spencer & spencer

Upload: andres-gonzalez-santa-cruz

Post on 03-Jun-2018

281 views

Category:

Documents


0 download

TRANSCRIPT

  • 8/12/2019 Spencer & Spencer

    1/296

    "#$%&$'()* +" ',-."/"*'($ "* "%/0$1$2,

    !"#$%"& ()*) +, -$&$.($/" 0+($*1"*

    !"#$ &' ()$*+$,- .,'- /0+10, $* 23#040567(38*$ &' ()$*+$,

  • 8/12/2019 Spencer & Spencer

    2/296

    .0"3$'(, 4.56(*$ (78

    "#$% &'()* $'%+% ,-.$)* *(/%$'0*#1

    23 4%#-5') 67 .8*# 9% '+0%#$':.,';+ %5

  • 8/12/2019 Spencer & Spencer

    3/296

    U. !"#$% '(

  • 8/12/2019 Spencer & Spencer

    4/296

    '9:;? @A [+$)*9-,,';+'9:;? BA F%M'+',';+ 9% -+. P?*5

  • 8/12/2019 Spencer & Spencer

    5/296

  • 8/12/2019 Spencer & Spencer

    6/296

    9'

  • 8/12/2019 Spencer & Spencer

    7/296

    @%),%)*K +*#*$)*# .+.&'H.5*# $%5T$',.5%+$% &.# $).+#,)'

  • 8/12/2019 Spencer & Spencer

    8/296

    P%& #*()'+* 9% .5.+$% 9%& .#'#$%+$% %/%,-$'0* 9%&

  • 8/12/2019 Spencer & Spencer

    9/296

    "& 5*0'5'%+$* 9% &. ,*5

  • 8/12/2019 Spencer & Spencer

    10/296

    R3 B,?&%&&.+9K F3 ?3K t F.'&%EK ?3 >2b]6AK [52b]RAK%-2$*G% :77*-%# 57 1"/;5H%# ?77"*#3 5/ G"+*0"$*5/57 " @29"/ 3%#G*-% H5#I%# $%3$6 D*#$*+1 B,D%)3

    J3 B,?&%&&.+9K F3 ?3K t F.'&%EK ?3 >2b]6AK [52b]6A K *&b]JAK ? A2*0% $5 J5K-59;%$%/-% "33%339%/$B D*#$*+1 B,D%)3

    I3 e&.+.:.+K u3 ?3 >2biRA @G% ,)'$',.& '+,'9%+$ $%,G+'N-%K!38-@5+5A*-"+ L2++%$*/B MNB O6]^OiI3

    b3 B,?&%&&.+9K F3 ?3K >2bIbAK _-5.+ B*$'0.$'*+K ?.5()'9:%K dk1 ?.5()'9:% d+'0%)#'$E Z)%##3

    273 X$l'+#*+K u3 q3 >"9'3A >2biIAK15$*G%3 */ 7"/$"38B "-$*5/ "/0 35-*%$8B`-%0. a*)l1 \.+ `*#$).+93

    223 v-&&*cK _3 B3K h%$$'+:%+K g3K Z%$%)#*+K ?3K t S%&':5.+K B3 "3 >2bIIA Z%##'5'#$', %W2b]]AK ?*5

  • 8/12/2019 Spencer & Spencer

    11/296

    23 B*$'0*#3 ?*#.# %+ &.# N-% -+. ?A "& $'%5?A "& ,*+*,'5'%+$* 9% -+ ,')-/.+* #*()% &*# 5Y#,-&*# E +%)0'*# 9%& ,-%)

  • 8/12/2019 Spencer & Spencer

    12/296

    .):-5%+$.) k+*c&%9:%AX-$*^?*+,%S%&M^?*+,%@).'$AB*$'0* >B*$'0%A

    V=:TNOKSKT 4V=NO9ST8BT# MT,'&5%+$% 9%#.))*&&.9* >B*#$ %.#'&E 9%0%&*KR9R *=S>T9N 4'?NT8 4'?NT .TNW?Q9>KSl'&&AX,$'$-9%#K \.&*)%# >X$$'$-9%#K \.&-%#A X-$*^?*+,%S%&M^?*+,%

  • 8/12/2019 Spencer & Spencer

    13/296

    -+ P$L,+',*CB*$'0%A4.#:* >@).'$AX-$*^?*+,%S%&M^?*+,%

  • 8/12/2019 Spencer & Spencer

    14/296

    ?*+*,'5'%+$* >k+*c&%9:%APX,,';+Q >PX,$'*+QA

    ?*+9-,$. >D%G.0'*)AF%#$)%H. >Sl'&&AP4%#-&$.9*Q >h-$,*5%A

    F%#%5u*( Z%)M*)5.+,%A

    "bT\:>?A -?PF*'+: D%$$%)QA ?*5?*5`%c Z)*9-,$#K S%)0',%K .+9 Z)*,%##%#A

    0"3"0"*'($ +" '0(/"0(,

    U. )%M%)%+,'. 9% ,)'$%)'* %# ,)=$',.

  • 8/12/2019 Spencer & Spencer

    15/296

    #9>?N TQ .N?R=S

  • 8/12/2019 Spencer & Spencer

    16/296

  • 8/12/2019 Spencer & Spencer

    17/296

    ?*+ M)%,-%+,'.K ,.9. ,*5

  • 8/12/2019 Spencer & Spencer

    18/296

    $%/%# ;#5;*%0"0%3 [;5/0%#"K+%3\Y 2/" -+"#" ;#5A#%3*./ 0% /*G%+%3 9]3 K"J53 " 9]3 "+$53 %/2/" 5 9]3 0*9%/3*5/%36

    Z.). .,&.).) %#$.# %#,.&.# 9% ,*5

  • 8/12/2019 Spencer & Spencer

    19/296

    +K\TQWK?QTW kQKS9WY X&:-+.# ,*5

  • 8/12/2019 Spencer & Spencer

    20/296

  • 8/12/2019 Spencer & Spencer

    21/296

    2bI6AK c@% -59;%$%/$ 9"/"A%#Y ? 950%+ 75# %77%-$*G% ;%#75#9"/-%B d2%G" _5#IY e*+%8Q'/$%#3-*%/-%6

    63 u*(# M*) $G% e-$-)% >2bIJAK =>%-2$*G% #%;5#$ 57 J5K3 75# 45//%-$*-2$f3 72$2#%B S*55%)0'&&%K BX1 u*(# M*) $G%e-$-)%3 \%. &. e':-). 6R^2

  • 8/12/2019 Spencer & Spencer

    22/296

    h)'%+$.,';+ G.,'. &*# 4%#-&$.9*# h)'%+$.,';+ G.,'. &. "M',.,'. Z)%*,-"+$)%@.(&. R^2A $'%+% $)%# 9'5%+#'*+%#3 U.N-% 0. 9%#9% %&N-%)%) G.,%) -+ $).(./* .9%,-.9.5%+$% G.#$. &. )%.&'H.,';+ 9% %#M-%)H*# %5DA )%

  • 8/12/2019 Spencer & Spencer

    23/296

    0'#$*# .,$-.+9* %+ -+ +'0%& R * i >%+,*+$).+9* 5.+%).# 9% 5%/*).) #- 9%#%5

  • 8/12/2019 Spencer & Spencer

    24/296

    "& 5*+'$*)%* E &. )%0'#';+ 9% $).(./* * '+M*)5.,';+ "& '+#'#$') %+ &. ,&.)'9.9 9% &*# )*&%# E &.# M-+,'*+%# "& 5*+$.) E 5.+$%+%) #'#$%5.# 9% '+M*)5.,';+

    U. Z)%*,-Zh RA

    F%9'N-L 5-,G* $'%5

  • 8/12/2019 Spencer & Spencer

    25/296

    S%) Z)*.,$'0*

    "+ &*#

  • 8/12/2019 Spencer & Spencer

    26/296

    h)'%+$.,';+ G.,'. %& U*:)* [5)%,*+*,%) E .,$-.) #*()% *

  • 8/12/2019 Spencer & Spencer

    27/296

    X0%)':~L N-% L& %). %+ &*# +%:*,'*# 5-E ,&.)'9*#* E &% :-#$.(. $*9* %+ $L)5'+*# 9% ,*#$*# E :.+.+,'.# .#= N-%

  • 8/12/2019 Spencer & Spencer

    28/296

    ,*5* -+. '+G.('&'9.9

  • 8/12/2019 Spencer & Spencer

    29/296

    1Y D ?7%-$" " 2/ U%;"#$"9%/$5 k9]3 0% NM ;%#35/"3l6 Z-%9% &*:).) -+. 0%+$. 9% :).+ $.5.8* * -+,*5

  • 8/12/2019 Spencer & Spencer

    30/296

    E 15/*$5#%" U"$53 5 !#58%-$536 B*+'$*)%. %& .0.+,% 9% -+

  • 8/12/2019 Spencer & Spencer

    31/296

    1Y X@ =G*$" %+ c#"K"J5 =>*A*056 "&-9% * $).$. 9% %0'$.) %& $).(./*3

    1Y J d5 ?;+*-"K+% 5 ?23%/$%6 4%N-'%)% 9% #-

  • 8/12/2019 Spencer & Spencer

    32/296

    '$.P/&%, EV"0#('(,V d&-$*,V a +" $a&+$

    4.56(*$ CG8

    U. .:)-

  • 8/12/2019 Spencer & Spencer

    33/296

    "& %+$%+9%) &.# .,$'$-9%#K '+$%)%#%#K +%,%#'9.9%# E

  • 8/12/2019 Spencer & Spencer

    34/296

  • 8/12/2019 Spencer & Spencer

    35/296

  • 8/12/2019 Spencer & Spencer

    36/296

    1Y X@ d5 459;"3*G56 hM%+9% . &*# 9%5T#K G.,% N-% P#% ,'%))%+Q31Y J d5 ?;+*-"K+% 5 d5 V"-% d*/An/ '/$%/$5 ;5# =3-2-@"#61Y @ =3-2-@"6 ?.

  • 8/12/2019 Spencer & Spencer

    37/296

    $Y F P% U*#*A% @"-*" +"3 d%-%3*0"0%3 P2K8"-%/$%36 D-#,. '+M*)5.,';+ .,%),. 9% &.# +%,%#'9.9%##-(E.,%+$%# )%.&%# 9% &*# ,&'%+$%#K 5T# .&&T 9% .N-%&&.# %W

  • 8/12/2019 Spencer & Spencer

    38/296

    "& [5

  • 8/12/2019 Spencer & Spencer

    39/296

    >X#%#*) 9.+9* . -+ :)-

  • 8/12/2019 Spencer & Spencer

    40/296

  • 8/12/2019 Spencer & Spencer

    41/296

    d+ .

  • 8/12/2019 Spencer & Spencer

    42/296

    $).(./* M*)5.&%# >%#$* %#K &'5'$.9.# . 9'#,-$') $%5.# )%&.,'*+.9*# ,*+ %& $).(./*A G.#$..5'#$.9%# DA 9%#,)'(% %& $.5.8* * &. %W$%+#';+ 9% &. )%9 9% )%&.,'*+%# ,*+#$)-'9.#3 "#$.%#,.&. %# &. 5'#5. N-% &. %#,.&. 9% X5

  • 8/12/2019 Spencer & Spencer

    43/296

    %#K ?4hX36 * X3OAA3 X &. '+0%)#.K %& *$*):.) -+ %#$-

  • 8/12/2019 Spencer & Spencer

    44/296

    1Y I :#A"/*,"-*5/%3 a2K%#/"9%/$"+%3B !5+R$*-"3 5 !#57%3*5/"+%3 '/$%#/"-*5/"+%3

    /$1%$ FXB "V'$%$ +" ',*'("*'($ ,06$*(h$'(,*$% 4',8l4.56(*$ *k-"0, DI8

    `[\"U F"S?4[Z?[` ?h`Fd?@dXU

    $Y .0,3&*+(+$+ +"% "*/"*+(-("*/, +" &*$ ,06$*(h$'()*

    $Y X@ 1"+%/$*%/0% +" =3$#2-$2#" :#A"/*,"-*5/"+6 ?*5%$% %))*)%# >P5%$% &.

  • 8/12/2019 Spencer & Spencer

    45/296

    $Y H =3$"K+%-%

  • 8/12/2019 Spencer & Spencer

    46/296

  • 8/12/2019 Spencer & Spencer

    47/296

    +(0"'/(#(+$+A $V"0/(#(+$+ a &V, +"% .,+"0 ,/,06$+, .,0 "%

    .&"V/, 4+(08

    U. F')%,$'0'9.9 %W

  • 8/12/2019 Spencer & Spencer

    48/296

  • 8/12/2019 Spencer & Spencer

    49/296

    *

  • 8/12/2019 Spencer & Spencer

    50/296

    ,*5

  • 8/12/2019 Spencer & Spencer

    51/296

    -+ 0%)9.9%)* ,.)'#5. ^%& '+#DA >$.5.8* 9%& %N-'?A#*+ &.# 5'#5.# N-%

  • 8/12/2019 Spencer & Spencer

    52/296

    `'0%&%# 5*9%).9*# 9% ?*+#$)-,,';+ 9% 4%&.,'*+%#K 9% ?*+,'%+,'. h):.+'H.,'*+.&K E9% [5

  • 8/12/2019 Spencer & Spencer

    53/296

    1Y B ("#*53 kCQFl P2K5#0*/"05361Y C 12-@53 k9]3 0% Fl P2K5#0*/"05361Y D )/ !"# k*/-+28% ;#5G%%05#%3B -5+%A"3B %$-6l1Y E ("#*53 kCQFl !"#%361Y F 12-@53 !"#%361Y G )/ P2;%#*5# 5 45/329*05# k5 -+*%/$% %/ 2/ -5/$%>$5 0% -5/3295l6

    1Y H 1]3 0% 2/ P2;%#*5# 5 45/329*05#61Y I a#2;53 A#"/0%3 k9]3 0% Cool 0% U*7%#%/$%3 d*G%+%36

    `*$.#

  • 8/12/2019 Spencer & Spencer

    54/296

    $Y H )$*+*," +"3 12%3$#"3 45/$#5+"0"3 0% =/5J5 5 ?9%/","3 ;"#" Z5A#"# S2% 3% 429;+" -5/ ?+A56 g)'$.K.5%+.H.K P_.H %#* *$). 0%H E $% ?h44"4|3 `* ,.&'M'N-% #' %& %+*/* %# 9%#,*+$)*&.9*K * %& *).9*) %W.

  • 8/12/2019 Spencer & Spencer

    55/296

    'Y J d5 V"-% =372%#,53 ?0*-*5/"+%36'Y @ V"-% 1]3 0% +"3 ?--*5/%3 0% i^2i .,,'*+%#A'Y C V"-% =372%#,53 =>$#"5#0*/"#*536 >%+ #- $'%5

  • 8/12/2019 Spencer & Spencer

    56/296

    '$.P/&%, H',6*(/(#,

    4.56(*$ *k-"0, FG8

    U.# ,*5

  • 8/12/2019 Spencer & Spencer

    57/296

    Z%+#.5'%+$* X+.&=$',* E %& Z%+#.5'%+$* ?*+,%

  • 8/12/2019 Spencer & Spencer

    58/296

    X0%)':~L N-% G.(=.5*#

  • 8/12/2019 Spencer & Spencer

    59/296

    ?*+,%

  • 8/12/2019 Spencer & Spencer

    60/296

    F%#$)%H. F'.:+;#$',.?*5@.(&. I^OA3 U.

  • 8/12/2019 Spencer & Spencer

    61/296

    *"7,V ',* ,/0$V ',-."/"*'($V

    U. X9N-'#',';+ 9% &. Z%)','. >Z"4 ?A %# )%.&5%+$% -+ ,.#* %#2bIRAK @G% 9%0%&*

  • 8/12/2019 Spencer & Spencer

    62/296

    $Y D V"-% !+"/%3 5 ?/]+*3*3 459;+%J536 S'#$%5T$',.5%+$% 9%#,*5

  • 8/12/2019 Spencer & Spencer

    63/296

    4.56(*$ *k-"0, GD8

    `[\"U F"S?4[Z?[` ?h`Fd?@dXU

    $Y .0,3&*+(+$+ +"% ',*,'(-("*/,l

    $Y @ !#*9"#*56 4%.&'H. $.)%.# #%+,'&&.# E )%

  • 8/12/2019 Spencer & Spencer

    64/296

    U=+%.1 F')':% -+.

  • 8/12/2019 Spencer & Spencer

    65/296

    +YC :7#%-% ?820" cb-/*-"6 "# -+ P,*+#-&$*) M&*$.+$%QK N-% *M)%,%

  • 8/12/2019 Spencer & Spencer

    66/296

    U. 9'5%+#';+ 9% &. "#,.&. 9% X-$*^?*+$)*& >@.(&. b^2A %# &. 9% '+$%+#'9.9K E 9%&.&,.+,% 9%& ,*+$)*& %/%),'9* ,*5* )%#-&$.9*K N-% 0. 9%#9% -+ ,*+$)*& 5=+'5* 9%& '+9'0'9-*#*()% #= 5'#5* 5%9'.+$% &. %0'$.,';+ 9% .,,'*+%# +%:.$'0.#K

  • 8/12/2019 Spencer & Spencer

    67/296

    U. X-$*^?*+M'.+H. $.5('L+ G. #'9* &&.5.9.1

    F%,'#'0'9.9e-%)H. a*',.[+9%

  • 8/12/2019 Spencer & Spencer

    68/296

    "# 9%,')K ,-.&N-'%). %+ %#. #'$-.,';+A$%+=. N-% G.,%)5% ,.):*3 >X?e X36A

    @%+=. &*# 9.$*#K #.(=. N-% E* $%+=. &. ).H;+K .#= N-% +* 5% #%+$=. N-% %#$.(. 5.& 9%,')&% . 5' /%M. N-% %&&. %#$.(.5-E %N-'0*,.9. %+ %#$. *,.#';+3 >X?e X3iA

    "& (%+%M','.)'* #% %+*/; 5-,G* ,*+ %& (.+,*K G.(&; ,*+ f E #% N-%/;3 a* %#$.(. %N-'0*,.9*3 F%(= G.(%) G%,G*-+ #%:-'5'%+$*3 "& F%

  • 8/12/2019 Spencer & Spencer

    69/296

    X&:-+*# '+9',.9*)%# ,*+9-,$-.&%# ,*5-+%# '+,&-E%+1

    4%,*+*,% &. 0.&'9%H 9%

  • 8/12/2019 Spencer & Spencer

    70/296

    .

  • 8/12/2019 Spencer & Spencer

    71/296

    *"7,V ',* ,/0$V ',-."/"*'($V

    "+ &*# +'0%&%# .&$*# >O E 5T# .&$*#A %& ?*5

  • 8/12/2019 Spencer & Spencer

    72/296

    ?*+,'%+,'. U%:.&1 ?*+#,'%+$% 9% &.# &%E%# E 9% &*# &=5'$%# 9% &. .-$*)'9.9 &%:.&K #%..E-9.+$%# %+&*# (*$%#A

    S%+$'9* 9%& G-5*) >%+M%)5%).#A 4%#%+M%)5%).#K (.+N-%)*#A \'#-.&'H.,';+ "#$)-,$-).& F'+T5',.1 ?*+#$)-E% E 5.+','%+$=M',*# 9% '+0%#$':.,';+ ,)%.$'0.A ?*+*,'5'%+$* @L,+',* ,*+ D.#%# X5&bIIAK Z%##'5'#$', %WbAK J]O^JI63

    O3 Z.). 5T# 9%$.&&%# #*()% &. ,)%.,';+ 9% -+. +-%0. 0'#';+ *):.+'H.,'*+.&K 0%. k%&+%)K S3 Z3 >&bb6AK (*3*5/"#8+%"0%#3@*; H5#I3@5;B D*#$*+1 B,D%)3

    /$1%$ IX@ "V'$%$ +" $&/,X',*/0,% 4$'/84.56(*$ *k-"0, GI8

    `[\"U F"S?4[Z?[` ?h`Fd?@dXU

    X@ !*%#0% %+ 45/$#5+6 S-#

  • 8/12/2019 Spencer & Spencer

    73/296

    /$1%$ IXB "V'$%$ +" $&/,X',*3($*h$ 4$'384.56(*$ *k-"0, HB8

    `[\"U F"S?4[Z?[` ?h`Fd?@dXU

    $Y $&/,XV"6&0(+$+

    $Y X@ P*/ !50%#6 S-# .M')5.,'*+%# ,.)%,%+ 9% ,*+M'.+H.K ,-%#$'*+. #-

  • 8/12/2019 Spencer & Spencer

    74/296

    `[\"U F"S?4[Z?[` ?h`Fd?@dXU

    $Y $-.%(/&+ +"% '$-1(,

    $Y X@ 45/$#";#502-%/$%9%/$% P53$*%/% 323 :;*/*5/%3qc]-$*-"3q?;#5>*9"-*5/%36 X

  • 8/12/2019 Spencer & Spencer

    75/296

    .$0/" (((

    +"V$00,%%$*+, &* -,+"%,

    '$.P/&%, @J+(V"g$*+, "V/&+(,V +" ',-."/"*'($4.56(*$ *k-"0, IC8

    "#$% ,.

  • 8/12/2019 Spencer & Spencer

    76/296

    .$V,V "* "% +(V"g, +" "V/&+(,V '%5V(',V +" ',-."/"*'($

    "#$. #%,,';+

  • 8/12/2019 Spencer & Spencer

    77/296

    C8 0"',%"'/$0 +$/,V

    "*/0"#(V/$V +" "#"*/,V ',*+&'/&$%"V.$*"%"V"*'&"V/$V '$%(3('$'(,*"V +" CFJo

    1$V" +" +$/,V +" V(V/"-$V "7."0/,V,1V"0#$'()*

    D8 (+"*/(3('$0/$0"$V +" %,V /0$1$2,V0"f&(V(/,V +" ',-."/"*'($ +" %,V .&"V/,V

    "&%5%+$*# 9%&

  • 8/12/2019 Spencer & Spencer

    78/296

    ,*+#'#$%+$%5%+$% 5-%#$).+ N-% &*# #-(*)9'+.9*# 9% &*# :%)%+$%# ,*+ -+ 9%#%5

  • 8/12/2019 Spencer & Spencer

    79/296

    ,.&'M',.,'*+%# %+ .5(.# 5%9'9.# 8 %). ,.&'M',.9* ,*5* .&$.5%+$%

  • 8/12/2019 Spencer & Spencer

    80/296

    '0%/$*7*-"-*./ =9;R#*-" 0% 459;%$%/-*"3 1]3 ?++] 5 U*7%#%/$%3 0% +"3 a%/%#"0"3 ;5#

    :$#53 1b$5053 0%

  • 8/12/2019 Spencer & Spencer

    81/296

  • 8/12/2019 Spencer & Spencer

    82/296

    .,-%)9* . #- '5

  • 8/12/2019 Spencer & Spencer

    83/296

    "& 5L$*9*

  • 8/12/2019 Spencer & Spencer

    84/296

    Z)*9-,% 9%#,)'

  • 8/12/2019 Spencer & Spencer

    85/296

    ?-.+9* #% &%

  • 8/12/2019 Spencer & Spencer

    86/296

    F'

  • 8/12/2019 Spencer & Spencer

    87/296

    ,)-H.9. ,*+,-))%+$%KQ &* ,-.& #':+'M',. N-% %& 5*9%&* 9% ,*5

  • 8/12/2019 Spencer & Spencer

    88/296

    9'M=,'& 9% 9%#.))*&&.) >8A TWTQSK9>TWU /KTQTQ q=T [TN S?Q T>

  • 8/12/2019 Spencer & Spencer

    89/296

    `d"\XS 23 W n?hBZ"@"`?[XS 63 W W W W

    D8 #$%(+$'()*

    .9W? @Y '?Q[?S9N .9QT>TW RT "Z:TN

  • 8/12/2019 Spencer & Spencer

    90/296

  • 8/12/2019 Spencer & Spencer

    91/296

    U. 9%$%)5'+.,';+ 9% )%N-'#'$*# 9% ,*5%+ *)9%+ '+0%)#* 9% 9%#%.('&'9.9A #*+ >.AP.9'0'+.%#$'5.9*#Q 9% &*#

  • 8/12/2019 Spencer & Spencer

    92/296

    ,*5

  • 8/12/2019 Spencer & Spencer

    93/296

    9%& #'+9',.$* E 5'%5()*#

  • 8/12/2019 Spencer & Spencer

    94/296

    23 U%c'+KK X3 a3K t vc.+EK X3 >2b]JAK !%%# /59*/"$*5/3Y ? 950%+B +*$%#"$2#% -#*$*S2%B "/0 " ;"#"0*A9 75##%3%"#-@B S2bb2K X()'& 26AK P57$ 3I*++3B @"#0 /29K%#3Y '332%3 */ ;%#35/QJ5Kq;%#35/Q5#A"/*,"$*5/ 7*$BX)$=,-&* Z%)#*++%& @%#$'+:A 9% &. ?*+M%)%+,'. 9%

    Z)'5.0%). 9%& S-) 9% ?.&'M*)+'.3 h+$.)'*K ?X3

    O3 B,?&%&&.+9K F3 >2b]JAK? A2*0% $5 J5K -59;%$%/-% "33%339%/$B D*#$*+1 B,D%)3

    R3 e&.+.:.+K u3 ?3 >2biRAK @G% ,)'$',.& '+,'9%+$ $%,G+'N-%3 !38-@5+5A*-"+ L2++%$*/B MN kElB O6]^OiI3

    i3 X-#$'+K X3 q3K [+*-E%K ?3 u3 t k*)+K q3 S3 >2bIJAK=G"+2"$*5/ 57 $@% 4?=Z P$20%/$ !5$%/$*"+ !#5A#"9B U*#X+:%&%#1 d+'0%)#'$E *M ?.&'M*)+'.K U*# p+:%&%#3

    J3 d+'M*)5 g-'9%&'+%# *+ "52bI6AK c@% -59;%$%/$ 9"/"A%#B `-%0. a*)l1 q'&%E3 @.5('L+ 0%. &*# 9.$*# #*()%,*+M'.('&'9.9 %+ &. ,*9'M',.,';+ 9% %+$)%0'#$.# %+ %& ?.2bIbAK s/5H+%0A% "-S2*3*$*5/Y !#*/-*;+%3 "/0 A2*0%+*/%3B"+:&%c**9 ?&'MM#K `u1 Z)%+$',%^_.&&3

    b3 B,?&%&&.+9K F3 ?3 >2b]JAK c@% "-@*%G*/A 35-*%$8B `-%0. a*)l1 [)0'+:$*+V v-&&*cK _3 B3K h%$$'+:%+K g3KZ%$%)#*+K ?3K t S%&':5.+K B3 "3 >2bbIAK Z%##'5'#$', %W

  • 8/12/2019 Spencer & Spencer

    95/296

    M*)$.&%H.# E $-# 9%('&'9.9%#nQ Pmo-L $).(./*# $% G.+ :-#$.9* E ,-T&%# +* $% G.+ :-#$.9*nQ #*+'+%M',.,%# 6A3

    S%:-+9*K &. :%+$%

  • 8/12/2019 Spencer & Spencer

    96/296

    X 9%,') 0%)9.9K &. .

  • 8/12/2019 Spencer & Spencer

    97/296

    "W %?S9>K^9R?N RT dTSc?WY "& &*,.&'H.9*) 9% G%,G*#

  • 8/12/2019 Spencer & Spencer

    98/296

    U. "+$)%0'#$. 9% "0%+$*# ?*+9-,$-.&%# %#$T 9'#%8.9.

  • 8/12/2019 Spencer & Spencer

    99/296

    %+$)%0'#$. E )%0=#%&. $.5('L+ ,*+ %& %+$)%0'#$.9*

  • 8/12/2019 Spencer & Spencer

    100/296

    "&

  • 8/12/2019 Spencer & Spencer

    101/296

  • 8/12/2019 Spencer & Spencer

    102/296

    ?*+,%+$)L#% %+ %& $).(./* .,$-.& 9% &. KR9RTW %9L?N9>TWY U.#

  • 8/12/2019 Spencer & Spencer

    103/296

    d$'&',% &. 9%#,)'

  • 8/12/2019 Spencer & Spencer

    104/296

    R3 Pmo-L M-% &* N-% G','#$% * 9'/'#$% %+ )%.&'9.9n XN-= %#$T '+$%)%#.9* %+ &.# 9%#$)%H.# N-% &.

  • 8/12/2019 Spencer & Spencer

    105/296

    S*+9%% %+ (-#,. 9% %#

  • 8/12/2019 Spencer & Spencer

    106/296

    &&.+$. #% #.&9)T 9%& ,.))*3Q d+. (-%+. '+0%#$':.,';+ 9% ,*5

  • 8/12/2019 Spencer & Spencer

    107/296

  • 8/12/2019 Spencer & Spencer

    108/296

  • 8/12/2019 Spencer & Spencer

    109/296

    ?*#.# N-%

  • 8/12/2019 Spencer & Spencer

    110/296

  • 8/12/2019 Spencer & Spencer

    111/296

    (QRKS9R?NTW W?LNT >9 /pSQKS9

    =+ =/$#%G*3$"05 d5 !2%0% !%/3"# %/ d*/An/ 45/5-*9*%/$5 5 4"#"-$%#R3$*-" 0% U%3$#%,"d%-%3"#*" ;"#" V"-%# %+ c#"K"J56 S' $'%+% #-M','%+$%# '+,'9%+$%#K $%)5'+% &. %+$)%0'#$. %+%#$%

  • 8/12/2019 Spencer & Spencer

    112/296

    9% &.# ,.).,$%)=#$',.# . 5.+%). 9% -+. +.)).,';+3 d$'&',% &.# 2b]JAK a2*0% $5 K%@"G*5#"+ %G%/$ */$%#G*%H*/AB D*#$*+1 B,D%)VB,D%)3 >2bI2K 2bb6AK'/$%#G*%H*/A 75# -59;%$%/-%B D*#$*+1 B,D%)3

    R3 U. 5.E*)=. 9% &. :%+$%

  • 8/12/2019 Spencer & Spencer

    113/296

    P,'%+,'. %+ .,,';+Q 9% ?G)'# X):E)'# X):E)'#K ?3K Z-$+.5K 43K t S5'$G F3 B3 >2bI]AK ?-$*5/ P-*%/-%B S.+e).+,'#,*K ?X1 u*##%E^D.##V U*# 5L$*9*# 9% P.&:*)'$5'H.,';+Q 9% U%0 U.+9. U.+9.K U3 >2b]RAK?+A5#*$@9*,"$*5/ */ +%"#/*/A "/0 */3$#2-$*5/B "+:&%c**9 ?&'MM#K `u1 U%.)+'+: @%,G+*&*:E Z-(&',.$'*+#V E %+2bI2AK c@% 9*/0f3 K%3$ H5#IB ?.5()'9:%K BX1_.)0.)9 d+'0%)#'$E Z)%##V Z%)l'+#K F3 `3 >2bIJAK s/5H+%0A% "3 0%3*A/B _'&.&%K `u1 U.c)%+,% ")&(.-53@*9*# '+0*&-,).+ %& .+T&'#'# 9%& P

  • 8/12/2019 Spencer & Spencer

    114/296

    EY D'&& )%,G.H; -+.

  • 8/12/2019 Spencer & Spencer

    115/296

    U.# ,*5

  • 8/12/2019 Spencer & Spencer

    116/296

  • 8/12/2019 Spencer & Spencer

    117/296

    ;%#32"0*#+53

  • 8/12/2019 Spencer & Spencer

    118/296

  • 8/12/2019 Spencer & Spencer

    119/296

    %#

  • 8/12/2019 Spencer & Spencer

    120/296

    0'#$*# ,*5* M)=*# E (-)*,)T$',*#3 "& '9%+$'M',.) %& :).9* /-#$* 9% 9%#$)%H. .95'+'#$).$'0. %+%#$% ,.#* %# ,)=$',*

  • 8/12/2019 Spencer & Spencer

    121/296

  • 8/12/2019 Spencer & Spencer

    122/296

    459;%$%/-*"3 45A/*$*G"36 "& $L,+',*

  • 8/12/2019 Spencer & Spencer

    123/296

    U*# 5'%5()*# 9%& %N-'

  • 8/12/2019 Spencer & Spencer

    124/296

  • 8/12/2019 Spencer & Spencer

    125/296

    $*$%(h$*+, %,V +$/,V +" .$*"%"VU +" "*'&"V/$VU +" V(V/"-$V"7."0/,V a +" ,1V"0#$'(,*"V

    S% -$'&'H.+ &*# 9.$*# 9% 6AK (./* >2AK * .-#%+$% >7A %+ ,-.+$* '5

  • 8/12/2019 Spencer & Spencer

    126/296

    !5# $"#%" 0% $#"K"J5 * )%#?*+,%

  • 8/12/2019 Spencer & Spencer

    127/296

    $).(./*# .,$-.&%# * M-$-)*#3 U*# %#$-9'*# 9% ,*5

  • 8/12/2019 Spencer & Spencer

    128/296

    9% +'8.K 5% &&%0.(.+ . &*# ?[ DRn F"S JnAV x`[?h1 G.,% N-% &.#$.)%.# $%+:.+ #%+$'9* 3 S%+#'(&% . &*# #%+$'5'%+$*#9% &*# %#$-9'.+$%# >?[ XOK DOAPU% 9. F"S iA?*+#'9%).,';+ F"S 2A

    >"& G'

  • 8/12/2019 Spencer & Spencer

    129/296

  • 8/12/2019 Spencer & Spencer

    130/296

    /$1%$ @BXD $*5%(V(V "V/$+PV/(', +" %$V ',-."/"*'($V +" -$"V/0,V+" .0,3"V(,*$%

    4.56(*$ *k-"0, @EJ8

    e*)$.&%H. 9% &. ?*5

  • 8/12/2019 Spencer & Spencer

    131/296

    (3 "#$)-,$-).

  • 8/12/2019 Spencer & Spencer

    132/296

    4.56(*$ *k-"0, @EI8

    (*/0,+&''()* $ %,V '$.P/&%,V @C $ @G

    U. 5.E*)=. 9% &*# 5*9%&*# *)':'+.&%# %#

  • 8/12/2019 Spencer & Spencer

    133/296

  • 8/12/2019 Spencer & Spencer

    134/296

  • 8/12/2019 Spencer & Spencer

    135/296

  • 8/12/2019 Spencer & Spencer

    136/296

    M)%,-%+$%5%+$% ,*5* %& 9%#,*5

  • 8/12/2019 Spencer & Spencer

    137/296

    @*9.0=. )%,-%)9* N-% 9%#

  • 8/12/2019 Spencer & Spencer

    138/296

  • 8/12/2019 Spencer & Spencer

    139/296

    "& $).(./* %+ %N-'

  • 8/12/2019 Spencer & Spencer

    140/296

    #*&. 0%H %+ *$)*# 5*9%&*#3 "#$.# #*+ ,*56A>)%9%#A 9% #-# ,.5

  • 8/12/2019 Spencer & Spencer

    141/296

    fffff

    ffff

    ffff

    ffff

    fff

    fff

    ff

    ff

    ff

    ff

    e'/. 5%$.# 9%#.M'.+$%#[++*0.

    '9;"-$5 % '/7+2%/-*"d#. &.

  • 8/12/2019 Spencer & Spencer

    142/296

    f

  • 8/12/2019 Spencer & Spencer

    143/296

  • 8/12/2019 Spencer & Spencer

    144/296

    a*

  • 8/12/2019 Spencer & Spencer

    145/296

    9%,'#'*+%# #*+ ,*5'$L# ,*5%&

  • 8/12/2019 Spencer & Spencer

    146/296

  • 8/12/2019 Spencer & Spencer

    147/296

    $'%5hS? X3RK D36{A1

    "). '5

  • 8/12/2019 Spencer & Spencer

    148/296

    #TQ

  • 8/12/2019 Spencer & Spencer

    149/296

    'KS>?W RT #TQ

  • 8/12/2019 Spencer & Spencer

    150/296

    #TQZ? X3RA1

    "+ %#%

  • 8/12/2019 Spencer & Spencer

    151/296

    5-,G* %+$)%

  • 8/12/2019 Spencer & Spencer

    152/296

    "& F%#.))*&&* 9% &*# F%5T#

  • 8/12/2019 Spencer & Spencer

    153/296

    $L,+',.5%+$% ,*5

  • 8/12/2019 Spencer & Spencer

    154/296

    ff

    ff

    ff

    ff

    d5().&

    $).(./*@'%+% E -$'&'H. )%9%# 9% ,*+$.,$*#

    !%/3"9*%/$5 ?/"+R$*-5X+$','

  • 8/12/2019 Spencer & Spencer

    155/296

    S'+ %5(.):*K -+ 5*9%&* :%+L)',* 9%& :)-

  • 8/12/2019 Spencer & Spencer

    156/296

    U%

  • 8/12/2019 Spencer & Spencer

    157/296

    |& >%& ,&'%+$%A %). -+ G*5()% 5-E ,*+M-+9'9*3 `-+,. ,*+*,=. . .&:-'%+ N-% %#$-0'%). $.+ 5.&3 |& +*

  • 8/12/2019 Spencer & Spencer

    158/296

    U. 5'$.9 9% &*# 5*9%&*# $%+=.+ '+9',.9*)%# * %/%5

  • 8/12/2019 Spencer & Spencer

    159/296

    .NTOTNTQSK9 ,S=:9SK?Q9> e '?\:N?\KW? ,NM9QK^9SK?Q9>Y "& 9'#M)-$% '+$)=+#%,* 9% #-$).(./* E -+ M-%)$% ,*5

  • 8/12/2019 Spencer & Spencer

    160/296

    #-

  • 8/12/2019 Spencer & Spencer

    161/296

    U% 9'/%K P"#* %# -+

  • 8/12/2019 Spencer & Spencer

    162/296

    U*# 5L9',*# E &*# .#%#*)%# *):.+'H.,'*+.&%# EK %+ -+ 5%+*) :).9*K &.# %+M%)5%).# -#.+ %&Z%+#.5'%+$* ?*+,%

  • 8/12/2019 Spencer & Spencer

    163/296

    U. F')%,$'0'9.9CX#%)$'0'9.9 M-% 9% .F[4 X3RA F',%+ N-% +* ,-.+9* %# +%,%#.)'* "+ *,.#'*+%# &% 9',%+ 9')%,$.5%+$% . &. :%+$% &* N-% 9%(%+ G.,%) >F[4 X36^OA ?*+M)*+$.+ &. 5.&. ,*+9-,$. - *$).# 0'*&.,'*+%# . #-# %W

  • 8/12/2019 Spencer & Spencer

    164/296

  • 8/12/2019 Spencer & Spencer

    165/296

    fffff

    ffff

    fff

    fff

    fff

    fff

    _.,% . &. 5%9'9. &.#

  • 8/12/2019 Spencer & Spencer

    166/296

  • 8/12/2019 Spencer & Spencer

    167/296

    '5?XZ@dUh 2OA @"?_`[?XUCZ4he"SS[h`XUS

    >?_XZ@"4 2OA

    \"`@XS >?XZ@dUh 2RA SXU"S >?_XZ@"4 2RA

    S"4\[?[hS _dBX`hS >?XZ@dUh 2iA _dBX` S"4\[?"S >?_XZ@"4 2iA

    Uhg4h a X??[` >X?_["\"B"`@ X`F X?@[h`A

    XadFXK h4["`@X?[` _X?[X "U S"4\[?[h >_"UZ[`gK S"4\[?" h4["`@X@[h`A

    [`eUd"`?[X [`@"4Z"4Sh`XU >[`@"4Z"4Sh`XU [`eUd"`?"A

    !&&

  • 8/12/2019 Spencer & Spencer

    168/296

    g"4"`?[XU >BX`Xg"4[XUA

    ?hg`[@[\h >?hg`[@[\"A

    "e[?X?[X Z"4Sh`XU >Z"4Sh`XU "ee"?@[\"`"SSA

    XY+ %+ %#$% +'0%& 9% .+T&'#'# $.+ #'5+'0%&K M-+,';+ E.5('%+$%A E 9'#,-$')%5*# &.# 9'M%)%+,'.# %+$)% &*# 0.)'*# #-(:)-

  • 8/12/2019 Spencer & Spencer

    169/296

  • 8/12/2019 Spencer & Spencer

    170/296

    9'#%5'+.9.

  • 8/12/2019 Spencer & Spencer

    171/296

    #-(*)9'+.9*# 9% -+* ,*5* -+ :)-

  • 8/12/2019 Spencer & Spencer

    172/296

    %&&*#3 Z*#$%)'*)5%+$% 9%9'N-L .&:* 9% $'%5

  • 8/12/2019 Spencer & Spencer

    173/296

  • 8/12/2019 Spencer & Spencer

    174/296

    "+$%+9%) &.# .,$'$-9%#K '+$%)%#%#K +%,%#'9.9%# E

  • 8/12/2019 Spencer & Spencer

    175/296

    1yWq=TR9 RT (QO?N\9SKiQ

    U. DY#N-%9. 9% [+M*)5.,';+ ,.).,$%)'H. . &*# :%)%+$%# .#= ,*5* *$)*# 5-,G*# $).(./*#3e)%,-%+$%5%+$% #% (-#,. &. '+M*)5.,';+ [` JA S.&') M=#',.5%+$% [` 6A

    e)%,-%+$%5%+$% &. (Y#N-%9. 9% '+M*)5.,';+ %#$T '+$%:).9. . -+ '+,'9%+$% 5T# :).+9%1

    X&:* .+9.(. 5.&K .#= N-% %5

  • 8/12/2019 Spencer & Spencer

    176/296

    '?QSKTQSK9 ,NM9QK^9SK?Q9> e '?QW9SK?QTW

    U. ?*+,'%+,'. h):.+'H.,'*+.& E &. ?*+#$)-,,';+ 9% 4%&.,'*+%# )%,'(%+ ,.9. -+. 5%+*# 9%& O

  • 8/12/2019 Spencer & Spencer

    177/296

    ,.#*K &*# :%)%+$%#

  • 8/12/2019 Spencer & Spencer

    178/296

    5-E %#,;5* &&%+.) %#$. M*)5.K '+#$.&.) %#$.

  • 8/12/2019 Spencer & Spencer

    179/296

    ?*+M'.+H. #% 5%+,'*+. ,*+ -+ $.+$* 5%+*# 9% M)%,-%+,'. N-% &* .,*#$-5().9*

  • 8/12/2019 Spencer & Spencer

    180/296

    "+ .&:-+*# ,.#*#K -+. .5,&'%+$%#K .:%+,'.# +*)5.$'0.#K %$,3A3U*# '+9',.9*)%# 5T# ,*5-+%# %+ +'0%& %/%,-$'0* 9% &. [+M&-%+,'. % [5

  • 8/12/2019 Spencer & Spencer

    181/296

    U.# ,*5

  • 8/12/2019 Spencer & Spencer

    182/296

    %&&*# 5'#5*#V &*# :%)%+$%# #-

  • 8/12/2019 Spencer & Spencer

    183/296

    Z%+#.5'%+$* ?*+,%)%M&%/.9. %+ -+. ?*+,'%+,'.h):.+'H.,'*+.& &%0%5%+$% 5T# %&%0.9. ,*+ -+ M-%)$% L+M.#'# %+ &. %#$)-,$-). M*)5.& E %+ &.

    ,.$%:*)=.A .&':%). .&:* 9% &. +%,%#'9.9 9% $%+%) X-$*^?*+M'.+H.

  • 8/12/2019 Spencer & Spencer

    184/296

    Z%#* ?*5B.&.c'AK E X#'. >[+9'.A3 U.#5-%#$).# #% '9%+$'M',.)*+ .& (-#,.) ,.+9'9.$*# 9% -+. 0.)'%9.9 9% M-%+$%# ,*+ ,*+*,'5'%+$*#K

    !(#

  • 8/12/2019 Spencer & Spencer

    185/296

    '+,&-E%+9* (.+,*#K ,T5.).# 9% ,*5%),'*K 5'+'#$%)'*# 9% ,*5%),'* E M'+.+H.#K *):.+'H.,'*+%#9% ,*5%),'*K E 9%5T#K 9%+$)* 9% ,.9.

  • 8/12/2019 Spencer & Spencer

    186/296

    .N=TL9W /

    S% *($-0'%)*+ 9'M%)%+,'.# #':+'M',.$'0.#

  • 8/12/2019 Spencer & Spencer

    187/296

  • 8/12/2019 Spencer & Spencer

    188/296

    U*# %5=WK?QTW

    23 U*7%#%/-*"-*./6 U.# ,*5* ).#:*# 9% .-$*^,*+,%

  • 8/12/2019 Spencer & Spencer

    189/296

  • 8/12/2019 Spencer & Spencer

    190/296

    i3 e.,'&'9.9 %+ &. .95'+'#$).,';+ E ,.&'M',.,';+1 U*# 5L$*9*# 9%('%).+ )%#-&$.)-$'&'H.(&%# ,*+

  • 8/12/2019 Spencer & Spencer

    191/296

    '9>KOKS9SKiQ RT >9 "Q

  • 8/12/2019 Spencer & Spencer

    192/296

    ,-.&%# ,*+#'#$% %+ -+

  • 8/12/2019 Spencer & Spencer

    193/296

  • 8/12/2019 Spencer & Spencer

    194/296

    Z.). #%) 9%#':+.9* ,*5* %W'$*#*K -+ %5

  • 8/12/2019 Spencer & Spencer

    195/296

    Z&.+%.,';+ S'#$%5T$',.X-$*^?*+M'.+H.d$'&'H.,';+ 9% &.# "#$).$%:'.# 9% [+M&-%+,'.

    377i376i372R

    d+ BX`h\X 5*#$); -+. 9'M%)%+,'. .&$.5%+$% #':+'M',.$'0. %+$)% &*# %5

  • 8/12/2019 Spencer & Spencer

    196/296

    d+.

  • 8/12/2019 Spencer & Spencer

    197/296

    i3 D.#.9* %+ -+ '+#$)-5%+$* 9%#.))*&&.9*

  • 8/12/2019 Spencer & Spencer

    198/296

    ,3 "W

  • 8/12/2019 Spencer & Spencer

    199/296

    ,3 S%&%,$'0.5%+$% &'5'$. &. '+M*)5.,';+ 9.9. . &*# 9%5T#93 d$'&'H. -+. %#$).$%:'.

  • 8/12/2019 Spencer & Spencer

    200/296

    .$0/" #

    $.%('$'(,*"V 1$V$+$V "* %$ ',-."/"*'($

    '$.P/&%, @HV"%"''()*A "#$%&$'()* a $.$0"2$-("*/, +" ."0V,*$V ',*/0$1$2,V .$0$ 0"'%&/$-("*/,U ',%,'$'()*U 0"/"*'()* a

    .0,-,'()*4.56(*$ *k-"0, BCI8

    +"3(*('()*

    U. #%&%,,';+ %# %&

  • 8/12/2019 Spencer & Spencer

    201/296

    ,*#$*#*# :).9-.9*# 9% _.)0.)9K S$.+M*)9K * qG.)$*+3 XN-= &. #%&%,,';+ (.#.9. %+ &.,*5

  • 8/12/2019 Spencer & Spencer

    202/296

  • 8/12/2019 Spencer & Spencer

    203/296

    4%M%)%+,'.#"+$)%0'#$.# >+*^,*+9-,$-.&%#A

    36O37i^32b

    U. @.(&. 2I^2 5-%#$). &*# 5L$*9*# 9% %0.&-.,';+ N-% G%5*# -#.9* ,*+ 5.E*)

    M)%,-%+,'. . $).0L# 9% &*# .8*#

  • 8/12/2019 Spencer & Spencer

    204/296

    d+ .#%+ ,-.&N-'%) IA

    O3 ?*))%&.,';+ 27A

    U.# ,*+M'.('&'9.9%# %+ &. *)9%+.,';+ .,-%)9* %+ ,-T& 9% 0.)'*# '+9'0'9-*#%# %& 5T# .&$*K %& #':-'%+$% 5T# .&$*K %$,3K %# -+ *)9%+ 9%#,%+9%+$%A #*+ &.# 5T# MT,'&%# 9%%#$.(&%,%) E #% 2A ,.9. 0%H N-% #% *(#%)0. %+ -+ '+,'9%+$%K >6A -+.0%H ,*+ %&

  • 8/12/2019 Spencer & Spencer

    205/296

    B-,G.# %& #%+$')#% ,.

  • 8/12/2019 Spencer & Spencer

    206/296

    .):-5%+$*#K ,)%.,';+ 9% $%5.# ,%+$).&%# 9% .$.N-% * 9%M%+#. 9% &*# 2IA

    Z" ("+5#"-*./ 0%+ !%/3"9*%/$5 45/-%;$2"+ 0% e"$35/Qa+"3%#6 "#$. %# -+.

  • 8/12/2019 Spencer & Spencer

    207/296

    #-&MY)',*nQ ?*5* M-% 0'#$*K &*# $%#$# )%#

  • 8/12/2019 Spencer & Spencer

    208/296

    !%#7*+ 0% P%/3*K*+*0"0 d5Q(%#K"+ k!#57*+% 57 d5/G%#K"+ P%/3*$*G*$8 Q!:dPl6 U*# %0.&-.9*#%#,-,G.+ ()%0%# :).(.,'*+%# 9% ,*+0%)#.,'*+%# >%W$).=9.# 9% #%#'*+%# 9%

  • 8/12/2019 Spencer & Spencer

    209/296

    ,*9'M',.+ E .&:-+.# 0%,%# ,*+#%+#*#A 9%

  • 8/12/2019 Spencer & Spencer

    210/296

    %+M)%+$.)T %+ #- $).(./*3 >U*# '+,'9%+$%# ,)=$',*# 9% &.# "+$)%0'#$.# 9% "0%+$*# ?*+9-,$-.&%##*+ -+. %W,%&%+$% M-%+$% 9% %/%),','*# )%.&'#$.#

  • 8/12/2019 Spencer & Spencer

    211/296

    -$'&'H.+9* SaBUhgK -+. %+,-%#$. N-% 5'9% F*5'+.+,'.K )%#?hg`[@[\"A

    "+ &*# #'#$%5.# 9% .95'+'#$).,';+ 9% )%,-)#*# G-5.+*# (.#.9*# %+ &. ,*5X?_["\"B"`@A B*$'0.,';+ >B*$'0.$'*+A [+','.$'0. >[+'$'.$'0%A

    Z"4[?[X @|?`[?X >@"?_`[?XU "fZ"4@[S"A

    "!*

  • 8/12/2019 Spencer & Spencer

    212/296

    Z%+#.5'%+$* ?*+,%?*+,%X+.&E$',.& @G'+l'+:A

    [`eUd"`?[X >[`eUd"`?"A

    ?*5:%)%+$% 9% )%M'+%)=. *'&

    )%M'+%)E 5.+.:%)A1 ,*5[+M&-%+,% S$).$%:'%#A

    U%E%+9. >U%:%+9A

    Z)'5%) @).(./* >N-=5',* '+9-#$)'.&A1 ,*5e')#$ u*( >'+9-#$)'.& ,G%5'#$A1,*5

  • 8/12/2019 Spencer & Spencer

    213/296

  • 8/12/2019 Spencer & Spencer

    214/296

  • 8/12/2019 Spencer & Spencer

    215/296

    "&

  • 8/12/2019 Spencer & Spencer

    216/296

    "WyA

    2I3]y R2O

    zRK677C#%5

    ?*+$)*& ?*5yA

    >yA

    ?*5%),'.&%# 273iy {]I 2i ^JO?*5`XA O7 ^b7B.E*)%* D.#% 2Ry {2R D.#% ^i7 ^i7B%+-9%* ziK777C#%5 {2b R7 67 ^i7

    U*# 0%+9%9*)%# #%&%,,'*+.9*#

  • 8/12/2019 Spencer & Spencer

    217/296

    ('*9.$*# >-+ )%N-'#'$* M-% P27 .8*# 9% %W2bb7AK B%.#-)'+: 2bb2AK *2bI6AK 453$*/A @29"/ #%352#-%3Y c@% 7*/"/-*"+ *9;"-$ 57 K%@"G*5# */ 5#A"/*,"$*5/3K D*#$*+1k%+$ Z-(&'#G'+:V S5'$GK B3 >2bIIA3 ?.&,-&.$'+: $G% S$%)&'+: 0.&-% *M #%&%,$'*+K a2*0"/-% "/0 ?33%339%/$2AK U%',%#$%)K dk1 D)'$'#G Z#E,G*&*:',.& S*,'%$EK

  • 8/12/2019 Spencer & Spencer

    218/296

  • 8/12/2019 Spencer & Spencer

    219/296

    2]3 U.c)%+,%K Z3 43K t U*)#GK u3 q3 >2bJ]K `*0'%5()%^F','%5()%AK `%c 5.+.:%5%+$ /*(1 @G% '+$%:).$*)KV"#G"#0 L23*/%33 JAK 2R6^2i2V k*&(K F3 X3 E D*E.$H'#K 43 "3 >2b]7AK h+ $G% 9E+.5',# *M $G% G%&2bI2AK? /%H -"3% 75# $@% +*K%#"+ "#$3B S.+ e).+,'#,*1u*##%E^D.##3

    2b3 Z'*$)*c#l'K v3 X3K t 4*,lK B3 >2bJOAK c@% !%#-%;$"/"+8$*- =>%-2$*G% P-"+%B `-%0. a*)l1 g)-+% tS$).$$*+3

    623 d+. (-%+. )%#%8. 9% '+0%+$.)'*# 9% '+$%)%#%# 0*,.,'*+.&%# %# F.0'# 43 >2bb2AK (5-"$*5/"+ */$%#%3$3B G"+2%3"/0 ;#%7%#%/-%3B '+ B3 F3 F-++%$$% t U3 B3 _*-:G >2bb2AK V"/0K55I 57 */023$#*"+ "/0 5#A"/*,"$*5/"+;38-@5+5A8 >\*&3 6AK Z.&* X&$*K ?X1 ?*+#-&$'+: Z#E,G*&*:'#$ Z)%##3

    663 U.# $%*)=.# 9%& ./-#$% &.(*).& #-:'%)%+ N-% &*# '+0%+$.)'*# 9% '+$%)%#%# 0*,.,'*+.&%# +* 9%(%)=.+ )%&.,'*+.)#%,*+ %& 9%#%52b]JK B.)H*^X()'&AK !5H%#Y c@% A#%"$ 95$*G"$5#B V"#G"#0 L23*/%33

  • 8/12/2019 Spencer & Spencer

    220/296

    OO3 Z.:%K 43 >2bb2AK u*(^'+G'(',';+ 9%.,$'0'9.9

    [+0%+$.)'* 9% &.Z%)#*+.&'9.9 9%?.&'M*)+'.>?Z[AV u.,l#*+V"9c.)9#V 2J Ze

    "+$)%0'#$.K(./* P"#$)L#QV%/%),','*#

    "e_ >%#,.&.#9% %M',.,'.K9%#%#,.&'M',.,';+ 9%.G*))*A

    63 X-$*^?*+M'.+H.

    S%&':5.+ "/%),','*# 9%Z)%#%+$.,';+

    O3 ?*5

  • 8/12/2019 Spencer & Spencer

    221/296

    ?*+,%%#,.&. '9%.&AV,'-9.9.+=.*):.+'H.,'*+.&VS$)*+:^?.5+ Z*9%)A [+M&-%+,'.K

    %/%),','*# 9%+%:*,'.,';+

    SaBUhg

    >%#,.&. 9%9*5'+.+,'.A

    ""*

  • 8/12/2019 Spencer & Spencer

    222/296

    ?Z[1 %#,.&.# 9%9*5'+.+,'.

    [+0%+$.)'* 9%"#$'&* g%)%+,'.&>%#,.&. 9%,*.,G'+:A

    2b3 @).(./* %+"N-'%#,.&.# 9%

  • 8/12/2019 Spencer & Spencer

    223/296

    c#"8%-$5#*"3 0% 4"##%#"6 Z&.+%.) $.)%.# &.(*).&%# M-$-).# 9'#%8.9.# F%M'+'$'*+A63 h(/%$'0*# 9% &. h):.+'H.,';+ >h):.+'H.$'*+ h(/%,$'0%#A

    F%M'+',';+ >F%M'+'$'*+AO3 h(/%$'0* 9%& g%)%+$%Cd+'9.9 9% @).(./* >B.+.:%)Cq*)l d+'$ h(/%,$'0%A

    F%M'+',';+ >F%M'+'$'*+A

    [+','* 9%& Z%)'*9* >S$.)$ *M Z%)'*9AF-).+$% %& Z%)'*9* >F-)'+: Z%)'*9AX& $L)5'+* 9%& Z%)'*9* >"+9 *M Z%)'*9A

    Z&.+%.,';+ 9%& F%#%5Z%)M*)5.+,% Z&.++'+:A F%M'+',';+ 9% &.# 4%#P?*.,G'+:Q e%%9(.,lA 4%0'#.) &.# "W4%0'#% q*)l "WZ%)#*++%& e-+,$'*+ X

  • 8/12/2019 Spencer & Spencer

    224/296

    X90%)$%+,'.#K F%#e*)5.& .+9 [+M*)5.& F%0%&*

  • 8/12/2019 Spencer & Spencer

    225/296

    &.# ,*5i7y^b7yA >27y^i7yA

    +"V"-."g, >P

  • 8/12/2019 Spencer & Spencer

    226/296

    %5

  • 8/12/2019 Spencer & Spencer

    227/296

    .$V,V "* "% +"V$00,%%, +" %,V V(V/"-$V +" $+-(*(V/0$'()* +"%

    +"V"-."g, 1$V$+,V "* %$ ',-."/"*'($

    >S-

  • 8/12/2019 Spencer & Spencer

    228/296

    S'%+$%+ N-% %#$T 9%+$)* 9% #-# 5%/*)%# '+$%)%#%# %& G.,%)&* S% #'%+$%+ '+#.$'#M%,G*# ,*+ #- #'$-.,';+ %W'#$%+$% * +'0%& 9% 9%#%5P.,$-.&QA "#$T+ ,&.)*# ,*+ )%#

  • 8/12/2019 Spencer & Spencer

    229/296

    3(6&0$ @IXD "V'$%$V +" "V/(-$'()* $*'%$+$V "* %$ ',*+&'/$ 41$0VX"* (*6%mV .$0$ 1"d$#(,0X$*'d,0"+ 0$/(*6 V'$%"V8

    _+(3"0"*'($V $."*$V ."0'"./(1%"V` ',* "2"-.%,V ',*+&'/&$%"V

    42*0"05 " 4+*%/$%3Y d+.

  • 8/12/2019 Spencer & Spencer

    230/296

    ,*+M'.+H. %+ #-

  • 8/12/2019 Spencer & Spencer

    231/296

    O3 mU./0% 9* 3*$n5 %+ )%&.,';+ ,*+ 5'#

  • 8/12/2019 Spencer & Spencer

    232/296

    R3 45/$#*K28% " +" 459;%$*$*G*0"0 :#A"/*,"-*5/"+6 X,$Y. )%9-,') ,*#$*#K '+,)%5%+$.) &.,.&'9.9K E -#. $%,+*&*:=. "9#3AK >2bb2AK c@% -59;%/3"$*5/ @"/0K55IB`-%0. a*)l1 B,g).c^_'&&363 h))K u3 B3K B%),%)K B3K t S.,l%$$K Z3 43 >2bIbAK @G% )*&% *M

  • 8/12/2019 Spencer & Spencer

    233/296

    4.56(*$ *k-"0, BGF8

    +"3(*('()*

    U.

  • 8/12/2019 Spencer & Spencer

    234/296

    /$1%$ BJX@ "V/0&'/&0$ ,06$*(h$'(,*$% 6"*m0('$A /0$1$2,V$%(-"*/$+,0"V a *(#"%"V

    4.56(*$ *k-"0, BGG8

    `-%0. ?*+$).$.,';+

    g)-

  • 8/12/2019 Spencer & Spencer

    235/296

    S%:-+9*K &*# $).(./*# 9% :%)%+$% 9% #%:-+9* +'0%& %+ ,-.&N-'%) M.5'&'. 9% $).(./* #*+.

  • 8/12/2019 Spencer & Spencer

    236/296

    "W'#$% -+. +%,%#'9.9 9% )%&*,.&'H.) . &. :%+$% 9% #$.MM $L,+',.C

  • 8/12/2019 Spencer & Spencer

    237/296

    2A ?*56A @'%+% %&

  • 8/12/2019 Spencer & Spencer

    238/296

    ,3 d5 -59;%$%/$% %+ #- $).(./* .,$-.& E +* ./-#$. ,*+ *$)*# $).(./*# %+ &. *):.+'H.,';+9% &. M*)5. %+ N-% %#$.)T+ %+ %& M-$-)*3 "#$.# :%+$%# #*+ ,.+9'9.$*#

  • 8/12/2019 Spencer & Spencer

    239/296

    "& 9%#.))*&&* 9% .&'.+H.# %#$).$L:',.# ,*+ M')5.# #'5'&.)%# %+ *$).# =9SKiQ RT >?W $STW "bTS=

  • 8/12/2019 Spencer & Spencer

    240/296

    {{D >R3iA

    " >63]iA

    63ie >6Ag >6A

    237 k >2A

    { "W'$*#.5%+$% -$'&'H. %#$. ,*5

    {{

    {R37

    X >R327AD >O3]RA

    O3iZ)%#%+$%

    O37e >O36RAF >O32bA

    63i7Cn g >6367A

    u >6376A

    k >23]RA23i

    ^ 237

    ?;9':*1 {{ S% *($'%+%+ )%#-&$.9*# 5TW'5*# ,-.+9* #% -$'&'H. %#$. ,*5

  • 8/12/2019 Spencer & Spencer

    241/296

    Z)%#%+$% "& ,.+9'9.$* -$'&'H.)T %#$. ,*52bIbAKV"/0K55I 57 K23*/%33 3$#"$%A8Y NDWDqNWWo8%"#K55IB D*#$*+1 q.))%+K g*)G.5 t U.5*+$V _*M)',G$%)K F3 >2bb7K X()'& 2A3 459;"#"$*G% -59;%$%/-8"/"+83*3 "/0 #%-59%/0"$*5/3 5/ ^_` =>%-2$*G% ?33%339%/$3B X)$=,-&*

  • 8/12/2019 Spencer & Spencer

    242/296

    $.)%.# 9% $).(./*V )%&.,'*+%# ,*+ 5%+$*)%#V % '+$%)0%+,'*+%# 9% &. %#$)-,$-).K

  • 8/12/2019 Spencer & Spencer

    243/296

    XY+ ,-.+9* &. :%+$% -#-.&5%+$% ?XAK 9%#

  • 8/12/2019 Spencer & Spencer

    244/296

    5%5()%#=. -+ +-%0* :)-

  • 8/12/2019 Spencer & Spencer

    245/296

    9% P%+$)*5%$%)#% ,*+ &.# 5%+$%# 9% &. :%+$%Q .& %+#%8.) %& "+ %& &%+:-./% '9%*&;:',* 9% .N-%&&. L

  • 8/12/2019 Spencer & Spencer

    246/296

    R3 !#]-$*-" 0% U%3$#%,"3q

  • 8/12/2019 Spencer & Spencer

    247/296

    Z*) %/%5

  • 8/12/2019 Spencer & Spencer

    248/296

    3J F3 "3 >3J S3 F3A

    '&"V/(,*"V ,06$*(h$'(,*$%"V

    U.# #':-'%+$%# ,-%#$'*+%# '+9',.+ &. +%,%#'9.9 9% -+ %+$)%+.5'%+$* (.#.9* %+ &. ,*5q'$G (%$$%) #%&%,$'*+K $).'+'+:A277y >277yAZ)*9-,$'0'9.9 >Z)*9-,$'0'$EAU=+%. D.#% #'+ #%&%,,';+K %+$)%+.5'%+$* >D.#%&'+% c'$G*-$ #%&%,$'*+K $).'+'+:Ap)%. %+$)% &. ,-)0. %# P(%+%M','*Q 9%& .,*)$.5'%+$* 9% &. ,-)0. 9% .Z)*M%##'*+. .0%).:%1A^26 5%#%#

  • 8/12/2019 Spencer & Spencer

    249/296

    &*#

  • 8/12/2019 Spencer & Spencer

    250/296

    4%/$#53 0% U%3"##5++56 U*# ,%+$)*# 9% 9%#.))*&&* #*+ ,%+$)*# 9% %0.&-.,';+ 9% -+ 9=.. 9*# #%5.+.# %+ &*# N-% &*#

  • 8/12/2019 Spencer & Spencer

    251/296

    9%& .

  • 8/12/2019 Spencer & Spencer

    252/296

  • 8/12/2019 Spencer & Spencer

    253/296

    '$V,V

    "Q

  • 8/12/2019 Spencer & Spencer

    254/296

    '+,)%5%+$.&%# #*()% '+:)%#*# .9','*+.&%# &% )%$*)+.)*+ &. '+0%)#';+ 9%& :*('%)+* 9% &*#"#$.9*# d+'9*# %+ b3i 5%#%#3 "& )%$*)+* . &. '+0%)#';+ %+ 9*# .8*# M-% 9%& 6]2

  • 8/12/2019 Spencer & Spencer

    255/296

    /$1%$ B@XB +(V"g, +" &* '&0V, +" +,V V"-$*$V "* %(+"0$h6, a$+-(*(V/0$'()* 1$V$+, "* %$ ',-."/"*'($

    4.56(*$ *k-"0, CJ@8

    [+$)*9-,,';+ U*:)* [+$%)

  • 8/12/2019 Spencer & Spencer

    256/296

    .,G'%0%5%+$ 5*$'0.$'*+ $).'+'+:n (*I"+;"Y c@% T52#/"+ 75# U%-*3*5/ 1"I%#3B XG5%9.(.9K [+9'.1 [+#'$-$*_'+9Y 9% X95'+'#$).,';+ >[+9'.+ [+#$'$-$% *M B.+.:%5%+$AK 6K 2I]^6773

    63 S%&':5.+K B3 >2bb2AKZ%"#/%0 5;$*9*39B`-%0. a*)l1 k+*;%#*%/$*"+ Z%"#/*/AB"+:&%c**9 ?&'MM#K `u1 Z)%+$',%^_.&&3

    J3 B,?&%&&.+9K F3 ?3 >2bJiAK @*c.)9 . $G%*)E *M 5*$'0% .,N-'#'$'*+3?9%#*-"/ !38-@5+5A*3$B 2bJiK CoB O62^OOO3

    ]3 D.+9-).K X3 >2bJbAK!#*/-*;+%3 57 K%@"G*5# 950*7*-"$*5/B`-%0. a*)l1 _*&$K 4'+%G.)$ t q'+#$*+3D.+9-).K X3 >2b]]AK P5-*"+ Z%"#/*/A $@%5#8B "+:&%c**9 ?&'MM#K `u1 Z)%+$',%^_.&&3

    I3 U.$G.5K g3 Z3K t S..)'K U3 B3 >2b]bAK X2bb2AKV"/0K55I 57 */023$#*"+ "/0 5#A"/*,"$*5/"+ ;38-@5+5A8B Z.&* X&$*K ?X1 ?*+#-&$'+: Z#E,G*&*:'#$#Z)%##3

    b3 k*&(K F3 X3K t D*E.$H'#K 43 "3 >2bJ]AK g*.& #%$$'+: .+9 #%&M^9')%,$%9 (%G.0'*) ,G.+:%KV29"/ 2bJRAK S2b]]AK =02-"$*5/B G"+2%3 "/0 35-*%$8Y c@% 5KJ%-$*G%3 57 %02-"$*5/ "/0 $@% /"$2#% "/00%G%+5;9%/$ 57 -59;%$%/-%B U*+9)%#1 _3 k3 U%c'#V `-%0. a*)l1 Z#E,G*&*:',.& ?*)2bIJAK X ,-5-&.$'0% #$-9E *M $G% %MM%,$'0%+%## *M 5.+.:%)'.& $).'+'+:3 T52#/"+57 ?;;+*%0 !38-@5+5A8B XNB 6O6^6Ri3 "#$*# )%#-&$.9*#

  • 8/12/2019 Spencer & Spencer

    257/296

    2I3 U'$c'+K g3K t S$)'+:%)K 43 >2bJIAK15$*G"$*5/ "/0 5#A"/*,"$*5/"+ -+*9"$%K D*#$*+V _.)0.)9 D-#'+%## S,G**&4%#%.),G Z)%##3

    2b3 B,D%) >2bb2AK ?*52b]bAK @G% %MM%,$# *M .,G'%0%5%+$ 5*$'0.$'*+ $).'+'+: *+ #5.&& (-#'+%##K4"+*75#/*" 1"/"A%9%/$ RAK 2O^6I3

    6O3 S2b]IK X()'&AK @G% `.0E U%.9%)#G'< .+9 B.+.:%5%+$ @).'+'+: Z)*:).5V X ,*5T

  • 8/12/2019 Spencer & Spencer

    258/296

    $).(./*3 U*# $*$.&%# 9%

  • 8/12/2019 Spencer & Spencer

    259/296

    %5

  • 8/12/2019 Spencer & Spencer

    260/296

    `*$.1 \.)'.+$% 9% -+ 9'.:).5.

  • 8/12/2019 Spencer & Spencer

    261/296

    U*# .,-%)9*# &.(*).&%#

  • 8/12/2019 Spencer & Spencer

    262/296

    %,*+;5',* 9%& 9%#%5

  • 8/12/2019 Spencer & Spencer

    263/296

    9% $.&%# $).(./*# %W'#$=.+3 U. %#$)-,$-). 9% ,*54%#-&$#A

    ?*5[+9'0'9-.& ?*5[+9'0'9-.&A

    ?*59%5*+#$).$%# *)A^9%#.))*&&.9.# >277yAI7y >I7yA

    ?*5D.#% Z.EA

    "&"

  • 8/12/2019 Spencer & Spencer

    264/296

    }}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}

    d+. $%+9%+,'. :%+%).& %+ &. ,*5

  • 8/12/2019 Spencer & Spencer

    265/296

    U. M')5. 9% ,*+#-&$*)=. ,*+$).$; .& ,.+9'9.$* ,*+ $*9* E &.

  • 8/12/2019 Spencer & Spencer

    266/296

    ?*5* #% 5-%#$). %+ &. e':-). 66^RK &. 277yA3 U. N-'+'%&. 9% (*+*# 9%

  • 8/12/2019 Spencer & Spencer

    267/296

    V(V/"-$V +" (*3,0-$'()* (*/"60$+,V .$0$ %$ $+-(*(V/0$'()* +"%,V 0"'&0V,V d&-$*,V

    4.56(*$ *k-"0, C@E8

    +"3(*('()*

    d+ #'#$%5. 9% '+M*)5.,';+ '+$%:).9* 2A d+ +Y,&%* 9% (.#% 9% 9.$*# N-% ,*+$'%+% '+M*)5.,';+ .,%),. 9% &*# )%N-'#'$*#9% ,*5

  • 8/12/2019 Spencer & Spencer

    268/296

    63 U%3-#*;-*./ 8 ?/]+*3*3 0%+ c#"K"J56 "#$% #'#$%5. G.,%

  • 8/12/2019 Spencer & Spencer

    269/296

    )%N-%)'9.#

  • 8/12/2019 Spencer & Spencer

    270/296

    3(6&0$ BCXB d,2$ +" /0$1$2, +" .%$*"$'()* +"% +"V$00,%%,

    hDS@p?dUhS Zh@"`?[XU"S

    g#"A9%/$"-*./6 "+ 5-,G.# *):.+'H.,'*+%#K &.# M-+,'*+%# E #%)0','*# 9% )%,-)#*#G-5.+*# 9'#

  • 8/12/2019 Spencer & Spencer

    271/296

    U*# %/%5

  • 8/12/2019 Spencer & Spencer

    272/296

    P%+%--*./6 "#$'5.,'*+%# 9% &*# #-9QT9SKiQ RT V=STWK?QTWY U*# 9.$*# 9% %5

  • 8/12/2019 Spencer & Spencer

    273/296

    *

  • 8/12/2019 Spencer & Spencer

    274/296

    ?*5

  • 8/12/2019 Spencer & Spencer

    275/296

    /$1%$ BDX@ "V'$%$V +" ',-."/"*'($ .$0$ %$ .%$*"$'()* +"3&"0h$V %$1,0$%"V4.56(*$ *k-"0, CBE8

    [3 ZS[?hBh@h423 F%#.))*&&* 9% 5*0'5'%+$*# 9% ('%+%# . :).+%&363 B.+'

  • 8/12/2019 Spencer & Spencer

    276/296

    9% $).(./* #% ,*5

  • 8/12/2019 Spencer & Spencer

    277/296

    4.56(*$ *k-"0, CBG8

    d*G%+%3 0% 459;%$%/-*" =3;%-R7*-53 !5#-%/$"J% 8 4"9K*5 ?K35+2$5 %/ +53c#"K"J53 0%30% NWDE " NWWM

    ZS[?hBh@h4

    +'0%& (./* 9% 9%#$)%H.# R t iA?h`h?[B["`@h ep?@[?h#'+ +'+:Y+ ,.5O t RA?hg`[@[\h5%5*)'. 5%,T+',. >2A).H*+.5'%+$* 9'.:+;#$',* >6 t OA

    RA).H*+.5'%+$* #'+$L$',* >iA[`@"4Z"4Sh`XU$).(./.+9* )%&.$'0.5%+$% #*&* >2A$).(./.+9* ,*+ *$)*# >6A'+M&-%+,'.+9* * 9')':'%+9* . *$)*# >O^iABh@[\X?[`

    RA%5iA9')':'%+9*K '+#JA

    2iy >2J7K777A

    22y >6bK777A

    by >bK777A2Oy >IJK777A2]y >bRK777A

    Iy >6RK777A2Ry >IOK777A2Iy >i2K777A6iy >O2K777A

    23iy >JK777A62y >27JK777A2I3iy >]]K777A

    ^2y >^6K777A6Oy >]IK777A2]y >i]K777A

    62y >RiK777A22y >iK777A

    6iy >JK777A

    e-%+$%1 B,D%) E ?*5%-2$*G% ;"/0*# +53 !#5A#"9"3=02-"$*G53 8 0% =/$#%/"9*%/$5 ;"#" =/3%i"# 459;%$%/-*"3 d%-%3"#*"3 %/ %+ g2$2#56 S%)%,*5'%+9. ,-))',-&.

  • 8/12/2019 Spencer & Spencer

    278/296

    d+

  • 8/12/2019 Spencer & Spencer

    279/296

    S;&* I

  • 8/12/2019 Spencer & Spencer

    280/296

    63 B.+-M.,$-). E ,*+#$)-,,';+ >%&%,$)','#$.#K *,./%)*# (.+,.)'*#K .-W'&'.)%# 9% .M'.+H.9*)%#K #%,)%$.)'.#A

    i3 ?*5%),'* E ?*5-+',.,'*+%# >,G*M%)%# 9% ,.5'*+%$.#K 0%+9%9*)%# . 5%+-9%*K$L,+',*# %+ )%

  • 8/12/2019 Spencer & Spencer

    281/296

    e-%+$%1 P?*52AK @).(./.+9* ,*+ F'0%)#'9.9 ?-&$-).& >2AK E T)%.# 9% ,*+*,'5'%+$*%#

  • 8/12/2019 Spencer & Spencer

    282/296

    G.('&'9.9 P$).(./*^&'#$*Q3 U.# ,*5`\o# ^X,)%9'$.,';+ \*,.,'*+.& `.,'*+.&A (.#.9* %+ &. ,*5

  • 8/12/2019 Spencer & Spencer

    283/296

  • 8/12/2019 Spencer & Spencer

    284/296

    O3 '=9>KR9RTW .TNW?Q9>TWY B.+'M'%#$. )%#

  • 8/12/2019 Spencer & Spencer

    285/296

    "+M*N-% %+ %& 9%#.))*&&* 9%9%#$)%H.# (T#',.#U. %W.5'+.,';+ %#$T#%

  • 8/12/2019 Spencer & Spencer

    286/296

    "WS?>9NKR9R

    "W'#$%+ 5L$*9*#

  • 8/12/2019 Spencer & Spencer

    287/296

    R3 ?;#%/0*,"J% 455;%#"$*G56 "+ %#$. .

  • 8/12/2019 Spencer & Spencer

    288/296

    %#,-%&.# 9% .95'+'#$).,';+ N-% 9%#%.(.+ #%:-') %+#%8.+9* ,*+*,'5'%+$*# 9% ,*+$%+'9*&. ?.#% q%#$%)+ 4%#%)0%j# q.$%)G%.9S,G**& *M D-#'+%##K %# -+.A G.+ .9*

  • 8/12/2019 Spencer & Spencer

    289/296

    U. *$). 5.9)% %W2b]JAK =/@"/-*/A 95$*G"$*5/Y 4@"/A% */ $@% -+"33#559B `-%0. a*)l1 [)0'+:$*+V

    B,?&%&&.+9K F3 ?3 >2b]6AK qG.$ '# $G% %MM%,$ *M .,G'%0%5%+$ 5*$'0.$'*+ $).'+'+: '+ $G% #,G**n c%"-@%#f345++%A%

  • 8/12/2019 Spencer & Spencer

    290/296

    2]3 \%. D*E.$H'#K 43 "3K ?*c%+K S3 S3 t k*&(K F3 X3 >2bb6K B.E*AK [52b]bA @G% '52bIOAK g"9*+8 +*7% "/0 3-@55+ "-@*%G%9%/$Y e@8 ;55# K+"-I-@*+0#%/ 32--%%0 5# 7"*+B ?G',.:*1 d+'0%)#'$E *M ?G',.:* Z)%##3

    673 4',GK F3 >2bIIAK1%A"3I*++3B D*#$*+1 _*-:G$*+ B'MM&'+3

    U. 5.E*)=. 9% &*# *(#%)0.9*)%# %#$T+ 9% .,-%)9* %+ N-% %& .5('%+$% 9% +%:*,'*# 9%& M-$-)*'+,&-')T1

    2O3 \%. D&*,lK u3 _3 >"93A >2b]2AK 1"3$%#8 Z%"#/*/AY c@%5#8 "/0 ;#"-$*-%B `-%0. a*)l1 _*&$K 4'+%G.)$ tq'+#$*+V E D&**5K D3 S3 >2b]JAKV29"/ -@"#"-$%#*3$*-3 "/0 3-@55+ +%"#/*/AB`-%0. a*)l1 B,g).c^_'&&3

    2R3 \%. ?.)lG-MMK 43 43 >2b]OAK c@% "#$ 57 @%+;*/AB X5G%)#$K BXV ?.)lG-MM X##*,'.$%#V E ?.)lG-MMK 43 43K tD%)%+#*+K D3 g3 >2b]JAK c%"-@*/A "3 $#%"$9%/$6 X5G%)#$K BX1 _-5.+ 4%#*-),% F%0%&*2bI2AK @G% 5*#$ '5

  • 8/12/2019 Spencer & Spencer

    291/296

    B%+*# ,*5#'5'&.) . &. 9% &*#%/%,-$'0*#A

  • 8/12/2019 Spencer & Spencer

    292/296

    15$*G"-*./ ;"#" c#"K"J"# K"J5 !#%3*5/%3 0% c*%9;56 X&:-+. ,*5('+.,';+ 9%M&%W'('&'9.9K 5*$'0.,';+ 9% &*:)*K )%#'#$%+,'. .& %#$)L#K E ,*5+-%0*#A

  • 8/12/2019 Spencer & Spencer

    293/296

    +(0"''(,*"V 3&/&0$V .$0$ %$ (*#"V/(6$'()* +" ',-."/"*'($

    U.# M-$-).# '+0%#$':.,'*+%# 9% ,*5+XM'RAX?@6{

    %+ 9*+9%+ U*: B*$'0.,';+ 9% U*:)*+ Z*9 B*$'0.,';+ 9% Z*9%)+ XM' B*$'0.,';+ 9% XM'&'.,';+

    X?@ X-$*^?*+$)*&

    E &*# #-(=+9',%# 7 . R )%

  • 8/12/2019 Spencer & Spencer

    294/296

    B%9','*+%# 5T# e[ZS" ^e-+9 M*) $G% [5

  • 8/12/2019 Spencer & Spencer

    295/296

    _.,%) .2bI]AK e5#I75#-% CoooY e5#I "/0 H5#I%#3 75# $@% CN3$ -%/$2#8B[+9'.+.2bIiA "93A e5#I*/A H*$@ 5#A"/*,"$*5/3 "/0 $@%*#;%5;+%Y ? A2*0% $5 @29"/ #%352#-%3 ;#"-$*-%B `-%0. a*)l1 g-'&M*)9 Z)%##V E _*c.)9K X3 >2bb2AK !%#35/"+4@"#"-$%#*3$*-3 75# " ;53$Q*/023$#*"+ 35-*%$8B X)$=,-&*

  • 8/12/2019 Spencer & Spencer

    296/296