tag:blogger.com,1999:blog-38772705287314717542024-03-13T00:24:09.376-07:00Business and Economics Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.comBlogger72125tag:blogger.com,1999:blog-3877270528731471754.post-52268796357422203432018-03-16T09:53:00.005-07:002021-08-11T23:07:58.060-07:00EVS Call to Germany<div dir="ltr" style="text-align: left;" trbidi="on">
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<tr><td style="text-align: center;"><span style="font-size: large;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1LTI5rIg3Tuw0OHBIAxFcNFcXh4-YONlFaNvn409I_I0b2s4_FriM6Tn0vhl5C6oZrl62ta32N6wv_vWUQhvO8P8TIAHLkpPMbJ3axak6b5QeTpvrcPlpsN-wS2Sz2a8cMvKg-kGxugI/s1600/03-altdoebern.jpg" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto; text-align: justify;"><img border="0" data-original-height="600" data-original-width="444" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1LTI5rIg3Tuw0OHBIAxFcNFcXh4-YONlFaNvn409I_I0b2s4_FriM6Tn0vhl5C6oZrl62ta32N6wv_vWUQhvO8P8TIAHLkpPMbJ3axak6b5QeTpvrcPlpsN-wS2Sz2a8cMvKg-kGxugI/s320/03-altdoebern.jpg" width="236" /></a><br />Castle Altdöbern</span></td></tr>
</tbody></table>
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<span style="font-size: medium;">At the place <span style="mso-spacerun: yes;"> </span>„Schlosspark Altdöbern“, in the south of the
German state Brandenburg, the organization “international
Jugendgemeinschaftsdienste” carries on the EVS together with a partner
organization “Brandenburgische Schlösser gGmbH “. The volunteering service
concentrates on cultural heritage preservation, especially on historical
gardens. The program that runs the project is called the "Internationale
Jugendbauhütte Gartendenkmalpflege". The park of Altdöbern belongs to the
municipality, who supports the project and hosts the European Volunteers
friendly and always helpfully. The four EVS volunteers are living and working
together with four other young volunteers from Germany. The volunteers commit
to restore and take care of an historical Park. Main matter of the project is
that young people from several countries work and live together, take actively
part to the life in the village and commit for the development of this rural
area.<o:p></o:p></span></div>
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<br /></div>
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<b style="mso-bidi-font-weight: normal;"><span style="line-height: 107%;"><span style="font-size: medium;">Accommodation, food and transport
arrangements:<o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="line-height: 107%;"><span style="font-size: medium;"><br /></span></span></b></div>
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<span style="font-size: medium;">All the volunteers live together in a house in Altöbern and
organize their everyday life autonomously. Every volunteer get a furnished room
and shares kitchen and bathroom. Living and working together in an
international group bring them to face the question of diversity in terms of
origins, nations, religions and cultures. The young people can develop the
following competences: communicating, conflict management, working in team,
autonomy, organization and empathy. Of course, language skills and intercultural
competences can be deepened.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="line-height: 107%;"><span style="font-size: medium;">Training during the project:<o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="line-height: 107%;"><span style="font-size: medium;"></span></span></b><br />
<a name='more'></a><b style="mso-bidi-font-weight: normal;"><span style="line-height: 107%;"><span style="font-size: medium;"><br /></span></span></b></div>
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<span style="font-size: medium;">All the volunteers work in an international team under the
supervision of a landscape engineer and with the pedagogical support of the
tutor. Because they restore a very beautiful and precious garden heritage, the
volunteers will mostly work outside. While doing this, their awareness for
their joint European heritage will expand and also their understanding for
conservation. The tutor and mentor of the project support the volunteers in
this process via visits, interviews, workshops and seminars.<o:p></o:p></span></div>
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<br /></div>
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<b style="mso-bidi-font-weight: normal;"><span style="line-height: 107%;"><span style="font-size: medium;">Volunteer profile:<o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="line-height: 107%;"><span style="font-size: medium;"><br /></span></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: medium;">The volunteers commit to restore and take care of an
historical Park. Because they restore a very beautiful and precious garden
heritage, the volunteers will mostly work outside. Main matter of the project
is that young people from several countries work and live together, take
actively part to the life in the village and commit for the development of this
rural area. Via these activities, volunteers can develop the feeling to be part
of the European community. Basic knowledge of German would be perfect. Of
course, language skills and intercultural competences can be deepened.<o:p></o:p></span></div>
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<br /></div>
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<o:p><b><span style="font-size: medium;">Fore more information go to:<a href="https://europa.eu/youth/volunteering/project/5681_en" target="_blank"> Young commitment for historic gardens</a></span></b></o:p></div><div class="MsoNormal" style="text-align: justify;"><o:p><b><br /></b></o:p></div><div class="MsoNormal" style="text-align: justify;"><br /></div>
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<br /></div>
</div>
Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.comtag:blogger.com,1999:blog-3877270528731471754.post-7564526023576880362018-03-06T10:08:00.000-08:002018-03-06T10:25:39.146-08:00While the world is focused on testing ballistic missiles in North Korea <div dir="ltr" style="text-align: left;" trbidi="on">
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<br />
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjym8xTPtkc3cNtte2vpU3vQqnjyOSvJ-dbk4gVkq27dmdeRBjFWNuZGSmxNoUUW_uIKIa4Z3f0dCDH5fa8CKyvXAJ2L-sUUDRJPrJmKi-AXmrgwGnfw63fygiqwUsqKLCNNvotwVT9ndA/s1600/1499066009.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="538" data-original-width="966" height="222" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjym8xTPtkc3cNtte2vpU3vQqnjyOSvJ-dbk4gVkq27dmdeRBjFWNuZGSmxNoUUW_uIKIa4Z3f0dCDH5fa8CKyvXAJ2L-sUUDRJPrJmKi-AXmrgwGnfw63fygiqwUsqKLCNNvotwVT9ndA/s400/1499066009.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">© AP Photo / Anjum Naveed<br />
Shaheen-III Pakistani nuclear caring rocket </td></tr>
</tbody></table>
<span style="font-size: 12.0pt; line-height: 107%;">While the world is focused on testing ballistic missiles in North
Korea, another potential conflict raises more and more fears. In July, 11
people were killed and 18 injured in the shootings between Indian and Pakistani
soldiers in Jammu and Kashmir, and four thousand people were forced to leave
their homes.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 107%;">On Sunday, the former Minister of Information and
Broadcasting of India, Wenckai Naidu, whom the National Democratic Alliance
nominates as vice president of the country, said that Pakistan must remember
the end of the clash in 1971, when Pakistan suffered a defeat during the third
Indo-Pakistani war, and Bangladesh gained independence.<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; line-height: 107%;">Former Indian defense minister and oppositionist Mulayam
Singh Yadav said last week that China is using Pakistan to attack the country
and is preparing Pakistani nuclear warheads to attack India.<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; line-height: 107%;">Warheads and Doctrines<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 107%;">In the spring of this year, The New York Times reported that
India is thinking about changes in the interpretation of its nuclear doctrine
that prohibits the use of nuclear weapons first. Previously, India prescribed only
a massive retaliatory strike, which implied strikes against enemy cities.</span><br />
<a name='more'></a></div>
<o:p></o:p><br />
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<br /></div>
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<span style="font-size: 12.0pt; line-height: 107%;">According to the newspaper, the new approach may imply the
use of preventive limited nuclear strikes against Pakistan's nuclear arsenal
for self-defense purposes. For now, all this is, rather, speculation, as
conclusions are drawn on the basis of analysis of statements by Indian
high-ranking officials without any documentary evidence.<o:p></o:p></span></div>
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<script async="" src="//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>
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<span style="font-size: 12.0pt; line-height: 107%;">But even such assumptions, firstly, can push Pakistan to
increase its nuclear capabilities and launch a chain reaction of the nuclear
arms race between the two countries, and secondly, can force Pakistan to
escalate the conflict for the reason for India to strike first.<o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikefurVK2aV69eI4M5tN6-b4aVY1ZqN2Qs-MCufe8enbWzifEo23HJVpPe45EiurMfdUbIjglkSC23ZGXtOzLivsDpxZia4vcHcBE-pfemsxpZxTj2yyNFhLlMDqHCg9JOrRmaCNlI4CI/s1600/1498687185.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="182" data-original-width="320" height="227" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikefurVK2aV69eI4M5tN6-b4aVY1ZqN2Qs-MCufe8enbWzifEo23HJVpPe45EiurMfdUbIjglkSC23ZGXtOzLivsDpxZia4vcHcBE-pfemsxpZxTj2yyNFhLlMDqHCg9JOrRmaCNlI4CI/s400/1498687185.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">© AP Photo / Elias Asmare</td></tr>
</tbody></table>
<span style="font-size: 12.0pt; line-height: 107%;">A few days after the publication of The New York Times,
Pakistan accused India of speeding up the military nuclear program and
preparing for the production of 2,600 warheads. In its June report, the
Stockholm International Peace Research Institute (SIPRI) noted that over the
year India has added about 10 warheads to its arsenal and is gradually
expanding its infrastructure to develop its nuclear weapons.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 107%;">Former Pakistani brigadier general Feroz Khan, an expert on
Pakistan's nuclear program, previously stated that Pakistan has up to 120
nuclear warheads.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 107%;">Last week in Washington, this Pakistani expert also said that
Islamabad's plans for the use of nuclear weapons are based on the NATO doctrine
of the Cold War, when it was supposed to use tactical nuclear strikes against
the advancing forces of the enemy. To this, however, critics of Pakistan have
objected that Islamabad uses its nuclear status as a cover for conducting a
terrorist war in the Indian state of Jammu and Kashmir.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 107%;">For India, the presence of Pakistan's tactical nuclear
weapons has become a problem. If Pakistan uses only tactical nuclear weapons
and only on the battlefield, then India, bombing the Pakistani cities in
response, will look in black. Hence the talk about changing the interpretations
of the doctrine, when it is necessary to have time to eliminate the Pakistani
arsenals before they are put into operation.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 107%;">Another reason - the arrival of Trump to power in the United
States. India believes that with the new American president, it has much more
freedom in making decisions on the nuclear program. US relations with Pakistan
under Tramp also go downward: Americans stopped considering Islamabad as a
reliable ally in the fight against radicals in Afghanistan. India, of course,
is reassuring.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 107%;">A script that everyone is afraid of<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 107%;">The growing tension on Hindustan can lead to catastrophic
consequences. A trigger that triggers a chain of events leading to a preventive
nuclear strike from one side or the other can be an escalation in the state of
Jammu and Kashmir or a major terrorist attack in India, like an attack in
Mumbai in 2008.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 107%;">The main problem, according to many analysts, is that no one
knows what are the criteria for using nuclear weapons by Pakistan and what
exactly it can perceive as the beginning of the war by India. The second
problem is that the terrorist attacks in India may not be connected with
Pakistan at all, but it will be difficult to convince the Indian side.<o:p></o:p></span></div>
<span style="font-family: "calibri" , "sans-serif"; font-size: 12.0pt; line-height: 107%;">In 2008, an American study was published on the
consequences of a nuclear war between India and Pakistan. The authors concluded
that although the total charges of the two countries are not so great, their
application will lead to a climate catastrophe that will cause large
agricultural problems and massive famine. As a result, according to the report,
about one billion people will die within ten years. So it seems that the
distant problem of India and Pakistan really concerns the whole world.</span><span style="border: none 1.0pt; color: #282828; font-family: "inherit" , "serif"; font-size: 12.0pt; line-height: 107%; padding: 0in;"> </span></div>
Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.comtag:blogger.com,1999:blog-3877270528731471754.post-21848349792223345822018-03-06T08:20:00.002-08:002019-09-19T08:41:42.942-07:00 Purpose of Life<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: justify;">
<span style="font-size: large;">Jacque Fresco (March 13, 1916 – May 18, 2017) was an American futurist and self-described social engineer. Self-taught, he worked in a variety of positions related to industrial design.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Fresco wrote and lectured his views on sustainable cities, energy efficiency, natural resource management, cybernetic technology, automation, and the role of science in society. He directed the Venus Project and advocated global implementation of a socioeconomic system which he referred to as a "resource-based economy".</span><br />
<a name='more'></a></div>
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<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<script async="" src="//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>
<br />
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In one of his interviews, he states: </span></div>
<div style="text-align: justify;">
<span style="font-size: large;"> “There is no purpose in life that is a hard thing to accept, people ego think a Fresco is here to help make the world a better place well that is pleasing to me but I do not by that I know that nature has no purpose so they say we have ayes to see, with now it makes sense they are all normal people which are completely up so whatever when a scientist comes into my line and says to me that the purpose of eyes I could see and I say do you really believe in it? So I take him in closet and close it and say see, he says that he cannot see so you have eyes and you can see if there is a light, someone can say that we have ears to listen but in reality, we have ears and we can listen. Two farmers are walking down the road and one asks did you hear about Wright brothers trying to build a flying machine the other guy laughs and says if God would like us to fly he would make us born with wings. So if God wanted you to wear clothing he would make you born with the suit or if he would like you to have a house he would make you born with it. It is all are stupid staff.” </span><br />
<br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;"><b>Below you can find the interview where Fresco is speaking about purpose of life. </b> </span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<span style="font-size: large;"><iframe allowfullscreen="" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/nWVDXaOszg8/0.jpg" frameborder="0" height="400" src="https://www.youtube.com/embed/nWVDXaOszg8?feature=player_embedded" width="620"></iframe></span></div>
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<span style="font-size: large;"> </span></div>
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Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.comtag:blogger.com,1999:blog-3877270528731471754.post-78778024745341887702018-01-14T02:29:00.000-08:002018-03-16T13:42:45.506-07:00Portfolio optimization Markowitz Method<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: justify;">
<span style="font-size: large;">To demonstrate Markowitz Method we will assign some tasks and answer them step by step, morover you can find an excel file with formulas and all calculations at the bottom of this article.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Collect daily data for your stocks from https:<a href="http://quantquote.com/historical-stock-data" target="_blank">//quantquote.com/historical-stock-data</a> Free Data tab.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<b><span style="font-size: large;">Assignment 1. (5 points)</span></b></div>
<div style="text-align: justify;">
<b><span style="font-size: large;"><br /></span></b></div>
<div style="text-align: justify;">
<span style="font-size: large;">Collect data for last four years (ending in 2013). Identify risk free rate.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Calculate monthly returns for each of the stocks in the portfolio.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Calculate the mean monthly return for each stock.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div class="separator" style="clear: both; text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwc7FyMeqGO74x0NCel9p1A37AS-fhiyw_YQ8YqlaSaHBu_wQmJ0bBw-lqF-l2pqwFBrBPMc-X9R3IEDHOJCXTaigIcJhpMvZIQNh2zHJbtYQlRulEgkrGX1N3Lb07-GUdwP1O_d1oG0o/s1600/data.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="340" data-original-width="843" height="257" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwc7FyMeqGO74x0NCel9p1A37AS-fhiyw_YQ8YqlaSaHBu_wQmJ0bBw-lqF-l2pqwFBrBPMc-X9R3IEDHOJCXTaigIcJhpMvZIQNh2zHJbtYQlRulEgkrGX1N3Lb07-GUdwP1O_d1oG0o/s640/data.PNG" width="640" /></span></a></div>
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<a name='more'></a><blockquote class="tr_bq">
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</blockquote>
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<div style="text-align: justify;">
<script async="" src="//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>
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<b><span style="font-size: large;">Assignment 2. (5 points)</span></b></div>
<div style="text-align: justify;">
<span style="font-size: large;">Build variance covariance matrix for the portfolio. State the method used.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div class="separator" style="clear: both; text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBz63TayPxPDVuBx9Dzt9LmmBfUV04_JB0kfJW9CqSNgwyJSSk2B4VZ07miNnoFmQyMs3OyNFD3oTFxdQ2P8-MFpY7Xgh-OR00TTog6TiG1OlEQV5-yusvU9Gr_8o7lx1YGECyGS7I63M/s1600/Variance+covariance+table.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="276" data-original-width="835" height="211" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBz63TayPxPDVuBx9Dzt9LmmBfUV04_JB0kfJW9CqSNgwyJSSk2B4VZ07miNnoFmQyMs3OyNFD3oTFxdQ2P8-MFpY7Xgh-OR00TTog6TiG1OlEQV5-yusvU9Gr_8o7lx1YGECyGS7I63M/s640/Variance+covariance+table.PNG" width="640" /></span></a></div>
<div style="text-align: justify;">
<span style="font-size: large;">I calculated covariance matrix with two methods: Data analysis tool pack and matrix algebra formula. They differ a little bit, because data analysis use arithmetic mean by default. You can find calculations in the exccel file I mentioned above. </span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
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<b><span style="font-size: large;">Assignment 3. (5 points)</span></b></div>
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<span style="font-size: large;">Build Market Return Portfolio using Z-vector. Calculate z-vector, x-vector, ERP and SDev.</span></div>
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<b><span style="font-size: large;">Assignment 4. (10 points)</span></b></div>
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<span style="font-size: large;">Build 2 (A and B) Minimum Global Return Portfolios using Z-vector. Calculate z-vector, x-vector, ERP and SDev for each.</span></div>
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<b><span style="font-size: large;">Assignment 5. (15 points)</span></b></div>
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<span style="font-size: large;">Build an Efficient Frontier chart by plotting combinations of MV portfolios above.</span></div>
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<span style="font-size: large;">Build a Capital Market Line by using data from efficient frontier calculations.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmO1ez9QiFAr75y0beLJCI6tTeP7vmNulNSx-Hez3Xpkl58SeJ4ABL16zURNpAZhkTQ87DHS-xhTgnIrH-KtZlEfj9jHqovGyEJKTo0uduvD4ad-4VCTxqhf0rMWJFbiqZAqIVNAFm4JE/s1600/Efficient+Frontier.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="423" data-original-width="691" height="390" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmO1ez9QiFAr75y0beLJCI6tTeP7vmNulNSx-Hez3Xpkl58SeJ4ABL16zURNpAZhkTQ87DHS-xhTgnIrH-KtZlEfj9jHqovGyEJKTo0uduvD4ad-4VCTxqhf0rMWJFbiqZAqIVNAFm4JE/s640/Efficient+Frontier.PNG" width="640" /></span></a></div>
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<span style="font-size: large;">We can see on the chart the market portfolio, which is a point where CML touches the efficient frontier and coordinates are (0.1229; 0.486). The Y coordinate is a return and the X is a risk.</span></div>
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<span style="font-size: large;">The leftist point on Frontier shows the first optimal portfolio with the least risk which is called minimum variance portfolio, as we go down-right we have points which offer less return with the same risk as if we would movie up-right. So, from the leftist point to right-up we have our efficient portfolios which shoes us the high return higher risk relation. Then we can see also RFR on the graph and the CML, which has the same sharp ratio in every point. It shows the ratio of portfolio invested in Treasury bill and market portfolio as we move on that line. Market portfolio with a 0,12 standard deviation (risk) and 4,8% return consists of 40% a and 60% b stocks. I highlighted it in excel with yellow. I also highlighted case when we take 100% a 0% b with blue (more risky more return) and 0% a 100% b with red(less risky less return).</span></div>
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<span style="font-size: large;">From first assignment, I got five stocks average monthly market returns from which two are negative and three are positive. This suggests shorting negative ones and buying positive ones.</span></div>
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<span style="font-size: large;">In third assignment, I got market return portfolio which has a positive expected return, and then I calculated worst and best scenario portfolios in order to construct efficient frontier by applying different proportions to them.</span></div>
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<span style="font-size: large;">Then I calculated Efficient frontier and CML which suggests to buy 40% stock a and 60% stock b as I interpreted above.</span></div>
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<span style="font-size: large;">Then I calculated sharp ratios for market portfolio and two neighboring points on frontier to make sure that it has the highest ratio.</span></div>
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<span style="font-size: large;">The numbers are: Sharpe for market portfolio 0,3914, for one point right 0,3195 for one point left 0,3125. So, we can see that frontier market portfolio offers the highest return on one unit of risk.</span></div>
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<span style="font-size: large;"> Link to exccel file <a href="https://drive.google.com/open?id=1OR7q8PTu46mfriearnhJZHeNc0qDIBUk" target="_blank">Excel</a>.</span></div>
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Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.comtag:blogger.com,1999:blog-3877270528731471754.post-24948921147163387232018-01-14T02:28:00.000-08:002018-03-16T13:43:05.975-07:00ROE and Residual income analysis for a bank (Old line Bancshares, Inc.)<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: large;"><b>Bank Name: <span style="color: red;">Old line Bancshares, Inc.</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="line-height: 99%;">Question 1.</span></b><span style="font-family: "times new roman" , serif; line-height: 99%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b>Table 1. </b>Necessary information<sup>1</sup><b> </b>to calculate<b> decomposed </b>ROE for<b> Old line Bancshares </b>bank<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;">for last 3 years, as of and for the Year Ended December 31.<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="color: white;">2016</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="color: white;">2015</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="color: white;">2014</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 104.0pt;" valign="bottom" width="139"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border-left: none; border-right: solid #A5A5A5 1.0pt; border-top: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 103.0pt;" valign="bottom" width="137"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border-left: none; border-right: solid #A5A5A5 1.0pt; border-top: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 13.0pt; mso-yfti-irow: 3;">
<td style="background: #EDEDED; border-left: solid #C9C9C9 1.0pt; border: none; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: 12.9pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: .5pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<b>Average assets</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
</td>
<td style="background: #EDEDED; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 103.0pt;" valign="bottom" width="137"><div class="MsoNormal" style="line-height: 12.9pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
1584,939759<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 104.0pt;" valign="bottom" width="139"><div class="MsoNormal" style="line-height: 12.9pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
1324,556962<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 103.0pt;" valign="bottom" width="137"><div class="MsoNormal" style="line-height: 12.9pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
1182,166667<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 7.15pt; mso-yfti-irow: 4;">
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: solid #C9C9C9 1.0pt; border-right: none; border-top: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 103.0pt;" valign="bottom" width="137"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 104.0pt;" valign="bottom" width="139"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 103.0pt;" valign="bottom" width="137"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 13.1pt; mso-yfti-irow: 5;">
<td style="border-left: solid #C9C9C9 1.0pt; border: none; height: 13.1pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 13.1pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: 13.1pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<b>Average stockholders’</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
</td>
<td colspan="2" rowspan="2" style="height: 13.1pt; padding: 0cm 0cm 0cm 0cm; width: 108.0pt;" valign="bottom" width="144"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
148,9807475<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 13.1pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" rowspan="2" style="height: 13.1pt; padding: 0cm 0cm 0cm 0cm; width: 109.0pt;" valign="bottom" width="145"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
138,7798408<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 13.1pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" rowspan="2" style="height: 13.1pt; padding: 0cm 0cm 0cm 0cm; width: 108.0pt;" valign="bottom" width="144"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
130,146789<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 13.1pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 13.1pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 9.95pt; mso-yfti-irow: 6;">
<td style="border-left: solid #C9C9C9 1.0pt; border: none; height: 9.95pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td rowspan="2" style="border-right: solid #C9C9C9 1.0pt; border: none; height: 9.95pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<b>equity</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 9.95pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 9.95pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 9.95pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 9.95pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 10.1pt; mso-yfti-irow: 7;">
<td style="border-left: solid #C9C9C9 1.0pt; border: none; height: 10.1pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 10.1pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 10.1pt; padding: 0cm 0cm 0cm 0cm; width: 103.0pt;" valign="bottom" width="137"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 10.1pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 10.1pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 10.1pt; padding: 0cm 0cm 0cm 0cm; width: 104.0pt;" valign="bottom" width="139"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 10.1pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 10.1pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 10.1pt; padding: 0cm 0cm 0cm 0cm; width: 103.0pt;" valign="bottom" width="137"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 10.1pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 10.1pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 7.2pt; mso-yfti-irow: 8;">
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: solid #C9C9C9 1.0pt; border-right: none; border-top: none; height: 7.2pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.2pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.2pt; padding: 0cm 0cm 0cm 0cm; width: 108.0pt;" valign="bottom" width="144"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.2pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.2pt; padding: 0cm 0cm 0cm 0cm; width: 109.0pt;" valign="bottom" width="145"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.2pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.2pt; padding: 0cm 0cm 0cm 0cm; width: 108.0pt;" valign="bottom" width="144"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.2pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 7.2pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 13.0pt; mso-yfti-irow: 9;">
<td style="background: #EDEDED; border-left: solid #C9C9C9 1.0pt; border: none; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: 13.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<b>Net income</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
</td>
<td style="background: #EDEDED; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 103.0pt;" valign="bottom" width="137"><div class="MsoNormal" style="line-height: 13.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
13,16<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 104.0pt;" valign="bottom" width="139"><div class="MsoNormal" style="line-height: 13.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
10,46<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 103.0pt;" valign="bottom" width="137"><div class="MsoNormal" style="line-height: 13.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
7,09<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 7.0pt; mso-yfti-irow: 10;">
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: solid #C9C9C9 1.0pt; border-right: none; border-top: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 103.0pt;" valign="bottom" width="137"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 104.0pt;" valign="bottom" width="139"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 103.0pt;" valign="bottom" width="137"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 24.9pt; mso-yfti-irow: 11;">
<td style="border-left: solid #C9C9C9 1.0pt; border: none; height: 24.9pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 24.9pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<b>Sales*</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
</td>
<td colspan="2" style="height: 24.9pt; padding: 0cm 0cm 0cm 0cm; width: 108.0pt;" valign="bottom" width="144"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
68,721<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 24.9pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="height: 24.9pt; padding: 0cm 0cm 0cm 0cm; width: 109.0pt;" valign="bottom" width="145"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
58,298<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 24.9pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="height: 24.9pt; padding: 0cm 0cm 0cm 0cm; width: 108.0pt;" valign="bottom" width="144"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
51,56<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 24.9pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 24.9pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 18.9pt; mso-yfti-irow: 12; mso-yfti-lastrow: yes;">
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: solid #C9C9C9 1.0pt; border-right: none; border-top: none; height: 18.9pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 18.9pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 18.9pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 18.9pt; padding: 0cm 0cm 0cm 0cm; width: 103.0pt;" valign="bottom" width="137"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 18.9pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 18.9pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 18.9pt; padding: 0cm 0cm 0cm 0cm; width: 104.0pt;" valign="bottom" width="139"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 18.9pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 18.9pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 18.9pt; padding: 0cm 0cm 0cm 0cm; width: 103.0pt;" valign="bottom" width="137"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 18.9pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 18.9pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 96%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<span style="font-size: large;"><b><br /></b></span></div>
</div>
<div class="MsoNormal" style="line-height: 96%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<span style="font-size: large;"><b>Sales are taken as a sum of Interest income and other income, that is to say, total income *.</b><span style="font-family: "times new roman" , serif; line-height: 96%;"><o:p></o:p></span></span></div>
</div>
<div class="MsoNormal" style="line-height: 7.55pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<span style="font-size: large;">Other needed information is taken from Income statement and balance sheet of the bank and<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</div>
<div class="MsoNormal" style="line-height: 7.3pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<span style="font-size: large;">the source is represented by a link on the bottom of the page.<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</div>
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<span style="font-size: large;"><b>Table 2. Components of decomposed ROE</b></span></div>
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<span style="font-size: large;"><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span><br /></div>
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<span style="color: white;">2016</span><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-hansi-font-family: Calibri;">2015</span><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 14.0pt; padding: 0cm 0cm 0cm 0cm; width: 101.0pt;" valign="bottom" width="135"><div class="MsoNormal" style="line-height: 13.35pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-font-width: 98%; mso-hansi-font-family: Calibri;">2014</span><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Profit Margin<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<b>0,1914262</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<b>0,179492</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<b>0,137568</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Asset turnover<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<b>0,04335875</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 13.15pt; padding: 0cm 0cm 0cm 0cm; width: 102.0pt;" valign="bottom" width="136"><div class="MsoNormal" style="line-height: 13.1pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<b>0,044013</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 13.15pt; padding: 0cm 0cm 0cm 0cm; width: 101.0pt;" valign="bottom" width="135"><div class="MsoNormal" style="line-height: 13.1pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<b>0,043615</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<br /></div>
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<br /></div>
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<br /></div>
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<tr style="height: 13.0pt; mso-yfti-irow: 6;">
<td style="background: #EDEDED; border-bottom: none; border-left: solid #C9C9C9 1.0pt; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 106.0pt;" valign="bottom" width="141"><div class="MsoNormal" style="line-height: 12.9pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
Equity Multiplier<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<b>10,6385542</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 102.0pt;" valign="bottom" width="136"><div class="MsoNormal" style="line-height: 12.9pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<b>9,544304</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.0pt; padding: 0cm 0cm 0cm 0cm; width: 101.0pt;" valign="bottom" width="135"><div class="MsoNormal" style="line-height: 12.9pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<b>9,083333</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<!--[if gte vml 1]><v:rect id="_x0000_s1027" style='position:absolute;
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<div style="text-align: justify;">
<span style="font-size: large;"><b>Profit Margin </b>is calculated as a ratio of<b> NI to Sales</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-size: large;">1.<span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span><!--[endif]--><u><span style="color: #0563c1;"><span style="color: #0563c1;"><a href="https://www.sec.gov/Archives/edgar/data/1253317/000155837017001830/olbk-20161231x10k.htm"> </a><a href="https://www.sec.gov/Archives/edgar/data/1253317/000155837017001830/olbk-20161231x10k.htm">https://www.sec.gov/Archives/edgar/data/1253317/000155837017001830/olbk-20161231x10k.htm</a></span></span></u><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 12.35pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;"><span style="font-family: "times new roman" , serif;"><br clear="all" style="mso-break-type: section-break; page-break-before: always;" />
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<div style="text-align: justify;">
<span style="font-size: large;"><a href="https://www.blogger.com/null" name="page2"></a><b>Asset Turnover </b>is calculated as a ratio of<b> Sales to Average Assets*</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</div>
<div class="MsoNormal" style="line-height: 7.35pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<span style="font-size: large;"><b>Equity Multiplier </b>is calculated as ratio of<b> Average Assets to Average equity</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</div>
<div class="MsoNormal" style="line-height: 9.95pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal" style="line-height: 131%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 4.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; punctuation-wrap: simple; text-autospace: none;">
<div style="text-align: justify;">
<span style="font-size: large;"><b><span style="line-height: 131%;">*Average assets are calculated by summing beginning asset balance to ending and dividing to two.</span></b><span style="font-family: "times new roman" , serif; line-height: 131%;"><o:p></o:p></span></span></div>
</div>
<div class="MsoNormal" style="line-height: 10.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal" style="line-height: 14.8pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<span style="font-size: large;"><b>Table 3. ROE and ROA calculated for each year</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<div class="MsoNormal" style="line-height: 8.4pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<br /></div>
</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 0.5pt; text-align: justify;">
<tbody>
<tr style="height: 1.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="background: #A5A5A5; border-bottom: none; border-left: solid #A5A5A5 1.0pt; border-right: solid #A5A5A5 1.0pt; border-top: none; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 102.0pt;" valign="bottom" width="136"><div class="MsoNormal" style="line-height: 1.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: 1.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td rowspan="2" style="background: #A5A5A5; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.0pt;" valign="bottom" width="120"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span style="font-size: large;"><span style="color: white;">2016</span><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: 1.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: 1.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td rowspan="2" style="background: #A5A5A5; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.0pt;" valign="bottom" width="120"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span style="font-size: large;"><span style="color: white;">2015</span><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: 1.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: 1.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td rowspan="2" style="background: #A5A5A5; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.0pt;" valign="bottom" width="120"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span style="font-size: large;"><b><span style="color: white;">2014</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: 1.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: 1.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 14.35pt; mso-yfti-irow: 1;">
<td style="background: #A5A5A5; border-bottom: none; border-left: solid #A5A5A5 1.0pt; border-right: solid #A5A5A5 1.0pt; border-top: none; height: 14.35pt; padding: 0cm 0cm 0cm 0cm; width: 102.0pt;" valign="bottom" width="136"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 14.35pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
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<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 14.35pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
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<td style="background: #A5A5A5; height: 14.35pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 14.35pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 14.35pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 14.35pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 14.35pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 7.7pt; mso-yfti-irow: 2;">
<td style="background: #A5A5A5; border-top: none; border: solid #A5A5A5 1.0pt; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 102.0pt;" valign="bottom" width="136"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 90.0pt;" valign="bottom" width="120"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border-left: none; border-right: solid #A5A5A5 1.0pt; border-top: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 90.0pt;" valign="bottom" width="120"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border-left: none; border-right: solid #A5A5A5 1.0pt; border-top: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 90.0pt;" valign="bottom" width="120"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border-left: none; border-right: solid #A5A5A5 1.0pt; border-top: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 14.35pt; mso-yfti-irow: 3;">
<td style="background: #EDEDED; border-bottom: none; border-left: solid #C9C9C9 1.0pt; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 14.35pt; padding: 0cm 0cm 0cm 0cm; width: 102.0pt;" valign="bottom" width="136"><div class="MsoNormal" style="line-height: 14.35pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 6.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<span style="font-size: large;">ROE<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; height: 14.35pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 14.35pt; padding: 0cm 0cm 0cm 0cm; width: 90.0pt;" valign="bottom" width="120"><div class="MsoNormal" style="line-height: 14.35pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 24.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: right; text-autospace: none;">
<span style="font-size: large;"><b>8,83%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 14.35pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 14.35pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 14.35pt; padding: 0cm 0cm 0cm 0cm; width: 90.0pt;" valign="bottom" width="120"><div class="MsoNormal" style="line-height: 14.35pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 24.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: right; text-autospace: none;">
<span style="font-size: large;"><b>7,54%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 14.35pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 14.35pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 14.35pt; padding: 0cm 0cm 0cm 0cm; width: 90.0pt;" valign="bottom" width="120"><div class="MsoNormal" style="line-height: 14.35pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 24.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: right; text-autospace: none;">
<span style="font-size: large;"><b>5,45%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 14.35pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 14.35pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 7.55pt; mso-yfti-irow: 4;">
<td style="background: #EDEDED; border-top: none; border: solid #C9C9C9 1.0pt; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 102.0pt;" valign="bottom" width="136"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 90.0pt;" valign="bottom" width="120"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 90.0pt;" valign="bottom" width="120"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
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<span style="font-size: large;">ROA<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b>0,83%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b>0,79%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b>0,60%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="line-height: 131%;">ROA is calculated by multiplying all components of ROE from <b>Table 2</b> and ROA is calculated by multiplying Profit Margin to Asset turnover.</span><span style="font-family: "times new roman" , serif; line-height: 131%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b>Question 2</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="line-height: 145%;">1</span></b><b><span style="line-height: 145%;">. Profit margin</span></b><b><span style="line-height: 145%;"> </span></b><span style="line-height: 145%;">increases on average 2,6% each year which is a good increase as it is around 17%</span><b><span style="line-height: 145%;"> </span></b><span style="line-height: 145%;">improvement of initial estimate. But we can notice that the increase was more dramatic from 2014 to 2015. It worth to discuss from where this increase comes, to understand lets discuss net income change and revenue change. From there we can see that first year sales increased by 13% in second by 18% but Net income had exceeding increase 25% and 47%. This speaks that bank improved its operations as the increase of Profit margin is not because of exceeding decrease of sales to Net Income. From balance sheet we can see that this performance is driven by better Interest income and noninterest income performance and also less loan loss provision contributed to profit margin increase. This means relation between deposit interest expense and loan interest rates and durations are improved bank also puts significant attention on non-interest income.</span><span style="font-family: "times new roman" , serif; line-height: 145%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="line-height: 140%;">2. </span></b><span style="line-height: 140%;">We can see that banks<b> asset productivity </b>increased first year than it dropped slightly. At first<b> </b>it increased by 0,03% and than decreased by 0,07% and it has similar estimate in 2016 as it was in 2014. As sales and Income also is increasing this can be because of investments in new assets</span><span style="font-family: "times new roman" , serif; line-height: 140%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="line-height: 131%;">and asset increase overcomes sells increase but this condition most probably will change if the bank will be able to gain sustainable share in the market as it has necessary assets to do that.</span><span style="font-family: "times new roman" , serif; line-height: 131%;"><o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><b><span style="line-height: 146%;">3.<span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: normal; line-height: normal;"> </span></span></b><!--[endif]--><span style="line-height: 146%;">Equity multiplier increased by 5% in a first year than by 11%. This is a signal of taking more leverage as if EM increases the company is increasing its financing more by debt. Anyway 10,6 is not that big number for this kind of bank but it shows how bank tries to compensate its poor asset performance in order to increase ROE by force of leverage. As debt is cheaper than equity because of it tax allowable expenses and less risk for debtholder. But leverage increase overall financial risk of a bank so, the bank should pay attention on it. <b><o:p></o:p></b></span></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><b><span style="line-height: 143%;">4.<span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: normal; line-height: normal;"> </span></span></b><!--[endif]--><b><span style="line-height: 143%;">ROA </span></b><span style="line-height: 143%;">has increasing trend with a time but as we saw above asset productivity is not always<b> </b>increasing, this means that increase in ROA is because of improved cost structure as if revenue increased less than average assets but ROA (NI/Average asset) increased. So, net Income increased not parallel to revenue but overcame it due to improved cost structure. <b><o:p></o:p></b></span></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><b><span style="line-height: 131%;">5.<span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: normal; line-height: normal;"> </span></span></b><!--[endif]--><b><span style="line-height: 131%;">ROE </span></b><span style="line-height: 131%;">has increasing trend as well, this is mainly because of improved NI estimate and also<b> </b>change in financing structure, going more to debt financing. <b><o:p></o:p></b></span></span></div>
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<span style="font-size: large;"><b><span style="color: red; line-height: 132%;">All information to answer this question is taken from IS and Balance Sheet of the bank from </span></b><b><u><span style="color: #0563c1; line-height: 132%;"><a href="http://www.sec.gov/"><span style="color: #0563c1;"> www.sec.go</span></a>v</span></u></b><span style="font-family: "times new roman" , serif; line-height: 132%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b>Question 3.</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="line-height: 105%;">Table 4</span></b><b><sup><span style="line-height: 105%;">2</span></sup></b><b><span style="line-height: 105%;">. Peer group companies the source is Google Finance and there were also 3 companies with missing information, so I did not include them.</span></b><span style="font-family: "times new roman" , serif; line-height: 105%;"><o:p></o:p></span></span></div>
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<td style="background: #A5A5A5; border-left: solid #A5A5A5 1.0pt; border: none; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: 1.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td rowspan="2" style="background: #A5A5A5; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>Column1</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: 1.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: 1.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" rowspan="2" style="background: #A5A5A5; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>ROE</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 7.0pt;" valign="bottom" width="9"><div class="MsoNormal" style="line-height: 1.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: 1.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td rowspan="2" style="background: #A5A5A5; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>ROA</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: 1.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: 1.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td rowspan="2" style="background: #A5A5A5; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>Operating</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: 1.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: 1.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td rowspan="2" style="background: #A5A5A5; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>Equity</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: 1.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: 1.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 12.5pt; mso-yfti-irow: 1;">
<td style="background: #A5A5A5; border-left: solid #A5A5A5 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 7.0pt;" valign="bottom" width="9"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 20.15pt; mso-yfti-irow: 2;">
<td style="background: #A5A5A5; border-left: solid #A5A5A5 1.0pt; border: none; height: 20.15pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 20.15pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 20.15pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 20.15pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 20.15pt; padding: 0cm 0cm 0cm 0cm; width: 51.0pt;" valign="bottom" width="68"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 20.15pt; padding: 0cm 0cm 0cm 0cm; width: 26.0pt;" valign="bottom" width="35"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 20.15pt; padding: 0cm 0cm 0cm 0cm; width: 7.0pt;" valign="bottom" width="9"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 20.15pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 20.15pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 20.15pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 20.15pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 20.15pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: 13.35pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>Margin</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 20.15pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 20.15pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; height: 20.15pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: 13.35pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>Multiplier*</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 20.15pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 20.15pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 7.0pt; mso-yfti-irow: 3;">
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border-left: solid #A5A5A5 1.0pt; border-right: none; border-top: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border-left: none; border-right: solid #A5A5A5 1.0pt; border-top: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 51.0pt;" valign="bottom" width="68"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 26.0pt;" valign="bottom" width="35"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border-left: none; border-right: solid #A5A5A5 1.0pt; border-top: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 7.0pt;" valign="bottom" width="9"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border-left: none; border-right: solid #A5A5A5 1.0pt; border-top: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border-left: none; border-right: solid #A5A5A5 1.0pt; border-top: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border-left: none; border-right: solid #A5A5A5 1.0pt; border-top: none; height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 7.0pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 12.6pt; mso-yfti-irow: 4;">
<td style="background: #EDEDED; border-left: solid #C9C9C9 1.0pt; border: none; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: 10.7pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b><span style="font-family: "arial" , sans-serif;">SASR</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="background: #EDEDED; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: 12.6pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b><span style="color: #00b050; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-hansi-font-family: Calibri;">9,12%</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 7.0pt;" valign="bottom" width="9"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: 12.6pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b><span style="color: #00b050; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-hansi-font-family: Calibri;">0,99%</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: 12.6pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>35,89%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: 12.6pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>9,21</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 11.8pt; mso-yfti-irow: 5;">
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: solid #C9C9C9 1.0pt; border-right: none; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 51.0pt;" valign="bottom" width="68"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 26.0pt;" valign="bottom" width="35"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 7.0pt;" valign="bottom" width="9"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 12.55pt; mso-yfti-irow: 6;">
<td style="border-left: solid #C9C9C9 1.0pt; border: none; height: 12.55pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.55pt; padding: 0cm 0cm 0cm 0cm; width: 83.0pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: 11.35pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 6.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>HBMD</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td colspan="3" style="height: 12.55pt; padding: 0cm 0cm 0cm 0cm; width: 81.0pt;" valign="bottom" width="108"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>6,18%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.55pt; padding: 0cm 0cm 0cm 0cm; width: 7.0pt;" valign="bottom" width="9"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="height: 12.55pt; padding: 0cm 0cm 0cm 0cm; width: 81.0pt;" valign="bottom" width="108"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>0,54%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.55pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="height: 12.55pt; padding: 0cm 0cm 0cm 0cm; width: 82.0pt;" valign="bottom" width="109"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>16,83%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.55pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="height: 12.55pt; padding: 0cm 0cm 0cm 0cm; width: 82.0pt;" valign="bottom" width="109"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>11,44</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.55pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 12.55pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 11.95pt; mso-yfti-irow: 7;">
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: solid #C9C9C9 1.0pt; border-right: none; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 83.0pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 55.0pt;" valign="bottom" width="73"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 26.0pt;" valign="bottom" width="35"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 7.0pt;" valign="bottom" width="9"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 81.0pt;" valign="bottom" width="108"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 82.0pt;" valign="bottom" width="109"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 82.0pt;" valign="bottom" width="109"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 12.5pt; mso-yfti-irow: 8;">
<td style="background: #EDEDED; border-left: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>TCFC</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="background: #EDEDED; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>7,18%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 7.0pt;" valign="bottom" width="9"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>0,59%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>27,15%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>12,17</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 11.8pt; mso-yfti-irow: 9;">
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: solid #C9C9C9 1.0pt; border-right: none; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 51.0pt;" valign="bottom" width="68"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 26.0pt;" valign="bottom" width="35"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 7.0pt;" valign="bottom" width="9"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 12.6pt; mso-yfti-irow: 10;">
<td style="border-left: solid #C9C9C9 1.0pt; border: none; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 83.0pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: 12.6pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 6.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>TYCB</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td colspan="3" style="height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 81.0pt;" valign="bottom" width="108"><div class="MsoNormal" style="line-height: 12.6pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>5,34%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 7.0pt;" valign="bottom" width="9"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 81.0pt;" valign="bottom" width="108"><div class="MsoNormal" style="line-height: 12.6pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>0,93%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 82.0pt;" valign="bottom" width="109"><div class="MsoNormal" style="line-height: 12.6pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b><span style="color: #00b050; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-font-width: 99%; mso-hansi-font-family: Calibri;">41,37%</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 82.0pt;" valign="bottom" width="109"><div class="MsoNormal" style="line-height: 12.6pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>5,74</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 11.8pt; mso-yfti-irow: 11;">
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: solid #C9C9C9 1.0pt; border-right: none; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 83.0pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 55.0pt;" valign="bottom" width="73"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 26.0pt;" valign="bottom" width="35"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 7.0pt;" valign="bottom" width="9"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 81.0pt;" valign="bottom" width="108"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 82.0pt;" valign="bottom" width="109"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 82.0pt;" valign="bottom" width="109"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 12.5pt; mso-yfti-irow: 12;">
<td style="background: #EDEDED; border-left: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>GLBZ</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="background: #EDEDED; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>3,24%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 7.0pt;" valign="bottom" width="9"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>0,28%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>7,96%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>11,57</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 11.95pt; mso-yfti-irow: 13;">
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: solid #C9C9C9 1.0pt; border-right: none; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 51.0pt;" valign="bottom" width="68"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 26.0pt;" valign="bottom" width="35"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 7.0pt;" valign="bottom" width="9"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 10.65pt; mso-yfti-irow: 14; mso-yfti-lastrow: yes;">
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 10.65pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 10.65pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 10.65pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 10.65pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 10.65pt; padding: 0cm 0cm 0cm 0cm; width: 51.0pt;" valign="bottom" width="68"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 10.65pt; padding: 0cm 0cm 0cm 0cm; width: 26.0pt;" valign="bottom" width="35"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 10.65pt; padding: 0cm 0cm 0cm 0cm; width: 7.0pt;" valign="bottom" width="9"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 10.65pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 10.65pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 10.65pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 10.65pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 10.65pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 10.65pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 10.65pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 10.65pt; padding: 0cm 0cm 0cm 0cm; width: 77.0pt;" valign="bottom" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 10.65pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 10.65pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td></tr>
</tbody></table>
</div>
<span style="font-size: large;"> </span><br />
<div class="WordSection4">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 0.5pt; text-align: justify;">
<tbody>
<tr style="height: 13.5pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border-bottom: none; border: solid #C9C9C9 1.0pt; height: 13.5pt; padding: 0cm 0cm 0cm 0cm; width: 89.0pt;" valign="bottom" width="119"><div class="MsoNormal" style="line-height: 13.35pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><a href="https://www.blogger.com/null" name="page4"></a><b>FUNC</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: none; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: solid #C9C9C9 1.0pt; height: 13.5pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: 13.35pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 25.5pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: right; text-autospace: none;">
<span style="font-size: large;"><b>5,70%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: none; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: solid #C9C9C9 1.0pt; height: 13.5pt; padding: 0cm 0cm 0cm 0cm; width: 87.0pt;" valign="bottom" width="116"><div class="MsoNormal" style="line-height: 13.35pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 24.6pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: right; text-autospace: none;">
<span style="font-size: large;"><b>0,55%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: none; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: solid #C9C9C9 1.0pt; height: 13.5pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: 13.35pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 22.5pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: right; text-autospace: none;">
<span style="font-size: large;"><b>19,25%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: none; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: solid #C9C9C9 1.0pt; height: 13.5pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: 13.35pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>10,36</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 11.95pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid #C9C9C9 1.0pt; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 89.0pt;" valign="bottom" width="119"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 87.0pt;" valign="bottom" width="116"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 12.5pt; mso-yfti-irow: 2;">
<td style="background: #EDEDED; border-bottom: none; border-left: solid #C9C9C9 1.0pt; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 89.0pt;" valign="bottom" width="119"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>SHBI</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 25.5pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: right; text-autospace: none;">
<span style="font-size: large;"><b>6,40%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 87.0pt;" valign="bottom" width="116"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 24.6pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: right; text-autospace: none;">
<span style="font-size: large;"><b>0,84%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 22.5pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: right; text-autospace: none;">
<span style="font-size: large;"><b>28,96%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>7,62</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 11.8pt; mso-yfti-irow: 3;">
<td style="background: #EDEDED; border-top: none; border: solid #C9C9C9 1.0pt; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 89.0pt;" valign="bottom" width="119"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 87.0pt;" valign="bottom" width="116"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.8pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 12.5pt; mso-yfti-irow: 4;">
<td style="border-bottom: none; border-left: solid #C9C9C9 1.0pt; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 89.0pt;" valign="bottom" width="119"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-font-width: 98%; mso-hansi-font-family: Calibri;">OLBK</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 25.5pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: right; text-autospace: none;">
<span style="font-size: large;"><b><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-hansi-font-family: Calibri;">8,83%</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 87.0pt;" valign="bottom" width="116"><div class="MsoNormal" style="line-height: 10.8pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 24.6pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: right; text-autospace: none;">
<span style="font-size: large;"><b><span style="color: red; font-family: "arial" , sans-serif;">0,83%</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 22.5pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: right; text-autospace: none;">
<span style="font-size: large;"><b><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-hansi-font-family: Calibri;">32,63%</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-hansi-font-family: Calibri;">9,08</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 11.95pt; mso-yfti-irow: 5;">
<td style="border-top: none; border: solid #C9C9C9 1.0pt; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 89.0pt;" valign="bottom" width="119"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 87.0pt;" valign="bottom" width="116"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 12.5pt; mso-yfti-irow: 6;">
<td style="background: #EDEDED; border-bottom: none; border-left: solid #C9C9C9 1.0pt; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 89.0pt;" valign="bottom" width="119"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-hansi-font-family: Calibri;">AVERAGE</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 25.5pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: right; text-autospace: none;">
<span style="font-size: large;"><b><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-hansi-font-family: Calibri;">6,17%</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 87.0pt;" valign="bottom" width="116"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 24.6pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: right; text-autospace: none;">
<span style="font-size: large;"><b><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-hansi-font-family: Calibri;">0,67%</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 22.5pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: right; text-autospace: none;">
<span style="font-size: large;"><b><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-hansi-font-family: Calibri;">25,34%</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-hansi-font-family: Calibri;">9,73</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 11.95pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;">
<td style="background: #EDEDED; border-top: none; border: solid #C9C9C9 1.0pt; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 89.0pt;" valign="bottom" width="119"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 87.0pt;" valign="bottom" width="116"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 11.95pt; padding: 0cm 0cm 0cm 0cm; width: 88.0pt;" valign="bottom" width="117"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
</tbody></table>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="color: #0563c1; font-size: large; line-height: 23.76px;"><a href="https://finance.google.com/finance?q=NASDAQ:OLBK"><span style="line-height: 23.76px;">https://finance.google.com/finance?q=NASDAQ:OLBK</span></a> </span><sup><span style="line-height: 19.8px;">2</span></sup></div>
</div>
<div class="WordSection4">
<div style="text-align: justify;">
<span style="color: #0563c1; font-size: large; line-height: 23.76px;"> <a href="https://finance.google.com/finance?q=NASDAQ:OLBK"><span style="color: #0563c1; text-decoration-line: none;"> </span><span style="color: #0563c1;">https://finance.google.com/finance?q=NASDAQ:OLB</span></a><u>K</u></span></div>
<div class="MsoNormal" style="line-height: 96%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<span style="font-size: large;"><b><br /></b></span></div>
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<span style="font-size: large;"><b>EM* is calculated by dividing ROE to ROA as there was no available information in Google finance.</b><span style="font-family: "times new roman" , serif; line-height: 96%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="line-height: 131%;">With green, I mentioned highest measures and we can see Old Line is not a leader in any of them. <span style="color: red;">Source is google finance, which is provided with a link above.</span></span><span style="font-family: "times new roman" , serif; line-height: 131%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="line-height: 99%;">Question 4.</span></b><span style="font-family: "times new roman" , serif; line-height: 99%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="line-height: 146%;">Comparing bank with its peer group we can see that <b>Old line Bancshares</b> operates very well, it has higher ROE, ROA and operating profit. And also we can see that leverage is a little bit less than the average which is a good sign as the higher ROE is because of more efficient operations and acceptable level of leverage. As I mentioned above the company also can improve its asset productivity compared with its previous performance. Moreover, bank has an opportunity also to use leverage to increase its ROE but current structure is quite normal, in conclusion we can say that company operates good enough.</span><span style="font-family: "times new roman" , serif; line-height: 146%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b>Question 5.</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="line-height: 131%;">To calculate EVA we need to calculate NOPAT than cost of equity. So, I will start from NOPAT calculation.</span><span style="font-family: "times new roman" , serif; line-height: 131%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b>Table 5. NOPAT calculation</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="color: white;">2016</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="color: white;">2015</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="color: white;">2014</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;">Net Interest income<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;">52940<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;">46589<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;">41703<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;">(Actual loan chargeoff)<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;">-1633<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;">-1574<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;">-3438<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;">Non-interest income<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 28.0pt;" valign="bottom" width="37"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 89.0pt;" valign="bottom" width="119"><div class="MsoNormal" style="line-height: 12.6pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 24.4pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;">8256<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: 12.6pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;">6845<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.6pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: 12.6pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;">5957<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 7.15pt; mso-yfti-irow: 9;">
<td style="background: #EDEDED; border-top: none; border: solid #C9C9C9 1.0pt; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 28.0pt;" valign="bottom" width="37"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 89.0pt;" valign="bottom" width="119"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 12.5pt; mso-yfti-irow: 10;">
<td style="border-bottom: none; border-left: solid #C9C9C9 1.0pt; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;">(Non-interest expense)<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 28.0pt;" valign="bottom" width="37"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 89.0pt;" valign="bottom" width="119"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 24.4pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;">-39643<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;">-36273<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;">-35046<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 7.15pt; mso-yfti-irow: 11;">
<td style="border-top: none; border: solid #C9C9C9 1.0pt; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 28.0pt;" valign="bottom" width="37"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 89.0pt;" valign="bottom" width="119"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 12.5pt; mso-yfti-irow: 12;">
<td style="background: #EDEDED; border-bottom: none; border-left: solid #C9C9C9 1.0pt; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;">(Income Tax)<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 28.0pt;" valign="bottom" width="37"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 89.0pt;" valign="bottom" width="119"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 25.4pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;">-6772,8<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;">-5299,58<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;">-3119,84<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 7.15pt; mso-yfti-irow: 13;">
<td style="background: #EDEDED; border-top: none; border: solid #C9C9C9 1.0pt; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 28.0pt;" valign="bottom" width="37"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 89.0pt;" valign="bottom" width="119"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 12.5pt; mso-yfti-irow: 14;">
<td style="border-bottom: none; border-left: solid #C9C9C9 1.0pt; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;">NOPAT<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 28.0pt;" valign="bottom" width="37"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 89.0pt;" valign="bottom" width="119"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 24.4pt; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;">13147,2<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;">10287,42<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 12.5pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: 12.5pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;">6056,16<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 7.15pt; mso-yfti-irow: 15; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid #C9C9C9 1.0pt; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 28.0pt;" valign="bottom" width="37"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 89.0pt;" valign="bottom" width="119"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.15pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
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<span style="font-size: large;"><b>Source is <a href="http://www.sec.gov/"><span style="color: windowtext; text-decoration-line: none;"> </span><span style="color: #0563c1;">www.sec.gov</span></a><u> </u>IS of the bank</b><span style="font-family: "times new roman" , serif; line-height: 97%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="font-family: "times new roman" , serif;"><br clear="all" style="mso-break-type: section-break; page-break-before: always;" />
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<span style="font-size: large;"><span style="line-height: 143%;">Actual loan charge offs are calculated by using given ratios of Non-performing loans to allowance for loan losses and they are more every year then the companies provisions that is why NOPAT is less than Net Income given in balance sheet. Also I took a 34% tax rate and calculated income tax for new level of income before tax.</span><span style="font-family: "times new roman" , serif; line-height: 143%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;">Now let’s calculate cost of equity using CAMP equation which is equal to RFR+Betta*MP<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b>Table 6. Cost of Equity</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="color: white;">2016</span><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<td style="background: #A5A5A5; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 85.0pt;" valign="bottom" width="113"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><span style="color: white;">2015</span><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="color: white;">2014</span><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<tr style="height: 13.9pt; mso-yfti-irow: 4;">
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<span style="font-size: large;">Risk free Rate *<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<br /></div>
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<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 93.0pt;" valign="bottom" width="124"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>0,32%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<br /></div>
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<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
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<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 85.0pt;" valign="bottom" width="113"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>0,05%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<br /></div>
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<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
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<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 85.0pt;" valign="bottom" width="113"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>0,03%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<tr style="height: 7.55pt; mso-yfti-irow: 5;">
<td style="background: #EDEDED; border-top: none; border: solid #C9C9C9 1.0pt; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 120.0pt;" valign="bottom" width="160"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
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<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 93.0pt;" valign="bottom" width="124"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 85.0pt;" valign="bottom" width="113"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 85.0pt;" valign="bottom" width="113"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 13.9pt; mso-yfti-irow: 6;">
<td style="border-bottom: none; border-left: solid #C9C9C9 1.0pt; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 120.0pt;" valign="bottom" width="160"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 6.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<span style="font-size: large;">Market premium<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td colspan="2" style="height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 98.0pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>11,96%-0,32%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 90.0pt;" valign="bottom" width="120"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>1,38%-0,05%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 89.0pt;" valign="bottom" width="119"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>13,69%-0,03%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 7.7pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid #C9C9C9 1.0pt; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 120.0pt;" valign="bottom" width="160"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 98.0pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 85.0pt;" valign="bottom" width="113"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 85.0pt;" valign="bottom" width="113"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 13.9pt; mso-yfti-irow: 8;">
<td style="background: #EDEDED; border-bottom: none; border-left: solid #C9C9C9 1.0pt; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 120.0pt;" valign="bottom" width="160"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 6.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<span style="font-size: large;">Banks betta<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 93.0pt;" valign="bottom" width="124"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>0,27</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 85.0pt;" valign="bottom" width="113"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 85.0pt;" valign="bottom" width="113"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 7.55pt; mso-yfti-irow: 9;">
<td style="background: #EDEDED; border-top: none; border: solid #C9C9C9 1.0pt; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 120.0pt;" valign="bottom" width="160"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 93.0pt;" valign="bottom" width="124"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 85.0pt;" valign="bottom" width="113"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 4.0pt;" valign="bottom" width="5"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 85.0pt;" valign="bottom" width="113"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td style="border-bottom: none; border-left: solid #C9C9C9 1.0pt; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 15.0pt; padding: 0cm 0cm 0cm 0cm; width: 120.0pt;" valign="bottom" width="160"><div class="MsoNormal" style="line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 6.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<span style="font-size: large;"><span style="font-family: "sylfaen" , serif;">RR (</span><b>RFR+Betta*MP)</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td colspan="2" style="height: 15.0pt; padding: 0cm 0cm 0cm 0cm; width: 98.0pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>3,5%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 15.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="height: 15.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.0pt;" valign="bottom" width="120"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>0,4%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 15.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="height: 15.0pt; padding: 0cm 0cm 0cm 0cm; width: 89.0pt;" valign="bottom" width="119"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>3,7%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 15.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 8.2pt; mso-yfti-irow: 11;">
<td style="border-top: none; border: solid #C9C9C9 1.0pt; height: 8.2pt; padding: 0cm 0cm 0cm 0cm; width: 120.0pt;" valign="bottom" width="160"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 8.2pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 8.2pt; padding: 0cm 0cm 0cm 0cm; width: 93.0pt;" valign="bottom" width="124"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
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<span style="font-size: large;"><b><b><span style="color: red; line-height: 97%;">*RFR is taken 3 month US treasury bill rate, source is ycharts.com, betta is taken from google</span></b></b></span></div>
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<span style="font-size: large;"><b><span style="color: red;">finance, market return is S&P 500 return from ycharts.com</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;">Cost of equity is calculated as a multiple of total equity for a years and Required Return on<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;">equity.<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="color: white;">2016</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="color: white;">2015</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="color: white;">2014</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
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</tr>
<tr style="height: 13.9pt; mso-yfti-irow: 3;">
<td style="background: #EDEDED; border-bottom: none; border-left: solid #C9C9C9 1.0pt; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 6.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<span style="font-size: large;"><b>Capital beginning</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>143989</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>135264</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>126249</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 21.95pt; mso-yfti-irow: 4;">
<td style="background: #EDEDED; border-bottom: none; border-left: solid #C9C9C9 1.0pt; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 21.95pt; padding: 0cm 0cm 0cm 0cm; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 6.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-size: large;"><b>balance</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; height: 21.95pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 21.95pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 21.95pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 21.95pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 21.95pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 21.95pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 21.95pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 21.95pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 21.95pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 21.95pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 7.55pt; mso-yfti-irow: 5;">
<td style="background: #EDEDED; border-top: none; border: solid #C9C9C9 1.0pt; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 115.0pt;" valign="bottom" width="153"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 115.0pt;" valign="bottom" width="153"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 115.0pt;" valign="bottom" width="153"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 6;">
<td style="border-bottom: none; border-left: solid #C9C9C9 1.0pt; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 14.0pt; padding: 0cm 0cm 0cm 0cm; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="line-height: 14.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 6.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<span style="font-size: large;"><b>Cost of Equity</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td colspan="2" style="height: 14.0pt; padding: 0cm 0cm 0cm 0cm; width: 115.0pt;" valign="bottom" width="153"><div class="MsoNormal" style="line-height: 14.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>5110,46</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 14.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="height: 14.0pt; padding: 0cm 0cm 0cm 0cm; width: 115.0pt;" valign="bottom" width="153"><div class="MsoNormal" style="line-height: 14.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>571,63</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 14.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="height: 14.0pt; padding: 0cm 0cm 0cm 0cm; width: 115.0pt;" valign="bottom" width="153"><div class="MsoNormal" style="line-height: 14.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>4704,42</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 14.0pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 14.0pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 16.3pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid #C9C9C9 1.0pt; height: 16.3pt; padding: 0cm 0cm 0cm 0cm; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 16.3pt; padding: 0cm 0cm 0cm 0cm; width: 115.0pt;" valign="bottom" width="153"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 16.3pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 16.3pt; padding: 0cm 0cm 0cm 0cm; width: 115.0pt;" valign="bottom" width="153"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 16.3pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td colspan="2" style="border-bottom: solid #C9C9C9 1.0pt; border: none; height: 16.3pt; padding: 0cm 0cm 0cm 0cm; width: 115.0pt;" valign="bottom" width="153"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 16.3pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 16.3pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 13.9pt; mso-yfti-irow: 8;">
<td style="background: #EDEDED; border-bottom: none; border-left: solid #C9C9C9 1.0pt; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 6.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<span style="font-size: large;"><b>EVA (NOPAT-Cost of E</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>8036,74</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>9715,79</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>1351,74</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 22.25pt; mso-yfti-irow: 9; mso-yfti-lastrow: yes;">
<td style="background: #EDEDED; border-top: none; border: solid #C9C9C9 1.0pt; height: 22.25pt; padding: 0cm 0cm 0cm 0cm; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 22.25pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 22.25pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 22.25pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 22.25pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 22.25pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 22.25pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 22.25pt; padding: 0cm 0cm 0cm 0cm; width: 5.0pt;" valign="bottom" width="7"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border: none; height: 22.25pt; padding: 0cm 0cm 0cm 0cm; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 22.25pt; padding: 0cm 0cm 0cm 0cm; width: 6.0pt;" valign="bottom" width="8"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="height: 22.25pt; padding: 0cm 0cm 0cm 0cm; width: 0cm;" valign="bottom" width="1"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 97%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
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o:allowincell="f" fillcolor="#c9c9c9" stroked="f"/><![endif]--><!--[if !vml]--><span style="mso-ignore: vglayout; position: relative; z-index: -1895817216;"><span style="height: 1px; left: 645px; position: absolute; text-align: justify; top: -1px; width: 1px;"><img height="1" src="file:///C:/Users/Garik/AppData/Local/Temp/msohtmlclip1/01/clip_image004.png" v:shapes="_x0000_s1034" width="1" /></span></span><!--[endif]--><b></b></span><br />
<div style="text-align: justify;">
<span style="font-size: large;"><b><b><span style="line-height: 97%;">Cappital beginning balance is taken from <span style="color: red;">www.sec.gov.</span></span></b></b></span></div>
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<div class="MsoNormal" style="line-height: 10.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal" style="line-height: 10.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
</div>
<div class="MsoNormal" style="line-height: 10.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal" style="line-height: 19.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<br /></div>
</div>
</div>
<div style="text-align: justify;">
<span style="font-size: large;"><span style="font-family: "times new roman" , serif;"><br clear="all" style="mso-break-type: section-break; page-break-before: always;" />
</span> </span></div>
<div class="MsoNormal" style="line-height: 99%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<span style="font-size: large;"><a href="https://www.blogger.com/null" name="page6"></a><b><span style="line-height: 99%;">Question 6.</span></b><span style="font-family: "times new roman" , serif; line-height: 99%;"><o:p></o:p></span></span></div>
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<div class="MsoNormal" style="line-height: 8.65pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal" style="line-height: 99%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<span style="font-size: large;"><b><span style="line-height: 99%;">Table 8. ROE and EVA/Beg. Cap compareation</span></b><span style="font-family: "times new roman" , serif; line-height: 99%;"><o:p></o:p></span></span></div>
</div>
<div class="MsoNormal" style="line-height: 8.8pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-autospace: none;">
<div style="text-align: justify;">
<br /></div>
</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 0.5pt; text-align: justify;">
<tbody>
<tr style="height: 14.9pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="background: #A5A5A5; border-bottom: none; border-left: solid #A5A5A5 1.0pt; border-right: solid #A5A5A5 1.0pt; border-top: none; height: 14.9pt; padding: 0cm 0cm 0cm 0cm; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 14.9pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b><span style="color: white;">2016</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 14.9pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b><span style="color: white;">2015</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #A5A5A5; border-right: solid #A5A5A5 1.0pt; border: none; height: 14.9pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b><span style="color: white;">2014</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 7.7pt; mso-yfti-irow: 1;">
<td style="background: #A5A5A5; border-top: none; border: solid #A5A5A5 1.0pt; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border-left: none; border-right: solid #A5A5A5 1.0pt; border-top: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border-left: none; border-right: solid #A5A5A5 1.0pt; border-top: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #A5A5A5; border-bottom: solid #A5A5A5 1.0pt; border-left: none; border-right: solid #A5A5A5 1.0pt; border-top: none; height: 7.7pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 13.9pt; mso-yfti-irow: 2;">
<td style="background: #EDEDED; border-bottom: none; border-left: solid #C9C9C9 1.0pt; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>ROE</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>8,83%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>7,54%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="background: #EDEDED; border-right: solid #C9C9C9 1.0pt; border: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>5,45%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 7.55pt; mso-yfti-irow: 3;">
<td style="background: #EDEDED; border-top: none; border: solid #C9C9C9 1.0pt; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: #EDEDED; border-bottom: solid #C9C9C9 1.0pt; border-left: none; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 7.55pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
<tr style="height: 13.9pt; mso-yfti-irow: 4;">
<td style="border-bottom: none; border-left: solid #C9C9C9 1.0pt; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>EVA/beginning</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>5,5%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>7%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 13.9pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: 13.85pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-line-height-rule: exactly; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>1%</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 21.95pt; mso-yfti-irow: 5;">
<td style="border-bottom: none; border-left: solid #C9C9C9 1.0pt; border-right: solid #C9C9C9 1.0pt; border-top: none; height: 21.95pt; padding: 0cm 0cm 0cm 0cm; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span style="font-size: large;"><b>capital</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 21.95pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-right: solid #C9C9C9 1.0pt; border: none; height: 21.95pt; padding: 0cm 0cm 0cm 0cm; width: 117.0pt;" valign="bottom" width="156"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
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<span style="font-size: large;"><span style="line-height: 144%;">Now we have all information to compare ROE to EVA and to do that we divide EVA to beginning capital to get ratio estimate. We can see in all years ROE is higher than EVA/BC which is because NI in the ROE denominator is always higher than NOPAT-cost of equity as loan provisions are less than actual charge offs and opportunity costs (Cost of equity) is taken into account.</span><span style="font-family: "times new roman" , serif; line-height: 144%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="line-height: 143%;">From the table 8 we can see that in all 3 years the bank crated Economic value for its shareholders so it has a good performance. And also we should mention that ROE in 2015 is less than in 2016 but it is vice versa for EVA/BC ratio which is because of little market return in 2015 and as a sequence little cost of equity.</span><span style="font-family: "times new roman" , serif; line-height: 143%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="line-height: 131%;">In conclusion, we can surely say that bank performs well enough but also it has a room for improvement particularly in to increase asset efficiency.</span><span style="font-family: "times new roman" , serif; line-height: 131%;"><o:p></o:p></span></span></div>
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Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.comtag:blogger.com,1999:blog-3877270528731471754.post-34903131075700837412017-11-01T22:13:00.000-07:002018-03-16T13:42:02.828-07:00How to attract women <div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEK_QaYl9_7xjFPFMx8gAOozHwiVkMfbMOS2iazcZu7XNWA4hPre41XgmcmDboDdAEbepOJQIjqtV0wmPiDBYd9maTnm4CWo-i3g8MkTuvANQS5webgoTl_JvRsy686QB-WOduuKGql0o/s1600/beautiful-girls-37.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em; text-align: justify;"><img border="0" data-original-height="1000" data-original-width="1600" height="250" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEK_QaYl9_7xjFPFMx8gAOozHwiVkMfbMOS2iazcZu7XNWA4hPre41XgmcmDboDdAEbepOJQIjqtV0wmPiDBYd9maTnm4CWo-i3g8MkTuvANQS5webgoTl_JvRsy686QB-WOduuKGql0o/s400/beautiful-girls-37.jpg" width="400" /></a></div>
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<b>Confidence</b> is a big one to attract women: women would rather go out with an ugly confident guy than a good-looking nervous wreck.</div>
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Women are attracted to men who are sure of themselves. We like men who take the lead and make decisions for us. There is something about a man that talks with confidence and optimism about his life.</div>
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But a little word of warning, there is a difference between confidence and arrogance.</div>
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Don’t spend the whole time talking about yourself and bragging about your accomplishments; a bit of humility goes a long way to naturally attracting women.</div>
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Women love a man with a <b>sense of humor.</b></div>
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The ability to make women laugh plays a big part in how to attract women.</div>
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And it’s a scientific fact – research from Stanford University found that women showed more activity in the reward-related regions of the brain than men when they were shown funny videos. The research is thought to support the idea that women “have evolved to appreciate humor, whereas men have evolved to produce it.”</div>
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So guys, make her laugh and (a big tip) don’t take you too seriously. Next time you drop food on your shirt, make a joke out of it and she will have a giggle too.</div>
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Remember to have fun and make her laugh and you’re on the way to creating natural attraction.</div>
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<b>listening</b> is an underrated skill, and a man that listens and really takes on board what women are saying is a natural turn-on.</div>
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As women we love to talk about our feelings and when we feel heard and understood it creates a natural attraction.</div>
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So remember to spend less time talking about yourself and more time listening and asking us questions.</div>
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Also keep in mind that women aren’t looking for solutions, they just want to be heard and feel like they are understood.</div>
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She will appreciate it if you offer reassurance rather than a solution, and will be drawn closer to you.</div>
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Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.comtag:blogger.com,1999:blog-3877270528731471754.post-35108358895813952422017-11-01T21:47:00.002-07:002018-03-16T13:42:22.610-07:00The Ancient Land of Armenia<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcybPRfDOxC0e3aQGmUSA4_O5pKOioOsEV3JvXz_dyX7z-txP_LNQRHVELrEEdLIl5rM0Dcq9gBR1aovmEHGNRqM0xLUuC7UbsWkkS0ZMcP_hgTfoIf1b-LvP0rO7SFsDyzfPaCOUYJTo/s1600/mt-ararat-massis-yerevan.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em; text-align: justify;"><img border="0" data-original-height="500" data-original-width="750" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcybPRfDOxC0e3aQGmUSA4_O5pKOioOsEV3JvXz_dyX7z-txP_LNQRHVELrEEdLIl5rM0Dcq9gBR1aovmEHGNRqM0xLUuC7UbsWkkS0ZMcP_hgTfoIf1b-LvP0rO7SFsDyzfPaCOUYJTo/s320/mt-ararat-massis-yerevan.jpg" width="320" /></a></div>
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Armenia lies in the highlands surrounding the Biblical
mountains of Ararat, upon which Noah's Ark is said to have come to rest after
the flood. Culturally, historically and politically, Armenia is considered to
be a part of Europe. However, due to its location (Armenian Highlands), we can
say that it’s an intercontinental country.<o:p></o:p></div>
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The Kingdom of Armenia became the first state in the world
to adopt Christianity as its official religion.<o:p></o:p></div>
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Armenians call themselves Hay (<span style="font-family: "sylfaen" , serif; mso-bidi-font-family: Sylfaen;">Հայ</span>) and the native
Armenian name for the country is Hayastan. It has traditionally been derived
from Hayk, the legendary patriarch of the Armenians and a great-great-grandson
of Noah, who, according to the 5th-century AD author Moses of Chorene, defeated
the Babylonian king Bel in 2492 BC and established his nation in the Ararat
region. It is also further postulated that the name Hay comes from one of the
two confederated, Hittite vassal states—the Hayasa-Azzi (1600–1200 BC). The
exonym Armenia is attested in the Old Persian Behistun Inscription (6th c. BC)
as Armina. The ancient Greek terms Armenía are first mentioned by Hecataeus of
Miletus in 476 BC. Xenophon describes many aspects of Armenian village life and
hospitality in around 401 BC.<o:p></o:p></div>
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Several bronze-era states flourished in the area of Greater
Armenia, including Hayasa (1600–1200 BC),
Arme-Shupria (1300s–1190 BC) and the Kingdom of Urartu / Ararat
(1000–600 BC) successively established their sovereignty over the Armenian
Highland. A large cuneiform lapidary inscription found in Yerevan established
that the modern capital of Armenia was founded in the summer of 782 BC by king
Argishti I. Yerevan is the world's oldest city to have documented the exact
date of its foundation.<o:p></o:p></div>
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Around 600 BC, the Kingdom of Armenia was established under
the Orontid Dynasty. The kingdom reached its height between 95 and 66 BC under
Tigranes the Great, becoming one of the most powerful kingdoms of its time
within the region.<o:p></o:p></div>
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Christianity spread into the country as early as AD 40. King
Tiridates III (AD 238–314) made Christianity the state religion in AD 301.<o:p></o:p></div>
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Now Armenia is a modern country with nice and talented
people, thousands of historical monuments, rich culture, traditional
hospitality, delicious and healthy food, beautiful nature and safe environment.<o:p></o:p></div>
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Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.comtag:blogger.com,1999:blog-3877270528731471754.post-47315135508014774722017-11-01T21:40:00.001-07:002017-11-01T21:40:38.404-07:00How to make money online<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijlTbc8oa1QSkyvYQRObkCydJSV8U7pVYVQ0XIvUdR8UlazjYJb3U6kZtShrnPSSpxHtHWgdqk6zVZhTJjVzxR5VxDJmAZxIakqi8oxVLlz6omxLaM5JZ-Ei3XQ5bGmTa5J-TXQutl0U4/s1600/download.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="183" data-original-width="275" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijlTbc8oa1QSkyvYQRObkCydJSV8U7pVYVQ0XIvUdR8UlazjYJb3U6kZtShrnPSSpxHtHWgdqk6zVZhTJjVzxR5VxDJmAZxIakqi8oxVLlz6omxLaM5JZ-Ei3XQ5bGmTa5J-TXQutl0U4/s320/download.jpg" width="320" /></a></div>
How <b>“Get Paid to Post Ads”</b> Scams Work<br />
<br />
Read every section of every job description carefully. You want to look for things like a company name, required skills, etc. You know — a typical job description. You’re often provided with instructions to apply. When there are any links provided, they take you to a website that looks like it belongs to a company or an agency of some sort.<br />
<br />
If you click through any links and you get to what looks like a sales page with a fee or payment button, you’re most likely dealing with a scam. Not always, but almost always.<br />
<br />
<b>Here’s how it works:</b><br />
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You click on the ad. You get to the landing page, which is essentially a sales page. You have to pay a fee (anywhere from $20 to $150 or more!) to access the materials/start your membership/get your starter kit. However they put it, you have to pay to get it.<br />
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Here’s what happens when you sign up for one of these programs: You receive a packet of information telling you how to post the same ad on various job boards and websites. You make money by posting the same ad you clicked on, and you get paid every time someone pays using your ad. However, you don’t get paid anything if they don’t. Congratulations! You’ve just joined a pyramid scheme.<br />
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Now, don’t get me wrong — paying for things like memberships and starter kits can be entirely legitimate. But you have to be extremely careful when looking at any company that wants you to do so. More often than not, a membership or training program should be something that supports you in your work — and not actually the source of your work.<br />
<br />
Same with starter kits — many <a href="https://thebestdirectsalescompanies.com/" target="_blank">direct sales </a>organizations<br />
<a name='more'></a> require you to buy a starter kit to get started with the company. I love direct sales and I think they’re a legitimate way to work for yourself. I see a big difference between a “pay to play” job with a company you can’t find much information about… and getting a starter kit of inventory with the intent to use that kit as collateral to build your branch of an established direct sales organization.<br />
<br />
<b>“Easy Money” Isn’t Real</b><br />
<b><br /></b>
Let’s face it: if there were really a legitimate way to make hundreds or even thousands of dollars every month simply by doing simple data entry or copying and pasting some stuff, everyone would be doing it. The top companies that operated at the high of this particular scam’s era would still be in business. You’d be able to find tons of positive reviews that looked and felt legitimate and weren’t just hype.<br />
<br />
If anyone is promising you “easy money” — where you get paid tons of money for doing basically nothing, right out of the gate — you need to think twice about taking them up on your offer. There are work-at-home jobs that are certainly fun and don’t necessarily require significant skills, but anything that promises you a major payoff for doing simple data entry will not go well for you.<br />
<br />
Ultimately you need to trust your gut when you see anything like this, and if you’re in any doubt about how legitimate the job is, then either close it out and look for something else… or sign up if you’re willing to lose the money you’ll pay “just in case” it actually turns into something legitimate.</div>
Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.com0India20.593684 78.962880000000041-8.6044825 37.654286000000042 49.791850499999995 120.27147400000004tag:blogger.com,1999:blog-3877270528731471754.post-21855920670854703092017-11-01T00:21:00.000-07:002018-03-16T14:10:06.349-07:00Google will absorb the famous smartphone manufacturer<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgaCjsOMZFDLA-4vShTe8CWCI4z0a9m93qsnKJhwWfh1UOANNBn8EEF2OkG-pT1N3vx__pxC9jPIJggcxNX9r1xAO_8aVRJjHZOgQ7RSBWa4jjd-TL4_PO9K0P7vGvwFW6x2vUiw_aT2uk/s1600/maxresdefault.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em; text-align: justify;"><img border="0" data-original-height="720" data-original-width="1280" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgaCjsOMZFDLA-4vShTe8CWCI4z0a9m93qsnKJhwWfh1UOANNBn8EEF2OkG-pT1N3vx__pxC9jPIJggcxNX9r1xAO_8aVRJjHZOgQ7RSBWa4jjd-TL4_PO9K0P7vGvwFW6x2vUiw_aT2uk/s320/maxresdefault.jpg" width="320" /></a></div>
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<span style="font-size: large;">The search giant Google intends to buy out a mobile unit of HTC. This is reported by the Commercial Times.</span></div>
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<span style="font-size: large;">According to the interlocutor of the publication, at the moment Google and HTC are at the last stage of negotiations. It is known that the search giant views both the purchase of the smartphone production unit and the possibility of a strategic partnership with the Taiwanese company.</span></div>
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In the case of sales of mobile business, HTC will continue to manufacture the VR-helmet Vive and some other devices. The amount of the possible transaction and its terms have not yet been disclosed.</div>
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As experts note, the acquisition of one of the divisions of HTC is a fairly predictable step for the search giant, as it was the Taiwanese company that produced Google Pixel and Pixel XL smartphones. In addition, it is known that the factories of HTC are now assembling the younger model Pixel 2.</div>
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The past year has become for the Taiwanese manufacturer the worst in 13 years. According to the latest financial report, HTC's revenue fell by more than half - by 51.1%. The company tried to save the situation by releasing the flagship smartphone U11, but the device did not meet the expectations of consumers and failed on sale</div>
</span></div>
Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.comtag:blogger.com,1999:blog-3877270528731471754.post-59311917912538341932017-11-01T00:18:00.001-07:002017-11-01T00:18:17.835-07:00Apple again topped the rating of the most expensive brands<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRTphb-nrKKHlaiBbUwCjcjioBEijaR2D_T25tRZp4VmoyIayfbRUz3PB3bjqKZ_kJGaBrfbNCIE79boPPys3EU0tywjMUVdSwmai1CS9tDzQEMuPghAc1tTnDU6vTzqcBNGPy9Prl4nE/s1600/Apple-2-1.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="1068" data-original-width="1600" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRTphb-nrKKHlaiBbUwCjcjioBEijaR2D_T25tRZp4VmoyIayfbRUz3PB3bjqKZ_kJGaBrfbNCIE79boPPys3EU0tywjMUVdSwmai1CS9tDzQEMuPghAc1tTnDU6vTzqcBNGPy9Prl4nE/s320/Apple-2-1.jpg" width="320" /></a></div>
<span style="font-size: large;">Apple for the fifth time in a row became the most expensive brand in the world. This is stated in the study of the agency Interbrand.</span><br />
<span style="font-size: large;">The cost of the Apple brand for the past year increased by 3% and amounted to $ 184.1 billion (about 10.6 trillion rubles). The second place in the rating went to Google, whose brand is estimated at $ 141.7 billion (up 6% year-on-year), while Microsoft ranked third ($ 79.99 billion, up 10%).</span><br />
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<span style="font-size: large;">At the same time, the cost of the Coca-Cola brand decreased by 5% and is now $ 69.73 billion, which is why the company moved from the third to the fourth place. Technical giant Amazon is located on the fifth line, showing growth of 29% (cost $ 64.79 billion), and South Korean electronics maker Samsung took the sixth position ($ 56.24 billion, an increase of 9%).</span><br />
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<span style="font-size: large;">The fastest growing was the cost of the Facebook brand, which went up by 48% over the year. Its cost today is estimated at $ 48.18 billion, which allowed the company Mark Zuckerberg to take the eighth place in the ranking. Closing the top ten brand IBM, whose price was $ 46.82 billion (a fall of 11%).</span><br />
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<span style="font-size: large;">In addition, Adobe (56th place), Huawei (70th place) and PayPal (80th place) brands showed serious growth, the value of which increased by more than 10% for the year. Also in the agency Interbrand note that in the period from 2008 to 2017, the total value of brands increased by 54%.</span><br />
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Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.com0tag:blogger.com,1999:blog-3877270528731471754.post-66132977757890574122017-11-01T00:15:00.001-07:002017-11-01T00:23:40.988-07:00Mogerini About German products on Crimea<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlyFt0mQh93cNZo3qUpMglNOUwtAT5DPJu5Z7CkaEvdgFtGwiKRjEEkDzBc2VCtxT5aO3jYLbL27R2s9AHkh-uBR655_M_h00GeHKBdPITb2BeGv2b32PZqLcz74A9UfZJeartq1VAwFg/s1600/mogherini_3022383b.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="387" data-original-width="620" height="199" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlyFt0mQh93cNZo3qUpMglNOUwtAT5DPJu5Z7CkaEvdgFtGwiKRjEEkDzBc2VCtxT5aO3jYLbL27R2s9AHkh-uBR655_M_h00GeHKBdPITb2BeGv2b32PZqLcz74A9UfZJeartq1VAwFg/s320/mogherini_3022383b.jpg" width="320" /></span></a></div>
<span style="font-size: large;">European Commission Vice-President Federica Mogerini explained to the MEPs that she was not going to punish the German corporation for the fact that its products were on the territory of the Russian peninsula.</span><br />
<span style="font-size: large;">The head of EU diplomacy, Federica Mogerini, found it difficult to recognize the deliveries of the German corporation's turbines to the Crimea as a violation of existing directives on sanctions against the Crimea. So the vice-president of the European Commission (EC) responded to the request of European Parliament deputies Rebecca Harms (Germany) and Petras Ashtryavichus (Lithuania). Both MEPs were interested in what the EC will do in connection with the fact that the turbines produced by the German machine building concern Siemens were supplied to the territory of the Crimea, which is under EU and US sanctions, and how to avoid such cases in the future.</span><br />
<span style="font-size: large;"><br /></span> <span style="font-size: large;">The EU legislation establishes restrictive measures in response to the "illegal annexation of Crimea and Sevastopol." Sanctions include a ban on exports to the region of goods in the following industries: transport, telecommunications, energy, oil, gas, and minerals. Equipment for power plants is also prohibited for supplies to the Crimea.</span><br />
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<span style="font-size: large;"><br /></span> <span style="font-size: large;">On July 5, the Reuters agency reported that two (in the request of the MEPs it was said about two turbines.) - The turbines were delivered to the Crimea. These were gas turbines SGT5-200E, which are produced only by Siemens subsidiaries.</span><br />
<span style="font-size: large;"><br /></span> <span style="font-size: large;">- The commission has to understand, will these turbines remain on the peninsula and will they be used? What is the vision of the commission of this issue in connection with sanctions that prohibit the export of goods, in particular, the energy sector? What will the commission do if it turns out that the sale and delivery of gas turbines have been carried out in violation of the EU directives on imposing sanctions against the Crimea and Sevastopol? - the deputies note in the request.</span><br />
<span style="font-size: large;"><br /></span> <span style="font-size: large;">Mogerini responded to the parliamentarians that, according to the agreement (Article 291) on the functioning of the EU, all restrictive measures are imposed by the member states of the European Union, which are also responsible for verifying their application. EU countries are obliged to apply national legislation to ensure effective, proportionate and restraining punishment imposed for violations of the implementation of relevant directives, and must ensure that it (punishment) is applied. The commission's implementation of restrictive measures is important, and the commission maintains contacts with national competent authorities whenever a specific and documented example of possible violations of restrictive measures is presented to its attention.</span></div>
Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.com0tag:blogger.com,1999:blog-3877270528731471754.post-18212106638842645592017-10-31T23:51:00.001-07:002017-10-31T23:51:50.043-07:00Russian ambassador to the US said "depressing state" of relations between countries<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfCawvs0pn9P7DhLZHjZKkIrznlzv2KNWzIqN4RzZfgtFdJ3BxbI5Hc8ReSRdWZxGmfJrdeBw0cmN0w5eUxn8KKW2Q-3_NGzQyaAmh34AVi-weKA8aKwHN7qarA8XTUCAXVYhgnjcZAOA/s1600/ap_17068003103362_wide-02e16c85b8716b2af29ceef6fbd2334eac9dd2d3-s900-c85.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="506" data-original-width="900" height="179" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfCawvs0pn9P7DhLZHjZKkIrznlzv2KNWzIqN4RzZfgtFdJ3BxbI5Hc8ReSRdWZxGmfJrdeBw0cmN0w5eUxn8KKW2Q-3_NGzQyaAmh34AVi-weKA8aKwHN7qarA8XTUCAXVYhgnjcZAOA/s320/ap_17068003103362_wide-02e16c85b8716b2af29ceef6fbd2334eac9dd2d3-s900-c85.jpg" width="320" /></a><span style="font-size: large;">He said this during a conversation with US Secretary of State Rex Tillerson.</span><br />
<span style="font-size: large;">Russia's Ambassador to the United States, Anatoly Antonov, met with Secretary of State Rex Tillerson about the "depressing state" of relations between the two countries. The press secretary of the embassy Nikolai Lakhonin told the details of their conversation. This is reported by TASS.</span><br />
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<span style="font-size: large;">It is noted that Antonov pointed to the "flawed American policy of sanctions based on unsubstantiated accusations of Russia's interference in the presidential elections in the United States." He also called for a review of relations between the two countries and pointed to the responsibility that the nuclear powers bear.</span><br />
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<span style="font-size: large;">Previously, Life said that the United States continued its sanctions on Russia by banning Americans from participating in Russia's oil production projects.</span></div>
Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.com0tag:blogger.com,1999:blog-3877270528731471754.post-66471497994076991252017-10-31T23:42:00.003-07:002017-10-31T23:43:54.083-07:00Looking for one volunteer from France,Switzerland,Germany,Portugal,UK.<div dir="ltr" style="text-align: left;" trbidi="on">
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAjtRNYX98WF3D9fQWwWNkVjS0C1XZeuZ7CFD1b2Xlfy7G4CtlKds8zFAyUi-6frAEZwiojh1UOSUguFYcqvEQ54Dq-DJ_-r1mtU8Aybk7bqhbsCzIVLWQuDXGPKAHJkvcNtCxV1hEq4E/s1600/8023002_f496.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><span style="font-size: large;"><img border="0" data-original-height="353" data-original-width="496" height="226" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAjtRNYX98WF3D9fQWwWNkVjS0C1XZeuZ7CFD1b2Xlfy7G4CtlKds8zFAyUi-6frAEZwiojh1UOSUguFYcqvEQ54Dq-DJ_-r1mtU8Aybk7bqhbsCzIVLWQuDXGPKAHJkvcNtCxV1hEq4E/s320/8023002_f496.jpg" width="320" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><b><span style="font-size: large;">Ribadavia Spain</span></b></td></tr>
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<b><span style="font-size: large;">Activity Dates: <o:p></o:p></span></b></div>
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<span style="font-size: large;"><b>09/11/2017 – 09/11/2018</b><o:p></o:p></span></div>
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<span style="font-size: large;">The volunteer will be integrated with the activities carried out in the Municipality of Ribadavia, in the Youth Centre where is located the Youth Information Centre. The purpose for our volunteers is to give young people, in our organization and in the region, a better European awareness. We wish to widen young people acceptance and understanding of different cultures. With a volunteer present, it helps to spread the knowledge about Erasmus + and its various actions. The Town Hall of Ribadavia is linked to local associations, and the volunteers – together with the full-time staff of the Youth Information Centre – will work together with these associations, with the Culture House and Tourist Office Information from the Municipality of Ribadavia. Furthermore, the EVS will have the opportunity to cooperate in local and international events organized by the Municipality of Ribadavia.<o:p></o:p></span></div>
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<span style="font-size: large;"><b>accommodation, food and transport arrangements</b><o:p></o:p></span></div>
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<span style="font-size: large;">Volunteers will receive the quantity of 250 €</span></div>
<a name='more'></a><span style="font-size: large;"> at the beginning of each month in order to take charge of their boarding on their own. In this way, they have the possibility to buy what they need and to prepare their food just as they like to. <o:p></o:p></span><br />
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<span style="font-size: large;">The EVS volunteers will live in a flat in Ribadavia, sharing it with other volunteers, in a single room. Furthermore, the flat provides all items necessary for living: a washing machine, blankets, iron, dishes, etc. <o:p></o:p></span></div>
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<span style="font-size: large;">* International travel costs (180.00 €)<o:p></o:p></span></div>
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<span style="font-size: large;">100% International travel costs from local country to the project<o:p></o:p></span></div>
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<span style="font-size: large;"> Initial training and support in the long term concerning the realization of work-related tasks:<o:p></o:p></span></div>
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<span style="font-size: large;">In the selection of volunteers, it was not important if the volunteers had any similar experience with the tasks they will be fulfilled here, however, their motivation to do European Voluntary Service was an important factor in the selection procedure.<o:p></o:p></span></div>
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<span style="font-size: large;">The initial training of the volunteers will consist of support and training for all the different tasks they fulfill, which can continue the project if necessary. <o:p></o:p></span></div>
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<span style="font-size: large;"><b>Volunteer profile</b><o:p></o:p></span></div>
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<span style="font-size: large;">Initial training and support in the long term concerning the realization of work-related tasks:<o:p></o:p></span></div>
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<span style="font-size: large;">In the selection of volunteers, it was not important if the volunteers had any similar experience to the tasks they will be fulfilled here, however, their motivation to do European Voluntary Service was an important factor in the selection procedure.<o:p></o:p></span></div>
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<span style="font-size: large;">The initial training of the volunteers will consist of support and training for all the different tasks they fulfill, which can continue the project if necessary. We appreciate people motivated in the frame of Youth, leisure time activities...<o:p></o:p></span></div>
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<b><span style="font-size: large;">Please send an email with your CV and motivation letter to omix.ribadavia@gmail.com</span></b><o:p></o:p></div>
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Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.com0tag:blogger.com,1999:blog-3877270528731471754.post-18876726407874190662017-10-31T06:02:00.001-07:002017-10-31T06:02:50.509-07:00Youth for the Environment 2017<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy8q0iE4UuX-KpaoiHMpAMvaGCHVhtzMQTlMa1nssgsQwryH77MjhZWw0H8XNoa1vESeFUnE8zFLEDS9xOTJMohUfcYvgtayjzdfWQsEOrg8GBpSX7qRfPuGkKNf6WpVr0LZFc6l38WP4/s1600/toulcuv_dvur_2_0.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="330" data-original-width="750" height="175" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy8q0iE4UuX-KpaoiHMpAMvaGCHVhtzMQTlMa1nssgsQwryH77MjhZWw0H8XNoa1vESeFUnE8zFLEDS9xOTJMohUfcYvgtayjzdfWQsEOrg8GBpSX7qRfPuGkKNf6WpVr0LZFc6l38WP4/s400/toulcuv_dvur_2_0.jpg" width="400" /></a></div>
<span style="font-size: large;">The EVS project “Youth for the Environment 2017” will take place in the office of the international network Youth and Environment Europe on the ecological farm Toulcuv Dvur in Prague, Czech Republic.</span><br />
<span style="font-size: large;">There are 3 parts in the EVS project:</span><br />
<span style="font-size: large;">1. Work in YEE office – organizing campaigns, creating publications, projects, updating website about youth issues and environmental awareness. Volunteers can practice skills of cooperating in an intercultural team, working in English, organizing, coordinating various projects, networking with member organizations, preparing publications, design, updating website, etc. </span><br />
<span style="font-size: large;">2. Practical activities in the ecological center Toulcuv Dvur, where YEE office is located – volunteers can help on the farm and make practical workshops focused on environmental education. </span><br />
<span style="font-size: large;">3. Volunteer’s personal project. Volunteers can prepare a project according to their interest to practice sense of initiative and entrepreneurship.</span><br />
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<span style="font-size: large;">YEE will offer the volunteers accommodation in a shared flat. Each volunteer will have their own room. The flat will be located close to the ecological farm Toulcuv Dvur, where YEE's office is located. <o:p></o:p></span></div>
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<span style="font-size: large;">The EVS coordinator will arrange the public transport card for the volunteers before they come to Prague. The card will be paid every three months by the hosting organization and will allow the volunteers to travel freely to work and around Prague.<o:p></o:p></span></div>
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<span style="font-size: large;">The volunteers will receive food money monthly - it will depend on the budget of the project.<o:p></o:p></span></div>
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<span style="font-size: large;"><b>Training during the project</b><o:p></o:p></span></div>
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<span style="font-size: large;">The volunteers will receive various learning opportunities during the project.<o:p></o:p></span></div>
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<span style="font-size: large;">They will attend two events organized by the Czech National Agency: on-arrival training and mid-term evaluation meeting.<o:p></o:p></span></div>
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<span style="font-size: large;">The office of YEE will also provide learning options: we organize learning days and sessions when one employee of the office can share some knowledge or skill which they are competent in.<o:p></o:p></span></div>
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<b><span style="font-size: large;">Volunteer profile</span></b><o:p></o:p></div>
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<span style="font-size: large;">Young people who have a motivation and particular interest in this concrete EVS project. It is important that you understand the core of the project and are willing to join and learn from all 3 parts of the project - to help to work in daily office work, to work in the ecological center where the office is based, and to prepare your personal project. We are searching for EVS volunteers who are interested in international teamwork and have interest in environment and sustainability. Volunteers should have at least good knowledge of English and basic computer skills.</span><o:p></o:p></div>
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<span style="font-size: large;"><b>How to apply</b><o:p></o:p></span></div>
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<span style="font-size: large;">If you would like to apply for the position, please send CV (with an indication of age) and motivation letter (maximum 1,5 standard page, 11 or 12 font size) to evs@yeenet.eu. The motivation letter should include answers on your interest in YEE and environmental protection and what you want to learn.</span><o:p></o:p></div>
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Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.com0tag:blogger.com,1999:blog-3877270528731471754.post-39122160847778632742017-10-31T05:47:00.003-07:002017-10-31T05:47:41.064-07:00Job opportunities for programmers in Canada <div dir="ltr" style="text-align: left;" trbidi="on">
<b class="jobtitle" style="background-color: white; font-family: Arial, sans-serif; font-size: 13.5pt; margin: 0px; unicode-bidi: embed;"><span>Software Development Engineer </span></b><br />
<b class="jobtitle" style="background-color: white; font-family: Arial, sans-serif; margin: 0px; unicode-bidi: embed;"><span style="font-weight: normal;"><span style="font-size: large;">Senior or Intermediate Software Development Engineer Fortinet (NASDAQ: FTNT) is a worldwide provider of network security appliances and the market leader in unified threat management (UTM). Our products and subscription services provide broad, integrated and high-performance protection against dynamic security threats while simplifying the IT security infrastructure. Fortinet is headquartered in Sunnyvale, Calif., with offices around the world. If you're looking for a fast-paced, challenging and rewarding environment, then Fortinet is the place for you. We are an equal opportunity employer offering exciting work, competitive compensation, and benefits. Fortinet is looking for the best and the brightest to join our highly motivated team. Fortinet is growing and we are looking to hire a Senior or Intermediate Software Development Engineer to join our team in Ottawa. Job Skills Required • 5+ years of software development experience • Experienced C/C++ programmer • Experience of script programming, such as Perl, Python, Javascript, and PHP, a bonus • Solid background in TCP/IP networking and multi-threaded programming • Experience with email related protocols, such as SMTP, POP3 and IMAP, an asset • Knowledge of Linux kernel and Linux security applications a bonus • Excellent problem solving and </span></span></b><br />
<a name='more'></a><b class="jobtitle" style="background-color: white; font-family: Arial, sans-serif; margin: 0px; unicode-bidi: embed;"><span style="font-size: large;">troubleshooting skills • Strong attention to detail and timelines •Able to work independently Educational Requirements Bachelor's Degree in Computer Science or Electrical Engineering Please visit www.fortinet.com for more details. Fortinet is an equal opportunity employer and is committed to providing employment accommodation in accordance with the Ontario Human Rights Code and the Accessibility for Ontarians with Disabilities Act. If contacted for an employment opportunity or testing, please advise if you require accommodation.</span></b><br />
<a href="https://ca.indeed.com/rc/clk?jk=6272e49ad9d014ad&qd=Ng8KsFm_ibhrQp3DfzWrXa8BrFfvYfYWllbrUrO5MaekdLhTdCEaA4PspzLuAZvF7ToOJRfHUiGNIc64akybg0atdYsb1Ywjt0H9WnxiKUT628EJqtZqbxi2AiR1uwlCyLEZrpUJ9yy6DoMB0g9tlNP7OtYUOTZLulvQPc1WkSwjlcrQyucOfEqn4BJw_JJ7HqeiOfrcDO4wvLXfvaxkxg&from=vj&pos=bottom" style="background-color: white; font-family: Arial, sans-serif; font-size: x-large;" target="_blank">Apply</a><br />
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<span style="font-size: large;"><b class="jobtitle" style="margin: 0px; unicode-bidi: embed;">Programmer</b><br /><span class="company" style="unicode-bidi: embed;">Gameloft</span> <span class="ratings" style="background-image: url("/images/cmp/star_2_sm@2x.png"); background-size: 12px 22px; color: #7777cc; cursor: pointer; display: inline-block; height: 11px; line-height: 11px; margin: 0px 3px; text-decoration-line: none; unicode-bidi: embed; white-space: nowrap; width: 60px;"><a class="turnstileLink slNoUnderline " data-tn-element="reviewStars" data-tn-variant="vjreviews" href="https://ca.indeed.com/cmp/Gameloft/reviews" rel="noopener" style="color: #7777cc; cursor: pointer; text-decoration-line: none; unicode-bidi: embed; white-space: nowrap;" target="_blank"><span class="rating" style="background-image: url("/images/cmp/star_2_sm@2x.png"); background-position: 0px 11px; background-size: 12px 22px; display: inline-block; height: 11px; line-height: 11px; unicode-bidi: embed; width: 43.2px;"></span></a></span></span></div>
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<tr><td class="snip" style="line-height: 1.3; width: 43em;"><span class="summary" id="job_summary" style="unicode-bidi: embed;"><span style="font-size: large;">Job Description<br /><br /><b style="unicode-bidi: embed;">From the beginning of your journey with us you will:</b><br /><ul>
<li>Program in the relevant languages (C, C++);</li>
<li>Program all the various game modules (gameplay, artificial intelligence, audio, graphics, etc.);</li>
<li>Collaborate closely with all departments (designers, artist, producers, quality assurance, etc.) to produce a high-quality product;</li>
<li>Mentor and oversee growth of other members of the programming team; Qualifications</li>
<li>+2 years of experience programming in C++/C in the video game industry;</li>
<li>Experience with iOS, Android or other video game consoles;</li>
<li>University degree in Computer Engineering, Computer Science or equivalent experience;</li>
<li>Knowledge of 3D programming (OpenGL, DirectX);</li>
<li>Organized, self-reliant and a team player;</li>
<li>Ability to work independently and under pressure;</li>
<li>Ability to meet tight deadlines;</li>
<li>Ability to optimize code size and speed to maximize the technological capacities of each device;</li>
<li>Ability to program in a methodical and structured manner;</li>
<li>High interest in video games and in-depth knowledge of gaming culture;</li>
<li>Strong communication skills and ability to work in a team. </li>
</ul>
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<a href="https://ca.indeed.com/rc/clk?jk=b98880a571ff1f11&qd=Ng8KsFm_ibhrQp3DfzWrXa8BrFfvYfYWllbrUrO5MaekdLhTdCEaA4PspzLuAZvF7ToOJRfHUiGNIc64akybg0atdYsb1Ywjt0H9WnxiKUT628EJqtZqbxi2AiR1uwlCyLEZrpUJ9yy6DoMB0g9tlNP7OtYUOTZLulvQPc1WkSwjlcrQyucOfEqn4BJw_JJ7HqeiOfrcDO4wvLXfvaxkxg&from=vj&pos=bottom" target="_blank">To Apply</a>.</div>
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Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.com0tag:blogger.com,1999:blog-3877270528731471754.post-41925511313868160422017-10-31T05:18:00.002-07:002017-10-31T05:18:59.469-07:00American ultimatum to Russian economy <div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhD9Bc7TsAr0EQYz8Y8Z9ne7-PnNDywpemuxY3t4dAGUzxd1lVoAMMaJnHFUI6c-ZcUfufFqAlflU3c10uRFPAoa1pWO9GwMzCQWv4hQ0rezvK6NGnx4pDV-sqKREBKcDi1m-QVjclC8uo/s1600/maxresdefault.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="720" data-original-width="1280" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhD9Bc7TsAr0EQYz8Y8Z9ne7-PnNDywpemuxY3t4dAGUzxd1lVoAMMaJnHFUI6c-ZcUfufFqAlflU3c10uRFPAoa1pWO9GwMzCQWv4hQ0rezvK6NGnx4pDV-sqKREBKcDi1m-QVjclC8uo/s320/maxresdefault.jpg" width="320" /></a></div>
<span style="font-size: large;">Close to the State Department, the CSIS research center issued a report on the prospects for Russian-American economic relations.</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">It is noted, in particular, that Russian investment in the US fell from $ 21.5 billion in 2013 to $ 8.3 billion in 2015, while US investment fell from $ 13.1 billion in 2013 to $ 2.95 billion in 2016, while taking into account the European divisions of American companies, this number of analysts is offered to be estimated at least three times more - for example, the study provides estimates of the American Chamber of Commerce, according to which the accumulated investments of 90 American companies in Russia by 2017 amounted to about $ 80 billion.</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">It is noteworthy that, in the framework of the still continuing export flow, primarily in the supply of crude oil from Russian brands (primarily Urals grade), US experts point to the continued interest of local refineries to work with such grades - in large part, that indicators of the so-called "crack spread" (that is, the difference between the cost of crude oil and refined products in the form of gasoline, diesel fuel, oils and other chemicals) for heavy types of oil equaled the cheaper Latin American varieties of oil. However, even price fluctuations in the North American market can only slow down but do not unfold the trend for the "shrinking" of direct Russian-American economic ties.</span><br />
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<span style="font-size: large;">The report stresses that given the fact that securities of only three Russian companies are placed on the New York Stock Exchange, while the volume of Russia's investment in US government debt continues to decline consistently, the report's authors emphasize that the space for economic interaction between countries continues to grow stronger To be reduced and it is replaced conditionally by "pure policy".</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">In many ways, this is influenced by the existing structure of export-import cooperation between Russia and the United States, when the United States purchases only the raw materials of the first redistribution, and even certain high-tech spheres of cooperation (for example, reprocessing of US spent weapons-grade plutonium by the Russian nuclear industry and joint projects in space) cannot change the general negative background.</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">In recent years, there has been only one example of a large-scale replacement of one of the points of export - in agriculture, when Russia almost completely stopped agricultural imports from the US, which resulted from the policy of import substitution, the report stresses.</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">As a result, two scenarios are considered. In the first, in case of superficial and incomplete implementation of the existing sanctions legislation, the Russian economy will "gradually degrade." In the second scenario, which implies the full implementation of all sanctions measures, the introduction of new ones, the use of repression in relation to the "assets of Russian oligarchs" abroad, virtually all the remaining Russian-American economic ties will be cut off, and Moscow will follow the path of further protectionism.</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">There is also the least likely scenario in which "the Russian leadership will bring its foreign policy in line with the real state of the economy," reduce confrontation with the West and go on structural reforms with a weakening role of the state in the economy, a new wave of privatization and administrative and judicial reforms.</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">These calls, sounding from the mouths of analysts close to the State Department and the American establishment, mean that one of the vectors of pressure on the Russian political class is being drawn up ahead of the presidential elections of 2018 and scheduled precisely at the height of the electoral campaign for the publication by the US administration of specific names and restrictive measures that the authorities The US will use against representatives of the Russian business and political elite, based on the degree of its proximity to the first persons of the state.</span><br />
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<span style="font-size: large;">Repeated as mantras, spells about the need for privatization and "structural reforms," which begin to sound not only from the analytical centers in Washington, but also in the Russian political field, are called upon to legitimize in the public consciousness the idea of economic and then political capitulation to the West that It is impossible without dismantling the system of state companies and in general - the return of Russia to the path of unconditional submission and the abandonment of sovereign economic policy and elements of pragmatic protectionism. The indication in the report for the period from 2018 to 2024 demonstrates the fact that it is in the post-election period that the relevant forces can be activated in Russia, already now unfolding the rhetoric of "unpopular measures" and returning to "market principles".</span></div>
Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.com0tag:blogger.com,1999:blog-3877270528731471754.post-28889458879676215992017-10-31T05:10:00.003-07:002017-10-31T05:10:43.985-07:00How many votes Putin would get if the elections would be this Sunday<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdNwYy5qbEpnDkbiPPMLUdut4nUFT1ap6TQs3zK-Fa0nMU6gLOWiFpEDbGmrc2CV65RJo4zGBlLrpkpT0vYdiqortB_eN9WIHa4JTJsAsx4BCjXHaUXgVuypYmnRqSTm3PwudwMc5uNss/s1600/images+%25281%2529.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="194" data-original-width="259" height="239" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdNwYy5qbEpnDkbiPPMLUdut4nUFT1ap6TQs3zK-Fa0nMU6gLOWiFpEDbGmrc2CV65RJo4zGBlLrpkpT0vYdiqortB_eN9WIHa4JTJsAsx4BCjXHaUXgVuypYmnRqSTm3PwudwMc5uNss/s320/images+%25281%2529.jpg" width="320" /></a></div>
<span style="font-size: large;">Sociologists also found that 7% of respondents are ready to vote for Vladimir Zhirinovsky, and 4% - for Gennady Zyuganov.</span><br />
<span style="font-size: large;">Sociologists found out that 67% of voters would be ready to give their vote to the incumbent Russian President Vladimir Putin if the elections were held this Sunday. This is evidenced by the data of the poll of the Public Opinion Foundation.</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">It is noted that another 7% of Russians are ready to give their votes for the leader of the Liberal Democratic Party of Russia Vladimir Zhirinovsky, and 4% - for the head of the Communist Party of the Russian Federation Gennady Zyuganov.</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">It is noteworthy that 81% of the pollees assess the work of Putin as president. This indicator remains relatively stable for two years and does not fluctuate by more than three percentage points.</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">The "FOMNIBUS" survey was conducted from October 21 to 22 in 73 constituent entities of Russia. Three thousand respondents from 207 localities of the country took part in it.</span><br />
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<span style="font-size: large;">Some comments of Russian ordinary citizens about this poll:</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;"><b>1.</b> Fedor Stalin</span><br />
<span style="font-size: large;">4 days ago</span><br />
<span style="font-size: large;"></span><br />
<span style="font-size: large;">Why are you lying? The country is in crisis! Which 67%</span><br />
<span style="font-size: large;"><b>2.</b> Semen Ivanisov</span><br />
<span style="font-size: large;">4 days ago</span><br />
<span style="font-size: large;">sane in this country as always a minority.</span><br />
<span style="font-size: large;"><b>3. </b>Dmitry Avdeev</span><br />
<span style="font-size: large;">4 days ago</span><br />
<span style="font-size: large;">Who are these unhappy 33% who are not ready to vote for Putin? Who do they want for the presidency, Rabindranath Tagore?</span><br />
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Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.com0tag:blogger.com,1999:blog-3877270528731471754.post-10509792845356144262017-10-31T04:59:00.001-07:002017-10-31T05:03:10.988-07:00Russia will recover with Chines help <div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgV0cxkMrRKaiAQHK5aVYQqhVVQqcyKff7VANuRrQ-DbKS8GVpbJuUPBqa8AD0GU70xs5iUPmXXgjevQEgOSFx2Xe28nT9i9xettSc1prGWYWSzCmiNV0ubfyCPfPpQKqRLWm1xSE17b1w/s1600/images.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="183" data-original-width="276" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgV0cxkMrRKaiAQHK5aVYQqhVVQqcyKff7VANuRrQ-DbKS8GVpbJuUPBqa8AD0GU70xs5iUPmXXgjevQEgOSFx2Xe28nT9i9xettSc1prGWYWSzCmiNV0ubfyCPfPpQKqRLWm1xSE17b1w/s320/images.jpg" width="320" /></a></div>
<span style="font-size: large;">Given the unenviable situation in which the Russian economy has recently emerged, the Chinese government has decided to provide all possible assistance to its strategic partner in the aftermath of the crisis. According to Wang Yi, the Foreign Minister of this country, Beijing is ready to render any assistance to Moscow, if it so asks.</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">Wang Yi's words were confirmed by the head of the Chinese Ministry of Trade, Gao Hucheng. He said that the Chinese authorities are ready to consider the option with an increase in the currency swap between the two states, and also suggested using the yuan more in calculations for mutual trade operations.</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">Recall, two months ago, the governments of Russia and China signed a three-year agreement on the establishment of a currency swap of 150 billion yuan, which in ruble terms is 815 billion. Within the framework of the signed agreement, direct currency exchange between the countries as possible, excluding the unprofitable conversion of the national currency to the dollar.</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">Meanwhile, the devaluation of the ruble continues to negatively affect all areas of the Russian economy, while the Central Bank, in cooperation with the government, is trying to find ways to stop the ruble collapse and to stop panic in the foreign exchange market.</span><br />
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Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.com0tag:blogger.com,1999:blog-3877270528731471754.post-89347726861463136522017-10-31T04:34:00.000-07:002017-10-31T04:34:15.184-07:00The fate of the ruble is decided by the barrel and the rating<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidSjtTA2CYet3lCDoaz4QnkJ9cbCm4ykaktD-NcA3rBB5ECe0HG5ELm0ncG2Q4y99h9UJqZ0HXpNllbk0BBiazjd6aZiKqAvcTKb_tv50wT0TjWLXEAvu0Ktin37v1_ekPjpJ4pF30BLQ/s1600/1016271947.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="541" data-original-width="1000" height="216" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidSjtTA2CYet3lCDoaz4QnkJ9cbCm4ykaktD-NcA3rBB5ECe0HG5ELm0ncG2Q4y99h9UJqZ0HXpNllbk0BBiazjd6aZiKqAvcTKb_tv50wT0TjWLXEAvu0Ktin37v1_ekPjpJ4pF30BLQ/s400/1016271947.jpg" width="400" /></a></div>
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<span style="font-size: large;">During the week, the ruble was traded in a horizontal channel: the price for 1 US dollar fluctuated in the range of 64 - 66 rubles. Relative stability, reminiscent of the calm before the storm, is associated with the fastening of the barrel in the price range of $ 48-50 after the price rebound last week.<o:p></o:p></span></div>
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<span style="font-size: large;">Unfortunately, the currency markets are still very modestly reacting to the improvement of the situation in the hydrocarbon market, preferring to play out the negative headlines with great enthusiasm, including the revision by the international rating agency S & P of the Russian rating to "non-investment" level. According to estimates by Moody's and Fitch, Russia is also at the last stage of the investment part of the rating scale, so that S & P may become the first agency that will lower the rating to "junk". Lowering the ratings can have a meaning?! This will put pressure on Russian Eurobonds and increase capital outflow from the country. Sanctions and the aggravated geopolitical situation in Ukraine continue to make the country unattractive for investments, and a downgrade could significantly exacerbate the situation.<o:p></o:p></span></div>
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<span style="font-size: large;">At the opening of MICEX trading on Friday, January 23, the ruble appreciably strengthened to 62.9, however, while there is no longer any long-term trend. The International Energy Agency and OPEC are confident that in the near future oil production will be reduced in countries outside the cartel, which, instead of reducing the volume of supplies, on the contrary, increases production. This means that the growth of the barrel is temporary, and so the Russian ruble has nothing to catch. On the other hand, if the barrel of Brent drops again ?!? $ 45, then the dollar will not keep you waiting and will rise above 65-66 rubles. It can be said that the markets are in anticipation of further movement of the barrel. Reducing the cost of oil, up to 40 dollars and below, waiting and rating agencies as a signal for a downgrade of Russia.</span></div>
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<span style="font-size: large;">Against the background of the weakening of the value of the Russian national currency, it is worth paying attention to the behavior of the EUR / USD pair, which has seen a downward trend since July last year. This week, on Thursday, during a press conference ECB President Mario Draghi announced the launch of a quantitative easing program, which would seriously increase the pressure on the euro. At the current rate of easing very soon, Russians will be able to see on the scoreboard in the currency and operating cash desks, as the value of the dollar and euro in ruble terms will equal.</span><o:p></o:p></div>
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Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.com0tag:blogger.com,1999:blog-3877270528731471754.post-45085718333080959042017-10-27T05:14:00.003-07:002017-10-28T01:20:03.788-07:00 Investment assessment Technics<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9B2_2Wn4UhohTOplhogCSo8sA0SebbOgA-leLYvNj1iaZfquE87tJSGmRs8lbLBEaWNmhbDAckxrU8lCkZnBuOi2ZYUD5A877nOCEXlPU6CxaHamPEDQFVoxQBghD8J39cehkvJe7d5s/s1600/download.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="176" data-original-width="286" height="196" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9B2_2Wn4UhohTOplhogCSo8sA0SebbOgA-leLYvNj1iaZfquE87tJSGmRs8lbLBEaWNmhbDAckxrU8lCkZnBuOi2ZYUD5A877nOCEXlPU6CxaHamPEDQFVoxQBghD8J39cehkvJe7d5s/s320/download.jpg" width="320" /></span></a><span style="font-size: large; text-align: justify;">In capital budgeting process every company needs to assess investments to compare them and then choose which one is beneficial for the company. There are different methods to do that but In this article, we will discuss two of them which are easy to understand and require fewer efforts to implement in real life. These are methods, which helps us to avoid complex calculations and make decisions about relatively small investments. Let us discuss them separately.</span></div>
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<b><span style="font-size: large;">ROCE: Return on capital employed<o:p></o:p></span></b></div>
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<span style="font-size: large;">The formula to calculate ROCE is <o:p></o:p></span></div>
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<b><span style="line-height: 107%;"><span style="font-size: large;">ROCE =</span></span></b></div>
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<b><span style="font-size: large;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEis8HEjgKUZ4m8T-7wJP-R7bhub7bDG5Av6VNpZgdIQcZL_dT41oBut1PkICM_wSJHUT1scsihKwO5uvHyqPcV0ETQJzApIn9qyHJbPpC2s5ihBTRXiu-Aq_KE_xegM01p92D1s1M_gnrs/s1600/%25D0%25A1%25D0%25BD%25D0%25B8%25D0%25BC%25D0%25BE%25D0%25BA.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="89" data-original-width="334" height="85" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEis8HEjgKUZ4m8T-7wJP-R7bhub7bDG5Av6VNpZgdIQcZL_dT41oBut1PkICM_wSJHUT1scsihKwO5uvHyqPcV0ETQJzApIn9qyHJbPpC2s5ihBTRXiu-Aq_KE_xegM01p92D1s1M_gnrs/s320/%25D0%25A1%25D0%25BD%25D0%25B8%25D0%25BC%25D0%25BE%25D0%25BA.PNG" width="320" /></a></span></b></div>
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<b><span style="font-size: large;"><br /></span></b></div>
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<span style="font-size: large;">Where EBIT is Earnings before tax and interest paid and average capital employed is calculated as<o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDHU7m4b7tiP47b0qq57qjizU6xnKADHGhndRAldcUauIOnS7k3WVeJfHRL4j3Ohj2QwInFRGjN2JEu_j6om1TlQFK9c0h92OUJ6IH8xbGEbSKsSE9FBbOnhU8sxChFB_-gRaXf1cDtF0/s1600/%25D0%25A1%25D0%25BD%25D0%25B8%25D0%25BC%25D0%25BE%25D0%25BA+1.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="59" data-original-width="294" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDHU7m4b7tiP47b0qq57qjizU6xnKADHGhndRAldcUauIOnS7k3WVeJfHRL4j3Ohj2QwInFRGjN2JEu_j6om1TlQFK9c0h92OUJ6IH8xbGEbSKsSE9FBbOnhU8sxChFB_-gRaXf1cDtF0/s1600/%25D0%25A1%25D0%25BD%25D0%25B8%25D0%25BC%25D0%25BE%25D0%25BA+1.PNG" /></span></a></div>
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<span style="font-size: large;"> <b><span style="line-height: 107%;"> </span></b>. The decision rule is simple, it says that if ROCE is higher than target or benchmarked set by management it should be accepted. The meaning of this ratio is also pretty simple, it shows how much operational profit is available for each unit of capital employed. <o:p></o:p></span></div>
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<span style="font-size: large;">There are some advantages and disadvantages of this method:<o:p></o:p></span></div>
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<span style="font-size: large;"><b>Advantages: </b><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: large;">It is simple and easy to calculate as there are two variables EBIT, which is available in an Income statement, and Capital employed in a balance sheet. The other advantage is the measure is in percentage terms and easy to compare with historical data or with alternatives.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-size: large;">Disadvantage:</span></b><br />
<a name='more'></a><b><span style="font-size: large;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: large;"> It ignores a lifetime of project and timing of cash flows that is to say it ignores the time value of money. Another disadvantage is it can vary because of accounting policies and will cause not accurate decisions while comparing investment opportunities. It also may ignore capital requirements<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: large;"><b>Example: </b>A wood processing company wants to buy a machine which costs 100 000$ and will generate for a company 25 000$ each year for 5 years. There is no scrap value and the depreciation is on straight-line bases.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: large;">First, we need to calculate EBIT of a project so we should deduct from cash inflows depreciation, which is an expense. Therefore, depreciation is equal 100 000/5 = 20 000. EBIT for each year is equal to 5000 (25000-20000), total is 5*5000=25000$.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: large;">ROCE = 25000$/ 100000$ = 0.25 or 25% as there is no scarp value. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-size: large;">Payback assessment method:<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: large;">It is a method, which measures when the project will pay all investments that you have made on it. It counts liquidity and easy to calculate. The formula to do that is:<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: large;"><b>Pay Back = initial investment / annual cash flow </b><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: large;">But cash flows can be uneven or may not much exactly with investment. For example, we have to cover 200 dollars yet and in the coming year will have 300$ cash inflow, we need do divide 200/300 = 0,66 year or 0,66*12 month = 8 months.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: large;">The rule is simple: chose the one which offers less payback period which is more liquid.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-size: large;">Advantages:<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: large;">It is simple and effective in certain situations like rapidly changing technology or improving investment conditions. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-size: large;">Disadvantages:<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: large;">It ignores cash flows after payback period and fails to count time value of money.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-size: large;">Example: <o:p></o:p></span></b></div>
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<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.9pt;" valign="top" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">Year <o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.7pt;" valign="top" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">Cash Flow<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">Cumulative cash flow<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">Payback<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.9pt;" valign="top" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">0<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.7pt;" valign="top" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">(100 000)<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">-100 000<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">0<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.9pt;" valign="top" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">1<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.7pt;" valign="top" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">35 000<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">-65 000<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">1<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.9pt;" valign="top" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">2<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.7pt;" valign="top" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">50 000<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">-15 000<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">2<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.9pt;" valign="top" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">3<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.7pt;" valign="top" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">40 000<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">15 000/40 000<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: large;">0,375 or 4,5 month<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: large;"><b style="text-align: justify;"> </b><b><span style="font-family: "calibri" , sans-serif; line-height: 107%;"> </span></b></span></div>
Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.com0tag:blogger.com,1999:blog-3877270528731471754.post-47709012555136813212017-10-13T03:54:00.000-07:002017-10-13T05:21:39.525-07:00Value based pricing framework<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1WC7hXXLFTPMEXor3dbgk99ILYVlazFwFXbY67LKAJDGa47p5Ny-HN8DD6UyMfM4hNL3jkuWgb7Wh9m9y5SzdNjxq07qotOIeapK0pKq9IItU-vL6OJm1YameM1HBArWWkYqdbHSlcMg/s1600/image21.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="546" data-original-width="728" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1WC7hXXLFTPMEXor3dbgk99ILYVlazFwFXbY67LKAJDGa47p5Ny-HN8DD6UyMfM4hNL3jkuWgb7Wh9m9y5SzdNjxq07qotOIeapK0pKq9IItU-vL6OJm1YameM1HBArWWkYqdbHSlcMg/s320/image21.jpg" width="320" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: large;">Price is one of the most important components in a 4P analysis and in general, it has a big influence on customer and company behavior. Price contains an information about the market and it is a guide for people and organizations to make important decisions about their future movement and strategy. But the question is how prices are set, who is the one to decide the price of a certain good? To answer this question we need to go back in a time.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="line-height: 107%;"><span style="font-size: large;">The price can be defined as a mean or a term of a contract between the buyer and seller. In the past, there was just a barter exchange that is to say people were changing some good with another. But it became harder and harder to implement, because when the network is increasing and needs differ it is hard to make a transaction on this framework. For example, person A has an apple and needs spade which is owned by the person B. But the B does not want an apple but wants C’s leather. Now imagine the huge network in the same logic which can exist in the world of divers goods and needs. This was the base of creation of a money, which becomes a measure for a product value. So, the other good description of a price is a quantity of money which customer wants, has the willingness to pay. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="line-height: 107%;"><span style="font-size: large;">After the industrial revolution, products started to be more standardized. There was an exciting need, demand in the market and there was no diversification of products as now. Till 1940<sup>th</sup> there was a widespread opinion that the only reason of every company to exist is to maximize its shareholder's wealth. So, that time there was no market or customer orientation as they were weaker than now. The pricing had a cost base framework. Companies were producing a product, calculating costs in terms of materials, salaries, transportation and so on, then putting a margin on that cost setting a price in a best possible manner to increase shareholders wealth.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="line-height: 107%;"><span style="font-size: large;">Companies were not driven from the market they had a sought that they can promote what they produce and it was possible because of low competition in any market.</span></span></div>
<a name='more'></a><span style="font-size: large;"><o:p></o:p></span><br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="line-height: 107%;"><span style="font-size: large;">But then after companies started to think also about other stakeholders, mainly because they became stronger and also culture started to change. Nowadays all successful companies are market driven, they are customer oriented even Bezos the founder of Amazon told that he is not interested in competitors behavior but mostly he is concentrated on customer’s needs. These changes made companies have a different attitude to prices than the cost-based method is. The new method is called value-based pricing. And the framework is the vice versa of a cost method. How it works?<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="line-height: 107%;"><span style="font-size: large;">Companies search some needs in a market, they find a price which customers are willing to pay to satisfy that need than designing a good. After they set a cost below the price and try to reach that goal. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="line-height: 107%;"><span style="font-size: large;">The other question is what is a value and how it is connected with the willingness to pay?<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="line-height: 107%;"><span style="font-size: large;">The value of a good for a customer is a combination of costs and benefits that the product provides, actually the difference between the benefits and costs. The major cost is a price and that is why it should be less than the benefits of a good. The formula is used to describe this above-mentioned statement:<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="line-height: 107%;"><span style="font-size: large;">V = B-P<o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="line-height: 107%;"><span style="font-size: large;">However, there can be a fair question: The benefit from a water is much higher than the benefit from a gold why the price of gold is higher. To answer this question we need to bring another concept, which is called differential value. That is an additional value that product or a company provides after its competitors. There are a lot of water supply compared with gold and suppliers do not offer much differential attributes to each other that is why water has lower price. The formula for differential value is:</span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
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</div>
Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.com0tag:blogger.com,1999:blog-3877270528731471754.post-6170967374733267962017-10-13T02:19:00.003-07:002017-10-13T02:19:40.979-07:00Market five forces<div dir="ltr" style="text-align: left;" trbidi="on">
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<div class="separator" style="clear: both; text-align: center;">
<span style="font-size: large;"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKhSNjc1620nDvUQHmAX3SHhCn0I3S51gfCwgyQNVCfNFzYk1NSsvO840voWw9YeD318bHsoJ96gdnBjNRykkzaCMTl8okRTh-AcAD5vD5QHRZhyphenhyphen2Ll5re8ZXOjIruolrTZI_CkIUCsLM/s1600/download.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="184" data-original-width="274" height="214" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKhSNjc1620nDvUQHmAX3SHhCn0I3S51gfCwgyQNVCfNFzYk1NSsvO840voWw9YeD318bHsoJ96gdnBjNRykkzaCMTl8okRTh-AcAD5vD5QHRZhyphenhyphen2Ll5re8ZXOjIruolrTZI_CkIUCsLM/s320/download.jpg" width="320" /></a></b></span></div>
<span style="font-size: large;">There are forces, which are shaping the strategy of a company to act in a specific manner in the market. The Porter’s five forces model is a widespread method of market analyzing. We will try to explain each of them separately and will bring some examples to make our points more understandable.</span><br />
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<span style="line-height: 107%;"><span style="font-size: large;"> First, the force that has an impact of companies’ actions is a <b>treat of an entrance</b>. If the barriers to entering specific market are low, there is a treat that others would like to enter and increase competition, pressure on costs and prices, consequently on profits. Actually, it is not the real entrance which impacts, but the threat, because companies try to decline prices => profits to make the market less interesting for others to enter and make “hard” competitive environment. An example of a new entrant can be Pepsi when it entered bottle water industry. What are the barriers? <o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="line-height: 107%;">1.<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><!--[endif]--><span style="line-height: 107%;">First, is an economy of scale from supplier side. Companies which have a big size and produce a big number of goods enjoy an economy of scale cause they can share the fixed cost to more products and get less average costs, so if there is a new company which wants to enter need to do it with big investments or accepts cost disadvantage.<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="line-height: 107%;">2.<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><!--[endif]--><span style="line-height: 107%;">Buyers willingness to buy. There are customers who are loyal to the specific company not only for prices but also there is a kinda partnership, so it is hard to enter a market where existing firms have good networks with customers.</span></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="line-height: 107%;">3.<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><!--[endif]--><span style="line-height: 107%;">Restrictive government policy. There are some products which can be produced only if it is licensed by the government, so it is an additional barrier to entry.<o:p></o:p></span></span></div>
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<span style="line-height: 107%;"><span style="font-size: large;">The second force which shape competition is a <b>buyers bargaining power</b>. Buyers who are strong can demand more services or less price and can affect the overall market. What makes buyers strong?<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="line-height: 107%;">1.<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><!--[endif]--><span style="line-height: 107%;">If in a market there are a little number of buyers or each of them has a big share in a market, It is the vice versa of monopoly which is known in economic literature as a monopsony. <o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="line-height: 107%;">2.<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><!--[endif]--><span style="line-height: 107%;">If the product of a company is standardized and a buyer is sure that he/she can find the equivalent easily.<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="line-height: 107%;">3.<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><!--[endif]--><span style="line-height: 107%;">If there are less or no switching costs. An example of switching cost is a one year contract for the internet services. If customers want to switch there are high fees. <o:p></o:p></span></span></div>
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<span style="line-height: 107%;"><span style="font-size: large;">The third force is <b>The power of suppliers. </b>The strong suppliers can increase prices of their products, can give poor services. What makes suppliers strong?<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="line-height: 107%;">1.<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><!--[endif]--><span style="line-height: 107%;">If the supplier is the only one or there are a little number of suppliers, they are a monopoly in supply industry and can gain more profits. <o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="line-height: 107%;">2.<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><!--[endif]--><span style="line-height: 107%;">There are big switching costs and no buyer wants to change its supplier.<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="line-height: 107%;">3.<span style="font-stretch: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><!--[endif]--><span style="line-height: 107%;">The supplier offers unique benefits or is a specialist in an industry where you can not find equivalent substitutes.<o:p></o:p></span></span></div>
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<span style="line-height: 107%;"><span style="font-size: large;">The fourth force is a <b>treat of substitutes</b>. A substitute has a similar function and satisfies a similar need of a customer. And if company increase price the customer more probably can switch to the substitute. Substitute also can be attractive by its increased quality or if there is little switching cost.<o:p></o:p></span></span></div>
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<span style="line-height: 107%;"><span style="font-size: large;">The fifth and the last force which shapes the market is <b>Competition. </b>It can be high, low or moderate in a marketplace. Competition is an outcome of other four factors and has a major impact on the market. Any company who wants to succeed should investigate the competition level in the market and find a good position for its firm where competition is low and the profit margin is high. </span><span style="font-size: 12pt;"><o:p></o:p></span></span></div>
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Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.com0tag:blogger.com,1999:blog-3877270528731471754.post-73552508278512874042017-10-11T05:15:00.001-07:002017-10-11T05:15:42.580-07:00 Net promoter score In marketing and customer lifetime value<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: large;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwe8SYC_2nV3T1-7xEsRoZB3fq86HpMNgZ2M_cdKDaZGBUWxDRp8VSfXfkZQgk00XFXAPCAN2vsBGKw978LDtfMUiy_TQm9-5k5l3yZTLC6u2GA8erFMUq5-9dmvBrkduPampRtuRjA7A/s1600/Net+promoter+score.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="433" data-original-width="757" height="183" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwe8SYC_2nV3T1-7xEsRoZB3fq86HpMNgZ2M_cdKDaZGBUWxDRp8VSfXfkZQgk00XFXAPCAN2vsBGKw978LDtfMUiy_TQm9-5k5l3yZTLC6u2GA8erFMUq5-9dmvBrkduPampRtuRjA7A/s320/Net+promoter+score.PNG" width="320" /></a></span></div>
<span style="font-size: large;"><span style="color: windowtext;">Net promoter score measures loyalty level that exists between company and consumer.</span></span><br />
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<span style="font-size: large;"><span style="color: windowtext; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">It is based on the direct question which is asked to the random customers: </span><i>How likely is it that you would recommend our company/product/service to a friend or colleague? </i><span style="color: windowtext; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The scoring for this answer is most often based on a 0 to 10 scale. </span><span style="color: windowtext; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="color: windowtext; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">•</span><span style="color: windowtext; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><b>Promoters</b> are those who respond with a score of 9 or 10 and are considered loyal enthusiasts. <o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="color: windowtext; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">•</span><span style="color: windowtext; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><b>Detractors</b> are those who respond with a score of 0 to 6 - unhappy customers. </span><span style="color: windowtext; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="color: windowtext; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">•</span><span style="color: windowtext; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">Scores of 7 and 8 are ignored. </span><span style="color: windowtext; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="color: windowtext; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">•</span><span style="color: windowtext; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">NPS is calculated by subtracting the percentage of customers who are Detractors from the percentage of customers who are Promoters. </span>Calculation example is represented below.</span></div>
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<b><span style="line-height: 107%;"><span style="font-size: large;">CLV</span></span></b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinNpg5VV4HQHlv51MD5ZuBKsBiGm6xkFe9lA-9S5u1mckcigt4ltAzNTjzpo4doby3XcekbsdNypz_l0u_EiUu582IBFp8QhaTL7dZF95rZfALvUh0uHW6A09PwQiuO-AM9WJP4Cn96yc/s1600/5907a899d76910253df6a669_4blifetime_value.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="528" data-original-width="780" height="216" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinNpg5VV4HQHlv51MD5ZuBKsBiGm6xkFe9lA-9S5u1mckcigt4ltAzNTjzpo4doby3XcekbsdNypz_l0u_EiUu582IBFp8QhaTL7dZF95rZfALvUh0uHW6A09PwQiuO-AM9WJP4Cn96yc/s320/5907a899d76910253df6a669_4blifetime_value.png" width="320" /></span></a></div>
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<span style="font-size: large;">Customer lifetime value (CLV) is a metric that allows managers to understand the overall value of their customer base and to evaluate how well their management strategies are working. <o:p></o:p></span></div>
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<span style="line-height: 107%;"><span style="font-size: large;">A customer’s lifetime value is dependent on three different factors:<o:p></o:p></span></span></div>
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<span style="line-height: 107%;"><span style="font-size: large;"><b>1</b>. <b>The cost to acquire the customer. </b>Customer acquisition is generally done through marketing programs such as advertising and/or sales promotions.<o:p></o:p></span></span></div>
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<span style="font-size: large;"><b>2. The annual profits the customer generates for the firm. </b><o:p></o:p></span></div>
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<span style="font-size: large;">Profits depend on both the amount of revenue the customer delivers to the firm and the variable costs incurred by the firm in serving the customer. <o:p></o:p></span></div>
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<span style="font-size: large;">In CLV analysis, contribution margin (revenue-variable cost) is the correct profit measure to use. <o:p></o:p></span></div>
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<span style="line-height: 107%;"><span style="font-size: large;">In many marketing cases, variable costs are not known, but the cost of goods sold (COGS) is, then use gross margin (Revenues – COGS) as your annual profit number.<o:p></o:p></span></span></div>
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<span style="font-size: large;"><b>3. The number of years the customer is likely to purchase from the firm. </b><o:p></o:p></span></div>
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<span style="font-size: large;">Some customers are highly brand loyal and, once acquired, will continue to buy from the firm for many years. <o:p></o:p></span></div>
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<span style="line-height: 107%;"><span style="font-size: large;">Other customers are less brand loyal and will buy from the firm for only a short period of time.<o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="line-height: 107%;">The Basic Customer Lifetime Value Formula </span></b><i><span style="line-height: 107%;">CLV </span></i><span style="line-height: 107%;">= <i>m</i>* <i>L </i>- <i>AC </i>where <i>m </i>is the contribution margin generated from a customer in a year (or another time period), <i>L </i>is the expected purchasing life of a customer (measured in years if the annual contribution margin is being used), and <i>AC </i>is the up-front cost of acquiring a customer.</span><b><span style="line-height: 107%;"><o:p></o:p></span></b></span></div>
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<span style="font-size: large;">Below you can find an example of calculation of both metrics.</span></div>
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<b><span style="font-size: large;">Example:</span></b></div>
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<b><span style="font-family: Sylfaen, serif; line-height: 150%;"><span style="font-size: large;">Facts about the awareness of “Antaram”<o:p></o:p></span></span></b></div>
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<span style="font-family: Sylfaen, serif; line-height: 150%;"><span style="font-size: large;"> To find out the level of awareness of “Antaram” we conducted an online survey. 200 people answered the questions if they are familiar with Antaram, have they ever tried it. It turned out that only 20% knows Antaram, which is bad for a company that exists so many years and only 5% of respondents have ever tried it. <o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="font-family: Sylfaen, serif; line-height: 150%;">Likelihood of recommending</span></b><span style="font-family: Sylfaen, serif; line-height: 150%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="font-family: Sylfaen, serif; line-height: 150%;"> To disclose consumers’ attitude towards Antaram's product we conducted another survey within a consumer sample of 48 people. We tried to collect objective data, so the people were chosen randomly. Samples more than 30 behave under central limit theorem and can provide an approximate information about research. After data collection we calculated Net promotion score, which is illustrated below:</span><span style="font-family: Sylfaen, serif; line-height: 150%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="font-family: Sylfaen, serif; line-height: 150%;">Not at all likely (Detractors) - 25% = 12</span><span style="font-family: Sylfaen, serif; line-height: 150%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="font-family: Sylfaen, serif; line-height: 150%;">Passives - 8, 33% = 4</span><span style="font-family: Sylfaen, serif; line-height: 150%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="font-family: Sylfaen, serif; line-height: 150%;">Promoters - 66, 6% = 32</span><span style="font-family: Sylfaen, serif; line-height: 150%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="font-family: Sylfaen, serif; line-height: 150%;">Net promotion score = Promoters (%) - Detractors (%) = 66,6% - 25% = 41.6%</span></b><span style="font-family: Sylfaen, serif; line-height: 150%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="font-family: Sylfaen, serif; line-height: 150%;"> Usually, when this score is higher than 50%, it is considered as excellent, but we can see that in our case it is lower. 41, 6% is a good value, but it is apparent that the company has work to do with this. Due to Fred Reichheld's loyalty theorem, 5% increase in NPS will cause an increase in profit from 25% to 95%. It is obvious that this can be an opportunity for Antaram. </span><span style="font-family: Sylfaen, serif; line-height: 150%;"> </span><span style="font-family: Sylfaen, serif; line-height: 150%;">We also asked detractors and promoters their opinion and cause of their attitude. Most of the detractors were unsatisfied with the quality of teas with pockets. And Promoters were mostly satisfied with the medical effect of teas.</span><span style="font-family: Sylfaen, serif; line-height: 150%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="font-family: Sylfaen, serif; line-height: 150%;"> </span></b><span style="font-family: Sylfaen, serif; line-height: 150%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="font-family: Sylfaen, serif; line-height: 150%;">CLV: </span></b><span style="font-family: Sylfaen, serif; line-height: 150%;">To anticipate how much money the company can spend on marketing purposes, we decided to calculate customer lifetime value for Antaram's average product.</span><span style="font-family: Sylfaen, serif; line-height: 150%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="font-family: Sylfaen, serif; line-height: 150%;">CLV = GG x </span><span style="font-family: Sylfaen, serif; line-height: 150%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="font-family: Sylfaen, serif; line-height: 150%;">d= 6,5 - Information from RA central bank</span><span style="font-family: Sylfaen, serif; line-height: 150%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><b><span style="font-family: Sylfaen, serif; line-height: 150%;">GG = 550*20%*10 = 1100</span></b><span style="font-family: Sylfaen, serif; line-height: 150%;"> where 550 is the average price for product, 20% is the profit margin, 10 is the average quantity of used boxes of tea.</span><span style="font-family: Sylfaen, serif; line-height: 150%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="font-family: Sylfaen, serif; line-height: 150%;"> To calculate retention rate, we can fairly assume that it is highly probable that promoters and passive ones will return to buy Antaram's product but detractors will not.</span><span style="font-family: Sylfaen, serif; line-height: 150%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="font-family: Sylfaen, serif; line-height: 150%;"> So <b>r = 36/48*100= 75% = 0.75.</b></span><span style="font-family: Sylfaen, serif; line-height: 150%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="font-family: Sylfaen, serif; line-height: 150%;">Now we can calculate CLV which is:</span><span style="font-family: Sylfaen, serif; line-height: 150%;"><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span style="font-family: Sylfaen, serif; line-height: 150%;">CLV= 1100x = 2620 AMD</span><span style="font-family: Sylfaen, serif; line-height: 150%;"><o:p></o:p></span></span></div>
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<span style="font-family: Sylfaen, serif; line-height: 150%;"><span style="font-size: large;"> We can conclude that the company can spend on acquisition of one customer not more than 2620 drams. </span></span><span style="font-family: "Sylfaen",serif; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: RU;"><o:p></o:p></span></div>
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Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.com0tag:blogger.com,1999:blog-3877270528731471754.post-44891982227467877892017-10-11T04:44:00.001-07:002017-11-04T11:22:42.232-07:00 Marketing mix or 4P analysis<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyAI9ZWm2WLGiyXLBmA3Dr7_MYZWIkfJ9CHjNpiLOzM0GcQzAVqNX3buJbXd3k8T17bu8jfDPaihPm3FOQLTnZekoTVTYbhDDGDGgS2aVBtjBBEk9-3kXbKmAtD7UNyT2oBbezK_8Ex18/s1600/marketing-mix-4p.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="600" data-original-width="600" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyAI9ZWm2WLGiyXLBmA3Dr7_MYZWIkfJ9CHjNpiLOzM0GcQzAVqNX3buJbXd3k8T17bu8jfDPaihPm3FOQLTnZekoTVTYbhDDGDGgS2aVBtjBBEk9-3kXbKmAtD7UNyT2oBbezK_8Ex18/s320/marketing-mix-4p.jpg" width="320" /></span></a></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large; text-align: justify;">To understand what is 4P analysis and why we need it, we should answer a question: What is a marketing? The answer is too simple and at the same time is a good guideline for any marketing analysis. That is “ Marketing is about meeting customers needs profitably”. For this purpose businesses need to sell appropriate product or service which satisfies customers’ needs and this should be done in a right place, right time on a right price.</span></div>
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<span style="line-height: 107%;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> Imagine situation when you sell expensive toys in a poor country or village, or you sell Christmas gifts in summer or warm coat in hot Brazil. Common sense even says that this is not going to work, so what every business need is to consider all these factors, cause even if one of it will be “wrong” business will have troubles. Any business needs to answer several questions to do some analysis to understand correct price, product, place and promotion.</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b><span style="line-height: 107%;">Product </span></b><span style="line-height: 107%;">is the first component in a 4P analysis and it is vital for any company to succeed. To design a good product in terms of a good or service company needs to answer some questions:</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b><span style="line-height: 107%;">1.<span style="font-stretch: normal; font-variant-numeric: normal; font-weight: normal; line-height: normal;"> </span></span></b><span style="line-height: 107%;">What kind of needs customer wants to satisfy ?</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b><span style="line-height: 107%;">2.<span style="font-stretch: normal; font-variant-numeric: normal; font-weight: normal; line-height: normal;"> </span></span></b><span style="line-height: 107%;">What kind of attribute our product has to do that?</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b><span style="line-height: 107%;">3.<span style="font-stretch: normal; font-variant-numeric: normal; font-weight: normal; line-height: normal;"> </span></span></b><span style="line-height: 107%;">Is its size, color and other features preferable.</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b><span style="line-height: 107%;">4.<span style="font-stretch: normal; font-variant-numeric: normal; font-weight: normal; line-height: normal;"> </span></span></b><span style="line-height: 107%;">What product lines the company has in a specific sector and so on.</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span style="font-size: large; line-height: 107%;">Price </span></b></span></div>
<a name='more'></a><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: large; line-height: 107%;">is a factor which differs from others cause it includes some information in it and should be set in a way which will let customer to get <b><a href="https://sincrenete.blogspot.am/2017/10/price-is-one-of-most-important.html" target="_blank">value</a></b> that is to say benefits would be higher than the price perception. </span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b><span style="line-height: 107%;">Place </span></b><span style="line-height: 107%;">is about physical territory, distribution channels which will be used to sell products. It is vital as well cause in a “wrong markets” no good can be sold. And also company should look what kind of competitors are there in that market.</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b><span style="line-height: 107%;">Promotion </span></b><span style="line-height: 107%;">should be done in a most efficient way. Company should decide is it appropriate to advertise on TV or in the internet, is it good at all to advertise, when to do that, is there any seasonality in a market and so on.</span></span></div>
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<span style="line-height: 107%;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> I will post an example of 4p analysis of a tea company in Armenia to illustrate how it works and give a good guideline to support you to right your own.</span></span></div>
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<b><span style="line-height: 107%;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Example</span></span></b></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b><span style="line-height: 150%;">Product</span></b><span style="line-height: 150%;"></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="line-height: 150%;">Antaram's tea line of product includes over a hundred different varieties of teas with varying flavors and health benefits. This wide range allows the company to offer customers specific teas for specific situations.</span><span style="line-height: 150%;"></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="line-height: 150%;">The company believes that their consumers have a good idea about their situations or diseases and they can know which products are good for them through the information and the indications mentioned on each box with its ingredients, this ensures their consumers which products are the best for their conditions and meet their expectations.</span><span style="line-height: 150%;"></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="line-height: 150%;">The products have a traditional, bright and simple design with the actual picture of the herbs that have been used to prepare each product. Some types of teas contain seven tea bags and others thirty. Each tea bag should be steep in 500ml of poor boiled water, which can be used for more than once.</span><span style="line-height: 150%;"></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="line-height: 150%;">Antaram has been successful in creating an image that their products are unique by its quality. It ensures constant and continuous innovation in the product, and it keeps on coming up with newer and more improved medical benefits.</span><span style="line-height: 150%;"></span></span></div>
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<b><span style="line-height: 150%;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Price</span></span></b></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="line-height: 150%;">For every company one of the most important marketing and overall business decisions is pricing. Companies can have different pricing objectives, and it is important to identify a precise objective to find the most optimal price. We would like to demonstrate Antaram’s competitive cooperation regarding price and quality in order to clarify its pricing objective and strategy. </span><span style="line-height: 150%;"></span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAxzscbtUMKgOXp8ziv-FzUSOhPKLcYWAAE6rXTHPv3XB1gSeJGob4ExGTrtKENYGoruXFporRpPayfXFC4pp0q96_7cF3XbdD46MqnIboJjORL5wrs7G5SSjqFNFSpSjLJnBtr7y4J3w/s1600/%25D0%25A1%25D0%25BD%25D0%25B8%25D0%25BC%25D0%25BE%25D0%25BA.PNG" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="267" data-original-width="462" height="230" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAxzscbtUMKgOXp8ziv-FzUSOhPKLcYWAAE6rXTHPv3XB1gSeJGob4ExGTrtKENYGoruXFporRpPayfXFC4pp0q96_7cF3XbdD46MqnIboJjORL5wrs7G5SSjqFNFSpSjLJnBtr7y4J3w/s400/%25D0%25A1%25D0%25BD%25D0%25B8%25D0%25BC%25D0%25BE%25D0%25BA.PNG" width="400" /></span></a></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="line-height: 150%;"> We can see from the matrix that Antaram has a higher price and higher quality compared with its straight competitors. For the similar products, Antaram's price is 1200 AMD, Makaryan’s price is 990 AMD, Ar Phito Pharm's is 860, and Gevorgyan's is 560 AMD. From our observations we can conclude that Antaram has two main pricing objectives. First one is the maximization of a unit profit margin, because the company anticipates that the sales volume will be lower. And the second pricing objective is quality leadership, which is as follows: they use high price to signal about quality.</span><span style="line-height: 150%;"></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="line-height: 150%;"> And the strategy of pricing has characteristics from "competition pricing" as the company tends to price their product 10-15% higher than competitors and "premium" pricing as their quality is also higher, but it is not pure "premium", because the products are not luxury.</span><span style="line-height: 150%;"></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="line-height: 150%;"> The company has 20% to 30% profit margin in the price of products and its major costs are herbs buying expense, wage expense, packaging, taxies and distribution.</span><span style="line-height: 150%;"></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b><span style="line-height: 150%;">Place</span></b><span style="line-height: 150%;"></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="line-height: 150%;">Antaram is distributed mainly in Yerevan with a population of approximately 1.2 million people, and in several cities of Armenia in smaller amounts. Its teas are sold mainly in Yerevan City supermarket chains, in Halep markets and in pharmacies like Alpha Pharm, Natalie Pharm, Levon & Lamara, Arpharmacia and Asteria. In case of absence of a product the customer can always order one from Antaram’s warehouse. Although the product is remedial and its main vendors are pharmacies, but it also has demand as a tea sold in markets, which means that only Yerevan City supermarket chains are not enough to spread awareness among potential customers.</span><span style="line-height: 150%;"></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="line-height: 150%;">Besides, Antaram also represents its product line during different international and local professional expos. For example, recently it participated in “Lady EXPO 2016” (26-28 November) organized by Logos Expo Center.</span><span style="line-height: 150%;"></span></span></div>
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<b><span style="line-height: 150%;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Promotion</span></span></b></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="line-height: 150%;">Antaram promotes its products through its web-page, Facebook account, Facebook ads and through occasional expos. Their product is well promoted by their social capital, as Antaram is operating since 1989 and has gained loyal customers. </span><span style="line-height: 150%;"></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="line-height: 150%;">From promotional channels we would prefer online ones as Antaram’s promotional budget is not large and internet advertisement is the cheapest.</span><span style="line-height: 150%;"></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="line-height: 150%;">There is some degree of seasonality in drinking herbal teas, for instance after the New Year the overall sales decrease and only the sale portion of the detox and anti-allergic teas increase. Another pattern of seasonality is the fact that when the apricots ripen the sales go down because with the consumption of fruits or almost all illnesses moderate. That is why we suggest doing promotions exactly at that time. </span><span style="line-height: 150%;"></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="line-height: 150%;">The overall portion of promotions in the market is low. The producers think that in case of active promotional campaigns the competitors will also implement this strategy.</span><span style="line-height: 150%;"></span></span></div>
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Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.com0tag:blogger.com,1999:blog-3877270528731471754.post-79207204306148935892017-10-03T02:33:00.001-07:002017-10-03T02:33:10.912-07:00Induction Process explained with example <div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhi4PbAdgar03tNoHmWLKlnrvNso-E9Yfc3Dgf_80SHLPbX1vyucobD90XMPkl04LDRqgOr8XbrL5P2S65VmVZRVSgcz1-L7l1p0O1lJJ9mNqdiI9YBGCxTSmBdtIt88dxZ3rDDRQykpfE/s1600/onboarding1.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="533" data-original-width="950" height="179" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhi4PbAdgar03tNoHmWLKlnrvNso-E9Yfc3Dgf_80SHLPbX1vyucobD90XMPkl04LDRqgOr8XbrL5P2S65VmVZRVSgcz1-L7l1p0O1lJJ9mNqdiI9YBGCxTSmBdtIt88dxZ3rDDRQykpfE/s320/onboarding1.jpg" width="320" /></a></div>
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<span style="font-size: large;">The induction program is an important part of human resource management. No matter what size is a company induction is an important program for setting a new employee into their role as quickly as possible. First, every company invests on its employee and needs to make them productive and get returns from that investment sooner. Second, if recruitment process failed it worth to know to change a person, to hire new one again as soon as possible, because it costs time and money to keep or train someone who does not fit in specific position. I would like to represent the induction process of CCMS NGO where I worked for two years. The organization has around 40 employees and specific steps of employee onboarding.</span></div>
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<span style="font-size: large;"> Firstly, I would like to mention that in the organization there is no specialized HR employee and all processes related to HR is implemented by CEO who is also the founder of the NGO. I think this is the major reason that there is no formal procedure of induction process but there are several steps, which are implemented to set an employee to the role. </span></div>
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<span style="font-size: large;"><b>Step 1: Before the new employee starts</b></span></div>
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<span style="font-size: large;">This is an important phase to prepare someone to feel more confident and be less stressful before he/she will arrive at the workplace as an employee. For this purpose, CCMS administrative employee, mainly administrative executive sends the pack of information to the newcomer. Information includes the job description, one to two pages, stated in an informal way, organizational structure, culture, mission, vision and implemented major projects. In that pack, a new employee can also find an information about a mentor who is allocated to provide an answer to day-to-day questions. Mentorship is also an important practice for a mentor to improve his or her supervisory skills. I had the experience to be a mentor for EU volunteers in the NGO and for sure can say that it is one of the important parts of the induction program. In addition, the workplace is prepared for the arrival of an employee.</span></div>
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<span style="font-size: large;"> <b>Step 2: First day</b></span></div>
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<span style="font-size: large;">First day CEO introduce a newcomer to the staff, shows workplace and arranges meetings with employees with whom newcomer will interact directly. In addition, CEO arranges a meeting with the mentor. In a break time, team-lunch is organized for socialization purposes. And the staff prepares banner with the name of a new recruit and “WELLCOME” which appears in the main hall when people enter for a lunch.</span></div>
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<span style="font-size: large;"><b>Step 3: Week first</b></span></div>
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<span style="font-size: large;">In the first week, mentor represents all staff, who is doing what how they are collaborating, what specific tasks are connected to each other, and what the way of preferred communication is. In case of any question recruit can ask to the mentor or to CEO who’s office room do not have a door. </span></div>
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<span style="font-size: large;">Some rules are explained in the first week mainly on the third day. These rules are connected with acceptable behavior in the workplace, what is unacceptable, what kind of consequences can be in case of unacceptable behavior, what are the common work practices and so on. In the third or fourth day, a new employee is assigned to some tasks of his/her job. This task is not difficult ones and the main purpose is to practice some theoretical information, which he/she gathered all this time.</span></div>
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<span style="font-size: large;"><b>Step 4: First month</b></span></div>
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<span style="font-size: large;">Here new employee starts to implement all job and focus on his/her work tasks. A colleague who is more experienced in the sphere gives some support and answers arising questions. In this stage, feedbacks that are more constructive are an important part of induction and here employer finds what newcomer does good where he/she is strong what weak sides are. By these defining needs of training or another type of support. Training is the regular part of NGOs life and they are used efficiently.</span></div>
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<span style="font-size: large;"><b>Step 5: Last phase, three month</b></span></div>
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<span style="font-size: large;">In this stage CEO and line manager if applicable for certain position are reviewing his/her performance and deciding whether to keep the employee or not. If they happy with a job that recruits does they decide to keep him/her. In another case, they decide what is wrong if there any possibility to improve some skills or change some responsibilities or not. Because it is not that easy to rid off from the recruit who spent three months in the organization as a lot of time and other resources are spent. However, eventually, the if recruit does not fit to the position he or she will be terminated.</span></div>
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<span style="font-size: large;">To sum up, I can say that induction process is quite well in CCMS NGO but the main problem is that there is no formal procedure and this structure not always applicable as there are no people who have certain responsibilities in this sphere. And I was witness of several failures in the organization because of uncertainty, who is doing what, what comes after. If CEO is busy in a specific sphere the induction most probably will not have any organized form. And these failures also come from free space which is given to newcomer and the sense of work, responsibilities is “rusting” because of it. Eventually, I am sure that formal more organized and specific induction program is needed. </span></div>
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Garikhttp://www.blogger.com/profile/10876743032654559636noreply@blogger.com0