Startup Guide Issue 23 by Startup Guide

ST ARTUPGUI DE I SSUE23 L or em I ps um

I NNOVATI ON DURI NGA P ANDEMI C

MAHBOOBMAHMOOD THEFUTUREOFEDUCATI ON AZOFI NVESTMENT

匀吀䄀刀吀唀倀䜀唀䤀䐀䔀

䔀搀椀琀漀爀匀栀攀栀愀戀䘀愀爀爀甀欀栀一椀愀稀椀䄀爀琀䐀椀爀攀挀琀漀爀猀䄀氀攀攀稀愀䨀愀瘀攀搀䴀愀栀渀漀漀爀䠀愀爀漀漀渀一椀愀稀椀

眀眀眀⸀ 猀琀愀爀琀甀瀀最甀椀搀攀⸀ 挀漀洀⸀ 瀀欀

匀琀愀爀琀甀瀀䜀甀椀搀攀倀愀欀椀猀琀愀渀

匀琀愀爀琀甀瀀䜀甀椀搀攀开瀀欀

猀琀愀爀琀甀瀀最甀椀搀攀瀀欀

匀琀愀爀琀甀瀀 ⴀ 最甀椀搀攀 ⴀ 瀀愀欀椀猀琀愀渀

䔀䐀䤀吀伀刀ᤠ 匀一伀吀䔀

䐀甀爀椀渀最琀栀攀䌀伀嘀䤀䐀ⴀ ㄀㤀瀀愀渀搀攀洀椀挀 Ⰰ 愀氀漀琀漀昀瀀攀漀瀀氀攀栀愀瘀攀戀攀攀渀猀琀愀礀椀渀最栀漀洀攀琀漀猀琀愀礀猀愀昀攀愀渀搀猀栀漀瀀瀀椀渀最昀漀爀攀猀猀攀渀琀椀愀氀猀栀愀猀戀攀攀渀愀戀椀最挀栀愀氀氀攀渀最攀 ⸀ 圀攀攀砀瀀氀漀爀攀搀愀氀椀猀琀漀昀猀琀愀爀琀甀瀀猀琀栀愀琀愀爀攀猀漀氀瘀椀渀最琀栀攀最爀漀挀攀爀礀瀀爀漀戀氀攀洀愀渀搀栀愀瘀攀猀栀漀爀琀氀椀猀琀攀搀琀栀攀琀漀瀀猀琀愀爀琀甀瀀猀 ⸀ 䘀漀爀猀琀愀爀琀甀瀀猀氀漀漀欀椀渀最昀漀爀椀渀瘀攀猀琀洀攀渀琀 Ⰰ 椀琀椀猀椀洀瀀漀爀琀愀渀琀琀漀欀渀漀眀琀栀攀琀攀爀洀椀渀漀氀漀最礀琀栀愀琀最漀攀猀戀攀栀椀渀搀琀栀攀瘀愀爀椀漀甀猀愀猀瀀攀挀琀猀漀昀椀渀瘀攀猀琀洀攀渀琀猀 ⸀ 圀攀戀爀椀渀最礀漀甀琀栀攀䄀ⴀ 娀漀昀椀渀瘀攀猀琀洀攀渀琀 Ⰰ 愀氀氀琀栀攀攀猀猀攀渀琀椀愀氀琀攀爀洀猀礀漀甀渀攀攀搀琀漀欀渀漀眀椀昀礀漀甀眀愀渀琀琀漀戀攀挀漀洀攀昀愀洀椀氀椀愀爀眀椀琀栀琀栀攀瀀爀漀挀攀猀猀愀渀搀眀栀愀琀椀琀攀渀琀愀椀氀猀 ⸀

吀栀椀猀礀攀愀爀栀愀猀戀攀攀渀愀琀漀甀最栀漀渀攀 ⸀ 圀攀栀愀瘀攀愀氀氀昀愀挀攀搀洀甀氀琀椀瀀氀攀挀栀愀氀氀攀渀最攀猀 ⴀ 椀琀 ᤠ 猀戀攀攀渀攀猀瀀攀挀椀愀氀氀礀栀愀爀搀昀漀爀猀琀愀爀琀甀瀀猀 ⸀ 匀椀渀挀攀挀爀椀猀椀猀戀爀椀渀最猀漀瀀瀀漀爀琀甀渀椀琀椀攀猀椀渀椀琀猀洀椀搀猀琀 Ⰰ 琀栀漀猀攀眀栀漀瀀攀爀猀攀瘀攀爀攀愀渀搀椀渀渀漀瘀愀琀攀挀愀渀攀砀挀攀氀 ⸀ 䘀漀爀琀栀椀猀椀猀猀甀攀 Ⰰ 眀攀挀攀氀攀戀爀愀琀攀猀琀愀爀琀甀瀀猀 Ⰰ 眀栀椀挀栀爀攀挀攀椀瘀攀搀昀甀渀搀椀渀最 Ⰰ 椀渀猀瀀椀琀攀漀昀愀氀氀琀栀攀挀栀愀氀氀攀渀最攀猀愀渀搀愀挀琀甀愀氀氀礀椀渀渀漀瘀愀琀椀渀最琀漀漀瘀攀爀挀漀洀攀琀栀攀挀栀愀氀氀攀渀最攀猀昀愀挀攀搀戀礀瀀攀漀瀀氀攀搀甀爀椀渀最䌀伀嘀䤀䐀ⴀ ㄀㤀⸀ 圀栀椀氀攀眀攀 ᤠ 爀攀椀渀琀栀攀洀椀搀猀琀漀昀愀猀攀挀漀渀搀眀愀瘀攀漀昀琀栀攀瀀愀渀搀攀洀椀挀 Ⰰ 琀栀椀猀椀猀愀爀攀洀椀渀搀攀爀琀栀愀琀琀栀攀倀愀欀椀猀琀愀渀椀攀渀琀爀攀瀀爀攀渀攀甀爀椀愀氀攀挀漀猀礀猀琀攀洀椀猀昀甀氀氀漀昀瘀椀猀椀漀渀愀爀礀攀渀琀爀攀瀀爀攀渀攀甀爀猀愀渀搀琀栀攀昀甀琀甀爀攀搀漀攀猀氀漀漀欀戀爀椀最栀琀 Ⰰ 椀昀琀栀攀椀渀瘀攀猀琀洀攀渀琀猀椀渀琀栀攀攀挀漀猀礀猀琀攀洀搀甀爀椀渀最琀栀攀瀀愀猀琀㘀洀漀渀琀栀猀椀猀愀渀礀椀渀搀椀挀愀琀椀漀渀 ⸀

䔀搀甀挀愀琀椀漀渀栀愀猀猀甀 û攀爀攀搀椀洀洀攀渀猀攀氀礀戀攀挀愀甀猀攀漀昀琀栀攀䌀伀嘀䤀䐀ⴀ ㄀㤀瀀愀渀搀攀洀椀挀 ⴀ 眀栀椀氀攀琀栀愀琀 ᤠ 猀琀栀攀挀愀猀攀 Ⰰ 愀氀漀琀漀昀渀攀眀漀瀀瀀漀爀琀甀渀椀琀椀攀猀栀愀瘀攀愀氀猀漀攀洀攀爀最攀搀愀渀搀愀渀甀洀戀攀爀漀昀渀攀眀漀渀氀椀渀攀攀搀甀挀愀琀椀漀渀洀漀搀攀氀猀愀爀攀戀攀椀渀最琀攀猀琀攀搀⸀ 圀攀猀瀀漀欀攀琀漀䴀愀栀戀漀漀戀䴀愀栀洀漀漀搀Ⰰ 昀漀甀渀搀攀爀漀昀䬀渀漀眀氀攀搀最攀倀氀愀琀昀漀爀洀琀漀最攀琀栀椀猀瘀椀攀眀猀漀渀栀漀眀栀攀猀攀攀猀琀栀攀攀搀琀攀挀栀氀愀渀搀猀挀愀瀀攀攀瘀漀氀瘀椀渀最愀渀搀栀漀眀栀椀猀猀琀愀爀琀甀瀀栀愀猀戀攀攀渀昀愀爀椀渀最搀甀爀椀渀最琀栀攀瀀愀渀搀攀洀椀挀 ⸀ 䠀漀眀搀漀礀漀甀渀愀椀氀愀渀椀渀瘀攀猀琀漀爀瀀椀琀挀栀㼀吀栀椀猀椀猀琀栀攀焀甀攀猀琀椀漀渀漀渀猀琀愀爀琀甀瀀猀 ᤠ 洀椀渀搀猀眀栀攀渀琀栀攀礀 ᤠ 爀攀氀漀漀欀椀渀最昀漀爀椀渀瘀攀猀琀洀攀渀琀 ⸀ 圀攀渀愀爀爀漀眀搀漀眀渀琀栀攀甀氀琀椀洀愀琀攀琀椀瀀猀椀渀 ᠠ 圀攀刀攀挀漀洀洀攀渀搀ᤠ ⸀ 吀栀椀猀愀渀搀洀漀爀攀椀渀漀甀爀渀攀眀椀猀猀甀攀 ⸀ 䠀愀瀀瀀礀刀攀愀搀椀渀最 ℀

匀䠀䔀䠀䄀䈀䘀䄀刀刀唀䬀䠀一䤀䄀娀䤀

䌀伀一吀䔀一吀匀

㔀

伀嘀䔀刀匀吀伀刀夀㄀㐀䌀䴀䄀䠀䈀伀伀䈀䴀䔀䠀䴀伀伀䐀

吀䄀刀吀唀倀一䔀圀匀㠀匀㄀吀刀䔀一䐀䤀一䜀匀吀䄀刀吀唀倀匀

ⴀ 娀㄀㠀䄀匀吀䄀刀吀唀倀䤀一嘀䔀匀吀䴀䔀一吀匀

䔀䐀䤀吀伀刀ᤠ 匀一伀吀䔀

伀一䰀䤀一䔀䜀刀伀䌀䔀刀夀匀䠀伀倀倀䤀一䜀

㄀㈀

吀伀倀㜀倀䰀䄀吀䘀伀刀䴀匀

㌀㈀圀䔀刀䔀䌀伀䴀䴀䔀一䐀

䘀䔀䄀吀唀刀䤀一䜀䌀伀嘀䔀刀匀吀伀刀夀

䴀䄀䠀䈀伀伀䈀䴀䔀䠀䴀伀伀䐀

吀伀倀㜀倀䰀䄀吀䘀伀刀䴀匀

伀一䰀䤀一䔀䜀刀伀䌀䔀刀夀匀䠀伀倀倀䤀一䜀

吀刀䔀一䐀䤀一䜀

匀吀䄀刀吀唀倀一䔀圀匀

吀刀䔀一䐀䤀一䜀䤀一匀吀䄀刀吀唀倀一䔀圀匀䄀猀琀栀攀倀愀欀椀猀琀愀渀椀猀琀愀爀琀甀瀀氀愀渀搀猀挀愀瀀攀欀攀攀瀀猀最爀漀眀椀渀最Ⰰ 琀栀攀爀攀栀愀瘀攀戀攀攀渀渀甀洀攀爀漀甀猀洀椀氀攀猀琀漀渀攀猀琀栀椀猀礀攀愀爀昀漀爀倀愀欀椀猀琀愀渀椀猀琀愀爀琀甀瀀猀愀渀搀倀愀欀椀猀琀愀渀椀 ⴀ 漀爀椀最椀渀攀渀琀爀攀瀀爀攀渀攀甀爀猀 Ⰰ 爀愀渀最椀渀最昀爀漀洀椀渀瘀攀猀琀洀攀渀琀猀愀渀搀椀渀琀攀爀渀愀琀椀漀渀愀氀挀漀氀氀愀戀漀爀愀琀椀漀渀猀琀漀琀椀洀攀氀礀瀀椀瘀漀琀猀琀漀洀攀攀琀攀洀攀爀最椀渀最洀愀爀欀攀琀琀爀攀渀搀猀 ⸀

䜀爀漀挀攀爀礀䐀攀氀椀瘀攀爀礀匀琀愀爀琀甀瀀䜀爀漀挀攀爀䄀瀀瀀刀愀椀猀攀猀 ␀㄀洀椀氀氀椀漀渀椀渀匀攀攀搀刀漀甀渀搀

倀愀欀椀猀琀愀渀ᤠ 猀䰀攀愀搀椀渀最䌀漀渀猀甀洀攀爀䔀氀攀挀琀爀漀渀椀挀猀䌀漀洀瀀愀爀椀猀漀渀䔀挀漀洀洀攀爀挀攀倀氀愀琀昀漀爀洀刀愀椀猀攀猀䘀甀渀搀椀渀最伀渀攀漀昀倀愀欀椀猀琀愀渀ᤠ 猀氀攀愀搀椀渀最挀漀渀猀甀洀攀爀攀氀攀挀琀爀漀渀椀挀猀挀漀洀瀀愀爀椀猀漀渀瀀氀愀琀昀漀爀洀猀 Ⰰ 倀爀椀挀攀伀礀攀栀愀猀爀愀椀猀攀搀猀椀砀 ⴀ ǻ 最甀爀攀椀渀瘀攀猀琀洀攀渀琀昀爀漀洀匀伀匀嘀Ⰰ 眀栀椀挀栀椀猀愀唀匀 ⴀ 戀愀猀攀搀愀挀挀攀氀攀爀愀琀漀爀愀渀搀昀甀渀搀⸀ 倀爀椀漀爀琀漀琀栀椀猀 Ⰰ 倀爀椀挀攀伀礀攀栀愀猀爀愀椀猀攀搀 ␀㐀㔀 Ⰰ 昀爀漀洀䘀愀琀椀洀愀嘀攀渀琀甀爀攀猀 Ⰰ 眀栀椀挀栀椀猀愀䰀愀栀漀爀攀 ⴀ 戀愀猀攀搀嘀䌀昀甀渀搀⸀ 䄀昀琀攀爀琀愀欀椀渀最愀栀椀琀搀甀爀椀渀最琀栀攀䌀伀嘀䤀䐀ⴀ ㄀㤀瀀愀渀搀攀洀椀挀 Ⰰ 琀栀攀椀渀瘀攀猀琀洀攀渀琀挀愀洀攀樀甀猀琀椀渀琀椀洀攀昀漀爀倀爀椀挀攀伀礀攀 Ⰰ 眀栀椀挀栀眀椀氀氀甀猀攀琀栀攀昀甀渀搀猀昀漀爀攀砀瀀愀渀搀椀渀最椀琀猀洀愀爀欀攀琀猀栀愀爀攀 Ⰰ 椀渀氀椀渀攀眀椀琀栀琀栀攀椀爀挀漀洀洀椀琀洀攀渀琀琀漀猀攀爀瘀攀琀栀攀倀愀欀椀猀琀愀渀椀挀漀渀猀甀洀攀爀猀搀甀爀椀渀最挀栀愀氀氀攀渀最椀渀最琀椀洀攀猀 ⸀

䰀愀栀漀爀攀 ⴀ 戀愀猀攀搀猀琀愀爀琀甀瀀䜀爀漀挀攀爀䄀瀀瀀 Ⰰ 眀栀椀挀栀猀瀀攀挀椀愀氀椀稀攀猀椀渀最爀漀挀攀爀礀搀攀氀椀瘀攀爀礀 Ⰰ 栀愀猀爀愀椀猀攀搀愀 ␀㄀洀椀氀氀椀漀渀昀甀渀搀椀渀最椀渀猀攀攀搀爀漀甀渀搀⸀ 䨀愀戀戀愀爀䤀渀琀攀爀渀攀琀䜀爀漀甀瀀 Ⰰ 戀愀猀攀搀漀甀琀漀昀䐀甀戀愀椀 Ⰰ 氀攀搀琀栀攀椀渀瘀攀猀琀洀攀渀琀爀漀甀渀搀⸀ 倀爀椀漀爀琀漀琀栀椀猀 Ⰰ 愀渀甀洀戀攀爀漀昀漀琀栀攀爀椀渀瘀攀猀琀漀爀猀昀爀漀洀琀栀攀爀攀最椀漀渀栀愀瘀攀椀渀瘀攀猀琀攀搀椀渀琀栀攀猀琀愀爀琀甀瀀 ⸀ 吀栀攀猀攀椀渀挀氀甀搀攀一愀洀愀嘀攀渀琀甀爀攀猀昀爀漀洀匀愀甀搀椀䄀爀愀戀椀愀 Ⰰ 一愀搀攀爀䜀爀漀甀瀀昀爀漀洀䨀漀爀搀愀渀 Ⰰ 倀愀欀椀猀琀愀渀 ⴀ 戀愀猀攀搀䬀愀爀愀瘀愀渀 Ⰰ 㜀嘀愀氀猀愀渀搀瀀爀攀瘀椀漀甀猀氀礀圀愀氀氀攀搀䌀椀琀礀䌀漀⸀ 愀氀漀渀最眀椀琀栀愀昀攀眀漀琀栀攀爀猀 ⸀

䈀愀戀礀倀爀漀搀甀挀琀猀刀攀琀愀椀氀攀爀 Ⰰ 䈀愀戀礀倀氀愀渀攀琀刀愀椀猀攀猀 ␀㈀㔀 Ⰰ 椀渀匀攀攀搀刀漀甀渀搀䈀愀戀礀倀氀愀渀攀琀 Ⰰ 眀栀椀挀栀椀猀愀䰀愀栀漀爀攀 ⴀ 戀愀猀攀搀漀渀氀椀渀攀爀攀琀愀椀氀攀爀猀攀氀氀椀渀最戀愀戀礀瀀爀漀搀甀挀琀猀栀愀猀爀愀椀猀攀搀猀攀攀搀昀甀渀搀椀渀最漀昀 ␀㈀㔀 Ⰰ ⸀ 䠀椀最栀伀甀琀瀀甀琀嘀攀渀琀甀爀攀猀 Ⰰ 眀栀椀挀栀椀猀愀匀椀渀最愀瀀漀爀攀 ⴀ 戀愀猀攀搀嘀䌀Ⰰ 氀攀搀琀栀攀爀漀甀渀搀⸀ 吀栀攀嘀䌀䘀甀渀搀栀愀猀愀氀猀漀猀琀愀爀琀攀搀愀渀愀挀挀攀氀攀爀愀琀漀爀瀀爀漀最爀愀洀琀漀椀渀瘀攀猀琀椀渀猀琀愀爀琀甀瀀猀昀爀漀洀琀栀攀倀愀欀椀猀琀愀渀椀攀挀漀猀礀猀琀攀洀⸀ 䬀愀爀愀瘀愀渀 Ⰰ 眀栀椀挀栀椀猀愀倀愀欀椀猀琀愀渀 ⴀ 戀愀猀攀搀嘀䌀昀甀渀搀愀氀猀漀瀀愀爀琀椀挀椀瀀愀琀攀搀椀渀琀栀攀爀漀甀渀搀椀渀愀搀搀椀琀椀漀渀琀漀嘀椀爀琀甀愀氀䘀漀爀挀攀愀渀搀愀昀攀眀漀琀栀攀爀愀渀最攀氀猀戀愀猀攀搀漀甀琀漀昀琀栀攀䴀椀搀搀氀攀䔀愀猀琀 ⸀

䈀礀琀攀刀攀挀攀椀瘀攀猀夀ⴀ 䌀漀洀戀椀渀愀琀漀爀 ᤠ 猀匀甀瀀瀀漀爀琀昀漀爀䄀û漀爀搀愀戀氀攀䘀漀漀搀䐀攀氀椀瘀攀爀礀

匀愀爀洀愀礀愀挀愀爀愀渀搀䬀椀渀最猀眀愀礀䌀愀瀀椀琀愀氀䤀渀瘀攀猀琀椀渀䐀椀最椀琀愀氀䠀攀愀氀琀栀挀愀爀攀倀氀愀琀昀漀爀洀䐀愀眀愀愀椀䐀愀眀愀愀椀椀猀琀栀攀氀愀爀最攀猀琀搀椀最椀琀愀氀栀攀愀氀琀栀挀愀爀攀瀀氀愀琀昀漀爀洀椀渀倀愀欀椀猀琀愀渀 Ⰰ 漀瀀攀爀愀琀椀渀最洀愀椀渀氀礀漀渀愀渀漀渀氀椀渀攀 ⴀ 瀀栀愀爀洀愀挀礀洀漀搀攀氀 ⸀ 䤀渀琀栀攀氀愀猀琀礀攀愀爀 Ⰰ 戀甀猀椀渀攀猀猀栀愀猀猀挀愀氀攀搀戀礀洀漀爀攀琀栀愀渀㘀砀昀漀爀琀栀椀猀猀琀愀爀琀甀瀀 ⸀ 倀愀欀椀猀琀愀渀 ⴀ 戀愀猀攀搀嘀䌀昀甀渀搀Ⰰ 匀愀爀洀愀礀愀挀愀爀愀氀漀渀最眀椀琀栀䰀漀渀搀漀渀 ⴀ 戀愀猀攀搀䬀椀渀最猀眀愀礀䌀愀瀀椀琀愀氀愀渀搀匀愀渀䘀爀愀渀挀椀猀挀漀ⴀ 戀愀猀攀搀䴀攀渀琀漀爀猀䘀甀渀搀栀愀猀椀渀瘀攀猀琀攀搀椀渀䐀愀眀愀愀椀琀漀愀挀挀攀氀攀爀愀琀攀椀琀猀最爀漀眀琀栀攀瘀攀渀昀甀爀琀栀攀爀 ⸀

䈀礀琀攀 Ⰰ 眀栀椀挀栀椀猀愀昀漀漀搀ⴀ 搀攀氀椀瘀攀爀礀瀀氀愀琀昀漀爀洀椀渀䰀愀栀漀爀攀 Ⰰ 栀愀猀爀攀挀攀渀琀氀礀最爀愀搀甀愀琀攀搀昀爀漀洀琀栀攀匀甀洀洀攀爀㈀㈀戀愀琀挀栀漀昀夀ⴀ 䌀漀洀戀椀渀愀琀漀爀 ⸀ 䈀礀琀攀椀猀漀渀攀漀昀琀栀攀琀眀漀猀琀愀爀琀甀瀀猀琀漀栀愀瘀攀愀挀栀椀攀瘀攀搀琀栀椀猀洀椀氀攀猀琀漀渀攀琀栀椀猀礀攀愀爀 ⸀ 䄀猀瀀愀爀琀漀昀琀栀攀瀀爀漀最爀愀洀Ⰰ 䈀礀琀攀栀愀猀愀氀猀漀爀愀椀猀攀搀 ␀㄀㔀 Ⰰ ⸀ 匀愀昀攀攀匀栀愀栀 Ⰰ 眀栀漀瀀爀攀瘀椀漀甀猀氀礀氀攀搀唀戀攀爀椀渀倀愀欀椀猀琀愀渀昀漀甀渀搀攀搀琀栀椀猀瀀氀愀琀昀漀爀洀Ⰰ 猀琀攀愀搀椀氀礀戀甀椀氀搀椀渀最椀琀甀瀀 Ⰰ 眀椀琀栀琀栀攀愀椀洀琀漀洀愀欀攀昀漀漀搀搀攀氀椀瘀攀爀礀洀漀爀攀愀挀挀攀猀猀椀戀氀攀愀渀搀愀 û漀爀搀愀戀氀攀昀漀爀琀栀攀洀愀猀猀攀猀椀渀倀愀欀椀猀琀愀渀 ⸀

匀愀昀攀倀愀礀 Ⰰ 䘀椀爀猀琀䘀椀渀琀攀挀栀昀爀漀洀倀愀欀椀猀琀愀渀Ⰰ 䜀爀愀搀甀愀琀攀猀昀爀漀洀夀ⴀ 䌀漀洀戀椀渀愀琀漀爀匀愀昀攀倀愀礀栀愀猀戀攀挀漀洀攀琀栀攀 ǻ 爀猀琀 ǻ 渀琀攀挀栀昀爀漀洀倀愀欀椀猀琀愀渀琀漀最爀愀搀甀愀琀攀昀爀漀洀夀䌀漀洀戀椀渀愀琀漀爀 ጠ 琀栀攀猀琀愀爀琀甀瀀眀愀猀愀瀀愀爀琀漀昀琀栀攀匀甀洀洀攀爀㈀㈀戀愀琀挀栀 ⸀ 䈀攀椀渀最瀀愀爀琀漀昀琀栀攀瀀爀漀最爀愀洀愀渀搀最爀愀搀甀愀琀椀渀最 Ⰰ 匀愀昀攀倀愀礀栀愀猀愀氀猀漀爀愀椀猀攀搀 ␀㄀㔀 Ⰰ 椀渀昀甀渀搀椀渀最 ⸀ 匀愀昀攀倀愀礀 Ⰰ 愀椀洀椀渀最琀漀戀攀挀漀洀攀琀栀攀匀琀爀椀瀀攀漀昀倀愀欀椀猀琀愀渀 Ⰰ 椀猀愀渀漀渀氀椀渀攀瀀愀礀洀攀渀琀最愀琀攀眀愀礀 ጠ 愀洀甀挀栀渀攀攀搀攀搀猀漀氀甀琀椀漀渀昀漀爀漀渀氀椀渀攀戀甀猀椀渀攀猀猀琀漀爀攀挀攀椀瘀攀瀀愀礀洀攀渀琀猀瘀椀愀搀攀戀椀琀⼀挀爀攀搀椀琀挀愀爀搀⸀

䈀㈀䈀䴀愀爀欀攀琀瀀氀愀挀攀吀愀樀椀爀刀愀椀猀攀猀 ␀㄀⸀ 㠀洀椀氀氀椀漀渀椀渀䤀渀瘀攀猀琀洀攀渀琀

䈀㈀䈀䴀愀爀欀攀琀瀀氀愀挀攀䈀愀稀愀愀爀刀愀椀猀攀猀 ␀㄀⸀ ㌀洀椀氀氀椀漀渀椀渀倀爀攀ⴀ 猀攀攀搀䘀甀渀搀椀渀最䈀㈀䈀攀 ⴀ 挀漀洀洀攀爀挀攀洀愀爀欀攀琀瀀氀愀挀攀䈀愀稀愀愀爀 Ⰰ 栀愀猀爀愀椀猀攀搀愀渀甀渀甀猀甀愀氀氀礀氀愀爀最攀瀀爀攀 ⴀ 猀攀攀搀爀漀甀渀搀漀昀 ␀㄀⸀ ㌀洀椀氀氀椀漀渀 ⸀ 吀栀攀爀漀甀渀搀眀愀猀氀攀搀戀礀䤀渀搀甀猀嘀愀氀氀攀礀䌀愀瀀椀琀愀氀 Ⰰ 眀栀椀挀栀椀猀愀倀愀欀椀猀琀愀渀 ⴀ 昀漀挀甀猀攀搀嘀䌀昀甀渀搀氀攀搀戀礀䄀愀琀椀昀䄀眀愀渀 ⸀ 䄀氀琀攀爀䜀氀漀戀愀氀 ጠ 愀匀椀氀椀挀漀渀嘀愀氀氀攀礀戀愀猀攀搀攀洀攀爀最椀渀最洀愀爀欀攀琀猀昀甀渀搀Ⰰ 挀漀ⴀ ǻ 渀愀渀挀攀搀琀栀攀爀漀甀渀搀愀氀漀渀最眀椀琀栀漀琀栀攀爀猀琀爀愀琀攀最椀挀愀渀最攀氀椀渀瘀攀猀琀漀爀猀 ⸀

吀栀椀猀䈀㈀䈀洀愀爀欀攀琀瀀氀愀挀攀猀攀琀漀甀琀琀漀挀栀愀渀最攀琀栀攀爀攀琀愀椀氀氀愀渀搀猀挀愀瀀攀漀昀倀愀欀椀猀琀愀渀栀攀氀瀀猀氀漀挀愀氀欀愀爀礀愀渀愀猀琀漀爀攀猀猀漀甀爀挀攀椀渀瘀攀渀琀漀爀礀愀渀搀栀愀猀爀愀椀猀攀搀 ␀㄀⸀ 㠀洀椀氀氀椀漀渀椀渀昀甀渀搀椀渀最 ⸀ 倀爀攀猀攀渀琀氀礀 Ⰰ 琀栀椀猀䰀愀栀漀爀攀 ⴀ 戀愀猀攀搀猀琀愀爀琀甀瀀椀猀挀愀琀攀爀椀渀最琀漀洀漀爀攀琀栀愀渀㄀㔀Ⰰ 猀洀愀氀氀渀攀椀最栀戀漀爀栀漀漀搀猀琀漀爀攀猀 Ⰰ 愀猀猀椀猀琀椀渀最琀栀攀洀椀渀猀漀甀爀挀椀渀最愀渀搀搀攀氀椀瘀攀爀椀渀最椀渀瘀攀渀琀漀爀礀昀漀爀琀栀攀猀攀猀琀漀爀攀猀愀琀琀爀愀渀猀瀀愀爀攀渀琀愀渀搀愀 û漀爀搀愀戀氀攀瀀爀椀挀攀猀 ⸀ 吀栀椀猀昀甀渀搀椀渀最爀漀甀渀搀眀愀猀氀攀搀戀礀䘀愀琀椀洀愀䜀漀戀椀嘀攀渀琀甀爀攀猀愀氀漀渀最眀椀琀栀嘀攀渀琀甀爀攀匀漀甀焀Ⰰ 眀栀椀挀栀椀猀愀䐀甀戀愀椀 ⴀ 戀愀猀攀搀昀甀渀搀⸀

䄀椀爀氀椀昀琀瘀攀渀琀甀爀攀猀椀渀琀漀䜀爀漀挀攀爀礀䐀攀氀椀瘀攀爀礀眀椀琀栀 ␀㄀洀椀氀氀椀漀渀椀渀匀攀爀椀攀猀䄀ⴀ ㄀䘀甀渀搀椀渀最䄀椀爀氀椀昀琀 Ⰰ 眀栀椀挀栀椀猀愀爀椀搀攀 ⴀ 栀愀椀氀椀渀最猀攀爀瘀椀挀攀栀愀猀爀愀椀猀攀搀愀渀椀洀瀀爀攀猀猀椀瘀攀 ␀㄀洀椀氀氀椀漀渀椀渀匀攀爀椀攀猀䄀ⴀ ㄀昀甀渀搀椀渀最琀漀瘀攀渀琀甀爀攀椀渀琀漀最爀漀挀攀爀礀搀攀氀椀瘀攀爀礀 Ⰰ 眀栀椀挀栀䄀椀爀氀椀昀琀䜀爀漀挀攀爀 ጠ 愀㐀㔀ⴀ 洀椀渀甀琀攀搀攀氀椀瘀攀爀礀猀攀爀瘀椀挀攀漀û攀爀椀渀最愀氀氀栀漀甀猀攀栀漀氀搀攀猀猀攀渀琀椀愀氀猀 ⸀ 吀栀椀猀琀愀欀攀猀椀琀猀琀漀琀愀氀椀渀瘀攀猀琀洀攀渀琀琀漀 ␀㈀㐀⸀ ㄀洀椀氀氀椀漀渀 Ⰰ 愀挀挀漀爀搀椀渀最琀漀䌀䔀伀唀猀洀愀渀䜀甀氀 ⸀ 匀愀渀䘀爀愀渀挀椀猀挀漀ⴀ 戀愀猀攀搀儀甀椀攀琀䌀愀瀀椀琀愀氀氀攀搀琀栀攀昀甀渀搀椀渀最爀漀甀渀搀Ⰰ 愀氀猀漀椀渀挀氀甀搀椀渀最吀爀甀攀匀椀最栀琀嘀攀渀琀甀爀攀猀 ⠀ 䰀漀渀搀漀渀 ⤀ Ⰰ 刀吀嘀攀渀琀甀爀攀猀 ⠀ 䰀漀渀搀漀渀 ⤀ Ⰰ 匀栀漀爀漀漀焀倀愀爀琀渀攀爀猀 ⠀ 䄀戀甀䐀栀愀戀椀 ⤀ Ⰰ 愀渀搀䄀䌀䔀䌀愀瀀椀琀愀氀 ⠀ 吀愀椀眀愀渀 ⤀ Ⰰ 愀猀眀攀氀氀愀猀氀漀挀愀氀椀渀瘀攀猀琀漀爀猀 ⸀ 吀栀攀猀琀愀爀琀甀瀀 ᤠ 猀瀀爀攀瘀椀漀甀猀椀渀瘀攀猀琀漀爀猀 Ⰰ 椀渀挀氀甀搀椀渀最䘀椀爀猀琀刀漀甀渀搀䌀愀瀀椀琀愀氀 Ⰰ 䤀渀搀甀猀嘀愀氀氀攀礀䌀愀瀀椀琀愀氀愀渀搀䘀椀爀猀琀刀漀甀渀搀䌀愀瀀椀琀愀氀愀氀猀漀挀漀渀琀爀椀戀甀琀攀搀椀渀琀栀攀爀漀甀渀搀⸀

䐀愀猀琀最礀爀刀愀椀猀攀猀㘀ⴀ ǻ最甀爀攀䤀渀瘀攀猀琀洀攀渀琀昀漀爀䈀㈀䈀䔀ⴀ 挀漀洀洀攀爀挀攀䴀愀爀欀攀琀瀀氀愀挀攀䬀愀爀愀挀栀椀 ⴀ 戀愀猀攀搀䐀愀猀琀最礀爀 Ⰰ 眀栀椀挀栀椀猀愀䈀㈀䈀攀挀漀洀洀攀爀挀攀洀愀爀欀攀琀瀀氀愀挀攀栀愀猀爀愀椀猀攀搀愀猀椀砀 ⴀ ǻ 最甀爀攀 ⠀ 唀匀䐀⤀ 椀渀瘀攀猀琀洀攀渀琀昀爀漀洀唀匀 Ⰰ 倀愀欀椀猀琀愀渀愀渀搀䴀椀搀搀氀攀䔀愀猀琀戀愀猀攀搀愀渀最攀氀椀渀瘀攀猀琀漀爀猀 ⸀ 吀栀攀猀琀愀爀琀甀瀀漀û攀爀猀愀洀漀戀椀氀攀 ⴀ 戀愀猀攀搀瀀氀愀琀昀漀爀洀Ⰰ 眀栀椀挀栀愀猀猀椀猀琀猀最爀漀挀攀爀礀漀眀渀攀爀猀椀渀瀀爀漀挀甀爀椀渀最椀渀瘀攀渀琀漀爀礀昀漀爀琀栀攀椀爀猀琀漀爀攀猀 Ⰰ 攀洀瀀氀漀礀椀渀最愀洀愀爀欀攀琀瀀氀愀挀攀洀漀搀攀氀琀栀愀琀漀û攀爀猀渀攀砀琀 ⴀ 搀愀礀搀攀氀椀瘀攀爀礀琀漀猀琀漀爀攀猀椀渀䰀愀栀漀爀攀愀渀搀䬀愀爀愀挀栀椀 ⸀ 圀栀椀氀攀䐀愀猀琀最礀爀洀愀渀愀最攀猀琀栀攀搀攀氀椀瘀攀爀椀攀猀甀猀椀渀最椀琀猀漀眀渀 ˻ 攀攀琀 Ⰰ 椀琀搀漀攀猀渀ᤠ 琀猀琀漀爀攀愀渀礀椀渀瘀攀渀琀漀爀礀 ⸀

䘀伀唀一䐀䔀刀伀䘀䬀一伀圀䰀䔀䐀䜀䔀倀䰀䄀吀䘀伀刀䴀

䴀䄀䠀䈀伀伀䈀䴀䔀䠀䴀伀伀䐀伀渀琀愀欀椀渀最䔀搀甀挀愀琀椀漀渀椀渀倀愀欀椀猀琀愀渀椀渀琀漀琀栀攀㈀㄀猀琀䌀攀渀琀甀爀礀

䠀漀眀搀椀搀礀漀甀最攀琀琀栀攀椀搀攀愀琀漀猀琀愀爀琀愀渀漀渀氀椀渀攀氀攀愀爀渀椀渀最猀漀氀甀琀椀漀渀猀挀漀洀瀀愀渀礀㼀

䤀甀猀攀搀琀漀戀攀愀挀漀爀瀀漀爀愀琀攀氀愀眀礀攀爀愀渀搀眀愀猀愀瀀愀爀琀渀攀爀椀渀愀洀愀樀漀爀唀渀椀琀攀搀匀琀愀琀攀猀氀愀眀 ǻ 爀洀⸀ 䤀氀漀瘀攀搀洀礀眀漀爀欀 Ⰰ 戀甀琀昀攀氀琀琀栀愀琀䤀眀愀猀眀漀爀欀椀渀最椀渀愀眀漀爀氀搀琀栀愀琀眀愀猀戀攀椀渀最攀挀氀椀瀀猀攀搀戀礀琀栀攀渀攀眀椀渀昀漀爀洀愀琀椀漀渀愀最攀 ⸀ 䤀眀愀渀琀攀搀琀漀氀攀愀搀椀渀愀搀瘀愀渀挀椀渀最琀栀椀猀渀攀眀椀渀昀漀爀洀愀琀椀漀渀愀最攀 Ⰰ 戀甀琀䤀搀椀搀渀 ᤠ 琀欀渀漀眀愀渀礀琀栀椀渀最愀戀漀甀琀琀攀挀栀渀漀氀漀最礀 ⸀ 䠀漀眀攀瘀攀爀 Ⰰ 䤀欀渀攀眀愀氀漀琀愀戀漀甀琀搀攀瘀攀氀漀瀀椀渀最眀漀爀氀搀ⴀ 挀氀愀猀猀挀漀渀琀攀渀琀愀琀猀挀愀氀攀愀渀搀甀渀搀攀爀椀渀琀攀渀猀攀瀀爀攀猀猀甀爀攀 ⸀ 䤀渀㈀ Ⰰ 戀礀眀栀椀挀栀琀椀洀攀䤀栀愀搀洀漀瘀攀搀昀爀漀洀一攀眀夀漀爀欀琀漀匀椀渀最愀瀀漀爀攀 Ⰰ 䤀焀甀椀琀洀礀瀀爀愀挀琀椀挀攀愀渀搀猀琀愀爀琀攀搀䬀渀漀眀氀攀搀最攀倀氀愀琀昀漀爀洀⸀ 圀攀眀攀渀琀椀渀琀漀琀眀漀愀爀攀愀猀琀栀愀琀挀漀洀戀椀渀攀搀挀漀渀琀攀渀琀愀渀搀琀攀挀栀渀漀氀漀最礀 ⸀ 圀攀眀攀渀琀椀渀琀漀挀漀爀瀀漀爀愀琀攀攀 ⴀ 氀攀愀爀渀椀渀最 Ⰰ 眀椀琀栀愀瀀爀椀渀挀椀瀀愀氀昀漀挀甀猀漀渀挀漀洀瀀氀椀愀渀挀攀愀渀搀爀椀猀欀洀愀渀愀最攀洀攀渀琀琀爀愀椀渀椀渀最 ⸀ 伀瘀攀爀琀栀攀礀攀愀爀猀 Ⰰ 眀攀搀攀瘀攀氀漀瀀攀搀漀瘀攀爀㄀Ⰰ 㠀搀椀最椀琀愀氀挀漀甀爀猀攀猀椀渀漀瘀攀爀㌀氀愀渀最甀愀最攀猀昀漀爀最氀漀戀愀氀戀氀甀攀挀栀椀瀀挀氀椀攀渀琀猀椀渀琀栀攀 ǻ 渀愀渀挀攀愀渀搀瀀栀愀爀洀愀挀攀甀琀椀挀愀氀猀猀攀挀琀漀爀猀 ⸀ 圀攀愀氀猀漀眀攀渀琀椀渀琀漀洀愀爀欀攀琀爀攀猀攀愀爀挀栀Ⰰ 眀椀琀栀愀瀀爀椀渀挀椀瀀愀氀昀漀挀甀猀漀渀琀栀攀䤀吀猀攀挀琀漀爀椀渀䄀猀椀愀 ⸀ 圀攀搀攀瘀攀氀漀瀀攀搀挀漀渀琀攀渀琀漀渀攀 ⴀ 最漀瘀攀爀渀洀攀渀琀 Ⰰ 攀 ⴀ 挀漀洀洀攀爀挀攀愀渀搀挀氀漀甀搀挀漀洀瀀甀琀椀渀最愀渀搀琀爀愀挀欀攀搀㘀䤀吀挀漀洀瀀愀渀椀攀猀愀挀爀漀猀猀䄀猀椀愀愀渀搀猀攀爀瘀攀搀愀氀洀漀猀琀愀氀氀琀栀攀氀攀愀搀椀渀最䤀吀挀漀洀瀀愀渀椀攀猀椀渀琀栀攀唀渀椀琀攀搀匀琀愀琀攀猀愀猀挀氀椀攀渀琀猀 ⸀ 䤀渀㈀㘀 Ⰰ 䤀猀琀愀爀琀攀搀琀攀愀挀栀椀渀最猀漀挀椀愀氀攀渀琀爀攀瀀爀攀渀攀甀爀猀栀椀瀀愀猀愀渀愀搀樀甀渀挀琀昀愀挀甀氀琀礀洀攀洀戀攀爀愀琀䤀一匀䔀䄀䐀Ⰰ 愀氀攀愀搀椀渀最戀甀猀椀渀攀猀猀猀挀栀漀漀氀 ⸀ 䤀猀琀愀爀琀攀搀琀栀椀渀欀椀渀最琀栀愀琀䬀渀漀眀氀攀搀最攀倀氀愀琀昀漀爀洀猀栀漀甀氀搀搀漀猀漀洀攀琀栀椀渀最眀椀琀栀洀漀爀攀猀漀挀椀愀氀椀洀瀀愀挀琀愀渀搀搀攀挀椀搀攀搀琀漀最攀琀椀渀琀漀漀渀氀椀渀攀攀搀甀挀愀琀椀漀渀 ⸀ 䤀琀眀愀猀愀渀攀愀猀礀搀攀挀椀猀椀漀渀 Ⰰ 愀猀眀攀眀攀爀攀愀氀爀攀愀搀礀猀琀爀漀渀最椀渀搀椀最椀琀愀氀挀漀渀琀攀渀琀愀渀搀氀攀愀爀渀椀渀最琀攀挀栀渀漀氀漀最椀攀猀搀攀瘀攀氀漀瀀洀攀渀琀 ⸀ 䤀渀㈀㄀㄀ Ⰰ 眀攀猀漀氀搀漀甀爀洀愀爀欀攀琀爀攀猀攀愀爀挀栀戀甀猀椀渀攀猀猀琀漀䘀漀爀爀攀猀琀攀爀刀攀猀攀愀爀挀栀 Ⰰ 漀渀攀漀昀琀栀攀氀愀爀最攀猀琀䤀吀爀攀猀攀愀爀挀栀挀漀洀瀀愀渀椀攀猀椀渀琀栀攀眀漀爀氀搀⸀ 䤀渀㈀㄀㈀ Ⰰ 眀攀猀漀氀搀漀甀爀挀漀爀瀀漀爀愀琀攀攀 ⴀ 氀攀愀爀渀椀渀最戀甀猀椀渀攀猀猀琀漀吀栀漀洀猀漀渀刀攀甀琀攀爀猀 Ⰰ 漀渀攀漀昀琀栀攀氀愀爀最攀猀琀 ǻ 渀愀渀挀椀愀氀椀渀昀漀爀洀愀琀椀漀渀猀攀爀瘀椀挀攀猀挀漀洀瀀愀渀椀攀猀椀渀琀栀攀眀漀爀氀搀⸀

ᰠ圀攀氀挀漀洀攀Ⰰ 倀愀欀椀猀琀愀渀椀 Ⰰ 猀琀甀搀攀渀琀猀 Ⰰ 瀀愀爀攀渀琀猀 Ⰰ 琀攀愀挀栀攀爀猀 Ⰰ 瀀爀椀渀挀椀瀀愀氀猀愀渀搀猀挀栀漀漀氀漀眀渀攀爀猀 Ⰰ 琀漀琀栀攀㈀㄀猀琀挀攀渀琀甀爀礀 ⸀ 䤀琀椀猀栀攀爀攀愀渀搀椀琀眀漀爀欀猀 ℀ ᴠ 䈀礀琀栀愀琀琀椀洀攀 Ⰰ 眀攀栀愀搀猀琀愀爀琀攀搀猀漀洀攀攀愀爀氀礀瀀椀氀漀琀猀椀渀漀渀氀椀渀攀攀搀甀挀愀琀椀漀渀椀渀倀愀欀椀猀琀愀渀⸀ 圀攀渀漀眀猀攀爀瘀攀漀瘀攀爀㄀Ⰰ 猀挀栀漀漀氀猀愀渀搀㐀 Ⰰ 猀琀甀搀攀渀琀猀椀渀䌀栀椀渀愀 Ⰰ 㐀㈀㔀猀挀栀漀漀氀猀愀渀搀㈀ Ⰰ 猀琀甀搀攀渀琀猀椀渀倀愀欀椀猀琀愀渀愀渀搀眀攀愀爀攀搀漀椀渀最猀漀洀攀瀀爀漀樀攀挀琀猀椀渀䌀愀氀椀昀漀爀渀椀愀 Ⰰ 䴀礀愀渀洀愀爀愀渀搀倀栀椀氀椀瀀瀀椀渀攀猀 ⸀ 圀攀愀爀攀瘀攀爀礀瀀爀漀甀搀漀昀琀栀攀昀愀挀琀琀栀愀琀眀攀搀攀瘀攀氀漀瀀攀搀氀攀愀爀渀椀渀最琀攀挀栀渀漀氀漀最椀攀猀椀渀倀愀欀椀猀琀愀渀琀栀愀琀眀攀搀攀瀀氀漀礀攀搀椀渀䌀栀椀渀愀 ⸀ 倀漀猀猀椀戀氀礀 Ⰰ 愀爀愀爀攀挀愀猀攀漀昀琀攀挀栀渀漀氀漀最礀琀爀愀渀猀昀攀爀昀爀漀洀倀愀欀椀猀琀愀渀琀漀䌀栀椀渀愀 ⸀

圀栀愀琀椀猀礀漀甀爀瘀椀攀眀漀昀琀栀攀挀甀爀爀攀渀琀氀愀渀搀猀挀愀瀀攀漀昀漀渀氀椀渀攀氀攀愀爀渀椀渀最椀渀倀愀欀椀猀琀愀渀㼀䤀戀攀氀椀攀瘀攀琀栀愀琀漀渀氀椀渀攀氀攀愀爀渀椀渀最眀椀氀氀琀爀愀渀猀昀漀爀洀攀搀甀挀愀琀椀漀渀椀渀倀愀欀椀猀琀愀渀 Ⰰ 戀甀琀眀攀愀爀攀愀琀愀瘀攀爀礀攀愀爀氀礀猀琀愀最攀椀渀琀栀攀愀搀漀瀀琀椀漀渀瀀爀漀挀攀猀猀 ⸀ 䄀氀琀栀漀甀最栀洀漀戀椀氀攀甀猀愀最攀栀愀猀攀猀挀愀氀愀琀攀搀Ⰰ 漀渀氀礀愀戀漀甀琀㌀㔀 ─ 漀昀琀栀攀瀀漀瀀甀氀愀琀椀漀渀栀愀猀搀愀琀愀愀挀挀攀猀猀 ⸀ 倀愀爀攀渀琀猀 Ⰰ 攀猀瀀攀挀椀愀氀氀礀昀愀琀栀攀爀猀 Ⰰ 漀眀渀搀愀琀愀 ⴀ 挀漀渀渀攀挀琀攀搀猀洀愀爀琀瀀栀漀渀攀猀 Ⰰ 愀渀搀挀栀椀氀搀爀攀渀洀漀猀琀氀礀搀漀渀 ᤠ 琀栀愀瘀攀搀攀瘀椀挀攀猀漀爀搀愀琀愀瀀愀挀欀愀最攀猀 ⸀ 䜀漀瘀攀爀渀洀攀渀琀猀 Ⰰ 瀀栀椀氀愀渀琀栀爀漀瀀椀攀猀 Ⰰ 猀挀栀漀漀氀猀愀渀搀昀愀洀椀氀椀攀猀洀甀猀琀挀漀洀洀椀琀琀漀漀渀氀椀渀攀氀攀愀爀渀椀渀最愀渀搀洀愀欀攀愀瘀愀椀氀愀戀氀攀琀栀攀椀渀昀爀愀猀琀爀甀挀琀甀爀攀琀栀愀琀椀猀渀攀攀搀攀搀愀琀琀栀攀猀挀栀漀漀氀愀渀搀猀琀甀搀攀渀琀氀攀瘀攀氀 ⸀ 䤀渀漀甀爀攀砀瀀攀爀椀攀渀挀攀 Ⰰ 愀氀琀栀漀甀最栀琀栀攀渀甀洀戀攀爀猀愀爀攀猀琀椀氀氀瘀攀爀礀氀漀眀Ⰰ 瀀爀椀瘀愀琀攀猀攀挀琀漀爀猀挀栀漀漀氀猀愀爀攀洀漀瘀椀渀最椀渀琀漀漀渀氀椀渀攀氀攀愀爀渀椀渀最愀琀愀瀀愀挀攀琀栀愀琀椀猀㐀 ⴀ 㔀琀椀洀攀猀昀愀猀琀攀爀琀栀愀渀最漀瘀攀爀渀洀攀渀琀猀攀挀琀漀爀猀挀栀漀漀氀猀 ⸀ 䤀渀挀爀攀搀椀戀氀礀 Ⰰ 洀椀搀ⴀ 瀀爀椀挀攀猀挀栀漀漀氀攀渀琀爀攀瀀爀攀渀攀甀爀猀愀爀攀瀀爀漀瘀椀渀最琀漀戀攀愀洀漀渀最琀栀攀攀愀爀氀椀攀猀琀愀搀漀瀀琀攀爀猀 ⸀ 圀攀栀愀瘀攀㌀ Ⰰ ⴀ 㐀 Ⰰ 攀搀甀挀愀琀椀漀渀攀渀琀爀攀瀀爀攀渀攀甀爀猀椀渀琀栀攀挀漀甀渀琀爀礀眀栀漀爀甀渀漀瘀攀爀㄀㔀 Ⰰ

猀挀栀漀漀氀猀 ⸀ 吀栀攀礀愀爀攀琀栀攀甀渀猀甀渀最栀攀爀漀攀猀漀昀漀甀爀攀搀甀挀愀琀椀漀渀猀攀挀琀漀爀 ⸀ 伀甀爀樀漀戀愀琀䬀渀漀眀氀攀搀最攀倀氀愀琀昀漀爀洀椀猀琀漀栀攀氀瀀琀栀攀猀攀攀搀甀挀愀琀椀漀渀愀氀攀渀琀爀攀瀀爀攀渀攀甀爀猀愀搀漀瀀琀琀攀挀栀渀漀氀漀最礀琀漀搀爀椀瘀攀攀砀挀攀氀氀攀渀挀攀椀渀攀搀甀挀愀琀椀漀渀 ⸀ 吀栀攀瀀爀椀瘀愀琀攀猀攀挀琀漀爀猀挀栀漀漀氀猀 Ⰰ 戀漀琀栀昀漀爀 ⴀ 瀀爀漀ǻ 琀愀渀搀渀漀琀 ⴀ 昀漀爀 ⴀ 瀀爀漀ǻ 琀 Ⰰ 甀渀搀攀爀猀琀愀渀搀戀攀琀琀攀爀琀栀愀琀愀搀漀瀀琀椀渀最漀渀氀椀渀攀氀攀愀爀渀椀渀最椀渀瘀漀氀瘀攀猀挀栀愀渀最攀猀椀渀氀攀猀猀漀渀瀀氀愀渀渀椀渀最 Ⰰ 琀攀愀挀栀攀爀挀愀瀀愀戀椀氀椀琀椀攀猀愀渀搀椀渀挀攀渀琀椀瘀攀猀 Ⰰ 愀渀搀洀漀搀攀猀漀昀攀渀最愀最攀洀攀渀琀眀椀琀栀猀琀甀搀攀渀琀猀愀渀搀瀀愀爀攀渀琀猀 ⸀ 吀栀攀最漀瘀攀爀渀洀攀渀琀猀攀挀琀漀爀琀攀渀搀猀琀漀氀漀漀欀愀琀漀渀氀椀渀攀氀攀愀爀渀椀渀最愀猀愀渀攀砀攀爀挀椀猀攀椀渀栀愀爀搀眀愀爀攀瀀爀漀挀甀爀攀洀攀渀琀 ⸀ 䠀漀眀攀瘀攀爀 Ⰰ 琀栀攀爀攀愀爀攀瀀漀挀欀攀琀猀漀昀攀砀挀攀氀氀攀渀挀攀椀渀琀栀攀最漀瘀攀爀渀洀攀渀琀猀攀挀琀漀爀 ⸀ 䘀漀爀琀眀漀礀攀愀爀猀 Ⰰ 䬀渀漀眀氀攀搀最攀倀氀愀琀昀漀爀洀Ⰰ 眀椀琀栀琀栀攀猀甀瀀瀀漀爀琀漀昀䨀愀稀稀 Ⰰ 栀愀猀爀甀渀愀爀攀愀氀氀礀栀椀最栀 ⴀ 椀洀瀀愀挀琀瀀爀漀最爀愀洀椀渀㜀㔀最漀瘀攀爀渀洀攀渀琀最椀爀氀猀猀挀栀漀漀氀椀渀䤀猀氀愀洀愀戀愀搀琀栀愀琀愀爀攀爀甀渀戀礀琀栀攀䘀攀搀攀爀愀氀䴀椀渀椀猀琀爀礀漀昀䔀搀甀挀愀琀椀漀渀 ⸀ 吀栀攀愀瘀攀爀愀最攀愀最攀漀昀琀栀攀琀攀愀挀栀攀爀猀椀渀漀甀爀瀀爀漀最爀愀洀椀猀愀戀漀甀琀㐀㔀礀攀愀爀猀愀渀搀㠀 ─ 栀愀搀渀攀瘀攀爀甀猀攀搀愀氀愀瀀琀漀瀀瀀爀攀瘀椀漀甀猀氀礀 ⸀ 圀椀琀栀琀爀愀椀渀椀渀最愀渀搀猀甀瀀瀀漀爀琀 Ⰰ 漀甀爀琀攀愀挀栀攀爀猀愀爀攀搀攀氀椀瘀攀爀椀渀最愀洀愀稀椀渀最椀洀瀀爀漀瘀攀洀攀渀琀猀椀渀猀琀甀搀攀渀琀瀀攀爀昀漀爀洀愀渀挀攀愀渀搀洀愀欀椀渀最氀攀愀爀渀椀渀最愀渀攀渀樀漀礀愀戀氀攀攀砀瀀攀爀椀攀渀挀攀愀猀眀攀氀氀 ⸀ 圀攀栀漀瀀攀琀栀愀琀最漀瘀攀爀渀洀攀渀琀漀ϻ挀椀愀氀猀猀琀愀爀琀搀椀最最椀渀最椀渀琀漀猀甀挀栀挀愀猀攀猀琀甀搀椀攀猀愀渀搀愀搀漀瀀琀琀栀攀琀爀愀渀猀昀漀爀洀愀琀椀漀渀愀氀搀礀渀愀洀椀挀猀漀昀漀渀氀椀渀攀攀搀甀挀愀琀椀漀渀 ⸀

䐀甀爀椀渀最琀栀攀挀甀爀爀攀渀琀䌀伀嘀䤀䐀ⴀ ㄀㤀挀爀椀猀椀猀 Ⰰ 愀氀漀琀漀昀猀挀栀漀漀氀猀栀愀瘀攀猀琀愀爀琀攀搀搀漀椀渀最漀渀氀椀渀攀氀攀猀猀漀渀猀 ⸀ 䐀漀礀漀甀戀攀氀椀攀瘀攀琀栀愀琀椀琀椀猀愀渀椀渀攀瘀椀琀愀戀氀攀昀甀琀甀爀攀琀栀愀琀眀攀ᤠ 瘀攀戀攀攀渀猀漀爀琀漀昀搀攀氀愀礀椀渀最猀漀琀漀猀愀礀㼀䌀漀爀漀渀愀瘀椀爀甀猀爀攀瀀爀攀猀攀渀琀猀愀挀漀洀椀渀最漀昀愀最攀昀漀爀漀渀氀椀渀攀氀攀愀爀渀椀渀最 ⸀ 吀栀攀爀攀愀爀攀洀愀渀礀戀攀渀攀 ǻ 琀猀琀漀漀渀氀椀渀攀氀攀愀爀渀椀渀最 ⸀ 吀栀攀戀椀最最攀猀琀戀攀渀攀 ǻ 琀椀猀琀栀愀琀猀琀甀搀攀渀琀猀挀愀渀瀀爀漀最爀攀猀猀愀氀漀渀最琀栀攀椀爀漀眀渀氀攀愀爀渀椀渀最瀀愀琀栀眀愀礀猀 Ⰰ 愀渀搀渀漀琀愀挀挀漀爀搀椀渀最琀漀愀琀攀愀挀栀攀爀 ᤠ 猀挀氀愀猀猀 ⴀ 氀攀搀猀挀栀攀搀甀氀攀 ⸀ 䄀渀漀琀栀攀爀椀猀琀栀愀琀漀渀氀椀渀攀氀攀愀爀渀椀渀最攀渀愀戀氀攀猀琀栀攀挀愀瀀愀挀椀琀礀琀漀氀攀愀爀渀漀渀愀㈀㐀砀㜀Ⰰ 最攀漀最爀愀瀀栀椀挀愀氀氀礀搀椀猀琀爀椀戀甀琀攀搀戀愀猀椀猀 ⸀ 䌀漀爀漀渀愀瘀椀爀甀猀栀愀猀瀀甀猀栀攀搀漀渀氀椀渀攀氀攀愀爀渀椀渀最琀漀琀栀攀昀漀爀攀昀爀漀渀琀戀攀挀愀甀猀攀漀昀琀栀攀猀攀挀漀渀搀昀愀挀琀漀爀 Ⰰ 戀甀琀漀渀挀攀漀渀氀椀渀攀氀攀愀爀渀椀渀最猀椀渀欀猀椀渀琀栀攀渀椀琀猀漀琀栀攀爀戀攀渀攀 ǻ 琀猀眀椀氀氀挀漀洀攀琀漀琀栀攀昀漀爀攀愀猀眀攀氀氀 ⸀ 圀攀栀愀瘀攀愀栀甀最攀氀礀眀愀猀琀攀昀甀氀攀搀甀挀愀琀椀漀渀猀礀猀琀攀洀椀渀倀愀欀椀猀琀愀渀 ⸀ 倀愀爀攀渀琀猀瀀愀礀猀挀栀漀漀氀昀攀攀猀 ⸀ 吀栀攀礀愀氀猀漀瀀愀礀琀甀椀琀椀漀渀昀攀攀猀 ⸀ 吀栀攀礀愀氀猀漀猀栀漀甀氀搀攀爀栀椀最栀琀爀愀渀猀瀀漀爀琀挀漀猀琀猀 ⸀ 匀琀甀搀攀渀琀猀愀爀攀漀瘀攀爀戀甀爀搀攀渀攀搀眀椀琀栀眀漀爀欀愀渀搀猀栀甀琀琀氀攀戀愀挀欀愀渀搀昀漀爀琀栀戀攀琀眀攀攀渀猀挀栀漀漀氀猀愀渀搀琀甀椀琀椀漀渀挀攀渀琀攀爀猀 ⸀ 吀栀爀漀甀最栀漀渀氀椀渀攀氀攀愀爀渀椀渀最 Ⰰ 琀攀愀挀栀攀爀猀愀渀搀琀甀琀漀爀猀渀攀攀搀漀渀氀礀昀漀挀甀猀漀渀瀀爀攀瘀椀漀甀猀氀礀椀搀攀渀琀椀 ǻ 攀搀眀攀愀欀猀欀椀氀氀猀 ⸀ 吀栀攀琀爀椀甀洀瘀椀爀愀琀攀漀昀漀渀氀椀渀攀氀攀愀爀渀椀渀最愀渀搀洀漀爀攀攀 ϻ挀椀攀渀琀猀挀栀漀漀氀椀渀最愀渀搀琀甀琀漀爀椀渀最瀀爀漀洀椀猀攀猀戀攀琀琀攀爀氀攀愀爀渀椀渀最漀甀琀挀漀洀攀猀愀琀氀漀眀攀爀漀瘀攀爀愀氀氀挀漀猀琀猀愀渀搀爀攀搀甀挀攀搀猀琀甀搀礀琀椀洀攀 ⸀ 䔀瘀攀爀礀戀漀搀礀眀椀氀氀眀椀渀⸀ 伀昀挀漀甀爀猀攀 Ⰰ 琀栀攀洀漀爀攀瀀爀椀瘀椀氀攀最攀搀猀挀栀漀漀氀猀栀愀瘀攀攀洀戀爀愀挀攀搀漀渀氀椀渀攀氀攀愀爀渀椀渀最洀漀爀攀焀甀椀挀欀氀礀琀栀愀渀漀琀栀攀爀猀 ⸀ 吀栀攀猀攀猀挀栀漀漀氀猀栀愀搀琀栀攀椀渀昀爀愀猀琀爀甀挀琀甀爀攀愀渀搀琀栀攀椀爀猀琀甀搀攀渀琀猀栀愀搀搀攀瘀椀挀攀猀愀渀搀戀愀渀搀眀椀搀琀栀 ⸀ 䔀瘀攀渀椀渀琀栀攀瀀愀猀琀琀眀漀眀攀攀欀猀 Ⰰ 琀栀攀搀椀最椀琀愀氀搀椀瘀椀搀攀戀攀琀眀攀攀渀琀栀攀 ᰠ 栀愀瘀攀猀 ᴠ 愀渀搀 ᰠ 栀愀瘀攀渀漀琀猀 ᴠ 栀愀猀漀瀀攀渀攀搀甀瀀昀甀爀琀栀攀爀 ⸀ 吀栀椀猀搀漀攀猀渀漀琀栀愀瘀攀琀漀戀攀琀栀攀挀愀猀攀 ⸀ 䄀挀琀甀愀氀氀礀 Ⰰ 漀渀氀椀渀攀氀攀愀爀渀椀渀最挀愀渀 Ⰰ 漀瘀攀爀愀琀眀攀氀瘀攀 ⴀ 洀漀渀琀栀瀀攀爀椀漀搀Ⰰ 搀攀氀椀瘀攀爀戀攀琀琀攀爀漀甀琀挀漀洀攀猀愀琀氀漀眀攀爀漀瘀攀爀愀氀氀攀搀甀挀愀琀椀漀渀挀漀猀琀猀 ⸀ 匀漀洀攀椀渀瘀攀猀琀洀攀渀琀渀漀眀戀礀猀挀栀漀漀氀猀愀渀搀瀀愀爀攀渀琀猀挀愀渀爀攀愀瀀猀甀戀猀琀愀渀琀椀愀氀戀攀渀攀 ǻ 琀猀眀椀琀栀椀渀愀礀攀愀爀 ⸀

䠀漀眀椀猀䬀渀漀眀氀攀搀最攀倀氀愀琀昀漀爀洀挀漀瀀椀渀最椀渀琀栀攀挀甀爀爀攀渀琀猀椀琀甀愀琀椀漀渀椀渀琀栀攀挀漀甀渀琀爀椀攀猀琀栀愀琀椀琀漀瀀攀爀愀琀攀猀椀渀㼀匀椀渀挀攀䘀攀戀爀甀愀爀礀 Ⰰ 眀攀栀愀瘀攀栀愀搀愀瘀攀爀礀猀甀戀猀琀愀渀琀椀愀氀樀甀洀瀀椀渀猀挀栀漀漀氀猀攀渀爀漀氀氀洀攀渀琀椀渀䌀栀椀渀愀 ⸀ 䰀愀猀琀眀攀攀欀 Ⰰ 眀攀栀愀搀琀栀攀栀椀最栀攀猀琀渀甀洀戀攀爀漀昀渀攀眀攀渀爀漀氀氀洀攀渀琀猀攀瘀攀爀漀渀漀甀爀倀愀欀椀猀琀愀渀氀攀愀爀渀椀渀最瀀氀愀琀昀漀爀洀⸀ 䤀渀倀愀欀椀猀琀愀渀 Ⰰ 眀攀氀愀甀渀挀栀攀搀嘀椀爀琀甀愀氀䌀愀洀瀀甀猀愀爀漀甀渀搀㄀琀栀䴀愀爀挀栀 ⸀ 嘀椀爀琀甀愀氀䌀愀洀瀀甀猀攀渀愀戀氀攀猀愀猀挀栀漀漀氀琀漀戀爀椀渀最愀氀氀琀栀攀椀爀

猀琀甀搀攀渀琀猀漀渀氀椀渀攀 Ⰰ 眀椀琀栀挀漀渀琀攀渀琀愀猀猀椀最渀攀搀戀礀琀攀愀挀栀攀爀愀渀搀挀氀愀猀猀猀攀挀琀椀漀渀 Ⰰ 眀椀琀栀椀渀愀昀攀眀搀愀礀猀 ⸀ 圀攀愀爀攀愀氀爀攀愀搀礀椀渀搀椀猀挀甀猀猀椀漀渀猀眀椀琀栀漀瘀攀爀㘀猀挀栀漀漀氀猀琀漀戀爀椀渀最琀栀攀椀爀猀琀甀搀攀渀琀猀漀渀戀漀愀爀搀⸀ 圀攀愀爀攀渀漀眀眀漀爀欀椀渀最漀渀氀愀甀渀挀栀椀渀最琀眀漀渀攀眀瀀爀漀搀甀挀琀猀 ⸀ 吀栀攀 ǻ 爀猀琀椀猀吀攀愀挀栀匀洀愀爀琀倀愀欀椀猀琀愀渀Ⰰ 眀栀椀挀栀眀椀氀氀攀渀愀戀氀攀琀攀愀挀栀攀爀猀琀漀椀洀瀀爀漀瘀攀琀栀攀椀爀猀欀椀氀氀猀椀渀愀渀漀渀氀椀渀攀攀渀瘀椀爀漀渀洀攀渀琀 ⸀ 吀栀攀猀攀挀漀渀搀椀猀愀渀攀眀最愀洀椀 ǻ 攀搀瘀攀爀猀椀漀渀漀昀漀甀爀栀椀最栀氀礀猀甀挀挀攀猀猀昀甀氀漀渀氀椀渀攀攀搀甀挀愀琀椀漀渀愀氀挀漀洀瀀攀琀椀琀椀漀渀猀椀渀眀栀椀挀栀漀瘀攀爀㄀ Ⰰ 猀琀甀搀攀渀琀猀栀愀瘀攀愀氀爀攀愀搀礀瀀愀爀琀椀挀椀瀀愀琀攀搀⸀ 䄀猀愀渀攀渀琀攀爀瀀爀椀猀攀 Ⰰ 眀攀栀愀瘀攀栀愀搀琀漀挀漀瀀攀眀椀琀栀愀洀愀猀猀椀瘀攀氀礀椀渀挀爀攀愀猀攀搀眀漀爀欀氀漀愀搀愀渀搀眀攀栀愀瘀攀栀愀搀琀漀眀漀爀欀昀爀漀洀栀漀洀攀 ⸀ 䈀甀琀眀攀栀愀瘀攀愀洀愀爀瘀攀氀漀甀猀氀礀琀愀氀攀渀琀攀搀愀渀搀搀攀搀椀挀愀琀攀搀琀攀愀洀漀昀瀀爀漀最爀愀洀洀攀爀猀 Ⰰ 愀爀琀椀 ǻ 挀椀愀氀椀渀琀攀氀氀椀最攀渀挀攀攀砀瀀攀爀琀猀 Ⰰ 琀攀愀挀栀攀爀猀 Ⰰ 椀渀猀琀爀甀挀琀椀漀渀愀氀搀攀猀椀最渀攀爀猀 Ⰰ 最爀愀瀀栀椀挀猀愀渀搀洀攀搀椀愀猀瀀攀挀椀愀氀椀猀琀猀 Ⰰ 愀渀搀洀愀爀欀攀琀椀渀最 Ⰰ 戀甀猀椀渀攀猀猀搀攀瘀攀氀漀瀀洀攀渀琀愀渀搀挀愀洀瀀甀猀攀渀最愀最攀洀攀渀琀瀀爀漀昀攀猀猀椀漀渀愀氀猀 ⸀ 䔀瘀攀爀礀漀渀攀栀愀猀猀琀攀瀀瀀攀搀甀瀀琀漀琀栀攀瀀氀愀琀攀瘀攀爀礀眀攀氀氀 ⸀

䤀渀礀漀甀爀漀瀀椀渀椀漀渀愀渀搀昀爀漀洀礀漀甀爀攀砀瀀攀爀椀攀渀挀攀Ⰰ 眀栀愀琀愀爀攀琀栀攀攀猀猀攀渀琀椀愀氀猀琀栀愀琀渀攀攀搀琀漀戀攀欀攀瀀琀椀渀挀漀渀猀椀搀攀爀愀琀椀漀渀眀栀攀渀搀攀猀椀最渀椀渀最愀渀漀渀氀椀渀攀氀攀愀爀渀椀渀最猀漀氀甀琀椀漀渀昀漀爀挀栀椀氀搀爀攀渀愀猀眀攀氀氀愀猀愀搀甀氀琀猀㼀䤀琀栀椀渀欀礀漀甀渀攀攀搀愀洀椀砀漀昀猀漀氀甀琀椀漀渀猀 ⸀ 伀渀攀椀洀瀀漀爀琀愀渀琀搀椀猀琀椀渀挀琀椀漀渀椀猀戀攀琀眀攀攀渀琀攀愀挀栀攀爀 ⴀ 氀攀搀氀攀愀爀渀椀渀最愀渀搀猀攀氀昀 ⴀ 猀琀甀搀礀 ⸀ 吀攀愀挀栀攀爀 ⴀ 氀攀搀氀攀愀爀渀椀渀最挀愀渀戀攀猀礀渀挀栀爀漀渀漀甀猀 ⠀ 昀漀爀攀砀愀洀瀀氀攀 Ⰰ 眀栀攀渀愀挀氀愀猀猀挀漀洀洀甀渀椀挀愀琀攀猀琀栀爀漀甀最栀娀漀漀洀⤀ ⸀ 䤀琀挀愀渀愀氀猀漀戀攀愀猀礀渀挀栀爀漀渀漀甀猀 ⠀ 昀漀爀攀砀愀洀瀀氀攀 Ⰰ 眀栀攀渀愀琀攀愀挀栀攀爀瀀漀猀琀猀愀渀愀猀猀椀最渀洀攀渀琀椀渀䜀漀漀最氀攀䌀氀愀猀猀爀漀漀洀⤀ ⸀ 匀攀氀昀 ⴀ 猀琀甀搀礀洀漀搀攀猀攀渀愀戀氀攀猀琀甀搀攀渀琀猀琀漀愀挀挀攀猀猀猀礀猀琀攀洀猀愀渀搀猀琀甀搀礀愀挀挀漀爀搀椀渀最琀漀琀栀攀椀爀漀眀渀猀挀栀攀搀甀氀攀 ⠀ 昀漀爀攀砀愀洀瀀氀攀 Ⰰ 眀栀攀渀猀琀甀搀攀渀琀猀猀琀甀搀礀琀栀爀漀甀最栀漀甀爀眀眀眀⸀ 氀攀愀爀渀猀洀愀爀琀瀀愀欀椀猀琀愀渀⸀ 漀爀最 ⤀ ⸀ 䄀樀甀搀椀挀椀漀甀猀挀漀洀戀椀渀愀琀椀漀渀漀昀猀漀氀甀琀椀漀渀猀洀愀欀攀猀攀渀猀攀 ⸀ 吀栀攀洀漀猀琀攀猀猀攀渀琀椀愀氀愀搀瘀椀挀攀䤀挀愀渀最椀瘀攀琀漀猀挀栀漀漀氀漀眀渀攀爀猀 Ⰰ 瀀爀椀渀挀椀瀀愀氀猀 Ⰰ 琀攀愀挀栀攀爀猀 Ⰰ 瀀愀爀攀渀琀猀愀渀搀猀琀甀搀攀渀琀猀椀猀琀漀樀甀洀瀀椀渀愀渀搀琀爀礀漀甀琀漀渀氀椀渀攀氀攀愀爀渀椀渀最 ⸀ 吀爀礀椀琀攀愀爀氀礀 Ⰰ 琀爀礀椀琀漀昀琀攀渀 Ⰰ 愀渀搀礀漀甀眀椀氀氀 ǻ 渀搀眀栀愀琀眀漀爀欀猀戀攀猀琀昀漀爀礀漀甀 ℀ ℀ 䤀琀 ᤠ 猀愀洀甀挀栀氀攀猀猀搀愀甀渀琀椀渀最眀漀爀氀搀琀栀愀渀礀漀甀琀栀椀渀欀椀琀椀猀 ℀

ᰠ匀椀渀挀攀䘀攀戀爀甀愀爀礀 Ⰰ 眀攀栀愀瘀攀栀愀搀愀瘀攀爀礀猀甀戀猀琀愀渀琀椀愀氀樀甀洀瀀椀渀猀挀栀漀漀氀猀攀渀爀漀氀氀洀攀渀琀椀渀䌀栀椀渀愀⸀ 䰀愀猀琀眀攀攀欀Ⰰ 眀攀栀愀搀琀栀攀栀椀最栀攀猀琀渀甀洀戀攀爀漀昀渀攀眀攀渀爀漀氀氀洀攀渀琀猀攀瘀攀爀漀渀漀甀爀倀愀欀椀猀琀愀渀氀攀愀爀渀椀渀最瀀氀愀琀昀漀爀洀⸀ ᴠ

吀栀椀猀挀爀椀猀椀猀栀愀猀猀栀漀眀渀甀猀琀栀愀琀琀栀攀眀漀爀氀搀眀椀氀氀戀攀搀椀 û攀爀攀渀琀漀渀挀攀眀攀洀漀瘀攀瀀愀猀琀琀栀椀猀猀椀琀甀愀琀椀漀渀⸀ 䠀漀眀眀椀氀氀礀漀甀瀀椀瘀漀琀愀渀搀眀栀愀琀眀漀甀氀搀礀漀甀搀漀搀椀 û攀爀攀渀琀氀礀椀渀愀瀀漀猀琀 ⴀ 䌀漀爀漀渀愀眀漀爀氀搀㼀䔀瘀攀爀礀琀栀椀渀最栀愀猀挀栀愀渀最攀搀⸀ 䔀瘀攀爀礀搀愀礀 Ⰰ 䤀猀攀攀琀攀愀挀栀攀爀猀愀渀搀猀琀甀搀攀渀琀猀戀攀挀漀洀椀渀最洀漀爀攀愀搀攀瀀琀椀渀漀渀氀椀渀攀氀攀愀爀渀椀渀最 ⸀ 䔀瘀攀爀礀搀愀礀 Ⰰ 䤀猀攀攀瀀愀爀攀渀琀猀愀瀀瀀爀攀挀椀愀琀椀渀最洀漀爀攀昀甀氀氀礀琀栀攀戀攀渀攀 ǻ 琀猀漀昀漀渀氀椀渀攀氀攀愀爀渀椀渀最 ⸀ 䘀愀琀栀攀爀猀愀爀攀愀氀氀漀眀椀渀最搀愀甀最栀琀攀爀猀琀漀最漀漀渀氀椀渀攀琀漀猀琀甀搀礀 ⸀ 吀攀愀挀栀攀爀猀愀爀攀洀漀渀椀琀漀爀椀渀最挀氀愀猀猀瀀攀爀昀漀爀洀愀渀挀攀戀礀氀漀漀欀椀渀最愀琀漀渀氀椀渀攀琀攀猀琀爀攀猀甀氀琀猀 ⸀ 匀挀栀漀漀氀漀眀渀攀爀猀愀渀搀瀀爀椀渀挀椀瀀愀氀猀愀爀攀挀漀洀椀渀最甀瀀琀漀猀瀀攀攀搀漀渀漀渀氀椀渀攀氀攀愀爀渀椀渀最漀瀀琀椀漀渀猀 ⸀ 吀栀椀猀椀猀栀愀瀀瀀攀渀椀渀最眀栀攀爀攀瘀攀爀眀攀眀漀爀欀 ⸀ 圀攀 ǻ 爀洀氀礀戀攀氀椀攀瘀攀琀栀愀琀琀栀攀挀栀愀渀最攀猀椀渀愀琀琀椀琀甀搀攀猀愀渀搀戀攀栀愀瘀椀漀爀眀攀愀爀攀攀砀瀀攀爀椀攀渀挀椀渀最眀椀氀氀渀漀琀戀攀爀攀瘀攀爀猀攀搀⸀ 伀渀氀椀渀攀氀攀愀爀渀椀渀最椀猀栀攀爀攀琀漀猀琀愀礀愀渀搀最爀漀眀㨀椀洀瀀爀漀瘀攀搀氀攀愀爀渀椀渀最漀甀琀挀漀洀攀猀愀琀氀漀眀攀爀挀漀猀琀愀渀搀最爀攀愀琀攀爀攀 ϻ挀椀攀渀挀礀攀洀戀爀愀挀攀搀戀礀瀀攀漀瀀氀攀眀栀漀栀愀瘀攀愀氀爀攀愀搀礀琀爀椀攀搀椀琀愀渀搀猀攀攀渀琀栀愀琀椀琀眀漀爀欀猀 ⸀ 圀攀氀挀漀洀攀 Ⰰ 倀愀欀椀猀琀愀渀椀猀琀甀搀攀渀琀猀 Ⰰ 瀀愀爀攀渀琀猀 Ⰰ 琀攀愀挀栀攀爀猀 Ⰰ 瀀爀椀渀挀椀瀀愀氀猀愀渀搀猀挀栀漀漀氀漀眀渀攀爀猀 Ⰰ 琀漀琀栀攀㈀㄀猀琀挀攀渀琀甀爀礀 ⸀ 䤀琀椀猀栀攀爀攀愀渀搀椀琀眀漀爀欀猀 ℀

AZOFSTARTUPI NVESTMENT

ACQUI SI TI ON Whenonec ompa nybuy sc ont r ol l i ngs t a kei na not her c ompa ny .I tc a nbef r i endl y( a g r eedupon)orhos t i l e( no a g r eement ) . ANGELI NVESTOR I ndi v i dua lwhopr ov i desas ma l la mountofc a pi t a lt oa s t a r t upf oras t a kei nt hec ompa ny .I tt y pi c a l l yha ppens bef or eaSeedRounddur i ngt hei nf a nc ys t a g eofa s t a r t up.

AZOFSTARTUPI NVESTMENT

BENCHMARK I t ’ st hepr oc es sus i ngwhi c has t a r t upc ompa nymea s ur esi t s c ur r ents uc c es s .Ani nv es t ormea s ur esac ompa ny ' sg r owt hby det er mi ni ngwhet herornott heyha v emetc er t a i n benc hma r ks .Forexa mpl e,c ompa nyAha smett he benc hma r kofha v i ngX a mountofr ec ur r i ngr ev enuea f t er2 y ea r si nt hema r ket . BOARD OFDI RECTORS I tc ompr i s esag r oupofi nf l uent i a li ndi v i dua l s ,el ec t edby s t oc khol der s ,pi c kedoutt oov er s eet hea f f a i r sofac ompa ny , t y pi c a l l yi nc l udi ngment or sa ndi nv es t or s .Whi l enota l l s t a r t upsha v eaboa r d,i nv es t or sus ua l l yr equi r eaboa r ds ea t i nexc ha ng ef ora ni nv es t menti nt hec ompa ny . BOOTSTRAP Boot s t r a ppi ngi st hepr oc es sus edbya nent r epr eneur ’ s per s ona lr es our c esort hec ompa ny ’ sownr ev enue. BUYOUT Thi si sac ommonl yus edexi ts t r a t eg y ,c ompr i s i ngt he pur c ha s eofac ompa ny ’ ss ha r est ha tg i v est hepur c ha s er c ont r ol l i ngi nt er es ti nt hec ompa ny .

BURN RATE( ALSO CALLED RUN RATE) Thi si st hea mountofc a s hy oua r es pendi ngea c hmont hi n r el a t i ont oy ourc a pi t a l .Di v i dey ourc a pi t a la mountbyy our bur nr a t et odet er mi net hel i f es pa nofy ourc ompa ny( a tl ea s t unt i lt henextf undi ngr ound) . BTOB Bus i nes st oBus i nes s ,wher ey ourc ompa nys el l st hi ng st o ot herc ompa ni es . BTOC Bus i nes st oCons umer ,wher ey ourc ompa nys el l st hi ng st o t hema s s es .

AZOFSTARTUPI NVESTMENT

CAPI TAL Thi sr epr es ent st hemonet a r ya s s et sc ur r ent l y a v a i l a bl ef orus ewher ebyent r epr eneur sr a i s e c a pi t a lt os t a r tac ompa nya ndc ont i nuer a i s i ng c a pi t a lt og r ow t hec ompa ny . CAPI TALUNDERMANAGEMENT Thea mountofc a pi t a l ,orf i na nc i a la s s et s ,t ha ta v ent ur ec a pi t a lf i r mi sc ur r ent l yma na g i nga nd i nv es t i ng . CAPPED NOTES Thi sr ef er st oa" c a p"pl a c edoni nv es t ornot esi n ar oundoff i na nc i ng .Ent r epr eneur sa ndi nv es t or s a g r eet opl a c eac a pont hev a l ua t i onoft he c ompa nywher enot est ur nt oequi t y .Thi smea ns i nv es t or swi l lownac er t a i nper c ent a g eofa c ompa nyr el a t i v et ot ha tc a pwhent hec ompa ny r a i s esa not herr oundoff undi ng .Unc a pped r oundsa r eg ener a l l ymor ef a v or a bl et oa n ent r epr eneur / s t a r t up. CHURN RATE Thi sr epr es ent st hec us t omer sl os ts ubs equentt o a c qui s i t i oni nas ubs c r i pt i onba s edbus i nes s model .Duet oc hur nr a t e,y ourg r owt hmi g ht notl ookl i key out hi nki twi l l . CLI FF Thi sus ua l l ya ppl i est ov es t i ngs c hedul es( s ha r es g i v ent oempl oy eesov ert i me) .Cl i f f sa r eawa y f ort heCEO t of i r eempl oy eesorl ett hem l ea v e wi t houtg i v i ngt hem s t oc kwi t hi nal i mi t edper i od oft i me( us ua l l y1y ea r ) .Cl i f f sa r ea l s ous edon CEOsbyi nv es t or st oma kes ur et heCEO s t i c ks a r ounda f t erg et t i ngt hec a s h.

AZOFSTARTUPI NVESTMENT

DUEDI LI GENCE Ana na l y s i sa ni nv es t or ma kesofa l lt hef a c t sa nd f i g ur esofapot ent i a l i nv es t ment .Ca ni nc l ude a ni nv es t i g a t i onof f i na nc i a lr ec or dsa nda mea s ur eofpot ent i a l ROI .

EXI T I t ' st hemet hodbywhi c ha ni nv es t or a nd/ orent r epr eneuri nt endst o" exi t " t hei ri nv es t menti nac ompa ny . Commonopt i onsa r ea nI PO or buy outf r om a not herc ompa ny . Ent r epr eneur sa ndVCsof t en dev el opa n" exi ts t r a t eg y "whi l et he c ompa nyi ss t i l lg r owi ng . EQUI TYFI NANCI NG Equi t yf i na nc i ngi st hemet hodof r a i s i ngc a pi t a lbys el l i ngc ompa ny s t oc kt oi nv es t or s .I nr et ur nf ort he i nv es t ment ,t hes ha r ehol der sr ec ei v e owner s hi pi nt er es t si nt hec ompa ny .

AZOFSTARTUPI NVESTMENT

FREEMI UM Youg i v et heba s i cpr oduc ta wa yf orf r eea nd t hent r yt oups el lf ea t ur est oy ourc us t omer s . Thi sma r ket i ngpl oyi sof t enus edi ndi r ec t or y bus i nes s es .

GROUND FLOOR

GAMI FY

Thi si st het er m us edt o r ef ert ot hebeg i nni ngofa v ent ur e,ort heea r l i es t poi ntofas t a r t up.I ti s g ener a l l yc ons i der eda n a dv a nt a g et oi nv es ta tt hi s l ev el .

Addi ngag a mel a y ert oa webs i t eorpr oduc t exper i enc et ha t enc our a g espeopl et ous e i twi t hr ewa r dsofv a r i ous ki nds .Peopl el ov eg a mes .

AZOFSTARTUPI NVESTMENT

HOCKEYSTI CK Thes ha peoft heg r owt hc ur v eVCswa ntt os ee a ndbel i ev e!Thi smea nsy ours t a r t upwi l lha v et o doubl es a l esev er yy ea r .

I PO ( I NI TI ALPUBLI COFFERI NG) Thi sr ef er st ot hef i r s tt i mes ha r esof s t oc ki nac ompa nya r eof f er edona s ec ur i t i esexc ha ng eort ot heg ener a l publ i c .Att hi spoi nt ,apr i v a t e c ompa nyt ur nsi nt oapubl i cc ompa ny ( a ndi snol ong eras t a r t up) . I NTELLECTUALPROPERTY Thi sc a nbeapa t ent( c os t s$25k g ener a l l ya ndt a kest i met oobt a i n)or as ec r ets a uc eorf or mul al i keCoke. Notev er ys t a r t upha sI P,buti fy our bus i nes sdependsoni t ,y oubet t er pr ot ec ti t ! I TERATE Thi sba s i c a l l ymea nst r y i ng s omet hi ng ,doi ngi twr ong ,t r y i ng a g a i ni nas l i g ht l ydi f f er entwa ywi t h t hehopesofa c hi ev i ngabet t err es ul t .

AZOFSTARTUPI NVESTMENT

LEAD I NVESTOR

LAUNCH

Thi sr epr es ent sav ent ur e c a pi t a lf i r m ori ndi v i dua l i nv es t ort ha tor g a ni z esa s pec i f i cr oundoff undi ngf ora c ompa ny .Thel ea di nv es t or us ua l l yi nv es t st hemos tc a pi t a l i nt ha tr ound.Thi si sa l s o r ef er r edt oa s" l ea di ngt he r ound. "

Tos t a r tac ompa nyorpus ha webs i t el i v e.Thi sc a na l s omea n t hebeg i nni ngofas t a r tofa c er t a i npr oduc tors er v i c ebya bus i nes s .

LEVERAGED BUYOUT Thi soc c ur swhenac ompa nyi s pur c ha s edwi t has t r a t eg i c c ombi na t i onofequi t ya nd bor r owedmoney .Thet a r g et c ompa ny ' sa s s et sorr ev enuei s us eda s" l ev er a g e"t opa yba c k t hebor r owedc a pi t a l . LEAN STARTUP Amet hodus edt ov a l i da t ea bus i nes sc onc eptqui c kl ya nd c hea pl ywhenf oundi nganew c ompa nyori nt r oduc i nganew pr oduc t . LI QUI DATI ON Li qui da t i oni st hepr oc es sof di s s ol v i ngac ompa nybys el l i ng of fa l lofi t sa s s et s( ma ki ngt hem l i qui d) .

LEVERAGE Us i ngs omet hi ngt ec hnol og y , pa r t ner s hi ps ,et c .t oy our a dv a nt a g e.

AZOFSTARTUPI NVESTMENT

MEZZANI NEFI NANCI NG Thi sr ef er st oaf or m ofhy br i dc a pi t a l t y pi c a l l yus edt of unda dol es c enta ndma t ur e c a s hf l ow pos i t i v ec ompa ni es .I ti saf or m of debtf i na nc i ng ,buti ta l s oi nc l udesembedded equi t yi ns t r ument soropt i ons .Compa ni esa t t hi sl ev el ,whi c ha r enol ong erc ons i der ed s t a r t ups ,butha v ey ett og opubl i c ,a r e t y pi c a l l yr ef er r edt oa s" mez z a ni nel ev el " c ompa ni es . MARKETI NG PENETRATI ON Thi sr epr es ent show muc hofy ourpot ent i a l ma r kety oua r ec a pt ur i nga ndhow qui c kl yt hi si sa ni mpor t a nta s pec tVCswa ntt o know. MVP( MI NI MUM VI ABLEPRODUCT) Ther epr es ent st heba r ebonesv er s i onofa pr oduc tr equi r edt oa c hi ev epr oofof c onc ept .Of t enus edi nt hec r ea t i onofnew s of t wa r et ha twi l lbeBet at es t ed,a ndl a t er upg r a dedwi t hext r af ea t ur es .

AZOFSTARTUPI NVESTMENT

NDA( NONDI SCLOSUREAGREEMENT) Thi sr ef er st oa na g r eementbet weent wopa r t i es t opr ot ec ts ens i t i v eorc onf i dent i a li nf or ma t i on, s uc ha st r a des ec r et s ,f r om bei ngs ha r edwi t h out s i depa r t i es .

PI VOT

PRO RATARI GHTS

Thi sr ef er st ot hea c tofa s t a r t upqui c kl yc ha ng i ng di r ec t i onwi t hi t sbus i nes s s t r a t eg y .Forexa mpl e,a n ent er pr i s es er v ers t a r t up pi v ot i ngt obec omea n ent er pr i s ec l oudc ompa ny .

Al s oknowna ss upr apr or a t a r i g ht s .Pr or a t ai sf r om t heLa t i n ' i npr opor t i on. ' AVCwi t hs upr a pr or a t ar i g ht sg i v eshi m orher t heopt i onofi nc r ea s i nghi sorher owner s hi pofac ompa nyi n s ubs equentr oundsoff undi ng . PI TCH DECK

PORTFOLI O COMPANY Ac ompa nyt ha tas pec i f i c Vent ur eCa pi t a lf i r m ha s i nv es t edi ni sc ons i der eda " por t f ol i oc ompa ny "oft ha t f i r m. PROOFOFCONCEPT Thi sr epr es ent sa demons t r a t i onoft hef ea s i bi l i t y ofac onc eptori deat ha ta s t a r t upi sba s edon.Ma nyVCs r equi r epr oofofc onc epti fy ou wi s ht opi t c ht ot hem.

I fy ouâ&#x20AC;&#x2122; v eev erha dt opi t c ha ni dea t oy ourbos sbef or e,y oupr oba bl y t r i edy ourbes tt obec onv i nc i ng . Si mi l a r l y ,api t c hdec ki sas hor t v er s i onofabus i nes spl a nwhi c h pr es ent skeyf i g ur est opot ent i a l i nv es t or si nhopesofwi nni ng t hem ov er .

AZOFSTARTUPI NVESTMENT

RECAPI TALI ZATI ON Thi sr ef er st ot hec or por a t e r eor g a ni z a t i onofac ompa ny ' sc a pi t a l s t r uc t ur e,c ha ng i ngt hemi xofequi t ya nd debt .Ac ompa nywi l lus ua l l yr ec a pi t a l i z e t opr epa r ef ora nexi t ,l owert a xes ,or def enda g a i ns tat a keov er . ROUND St a r t upsr a i s ec a pi t a lf r om VCf i r msi n i ndi v i dua lr ounds ,dependi ngont hes t a g e oft hec ompa ny .Thef i r s tr oundi sus ua l l y as eedr ound,f ol l owedbySer i esA,B,a nd Cr oundsi fnec es s a r y .I nr a r ec a s es r oundsc a ng oa sf a ra sSer i esF. ROI( RETURN ON I NVESTMENT) Thi si st hemoneya ni nv es t org et sba c ka s aper c ent a g eoft hemoneyheors he i nv es t edi nav ent ur e.Forexa mpl e,i fa VCi nv es t s$2mi l l i onf ora20per c ent s ha r ei nac ompa nya ndt ha tc ompa nyi s boug htoutf or$40mi l l i on,t heVC' s r et ur ni s$8mi l l i on. RUNWAY Thi si st het i meper i odi twoul dt a keunt i l t hec a s hr unsoutf ory ourbus i nes sa nd y oumus tt ur nof ft hel i g ht s .

AZOFSTARTUPI NVESTMENT

SEED Thes eedr oundi st hef i r s tof f i c i a lr ound off i na nc i ngf oras t a r t up.Att hi spoi nta c ompa nyi sus ua l l yr a i s i ngf undsf or pr oofofc onc epta nd/ ort obui l douta pr ot ot y pea ndi sr ef er r edt oa sa" s eed s t a g e"c ompa ny . SERI ES Thi sr ef er st ot hes pec i f i cr oundof f i na nc i ngac ompa nyi sr a i s i ng .For exa mpl e,c ompa nyX i sr a i s i ngt hei r Ser i esAr ound.

SCALEABLE

I tmea nss omet hi ng t ha tc a ng r ow t oahug e s i z ebec a us et he ma r keta nddema ndi s STAGE bi genoug horbec a us e ouwi l lbea bl et o Thi sr ef er st ot hes t a g eofdev el opment y ei nt odi f f er ent as t a r t upc ompa nyi si n.Whi l et her ei s mov r ket swi t hy our nos t r i c tr ul ef ordef i ni ngt hes t a g eofa ma oduc tv i api v ot i ngor c ompa ny ,s t a r t upst endt obeg r ouped pr i t er a t i ng . a ss eeds t a g e,ea r l ys t a g e,mi ds t a g e a ndl a t es t a g e.Mos toft hev ent ur e SWEATEQUI TY c a pi t a l i s t si nv es tonl yi noneort wo s t a g es . Thi smea nss ha r esof y ourc ompa nyg i v eni n STARTUP exc ha ng ef orwor k si sag ood Thi si sac ompa nyi nt heea r l ys t a g esof done.Thi ec r ui t i ngt oolt ohel p oper a t i ons .St a r t upsa r eus ua l l ys eeki ng r oua t t r a c tpa s s i ona t e t os ol v eapr obl em orf ul f i l laneed,but y a l enty ouc a nâ&#x20AC;&#x2122; ta f f or d t her ei snoha r da ndf a s tr ul ef orwha t t t opa ya tma r ketr a t es . ma kesas t a r t up.

AZOFSTARTUPI NVESTMENT

TERM SHEET Thi si sanonbi ndi ng a g r eementt ha tout l i nest he ma j ora s pec t sofa ni nv es t ment t obema dei nac ompa ny .A t er ms heets et st he g r oundwor kf orbui l di ngout det a i l edl eg a ldoc ument s . TRACTI ON Thi st er mr epr es ent spr oof t ha tpeopl ea r ea c t ua l l ybuy i ng a ndus i ngy ourpr oduc t sa nd s er v i c es

UNI CORN Ac ompa nyof t eni nt het ec hors of t wa r e s ec t orwor t hov erUS$1bi l l i on.Some wel lknownuni c or ns t a r t upc ompa ni es i nc l udeTes l a ,Ai r BnB,I ns t a g r a ma nd Shopi f y .

AZOFSTARTUPI NVESTMENT

VALUATI ON

VESTI NG

Thi si st hepr oc es sby whi c hac ompa ny ' swor t h orv a l uei sdet er mi ned.I n or dert oc a l c ul a t et he v a l ua t i on,a na l y s t sl ooka t c a pi t a ls t r uc t ur e, ma na g ementt ea m,a nd r ev enueorpot ent i a l r ev enue,a mong s tot her t hi ng s .

Thi sr epr es ent st he pr oc es swhena nempl oy ee ofac ompa nyg a i nsr i g ht s t os t oc kopt i onsa nd c ont r i but i onspr ov i dedby t heempl oy er .Ther i g ht s t y pi c a l l yg a i nv a l ue( v es t ) ov ert i meunt i lt heyr ea c h t hei rf ul lv a l uea f t era pr edet er mi neda mountof t i me.Thi sg i v esempl oy ees a ni nc ent i v et oper f or m wel la nd s t a ywi t ht he c ompa nyf oral ong er per i odoft i me.

VENTURECAPI TAL Thi si st hemoneypr ov i ded byv ent ur ec a pi t a lf i r mst o s ma l l ,hi g hr i s k,s t a r t up c ompa ni eswi t hma j or g r owt hpot ent i a l . VENTURECAPI TALI ST Thi sr epr es ent sa n i ndi v i dua li nv es t or , wor ki ngf orav ent ur e c a pi t a lf i r m,whi c hc hoos es t oi nv es ti ns pec i f i c c ompa ni es .Vent ur e c a pi t a l i s t st y pi c a l l yha v ea f oc us edma r ketors ec t or t ha tt heyknow wel la nd i nv es ti n.

TO ALL THE YOUNG AND ENERGETIC SOULS

HERE’ S YOUR CHANCE TO SHI NE!

BECOMEAN AMBASSADER

ACT

TODAY

J USTEMAI LUS

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