Financieel Management bij Kunst- en Cultuurbedrijven en Ondernemingen uit de Creatieve Industrie Dirk De Corte
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Teaching financial literacy is not as simple as telling people that smoking kills or how to practise safe sex Michael Skapinker, assistant editor Financial Times
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It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way – in short, the period was so far like the present period, that some of its noisiest authorities insisted on its being received, for good or for evil, in the superlative degree of comparison only. Charles Dickens, A Tale of two Cities, 1859
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When bankers get together they discuss art, when artists get together they discuss money Oscar Wilde
% &, +.89 < 2 9 !$00$2 $2 )7 (+$/$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL m +.89 < 2 ""8,"7 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gj 337# <337 ( LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gk gL +2 2"+$$0 2 )$1$29 !+. /:289 $2 ":09::7K $$2 "32"$59:$$0 / #$7 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gm gLgL
$0#I /:289 $2 ":09::7 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gm
gLhL
P $ 0$:)$2Q )$(+2 2"+$7# LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hg
gLiL
:!8+#+$8 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hm
gLjL
3$ = 7#$ :+9#7://$2HLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ig
gLkL
$ $"3231+8"*$ +15 "9 < 2 #$ /:289$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ii
gLkLgL
+7$"9$ $2 +2#+7$"9$ $"3231+8"*$ +15 "9 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ii
gLkLhL
$89$#+2)8+15:08$2 $2 1:09+50+" 937$(($"9 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ij
gLkLiL
337!$$0#K $"3231+8"*$ +15 "9$2 < 2 #$ 53#+:1/:289$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL il
gLlL
<$7 *$9 2$1$2 < 2 V(+2 2"+'0$W !$80+88+2)$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL jf
hL 2/$0$ (+2 2"+$$0S$"3231+8"*$ !$)7+55$2 $2 *:2 7$0$< 29+$ <337 /:289S $2 ":09::7!$#7+.<$2 $2 32#$72$1+2)$2 :+9 #$ "7$ 9+$<$ +2#:897+$ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL jo hLgL
2(0 9+$ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL kf
hLgLgL
9 +8 +2(0 9+$H LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL kf
hLgLhL
2(0 9+$ +2 #$ 57 /9+./ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL kn
hLhL
$29$ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL mh
hLhLgL
9 +8 7$29$H LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL mh
hLhLhL
379$ 9$71+.2 $2 0 2)$ 9$71+.2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL mo
hLhLiL
$'0$ 7$29$ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL nh
hLhLjL
31+2 0$ $2 "9: 7+'0$ 7$29$ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ni
hLhLkL
89$25$7"$29 )$LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL nj
hLiL
7$$1#$ < 0:9 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL nl
hLiLgL
7$$1#$ < 0:9 $2 <30 9+0+9$+9 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL nl
hLiLhL
7$$1#$ < 0:9 +2 #$ 57 /9+./ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL oh
hLjL
$7+< 9$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL om
hLkL
732#893(57+.@$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gfh
iL :#)$99$7$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gfk
3$ /319 $$2 !:#)$9 939 89 2#H LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gfm
iLhL
332/389$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gfo
iLgL
i
#( ( # & ( ! ' (- iLhLgL
$9930332 T !7:930332 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gfo
iLhLhL
/ 29+$)$0# LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ggi
iLhLiL
+2#$. 7857$1+$ $2 $>97 0$) 0$ <337#$0$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ggk
iLhLjL
$0(89 2#+)$23<$7$$2/3189$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ggm
iLiL
89$ $2 < 7+ !$0$ /389$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ggo
iLiLgL
89$ $2 < 7+ !$0$ /389$2 +2 9*$37+$ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ggo
iLiLhL
89$ $2 < 7+ !$0$ /389$2 +2 57 /9+./ T 3#+:1/:289$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gif
iLiLiL
89$ $2 < 7+ !$0$ /389$2 +2 57 /9+./ S :8$ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gjj
iLiLjL
89$ $2 < 7+ !$0$ /389$2 +2 57 /9+./ T 3#$S+2#:897+$ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gjo
iLjL
+7$"9$ $2 2#+7$"9$ /389$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gki
iLjLgL
+7$"9$ $2 2#+7$"9$ /389$2K 9*$37$9+8"* / #$7 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gki
iLjLhL
+7$"9$ $2 2#+7$"9$ /389$2 +2 #$ 57 /9+./K "9+<+9? 8$# 389+2) LLLLLLLLLLLLLLLLLLLLLLLLLLLL gkm
iLkL
31!+2 9+$ +7$"9$R 2#+7$"9$ T 89$R 7+ !$0$ 389$2LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL glh
iLlL
$9 3=$2 $2 :130 (($"9 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL glk
iLlLgL
3=$2 $2 :130K #$ 461!9 8);)8> . ' LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL glk
iLlLhL
3=$2 $2 :130 +2 #$ 57 /9+./ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gmh
iLmL
7)+2 0$ /389 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL goo
iLnL
150+"+$9$ $2 $>50+"+$9$ /389$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hfk
iLoL
:#)$99$7+2)803)+" LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hfm
iLoLgL
:#)$99$7+2)813#$00$2K $$2 <337!$$0# :+9 #$ )$8:!8+#+$$7#$ 8$"937 LLLLLLLLLLLLLLLLLLLLLL hfm
iLoLhL
:#)$935<30)+2) LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hfo
iLgfL
+6:+#+9$+98!:#)$99$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hgi
iLgfLgL 850 22+2) LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hgi iLgfLhL 88973319 !$0 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hhh jL 2/3189$2!7322$2 $2 7+.8!$5 0+2) LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hho
j
jLgL
2/3189$2!7322$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hho
jLhL
7+.8!$5 0+2)K $2/$0$ 0)$1$2$ !$8"*3:=+2)$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hig
jLiL
7 ) $2 2!3# LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hii
jLjL
(($"9 8:!8+#+$ 35 <7 )S $2 2!3# LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hin
jLkL
0 89+"+9$+9 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hjf
jLlL
7+.8<371+2) +2 #$ 57 /9+./ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hjo
jLlLgL
7+.8<371+2) +2 #$ 57 /9+./ S +20$+#+2) LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hjo
jLlLhL
7+.8<371+2) !+. 573#:"$29R37) 2+8 937 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hkh
jLlLiL
7+.8<371+2) !+. 37) 2+8 937R2+$9S573#:"$29 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hko
jLlLjL
7+.8<371+2) !+. 573#:"$29R2+$9S37) 2+8 937 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hll
jLlLkL
79 )$8 !+. 53#+:1/:289$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hmf
jLlLlL
79 )$8 +2 #$ 1:@+$/+2#:897+$LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hmj
jLlLmL
7+.8<371+2) +2 #$ !3$/$2+2#:897+$ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hmk
("). jLlLnL
7+.8<371+2) !+. 1:8$ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hmm
jLlLoL
7+.8<371+2) !+. #$ !$$0#$2#$ /:289$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hmn
jLlLgfL 7+.8<371+2) +2 #$ 13#$S+2#:897+$LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hmn kL +2 2"+$7+2)8!7322$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hni kLgL
$)7+55$2/ #$7 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hni
kLhL
+)$2 (+2 2"+$7+2)8!7322$2LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hnl
kLhLgL
0 88+$/$ $+)$2 +2/3189$2LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hnl
kLhLhL
2#$7$ $+)$2 +2/3189$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hoh
kLhLiL
2#$0$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hom
kLhLjL
P >9$72Q +)$2 $713)$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hom
kLiL
7$$1#$ (+2 2"+$7+2)8!7322$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hon
kLiLgL
0 88+$/ 7$$1# $713)$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL hon
kLiLhL
$ 8+2) LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ifo
kLiLiL
"937+2) LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL igf
kLjL
7 /9+./<337!$$0# 09+1 $@K ::7 <$78:8 335 !$80+88+2) LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL igj
kLkL
$ 2<$89$7+2)8!$80+88+2) LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL igl
kLlL
P 09$72 9+$<$Q (+2 2"+$7+2) LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ihg
kLlLgL
> *$09$7 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL iif
kLlLhL
73=#(:2#+2) LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL iin
kLlLiL
:3 0$) 9$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ijj
lL $? $7(371 2"$ 2#+" 9378 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ijm lLgL
O8K $2/$0$ ! 8+857+2"+5$8 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ijm
lLhL
O8K <337!$$0#$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ijo
mL <$7 9= LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL iko mLgL
+7$"9$ $2 2#+7$"9$ $0 89+2)$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL iko
mLhL
9 +8 9=H LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ilf
mLiL
9= $2 ":09::7K <03$/ 3( @$)$2H LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ilk
mLjL
7 28 "9+$8 9:88$2 9=S50+"*9+)$2 $2 2+$9S 9=S50+"*9+)$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL imi
mLkL
9= 9 7+$<$2 +2 :735 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL imn
nL 29$72 9+32 0$ +8" 0+9$+9 $2 #$ +9<3$7$2#$ :289$2 7LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL imo $0 89+2)$2K =+$I = 9I = 7H LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL imo
nLhL
:!!$0!$0 89+2)<$7#7 )$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL inh
nLiL
79+$89$2 $2 #:!!$0$ !$0 89+2) LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL inj
nLjL
$9 <$7#7 ) $0)+'S $#$70 2# LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL inl
nLkL
2#$7$ 8LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ino
nLlL
:!!$0$ !$0 89+2) 3( 2+$9 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ioh
nLmL
$#$70 2# * 29$$79 0)$1$2$ <7+.89$00+2) <337 .." :+9<3$7$2#$ /:289$2 78 LLLLLLLLLLLLLLLLL iok
nLnL
$9 =$0/$ 0 2#$2 *$!!$2 $0)+' $2 $#$70 2# $$2 H LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ion
nLgL
k
#( ( # & ( ! ' (- nLoL nLgfL
"*$1 9+8"* <$7@+"*9 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL jff
$((+2)85$7"$29 )$8 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL jfg
oL +!0+3)7 (+$ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL jfi oLgL
8*+32 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL jfi
oLhL
+01I $#+ 2# :!0+8*+2) LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL jfi
oLiL
+2$ 798 2# :8$ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL jfi
oLjL
:8+" 2#:897? LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL jfj
oLkL
$7(371+2) 798 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL jfj
oLlL
+2 2"+$$0 2 )$1$29 798 2 )$1$29 $2 7$ 9+<$ 2#:897? S 0)$1$$2 LLLLLLLLLLLLLLLLLL jfk
oLmL
798 2 )$1$29 T +8937+8"* LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL jfl
oLnL
798 2 )$1$29 T $2$7 0 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL jfl
oLoL
+2 2"+$$0 2 )$1$29 T 0)$1$$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL jfm
oLgfL
0)$1$$2 2 )$1$29 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL jfn
oLggL
"3231+$ $2 +2 2"$ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL jfo
l
("). Modern finance is generally incomprehensible to ordinary men and women, the level of comprehension of many bankers and regulators is not significantly higher. It was probably designed that way. Satyayit Das, Traders, Guns and money, 2006
!*+ - % + ## % % ) " % +)::7 gK :!8+#+$8 P+2Q $2 P:+9Q 09+1 $@ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ig +)::7 hK :09+50+" 937$(($"9LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL il +)::7 iK "3231+8"*$ +15 "9 < 2 #$ 3#+:1/:289$2 T +25:9R3:95:9 2 0?8+8 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL io +)::7 jK @ 7# +8/ 32$8 T 35/+2 VhfgfI hkjW LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL jg +)::7 kK 2/$0<3:#+)$ $2 8 1$2)$89$0#$ +29$7$89 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL kg +)::7 lK $0)+8"*$ 2(0 9+$ 8+2#8 gokf LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL kk +)::7 mK 0+$S57+.8 <$78:8 $0)+8"*$ 2(0 9+$ T k .:2+ hfgk LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL kl +)::7 nK $1+##$0#$ +2(0 9+$ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL km +)::7 oK 2#$>"+.($7 .:0+ hfgmS.:0+ hfgn LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL kn +)::7 gfK $@32#*$+#8+2#$> < )$=32$ +2#$> LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL lf +)::7 ggK $(0 9+$ :+9 " ),! _bJ^fJ_^ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL lg +)::7 ghK 2#$>$7+2) 032$2 hffn LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL lh +)::7 giK +.($78 $29 gonfShfgf LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL lj +)::7 gjK 7+.8 "31!+9+"/$9 $7"*9$7 8+2#8 hffi LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL lk +)::7 gkK 0 18$ 5$7 8:!8+#+$8 <30)$28 +2(0 9+$ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ll +)::7 glK 2(0 9+$"377$"9+$"3'((+"+'29LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL lm +)::7 gmK :!8+#+$8 0 18$ 5$7 T )0&. 8)10 !,978"! LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL lm +)::7 gnK 3<+$ 3> 3((+"$ +2"31$ T )0&. 8)10 !,978"!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ln +)::7 goK 3<+$ 3> ((+"$ 9+"/$98 830# LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL lo +)::7 hfK 3<+$ 3> ((+"$ <$7 )$ 9+"/$9 57+"$ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL lo +)::7 hgK :7)$7231+"8I (" 101/)78G _bJ^eJ`^_f LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL mg +)::7 hhK +"/$98 35$7 *:+@$2 :735 @31$7 hfgfS@31$7 hfgn LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL mg +)::7 hiK $29$5$+0 +2 T (" 101/)78G f 9'978 `^_c LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL mk +)::7 hjK 337!$$0# < 2 7$29$!$5 0+2)LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL mm +)::7 hkK 5 7+ VgffWI 32#$7 5 7+ VofW $2 !3<$2 5 7+ VggfW LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL mo +)::7 hlK /379$ < 0 2)$ 9$71+.2 V!732K $ +.#I 7"*+$(W LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL nf +)::7 hmK $29$ 35 9 983!0+) 9+$8 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ng +)::7 hnK $29$ $2 +2(0 9+$ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ni +)::7 hoK 31+2 0$ $2 "9: 7+'0$ 7$29$ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL nj
+)::7 ifK 89$25$7"$29 )$ i . 7 $2 j . 7 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL nl
m
#( ( # & ( ! ' (- +)::7 igK < 8+2#8 goki (>935L"31 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL no +)::7 ihK 1$7+/ 28$ 57$8+#$29$2 $2 #$ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL of +)::7 iiK $2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL og +)::7 ijK < R R R T !732 ===L(>935L"31 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL oh +)::7 ikK aR_ !$)+2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL oj +)::7 ilK aR_ 2 gh 1 2#$2LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ol +)::7 imK 59+$ 3+.1 28 < 2 $:2+2)$2 S !$7$/$2+2) LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gff +)::7 inK 59+$ 3+.1 28 < 2 $:2+2)$2 S )7 (+$/ LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gfg +)::7 ioK 3$78 S k . 7 1$9 359+$ g . 7 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gfh +)::7 jfK 7 (+$/ 7$29 +0 8$#$79 gomgLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gfi +)::7 jgK "*311$0+2)$2 0:1+2+:1 $2 35$7 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gfj +)::7 jhK 7:930332 S 2$9930332 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ggf +)::7 jiK 7:931 2#0332/389 < 1 2#0332/389 =$7/)$<$7 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ggg +)::7 jjK 332!$80 ) LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ggg +)::7 jkK 332!$80 ) $0)+' < S0 2#$2 S *995KRR+1):7L"31R ?3 h LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ggh +)::7 jlK / 29+$)$0#LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ggj +)::7 jmK / 29+$)$0#K 7$8:09 9 $2 9*$8 :7+$LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ggk +)::7 jnK 332/389 5$7 . 7 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ggl +)::7 joK $0(89 2#+) < =$7/2$1$7 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ggn +)::7 kfK :@+$/ 3# T < 89$ $2 < 7+ !$0$ /389$2 $2 35!7$2)89$2 T 3<$7@+"*9 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ghh +)::7 kgK :@+$/ 3# T < 89$ $2 < 7+ !$0$ /389$2 $2 35!7$2)89$2 T #$9 +0 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ghj +)::7 khK 89$ $2 < 7+ !$0$ /389$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ghk +)::7 kiK 7$ /$<$2 53+29 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ghl +)::7 kjK ($9 7+ T *?539*$8$8 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ghm +)::7 kkK ($9 7+ T <337!$$0#$2 V"+.($78 hffnW LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gho +)::7 klK 89$ V#32/$7$W $2 < 7+ !$0$ V0+"*9$7$W 35!7$2)89$2 $2 /389$2 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gig +)::7 kmK 89$ $2 < 7+ !$0$ /389$2 7+1!$7)$2 VhffoShfgmWLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gih +)::7 knK 89$ $2 < 7+ !$0$ 35!7$2)89$2 7+1!$7)$2 VhffoShfgmW LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gii +)::7 koK 39 0 35!7$2)89$2 $2 /389$2 7+1!$7)$2 VhffoShfgmW LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gii +)::7 lfK 39 0 < 89$ $2 < 7+ !$0$ 35!7$2)89$2 $2 /389$2 7+1!$7)$2 VhffoShfgmW LLLLLLLLLLLLLL gij +)::7 lgK 89I < 7+ !$0 $2 939 0 7$8:09 9 7+1!$7)$2 VhffoShfgmW LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gij +)::7 lhK 03! 0 3<$7@+"*9 $"*$0$2LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gil +)::7 liK 89$ $2 < 7+ !$0$ 35!7$2)89$2 $2 /389$2 0 18$ 5$7 T 573"$29:$$0LLLLLLLLLLLLLLLLLLLLLL gim +)::7 ljK 89$ $2 < 7+ !$0$ 35!7$2)89$2 $2 /389$2 0 18$ 5$7 T !830:9$ "+.($78 LLLLLLLLLLLLLLLLL gin +)::7 lkK 89$ $2 < 7+ !$0$ 35!7$2)89$2 $2 /389$2 0 18$ 5$7 T 89+.)+2)85$7"$29 )$8 LLLLLLLLL gio +)::7 llK 389$2897:"9::7 ?1(32+8"* 37/$89LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gjg +)::7 lmK 2!3# ?1(32+8"* 37/$89 S +15 "9 8:!8+#+$V<$7*3)+2)W LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gjh +)::7 lnK *$ 9$7)$@$08"* 5 < 7+ !$0 3<$78"*39 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL gji n