comparative evaluation strategies in mergers and acquisitions

8/3/2019 Comparative Evaluation Strategies in Mergers and Acquisitions

1/69

!#%#!#%

425,7,9;0;,:,943$97,9008307078

,3/.6:89438

!#%&

$&%%$!##

#$$%%&%

%$%&$

&

-897,.9


2/69

:830887,3,9438043 147.47547,90 70897:.9:73 3 90 1472

410707847.6:89438/4908990,9071742;,74:8507850.9;08%8

8 070 ,7808 90 25479,3.0 41 .43/:.93 ,3 007.80 147 0;,:,93

897,9008 147905740.9,3/903,.425,7843,8 94-02,/0849,990

3907089419089,04/07841-499003998349/89:7-0/

%4/4 900;,:,9432094/41;,:3,172,3/90 25,.94120707 3

9047,3,943572,7/,9,,3/,3,9.,/8.:8843,84-9,30/1742

!,3/733/4:99,:7907,3,884170.039207078,8

/430 94,77;0,990.43.:843%8 9088 8,3,9902592,/0 94 13/4:9

90 4592:2 0;,:,9;0 897,9008 :80/ - .425,308 3 207078 ,3/

,.6:8943 . .42203.08 1742 ;,:3 90 172 94 0;,:,93 90

2070/0399

%4/4 900;,:,943 90.,59,-:/093/0.843,8 94-0/430-;07

.,701:0892,93905740.90/1700.,814847/4384430,8 94

,;0 ,3 3/059 340/0 94 1470.,89 90 2,709 90 2070/ 0399 8

0390733943.0988/430903.42089024/0415,390,.6:70/

172%04592:2897,901475,390,.6:70/ 172/0503/:543

903,9:7041,.6:8943


3/69

3.0 905,203924/0 8/0907230/903 ,30;,:,943 8 94-0/430 94

13/4:9090790-7,3/ 90 47,3,943 .:9:70 897,90., 198 0,.

4907 %03 43.0 , 9080 0;,:,9438 ,70 /430 903 43 90 /0,

84:/-0 13,0/ 147.,90,2,8 94-0 14720/9705708039,9;0

.4257831742-4990.47547,943

33/,33.,.9;9,874394:3570.0/0390/0;0,3/74

0;031:7907425,308207090,.49073,3/5,79.:,790

9090%!80.94733/,,;0930880/2,2:2-:83088

70897:.9:73147900,740;07924709,3,1419080/0,8

1,8 94 /0;07 907 050.90/ 708:98 ,3/ 84 .425,7843 41 0;,:,943

897,900838.0397,9420707,3/,.6:8943/0.8432,3


4/69

.340/02039

9,0 98455479:39940570882/005 80380417,99:/0 9429088

:/0 !74108847#,2,783, 147 8 ;,:,-0 :/,3.0 003 3907089 ,3/

051:.79.82/:7390.4:7804189:/

057088 2 83.070 9,38 94 !740.9:/08 #,82 $:3/7, 147

574;/3,30.088,705/:73905740.947

$#


5/69

%,-0414390398

3974/:.943907,9:70#0;0

07078,3/.6:894334;07;0

,.74:3/4190!74-02

030198,3/$.4504190#080,7.

!74-0243909

%047547,90507850.9;0

,80$9:/

',:3$307

;,:,943$97,90083

%,9,%0,908903499%090

#0.42203/,943

#0.42203/,943

43.:843

25.,943


6/69

-47,5

5503/08

$34588

%088#0854380$009

":089433,708


7/69

07078,3/.6:894334;07;0

0707 8,3 30;9,-050342034341903,9:70. 8;07574259

7010.90/3901472,9434190:3;07809801;0390:2,37,.089,790/

9,207074194.0843,3/83.0:2,3.;,94389,790/013/

492,30,250807038.,204:91742903/42,3//70,20/

,-4:92073490790779470894,3897039,3/5407

:83088 47/ ,8 ,84 -003 349 ,3 0.05943, 1742 98 503420343

;07/,0 13/308 1742/110703980.947841 3/:89708 ,-4:9207078

,3/ ,.6:89438 9,3 5,.0 94 03,3.0 8307 47 94 ,.0;0 850.1.

13,3.,4,0907 3 90 147241.4898,;3,3/0.434208418.,09

908,20 920 9 84-;4:89,99070 8,3 3.70,80 3,..088 94.,59,47

-00;089,9:3/07;,:0/.425,3.,3-09:730/,74:3/

40;07 9 2470 9,3 ,1 41 90 /0,8 1,8 94 /0;07907 050.90/

708:98,.425,7843410;,:,943897,9008 3 8 .0397, 9420707

,3/,.6:8943 /0.843 2,3,./0, 8 84 :36:0 3 90728 41 80

3/:89714.:847047,5.,47039,943,3/900;,:,943897,90089,9


8/69

9070 .,3349 -0 43 4300;,:,943 897,9008 . 8 :31472

,55.,-0

302:898009,990/0,2:89/0;0790439072749,3/8:89,30/

57419,-925,8884:/-04349094.425,308199409073,

57,.9.,4713,3.,80380,3/34943090790.4:/97:.42-3094

2,0,409,9,870,9079,3908:241985,798

89047/-0.4208,97:4-,2,7095,.02470,3/24704;0780,8

207078 9, 0 5,.0 ,3/ 3/, 8 349 ,3 0.05943, 944 4-,,943

57;,9,943 ,3/ 70,,943 41 .439748 ,;0 97070/ :3570.0/0390/

:58:703.7488-47/07-3/,3.425,30840;0790574.08841

70897:.9:73 41 3/,3 3/:897 // 349 .42203.0 220/,90 ,1907

-07,,9439,8 90 3/:897, 84 /43 83.094 .

86:000/90574192,738413/,3.47547,90039908,3/ 147.0/90294

70897:.9:709074507,943894,.0;07,907.425099;03088

3/,,8,.6:70/14703.425,308-09003147.4384/,90/

,24:39 41 -43 1440/ - 3 479 -43


9/69

4;0780,8,.6:89438479-433,3/3903:2-07,8

430:594,.6:89438479,74:3/-43

%0 .4393:3 545:,79 41 207078 ,3/ ,.6:89438 8 574-,- ,

7010.9434190/08570,/-0019,9,.6:89438574;/0,30,874:9094

,.0;0 7493/03 9 .4208 94 207078:3097,/943,47,3.

749 903,-08.425,308 947,/.,,90790/3,2.841-:83088-

,.0;3749.4898,;38,3/.425099;0,/;,39,0

0 .43/:.93,.425,7843 007.80 41 0;,:,943 897,9008 3

90144388:0884://:-0.438/070/

W /0391.,9434190 84:7.084190 1728 .:77039 ,3/ 1:9:70 .425099;0

8970398

W48:89,3,-0,3/:36:090/03910/8970398,70

W90.42509947705.,9090897,901440/

W90897,90.70,908,704/07;,:0

W',74:8.42543039841.47547,904;073,3.08:.,8903/0503/03.041

90-4,7/41/70.947890,.9;8241,708,704/078


10/69

40;07 942,0, 20707 1: 8:..0881:430 .,3349 3470 90 :2,3

,3/.:9:7, 88:08,8708:93200934194,:943424:8.47547,90

.:9:708 03 .425,308 ,70 ,.6:70/ 47 .42-30/ 50450 ,2489

220/,90 89,79 94 14.:8 43 /110703.08 3 90 .425,308 254008

39, 507.0;0 90 4907 .425,38 .:9:70 ,8 09073, 31:03.0 ,3/

1706:039 700.9 9 850., 98 ,5508 3 ,3 ,.6:8943 070 90

,.6:73 .425,3 800 90280;08 ,8 90 33078 ,3/ 90 ,.6:70/

.425,39048078

3,//943 94 9803,207079,085,.0.425,30254008-0.420

.43.0730/ ,-4:9 4- 80.:79 ,3/ 7:2478 89,79 13 42-33 94

.425,308 .,3 .70,90 3907507843, .431.9 740 .431:843 :3.079,39

,-4:9.,30,3/4774170/:3/,3.

34907,850.99,9 84://:-0.438/070/ 89,9 347/07 9474,3/

05,3/ .425,308 2:89 4 147 3 -:8308808 9,9 90 :3/0789,3/

0

0,/3.47547,904:808,;0:3/079,0370897:.9:73007.808,3/

8430419024890110.9;02094/841.47547,9070897:.9:7303.0

,8-0.420,33907,5,794190439072-:83088897,9041


11/69

.47547,900390757808;033/,313,3.,807;.083/:897,8

70.430/90300/147.47547,9070897:.9:73,3/2,3-,383

90.4:397,7024;3398/70.943

40;0790708,,8,3,7:2039,,389.43;0703.0

8:08939,93.70,83.4250994390,77;,41904-,

.425,30820,3831:9:70,,3/1:414-,3899:9438

/423,90$4201099,9903/,3.47547,904:/-0.420

54,70/94-,,398,943003/,3/3.05,078,9

,34907#01079483,333/:897944147425099;03088-$!#'99,(

.43.059:,/8.:8843

:83088.42-3,94347-:8308870897:.9:73.,39,03901472841

207078,.6:89438,2,,2,943,3/9,04;078,3/,,;05,0/,3

25479,3974039009073,74941,3:2-07410,/3.4:39708390

47/


12/69

%0708,70,9/0,41.431:843,3//8,700203970,7/3900,.9

20,33841,90809072344082039430/,-4;031,.9842041902

,70:80/3907.,30,-94:9090720707,3/.6:8943,70

41903:99070/834324:8-:9909072820707,3/,.6:894320,3

89/1107039938,3,908090728,8,805,7,900,/013943

3,.6:89434..:7803430.425,39,084;07,34907,3/5,5,-

020708,890304307905:7.,808.,0/,3,.6:89437420,

543941;0909,709.425,3.0,80894089,3/90-:078894.

.4393:0894-097,/0/

207074..:780394472470.425,308.42-30394430.425,3

47430472470.425,3082,20709,30893.425,3070747

,2,,2,9432,9,094147280707974:,-8475943

0707974:.4384/,943

0707974:,-8475943

-8475943.,3-0/0130/,890574.08841.42-3394472470

.425,308394,30893.425,3070,90.425,3080.059430

480907/0399470,250,-847594341%,9,0790789/-%,9,

02.,89/


13/69

0707974:.4384/,943

390.4397,7.4384/,9438,.42-3,9434194472470.425,308

394,30.425,3,3/39814724120707,.425,308,700,

/884;0/941472,3003993,.4384/,94390,.6:70/.425,3

97,38107898,88098,-908,3/8,7089490,.6:73.425,3

07078.,3-0,,3-74,/.,8810/3901443,

47439, 20707 %8 8, .42-3,9434194472470 1728 3 82,7

95041574/:.9434720734117283908,2089,0413/:897478,20

,70,41-:830888343,847439,20707

'079., 20707 42-3,943 41 94 47 2470 1728 3;4;0/ 3 /1107039

89,08 41 57 4/:.943 47 /897-:943 3 47/07 94 70/:.0 90 .489 41

574/:.9438343,8;079.,20707

434207,9020707%8 8,.42-3,94341 172803,0/ 3:370,90/

30841-:83088,.9;9,250%9%7-03%88:08


14/69

40;07,90;07-0901472412070798:3/079,039901443

249;0847347/0794,.0;0901443-030198

29.42509943

&90:3/07:90/2,7095407

%474,3/03,3.057419,-93903/:897

%4,.0;00.434208418.,0

89,-8,97,383,943,-7/00,/94:90.088;089,79:5.4898


15/69

,.74:3/4190!74-02

3 94/,8 47/ 41 390380 4-, .42509943 , .47547,90 -002498

708479 949 ,3 ,990259 94 ,99,3 8:708 3 347,3. 749:9

9070 ,70 034724:8 70,8438 41 8:. 1,8 94 ,// ;,:0 47 94

,.0;090/0870/8307$42041902,7050330//43-04

2574507;,:,943 %0 0 94 , 8:..0881: 803 90 7957.0

,3/349,50332470,705,/-:9324894190.,808.425,30803/:53

5,324700908,704/0784190,.6:70/.425,35,79.:,7

19070.0;0.,8/40-:990.4393:38,704/07803/:5990

4-344:8-:7/03414;0757.0/,88098.9/01390.43;.943/:90

907 1:9:70 0,7338 $:. -03 90 20: ,9 -0.4208 25479,39 8

574507;,:,9434190-:83088,3/850.,39,3-0,88098

4,893 4;0789,90/ 830708 %070 8 34 /4:-9 9,9 ,3 ,.6:8943 .,3

.70,90 8307-:9 2,3 9208 .425,308 9 :3.43974,-0 5,59,9438

03/:534;0789,939884.,0/8307%84..:782,3/:0944;07


16/69

0892,93 90 7,90 41 .489 70/:.943 ,3/ 4;07 ;,:3 90 309 473

.,59,;070892,938:.8307080,/894,1,:70419020707

:9:7, .,8,.41574507 .422:3.,943,.98 ,8,/8,8907 3 .,8041

4;0780,82070780702,3.:9:7,/110703.080894704;07.:9:7,

/110703.08 /4 708:9 3 1,:7041 5,38 2502039,943 ,3/9070-5,;08

90,147901,:70419020707

!447:83088903 90574/:.947807;.08/408349 193,9:7, 394

90,.6:70782,70938,08/897-:94388902,3/34994-00194:990

/0247,5.,706:70203984190574/:.947807;.0841902070/0399

90392,.70053/0,83011.0393907,943

;070;07,0,8,.6:894381706:039708:9390,.6:707,88:23

9442:./0-9:9:703907089.4898.438:20,70,95479434190,.6:70/

.425,38 0,7338 3 0;03 2489 8074:8 574-02 708:98 03 90

,.6:707705479894.0,58479907213,3.3459438,3/903,8/11.:9

701:3/343,439072-,88


17/69

4,7/7442 $59 03 207078 ,70 897:.9:70/ 9 4,7/

705708039,943 47 9 8:-89,39, 705708039,943 1742 90 9,709 /:0

,9903943 84:/ -0 ;03 94 /0907230 90 .425,9-9 41 90 /70.9478

14439020707470,250034-,%807;.08,390.9743.

,9,$8902847547,943$,.6:70/,3,470 -,80/5,88

9/ 43 :30 077#,4 .4393:0/ 94 702,3 .01 00.:9;0 ,9

5,88 -0.,:80 41 8 0507980 3 2,3,02039 ,3/ :3/0789,3/3 90

-:83088

$4204190574-028,70,14702039430/-:99089803/088$:.-03

9020:-014709080 574-028 84:/-0/:,//70880/:998

89:/425,7,9;0;,:,943$97,9008307078,3/.6:89438

-0,//7088390 178994 574-0289,9 8 13/34:9,574507;,:,943

24/0 14790 17294-0,.6:70/4390430,3/,3/43 904907,3/ 9

,8414.:8439413/4:9,57450724/0147;,:38307

-0.9;04190#080,7.

%05708039#080,7.85,330/9489:/9020,8:7089,9.,3-0/8.0730/

,8.4:/574-,-033007,8:..0883,3//039190370/0398


18/69

9,9,70706:70/94-01440/94-09907,/0,,89.,3-0/43047

3049,90/4798904-0.9;08,70,81448

%4.425,7090574.088080;,:,9434190172,3/8307

;,:,943

%413/4:9,3,/06:,90897,901475,390,.6:70/172849,9

90708344;070;07,0574-023901:9:70

%4/0907230,34592:20;,:,943897,903


19/69

030198,3/$.4504190#080,7.

93/,,3:5 394,302033:2,;0-0.420088039,

147 347,3.749%8 85,5,-0 3 9090 3/:897. 3 90,

,3/ :30 41 930880/ 498 41 4;0780,8 ,.6:89438 0 ,,

3/:89708,.6:732 2,47%394,;,3/070 1742 9,,3/#,243/8

,.6:70/!479:,-,80/#003.%0908!479:08,299,/,889,90/3

%0%0207941%090841:83088.43429:309030

2,397,147 3/,3 9090 2,478 94 4 4-, 8 .7488 -47/07,.6:89438

7008,$,,70.9470307, 0/07,94341 3/,3 5479

470,3/24704;0780,8,.6:8943.4393:0390,.6:8943

38:.,20:905708039#080,7.-0.420809702025479,39,890

572,714.:8419089:/8940;,:,90897,900830707.6:8943

,3/ 13/34:9 ,34592:22412,35,2039 94 90,.6:70/ 172

;03 ,3,89 1008 9,9 90 74:90 8 ,3 /0, , 1 47 .47547,90

70897:.9:73 $9,793 17 42 82, 3/0503/039 47,3,9438 94 4-,

-002498,8973984594341749


20/69

%0 70,843 .,3 -0 ,393 -:9 430 .470 70,843 8 20,38

2574;020393.,59,897:.9:70.03,-08949,030,3//;07810/

,.9;90840;07,2,47 -499030.94 2574;0 90.,59, 897:.9:70 8

54475,20392,/09490,.6:70/.425,3/:73905702070734907

47/8 9 0,038 90 13,3., 548943 41 90 .425,3 %4 ,;4/ 98

574-02 41903 .425,308 ,.6:70 , 2,47 89,0 0,707 ,3/ ,907 /4 90

.425090 ,.6:8943 0 147 0,250 39073,943, ,7093 $,08

74:5!.$,.6:70/2,4789,08 3 3/,8,3//,7093,3/

90702,3390,704394,.6:70-

%0 1443 .,808 -0 ,3,0/ 9 7 0850.9 94 ,77 ;0 17:91:

.43.:8438

%,04;07-%,9,%0,41%0909,8-00324709,3,/0.,/041%,9,%0,

%09074:503,02039,3/902,97243834-7038349

455479:3908147-4941902%,9,%0,8&-,80/.4,-47,947%090

74:5890334;,9474190.43.0594190,-,,3/-;,:0,3/;4:20

,2439094574.07-7,3/83&32/%,9,%0,-4:9&

-,80/%09014754:3/


21/69

54909.,.,8089:/9900541,7907..4:39,39,3/!,

54909.,.,8089:/,8-003/0;0450/..4;078,2489,90

574-028,884.,90/94;,:,943394/,8.47547,9047/

!74-0243909


22/69

%047547,90!07850.9;0

3 :30 4-, % ,39 0.9743. ,9, $89028 47547,943

,.6:70/ 243 8,708 41,3,470 -,80/5,88 9/ 147#8

.7470

3/,3,:90.4:9:70-8,70438455390302,397,147

3/,390902,4789444-,8974:.7488-47/07,.6:89438

%0 %02079 41 %0908:83088 .4342 9 :30 ,,

3/:89708 ,.6:70/ 2 2,47 %394,;,3/070 1742 9, ,3/ %7/

203843 147,949,.438/07,94341,-4:924343,3

908,200,:0:,7,90,;02.,8,.6:70/,3#;07#,243/43

, ,3/ #,243/8 ,.6:70/ !479:, -,80/ #003. %0908

!479:08,299,/,

5,79 1742 9080 4;07 80,8 ,.6:89438 - 3/,3 3. 90 0,7

930880/90 ,7089 0;074;0780,8 ,.6:8943-,3 3/,3 .425,3 ,8


23/69

%,9,%0,,.6:70/90%09074:5147 24354:3/840;07/:7390

5,89/0.,/0 498414-,-00249,8 ,84,.6:70/.425,308 174290

42020:03794,3/,9444;07&3.05581742

279 ,3,85,9 74:5 1 47 ,3 :3/8.480/ 57.0 8 507 90 ,.6:8943

,7002039 794, ,439 90&3.0 558-7,3/ ,84,.6:70/,

10:3:80/,880981742279,3,85,9

9842,3,55033,9-0.420825479,398;,:,9434190

9,709.425,3,3/900892,90/83073548920707039.420894

;,:,9434190,.6:70/.425,341903574-02,78083;,:390$,5

7,944906:08943,7808,98,8,57,94

$,5 7,94 8 907,944190 8,70 0.,307,90414304190 2073

.425,3 9 90 8,70 0.,30 7,90 41 90 4907 .425,3 70508

!74108847$,3/005!1.425,3,3/.425,382073903

$,57,944:/-0

$,57,94.,30#,9041425,3.,30#,9041425,3


24/69

%74:/1107039.,8089:/08,3//8.:88438,3,990259,8-0032,/094

0;,:,90 90;,74:8897,9008:80/147;,:3909,709 172,3/8307

.,70/8.:880/3,907.,59078


25/69

,80$9:/

%%9/#

#$%%9/

,80/43 31472,943 ,9070/ 1742! ,3/ 43974:90 70.039

-:83088309054909., .,8089:/4307078 ,3/.6:89438 ,8

-003 /0;0450/ 944 90 05 41 2 57 40.9 :/0 !7 4108847

#,2,783,,3/733/4:99,942,090;,:,9438,857,.9.,

,8 5488-0$4204190 ;,:,943897,90089,9,8-003 3.47547,90/ 8

097,.91742242.,8808417,,03/:$,4113,3.0

,.:99,&3;0789


26/69

%0,88:259438.,70 900894304190.,8089:/,7003:207,90/

-04

9 8 ,88:20/ 9,9 90 0893 :3/079,38 ,704507,93,9, 0;0

-04 4592:2-:903 90 .42-30 907 7084:7.08 ,3/ 0114798

90 .,3 70/:.0 90 .489 41 57 4/:.943 3.:/3 803 ,3/

,/23897,9;0050380899,00,7894,.0;0988307

4990.425,308/4349,;0,3!7010703.0$,70,59,

908,708,701:5,/:5,3/,:9470/8,70.,59,4199,

44/ 9/ 8 41 8,708 41 7:5008 0,. ,3/ 41,,3,,7

#089,:7,399/8418,70841#80,.

0570.,9438.,.:,90/432383,,3.0094/

%070 8 34 3907089 94 -0 5,/ -,,3,,7 #089,:7,39 9/ ,1907

2070743/0-9.,59,,8 90 4,39,03 174299,44/ 9/4:/

-0,/:890/


27/69

%0 0,733841 -4990 17214790 0,7 ,8 -0039,03 147

.,.:,9390!$,190720707

4990.425,308,70890/.425,308

3,3.,0,7147-4990.425,308.4808,9890.02-07

!43994-03490/%0570;,39,7,901470,.0,7,8.,30/

99, 44/ 9/ ,8 089,-80/ 3 94 2,3:1,.9:70 8900

0307,:80/147574/:.3420,55,3.08,3/2,.308%0.425,3

3;0890/ #8 ,.8 3 , 82, .43.073 .,0/ ,,3,,7 #089,:7,39 9/

#:73905,890,7888,08,;0743,9,3,;07,041

,-4:9 0,7 . 8 -0490 3/:897 -03.2,7 ,3/ !%,;0

743,9,-4:9%01:.9:,93574194190.425,3,8.,:80/98!

7,9494-02:.4

%4 70/:.0 98 0,733 389,-9 8 34 5,333 94 ,.6:70

430785 3# . ,8 , 5447 2,3,02039 ,3/ 94 2,0 9 98


28/69

8:-8/,7:7703988,70 8803147#83902,709%0

830708147,.6:73#,7003:207,90/-04

%09,709.425,3-0430/949070,90/-:83088849053

;079.,20707,3/503097,9033007,70,

9,80307,90/,89,,7944/,24390.438:207,3/8920

434:70/,8,44/":.$07;.0#089,:7,39"$#

9,/4:909830,3/:2-,%070;03:00307,90/

174290804:90980532,39,33,89,-0!7,94

#8343147986:,941574/:.98,3/807;.083.:/39,8,

89743 489. 97 4:4:9 98 4:9098 8570,/ ,.7488 90 .,59, ,3/

:2-, %0 .425,3 8 5,333 94 2,0 98 2,/03 0397 3 4,9,

:0 94 5447 2,3,02039 ,3/ ,. 41 334;,9;0 /808 90 .425,38

5071472,3.0,8-40//4399003974130/8390-4.%0

.425,3.4:/3495,00/94574/:.9 334;,943/:0 94 90.48941

7,2,907,,3/574.0880/9028706:70/1478:.3/0,;4:7

#8 8,08,;0 743,9,3 ,;07,0 41507 0,7 %0 .425,38

0,733,8-003 4/:094/0.30 38,08,3/90,;07,02,70957.0

41.425,3 8 8,708 3 70.039 9208 ,8 -003 4079,3 98 -44;,:0


29/69

%0-4,7/41#9389,90390944,4,3 1742# 9050/

902 94 /0, 9 907 13,3., 3,/06:,. ,3/ 34 1 9043 9

90 .,3 09 7, 2,907, ,3/ 574.088 370/0398 ,9 407 .4898

174290 :2:34:8 574/:.95479144414704;078 8:55

.,303,-00,8,;,,-94190574/:.983,904:9098

%0 .:7703957.041#88,70 8#8439389,9 190

.4:/,.6:70# 90.4:/ 9:73 ,74:3/90 .425,3 ,3/ 3.70,80 98

8,70 ;,:0 3 90 2,709 40;07# 1,;4:70/ 20707 9

3890,/41-0.423, 8:-8/,7..47/3 94 8,704/07841# 1

430 .425,3 8 2,/0 , 8:-8/,7 41 4907 90 /0, -03/ 90 8307

4:/1,,3/9070349-0,3:310/.422,3/,899,39,24:3994-0

/423,90/-905,7039.425,3

:9,390/94,.6:70#,3/.,20/94749078,08-

9378-:9,8#,884 47497,90 38,08-0

5,39021470,.8,70,3,24:392:.4079,3907.:770392,709

57.0#,700/949,9-:9907.43/943,894097,2,907,8,9,

2:.2470407.4898.059470/:.0.4894144/884/,90,89


30/69

418,08,39.5,9089,9948:554798,087494141#

90,;094-0,7,.,5006:,94418,0814790178978

4 90 243/4,7 6:08943 ,7808 0907 -49 90 .425,308

,;0 ,3 3.70,80/ !$ 3 90 5489 2070720: ,3/,957.0

84:/5,94#190207090,.4907742#8543941

;0 , ;079., 3907,943 41 :58970,2 8:55078 0 #0,3.0

!0974.02.,8 9/9#0,3.0 3/:89708 9/ 3 90 0,7 05

90.425,394,.0;090/0870/708:9418307,3/70/:.090.48941

574/:.943

%0 13,3., 89,902039 3 , 8:22,70/ 1472 88:0/ - -49 90

.425,308147900,703/0/890.02-07,70;03-04


31/69

99,44/89/

$:22,70/!89,90203914790,891;00,78#83

0,7

09$,08

4894144/84/0570.,943$03/23503808

%49,0503808

%

3907089

%

%,

!%

!078,70/,9,

0,7

!$#8

44',:0#8

,709',:0#8


32/69

$:22,70/,,3.0$009

843890.02-07

,-908#8394:8,3/

$4:7.0841:3/8

$,704/078:3/

!,/:5.,59,8,7081#80,.#0807;0,3/8:75:8

47740/:3/8

$0.:70/&380.:70/

:77039,-908

88098

74884.

088/0570.,943094.3;08920394,394$&90705489:7703988098


33/69

,,3,,7#089,:7,3989/

$:22,70/!89,90203914790,891;00,78#830,7 09$,08 4894144/84/ 0570.,943 $03/23 503808

%49,0503808 % 3907089 % %,

!%

!078,70/,9,

0,7 !$#8

44',:0#8

,709',:0#8


34/69

$:22,70/,,3.0$009

843890.02-07

,-

908#8394:8,3/

$4:7.0841:3/8

$,704/078:3/

!,/:5.,59,8,7081#80,.#0807;0,3/8:75:8

47740/:3/84,31742$

:77039,-908

88098

74884.

088/0570.,943094.3;0892039:7703988098


35/69

4 8973 94 13/4:990;,:041# 347/07 94/09072300907 98

4799420709#47980:80 90,5574,.94/0907230 90

;,:041#,3/979413/4:990;,:,943418307

,5574,.

3904380941982094/00892,9090170014-5740.943418,08889,90/

0,707$&390,890,78,8743,9,3,;07,07,9041-:9$.,28

90.,33.70,80908,08948.4385.:4:8174290"#08:94190420

743,39,-:73/,9/99440,794,.0;090/0870/8,08749

1742,.6:70/-7,3/8/43/4248/45.,3/$,3170817429089,-041,8,7,

%07014700,88:20#88,084:/702,3,9147890,7843907/

0,7,3/9070,1907$4908,08-0#8#8#8#8

,3/#870850.9;0147900,7,3/

;,,-9417,2,907,8,9.0,507.4898 ,3//:0 94 904507,93011.03.08 ,8

4-807;0/ 3.,8041#0,3.0 3/:89708 9/9#0,3.0!457450308 9/%0.489

4144/884/$ -0 70/:.0/ 94098 ,88:20 99,08420920 147

$&94 70/:.0 98 .489$4$.,3 -0 ,88:20/ 94 -0 3,3/

147,3/9070,1907#0,7/3803,3/,/2305038080307,9,8

-0038003970/:.08390890,78-:9/:0943,-941902070/47,3,94394

.450 :5 9 90 3.70,80 3 90 ;4:20 41 8,08 9 3.70,808 ,3/ 903 9 1,8


36/69

/7,2,9.,0570.,943 .,3 -0 0892,90/ 0053 3 23/90 ,39.5,90/.,50 3

0,.0,7. 84190 8,08 ,3/,;07,0 ,33:, /0570.,9437,90 8 89,90/

0,707 /0570.,943 -0 .,.:,90/ - /2383 -,,3.0 2094/ ,9 %:8

/0570.,9431742948

!!

!

!

!


37/69

!

%0 3/ 8905 8 94 0892,90 90 .489 41 .,59, $3.0 0 ,70 /0907233#8 ;,:0 90/8.4:397,9084:/ -0#8 ,;07,0 .48941.,59, 4790 0,7

904:989,3/3/0-94190.425,38 ,.8,3/39070895,/,33:2

8#894:8,3/0,88:20072,73,7,904139070898,4390,19079,

-,88%0.48941/0-94:/-0070 8 90 9,

7,90 3.:/3'%,3/$07;.0%,41,55.,-0 174210,88:20

9,990.425,3,8-0035,3,-4:941980,733,3/709,3390701470

570;,3.4894106:9

410**************47%0,;07,0709:734306:9!%%#%%:890.425,387497,9047

%0701470#81:9:700

$&824:39#$309489


38/69

90/.4896:90-9

,5574

3.70,803

!708039!07.039,041948,080,7#8394:8,3/

3.70,803

,,3,,7$900&90388


39/69

892,94341,8481473091;00,78

!,79.:,78

09$,08

$

$03/235

0570.,943

%49,5

!%

%,

!%

//0570.,943

:3/8742507,943

0883.70,803413098,08

,817424507,943

088,50

09,81494$

!'

!708039',:0

%49,',:041##8!708039;,:041#8#8',:041#88,708#8#8;,:0 088/0-9

%0701470;,:041#88,708

',:05078,70#8#8


40/69

%0 2,2:2 57.0 507 8,70 8 5705,70/ 94 5, 147#8 8,70 8 #8

. 8-0490.:770392,70957.0#8:982,70957.05078,70 8#8

8490708,5488-99,92,709;,:041#,843.70,80

4906:08943,7808484:/$13,3.0,.6:894341$&

9.,3-0/430394,809073.,841107470.,30418,708

,841107,.,841107 8 , 897,9147,7/20,3841 13,3.3,207079/408349

.,:80 ,3 /,9,943 3 !$ ,3/ 90 430785 41 90 0893 8,704/078 41 90

,.6:73.425,3$,;0945,#8147,.6:73$&

$,700.,308,700.,30411078708:9394908,73414307854190

,.6:73 .425,3 -09003 98 0893 8,704/078 893 8,704/078 41

#8%00,7338,3/-0301984:/,84-08,70/-0900390809474:5841

8,704/078 %0 570.800903941309 -0301989,9,..7:0 940,.74:5/0503/843

0.,307,9403.,8041#0,3.0/0207074307418,70849$,70841

#0,3.0 307 '039:708 9/ ,3/ 90 0893 8,70 4/078 // 349 ,;0 94

.42574280

%4 5, #8 ,8 98 .:77039 2,709 57.0 507 8,708 #8 90 .425,3 2:89

0.,30 8,708 ,3/ 03.0 5489 207074:/ ,;0

8,708 3 90 .42-30/ 172#8 8,704/078 4:/ 4/ 41 8,708

$4:/ -0411073 8,708 1474:9 89,3/3 8,70841#.

20,38 8,70841 147430 8,70 41# %0 -44;,:0418 ,3/

#88,703870850.9;0#8,3/#8$4174290-44;,:0543941


41/69

;0 .4:/ 41107 8,708 147 0,. 4:989,3/3 8,70 41#

94:9/:935708039-44;,:084439,;0,574-021904110741

988,70894#

25,.943!$0983413/4:9 1!$-0/:90/ 1 90.,30/8,708 94

$&8,88:20/0,70709,0900,733841-49901728147900,7147

.425:93!$,190720707

99,44/89/25,.94120707843!$

#8394:8,3/

8!%-0147020707!%,

#8!%12070/9$!,9

!%4190.42-30/17284110720707

!%,!%-!%,-

8!$-0147020707!$,#8

,2:2344188,7082,39,33!$41#8

%,98

84:989,3/38,708-0147020707

,2:23:2-07418,70894-00.,30/94:9/:93!$


42/69

%0701470.4:/0.,3041988,7081474308,7041

#94:9/:9398!$,190720707$3.0980.,338,70898

!$,1907207074:/-0,8843-04

!%,-

%49,34418,708,190720707

%0701470!$,-

#80707419#25,.943!%

#

0147020707190720707!%#83

41$,708

!$#8

9;,:0

%49,9,59,,943#83,.

#8#825,.943!7,94%0!7,9441.42-30/1724://0.301742!7,94,8!7,94413/.42-30/1724:/-0:9#,;0,33.70,803!7,94898!7,94


43/69

'&$#

$3078902,.,147.09,9,4814703,3.0/.489011.03.08419030

-:83088..,39,0 3 90 147241 70;03:0 03,3.02039 ,3/ .489 8,;38

%01472418307803890/-04

$9,1170/:.9438%48420090392070770/:.08,-47

.43420841 8.,0 0907 9 8 5:7.,83, 82, 89,9430747,.6:73,

-7,3/.434208418.,0.,3-0,.0;0/,3,.434208418.,00594

70/:.0.48941574/:.943

.6:733090.344$30708294..:7-,.6:733090.344

2574;0/ 2,709 70,.08 ,3/ 2,709 8,70 1903 425,308 94 503097,90 3

3007,70,8,.6:70,4.,.425,33/8307.,3-0,.0;0/-90-030198

41902,7093,3//897-:943414.,.425,3

%0704:994-00.434208418.,0 3 90 .42-30/172-:9 32,3.,808

430,3/430,///40834906:,94944930.088,70;0720707708:93

8307 789 41 , 9070 ,8 94 -0 , .:9:7, 19 -09003 90 94 2073

47,3,943,3/903438307.,3-0,.0;0/:994,;0,8307343

7:3,9706:70889,990574/:.947807;.0/0;070/-9047,3,94329

19 90 47,3,943 574/:.9 5479144 7008 $,2,79 $3 41 ,3//


44/69

,7093$00,.6:8943,894-0897,90.,19-493 9072841-7,3/,3/

.:9:70 8 ,.6:8943 41 4/073 144/8 1990/ 90 -7,3/ -:9 9070 ,8 34

.:9:7, 19 -09003 90 94 47,3,9438 ..47/3 94 !8 :83088 ,3/

,70938,79.049:89,3-4/50,80:3,-0948:89,3488088

5:993:54/07344/1478,0

490243/4,76:08943,7808494;,:08307$3079,39,24:39

9409.4342.',:0'.,7808174290097,;,:00307,90/-90

.42-30/172

10.438/07900,25041909417282039430/34:70,707.,5907903

0988,',:04190.42-30/17287057080390/-'

',:041'

',:041#'

''''

098,88:20,.6:7357.085,/3.,8

4894120707,85,/'

''4894120707


45/69

;,:,943$97,90083

%8/8.:88438-,80/4390572,7/,9,.40.90/,19072009397

3,3/'072,3884.,90'.0!708/03941!3/,!7;,909/!8

,$907,3/-,80/.434207,90.2,3,.98,813,3.,.438:9,39,3/

0;,:,9089013,3.,-03019841207078

",984:/-090.47088:0-0147013,3,20707/0,

384490708348:.,7/,3/17897:09,984:/-0;03.470

25479,3.03,/0,:91000703/,3.47547,90288084:9-

9208,;4/3909,,9435,79%057023,7,3/43041902,3938

.84:/-09,03394,..4:3900;,:,939020707/0,8

9,,943$42092081909,,943/0,80850.,033/,3.425,308

41474-,,.6:89438909,,9433472884:/-0;0390.470

25479,3.0113909,574.0/:704790489.4:397,8,890524907

,999:/09039070834543994.4393:099020707


46/69

"4/4084300;,:,9090437:3-030198574;/0/-9020707/0,

3802,31442094/440894/0907230090794207047,9

-03019905740.984394574;/0390437:3%080,70

/8.4:390/.,814

448.425,7,9;0.425,3,3,88

%#$.425,397,38,.943

'309,8809;,:0

390,.6:731728-:3-:8308841909,7091727,907

9,3 , 850.1. ,8809 %0 ,.6:73 172 84:/ ,557,80 20707 ,8 , .,59,

-:/093 /0.843 144390 ,5574,.9 84:/9794 0;,:,90 90

0892,90/8,08,3/,3490784:7.04170;03:00307,943147,90,890,781

90-:8308883499442:..,59,39038;0

%0 2,3 /7,-,.4198 2094/ 8 9,9 9 8 ;07 39738. ,3/ ,94: 9

14.:8083901:9:70;,:0-:9/408399,0394438/07,943 902,709;,:08

3825047/8025,808247043920;,:0412430%4.4:390798

/7,-,.,98:08987084793949574-,-9/897-:943.,3;0


47/69

,..:7,90 708:9 %070 ,70 97 00 47 14:7 25479,39 ;,7,-08 480 574-,-9

/897-:943.,30 9003970 ;,:,943412070784 94-0438,108/0 98

-0990794:804190,.6:73.425,3,890!'

448070 90 .425,30843..425,7843 8 /430 84:/ /0, -0 ,

890/.425,3 90 .425,7843 89,798 174270;03:0 0307,90/-90 .425,308

.,705,333942070 9030/0907230%,7338-01470/0-9

3907089,3/9,08-0.,:8090583023,9307747,89/1107039,908-09003

.,80397,3/-440397,81470,250/0570.,943

1907 9,9 9 9,08 394 .438/07,943 90 039075780 ;,:0 47 ' . ,70

8:22,943 41 2,709 .,59, ,3/ 90 -44 ;,:0 41 /0-9 47 3 4907 47/8

8:22,9434110/,88098,3/473.,59,

3.0 90 ' 90 % ,70 /0907230/ 90 309 8905 8 94 .,.:,90 90

2:9508907,948%700-74,/2:9508:80/147;,:,943,70

'$$

'%

#%!%$#!

!%$#


48/69

%4 800.9 90 .425,308 147 .425,7843 90 .425,308 ,70 8479 890/

,..47/394.,70.480705708039,9;0410,.490739072841802,709

.,59,,943 ,3/ 574/:.9 5479144 %0 /039., 705708039,9;0 8 .4803 90

4308. ,8 82,7 050703.0 8:-0.9;0 ,3,88 ,3/ 7841 -:83088 90

.425,308,70/0,3909.3041902,3/7,-,.84144889,99

/40839 9,08 394 ,..4:39 90 97,38,.943 5702:2 84 90 309 2094/ 41

;,:,9438:80/

4%7,38,.94347.425,397,38,.943025,8084390,24:393;4;0/

147,.6:7390.425,3%8890720/,8.4894120707%0.439745702:2

1742 94 .70,90 , 89743 ;,7,943 3 90 .489 41 20707 ,8 147

0,250,7:9&/49/0390.425,384/9843078594$::

3

$::,8 945,,:0,24:39,8.425,70/9490,24:39-035,/19,/

,.6:70/0889,3


49/69

"33/,33.,9,70902,3,70,8.,;0930882,2:2

,.9;9,3/8050.90/94930882470390.4231:9:70

380989080.947,3/0;0390%,3/!80.94734:7.4:397

/:7390,89/0.,/0/:0944-,,943,3/-07,,94349841%,3/!

80.9478 ,70 02073 %0 708479 94 207078 94 /07;0 90 -03019 411 8470

84:7.3 %8 8 2,3 90 70,843 498 41 4;0780,8 ,.6:8943 89,3 5,.0

70.039 ,8 147 0,2509 703. 1,728 ,3/ 4:9-4:3/ 3;08920398 ,70

9,35,.0 5,79 174298 ,34907 89743249;,931,.947 147 8 78

/;0781.,943 ,3/ 3 98 70,7/ 90 -,33 80.947 ,8 930880/ 498 41

47439,2070780%9

",984:/,2,3,0714.:81789-0147013,3,/0,

38%0430,3/43249;041902,3,0784:/-08948009,98,704/078

39070898349,25070/,9,3.4897,907,/0,84:/-0.43.0730/43

,-4:92,238,704/0780,920,3981742,2,3,078507850.9;0

",91,.9478249;,908.425,308944147

38090249;,943,1,.947/0503/84390804190.425,3,3/070

90,39 94 74 0090790,39 94 74 3 90743 30472070

9490770,90/80.94703.,8041;079.,20707881470,250


50/69

.425,308 708479 94 207078 94 503097,90 3 3007 ,70,8 0 3 574

039070/ 3 90 144/ 80203941,1907,.6:7390:.4;9,-7,3/1742

;0303.425,308,39944,-74,/90708479944;0780,8,.6:894380

9,:70,3/!74288,774:53,3,/085407,3/8900


51/69

%,9,%0,908903499%090

%8 .,

808 ,3,0

/ 94 /09072

30 4 ,

3 ,.6

:8943

.,3 059

4,.

0;0 9

0

83079,8 -003 24709,3, /0.,/041%,9,%0,%09074:5 03,02039

,3/902,97243834-7038349455479:3908147-4941902%0

80.43/,70898007415,.0990,33/,%,9,90,,83.47547,90/3,3/

94/,,8 089,908 8.,99070/ 3 88,208903,%,2,/: ,3/07,,

%,9,%0,8&-,80/.4,-47,947%09074:5890334;,9474190.43.05941

90,-,,3/-;,:0,3/;4:20,2439094574.07-7,3/83&

,-,.390,054798,870/:.0/,3/90708:9,398:75:8,/34,

49079,3 90/42089.2,709.,889://0/97043,-7,3/8,3/90

5702:2802039,8/423,90/-#8243%,,,-7,3/174290

89,-0413/:89,30;07$:.-039020:%,9,%0,14720/,439;039:70

9%09074:5,3/%090/;843,897,3810770/9490;039:703


52/69

%0 0,7 930880/ 90 ,7089 0;074;0780,8 ,.6:8943 - ,3 3/,3

.425,3,8%,9,%0,,.6:70/90%09074:514724354:3/8%88,

,90780/0;039147-4990.425,308,898/0,7010.9890.42394090741

,.425,39;078974343 90,574/:.9438/0,3/904907430;0789743

43902,70938/0

%03094.,8905,89020707419094039908,3/,890,7%,9,%0,9/

2070/904430/8:-8/,7%,9,%090290/99801%8,85,79

4190897,904189703903390%,9,%0,5479144

%0%09074:5,8-003,.,8.4147%,9,%0,,3/9885,5,-03 90

70.039,.6:89434102.,-%,9,%0,.8-031:3/0/-343049079,3

-://%09074:5


53/69

#%

47547,90 9,08 5,.0 94 03,3.0 8307 - 2,23 8,704/078

0,940;07419039708:983,/03913,3.,4,190743974:90

.,8089:/,3/70.039,.6:894380%,9,%0,9070.42203/,9438,7089,90/

-04:990.,80,8/0;0450/-,80/4331472,943/07;0/1742!84

13,3., 0;,:,943 ,8 5488-0 43 147 9,9 .,80 47 0;,:,93 4907

897,9008419,87084790/9470.039

;,:,9313,3.,/,9,

%00.4342.,3817429020707414:/.420174290078,08

749,3/ 2574;0/57419,-9/:0 94 90 70/:.943 3 90.4894144/84/

7428 5439 41 ;0 9 84:/ 2070 9# 7,907 2,3 9 ,

8:-8/,7-0.,:80.48970/:.943,3/:390/.422,3/834990703,8:-8/,7

,3/4/370,9434704;07207303,-0,33.70,803!%-#8

147900,703/0/890.02-071742#841890.02-07

,3/!$41#8,190720707%078.,3-0/;07810/944

742#8543941;09020707059029409574.0880/2,907,

,9.0,507.48941574/:.943%0!$4190.425,33.70,80-


54/69

%0 2,709 ;,:0 41 # 3.70,80 ,3/ 90 8:5508 41 7, 2,907, 47

390720/,7574/:.9-08,10:,7/0/

;,:,93904907897,9008

471:9:70749-:8308847,3,9438,;0,,87084790/94%88

850., ,55.,-0 3 .,80 41 9090 ,3/ 3/:897:9 ,9 -0.4208

25479,39 8 94800090790,.6:8943 198-4990.425,308%40;,:,90

8:.19430,8 94/490$%,3,8834943174213,3.,5439-:9,84

1742490708943080.:9:7,-7,3/507.05943/42,34174909.

.6:89438,;094-0897,90.,199339072841-49-7,3/,3/.:9:701

9070,70.:9:7,282,9.-09003 9447,3,9438 90334,.6:89438.,3

8:..088 ,3/ 98 -4:3/ 94 ,;0 , 1,:70 ,.9 ,9 ,55030/ 03

,.6:70/4/07344/83/,9908,209204.,4,-03,174290

.4:397 41 &3.0 $,2 944 ,90,89 1;0 0,78 94 2,9. 9 3/,3 -:83088

.:9:70,3/90390,.6:70/%:28&5

34907.47088:09,9,894-0,//70880/89413/4:9,3,/06:,90897,90147

5,390,.6:70/172$49,9-5,308890,.6:70/172/408398:1107

,3/,9908,2090-5,3247090,.6:707/40839,;094-0,790-:7/0341


55/69

4;07/0-9.29708:930;07,0574-023901:9:70%885,5,-03

.,8041;;,,.6:73207&$..47/39490.43.05941:7450,3

2-0//0/',:047';;,85,39208'147207&$.8

2:.2470,8.425,70/94'5,/-7,3.08039,.6:70/

39079:7/4384;;,89,3,78,89813,3.,.43/943.

43.43889841-43.,8,850798-,,3.0800943890.02-07

834989743034:

%03,9-0.420825479,398949,0,574507.,59,-:/093/0.843%8

,894-0/430-;07.,701:0892,93905740.90/1700.,8148%03

2:95347097,54,9390790723,;,:047/4384430,894,;0,

974:340/0941470.,89902,709902070/039980390733941907

9090723,;,:0411700.,8148,7034390348941,59,39072841

13,3.39020707/0,,894-013/4:982039430/0,707,3/4304190

4-0.9;0419889:/894/0907230904592:2897,901475,390

,.6:70/1723.090.48941.,59,8/0907230/9039,894-0.43;0790/

3945708039;,:0-2:9539990/8.4:390/1,.94780;3.0/1742

90.,8089:/98,,8,/;.0,-09,990/8.4:3931,.94784:/-090

090/;07,048941,59,4190,.6:70/172


56/69

33/,33./0,,.9;9,874394:3570.0/0390/0;0,3/74

0;031:790731:9:7033/,3.47547,9047/425,308207090,.

4907 3 98 9703/ -:9 0307, 43,1 419080 207078,;0 8:..00/0/ 3

,//3;,:0%4,//;,:090,14702039430/70.42203/,943884://:-0

1440/%,9890897,900884:/-00;,:,90/38:.,,9,99-030198

-4990172%0-7,3/193088.:9:7,193088,80,8 9024/0415,2039

84:/-0.7488.0.0/80;07,92089908,20920,9-0.420825479,39

8940;,:,9090/0,1742,59,:/093543941;0%0,24:3994

-0 5,/ 94 909,709 .425,3 147902:89-00;,:,90/-:830

050.90/;,:,9432094/8

3.0 90/0, 8 ,5574;0/, 90,2 ,8 94 -0 14720/9705708039,9;0

.425783 17 42 -49 90 .47547,943 . -0 0,/0/ - 90 .01

31472,943411.07940;,:,9000.:90,3/25020399003970574.088

%0 830708 1742 90 300/ 94 -0 .,7 01: 0892,90/ 3 /1107039

8.03,748-0893472,,3/4789.,80


57/69

43.:8438

924709,3,14190/0,1,394/0;07907050.90/708:98,3/

,8507:83088$9,3/,7/8,79.0439::89434:9410;078

.,3-0.430/,88:..0881:$4,.425,7843410;,:,943897,900838

.0397, 9420707 ,3/,.6:8943 /0.8432,3%803,-0090790

94 .425,308 19 940907 3,57,.9., 47 13,3., 80380 ,3/34943 0907

90 .4:/97: .42-30 942,0,409,9,8 70,9079,3 90 8:241 98

5,798

:9-01470/438:..42509943,80,7391742!,9-0.420825479,39

894/03919084:7.0841901728.:77039,3/1:9:70.425099;089703983

490747/894/090723048:89,3,-0,3/:36:0,7090/03910/8970398

%8 03,-0 94 8945 90 14.:8 43 /110703.08 3 90 .425,308 .

0254008220/,9089,79/4343.090/0,825020390/,80/439080

/03910/ 8:89,3,-0 8970398 41 -49 90 47,3,9438 90 8307 ,8 94 -0

0892,90/ ,3/-/4384 .47547,9438.,-,;4/9070,9050.9,9434190

4;0789,90/8307

%0390;,:,94341909,709.425,3894-0/430,3/9034907897,9008

,7094-00;,:,90/3/,8,88:20/0/0;045390.,8089:/90


58/69

47,3,943,704507,93-04904592:20;04/83.,804170,

.47547,9047/:09413,3.,47,34907.43897,3934-:8308847,3,943

770850.9;04198804507,90894,34592:20;000;,:,9390

897,900898,894-0.438/070/0.,:804198/7,-,.41349507147233

4592:20;047,3,9438.4208940907944;07.4200,.49078-499030.8

%8883079,08-79,3/8:.83079,08,92094-0,.0;0/%8920

29/0503/843905,7,20907841903,9:7041-:830889880,3/80;07,4907

1,.9478

3.090;,:,94341909,7091728/430903,9-0.420825479,39894

13/4:99024/02415,2039%8.,3-0/430394,84308-.,8

41107,3/9080.43/4308-0.,338,70847,49938,7089490

8,704/0784190,.6:70/.425,3039.4208,492039418,7089,8

94-070202-070/9,9430,894005323/9025,.943!$,1907,90

:92,904-0.9;041,2,3,078942,208,704/0780,9%0390

9,,94388:0,84-0.420825479,39.,..47/39473,3/'072,38

43041902,4770,84381471,:7041/0,894,//;,:0

3904;07,3/,33.8.03,74909090%!80.94733/,

,;0930880/2,2:2-:8308870897:.9:73147900,7


59/69

25.,9438

489 41 90 /0,8 3 3/,3 3. ,8 1,0/ 94 ,// ;,:0 -0.,:80 41 349

.43/:.93,574507.425,7,9;00;,:,9434190;,74:8897,90083;4;0/-49

3 57020707 8.03,74 ,3/ 3 5489 20707 8.03,74 070 3/,3 .425,308

288084:9-92083.0.39446:.,3/347390$%,3,8841

49439,9248941902,3,078 14.:839443,77443 90

25,.9 41 207078 3 90 /,94/, 4507,943 41 90 -:83088 9 /01390

.43;.943989,39,24:3994,70.50147/8,8907

:98:..0881:,.6:70789,0,/1107039,5574,.0,-:703 9,.6:70/

,8,7, 90 90890/ , 90 /8.530/57479,943 ,3/ 1:3/,2039, 897,9008

,3/573.50808590-03,3,3.0 9088897,90089,9,70 94-00;,:,90/

.,3349 3470 ,34907.7:., 88:0 .:9:70 ;03 3 4-, .47547,9020: 944

2,320707-4:3/8/43495,00/94 9801,.947. 8842:.

549039, 9,9 9 .,3 2,0 47 -70, ,3 /0, 0 8 ,.6:8943 41

4/073 44/ //3492,9.990 .:9:7041 -499047,3,943 ,3/34

,8 5,38 94 8,04/073 144/ :9:7, /:0 /03.0 .,3 8 , 88902,9.

/0;.0 147 2,3 1,3,9. .4890110.9;0 ,8808820398 41 90 .:9:708 41 -49

,.6:707172,3/909,709172


60/69

42-33 94 -:83088 47,3,943 8 , :2:34:8 0, ,3/ 4507,943,

.,030 ,3/ 98 8 070 0;,:,93 , 90 897,9008 3 -0.4208

25479,39%0-08957,.9.04198007.80.,370/:.0 90783;4;03

,70490243/4,76:08943,7808494.42203.090007.8041

.425,7,9;00;,:,943897,90084194380917429,3,.425090

44,9, 90700;,3984:7.0841;,:0,3/78-/090723390;,:04190

9,709172%83.70,80890.,3.0841,8:..0881:,.6:8943

43;03943, 3907,9438,;0 -003:3/079,03 ,8, 20,8:70 94 8,;0

.4898,3/94023,90 70/:3/,3.3 98089430 94/,8,.6:707889,794;07

0892,9390830708$498;0725479,39940;,:,908307,3/903300/

9470,0,8843390.,8089:/99,088420 920 94,.0;090/0870/

8307$4.425,30884:/349:77:594,.0;09006:,94341305:8

302,0897003/900573.50-03/-:3,.425,384:/-0 94

.70,90 8,704/07 ;,:0 ,3/ 349 2070 14.:83 43 4507,943, 8307 %0

2,709 ;,:0 4190 94 .425,308 940907 84:/ -0 2470 ;,:,-09,3 94

805,7,90 .425,308 %0 .,8089:/9,9,8 -003 /8.:880/ 0,707 0;3.08 4

902,7093;,:04190.42-30/172,894-0/0907230/

002498 00543-:382,07 .425,308 94.70,90,2470.425099;0

.425,3 3/ 98 8 5,5,-0 3 90 47/ . ,8 930880/ 90

2,2:2/0,8 41 3/,3 3. 49 43 3 3 4907 /42,3 ,84


61/69

.425,308.42094090745394,3,70,9072,7098,704794,.0;0

70,907011.03.3/9829708:93243454..,3,110.9904;07,

0.4342

1903,-4423894.2,70903.4:7,08207078..,3.70,90 974:-0 147

90.4:39780.43420,8/43097,90/894.80,8,3/.0,5-:9

9070834574507897,90.933-03/9

34;07,,1907 /0;045390 03970 9088 90 25.,9438 ,70 90/0,

2:89 /0;07 90 439072 749 ,3/ 8:89,30/ 57 419,-9 3/ 025,88

84:/-04349094.425,308199409073,57,.9.,4713,3.,80380

7,9079,343090790.4:/97:.42-30942,0,409,9,870,907

9,3908:241985,798


62/69

-47,5

79.0-!74108847$,3/005

79.08 - 7 ,,03/: $, 3,3.0 ,.:99,

&3;0789

79.08-!7418,9,24/,7,3:7:41',:,943

:83088$9,3/,7/,32,77,08479::89

:83088,3/.43429:309:

!8:83088,3/,70939::899::89

13,3.0#0,/070-

3,3.,,3,02039-!741!,3/0

07.,39,33-!741,3

!:-.#00,808-%

890733:0/:

8 3 ,33 3/:897 944 147 425099;03088 -

$!#'99,

3/,31430.42


63/69

5503/.08

$34588

0,9:84743:889070.03984,34194/,8.47547,9047/.8

107.0.425099;0%8.425099435,7,/4.,;0878094970,98.7488

170,3/97,/07;,7.5,;0890,1478.3088,3/.48:7041.47547,90

039075780$42,3.47547,9047,3,9438,70708479394-:8308870897:.9:73

390147241207078,3/,.6:8943

40;07.425,308-0147043147207078479,04;07/4007.80,3

0;,:,9;0897,90147905740.9%0800;,:,9;0897,9008,;094-0;07

1703/,3/3494890-0.,:80:308898,3389:,943147-495,793078

3420707847,.6:8943.,39,05,.0

07078,3/9,04;078,70249;,90/,3/3049,90/-,80/4390800;,:,943

897,900884430.,334934709025479,3.0410;,:,943897,9008307078

,3/.6:8943&308898,48909,04;0790,.6:707.425,384:/

144,5745070;,:,943897,90147;,:3909,709.425,3


64/69

%04;0732039,84,8,54.948,10:,7/903907089418,704/078,3/

3;089478-0147043147,20707$4900;,:,9432094/:80/307078,3/

.6:894389,894005323/9,9984:/-0,3389:,943147-49

905,790843430,3/,3/,9904907,3/984:/-0349,,38990390708941

8,704/078,3/3;089478

%890888,3,9902599413/4:9900;,:,9;0897,9008:80/-.425,3083

207078,3/,.6:8943,3/.425,73902-,80/43907,-9941:190

5,7,2090782039430/,-4;0

!1,.:9202-07!74108847#,2,783,4:/:/0,3/,888920390

9088%07080,7.2094/444:/.42203.01742.40.93/,9,-49

1742572,7,3/80.43/,784:7.081440/-,33/059,3,8841.40.90/

/,9,

$,72,


65/69

%088#0854380$009

O ,2093$,72,

O :2-07

O %90 41 90 $9:/ 425,7,9;0 ;,:,943 $97,9008 3 07078 ,3/

.6:89438

O ,900390:/0,8.438:90/

O %04:9.4204190/8.:8843

%0 1472,9/,9,.40.9432094/84:7.08 147 .40.93572,7/,9,

,8 /0907230/ 0 ,84,/,/8.:8843 41 90 574-028 9,9 2, 4..:7

00;,:,9390897,90083

O %0!7470884190%088

4944;07.420 90,14702039430/574-02,8/0907230/ ,3/

4;07,904-0.9;04127080,7.,85,5,-089,-80/


66/69

%088#0854380$009

O ,2093$,72,

O :2-07

O %90 41 90 $9:/ 425,7,9;0 ;,:,943 $97,9008 3 07078 ,3/

.6:89438

O ,900390:/0,8.438:90/

O %04:9.4204190/8.:8843

%02,3574-02,3/.470,70,894-014.:80/0;,:,9434190172

,3/8307,8/0907230/

%088#0854380$009

O ,2093$,72,

O :2-07

O %90 41 90 $9:/ 425,7,9;0 ;,:,943 $97,9008 3 07078 ,3/

.6:89438

O ,900390:/0,8.438:90/


67/69

O %04:9.4204190/8.:8843

$420.,308,702,/0390.,8089:/,3/9070.42203/,9435,79,8

/8.:880/

O %0!7470884190%088

%0574-025,79,8.425090/

%088#0854380$009

O ,2093$,72,

O :2-07

O %90 41 90 $9:/ 425,7,9;0 ;,:,943 $97,9008 3 07078 ,3/

.6:89438

O ,900390:/0,8.438:90/

O %04:9.4204190/8.:8843

%070.42203/,9435,79,8.,30/03970,3/2:/0//8420

;,:0,//943949

O %0!7470884190%088

%070.42203/,9435,79,8.425090/


68/69

%088#0854380$009

O ,2093$,72,

O :2-07

O %90 41 90 $9:/ 425,7,9;0 ;,:,943 $97,9008 3 07078 ,3/

.6:89438

O ,900390:/0,8.438:90/

O %0!7470884190%088

3/41909088


69/69

":089433,708

,984:/-090.47088:0-0147013,3,20707/0,

4/4084300;,:,9090437:3-030198574;/0/-9020707/0,

3 3/,3 3. ,9 ,70 90 2,3 ,70,8 . ,;0 93088 2,2:2

,.9;9,3/8050.90/94930882470390.4231:9:70

,984:/,2,3,0714.:81789-0147013,3,3/0,

,91,.9478249;,908.425,308944147

4 ,70 90 897,9008 147 94 -0 0;,:,90/

comparative evaluation strategies in mergers and acquisitions

Documents