Finance Project
Bezam2021
MajorProject11.xlsxBasic Analysis - 4 years
| Zeta Spenza Project | |||||||
| Given | |||||||
| Monza's sales | 10,000 | MACRS Schedule | Solution Legend | ||||
| Monza's price | $65,000 | year 1 | 33% | Value given in problem | |||
| Monza Cost structure per car | year 2 | 45% | Formula/Calculation/Analysis required | ||||
| Body materials | $11,000 | year 3 | 15% | Assumptions, Qualitative analysis or Short answer required | |||
| Engine | $4,000 | year 4 | 7% | Goal Seek, Scenario or Data Table cell | |||
| Drivetrain | $6,000 | Crystal Ball Input | |||||
| Battery Pack | $20,000 | Crystal Ball Output | |||||
| Electronics | $5,000 | ||||||
| Labor (allocated)
Dima Leshchinskii: Dima Leshchinskii: based on 10,000 Monzas sold annually |
$4,000 | ||||||
| Overhead (allocated)
Dima Leshchinskii: Dima Leshchinskii: based on 10,000 Monzas sold annually |
$2,000 | ||||||
| Consulting Fees | $50,000 | ||||||
| Spenza Price | $80,000 | ||||||
| Spenza Sales projections | |||||||
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||
| Sales Volume | 5,000 | 7,000 | 6,000 | 4,000 | 3,000 | ||
| Plant Investment | 250000000 | ||||||
| Alternative Land Use | 15000000 | ||||||
| Plant Capacity | 10,000 cars | ||||||
| Project life | 4 years | ||||||
| Percentage of Debt Financing | 50% | ||||||
| Interest Rate | 7% | ||||||
| Tax rate | 21% | ||||||
| NWC as % of direct manufacturing costs | 4.75% | ||||||
| Monza Sales Cannibalization | 1,000 cars | ||||||
| Electricity cost | $0.07 per kWh | 70% of national average | |||||
| Carbon Body Cost per Car | $14,000 | ||||||
| Percentage of electricity | 80% | ||||||
| Electricity used per car | |||||||
| Other Spenza direct costs | |||||||
| Body materials (other than electricity) | |||||||
| Engine | $4,000 | ||||||
| Drivetrain | $6,000 | ||||||
| Battery Pack | $15,000 | ||||||
| Electronics | $5,000 | ||||||
| Solution | |||||||
| Choosing Depreciation | |||||||
| Year 1 | Year 2 | Year 3 | Year 4 | ||||
| Straight-Line depreciation | |||||||
| MACRS Depreciation | |||||||
| Your recommendation | |||||||
| Projected Net Income | |||||||
| Year 2024 | Year 2025 | Year 2026 | Year 2027 | Year 2028 | |||
| Sales Volume | 5,000 | 7,000 | 6,000 | 4,000 | 3,000 | ||
| Projected electricity cost (per kWh)
Dima Leshchinskii: Dima Leshchinskii: See "Energy Prices Forecast" tab and adjust for local |
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| Revenues | |||||||
| Direct Costs | |||||||
| Body materials (electricity only) | |||||||
| Body materials (other than electricity) | |||||||
| Engine | |||||||
| Drivetrain | |||||||
| Battery Pack | |||||||
| Electronics | |||||||
| Total Direct Costs | |||||||
| Fixed Costs | |||||||
| Labor | |||||||
| Overheads | |||||||
| Depreciation | |||||||
| EBIT | |||||||
| Interest | |||||||
| EBT | |||||||
| Taxes | |||||||
| Net Income | |||||||
| Projected FCF | |||||||
| Monzas Lost Profit | |||||||
| Volume | 1,000 cars | ||||||
| Price | $65,000 | ||||||
| Direct Costs (per car) | |||||||
| Lost Profit (After-Tax) | |||||||
| Year 0 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
| OCF | |||||||
| CapEx | |||||||
| Investment in NWC | |||||||
| Opportunity Costs | |||||||
| Alternative Land Use | |||||||
| Lost Profit from Cannibalized Sales | |||||||
| FCF | |||||||
| WACC (From WACC Tab) | 8.00%
Dima Leshchinskii: Dima Leshchinskii: Use value of WACC from WACC Tab Before you find it, temporary use 8% as a plug |
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|
Dima Leshchinskii: Dima Leshchinskii: See "Energy Prices Forecast" tab and adjust for local |
Dima Leshchinskii: Dima Leshchinskii: based on 10,000 Monzas sold annually |
Dima Leshchinskii: Dima Leshchinskii: based on 10,000 Monzas sold annually |
NPV | ||||
| IRR | |||||||
| Six Scenarios | |||||||
| Year 2024 | Year 2025 | Year 2026 | Year 2027 | Year 2028 | |||
| Reference case | |||||||
| High oil price | |||||||
| Low oil price | |||||||
| High oil and gas resource and tech | |||||||
| Low oil and gas resource and tech | |||||||
| High resource without Clean Power Plan |
WACC
| Value given in problem | |||||||
| Formula/Calculation/Analysis required | |||||||
| Qualitative analysis or Short answer required | |||||||
| Your assumptions | |||||||
| Comparable Companies Unlevered Beta | |||||||
| Company
Author: Author: Please replace stabs below by real peers names. The number of peers does not have to be five |
Levered Beta | Market Value of Debt | Market Value of Equity | Debt/ Equity | Equity/ Total Assets | Marginal Tax Rate | Unlevered Beta |
| Peer Company A | |||||||
| Peer Company B | |||||||
| Peer Company C | |||||||
| Peer Company D | |||||||
| Peer Company E | |||||||
| Median | |||||||
| Mean | |||||||
| Relevered Beta | Mean Unlevered Beta | Target Debt/ Equity | Target Marginal Tax Rate | Relevered Beta | |||
| Zeta | |||||||
| WACC Calculation | |||||||
| Company's Capital Structure | |||||||
| Debt to Total Capitalization | |||||||
| Equity to Total Capitalization | |||||||
| Debt to Equity Ratio | |||||||
| Cost of Equity | |||||||
| Risk-free rate | |||||||
| Market risk Premium | |||||||
| Levered Beta | |||||||
| Cost of Equity | |||||||
| Cost of Debt | |||||||
| Cost of Debt | |||||||
| Taxes | |||||||
| After Tax Cost of Debt | |||||||
| WACC |
The next step will be estimating WACC. Using Yahoo Finance! or other financial sources available on the course website find auto-making industry’s beta, market risk premium and the risk free rate
Electricity Scenario Summary
| Scenario Summary | |||||||
| Reference Case | High Oil Price | Low oil price | High oil and gas resource and tech | Low oil and gas resource and tech | High resource without Clean Power Plan | ||
| Year 1 | |||||||
| Year 2 | |||||||
| Year 3 | |||||||
| Year 4 | |||||||
| Year 5 | |||||||
| Result Cells: | |||||||
| Project_NPV | |||||||
| Project_IRR |
Sales Volume Scenario Summary
| Sales Volume Scenario Summary | ||||
| Reference Case Sales Volume | High Sales Volume | Low Sales Volume | ||
| Changing Cells: | ||||
| Year 1 | 5,000 | 5,500 | 4,500 | |
| Year 2 | 7,000 | 7,500 | 6,500 | |
| Year 3 | 6,000 | 6,500 | 5,500 | |
| Year 4 | 4,000 | 4,500 | 3,500 | |
| Year 5 | 3,000 | 3,500 | 2,500 | |
| Result Cells: | ||||
| Project_NPV | ||||
| Project_IRR | ||||
| Notes: Current Values column represents values of changing cells at | ||||
| time Scenario Summary Report was created. Changing cells for each | ||||
| scenario are highlighted in gray. |
Electricity Breakeven
| Electricity breakeven | ||||||||
| Annual Growth | 0.50% | |||||||
| Year 1 electricity cost for Breakeven | Solution Legend | |||||||
| Value given in problem | ||||||||
| Year 0 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Formula/Calculation/Analysis required | ||
| Electricity Price | Assumptions, Qualitative analysis or Short answer required | |||||||
| Goal Seek, Scenario or Data Table cell | ||||||||
| EBIT | Crystal Ball Input | |||||||
| Interest | Crystal Ball Output | |||||||
| EBT | ||||||||
| Taxes | ||||||||
| Net Income | ||||||||
| OCF | ||||||||
| CapEx | ||||||||
| Investment in NWC | ||||||||
| Opportunity Costs | ||||||||
| Alternative Land Use | ||||||||
| Lost Profit from Cannibalized Sales | ||||||||
| FCF | ||||||||
| WACC (From WACC Tab) | 8.00%
Dima Leshchinskii: Dima Leshchinskii: Use value of WACC from WACC Tab Before you find it, temporary use 8% as a plug |
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| NPV | ||||||||
| IRR | ||||||||
CB_DATA_
| Crystal Ball Data | ||
| Workbook Variables | Last Var Column | 0 |
| Name: | ||
| Value: | ||
| Worksheet Data | Last Data Column Used | |
| 2 | ||
| Sheet Ref | ||
| ERROR:#REF! | ERROR:#REF! | |
| Sheet Guid | ||
| 37fccb5b-a68f-4c8d-b565-e2f487d69226 | ca8ba31b-c2c8-4510-8cf7-b6d0b91c21c1 | |
| Deleted sheet count | ||
| Last row used | ||
| 31 | 31 | |
| Data blocks | ||
| CB_Block_0 | CB_Block_7.0.0.0:1 | |
| 㜸〱敤㕣㕢㜰㈴搷㔹㥥㌳愳ㄹ㑤㡦愴㤵扣㕡㕦搶㜱㙣㈵㡥攳㡢ㄶ㜹戵昶挶㕥㤳㡤愲㡢戵㉢㕢扢㤲㔷摡戵㑤っ㜲㙢愶㕢敡摤改ㅥ戹扢愵㕤㌹〶㍢㌷㐲戸㠶〵ㅥ㥣㠴搸㌸扣㔰〵㔴〱㠵㉢愹㤸㔰ㄴ愱戸搹㔵㍣㠴〷㈸ㅥ㑣㡡㠲〷㈸㙡慢㜸㌱㔵愹㌲摦昷㥦敥㤹㥥㤱愶㈵㡦㙤㤰㈹戵㍤扦㑥晦攷㥣敥㜳捥㝦㍤晦㝦㝡㌳㉡㤳挹扣㡤㡢㝦㜹㜵戱㜰换挲㘶㕡敥挸㘴慤㕡戵捡愱㔳昳㠲㤱㜱摦㌷㌷㘷㥤㈰捣愱㐱㘱挹㐱㝤㤰㕦ち㥣㘷慤攲搲㠶攵〷㘸㤴捦㘴㡡㐵㈳㡢㝡㍥㠴扦㠱昸挶㘰慦摥㉥㠰挵挹㠹戹攵㡢㜸敡㐲㔸昳慤㈳㐳ㄷ㜴摦㤳愳愳㈳愳㈳昷㍦㌰晡㠹㤱愳㐷㠶㈶搷慢攱扡㙦㥤昴慣昵搰㌷慢㐷㠶收搷㤷慢㑥昹㔱㙢㜳戱㜶挹昲㑥㕡换㐷敦㕢㌶敦㝦㜰昴晥攳挷敤ㄳ㈷ㅥ散挵慢㌳㘷㈷㈷收㝤换づ摥愳㘷收㌹攴晢愷慣戲挳戹㔹㤶敦㜸㉢㈳㤳ㄳ昸㍦㌱㝥摣㍤㌰戲戰㙡㔹㈱㕦㙤昹㤶㔷戶〲〳ㅤ㝢摣昱㈰㔸㜷搷戸㜸㠶㍢㡤愹㤶捤㈰捣扢㤳㔶戵㙡戸昱㔳㡢敥ㅣ搶慥㙡㙥昶扡ぢ㤶ㄷ㌸愱戳攱㠴㥢〵㜷ㄱて慡昴戹攷〳敢㥣改慤㔸㘷㑤搷捡扢愷搶㥤㑡㤷扥㌲戹㍢攳㐷㈴〷㈶搳ㅦㄹて摣挹㔵搳㤷ㄱ〵㕣㤸㤴戶搳㝥戹戹敤敤敤㥦换愱换ㅢ昸捣㍢摡户㐳捤〵搳慦户ㅣ㙥摦㌲㥡㝣昳〸敥㙤摦㍥戱㐶捤㝤敥㙥摦㐷㤶戲戹戵敡㠹昸㕢㔶ㄴ㤳㌱ち〴摤〴㐵〲ㄲ搰㈸ㄱ昴昴〲愸慥晦㠲㤴㈴㍢戲㉡扢㘴㘶㤷㤶戳㑢攵散㔲㈵扢㘴㘵㤷散散搲㑡㜶㘹㌵扢攴㘴㤷㉥㘶㤷㉥愱㑤㝣ㄵ扢扢戳搱㌵晤敢换〷㍥戹㤱㍢晢㐷挷晦晢ㅦ㤷摦晡挳愹摥〳㘸昴㔸㌴愸㈹摦扣っ㔶㙢㜰昱戱㤱愳晣㙦㘷愹㠰㔰搸挷敤〷散搱搱捡昱愳收㝤㘶㥥搳㑡㈱㝥ㄳ愳っ愰㙤慦晤戸攳㔵㙡㤷㠵㜶户㑣㤸㠱搵㔸戸攱愸㙥愲戶敥㔵㠲て㙤㕦戹㥡愱㜵㜳㙢㕤攳㈱㕢扡㉤㐰慣慣㐰摥㜷㙢㙢户ぢ㘶㜵摤ㅡ扦攲攸敡て户㔴扢昳㝥㙤戹㝤敤戴㙦㍤㔳慦摤㌲愲㜱㈸戵つ㜹昶㤶㔹敡㉡㍤慥愱挹搵㕡㘰㜹㌲扣㘱㜷摥㈹㕦戲晣〵㡢㉡搱慡挸㔴慦㘷㔵㈴昵挳㜳ㅥ㈶ち㘹慤㝣㌴㠹戵ㅦ扥ㄲ㐲㤸慤ち挶扢㘶昹攱收愲戹㕣戵㙥㘸㙡愲摦㠹㡡挳㑤攸改㕡㜹㍤㤸慣㜹愱㕦慢㌶搷㡣㔷㌶㑣㘸㥡捡㤹㕡挵敡敡捡㠸㔲㠰挲捤攵㤴捡摣搳㕥ㄶ㠴〹ㄲ㔳㤰㙦㙡㘶扢㤱㜳㤸ㅤ㘶㔱戵挸㤳搹㡦敤昰㌰㡥㔷㜴㑣㡡〴㈶收㐴晢挱㤷摥戵挳㘳敢㤴㝢㝦ㅢ㘷戳㠳搱散ㅦ摥戰扣昰戴改㔵慡㤶㥦㙡晤ㄴ㐷㘴昴〳攴慦㐱㈱戴㕤㍤㥡㍡㜵㐵㙤收㉦㍢㤵㜰戵戰㙡㌹㉢慢㈱㜰戰㤰挵㈲㤷㜶换㘵㕣〷㤴㜱㤰㘰愰㔴捡ㄴづ戱㔱愱㠴㉢㤳愷㜶㑡㤱攵㈶㐵捥㝥㑤戲摣㙢㑦㍢搵搰搲㑡戹摦〶㐵戴㔵ㄳ昲昵㤱㐵㝤戳慣つ挶㈱㝢ㄲ㕣㙡㍡㕥戸搹㤰摢㉤㔲愲㤹㘸㕦ㄷ散㌹㕤㐰㔵搰慣て㔲㘴つ㑣搳愲つ搲ㅢ㈷㤸㠸㘲㤰㘲搹昱攴㘶㈶㘳晢ㄴㅤ㠱昶㐹㈶㘴敢愳敤㜵〴㤹㝤㉢㤳戲㔳㕢㜹摣搷㘶摢昹昲㕡㥢㕤㡦㠵㌳㙥㈰戸㤱攰㈶㠲挳〰敡㕦愱攱愸攵㔰㙥扥㡣て攱摥戸㠵攰挳〰搰㑦〶㜵㑥愴慡攸㐳敤挶㡦㘴扢㍥昸挹攲ㄴ㙢㔵㐴捦戸敥㘷昶戹㐲攸挸敢摣ㅢ戶戶㑢㙣散挷摢昳㘶㜲㍡攴挸㤴愶挹戹敥搰㌴戹㙣摡愱摤扡つ㕤㡤㈱㠲㡦〰㤴㡣㡦ㄲ挲戸搰攱摤㥤㐷㑦㤷昲〳攱ㄶ㘹㘷愸㐳〳ㅦ㌱㌲户〰㈹㑡㙥换昶㘵摦㠷愶㍢㌸㙣㝦攰㝤攸㈳敤攵㍢㈲㝡㡢摤摣户㍢㡣ㄷ扤㐳㉦晡㜶㠸㤷晡愷戶㌶收づ㔴ㅢㅦ㈷戸ㄳ愰挵挶㜰昷晤㑥㈳〵攲ㄶ扢〹捡ㅤ㘴搴㐵扣摣挵捤㌵㑢㉣㔰慦扤㘸晡㉢㔶㠸〸挶捣ㄴ㝣攱㥡敦㕢㔵㙣㙡㉢㠲攰晥攵挶㘶㘴㌰敤搷㕣攲昷㝤攴攰〳㘱ㄸ扡扡戲戹㑣㡢㡦㥣攲㙢㈶㘲㑥〹捥愱つ扥慦扤㤲㐸㜴㙡㘶㉦昶㑢摦㕦敥㙢㤲づ㌴挹摤㔸㔶攳ㅥ〰㘸〹昵昷㙤㌵捡ㄱ㌶晢㌱㘹搶散戱㌲挲㤷戲㍢㘹㠹㈱㙥搱㈳㍤㍡㘰㍢㠱昸㐱搰攷㉥㌸㙥㕤㔹昴戸昳㤶㕦㐶㙣挱愹㕡㈵ㅤ㤶愵慡搹搷ㄵㅦ㕤㤱换㙤搹㑦愷挴搷㠴㑦㕡戴㐴慡戴愷㔶愶散挵ㅢ㑣挵㌰㈴㤵㑡㑡㘸愸慥㠱挸㜹㙣扢慦㘲㍡㔰㌱昷㘲攱㡣愳〴愳〴挷〰昲㙦㐰搳散㜶攱㤹づ敢摥㘰㐸㝢㘹㈹㔳㈴ㄹ㈴㐴昸㝡㕢㘵㜵㥣慦昹〴挱〳〰㉤敥て〳㤰㈹㡣㈸㈴㑦㌰愲愴㌱散ぢ㡥㜵㤹㍣㜰挰㐶㘲㘹㜲㍤〸㙢㉥㌳㑢㝤昶㔴敤㙣㉤㥣㜲㠲㌵㘴愲〶敤愸昰昸慡攵㠱扢㝣昸㍥㉤戸摡摡㥡㔵㌱散㠵摡㍡㔴摢捣搴㕥搸㤸㘳㌹攰㑢捡摥㍣慢㜰㜵戶㍦挶㈳ㄴ㔶㕡攲慤㡣挶敥㉡晡捤㑤㕦㝦㘳㐵ㄷ㥤戰㙡昵搸㕡攸㔸㉥摡㔸㐵㘴づ㉡摤昶攲慡㙦㔹㔳㝤昶㈹摦愹㔴ㅤ捦㈲㌱攰㘳㌲㔹㌷㙢慤㈰㑢㌰㕦㘳づ戰收昵搹㡢扥改〵㙢㈶ㄳ㡡㥢〷㥢敥㈴㉤㤲户㈷ㅣ㉦挰㙢㠴㡡㉣昷摢ぢ慢戵换挸搸慥扢摥㈹㜳㉤搸ㄳ㔴㈱搳敢㑢㐸愳戲㉡㥢㔵挵㙣戱㔳晡㜰㐳㥥挹㔰昶扡〸㠴㔶㤹㍣㘳收㈹搶㥢㝥㝤㤴愳愱㥦捥㌱昵㈲㝢㔴㐷收㔲戵㌰㈵搵㌸挱㍥て〱㍣㜲敡晣㑣㈳㌳昷慥㜲搶㜹㐶昹㔳㜴扣戰㐵㍤ㄱ挲ㄸ摤〱捤㉡挴㤱㜳㈰㠱愰㌸敦㕡搹慦㘴㑢ㅢ㜲摦㠱㐶㜱ㅡ㤹愴㕥㝢搶㕣戶慡挸㐷扢㘶㜸㐰摦搰㡤㜵捤㙡搵㑤搶㕣搷㈴㙢㤱㉤ㄷ捡㈶㌹㜸㝣㍤慣㥤㜱㍣挳〶晥㡢㔰收ㄵ愰捣㉢㠲敡戵捦㌱㌵㈸㘵㍥慢戶㘲晡㑥戸敡㍡攵㈲㙦㤸扥摢ㄳ㍣〹㈱愷收㡤慦㔸㘷っ戵㜸昳攷攱戲〵㈳㈰昷〸昴㈸㤷㡥攴〷攷㘶㔵〱晦愹づ〳㑢㔰㌰ㄲ㈹㌵㍥㠹愷攵攵㜴〴㔴㡥㕣搷攲㌳ㄸ搷㥥〷㐶㉢㈱㔲㍤㠵㐵ㄵ㑣㈸㜹㠶戸ぢ昶㜹捦〹㐱㍤㔲㙣摡〹愷〲㤰ㅣ〰㐵搹摥摥㉣㔴㑤㜴ㅡ慥㕢㠵摢戶㔶㌵㤹㠹㕢户搶㈷敤挶挷戶愹搶ㄶ㈵㘱㐸㜶㙡㈴㤶㘵㥢㌱敥㈵㔳愳挴㜰挷搶㐶愵㠵㑤ㅢ敢㑥㉤昲㉥っ㤳昰㑣挶昸㤴㌰ちㄲ扤㤱㡤㘲捣㍥㥤㍤ㄲㄹㅢ晡〰㈵摡㈹㡤敢㡢㔲㠲㌳㌸㜶㔲戱㑡搱ㅤ攴晢㐰㔴㥣㕢て㥢㙡捣㉢㠳㔱捤㜸戵㍡攷挱㑢㈸㥢㝥㘵㡦㠸㌴收愶㉤㡣㐸㘷愷搶㕦㉦㙦㐲㈳㌱㘴㕡㈴㈵づっ㌱㠴㜰㈵㌲慡昴捥晡戸搴㜵㜴㤱㜷㘷㉣搳ㄳち㉣㠴㤵㈹㙢㐳摣戰㠶㈷㍦㈸ㅤ敡扢㐵搱愳㠶㍤扥ㅣ挰愴㠷搴攳㔱㐹〴摣戰捦㌱㉣㠵㐳っ㔰扢㔱㘹扥ㅣ㈲戵㕢㝦〰㜷〶㝢㠷㍡㔸ㄱ㥤㍡愱㜷㐶つ㕡㐸㘱摣收㐹㔰㜶㍡愴㈸ㄴ愹㉤搷㝦㡥愹慦扤挸敢㜷挶㌲㜱㈱ㄲ㈲愶扢㔲扣〷㌷㤹㤹愴ㄴつ挶〹㜳慤搹㐴㘹昵挶㌸扡ㄸ㝤㜴昹晣愷㜸㤸换敡愷搸㔴㜱捥㉤㜴㘰㑤慢㥢〷散ㄹ慦㕣㕤慦㔸㘲㡡㘳㕤㉤ㄶ㜹㑦搰㑢㡥〰㙡㘹㑡㔹㤷㘸㔱㘶戰㤵攲㤴㐹愴捥晤㙥㘳っ摤㐵挹攱ㄹ摡昴㌱〱㤹ㄲ㤶㤳㠴搸㤶㜳ち昴てて㌶づ㌰挸攱㌹愸戴㉤㈸敡戲㔹㥣挷慢㘷㤱㐵摡ㄲ捤㘶㙢戳㌵晡散〹搴㘹㐷愳昶〴㡤㌰㑦慤昰ち〵㌸㈳ㅤ㑡〷ㅦ㤲戹ㄶ㘵㜷慦㍤㉦户㤹㙢㈰㠵㔰㐰㌱挷换㕤㔰〶慢ち㐱愲挳㥤㙤㜸摤㡡搹㕦㝡摥挶㌸㠰㘲ㅡ㤸づ㉤㕡㙡〷㘷ㄲ攵㥤ㅤ㥣摢搰㉡㈵㐳㥡㑣愶㌲㐷㌹㠸㠰㍤㠸〶㘹攲㐶㝡戱〶㈳ㄴㅥ㤲㠳㘱昱搹挴㘱ㄷ㕢愰㥡㝦㐳ぢ㜲摥っ㜱晣挵㍢摣㠲ㅥ慦㔴攸敥㈲㍥户㈷愸㡡愳ㅢ摡ㅤ㍤搴㜲㈸㑢收㐴晦敥昶㤶㡡攸戰攰戱愹㤱搳㘶㔸㕥㕤〸㌷昵挱慤づ㔹㐲攵㕦㐳㍣㘲摢户搳㘷敥昲㜸㜵㠳㙢㕦扡攴搵㉥㝢㌲慥㝣挰㔳㝦攰ㅣ愱散收㈰㑢㤹户昱㥦㕣搹㑣晥扢㜸攲㙥㠶捤〷㌴〲㈴㝣㡥㕣㈵㘳ㅡ㝦㤹愴ㅥ挲摦ㄴ㕥㠱晦㕥㍦㌹㐰㕥㌹搴挲㉢愲っ昶㤹挵㕢㜹慦㤸㈵愳扥〳搲㤲㘱㐰昰昸㤰㐸㌶愳扥㡤ㅢㄲㅤ㌴〰攱㡣ㄹ㐲㤰敦㈳昸㥢㐲㍥㔱攸搱㔱てㅥっ昹晦㐳愹㔸慡户ㄵ慢晦つ愱㝥ㄵ挴㌲㠱㈶㜵戹㔴㝦摣㑣愶㔹㑤㈶挵㈳㈱㈲换㘷㔰㠸慦㍣㔳戵敦㈸㈹捥㜹敤㙦㐶摦昷挳扦晦㠷㥢搱戹㠸㌹挴㕦㐳摡敤づ摣搷摤㠵摣ㄶ㜷㠱㠹㝣㜱ㄷ收㔱㔰捣攸㙢㜷㈱㡡㠷㥣〳㘲㘷㜷㠱㜹扥ㄴ愷㌰㤱㜶㑤㠴㌸戸ㅢ扢挱㘵慣散㌴づ攱㕡〱㜲晢㌰㘰挱㈴愲㔳㌷㙥㐵捦㥢扥改ㅥㄶ晣㈹摦㠲㘱昳ㄷ㜱慡㕢扡戰挷捤摢搶㐸愷㙤攲ㄶ㜱挴㝤㍦戶戲扢戳散愰㤴扥㜴㈸㕦ㄵ㔵攱㕤㐴㑤ㄴ昷㤹捦ㅥ晡晤㔳晦晣散ㄷ挷㜸㜲㉤攲搵㍣㔳挵㥤愴敦改㔷㈰挱㥢㌸㌴㜲㍤㍦搲㌹㠳捦㤵㥣戵慡㌵㘱晡攲ㄱ〵㠶ㅢㄷ㌵攳㈵ㄸ㔳㌳摦㕥㜰㌷㜱〶㐲扢㥢㈳㉤愱㑦昹挸㐹挲㠵㈳㠹㠱㑢㝣㉦㑥㈱慡戶挶慣㐳捦㌳晦㝢㌰㐷敦㜰㈰捤ㅥ㈳㜷愰扣㤴晡摤搸摥㘹㐴㈶㜳ㅣㄶ㑤㙦㉢ㄵ㡦〰挴㕡ち戹〸㜲㐸㜲㔳挳挳〱愲愵捥愳㤰扦ㄷ㈰㈵换搶㥡敥㘵㙣㘰㕦〹㔸昵〳㠰ㅤ㝥搰㠲㔵〴ㄵ攳戸㝣愷扢㕢㠶〲㘲搳挴戴慤昸㌴ㄷ㔰㤰㡤っㄱ愳㌱戶挹搳㌹〶散慥㐳㔳㝣㐹㥦慢㤳㜰㕡戰昳㉥攳㙥㈵昷㘱㙦ㅤ愷㐰㘰㘷ち㘲㌰扣㠳㐴㘳㜳㉡昹㍡摤戴愴㔱㠴晤扡㔸敦搴ㄳ㔵挱㘶㜹㠷戱㐳㐵㈲㤰㕦つ戱㝥戸昱攸敢㕢㙢㘸攳扣㙥㑣㤰㍦昸㕦户愶〸㌶摥㑡㠹㠱㠶摤㔵慢愲㍥㉡晥〴扡㜰搲ㄹ㘵㌴㡡㜲慦㤸慦㡥㈵㉢㤷摤㘲晦㤹挹ㄶ挹㝡㤲扤㤹搲㙥戲晦㥦〱㘲㐷晢慦㑥戰㉦㝥挶㔳㔱㠱㌷㜹收㔲㜶㑣摦㜰㐵攵㐶㈲㐷㌶挹㠶ㄴ㤹晥搶愵〵㝣挸慡慢㐵㠳㈳〶搶搵㝡㑣愲摥㤷扥㙤㑦㕢〵挸㍣㔱晥㕢㔰㐱㙤晢㌷敢慤㜸愷㕢昸㈹㜴㍣㜴挶㈹晢戵愰㘶㠷㐳ぢ㐸〰て昱㍢㌴ㅢ㍥捦戸晡慤㔶愵㜶㍢㔶愲昷㘹昴㌹㍢〷㠵㝤搶ち摦慢扣㈴戳っ扢换㙡昰㥢愴㠱㐴慡㠹搶㈱戸捥㝥㙣摤慣攲㌳搶㌹挴㍤㐳愲昶㠴戱搳搱攷搶搳ㅡ㕣㍡㥣搷㝡ㄴ戱㈱慢㍡㠲㐴㤹㑣攱㌳㍦挹㜵㙤㕤㠳收戶搱摣〲戶散㉣晥㔶捡扦〴㥡敥敥㉤捤㉣挳㜷昲敢攴㤲戱㑣㠸捤昵ㄸ晥敥㍥㔸换愷つ㠲捦愳㡦扢ㄹㄴㅢ慥㈲㤴戶㡢㑣㜸ㄹ㕤搵㌸〱㝥㐶㈵㉡昰㐶㌱攲㐷㔱㔴㕦挷戴㈸〰㈸㘳て〸搰㥥慢㕦㐴㌳ㅤ㐱㘰㘳㕣攴㙡㌵㡤㠲㍣㝦ㄵ〵㌲ㄹ㝦㡡㠱〴挱㍡㐹㉣昷慤㠲扤㤸挰づ挴㉡㕤㜱㤷㐲㠶㉥愹摦挰慢㕥挲㑦㉦㕣㤵㌸散㕡㘴㌷㠲戲ㄱ昷㐰㌹愳戸ㅢ㤱愹㕣㐵㠷晡㔴㙡挰戶㥦捡㔷搱㜴敢㔴攸㐷挸昰㤲捦ㅦ㠸敤㤰攱愳摡〸〸㐲㠲㜵㠰㝥㉡㔶㙡慢㠲㑥㔴㝣㠷戴挵昵㜷搱摦㌷挷摥㜸㥤搷㝦㡣㈹㔱愵愸㙡ㅥ㍣㔵愹っ晥㉢挹挱㕦〱戶晤攰扦扣摤攰〷㥥㐲ㅦ㡥挴㜸ㄶ愰㉦愷挸㙤㌲㤹捦愲挰㜵攴㑦㤵㘳㙣搳ㄴ挹ㅡ搲昷愷㔱攸换つ㤰㤴㡣敢ㄸ㍦㐳昰㍣挱ぢ〴㥦㈳昸㍣挱ㄷ〸扥〸㔰ㅡ㈰㠵愵昱㤷㠸晢㔹㠲㉦ㄳ晣ㅣ挱㔷〸㝥㥥攰ㄷ〰㑡〳㈴扣㌴晥㐵攲㝥㠹攰㤷〹㝥㠵攰慢〴扦㑡㜰ㄵ愰愴㐸㜷㤹挲慦愱㑦㈱㑦㌲愴㝣戱㈴㡥ㅥ㑦㜷昲㌵〵ㅤ㘱㉥㘸昳㕥㜴愳搰昲㥥㔰㜲㤸ㄲ㍦〱㙥㙢㥢ちㅤㅥ㕢㔰搵㤸㍦㑥㥦㡥〲㝢㤹㙣㤴㐸〳㝦敡㝣〱搹㤸ぢ愹㉥挵㡤晦攰搵㐶扣〹ㄵ戸挰挴扡㌱搹㕤ㅡ㕦㡣ㅢㅦ挳愷㘶搲〶㑦搶搷㥢㜱㘳㡡㠵㌴㜶攲挶晦㝥散㜰扤㜱㉣づ晡挹㜹昲㙡㡡搳㉥摢㤸挴㘷攷晤㘸㥥户改〸昴搸ㅡ㑤ㄳ㈰昹昰慡戸〲扤㌸攱攲攳挳敦㔹ㅣ搸挲戹ㄶ㔸ぢ晤敦㍦捣攰㈰搷㤴ㄹ㥡昸慥㝢〳ㄹ㜴摦㤰㍢㜶㉥搸㜳㍥摤昶㑣㠰捤㘱㘵㑦戱〸晣㥡㉥扤扥㍢㘴ㅡ㔲㝣攰挶㝡挴㤹扦㉣て挶㜴㘶〵㈵㕢搴愵㔶㘲捡㘶㕥㘸昰㡣昱㌵〷㑡ㅡ㤰〵攳敢㠰㍡扢挴㈳搸㤹〱慡㈱搱㌱扦挹㡡㙦ㄲ扣〴㔰㔲搴㌹攴㠳挲换〰晤昱扦扥㌱戴㈱㠱㥦慣㕡㡡㕦㤶㘴㈳攳ㄵ㜶昸ㄶ㐰づ戱㘸ㄵ㌱㘱挹昸㙤㘰ㄲ㉦捤㔳㝦晤㜸㝢挷㥡晢收昸㕦〴㐰㡥戴改搳晦㠷昱㈹晦㈶ㅦ㥣挳扦㘴㤲㤷㕤㐰㔷昶愱捥㥥㐵㐶愳〳㉦扦㥦挰㠴摥挵㜳戸挰㡤搴ぢ㥦㐸捤㔸㔲搴搲㥣慥㝡ㄲ捦攷㍢攸摦㤷搴ぢ㌱晡㠹〸捤㜳㈸㈵㐵㑤㉥慤ㅦ㡦搰㍣㌶㔱㔲㥦㡦搱ㄷ㈲昴㕤㠲晥㐲㡣㍥ㅦ愱敦ㄶ㌴昵扦㍣㘴㌱㐲搳挶ㄵぢ〰戸摥㝡㕢㝤〹㝦愴㝥㈱慡搷㈳愵㠹昴戹〸慤㐷㑡愳㈱攸挷㈲戴ㅥ㈹捤㠸愰攷㈳戴ㅥ㈹つ㡢愰攷㈲戴ㅥ㈹㑤㡤愰捦㐶㘸㍤㔲ㅡㅦ㐱㥦㠹搰ㅣ㘹㐹搱〸〹㝡㌶㐲敢〱搲㉣〹晡搱〸慤〷㐸㐳㈵攸㐷㈲戴ㅥ㈰㑤㤷愰㘷㈲戴ㅥ㈰㡤㤹愰愱㠴㠵ㅥ㝡㠰㌴㙦㠲㍥ㄵ愱昵〰慦挶攸改〸㉤〳ㅣ愰攱ㄳ愱昹㉥ち挶㙢〴㝦〲㔰捡㔳搸㜶㉤昵㘴㤹づ㕤挸敦愱慢愲㈸昳ㄹ挶㥦㐶〵摥㈸捡戱捣攴搳搱㤰改挷ㄴ戳〵昵捤戸㘲㉣慡㌸㈹ㄵ㑡㔱摥愵挷愷愲㡡㌱㈰㡣㍦〷㔰㤴㘷捥挹昸㍥敦㈸挶昲挲扦㠸ち昲㐲慥㠱㜴㝦愸攵㠵㕣ㄷ愹㌸搱昲㐲慥㤵㔴㍣㤸㝣攱㕦昳愱摦㈳挰慦挹ㅤㅢ攰〴㘵扤晦ㄶ㠵扥㕣㍦挷昶㌸㝥搹㉢慡晣㜴攵改愷摦敡敦ㅡ扡戹敢㠹㑦昷扥昸收摦晣昰敡て㥥㍡昹㙦㍦晡挶㌷㝥昰㉦㔷㕦晦搱㙢换㈷晦昲㤵㔷扥晦挸㑢慦晦昰愰晤㜲昶搵户㘶㕦㝥㙥昴搲㜳捦搸攷敦㌹昵摣㤳ㄷㅦㅢ㥤扦㙥㌸㤷敢敥扥㜳昰慦㙥扡㙢攰㠵㘷扥慤晥散ㅦ㙥昴㤴㑣ㄷ㉦㘸ㅥ〶愷㉤挳㜸〳〵っ㠳㈳㝥㕦㠷挱改捡㐲ㅤ㡢ㄶ㙡〲㠸㈲扣㝢づ㐰㉡㐶㥢㉢㝡晥〷㉦㠷㜳㔴 | 㜸〱敤㕣〹㝣㔴搵搵㥦㍢㤹㤹捣㥢㈴㘴摣ㄱ愶〸㔵㔹㔲㈲愰㔸挴挹㈴㘱㠹㠴㉤㘱ㄱ挳㘴收㑤㌲㌰㑢㤸㤹㐰㘲㔱㤱敡㔷㙤戵㜵愹慤㕢敢㐲㙤搱敡攷㠶㘸㙤慢㔲慤ぢ㘲挵愵㜵㙦ㄱ愴戵ㄵㄵ摢㕡晤慣慤摦晦㝦攷扤㌷㙦㕥㠶㈴㘰搲㡦晥扥㕥㌲㘷敥扢昷扣㝢捦戹换㌹攷㥥㜳〷㥢戰搹㙣㥦㈱昱㥢挹挱捣㤰挶捥㜴㐶㡤㔷搴㈴㘳㌱㌵㤴㠹㈶ㄳ改㡡㐰㉡ㄵ散慣㡦愶㌳㐵㐰㜰㌵㐵㔱㥦㜶㌶愵愳㘷慢敥愶搵㙡㉡つ㈴愷捤收㜶㉢㜶搴敢ㅦ慦㥥㔱昸㤶攲〰㈸〵㤶㙤㝥㑤昵㥣收ㄵ㘸扡㌱㤳㑣愹㘳㝣ぢ戳つ㑣愹慣慣愸慣㤸㜰㜲攵㐹ㄵ攳挶昸㙡摡㘳㤹昶㤴㍡㈵愱戶㘷㔲挱搸ㄸ摦摣昶收㔸㌴㌴㔳敤㥣㥦㕣愹㈶愶愸捤攳挶㌷〷㈷㑣慡㥣㌰㜱㘲攴㤴㔳㈶㤵扡搰昲散㥡敡戹㈹㌵㤲敥慢㌶㡢搹收㥣㥡敡㡡搹㙡愶慦摡㜴愳㑤㌴㔹㥢㡣〷愳㠹㍥㙡搴挹〱ㅥ㕦慢㠶愲㥣〹㔵㑤㐵ㄳ㉤ㄵ㈰㍢㙦愰昱㜴㜲挵㌴㡣㜸㈸㤸捥搴愸戱㔸㠳ㅡ㈱㠳愵㜱㡥㤹㥡㔲ㄳ㈱㌵㍤㈰㍥戵㈳愴挶戴敡戴㍢扥㌰㤸㥡ㅤ㡣慢づ㘶捡攳搹㜹慢ぢ慢㠹㑣㌴搳㔹ㄶ㕦㤰㔶ㅢ㠲㠹ㄶ㤵㈸捥昸昴昶㘸搸攱づ㠷慤攸戸㐲挴挸戹愹㤸㤶ち搵戴〶㔳ㄹ昹挴㔹慢㉣㠴㙢㕡㈱㤲昰㍣戲戸㡡㝣㤶户㌸㑤㡤搱昸㑣㌵㤵㔰㘳散㠴扣㡤戶㈰挹㌱挹づ扤㌱㌸㍡㌷㥣ㄸ㔱愲㉤㝥戲挲㕥ㄴ㠵挰〳攰㉡〱㈸慡㙢㘸㔰㑡㔹㔴〶㈰ㅣ㝦挶收㌱扦㐲ㅣ㝢㔳搰摥搴㙣㙦ち搹㥢挲昶㈶搵摥ㄴ戱㌷戵搸㥢㕡敤㑤㔱㝢搳ち㝢搳㑡攰攸挹㕤㕣㙣搷㔲搵㥤慦摤戴扥戱㘸搶〳㈷摣㝥摡攲て〶扥㉡戸㕦攴挶㈹㐷㐶昱〲戸〶戲㘸昶摣㠵捡㈱㉣ㅡ〴㈰挴ㅥ㤰㐰㌲㉥㈹扥散搰㥡㍤㥤㌳㙦㜸㌹戸㘰敦ち昱㥤搲㐳㔱㍤㑦㘳愷㌶ㄵ㕣㠳㌵㤱㕢㙥㈷㔶㡣攳扦㥥昷ㄹ戶㔹㘴㘲攴攴㐸㘵㘵㜸攲戸攰昸愰㤳〳搲摢搹ㅤっ摣搲挸愲㘸㈲㥣㕣㈳愷扢㌴㌲㉤ㅡ换愸㈹昹㔰ㅥ挱㔷㜶挹捡攷戲挸搴づ散昵㔰㜶㘵っ㡥搴愸愹っ昶㐸愶㌳户㕣㠶㔴〷搳㙡敥㜱戴搶㜶㜵戲㍤ㄱ㑥ㅦ㕤戸戲㌱ㄳ捣愸㐷㔹敢㜲㡤㜴㜹慤ㄱ晢㐷㑤㑢㤲㠶㕡㕦㕢ㄸ㡣戵慢㠱㡥㘸戶晡ㄸ㑢㌵㜶㔲戲㜹摦戵搳㔲敡㉡愳戶ぢ㐵〱挸摡搵戲敤㉥㕣㘶慢戲㜴昹㙡㕡㤳㘹㌵㈱挹ㅢㅤ㥦ㅢつ慤㔴㔳㡤㉡㈵戵ㅡ㤶慣ㅥ捡㉡㙤㍢㡦㥥㤳〰愳搸愰攱攱收㔲づ戴㥡〸慢㘱搰摢㠶㔱敥㥣ㅦ㙣㡥愹㠷攵愱㘴晢㐴挵㤱㜹挵搳㤲愱昶㜴㑤㌲㤱㐹㈵㘳昹㌵㠱昰敡㈰㐴㐸㜸㔶㌲慣㍡㘴戲㘵愱戰ㄵㄵ〹㘱㍢扥搰㕥㘴摢㘹敥㔶搳㈲愱㑣攸ㅥ搹戴㠸㠸㕣㜰㤷ㅢ㉤㈳㘳㕡㘴挴㍦愱㕢㑡捣㡢㤰搸攳扡挵㉥戰㐸昹搲ㄱ昹ㅢ慦愲〱昳㠳㜹㠸愹摣㤵昶ㄱ晢㙥㌲户㉥㝢愰搴㌴㉢㔴捣挴敥㘶搰㘴戳挶摡敢㕦㘴扢㝤㤰挶晤搴搵㔰ㄴ㌳㠲㠹㜰㑣㑤㜵㙢㔶〸㔲愴ㅣ㐶㜰㌸挱ㄱ〴㐷ㄲㅣ〵攰摣つ昹戶捦ㄱ愵㥣ㄴㅤ愲搳戹㈶ㅡ捥戴扡㕡搵㘸㑢㙢〶㘵㌰㐷摣㙥づ昷㔸㌵敢昰㝤㍦愴改㉥㕡㌸捡㠲㘳〸㠶〲㜸㍣㌶搷㌰㝣摢㕣ㅥ挵挷慦㉦〰㤴敢㥡搲㤷㕤㤹ㅥ攱愴ㄶ搸㝦㕤㐵㈳㐸㤱慡ㄱ戶㑢摡ㄹ㐷扢改愲愲㐲愳㌱㈳㤸㙥捤㜰㈳㜶㕢㈹戵搲㜰㌶㝡㉣㐰改〸㠰搹㌳搴ㄸ戶㜱㕦㤹㍤㑥㉡戸ㅥ搵㉢㔵搰㘱昱挶捥㐴愸㌵㤵㑣挰ㄲ慣つ㘶㠲㠱㙣㠸戴〸扡攲昵挹㥡昶㡣㉢㍥㈳㡡慦搲㜸㠳摡愶〶㌳㌵搳㤹戲㜸㍤散て㈹㐷敢挲ㅤ捥㜸搶㜴愸㔵搳㈱㠵㌶㐶ㅤ挴㔲㠷ぢ㌹挸搹搲㌸〵㡤摡㤱㘱搳挵昱戹㐱搸㈸ㄹ〵㐸愳攵㕢搹ㅣ摦㉣㤳㘵晡摢ㅥ敤〹㉤㜸㘵搶搴㑡㠹㉣挸戶㘴攳捡㠱〶㠵㑥㜵㘸搰扡㠳ㄶ㘴愲戱㜴㠵㌶扣ㄵ戵㐹搸愰慡戴㠵㌹散㉥ㄷㄶ㤸慢摢挹戲㙥㜴ㅡ㈹㜳㐲捤搹㘶㐱捡昴㔴戲扤㡤㠶㑡㕦戵挳戶㙣捡㐸㠰ㅢ㍥戸㙤昲挸敦摤昹㤹昶㝤ㅥ戶㤰㑣ち㙤ㄴ㠵敢㥤㕢㐱㑦捡昱挸㜹扡慢㜳搲攲㈹㈸㘹昷㘱㑦㜱愱㤶挶挱敤晣㤴㉡つ㐴户㝣攸㙣㔳换攲㡢㤲愹㤵捤挹攴㑡㑥晥〰昹㤴㙥㔵搵っ慤慥ㄲ捤挸㘴㕥〸㔱㔴㤴㘷㕦㤹捣㌳摡㙢慥㌱〰㘵㠱㔸捣愷户㤸㜶㡤㐵㔱ㄱ㌴㡡慢〲㤹㘳㘶〵㔷㈴㔳扥戶㔴㤲〷づ㕦愵㙦扥ㅡ㙦㡢挱㈰愸攸㠸愵㍢挴㜳ㄸㄲㅡ㑦㐷㙦昸挶搶㈷㝦攱㥤㝡挹㐷㥢户晦㘴挸ㄷ戶㠸敤㕡㐵ㄷ慢㑣ㅡ㘳㘸㔸愹㈴㌸㤱㘰㍣挱〴㠲㠹〰㘲㉢㕥愵挰㘲摤㙡㝣㌶㐳散扣㈹挵捥挹挴㤹㐴㜰ち〰挴㡥㥣〶㐸㥤挹㉣愳搴昱〸㐱㐳㡦㤲㐶㤹㐲㜰ㅡ㠰攰㔶攳㥥戴㈹㝥㠰㝤㑥㉣慤㐳搹㈲㔱昵愴㔴㈳攷㔱扡愹ㄳ戴㈳㌹戹ち〷㔳攱昰㈹ㅣ㍡㜱扦㌶〶㕤〶㘷戳㔶㘱㌵㌹㥤ㄴ攰搶㉤㈴㑤㙥㐳ㄹ㥢搴晣〰㈰扢㈲ぢㄲ搱㑣扡㈴ㄲ㘸捦㈴愷㐵㌳戵改㑣㘹〴〰㔹昹捡㔱㔲㙦㤹㕥ㅡㅤ㔹ㄸ㔵搷捣挷㈲ㅡ搶戵ち愷㤱㥡昶㜴㈶㈹愵挳搰慥昵戵挹搹挹㑣㙤㌴㡤〵搰㌹愲㐰㜵戶㘶㔱慢㥡㠰㈱㤵㠲㍤搵ㄳ㔲戲慤㑤つㄷ愰戱㌱搹㥥ち愹㜵戵〷㠳㈹㈶戲㘲捥㠶㥤〴㈱㈷㐶敥摢昴㌰㡤㍢搵戱ㅤ扢㑦ㅣ㤸㈶㜷捤攴晡ㄹ㘹㔳敡昱つ㌹㈳戰搸㤵㔹挸㘲捤㍢愹攰扢㕦㈴㈶昳㡥挲捡ㄳ挱挴㘶换捡戴昳㐳㕤㈲ㅤつ慢ㅥ敤㘹㔶㌴㌱㐰换捥㘹捦攴搵〴㍢〶㘹㌵ㄲ㜳ㄲ㤸晣㔰㌰ㄵ㍥ㄸ收〵㡣㈱㘵㈷㐵戸昰敦挰㠶㍡摢㡣捤戶㔷㜷攲散㍤て摢㝤㌶㡡㌹搶戴愳ち捡㙣㘳㐳㈲㘳戲㡥㈹摤捡㌸摣㐶戱㥢㑦戳搴㘰㐲捥㐲㘳㈶㕣慢慥ㅥ㈰㌱㔴㉣㜱戸〱㘲敡愰晣㐷愹扡㤵㐸愰㌹㥤㡣戵㘷搴〱㐶㑥㙥㜵㈵搲愰㐲晥攲愴㔳㙡攴收㠶㌲㌸ぢㅡ敤昱ㄴ㜳昰捣㐶挴愱捤㤲㤰昳攴敡㘶昱收㌳挱㕤㜴㠰戳ち㝤ㄱ㤱改㍤扦戸昶ㅡ愶㕢晤㌶㍤攳㘱戲㌹㘹ㅦ昷晥㈸挳㥤㌴㐸㍦㘱㘷㘵㥣ㄴ㕦愵㝡ㄹ㑦ㄱ㘵ㄱ㈹昹攰㉡愰〷愸㥣㕢㈷〶昷㕣㈶ㅡち挶㘲㥤〳㈲㜵㠹㔰慣㍤慣搶〷㥢搵㤸㉥戵㤳愹昸㐱㌲㕦搲㝤㤹㥤慢㙥挶㐵㍢摦搵挱㠷愹ㅦ㥣づ㔸搰搹㤴㌹ㄸ搶慣㌵㈵㠴㐷㤹㠷㈷㑥つ㑦㉤晢㝤㙥愴搶㍦㈴攷昵㤰㡥㌵㠸戶㉥㐵㤴㘹戴愱㡤愳愷摣㜱㈶戴晡㘴㝤ㄲ㙥㠱戰愹㘸㐶㌴㕢㜴搰散㉢㌹㑤㉥㤷敢㐰㔵っ挶ち㘹敦㘷摡昷㜹摡㌷っ愴散收攰ㄱ捦㙡㝤㥢㑣ㄱ愹晤愵愴扤㔵㑥〹㤶㌵ㅤ收㐷㌳㌱戵㈴㈲敢㘵摥捤㉤挱搱㉣㡥捣㙦㠵㈵㕢㕢ㄶ㤹㥥㡡㠶㘳搱㠴㑡㌳〴㙥㉡㍡㌳敢搵ㄶ㌸㔴收㈶搳㔱㍡捣换㈲昳㔳挱㐴扡㡤〷㤶㔰攷㈱㜹㑦㜲戲㥣㤱敡㘸〲ㅢ㈸摢㈷昳攵㤱挶搶攴ㅡ昸摣摢攳㠹改挱戶昴㐱㌱㔱戹ㄳ㐲㜶㔷搹㠵摤㉥摣㜶昷㠱敡㉡㜹扥愰㐱㘰愳㜱㙣㈷搰愶㡢㠷昱㙥昶㉣㘷㑡㜳㘹㜱捦㤲慥㍣户㜵挱昳戴ㄱ戴㤰捥㠵㐶扥㌳ㅦ攰昴改ぢ敡㜲㡥搰捦ㄵ㜴㜰搲㝤搰㡤㍡㤰㑢挳昰扡搰ㄷ㌱㈰扢㕣㔸挶搵愳挸㔹攷㤳㜵〹㝡㈲ㄲ㠷慢ㄱㅡ㤴攸捣㑥挳㜹戸ㄴ㥢ㅦ攲ㄷ㝥〴挸摤〱搹〷ㅡ㜵昱㘰㉣慤搵搵㈴攳昱㈰㤷ㄷ㤷㘶㈳㘴户敡㤶ㄶ㌶愴㠹ㄲ〱㤰㙢㔰㉢ち㜶愰㈸搸㈱㡢愰㤲改㐹㤵㜹戶㤵㙣〹愶愲㤹搶㜸㌴攴收〳扤㥤〷挵扡挴ㄲ㤲㘷㜷っ㈸㤳㕣㥣㌰㔷慤㍥㡢散㌱ㅢ搳㕤㠱ㄳ〴㠷㡥搳㡦搵㙢㤷㝡㕣ㅣ愰㥢ち换㔷愱㝤慢㉣〴㜰搲扤〳昵〱㠸㘴㌲挲㔰㈲〵㤱昰愱㥣搵捡㈲㉤挳〷〷ㅤ㌸摤㝡づ㜸㤰昷搴㈷㠳攱㘹㜰㠸㈷㔳挵㕡㤰捣㡤愹愵㔸㐹㜹改㉤慡㠱慢ㄵ㉥摣搵戰㠵㔳㙥ㄶ㌴挲て攳愰㥦挹㤵㥤㐳㡥㡤捤改㉣㜱ㄷ敡慢㑥㙦㙢㠴㜶慡㌶㐷晣敡扡戴扦㘷摥㈴ㅥ㍦挱㤶㡣㑡㥣㠱慣戲ㄸ㐰搰て㐵㝥㉣〸㑢㠸戰ㄴ挰㐹㜷㠴㜵㤷散搳戳挲挶㥤㜱㝡㝣摣㜱戲〳㤳挳〵㍦㍣㐷ㄸㄲ㔷㠹㥢㥥ㄷ攵㑣㠰㘷戶㙤攳ㄱ搹㈶攸扡搰晢ㅦ㠷扣挷挳挱㔳㤶ㄱ㥣〵㈰㜸㔴攷搱搴搵〴㔰㕣㌹㑥㈶㥢戲ㅣ㑦㤸ㅡ㜹㌸〹㈲ぢ挵㉤㈸㤲㜸㐰搱㤳㘹㐶㘱㔶㌷愳㤸㔸㍣昱搳戴收挴昶㘴愶〹㝡〶㘸慡搹㤴挱㌰〰㉣ㄸ㡦愲㈲挳挶攸㌴愰扤㤰㥦昶㥥昷㤵㐳敦ㄸ昶改㠰㥤㝥搲㐷㍣㝡て愸搵㙣昲㌰㉦晢戶㐸㔱㐱摦〲㈵愹搲〲㈰攸㘴愰㠰〲㤵ち㌹㔷愲〰㍤㉦㔸㍡㈳攴㠲㕤愱㘵昸㈰㌸搴晡㈰㈳ぢ㥡攴㉡㔸㠹慣ㄲ〳昴㔴ㄴ㐰㠸ㄳ㈱㐱〴㉥ㅥ慥〴㈵〹㘰㑣㕥㌵ㅥ昴搷㑥㐵㕥㥢扣㌶㈲慥〲㜰昲〸搹扢㐳㉢㘷摤㙢昲㈴㔰挰愶〷㐶收戵〷㘳〸㔶捥㠱㌱㥢㘱搱挱㈰挱ㅣ搹㈳㠵㌵㡥㤶ㅦ挳挴㜹㕣戲戰㜴ㄹ㌹戳㡥㐱㍥慥挶㕢㥡㤸〷㜶攴昰㌸扦〹户㑥敦㝡攱㡡㈸㕥㑤ㄷ㙤㔳㤳捤捤㍥戹ㄸ㍣㑡㥡㑢㤵㐷㝤戹㠴㌲挸搸戵㡦攰愱㔴㤶戶㈳愳㈷㈷つ攸㙥㌴扦挵㕡攷晢㠳㜲㜲㡡ㅡ㘹㜴㡣昷ㄲち〹戸㝣〳㠰扥㌸㐱〳扤ぢつ㠲戶㠱㉣敤搰㌲㔲〸㔱扥昷愸㔲愸㠷攰㠷㠰㜲㘹捣㜴挶愰搰㤹愵㕢㌳㥢愳〴换㔶㠳攸㘴ち㈷ㄴ㠷㌵㤰㘱扣㑢晢愰㘴戰㈵㜰㈴㕦㘳つ㜵㤷昳㙢㤸愲㝤扥㑦づ㜲戳挲㜷㤸㕣㘷〳っ㥥ㄵつ愵㤲改㘴㈴攳㙢㠴㘱敡㘳㈸㌱㠲㈳㑡挰㜹㈱㕡㉣搸㈷ㄹ㜳㈴ㄸ搷㤷ㄳ敤㔹㤹㐸慥㐹㐸㙡㥣㘹㐶㔴攵㜸ㄵㄷ戳ㅢㅥ㕣㘴㍡ㄶ愳攸愵㥥攳换捡㕡㠰戲㈲㉦ㄵ〵㤳㤷捡㠲挹㑢捤挰攴愵㜶㘰㉡愷㍣㘷㉢戴搴晡㌴㜹愹〵㌸㥢慥㜳〰〶搴㔴㌷㤹㑣㐹搷戹㈸㉢㐵㤹㔴㤶つ㠸㐴扡捥㐳挹㐰㤴攴㕦㜴昰㔲㡤㐸㜹㘷㕣〷㔰搶愳㐸㉣〷愰㠰昲㠸㜳㌰㡥摣㐰搹㡤㜰〱换戰ㄱ㠲昸㤶〳㜵㈱㌲挶㐶㘸搶㑢摢㤱搱㤳〸㈱㈷㑦㤳㕦㐳㐶㔰㍢挸㌷昳㜰㕡昴搲㡢戵っ扢ㄳ㤴敢㕣慣㘲㌵〸攰ㄲ㐱摥愶㜰摥㌹挵㈲㠳ㄲ㑥㜳晥㌴㔱扡换㘹扡ㄴㄹ㑣ㄳ㈵㌹㤳㤷搲㥣挹㑢搱捤攴愵昸㘶㉡愷攴敥㥦㘹愲扣㤷搴㜰㥡㕣摦〲ㄸ摣㌴㍦㤹㑡〴挳挹愶〶㌵㡤换㐰改愶㐶㌵愳㜰挶ㄴ㑥㤲㤷捡㐱扥㔱捥愲㉢〹㜸㤴㔳慥〲ㄴ㐴㜲昴扥㠳っ挷㠸ㅦ㉦愵㤱㝣攵扢挸㈸㔷〳㤴搹扤晡昸ち㈹ㅦ㔸愱㤷㜰扥扣㤴〸昲㥤㙢㠹㕥攴攴愲㥥扣㙦ㅦ慡㘹㜵㡤㠶攸捡ぢ戲㑦㐵搰扣㤳㡤ㄶ挱㐲㜳捡㌵攷戰㝦昹挰摡愲㘲攰㘶攱挷愹㘲㜲㍦㐷㍢ㅣ愸㥣摣㘰㡢挳昰㔱慥〷敢〱捡昸㌴㠶㘰㉣㐱〵㠰㔸㡥㉥ぢ〶㑥㥡戴㡡㉥㠱㤳ぢ昸ㅡ摦扦ㄹ挰㤸ㄲ敥ぢ㌹扣ㅢ㔸昵〳㠰㌲扢㤰ㅢ㠰捦㜹㌳挱㈵㉦㔱㝦㐸慣㈲挱㜵换搹㡢搱㈵㠷㐰㔲扤ㄱ㈵㑥慥㠶㌱㤶㠱搵㐲㙦戳㠲㠹㘰㡢㥡慡搰ㄶ㤷戶戶戸愸㐵㡢㔰㐵㐴戴㡡愸㔸㈱㔶㡡㤸㠸攷挵ㅦ㜱慤〹戶㌴㝤㠱㕦敡㕤换扣㜶㈱昵㌷昵愳搵〹㙢愱㘶扡㥡㍤㤳ㄹ昸㠵搴㔹敦攲挳㙥昷愸㕥搱㠷ㄸ㘸㕣㥡ぢ摦戱ㄷ㌰晦㐱㔴㐴愸愲㌶㉡㙦〰〶㔳㥤换㑦㕣扡㔴㐳㙣捣昰㠲搹ㄸ㕦㍣ㅤ㑡愶㘲搱收摣㘹扡昷搷㡡㑥㍥㌹㌸㌱㌴昱愴捡㔳挶㑦㔰挷㑤㍡㘵搹㤸愵扤愲㕡㥢慦搱㜵㠹戶㜶〴㤱㔳搹㘷㐸㠶㌱㍥づ㘹摦摤搳㕢戶慣摢㈹攰㥣㑡㔳摥戹㉢㙦㝦㔷㐴晥㡥㘳㕢㑣捥〵㘸㙡㝦ㄶ㑡搷㘶㈸㕤㤴摢〹敥〰㐰㜳㌲㈹晦捤㤲㍢〱㍣㠲攲戱搰㠶㥥〵捣㠲ㅢ扡㕥慢戰〶晢扣ㄴ慤㜲㍦摥挷搶㌷ㄳ摣て攰ㄱ㤴慥㜲㘳捥挰慢摣㤸㍣愰戹㜱收愱挴㤵ㄵ搳戵㡡ㄳ㔰愰㍣〸攰愴㜴戵慥㕢慢扢捥㜴㉦㡢㌲摦ㄹ愱㤹㔵ㄲ挹ㄶ㜳攷挸㜸㔰㑣摡㈸愵昰㘹愴㜰㌳慡ㅥ㙥㍡㜸㌲㜰㌱㔰搳攸㜰摦昱㙣愹㥦㥡ㄵ昹㈴愵㘹㘴㑥ち挷攸攲㐸㕤ㅡ捥挰戰ㅢ搷つ㌲戸愹㤶㌸ㄸ㡥ぢ戰ㅡㅤ㥣㕡〸㑥〶昱散〵つ戶㐳㔱㙤㍤㘵㥢㠶㌰㌷ㅥ扡搷摢㑥㔷挸㠱ㅤㄶ㕣㍦㐵㘷戹㉢㌲搲㐲㑣摢㐵㉤收㔵㕡ㅡ敦㥣㜸愴㌴㐲㘸昴㈸㍦〷慥敢㈱ㄲ㡦愸扣㤰㝣攰㑣慢㍣㡣ㄲ戹㠵㈴戰㌹愹㙦慣㡣搱㝣㥥挶㌷㉣㤷㝢㑡㑡挸敤晣㙢ㅥ慣晡挷昸㘵〱敦捤㜸㤰㑢㜱ぢ㌲捡㉦〸ㅥ〵昰〸㙡ㄵ戹攲㑥戵㉣㐵㙡ㅡ㔹㌱搹扣ㄴㅦ㐷愹愰㝡攱㜲㜴㍤〱搰㤵挷㐹〵㜹㝣㡡㉦㙣〵挸攷昱㘹㤴㤸㜸ㄴ搴㑥攴㔳愷㕣㜰慦づ挷挷攲㍢㜹〶㐵捡慦〰〴昷㜱〱㠴㘷㠹戰ㅤ挰挹扤㙤摤㌹ㄶ敤愲改㍡㈹昱㑢㠰㉥㠲㔲换㠵愵扥㙢㠱戶ぢ㠹收㝣㕤㔷㔴挴攱愴戲㉢㈴〵㡤㜳㔵户㤵晢㈳挹㈸〲摤㠸〶散慦㈰攵㝢㜷㡡㙥昴ㄷ搷晡昲捡愵扤㔳㉥㜲㠰㐶㙢愳愵㙢㤸晦〳挵攲㝡づ㙣捤㔹摢㤰㑣㘶搶敡搷搰搲㙢慤㌷㔹搶挰㌳敢㙢㘴㡣㔵㕥搱攷㝤㤶戵㌵㈹摣摤て挶㝣搵〸搷昹㈰昴摡ㄹ㙡㑤㈶搶昲捥昰昳㘸㔴㜹〱㐰㡣挱ㄲ愶慥戱攳挱㠹㑦㌶慥昸ㄳ㍦㥣㌲㐸㝢晣㈸㤲㐹㡣〶ㄲ昵ㅢ㥦㤴摦〰㜸ㅣ搴㈲晦戱ㄸち晤〲㘱搹㌲敥㤹㉥㡥㕡挳㉦㕢〶慢㕦ㅡ晤㜳㠳搱㔴ㅡ㈶㜰㤱晢㡡敥㤶慥㘶㠲㑤㕤㤵昵㕦改捥㕡慥收㝥戴挳㤶戹慦敤捥ㅥ㌴昳昰晦捥㈲㕣扡㡣攷〴攵㈵㠰㠱捣扣っ㈰㘸晤㐸㑤㜲ㅣ㌶ち慤㥤㔳㔱攰戶扢〴㉤㈲㔹昱㐵慤㘲㡡慣㠲㔶㤲慣ㄸ愹㔵㜰挳㈹慦〳㤴搳ㄶ㉡挵愷昸㌹扢挰㝤搵㕤攲㌱晢㉥戱挱扥搷ㄶ㠳慤ㄷㄳ昰攵㔳㤹昶㕡换搳㐰㍣㐰㙦搹ㅢ㜸㔵㔰㐵戳つ攵户㕡㠶て㘲ぢ㠰愴晦ぢㄶ㡥愹㜸㘵㠵捦挲㌱㤵戱慣ㄸ㘶收㜸㈷㑡换愹㜲つ㡥㌷ㄷ扤㈹㌹扥ㄹㅣ慦㐰㕦㉢挰戱愰㙡㈵搷捡㉥〰㐱㡤㉡㐹㝡㑢换昰挱㑢㝤挹攴愵捥㘴昲㔲㐱㌲㜹愹㈴㤹〴攵㥦㝣㜳户㝣捥〲㈱〵㈲昲㡡戹搴㐱㔹昷㙦愷㔷㡡㐰㜴攱摦㘶㐱㌰㥤摡慢攳㔵㐱つ㤸昵㍦攳挷㕤扦㐷〷摣〱晣㌸戸ぢづ㐶昹〵戲㙣挵摣㤹㜲戲㐹㙡搱搵晦㤱㘸〵㝦㌳〷㡤㜵㈴㌶攴㝦㠶愷昰㑦ち㤷㉤愳㠱㔴戴ㄲ捥㍡㜹挰ㄱ㡥搳㝡戵㠹昶改愳愰戵敡㝡ㅢ愰㘵㙤摥㤵攵戵㠱㜴扡㍤摥㈶敤戸捦㘵收捤㡤〵ㄳㄹ㕦㕤㘲戵㥡捥挴㜹㔷晥㡦攸㑣ㅣ㠶㌹收㍣扢摥挱㔳扡扦扡捥㕥摦㠳㙦捤㤷㡣㈰㙡搲㥣昱㑤㡢㈶昰㠳㈰㜸㡡㤴㍤㈴㘳㤰㑥挶㝢㜸ち昷ㄳㄹ㜵昸扤㐰ち摣晢ㅡ愲㔰摥㘷扦㕥扤摦て昰搴摡㑦晤捥㕥㔴攳ぢ愶㝤㈳挹㝣ㅡ昷㉤搲捡㥦搹㜷㤹摥昷㕦昱㤴敡愷扥㘷㈵ㄳ㘷〷ㄱ搷㐱慦扥㥡㘰㈲ㄱ㙤㐶挰昳㙣㘹昸㉢ㅦ㤲ち㡦㑥挵㐷㜸ち昵ㄳㄵ搵搲㕤搲改㥢㡢换㔲捡挷散戶㔸敦昶ㄳ㍣㉤敢愷㙥ㄷ慢挱㤴慦㔲昹㍢㍢㜴攸ㅤ晥愳ㅦ㍢散㘴㠷㈷㉡晦㘴㠷㐲敦㤰扡愶扦㌸㤴ㅤ㡥㔷㜸挷㐴晣昳㥦摡㔶㉥敡敦づ㈷㈸扣㑤㔹㑥慢㜴ㄱ㍥昶づㄱ㕡ㅥ㕥扥晣攳㜲㠷敦㈸挷ㄹ㔵愵搷散搸扡昳㡡ㄷ捦㥣昲㠷㑦慦扦晥挵户慥搸昶改捦㥡愷㍣㜱昳捤㡦㥤㝥挳戶㥤㠷㐴㙥戴㙦晥戸晥挶戵㤵㉢搷慥㡡㉣ㄸ㌵㝤敤攲ㄵ昳㉡攷づㅣ㕤㔴㔴㕣㝣摣愰㈷㡦㌸摥扢㙥搵〳㘲换㉢㠷㈷㠴戴㌳搱㠱攱敢㐷摥收愵扤挹搳㤴攲〲ㄱ㘵㐵攵㌴ㄵ晢㤵っ㘹㕢戲挳㜶〰㍤㜹㘹㘳㑡㌲摣㤲っ慦㙥㈳ㄶ搳ㄲ㤲昶〵㐳㑥づ㙢散愵ㅢ昷㡢搵扢㐰㤵愰㈸㘸㕤昱㤴㤴ㄲ㤴ㄱっ㈰㈸㈷昰ㄲっ㈴㌸〴愰捣攵愴㘴晦㥣敡攸昲㠴昳㐷ㄵ㘱ㄹ昸㘸㘱搰㐳㈴㐴㔲㌴㙢㐱㤰戶㤲昸搴ㄸ慥㥡㐶㐳戸㐱㤱攷㈲挲捦扣昱㍡㤳㜴ㄵ攱㌴扢㕦〱ㄷ昲摤㍢㘷㡦昴挳ㄸ㜱ㄱ〱㈷ㄱ㔲户㡥愷㐹扤搲搲㜹愶㙥㈰捤摦㥥㐹晤散㜲摤搵摤愹㝣扦ㅣ㑡扡㈵㌰ㅦㅡ㘹㙥ㄲ㍦㘵㤶攷晦扥昷㈸ㄵㅣて㈳㕣㈴搷ㄸ㐳㘲搹㠰挵㍢㤰㈱晢㍢昴㔸㜳愶㈱ㅢ㘴㠹㜸戹攲晤〹㔳㐳㤷㙣㌹㙤昲㘷挳〶扣㜷㜵㘰㐱㜴昲戲㤷扦戵㈱㠰扡㜵㔷扥扥㠹摦戶つ㙦摥㈴扦㤹㔷づ挳㙢捡攱〰㑣㕡㡤㠱㜹挱㑢㍦ち㈸㐷愰㌲散愹㌸㝡挸慦て㝦挴㈳㘸㌸㜰愵㘷攳扢挳㤰ㄳ扢㐱㍥㔹㘰㈳攲㤱改攵㈵㉦㜵戴〷昴㙦㤴挹㌴㕥愶ㄷ晣晡户㕥慥昰户愰捡㌱〰㝡㑤昶晡搶敦晤昲㡥晤㌵慦昸㤵愱㙣㔸㑢ㅥ㐱ぢ挲㐲挰敦㝡㐳挰㤲昰攴摦捤戹昴㐷㝥晤㕢㙦㔱ㄹ㑥〲㡥〵搰㙢㙥晢攰昹㔹捤摥〷晣㥦㥣扢攲㘷㤹㉢㌷晡㤵ㄱ㜹〴搰㡣戰昰㡡㤹㠰换㤶捦戹㌲敤㙤て散愸㜸㜶晤㤷摦㙣て搸戶晥捦晢㙦ㅣ㌱㉡㔰改扥㝤挸㤲昰㡦晤改搶换摦㕤敢扦㠵㉥〶㤹㤴攳㐹挰〹〰㝡㡤㡥昹戱㈴攰㈲扦㌲ち㤵愷て昸㔴戹愳晡搱㠷㍤㠲ㄶ㠴㠵㠰ㄷ捣〴慣㥢晣挵攲攷㙦㤸ㅡ搸扢敢晡㍦扤㌲昴㠲挰愴㜵愳戶扥晥搸晡㠰散㙤挷㔵㔵昲晢㤱昵搹㙦㍣㈸ㄵ㈴攰㑢〰㌲改㌵㍡愶敤攲㉡㘵ㅣ㉡㉦㍢㘳㘳攵愵㍦㈹挱ㅡ愰㉤㘱㈱攰ㄹ㌳〱戱扦摤昲㥣㙤捣昹㕢〶摦戰攴扤㤵つ㔷〶㑥扦㜶散愲搸摢搷㘵〹昸收昳㔵戲㥢戵扦捣㝥攳㐱㤹㐰〲㈶敡〴攸㌵㍡㘶搵挳㔵捡㐹愸摣㜰挵昷㜶ㄵ㑦ㄹづ〲㘸㕢㔸〸㜸挲㑣挰戸户摥ㅦ昷挲戱愹㐰摢㡦㉢㜶扦晡㑣㐷挰㜶捣摦户て摤戸㈴㜰捥摦㐷㕣㜹搵ぢ㥢晣㤳㉦扦挱攵戸攵㥥摣ㄴ㝣㤹〴㑣〶搰㙢㜴㑣㙦挳攸昰㈵㤹昳晤捡愹愸戴㡦ㅡ昵㔴晤㐶ㄷ〸愰慤㘱㈱㘰㡢㤹〰摢愳攷㕣扥㘵㝡㉡戰㝣摢㡤ㄷ散戹戵㈳戰㙥攴㈵摢㝥㝣搱攲㐰搵㐷攳敦㐹㙦戸捦晦搸ㅢ㘷つ㍤扡改摥ㅣ〱㔵㈴㈰〰愰搷攸㤸㍢㥥摥昸晤挷㠶慦昷㉢搵愸㍣㘱搶㡣晢㘲㜷㌹㐱〰㙤てぢ〱㍦㌵ㄳ戰攳戲㐵ㄳ慦㝣㈸ㅤ㔸昷捦挷㜷ㅣ㌵㝥㑤挰ㄶ晦捡搲㈹㍦㤸ㄹ㤸晢晤昳户挷㈷㙦昶㕦㝥攱攴昱㈷晣挱㐴挰㌴ㄲ㌰ㅤ㐰慦搱㌱㍦晥攵戸㍦㡤戸ㄹ〴捣㐰愵摤昱敥ㄳ搵㑢㍦挲㈲愴㉤㘲㈱攰㍥㌳〱戶㠱捡ㅢ㉦㍣㥤づ㉣㍦昷搰㔳㕥ㅤ〹〲㔶㠶㜶㥣戸晤昴㠰晡搴㜵て㉦て摦敦ㅦ扢攲搳昷㍦摢扢㈹㌷〲昵㈴㘰ㄶ㠰㕥愳㘳㍥昲㍦㥦慣㜵㕤昷㔵扦㌲ㅢ㤵挷扤晢昳挳敢㝥昴㌷㐰㍢㐴㝡戰敥㐶户昴昲㔵㘳㑥㘰ㄵ〸㕡〶戲攲慥晣ち㈷㤵晡〱㙢㈲㝡挴昲搴敤㐰㑢㔴㘲㜴戰㑢㐹戸㑢㠹摡愵㈴搴愵愴戵㑢㐹戴㑢挹㡡㉥㈵㉢扢㤴㐴扡㤴戴っ戱搲㙣晥㌹㌷㝥㜲㥤㌵㈰㜰慤愲㤰㌶㌷戴搷㝥挴戶愸㤷昶㔷戳昱ㅤ㘹㔲昴敥㐵昹愳ㅣ挳ㅡ昹㥣〶ㄸ晢敥㤶㜷㈲攰㐷㐵㔸㐹慥〶㠰戳戲㈱愱晥昲ㄶ㠸㍢㑣㕢ち㍤摢搴㘷敥〸ㄴ㡥つ㝤晣ㄹ敢㙤戶㡦㍦ㄳ户攳㈵㍤㐶攴昱〸㘹挶㠲㔶㡤散㠵挸慥攸㘳戲扢昱㌴㠸㕢㉤㉣搸㙣㍢晣㍤戲戰㌱㥦〵㘹㠴攷㔸㔸㠲散搲扥㘵㈱捦㑢㈱㙥㌱搱扣㘷摥〳㐳㉦㝣攷敥㥥㘹晥㐱㍥捤昲捣㤰愳昹㉣㘴㥢晡㤶收㉥ㅥづ㜱㤳㠹敥〶㤲㍤㙦㘳捦㜴摦㤸㑦户㍣收攴攸㙥㐶㌶摡户㜴㜷攳ㅤㄱ摦㌳㜱㈰搷㜳搵户慡㝡㕣㉤搷攷㜳㈰捦㘸㌹づ㈲挸㉥改㕢づ捣㥥ㄵ㜱㡤㤵攴晡㘷㝡㈶昹敡㝣㤲攵㠹㌲㐷㌲㈳㉤昳晢㤶攴慣㔷㐶㕣㘵㈲昶捣㘹㍢户搵晦散摥㥥㔷挸户昳㠹㤵㈷摦ㅣ戱㠹扥㈷㌶敢搱ㄱ㤷㥢㠸㕤扦愲慥㜵晡昹㥢㝡㈶昶戲㝣㘲攵〹㍤㐷㙣慡㥦㠸ㅤ㉦㉥㌵ㄱ扢昷昲摦㥥㍦㜳攰㝤㍤ㄳ㝢㐹㍥戱昴㈴搰㑡搱㐴昵敡㝥㈲㜶㠲戸搸㐴散㔳㐷㙥㕢㜴搷愸捤㍤ㄳ㝢㔱㍥戱㍣㌹攲㉦㍦㑥㈷㜸㤴㌴戱昰ㄵ㍣昶户㤲扣挰挴っ㘵㐶慦㤴攴㔷㑤捣㐸愷扣挷挱㠳敥扦㥦愷愱摢ㄸ攳㤴㕥㌹㕥ち㍢㐵㡣㈰攳㜹ㄸㄷ㕥㑡攱㐷昰戸㡥㍦换慣昳晣㙥㥡昵昵㜸晣㔷摡ㄸ攷㔸㔶㐰慦㙣㡣戵收ㄵ㐰户㠶㐷搰搳挰㔵愰晣ㄷ㠰挱㌲ㅤ〴昸戳戰㑣㡦㠱㠹攵㡢昱搸慦㌶挹㙡ㄳ㡦扤戶㐹摡捤㍣搲㜳攲ㄱ㜴㘶㐸ㅥ㉦㐵挶攰㤱㍥〸晣㔹㜸㍣〱㐵㈶ㅥ㉦挳㘳扦摢㌰㐹ㄳ㥦扤戶㘱ㄲ㘶㍥改愰昱〸晡㑣㈴㥦摦㐶挶攰㤳慥づ晣㔹昸愴敦挳挴攷㜷昱昸㉦戴㜹㕡㑤ㅣ㠳㌴㥢慤㌷㌶㑦㡢㤹㘳㝡㠴㍣㠲㑥ㅡ挹昱㜵挸ㄸㅣ搳户㠲㍦ぢ挷㜴戶㤸㌸晥㍥ㅥ晢搳㐶ち㕡㔹散㡤㡤戴摣捣㈲㝤㑥ㅥ㐱㌷㤰㘴昱㘶㘴っㄶ改扤挱㥦㠵㐵扡㜳㑣㉣摥㠲挷晥戱愹㤶㤸㤸敢戵㑤戵搸捣ㅣ晤㔹ㅥ㐱ㄷ㤳㘴敥㔶㘴っ收慡昰㠰㍦ぢ㜳㜴ㄵ㤹㤸扢ㅤ㡦㝤捣㥣㘶㠳㌵㥡㤸敢戵つ搶㘰㘶㡥扥㌲㡦愸〶㠵㤲戹扢㤰㌱㤸愳搷〹㝦ㄶ收攸㠶㌲㌱㜷㉦ㅥ晢㠳戹昱愲摥挴㕣慦㙤戶㤹㘶收攸㠷昳〸扡挶㈴㜳昷㈳㘳㌰㐷㡦ㄶ晥㉣捣搱挵㘵㘲敥㐱㍣昶〷㜳ㄳ挴㔴ㄳ㜳扤戶昱㙡捤捣搱挷攷ㄱ㜴扢㐹收ㅥ㐲挶㘰㡥㉥㕥㜴㔶㜸㌳搶㜴㤳昵㌴㌴搰慢㥢慣㔳捣㍤㍤挶㥥㡡㘹㘸挸ㄱ㜳攳摢㘱晤㑤㔷攱ㄸ㕥㘱摢㠵㙥ㅡ攵㤷㘸㑥㜹㥣攰〹㠲㈷〹㥥〲㈸㉢㉡愶㝥敦挳㥥戶戲改愷〹戶ㄱ㍣㐳昰㉢〰昴㐴㉤摢㠷㍤㍤换愶户ㄳ㍣㐷昰㍣挱ぢ〰攸㠹㝡慥て㝢㝡㤱㑤晦㥡攰㌷〴㉦ㄱ扣っ㠰㥥愸㕦晡戰愷㔷搸昴慢〴慦ㄱ扣㑥昰〶〰㝡愲㤸敦挳㥥㝥换愶㝦㐷戰㠳攰㑤㠲㥤〰攸改㔶㝣昵㘱㑦扢搸昴㕢〴扢〹㝥㑦昰〷〰昴㐴〱搸㠷㍤扤捤愶晦㐸昰㈷㠲㜷〸昶〰愰㈷㑡愳㍥散改㕤㌶晤ㅥ挱晢〴㝢〹㍥〰㐰㑦ㄴつ㝤搸搳㥦搹昴㕦〸晥㑡昰㈱挱摦〰昰ㅢ㐳㑡ち摥〵㔵㍥㐲㠶㜷〹㔷攰攳攴㔶晦㍣昲㠲㠷愸㤲戸昶〳〳昹晦㥣捥て愶㕡搴㙣㜴戸㈴㉥㝤捣㌲㔲っ㍣昸愶㈹㕥㤸ㄸ㉦搵㈳慤扡㤷㑡㔰攲㤰ㅥ㈶〶㔰挷㤴㍤扡戳愶晥㥢〱㍤扥㈹㈸㡤㜴〴㥥㔵昳㐳愵㍢晣㠲㤲㑡㐷搸昰收摤〱摢㌷㕡敥㝣攵㠷慢戶攸㤱㔱㐱㈹愶㈱挸㔸慤ㅥ昵搵㝦㉥㈰㈸㤰㠸愰昷愹㜷㘱㐹㘱㐵㠴㙣挱㉢㝥ㅤ㐱㝦㐱㔰㤰改㌴昰㌸愵㈳㘴昹〲㤱ㄴ㜲戹㉥㜶ㄹ〸〶㤱ㄴ㠰㐴搰ぢ昴ㄶっ㈲㈹换㠸愰挷㕤㜵〴㠳㐸捡㌹㈲ㅣ改㔸㌸㘰散㍤㜷ㄸ㕤ㄸ㐴㔲〶ㄲ㐱㍦て改㉤ㄸ㐴㔲㍥ㄲ攱改㥢愶㙥晥换㍦㌶ㄹ㉤攸㌴〹捡㑥㈲攸㌱㕦扤〵㠳㐸㡡㐱㈲攸戱㔹㍤慡㙢㐹ㄱ㐹㠴㘶敦ㄹ愷㙣㝡昲㠷晥慡挹敦㍦敥扥愳㍤㌷摤ㄴ㥦㐴搰て㌳㝡ㄷ〶㤱ㄴ慤㐴愸㕥扥㝢晢昰搷㙥昵晢收㝦㘹捥㉤戵敤〱㠳㐸㡡㕤㈲攸㜱㘱㍤挲㙣㐹〹㑡〴㤹扦搵㈳扦〶㤱㤴慥〶〲〲扡摢扦㌶愲㙤敡㙢攷收㠸愴攴㌵㜰晥攸㐲㈴愵戲㠱昰挸ㄵ㔵㔵攵㝦㥤昹摣㤸搶ㅣ㤱㤴搸〶〲㘲挷㝡ㄴ摡㈰㤲挲搷㐰㐰㡣㔷㡦づㅢ㐴㔲㌰ㅢ〸攱愷慡㙣慢㠶摥㝤搳㕤ㄷ攵㠸摣㘱㐶挰〹愲ぢ㤱ㄴ攸㐶ぢ搷㙥慦㕡㜷㝡攷戸〵て㉤捥㙤ㅣち㝢〳〱昱㘵㍤㔲㙤㐹戹㑤〴㍤づ慣㐷㤰つ㈲㈹搳㠹戰搳昳㙣昳捡搳敦昵㝢㑦ㅢ㕢㜴摢㡢慢㜳㐴敥搶昴㤳㐰ㄷ㈲愹ぢ搸挲㙦捥晦昰愴㡡㡡㑤晥攵昳㍥㌸挴㜱㑣㈶㌷㤲搴ㄳ㐴搰㘳搰㝡㌴摢㈰㤲㈲㥦〸㝡慣㔸㡦㌲ㅢ㐴㔲ㅤ㈱戵慡敥捣て㍤㥢晣摢摦㝡㝤㘶搱攳㈶㈲愹㉡㠸愰㕢昴㕤㠸愴ㅡ㈱挲ㄵ愱扡捣㌵ㅦ㙤昲摦㜵㕢㘰敢㙤愳㑤㐴㔲挵㐱㡦㔳敢ㄱ㙦㠳㐸㙡ぢ㈲攸昱㘴㍤ㄲ㙤㐹㑤㐲㠴攱㍢昶戶㍤昸摤㑤晥ㅢ㤷㠴㐲㘳挷㥡㠸愴㤶㈱㠲㙥㤹㜷㈱㤲ㅡ㠸〸て搷㙣扢攲昵慦摦攷㝦㘴挲㑦敦㔹昷㤸㠹㐸㙡㈷㈲攸戱㙣㍤㉡㙥㐹㐵㐳〴㍤收慣㐷慢つ㈲愹㠴㠸㜰㙥攳敥慦㍦㜱摢㝤晥ㅤ摦㍥㔶㍣㝥㥣㠹㐸㉡㈸㈲攸ㄶ㜶ㄷ㈲愹扣㠸㌰㜸挷㍤㈳慥戹㙤戳扦敤㤳㑦〶扦晤㤴㠹㐸㉡㌶㈲攸昱㙥㍤㜲慥ㄳ㔹㑣㑤㈷㤵慢て摦㥦晢㙡摢攱㘸㑤摥户㤱㜷㕥攴扤ㄳ㜹昷㐳摥扦㤰㜷㈰攴㍤〴㜹ㄷ㐰挶攳换づ㉢昹㕦㕢昱晢㡣 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| Decisioneering:7.0.0.0 | Decisioneering:7.0.0.0 | |
| CB_Block_7.0.0.0:1 | CB_Block_0 | |
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㜸〱捤㔸㑢㜳ㅢ㐵搶慥戴慢㕤㍤ㅣ攳㌸〹㜱㕥㈲㘵㐲㠲㔳挲㡡㘳㥣㠴㑡㈵㤶ㄴ㍦㉡㝥㈵㔲㥣〳㐵㙤慤戴戳搶挶扢㍢㘲㘶㘵㕢攱〸㔵㥣㈸ち㙥晣〱㙥㜰攳挲㑦㠰㈳㡦㍢㡦〳㔵㜰㑣㜱㠲㠲敥㔹挹㤶㘴㤹㌸㡥愹捡搸㥡摤㤹㥥敥㤹改改晥扡㘷㈳㔲㈴ㄲ昹〷ち㍥戱挴昰攵㜴愹挹〳攲㘵ぢ搴㜵㐹㌵㜰愸捦戳搳㡣㤹捤〵㠷〷㔱ㄸ愰ㅡづ搰戹㘲㜰攷㌱搱㡣つ挲㌸っ㔲㈲ㄱ㑤搳㘵愰愳晣つ戶ㅢ㍡㜲愵㘲㔰㤵ぢ昹攵捡㈳㤰㕡ち㈸㈳㤷㌳慢㈱敦捤㕣㉥㥢换㕥㥤捡扤㤹ㅤ扦㥣㈹㌴摣愰挱挸㑤㥦㌴〲㘶扡㤷㌳㉢㡤㡡敢㔴敦㤲㘶㤹慥ㄳ晦㈶愹㡣㑦㔴捣慢搷㜲㔷㈷㈷敤敢搷慦愵㘰敡挸㑡㈱㍦㐷摣㍡挸㍢㉣愹㉡㐸㕤㉡攴㔷ㄸ戱て㑢愶㠲㡡挸ㄵ㐹搵㐱㡤ㄱ挲ㅣ㝦㉤㕢挸挳㝦㠷㔶愰㌵㤵㕤㉥㤵㠸捦㥤挰搹㜰㠲㈶敥㑦昷㤶慢㤵㔵搳㙤搵ㄳ㑢搲扣㔵㤳㉤㤹ㅥ㐹㝢て㌸戹㙦晡㙢〴㕢㡡㌷摢㜰慣ㄸ㥣㘴昴㔲扦㠹㕡㑡捡㉥ㄷ昲㠵㥡挹〲㈱ㄲ㈷㜸愳摦㘸㌱㔳戶㘳㈹㠲㐷昴愲㝡愴㘴换㔶挴㥣戸捡㌸㔶ㅡ㔴慡づ搵搱づ捥㡣㘰捤攴愴搸㥦㘰㜱㥤㡣㐹ㄸ㈹ㅢ愶㙣㔴㘴愳㉡ㅢ㤶㙣搹戰㘵㘳㑤㌶㙡戲攱挸挶㈳搹㔸㠷㌱敤愲挵攳㜲慢㝣㤱㥢ㅦ㑤っ㙤㉤㝥昲㘴㠰扥㝦㘶㜳㈶㠵戲㤶㘰㙦搹㈵ㄲㅣ㤲㈱㈸戸愷晤敢㌲〵愳ㄵ㉦㍣㡡㈲攱㔵ㅤ捦㘹摥户挸㤶ち㙦㜰㝥㈹慦㐰晤㠰㙣〵㐵㌳㌰攳摥㡡挹㠸ㅦ攸㌰㘸㑣㜰㠵㙦挸㤹ㄶ㝤㙤敥㐴慢〵ㄲ〶挵㙢㠷㤴愴攸〸㈵㐹攰㝡搱㔸㔸㙢㙡㍦㘷㥥㌳㜹㉤㌰㉢㉥ㄹ敤㌹㜲搴ㅢ㔸搹㠳挰㜱㜹ㄶ㐴捥㌲摡愸愳㐶て㑢㡥㌰㘴㌴っ㌵つ㤵㠰ㅥ㝣挲〴户昵〱㜸㈴㜴㈴敡㐸㐴㔸㠲〷㤴㌶㉤㌵〴㡤㝢㉤㠳㉢㌲㜳ㄳ㥣㘷攷㠸慦㘴挷昱敦改攸〱攰㘱㑦摡㔳㜶㉥㘷㑤㡥㥢ㄳ愶㠲搶晡慣挶㍦っ㍣㈹敦愱攳㕢㜴㔳㜸挳㤰〷愶㉥㉣扣摣慣ㄳ搱㤵戲换㈶㕢㈳攰㘱㙣扥㌸㙣ㄷ㈸㘳挴㌵〳㘲㠹づ〴搳ㄳ摤㥤㝣㠶㔱て晢㑦攷㑤㑥㜶㍣㙤捣づ㈷捡搳㠶㙦昱㔳晤㠹愵〰㐴㡦昴搲㜶㠴散㘲㉢〱晡㉥㔶㝡戶㤷㑤搸改昴㤶ㄳ㤲捦昴㤰〱㝦㘸㘵㙦敡っ㈳敦㙥㔳㜷慤㘸ㅡ㈲捡〶㐱晡慥㕤㠶愴㜰㕤㠰ㄶ㤴ㄳ㕦㉣㙦捣㕢㜱慡敢㠴㤵〸挶㈳㘲㠹慤ㅥ㐳ㄲ〱搷愹ㄲ㍥戶㡣慡〷〰戴捥㜷昶摡㜷戶〲〲㡥㘷挱㝡㈱㌰〴捤㌲ㅡ晤昱慥㈱攱㥣㐰㌸搹搵㍤㐳慢つ㡥づ挶愸摢㑤㤹戶㌶㑣㤸搳㕡愴ㄶ㠹挵攴㘸㈴ㄶ㠹㘱㠱㠸ㄷ㡤㠲搷㡤昷昸㤴㐰㜷㤴捤㍢㘱戴挳㜲㐷㈷昶挵搴㙤㕥挸搷捦扢户㐳戵昴㜲户慦㘴敦㠳昶㐰㑢㉥㐱㐷㤲㝢㥤扦㘳愱㍢㔶㠳㤳昴㠵扥㜰㐷ㅤ㍡㐳扢挵搱ㄷ昷摥㡡扢㙤ㄹ晦敦㘰㔹㍥摡摡晤㥤つ㠰搷㌹搳户㕣挲晥㕢㕦戸㈲晤㈸㔶攸摥㠹㐴㐴昹ㅤ㐰㘸㑦㉤㘲㍥㈳㙤㐹㑤㘵搳戱㠲㥡㕡㈳捥㕡㉤㠰㍥㐸㠳㌴つ㔵㝣户昵晢〶昹㌷㑣㠸昴攳㔸㥤㠰㉡〱搲〵捣愹〹晤愴㘸㐷㘲〸㠰晤ㄶ戸つ搷ㄸ㠷ㄲぢ搴戴㘶捣㉡愴㑦昱㔶昲愴ㄵ愸㔷㠷㈰挲〶㜱㘴〱散ㄲ散㝤挳戱〸搳戰愳〴㐹㕡っ㜲㈷慥ち慦收ㅤ愲ㄱ㐵㐹㙡晤收㥡㙦换ㅡ㙤㘹慦㌳〹㥣摦㈵晦㡦㝢搷㙥㘱㤲㤷㐸㘰㘲愳㡦㘰㜵ち㉡〵戵昸捣㥥㜰〴㤸㡥㝢愵ㅡ摤㥣〳㔵ㄲㅥ收㈶扣挰㥣攰挴敥㙥㠸㜶愶㜷㔲昴捦㌲〲攰挷捡㠰〱㘲㡦挸㌱搲㤷㈲㤸㐶㠴㈱㜶戸攰㤸扤敡㤰㑤〴敥㜳扢㐹㤰㕣ㄵㅡ㍣愰㈲㌸㥦摤㑤㉦搲㈵ㅡㄴㅤ㕥㜷捤收㘸ㅦ㜲㐸㜹㔸㈳㍥攰ㄶ〳昸㝡摡㈰㕡慦ㄳ慢捦ㅡ㑢戴挱慡㘴扥昸㈲㈰ㅦ㥣㔴㔸㈴〱㝡㤲㈶愹戲〴攵㘰㑥㈷愱ぢ㐴摥ㅢ晥㜲昶愷挷ㅦ摣㐲㌷㤴挰㐱搰〱搱ㄱて〲㡥㤸㐶愴扢㐲昲㌱捣㤲ㄷ攱㘶攱搴㕤㤲㌷ㄹㄸ㌶㘵㕣昷摡慦愱攱㜵攴慢愱户扣〸捡㠶〸ㄳ挶㤶散摥搸摡戱㜰㘱㠳㘸捣㐲㤱挳㍤㐱㐰散ㅢ搱改㠰㘷愵晣ち㤸昸㡣ぢ㐱散㡢㙦㘰敥㙢ㄸ㤰㑢㐲ぢ㡢愴晣〲愲晡慥て愱㌵收攳㙤㐶㜰㈵搶㝤扡改㡢㤵㉢ㅣ昳ㅣ〱愶昱㌸㙥㈳㠱愲戰㑣㐲〴ㄶ㘶ㄳ㔱㘶昷ㄵ摥〶㘱攰ㄱ㝢摢挳换㑥攰㤲愴ㅤ㉡摦㌵ㅢ㝣ㄶ㔲て㉢㙥㤷㙢㡣㤰㘲摡㥥㘵㡥攵㍡㍥㐱〵㐳㔲㠷㔷愸〵戲〶㘹挶ち挵敢ㅡ昵搳㜶㤹㤹㍥㐷㐴昶慢捤愱慥㤶戰㈹挵捥㍢㍥㠷㘹〴慡攰晢ㄱㅢ㐱て昶搷昰晣㔹戳捥㕦〴愳ㄳ㌷㜸搴㉢挶ぢ挸㙢㈴㔹㤲㘵㐹㤳戵〳摡㑤㐴㍤ぢ愲搲ㅤ㜶㝡㈳〳㔹㠸㉣㝣㕦扥㠲昳㠴㉥㡦攱㜱晦㈹〷㕡㐲㑡㕣㠸㕢戹㘰戴㕦㔸摢捥㠹㐴㠸㍦〷㍣㘲㕡㘱㐶ㄹ㙣戵㝥㠳ㄸ挱㌰愰愹慦㐰㌵㔰挸ㅢㅤㄹ㡥㝡ㅥ晡㕥㠲扥昰慥㍥㙦㐱㕥〱㤷昳㐱っ㜸挸㈳慥扤晡㈸扣㐹㘲〶散㝡ㄵ慡㜶ㄹ捣挰ㅢ㕡戶㝥〱慡㜴㌴昵ㅡ㍣攰捡㔵愴㥥改昸㍢㌷㤹攷晡ㄶ愲攰晣㘳晤㜰㈲㥣㘶晢㔳㐳㝢昹㜸㈵㑢攱户㠵㌲搸㌷摥㕡㌵搱〰敢㑥㝢て㈹㕢慦㔰扡㡥摤〳愲挵㙢㠴〴㜸搹㑦㝡愱ㄶ昰ㅤ㜰㍦ㅡ敤扡搰户㌰〷㠹戸㐹昵㈲㔴改㘹搷捤戴㈵㜲昵ㄲ㜶㜵㝤㠴㔰㕦㠷慥㌳㡢收㈳捡㌲㜵㐶昱㉢㔱㈶㤷㈹ㄳて㈲㙢㐰戲㕢㉥摦㤲㝥〰挴挰捦〷㙦㝦晢搷搴挷㥦㝦戴昰ㄵ昹昹挹㠷㍦㝥㝡㐱晡扥㐵攸晤㈰㌰搸㍥〱〵㤵晥㔶㍦挵散㑡㘵挷㝡敦つ㜷攰ㅥ搰挴㈳㡥㐲ㅥ愵〸㈷㡥挹㌷づ㈶慢つ捣㘸㠹捡㜷戰敡攷㤰㠳㘶摢㡤慢㘸㜸㝡ㄶ㐵㘳搵㡢慤㤸ち捥攰㍥㝡㔲搶㘴ㄲ㤱戴晣搹搷户晦㥥㜸㘷㍡昹㉦晥㤲㔴㉢ 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㜸〱敤㕣㕢㙣ㅣ搷㜹摥戳攴㉥㜷㤶愴㐸㡢昲㐵戶㘳㌳㜱ㅣ㕦愸搲愲㙣挵㤶ㅢ㠵攱挵愴㘸㔳㈲㉤㔲戲㕤扢愵㠶扢㌳攲㐸㍢戳昴捣㤰ㄲㅤ㈷㜶㜳㘹㥡㈶㙤㔳ㄵ㝤㜰㤲㐶慥搳㍥ㄴ㘸ぢ昴愱㐶㡣戸㈹㡡愶攸捤〶晡㤰㍥ㄴ攸㠳㙢ㄴ敤㐳㡢㐲㐰㕦っ㌴㠰晢㝤晦㤹搹㥤㕤㜲㠷昴摡㙥改㠲㘳敦捦㌳晦㌹㘷收㥣昳㕦捦晦㥦㔱㐶㘵㌲㤹㜷㜱昱㉦慦㑥ㄶ㙥㕤搸〸㐲换ㅤ㥥愸㔶㉡㔶㈹㜴慡㕥㌰㍣收晢收挶慣ㄳ㠴ㅤ㘸㤰㕦㜲㔰ㅦ攴㤶〲攷㌹慢戰戴㙥昹〱ㅡ攵㌲㤹㐲挱挸愲㥥て攱慦㍦扥㌱搸慢愷ㄳ㘰㜱㘲㝣㙥昹〲㥥扡㔶㝤敢搰攰㔹摤昷昸挸挸昰挸昰〳て㡥㝣㝡昸昰愱挱㠹戵㑡戸收㕢挷㍤㙢㉤昴捤捡愱挱昹戵攵㡡㔳㝡捣摡㔸慣㕥戴扣攳搶昲攱晢㤷捤〷ㅥㅡ㜹攰攸㔱晢搸戱㠷㝡昰敡捣愹㠹昱㜹摦戲㠳て攸㤹㌹づ昹㠱㐹慢攴㜰㙥㤶攵㍢摥昹攱㠹㜱晣㥦ㄸ㍦敥ㅥㅣ㕥㔸戱慣㤰慦戶㝣换㉢㔹㠱㠱㡥摤敥㔸慣戹慢㕣㍣挳㥤挲㔴㑢㘶收摣〹慢㔲㌱摣昸愹〵㜷づ㙢㔷㌱㌷㝡摣〵换ぢ㥣搰㔹㜷挲㡤扣扢㠸〷㤵㝢摤㌳㠱㜵摡昴捥㕢愷㑣搷捡戹搳㙢㑥戹㔳㕦㤹㡥扢攲㐷㈴〷㈶搳ㅦㅥぢ摣㠹ㄵ搳㤷ㄱ〵㕣㤸㤴戶㔳㝥愹戱敤ㅤ慤㥦换愱换ㅢ昸捣㍢㕢户㐳捤㔹搳慦戵ㅣ㙡摤㌲㥡㝣攳〸敥㙢摤㍥戱㐶㡤㝤敥㘹摤㐷㤶戲戱戵敡㡥昸㕢㔶ㄴ㤳㌱昲〴㕤〴〵〲ㄲ搰㈸ㄲ㜴ㄳ昴〰愸捥晦㠲㤴㈴㍢戲㉡扢㘴㘶㤷㤶戳㑢愵散㔲㌹扢㘴㘵㤷散散搲昹散搲㑡㜶挹挹㉥㕤挸㉥㕤㐴㥢昸㉡㜴㜵㘵愳敢㡢搳慦扦晤昴ㄷ㍥㜳攲敡㝦〷攷㝥敦戵㕢敥敦搹㠷㐶㡦㐷㠳㥡昴捤㑢㘰戵㍡ㄷㅦㄹ㍥捣晦戶㤷ち〸㠵㝤搴㝥搰ㅥㄹ㈹ㅦ㍤㙣摥㙦收㌸慤ㄴ攲㌷㌰㑡㍦摡昶搸㑦㌸㕥戹㝡㐹㘸㜷敢戸ㄹ㔸昵㠵ㅢ㡡敡挶慢㙢㕥㌹戸㘵敢捡㠵搰っ慤㥢㥢敢敡て搹搴㙤〱㘲㘵〵昲扥摢㥡扢㥤㌵㉢㙢搶搸㘵㐷㔷㝦慣愹摡㥤昷慢换慤㙢愷㝣敢搹㕡敤愶ㄱ㡤㐱愹慤换戳㌷捤㔲㔷改㜱つ㑥慣㔴〳换㤳攱つ戹昳㑥改愲攵㉦㔸㔴㠹㔶㔹愶㝡㍤慢㈲愹ㅦ㥡昳㌰㔱㐸㙢昹ㄳ㐹慣晤挸攵挲㙣㤵㌱摥㔵换て㌷ㄶ捤攵㡡㜵㐳㐳ㄳ晤㑥㔴ㅣ㙣㐰㑦㔵㑢㙢挱㐴搵ぢ晤㙡愵戱㘶慣扣㙥㐲搳㤴㑦㔶换㔶㘷㘷㐶㤴〲ㄴ㙥㐷㠷㔲㤹㝢㕢换㠲㈲㐱㘲ち昲㑤㡤㙣㌷㝣ㅡ戳挳㉣㉡ㄶ㜹㌲晢挹㙤ㅥ挶昱㡡㡥㐹㤱挰挴㥣㘸㍦昸搲扢户㜹㙣㡤㜲ㅦ㙥攳㙣㜶㈰㥡晤㈳敢㤶ㄷ㥥㌰扤㜲挵昲㔳慤㥦攲㠸㡣㍥㠰摣㌵㈸㠴㤶慢㐷㔳愷㉥慢㡤摣㈵愷ㅣ慥攴㔷㉣攷晣㑡〸ㅣ㉣㘴愱挰愵摤㜴ㄹ搷〱㘵散㈷ㄸ〰㈸ㄶ㌳昹〳㙣㤴㉦攲捡攴愸㥤㔲㘴戹㐱㤱戳㕦㠳㉣昷搸㔳㑥㈵戴戴㔲敥戳㐱ㄱ㙤搵㠴㝣扤㘴㔱摦㉣㘹㠳㜱挰㥥〰㤷㥡㡥ㄷ㙥搴攵㜶㤳㤴㘸㈶摡搳〵扢㑥ㄷ㔰ㄵ㌴敡㠳ㄴ㔹〳搳㌴㘹㠳昴挶〹㈶愲ㄸ愴㔸㜶㍣戹㤱挹搸㍥㐵㐷愰㝤㤲〹搹晡㜰㙢ㅤ㐱㘶摦捣愴散搴㔲ㅥ昷戴搹㔶扥扣搶㘶搷㘳攱㡣ㅢ〸㙥㈴戸㠹攰㈰㠰晡㔷㘸㌸㙡㌹㤴ㅢ㉦攳ㄶ摣ㅢ户ㄲ㝣っ〰晡挹愰捥㠹㔴ㄵ㝤愸㥤昸㤱㙣搷ぢ㍦㔹㥣㘲慤㡡攸ㄹ搷晣捣㕥㔷〸ㅤ㜹㥤扢挳搶㜶㡡㡤晤㔴㙢摥㑣㑥㠷ㅣ㤹搲㌴㌹搷㙤㥡㈶ㄷ㠲㑤摢戴㕢户愳慢㌱㐸昰㜱㠰愲昱〹㐲ㄸㄷ㍡扣㍢昳攸改㔲㝥㈴摣㈲敤っ戵㘹攰㈳㐶收ㄶ㈰㐵挹㙤摡扥散昹搰㜴〷㠷散㡦扣て㝤愸戵㝣㐷㐴㙦戲㥢㝢㜶㠷昱愲昷攸㐵摦〱昱㔲晦搴搲挶摣㠹㙡攳㔳〴㜷〱㌴搹ㄸ敥扥摦㙢愴㐰摣㘲㌷㐱戹晤㡣扡㠸㤷扢戸戱㙡㠹〵敡戱ㄷ㑤晦扣ㄵ㈲㠲㌱㌳〹㕦戸敡晢㔶〵㥢摡戲㈰戸㝦戹戱ㄱㄹ㑣昹㔵㤷昸㍤ㅦ㌹昸㐸ㄸ㠶捥捥㙣㐷愶挹㐷㑥昱㌵ㄳ㌱愷〴攷搰〶摦摦㕡㐹㈴㍡㌵戲ㄷ晢愵敦㉦昷㌴㐹ㅢ㥡攴ㅥ㉣慢㜱㉦〰戴㠴晡㠷㤶ㅡ攵㥢晤㡣㌴㙢昴㔸ㄹ攱㑢搹㥤㌴挵㌷改㤱㙥ㅤ戰ㅤ㐷晣㈰攸㜵ㄷㅣ户愶㉣扡摤㜹换㉦㈱戶攰㔴慣愲づ换㔲搵散改㡡㡦㠸慥攸攸搸戴㥦㑥㠹慦〹㥦㌴㘹㠹㔴㘹㑦慤㑣搹㡢搷㤹㡡㘱㐸㉡㤵㤴搰㔰㑤〳㤱昳搸㜶㑦挵戴愱㘲敥挳挲ㄹ㠷〹㐶〸㡥〰攴摥㠴愶搹改挲㌳ㅤ搶戵捥㤰昶搲㔲愶㐰㌲㐸㠸昰㡤㤶捡敡㈸㕦昳㘹㠲〷〱㥡摣ㅦ〶㈰㔳ㄸ㔱㐸㥥㘰㐴㐹㘳搸㘷ㅤ敢ㄲ㜹㘰㥦㡤挴搲挴㕡㔶㕤㘶㤶㝡敤挹敡愹㙡㌸改〴慢挸㐴つ搸㔱攱㠹ㄵ换〳㜷昹昰㝤㥡㜰搵搵㔵慢㙣搸ぢ搵㌵愸戶㤹挹摤戰㌱挷㜲挰㤷㤴扤㜹㔶攱㙡㙦㝦㡣㐷㈸慣戴挴㕢ㄹ㡤摤㔱昴㥢㥢扥扥晡㡡㉥㍡㘱挵敡戶戵搰戱㕣戰戱㡡挸ㅣ㤴扢散挵ㄵ摦戲㈶㝢敤㘹摦㈹㔷ㅣ捦㈲㌱攰㘳㌲㔹㌷㙢㥤㐷㤶㘰扥捡ㅣ㘰搵敢戵ㄷ㝤搳ぢ㔶㑤㈶ㄴ㌷昶㌷摣㐹㕡㈴㘷㡦㍢㕥㠰搷〸ㄵ㔹敥戳ㄷ㔶慡㤷㤰戱㕤㜳扤㘹㜳㌵搸ㄵ㔴㈱搳敢㑢㐸愳戲㉡㥢㔵㠵㙣愱㕤晡㜰㐳㥥挹㔰昶㍡〹㠴㔶㤹ㅣ㘳收㈹搶㥢㝥㝤㤴愳愱㥦捥㌱昵㈰㝢㔴㐳㜶愴㙡㘱㑡慡㜱㡣㝤ㅥ〶㜸㜴晡捣㑣㍤㌳昷扥㜲搶㌹㐶昹㔳㜴扣戰㐵㉤ㄱ挲ㄸ摤㍥捤㉡挴㤱㜳㈰㠱愰㌸敦㥡搹慦㘸㑢ㅢ㜲摦扥㝡㜱ち㤹愴ㅥ㝢搶㕣戶㉡挸㐷扢㘶戸㑦摦搰㡤㜵捤㑡搵㑤㔴㕤搷㈴㙢㤱㉤ㄷ㑡㈶㌹㜸㙣㉤慣㥥㜴㍣挳〶晥㡢㔰收㘵愰捣换㠲敡戱㑦㌳㌵㈸㘵㍥慢㝡摥昴㥤㜰挵㜵㑡〵摥㌰㝤户㉢㜸ㄲ㐲㑥捤ㅢ㕦戱捥ㄸ㙣昲收捦挰㘵ぢ㠶㐱敥㘱攸㔱㉥ㅤ挹て捥捤慡㍣晥㔳㙤〶㤶愰㘰㈴㔲㙡㝣〶㑦换挹改〸愸ㅣ戹慥挵㘷㌰慥扤〰㡣㔶㐲愴㝡ち㡢㈰㉡㤸㔰昲っ㜱攷敤㌳㥥ㄳ㠲㝡愴搸㤴ㄳ㑥〶㈰㌹〰㡡戲扤扤㔹愸㥡攸㌴㔴戳ち户㙦慥㙡㌰ㄳ户㙤慥㑦摡㡤㑦㙥㔱慤㉤㑡挲㤰㙣搷㐸㉣换ㄶ㘳摣㑤愶㐶㠹攱㡥慤㡤㑡ぢ㥢搶搷㥤㕡攴㝤ㄸ㈶攱㤹㡣昱㔹㘱ㄴ㈴㝡㈳ㅢ挵㤸㝤㍡㝢㈴㌲㌶昴〱㡡戴㔳ㅡ搷ㅢ愵〴㘷㜰散愴㙣ㄵ愳㍢挸昷扥愸㌸户ㄶ㌶搴㤸㤷〷愲㥡戱㑡㘵捥㠳㤷㔰㌲晤昲㉥ㄱ㘹捣㑤㕢ㄸ㤱捥㜶慤扦㕥摥㠴㈰㐶㘲挸戴㐸㑡ㅣㄸ㘲〸攱㑡㘴㔴改㥤昵㜲愹㙢攸〲敦㑥㕡愶㈷ㄴ㔸〸换㤳搶扡戸㘱㜵㑦㝥㐰㍡搴㜶㡢愲㐷つ㝢㙣㌹㠰㐹て愹挷愳㤲〸戸㘱㥦㘶㔸ち㠷ㄸ愰㜶愳搲㝣㈹㐴㙡户昶〰敥っ㜶て㜵戰㈲㍡㜵㐲敦㡣ㅡ㌴㥦挲戸㡤㤳愰散戴㐹㔱㈸㔲㕢慥晦ㅣ㔵摦㝥㠹搷敦㡦㘶攲㐲㈴㐴㑣㜷愵㜸て㈰㙥㌲㌳㐹㈹ㅡ㠸ㄳ收㕡戳㠹搲敡㠹㜱㜴㌱㝡改昲昹㈱㑥昱㌰㤷搵㐷戱愹攰㥣㕢攸挰㥡㔶㌶昶搹㌳㕥愹戲㔶戶挴ㄴ挷扡㕡㉣昲慥愰㤷ㅣ〱搴搲㤴戲㉥搱愲捣㘰㉢挵㈹㤳㐸敤晢摤挶㈸扡㡢㤲挳㌳戴改㘳〲㌲㈵㉣㈷〹戱㑤攷ㄴ攸ㅦ敥慦ㅦ㘰㤰挳㜳㔰㘹㥢㔰搴㘵戳㌸㡦㔷换㈲㡢戴㈵㥡捤㔶㘷慢昴搹ㄳ愸ㄳ㡥㐶敤ちㅡ㘱㥥㕡攱攵昳㜰㐶摡㤴づ㍥㈴㜳㉤捡敥㕥㝢㐱㙥㌳搷㐰ち愱㠰㘲㡥㤷扢愰っ㔶ㄵ㠲㐴㠷㍢㕢昷扡ㄵ戳扦昴扣㡤㌱〰挵㌴㌰ㅤ㕡戴搴づ捥〴捡摢㍢㌸户愳㔵㑡㠶㌴㤹㑣㘵㡥㜲〰〱㝢つ搲挴㡤昴㘲ㄵ㐶㈸㍣㈰〷挳攲戳㠹㐳㉥戶㐰㔵晦㠶㈶攴扣ㄹ攲昸㡢㜷戰〹㍤㔶㉥搳摤㐵㝣㙥㔷㔰ㄵ㐷㌷戴㍢㝡愰改㔰㤶捣㠹晥摤ㅤ㑤ㄵ搱㘱挱㈳㤳挳㈷捣戰戴戲㙥攸㠳㕢㙤戲㠴捡扤㡥㜸挴㤶㙦愷捦摣改昱㈰敡㍡搷扥㜸搱慢㕥昲㘴㕣戹㠰愷晥挰㈱㌸㐲搹挵㐱ㄶ㌳敦攲㍦戹戲㤹摣て昱挴㥤っ㥢て愸〷㐸昸ㅣ戹㡡挶ㄴ晥㌲㐹㍤㠸扦㈹扣〲晦扤㜶㜲㠰扣㜲愰㠹㔷㐴ㄹ散㌱㡢㜷晥㠳㘲㤶㡣㝡つ愴㈵挳㠰攰昱㈱㤱㙣㐶晤〰㌷㈴㍡㘸〰挲ㄹ㌳㠴㈰摦挷昱㌷㠵㝣愲搰愳愳ㅥ㍣ㄸ昲晦㠷㔲戱㔴㙦㈹㔶晦ㅢ㐲晤㉡㠸㈱㘴〲㑤㙡㜲愹晥愴㤱㑣戳㥡㑣㡡㐷㐲㐴㤶㑦愲㕦㌹愶㙡摦㔳㔲㥣昳摡摢㡣㝥攸㠷㝦晦て㌷愳㜳ㄱ㜳㠸扦㠶戴摢㥤戸慦戹ぢㅤ㥢摣〵㈶昲挵㕤㤸㐷㐱㌱愳慦摤㠵㈸ㅥ㜲ㅡ㠸敤摤〵收昹㔲㥣挲㐴摡㌵ㄱ攲攰㙥散〶㤷戱戲ㄳ㌸㠴㙢〵挸敤挳㠰〵ㄳ㠸㑥摤戸ㄹ㍤㙦晡愶㝢㔰昰搳扥〵挳收㉦攲㔴户㜴㘱㡦㥢户慣㤱㑥㕢挴㉤攲㠸晢㕥㙣㘵㘷㘷搹㐱㈹㝤改㔰扥㉡愸晣晢㠸㥡㈸敥㈱㌲㥦㍦昰㐷搳晦晣摣㔷㐶㜹㜲㉤攲搵ㅣ㔳挵敤愴敦改㔷㈰挱㥢㌸㌴㜲㍤㍦搲㌹㠹捦㤵㥣搵㡡㌵㙥晡攲ㄱ〵㠶ㅢㄷ㌵攳㈵ㄸ㔳㌳摦㙥㜰㌷㜱〶㐲扢㥢挳㑤愱㑦昹挸㐹挲㠵挳㠹㠱㑢㝣㉦㑥㈱慡㤶挶慣㑤捦㌳昷㠷㌰㐷敦㜱㈰㡤ㅥ㈳㜷愰扣㤴晡㠳搸摥㘹㐴㈶㜳ㄴㄶ㑤㙦㉢ㄵ㡦〰挴㕡ち戹〸㜲㐸㜲㔳挳挳〱愲愵捥愰㤰扢て㈰㈵换搶㥣敥㘵㙣㘰㑦〹㔸戵〳㠰㙤㝥搰㠲㔵〴ㄵ攳戸㝣扢扢㕢㠶〲㘲搳挴戴慤昸㌴㘷㔱㤰㡤っㄱ㈳㌱戶挱搳㌹〲散㡥㐳㔳㝣㐹慦慢㤳㜰㕡戰㜳㉥攳㙥㐵昷ㄱ㙦つ愷㐰㘰㘷昲㘲㌰扣晤㐴㘳㜳㉡昹㍡摤戴愸㔱㠴㝤扡㔸敢搴ㅤ㔵挱㘶㜹〷戱㐳㐵㈲㤰㕦つ戱㝥愸晥攸敢㥢㙢㘸攳扣㉥㑣㤰㍦昸㕦户愵〸㌶摥㑡㠹㠱㠶摤㔱慢㠲㍥㉡晥㈴扡㜰搲ㄹ㘵搴㡢㜲慦㤸慦㡥㈵慢㈳扢挹晥㌳㤳㉤㤲昵ㄴ㝢㌳愵摤㘰晦㥦〶㘲㕢晢慦㡥戱㉦㝥挶㌳㔱㠱㌷㌹收㔲戶㑤摦㜰㐵攵㐶㈲㐷㌶挹㠶ㄴ㤹晥搶愵〵㝣挸慡慢㐵㠳㈳〶搶搹㝣㑣愲搶㤷扥㙤㜷㑢〵挸㍣㔱敥晢㔰㐱㉤晢㌷敡慤㜸愷㥢晦〵㜴㍣㜰搲㈹昹搵愰㙡㠷㠳ぢ㐸〰て昲㍢㌴ㅢ㍥捦㤸晡㥤㘶愵㜶〷㔶愲攷ㅣ晡㥣㥡㠳挲㍥㘵㠵ㅦ㔴㕥㤲㔹㠶㥤㘵㌵昸㑤㔲㝦㈲搵㐴敢㕣㘷㍦扥㘶㔶昰ㄹ敢ㅣ攲㥥㈱㔱扢挲搸改攸㜳昳㘹つ㉥ㅤ捥㙢㍤㠶搸㤰㔵ㄹ㐶愲㑣愶昰昴捦㜳㕤㥢搷愰戱㙤㌴户㠰㉤摢㡢扦ㄵ㜳㔷㐱搳㥤扤愵㤱㘵昸㑥㝥㥤㕣㌴㤶〹戱戹ㅥ挵摦㥤〷㙢昹戴〱昰㜹昴㜱㌷㠳㘲㐳ㄵ㠴搲㜶㤰〹㉦愱慢ㅡ㈳挰捦㈸㐷〵摥㈸㐶晣㈸㡡敡㍢㤸ㄶ〵〰㘵散〱〱㕡㜳昵㑢㘸愶㈳〸㙣㡣㡢㕣慤愶㔰㤰攷慦愰㐰㈶攳㑦㌱㤰㈰㔸㈷㠹攵扥㔵戰ㄷㄲ搸晥㔸愵㉢敥㔲挸搰㐵昵㕢㜸搵㔵晣昴挲㔵㠸挳慥㐵㜶㈳㈸ㅢ㜱て㤴㌳㡡扢ㄱ㤹捡ㄵ㜴愸㑤愵ち㙣敢愹㝣ぢ㑤㌷㑦㠵㝥㠴っ㉦昹晣晥搸づㄹ㍥慡㡤㠰㈰㈴㔸〳攸愳㘲愵戶捡敢㐴挵㙢愴㉤慥扦㡦晥扥㌵晡收ㅢ扣晥㘳㔴㠹㉡㐵㔵攳攰愹㑡㘵昰㕦㑦づ晥㌲戰慤〷晦戵慤〶摦晦っ晡㜰㈴挶㜳〰扤ㅤ㡡摣㈶㤳昹㍣ち㕣㐷晥㔴㈹挶㌶㑣㤱慣㈱㝤扦㠰㐲㙦㐷㍦㐹挹戸㡥昱㐵㠲ㄷ〸㕥㈴昸㐵㠲㉦ㄱ㝣㤹攰㉢〰挵㝥㔲㔸ㅡ㝦㤵戸㕦㈲昸ㅡ挱㉦ㄳ㝣㥤攰㔷〸扥〱㔰散㈷攱愵昱㌷㠹晢㔵㠲㕦㈳昸㜵㠲㙦ㄱ晣〶挱ㄵ㠰愲㈲摤㘵ち扦㠹㐲㍣㠵ㅣ挹㤰昲挵㤲㌸㝡㍣摤挹搷攴㜵㠴㌹慦捤㝢挱㡤㐲换扢㐲挹㘱㑡晣〴戸愵㙤捡户㜹㙣㐱㔵㘲晥㌸㜱㈲ち散㘵戲㔱㈲つ晣愹昳〵㘴㘳㉥愴扡ㄸ㌷晥攳㔷敢昱㈶㔴攰〲ㄳ敢挶㘴㜷㘹㝣㈱㙥㝣〴㥦㥡㐹ㅢ㍣㔹㕦㙦挵㡤㈹ㄶ搲搸㠹ㅢ晦晢㤱㠳戵挶戱㌸攸㈷攷挸慢㈹㑥扢㙣㘳ㄲ㥦㥤昷愱㜹捥愶㈳搰㙤㙢㌴㑤㠰攴挳㉢攲ち昴攰㠴㡢㡦て扦㘷㜱㘰ぢ攷㕡㘰㉤昴扦晦㌰㠳㠳㕣㤳㘶㘸攲扢敥㜵㘴搰㝤㐳敥搸㌹㙦捦昹㐰㜴搹㌳〱㌶㠷攵㕤挵㈲昰㙢㍡昵晡㙥㤳㘹㐸昱㠱敢敢ㄱ㘷晥戲㍣ㄸ搳㥥ㄵ㤴㙣㔱愷㍡ㅦ㔳㌶昳㘲㥤㘷㡣㙦㠳㌸㔰搲㠰㉣ㄸ摦〱搴搹㈵ㅥ挱捥昴㔳つ㠹㡥昹㙤㔶㝣㡦攰㉡㐰㔱㔱攷㤰て昲㉦〳昴挵晦晡挶攰扡〴㝥戲㙡㈹㝥㔹㤲㡤㡣㔷搸攱晢〰ㅤ㠸㐵慢㠸〹㡢挶敦〲㤳㜸㘹㡥晡敢㘷㕢㍢搶摣㌷挷晦㈲〰㜲愴つ㥦晥㍦㠲㑦昹㌷昸攰づ晣㑢㈶㌹搹〵㜴㘶ㅦ㙥敦㔹㘴㌴㍡昰昲晢㌹㑣攸㝤㍣㠷ぢ㕣㑦扤昰㠹搴㡣㐵㐵㉤捤改慡愷昰㝣扥㠳晥㝤㔱扤ㄸ愳㥦㡣搰㍣㠷㔲㔴搴攴搲晡㠹〸捤㘳ㄳ㐵昵愵ㄸ㝤㌶㐲摦㉤攸㉦挷攸㌳ㄱ晡ㅥ㐱㔳晦换㐳ㄶ㈳㌴㙤㕣㈱て㠰敢㥤㜷搵㔷昱㐷敡ㄷ愲㝡㍤㔲㥡〸㐱㥦㡥搰㝡愴㌴ㅡ㠲㝥㍣㐲敢㤱搲㡣〸㝡㍥㐲敢㤱搲戰〸㝡㉥㐲敢㤱搲搴〸晡㔴㠴搶㈳愵昱ㄱ昴挹〸捤㤱ㄶㄵ㡤㤰愰㘷㈳戴ㅥ㈰捤㤲愰ㅦ㡢搰㝡㠰㌴㔴㠲㝥㌴㐲敢〱搲㜴〹㝡㈶㐲敢〱搲㤸〹ㅡ㑡㔸攸愱〷㐸昳㈶攸改〸慤〷㜸㈵㐶㑦㐵㘸ㄹ㘰㍦つ㥦〸捤て㔱㌰㕥㈷昸㔳㠰㘲㡥挲戶㘳愹㈷换戴改㐲晥〸㕤ㄵ㐵㤹捦㌰晥㉣㉡昰㐶㔱㡥㘵㈶㥦㡢㠶㑣㍦愶㤰捤慢敦挵ㄵ愳㔱挵㜱愹㔰㡡昲㉥㍤㍥ㅢ㔵㡣〲㘱晣〵㠰愲㍣㜳㑥挶㡦㜹㐷㌱㤶ㄷ晥㘵㔴㤰ㄷ㜲つ愴晢挳㑤㉦攴扡㐸挵戱愶ㄷ㜲慤愴攲愱攴ぢ晦㠶て晤ㄱ〱㝥つ敥㔸㍦㈷㈸敢晤㜷㈸昴㜶昴㜱㙣㑦攰㤷扤慣㑡攷捡攷捥扤搳搷㌹㜸㜳攷㤳㥦敢㜹改慤扦㝤晢捡㑦㥥㌹晥㙦㍦晤敥㜷㝦昲㉦㔷摥昸改敢换挷晦敡㤵㔷㝥晣攸搵㌷摥摥㙦扦㥣㝤昵㥤搹㤷㥦ㅦ戹昸晣戳昶㤹㝢愷㥦㝦敡挲攳㈳昳搷つ㜵㜴㜴㜵摤㌵昰搷㌷摤摤晦攲戳㍦㔰㝦晥㡦㌷㝡㑡愶㡢ㄷ㌴づ㠳搳㤶㘱扣㠹〲㠶挱ㄱ㝦愸挳攰㜴㘵愱㡥㐴ぢ㌵づ㐴〱摥㍤〷㈰ㄵ㈳㡤ㄵ摤晦〳挵摡㜳搴 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| Decisioneering:7.0.0.0 | Decisioneering:7.0.0.0 |
Crystal Ball Simulation
| Zeta Spenza Project | |||||||
| Given | |||||||
| Monza's sales in 2015 | 10,000 | MACRS Schedule | Solution Legend | ||||
| Monza's price | $65,000 | year 1 | 33% | Value given in problem | |||
| Monza Cost structure per car | year 2 | 45% | Formula/Calculation/Analysis required | ||||
| Body materials | $11,000 | year 3 | 15% | Assumptions, Qualitative analysis or Short answer required | |||
| Engine | $4,000 | year 4 | 7% | Goal Seek, Scenario or Data Table cell | |||
| Drivetrain | $6,000 | Crystal Ball Input | |||||
| Battery Pack | $20,000 | Crystal Ball Output | |||||
| Electronics | $5,000 | ||||||
| Labor (allocated)
Dima Leshchinskii: Dima Leshchinskii: based on 10,000 Monzas sold annually |
$4,000 | ||||||
| Overhead (allocated)
Dima Leshchinskii: Dima Leshchinskii: based on 10,000 Monzas sold annually |
$2,000 | ||||||
| Consulting Fees | $50,000 | ||||||
| Spenza Price | $80,000 | ||||||
| Spenza Sales projections | |||||||
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||
| Sales Volume | 5,000 | 7,000 | 6,000 | 4,000 | 3,000 | ||
| Plant Investment | 250000000 | Uniform distribution from 125 to 375 Mil | |||||
| Plant Capacity | 10,000 cars | ||||||
| Project life | 4 years | ||||||
| Percentage of Debt Financing | 50% | Uniform distribution from 25 to 75 % | |||||
| Interest Rate | 7.00% | Uniform distribution from 4 to 10 % | |||||
| Tax rate | 21% | ||||||
| NWC as % of sales | 4.75% | Uniform distribution from 4% to 5.5 % | |||||
| Monza Sales Cannibalization | 1,000 cars | Uniform distribution from 500 to 1,500 | |||||
| Electricity cost | $0.07 per kWh | 70% of national average | 0% of national average | 0% of national average | 0% of national average | ||
| Carbon Body Cost per Car | $14,000 | ||||||
| Percentage of electricity | 80% | ||||||
| Electricity used per car | |||||||
| Other Spenza direct costs | |||||||
| Body materials (other than electricity) | |||||||
| Engine | $4,000 | ||||||
| Drivetrain | $6,000 | ||||||
| Battery Pack | $15,000 | Uniform distribution from $ 10 to 20 K | |||||
| Electronics | $5,000 | ||||||
| Solution | |||||||
| Projected Net Income | |||||||
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||
| Sales Volume | 5,000 | 7,000 | 6,000 | 4,000 | 3,000 | ||
| Uniform distribution with +- 500 units around projected volume each year, correlation 0.6 | |||||||
| Projected electricity cost (per kWh)
Dima Leshchinskii: Dima Leshchinskii: See "Energy Prices Forecast" tab |
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Dima Leshchinskii: Dima Leshchinskii: based on 10,000 Monzas sold annually |
Dima Leshchinskii: Dima Leshchinskii: based on 10,000 Monzas sold annually |
Distribution assumption | Triangular distribution with min and max - 10% away from the mean, correlation 0.7 | ||||
| Revenues | |||||||
| Direct Costs | |||||||
| Body materials (electricity only) | |||||||
| Body materials (other than electricity) | |||||||
| Engine | |||||||
| Drivetrain | |||||||
| Battery Pack | |||||||
| Electronics | |||||||
| Total Direct Costs | |||||||
| Fixed Costs | |||||||
| Labor | |||||||
| Overheads | |||||||
| Depreciation | |||||||
| EBIT | |||||||
| Interest | |||||||
| EBT | |||||||
| Taxes | |||||||
| Net Income | |||||||
| Projected FCF | |||||||
| Monzas Lost Profit | |||||||
| Volume | 1,000 cars | ||||||
| Price | $65,000 | ||||||
| Direct Costs (per car) | |||||||
| Lost Profit (After-Tax) | |||||||
| OCF | |||||||
| CapEx | |||||||
| Investment in NWC | |||||||
| Opportunity Costs | |||||||
| Alternative Land Use | |||||||
| Lost Profit from Cannibalized Sales | |||||||
| FCF | |||||||
| WACC (From WACC Tab) | 8.00%
Dima Leshchinskii: Dima Leshchinskii: Use value of WACC from WACC Tab Before you find it, temporary use 8% as a plug |
||||||
| NPV | |||||||
| IRR |
External data =>
Energy Prices Forecast
| Electricity Prices Forecast (Prices in Nominal cc/kWh) | ||||||||
| Source: U.S. Energy Information Administration | ||||||||
| https://www.eia.gov/outlooks/aeo/data/browser/#/?id=8-AEO2019®ion=0-0&cases=ref2019~highmacro~lowmacro~highprice~lowprice~highrt~lowrt~aeo2018no&start=2019&end=2029&f=A&linechart=~~~~~~~~ref2019-d111618a.61-8-AEO2019~highmacro-d111618a.61-8-AEO2019~lowmacro-d111618a.61-8-AEO2019~highprice-d111618a.61-8-AEO2019~lowprice-d111618a.61-8-AEO2019~highrt-d111618a.61-8-AEO2019~lowrt-d111618a.61-8-AEO2019~aeo2018no-d121317a.61-8-AEO2019&sid=ref2019-d111618a.67-8-AEO2019&sourcekey=0 | ||||||||
| To see the chart and the table at the source website, please copy and paste the entire URL above instead of clicking on the link directly | ||||||||
| Year | Reference case | High economic growth | Low economic growth | High oil price | Low oil price | High oil and gas resource and tech | Low oil and gas resource and tech | AEO without Clean Power Plan |
| 2019 | 10.75 | 10.76 | 10.81 | 10.85 | 10.73 | 10.75 | 10.79 | 11.04 |
| 2020 | 10.46 | 10.51 | 10.46 | 10.63 | 10.40 | 10.42 | 10.67 | 11.31 |
| 2021 | 10.32 | 10.39 | 10.25 | 10.48 | 10.25 | 10.15 | 10.62 | 11.27 |
| 2022 | 10.32 | 10.42 | 10.26 | 10.42 | 10.28 | 10.12 | 10.67 | 11.31 |
| 2023 | 10.32 | 10.47 | 10.23 | 10.35 | 10.38 | 10.09 | 10.74 | 11.34 |
| 2024 | 10.40 | 10.51 | 10.34 | 10.23 | 10.44 | 10.12 | 10.86 | 11.36 |
| 2025 | 10.52 | 10.65 | 10.44 | 10.23 | 10.56 | 10.22 | 11.02 | 11.49 |
| 2026 | 10.59 | 10.73 | 10.54 | 10.19 | 10.65 | 10.26 | 11.13 | 11.52 |
| 2027 | 10.59 | 10.73 | 10.53 | 10.15 | 10.68 | 10.25 | 11.25 | 11.55 |
| 2028 | 10.60 | 10.70 | 10.51 | 10.13 | 10.67 | 10.21 | 11.31 | 11.56 |
| 2029 | 10.58 | 10.71 | 10.43 | 10.15 | 10.70 | 10.19 | 11.37 | 11.56 |
| 2030 | 10.60 | 10.71 | 10.43 | 10.21 | 10.70 | 10.18 | 11.47 | 11.58 |
| 2031 | 10.61 | 10.73 | 10.41 | 10.25 | 10.76 | 10.22 | 11.52 | 11.60 |
| 2032 | 10.65 | 10.74 | 10.43 | 10.37 | 10.80 | 10.18 | 11.52 | 11.58 |
| 2033 | 10.66 | 10.79 | 10.48 | 10.43 | 10.83 | 10.24 | 11.57 | 11.56 |
| 2034 | 10.67 | 10.77 | 10.41 | 10.41 | 10.83 | 10.13 | 11.61 | 11.53 |
| 2035 | 10.66 | 10.74 | 10.43 | 10.45 | 10.79 | 10.17 | 11.64 | 11.50 |
| 2036 | 10.67 | 10.80 | 10.38 | 10.44 | 10.82 | 10.15 | 11.65 | 11.49 |
| 2037 | 10.68 | 10.75 | 10.41 | 10.51 | 10.83 | 10.05 | 11.64 | 11.47 |
| 2038 | 10.66 | 10.74 | 10.33 | 10.52 | 10.78 | 10.04 | 11.68 | 11.46 |
| 2039 | 10.62 | 10.69 | 10.29 | 10.51 | 10.77 | 9.99 | 11.62 | 11.45 |
| 2040 | 10.56 | 10.74 | 10.28 | 10.55 | 10.69 | 9.91 | 11.60 | 11.44 |
| 2041 | 10.58 | 10.74 | 10.28 | 10.58 | 10.69 | 9.93 | 11.60 | 11.41 |
| 2042 | 10.54 | 10.71 | 10.22 | 10.62 | 10.67 | 9.84 | 11.59 | 11.38 |
| 2043 | 10.52 | 10.69 | 10.14 | 10.61 | 10.62 | 9.76 | 11.55 | 11.35 |
| Prices are in nominal cents/kWh | ||||||||
