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WM dUM v l
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oO??D UD W??b?I??

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vU* rO?OI? VOU ZUM? UO?F U U

tL?A rOOI? ddI b U?OF U F
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WOMN?* UHJ UKD? UO?F U OU

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d?OU??F?? sL??C?? v? W??Ou??{u?* U?B?? W??uE?M* U??LJ?? U??
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sdL?* WUL v U?_ v bN v WuEM* pK u vJ d?OUF* c vQ
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ud vU* rO?OI dOU?F b?* sJ1 WUIF u?_ rOOI U?}KOBH U?O{u
WUIF u_U
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UAM cN
WU)

WM dUM v l
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UA? s W
uK?D* WUF WL?OI U vU* rO?OI? dUI u? u

r U* u uU UKD* U?I WO
dF dB WuNL? q qI vU
U?A U9 W??d? s W?F?u? XU?? t U?H U?B d??I WM
UN
Ub? WOU* W
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dOUF* c l WIu UNQ
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WLEM* WdB* UFdAK UI oOD UD

u? uU? U?N?O? VKD v U?( W?U? vK vU?* rO?O?I? d?OU?F? d?
d WdB* WuU
WOU* _ VD bO? bu WcOHM tz U*
QAM qJ c? v u_ s UdO WOU* _ U?dAK rOOI W?OKL
WOU U( v WU WHB
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WM r U* u uUI WcOHM Wz s
uU?I? Wc?OH?M W?z s d?A? vU?? U UJ?_ U?I? d?A d?
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tO UA* uUIK WcOHM Wz s dI ULK UI Ub
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rN U?N bOI? Wd? lO
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bO?I* W?dA W?OJK uI? s d? W?? UN??L?O q9 Q?AM W?OU*
rN UN
bO? buI U?I WO
d? d WOu?* dO? UdAK W?O
d uLM d? W
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UJ_ U?I? W??R* U??d?A rO??I U?OKL? U?d?A 5?
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WOU* _ U v WOU* UA UA WUL0 WON s

UHdF rOUH
rOOI WOKL uNH
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WOJK* W?B
oKF v uO?I UKD* Ue* uI?( WU U? v c
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oKF
WOKI* bzuFK QAM* bOu
d_ PAM* s UNN
UA UNKU1 U WLO l rOOI q QAM* WLO WUI
WF U( v rOOI q QAM* WOHB s W&UM bzuF dbI

WLOI uNH
c uJ r?O?O??I? q?? Q?AML?K U? d??F??? b?I* vU?* q
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db?I
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lUM* bO?u vK UOJ c b b U?M tUL v d?L? rzU U?OJ QAM*
WOHB U b ULO tu_ q_ b  s WOKI*

WM dUM v l
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vU?* bI* u? vu? d?F? v vu?? d?F?? s W?L??O?I nK??

d??F? t 5?F?? q q
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d?ALK rz? d?F d? t?OK uB?( lzUK? sJ1 dF? qC t U?L? d?_
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s W?L??O?I r?OU?H?? b??? rO??O?I?? s d??G U v
WO?HB? bM WL?O?I WUL?? WL?OI W?O?U?; WUF W?L?OI W?Ou?
vU uM vK

(Fair market value) WO u W UF WLOI

rNM q? l?L?? 5d 5
U?? W??OKL?? v U? d??F??? b??I* vU* q
U??I* v
UO?KL d b?F
5KU?FL?K uH? d u? v dI U? v d( b?IU

rEF ?1 lzU d?A* U v?d ndF d?H WLz? dH ou?
QAM* hzU?B WFO? u WOUJ Uu?KF* vK uKB rN u cN
5K?UF*
U?uKF?* vK UM? W??LJ W?O?I???U
d?B?? vK b?I rN?b rO?O?I?? q?
rOOI aU v u d U v WU) tKB o q WU*
WOU?( WUB? lUMLK db?I qL?; vU( d?A?LK W?MU
WLO?I q9
W?LO?I U? rO?OI? q? Q?AM*U
WO?JK uI? pK9 s W??UM W?Fu?* W?OK?I?*
UM q
U?I lb U?L? d?_ d?F? s d?F U?NS? qL?; vU?( lzU?K
uI( lUM* pK s

WOU; W UF WLOI
rO? c vU* q
UI* WU?F WLO?I q9 r WdB* W?U?; UOF* U?I
5U?A* 5
WLEM WKU?F? v e qIM t?F r?O? c q lO t?OK uB?(
WOU* rzuI d b dG
p UOI aU v u v

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(Investment Value) WUL WLOI

sdL? Wu?L tMOF?
dL? dE WN s rO?OI q Q?AMLK vU* q
UI* v
U W?LO v u v 5KU?F* vU
s nK? b WUL? b_ p
W U?LND
d WOI?U
ULNM q dB? 5d 5
uI U vK b?LF
tO UGU u l VUM q
UI* c qF& b
UF d 5B r{ s ZM v pK WOKUJ WUL WLOI q9

(Liquidation Value) WOHB WLO

Q?AM* u_ lO
W?OKL s W?&UM Q?AM* WO?HB s W?Fu?* rOI u?L? v
rO?OI? bM u?NH* c? b? U?e? WU? b? bF
p d?HM U?NM q
WOHB d v b vU* dF U v

vMN* uK bu UOF
W bI
t?e ? s d? Wb WeM
t?U?N r=O?I* vu U?OF* b?N?
vU* rOO?I dOU?F0 e UO?F* cN
u vMN* dA uK b?uI

U `zuK 5uIU
e? s C WO?N UbB WOMN WOM d?OUF
U v qOK?% Q
U?O?I bM hd?( qd? WUM c? rO?O?I? q?? P?AM*U

vU* rOOI UN

vMN* uK bu
WU _ WeM
U?O?U
WU_U
?U
nB vMN? uK r=O?I* U1 V
t?FL vK v?K d t uJ sJ1 qL Q
UO?I sLC? b)U

WOMN* tUH te
b WLO v uu u tu vU rOOI WOKL v r=OI* UA V

WM dUM v l
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u 5K UF* U& Uu
`UB q 5KL; sdL* 5KUF* `UB l{ r=OI* vK V
b
bM ?L?F lOL? l W?Ou?{u U?BS
qUF? WO?B?
LF? RN WMN*U
WDd UL? W UA U?Ou
sd?L??* UF `?UBK qL?F t r=O?I* qH?G V u?_ lOL? v
rOOI q QAMLK 5KL;
s U?U2 Q
UO?I vK sd? bU? U?OI? b r=O?I* vK V
q? Q?AM?*U
WDd* d_ s r=O??I* d???F U?F?_U
V?? U?NQ?
u?{u U?OKL?F vK UF?K]D d??F rOO?I? bS
t?H?OKJ cM rO?OI?
UOKLF pK d WUJ
UDd rOOI
qL??; rzU?I `U?B* U?F WF?O? s qO?L?FK U?B?U
r=O?I* e?K 
b rO?OIU
U?OI q? WOU* _ u
WKU?F d_ s tMO

rOOI ddI

` UB* UF bF e WO I
Xu fH v d? 5N' rOO?I UL vU* r=OI?LK u
ddI v p s `BH WN? q s WO
U WIu0 UN(U?B UF
WUF W?LO?I W U? dO v p? WUF WL?OI W? rOO?I
U) UF dD dG
WOU _
tOHu? WOBA t?KB 5
UF u? b s bQ s u? rOI*
qO?LF `U?B 5
t?OUA? WOU? Wb v? tzU
d? tKL W?N
WU v WU?F WLO?I W rOO?I s bO?H* d_ `U?B
nOKJ u q pc
W
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S
r=OI* eK UF UL u
U?eK uJ nOKJ b?F
U?F u? rO?I* UA? W?U v qL?FU

qLF UN q VUM X v UO
U pc
qOLF
S

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t?b? d?G
WU? WL?O? W rO?O?I ddI b? rO?I* vK dE 
WDd?* t?d? s _ t W??uK2 W??OU? u?? W?L??O?? bb???
vOzd bM c WUNM
u ndFK UI p
rO?O?I? q? Q?AMLK u? W?OU? vK qU?F? r?OI?* vK dE
dzU? W?U??? d?O? u? v WMK?F? d?O? UU?O
U?uKF?? b???U

rOOI? d UM WKLJ dO? UuKF* UUO c XU? u 5KUF*
d?O?Q t d? d??Q
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W??IKF??? XU?? u?
UN bB* UNK WOU* ed* vK _ c b UF vK du
WOU? uM ?  UN?LO?OI?
U W?OU vK qU?F rO?I* vK dE 
d_ s v b? rOO?I ddI b rN?OK dE rOOI? aU
XU U* u? WLEM* UFd?AK UI? dOUF* pK oO?D UDM
WDd*
ddI c tOK UM
X9 WIH d bQ
W rND
d
t?LEM U* U?I? qI??? vU? U?A???L? rO?I* l b?U?F? U? U? v
dN? W?  t WKUJ WO?I? du VO? U* u U?FdA
dA d WU v qI vU UAL tF bUF aU vK WI
U
QA?M* dA V s _ W?OU U?A? .bI b? e c qL?A
d?A d? WU? v? d?F b? U?N? s d?N? W??? b* d?F q?
dF? WU? v d?F b? U?N? s? d?N? W Uc?O?HM r? r v
UcOHM - v
rOO?I q Q?AMLK UN?O qu r v WL?OI vK rO?I* UF bL?F V
UB dUI WO WKB d QAM dzU VUJ WQ

dU?I? ZzU?M
t?F? 5KU?F rO?I?* UF? PU?J V j
b? V
UNbB v Ub
dOQ? dG
qL? U t
tD
d h? s `M Ub u? b V
d?OQ? dG
t?zU? r?OO?I? W?OKL? vMN?* tz vK u? vK
tuK bO vK

WM dUM v l
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WDd* d_
s q vU* rOI*U
WDd* d_ s bF
rOO?I bF? vFOD h?A rOOI? UNM bB v W?dA fK U?C
WOU Wb v rN
U rOOIU
WB< U
5KK; t UF* qLF od
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u WdAK WF
U UdA
U?d?A pc? rO?O?I? U?NM b?B v W?d?A U?L? W?O?K_ pU* rU?*
WO?K WOU W?b v t
U u p?K1 v U? h U t W?F
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bB v? WdA f?K UC? s WU? U? W?F
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bB v W?dA fK? UC rO?OIU
W?B< U
5?KK; t UF*
WOU Wb v rNM U rOOI UNM

WKKC* U uKF* VM& WOu{u*

tUM bM VUM u U UO WK{UH*U
tUO bM d rOI* vK
W?O?u?{u? W?O?IDM f vK b?L??F vB??A db?I? d?? d? _
rOO?I dd?I b?* UN?{u r vB?A db?I UO? UN?OK vM
U?N??? rO?I* vK? V u?_ lO?L?? v ZzU?M r?N? t vM?? v?
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rO??O?I??K f b???? b?L?F V? u?_ lO??L? v UJ b??I

rOOI ZzU iH l dG

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rOO?I d?_ UN?OK qB b? UuKF? W b? b rO?I* vK V
U??N??????? s b??Q???K hd??( qd? WUM c
b???F
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b?L??F??? rO?I* u??I V U??M b
WKKC?? U?uK?F?
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U UIO UHBM

sd 5LOI0 WUF
u_U
W?IKF?* U?LO?O?I W?U v W?O?U? d bU?0 rO?I* WU?F? u?
WUMF c
b?F
p rOO?I q? QAM*U
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W?Ou?* s rOI* c vH?F rO?OI? ddI b? rO?OI? WOKL? v dA q?
WOzUNM ddI ZzU s

W UF WLOI W rOOI ddI

U?{ ?U U?IO? UH?BM WUF W?LO?I W? rOI* dd?I uJ V
u??% U??N rKF bM U?u?KF? UU?O
tMO??L?C b? p qL?A? d?F v
d? u
b?L?F s U?OI U?M W??{ dO? u? UD vK
UOu _ WOU* OK

WM dUM v l
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Wd
jI UN b?; dGK UNb? dUI Wd vK UH?(U
rOI* eK
t?LK v u?LM b? rO?OI?? q? Q?AM*U
W?IKF?? U?uKF? WU?L?
rO?OI? q QA?M* WLO? vK dO?Q U?NQ s v qL?F UM
dO?Q U?N?OK 5K?UF???LK WU??L??? dI v?K dOQ??
5KU?F 5KK; eU
rO?I* e?K U?L? u v q?UF? UU?& vK
WD?d* d?_ s v?K rNU? ZzU?? d?? b?? Wd??U?
tb
UL U v qLF v
UB sJ r U qOLF - rOOI ZzU s UB bF
rOI* eK
U?N?K q?O?L?F c l qL?F UD? v WMO?* b?I?FU?
b?; U?N?K
p VK U WOzUCI WO
Ud

U uKF*U UH
s WU??F W?L??O?I W?? rO?O?I??U
oKF?? U? qJ?
U?H??? rO?I* v?K V
dO qOLF  s Xb u WOdJ WO bM UuKF UUO

W?b?* ZUM* s t?IOu - U? rOO?I W?OKL? UM UN?OK UL? -
.bI aU s uM fL s q?I b* ZzUM ddI pc rOO?I qOK v
U?* u? uU??? UJ?Q
? p r?O??O???I? W?U W?N???K dd???I???
WLN* WFO V WF 5uIU
QA c v WcOHM tz

WOMN* UHJ UKD UOF UOU

W bI
WOMN* U?HJU
jd WO?U Uu?I b d?u vU* rOOI? UN? d VKD
vLKF qO?Q? s pK1 rO?O?I? dd?I b? v t U?F* qL?F od? rO?I?LK
UUOU
vH U WdC UuKF* vK q?B vK bI WOKLF d) vMN*
rOOI ddI b

 WM dUM v l
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WOMN* WOLKF UKD*

vLKF hB?? d) W?dF* s VU?M* bI rOI?* v du? V
qL?FU
W?IKF?* b??* U?F?O? vK? bI v?U* rOO?I? U?? v vMN*
tF9 U? rOI* vK dE u_ lO?L v WLOK u?B
tLN? U$ s tMJ9 v
tO du d UNOK qU dO R0

UN* WOLM dL * rOKF

U buI `zuK 5uIU
WOU W rK vK rOI* uJ V
U?NOK U?F* rO?OI? ZUM0 d?OUF* pK
U? U qJ?
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W?HKJ d?B UF? U?F?O* W?L?O? q d??H ? v WM pK

U??F??u??? U??$ b??F?? qu???L?? W??HK?J `
d gU? ??b*
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tKO?? r d? l bS
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U?Fd?A? U?N?KD v? WU?F W?L?O?I W? dU?I WU? v W??O?N b
U* u WLEM*

rOOI ddI LA
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rOOI WLN

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s q Wu rO?OI? s d?G UNM W?OzUNM U?Nu? v rOO?I W?U WN?'
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5OU U Q WUF
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e' c v UN?OK UL b b?U* WFO rN?O U V rOOI? WOKL
ddI s

WO I s UB
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rOOI WU WN' l WKL; WLzUI `UBLK UF QAM UNQ s d u
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WDd?* d_ rOO?I? q Q?AM*U

W{UF WdA W s

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ddI b vK uO
W?U b? Ud? s? ddI? s e' c v? rOI* `B?H V
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ddI b aU rOOI aU
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(Disclaimer) WO u * dI
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vK U sLC
d????F U?N?OK2 Q??AM* s W?b?I?* W?O?U? W??OU* U?uKF* UU??O?
s oI?K WFd d rO?I* vK fO UNU
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b v UN?O UM - rOOI v U?Nb - v U?uKF* UUO

u?uK WO?U U?NC?F
Q?A
ddI? v u UEH? b? UL?O? rOO?I dd?I
UNM oIK hd( qd WUM c
t b aU v rOOIK
tK s bF* dG v b ddI
d?OG u?{ v ddI? b b?F
d?OG? b U?NOK vM?
v UO?{dH rO?OI?
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vHM? v U???F s? U W??Ou????? ?? d?I?? sL??C rO??I??LK u??
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v U{d? WOuIF s oIK hd( qd WUM c
s t?Ou
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* s U QAM* UN
t v UUO UuKF* u{ v rOOI

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uO? W? W?b???* U?uKF* UU?O? U?B? d?F?? rO?I?* vK V
rO?I* UM U? v rO?OI? W?OKL vK d? WU? d W UN?b?? vK
U?NU?? szd? qzb
d?u b? l? U?NM oI??? VF?B U?uKF? U?U?O
v
dO?Q `O?{u l U??B dd??I?U
U
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UuKF* UU?O Q
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oKF?? uJ U?N??? W u? WU?? v W??O??? d?O?? W?b????*
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p s U?B?U
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rO?I* e?K rOO?I? q? QAM* s U?uKF? UU?O
vK u?B( WU? v
Q?AM* s? UD vK u?B??( l U?uKF* pK? b?B? s dd??I?U
U?B??U
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UN WDO; dE QAM*U ndF

UNDA U?NzUA aU vuUI UNK?J QAM*U
ndF ddI? sLC V
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v W?UMB UDI rO?O?I q? Q?AM* l{ qOK% ZzU? `O?{u p vK
qJA
dR v UFd?A vKJ UB? dR vUM U?NF{ UN?O vLM
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WO U WO U* rzuI
W?LzU? W?Oe?O* W?B?K u?B
U?N?{d? V W?OU? rzu? Q?AMLK b? U? v
WOKI* dbI l WUI* QAM* l{ rNH UJ p ddI v qb

U{d WOKI * dbI

U?{d??? W?OK?I???* db?I? b? f d?d?I? v `{u rO??I* vK
W?OuI?F? UO?F? v U U* U?I? p rOO?I? ZUM* b? q9 v W?b??*
OK dbI UNOK XOM
v U?{d pK rOI* dc U{d
UNOK UL uIF ULz UU q9

rOOI

W b * rOOI d ZUM
rO?OI? ZUM U?O?? U?_ `O?{u dd?I s? e' c sL?C? V
dOUF* c tMLC U u{ v UdO WUM*

WM dUM v l
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`O?{u l U?N?{d?F?? W?b??* rO?OI? d? h U?L?O? rO?I* vK

v U?{d? WU? `O{u U?NM b? qJ
WDd* U?uKF* UUO? WU?
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v f_ rO?O??I? bM U???? v? Uc? WOB dbI

WNUA* WuL: UO f
UO bM rO?I* UNOK bL v f_ dd?I s e' c v `{u V
p VKD v rO?OI ZUM v b? d?_ WN
UA* P?AM* WuL?
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rOOI ZzU `Od f

bM rO?I* U?Nb?? v? f U?O?{u dd?I s? e' c sL?C? V
bb??% U?N??OK vM
v? rO?O??I??K W?HK??< dD Z?UM* s W??&UM rO? 5?
`O?d??
WOzUNM WLOIK

rOOI ZzUM W'UF s UB

s W?&UM W?L?O?I v?K X9 Uu? s dd?I? s e?' c?N?
`B?H V
`O{u l rOOI q? QAM*U
WU uO U UN dG r?OOI WOKL
Uu pK f

ddI UNO q u v WLOI

dOUF* cN UI rOI* qL u{ v p WLOI d r YO

UL dU

b r?OOI? q Q?AM* l{ UL?? dU? e' c v rO?I* dF?

WUF WLOI vK du qJA
dR dU

 WM dUM v l
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WHK< rOOI VO U ZUM oK

u f U?I? rO?OI? W?OKL?F W??UM* rO?OI? VOU? ZUM U?O?? r
WOKL uNH* UI? dOUF* cN
UNOK uBM* rOOI VO?U ZUM UOF sL{
v Ub d_ PAM* rOOI ZUM rOI sJ1 rOOI
qb ZNM
u ZNM
u_ ZNM
QAMLK WuJ* e_ lOL&

qb ZNM
lu?* qb qu?% od? s rO?O?I? q? Q?AM* W?L?O Z?NM* c hK??
Wu?IF? WLz? U{d? vK UM?
WOKO?GA? UN?DA s rO?OI? q Q?AM* bu
VUM rB qUF bU
WOU WLO v

qb ZNM0 W b * dOG* r
WbIM UIb
od s QAM* tII% u c bIM ob qb UO r
WFu* WbIM UFu
QAM?LK WU?* d( WbI?M UIb? v QAM?LK WU?* d( Wb?IM UI?b
s QAM* t?
uI U U? v c? QAMLK W?OO?zd UOKLF WDA?_ s W&UM
WdL oOI% dG
WOKOGA WOUL UIH

WM dUM v l
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d?( Wb?IM UI?b? v U?d?A 5LU?LK W?U?* d?( b?IM UI?b?

s QAM* t?
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W?OU* Ue? W?U rB? b?F
WdL?? oOI?% d?G
WOKO?G?A WOU?L? UI?H
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kH?; U
_ v (Residual

income)

WO?I?* U
_

d WOJK quL
rB) bF
dU? s tK?L? U q?
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Wb?IM U?I?b? rB) b?zUF c? b?? rO?O?I? q? QAM?* v UL??? s
?U
nK? qb ZNM b? U? rOO?I q? QAMLK W?Fu?* WOK?I?*
WbIM UIb lu* qb u
QAMLK lu* uLM bF
d_ WM s rOO?I q QAM* WDA uQ
U?L r ?U
nK
rOOI d b vK UN WFu* WOU( WdLF WKdLK UI uLM bF sU UL
b* uLM bF
bF* u b* u?LM bF uJ UAM We v QAM* WdL? dU

ZCM WKd v UNuu
WU?N U v dL rz qJA
QAMLK t?IOI% lu*
iF
q? s sKF* UF u?LM b?F b?* u?LM bF? U u?_ VK v
UN
uu* UB*

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qb ZNM b
rOO?I bM qb UO?I UUM U?UOI Wb?IM UFu rB? uK bF
WOU U( v
WI
U uM s bF WOKF WbI UFu UN v PAM*
UNO
d
WDd W{ lu WUO UN v PAM*
UU?O dOO?G UNJK1 s lOD Q?AM v WOK WB? q9 WOJK WB rO?OI
QAMLK lu
bM qb? U?O?I U???UM ?L?K d?( Wb??IM U?I?b?? rB? uK? b?F
WOU U( v rOOI
uJ W?I?
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W{ dO UN lu UUO
Ubb b UNO
s QAMLK d( WbIM UIb dF UbM
Wdu' dI vK dOQ o UN QAM* v dDO WB rOOI
d_ oKF UbM
U?Nb uJ lu v? PAM* WU? v rO?OI?K ULz? uK_ c d??F
v uM bF WU d( WbIM UIb `?B tQ s dO vUL UH r
u? b WU? v QAM?LK WU?* d( U?I?b u/ b?? V U?L q?I?*
vKuL UNKJO v dI
qb U?OI U?UM

(Residual income) W?OI?* U?
_ rB uK b?F

WO U( v rOOI bM

lu s rOI* sJ1 U0 W?I
U uM bF WbI UFu U?N uJ v PAM*
WOKI* UNUFu

WM dUM v l
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VF?B s q?I?* v W?U? d? Wb?I UI?b U?N uJ lu?* P?AM*
W
u?F UM qF?& tOU? W?b
c
c UN
b?u b U?N d?( WbIM U?Ib? lu
WuI Wb
RMK
WOU* dUI u WOUHA s WOU Wb
lL v PAM* rOOI
bI s? b U2

(Terminal value)

W?OI?* W?L?OI db?I v W
u?F u? bM

UNOK bLF v uLM vK UL vK

qb ZNM0 WIKF* U iF
WDA Wd?L?? vK? W?d?* U?I?HM d s lu?* b?IM? ob? vM
v W?UMB u b?F W?OU? UNb?F u?{ v WF?u* W?OU( Q?AM*
vd nOUJ d s dJ* dO UOKLF d UF Ud l UN
qLF
d? UL? Q?AMLK vKF?H uLM b?F? l lu* u?M uLM b?F? W?
c oOI? WOU UULC
U?ub uJ b
vU _ s du d?OOG
U??HJ d??O?G vU??L??d U?H? v d?O??G?? q? Q??AMLK? W???{ WD d??O?G??
dOG bb u UU UFO* uLM? WOIOI d b bF WOKOGA
a lu WUO
Q?AM*U
WDO?; qu?F U?? v c_ V? VUM* rB?) qUF? db?I bM
c bzUF b?F UL? d? c bzU bzU?H UF? q rOO?I aU v
Wu W?OU? UO?I U?O
qUF? WKU2 UL? u? v uKUF?* tF?u
QAM*U
WU d dU W WOUEM dU< U& rOOI q QAMLK WOU*
uu* UNOK U?F* UB* b s uJ V U?O
qUF b? bM
U?O?? b?M vd d? d??u?K
u? q? d?G c?N? U?N?O?
W?F?O? VU?M t?OK W? b?F?? d? l WKO?? U?d? W?u?L??? l t
U?A?
WUI*U
WO?U* UNF u?LM WKd UdU r? c rOOI q? QAM* d
WuL: pK l

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b???? bMF?? b????* b?I?M ob? u? l rB?) qU??F? rz?? V
bF? b r W?OI* U
_ ?LK d( WbIM U?Ib UFu? vU
ULMO
VUM rB qUFL WOJK* uI vK uKD* bzUF
ju?* b???? V Q?AMLK d?( Wb??IM U?I?b? W?Id b???? WU? v
Q?AM* W?LO? s ub W?L?O U?F?? l rB?K qU?FL? u?_ W?HKJ `d*
u_ lOL v sJ QAMLK WOJK* uI WLO v uuK
U??? v U??N?b????? r??O? v? ub V U????? f ?? V
v qu?K UN?LB? r?O v ub W?LO? l u_ W?HKJ `d* ju?*
b? WM WLO?I pK vKFH b bM u? QAMLK WOJK* uI W?LO
WbN* WM l WOKI* ubK WOU( WLOI
UI p vuI "UM u/ u QAMLK b* uLM bF U V
jOD s UB dUIU UN
uu* UuKF* UB b_
WL?O s q b? v QAM* rO?OI r U* U rN? rOO?I U v
Ue U???? v c?_ b?F
Q??AM* W??L?O?? W?F??u??* U* U b
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Ud o
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rOOI q QAM* v dDO

WM dUM v l
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u ZNM UOU
s Ud??O?G
U?N??U?I?? ? s rO?O??I? q?? Q?AM* W??L?O? u?? ZNM ZM??
P???AM* u???_ vK h?M c U???B????? b???* u???{ v W?KU???L* P??A?M*
uK_ U??H?U??C* q9

The law of one price

W??N
U?A?? d?F??
rO??I W??N
U?A??*

W?u?L: nU?C? U?O? r Y?O ZN?M* cN U?I? W?L?OI U?O? v U?u?O d??_
e?d* qb WLzU? uM
b v nU?C* W?LO? d{ qU? U W?N
UA* P?AM*
rOOI q QAMLK WbIM UIb vU*

u ZNM0 W b * dOG* r
WNUA* PAM* WuL: rOI UHUC
v UuO Ud rOOI WOKL v Wb* UHUC* bF

WOd UHUC
W?O??
uM
b? s r?N? VO?B? rN? U?H?? d?F? s q? vK b?L???F c
q
UI? tF v dL?* Vd c mK* UH?UC* s uM c fOI YO? QAM*
_ dE U?b? d?_ UH?UC* s uM c d??F QAM* W?O
s b? q
UL WLOI vU_ b; v WO
d oOI% vK QAM* b

WbIM UI b UHUC
U?I?b? u b? rN?K v?u? U?H? d?F? s q b??? nU?C? u
q
UI t?F v dL?* Vd c mK* UHUC* s uM c fO?I YO WbIM
QAM* UNII% v WbIM UIb s b q

 WM dUM v l
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Wd b WLOI nUC
u?I v?U s rO?O?I? q rN? VO?B rN? d?F 5?
lL nU?C? u
U?e? vU?L? rB? b?F
u?_ vU?L? Q?AMLK Wd??b W?L?O?IU
5LU?*
d b? v dO?A Wd?b t?LO?I
rNK W?Ou? WL?OI nU?C* p UI Y?O
u_ vU r( rN dF WODG

QAMLK WOU_ WO U* UUO

l VUM c? QA?MLK W?OU* rzu?I s W?O?U?_ W?OU* uM b? U?O?? r
rOOI q QAM* WLO v uuK p b* nUC* u

W b * UHUC*U W U) U
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WOKF dzU) QAM* oOI% U v UNb sJ1
U
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vK dR* WHK< WO?U; U'UF* dOQ v Wdu? Uu d eK b
U
_ u

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du?
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WbIM UIb oOI% v b dI aU
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WM dUM v l
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WO?U* U?R* rOO?I U v b?? U?UM UH?UC* s uM c b?F
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WO
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t
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U?A* P?AM* W?uL?? 5
?
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u _ v U ZNM U U
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ZNM* c b
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U?G d?? u?I? q? W?O?F?O?? u? v rJ? pK9 v? P?AM* W?OU*
UdO vFOD
WU?F W?L??O?I vK W?O?I?O?I??( U?N??L?O? eJd v? P?AMLK U?C b???? U?L?
v U?Nu VK q?L v? PAM* WU?IF P?AM* q? UN?U
fO UNu?_
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nu bM W?OI?O?I( Q?AM* W?LO? dN?E nO?F?{ WO?
gU oO?I% W?OU?? dzU?
UNu qOO UNUA

ZNM* cN W U) U
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hzUB) pK WK s WUB UNUOUJ rOOI q QAM*
WuLK* u WOMH UHu*
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WM dUM v l
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rOOI q q_ vK Ue Uu u

WF U( v WOHB bM rOOI q e q_ WLO
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d? v rOI* QK b
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