Financial markets for corporate and retail clients (cod. 87127), Dispense di Corporate e Investment Banking

Scarica Financial markets for corporate and retail clients (cod. 87127) e più Dispense in PDF di Corporate e Investment Banking solo su Docsity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`@=HPaME'HPJ'_b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olatility: the prices continue to change 2 Liquidity: if the difference between buy and sell price il very low, the market is more liquid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g M2?/?-1'"2'/11-#'#7/215%76/#"%23'%55-7"2?'/##7/.#">-'5"2/2."/0'.0/"61'#%'$%&1-$%0:'1/>-71'.$/7/.#-7"W-:'4+'7-:&.-:'7"18'/2:' -2$/2.-:'0"D&":"#+' g E-00'5"2/2."/0'.0/"61'#%'$%&1-$%0:'"2>-1#%71'/2:'%#$-71'K,7"6/7+'1-.&7"#"-1*':-,%1"#13'"21&7/2.-',%0"."-13'-#.<L' @%1#'7-:&.#"%2' F$7%&?$':-0-?/#-:'6%2"#%7"2?3'-.%2%6"-1'%5'1./0-3'/2:'1#7/#-?".'&1-'%5'2-9'1-.&7"#"-1'/2:'.%2#7/.#'1#7&.#&7-13'5"2/2."/0'"21#"#&#"%21' /.#">-0+'9%78'#%'6"#"?/#-'"25%76/#"%2'/1+66-#7+3'5%1#-7"2?'/'6%7-'#7/21,/7-2#'/2:'.%2#7%00-:'5"2/2."/0'-2>"7%26-2#*' g J-0-?/#-:'O%2"#%7"2?*'J-0-?/#-:'6%2"#%7"2?'-6-7?-1'/1'/'1%0&#"%23',7%>":"2?'/'?7-/#-7'"2.-2#">-'5%7'-55-.#">-'%>-71"?$#<' g M.%2%6"-1'%5'E./0-'"2')25%76/#"%2'@%00-.#"%2*'("2/2."/0'"21#"#&#"%21'4-2-5"#'57%6'-.%2%6"-1'%5'1./0-'"2'?/#$-7"2?'"25%76/#"%23' -2$/2."2?'#$-"7'./,/."#+'5%7'-55"."-2#'"25%76/#"%2',7%:&.#"%2<' g S#"0"W"2?'P-9'E-.%2:/7+'E-.&7"#"-1*' )2#7%:&.#"%2'%5' 2-9'1-.%2:/7+' 1-.&7"#"-13' 1&.$'/1'4/28' 0%/213' -6,%9-71' 5"2/2."/0' "21#"#&#"%21'#%'6%2"#%7'6%7-'-55-.#">-0+<' g E$%7#CF-76'@%2#7/.#1'5%7'@%2#7%0*'E$%7#C#-76'.%2#7/.#1'/55%7:'5"2/2."/0' "21#"#&#"%21'?7-/#-7'.%2#7%0'/2:'6%2"#%7"2?',%9-73' .%2#7"4&#"2?'#%'#$-'7-:&.#"%2'%5'"25%76/#"%2'/1+66-#7+<' A"D&":"#+'/2:',7".-'7"18' g E-.%2:/7+'.0/"61'$/>-'0-11',7".-'7"18' g J-,%1"#1'/7-'6%7-'0"D&":*'6%7-'/##7/.#">-'#%'16/00'"2>-1#%71' g H:>/2#/?-'"2':">-71"5+"2?'7"181'K0/7?-'1"W-L' _#$-7'5&2.#"%21'%5'5"2/2."/0'"21#"#&#"%21' g U-:&.-:'#7/21/.#"%21'.%1#1'K5%7'#$-'.0"-2#1L*'7-:&."2?'#$-'/>-7/?-'.%1#'%5'"2>-1#"2?'"2#%'1-.&7"#"-1' Z" g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g F7/216"11"%2'%5'6%2-#/7+',%0".+' g hE,-."/0i'.7-:"#'/00%./#"%2' g )2#-7?-2-7/#"%2/0'#7/215-71'%7'#"6-'"2#-76-:"/#"%2' g Q/+6-2#' 1-7>".-1*' /00%9' #7/:-' .7%11' .%&2#7"-1' %5' 4-#9--2' #9%' "2:">":&/01<' F$-+' "2.0&:-' ?&/7/2#--1' K0-##-71' %5' .7-:"#*' ?/7/2W"-L',7%>":-:'4+'4/281' g J-2%6"2/#"%2'"2#-76-:"/#"%2*'1%6-'"2>-1#6-2#1'$/>-'/'6"2"6&6'/6%&2#'#$/#'./2'4-',7%$"4"#">-'5%7'1%6-'16/00'"2>-1#%713' 9$%'1--'#$-"7'./,/."#+'#%':">-71"5+'7-:&.-:<'J-2%6"2/#"%2'"2#-76-:"/#"%2'"1'#$-',7%.-11'9$-7-4+'16/00'"2>-1#%71'/7-'/40-'#%' ,&7.$/1-',"-.-1'%5'/11-#1'#$/#'2%76/00+'/7-'1%0:'%20+'"2'0/7?-':-2%6"2/#"%21' -0*$&+,(1*2",+%&'#( ()'/7-'1&4f-.#'#%'/'1,-."/0'7-?&0/#"%2'4-./&1-*' g (/"0&7-'%5'()1'./2',7%:&.-'2-?/#">-'-N#-72/0"#"-1*'"5'#$-'#7&1#'"2'%2-'4/28'.%00/,1-13'#$-'6/78-#'1#/7#1',-7.-">"2?'#$-'-2#"7-' 4/28"2?'1+1#-6'/1'7"18+<'F$-'5/"0&7-'%5'/'1"2?0-'()'./2'0-/:'#%'#$-'5/"0&7-'%5'%#$-7'()1' g E,-."/0'1-7>".-1*'6/8-'1&7-'#$/#'()1'/7-'1%&2:'4-./&1-'#$-+',7%>":-'1,-."/0'5"2/2."/0'1-7>".-1' g V-+'5&2.#"%21'1&.$'/1'6%2-+'1&,,0+'#7/216"11"%2'K4/281L3'.7-:"#'/00%./#"%2'K#$7"5#13'5/76'4/281L3',/+6-2#'1-7>".-1'K4/2813' #$7"5#1L' U%0-'%5'7-?&0/#"%2*',7%#-.#'1/>-71'K7-#/"0L3',7->-2#'&25/"7',7/.#".-13'-21&7-'1%&2:2-11'%5'#$-'5"2/2."/0'1+1#-6<' EH(MFT'HPJ'E_SPJPMEE' F$-'%4f-.#">-'"1'#%'7-:&.-'#$-'7"18'%5'5/"0&7-<'=%9B' g H11-#':">-71"5"./#"%2*'"2'#$-'SE*'P%'6%7-'#$/2'[j'%5'-D&"#+'#%'1"2?0-'4%77%9-7<'U-?&0/#"%2':7">-1'#%',&1$'4/281'#%':">-71"5+' #$-"7',%7#5%0"%' g O"2"6&6'./,"#/0'7-D&"7-6-2#1*'6"2"6&6'0->-0'%5'-D&"#+'#%'/41%74'&2-N,-.#-:'0%11-1' g a&/7/2#+'5&2:1*' o J-,%1"#')21&7/2.-'(&2:'K/11".&7/W"%2-'1&0':-,%1"#%L*'"5'#$-'4/28'?%-1'4/287&,#3'#$-'"21&7/2.-'5&2:'.%6,-21/#-1' #$-':-,%1"#%71' o E-.&7"#"-1')2>-1#%71'Q7%#-.#"%2'@%7,%7/#"%2' g O%2"#%7"2?'/2:'1&7>-"00/2.-*' o _2C1"#-' -N/6"2/#"%21' /2:' 7->"-9' %5' /..%&2#"2?' 1#/#-6-2#1<' _55C1"#-*' 7-?&0/70+' ,7%>":-' "25%76/#"%2' /4%&#' #$-' ,-75%76/2.-'#%'#$-'1&,-7>"1%7+'/&#$%7"#+<'_2C1"#-*'>"1"#1'4+'#$-'1&,-7>"1%71'#%'.%00-.#'D&/0"#/#">-'"25%76/#"%2' o (J)@'6%2"#%71'/2:'7-?&0/#-1'J)(',/7#".",/2#1'' o )2.7-/1-:'/5#-7'.7"1-1' U-?&0/#"%2'./2'"6,0+'/'2-#'7-?&0/#%7+'4&7:-2'K,-71,-.#">-'%5'#$-'()L*'"5'#$-7-;1'#%%'6&.$'7-?&0/#"%23'-55"."-2.+'"1'0%9-7<'U-?&0/#"%2' ./2'/01%',7%>":-'1%6-'4-2-5"#1'K6%7-'1%&2:2-11'k'6%7-'#7&1#/40-'4+'.0"-2#1L3'4&#'"#'/01%'"2.7-/1-1'.%1#1'4%#$'5%7'#$-'()'/2:'.0"-2#1' K-1<'$"7-'6%7-',-71%22-0'#%'.%>-7'#$"1'7%0-3'"2>-1#'"2'"257/1#7&.#&7-1'#$/#'6%2"#%7'7"181L<' O_PMFHUT'Q_A)@T' G/281',0/+1'/2'"6,%7#/2#'7%0-'"2'#$-'#7/216"11"%2'%5'#$-'6%2-#/7+',%0".+<' g (-:-7/0'U-1-7>-':"7-.#0+'.%2#7%01'%&#1":-'6%2-+' g G&08'%5'6%2-+'.%21"1#1'%5'4/281;':-,%1"#1*'#%'.%2#7%0'#$-'1&,,0+'%5'6%2-+'9-'$/>-'#%'.%2#7%0'#$-'1&,,0+'%5':-,%1"#13'4&#'"#;1' :"55".&0#'4-./&1-'9-'$/>-'#%'.%2#7%0'1%6-#$"2?'#$/#'"#;1'"2'1%6-%2-'-01-;1'$/2:1' g O"2"6&6'7-1-7>-'7-D&"7-6-2#1'K6/"2#/"2'/'1,-."5"-:'0->-0'%5'7-1-7>-1'/?/"21#':-,%1"#1L*'%20+'&1-:'"2':->-0%,"2?'.%&2#7"-1<' g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l @%66&2"#+'U-"2>-1#6-2#'H.#'K@UHL*'"5'+%&'1-7>-'#$-'0%./0'.%66&2"#+3'+%&'./2'$/>-'1%6-'/:>/2#/?-1' l =%6-'O%7#?/?-'J"1.0%1&7-'H.#'K=OJHL*'4+':"1.0%1"2?'/00'6%7#?/?-1'6/:-'#%'SE'."#"W-213'+%&'"2.-2#">"W-'#$-'4/281'2%#'#%' :"1.7"6"2/#-',-%,0-'K->-7+%2-'./2'1--'#%'9$%6'+%&',7%>":-'0%/21L<'F$-'.%1#'%5'#$"1',7%.-:&7-'"1'>-7+'$"?$3'1%'9$/#;1'#$-' "6,/.#'%2'#$-'-55"."-2.+'%5'#$-'4/28B' P-#'7-?&0/#%7+'4&7:-2' l (()M@*'5%7'XY]m3'#$-'2&64-7'%5'7-,%7#"2?'"21#"#&#"%21'9/1'[3nmZ<'F$-'XY]m':/#/'"2.0&:-'"25%76/#"%2'%2']X<o'6"00"%2'$%6-' 0%/2'/,,0"./#"%21<'F$-7-'"1'/'0%#'%5':/#/3'4&#'/7-'#$-7-'/.#&/0'4-2-5"#1B' l P-#'4-2-5"#B'F$-7-;1'6&.$':/#/3'4&#'/7-'#$-+'-55"."-2#B'H7-'#$-+'?-2-7/#"2?'4-2-5"#1'5%7'#$-'0%./0',%,&0/#"%2B' Q%#-2#"/0'-N#-21"%21'%5'7-?&0/#"%21' l @UH'/,,0"-1'#%'4/28"2?'"21#"#&#"%21'9"#$':-,%1"#1'"21&7-:'4+'#$-'(J)@<'F%'%#$-7'()1B' 'P-9'/::"#"%21*' l @%21&6-7'("2/2."/0'Q7%#-.#"%2'G&7-/&'KXY]YL' l @7-:"#'./7:'7-5%76'4"00'-55-.#">-'XY]Y' )PbMEF_U'QU_FM@F)_P' H"6*',7%#-.#'"2>-1#%71'#$/#'&1-'"2>-1#6-2#'4/281'/?/"21#'/4&1-1'K"21":-7'#7/:"2?3'0/.8'%5':"1.0%1&7-3'6/05-/1/2.-3'47-/.$'%5'5":&."/7+' 7-1,%21"4"0"#"-1L'/2:'#$/281'#%'8-+'0-?"10/#"%2'KE-.&7"#"-1'H.#1'%5']oZZ3']oZp3')2>-1#6-2#'@%6,/2+'H.#'%5']op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qYCmYj'%5'#%#/0'/11-#1L' /2:'47/2.$-1'%5'#$-'4/281<'!$+B' C @%1#1*',$+1"./0'47/2.$-1'/7-'>-7+'.%1#0+'K-6,0%+--13'7-2#L' C J"?"#/0'4/28"2?' C )2.7-/1-:':-6/2:'4+'.%21&6-71'#%'&1-'6%4"0-'4/28"2?'"21#-/:'%5'#7/:"#"%2/0'4/28<'=%9->-73'1%6-'?7%&,1'%5',%,&0/#"%2' ./2'4-'-N.0&:-:'K-N<'%0:',-%,0-L' %'0(455(6+#7-(2,'6+,,.( )2'#$-',/1#'#$-'0/7?-1#'4/281'9-7-'"2'#$-' SE3'4&#'2%9'#$-+;7-'"2'@$"2/'K]cZ'%5'#%#/0' /11-#1'/7-'%92-:'4+'Z'@$"2-1-'4/281L3' 5%00%9-:' 4+' #$-' SE3' r/,/2' /2:' (7/2.-' KGOQ'Q/7"4/1L<' ' ' ' ' ' !R" 1*+-'#-(8).(&#3&1*$%(!&#+#$*(&-(/'1*(&/0'1%+#%( FUHPEH@F)_P'@_EFE' F@1'"250&-2.-'#$-'5"2/2."/0'1#7&.#&7-<'MN/6,0-*'"2>-1#"2?'s[3YYY'"2'1#%.81'%7'4%2:1<')5'+%&'"2>-1#'"2'1#%.813'+%&7'2-#'"2>-1#6-2#'"1' s[3YYY'6"2&1'#$-'47%8-7/?-'.%66"11"%2<')5'+%&'"2>-1#'"2'4%2:13'+%&'$/>-'/'6"2"6&2':-2%6"2/#"%2'%53'5%7'-N/6,0-3's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tL' /2:'+%&'./2'7-:--6'K:"1"2>-1#L'D&".80+'9"#$%&#'.%1#1<' HETOOMFU)@')P(_UOHF)_P' H1+66-#7".' "25%76/#"%2*' 9$-2' %2-' ,/7#+;1' "21&55"."-2#' 82%90-:?-' /4%&#' #$-' %#$-7' ,/7#+' 6/8-1' "#' "6,%11"40-' #%' 6/8-' /..&7/#-' :-."1"%21'9$-2'.%2:&.#"2?'/'#7/21/.#"%2'K-N<'6/2/?-71'$/>-'4-##-7'"25%76/#"%2'#$/2'1$/7-$%0:-71L<'@/&1-1'%5'H)*' g H:>-71-'1-0-.#"%2*',%#-2#"/0'4/:'.7-:"#'7"181'/7-'#$-'%2-1'9$%'6%1#'/.#">-0+'1--8'%&#'0%/21' g O%7/0'$/W/7:*'7"18'#$/#'#$-'4%77%9-7'9"00'-2?/?-'"2'/.#">"#"-1'#$/#'/7-'&2:-1"7/40-'57%6'#$-'0-2:-7;1',%"2#'%5'>"-9'4-./&1-' #$-+'6/8-'"#'0-11'0"8-0+'#$/#'#$-'0%/2'9"00'4-',/":'4/.8' H?-2.+'#$-%7+'"1'/,,0"-:'#%'-N,0/"2'#$-'5%76'%5'5"2/2."/0'6/78-#1<' )6,0"./#"%21'%5'/:>-71-'1-0-.#"%2'"2#%'#$-'5"2/2."/0'6/78-#' g )2>-1#6-2#' "2'K.%66%2L'1#%.81*' "5'./2;#':"1#"2?&"1$'4-#9--2'0%9'/2:'$"?$'D&/0"#+'5"7613'#$-7-'"1' f&1#'/2'/>-7/?-',7".-'%5' 1#%.81'"2'#$-'6/78-#<'(%7'#$"1'7-/1%23'6/2/?-71'%5'?%%:'5"761'82%9'#$/#'#$-"7'1-.&7"#"-1'/7-'&2:-7>/0&-:'/2:'9"00'2%#'1-00' #$-6<'_20+' #$-'4/:' 5"761'9"00'1-003'4-./&1-' #$-"7'1#%.81'/7-'%>-7>/0&-:<'U-1&0#*'6"1,7".-:'1#%.81'/2:' 5-9' 5"761'9"00'1-00' 1-.&7"#"-1<' g )2>-1#6-2#' "2'.%7,%7/#-'4%2:1*'9"#$'/:>-71-'1-0-.#"%2',7%40-613' "2>-1#%71'9"00'4&+'%20+' "5' #$-' "2#-7-1#' 7/#-' "1'-2%&?$'#%' .%6,-21/#-'5%7'#$-'/>-7/?-':-5/&0#'7"18'K4-#9--2'?%%:'/2:'4/:'5"761L<'_92-71'%5'?%%:'5"761'9"00'4-'&20"8-0+'#%'4%77%93' 9$"0-'4/:'5"761'9"00<'U-1&0#*'5-9'4%2:1'/7-'0"8-0+'#%'1-00'"2'#$"1'6/78-#<' MN,0/"21'5/.#'X*'9$+'1-.&7"#"-1'/7-'2%#'#$-',7"6/7+'1%&7.-'%5'5"2/2."2?<' E%0>"2?'/:>-71-'1-0-.#"%2',7%40-61' g Q7">/#-',7%:&.#"%2'/2:'1/0-'%5' "25%76/#"%2*',7">/#-'.%6,/2"-1'/2/0+W-'/2:'-1#"6/#-' #$-'7"18"2-11'%5' 5"761' #%':"1#"2?&"1$' 4-#9--2'?%%:'57%6'4/:'5"761'/2:'#$-2'1-00'#$"1'"25%76/#"%2'#%'%#$-7'.%6,/2"-1<'(7--C7":-7',7%40-6*'9$-2',-%,0-'9$%':%' 2%#',/+' 5%7' "25%76/#"%2' #/8-'/:>/2#/?-'%5' #$-' "25%76/#"%2' #$/#'%#$-7',-%,0-'$/>-',/":' 5%7<'(7--C7":"2?'./2'-0"6"2/#-' #$-' -N,-.#-:',7%5"#1'#$/#'9%&0:'7-1&0#'57%6'4&+"2?'#$-'"25%76/#"%2<' g a%>-726-2#'7-?&0/#"%2*'-2.%&7/?-1'5"761'#%'7->-/0'$%2-1#'"25%76/#"%2'/4%&#'#$-61-0>-13'4&#'"#;1'2%#'1&55"."-2#'K-N<'E./2:/0' %5'Q/76/0/#'#$/#',&40"1$-:'5/8-':/#/L<')2'#$-'SE3'/'?%>-726-2#'/?-2.+3'"<-<'#$-'EM@'KE-.&7"#"-1'/2:'MN.$/2?-'@%66"11"%2L3' 7-D&"7-1'5"761'1-00"2?'#$-"7'1-.&7"#"-1'#%'$/>-'"2:-,-2:-2#'/&:"#1<' O%7-'"2'?-2-7/03'/:>-71-'1-0-.#"%2'$-0,1'-N,0/"2'9$+'5"2/2."/0'6/78-#1'/7-'$-/>"0+'7-?&0/#-:'K5/.#'[L<' g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p'K4/281'/1'6%1#'"6,%7#/2#'1%&7.-L<'H:>-71-'1-0-.#"%2'/01%'-N,0/"21'5/.#'n'K0/7?-'5"761'/7-' 6%7-'0"8-0+'#%'%4#/"2'5&2:1'57%6'1-.&7"#"-1'6/78-#1L<')2>-1#%71'$/>-'5-9-7'9%77"-1'/4%&#'/:>-71-'1-0-.#"%2'9"#$'9-00C82%92' .%7,%7/#"%21<' g @%00/#-7/0*'7-:&.-1'#$-'0-2:-7;1'0%11-1'"2'#$-'->-2#'%5':-5/&0#<'F$-'0-2:-7'./2'1-00'#$-'.%00/#-7/0<'@%00/#-7/0'6/8-1'6%7-'0"8-0+' #$/#'#$-'4%77%9-71'9"00'?-#'#$-'0%/2'"2'#$-'5"71#',0/.-'/2:',-7$/,1'/#'/'4-##-7'0%/2'7/#-<'H:>-71-'1-0-.#"%2'-N,0/"21'/01%'9$+' .%00/#-7/0'"1'/2'"6,%7#/2#'5-/#&7-'%5':-4#'.%2#7/.#1'K5/.#'qL' g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uHUJ'' O%7/0' $/W/7:' "1' 7-0/#-:' #%' #$-' 4-$/>"%&7' %5' #$-' 4%77%9-7*' "#' "2.7-/1-1'9$-2' #$-'6/2/?-71' /7-' 2%#' #$-' %92-71' %5' #$-' .%6,/2+' K1-,/7/#"%2'4-#9--2'%92-71$",'/2:'.%2#7%0L*'#$-+'$/>-':"55-7-2#'%4f-.#">-1<'MN*'"2.7-/1-'#$-'1"W-'%5'#$-'.%6,/2+'K6/2/?-7L3'4&#'"#' 6/+'2%#'4-'/'1$/7-:'>/0&-'5%7'#$-'%92-71<'O%7/0'$/W/7:'./2'%..&7'4%#$'"2'-D&"#+'/2:':-4#'.%2#7/.#1<' MD&"#+'.%2#7/.#1*'1&4f-.#'#%'/',/7#".&0/7'#+,-'%5'6%7/0'$/W/7:'./00-:',7"2.",/0C/?-2#',7%40-6<'E-,/7/#"%2'%5'%92-71$",'/2:'.%2#7%0*' 6/2/?-71'"2'.%2#7%0'K#$-'/?-2#1L'6/+'/.#'"2'#$-"7'%92'"2#-7-1#'7/#$-7'#$/2'"2'#$-'"2#-7-1#'%5'#$-'1#%.8$%0:-7C%92-71'K#$-',7"2.",/01L<' G-1":-1',&71&"2?',-71%2/0'4-2-5"#13'6/2/?-71'6"?$#'/01%',&71&-'.%7,%7/#-'1#7/#-?"-1'K1&.$'/1'#$-'/.D&"1"#"%2'%5'%#$-7'5"761L'#$/#' -2$/2.-'#$-"7',-71%2/0',%9-7'Kv-6,"7-wL<'F$-',7"2.",/0C/?-2#',7%40-6'/7"1-1'4-./&1-'6/2/?-71'$/>-'6%7-'"25%76/#"%2'/4%&#'#$-"7' /.#">"#"-1'#$/2'#$-'1#/8-$%0:-71':%<' E%0>"2?',7"2.",/0C/?-2#',7%40-6'"2'-D&"#+'.%2#7/.#1' O%2"#%7"2?'./2'4-'-N,-21">-'"2'#-761'%5'#"6-'/2:'6%2-+*'.%1#0+'1#/#-'>-7"5"./#"%2<' F$-7-'"1'/'57--C7":-7',7%40-6*'"5'1%6-'1$/7-$%0:-713'5%7'-N/6,0-3'/7-',/+"2?'#%'6%2"#%7'#$-'6/2/?-713'#$-'%#$-7'1$/7-$%0:-71'./2' #/8-'/'57--'7":-<' a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b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f-.#' #%'6%7/0'$/W/7:*'4%77%9-71'$/>-'/2'"2.-2#">-'#%'#/8-'%2'"2>-1#6-2#',7%f-.#1'#$/#'/7-'7"18"-7'#$/2'#$-'0-2:-71'9%&0:'0"8-<')5'#$-'4%77%9-7' &1-:'#$-'0%/2'5%7'#$-'7"18"-7'"2>-1#6-2#'/2:'9-7-'&21&..-115&03'9$".$'"1'$"?$0+'0"8-0+3'#$-'0-2:-7'9%&0:'0%1-'6%1#'%5'#$-'0%/2^'/2:'"5' #$-'4%77%9-7'9-7-'1&..-115&03'#$-'0-2:-7'9%&0:2;#'1$/7-'"2'#$-'1&..-11'K,/+6-2#'"1'5"N-:L<' !#" E%0>"2?'6%7/0'$/W/7:'"2':-4#'.%2#7/.#1' P-#'9%7#$'/2:'.%00/#-7/0*'"5'#$-'4%77%9-71'$/>-'6%7-'v18"2'"2'#$-'?/6-w'K6%7-'/#'1#/8-*'$"?$'2-#'9%7#$'%7',0-:?-:'.%00/#-7/0L3'#$-+' /7-'0"8-0+'#%'#/8-'0-11'7"18'/#'#$-'0-2:-7;1'-N,-21-<')#'6/8-1'#$-':-4#'.%2#7/.#'"2.-2#">-'.%6,/#"40-'K"#'/0"?21'#$-'"2.-2#">-1'%5'#$-' 4%77%9-7'9"#$'#$%1-'%5'#$-'0-2:-7'l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c1$-'.%6,0"-1'9"#$'#$-'7-1#7".#">-'.%>-2/2#1<' F+,-1'%5'.%>-2/2#1' E%3':-4#'.%2#7/.#1'7-D&"7-'.%6,0"./#-:'7-1#7".#">-'.%>-2/2#1'#%'0%9-7'6%7/0'$/W/7:'K5/.#'mL<' ("2/2."/0'"2#-76-:"/#"%2*' g Q7%40-61' 9"#$' .%>-2/2#1*' /06%1#' "6,%11"40-' #%' 97"#-' .%>-2/2#1' #$/#' 7&0-' %&#' ->-7+' 7"18+' /.#">"#+^' .%>-2/2#1' 6&1#' 4-' 6%2"#%7-:'/2:'-25%7.-:'K.%1#0+'/2:'57--C7":-7',7%40-6L<' g ("2/2."/0'"2#-76-:"/7"-1'6/8-',7"6/7"0+',7">/#-'0%/21'/2:'7-.-">-'#$-'4-2-5"#1'%5'6%2"#%7"2?'/2:'-25%7.-6-2#<' ("2/2."/0'"2#-76-:"/7"-1',0/+'/'6%7-'"6,%7#/2#'7%0-'"2'.$/22-0"2?'5&2:1'K5/.#'Z'/2:'5/.#'pL<' ' !W" %.0*-('!(,'+#-( @x)'K.%66-7."/0'/2:'"2:&1#7"/0L'0%/21'KXZjL' g E+2:"./#"%2*'?7%&,'%5'4/281'#$/#'6/8-'#$-'0%/2'#%?-#$-73'4-./&1-'#$-'7"18'"1'#%%'$"?$'5%7'%2-'1"2?0-'4/283'1%'#$-'4/281'#$/#' #/8-',/7#'#%'#$-'1+2:"./#"%2'1$/7-'#$-'7"18' g E-.&7-:3'&21-.&7-:*'7-D&-1#'5%7'/'.%00/#-7/0'%7'2%#' g ("N-:'7/#-*'16/00'0%/2' g (0%/#"2?'7/#-*'0/7?-'0%/2'Koo<oj'%5'0%/21'$/>-'/'50%/#"2?'7/#-L<'F$-'50%/#"2?'.%6,%2-2#'.$/2?-1'4/1-:'%2'#$-'4-2.$6/78' o A)G_U'KA%2:%2')2#-74/28'_55-7-:'U/#-L'\'1,7-/:*':"16"11-:'1"2.-'XYXX3':&-'#%'1./2:/01'"2'#$-'6/78-#'K4/281' .$-/#-:'%2'#$-'"2#-7-1#'7/#-L' g E,%#'0%/21*'#$-'4%77%9-7'#/8-1':%92'#$-'0%/2'"66-:"/#-0+' g A%/2'.%66"#6-2#1*'#$-'4/28'.%66"#1'#%'6/8-'/'0%/2'9$-2->-7'#$-'4%77%9-7':-.":-1'#%'#/8-':%92'#$-'0%/2'K-N<'@7-:"#' 0"2-1L<'O%1#'%5'#$-6'/7-'2%#'&1-:3'4&#'#$-+;7-'&1-:'%20+'"2'-6-7?-2.+'1"#&/#"%21' J-.0"2-'"2'@x)'0%/21'%7"?"2/#-:'4+'.%66-7."/0'4/281'/2:'?7%9#$'"2'.%66-7."/0',/,-7'6/78-#3'#$/#'.%00/,1-:':&-'#%'#$-'5"2/2."/0' .7"1"1<'' U-/0'-1#/#-'Kp[jL*'0-/1#'7"18+3'1%'#$-'$"?$-1#'j'"2'#$-'4/281;',%7#5%0"%<' Q7"6/7"0+'6%7#?/?-1*'0%/21'5%7'#$-',&7.$/1-'%5'/'$%&1-<'F$-+'./2'4-'5"N-:C7/#-'%7'/:f&1#/40-C7/#-'KHUO1L$<' O%7#?/?-1'./2'4-'1&4f-.#'#%':-5/&0#'7"18'9$-2'0%/2C#%C>/0&-%'7"1-1'/2:'$%&1-',7".-1'5/00'4-0%9'/6%&2#'%5'0%/2'%&#1#/2:"2?<' )2')#/0+'9-'$/>-'5"N-:C7/#-'/2:'>/7"/40-C7/#-'6%7#?/?-1<')2'>/7"/40-C7/#-'6%7#?/?-13'#$-'7/#-'"1'7-1-#'&1&/00+'->-7+'6%2#$'57%6'#$-' 4-?"22"2?<' ' .J_<K"<78-%",2";,;8@"@,85<"6@,<%H" b2";7%"-8;%<"8-%"7347S">%,>@%">-%2%-"8HV=<;8G@%" ,5%<S"G%68=<%";7%MK@@"G%"@,Y%-"35";7%"2=;=-%E"b2" ;7%M" 67,,<%" 8" 23&%H" ,5%S" 3;K@@" G%" ;7%" <89%" 2,-%F%-S"<,"3;"Y,5K;"4%;"@,Y%-E" ' ' ' ' )2:">":&/0'K][jL*'6%1#'7"18+'K6%1#'%5'#$-6'/7-'&21-.&7-:L3'1%'/'16/00'j'"2'#$-'4/281;',%7#5%0"%<' @%21&6-7'0%/21*',-71%2/03'/&#%3'.7-:"#'./7:' C P%27->%0>"2?'0%/21*'/&#%6%4"0-3'6%4"0-'$%6-3',-71%2/0'0%/21' C U->%0>"2?'0%/21*'+%&'./2'&1-'#$-6'6%7-'#$/2'%2.-'K-N<'.7-:"#'./7:':-4#3',7%,7"-#/7+'./7:13'1&.$'/1'E-/71'/2:'HFx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qjL*' C (/76'0%/21*'2%#'1%'7"18+3'4&#'16/00'/6%&2#'"2'#$-'-2#"7-',%7#5%0"%' C _#$-7'4/281' C P%24/28'()1'K-N<'G7%8-7'6/7?"2'0%/21L' C (%7-"?2'4/281'/2:'1%>-7-"?2'?%>-726-2#1' C E#/#-'/2:'0%./0'?%>-726-2#1' $+,$",+%&#2(1*%"1#('#(+(,'+#( F$-'7-#&72'%2'/'0%/2'"1'#$-'7/#"%'4-#9--2'"250%9'/2:'%&#50%9<' V*'.%2#7/.#&/00+',7%6"1-:'?7%11'7-#&72'%2'#$-'0%/2'K7-#&72'5%7'#$-'4/28'"5'#$-'4%77%9-7':%-12;#':-5/&0#L' y*'1,7-/:'K-N#7/'"2#-7-1#'7/#-'4/1-:'%2'#$-'7"18"2-11'%5'#$-'4%77%9-7L' 4*'.%6,-21/#"2?'4/0/2.-1'K#$-'4/28'./2'&1-'%20+'/'1$/7-'%5'43'4-./&1-'#$-7-'/7-'UUL' UU*'7-1-7>-:'7-D&"7-6-2#1'K6%2-#/7+',%0".+'#%%0'&1-:'#%'.%2#7%0'#$-'1&,,0+'%5'6%2-+*'5%7'-/.$'t'.%00-.#-:3'/',-7.-2#/?-'6&1#'4-' 8-,#'4+'#$-'.-2#7/0'4/28L' %5*'%7"?"2/#"%2'5--1'KjL' GU*'4/1-'7/#-' MK7L'KjL*'-N,-.#-:'7-#&72'K7-#&72'/11%."/#-:'#%'#$-',7%4/4"0"#+'%5'7-,/+6-2#L' ,*',7%4/4"0"#+'%5'.%6,0-#-'7-,/+6-2#' V*'7-#&72' U-/0"W-:'7-#&72'/2:'-N,-.#-:'7-#&72'6/+'2%#'4-'-D&/0<'H'16/00',7%4/4"0"#+'%5':-5/&0#'./2'$/>-'/'6/f%7'"6,/.#'%2'#$-'-N,-.#-:'7-#&723' 4-./&1-'/01%'#$-',7"2.",/0'"1'/#'7"18<' )5'#$-'-N,-.#-:'7-#&72'"1'2-?/#">-3'#$-'/6%&2#'7-,/":'"1'0-11'#$/2'#$-',7"2.",/0<' +d._`a+*" e"f"g" QJ"f"Zh" i"f"Oh" A2"f"RE!#Wh" G"f"]h" JJ"f"!Rh",2"H%>,<3;<" @UMJ)F'JM@)E)_PE' H#'7-#/"0*'16/00'0%/2'5%7'/'7-#/"0'.&1#%6-7<'' • E"6,0-'/..-,#'c'7-f-.#':-."1"%2'7/#$-7'#$/2'/:f&1#6-2#1'#%'#$-'7/#-*'&1&/00+3'#$-'"2#-7-1#'7/#-'"1'1-#'-NC/2#-'4+'#$-'4/28'K"#;1' #$-'1/6-'5%7'->-7+'.&1#%6-7L'/2:'#$-'4%77%9-7'/181'5%7'#$-'0%/2*'#$-'7-D&-1#'./2'4-'/..-,#-:'%7'7-f-.#-:'4+'#$-'4/28<' F$-7-'/7-'2%'/:f&1#6-2#1'#%'#$-'7/#-'K.7-/#-'/'1,-."5".'7/#-'5%7'-/.$'.&1#%6-7L'4-./&1-'"#;1'#%%'.%1#0+'5%7'#$-'4/28<' • @7-:"#'7/#"%2"2?* #$-'4%77%9-7'9%&0:'0"8-'#%'/.D&"7-'#$-'5&2:1'/#'#$-'.&77-2#'7/#-13'4&#'#$-'1&,,0+'57%6'#$-'5"2/2."/0'"21#"#&#"%21' "1'2%#'-2%&?$3':-1,"#-'9"00"2?'4%77%9-71'K:-6/2:'-N.--:1'1&,,0+L<' !\" • @&1#%6-71' 1%7#-:' 4+' 0%/2' D&/2#"#+*' 5%7' 6%7#?/?-13' :"1.7"6"2/#"%2' %..&71' >"/' 0%/2C#%C>/0&-&' KAFbL3' 9$".$' "1' #$-' 7/#"%' 4-#9--2'#$-'/6%&2#'?">-2'4+'#$-'4/28'/2:'#$-'6/78-#'>/0&-'%5'#$-'.%00/#-7/0<'' F$-'0"6"#'%5'#$-'6%7#?/?-'"1'1-#'4/1-:'%2'#$-'6%7#?/?-'"1'1-#'4/1-:'%2'#$-'/6%&2#'%5'#$-'.%00/#-7/0'K-N<')#/0+'k'mYjL3'4-./&1-' "#1'6/78-#'>/0&-'./2'.$/2?-'%>-7'#"6-3'1%'#$-'4/28'/,,0"-1'/'$/"7.&#'%2'#$-'6/N"6&6'/6%&2#'%5'#$-'0%/2<' )2'#$-'SE'#$-',7%4/4"0"#+'%5'#$-':-5/&0#'"1'7-0/#-:'9"#$'#$-'AFb*'"5'#$-'>/0&-'%5'#$-'$%&1-'5/001'4-0%9'#$-'/6%&2#'%5'#$-'0%/23' #$-'4%77%9-7'$/1'/'4"?'"2.-2#">-':%':-5/&0#'/2:'0-/>-'#$-'$%&1-'#%'#$-'4/283'%#$-79"1-'#$-+'9%&0:'$/>-'#%',/+'6%7-'#$/2' #$-'/.#&/0'>/0&-'%5'#$-'$%&1-<' H#'9$%0-1/0-*'0/7?-'0%/2'5%7'.%7,%7/#"%213'?%>-726-2#3'-#.<' • S1-'4%#$'D&/2#"#+'/2:',7"."2?'/:f&1#6-2#1'5%7'7/#"%2"2?*'.%6,/7-:'#%'7-#/"0'0%/213'9$%0-1/0-'0%/21'/7-'0/7?-73'1%'#$-'5"N-:' .%1#1'%5'7/#-'/:f&1#6-2#1'./2'4-':"0&#-:'%2'#$-'0/7?-7'/6%&2#'%5'#$-'0%/2<' R&/2#"#+'/:f&1#6-2#*'4+'7-:&."2?'#$-'D&/2#"#+'%5'#$-'0%/23'#$-'/6%&2#'%5'6%2-+'/#'7"18'"1'0-11<' Q7"."2?'/:f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• A"2-/7'6%:-0'k',7%4/4"0"#+'0"-1'4-#9--2'C'5%/2:'\'5<'(%7'#$"1'7-/1%23'#$"1'6%:-0'"1'9-/8-7<' • E"2.-'1&,-7"%7'1#/#"1#"./0'#-.$2"D&-1'/7-'7-/:"0+'/>/"0/40-3'#$-7-'"1'7/7-0+'f&1#"5"./#"%2'5%7'-6,0%+"2?'0"2-/7',7%4/4"0"#+'6%:-01<' +&89>@%" *=>>,<%";7%-%"Y%-%";Y,"286;,-<"352@=%56354";7%">8<;"H%28=@;"G%78F3,-",2"G,--,Y%-<'";7%"@%F%-84%",-"H%G;L%T=3;M"-8;3,!"$/[+?"85H";7%"<8@%<L8<<%;"-8;3,"" $*[.?E"Q8<%H",5">8<;"H%28=@;"$-%>8M9%5;?"%&>%-3%56%S";7%"@35%8-">-,G8G3@3;M"9,H%@"3<"%<;398;%H"8<'"" .<<=9%"8">-,<>%6;3F%"G,--,Y%-"78<"8"/[+"f"REN"85H"85"*[."f"#ERE"b;<"%&>%6;%H"`/"685";7%5"G%"%<;398;%H"8<'" A_a)F'O_JMA' F$-' 0%?"#'6%:-0' "1'/2'/:f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𝐿𝑇𝑉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c"6,9G35%H">-,G8G3@3;M",2"H%28=@;" `/#"f"!L>#f"RERW" `/$"f"!L>$"f"RER\" `/"f"!"c"m$RE^W?$RE^N?n"f"RE!!ZW"à"!!EZWh">-,G8G3@3;M",2"H%28=@;",F%-"#"M%8-<" F$-'.%64"2-:',7%4/4"0"#+'%5':-5/&0#'"1'$"?$-7'#$/2'-/.$'"2:">":&/0',7%4/4"0"#+'4-./&1-'#$-'0%2?-7'#$-'6/#&7"#+'K,-7"%:'%5'#"6-L3'#$-' $"?$-7'#$-'7"18'/2:'1%'#$-',7%4/4"0"#+'%5':-5/&0#<' +&89>@%"" 3#"f"Nh" 3$"f"Wh" " " !k2#"f"$!ERW?$"["$!ERN?"f"!ER\RO"à"2#"f"\EROh" 2#"f"g" :#"f"Oh" :$"f"\h" " " !k6#"f"$!ER\?$"["$!ERO?"f"!E!RR^"à"6#"f"!RSR^h" 6#"f"g" `#%$&f"g" `/#%$&f"g" `#"f"!ER\"["!E!"f"^^h" " " `#%$&f"RS^^"&"RS^\"f"^Zh" `$"f"!ER!RO"["!ER!R]"f"^\h" " " `/"f"!"c"^Zh"f"Oh" /'1%+,&%.(1+%*(/'3*,-( E"6"0/7'#%'#$-',7%.-11'-6,0%+-:'4+'"21&7/2.-'.%6,/2"-1'#%',7".-',%0"."-1<'F$-',7%4/4"0"#+'%5':-5/&0#'"1'-1#"6/#-:'57%6',/1#':/#/'%2' :-5/&0#1<' O/7?"2/0'6%7#/0"#+'7/#-1' 𝑀𝑀𝑅! = 𝑉𝑎𝑙𝑢𝑒 𝑔𝑟𝑎𝑑𝑒 𝐵 𝑑𝑒𝑓𝑎𝑢𝑙𝑡 𝑖𝑛 𝑦𝑒𝑎𝑟 1 𝑇𝑜𝑡𝑎𝑙 𝐺𝑟𝑎𝑑𝑒 𝐵 𝑏𝑜𝑛𝑑𝑠 𝑖𝑠𝑠𝑢𝑒𝑑 𝑖𝑛 𝑦𝑒𝑎𝑟 1' #!" 𝑀𝑀𝑅" = 𝑉𝑎𝑙𝑢𝑒 𝑔𝑟𝑎𝑑𝑒 𝐵 𝑑𝑒𝑓𝑎𝑢𝑙𝑡 𝑖𝑛 𝑦𝑒𝑎𝑟 2 𝑇𝑜𝑡𝑎𝑙 𝐺𝑟𝑎𝑑𝑒 𝐵 𝑏𝑜𝑛𝑑𝑠 𝑡ℎ𝑎𝑡 ℎ𝑎𝑣𝑒 𝑛𝑜𝑡 𝑑𝑒𝑓𝑎𝑢𝑙𝑡𝑒𝑑 𝑖𝑛 𝑦𝑒𝑎𝑟 1' F$"1'6%:-0',7%:&.-1'6%7#/0"#+'7/#-13'4&#'"#'$/1'Z'0"6"#1*' C G/.89/7:C0%%8"2?'/,,7%/.$*'"#'"1'4/1-:'%2',/1#':/#/' C _&#0"-71*':/#/'.%&0:'4-'"250&-2.-:'4+'1%6-'%&#0"-713'1%'9-'/09/+1'2--:'#%'.%21":-7'#$/#'%&#0"-71'./2'6%:"5+':/#/' C E-21"#">"#+'#%'#$-',-7"%:'.$%1-2'#%'./0.&0/#-'OOU1*'#$"1'"1'%2-'%5'#$-',7%40-61'/11%."/#-:'9"#$'.7-:"#'1.%7"2?'6%:-01' UHU_@'O_JMAE' F$-'UHU_@'6%:-0'KU"18CH:f&1#-:'U-#&72'%2'@/,"#/0L':%-1'2%#'-1#"6/#-'#$-',7%4/4"0"#+'%5':-5/&0#3'4&#' "#'.%6,&#-1'#$-'-N,-.#-:' 7-#&723'9$".$'"1'#$-'7-#&72'/:f&1#-:'.%21":-7"2?'#$-'7"18<')2'5/.#3'#$"1'6%:-0'#/8-1'7"18'"2#%'/..%&2#'/2:'"1'%2-'%5'#$-'6%1#'9":-0+'&1-:' 6%:-013'1"2.-'"#;1'/':"7-.#'6-/1&7-'%5'#$-',7%5"#/4"0"#+'%5'/'0%/2<'' 𝑅𝐴𝑅𝑂𝐶 = 𝑜𝑛𝑒 𝑦𝑒𝑎𝑟 𝑁𝐼 𝑜𝑛 𝑎 𝑙𝑜𝑎𝑛 𝑙𝑜𝑎𝑛 𝑟𝑖𝑠𝑘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k'GU'\'z'' {U*'"2#-7-1#'7/#-'1$%.8' F$-'-N,-.#-:'.$/2?-'"1':&-'#%'/'.$/2?-'"2'#$-'6/78-#'7/#-1<'!-'/11&6-'#$/#'%20+'z'K7"18',7-6"&6L'.$/2?-1<'' +&89>@%"$J.JAC"=<354"H=-8;3,5?" o!"93@@3,5"@,85"Y3;7"8"H=-8;3,5",2"#E\"M%8-<";,"8"..."G,--,Y%-E".<<=9%";7%-%"8-%"6=--%5;@M"ORR">=G@36@M";-8H%H"G,5H<"35";78;"6@8<<S"Y7367"9%85<"G,5H<" 3<<=%H"GM"23-9<",2"8"-8;354";M>%"<393@8-";,";78;",2";7%"G,--,Y%-"$Y%"=<%"G,5H<"G%68=<%">=G@36@M"8F83@8G@%"6,->,-8;%"G,5H"98-:%;"H8;8"8-%"<68-6%?E" !E +F8@=8;%";7%"86;=8@"67854%"35";7%"6-%H3;"-3<:">-%93=9<",5"%867",2";7%<%"G,5H<"2,-";7%">8<;"M%8-'";7%M"-854%"2-,9"8"28@@"35";7%"-3<:">-%93=9<",2" 5%48;3F%"#h";,"85"356-%8<%",2"NEWh" #E Q=3@H"8"H3<;-3G=;3,5"85H"67,,<%"!",=;",2"ORR'"Y%"67,,<%";7%"^^h"Y,-<;L68<%"<6%58-3,"$6,5<%-F8;3F%"8>>-,867'";8:%"@%<<"-3<:?";,"%<;398;%";7%" @,85"-3<:"$3E%E",5@M"O"G,5H<",=;",2"ORR"78H"-3<:">-%93=9"356-%8<%"%&6%%H354";7%"^^h"Y,-<;"68<%?E"B73<"3<"%T=8@";,"k!E!hE" (,Y"Y%"685"%<;398;%";7%"@,85"$,-"68>3;8@?"-3<:S"8<<=9354";78;";7%"6=--%5;"8F%-84%"@,85"-8;%<"$J?",5"..."G,5H<"3<"WhE"" B7%"%<;398;%H"@,<<"3<"#]E#]ZoE" *=>>,<%" L *>-%8H'"RE#h"&"o"!"93@@3,5"f"o#SRRR" L I%%<'"RE!h"&"o"!"93@@3,5"f"o!SRRR" L A5%LM%8-"(b",5"@,85'"oNSRRR" J.JAC"f"NRRR"["#]E#]Z"f"!RSZ!h" =%9'#%'"6,7%>-'#$-'UHU_@'"2:-N*' g )2.7-/1-'1,7-/:'%7'5--1*'"2.7-/1-'#$-'P)'K2&6-7/#%7L' g E$%7#-2'6/#&7"#+*'1$%7#-7':&7/#"%2'{AP'K:-2%6"2/#%7L3'1%'/'0%9-7'7"18' +&89>@%"$J.JAC"=<354"H%28=@;"-8;%<'">8<;"H8;8"8G,=;"H%28=@;?" #W" Q%7#5%0"%':">-71"5"./#"%2' ' ' U-#&72'k'/>-7/?-'%5'7-#&721' U"18'k'6-/1&7-:'4+'#$-'1#/2:/7:':->"/#"%2'%5'7-#&721' ' ' ' ' ' ' OQF'./0.&0/#"%21' MN,-.#-:'7-#&72*'1&6'%5'/00'#$-'7-#&721'%5'#$-'/11-#1'"2'#$-',%7#5%0"%'K9-"?$#-:'/>-7/?-*'`''k'j'%5'/11-#'"2'#$-',%7#5%0"%L<' b/7"/2.-*'6-/1&7-1'#$-'>%0/#"0"#+'%5'#$-'7-#&721'K6-/1&7-'%5'7"18L<' '|'Y*'.%77-0/#-:' ' '~'Y*'2%2'.%77-0/#-:' )2'-/.$'./1-'K'|'Y'%7''~'YL3'#$-'1#/2:/7:':->"/#"%2'K1D&/7-'7%%#'%5'>/7"/2.-L'%5'#$-',%7#5%0"%'"1'16/00-7'#$/2'#$-'1#/2:/7:':->"/#"%2' %5'#$-'1"2?0-'/11-#<' +&89>@%"c"68@6=@8;3,5",2"-%;=-5"85H"-3<:",5"8";Y,L8<<%;">,-;2,@3," H7-'#$-7-'/2+'4-2-5"#1'#%'2%#'4-"2?':">-71"5"-:B' G-"2?':">-71"5"-:'7-D&"7-1'#$/#'()'4-.%6-'5/6"0"/7'9"#$'6/2+'6%7-'/7-/1'%5'4&1"2-11<'F$"1'6/+'2%#'/09/+1'4-',%11"40-3',/7#".&0/70+' 5%7'16/00'()1<'E6/00'4/281'/2:'#$7"5#1'6/+'2%#'$/>-'#$-'/4"0"#+'#%':">-71"5+'#$-"7'/11-#'4/1-3'-1,-."/00+'"5'#$-'0%./0'6/78-#1'#$/#'#$-+' 1-7>-'$/>-'/' 0"6"#-:'2&64-7'%5' "2:&1#7"-1<'_2-'4-2-5"#' #%'2%#'4-"2?':">-71"5"-:' "1' #$/#'/2'()' #$/#' 0-2:1' #%'/'.-7#/"2' "2:&1#7"/0' %7' ?-%?7/,$"./0'1-.#%7'"1'0"8-0+'#%'?/"2'-N,-7#"1-'/4%&#'#$/#'1-.#%7<'' O__JT;E'HPHATF)@E'Q_UF(_A)_'OHPHaMU' F$"1'6%:-0'"1'/2'/,,0"./#"%2'%5'#$-'6%:-72',%7#5%0"%'#$-%7+'#%',7">/#-'0%/21'K2%#'#7/:-:'%2'#$-'6/78-#L<'F$"1'/,,7%/.$'9/1':->-0%,-:' 4+'VOb'.%7,%7/#"%2'/2:'#$-':"55-7-2.-'9"#$'#$-'OQF'"1'#$/#'#$"1'6%:-0':%-12;#'7-D&"7-'0%/2'7-#&721'#%'4-'2%76/00+':"1#7"4&#-:<')#;1' &2"D&-'"2'#$-'9/+'"#'-1#"6/#-1'7-#&723'7"18'/2:'.%77-0/#"%2'4-#9--2'/11-#1<' #Z" !-'82%9'#$/#'#$-'.%2#7/.#&/00+',7%6"1-:'7-#&72'5%7'#$-'4/28'"1'-D&/0'#%'_('\'GU'\'z<')5'9-'.%21":-7'#$-'4/0/2.-'1$--#;1'1#7&.#&7-3' 9-'$/>-' E%'#$-'2-#'"2.%6-'KP)L'5%7'#$-'4/28'"1'-D&/0'#%'_('\'z3'9$".$'"1'./00-:'/00'"2'1,7-/:<'' !$/#'"1'#$-'-N,-.#-:'7-#&72'5%7'#$-'4/28'.%21":-7"2?'#$-',7%4/4"0"#+'%5'#$-'4%77%9-7;1':-5/&0#B' MK7L'k'K_('\'zL'l'MJ('N'AaJ' +/I"$%&>%6;%H"H%28=@;"2-%T=%56M?'">-,G8G3@3;M",2";7%"G,--,Y%-K<"H%28=@;S"G8<%H",5"73<;,-368@"H8;8" !"c"+/I'">-,G8G3@3;M"5,;";,"H%28=@;" as/"$@,<<"43F%5"H%28=@;?'"h",2"@,85";78;"3<"@,<;"85H"685K;"G%"-%6,F%-%H" +/I"&"as/'"%&>%6;%H"@,<<"35"68<%",2"H%28=@;" AI"k"i'"8@@"35"<>-%8H"$G85:K<"5%;"356,9%?" F$-'-N,-.#-:'7-#&72':-,-2:1'%2'#$-'MJ('4-./&1-'9-'/11&6-'#$/#'%#$-7',/7/6-#-71'/7-'5"N-:3'9$"0-'#$-'MJ('./2'.$/2?-<' P%93'9-'9/2#'#%'./0.&0/#-'#$-'1#/2:/7:':->"/#"%23'1%'9-'5"71#'.%21":-7'#$-'>/7"/2.-*' 𝜎" = 𝐸𝐷𝐹(1 − 𝐸𝐷𝐹)' H2:'#$-2'#$-'7"18'%5'#$-'0%/2'./2'4-'->/0&/#-:'#$7%&?$'#$-'1#/2:/7:':->"/#"%2'K>%0/#"0"#+'%5'#$-'0%/2L3'9$".$'"1'-D&/0'#%*' 𝝈 = P𝑬𝑫𝑭 (𝟏 − 𝑬𝑫𝑭) 𝒙 𝑳𝑮𝑫' F$-7-'./2'4-'/'.%77-0/#"%2'4-#9--2'#$-'7-#&721'%2'/11-#1'%5':"55-7-2#'4%77%9-7*' +&89>@%"c"_,,HMK<">,-;2,@3,"98584%9%5;" *=>>,<%";78;"85"Ib"7,@H<";Y,"@,85<"Y3;7";7%"2,@@,Y354"678-86;%-3<;36<'" ' C,--%@8;3,5'"𝜌1,2"f"tRE#W" ' #\" ' ' ' ' ' ' +1-*&'()*+','$00'2)/)%#"'!1""+'*-!.' _55'4/0/2.-'1$--#'7"181'/7-'7-0/#-:'#%*' C @%2#"2?-2#'/11-#1*'/11-#1'#$/#'6/+'4-'/.D&"7-:'4+'#$-'4/28'"2'#$-'5&#&7-'"5'/'.-7#/"2'->-2#'%..&71' C @%2#"2?-2#'0"/4"0"#"-1*'0"/4"0"#"-1'#$/#'6/+'4-'"2.&77-:'4+'#$-'4/28'"2'#$-'5&#&7-'"5'/'.-7#/"2'->-2#'%..&71' G%#$'/11-#1'/2:'0"/4"0"#"-1'/7-'.%2#"2?-2#'4-./&1-'#$-+'/7-2;#'1&7-3'4&#'#$-+'4-.%6-'h%2'4/0/2.-'1$--#i'%20+'"5'/'.-7#/"2'5&#&7-'->-2#' %..&71<' H01%':-7">/#">-'1-.&7"#"-1'/7-'$-0:'%55' #$-'GE*'1%6-'%5'#$-6'./2'4-'.%2#"2?-2#'/11-#1c0"/4"0"#"-1'/2:'1%6-'%#$-71'2%#<'J-7">/#">-' 1-.&7"#"-1'/7-',%11"40-'5&#&7-'-2?/?-6-2#13'0"8-'5%79/7:'.%2#7/.#3'5&#&7-1'.%2#7/.#3'%,#"%23'19/,<'J-7">/#">-1'./2'./&1-'4"?'0%11-1'#%' #$-'4/28'/2:'#$-+'./2'->-2'0-/:'#%'"#1':-5/&0#3'5%7'#$"1'7-/1%2'#$-+'6&1#'4-'.%21":-7-:'/2:'.%2#7%00-:3'4-./&1-'#$-+'/7-'/'7"18<' *,9%",22LG8@856%"<7%%;"86;3F3;3%<"39>@M";7%",>;3,5";,"H,"<,9%;7354E" C8@@",>;3,5'",>;3,5"$5,;"%5484%9%5;?";,"G=M"8"2=;=-%"<;,6:"8;"8">-%L<>%6323%H">-36%"$<;-3:%">-36%?E"b"98:%"8">-,23;"32";7%"2=;=-%"<;,6:">-36%"3<"7347%-";785" ;7%"<;-3:%">-36%S"<,"35";73<"68<%"b"H%63H%";,"G=M";7%"<;,6:"85H"-%<%@@"3;"8;";7%"98-:%;">-36%S"35",-H%-";,"98:%"8">-,23;E"*356%"b"78F%";7%",>;3,5";,"G=M";7%" <;,6:"$85H"5,;";7%"6,993;9%5;?S"b"685"8@<,"H%63H%"5,;";,"G=M"3;"32";7%"98-:%;">-36%"3<"@,Y%-";785";7%"<;-3:%">-36%S"35"286;"b"Y,=@H"286%"8"@,<<E" +H4%"-8;3,*'𝜆 = ∆$ ∆% '' R"p"𝜆"p"!' ' _GE'H@F)b)F)ME'HPJ'E_AbMP@T' b/0&/#"%2'%5'_GE'"#-61*' g J-0#/'%5'/2'%,#"%2'K"#;1'#$-'-:?-'7/#"%L*'6-/1&7-1'#$-'1-21"#">"#+'%5'#$-'%,#"%2d1',7".-'#%'.$/2?-1'"2'#$-'&2:-70+"2?'/11-#d1' ,7".-<' g P%#"%2/0'>/0&-'%5'/2'_GE'"#-6*'#$-'5/.-'>/0&-'%5'/'5"2/2."/0'"21#7&6-2#3'%5#-2'&1-:'#%'./0.&0/#-'"2#-7-1#',/+6-2#1'%7'%#$-7' ./1$'50%91<' g J-0#/'-D&">/0-2#'%7'.%2#"2?-2#'/11-#'>/0&-*'5"71#'/,,7%N"6/#"%2'%5'/2'%,#"%2;1'>/0&-<')#;1'./0.&0/#-:'/1'#$-':-0#/'K1-21"#">"#+L' 6&0#",0"-:'4+'#$-'5/.-'>/0&-'%5'#$-'%,#"%2<' J-0#/'€'(/.-'>/0&-'%5'%,#"%2' MN/6,0-1'%5'_GE'"#-61'9"#$'/2'%,#"%2'"6,0"-:*' g A%/2'.%66"#6-2#1',7%>":-1'/2'%,#"%2'#%'4%77%9*'#$-'4%77%9-7'$/1'#$-'%,#"%2'4&#'"1'2%#'%40"?/#-:'#%'#/8-'/'0%/2<' g G&+-7'%5'/'?&/7/2#+'$/1'#$-'%,#"%2'#%':-5/&0#*' #$-',/7#+'9"#$'/'?&/7/2#--'$/1'#$-'%,#"%2'4&#' "1'2%#'%40"?/#-:'#%':-5/&0#3' .7-/#"2?'/'.%2#"2?-2#'1"#&/#"%2'K-N<'4/28'/1'/'?&/7/2#--'%5'/'.0"-2#L' +&89>@%"c"H%@;8",2"85",>;3,5" *=>>,<%"85"Ib"78<"G,=47;"68@@",>;3,5<",5"G,5H<"Y3;7"8"286%",-"5,;3,58@"F8@=%",2"o!RR"93@@3,5"85H";7%"H%@;8"3<"68@6=@8;%H"8;"RE#W"$3E%E"8"!L6%5;"67854%" 35";7%">-36%",2";7%"G,5H<"=5H%-@M354";7%"68@@",>;3,5"@%8H<";,"8"RE#W"6%5;"67854%"35";7%">-36%",2";7%",>;3,5?'" I"f"(,;3,58@",-"286%"F8@=%",2",>;3,5<"f"o!RR"93@@3,5" /%@;8"%T=3F8@%5;",-"6,5;354%5;"8<<%;"F8@=%"$H%@;8"&"286%"F8@=%",2",>;3,5?'"RE#W"&"o!RR"93@@3,5"f"o#W"93@@3,5" ' NR" #$-'0%/2'.%66"#6-2#<'(%7'#$-'4/283'#$"1'6-/21'/'$"?$-7'7"183'1%'"#'./2'/:f&1#'#$-'7"18',7-6"&6'%7'7-5&1-'#$-'0%/2'K,7%40-6' %5'7-,&#/#"%2'/2:'0-?/0'.%1#1':&-'#%'.$/7?-1L' g H??7-?/#-' 5&2:"2?' 7"18*':&7"2?'/'?0%4/0'.7"1"1' K-N<'@%>":L3'6/2+' 5"761'/18' 5%7' 0%/213'4&#'4/281'$/>-':"55".&0#"-1' 7/"1"2?' 0"D&":"#+':&-'#%'#$-'-6-7?-2.+<')2'%#$-7'9%7:1*'4%77%9-71;'/??7-?/#-':-6/2:'#%'#/8-':%92'0%/2'.%66"#6-2#'"1'0"8-0+'#%'4-' ?7-/#-1#'K:&7"2?'/'.7-:"#'.7&2.$c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c%7'2%#'#7/:-'7-0/#-:3'0"8-*' g Q-75%76/2.-'4%2:'?&/7/2#--1*'/'()'6/+'?&/7/2#--'#$/#'/'7-/0'-1#/#-':->-0%,6-2#'6/+'4-'.%6,0-#-:'"2'1%6-'"2#-7>/0'%5' #"6-' g @Q'K.%66-7."/0',/,-7L'"21&7-71'/01%',7%6"2-2#'"2'1-00"2?'EA@1*'/00%9'5"761'#%'4%77%9'%7'4%77%9'/#'/'0%9-7'5&2:"2?'.%1#' =%9':%-1'/'A@'9%78B' JMU)bHF)bM'@_PFUH@FE' Q&7,%1-1*' ]< =-:?"2?*'7-:&.-'#$-'"2#-7-1#'7/#-'7"18!!3'4-./&1-'9$-2'#$-'-D&"#+'>/0&-'?%-1':%923'#$-':-7">/#">-;1'>/0&-'"2.7-/1-1'/2:'"#' .%6,-21/#-1'#$-'0%11' X< E,-.&0/#">-*'/00%9'"2>-1#%71'#%'"2.7-/1-'#$-'7/2?-'%5',%11"40-'7-#&721' F+,-1'%5':-7">/#">-'.%2#7/.#1' g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g (&#&7-1' .%2#7/.#1*' 0"8-' 5%79/7:' .%2#7/.#1' 4&#' 1#/2:/7:"W-:' 5%7' D&/0"#+' /2:' D&/2#"#+' #%' 5/."0"#/#-' #7/:"2?' %2' %7?/2"W-:' -N.$/2?-1<' F$-+' /7-' /01%' ?&/7/2#--:' 4+' #$-' %7?/2"W-:' -N.$/2?-3' 9$".$' 1#-,1' "2' "5' #$-' .%&2#-7,/7#+' :-5/&0#1' "2' "#1' .%66"#6-2#<'(%7'#$"1'7-/1%23'#$-+'/7-'-11-2#"/00+':-5/&0#'7"18'57--'K7"18+'%20+'"5'#$-'%7?/2"W-:'-N.$/2?-':-5/&0#13'4&#'4/7-0+' "6,%11"40-L<'F%'7-:&.-'#$-'.%&2#-7,/7#+'7"183'#$-',%1"#"%21'/7-'1-##0-:':/"0+<' g _,#"%2*' .%2#7/.#' #$/#'?">-1' #$-'$%0:-7' #$-' 7"?$#3' 4&#'2%#' #$-'%40"?/#"%23' #%'4&+' K./00' %,#"%2*',7%5"#'k',7".-'%5' #$-'/11-#'|' -1#/40"1$-:',7".-L'%7'1-00'K,&#'%,#"%2*',7%5"#'k',7".-'%5'#$-'/11-#'~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‚'5%79/7:13'5&#&7-1L<'F7/:-:' "2'_F@1'%7'%7?/2"W-:'-N.$/2?-1<')5'1#/2:/7:"W-:'%,#"%213'#$-+'/7-'>"7#&/00+':-5/&0#'7"18'57--<' g E9/,*'/?7--6-2#'4-#9--2'#9%',/7#"-1'#%'-N.$/2?-'1,-."5"-:',-7"%:".'./1$'50%91'"2'#$-'5&#&7-3'4/1-:'%2'1%6-'&2:-70+"2?' "21#7&6-2#'%7',7".-'K-<?<'"2#-7-1#'7/#-'19/,1L<')#;1'/'1-7"-1'%5'5%79/7:'.%2#7/.#1'9$-7-'#$-7-'"1'2%'4&+"2?c1-00"2?3'4&#'19/,,"2?' %5'./1$'50%91'K9$-7-'#$-'./1$'50%91'/7-'.%6,&#-:'"2':"55-7-2#'9/+1L<'MN/6,0-*'-N.$/2?-'%5'/2'5"N-:C"2#-7-1#C7/#-'./1$'50%9' 9"#$'/'50%/#"2?'%2-<' g O%7#?/?-C4/.8-:'1-.&7"#"-1*'4&2:0-'%5'$%6-'0%/21'/2:'%#$-7'7-/0'-1#/#-':-4#'4%&?$#'57%6'#$-'4/281'#$/#'"11&-:'#$-6<' )2>-1#%71'"2'6%7#?/?-C4/.8-:'1-.&7"#"-1'7-.-">-',-7"%:".',/+6-2#1'1"6"0/7'#%'4%2:'.%&,%2',/+6-2#1<'' !=MP')EESMJ'FUHJ)Pa' @%66"#6-2#1'#%'4&+'/2:'1-00'1-.&7"#"-1'4-5%7-'#$-"7'"11&-<'' MN/6,0-*'.%66"#6-2#1'#/8-2'"2'9--8',7"%7'#%'/22%&2.-6-2#'%5'FC4"00'/&.#"%2'K#7-/1&7+'4"00*'/&.#"%2'%2'/'9--80+'4/1"1L'7-1&0#1<'F$-' 7"18'"1'#$/#'#$-'4/28'6/+'%>-7.%66"#3'/1'9"#$'E/0%6%2'G7%#$-71'"2'#$-'6/78-#'5%7'2-9'#9%C+-/7'4%2:1'"2']ooY<' ' A_HPE'E_AJ' A%/21'1%0:'4+'4/281'#%'%#$-7'4/281*' C !"#$'7-.%&71-*'#$-'0%/2'./2;#'4-'97"##-2'%55'#$-'GE3'4-./&1-'#$-7-;1'1#"00'.7-:"#'7"18'K#$-'4/28'"1'/'?&/7/2#--L' C !"#$%&#'7-.%&71-*'#$-'0%/2'./2'4-'97"##-2'%55'#$-'GE3'4&#'6&1#'4-'7-,%7#-:'_GE'"2'#$-'2%#-1<'F$-7-;1'1#"00'/2'"6,0"."#'.7-:"#' 7"183'4-./&1-'#$-'4/28'6/+'1#-,'"2'/2+9/+3'#%'/>%":'/'7-,&#/#"%2/0'7"18' ' ' ' ' ' ' ' ' ' ' N#" 0$3*+1'()*+','+1"'#$*($*)+-$%' _4f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• a-2-7/0'Q/7#2-71*'1/6-'7"?$#1'/2:'0"/4"0"#+'/1',/7#2-71'"2'/'h7-?&0/7i',/7#2-71$",<'F$-+'#+,"./00+'7&2'#$-'5"76'%2'/':/+C#%C:/+' 4/1"1' •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h.$/7#-71i'#$-'.%7,%7/#"%23'5%76/00+' ?">"2?' "#1'.%21-2#' #%' #$-' "2.%7,%7/#"%2<'J&-' #%' "#1'/##7/.#">-' 0-?/0'-2>"7%26-2#' 5%7'.%7,%7/#"%213'J-0/9/7-' "1'/',%,&0/7'.$%".-' 5%7' "2.%7,%7/#"%2<' _92-71$",' )#;1'7-,7-1-2#-:'4+'1$/7-1'%5'1#%.8<'F$-'%92-7'%5'1#%.8'"1'./00-:'1$/7-$%0:-73'1#%.8$%0:-7'%7'-D&"#+'$%0:-7<'E&6'%5'/00'%92-71$",'>/0&-' "1'./00-:'-D&"#+<'F$-7-'/7-'2%'0"6"#1'#%'#$-'2&64-7'%5'1$/7-$%0:-71'/2:3'#$&13'#$-'/6%&2#'%5'5&2:1<'_92-71'/7-'-2#"#0-:'#%':">":-2:' ,/+6-2#1<' F+,-1' C F/N')6,0"./#"%21*'1#/2:/7:'.%7,%7/#"%21'h2%76/00+i',/+'#/N-1'9"#$'/':%&40-'#/N/#"%2'' C hEi'@%7,%7/#"%21*'$/>-'#/N'/:>/2#/?-13'4&#'9"#$'1%6-'0"6"#/#"%21' " NW" G%%8'>/0&-'%5'-D&"#+'k'4%%8'>/0&-'%5'/11-#1'l'4%%8'>/0&-'%5'0"/4"0"#"-1' F$-'4%%8'>/0&-'%5'-D&"#+'.%&0:',%11"40+'4-'2-?/#">-'K9$-2'#$-7-'/7-'6/2+'0%11-1'%>-7'#"6-L<'O/2+'%5'#$-'5"76;1'>/0&/40-'/11-#1'6/+' 2%#'4-'./,#&7-:'%2'#$-'4/0/2.-'1$--#'K:"55-7-2.-'4-#9--2'6/78-#'>/0&-'/2:'4%%8'>/0&-'%5'#$-'.%6,/2+L<' J"55-7-2.-'4-#9--2'6/78-#'>/0&-'x'4%%8'>/0&-' O/78-#'>/0&-'%5'-D&"#+'KO/78-#'@/,"#/0"W/#"%2L'k'6/78-#',7".-',-7'1$/7-'€'2&64-7'%5'1$/7-1'' F$-'%&#1#/2:"2?'6&1#'/09/+1'4-',%1"#">-'K‚'4%%8'>/0&-L'/2:'%5#-2':"55-71'1&41#/2#"/00+'57%6'4%%8'>/0&-<' O/78-#'#%'G%%8'7/#"%' 𝑚𝑎𝑟𝑘𝑒𝑡 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑒𝑞𝑢𝑖𝑡𝑦 𝑏𝑜𝑜𝑘 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑒𝑞𝑢𝑖𝑡𝑦 ' F$"1'7/#"%'?">-1'&1'"25%76/#"%2'/4%&#'#$-'-N,-.#-:'5&#&7-'?7%9#$'%5'/'.%6,/2+<'!-'./2'$/>-'X'#+,-1'%5'1#%.81*' C b/0&-'1#%.81*'0%9'6c4'7/#"%'ƒ'.%6,/2+'#$/#',7%>":-1'7-#&721'#%'"2>-1#%71'6/"20+'57%6'#$-':"1#7"4&#"%2'%5':">":-2:1' C a7%9#$'1#%.81*'$"?$'6c4'7/#"%'ƒ'.%6,/2+'#$/#',7%>":-1'7-#&721'#%'"2>-1#%71'6/"20+'57%6'#$-'7/#-'%5'./,"#/0'?/"2'4-./&1-' #$-1-'1#%.81'/7-'-N,-.#-:'#%'?7%9'>-7+'6&.$'"2'#$-'5&#&7-^'2%9'#$-'.%6,/2+':"1#7"4&#-1'0"##0-'%7'Y':">":-2:3'1%'#$-'7-#&72' .%6-1'57%6'#$-'?7%9#$'%5'1#%.8',7".-'"2'#$-'5&#&7-' F$"1'>/0&-'6&1#'4-'.%6,/7-:'#%'%#$-7'.%6,/2"-1;'#%'4-'1"?2"5"./2#<'F$-'7-1&0#'%5'#$"1'7/#"%1'6-/21'#$/#'"2>-1#%71'/7-'9"00"2?'#%',/+'`' KOcG'>/0&-L'#"6-1'#$-'4%%8'>/0&-'%5'-D&"#+*'#$-'$"?$-7'#$-'>/0&-3'#$-'?7-/#-7'"2>-1#%71'/7-'9"00"2?'#%',/+3'1%'#$-'?7-/#-7'#$-'-N,-.#/#"%21' /4%&#'#$-'5&#&7-'/22&/0'?7%9#$'%5'#$-'.%6,/2+<' M2#-7,7"1-'>/0&-'KFMbL' M2#-7,7"1-'>/0&-'k'Ob'%5'-D&"#+'\'J-4#'l'@/1$' M2#-7,7"1-'>/0&-'"1'#$-'#%#/0'>/0&-'%5'/00'/11-#1'K2%#'%20+'-D&"#+L'-N.0&:"2?'./1$3'4-./&1-'./1$'1'.%21":-7-:'/1'2-?/#">-':-4#3'1"2.-' "#'./2'4-'&1-:'#%'"66-:"/#-0+',/+'%&#':-4#<')5':-4#'k'Y'à'-D&"#+'k'/11-#1' &#$'/*(-%+%*/*#%( (%.&1'%2'./1$'50%91'#$/#'#$-'.%6,/2+'"1'/40-'#%'?-2-7/#-'"2'#$-'5&#&7-<'' 𝐺𝑟𝑜𝑠𝑠 𝑃𝑟𝑜𝑓𝑖𝑡 = 𝑇𝑜𝑡𝑎𝑙 𝑆𝑎𝑙𝑒𝑠 𝑅𝑒𝑣𝑒𝑛𝑢𝑒𝑠 − 𝐶𝑜𝑠𝑡 𝑜𝑓 𝑠𝑎𝑙𝑒𝑠' M/72"2?1',-7'1$/7-*' 5"71#',7%N+'/4%&#'$%9'6&.$'%5' #$-'-/72"2?1'/7-'?-2-7/#-:',-7'1$/7-<' )#'?">-1' "25%76/#"%2'/4%&#'$%9'6/2+' :">":-2:1'./2'4-':"1#7"4&#-:<' Earnings per share (EPS) = 𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒 𝑂𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔 𝑠ℎ𝑎𝑟𝑒𝑠' J"0&#-:'MQE*'%#$-7'1$/7-1'K1#%.8'%,#"%21'%7'.%2>-7#"40-'4%2:1L'/7-'-N,-.#-:'#%'4-'"11&-:'1%%23'1%'#$-'-/72"2?1'/7-'6%7-':"0&#-:<' Diluted EPS = 𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒 𝑂𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔 𝑠ℎ𝑎𝑟𝑒𝑠 + 𝑠ℎ𝑎𝑟𝑒𝑠 𝑒𝑥𝑝𝑒𝑐𝑡𝑒𝑑 𝑡𝑜 𝑏𝑒 𝑖𝑠𝑠𝑢𝑒𝑑 𝑠𝑜𝑜𝑛' NZ" -%+%*/*#%('!($+-)(!,'8( F$"1'1#/#-6-2#'/11-11-1'$%9'#$-'0->-0'%5'./1$'$/1'.$/2?-:'%>-7'#"6-<')2'5/.#3'#$-'2-#'"2.%6-'#+,"./00+':%-1'2%#'-D&/0'#$-'/6%&2#' %5'./1$'#$-'5"76'$/1'-/72-:'4-./&1-'%5'2%2C./1$'-N,-21-1'K:-,7-."/#"%23'/6%7#"W/#"%2L'%7'&1-1'%5'./1$'2%#'%2'#$-')2.%6-'E#/#-6-2#' K"2>-1#6-2#'c'1-00'"2',7%,-7#+3',0/2#3'-D&",6-2#L<' )#'.%21"1#1'%5'Z'1-.#"%21*'_,-7/#"2?'H.#">"#+3')2>-1#6-2#'H.#">"#+3'("2/2."2?'H.#">"#+<' _,-7/#"2?'H.#">"#+' H:f&1#1'2-#'"2.%6-'4+'/00'2%2C./1$'"#-61'7-0/#-:'#%'%,-7/#"2?'/.#">"#"-1'K.%7-'4&1"2-11L'/2:'.$/2?-1'"2'2-#'9%78"2?'./,"#/0<' g J-,7-."/#"%2*'/::'#$-'/6%&2#'%5':-,7-."/#"%2' g H..%&2#1'U-.-">/40-*':-:&.#'#$-'"2.7-/1-1' g H..%&2#1'Q/+/40-*'/::'#$-'"2.7-/1-1' g )2>-2#%7"-1*':-:&.#'#$-'"2.7-/1-1' )2>-1#6-2#'H.#">"#+' g @/,"#/0'-N,-2:"#&7-*'4&+'c'1-00'QQM' g G&+'c'1-00'O/78-#/40-'E-.&7"#"-1' ("2/2."2?'H.#">"#"-1' H:f&1#1',/+6-2#1'#%'"2>-1#%71*' g Q/+6-2#'%5':">":-2:1*'/4%&#',/1#'-/72"2?1' g @$/2?-1'"2'G%77%9"2?1' -%+%*/*#%('!(-%'$7)',3*1=-(*>"&%.( )#'6-/1&7-1'.$/2?-1'"2'-D&"#+'.%6,%1"#"%2<' @$/2?-'"2'1#%.8$%0:-7;1'-D&"#+'k'U-#/"2-:'-/72"2?1'\'P-#'1/0-1'%5'1#%.8' J%;835%H"%8-5354<"f"(b"c"/3F3H%5H<" (%;"<8@%<",2"<;,6:"f"*8@%<",2"<;,6:"c"J%>=-678<%",2"<;,6:"$G=M"<78-%<"2-,9"<78-%7,@H%-<?" _F=MU'()PHP@)HA'EFHFMOMPF')P(_UOHF)_P' C O/2/?-6-2#':"1.&11"%2'/2:'/2/0+1"1*'_GE'#7/21/.#"%21' C P%#-1'#%'#$-'("2/2."/0'E#/#-6-2#' ( ( ( N\" !&#+#$&+,(-%+%*/*#%(+#+,.-&-( F$"1'/2/0+1"1'"1'&1-:'#%'.%6,/7-'/'.%6,/2+'#%'"#1-05'%>-7'#"6-'%7'#%'%#$-7'1"6"0/7'.%6,/2"-1<' QU_()FHG)A)FT'UHF)_E' a7%11'6/7?"2'K6/7?"2-'0%7:%L' 𝐺𝑟𝑜𝑠𝑠 𝑀𝑎𝑟𝑔𝑖𝑛 = 𝐺𝑟𝑜𝑠𝑠 𝑃𝑟𝑜𝑓𝑖𝑡 𝑆𝑎𝑙𝑒𝑠 ' _,-7/#"2?'6/7?"2'K6/7?"2'%2'%,-7/#"2?'.%1#1L' 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑚𝑎𝑟𝑔𝑖𝑛 = 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑖𝑛𝑐𝑜𝑚𝑒 𝑆𝑎𝑙𝑒𝑠 ' MG)F'6/7?"2' 𝐸𝐵𝐼𝑇 𝑚𝑎𝑟𝑔𝑖𝑛 = 𝐸𝐵𝐼𝑇 𝑆𝑎𝑙𝑒𝑠 ' P-#'Q7%5"#'O/7?"2' 𝑁𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡 𝑚𝑎𝑟𝑔𝑖𝑛 = 𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒 𝑇𝑜𝑡𝑎𝑙 𝑆𝑎𝑙𝑒𝑠 ' A)RS)J)FT'UHF)_E' @&77-2#'7/#"%' 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜 = 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠' R&".8'7/#"%' 𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 = 𝐶𝑎𝑠ℎ + 𝑠ℎ𝑜𝑟𝑡_𝑡𝑒𝑟𝑚 𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡𝑠 + 𝑎𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 ' @/1$'7/#"%' 𝐶𝑎𝑠ℎ 𝑟𝑎𝑡𝑖𝑜 = 𝐶𝑎𝑠ℎ 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠' !_UV)Pa'@HQ)FHA'UHF)_E' F$-'5%00%9"2?'7/#"%1'?">-'"25%76/#"%2'/4%&#'#$-'0-2?#$'%5'./1$'.+.0-'K$%9'0%2?'9-'2--:'#%'5"2/2.-'9%78"2?'./,"#/0L<' H..%&2#1'7-.-">/40-':/+1' 𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒 𝑑𝑎𝑦𝑠 = 𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑑𝑎𝑖𝑙𝑦 𝑠𝑎𝑙𝑒𝑠' H..%&2#1',/+/40-':/+1' 𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑝𝑎𝑦𝑎𝑏𝑙𝑒 𝑑𝑎𝑦𝑠 = 𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑝𝑎𝑦𝑎𝑏𝑙𝑒 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑑𝑎𝑖𝑙𝑦 𝑐𝑜𝑠𝑑𝑡 𝑜𝑓 𝑠𝑎𝑙𝑒𝑠' )2>-2#%7+':/+1' 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑑𝑎𝑦𝑠 = 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑑𝑎𝑖𝑙𝑦 𝑐𝑜𝑠𝑡 𝑜𝑓 𝑠𝑎𝑙𝑒𝑠' H..%&2#1'7-.-">/40-'#&72%>-7' )25%76/#"%2'/4%&#'#$-'/6%&2#'%5'1/0-1'/2:'$%9'6&.$'#$-+'/7-'1&,,%7#-:'4+'#7/:-'.7-:"#<'F$-'0/7?-7'#$"1'7/#"%3'#$-'4-##-7' 𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟 = 𝐴𝑛𝑛𝑢𝑎𝑙 𝑠𝑎𝑙𝑒𝑠 𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒' H..%&2#1',/+/40-'#&72%>-7' F$-'16/00-7'#$"1'7/#"%3'#$-'4-##-73'4-./&1-'"#'6-/21'#$/#'9-'5"2/2.-'%&7'9%78"2?'./,"#/0'9"#$'#7/:-'.7-:"#<' 𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑝𝑎𝑦𝑎𝑏𝑙𝑒 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟 = 𝐴𝑛𝑛𝑢𝑎𝑙 𝑐𝑜𝑠𝑡 𝑜𝑓 𝑠𝑎𝑙𝑒𝑠 𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑝𝑎𝑦𝑎𝑏𝑙𝑒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b2";7%"6=--%5;"98-:%;">-36%"2,-">8@@8H3=9"3<"oZRR">%-",=56%S";7%5";7%"#R",=56%<",2">8@@8H3=9"Y%"-%6%3F%"78<"8"68<7"F8@=%",2'" #R"&"oZRR"f"o!#ERRR" *=>>,<%"4,@H"685"G%"G,=47;"85H"<,@H"2,-"8"6=--%5;"98-:%;">-36%",2"o!SNRR">%-",=56%E"B7%5";7%"!R",=56%<",2"4,@H"Y%"43F%"=>"78<"8"68<7"F8@=%",2'" !R"&"o!NRR"f"o!NERRR" B7%-%2,-%S";7%"V%Y%@%-K<",>>,-;=53;M"78<"8"G%5%23;",2"o!#SRRR";,H8M"85H"8"6,<;",2"o!NSRRR";,H8ME"b5";73<"68<%S";7%"5%;"F8@=%",2";7%">-,V%6;";,H8M"3<'" o!#SRRR"L"o!NSRRR"f"Lo!SRRR" Q%68=<%"3;"3<"5%48;3F%S";7%"6,<;<"%&6%%H";7%"G%5%23;<S"85H";7%"V%Y%@%-"<7,=@H"-%V%6;";7%";-8H%E" ' SE)Pa'OHUVMF'QU)@ME'F_'JMFMUO)PM'@HE='bHASME'' @%6,-#"#">-'6/78-#*'6/78-#'"2'9$".$'?%%:1'./2'4-'4%&?$#'/2:'1%0:'/#'#$-'1/6-',7".-'K9-'./2'#7&1#',7".-1L<' )2'#$"1'#+,-'%5'6/78-#3'9-'1$%&0:'/..-,#'/2'"2>-1#6-2#'%20+'"5'"#1'2-#'>/0&-'"1',%1"#">-3'9$".$'6-/21'#$/#'#$-':"55-7-2.-'4-#9--2'.%1#1' /2:'4-2-5"#1'6&1#'4-',%1"#">-<' b5";7%">-%F3,=<"%&89>@%S"Y%"=<%H";7%"6=--%5;"98-:%;">-36%";,"6,5F%-;"2-,9",=56%<",2">@8;35=9",-"4,@H";,"H,@@8-<E"l%"78H"5,"6,56%-5"8G,=;"Y7%;7%-" ;7%"V%Y%@%-";7,=47;";78;";7%">-36%"Y8<"283-",-"Y7%;7%-";7%"V%Y%@%-"Y,=@H"=<%";7%"<3@F%-",-"4,@HE" +&89>@%" ),="78F%"V=<;"Y,5"2,=-";36:%;<"2,-"8"6,56%-;"Y3;7"8"286%"F8@=%",2"oOR"%8671"G=;"M,="78F%"5,"35;%5;3,5",2"4,354";,";7%"6,56%-;E".<"8"<%6,5H"67,36%S"M,=" 685"78F%";Y,";36:%;<";,"M,=-"28F,-3;%"G85HK<"<,@HL,=;"<7,Y"$286%"F8@=%"oOW"%867?E" A5"%Q8MS";36:%;<";,";7%"6,56%-;"8-%"G%354"G,=47;"85H"<,@H"2,-"oNR"8>3%6%"85H";36:%;<";,"M,=-"28F,-3;%"G85HK<"<7,Y"8-%"G%354"G,=47;"85H"<,@H"8;"oWR" %867E"l7367">-3U%"<7,=@H"M,="67,,<%g" C,9>%;3;3F%"98-:%;">-36%<"8-%"-%@%F85;"7%-%'" C,56%-;";36:%;<"_P'"O"&"oNR"f"o!#R" I8F,=-3;%"G85H"_P'"!"&"oWR"f"o!RR" ),="<7,=@H"866%>;";7%"6,56%-;";36:%;<S"<%@@";7%9",5"%Q8MS"85H"=<%";7%">-,6%%H<";,"G=M";Y,";36:%;<";,"M,=-"28F,-3;%"G85HK<"<7,Y'"M,=K@@"%F%5"78F%"o"#R" @%2;",F%-E" ' &#%*1*-%(1+%*-(+#3(%)*(%&/*(:+,"*('!(/'#*.(( F"6-'>/0&-'%5'6%2-+' P%#'/00'./1$'50%91'$/,,-2'/#'#$-'1/6-'#"6-'K-N<')'?-#'#%:/+'s]Y'/2:'#%6%77%9')'1$%&0:'?">-']Xs'4/.8L<'(%7'#$"1'7-/1%23'#$-7-'"1'/' :"55-7-2.-'"2'>/0&-'4-#9--2'#$-'./1$'50%913'9$".$'"1':&-'#%'#$-'#"6-'>/0&-'%5'6%2-+<' )2#-7-1#'7/#-' F$-'"2#-7-1#'7/#-'"1'#$-'7/#-'/#'9$".$'9-'./2'-N.$/2?-'6%2-+'#%:/+'5%7'6%2-+'"2'#$-'5&#&7-<' )5'#$-'/6%&2#'%5'#$-'"2>-1#6-2#'"1'.-7#/"2'K7"18C57--L3'9-'$/>-'#$-'5%00%9"2?'5%76&0/1*' 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑟𝑎𝑡𝑒 𝑓𝑎𝑐𝑡𝑜𝑟 = 𝟏 + 𝒓' 𝐷𝑖𝑠𝑐𝑜𝑢𝑛𝑡 𝑓𝑎𝑐𝑡𝑜𝑟 = 𝟏 𝟏 + 𝒓' ' ' O!" +&89>@%" C,5<3H%-"85"35F%<;9%5;",>>,-;=53;M"Y3;7";7%"2,@@,Y354"6%-;835"68<7"2@,Y<'" w C,<;'"o!RRERRR";,H8M" w Q%5%23;'"o!RWERRR"35",5%"M%8-" B7%"H322%-%56%"35"F8@=%"$!RWERRR"c"!RRERRR"f"WRRR?"G%;Y%%5"9,5%M";,H8M"85H"9,5%M"35";7%"2=;=-%"3<"H=%";,";7%";39%"F8@=%",2"9,5%ME" b2";7%"35;%-%<;"-8;%"3<"\hS";7%5"Y%"685"%&>-%<<";7%"2=;=-%"F8@=%",2";,H8MK<"6,<;<"8<'" o!RRERRR"&"!ER\"f"o!R\ERRR" Q,;7"6,<;<"85H"G%5%23;<"8-%"5,Y"35";%-9<",2"xH,@@8-<"35",5%"M%8-Sy"<,"Y%"685"6,9>8-%";7%9"85H"6,9>=;%";7%"35F%<;9%5;K<"5%;"2=;=-%"F8@=%'" o!RWERRR"L"o!R\ERRR"f"Lo#RRR"35",5%"M%8-" b5",;7%-"Y,-H<S"Y%"6,=@H"%8-5"o#RRR"9,-%"35",5%"M%8-"GM">=;;354",=-"o!RRSRRR"35";7%"G85:"-8;7%-";785"98:354";73<"35F%<;9%5;E"l%"<7,=@H"-%V%6;";7%" 35F%<;9%5;E" C,5<3H%-";7%"G%5%23;",2"o!RWERRR"35",5%"M%8-E"l78;"3<";7%"%T=3F8@%5;"89,=5;"35";%-9<",2"H,@@8-<";,H8M"$>-%<%5;"F8@=%?g" $105.000 1,07 = $𝟗𝟖. 𝟏𝟑𝟎, 𝟖𝟒" B73<"3<";7%"89,=5;";7%"G85:"Y,=@H"@%5H";,"=<";,H8M"32"Y%">-,93<%H";,"-%>8M"o!RWERRR"35",5%"M%8-E" (,Y"Y%"8-%"-%8HM";,"6,9>=;%";7%"5%;">-%<%5;"F8@=%",2";7%"35F%<;9%5;'" o^]E!NRS]O"L"o!RRERRR"f"Lo!]Z^S!Z" B7%"5%48;3F%"-%<=@;"35H368;%<";78;"Y%"<7,=@H"-%V%6;";7%"35F%<;9%5;E" ' F$-',7->"%&1'-N/6,0-':-6%21#7/#-1'#$/#'%&7':-."1"%2'"1'#$-'1/6-'9$-#$-7'9-'-N,7-11'#$-'>/0&-'%5'#$-'"2>-1#6-2#'"2'#-761'%5':%00/71' "2'%2-'+-/7'%7':%00/71'#%:/+<'' 01*-*#%(:+,"*(?(!"%"1*(:+,"*( !$-2'9-'-N,7-11'#$-'>/0&-'"2'#-761'%5':%00/71'#%:/+3'9-'./00'"#'#$-',7-1-2#'>/0&-'KQbL'%5'#$-'"2>-1#6-2#<')5'9-'-N,7-11'"#'"2'#-761'%5' :%00/71'"2'#$-'5&#&7-3'9-'./00'"#'#$-'5&#&7-'>/0&-'%5'#$-'"2>-1#6-2#<' +&89>@%"" B7%"6,<;",2"-%G=3@H354";7%"*85"I-8563<6,"Q8M"Q-3H4%";,"98:%"3;"%8-;7T=8:%L<82%"Y8<"8>>-,&398;%@M"oN"G3@@3,5"35"#RROE".;";7%";39%S"%5435%%-<"%<;398;%H" ;78;"32";7%">-,V%6;"Y%-%"H%@8M%H";,"#RRWS";7%"6,<;"Y,=@H"-3<%"GM"!RhE"b2";7%"35;%-%<;"-8;%"Y%-%"#hS"Y78;"Y,=@H"G%";7%"6,<;",2"8"H%@8M"35";%-9<",2"H,@@8-<" 35"#RROg" C,<;"35"#RRW'"oNSN"G3@@3,5" PV ($3,3 billion) = $3,3 𝑏𝑖𝑙𝑙𝑖𝑜𝑛 1,02 = $3,235 𝑏𝑖𝑙𝑙𝑖𝑜𝑛" C,<;",2"H%@8M'"oNS#NW"G3@@3,5"L"oN"G3@@3,5"f"#NW"93@@3,5" B78;"3<S"H%@8M354";7%">-,V%6;"2,-",5%"M%8-"Y8<"%T=3F8@%5;";,"43F354"=>"o#NW"93@@3,5"35"68<7E" #0:(3*$&-&'#(1",*( F$-'P-#'Q7-1-2#'b/0&-'KPQbL'%5'/',7%f-.#'%7'"2>-1#6-2#'"1'#$-':"55-7-2.-'4-#9--2'#$-',7-1-2#'>/0&-'%5'"#1'4-2-5"#1'/2:'#$-',7-1-2#' >/0&-'%5'"#1'.%1#1<' PQb'k'QbKG-2-5"#1L'l'QbK@%1#1L' !$-2'6/8"2?'/2'"2>-1#6-2#':-."1"%23'#/8-'#$-'/0#-72/#">-'9"#$'#$-'$"?$-1#'PQb<'@$%%1"2?'#$"1'/0#-72/#">-'"1'-D&">/0-2#'#%'7-.-">"2?' "#1'PQb'"2'./1$'#%:/+<' g H..-,#'#$%1-',7%f-.#1'9"#$',%1"#">-'PQb'4-./&1-'/..-,#"2?'#$-6'"1'-D&">/0-2#'#%'7-.-">"2?'#$-"7'PQb'"2'./1$'#%:/+<' g U-f-.#'#$%1-',7%f-.#1'9"#$'2-?/#">-'PQb'4-./&1-'/..-,#"2?'#$-6'9%&0:'7-:&.-'#$-'9-/0#$'%5'"2>-1#%71<' +&89>@%"" ."23-9"5%%H<";,"G=M"8"5%Y"o^WRR"6,>3%-E"B7%"985=286;=-%-"78<",22%-%H";,"@%;";7%"23-9">8M"o!RERRR"35",5%"M%8-S"-8;7%-";785">8M"68<7";,H8ME"*=>>,<%" ;7%"-3<:L2-%%"35;%-%<;"-8;%"3<"\h">%-"M%8-E"b<";73<",22%-"8"4,,H"H%8@g"*7,Y";78;"3;<"(`P"-%>-%<%5;<"68<7"35"M,=-">,6:%;E" 𝑃𝑉 ($10.000) = $10.000 1,07 = $ 9345,79" (`P"f"^WRR"c"^NOWS\^"f"o!WOS"#!" z"(`P"{"R'";7%"35F%<;9%5;"3<"8"4,,H"H%8@E" O#" F$-'PQb'"1'/'6-/1&7-'%5'#$-'6/78-#'>/0&-'%5'/2'"2>-1#6-2#<')#;1' "6,%7#/2#'#%'&2:-71#/2:'#$-'7-0/#"%21$",'4-#9--2'PQb'/2:'#$-' .%6,/2+'>/0&-^'"2'5/.#3'/2'"2>-1#6-2#':-."1"%2'9"#$'/',%1"#">-'PQb'"2.7-/1-1'#$-'.%6,/2+'>/0&-<' @=__E)Pa'HO_Pa'HAFMUPHF)bME' !-'./2'/01%'&1-'#$-'PQb':-."1"%2'7&0-'#%'.$%%1-'/6%2?',7%f-.#1*'9-'2--:'#%'.%6,&#-'#$-'PQb'%5'-/.$'/0#-72/#">-'/2:'#$-2'1-0-.#' #$-'%2-'9"#$'#$-'$"?$-1#'PQb<'F$"1'/0#-72/#">-'"1'#$-'%2-'9$".$'9"00'0-/:'#%'#$-'0/7?-1#'"2.7-/1-'"2'#$-'>/0&-'%5'#$-'5"76<' +&89>@%"!" *=>>,<%"M,="<;8-;%H"8"l%G"<3;%"7,<;354"G=<35%<<"85H";7%5"H%63H%H";,"-%;=-5";,"<67,,@E"(,Y";78;"M,="8-%"G86:"35"<67,,@S"M,="8-%"6,5<3H%-354"<%@@354" ;7%"G=<35%<<"Y3;735";7%"5%&;"M%8-E".5"35F%<;,-"78<",22%-%H";,"G=M";7%"G=<35%<<"2,-"o#RRERRR"Y7%5%F%-"M,="8-%"-%8HME"b2";7%"35;%-%<;"-8;%"3<"!RhS"Y7367" ,2";7%"2,@@,Y354";7-%%"8@;%-58;3F%<"3<";7%"G%<;"67,36%g" !E *%@@";7%"G=<35%<<"5,YE" #E *68@%"G86:";7%"G=<35%<<"85H"6,5;35=%"-=55354"3;"Y73@%"M,="8-%"35"<67,,@"2,-",5%"9,-%"M%8-S"85H";7%5"<%@@";7%"G=<35%<<"$-%T=3-354"M,=";," <>%5H"oNRERRR",5"%&>%5<%<"5,YS"G=;"4%5%-8;354"oWRERRR"35">-,23;"8;";7%"%5H",2";7%"M%8-?E" NE X3-%"<,9%,5%";,"98584%";7%"G=<35%<<"Y73@%"M,="8-%"35"<67,,@"2,-",5%"9,-%"M%8-S"85H";7%5"<%@@";7%"G=<35%<<"$-%T=3-354"M,=";,"<>%5H"oWRSRRR" ,5"%&>%5<%<"5,YS"G=;"4%5%-8;354"o!RRERRR"35">-,23;"8;";7%"%5H",2";7%"M%8-?E'" " B7%"G%<;"67,36%"3<";7%",5%"Y3;7"7347%<;"(`P'"73-%"8"98584%-"85H"<%@@"35",5%"M%8-S"G%68=<%"67,,<354";73<"8@;%-58;3F%"3<"%T=3F8@%5;";,"-%6%3F354"o###E\#\" ;,H8ME'' +&89>@%"#" ),="78F%"o!RERRR";,"35F%<;"85H"8-%"6,5<3H%-354";7-%%",5%LM%8-"-3<:L2-%%"35F%<;9%5;",>;3,5<'" !E b5F%<;"=>";,"o!RERRR"35"8"BLQ3@@">8M354"#hE" #E b5F%<;"35"8">-,V%6;";78;"6,<;"oZRRR"85H"-%;=-5<"oZ!RR"35",5%"M%8-E" NE b5F%<;"35"8">-,V%6;";78;"6,<;<"oORRR"85H"-%;=-5<"oO!RR"35",5%"M%8-E" *356%"8@@",2"35F%<;9%5;",>;3,5<"8-%"2,-",5%"M%8-"85H"-3<:L2-%%S";7%"8>>-,>-38;%"H3<6,=5;"-8;%"3<"#hE"B7%"`P",2"%867"35F%<;9%5;"8;"#h"3<'" ' s3F%5";78;";7%"#'("35F%<;9%5;"78<"8"5%48;3F%"(`PS"3;"<7,=@H"5,;"G%"6,5<3H%-%HE"X,Y%F%-S",5@M"35F%<;354"35"|N"=<%<"V=<;"oOSRRR",2";7%"8F83@8G@%"2=5H<" ;,"35F%<;S"M3%@H354"8";,;8@"(`P",2" 4100 + 6000 1,02 − 10.000 = −98,04" B7%",>;398@"<;-8;%4M"3<";,"35F%<;"oORRR"35"N)("85H"oZRRR"35";7%"BLQ3@@E"B7%"(`P",2";73<"<;-8;%4M"3<" 4100 + 6000(1,02) 1,02 − 10.000 = 19,61" +F%5";7,=47";7%"(`P",2";7%"BLQ3@@"35F%<;9%5;"3<"oRS"3;"3<"8"G%;;%-"35F%<;9%5;";785"5,;"35F%<;354";7,<%"2=5H<"8;"8@@E"B7=<S";7%";,;8@"(`P",2"35F%<;354" oORRR"35"`-,V%6;"#"85H"oZRRR"35"BLQ3@@<"M3%@H<"85"(`P",2"o!^SZ!"$(`P",2"`-,V%6;"#?">@=<"85"(`P",2"oR"$(`P",2"BLQ3@@?S"M3%@H354"8";,;8@"(`P",2"o!^SZ!E" ' PQb'HPJ'@HE='PMMJE' U-?/7:0-11'%5'%&7',7-5-7-2.-1'5%7'./1$'#%:/+'>-71&1'./1$'"2'#$-'5&#&7-3'9-'1$%&0:'/09/+1'6/N"6"W-'PQb'5"71#<'!-'./2'#$-2'4%77%9' %7'0-2:'#%'1$"5#'./1$'50%91'#$7%&?$'#"6-'/2:'5"2:'%&7'6%1#',7-5-77-:',/##-72'%5'./1$'50%91<' ( ( ( OW" +&89>@%" X,@G-,,:"X,@H354<"3<"8">=G@36@M";-8H%H"6,9>85M"Y3;7",5@M";Y,"8<<%;<'"3;",Y5<"ZRh",2"X8--MK<"X,;68:%<"-%<;8=-85;"67835"85H"85"36%"7,6:%M";%89E" *=>>,<%";7%"98-:%;"F8@=%",2"X,@G-,,:"X,@H354<"3<"o!ZR"93@@3,5S"85H";7%"98-:%;"F8@=%",2";7%"%5;3-%"X8--MK<"X,;68:%<"67835"$Y7367"3<"8@<,">=G@36@M" ;-8H%H?"3<"o!#R"93@@3,5E" l78;"3<";7%"98-:%;"F8@=%",2";7%"7,6:%M";%89g" l%"685";735:",2"X,@G-,,:"8<"8">,-;2,@3,"6,5<3<;354",2"8"ZRh"<;8:%"35"X8--MK<"X,;68:%<"85H";7%"7,6:%M";%89E"QM"F8@=%"8HH3;3F3;MS";7%"<=9",2";7%"F8@=%" ,2";7%"<;8:%"35"X8--MK<"X,;68:%<"85H";7%"7,6:%M";%89"9=<;"%T=8@";7%"o!ZR"93@@3,5"98-:%;"F8@=%",2"X,@G-,,:E" Q%68=<%";7%"ZRh"<;8:%"35"X8--MK<"X,;68:%<"3<"Y,-;7"" ZRh"v"o!#R"93@@3,5"f"o\#"93@@3,5" B7%"7,6:%M";%89"78<"8"F8@=%",2" o!ZR"93@@3,5"t"o\#"93@@3,5"f"o]]"93@@3,5" ' +&89>@%" _,,5"X,@H354<"3<"8">=G@36@M";-8H%H"6,9>85M"Y3;7",5@M";7-%%"8<<%;<'"3;",Y5<"WRh",2"/=%"Q%F%-84%"C,ES"\Rh",2"_,=5;835"b5H=<;-3%<S"85H"!RRh",2";7%" A&2,-H"Q%8-<E"B7%";,;8@"98-:%;"F8@=%",2"_,,5"X,@H354<"3<"o#RR"93@@3,5S";7%";,;8@"98-:%;"F8@=%",2"/=%"Q%F%-84%"C,E"3<"o\W"93@@3,5"85H";7%";,;8@"98-:%;" F8@=%",2"_,=5;835"b5H=<;-3%<"3<"o!RR"93@@3,5E" l78;"3<";7%"98-:%;"F8@=%",2";7%"A&2,-H"Q%8-<g" l%"685";735:",2"_,,5"8<"8">,-;2,@3,"6,5<3<;354",2";7%"2,@@,Y354'" L WRh"<;8:%"35"/=%"Q%F%-84%" z" WRh"v"o\W"93@@3,5"f"oN\SW"93@@3,5" L \Rh"<;8:%"35"_,=5;835"b5H=<;-3%<" " z" \Rh"v"o!RR"93@@3,5"f"o\R"93@@3,5" L !RRh"<;8:%"35"A&2,-H"Q%8-<" D5H%-";7%"P8@=%".HH%H"_%;7,HS";7%"<=9",2";7%"F8@=%",2";7%"<;8:%<"35"8@@";7-%%"35F%<;9%5;<"9=<;"%T=8@";7%"o#RR"93@@3,5"98-:%;"F8@=%",2"_,,5E"B7%" A&2,-H"Q%8-<"9=<;"G%"Y,-;7'" o#RR"93@@3,5"t"oN\SW"93@@3,5"t"o\R"93@@3,5"f"o^#SW"93@@3,5" ' bHASM'HJJ)F)b)FT'x'()UO'bHASM' F%'6/N"6"W-'#$-'>/0&-'%5'#$-'-2#"7-'5"763'6/2/?-71'1$%&0:'6/8-':-."1"%21'#$/#'6/N"6"W-'PQb<'F$-'PQb'%5'#$-':-."1"%2'7-,7-1-2#1' "#1'.%2#7"4&#"%2'#%'#$-'%>-7/00'>/0&-'%5'#$-'5"76<' )OQH@F'_('U)EV'_P'bHASHF)_P' !-'./2'2%9'.%21":-7'7"18+'"2>-1#6-2#13'9$".$'6-/21'#$-+'/7-'2%#'.-7#/"2<' !$-2'./1$'50%91'/7-'7"18+3'9-'6&1#':"1.%&2#'#$-6'/#'/'7/#-'-D&/0'#%'#$-'7"18C57--'"2#-7-1#'7/#-',0&1'/2'/,,7%,7"/#-'7"18',7-6"&6' K-N,-.#-:'7-#&72':&-'#%'&2.-7#/"2#+L<'F$-'/,,7%,7"/#-'7"18',7-6"&6'9"00'4-'$"?$-7'#$-'6%7-'#$-',7%f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𝐸𝑥𝑝𝑒𝑐𝑡𝑒𝑑 𝑟𝑒𝑡𝑢𝑟𝑛 𝑜𝑓 𝑎 𝑟𝑖𝑠𝑘𝑦 𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡 = 𝑒𝑥𝑝𝑒𝑐𝑡𝑒𝑑 𝑔𝑎𝑖𝑛 𝑎𝑡 𝑡ℎ𝑒 𝑒𝑛𝑑 𝑜𝑓 𝑡ℎ𝑒 𝑦𝑒𝑎𝑟 𝑖𝑛𝑖𝑡𝑖𝑎𝑙 𝑐𝑜𝑠𝑡 ' +&89>@%"c"C8<7"2@,Y<"85H"98-:%;">-36%<"$35"o?",2"8"-3<:L2-%%"G,5H"85H"85"35F%<;9%5;"35";7%"98-:%;">,-;2,@3," " .<<=9%";7%-%"3<"85"%T=8@">-,G8G3@3;M",2"%3;7%-"8"Y%8:"%6,5,9M",-"<;-,54"%6,5,9M"$WRh?"85H";78;";7%"H3<6,=5;"-8;%"3<"OhE" 𝑃𝑟𝑖𝑐𝑒 (𝑟𝑖𝑠𝑘 − 𝑓𝑟𝑒𝑒 𝑏𝑜𝑛𝑑) = 𝑃𝑉 (𝐶𝐹𝑠) → 1100 1,04 = 1058" 𝐸𝑥𝑝𝑒𝑐𝑡𝑒𝑑 𝐶𝐹 (𝑚𝑘𝑡 𝑖𝑛𝑑𝑒𝑥) → 800 𝑥 50% + 1400 𝑥 50% = 1100" OZ" (,;%";78;";7%"%&>%6;%H"CI",2";7%"98-:%;"35H%&"3<"%T=8@";,";7%"%&>%6;%H"-%;=-5",2";7%"-3<:L2-%%"G,5HE"X,Y%F%-S";7%"98-:%;"35H%&K<"-%;=-5"H%>%5H<",5" ;7%"%6,5,936"6,5H3;3,5<S"<,"Y%"78F%"#"H322%-%5;"-%;=-5<S"G=;";7%"Y%347;%H"8F%-84%"3<"!!RRE" .@;7,=47"G,;7"35F%<;9%5;<"78F%";7%"<89%"%&>%6;%H"F8@=%S";7%"98-:%;"35H%&"78<"8"@,Y%-"98-:%;">-36%"<356%"3;"78<"8"4-%8;%-"89,=5;",2"-3<:E" 𝑅𝑒𝑡𝑢𝑟𝑛 (𝑠𝑡𝑟𝑜𝑛𝑔 𝑒𝑐𝑜𝑛𝑜𝑚𝑦) = 1400 − 1000 1000 = 40%" 𝑅𝑒𝑡𝑢𝑟𝑛 (𝑤𝑒𝑎𝑘 𝑒𝑐𝑜𝑛𝑜𝑚𝑦) = 800 − 1000 1000 = −20%" 𝐸𝑥𝑝𝑒𝑐𝑡𝑒𝑑 𝑚𝑘𝑡 𝑟𝑒𝑡𝑢𝑟𝑛 = 50% 𝑥 40% + 50% 𝑥 (−20%) = 10%" .@;%-58;3F%"Y8M";,"68@6=@8;%";7%"%&>%6;%H"98-:%;"-%;=-5'" 1000 = 1100 1 + 𝑖 → 𝑖 = 1100 1000 − 1 = 10%" ' +&%-63<%"c"/%;%-935%";7%"98-:%;">-36%",2"8"<%6=-3;M" " b2"Y%"6,9G35%"<%6=-3;M"."Y3;7"8"-3<:L2-%%"G,5H";78;">8M<"o]RR"35",5%"M%8-S";7%"68<7"2@,Y<",2";7%">,-;2,@3,"35",5%"M%8-"8-%"3H%5;368@";,";7%"68<7"2@,Y<",2" ;7%"98-:%;"35H%&E"QM";7%"a8Y",2"A5%"`-36%S";7%";,;8@"98-:%;"F8@=%",2";7%"G,5H"85H"<%6=-3;M"."9=<;"%T=8@"o!RRR"$F8@=%",2";7%"98-:%;"35H%&?E" s3F%5"8"-3<:L2-%%"35;%-%<;"-8;%",2"OhS";7%"98-:%;">-36%",2";7%"G,5H"3<'" 800 1,04 = $769" B7%-%2,-%S";7%"353;38@"98-:%;">-36%",2"<%6=-3;M"."3<"" o!RRR"t"o\Z^"f"o#N!" F$-'7"18'%5'/'1-.&7"#+'6&1#'4-'->/0&/#-:'"2'7-0/#"%2'#%'#$-'50&.#&/#"%21'%5'%#$-7'"2>-1#6-2#1'"2'#$-'-.%2%6+<')5'#$-'1-.&7"#+;1'7-#&721' >/7+'"2'#$-'%,,%1"#-':"7-.#"%2'%5'#$-'6/78-#'"2:-N3'"#'%55-71'"21&7/2.-'/2:'9"00'$/>-'/'2-?/#">-'7"18',7-6"&6<' +&%-63<%"L"J3<:"85H"-3<:">-%93=9<"2,-"H322%-%5;"<%6=-3;3%<"" " (%48;3F%"-3<:">-%93=9" *=>>,<%"<%6=-3;M"Q">8M<"oZRR"32";7%"%6,5,9M"3<"Y%8:"85H"oR"32";7%"%6,5,9M"3<"<;-,54E"l78;"8-%"3;<"5,L8-G3;-84%">-36%S"%&>%6;%H"-%;=-5S"85H"-3<:" >-%93=9g" b2"Y%"6,9G35%";7%"98-:%;"35H%&"85H"<%6=-3;M"Q";,4%;7%-"35"8">,-;2,@3,S"Y%"%8-5";7%"<89%">8M,22"8<"8"-3<:L2-%%"G,5H";78;">8M<"o!ORREE" " B7%"98-:%;">-36%",2";7%"-3<:L2-%%"G,5H"3<"" 1400 1,04 = $1346" *,S"Y%"685"6,56@=H%"2-,9";7%"@8Y",2",5%">-36%";78;"<%6=-3;M"Q"9=<;"78F%"8"98-:%;">-36%",2"" o"!NOZ"t"!RRR"f"oNOZ" b2";7%"%6,5,9M"3<"Y%8:S"<%6=-3;M"Q">8M<"8"-%;=-5",2" 600 − 346 346 = 73,4%" O\" b2";7%"%6,5,9M"3<"<;-,54S"<%6=-3;M"Q">8M<"5,;7354S"2,-"8"-%;=-5",2"t!RRhE"" B7%"%&>%6;%H"-%;=-5",2"<%6=-3;M"Q"3<" WRh"&"\NSOh"k"WRh"&"$L"!RRh?"f"L"!NSNh" b;<"-3<:">-%93=9"3<" L"!NSNh"L"Oh"f"L"!\SNh" B73<"9%85<";78;"<%6=-3;M"Q">8M<"35F%<;,-<"!\ENh"@%<<",5"8F%-84%";785";7%"-3<:L2-%%"35;%-%<;"-8;%E" ' !$-2'./1$'50%91'/7-'7"18+3'9-'./2'&1-'#$-'A/9'%5'_2-'Q7".-'#%'.%6,&#-',7-1-2#'>/0&-1'4+'.%21#7&.#"2?'/',%7#5%0"%'#$/#',7%:&.-1' ./1$'50%91'9"#$'":-2#"./0'7"18<' +&%-63<%"L"D<354";7%"-3<:">-%93=9";,"6,9>=;%"8">-36%" C,5<3H%-"8"-3<:M"G,5H"Y3;7"8"68<7"2@,Y",2"o!!RR"Y7%5";7%"%6,5,9M"3<"<;-,54"85H"o!RRR"Y7%5";7%"%6,5,9M"3<"Y%8:E"*=>>,<%"8"!h"-3<:">-%93=9"2,-" ;73<"G,5HE"b2";7%"-3<:L2-%%"35;%-%<;"-8;%"3<"OhS"Y78;"3<";7%">-36%",2";7%"G,5H";,H8Mg" 𝐷𝑖𝑠𝑐𝑜𝑢𝑛𝑡 𝑟𝑎𝑡𝑒 = 4% + 1% = 5%" B7%"%&>%6;%H"CI",2";7%"G,5H"35",5%"M%8-"3<" 50% 𝑥 1100 + 50% 𝑥 1000 = $1050" *,S";7%">-36%",2";7%"G,5H";,H8M"3<" 1050 1,05 = $𝟏𝟎𝟎𝟎" s3F%5";73<">-36%S";7%"G,5HK<"-%;=-5"3<"!Rh"Y7%5";7%"%6,5,9M"3<"<;-,54S"85H"Rh"Y7%5";7%"%6,5,9M"3<"Y%8:E"$(,;%";78;";7%"H322%-%56%"35";7%"-%;=-5<"3<" !RhS"Y7367"3<"![Z"8<"F8-38G@%"8<";7%"98-:%;"35H%&1"6,--%<>,5H354@MS";7%"-3<:">-%93=9",2";7%"G,5H"3<"![Z";78;",2";7%"98-:%;"35H%&"8<"Y%@@?E" +&%-63<%"#" C,5<3H%-"8"-3<:M"<;,6:"Y3;7"8"68<7"2@,Y",2"o!WRR"Y7%5";7%"%6,5,9M"3<"<;-,54"85H"o]RR"Y7%5";7%"%6,5,9M"3<"Y%8:E"+867"<;8;%",2";7%"%6,5,9M"78<" 85"%T=8@">-,G8G3@3;M",2",66=--354E"*=>>,<%"85"]h"-3<:">-%93=9E"b2";7%"-3<:L2-%%"35;%-%<;"-8;%"3<"#hS"Y78;"3<";7%">-36%",2";7%"<;,6:";,H8Mg" 𝐷𝑖𝑠𝑐𝑜𝑢𝑛𝑡 𝑟𝑎𝑡𝑒 = 2% + 8% = 10%" B7%"%&>%6;%H"CI",2";7%"G,5H"35",5%"M%8-"3<" 50% 𝑥 1500 + 50% 𝑥 800 = $1150" *,S";7%">-36%",2";7%"G,5H";,H8M"3<" 1150 1,1 = $𝟏𝟎𝟒𝟓, 𝟒𝟓" HUG)FUHaM'!)F='FUHPEH@F)_P'@_EFE' !$/#'.%21-D&-2.-':%'#7/21/.#"%2'.%1#1'$/>-'5%7'2%C/74"#7/?-',7".-1'/2:'#$-'A/9'%5'_2-'Q7".-B' !$-2'#$-7-'/7-'#7/21/.#"%21'.%1#1'K-N<'.%66"11"%213'#7/21,%7#/#"%23IL3'/74"#7/?-'8--,1',7".-1'%5'-D&">/0-2#'?%%:1'/2:'1-.&7"#"-1' .0%1-'#%'-/.$'%#$-7<'Q7".-1'./2':->"/#-3'4&#'2%#'4+'6%7-'#$/2'#$-'#7/21/.#"%21'.%1#'%5'#$-'/74"#7/?-<' +&89>@%"!" C,5<3H%-"8"G,5H";78;">8M<"o!RRR"8;";7%"%5H",2";7%"M%8-E"*=>>,<%";7%"98-:%;"35;%-%<;"-8;%"2,-"H%>,<3;<"3<"ZhS"G=;";7%"98-:%;"35;%-%<;"-8;%"2,-"G,--,Y354" 3<"ZSWhE"l78;"3<";7%"5,L8-G3;-84%">-36%"-854%"2,-";7%"G,5Hg"B78;"3<S"Y78;"3<";7%"7347%<;"85H"@,Y%<;">-36%";7%"G,5H"6,=@H";-8H%"2,-"Y3;7,=;"6-%8;354"85" 8-G3;-84%",>>,-;=53;Mg" B7%"5,L8-G3;-84%">-36%"2,-";7%"G,5H"%T=8@<";7%">-%<%5;"F8@=%",2";7%"68<7"2@,Y<E"b5";73<"68<%S"7,Y%F%-S";7%"35;%-%<;"-8;%"Y%"<7,=@H"=<%"H%>%5H<",5" Y7%;7%-"Y%"8-%"G,--,Y354",-"@%5H354E"" 𝐿𝑒𝑛𝑑𝑖𝑛𝑔: 1000 1,06 = $943,40" 𝐵𝑜𝑟𝑟𝑜𝑤𝑖𝑛𝑔: 1000 1,065 = $938,97" *=>>,<%";7%"G,5H">-36%"`"%&6%%H%H"o^ONSORE"B7%5"M,="6,=@H">-,23;"GM"<%@@354";7%"G,5H"8;"3;<"6=--%5;">-36%"85H"35F%<;354"o^ONSOR",2";7%">-,6%%H<"8;" ;7%"Zh"35;%-%<;"-8;%E"),="Y,=@H"<;3@@"-%6%3F%"o!RRR"8;";7%"%5H",2";7%"M%8-S"G=;"M,="Y,=@H"4%;";,":%%>";7%"H322%-%56%"o$`"c"^ONSOR?";,H8ME"B73<"8-G3;-84%" ,>>,-;=53;M"Y3@@":%%>";7%">-36%",2";7%"G,5H"2-,9"4,354"7347%-";785"o^ONSORE" .@;%-58;3F%@MS"<=>>,<%";7%"G,5H">-36%"`"Y%-%"@%<<";785"o^N]S^\E"B7%5"M,="6,=@H"G,--,Y"o^N]S^\"8;"ZSWh"85H"=<%"`",2"3;";,"G=M";7%"G,5HE"B73<"Y,=@H" @%8F%"M,="Y3;7"o$^N]S^\"t"`?E" " WR" &#%*1#+,(1+%*('!(1*%"1#(;&11<( H..%7:"2?'#%'#$"1'7&0-3'9-'1$%&0:*' g F/8-'/2+'"2>-1#6-2#'9$-7-'#$-')UU'-N.--:1'#$-'.%1#'%5'./,"#/0<' g F&72':%92'/2+'"2>-1#6-2#'9$%1-')UU'"1'0-11'#$/2'#$-'.%1#'%5'./,"#/0<' F$-')UU')2>-1#6-2#'U&0-'9"00'?">-'#$-'1/6-'/219-7'/1'#$-'PQb'7&0-'"2'6/2+3'4&#'2%#'/003'1"#&/#"%21<')2'?-2-7/03'#$-')UU'7&0-'9%781' 5%7'/'1#/2:C/0%2-',7%f-.#'"5'/00'%5'#$-',7%f-.#;1'2-?/#">-'./1$'50%91',7-.-:-'"#1',%1"#">-'./1$'50%91<' )2'%#$-7'./1-13'#$-')UU'7&0-'6/+':"1/?7--'9"#$'#$-'PQb'7&0-'/2:'#$&1'4-'"2.%77-.#*':-0/+-:'"2>-1#6-2#13'2%2-N"1#-2#')UU3'6&0#",0-' )UU1<' !$"0-'#$-')UU'7&0-'$/1'1$%7#.%6"2?1'5%7'6/8"2?'"2>-1#6-2#':-."1"%213'#$-')UU'"#1-05'7-6/"21'&1-5&03'4-./&1-'"#'6-/1&7-1'#$-'/>-7/?-' 7-#&72'%5'#$-'"2>-1#6-2#'/2:'#$-'1-21"#">"#+'%5'#$-'PQb'#%'/2+'-1#"6/#"%2'-77%7'"2'#$-'.%1#'%5'./,"#/0<' JMAHTMJ')PbMEFOMPFE' +&89>@%" ."98V,-">=G@3<7%-"78<",22%-%H"M,="8"G,,:"H%8@'"3;"Y3@@">8M"M,="o!"93@@3,5"=>2-,5;"32"M,="84-%%";,"Y-3;%"8"G,,:E"),="%<;398;%";78;"3;"Y3@@";8:%";7-%%"M%8-<" ;,"Y-3;%";7%"G,,:"85H";73<"Y3@@"68=<%"M,=";,"43F%"=>"<>%8:354"%5484%9%5;<"89,=5;354";,"oWRRERRR">%-"M%8-E"),="%<;398;%"M,=-",>>,-;=53;M"6,<;";,"G%" !RhE"*7,=@H"M,="866%>;";7%"H%8@g" C8@6=@8;%"bJJ" " B7%"bJJ"3<"4-%8;%-";785";7%"6,<;",2"68>3;8@E"B7=<S";7%"bJJ"-=@%"35H368;%<"M,="<7,=@H"866%>;";7%"H%8@E" C8@6=@8;%"(`P" " *356%";7%"(`P"3<"5%48;3F%S";7%"(`P"-=@%"35H368;%<"M,="<7,=@H"-%V%6;";7%"H%8@E" ' ' H1'9-'./2'1--'57%6'#$-',7->"%&1'-N/6,0-3'#$"1'$/,,-21'9$-2'4-2-5"#1',7-.--:'.%1#1'K9-'$/>-'/'5&#&7-'"2>-1#6-2#L<')2'#$"1'./1-'#$-' )UU'7&0-':%-12;#'9%78'/2:'#$-'?7/,$'PQb'5&2.#"%2'"1'/2'"2.7-/1"2?'5&2.#"%2'%5'#$-':"1.%&2#'7/#-<' OSAF)QAM')UU1' +&89>@%" *=>>,<%";7%">=G@3<7%-"$>-%F3,=<"%&89>@%?",22%-<"oWWRERRR"8HF856%"85H"o!"93@@3,5"35"2,=-"M%8-<S"Y7%5";7%"G,,:"3<">=G@3<7%HE" *7,=@H"7%"866%>;",-"-%V%6;";7%"5%Y",22%-g" B7%"68<7"2@,Y<"Y,=@H"5,Y"@,,:"@3:%" C8@6=@8;%"(`P" " QM"<%;;354";7%"(`P"%T=8@";,"U%-,"85H"<,@F354"2,-"-S"Y%"235H";7%"bJJE"b5";73<"68<%S";7%-%"8-%";Y,"bJJ<'"\S!ZOh"85H"NNSZ\NhE"Q%68=<%";7%-%"3<"9,-%" ;785",5%"bJJS";7%"bJJ"-=@%"6855,;"G%"8>>@3%HE" W!" Q%;Y%%5"\S!ZOh"85H"NNSZ\NhS";7%"G,,:"H%8@"78<"8"5%48;3F%"(`PE"*356%";7%",>>,-;=53;M"6,<;",2"68>3;8@"3<"!RhS"M,="<7,=@H"-%V%6;";7%"H%8@E" ' !$-2'9-'$/>-'X',%11"40-')UU13'#$"1'7&0-'./2;#'4-'/,,0"-:<'F$-'1$/,-'%5'#$-'5&2.#"%2'"1'.%2".<' P_PM`)EFHPF')UU' E&,,%1-'#$/#'#$-',&40"1$-7'"2.7-/1-1'#$-'/:>/2.-'#%'sq[Y<YYY3'"2'/::"#"%2'#%'#$-'s]'6"00"%2'9$-2'#$-'4%%8'"1',&40"1$-:'"2'5%&7'+-/71<' !"#$'#$-1-'./1$'50%913'2%')UU'-N"1#1'4-./&1-'#$-'PQb'"1',%1"#">-'5%7'/00'>/0&-1'%5'#$-':"1.%&2#'7/#-<'F$&1'#$-')UU'7&0-'./22%#'4-' &1-:3'1"2.-'#$-7-'"1'2%':"1.%&2#'7/#-'#$/#'6/8-1'PQb'-D&/0'#%'W-7%<' 0+.6+$7(1",*( F$-',/+4/.8',-7"%:'"1'#$-'/6%&2#'%5'#"6-'#$/#'"#'#/8-1'#%'7-.%>-7'%7',/+'4/.8'#$-'"2"#"/0'"2>-1#6-2#<')5'#$-',/+4/.8',-7"%:'"1'0-11'#$/2' /',7-C1,-."5"-:'0-2?#$'%5'#"6-3'+%&'/..-,#'#$-',7%f-.#<'_#$-79"1-3'+%&'7-f-.#'#$-',7%f-.#<'' !-'./2'/01%'/,,0+'#$"1'7&0-'#%'.$%%1-'/6%2?',7%f-.#1*'"2'#$"1'./1-3'9-'.$%%1-'#$-'%2-'9"#$'#$-'1$%7#-1#',/+4/.8',-7"%:<' F$-',/+4/.8'7&0-'"1'&1-:'4+'6/2+'.%6,/2"-1'4-./&1-'%5'"#1'1"6,0"."#+<"' 𝑃𝑎𝑦𝑏𝑎𝑐𝑘 𝑝𝑒𝑟𝑖𝑜𝑑 = 𝐶𝑜𝑠𝑡 𝐶𝑎𝑠ℎ 𝑓𝑙𝑜𝑤' +&89>@%" `-,V%6;<".S"QS"85H"C"%867"78F%"85"%&>%6;%H"@32%",2"23F%"M%8-<E"s3F%5";7%"353;38@"6,<;"85H"855=8@"68<7"2@,Y"352,-98;3,5"G%@,YS"Y78;"3<";7%">8MG86:" >%-3,H"2,-"%867">-,V%6;g" " 𝑃𝑎𝑦𝑏𝑎𝑐𝑘 𝐴 = 80 25 = 𝟑, 𝟐 𝒚𝒆𝒂𝒓𝒔" 𝑃𝑎𝑦𝑏𝑎𝑐𝑘 𝐵 = 120 30 = 𝟒 𝒚𝒆𝒂𝒓𝒔" 𝑃𝑎𝑦𝑏𝑎𝑐𝑘 𝐶 = 150 35 = 𝟒, 𝟐𝟗 𝒚𝒆𝒂𝒓𝒔" ' Q)F(HAAE' g )?2%7-1'#$-',7%f-.#;1'.%1#'%5'./,"#/0'/2:'#"6-'>/0&-'%5'6%2-+<'' g )?2%7-1'./1$'50%91'/5#-7'#$-',/+4/.8',-7"%:*'"#':%-12;#'.%21":-7'#$-'4-2-5"#1'#$/#'9-'$/>-'/5#-7'#$-',/+6-2#',-7"%:1<' g U-0"-1'%2'/2'/:'$%.':-."1"%2'.7"#-7"%2<' ' ' W#" $)''-&#2(+/'#2(01'A*$%-( /"%"+,,.(*B$,"-&:*(01'A*$%-( !$-2'+%&'6&1#'.$%%1-'%20+'%2-',7%f-.#'/6%2?'1->-7/0',%11"40-',7%f-.#13'#$-'.$%".-'"1'6&#&/00+'-N.0&1">-<')2'#$"1'./1-3'9-'/09/+1' 2--:'#%'&1-'#$-'PQb'7&0-'/2:'1-0-.#'#$-',7%f-.#'9"#$'#$-'$"?$-1#'PQb<')5'9-'/,,0+'#$-')UU'7&0-'/2:'1-0-.#'#$-',7%f-.#'9"#$'#$-'$"?$-1#' )UU3'#$"1'6/+'0-/:'#%'6"1#/8-1<' +&89>@%" ."<98@@"6,99%-638@">-,>%-;M"3<"2,-"<8@%"5%8-"M,=-"=53F%-<3;ME"),="78F%"6,9%"=>"Y3;7";7%"2,@@,Y354"68<7"2@,Y"%<;398;%<"$356@=H354";7%"6,<;",2">=-678<354" ;7%">-,>%-;M?E"l7367"35F%<;9%5;"<7,=@H"M,="67,,<%g" " .<<=9354"%867"G=<35%<<"@8<;<"35H%2353;%@M"$>%->%;=3;3F%"35<;8@@9%5;?S"Y%"685"6,9>=;%";7%">-%<%5;"F8@=%",2";7%"68<7"2@,Y<"2-,9"%867"8<"8"6,5<;85;" 4-,Y;7">%->%;=3;ME"B7%"(`P",2"%867">-,V%6;"3<'" " .@@",2";7%"8@;%-58;3F%<"78F%"8">,<3;3F%"(`PS"G=;"Y%"685",5@M"67,,<%",5%S"<,";7%"6,22%%"<7,>"3<";7%"G%<;"8@;%-58;3F%"$7347%<;"(`P?E" l78;"32"Y%"8>>@3%H";7%"bJJ"-=@%g"" " " b2"8>>@3%H";7%"bJJ"-=@%S"Y%"Y,=@H"78F%"67,<%5";7%"%@%6;-,536"<;,-%"$7347%<;"bJJ?S"G=;"Y%"<8Y";78;";73<"3<5K;";7%"G%<;"8@;%-58;3F%E" ' J)((MUMP@ME')P'E@HAM'' )5'/',7%f-.#;1'1"W-'"1':%&40-:'K-N<'"2"#"/0'"2>-1#6-2#'"1':%&40-:L3'"#1'PQb'9"00':%&40-<'F$"1'"1'2%#'#$-'./1-'9"#$')UU3'#$&13'#$-')UU'7&0-' ./22%#'4-'&1-:'#%'.%6,/7-',7%f-.#1'%5':"55-7-2#'1./0-1<' )2'#$-',7->"%&1'-N/6,0-3'#$-'4%%8'1#%7-'/2:'#$-'.%55--'1$%,'$/>-':"55-7-2#'"2"#"/0'"2>-1#6-2#1'/2:'./1$'50%913'#$&1'/01%'#$-"7'PQb1' :"55-7<' ' F)O)Pa'_('@HE='(A_!E' H2%#$-7',7%40-6'9"#$'#$-')UU'"1'#$/#'"#'./2'4-'/55-.#-:'4+'.$/2?"2?'#$-'#"6"2?'%5'#$-'./1$'50%913'->-2'9$-2'#$-'1./0-'"1'#$-'1/6-*' )UU'"1'/'7-#&723'4&#'#$-':%00/7'>/0&-'%5'-/72"2?'/'?">-2'7-#&72':-,-2:1'%2'$%9'0%2?'#$-'7-#&72'"1'-/72-:<' @%21":-7'/?/"2'#$-'.%55--'1$%,'/2:'#$-'6&1".'1#%7-'"2>-1#6-2#*'4%#$'$/>-'#$-'1/6-'"2"#"/0'1./0-'/2:'#$-'1/6-'$%7"W%2^'$%9->-73'#$-' .%55--'1$%,'$/1'/'0%9-7')UU3'4&#'/'$"?$-7'PQb'4-./&1-'%5'"#1'$"?$-7'?7%9#$'7/#-<' ' WW" 03%&)4"%+)/!'$0'#)(-+)/'23&7"+-%7' U&0-1'#%'4&"0:'./1$'50%91<'=%9'./2')'4&"0:'./1$'50%91'5%7'6+'.%6,/2+B' (_UM@HEF)Pa'MHUP)PaE' @/,"#/0'G&:?-#*'0"1#1'#$-'"2>-1#6-2#1'#$/#'/'.%6,/2+',0/21'#%'&2:-7#/8-<' @/,"#/0'G&:?-#"2?*',7%.-11'&1-:'#%'/2/0+W-'/0#-72/#">-'"2>-1#6-2#1'/2:':-.":-'9$".$'%2-1'#%'/..-,#<' )2.7-6-2#/0'M/72"2?1*'#$-'/6%&2#'4+'9$".$'#$-'5"76;1'-/72"2?1'/7-'-N,-.#-:'#%'.$/2?-'4-./&1-'%5'#$-'"2>-1#6-2#':-."1"%2<' UMbMPSM'HPJ'@_EF'MEF)OHFME' +&89>@%" a35:<M<"78<"6,9>@%;%H"8"oNRRERRR"2%8<3G3@3;M"<;=HM";,"8<<%<<";7%"8;;-86;3F%5%<<",2"8"5%Y">-,H=6;S"X,9%(%;E"B7%">-,V%6;"78<"85"%<;398;%H"@32%",2"2,=-" M%8-<E" J%F%5=%"+<;398;%<" L *8@%<"f"!RRERRR"=53;<[M%8-"" L `%-"D53;"`-36%"f"o#ZR" C,<;"+<;398;%<" L D>LI-,5;"J€/"f"o!WERRRERRR" L D>LI-,5;"(%Y"+T=3>9%5;"f"o\EWRRERRR" +&>%6;%H"@32%",2";7%"5%Y"%T=3>9%5;"3<"23F%"M%8-<E" X,=<%H"35"%&3<;354"@8G" L .55=8@"AF%-7%8H"f"o#E]RRERRR"" L `%-"D53;"C,<;"f"o!!R" C8>3;8@"+&>%5H3;=-%<"85H"/%>-%638;3,5" B7%"o\SW"93@@3,5"35"5%Y"%T=3>9%5;"3<"8"68<7"%&>%5<%S"G=;"3;"3<"5,;"H3-%6;@M"@3<;%H"8<"85"%&>%5<%"Y7%5"68@6=@8;354"%8-5354<E"b5<;%8HS";7%"23-9"H%H=6;<" 8"2-86;3,5",2";7%"6,<;",2";7%<%"3;%9<"%867"M%8-"8<"H%>-%638;3,5E" b;K<"39>,-;85;";,"%F8@=8;%"H%>-%638;3,5S"G%68=<%"Y%"H,5K;">8M";8&%<",5";78;"89,=5;E" *;-8347;"a35%"/%>-%638;3,5" B7%"8<<%;K<"6,<;"3<"H3F3H%H"%T=8@@M",F%-"3;<"@32%E"" .55=8@"/%>-%638;3,5'" " )PFMUMEF'M`QMPEM' )2'./,"#/0'4&:?-#"2?':-."1"%213'"2#-7-1#'-N,-21-'"1'#+,"./00+'2%#'"2.0&:-:3'4-./&1-'#$-',7%f-.#'1$%&0:'4-'f&:?-:'%2'"#1'%923'2%#'%2' $%9'"#'9"00'4-'5"2/2.-:<' FH`ME' O/7?"2/0'@%7,%7/#-'F/N'U/#-*'#/N'7/#-'K𝜏&L'%2'#$-'6/7?"2/0'%7'"2.7-6-2#/0':%00/7'%5',7-C#/N'"2.%6-<'H'2-?/#">-'#/N'"1'-D&/0'#%'/'#/N' .7-:"#<' 𝑰𝒏𝒄𝒐𝒎𝒆 𝒕𝒂𝒙 = 𝐸𝐵𝐼𝑇 𝑥 𝜏&' 𝑼𝒏𝒍𝒆𝒗𝒆𝒓𝒆𝒅 𝒏𝒆𝒕 𝒊𝒏𝒄𝒐𝒎𝒆 = 𝐸𝐵𝐼𝑇 𝑥 (1 − 𝜏&) → (𝑅𝑒𝑣𝑒𝑛𝑢𝑒𝑠 − 𝑐𝑜𝑠𝑡𝑠 − 𝑑𝑒𝑝𝑟𝑒𝑐𝑖𝑎𝑡𝑖𝑜𝑛) 𝑥 (1 − 𝜏&)' 𝜏& = 𝑡𝑎𝑠𝑠𝑒 𝐸𝐵𝐼𝑇' D5@%F%-%H'"5,;"286;,-354"35";7%"39>86;",2";7%"23585638@",>%-8;3,5E" WZ" &#3&1*$%(*!!*$%-('#(&#$1*/*#%+,(*+1#&#2-(( _QQ_UFSP)FT'@_EF' F$-'>/0&-'/'7-1%&7.-'.%&0:'$/>-',7%>":-:'"2'"#1'4-1#'/0#-72/#">-'&1-<' QU_rM@F'M`FMUPHA)F)ME' )2:"7-.#'-55-.#1'%5'#$-',7%f-.#'#$/#'6/+'/55-.#'#$-',7%5"#1'%5'%#$-7'4&1"2-11'/.#">"#"-1'%5'#$-'5"763'5%7'-N/6,0-'./22"4/0"W/#"%2'"1'9$-2' 1/0-1'%5'/'2-9',7%:&.#':"1,0/.-'1/0-1'%5'/2'-N"1#"2?',7%:&.#<')2'#$"1'./1-3'#$-'7-:&.#"%2'"2'1/0-1'K/2:'"2'-/72"2?1L'%5'/',7->"%&1',7%:&.#' ./2'4-'.%21":-7-:'/1'/2'%,,%7#&2"#+'.%1#<' +&89>@%" *=>>,<%"X,9%(%;K<"5%Y"@8G"Y3@@"G%"7,=<%H"35"Y8-%7,=<%"<>86%";78;";7%"6,9>85M"Y,=@H"78F%",;7%-Y3<%"-%5;%H",=;"2,-"o#RRERRR">%-"M%8-"H=-354" M%8-<"!"c"OE" X,Y"H,%<";73<",>>,-;=53;M"6,<;"822%6;"X,9%"(%;K<"356-%9%5;8@"%8-5354<g" b5";73<"68<%S";7%",>>,-;=53;M"6,<;",2";7%"Y8-%7,=<%"<>86%"3<";7%"2,-4,5%"-%5;E"B73<"6,<;"Y,=@H"-%H=6%"X,9%(%;K<"356-%9%5;8@"%8-5354<"H=-354"M%8-<" !c"O"GM'" o#RRSRRR"v"$!"t"ORh?"f"o!#RERRR" o!#RERRR"3<";7%"82;%-L;8&"G%5%23;",2"-%5;354",=;";7%"Y8-%7,=<%"<>86%E" #Wh",2"<8@%<"6,9%"2-,9"6=<;,9%-<"Y7,"Y,=@H"78F%">=-678<%H"85"%&3<;354"a35:<M<"Y3-%@%<<"-,=;%-"32"X,9%"(%;"Y%-%"5,;"8F83@8G@%E"*356%";73<"-%H=6;3,5" 35"<8@%<",2" ;7%"%&3<;354"Y3-%@%<<" -,=;%-" 3<"8"6,5<%T=%56%",2" ;7%"H%63<3,5" ;,"H%F%@,>"X,9%"(%;S"Y%"9=<;" 356@=H%" 3;"Y7%5"68@6=@8;354"X,9%"(%;K<" 356-%9%5;8@"%8-5354<'" *>-%8H<7%%;"X,9%(%;K<"b56-%9%5;8@"+8-5354<"I,-%68<;"b56@=H354"C8553G8@3U8;3,5"85H"a,<;"J%5;" ESPV'@_EFE' E&28'.%1#1'/7-'.%1#1'#$/#'$/>-'4--2'%7'9"00'4-',/":'7-?/7:0-11'%5'#$-':-."1"%2'9$-#$-7'%7'2%#'#$-'"2>-1#6-2#'"1'&2:-7#/8-2<'(%7'#$"1' 7-/1%23'1&28'.%1#1'1$%&0:'2%#'4-'"2.0&:-:'"2'#$-'"2.7-6-2#/0'-/72"2?1'/2/0+1"1<'MN/6,0-1'%5'1&28'.%1#1'/7-*' g ("N-:'%>-7$-/:'-N,-21-1*'#$-+'/7-'#+,"./00+'5"N-:'/2:'2%#'"2.7-6-2#/0<' g Q/1#'7-1-/7.$'/2:':->-0%,6-2#'-N,-2:"#&7-1*'6%2-+'#$/#'$/1'/07-/:+'4--2'1,-2#<' g S2/>%":/40-'.%6,-#"#">-'-55-.#1*'!$-2':->-0%,"2?'/'2-9',7%:&.#3' 5"761'6/+'4-'.%2.-72-:'/4%&#' #$-'./22"4/0"W/#"%2'%5' -N"1#"2?',7%:&.#1<'=%9->-73'"5'1/0-1'/7-'0"8-0+'#%':-.0"2-'"2'/2+'./1-'4-./&1-'%5'2-9',7%:&.#1'"2#7%:&.-:'4+'.%6,-#"#%713' #$-2'#$-1-'0%1#'1/0-1'1$%&0:'4-'.%21":-7-:'/'1&28'.%1#<' UMHA'!_UAJ'@_OQAM`)F)ME' g E/0-1'9"00'.$/2?-'57%6'+-/7'#%'+-/7*'$%9'1/0-1'/7-':"1#7"4&#-:'%>-7'#"6-'9"00'/55-.#'#$-'PQb3'4-./&1-'/2'/6%&2#'%5'1/0-1'"2' %2-'+-/7':"55-71'57%6'#$-'1/6-'/6%&2#'"2'#9%'+-/71<' g F$-'/>-7/?-'1-00"2?',7".-'9"00'>/7+'%>-7'#"6-<' g F$-'/>-7/?-'.%1#',-7'&2"#'9"00'.$/2?-'%>-7'#"6-<' +&89>@%"L"X,9%(%;" *=>>,<%"<8@%<",2"X,9%(%;"Y%-%"%&>%6;%H";,"G%'"" L !RRERRR"=53;<"35"M%8-"!" L !#WERRR"=53;<"35"M%8-<"#"85H"N" L WRERRR"=53;<"35"M%8-"O" *=>>,<%"8@<,";78;"X,9%(%;K<"<8@%">-36%"85H"985=286;=-354"6,<;"8-%"%&>%6;%H";,"H%6@35%"GM"!Rh">%-"M%8-S"8<"Y3;7",;7%-"5%;Y,-:354">-,H=6;<E"QM" 6,5;-8<;S"<%@@354S"4%5%-8@S"85H"8H9353<;-8;3F%"%&>%5<%<"8-%"%&>%6;%H";,"-3<%"Y3;7"352@8;3,5"GM"Oh">%-"M%8-E" D>H8;%";7%"356-%9%5;8@"%8-5354<"2,-%68<;"35";7%"<>-%8H<7%%;"35;,"866,=5;"2,-";7%<%"%22%6;<E" X,9%"(%;K<"356-%9%5;8@"%8-5354<"Y3;7";7%<%"5%Y"8<<=9>;3,5<"8-%"<7,Y5"35";7%"<>-%8H<7%%;"G%@,Y'" W\" I,-"%&89>@%S"<8@%">-36%<"35"M%8-"#"Y3@@"G%"o#NO">%-"=53;"$o#ZR"v"RE^R?"2,-"X,9%"(%;S"85H"o^R">%-"=53;"$o!RR"v"RE^R?"2,-";7%"68553G8@3U%H">-,H=6;E"B7=<S" 356-%9%5;8@"<8@%<"35"M%8-"#"8-%"%T=8@";,'"" !#WERRR"=53;<"v"$o#NO">%-"=53;?"c"N!E#WR"68553G8@3U%H"=53;<"v"$o^R">%-"=53;?"f"o#ZEON]"93@@3,5" !1**($+-)(!,'8(;!$!<(+#3(#0:( F$-'57--'./1$'50%9'%5'/',7%f-.#'"1'"#1'"2.7-6-2#/0'-55-.#'%2'/'5"76;1'/>/"0/40-'./1$<' @HA@SAHF)Pa'(@('(U_O'MHUP)PaE' @/,"#/0'MN,-2:"#&7-1'/2:'J-,7-."/#"%2' @/,"#/0'MN,-2:"#&7-1'/7-' #$-'/.#&/0' ./1$'%&#50%91'9$-2'/2'/11-#' "1',&7.$/1-:' K5"N-:' "2>-1#6-2#1'&1&/00+'/6%7#"W-:L<'F$-+'/7-' "2.0&:-:'"2'./0.&0/#"2?'57--'./1$'50%9<' J-,7-."/#"%2'"1'/'2%2C./1$'-N,-21-3'#$/#'6&1#'4-'.%21":-7-:'#%'/:f&1#'#$-'57--'./1$'50%9'-1#"6/#-<'' *>-%8H<7%%;"C8@6=@8;3,5",2"X,9%(%;K<"I-%%"C8<7"I@,Y"$b56@=H354"C8553G8@3U8;3,5"85H"a,<;"J%5;?" ' P-#'9%78"2?'./,"#/0'KP!@L' 𝑁𝑊𝐶 = 𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑎𝑠𝑠𝑒𝑡𝑠 − 𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 → 𝑐𝑎𝑠ℎ + 𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 + 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠 − 𝑝𝑎𝑦𝑎𝑏𝑙𝑒𝑠' g O%1#',7%f-.#1'9"00'7-D&"7-'/2'"2>-1#6-2#'"2'2-#'9%78"2?'./,"#/0<' g F7/:-'.7-:"#'"1'#$-':"55-7-2.-'4-#9--2'7-.-">/40-1'/2:',/+/40-1<' F$-'"2.7-/1-'"2'2-#'9%78"2?'./,"#/0'"1':-5"2-:'/1' ' X,9%(%;K<"(%;"l,-:354"C8>3;8@"J%T=3-%9%5;<" I,-%68<;";7%"-%T=3-%H"35F%<;9%5;"35"5%;"Y,-:354"68>3;8@"2,-"X,9%(%;"=5H%-";7%"<6%58-3,"35";7%";8G@%E" J%T=3-%H"35F%<;9%5;<"35"5%;"Y,-:354"68>3;8@"8-%"<7,Y5"G%@,Y'" b5";73<"68<%S"Y,-:354"68>3;8@"67854%<"%867"M%8-E"."@8-4%"353;38@"35F%<;9%5;"35"Y,-:354"68>3;8@"3<"-%T=3-%H"35"M%8-"!S"2,@@,Y%H"GM"8"<98@@"35F%<;9%5;"35" M%8-"#"8<"<8@%<"6,5;35=%";,"4-,YE"l,-:354"68>3;8@"3<"-%6,F%-%H"35"M%8-<"NcW"8<"<8@%<"H%6@35%<' ' ZR" C,5;35=8;3,5"F8@=%"35"M%8-"O'" " 𝑇𝑉 = 𝐹𝐶𝐹3 𝑥 (1 + 𝑔) 𝑘 − 𝑔 = 1,30 𝑚𝑖𝑙𝑙𝑖𝑜𝑛 𝑥 1,05 0,10 − 0,05 = $𝟐𝟕, 𝟑𝟎 𝒎𝒊𝒍𝒍𝒊𝒐𝒏" (,;36%";78;"=5H%-";7%"8<<=9>;3,5",2"6,5<;85;"4-,Y;7S"Y%"685"6,9>=;%";7%"6,5;35=8;3,5"F8@=%"8<"8"9=@;3>@%",2";7%">-,V%6;K<"2358@"2-%%"68<7"2@,YE" l%"685"-%<;8;%";7%"2-%%"68<7"2@,Y<",2";7%"35F%<;9%5;"8<"2,@@,Y<'" " 𝑵𝑷𝑽 = −10.500 − 5500 1,10 + 800 1,104 + 1200 1,105 + 28.600 1,103 = $𝟓𝟓𝟔𝟕" ' F/N'@/77+5%79/7:1' F/N' 0%11'./77+5%79/7:1'/2:'./77+4/.81'/00%9'.%7,%7/#"%21'#%' #/8-' 0%11-1':&7"2?' "#1'.&77-2#'+-/7'/2:'%551-#' #$-6'/?/"21#'?/"21' "2' 2-/74+'+-/71<' F$-'.%6,/2+'./2'/>%":',/+"2?'#/N-1':&7"2?'#$-'.&77-2#'+-/7'"5'"#'$/1'/'1&55"."-2#'#/N'./77+5%79/7:3'1%'"#'./2',/+'#$-6'"2'#$-'5&#&7-' 9$-2'#$-"7'PQb'9"00'4-'16/00-7'K,/+'0-11'#/N-1L<' +&89>@%" P%-385"b5H=<;-3%<"78<",=;<;85H354";8&"@,<<"68--M"2,-Y8-H<",2"o!RR"93@@3,5"2-,9"@,<<%<",F%-";7%">8<;"<3&"M%8-<E" b2"P%-385"%8-5<"oNR"93@@3,5">%-"M%8-"35">-%;8&"356,9%"2-,9"5,Y",5S"Y7%5"Y3@@"3;"23-<;">8M";8&%<g" " b2"P%-385"%8-5<"85"%&;-8"oW"93@@3,5";73<"6,9354"M%8-S"35"Y7367"M%8-"Y3@@"3;<";8&%<"356-%8<%g" " l7%5"8"23-9"78<";8&"@,<<"68--M"2,-Y8-H<S";7%";8&"39>86;",2"6=--%5;"%8-5354<"Y3@@"G%"H%@8M%H"=5;3@";7%"68--M"2,-Y8-H<"8-%"%&78=<;%HE"B73<"H%@8M"-%H=6%<" ;7%">-%<%5;"F8@=%",2";7%";8&"39>86;S"85H"23-9<"<,9%;39%<"8>>-,&398;%";7%"%22%6;",2";8&"@,<<"68--M"2,-Y8-H<"GM"=<354"8"@,Y%-"98-4358@";8&"-8;%E" ' +#+,.-&#2(%)*(01'A*$%( GUMHVCMbMP'HPHATE)E' F$-'47-/8C->-2'0->-0'%5'/2'"2,&#'"1'#$-'0->-0'#$/#'./&1-1'#$-'PQb'%5'#$-'"2>-1#6-2#'#%'-D&/0'W-7%<' MG)F'47-/8C->-2'%5'1/0-1*'0->-0'%5'1/0-1'9$-7-'MG)F'-D&/01'W-7%<' ' EMPE)F)b)FT'HPHATE)E' E-21"#">"#+'H2/0+1"1'1$%91'$%9'#$-'PQb'>/7"-1'9"#$'/'.$/2?-'"2'%2-'%5'#$-'/11&6,#"%213'$%0:"2?'#$-'%#$-7'/11&6,#"%21'.%21#/2#<' Z!" ' B7%"4-8>7"-%>-%<%5;<"7,Y";7%"(`P"67854%<"Y3;7"H322%-%5;">8-89%;%-<K"68<%<S"<7,Y354"Y7367">8-89%;%-<"78F%"8"98V,-"39>86;",5";7%"(`P"$Y%"<7,=@H" 6,5<3H%-";7%9?"85H"Y7367",5%<"H,5K;"822%6;";7%"(`P"<,"9=67"$Y%"685"6,5<3H%-";7%9"@%<<?E" ' +&%-63<%" B7%"6=--%5;"2,-%68<;"2,-"X,9%"(%;K<"98-:%;354"85H"<=>>,-;"6,<;<"3<"oN"93@@3,5">%-"M%8-"H=-354"M%8-<"!cOE"*=>>,<%";7%"98-:%;354"85H"<=>>,-;"6,<;<" 98M"G%"8<"7347"8<"oO"93@@3,5">%-"M%8-E"l78;"3<"X,9%"(%;K<"(`P"35";73<"68<%g" l%"685"85<Y%-";73<"T=%<;3,5"GM"67854354";7%"<%@@354S"4%5%-8@S"85H"8H9353<;-8;3F%"%&>%5<%";,"oO"93@@3,5"35";7%"<>-%8H<7%%;"85H"6,9>=;354";7%"(`P" ,2";7%"-%<=@;354"2-%%"68<7"2@,YE"" l%"685"8@<,"68@6=@8;%";7%"39>86;",2";73<"67854%"8<"2,@@,Y<'"8"o!"93@@3,5"356-%8<%"35"98-:%;354"85H"<=>>,-;"6,<;<"Y3@@"-%H=6%"+QbB"GM"o!"93@@3,5"85H" Y3@@"H%6-%8<%"X,9%(%;K<"2-%%"68<7"2@,Y"GM"85"82;%-L;8&"89,=5;",2"o!"93@@3,5"v"$!"t"ORh?"f"oRSZ"93@@3,5">%-"M%8-E"" B7%">-%<%5;"F8@=%",2";73<"H%6-%8<%"3<" " (`P"f"oW"93@@3,5"t"o!S]"93@@3,5"f"oNS#"93@@3,5" ' E@MPHU)_'HPHATE)E' E.-2/7"%'H2/0+1"1'.%21":-71'#$-'-55-.#'%2'#$-'PQb'%5'1"6&0#/2-%&10+'.$/2?"2?'6&0#",0-'/11&6,#"%21<' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' Z#" 9)/3-%7'!+$#.!' F%'-1#"6/#-'#$-'>/0&-'%5'/2'"2>-1#6-2#'9-'2--:'"#1'./1$'50%91'/2:'#$-':"1.%&2#'7/#-'K./,#&7-1'#"6-'>/0&-'/2:'7"18L<' 3&:&3*#3C3&-$'"#%(/'3*,( F$-',%#-2#"/0'./1$'50%91'%5'/'1#%.8'/7-*':">":-2:1'/2:'1/0-',7".-<'' _PMCTMHU')PbMEF_U' F"6-0"2-'5%7'%2-C+-/7'"2>-1#%7*' ' E"2.-'#$-'./1$'50%91'/7-'7"18+3'9-'6&1#':"1.%&2#'#$-6'/#'#$-'-D&"#+'.%1#'%5'./,"#/03'#$/#'#-001'&1'$%9'6&.$'"2>-1#%71'/7-'9"00"2?'#%' /..-,#'#%'"2>-1#'%2'-D&"#+<'F$-'.%1#'%5'./,"#/0':-,-2:1'%2'#"6-'>/0&-'/2:'7"18<' (/"7'1#%.8',7".-' ' Q+*'.&77-2#'1#%.8',7".-<')#;1'#$-',7-1-2#'>/0&-'%5'#$-'"2>-1#6-2#<' J">!*':">":-2:',-7'1$/7-<')#;1'#$-'7/#"%'#%#/0':">":-2:1'c'2„'1$/7-1' Q!*',7".-',-7'1$/7-' )5'#$-'.&77-2#'1#%.8',7".-'9-7-'0-11'#$/2'#$-'5/"7'1#%.8',7".-3'"2>-1#%71'9"00'7&1$'/2:'4&+'1#%.813':7">"2?'&,'#$-"7',7".-<')5'#$-'1#%.8',7".-' -N.--:-:'#$"1'/6%&2#3'1-00"2?'"#'9%&0:'./&1-'#$-'1#%.8',7".-'#%'D&".80+'5/00<' J">":-2:'+"-0:13'@/,"#/0'a/"21'/2:'F%#/0'7-#&721' ' @/,"#/0'?/"2'7/#-*'7-#&72',7%>":-:'4+'#$-'.$/2?-'"2'#$-'1#%.8',7".-<')5'#$-',7".-'?7%913'9-'$/>-'/'?/"2^'"5'"#'5/0013'9-'$/>-'/'0%11<' F%#/0'7-#&72'k':">":-2:'+"-0:'\'./,"#/0'?/"2'7/#-' F$-'-N,-.#-:'#%#/0'7-#&72'%5'#$-'1#%.8'1$%&0:'-D&/0'#$-'-N,-.#-:'7-#&72'%5'%#$-7'"2>-1#6-2#1'/>/"0/40-'"2'#$-'6/78-#'9"#$'-D&">/0-2#' 7"18'K->-2'"5'#$-+'4-0%2?'#%':"55-7-2#'6/78-#'1-.#%71L<' +&89>@%" *=>>,<%"M,="%&6%>;"l8@4-%%5"C,9>85M";,">8M"H3F3H%5H<",2"o!SOR">%-"<78-%"85H";-8H%"2,-"o]R">%-"<78-%"8;";7%"%5H",2";7%"M%8-E"b2"35F%<;9%5;<"Y3;7" %T=3F8@%5;"-3<:";,"l8@4-%%5K<"<;,6:"78F%"85"%&6%>;%H"-%;=-5",2"]SWhE" l78;"3<";7%"9,<;"M,="Y,=@H">8M";,H8M"2,-"l8@4-%%5K<"<;,6:g"" " l78;"H3F3H%5H"M3%@H"85H"68>3;8@"4835"-8;%"Y,=@H"M,="%&6%>;"8;";73<">-36%g" /3F3H%5H"M3%@H'" " C8>3;8@"4835'"]R"c"\WSR#"f"o"OS^]" C8>3;8@"4835"-8;%'" " +&>%6;%H"-%;=-5'"!S]\h"k"ZSZNh"f"]SWh" B7%"%&>%6;%H"-%;=-5"3<"%T=8@";,";7%"%T=3;M"6,<;",2"68>3;8@E" ' ZW" &"2+'0-%)%#-%7' $'10'1+%*(3*6%( AMbMUHaMJ'GST_SF'KAG_L' H'?7%&,'%5',7">/#-'"2>-1#%71',&7.$/1-'/00'#$-'-D&"#+'%5'/',&40".'.%7,%7/#"%2'/2:'5"2/2.-1'#$-',&7.$/1-',7"6/7"0+'9"#$':-4#'K-N<'=-7#W' 9/1'#/8-2',7">/#-'#$7%&?$'/2'AG_L<' F$-'AG_'./2'4-'1#/7#-:'4+'6/2/?-71'%5'#$-'.%6,/2+'%7'4+'-N#-72/0'6/2/?-71'9$%'9/2#'#%'6/N"6"W-'#$-'>/0&-'%5'/'0%9C,-75%76"2?' .%6,/2+<')#;1'0->-7/?-:'4-./&1-'#$-'2-9'.%6,/2+'$/1'/'$&?-'/6%&2#'%5':-4#<' Q7%.-:&7-' F$-'"2>-1#%71'.7-/#-'/'2-9'.%6,/2+'K>-$".0-L'#$/#'.%21"1#1'%20+'%5'./1$3'9$".$'"1'?-2-7/#-:'"11&"2?':-4#<'F$"1'./1$'"1'&1-:'#%'4&+' #$-'-D&"#+'%5'#$-'.%6,/2+'#$/#'"1'5/"0"2?<'F$-'#9%'.%6,/2"-1'/7-'6-7?-:'#%?-#$-7'?-2-7/#"2?'/'2-9'-2#"#+'#$/#'$/1'#$-'1/6-'-D&"#+' %5'#$-'5/"0"2?'.%6,/2+3'4&#'$/1'/'6&.$'$"?$-7'0->-0'%5':-4#'K.%21":-7"2?'#$/#'"#'-64-:1'#$-'>-$".0-L<' E#7/#-?"-1'#%'?-2-7/#-'>/0&-' F$-'2-9'.%6,/2+'2--:1'#%'?-2-7/#-'>/0&-'#%'7-:&.-'#$-'/6%&2#'%5':-4#*' C )2.7-/1-'/11-#1*'4+'"2.7-/1"2?'#$-'/6%&2#'%5'/11-#13'#$-'>/0&-'%5'-D&"#+'?7%91'#$7%&?$'"2>-1#6-2#1^'"2'5/.#3'#$-':"6-21"%2' %5'#$-'.%6,/2+'?7%91' C U-:&.-':-4#*'4+'?-2-7/#"2?'./1$'50%913'9-'./2'7-,/+'%55':-4#'%>-7'#"6-' +&89>@%"c"5%Y"H%G;"3<<=%H"GM"X%-;U"a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n'6%2#$1L3'/0#$%&?$'/'5-9'.%7,%7/#"%21'$/>-'"11&-:'W-7%C.%&,%2' 4%2:1<'O%1#'.%7,%7/#-'4%2:1'$/>-'6/#&7"#"-1'%5'ZY'+-/71'%7'0-11<'F$-'5/.-'>/0&-'%7',7"2.",/0'/6%&2#'%5'/'4%2:'"1':-2%6"2/#-:'"2' 1#/2:/7:' "2.7-6-2#13' 6%1#' %5#-2' s]YYY<' F$-' 5/.-' >/0&-' :%-12;#' /09/+1' .%77-1,%2:' #%' #$-' /.#&/0' 6%2-+' 7/"1-:' 4-./&1-' %5' &2:-797"#"2?'5--1'K9$-2'#$-'.%6,/2+'1-001'#$-'4%2:1'#%'/2'"2>-1#6-2#'4/283'#$/#'9"00'5"2:'"2>-1#%71'9$%'/7-'9"00"2?'#%'4&+'#$%1-' 4%2:1L'/2:c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c"X%-;U"V=5:"G,5H"3<<=%<" ' ' G_PJ'OHUVMFE' F$-7-'/7-':"55-7-2#'#+,-1'%5'"2#-72/#"%2/0'4%2:1<' J%6-1#".'4%2:1*'"11&-:'4+'/'0%./0'-2#"#+'/2:'#7/:-:'"2'/'0%./0'6/78-#3'4&#',&7.$/1-:'4+'5%7-"?2-71<'F$-+'/7-':-2%6"2/#-:'"2'#$-' 0%./0'.&77-2.+'K-N<'4%2:1'"11&-:'"2'MS'9"#$'t3'4&#'4%&?$#'4+'SEL<' (%7-"?2'4%2:1*'"11&-:'4+'/'5%7-"?2'.%6,/2+'"2'/'0%./0'6/78-#'/2:'"2#-2:-:'5%7'0%./0'"2>-1#%71<'F$-+'/7-':-2%6"2/#-:'"2'#$-'0%./0' .&77-2.+'K-N<'SE'.%6,/2+'"11&-1'4%2:1'"2'MS'9"#$'t3'4%&?$#'4+'MSL<'MN/6,0-1'/7-'T/28--'4%2:1'KSEL3'E/6&7/"'4%2:1'Kr/,/2L3' G&00:%?1'KSVL<' M&7%4%2:1*'"2#-72/#"%2/0'4%2:1'2%#':-2%6"2/#-:'"2'#$-'0%./0'.&77-2.+'%5'#$-'.%&2#7+'"2'9$".$'#$-+'/7-'"11&-:'K-N<'.%6,/2+'57%6' r/,/2'"11&-1'4%2:1'"2'…'"2'#$-'SEL<' a0%4/0'4%2:1*'%55-7-:'5%7'1/0-'"2'1->-7/0':"55-7-2#'6/78-#1'1"6&0#/2-%&10+<'F$-+'./2'4-'%55-7-:'5%7'1/0-'"2'#$-'1/6-'.&77-2.+'/1'#$-' .%&2#7+'%5'"11&/2.-'K&20"8-'M&7%4%2:1L<' 01&:+%*(3*6%( Q7">/#-':-4#'"1'2%#',&40".0+'#7/:-:<')#'/>%":1'#$-'.%1#'%5'7-?"1#7/#"%2'K:"7-.#0+'1%0:'#%'"2>-1#%71L'4&#'$/1'#$-':"1/:>/2#/?-'%5'4-"2?' "00"D&":'K#%'#7/215-7'4%2:1'9-'2--:'#%'6/8-',7">/#-'1/0-'.%2#7/.#1'#$/#'/7-'7-/00+'.%1#0+L<' FTQME' F-76'0%/2*'4/28'0%/2'#$/#'0/1#1'5%7'/'1,-."5".'#-76<' Z\" E+2:"./#-:'4/28'0%/2*'1"2?0-'0%/2'5&2:-:'4+'/'?7%&,'%5'4/281'7/#$-7'#$/2'f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bMPHPFE' H'.%>-2/2#'"1'/'7-1#7".#">-'.0/&1-'"2'/'4%2:'.%2#7/.#'#$/#'6/8-1'#$-'7-,/+6-2#'6%7-',7%4/40-<'(%7'-N/6,0-3'.%>-2/2#1'6/+*' g U-1#7".#'#$-'/4"0"#+'%5'6/2/?-6-2#'#%',/+':">":-2:1*':">":-2:1'#/8-'6%2-+'%&#'%5'#$-'.%6,/2+3'1%'#$-'7-1#7".#"%2'"1'&1-:'#%' 8--,'6%2-+'"2'#$-'.%6,/2+' g U-1#7".#'#$-'0->-0'%5'5&7#$-7'"2:-4#-:2-11*'1,-."5+'$%9'6&.$'"1'6/N"6&6':-4#' g E,-."5+'#$/#'#$-'"11&-7'6&1#'6/"2#/"2'/'6"2"6&6'/6%&2#'%5'9%78"2?'./,"#/0*'6/"2#/"2'/'$"?$'0"D&":"#+'%5'/11-#1'#%'"2.7-/1-' #$-'./,/."#+'#%'7-,/+' )5'/'.%>-2/2#'"1'47":?-:3'4%2:$%0:-71'$/>-'#$-'7"?$#'#%'"2#-7>-2-'K-N<'4%77%9-71'6&1#'"66-:"/#-0+'7-,/+'#$-'4%2:1L<'@%>-2/2#1'6&1#' 4-'6%2"#%7-:'4+'/2'-N#-72/0'-2#"#+'#$/#'-21&7-1'#$/#'4%2:1'/7-2;#'47":?-:<' UMQHTOMPF'QU_b)E)_PE' H'4%2:'"11&-7'#+,"./00+'7-,/+1'"#1'4%2:1'4+'6/8"2?'.%&,%2'/2:',7"2.",/0',/+6-2#1'/1'1,-."5"-:'"2'#$-'4%2:'.%2#7/.#<'=%9->-73'#$-' "11&-7'./2*' g U-,&7.$/1-'/'57/.#"%2'%5'#$-'%&#1#/2:"2?'4%2:1'"2'#$-'6/78-#'K4-5%7-'6/#&7"#+L' g O/8-'/'#-2:-7'%55-7'5%7'#$-'-2#"7-'"11&-'K#%'4&+'4/.8'#$-'-2#"7-'"11&-L' g MN-7."1-'/'./00',7%>"1"%2'K4%2:1'/7-'./00-:'4/.8'4-5%7-'6/#&7"#+L' @/00/40-'4%2:1' @/00/40-'4%2:1'.%2#/"2'/'./00',7%>"1"%2'#$/#'/00%91'#$-'"11&-7'#%'7-,&7.$/1-'#$-'4%2:1'/#'/',7-:-#-76"2-:',7".-<'H'./00'5-/#&7-'/00%91' #$-'"11&-7'%5'#$-'4%2:'#$-'7"?$#'K4&#'2%#'#$-'%40"?/#"%2L'#%'7-#"7-'/00'%&#1#/2:"2?'4%2:1'%2'K%7'/5#-7L'/'1,-."5".':/#-'K#$-'./00':/#-L3'5%7' #$-'./00',7".-3'#$/#'"1'?-2-7/00+'1-#'/#'%7'/4%>-3'/2:'-N,7-11-:'/1'/',-7.-2#/?-'%53'#$-'4%2:;1'5/.-'>/0&-<' @HAA'QU_b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