I

UNIVERSITITEKNOLOGI

COURSE

DATE

TIME

GCB1O53 / GBB1O53 _ PRINCIPLES OF FINANCE

29th DECEMBER 2012 (SATURDAY)

9.00 AM - 12.00 NOON (3 hours)

INSTRUGTIONS TO CANDIDATES

1.

2.

3.

Answer ALL questions in the Answer Booklet.

Begin EACH answer on a new page.

Where applicable, show clearly steps taken in arriving at the solutions and

indicate ALL assumptions.

lndicate clearly answers that are cancelled, if any.

Do not open this Question Booklet until instructed.

4.

5.

Note : There are EIGHT (8) pages in this Question Booklet including the

cover page and Appendices.

P ETRONAS

FINAL EXAMINATIONSEPTEM BER 2012 SEM ESTER

Universiti Teknologi PETRONAS

Answer ALL questions.

1. Explain the difference between

a. public offerings and private placements.

b. primary markets and secondary markets'

2. ExplaÍn the FIVE (5) activíties that determine a company's net income'

[1,0 marks]

3. How important ,is the ,information on a country's financial market to a

multinational corporation? Discuss.

[5 marks]

4. a. Explain the differ,ence between a bond and a common stock

[4 marks]

b. How would one know whether or not a bond turns out to be a good

investment? Discuss.

[B marksJ

c. What determine a stock's value rises and falls?

[8 marks]

-l-Å

GBB/GCB 1053

5. Given the information below for Rahulls Ìnc., construct a balance sheet.

lndicate clearly what are the firm's current assets, net fixed assets, total

assets, current or short-term debt, long-terrn debt, total equity, and total

debt and equity.

Accounts receivable

Gross fixed assets

Long-term bank note

Cash

Mortgage

Other assets

Common stock

Accounts payable

lnventories

Retained earnings

Accum u lated depreciation

Short-term notes

$50,000

75,000

5,000

10,000

20,000

15,000

100,000

40,000

70,000

15,000

20,000

20,000

[10 marks]

3

6.

GBB/GCB 1053

During a second interview in Kuala Lumpur with Rosit lnc., you

asked to analyze the fina,ncial ratios of Anjali lnc. as stated below.

Debt Ratio

Op lncome Return On lnvestment

Operating Profit Margin

Return On Common Equity

TotalAsset Turnover

Times lnterest Earned

Acid-Test ratio

Average Collection Perjod

lnventory Turnover

Fixed Asset Turnover

Current ratio

2410

u.69%12.24%

24.O%

9.38%

0.51

6.0

2.7

2011

32.81%

12.97%

22.76%

9.53%

0.57

5.50

2.63

lndustrv Norm

33.0%

15.O"/o

20.0%

13.43%

0.75

7.O

3.0

90.0

2.20

1.0

5.0

'131.40 108.24

1.22 1.40

1.04

5.0

1.12

5.35

a.

b.

Present your conclusion on Anjali

by including pertinent information.

lnc.'s financial performance

[15 marks]

Would you recommend Rohit lnc. to takeover Anjali lnc.? Why?

4

[5 marks]

7.

GBB/GCB 1053

After examining the various personal loans rates available, Tina find that

she can borrow funds from a bank at 24 percent compounded monthly or

26 percent compounded annually,

Explain which alternative is the most attractive to her. Why?

[4 marks]

You would like to have $75,000 in 15 years. To accumulate this amount,

you plan to deposit each year an equal sum in the bank, which will earn

8 percent interest compounded annually. Your first payment will be

made at the end of the year.

a. How much must you deposit annually to accumulate this

amount?

[2 marks]

b. lf you decide to make a lump-sum deposit today instead of the

annual deposits, how much should this lump-sum deposit be?

(Assume you can earn 8 percent on this deposit)

[2 marks]

c. At the end of 5 years, you will receive $20,000 and deposit this

in the bank toward your goal of $75,000 at the end of 15 years.

ln addítíon to this, how much you must deposit in equal annual

deposits to reach your goal? (Again assume you can earn 8

percent on this deposit).

[5 marks]

8.

5

GBB/GCB 1.053

L Okayhabisda Inc. is considering a project with an initial cash outlay of

$80,000 and expected free cash flows of $20,000 at the end of each

year for 6 years. The required rate of return for this project is 10 percent.

a. Calculate the project's

i. payback period.

ii. net present value.

iii. profìtability index.

iv. internal rate of return.

b. Should this project be accepted? Why?

- END OF PAPER-

[2 marks]

[2 marks]

[2 marks]

[2 marks]

[2 marks]

b

I

GBB/GCB 1053

APPENDIX IP,cscntï¿iuc ;"J F;i;'äV;iúe'¡åbldi

-fãble À-1 Fulwc Value Ìnlcrcsì F¿cloE ld OnG Doll¿r Compoundcd ãl ,r Pcrccnl lor n Pcr¡ods: FVIF, "--

(1 + h)"

1! f:a a\ 6:ß H B 9a tta lra tã rfa iaa r5a r5a M 241 ãa nt t olm t9N 1¡m t-0@ t-6æ 1-0@ r-07æ t_w t-@@ l-tN0 I llm t-tÐ !tÐ !1Ð t-tÐ t-t@0 tæ ¡2@ lrs tlm2 tod !-M t_@ l-Nr5 l-lo2s t-tru t lg9 l-rg LIIEI lftoo t A2l rlg tJ'B iÆ 1% tJa56 ls@ rs76 tç5 r6sl t¡u t st2 l@l a 1249 r-15?6 t r9tô lzg t f59? r¡$ tso t ç16 tsl laã I ¡tls ttú 1s tDþ tffi t 19Þ

tÆ t@¡ t tEs tls t 21S r x?5 t l1É iæ5 t16 i 91¡ r_Þs 2 D7ú tw?

5 t.0510 i tsa I ¡5t ItE dx I Æ91 I lìM t-s5! 1-rØ il24 9ä z01x ztæJ z9lr 6 aÞtt t7ræ

s t!5t5 r-tæ2 tÆ tI01 1-al E5 ts7 i,s9 1-971 t-nt6 r.l7ù !JDI zeæ 2-rS 231 ll z¡u 29ae t-6352 ut.7 .JruI l-ont t-rs7 læ tJ59 r-471 t-ffi r,Ð5t t-rrl! r-t2æ rs7 z07e 22107 zl5æ 7S2t 2-Sæ Lòß2 f_$12 a_507, ._79 5t7a9I 1-m t -1111 ¡1ffi rs6 1-a775 tJ9$ r-7182 r-699 t9æ uts M z.le 2-6g 2DSñ r,6æ 127öa aÞ a$95 595 t-ttl9 r-@, t-tst tjæ t_rru !5r¡ l-q95 ti3É tÐ ¿r719 ztt9 Ë5æ Lm1 t,ru lf5t9 fsrt9 f_æx a¡598 6-93¡ 0 7-¡S r9_Fa

t0 r-tM r¡$ tgs r-M2 r.aD r-ÞD ts72 ¿1 S9 ¿$?a z.sf7 2 r3y 3-r Ét 13s t-1o72 .-qs a,at 1a 6r917 aJ9s 9Jil2 rt-705

I r-tt57 ljg r3s2 r-tE5 r-7101 t-t$l alF9 2Xt6 ær 2-!5f,t l-r5rt 3 an5 f-als a2?62 asza ar l7l 7-aæt r0-657 ll-6a2 tr327l2 r-rã ræ2 aä t-æ59 21122 2ñn 2_5r A2 2-6121 t-tfil I¡9ô5 l-t$o a,ly5 a.õt?9 5.f93 5-9160 L9r6t rtrfr 5 r.J5? 2¡æl¡ r-i sl ræf 6 .€5 t.6t t_Ðs 2_r3æ zæ9¡ 2_7196 l-6s 3-õ2f J.tDlt a-N5 aðæ 3¡9a Lt5?t 6J85Ê t0-6s r6_s6 Ð2U

t¡ t-ræ5 lrts s1á r-97S 2æ 25785 z5tlz f,-xtl !-875 ajt q aiB7l 5-S 6,26t ¡ t -o7s7 ,-9E75 r¿tl9 mtl æJ7ar5 r-r5to tJ459 2-07ô9 ?s6 z75S 3.tn7 t-il25 a-1n? ¡-7r6 5_¡D6 É29f -t179 &rJ71 9-2655 r5-47 25-1S

t5 1,7ñt-tm

lilt zgq 4952 t_97 0f .,599 3Jt@ 5-¡U 7-6n !.t372 9,1575

lt t-u2 6!û rg79 2Bm 2-6921 3-ru t-lm 4-1276 5,091 l-t95t 6-D660 t9ôr 9:7t5 I O-701 t2..61 L1ò6 $-7al Edtl l-rst 1 a7ò7 6_g$ t5s 9-02¿J l0-t5 ?6 6- s sll r12.55t9 r:el 5,ra r7 7,õ31 l-6r?E 10.197 t2.os FU9 laÊt92

tõ9 IM t tqt I æ?t 6Ðr\ 9-øJ slu 7f ag *E r90 09

1212a r5tt t.Mf, ma L?A@ 5S6 a 146 5 0sù ÊloÐ ,M7 ¡992 I Olt t5 Éâ t¿ eÐ nla 6 005 9r-592 t 0ô.4¡ 2¡7.65h 12Àa lj€ t-9r 6t æ 292S !-Ð5 a alM 5 al65 É6S ¡ r&f q93* 17 iF r¡ 7tJ tt ßt 2t g5 z 116 5526 rr3-57a t35J25 pl.lu2a 12m 156t t3Ìf5 Le7 3_O7r 5 t-8t97 a-7a05 5-A7r5 7f5B ¡3gf it¡x tú2 t6 627 æs2 2¡,89t ÐJ76 æ211 t.o.8ft r 69_401

2a ttsT l-@ zø4 æ3 3ãr a-N9 s0721 6JrZ )-9t I t 9997 tuÐ tatD I!JN n212 a6?5 t5:t6 D-ô97 t74-Ðt i2 mt25 t2p4 1.6.45 13Dg 4319 5-127t 6-W5 ¿ett r0-tl5 t15!t 1tæ 2t:t1 É-s7 lz-919 4-471 95-196 ìol gr

þ tgh lfita ann a f2tl 5 ?aaf ì 6l2f tlã 66 2it ¡3 A50 2ft 116 6! tð ùo7-Et-als ljÐ Dîæ fg6t slÐ ? s6r r0 5z t¡ tl5 m ata 2r r02 3tt5 t2 É9 { i00 tlt r76 tb0 tla 5S-6æ

!6 tau ÐF 2-Þtf a-to39'ætl

t-talf tt-a2a 1's ü51 l0-9t¡ a2-Èrl 59-tl6 lt-at7 tit tx t $-152 æ9-r q 70r-802.0 1_æ aæl0 r02!6 a,974 2r-n5 tr-a@ .5ã9 s.æt tl¡5t lJ7.7a7 lEl,6H 267-M t7 !-¡2ts 1Æ aBl6 {Tæ 7-tw t1-467 tl 4lo bafl a6-s2 -7a ls t17 Tt tÈ s5 ?æ-@2 49 D6 mtt!

Tabtc A-2 Fulurc Value lnlcresl Fæloß tor e One-Dollar Annuity Compouæd al À Pcrccnt fon Pcñoôs: FVTFA \.= Ifi + k)' - 1 I t h

9t t1', t?:('J:L

15f ãa 4I lm t_æm t.tæ t-¡læ t-t@ trm f?M IJæO t2s

'JæO2 7 D7ú 2ffi

'Mû2 0?m ?om AFæ LIM ztf@ tl@ ¡¡m 22M 2J3æ z3m

T fou 1M I i?t¡ I tâìs 1ãæ \t& I 27¡t f31æ \t 3 a7d aÀ* iad rs$ t@ 7-7nC f,it25 ¡'9øa@ a-1ñÉ .JE a frot a 1745 a als a.sr a 5hi a glD a7E7 añ1 a9v 5 ú65 ts¿o 5.92 añ$ ß t¡70

5 al0fo 5æ st aal6l 59S 567t 5 750t 5MÉ 59ôa7 6 tÉt Ø 6-3t! 6,{01 6 610t É 7a1a 6 ân1 7-gt6 t-oÐ Fæ

C Ê1Ð 6St t.g 6FX 6 æ19 6 9753 ,-r55 tæt tç! tJ1* l9a ùt t52 t-p27 61355 ¿ 75!? a9ns 9Jæ rr É9 1LÉ'I t-tts t-s tÆ læt a!að l¡r l-6s asnD 9¡H 9-SU 9-æn t0Ð to-Æ tû-ru t1-6' t r-ata r¿Dr 5 rtoD l?_$!I lã æz tza2 t99t tÐ75 t0ã to-87 tt-oã ¡r.s tl-09 1m lzB 1l¡l r4727 la2Q tcaæ 19E B'U9 r55 l7ta5 ¡o.l Ð t¡s ll-o27 rt.ß! rlJn tz4t tlozt ']& [rg t{ñ t5-tl6 16-85 tÉ7F rTJrt re-B >aatu 25ñ Bø3tg to_€ tos 7l-g 1M tún rtt!l t1tt6 la-41 tatS !gt ttm la9 rf,d l9it ðg 2191 219s9 tus a¡tt

It 1la tzE t2m laÆ |4n7 t19n tlTB rsgS t7g rtçt Ést æ ñ lta 2lB5 ?a!9 ãDt ¿t9 &tlt æ $-gt2 zs tat2 a-19 15cT t53t7 r3¡n ttÆ latn ¡ t¡l ttg 27ll ?4 tB ãg 3tIt D-O02 Þ.M rsr 9Ð5 ø ta9¡t ÉÐ I'Jæ t5-3tt l@ t fTt !lÀl Ð-tlt n a95 Æ 2an úat 2âø ãs t6t N' s-tt6 $-191 úÐ 9785t¡ ßt tsTa t7.E ItE2 t9J5 2aø5 ü9 aañt T DlI n 975 sø tæl !s3 l7s t .o.s €-Ø t-rs æ-ó6 ægl 127t1J

t5 EDI t75l aâ9 nû1 27fi 2D7ê átã n-t5a E36l ttn, x&5 !7ñ 4 at7 1aa2 a7g 5¡É zDlt i æ-at5 16 Þ7 19L

t6 rtã tts þ-19 nñ z9 1S 2â& sta ¡@t f3s !t9 € 754 &ÉÞ 990 s71l 6J25 a7-& tx,ctt ntanI t!-& ñ2 tæ 2l.6s 2tñl Þþ faÉ * 974 &s su sb 59 tri Êl oã 71Ø r 6J3l t57-E! tn54 u9a

tl ttttl ñ 112 Laa n1t bs f?& at lot ¡s gÉ CtE oæa Átf ú tal lA-117 r99 il4 Ìr5rli9 ã ttt 2t 1al t!tu ú ôr¡ ú111 sþt tqf& 24-OS ñ9ç ot!b

n nña tatu Ðh ß6 5r_ræ 262 æv7 9t DX tÉg æ}F1 ßnß

n B4 LÃ tff frJ6t s719 D93 sÆ s,a 5765 awz rc !t,6! 2.n t4ð tttJro rrut m-45 aæ_ef ¡ã t5

n 2a_n2 ozt Þg v24 rs æ .t-006 fts..t ÐD 17-43 ñf la w tõ-g t2qax ItR 157-a75 27t t31 Ð,6 gtø7t ß-n6 nt3 t-rsJ s-5ll al-& ss s-as mB3 69J! Bg 9-l{ t4m lðõ lUZa 7976 t!l,ot ñ2!t 9Zg 6B-6æ2a ffi w vt6 Dß] I tt6 g7n gE5 ãÐ a, 87 l@-tla tt! t55 t* Bt tsl59 i41S nÐ7a s2-.u n]ß1 BÞ!É n24 ?ry Ë49 aßa aìñ Bt6 úad t¡atl tl19 tt tt ò2 nt 24921 aTtst

æ ùãt aa 91 sÉ5 6-4D 796 9-4t ls4 7g-g tt-ø 2.73! a-r9 ffiÞ7 .x-7a5 5Ull2s a1æ €-g æÆ zr€ %3n t I t-435 19Zl tØ7 n5-711 Ta-na vtg 4l-6t sal Bf,sI! æt,tðT ßø 3t91 æn3 nBa ru5 llatã rugf !t7-te2 ú-tÉ æ-1n Ðtg sút 6tl 7ð B1-Øæ 4Æ æ-M ßÆ *% tmN lg æ2 BE5 ã98 n7Ð .¡æ' 76t 6tI g-F A'5nt tlù1 t9JS' BA ä35 658

'T3jßE 5.@

7

GBB/GCB 1053

APPENDIX IIPrcscnl Veluc aDd futurc value T¿blcs

Tabìe A-3 Pfcscnl. Valw lntcfcsl F¿cloE tor onc Dollar o¡scounted ãl ¡ Pcrcent tor n Pctiods: Pl4F\.= '1

I 11 + h)"

fl 3:a 6X B 1É rrl lã tÉ !ax r 5ìß'R

2fl 214

1 osi o 9ôM 037æ 0s15 oJ62a 6S 0J* DJã9 ojt ll 0-s O.Bæ 0!9 6tm o_s$ o tÐi D¡N o.ô65 0j@ 0-1692

9JÐ D Si2 o9r 0-9246 ô$70 otTI e-ñll qu17 oBa c tr16 0æ2 0-lt3r 0.7æ5 o-Æ1 [7¡32 o6g o69 o-gæ os17

03¡06 oq?t 09151 0-Ðo 0tÐ ùatæ r,Þs o-m oì51¡ 0-b2 0-7ttl 9.æt! o-6750 0-673 o,m7 o 9a? o 524t 05rð o-.552

osto 0Ð oÆ ols o-am 0.19ñ oxð Ê-)Þ 0,79ú o.ilx ù97 o-ss 0-5lI 0592t otta 0-sszl o ¡2to o-.ry t-tsr

5

"7

os7 ô¡õ oÆt9 0-tts o.7.7f oñÞ DM5 0_&9 0,6æ e 59S o$74 0gz6 05rg a a92 o,at6r 0-{¡9 ann ofæf

o9æ o_å!10 D ¡I?5 o-Bl q7s2 o-709 es2 0-5$3 0gs effi o-401 0-.555 ô ó21 0-¡ I 0¡ oJ19 otÌ51 oxñ øm72

o 9f27 o_lm o ttfl o7s o-7r 07 o-æ51 o-6na o 915 o970 o_5t12 9-4t7 o ¡5t1 d425t 0Js []5X et79t 0J2rõ oæ? ! t5q

ô9^ oÆ5 0-7ES oÐ7 0-67S 0-e?a os2o oø3 È9t9 o_s5 E_æ i &ì9 ù76? 0396 oI69 os50 o2lõ 0.t7t9 ô !61¡ o r26

0Jra OJÐ À755a D Þ26 [æ 0591 9 o.9æ DS2 o@ 0-¡241 olÞ 0307S o,2&f orFo cr9s o-t &l o-rv¡ âgl

to ô6 o-m! o_7qt ots o 6tf9 osa o_st õ a2>a os5 E52 oÆ 026J' g2an oú7 0 16¡5 0-l rg r o7>5

ti o-ss o-Bf a7¿a ô &96 Dg7 9-5ZS 0-¿l5t 0-¡249 o ì¡75 oJsS û3r7¡ ô xo7 oÆ6 otla9 o lgq c-tf6 0-Þu o-d$

2 o ¡a7a e-ru odÆ OJSQ o-a970 0,.Æ tl5$ 0Jts UH 0æ7 ô 2tot o-20f6 0-tú9 o ts5 o llz 0-075, O-NE7 õMã

l o-ru o-É10 offi D50¡ 0_6! 0-at9 ô ì?ß? olB97 0r575 ÀNa o-¡ 821 0-16ð e r¡52 0 @15 o 0610 0_69

ô l?m 0-7tt I Srts 0 951 e_e23 oJ87l oStl 0¡æ e iút qr s9, û_1a13 o 1252 o-07D 0-q92 OH ôoÉ

o b6tl o-741t Lgt9 o 55S o-4to 0-ar73 o$24 o 2ì1t 0_23$ 0ru D t599 o-t €l o-t2æ ô toD 0-@9 o_o397 a Dt9s

r6 o al¿ o-ru o5f9 0-4st os6 osEl o 25t9 0ì76 [1ôl] o r¡t5 o-129 Ito69 o Bto 0-o!t 0.ol2D o otlo

t7 Dt4 oJt+2 o-{lB o-f7i a 0Jtff o 2tDt o 2t1t 0-197 t 0-i6$ a t¿56 o,t2t o-t 071 0.æ29 o oÐ2 D-F5T 0,05! o_ñô 0iú

0-ol t5ÞM

¡l OJÞ 0-h2 o q?a o,4æ 0,a155 o-3$¡ o-æ59 oÉ2 ortæ o-17æ c-î52t ô ITD o-t i oE qB6 n oaoa o 0691 o 0f,76 0.0r!

o-ô2n 0-w ô 90f o-a7.6 95t a ?lt? o-tq5 f-iæ5 ô i1t o 1161 cæEl o.oaæ o o?of o 05$ o.0lll o 016t oñq 0-@

m a5s7 o_.59 0J769 ôãM 0Jt43 0-rlH o.ts6 o l?¡e 0 1otl o oDs 0-0u E o 6tt o 05ra 0-0251 D Otl5 0¡rt3 o,m

21 o.!l1a 0-691 958 o-ol 0ãa oJat5 9-rs7 D-t 637 o t15l 0-t ttt o-æ26 o-07s o o6ft 0-o$t o.Hl ô ozll 0,orÞ o-@92

27 om oJ2t9 ù.1no nzns a25l o-tD9 o-ls2 o t26 o-1æt o-0125 0-æE o 0tô1 0-æaE o-ællo-Þ2¡o-ool ro @la

2J o-6x2 0s6., D 12S 026i ¡ Dit æ 0-ræl b tttâ o tltT 0-@7 0.oru o q9t 0-w o otx 0,015t 0-@7 | o-úso.@l

2a o 7àñ o-621, o,€t9 oltol o2aìo o,r97t o-tt7 o l2g !-rot5 0-mt7 o-N9 o-uf t 0-@9 o o2M o ot?6 0_D057

2S oæ o-@5 o_am ô f5t oãg ¡2¡J0 o-rF? c ttm D-æ21 0i7f5 o illt o-of7t D O2a5 o-0105 0,0F6

fo 0-7ar9 05ñ o at20 osf 0:¡t¡ o-17a1 Iift¡ 0-@ o,07g 0.ot¡ o Mft û 0!r o-02s o-o¡$ o o15t o,orr5 D mt6 o.wr2

35

36

q7059 o-Ð 0J59 oæ o latl otÐ o-æf7 0.w76 o,F9 ô m55 o-o259 û-or!9 o oto2 o-0075 0.w$ 0 Nl7 D O@5

o 59É o-Ð2 us ø 17af ø-127 0-0175 o_0€o ofil

0.ol2fo-w1

o-otxo¡tl

¡ ot¡ D OOt9 o.æs O OM¡ o,æ14

o niDt ô d75 o-Ë3 o m26 0-M7o-57t7 0-¡s !.!ffi o¡Dl o-t{æ o.@72

5D 0,6@ ¡3715 o2D1 o.r{7 !.9ôZ 0 0gl o-@19 0-021¡ o-oty o.@5 q-úl o,æ15 o-@n o oota

T¿bþA-4 prcsÐtVàtuelntcrest Fâctdstda One-DollârÂnDu¡tyDiscoÞtcdatf Piúccnllú n Pctiods: PVIFA=fJ - t4f + k)J'l

1ìß ^ !x 4x * 74 rl* r5* r6a m* 25\

0,99t ô91ß 09613 0.s?a o 9259 0317a o-Ðl D-æS o-òn2 o a6s o-ô6Ìt o,!ls oM5 0.Þm

2 t-97q t 916 tJtS lSr I ã1I I E3f r.759t 1.n55 i.7tu t-6Ðl l-sEl r-ru? 1 62U t-6052 t 527ò t-affi t-gw

l Ito 2Æ 4206 Ln5l , nl7 2 6Èe t 62a¡ 25n1 zstJ ?Æ LA3I 2-ßa ú72 2\nÉ úap 22.59 2 tDS t_9rlf t,sx îtr6r2167za$53-$n !sz a7t7t 3.6299 !,54æ 16t :sz fJt2t u39 ItB ato2a !¡t73 ùa5 2 91t zt59 L7È7 2 4ø7 zryl r $t6

5 a ?t33 a5B7 4-51t atg a2t2a a-l0@ )-n27 ¡-Dæ7 rÞt as9 1ru lJl2 1¡tlt tsz t27aa z9s LTay tg9

s

7

(7S 5 mtt 5i.tÌ2 s)az1 tolt a31n æs a-aæ ads añ æ .-îl tt ¡M7 l-7D5 r755 Ì9æ5 ?gl¡ ¿wÈñ 6-1â æ a b?t t7È a9t s9l 5W a'g aJln r5æ! ADÂ 1281 ttu tff J2Al al6tl ¿@l

I ,ß\1Ì tË3 13197 ßtu É6t2 5æt 597r1 5J.æ 5ff !t.61 '15'rS aæù a6s9 a-47J JIJN t-1n2 mt€taff

D2.t10!$t,H5t ¡ffi !.1ø t)æl ? asa @t7 Ér9 5ts9 5S9 5ß tSll 5rð2 (llr? a.g a7776 4-0310 t56f

to f¡?tt !# l5æ2 ,d7 ?æt 7-O7t 6,7rOl 6 aln ÈrÆ s.Þ <¡Ë 5lr6t loræ at@ tr9z5 ¡,919

a0¡6t l97t

axltro92

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