ࡱ> c nbjbj dfff;rr+++???8w3d?L"k%%%%x*.** KKKKKKK$OQhKi+K+8*@x*K+K+K%%OL!5!5!5K+tR%(+%K!5K+K!5!5EX "G%7-JF(KeL0LG3R 03RPGG\3R+LH`**!5* *W***KK2***LK+K+K+K+3R*********r }: CHAPTER 18: EQUITY VALUATION MODELS PROBLEM SETS 1. Theoretically, dividend discount models can be used to value the stock of rapidly growing companies that do not currently pay dividends; in this scenario, we would be valuing expected dividends in the relatively more distant future. However, as a practical matter, such estimates of payments to be made in the more distant future are notoriously inaccurate, rendering dividend discount models problematic for valuation of such companies; free cash flow models are more likely to be appropriate. At the other extreme, one would be more likely to choose a dividend discount model to value a mature firm paying a relatively stable dividend. 2. It is most important to use multistage dividend discount models when valuing companies with temporarily high growth rates. These companies tend to be companies in the early phases of their life cycles, when they have numerous opportunities for reinvestment, resulting in relatively rapid growth and relatively low dividends (or, in many cases, no dividends at all). As these firms mature, attractive investment opportunities are less numerous so that growth rates slow. 3. The intrinsic value of a share of stock is the individual investors assessment of the true worth of the stock. The market capitalization rate is the market consensus for the required rate of return for the stock. If the intrinsic value of the stock is equal to its price, then the market capitalization rate is equal to the expected rate of return. On the other hand, if the individual investor believes the stock is underpriced (i.e., intrinsic value > price), then that investors expected rate of return is greater than the market capitalization rate. 4. First estimate the amount of each of the next two dividends and the terminal value. The current value is the sum of the present value of these cash flows, discounted at 8.5%. 5. The required return is 9%.  EMBED Equation.DSMT4  6. The Gordon DDM uses the dividend for period (t+1) which would be 1.05.  EMBED Equation.DSMT4  7. The PVGO is $0.56:  EMBED Equation.DSMT4   8. a. b.  EMBED Equation.DSMT4  c. The price falls in response to the more pessimistic dividend forecast. The forecast for current year earnings, however, is unchanged. Therefore, the P/E ratio falls. The lower P/E ratio is evidence of the diminished optimism concerning the firm's growth prospects. 9. a. g = ROE ( b = 16% ( 0.5 = 8% D1 = $2 ( (1 b) = $2 ( (1 0.5) = $1  EMBED Equation.DSMT4  b. P3 = P0(1 + g)3 = $25(1.08)3 = $31.49 10. a. b. Leading P0/E1 = $10.60/$3.18 = 3.33 Trailing P0/E0 = $10.60/$3.00 = 3.53 c.  EMBED Equation.3  The low P/E ratios and negative PVGO are due to a poor ROE (9%) that is less than the market capitalization rate (16%). Now, you revise b to 1/3, g to 1/3 ( 9% = 3%, and D1 to: E0 ( (1 + g) ( (2/3) $3 ( 1.03 ( (2/3) = $2.06 Thus: V0 = $2.06/(0.16 0.03) = $15.85 V0 increases because the firm pays out more earnings instead of reinvesting a poor ROE. This information is not yet known to the rest of the market. 11.  EMBED Equation.3  12.  EMBED Equation.3  13.  EMBED Equation.3  14.  EMBED Equation.3  The dividend payout ratio is 8/12 = 2/3, so the plowback ratio is b = 1/3. The implied value of ROE on future investments is found by solving: g = b ( ROE with g = 5% and b = 1/3 ( ROE = 15% Assuming ROE = k, price is equal to:  EMBED Equation.3  Therefore, the market is paying $40 per share ($160 $120) for growth opportunities. 15. a. k = D1/P0 + g D1 = 0.5 ( $2 = $1 g = b ( ROE = 0.5 ( 0.20 = 0.10 Therefore: k = ($1/$10) + 0.10 = 0.20, or 20% b. Since k = ROE, the NPV of future investment opportunities is zero:  EMBED Equation.3  c. Since k = ROE, the stock price would be unaffected by cutting the dividend and investing the additional earnings. 16. a. k = rf +  [E(rM )  rf ] = 8% + 1.2(15%  8%) = 16.4% g = b ( ROE = 0.6 ( 20% = 12%  EMBED Equation.3  b. P1 = V1 = V0(1 + g) = $101.82 ( 1.12 = $114.04  EMBED Equation.3  17. Time:0156E t$10.000$12.000$24.883$27.123D t$ 0.000$ 0.000$ 0.000$10.849b1.001.001.000.60g20.0%20.0%20.0%9.0%The year-6 earnings estimate is based on growth rate of 0.15 (1-0.40) = 0.09. a.  EMBED Equation.3   EMBED Equation.3  The price should rise by 15% per year until year 6: because there is no dividend, the entire return must be in capital gains. Therefore the price in one year should be $103.39. The price should rise by 15% per year until year 6: because there is no dividend, the entire return must be in capital gains. Therefore the price in two years should be $118.89. Time:0156E t$10.000$12.000$24.883$27.869D t$ 0.000$ 0.000$ 0.000$5.574b1.001.001.000.80g20.0%20.0%20.0%12.0% The year-6 earnings estimate is based on growth rate of 0.15 (1-0.20) = 0.12.  EMBED Equation.3   EMBED Equation.3  18 The base case solution is shown in the Excel spreadsheet below:  a. Using the Excel spreadsheet, we find that the intrinsic value is $46.75 when the terminal growth rate is 6% b. Using the Excel spreadsheet, we find that the intrinsic value is $48.25 when the actual beta is 1.2. c. Using the Excel spreadsheet, we find that the intrinsic value is $47.25 when market risk premium is 7.5%. 19. The solutions derived from Spreadsheet 18.2 are as follows: Intrinsic Value: FCFFIntrinsic Value: FCFEIntrinsic Value per Share: FCFFIntrinsic Value per Share: FCFEa.99,33588,89050.7952.29b.96,40186,31049.0650.77c.108,88596,98856.4057.05 20 Time:0123D t$1.0000$1.2500$1.5625$1.953g25.0%25.0%25.0%5.0%a. The dividend to be paid at the end of year 3 is the first installment of a dividend stream that will increase indefinitely at the constant growth rate of 5%. Therefore, we can use the constant growth model as of the end of year 2 in order to calculate intrinsic value by adding the present value of the first two dividends plus the present value of the price of the stock at the end of year 2. The expected price 2 years from now is: P2 = D3/(k g) = $1.953125/(0.20 0.05) = $13.02 The PV of this expected price is $13.02/1.202 = $9.04 The PV of expected dividends in years 1 and 2 is  EMBED Equation.3  Thus the current price should be: $9.04 + $2.13 = $11.17 Expected dividend yield = D1/P0 = $1.25/$11.17 = 0.112, or 11.2% c. The expected price one year from now is the PV at that time of P2 and D2: P1 = (D2 + P2)/1.20 = ($1.5625 + $13.02)/1.20 = $12.15 The implied capital gain is (P1 P0)/P0 = ($12.15 $11.17)/$11.17 = 0.088 = 8.8% The sum of the implied capital gains yield and the expected dividend yield is equal to the market capitalization rate. This is consistent with the DDM. 21. Time:0145E t$5.000$6.000$10.368$10.368D t$0.000$0.000$0.000$10.368Dividends = 0 for the next four years, so b = 1.0 (100% plowback ratio). a.  EMBED Equation.3  (Since k=ROE, knowing the plowback rate is unnecessary)  EMBED Equation.3  b. Price should increase at a rate of 15% over the next year, so that the HPR will equal k. 22. Before-tax cash flow from operations $2,100,000 Depreciation 210,000 Taxable Income 1,890,000 Taxes (@ 21%) 396,900 After-tax unleveraged income 1,493,100 After-tax cash flow from operations (After-tax unleveraged income + depreciation) 1,703,100 New investment (20% of cash flow from operations) 420,000 Free cash flow (After-tax cash flow from operations new investment) $1,283,100 The value of the firm (i.e., debt plus equity) is:  EMBED Equation.DSMT4  Since the value of the debt is $4 million, the value of the equity is $14,330,000. 23. a. g = ROE ( b = 20% ( 0.5 = 10%  EMBED Equation.3  b.TimeEPSDividendComment0$1.0000$0.500011.10000.5500g = 10%, plowback = 0.5021.21000.7260EPS has grown by 10% based on last years earnings plowback and ROE; this years earnings plowback ratio now falls to 0.40 and payout ratio = 0.603$1.2826$0.7696EPS grows by (0.4) (15%) = 6% and payout ratio = 0.60At time 2:  EMBED Equation.3  At time 0:  EMBED Equation.3  c. P0 = $11 and P1 = P0(1 + g) = $12.10 (Because the market is unaware of the changed competitive situation, it believes the stock price should grow at 10% per year, in other words, no new information is publicly available.)  EMBED Equation.3  P1 = P0(1 + g) = $12.10 and P2 = $8.551 after the market becomes aware of the changed competitive situation.  EMBED Equation.3  P2 = $8.551 and P3 = $8.551 ( 1.06 = $9.064 (The new growth rate is 6%.)  EMBED Equation.3  Moral: In normal periods when there is no special information, the stock return = k = 15%. When special information arrives, all the abnormal return accrues in that period, as one would expect in an efficient market. CFA PROBLEMS 1. a. This director is confused. In the context of the constant growth model [i.e., P0 = D1/ k g)], it is true that price is higher when dividends are higher holding everything else including dividend growth constant. But everything else will not be constant. If the firm increases the dividend payout rate, the growth rate g will fall, and stock price will not necessarily rise. In fact, if ROE > k, price will fall. (i) An increase in dividend payout will reduce the sustainable growth rate as less funds are reinvested in the firm. The sustainable growth rate (i.e. ROE ( plowback) will fall as plowback ratio falls. (ii) The increased dividend payout rate will reduce the growth rate of book value for the same reason -- less funds are reinvested in the firm. 2. Using a two-stage dividend discount model, the current value of a share of Sundanci is calculated as follows.  EMBED Equation.3   EMBED Equation.3  where: E0 = $0.952 D0 = $0.286 E1 = E0 (1.32)1 = $0.952 ( 1.32 = $1.2566 D1 = E1 ( 0.30 = $1.2566 ( 0.30 = $0.3770 E2 = E0 (1.32)2 = $0.952 ( (1.32)2 = $1.6588 D2 = E2 ( 0.30 = $1.6588 ( 0.30 = $0.4976 E3 = E0 ( (1.32)2 ( 1.13 = $0.952 ( (1.32)2 ( 1.13 = $1.8744 D3 = E3 ( 0.30 = $1.8743 ( 0.30 = $0.5623 3. a. Free cash flow to equity (FCFE) is defined as the cash flow remaining after meeting all financial obligations (including debt payment) and after covering capital expenditure and working capital needs. The FCFE is a measure of how much the firm can afford to pay out as dividends but, in a given year, may be more or less than the amount actually paid out. Sundanci's FCFE for the year 2018 is computed as follows: FCFE = Earnings + Depreciation ( Capital expenditures ( Increase in NWC = $80 million + $23 million ( $38 million ( $41 million = $24 million FCFE per share =  EMBED Equation.DSMT4  At this payout ratio, Sundanci's FCFE per share equals dividends per share. b. The FCFE model requires forecasts of FCFE for the high growth years (2019 and 2020) plus a forecast for the first year of stable growth (2018) in order to allow for an estimate of the terminal value in 2017 based on perpetual growth. Because all of the components of FCFE are expected to grow at the same rate, the values can be obtained by projecting the FCFE at the common rate. (Alternatively, the components of FCFE can be projected and aggregated for each year.) This table shows the process for estimating the current per share value: FCFE Base AssumptionsShares outstanding: 84 million, k = 14%Actual 2018Projected 2019Projected 2020Projected 2021Growth rate (g)27%27%13%TotalPer ShareEarnings after tax$80$0.952$1.2090$1.5355$1.7351Plus: Depreciation expense230.2740.34800.4419$0.4994Less: Capital expenditures380.4520.57400.7290$0.8238Less: Increase in net working capital410.4880.61980.7871$0.8894Equals: FCFE240.2860.36320.4613$0.5213Terminal value$52.1300*Total cash flows to equity$0.3632$52.5913Discounted value$0.3186 $40.4673Current value per share$40.7859*Projected 2020 terminal value = (Projected 2021 FCFE)/(r ( g) Projected 2020 Total cash flows to equity = Projected 2020 FCFE + Projected 2020 terminal value Discounted values obtained using k= 14% Current value per share=Sum of discounted projected 2019 and 2020 total FCFE c. i. The DDM uses a strict definition of cash flows to equity, i.e. the expected dividends on the common stock. In fact, taken to its extreme, the DDM cannot be used to estimate the value of a stock that pays no dividends. The FCFE model expands the definition of cash flows to include the balance of residual cash flows after all financial obligations and investment needs have been met. Thus the FCFE model explicitly recognizes the firms investment and financing policies as well as its dividend policy. In instances of a change of corporate control, and therefore the possibility of changing dividend policy, the FCFE model provides a better estimate of value. The DDM is biased toward finding low P/E ratio stocks with high dividend yields to be undervalued and conversely, high P/E ratio stocks with low dividend yields to be overvalued. It is considered a conservative model in that it tends to identify fewer undervalued firms as market prices rise relative to fundamentals. The DDM does not allow for the potential tax disadvantage of high dividends relative to the capital gains achievable from retention of earnings. ii. Both two-stage valuation models allow for two distinct phases of growth, an initial finite period where the growth rate is abnormal, followed by a stable growth period that is expected to last indefinitely. These two-stage models share the same limitations with respect to the growth assumptions. First, there is the difficulty of defining the duration of the extraordinary growth period. For example, a longer period of high growth will lead to a higher valuation, and there is the temptation to assume an unrealistically long period of extraordinary growth. Second, the assumption of a sudden shift from high growth to lower, stable growth is unrealistic. The transformation is more likely to occur gradually, over a period of time. Given that the assumed total horizon does not shift (i.e., is infinite), the timing of the shift from high to stable growth is a critical determinant of the valuation estimate. Third, because the value is quite sensitive to the steady-state growth assumption, over- or underestimating this rate can lead to large errors in value. The two models share other limitations as well, notably difficulties in accurately forecasting required rates of return, in dealing with the distortions that result from substantial and/or volatile debt ratios, and in accurately valuing assets that do not generate any cash flows. 4. a. The formula for calculating a price earnings ratio (P/E) for a stable growth firm is the dividend payout ratio divided by the difference between the required rate of return and the growth rate of dividends. If the P/E is calculated based on trailing earnings (year 0), the payout ratio is increased by the growth rate. If the P/E is calculated based on next years earnings (year 1), the numerator is the payout ratio. P/E on trailing earnings: P/E = [payout ratio ( (1 + g)]/(k ( g) = [0.30 ( 1.13]/(0.14 ( 0.13) = 33.9 P/E on next year's earnings: P/E = payout ratio/(k ( g) = 0.30/(0.14 ( 0.13) = 30.0 b. The P/E ratio is a decreasing function of riskiness; as risk increases, the P/E ratio decreases. Increases in the riskiness of Sundanci stock would be expected to lower the P/E ratio. The P/E ratio is an increasing function of the growth rate of the firm; the higher the expected growth, the higher the P/E ratio. Sundanci would command a higher P/E if analysts increase the expected growth rate. The P/E ratio is a decreasing function of the market risk premium. An increased market risk premium increases the required rate of return, lowering the price of a stock relative to its earnings. A higher market risk premium would be expected to lower Sundanci's P/E ratio. 5. a. The sustainable growth rate is equal to: Plowback ratio Return on equity = b ROE  EMBED Equation.DSMT4  ROE = Net income/Beginning of year equity In 2017: b = [208 (0.80 100)]/208 = 0.6154 ROE = 208/1380 = 0.1507 Sustainable growth rate = 0.6154 0.1507 = 9.3% In 2020: b = [275 (0.80 100)]/275 = 0.7091 ROE = 275/1836 = 0.1498 Sustainable growth rate = 0.7091 0.1498 = 10.6% b. i. The increased retention ratio increased the sustainable growth rate. Retention ratio =  EMBED Equation.DSMT4  Retention ratio increased from 0.6154 in 2017 to 0.7091 in 2020. This increase in the retention ratio directly increased the sustainable growth rate because the retention ratio is one of the two factors determining the sustainable growth rate. ii. The decrease in leverage reduced the sustainable growth rate. Financial leverage = (Total assets/Beginning of year equity) Financial leverage decreased from 2.34 (3230/1380) at the beginning of 2017 to 2.10 at the beginning of 2020 (3856/1836) This decrease in leverage directly decreased ROE (and thus the sustainable growth rate) because financial leverage is one of the factors determining ROE (and ROE is one of the two factors determining the sustainable growth rate). 6. a. The formula for the Gordon model is  EMBED Equation.DSMT4  where: D0 = Dividend paid at time of valuation g = Annual growth rate of dividends k = Required rate of return for equity In the above formula, P0, the market price of the common stock, substitutes for V0 and g becomes the dividend growth rate implied by the market: P0 = [D0 (1 + g)]/(k g) Substituting, we have: 58.49 = [0.80 (1 + g)]/(0.08 g) ( g = 6.54% b. Use of the Gordon growth model would be inappropriate to value Dynamics common stock, for the following reasons: i. The Gordon growth model assumes a set of relationships about the growth rate for dividends, earnings, and stock values. Specifically, the model assumes that dividends, earnings, and stock values will grow at the same constant rate. In valuing Dynamics common stock, the Gordon growth model is inappropriate because managements dividend policy has held dividends constant in dollar amount although earnings have grown, thus reducing the payout ratio. This policy is inconsistent with the Gordon model assumption that the payout ratio is constant. ii. It could also be argued that use of the Gordon model, given Dynamics current dividend policy, violates one of the general conditions for suitability of the model, namely that the companys dividend policy bears an understandable and consistent relationship with the companys profitability. 7. a. The industrys estimated P/E can be computed using the following model:  EMBED Equation.DSMT4  However, since k and g are not explicitly given, they must be computed using the following formulas: gind = ROE ( Retention rate = 0.25 ( 0.40 = 0.10 kind = Government bond yield + ( Industry beta ( Equity risk premium) = 0.06 + (1.2 ( 0.05) = 0.12 Therefore:  EMBED Equation.DSMT4  b. i. Forecast growth in real GDP would cause P/E ratios to be generally higher for Country A. Higher expected growth in GDP implies higher earnings growth and a higher P/E. ii. Government bond yield would cause P/E ratios to be generally higher for Country B. A lower government bond yield implies a lower risk-free rate and therefore a higher P/E. iii. Equity risk premium would cause P/E ratios to be generally higher for Country B. A lower equity risk premium implies a lower required return and a higher P/E. 8. a. k = rf +  (kM  rf) = 4.5% + 1.15(14.5% ( 4.5%) = 16% b.YearDividend2017$1.722018$1.72 ( 1.12 = $1.932019$1.72 ( 1.122 = $2.162020$1.72 ( 1.123 = $2.422021$1.72 ( 1.123 ( 1.09 = $2.63Present value of dividends paid in 2018 2020: YearPV of Dividend2018$1.93/1.161 = $1.662019$2.16/1.162 = $1.612020$2.42/1.163 = $1.55Total = $4.82Price at year-end 2020 EMBED Equation.DSMT4  PV at the beginning of 2018 of this stock price EMBED Equation.3  Intrinsic value of stock = $4.82 + $24.07 = $28.89 c. The data in the problem indicate that Quick Brush is selling at a price substantially below its intrinsic value, while the calculations above demonstrate that SmileWhite is selling at a price somewhat above the estimate of its intrinsic value. Based on this analysis, Quick Brush offers the potential for considerable abnormal returns, while SmileWhite offers slightly below-market risk-adjusted returns. d. Strengths of two-stage versus constant growth DDM: ( Two-stage model allows for separate valuation of two distinct periods in a companys future. This can accommodate life-cycle effects. It also can avoid the difficulties posed by initial growth that is higher than the discount rate. ( Two-stage model allows for initial period of above-sustainable growth. It allows the analyst to make use of her expectations regarding when growth might shift from off-trend to a more sustainable level. A weakness of all DDMs is that they are very sensitive to input values. Small changes in k or g can imply large changes in estimated intrinsic value. These inputs are difficult to measure. 9. a. The value of a share of Rio National equity using the Gordon growth model and the capital asset pricing model is $22.40, as shown below. Calculate the required rate of return using the capital asset pricing model: k = rf +  (kM  rf) = 4% + 1.8 (9%  4%) = 13% Calculate the share value using the Gordon growth model:  EMBED Equation.3  b. The sustainable growth rate of Rio National is 9.97%, calculated as follows: g = b ROE = Earnings retention rate ROE = (1  Payout ratio) ROE =  EMBED Equation.3  10. a. To obtain free cash flow to equity (FCFE), the two adjustments that Shaar should make to cash flow from operations (CFO) are: 1. Subtract investment in fixed capital: CFO does not take into account the investing activities in long-term assets, particularly plant and equipment. The cash flows corresponding to those necessary expenditures are not available to equity holders and therefore should be subtracted from CFO to obtain FCFE. 2. Add net borrowing: CFO does not take into account the amount of capital supplied to the firm by lenders (e.g., bondholders). The new borrowings, net of debt repayment, are cash flows available to equity holders and should be added to CFO to obtain FCFE. b. Note 1: Rio National had $75 million in capital expenditures during the year. Adjustment: negative $75 million The cash flows required for those capital expenditures ($75 million) are no longer available to the equity holders and should be subtracted from net income to obtain FCFE. Note 2: A piece of equipment that was originally purchased for $10 million was sold for $7 million at year-end, when it had a net book value of $3 million. Equipment sales are unusual for Rio National. Adjustment: positive $3 million In calculating FCFE, only cash flow investments in fixed capital should be considered. The $7 million sale price of equipment is a cash inflow now available to equity holders and should be added to net income. However, the gain over book value that was realized when selling the equipment ($4 million) is already included in net income. Because the total sale is cash, not just the gain, the $3 million net book value must be added to net income. Therefore, the adjustment calculation is: $7 million in cash received $4 million of gain recorded in net income = $3 million additional cash received added to net income to obtain FCFE. Note 3: The decrease in long-term debt represents an unscheduled principal repayment; there was no new borrowing during the year. Adjustment: negative $5 million The unscheduled debt repayment cash flow ($5 million) is an amount no longer available to equity holders and should be subtracted from net income to determine FCFE. Note 4: On January 1, 2018, the company received cash from issuing 400,000 shares of common equity at a price of $25 per share. No adjustment Transactions between the firm and its shareholders do not affect FCFE. To calculate FCFE, therefore, no adjustment to net income is required with respect to the issuance of new shares. Note 5: A new appraisal during the year increased the estimated market value of land held for investment by $2 million, which was not recognized in 2018 income. No adjustment The increased market value of the land did not generate any cash flow and was not reflected in net income. To calculate FCFE, therefore, no adjustment to net income is required. c. Free cash flow to equity (FCFE) is calculated as follows: FCFE = NI + NCC FCINV WCINV + Net borrowing where: NCC = Noncash charges FCINV = Investment in fixed capital WCINV = Investment in working capital Million $ExplanationNI =$30.16From Table 18GNCC =+$67.17$71.17 (depreciation and amortization from Table 18G) $4.00* (gain on sale from Note 2)FCINV =$68.00$75.00 (capital expenditures from Note 1) $7.00* (cash on sale from Note 2)WCINV =$24.00$3.00 (increase in accounts receivable from Table 18F) + $20.00 (increase in inventory from Table 18F) + $1.00 (decrease in accounts payable from Table 18F)Net borrowing =$%&34578  ! * A % ' 4 6   & ' )   j l ȽȔ~~~~hSh)dOJQJhSh_uOJQJhSh^%|OJQJhSho:OJQJh|q9OJQJhShrfOJQJhShXOJQJhShK OJQJhSh1ROJQJhShOJQJhSh5OJQJhSh>:OJQJ1$%&345 vw 8dx^8`gd 4 dx^`gdSdgd#d^#`gd)dd^`gd)ddgd)d  ^` -.[\tuvwļěĂvĂn]!jh3hbdEHOJQJUhbdOJQJhbdh>6OJQJh>OJQJ!jhSh|q9EHOJQJU#jMU hSh|q9OJQJUVjhShSOJQJUh>POJQJhShSOJQJhSh1ROJQJh!OJQJhShXOJQJhSh)dOJQJh|q9OJQJ$w4RT[\]^}8d]^8`gd.^8dx^8`gd1 8dx^8`gd> 8dx^8`gd 4 dx^`gdS456MNOPRSTUZ[\]^aνtbtWLD9DD9hSh>:OJQJh>OJQJhs=h>:OJQJhs=hSOJQJ"jh>OJQJUmHnHuhShSOJQJ!j hShSEHOJQJUj#zO hSOJQJUVjhSOJQJUhSOJQJhSEHOJQJ!jh3hbdEHOJQJU!jh3hbdEHOJQJU'jwU h3hbdEHOJQJUVh3hbdEHOJQJabyz{|}  )+uui[ jh",h>OJQJhSh>:H*OJQJhSh>:CJOJQJ jh",hs=OJQJhbdh>:6OJQJhs=OJQJhSh>:6OJQJh|q9OJQJh OJQJhSh>:OJQJ!j h>h>EHOJQJUjQO h>OJQJUVh>OJQJjh>OJQJU" !"*/01}}kkFdx^F`gd1 8dx^8`gds=dgd"8d^8`gd 4dgd 4 8d^8gd 4 8dx^8gd1 8dx]^8`gd1 8d]^8`gd 4   !"#%)*+-.֭ސސyg___hs=OJQJ"jh>OJQJUmHnHuhSh"R6OJQJhSh>:H*OJQJhSh>:H*OJQJ!jh>h>EHOJQJUjZQO h>OJQJUVjh>OJQJU jh",h>OJQJh>OJQJhbdh>:6OJQJhSh>:OJQJhSh>OJQJ%./01234?@ABCD[defghi%&/089:GHINzmhSh>:CJOJQJ jh",hs=OJQJhShs=OJQJ!jhSh&"EHOJQJU2jMU hSh&"CJOJQJUVmHnHujhSh>:OJQJUhSh>:H*OJQJhbdh>:6OJQJh>OJQJhs=OJQJhSh>:OJQJ*1234[Nc}t 8dx^8gdrFn Tdx^TgdrFn8dx^8`gdbd & F 8dx^8`gdrFn 8d^8gdrFnFdx^F`gdrFndgdrFn 8d^8gd1Fdx^F`gd1 NOPQRSXY[\]cefgmno}:Ƹܠyl`T`TLh|q9OJQJhSh>:H*OJQJhbdh>:6OJQJhSh>:CJOJQJ jh",hs=OJQJ jhSh>:OJQJhSh>:OJQJhbdhbdOJQJhShbdCJOJQJ jh",hbdOJQJhbdOJQJ jhShbdOJQJhShbdOJQJhShbdH*OJQJhbdhbd6OJQJ:;<YZ[\]^z{|} 8dx^8gd9Q 8dx^8`gd9Q !#d^#`gd9Q 8d^8`gdrFndgdrFn 8d^8gdrFn Tdh^TgdrFn:;<=>@ABUVWXYZ[\]^_`bcvլՌxk`QFhShvOJQJjhShvOJQJUhSh9QOJQJhShJOJQJaJhJOJQJaJh9QOJQJaJheh9QCJOJQJaJ!j5hvhvEHOJQJU2j,` hShvCJOJQJUVmHnHujhSh>:OJQJUhSh>:OJQJh,OJQJhs=OJQJhJOJQJh>:OJQJvwxyz{|}~ƻqbH7b/h9QOJQJ!j!hhJEHOJQJU2j` hShJCJOJQJUVmHnHujhShJOJQJU"hhJhJOJQJmH sH hh,OJQJmH sH hh9QOJQJmH sH heh>CJ(OJQJaJ(hShJOJQJhSh9QOJQJjhShvOJQJU!jkhh^hJEHOJQJU2j:` hShJCJOJQJUVmHnHu}Iyz u 8d^8gdh^ Tdx^Tgdh^ & Fdxgdh^Td]^Tgdh^ & F 8Zdx]Z`gdh^dgdh^ 8d^8`gdh^dgd9Q 8dx^8`gd IJMNOPQZ[efmnyz弫呄v\2jMU hShh^CJOJQJUVmHnHu jhShh^OJQJhShh^CJOJQJ jh",hh^OJQJhbdhh^6OJQJ!j'hShh^EHOJQJU2jLMU hShh^CJOJQJUVmHnHujhShh^OJQJUhShh^OJQJhh^OJQJhJOJQJ#  !$%&'(/09:=>?@KLYde~Ĺԭԭԭԭԭԓԭԭԓԓԭԭ jh",hh^OJQJhShh^H*OJQJhbdhh^6OJQJhh^hh^OJQJhh^OJQJhJOJQJhShh^OJQJjhShh^OJQJU!j,hShh^EHOJQJU/&9Y[\]^\  *`gdh^ [d^[gdh^Fdx^F`gdh^dgdh^ 8d^8gdh^ 8dx^8gdh^ 8dx^8`gdh^dgd9Q[\]^bfgjklno  \^dfhjƻvgvvY jh",hh^OJQJhbdhh^OJQJmH sH "hbdhh^6H*OJQJmH sH hbdhh^6OJQJmH sH hhh^OJQJmH sH hh^OJQJhbdhh^6OJQJhShh^OJQJjhShh^OJQJU!j/hShh^EHOJQJU2jMU hShh^CJOJQJUVmHnHu"j .0VXZɽ{{{ɽ`M$jL8hG1'hh^6EHOJQJU5jMU hbdhh^6CJOJQJUVmHnHuhShh^H*OJQJhh^OJQJ$j3hG1'hh^6EHOJQJU5jMU hbdhh^6CJOJQJUVmHnHuhbdhh^6OJQJ jhbdhh^6OJQJUhShh^CJOJQJ jh",hh^OJQJhShh^OJQJ.^`bdlx|$d$Ifa$gdYh$ !d$Ifa$gd>dgd9Qdgdh^8dx^8`gdh^ Z\^`bdhjlx| #()+17=BCyמhlh9QOJQJhlhbdH*OJQJhbdhbd6OJQJhlhbdOJQJhShbdOJQJhbdOJQJhJOJQJhh^OJQJ jhbdhh^6OJQJU=L=- d$IfgdYh$d$Ifa$gdYhkd=$$IflrK KK` t04 laWytbd d$Ifgdl d$IfgdYh !d$IfgdYh L=--- d$IfgdYh$d$Ifa$gdYhkd=$$IflrK KK` t04 laWytbd >/$d$Ifa$gdYhkda>$$IflrK KK` t04 laWytbd d$Ifgdl#( d$IfgdYh !d$IfgdYh()+1N?- !d$IfgdYh$d$Ifa$gdYhkd>$$IflrK KK` t04 laWytbd17=BC,kd?$$IflrK KK` t04 laWytbd !d$IfgdYh d$IfgdYhCyz34:<lR$d$ &#$/Ifa$b$gd $ !d$ &#$/Ifa$b$gd  gd.^ & F 8d^8`gd  !dgd1 & F 8d^8`gd1 8d^8gd18dxx^8`gd9Q8dxx^8`gdbd DZfxyz ,1234:<>@BC˺堏|t||i|t|t|i|^^^^^^hlh OJQJhSh OJQJhOJQJh OJQJhSh9QOJQJ!jXDhlhs=EHOJQJU2j]zO hlhs=CJOJQJUVmHnHu!j@hlhlEHOJQJU2j.O hlhlCJOJQJUVmHnHuhlh9QOJQJjhlh9QOJQJU!<>@BC'kdH$$Iflrt t` t 6 04 lae4yt.^$d$ &#$/Ifa$b$gd CDFGOW_cfghiklmostuvxy|}~ ԹjhlhOJQJUh9QOJQJhOJQJhSh OJQJh OJQJh/0OJQJhlh OJQJhlh H*OJQJhbdh 6OJQJ;CGOW_g d$ &#$/Ifb$gd/0 !d$ &#$/Ifb$gd  d$ &#$/Ifb$gd $d$ &#$/Ifa$b$gd ghlA'$d$ &#$/Ifa$b$gd kd^I$$Iflrt t` t 6 04 lae4yt.^lu~ d$ &#$/Ifb$gd/0 d$ &#$/Ifb$gd C)$d$ &#$/Ifa$b$gd kdJ$$Iflrt t` t 6 04 lae4yt.^ d$ &#$/Ifb$gd/0 d$ &#$/Ifb$gd  !d$ &#$/Ifb$gd C)$d$ &#$/Ifa$b$gd kdJ$$Iflrt t` t 6 04 lae4yt.^ !d$ &#$/Ifb$gd  d$ &#$/Ifb$gd  !d$ &#$/Ifb$gd C722 gd.^  & F gd.^kdbK$$Iflrt t` t 6 04 lae4yt.^/GHIJKLMNO8d^8`gd9Qdgd9Q 8dx^8`gdD. d`gd.^dgd18dxx^8`gd.^ *^`gd.^+,-./0CDEFGHIJKLMNOQV`vʻ}uuuuuuumbZbbbOZjTh(4h(4Uh?OJQJhSh9QOJQJhh^OJQJhJOJQJhShOJQJ!jGPh.^h/0EHOJQJU2j7O\ hlh/0CJOJQJUVmHnHuhOJQJjhlhOJQJU!jLhlh/0EHOJQJU2j O\ hlh/0CJOJQJUVmHnHuhlhOJQJ $LPklnoqr()/4>?EJTU^_cjtu~······«hSh9QOJQJnHo(tHh(4OJQJnHtHhShHOJQJhSh9QOJQJhh^OJQJh>OJQJhSh?OJQJh?OJQJhQ/OJQJh(4OJQJ<no/4EJj$d$Ifa$gdYh d$IfgdYh !#d^#`gds8d^8`gd?8d^8`gd9QrfWWG7 d$Ifgd@SD d$Ifgd@SD$d$Ifa$gd@SD d$IfgdYhkdj$$Iflr) u !KLKL t644 lapdUUE5 d$IfgdYh d$IfgdYh$d$Ifa$gdYh d$IfgdYhkd?k$$IflPr) u !KLKL t644 la      & , 2 7 8 !!!!!!!!!!!!" "L"ٸٸ٤ٸٸٸٸh|q9OJQJhSh9QH*OJQJhbdh9Q6OJQJhh^OJQJhSh9QOJQJaJhSh9QOJQJhSh9QOJQJnHo(tHhR.OJQJnHtH=pdUUE5 d$IfgdYh d$IfgdYh$d$Ifa$gdYh d$IfgdYhkdk$$IflPr) u !KLKL t644 larjVjB$ !d$Ifa$gdYh !#d^#`gd9Qdgd9QkdQl$$Iflr) u !KLKL t644 laGkdl$$Iflr"2 BR` t04 la.$d$Ifa$gdYh     d$IfgdQl !d$IfgdYh d$IfgdYh  & TE3 !d$IfgdYh$d$Ifa$gdYhkdxm$$Iflr"2 BR` t04 la.& , 2 7 8 2kd+n$$IflPr"2 BR` t04 la. !d$IfgdYh d$IfgdYh8 !! "V"""""##h##{8dx^8`gd9Q & F 8d^8`gd9Q  !dgd9Q 8d^8gd9Q 8dx^8gd9Q Tdx^Tgd9Q *x`gd9QFdxx]^F`gd9Q L"M"V""""""""""""""""#######]#^#_#d#e#f#h#i#j#n#o#p#s#t#u#############$g$迮袖袖袖袖袖袖袖袖袖袖hHOJQJhSh9QH*OJQJhbdh9Q6OJQJ!jnhSh9QEHOJQJU2j\JC hSh9QCJOJQJUVmHnHujhSh9QOJQJUhSh9QOJQJhSh9QH*OJQJ5###$$$$$$$$$d$Ifa$gdYh$ !d$Ifa$gdYhdgd9Q  *`gd9QTdx]^Tgd9Q8dx]^8gd9Q g$i$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ %%%,%/%0%C%D%E%F%´ک´کښڀo!j@shZ hPOJQJ jhSh>POJQJh>POJQJhShG26OJQJh0OJQJhSh0OJQJhShG2CJEHOJQJhbdhG26OJQJh|q9OJQJh%OJQJhShG2OJQJ+7////:0R0j0q0}0000 141q11 8d^8gd7 8dx^8gd7 dx^gds 8dx^8gds !dx^`gd7 !#d^#`gd9QdgdG28d]^8gdG2///:0;0N0O0P0Q0R0S0f0g0h0i0j0q0r0s0}0~000000000ꖅvfVvfVvfVvfVvhh>:H*OJQJmH sH hbdh>:6OJQJmH sH hh>:OJQJmH sH !jhSh>:EHOJQJU2j=[C hSh>:CJOJQJUVmHnHu!jVhthtEHOJQJU2jNU hShtCJOJQJUVmHnHujhSh>:OJQJUhSh>:OJQJhSh7OJQJ000000000000000000000000000 1 1 111111#1$141516191:1;1<1=1D1E1F1G1H1²²চҏҏҏҏҏhSh>:H*OJQJhSh>:OJQJhSh>:H*OJQJhbdh>:6OJQJhh>:H*OJQJmH sH hbdh>:6OJQJmH sH  jhSh>:OJQJhh>:OJQJmH sH hh>:H*OJQJmH sH 1H1M1V1W1^1_1`1a1q1r1s1v1w1x1y1z11111111j2l2222223 3$3&3'3)3A3H3I3a3ǻǻ갨ꍂzrhzOJQJhIOJQJhShIOJQJhShOJQJhtOJQJh|q9OJQJh,OJQJhShsOJQJhSh>:H*OJQJhbdh>:6OJQJhbdH*OJQJ jhSh>:OJQJhSh>:OJQJhSh+Q(OJQJ'113A3333J4K4"6tlW *x1$7$8$H$`gddgd(J *1$7$8$H$`gd(Jdx1$7$8$H$^gd(J *x1$7$8$H$]^`gd(Jdx1$7$8$H$^gdz *x1$7$8$H$`gd(J  *1$7$8$H$8d^8`gd7 a3b3x3y333333333333333344J4K4N4w4444444444444555565855ȹ睒~~v~nh|q9OJQJhfOJQJhIOJQJhIOJQJnHtHhShIOJQJhShOJQJ!j3hzhzEHOJQJUjzO hzOJQJUVhzOJQJjhzOJQJUhSh(JOJQJhSh>:OJQJ j-hSh>:OJQJ+555"6&6N6R6Z6j6k66666666666666666666666666666|p`h:OJQJnHo(tHhIOJQJnHtHhIOJQJnHo(tHh:OJQJhbdh \:6OJQJhShzOJQJh \:OJQJhSh+Q(OJQJhbdh>:5>*OJQJhbdh,5>*OJQJhzOJQJh|q9OJQJhSh>:OJQJ%"6k666666 !d$1$7$8$H$Ifd$1$7$8$H$If $Ifgd,8d1$7$8$H$^8gd|E666666V?000d$1$7$8$H$If !d$1$7$8$H$Ifgd \:kdg$$If r4lf!D%8 t0D%a666666D2$d$1$7$8$H$Ifa$kd$$If4.rlf!D% t0D%af4d$1$7$8$H$If66666666$d$1$7$8$H$Ifa$$d$1$7$8$H$Ifa$gdh^6666666666666666777 7 7777777 7!7"7#767:7A7I7Q7Y7Z7u7x7~77777777777777778 888#8˰˥˥hShtOJQJhSh>:OJQJh"bOJQJhIOJQJh:OJQJh:OJQJnHo(tHhIOJQJnHtHhIOJQJnHo(tH<66677C444d$1$7$8$H$Ifkdթ$$IfXֈlf!D% t0D%a77 7 771kd$$If ֈlf!D% t0D%a$d$1$7$8$H$Ifa$7777 7!7"7$d$1$7$8$H$Ifa$d$1$7$8$H$If"7#767:7C4"$d$1$7$8$H$Ifa$d$1$7$8$H$Ifkd$$Ifֈlf!D% t0D%a:7A7I7Q7Y7 !vd$1$7$8$H$If !d$1$7$8$H$If$d$1$7$8$H$Ifa$Y7Z7u7x7C4"$d$1$7$8$H$Ifa$d$1$7$8$H$IfkdS$$Ifֈlf!D% t0D%ax7~7777 vd$1$7$8$H$If d$1$7$8$H$If$d$1$7$8$H$Ifa$7777C4"$d$1$7$8$H$Ifa$d$1$7$8$H$Ifkd#$$If8ֈlf!D% t0D%a77777 vd$1$7$8$H$If d$1$7$8$H$If$d$1$7$8$H$Ifa$7777C4"$d$1$7$8$H$Ifa$d$1$7$8$H$Ifkd$$If<ֈlf!D% t0D%a778 88 vd$1$7$8$H$If d$1$7$8$H$If$d$1$7$8$H$Ifa$88#8&8C4"$d$1$7$8$H$Ifa$d$1$7$8$H$Ifkd$$If ֈlf!D% t0D%a#8&8,838:8B8C8R8S8T8U8_8`8{8|8}88888888888888888888888888888888 99999999999 9*9,9.9/9M9W9Y9[9\9m9 j-hSh>:OJQJhbdh>:6OJQJhShtOJQJhIOJQJhShIOJQJh"bOJQJhtOJQJhSh>:OJQJD&8,838:8B8 vd$1$7$8$H$If d$1$7$8$H$If$d$1$7$8$H$Ifa$B8C8R8S8T8C444d$1$7$8$H$Ifkdi$$If ֈlf!D% t0D%aT8U8_8`8+kd+$$If4rlD% t0D%af4 !vd$1$7$8$H$If d$1$7$8$H$If`8{8|8}8888 vd$1$7$8$H$Ifgdt d$1$7$8$H$Ifd$1$7$8$H$If88888C444d$1$7$8$H$Ifkd$$If$ֈlf!D% t0D%a8888d$1$7$8$H$If$ vd$1$7$8$H$Ifa$gdt d$1$7$8$H$Ifgdt8888C1"d$1$7$8$H$If$d$1$7$8$H$Ifa$kd$$If ֈlf!D% t0D%a88889?-dxx1$7$8$H$gd mkdi$$If4 \D%p t0D%af4 !Rd$1$7$8$H$Ifgdtd$1$7$8$H$If9M99999d>e>CCCqq !>d]>gd|E !>8d]>^8gd* !>8d1$7$8$H$]>^8`gd|E !d1$7$8$H$gdVp( !d1$7$8$H$gdz !dx1$7$8$H$^gd mdx1$7$8$H$gd m m9o9q9r9s99999999999999999999999999999i:k::::~;;;;;<<׸⸤zzzzh|q9OJQJhSh"R6OJQJhShrOJQJhVp(hVp(OJQJhzOJQJhIOJQJnHtHhShzOJQJhbdh \:6OJQJhtOJQJhSh>:OJQJhShtOJQJhIOJQJhShIOJQJ,<<<<<======d>e>f>g>>6?8??????@@@@@@@FAHAAAAAABBBBBCCCCCDDDDDVEnEoEpEEEE jhSh>:OJQJhSh>:>*OJQJhShbuOJQJhSh|EOJQJhzOJQJh|q9OJQJhSh>:6OJQJhSh>:OJQJhSh+Q(OJQJ:CVEpEEEFFGHHiadgd}hS *1$7$8$H$]`gd* *>x1$7$8$H$]>`gd*8d1$7$8$H$]^8`gd* !8d^8gd* !8dP^8gd*$8dP1$7$8$H$^8a$gd* *P1$7$8$H$gd* EEEEEEEEEEEEEEEEEEEEEEEFFFFF[F\FtFvFFF3G4GMGOGGGGGHHcHeHHH赪薋xxxxh|q9OJQJhShbuOJQJhShOJQJh[OJQJhSh>:>*OJQJhSh"R6OJQJhSh+Q(OJQJ jhSh>:OJQJ j-hSh>:OJQJhbdh \:6OJQJhSh>:OJQJhbdh>:6OJQJ/HHHHHHHIIII'I(I)I*I+I5I6I;IUIXIZI[I\I^I_IIܳ{naRDnhU^OJQJaJnHtHhU^OJQJaJnHo(tHhw}hU^OJQJaJhw}h}hSOJQJaJhOJQJaJ%jhNhEHOJQJUaJ!jOU hOJQJUVaJhNOJQJaJjhNOJQJUaJhbdh}hS6OJQJaJhShOJQJaJhSh}hSOJQJaJhzOJQJaJhSh>:OJQJaJHHI+IUI^IIIIIIJFJGJJyFdP7$8$H$^F`gd|E d$7$8$H$gd|ETd7$8$H$^Tgd}hS8dP7$8$H$^8gd|E0TdP7$8$H$]0^Tgd|ETdP7$8$H$^Tgd|E @8dP7$8$H$^8`gd|EIIIIIIIIIIJFJGJJJJJJJJJJJJJJ´󦜋xk^QBhU^OJQJaJnHo(tHhShU^OJQJaJhShbuOJQJaJhShzOJQJaJ%jhhzhEHOJQJUaJ!j OU hOJQJUVaJhzOJQJaJjhzOJQJUaJhbdh}hS6OJQJaJhw}h}hSOJQJaJhU^OJQJaJhw}hU^OJQJaJhw}hzOJQJaJhSh}hSOJQJaJJJKKK3LLMMMMqqW 8dP7$8$H$^8`gd|E 8d$7$8$H$^8`gd|E8d7$8$H$]^8gd*>8d7$8$H$]>^8gd*8dP7$8$H$^8gd|E8dP7$8$H$]^8gd|E8d7$8$H$^8gd*08dP7$8$H$]0^8gdz JJJJJJKzKKKLL3LzL|L}L~LLLLLLpMMMMMMMMMMMMβۥۑyhU%jzhNh!EHOJQJUaJ!jO h!OJQJUVaJhNOJQJaJjhNOJQJUaJh[OJQJaJhzOJQJaJhShbuOJQJaJhU^OJQJaJnHo(tHhShOJQJaJhShU^OJQJaJhSh}hSOJQJaJhU^OJQJaJhU^OJQJaJnHtH!MMMMMMMMM N NNN0N1N4N5NWNmNnNoNpNNNNNNNNNNNNNNNNOOOO0O1OO?O@OĶҩҩқҩĶĶĶĶқҎ jhSh*OJQJhSh*OJQJaJhbdh!6OJQJaJhSh' OJQJaJhSh}hSH*OJQJaJhbdh}hS6OJQJaJhSh}hSOJQJaJh' OJQJaJhShNOJQJaJhNOJQJaJ/MMM N0NWNNOOKOLOOQqL8d<7$8$H$]L^8gd}hS8d^8`gd|ETd7$8$H$^Tgd|E8dP7$8$H$^8gd|E[dP7$8$H$^[gd|ETd7$8$H$^Tgd}hS8dP7$8$H$^8gdbdTdP7$8$H$^Tgd|E @OAOBOKOLOpOO:P:OJQJhzOJQJhSh}hSOJQJh|q9OJQJaJhzOJQJaJhSh}hSOJQJaJhbdh}hS6OJQJaJhSh*OJQJ!QSSS`S|SSTYTwTTt`8dx1$7$8$H$^8gdNbdx1$7$8$H$^bgdTdx1$7$8$H$^Tgd *x1$7$8$H$`gd Tdx^Tgd 8dx1$7$8$H$^8`gddgd mdgd}hS8d7$8$H$]^8gd}hS SSSSSSSSSTTTTTTT3T4TATBTCTDTYThTiTpTwTTTTTTTTTTT诣xphh[OJQJhzOJQJhShbuOJQJ!j$hNhNEHOJQJUjOO hNOJQJUVjhNOJQJUhNOJQJhbdh!6OJQJhSh' OJQJ jhSh>:OJQJhSh>:H*OJQJhSh>:OJQJhbdh>:6OJQJ$TTPUVHWJWWWWWW$d$Ifa$gd{dB d$Ifgd{dBdgd^^ 8d^8`gd^^dgd( 8d^8gd( *<`gd(8d<^8`gd( TTTUPUpUUUVVVVHWJWLWVWXWZW\W^W`WbWdWjWlWpWrWtWzW|W~WWWWWWWWWWWƻƻqfhSh^^OJQJ j-hZAh>:OJQJhZAh>:OJQJhZAhZAOJQJhZAOJQJ#hbdhZA6CJEHOJQJaJhbdhZA6OJQJhShZAOJQJh!OJQJhbdh!6OJQJhzOJQJh|q9OJQJhSh>:OJQJhSh(OJQJ(WWWWWXthYJJ$d$Ifa$gd{dB$d$Ifa$gdh^ d$Ifgd{dBkd$$Ifl4F&d`>  t0    4 la.f4WWWWWWXXXXX X XXXXXX!X"X#X%X'X(X.X/X4X5X9X?X@XAXCXEXFXLXMXRXSXWX]X^X_XaXbXcXdXjXkXpXqXrXsX|XXXXXXXXXXXXXhSh#:OJQJhSh>:H*OJQJh' OJQJ jhSh>:OJQJhSh>:OJQJnHo(tHhm#vOJQJhShm#vOJQJhSh>:OJQJAXXX XXbVG; d$Ifgdbd$d$Ifa$gdh^ d$Ifgd{dBkd$$Ifl\&` ` t0N4 la.X!X"X#X(X9XUI:. d$Ifgdbd$d$Ifa$gdh^ d$Ifgd{dBkd$$Ifl\&` ` t0N4 la.$d$Ifa$gd{dB9X?X@XAXFXWXUI:. d$Ifgdbd$d$Ifa$gdh^ d$Ifgd{dBkd/$$Ifl\&` ` t0N4 la.$d$Ifa$gd{dBWX]X^X_XdX|XXUI:$d$Ifa$gdh^ d$Ifgd{dBkd$$Ifl\&` ` t0N4 la.$d$Ifa$gd{dBXXXXXXdSG88$d$Ifa$gd{dB d$Ifgd{dB *xx`gd{dBkd$$Ifl\&` ` t0N4 la.XXXXXXXXXXXXXXXXXXXXYYYYYYYYYYYYY(Y.Y/YAYCYEYFY]Y^Y_Y`YaYbYeYxYyY{Y}Y~Y⟎hSh#:OJQJ!jhhm#vEHOJQJUj{U` hm#vOJQJUVjhm#vOJQJUhSh>:>*OJQJhSh>:H*OJQJhSh>:OJQJnHo(tHhm#vOJQJhShm#vOJQJhSh>:OJQJ3XXXXXXthYJ;$d$Ifa$gd{dB$d$Ifa$gd{dB$d$Ifa$gdh^ d$Ifgd{dBkd<$$Ifl4F&`  t0f    4 la.f4XXXXXbVG8$d$Ifa$gd{dB$d$Ifa$gdh^ d$Ifgd{dBkd$$Ifl\& F`` t04 la.XYYYYUI:$d$Ifa$gdh^ d$Ifgd{dBkd$$Ifl\& F`` t04 la.$d$Ifa$gd{dBYYYYYY(YF: d$Ifgd{dBkd[$$Ifl\& F`` t04 la.$d$Ifa$gd{dB$d$Ifa$gd{dB(Y.Y/YbYYUE7 8dx^8gd{dB8dxx^8gd{dBkd $$Ifl\& F`` t04 la.$d$Ifa$gd{dB~YYYYYYYYYY%ZZZ%[u[w[y[}[[[ \\%\(\)\6\8\\\\\%]g]]]]]]]]]$^%^&^(^̻vhSh} |OJQJhZAOJQJhSh>:6OJQJh"bOJQJ jhSh>:OJQJheOJQJh|q9OJQJ!jhSh>:EHOJQJU2jIC hSh>:CJOJQJUVmHnHujhSh>:OJQJUhSh>:OJQJ,YYYu[[\g]$^%^^_V``u[dx7$8$H$^[gd} |8dx7$8$H$^8gd} | 8d^8`gd} |Ld<^`Lgd( *L<^`Lgd( d`gde  *`gd{dBdgd{dB 8d^8gd{dB (^^______ _``` ` `````0`6`V`````````aaaaaaaabbbbbb*b+bt'j OU hSh"bCJOJQJUVhSh"bOJQJ!j3hSh"bEHOJQJU'ja OU hSh"bCJOJQJUVjhShgOJQJUh"bOJQJhZAOJQJ#hbdhg6CJEHOJQJaJhbdhg6OJQJhShgOJQJ,```ab.b/b0bbciFdx7$8$H$^F`gd} | 88dx7$8$H$^8`gdPdgd} |0d]0^gd} |dx7$8$H$]^gd} |8dx7$8$H$]^8`gd} | d7$8$H$gd} |[d^[`gd} | +b,b-b.b/b0b1b2b3b4b7bbcKcMccdhdjdddddddddeAeKebeffffffffgNgPggghHhJhhhɾԘԘԐ|||Ԙ|ԘԘԘԘhShg6OJQJh[OJQJheOJQJh|q9OJQJhSh1ROJQJhShOJQJhZAOJQJhSh)+rOJQJhShOJQJhShgOJQJjhShgOJQJU!jhSh"bEHOJQJU0cdddddAebefffh-iuiij>8dx7$8$H$]>^8gd~UL8dx7$8$H$]L^8gd} |8dx7$8$H$^8gd} |08dx7$8$H$]0^8`gd( d7$8$H$gdFd7$8$H$^F`gdhhi-iui{iijjjjjjjjjjk=kKkkkl lllllllllmmmemfmgmmmmmmmmmmmmnnnn8"OJQJhSh>8"OJQJhShA.OJQJh|q9OJQJhm#vOJQJnHtHhm#vOJQJnHo(tHhShm#vOJQJhSh*,OJQJhShg6OJQJhShgOJQJ6jj=kKklllemfmmycFdx7$8$H$^F`gd d7$8$H$gdL8d7$8$H$]L^8gd~U8dx7$8$H$^8gd~U8dx7$8$H$]^8gd~U8dx7$8$H$^8gd} |8dx7$8$H$]^8gd} |L8dx7$8$H$]L^8gd~U mmmmnEKLMejmnǼǼǯhShcwOJQJaJhShC1OJQJhShgOJQJUhhaOJQJhhC1OJQJhh 5OJQJhhgOJQJDSnTnYn`nontcNc dd$7$8$H$Ifgdd$7$8$H$Ifgdkd$$IflF $t t0$6    44 laonpnvn~nnntcNNN dd$7$8$H$Ifgdd$7$8$H$IfgdkdC$$IflF $t t0$6    44 lannnno9otcNNN dd$7$8$H$Ifgdd$7$8$H$Ifgdkd$$IflF $t t0$6    44 la9o:oBoJooootcN55N d$d$7$8$H$If^$gd dd$7$8$H$Ifgdd$7$8$H$IfgdkdY$$IflF $t t0$6    44 laooo =tcNN dd$7$8$H$Ifgdd$7$8$H$Ifgdkd$$IflF $t t0$6    44 la+($5.00)$5.00 (decrease in long-term debt from Table 18F)FCFE =$0.33*Supplemental Note 2 in Table 18H affects both NCC and FCINV. 11. Rio Nationals equity is relatively undervalued compared to the industry on a P/E-to-growth (PEG) basis. Rio Nationals PEG ratio of 1.33 is below the industry PEG ratio of 1.66. The lower PEG ratio is attractive because it implies that the growth rate at Rio National is available at a relatively lower price than is the case for the industry. The PEG ratios for Rio National and the industry are calculated below: Rio National Current price = $25.00 Normalized earnings per share = $1.71 Price-to-earnings ratio = $25/$1.71 = 14.62 Growth rate (as a percentage) = 11 PEG ratio = 14.62/11 = 1.33 Industry Price-to-earnings ratio = 19.90 Growth rate (as a percentage) = 12 PEG ratio = 19.90/12 = 1.66     CHAPTER 18: EQUITY VALUATION MODELS 18- PAGE 17 Copyright 2021 McGraw-Hill Education.All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.  EMBED Equation.DSMT4   EMBED Equation.DSMT4  =>EKLtcNN dd$7$8$H$Ifgdd$7$8$H$Ifgdkdo$$IflF $t t0$6    44 laLMtfZF#d7$8$H$^#`gdcw d7$8$H$gdcwdx7$8$H$gdkd$$IflF $t t0$6    44 laBD1>FGU`amn{ʪΪϪ267MNOPQRSTUVWXYZ[\޿޿޿޿޿޿޿޿޿޿޿޲hL!hm!Qjhm!QUhShOJQJhShgOJQJaJhShZOJQJhbdhg5OJQJh|q9OJQJhShgOJQJhShcwOJQJaJhZAOJQJaJ:1>U{ʪ2NOQRTUWXZdgd8d7$8$H$^8gd8dx7$8$H$^8gd8d<7$8$H$^8gd~Udx7$8$H$]^`gdA.Z[\],-./012NOklmndgd $da$gdL!\]+,-./0123JKLMNOPgŴŨxti\xttxtjhih|q9EHUj(MU h|q9UVh>jh>Uhm!Qhsh!!hL!CJOJQJh+CJaJhYRhL!CJaJhs0JCJOJQJ!hm#v0JCJOJQJmHnHu%jh!!h[0JCJOJQJUh!!h[0JCJOJQJhL!hQfh[h[CJOJQJh| ghijklmnhShOJQJhm!Qh>jh>Ujhih>EHUjQO h>UV>00P:p[/ =!"#$% Dp`!w ?ƥ\(%iL\@H 0, ExUMhSAݗ<'Ij" i$؂biR) (ihj͡[Rz"!GAi{QO/ ƙF juyofvwYFO@M3Vjef*aˌa $Y3K5lȗz@\0Pa:l~@N-* SdFF]߱{ds &GplLVVqy^g98|4u{ QRE`EصB:TA:]?@1jh]s*C2'g NXQv򃣾_h\>?֒h`!v|-P"x5kxW_LU?~_K)][(lVEkaTYѢ&DH63 @3`“/Ęfɲ=,y0&&"a{?*$bMs;sϽ(p>H{{{B Z_GAxqKp`rb ҠvoXq8obDhBn+uNٷ6ɾ5Bj䛮1C]8M]7I䵰j{cؼwɤrSW2yŝ$>.ץ E*D~$F[u96BF:mi#l`dXFb\yX%GeQ1 DB]=푳h# \eXDQyCfTSl?vɠ/:1nju&c^\e?,>?kOe^<aj̇R{P8Ju`w ;X|9JBy!7#pm{NX9>Vgf p(&<+b;\_ZUy&{ Dø׳|nk'e*(Mg';i'ydh]l")}z=/o/Ug2ʴUb'YqϮXc6d`_2zWMp=ZvA+XPDW2 sxQ1Y{|"mbLkU,>ta29n[{>O؞RQ~PVe:X![N^a@f 8) ~okFv]UZ<%ι=Z ްBw\-.'ͤÓ3ԓ'C`c`LJG|f's3 Sd:z[啱^іֿfv&zupğxk)p4ybgyc}C;O {(JPzo'5cz^(=RcD~}d [m *Zfn~ b(fqQ:ZiL`'tr/ oAUK4+j;I匦 d%X9C7(Y P0!v|U=4"<b8( Z035"BBwc8^ú4d/BLAQFr\nW[nM32ZaM&)2{f5}atmH`dzIirEId8GѺhB9НcDD `!8GѺhB9Нc@`"@2xTMLSAVZ*mQ+M,56xik}bCH^քB艋/x͛ljh~ky3~;Dʦ$GfGBXFikls[-Cn&*:{:by{D^;жnm ch1hΡK\uB{bȆK3y O7>hO8i7e^+r]};GqLxa`B &0B"Xr̼R}0d`$fF%uj&l汮<,aZy8 Z ,sMĔ{xK\Rק?~o/%#s\'B`}c: SS\s~Or&9[PH4)Py lbb/)E`Oubu5%l+h Ρ6'!ûׇUVcVlF=&@3xTdQbBG|\[cTdmqn\cBZC-(KR^D>pD?:ZX7dDd  (D  3 A?"?2}?\m̖JTlN2Y8B `!Q?\m̖JTlN20@8 xUOA3-5miiIQ[@4&M,C MLPkYqm E !&Ɠ`w㙛&ލ4n"@:yf JaHX9cx\u!v5pt_v{wNvBol.(]Ѐ:r@d[׼6*rS ʰbHHÝ&.l+RwA a;ٴ'~8Op63֚gf)VlW˓aT1ɷ;Xʼnf{Kh;v8cUؐ-ۦX})QAL4C4IS-FERi{ "ԓxyPOqA<$yQ0μS.oggٙ'`M7+u)@XX`\Ꝡy NdKw {M ;@@'7ͻ~^(8a?4Q!;%=;k>Ҿ:Y34uk/7 ԞwRumGѨNzN߿pg±(ݼ PL z2IQL}4|y0:cxqlD‘QW0呏ǹr뙵C/2EnFt\ws%so™f]I&V!)]٪rEKz9 ͖g 1J=Q.ڕrqG˕6<Ѥ(zVEkX5*Q.\f&riWzZ?/Is4fԗ=au>ST1p9IHj*A٤М"=ʱXgaF8 ;Q zgC dyi[`- b,¬u( &*63|p<98DnQ 9{'k?r`AMF$kx(H|PxDn! H(3Htvu6) ЏfX/5>oE#ga ׄ=/*W63|vhTrzz^ ! e~p@I^R3;J1xdLj.U^V/W88|0,pZO..ΕrqW͕*j f0~G`.9pe)CS\gl4NyeIm{ϛŸΘӑPBj6GbFOaH!8H/y'9\pb+l3X3gi=ssx<*݀9^9iLЙi.t> $YoteDqF|pB׾D[@=?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~/Root Entry F0p@Data +WordDocumentdObjectPool10p_1431116256JFOle CompObjiObjInfo  #&'()*+.1234569<=>?@ABEHIJKLMNOPSVWXYZ[\]^adefghijklmnopqtwxyz{| FMathType 6.0 Equation MathType EFEquation.DSMT49qTd DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  k== $1.Equation Native _1433921750, FOle  CompObj i22(1.05)$32.03++0.05==.09,or 9% FMathType 6.0 Equation MathType EFEquation.DSMT49q|ñ\2PRT2DSMT6WinAllBasicCodePagesObjInfo Equation Native _1333444899^cFOle Times New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  $35== $1.05(k"-0.05)k== $1.05$35++0.05==0.08==8%CompObjiObjInfoEquation Native d_1333874970F FMathType 6.0 Equation MathType EFEquation.DSMT49qH9TDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  PVGO==$41"- $3.640.09==$0.56 FMathType 6.0 Equation MathType EFEquation.DSMT49q,9T$DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_AOle !CompObj"iObjInfo$Equation Native %  P 0 == D 1 k"-g== $20.16"-0.05==$18.18 FMathType 6.0 Equation MathType EFEquation.DSMT49q_1333875034FOle ,CompObj-iObjInfo/Equation Native 0_1431116544FOle 7CompObj 8i49T$DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  P 0 == D 1 k"-g== $10.12"-0.08==$25.00 FMathType 6.0 Equation MathType EFEquation.DSMT49qTd DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  PVGO==P 0 "- E 1 k=ObjInfo!:Equation Native ;_1621684268$FOle C=$10.60"- $3.180.16=="-$9.275 FMathType 6.0 Equation MathType EFEquation.DSMT49qv^|oT o DSMT6WinAllBasicCodePages     - !"$#&%('*),+.gh0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefijlknmpoqrstuwvyx{z|}~CompObj#%DiObjInfo&FEquation Native Gz_1621685306)FTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  P 0 == D 1 k"-g== $6(1"-.60)0.10"-0.6.15==$240PVGO==P 0 "- EPS.1==$240"-$60==$180 FMathType 6.0 Equation MathType EFEquation.DSMT49qv;|oT o DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_Ole QCompObj(*RiObjInfo+TEquation Native UWA  FCFF==(EBIT"-Dep)(1"-t)++Dep"-Cap"-DNWC==($300"-$20)(.79)++$20"-$60"-$30==$151.2_1621684908Y'.FOle _CompObj-/`iObjInfo0b FMathType 6.0 Equation MathType EFEquation.DSMT49qvÈoT o DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  FCFE==FCFF"-InterestEquation Native c_14311166203FOle rCompObj24si Expense(1"-t)++Increases in net debt==$205"-$22(1"-.21)++$3==$190.62V== FCFE 1 k E "-g== $190.62(1.03).12"-.03==$2,181.54 FMathType 6.0 Equation MathType EFEquation.DSMT49qwTd DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_ObjInfo5uEquation Native v_14311166908FOle }APAPAE%B_AC_A %!AHA_D_E_E_A  P 0 == D 1 k"-g== $80.10"-0.05==$160 FMathType 6.0 Equation MathType EFEquation.DSMT49qCompObj79~iObjInfo:Equation Native s_14311167576@=FWTd DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  P 0 == E 1 k== $120.10==$120Ole CompObj<>iObjInfo?Equation Native s FMathType 6.0 Equation MathType EFEquation.DSMT49qWTd DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  PVGO==P 0 "- E 1 k==$10"-$10==0 FMathType 6.0 Equation MathType EFEquation.DSMT49qTd DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E__1431117591BFOle CompObjACiObjInfoDEquation Native _1431117699;wGFOle CompObjFHiA  V 0 == D 0 (1++g)k"-g== $41.120.164"-0.12==$101.82 FMathType 6.0 Equation MathType EFEquation.DSMT49qObjInfoIEquation Native E_1336982318LF@@Ole )Td DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  E(r)== D 1 ++P 1"- P 0 P 0 == $4.48++$114.04"-$100$100==0.1852,or 18.52% FMathType 6.0 Equation MathType EFEquation.DSMT49q$ĞD9TDSMT6WinAllBasicCodePagesCompObjKMiObjInfoNEquation Native _1333448029QF@@Times New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  V 5 == D 6 k"-g== $10.850.15"-0.09==$180.82! FMathType 6.0 Equation MathTyOle CompObjPRiObjInfoSEquation Native pe EFEquation.DSMT49qĬ9TDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  V 0 == V 5 (1++k) 5 == $180.821.15 5 ==$89.90 FMathType 6.0 Equation MathType EFEquation.DSMT49q›aT a DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G__1548734989VF g gOle CompObjUWiObjInfoXEquation Native _1548735031T[F g0Ole CompObjZ\iAPAPAE%B_AC_A %!AHA_D_E_E_A  V 5 == D 6 k"-g== $5.570.15"-0.12==$185.79! FMathType 6.0 Equation MathType EFEquation.DSMT49qObjInfo]Equation Native _1128946832`F@@Ole ®aT a DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  V 0 == V 5 (1++k) 5 == $185.791.15 5 ==$92.37 FMicrosoft Equation 3.0 DS Equation Equation.39qX(l  $1.251.20+$1.56251.20 2 =$2.13CompObj_afObjInfobEquation Native _1333794377OheF@@Ole CompObjdfiObjInfogEquation Native  FMathType 6.0 Equation MathType EFEquation.DSMT49qs9TDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  P 4 == D 5 k== $10.3680.15==$69.12 FMathType 6.0 Equation MathType EFEquation.DSMT49qç9TDSMT6WinAllBasicCodePages_1333794551jF@POle CompObjikiObjInfolEquation Native _1616243093oFPPOle CompObjnpiTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  V 0 == P 4 (1++k) 4 == $69.121.15 4 ==$39.52 FMathType 6.0 Equation MathType EFEquation.DSMT49q')T ) DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  V 0 == C 1 k"-g== $ObjInfoqEquation Native _1431209825tFPPOle       !"#$%&),-./014789:;<=@CDEFGHILOPQRSTUVY\]^_`cfghijklmpstuvwxyz{~1,283,1000.12"-0.05==$18,330,000 FMathType 6.0 Equation MathType EFEquation.DSMT49qTd DSMT6WinAllBasicCodePagesb  c $A? ?3"`?2fVWdЕMkBD `!:VWdЕMk@8\ xUoRA@J jZ? ^>Hjz!+P!у ">@Sj*'ۚ4zŻmcFy_Z,o3SM@]3%;na6Qmn>-Q;҅{ƂCuCzmӅppMwpO $QZuZ˲}G3#QX3Y霜zX Nk僛y5=f<*SL%'?Qy%-z.O7>OSm7C ǁD2~uI"beP= 0Hʆl3X=_D=9C0:*!w})0sX4k1e{Bd.c$#zeDqFpD_xIMX e%@=<kybOT8CADd lh  s *A? ?3"`?2aZj*;*ta8D `!YaZj*;*t@>*'xUkSAݗҗ})U/M4mB4b [㳆40AB7  E^x1ħ̾fvfv~3 Ҧ`PbFCsq$K.xfzTZhxp^Ejfӎohdظ?B,N^K;;W} I jYn)KL.?LbkulF'-J_;c#(^o18ȸZ &pW$=%:^+&::B@888#TeR-v?PB0 [`o*0qN:08ەV~鱥3&L0{=WBؐӷeeTC.U7,ZE &QU˹墒bVR29fTKť\1dʹltUMd2V hic-Qe%Rb72X3o7<$'OD9ZL;ͤQTԝ!9l:/"q,e11'NJ 4ӰL DEjsNv%+V%NHvW0A2p6uQZbфN1&0B4T!qPJ+S 5Fgϸq<%/Ļ9HVjM}# KsC?~&5->5~Q6Dd (h  s *A? ?3"`?2z#i@1\j rYVyD `!N#i@1\j rY. @e% xVMlE~3^;k#4P(-7$V8Xk)iVuT.IĪ8.V%P!'$ EBHDZq)!|ٿUzo޼y|i( EHBӮ.Q?цX{QC j 3k=r=$n-~"Q>\"Є<#<)t ~{nViGݬR4@#NەC(L.YkkM3 ?77x쌇Q`TXGw=w7Fx>s17؝qbyiva}3T{3u+k,58~]}]7Qw3|~uOExKzMd/YWr7|_{ސʷюE:>ԅb8+Y|SխFsNeTVYh4Z5ˬ[-Hz%*.W Kf+5HAdKՑ͑Ղy2^NBg|D'Uԍ񋝡&WKr~xa: O TY8lz JY8cɷRo *!l@-<:AyL}O49͑W~g]w 8xNEhsAiyk`9 Qr0xqȘXٸB$Q<$H/Eg q`/F~<\Ndo:C*nVboR C3/g &/[@5Tej-- >shtRDkZp.Ea;xwquR<ۈe ;*1B7Dl*ᚬ<>^;Kf_ci@6јG5b>_er L_9[ + ljj3c8{.z~Q},l$k_}>ikDmqr8|RHOMhfOD{4?#*S(bGA::d{3l0 `Su!PRqu6w[)L,e%[Q`")Hr:P֩["Vz Zox~ʽJ vew&$R~*CQJge/kjaz9Ù!kArMív 8 !1K"LǭT}WHdPtK\|oVݩb; ߼|h?G" Y lopBx' N:'1B;V]xۘ 2SIa`{iZ<Z3sW^@pUG/ldsJ&i~^ qKqZ*Dd s4h  s *A ? ?3"`?2I̴3ʥ~%"D `!̴3ʥ~ ' h<XxVQL[e>oY{[4v 4 J$!/B)wXW %2hBhh=ا&.Kc'Ch\=・TnsgP*1YXV L##d78:' M-J)= qxpOF:|$ЄA\r.͒}dh^_\GDz>9Tzoo.-&piM6ѯ,ͥ2g}ic+1/e#7C=cTH1tV}ޘ+B2pn9r%eq CFV҆E2R,9׶xy13/guP0@\=cDc-- %V4FSr)&t?8(d=,Tj\C Hn~Dk>^}vMCa \+~H= \CJ?¾}$uhݭl6kpG8,D,7Q. |OwYGîGKrǠ=%zO*ZNY#Z VÑ[(,MksKXоW>ˁv!B{]$wV3e~CuD,yW۱umZm$Ú9}s^%Of:鼽DXAIBVLl Aktr|jӷh&s%ObKDrCآnqĖVri#Gg'SxNrIhk3щщJ7 x֕|~:4QR+[(?33:_aȌs\h OIǸ *8Db6 f"4T7[;|=K@ ЉCJd0s_aF7K!H7zh 8"G5$ -o&'ӤXb(8/y29 ) lt&OdЎmՇ$cVSȮtJC4 f-N.xAdi\?tk- [b\h4t&V| ?"j Xj1<'Q-)܋ʾ'T-NåEK;8 ;0@B{Wq]msr-_0J#n~;mW;u=/O$Dd  h  s *A? ?3"`? 2ht_mҬZUsD#(D `!<t_mҬZUs@ d xUoRA@1VcAiӃRC7DM_ r3m4I={Wz1ŋx8Bb>̷ ݐd|9cn+tvy8NUy.A^+G5c~[8{AR-bP.W 8D NK~mNÍ7|}""?_jzMkb n=(}k/CʗPFv#1 [Qa˛qKMUIGl{bbirst"ހ$95s ,ڳ5m{BBVxpE]ĠL3nֆF%!b"״*v1#)(=$[Rih9Dd lh   s *A ? ?3"`? 23 ~&!Osݜ6XG,D `! ~&!Osݜ6Xb @PxTMkSA3%$}j76MPLT#Zܤ1>kh>JSiRAD u΍?"h{q_sSxפ juIf3;WHkD:m7 t'/1PX@~Z~ιLq~d訃,tB0z>@`khR8CdX F/={˷{OaM`:0nƭzXW_Vƕキ6`=hLJhwrg[Bch{#娉X7Bh|2BTH):$pL=oLG1Sz\ڍAX4}\UqQKog@ϯQJ7{8Ћҟq'd_&dc1/?~@%׬ީW/_ϳ-HǴ:i0ȵH.-523Y}ljFT6k%qVK;/ϖkJe(Rf`6(a͹nؕ?X.)gFzmebL B29ZǂIYkkQ(_{xf i`@@&!Qx=bzI IqX=iMjO\qN/Bl)?y`q޿۾qA8T5VڭXRc9.!:7\_3fcŬq˟UN [W9Dd W lh   s *A ? ?3"`? 2!|)lٷFg60D `!|)lٷFgxTMhAf6&ISMz1mX0M!6`=t)MKEHU$xE(xؓ'zœE6@A,μ{?3 <7/ )(ڨ8$g T 2ŕRA DhG#Bc5)Fن UVW~,QOi:'l4ʗVübWb _iqgu>G͖p}ÖOqxWǜ8:bCX;~"DxE<Ϫ♯W _Gm?]sr !I۟6=WUקڧ>D ~mff󾏑}_mioe VaooB57U_].[˜-{2y3}geHO;.D7cӅd=t"Ii9QUHѯ=dlD%Id!m4%$2uAyў"sgy4O318{ i£NPBJ&d\E .ԽH88D/Q)e=r[hLHU|5+VÈQl( D+ [+$R t/3}Dd <h  s *A ? ?3"`? 26WrFrU4D `!6WrFrU` %dcxUOA3~薠BmEPCl4mk)ЖP fjB!»&IlUM4ы#5Mnn `f ODŽ3o4 ǎk<lj³sILڐ:;+s 4n*vpHӌ_"~Mg]8{fnM޶f: WW_I$s "Cp\^.IUF1.V8WwTlFH_2U+ ۽0 r~c4va00)Ah7/MH-k:RF@ /Y]RpLWrKQ'!D_ p-;{t;)~~_`l?KUrl\hVq،&%j1{4k[~=e+CiYhlcCHhhB֧~eط1#dzH81q-!JPDl2 ߯ 0"]dUt)TVHvoa[Uփ<lt)Es2Ji@( *rmU6 *׋>Q3 ԩv|ɧriEc4znKJ2AyiDd sh  s *A? ?3"`? 2 , LXӀ 8D `!, LXӀ 0 '@h<xUOOSA[@W_ - O,BK^1HbBH~bŃ' ֋qf֖lfgv73;3ˠ@9k6;vΈ$CAXɫH:uU [SK:h4'qGj. @ i$Q !lD5!U[g^8-ޣVjI.sy*"R{"lS'Zv1_WRo+oJlV :h/*agd=AM$RҿjadKx  wKkHu|`|@!I6NT isSGOߧ}CAEDڼ-DQ<^j[ijDd h  s *A? ?3"`?29([_?<^^@D `!V9([_?<@@n$$xUAOA~3m l A"(-(6ŔZ@[B! x3Ż9Ve::ֺvC6o;hwWt:q)4V-a̱?VfĒdl á`hT7{{V^-A8?,o0^"z c~jtS3ke%nSZR:MD"b1kopm 3D9.,TSNqRȗTrii O%X8.Jl*l^Z |+//d |b"-MXZb)sN2L4Y=M(qus"^Qͅ*P9v3*E=nAda=pqqQh(@ 6o..G "ZmM|sXEdcZ t>!I5Uanncj`-C"tt.U (Cdƍ[&O)=)j}jeI)P&ӀqkAfYm eN}PDd h  s *A? ?3"`?20\ 鏧θ?pDD `!h0\ 鏧θ?V``P6xUkQv4F*v#TӤi"-qMRJ xA҃ @ 5|="N@kN#4%. D"֔MY~Qv: W?{"xH:xRR.*ҥR![+/.gqJg-W،cR"URc-c ƶ#° N[w@.~Pdvۮ%{ eYG!5 F _W雧j%x`<70-tCP $C>WB w U+=Ԡ^'Nfd3Z437 ӳZ416]_ 3_su &+ynWW&A$ [7͈m S)QzϢ XRd.s)i :`[/F'|.V$JF WXb^YL$+Sԭ,6zڿ=&Ǣ ; :OcKOQRdzJb@q`vy( GĬ1 \\@DlI#k{tiQZC: HX 8:V UX $Q;CmCL,;e7j65Q'eס@h8N*u172)ǓR,f4ח^C_hu]=hReմ$$If!vh#v`#v:V l t 6 05`5/ 4e4yt.^$$If!vh#v`#v:V l t 6 0,5`5/ 4e4yt.^$$If!vh#v`#v:V l t 6 05`54e4yt.^$$If!vh#v`#v:V l t 6 05`54e4yt.^$$If!vh#v`#v:V l t 6 05`54e4yt.^ADd Lh  s *A? ?3"`?2z_!e拞aJLD `!Yz_!e拞 Xu#d'xUkA3IV~@%M &ccP" zCE/ŋ^DQ0IL@P$y3~6(p,9cxVu ;i]xY I.ߎW *t@ 57wP=bvZ9l\ɇ^!ԃEk]E.;O;# dՒtU]Lyeή[q0aMu ۯg8m|An[1| [?ȃFOa? A絗/p}4fLt^OtQ7OGCe&zKcʸ[>zzqv4m=ph%;fl MaAn]Ŵ›vp do䗠/xۻTc 79kkSVOd j,/YP(E.B "j)ITFͥҕ\J -'l\KK3R&TɴZx3%/3jxH\\Lb)􎞫&[ˉ`:x&Վj#L%+AyՎ:/*PNh[H}.'Cdžd2;{4! \\@@,k0V\c^*=$4׶qm0aMK~j 9gZjh E}TݢaOiw3Үhe̸y@`RUJj5Y!za~׫̄F'O-?YDd h  s *A? ?3"`?2l76Řo%@骀yPD `!ql76Řo%@骀X d?xUOOQ-T#[ A Ɣ衆+O(ĤAĐԨ?7_C=x1L01/4=5֙mV9`_3ff޼y Keać3Qj5Ef5#l\4@&; [gd=Ҥ}jKHS(h7Bz8p@T7R쐹.3&L{h<.""΃#HY|[NRS/d&r=qWfJS}eh71 =08Pj IzmGbf p4Kz$*JR)J %^h7- !gHos_=[`hEU5 oIQ<Ys-=,/_+ 7y ҫ{ey㰡ZX4>33- ͫUQ:Gd WHzflb9% 9ϊSq73P,gilm4NA i sk y8 8{g}-5vu]cs|ed`zluZ"S_T,(sKc"3*v2ɰcMY(5f`M?VX%EGRtTa`Q:n$a4hu1֔n[FEŧ'vz%עA i94O:t1jS|v]NAv%ik')ZSQ>(V587N rH׎)f[vAo~nw|@{};;BŮY>ẩ# Rljo@=sZgӳf[}G"˹Ů؀_^nͭݽwabc斆ZM9pч4u6 BCIn(0MsK\[aWr\b~cc[l]j [#m&Wn˹ns*n6}=ܳ&lof7Ns%&oTbI-i.-~//[Eu{%պzMjj[M1S.v/ꚰbf:;Սc݉Y(o}WRw$/yE!V;f#_iOMN.K9ta6QXz_>(d f#i}%9wӝe>$쟾8Z 8'سq\8fvIx>_"z3~:q٭ $UIa6˜.rsGoFbsUCf㚡+l(o^X$`pf1W{ľYbLQMAmf{ ĹgM3vKhY (Dhi{%$/,\"Q:kظtl7u]gn9-i%yo0[:V-w|=b$bi>dajܓsܓ!/jdp_&!w5MTRkdl;H= 5md?_f5$stbC^ V^rRubkӰA} r ubu03:16MIJ>' s:-VeQg&z6٪sr̸bXPDm&Ұ7FM4tςׄ5Ru♭ZgEaj=q'ϋ1 *aVgX0Maf*Zឈ?x&3Hor yRZjPnUHrԚM !7!٪a̋ϴScFAB 7!نm_' 6=[riAV #͂! ǏUAcrbI3fS}sZ1צOR+CbP+تȁٔC ?Jas].ԃg!6|[C&B̖=~{kyD5/%0[5 ꥧk%ɮbm`Kz l#ӟzդl$AMsikulק 09e|WsMmBu'K/|?I QAaA-~AB: 16:TvP+QG!F'0?ol0T  1V cr՛0?&0ps3B xGnB/v ^3k..˶/-.ަf]quJ~clvp6I"oϠ`;i7>x$(G$W!ٸ&-vd뉿MG+cJneZ'ۥ.]߼KHBƏ11-x^s}۵H'r֮4e[F+%aLox8'w?k9q}ƙ:̳9?$D$܋ҺeB-p9}s՟)"~C3KJszńm }͇=~M>u4Ϡ|a>E6Zu- N='X#7 'T!7en(nWy[ר̈< ^"Q\SJ}RfmG}Voi&K:^N-~D{=4ګ(y6Obi|Y%Cpc-f %7Ʒ l4֢h5^7il-n6E-} jƍq7[> 1.j7il-n6K9x,n,JfkчpѮǍp!Tjtfql_4n 7Rhsfx2nӸ7^iv-ܐe4nMl vhskñōq7[q5ͭW>1NfkKlnMsc֢fcuk YNqh)2NoB߮2v,nӸZ4qq0vW4g$[kl5y86iZr.>7iܰ MCגb1N nhʿύq7lpCJj-/>7iܰ MCג~1N nhܾ(>7iܰ MCג1N nhI-}S}nӸa%86iZr{M}nӸa%sc дZr86iZr4nkmq74 ]Knq74 ]Knsc 4t-m4nkq74 ]Kn86iZr{X}nӸaMn}oح{ }}o6Bk"I; wE:~?%x }YuXƘ D ~,Qcf4wrT9Gk:uU$VG} +?]k͑L׮;Tk q~<'ruȧͳ^[8ƍ~CS:/i{bn>,sg3qnM樾:%̏կj?wDݹ c]{^UgV=Or_1xC+?+3sŏ:IIo_/.I: gs)i%SK]x 5TR40h /N/jMX>|nV+Hiqt:riͮegC>+3-$CCJ>.zq^q}WHW?.Sp[54a_]y|]v=Z.X箺/3=ǧݺf\.~7뢿dݫ;Ӆ๾/ڣLQ^L?S )gj3Zm0_6 0.5pٿh}5j="AZ\vMc m(l}if' kAl.Y:zmL}JqKUvk:d=l~m~)Rk%ONZr׽knte0Kk _ømx+_]]QSNuލJJrF/(a~3JVHE 3qf>ݸqw>aZn :YG 7S eG5GgRG_lK}pu:I;:9?]k[xiVP[RjmM_6zj +VfI{3ڷgiŘ_Ȟ$D-< ;&yB_}*%gp=|]Zyu]r<%:4~BQY#wmxGjn&"J8$$If!vh#v#vK#vL#vK#vL:V l t6,55K5L5K5L/ a$$If!vh#v#vK#vL#vK#vL:V lP t655K5L5K5L/ a$$If!vh#v#vK#vL#vK#vL:V lP t655K5L5K5La|$$If!vh#v#vK#vL#vK#vL:V l t655K5L5K5La$$If.!vh#v`#v#v:V l t05`55/ 4a.$$If.!vh#v`#v#v:V l t0,5`55/ 4a.$$If.!vh#v`#v#v:V lP t05`554a.Dd lB  S A? 2d4ȴY+oC `!d4ȴY+V`xKC1/>>TPġHX|O .*`UP ApqpIqP?ItAgryE >K ϙ@/șDc!c0 C ;yhZE R]Z @dJ֭ 1hO w;EZFL!cw"YҺ7/->qK@p7JrvXnbX{Tc@Dy^Օ3i`0طhUwŕ6|Bzbo8I$"ϽVĞI9c/5~:|z6b4sp6oӎX0j+W dGdGV7dg2fS͝qvTa7x0ѻ6s'kf}snؿI ƀx^$$If.!vh#v`#v:V l t05`5/ 4a.$$If.!vh#v`#v:V l t0,5`5/ 4a.$$If.!vh#v`#v:V l t05`54a.Dd  h  s *A? ?3"`?2\=&u\y˟18sD `!0=&u\y˟1@2xUoA~3 hRc.Zb))Q/"_ Cjbԃ]C=x҃bG&{bILT{}y`@Zl 9cx;bڜasq5NNnpA2q+SM1cԛ(mcoxsm1a6&0>/Ciޱ;Nh7ܘVlP "R{BAԙVֿ:Zc);~JZȢq5_,z  9ո'/F1fKh ̝ј'?j-WP(XT[wэ]`%W":?_ z"hLVMLvAN*fIO $LgsséBz:S3Z"UPXA> Z'ч d|)_^NFx;Jp_](9CJxyHrߨ%@hQ(#LI O9y9e%BP5qr5!}aVAnꆷYx90 F<7?Cl` h@(: {@N{|oFwc=10Vx5[.ޙbaApOOuG}RuD`[Dd 'b  c $A? ?3"`?2E]v~ ֩J {D `!yE]v~ ֩J $@ %dGxUoRARhkTA\HJ")+d1ML遤<^4&^Z]Ia3_"Xn ž^D-hr6Dn P6&LxBH2ڠfe"ؐKBBOQ=0@3 gȆ %[&քQ{ 7 }=qT&G]:F+:&,btc3am(<t( ([DܜD03; .%0:V{d!6/g&4$CompObjsuiObjInfovEquation Native  _1431209929r|yF``Times New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  P 0 == D 1 k"-g== D 0 (1++g)k"-g== $0.501.100.15"-0.10==$11Ole CompObjxziObjInfo{Equation Native  FMathType 6.0 Equation MathType EFEquation.DSMT49qTd DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  P 2 == D 3 k"-g== $0.76960.15"-0.06==$8.551 FMathType 6.0 Equation MathType EFEquation.DSMT49qTd DSMT6WinAllBasicCodePages_1431209955~F``Ole CompObj}iObjInfoEquation Native _1431210057E F`p*Ole 'CompObj(iTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  V 0 == $0.551.15++ $0.726++$8.551(1.15) 2 ==$7.493 FMathType 6.0 Equation MathType EFEquation.DSMT49qTd DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A   ($12.10"-$11)++$0.55ObjInfo*Equation Native +_1431210184Fp*p*Ole 2$11==0.150,or 15.0% FMathType 6.0 Equation MathType EFEquation.DSMT49qTd DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_CompObj3iObjInfo5Equation Native 6_1431210289Fp*p*APAPAE%B_AC_A %!AHA_D_E_E_A   ($8.551"-$12.10)++$0.726$12.10=="-0.233,or"-23.3% FMathType 6.0 Equation MathTyOle >CompObj?iObjInfoAEquation Native Bpe EFEquation.DSMT49qTd DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A   ($9.064"-$8.551)++$0.7696$8.551==0.150,or 15.0% FMathType 6.0 Equation MathType EFEquation.DSMT49qTd DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G__1431236381Fp*p*Ole JCompObjKiObjInfoMEquation Native N_1130078781Fp*QOle WCompObjXfAPAPAE%B_AC_A %!AHA_D_E_E_A  V 0 == D 1 (1++k) 1 ++ D 2 (1++k) 2 ++  D 3 (k"-g)(1++k) 2 FMicrosoft Equation 3.0 DS Equation Equation.39q/ =$0.37701.14 1 +$0.49761.14 2 +$0.5623(0.14"0.13)1.14 2 =$43.ObjInfoZEquation Native [K_1333449679FQQOle a98 FMathType 6.0 Equation MathType EFEquation.DSMT49q<9TDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_ACompObjbiObjInfodEquation Native e2_1431242945Fx   FCFE# of shares outstanding== $24 million84 million shares==$0.286 FMathType 6.0 Equation MathTyOle nCompObjoiObjInfoqEquation Native rPpe EFEquation.DSMT49q4Td DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  where b== Net income - (Dividends per shareShares outstanding)Net income FMathType 6.0 Equation MathType EFEquation.DSMT49q_1431243019FOle |CompObj}iObjInfoEquation Native 6_1341909994FOle CompObjiTd DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A   [Net income - (Dividend per share Shares outstanding)]Net income FMathType 6.0 Equation MathType EFEquation.DSMT49q1t9T<DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_AObjInfoEquation Native M_1431243255FOle   V 0 == D 0 (1++g)k"-g FMathType 6.0 Equation MathType EFEquation.DSMT49q[Td DSMT6WinAllBasicCodePagesCompObjiObjInfoEquation Native w_1333874671FTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A   P 0 E 1 == Payout ratiok"-g FMathType 6.0 Equation MathType EFEquation.DSMT49qOle CompObjiObjInfoEquation Native i9T$DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A   P 0 E 1 == 0.600.12"-0.10==30.0_1616243835m"FOle CompObjiObjInfo FMathType 6.0 Equation MathType EFEquation.DSMT49q'Ã)T ) DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A   D 202Equation Native _1128859367FOle CompObjf1 k"-g== $2.630.16"-0.09==$37.57 FMicrosoft Equation 3.0 DS Equation Equation.39q!hl  =$37.5ObjInfoEquation Native _1431244129FOle 71.16 3 =$24.07 FMathType 6.0 Equation MathType EFEquation.DSMT49qTd DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_CompObjiObjInfoEquation Native _1431244203FAPAPAE%B_AC_A %!AHA_D_E_E_A  P 0 == D o (1++g)k"-g== $0.20(1++0.12)0.13"-0.12==$22.40 FMathType 6.0 Equation MathTyOle CompObjiObjInfoEquation Native pe EFEquation.DSMT49qTd DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  1"- DividendsNet income() Net incomeBeginning equity==1"- $3.20$30.16() $30.16$270.35==0.0997==9.97% FMathType 6.0 Equation MathTy_1431116328F;;Ole CompObjiObjInfope EFEquation.DSMT49qTd DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  k== D 1 P 0 ++g0.16== $2$50++gEquation Native _1333875079F;bOle CompObji!g==0.12,or 12% FMathType 6.0 Equation MathType EFEquation.DSMT49qôT9T$DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APObjInfoEquation Native 1TableRSummaryInformation(APAE%B_AC_A %!AHA_D_E_E_A  k==r f ++b[E(r m )"-r f ]==6%++1.25(14%"-6%)==16%g== 239%==6%D 1 ==E 0 (1++g)(1"-b)==$3(1.06) 13==$1.06P 0 == D 1 k"-g== $1.060.16"-0.06==$10.60 Oh+'0|  /EDd Th  s *A? ?3"`?2r<'µ3JD `!r<'µ3  H(dxVOSA(m)igD#-}"i, Z-l`B!DOz0!WML"TiI7K:-ڏ=3$;bZ0rH)q&ےC^FWdLq cI7Vq1_N`08\Ao<23SF|EVfJb<ǵʹxj8\I/ft1;-LhtF+f뗌PkkYmfˣc4>*@d`9;7GfoC#$J>o6ەnPZrkymXrLa ? oa ǘA7%Vhp;b HX:HQz ߳ņ :`,7sX",V@0mBO4o 7{5fпNn hel)LP#i vx(?:A~|P+&Vzt$J9-@//y ~?hKkF +q$$If.!vh#v#v`#v#vP:V l t055`55P/ 4a.$$If.!vh#v#v`#v#vP:V l t0,55`55P/ 4a.$$If.!vh#v#v`#v#vP:V l t055`55P4a.$$If.!vh#v#v`#v#vP:V l t055`55P4a.$$If.!vh#v#v`#v#vP:V l t055`55P4a.BDd h  s *A? ?3"`?2B7P7jJbeD `!ZB7P7jJ@ dd(xUOoQvPPإz-Rh Q\ImLzA؋Eqf@!1Q}o͛ߛyfU@=f3([Ɠ Hh<'gg.pB2z;S_Q>p㼁|ӆhְqB|@g%vշ).!"';S,)5銲&]reZ4vح:6xHu`W\c/n6F~e:чvFdd:j@Zt}|qtT+Npi"n }CdF,9xۈMA9{}zqx}$15\BSyD&C/!YUqŪe73󛙝n!*8`h8qrLv")p$tˎB3.x!S\km8bJ57zSx(hw2dC/. Dzd]D['eD}._QJQ/>qv>no،1.ձFyp9`c#fclP00|' ~Co~HH"8.S4QhW'߶E6ME&f;Sߢg#ғF#-Æ7 w.>3:o'_Pذ0T!4ۨܬ.ˋ{+p`Z#lc{浽bD81a9؏,Y3S)oIi^^Rl%|Y-ENg3I,ke5<[K-eArZ``"9Sջ+ee$G&'[])bm僛KBkdrA;K66gH})k ["ʂ(@o^6Q>O4%}^58 c q)=!fc ˛a;[="DōEۈ]LQZCSt.FˤyԂux&j0D~Û(53]1Z``)&H :3C8I/.XgQ#.]ZSF}UP$Ax+~C/]r` 9Dd dh  s *A? ?3"`?2,QJ~yz4SVԐK `!,QJ~yz4SV,&@2xT?Law-^K5"1JBJI$3D+i1BbIWcFqrs{wWN^"!|O&dvx8KuG~ʕWWLO4q D!{vJCD Q_2<Dh$9``Oˑ+D΁<c󌓆Bjlj v^+[t폵26sz7TBXcqcJ7Rqtz蓌wQ@;j~|NKF:5QohFZOQm#-LD/;MhV3dۣlXHbkE׭ x10Ugsy/Ĩ4"nvsA`ILm $8KH:z6PdL4]m'c&`Π@c_*nb(twIpy06#Y#;c8?^9b]?[Dd Hh  s *A? ?3"`?2:r5K`6^q@K `!r5K`6^q@&@X-@2xTMLQV(5R[R]#?JC &z+؄nIA.F! 1ċ<xxZ/X.ơ޼'H~";pcJBt8!mSc]-;DH=~Qv;ގvM@`i!uA x CrD1I$͚\9uYV KAc\zR.tՏ:sƊ#h /ԇ9&&xBF1m*1yv,`ޖޚBiIz{0LH(|Cka; .%HHja Abx$ @2pVr`G4'noTV{>i9wtێ$=S|* f+1!H2iA/Qoz Ab@~>7 #ԅ 5eaO3178kw(j@z14l8Fc4Mٿԑ,3mOhA Q{~8j=i&U̴֛ܨu'5oy؝mբBLk.$Pvq`!6/;5F`eDd h  s *A? ?3"`?29`&dY&SK `! `&dY&S$ h+@2xTMLQPmDti -HB)s(!Ku&tKZ r!ȁb+7bwѡLoxc1\H83N,ZCii>/4ȗ+z]]7;JѠ{~n1_JߣOvA#0z1Fxj"2%H\LMh,[T,ګ#kY9.*#w\\K$c՚Hja{-Zlt_{φD8Hp-$^pwF49%6+DC}o䤽wNwNz,FYQ>%_¯"Vd@s^W 5W*FISo%E[6ҫsz>ԗ+z )(;z2'^*ͫ OkE}Gx|QoK%ן&s6  >AmYH>s|a7GB  kԇ9tU&iřLv{bT&j$X6ʆQv6Ɇ3Ύk<PٝXp;%YIږI{;H-q=p~}}b{M)@,. >áf}]w{ Ӟo?BrqEa Dd  h   s *A? ?3"`?28hP-{ sK `!8hP-{ s` ` ~ xVOA3 lIPH%$ŏSj]jSڒM01cx?@HbxD㝔Aݖtvg޼~{v^4Hq@ )9!?::>blBfjݔۆuhdDnV؁FC  QWݨ-(h m@/Br%ȍlb|gL{zc3a젱{c 67i5+|a\ŝS{+bUjt2#泖S\o%[2m0W)[eȽAeSޅP0E`271vua؋L$߼*YՑ^2ӟɦ:q /T`ff8G'X$eT^. Rg{\:|.b_ɇ=[XR`@aUX+ߡ~[QAJ (o #vAfc90z;R&q`ɫ<V./XN踎O֋dâ/zK|?F[ae |thBNbYt_bCsN љtsZ*ykO\6b/ >Dd B ! S A? 2dEM7ާu9B `!|dEM7ާu`@+L JxkAfnBa l5k^D6dTEc5ɩ' JS<Ă"IzSX,\g þ|ߛ}6G TE$"4cH9[j4y s<: B.' =K= zR}JMI7゜k+ރiːu^.#oirƛ{/tFNbaiR|"4(񠮸\Մb|1P<(^KLÂkn͢ 5Ⱦ%NMy\|,d(Nd8vPxWkv vzǑ̸ܱ>"c -)MoPkMx3X:yθDz1#s5?Q5U[UOMߪbeB\ \yj.;nռ=Y2/U$,Ά *ӂC5~e|y8xOq\ +YGv'؂GDOU|#94Dd ;b " c $A ? ?3"`?2~J@b$ᢥZwK `!RJ@b$ᢥ ` /2d xTOkQ6micUi hMCJ0Kte)ٔKPo xԛ桧 1^gnPQΛy3~)$x 'g 1v+l#=%yq_U˅ 3sC;tBȷ})e?p7$< ZɎHxP?Emޅɟ8pfɋښ|^SMxۚSer2Z%dK%nz݄̀ A=x?xUkSAݗ4$1Q})Tb"NW:|wrԹZUFNkg[ѩkB{t|s4\lgk6(H=hEr;;[$3s~cmWpUQJ7DDTDlNôشP#DZ:HHH4)U&h)QPܶ;WSJlxȏ ȄYwU4Q(v℻X^$/ #p 3Yb#Xѹfvr$T?r<`my8jF5NsZu2wR) *t̒%SZySܳ d7fr^.YHEl@cY3~!NfOh{əy}5zU_vG": uwo>,I5*^BKED>_pG DZaV}1'KN L@`T85dMKi[]V$f(WfT1smY-#q8|EKʃݤqjKʠr  $XsijP- =>M @3ͻ'< ct^cنSzc+Gf~} *Dd b % c $A#? ?3"`?"2i=wbf,3X]K `!i=wbf,3X] @FxTkSAv_@*b_ jKLh!L1g iTb.%T(H =xPA)zXq潗V !3;̷+ (/$:X4LvmF1Cun9h=ryF2x+Әׁ7赭mK&јP E}$AAs}RiQyYqRFYp7S,5^.W˹ >TNC\8x#v\:Vwr [xƒH,wo0$1ߩHpx$rN&{}rI\U#T6S0Yc|BAi#6g98)t0֔T% YFzu:y@}^6;(MEhuȷNI=Zr:<zXh|Q3J~N+Nf"+Jlnn2W+z*Wk9_bsƫB* #Ѧ,.ZwNl,<K=1SIcu2K3'NAaK%[ d\0d&Sb b$!ztbOeΐ:ro@@( 1$~%6$yc^ @򈽳ޡi'r ev~>ِv{qȴ>u E ;oWoW^zY~a"Dd b & c $A$? ?3"`?#2$΁)cJy{_ԜK `!΁)cJy{_Ԝ` @8>xTkA3vIb*b[^L?4H4qmٔ*EDD=M7ҷb/sv̺akeUteSzp?":l_}-cd݉1+?cH㈂+莵Қz˴> zMj4G!~yGܥ>xIgbnDXzcN, lÝ-]//Za'u'D,~z?[h5z' GE<"2> -$$If.!vh#v#v`#v> :V l4 t055`5> / 4a.f4$$If.!vh#v#v`#v #v`:V l t0N,55`5 5`/ 4a.$$If.!vh#v#v`#v #v`:V l t0N,55`5 5`4a.$$If.!vh#v#v`#v #v`:V l t0N,55`5 5`4a.$$If.!vh#v#v`#v #v`:V l t0N,55`5 5`4a.$$If.!vh#v#v`#v #v`:V l t0N,55`5 5`4a.$$If.!vh#v#v`#v :V l4 t0f55`5 / 4a.f4$$If.!vh#v#v`#v#v`:V l t0,55`55`/ 4a.$$If.!vh#v#v`#v#v`:V l t0,55`55`4a.$$If.!vh#v#v`#v#v`:V l t0,55`55`4a.$$If.!vh#v#v`#v#v`:V l t0,55`55`4a.Dd  b ( c $A&? ?3"`?%2NR"C7 X~i3J*K `!"R"C7 X~i3J RdxToRAH jR6C#|9cɳGxлjC_NyA 7ۙA#DP,OܬR t*Λ:ukyqBns(%O3͚Ft@v`G䆼 Ay/XMZ0@g8+I.huv+#}r2Hcx!.B--;yrgJe5|>MRkl@3-h ˃Ě?:ਈ6c:9-".6LP h:dxt|C|6 - 7̸LYOx!߬!ߵ_ sagbw;;e f?;SrIb)ZTe%')=ynUרqpq0o=fD}%'g}w6RAjXL6=KŊ7](iv{RP*6O'3aJr^*ĪTc=|<nu~[$3< \nםl4es(ukrfWm]LEglkT B!G09qx, X(7Ƨ}E B";(C-9gZgFg]dX  yCę;sDWG]Cn3D2n72W3x膸4+f5q ٽhvDd XlB ) S A'? &2B{bg6?cC `!B{bg6?c  7xR;KAMrKQbG@¤4i/8ӥRH%6ZjJTtV`# =X0߷n V[4"!/QSY7f$z!_y[n@ & fwx TXn3j 4]T_*e<]uFzuRgqŻ2+Wڤw9lQN\ʅ+,V "z_~$'R$wDd h + s *A)? ?3"`?(22ЦPcK `!ЦPcn1@KxUMhSY>$mj7u/%S-tczOڗZNJu%. dFD! WŵpFq!1jա^0{w~s// q !ƫժDP5qRw Ԅa8?6^&PhA:b`lDF:| I/NM3wpd˦ٲ3l˖-CKYx ۫G>/|ʵq=+LuD̨r٤IPw)=Z92|ۅ#'1a\Vtk}2p2PK8.!ؑma=9B Xw2^݈o+5B Zx֚2XVDEEZ7 HĴ/X5j;/+w'J-ʊRV3ȯ|+s.3ke # -ۿեZեz?}m{k_fmMk+M>qEmk:wޭ@ܦ\Zm;9'c{F\zPR0RbHifdžwaԍH&Mz*ɴ0y*2c)]LQAkx\:Jqر,vMDF˛" Uz* _Me(@_e}e坉xbB8OāVNJ$"Bͽ ŠǑ9 BAD& 3T"]=}"HjD&T\fPgV'r}s U0׍N H4B}DV9:!2킱:2-9ūLv:ґB!)WWZK5ŜЦɛ:훈P⮲κ>=Cw"z$$If!vh#vt#v#v:V l t0$65t55$$If!vh#vt#v#v:V l t0$65t55$$If!vh#vt#v#v:V l t0$65t55$$If!vh#vt#v#v:V l t0$65t55$$If!vh#vt#v#v:V l t0$65t55$$If!vh#vt#v#v:V l t0$65t55$$If!vh#vt#v#v:V l t0$65t55YDd H Ob   c $A*? ?3"`?2 ?ƥ\(%iLK `!w ?ƥ\(%iL\@H 0, ExUMhSAݗ<'Ij" i$؂biR) (ihj͡[Rz"!GAi{QO/ ƙF juyofvwYFO@M3Vjef*aˌa $Y3K5lȗz@\0Pa:l~@N-* SdFF]߱{ds &GplLVVqy^g98|4u{ QRE`EصB:TA:]?@1jh]s*C2'g NXQv򃣾_h\>?֒hMDd 8 0   # A+2v|-"C `!v|-P"x5kxW_LU?~_K)][(lVEkaTYѢ&DH63 @3`“/Ęfɲ=,y0&&"a{?*$bMs;sϽ(p>H{{{B Z_GAxqKp`rb ҠvoXq8obDhBn+uNٷ6ɾ5Bj䛮1C]8M]7I䵰j{cؼwɤrSW2yŝ$>.ץ E*D~$F[u96BF:mi#l`dXFb\yX%GeQ1 DB]=푳h# \eXDQyCfTSl?vɠ/:1nju&c^\e?,>?kOe^<aj̇R{P8Ju`w ;X|9JBy!7#pm{NX9>Vgf p(&<+b;\_ZUy&{ Dø׳|nk'e*(Mg';i'ydh]l")}z=/o/Ug2ʴUb'YqϮXc6d`_2zWMp=ZvA+XPDW2 sxQ1Y{|"mbLkU,>ta29n[{>O؞RQ~PVe:X![N^a@f 8) ~okFv]UZ<%ι=Z ްBw\-.'ͤÓ3ԓ'C`c`LJG|f's3 Sd:z[啱^іֿfv&zupğxk)p4ybgyc}C;O {(JPzo'5cz^(=RcD~}d [m *Zfn~ b(fqQ:ZiL`'tr/ oAUK4+j;I匦 d%X9C7(Y P0!v|U=4"<b8( Z035"BBwc8^ú4d/BLAQFr\nW[nM32ZaM&)2{f5}atmH`dzIirEId MTWinEqns   F Microsoft Word 97-2003 Document!w2 0@P`p2( 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p8XV~ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@6666 OJPJQJ_HmH nH sH tH J`J NormaldCJOJQJ_HmH sH tH VV  Heading 1&$hd@&]^h`5TT  Heading 2$$$hd@&^h`a$>*\\  Heading 3,$$hd@&]^h`a$>*J@J  Heading 4$1$dH$7$8$@&>*DA`D Default Paragraph FontVi@V  Table Normal :V 44 la (k (No List 4 @4 Footer  !4@4 Header  !D& D Footnote ReferenceCJEH:":  Footnote TextCJ.)@1. Page Number>B> Paragraph `BARB Insert Text8^8`NQbN Quotation! ]^`^Cr^ Body Text Indent#  Hd^`HbRb Body Text Indent 2# d^`bS@b Body Text Indent 3# *8d^8`V>@V Title)$  Hd^`Ha$5CJNT@N Block Text  8d]^8jj g Table Grid7:V0~ R Table Grid 1z:V0jj 6]6]NN {0 Balloon TextdCJOJQJ^JaJR/R {0Balloon Text CharCJOJQJ^JaJtH @@@  List Paragraph ^PK![Content_Types].xmlN0EH-J@%ǎǢ|ș$زULTB l,3;rØJB+$G]7O٭VGRU1a$N% ʣꂣKЛjVkUDRKQj/dR*SxMPsʧJ5$4vq^WCʽ D{>̳`3REB=꽻Ut Qy@֐\.X7<:+& 0h @>nƭBVqu ѡ{5kP?O&Cנ Aw0kPo۵(h[5($=CVs]mY2zw`nKDC]j%KXK 'P@$I=Y%C%gx'$!V(ekڤք'Qt!x7xbJ7 o߼W_y|nʒ;Fido/_1z/L?>o_;9:33`=—S,FĔ觑@)R8elmEv|!ո/,Ә%qh|'1:`ij.̳u'k CZ^WcK0'E8S߱sˮdΙ`K}A"NșM1I/AeހQתGF@A~eh-QR9C 5 ~d"9 0exp<^!͸~J7䒜t L䈝c\)Ic8E&]Sf~@Aw?'r3Ȱ&2@7k}̬naWJ}N1XGVh`L%Z`=`VKb*X=z%"sI<&n| .qc:?7/N<Z*`]u-]e|aѸ¾|mH{m3CԚ .ÕnAr)[;-ݑ$$`:Ʊ>NVl%kv:Ns _OuCX=mO4m's߸d|0n;pt2e}:zOrgI( 'B='8\L`"Ǚ 4F+8JI$rՑVLvVxNN";fVYx-,JfV<+k>hP!aLfh:HHX WQXt,:JU{,Z BpB)sֻڙӇiE4(=U\.O. +x"aMB[F7x"ytѫиK-zz>F>75eo5C9Z%c7ܼ%6M2ˊ 9B" N "1(IzZ~>Yr]H+9pd\4n(Kg\V$=]B,lוDA=eX)Ly5ot e㈮bW3gp : j$/g*QjZTa!e9#i5*j5ö fE`514g{7vnO(^ ,j~V9;kvv"adV݊oTAn7jah+y^@ARhW.GMuO "/e5[s󿬅`Z'WfPt~f}kA'0z|>ܙ|Uw{@՘tAm'`4T֠2j ۣhvWwA9 ZNU+Awvhv36V`^PK! ѐ'theme/theme/_rels/themeManager.xml.relsM 0wooӺ&݈Э5 6?$Q ,.aic21h:qm@RN;d`o7gK(M&$R(.1r'JЊT8V"AȻHu}|$b{P8g/]QAsم(#L[PK-![Content_Types].xmlPK-!֧6 0_rels/.relsPK-!kytheme/theme/themeManager.xmlPK-!g theme/theme/theme1.xmlPK-! ѐ' theme/theme/_rels/themeManager.xml.relsPK] :g:=g 35 a.N:vjZCL"g$F%u'\()*+,/0H1a356#8m9<EHIJM@OSTWX~Y(^+bh=n\gn8:<=?@BDEGHJKMVXbcgoqvyzw1} (1C<Cgl & 8 #$$$$,%&`(~(((c))+7/1"6666677"7:7Y7x777778&8B8T8`888889CHJMQTWXX9XWXXXXXY(YY`cjmSnonn9oo=LZn9;>ACFILNOPQRSTUWYZ[\]^_`adefhijklmnprstuwx{|}~5MOay{ A U W b v x 24  79' ; = J ^ ` D!X!Z!!!!,"@"B"&&&&&&Q*i*k*~???A+A-A.DFDHDIIIJ K KNNNOOOTTTUUUg::::::::::::::::::::::::::::::::::::::::8?B!57=::/X2$ ?ƥ\(%iL@2$v|-@(  F  A ? ? `N"M <#6$1C|9`W;`C NuOO*NSDTj:J8$12N"N"y  C"`??  A ? ?~/0u&;  QY;B; $*$,;4` 59;5==o W>BuIncMO'Q~ :RR:R$'Q(O2I2AD W>(W><9#<5C5H1H*:;'*$,bY I B S;S&u&C"`??B S  ?R" gto S  OLE_LINK1 OLE_LINK2rTrTgTTg^ tXgwXg=*urn:schemas-microsoft-com:office:smarttags PlaceType L#5Pa| A X ' > J a &&Q*l*N0N0W0W0~?????@?@A.AXAXAjAjABB C C.DIDIIJ KfMfMtMtMMMMMMMNNNN9N9NUNUNqNqNNNNNNNNNNNTTUUL^L^``ffffffffffgggggggg5Pa| A X ' > J a &&Q*l*N0N0W0W0~?????@?@A.AXAXAjAjABB C C.DIDIIJ KfMfMtMtMMMMMMMNNNN9N9NUNUNqNqNNNNNNNNNNNTTUUL^L^``fffgggggggg5Pa| A X ' > J a &&Q*l*N0N0W0W0~?????@?@A.AXAXAjAjABB C C.DIDIIJ KfMfMtMtMMMMMMMNNNN9N9NUNUNqNqNNNNNNNNNNNTTUUL^L^``ffffffffffffffgggggggg5Pa| A X ' > J a &&Q*l*N0N0W0W0~?????@?@A.AXAXAjAjABB C C.DIDIIJ KfMfMtMtMMMMMMMNNNN9N9NUNUNqNqNNNNNNNNNNNTTUUL^L^``ffffffffffffffggggggggMor]0J  ~,wz u^=R*-JxszG/\AFSC((ƏKCN`1xODp:rm\y>\P~^(hI'b6ܯ/evXФ_+fL>*B r+^`o(.88^8`o(. 88^8`o(hH. ^`hH.  L^ `LhH. ] ^] `hH. -^-`hH. L^`LhH. ^`hH. ^`hH. mL^m`LhH.^`o(.^`o(.  ^`o(hH.88^8`o(. hh^h`o(. TT^T`o(hH. ^`hH.  L ^ `LhH. \ \ ^\ `hH. ,,^,`hH. L^`LhH. ^`hH. ^`hH. lLl^l`LhH. 0^`0o(hH. ^`hH. pLp^p`LhH. @ @ ^@ `hH. ^`hH. L^`LhH. ^`hH. ^`hH. PLP^P`LhH.88^8`o(.hh^h`o(.^`o(. ^`hH. pLp^p`LhH. @ @ ^@ `hH. ^`hH. L^`LhH. ^`hH. ^`hH. PLP^P`LhH.88^8`o(.^`o(. ^`hH. pLp^p`LhH. @ @ ^@ `hH. ^`hH. L^`LhH. ^`hH. ^`hH. PLP^P`LhH.^`o(.88^8`o(.,*B r=R*-szG/u_+frm\M\A0J xOI'bSC/eKC\P~^ .r        |        ~n        N        `pd4        8E3%8"?@S^l(lbIR:n!>:/ i &t(4P^^>?v,p1z(L!&">8"u#U'%G1'(+Q(Vp(&)g)X*)f+*,\{,A.R.Q/{0C1G1G2F@3 4 5B5c5"R67u7|q9 \:s=@C@VAZA{dB@SD2PEPm!Q9Q~tQ1RrRSLS}hSuTZWU~Uf[.^"b)dbdsdG.eFerfgMjg0hYhkl mPmb nrFnpTn go ,q)+r@rA)s_um#vhRwcw7/z} ||^%|w}^lbuH0XR'HU^!!x' N(Jfg*|"Y:Z z%Q#:"?QfkA{K 9aAJ*JeSEzh^,!/0s?ZH@ro:g)|z p;xXQl+Lr EuYI3["b9kD.=ff@doooLoMyTyUtcg@4@V@`@P@Unknown G.[x Times New Roman5Symbol3. .Cx ArialY New YorkTimes New RomanG=  jMS Mincho-3 fg3.[x Times5. .[`)TahomaC.,*{$ Calibri Light7.*{$ CalibriA$BCambria Math"v'c{GK&VmW4VmW4!;ff 2q;HP?L2! xx Bathurst, NoelleMccabe, AllisonP            MSWordDocWord.Document.89q