Aspects of cash-flow valuation
Full text
(2)
(3) "!# %$
(4) '&. (*)+-,#).0/1#)324+-).05. , 687:9;6=<?>A@ABCED:F:G F H 9"687JIJCK6L@NMPO HRQ DTSADJUVXWXWZY.
(5) [ \ ]^[`_badce_%[adfKghaicejZa;kKk ]lj=jXmnkogEf=kpaiqEqhrEs t#[ u}cwh oh ]ljX\bmt#[ uvTcw_%[xvhyb_ aadfKgJvhfKsTaa^jJz jJz%a;kofKfgKgjJX;J=K ]ljX{3m}|=k~alhqKrKhad|Ak:a^ jXzyxzm _bTKX o:JAhRX=lEn "^;hA': t==K[` pJ=lT= KZlEKh¡£¢;h¤hKE o Zh¥L pZ K¢;hAJ=A¡£ E¢*:J¤KKZhAX -:b" pJ=EEK -=KZE¢" ~¦=h ox¡£¢" o=KK oX o kof X obqKfKfhg§Jkof=¨ fKf§AjXKXzbkK©KtA=KX[` pJ=lT= KZlEKh ©ªhAK:T¤hK oT|A©KjZX;J=E¨ « ¬ ¢" oX¢"_b¢" p¢" ©== o~ o¯®8 p¢xqKfKfhg [*¢"°X;8±=²x=K p¢;N" ~"" p¢"Z~ ²§j'_§{.
(6) µ³ ´¶T·h¸Z¹ºX· [3=§= l~KRl^;xK¡»AE ¯¼AK¼R o¢"o¨]i½= »A¢;lx^¾¼AK¼R o¢"§¾ ~EAlX o¢ 'K o= p¢;h%K¼=¼=¢"EK;e½pElµ¿AT¾À:KRTK*©¡£X~AA'E4=°ZRh¼=¢"K¼=a o¢l" h¡-A Th= #h¡ l¢" oh h¡pEl'¿AT¾bo¨[3= "=¢"¼AK¼R o¢xXpA"l ¯==ÁohK"= pE¢°E©K¾ = o¢ E¢" o="K¢ b=T¾ ¯=KE p= o¢"K=X ~a " p¢"=^"bXX oo©K®AXh¡0" p¡ÂhX"#®R "¢A lX;AE^"XX pp¨Ã]iA ¡£E=¢l"w¼AK¼R o¢§¾ pK pZxKw= ~E== o~K½®8 ~^¾ p oeh¢"®=¢;hK #E¼=¼8K¢a "== o3hAh ==Áp ¼8EN"E ¨ ¬ AK°K©Z= §E^¼Ah¼8 p¢¾ ^"AX° pK= o¢ oEKAµpKJK p¦½ K=¢" K¡¢"wh¼A¼= oµ"'¼8K¢l¡£E'K¼X"ÁoT"E KA'A=¢;hAp K¨ ÄÅpÆTÇÈTÉÊTË~Ìx_b¢"®=¢;hK E©EpK= o¢ oEKApKJK p¦ oEl=¢" oh¡¢8©E==ÁoTa "E ©RA=¢;hAp K©A K¢l"=Zh # ~AJAp©8¼RE¢l¡£KK¼X"ÁoT"E ©8:KRTK*© °J p'p=¢"K XX o=.
(7) ³ ºZÍÎÏRÐeÑÒRÓÔÃÕÖÒRÎ÷h¶ ]-AK=°=¼8 p¢"JK¢¼A¢K¡£ o"lE¢{EAh p×yØ^ p=;= ¡£E¢ hJ°Z o¢ ^"AX"~REA hA¡£K¢ = ~E oZ"3KP oK¢ o¢3K p¢;EAK¡*"="= op¨%Ù¢"h¡£ K¢]i=E p h¢ t#TØhA K"l^;hZ ¼=¢"h¡£ o"K¢ ²b¡{¢;¤hA=AAR:K ¢ KP¼Ah¢"3K¡`"= # hJA"~¢"¼= KA'KK oP :KRh®= ~E oE;p¨ jZX;J=K©AmbTE p®R o¢ qKfKfKg ¬ ¢" oX¢"P_b¢" o¢.
(8) .
(9) Ú ÛÀÜ×ÝPÞÜ×Ýß à¯á8âLãoäJâLãå èêé âLãpëTá ìÃí`îKãoç?áRâ kK¨kïjJ= h¢"°h¡`= "= oð¨#¨#¨¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨ kK¨ñq jJ= h¢"°h¡`= #¼Rh¼8 p¢;ò¨#¨¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨ ó à¯ôAåoõö ÷?áJøúùôA÷ÂíÃôXãoç?áRâç?âüû'çÂåîhëTäZãoäeýçÂþÿä qX¨kê]iZ¢"J=A "Ew¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨ qX¨ñq p= o¢"K X ~»R=N"EA¨#¨¨#¨#¨¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨ qX¨ ªhAT"E ¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨ ç Ã÷?çÂá AëTô -õ à¯ôAåoõö ÷?áJøúùôA÷ÂíÃôXãoç?áRâç?âàá8âLãoç?âí`á8í`å ý¯çÂþÿä =¨kê]iZ¢"J=A "Ew¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨ =¨ñq Ù¢" pAh¢" ¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨ =¨ ªhAT"E ¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨ =¨ g {¢T¾ =hPJ= p¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨ ç Ã÷?çÂá AëTô -õ é þÿþ4í`âÃç EôXãoç?áRâPá û'äZãoäZëTþÿçÂâÃçÂåoãoç?î ô=â`ì ãoá*îõÃô=åoãoç?î 'äJâÃäZë:ôA÷Làô=åõö ÷ÂáJø å gA¨kê]iZ¢"J=A "Ew¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨ gA¨ñq yx p o¢=l==ÁohKú¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨ gA¨ ]i¯==ÁohK'h¡%^"X;AKl§oK¿RT¾b ¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨ ç Ã÷?çÂá AëTô -õ áRãoä4áRâ é þÿþ4í`âÃç EäZì §áAë:ã á8÷Âç?áRå ë -ç£ãoëTô Rä áRë:ãoíÃâ`çÂãoç?äZåô=â`ì çÂäJ÷?ìàí`ë:æRä á*ì`äJ÷Â÷?çÂâ X¨kê]iZ¢"J=A "Ew¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨ X¨ñq ¬ hb°Z p'~=¢"K XX p ¨#¨¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨ X¨ _}~EA~AX= ~¦=h¼= ¨#¨#¨¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨ J. æ ç è k |. kof ok . . .
(10). . . . . . . . . . ó. . &%. . '. . . . Eq qh| =k K|. . . è Xk h sK|. . $. ó. . . . . . . . !"#. (. è r=k rEq rKs.
(11) Z X¨ g Ù¢"ZK¡`K¡ÃÙ¢"K¼8EK½X¨ ¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨ rK| ç Ã÷?çÂá AëTô -õ è à¯á8õÃäEëTäJâLã½ô=âÃìà¯á8âLæRä äJô=åoí`ëTäJå'á PçÂå ðçÂâ xáRë:ã dá8÷ÂçÂá `ãçÂþÿç Kô ãoçÂá8âô=âÃì é âÃåoí`ëTô=â`îEä s=¨kê]iZ¢"J=A "Ew¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨ |K s=¨ñq Ù-K¢l¡£KE¼XÁT"E¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨ |Z s=¨ {K=AA3KP= #¢" oElA¢ ¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨¨#¨#¨¨#¨¨#¨kofZ ç Ã÷?çÂá AëTô -õ èRè . ). . . +*,%. .-. 0/. 1. 0. 2". 3 54. .
(12). . . . .
(13)
(14) 68729:;=<?>@. A. Ü×Ý 'Û CB. KMLNK. 4Ý ÛÀÜ. EDGFGH. JI. OQPSRTRTUWVXZY\[^]_=`a]_=`cb5dNb. [3="= o'X h¾ pK¿AT¾bo©bhRN;'K h Pü^"AX°=T¾ A µTh= h¡µl¢" oK h¡oKÿ¿AT¾b®8 pA:E oo¨ _§ hh¼=¼=pT"E K¡pEl ¿AT¾ TKAhK ¾ ~EAlX o¢x"= ¼=¢E®= púh¡¯A=ÁT"Eµ¾ = ow"= pKw¿RT¾bK¢ h¡3E p= o¢"K*¡£E¢¨ µ hl§~KRlX p¢`A h¼A¼=phKK¡A~E= p¢" pZ`KA~EJK ~¦ oEl=¢" o*h¡=¢"¯¼RE¢l¡£K K¼X"ÁohKhAPRl=¢;hR~ K¨ ³ Ô*Ò8ÎÒR¸E¹ ѹ ¸ZÏ*¹º ·hÏ º=¹¶ Ï8Ð ¹ Ñ ¹L· Ï`Î [3= »A¢;^¼Ah¢h¡3A = lpKAl"h¡bK o= p¢;hK¼=¼=¢"EK;µT¾3h¢;="= XX p= h¡bpEl ¿RT¾bp¨ KRlX p¢= ¡£KT¾ =w¼= p¦XK¼= h¡bpEl ¿AT¾×ThAhK ¨½_ lE ¡£X"=¢ ¾ h¢" "P®8 EE peKehE=ZK¡ E¨ pAX o=h" ®J°wf "= h¡bThAhK ¨ K pÿe~KR^;hZ¯XpK=Z¯¢;T" h¡ ½hA E==e~EZZAKA ~E¼8KAAX=A©J"= #Th= ×T3 fK¡ÃE ~= #h ð KK oP®J° ihjh. ecfgecfge. 5k. lknm. po. gq. lr. s. ut. =vxw .y. &. {z. .|. }vxw. =t. |n~l . µ :° =T¾ÖKK Z= ^"EAp¨-Ah ¾ LAh¼=¼8 p'¾ E" ¼AK" o RT ¾ %AK¼=¼R oe""= Th= N¡= E" p¢" ol#¢"h ;Ah=E o Ah#§A TK= ¡¾ K© X= "w"= ¢"µK¡b®AhAZ¢"=¼X;~°E©ÃK¢ Ah=¢" h¡ K pl"= PT¯" ×[3= o PK¢ = ^°J¼8 o K¡ EA olKA3¾ #¾ "¢°KAl¾ p¢3=3"= oo¨jXAp = hA¾ o¢""T Kl"= »A¢"l^¾ EA olKAh¢" x K°"¯»RA"=¼A l pl"=R©X pRE p= o¢"KÁp N®Z°4~EAlX o¢=½½^"¢ h h¡ pK4¿AT¾b#Eµ"= »=¦X 4 Z o¢TK d¨_"= X ~" p¢"=l ¾ K¢ KK o4oKe¿RT¾b © %¨[3= Th= T3 fh¡Ã= l oK¿AT¾b33A pKK o®J° S. |. . . ^|. vxw. JtS. . ?. Nt{. . nCn 0 N. ~nwl 0 ¡¢. ^!nt. . |n~. £ ¥¤#. k. ¦¨§ . j.
(15) q x_ § ¼AE o ÂKAw= oA~ ¯= K¡ThAT"E 3"= TK= h¡%"= 'ÉÅ ¿AT¾b T " bKK p'®J°. ©Wª«¬S'®\¯±°l²³´uW¯µQ¶J·j©{'³µQ´. u¸. ¹. pEl. ¡º"»½¼¿¾¼¿¾+À. jÁÂ. £. |CèNÄ~ ÆÅ. ÉÊ Ë̦ § ¦¨Í. £ ~. j3 ¡ËΦ § ¦¨ÍÏ Ã¨MÐÂNÄÑ Î¤'. ¦¨§ÈǦ. ub p¢" ¾ R:K E= o "= 4Å ÿÊ ÂÊEÅ LʼA¢A~¼= K¨ [3=¯ oKA¯Ah¡§w¼A:°J pZ X= Tx" ^©L"= pe= Th= T=§ E© ~© XJ o§=hR~AX ¨#[3= h p¢"AhK ¾K=4A:K ®8 p p "eK"= = Ê ÂÊEÅ LÊK¼=¼=¢"EE; ©* ¾ =; "= ¼A:°J oZ#h 3A~AX µ ¨ ]iµAoK ¾ l¼=°e¢" p¼=Kp ®Z° ¨ * ~bAb=T¾E=X¢" o"= #»R¢"l EA olK¼RZl h®8TK K¨-]d¡ = o ©*KAe¡ ¡£E¢K A p4¾ A:E ¨']d¡¾ X ~»R= A ¡£=A~K ®J° "= p ¨ux pAp ¾ #A:E ÓÒ. É. Ô¼¿Õ0¼. ¡¾. ?. c|^ÃÊÄ. ×Öغ. ". Ï Ã¨SÐnNÄ. =. ã. . ?ÃNÄÉë?èNÄ. ã. ?è. ã. MSÛ× Ú Ü Ý0 0NÞ. ÉS~á . àß5|^ÃNÄS~ázÔ|JèNÄß. ê. "É. ¡¾. !|"ègÄ. Ï ÃMÁÙNÄ \y. . Ô¼¿Õ0¼. Ä\~. é. ~âwl 0 ¡¢. . Gä\ Nt{Éåçæ. . ¥¤# . Êì. ¦ §. ?ÃNÄè~Zé. uß5|^è Ä~. . ¥¤# . Ï Ã¨ . ÐNÄ. ÃNÄ. ß+|CèNÄ\~2zÔ|^ÃNÄß. ß5?èNÄÑ . ã. ]d¡-¾ #~EAlX o¢ pK o¢°PpKP¿AT¾#©XR~AX== #E= o"AT§A:K ¼AK" o©X'= ¯= ¾ K ~ "= #¾ ohT3" © ©=K¡`"= ^"¢ h K¡ÃoK¿AT¾bo± íîÃNÄ. £. íîèNÄ~. j Ë̦¨§g¦¨Í ¥¤#. ]i = o¢"h=¢" A¯lE p o¢" ~¡£ o¢¢" oµ"eK= P:KA h¡3A ^"¢ h h¡bpEl ¿AT¾bp¨w[3A p¢" =w= o o4¡£E¢A ¼A:°J pZ"#w®8 =¼ = ¼R:°Z oE;¯E¾ A:K "KpN"° E= o #¡Âh¢¨Ã]d¡ ¾ xK¢ xK ~=¼A:°J pZ;Ko~E¢"X=¯= §¢"h h©K"= p "= AT"=¢"K pKAX=T" §¡£E¢3= #TK= h3 3KK p'®J° ï. . . |CèNÄ\~að. ¡Ë¥ñ¦¨ÍÈïÔÃÊòÄNß+ò . µ pKµh~E¯®== ¯=¼ l= ¼A:°J pZ;§KAw¼A:°Eh¥4¢"h oo¨zK oeK¢" ¯E p= o¢"K°K© ¾ pK ~EAX o¢XX oAe"= ½pKÿ¿RT¾b¯®J°ÿe¡£=A "E K¡b»A= Th¢"TK*¨ _xJ° ¡£=A "E 'K¡»A= xTK¢T"Eph®R §Al KE" pE¢"hK¢= ~»A= jZ" oN?Ø^ oE" pE¢"K?¨ [3=- hA*Ah%¾ 3pKX p»A= = 3Th= 3Tà *K¡=A 3l¢" oK h¡RoK¿AT¾bÃX ~»R= o ®Z°= ¡£AA "E wh¡Ã»A= #Th¢"TK'K ¦. ó. j. ôó. |^ÃNÄ\~ð. l ¡ËÆñÓ¦¨ÍÈßÈóWÃ3òÝÄ¡ Ë̦gõ ö. zK o¢°¡£=R K'h¡`»A= Th¢"hKohP®R ¾ ¢"N pKA =N¥L p¢" pAp h¡ ^¾Ap¢ K= ¡£=A "EAo¨4ux pAp K©%¾ pK ©%¾ N"=K=E"h¡bE p= o¢"K^°K©%E= e®R 'R~¢" oK=A¨ jJR~ pE p¢"°'Ap¢ K=¡£=A~K4AKT#El#PpK=Z"K®= J=®R o¢K¡ Ø^=¼A#¾ ph ¾ ¢ p©=¾ = o¢ Jó. èó~ói÷jøóiù. ó ÷ èNÄ~. £. ú0û ñ û ¦. ê. óWÃÊòÄ.
(16) "= Ø^=¼ ¼Ah¢K¡ hA x"= ~EZZAKA¼AK¢l¨²§l=P= * p®8 oK= X opKa ¼RZlK¾ pK½¾ ¢ ¾ = p¢" hA h¢" h®AKX" p°P~EZZAKA h Ael=KAK¢§¾ µ¢ l¼8 o~§""= * p®8 oK= oK=¢" ¯E `¢" o¼R K o°E¨ ~= wX o=h" = \bEXK=admxEJ=°Z X p¢"ThK ¾ K¢¢"E §h aWª®ÿWª®Éü5³Nü. °l²¥°l²üM·#ý&ý&«S¯=þÿµ. Qó. àóiù. èó ù. ^y. ù. ~,ó. ó ñ ù. ø. ù. èó. &ó ñ ù. y.  Nt=. y. ó. óWèNÄ~. £ ê. óWÃ3òÝÄ ø. ¦ ð. . óWÃ3òÝÄß5òQøó ñ ù ÃNÄÑ . ú. úû ñ û ¦. ub oA~ E©=:E x"= l=E=K¢ ~KZ"J=EA¼Ah¢o©X¾ Eh'K pA p¢;hN^° ®J°pKA= p¢"=N¦Ja =¢" h¡=¼ lAKAe¢;T" oo¨{ ~¡£E¢ o:JA"= X ~" p¢"=^"XX p¾ ¢" p h¢" AhAl oE h¡`Al=¯~EAl"hZ="~E=Z¢;T #¾ ~E=E¢ §K o= p¢;h°~EAX o¢ XpK=Z¡£=A "E X"~KAE"AoK¿AT¾b3T §" ¨-µ ¾ =K3="~A" = #¼=oTKR3h¡*"= K o= p¢;hÁT"E=T¾#¨ ~A¢ p=¢"¯= pK ¾ = o¾ §A:K E= b¼A:°Eh¥T" ¨`]iR^" oKK¡ K pl= = EAh¢;hZ" p ohE=Z 3¾ bK"lA 3"AT¾ ¾ AK ~¢;hRXKKK=Z úT%" ¨3µ ¾ ÃK=°'pKAX p¢bXX ox¾ = p¢" K©RN¡%"= oK¿AT¾bbh¢" ¢;hA=K©="= Th= ¯ KK o®J°PKP p¦J¼8 o~"hK ±.
(17) µ "KK x¼=¢;hE TJ p¾ ¯"=*"= op©T=K-="~A"=§¾ J°= 3Th= oh®R ¾ ¢l" p Khw p¦X¼R "hK ©®AXAl KwpKA= p¢N#K¼8ElAh K¨]d¡"= ¢"KAXK ¼A:°J pZ "= E= p°4"e®8 '¼Rh KX h A=¢" o ¼8 p¢;K ©% E¢"X o¢¯"µX p o¢= "= ¼=¢" pA hA=¢"KA~ #pK¼AhJ° Z p¢" ol 'J=T¾ ==bTh= E¨]i'=xoK Ah=¢;hA;hE b ~¦X¼8 o ;T"EA¾ P¢ l¼8 o~lE §¼=¢"K®AK®=^° oElA¢ b ^" h o A=#:Thh®= =T;=¨Ã]d¡LE= K= o¢AhR -A ¼A:°KK¥h¡ lE »RAhApKA~EZ¢;K :°wpK%E¼XK A p KK o4K o;A=ohE=¼X"EA§= Th= K¡A ph K¼X"Eµohe®8 ¾ ¢l" p4K§= X"~KAE" oe ~¦X¼R " oµ:KA K©¾ = o¢ = p¦J¼8 o~"hKe "KK p'=A= p¢xoh '¢lZad= p=¢;hL¼=¢"K®AK®=^° oK=¢" K¨jJ¡ÂK¢b¾ A:E JKE o'T = pEl x¾ = pPK=°= ¼A:°Eh¥P¢"KAXE'¨Ã]d3:° K®8 x"= oK b"AT= XpK=Z ¡ÂK~K¢x ¢;hRXK¨4 ¯pK=½K"lA ¢;hRXK Z o¢ ^b¢;T" K©=E¢o©RK¢" E p= o¢"K°K©A¾ ~E=K"l= x¯¢"KAXE X"~KAE¡ÂK~K¢¨-_bEK pl= X p=K x= £¼8E"l®=° ¢"KAXE 3="~E=Zb¡ÂK~K¢x®Z°P¾ =;½¾ ¯="~E=Z§ pEl¿AT¾¼AK½hb }®AK; = #TKAhKP ¾ K p Sz. àèÑòÝÄ. =ò. . y. St. =vxw. t. |"ètxÄ~. Ó. ' . ÃÑNtSÄ. "¹. ?¸. .t. .. Ã3NtxÄôÔ . |n~. p`A*=T¾ÿK"lA Ah*A K¡=:KRTK#`=h-f=©:®=X-lE KK p" © hA4K#K®RTE ¾ X o=h" ®Z° = Th= 4=pEl E¨ µ "JA#¢" p¼=Kp ®J° ~© ®=X"==Kh?¨= o4TK== ¾ ¯Al#"KK Z"pKAX p¢;T"E Ahx¾ A:K #E¢ X¡£E¢ T"E½Tb" 3"Ahwhb fA¨ * ~AxX o=h" ®J° "= ~¦X¼8 o ;T"EPEE phX¡£E¢ hK'=¼' hA'A~AX= ¨ Pux pAp K©=¾ A:K y. É. à|"èNÄ. Û. Nt=. àÃNtSÄ. ÃÑNtSÄ. è. Qy. . ¦. ¦ ÃÑNtSÄôl !!"#$$#%"'&)(+*-,/.1032!4'$65(+*7*-$5889*7$:.;89,<$"=8?>(+@0#A(1&B5(+@*79$DCE$F89(/"=89*7(G#@5$/.HI0 89*-.;8-(+" *7$J*-$-$:"=8-"K<89$?LI(:>(1&M"'&)(+*-,/.;8-(+"N2 |^èNÄÉ~.
(18) g. ©Wª«¬S'®\¯±°l²³´uW¯µQ¶J·j©{'³µQ´. E pµ=¢" p oèòPO n§N¯oh4®R =T¾ e"AT#¢" oElEAh®A ¯Ah% ¡£=N»R ÃÊòlNÄ~QÃÊòlRO ÄÃ7O#NÄ?¸ÂpK¼Ah¢" =¾ N"4= X p o¢=l pEl ¾ = o4¾ A:K ÃÊòlNÄS~á Ë̦g ñÍ ¹ ¨uy* ~=}ò"~áPKK oSà ÃNÄS~Tà ÃR O Ä Ã7O#NÄ ¨]d¡D #l¢"~° ¼RZlK #¾ #ph½XJ= ®J° Ã3:iO ÄK¢¢"E h< Ã7#O NÄ\~Uà ÃNNÄ;Và ÃR O Ä~¨%ub pR~ K©A = xoK ¾ = pW l¢" °¯¼8EK bhR¡£=N»Rà Ã3òNNÄ~ à Ã3ò:iO Äà ÃX'O NNÄÃ% p=E=K X ~»R= Y Ã3NNÄ¡£E¢ pK o¢°? ¨y* ~ A¡£¢"K =T¾ðKK"l= §Ah3=3"= #pEl E¨Ã]d ~KJE p= pZ3E"¢XXR~ AZ ¦ ~Uà ÃNNÄ~©=KJ=A #¢ ohK. Z . \ ]x ¦ [ Z ¦. |^ÃNÄ~. ]iPE p= o¢"K=A l¢" oK×h¡`oK ¿AT¾b¾ ¾KZTh= XJ o=hÃØ^Al3R:K xE= x¼R:°Kh¥-¨ N" l¢" oK h¡oKÿ¿AT¾bEE p ®J° " o ¾ = p¢" "= ¢"KAXKú¼R:°Z oE;^ © %©*h¢" ¯¼AK ©= Th= xK¡A#l¢" oKú¾E= ®R CÙâ . . . . ~w 0 ¡¢. 0 =. . . t. ^|^ÃNÄ. . ¦S_ Z w ¦. Z ¦§. £. |^ÃNÄ\~. ¥¤#. Ï Ã . 9`. Ð. NÄ. . _bEK½¾ #A:E E= o'"= PÅ Ê ÂÊKÅ 8ʯ¼=¢Ap¼= K¨3_xx"= ¯X p o¢=loK #¾ ph4~EAlX o¢oKw¿AT¾b§KK oe®J°½¢;T" K©K¢®J°w¼A¢X~ §h¡»A= Th¢"hK ¨]d¡"= pKP¿AT¾b h¢" KK pP®J°A #¼=¢Xp o"6 h¡`»A= #Th¢"TKPA #:KA ÓÒ. ½¼¿Õ¼. |CèNÄ\~. ¦. ¾. _Z. w ð ¦. Ë̦gõ ö. Z ñ aß ñ ` . [3= lX;AE^"¯Z oK¢;h ¾ ¯E ~¾ = pw¾ A ¼=¢"Jp o"bK¡%»A= ¯TK¢T"E½X ~»R= o A¼ T"Z¾ p°K¨-]i A lX;AE^"§pK bhl¼8E"®= b"X p»A= ^"X;AKl E" pE¢"K = pA h¡-]dRbR¨ÃA p¾ #X"=b¾ ¾ E §= #¼AhJ¾ l E" p¢"¼=¢" ~"hK ©XKA'¾ ¾ =Kx~KRlX p¢"= ^°Z¼8 #h¡ÃJ= pp¨ 7c d ÕðÕ Î 9e=¹L· ÏÃÎ ~3A¢" ~A¢"= ThAT"ET Lh¡`KK"l pEJ="= oK¿AT¾ T ¨%²xApKAl"KEbX"~KAE ¢;T" A #:KA ¾ ®8 Ùq. ecfgecf. Ér. lr. y. S. t{. Û. t. ÿvw. xz. |CèÑz½Ä. |^ÃÑNzÔÄ\~ËÎ ¦¨ÍÓ . jJw¡ÂK¢¯¾ A:K ®8 p oÿE" p¢" ol ÿ¾ RT¯AK¼=¼8 pAw"= TK= PK#" P¼AK"l p¨]i ¯A=ÁT"Eµ"= pE¢°e¾ ¾3hZwhRl¾ p¢A EA olK4¾ AT¾ Ah¼=¼8 p ¾ = o ¾ ;Ah=E #A XpK=Zb¡ÂE "K¢¨b{KwK¡-= l h¼=¼=¢"EE;= o3¾ `¾K¢"¾ p?©8®=XpK¢ RK ¯®8 §"hE p ¾ = o A p° h¢" x~E¯®== ¨%[*¯ p x=~KRlX p¢¼8K¢l¡£Eh¡*E ~;¾ ¼A:°KK¥L h o d¨ ~/ f hA ®8 A;"AT ^. =. . Ð. . { . ÑNt{ My. Û. ÐÙ. £ ¥¤#. ¡Ë̦¨§Ê¦¨Í. Uf ~. Jt. ú. g. Û. ¡ËÎ ¦¨Í. ÑNt{.
(19) . aWª®ÿWª®Éü5³Nü. °l²¥°l²üM·#ý&ý&«S¯=þÿµ. hA £. ÂA;f KA ¸. à . t. Ë̦ § ¦¨Í. NÄ ã. ¥¤#. ú. f. ih. g ¦¨Í. NÄ × ¡Ë¥ ã. K¾3:°X ~¦Xl" ¨%y§ ~»AA . à Ä. ¹. ú. j. z ZAT"E ih 3oh'=T¾ð®8 #¾ ¢l" p \. ~nèt. j3 ¡Ë̦ § ¦¨Í. f. '~. ¡ËÎ. g ¦¨Í. . ¸ ¹. £ Τ#. Jj A~ ¡£K¢§ pK o¢° K ¼=¢"j K®AK®=^° oK=¢" K QÁ. . j. ~2t. ÿhA L¨y§ ~»A= . ~îw 0 ¡¢. ×é. . Τ'. Ý 0 0N . k Xl :m. £. à # Ä~. Bn po. jÊ ÔËΦ § ¡Í Τ#. ú. ¯¾ ¯pKwZEPA¼RE. j. \~Tw. j. Ô 0 ¡. ê. ê. z. . ?¸. 0. . k. èz=ø. ê. z½ ø. ê. £. NÄ. ~. Rt4uMÍgËΦ¨§Ê¦gpuW¦¨Í. j3 #ËΠΤ#. . ;tuMÓÍXuW¦ _ ¥¤# £. ã. ¹. ËÎ. ~. f×ËÎRt4uMÍg ¡Ë¥ g ¦¨Í _ £ j ¥¤#. ÉÊ cËÎ . ã. èz½NÄ~. f cË¥RtuMÓÍgËÎgÓ¦¨Í `. pu. MË̦ § ¦¨Í. f×ËÎRt4uMÍg ¡Ë¥ g ¦¨ÍDv¿ B uM Ã-wx§zyN{N|. ~. k. f cËÎ;tuMÓÍgËÎgÓ¦gBuW¦¨Í. ;tuMÓÍgË̦¨§3¦¨Í. ~. Á. . f× p nlËÎ g po¡Í ã. [3=%%= bTK= K¡R"= xpK¯®A= ¼RE¢l¡£K#T%" /mhA¢;T" <l*¨%mbK 3RT =¨ ¬ E¢ pE p¢"° hR ¾ A:E ÂA=r qE pA p4 s 3= ZAK^° . j. § ¦ § ¦. pu. MËÎ. Ä. ã. ã. pu. MËÎ. g ¦¨Í ` g ¦¨Í9}. . [3= hAAh"= §¡£=A "E AE¯=¯A T ~©=hAAh¾ RT oK o¢;AK=K ¾ A:K % hA R"= A p¾ Th=k ¾ Z®8 =EXaA pEhK E¨*jJR~ ¾ X#=K`¼A:°hJ°Z== ¡£K¢=¼8EK k %¾ xR:K bhPh¢"®=N"¢"KK E¼=¼RE¢l"==^°K¨%[3= §¢ KK¡£K¢= Ahx¾ #R:K A o½XX p= K¡Ã"= ¯X"~KAEb¢;T" Ah§hT¾b¡£K¢xK¢®=¢;hE K¨%]i ==ÁoT"E¯¾ X§A 3"h ^°Z¼8 3h¡Roh~=T"EA`®=X%¾ N""= 3¼8K¢"hZ%X¥8 o¢ oA~ AhÇÅÊKÈ 8È ~<GÅ ~/~ SÅ :Ë;Ë ¨#{°»A¦J== ¾ ohe;Rh=E A X"~KAE¢"h 4hJ°'¾:°¾ ¯¾3hZ§¾ =EX®R o=T¡£¢;h½K¡~KRlX p¢"=PXX o`¾ A;4hT¾bb¡£K¢ h¢"®=¢;hK E¨*]i¯A=ÁT"E'3= oA~ l"T"K¼=¼=¢"EK;P¾ =;'¾ #pK'= ¢E®=Al= hAK°X oK¡ÃE=¢bXpK=Zb¢;T E¨ JEZ= T "= #¼=¢" pJKA oh~=T"EA3®=XxAKXA »=¦X o4lAT¾bAh#EE=½K¾ A:K '¼RZlK4¡£=»A= k hRµz ERTK èz½NNÄ. .z. .. ¸. ¾. Ãz½NNÄ\~2¹. 3¼¿º. ». \y. èz½NNÄ~î. É. .
(20) s. ©Wª«¬S'®\¯±°l²³´uW¯µQ¶J·j©{'³µQ´. 3h #¾ K¢ E4= 'h¡£ lX ¢" pZh¢;XA'½¼8E"®= l"KK = P ol TK K¡"= X "~E=Z¯¢;T E¨½_x¯e~K¼AK¢K ©Ã~KRlX p¢= XX oA o ®J° {E;újX;=K o# ¼=¢~ pKZ=E pZ¯~h p¨P]i = o¢XX oA p¢" h K"l p¾ N"ÿ~EA^;hZ#¢ p=¢" J¨ Ah=EA= 'R©Ã":°K© I#=KhT¾ µ¾ A "= XX p©%hA XE=µl½ oKA Ahb¾ #;AK=K XX p¨ X ¶hÍ}ÕÖÒA¹¶ ¸ZÒA¶ ]i = b»AAhR¼Ah¢K¡8"= b"= o¾ b~KRlX p¢=T¾üA xpKJK p¦hR ~KA p¢" pZ oK=¢" o h¡3¢le ¼8K¢l¡£K'E¼XÁT"E KAµA=¢;hAp K¨ * ~ '®R "= K E¢#h¡¢ p=¢"Ah¡ ÿ»AAKA~h%E ~;§R:Z=P hµK o~EY¢ }KAw¼8EK p°wX p»A= ~TTh¢"hAp ¯ T"¢¦ ¨[3= ¾ o3J=T¾ cwh¢"KT¾ ÁP¼=¢"K®= p ¼8K¢l¡£E4= oK¢"°ÿ~EAll"h¡;=JE= = ¼8K¢l¡£E"AT©*EE pµ'¢" ~"=¢µ oK oS X © =Áo o"= Th¢"KA~ h¡= ¼8K¢l¡£KA¨ ¬ K¢" h°= cwK¢ET¾ N"Á§¼A¢E®= o pKP®8 #¾ ¢"N p ¸ ¹. àz. s. .z. ecfgecf. r. 'z. q. ^y. .z. ¢. |. z. TWz ! x. |. o¨ ¨. . Ï. . . . . ~nw.
(21) z . Ù~. ]d§AE ®R o pwK¢E= oPRTb"= ¯Th¢"hAp bAh§ EJJ' oElA¢ #K¡-¢"lL¨]iA^" oEP§RK ®R o p½lAKK ^" o"AT E= =E=PA pK= o¢ oEK¢ ~EJK ~¦ oElA¢ h¡Ã¢lL¨ p ®8 'pK= o¢ oZ oElA¢ h¡¢leA:J=K ~ h¡¢;hRXKúTh¢"h®= oK"=K h ¨ E p½h' ~¦X¼8 o " o'¢" ~A¢' oK o6 ¯ ¾ #=T¾ð¾3hZKK Wy. . z. W z à zÔÄ ! x o¨ ¨ Ï ~nw ~
(22) z Ù ]d¡Éz=K¢" h°½X^"¢®=X" oe= o z ~ ÷ øU | A ©¾ A p¢" !ÃwÝÄda Xl¢"®=X ¢;hAXE Th¢"h®= K¨_ ~E= p¢" pZ oEl=¢" ½h¡#¢" Ph¾:°X¼8EN"E p° =KKE p= oKAxhA'"¢"KAlT"EJTh¢"KZb"= pA RTS ÃXâ øÄQ~Ã7×Ä ã ¡£K¢ pK o¢° Û ×hR Û æ¨]d¡\ E=XKAK° X^"¢®=X"E ZTK¢hZJ¸7 ~¡÷ £¢ Ã7×Ä~U Ã7 ÄN¹~©X= o à zÔÄ\~ ã à. ø | à ÄÑ ¤ = §oh=T¾ "ATN¡ °J p¢"x¢"KAXKÀTh¢"K®= b= o¥ à ÄjÁ =¨-]d¡ à ÄjÐ = o ¾ p "AT¯= Áp= à zÔÄEE p4= ¢" ~"=¢"4 pE pYz' 0Z=Th pZ# "= cwh¢"KT¾ Á#¼=¢"K®A o'¨b{X¾ AT§N¡ à Äj~ÿ ]i½"=§oK Å¡ÕTÅ~É Æ¯K o~E¢ "Tl¡£°Z= w hA ~¦z' ¯'KX"Ee"= ¼A¢E®= o h¡3AÁp= à z½Ä#KK p Ï ~ á zX ¨ ¤ = p¦XK¼= K¡'~KA p¢" pZ¢"l½ oElA¢ A:JA"=¼A¢E¼R o¢l^°½= E= KK p ®Z° Ã7× Ä~U ã ô ¨%µ lA=°A #¼RE¢l¡£KK¼=ÁohK'¼=¢"K®= pn¡£E¢b~E= p¢" pZ hA. ~KJE ~¦w oEl=¢" h¡¢lL© ®8h" ¾ = p4¾ hE Xl¢"®=XKRhK"=¼XKAE 'hA ×z.
(23) §. aWª®. °l² ²üM·#ý&ý&«S¯=þÿµ. . ¬i«¬®\¯ü. ¾ = p'¾ X=Ko¨ ¬ Rh°¾ #lAT¾Ah3= o¢ #h¢" xA¼=¼R o¢xhRT¾ o¢®8KAA=¡£K¢3 oK p¢"° ~E= p¢" pZ%hA~KJE ~¦ oEl=¢" h¡A¢"L¨Ã_§%hh¼=¼=pT"E¯K¡AA o ®8KAA=-¾ 3pKAX p¢ h A=¢"KA~ bpK¼AKZ°¾ =¾3hZ"%A xpK= o¢ oZK¢pKJK p¦ oElA¢ K¡L¢"l¾ = p ~E¼AX=A ¼=¢" p=©Ã®AXXJ o¯=hZAT¾"= X^"¢®=X"E h¡3A ~h p¨ ¤ = ~E=eA p A "= =¼=¼8 p¢¯®RE=A K#'¼=¢" p= ¼=¢"R~¼= E¨ ]d#=¢"AEX#Ah#¾ = p = ~h ¯®8 pKAw ¨ = '=¼=¼8 p¢®8K=Rÿµ^;hAAh¢;ÿX pJT"Eÿ¼=¢"Ap¼A E©hA ¾ = p= ~h E=°K¢ K"lA ®8 pK=¯W ¨ ©Z"= §A¼=¼R o¢3®RE=A3hK®AKX X pJT"EP¼=¢"A~¼= K¨ . . -©. «ªU¬ª`. KML. OQPSRTRTUWVXZY\[^]_=`. Vb. ¹ Ñ ¹L· ÏÃÎÀϯ®W°¹¶
(24) ±#ÑÏRÐw¶ ÎT² ¶hº=¸ZÒ=·hÒ³ dÕÖÒ yx"~KAE" owoK¿AT¾}XX pxµ="~¢" ~" # K¢ ¯pKAX p¢" o¨²bA= p¢lE K o= p¢;h K"lA¼=KA ¾ w=T¾ "AT= µ:KA wh¡= 4pElü¿AT¾ ^"¢ h ph®8 w¾ ¢"N o =¢" p EATh pZ#¾3:°Jo¨¯4 lAT¾RT= ="~E=Z oeTh= oA=Áo p¢"'A¨ o¨ hA KK ^¾pEl h¡A o~ "h¢"°½~EAXKA¡£E¢§"= Th= ¼=¢Xp o"§" p¡½~EZE p¢"K ¯A¨ o¨ _b¼=¼AphKA3A~AX "K¼=p¡£¢"K »AAhR~ K©A o~E=Kpo©XhA'N¡£ #A=¢"KA~ E¨ Î °Ï`Î÷ dÎ Ï ¶ ³ dÕÖÒ 7c 7c ¹ Ñ ¹L· ÏÃÎÀ¯Ï ®W°¹¶
(25) ±#ÑÏRÐw¶ ´ µ ¯XX oÃoK'¿AT¾bb®J°'Al=¼A¢X~ o3K¡%»A= TK¢T"EwhA½lA=°"= X°JAK ¼=¢"K¼8 p¢ o`h¡="= TK= h¡A= 3^"¢ h h¡8pK¿RT¾bp¨*[3A pK== "E¯®8 ~^¾ p p¯= 3pEl ¿AT¾ KA'Th= #¼=¢"Jp o"l 3hAP¡£K¢"¾3h¢;Ja®RK;J¾K¢" lX;AE^"X¥L p¢" pZh ERTKR3 {¢T¾ =h ~l"A §X"~R o¨ ¬ Rh°P¾ pKA= p¢xK¼=¼=oTKR h¡Ã= ¯XX ob ¢ hLK¼=KAo¨ Ó µÃ·hÏ%º ¹¶T· ¸º ·4Ò8ÎÒR¸E¹ Ñ 7c X d ÕðÕ Î 9e=¹L· ÏÃÎ}4Ï ®² Ò=·hÒA¸JÕ dÎ ¶T· º ¹ ζ °¹¶
(26) ±#ÑÏ8Ðw¶ [3= ==ÁohK ¼=¢"K®= p ¾ = p4"= pEl4¿AT¾b¯h¢" EE p ®J°µ'¡£=R K h¡»A= Th¢"hKÿhRÿ½¼=¢"X~ o"K¡ »A= 'Th¢"hK ¢" o¼R K o°4lA= ¨µ4 P=T¾ RT ¢ lAN;¡£¢"K ~K"oh¯=AÁTKÿ= oK¢"° oh¢"¢°4TK o¢"wA 'oK ¾ = o = pEl ¿AT¾bxK¢ ¯XX o oe®J°'¡£=A "EeK¡%»A= :K¢T"E ¨x[3=xP®R ~EE"¢"E^" o¾ = lX;AE^"pK K©T¾ A p¢" "= 3¯A=ÁT"E¢" o="ÃK=°#=E¯lE ¼R ~»R3pEl p¨ ³ º Ï ·hÒüÏ`Î d ÕðÕ Î 9e=ÒAT Ó ¼Ï`¸K· ®Ï`Ñ Ï*¾¶ ½ ³e¸Z´ ·h¸Z¹Ô* Ò ¿ bÏ`¸K· Î ?· ÒA¶ 7c i¹ » ¹ ÎT Ó À ÒRÑ´ Ó ° ¸ `Ò Á Ï%ÓÒRÑdÑ ÎÔ ]i==K¢=h" ¾ pK pZKA 3¡ÂK AhN%¼8E"l®= :KE¼=¢"K®= p -¾ h¢"®=¢;hK K¼=¼8K¢=AN" -h==Áp o¼8EN"E¯¡8¾ JKh-¯=AÁTK¯= oK¢"° K x^;Th©:¢;T"= p¢"AhX°JAhh©o= oK¢"°K¨ E¼Ah¢"KRL¾ N"#= {E;Ea^jX;=E 8XX o h¢" § EX K¨ 7c. . ecf Wfge. gq. lr. lk. ×r. gq. lr. lk. ×r. !r. Jr. . ecf Wf. lr Mq. #q. Cr. . ecf Wf. Ùq. Ér. lr. r jr. lr. 5k. lr. lk. Ùq. ecf Wf. r. Jq. o. jr. gr. gr. Ws. Qr. }hjh. lq. Ér lr.
(27) r. ©Wª«¬S'®\¯±°l²³´uW¯µQ¶J·j©{'³µQ´. ¶hÍ dÎƼÏ*¸E·®lÏÃÑ Ï {°A= pK= o¢ oE'hApKJK p¦ü oElA¢ h¡#¢"X ~»R= oE¨¬Çÿ¼AKp o¾ elA=° ¼RE¢l¡£KPK¼X"ÁoT"E½¼=¢"K®= p xh¢b""= cwK¢ET¾ N"Á#¼=¢"K®= p¨x4 =T¾RT E ~== Z= xKXK= bE¼XÁT"E¼A¢E®= oKAXN"EAhRK"l=¼X"EA%E"= ¢lµ oK=¢" o##¢" Z=¢ ¨{°µA="= ¢" p¼A¢ l oE;T"EwA pK¢" p ¡£K¢~KA p¢" pZhA ~KJE ~¦¢"l oK=¢" o%¾ x=T¾üAh"= p¢" b ~¦X^;=¼A¼R o¢hR T¾ p¢®RE=A=KA x¢" K=¢" K¨ 7c 7Â. ecf Wf. °Ï'kÒR¸EÒ8Î÷w¹ ÎÓðÏ`Î'o`ÒÅÄÆÁ ÒR¹¶lq¸EÒR¶eÏ4® ¿ôh·lrdÕar-Ae ¹L·lr?ÏÃι ÎÓ d ζlq¸E¹ κ=Ò Æ. 0. r. ÿr. Êr.
(28) ÉÈ. 68729:;=<?>. Ú Ê ßË Ó. 4Ô I. ©QLNK. ÌÎÍÛUÏ. Þ. ÊÑÍcF¦ÊÝJIÛÀÜ Ð. *Ü. *ß ÞÿÝ'Þ Ò. I. I CHB. ÕaÖÉ]VY<×PSØ]dNYFÖ. x_ "lA Ah»A¢" K¢bAXJ=AhÃb¡ÂKp=Pl¢" oh h¡oK¿AT¾bp¨b[3A o ¯~E=®8 XZX oA=%¡£¢"K×lX;L©EoK¿RT¾bK o= p¢;T" o®J°K JE ol pZK¢¼=¢"hØ^ o~o©EK¢pK ¡ÂKp oP®Z°KPA=¢;hAp pK¼AhJ°E¨ÃRT "= #Th= X=:° K¡*A oK¿AT¾ ^"¢ h [*»RA4= :KA ¾ X"~KAE¯= oKµ¿RT¾b#A=w½="K®= PX"~E=Z¢"h E© "KK ~¦X¼8 o ;T"EAhA4lA TK o¢x" E¨]d¡3¾ oh-= oKe¿AT¾b KA4K"l= Ah¯"= '="~E=Z¢;T X ~" p¢"=lh©EE p ®J° Z©= XpK=Z Th= Ph¯" Áp o¢ ^. {ÔÓjÔ0 . àz. |. 6_ £ Ù Ú ¤# ~. ú. Ú. . Ú `. Ãwjø!zÔÄ. [* hE =3Z"=°ZRhXX p©=Z¢"J=A~ A #:KA h . K. ÉÁÙ. qX¨k ¾ = p¢" ¾ ~ )Û X pAh "= p¦J¼8 o~"hK4KK p X¡£K¢" T"Eµ=¼ "whAµA~AX= ¨{°¯=¼=°J=A3 p¦J¼A¢ E ¾ N" hR¼=l"A¯"= ~¦X¼R ;TK Z"^¾¼Ah¢"3¾ K p Ú ` Ú. ^_6Ù qX¨ñq Ú Ú Ú Ú ]d¡ ÑÜÜ Ú ÞtÝpß ß ÜÜ à "= pw= #»R¢"lb o¢ K"= ¢"EZladAhA= § h¢=EK hAP"Ü = #Ù Th= #h¡Ã=Ü l ~KRE= #bZAT¾ 'h ¨]d o¢"h=z ZAT"E ?qX¨k EE o = #¢" pT"E |. ¦. S. Ë. . ÓÍ. ÃwÉø!z½Ä Ë. . Ú. `. ¦¨Í. . ¸. ¹. ¸. l¹. ÃNwWø×zÔÄ ¦. ¦ ÃwÉø!zÔÄ ¦. ¤#. Ú. . £. _ ¤Ù Ú ¦Xt. ¦. . |. é. ~. ¦. ~. . ¦. £. ¤. ú. Ãwjø!zÔÄ. ã. ¦. £. ¤. ú. . ÃNwÉø. zÔÄ. . . |. è. ¦. ¦Xt S ¦ [ ~. |. ø|. wÉø!z. Xt x ] ¦. \. ¸. ¹.
Related documents
2019 gav Fiskarhedenvillans tjänsteresor upphov till utsläpp motsvarande 168 ton CO 2 e och stod för 63 % av verksamhetens totala klimatpåverkan.. Anställdas pendling står för
Efter Business Partnerns uppsägning på grund av inaktivitet, såsom det beskrivs här, eller en frivillig eller ofrivillig uppsägning av hans/hennes/dess avtal, bland annat för
Fastigheten är belägen inom Överluleå distrikt och enligt uppgift från Länsstyrelsen krävs det inte s.k.. Fornlämning På fastigheten finns en fornlämning och
Där lyder frasen kort och gott: ”Svenskar äro vi icke mera, ryssar kunna vi icke blifva, – vi måste vara finnar.” 49 Texten beskriver de nationella strävandenas historia
• Ökat fokus på pressevent för lansering av MQs kollektioner. • Fördjupat samarbete med
Vid sidan av stöd till våra egna föreningar har vi utgjort en resurs för övriga idrotter i Västmanland.. Vår roll har ofta varit att utgöra rådgivare till deras konsulenter
Köparen är medveten om att ingen ersättning från säljaren utgår för att förse fastigheten med staket eller stödmur mot gata eller intilliggande områden. Nybyggnadskarta finns
Beräkna medelresultat M och standardavvikelse s, uppdelat på gren, klass och kön, men använd ej de resultat som är större än två gånger aktuellt preliminärt medelresultat i