ࡱ> <>56789:;!` bjbj\\ 8>>N*r r r 8 > *Z"L($ hXEWWWW$W&go  zJ<r {d #*0Z{Gooa<(>f,$(((/d(((ZWWWW***$N$a***N*** Chapter 7 An Introduction to Financial Accounting and Valuation Outline Chapter 7 An Introduction Financial Accounting and Valuation Financial Accounting Demystified accounting principles Generally Accepted Accounting Principles assumptions: separate entity, continuity, constant units of measure, time periods principles - cost, consistency, full disclosure, materiality, conservatism financial statements 1.  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIA.htm" \l "Balance" Balance Sheet fundamental equation: A = L - Eq snapshot of nature of assets and claims against them 2.  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIA.htm" \l "Income" Income Statement revenues minus expenses movie picture of how making money, change in balance sheets over time 3.  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIA.htm" Statement of cash flows operating, investing and financing activities movement of cash indicates value of firm accounting issues accrual versus cash accounting cost of inventory cost of goods sold = opening inventory + purchases - value of closing inventory average cost / FIFO (higher profits) / LIFO (lower profits) depreciation reflect use of asset - Matching Principle goodwill - account for as asset if acquired / new GAAP does not require depreciation Valuing the Enterprise the old man and the tree: a parable of valuation Salvage value Current production Future (undiscounted) production Market price Book value D HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "earnings" iscounted future earnings some additional thoughts on valuing businesses Methods of valuation Discounted Cash Flow Comparable approach. Class Notes A. Financial Accounting DemystifiedWhat is "profit" Exco buys building for $100,000. It has monthly upkeep of $2,000, but finds a tenant who pays monthly rent of $2,000. At year's end, Exco gets and refuses offer to sell building for $105,000. Any profit? Accounting answer: Income Statement Revenues $24,000 Expenses Upkeep $24,000 Depreciation $ 5,000 Net income ($5,000) Economic answer: Change in value Net cash flows $0 Appreciation $5,000 Cost of money - inflation ($3,000) Net change in value $2,000 Cookie Business You go into business, buying and selling items from your cookie jar. To keep track of your money-making efforts you kept a journal: Cookie jar - accounting entries Assets = Liabilities + Equity Put $12 in cookie jar $12 $0 $12 Borrow $10 from Mom (put in IOU) $22 $10 $12 Buy two $2 felt-tip pens $22 $10 $12 Buy $5 scissors on credit $27 $15 $12 Sell one of the felt-tip pens for $3 $28 $15 $13 Repay the $5 scissors debt $23 $10 $13 Pay $2 rent for using the jar $21 $10 $11 Take our $5 to go to movies $16 $10 $6 At the end of the first day, you want to know where you stand. What are your current assets and liabilities, and how much in the cookie jar is yours? Did you make any money today? And where did the money go? In reviewing the financial statements: Balance sheet: how is the rental arrangement for the cookie jar accounted for on the balance sheet? what would be the effect on the balance sheet if you bought the cookie jar? what if you sold some of the pens on credit - how would that affect the balance sheet? what is the value of your inventory - the pens and scissors? what if their price went up? if you had the only cookie jar in the neighborhood, wouldn't this have value? suppose you sell a pen to your sister who writes on the kitchen wall and you might be shut down, how account? Income statement was the payment you made to yourself, a dividend or compensation for services? should you amortize the rental payment, which only happens once a month? suppose you sold a pen on credit, is that a sale? does the the net income of minus $1 indicate that this is a money-losing business? You also contemplate whether your business has any value.Are you making money? Should you continue the business tomorrow? Could you sell it to your sister? For how much? Do the financial statements give an answer? What is "net book value"? Balance Sheet (at day's end) Assets Cash $9 Pens $2 Scissors $5 Liabilities IOU - Mom $10 Scissors $0 Total liab $10 Equity Mine $6 Total equity $6 Total assets $16 Total L + Eq $16 Income Statement (day 1) Net sales $3 Operating expenses Cost of goods sold $2 Rent (jar) $2 Selling/adm expenses $0 Total operating expenses $4 Operating income ($1) Interest expense (Mom/scissors) $0 Income taxes $0 Net income ($1) Dividends paid $5 Cash Flow Statement (day 1) Operating Activities Net income ($1) Dec (Inc)) inventories ($7) Total operating activities ($8) Investing activities -- Financing activities Inc (Dec) short-term debt $0 Inc (Dec) long-term debt $10 Investment by owner $12 Distribution to owner ($5) Total financing activities $17 Inc (Dec) cash position $9 Precision Tools, Inc. Balance Sheet (as of Dec 31) Assets 2005 2004 Current assets Cash 150,000 275,000 Accounts receivable 1,380,000 1,145,000 Inventories 1,310,000 1,105,000 Prepaid expenses 40,000 35,000 Total current assets 2,880,000 2,560,000 Fixed assets Land 775,000 775,000 Buildings 2,000,000 2,000,000 Machinery 1,000,000 935,000 Office equipment 225,000 205,000 Total PP&E 4,000,000 3,915,000 Less accumulated depreciation 1,620,000 1,370,000 Net fixed assets 2,380,000 2,545,000 Total assets 5,260,000 5,105,000 Liabilities 2005 2004 Current liabilities Accounts payable 900,000 825,000 Notes payable 600,000 570,000 Accrued expenses payable 250,000 235,000 Total current liabilities 1,750,000 1,630,000 Long term liabilities Notes payable (12.5% 2008) 2,000,000 2,000,000 Notes payable (11% 2000) --- 355,000 Total Liabilities 3,750,000 3,985,000 Stockholders' Equity Common stock (1000 sh) Paid-in capital 200,000 200,000 Retained earnings 1,310,000 920,000 Total equity 1,510,000 1,120,000 Total Liabilities and Equity 5,260,000 5,105,000  Analyze the balance sheet: Do accounts receivable reflect the possibility of delinquent customers? Is there an allowance for doubtful accounts? How might this be computed? Does it make any difference that the company's land, a tract in an industrial park, was purchased 15 years ago and is actually worth far more? A comparable tract recently sold for $3.5 million. What would be the effect of re-valuing the land and buildings to reflect current market value? What accounts would this affect on the balance sheet? What is the company's financial strength for each of the two years-- Working capital (current assets minus current liabilities) = FY2002: 2,880,000 - 1,750,000 = $1,130,000 / FY2001: 2,560,000 - 1,630,000 = $930,000 What does this tell you? Current ratio (current assets divided by current liabilities) = FY2002: 2880/1750 = 1.65 / FY2001: 2560/1630 = 1.57 What does this tell you? Liquidity ratio (quick assets [cash, mkt securities, accts rec'ble] divided by current liabilities) = FY2002: 1530/1750 = 0.87 / FY2001: 1420/1630 = 0.87 What does this tell you? Debt-equity ratio (long-term debt divided by equity) FY2002: 2000/1510 = 1.32 / FY2001: 2335/1120 = 2.08 What does this tell creditors? Book value (Assets minus Liaiblities) FY2002: $1,510,000 / FY2001:$1,120,000 What does this tell owners? Precision Tools Inc Income Statement (Year ended Dec 31) 2005 2004 2003 Net sales 7,500,000 7,000,000 6,800,000 Operating expenses Cost of goods sold 4,980,000 4,650,000 4,607,000 Depreciation 250,000 240,000 200,000 Selling and administrative expenses 1,300,000 1,220,000 1,150,000 Research and development 50,000 125,000 120,000 Operating income 920,0000 765,000 723,000 Interest expense 320,000 375,000 375,000 Income before taxes 600,000 390,000 348,000 Income taxes 210,000 136,000 122,000 Net Income 390,000 254,000 226,000 Analyze the income statement: Can you tell where the business makes its money - who are its customers? are they loyal? who manages and how? are they competent and honest? who are the suppliers? are they reliable? What is the financial position of the company? cost of goods sold (cost of goods divided by net sales) FY2002 = 4980/7500 = 6.6% / FY2001: 4650/7000 = 6.6% / FY 2000 = 4607/6800 = 6.8% what does this tell you? profit margin (net sales minus operating expenses, divided by net sales) FY2002 = 920/7500 = 12.3% / FY2001: 765/7000 = 10.9% / FY 2000 = 723/6800 = 10.6% what does this tell you? why has it gone up? is this "window dressing"? return on equity (net income divided by stockholders' equity as of prior year) FY2002 = 390/1120 = 34.8% what does this mean? assuming that long-term government bonds are returning 8.4%, does this suggest anything about the value of Precision Tools? Precision Tools Inc Statement of Cash Flows (Year ended Dec 31) 2005 2004 From operating Activities Net income 390,000 254,000 Decrease (increase) in accts receivable (235,000) (34,000) Decrease (increase) in inventories (205,000) (28,000) Decrease (Increase) in prepaid expenses (5,000) (3,000) Increase (Decrease) in accounts payable 75,000 25,000 Increase (Decrease) in accrued expenses payable 15,000 7,000 Depreciation 250,000 240,000 Total from Operating Activities 285,000 461,000 From Investing Activities Sales (Purchases) of machinery (65,000) (378,000) Sales (Purchases) of office equipment (20 ,000) (27,000) Total from Investing Activities (85,000) (405,000) From Financing Activities Increase (Decrease) in short-term borrowings 30,000 (40,000) Increase (Decrease) in long-term borrowings (355,000) ----- Total from Financing Activities (325,000) (40,000) Increase (Decrease) in Cash Position (125,000) 16,000 Analyze the cash flow statement: Can you tell whether the business is better off in 2001, compared to 2000? - are there any danger signs? what happened to "accounts receivable" and "inventories"? Why doesn't this "cash bleeding" show up on income statement? Why did management cut back on "research and development"? does this suggest anything about the value of Precision Tools?  B. Valuing the EnterpriseINCLUDEPICTURE "\\\\acad1\\lawschool\\Faculty\\wp\\PALMITER\\Books\\WestCasebook\\6thEdition\\Desktop\\Business Organization Syllabus 13_files\\beardedman.jpg" \* MERGEFORMAT  Adapted from Solomon, Schwartz & Bauman, Corporations - Cases and Materials at 143 (4th ed. 1996). The Old Man and the Tree: A Parable of Valuation Once upon a time there was an old man who owned an apple tree. It was a fine tree. With modest care it yielded a crop of apples which he sold for $100 each year. The man wanted money for new pursuits and thought of selling the tree. So he placed an ad in the Business Opportunities section of the Wall Street Journal: "For sale, apple tree - best offer." Six prospective buyers answered the ad, with six methods for valuing the tree:  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "salvage" Salvage value  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "production" Current production  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "future" Future (undiscounted) production  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "Market" Market price  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "book" Book value  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "earnings" Discounted future earnings From this we can draw a  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "Moral" moral of the story  Present value Year Cash flow (8% discount rate) (15% discount rate) 1 50 $ 46.30 $ 43.48 2 50 $ 42.87 $ 37.81 3 50 $ 39.69 $ 32.88 4 50 $ 36.75 $ 28.59 5 50 $ 34.03 $ 24.86 6 40 $ 25.21 $ 17.29 7 40 $ 23.34 $ 15.04 8 40 $ 21.61 $ 13.08 9 40 $ 20.01 $ 11.37 10 40 $ 18.53 $ 9.89 11 40 $ 17.16 $ 8.60 12 40 $ 15.88 $ 7.48 13 40 $ 14.71 $ 6.50 14 40 $ 13.62 $ 5.65 15 40 $ 12.61 $ 4.92 Salvage 50 $ 15.76 $ 6.14 Total $ 398.07 $ 273.56  Moral of the story There are several morals. First, you should have noticed that the prospective buyers used essentially three methods to value productive assets -- asset approach  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "salvage" salvage value  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "book" book value income (cash flow) approach  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "production" current production  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "future" future (undiscounted) production  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "earnings" discounted future earnings market (comparables) approach  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "pe" price-earnings ratio  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "Market" market price Second, asset valuation methods are useful tools, but valuation is an art that combines methods, good judgment and experience. And experience comes from mistakes. Third, you should listen closely to the experts -- focus not only on what they say, but on what they don't say. Behind their elegance, there is much discordance and uncertainty. One wrong assumption can carry you off track. Finally, you're never too young or too old to learn. Remember the financial statements for Precision Tools. What is the company's value, using the following methods  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "Salvage" Salvage value  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "Production" Current production  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "FutureProduction" Future (undiscounted) production  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "MarketPrice" Market price  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "BookValue" Book value  HYPERLINK "http://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm" \l "Discounted" Discounted future earnings Precision Tools, Inc. Balance Sheet (as of Dec 31)Assets 2002 2001 Current assets Cash 150,000 275,000 Accts receivable 1,380,000 1,145,000 Inventories 1,310,000 1,105,000 Prepaid expenses 40,000 35,000 Total current assets 2,880,000 2,560,000 Fixed assets Land 775,000 775,000 Buildings 2,000,000 2,000,000 Machinery 1,000,000 935,000 Office equipment 225,000 205,000 Total PP&E 4,000,000 3,915,000 Less accum depreciation 1,620,000 1,370,000 Net fixed assets 2,380,000 2,545,000 Total assets 5,260,000 5,105,000 Liabilities 2002 2001 Current liabilities Accounts payable 900,000 825,000 Notes payable 600,000 570,000 Accrued expenses payable 250,000 235,000 Total current liabilities 1,750,000 1,630,000 Long term liabilities Notes payable (12.5% 2008) 2,000,000 2,000,000 Notes payable (11% 2000) --- 355,000 Total Liabilities 3,750,000 3,985,000 Stockholders' Equity Common stock (1000 sh) Paid-in capital 200,000 200,000 Retained earnings 1,310,000 920,000 Total equity 1,510,000 1,120,000 Total Liabilities and Equity 5,260,000 5,105,000 Precision Tools Inc Income Statement (Year ended Dec 31) 2002 2001 2000 Net sales 7,500,000 7,000,000 6,800,000 Operating expenses Cost of goods sold 4,980,000 4,650,000 4,607,000 Depreciation 250,000 240,000 200,000 Selling and administrative expenses 1,300,000 1,220,000 1,150,000 Research and development 50,000 125,000 120,000 Operating income 920,0000 765,000 723,000 Interest expense 320,000 375,000 375,000 Income before taxes 600,000 390,000 348,000 Income taxes 210,000 136,000 122,000 Net Income 390,000 254,000 226,000 Precision Tools Inc Statement of Cashflow (Year ended Dec 31) 2002 2001 From operating Activities Net income 390,000 254,000 Decrease (increase) in accts receivable (235,000) (34,000) Decrease (increase) in inventories (205,000) (28,000) Decrease (Increase) in prepaid expenses (5,000) (3,000) Increase (Decrease) in accounts payable 75,000 25,000 Increase (Decrease) in accrued expenses payable 15,000 7,000 Depreciation 250,000 240,000 Total from Operating Activities 285,000 461,000 From Investing Activities Sales (Purchases) of machinery (65,000) (378,000) Sales (Purchases) of office equipment (20 ,000) (27,000) Total from Investing Activities (85,000) (405,000) From Financing Activities Increase (Decrease) in short-term borrowings 30,000 (40,000) Increase (Decrease) in long-term borrowings (355,000) ----- Total from Financing Activities (325,000) (40,000) Increase (Decrease) in Cash Position (125,000) 16,000 Salvage value: $5,215,000 - $3,750,000 = $1,465,000 Assets 2002 Salvage Current assets Cash - 100% 150,000 150,000 Accts receivable - 75% 1,380,000 1,035,000 Inventories - 50% 1,310,000 655,000 Prepaid expenses - 75% 40,000 30,000 Total current assets 2,880,000 1,870,000 Fixed assets Land - FMV minus selling expense 775,000 1,000,000 Buildings 2,000,000 2,000,000 Machinery - 30% 1,000,000 300,000 Office equipment - 20% 225,000 45,000 Total PP&E 4,000,000 3,345,000 Less accum depreciation 1,620,000 0 Net fixed assets 2,380,000 3,345,000 Total assets 5,260,000 5,215,000 Liabilities 2002 Current liabilities Accounts payable 900,000 Notes payable 600,000 Accrued expenses payable 250,000 Total current liabilities 1,750,000 Long term liabilities Notes payable (12.5% 2008) 2,000,000 Notes payable (11% 2000) --- Total Liabilities 3,750,000 Current production: $7,500,000 (FY 2001 Net sales)  Future (undiscounted) production: $75,000,000 (assuming ten more years)    ?@AIQRS< > q]F2F]F]'h@B*CJKHOJQJ^JaJph-h[Wh@B*CJKHOJQJ^JaJph&h)h@5CJOJQJ\^JaJ hh@CJOJQJ^JaJh@5CJOJQJ^JaJ#hh@5CJOJQJ^JaJhi45CJOJQJ^JaJhH=5CJOJQJ^JaJh5CJOJQJ^JaJ hX5CJOJQJ^JaJo(hX5CJOJQJ^JaJh5r5CJOJQJ^JaJ@AI=  ? u  T $,1$VDWD^`,a$gd@ $1$a$gd@ $ & F 1$a$gd@$,1$^,`a$gd@ $ & F 1$a$gd@ $ & F 1$a$gd@ & Fgd@gd@$a$gdc    u | }  S T W X # $ 4 6 ϸϡϸϸϡϸ~ϸϡϸlX'h)h@0J5CJOJQJ^JaJ#h/h@CJOJQJ\^JaJ#h)h@CJOJQJ\^JaJ!h@0J5CJOJQJ^JaJ,h[Wh@>*B*CJKHOJQJ^Jph-h[Wh@B*CJKHOJQJ^JaJph6jh[Wh@B*CJKHOJQJU^JaJph'h@B*CJKHOJQJ^JaJph $ 8 Y m 5 !, $ & F"1$a$gd@ $ & F!a$gd@ $ & Fa$gd@ & Fgd@ $ & F 1$a$gd@ $ & F 1$a$gd@ $ & F 1$a$gd@ !,-.!"нs\H7 hZ5CJOJQJ^JaJo('h@B*CJKHOJQJ^JaJph-h[Wh@B*CJKHOJQJ^JaJph$hh@CJKHOJQJ^JaJ hh@CJKHOJQJ^J)jhh@CJKHOJQJU^J hh@CJKHOJQJ^J$hh@CJKHOJQJ^JaJ hh@CJOJQJ^JaJh@CJOJQJ^JaJ hh@CJOJQJ^JaJ !"#$01UV]gkd$$Ifl#$ t0644 la$Ifgd6 l0gde$a$gde$a$gdUrgd@ $ & F"1$a$gd@ "#$/01Vfh678JL\^_οyy_J_J=hh6 CJKHaJ)hh6 B*CJKHOJQJ^Jph3hh6 5B*CJKHOJQJ\^JaJphh6 CJOJQJ^JaJh6 OJQJ^J h6 5CJOJQJ\^JaJh6 5CJOJQJ^JaJheCJOJQJ^JaJhe5CJOJQJ^JaJ#hi4he5CJOJQJ^JaJhZ5CJOJQJ^JaJ hvz5CJOJQJ^JaJo(Vh78L^_:ckdI$IfK$L$T 0 634aT$$1$Ifa$gd6 K$$$1$Ifa$gd6 l$Ifgd6 l$Ifgd6 l$$Ifa$gd6 l_ghopqy{|  +,456IJPQRTƸӍƸ3hh6 5B*CJKHOJQJ\^JaJph h6 5CJOJQJ\^JaJh6 CJOJQJ^JaJhh6 CJKHaJ)hh6 B*CJKHOJQJ^Jph-hh6 B*CJKHOJQJ^JaJph3_hpqz{e{kd$IfK$L$T0 T 40 634abT$$1$Ifa$gd6 K$$$1$Ifa$gd6 K${|te$$1$Ifa$gd6 K$$$1$Ifa$gd6 K${kd$IfK$L$T0 0 634abTte$$1$Ifa$gd6 K$$$1$Ifa$gd6 K${kd>$IfK$L$T0 0 634abTte$$1$Ifa$gd6 K$$$1$Ifa$gd6 K${kd$IfK$L$T0 0 634abTp$Ifgd6 l{kd$IfK$L$T0 0 634abTkTE$$1$Ifa$gd6 K$$$1$Ifa$gd6 lM$$Ifa$gd6 lM~kd9$$Ifl4G0[#`S t0644 la~$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$ckd$IfK$L$T 0 634aT te$$1$Ifa$gd6 K$$$1$Ifa$gd6 K${kd?$IfK$L$T0^ T 40 634abT,5te$$1$Ifa$gd6 K$$$1$Ifa$gd6 K${kd$IfK$L$T0^ 0 634abT56JQte$$1$Ifa$gd6 K$$$1$Ifa$gd6 K${kd$IfK$L$T0^ 0 634abTQRSp$Ifgd6 lM{kdB$IfK$L$T0^ 0 634abTSTdfffffW$$1$Ifa$gd6 K$$$1$If^a$gd6 lM~kd$$Ifl4G0[# S t0644 laTcf)+356KLOQSUXZ[|}  һҡҔһһһҔһһһҔһһһҔһһһҔһһһҔһһhh6 CJKHaJ3hh6 5B*CJKHOJQJ\^JaJph-hh6 B*CJKHOJQJ^JaJph)hh6 B*CJKHOJQJ^Jph/hh6 5B*CJKHOJQJ\^Jph:+5$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$akdV$IfK$L$-70634-a56LQUZ[L===$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$kd$IfK$L$-\ a70634-abZ[}[L===$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$kd $IfK$L$-\ a70634-ab[L===$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$kd $IfK$L$-\ a70634-ab[L===$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$kdX $IfK$L$-\ a70634-ab [L===$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$kd! $IfK$L$-\ a70634-ab01469;>@A^_bdgilnonpNQ WZ,/wzӬӬӞh6 CJOJQJ^JaJ3hh6 5B*CJKHOJQJ\^JaJphhh6 CJKHaJ)hh6 B*CJKHOJQJ^Jph-hh6 B*CJKHOJQJ^JaJph>16;@[L===$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$kd $IfK$L$-\ a70634-ab@A_din[L===$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$kd $IfK$L$-\ a70634-abno[L===$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$kd|$IfK$L$-\ a70634-abp[@@%$ & F&$1$Ifa$gd6 lM$$1$If^a$gd6 lMkdE$IfK$L$-\ a70634-abQ Z/z$$1$Ifa$gd6 K$$Ifgd6 lM$$1$If^a$gd6 lM$ & F&$1$Ifa$gd6 lM$ & F&$1$Ifa$gd6 lM #$*+-/0679;<FGIKLMX[\ghkmnxy{}~ݯݕ3hh6 5B*CJKHOJQJ\^JaJph,hh6 <B*CJKHOJQJ^Jph-hh6 B*CJKHOJQJ^JaJphhh6 CJKHaJ)hh6 B*CJKHOJQJ^Jph:!#pp$$1$Ifa$gd6 K$kd$IfK$L$3 ` 062-344 -` ap #$+/07;GMkdW$IfK$L$0R&634a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$Mkd$IfK$L$0R&634a;<GKLMYG8$$1$Ifa$gd6 K$Mkd/$IfK$L$0R&634a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$Mkd$IfK$L$0R&634aY[\hmny}GMkd$IfK$L$0634a$$1$Ifa$gd6 K$Mkd$IfK$L$0634a$$1$Ifa$gd6 K$}~G9 $$1$Ifa$gd6 Mkd$IfK$L$0634a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$Mkds$IfK$L$0634aGMkd$IfK$L$0634a$$1$Ifa$gd6 K$MkdK$IfK$L$0 634a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$Mkd+$IfK$L$0634a[LL$$1$Ifa$gd6 K$kd$IfK$L$03 ``062-344 -` abp    #$89;=>JKMOPfgikl ݬݬݬݬݬݬݬݬݬݬ-hh6 B*CJKHOJQJ^JaJph3hh6 5B*CJKHOJQJ\^JaJphhh6 CJKHaJ)hh6 B*CJKHOJQJ^JphDCOkd$IfK$L$T0Jn634aT$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$Okd$IfK$L$T0S634aT^C4$$1$Ifa$gd6 K$$$1$If^a$gd6 lMkdx$IfK$L$:03 ``06344 -` abp  w$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$jkdt$IfK$L$3062-344 -a !#$$1$Ifa$gd6 K$nkd%$IfK$L$0 634` ap#$9=s$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$nkd$IfK$L$0 634` ap=>KOs$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$nkd$IfK$L$0 634` apOPgks$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$nkd/$IfK$L$0 634` apkls$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$nkd$IfK$L$0 634` aps$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$nkd$IfK$L$0 634` aps$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$nkd9$IfK$L$0 634` aps$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$nkd$IfK$L$0 634` aps$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$nkd$IfK$L$0 634` aps$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$nkdC$IfK$L$0 634` ap $$1$Ifa$gd6 K$nkd$IfK$L$0 634` ap   )vg$$1$Ifa$gd6 K$$$1$If^a$gd6 lMmkd $IfK$L$3062-344 -ab   ')*>ABLMQSTjkoqr  "#&()>?CEF`ޔޔޔޔޔޔޔޔ-hh6 B*CJKHOJQJ^JaJph0hh6 >*B*CJKHOJQJ^JaJph3hh6 5B*CJKHOJQJ\^JaJph)hh6 B*CJKHOJQJ^Jphhh6 CJKHaJ:)*?A$$1$Ifa$gd6 K$jkdP!$IfK$L$3062-344 -aABMSs$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$nkd"$IfK$L$05 ``634` apSTkqs$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$nkd"$IfK$L$05 ``634` apqrs$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$nkd]#$IfK$L$05 ``634` ap$$1$Ifa$gd6 K$nkd $$IfK$L$05 ``634` aps$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$nkd$$IfK$L$05 ``634` ap$$1$Ifa$gd6 K$nkdg%$IfK$L$05 ``634` ap$$1$Ifa$gd6 K$nkd&$IfK$L$05 ``634` aps$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$nkd&$IfK$L$05 ``634` ap s$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$nkdq'$IfK$L$05 ``634` ap#(s$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$nkd($IfK$L$05 ``634` ap()?Es$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$nkd($IfK$L$05 ``634` apEFafs$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$nkd{)$IfK$L$05 ``634` ap`adfghijklƬꞍsY3hI:lh6 5B*CJKHOJQJ\^JaJphh6 B*CJOJQJ^Jphh6 OJQJ^J h6 5CJOJQJ\^JaJh6 CJOJQJ^JaJ3hh6 5B*CJKHOJQJ\^JaJphhh6 CJKHaJ-hh6 B*CJKHOJQJ^JaJph)hh6 B*CJKHOJQJ^Jphfgik$$1$Ifa$gd6 K$nkd)*$IfK$L$05 ``634` apkls$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$nkd*$IfK$L$05 ``634` ap$$1$Ifa$gd6 K$nkd+$IfK$L$05 ``634` apvvvc$Ifgd6 lM$$1$If^a$gd6 lMmkd3,$IfK$L$3062-344 -abn[$Ifgd6 l$$Ifa$gd6 lzkd,$$Ifl0#  t0644 layy$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$gkdC-$$Ifl#$ t0644 la  ,-67@ABQR[\efgz{ӹӹ||0hI:lh6 >*B*CJKHOJQJ^JaJphhI:lh6 CJKHaJ-h5B*CJKHOJQJ\^JaJph3hI:lh6 5B*CJKHOJQJ\^JaJph-hI:lh6 B*CJKHOJQJ^JaJph)hI:lh6 B*CJKHOJQJ^Jph00`kd.$IfK$L$F\ "6    34a$$1$Ifa$gd6 K$`kd-$IfK$L$F\ "6    34a -7A`kd.$IfK$L$F\ "6    34a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$ABR\f$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd/$IfK$L$F\ "6    34afg{$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd/$IfK$L$F\ "6    34a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd/$IfK$L$F\ "6    34a %&/0:;<OPZ[efgqr{|0hI:lh6 >*B*CJKHOJQJ^JaJph-hI:lh6 B*CJKHOJQJ^JaJphhI:lh6 CJKHaJ)hI:lh6 B*CJKHOJQJ^Jph:0`kd0$IfK$L$F\ "6    34a$$1$Ifa$gd6 K$`kdv0$IfK$L$F\ "6    34a$$1$Ifa$gd6 K$`kdj1$IfK$L$F\ "6    34a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd1$IfK$L$F\ "6    34a&0;$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd^2$IfK$L$F\ "6    34a;<P[f$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd2$IfK$L$F\ "6    34afgr|$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdR3$IfK$L$F\ "6    34a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd3$IfK$L$F\ "6    34a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdF4$IfK$L$F\ "6    34a0`kd:5$IfK$L$F\ "6    34a$$1$Ifa$gd6 K$`kd4$IfK$L$F\ "6    34a    !"#$789<=QR[\cdeuvһһҮҔҔ}Ҕ}ҮһҮһһҮһһҮd0hI:lh6 >*B*CJKHOJQJ^JaJph-h5B*CJKHOJQJ\^JaJph3hI:lh6 5B*CJKHOJQJ\^JaJphhI:lh6 CJKHaJ-hI:lh6 B*CJKHOJQJ^JaJph)hI:lh6 B*CJKHOJQJ^Jph/hI:lh6 5B*CJKHOJQJ\^Jph'   #r$$1$Ifa$gd6 K$`kd5$IfK$L$F\ "6    34a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$#$8:<=0`kd6$IfK$L$F` % 6    34a$$1$Ifa$gd6 K$`kd.6$IfK$L$F` % X6    34a=R\dev`kd27$IfK$L$F` % 6    34a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd7$IfK$L$F` % 6    34a   % & / 0 9 : ; V W b c m n o !!!ĭĭĭĭĭĭēĭĭĭ3hI:lh6 5B*CJKHOJQJ\^JaJph-hI:lh6 B*CJKHOJQJ^JaJphhI:lh6 CJKHaJ0hI:lh6 >*B*CJKHOJQJ^JaJph)hI:lh6 B*CJKHOJQJ^Jph:$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd&8$IfK$L$F` % 6    34a    0`kd9$IfK$L$F` % 6    34a$$1$Ifa$gd6 K$`kd8$IfK$L$F` % 6    34a & 0 : ; W c n `kd9$IfK$L$F` % 6    34a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$n o $$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd:$IfK$L$F` % 6    34a 0`kd;$IfK$L$F` % 6    34a$$1$Ifa$gd6 K$`kd:$IfK$L$F` % 6    34a `kd|;$IfK$L$F` % 6    34a$$1$Ifa$gd6 K$ $$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd;$IfK$L$F` % 6    34a !!$!$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdp<$IfK$L$F` % 6    34a!!#!$!%!1!2!;!*B*CJKHOJQJ^JaJph)hI:lh6 B*CJKHOJQJ^Jph&$!%!2!$IfK$L$F` % 6    34a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$!!![H$Ifgd6 lkd>$IfK$L$0:# ``ff062-344 -` fabpff!!!!6""##$||aaaaF$ & F'$1$Ifa$gd6 l$ & F'$1$Ifa$gd6 l$$1$If^a$gd6 lgkd?$$Ifl#$ t0644 la#####$$=$H$k$s$v$$$$$$$$$% %%&%)%8%9%%%%%%%%%%%&&.&2&J&N&Q&p&ӹӹӹp/hI:lh6 6B*CJKHOJQJ]^Jph-hI:lh6 B*CJKHOJQJ^JaJph3hI:lh6 6B*CJKHOJQJ]^JaJph3hI:lh6 6B*CJKHOJQJ]^JaJph)hI:lh6 B*CJKHOJQJ^Jph-hI:lh6 B*CJKHOJQJ^JaJph,$v$$$%)%%%%&Q&s&&&&&$$1$Ifa$gd6 l$ & F'$1$Ifa$gd6 l$ & F'$1$Ifa$gd6 lp&s&~&&&&&&&&&&&&&& ''!'"'#'$'һ껤|kakakI|/hI:lh6 5B*CJKHOJQJ\^Jphh6 OJQJ^J h6 5CJOJQJ\^JaJh6 CJOJQJ^JaJ3hI:lh6 5B*CJKHOJQJ\^JaJph-hI:lh6 B*CJKHOJQJ^JaJph-hI:lh6 B*CJKHOJQJ^JaJph/hI:lh6 6B*CJKHOJQJ]^Jph)hI:lh6 B*CJKHOJQJ^Jph&&"'|$$1$If^a$gd6 lgkd@$$Ifl#$ t0644 la"'#'$')'.'3'yyy$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$gkde@$$Ifl#$ t0644 la$'''(','-'1'2'3'4'='>'H'I'R'S'\']'^'q'x'y'''''''''''''''''''''( ((((((9(:(E(ĭĭĭĭĭĭ0hI:lh6 >*B*CJKHOJQJ^JaJph)hI:lh6 B*CJKHOJQJ^Jph-hI:lh6 B*CJKHOJQJ^JaJphhI:lh6 CJKHaJ*h5B*CJKHOJQJ^JaJph0hI:lh6 5B*CJKHOJQJ^JaJph23'4'>'I'S']'}nnn$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$skd@$IfK$L$\B#634a]'^'r't'v'x'}}}}$$1$Ifa$gd6 K$skd0A$IfK$L$\B#634ax'y'''''}nnn$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$skdA$IfK$L$\B#634a''''''}nnn$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$skd4B$IfK$L$\B#634a''' (((}nnn$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$skdB$IfK$L$\B#634a((:(F(Q(\(}nnn$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$skd>C$IfK$L$\B#634aE(F(P(Q([(\(](e(f(w(x(((((((((((((((((((((((((())))))!)")#)-).)8)9)@)A)K)L)M)N)O)ĭĭĭĭĭĜh6 CJOJQJ^JaJ h6 5CJOJQJ\^JaJ-hI:lh6 B*CJKHOJQJ^JaJphhI:lh6 CJKHaJ0hI:lh6 >*B*CJKHOJQJ^JaJph)hI:lh6 B*CJKHOJQJ^Jph7\(](_(a(c(e(}}}}$$1$Ifa$gd6 K$skdC$IfK$L$\B#634ae(f(x((((}nnn$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$skdBD$IfK$L$\B#634a((((((}nnn$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$skdD$IfK$L$\B#634a((((((}nnn$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$skdFE$IfK$L$\B#634a(()))")}nnn$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$skdE$IfK$L$\B#634a")#).)9)A)L)}nnn$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$skdJF$IfK$L$\B#634aL)M)N)t$1$If^gd6 lskdF$IfK$L$\B#634aN)O)n)))*0*a**|aFFFaF$ & F($1$Ifa$gd6 l$ & F($1$Ifa$gd6 l$$1$If^a$gd6 lgkdNG$$Ifl#$ t0644 laO)l)n)))))**-*0*^*a*s*t*********** + +++U+X+l+q++++һһһһһҡһppp[һҡһpp)hI:lh6 B*CJKHOJQJ^Jph-hI:lh6 B*CJKHOJQJ^JaJph3hI:lh6 6B*CJKHOJQJ]^JaJph3hI:lh6 6B*CJKHOJQJ]^JaJph-hI:lh6 B*CJKHOJQJ^JaJph)hI:lh6 B*CJKHOJQJ^Jph/hI:lh6 5B*CJKHOJQJ\^Jph#** +X+++J,f,,,$$1$Ifa$gd6 l$ & F($1$Ifa$gd6 l$ & F($1$Ifa$gd6 l +++++ , ,G,J,^,c,e,f,,,,,--)-+->-?-@-ӼӢӼӼӼzi_i_iGz/hI:lh6 5B*CJKHOJQJ\^Jphh6 OJQJ^J h6 5CJOJQJ\^JaJh6 CJOJQJ^JaJ3hI:lh6 6B*CJKHOJQJ]^JaJph3hI:lh6 6B*CJKHOJQJ]^JaJph-hI:lh6 B*CJKHOJQJ^JaJph)hI:lh6 B*CJKHOJQJ^Jph-hI:lh6 B*CJKHOJQJ^JaJph,,?-|$$1$If^a$gd6 lgkdG$$Ifl#$ t0644 la?-@-A-F-K-yy$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$gkdG$$Ifl#$ t0644 la@-A-D-E-I-J-K-L-f-g-h-i-j-k-l-v-w-~-------------------%.&.-...5.6.7.^._.e.f.l.m.n..θθΫ-hI:lh6 B*CJKHOJQJ^JaJph)hI:lh6 B*CJKHOJQJ^JphhI:lh6 CJKHaJ*h5B*CJKHOJQJ^JaJph0hI:lh6 5B*CJKHOJQJ^JaJph0hI:lh6 >*B*CJKHOJQJ^JaJph2K-L-g-i-k-l-0`kdH$IfK$L$FXB#6    34a$$1$Ifa$gd6 K$`kd)H$IfK$L$FXB#6    34al-w-------`kdI$IfK$L$FXB#6    34a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$-----$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdI$IfK$L$FXB#6    34a--&...6.$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdJ$IfK$L$FXB#6    34a6.7._.f.m.$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdJ$IfK$L$FXB#6    34am.n....$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd K$IfK$L$FXB#6    34a..................../// / /$/)/*/H/I/Q/R/[/\/]////////////////////00!0"0*0+0,0W0X0a0b0k0l0m00ӭӭƭƭ0hI:lh6 >*B*CJKHOJQJ^JaJphhI:lh6 CJKHaJ-hI:lh6 B*CJKHOJQJ^JaJph)hI:lh6 B*CJKHOJQJ^JphD.....$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdK$IfK$L$FXB#6    34a..../$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdK$IfK$L$FXB#6    34a//// / /0`kdL$IfK$L$FXB#6    34a$$1$Ifa$gd6 K$`kdyL$IfK$L$FXB#6    34a /%/'/)/*/I/R/\/$$1$Ifa$gd6 K$`kdmM$IfK$L$FXB#6    34a$$1$Ifa$gd6 K$\/]////$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdM$IfK$L$FXB#6    34a/////$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdaN$IfK$L$FXB#6    34a//////0`kdUO$IfK$L$FXB#6    34a$$1$Ifa$gd6 K$`kdN$IfK$L$FXB#6    34a/////0"0+0$$1$Ifa$gd6 K$`kdO$IfK$L$FXB#6    34a$$1$Ifa$gd6 K$+0,0X0b0l0$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdIP$IfK$L$FXB#6    34al0m0000$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdP$IfK$L$FXB#6    34a000000000000000000J1M1i1k111112!2`2a2b2d2~22ĭĜvюd#hxGuh6 5CJOJQJ^JaJ/hI:lh6 5B*CJKHOJQJ\^Jphh6 CJOJQJ^JaJ h6 5CJOJQJ\^JaJ-hI:lh6 B*CJKHOJQJ^JaJphhI:lh6 CJKHaJ0hI:lh6 >*B*CJKHOJQJ^JaJph)hI:lh6 B*CJKHOJQJ^Jph!00000$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd=Q$IfK$L$FXB#6    34a0000gkd1R$$Ifl#$ t0644 la$1$If^gd6 l`kdQ$IfK$L$FXB#6    34a00M1k111!2a2b2$$1$Ifa$gd6 l$ & F)$1$Ifa$gd6 l$ & F)$1$Ifa$gd6 l$$1$If^a$gd6 lb2c2d2~2$Ifgd6 l0gd6 gkdzR$$Ifl#$ t0644 la~22333333/55vdRRR$$1$If^a$gd6 $$1$If^a$gd6 $$1$If^a$gd6 K$ $$1$Ifa$gd6 gkdR$$Ifl#$ t0644 la22.3/303132333[3]3333333345-5/535Կ濎ttt]C]]3h@ph6 6B*CJKHOJQJ]^JaJph-h@ph6 B*CJKHOJQJ^JaJph3h@ph6 5B*CJKHOJQJ\^JaJph-h@ph6 B*CJKHOJQJ^JaJph2j Sh@ph6 B*CJKHOJQJU^Jph)h@ph6 B*CJKHOJQJ^Jph#hB*CJKHOJQJ^Jph2jh@ph6 B*CJKHOJQJU^Jph35>5}5555555555b6c6u6v6w6y6z66677777j7k7w7x7y7{7|77777777V8W8q8r8s8u8Ѽtttttt,h@ph6 >*B*CJKHOJQJ^Jph,h@ph6 >*B*CJKHOJQJ^Jph2jh@ph6 B*CJKHOJQJU^Jph)h@ph6 B*CJKHOJQJ^Jph-h@ph6 B*CJKHOJQJ^JaJph-h@phvzB*CJKHOJQJ^JaJph-55y67{77u899 9 9vg$$1$Ifa$gd6 K$$$1$Ifa$gd6 lRkd#$IfK$L$0 B#'/ 634a$$1$Ifa$gd6 K$$ & F*$1$Ifa$gd6 u888889999 9 99999!9"9+9,9>9?9R9S9T9U9V9X9Y9`9a9h9i9j9k9l9n9o9̵̠w]]]]]蠓3h@ph6 5B*CJKHOJQJ\^JaJph6jh@ph6 B*CJKHOJQJU^JaJphh@ph6 CJKHaJ)h@ph6 B*CJKHOJQJ^Jph,h@ph6 >*B*CJKHOJQJ^Jph6jh@ph6 B*CJKHOJQJU^JaJph-h@ph6 B*CJKHOJQJ^JaJph$ 9999kd9 $IfK$L$TF& 0 6    34` ab pT$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$9"9,9?9S9$$1$Ifa$gd6 K$S9T9kdV!$IfK$L$T\& (0 634` abp(TT9V9Y9a9i9$$1$Ifa$gd6 K$i9j9kd"$IfK$L$T\& (0 634` abp(Tj9l9o9w99$$1$Ifa$gd6 K$o9v9w99999999999999999999999999999999999999999999999999999:::::::::::':(:):+:,:.:/:7:8:?:@:A:C:h@ph6 CJKHaJ)h@ph6 B*CJKHOJQJ^Jph-h@ph6 B*CJKHOJQJ^JaJphN99kd#$IfK$L$T\& (0 634` abp(T99999$$1$Ifa$gd6 K$99kd$$IfK$L$T\& (0 634` abp(T99999$$1$Ifa$gd6 K$99kd &$IfK$L$T\& (0 634` abp(T99999$$1$Ifa$gd6 K$99kdQ'$IfK$L$T\& (0 634` abp(T99999$$1$Ifa$gd6 K$99kd($IfK$L$T\& (0 634` abp(T99999$$1$Ifa$gd6 K$99kd)$IfK$L$T\& (0 634` abp(T999::$$1$Ifa$gd6 K$::kd*$IfK$L$T\& (0 634` abp(T::::(:$$1$Ifa$gd6 K$(:):kd,$IfK$L$T\& (0 634` abp(T):,:/:8:@:$$1$Ifa$gd6 K$@:A:kdF-$IfK$L$T\& (0 634` abp(TA:D:G:P:X:$$1$Ifa$gd6 K$C:D:F:G:O:P:W:X:Y:[:\:^:_:g:h:o:p:q:s:t:v:w:::::::::::::::::::::::::::::::::::::::::3h@ph6 5B*CJKHOJQJ\^JaJphh@ph6 CJKHaJ-h@ph6 B*CJKHOJQJ^JaJph)h@ph6 B*CJKHOJQJ^Jph=X:Y:kdw.$IfK$L$T\& (0 634` abp(TY:\:_:h:p:$$1$Ifa$gd6 K$p:q:kd/$IfK$L$T\& (0 634` abp(Tq:t:w:::$$1$Ifa$gd6 K$::kd0$IfK$L$T\& (0 634` abp(T:::::$$1$Ifa$gd6 K$::kd 2$IfK$L$T\& (0 634` abp(T:::::$$1$Ifa$gd6 K$::kd;3$IfK$L$T\& (0 634` abp(T:::::$$1$Ifa$gd6 K$::kdl4$IfK$L$T\& (0 634` abp(T:::::$$1$Ifa$gd6 K$::kd5$IfK$L$T\& (0 634` abp(T::: ;;;'<<<9==K>k>>rrrrrr$ & F+p$1$If^pa$gd6 l$ & F+$1$If^a$gd6 l$$1$If^a$gd6 l$$1$Ifa$gd6 l$$1$IfVD^^a$gd6 l ::::;;;;;<<$<%<'<(<<<<<<<<<"=#=6=7=9=:=======,>->H>I>K>h>k>l>ϸkkkkk,h@ph6 >*B*CJKHOJQJ^Jph6jh@ph6 B*CJKHOJQJU^JaJph3h@ph6 5B*CJKHOJQJ\^JaJph-h@ph6 B*CJKHOJQJ^JaJph6j6h@ph6 B*CJKHOJQJU^JaJph'h6 B*CJKHOJQJ^JaJph*l>>>>>>>L?M?Y?Z?AAAABBBBBB̵̵裕~iTi8~86jhh:Dh6 B*CJKHOJQJU^JaJph)hh:Dh6 B*CJKHOJQJ^Jph)hh:Dh6 B*CJKHOJQJ^Jph-hh:Dh6 B*CJKHOJQJ^JaJphh6 CJOJQJ^JaJ#hxGuh6 5CJOJQJ^JaJ,h@ph6 >*B*CJKHOJQJ^Jph6jh@ph6 B*CJKHOJQJU^JaJph-h@ph6 B*CJKHOJQJ^JaJph>\?^?@@@AAAJgkdp7$$Ifl#$ t0644 la$Ifgd6 l0$$1$If^a$gd6 l$ & F+p$1$If^pa$gd6 lAABD0E.F$GHH Hmgkd7$$Ifl#$ t0644 la$Ifgd6 l$$1$Ifa$gd6 l BBBBBBCCCCCDDDDDD(E*E,E0E2E6E8E FF&F(F.F0F4F6FGGGG͸͌͸rr[r͌͸rr[,hh:Dh6 >*B*CJKHOJQJ^Jph2jhh:Dh6 B*CJKHOJQJU^Jph-hh:Dh6 B*CJKHOJQJ^JaJph)hh:Dh6 B*CJKHOJQJ^Jph)hh:Dh6 B*CJKHOJQJ^Jph6jhh:Dh6 B*CJKHOJQJU^JaJph,hh:Dh6 >*B*CJKHOJQJ^Jph#G G$G&G*G,GGHHHHH H5H7HEHGHUHVHWH]HѼ楎рoeoeoN43hh:Dh6 5B*CJKHOJQJ\^JaJph-hh:Dh6 B*CJKHOJQJ^JaJphh6 OJQJ^J h6 5CJOJQJ\^JaJh6 CJOJQJ^JaJ,hh:Dh6 >*B*CJKHOJQJ^Jph,hh:Dh6 >*B*CJKHOJQJ^Jph)hh:Dh6 B*CJKHOJQJ^Jph)hh:Dh6 B*CJKHOJQJ^Jph2jhh:Dh6 B*CJKHOJQJU^Jph HVHWH^HfHnHqbb$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$gkd8$$Ifl#$ t0644 la$$1$Ifa$gd6 l]H^HaHeHfHiHmHnHoH}H~HHHHHHHHHHHHHHHHHHHHHHHHHIIIIIII1I2I;I*B*CJKHOJQJ^JaJphhh:Dh6 CJKHaJ3hh:Dh6 5B*CJKHOJQJ\^JaJph-hh:Dh6 B*CJKHOJQJ^JaJph)hh:Dh6 B*CJKHOJQJ^Jph:nHoH~HHHH0`kd8$IfK$L$F g -6    34a$$1$Ifa$gd6 K$`kdK8$IfK$L$F g -6    34aHHHHHHHH`kdG9$IfK$L$F g -6    34a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$HHHHH$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd9$IfK$L$F g -6    34aHHIII$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdA:$IfK$L$F g -6    34aII2IJ?J@JPJQJZJ[JdJeJfJlJmJyJzJJJJJJJݟh6 CJOJQJ^JaJ0hh:Dh6 >*B*CJKHOJQJ^JaJph-hh:Dh6 B*CJKHOJQJ^JaJphhh:Dh6 CJKHaJ)hh:Dh6 B*CJKHOJQJ^Jph6~IIIII$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd<$IfK$L$F g -6    34aIIIII$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd=$IfK$L$F g -6    34aIIIII$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd=$IfK$L$F g -6    34aIIIJJ$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd>$IfK$L$F g -6    34aJJ+J5J?J$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd>$IfK$L$F g -6    34a?J@JQJ[JeJ$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd?$IfK$L$F g -6    34aeJfJhJjJlJmJ0`kd?$IfK$L$F g -6    34a$$1$Ifa$gd6 K$`kd?$IfK$L$F g -6    34amJzJJJJJJJJn$Ifgd6 l`kds@$IfK$L$F g -6    34a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$JJJJJJJJJJJJJJJJJJJJJJJKK K K K'K(K1K2KKOKZK[KdKeKnKoKpKKKKKKKìЬìЬЬìЬЬì||ìЬЬììЬ0hh:Dh6 >*B*CJKHOJQJ^JaJph-hh:DhvzB*CJKHOJQJ^JaJph-hh:Dh6 B*CJKHOJQJ^JaJphhh:Dh6 CJKHaJ)hh:Dh6 B*CJKHOJQJ^Jph3hh:Dh6 5B*CJKHOJQJ\^JaJph0JJJJJJ0`kdwA$IfK$L$F} B =6    34a$$1$Ifa$gd6 K$`kd@$IfK$L$F} B =X6    34aJJJJJJK K`kdA$IfK$L$F} B =6    34a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$ K K(K2K=K$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdkB$IfK$L$F} B =6    34a=K>K[KeKoK$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdB$IfK$L$F} B =6    34aoKpKKKKK0`kdC$IfK$L$F} B =6    34a$$1$Ifa$gd6 K$`kd_C$IfK$L$F} B =6    34aKKKKKKKK`kdSD$IfK$L$F} B =6    34a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$KKKKKKKKKKKKLL LLLLLLLLLLL L4L9L:LPLULVLhLiLsLtL{L|L}LLLLLLLLLLLLLLLLLLƓ3hh:Dh6 5B*CJKHOJQJ\^JaJph0hh:Dh6 >*B*CJKHOJQJ^JaJphhh:Dh6 CJKHaJ-hh:Dh6 B*CJKHOJQJ^JaJph)hh:Dh6 B*CJKHOJQJ^Jph7KKLLL$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdD$IfK$L$F} B =6    34aLLLLL L0`kdE$IfK$L$F} B =6    34a$$1$Ifa$gd6 K$`kdGE$IfK$L$F} B =6    34a L5L7L9L:LQLSLUL`kd;F$IfK$L$F} B =6    34a$$1$Ifa$gd6 K$ULVLiLtL|L$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdF$IfK$L$F} B =6    34a|L}LLLL$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd/G$IfK$L$F} B =6    34aLLLLL$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdG$IfK$L$F} B =6    34aLLLLLL0`kdH$IfK$L$F} B =6    34a$$1$Ifa$gd6 K$`kd#H$IfK$L$F} B =6    34aLLLLLLMMMMMM*M,M?MAMBMFMQMRMѼѼѼoY@3h@ph6 CJKHaJ0h@ph6 5B*CJKHOJQJ^JaJph*h6 5B*CJKHOJQJ^JaJph-h@ph6 B*CJKHOJQJ^JaJphh6 OJQJ^J h6 5CJOJQJ\^JaJh6 CJOJQJ^JaJhh:Dh6 CJKHaJ)hh:Dh6 B*CJKHOJQJ^Jph-hh:Dh6 B*CJKHOJQJ^JaJph-hh:DhvzB*CJKHOJQJ^JaJphLLLMMMn$Ifgd6 l`kdI$IfK$L$F} B =6    34a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$MM@Mn$$Ifa$gd6 lzkdI$$Ifl0# t0644 la@MAMBMGMLMQMyyy$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$gkdI$$Ifl#$ t0644 laQMRM\MgMqM{M}nnn$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$skd9J$IfK$L$\B#634aRM[M\MfMgMpMqMzM{M|MMMMMMMMMMMMMMMMMMMMMMNN&N'N0N1N:N;N*B*CJKHOJQJ^JaJphh@ph6 CJKHaJ)h@ph6 B*CJKHOJQJ^Jph-h@ph6 B*CJKHOJQJ^JaJphD{M|MMMMM}}}}$$1$Ifa$gd6 K$skdJ$IfK$L$\B#634aMMMMMM}nnn$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$skd=K$IfK$L$\B#634aMMMMMM}nnn$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$skdK$IfK$L$\B#634aMMN'N1N;N}nnn$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$skdGL$IfK$L$\B#634a;N*B*CJKHOJQJ^JaJphh@ph6 CJKHaJ)h@ph6 B*CJKHOJQJ^Jph-h@ph6 B*CJKHOJQJ^JaJph&OO&O.O6O@O}nnn$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$skdSO$IfK$L$\B#634a@OAOLOWO_OjO}nnn$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$skdO$IfK$L$\B#634ajOkOlOy$Ifgd6 lskdWP$IfK$L$\B#634alOmOO$$1$Ifa$gd6 lgkdP$$Ifl#$ t0644 laOOOOOyy$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$gkd"Q$$Ifl#$ t0644 laOOOOOO0`kdQ$IfK$L$FXB#6    34a$$1$Ifa$gd6 K$`kdkQ$IfK$L$FXB#6    34aOOOOOOOOOOOOOOOOPP)P*P3P4P5PWPXPaPbPjPkPlPPPPPPPPPPPPPPPQ Q QQQ Q!QѼ-h@phvzB*CJKHOJQJ^JaJphh@ph6 CJKHaJ-h@ph6 B*CJKHOJQJ^JaJph)h@ph6 B*CJKHOJQJ^Jph0h@ph6 >*B*CJKHOJQJ^JaJph*h@ph6 5CJKHOJPJQJ\aJ2OOOOOP*P4P`kd_R$IfK$L$FXB#6    34a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$4P5PXPbPkP$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdR$IfK$L$FXB#6    34akPlPPPP$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdSS$IfK$L$FXB#6    34aPPPPP$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdS$IfK$L$FXB#6    34aPP QQ!Q$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdMT$IfK$L$FXB#6    34a!Q"Q/Q8QAQ$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdT$IfK$L$FXB#6    34a!Q"Q.Q/Q0Q7Q8Q9Q@QAQBQaQbQiQjQqQrQsQxQyQQQQQQQQQQQQQQQRRR&R'R/R0R9R:R;R>R?RXR[R\RRRRRRRRRRRRRRRRRSS SSܮܮǮǮǮǮ0h@ph6 >*B*CJKHOJQJ^JaJph)h@ph6 B*CJKHOJQJ^Jph-h@ph6 B*CJKHOJQJ^JaJphh@ph6 CJKHaJDAQBQbQjQrQ$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdAU$IfK$L$FXB#6    34arQsQtQvQxQyQ0`kd5V$IfK$L$FXB#6    34a$$1$Ifa$gd6 K$`kdU$IfK$L$FXB#6    34ayQQQQQQQQ$$1$Ifa$gd6 K$`kdV$IfK$L$FXB#6    34a$$1$Ifa$gd6 K$QQQQR$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd)W$IfK$L$FXB#6    34aRR'R0R:R$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdW$IfK$L$FXB#6    34a:R;RR?R0`kdX$IfK$L$FXB#6    34a$$1$Ifa$gd6 K$`kdX$IfK$L$FXB#6    34a?RYRZR[R\RRRR$$1$Ifa$gd6 K$`kdY$IfK$L$FXB#6    34a$$1$Ifa$gd6 K$RRRRR$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdY$IfK$L$FXB#6    34aRRRSS$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdZ$IfK$L$FXB#6    34aSS4S>SES$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdZ$IfK$L$FXB#6    34aSS3S4S=S>SDSESFSGSHS|SSSSSSSSSSSSSSSSSSSSSSSSSSSTTTTT#T$T+T,T-TFTGT󶨎ǎ܎܎3h@ph6 5B*CJKHOJQJ\^JaJphh6 CJOJQJ^JaJ h6 5CJOJQJ\^JaJ)h@ph6 B*CJKHOJQJ^Jph-h@ph6 B*CJKHOJQJ^JaJphh@ph6 CJKHaJ1ESFSGSHS#gkds[$$Ifl#$ t0644 la$1$Ifgd6 l`kdZ$IfK$L$FXB#6    34aHS~SSSSSSSSSO`kd[$IfK$L$F*   6    34a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$$$1$If^a$gd6 l$$1$Ifa$gd6 l SSSSS$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdF\$IfK$L$F*  6    34aSSSST$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd\$IfK$L$F*  6    34aTTT$T,T$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd:]$IfK$L$F*  6    34a,T-TGTST_T$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd]$IfK$L$F*  6    34aGTRTST^T_T`TtTuT~TTTTTTTTTTTTTTTTTTTTTUUUUUU U*U+U,UEUFUPUQUZU[U\UfUgUpUqUzU{U|UUUUUUUUUUUUUUUUUŮҮҮŮŮҮҮŮҮҮŮҮҮŮŮҮҮŮŮҮҮ-h@ph6 B*CJKHOJQJ^JaJphh@ph6 CJKHaJ)h@ph6 B*CJKHOJQJ^Jph0h@ph6 >*B*CJKHOJQJ^JaJphD_T`TuTTT$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd4^$IfK$L$F*  6    34aTTTTTT0`kd(_$IfK$L$F*  6    34a$$1$Ifa$gd6 K$`kd^$IfK$L$F*  6    34aTTTTTTTT$$1$Ifa$gd6 K$`kd_$IfK$L$F*  6    34a$$1$Ifa$gd6 K$TTTTU$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd`$IfK$L$F*  6    34aUUU U+U$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd`$IfK$L$F*  6    34a+U,UFUQU[U$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kda$IfK$L$F*  6    34a[U\UgUqU{U$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kda$IfK$L$F*  6    34a{U|UUUU$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kdb$IfK$L$F*  6    34aUUUUU$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$`kd~b$IfK$L$F*  6    34aUUUUUU0`kdrc$IfK$L$F*  6    34a$$1$Ifa$gd6 K$`kdb$IfK$L$F*  6    34aUUUUUUUVV V VVVVV&V'V(V)V*V>V?VHVIVJVZV[VdVeVfVVVVVVVVVVVVVVVVVVVVìЬìЬìЬì|ìЬììЬ0h@ph6 >*B*CJKHOJQJ^JaJph-h@phvzB*CJKHOJQJ^JaJph-h@ph6 B*CJKHOJQJ^JaJphh@ph6 CJKHaJ)h@ph6 B*CJKHOJQJ^Jph3h@ph6 5B*CJKHOJQJ\^JaJph0UUUUVV VVr$$1$Ifa$gd6 K$`kdc$IfK$L$F*  6    34a$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$VV'V)V*V?VIVN?$$1$Ifa$gd6 K$Qkdd$IfK$L$T0 634aT$$1$Ifa$gd6 K$Qkdfd$IfK$L$T0 X634aTIVJV[VeVfVVV?Qkde$IfK$L$T0 634aT$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$QkdNe$IfK$L$T0 634aTVVVVVVV?Qkdf$IfK$L$T0 634aT$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$Qkd.f$IfK$L$T0 634aTVVVVVWW?Qkd~g$IfK$L$T0 634aT$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$Qkdg$IfK$L$T0 634aTVWWWW W1W2W;WW?WrWtWuWvWWWWWBDEFrӺӭӓӭӭyӓ_]Cӓ2jjh@ph6 B*CJKHOJQJU^JphU2jih@ph6 B*CJKHOJQJU^Jph2jCih@ph6 B*CJKHOJQJU^Jph3h@ph6 5B*CJKHOJQJ\^JaJphh@ph6 CJKHaJ0h@ph6 >*B*CJKHOJQJ^JaJph)h@ph6 B*CJKHOJQJ^Jph-h@ph6 B*CJKHOJQJ^JaJphW W2WW?0$$1$Ifa$gd6 K$Qkd^h$IfK$L$T0 634aT$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$Qkdg$IfK$L$T0 634aT>W?WtWvWWWDFsuq$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$$$1$If^a$gd6 $$1$Ifa$gd6 Pkdh$IfK$L$0'`#8<-6 B34a Market price: who last offered? market price of individual share?  Book value: $1,510,000 (from balance sheet) Stockholders' Equity 2002 Common stock (1000 sh) Paid-in capital 200,000 Retained earnings 1,310,000 Total equity 1,510,000  Discounted future earnings 2002 Net income $390,000 Depreciation $250,000 Bonuses $120,000 Net cash flows $760,000 Adjusted free cash flow $500,000 Discount rate 33% Growth rate 8% Capitalization rate (discount minus growth) 25% Capitalization multiplier 4 Discounted cash flow $2,000,000       PAGE  PAGE 4 Corporations: Law & Policy Page Chapter 7 An Introduction to Financial Accounting and Valuation rsu"&'(34<=>RӹӹӬӬӕӬ|ӬӕӬbӹӹӬӕӬ2jSmh@ph6 B*CJKHOJQJU^Jph0h@ph6 >*B*CJKHOJQJ^JaJph-h@ph6 B*CJKHOJQJ^JaJphh@ph6 CJKHaJ3h@ph6 5B*CJKHOJQJ\^JaJph)h@ph6 B*CJKHOJQJ^Jph-h6 5B*CJKHOJQJ\^JaJph&N?$$1$Ifa$gd6 K$Qkdk$IfK$L$T0 634aT$$1$Ifa$gd6 K$Qkd#k$IfK$L$T0 634aT?Qkdsl$IfK$L$T0 634aT$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$Qkdl$IfK$L$T0 634aT "'p$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$$$1$If^a$gd6 $$1$Ifa$gd6 Qkdl$IfK$L$T0 634aT'(4=>S_?Qkdgn$IfK$L$T0 634aT$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$Qkdm$IfK$L$T0 634aTRS^_`opxyz./02378LMWXYZ[]^`aӪӓ-h[h6 B*CJKHOJQJ^JaJph6j!th@ph6 B*CJKHOJQJU^JaJphh@ph6 CJKHaJ-h@ph6 B*CJKHOJQJ^JaJph)h@ph6 B*CJKHOJQJ^Jph6_`pyz?QkdGo$IfK$L$T0 634aT$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$Qkdn$IfK$L$T0 634aT?Qkd'p$IfK$L$T0 634aT$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$Qkdo$IfK$L$T0 634aT?Qkdq$IfK$L$T0 634aT$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$Qkdp$IfK$L$T0 634aT/2?Qkdq$IfK$L$T0 634aT$$1$Ifa$gd6 K$$$1$Ifa$gd6 K$Qkdwq$IfK$L$T0 634aT23578MXN?$$1$Ifa$gd6 K$Qkdr$IfK$L$T0 634aT$$1$Ifa$gd6 K$QkdWr$IfK$L$T0 634aTXYZ[][@$$1$If^a$gd6 lCkds$IfK$L$<-<-6244 a$$1$Ifa$gd6 K$Qkd7s$IfK$L$T0 634aT]_abcefhikle`^^^^^^gd6 gkdt$$Ifl#$ t0644 la$$1$If^a$gd6 l$$1$Ifa$gd6 l abcdfgijlmopvwxz{ʵh0JmHnHuh6 h6 0Jjh6 0JUhLejhLeU#hi4htHw5CJOJQJ^JaJh6 CJOJQJ^JaJlnoxyzgd6   r !h]hgd(h]hgde &`#$gd*X$ 6182P:pm/. A!"#$% G$$If!vh5$#v$:Vl t65$$IfK$L$!vh5 #v :V 0 6,5/ 34 T$IfK$L$!vh55#v#v:V 0 6,5T 54/ 34 T$IfK$L$!vh55#v#v:V 0 6,5/ 34 T$IfK$L$!vh55#v#v:V 0 6,5/ 34 T$IfK$L$!vh55#v#v:V 0 6,5/ 34 T$IfK$L$!vh55#v#v:V 0 6,5/ 34 Ti$$If!vh55S#v#vS:Vl4G t6+55S$IfK$L$!vh5 #v :V 0 6,5/ 34 T$IfK$L$!vh5^5U#v^#vU:V 0 6,5T 54/ 34 T$IfK$L$!vh5^5U#v^#vU:V 0 6,5/ 34 T$IfK$L$!vh5^5U#v^#vU:V 0 6,5/ 34 T$IfK$L$!vh5^5U#v^#vU:V 0 6,5/ 34 Ti$$If!vh55S#v#vS:Vl4G t6+55S$IfK$L$-!vh57#v7:V -06,5/ 34-$IfK$L$-!vh5555#v#v#v#v:V -06,55/ 34-$IfK$L$-!vh5555#v#v#v#v:V -06,5/ 34-$IfK$L$-!vh5555#v#v#v#v:V -06,5/ 34-$IfK$L$-!vh5555#v#v#v#v:V -06,5/ 34-$IfK$L$-!vh5555#v#v#v#v:V -06,5/ 34-$IfK$L$-!vh5555#v#v#v#v:V -06,5/ 34-$IfK$L$-!vh5555#v#v#v#v:V -06,5/ 34-$IfK$L$-!vh5555#v#v#v#v:V -06,5/ 34-$IfK$L$-!vh5555#v#v#v#v:V -06,5/ 34-$IfK$L$!vh53#v3:V  ` 06,5/ 2-344 -` p j$IfK$L$!vh5R5#vR#v:V 6,534j$IfK$L$!vh5R5#vR#v:V 6,534j$IfK$L$!vh5R5#vR#v:V 6,534j$IfK$L$!vh5R5#vR#v:V 6,534j$IfK$L$!vh55#v#v:V 6,534j$IfK$L$!vh55#v#v:V 6,534j$IfK$L$!vh55#v#v:V 6,534j$IfK$L$!vh55#v#v:V 6,534r$IfK$L$!vh55m#v#vm:V 6,5 534j$IfK$L$!vh55m#v#vm:V 6,534j$IfK$L$!vh55m#v#vm:V 6,534$IfK$L$!vh55#v#v:V  ``06,5/ 2-344 -` pn$IfK$L$!vh55#v#v:V 6,5534 Tn$IfK$L$!vh55#v#v:V 6,5n534 T$IfK$L$!vh55#v#v:V : ``06,5/ 344 -` p$IfK$L$!vh53#v3:V 06,5/ 2-344 -$IfK$L$!vh55#v#v:V  6,534` p$IfK$L$!vh55#v#v:V  6,534` p$IfK$L$!vh55#v#v:V  6,534` p$IfK$L$!vh55#v#v:V  6,534` p$IfK$L$!vh55#v#v:V  6,534` p$IfK$L$!vh55#v#v:V  6,534` p$IfK$L$!vh55#v#v:V  6,534` p$IfK$L$!vh55#v#v:V  6,534` p$IfK$L$!vh55#v#v:V  6,534` p$IfK$L$!vh55#v#v:V  6,534` p$IfK$L$!vh55#v#v:V  6,534` p$IfK$L$!vh53#v3:V 06,5/ 2-344 -$IfK$L$!vh53#v3:V 06,5/ 2-344 -$IfK$L$!vh555#v5#v:V  ``6,534` p$IfK$L$!vh555#v5#v:V  ``6,534` p$IfK$L$!vh555#v5#v:V  ``6,534` p$IfK$L$!vh555#v5#v:V  ``6,534` p$IfK$L$!vh555#v5#v:V  ``6,534` p$IfK$L$!vh555#v5#v:V  ``6,534` p$IfK$L$!vh555#v5#v:V  ``6,534` p$IfK$L$!vh555#v5#v:V  ``6,534` p$IfK$L$!vh555#v5#v:V  ``6,534` p$IfK$L$!vh555#v5#v:V  ``6,534` p$IfK$L$!vh555#v5#v:V  ``6,534` p$IfK$L$!vh555#v5#v:V  ``6,534` p$IfK$L$!vh555#v5#v:V  ``6,534` p$IfK$L$!vh555#v5#v:V  ``6,534` p$IfK$L$!vh555#v5#v:V  ``6,534` p$IfK$L$!vh53#v3:V 06,5/ 2-344 -]$$If!vh55 #v#v :Vl t655 G$$If!vh5$#v$:Vl t65$$IfK$L$!vh555#v#v#v:V 6,5534x$IfK$L$!vh555#v#v#v:V 6,534x$IfK$L$!vh555#v#v#v:V 6,534~$IfK$L$!vh555#v#v#v:V 6,,534x$IfK$L$!vh555#v#v#v:V 6,534x$IfK$L$!vh555#v#v#v:V 6,534x$IfK$L$!vh555#v#v#v:V 6,534x$IfK$L$!vh555#v#v#v:V 6,534x$IfK$L$!vh555#v#v#v:V 6,534x$IfK$L$!vh555#v#v#v:V 6,534x$IfK$L$!vh555#v#v#v:V 6,534x$IfK$L$!vh555#v#v#v:V 6,534x$IfK$L$!vh555#v#v#v:V 6,534x$IfK$L$!vh555#v#v#v:V 6,534x$IfK$L$!vh555#v#v#v:V 6,534x$IfK$L$!vh555#v#v#v:V 6,534x$IfK$L$!vh555#v#v#v:V 6,534x$IfK$L$!vh555#v#v#v:V 6,534$IfK$L$!vh5` 55#v` #v#v:V 6,55X534x$IfK$L$!vh5` 55#v` #v#v:V 6,534x$IfK$L$!vh5` 55#v` #v#v:V 6,534x$IfK$L$!vh5` 55#v` #v#v:V 6,534x$IfK$L$!vh5` 55#v` #v#v:V 6,534x$IfK$L$!vh5` 55#v` #v#v:V 6,534x$IfK$L$!vh5` 55#v` #v#v:V 6,534x$IfK$L$!vh5` 55#v` #v#v:V 6,534x$IfK$L$!vh5` 55#v` #v#v:V 6,534x$IfK$L$!vh5` 55#v` #v#v:V 6,534x$IfK$L$!vh5` 55#v` #v#v:V 6,534x$IfK$L$!vh5` 55#v` #v#v:V 6,534x$IfK$L$!vh5` 55#v` #v#v:V 6,534x$IfK$L$!vh5` 55#v` #v#v:V 6,534x$IfK$L$!vh5` 55#v` #v#v:V 6,534x$IfK$L$!vh5` 55#v` #v#v:V 6,534x$IfK$L$!vh5` 55#v` #v#v:V 6,534x$IfK$L$!vh5` 55#v` #v#v:V 6,534$IfK$L$!vh55#v#v:V  ``ff06,5/ 2-344 -` fpffG$$If!vh5$#v$:Vl t65$G$$If!vh5$#v$:Vl t65$G$$If!vh5$#v$:Vl t65$$IfK$L$!vh55n5^5^#v#vn#v^:V 6,534$IfK$L$!vh55n5^5^#v#vn#v^:V 6,534$IfK$L$!vh55n5^5^#v#vn#v^:V 6,534$IfK$L$!vh55n5^5^#v#vn#v^:V 6,,534$IfK$L$!vh55n5^5^#v#vn#v^:V 6,534$IfK$L$!vh55n5^5^#v#vn#v^:V 6,534$IfK$L$!vh55n5^5^#v#vn#v^:V 6,534$IfK$L$!vh55n5^5^#v#vn#v^:V 6,534$IfK$L$!vh55n5^5^#v#vn#v^:V 6,534$IfK$L$!vh55n5^5^#v#vn#v^:V 6,534$IfK$L$!vh55n5^5^#v#vn#v^:V 6,534$IfK$L$!vh55n5^5^#v#vn#v^:V 6,534$IfK$L$!vh55n5^5^#v#vn#v^:V 6,534G$$If!vh5$#v$:Vl t65$G$$If!vh5$#v$:Vl t65$G$$If!vh5$#v$:Vl t65$x$IfK$L$!vh55x5#v#vx#v:V 6,534x$IfK$L$!vh55x5#v#vx#v:V 6,534x$IfK$L$!vh55x5#v#vx#v:V 6,534x$IfK$L$!vh55x5#v#vx#v:V 6,534~$IfK$L$!vh55x5#v#vx#v:V 6,,534x$IfK$L$!vh55x5#v#vx#v:V 6,534x$IfK$L$!vh55x5#v#vx#v:V 6,534x$IfK$L$!vh55x5#v#vx#v:V 6,534x$IfK$L$!vh55x5#v#vx#v:V 6,534x$IfK$L$!vh55x5#v#vx#v:V 6,534x$IfK$L$!vh55x5#v#vx#v:V 6,534x$IfK$L$!vh55x5#v#vx#v:V 6,534x$IfK$L$!vh55x5#v#vx#v:V 6,534x$IfK$L$!vh55x5#v#vx#v:V 6,534x$IfK$L$!vh55x5#v#vx#v:V 6,534x$IfK$L$!vh55x5#v#vx#v:V 6,534x$IfK$L$!vh55x5#v#vx#v:V 6,534x$IfK$L$!vh55x5#v#vx#v:V 6,534x$IfK$L$!vh55x5#v#vx#v:V 6,534x$IfK$L$!vh55x5#v#vx#v:V 6,534x$IfK$L$!vh55x5#v#vx#v:V 6,534G$$If!vh5$#v$:Vl t65$G$$If!vh5$#v$:Vl t65$G$$If!vh5$#v$:Vl t65$Dd'<"Z  S 6AbeardedmanRiv֩؊UnmEPSeF=v֩؊UnmJFIFHH:Photoshop 3.08BIMHH8BIM8BIM' 8BIMH/fflff/ff2Z5-8BIM8BIMPHUT5DPHUT48BIM'File written by Adobe Photoshop 4.0Adobed              "   s!1AQa"q2B#R3b$r%C4Scs5D'6Tdt& EFVU(eufv7GWgw8HXhx)9IYiy*:JZjzm!1AQa"q2#BRbr3$4CS%cs5DT &6E'dtU7()󄔤euFVfvGWgw8HXhx9IYiy*:JZjz ?adln]GZSbcr늷^69`O6\߯ƎE1?W1T W]u]v'|SP߆[I$OSAU 6+Ϸl튻w,զFp#|雯\Uoj㊭exk*ǧcj* ߦ+KwZeӯ߾+M,N8w+FaOʭw?㊷Srzf7;[*,U5ʮu_+[=v隻o|݆aOX+ۦa Ө<8ҫ~SjN}-#)L*G eLP_7]IcZ)e_f~?]OsڂZE|ޜ`}~Ӷ*+aWU?l튯z|[gӛoLv0cㅓ~(R=܎c*٫+5p+y+7oj٫j~9U4fxL8l \6c#/劻7\ف8S__ooכuso݇mmLӿp9Gj\Uryt0\:ސΧob#)OE~}-'#J\/<"(է!0 wݼr6:- G%7cෝ#ݚfMW;oˏ+*.WR}G8C~SںWM8; &G8כ&;<*Ld@܎v{0:s ac]2-:o3moo'/s+ZW՛f݅[~PcuZ,=qUQD6]WWjֹ_ܟ7Qa_£ k1LP;)@{瘨_Y|1]zxf~`|~rһRlu6>W1c %yC5N*Vl§o/+f뗔2Wt͘槎*AٲV= ߏf?wt Ҙv\U+~xї e{TS޹Yc;,ت}q& |󜡡Υ?=ZH"9Ϡ-f(HDuzjHnݳK(@+{0ڢB)~L|p=/A"X\i\ZJ0J^=\z*kYjMFF`G;<\iT, l)S,Z)OXVxfq|2=V+K~uQҙ0:}8r{ev >]߾nW)sTR~_`0U|zEh6|po\(T+Qߦ< AS*)^bdz3:?*~t51i1?V*CN_͕=s`Wy@ >\,:l5j`VVXrS ^v]eW._h:oF4 6ceS|Rjt>9_6h5s* uAʡjUi+M)T`Z[,SqE;ieu3n~}UiK<<LR;Z$ QLzdtW$>S=V+[i;\.Q 5]>{e z>icv,>Cx8#jc?R8㈨87.+Z ߓwF VHUTjHQAVp;9QR hODEpDs8@\ҽIx:oOsSmI/CcK7P_p);f)$ s?KR%iZqkN<g[)@OHl8~ӓ)5PGvu'iZ,z$Q}DNO{,;qPis G}]|E#=;qmk{o393pg&tz|򩗶n6*{9-S/6jbFlPJ{X'&ˣծW?nOUnP}9V);??7 ;VĞ,)SM OQ 38dB+M;;\zcw.kjS牯$ prDJ$mRCCƧqKd%y+y1|%e*xJJ28vǡ2J\ڌMS_:>Lw2i儖'$g QVJk:j7_涷X7"rU߫6NnQcU)Q߆Ff|q댩cO|8UZw]2-3Lob;4`׾+HK^\w]ܶ~쬿n4ˮP[je6[U_|N*N]ro;jإ<6nث^lt\1n6*+*<1|U? Vxem)韖zFiJqΔ%be9?FyO+6 3i:j1_@']ҿd3Ua )\T V#q۶A$adlďO85UFϱӮk8MoxoUiP0BARBW -bkg!cQ>I:G{u\SaC6Y.G!OoT$t)5?MLx[]W1Ӆa{{pT}ظX|Jă3?L}^(رM9Yy|eӰzb(oe{ۿoGbi͘oх (7]0*O)M\ΘPO$au瘟rnuq>]_aWoo6U69W潲/ 6r ,yU#\L µYLlU;n}~sS,bweSk7YxB޸\?LR6WShalU7Lk5=Uje7늸e د]^ѝك!(ޥjj8QڃECtO=[,bW1LNj+:V~Wݖ(sHZt*y9!tJ.fBj?E֒/A=^SjDJڄta>~n Ӯ̬8$2pjr k?Es2$mxoZmݲ;}u;9dLUnFWIZwq_klm;~d[w‡)#<ҝw48ث>_W5+労qoQMB˧f¯`wʦ^m[`f͕}U6V< o/ˠ[s`Kg+1͊]*=f~dsSkO TH  `i/8#߂4Ԋ=J@-9GbF,)~5=Zx~fX`VebbF9O.kdjxX2'A—Oۮ.IxoKo(u=Grk_U7kyxd>[kK.Dbӧh&\vq7@y0ExG 1+Á Yʅ_;d lQ,) -I l{kh&"tjԳSmSqW}z:kuQv>r<;,IybW%4i2(k_W#|\r5-ሲXTA|J/!giI4}b,JMj~ѿ(2:Tv$Vϑ9[ovҞGiWzVIO!@Y@Vzvig'aBi# .-?BcD-lZԮIjʥ̊98tc2V:s*gէ4}^'n8Sjקj뿇47_|rzboN[ю?v-UG_Zvc:fM0;es een*6͏ޟ)6.+¿N,yC.~*ٳb^jJb(A4=e]3~U8n-rwZ3o5;Ts S\l hcw\woᎦ? 5;*1%߮X,-kN'ߏeZt~8 H U۱šg ?8r*DOB_ZFycaEE=CM5A,f@=v~c ?ڕc*D ք:=ҿUIp-|hMzF%h#Sx7L3ŀi|!~}YϏEB@'+2-=TGtu?q&*I2HT#jwSS j 6nS&~_Vo\PIW9*l>"^O{[mXUI%z2{oo b TXNF?bk|O- |r>.Vq+69M^Dҵ),uuR)/< 7!R;J r0R: xd.J HR*(+$vbȞ$;p9D#seroy)áČ`(> +h'QǯJv, QhwL )޻BA5$|,07}߽pndH"P*i&!hv*\v>b|橥Erk*EadFD7)'sΊj,$6ӮY f$/`m"iFCZ%3[4?&BJWam݃:qXF9|r7 xH P)`{ؤU7*vW1M JeA()O(†7OcU{쮹Y\*~y`8P kn63r4<>Uom՚}~8C>]~x{}8n5vN.كmr6'߿6*_~X+n͎44^]LcWRFPcw]jo=.9j6zx\$cy?kXz}51K)O(9 JWU5Vf9,3Y[qE'py}AcM>'5L@uL`"9_d"/\mY.QLd6iڃ%I4K_I#rh7BE_C#"t t¨HǍ?GFw8QSBx}\@Pn5x|n v18ҀEv;ckT_cXVI<$ 4GAP/?,?75=鈙Oc`;/'cJ+? N4 rfS() ȒR"=yO|P:jw=\FrTr W~P`i^?,Zub'olE Y}ÀƇ>SeI, r|r"cn{MLJq?S VCǦp'dun gI2 \,TkӕM?Q)F ~{̼ZaQ4D˦= :eS}P+뎧oኵL{t\:cmҸB<†r5V8=6qWM ۝ɩf?rqV͎ޝ͊ V9S/f)㚞9.Yθeevj⫳|N^\(e3b: .;tTe8X\u늺r;bH\.0=j\VkCTaAW"OEn{VN7ʥRHڝ1) n=iԖ܀iUSk$# D-C |0$!+qaڃ|zB%u,9 0%YCw' !! qifRwg&ҔHb[^'# x ;_w9+-x].QJ⌟1 /V E \[ԎAWQ/t???q)yx i%Tm2mpZz{Pk e?_QV C0k]{e owQLi;1`WoeV_O9-?>;ea;6llOUGJ~11ovl኷ڹ3 @zL$(%(Fu z$cp4T=, 1Y%OeX:sBt$~XŐ#J*+ǭj9={P7Jt*B:޻ӌD 9!z8¬$UI=bC9|-f>s.,l:R51s{f#2~yf=^,{?O*)&f!En'=?,աs]w($H$7O427\9E_M I USQE#*y.'ּUhIcNܛ+7ͰP zj҅9H Ǐ,9M: ~ZK ^ɠٛMm?LO)QTڝH\柼)Z@e#챧R|>X IBIPGƻoyܟBGbn'Ln1?qZ[Z i.I.ݢKtٜ߳NIbmWĜ7w>CuX+YdmЃcMu#b?2Q2%SO?Vk @@ 5؁x@Wi^fP+c\4"!lWбP *$}%+M[|> on4-A@*[SHU}B@]e+qi"@IJuMP058;(3PHSA_Z`#9,E@ߩ rj@ern-Di0ngB۴QQ(W Zw-85ciI*vr (EcJһcEȖ;=͂U؟nDcM<JW8M&=˜Gm̨@RvlH.$1`j T"8];׼kTZ$eY3UW:[^Ծג#niFGvfmzPbJHz0LB:AqL;IwF,[b{ZA^'MY%Ż@Гq4 QZxӦM+)y|;PZEEq*ПJg9U߾>.簦4C+mxc 6L>C1U,|2QҽOĜUէ}eo.U⋸SLrPU{W6ns`W煫UGzojgBxPUtm?j^7[|p^`UKIqmb3R7qiEEg'[ )D%*A@~$uuZV N/VuO V,NĊUJx+"F̼qͱE Pр IOk[h)D Go"ȉAxckj/9Y;sf"PX`}2:ۊaȱKp O*bvU~n-O/)X|= (Ep[d&G#VPOU{c!S#co&>0.%耎ٍ'ctx3uz̪OGl17s" %",]1oEOV?Ie?[s/\1MBUiY1#uAo#y* †,i$ Z6K(n<5FEesWaֵmlr*lMGIA1KTrHh)e3)$ה/??$k-?L&),^; lerR* Oc漻~Oʗ,P7 '|,7cDx(#HyhInzLrծA$^u%Cw'Kk2U&y%5aǾZV'c׽E?5ՍTT ^SZM|F8;%TS?Z% *pytUE, TVHGTM`:H~9`֙}j3OӘH: @2.bm(XӰLq ֹ@v(L-cSg?q'#uvUٚxU0/\,QCM?kj MdxOsg*!@CFđO&?=%zDI2։lx\06㷶]Bԩ @ZxӵXR2ػN/,JδN ;r ue!L"0-䏅 = O3` XeMVxMq FiRrG.JrLnu\=hvKp SZ ˜:k t!㪶8 m!WѴJJ潪~p7xo@IfM?hҟlىܡ%]&NQ_jnO)>$u;壓!@Nj&~>YB2  ) ]ȮC~R2OCB)~*{5[jvV8Я1x~)az v$ mx,, #CȀhib̲Yg H!WFL sIaFhӀ+7vXJ}PbBQ~FI$wH #UW?WbmteSc&1~pz7ªƝ~MT=*W. sr:BEE 꿆W? Ay{}8+,22\*_66ql Ёj+r\ԝcQSjfY|1C#;qƃbr.=F'n8 (lV<Ҵ3Z2+`( ,kuT6j') QUjh>_:b5d @؀7؍K`Dbq^B.`!R7,V7Y}-T2ߑu4m7`R6Dr>"Lk_FlpP[[%(?{4j0EOQ?(L-}uK%4,WvUlW 58TXۑdnn zm*M1e⑯)D jiJUy`c We'bU9;/'ԖYH ";v"k2 M9MQM)QPhOᆓ$&5S_0FFD 6cJ5%FmOA{%|8Dؒ=6Fun,Bģ'5ăjO%nӠ}6Ia{&yyʼnnM>kdW$#ubh4RDn=tB(+2a}nCpoA҃|^JؚDjwtB(Au0rٌ$(}^+XrؙJJ L?"wG37n HPQ>QFQ$ U ^!bg>) CZ}89 ZF+n;Rᥩ5u$01j vf='&nِ" s$]̟Ti3 lEvݏ%l(Glc*P1Oc:4G|6LqWqRi<\D¨?by'0gjπRXH@}N%;UڑbZ8Qv+QW {vRERڨPA,Nj\\AT+M˷\9r*p,lRed;jc'dd~+ Xt5 $lb(A5 aH˰Xɭ*;ӡ[^`fVڟʨ@HxB):aQT@"RT: 4Z3|?q"{hSYj}gczD>m#b OIRv~F NeGD7FS3=:CDZoז /3oΪ#}[I0~O~Uēu((U>F&OlOћ|m-/_AGO'! }"ۘ䑝JOC 2Gr@Riɶ^mϏd':Cv kY1)u*xW'wǍU"8a?V"E⠞<ߵ0wc܂uu)%Xl(~`kBF7v]\ d*j_wlX2⛝T?ʸR;o27#돴㌼(\,@#>wS7QEzT\Qsq!od0(üdTĨ`;KYgtQ*jOFo h}0$P81ߙ$;*Pۭ+&NU%V˓%E'AGO D!+'۠KǟJ`tX2~lj=h2R'm=ъS /&~ @ 3Gl>vilH41ƼvRVbVQ\]q<w_G\9S!r$Q݋Akx'Z+3)=Tnr;/ո ;Ljc@2c ,]'jv*IbڀtDݶXSͧWx c i0$tS?cĔ?H[)lR-)* Pl6Qj6xVS)9'-z}NO"4rN( X:n‹`mO\O!oc>w43P1n㣸|^ b=AkX-طҔlo4yo\AVE1ߧ"]qSjTv JѾNׂlNpqZݾhs8}zCjaҟvY^'\Vd_j\/_Kfҁ9u7˾AٮT˩ZqAwѶo֔« (7jfqpj܀{qņbGӌeu4핿ѕ4^`r#NįqNsRY%c\$1{ER@<2*7 5āE@@ e8WipGPGЃ@\2Ye43(QkT5ǧ_|vMI_I XPeay]fb;tC}*IaҔu@ڔNX$0mjT}'or"f$Csf;Hk9Uf5ڣ )v:uoʾg Rq!*{o,S[`JWc,zFSv,B%gˆ6eYc *2[e.~-rRܱr2E$}遤^$EUc#Qɀ?>̝֬|]M"V>eV")1=+bHYPBF!oCQk6FE! `HcȬa C.~WaQked4FDaѨM|@KU@@V{zjX{˗4~V4#sR#edWSZ(oNHnaedm?FvhC^ȆA * m`i^$ZxHle1V ` -}QHa;_8(zMFN\ko\ШyP͙C`dDW OQ z\|վMOsGUYa`jmcȇbKQz*,4`JՁ6SZ{&śUƔQ*"SޞԎ۬f?vo f2oRV|prx޾2U"Q[+H6MHڏ!aOljVsҊ:m񹶅s]@ܫ²PtZ8ڭF! ::d!b5C*v>YMU#} pٸJJ%ʦ(98%bbдn/ T =lGċ@b5?jLH3"wVQ+5rG]K9 ombb?Dy%P<9f@]>.je 4(Ӡpݪ0⼘#أDi~B֕㧙cBj# )ފ$T|@\!'[KI+xL1)r͆\,=&}hI'^-*D(DiTzepldz8mvz;2gQ? p@nG=(k 'Vi֠P+8&3P:GH3؁㋹'EQOu*Ơo :CۿYv 4;baSKɶ=Oz}遗%3l};q i1U.;ö]#Fn}O…:v@G8}Tbv63 .^3eӽ3b] :=@T=0%+lUv2Wv9XvY];▶ {568ݺ#}nqWrT_\; j8J?M#xFJ)5#Wn # 63@uF^'2WS ~ xi?,~Ȏ08dm5:TU&ssm Ք1m7 咁ko|70$v ic[y#XAh %-fPߘLZRv^C_RPEA);|_1d-(!lE&\bC$v'_%5#75'cN4,ӹLX,v==-\u QBRB=QAŶGmh~z(B+HabA+aoW:HA c8Ж"i @[&#Tb5ڿ)(Ĩ7ATEQԖ;xIxv~$8k?qвnPI+kȐks)ymcTogub6>j/-B ?Ku~^DK~2YY&9 vV*zV1ZPኯooSS'&ӿC{íAYTh W?ja=(U%tC#w'`2v)|ªԨُ'ih׳|g)F _~y7>d^1-xPZ0^`Cl`ꞈIđarHF? |;HduoENU4qJQʏ+.~x۰ƓOZJiƖr8ݱ5|6=qC|q'8 \jҽq8`wH<-7?ag#H(.:~ie2=It=xiW~HWR*Z-$lFQKQ[ qmoznOу%*FZ&[G/՞jUF!_^܆-!$PZo+,G$DZi曡j%|></'uJj3UyVS;-Db*[?z~ xrd7T߳?`,N"( Rx_nfۗj4W*/pg>5k>_/mrĝ o!"㶆8"x֔h_ 8}UzԳD$Z ZdB)P(oY]mTN\~*JӗǀovR>kI_e2R1(ߵw#d 5?jܕ($>Pr[HW6ʰHkL O1OsG ]MhIoo"h?Fp62K*v|璙oY? H Am(OBbjOl 5UP>!_by rG!X>RF7&U&5=~{eRs0XbF$ƽDd 1? ]l0c1ўCx3|8l%pl†kd8-b.e?jJTm^G\8I7_aMqUV|_adqA̧aՔ"-աm :0|K.T/&[RP R(R`yz.v~1_N~Ba:f_L$ONHEđf2:,(VV*G4hJW^R)eQVGE?xrՂCn%VVsFVT(fiCсZxW4tKiCPqEU,?g.8G~dj&X#/.KQ=5eaĂ{sDۮC7CRqOd3ۉJR콱2Q@ZLOzD׎?.qCӘ6c"2kksߏޟ?2~q$t_qJWm7=1@gCJ qoco$ҸC{W͌_3bZu׾4>FE\3Wmp2u~Ɲ2͍"_,UusWUL߆*5IOOGom5wl|q`T(2ހnj;v(É-;n)z,$ڞr `g|P ABqx-HnW0J'fG{TnLƴUܟ+ȲZoERA,_&oעTn!K$E>NDZRὥnBPIguə?geͺ'g"0Mp"HU$,jܺ|?X p4 6X/O&/\}a 6cב$ߎ4r'Hzw=Tu&9F' :w*<\%H>h7R\?ybVʠ,j&$|G{B>aoSj8tNOɉf`8+|pNndDF}Bpw$֞ l\Ɗۧ dI*u 5~ !=yq\q B8EUFʬj[=%鈘­@#pQW=5*Spxʊڋ ^;4RqJ XՎ] M?;6ǒ"G :R(_F@PX*~lE*+a7Jmּy1?gFwA@Nè" ,iD;=v[F_ JFNZqLx$ğM|@~ۦeqb: kbmYcˈsZ}>q7Q;܊o쌛"DOvϔLAuqUFb#~Ь] E{c[tj2Y_\mN8" ^ִ,""H'dcEJsؠ,X$1X~XȿGZVUP#{ UlgX^4'~C bY@ꇓrs/DI ruQ"OW_b\JkEӯ0פaS৤cB 6V7(-I3QHZW՞a2VlT vg˗/8J@߳Z||5Yr9:4+NhW`,VTYф[D+~GmLS ɀJ(jw;lHt۷߆jE :t8{mD@zS(r\zW7ҘLPө8*3T( cYڿ/^h6Ϧ5rv'*1U=Gʯ_XiS͗OlRf8c<7C_;eoX^öos.zW(soש\*8lw~'1TvV R,Lۚ`()TMo4th,}IMe+DpSNEEA#`r1ѐIZҾqY ִHeH'*)ƿ,=EvV슊oft"?eGC_LqMv8O S^|! "Vd2^A1[~.sWȔ3XZ&mȷ-1-!fGfR@R+#6b'^K =!(&>1wu1r(䠲ӮeRm"i#AN%UjV$SooO닧5 AVsFv5%O/鉏BNIR$$ГMElfJ=5+nwh±a军 QX}ys0T p( afbXPRƛluJ ĽW>! p6x'f@vS`;3`T*⢥W=XA-w#ltw 2HƈKME(` ;` é ˟K(~(Fi7oo0;fpA|$(:~mYhXLZhX'g7z' TЧ^[ ^W'AUbh=6S"jcUC~NI0h  p0-,I" !S~_O6o02χlqV=iӔX2 TU;HW$4LL8=OQc7Oၐ?R~3˩"Wj\I?O\S [ytۏ_6]5;ȷ.3m+7˾+kI.V%2Ӧ8*b޻d:@QNknNVhr 1@Oc˟»ՏB|rD6 hzo^iU!_#$/Zj@]CsdN,$ `kj>ÃZ҅`MB,{3}XJ^ fQ1 Q9FeVUOdJmW%YH8Q՘+ r!bja׭qyDC9GHk'Wű H"~2#x$e((gtDӐ;_Q 41p6+'03,-/!"^-g\]42H,db4+_Nxʲ(`*Yy .ķ7 ƣF w}]Kq ,MIN]G>3#Gw2?v4&vlmrN*(\o 4fC7뛵0cԷJ=HTwD_c9o1^@cK֔q\F.EG݊^:}9mS+6ӀPnMGV|oOnuqhc/V }8ۏt7#AfІ NFZ \OE2К) =qFҤ'tU9)}.b܉*&EJ/7 {6&۩U)Ys1}J,ť,2 px#Ϳ`9,~#9v0V'Ӗ 7iշv"ƌ*P8DJ8MRA'7ct޴]1!  8QV`Xo;٣RQQž>p4>R|>*Wr2"[8 kA lo  qMrMNϹx'~u;w׵v8^Z$J q^UI: ;{IҦ1ҽևb~* 2oQݒbw&2fWpi˗/rOi\tr#i7"w!h&W*y$)";xc7@kkhRI(eˆ@1F6ۯ\ z ++AC$V1HxP~! 2-RĀXr?*(`iČRxBiʴ4nFK*U\ (T>i04X)d$R\}'t It=8CWǢ脕񲝋'J|qK,¦ O\v "8U 7*97,B>̯G6`xJWbPfPlLn ~&Oy~>,,W&SF?13r")BrV fʠU-nw\5}ʺr'RK WЅ՘m^MoTQ*ArV .쟘V3R::Y*v0zjT RX%7S_8)"G(MAWTTihT;o)Vb dZ}?^N".D FUA`bpDhQ.DIVy%u5 x4%ԅS׵)4kBUE{ևPsF1m?\6ʻ]6q $eRX|1vIUj6$}dQkoF>@{Ⅶۧƚ~t5Qvw)Mc9r~"y6VHOÍk(^ fl E&3H|u-&[9:$+q/]iN@@$ZY]]~UG(Wt-Ojo8LH@f2^ /ly$} ^m q )_P6_5= 9 RbI-]܏Oj/,'>%!y+VOA*jF$NxYr!`zu?WhەG RM8M7xS$Xр$=J2ĉUAry(?O:zɐQ, I ]ʓC ٔƀ6=w82DiB5U.eA#H*7CR*߁xn[SB>6# ʼFз*M=+Yp $F5!MA'wݾ߹$ p#2/;_#x'bqП2цtqSz:ƕL-N;q2TU>'lrӯ^ö,kpn6mD#R޸PQ [$h6zl$qQ۱ 5y~eaN$dZf&l!P*I?H1-S[ ?קB}܎(>\ M'To<ڵT*i@Zî EpAZ[u ф7 %pčY7#MNL&V.U&7,}n+ -@'=h?g"cd$ &spdv3)ӠtۄΫ(cNvcu 8qUJ6y1݇:9'"JVsd;á;WڒmS+EQ_musww0C&Ȟ SH .ȑ#vZ۳at̋Hi\5}F9s䏽{Bޡjh ݤEٍ[>'sNₙh)6|6 sW/|*o2ksh~ 튴}PL|<+SržSjeҝ;VM?b'튮nqw˯|UW_:{~|bަ 6eW_ʹZW&ӍӾ*޼?lz?lUցFC߷^rzu:lrCq%ȡ?vlw垠FFۿQ RLR f4WJǚlIզ(S6CPj*iFvQ⪱pԅޕ$^f-kބ֟qN_|bubEE8oNhƵ**=R=t⢕c=JH Py/lH\AZ(c1Aㆷ75ݨ\K+d%lQ<(J$0Zw]~'ƫʴ(+ƴ1erjц#JiΣ}<|g{d4\vx_*{ #NCcڇ~cCZ r*nH`v>#|#.ž VCfћAH4Xm*#řrܤ|L̩ei)@iFR.;0Hs|DUĊ\{)nwƩ*Џd#1`>Ix(X6Pz.Gi)̖½7⫁1rGb;wJn mMF7s\7u<||r0]?2{tcVZUo>1ݫ6O|Ue)M;wOj}9ߵ_nW׃(*xM)m}R޾N^0BzSmDT*9q'dS0 h7]wrJths}(ԁ\$Z팮12,B+rv>9o׊Ё=+ۥ}}9D⪰WP7?,`l}>X;^e2$ZD7(Cl*Aq1pOJer4E6bOz L]CEᘟ3\uqT6*9u0.o׎S*2^ݻnWUI||z$*rʭ1UܽxI'+F~g_#*7cUOS(eU1Ds݅˥EkLcn[8ZWq\UK2G4ӾT۰;nߏ{mߦX?vb~oV/*i(=*NٱZЀkMd*~P$|^*IUemƘO.m`իCPN!zb]Uщ`dbbZyTtSB5;~9R*lԯ|$:SSҝ;XQ$ҕ߉018*~F6r#cK{R$MHPGqlAbf?Zj}]OzvN4ݏOՊצd~9tvYCQ45̛>Ҁhvs9=qܸ鉓 P3Piڿ˽)ZIfwr񴯰=1VW,<>˲|<{Vg\إ?yoLثт$TSBv>K;q7oYB`MDkŊsܺ!5<2F9۸M{Sjbknט?u33\Fojr 6 *z4%/ö u=+lt8׮Qk">^@ēI"~'ZlH( ނ9W"h Hʢ&VhS +JM7qI ?Lف.N.jv#jONTda]HyQ nc~?q>TQC^?n`V*7zҥHn }#LRqňWʥ~ {D _.-|2]uS">+/)O3޻wSe5H *(~G(YYٻWe Ww,|S57PW4بo kfu*}k+|u+k_׊\eS|Uٿ͘t ⭅& aOlhhGسL xr`#xbs{}T3S*1=\™[6Goכߊ~iO㛩Z͗<߯p`tӘ}}Fv>)@)n (^Ď7?5Uk&6v[T'U}h*;u]叿u*r;w7UZ/1cqEqq|}bO6){}nf_{ Zg}b.JY; "ΘR,X .6H1cJ~KEHĹmRŏCѶ5tDŽ^To4(Ɣ6)$Ӧ`=+\ S*v(u~ǽ6V6)hx rnbqSU;ݲZq$Mׯ2j+A'\{[hxLrUk]ׯra w}c|2*g7\Ui5 VOXW{eSozemk׸f1B;u41aXXpݹR4#އu7q6* ڿ~+ UaP)i!P炩RMi_рz (fPwܪSe]^Vobר{f0.3eǶXኵf߿L>_;ޝP~Xh/nD*NlWv+I[u\k\rrV֞=1c(zڵW:q"cJ0 lRN8c*}QC6-j?b3bӀ;АznXP.:Nuvx}k5tJЦbnt̠GV}Ƽ^>6G5Fuma@)U1+ޘeH}8$'n h)]c^ƚlE~|]QMTWRyU튴},Z\PᚾUծXef 6^تTPW(uO ewQBR3mؚ$t]ۑǪJu^deoۦ*.9 QץvȐY.F#rj:Jo.`6ZmօI'=)]4Z:jR4Z덭qq$/BGL`olw-bAۭs={f?,UsW41Kt~nUN*;W?V]z*:P>84LqU{Iˮ8ӊ^`[o-IaVQiLO*\Pk]N1M@i1A>*XKè)a åШ{WK4G-܈i&~KKQ|k_`rCJ㶏ⴠ`qPy_s<`wzK>q}upMjNZӐ:R AѶN9ev^ Z Qc |c_f^ؑlN uy#ʛNWԁPa+MEvb`{erMv4›@܀)ǩ1/Rlr[P3niljTb=_.{E^ߠjت8<)@)ZoZ^D\vnc5qW o'銭ᕗS6aaWf޹Vy66G^lRo\q8\` rڈ?HQ+Ja?n%Aj P$Z{l>/*7>9T0c8ޝqՠ犷L:jW㊷MGY޸iR7cGqӿ*S\ާPޕ2ۏ*є`›CjA5^O vQ cd [v54NUϧpzy t {}8|H ~l<)$ߡQvߨJP}&MUFws4"biZң85ϾG< c'18թ_y:t͆UO-i~}%{5xqՀąAJ׉)~ǿ'&I YfbjM&4)tk<7Jf*@)eV'8f{ 'TkoM~]rP҃[l>:ciQbg*f͊#(bNQ{͖Q銵 [;M7]lUƽqNu1W  69Wn; Tb鷎(jR&7@GH4KbW,q uo]~8ֹeu4vXU[w9$ H=o)uZ'mͿӗޝ)lt$oAq's׭s~Yt Wm*hhz l]*m߮mqUg?.WwU)eէZ}ee9j l)L LK}0;#Ojmͺi~C" Ǡ' >&[0(O|Y4I++:4'c?>f߷ 6' PܟeP^ G]?V?PQ 7?| FOG_A_vh{#f;>]f>O>(ö6"02ǗePV@+]mGXB]$2q&-YҬDޘ} ̞ -dƵ D;:Ŋ5|0o-Nٴ>"ֻ5˾Y<͢x2ǜOt2|[vb;6oS2Rj _&׵(5F>jw:bQ ?~(q8devbmtNp;ch3W^;xfsZWccjHG 7ԓqHugdn8ub:å1 }' PA*Gj֤WgWӓ f(w*YZb+Q@  8#DADgn^+G( ^Tǵ{anR}#G^U`zS|_,Ƒ݄"R!wR -91wA\zDa-\@qᘺ}=[5[1P%&XY$bcFCM+H?k@#5c SĄI8ąduS✨ OmTǸO}xj®A~Am1`Yؚ/l-kByz/7'#_ٞpO@+gKQ)X;WcЩ?ƿ1$Rqe |$XM*%x,5Ǒ lBkUuaq)2U{4ˋ:AO7ة˝E-- -)ܸz41Ķ X)Th8 fz 뜅؞ش,TT{T-TMz 0얙G!1RYj}?Nشzm_EM  ĄGl;xbrqfn%zj\DeTȼ ]>z`F#2C`0逢w(h-AQۀOӂ2˯݋W $ݿ’1 R eVF<*15Gы1S~W-onz&v-T4!UE!*)1*wO_-lbT{`hH'BJ~#zW1ABNoL1EA?X|('wƖޱ ";#|0۵=b@!֔n%B 5TtEjrtkS(4Ԯo ?*n@M9`TSsA J)*TXIJф#}tx-CI!,ǰ WWMu;M,~fPN˷kaf jDŽsHWۥv̫7`$V4ؗڢ 57&|ݙnq?q(@| Ew~^z}68Pmjj)[ xTMڴZኬ?7\+;ޟN*O;ATl2Gic<9?ޞcڿH ۖOL2MA1R~"qP†Fnƒj[B4@j#(Wg8@ e=? ؎$xl~PGTun^|~K"DPܖ 6—?6W7d&h吆 viOvGR2>/)B$__uUZnSpO9hXOQN`Hj {v>-FR &f]-()/؄QA4FƝ6?Lz(DSh;rڭijL )ir .*^!P#~_N2mܨ,0yE1‹>a%12ۙġ?jq{{V;4qcĎ!kO;7'Z"TKh ZqZ_$hr@<jWk\4XWQZ R(gFeh?W%$$?^Fu労PH"D _JoTWj ⯦+Ӓ|/j0y%(kR<홧 ܆⠜|@ N?O60`׉WTQcS]lM=G^Hba,W`T `GA|X_L[}b\yj fS<UU)KiL.KЀ(*r뉖'~X:f݋2[۠雭r**cSo~X>>$#C4ƘhS_vS!pȠ^3 5?;WqM$N:;S|r#Ҵ+mF[cNu o 4Zk\4@O&3=@~O9^%x_en\R`zRw^,X d * } 7h!Jml#)L˧Or-VOIt&vaRdWwqOjMM@~=}o@2$VhW 4n+ju-I햬oVS`6O| U=tV8UV UNVsd-XՖJ6$? ћ t=9 UVۂñ10cvuSu*7ME…T-RPwʐ $n{a@KP-ZWp2nm!'}ڿRjVz7  l[4ڐ:; +#יc"M>~=˾tca:{erY"?xP\щ|>֐KVW(z.pns((+A?Ke wb F>D!GZun^#oXѹ?'(WVZJpv阽~٩28W?X8YEϨ2ĿHJOwlY'j v i}hR @w!i_`*TmmGj[R533e@XҜYUgr>ZOˆ HZ sJ!\ַ>z|7ِܶvcJ% ZM: /'w:] S߄S]nkO߆1%s.Z5ތ :w8U=ؕ?QP0K[\Lui$>Q,E?{ۭ>+ϰO Fq3$Ii{ 2Ԡ$vD9}{| p$aU@:(er9D_r!! aPd}'b q\Fu  ]\D! ň5mn#D䁀dL4ڀw*\?}rv>Lu}/6Y/.VC믃#nnAx叀">_҂V%QE~2J h6| f.I$mS5OC͗e|z#9VrHV]P`|*zaV}cTI ]d2ro(8"߶ECB} ~=wm&kJҭwsCszrS+SNMqPsENo{M@&MǾ 3ϝ@~"խOYAEq^|](A=~9]v,YƔ銴W`P*(mh선oɷH{yG$ðߕv?wl*y5ߊ<a^d143@5@+=dgVYhwWٛq Fͽ*ԊVb+*Ձ&[KZNG6( >⸅5*2Џ?CqztO-SԀi5PO!|E5i( aYqeK,F`&U9L~,O)$*zT+vLH"qHcgc͈ڵ;|j6$0mczL zİJi̞Jza @zTf4ysd[x+Ďӊn+QJN)5aռ1ctO*0ߐ iW4v6}RBMwݒVTRpI]ˑ ,n)MiLj;l0(x5_$!mg%l 2#wa@9K]잃ᅶܻoᑖ2C0eFS:{b o*ը;f{@"!M.:Up!QȼŊWlQMɒ9G}r;aQ?h;wWǐGa[ Gu5~yx>@nTMܓ{W5ԂGstɐw#?StcBMiSv9x?K+qm ۈ#uLC Rmtڹ: 6R!ш Bw)QFVU_S`;r^e=uNF˾WȜq=cqwLPֿفxH.~%LS,>Jr툖bj{{n,:W&ysjָpщ 1_P8 ޿>' ( xo|65;Չ;$Pjc)475G ^bN1ۭ*-oU=2԰S0Nz'劶x#\\e0"=`*7SN\q6pr8euUdo-"hV4H"uob.b(&+GI'ܶ v,ơlKz0Az+Q;C2^5 "*Mi} :JscV{w8-E:{dNcS\tUG#oj4+GE=iQҤL΢$ӯ++޴+'xpBsG"ulTPyWO4\)i@XW+Z ¸x={n0$RUM@{enkSYR9mO|;>Ȩ55F+{S~#j!qaA|k2Y8`(C0h:һAWî0V0(vl{VZo*X㚇6L*RU3cG׿*3b%٫S w^qLr|U)_՛*⮦lS6*NlbQ;R+6U3}tڽ)AlXUq imъx ҕ'fY,;z EX9; <{o2)Qemnrצ= }[aB=Y[SߊW(w}^zf, jtQmШ$1ʤ2bԎǁ_ ն:ednTA4v=늬 ؓ2ȧ7__ U U>}M(:xbPeC(zw3b֟_}lUFW,cb)Z_/e-|e|Use_1Vnٽ~ U3f]sf\F2ٱWu雮3W7]OR8U$xba#:%xJֲ?mLnLM1>yׇRUAٺV( .2C({9uilǐ[buN8SB7,5=WZъDu"ĎW|*S:e wݕ_luIR;צ7Lr S;ZP6+S66C<;>v"lUwEhwZڽ+v-F­r v9kCZn*phB'qB XComment ReferenceCJaJ:: X Comment Text$a$<< X Balloon TextCJaJt@t 0 Table Grid7:V0 $1$a$.X@. vrEmphasis6]$O$ x@OGCA5\hOh Ur indent_one$1$^`a$B*CJKHOJQJ^Jph@j@ +|uComment Subject5\>O@AI=?uT$8Ym 5!, !"#$01UVh78L^_hpqz{|   , 5 6 J Q R S T d f     + 5 6 L Q U Z [ }     1 6 ; @ A _ d i n o p  Q Z/z!#$+/07;<GKLMY[\hmny}~  !#$9=>KOPgkl   )*?ABMSTkqr #()?EFafgikl -7ABR\fg{&0;<P[fgr|   #$8:<=R\dev&0:;Wcno$%2<FGIKMNku6v)Qs"#$).34>IS]^rtvxy    : F Q \ ] _ a c e f x !!!"!#!.!9!A!L!M!N!O!n!!!"0"a""" #X###J$f$$$$?%@%A%F%K%L%g%i%k%l%w%%%%%%%%%%%%&&.&6&7&_&f&m&n&&&&&&&&&&&'''' ' '%''')'*'I'R'\']'''''''''''''''''("(+(,(X(b(l(m((((((((((((M)k)))!*a*b*c*d*~**3+++++/---y./{//u011 1 1111"1,1?1S1T1V1Y1a1i1j1l1o1w111111111111111111111111111111222222(2)2,2/282@2A2D2G2P2X2Y2\2_2h2p2q2t2w22222222222222222222222222 333'444955K6k66\7^78889999 ::&;; <<<<<<<<<< =====$=/=0=D=N=X=Y=i=s=}=~==================> > >>%>/>0>=>G>R>S>g>r>}>~>>>>>>>>>>>>>>>>>?????*?/?4?5?I?K?M?N?c?m?u?v?????????????@@@@7@A@K@L@h@t@@@@@@@@@@@@@@@@@@@@A A A A*A5A6ACAMAWAXAZA\A^A_A|AAAAAAAAAAAAAAAA B BB B"B$B%BCSC^CiCtCuCCCCCCCCCCCCCCCCCC;DJ?JPJZJdJeJgJiJkJlJyJJJJJJJJJJJJJJJJJKKK8KBKCKYK[K\KzKKKKKKKKKKKLLNLPLLLLLLLLLLL MMM.M8M9MFMPMQMSMpMrMwMxMMMMMMMMMMMMMMN N N NNN!N"N.N2N3N_NdNeNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN;OOPkl  )*ABSTqr()EFfgklABfg;<fg  #$<=de:;no$%FGMNkus"#34]^xy  \ ] e f "!#!.!9!A!L!M!N!O!#J$f$$$$?%@%K%L%k%l%%%%%%%6&7&m&n&&&&&'' ' ')'*'\']'''''''''+(,(l(m((((((((())!*a*b*c*3+++++/---y./{//u011 1 1111"1,1?1S1T1V1Y1a1i1j1l1o1w111111111111111111111111111111222222(2)2,2/282@2A2D2G2P2X2Y2\2_2h2p2q2t2w2222222222222222222222222 333'444955K6k66\7^78889&;; <<<<<<<<==/=0=X=Y=}=~========= > >/>0>R>S>}>~>>>>>>>>>????4?5?M?N?u?v???????@@K@L@@@@@@@@@@@ A A5A6AWAXA^A_A|AAAAAAAA B B$B%BZB[BBBBBC CCC=C>CtCuCCCCCCCCCCCC;DJ?JdJeJkJlJJJJJJJJJJJKKBKCK[K\KKKKKKKKKKLLNLPLLLLLLLLLL MMM.M8M9MFMPMQMSMpMrMwMxMMMMMMMMMMMMMMN N N NNN!N"N.N2N3N_NdNeNNNNNNNNNNNNNNNNNN?O@0K00.K00-K00+K0 0+@ 0K0 0. K0 0-K0 0+@ 0K00+K00.K00-K00+K00.K0 0 K0 0@ 0@ 0K00-K030K030@0@0K00@0K00IK00K00IK00K00IK00K00IK00K00 IK00K0$0 K0 0 K00K00ZK00 K00IK00K00IK00K00IK00K00IK00K000 K00 K00K0304vK00 K00IK00K00IK00K00IK00K00IK00K00 IK00K0 0 IK00K0 0 IK00K00IK00K00IK00K00IK00K0I0JvK0I0K0I0@0K00~K00K00~K00K00~K00K00~K00K00 ~K00K0 0 ~K00K0 0 ~K00K00~K00K00~K00K00~K00K00~K00K00~K00K00~K00K00~K00K00~K00K00~K00K0 0!~K00K0"0#~K00K0$0%~K00K0&0'~K00K0(0)~K00K0*0+~K00K0,0-~K00K0.0/~K00K0001~K00K0203~K00K0405~K00K0607~K00K0809~K00K0:0;~K00K0<0=~K00K0>0?~K00K0@0A~K00K0B0C~K00K0D0E~K00K0F0GvK00K0H0IvK00K0J0KvK00K0L0MvK00K0N0OvK00K0P0QvK00K0R0SvK00K0T0UvK00K0V0Wv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xK030xK030xK030xK030xK030xK030xK030xK030xK030xK030xK030xK030xK030xK00 K050xK00xK0Y0xK0Y0xK00 K0[0xK0[0xK0[0xK0[0xK00 K0]0xK0]0xK0]0xK0]0xK00 K0_0xK0_0xK0_0xK0_0xK00 K0a0xK0a0xK0a0xK0a0xK00 K0c0xK0c0xK0c0xK0c0xK00 K0e0xK0e0xK0e0xK0e0xK00 K0g0xK0g0xK0g0xK0g0xK00 K0i0xK0i0xK0i0xK0i0xK00 K0k0xK0k0xK0k0xK0k0xK00 K0m0K0m0K0m0K0m0K00 K0o0K0o0K0o0K0o0K00 K0q0K0q0K0q0K0q0K00 K0s0K0s0K0s0K0s0K00 K0u0K0u0K0u0K0u0K00 K0w0K0w0K0w0K0w0K00 K0y0K0y0K0y0K0y0K00 K0{0K0{0K0{0K0{0K00 K0}0K0}0K0}0K0}0K00 K00xK00xK00xK00xK00xK00xK00xK00xK00xK00xK00xK00xK00xK00xK00xK00K00K00K0c1dK0c1K0c1@0K0c1@0L K0i1j@08M K00K00K00K00K00K00K00K00K00 K00K0 0 K00K0 0 K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K0 0!K00K01K01K0"0K00K00K00K00K00K00K00K00K00K00 K00K0 0 K00K0 0 K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K0 0!K00K01K01K0"0K00K01@0L K01@08M K00K00K00K00K00K00K00K00K00 K00K0 0 K00K0 0 K00K00K00K00K00K00K00K00K00K01K01K01K00K00K01@0L K01@08M K00K00K00K00K00K00K00K00K00 K00K0 0 K00K0 0 K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K0 0!K00K0"0#K00K0$0%K00K02K02K0&0K00K02.K00K00K00K00K00K00K00K00K00K00 K00K0 0 K00K0 0 K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K00K0 0!K00K0"0#K00K0$0%K00K0&0'K00K0(0)K00K0*0+K00K0,0-K00K0.0/K00K0001K00K0203K00K0405K00K0:2K060K00K080K00K00xK00xK00xK00xK00xK00xK00xK00xK00xK00 K00xK00xK00 K00xK00xK00 K00xK00xK00 K00xK00xK00 K0 0xK0 0xK0 0xK00K0 0 K00K00xK00 K00K00xK00 K00K00xK00 K00K00xK00 K00K00xK00 K00K00xK00 K00K00xK0!0 K00K00xK0$0 K00K00xK0'0 K00K00xK0*0 K00K00xK0-0 K00K00xK000 K00K00 K030xK030xK0.3/@08M  00K00 00  "_T `!#p&$'E(O)+@-.0235u8o9C::l>BG]H}IJKLRMNO!QSGTUVrRa,/135BIOXhv}&+5<CNU`flqy V_{5QS5Z@n#;Y} #=Ok )ASq(EfkAf;f#= n $!F!N!!!$&"'3']'x'''(\(e((((")L)N)*,?-K-l---6.m.../ /\////+0l0000b2~25 99S9T9i9j9999999999999::(:):@:A:X:Y:p:q:::::::::::>A HnHHHHIFINI~IIIIJ?JeJmJJJ K=KoKKKL LUL|LLLLM@MQM{MMMM;NzNNNNO@OjOlOOOO4PkPPP!QAQrQyQQR:R?RRRSESHSSST,T_TTTTU+U[U{UUUUVIVVVW>W'_2X]l-0246789:;<=>?@ACDEFGHJKLMNPQRSTUVWYZ[\]^_`abcdefgijklmnopqrstuwxyz{|~      !"#$%'()*,-./012346789:;=>?@ABDEFGHIJKLMOPQRSTVWXYZ[\]^_abcdeghmnoprstuvwxz.|W-*/+1+----b.v.y..//j/x/{////V0r000134$4'4444"56595555,6H6k6666L7Y799: :w:::;#;);;;;<<#<<<>OXXXXCXXXXXXXXXXXXXXXXXXXX  !! BalanceIncomeCashFlowsalvageMoralFutureProduction MarketPrice BookValue Discounted$ 12LPLLSM?O$ 12LPLLSM?O\/]/^/_/|&s*s*?O}*}*?O9*urn:schemas-microsoft-com:office:smarttagsplace8*urn:schemas-microsoft-com:office:smarttagsCity [ 9;hlZ]NQdk>>@@D%DJJLLNNNNNNNNNNNN73&}i73&S83&h:3&<3&{@3& 3D3&F'BE3&k}F3&&MG3&M3&OzW3& W3&"mX3&EnYV8< q\3&#5]3&Vdf3&[[g3&Uk3&[l3&vl3&3m3&: ]o3&+4q3&?s3&Fy?s3&)t3&+*uv3&Uyk(z`(p}Uvz3&v+{3&}{3&^`CJOJQJo(hH^`CJOJQJo(hHopp^p`CJOJQJo(hH@ @ ^@ `CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHPP^P`CJOJQJo(hH^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(\^`\o(.H\H^H`\o(. \^`\hH. \^`\hH. 4\4^4`\hH)  \ ^ `\hH. | \| ^| `\hH.  \ ^ `\hH) \^`\hH.^`CJOJQJo(hH^`CJOJQJo(hHopp^p`CJOJQJo(hH@ @ ^@ `CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHPP^P`CJOJQJo(hH^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(hH^`CJOJQJo(hHopp^p`CJOJQJo(hH@ @ ^@ `CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHPP^P`CJOJQJo(hH^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(hH^`CJOJQJo(hHopp^p`CJOJQJo(hH@ @ ^@ `CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHPP^P`CJOJQJo(hH^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(hH^`CJOJQJo(hHopp^p`CJOJQJo(hH@ @ ^@ `CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHPP^P`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHopp^p`CJOJQJo(hH@ @ ^@ `CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHPP^P`CJOJQJo(hH^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(hH^`CJOJQJo(hHopp^p`CJOJQJo(hH@ @ ^@ `CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHPP^P`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHopp^p`CJOJQJo(hH@ @ ^@ `CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHPP^P`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHopp^p`CJOJQJo(hH@ @ ^@ `CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHPP^P`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHopp^p`CJOJQJo(hH@ @ ^@ `CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHPP^P`CJOJQJo(hH\^`\o(.H\H^H`\o(. \^`\hH. \^`\hH. 4\4^4`\hH)  \ ^ `\hH. | \| ^| `\hH.  \ ^ `\hH) \^`\hH.^`CJOJQJo(hH^`CJOJQJo(hHopp^p`CJOJQJo(hH@ @ ^@ `CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHPP^P`CJOJQJo(hH^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(hH^`CJOJQJo(hHopp^p`CJOJQJo(hH@ @ ^@ `CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHPP^P`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHopp^p`CJOJQJo(hH@ @ ^@ `CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHPP^P`CJOJQJo(hH^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(hH^`CJOJQJo(hHopp^p`CJOJQJo(hH@ @ ^@ `CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHPP^P`CJOJQJo(hH^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(hH^`CJOJQJo(hHopp^p`CJOJQJo(hH@ @ ^@ `CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHPP^P`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHopp^p`CJOJQJo(hH@ @ ^@ `CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHPP^P`CJOJQJo(hH^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(\^`\o(.H\H^H`\o(. \^`\hH. \^`\hH. 4\4^4`\hH)  \ ^ `\hH. | \| ^| `\hH.  \ ^ `\hH) \^`\hH. \^`\5CJo(.^`o(. \^`\hH. \^`\hH. 4\4^4`\hH)  \ ^ `\hH. | \| ^| `\hH.  \ ^ `\hH) \^`\hH.^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(^`CJOJQJo(opp^p`CJOJQJo(@ @ ^@ `CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(^`CJOJQJo(PP^P`CJOJQJo(^`CJOJQJo(hH^`CJOJQJo(hHopp^p`CJOJQJo(hH@ @ ^@ `CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hH^`CJOJQJo(hHPP^P`CJOJQJo(hH/vl{@B 47cvf?s4=% [[g}Uvzv+{&MGEnY Fy?s2x }i7;y>7+*uvLVdfk}F3mM< q\[l+4qUy(z)t Wh:}{t! 3DYI:$#5]S8: ]oF'BEUk"mXOzW)g+// Ɩ                b       @fC       0k!40Jdd. w^_dd9(r*Nw,Gdd)!vdd!v [~  7# n7ddOJ` [dd)*-8dd0F&W'~ dd2D,*F1(`Qddx6x3`fddn7*-8BjTddOF!F,GuG dd@G2D,dd0JnL(`QjTZ@ ^OFdd w^_b [dd{c9(rddy&&en6fF&ddx3`fH/(gXvg!xdd:* iH/(gddVi!FddHjy&&edd n0dd]gqnLdd^vk!dd!xfV|F&ddNK  6 !'gvr|R2@V/v i G#= $l3$*X$y$[G&ih'u`)m&*z?+?p-/RL/m/-f1g1-52i4c%5LM5^A6)Q7{;d<^>|@33AQB&hC3DRE F]G+I,ZJXKmKAzKL`Ox@O.PMQERi^RUUYV V%)VPY']D`bcgce=FgXg)dghiiiakqpl/q,nqUr5rHsbsdt+|uLvtHw^zvz |O?|<}Z6 :nZWOYCB3Vew9%qr[)7=00(<f o>YW!k rXLe XzgNEP\_j<\0GKOPgkl   )*?ABMSTkqr #()?EFafgikl -7ABR\fg{&0;<P[fgr|   #$8:<=R\dev&0:;Wcno$%2<FGIKMNku"#$).34>IS]^rtvxy    : F Q \ ] _ a c e f x !!!"!#!.!9!A!L!M!N!O!$$?%@%A%F%K%L%g%i%k%l%w%%%%%%%%%%%%&&.&6&7&_&f&m&n&&&&&&&&&&&'''' ' '%''')'*'I'R'\']'''''''''''''''''("(+(,(X(b(l(m(((((((((((b*c*d*~**+11 1 1111"1,1?1S1T1V1Y1a1i1j1l1o1w111111111111111111111111111111222222(2)2,2/282@2A2D2G2P2X2Y2\2_2h2p2q2t2w22222222222222222222222299<<<<<<<< =====$=/=0=D=N=X=Y=i=s=}=~==================> > >>%>/>0>=>G>R>S>g>r>}>~>>>>>>>>>>>>>>>>>?????*?/?4?5?I?K?M?N?c?m?u?v?????????????@@@@7@A@K@L@h@t@@@@@@@@@@@@@@@@@@@@A A A A*A5A6ACAMAWAXAZA\A^A_A|AAAAAAAAAAAAAAAA B BB B"B$B%BCSC^CiCtCuCCCCCCCCCCCCCCCCCC;DJ?JPJZJdJeJgJiJkJlJyJJJJJJJJJJJJJJJJJKKK8KBKCKYK[K\KzKKKKKKKKKKKLLLLLLL MMM.M8M9MFMPMQMpMrMwMxMMMMMMMMMMMMMMN N N NNN!N"N.N2N3N_NdNeNNNNNNNNNNNNNN?O      @  2` %@9;<PL>O@@@B@F@@@@UnknownGz Times New Roman5Symbol3& z Arial;1SimHeiўSOWSimSunArial Unicode MS?5 z Courier New;Wingdings 1hvjfwjf B( B(!-!),.:;?]}    & 6"0000 0 0 00000 =@\]^([{  0 0 00000;[idNN 2QHX ?(2 Chapter 3a Alan Palmiter/                           ! " # $ % & ' ( ) * + , - . Oh+'0x  4 @ LX`hp Chapter 3a Normal.dotAlan Palmiter3Microsoft Office Word@Ik@i<@,4< B՜.+,D՜.+,4 hp|  a(N\  Chapter 3 Title 8@ _PID_HLINKSApXHLhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm Discounted<hELhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm BookValueHBLhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm MarketPrice:o?Lhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htmFutureProductionZ <Lhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm ProductionU9Lhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htmSalvageQ6Lhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htmMarket[3Lhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htmpe2j0Lhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm earningsK-Lhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htmfutureZ *Lhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm production&|'Lhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htmbookU$Lhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htmsalvage4v!Lhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htmMoral2jLhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm earnings&|Lhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htmbookQLhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htmMarketKLhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htmfutureZ Lhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm productionULhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htmsalvage2j Lhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIB.htm earnings(xLhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIA.htm OLhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIA.htmIncomeHLhttp://www.wfu.edu/~palmitar/CorporationLawPolicy/Materia/Outlines/IIIA.htmBalance  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{}~      !"#$%&'()*+,-./012345689:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !#$%&'()+,-./01234=Root Entry F@}J<?Data |u1Table7WordDocument8SummaryInformation("DocumentSummaryInformation8*CompObjq  FMicrosoft Office Word Document MSWordDocWord.Document.89q