #& T# b , #@
}7!!9 b#& + V(#. F <@
7 (#. F + ((G

k
W5 75 /+ X>F U F . V(9 , # #/ ( "# ! >/ <.8
#/ #G O K 9 O / H6 O. L8G .8 #/(F6 L@; >& C# 1
I . F , # - :#& X ; ># ( G #& G - > ? G 78 6
G-F (7*Y5
u8& /# Z !9 D 6 # Q ]n <N P (.& c& , #@ # >M
75 (#. F5 + ((5G ?& # 8G o c& 4'# F Q n #F # Q nn
I F Q ]n
(2 M
I7!!9 b#& + V(#. F <@ ^
(9O
b#& 4(#. F + 78 6 T #

# 3_3nn} • nnnn ]nnnn }


nn

4'# F + 78 6 < @ # _nn} • nnnn K9


nn
3_3nn
# m k} }V(#. F <@ >M
]nnnn
h7G' b#& + V(#. F <@ `
^ 5 O5 U)9 ,5 b#& /# O 8G @9 Q # 1[ >/ " !
h7 # 7 (#. #&
}7G' b#& + V(#. F <@
(#. /# L8G H ' 8 4(. b#& +
F + ((G
, V(#. F 8 O + 7 ! < P& 7G' b#& + F < @ (#6 M
I#F G 8. H' 7&

k3
H5 75!!9 b#& + V(#. F <@ V # V P "
,/ 7G' b#& + L M Q= : H6 7G' b#& + V(#. F <@
C#5 $# 9 51 L8G b#& + X>/ 0'6 L!& K 9 7!!9 b#& + 0'6
5& 7!!9 b#& + V(#. F <@ H; E > 4 ( b#&
I7G' b#& + O& @
(7*Y5
75 (#. F5 + L8G #9#& o n D' e d #- , 7 1 C( >M
5 V(#5. F < @ < 9 H& (9 # V(#. F 8 7 + 7 ! C#
I7G' b#& +
(9O
I ]• n
}7G' b#& + V(#. F <@
# nI ]} nn
hF V #6 H& `
X (; < 9 F F 8 O ! 7 8 G , 7 /?& "# ! >/ L M - U
h7 # 7 (#. #& "#! c& ( L8G F 8 # - - O. ( V> (9 #
7G' b#& + V(#. F <@
nn• } F 8 V #6 c&
F 8 7; 7 !
>M ,5 . >5/ O 7 ; 7 ! V(#. F H& &7 G 7;=G (6
V #6 F H& & 7;=. # V #6 O. ( ' V(#. F 8 7; 7 ! C@!
5! C ( L8G 4(N#) (. H) >M V 7 ( $ 7;=G C ( L8G 4(N#) (.
<&5 & F i 7 ; 7 ! *) # C( 0 1 * \& F F H && -
L!& D' c& O& @ + F H& E >& H) F + * . *N#)
I7 = # &#-

k]
(7*Y5
Z 5 ,5 D#& "8 enIn d 7G' b#& + F <@ # >M
hV #6 7. ^ e d #- , 4( C# 8. ( W& # 3I ] . &
(9O
} F 8 V #6 H
nI 7G' c& + O& @
o]I f_} nn•
3I ] Z , X .
h0# ;: 4 ) H `3
(N#. W E > (.& O. & ( - . u8& & ( #F - V 1 # (G
h / F 8 eO = d ON# ; 4 )
}0# ; 4 ) H
4 ) = b#& OP&; (; # •e0 1 . `H & . d
nn•
0 1 .
(7*Y5
7 1 CG' (; # 3 . & eDd 7 1 F #F - B 1
O 5 + 7 ! ?& # 8G # _ . &OF - D#& - of #F (. #9#& eDd
I0# ;: 4 ) H < 9 # V # 7 1 F
(9O
}0# ;: 4 ) H
b#& OP&; (; # •e0 1 . `H & . d
nn•
0 1 .
nInf• •e 3` _d
o mIfm} nn• }
3
h,8 # b#& + C& 9 (;
I"8 nIff } eH ' 7& d nInf • 7 + 7 ! d
(7 5} 4OE 4:

k_
" 5 - / L8G 4?1 @9 K 9 i 7 # 6: 7)8 <# 9
5- + F Q . 7 (#. 4'# F + ( $8 < V> #
b#5& + 75 (#. 4'#5 F5 + (8 7 N < D 6 O ?& # "
7 &5 7@9 7)8 ,F # " 796 7)8 # # " 7 4'6 9
I # " / , # 6M C#
" / Q(F 7 $ 7 G# @ 7 1 * ) E> cP
h,8 # #
o3] E & ( (@
o 4'# F + (@
o] e7 (#G F •4' 69 b#& dV(#. , # " (@
nn }D 6
o n 7& P &; ( 7)8
o_ enI_d o nn } e7& P 4(N#) d 7& P (.& ( 7)8
o nI 4'# F + 7)8
o I3 e4'6 9 b#& • 7 (#G F d V(#. # " 7)8
" 5 796 7)8 <# 9 + # # W& o3n / ( (6 7& P (.
h,8 # 7 G# @ 7 18 ( (6 #
e7 ( 7 ! 7! $ d h( (6 # " 796 7)8 $
4OE 4: ' 5 4: j 4 *Q5 4 Q> 9+ 3 ' 5
C’- GCF 9+ 3 G-F +; ' 5
C‚ Œp Œei f +
‹C Œ-‹ 0 ŒC _*3 ^ 8
‚- Œ-0 e Œi0 ;*! 7* z'
o n / 796 7)8 $ nn

h,8 # 4 1#& i 796 7)8 <# 9

kf
e I3dnI] •e nI d•nIn }enI_de nd•nI3] } i 796 7)8
7 51 O5 8G 5@9 # , . 4 @ X>F& # " M
F5 # 8 n 7& P @ (.& o_n 7)8 & ( "8 3]n O8&#! 7 $ 7 G# @
75)8 & e4'6 9 b#& • 7 (#G F d V(#G # " # 8 n o nI 7)8 & 4'#
Io n ,/ # 796 7)8 $ o I3
#5- , # # " 796 7)8 <# 9& 7!8. N# 9 (G
h7 t Z $ 4(9 L8G (# G: Z&#
I7 1 7 ' , 4 /#U 7 & #9 ! V 7 ( 7 ! 7! $ `
7; 5 7 ! #& (@! 7 # C( Z + Q8 7; 7 ! 7! $ `
C( E> F + 7@# Z , (#@ (@ 7)8
#F& (@! 796 7 ( 7 ! # 7; #F ; , C#&8! 8 7P G #F
I7 1 C=6 , #F ; < 9 7 8 ( (#@ (@ 7)8
.5 # W 7; 7 ! 7& ; 7 ( 7 ! C # >M 7 #9 X>/ , d
Ie7 ; 7 !8 #. 7 ( 7 !
,5 (#@ (@ 7& ' + ( W& H 6 7! $ `
(#5@ 8 75 N 7&5 - 7 (9 ' + # , #9 7 1 # "
75 #9 , 7! $ X>/ . #/ # M7 1 V , 8 7)8
I # " 4(# '
G-F (7*Y5
h7 # C# # & 7 >S+ H @ ;#. 7 1 C
4X Q 4 6 4+ 3< 4 6 9+ 3 ' 5
ip‹ ‹‹‹ p‹‹ ‹‹‹ f +
0‹‹ ‹‹‹ 0‹‹ ‹‹‹ _*3 ^ 8
pC‹ ‹‹‹ i‹‹ ‹‹‹ 4+;*! ^ 8
Cp‹ ‹‹‹ C‹‹ ‹‹‹ sB3O w* '8
7*+'- ‚e‹ ‹‹‹ 7*+'-p‹‹ ‹‹‹
(2 M

kk
I7 ; 7 ! 7! $ ( W& # " 796 7)8 <# 9
(9O
e7! 7 ! 7! $ ( W& d # " 796 7)8 $
z 4 * E 4: 4: j 4X Q 4 6 9+ 3 ' 5
7* '
Œ0‹ . Œi i ip‹ ‹‹‹ +
Œ00 p Œ-- C 0‹‹ ‹‹‹ _*3 ^ 8
.0 ‹. Œ-0 e pC‹ ‹‹‹ 4+;*! ^ 8
0ƒ Œ-i Cp‹ ‹‹‹ sB3O w* '8
-.p e. - ‚e‹ ‹‹‹ a B
} # " , # 6: 796 7)8 $
k_I3k
o nIf f}
If3n
GCF(7*Y5
L58G O5;#) : #5 I nnInnn (5! & #F # " 4(# ' 9 (&G 7 1 C ;
<# 9 < 8$ #F. #@ , ^# : $ $ L8G #/> ) 7 1 V , C#.
C#5 # & 5 ( G 7 (9 ' + 7! $ ( W& ( (6 # " 796 7)8
h7 #
(9O
4 * E 4: 4: j G0F 4+ P 4 QK GCF ˆ 9+ 3 ' 5
4OE e' G-F
i‹ e’0
ŒC p Œp i ‹e e.p‹‹‹ f +
Œe C Œ-C ‹ 0i eC‹ ‹‹‹ ^ 8
ŒC e Œƒ i ‹ Ci 0‹‹ ‹‹‹ w* '8
sB3O
Œƒ C ŒC.

km
mn
V *3 9 :
) '* Y3 6
(45 65
V ,5 # -5 $& # N ( X(6 e # G+ 6 d - O E1 #
C# $. . 0 P , b#& + D 1 E > O!!9 # (! ,G# @ D 1
5 (; L8G ( , C#G 1 QU # F 4(N# 7 (#@ ;
C#G 51 # ! 7 ( (G 7 # #$;: L8G Z&$ 0,1 ") b#& +
$ 51& b#& C#G 1 E8 O!!9 # #& G , > ? #F 8G <6 7 G# @
I 9+ #9 V?& 7 (#@ ; 7 9& <# 9 L8G c& E > Z !9
> + , C 1[ / 7@# C # - i 7& #& c& &.
C#G 51 40#5) L58G 5 9 ( G 7 G# @ C#G 1 & # ( G #F&
I#F! !9 - L. , Q (/i 7 G# @
Z !9 <8$ T# #- c& (; & Z !9 7! !9 ,
#P <8$ c& (! >/ Z !9 7 . 4 = D 1 8 4((9 Q (/+
4 P #P <8$ c& (! >/ Z !9 7 . 4 = D 1 8 4((9
*) V 7 1& 7 # ( 8 ( ;?& 4((9 Q (/+ ˆ 8& L8G .
I^# : C#!)
756#9 ' 5& L5 M V([5 #- c& (; & Z!9 M
O56 5& #5F. ' D 1 Q # Z& (! C#G 1 & # i
D 1 7.; C( : (! O #6 #F8 9 D 1 8 7)8 7$1 +
I7 #6 7 9& 7 9# #F8P # C#G 1 & 78P#) V 6 -
5U ,5 C#G 51 & P) , O M( V> c& F) #
, #5 6M b 5$ ,5 . V>5 ,& #9 c& , #@ F) / 7@# C #- :
5&. E > < 9 O # 9 4( = D 1 #F!!9 , 7 8 C( : Q #
C# (5 L58G 5@9 &#! \8 D 1 #F. ( , u #& H 6 GQ #

m
,5 Q # 0#&G+ P ( 4((. O #$#1 , 7 ( ^# : @# G
K5 9 O 8 #.8 < 6+ 7P ! + L8G (N ) D 1 #F8 9
5@9 #.5 ?& # - c& (! -? c& ( (9 ( G #& 9 #& > [
, Q # $\P 7 # W& 7F6 7 N#F C#6 H & #. ?& ^# : @# G L8G
IB 7F6 7)8 D 1 7$1
X>5/ K59 ,5 - 7 G# @ C#G 1 , b#& + Z !9 Q(F M
L8G Z !9 , : #F86 C #; , Q (/+ L M @ C#G 1
(5! O M @ # # (M 4(G# & E > ^# : C#!) , (#@ ; Z $ G RN#
4 (: C# 5 5 9 75 6 Z $ ^# M N# g ,6 , 8.
I . ^# s U
59 4((59 a(#& " #F & H 6 , ! Z $ ((G E# /
5 ! Z 5$ 5/ (#5& Q C #- : ! #. # ( G #F& '
hC # - : C#G 1
I(N#. (. $ 7! $ `
I( ( : 4 7! $ `
I7 #9 7 ! , #@ 7! $ `
I # - : L8G ,8 ( (N#. (. 7! $ `3
( g*! 7 !5 L 35 46+ h G-
T 5@ >F& c& 7 + 4 ( & 7! - 7;=G (6 7! !9 ,
<8$8 7& #& # - = 79# + 4 ( C.) # 8 O ,# 89 * )
I + X>/ L8G (N#. H , E > <& # 8 #F 8G
# -5 >5 ) ! # (G + L8G $ V> # G+ #6 M
5 7 . 7 # MC & #!&$ E > 8.) # M 7 G# @ D ) (9 , .
#5 G+ 6 #! #& #S b#& + L8G @9 / E> Q(F 7! !9 ,
>M # - 5 : (N#. & 4 ( X( ! & U) 9 O 8G @9 V> 4(N#) . &

m
4 $# #- P) / ( ! 7G#P& ( ! 7 # + 4 ( , ( ! X>/ C8!
Ie d
4(N#) . G # " 7 (9 7 #) C( ' # #$
5- C # -5 : T@ Q(/ .6 #. >/ "# 7! !9 ,
< 5@ C # - 5 : O 6 <8$ Q(F >/ L M @ M , ! R# U. &
5 # & # " 4(9 < @ #F , 7 G# @ C#G 1
I(N#.
5 7 G# @ C#G 1 & 78P#) 8 # - : L8G (N#. (. ( M M
75 ( 5F F V> / S # 889 &; O ( (! ( (6 #&
, 7. 4 & 4(# ' / #. >/ , ( (6 7 G# @ C#G 1 !
Q . C9&@ , #/[# & Q , 7 N#! 7 G# @ C#G 1 ((G
#5 (5 G O 8G '# : V> ( 9 #. - #- L8G (N#. #.
I=. 7 N#! 7 G# @ C#G 1 40#) L8G 9 7 G# @ C#G 1
# - 5 : L58G (N#. (. <# 9 # 89 - V ,
h7 # +#& ' 7 G# @ C#G 1 , (
,5 5@? #F) U V 6 7 (! 4(9 X ( V> (N#. G# &. O M `
>5/ c 6 5 , ( 7 (! 4(9 (N#. >/ 7 G# @ C#G 1
Cx51 ,5 @+ ( 40#) L M 1 E> ,G# @ D 1
I7 N#! 7 G# @
C # - 5 : 7F6 7 ( : C# 8 . D 6 & 7& 7;=. - OM `
R# B 7F6 7 ( D P D 1 #F&8$ , 7 #
#- L8G (N#. (. , . >/ A # - : Q # C#. &
75 &#- C5 # 0 5 5@+ ( 7!!9 b#& + #& 9 #& > ?
I4 \

I ff5@ mkn C & 1 7G#&$8 7 . #6 ( ŠD 1 8 V(#@ ;: 0# & 79 1 V(1 L)$@

m
,5 # - 5 : L58G (N#. (. & 4 1#& 7 #! 0 6M # O `
(59 (58& 5 ( 5. D 5 L M , , 7 G# @ C#G 1
I(9 (8& , 78-# 7 G# @ C#G 1
, #5@ $5 7 !& # V #- b ;: (N#. (. $ (#6 M #
h7 t 7 (#. 8 #!&$ E > 7 N(& 7)8 $ L8G 7& P (.& c&
7& P (.& c& , #@ $
} (N#. (. $
7 N(& 7)8 $ #- : $
b#& + , #@ ,8 D 6 7 !& 7& P (.& c& , #@ $ < 9
, @+ 7 ; 7 #PW& @i ,P : . C $ e7& P (.&d 7.;
I L8G R # 7 ; - 7 6# : O # 9 7 #F , @+ 7 ; L M 7 6# : O # 9
(G-F 7*Y5
b 5 ;: <58$ 7q 0 1 P #. 9 ; > Cx1 B(9M K9&
X (5; # N(5& #- , #- b ; <8$ # 3nnn X (; # N(& #- +
#5! E=5/: 7 ; C 3 #9 , 7 z ,P . u8& # knnn
h, # (6 #& E > c P 4( 7 ; E# / " C&#- $ ! 7! $
C.‹‹‹ j >*Y w 3X Ce‹‹ j 7 8 w 3X
) KQ
# D # D
.‹‹‹ -‹‹‹ .‹‹‹ C‹‹‹ -
.i‹‹ -i‹‹ .‹‹‹ C‹‹‹ C
-‹‹‹‹ 0‹‹‹ .‹‹‹ C‹‹‹ 0
-C‹‹‹ i‹‹‹ .‹‹‹ C‹‹‹ e
ƒpCi CpCi .‹‹‹ C‹‹‹ *QO L 3

m3
T
} + b ;= (N#. (. $
E
I7& P (.& ( , #@ }T K 9
7 N(& 7)8 $ #- : $ }E
nnn nnn
o _If}nI _f} } }
nnn )@• 3nnn

V(! Z ( }Z
7& P (.& c& , #@ }T
e7 N(& 7)8 d 7 N(& C # - : }E
}, #- b ;= (N#. (. $
_ ] _ ]
o kf]} } }
3nnn )@• knnn

I + b ; P , #- b ;: (&
,5 C # - , 4(# ' 4( (6 7 t 0 1 L8G < (; O U9=
,5\& 4(# ' X>/ - ,.8 ' ># # " 7 @# . *.&
C= (5. *.& # (M , . >/ 7 # - C#9 ; ! ( G #& 9 , > [
h, # 9 L8G c&@ 7!&# 7 (#. L8G
7& P (.& c& , #@ $ }(N#. (. $
#. # " , , #P: #- : $ • # - : $

T
}
V•E

m]
# " , 7 4(# ' !&# 9 ; L8G < O #P # >W
E > , #- b ;= # knnn + b ;= # 3nnn $ , u8& #.
\51 #F P ! 4 P # ( , #PM ' & U#) 9 L M 76#9 <& &
h, t# 9 ;= 7& #& (N#. (. c&@ E >& 4( (6 7 t
7& P (.& c& , #@ $ }(N#. (. $
#. # " , , #P: #- : $ • # - : $
T
}
V•E
# " , 7 4(# ' !&# 9 ; L8G < O #P # >W
E5 > , #- b ;= # knnn + b ;= # 3nnn $ , u8& #.
\51 #F P ! 4 P # ( , #PM ' & U#) 9 L M 76#9 <& &
h, t# 9 ;= 7& #& (N#. (. c&@ E >& 4( (6 7 t
nnn
} + b ;= (N#. (. $
3nnn• nnn
I] }nI ]}
_ ]
}, #- b ;= (N#. (. $
knnn• 3nnn
Im}nI m}
(5; >M #5F 8G > [ O 7$# & #& (N#. (. $ 7! $ '
* 5 E= 4 - U. , ; 76 (& F C#9 ; &; #F ( L8G <
h7 # <#& + L M E > H6 E= 4 - U. , & 76 (& F (; C#9 ;
IV(! Z ( 7 8 G L8G " c& , #@ L8G 7! $ X>/ ( . `
I( ! 8 7 ' 7 ! 7! $ X>/ /#6 `

m_
GCF (7*Y5
75 N(& #5F )8 u58& 5P #. #5 9 ; 7 # 4?1 O6
C 5 ] #5F ,P : . u8& , L8G # knnn A nInnn
h 9 ; 7& P (.& c& , #@ ,8 # 4( 8 7 ; (6
i e 0 C - 4KQ
p‹‹‹ p‹‹‹ p‹‹‹ i‹‹‹ i‹‹‹ 7 8 w 3X
.‹‹‹ .‹‹‹ .‹‹‹ .‹‹‹ .‹‹‹ >*Y w 3X

(2 M
wb ; (N#. (. $ <# 9 `
w ># > ) ,\& 9 ; V `
(9O
7& P (.& c& , #@ $
} + b ;= (N#. (. $
,N(& # - : 7)8 $
}7& P (.& c& , #@ $
_nnnn•_nnnn•_nnn•]nnn•]nnn
]_nn} }
]
7 7 #F , @+ 7 ;•4 ) @+ 7 ;
}7 # - 7)8 $

]_nn
o]_} }(N#. (. $
nnnn
knnn knnn
o]fI } } }, #- b ;:
3nnn knn
I P & . , #- b ;
( +

mf
7)8 u8& 8! 9 ; , C # - : , 7 G# @ Cx1 B(9M )
C " #F ,P . u8& # # 3 nnn # F 7 N(&
V(! Z ( , #@ ,8 # C&#- $ ! 7! $ #! E=/: 4( 8 7 ; (6
h 9 ; 7& P (.&

i e 0 C - 4KQ
nnn nnnn nnn ]nnn ]nnn + b ;:
nnn nnn nnn nnn nnn , #- b ;:
(2 M
(N#. (. $ <# 9
(; ; 3 A 3< 46+ h GC
D 51 8 7 9& "# ; , 7 ( Z $ F - ,/ ( ( 4
D 51 H$ , e F1 C ((Gd 7 ' 4 ) #& Q . V #-
C#5!) 75 # 75 $\ ,5) 7 #5@ 7 (! eC ( Md C#! ( L8G @9 #F =
ID 1 >F 7 # - :
( , *= 5 ; ; 3 A 3< 2*Q W M3+
Z (5 , #@ ( (9 76 # 7 (! C#! ( 78 ( 7 (! C#! ( (! `
I, # " V V(!
, > + H 7 #- : D 1 C#!) ( ( #F = , 4 ) <# 9 `
I4 ) X>/ (.& 78 ( 7 #P: C#! ( 7 #PM (G #& G
(( : 4 ,/ - #/((9 , 7 #9 ( ( 4 L8G Q ; `
I7 &!

mk
(7*Y5
< 8$ X (6 " ( D 1 76 # 78 ( 7 (! C#! ( / ,t
75 9# 5 D 51 75 8G# B( ( (9 - D 1 >F ( ( 4 <# 9
I7 #6
4E'*U 4+ 6> )*6< 4 U ; 4+ 6> )*6< ) KQ
C‹‹‹‹ e‹‹‹‹ -
0‹‹‹‹ p‹‹‹‹ C
p‹‹‹‹ ƒ‹‹‹‹ 0
.‹‹‹‹ -‹‹‹‹‹ e
-‹‹‹‹‹ -Ci‹‹‹ i
I # nnnnn X (; 7& 8$ C # - : , # 6M C 8G >M
(9O
(( 4 ( (9
Ie^ # Z( ( Z( & Z ) d V(! Z ( , #@ <# 9 `
IH 6 V(! Z ( , #@ <# 9 `
IeV(# G V(! Z ( d V(! Z ( , #@ $ <# 9 `
h7 t 7 (#. #& ( ( 4 <# 9 `3
Z (5 , #@•( ( 4 } 7& 8$ 7 #- : Q # 78 6 } ( ( 4
IV # G
C•Q } "
7& 8$ C #- 78 6
} (( 4 >M
V(# G V(! Z ( , #@
" }Q
C

mm
( , = 9O> Z *5 Z M3
V 3B 6K Z< 3 <*$ 6K Z< 3 <*$ ) KQ
C‹‹‹‹ C‹‹‹‹ -
i‹‹‹‹ 0‹‹‹‹ C
.‹‹‹‹ 0‹‹‹‹ 0
-‹‹‹‹‹ C‹‹‹‹ e
-Ci‹‹‹ Ci‹‹‹ i
# nnnnn ,/ D 1 >F 7& 8$ 7 #- Q # , # 6M #& `
5 5 (( >/ (6 H 6 Z ( , #@ ( G L M U #&
I7.& 7 , #&
7 #5@ 75 (! C#! ( Z !9 #F = , 4 ) #& ((9 ( ( 4 >M `
IC 3} ,/ D 1 >F 7 # 6 7 #- C#!) (#. V #
h,8 # 7 (#. 0 P, B 7! $& ( ( 4 <# 9 `
em] #G L 9 H 6 V(! Z ( , #@d ]nnn
}V(! Z ( , #@ `
eV(! Z ( C d]
7& 8$ 7 #- C#! ( 78 6
}eQd( ( 4 `<
eV'# d V(! Z ( , #@

nnnnn
C 3} }Q
]nnn

nn
(7*Y5
, C s . 0# & 78@) * .& 7 G# @ C# 1 K=- C (!
C( : 7 # - : Q # G C# # & $ nnnInnn u8& 7 6# M 7;#$&
h, t# C # * G 7 #@
I4 @;?& 4 - + O ( V> * . c 6 h2 M
d ! d ! d !
o *Y >*Y 7 8 z* 6
' ttttttt6 ) '* Y3ttttttt A *ttttttt E
p‚‹‹‹ ‚i‹‹‹ ii‹‹‹ 7*+' I
a &
p p p 4K ) KQ * ' 65 E*3>A !
4+ KtQ Gw*t '8 F ) ; t+ <*$
-eC‹‹‹ -i.‹‹‹ C‹‹‹‹ 7*+' I
4!X 3
0C‹‹‹ -i‹‹‹ C‹‹‹‹ 8 4KQ
0i‹‹‹ 0i‹‹‹ C‹‹‹‹ 4 >*Y 4KQ
e‹‹‹‹ ei‹‹‹ C‹‹‹‹ 4Y *Y 4KQ
-i‹‹‹ Ci‹‹‹ C‹‹‹‹ 4! 4KQ
-i‹‹‹ Ci‹‹‹ C‹‹‹‹ 4Q5*N 4KQ
-C‹‹‹ -0‹‹‹ C‹‹‹‹ 4 ;*Q 4KQ
h, t# K=- * .8 ( ( 4 < 9
(7 8 d !
,6#5 : 5. =5 7 #5 * . 7.; 7 C( : C# #
V # (( : 4 >N( . D 1 8
]]nnnn
7 Im } + * .8 ( ( : 4
nnnn
( >*Y d !
# Q ]nnnn} ]nnn• ]nnn 7 #- L + 7 = Z!9 , #- * .
V # 4 ) Q U 8 '= # ; - 8 , #@ ( : >/
]nnnn ]nnn
7 I } • • } (( : 4
3]nnn

n
n
(o *Y d !
X (5; # #5@ ( 5 M 75 #- L5 + = K #- * . Z!9
IO - Q , + 7 ;V # / # Q _fnnn} ]nnn• nnn
7 (! * . P O (( 4 7 9# + * . '
IO 7)U + D#6 7 '= ( ( 4 @; K 9
O ( , 7 F 7$# & (( 4 < 8 O& # S L8G
76 ( 8! , # #& 7 # - : F #!) ( ( 4 $ - <6 O&# 9
I7 (! L M ^# 9 V> D 1 # GM $#
h,/ @! Q.P $ *.& #F& 1 #F M
#5 7 (! eC ( : V d ( ( : 4 (.& 78 ( 7 (! C#! ( /#6 `
c5P e d ; Z&# #- , C#G 1 ((. 7 #9 , 78P#) Z .
I # ]nnn 7 !& 7 # 7 , V(! ( : C8 / #F
7 # -5 Q # , # 6M ( ( 7 '= 7 ' 4 ) (! & # # F `
Ie7 9& d # - : L8G (N#. #& # /: (
85P < 85 5F ( ! 7 ! 7& #& ' @ G #/ #& G , > ? `
I7. 6 4 - i 7 N 1 4 ! C#&- * )
#5F # / 5 5- V # - 5 : D 1 8 7.; b#& + ( (9 7& .@ `3
IO 9& &
#5F 78 ( 7 (! C#! ( C# ; & 7@# C# = <# 9 , 1) `]
I#F > ( ( 4 =
(5 G C#G 51 5! (( 4 - # 7!&# < . cP
I #- G 1 & 78P#)
, #5 (56 #& ( 5/ #5 7 #5@ 7 (! C#! ( / *
C 8G >M ( ( 4 ( #& # F & 78P#) < 8$ <A G 18
I # ]nnn X (; # - ^# 9 G 1

n
a &5 4 <* 4+ 6K )*6< 3 a &5 4 <* 4+ 6K )*6< 3 4KQ
G2F GF
C‹‹‹ C‹‹‹ -
Ci‹‹ 0‹‹‹ C
Ci‹‹ 0i‹‹ 0
0‹‹‹ 0i‹‹ e
Ci‹‹ 0‹‹‹ i
-i‹‹ C‹‹‹ p
-‹‹‹ ‚
C‹‹‹ .
Ci‹‹ ƒ
-i‹‹ -‹
eH 6 Z ( , #@ pV(! Z ( , #@ <# 9 d h9O
-i‹‹‹ G2F a &5 -i‹‹‹ G F a &5
Z< 3 <*$ Z< 3 <*$ Z< 3 <*$ Z< 3 <*$
) KQ
V 3B 6K KQ 6K V 3B KQ 6K
6K
C‹‹‹ C‹‹‹ C‹‹‹ C‹‹‹ -
ei‹‹ Ci‹‹ i‹‹‹ 0‹‹‹ C
‚‹‹‹ Ci‹‹ .i‹‹ 0i‹‹ 0
-‹‹‹‹ 0‹‹‹ -C‹‹‹ 0i‹‹ e
-Ci‹‹ Ci‹‹ -i‹‹‹ 0‹‹‹ i
-e‹‹‹ -i‹‹ -‚‹‹‹ C‹‹‹ p
-i‹‹‹ -‹‹‹ ‚
-‚‹‹‹ C‹‹‹ .
-ƒi‹‹ Ci‹‹ ƒ
C-‹‹‹ -‹‹‹ -‹
( + *5 Z *Q 7 B 5 ” c>
C ]} D 1 8 ( ( : 4 7! $ #! `
C f } < D 1 8 (( 4

n3
D 1 G + D 1 P) $! ( ( 4 # . L8G (# G #& `
, # 6M ,/ # ]nnn ( ( = 7 '= 7 ' 4 ) *#) U <
IC # - :
- e<d D 1 (6 C-(9 , 7 (! C#! ( L M U #& `
C 5 5 (( 5 4 (.& eC ( Md 7 (! C#! ( L8G @9
nnnd 4 - 5 5 + 7 ; G 4(# ' # _nnn #F8 6 , V #
` fnnnd $5! nnn X (5! V(5! Z ( Z!9 D 1 # e ]nnn
4 7! $ F V> e<d D 1 K8- - 7 9& *N# V e ]nnn
(5 G < 85 + >/ L8G (# G <.@ > #& G , #/> ((
I<#& + ") #- G 1 & 78P#)
(; ; 3 3< R N3 *^ < 9v:+ 3 ?
# " 7& 4 ( $# 7& O6 , C#G 1 , e d
ID 1 8 B( 78 $ 7 #& & ## / - F >/
, 7 (#@ ; 7 # 7@# 7 89 Q U ! (G 7 #9 , e d
IC#&8! C \ #& # N (
#F5P . & Z i #F (! H ' #F.8 ' , C#G 1 7 #9 , e d
76 8F Z > , C \ 76 ( ' $ , (#! 8
I# 6 C $8
#5 ' - (!) # ((6 # ( #F F , 9+ , e3d
I#F (! , 7 ( 7.8 8 7& 7 8 P)
(( , - F ,& 6 (8& , >) V # - D 1 # >M e]d
I C; @; , O # - , # 6M
(( 5 <5S , C#G 1 , #F ( P) . O6 L8G e_d
,5 # ( Z $ - ,F X>/ H 4 @; 4 , 7G & #F
I7 + C#G# @ , 7@# 7 8 . 4# 9

n]
NP.V(Met present value) (4 *O 4 6 <*$ 46+ h
75.; 75 (! C#! ( , #@ 7 #9 7 ! (#6 M L8G 7! $ X>/ ( .
(9 7&#- & O 7 1 B V> (. # " 7)8 (. "# L8G # - =
#5 >W #- D 1 7)8 7 #9 7 ! X>/ b $ - # - (N#. L (+
#5 >M O5P ,\& #& # # >M # #- D 1 &; ,\& #&6 Z )
5 5& 7 #9 O ; , #@ V> D 1 &; ,\& # # #G 1
4#5G <6 C 4(G L8G 7G' # - : D 1 7)8 C # >M B 7 9#
IE >
,5 #5 7 ; R 7 #9 7 ! , #@ 7! $ 7! $ X>/ 7 /
5- 5 7$ & 7! !9 X>/ 7 (#! 7 , O ; & P#9 C;
O 8G @9 G # G @9 P+ / O ) a #! ? >M #9 P
w=- 7 (.&
O M 76#9 (G 7 #9 , O+ # L8G @9 P+ #.&$
I4(N# 4(N#) (. & 4 # - O W E=F s
,5 (59 # T 1 HP >W o] / 4(N# 4(N#) (. * )
I7 7 #F , , ? # L8G @9 OW 7 . 4( E &

4+*^> < ˆ g_ ˆ 4+ <ˆ 4KQ


4KQ g : 4KQ
- ‹i‹• - ‹i‹ -‹‹‹ -
- -‹C• - ‹i‹ -‹i‹ C
- -i‚• - ‹i --‹C 0
- C-i• - ‹i‹ --i‚ e
- C‚i - ‹i‹ -C-i i
#5 5 e75& do] 4(N# (. & C " (.& # 7 ; M
(5.& # 8 k # L8G # L8G T 1 @9 >M V O V # 8 k
Io] 4(N#) . &; >M "

n_
# ,/ o] 4(N# (. & C " (.& 7& (N ) #& 7 ! * )
w # E > 7 #9 7 ! ,/ # (9
e7 #9 7 ! #. 4(N#) . #. d• }7 #9 7 !
nIfk • }
I# 8 fk }
#5 8 fk ,5/ o] 4(5N#)& C " (.& (9 # 7 #9 7 ! V
5 #. 5. 4(N# . &C . ((G (.& 7 #9 # 7 ; L8G Z8$
4(N#)& # 7 ; " .& E > @ # 7 ; #F M 4(N#) . #. 7 #9 7 !
I7&
h7 t N (& E # b# O * )
X 5& . V>5 4(N#) . ?& # 8G C " (.& # f # nnn
o3 / &!
o3 4(N#)& C ] (.& # f u8& 7 #9 7 !
I7 #9 7 ! #. • f}
nIk m • f}
# nnn }
C ] (.& # f *&; # nnn *&; V O E> L.
Io3 / &! 4(N#) (. & G >M
h7 # 7 (#. #& 7 #9 7 ! , #@ G &.
}7 #9 7 ! , #@
C C C
"` • •
eQ• d eQ• d eQ• d
C
"` }
eQ• d

nf
(f o
I4 , V(! Z ( , #@ - h C A C
IeD 1 # " 7)8 d < # @ (. hQ
ID 1 8 ,6# . 7.; ((G - h
Ie7 6 # 7 (! C#! ( d D 1 8 ,8@+ # - : u8& h"
G-F (7*Y5
5 , 78 N ( B(9M B( 7 G# @ C#G 1 7-=- * )
,5 (N#5 4(N#) (. C C & (! #F D 1 ,6# : .
W5 # Q n (! D 1 7 '= C # - : o nV # Z
I7 # 7! $ #& #F8P 7 7-=- C#G 1 & 7 #!
a & a & a & z* 6
)*= &
o *Y >*Y 7 8
' t tttt6 ) '* Y3tttttt *tttttt E
-0‹‹‹‹ -0‹‹‹‹ -0‹‹‹‹ 7*+' I
a &
4!X 3 4+ KQ w* '8
ƒ‹‹‹‹ 0‹‹‹‹ e‹‹‹‹ 7*+' I 8 4KQ
p‹‹‹‹ i‹‹‹‹ e‹‹‹‹ 7*+' I 4 >*Y 4KQ
--‹‹‹‹ .‹‹‹‹ e‹‹‹‹ 7*+' I 4Y *Y 4KQ
i‹‹‹ 0‹‹‹ e‹‹‹‹ 7*+' I 4! 4KQ
i‹‹‹ Ci‹‹‹ e‹‹‹‹ 7*+' I 4Q5*N 4KQ
i‹‹‹ -i‹‹‹ e‹‹‹‹ 7*+' I 4 ;*Q 4KQ
-‚p‹‹‹ C0‹‹‹‹ Ce‹‹‹‹ 7*+' I 4!X 3 4 <* w* '8 * E
h,8 # ( (9 # <8$ X=G 4 > 7 G# @ C#G 1 & 7 #! 0 6M M
IC # - = 7 #9 7 ! ( (9 `
I#F! !9 H; 7 (! C ( s 7 #9 7 ! ( (9 `
eC # - s 7 #9 7 ! 7.; C ( s 7 #9 7 ! d7 #9 7 ! ( (9 `
E 5 e#F! !9 H; 7 (! C ( s 7 #9 7 ! ( (9 d # #- (& t
I# F M ( . - 9 4 L M #- #-

nk
,6#5 : 5. =5 #5F! !9 H; 7 (! C ( s 7 #9 7 ! ( (9 h#J #-
IC#G 1 8
(7 8 a & G-
( L8G 7 U D 1 >/ #F! !9 H; 7 (! C ( : C # #
( #& #F 7 #9 7 ! (#6 M O W #. , # Q 3nnnn #/ (! C
7 5 75. ( 75 #9 7 ! (6 , Q1 #& E > e @ d 7& 4(N#) (6
(5.& # 8 7 #9 7 ! (6 o n (. & 7 (# 7 ((G (9 # #/ (;
IC # _ (&3I ]] V # C 7
+ D 1 #& 7.; C ( s 7 #9 7 ! >M
I # f3 nn }3I ]]•3nnnn }
( >*Y a & GC
) ; +‡ 4 *O 4 6
GCF N 95*!5 G-F ) ; + 4KQ
C’-
C‚C‚‹ ‹ ƒ‹ƒ 0‹‹‹‹ -
e-0‹‹ ‹ .Cp i‹‹‹‹ C
p‹‹.‹ ‹ ‚i- .‹‹‹‹ 0
-‚eƒ‹ ‹ p.0 0‹‹‹‹ e
-ipCi ‹ pC- Ci‹‹‹ i
.ep‹ ‹ ipe -i‹‹‹ p
-‚‹CCi / C0‹‹‹‹ *E
(o *Y a & G0
H5; 75 (! C ( 5 : U9= , #- D 1 , #9 / #
#5F 75 #9 7 ! <# 9 >F + #G Q8 K #- D 1 #F! !9
I4(9 L8G 7 E > Z ( u8& 7 #9 7 ! (6 L M D 6 #&
4 +*O 4 6 N 95*!5„4 *O 4 6 ); + 4KQ
) ; +‡
.-.-‹ ‹ ƒ‹ƒ ƒ‹‹‹‹ -
eƒip ‹ .Cp p‹‹‹‹ C
.Cp- ‹ ‚i- --‹‹‹ 0

nm
0e-i ‹ p.0 i‹‹‹ e
0-‹i ‹ pC- i‹‹‹ i
C.C‹ ‹ ipe i‹‹‹ p
-e.ƒ‚- / -‚p‹‹‹ *E
h, t# 7-=- C#G 1 < # 7 #9 7 ! < 9 E > (.&
I # f3 nn } C ( s 7 #9 7 ! + D 1 `
I # fn ]}C ( s 7 #9 7 ! , #- D 1 `
I # 3kmf }C ( s 7 #9 7 ! K #- D 1 `
& Z!9 Q V> / + D 1 (6 7-=- C#G 1 & 78P#) (G
I + G 1 ( # : O 8G H! Q -
7 #9 7 ;
GCF (7*Y5
(; 4'/#6 "&= ^# G# @ G 1 & 78P#) 0 6M E <8$
C ( : C # (; # Q nnn ( (9& # F (9 7 '= C # - C& 9
(56 , cP /# C _ = , #F #F 8G @9 H; ,
h, #
>*Y a & 7 8 a & 4KQ
:$ p‹‹‹ -ƒƒ‹
:$ i‹‹‹ -ƒƒ-
e‹‹‹ e‹‹‹ -ƒƒC
‚‹‹‹ 0‹‹‹ -ƒƒ0
-‹‹‹‹ C‹‹‹ -ƒƒe
0‹‹‹ C‹‹‹ -ƒƒi
Ce‹‹‹ CC‹‹‹ *E
ok V # @ #. * )
I P+ D 1 ( (9 h< 8$
h + D 1
3nnn ]nnn _nnn
• • } C ( s 7 #9 7 !
enInk• d enInk• d enInk• d

n
nnn nnn nnn
_
• ]
• 3

enInk• d enInk• d enInk• d
enIf ]• nnnd• enIfm3•3nnnd •enIk]f•]nnnd • enIm _•_nnnd}
enI_ n• nnnd• enI_k • nnnd•
I # kf ]} 3n• _ • n]• ]_•3 k]•]]]_ }
( >*Y a &
3nnn )@ )@
enInk• d • enInk• d • enInk• d } C ( s 7 #9 7 !

nnn nnnn fnnn


] 3
enInk• d • enInk• d • enInk• d •
_

•enI_k• nnnnd •enIf ]•fnnnd•enIfm3•3nnnd• )@ • )@ }


enI_ n• nnnd
I # _mm } k_n• _k n• ] 3] • f _}
75 ! 5 & + ,G# @ D 1 , C ( s 7 #9 7 !
>M 7 #5 #5 F C # - : C# # + D 1 , C ( s 7 #9
I P+ / + D 1
h,8 # e d e d ; #- , C ( s 7 #9 7 ! , #@
h, t# 7 #9 7 ! , #@ 7 9# C#G 1 < e d ; #- ,
I # Q 33 nn } nnnn` f3 nn + D 1 `
I # Q 3n ]} nnnn` nfn ] , #- D 1 `
I # Q kmf } nnnn` 3kmf K #- D 1 `
e d ; #- ,
h,8 # 7 #9 7 ! , #@ < 9 G 1 <
I # Q fk 3} nnnn fk 3 + D 1 `
I # Q _mm } nnnn _mm , #- D 1 `

(4 *O 4 6
<*$ 46+ h 6
(* *+ s5
I7 (! C#! ( 8 7 ' 7 ! #/ #& G , > ? `
D 1 8 ,6# : . = 7 (! C#! ( C; / #/ #& G , > ? `
I7!&# < # + < G < 6 E >& # #&
(& ( i 78 (& 7@ ) 7)8 V # &#! @ 8 ((9 (. ( `
I # "
75&6 C#! (5 & 78 ( 7 (! C#! ( C9 >M 78P) < # + `3
I7& # C#! (
5& #5 785P#) b 5! D 18 # - : 7 8G# "# ; , (G# `]
IC#G 1 X>/ & #- @# G Q= 7 #9 , #- :

(4 *O 4 6 <*$ 46+ h 2 =
75! $ X>F #! 7 &! 78 (& 7 # - C#G 1 < <.@ `
I +D 1 @ (. #& 7 #9 ,
5 F , #5 #& $5! V(#@ ; #& G= #! C#G 1 &# P#) `
75 . b 5 A,G# @ + A 8 #. 0#P - B + C #& G
Il IIII
I78 ( 7 (! C#! ( Z !9 ( G ( ? (G 4 $# Q U /#6 `
, C#G 1 ! O 8G (# G <.@ > # & " #!8$ # # ! & . `3
IV(#@ ; (N#.8 7 & 7 /+ #F ( '
(INTERNAL OF RATE RETURN) ( U g*! 7 !5 46+ h
5F) L8G ( . D 1 B (6 "# ! # ( " #! P &.
D 51 H$ K 9& @ (. L8G L8G @ L M Q(F 7 #9 7 !
IC# @ C( & (#. Z!9 7 # - Q # H 6(
7 ! .6 , 4(N#) . @ (. O ?& ,8 ( (N#. (. Q .
D 1 8 7 '= C # - = 7 #9 7 ! H 7 # 7 #@ 7 (! C#! ( 8 7 #9
Ib !
C#! (5 8 7 #5@ 7 #9 7 ! .6 V> @ . ( (. -
, &. # F & (#. Z!9 Q # C( : &Z ) - K 9 )@ 7 (!
ID 1 8 ,6# : . $ - # " L8G (N#.8 =- C; ")
h,8 # # - : , ,8 ( (N#. (. ( (9
I7 &6 7! $ `
I0#$ 7& 6 7! $ `
I7 P# 7 (#. `

(4+ B 46+ M
, 4(N#) @ . K 9 7 ! #& ,8 ( (N#. (. G &.
7 # 7 (#.
L + 7 8 7 #@ 7 (! C#! (
},8@+ # - = 7 #9 7 !
e• d
C( 7 #@ 7 (! C#! ( 7 #- 7 8 7 #@ 7 (! C#! ( •
•nn•
e• d e• d

3
(7*Y5
h,8 # C#G 1 B(9: 7 (! C#! ( , #@ * )&
6K Z< 3 <*$ ) KQ
-ii‹‹ -
-ii‹‹ C
-ii‹‹ 0
-ii‹‹ e
-ii‹‹ i
# 7 , 4(9 4 H( # Q _n # - : Q # , # 6M # 8G >W
I # - : L8G ,8 ( (N#. (. ( (9 < 8$ # \1 &;
(9O
V(5! Z ( # & , #@ V Z ( , #@ $ ( (9 & #9 (& `
IB +7 V # , #@ V
I # ]nnn - $ >M
L5 M @ L 9 V(! Z( , #@ 7 #9 7 ! #. ( (9 `
h,8 ( (N#. (.
# - = 7 #9 7 !
}7 #9 7 ! (.
V(! Z ( , #@ $
_nnnn
Ikk} }
]]nn
,6#5 M 5 G " 4(N# . ( G V(! Z ( 8 4(N#) #. E> L.
#5 7 #9 7 ! (6 L M U #& 7!&# 7 (#. 8 #! Ikk } C ] @i
5 #. 5&#! 4(N#) . (6 # W C ] #/ (! C 4(. - (9
Ie d
o 3V # 7&# 9 V> 4(N#)

I7 #9 7 ! (6 H; o 3V # Ikk #. 8 &#! C ] ((. 4(N#) .

]
,8 (5 (N#. (. <# 9 o 3} # - : L8G ,8 ( (N#. (. >M
,5 #5 7 #@ 7 (! C#! ( V # 7 #9 , #$ & =F & . 7 &6 7! $ #&
5& . 75 &6 7! $ #& (. <# 9 W 7 #@ 7 (! C#! ( V # (G 7 #9
I?$ 7& 6 7! $ L8G (# G > C; 8 #; \ (F6

(qMN 4 B3 46+ h
76 # 78 ( 7 (! C#! ( G 7 # C# # & E ( C
Š'*N 6K Z< 3 9U 6K Z< 3 4KQ
Ci 0i -
C‹ e‹ C
Ci i‹ 0
0‹ p‹ e
0‹ ‚‹ i
-‹ ‚‹ p
4 -5 + 7)8 # Q nn 7 # - Q # , # 6M C 8G >W
Ie4(N#) .
- do nC#
(2 M
I #- L8G (N#.8 ,8 ( (. <# 9
(9O
B #5 V>5 @ (. L M @ (N#.8 ,8 ( (. ( (9 <8$
# 9P Z& # # - : 7)8 H 7 #@ 7 (! C#! ( 8 7 #9 7 ! X( G
I )@8 7 # 7 ! , #@ .6
h7 # C $ D#& M E > <8$
,8 ( (N#. (. ,N(& (! HP 7 #9 G *
, #5@ 7 4(# ' $ & ,N(& (. >/ ( (9 ( G 7 #. :
h,8 # 7 (! C#! (

_
4+ 6K )*6< 3 <*$ 6K Z< 3 9U 6K Z< 3 9 X *5 z ) KQ
-‹‹‹‹‹ Š'*N 9 &3
-‹‹‹‹ Ci‹‹‹ 0i‹‹‹ -
C‹‹‹‹ C‹‹‹‹ e‹‹‹‹ C
0‹‹‹‹ C‹‹‹‹ i‹‹‹‹ 0
0‹‹‹‹ 0‹‹‹‹ p‹‹‹‹ e
e‹‹‹‹ -‹‹‹‹ ‚‹‹‹‹ i
i‹‹‹‹ ‚‹‹‹‹ p
}7 (! C#! ( , 4(# ' 7 ; <# 9
I # knnnn} nnnnn knnnn
knnnn
# Q I } }7 (! C#! ( $
C _
L58G # 5 Z!9 # Q e I d V(! Z ( , 7 4(# ' #P >W
h,8 # # - : L8G (N#. ( (9 H $ # W # Q nn u #& # - : , # 6M
, #@ V V(! Z (
nn• }
C # - : , # 6M

nn
o I } nn• }
nnnnn
5@ 0#5$ 7& 6 , L 4 $ (. >/ ( , # #&
I7 ! , #@ <# 9 L M @ H$ L 9 7 #@ 7 (! C#! (
5; O5 + U O& 6 @ . (. Z&# ,N(& (. (
h, # 9 L8G E > o ] L M O& ! P) V

f
GeF 4 *O 4 6 4 6 9 *65 Z< 3 <*$
G-F ) KQ
GC’0F• G0FŒ-i 4 *O GCF 6K
-‹‹‹‹‹/ G-F -‹‹‹‹‹/ 9 X *5 4K
:$ 9 &3
.‚‹‹ ‹ .‚‹ -‹‹‹‹ -z
-i-C‹ ‹ ‚ip C‹‹‹‹ Cz
-ƒ‚e‹ ‹ pi. 0‹‹‹‹ 0z
-‚-p‹ ‹ i‚C 0‹‹‹‹ ez
-ƒ..‹ ‹ eƒ‚ e‹‹‹‹ iz
C-p‹‹ ‹ e0C i‹‹‹‹ pz
CC‹‹ 4 *O 4 6 <*$
#5!&$ )5@ & <6 ; 7 #9 7 ! , #@ Z& # cP
(5! & C # - 5 , # 6M G 7 #9 7 ! , #@ ( (' K 9 o ] @ (.
75 ! , #5@ X( G V> (. E > / ,8 ( (N#. (. # # e nnd
7 # 4 $ (& (& > # - s 7 #9 7 ! H V # V(! Z ( 8 7 #9
IL8G @ 7& 6 ,/
75 ! , #@ 7 ; * ) L9 o ] - @ (. * )
< 6 C # - i 7 #9 7 ! H V # < #! 7 (! C#! ( 8 7 #9
h, # 9 L8G E > o k @ (.

k
# Q +#&
4 6 95*!5 4 6 95*!5 4 6 4 6 95*!5 <*$ KQ
4 *O 4 6 4 *O 4 6 4 *O 4 *O Z< 3 )
4 *O 6K
4 *O
Œ-‚ Œ-p Œ-. / :$
-‹‹/ / -‹‹/ -‹‹/ -‹‹/ :$
. ii ‹ .ii . pC ‹ .pC . e‚ ‹ .e‚ -‹ -z

-e pC ‹ ‚0- -i Cp ‹ ‚p0 -e 0p‹ ‹ ‚-. C‹ Cz
-. ‚C ‹ pCe -ƒ C0 ‹ pe- -. C‚‹ ‹ p‹ƒ 0‹ 0z
-p ‹C ‹ i0e -p ip ‹ iiC -i e ‹ i-p 0‹ ez
.
-. Ce ‹ eip -ƒ ‹e ‹ e‚p -‚ e ‹ e0‚ e‹ iz
.
-ƒ i‹ ‹ 0i‹ C‹ i‹ ‹ e-‹ -. i ‹ 0‚‹ i‹ pz

‹ .i‹/ ‹ ‚ƒ‹/ ‚ ee/ D .

, # 6W& V(! Z ( , #@ 7 #9 7 ! 7 #! & O cP Z&# (6


C # -5 75)8 5G ! #F cP o k @ (. #!&$ C # - 7)8
<56 V>5 ,5! !9 (. & (. >/ , . >/ efI33`d (! &
I7 #9 7 ! O #! < 9
* ,/ 7& 6 & # ; 7- #- 4 $ , 7& # 7 #9 7 ! , #@ + U _
(. >F #! V(! Z( , #@ 7 #9 7 ! 7 #! & o _ @ .
#5 H! 4( (9 7& & ! #F C # - : ,$\ #/(6 C # - : , # 6W&
5 75& ; #5F h )@ enIfmn`d ,/ c 9@ (9 )@ &
.5 / B 7& 6 (. >/ 7 = (? 7;( 4(# ' )@
T! G ( (' C # - , # 6M 7 $\ G T! cP ? o f @
,5 . # / enIk]n`d u8& K 9 o _ @ . #! O&# 9 V>
I,8 ( (N#.8 < # (. G = 8; ( ' o f (.

m
5& (#5. Z5 !9 .5 < ; / o _ @ . #& G >M
758 ( 75 (! C#! (5 5& 76 # 7 (! C#! ( &V Q # C( :
Io _ } ,8 ( (N#. (. W , # #&
C#! (5 5@ o ] (. 8 #! 7 #9 7 ! , #@ #&O !
7 #9 7 ! , #@ nn} V(! Z ( , #@ 7&6 7 ; ,$. 7 (!
)5@ 5 - < #! 7 #9 7 ! , #@ (! ,$. o _ (. #!
IenIfmn`d /
Io _ A o ] & # H! 7;( - + ,8 ( (N#. (. W >M
h7 # 7 P# 7 (#. #& O&# 9
}(N#. ,8 ( (.
e \@+ @ (. &+ @ (. d V(! Z ( , #@ 7&6 7 !
• \@+ @ (.
V(! Z ( , #@ 7& # 7 ! •7&6 7 !

e ]` _d nn
• ]}
nIfmn• I nn
o ]If } nIf • ] } # - : L8G ,8 ( (N#. (.
(N#. (. 7 #! (& < # ! ># V # - : D 1 !
hK 9 # " 7)8 & ,8 (
IV # - : D 1 &! h, # " ‹,8 ( (N#. (. # >M `
ID 1 * h # - : 7)8 Œ,8 ( (N#. (. # >M `
o _ L5 M o ] &# b # - = ,8 ( (. W >/ # #- , `
4( 5 # " 7)8 L8G F , # #& o ]If }7;( O6 L8G
I #- : D 1 &! >Mo n }, #- #&
5- G 1 & 78P#) , # - : L8G ,8 ( (N#. (. (
(. >D 1 P) ,8 ( (N#. (. ; #! # '# #F& K9
I & + ,8 (

n
(R N 4 O 9 ; 46+ h Gi
B (6 L8G 98 =&! #- L8G O! !9 V> (N#. (. / 7 9& (
h7 #9 7 ! ,& #9 . @ (. ( G E > #-
5P) K 9 7 # - : C#G 1 & 78P#) ( G < 8 + >/ (
IL8G+ 7 9& ( >D 1
,5 ( 5 7 #9 7 ! , #@ < 8 + = #& 8 < 8 + >/ & .
7 (! C#! ( 76 # 7 (! C#! ( & 7 #! #& E > 7 # - : C ! >#
I7&6 7 #9 7 ; , #@ D 1 Z!9 K 9& 78 (
h,8 # O&# 9
78 ( 7 (! C#! ( 8 7 #9 7 ! , # 6M
} }O 9& ( 6
76 # 7 (! C#! ( 8 7 #9 7 ! , # 6M
78 ( 7 (! C#! ( 8 7 #9 7 ! , # 6M
} }O 9& ( , #@
76 # 7 (! C#! ( 8 7 #9 7 ! , # 6M

a & 4+ 6K )*6< 3 )*>* + * < (7*Y5


i e 0 C - ) KQ
mn mn n] n nn Q +#& 78 ( 7 (! C#! (

# Q kn D 1 8 7& 8$ C #- 69 , # 6M C 8G >W
wD 1 7 9& ( 6 ( (9 < 8$ # om @ (.
(9O
)*6< 3 4 *O 4 6 4 6 7 !5 4+ 6K )*6< 3 ) KQ
4 U 4+ 6K Œƒ 4 *O 4U
ƒ- ‚ ‹ ƒ-‚ -‹‹ -
ƒC p ‹ .eC --‹ C
.‚ ‹ ‹ ‚‚C -‹i 0
p0 ‚ ‹ ‚‹. ƒ‹ e
i. i ‹ pi‹ ƒ‹ i
7*+' I 0.‚ i 9U 6K Z< 3 4 *O 4 6 *E
# Q kn} • kn } 76 # 7 (! C#! ( 8 7 #9 7 !
kfI]
h I ]} 7 9& ( 6 e d
kn
kfI]
I ]} 7 9& ( , #@ e d
kn

hV # - : ! ># , @ 7 9& ( ( M
hK 9 #.) V # - : ! ># , < 8 + >/ (
ID 1 &! hc 9@ (9 ‹V # - : D 1 7 9& ( # >M `
ID 1 * hc 9@ (9 ŒV # - : D 1 7 9& ( # >M `
>M 78 ( 7 (! C#! ( V # (G 7 #9 , < 8 + >/ ( P) `
C#G 51 5& 785P#) (G E> 7&6 7& # &b C#
I#F 9& ( #! #F& 7 #- :
(5G O5& G 7 #9 7 ! , #@ = #& 8 &. < 8 >/ M
C; $ #& G: , X> (G $# 76 ( ( ? (G Q U O #G
I7 # - C#G 1 < ( G 7 (! C#! ( K (9
(4 *QO 9 O Gp
5 \ 8 76 H; R# (N#. , \ 76 ( 7 # 9 < 8 cP
756 ( ( (9 , . >/ 7 (! C#! ( , #@ 4((9 C \ (9 7 ;,
(N#G L8G -[ , 78! C \ , \ H 7 8 ( 7 (! C#! ( 7 # 9
IO 8G# - C#G 1
75 ; (5! L8G ' P) E > 7;(& -[ C \ ; ( (9 <6
C 5\ H5 6 ; (! 7& .@ U 7 / 6 C -? C > 7 N C \
D 1 &. K9 C \ X>F 7& #& 7 # 9 7 #9 7 ! , #@ C # >M 7@#
I( ? (G Q U # # 9 # /
#P V #- : D 1 7 8G# B( ! 7 # 9 89 ( # #& #S
IV # - : D 1 #& 7$& 4 $# 76 ( # !
0 5P , 7 # 7 (#. ( #& 7 N(& C #- = 7 # 9 89
h7 #9 7 ! , #@ # .
) '* Y3 A 4 X’ g*&3 + 63 9H < a & 4 *O 4 6 *:$/9g*:3 + 63 9H < a & 4 *O 4 6 <*$
R•*&3 9H < 4 g
-‹‹GR•*&3 9H < 4 g ) '* Y3 A 4 X/7•*:3 9H < 4 g ) '* Y3 A 4 XF
7 #9 7 ! , #@ 7 # 9 # L M 76#9 , / D 1 # ( * )& (7*Y5
h7 # C# # & E ( C (; ( ? (G Q U U , D 1 >F
Z5) # ]nnnn - ( ? Q U U , 7 N(& C #- 7 ; M `
L + 7 , B + o]n e )@ "d \1 &; # 7 , #F o]n
ID 1 8 ,6# : . 7 (&
u58& # & om @ (. & nnnnn ( V(! Z ( 8 7 #9 7 ! u8& `
I( ? Q U U , nnnnn 7 #9 7 ! , #@
A nnnnn 5& #5 (5 ? (5G Q U U , 7 N(& C # - : X (; `
C# '8 5 & 75@# C # - s 7& #& E > , L8G # knnnn
I7 . C \ #F&9@ # ^# :
C # - 5 = (5 ? (5G Q U , 7 #9 7 ! , #@ 7 # 9 #& < 8$
h7 N(&
(9O
I [#1 # 9 [#) # 9 U , D 1 8 7 #9 7 ! , #@ ( (9 hA @
h [#) # 9 7 #9 , e
I # _nnnn ,/ [#) 7 #9 , 7 N(& C # - : 7 ; #& G I
L + 7 , o]n ^# : (& &; # 7 , o]n C #- # & I<
I \1 0(&
)@ " 7 7 #9 7 ! #. • # - : o]n} 7 #9 7 ! >M I^
Iom @ (. ( G 7 #9 7 ! #. • # - : o]n •
I # ]nnnn} •]nnnn }
I # 3]k]n }nIm f•]nnnn•
I # m]k]n } 7 N(& C # - = 7 #9 7 !
75 (! C#! (5 , #@ 7 #9 7 ! } [#) U , D 1 8 7 #9 7 ! , #@
IC # - i 7 #9 7 !
I # n3 ]n } m]k]n nnnnn }
h [#1 C # 9 7 #9 , e
I # nnnnn ,/ [#1 7 #9 , 7 N(& C #- 7 ; #& G I
I }" 7 , #F o]n )@ " 7 , #F o]n C # - # & I<
# mnnnn} •mnnnn}e d 7 N(& C # - = 7 #9 7 ! >M
# k ] n
}nIm f•mnnnn }
# f ] n
} [#1 # 9 U , 7 #9 7 ! , #@ }^
I # f3fn} f ] n` nnnnn
] ! ` 9 'a 0 9
b •Vw
nn
}7 # 9 1[
e bgDbd
(o
I [#1 [#) 7 #9 & # 7 N(& # - i 7 #9 7 ! , #@ , \ } Vw
I [#1 # 9 U , 7 N(& C #- 7 ;} b

nIm f}om @ (. "7 (G# - (9 # 7 #9 7 ! (6

3
I [#) # 9 U , 7 N(& C #- 7 ; }D b
hV # 7 N(& C # - i 7 # 9 1[ W 7!&# 7 (#. Z &$ &
C # - = 7 #9 7 ! ` [#) Q U , 7 N(& C # - = 7 #9 7 ! }Vw
I [#1 Q U , 7 N(&
I # f__kn } f3fn n3 ]n }
nnnnn•f__kn 1[ >M
om]} nn
e nnnnn knnnnd }7 # 9
75 ; ,5 5 \ B(5 H 7 #9 7 ! , #@ , \ 7& cP
h, # (68 #! 7 N(& C #-
4 6 <*$ < 3 4 Q> nS 3 < 3 T5 Qg 3
rS5
4 *O Qg nS ?
4 *QO
Π4 6* Π4 6* B 3 A
Œe -i‘ Œe-i‹ / i‹‹‹‹/ ) '* Y3 A 7* 3
Œ00 0 / -i‹‹‹‹F 4g 7•*:3
G-‹‹‹‹‹
Œƒi
‚C i/ ‚Ci0‹/ C‹‘ 0‹‹‹‹ 7* 3
/-i‹‹‹‹F R•*&3
G-.‹‹‹‹
h,8 # (6 @# G <# 9
e7 N(& C #- / d -[ , N \ , \ 7 ;`
, \ 7 ;g ( ? Q U U , e ! \ d 7 N(& C #- 7 ;}
I [#1 [#) Q U
h -[ , N \ , \ 7& `
\ 7 ;
nn• }
(? Q U U, , N \ 7 ;
}7 #9 7 ! , #@ , \ 7 ;
, d D 1 8 7 #9 7 ! , #@ ( ? # 9 U , 7 #9 7 ! , #@ I
Ie [#1 [#) eQ U U

]
I # 3 ]n} nnnnn n3 ]n} [#) # 9M U , I<
I # f ] n} nnnnn` f3fn } [#1 # 9 U, I^
}7 #9 7 ! , #@ , \ 7& `
7 #9 7 ! , #@ , \ 7 ;
nn•
( ? Q U , 7 #9 7 ! , #@ 7 ;

_
3 ]n
o3I ]} nn• } [#) 7 #9 ,
nnnnn
f ] n
of I]} } [#1 7 #9 ,
nnnnn
(Z *Q 7 B 5 ” c+
, \ H (? (G Q U U , 7 #9 7 ! , #@ , \ 7& D#) `
756 ( L M 1 -[ 7 # 9 1[ W , # #& 7 N(& C #- @G
IO&# 9 7.)
75 ! , #@ 76 ( D#) L8G 7 ( 7 N(& C #- = 7 # 9 1[ D#) `<
^#5 C# '8 C (. C t 7 ; , C \ 8 C # - = 7 #9
78 ( 7 (! C#! ( @# G #/ S 7 6# : 7;#$ Q # #.
I76 #
76 5 C \ V 4 -[ @# .8 Z ;( (! #& # / Z& # <8$ `^
IO 7&9#@ $# V #- D 1 7 #. L8G $ -? #F #
(4 *QO 9 O 2 2 = *+ s5
7 # -5 C#G 51 5& 785P#) , 7 # 9 89 < 8 &.
4 -[5 76 C \ 8 X( (9 7 # 9 89 0 P , #F & # #
>5/ V # - 5 ! ># , #F 8G (# G RN# 7! $ X>/ ,$. K 9
I( ? (G $# R #. O < #6&
,5 C#G 51 8 7&5 #& O 8G (# G <.@ 7 # 9 89 M
C#5;=G ( 56 (59 C; , 4 -[ C \ \ - -? * .
75 C (! & # 889 8 ( < 8 + >/ # C \ X>/ & 78 (
(5G Q U U , 7 N#1 C (! 78N#) C (! K (9 # 9 B( G
>#5 , #F 8G ( . 4(9 RN# ((9 # . L8G @9 7& .@ < #6& ( ?
I7.; $# 76 ( L8G E > Q; K9 # - ;

f
G9 + 3 F r*! 9 :
(9+ 3 4 *5
4 & 7@# C# 1 Q8 7& #& 7 #F QN#U 7) U -
#5F / C 5! 5 7G 6 ># C# 8 G L8G < # U A#F
I # N #& 7!8. C ! (#@ # #& 7!8. C !
(5 L58G <56 , 4(!. C ! (#@ # &.
>#5 78 G - 7 ? 4( 6 O (T @ >F& X ;> &; , #
(5 (9 #F / RN# 4(G ; ># C# 8 G L8G < # #@ @ !
4?51 8 # N ' ( (9 4?1 C# ' 7 9& ( (9 A4?1 8 , # '
I, # #F;#) M
5 CF (; (.& (#@ # #& (& 7 # 4 (: W O 8G
^'5 7 !& ! #F 8G (; + #F #6# 9 7 G 7 ( (9 7 F
5 75G 6 #5& G #& > + H (@ D K9 (#@ X>/ &
h#F / @# .
V ,5 7 # 4 (: Q(/ K 9 #F ; 4?1 7 9& , 7 ( -? I
I4?1 8 7 # 7 ! 4(# ' / 4?1
I4?1 HP < # V> ( B I
56+ 78 $ 4 @! (#@ 4?1 8 ! < # R' I
IC ( 6 7&
0 P , E= Z !9
(9E8 X 9+ 3 ';* 5
75 8 G , /# , @ 7G 6 6+ 4 @; (#@ & (@!
Q5 . I< #\ , 7 = (( 7!9 E> H #- :
C#5 8 . 5 #J& #S ( V> * ! D E > O ?& 6+ @;
75 5G O5 ( ( ' >/ V C# 1 #F& ! , e7 #6 d 7 8 \1
I4(9
h,8 # 7 ( C( 6 (#@ Q @ # O W O 8G
k
9E8 X 9+ 3 ';* 5 (7 8
V #6 # N •
, @ # N •
* = > = 9 &+ 9E8 L 35 9+ 3 ';* 5 ( >*Y
h,/ 7 6 # (#@ ( C ( `
I4( 4((9 * ! •
IC ( (@M •
IF + (@M •
h,/ 7 8 ( (#@ ( C ( `
eD ( # " d, # ,$# 9 • (
4'6 9 b#& + •
5 56+ 758 $ (#@ L8G (# G E > #F # Cx1 #9
5G 7 ( C( 6 L M 4(1& 8 #/ # # M 7 ( C( 6
4 5@; (#@ ( L M #68 #F G # S 7 ( C#& 8$ Z $
h7 # <#& i 6+
* ! ( .6 # 4 @; 4 ) L M 76#9& 4?1 (; e
#5 >M 75@# 78 $ 4 ) #F8$. U 7)8 7.) 7 8 G 6+ 78 $
I4 @; 7 4 ) + ( 7 1 Q(/
I 6+ 78 $ * ! 7)8 ; 6t @; Cx1 (! . e
758 $ * ; L8G @9 F 6t 4 @; * ! L8G @9 e
I78 8; 4' 6 4 ) * ;: $# N( U 7F6 A 6+
L M #/ $P # 8 78 (& (#@ C#; + C; , 4?1 8 (; e3
I 6+ @; * ;+
Z5 $ 5G 4 5@; 4 ) 7)8 (& \ ( 4?1 H$ e]
5 O56# 9 #5 H @ q 6# 6# V 1 (! AV #6 # N
5FN= . 6 #6 #F (! , H ( C= F 4(#) 7G#P&
m
>5 / #J _n` n (( 4( 1 (! & C# 0 1 L8G F. 61
O5 #6# 9 ( ( 4 ) = #F - ( 7G#P& H & V 1 H$
I $ 8 O. * . ( 7)8 V 9 ( 798
7 #
( '*B3 f* 3gA
$ 51 #!&$ C# ( H8 8 ( O9 & ! A 6+ 4 @; # N /
# ( O6# 9 # L8G 7 1 @9 # ( G # N D >/ ?1 A7 .
'5 75 N#; ,5 C# 8 . X>/ 6 ` #9 , #F ; ( ( & ! 7)8 H8
HN#5& #F865 9 , A7 N ( C#&# 9 H( Z L C9 V 1 8 , #
I0= . C#&# 9 *&! Z L C9
C# 1 7 & #S , 6+ @; 8 , # + (@ V #6 # N (.
>5/ ( 5 78 6 6# 7N'6 6# 7 G# @ C# 1 U9= A # G+
#5 N #5 AC# (5 C# 1 , #9 " .& A7 #G 7 #- & ,8 (@
#5F 69 \5@ 758/[ 5 S ,F A4 \@ C#G 1 8 7@# 7)@& F V #6
IB + (#@ + L8G @98
H 0= AO 8G @9 7 F ,/ ,8 (@ >/ , 7 # + 4'
IO M ^# 9 # #J N ( b# O AC# 1 C#6# 9
( '*B3 f* 3gc 4 Q g ' -
h7 # 7-=- @ , D + X>/ -
hb ) <# 9 •
V 1 ( ' & HN#& ! O= HN#& V 1 &, S Z#) /
O N5 ((9 cP #.1 H ; & '8 S # / V 1 # A 6+ @; # N #&
X>5/ Š*&5! 0=5 . C#&# 9Š / <# 9 >F HN#1 b=$@ IHN#& X#6
- #F F <& & V #6 # N , #JG 1 - + ,/ #. 4 @
I#F 7
h*&! Z •

n
L8G H; #& V 1 ! O V #6 # N @ 7 4 @ -
H5 #. , # # 9 , >: ( >/ ( IHN#& # O N cP , >M (
C!9 5 (; F #&# 9 / S #& ; 7 # N F (6 > 1
4 ; ( ' L (+ ( , 7 @G O E1 # I(.& #/ . (
IV 1 8 # N ' '. , * !
h7 #6 C &! •
Š &!& ŠV 1 ! # 7G#P& 8 #/#P ! & 7 C# ;#) ,/
L58G 0#5 & V 1 L8G O&9 (; 9 >/ O 8G O&9 & HN#& #; V> 9
c&5@ 9 >/ &!& V 1 ! # ( G IZ9 l # , X( ( O &S
O5 (5& 5 9 >5/ &!& V 1 O. #. V> E & #; >M V #6 &;
I, @ &; L M 9 &! >/ W ( ( P , # #&
h # N $ 1 •
V>5 #5 N 7 ; (( & V 1 #F&6 & ! , $ 1 E8 #F& (@!
h $ 1 X>/ HN#& O 8G @9
# N 4 $ •
V(! @ 7& •
@ 4(#) 4 •
4 # N 4 <# 9 Š 0(& l # ( (9 . O L M 4 #1: (6
h,/ O$ 1 E (; ( (9 V 1 E * ) =
J - @ 4(#)
n , #@p np
51. = ( ( #& C ; >M o 4 (; V(! @ L8G @9 E X# . >/
H( EW M Š0(& l # Š, #9 F1 7 #F H Š @ 4(#) 4 ŠL + #
c 5P A, #9 F1 7 #F e # N 4 d n 7 #F , # #& u8&
h, # 1 , E>
( !% >
!] !% >
; ( $ E $9! :
; b E $9! :

!] !%

= I
h7 # C #& G L8G Q; 79 # N 4 $ L M 4 #1: (
([Q:> •3K 4! h -
C#51 ) 4 . H8 # #F ( (. *#) #& ' C#6 C # >M
- #F ( (. , H8 " G L8G A# & 78 $ #F # N 4 W
4 \@ #F 79 # N: 4 W l II N#6 '& C P O )
I# &
(Vg* * IX C
(5! H ( # M 1 <8$ O W Q .P , # HP > HN#& # >M
H$5 OW ,# ' &H # >M # M 6+ 4 @; 7 # N 4 F9
I $ C ) ## ON= G c
(3& * IX 0
# N $ 1 &; O 8G W Q .P , # Q; , # >M V 1 U9=
T ( (. O # O W 7 # 4 &H # >M " .&e ; # N 4 d 7 &>#6 ;
I78 $ 7 # N C L8G @9 , # #& 78 (& # N
( >* 3gA sj <*$ R ^:5 /0
,8 5 (5@ O# .5 5 7F6 76 (' 7 / V #6 # N=
$1 , ( B 7F6 eC# 1 d 7 1 O6# 9 # L8G @98
# 3nnnn (. & #F #6 H & 7 1 C # >M =- e786t C#. & dC#. &
}e ]•3nnnnd (5 #F&#5 9 W5 #5 ] #F8 5@9 4 5 $5 #
4 , # nnnn (. & # ( V 1 7 1 C # >M # 3nnnnn
, #5@ W E > L8G # 3nnnn}e n• nnnnd N ( #F&# 9 W n ((
I # e nnnnnnd}e3nnnnn` 3nnnnnd #F& , # N '
<5S AV ! , # ' C > C# 1 4 & C# 1 U9=
#F ( 0= . ( C#&# 9 L . & V #6 # N= Š (@ Š ,
Cx51 69 4 \@ Cx1 9 , AH ( Z 7 N ( C#&# 9 &
(#5@ 5 X #& G#& V #6 # N L M ?68 A4 7)@& L M ^# 9 ,
I#F 79#
( '*B3 f* 3gA 4: e
M 5/ #5 @ 4(#) 4 = b # N B E# /
E#5 F 7885P 5 (; V #6 # N LM 4 U X>/ H; Š, #6 Š # N
Q # " G L8G A79P S #F # N X>/ R 7&9#@ Q #
V #56 #5 N= 7 ? 4 U # AE & * ! (N - AB + (#@
h7 # Q # cP
( 33Q I * 3 /
Q #5 58 9 F W V #6 # N H & ( ! # ( G O U9=
Z 0=5 . C#&# 9 Q # # N ; \1 Q # , 78- 7 (M
C#56 H5 & #.5 (5 (9 (5 G 1 L M #F ŠQ # X>/ A*&!
V 51 #; .6 # N R Q # H& . P 7 8 . A F C# (
I # & 7& .@ # N Q # 89 &
(; 6: 6K N /
E#5 / 5 >M 79 @ 7)8 O " V #6 # N L M 4 #1: (6
@ 4(#) 4 = 4 #) 7 ; ( ( & V 1 #; >M b# V(! @
E# / W O 8G @9 V(! @ L8G V 9 H & $ 1 C # >M E > H
5; H (5 O # >M #FG#P (; 7@ ) X>/ V 1 #F8 9 Š7@ 7)8 Š
IO # 1 L8G O @9 &#!
# (. H& . #F ) ,/ 7 @ 7 ! LM 1 # & 7 /+
(5G Š75)8 Š / ( !) @ (! W @ 4 = H( , V 1 1)
75 q =- I@ 4(#) 4 ,;#& 0'6 7 #F L 9 7 @ 7 !8 H (
.5 A n , #@ np $ 1& #/[ 1 # nnn t #/ . 7& #
u8& # 7 t X>/ 0 1 O& V> u8& E> F # m_n / #F ,! !9 H &
H ( L8G O (; (G &#! HN#&8 V 1 O. ( V> Š &#! Š F @ / # 3n
ID#P V(! @ 7)8 7 # 7 (#. cP B n 4( m_n
}V D#P V(! @ 7)8
_n o @

@ 4 # N 4 o @ `o nn
#5 # N 4 + , (( * ) 7 (#. X>/
(5 ' E > >W _] / 7 # ((G #P >M I _n / 7 # ((G

3
& 4 @9 # + ((G ,F # N 4 , #@ # D#P V(! @ 7)8
I # N 4 7 #F @ 4 7 #F
(7*Y5
#5F ( 5 -M # N #F9 )8 $ 1 C&#- 7 1 C!8
@ o L8G 7 1 X>/ @9 A _n , #@ np n , #@ np h# /
< 9 L8G _n n = # #& H ( # n = ( ( #& C #; >M
I(
(9O
n , #@ np # N $ 1
V D#P V(! @ 7)8
360 2%
=36.73% ×
30-10 100%-2%
_n , #@ np h # N $ 1
}V D#P V(! @ 7)8
360 2%
=14.69% ×
60-10 100%-2%
Šh,8 # & ^ Z&# #-
I7 #@ # N 4 C( ' # 8 V #6 # N 7)8 • !
U/#5& 6+ @; ,8 (@ >/ ,. @ 4(#) (G M •
I7)8
( '*B3 f* 3gA *+ s5
h,8 # #/'6 # ' 4(G V #6 # N c L8G <
#& #S O 8G (N < 9 O L . & 7 #PM 0#&G 7 ( L8G < e d
H5 & 7 #9 , 0 1 . V # V(! H & 7 #9 , 0 1 . #
I 6t
# N 7 #9 , #9 / # 4(!. C 78F O 8G @9 C 0 6M M e d
HN#5& 5& 75!- 0# & 7 . B C 0 6M L M ^# 9 V I, @
IV 1 ' , # 89 & ! HN#& H $ K9V 1

]
P V #6 # N 7 ;, 9L . & h7 H$
e d V 1
I7 . ( (9
( < f* 3gA
,5 6+ 4 @; * !8 79 # 7 # Cx1 #F . &$& 7 #6 E & & .
(. & 7 #G 7)@& 7 #6 E & # & 7 8 \1 F#8 G - #F6# 9
, 7@@ 7 # 4 ( #F . &$& #F + U 6+ 78 $ * ! #& C#G 1 ( G
E 5& 5- #6 >/ , 7@@ B E & E# / M I @! # N c
6+ 78 $ * ! (! L8G 4 (#; B C# [ 7 #!. 7G ' 7 G# @
Il II(G#! Z (# @ e ? d C# 1 A,G# 6 # P C# [ -
4(5 $ 51 ((9 7! - ,/ 7 # & 1 * ! X>/ - > ? # 4(#G
Z) E &8 B C# # P 7 (( (6 4(N#) . u8& E > , # & A* !
4(5G , 5@ #5 N ( V> * ! O6 # #& #S * ! H #F 8G
I* ! D ( (9 E & # #& Z8. C= 1
(\K '* 3U
( 5 H5 ' ,5 75 U 8 7& #& 7 #F N# E& # &.
#F / # 7 8 G , # #/ ( <.8 G 4(G E# / K9 , @ # N
h,8 #
(5 (9 75 8 G , ( <.8 7 #; 7 (#@ ; ( ; E# / + U hE & 69 `
Cx51 <8S # & (9 . #FP ! E & V+ , + 69
>5/ 5P) E & E > A(9 E & # N L8G @9 #. P)
#5 & #/( O V> E & H #. #9 4?1 L8G W A#P
L M ^# 9 , 4 & C# 1 W ,. &$ A7 '= + O M ^# 9
#5F #6# 9 L8G @9 P , 4 & E & H #. 7 P u #&
E & H #. #9 4 \@ Cx1 L8G <6 C; ") , A7 #
5 S 75) )$ E & #& #F 8@ .6 A4 & E & H #F8 #. + 69 4 \@
I7 P S # #& #S , # #& 7 @ 1

_
75 8 .& 5! # ( G * ) < #$ ' h # N H & Z8. # E & C# # `
4( A#FP ; , + (! h#F 4(G L8G E & * ;
X>5F& Z8. # #F # # , Q8 E & (6 A* ;: 7)8 A* !
C#5 # H5& V>5 E & # Q V> /* ! W O 8G I +
IQ U H < # 7 P ;M
V> E & H #. P) 7 1 O E1 # h7 @ 1 E & c #@ `
J (#5; 7 #9 X>/ , E & + A4?1 #F # , 7$1 +#& 8 Q .
I#F ; #F 7 # cN#@ #/( L8G
O5 E5 & H #. O < S S O (6 B 7F6
O 5PG Z $ G #@ >/ # >M 7@# 7 # Cx1 #& Z - #@
I # 8 7 7 #F C# 8. Q # E > #F (M " #6 ,
4?1 4(@ *.& 4 # D# P L M V([ (; E & 1 M hE & # `3
O5 <.5@ C5; ,5 # N (#@ #F # 9 #P , . (; & 7 (!
C > A7 ! E & H #. <6 - B (#@ * ! L8G @9
I4( 1 7G 4 (: 8 ,# '
75 / # N c L8G E & 4 (! 4(# ' M hB + E & H E & 7;=G `]
75 #9 ,5 4 (5! ( (' >M AV' E & 7@# B + E & H O ;=.&
E& H #. Cx1 L8G > c 9@ " . 7P 7! - 7;=.& U#) 9
E5 & #F5 L58G 75 # C#5 [ L8G 7! - 7& $ C#;=.& H V>
IV'

f
(4 < d 6 a >
C#5 8 . 5 #5FN= . E & #F9 , * ! 4 - D E# /
* 5! 5 G &Z ) <6 O 8G 0# & 7 G #F ( ! , 7 8 \1
h,/
. # P& 7 ) S* ! •
# P& 7 ) * ! •
( !5 f* v 4 : ud 6
5; = H ( Z9 , O#& 1> ? # P& 7 ) S* !
A4 5 + 51. C 5 = & * ! D >/ (F1 (; 7
I, # Z , <8$ * . Q UZ 4(N#) . <>&> &
* ! V> D 7 1 C # >M * ! D >/ L M 76#9 ?1
* 5; L5 M O ?68 4 , * #) 0 6M .6 # E& #&
I 5$ B( 8 #.8 (F6 C; 8 (/ <G#@ - <& 4 78 G
c (# G c )& E & ! ?& $ = Z) A4 7 8 . X>/ - < 6
K 9& (# G= #)! HP E & AE > C( #8 * ; < O&6 & 7 18
C 4(G < 9 H$ > / A(9 #. = # nnnInnn G =- ( '
,5 5/ (# G Q! G . l # V , ' #6 C#& 9 (! # #$
h# / P ! L8G # $ 1 E & HP # 4(#G # nnnInnn # #-
75 ; 5 o n` n 5G ! # & V #6 O&# 9 , * ! U) 9 I
4 U 7F6 E & 7 #S * . ( @ #& L # / b ) (# G
( ' 0 6: >/ AB + U 7F6 .8 V(! ' 7 !
#F&#5 9 ,5 7& X>/ (#. # & U) 9 7 1 C # >M M * ; 7)8
$P L 9 4(#G C# 1 O8.) # / * ! L8G @9 &; V #6
IE & * ; 7)8 4(# ' L M

k
75 5 ;+ L8G 4(9 4 OP ; ( ( & . ! h, #- $ 1 I
7 8 9 , # #& 6+ @; O L8G * ! #FUM / E > E& * S
I 6+ 78 $ H #1 L8G O;#) M , * ! >F . ( (
75 N#; $ 1 HP L M 7 . Q U , E & ( . Z& # L M 7 #P:#&
, $ 1 / * ! 4( 78 $ 4((9 7 # C# # D#& #& O '8 * ! L8G
h# / $ 1 # N (!G , 4(#G FU
I7 # 7 & . U) 9 •
B 7 # C# [ E & * ; , H (.& . 'M •
IE > K (9 7 #9 , ( ( , 7 + F $.
M * 5! 8 ,# ' 7 ! LM E& U 7F6 $ 1 X>/ Q(F
L58G 4 $#5 569 8! E > 0 ( E& M #9 9@ >/ # M O
E &8 4(9 7 # 78 #. E# / C #9 7 q L8G C# 18 #F9 , * !
A + - , *.& FP.& G )8 O + 0= . H 6 L8G Z &$ 8 c8@
b#5& + (5 L58G F (5; F( C( 6 69 F ,# ' -
#5 ( G #& 9 , C #& G X>/ E & > ? E > #/ S Z , F.
IO c
V> * ! u8& Q! ( (9 .
(f* v 4 : d 6
#5 #$ Š # 5P& 7 ) S * ! Š "# L8G * ; P+
(56 (5; 78 $ # #& #S # P& 7 ) * ! 7.&# 6 0 6M
* ! 7# 9 #P #G C (; >M $! * ; #F # W& 7) .P C# 1
5; 75)8 & * ! L8G @9 #F #P (! B C# 1 (6 (;
* !8 7& #& #/( ' A # P& 7 ) * ! L8G 4(N#) . *) 4(#G E & #
C(5 5- C# # 5P 7)8 D ( C# 18 7 P S
C( &. > C#&# 9 ' E> AC (. , #& ,P + F +
E >5 C ( F + , 7 #- U #9 E8 7 1 " 4'# 7# P

m
X>5/ - ( # 4(#G #F &! = (& C (. , #& ,P + #& G
#5 / (& 4 + C , 6+ 78 $ * !8 7 # P eC ( 6 d @+
E 5 & < #6 7 &! 7 P 7 #) .8 B + C#&# 9 ' > #&
I 6+ 4 @; * ! L8G
(7*Y5
L58G @9 6 , ,8/+ E & H . ( . N#/ 7 1 * #)
h7 # N (& E & O HP (; 7 4( I_nnInnn , @ # N
I* . ( @ (& 4( 7 #F , H ( o _ * ! L8G 4(N# (. h + (&
4(N#) H ( o n 7& & * . ( @ o ] * ! L8G 4(N# (. h, #- (&
I4( 7 #F &
A4 51#& @ 4(N#) o ] 7& & * . ( @ o 4(N# (. hK #- (&
w7 1 O& c@ (& V?
(9O
, 4(N#) # , # #& * . ( @ ( 6 (. $! 4(N#) #& @9 + (& I
}4( 7 #F , #F. ( 7 1 #F& ' 8
1.600.000× 16
= 256.000 #
100
4(N#) + E> o _ + (& 7)8 V o _ / # # &#- 4(N#) (. U
I7 #F #& H (
* . (@ 7)8 • 4(N#) }, #- (& 7)8 I
1.600.000×20
# nInnn } * . (@ < 9=
nn

3n
# m Innnn } nnnn• I_nnInnn }* ! 7 ; <6 >M
1920000× 15
=288.000 # 7 4(N#) =
100
u58& L58G 5@98 # kkInnn #/ (! 4(N# H ( 7 1 L. &
}7P ! 7 1 #F8 9 , 7 ! !9 7)8 W , # #& # I_nnInnn
× 100%= 288.000
18% 1.600.000
hK #- (& 7)8 I
1.600.000×15
=240.000 # * . (@ =
100
}* ! 7 ; * ) >M
# Ik3nInnn } 3nInnn• I_nnInnn
1840.000×13
=239200 # 7 4(N#) =
100
eC# $. 8 #! d7 1 OP ! V> u8&
# I _nIknn } m nn I_nnInnn }
23900
=17.6% ,! !9 4(N#) (. W , # #& =
1.360.800
5P O + + (& > ? 7 18 O6 , 79 @ U9=
I N (&

3
(d X 5 \K [OK + *5 ' 65 ; O 3 ; 6
* 5! 8 5 ,5 * ! (! ((9 , ( ! D 7-=- (6
( 5 ! X>5/ 7 P S* ! ( ( G E > (9 E & #F 8G @9
h,/
h#F8 9 , #$ + H ' D 7 # D#& E & <8$ I
A(9 . #F9 O , i L@; (9 HP & E & ! E > L8G
" o n((9 ? ( ! - L8G T E &8 7 U ! ( (. E# F
I(9 . E & #FP ! , u #& 8 L@; (9 ,$# 9 #
5 + 7 E & ((9 h ( 8 , # N ' #& 7;=. C > ( ! I
,58 . '5 ( (9 . >F , # ' "# L8G .8 #FP ;M
h7 # $#! ,$\ = 89 . ' 89 & E & # ; (.& ,#
4 \5@ Cx1 7 #9 , 7 / - ,&(+ $ ( 7@ 1 `
W E> S I,@ 1 #. #F (. (# , C# 1 , O G
<56 , 7 #F . &. (( , #F &S #F / ' 4 (: 4 (!
I4 & C# 1 7 #9 , #F (
D 51 4 (M L58G O (! = E> Z!9 h ( 4 (! `<
Ib#6 40#) &
,5 7 # (#@ D 1 # " 89 & E & ! h4?1 # " `^
C#5 ' , FU # #/(!G H ' * ! ( ( , #F ( O
I7 .
(5 5& Z#) 9 , C# # P ,/ h#F (! C# # P `(
I* ! E&
W O. #. V> E & # Z9 . E8 # #$ O W Z& # L8G 0# &
5+ 5P ! > 0= . # , Z9 ") & H ,/ 7 #6 Q #@
5! C# ( #! F. #. 7 #6 Q #@ <S 0= . V ! #F

3
<#5 9 75 . 7 ' d . #& 7@# 7 # C#&# 98 E & #& # N ; #F&
Ie N# b#& +
. S L8. A7 # N 7 #6 7 #. 9+#& 7$& ( ! I
7 # #! X((9 V> L@;+ (9 G (' (! & * ! H$
75 # N 7 #6 7 #. 7 #9 #& -? E & MH Q(F , E&
, #5 #5/' 5U #FP ; Z#$ Z P L M . (; E & # A4(N#
(5; B C#; , # & AV' E & #F.& , 7 # #& -? T#
5G K59& 7 # N c , H L M E & ( . , # #& [#) (
5 ,5 * 5! #5 & E> I#F #F #- * !
, #5 ' G 76 # .& -? E & #F 8G @9 C#G 1 8
IC#G 1 X>F , # N
(9E8 9+ h 9+ 3 (*@Y *n
C(5 4'# F + 7 (#. F + 6+ $ P
h, # 9 L8G b 1 #& #F # Q 4'6 9 b#& +
(4+;*! ^ 8 •
O&9#@ C&- 7 ! ((9 # " 0'6 Š O ?& V(#. F Q .
4?51 8 , #U #! # E @& O ; C&- #F /# , 7 1 &; #!9
75 . 75 . 6 5 !& M O (# ' O& b @ # " 7 ; ( (9
0#1 M T c & 7@ 7$8 L M O& 7@# C# # & (! (& /# 8
(5@ (5; 7 51 W O& b @ # " ((9 (.& AO 8G 7! 8 7 1
#8 , A7 ! X>/ ;?& # F (@ (; O& b @ # " 7 ; &#F
(5@ # (5 G A (@ # " G 4 #&G ,/ (@ F + 7 ; W #9
H (5 <#N : 4 1 , e F + V 1 d /# <8$ (; #F W #F F 7 1
5 75G ( 75 ! L 5 A<#N 4 1 , ((9 , " i #! 7 ! ,;#&
(@ # " O& (@! < # " # AD ( # " & /#

3
G C( ' L 9 #F. & , F + 7 ; O& (@! (; # #& < #\ , D#& V>
IT @ 7! $& 7 #9 >/ , T#! A (@ # "
L5 M ! # nInnnInnn # O& b @ # " 7 ; #P >W
(5@ # #& F 8 (@ (; 7 1 W # n F 7 ; F 8
! B # (; (@ # " W 7 #9 X>/ , # _InnnInnn O ; #
#5 n F5 5 GH( /# <8$ (; AO& b @ # " G
* W5&d #5 _InnnInnn D ( # " 7 #9 X>/ , # #&
5 >5N 9 F 7 ; of] H ( O <8$ (; eO& b @ G ! (@
h ; K=- V(#. F 8 # InnnInnn D ( # "
par value 4 A 4 6 G-F
FU , #U #F #; , 7 1 " ? (!G , #F 8G T , 7 ! ,/
(@ # " 7 ; F i 7 ! , # 6M ((9 AE@ L8G #J N ( 7 ! X>/
((59 A7 5 F5 7 ; , 4 (@ F + ((G < P @#9 G 4 #&G F
4 (5! S, #F ; ( (' L 9 7 ! X>/ ( (9 # 9+ *.& , !
75)8 <5 9 #- C# 8 G , 7 /# , &S > - #\@
I7 #F ! #J! 7 1 L8G 7 (#. F +
market value 4 X Q 4 6 GCF
(G 7 7 ! H B # A, # Z , F #F& D#& , 7 ! ,/
75@# 7 #F ! Z , H &8 F + b $ 7 1 +4 + F H&
5 L8G?5& 7 # C (@: , #F F H && 7 1 ! (; + (@s 7& #&
(5@: 4 =5G - >N 9 7 7 ! 7; 7 ! &Z ) 7 7 !
(@M V , 7 1 F + D#& O J0'6 c&@ ,$# 9 # ,
I7 7 ! ;?&

33
H5 & .5 W E > (.& Z , F H && V(#. F #9 ! # (G
#J5! #5F G (5 ' #F # 7 7 ! G ! 7; 7 ! Z .
h7 # C# $. 8
I7 ( 7 ! `
I, # Z #& * . <8$ Q U `
I,1# P #& 7!8. 7 #. 7 (#@ ; 7 #9 `
I7 1 D#P &! # 889 C#.; `3
I &! , b#& + Z !9 L8G 4 (! 7 18 , # ' `]
I7 7 #F , b#& i 7 1 C#. ' `_
5 .& #/ -? <& & #$ &/ ( .@ 7 ! X>/ <>&> H; E>
I4 -
7 7 !
×H' 7& } F 8 e,8.) d,! !9 (N#. (.
7; d7 8.) 7 ! )
(7*Y5
C5 # 75 (#. F + L8G o n #9#& H ' & 7 /# # 7 1 !
I # n 7; O ; C\8& 9, # n F 8 7 !
h W
7 7 !
×H' 7& } F 8 e,8.) d,! !9 (N#. (.
7; 7 !
o I } n• n € n }
L8G 7& ,/ 7 O ; 7 1 , 7 8 ( / V(#. F &.
7 18 7 . 7. 6 , C @ Z9& C# 1 , /# H O > F
Z + Z 5 ,5 #F. & F + G '# 7 1 <#9@ &. F+
5. M /#5 X#6 ' V 4 (s F + (@M 7 #9 , 7 #
(G 7 #9 , #/ \ 4 (: 9 /# 8 7 . 7 . 68 A F O& $

3]
# #F@ 8 F + 78 9 Z!9 , # ' ID 1 Q (/ Z !9 , #F9#6
h,8
I /# 8 7 . 7 . 6 , C @ Z9 •
I F + H& '# Z9 •
I#F8 9 , F + 7 !& 7 1 , 4( 6 @+ , Z9 •
I#F8 9 , F + 7 !& b#& + = 7 1 # ( L8G D=$: Z9 •
Dividend value g*! WQ ^Q 4 X G0F
(N#. O $. V> F 8 O '# 9 #F. ( X( (. - V(& , 7 ! -
h7 t 7 (#. #& ^ O #- &#! O 8G @9 #& c $ V>
H' 7&1 • F 8 7 + 7 !
}(N#. < 9 F 7 ;
- O&8$ V> (N#. (.
(7*Y5
<5S o n#/ (; b#& H ' & #; . 0#1 s , E& * )
# 5P >M o #/ (5; O L8G (N#G H; F >/ 0 1 - (9
5&#! #F. (5 ( (. L8G , 7 ! < 9? # nE & F 7 7 !
IF >F O '# 9
(9O
20×20
= 33.33 # }4(#. 8 #J! (N#. < 9 F 7 ;
12
book value 4+ 3< 4 6 GeF
R5 75 (#. F + ((G L8G Network 4 - , #@ 7 !& #F&# 9
I @+ 4'# F + @ b $ = 4 - , #@
e4'# F + • @ d @+
}7 ( 7 !
7 (#. F +

3_
(^ 8 2 =
5- /# 4(G#; H O 8G < # 4( (6 7 (#G F (@M M I
4 (: "586 (5! L M V([ , # #& 4 (: " #6 , \ L M V([
F5 + 5 4 & C# 0 1& 7 . 7F6 # ! 76 7 1 L8G 4 $ 8
I4 (: L8G $\P , # #&
IF (N#G *#) O 8G < E= 4(G#; H M I
I7.) Q #@ 4?1 Q8 F + b $ >M I
I,& P 0<. Z !9 L M V([ 4?1 &; b#& + C#. ' I3
( _*3 ^ 8 •
ŠC ( * ! & 7 (#. F + Š &$ 7& , 4'# F + H!
F5 +#& L AB < 6 , O G Q8 7 . ,9 , #F = O&1 ,F
5&; b#& + #F @9 > ? K 9 7 (#. F + G . '# #F + 4'#
5 5 #9#& 7 1 Z!9 >M F9#& L8G 7 (#. F + 78 9 @9
5 7 . 7& '# F 8 ((9 XA V 7 (#. F + 78 9 C&#- (N#G H (& 7 '8
>M #5.) 5 '# F <@ W # #G #9#& 7 1 C!!9 >W b#& +
F5 + 758 9 Z59 E >5 I#P) b#& + O& @ 78 8; b#& + C #
7 (#. F + 78 9 L8G 7 +#& . F M A4 (: "86 , C @ 4'#
$P I#F ( 6 7 )@ # F = 4?1 CP . # >M F; !9 L8G @9 ,
F5 + ( ; #F , C #9 , 4'# F + (@M L M 4?1
4'# F + &. # ( U 7F6 A< + # / 7 (#.
5 #5 # - #F + 7 . Q U , #F 8P) F 7 (#. F + ( & H!
# ( ( C ( ; '# F &. E> S L8G AO ) ( (
I# # O G 0# \ Cx1 B(

3f
( _*3 ^ 8 …g* U
5 F& @ L8G 4'# F + <#9@ @9 7 )@ 8 4?1 CP . >M e
I7 (#. F + <#9@ &; C ( 6
>/ (@M 7 ; # N ( 4'# F i K 9 7 (#. F + " . L8G e
h,F 7 F 7 !
I7 )@ 7 #9 , 4'# F + 78 9 Z9 u8& ((9 •
7 5 7 ! 7 N 7& & #F G &. # #& #S 4'# F + b#& •
I (@: 7 ;
#5! ,5 E5 > L58G T >M L M C @ 4'# F + 78 9 Z9 e
F &#; W , # #& 4'# F + 78 9 7& #& @ S Z9 F , # #&
I#F ( 6 7 1 L8G F $
, #5 ' 8 #! #F&#9@+ 4'# F + 7 ;( 4?1 4 (: ' 6 e3
5F + #F&#95@+ #F ; ( ' 6 K 9 7 (#. F + Q= & E > 4?1 8
(6 # & A7 (#. F i 4((9 4( (6 = , # #& I4?1 8 ! !9 E=
#/' 0 P L8G 7 1 4 (M X # #! #/( (9 4'# F + 4(
I, #
(G-F7*Y5
4?51 #5 " (5 ' <#51 + 7G# @ 7 ( 4?1 #G ( (
N (5& * G 7 (8 4?1 8 , # ( L8G + * G # ]nInnnInnn
I7& #
o n #/(56 Z , (N# 4(N#) $ 7 (& 4?1 8 , # ( #;
C8@ L 9 # 6 ( ( ' b#& + 7& LM 1 4?1 8 7!&# C# ' C#
Z5 $ 5G # " 4(# ' "# L8G 7 ( (; # / o 3 L M Z&# #. ,
h,8 # b ; * G # e nnd F 7 ; 4( (6 7 (#G F (@M

3k
(9O
# e nnd 7 M 7 !& 7 (#G F (@M `
50.000.000
=250.000 F }#/ (@M '= F + ((G `
200
o ]7!&# G+ b#& 0 P L8G F 8 7.; b#& +
I(9 D & ' #6 4( , #/[ 1 Q F + ?& , # ( H;
(GCF7*Y5
#F8P # 79# 78 N (& 7 ( C# s # 6 7 1 C(
h,8 # 79# N (& C # # 3InnnInnn u8& & 7 1 # " 4(# '
ok #/ (; 4(N#)& E & * ; I
F 8 # nn 7 (#G F (@M I
# nn . & o n (N#.& 4'# F (@M I
I # m_nInnn u8& & (! K=- C #9 , 7 18 7.; b#& + C # `
I7& P8 HP# c& o]n (. & #F&# 9 <N P C # `
(2 M
7 18 7 #9 F + ((G C 8G >M # 7 #9 , 7 8 N (& < #
IF nnnnn55& (!
(9O
h, # 9 L8G 7 (#. F + ((G <# 9 7 #9 >/ ,
4000.000 }7 (#. F + ((G e
20000 F
200
4.000.000
=20000 F }4'# F + ((G e
200
hK=- 7 8 N (& & 7 #! e

3m
79# 78 N (& 89 (6
9+ 3 ';* 5
)* c5 _*3 5 ^ 4+;*= ^ Œ. d 3XA
f*
^ttt 8 ; t t= ƒp‹ ‹‹‹ ƒp‹ ‹‹‹ ƒp‹ ‹‹‹ 4!X 3 w* '8
4j t tttttttttttt& * / / -p‹ ‹‹‹ g :
-‹‹ ‹‹‹
?*tttv+ ^ttt ƒp‹ ‹‹‹ ƒp‹ ‹‹‹ .‹‹ ‹‹‹ 4 + v V{*N y
*tttttttttttttttttttttttt^ e.‹ ‹‹‹ e.‹ ‹‹‹ e‹‹ ‹‹‹ Œi‹ Wg v
^ C‹ ‹‹‹ e.‹ ‹‹‹ e.‹ ‹‹‹ e‹‹ ‹‹‹ Wg v ! y <*$
4ttttttt * t ttttt<
C‹‹ ‹‹‹ / / _*3 ^ 8 )*!+_
^tt ' t $
4+;*= C.‹ ‹‹‹ e.‹ ‹‹‹ e‹‹ ‹‹‹ 4 + 3 4 ! 9U;
-‹‹ ‹‹‹ -‹‹ ‹‹‹ -‹‹ ‹‹‹ 4+;*! ^ 8 ; =
C. e 0p e ‹‹ 5 ;*! ^Q W >
w* '8 < ;*+s
k•3InnnInnn
# _nInnn }(N )
n
# nnInnn} n•3InnnInnn }4'# F ((G
nn
( + *5 *K yv3+ Z *Q 9 O3 5
7 5 !& E > # 3 V(#. F L8G (N#. H; * ; 7 #9 , (A @
5 ( , # 6M 7 !& E > 4 (! 7 (#. F + ((G L8G 7 8 78 . ( , # 6M
IF nnInnn4 (! 7 (#. F + ((G L8G 7 8 78 .
7 5 !& E5 > #5 Ik V(#. F (N#G 4'# F (@M 7 #9 , (*@t >*n
IF nnInnn 7 (#. F + ((G L8G 7 8 78 . ( , # 6M
nInnn 7 (#. F + ((G V(#G F nInnn (@M 7 #9 , (*@Y *n
((G L8G 7 8 78 . ( , # 6M 7 !& E > # 3I _ (9 F <@
IF nInnn (! 7 (#. F +

]n
F5 + (@M Z $ G P+ # # cP 89 >/
7 51 C5 # >M 4'# F + (@W& P ( M Z!9 #F + 7 (#.
W5 $5! b#5& + L5 M U 7 #9 , # I, = M (#@ ; U, . LM U
#5 F + ((G 4(# '& ((6 0# 1 # (M (G H (N#.8 < #! (N#G Z!9 * ;
IV(#G F nInnn (! & K(9
) KQ
,5 #F + 6+ $ , ( , 7P ! + C( -
0 '56 L58G ! $ * ! >/ I 6+ 78 $ * ; G 4 #&G + H;
IŠ( Š #F L8G Z8$ 7 ! , 7 # 4 \@
( ^ 8 ) KQ 4>'*65
h,8 # F + G C( ' , 7 (#. C# >
I#F = F F + 78 9 # 7 1 , N ( C( 78 9 & . I
5@9 # & A F +7 1 ( &#! 4(N# L8G C ( 78 9 @9 I
I7G' b#& + L8G F + 78 9
L5 + Z 5!9 N( / S Z !9 H C ( 78 9 Z !9 & . I
I F + 78 9 4 #& 0,1 V H ( &; #F 8&#! 7 1 L8G . , 4'#
#/(5 G ,5 #F. (5& 7 1 ' 8 7 &#- 4((9 4(N# C ( 78 9 Z9 I3
75 # C ( : C # >M # G 7 # #F #9 G U *\& #U #& 7 .
(5 G #P b#& i 7 1 Z !9 ( G M #F =GM F + b#& # &
F + 7 #9 , IC#&- #& Q@ F + (N#G W , # #& H ' , #F &S
#5P 7 51 7 9& #.& ' ( .@ (N#. <8! T + L8G 7 (#.
I#F.& , b#& + H ' 7 #
X>/ 7 #F , C ( 7 ; ( ( 7 1 L8G . ( (9 . 6 C ( 8 I]
I#F 6 F + # & 4(

]
#F # #$ 7 1 4 (M , E 1 , C @ , C( 78 9 Z9 I_
F 7 . D 0# - W& F + 78 9 # & / 9 #F # ' M 78&#! , ?
I4 (: "86 0#PG <# Z $ G 7 1 4 (M
( q&K > 4^E 5 ) KQ
`h#F / C( (@M L M 7 /# Cx1 G( G 4(G (6
0 1 L8G (! - # IF + ; C( 4(#G h7)8 e d
IC ( #& 7@# 4(N#) - & & c& # 9 # >M L M F +
LM @ 8 78 C( (@M & . h4x1 8 79# (N 4(# ' e d
C( (@M W , # #& F + #F! , - 7 . 7!&$
#5F ,5 -5 D >/ L M @ Cx1
I# F (@ >M O M @
4?51 CG#$ 5 5 79& 78 G ( (@M h7 8 #& 4 6# e d
>W5 #5F 8G D ( 4(N#) (. G (' (. & 7P ! + #-
9 C( C (@ 8 #F @ L8G (N#G o ] Z!9 7 1 #P
5 ,5 b#& + (. 4(# ' L M V([ (. &Z ) W o3 4(N#
I4?1 E= L8G #F. '
.5 + 5U 7& P 4' L8G C ( (@M V $ h7& P 4' e3d
<#5 9 5&; #&5 9 , > [ , C#!) &. C( L8G 4(N#)
H5 ' #5F G & F5 + C (N#G & . # & >/ 7& P8 7.P# b#& +
IC#!) C b#& i
4?1 C( (@M M h4 (: , F 1M ( \ #. e]d
0 [5/ 0#$GM ( \ 7 '= + O6# 9 # L8G @9
I4?1 4 (M , E 1: C @ , Z9 V N(

]
() KQ ' $ 6 95 !
(5; #F # . W > 7 8 #& 4 6# 7 8 G , 7 # + 4 (+ C ( &.
ICx51 *.&5 b#56 M ! G = #G b#& + 4(# ' , #&&
5 . / IB + Cx1 *.& # F 1 , , # + <& (; #F
`h,/ C ( #. (9 ,
b#5& 5 ?& V(# 7 8 7 # 7 # # C ( : C#&-& 7@# ( ! e
C#5&- I<8! L M #F C#&- L M C( (@M , <S , Cx1
9 7 &#- #F # ' M 78&#! L8G 4#1 4 (! , . B LM 7 C( :
5G '56. (!8 B +7 #/( M <8! , Cx1 # IC ( 78 9
I#F = M #F1M L M V([ (; # C( 78 9 9 #F # ' W& 0#
T5! L M V([ (; C ( (@M , Q :# * ; 7)8 & Z8. (! e
@ O MD ( 4(N#) . D#) L M V([ T! >/ 7 (! C# # P
IO &; 4?1 8 V> (98
D 5 Q8 L8G . , ( (9 & V> V #6 Q . #& Z8. (! e
75@# - &; ,!8 C( 8 L 9 #/' #6 (G Cx1
L5 M * 5 ; 7& C( ' # 8 O E ( V> U #9 D F
I#F # ' 78&#! G 4?1 Q; # 9 (' # 8 7 8
5 7 . 7& L8G 7 /# Cx1 8 7 U ! T (! , #! ( ! e3
I#/' #6 Cx1 8 C(
() KQ a >
h#F / C(
Q @ 7)8 Z $ 4(G (6
(4K !5 7 $ 4> v ) KQ /-
75 #9 X>5/ , AC ( 78 9 Z !9 #F @ *.& 7 /# 4?1 (! (;
X>5/ 758 9 59 #F # ' 78&#! , 4?1 7 ; C81 >M 7 P C( &.
g 5;+ L8G # U Z#!9 ( G @+ 7 ; ( ( 4(N#) H ( C(
#5 ! ( ' #& #F. & 7 . @+ X>/ L8G 0= 7G 6 C( 78 9

]
4(#5 ' C5.6 * ! (! G ( ' H & 78 @9 C # >W F & O 8G 8@9
N( #1 C ( 78 9 W C ( 7 ; ; H& . # >M # A4?1 8
I F ,!& (@ 7 ! (#.
,5P + 5- 75 &#- @ *.& / & 7 P (; C ( X>/
A$5! . (@:#& 7@# (; # P 7 (! @+ IC# # , #&
,5 A @+ ") # P& 4( (6 B C( V (@M #F 4?1 L. &
C(5 (@M 4?1 # M 7 #9 , # AZ8\ / #& # P >/ L 7 #9 X>/
(; # # 9 b ) / #& Q . #P W @+ ") # P& &! , 7 #PM
# #& #S C ( 4 (@ 4?1 #F (! 7 # Z / &7 P C(
, <S 7 ( 4?1 #F& U) 9 , 7 N ( C # - G 4 #&G Z + X>/
I#F. &
(4K !5 7 $q 4> v u ) KQ /C
75 ?& 5P 5 S O5 + U 7$ & C ( D >/ L8G Z8$
#F)8 Q! # P E# / & 4 #& 7 P S C( X>/ #9 9@ " IC# /
I4 (@ 7( : 4 ! ,# N ' /
C(5 5 Q.P 4 P #& 7 P S C( &. #G 1&
Z5 !9 L58G #F (! 7 ( : 4?1 4 !& & # P #& C 4 &. +7 P
5@+ ( ( 7 4(N#) H ( C( 78 9 9 #F # ' 78&#! 7 # C ( M
IZ#!9 (#. 89 ( G
(w* '8 V+_ 4 *
5 W5 AE > + (# + #F (/ / c& Z !9 L M 4?1 L.
,5 F5 + ((G < 9& F 8G O8 c& >/ D' 4?1 L8G F 78 9 Z9
#F; ( @ , L!& V> # /# L8G c& # H' >M A#F 8
75F6 75 (! (5& 4( (6 Ct 0 1 Q # H ( E & , 7 #6 #F #&# 9
#/ I#/>) , 7 8 \1 C# 8 . B + C#. C# 9 Q #
,5 b#5& + @ ((9 , 7 # #F + U b#& + H ' 7 # 7 / FU
]3
, b#& (! ((9 , # #& E= L8G C#. ' (! ((9 4?1 #F!!9
(8 7 / 6 #1 & . b#& + , Q @ 7? D 1 ( #/'69
#5& G#& /# 8 7 . 7 . 68 D P , 4 + 78 S ,#
#F9 ! , b#& + H ' 7 # (# G /# 8 7 . 7 . 6 C# N
I4 (: "86
Q(5F 75 # 4 (: L8G <6 b#& H' 7 # $$ (G
4 (: L58. F5 + 78 9 #F /# c #@ #P #F ) 4?1 c #@
< # (N#G H ' & ! 4?1 , X #- 4(#G: b#& + 0'6 '69 L8G .
I F + 78 9 #F (; , + L8G
X># &; 7 # >#9 4 #& G , HP ,# ( L8G <6 # G
h,/ >#9 X>/ / O (G b#& + H ' !
I7 # #9#& 4?1 Z!9 >M b#& + H ' < 6 I
IO 1 ' L8G 7U #9 8 7 (! 7 & U#) 9 O 8G I
7@# $ B( L8G 7 # O #6# 9#& 7 # 7 . L8G <6 I
I4?1 #/>) , 7 # - H #1 L8G Z#) :#&
7 5 75 # O #6# 9 L8G 7& P -? *) L8G . I3
I7 (!
( q&K > 4^E 5 sB3O w* '8 *+ s5
I#/ S H 7 #! #& 78 8; 8 (@ 4'6 9 b#& + 7)8 `
I#F ( 6 / ^# 9 `
#5F ( 6 5 ,5 #F ( ( ' - 4'6 9 b#& + C #8 `
I F 8 7 ( 7 ! ,; . L8G # &#6 M E > " .

]]
(2 !
I 1& 8 (@ 4'6 9 b#& + ( >. e
I (@ >/ 4(#) 7N( & 7 /# Cx1 L8G >. (; e
# /# b#& '#6 9 &#! 7 #6 F (@M 4?1 # # 9 <8$ e
I (@ >/ ( 7)8 ('
(7*Y5
4(5 o (@M 4 =. (@ ok 4(N#) (. # nn 7 O ;(
w( 8 7)8 < 9 C n(
9
8×300 }( 4(N#
=24 #
10
300×22 }Q #@ 78 #. " G #. (@: 4 =G
=66 #
100
__ }__• nn }7P &! ( 7 ;
66 }7 (@: 4 =G $
=6.6 #
10
7 (@: 4 =G $ 4(N#) }( 8 7 Q #@
# fI3 }_I_` 3 }
=666 # 300+366
}( 8 #- $
2 2
#
17.4×10
=5.23 }( 8 7)8
333

]_
(7*Y5
X>5/ F + 7 ; 7 ! # nn 7 !& F b#& D' # 67 1
5 75)8 < 9 o3H & Q #@ ofb#& + (. # _nn}7 1
I4' 69 b#& i
(9O
F H; c&
+b#& + (. }4' 69 b#& + 7)8
Q #@ ` F H& .
100 }
+0.07= 24.4%
600-(0.04×600)
* ) e<N P (. ` d 7)8 < P <N P ( 6 7 #9 ,
W o3] <N P (.
o I3 }enI3]` d • o 3I3 } 7)8

]f
&= ;*O 9 :
7 $8 ' ;
(95*! 7* z ' ' ; (A
@
5@+ , 4?1 C #- , # 6M O ?& #. # " L M 4(#G #1
4?1 8 7 8 \1 C# 8 . = 7 (! L M #F8 9 , ,/ @+ X>/ 7 (
75 # Z + 75 (! h 1 C # - X>/ 4(9 7 #/ (; 7 ' 4( =
I,.8 ' *&! Z 0= . C#&# 9 A 6+ 4 @;
h7 # (#.&+ 4#G . OW #. # " 7. &$ 89
75 ( 5@+ ,5 4 -[ C ! & #. # " 4 (M F I
h7 ( @
& 7 (! Z ( L8G 7&#; $$ 8 C ! X>/ ># O Q .
4?51 8 , # ' 7 N#; C#&# 9 ,;#& #. # " C#&# 9 Q8
5P C 5! X>5/ # A#F 7 @G ( ? * \&
4(# ' 6 #. # " C#&# 9 <# 9 7& # C# ( (9
5 C ; ># #P <8$ #. # " 4 (M I4?1 7 9&
I @+ X>/ - '=
h #. # " , #@& # /+ I
@ 7 ( @+ 7 ; & Z ) O ?& #. # " , #@ Q .
=5 Z9 5 , B + C# ' ( h 1 @ X>/ 4?1 8 7 (
I4(9 7
h#F ( (. & 4?1 8 # " , #@ $#& I
h7 t C #9 & 7; ) . #/
5 5& ( (. V 7 ( @ G7 ( @+ C( ' >M •
5 0'6 E > / #. # " , #@ 7 #9 X>/ , c 9@ (9
I7 8 Z !9 6+ 78 $ * !& O8 . , 7 ( @+

]k
#5 " , #@ W 7 ( @ 8 ## 7 # 7 ( @+ C # >M •
Ic 9@ (9 ( (. )@8 # # #.
#. # " , #@ W 7 ( @ ; 7 ( @+ C # >M •
(56 O ?& ! # / c 9@ (9 ; ( (. A#& #
I7 ( @i 6+ $
(4 =*K )*j & T 4 > s 5 + * < (7*Y5
7*+ I 8* 4 6
*Q # 6 R N 7 $8
4 35 R U 0‹‹‹‹ 4+ 6> p‹‹‹
9E8 4 + h f +; R U e‹‹‹‹ 9E8 X 4 *5 # ' C‹‹‹
R N a B5 ‚‹‹‹‹ c = )* *Q -C‹‹‹
*Q # 6 ‚‹‹‹‹ ! f sN5 C‹‹‹‹
4 3 7 $8 a B5 e‹‹‹‹
43 *Y 7 $8 <*$ -‹‹‹‹‹
*Q # 6 R N * E -e‹ ‹‹‹ 7 $8 * E -e‹ ‹‹‹
( , 4 c5 + 46 *Q 4 > s 5
#5
5F 75
5 ( 5 @+ D 5 6 5 / 4?5
51 >5
5F 5 #. #5
5 " •
I # e3nInnnInnndV
}e75 ( 5@ 75 ( 5@+ d #5F 5 #. #5 " , #@ •
I # nInnnInnn }e nInnnInnn `3nInnnInnnd
€3nInnnInnnd 7 ( @ €7 ( @+ 4?1 X>F ( (. •
O8 9 (; 7 ( #F @ 0'6 X# . >/ 4 I }e nInnnInnn
I /# Z !9 6+ 78 $ ( @
(95*! 7* z ' 4
X>5/ 5 A #5 & 7 /+ #. # " .6 <#& 4(G (6
h,8 # <#& +

]m
5 S L8. 4?1 @ , # 6M & 0'6 #. # " 1 e
M 75)8 C#G# @ & & # = M Q8 #. # " B
Q5@ - 7 ( #F @ 1 7N'6 6# 7 G# @ Cx1
I#F @ , # 6M 7 ;
( U9= A4 (s 7 8&#; @+ - O ?& #. # " ' e
7 ( @+ , #- C# 7&#; 4 (M , & 4 $ O ,#
I7 &#- C # - 4 (M H 7 #! #& E > 7 ( @ #P
, #5 ( C; & + 0'6 #. # " C# 4 (M Z \ e
C# 8 . X>/ 7 7 8 \1 C# 8 . 4 (: O ; (' " F
I #. # " 4 (W& 7@# C ; #F U.
56+ ,5 4?1 0#!& L8G J 1#& J -? #. # " 4 (M -[ e3
5 #. # " 7.) C# 7! !9 L M E > H6 A $
IC#. & , ^# : G( 7& 8$
#F 9& 4?1 7 L8G 1#& -? #. # " 4 (M -[ e]
4?1 7 & U#) 9= 7 /+ #. # " C# < # R'
56 > N# (& 7 (! L M @+ 9 L8G 4 (! ,/ 7
W5 E > #F;#!9 (#. 9 # ( G 4?1 L8G 7!9 C# ' ((
75 ( 5@+# #5F 9& L8G -[ 4?1 , #. # " (!
IE1 =& 7 9& L8G -[ 7)8 X>/ A7)8 O >/ = <8$
w #. # " #F ( , 4?1 40#) "# ; Q [ b $&
" 5 C#5 F) E# / K9 #. # " ( (. (#6 W& 40#) "#!
h# / #. # " ( (. ^ OW #. #
C#5. & , #5@ 7 ; , #@ V # #. # " , # 6M ( (. I
h #. # " h, # 6M L8G
C#. & , #@ } #. # " , # 6M ( (. V

_n
#. # " , # 6M
L58G C#5. & , #@ 7 !& ^ #. # " , #@ ( (. I
#. # " , #@
C#. & , #@
} #. # " , #@ ( (.
#. # " , #@
C#. & , #@
}
7 ( @ 7 ( @+
= C#. & Z !9 L8G #. # " , #@ 4 (; B( & (. >/ )
# " 4 (M , 4?1 40#) 7 #. L8G ( (. >/ D#) # A7 . 7 ' 4(
,. # #. # " 4 (M L8G 4#1 4 (; (G L8G &. OP#) # #.
I< # 69 - ?& # " @# G (9 "(
h7 (! 4 (M h#J #-
,5 5@+ X>/ 4?1 , 78N# @+ 4 (M 7 8 G 7 (! 4 (W& (@!
I 56+ 4 @; 7 # Z + - 7 (! L M 9 78F @+ 7 (!
B(5 #F (@ A#F 7!9 C# 1 A4?1 B( 79# 78 . (! ,/ 7 (! #
4 5@; 75 # Z + # A78N# @+ & + 0'6 7 (! 1 AE &
5 (5N#G Z !9 * \& 4?1 #F ( 6+ 4 @; 7 # - C ( ,F 6+
5 K5 9 75 (! 8 # (9 L M 78-# Z + X>/ & . A78$#. 7 (! #F (@
I#F M 7G & #F8 9
7 5 & U#) 9= Q(F V(! ( @ ( (9 / 7 (! 4 (M Q(F M
I (9 ; L M 7 (! , #- Q # 8! C; ") , A4?1
,5 . 4(N ' 7 (! 4(@ +# $# (N#. C#&# 9 L8G 7 (! 4 (M '
5 S 75 (! 4(@ ( 6 # 4?1 7 9& 8! 7 P SQ # ( 6
4(5@ + X>/ , T! <& & #F # ' 78&#! L8G 4 (! (G $# (' 7 #

_
C5; , 78N# @+ -+ (! #& U#) 9 , . 7 (! 4 (MŠ W , # #&
IŠ< #
h7 # <#& i 78N# @?& 4?1 U) 9
(95*!3 $' < -
75& 8$ u #5& ,5F 7.; 7 (! C#! ( 78&#! 7 (! 4(@ + ,/
I4?1 , 7 (#.
\1 C#6# 9 7F6
(–' M $' < 3 C
X>/ 7.; S 7 (! C#! ( 7F6 7 1 #F& U) 9 , 4(@ + ,/
75 ( 7 L M H6 , A4( [ S 7 (! C#! ( T#@ 4(@ +
,5 4(5@ + X>5F& U#) 9 # 4(#G A7.; S #1 4?1 C# 8 G
IO ;[ C # -
(4{ ! $'8 < 3 0
C# ( * !8 #/ &#! E & * . 7& 8$ 7 (! 4(@ + ,/
5 5. (5! & U#) 9 Cx1 <8$ E & *.& A4?1 8 B + 7 #
5! - A* ; #& #F # ; 7 #9 , 79 @ 4(N# (& #F #&# 9 , 7 (! 4(@ +
I4?1 8 #/ , C# ( &#! (N#G Z!9 4(@ + X>/ * ;W& E &
(4 '*v $' < 3 e
<58$ ,5 * . 4(#) = 4?1 O& U) 9 , 7 (! 4(@ + ,/
>5/ #5 , A7$$ S #9#& # / 4?1 Z!9 K 9 AV ) V(! H(
IŠ78N# 4(@ ?& 4?1 U#) 9 Š 7 / <#& + ; <&

_
(4 *K 4+ 6K $'8 + O
5 K 9& O 1 , 7 (! 4(@ + ( (9 & ! ,# ( L8G .
V(5! ( 5@ W > #F 9& 8! 4?1 Q8 #F T! 4(# ' # 7 #
5 G E#5 / U59= 7 9& 7 C#&# 9 0 P L8G #/( (9 < #
h - 4?1 , V(! ( @ B , -[ 4((.
4 $# 9 4 (: C#/#6 •
4?1 , 7 (! 4 (M C# # •
4?1 , 7 ' •
7.; 7 (! C#! ( 69 •
* ; L8G #F (; •
( q&K < ? ^3Q 4+ 6K $' -
4(5@ + 75 !& O5& U#) 9 . V> < # 7 (! ( @ ((6 # 4(#G
W 4(@ + X>/ ( 6 7 #9 , 4?1 #F. #. , E & #F&8$ , 7P .
Ša 5$ Š 4(5@ (N ' ŠC= #. Š 4(@ " . Q(F V(! (@
76 ( <& & <.@ a $ 4(@ C= #. 4(@ ( (9 O E1 #
I4?1 , 7 (! C#! ( , <8! ( ?
(4+ 6K 9Y58 BO
#5 75 (! 8 - + 69 (! L8G (G# , 7 P# ^># *.& E# /
56+ 4 @; C # - , #/ # - <6 69 >/ G 7 (! , 4(# ' ,.
C #- X>/ *.& 7 )@ Z $ G OP . <6 69 >/ G T! V
h,8 # ^># X>/

_
7 5* Š] > -
758 (& 75@ ) Q #5 • 5 9 Q #5 }7 (! #& U#) 9= 7 8 Q #
I7)G#P
eEd
C} 9 Q #
b
ebd
Q }7)G#P 78 (& 7@ ) Q #

ebdQ • eEd
C }7 (! #& U#) 9= 7 8 Q # >M
b
(f o
* ; 7 # Z H& 78 G 7 &#- Q # }C
e7 4(#Gd 4 ) = 4?1 #F M ^# 9 , '/#6 (! 7 }E
,5 ( 5! #- # >M O 8G @9 (N#. 4(N#) . }Q
I 6+ 4 @; C # -
" . #& 6+ 4 @; C # - L M '/#6 (! 9 7 }b
ebd c&@ K 9& # ( #/( (9 L M 7 Q # *) , (G# ^> >/
5 # ; 98 78 Q # X( G V> 98 - + 69 b ,/
h7 # 7 (#. <6 &
EC
}•b
Q
5 9 7 - + 69 $ V # - + V(! (@ $ #
ebd V # V(! (@ c&@ C # ebd u8& & C # - H& (G O+ E>
E >& > / B 4 H & #& ! )@ c&@ L 9 O Z#) : , 4?1 (&
)@ • b }V(! ( @ 8 -+ $

_3
(fm< 46 *Q 4 ;*! 5

V eQd758 (& 75@ ) Q #5 4(5N#) (. 7 # 9 7 (#. X>/ M


eCd4(#5 ' 5G R , 4(# ' -& & ebd4(# ' L M V([ eQd$ &/
IeQd , \ (! ") V (! ") &
(Š] K 2 =
h* ) F #F 8G , & , C# P ) ^> >/ < G ?1
I78 ( 7 (! C#! ( #U I
I76 # C#! ( #U I
I^ # 7 (! C#! ( C#&- I
I78 ( 7 (! C#! ( C#&- I3
E >5& 4( 7 . C#! ( H 6 V 7.; S 7 (! C#! ( (6 I]
51 , & /# 7U C L8G '/#6 (! LM 9
h, # e p d;

_]
•b
>/ $&F # ( . / - + V(! ( @ cP 1 >/

5 75 H5 && 4?51 5! ' e dE > Z \ )@ 7$! L M


I> / B 4 | ebdb LM (@ H) e•bdu8& C # -
,# e p d 1& # # & #& ^>

98 78 Q #

e p d# # & #& ^>


(7*Y5
75)8 #5 knnInnn (#! #. = 7 (! <8$ V( . 7 1 H;
(5N#. M # nn 7 (! * . * ; 7 # Z H & 4(9 78 .
75 (! C#! ( L M 76#9& 7 1 ?& # 8G # ok7 ( C #- L8G V
I4( 4
(2 M
7 1 X>/ , V(! ( @ 8 -+ $ ((9 I
$ >F& U#) 9 Q # ((9 I<

__
(9O
(9Y58 9+ O3 B

_f
('' 5 Š] > C
h,8 # ^> >/ * )
#U (& # N 1G \ O ! S V(! Z ( , #@ I
I(
(5! #/ 5@# G 5 Q ? 7 # - 7U)9 E # / ^> >/ * ) I
I'/#6
h# / '/#6 (! 8 ( (9 ^> <8$ I
L8G (9 •
L ( (9 •
L5 M V(! ( @ @ # ( G O V # F & L!& <6 V(! ( @
# (G 6+ 4 @; C # - L M *N#) 9 <6 L8G+ (9 & B
C #- 0'6 7 )@ <6 L (+ (9 ; B L M V(! ( @ L(
V(! (@ L M L8- 9 7$! - + O 69 L M O (#GM V(! (@ G(
h,8 # #F&# 9

(o
#5F V #5F M @ 8 C #- 0 1 H& , L8- 9 7$! hC
IV(! ( @ 8 - + 69
6+ 4 @; C # - 0 1 H & 7 8 .& # ! Q # hC
4?1 B( 4(@ + , , #& h D
78 (& 7@ ) Q # hQ
7 # ((G h _n

_k
5 7 (! 8 L8G+ (9 # M O < S . B ( G 4?1 ! hL (+ (9
h,8 # O&# 9
C •L8G+ (9
L (+ (9 • }V(! ( @ $

C L (+ (9 }#/[ 1 <6 7 Š
L (+ (9 g C }#F. & <6 7
(7*Y5
$5 ,5 , V(! Z( , #@ u8& ,96 7 1, O * )
#5 emnI ]nInnndu58& 75 7 (! C#! ( , #@ #& # e ]nndu8&
4(5N#) (. # e]nd4(9 4 8 6+ 4 @; C # - 0 1 H& Q #
omI]}Q 78 (& 7@ ) Q # V 6+ 4 @; C # - L8G (N#
(2 M
#5F. & #/[ 51 <56 7 L8G+ (9 L8- 9 7$! ^
(59 # e nnndu&8 & U#) 9 , <S 7 1 ?& # 8G V(! (@ $
I# ( #F ( X( 6 & <S '/#6 (! L (

_m
(9O

L (+ (9

fn
( 6K $ B ; O 3 95 !
Š'*N 9U 6K Z< 3 4!X 3 )*<c3UA -
# ( G Q; 7F6 E > V(! ( @ 0'6& U#) 9 , 7 1 !
7 F51 56+ H ( 78 ( 7 (! C#! ( & 76 # 7 (! C#! (
4(# ' >M I F1 >F ( V(! Z ( O (#. 7 (! 8 ^ # Z ( L M V([
>/ 7F6 * ;: L M 0 68 <8$ + W $ 7 '4 ) ^ # (! Z (
4(5 6 75 (! & U#) 9 & P#) 4?1 L8G ,\& 7 #9 >/ , IHP
I7P ! + L8G (N )& - 0#&G O& # 9 * ; -
# F & Q= ^ # Z( H Z&#$ ( V(! Z( K9
V(5! Z (5 4(# ' 7F6 V(! ( @ & U#) 9= $ $ #& > + W # N(
,5 7 5 # + 4 (: , #5 ( QN#U C# # F ^ # G (
7 (! C#! ( 78 ( C#! ( & 7.; Z ) X>F& [& 8 , # ( #F (
( , C (+ P &. , 7 (! 7 ' ,/ 7 (! 8 76 #
#5F W #5F 8G Q #. @+ < 9 # 8 ( (G C(G >W IE > Z !9 ,#
IX( G V(! Z ( , #@ , '6. *N#) FU
h^ # ( V(! Z ( & 7.; \ C# = I
V(5! Z (5 , #5@ FU 7 (! 7 ' W Z& # 4 #1: #
5 0'56& U#) 9= 4?1 ?68 4 + 7 #9 , '6G *N# # 0 H;
(5 G 4?51 #5F * . , $ 76 ( L8G Q; IO F6 V(! (@
V([ 91 ; , Z 9 K (9 #- & L8. 7.; S 9+ X>/ K (9
75 (! 8 (5 Z ( Z L M 4 (& V([ >/ A4'/#6 7G#P& 8 Q; LM
IV(! ( @ 0'6& U#) 9 #& OF6 V> H; \ '6. K(9

f
(` K V5 4Xc! 0
C#G (5 W& #F U) 9 , E & ((G L8G # N'6 V(! # ( @ B Q;
#5 & IC# ( O (! # G E & * . V P O (! . V> D ( : 69
Cx51 W (9 E & , #F D(M #. L8G 4(#G 4 \@ Cx1 @!
5 ((5G , #F D( C #9 <8S , #F 8G V P O (6 4 &
I4(G#& 7. Z$# L M X( ( 4x1 $#1 4(# '& E & X>/ ((G ( (' IE &
(7 5} T U8 ';* < T5 e
756 # C#! (5 78&#! O& U#) 9 ,\& V> V(! ( @ 69 Q;
' 5& I 5i B + (#@ B( L8G # (9 L M 7.; S 7.;
5- K(9 # ( G I & '6G E > G R K 9& I# F & 4 6) ( (' # ( G 78 1
I'6. X>/ 7 8 G L M 4?1 ?68 (& '6. >/
(* * ^ qB +' 5 `*K
I4?1 #F ! , + 7 - h,8 ( (@ e
,5 5 + L8G @98 4?1 #F ?68 , C#F6 - h,6 # (@ e
I#F6# 9
(4+ 6K 4 gc5 9 O3 Z !3 3 | 8
7 (! O&1 7 (! L M 7 #@ 7 C#. & 7 !& "#! Š 7 (! ( 7G I
IeO ;[ C # - d
7 #@ C#. &
}7 (! ( 7G
(! O&1 • (!
I7 (! #& ,) (! O&1 # (G
(5. D#) # A7 = 7 (! #/ ( , C ((.& (. >/ )
I7 (! ( , 40#) G &.
,5 (. O 8G # # H 7F&#1 C# 1 , O8 - H (. >/ #!
I7 1 ") , 7!&# C

f
75 (! 7 ; = 7 /+ X>/ ^ h #. # , # 6M , 7 (! 7 / I
h7 ( @+ L8G 7 (! O&1
7 (! 7&1
nn • • 7 (! }
7 ( @+
h7 ( @ L M 7 (! 7& I
7 (! O&1 • 7 (!
n•
7 ( @
(G-F7*Y5
# (! #F o_n # nnInnn G+ B(9M , Cx1 C#. & C\8&
(5. <5 9 # 3nnn E & ( @ # nnnn 7 7 #F , Z ( @ ( @
I7 (! (
(9O
C#. & , #@
}7 (! ( (.
7 (! O&1 • 7 (!

nnInnn
4 k]If} }
)@• nnnn•3nnn
(GCF 7*Y5
7586t C#5. & , #5@ # ]nnnnn ,96 7 1 C#. & , #@ C\8&
Q5 37 7 #F , Z ( @ ( @ # Q fn E & ( @ u8& ]nInnn
( (5. <5 9 # Q _ 7 1 , 7 ;[ C #- 7 ; C\8& #
w7 (!
C#. & , #@ (9O
}7 (! ( (.
7 (! O&1 • 7 (!
]nnnn•]nnnnn
}
_nnn• 3nnn•fnnnn

f
k]nInnn
4 fInk }
nInnn
(4K+ 5l ' ; (*@Y *n
#F. & &#! 4?1 #F 8 , 7 (! *&! Z 7 ( C#&# 9
h# / # 81> ? z <# 9 L8G C# ( H8
ICx1 #/ \ 4?1 O9 V> # N / hV #6 # N •
N#5F 8F 5 L5 M 4?1 O (! V> # N / h, =F # N •
#5F ((56 0=5 G <>6 6 # N >/ 4?1 A#F # ( #F #6
I
#9 #FN= .& U#) 9=
(4K+ )* *QO 4! h
h7 # /#) L8G 4 $ <6 7 ( C#&# 9 7. &$& 7$#9s
h#F 7 (! 4 ( L8G 4?1 O9 V> # N -[ e
W #FN= . <# 9 L8G #F G#& , 7G#P& 91& 4?1 # ; ( G O U9=
0=5 . 5! # ( G A7 ( #F #&# 9 69 (' #F ' 69 *) E>
4?1 W ( ( #& 0= . ! # ( G A7 ( #F #&# 9 *) 4?1 W ( ( #&
4 5) *) 4?1 C # I#F 7 (! ( (' 7 ( #F #&# 9 *)
I#F 7 (! 4 ( @! L M `E1 =& ` E > B( ( ( 8 0= . #F; \ , 7 '
A7586t #5F #. & 569 L8G 4?1 , 7 ( C#&# 9 B Q; e
hC#. & X>F @9 4 $
#FN= . # # N 4?1 c 7N1# 7 (! S C#. & ,/ 786t C#. & #
#F #F #U 4?1 L8G . , # + ((G $ F @9 4 $ #
4?1 , 7 ( C#&# 9 -? I<# 9 L8G #F X 1 # - 0= . (( ,
#/((59 , 7 # N 7 # C \ & -? # / (& # / A !&# ((9 #&
I#F 4 (: 4 $ HP , 7 #. 7 (#@ ; 9+#& 4?1 4 (M

f3
75)8 C#&#5 9 H5P , # #& 4?1 , C #- 7 ( C#&# 9 - e
h(N#.
#5F 4 - 5 u58& (? /7 ( C#&# 9 4 (M Q(F M
5 C#&# 9 X>/ 4 (M W > 4?1 , /# 4 - 4(# ' , /# 7& #
C#5 # 5 A #5 N L58G @9 C#&8$ 89 # N 7 # HP
I @9
( q&K < 4 >* 3gA 4 * Q
#5 # N 4?51 c 7 8 . 4(1 7P . $ $ #F ?& 7 # X>/ Q .
5 ;, PG X #& G#& # N ( L8G 7 # X>/ 4 (M #F N H! A#FN= .
, #5 ( 7$ & ((9 #F W 7 # X>/ C ; @#) # A4?1 ,
(5N G L58G 1#& -? -[ (; #F \ V + ^# : Z ( O&N#
I#F) # 4?1
( ; &35 4 *Q35 )* * f X f* 3gA )* * G-
H5P L5 M "# ! #& # N L8G ; ( ; HP 78/# 7 # N 7 # #
5- 7 ( C#&# 9 , #- 4(# ' C#. & 4(# ' #F 8G < A /
758 (& 75@ ) 7)8 7 (. ( - Q # *.& ( ' (; C# # X>/
IC#&# 9 X>/ , , #P: #- =
H5P #& 7 #! # N L8G - J( ; HP 4((1 7 # N 7 # #
C# 5 *) #F E1 # N L8G @9 7& .@ (' # A, #9
Q #5 @# G *.& * ) LM 7 # X>/ V([ (; 7 ( C#&# 9 C#. &
S A7 ( C#&# 9 69 * ) & 7$& Q # 7 (. ( N# -
I7 . @9 ( F6 Q # - ( (' (; Q # *.& E# /

f]
( Y f* 3gA 4 * GC
B #5 , 7$! LM ( , #- , H 4?1 L8G .
5 7$! X>/ ( G O 8G < 8$ (N#. (. H # - >/ L8G (N#. (. #F
W5 ( B - + 69 ( (9 A q L. & /# 4 - L@; * )
I7 (9 O) # & #- >F 7 (9 (N . & 78&#! L8G ' E>
(4+ O g ! •
A7 ( C#&# 9 , - , #PM # & 7$& H# #F& (@!
h7 # 7 (#. O&# 9
( , #- L8G V(9 (N#. (.
<N P &; V(9 c&
}
( , V(9 #-
(4+ O I * 3 •
75)8 & < 9 ( , , #PM # #- 76 # Q # ,/
I7 ( C#&# 9 , #F$& , 7 #P: i 78 (& 7@ )

C(5! (5.& 7 ( #F #&# 9 , #- 69 4(# ' , 4( . 4?1 )


75P . 78 (& $$ ,8 # A4( ! 7 # N 7 # #FG#& 76 C#. & T
I7P;# 8
GŠF4 * Q G2F 4 * Q GF 4 *Q f*
# nnn # _nnn # nnn <N P &; V(9 <9
nnnn nnnn ]nnnn ( , , #P: #-
o ] o n o ] <N P &; < 8$ (N#. (.
FE &>
h7-=- $$ , ( , #- L8G V(9 (N#. (. <# 9
FG
o 3} nnn }e d (& , # - L8G (N#. (.

f_
]nnnn

_nnn
o n} }e<d (& , #- L8G (N#. (.
nnnn
o ] } nnn }ebd (& , #- L8G (N#. (.
75 (9 (5N . + e<d 7 # ed 7 # D#& #F 4?1 W , # #&
B 5 e^d 75 # #5 < 8$ (N#. (. H B # (' o n o 3
< 58$ (5N#. ; (N#G Z!9 # nnnn X (; ( , , #P: #-
I /# 4 - L M Q P E >& /
( q&K 4 >* 3gA 4 * Q ) 35 G0
5@9 C# # # N $ 1 # N #. C \ X>/
h, # 9 L8G #F # Q #/( (9 , 4?1 , 4 (: 9
!]G
5 V (5 (9 #F 8G 0# & , 4 (s (1 (G ! 7G 6 #F& (@!
5 G 5 O 8G @9 V> # N (! /# # N L8G @9 0= .
5 <#5 9 5 7& #& # N 4( 6 L8G 7&#; , #. X>/ 4?1 (
I7 &! 7 ( C#&# 9
?5& ! , # #& ( ( 8 7 # 9 76 ( # / # N 4( 6& ( @!
I7 # N F #&# 9 4( 6 4(# '& ( (' F #&# 9 0= . ( ( C # 9
h# / # N 4( 6 "# ; , .N#1 1[ ( 4?1 8
I @9 4 $ •
7 (. ( N# 1[ •
h# F @) ,8 #

ff
(9 O3 3< L 35
AO b # N #F #F , (( , . #/> ? , 7 ' 4 ) ,/
c 5 Q #5 , 4(# ' ( , #- 4(# ' #/# . 4 ) X>/ , 4(# ' V
h,8 # 4 ) X>/ < 9 # N
786t C#. & , #@
}7 ( ( (.
7 ( C#&# 9

_]
} @9 4 $
7 ( C#&# 9 ( (.
(7*Y5
#/ (5! 7 5P# 75 =5 7586q C#5. & C5&#- 4?1 C!!9
4 5 $5 <5 9 #5 knInnn 7 ( #F #&# 9 $ u8& # knnInnn
I @9
(9O
knnInnn
C n} }7 ( C#&# 9 ( (.
knInnn

_]
_I]} } @9 4 $
n
(45 ! f + g*QU rS5
# 8 , # #& #/( ( , 7 ( C#&# 9 , # 6M 7 N 7& ,/
h,8 # < 9 0= .8 b # N Q # C( ' A7& X>/ C( '
7 (. ( N#
}7 (. ( N# 1[
786t C#. &

fk
(7*Y5
7586q C#5. & 5 #5 3Innn V( 5. 4?51 7 (. ( C\8&
I7 (. ( N# 1[ < 9 # knnInnn
(9O —
3Innn
o }7 (. ( N# 1[
knnInnn
(f* 3gA † r
h 4?1 8 0= . H 6 7& 8$ (( $ 1 ( (9 #F&6 &
# N 4 •
V(! @ 7& •
V(! @ 4(#) 4 •
O5 5 . #/# . n , #@ np # N $ 1 #- & L8.
#5 N 4 l # # n = O # 1 7 ; H ( >M @ o L8G @9
K=-5 @# .8 J @ #J9 1 (! n 7 #F , # #& u8& H( OW M
h7!&#
(f* 3gA 3<
H651 4 5 ) X>/ $ U9= #/ &G # N c , 4 ) ,/
4 5 $ $ E> 7 ( C#&# 9 , #- (' C#. & 4(# ' L8G
75 . #-t O8 4 ) @! # 7 (. ( N# (' O # A @9
L58G 75 &#6 : #/ #-q C#. & , 4(# '8 L M 4 #1: (6 #F8 $ 7 #9 #J #
I#F 8G #J &8 -[ 7 (. ( 7 ( C#&# 9 , 4(# ' 9 , b#& +
( 6K N
4(#5 ' # & ( ( #& #; # >M . O& H V> . , *) /
$5 @! 76 ( #- *) C#. & (' @ 7& ,
, 4(# ' 7U9= <6 AE > H 7 (. ( N# 8! A @9 4
AV(5! @ Q # B + 7 9# #F8&#! 7) # C -? 76 # b#& +

fm
c 76 # 7 (9 (N . #. # ( G ((9 V(! @ 8 L8- 7 # W E>
I@ >F 7 (9 7)8 H V(! @
( N 5 ;*:3 A 3<
# O. H O# 1 7 ; ( . #F = H $ , 7 ' 4 ) ,/
C#. & 4(# ' L M V([ E > W 4 ) X>/ $ & 4 (: ! # ( G V(! @ #&
I7 (. N# (
*)
(9 O3 )* *
75 ( C#&#5 9 5@9 #F ( . , C 0 6: 7G 6 ,/
h,/ C $ 7-=- @9 7 # 1 (( , Š4 ? Š
h @9 ( F6 (& L ( (9 e
4?1 , 7 ( C#&# 9 / , #! Q; 7&; 4 $ X>/ <8$
IC#&# 9 >/ L8G 7&#; 8 7 # < # + (
h @9 Z $ # e
L5 M #5! 5&; 75)8 ;+ 7N(#F < # + ( #& 4(#G Cx1 (&
L5 M ( #& 7& #$ C#&#$ # W& 0(& K 9 A7)8 L8G+ 4(9 - + < # +
C #59 *.& , 7@ 1 C #' - A7 ) 8 C# # 0 6M A0= .
, #F 8G Q #. 7 #! C 0 6: D#& J ( @9 C # L M 0 68
( (5 ,5 ? 0= . ( ' * Cx1 *.& U9= IC #9 X>/
I7!9 F ( (( & ! L 9 C# ( HN#P& #&
(7*Y5
#5 3nnn u58& #F)8 4((1 @9 7 # HP , V( . 4?1 )
X>5/ 756 # InnnInnn u8& , #F #. & # V (!) 4#1 H;
k L5 M #J #9 n @9 4 $ *#) #F 8G < Q 7 #
onIf] L5 M C#. & o 7 (. ( N# 1[ *#) E>
Z5 &$ & 4?1 c@ /o n ( , #- L8G < 8$ (N#. (.
w ># w7 # X>/

kn
(9O
h7 #9 7 (. ( N# e
# nnnn }nIn • InnnInnn }
h4( (6 7 (. ( N#
4( (6 7 (. ( 7& • 4( (6 C#. & }
# f]nn }nIf]• nnnInnn }
h7 (. ( N# , *#)
4( (6 7 (. ( N# 7 #9 7 (. ( N# }
# ]nn }f]nnn nnnn }
h7 #9 7 ( C#&# 9 $ e
7 #9 @9 4 $ •7 C#. & $ }
# k m Ik } n•e _]€ nnnInnnd }
h4( (6 7 ( C#&# 9 $
4( (6 @9 4 $ • 4( (6 7 C#. & $ }
# f_f I } k•e _]€ nnnInnnd }
h7 ( C#&# 9 , *#)
4( (6 7 ( C#&# 9 $ 7 #9 7 ( C#&# 9 $ }
# ]3fmI] } f_f I k m Ik }
h7 ( C#&# 9 + 9 76 7!!9 b#& + (!
< 8$ (N#. (. • 9 u8& }
# nm]Im }nI n • ]3fmI] }
# 3nnn 7 #P: @9 Q # e
h4((1 @9 7 # e N# d (N G , #@ e
7 #P: Q # 7 #P: (N . }
I # e3n3nd }3nnn`e nm]Im• ]nnd }

k
#/ (; 4?1 8 N# Z!9 79 ! 7 # Z&# 89 cP
I#F! &$ & 4?1 c@ E > # e3n3d
(f* 3gA 9 O
* \ #5 #5 N < #$ .8 7 # N 4 (6 B( ! 7 8 G O& (@!
#5 N $ 1 #!&$ ( ( L8G # N ,& #$ 7&S 4 (; 7 . / #F , # +
I4?1 #F ((9 ,
!]G 9! &
h7 # C $ # N 89 <8$
(f* 3gA W *h = )*5 !5 = 7 O -
. #& 7!&# 4 & E# F A (@ - #F . C# 8. X>/
O5 N ; #5P E# / e0= . , (; . # >Md 7!&# O (( $ 7 (
G 7 8 @) C# 8. L8G @9 #F (= # N 89 K9 7 #
5G C# 8. E & # #F&9#@ B( ( Q; 7 9& 7
,5) B + E & C# 8. L8G @9 , (G# (; #F L8G 4 =G A#FN= G
(#& 1 H 6& ! , 7 89 # N C# . 6 E# / 7 + 4(9 C#
0=5 G 5G C# 8. 1 H 6& ! , 7 89 # N 0= G G C# 8.
G C# 8. (#& 7 $ 7 &1 C# . 6 >/ #F&8$ #F 9# # N
e3d
I # N
(4 >* 3gA )*5 ! 9 O C
(5! ,5 # N #! A7 # N ! 7 ( T9)& # N 89 !
O5 N !& O5 # . <8$ O # A # N < #$ .8 7 # 7= B(
#5 N 5! U LM 1 ((@ >/ , #F8 89 7 # 7 G 4 (! 7 #
5 C; ") , C \ 7G 6 T9 L8G ! A, ; 0 6M ,/ $! #&

ncial Management (N.Y Harcourt Brace Jovanovicen publishers, 1978) `3

k
O5! &$ F Q8 S #U >/ H; # N= . Z#!9 ! 6
IO 0(& ( 6 &
L5 #5 & F # N ,889 W # / 7.& < # + G U *\&
h,/ F8 . ( # N ! " #.
(G4 N& F 4 >* 3gA 4! Q
IO ' 9 , # N < #$ 7&S 4 (; #F& (@!
h( ( L8G 4 (! •
I4((9 l 8 #J!&$ ( ( L8G . 4 (; ,/
h7 # 7 0= •
I7 # O ; L8G J 1[ 4 #& G#& O # (! ,/
hC# # P •
I* !8 #P . #F (! , @+ ,/
h7 (#@ ; 9+ •
#5 N < #$ . 4 $ HP , 7 (#@ ; C \ , -
I( (
L8G O (; , -[
(f* 3gA ' X ]*N 0
, ?5 E > (.& ! ># "# # N 89 7 8 G , L + 4 $ -
75 8 . X>5/ , #9 @ G - V> ! > ,@ 1 9 (! (
A 5! >5/ >#5 ,5 7G #G 4#G . O L M 4 #1: (6 I#F &
#5 N 5 89 7 8 . # A4?1 8 9 G D# P L M V([ (; O ? #
75 # N 5! T59 Q # 7 # N #! L8G @9 Q # h - #F) #
758 9 N#5 - #F + A ! > #&# 9 , <6 Q # X>/ .8
I 8 SX ; # 4?1 #F8 9
(4Kg 5l ' ; (*@! '
L5 M 7 N ( > 4 (M Q(F 6+#& 0 1 E# / # ( G 7 N ( > ?1
7 1 B( 7 # : C >M E > &; #F;#!9 (G , > X>/ ( ( #P

k
A(5G 5&; ( ( >M ( #F9 , C# @ L8G @9 6
h7 # C 1[ ( 7N( >8 #F (M , 4?1 40#) !
#5 N L58G @9 l # & P , 7 ' 4 ) ,/ h( ( 4 I
h7 # 7 (#. ( # N >/ ( (
7N( > • _]
}( ( 4
C# 1
h$# ;+ (N )8 b#& + 7 $\ C ((G I
(N ) K 9 A 6+ 78 $ #F ( 7 ( L8G 7 1 4 (; 1[ >/ " !
75 (#. W A 6+ 4 @; #F) @ # 7 4 = #/( ( ,\& $# ;+
I 1[ >/ cP 7 #
}$# ;+ (N ) 7 $\ C ((G
(N ) • <N P &; c& , #@ <N P (N ) &; c& , #@
}
$# ;+ • (N ) $# ;+ •(N )
5&; #F # ' (( & 7 1 # ; 76 < @ L8G 7 1 @9 I
I@ >/ #F (#) (G
' 5& , 7!&# @) , 79P 7 < ( < ( I3
I#/( G , 6+ 4 @! #F # ' ( ( L8G 7 1 4 (;
>5/ O& b C; G 7N( > (( , ? 7 1 K(9 (;
(5N )& - 7 #PM 7)8 #F8 9 E > 7 # N #F . & P Z#9 M L M V([ #
,5 5 + X>5/ Q U 7 1 9 (( (G &; ( ( # I ?
& #F. ( , + C - O! !9 (N . & #! 7 1 T
I N= ! ># X#6 #& H ( # >/ O 8G @9 V> @ (!

k3
(f sN ' ; (*@Q5*U
[: K [3 f sN R ^:5
Concept, Importance and Classification of Stores
K5 9 A7 G# @ 7 #6 Cx1 , 7 # C (+ / ' &.
C5; ,5 <5 # . #& 7& # 7 #& C#6# 9: L8G 4 (: .
I#F! &$ <6 C 0 6: /#) ( (. E# / E > Z !9 #P < #
Concept & Importance of Stores hO / ' F) hJ
Concept of Stores h ' F)
75 ' 4 5 ) 4?1 #F& U) 9 # \ H$; ( 7 V / '
I#F. & #F ( #U 7 .
Importance of Stores h ' 7 /
I#F&8$ ( G .8 7.8 & 0= . L8G 7U #9 H; <8$ 7 &8 I
^#5 :#& 7 5 C#G# @ , 78 #. 4 ! C#&- ^# : ! Z !9 I
C 5 ,5 O. ' <8$ *#) C , ^# : ' C&#- (. &
I4 >
Q5; L5 M 75 8 G V $. V([ L 9 7 6# : C# 8 . =! Z !9 I
I#F& 7 # C# 8 .
<8$ C (. D#) <& & K(9 V> ' >#) $# (P 7 # 9 I3
I( , ?
I7 (#@ ; C# & ^# : 0 1 I]
I#F ' 4 & C# &0 1 &#! 7 @ L8G @9 I_
5 ,5 Q# 5@+ 0 1& E > #. i 7 C# 8! 4(#) If
I#F ( C; L 9 #F ' #/ #. *#)

k]
Types of Stores f sN a >
h, # 9 L8G E > D -+ ' < &
(?*K$8 4! M *@6 h f sN a >
h# ( I
, ( , # R L M 7 6# : C# 8 . = 9 , ( ,/
I N#6 Q# @ H 6 7 6# : C# 8 .
h0 '6+ I
^#5 M ,5 #F ( 5 #5 ( 4?1 ( #F. @ C# ,/
IC#. 6
hX 1 0 '6+ I
^# M , #F ( * \& ,6 # ( #/[ 1 C#. 6 0 '6 ,/
I # \ H$! #F. & 4(#GM # R
h # \ H$; C (. I3
H5$; L5 M 7 #5P:#& C#& C ' F6 C#& AC# # 1
I#/ # S
hC (+ I]
( 5 C ( E#5 / #5 C t H ( 7 ( C ( (; ,/
I"# !8
h4(. I_
0#5 - 0 '56+ ( 5 C &- #@ @ #F @ C (. H$; ,/
I#F. 6 C# # L8G #F8 \1
h7N&. ( If
Il III<8. Z (# @ - 7N&. , ( , ( ,/
h,; & 4( Ik

k_
C#5 8 . 76 # C=P) 7 8F 0 '6+ ( ( . - ,/
I7 6# :
h7 #. C# F Im
5 (5 (. 51 ,5/ 7!&# C#N) P ( , ( 7 # ,/
I, \1 8 7 # #F 7 6# : 7 8 . , 4 1#& ( , Q# @+
h7 9 7G #J!&$ ' D e<
he, # d ,6 ' e
56+ 758 $ 7 #G C#.; V 7F6 7 1 O& U) 9 V> ' ,/
75 # <#&5 + 0 5 #/ #.5 D#) W& C# # C ( ( : T! & $&
I7 @ 1 4 & L8G ' ( (9 ( . 7 (#@ ;
h #+ ' e
4(# ' - ( 4 0# - 7N #$ Q U 7F6 7 1 O& U) 9 # /
A,6 5 ' ; #+ ' ( , ? <$ (. ,
I7 @ 1 4 & L8G # + ( (9 , ( .
heV ( d, 9 ' e
'5
5 A \5
51 C#5
5 8 G 75
5F6 ( 5 V>5
5 '5
5 5/
7 \1 C# 8 G 7F6 ( O+ 7 9 - + @. /eV ( d, 9
75 !& , #J # U 9 , $! ( C = E 9 V> #+ ' O8
Z5!9 5 # #$ # #& ' V> ,6 ' 7 #F , C;
IX(6 , C&& , 6+ 78 $ C#.;
Classification & Benefits of Stores X(N ' Q @ h#J #-
7 Q # ;?& 7G & 7& #$ C#F6 C#6# 9 7 &8 L M '# Q(F
( (G?& U) 9 , E8 #J@ @ g '# , U9= # J - A (F6 ;?&
Q# 5@+ 5G K59& 7 8 G K 9 `Q# @+ 7. 7G 78 1 4 &
? O E1 # I#F G K9&8 >& (F6 L8G 4 =G A=
J $ #J ; Z \

kf
5G K9& 7 F F #J ( ,. (& E > O& 6 <6 Q# @+ 8 ,
4(#) 5 '# #& ( 6 '9 (F6 C; 4(#) P 4 @& Q# @+
I78 #
U & '# #& N ! ,P ! ' L8G 7&#; 8 8 #U M
; Q @ (& E > Z !9 A7& 8$ 7G #& . 0( L9 A '
51& *.& #FP.& G #/' A '# , Q# @+ Q @ & (@! AQ# @+
C#)5@ C > Q# 5@+ H 6 & Q @ E> '# L8G N#! G F
I ' #& (9 # , 7G 6 HP 4(9 7G 6 , 7 1
75G 6 - 7 N C#G 6 L M '# #& , Q# @+ ! E > #-
7G 6 7& C# '8 7G 6 C (+ 7G 6 4'F6+ 7G 6 K#-+
C#)5@ ,5 E 1 7!&# C#G 6 7G 6 U9= l III # \ H$;
5 5 ! 4(#GM IB 7G 6 V G #J9P #J = Q8 A4(9
5 4(9 C#)@ , E 1 7 G C#G 6 L M 7!&# C#G 6 7G 6
hL5 M K#5-+ ! E > #- AB 7G 7G 6 V G #J9P Q
J = Q8
Il III< # & ( A,
(; #J N#6/ #J 9 (; Q @ ' 0#$GM O& (@! hQ# @+ ; #
#/ S G #/' J' #J ; 7 N 7G 6 0#$GW& E > #J ((G #J ;
'#5 4 (M , J( . #J . J(9 ' ; >/ C#G 6
#J ; 7 G ) C#G 6 L$. - A7F6 # ; C (M 7 !& ' 7&; 4 (M
L$. - A7 N 7G 6 ' ; ") ' ; >/ H& $ 1& J'
Q# 5@+ 4 5- J U A7 G ) 7G 6 ' ; H& ' # ; Q@
75.&# F L 9 7 N#6F Q 9 (& 7 ((. #; + ( P) '# #&
h, # 9 L8G E > AQ# @+

kk
hQ# @+ ; Q @ 7$ ( (GM e d
5. U V P '# #& Q# @+ ; Q @ 7$ ( 6 M
I$ & < 8 ?& Q# @+ ; Q @ 7$ ,8 # b ! ,'
5 (5FG 7 5@ Q# 5@+ '# #& , Q# @+ H 6 @9 e
C#5;#$& 5 5& 4 + ( 6 C # #& * \ >/ Z !9 7 #.
Ie(F. C#;#$& Q @ 7&; C#;#$& dQ @
,5 O&#1 7G 6 A7 N C#G 6 L M #/ @9 , Q# @+ ! e<
( (. E# / 7 N C#G 6 7 !& G Q8 TN#@ ((G
"#5 P B A7 N C#G 6 L M ! #F&6 & , " +
IQ @ ( * \ /
7 N 7G 6 V ; O&#1 K 9& 7 N A7G 6 V((G ; 0#$GM e^
5- ((5G # ; >/ P) B 7 N 7G 6 H
C#5G 6 5 5 ((G & <G K 9& l II Ann An n n
I7 N
75G 6 5 O&#1 K 9& A7 G C#G 6 L M 7 N 7G 6 ! e(
IB + 7 G ) C#G 6 7 !& G Q8 TN#@ ((G , 7 G
7G 7G 6 V ; O&#1 K 9& A7 G 7G 6 V((G ; 0#$GM eX
`7 N C#G 6 7 #9 , # ` P) IB 7G 7G 6 H
C#5G 6 5 5 ((G & <G K 9& ((G # ; >/
75G 6 ; ") H&# 7 G ) 7G 6 ; 7U9= H I7 G )
I7 G ) 7G 6 #F M , , 7 N
I @) #& #F P , Q# @+ L M 7 G 7G 6 ! e
, 7 G ) 7G 6 ; ") #.&# Q# @+ Q@ ; 0#$GM e'
IQ @ #F M ,

km
H 7$ 71;# Z $ G A7! ;( 7.6 ; Q @ 7$ 7.6 eb
785@ #F 7F6 #& B 4 (M V ' 7&; '# G N
7 9=5@ (? A #& G , N 0 q> ; Q @ 7$ &
I7$ E8
I @) >/ (.& # @) #& E > * . A ' ( ( (GW& # ! e$

(?*K$8 X I K = 46 M 4*
4(G L M #F& , Q# @+ ! '# #F ( 7 1 D B(9 * )
7G 7G 6 7G C#G 6 4(G L M 7 N 7G 6 7 N C#G 6
E58 & T#5 ; 5 Q 5@ ( (5GM 75! $ ,8 # Q# @+ ((G L M
`hQ# @+
h7 N 7G 6 I
7G 6 7 N 7G 6 ;
K#-+ n
4'F6+ n
C # # S H$; n
h#F ; 7G C#G 6 L M ! I
n C # # S H$; 7G 6
7 G ) 7G 6 7 G ) 7G 6 ;
7 C # # S H$; n pn
, #&# C # # S H$; n pn
V C # # S H$; n pn
h#F P , Q# @+ L M 7 G ) C#G 6 ! I3
n C # # S H$; 7 N 7G 6
n pn 7 C # # S H$; 7 G ) 7G 6

mn
O)@ Q@ 7G 6 ;
# 4 # n pn pn
('# 4 # n pn pn
( 4 # n pn pn
h' Q @ (N " e
'5 Q 5@ 7$ ( (GM G LG <6 , " + / ,8 #
h( 6
5 5- L8G 7 (8 ' ( $! (9 Q @ L8G ' ( `
I#J;=$M Q @
#/' <6 , '# #& 4( 6 Q# @+ ' L$. `
IQ# @+ #/ S G #/' * \
5 E >5 &! 5 , ( (; 4( (6 Q# @ 7 #P: =
J &#; #U `
I#F $# 9 <6
#5 A"#& = #J. ( (6 Q @ ' ") 0#$GM (G <6 Q @ Q>9 >M `3
I + OF #& M <6 E > 4 P CP ; >M
I0#$ + , D ; ( O8 6 O &# F #J$ & ' `]
5 # 5P t C; ' Q @ 7$ 7.6 4 P `_
I #1 (& #F! &$
( B s5 3 g < 4
I7F&#1 Q# @+ & ' 7 F I
Q# 5@+ ' = '# ( Q# @+ # 7 . L8G (G# I
I4' #6 # , 7F&#1
I(9 Q @8 78 $ C#)@ 0#$GM , >& (F6 C; 8! I
I 6 , 7- (9 C t ( F I3
I '# C#&# 9 C# 8 G F I]

m
I '# ( 6 78 G F I_
I ' Q # 8! ' 8 8 $$ , (G# If
h ' (e
A#5F ; 5 ' 78 G 0#F Q# @+ ' Q @ & # ! (.&
(56 ,5 Q# 5@+ H5 6 l IIC#)@ ' #; +#& ( ( (GM .
> / eQ @ d ( e ' (&dQ . 6 , X 1 A '# #&
H; 7( Q# @+ D 7 # ,$\ ( '# # G L8G N#! B(
5/ 5 A75 ' # G+ '#6 M , (G# OF F A &! , #F (
h,8 # ( >/ - ( #F!!9 , # '
I ' @# G Q@ 7 $ C# # & ( <6 `
I7 !. 7;(& @# . @G L8G Q . `<
I7F&#1 @# .8 78 #. , Q= + ^ ('+ < 6 `^
I7 ( Q# @ , D *) (9 L8G 4(G# `(
I ( 0 1 C# 8 . 7 8 " + HP L8G (G# `X
I ' C( 6 Q @ 7 N= " + HP `
I7 G ) '# 8 7 ' 7&#; L8G (G# `'
I ' 8 7 & #9 7&#; 8 "# ? ( `b
I '# #& , Q# @+ H; ( (9 ( (; `$

m
4 >sN 4! *3 4 *X
Follow up & Controlling Stores
*#) (. K 9 7 (: QN#U / 7 ' 7&#; 7.&# E1
7 (#5@ ; 75 7 ( <8$ >/ 4 (: O6 78 1 O (# ' 7 ' 7
I ' 6 7( C 0 6: ' C# ' 8
I I H G *
Stores Records & controlling Policies of Stocks
7 (#5@ ; 75 ( (9 & # / LM ' 7&; C# # 7 ( Q(F
I ' C# <8$8
The Economic Quantity for Order <8$8 7 (#@ ; 7 e d
(5 (9 ( G '# 4 (M C# 1 4 (M & # #. E# / <6
75 #& 0 51 5 K5 9& Q 5@ 4(9 4 , #/[ 1 , 7
X>5/ 75 75 8 Q # ; Z!9 , ,/ <8$8 7 (#@ ; 7 A7 (#@ ;
H <8$ Q # (#. 7 X>/ ( G A ' Q # <8$ Q # ,/ Q #
I ' Q #
5 (5@M ,5 4 (: #F8 9 , Q # E8 A<8$ Q # & (@!
( 5 #F <8$ 4 ,) A7)8 Q# @+ '# C#6# 9 7 &8 (
AQ# 5@+ #5F <58$ , C ((G 8! P) .6 7 . Q # ?1
C , #& 4 \@ C# <8$ (& 4 , 7& 8$ 7 4(# ' , # #&
T59) = 4 (M Q # C# 1 4 (M Q # Q # X>/ 1 I7& #!
H5 6 5G 4 #5&G <8$ Q # V AC#&# 9 4 (M Q # 4(9 <@
I( (@M 76 #1 , Q #

m
+ 76 Q # #J #/ J @ G - ( #& U#) 9 W ' Q # #
#5@! 4(# ' -? / A #- M ( + =
J $. J0'6 - 7 ' (
C ( (. 5 : K5 9 5 O) # O #J # \1 ' # I ' 7 #.&
C #5 9M 7 9 7 F 40#P: Q #@ A, #& 7 # @ E=F M 7 '=
IQ #@ E> S L M '# #& 4( 6 Q# @+ (#! Q8
E5 > ' 7 ;$ 7 N 7& ' 8 7 Q # < 9
I #. = ( 76 #& \ ' +
h,/ Z $ K=- E# / <8$8 7 (#@ ; 7 ( (9
(6 7! $ `
,#& 7! $ `
C (#. 7! $ `
`h, # #- #& 7 #. :#& 7! $ b 1& !
Q #5 4(9 nnn u8& eTd Q@ V E=F : 69 # >M
'5 Q #5 A # Q nn 4(9 . # Q 3nn (
w<8$8 7 (#@ ;: 7 ,/ # A ' 7 ;$ o n (. & < 9
e # Q +#& 7 ! d h (6 ( W& <8$8 7 (#@ ; 7 <# 9 I
I *3 I * I * L 35 5 4 X 5 ;=
4 WM +sN3 f sN +' 3 +' 3
n3nn 3nn nnnn nnnnn nnnnn
]knn knn ]nnn ]nnnn nnnnn
3] nn _____
3 nn _nn ]nn ]nnn ]nnnn 3
3nnn nnn nnn nnnn 3nnnn ]
3n__ 3nn ___ ____ _

m3
7 7 8 7)8 ; Z!9 , <8$ C ((G cP Z&# (6
]pe7 5 C#56# 9: d nnn L8G V 9 <8$ V A #. , C#&8$ ] ,/
4(59 nn ,/ <8$8 7 (#@ ; 7 V A4(9 nn }e #. , C#&8$ ((Gd
I ' Q # H <8$ Q # (#. #/( G 7 X>/ U9=

78 Q # ; Z!9 V> ( (@M C (G cP


I4(9 nnn }]€ nnn }7 (#@ ; 7 V A en] / 7
hC (#. ( #& <8$8 7 (#@ ;: 7 <# 9 I^
h7 # ' * \ >F (
C (9 #& Q@ V ( G &. e d
( (@M 7)8 e<d
' 7 ;$ 7 N 7& ' 7)8 e d
Q@ 4(9 . e d
h7 # 7 (#. ( #&eEd<8$8 7 (#@ ; 7 <# 9

m]
L8G <6 ( 76 *;# ' B W 1 #& & /#
<56 5& )5@ L M ' B @ L 9 #U (G '# #& N
,F &; e, N ' Q @ <8$ d ( LM ( (@M
I ' Q @ C (9
h @) 0,1& ' C# ,8 # * .

The level of Re- Order (WM ;*= T 3Q5 -


(5 (@M 4 P L M '# , N O& V> B /
75$! <58$ 4(#GM B L e, N ' Q @ <8$ d ( (6
4 , ( (. #& G , > +#& B >/ <# 9 <8$ 4(#GM
Q# 5@+ @ e, N ' Q @ <8$ d ( &# #U

m_
58 A #5U 4 •, ( (. }<8$ 4(#GM 7$! V A '# LM
<8$ 4(#GM 7$! W A # ,/ #U : 4 4(9 nn, ( (. #
,5 Q @ <8$ , 0(& <6 O M # 8@ >M V> ' #& T# B ,/
,5 '56G K (59 #$ M E# / K 9& < # C; , Q @ >/ @
I '
The Minimum level of Stock (f sN >;8 O C
4 5 C#5&- E > Q@ , ( (. C#&- # P Z& #
?5 V(#5. (. G Q@ ( ( (' 4 - #9 , O M A #U
#5 ' >#) Q; (; . W E >& A7.; S Q U Q# @+ @
7 a $7 d ,$# 9 ( @ & U#) 9 <6 E > 6 I $# E>
(59 #& ( 5@ >/ L A ' LM Q@ @ L 9 #F Q @ e #
nn5555& (9 >/ (! ' G N 4 & * W& A ' 8 L (+
4(59 nn ' B @ # (G ( (@ * ) O W 4(9
h, # 1 #& cP /# 4(9 nn "

mf
h,8 # #F&# 9 <8$ 4(#GM 7$! V
L5 (+ (59 •e #U 4 •, ( (. d } <8$ 4(#GM 7$!
I ' 8
U#5) 9+ , , #\ 7 9 4'F6+ C#G 1 J - U9=
>#5) J 5U Q5; 8 . * . L 9 A ' 8 L ( (9 4 & C# &
4 (: L58G <6 E > 6 A7U/#& Q # 4 (: 9 E> M '
G 5 & #! (& E >& ! , A#F8 G 7. &$ H 7& # #+ 7 ((9
hQ #
,;#5& 5- #5 + 7 Q . # h # + C# & 7@# ' Q # •
Q #5@ & 4 (: 59 '# #& #/( 6 L8G < 7 ' Q# @+
M I#5F& 7@# ' Q # C( ' # 8 7 E8 C( ' # 8 #F& U#) 9
7&5 < 9 #+ 7 & 7!8. ' Q # L M U C)8 ( #
I ' 7 ;$ " 4 1#& ' 7 ;
75 C (59 5 & ((.& U#) 9: S L8. h ' >#) Q # •
>#5) C ((G (9 E > M A7 #G ' Q # ( 6 O 8G < #+
$. #F 8G < >#) 8 ' #F * . 4 W H&$ #& A '
I $. >/ 76 O) # 9 , # #& A .
7 ' C (9 ((G (' #Mh # # #J N ( 4 (: W E>
#5 M A ' >#) Q # *) &#! , 7 #G ' 9 , # #& ,$# 9W
O5 MA ' Q # H *) , # #& A,$# 9W 7 ' C (9 ((G *)
I ' >#) Q # D#) M E > L8G <
V 75 75 8 Q # ; L8G @9 4 (: 7 #9 / - + HP
IQ # G & 7'

mk
(7*Y5
,$#5 9 B & 7;=. C (: B(9M , 4 C=6 C &-
h,8 # Q @ >/ ' >#) C ((G & Q# @+ (9
fnn _nn ]nn 3nn nn nn nn ,$# 9# 7 ' C (9 ((G
)@ _ k n ' >#) C ((G
h C 8G >W
# Q n 4(9 4(9 7 ; •
' 7 ; o ] (#. ' 7)8 •
4(9 4 8 # Q n5& (! ' >#) 7)8 •
(2 M
I(9 L ( L M (#) Q # ' Q # *) V> ,$# 9 B <# 9M
(6 ( (GW& ! (9 L ( L M Q # *) V> ,$# 9 B L8G @98
h, #
e # Q +#& 7 ! d
) ;=
;*:> ) 5 ; =
4 I *3 ;*:K I * +sN3 I * 4> sN
f sN
h* 3 *j

]]n nn ]n}o ]• n• nn n nn
]3n n3n ]nn}o ]• n• nn k nn
] n fkn f]n}o ]• n• nn _ nn
mn mn nnn}o ]• n•3nn 3nn
] n _n ]n}o ]• n•]nn ]n
_ n n ]nn}o ]• n•_nn _nn
f]n )@ f]n}o ]• n•fnn )@ fnn

,$#5 9W 7 ' C (9 ((G C ( ('M # 8 O cP Z&# (6


C 5 ((5G *#) 76 (#) Q # *) A ' Q # C( ' # 8
mm
A75 78 Q # ; L8G @9 #F F # 9P Z& # 4 (: A>#)
I4(9 e3nnd,/ 7 78 Q # ; Z!9 , #+ 7 V
The Maximum level of stock (f sN X8 O 0
5 '5 O5 G ( ' <6 V> B / ' 8 L@;+ (9
= $. ' , + $. (G / (9 >/ HP Q(F . Q@
$#5 #5P O -[ AV(#@ ; , # #& G / # / , # + #& G: AO &
79#5 #& Z58. # '# O6 , #1 L8G 4 =G AQ# @+ Q8 (#!
I( ' FU 7 (: Q #@ 4(# ' 7 # !
' W E > A<8$8 7 (#@ ; 7 #& Q# @+ * )
Ie ' 8 L (+ (9 d # + 7 L8G 4 =G - C; V , (6 <6
,5 7 (#5@ ; 7 • ' 8 L (+ (9 } ' 8 L@;+ (9 V
I4(9 nn} nnn• nn G ' (& # ( ' <6 # #-
Stock Records (f sN )cB G0
I ' C=6 @ #F 8G ( . , C #& G •
Assumption for Designing Stock Records
I#F6 (M < 8$ C# # & 7 I
U)9 # I
e, qpV ( d 6 7! $ I
7 ' Q# @+ ((G I3
Q# @+ 7 9 7G I]
Purposes of stock Records h ' C=6 * S •
IC; V , Q @ V ' (@ 7 . I
I '# C#&# 9 e4(@ 7 9d,8.) ' & $& I
I#F .&# '# LM C( $$ 78 I
Q# @+ ' H; LM ' , 8 #. (#1 M I3
I . C# 8. I]
nn
Some stock records h ' C=6 / •
Bin Card Q @ C # I
Stock Record Card Q @ 6 7;#$& I
Stock Reviw card Q @ 7.6 7;#$& I
Stock journal Book '# 7 ( I3
Bin Card hQ @ e7;#$&d C # •
`Q `7 G + dQ @8 ,8.) ' H; , Q @ C # #J # 9 HP `
I ' (el II` 9 `Z (# @
Q@ O8! e7;#$&dC # ( `
hQ @ G 7 # C# # & Q @e7;#$&dC # P `
4(9 ` Q@ ` Q@ ; `
(@ ` 7 @ C# `7 8 C# `
wQ @ C # Q@ 6 7;#$& & Q= : / # •
hU)98 # ' hJ `
(9 # , Q@ 6 C#;#$& U)9 `
O5 <5 ; # , ' L& ( #FU)9 L M G( C #& G E# / `
h, +#
C# 8 G G N C#;#$& >/ G N & #@ : 7G Z !9
I( 6 Q @ =
0 5 #FG# 5P C #5 9 8! # AC#;#$& #! L M 76#9 8!
I#FF6
I#F ) C#;#$& #! L M 76#9 ( 0#$ + C # ) 76 #. 7G
,5 . E5 > + #F ) ' H; , #F& U#) 9 < ) " `
' # (# #& #F 8G D=$: , &S 8 b#

n
+ A =5 >5 # < ; C#;#$& X>F T# < T@ P+ `
IJ( !. - X(#G = C 0 6M
h76 ( C# # &8 7& #& h#J #- `
hZ $ K=- (9?& Q @ 6 7;#$& , C# # & ^ ( `
eQ @ C # - d$! C# #& 7 9 ^ (M ♦
4(9 . C#&-M H $! C# #& 7 9 ^ (M ♦
4(9 . C#&-M H 7 C# #& 7 9 ^ (M ♦

w4((. * S+ Q @ 6 7;#$& ( Q •
h - A4((. * S+ Q @ 6 7;#$& (
I . `
I( `
I( 6 `
I ' H; ( (9 `
l II4(@ + L8G Q . `
( (' # E. c&@ L M - #F W A '= - ( ('M C((. >M
D# 5P ( ('5 III#F- (59 G #F G [ [ # #F ( (G T# 1 (
T# 1+ C # 9 W E > I#F)8 #FG# P C # 9 H) III#F 8G D ' C;
I F #6# 9 7 ( 78@) (#@ , #F\ ) Q @ 6 C#;#$& t

Stock Review Card hQ @ 7.6 7;#$& •


IQ @ 6 C#;#$& G #J # 78@) 78! Q @ 7.6 C#;#$& & . ♦
IQ# @+ C ( G C# # & 7 # #J@ @ 7 @ #F ♦
IQ @ 4(9 7.6 7;#$& ( (GM ♦

n
C#5 # & 5@#) 7 # ! C( * S+ Q# @ 7.6 l # (G ♦
L5 M 7 #5P:#& Q @ 7.6 7;#$& L M Q# @ 6 7;#$& C(
IQ @ eQ @ dZ&# E=F : C# # &
hQ @ 7.6 7;#$& C# # & / ♦
Ie4' 69 4(@ + dQ @ ( @ `
I( C9 0 1 `
eQ @ dQ @ Z&# E=F `
^ (W5& 5! V> C ( G [ L M Q @ 7.6 7;#$& ♦
I#F # , Q@ 6 7;#$& E IIIB + C# # & 7G 6

f_*N 7* = = 4! *3 4 >sN 4 *X 4! h (*@ >*n


Na
The nature of Controlling stores 7 ' 7&#; 7. &$ I
,5 7 (: Q (/+ #/' & Q (/+ 7G 6 L8G 7 ' 7&#; '
Š #F& (@! 7 &#; Q (/+ 7 !& L M @ , Z#) M ( 7 8G#)& #F M @ (
c 95@ A75 C#5!) ;?& H) & L M V([ . 7U (?
>5 ) $ 5$ 59 7# , . 9 L M V([ # 7 (: C !
75 N 7&#; C $ D#& M (& = #. 1& 7 ' 7&#; , 7.&#
`h,/
I7 . # G '#6 M L M Q(F , " #! #. HP I
7 &#; 7$1 + ( (. #& # ! 4 $ X>/ , (& A,8.) 0 (+ "# ; I
I"# ! 7 8 G L M @ 8
IC# 9 V Q#1 7G P #. #& ,8.) 0 (+ 7 #! I
I79 9@ > ) RN# L8G 7! C(6 M C# 9 : c 9@ I3

n
5 #/#5P ! & 7 (M 7$1 4(G ,/ 7 ' 7&#; W Z& # H #J 1
9 $ Q(F& 4((9 C 0 6M (G ; Z 7 ' # G+ (?
I7 ' 7) U , .
(f sN 4 X ! z* 8
h ' 7&; 7. &$ e d
< 8$ (9 ( G ' (? X#P ! & #U ' 7&; (.
G ?1 , P+ H L 9 A '= ; - ' & U#) 9
`h '= - ' & U#) 9 P IE > S
I4( ) B 7$1 , #- $. # " ( 6
IQ # 4(# ' , # #& '= - 7 ' C#9# \1
I '# (& 7 # ! C# 8 G Q # 4(# '
I#FP.& #. $ &/ AQ# @+ *.& (#! Q8 T 4(# '
I '# #& 7 (: Q #@ 6+ C#& , 4(# '
I7N #-q E> # '# #& ( ' FU
`h '= ; ' & U#) 9 P
I#F # ( (! , 4'F6+ *.& , . $.
I4 \@ C# & 0 1 76 7 @ L8G @9 (G
4 (M C# 51 4 (M , . E& # 786#G 7! $& Q# @+ <8$ 4 -
I '#
I4 \@ C# & 0 1 C 0 6M 76 ,& . 4(# '
I ! 78 78 # 7 9 4(#) (. ! #& 7@# Q # 4(# '
Types of controlling stores I < H + *
7 # P) O M7 ! 7 7 9# ' L8G 7&#;
IRN# P L8G @9 7&#; 7 #) #P L 9 A7&#; G

n3
Quantitative Control (4 4 *> 5 4 *X
#5G O6 & " ' C# 7U9= ' L8G 7 7&#; #& (@!
'=5 - # Q@ ' E# / K 9& A4(9 L8G Q @
J 5U '#5 4 (M C# 1 4 (M & # #. E > '8 A '= ;
I ' #G 0 1 #G & 7! - 78@8
, . *.& 7U9= <6 ' L8G 7 7&#; 8 #U HP ( G
h=- #& 9 , #U E > #/> ? <6
IO&>&> B( Q@ E=F (.
I7 [ #& . 9 Q @ 7 / B(
I7 [ #& 7 # C #& G Q@ 7 ;
IX( # >M 7@# Q @8 ( Q U
Il IIQ8 8 O 8&#; A N (& O A# O K9 Q @ 7. &$
I ( 7 [ 8 79# ! N#
IQ 7 9# ' 0 1 #6 , 78 #. 7 1& C# # :
,5 7 #& Q@ & A ( #6 ' L8G 7&#; #U <6
V Q#51 t C; , #U E > 7.6 <6 # AC \ V 0 9M H $
I#F6=G L 9 O& Q.P $#!
value control (4 6 4 *> 5 4 *X
7&; #U Q t L M @ (; '# U. , 7 ' Q# @+ ((G M
((5. #5F '# *.& & 7 #G 7!) (F6 <8$ ,8 @) '
5/+ L8G ' 4 W E> 7 7 ' # G+#& # !8 8 #. ,#
D#) : U # / L + 76 ( ,$. , Q# @+ # , Z &$ O&6
7! $ Š #& Q @ 7 ! 7 9# ' L8G 7&#; 8 7.N#1 7! $ E# / I#F ;
L58G # / ' ( V (M < 8 ,/ A.B.C 7! $& ,-=- Q @
I#/ S G #F / ( ' , Q# @+

n]
7 ; < 9& C#G 6 K=- L M 7 ' Q# @+ ! , 7! $ T 8
B 5 + 7G 6 Q8 ' L8G 7&#; ' C# # HP Q@
7.N#1 4 /#U "# L8G 7! $ ! I# / 7G 6 O!9 # H < #
7&5 #& 5 8; #/((G Q# @ (6 K 9 #G O6 & '# #& 4( 6 Q# @+ ,
A ' 8 7 # 6: 7 !8 7& #& 7.) 7 # 6: #F ; AQ# @+ ((G D 6
( 5 #5 7 ; 78 NP 7& - Q# @+ (6 & ((G E > (6
IQ# @+ #
hC#F6 B(9M , Q# @+ ! #J & ! #.P - ,# (6

; = 4 Q>
R N3Q+ *5 4 X R N3Q+ *5 4 X
?*K$ ?*K$8 ; =
4 6 *+ K I F*+ K 4= B
4= B 4= B *
4 *E G7*+'
a B
ok 3n_ m o mnm
o 3 _m ] o ] m <
o3 mk ok _ k ^
o nn 3m]3_ o nn m]3_k D 6

`hQ# @+ C#G 6 7-=- E# / Z&# (6 U9=


( 5 #5 7 ; AQ# @+ 8; ((G P ,/ heAdL + 7G 6
7 E> #F ' C# ((9 K 9& #F& # / <6 E > 7 #\8 & #F
5 #& '# C=6 7.6 H 7;( & 4(9 4 , #/[ 1 ,
#5F ' E> #F 4 - + *) L 9 AQ# @+ X>F 7& #&
I ((9 ; L M
eAdD 6 #5& 75 ! #& Q# @+ & ((G P ,/ heBd7 #- 7G 6
,5 eAd7G 6 7 / ; ,F E > #J & ; #F ( # 7 ;

n_
L58G #5F .6 5 ' C# L8G 0# & . #JP <6 7G 6 X>/
I7 (#. 7&#; < # #F ( e7 Q@ 7 H& d 7 (C
#J #F ( # 7 ; Q# @+ 7 & #S P ,/ heCd7- #- 7G 6
<5 #\ , #FN 1 7 #F ' C# #J! ;( #J&# 9 <8$ E > A NP
I78 $ C L8G #F (@ 7.6 A78 $ 4( ^# 9 ,) C# & U) 9
s Business follow up store I * ! ;C:
`hL M '# # G+ 7.&# C# 8 G !
h = : C 0 6M 7.&# •
h#F ' * \ X 1 Q# @+ = 7.&# I
<56 ,G V' ' , 0 #F ' * \ Q# @ 0 1 ( G
4 @ ' 7&; <6 = ( <6 & ' , #F # (M
`h,8 # & # ! <6 4 @ X>F ' 7&; = ( G I^> >/
H5 6 , 5 O5 7 #U 7! $ #& O ( ! ( ?8 = ( Z ;(
IC#. ;
,5 Q 5@ 75&; C#;#$& , ( ; 7# , = ( ; (; `
75 #9 , = ( 4 @ LM D 6 L9 ' 7&; #F
I7.6 L M 76#9
L5 9 Q @ 7&; C#;#$& ( 7# , 7 8 Q# @+ C# (; `
IQ# @+ X>/ #F M 4( 7F6 '# , Q# @+ X>/ 7 9 7.&#
7&; C#;#$& , 4(9 . 7# , O = Q@ 4(9 . (; `
0 (&M 7)8 C , Q @ ") 0 1 #. 7.&# L 9 Q# @
H5P 5 , E> I0 1 #. + 7& #& K(9 , C \ , V
I7 # 7 7 #F , ' 4(@ + 7 ;
(#5@ 5G C# # & (! AO Q# @+ = V> (@ 6 `
I0 1 (#@ # , J - (G# # 7F68 #F (! , #. + 0 1

nf
75 C#5 8. 5 5 L9 ?& Q# @+ 4(@ ^ `
'# ' C# Z &$ 7.&# ) # & 7! ;( C 0#@9:
I7& # 7 < # C; ,
"#5 L8G 7& 7! $& #F (. T# Q8 , = ( 4 @ U)9 `
I#F M D 6 F L 9 A, '
h' F6 K -? #& 7@# Q# @+ = 7.&# I<
5 A,N ( & = H; = P9 7$ & Q# @+ E8 8
,5 H5& # 4 @ X>/ # 9 H& A ' 7&; LM = P9 @
I= ( 7 #9
hB '# ' 8 4( Q# @+ = 7.&# I^
7 #5@ '#5 C5 # 0 dB '# 4( Q# @ = (G
5 V>5 ( Q @ <8$ @ 8 ' <6 e7 G 7'
' 7&; LM ( Q @ @ @ (G A ' 7&; L M O& =
h,8 # & # ! <6
IE > 7@@ 7# , 8 ' H; (? •
Q 5@ 75&; C#5;#$& ( 7# , 7 8 Q# @+ C# (; •
<58$& 4( 6 7 @ 7 7# E> I 8 ' #& 7@#
I( Q @
hC#G & C#&F # (F = 7.&# I(
(5. <6 A '# < #6 C#G & C#&/ # (/ Q# @ = (G
'5 7&; LG <6 A #9 < 9 L8G = P9 = ( #F
h,8 #
I= P9 = ( 4 @ @ = •
AC#5&/ A# (5/ Ac 5 d4 #5&G b#P M A7G & 7F6 C#&-M (? •
IC#U9= !9 , eC#G &

nk
75@# Q 5@ 7&; C#;#$& ( 7# , 7 8 C# C#&-M •
I7 8 7F6 #&
Follow up the procedures of lssue hQ @ C 0 6M 7.&#
h # ;+ C (: )U L M '# Q# @+ Q @ 7.&# I
# ;+ C (: L M 7 G 7' '# Q# @ Q @ 7 #9 ,
<6 '# ( Q @ >M <8$ 4 # <6 & E > <6 )U
E5 > 5@ # (5 G I4 # @ ' 7&; L M '#
h,8 # & ! '# ^ M( 4 @ ' 7&; LM @
75@# C#. ; ON#) ( ? 8 7;(& ( Q @ <8$ 4 # 7&; •
I7 9=@ <9#@ H ;
,5 6 /# 7 8 7! $& O (9 O)@ Q@ 7&# (? •
IC#;#$&
,5 ( 5 ; V 0 56M 5&; = 4(9 Q @ 4(9 7!&#$ (? •
IC#;#$&
,5 Ae<58$ L8G 7 @ 7 7# #! E> d 7 @ C# (; •
E5 > 5 A( 5@ ^ Q @ 7&; C#;#$& Q @ 7#
I( Q @ <8$ L + 4 @ <6 &
L58G < A7@# C#)8 , ( Q @ <8$ 4 # , @& U#) 9 •
I7 8 7F6 < 9
7 85 7F6 QU #& 7@# (F. C#;#$& , 7 ( Q# @+ ( ; •
I( Q @ <8$ 7 &#- 4 @ <6 &
h t ' Q# @+ Q @ 7.&# I<
Follow up lssues from One storage to Another
A 5 q ,G ) ,G A,G L M V' ' Q# @ Q @ ( G
L58G <56 '#5 ( Q @ >M <8$ 4 # <6 & E > <6

nm
5 ^ 5 M (5 ( Q @ <8$ 4 # 4 @ 8 Q #@ '
, 7 @ C# ( !& ! - <8$ Z ;( #F 8G , A ' 7&; '#
75F6 #& 75@# Q @ 7&; C#;#$& , E > ( @ ^ Q @ 7#
I7 #@
hC#G & C#&F # (F Q @ 7.&# I^
E5 > <6 AC#G & C#&/ # (F '# Q# @ Q @ ( G
Q 5@ 7 8 G 0#F (.& '# ( Q @ >M <8$ 4 # <6 &
75 8 . 4(5 [ C( 5 4 # # @ ' 7&; <6
`h,8 # 4#G ' 7&; L8G AQ @
7@ 7$8 (#@ ( . ( 6 (? ( Q @ <8$ Z ;( `
IQ @ #&
7;#$& Q @ 7 # , C#G & C#&/ # (F 7 @ C# (; `
<8$ L + 4 @ <6 & E > 7 #@ 7F6 #& 7@# Q @ 7&;
I( Q @
C#5;#$& , C#G & C#&/ # (F 7 @ 7 ( Q# @+ ( ; (G `
I(F.
Q 5@8 4( [ C( ( Q @ <8$ 7 #- 4 @ #& U#) 9 `
I* \ >F (. T# Q8 ,

•hD#6 : C 0 6M 7.&#
Follow up the procedures of Re-Receipt
'# L M Q# @ # (M C ( #F 9 '# L M Q# @+ D#6 M ( G
<9#@ E > L8G Z A # (: ( L8G #F # @ H6 T9 7 6 V(& (.&
75&; 5! K 9 A # (: ( @ ' 7&; LM A7 9=@
`h,8 # & '

n
`h,8 # #F&6 & # (: ( L + 4 @8 7& #& I
A#/(5 #.5 $ < 9 #/ . A4( (6 7 .6 Q# @+ C # >M •
IQ @ 7&; C#;#$& ( !9 , Q#P
#.5 $ < 9 #/ . A # . = 79 #@ 7.6 Q# @+ C # >M •
Q#P #F ( 4( < # u8& @ 4#G H A4 + 7 , #/(
IQ @ 7&; C#;#$& ( !9 ,
( 5 4 5@& U) 59 AQ= M H & b=@: ^# 9 7.6 Q# @+ C # >M •
IeH& d( & , ( , C 0 6: L 9 # (:
Q# @+ $#! W& ! (F. <; LM 8 # (: ( 7 #- 4 @8 7& #& I<
(5G ,5 . QU H; ! 4 (: 4(FG D#6 ( & 4(
4(5 0#F &; Q @ D#6 M ( 0 - d C#U9= #F 8G , Q# @+
5 L5 M 4(F. Q# @+ $! # (: ( 4 @& U) 9 el IIO # .
IC#U9= E8 0#)
>#5 5 L 9 C#U9= E8 0#) 7.&# ' 7&; L8G <6
IZ !9 O G ) (; # 7 ; @9 Q# @+ E8 $#! M 9 7 #U C 0 6:
>% !P * > * . (= F (P ! -
Follow up the Repair Sales Stocks
( (5GW& b=5@:#& 7@ 7F6 ! A#F9=@M ! , Q# @i 7& #&
4 5@ ' 7&; <6 AQ# @+ E8 ,.6 Q# @ Q @ (
h,8 # D#& ' 7&; L8G A( >/
I7 9=@ <9#@ H ; ( ? 7@# Q# @ Q @ ( Z ;( •
Q @( &4 > Q# @i 7& #& < 8$ b=@: D #& (? •
I7. 6 Q# @
,5 D#6 : ( 4 @ H 7. 6 Q# @ Q @ ( 4 @& U#) 9 •
IQ# @+ b=@M L 9 e#J- #-d ( & ^p , C(
=5 5P9 (. '# &; #F@9 Q# @+ b=@M # M ( G
h,8 # & ! ' 7&; L M P9 4 @ A '# L M #F # (:
= P9 Z ;( •
5&; Q 5@8 V (! . < 9 E > A#F9=@M , Q# @+ . •
Ib=@: Q # O M #J #P O9=@M
C#5;#$& 5 ( 7 # , #/ . #F9=@M , Q# @+ 7 #PM •
IQ @ 7&;
(4!B ?*K$8 V 4! *35 2
Q 5@ ( 5 H & #5& 7@ 7F6 (. A7.6 Q# @+ H & # M ( G
, ' 7&; LM ( 4 @ C#. ; # (.& 7. 6 Q# @
h,8 # D#& M #F 8G
>M H & 7 8 G &; # #6 Q# @+ X>/ > #F Z9 , 7F6 ˆ=&M (? `
>5 (? E >& 7!8. C !8 #! #FP.& Q# @+ E8 ^# 9 (;
( (59 ,5 &#! ( Q# @+ E8 Q @ 7 9=@ 7&9#@ 7F6 7!
IC ! E8 #F 8G T , D#P +
H5 C 8 5 ,5 4 @ #& U#) 9 H6 Q# @+ Q @ ( Z;( `
C# 5 0 6W5& #5 ! e#- #-d( & , X > Z&# D#6 : ( 4 @
I7 '
(4!B ?*K$8 ?c 4! *35 Š
Q# 5@ Q 5@ Q= :#& 7@ 7F6 (. 7.6 Q# @+ Q= M ( G
75 8 . 5P9 Q=5 : 75 6 (. <6 # A#F = M ! , Q# @i H 6
H5 6 Q# @+ Q @ ( 4 @ ' 7&; <6 AQ= :
h,8 # & # ! ' 7&; L8G AQ= : P9 4 @H
T59 75 6 C# @ L8G 0# & C # #F = M , Q# @+ (? •
IH 6
IQ# @+ Q= M L8G 7@ C#F6 7! (? •
IQ= : P9 E > H6 Q# @+ Q @ ( 7.6 •
Q= : P9 4 @ E > H6 Q# @+ Q @ ( 4 @& U#) 9 •
C# 5 0 56M (.&e#- #-d ( & , #/ > ( D#6 : ( 4 @H
I7 '=
(fsN ) !5 (*@Y *n
E# / # A#F ' , # \ H$; C# F ( Q= ((. U ,
569 51 D H < # ' C# 8 G , ( 4 $ C (. L M 76#9
h,8 # C (. E8 / I ' 8 7@@ 79# #F ' < 8$ C# F
Steel Shelving h7 ( (9 Q + e
759 ) 5 (; 7 F & #F #F& 7 ( (9 Q G 4 #&G ,/
< 9Q + $ (#.& @ I !@ 8 .$; 4(9 < #6 C > A7!8\
5 ! I ( 78 G F # & #F ' < 8$ C# F 69 < # <8$
hL M 7 ( (9 Q +
h79 ) Q + I
( 5 '5 7&5 # 5& (. #F 4((. * S+ D >/ (
Z (# @ A0=$ <8G A # Z (# @ - 4 \@ ( $ 1, 78 C# F
Il III \@ Q 8& A7 #U <8G
h7!8\ Q + I<
L58G 75U #9 L58G . K 9 79 ) Q + P D >/ & .
A # S H$; - 7 ! 7.) 7 # 9 ( ' , ( 7 ' Q# @+
Il III7 ( C (. AX# A' C q
Trays h^ (+ ,N @ e
4((5. C#5 #! C > ,/ *&#! & 'F6 (; E =& (. H@
@ AQ + L8G #F.P #F. 6 & 7 N 1. Q# @+ ' , (
I ; 79# > ? 78 ( 7! $& ,N @
Pallets h7 #! C#@ e
#5 # (5 78 G F #F @ C (. 0'6 G 4 #&G ,/
#F. 5@ I ! ' 78 G , ( (; { C) E ) ( #&
5 * 5\ <5 9 (5 (9 7 9 , #F #F )8 7 (#@ ; <1
(5 H5& 8 ( C> ˆ # / Z (@ 1, (
IH ( 7 8 G F ( 4((.
Racks h7. 9 e3
* + c$5 G 4( .& #F8.6 1& ( ' , 7. 9 (
C #$: $ $ < &# + ( E > 78- #F)8 (G #F8! F #
< 9 ,! , 1 L8G ' (; A7 &1 b + A & C=&#
I ' 8 ,8 ( @ 7 ' 79#
Measuring Equipment's h"# ! 4'F6 e]
=5 > 51 T9) 7& # "# ! 4'F6 ' #& <6
"# ! 4'F6 Q8 7 #G 7)@& I 69 N# "# ; ' <8$ , Q @
I ' 7! $ ( 7 G Q= W&
Ladders and Steps hC#6 ( = e_
'#5 , 7@# C#6 ( = ( <6 P) ,8 . #6 ,
5- E 59 K 9 7 &#- 7 9 = E# / C# F ( #& 7 (
IU)9 \1 , 7 (#@ ;

3
Cleaning Equipment h7 #U C (. ef
C#9# 7 N#& F "# - ' #U # P 7 # C (. <6
IH 8 ( 91 ' &#@ E > #&\ 7P)
General Tools h7 #G C ( ek
C (5. E > '9 Q8 91 C# 8 . 4(G# C ( (6 7 /+
I '# ( C# 8 . F , 7 (. H$! 1# - \@ 7 (
[ 6 f sN ; E
Stock Evaluation & Stocktaking
(j f sN f_*N ; E (A
@
Redundant Stores & Stock Taking
Stocktaking h ' ( 6 e d
7 # , 78- + L8G 7 #.) 4 1#& 7&#; C ( / ( 6 &.
J U I7 (: C ! ># M , 4(G# 78 (. # A '# #& 4( 6 Q# @+
X>5/ IO5N 6M ( G 7&#; C $ Z &$ (& = 7&#; C ( 4( ( 6 +
h,/ C $
h( 6 (N
`h,8 # ( 6 #F!!9 , (N ) /
I7 ' C#;#$& ^># 7;( Z!9 I
I"= : 7; {\8 7 #9 V Q#1 M I
. #U , Q.P $#! Q#1 M = 7 ' 7) U 8 0 (+ 9 I
I7&#; C 0 6M , ,'
Ic 9@ #& 7@# C ! ># M I3
Types of Stocktaking h( 6 D
'#5 569 H5 Z) # & 9 X# ( 4 > Z $ #& '# , ( 6
h#F& 7 ' Q# @+ 7. &$

]
h,8 ( 6 I
4(. 7 ( Q# @+ E8 0 A '# #& Q# @+ H 6 ( 6 L8G !
F51 , ,F L8G A4(9 7. ( 7 # 7 4 #/( 6 K 9& E=F =
D 5 >/ & . IE > 1 #6 76 7 . & E> 7 # 7 t
I#F \@ 7@# C#F6 7 & #S , (N# /( 6
h ,8 ( 6 I<
Z5) # & 7 # 7 ( L8G 4 7)@& ' Q# @ H 6 ( 6 /
<56 K 9& # (! (. R # & < 9 E > e# & & d '# , . 7 #9
,58 ( 56 >5 #& (6 / # A ;+ L8G 7 , 4 Q@ 7.6
5 ( 56 7 8 G A '# , = Q @ C# 8 G Q;
A '#5 4 (M ( X(. R # & #! 7 # 7 L + F1 4 1G =
I ' 7&; ; 4 (M H Z #& O #@#@ L
h,N'6 ( 6 I^
75! $& #5 # 9 7 ( 5 (F. ' Q# @ *.& ( 6& V> /
7 5@ 7 (5 Q# 5@+ *.& ( 6 E > A4( (9 S V(G , 7 N#6
7 5@ #F ( 4(FG 7 @ A ! 4 (: L & , 7 &#- 7)@& 7&
I ( )U B( 7 @ 1 4(FG
Q8 Z $ G AO& '# 4 (M ( 7 . & ,N'6 ( 6
C#5F6 5 & ( ! # # 9 A7 F X>F& ' 7&; 4(9 ; 4 (M
I '# L8G y6#) ( 6 { ) C# 8 .& 7 &#;
Stocktaking programs h( 6 R # &
5 L 9 ( 6 7 8 . e4 \@ 7$ V d #6 # & HP 7F6 L8G <6
h,8 # ( 6 R # & P AO6 L8G 7 8 . E8
I#/( 6 Q , C( 6 ( (9 I
I( 6 C# 8 .& # ! #& Q8 , ( 6 #6 7 6 ( (9 I

_
75 68 #G &Z O #F 76 G N T 1 ( (9 I
I( 6 #68 L8G+ " N #& #@
I( 6 #6 #F& ! Q , C# 8 . ( (9 I3
I( 6 C# 8 G O; \ Q V> C; ( (9 I]
/ ( 6 R # & ( (GM ( G #F #G <6 C #& G: ( (. E# /
`hC #& G: E8
I( 6 C# 8 G # : 7 # #68 1 4 P I
( 56 T# 1+ ((G C# # M H < # 1& ( 6 C# 8 G H ' I
I7 6 &
C (59 7F6 #& ( 6 0 6: ( (9 (G G 7 &#; 7F6 ˆ=&M <6 I
I#F 7.&#
Q 5@ 7 '= C 0 6: ># #& (#& # ;+ C (: 7 # L8G <6 I3
,) 7& # 4 )& ,8 ( 6 (G 89 &; Q# @+ 7 8.) #F #6# 9
( 6 7 8 G 0# - ' 6 O L8G A#F& 7@# 7 '= 7 ' ( ! 0 6:
75 8 G 0# - Q @ Q @ 4 P ( G A786#. # Gi A T
I( 6 7 6 7! & X( 6
Redundant stocks ( j f sN (*@ >*n
75&; Z #G L8G 4#!8 C# N B(9M "( ( ' 7.&# M
' D P 7 /+ U AC#G( ( X( 6 (9 6 '
E58 (#5.& c5P L 9 @) 0,1& 4 /#U E8 ,8 # * . A(
I#F 8G 0#P! 7 ) 4 /#U
Identification of Redundant Stocks ( j f sN I+ !
,8.) E=F 76#9 G 4(N ' Q# @+ L8G Z8$ U) / ( '
IC#G( #& J( 6 '# # . = c #@ S c&@ # L8G 7 . 4 =

f
Types of Redundant stock ( j f sN *^K v3+ 3 ; a >
I, ) $ 8 J U #F ( $& C (#! , Q# @+ `
I7 N#; (. 7@# * S+ #/[ 1 , Q# @+ `
I#FN#!& L M 76#9 G( C#G 1 (9 > ) C!& , Q# @+ `
^#5 : 5 \51 b=@: C# 8 G 7)8 Q# @+ `3
I#/ S
IQ # #F # & # . s 79 #@ S Q# @+ `]
K=- 4( 7 9 ( #/( @ , 4 > Z& # Q= B + Q# @+ `_
I - C
7#@ ( C ( # \ H$; a $ ,$# 9 C #9 E8 , (
I7 ( ' # , C t C (. ((. # 7 ( @+#& 7@#
Causes of Redundant Stock ( j
f sN ; E 2*
`h,8 #F #F / * . <#& + ( (. 76 ( ' FU
( & +sN3 4 * Q Z !3 2 = G-F
5S 7 ( 0( 0 1 7 # & # Z <8$ ' 7 # M
A #5. = #F #6# 9#& #F '# 4(9 7 # HP G )\ C (: *.&
E8 #. ( (9 &; 7 # C# ( G ( ' C# # HP #F *.& #
#5 A4 5 & 7 ; C# &( ' ( 6 7 #F , O 8G < # AC# #
L5 M 4 5 + H ( K 9 C# 1 4 (M '# 4 (M &Z (G + (!.
B 6 # H Z) 7N 1& ! # #/(#! G , #F M 76#9 (G S & Q# @ 0 1
I7 P# 7 , . O 8G
(f_*N 9+ 3 Z !3 2 = GCF
< 8$ C#6# 9 H Z) 7 #6 7! $& C#F6 C# ' (! 4(#G
HP V 7& #F M #J #P 7!&# C C (! #& 9 , > ? # M A#/
<58$ ,5 7\ #& K(9 K 9 E > B(. + & A &! 8 7 P #F (!
E> V([ 7' 8 (. V> / < 8$ (! (? (. C (# G

k
#5 (5 '5 O. FU # A< 8$ / # G J - ( ' C#6# 9 LM
Q# @+ = M , C#F6 E8 , L M E > H ( (; A i $. O&9#@
I7& 8$
(; 6 x! * # 8 W 6 G0F
HP #J # C> , 7 . & C (! Z!9 (; A<8! #F . Z ,
W5 Z5!9 L8G C#.; C # >M K 9& A#F6 & C# 1 ^# : $$
C#5 8 . *5.& 0#5\ M L M D 1 FU (; IE > 76 ?1 (; ( #JPN#
0#5\ M C #59 O (#@ (; # A#F 7 '= C#6# 9 0 1 (.& 7 <#& + 7 6# :
( 56 L M V([ Q; #F8 AC# '8 ( #F #6# 9 &( (.& H & ( !G
I*N#
( E K 3 R 63 4= GeF
@ C#)@ , K (9 $ 7 & 7- (9 7G# @ '
(5; 4 5 7)@& 7G & O. (#! V> + A,6 (! 7G 4 #6
I#F. @ , 78 ( 0 '6+ C#6 ( '
(R 6 & GiF
Q# @ # ( , #PN# y1 , <#& + (9 # (! 0 1 -
, 4( . 7\ #& <& & ( ' y1 (; E > AQ8 (#! #F& @
I ' 78 $ 4 ( L8G E > 7G#& C#6 7( # \ H$;
(*^ K * s ^B f_*N >* Z !3 2 = GpF
79 #@ C #F L . & A ' , #F ) U 0 (+ c8@ '# -
E >5 # . = #F&8$ #F6 M L8G (G# 7 #9 , #F& 7 ' Q# @+ U)9
(5 ' ( 6 OG R # 7 8 S 7! $& #F #6# 9 (! '# E8 W
, #& 7 9=@ (G #F #F #F #& (; L M '# 7 9=@ (G H6 A#F (
C#5F68 7&5 #& #F.; 7 N= (. #/' F6 0 #F 69 Z P @ K9
I#F ( ,
()*=; 3Q = 4 *X ) E yg * Z !3 2 = G‚F

m
' #5& #5F Z8. # 7@# C#G( #& ?1 , <#.@ J - M
#& L8- 4(#) (G ' C# # Q.P L M 4 P #& H6 (
cN 58 L M & (9 L M H6 <#.@ X>/ M & A '# C ' F6 , #& 0
h#F 8G 7&#; (. 76 '# C 0 6M 7 '
0= C# 8. & . # - AC#G( C# 8. cN 8 7& #& •
4 /#5U ,1! #F / # #1 - #F 8G < # A . $ H
IC#G( , ( '
(5 (9 #5)SM A #56 >5/ , < . A7 ' C 0 6s 7& #& •
( (59 #& '5 (G A#/( (9 , 7;( 4#G (G ' C#
O 8G < # = ( G Q# @+ T9)& 7 # . (G E > AC.P ,
D# P , # #& A#F # T! C#G( #F 8 , Q# @+ 7 = (G
C=65 7( 5 4 (5 7 #) (G L M 7 #P:#& >/ A4 & 7 # u #&
I7 ' ^>#
L58G 75 8 ( 7&#; Q.P E# / (6 AC#G( L8G 7&#; 8 7& #& •
Q.5P E >5 A7 ' # Gi 7 # 7 8 ( 7.6 ( 6 (. '#
X0 56M 5)\ Cx51 *5.& >M 7)8 OG ?& ( 6 C# 8 G 7 #.
IO / H < # 7! $& O 6 t *.&
()*=; 3Q < 5*! * Z !3 2 =G.F
b#6 , 7 N @# . (. 4 (: , V 1& @ . O E1 #
#&6 @ . >/ c8@ >W AO > . V([ , 7 ! !9 4 (+ + E > O ;( .
5- 0#$ + W O8 G , #F X Q.P >M # A< . 0#$ + -
8 #5. Q.5P <#&5 H56 # #& #/ #FUM { ) 7.6 L8G >.
h#F / G 4(G L M .8 F 9=@ (G '# #&
I /[ (& . < # /[ L8G @9 (G •
I7 ' C 0 6: C# 8. #& # : (G •

n
I '# # G?& 4 & 78; •
I0#$ + 76 7.; C 0 '6 4 -

I< ( T! •
"5 +#& # : (G #J # H& ( ' 4 /#U O E1 #
I7 ' 7) U 4 (M , 7 8.
problems of Redundant stock ( j f sN 9j*&5
h,8 # ( ' ( 6 L8G < , #1 /
7 ' C# F ( L M #F8 9 76 u #& & 0'6 # - $. e d
I76#9 Z )
h7 # C #6 , 7@# ' Q # 4(# ' e d
I4( C# F ( & '# 7. C#9# \1 I
I7 N#! '# C (. 69 , H I<
I '# #& 8 #. (G 4(# ' IC
Q# 5@+ 5 4(5 ' C# <#. L8G #F (; (G '# "( IK
I # G+ E& #F& 0 , # #&
( 5 = 798 (; , 7& 8$ Q# @+ = , C#F6 , e d
I # G+ E& $. , # #&
*5.& * 5. 5- J (! Q @ 4(G#!& ' 7 # M (G e3d
I#F ' 4 $ 76 Q8 8 C#
(56 9 , Q# @+ *.& 4(@ >) >M A . , C#;# M ( 6 e]d
I#/(9 #F& . B
+ Q# @+ 4 & C#
( j f sN 5 … N3 )* !$
V([5 O W O 4 u #& $. O L8G 4 =G ( ' ( 6 M
(5 '5 T8 #U AO T8 <6 E > A # G+ $. L M
`h#F > C#& .@ #J N ( O6
M J(5 #J5 ' & . # (9 cP Q . & 7)8 C#F6 # M (G I
IB + 7F6 X( (9 , Q= O 8G < # J [
#5F '# & #F 6#9 G 4(N ' Q# @+ G =G:#& 7)8 C#F6 # ; (G I
I#F '8 # # B + C#F6 L8G O. <.@ # H
75F6 &( ( 6 L M C( , <#& +#& 7!8. C# ( ( 6 (G I
I4 /#U X>/ H 89 L M @ 8 -# $#1 B L8G
76#9 G ( ' C# C#&8$ (98 '# #& Q @ L8G (9 HP (G I3
69 L M U ( 7 ' #& 76 ( u #& ( L M X#6 A7F6
I< Q @ C#6# 9

suggestion to treat the redundant store (f sN = *v6 )* 365


h( ' L8G 0#P; , ( ) , C#9 ! /+ * . ,8 #
75)8 C#5F6 L5 M 4( Q# @+ N ; # W& 7 (M 4(9 ! e d
I7 !. 78F 0#$GM H #FP S+ #J9 #@ # # #F #.
O ': 7@ 7F6 L M 7)8 C#F68 O Q @ #&Q 1 e d
IO. & C 0 6M > ,;#& 7 8@+ C# 1
78 1 78 G ( 6 " O AO .; O (6 (? ( 6 L8G 7&#; e d
Q# 5@+ 5@9 5G J N 7 (: 4(9 "N L8G A#
I#F 78 - Q# @ 0 1 (G (? 4(
IH; Z&#$ K 9& , 8G "# L8G C#6# 9 (! e3d
C 0 56: #$ & (;#)8 = 8! # 7$ H8 ( 7 # & > + e]d
I0 1
C# 5 75 8.) C#56# 9 #F ,G 7 .8 7 ' HP L8G . e_d
R 5& 4#5G H5 A7 ; #G # 7 (#@ ; 0 1 @ '
I ' 0 1 ( #& 7@# 7 '
( 56 #5U Z &$ , H 7 &#; N# (9? V ( ( 6 0 6M efd
'5 8 C 51[ ( 6 RN# > [ L8G A4 & '# #&
I + a(#& Q# @+ ( , = ,.8
,51= 7 'M , #.) -? #F 799@ 7&#; 7. # 7&#; HP ekd
75F6 5 , '# 4 (: Z ;( #U HP 4 P L. & "(
H5 > ) &; ?$ V Q#1 4((9 79P . C $ K 9&
I '# G7 N 7)U C# C#@#@ cP ( (9
O58 - (56 Q @ L8G (;#. K 9& C (;#. 7 # L8G 7&#; HP emd
IO @ '# #&
B 5 L M 7F6 4( Q# @+ ! L M V([ F #U HP e nd
E8 7 # C (# G C (! #& 9 , > [ L8G A#F M 76#9 , ,/
I F6
# # . = c8@ , Q# @+ =\ H6 Q @ , 7;( 4#G e d
I#F. & , U Z + C#6# 9 H L1 , B +
$ 51 H5P '5 0 51 D#5$!& 8 #.8 #1 @9 0 6M e d
I#F& 8 #. , #/ <6 C=/[
( 5 75 ) L58G ' 0 1 ,G#$; , 8 #. < ( & # / e d
I ' 0 1 ,)U U 4 (M , 7 8. " +
(f_*N R* > < , W *O R N3 (*@Y *n
Computerized stores system
#5U #5F&8$ 4 P (. '# #U , , t < #9 ( E1
L58G 5! / 7 ' Q# @+ '# C# 8 G ((. U , 7@# A '#
I#F # (M , C# # &8 O8 G <6 # , t < #98 C# 8. 7 8

f_*N R* > < , W *O R N3 *+ s5


The Advantage of Computerized stores system
I< & 6 C# 8 G F e d
I '# #& Q# @+ L8G 7&#; 7 F e d
I0 (+ 7G RN# 7;( e d
IT 8 9 6 7 ( 7 # . Q # *) e3d
I7 ' Q# @+ G #! ( (GM , 7 e]d
I ' L8G 7&#; C# 8 G F e_d
" 0 9 ! I \
The cycle of computerized stores system
h,8 # L8G , t ( U, '# #U 4 ( -
I= C( Q @ C( Q# @+ H 6 1 # (: C# 8 G I
C#&#5 9 L5 M 5 9 C#5 8 G 1 78 ( C# # &8 76 #. C# 8 G I
I . 7@
I7 7 H& 7 F1 #! ^ I
IC#&# 9 #);M 76 C#&# 9 ( (GM I3
(43 *Y 7 $8 ' ; (*@ ;*
5G (5 ' 7 ' 4( = #F # ( (! , @+ E8 ,/ 7 &#- @+
a(#5& #J5!&$ 5 A '5 7 . 7U9 , K(9 V(! Z#) M - ,/ A7
IO # ( C(#) , C ) L M @+ 7)8 9 #F 8G Q #. 7& #9

3
H #5 Cx51 , #F ; u8& ,F AB + 7G# @ 7 &#- @+ 7 / Q8
IH85 H5 & 7 #6 Cx1 7@ 1 7 ( Cx1 , #F / *) A7 #.
5@i 7 #.) 4 (: & . 7 G# @ Cx1 #/ S L + Cx1 8 7& #&
I7 N #F 8 1 7 &#-
h7 # * S+ Z !9 L M 7 &#- @+ 4 (M Q(F
E5 > 4 #\ (& 7& # 7 ; - 7 &#- @ #P I
I -+ =\
I7 &#- @i 7& # 7#@ R & #/( (. 7 1 L& I
I7 N= 7! $ #& @+ E=F $# ; <# 9 L8G 7 1 (# G I
C#5& C# # ((. C t h,/ 7 8 7 &#- @+ ( & / M
E58 el II & A"#9 A( (9d 7 . &$ ( #/ S ,P + , #&
75 8 7 &#- @+ < #6 L M 7 # Z + 7 &#- C # - Cx1 *.&
I7 #6 C# =. D C0 & 9 4 F1 - 7
S 7 &#- @ (6 8
(43 *Y 7 $8 4:
h,8 # #F@ 8 7 &#- @+ Q # D 6 & 7@# 7 N#! M
(7* z ' 4:
7t , # - , #@
7t 7 ( 7 '= C (+ #/ S ((.
(4 , 4M 45 N3Q 4 *Q 4:
#6 : 7 # @ E= +
<N P
H# #/ S X# 40#P:

]
(4 , 45 U I *
?
C#;#$& # ( E# M C=6
7#@
E=/:
(4 , '*MU
. *#) $
(#! $
.) #& 4( 6 @ (& 7 #PM @ 0 1& 7!8. C ! H 6
C 5! X>/ - ># M I7 # 7 (! 7 ' #& 7@# C ! &.
<5 # 5& C5&#- @+ , 4 - + , #@ & 7 #! L8G ( .
59 '5 C 5! X>/ cP - @+ ( 7!!9 H#
I7$$ Q # 9 ! #& -? , Q #
#5F " 4( 6 7 t 7$ &7( 79# C # >M #- & L8.
(5G 0 1& T# ! ># ( G #& 9 , ( #F )8 W q #.
#5F .) , ? <N P 7 # @ #& 7@# Q # 8 7& #& I4( (6 7 q 0 1
#F 8G @9 H; (N ) #& T# (! b $ ,\& 7 t 0 1 C; (.&
I7 t #.
Z&# H; #& # +#& 0 1 7&8$ V(#@ ; 69 #& 7@# C #& G M
,5 7 &#- @+ B L8G #P -[ ,.8 ' G = ( G #F 1;#
C ( 56 \1 40#) L8G 98 I#F # 8 .& # !8 #F& U#) 9 7 1 L8G ,\&
X>F& 4?1 U#) 9 M K 9 C#. & 7 &#- C ( 6 & 7;=. 7 (& ! 7 &#-
( (5. 5/ 98 c #@ 1[ P IC#. & Z !9 * \& / C ( 6
X>5/ Q5 U , 40#) L8G Q . H$ (. X>/ # . #& A7 &#- @+
h7 # 7 (#. ^ #F T! 4(# ' ( 6 E > @+

_
C#. & , #@
}7 &#- @+ ( (.
7 &#- @+ , #@
M #F # =F 5 #F #9 $ 7 &#- @+ / 7 &#- @+ , #@& (@!
h, . (. >/ D#)
X>5/ 75 6# M 4(# ' 7 &#- #F @ #. , 40#) #& 7 1 4 (M M •
I @+
5 7 6# : #F # 8 G , 7 &#- @+ *.& #6N L8G 7 1 (# G •
I7 # #F N ; P ( @+ X>/ ,. &$
,5 75 &#- #F 5@ L8G 7.) E=F C (. < 9 C # 7 1 •
I7!&# C
O56 # L M 7 #P:#& #F. & 4'/#6 H8 *.& 0 1 L8G 7 1 (# G •
hL8G ( (. >/ *#) # IO. && !
X>5/ 7 6# M 78; 40#) (G Q.P #& 7 &#- #F @+ 7 1 4 (M M `
I @+
I @+ X>F #F 6#9 - 7 &#- @+ 7 1 E= `
IE=F = 7P) C (. < 9 7!&# C , C(# G 4?1 `
C#5. & Z5 !9 , #F8\ \8 7 &#- #F @ *.& 6[ 7 1 `
I7 1 N ; P #F 1 S #&
75;#$8 (5 6 ( 5 L58G ( O W # #G (. # >M Z& # L8G 0# &
C#. & &# ' ( 6 L8G ( O W #P) (. # >M # I79# 7 6# :
75 6# M 7;#$ , #. 4?1 W , # #& I7 &#- C ( 6 , C #- 69
,5 O) @ G #P G ,.8 ' 1& C#G( , ^# : "( 7PN#
IZ

f
5- + "#5 ! (; 7 &#- @+ ( (. L M 4 #1: (6
^#5 : 75 7& - 9 " #! E# F I4?1 8 7 6# : 7;#$ =\ 76 (
#/ 5@# G ?5& #P '# 7& X>/ - M I78 # 7;#$ ^# M 7 L M ,8.)
5G 76 # C#/ 1 8 7.P# S #F W , # #& 7 N# ' C# # M I7 (! ; -
5@+ ( (. M #9 7 L8G I P <& & #. + B , \ -?
75;#$ =\ 76 ( "# ! B C 1[ < #6 L M O # . <6 1[ / 7 &#-
I7 6# :
( +
I # Q +#& #; + ?& # 8G V( . 7 1 G 7 # C# & E M C (;
mmkp p , ,/ # 7 . 7 ' I
# " 3 n E=F (.& 7 &#- @ nn
C# $# 9 kn ,.8 ' _n
6+ 78 $ * ; 3_ ( ]_
N( m3 *&; Z k3
<N P E& k
Z (@ 3
__ __

786q of] #F Q f]n C#. & , #@ I


I786q o_ #F Q 3kn } C# 1 , #@ I
I # Q k] 4( 7G#P& I3
I # Q 3 n C#. & 7)8 I]

k
( + *5 WQ
I7 (! ( (. e
I7 ( > ( (. e
I #. # " , # 6M ( (. e
7N( > ( (. e3
I7 &#- @+ ( (. e]
@9 4 e_
(( 4 ef
( 7& ek
7. 7 7& em

m
(Z c
I#J 4 - 4(9 ( ! 4(9 7 #9 7 ! e d ; (6 `
IC 4(G 4 - 4(9 ( ! 4(9 7 #9 7 ! e d ; (6 `
I4(9 ( ! 4(9 #/ (; 7 7. ( 78 6 e d ; (6 `

n
3
]
_
f
k
m

You might also like