Marathon Reurcion Neter Me Frvanct! decesi on lever Cost = iA te pra SPruduxe Leve rye v ct c 2 Meaning D> Cauuatation of- > Relationship oF > Tey; Lever cS ees Tors of > business Risk vs- Rep a mes Finandat Risk A efPew of fimanse® 9? lereed eoye Leweroge ON QOE Meania D> Effect Fired Gost on prsfitebilt Fire showtal use fired task ital in order mani mM Share holder's Wealth - Hewever, Fixed Cos} Gopirae ae os dwble- edge Sword: eq A’ ua Saseg =1880. 60D. ve =4o%o , Taxs So/*, Fez 160,680 Capita Shu ur : Joys Oebentvre S00, 68D tof Ps = 200. A) Equity (E12) = [008d Cose-| ~ Sates increose hy (00/. Coce-z :- Sole decreace iy o/s Port 'astars Case-2. | Present | Case-/ Soles 50-0 | |6v..64r0 | 2e80. 5D (>) Vawoble lost 200.8% | Yio) BD-&o Gnts bution Zoo-8® | 6e0,00| 1200.90 6 ee CoS Ioo.moo | [o0.cve | 100. cD rating prot (Psrr) 200-560 | sov.cu | //oo.5v> fos Operokes Des | w.mn| 50pet (sono © Tar expense As .o70 PAT 5-000 > reference Qivraend 22 &ro 9° Pete EAE ioe ® no-& Equity shove 0. 6v0 © epe (ale OG = Finet Gost ing bo 2 w iene a FfrrenureO_ Fe wu impace impacr o cprating "per en eps ra Ea Ce a Ope ranin, &. Prnanuie2 Cfrerags. (eerge Pertilary sreratingy Leverage | Frnonerat Leverage Lombintd Leverage meaning, vie of aperatigg fivca, cast [eee fimeneme frmect wit | vse of beth fives cost +e increase operating prfit | t Imereace ERS increase EPS: Caloalation = Gntmbahion = part = _lontibution Parr |EsT- Pd EBT-_Po Oty (ED) Beqr , P , P ‘ al 1 Orange in E05 1 ronge in &PS 1: change in EPS oh Change in Revenues | chong in ESTT Jo orange in Qevene/ conhibasvon GonIribution, Aifeded id °pe cotng fixed tock Frroncat fixes Cott Umbined fixed Cost Note: Le opereting Risk is Leveroge in ordty Lew erage - higher, reduce Pnanval te main buin overa\\ mbined(Frea_er_y v xed ablysatio fred Banen RBK Siuohen where firm 14 nof abe te meer fixed Cosh Freed Cost a 3 “peeing Anan? FS Lv COTE ope rating | Cra frranuvad busine mak, Risk: Rusiners Rist Finan erat Rick: x TE refra te risk ousewater with | RK assonteg with Capital fiers operation hh ture * unavoidable in nature * Avoidable in natu. ~ Represented Bee oe in He Represented by vortalility in opecating pepir (P@IT) Corning Ava abt Cyuatty ) x Tt is ~assocsared with renua| x Tr wo asco cated with Kinon- & eperating cost tied fixed tach ise f fr 8 Sv doe oP Ekker of Finonu'ot Leverage on RoE Roe: Roar (Roa- Kap) * Seut Equiby tohere, Roms POrT [IH Pert(i-t)= NoPAT. ae = After Tax cosh & debt Lonclusion:- a a Lesteoge hac Paihve impact on o, Afrer % Cosh of dwt iS Jmer E, ik thon Return on Ansets (je ROAD Kat)Relation Ship of Operating Leverage with GEP? mas © cra Leverage = Con bution Relahonch: eee p Eert @® wep = Fixed Cost Operating. leverage, Fee, Cos ti bution) uniF CEPh, MOSd E vice esa we Knod mos? Saies- Ge) Sal & Cr, meg = Sore- GEp ¥ 2h Sou, PV or. meg: Contr bum - FC Con burton Or, Mog: PRET Gonributron Ca Conmbuhon | on a mos port pect ee opecating (eve L c z Neganne Pasitix? Waefined Tf EC] = -ve E8272 tve ERT= 0 & | wnp = Im Wat: 100-07 Unt: lovee “Fe: So Fe: 10.0 “Eee a gory aD P82] perT (Su) 2 lm Ol- law O12 [0-6 —_—> Ra - 0 Sac Q 20 7 Undefinesy> op 0 OF lnon fran Optrotiog at Kiehe Oe Yep ch =) Operating oF Peeps No [evereee a) Fez 0, POI. cont Gat = woe Ce p92] 1D OL= 180. No tw t OEp Ge 1 (wm Oe palareprefaiton Ge Froenu co Leverage c e c Pastive Neon? Und efinees > €017> Ear D> porrc py ay a Prasat Treve ts pmaniak Frnenwat Fe os P8T=> Fe Mot then PRIT & BLT = 1008 & sort = youn _ PRET #100 a Pp Te - Ine _20-0—) 4 — Nb 2198.00 -IMb = lees Bat = 8000 pe By) par Pes EIT Lees Fus 10-000 Fur [ovo ea] 80-3 es es aie so = uNde fined. DEBIT i mow than DS BITS lothon > eat gut PEE Sep Firancene BEP Finanerat SEP (pocis2 E15) (Nya EPS pacies & le No 200 finanuel fener? PBtT= pat faaniak FC&.- POLT = 190-@D dar (S17 = 109-0 Fr 100-00 1G =) CNo frranuead leverage ) 2 Gosr Speuge ———_ Gxt losF i | 2 weee Cc € OE PD PLeniced waec Der Preference Repos n > Mar, nae sr Share ar at CopiteD % aoa t dent Capi c i. TrredemosiQ. Rrdea mate OF Cprepehene) ao “ag terete 2a gine Kqe = Tlie) Kat: Ente ror (17 b) % Int= 107. el mean Tax 2 30° Np: Ip-ec ket: tov-( 1-0-3) Pe MP, By em oy.hedeemabie dep eee | —_—— & pps) Yel Hl metho Reniy Git OD Approximation _metnog = Tat (p-e) + ve kat (-9) eM Tax benef x16 DY Gar mt Qvenp) d a ok [= + Qu np j (i-y Tax benefit on intenat 7 i Prmivim on redeempti on up wp both, c= a Fur 10> Tnt = (07. Tax =307- Ep: 170 fee sf Rue fv¢20y. nee = kate 10 (1-03) + 120-Ne S Cm, = dre pM 2 ® _yerig to weturi (isvounteq CF/ TR)— step) CAlatac NPY OO 2 Yen: Nev = pve ingts2- curt a> _ 2 NvP Senor ck sires Nev y= NP Map S$: Fe too Tat: 1o/. Tax = 357 ™Pz 80 N= Syenq Gt NPV OF 2 Rate 1 Pv of tay D> Sx 3294 0x0.) 8674 AST Pv & purfteo g0 ep Gy (& 95) kat = lof Gy “ec Ot BUG D120: 4: Convertible Qehenture Redeemphon vaua2 chal) be Higher of -a. ~~ h oph oe Srey lovesren ¥ = wnveaia mp % Equity shave ar hime Ran: | 4 convent an fires Pez Pr on diwdend C dpm) b Bong _valuahen oo Iv Po (Fo trance Vane) Cmerket pre) L c Pv CF diteounted our determineg by demong 2e faweount ag & soppy L — arsoust ar €(R) shoad be prc O Uren? prea Fee Zv >pp > shaw ce under pwred —> Go bony Iv c Po —D share ts everprced —D Go sNoct- © _—_2«ro teupon Bona D TSsued oF deount D AMiffrence beroeen TPR FY shail be- Yeurn te investor £ Tp: Ie ns Ruz 1S Rue ZP (irr)? tom - pee f terris© Gye re St 107, Gy S=t- “1 at Gy. (my 5 = 135 Tes GP + rely oe ot a @3r FS preference shore. — FrTeemabie. eetee cup a Prenat p= (PDrm01)7 kv np . = meh" — = +=} cin (= ie Xp: amd vac Qe a: PolNP (osime por Fy) Mele Question may also ark te hotel uring Presenr Value method. Ea share __— Arvecend Soma “Moet ae oa a> € Polryp Ine Gmncty Polnen> i No greorkwe-(Ar — 15 [0] smmh | Ra= (Et PoINP J 5 os Seah Ar: As(115) oe Dit evprceeet , Paes Mo: lost yeor, parc, uurrenk year dive Nope: Pr= en- dividend = olivedend Hy Get eee hrge 2 —_ . tt doen ust to Gre _ hax of corning fn Belg)” RET (ype rane os ao Str SOme 0 1 a borcen medel tee 10 (ins) Cotontnc “g? S gem tas ty + to)? he m = Rist fren ran & verwen Mar icer reru ce) Bi Gets of tom. MAT fr Stanity Brcle Pemtinny = &t Gm m)y aoe eaten Penton, aa Tu prete morkep.© Remrcect Yy ele S+@) 00 Po Cprengring bau “F prfit) yt (4-4) HOD = Me Cifne floatien cast) TE ae Tor @ trereroge = oes beverage on om retuen) Tnve sheen + (ascumey hee ke (pT) (1- prkengy) kest ke (1- PT) - Brokerge b |weiphteg Average Cost of Copited bathy ne Fnane Stren 5 (aua) ad ee. pe? Threhrenp ace portiaces Coe (b) Amenn Wer Lox K Ese ¥s- Yo ~ ho Psa ee ca ai ca eer %e Xo e RE wo xo mn elako) = ker we + Ber lp + kag x bq ~) > < Ta - Auwr Boor on Mit SM = © ie we weal ag, NED GpirP — Revie wrec when Mere rs adaihon o¢ redee mphony oa Copih 2, we need to catulotd Tome WhtC. > Semetimes, vse olesr pin may impact pa K Po o%} equip) a the ~ bem beathes bn mo Riche. Margin? Cost ‘ Capitn2 extn Copia ——— Neo pope Ese 100-6 L loon _S0- Cequairts adaihened 10-a Capita? c Gast & Such adam QL Capitee vs Caued uv Marginak loc Coping stuuwre oO Tasye Awi- que Raho given © Currant A eby Gaui Rano of firm ( some franca RicR)g- Copii 2 Shru vr€ [Coverage] ea ne Cpie Sruche Theones ESTT Tra PP Practead ESTT. car mops Arakigyc Frroneral m Crone R wees Gapitak Shuuv% Theos oN Relewanca They © Nu tome cL pyre ch Trvelewan& OMe Theory © Trade. of @O Ne Ope rout Tnome_ ® Pece; 4 Theo. y MM toa €0 acre eGrr = = Tteet ~ © Fe eon yr Ko Pot a en ~e Avagam PAT = a eat Ke - a a fe i ke ve . =? : va — me - % Lv “$ e © rele ove oprfeinaon © Fevor afer, Spi? Spent.@ ne income _Approad!- (Ne Income: EBT) DP Ber, kod, vpn F Trertase in finanuet Leverage will reauce wat average Cost of Capita R and hence vole of firm increases. D There fort, a fyrm should use hight. olebe Valine of firm to maxims L ve +|—. 3 ka Leverage Prouicad =) Ke cs Gren ancl Constant Ant g ueehon sill ack ou to tuntoe Ko & %. Ves par. Tw TM vq =%o ® ‘ neo ®ve exer ke > ko= <7 wa) “p om, * {ex XE 4 ka vv4 vs Y 2 ex Ve + kaxVq ve®_ — Traattonad Approach, DD Frraneval (everog@ wll imerence val oP firm bak Ofte. certain (evel, valme vf firm Stack decreaci das te inca in le whith us! aceeote Mar ng tose Copih ® Nee Operaning Inuome Approeth Get) D — Frnenera@ — Leerage dees not rempau vole of lem Berd, Rear, Ko contrat, vp > lonstont- — Me Where, ko operas = Tncome. ce sorae Rou praccad SD Ko wil be given QR Constant: we need ts Caluta ve Rte. y, ESrT =o fee | f Ve.OQ ve © , kes (& we ve © mm Mod ef e. lx =» Te ato Qnplain Same es as Nu Opemtivs Trome meaeg, Hsroever ib provrdes behayrour Tebfearen Hrreugh arhitroge precen > 2 ways Of Arioitn > Same Tavetmeny 2D Same WSK > Same Qick > sare teary QD Lesg Taveetmene CRetense A tyuner) > hep Retwen [St Approach SD Same Tnvertment, Same Risk bur Krghe Rtruen oo Llewereg Unlewred a. MN Der ls0.50> ke + sy Wey. loy. EST] = 20.000 Solution aE Ne ve 20.00. pw oa los.Ld. "A hoo tof. chace “f Mt Lea. tH ooh ee CSame inverment, Same rit, extra ea) DO sen share ff Mute Sase precees Cle/-13,0%494 = 1304 + Aut = leo {bo mein tein 21,304 Same mk] © Tovar in NU Sia vy- sh in N Lhe > 21, y J ares in N Lhe W304 20.00 = [0 esr, Q. hehern from ow Let [ 2e-0x7 0.6517]: 21304 © oe tw 14 oy ' Ne teturn P Remen from Mm Lr [ Boorte/] * [co Erica - tetuen [same RisK . Same return, with low tnvesbnen JG See ¢rary mle¢ Sale proceed = 11,304 + Out = 10.0~=> 2130y Ruben Bo 2 a earn Same reurh in N Lid, we have t Invest: tv haa = (Bart) 20-05 = lo Total Tnvet ment > 20-5 © Fana = USey Erces fung heleores) [30 pee Cire) Lecareh_ Sle? a Souty = lop Gun: @ Aut = 4o ie =x = je E@I7 ( born) = d00 ke (aim) =. hut out - Tax Ton Overs EUL,> ERIT E81tU-4) klke ke (D) vow k lecregVlar Dxt CASS Remy < vA = VaR Orgy ® 0 fh Ve oe) vo Ko ~ “a ae “> eS ve “we ve we ker ster lees pag & xu) = wo) or, ov, Kent (key ka) x8 feat en> ka) 9OUY QE RET- EPS-— MPS Anatignis ERT ( tex Roce) = 6D Les! Antero + wo ERT veo lem: Tar xe Pat Ro lesr- pd pee _ GAe x72 = No share & Pre m2 D Eps = LEAT intewt J (1b) =PD On Crcion'- y Othe thrags vemaing constant, Higher ERIT vaill leads t higher Eps & w'ee-ver- re=> mp = Eps xPle londusron: Tp PIE vaKo 5 lorstant, High. EPS bull lead te higher mp RB vice-veng: >) phim m Gpird Bradt ve ©M Tree maximne wealth of Shoe held ex (mp beghe) © If PIE rao not given eps (assuming PIE coho ¥S Conchent fe OM pire Aha che) haf maxi mRres 4 Fura: 100.000 boc? 2 @ dIE= othma ‘Opireny ; go 2 Bub by goon 0.0 Do Axt (of) 20D - 20.0% ny-pce - S$v.0cD> 0.0 open) opp 5 20.5 ESTT a tnb 2d - 2D per 23.00 20D 23,0 - Tox Ov. ea ns Les PAT uw [2™wo wo - PD - baa Sa tne We bs 139 CORO pe an thao eadeps 1-438 3 TSR ple [o oO ™P lyse 13 © Frneneat Break -event Q egy Tnotifferen 2 pet ne as Break-even — ——, Ww Mare nod ww a lewet of Sake ab Ohi Ch, lout Ear & met A Land al Gorrsbunon = FC Fired Cost [Est J Etsso 7 iS = EXtT= Ihteet+ PD Cat[uit or Pl¥ canon Tr Q-t) Tore Breage point Feel faa leg £ Sale at which EMSSO Terae @EP = Fer Intt PD Ci-t lontfust Or PlY THe pve 4o-/.FOE (xy ints 10 PD= 10-60> Tor: Col © opetsy BE SEC ime 29.65% Pin oy. © firanvrak Ge: isnot wom = 38-00 Cros) Tone Dep: ISOOT SOD 23.25 uoy. ©)__Tnavfpacenes __perat D> EIT ar cwohith EPs iu opren us same: Funct )000.@> Guilty: Coo nde hoo Fino reing, Dwr > 4005 EPs, = EPS oe, (eet mr) (-t)-pp : €@r-Tnr) (1-4) - PD - — Neh Rquith Shee Gay ro Tite petaton gaatEPs sy IG fut 0s © OME option wil] OL agg buen then eho (Ne ineuffereneo po'nt ) es — Egutby> 1v0-u7> Qh =lue. 67> 12% pewy= 1% RD 8): or? (Woeay 220.57 mice we Owe aes etre Cefhr tur frog Leak v5 Yew ec) Poe Enetipfe-ence pei we €8i) Same in 2 eptions @ Ber epier will Ware Aame EPS anvay Crary Totiffixnee point) —— Ech ae G Az @oD 12]. Reb= Doom 127. Wan: 120.9% are Be eS DAHL Tax Finemes cosp will be A ]vays Lame D Ber eprom wi hore Gomme Eps Ls[Zf Lf Chapter:- Ratio Anais => Tr means vdaronship betwee too or more iranian date for the purpore OK decision ™aning Nek prefp Rohe> Net Profits 60 Sates Statement of Copitat Empl oyecd [-———“sFarement ef PREP] Equa pine > soles 7 a MU Reseme & Surplus al Lect Was ©) PIL ate (ov. var) bare ~ maken ol, (xe) © Mmisetancun Expen dinne xx — Lebar west (rey Equity shoveholacr's Funol x ~ mony fochiring expat &y t Preference chore Copitrt er Cross prir > Shore hotder's Fung | Networth) oe LesSi- Operating &n Proprrerry Fond = Adenvnis Pron xe cree] + Lang term Bebt £ boreawin Yoo - Seaiog 2 Acswybufion bes Cadenue, Bonds, Bank (von te) ___, iol Avoullable yx Opreesing Pref (PQET) 7 Less Rese Tavest ment (ry || Less Latevest Ser) aa Prefit be far Tox GOT) Tekh Cpitas Employeed. ZS | lesss. Tay oy) oe Profit After Tem (pat) o> eee an Less:- Preferenca Arvrdend (vy Troole- Tnvesment Nen-hode Earning fr Equity (EAE) Me x Tneabment @ opera, Evahrent |llees: Guuidy Sivedena Geary bestness * Trahrent te tary Reine Coma aX #G: SF Inveabment, Arse || Ome Replacement Znvettment ||°9> Stare, Sthentune. Bs Gopirat zp ek a Finan uret Roto Meriviby Ratrol wfirebiuby MorKer-Test Turnover ROND Rarro Ratio. pst Selvenyy Rod H Lr Solvency Rasio-Sheck-Term Soiveny Ratio Long-term Soiven Ratio a Caren R current Arsety ano ooo cep Current linbiteh be Ligued | Aecd-Test | Qucac kan'o C1:)) Wipaid asco Upurea Wabitcties forrent Vinbititveg * alge Rss = CRM Shryc~ ora Ligurd Gobititics = ct Cesh cveait- Genk ovirarapt. © Spee Buca Ratio = cache benkr Markermble eaunities (Asorace trpuraty) Carcent 1obititeg Gch Tobervat Rao Cleric aeperse teste) echt Bande MerKeheble rea ntieg: Ney: Daily comm experne. * tg Aaily Goth erpence = peter enpenie ©: Mee working Copitat = c= cll: Achvity Roto 2 Revenue gentrared pre rapes: afrerources unived © Frreg mace] Brat hrs) weeniog Cxpitml/ Citar Empreyeeg tirnever Gatio = __Twnever/ Sales Bey Toret Mets hm] WC) CE @sras tunover 2 Woes) Seres CER aay Soe veloerty | Holaing Pero = S66 /Irm) Seueeg FrR ® oot furnover(DTR) = (reali Sates 409. Sebier- Hetavag | Velo’ pening 2 26.5] 2m) 2 weeny DIR D ereaitor pert Ratio (618) « cra porate A¢5. Crabor 26C/i2m) s2useen, cee ZENS CTR Helaing [veteciby peniod = 4 Cquity Renta shareholder's Fund Copitns Empleyced b Aebt- Retios UT Ato} | Tetot 4 tr Cort deere Networthy ) fee/ern) ©: Debt- Epuity 2 U7 Ser bg sen 4 prpriehney Ratio = seseiesl Bd Co euberae hrebiuties t Rrve5 Lato: wwrarete (cahilitiCy Tore tS Ptesring ILeverage Re = Fived losk ik Tobut Gpiret Employ eed Frreq wos Gopitees Preteen T LTO GE G Spine Gears = Fired test Capita Verar(e Cast Gpiteor Equity snare netders Far h- Firea Aysets Raho: _ FA 7 6tr: @D Goveroye Rario a Literest = pRIT Tat ever © Prfeece Dividend: PAT PD * Sputby Aividend, = EAE ED Beh seewite = POET( inh) snennteth 6 Arnuat Fadollement (Pinel +Zarerett w Fiveq Korge = EQLT Faqpivasion Taterest+ (ean Repay ment C-DPro fitabitihy Roto Mar A-Terb Rafio Ne x Less. GST Om) Letty Sten riven _(on) Nu swer ee @ GP Ratio: Gass i Btw eo Sores @ceess 6S sym Prooj.- GP catia] ror Over prPit eovios PAT IED Soles @ optenn F Ratioz PSIT ees Scares © Operesing Ratio = eperariog tosh yr, Sales = fleo'f> - epworing nrfy Leet crag tte enrreteg cast: Cogs epecabing Prpene, © Sproting Expense. = edb, Sates frog. REE @ coh prop = PATNA: crth Eyots, 5 Sales Opening txpenic wars @ep = eae Neo Gquity theres @ ofs = _ Equity Aividen NoG Guiby shore DEeraing | mortar Yeild = Eps Pre) @ Aviaend yerid = DPS dig a @ Pie Ravin = _mp EPs © bividenrg, Poros = OPS vray eps ® Ugara tre: = tefoined Forni # yop ere SID. Pa4- uk Latin 2 ® Gvps= _Net worth \®torjeon)eoce = PSE Fs of PRIT(I-D No Cquity Sherer age my ce 7 D 606) shave hotaee’s Fond = AT yon © my eves Pap Pa Byes Otoesp = PAT= 22 yy 90 © @ bor | Mv ef Compery (vet) ASS Replacement Cafe Du- pont _chact:- hb ROTt Roce= operating phir Rabo X Capital Turnover Casio = PRIT yy Sotex Soles Ce @© w& = MP Ratio Aeseh Turnover x Equity mudtiplie, = PT SA x raers Sas ascen Net worthCheptert- — Stvidenal _deessior) = Se a Treorteg it olivrotend fo) Rogie Shae, par © fares oFfe 8 Berus * Dividend peri Show SP We © Troaitonek @ Arvaenct ce Rew ene Cit: Wolte in prawere Gorden brvlsenat us- © um Tod 28- Bug back @®D Horer's mMoaek a a — Sushi bate ~ as afonling 4 Treaifenas Model: Meaning! Bosed on proverb that '# bieq in hond (S bettrrthen 2 in bush! People [ike aividend vohicnis certain compare pr Copiter gat in aving our ef eran Earning — Clearly uncectain: Pang p= m(ore 3 > m(gor8] Nek ms firm mu ltiplicn Goattusion!- optimum Dividend pelig is '9'/2 pay-outALT MOAR ae es Assumpwens’ DRE rg en\y Source PL Firane- > Run than om @N earn oN NUD inveohrent [ RPE] tee] roryeocE) iS — Knven ane Constant - > Reguied rou of retwen by chawholdee (ee/ te) Ke) 1S Knwon @ voncran} > forfeer morcer ——? banenoR Tavestor- > Information 1s Fret Anau ay 2 ( Tavester are Wwe Qr0a x.) —> Ne taxen OK no bax descrimimathion berween Aividend imme F Copitee Gain > Neo fuataton cost ( Tt Chong eo fom Sn] & County) $0, “Recess any fer © oniversal application. 2 frem hay porpenet ige- a AOE > te czars lex} w aw us frre ha postive Firm hoo nuan—e_ een eee NPV pry ees Npv pryes NPV co wv Lo a! Pimun) Aiviaend Poy urd D1 007. diviclenot Aecigion YS sere lean pry Ss ot pare D:0, G=R [Y-b- e0 Drru'naPe D+ Ce-v)x LE ke |e kere Ne ESF (es aie PLE iL Z case ~~ = Ne Grow Groh & firm Roe: ee ps EPs pe 2 Den ow, PL a P= Ex (I-b) E° we CO. Pest RaQ- ROEXbh Re &, Re 1 “pe & Cy PIE Re (55) “1 @@r J US" te ike Gerae Moacl Rssumphten }- O RE —> Enuon J constent ® ej " ” @ Reteinet Garning ry only Sources G finonca © feramnern Rano b’ is Constant (ae mins Consrant qivrdend Potteg vs Forres)DB Groth raQ in Earning (G7= breve] es Constant fnce ROE rs Constant Gs eRe j Pe Cie se E.x (ry) le- beroE Speman Avert patiyy — | —-+ QE > fee Roe CLO Ree=ko ae He CiEs ve wL Ww Of: pay oat Woy Payot livid ech pol cy us frrelewanr ShK valuohon Hire Aivittend Aitcunt meee I No Conston vowah wo Gro. Groh a aw fo. Dos po: a Aatp cunt GrooH, Mire lag ran for aiffennt your (Goraen Monee) © Nm med COassu mphions!~ > Trveter are rahonal @ perfex marker. No fare, (ne mx dercrimi nonien ) > > No benseuyon coc+ 4 Fully asvreible char => — chor cuning Ov. aise eg. ? Gorporot, ai'urdend & home- made diviolend are erfer Cubshhte- 2 No Rk 2b tmcertecnty © Meanings. => Aruiderd pore doe not tmpac sha pwae Shae pre lompany deperts on Cornin abiu'ey eh fitm not Corning Arch benren & ry Hoo 4 Inwestr Can Crem home mode Ciniteng Neciveg Livicendl =o ee @ as thertoug caved i o_ Lb Short Seek Invest 17 Share) sharey Prag shaw: FQ (ev=to) Aividend announced =tk [shave a3 aot NeG& show =3=D Reg ae reot Ai'vidend: 395 (soox7) —— Uersned (ont) = $000 Exes atividend 2 Tnveo) 3 ghare. Nv show: GO ev 2 6097 Cha wg. Jen ©O poz Dix ? Ike vas 4 fie > ¢d CnvPpo) Ned *n > mr & Nee che: 1D wre oc iy, eed ar SLI Share, N-q show, & be Saif = fe As pe wis moaek . Aividlend Sheurg be Sterble- > eps lampan kee on cho: 7 $0 Compon: Ed Pee ap HS caren che we Cho ip ty meenbasa shoot dvvoleney. Epszfo Eps 1s poy ak: 26-GE. Eps: B w Keeps en Horging Oty Eps rs high, Pay- our aaa be lese- © te eps es (ao, 20 vo moe: Ute 4-8, = c)vers- Ary] ex Current pemet divrarency_ Ag.;: lth year Aivrotend C+ Adpushment foder Aiwcdend Vs Rasy bauc >I 1 firm hoor ODO Surpus feed RT) ont on Mn gpm“ pe POR EY DP In hur Cace firm can ether a Aico bute. 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