Annual report
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ANNUAL REPORT ʫʨ̈́V c)̈́ʪʨʪʮ bÉƅƯðĥë̈́>ŖĴũœ̈́DĴĥëďĭĆŜ̈́ZŤë Éĭë̈́åĴĭŤŖĴĥĥðë̈́ðĭŤďŤďðŜ c̈́ʎʐ̈́ʉʊʉ̈́ʎʒʐ̈́ʏʐʋ
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ĴŖœĴŖÉŤð̈́GĭąĴŖĬÉŤďĴĭ ĴĭŤðĭŤŜ #ďŖðåŤĴŖŜ ̈́DďĆĆďĭŜ̈́ ZV̈́ČďĥĥďœŜ̈́ ̈́Ťððĥð̈́ ̈́DðĭëðŖŜĴĭ̈́ V̈́Ĵſð ĴĬœÉĭƅ̈́ŜðåŖðŤÉŖďðŜ ŖðŤŤ̈́ ŖĴſĥðƅ̈́ ÉŖðĥ̈́ ĴŜČĴƳ ðĆďŜŤðŖðë̈́Ĵƶåð ʌ̈́>ďëĆďð̈́ ĴũŖŤ̈́ )ëďĭäũŖĆČ̈́̈́ʎʊʊʊ̈́ ČĴĭð˷̈́ʉʑ̈́ʑʊʏʎ̈́ʊʉʉʉ̈́ ČÉŖð̈́ŖðĆďŜŤðŖ ũŤĴĬďå̈́Ťƅ̈́ZŤë̈́ Zðžðĥ̈́ʎ˶̈́ʊʋʏ̈́Čďĥĥďœ̈́ŤŖððŤ̈́ ƅëĭðƅ̈́c¶̈́ʋʉʉʉ̈́ ČŤŤœŜ˷̂ ̂ďĭžðŜŤĴŖ˵ÉũŤĴĬďå˵åĴĬ˵Éũ̂ ũëďŤĴŖ Xb>̈́ ʊʎʊ̈́ďŖďð̈́ŤŖððŤ̈́ ëðĥÉďëð̈́̈́ʎʉʉʉ ŤĴåĢ̈́ðƄåČÉĭĆð̈́ĥďŜŤďĭĆ bÉƅƯðĥë̈́>ŖĴũœ̈́DĴĥëďĭĆŜ̈́ZŤë̈́ŜČÉŖðŜ̈́ÉŖð̈́ĥďŜŤðë̈́Ĵĭ̈́ŤČð̈́ ũŜŤŖÉĥďÉĭ̈́ðåũŖďŤďðŜ̈́)ƄåČÉĭĆð̈́̍»̈́åĴëð˷̈́b¼>) ¶ðäŜďŤð ČŤŤœŜ˷̂ ̂ĬÉƅƯðĥëĆŖĴũœ˵åĴĬ˵Éũ ĴŖœĴŖÉŤð̈́>ĴžðŖĭÉĭåð̈́ŤÉŤðĬðĭŤ ĬÉƅƯðĥëĆŖĴũœ˵åĴĬ˵Éũ̂ÉäĴũŤ̂åĴŖœĴŖÉŤð̛ĆĴžðŖĭÉĭåð̂ ʊäĴũŤ̈́bÉƅƯðĥë̈́>ŖĴũœ ʋ ČÉďŖĬÉĭ̩Ŝ̈́ZðŤŤðŖ ʍbÉĭÉĆďĭĆ̈́#ďŖðåŤĴŖ̩Ŝ̈́ðœĴŖŤ ʏ#ďŖðåŤĴŖŜ̩̈́ŖðœĴŖŤ ʐðžďðſ̈́Ĵą̈́ĴœðŖÉŤďĴĭŜ ʌʉ=ďĭÉĭåďÉĥ̈́ŤÉŤðĬðĭŤŜ ʌʊ ĴĭŜĴĥďëÉŤðë̈́ŜŤÉŤðĬðĭŤ̈́Ĵą̈́œŖĴƯŤ̈́ĴŖ̈́ĥĴŜŜ̈́Éĭë̈́ĴŤČðŖ̈́åĴĬœŖðČðĭŜďžð̈́ďĭåĴĬð ʌʋ ĴĭŜĴĥďëÉŤðë̈́ŜŤÉŤðĬðĭŤ̈́Ĵą̈́ƯĭÉĭåďÉĥ̈́œĴŜďŤďĴĭ ʌʌ ĴĭŜĴĥďëÉŤðë̈́ŜŤÉŤðĬðĭŤ̈́Ĵą̈́åČÉĭĆðŜ̈́ďĭ̈́ðŕũďŤƅ ʌʍ ĴĭŜĴĥďëÉŤðë̈́ŜŤÉŤðĬðĭŤ̈́Ĵą̈́åÉŜČ̈́ưĴſŜ ʌʎcĴŤðŜ̈́ŤĴ̈́ŤČð̈́åĴĭŜĴĥďëÉŤðë̈́ƯĭÉĭåďÉĥ̈́ŜŤÉŤðĬðĭŤŜ ĴĭŜĴĥďëÉŤðë̈́ðĭŤďŤƅ̈́ëďŜåĥĴŜũŖð̈́ŜŤÉŤðĬðĭŤ #ďŖðåŤĴŖŜ̩̈́ëðåĥÉŖÉŤďĴĭ GĭëðœðĭëðĭŤ̈́ÉũëďŤĴŖ̩Ŝ̈́ŖðœĴŖŤ̈́ŤĴ̈́ŤČð̈́ĬðĬäðŖŜ̈́Ĵą̈́bÉƅƯðĥë̈́>ŖĴũœ̈́DĴĥëďĭĆŜ̈́ZŤë ČÉŖðČĴĥëðŖ̈́ďĭąĴŖĬÉŤďĴĭ œœðĭëďƄ̈́ʍ) 77 78 79 83 86
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ʩ ¶Čďĥð̈́ŤČð̈́ſĴŖĥë̈́ðĬäŖÉåðŜ̈́ĭðſ̈́ŤðåČĭĴĥĴĆďðŜ˶̈́ŜũåČ̈́ÉŜ̈́ŜĴĥÉŖ̈́ąÉŖĬŜ˶̈́ëÉŤÉ̈́ åðĭŤŖðŜ˶̈́ðĥðåŤŖďå̈́žðČďåĥðŜ˶̈́Éĭë̈́G̈́åĴĬœũŤďĭĆ˶̈́bÉƅƯðĥë̈́äũďĥëŜ̈́ŤČð̈́ąũĭëÉĬðĭŤÉĥ̈́ ðĥðåŤŖďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́ŤČÉŤ̈́ðĭÉäĥðŜ̈́ŤČðĬ̈́ŤĴ̈́ĴœðŖÉŤð˵̈́kũŖ̈́äũŜďĭðŜŜ̈́ďŜ̈́äũďĥŤ̈́ Ĵĭ̈́É̈́ŜďĬœĥð̈́ŤŖũŤČ˷̈́ĭĴŤČďĭĆ̈́ČÉœœðĭŜ̈́ſďŤČĴũŤ̈́œĴſðŖ˶̈́Éĭë̈́œĴſðŖ̈́ŖðŕũďŖðŜ̈́ ŖðĥďÉäĥð˶̈́ďĭŤðĥĥďĆðĭŤ̈́ëďŜŤŖďäũŤďĴĭ̈́ŜƅŜŤðĬŜ˵̈́¶ð̈́ëĴĭ̩Ť̈́ğũŜŤ̈́œÉŖŤďåďœÉŤð̈́ďĭ̈́ũŜŤŖÉĥďÉ̩Ŝ̈́ œŖĴĆŖðŜŜ˸̈́ſð̈́œŖĴžďëð̈́ŤČð̈́ðŜŜðĭŤďÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́ąĴũĭëÉŤďĴĭ̈́ŤČÉŤ̈́ðĭÉäĥðŜ̈́ďŤ˵ kœðŖÉŤďĭĆ̈́ąŖĴĬ̈́ÉëžÉĭåðë̈́ĬÉĭũąÉåŤũŖďĭĆ̈́ąÉåďĥďŤďðŜ̈́ďĭ̈́ëðĥÉďëð˶̈́ðŖŤČ̈́Éĭë̈́ XÉĥĆĴĴŖĥďð˶̈́ſďŤČ̈́ŜðŖžďåð̈́ĴœðŖÉŤďĴĭŜ̈́ÉåŖĴŜŜ̈́Éĥĥ̈́ĬÉďĭĥÉĭë̈́ŜŤÉŤð̈́åÉœďŤÉĥŜ˶̈́ bÉƅƯðĥë̈́ëðĥďžðŖŜ̈́ďĭŤðĆŖÉŤðë̈́ŜĴĥũŤďĴĭŜ̈́ŤČŖĴũĆČ̈́ďŤŜ̈́åĴĬœĥðĬðĭŤÉŖƅ̈́ äũŜďĭðŜŜ̈́ũĭďŤŜ˷̈́bÉƅƯðĥë̈́GĭëũŜŤŖďðŜ̈́̍ĬĴëũĥÉŖ̈́ðĥðåŤŖďåÉĥ̈́ĬÉĭũąÉåŤũŖďĭĆ̎˶̈́ )̈́ ſďŤåČåŖÉƾ̈́̍åĴĬĬðŖåďÉĥ̈́ðĥðåŤŖďåÉĥ̈́ŜĴĥũŤďĴĭŜ̎˶̈́b) ̈́ĴſðŖ̈́ν̈́ðåČĭĴĥĴĆƅ̈́ ̍ũĭëðŖĆŖĴũĭë̈́ĬďĭďĭĆ̈́ðĥðåŤŖďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́Éĭë̈́ĢďĴŜĢ̈́ŜũäŜŤÉŤďĴĭŜ̎˶̈́Éĭë̈́ ĴſðŖ̈́ÉŖÉĬðŤðŖŜ̈́̍åŖďŤďåÉĥ̈́œĴſðŖ̈́ðŕũďœĬðĭŤ̈́Éĭë̈́ŤðŜŤďĭĆ̎˶̈́ŜũœœĴŖŤðë̈́äƅ̈́G̈́ ũŜŤŖÉĥďÉ̩Ŝ̈́åĴĬĬũĭďåÉŤďĴĭŜ̈́Éĭë̈́åĴĭŤŖĴĥ̈́ŜƅŜŤðĬŜ̈́åÉœÉäďĥďŤďðŜ˵ kũŖ̈́ũŜŤŖÉĥďÉĭ̈́ĬÉĭũąÉåŤũŖďĭĆ̈́œŖĴžďëðŜ̈́Ŝũœœĥƅ̈́åČÉďĭ̈́ŜðåũŖďŤƅ̈́Éĭë̈́ŖÉœďë̈́ ŖðŜœĴĭŜð̈́åÉœÉäďĥďŤďðŜ˶̈́œĴŜďŤďĴĭďĭĆ̈́bÉƅƯðĥë̈́ÉŜ̈́Éĭ̈́ðƄœðŖďðĭåðë̈́Éĭë̈́ŤŖũŜŤðë̈́ œÉŖŤĭðŖ̈́ŤČÉŤ̈́ëðĥďžðŖŜ̈́ąĴŖ̈́ĬÉğĴŖ̈́åĴĭŤŖÉåŤĴŖŜ˶̈́ũŤďĥďŤďðŜ˶̈́ĬďĭďĭĆ̈́åĴĬœÉĭďðŜ˶̈́ ďĭąŖÉŜŤŖũåŤũŖð̈́ĴœðŖÉŤĴŖŜ˶̈́Éĭë̈́ĆĴžðŖĭĬðĭŤ̈́ðĭŤďŤďðŜ˵ äĴũŤ̈́bÉƅƯðĥë̈́>ŖĴũœ ʩ bÉƅƯðĥë̈́>ŖĴũœ̈́DĴĥëďĭĆŜ̈́ZďĬďŤðë̈́̍»˷̈́b¼>̎̈́ëðŜďĆĭŜ˶̈́ ĬÉĭũąÉåŤũŖðŜ˶̈́Éĭë̈́ŜðŖžďåðŜ̈́ŤČð̈́åŖďŤďåÉĥ̈́ðĥðåŤŖďåÉĥ̈́ ďĭąŖÉŜŤŖũåŤũŖð̈́ŤČÉŤ̈́ũĭëðŖœďĭŜ̈́ũŜŤŖÉĥďÉ̩Ŝ̈́ðĭðŖĆƅ̈́ŤŖÉĭŜďŤďĴĭ˶̈́ ëÉŤÉ̈́åðĭŤŖð̈́ðƄœÉĭŜďĴĭ˶̈́ëðąðĭåð̈́ĬĴëðŖĭďŜÉŤďĴĭ˶̈́ĬďĭďĭĆ̈́Éĭë̈́ ŖðŜĴũŖåðŜ̈́ĴœðŖÉŤďĴĭŜ˶̈́Éĭë̈́ĭÉŤďĴĭ̛äũďĥëďĭĆ̈́ďĭąŖÉŜŤŖũåŤũŖð˵
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ʪ ̈́¼ðÉŖ̈́Ĵą̈́ðåĴŖë̈́ðŜũĥŤŜ̈́Éĭë̈́#ðåďŜďžð̈́åŤďĴĭ =¼ʋʉʋʏ̈́ſÉŜ̈́ÉĭĴŤČðŖ̈́ðƄåðœŤďĴĭÉĥ̈́ƅðÉŖ̈́ąĴŖ̈́bÉƅƯðĥë˵̈́ðžðĭũð ĆŖðſ̈́ʍʌΞ̈́ŤĴ̈́͌ʊʏʒ˵ʉ̈́ĬďĥĥďĴĭ̈́Éĭë̈́ũĭëðŖĥƅďĭĆ̈́) G#̈́ďĭåŖðÉŜðë ʎʍΞ̈́ŤĴ̈́͌ʊʑ˵ʎ̈́ĬďĥĥďĴĭ˶̈́ſďŤČ̈́ŤČð̈́ĬÉŖĆďĭ̈́ðƄœÉĭëďĭĆ̈́ąŖĴĬ̈́ʊʉ˵ʊΞ ŤĴ̈́ʊʉ˵ʒΞ˶̈́ŖðưðåŤďĭĆ̈́ŤČð̈́ĴœðŖÉŤďĭĆ̈́ĥðžðŖÉĆð̈́ĭĴſ̈́ðžďëðĭŤ̈́ÉåŖĴŜŜ ŤČð̈́>ŖĴũœ˵̈́ŖĴƯŤ̈́äðąĴŖð̈́ŤÉƄ̈́ďĭåŖðÉŜðë̈́ʋʒ˵ʋΞ̈́ŤĴ̈́É̈́ŖðåĴŖë̈́͌ʊʋ˵ʑ ĬďĥĥďĴĭ˶̈́ĬÉŖĢďĭĆ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ŜðåĴĭë̈́åĴĭŜðåũŤďžð̈́ƅðÉŖ̈́Ĵą̈́ŖðåĴŖë ðÉŖĭďĭĆŜ˵̈́#ðŤÉďĥðë̈́åĴĬĬðĭŤÉŖƅ̈́Ĵĭ̈́ŤČð̈́ƯĭÉĭåďÉĥ̈́ŖðŜũĥŤ̈́ďŜ̈́ŜðŤ̈́ĴũŤ ďĭ̈́ŤČð̈́bÉĭÉĆďĭĆ̈́#ďŖðåŤĴŖ̩Ŝ̈́ŖðœĴŖŤ̈́Éĭë̈́ŤČð̈́Ŗðžďðſ̈́Ĵą̈́ĴœðŖÉŤďĴĭŜ˵ ðƅĴĭë̈́ŤČð̈́ƯĭÉĭåďÉĥ̈́ŖðŜũĥŤ˶̈́ŤČð̈́ ĴÉŖë̈́ŤĴĴĢ̈́ëðåďŜďžð̈́ŜŤðœŜ̈́ŤĴ̈́ œĴŜďŤďĴĭ̈́ŤČð̈́>ŖĴũœ̈́ąĴŖ̈́ďŤŜ̈́ĭðƄŤ̈́œČÉŜð̈́Ĵą̈́ĆŖĴſŤČ˷̈́ſð̈́åĴĬœĥðŤðë̈́ ŤſĴ̈́ŜŤŖÉŤðĆďå̈́ÉåŕũďŜďŤďĴĭŜ˶̈́ŜŤŖðĭĆŤČðĭðë̈́ŤČð̈́äÉĥÉĭåð̈́ŜČððŤ̈́ ŤČŖĴũĆČ̈́É̈́ſðĥĥ̛ŜũœœĴŖŤðë̈́͌ʌʌ˵ʎ̈́ĬďĥĥďĴĭ̈́åÉœďŤÉĥ̈́ŖÉďŜďĭĆ˶̈́ſðĥåĴĬðë̈́ Ĵë̈́DðĭëðŖŜĴĭ̈́ŤĴ̈́ŤČð̈́ ĴÉŖë̈́Éĭë̈́åĴĭŤďĭũðë̈́ĴũŖ̈́ŖðåĴŖë̈́Ĵą̈́ąũĥĥƅ̈́ ąŖÉĭĢðë̈́ëďžďëðĭëŜ̈́ŤĴ̈́ŜČÉŖðČĴĥëðŖŜ˵ #ðÉŖ̈́ČÉŖðČĴĥëðŖŜ˶ kĭ̈́äðČÉĥą̈́Ĵą̈́Ĭƅ̈́ąðĥĥĴſ̈́#ďŖðåŤĴŖŜ˶̈́G̈́ÉĬ̈́œĥðÉŜðë̈́ŤĴ̈́œŖðŜðĭŤ̈́ŤČð̈́bÉƅƯðĥë̈́>ŖĴũœ̈́ DĴĥëďĭĆŜ̈́ĭĭũÉĥ̈́ðœĴŖŤ̈́ąĴŖ̈́ŤČð̈́ƅðÉŖ̈́ðĭëðë̈́ʌʉ̈́Vũĭð̈́ʋʉʋʏ˵̈́bÉƅƯðĥë̩Ŝ̈́œũŖœĴŜð̈́ďŜ̈́ ĆŖĴũĭëðë̈́ďĭ̈́É̈́ŜďĬœĥð̈́ŖðÉĥďŤƅ˷̈́ĭĴŤČďĭĆ̈́ČÉœœðĭŜ̈́ſďŤČĴũŤ̈́œĴſðŖ˶̈́Éĭë̈́œĴſðŖ̈́ŖðŕũďŖðŜ̈́ ŖðĥďÉäĥð˶̈́ďĭŤðĥĥďĆðĭŤ̈́ëďŜŤŖďäũŤďĴĭ̈́ŜƅŜŤðĬŜ˵ DďĆČĥďĆČŤŜ ʎʍΞ ʍʌΞ ðåĴŖë̈́ðžðĭũð ) k#̈́ c#)Z ¼Gc>̈́) G# ͌ʊʏʒ˵ʉĬ̈́̍ʋʉʋʎ˷̈́͌ʊʊʑ˵ʊĬ̎ ͌ʊʑ˵ʎĬ̈́̍ʋʉʋʎ˷̈́͌ʊʋ˵ʉĬ̎ ̈́b)>)̈́=kb̈́ k ̈́ DG ŤŖðĭĆŤČðĭďĭĆ̈́ŤČð̈́=ĴũĭëÉŤďĴĭŜ̈́̈́ ąĴŖ̈́ZĴĭĆ̛ðŖĬ̈́>ŖĴſŤČ
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ʫʫ ÉœďŤÉĥ̈́bÉĭÉĆðĬðĭŤ̈́Éĭë̈́#ďžďëðĭëŜ Ʊð̈́åÉœďŤÉĥ̈́ŖÉďŜďĭĆ˶̈́ũĭëðŖŤÉĢðĭ̈́ŤČŖĴũĆČ̈́Éĭ̈́ďĭŜŤďŤũŤďĴĭÉĥ̈́œĥÉåðĬðĭŤ̈́Éĭë̈́É̈́ČÉŖð̈́ũŖåČÉŜð̈́ĥÉĭ̈́ąĴŖ̈́ðĥďĆďäĥð̈́ðƄďŜŤďĭĆ ŜČÉŖðČĴĥëðŖŜ˶̈́ČÉë̈́É̈́åĥðÉŖ̈́œũŖœĴŜð˷̈́ŤĴ̈́ąũĭë̈́ŤČð̈́ÉåŕũďŜďŤďĴĭ̈́Ĵą̈́b) ̈́ĴſðŖ̈́ν̈́ðåČĭĴĥĴĆƅ̈́ſČďĥð̈́œŖðŜðŖžďĭĆ̈́ŤČð äÉĥÉĭåð̈́ŜČððŤ̈́ŜŤŖðĭĆŤČ̈́Éĭë̈́ưðƄďäďĥďŤƅ̈́ŤČÉŤ̈́ČÉžð̈́ĥĴĭĆ̈́åČÉŖÉåŤðŖďŜðë̈́bÉƅƯðĥë˵̈́Ʊð̈́ ĴÉŖë̈́ſÉŜ̈́œĥðÉŜðë̈́ſďŤČ̈́ŤČð̈́ŜŤŖĴĭĆ ŜũœœĴŖŤ̈́ŜČĴſĭ̈́äƅ̈́ðƄďŜŤďĭĆ̈́Éĭë̈́ĭðſ̈́ďĭŜŤďŤũŤďĴĭÉĥ̈́ďĭžðŜŤĴŖŜ̈́Éĭë̈́ðĥďĆďäĥð̈́ŜČÉŖðČĴĥëðŖŜ̈́ſČĴ̈́œÉŖŤďåďœÉŤðë̈́ďĭ̈́ŤČð̈́ČÉŖð ũŖåČÉŜð̈́ĥÉĭ˵̈́Ʊð̈́>ŖĴũœ̈́åĥĴŜðë̈́ŤČð̈́ƅðÉŖ̈́ſďŤČ̈́åÉŜČ̈́Ĵą̈́͌ʋʊ˵ʑ̈́ĬďĥĥďĴĭ˶̈́œŖĴžďëďĭĆ̈́åÉœÉåďŤƅ̈́ąĴŖ̈́åĴĭŤďĭũðë̈́ĴŖĆÉĭďå ďĭžðŜŤĬðĭŤ̈́Éĭë̈́ëďŜåďœĥďĭðë̈́ÉåŕũďŜďŤďĴĭ̈́ĴœœĴŖŤũĭďŤďðŜ˵ Ʊð̈́ ĴÉŖë̈́ëðåĥÉŖðë̈́É̈́ąũĥĥƅ̈́ąŖÉĭĢðë̈́ďĭŤðŖďĬ̈́ëďžďëðĭë̈́Ĵą̈́ʋ˵ʉ̈́åðĭŤŜ̈́œðŖ̈́ŜČÉŖð˶̈́ſČďåČ̈́ſÉŜ̈́œÉďë̈́ďĭ̈́bÉŖåČ̈́ʋʉʋʏ˶̈́Éĭë̈́ČÉŜ̈́ëðåĥÉŖðë̈́É ąũĥĥƅ̈́ąŖÉĭĢðë̈́ƯĭÉĥ̈́ëďžďëðĭë̈́Ĵą̈́ʋ˵ʍ̈́åðĭŤŜ̈́œðŖ̈́ŜČÉŖð˶̈́œÉƅÉäĥð̈́ďĭ̈́ðœŤðĬäðŖ̈́ʋʉʋʏ˵̈́ƱďŜ̈́äŖďĭĆŜ̈́ŤĴŤÉĥ̈́ĴŖëďĭÉŖƅ̈́ëďžďëðĭëŜ̈́ďĭ̈́ŖðŜœðåŤ Ĵą̈́=¼ʋʉʋʏ̈́ŤĴ̈́ʍ˵ʍ̈́åðĭŤŜ̈́œðŖ̈́ŜČÉŖð̈́̍=¼ʋʉʋʎ˷̈́ʌ˵ʋ̈́åðĭŤŜ˶̈́œĥũŜ̈́É̈́ŜœðåďÉĥ̈́ëďžďëðĭë̈́Ĵą̈́ʎ˵ʌ̈́åðĭŤŜ̎˵̈́ƱďŜ̈́ŖðưðåŤŜ̈́ŤČð̈́ ĴÉŖë̩Ŝ̈́ÉœœŖĴÉåČ Ĵą̈́äÉĥÉĭåďĭĆ̈́ŖðŤũŖĭŜ̈́ŤĴ̈́ŜČÉŖðČĴĥëðŖŜ̈́ſďŤČ̈́ŖðŤÉďĭďĭĆ̈́åÉœďŤÉĥ̈́ŤĴ̈́ąũĭë̈́ŤČð̈́ŜďĆĭďƯåÉĭŤ̈́ĆŖĴſŤČ̈́ĴœœĴŖŤũĭďŤďðŜ̈́äðąĴŖð̈́ŤČð̈́>ŖĴũœ˵ ŤŖÉŤðĆďå̈́)ƄœÉĭŜďĴĭ̈́Ĵą̈́kũŖ̈́)ĥðåŤŖďåÉĥ̈́GĭąŖÉŜŤŖũåŤũŖð̈́ĥÉŤąĴŖĬ Ʊð̈́ÉåŕũďŜďŤďĴĭŜ̈́Ĵą̈́ )̈́ſďŤåČåŖÉƾ̈́Éĭë̈́b) ̈́ĴſðŖ̈́ν̈́ðåČĭĴĥĴĆƅ̈́ſðŖð̈́ďĬœĴŖŤÉĭŤ̈́ĬďĥðŜŤĴĭðŜ̈́ďĭ̈́ŤČð̈́>ŖĴũœ̩Ŝ ðžĴĥũŤďĴĭ˵̈́ )̈́ſďŤåČåŖÉƾ̈́ðƄŤðĭëŜ̈́ũŜ̈́ďĭŤĴ̈́ŤČð̈́åĴĬœĥðĬðĭŤÉŖƅ̈́ĥďĆČŤ̈́ďĭëũŜŤŖďÉĥ̈́Éĭë̈́åĴĬĬðŖåďÉĥ̈́ŜſďŤåČäĴÉŖë̈́ĬÉŖĢðŤ˶ ſČďĥð̈́b) ̈́œŖĴžďëðŜ̈́ĴũŖ̈́ƯŖŜŤ̈́ëðëďåÉŤðë̈́ðƄœĴŜũŖð̈́ŤĴ̈́ũĭëðŖĆŖĴũĭë̈́ĬďĭďĭĆ̈́Éĭë̈́ďĭŤðŖĭÉŤďĴĭÉĥ̈́ðƄœĴŖŤ̈́ĬÉŖĢðŤŜ̈́ŤČŖĴũĆČ ďŤŜ̈́ŜœðåďÉĥďŜðë̈́ðĥðåŤŖďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́åÉœÉäďĥďŤďðŜ˵̈́ ĴŤČ̈́ſðŖð̈́ÉåŕũďŖðë̈́Ĵĭ̈́ëďŜåďœĥďĭðë̈́ŤðŖĬŜ˶̈́ſďŤČ̈́b) ̈́åĴĬœĥðŤðë̈́ÉŤ ÉœœŖĴƄďĬÉŤðĥƅ̈́ʎ˵ʉ̈́ŤďĬðŜ̈́ĭĴŖĬÉĥďŜðë̈́) G#̈́Éĭë̈́ąĴũĭëðŖ̈́bÉŖŤďĭ̈́ZÉſ̈́ŖðŤÉďĭðë̈́Ĵĭ̈́É̈́ĥĴĭĆ̛ŤðŖĬ̈́åĴĭŤŖÉåŤ˵ ĴĆðŤČðŖ˶̈́ŤČðŜð̈́ÉåŕũďŜďŤďĴĭŜ̈́ÉëžÉĭåð̈́ĴũŖ̈́ŜŤŖÉŤðĆƅ̈́Ĵą̈́äũďĥëďĭĆ̈́É̈́ëďžðŖŜďƯðë̈́ðĥðåŤŖďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́œĥÉŤąĴŖĬ̈́œĴŜďŤďĴĭðë̈́ ŤĴ̈́äðĭðƯŤ̈́ąŖĴĬ̈́ĥĴĭĆ̛ŤðŖĬ̈́ŜŤŖũåŤũŖÉĥ̈́ďĭžðŜŤĬðĭŤ̈́ďĭ̈́ðĥðåŤŖďƯåÉŤďĴĭ˶̈́ëÉŤÉ̈́åðĭŤŖðŜ˶̈́ŖðŜĴũŖåðŜ˶̈́ũŤďĥďŤďðŜ˶̈́ŖðĭðſÉäĥð̈́ðĭðŖĆƅ̈́ Éĭë̈́åŖďŤďåÉĥ̈́åĴĬĬũĭďåÉŤďĴĭŜ˵̈́Ʊð̈́ŜŤŖÉŤðĆďå̈́ŖÉŤďĴĭÉĥð̈́ąĴŖ̈́ðÉåČ̈́ÉåŕũďŜďŤďĴĭ̈́ďŜ̈́ŜðŤ̈́ĴũŤ̈́ďĭ̈́ŤČð̈́Ŗðžďðſ̈́Ĵą̈́ĴœðŖÉŤďĴĭŜ˵ ĴÉŖë̈́Éĭë̈́>ĴžðŖĭÉĭåð ¶ð̈́ſðŖð̈́ëðĥďĆČŤðë̈́ŤĴ̈́ſðĥåĴĬð̈́Ĵë̈́DðĭëðŖŜĴĭ̈́ÉŜ̈́É̈́cĴĭ̛)ƄðåũŤďžð̈́#ďŖðåŤĴŖ̈́ëũŖďĭĆ̈́ŤČð̈́ƅðÉŖ˵̈́Ĵë̈́äŖďĭĆŜ̈́ëððœ̈́ ðƄœðŖďðĭåð̈́ďĭ̈́ðĥðåŤŖďåÉĥ̈́ðĭĆďĭððŖďĭĆ˶̈́ĬÉĭũąÉåŤũŖďĭĆ̈́Éĭë̈́ďĭëũŜŤŖďÉĥ̈́ŤðåČĭĴĥĴĆƅ̈́äũŜďĭðŜŜðŜ˶̈́ſČďåČ̈́ſďĥĥ̈́äð̈́žÉĥũÉäĥð̈́ ÉŜ̈́ŤČð̈́>ŖĴũœ̈́ĆŖĴſŜ̈́ďĭ̈́ŜåÉĥð̈́Éĭë̈́åĴĬœĥðƄďŤƅ˵̈́Ʊð̈́ ĴÉŖë̈́ÉĥŜĴ̈́åĴĭŤďĭũðë̈́ŤĴ̈́ŜŤŖðĭĆŤČðĭ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ĆĴžðŖĭÉĭåð˶̈́ŖďŜĢ̈́ ĬÉĭÉĆðĬðĭŤ̈́Éĭë̈́ŖðœĴŖŤďĭĆ̈́ąŖÉĬðſĴŖĢŜ̈́ŤĴ̈́Ģððœ̈́œÉåð̈́ſďŤČ̈́ĴũŖ̈́ðƄœÉĭëðë̈́ĴœðŖÉŤďĴĭŜ˶̈́ďĭåĥũëďĭĆ̈́œŖðœÉŖÉŤďĴĭ̈́ąĴŖ̈́ ũŜŤŖÉĥďÉ̩Ŝ̈́ĭðſ̈́ĬÉĭëÉŤĴŖƅ̈́åĥďĬÉŤð̛ŖðĥÉŤðë̈́ëďŜåĥĴŜũŖð̈́ŖðĆďĬð˵ ZĴĴĢďĭĆ̈́ČðÉë bÉƅƯðĥë̈́ðĭŤðŖŜ̈́=¼ʋʉʋʐ̈́ſďŤČ̈́åĴĭƯëðĭåð˵̈́¶ð̈́ČÉžð̈́É̈́ŜŤŖĴĭĆ̈́äÉĥÉĭåð̈́ŜČððŤ˶̈́É̈́ëďžðŖŜďƯðë̈́œĥÉŤąĴŖĬ̈́Ĵą̈́åĴĬœĥðĬðĭŤÉŖƅ äũŜďĭðŜŜðŜ˶̈́É̈́ĆŖĴſďĭĆ̈́äÉŜð̈́Ĵą̈́ŖðåũŖŖďĭĆ̈́åũŜŤĴĬðŖŜ̈́Éĭë̈́ðƄœĴŜũŖð̈́ŤĴ̈́ðĭëũŖďĭĆ̈́ŜŤŖũåŤũŖÉĥ̈́ĆŖĴſŤČ̈́ëŖďžðŖŜ˵̈́Ʊð̈́ ĴÉŖë̩Ŝ ąĴåũŜ̈́ŖðĬÉďĭŜ̈́Ĵĭ̈́ŜũœœĴŖŤďĭĆ̈́ĬÉĭÉĆðĬðĭŤ̈́ŤĴ̈́ďĭŤðĆŖÉŤð̈́ŤČð̈́ŖðåðĭŤ̈́ÉåŕũďŜďŤďĴĭŜ˶̈́åÉœŤũŖð̈́ŤČð̈́åŖĴŜŜ̛ŜðĥĥďĭĆ̈́ĴœœĴŖŤũĭďŤďðŜ ÉåŖĴŜŜ̈́ĴũŖ̈́ðĭĥÉŖĆðë̈́åũŜŤĴĬðŖ̈́äÉŜð̈́Éĭë̈́ëðĥďžðŖ̈́ŜũŜŤÉďĭÉäĥð̈́ĆŖĴſŤČ̈́Éĭë̈́ĥĴĭĆ̛ŤðŖĬ̈́žÉĥũð̈́ąĴŖ̈́ŜČÉŖðČĴĥëðŖŜ˵ kĭ̈́äðČÉĥą̈́Ĵą̈́ŤČð̈́ ĴÉŖë˶̈́G̈́ŤČÉĭĢ̈́ĴũŖ̈́ŜČÉŖðČĴĥëðŖŜ̈́ąĴŖ̈́ŤČðďŖ̈́ĴĭĆĴďĭĆ̈́ŜũœœĴŖŤ̈́Éĭë̈́åĴĭƯëðĭåð˶̈́œÉŖŤďåũĥÉŖĥƅ̈́ŤČĴŜð̈́ſČĴ̈́ œÉŖŤďåďœÉŤðë̈́ďĭ̈́ŤČďŜ̈́ƅðÉŖ̩Ŝ̈́åÉœďŤÉĥ̈́ŖÉďŜďĭĆ˵̈́G̈́ÉĥŜĴ̈́ÉåĢĭĴſĥðëĆð̈́ĴũŖ̈́ðĬœĥĴƅððŜ˶̈́ďĭåĥũëďĭĆ̈́ŤČĴŜð̈́ſČĴ̈́ğĴďĭðë̈́ũŜ̈́ŤČŖĴũĆČ̈́ )̈́ ſďŤåČåŖÉƾ̈́Éĭë̈́b) ˶̈́Éĭë̈́ĴũŖ̈́ĬÉĭÉĆðĬðĭŤ̈́ŤðÉĬ̈́Éĭë̈́äũŜďĭðŜŜ̈́œÉŖŤĭðŖŜ˶̈́ſČĴŜð̈́åĴĬĬďŤĬðĭŤ̈́Éĭë̈́œŖĴąðŜŜďĴĭÉĥďŜĬ̈́ åĴĭŤďĭũð̈́ŤĴ̈́ëŖďžð̈́ŤČð̈́ŜũååðŜŜ̈́Ĵą̈́bÉƅƯðĥë̈́>ŖĴũœ˵ ¼ ĴũŖŜ̈́ŜďĭåðŖðĥƅ˶ ďĬĴĭ̈́DďĆĆďĭŜ ČÉďŖ̈́Ĵą̈́ŤČð̈́ ĴÉŖë ʋʏ̈́ũĆũŜŤ̈́ʋʉʋʏ
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ʬ kũŖ̈́bÉĭũąÉåŤũŖďĭĆ̈́ĴœðŖÉŤďĴĭŜ̈́œðŖąĴŖĬðë̈́ŜŤŖĴĭĆĥƅ̈́ŤČŖĴũĆČĴũŤ̈́ ŤČð̈́ƅðÉŖ˶̈́ŜũœœĴŖŤðë̈́äƅ̈́ŜũŜŤÉďĭðë̈́ëðĬÉĭë̈́ÉåŖĴŜŜ̈́ëÉŤÉ̈́åðĭŤŖðŜ˶̈́ ĬďĭďĭĆ˶̈́ũŤďĥďŤďðŜ˶̈́ŤŖÉĭŜœĴŖŤ̈́Éĭë̈́åŖďŤďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́ĬÉŖĢðŤŜ˵̈́ #ðĬÉĭë̈́ąŖĴĬ̈́ŤČð̈́ëÉŤÉ̈́åðĭŤŖð̈́ŜðåŤĴŖ̈́ſÉŜ̈́œÉŖŤďåũĥÉŖĥƅ̈́ ŜďĆĭďƯåÉĭŤ˷̈́ŤČð̈́ŖÉœďë̈́ĆŖĴſŤČ̈́Ĵą̈́ÉŖŤďƯåďÉĥ̈́ďĭŤðĥĥďĆðĭåð̈́ďŜ̈́ ëŖďžďĭĆ̈́ũĭœŖðåðëðĭŤðë̈́ďĭžðŜŤĬðĭŤ̈́ďĭ̈́ČďĆČ̛ëðĭŜďŤƅ̈́åĴĬœũŤďĭĆ̈́ ąÉåďĥďŤďðŜ˶̈́Éĭë̈́ŤČð̈́œĴſðŖ̈́ďĭŤðĭŜďŤƅ̈́Ĵą̈́ŤČðŜð̈́ąÉåďĥďŤďðŜ̈́œĥÉƅŜ̈́ ëďŖðåŤĥƅ̈́ŤĴ̈́bÉƅƯðĥë̩Ŝ̈́ŜŤŖðĭĆŤČŜ̈́ďĭ̈́ŜſďŤåČäĴÉŖëŜ˶̈́ŤŖÉĭŜœĴŖŤÉäĥð̈́ ŜſďŤåČŖĴĴĬŜ̈́Éĭë̈́ďĭŤðĆŖÉŤðë̈́ðĥðåŤŖďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð˵̈́ kĭĆĴďĭĆ̈́ďĭžðŜŤĬðĭŤ̈́ďĭ̈́Z)c̈́ĬÉĭũąÉåŤũŖďĭĆ̈́œŖÉåŤďåðŜ˶̈́œŖĴåðŜŜ̈́ ĴœŤďĬďŜÉŤďĴĭ̈́Éĭë̈́ſĴŖĢąĴŖåð̈́åÉœÉäďĥďŤƅ̈́ďĬœŖĴžðë̈́œŖĴëũåŤďžďŤƅ̈́ Éĭë̈́ŜŤŖðĭĆŤČðĭðë̈́ĴũŖ̈́ÉäďĥďŤƅ̈́ŤĴ̈́ëðĥďžðŖ̈́É̈́ĆŖĴſďĭĆ̈́ĭũĬäðŖ̈́ Ĵą̈́ĥÉŖĆðŖ̈́Éĭë̈́ĬĴŖð̈́åĴĬœĥðƄ̈́œŖĴğðåŤŜ̈́ſČďĥð̈́ĬÉďĭŤÉďĭďĭĆ̈́ ëďŜåďœĥďĭðë̈́åĴĬĬðŖåďÉĥ̈́ĬÉĭÉĆðĬðĭŤ̈́Éĭë̈́ĴũŖ̈́åĴĬĬďŤĬðĭŤ̈́ŤĴ̈́ ŜÉąðŤƅ˶̈́ŕũÉĥďŤƅ̈́Éĭë̈́åũŜŤĴĬðŖ̈́ŜðŖžďåð˵̈́ ̈́Ģðƅ̈́ÉåČďðžðĬðĭŤ̈́ëũŖďĭĆ̈́ŤČð̈́ƅðÉŖ̈́ſÉŜ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ÉäďĥďŤƅ̈́ŤĴ ŜũååðŜŜąũĥĥƅ̈́ðƄðåũŤð̈́É̈́ĆŖĴſďĭĆ̈́ĭũĬäðŖ̈́Ĵą̈́åĴĬœĥðƄ̈́œŖĴğðåŤŜ ſČďĥð̈́ĬÉďĭŤÉďĭďĭĆ̈́ëďŜåďœĥďĭðë̈́åĴĬĬðŖåďÉĥ̈́ĬÉĭÉĆðĬðĭŤ˵̈́ƱďŜ #ðÉŖ̈́ČÉŖðČĴĥëðŖŜ˶ =¼ʋʉʋʏ̈́ſÉŜ̈́É̈́ƅðÉŖ̈́Ĵą̈́ŜŤŖĴĭĆ̈́ĴœðŖÉŤďĴĭÉĥ̈́ðƄðåũŤďĴĭ̈́ÉåŖĴŜŜ̈́ŤČð̈́bÉƅƯðĥë̈́>ŖĴũœ˵̈́ kũŖ̈́bÉĭũąÉåŤũŖďĭĆ̈́ĴœðŖÉŤďĴĭŜ̈́ëðĥďžðŖðë̈́É̈́ĆŖĴſďĭĆ̈́žĴĥũĬð̈́Ĵą̈́ĥÉŖĆðŖ̈́Éĭë̈́ĬĴŖð̈́ åĴĬœĥðƄ̈́œŖĴğðåŤŜ̈́ąĴŖ̈́ëÉŤÉ̈́åðĭŤŖð˶̈́ĬďĭďĭĆ˶̈́ũŤďĥďŤďðŜ̈́Éĭë̈́ďĭąŖÉŜŤŖũåŤũŖð̈́åũŜŤĴĬðŖŜ̈́ ſČďĥð̈́ĬÉďĭŤÉďĭďĭĆ̈́ĬÉŖĆďĭ̈́ëďŜåďœĥďĭð˶̈́Éĭë̈́ĴũŖ̈́ ŖďŤďåÉĥ̈́ ĴĭŤŖĴĥ̈́ν̈́ ĴĬĬũĭďåÉŤďĴĭŜ̈́ ĴœðŖÉŤďĴĭŜ̈́åĴĭžðŖŤðë̈́ŤČð̈́ĴœðŖÉŤďĴĭÉĥ̈́ďĬœŖĴžðĬðĭŤŜ̈́Ĵą̈́ŖðåðĭŤ̈́ƅðÉŖŜ̈́ďĭŤĴ̈́É̈́ ŜďĆĭďƯåÉĭŤĥƅ̈́ŜŤŖĴĭĆðŖ̈́ŖðŜũĥŤ˵̈́ bc>Gc>̈́ #G) k̩̈́ )k #ðĥďžðŖďĭĆ̈́>ŖĴſŤČ̈́ƱŖĴũĆČ̈́ ÉœÉäďĥďŤƅ˶̈́ )ƄðåũŤďĴĭ̈́Éĭë̈́ŤŖÉŤðĆďå̈́)ƄœÉĭŜďĴĭ Ŝ̈́ëðĬÉĭë̈́ĆŖĴſŜ̈́ąĴŖ̈́ŖðĥďÉäĥð̈́ðĥðåŤŖďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́ŤĴ̈́ŜũœœĴŖŤ̈́ëÉŤÉ̈́åðĭŤŖðŜ˶̈́G̈́åĴĬœũŤďĭĆ˶̈́ðĥðåŤŖďƯåÉŤďĴĭ˶̈́ŖðĭðſÉäĥð̈́ðĭðŖĆƅ˶̈́ ĬďĭďĭĆ̈́Éĭë̈́åŖďŤďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð˶̈́bÉƅƯðĥë̩Ŝ̈́åÉœÉäďĥďŤďðŜ̈́ŖðĬÉďĭ̈́ČďĆČĥƅ̈́ŖðĥðžÉĭŤ̈́ŤĴ̈́ŤČð̈́ĬÉŖĢðŤŜ̈́ſð̈́ŜðŖžð˵̈́¶ð̈́ÉĥŜĴ̈́ſðĥåĴĬðë̈́ ŤČð̈́ )̈́ſďŤåČåŖÉƾ̈́Éĭë̈́b) ̈́ĴſðŖ̈́ν̈́ðåČĭĴĥĴĆƅ̈́ŤðÉĬŜ̈́ŤĴ̈́ŤČð̈́>ŖĴũœ̈́Éĭë̈́ĬÉëð̈́œĥðÉŜďĭĆ̈́ðÉŖĥƅ̈́œŖĴĆŖðŜŜ̈́Ĵĭ̈́ďĭŤðĆŖÉŤďĴĭ˵ Ʊð̈́ƯĭÉĭåďÉĥ̈́ĴũŤåĴĬðŜ̈́Ĵą̈́ŤČďŜ̈́ſĴŖĢ̈́ſðŖð̈́ŖðåĴŖë̈́Ŗðžðĭũð̈́Ĵą̈́͌ʊʏʒ˵ʉ̈́ĬďĥĥďĴĭ˶̈́ũœ̈́ʍʌ˵ʉΞ̈́Ĵĭ̈́ŤČð̈́œŖďĴŖ̈́ƅðÉŖ˶̈́Éĭë̈́ŖðåĴŖë̈́ũĭëðŖĥƅďĭĆ̈́ ðÉŖĭďĭĆŜ˶̈́ſďŤČ̈́ ĭëðŖĥƅďĭĆ̈́) G#̈́ũœ̈́ʎʍ˵ʉΞ̈́ŤĴ̈́͌ʊʑ˵ʎ̈́ĬďĥĥďĴĭ̞̈́̈́ĆŖĴſŤČ̈́ſðĥĥ̈́ÉČðÉë̈́Ĵą̈́Ŗðžðĭũð˶̈́ŖðưðåŤďĭĆ̈́ŤČð̈́ĴœðŖÉŤďĭĆ̈́ ĥðžðŖÉĆð̈́ďĭ̈́ĴũŖ̈́äũŜďĭðŜŜ˵̈́=ũĥĥ̈́ëðŤÉďĥŜ̈́ÉŖð̈́ŜðŤ̈́ĴũŤ̈́ďĭ̈́ŤČð̈́Ŗðžďðſ̈́Ĵą̈́ĴœðŖÉŤďĴĭŜ̈́ŤČÉŤ̈́ąĴĥĥĴſŜ˵̈́ bÉĭũąÉåŤũŖďĭĆ
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ʭ åĴĭŤŖďäũŤðë̈́ŤĴ̈́ďĬœŖĴžðë̈́œŖĴƯŤÉäďĥďŤƅ˶̈́ſďŤČ̈́ŤČð̈́ũĭëðŖĥƅďĭĆ ) G#̈́ĬÉŖĆďĭ̈́ðƄœÉĭëďĭĆ̈́ąŖĴĬ̈́ʊʉ˵ʊΞ̈́ŤĴ̈́ʊʉ˵ʒΞ˶ ëðĬĴĭŜŤŖÉŤďĭĆ̈́ŤČð̈́ŜŤŖðĭĆŤČ̈́Ĵą̈́ĴũŖ̈́œŖĴğðåŤ̈́ëðĥďžðŖƅ̈́åÉœÉäďĥďŤƅ Éĭë̈́åũŜŤĴĬðŖ̈́ŖðĥÉŤďĴĭŜČďœŜ˵ ŖďŤďåÉĥ̈́ ĴĭŤŖĴĥ̈́ν̈́ ĴĬĬũĭďåÉŤďĴĭŜ kũŖ̈́ ŖďŤďåÉĥ̈́ ĴĭŤŖĴĥ̈́ν̈́ ĴĬĬũĭďåÉŤďĴĭŜ̈́äũŜďĭðŜŜ̈́åĴĭžðŖŤðë ŤČð̈́ĴœðŖÉŤďĴĭÉĥ̈́ďĬœŖĴžðĬðĭŤŜ̈́Ĵą̈́ŖðåðĭŤ̈́ƅðÉŖŜ̈́ďĭŤĴ̈́É ŜďĆĭďƯåÉĭŤĥƅ̈́ŜŤŖĴĭĆðŖ̈́ŖðŜũĥŤ˶̈́äðĭðƯŤďĭĆ̈́ąŖĴĬ̈́ďĬœŖĴžðë ðƄðåũŤďĴĭ˶̈́ďĭåŖðÉŜďĭĆ̈́œŖĴğðåŤ̈́ÉåŤďžďŤƅ̈́Éĭë̈́ĆŖĴſďĭĆ̈́åũŜŤĴĬðŖ ëðĬÉĭë˵̈́ ĴĭŤďĭũðë̈́ďĭžðŜŤĬðĭŤ̈́ďĭ̈́åÉœÉäďĥďŤƅ˶̈́ŜƅŜŤðĬŜ̈́Éĭë ĥðÉëðŖŜČďœ̈́ČÉŜ̈́œĴŜďŤďĴĭðë̈́ŤČð̈́äũŜďĭðŜŜ̈́ŤĴ̈́åÉœďŤÉĥďŜð̈́Ĵĭ ĆŖĴſďĭĆ̈́ďĭžðŜŤĬðĭŤ̈́ďĭ̈́åĴĬĬũĭďåÉŤďĴĭŜ̈́ĭðŤſĴŖĢŜ˶ ÉũŤĴĬÉŤďĴĭ̈́Éĭë̈́ëďĆďŤÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð˵̈́Ŝ̈́ũŜŤŖÉĥďÉ̩Ŝ̈́åŖďŤďåÉĥ ďĭąŖÉŜŤŖũåŤũŖð̈́äðåĴĬðŜ̈́ďĭåŖðÉŜďĭĆĥƅ̈́ëďĆďŤďŜðë̈́Éĭë ďĭŤðŖåĴĭĭðåŤðë˶̈́ŤČďŜ̈́äũŜďĭðŜŜ̈́ŖðœŖðŜðĭŤŜ̈́Éĭ̈́ďĬœĴŖŤÉĭŤ ĥĴĭĆ̛ŤðŖĬ̈́ĆŖĴſŤČ̈́ĴœœĴŖŤũĭďŤƅ̈́ŤČÉŤ̈́åĴĬœĥðĬðĭŤŜ̈́ĴũŖ äŖĴÉëðŖ̈́ðĥðåŤŖďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́åÉœÉäďĥďŤďðŜ˵ GĭŤðĆŖÉŤďĴĭ̈́Ĵą̈́ )̈́ſďŤåČåŖÉƾ̈́Éĭë̈́b) ¶ð̈́ſðŖð̈́œĥðÉŜðë̈́ŤĴ̈́ſðĥåĴĬð̈́ŤČð̈́ )̈́ſďŤåČåŖÉƾ̈́Éĭë̈́b) ĴſðŖ̈́ν̈́ðåČĭĴĥĴĆƅ̈́ŤðÉĬŜ̈́ŤĴ̈́ŤČð̈́>ŖĴũœ̈́ëũŖďĭĆ̈́ŤČð̈́ƅðÉŖ˵ ĴŤČ̈́äũŜďĭðŜŜðŜ̈́ČÉžð̈́œðŖąĴŖĬðë̈́ďĭ̈́ĥďĭð̈́ſďŤČ̈́ðƄœðåŤÉŤďĴĭŜ Ŝďĭåð̈́åĴĬœĥðŤďĴĭ˶̈́Éĭë̈́œĥðÉŜďĭĆ̈́ðÉŖĥƅ̈́œŖĴĆŖðŜŜ̈́ČÉŜ̈́äððĭ̈́ĬÉëð Ĵĭ̈́ďĭŤðĆŖÉŤďĴĭ˵ kũŖ̈́œŖďĴŖďŤďðŜ̈́ÉŖð̈́ÉĥďĆĭďĭĆ̈́ŜƅŜŤðĬŜ˶̈́ŜÉąðŤƅ̈́œŖÉåŤďåðŜ̈́Éĭë ŖðœĴŖŤďĭĆ˶̈́ŖðŤÉďĭďĭĆ̈́Ģðƅ̈́œðĴœĥð̈́Éĭë̈́åũŜŤĴĬðŖ̈́ŖðĥÉŤďĴĭŜČďœŜ˶ Éĭë̈́åÉœŤũŖďĭĆ̈́ŤČð̈́åŖĴŜŜ̛ŜðĥĥďĭĆ̈́ĴœœĴŖŤũĭďŤďðŜ̈́ÉåŖĴŜŜ̈́ŤČð ðĭĥÉŖĆðë̈́åũŜŤĴĬðŖ̈́äÉŜð˶̈́ďĭåĥũëďĭĆ̈́ďĭŤŖĴëũåďĭĆ̈́bÉƅƯðĥë̩Ŝ ŜſďŤåČäĴÉŖëŜ˶̈́ŤŖÉĭŜœĴŖŤÉäĥð̈́ŜũäŜŤÉŤďĴĭŜ̈́Éĭë åĴĬĬũĭďåÉŤďĴĭŜ̈́åÉœÉäďĥďŤďðŜ̈́ŤĴ̈́b) ̩Ŝ̈́ĬďĭďĭĆ̈́åũŜŤĴĬðŖŜ˶ ÉœœĥƅďĭĆ̈́b) ̩Ŝ̈́ĢďĴŜĢ̈́ŜũäŜŤÉŤďĴĭ̈́åÉœÉäďĥďŤďðŜ̈́ďĭ̈́ĴũŖ ŖðĭðſÉäĥðŜ̈́Éĭë̈́ëÉŤÉ̈́åðĭŤŖð̈́ŜðåŤĴŖŜ˶̈́Éĭë̈́ĴƳðŖďĭĆ̈́b) ̩Ŝ ŜœðåďÉĥďŜðë̈́ũĭëðŖĆŖĴũĭë̈́œŖĴëũåŤŜ̈́ŤĴ̈́ĴũŖ̈́ðƄďŜŤďĭĆ̈́ŖðŜĴũŖåðŜ åĥďðĭŤŜ˵ Ʊð̈́ĭðſ̈́ĴƅÉĥ̈́ÉŖĢ̈́œŖĴœðŖŤƅ̈́ÉŤ̈́ʊʊʑʉ̈́kĥë̈́ĴŖŤ̈́ĴÉë̈́ſďĥĥ œŖĴžďëð̈́ )̈́ſďŤåČåŖÉƾ̈́ſďŤČ̈́É̈́ŜŤŖÉŤðĆďåÉĥĥƅ̈́ĥĴåÉŤðë̈́ąÉåďĥďŤƅ ŜũœœĴŖŤďĭĆ̈́åĴĭŤďĭũðë̈́ĆŖĴſŤČ̈́Éĭë̈́ĴœðŖÉŤďĴĭÉĥ̈́ðƄœÉĭŜďĴĭ˵̈́Ʊð ĥÉŖĆðŖ̈́ŜďŤð̈́ſďĥĥ̈́ďĭåŖðÉŜð̈́ĬÉĭũąÉåŤũŖďĭĆ˶̈́ſÉŖðČĴũŜďĭĆ̈́Éĭë ďĭžðĭŤĴŖƅ̈́åÉœÉåďŤƅ˶̈́ďĬœŖĴžð̈́ĥĴĆďŜŤďåŜ̈́Éĭë̈́ŜũœœĴŖŤ̈́ĆŖĴſďĭĆ åũŜŤĴĬðŖ̈́ëðĬÉĭë˵̈́=ĴĥĥĴſďĭĆ̈́åĴĬœĥðŤďĴĭ̈́Ĵą̈́ŤČð̈́cďĥŜðĭ ſďŤåČäĴÉŖëŜ̈́#ďžďŜďĴĭ̈́ÉåŕũďŜďŤďĴĭ̈́Ĵĭ̈́ʌʊ̈́Vũĥƅ̈́ʋʉʋʏ˶̈́ŤČð ąÉåďĥďŤƅ̈́ďŜ̈́ÉĥŜĴ̈́ðƄœðåŤðë̈́ŤĴ̈́ŜũœœĴŖŤ̈́ŤČð̈́ŜŤÉĆðë̈́ďĭŤðĆŖÉŤďĴĭ̈́Ĵą ŤČð̈́ÉåŕũďŖðë̈́c̛ðŖďðŜ̈́œŖĴëũåŤ̈́œĥÉŤąĴŖĬ˶̈́ŜðĥðåŤðë̈́åĴĭŤŖÉåŤŜ˶ ÉŜŜðŤŜ̈́Éĭë̈́ðĬœĥĴƅððŜ˵ ÉąðŤƅ˶̈́ũŜŤÉďĭÉäďĥďŤƅ̈́Éĭë̈́ðĴœĥð cĴŤČďĭĆ̈́ďŜ̈́ĬĴŖð̈́ďĬœĴŖŤÉĭŤ̈́ŤČÉĭ̈́ŤČð̈́ŜÉąðŤƅ̈́Éĭë̈́ſðĥĥäðďĭĆ̈́Ĵą ĴũŖ̈́œðĴœĥð˵̈́Ʊð̈́>ŖĴũœ̈́ŖðåĴŖëðë̈́Éĭ̈́ZG=̈́Ĵą̈́ʉ˵ʉ̈́ąĴŖ̈́ŤČð̈́ƅðÉŖ Éĭë̈́ŖðŤÉďĭðë̈́Éĥĥ̈́ðƄŤðŖĭÉĥ̈́Gk̈́ʍʎʉʉʊ̈́åðŖŤďƯåÉŤďĴĭŜ̈́ÉåŖĴŜŜ̈́ĴũŖ ĬÉĭũąÉåŤũŖďĭĆ̈́Éĭë̈́ðĥðåŤŖďåÉĥ̈́ŜðŖžďåðŜ̈́ĴœðŖÉŤďĴĭŜ˵̈́Ŝ̈́ŤČð >ŖĴũœ̈́ĆŖĴſŜ˶̈́ſð̈́ÉŖð̈́ďĭžðŜŤďĭĆ̈́ďĭ̈́ČÉŖĬĴĭďŜďĭĆ̈́ŜÉąðŤƅ̈́ŜƅŜŤðĬŜ Éĭë̈́åũĥŤũŖð̈́ÉåŖĴŜŜ̈́ĴũŖ̈́ĭðſĥƅ̈́ÉåŕũďŖðë̈́äũŜďĭðŜŜðŜ˵ #ũŖďĭĆ̈́ŤČð̈́ƅðÉŖ̈́ſð̈́ÉĥŜĴ̈́åĴĭŤďĭũðë̈́ŤĴ̈́ðĭČÉĭåð̈́ĴũŖ̈́ÉœœŖĴÉåČ ŤĴ̈́ðĭžďŖĴĭĬðĭŤÉĥ̈́ĬÉĭÉĆðĬðĭŤ˶̈́ÉœœĴďĭŤďĭĆ̈́É̈́ëðëďåÉŤðë )ĭžďŖĴĭĬðĭŤÉĥ̈́œðåďÉĥďŜŤ̈́Éĭë̈́ďĭžðŜŤďĭĆ̈́ďĭ̈́ďĬœŖĴžðë ðĭžďŖĴĭĬðĭŤÉĥ̈́œðŖąĴŖĬÉĭåð̈́Éĭë̈́ŖðœĴŖŤďĭĆ̈́åÉœÉäďĥďŤďðŜ˵ kũŖ̈́œðĴœĥð̈́ŖðĬÉďĭ̈́ÉŤ̈́ŤČð̈́åðĭŤŖð̈́Ĵą̈́ĴũŖ̈́ŜũååðŜŜ˵̈́¶ð̈́ŖðĬÉďĭ ąĴåũŜðë̈́Ĵĭ̈́ÉŤŤŖÉåŤďĭĆ˶̈́ëðžðĥĴœďĭĆ̈́Éĭë̈́ŖðŤÉďĭďĭĆ̈́ŤÉĥðĭŤðë ðĬœĥĴƅððŜ̈́ſČďĥð̈́œŖĴžďëďĭĆ̈́ĴœœĴŖŤũĭďŤďðŜ̈́ąĴŖ̈́åÉŖððŖ ëðžðĥĴœĬðĭŤ̈́Éĭë˶̈́ŤČŖĴũĆČ̈́ďĭďŤďÉŤďžðŜ̈́ŜũåČ̈́ÉŜ̈́ŤČð̈́ŤČŖĴũĆČ ŤČð̈́)ĬœĥĴƅðð̈́ČÉŖð̈́kœŤďĴĭ̈́ĥÉĭ̈́Éĭë̈́ČÉŖð̈́GĭåðĭŤďžð̈́ĥÉĭ˶ ĥĴĭĆ̛ŤðŖĬ̈́œÉŖŤďåďœÉŤďĴĭ̈́ďĭ̈́ŤČð̈́äũŜďĭðŜŜ̩Ŝ̈́ŜũååðŜŜ˵ ZĴĴĢďĭĆ̈́ČðÉë bÉƅƯðĥë̈́ðĭŤðŖŜ̈́=¼ʋʉʋʐ̈́ſďŤČ̈́åĴĭŜďëðŖÉäĥð̈́ĬĴĬðĭŤũĬ˵̈́kũŖ ſĴŖĢ̈́ďĭ̈́ČÉĭë̈́̍¶GD̎̈́ŜŤÉĭëŜ̈́ÉŤ̈́ÉœœŖĴƄďĬÉŤðĥƅ̈́͌ʊʌʎ̈́ĬďĥĥďĴĭ˶ œŖĴžďëďĭĆ̈́ĭðÉŖ̛ŤðŖĬ̈́Ŗðžðĭũð̈́žďŜďäďĥďŤƅ˶̈́ſČďĥð̈́ÉœœŖĴƄďĬÉŤðĥƅ ʑʉΞ̈́Ĵą̈́ĴũŖ̈́ĴœœĴŖŤũĭďŤƅ̈́œďœðĥďĭð̈́ďŜ̈́ſðďĆČŤðë̈́ŤĴſÉŖëŜ̈́ëÉŤÉ åðĭŤŖðŜ˶̈́ŖðŜĴũŖåðŜ̈́Éĭë̈́ŖðĭðſÉäĥð̈́ðĭðŖĆƅ˵̈́ ĴĬäďĭðë̈́ſďŤČ̈́É ŜŤŖĴĭĆ̈́äÉĥÉĭåð̈́ŜČððŤ̈́Éĭë̈́É̈́ëďžðŖŜďƯðë̈́œĥÉŤąĴŖĬ̈́Ĵą äũŜďĭðŜŜðŜ˶̈́ŤČďŜ̈́œĴŜďŤďĴĭŜ̈́ŤČð̈́>ŖĴũœ̈́ſðĥĥ̈́ÉåŖĴŜŜ̈́ĴũŖ̈́åČĴŜðĭ ĬÉŖĢðŤŜ˵ kũŖ̈́œŖďĴŖďŤďðŜ̈́ąĴŖ̈́ŤČð̈́åĴĬďĭĆ̈́ƅðÉŖ̈́ÉŖð̈́åĥðÉŖ˷̈́åĴĭŤďĭũð̈́ŤČð ďĭŤðĆŖÉŤďĴĭ̈́Ĵą̈́ )̈́ſďŤåČåŖÉƾ̈́Éĭë̈́b) ̈́Éĭë̈́œŖĴĆŖðŜŜ̈́ŤČð ŜŤÉĆðë̈́ďĭŤðĆŖÉŤďĴĭ̈́Ĵą̈́ŤČð̈́cďĥŜðĭ̈́ſďŤåČäĴÉŖëŜ̈́#ďžďŜďĴĭ˶̈́äŖďĭĆ Ĵĭĥďĭð̈́ŤČð̈́ĭðſ̈́ąÉåďĥďŤďðŜ̈́ďĭ̈́ĴƅÉĥ̈́ÉŖĢ̈́̈́Éĭë̈́DĴœð̈́µÉĥĥðƅ ¶̈́ŤĴ̈́ďĭåŖðÉŜð̈́ĬÉĭũąÉåŤũŖďĭĆ̈́åÉœÉåďŤƅ˶̈́åĴĭžðŖŤ̈́ĴũŖ åŖĴŜŜ̛ŜðĥĥďĭĆ̈́ĴœœĴŖŤũĭďŤďðŜ̈́ďĭŤĴ̈́Ŗðžðĭũð˶̈́åĴĭŤďĭũð̈́ŤĴ̈́ďĬœŖĴžð ĴœðŖÉŤďĴĭÉĥ̈́œðŖąĴŖĬÉĭåð̈́Éĭë̈́ďĭžðŜŤ̈́ďĭ̈́ŤČð̈́œðĴœĥð̈́Éĭë åÉœÉäďĥďŤƅ̈́ŤČÉŤ̈́ũĭëðŖœďĭ̈́ĴũŖ̈́ĆŖĴſŤČ˵ G̈́ŤČÉĭĢ̈́ĴũŖ̈́ðĬœĥĴƅððŜ˶̈́åũŜŤĴĬðŖŜ˶̈́ŜũœœĥďðŖŜ̈́Éĭë ŜČÉŖðČĴĥëðŖŜ̈́ąĴŖ̈́ŤČðďŖ̈́åĴĭŤďĭũðë̈́ŜũœœĴŖŤ̈́Éĭë̈́åĴĭŤŖďäũŤďĴĭ̈́ŤĴ bÉƅƯðĥë̩Ŝ̈́ŜũååðŜŜ˵̈́ĴĆðŤČðŖ̈́ſð̈́ČÉžð̈́äũďĥŤ̈́É̈́ŜŤŖĴĭĆðŖ̈́Éĭë ĬĴŖð̈́åÉœÉäĥð̈́ĴŖĆÉĭďŜÉŤďĴĭ˶̈́Éĭë̈́G̈́ÉĬ̈́ðƄåďŤðë̈́ÉäĴũŤ̈́ŤČð ĴœœĴŖŤũĭďŤďðŜ̈́ÉČðÉë˵ ʭ ĭëŖðſ̈́Ĵſð bÉĭÉĆďĭĆ̈́#ďŖðåŤĴŖ ʋʏ̈́ũĆũŜŤ̈́ʋʉʋʏ
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#G) k̩̈́ )k ʮ Ʊð̈́ëďŖðåŤĴŖŜ̈́œŖðŜðĭŤ̈́ŤČðďŖ̈́ŖðœĴŖŤ˶̈́ ŤĴĆðŤČðŖ̈́ſďŤČ̈́ŤČð̈́åĴĭŜĴĥďëÉŤðë̈́ƯĭÉĭåďÉĥ̈́ ŜŤÉŤðĬðĭŤŜ̈́Ĵą̈́ŤČð̈́>ŖĴũœ̈́åĴĬœŖďŜďĭĆ̈́ bÉƅƯðĥë̈́>ŖĴũœ̈́DĴĥëďĭĆŜ̈́ZŤë̈́̍ŤČð̈́ ĴĬœÉĭƅ̎̈́Éĭë̈́ďŤŜ̈́ŜũäŜďëďÉŖďðŜ̈́ąĴŖ̈́ŤČð̈́ ƯĭÉĭåďÉĥ̈́ƅðÉŖ̈́ðĭëðë̈́ʌʉ̈́Vũĭð̈́ʋʉʋʏ̈́Éĭë̈́ ŤČð̈́ÉũëďŤĴŖ̩Ŝ̈́ŖðœĴŖŤ̈́ŤČðŖðĴĭ˵ #ďŖðåŤĴŖŜ Ʊð̈́ąĴĥĥĴſďĭĆ̈́œðŖŜĴĭŜ̈́ſðŖð̈́ëďŖðåŤĴŖŜ̈́Ĵą̈́bÉƅƯðĥë̈́>ŖĴũœ̈́DĴĥëďĭĆŜ̈́ZŤë̈́ ëũŖďĭĆ̈́ŤČð̈́ſČĴĥð̈́Ĵą̈́ŤČð̈́ƯĭÉĭåďÉĥ̈́ƅðÉŖ̈́Éĭë̈́ũœ̈́ŤĴ̈́ŤČð̈́ëÉŤð̈́Ĵą̈́ŤČďŜ̈́ŖðœĴŖŤ˶̈́ ũĭĥðŜŜ̈́ĴŤČðŖſďŜð̈́ŜŤÉŤðë˷ ďĬĴĭ̈́̈́DďĆĆďĭŜ cĴĭ̛ðƄðåũŤďžð̈́ ČÉďŖĬÉĭ ZďĭëŜÉƅ̈́V̈́ČďĥĥďœŜ cĴĭ̛ðƄðåũŤďžð̈́#ďŖðåŤĴŖ ĥÉĭ̈́ ̈́Ťððĥð cĴĭ̛ðƄðåũŤďžð̈́#ďŖðåŤĴŖ Ĵë̈́ ̈́DðĭëðŖŜĴĭ cĴĭ̛ðƄðåũŤďžð̈́#ďŖðåŤĴŖ œœĴďĭŤðë̈́ʋʌ̈́kåŤĴäðŖ̈́ʋʉʋʎ ĭëŖðſ̈́V̈́Ĵſð )ƄðåũŤďžð̈́#ďŖðåŤĴŖ ̈́ ŖďĭåďœÉĥ̈́ÉåŤďžďŤďðŜ #ũŖďĭĆ̈́ŤČð̈́ƯĭÉĭåďÉĥ̈́ƅðÉŖ˶̈́ŤČð̈́œŖďĭåďœÉĥ̈́åĴĭŤďĭũďĭĆ̈́ ÉåŤďžďŤďðŜ̈́Ĵą̈́ŤČð̈́>ŖĴũœ̈́åĴĭŜďŜŤðë̈́Ĵą ̈́ŤČð̈́ĬÉĭũąÉåŤũŖďĭĆ̈́Éĭë̈́ŜðŖžďåďĭĆ̈́ Ĵą̈́ðĥðåŤŖďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́ œŖĴëũåŤŜ˶̈́ďĭåĥũëďĭĆ̈́ŜſďŤåČäĴÉŖëŜ˶̈́ ŤŖÉĭŜœĴŖŤÉäĥð̈́œĴſðŖ̈́ŜĴĥũŤďĴĭŜ˶̈́ œŖĴŤðåŤďĴĭ̈́ŜƅŜŤðĬŜ̈́Éĭë̈́ŜœðåďÉĥďŜðë̈́ ðĥðåŤŖďåÉĥ̈́ðŕũďœĬðĭŤ˸̈́Éĭë ŤČð̈́œŖĴžďŜďĴĭ̈́Ĵą̈́ŤðĥðåĴĬĬũĭďåÉŤďĴĭŜ˶̈́ åŖďŤďåÉĥ̈́åĴĬĬũĭďåÉŤďĴĭŜ̈́Éĭë̈́ ďĭąŖÉŜŤŖũåŤũŖð̈́ŜðŖžďåðŜ˵
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ʯ #ďŖðåŤĴŖŜ̩̈́ŖðœĴŖŤ Ʊð̈́>ŖĴũœ̈́ëðĥďžðŖðë̈́ÉĭĴŤČðŖ̈́ƅðÉŖ̈́Ĵą̈́ŖðåĴŖë̈́ƯĭÉĭåďÉĥ̈́œðŖąĴŖĬÉĭåð̈́ďĭ̈́=¼ʋʉʋʏ˶̈́ëðĬĴĭŜŤŖÉŤďĭĆ̈́ŤČð̈́ŜŤŖðĭĆŤČ̈́Ĵą̈́ďŤŜ̈́ëďžðŖŜďƯðë äũŜďĭðŜŜ̈́ĬĴëðĥ˶̈́ëďŜåďœĥďĭðë̈́ðƄðåũŤďĴĭ˶̈́Éĭë̈́ŜũååðŜŜąũĥ̈́ðƄœÉĭŜďĴĭ̈́ŜŤŖÉŤðĆƅ˵̈́ðžðĭũð̈́ďĭåŖðÉŜðë̈́ʍʌ˵ʉΞ̈́ŤĴ̈́͌ʊʏʑ˶ʒʑʋ˶ʌʌʉ˶ ſČďĥð̈́œŖĴƯŤ̈́ÉƾðŖ̈́ŤÉƄ̈́ďĭåŖðÉŜðë̈́ʊʑ˵ʒΞ̈́ŤĴ̈́͌ʑ˶ʉʌʐ˶ʍʊʊ˵̈́ŖĴƯŤ̈́äðąĴŖð̈́ŤÉƄ̈́ŖðÉåČðë̈́É̈́ŖðåĴŖë̈́͌ʊʋ˶ʐʎʍ˶ʋʉʑ˶̈́ŖðưðåŤďĭĆ åĴĭŤďĭũðë̈́ĆŖĴſŤČ̈́ÉåŖĴŜŜ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́åĴŖð̈́ĬÉŖĢðŤŜ̈́Éĭë̈́ŤČð̈́åĴĭŤŖďäũŤďĴĭ̈́ąŖĴĬ̈́ŜŤŖÉŤðĆďå̈́ÉåŕũďŜďŤďĴĭŜ̈́Éĭë̈́ďĭžðŜŤĬðĭŤŜ˵̈́Ʊð >ŖĴũœ̈́ÉĥŜĴ̈́ĬÉďĭŤÉďĭðë̈́É̈́ŜŤŖĴĭĆ̈́äÉĥÉĭåð̈́ŜČððŤ˶̈́ſďŤČ̈́åÉŜČ̈́Éĭë̈́åÉŜČ̈́ðŕũďžÉĥðĭŤŜ̈́Ĵą̈́͌ʋʊ˶ʑʌʉ˶ʒʌʐ̈́ÉŤ̈́ƅðÉŖ̛ðĭë˶̈́ŜũœœĴŖŤďĭĆ ĴĭĆĴďĭĆ̈́ĆŖĴſŤČ̈́ďĭďŤďÉŤďžðŜ̈́Éĭë̈́ĴœðŖÉŤďĴĭÉĥ̈́ưðƄďäďĥďŤƅ˵ ÉŜďå̈́ðÉŖĭďĭĆŜ̈́œðŖ̈́ŜČÉŖð̈́ſðŖð̈́ʐ˵ʌʑ̈́åðĭŤŜ̈́̍ʋʉʋʎ˷̈́ʐ˵ʋʌ̈́åðĭŤŜ̎˵̈́Ʊð̈́ĬĴžðĬðĭŤ̈́ŖðưðåŤŜ̈́ŤČð̈́ďĭåŖðÉŜð̈́ďĭ̈́ŤČð̈́ſðďĆČŤðë̈́ÉžðŖÉĆð ĭũĬäðŖ̈́Ĵą̈́ŜČÉŖðŜ̈́Ĵĭ̈́ďŜŜũð̈́ąĴĥĥĴſďĭĆ̈́ŤČð̈́͌ʌʌ˶ʍʒʒ˶ʐʋʉ̈́åÉœďŤÉĥ̈́ŖÉďŜďĭĆ̈́Éĭë̈́ŤČð̈́ŜČÉŖðŜ̈́ďŜŜũðë̈́ÉŜ̈́åĴĭŜďëðŖÉŤďĴĭ̈́ąĴŖ̈́ŤČð̈́ ) ſďŤåČåŖÉƾ̈́Éĭë̈́b) ̈́ĴſðŖ̈́ν̈́ðåČĭĴĥĴĆƅ̈́ÉåŕũďŜďŤďĴĭŜ˵ Ʊð̈́œŖĴƯŤ̈́ąĴŖ̈́ŤČð̈́>ŖĴũœ̈́ÉƾðŖ̈́œŖĴžďëďĭĆ̈́ąĴŖ̈́ďĭåĴĬð̈́ŤÉƄ̈́ÉĬĴũĭŤðë̈́ŤĴ̈́͌ʑ˶ʉʌʐ˶ʍʊʊ̈́̍ʌʉ̈́Vũĭð̈́ʋʉʋʎ˷̈́͌ʏ˶ʐʎʒ˶ʑʑʍ̎˵ ĭëðŖĥƅďĭĆ̈́=ďĭÉĭåďÉĥ̈́ðŖąĴŖĬÉĭåð Ʊð̈́>ŖĴũœ̈́ŜũœœĥðĬðĭŤŜ̈́ďŤŜ̈́ŜŤÉŤũŤĴŖƅ̈́ŖðŜũĥŤŜ̈́ſďŤČ̈́åðŖŤÉďĭ ĭĴĭ̛G=̈́ƯĭÉĭåďÉĥ̈́ĬðÉŜũŖðŜ˶̈́ďĭåĥũëďĭĆ̈́ ĭëðŖĥƅďĭĆ̈́) G#˶ ĭëðŖĥƅďĭĆ̈́c̈́Éĭë̈́c˵̈́Ʊð̈́#ďŖðåŤĴŖŜ̈́äðĥďðžð̈́ŤČðŜð ĬðÉŜũŖðŜ̈́œŖĴžďëð̈́ũŜðąũĥ̈́ŜũœœĥðĬðĭŤÉŖƅ̈́ďĭąĴŖĬÉŤďĴĭ̈́äƅ ðƄåĥũëďĭĆ̈́ďŤðĬŜ̈́ŤČÉŤ̈́ÉŖð̈́ŜďĆĭďƯåÉĭŤ̈́ďĭ̈́ŜďƎð̈́Éĭë̂ĴŖ ĭĴĭ̛ŖðåũŖŖďĭĆ̈́ďĭ̈́ĭÉŤũŖð̈́Éĭë̈́ŤČðŖðąĴŖð̈́ÉŜŜďŜŤ̈́ŜČÉŖðČĴĥëðŖŜ̈́ďĭ ÉŜŜðŜŜďĭĆ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ũĭëðŖĥƅďĭĆ̈́ĴœðŖÉŤďĭĆ̈́œðŖąĴŖĬÉĭåð˵ #ũŖďĭĆ̈́=¼ʋʉʋʏ˶̈́ŤČð̈́>ŖĴũœ̈́ŖðåĴĆĭďŜðë̈́ŜðœÉŖÉŤðĥƅ̈́ëďŜåĥĴŜðë ÉƾðŖ̈́ŤÉƄ̈́ðƄœðĭŜðŜ̈́Ĵą̈́͌ʋ˶ʑʒʒ˶ʎʌʑ̈́̍=¼ʋʉʋʎ˷̈́͌ʎʋʏ˶ʒʒʊ̎˶ åĴĬœŖďŜďĭĆ̈́ÉåŕũďŜďŤďĴĭ̈́Éĭë̈́ŤŖÉĭŜÉåŤďĴĭ̈́åĴŜŤŜ̈́ÉŜŜĴåďÉŤðë ſďŤČ̈́ŤČð̈́ÉåŕũďŜďŤďĴĭŜ̈́Ĵą̈́b) ̈́ĴſðŖ̈́ν̈́ðåČĭĴĥĴĆƅ̈́Éĭë̈́ ) ſďŤåČåŖÉƾ˶̈́É̈́ąÉďŖ̈́žÉĥũð̈́ÉëğũŜŤĬðĭŤ̈́ŖðĥÉŤďĭĆ̈́ŤĴ̈́ŜČÉŖð̛äÉŜðë åĴĭŤďĭĆðĭŤ̈́åĴĭŜďëðŖÉŤďĴĭ̈́ÉŜŜĴåďÉŤðë̈́ſďŤČ̈́ŤČð̈́ÉåŕũďŜďŤďĴĭ̈́Ĵą b) ̈́ĴſðŖ̈́ν̈́ðåČĭĴĥĴĆƅ˶̈́Éĭë̈́åĴŜŤŜ̈́ÉŜŜĴåďÉŤðë̈́ſďŤČ̈́É ĥðĆÉåƅ̈́ĥðĆÉĥ̈́ĬÉŤŤðŖ̈́ďĭČðŖďŤðë̈́ŤČŖĴũĆČ̈́ŤČð̈́ŖðžðŖŜð ÉåŕũďŜďŤďĴĭ̈́Ĵą̈́ŤŖðÉĬ̈́>ŖĴũœ̈́ZďĬďŤðë̈́ďĭ̈́ʋʉʋʉ˵̈́Ʊð̈́#ďŖðåŤĴŖŜ åĴĭŜďëðŖ̈́ŤČðŜð̈́ďŤðĬŜ̈́ŤĴ̈́äð̈́ĭĴĭ̛ŖðåũŖŖďĭĆ̈́Éĭë̈́ĭĴŤ ŖðœŖðŜðĭŤÉŤďžð̈́Ĵą̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ĴĭĆĴďĭĆ̈́ĴœðŖÉŤďĭĆ œðŖąĴŖĬÉĭåð˵ ƾðŖ̈́ÉëğũŜŤďĭĆ̈́ąĴŖ̈́ŤČðŜð̈́ďŤðĬŜ˶̈́ ĭëðŖĥƅďĭĆ̈́) G# ďĭåŖðÉŜðë̈́ŤĴ̈́͌ʊʑ˶ʍʎʑ˶ʎʍʎ̈́̍=¼ʋʉʋʎ˷̈́͌ʊʊ˶ʒʑʑ˶ʑʐʒ̎̈́Éĭë ĭëðŖĥƅďĭĆ̈́c̈́ďĭåŖðÉŜðë̈́ŤĴ̈́͌ʊʉ˶ʒʌʏ˶ʒʍʒ̈́̍=¼ʋʉʋʎ˷ ͌ʐ˶ʋʑʏ˶ʑʐʎ̎˵̈́c˶̈́ſČďåČ̈́ąũŖŤČðŖ̈́ÉëğũŜŤŜ̈́ąĴŖ̈́ŤČð ÉĬĴŖŤďŜÉŤďĴĭ̈́Ĵą̈́ÉåŕũďŖðë̈́ďĭŤÉĭĆďäĥð̈́ÉŜŜðŤŜ̈́ÉŖďŜďĭĆ̈́ąŖĴĬ äũŜďĭðŜŜ̈́åĴĬäďĭÉŤďĴĭŜ˶̈́ſÉŜ̈́͌ʊʊ˶ʌʎʊ˶ʊʍʉ̈́̍=¼ʋʉʋʎ˷ ͌ʐ˶ʋʑʏ˶ʑʐʎ̎˵̈́ ĭëðŖĥƅďĭĆ̈́äÉŜďå̈́ðÉŖĭďĭĆŜ̈́œðŖ̈́ŜČÉŖð̈́ďĭåŖðÉŜðë ŤĴ̈́ʊʉ˵ʉʎ̈́åðĭŤŜ̈́̍=¼ʋʉʋʎ˷̈́ʐ˵ʑʉ̈́åðĭŤŜ̎˵̈́#ðƯĭďŤďĴĭŜ̈́Ĵą̈́ŤČð >ŖĴũœ̩Ŝ̈́ĭĴĭ̛G=̈́ĬðÉŜũŖðŜ̈́Éĭë̈́ŖðåĴĭåďĥďÉŤďĴĭŜ̈́ŤĴ̈́ŤČð ŜŤÉŤũŤĴŖƅ̈́ŖðŜũĥŤŜ̈́ÉŖð̈́œŖĴžďëðë̈́ďĭ̈́ĭĴŤð̈́ʑ̈́ŤĴ̈́ŤČð̈́ƯĭÉĭåďÉĥ ŜŤÉŤðĬðĭŤŜ˵ ̈́̈́ ðžďðſ̈́Ĵą̈́ĴœðŖÉŤďĴĭŜ )µ)c ) $169.0Ĭ ̈́ʍʌ˵ʉΞ̈́ =¼ʋʉʋʎ̈́͌ʊʊʑ˵ʊĬ c#)Z ¼Gc>̈́) G# $18.5Ĭ ̈́ʎʍ˵ʉΞ̈́ =¼ʋʉʋʎ̈́͌ʊʋ˵ʉĬ k=G̈́ )=k)̈́» ͌ʊʋ˵ʑĬ ̈́ʋʒ˵ʋΞ̈́ =¼ʋʉʋʎ̈́͌ʒ˵ʒĬ c#)Z ¼Gc>̈́c $10.9Ĭ ̈́ʎʉ˵ʊΞ̈́ =¼ʋʉʋʎ̈́͌ʐ˵ʌĬ k=G̈́=)̈́» ͌ʑ˵ʉĬ ̈́ʊʑ˵ʒΞ̈́ =¼ʋʉʋʎ̈́͌ʏ˵ʑĬ c ͌ʊʊ˵ʍĬ ̈́ʎʎ˵ʑΞ̈́ =¼ʋʉʋʎ̈́͌ʐ˵ʌĬ c#)Z ¼Gc>̈́ G ̈́) 10.05å ̈́ʋʑ˵ʑΞ̈́ =¼ʋʉʋʎ̈́ʐ˵ʑʉå D̈́ν̈́) GµZ)c ͌ʋʊ˵ʑĬ ̈́ʌʉ̈́V c)̈́ʋʉʋʏ
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ʰ bÉĭũąÉåŤũŖďĭĆ̈́ëðĥďžðŖðë̈́ÉĭĴŤČðŖ̈́ŜŤŖĴĭĆ̈́ƅðÉŖ̈́Ĵą̈́ĆŖĴſŤČ̈́Éĭë̈́ĴœðŖÉŤďĴĭÉĥ̈́ðƄðåũŤďĴĭ˶̈́ ŖðďĭąĴŖåďĭĆ̈́bÉƅƯðĥë̩Ŝ̈́œĴŜďŤďĴĭ̈́ÉŜ̈́É̈́ĥðÉëďĭĆ̈́œŖĴžďëðŖ̈́Ĵą̈́ðĥðåŤŖďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́ ŜĴĥũŤďĴĭŜ̈́ŤĴ̈́ŤČð̈́ũŤďĥďŤďðŜ˶̈́ŖðŜĴũŖåðŜ˶̈́ŤŖÉĭŜœĴŖŤ˶̈́ëðąðĭåð˶̈́ëÉŤÉ̈́åðĭŤŖð̈́Éĭë̈́ŖðĭðſÉäĥð̈́ ðĭðŖĆƅ̈́ŜðåŤĴŖŜ˵̈́ ĴĭŤďĭũðë̈́ďĭžðŜŤĬðĭŤ̈́ďĭ̈́Z)c̈́ĬÉĭũąÉåŤũŖďĭĆ̈́œŖÉåŤďåðŜ̈́Éĭë̈́ œŖĴåðŜŜ̈́ĴœŤďĬďŜÉŤďĴĭ̈́ÉŤ̈́ŤČð̈́)ëďĭäũŖĆČ̈́ąÉåďĥďŤƅ̈́ðĭČÉĭåðë̈́œŖĴëũåŤďžďŤƅ̈́Éĭë̈́ďĭåŖðÉŜðë̈́ ŤČð̈́>ŖĴũœ̩Ŝ̈́ÉäďĥďŤƅ̈́ŤĴ̈́ëðĥďžðŖ̈́ĥÉŖĆðŖ̈́Éĭë̈́ĬĴŖð̈́åĴĬœĥðƄ̈́œŖĴğðåŤŜ̈́ſČďĥð̈́ĬÉďĭŤÉďĭďĭĆ̈́ ČďĆČ̈́ŜŤÉĭëÉŖëŜ̈́Ĵą̈́ŜÉąðŤƅ˶̈́ŕũÉĥďŤƅ̈́Éĭë̈́åũŜŤĴĬðŖ̈́ŜðŖžďåð˵ bÉĭũąÉåŤũŖďĭĆ Ʊð̈́ÉåŕũďŜďŤďĴĭ̈́Ĵą̈́b) ̈́ĴſðŖ̈́ν̈́ðåČĭĴĥĴĆƅ̈́ŜďĆĭďƯåÉĭŤĥƅ ðƄœÉĭëŜ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́åÉœÉäďĥďŤďðŜ̈́ďĭ̈́ŤČð̈́ðĥðåŤŖďåÉĥ ďĭąŖÉŜŤŖũåŤũŖð̈́ŜðåŤĴŖ˶̈́œÉŖŤďåũĥÉŖĥƅ̈́ďĭ̈́ŤČð̈́ëðŜďĆĭ˶ ĬÉĭũąÉåŤũŖð˶̈́ďĭŜŤÉĥĥÉŤďĴĭ˶̈́Éĭë̈́ĬÉďĭŤðĭÉĭåð̈́Ĵą̈́ŜœðåďÉĥďŜðë ðĥðåŤŖďåÉĥ̈́ðŕũďœĬðĭŤ̈́Éĭë̈́ŜƅŜŤðĬŜ̈́Ŝũœœĥďðë̈́ŤĴ̈́ũŜŤŖÉĥďÉ̩Ŝ ĬďĭďĭĆ̈́åũŜŤĴĬðŖŜ̈́ďĭ̈́ũŜŤŖÉĥďÉ̈́Éĭë̈́ďĭŤðŖĭÉŤďĴĭÉĥĥƅ˵̈́b) äŖďĭĆŜ̈́É̈́ŜŤŖĴĭĆ̈́œĴŖŤąĴĥďĴ̈́Ĵą̈́œŖĴëũåŤŜ̈́Éĭë̈́ŜĴĥũŤďĴĭŜ̈́ũŤďĥďŜðë ÉåŖĴŜŜ̈́Ĭďĭð̈́ŜďŤðŜ̈́Éĭë̈́åŖďŤďåÉĥ̈́ďĭëũŜŤŖďÉĥ̈́ĴœðŖÉŤďĴĭŜ˶ äŖĴÉëðĭďĭĆ̈́bÉƅƯðĥë̩Ŝ̈́ĬÉŖĢðŤ̈́ŖðÉåČ̈́Éĭë̈́ŜŤŖðĭĆŤČðĭďĭĆ̈́ďŤŜ ðƄœĴŜũŖð̈́ŤĴ̈́ĥĴĭĆ̛ŤðŖĬ̈́ďĭžðŜŤĬðĭŤ̈́ďĭ̈́ŖðŜĴũŖåðŜ˶ ðĥðåŤŖďƯåÉŤďĴĭ̈́Éĭë̈́åŖďŤďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð˵̈́Ʊð̈́ÉåŕũďŜďŤďĴĭ ðĭČÉĭåðŜ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ÉäďĥďŤƅ̈́ŤĴ̈́ëðĥďžðŖ̈́ďĭŤðĆŖÉŤðë̈́ŜĴĥũŤďĴĭŜ ÉåŖĴŜŜ̈́ŤČð̈́œŖĴğðåŤ̈́ĥďąðåƅåĥð̈́ſČďĥð̈́œŖĴžďëďĭĆ̈́ÉååðŜŜ̈́ŤĴ̈́ĭðſ åũŜŤĴĬðŖŜ˶̈́ŜœðåďÉĥďŜŤ̈́ŤðåČĭďåÉĥ̈́ðƄœðŖŤďŜð̈́Éĭë̈́ŖðåũŖŖďĭĆ ŜðŖžďåð̈́ĴœœĴŖŤũĭďŤďðŜ˵ Ʊð̈́ÉåŕũďŜďŤďĴĭ̈́Ĵą̈́ )̈́ſďŤåČåŖÉƾ̈́ðƄœÉĭëŜ̈́bÉƅƯðĥë̩Ŝ œŖðŜðĭåð̈́ďĭŤĴ̈́ŤČð̈́åĴĬœĥðĬðĭŤÉŖƅ̈́ĥďĆČŤ̛ďĭëũŜŤŖďÉĥ̈́Éĭë åĴĬĬðŖåďÉĥ̈́ŜſďŤåČäĴÉŖë̈́ĬÉŖĢðŤ˶̈́ëďžðŖŜďąƅďĭĆ̈́ŤČð̈́>ŖĴũœ äðƅĴĭë̈́ďŤŜ̈́ŤŖÉëďŤďĴĭÉĥ̈́ąĴåũŜ̈́Ĵĭ̈́ĥÉŖĆð̛ŜåÉĥð̈́ďĭëũŜŤŖďÉĥ˶̈́ũŤďĥďŤƅ˶ ĬďĭďĭĆ˶̈́Éĭë̈́åŖďŤďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́œŖĴğðåŤŜ˵̈́Ʊð̈́ÉåŕũďŜďŤďĴĭ œŖĴžďëðŜ̈́ðƄœĴŜũŖð̈́ŤĴ̈́É̈́äŖĴÉëðŖ̈́åũŜŤĴĬðŖ̈́äÉŜð˶̈́ëďƳðŖðĭŤ œŖĴğðåŤ̈́åƅåĥðŜ̈́Éĭë̈́ÉëëďŤďĴĭÉĥ̈́ĬÉŖĢðŤ̈́ŜðĆĬðĭŤŜ̈́ſČďĥð ĥðžðŖÉĆďĭĆ̈́ĬÉĭƅ̈́Ĵą̈́ŤČð̈́ŤðåČĭďåÉĥ̈́åĴĬœðŤðĭåďðŜ̈́ŤČÉŤ ũĭëðŖœďĭ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ĬÉĭũąÉåŤũŖďĭĆ̈́ĴœðŖÉŤďĴĭŜ˵̈́ƱďŜ ëďžðŖŜďƯåÉŤďĴĭ̈́ðĭČÉĭåðŜ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ÉäďĥďŤƅ̈́ŤĴ̈́œÉŖŤďåďœÉŤð ÉåŖĴŜŜ̈́É̈́ſďëðŖ̈́ŖÉĭĆð̈́Ĵą̈́ðĥðåŤŖďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð ĴœœĴŖŤũĭďŤďðŜ̈́Éĭë̈́ŖðëũåðŜ̈́ŖðĥďÉĭåð̈́Ĵĭ̈́Éĭƅ̈́ŜďĭĆĥð̈́ðĭë ĬÉŖĢðŤ˵ ƱðŜð̈́ÉåŕũďŜďŤďĴĭŜ̈́ÉĥďĆĭ̈́ſďŤČ̈́bÉƅƯðĥë̩Ŝ̈́ŜŤŖÉŤðĆƅ̈́Ĵą̈́äũďĥëďĭĆ É̈́ëďžðŖŜďƯðë̈́ðĥðåŤŖďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́œĥÉŤąĴŖĬ̈́åÉœÉäĥð̈́Ĵą ŜðŖžďåďĭĆ̈́ŤČð̈́ďĭåŖðÉŜďĭĆ̈́ďĭžðŜŤĬðĭŤ̈́äðďĭĆ̈́ĬÉëð̈́ďĭ̈́ëÉŤÉ åðĭŤŖðŜ˶̈́ŖðĭðſÉäĥð̈́ðĭðŖĆƅ˶̈́ŤŖÉĭŜĬďŜŜďĴĭ̈́Éĭë̈́ëďŜŤŖďäũŤďĴĭ ĭðŤſĴŖĢŜ˶̈́ŤŖÉĭŜœĴŖŤÉŤďĴĭ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́Éĭë̈́ďĭëũŜŤŖďÉĥ ðĥðåŤŖďƯåÉŤďĴĭ˵̈́Ʊð̈́>ŖĴũœ̈́äðĥďðžðŜ̈́ŤČðŜð̈́ĥĴĭĆ̛ŤðŖĬ ŜŤŖũåŤũŖÉĥ̈́ĆŖĴſŤČ̈́ëŖďžðŖŜ̈́ſďĥĥ̈́åĴĭŤďĭũð̈́ŤĴ̈́ŜũœœĴŖŤ̈́ëðĬÉĭë ąĴŖ̈́ďŤŜ̈́œŖĴëũåŤŜ̈́Éĭë̈́ŜðŖžďåðŜ̈́ĴžðŖ̈́ŤČð̈́åĴĬďĭĆ̈́ƅðÉŖŜ˵ ʰ
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ʱ ŖĴëũåŤ̈́ĴĥũŤďĴĭŜ̈́åĴĭŤďĭũðë̈́ŤĴ̈́ĴœðŖÉŤð̈́ŜÉŤďŜąÉåŤĴŖďĥƅ̈́ŤČŖĴũĆČĴũŤ̈́ŤČð̈́ƅðÉŖ˶̈́ œŖĴžďëďĭĆ̈́ŜũœœĴŖŤ̈́ŤĴ̈́åũŜŤĴĬðŖŜ̈́ÉåŖĴŜŜ̈́É̈́ŖÉĭĆð̈́Ĵą̈́ŤðŜŤďĭĆ˶̈́ëďÉĆĭĴŜŤďå̈́Éĭë̈́ ŤðåČĭĴĥĴĆƅ̈́ŜĴĥũŤďĴĭŜ̈́ſČďĥð̈́ĬÉďĭŤÉďĭďĭĆ̈́ŜðŖžďåð̈́ĥðžðĥŜ̈́Éĭë̈́åũŜŤĴĬðŖ̈́ŖðĥÉŤďĴĭŜČďœŜ˵̈́ ðžðĭũð̈́ŖðĬÉďĭðë̈́ŜŤÉäĥð̈́ÉåŖĴŜŜ̈́Ģðƅ̈́ĬÉŖĢðŤ̈́ŜðĆĬðĭŤŜ˶̈́ŜũœœĴŖŤðë̈́äƅ̈́ŖðåũŖŖďĭĆ̈́ ŜðŖžďåð̈́ÉåŤďžďŤďðŜ̈́Éĭë̈́ĴĭĆĴďĭĆ̈́ëðĬÉĭë̈́ąŖĴĬ̈́åŖďŤďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́åũŜŤĴĬðŖŜ˵ ũœœĴŖŤďĭĆ̈́kœðŖÉŤďĴĭŜ̈́Éĭë̈́ ĴŖŤąĴĥďĴ̈́kœŤďĬďŜÉŤďĴĭ ŖďŤďåÉĥ̈́ ĴĭŤŖĴĥ̈́ν̈́ ĴĬĬũĭďåÉŤďĴĭŜ #ũŖďĭĆ̈́ŤČð̈́ƅðÉŖ˶̈́ĬÉĭÉĆðĬðĭŤ̈́åĴĭŤďĭũðë̈́ŤĴ̈́ÉŜŜðŜŜ ĴœœĴŖŤũĭďŤďðŜ̈́ŤĴ̈́ĴœŤďĬďŜð̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́œĴŖŤąĴĥďĴ̈́Éĭë̈́ŜČÉŖœðĭ ďŤŜ̈́ŜŤŖÉŤðĆďå̈́ąĴåũŜ̈́Ĵĭ̈́ďŤŜ̈́åĴŖð̈́)ĥðåŤŖďåÉĥ̈́GĭąŖÉŜŤŖũåŤũŖð̈́Éĭë ĴĬĬũĭďåÉŤďĴĭŜ̈́äũŜďĭðŜŜðŜ˵̈́Ŝ̈́œÉŖŤ̈́Ĵą̈́ŤČďŜ̈́œŖĴåðŜŜ˶ ŖĴëũåŤ̈́ĴĥũŤďĴĭŜ̈́ŖðĬÉďĭðë̈́ąĴåũŜðë̈́Ĵĭ̈́ĬÉďĭŤÉďĭďĭĆ ĴœðŖÉŤďĴĭÉĥ̈́œðŖąĴŖĬÉĭåð˶̈́ŜũœœĴŖŤďĭĆ̈́åũŜŤĴĬðŖŜ̈́Éĭë œŖðŜðŖžďĭĆ̈́ŤČð̈́žÉĥũð̈́Ĵą̈́ŤČð̈́äũŜďĭðŜŜ˵̈́ƱďŜ̈́ëďŜåďœĥďĭðë ÉœœŖĴÉåČ̈́ðĭŜũŖðë̈́ŤČð̈́äũŜďĭðŜŜ̈́åĴĭŤďĭũðë̈́ŤĴ̈́åĴĭŤŖďäũŤð œĴŜďŤďžðĥƅ̈́ſČďĥð̈́ÉĥĥĴſďĭĆ̈́ĬÉĭÉĆðĬðĭŤ̈́ŤĴ̈́ëðžĴŤð̈́ďĭåŖðÉŜďĭĆ ÉŤŤðĭŤďĴĭ̈́ŤĴ̈́ŤČð̈́ĆŖĴſŤČ̈́ĴœœĴŖŤũĭďŤďðŜ̈́ÉžÉďĥÉäĥð̈́ſďŤČďĭ̈́ŤČð >ŖĴũœ̩Ŝ̈́åĴŖð̈́ĴœðŖÉŤďĴĭŜ˵ Ʊð̈́>ŖĴũœ̩Ŝ̈́ŜŤŖÉŤðĆďå̈́œŖďĴŖďŤďðŜ̈́ŖðĬÉďĭ̈́åðĭŤŖðë̈́Ĵĭ ðƄœÉĭëďĭĆ̈́ďŤŜ̈́åÉœÉäďĥďŤďðŜ̈́ďĭ̈́ðĥðåŤŖďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð˶ ŤŖÉĭŜœĴŖŤÉäĥð̈́œĴſðŖ̈́ŜĴĥũŤďĴĭŜ˶̈́œŖĴŤðåŤďĴĭ̈́ŜƅŜŤðĬŜ˶ ŤðĥðåĴĬĬũĭďåÉŤďĴĭŜ̈́Éĭë̈́åŖďŤďåÉĥ̈́åĴĬĬũĭďåÉŤďĴĭŜ̈́ĭðŤſĴŖĢŜ˵ ƱðŜð̈́ŜðåŤĴŖŜ̈́åĴĭŤďĭũð̈́ŤĴ̈́äðĭðƯŤ̈́ąŖĴĬ̈́ŜŤŖĴĭĆ̈́ďĭžðŜŤĬðĭŤ ÉŜŜĴåďÉŤðë̈́ſďŤČ̈́ëÉŤÉ̈́åðĭŤŖðŜ˶̈́ŖðĭðſÉäĥð̈́ðĭðŖĆƅ˶̈́ũŤďĥďŤďðŜ˶ ŤŖÉĭŜœĴŖŤÉŤďĴĭ̈́Éĭë̈́ũŜŤŖÉĥďÉ̩Ŝ̈́äŖĴÉëðŖ̈́åŖďŤďåÉĥ ďĭąŖÉŜŤŖũåŤũŖð̈́ŖðŕũďŖðĬðĭŤ˵ Ʊð̈́>ŖĴũœ̩Ŝ̈́ ŖďŤďåÉĥ̈́ ĴĭŤŖĴĥ̈́ν̈́ ĴĬĬũĭďåÉŤďĴĭŜ̈́äũŜďĭðŜŜ̈́ ëðĥďžðŖðë̈́Éĭ̈́ďĬœŖĴžðë̈́ŖðŜũĥŤ̈́ëũŖďĭĆ̈́ŤČð̈́ƅðÉŖ˶̈́ŜũœœĴŖŤðë̈́ äƅ̈́äðŤŤðŖ̈́ĴœðŖÉŤďĴĭÉĥ̈́œðŖąĴŖĬÉĭåð̈́Éĭë̈́ďĭåŖðÉŜðë̈́œŖĴğðåŤ̈́ ÉåŤďžďŤƅ˵̈́Ʊð̈́äũŜďĭðŜŜ̈́œŖĴžďëðŜ̈́åĴĬĬũĭďåÉŤďĴĭŜ̈́Éĭë̈́ ĭðŤſĴŖĢ̈́ŜĴĥũŤďĴĭŜ̈́ŤĴ̈́É̈́ŖÉĭĆð̈́Ĵą̈́åŖďŤďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́ åũŜŤĴĬðŖŜ̈́Éĭë̈́åĴĬœĥðĬðĭŤŜ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́åĴŖð̈́ðĥðåŤŖďåÉĥ̈́ ďĭąŖÉŜŤŖũåŤũŖð̈́ĴœðŖÉŤďĴĭŜ˵
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ʩʨ )ƄœÉĭë̈́ĬÉĭũąÉåŤũŖďĭĆ̈́åÉœÉåďŤƅ̛̈́̈́GĭåŖðÉŜďĭĆ̈́œŖĴëũåŤďĴĭ̈́åÉœÉäďĥďŤƅ̈́ŤČŖĴũĆČ̈́ŤČð̈́ĭðſ̈́ĬÉĭũąÉåŤũŖďĭĆ ąÉåďĥďŤďðŜ̈́ÉŤ̈́ʊʊʑʉ̈́kĥë̈́ĴŖŤ̈́ĴÉë˶̈́ĴƅÉĥ̈́ÉŖĢ˶̈́ĴũŤČ̈́ũŜŤŖÉĥďÉ̈́Éĭë̈́ʊʉʑʉ̈́ŖĬŜŤŖĴĭĆ̈́ĴÉë˶̈́DĴœð̈́µÉĥĥðƅ˶ ¶ðŜŤðŖĭ̈́ũŜŤŖÉĥďÉ˸̈́åÉœŤũŖďĭĆ̈́ŤČð̈́äðĭðƯŤŜ̈́Ĵą̈́ŤČð̈́ )̈́ſďŤåČåŖÉƾ̈́Éĭë̈́b) ̈́ÉåŕũďŜďŤďĴĭŜ̈́Éĭë œŖĴĆŖðŜŜďĭĆ̈́ŤČð̈́ŜŤÉĆðë̈́ďĭŤðĆŖÉŤďĴĭ̈́Ĵą̈́ŤČð̈́cďĥŜðĭ̈́ſďŤåČäĴÉŖëŜ̈́#ďžďŜďĴĭ̈́ąĴĥĥĴſďĭĆ̈́åĴĬœĥðŤďĴĭ̈́Ĵĭ̈́ʌʊ Vũĥƅ̈́ʋʉʋʏ˶̈́ďĭåĥũëďĭĆ̈́ďĭåŖðÉŜðë̈́åÉœÉåďŤƅ˶̈́ŤðåČĭďåÉĥ̈́ðƄœðŖŤďŜð̈́Éĭë̈́ĬÉŖĢðŤ̈́ŖðÉåČ˸̈́Éĭë̈́œũŖŜũďĭĆ̈́ąũŖŤČðŖ ðƄœÉĭŜďĴĭ̈́ĴœœĴŖŤũĭďŤďðŜ̈́Ĵĭ̈́ŤČð̈́)ÉŜŤ̈́ ĴÉŜŤ̈́Éĭë̈́ďĭ̈́ĴŤČðŖ̈́ĆŖĴſŤČ̈́ĬÉŖĢðŤŜ̈́ŤĴ̈́ŜũœœĴŖŤ̈́ąũŤũŖð̈́ëðĬÉĭë˵ >ŖĴſ̈́ŤČŖĴũĆČ̈́œŖĴëũåŤ̈́ëðžðĥĴœĬðĭŤ̈́Éĭë̈́ŖÉĭĆð̛̈́̈́#ðžðĥĴœďĭĆ̈́ĭðſ̈́œŖĴëũåŤŜ̈́ďĭ̈́ĬðëďũĬ̈́žĴĥŤÉĆð̈́ ŜſďŤåČĆðÉŖ˶̈́ŤŖÉĭŜąĴŖĬðŖŜ˶̈́äÉŤŤðŖƅ̈́ðĭðŖĆƅ̈́ŜŤĴŖÉĆð˶̈́ĢďĴŜĢ̈́ŜũäŜŤÉŤďĴĭŜ̈́Éĭë̈́ŖðĥÉŤðë̈́ðĭðŖĆƅ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́ ŜĴĥũŤďĴĭŜ˵ #Ŗďžð̈́ëďĆďŤďŜÉŤďĴĭ̈́Éĭë̈́ĴœðŖÉŤďĴĭÉĥ̈́ðƄåðĥĥðĭåð̛̈́̈́#ďĆďŤďŜďĭĆ̈́bÉƅƯðĥë̩Ŝ̈́ĴœðŖÉŤďĴĭŜ̈́ðĭë̛ŤĴ̛ðĭë˶̈́åŖðÉŤďĭĆ̈́ É̈́åĴĭĭðåŤðë̈́ëďĆďŤÉĥ̈́ŤČŖðÉë̈́ąŖĴĬ̈́ðŜŤďĬÉŤďĭĆ̈́ŤČŖĴũĆČ̈́ŤĴ̈́ŜðŖžďåð˶̈́Éĭë̈́åĴĭŤďĭũďĭĆ̈́ŤĴ̈́Éœœĥƅ̈́Z)c̈́ ĬÉĭũąÉåŤũŖďĭĆ̈́œŖďĭåďœĥðŜ̈́ÉåŖĴŜŜ̈́Éĥĥ̈́ĴœðŖÉŤďĴĭŜ˵ ŤŖðĭĆŤČðĭ̈́ĬÉŖĢðŤ̈́œĴŜďŤďĴĭ̛̈́̈́>ŖĴſďĭĆ̈́ĬÉŖĢðŤ̈́ŜČÉŖð̈́ďĭ̈́ũŤďĥďŤďðŜ˶̈́ŖðĭðſÉäĥð̈́ðĭðŖĆƅ˶̈́ëÉŤÉ̈́åðĭŤŖðŜ˶̈́ ŖðŜĴũŖåðŜ̈́Éĭë̈́ďĭąŖÉŜŤŖũåŤũŖð˵ ðžðĭũð̈́Éĭë̈́ÉåŤďžďŤƅ ðžðĭũð̈́ďĭåŖðÉŜðë̈́ʍʌ˵ʉΞ̈́ŤĴ̈́É̈́ŖðåĴŖë̈́͌ʊʏʑ˶ʒʑʋ˶ʌʌʉ˶̈́ ŖðưðåŤďĭĆ̈́ŜŤŖĴĭĆ̈́ĴŖĆÉĭďå̈́ĆŖĴſŤČ̈́ÉåŖĴŜŜ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́åĴŖð̈́ ĴœðŖÉŤďĴĭŜ̈́ŤĴĆðŤČðŖ̈́ſďŤČ̈́ŤČð̈́åĴĭŤŖďäũŤďĴĭ̈́ąŖĴĬ̈́ŜŤŖÉŤðĆďå̈́ ÉåŕũďŜďŤďĴĭŜ̈́åĴĬœĥðŤðë̈́ëũŖďĭĆ̈́ŤČð̈́ƅðÉŖ˵̈́>ŖĴſŤČ̈́ſÉŜ̈́ëŖďžðĭ̈́ äƅ̈́åĴĭŤďĭũðë̈́ëðĬÉĭë̈́ąŖĴĬ̈́ŤČð̈́ĬďĭďĭĆ˶̈́ũŤďĥďŤďðŜ˶̈́ŖðĭðſÉäĥð̈́ ðĭðŖĆƅ˶̈́ŤŖÉĭŜœĴŖŤ˶̈́ŤðĥðåĴĬĬũĭďåÉŤďĴĭŜ˶̈́ëÉŤÉ̈́åðĭŤŖð̈́Éĭë̈́ åŖďŤďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́ŜðåŤĴŖŜ˶̈́ſČďåČ̈́ŖðĬÉďĭ̈́ũĭëðŖœďĭĭðë̈́äƅ̈́ ĥĴĭĆ̛ŤðŖĬ̈́ďĭžðŜŤĬðĭŤ̈́ďĭ̈́ðĥðåŤŖďƯåÉŤďĴĭ˶̈́ðĭðŖĆƅ̈́ŤŖÉĭŜďŤďĴĭ˶̈́ ëďĆďŤÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́Éĭë̈́Ŝũœœĥƅ̈́åČÉďĭ̈́ŖðŜďĥďðĭåð˵̈́Ʊð̈́ŖðŜũĥŤ̈́ ëðĬĴĭŜŤŖÉŤðŜ̈́ŤČð̈́ŜŤŖðĭĆŤČ̈́Ĵą̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ëďžðŖŜďƯðë̈́ðĥðåŤŖďåÉĥ̈́ ďĭąŖÉŜŤŖũåŤũŖð̈́œĥÉŤąĴŖĬ̈́Éĭë̈́ďŤŜ̈́ÉäďĥďŤƅ̈́ŤĴ̈́ŜũååðŜŜąũĥĥƅ̈́ðƄðåũŤð̈́ åĴĬœĥðƄ̈́œŖĴğðåŤŜ̈́ÉåŖĴŜŜ̈́ĬũĥŤďœĥð̈́ðĭë̈́ĬÉŖĢðŤŜ˵ åŤďžďŤƅ̈́ĥðžðĥŜ̈́ŖðĬÉďĭðë̈́ŜŤŖĴĭĆ̈́ŤČŖĴũĆČĴũŤ̈́ŤČð̈́ƅðÉŖ˶̈́ ŜũœœĴŖŤðë̈́äƅ̈́É̈́ČðÉĥŤČƅ̈́ĴŖëðŖ̈́äĴĴĢ˶̈́ðƄœÉĭëďĭĆ̈́åũŜŤĴĬðŖ̈́ ŖðĥÉŤďĴĭŜČďœŜ̈́Éĭë̈́ďĭåŖðÉŜďĭĆ̈́ĬÉŖĢðŤ̈́œðĭðŤŖÉŤďĴĭ̈́ÉåŖĴŜŜ̈́äĴŤČ̈́ ðƄďŜŤďĭĆ̈́Éĭë̈́ĭðſ̈́ŜðåŤĴŖŜ˵̈́Ʊð̈́>ŖĴũœ̈́äðĭðƯŤðë̈́ąŖĴĬ̈́ŤČð̈́ åĴĭŤďĭũðë̈́ðƄœÉĭŜďĴĭ̈́Ĵą̈́ďŤŜ̈́ĬÉĭũąÉåŤũŖďĭĆ̈́ĴœðŖÉŤďĴĭŜ˶̈́ŜŤŖĴĭĆ̈́ œðŖąĴŖĬÉĭåð̈́ſďŤČďĭ̈́ ŖďŤďåÉĥ̈́ ĴĭŤŖĴĥ̈́ν̈́ ĴĬĬũĭďåÉŤďĴĭŜ˶̈́Éĭë̈́ ŤČð̈́ÉëëďŤďĴĭ̈́Ĵą̈́åĴĬœĥðĬðĭŤÉŖƅ̈́åÉœÉäďĥďŤďðŜ̈́ŤČŖĴũĆČ̈́ŤČð̈́ ÉåŕũďŜďŤďĴĭŜ̈́Ĵą̈́b) ̈́ĴſðŖ̈́ν̈́ðåČĭĴĥĴĆƅ̈́Éĭë̈́ )̈́ſďŤåČåŖÉƾ˵̈́ ĴĆðŤČðŖ˶̈́ŤČðŜð̈́äũŜďĭðŜŜðŜ̈́äŖĴÉëðĭ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ĬÉŖĢðŤ̈́ŖðÉåČ˶̈́ ðĭČÉĭåð̈́ďŤŜ̈́ŤðåČĭďåÉĥ̈́åÉœÉäďĥďŤƅ̈́Éĭë̈́œŖĴžďëð̈́ðƄœĴŜũŖð̈́ŤĴ̈́É̈́ ſďëðŖ̈́ŖÉĭĆð̈́Ĵą̈́ďĭąŖÉŜŤŖũåŤũŖð̈́ďĭžðŜŤĬðĭŤ̈́ĴœœĴŖŤũĭďŤďðŜ˵ kœðŖÉŤďĭĆ̈́åÉŜČ̈́ưĴſŜ̈́ŖðĬÉďĭðë̈́ŖĴäũŜŤ˶̈́ŜũœœĴŖŤðë̈́äƅ̈́ŜŤŖĴĭĆ ũĭëðŖĥƅďĭĆ̈́œŖĴƯŤÉäďĥďŤƅ̈́Éĭë̈́ëďŜåďœĥďĭðë̈́ſĴŖĢďĭĆ̈́åÉœďŤÉĥ ĬÉĭÉĆðĬðĭŤ˵̈́Ʊð̈́>ŖĴũœ̈́ðĭëðë̈́ŤČð̈́ƅðÉŖ̈́ſďŤČ̈́åÉŜČ̈́Éĭë̈́åÉŜČ ðŕũďžÉĥðĭŤŜ̈́Ĵą̈́͌ʋʊ˶ʑʌʉ˶ʒʌʐ˶̈́œŖĴžďëďĭĆ̈́ŜďĆĭďƯåÉĭŤ̈́ƯĭÉĭåďÉĥ ưðƄďäďĥďŤƅ̈́ŤĴ̈́ŜũœœĴŖŤ̈́ąũŤũŖð̈́ĆŖĴſŤČ̈́ďĭďŤďÉŤďžðŜ˶̈́ŜŤŖÉŤðĆďå ďĭžðŜŤĬðĭŤŜ̈́Éĭë̈́ĴĭĆĴďĭĆ̈́ðƄœÉĭŜďĴĭ̈́ĴœœĴŖŤũĭďŤďðŜ˵̈́Ʊð ŜŤŖðĭĆŤČ̈́Ĵą̈́ŤČð̈́äÉĥÉĭåð̈́ŜČððŤ̈́œĴŜďŤďĴĭŜ̈́ŤČð̈́>ŖĴũœ̈́ſðĥĥ̈́ŤĴ åĴĭŤďĭũð̈́ðƄðåũŤďĭĆ̈́ďŤŜ̈́ĆŖĴſŤČ̈́ŜŤŖÉŤðĆƅ̈́ſČďĥð̈́ĬÉďĭŤÉďĭďĭĆ̈́ŤČð åÉœÉåďŤƅ̈́ŤĴ̈́ŖðŤũŖĭ̈́žÉĥũð̈́ŤĴ̈́ŜČÉŖðČĴĥëðŖŜ˵ bÉƅƯðĥë̩Ŝ̈́ŜŤŖÉŤðĆƅ̈́ďŜ̈́ŤĴ̈́ĆŖĴſ̈́ďĭŤĴ̈́É̈́ĥðÉëďĭĆ̈́ũŜŤŖÉĥďÉĭ̛Ĵſĭðë̈́ðĥðåŤŖďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́ĆŖĴũœ̈́œĴŜďŤďĴĭðë̈́ŤĴ̈́äðĭðƯŤ̈́ąŖĴĬ̈́ŤČð̈́ ĥĴĭĆ̛ŤðŖĬ̈́ŤŖðĭëŜ̈́Ĵą̈́ŤČð̈́ðĭðŖĆƅ̈́ŤŖÉĭŜďŤďĴĭ̈́Éĭë̈́ëðåÉŖäĴĭďŜÉŤďĴĭ˶̈́ďĭåŖðÉŜďĭĆ̈́ďĭžðŜŤĬðĭŤ̈́ďĭ̈́åŖďŤďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð˶̈́Ŝũœœĥƅ̈́åČÉďĭ̈́ ĥĴåÉĥďŜÉŤďĴĭ̈́Éĭë̈́ŜĴžðŖðďĆĭ̈́ĬÉĭũąÉåŤũŖďĭĆ̈́åÉœÉäďĥďŤƅ˶̈́ĆŖĴſďĭĆ̈́ëďĆďŤďŜÉŤďĴĭ̈́Ĵą̈́ðĥðåŤŖďåÉĥ̈́ĭðŤſĴŖĢŜ̈́Éĭë̈́ďĭëũŜŤŖďÉĥ̈́ÉŜŜðŤŜ˶̈́Éĭë̈́ ŤðĥðåĴĬĬũĭďåÉŤďĴĭŜ̈́ĭðŤſĴŖĢ̈́ðƄœÉĭŜďĴĭ˵ Ʊð̈́>ŖĴũœ̈́ŖðĬÉďĭŜ̈́åĴĬĬðë̈́ŤĴ̈́ũŜŤŖÉĥďÉĭ̈́ĬÉĭũąÉåŤũŖďĭĆ̈́Éĭë̈́ŤĴ̈́œŖĴžďëďĭĆ̈́œŖĴëũåŤŜ̈́Éĭë̈́ŜðŖžďåðŜ̈́ąĴŖ̈́åŖďŤďåÉĥ̈́ðĥðåŤŖďåÉĥ̈́Éĭë̈́ ŤðĥðåĴĬĬũĭďåÉŤďĴĭŜ̈́ďĭąŖÉŜŤŖũåŤũŖð˵̈́Ĵ̈́ÉåČďðžð̈́ŤČďŜ˶̈́ŤČð̈́>ŖĴũœ̈́ďŜ̈́ąĴåũŜðë̈́Ĵĭ̈́ŤČð̈́ąĴĥĥĴſďĭĆ̈́ŜŤŖÉŤðĆďå̈́œďĥĥÉŖŜ˷ ŤŖÉŤðĆƅ
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ʩʩ )ĭžďŖĴĭĬðĭŤÉĥ̈́ĬÉŤŤðŖŜ Ʊð̈́ ĴÉŖë̩Ŝ̈́)>̈́ ČÉŖŤðŖ̈́åĴĭŤďĭũðë̈́ŤĴ̈́œŖĴžďëð̈́É̈́ąŖÉĬðſĴŖĢ̈́ąĴŖ̈́ðĭžďŖĴĭĬðĭŤÉĥ̈́ĆĴžðŖĭÉĭåð˶̈́ÉååĴũĭŤÉäďĥďŤƅ̈́Éĭë̈́åĴĭŤďĭũĴũŜ̈́ ďĬœŖĴžðĬðĭŤ˵̈́)ĭžďŖĴĭĬðĭŤÉĥ̈́ŖďŜĢŜ̈́ÉŖð̈́ĬÉĭÉĆðë̈́ŤČŖĴũĆČ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ðĭŤðŖœŖďŜð̛ſďëð̈́ŖďŜĢ̈́ĬÉĭÉĆðĬðĭŤ̈́ąŖÉĬðſĴŖĢ˶̈́ſČďåČ̈́ ðŜŤÉäĥďŜČðŜ̈́åĴĭŜďŜŤðĭŤ̈́ŜŤÉĭëÉŖëŜ̈́ąĴŖ̈́ďëðĭŤďąƅďĭĆ˶̈́ÉŜŜðŜŜďĭĆ̈́Éĭë̈́ŖðœĴŖŤďĭĆ̈́ðĭžďŖĴĭĬðĭŤÉĥ̈́ŖďŜĢŜ̈́ÉåŖĴŜŜ̈́Éĥĥ̈́ŜũäŜďëďÉŖƅ̈́ðĭŤďŤďðŜ˵ ðåĴĆĭďŜďĭĆ̈́ŤČð̈́ĆŖĴſďĭĆ̈́ďĬœĴŖŤÉĭåð̈́Ĵą̈́ðĭžďŖĴĭĬðĭŤÉĥ̈́ŜŤðſÉŖëŜČďœ˶̈́ŤČð̈́>ŖĴũœ̈́ČÉŜ̈́ąũŖŤČðŖ̈́ŜŤŖðĭĆŤČðĭðë̈́ďŤŜ̈́ðĭžďŖĴĭĬðĭŤÉĥ åÉœÉäďĥďŤďðŜ̈́äƅ̈́ÉœœĴďĭŤďĭĆ̈́É̈́ëðëďåÉŤðë̈́)ĭžďŖĴĭĬðĭŤÉĥ̈́œðåďÉĥďŜŤ˵̈́¶ĴŖĢďĭĆ̈́åĥĴŜðĥƅ̈́ſďŤČ̈́ĴœðŖÉŤďĴĭÉĥ̈́ŤðÉĬŜ̈́Éĭë̈́ðƄŤðŖĭÉĥ̈́åĴĭŜũĥŤÉĭŤŜ˶ ŤČďŜ̈́ŖĴĥð̈́ŜũœœĴŖŤŜ̈́ŤČð̈́ëðžðĥĴœĬðĭŤ̈́Ĵą̈́É̈́ĬĴŖð̈́åĴĬœŖðČðĭŜďžð̈́ũĭëðŖŜŤÉĭëďĭĆ̈́Ĵą̈́ðĭžďŖĴĭĬðĭŤÉĥ̈́ŖďŜĢŜ̈́Éĭë̈́ĴœœĴŖŤũĭďŤďðŜ̈́ÉåŖĴŜŜ̈́ŤČð >ŖĴũœ̩Ŝ̈́ÉåŤďžďŤďðŜ˵̈́ƱďŜ̈́ďĭåĥũëðŜ̈́ÉŜŜðŜŜďĭĆ̈́ŖðĆũĥÉŤĴŖƅ̈́ëðžðĥĴœĬðĭŤŜ˶̈́ðžÉĥũÉŤďĭĆ̈́åĥďĬÉŤð̛ŖðĥÉŤðë̈́ŖďŜĢŜ˶̈́ďëðĭŤďąƅďĭĆ̈́ĴœœĴŖŤũĭďŤďðŜ̈́ąĴŖ ďĬœŖĴžðë̈́ðĭžďŖĴĭĬðĭŤÉĥ̈́œðŖąĴŖĬÉĭåð˶̈́Éĭë̈́ŜŤŖðĭĆŤČðĭďĭĆ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ŜũŜŤÉďĭÉäďĥďŤƅ̈́ąŖÉĬðſĴŖĢ̈́Éĭë̈́ŖðœĴŖŤďĭĆ̈́åÉœÉäďĥďŤďðŜ˵ #ũŖďĭĆ̈́ŤČð̈́ƅðÉŖ˶̈́ŤČð̈́>ŖĴũœ̈́åĴĭŤďĭũðë̈́ŤĴ̈́ĬĴĭďŤĴŖ̈́Éĭë̈́ŖðœĴŖŤ̈́åĴœð̈́ʊ̈́Éĭë̈́åĴœð̈́ʋ̈́ĆŖððĭČĴũŜð̈́ĆÉŜ̈́ðĬďŜŜďĴĭŜ˶̈́ðŜŤÉäĥďŜČďĭĆ̈́É̈́ ŜŤŖĴĭĆðŖ̈́ðĭžďŖĴĭĬðĭŤÉĥ̈́œðŖąĴŖĬÉĭåð̈́äÉŜðĥďĭð̈́Éĭë̈́ŜũœœĴŖŤďĭĆ̈́ďĭąĴŖĬðë̈́ëðåďŜďĴĭ̛ĬÉĢďĭĆ˵̈́Ʊð̈́>ŖĴũœ̈́ÉĥŜĴ̈́åĴĭŤďĭũðë̈́ďĭžðŜŤĬðĭŤŜ̈́ ďĭ̈́ðĭðŖĆƅ̛ðƶåďðĭåƅ̈́ďĭďŤďÉŤďžðŜ˶̈́ďĭåĥũëďĭĆ̈́ŜĴĥÉŖ̈́ĆðĭðŖÉŤďĴĭ̈́Éĭë̈́äÉŤŤðŖƅ̈́ŜŤĴŖÉĆð̈́ŤðåČĭĴĥĴĆďðŜ̈́ÉŤ̈́ďŤŜ̈́ĴũŤČ̈́ũŜŤŖÉĥďÉĭ̈́ąÉåďĥďŤďðŜ˶̈́ åĴĭŤŖďäũŤďĭĆ̈́ŤĴ̈́Ŗðëũåðë̈́ðĭðŖĆƅ̈́åĴĭŜũĬœŤďĴĭ̈́Éĭë̈́ďĬœŖĴžðë̈́ĴœðŖÉŤďĴĭÉĥ̈́ŖðŜďĥďðĭåð˵ )ĭžďŖĴĭĬðĭŤÉĥ Ʊð̈́>ŖĴũœ̩Ŝ̈́ðĭžďŖĴĭĬðĭŤÉĥ̈́ďĬœŖĴžðĬðĭŤ̈́œŖĴĆŖÉĬ̈́ďŜ̈́ąĴåũŜðë̈́ Ĵĭ̈́ðĬäðëëďĭĆ̈́ŜũŜŤÉďĭÉäďĥďŤƅ̈́åĴĭŜďëðŖÉŤďĴĭŜ̈́ďĭŤĴ̈́äũŜďĭðŜŜ̈́ ĴœðŖÉŤďĴĭŜ̈́Éĭë̈́ŜŤŖÉŤðĆďå̈́ëðåďŜďĴĭ̛ĬÉĢďĭĆ˵̈́Xðƅ̈́ÉŖðÉŜ̈́Ĵą̈́ ąĴåũŜ̈́ďĭåĥũëð˷ Ϋ̈́ kĭĆĴďĭĆ̈́ĬĴĭďŤĴŖďĭĆ̈́Éĭë̈́ŖðœĴŖŤďĭĆ̈́Ĵą̈́ðĭžďŖĴĭĬðĭŤÉĥ̈́ œðŖąĴŖĬÉĭåð̈́ĬðŤŖďåŜ˶̈́ďĭåĥũëďĭĆ̈́åĴœð̈́ʊ̈́Éĭë̈́åĴœð̈́ʋ̈́ ðĬďŜŜďĴĭŜ˵ Ϋ̈́ GëðĭŤďƯåÉŤďĴĭ̈́Éĭë̈́ÉŜŜðŜŜĬðĭŤ̈́Ĵą̈́ðĭžďŖĴĭĬðĭŤÉĥ̈́Éĭë̈́ åĥďĬÉŤð̛ŖðĥÉŤðë̈́ŖďŜĢŜ̈́Éĭë̈́ĴœœĴŖŤũĭďŤďðŜ̈́ÉåŖĴŜŜ̈́Éĥĥ̈́ ĴœðŖÉŤďĭĆ̈́äũŜďĭðŜŜðŜ˵ Ϋ̈́ ĴĭŤďĭũðë̈́ďĭžðŜŤĬðĭŤ̈́ďĭ̈́ðĭðŖĆƅ̛ðƶåďðĭŤ̈́ŤðåČĭĴĥĴĆďðŜ̈́ Éĭë̈́ŖðĭðſÉäĥð̈́ðĭðŖĆƅ̈́ŜĴĥũŤďĴĭŜ̈́ſČðŖð̈́ðåĴĭĴĬďåÉĥĥƅ̈́Éĭë̈́ ĴœðŖÉŤďĴĭÉĥĥƅ̈́žďÉäĥð˵ Ϋ̈́ kĭĆĴďĭĆ̈́ðĭĆÉĆðĬðĭŤ̈́ſďŤČ̈́ðĬœĥĴƅððŜ˶̈́åũŜŤĴĬðŖŜ˶̈́ ŜũœœĥďðŖŜ̈́Éĭë̈́ŜœðåďÉĥďŜŤ̈́ÉëžďŜĴŖŜ̈́ŤĴ̈́ŜũœœĴŖŤ̈́ ðĭžďŖĴĭĬðĭŤÉĥ̈́ďĭďŤďÉŤďžðŜ̈́Éĭë̈́ĢĭĴſĥðëĆð̈́ŜČÉŖďĭĆ˵ Ϋ̈́ )ĭČÉĭåðĬðĭŤ̈́Ĵą̈́ðĭžďŖĴĭĬðĭŤÉĥ̈́œĴĥďåďðŜ˶̈́œŖĴåðëũŖðŜ̈́ Éĭë̈́ĆĴžðŖĭÉĭåð̈́ąŖÉĬðſĴŖĢŜ̈́ŤĴ̈́ÉĥďĆĭ̈́ſďŤČ̈́ðžĴĥžďĭĆ̈́ ŜŤÉĢðČĴĥëðŖ̈́ðƄœðåŤÉŤďĴĭŜ̈́Éĭë̈́ŖðĆũĥÉŤĴŖƅ̈́ŖðŕũďŖðĬðĭŤŜ˵ Ŝ̈́ŤČð̈́>ŖĴũœ̈́ðƄœÉĭëŜ̈́ŤČŖĴũĆČ̈́äĴŤČ̈́ĴŖĆÉĭďå̈́ĆŖĴſŤČ̈́ Éĭë̈́ÉåŕũďŜďŤďĴĭ̈́ÉåŤďžďŤƅ˶̈́ðĭžďŖĴĭĬðĭŤÉĥ̈́ĬÉĭÉĆðĬðĭŤ̈́ ŜƅŜŤðĬŜ̈́Éĭë̈́ŜŤÉĭëÉŖëŜ̈́åĴĭŤďĭũð̈́ŤĴ̈́äð̈́ďĭŤðĆŖÉŤðë̈́ÉåŖĴŜŜ̈́ Éĥĥ̈́äũŜďĭðŜŜðŜ̈́ŤĴ̈́ŜũœœĴŖŤ̈́É̈́åĴĭŜďŜŤðĭŤ̈́ÉœœŖĴÉåČ̈́ŤĴ̈́ ðĭžďŖĴĭĬðĭŤÉĥ̈́ŜŤðſÉŖëŜČďœ˵̈́ƱŖĴũĆČ̈́ŤČðŜð̈́ďĭďŤďÉŤďžðŜ˶̈́ bÉƅƯðĥë̈́>ŖĴũœ̈́ÉďĬŜ̈́ŤĴ̈́ĬďĭďĬďŜð̈́ďŤŜ̈́ðĭžďŖĴĭĬðĭŤÉĥ̈́ďĬœÉåŤ˶̈́ ŜŤŖðĭĆŤČðĭ̈́ďŤŜ̈́ðĭžďŖĴĭĬðĭŤÉĥ̈́åŖðëðĭŤďÉĥŜ˶̈́Éĭë̈́åŖðÉŤð̈́ ŜũŜŤÉďĭÉäĥð̈́ĥĴĭĆ̛ŤðŖĬ̈́žÉĥũð̈́ąĴŖ̈́ŜČÉŖðČĴĥëðŖŜ˶̈́åũŜŤĴĬðŖŜ˶̈́ ðĬœĥĴƅððŜ̈́Éĭë̈́ŤČð̈́åĴĬĬũĭďŤďðŜ̈́ďĭ̈́ſČďåČ̈́ďŤ̈́ĴœðŖÉŤðŜ˵
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ʩʪ )ĬœĥĴƅððŜ ŖďĴŖďŤďŜďĭĆ̈́ðĴœĥð̈́ÉąðŤƅ̈́Éĭë̈́#ðžðĥĴœĬðĭŤ kũŖ̈́œðĴœĥð̈́ŖðĬÉďĭ̈́åðĭŤŖÉĥ̈́ŤĴ̈́ŤČð̈́ŜũååðŜŜ̈́Ĵą̈́bÉƅƯðĥë̈́>ŖĴũœ˵̈́ÉąðŤƅ̈́åĴĭŤďĭũðŜ̈́ŤĴ̈́äð̈́ĴũŖ̈́ČďĆČðŜŤ̈́œŖďĴŖďŤƅ˶̈́ ŜũœœĴŖŤðë̈́äƅ̈́ŜŤŖĴĭĆ̈́ŜƅŜŤðĬŜ˶̈́ĥðÉëðŖŜČďœ̈́åĴĬĬďŤĬðĭŤ̈́Éĭë̈́É̈́åũĥŤũŖð̈́Ĵą̈́åĴĭŤďĭũĴũŜ̈́ďĬœŖĴžðĬðĭŤ˵̈́#ũŖďĭĆ̈́=¼ʋʉʋʏ˶̈́ ŤČð̈́>ŖĴũœ̈́ĬÉďĭŤÉďĭðë̈́ďŤŜ̈́Gk̈́ʍʎʉʉʊ̈́ĴååũœÉŤďĴĭÉĥ̈́ČðÉĥŤČ̈́Éĭë̈́ŜÉąðŤƅ̈́åðŖŤďƯåÉŤďĴĭŜ̈́ÉåŖĴŜŜ̈́ďŤŜ̈́ĴœðŖÉŤďĴĭŜ˵ Ŝ̈́ŤČð̈́>ŖĴũœ̈́åĴĭŤďĭũðŜ̈́ŤĴ̈́ĆŖĴſ˶̈́ſð̈́ŖðĬÉďĭ̈́ąĴåũŜðë̈́Ĵĭ̈́ÉŤŤŖÉåŤďĭĆ˶̈́ëðžðĥĴœďĭĆ̈́Éĭë̈́ŖðŤÉďĭďĭĆ̈́ŜĢďĥĥðë̈́ðĬœĥĴƅððŜ̈́ ſČĴ̈́åÉĭ̈́ŜũœœĴŖŤ̈́ĴœðŖÉŤďĴĭÉĥ̈́ðƄåðĥĥðĭåð̈́Éĭë̈́ëðĥďžðŖ̈́žÉĥũð̈́ŤĴ̈́ĴũŖ̈́åũŜŤĴĬðŖŜ˵̈́#ũŖďĭĆ̈́ŤČð̈́ƅðÉŖ˶̈́ďĭžðŜŤĬðĭŤ̈́ åĴĭŤďĭũðë̈́ďĭ̈́ŤðåČĭďåÉĥ̈́ŤŖÉďĭďĭĆ˶̈́ĥðÉëðŖŜČďœ̈́ëðžðĥĴœĬðĭŤ˶̈́ÉœœŖðĭŤďåðŜČďœŜ̈́Éĭë̈́ſĴŖĢąĴŖåð̈́åÉœÉäďĥďŤƅ̈́œŖĴĆŖÉĬŜ̈́ŤĴ̈́ ŜũœœĴŖŤ̈́äĴŤČ̈́åũŖŖðĭŤ̈́Éĭë̈́ąũŤũŖð̈́äũŜďĭðŜŜ̈́ŖðŕũďŖðĬðĭŤŜ˵ Ĵ̈́ŜũœœĴŖŤ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ĴĭĆĴďĭĆ̈́ĆŖĴſŤČ̈́Éĭë̈́ďĭåŖðÉŜďĭĆ̈́ĴœðŖÉŤďĴĭÉĥ̈́åĴĬœĥðƄďŤƅ˶̈́ÉëëďŤďĴĭÉĥ̈́ðƄðåũŤďžð̈́ĥðÉëðŖŜČďœ̈́ œĴŜďŤďĴĭŜ̈́ſðŖð̈́ðŜŤÉäĥďŜČðë̈́ëũŖďĭĆ̈́ŤČð̈́ƅðÉŖ˵̈́ƱðŜð̈́ÉœœĴďĭŤĬðĭŤŜ̈́ŜŤŖðĭĆŤČðĭ̈́ĆĴžðŖĭÉĭåð˶̈́ðĭČÉĭåð̈́ŜŤŖÉŤðĆďå̈́ ĴžðŖŜďĆČŤ̈́Éĭë̈́œĴŜďŤďĴĭ̈́ŤČð̈́>ŖĴũœ̈́ŤĴ̈́ðƳðåŤďžðĥƅ̈́ĬÉĭÉĆð̈́ąũŤũŖð̈́ĆŖĴſŤČ̈́ĴœœĴŖŤũĭďŤďðŜ̈́ſČďĥð̈́ĬÉďĭŤÉďĭďĭĆ̈́É̈́ŜŤŖĴĭĆ̈́ ąĴåũŜ̈́Ĵĭ̈́ĴœðŖÉŤďĴĭÉĥ̈́œðŖąĴŖĬÉĭåð˶̈́ŖďŜĢ̈́ĬÉĭÉĆðĬðĭŤ̈́Éĭë̈́ĴŖĆÉĭďŜÉŤďĴĭÉĥ̈́åÉœÉäďĥďŤƅ˵ Ʊð̈́>ŖĴũœ̈́ďŜ̈́åĴĬĬðë̈́ŤĴ̈́ąĴŜŤðŖďĭĆ̈́Éĭ̈́ďĭåĥũŜďžð̈́Éĭë̈́ëďžðŖŜð̈́ſĴŖĢœĥÉåð̈́ſČðŖð̈́ðĬœĥĴƅððŜ̈́ÉŖð̈́ŜũœœĴŖŤðë̈́ďĭ̈́ ĆŖĴſďĭĆ̈́Éĭë̈́ŜũååððëďĭĆ˵̈́)ĬœĥĴƅðð̈́ſðĥĥäðďĭĆ˶̈́ðĭĆÉĆðĬðĭŤ̈́Éĭë̈́œŖĴąðŜŜďĴĭÉĥ̈́ëðžðĥĴœĬðĭŤ̈́ŖðĬÉďĭðë̈́Ģðƅ̈́ÉŖðÉŜ̈́ Ĵą̈́ąĴåũŜ̈́ŤČŖĴũĆČĴũŤ̈́=¼ʋʉʋʏ˶̈́ŖðưðåŤďĭĆ̈́ĴũŖ̈́äðĥďðą̈́ŤČÉŤ̈́É̈́ČďĆČ̛œðŖąĴŖĬďĭĆ̈́ĴŖĆÉĭďŜÉŤďĴĭ̈́ďŜ̈́äũďĥŤ̈́Ĵĭ̈́É̈́ŜÉąð˶̈́åÉœÉäĥð̈́ Éĭë̈́ðĭĆÉĆðë̈́ſĴŖĢąĴŖåð˵ ¶ð̈́ŤČÉĭĢ̈́ĴũŖ̈́ðĬœĥĴƅððŜ̈́ąĴŖ̈́ŤČðďŖ̈́ëðëďåÉŤďĴĭ˶̈́œŖĴąðŜŜďĴĭÉĥďŜĬ̈́Éĭë̈́åĴĭŤŖďäũŤďĴĭ̈́ŤČŖĴũĆČĴũŤ̈́ŤČð̈́ƅðÉŖ˵̈́ƱðďŖ̈́ åĴĬĬďŤĬðĭŤ̈́ŖðĬÉďĭŜ̈́ąũĭëÉĬðĭŤÉĥ̈́ŤĴ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́åĴĭŤďĭũðë̈́ŜũååðŜŜ̈́Éĭë̈́ĥĴĭĆ̛ŤðŖĬ̈́ĆŖĴſŤČ˵
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ʩʫ #ďžďëðĭëŜ #ďžďëðĭëŜ̈́œÉďë̈́ëũŖďĭĆ̈́ŤČð̈́ƯĭÉĭåďÉĥ̈́ƅðÉŖ̈́ſðŖð̈́ÉŜ̈́ąĴĥĥĴſŜ˷ ʌʉ̈́Vũĭð̈́ʋʉʋʏ ʌʉ̈́Vũĭð̈́ʋʉʋʎ $$ =ďĭÉĥ̈́ëďžďëðĭë̈́ąĴŖ̈́ŤČð̈́ƅðÉŖ̈́ðĭëðë̈́ʌʉ̈́Vũĭð̈́ʋʉʋʍ̈́Ĵą̈́ʋ̈́åðĭŤŜ̈́œðŖ̈́ ĴŖëďĭÉŖƅ̈́ŜČÉŖð˶̈́ąũĥĥƅ̈́ąŖÉĭĢðë ̛̈́̈́ ʊ˶ʑʋʒ˶ʌʑʊ̈́ GĭŤðŖďĬ̈́ëďžďëðĭë̈́ąĴŖ̈́ŤČð̈́ƅðÉŖ̈́ðĭëðë̈́ʌʉ̈́Vũĭð̈́ʋʉʋʎ̈́Ĵą̈́ʊ̈́åðĭŤ̈́œðŖ̈́ ĴŖëďĭÉŖƅ̈́ŜČÉŖð˶̈́ąũĥĥƅ̈́ąŖÉĭĢðë ̛̈́̈́ ʒʍʍ˶ʌʉʒ̈́ œðåďÉĥ̈́ëďžďëðĭë̈́Ĵą̈́ʎ˵ʌ̈́åðĭŤŜ̈́œðŖ̈́ĴŖëďĭÉŖƅ̈́ŜČÉŖð˶̈́ąũĥĥƅ̈́ąŖÉĭĢðë ̛̈́̈́ ʎ˶ʉʉʉ˶ʉʉʉ̈́ =ďĭÉĥ̈́ëďžďëðĭë̈́ąĴŖ̈́ŤČð̈́ƅðÉŖ̈́ðĭëðë̈́ʌʉ̈́Vũĭð̈́ʋʉʋʎ̈́Ĵą̈́ʋ˵ʋ̈́åðĭŤŜ̈́œðŖ̈́ ĴŖëďĭÉŖƅ̈́ŜČÉŖð˶̈́ąũĥĥƅ̈́ąŖÉĭĢðë ʋ˶ʊʎʉ˶ʊʋʎ̈́ ̛̈́̈́ GĭŤðŖďĬ̈́ëďžďëðĭë̈́ąĴŖ̈́ŤČð̈́ƅðÉŖ̈́ðĭëðë̈́ʌʉ̈́Vũĭð̈́ʋʉʋʏ̈́Ĵą̈́ʋ˵ʉ̈́åðĭŤŜ̈́ œðŖ̈́ĴŖëďĭÉŖƅ̈́ŜČÉŖð˶̈́ąũĥĥƅ̈́ąŖÉĭĢðë ʋ˶ʌʊʌ˶ʑʍʐ̈́ ̛̈́̈́ ʍ˶ʍʏʌ˶ʒʐʋ̈́ ʐ˶ʐʐʌ˶ʏʒʉ̈́ kĭ̈́ʋʏ̈́ũĆũŜŤ̈́ʋʉʋʏ˶̈́ŤČð̈́ëďŖðåŤĴŖŜ̈́ëðåĥÉŖðë̈́É̈́ąũĥĥƅ̈́ąŖÉĭĢðë̈́ƯĭÉĥ̈́ëďžďëðĭë̈́ąĴŖ̈́ŤČð̈́ƅðÉŖ̈́ðĭëðë̈́ʌʉ̈́Vũĭð̈́ʋʉʋʏ̈́Ĵą̈́ʋ˵ʍ̈́åðĭŤŜ̈́œðŖ ĴŖëďĭÉŖƅ̈́ŜČÉŖð˶̈́ſďŤČ̈́É̈́ŖðåĴŖë̈́ëÉŤð̈́Ĵą̈́ʍ̈́ðœŤðĬäðŖ̈́ʋʉʋʏ̈́Éĭë̈́œÉƅÉäĥð̈́Ĵĭ̈́ʊʐ̈́ðœŤðĬäðŖ̈́ʋʉʋʏ˵̈́ ÉŜðë̈́Ĵĭ̈́ŤČð̈́ĭũĬäðŖ̈́Ĵą ĴŖëďĭÉŖƅ̈́ŜČÉŖðŜ̈́Ĵĭ̈́ďŜŜũð̈́ÉŤ̈́ʌʊ̈́Vũĥƅ̈́ʋʉʋʏ˶̈́ŤČð̈́ŤĴŤÉĥ̈́ëďŜŤŖďäũŤďĴĭ̈́ďŜ̈́ðŜŤďĬÉŤðë̈́ÉŤ̈́͌ʋ˶ʑʎʎ˶ʉʋʒ˵̈́Ʊð̈́ƯĭÉĥ̈́ÉĬĴũĭŤ̈́ſďĥĥ̈́äð ëðŤðŖĬďĭðë̈́äƅ̈́ŤČð̈́ĭũĬäðŖ̈́Ĵą̈́ŜČÉŖðŜ̈́Ĵĭ̈́ďŜŜũð̈́ÉŤ̈́ŤČð̈́ŖðåĴŖë̈́ëÉŤð˵̈́Ŝ̈́ŤČð̈́ëďžďëðĭë̈́ſÉŜ̈́ëðåĥÉŖðë̈́ÉƾðŖ̈́ŤČð̈́ŖðœĴŖŤďĭĆ̈́ëÉŤð˶̈́ĭĴ œŖĴžďŜďĴĭ̈́ČÉŜ̈́äððĭ̈́ŖðåĴĆĭďŜðë̈́ÉŤ̈́ʌʉ̈́Vũĭð̈́ʋʉʋʏ˵̈́Ʊð̈́ëďžďëðĭë̈́ſďĥĥ̈́äð̈́ąũĥĥƅ̈́ąŖÉĭĢðë˵ #GµG#)c#̈́G#̈́=¼ʋʉʋʏ ͌ʍ˵ʍʏĬ =¼ʋʉʋʎ̈́͌ʐ˵ʐĬ Gc)Gb̈́=¼ʪʨʪʮ 2.0å =ũĥĥƅ̈́ąŖÉĭĢðë =GcZ̈́#) Z)# ʋ˵ʍå =ũĥĥƅ̈́ąŖÉĭĢðë̈́œĴŜŤ̈́ƅðÉŖ̛ðĭë bÉŤŤðŖŜ̈́ŜũäŜðŕũðĭŤ̈́ŤĴ̈́ŤČð̈́ðĭë̈́Ĵą̈́ŤČð̈́ƯĭÉĭåďÉĥ̈́ƅðÉŖ ͌ʍ˵ʉĬ cGZ)c̈́ GGGkc ĴĬœĥðŤðë̈́ŤČð̈́ÉåŕũďŜďŤďĴĭ̈́Ĵą̈́ŤČð̈́c̛ðŖďðŜ̈́ŜſďŤåČäĴÉŖë̈́œĥÉŤąĴŖĬ̈́Éĭë̈́ÉŜŜĴåďÉŤðë ďĭŤðĥĥðåŤũÉĥ̈́œŖĴœðŖŤƅ̈́ąŖĴĬ̈́cďĥŜðĭ̈́̍̎̈́Ťƅ̈́ZŤë˶̈́ŜŤŖðĭĆŤČðĭďĭĆ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ĬÉĭũąÉåŤũŖďĭĆ åÉœÉäďĥďŤƅ̈́Éĭë̈́ĬÉŖĢðŤ̈́œĴŜďŤďĴĭ˵ åŕũďŜďŤďĴĭ̈́Ĵą̈́cďĥŜðĭ̈́ſďŤåČäĴÉŖëŜ̈́#ďžďŜďĴĭ kĭ̈́ʌʊ̈́Vũĥƅ̈́ʋʉʋʏ˶̈́ŤČð̈́>ŖĴũœ̈́åĴĭåĥũëðë̈́ŤČð̈́ÉåŕũďŜďŤďĴĭ̈́Ĵą̈́ŤČð̈́ſďŤåČäĴÉŖëŜ̈́#ďžďŜďĴĭ̈́Ĵą̈́cďĥŜðĭ̈́̍̎̈́Ťƅ̈́ZŤë˵̈́Ʊð̈́ÉåŕũďŜďŤďĴĭ ďĭåĥũëðŜ̈́ŤČð̈́c̛ðŖďðŜ̈́œŖĴëũåŤ̈́œĥÉŤąĴŖĬ̈́Éĭë̈́ÉŜŜĴåďÉŤðë̈́ďĭŤðĥĥðåŤũÉĥ̈́œŖĴœðŖŤƅ˶̈́ŤĴĆðŤČðŖ̈́ſďŤČ̈́ŤČð̈́ŤŖÉĭŜąðŖ̈́Ĵą̈́ðĬœĥĴƅððŜ˶ åũŜŤĴĬðŖ̈́åĴĭŤŖÉåŤŜ˶̈́ďĭžðĭŤĴŖƅ˶̈́ĬÉĭũąÉåŤũŖďĭĆ̈́ÉŜŜðŤŜ˶̈́äũŜďĭðŜŜ̈́ŖðåĴŖëŜ̈́Éĭë̈́ŜðĥðåŤðë̈́äũŜďĭðŜŜ̈́ÉŜŜðŤŜ̈́ÉŜŜĴåďÉŤðë̈́ſďŤČ̈́ŤČð ëďžďŜďĴĭ˵̈́Ʊð̈́ŤŖÉĭŜÉåŤďĴĭ̈́ðƄåĥũëðŜ̈́ŤČð̈́cďĥŜðĭ̈́äŖÉĭë˶̈́ŜďĆĭďƯåÉĭŤ̈́ðƄåĥũëðë̈́œŖĴğðåŤŜ̈́Éĭë̈́åðŖŤÉďĭ̈́ĴŤČðŖ̈́ÉŜŜðŤŜ̈́Éĭë̈́ĥďÉäďĥďŤďðŜ ŖðŤÉďĭðë̈́äƅ̈́ŤČð̈́žðĭëĴŖ˵̈́Ʊð̈́åĴĭŜďëðŖÉŤďĴĭ̈́œÉƅÉäĥð̈́ąĴŖ̈́ŤČð̈́ÉåŕũďŜďŤďĴĭ̈́ďŜ̈́͌ʍ˶ʉʉʉ˶ʉʉʉ̈́ďĭ̈́åÉŜČ˶̈́ŜũäğðåŤ̈́ŤĴ̈́åũŜŤĴĬÉŖƅ
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ʩʬ ðŤŤĥðĬðĭŤ̈́Ĵą̈́åĴĭŤďĭĆðĭŤ̈́åĴĭŜďëðŖÉŤďĴĭ kĭ̈́ʋʒ̈́Vũĥƅ̈́ʋʉʋʏ˶̈́ŜũäŜðŕũðĭŤ̈́ŤĴ̈́ʌʉ̈́Vũĭð̈́ʋʉʋʏ˶̈́ŤČð̈́>ŖĴũœ̈́ŜðŤŤĥðë̈́ŤČð̈́åĴĭŤďĭĆðĭŤ̈́åĴĭŜďëðŖÉŤďĴĭ̈́ÉŖďŜďĭĆ̈́ąŖĴĬ̈́ŤČð̈́ÉåŕũďŜďŤďĴĭ̈́ Ĵą̈́b) ̈́ĴſðŖ̈́ν̈́ðåČĭĴĥĴĆƅ˵̈́Ʊð̈́ŜðŤŤĥðĬðĭŤ̈́ſÉŜ̈́ĬÉëð̈́ďĭ̈́ÉååĴŖëÉĭåð̈́ſďŤČ̈́ŤČð̈́ŤðŖĬŜ̈́Ĵą̈́ŤČð̈́ÉåŕũďŜďŤďĴĭ̈́ÉĆŖððĬðĭŤ̈́Éĭë̈́ åĴĬœŖďŜðë̈́É̈́åÉŜČ̈́œÉƅĬðĭŤ̈́ŤĴĆðŤČðŖ̈́ſďŤČ̈́ŤČð̈́ďŜŜũð̈́Ĵą̈́ʊ˶ʉʏʏ˶ʎʏʊ̈́ąũĥĥƅ̈́œÉďë̈́ĴŖëďĭÉŖƅ̈́ŜČÉŖðŜ̈́ďĭ̈́bÉƅƯðĥë̈́>ŖĴũœ̈́DĴĥëďĭĆŜ̈́ZŤë̈́ ÉŤ̈́Éĭ̈́ďŜŜũð̈́œŖďåð̈́Ĵą̈́͌ʋ˵ʊʏ̈́œðŖ̈́ŜČÉŖð˵̈́Ʊð̈́ŜČÉŖðŜ̈́ďŜŜũðë̈́ŤĴ̈́ŤČð̈́žðĭëĴŖŜ̈́ÉŖð̈́ŜũäğðåŤ̈́ŤĴ̈́É̈́žĴĥũĭŤÉŖƅ̈́ʋʍ̛ĬĴĭŤČ̈́ðŜåŖĴſ̈́œðŖďĴë̈́ ąŖĴĬ̈́ŤČð̈́ëÉŤð̈́Ĵą̈́ďŜŜũð˵ Ʊð̈́åĴĭŤďĭĆðĭŤ̈́åĴĭŜďëðŖÉŤďĴĭ̈́ĥďÉäďĥďŤƅ̈́ŖðåĴĆĭďŜðë̈́ÉŤ̈́ʌʉ̈́Vũĭð̈́ʋʉʋʏ̈́ſÉŜ̈́ëðŖðåĴĆĭďŜðë̈́ũœĴĭ̈́ŜðŤŤĥðĬðĭŤ˵̈́Ŝ̈́ŤČð̈́ŜðŤŤĥðĬðĭŤ̈́ ĴååũŖŖðë̈́ÉƾðŖ̈́ŤČð̈́ŖðœĴŖŤďĭĆ̈́œðŖďĴë˶̈́ďŤ̈́ČÉŜ̈́ĭĴŤ̈́äððĭ̈́ŖðưðåŤðë̈́ďĭ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ƯĭÉĭåďÉĥ̈́œĴŜďŤďĴĭ̈́ÉŜ̈́ÉŤ̈́ʌʉ̈́Vũĭð̈́ʋʉʋʏ˵ kŤČðŖ cĴ̈́ĴŤČðŖ̈́ĬÉŤŤðŖ̈́ĴŖ̈́åďŖåũĬŜŤÉĭåð̈́ČÉŜ̈́ÉŖďŜðĭ̈́Ŝďĭåð̈́ʌʉ̈́Vũĭð̈́ʋʉʋʏ̈́ŤČÉŤ̈́ČÉŜ̈́ŜďĆĭďƯåÉĭŤĥƅ̈́ÉƳðåŤðë˶̈́ĴŖ̈́ĬÉƅ̈́ŜďĆĭďƯåÉĭŤĥƅ̈́ÉƳðåŤ̈́ ŤČð̈́>ŖĴũœ̩Ŝ̈́ĴœðŖÉŤďĴĭŜ˶̈́ŤČð̈́ŖðŜũĥŤŜ̈́Ĵą̈́ŤČĴŜð̈́ĴœðŖÉŤďĴĭŜ˶̈́ĴŖ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ŜŤÉŤð̈́Ĵą̈́ÉƳÉďŖŜ̈́ďĭ̈́ąũŤũŖð̈́ƯĭÉĭåďÉĥ̈́ƅðÉŖŜ˵ åĴĬœĥðŤďĴĭ̈́Éĭë̈́ŤŖÉĭŜďŤďĴĭ̈́ÉëğũŜŤĬðĭŤŜ˶̈́Éĭë̈́ſďĥĥ̈́äð̈́ąũĭëðë̈́ąŖĴĬ̈́ðƄďŜŤďĭĆ̈́åÉŜČ̈́ŖðŜðŖžðŜ˵̈́=ĴĥĥĴſďĭĆ̈́ŤČð̈́åĴĭåĥũŜďĴĭ̈́Ĵą̈́ŤČð ŤŖÉĭŜÉåŤďĴĭ˶̈́ŖðŜœĴĭŜďäďĥďŤƅ̈́ąĴŖ̈́ŤČð̈́ĴœðŖÉŤďĴĭ̈́Éĭë̈́ďĭŤðĆŖÉŤďĴĭ̈́Ĵą̈́ŤČð̈́äũŜďĭðŜŜ̈́œŖĴĆŖðŜŜďžðĥƅ̈́ŤŖÉĭŜďŤďĴĭðë̈́ŤĴ̈́ŤČð̈́>ŖĴũœ̈́ďĭ ÉååĴŖëÉĭåð̈́ſďŤČ̈́ŤČð̈́ÉĆŖððë̈́ŤŖÉĭŜďŤďĴĭ̈́ÉŖŖÉĭĆðĬðĭŤŜ˵̈́Gĭ̈́ÉŜŜðŜŜďĭĆ̈́ŤČð̈́ŖðŕũďŖðĬðĭŤŜ̈́Ĵą̈́ ̈́ʌ̈́ ũŜďĭðŜŜ̈́ ĴĬäďĭÉŤďĴĭŜ˶ ĬÉĭÉĆðĬðĭŤ̈́åĴĭŜďëðŖðë̈́ſČðĭ̈́ŤČð̈́>ŖĴũœ̈́ĴäŤÉďĭŜ̈́ŤČð̈́œŖÉåŤďåÉĥ̈́ÉäďĥďŤƅ̈́ŤĴ̈́ëďŖðåŤ̈́ŤČð̈́ŖðĥðžÉĭŤ̈́ÉåŤďžďŤďðŜ̈́Ĵą̈́ŤČð̈́äũŜďĭðŜŜ̈́Éĭë Ŗðåðďžð̈́ŤČð̈́ÉŜŜĴåďÉŤðë̈́ðåĴĭĴĬďå̈́äðĭðƯŤŜ˵̈́¶Čďĥð̈́ðĥðĬðĭŤŜ̈́Ĵą̈́ĬÉĭÉĆðĬðĭŤ̈́ŖðŜœĴĭŜďäďĥďŤƅ̈́Éĭë̈́ĴœðŖÉŤďĴĭÉĥ̈́ĴžðŖŜďĆČŤ ŤŖÉĭŜďŤďĴĭðë̈́œŖĴĆŖðŜŜďžðĥƅ̈́ąĴĥĥĴſďĭĆ̈́ŤČð̈́åĴĭåĥũŜďĴĭ̈́Ĵą̈́ŤČð̈́ŤŖÉĭŜÉåŤďĴĭ˶̈́ĬÉĭÉĆðĬðĭŤ̈́åĴĭåĥũëðë̈́ŤČÉŤ̈́ŤČð̈́ŜũäŜŤÉĭŤďžð ďĭëďåÉŤĴŖŜ̈́Ĵą̈́åĴĭŤŖĴĥ̈́ÉŖð̈́ðƄœðåŤðë̈́ŤĴ̈́äð̈́ďĭ̈́œĥÉåð̈́Ĵĭ̈́ʌʊ̈́kåŤĴäðŖ̈́ʋʉʋʏ˵̈́Ŝ̈́Ĵą̈́ŤČÉŤ̈́ëÉŤð˶̈́ŤČð̈́ŤŖÉĭŜďŤďĴĭ̈́ÉŖŖÉĭĆðĬðĭŤŜ̈́ÉŖð ðƄœðåŤðë̈́ŤĴ̈́äð̈́ŜũäŜŤÉĭŤďÉĥĥƅ̈́åĴĬœĥðŤð˶̈́Éĭë̈́ŤČð̈́>ŖĴũœ̈́ďŜ̈́ðƄœðåŤðë̈́ŤĴ̈́ĆÉďĭ̈́ŤČð̈́œŖÉåŤďåÉĥ̈́ÉäďĥďŤƅ̈́ŤĴ̈́ëďŖðåŤ̈́ŤČð̈́ÉåŤďžďŤďðŜ̈́ŤČÉŤ ĬĴŜŤ̈́ŜďĆĭďƯåÉĭŤĥƅ̈́ÉƳðåŤ̈́ŤČð̈́äũŜďĭðŜŜ̩Ŝ̈́ŖðŤũŖĭŜ˵̈́ååĴŖëďĭĆĥƅ˶̈́ŤČð̈́ÉåŕũďŜďŤďĴĭ̈́ČÉŜ̈́ĭĴŤ̈́äððĭ̈́ŖðåĴĆĭďŜðë̈́ďĭ̈́ŤČð̈́ƯĭÉĭåďÉĥ ŜŤÉŤðĬðĭŤŜ̈́ÉŜ̈́ÉŤ̈́ʌʉ̈́Vũĭð̈́ʋʉʋʏ̈́Éĭë̈́ďŜ̈́ðƄœðåŤðë̈́ŤĴ̈́äð̈́ÉååĴũĭŤðë̈́ąĴŖ̈́ÉŜ̈́É̈́äũŜďĭðŜŜ̈́åĴĬäďĭÉŤďĴĭ̈́ďĭ̈́ŤČð̈́ƯĭÉĭåďÉĥ̈́ƅðÉŖ̈́ðĭëďĭĆ ʌʉ̈́Vũĭð̈́ʋʉʋʐ˶̈́ſďŤČ̈́Éĭ̈́ÉåŕũďŜďŤďĴĭ̈́ëÉŤð̈́Ĵą̈́ʌʊ̈́kåŤĴäðŖ̈́ʋʉʋʏ˵
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ʩʭ Ʊð̈́>ŖĴũœ̈́ðĭŤðŖŜ̈́=¼ʋʉʋʐ̈́ſďŤČ̈́É̈́ŜŤŖĴĭĆ̈́ĴŖëðŖ̈́äĴĴĢ̈́Éĭë̈́œďœðĥďĭð̈́ Ĵą̈́ĴœœĴŖŤũĭďŤďðŜ̈́ÉåŖĴŜŜ̈́ďŤŜ̈́bÉĭũąÉåŤũŖďĭĆ̈́Éĭë̈́ ŖďŤďåÉĥ̈́ ĴĭŤŖĴĥ̈́ν̈́ ĴĬĬũĭďåÉŤďĴĭŜ̈́äũŜďĭðŜŜðŜ˶̈́ŜũœœĴŖŤðë̈́äƅ̈́ŜŤÉäĥð˶̈́ŖðåũŖŖďĭĆ̈́ŜðŖžďåð̈́ ÉåŤďžďŤƅ̈́ſďŤČďĭ̈́ŖĴëũåŤ̈́ĴĥũŤďĴĭŜ˵̈́kĭĆĴďĭĆ̈́ďĭžðŜŤĬðĭŤ̈́ďĭ̈́ĴœðŖÉŤďĴĭÉĥ̈́ åÉœÉäďĥďŤƅ˶̈́ĬÉĭũąÉåŤũŖďĭĆ̈́ðƶåďðĭåƅ̈́Éĭë̈́ſĴŖĢąĴŖåð̈́ëðžðĥĴœĬðĭŤ̈́ďŜ̈́ ðƄœðåŤðë̈́ŤĴ̈́ŜũœœĴŖŤ̈́åĴĭŤďĭũðë̈́ĆŖĴſŤČ̈́Éĭë̈́ðĭČÉĭåð̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ÉäďĥďŤƅ̈́ ŤĴ̈́ĬððŤ̈́ďĭåŖðÉŜďĭĆ̈́åũŜŤĴĬðŖ̈́ëðĬÉĭë̈́ÉåŖĴŜŜ̈́Ģðƅ̈́ďĭąŖÉŜŤŖũåŤũŖð˶̈́ĬďĭďĭĆ˶̈́ ũŤďĥďŤďðŜ̈́Éĭë̈́ďĭëũŜŤŖďÉĥ̈́ŜðåŤĴŖŜ˵ =ĴĥĥĴſďĭĆ̈́ŤČð̈́ÉåŕũďŜďŤďĴĭŜ̈́åĴĬœĥðŤðë̈́ëũŖďĭĆ̈́=¼ʋʉʋʏ˶̈́ŤČð̈́>ŖĴũœ̈́ďŜ̈́ ąĴåũŜðë̈́Ĵĭ̈́ďĭŤðĆŖÉŤďĭĆ̈́ÉåŕũďŖðë̈́ĴœðŖÉŤďĴĭŜ˶̈́ĥðžðŖÉĆďĭĆ̈́åĴĬœĥðĬðĭŤÉŖƅ̈́ åÉœÉäďĥďŤďðŜ̈́Éĭë̈́äŖĴÉëðĭďĭĆ̈́ďŤŜ̈́ĆðĴĆŖÉœČďå̈́ŖðÉåČ̈́Éĭë̈́œŖĴëũåŤ̈́ĴƳðŖďĭĆ˵̈́ ƱðŜð̈́ÉåŕũďŜďŤďĴĭŜ̈́ŜŤŖðĭĆŤČðĭ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́œĴŜďŤďĴĭ̈́ďĭ̈́ðĥðåŤŖďåÉĥ̈́ ďĭąŖÉŜŤŖũåŤũŖð̈́Éĭë̈́ŜœðåďÉĥďŜŤ̈́œĴſðŖ̈́ŜĴĥũŤďĴĭŜ̈́ĬÉŖĢðŤŜ̈́Éĭë̈́ÉŖð̈́ ðƄœðåŤðë̈́ŤĴ̈́œŖĴžďëð̈́ĴœœĴŖŤũĭďŤďðŜ̈́ąĴŖ̈́ĴœðŖÉŤďĴĭÉĥ̈́ŜƅĭðŖĆďðŜ˶̈́åŖĴŜŜ̛ ŜðĥĥďĭĆ̈́Éĭë̈́ĥĴĭĆ̛ŤðŖĬ̈́ĆŖĴſŤČ˵ Ʊð̈́>ŖĴũœ̈́ŖðĬÉďĭŜ̈́åĴĬĬðë̈́ŤĴ̈́ÉŤŤŖÉåŤďĭĆ˶̈́ëðžðĥĴœďĭĆ̈́Éĭë̈́ŖðŤÉďĭďĭĆ̈́ ŜĢďĥĥðë̈́ðĬœĥĴƅððŜ˶̈́ŖðåĴĆĭďŜďĭĆ̈́ŤČÉŤ̈́ſĴŖĢąĴŖåð̈́åÉœÉäďĥďŤƅ̈́ďŜ̈́åŖďŤďåÉĥ̈́ŤĴ̈́ ŜũœœĴŖŤďĭĆ̈́ąũŤũŖð̈́ĆŖĴſŤČ˵̈́GĭžðŜŤĬðĭŤ̈́ďĭ̈́ÉœœŖðĭŤďåðŜČďœŜ˶̈́ŤðåČĭďåÉĥ̈́ ŤŖÉďĭďĭĆ˶̈́ĥðÉëðŖŜČďœ̈́ëðžðĥĴœĬðĭŤ̈́Éĭë̈́ſĴŖĢąĴŖåð̈́ëďžðŖŜďŤƅ̈́ďĭďŤďÉŤďžðŜ̈́ſďĥĥ̈́ åĴĭŤďĭũð̈́ÉåŖĴŜŜ̈́ŤČð̈́ĴŖĆÉĭďŜÉŤďĴĭ˵ )ĭžďŖĴĭĬðĭŤÉĥ˶̈́ŜĴåďÉĥ̈́Éĭë̈́ĆĴžðŖĭÉĭåð̈́̍)>̎̈́åĴĭŜďëðŖÉŤďĴĭŜ̈́ÉŖð̈́ ďĭåŖðÉŜďĭĆĥƅ̈́ďĭŤðĆŖÉŤðë̈́ďĭŤĴ̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ŜŤŖÉŤðĆďå̈́œĥÉĭĭďĭĆ̈́Éĭë̈́ ĴœðŖÉŤďĴĭÉĥ̈́ëðåďŜďĴĭ̛ĬÉĢďĭĆ˵̈́#ũŖďĭĆ̈́=¼ʋʉʋʏ˶̈́ŤČð̈́>ŖĴũœ̈́ŜŤŖðĭĆŤČðĭðë̈́ ďŤŜ̈́ðĭžďŖĴĭĬðĭŤÉĥ̈́ĆĴžðŖĭÉĭåð̈́ąŖÉĬðſĴŖĢ̈́ŤČŖĴũĆČ̈́ŤČð̈́ÉœœĴďĭŤĬðĭŤ̈́Ĵą̈́ É̈́ëðëďåÉŤðë̈́)ĭžďŖĴĭĬðĭŤÉĥ̈́œðåďÉĥďŜŤ̈́Éĭë̈́ðĭĆÉĆðĬðĭŤ̈́ſďŤČ̈́ðƄŤðŖĭÉĥ̈́ ÉëžďŜĴŖŜ̈́ŤĴ̈́ďëðĭŤďąƅ̈́ðĭžďŖĴĭĬðĭŤÉĥ̈́ŖďŜĢŜ˶̈́ĴœœĴŖŤũĭďŤďðŜ̈́Éĭë̈́ďĭďŤďÉŤďžðŜ̈́ ŤČÉŤ̈́ŜũœœĴŖŤ̈́ŤČð̈́ĴĭĆĴďĭĆ̈́ëðžðĥĴœĬðĭŤ̈́Ĵą̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ŜũŜŤÉďĭÉäďĥďŤƅ̈́ ŜŤŖÉŤðĆƅ˵̈́ƱðŜð̈́ÉåŤďžďŤďðŜ̈́ÉŖð̈́ðƄœðåŤðë̈́ŤĴ̈́ąũŖŤČðŖ̈́ðĭČÉĭåð̈́ ðĭžďŖĴĭĬðĭŤÉĥ̈́œðŖąĴŖĬÉĭåð˶̈́ŖðŜďĥďðĭåð̈́Éĭë̈́ŖðœĴŖŤďĭĆ̈́åÉœÉäďĥďŤďðŜ˵ Ʊð̈́>ŖĴũœ̈́åĴĭŤďĭũðŜ̈́ŤĴ̈́ĬĴĭďŤĴŖ̈́ĴœœĴŖŤũĭďŤďðŜ̈́ÉŖďŜďĭĆ̈́ąŖĴĬ̈́ďĭåŖðÉŜðë̈́ ďĭžðŜŤĬðĭŤ̈́ďĭ̈́ðĭðŖĆƅ˶̈́ĬďĭďĭĆ˶̈́ũŤďĥďŤďðŜ˶̈́ëðąðĭåð˶̈́ŤðĥðåĴĬĬũĭďåÉŤďĴĭŜ̈́Éĭë̈́ ðŜŜðĭŤďÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́ĬÉŖĢðŤŜ˵̈́#ðĬÉĭë̈́ąĴŖ̈́ðĥðåŤŖďåÉĥ̈́ďĭąŖÉŜŤŖũåŤũŖð˶̈́ œŖĴŤðåŤďĴĭ̈́ŜƅŜŤðĬŜ˶̈́åŖďŤďåÉĥ̈́œĴſðŖ̈́ŜĴĥũŤďĴĭŜ̈́Éĭë̈́ŜœðåďÉĥďŜŤ̈́ĬÉďĭŤðĭÉĭåð̈́ ŜðŖžďåðŜ̈́ďŜ̈́ðƄœðåŤðë̈́ŤĴ̈́ŖðĬÉďĭ̈́ŜũœœĴŖŤðë̈́äƅ̈́ĥĴĭĆ̛ŤðŖĬ̈́ďĭžðŜŤĬðĭŤ̈́ ŤŖðĭëŜ˶̈́ďĭåĥũëďĭĆ̈́ðĥðåŤŖďƯåÉŤďĴĭ˶̈́ŖðĭðſÉäĥð̈́ðĭðŖĆƅ̈́ďĭŤðĆŖÉŤďĴĭ˶̈́ĭðŤſĴŖĢ̈́ ŖðĥďÉäďĥďŤƅ̈́Éĭë̈́äŖĴÉëðŖ̈́ďĭąŖÉŜŤŖũåŤũŖð̈́ëðžðĥĴœĬðĭŤ˵ Ʊð̈́>ŖĴũœ̈́ſďĥĥ̈́ÉĥŜĴ̈́åĴĭŤďĭũð̈́ďĭžðŜŤďĭĆ̈́ďĭ̈́ŤðåČĭĴĥĴĆƅ˶̈́ďĭĭĴžÉŤďĴĭ̈́Éĭë̈́ œŖĴåðŜŜ̈́ďĬœŖĴžðĬðĭŤ̈́ďĭďŤďÉŤďžðŜ̈́ŤĴ̈́ðĭČÉĭåð̈́ĬÉĭũąÉåŤũŖďĭĆ̈́ðƶåďðĭåƅ˶̈́ ŜŤŖðĭĆŤČðĭ̈́åũŜŤĴĬðŖ̈́ŜðŖžďåð̈́åÉœÉäďĥďŤďðŜ̈́Éĭë̈́ŜũœœĴŖŤ̈́ĥĴĭĆ̛ŤðŖĬ̈́ ŜũŜŤÉďĭÉäĥð̈́ĆŖĴſŤČ˵ ̈́ ZďĢðĥƅ̈́ëðžðĥĴœĬðĭŤŜ̈́Éĭë̈́ ðƄœðåŤðë̈́ŖðŜũĥŤŜ̈́Ĵą̈́ĴœðŖÉŤďĴĭŜ
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ʩʮ kŤČðŖ̈́åũŖŖðĭŤ̈́ëďŖðåŤĴŖŜČďœŜ˷ cĴĭ̛ðƄðåũŤďžð̈́#ďŖðåŤĴŖ̈́µĴĥŤ̈́ĴſðŖ̈́>ŖĴũœ̈́̍»˷̈́µ̎ =ĴŖĬðŖ̈́ëďŖðåŤĴŖŜČďœŜ̈́̍ĥÉŜŤ̈́ʌ̈́ƅðÉŖŜ̎˷ cĴŤ̈́ÉœœĥďåÉäĥð GĭŤðŖðŜŤŜ̈́ďĭ̈́ŜČÉŖðŜ˷ ʏʌʊ˶ʒʉʐ̈́ĴŖëďĭÉŖƅ̈́ŜČÉŖðŜ kŤČðŖ̈́åũŖŖðĭŤ̈́ëďŖðåŤĴŖŜČďœŜ˷ cĴŤ̈́ÉœœĥďåÉäĥð =ĴŖĬðŖ̈́ëďŖðåŤĴŖŜČďœŜ̈́̍ĥÉŜŤ̈́ʌ̈́ƅðÉŖŜ̎˷ cĴĭ̛ðƄðåũŤďžð̈́#ďŖðåŤĴŖ̈́Ĵą̈́ ĴĭŤŖĴĥ̈́ ďĴĭďåŜ̈́ZŤë̈́̍»˷ Z̎ cĴĭ̛ðƄðåũŤďžð̈́#ďŖðåŤĴŖ̈́Ĵą̈́)ĭœŖďŜð̈́>ŖĴũœ̈́ZŤë̈́̍cÅ»˷̈́)c̎ GĭŤðŖðŜŤŜ̈́ďĭ̈́ŜČÉŖðŜ˷ ʌʉ˶ʑʊʋ˶ʏʉʑ̈́žďÉ̈́cďĆČŤďĭĆÉĥð̈́ÉŖŤĭðŖŜ̈́Ťƅ̈́ZŤë GĭąĴŖĬÉŤďĴĭ̈́Ĵĭ̈́ëďŖðåŤĴŖŜ ďĬĴĭ̈́̈́DďĆĆďĭŜ̈́ cĴĭ̛ðƄðåũŤďžð̈́ ČÉďŖĬÉĭ )ƄœðŖďðĭåð̈́Éĭë̈́ðƄœðŖŤďŜð˷̈́ďĬĴĭ̈́ďŜ̈́Éĭ̈́ðƄœðŖďðĭåðë̈́ðƄðåũŤďžð̈́ďĭ̈́ŤČð̈́ ĬďĭďĭĆ˶̈́ďĭëũŜŤŖďÉĥ̈́Éĭë̈́ðĭðŖĆƅ̈́ĬÉŖĢðŤŜ̈́ſďŤČ̈́ðƄœðŖŤďŜð̈́ďĭ̈́ĥÉŖĆð̛ŜåÉĥð̈́ ŖðĬĴŤð̈́åĴĭŜŤŖũåŤďĴĭ̈́œŖĴğðåŤŜ˵̈́ďĬĴĭ̈́ſÉŜ̈́ŤČð̈́ )k̈́Éĭë̈́bÉĭÉĆďĭĆ̈́ #ďŖðåŤĴŖ̈́Ĵą̈́ĬũĥŤď̛ëďŜåďœĥďĭð̈́åĴĭŤŖÉåŤĴŖ̈́) b̈́ũĭŤďĥ̈́ďŤ̈́ſÉŜ̈́ÉåŕũďŖðë̈́äƅ̈́ >ðĭũŜĥũŜ̈́>ŖĴũœ̈́̍»˷̈́>c̎̈́ďĭ̈́ʋʉʊʒ˵̈́Dð̈́ĥÉŤðŖ̈́ŜðŖžðë̈́ÉŜ̈́Éĭ̈́ðƄðåũŤďžð̈́ ąĴŖ̈́>c̈́ũĭŤďĥ̈́ʋʉʋʊ˵̈́Dð̈́ſÉŜ̈́ŤČð̈́œÉŜŤ̈́ ČÉďŖĬÉĭ̈́Ĵą̈́ŤČð̈́cÉŤďĴĭÉĥ̈́ )ĥðåŤŖďåÉĥ̈́Éĭë̈́ ĴĬĬũĭďåÉŤďĴĭŜ̈́ŜŜĴåďÉŤďĴĭ̈́̍c) ̎̈́¶̈́ ČÉœŤðŖ˵̈́ďĬĴĭ̈́ ŜðŖžðë̈́ÉŜ̈́ĭĴĭ̛ðƄðåũŤďžð̈́ ČÉďŖĬÉĭ̈́Ĵą̈́ðĭðſÉäĥð̈́)ĭðŖĆƅ̈́ąĴåũŜðë̈́µĴĥŤ̈́ ĴſðŖ̈́>ŖĴũœ̈́̍»˷̈́µ̎̈́ũĭŤďĥ̈́ʋʉʋʋ̈́Éĭë̈́ŖðĬÉďĭŜ̈́Ĵĭ̈́ŤČð̈́µ̈́äĴÉŖë̈́ÉŜ̈́ cĴĭ̛)ƄðåũŤďžð̈́#ďŖðåŤĴŖ˵̈́ďĬĴĭ̈́åũŖŖðĭŤĥƅ̈́ŜðŖžðŜ̈́ÉŜ̈́Éĭ̈́)ƄðåũŤďžð̈́Éĭë̈́ ëžďŜĴŖ̈́ÉŤ̈́Éð̈́ ÉœďŤÉĥ˶̈́É̈́œŖďžÉŤðĥƅ̈́Ĵſĭðë̈́ďĭžðŜŤĬðĭŤ̈́åĴĬœÉĭƅ̈́ſďŤČ̈́É̈́ ëďžðŖŜð̈́œĴŖŤąĴĥďĴ̈́Ĵą̈́ÉŜŜðŤŜ˶̈́œŖĴœðŖŤďðŜ˶̈́Éĭë̈́ðŕũďŤďðŜ˵ ZďĭëŜÉƅ̈́V̈́ČďĥĥďœŜ cĴĭ̛ðƄðåũŤďžð̈́#ďŖðåŤĴŖ ũÉĥďƯåÉŤďĴĭŜ˷̈́ ÉåČðĥĴŖ̈́Ĵą̈́ ĴĬĬðŖåð̈́Éĭë̈́ďŜ̈́É̈́ĬðĬäðŖ̈́Ĵą̈́ŤČð̈́GĭŜŤďŤũŤð̈́ Ĵą̈́ ČÉŖŤðŖðë̈́ååĴũĭŤÉĭŤŜ̈́ďĭ̈́ũŜŤŖÉĥďÉ̈́Éĭë̈́cðſ̈́ÅðÉĥÉĭë )ƄœðŖďðĭåð̈́Éĭë̈́ðƄœðŖŤďŜð˷̈́ZďĭëŜÉƅ̈́ďŜ̈́Éĭ̈́ðƄœðŖďðĭåðë̈́œŖďžÉŤð̈́ðŕũďŤƅ̈́ ďĭžðŜŤĴŖ˵̈́DďŜ̈́ðƄœðŖďðĭåð̈́ďĭåĥũëðŜ̈́Ŝðžðĭ̈́ƅðÉŖŜ̈́̍ʊʒʑʉ̛ʑʐ̎̈́ſďŤČ̈́Ŗďåð̈́ ¶ÉŤðŖČĴũŜð̈́Éĭë̈́ĴžðŖ̈́ʌʒ̈́ƅðÉŖŜ̈́ďĭ̈́ďĭžðŜŤĬðĭŤ̈́äÉĭĢďĭĆ̂̈́œŖďžÉŤð̈́ðŕũďŤƅ̈́ åĴĬĬðĭåďĭĆ̈́ďĭ̈́ʊʒʑʐ̈́ſďŤČ̈́b˵V˵D˵̈́cďĆČŤďĭĆÉĥð̈́ν̈́ Ĵ˵̈́ZďĬďŤðë̈́ďĭ̈́ŤČð̈́ X̂ ̂)ũŖĴœð̈́Éĭë̈́ŤČðĭ̈́ũŜŤŖÉĥďÉ̈́ąŖĴĬ̈́ʊʒʒʎ˶̈́ďĭåĥũëďĭĆ̈́Ưžð̈́ƅðÉŖŜ̈́̍ʋʉʉʐ̛ ʊʋ̎̈́ÉŜ̈́bÉĭÉĆďĭĆ̈́#ďŖðåŤĴŖ̈́Ĵą̈́ZÉƎÉŖë̈́ũŜŤŖÉĥďÉ̈́ŖďžÉŤð̈́)ŕũďŤƅ˵̈́̈́Dð̈́ďŜ̈́ÉĥŜĴ̈́ ŤČð̈́ ČÉďŖĬÉĭ̈́Ĵą̈́ŤſĴ̈́œŖďžÉŤð̈́ðŕũďŤƅ̈́ďĭžðŜŤĬðĭŤ̈́åĴĬœÉĭďðŜ̈́̍cďĆČŤďĭĆÉĥð̈́ ÉŖŤĭðŖŜ̈́Ťƅ̈́ZŤë̈́Éĭë̈́ČĴðĭďƄ̈́#ðžðĥĴœĬðĭŤ̈́=ũĭë̈́ZŤë̎̈́Éĭë̈́ŜðŖžðŜ̈́ÉŜ̈́É̈́ ëďŖðåŤĴŖ̈́Ĵĭ̈́ŤČð̈́ ĴÉŖëŜ̈́Ĵą̈́É̈́ĬÉğĴŖďŤƅ̈́Ĵą̈́ŤČðďŖ̈́ďĭžðŜŤðð̈́åĴĬœÉĭďðŜ˵
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ʩʯ kŤČðŖ̈́åũŖŖðĭŤ̈́ëďŖðåŤĴŖŜČďœŜ˷ cĴŤ̈́ÉœœĥďåÉäĥð =ĴŖĬðŖ̈́ëďŖðåŤĴŖŜČďœŜ̈́̍ĥÉŜŤ̈́ʌ̈́ƅðÉŖŜ̎˷ cĴŤ̈́ÉœœĥďåÉäĥð GĭŤðŖðŜŤŜ̈́ďĭ̈́ŜČÉŖðŜ˷ kŤČðŖ̈́åũŖŖðĭŤ̈́ëďŖðåŤĴŖŜČďœŜ˷ cĴŤ̈́ÉœœĥďåÉäĥð =ĴŖĬðŖ̈́ëďŖðåŤĴŖŜČďœŜ̈́̍ĥÉŜŤ̈́ʌ̈́ƅðÉŖŜ̎˷ cĴŤ̈́ÉœœĥďåÉäĥð GĭŤðŖðŜŤŜ̈́ďĭ̈́ŜČÉŖðŜ˷ ʊ˶ʎʏʎ˶ʑʒʎ̈́œÉŖŤĥƅ̛œÉďë̈́ŜČÉŖðŜ ĥÉĭ̈́ ̈́Ťððĥð cĴĭ̛ðƄðåũŤďžð̈́#ďŖðåŤĴŖ ũÉĥďƯåÉŤďĴĭŜ˷̈́DďĆČðŖ̈́cÉŤďĴĭÉĥ̈́ ðŖŤďƯåÉŤð̈́ďĭ̈́)ĥðåŤŖďåÉĥ̈́)ĭĆďĭððŖďĭĆ )ƄœðŖďðĭåð̈́Éĭë̈́ðƄœðŖŤďŜð˷̈́ĥÉĭ̈́ďŜ̈́É̈́ŜŤŖÉŤðĆďå̈́Éĭë̈́ďĭĭĴžÉŤďžð̈́ŤČďĭĢðŖ̈́ ſďŤČ̈́äŖĴÉë̛äÉŜðë̈́ðƄœðŖďðĭåð̈́ďĭ̈́œŖĴğðåŤ̈́Éĭë̈́ĴœðŖÉŤďĴĭÉĥ̈́ĬÉĭÉĆðĬðĭŤ˶̈́ ƯĭÉĭåð̈́Éĭë̈́äũŜďĭðŜŜ̈́ĆŖĴſŤČ˵̈́ĥÉĭ̈́ſÉŜ̈́œÉŖŤ̈́Ĵą̈́ŤČð̈́ĬÉĭÉĆðĬðĭŤ̈́ äũƅ̛ĴũŤ̈́Ĵą̈́bÉƅƯðĥë̈́ďĭ̈́ʋʉʊʋ̈́Éĭë̈́ŜðŖžðë̈́ÉŜ̈́ )k̈́ũĭŤďĥ̈́VÉĭũÉŖƅ̈́ʋʉʊʒ˵̈́ #ŖÉſďĭĆ̈́Ĵĭ̈́ČďŜ̈́ðƄŤðĭŜďžð̈́ðƄœðŖďðĭåð̈́ďĭ̈́œŖĴğðåŤ̈́Éĭë̈́ĴœðŖÉŤďĴĭÉĥ̈́ ĬÉĭÉĆðĬðĭŤ˶̈́ďĭåĥũëďĭĆ̈́ʑ̈́ƅðÉŖŜ̈́Ĵą̈́ðƄðåũŤďžð̈́ĬÉĭÉĆðĬðĭŤ̈́ſďŤČ̈́ åČĭðďëðŖ̈́)ĥðåŤŖďå̈́ďĭ̈́ũŜŤŖÉĥďÉ˶̈́ĥÉĭ̈́ðƄåðĥŜ̈́ďĭ̈́ŜðŤŤďĭĆ̈́åĥðÉŖ̈́ĴäğðåŤďžðŜ̈́ Éĭë̈́É̈́žďŜďĴĭ̈́ąĴŖ̈́ŤČð̈́äũŜďĭðŜŜðŜ̈́ŤĴ̈́ðĭÉäĥð̈́åĥðÉŖ̈́ĬÉŖĢðŤ̈́ëďƳðŖðĭŤďÉŤďĴĭ̈́ Éĭë̈́ĬÉŖĢðŤ̛ĥðÉëďĭĆ̈́œðŖąĴŖĬÉĭåð˵ ʎ˶ʉʉʉ˶ʉʉʉ̈́via Alan Steele Consulting Pty Ltd ĭëŖðſ̈́V̈́Ĵſð )ƄðåũŤďžð̈́#ďŖðåŤĴŖ ũÉĥďƯåÉŤďĴĭŜ˷̈́ ÉåČðĥĴŖ̈́Ĵą̈́)ĥðåŤŖďåÉĥ̈́)ĭĆďĭððŖďĭĆ̈́Éĭë̈́É̈́bÉŜŤðŖ̩Ŝ̈́ďĭ̈́ ũŜďĭðŜŜ̈́ëĬďĭďŜŤŖÉŤďĴĭ )ƄœðŖďðĭåð̈́Éĭë̈́ðƄœðŖŤďŜð˷̈́ĭëŖðſ̈́ČÉŜ̈́ĴžðŖ̈́ʌʊ̈́ƅðÉŖŜ̈́Ĵą̈́ðƄœðŖďðĭåð̈́ ÉåŖĴŜŜ̈́œũäĥďåĥƅ̈́ĥďŜŤðë̈́Éĭë̈́œŖďžÉŤðĥƅ̈́Čðĥë̈́ðĭĆďĭððŖďĭĆ˶̈́åĴĭŜŤŖũåŤďĴĭ˶̈́ ŖðŜĴũŖåð˶̈́Éĭë̈́ðĭðŖĆƅ̈́åĴĬœÉĭďðŜ̈́ĭÉŤďĴĭÉĥĥƅ̈́Éĭë̈́ďĭŤðŖĭÉŤďĴĭÉĥĥƅ˵̈́DďŜ̈́ œŖðžďĴũŜ̈́ŖĴĥðŜ̈́ďĭåĥũëð̈́ kk̈́Ĵą̈́ ÉĥďäŖð̈́>ĥĴäÉĥ˶̈́ )k̈́Ĵą̈́ðŖŤČ̈́)ĭðŖĆƅ˶̈́ Éĭë̈́ )k̈́Ĵą̈́b̈́)ĭĆďĭððŖďĭĆ˵̈́Dð̈́ČÉŜ̈́œŖĴžðĭ̈́ŜũååðŜŜ̈́ďĭ̈́äũďĥëďĭĆ̈́ČďĆČ̛ œðŖąĴŖĬďĭĆ̈́ŤðÉĬŜ̈́Éĭë̈́ďĭ̈́ðŜŤÉäĥďŜČďĭĆ˶̈́ŤŖÉĭŜąĴŖĬďĭĆ˶̈́ÉåŕũďŖďĭĆ˶̈́Éĭë̈́ ĆŖĴſďĭĆ̈́äũŜďĭðŜŜðŜ̈́ŤĴ̈́ďĬœŖĴžð̈́œŖĴƯŤÉäďĥďŤƅ̈́Éĭë̈́ÉåČďðžð̈́ŜũŜŤÉďĭðë̈́ ĆŖĴſŤČ˵
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ʩʰ ̨kŤČðŖ̈́åũŖŖðĭŤ̈́ëďŖðåŤĴŖŜČďœŜ̩̈́ŕũĴŤðë̈́ÉäĴžð̈́ÉŖð̈́åũŖŖðĭŤ̈́ëďŖðåŤĴŖŜČďœŜ̈́ąĴŖ̈́ĥďŜŤðë̈́ðĭŤďŤďðŜ̈́Ĵĭĥƅ̈́Éĭë̈́ðƄåĥũëðŜ̈́ëďŖðåŤĴŖŜČďœŜ̈́Ĵą̈́Éĥĥ̈́ ĴŤČðŖ̈́ŤƅœðŜ̈́Ĵą̈́ðĭŤďŤďðŜ˶̈́ũĭĥðŜŜ̈́ĴŤČðŖſďŜð̈́ŜŤÉŤðë˵ ̨=ĴŖĬðŖ̈́ëďŖðåŤĴŖŜČďœŜ̈́̍ĥÉŜŤ̈́ʌ̈́ƅðÉŖŜ̩̎̈́ŕũĴŤðë̈́ÉäĴžð̈́ÉŖð̈́ëďŖðåŤĴŖŜČďœŜ̈́Čðĥë̈́ďĭ̈́ŤČð̈́ĥÉŜŤ̈́ʌ̈́ƅðÉŖŜ̈́ąĴŖ̈́ĥďŜŤðë̈́ðĭŤďŤďðŜ̈́Ĵĭĥƅ̈́Éĭë̈́ ðƄåĥũëðŜ̈́ëďŖðåŤĴŖŜČďœŜ̈́Ĵą̈́Éĥĥ̈́ĴŤČðŖ̈́ŤƅœðŜ̈́Ĵą̈́ðĭŤďŤďðŜ˶̈́ũĭĥðŜŜ̈́ĴŤČðŖſďŜð̈́ŜŤÉŤðë˵ ĴĬœÉĭƅ̈́ŜðåŖðŤÉŖďðŜ bŖ̈́ ̈́ ŖĴſĥðƅ̈́ďŜ̈́É̈́œŖÉåŤďŜďĭĆ̈́ŜĴĥďåďŤĴŖ̈́Éĭë̈́É̈́ąĴŖĬðŖ̈́ÉŖŤĭðŖ̈́Ĵą̈́)ŖĭŜŤ̈́ν̈́¼ ĴũĭĆ̈́ďĭ̈́DĴĭĆ̈́XĴĭĆ̈́Éĭë̈́ũŜŤŖÉĥďÉ˶̈́Éĭë̈́Ĵą̈́Xb>̈́ďĭ̈́ DĴĭĆ̈́XĴĭĆ˵̈́Dð̈́ďŜ̈́É̈́ąĴŖĬðŖ̈́ðĭďĴŖ̈́ZðĆÉĥ̈́bðĬäðŖ̈́Ĵą̈́ŤČð̈́c¶̈́>ũÉŖëďÉĭŜČďœ̈́ŖďäũĭÉĥ̈́Éĭë̈́ŤČð̈́c¶̈́ ďžďĥ̈́Éĭë̈́ëĬďĭďŜŤŖÉŤďžð̈́ ŖďäũĭÉĥ˵̈́ ŖðŤŤ̈́ČÉŜ̈́ðƄŤðĭŜďžð̈́»̛ĥďŜŤðë̈́åĴĬœÉĭƅ̈́ðƄœðŖďðĭåð˵̈́Dð̈́ďŜ̈́åũŖŖðĭŤĥƅ̈́åČÉďŖĬÉĭ̈́Ĵą̈́VÉŤåĴŖœ̈́ZďĬďŤðë̈́̍»˷V̎̈́Éĭë̈́ åĴĬœÉĭƅ̈́ŜðåŖðŤÉŖƅ̈́Ĵą̈́ŤČŖðð̈́ĴŤČðŖ̈́»̛ĥďŜŤðë̈́åĴĬœÉĭďðŜ˵̈́Dð̈́ČĴĥëŜ̈́É̈́ ÉåČðĥĴŖ̈́Ĵą̈́ ĴĬĬðŖåð̈́ëðĆŖðð̈́Éĭë̈́É̈́#ďœĥĴĬÉ̈́ďĭ̈́ZÉſ˵ bŖ̈́ ̈́ ĴŜČĴƳ̈́ČÉŜ̈́ĴžðŖ̈́ʌʊ̈́ƅðÉŖŜ̈́Ĵą̈́ďĭŤðŖĭÉŤďĴĭÉĥ̈́ƯĭÉĭåďÉĥ̈́ĬÉĭÉĆðĬðĭŤ̈́ðƄœðŖďðĭåð̈́åĴžðŖďĭĆ̈́ƯĭÉĭåďÉĥ̈́ŜðŖžďåðŜ˶̈́ ĬÉĭũąÉåŤũŖďĭĆ˶̈́ĬďĭďĭĆ̈́Éĭë̈́ďĭąŖÉŜŤŖũåŤũŖð˵̈́Dð̈́ČĴĥëŜ̈́É̈́ ÉåČðĥĴŖ̈́Ĵą̈́ ĴĬĬðŖåð̈́̍DĴĭĴũŖŜ̎̈́Éĭë̈́ďŜ̈́É̈́ĬðĬäðŖ̈́Ĵą̈́ŤČð̈́ ČÉŖŤðŖðë̈́ ååĴũĭŤÉĭŤŜ̈́ũŜŤŖÉĥďÉ̈́ν̈́cðſ̈́ÅðÉĥÉĭë̈́̍ cÅ̎˵ kŤČðŖ̈́åũŖŖðĭŤ̈́ëďŖðåŤĴŖŜČďœŜ˷ cĴŤ̈́ÉœœĥďåÉäĥð =ĴŖĬðŖ̈́ëďŖðåŤĴŖŜČďœŜ̈́̍ĥÉŜŤ̈́ʌ̈́ƅðÉŖŜ̎˷ cĴŤ̈́ÉœœĥďåÉäĥð GĭŤðŖðŜŤŜ̈́ďĭ̈́ŜČÉŖðŜ˷ ʎʉ˶ʉʉʉ̈́ĴŖëďĭÉŖƅ̈́ŜČÉŖðŜ Ĵë̈́ ̈́DðĭëðŖŜĴĭ cĴĭ̛ðƄðåũŤďžð̈́#ďŖðåŤĴŖ̈́̍œœĴďĭŤðë̈́ʋʌ̈́kåŤĴäðŖ̈́ʋʉʋʎ̎ ũÉĥďƯåÉŤďĴĭŜ˷̈́bÉŜŤðŖ̈́Ĵą̈́ ũŜďĭðŜŜ̈́ëĬďĭďŜŤŖÉŤďĴĭ̈́̍ ĭďžðŖŜďŤƅ̈́Ĵą̈́ cðſåÉŜŤĥð̎˶̈́)ĭĆ)Ƅðå̈́̍)ĭĆďĭððŖŜ̈́ũŜŤŖÉĥďÉ̎˶̈́=ðĥĥĴſ̈́Ĵą̈́ŤČð̈́ũŜŤŖÉĥďÉĭ̈́ GĭŜŤďŤũŤð̈́Ĵą̈́bÉĭÉĆðĬðĭŤ˶̈́bðĬäðŖ̈́Ĵą̈́ŤČð̈́ũŜŤŖÉĥďÉĭ̈́GĭŜŤďŤũŤð̈́Ĵą̈́ ĴĬœÉĭƅ̈́#ďŖðåŤĴŖŜ˵ )ƄœðŖďðĭåð̈́Éĭë̈́ðƄœðŖŤďŜð˷̈́Ĵë̈́ČÉŜ̈́ĬĴŖð̈́ŤČÉĭ̈́ʋʎ̈́ƅðÉŖŜ̈́Ĵą̈́ðƄœðŖďðĭåð̈́ ďĭ̈́ðĥðåŤŖďåÉĥ̈́ðĭĆďĭððŖďĭĆ˶̈́ĬÉĭũąÉåŤũŖďĭĆ̈́Éĭë̈́ďĭëũŜŤŖďÉĥ̈́ŤðåČĭĴĥĴĆƅ̈́ äũŜďĭðŜŜðŜ˵̈́Dð̈́œŖðžďĴũŜĥƅ̈́ŜðŖžðë̈́ÉŜ̈́ Čďðą̈́)ƄðåũŤďžð̈́kƶåðŖ̈́Éĭë̈́ bÉĭÉĆďĭĆ̈́#ďŖðåŤĴŖ̈́Ĵą̈́Ĵĭð̈́Ĵą̈́ũŜŤŖÉĥďÉ̩Ŝ̈́ĥÉŖĆðŜŤ̈́œŖďžÉŤðĥƅ̈́Ĵſĭðë̈́ ðĥðåŤŖďåÉĥ̈́ðĭĆďĭððŖďĭĆ̈́Éĭë̈́ĬÉĭũąÉåŤũŖďĭĆ̈́åĴĬœÉĭďðŜ̈́ąĴŖ̈́ĴžðŖ̈́ʊʊ̈́ ƅðÉŖŜ˵̈́#ũŖďĭĆ̈́ŤČďŜ̈́ŤďĬð˶̈́Čð̈́ÉĥŜĴ̈́ŜðŖžðë̈́ÉŜ̈́É̈́ëďŖðåŤĴŖ̈́Ĵą̈́É̈́ğĴďĭŤ̛žðĭŤũŖð̈́ ŖðŜðÉŖåČ̈́Éĭë̈́ëðžðĥĴœĬðĭŤ̈́åĴĬœÉĭƅ̈́ſďŤČ̈́ŤČð̈́ ĭďžðŖŜďŤƅ̈́Ĵą̈́cðſåÉŜŤĥð̈́ Éĭë̈́Ĵą̈́É̈́ğĴďĭŤ̛žðĭŤũŖð̈́ŖðĭðſÉäĥð̛ðĭðŖĆƅ̈́ĬÉĭũąÉåŤũŖďĭĆ̈́äũŜďĭðŜŜ˵̈́Ĵë̈́ äŖďĭĆŜ̈́ðƄŤðĭŜďžð̈́ðƄœðŖďðĭåð̈́ďĭ̈́ŜŤŖÉŤðĆƅ˶̈́ĆĴžðŖĭÉĭåð˶̈́ĬÉĭũąÉåŤũŖďĭĆ̈́ ĴœðŖÉŤďĴĭŜ˶̈́äũŜďĭðŜŜ̈́ĆŖĴſŤČ˶̈́ďĭĭĴžÉŤďĴĭ̈́Éĭë̈́ŤČð̈́ŖðŜĴũŖåðŜ̈́ŜðåŤĴŖ˵̈́Dð̈́ ČÉŜ̈́äððĭ̈́É̈́ŜŤŖĴĭĆ̈́ÉëžĴåÉŤð̈́ąĴŖ̈́ũŜŤŖÉĥďÉĭ̈́ĬÉĭũąÉåŤũŖďĭĆ̈́Éĭë̈́ďĭëũŜŤŖďÉĥ̈́ åÉœÉäďĥďŤƅ˶̈́ſĴŖĢďĭĆ̈́ðƄŤðĭŜďžðĥƅ̈́ſďŤČ̈́ďĭëũŜŤŖƅ̈́äĴëďðŜ̈́Éĭë̈́ĆĴžðŖĭĬðĭŤ̈́ ŜŤÉĢðČĴĥëðŖŜ̈́ŤĴ̈́œŖĴĬĴŤð̈́ďĭžðŜŤĬðĭŤ˶̈́ďĭĭĴžÉŤďĴĭ˶̈́Éĭë̈́ŜðåŤĴŖ̈́ĆŖĴſŤČ˵
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ʩʱ bððŤďĭĆŜ̈́Ĵą̈́ëďŖðåŤĴŖŜ Ʊð̈́ąũĥĥ̈́ ĴÉŖë̈́ÉŜŜũĬðŜ̈́ŤČð̈́ŖĴĥð̈́Ĵą̈́ŤČð̈́ũëďŤ̈́Éĭë̈́ďŜĢ̈́ ĴĬĬðð˵̈́̈́Ʊð̈́ĭũĬäðŖ̈́Ĵą̈́ĬððŤďĭĆŜ̈́Ĵą̈́ŤČð̈́ ĴĬœÉĭƅ̩Ŝ̈́ ĴÉŖë̈́Ĵą̈́ #ďŖðåŤĴŖŜ̨̈́̍ŤČð̈́ ĴÉŖë̩̎̈́Čðĥë̈́ëũŖďĭĆ̈́ŤČð̈́ƅðÉŖ̈́ðĭëðë̈́ʌʉ̈́Vũĭð̈́ʋʉʋʏ˶̈́Éĭë̈́ŤČð̈́ĭũĬäðŖ̈́Ĵą̈́ĬððŤďĭĆŜ̈́ÉŤŤðĭëðë̈́äƅ̈́ðÉåČ̈́ëďŖðåŤĴŖ̈́ſðŖð˷ =ũĥĥ̈́ ĴÉŖë cĴĬďĭÉŤďĴĭ̈́Éĭë̈́ðĬũĭðŖÉŤďĴĭ̈́ ĴĬĬðð ŤŤðĭëðë Dðĥë ŤŤðĭëðë Dðĥë ̈́DďĆĆďĭŜ ʊʋ ʊʋ ʊ ʊ ZV̈́ČďĥĥďœŜ ʊʊ ʊʋ ʊ ʊ ̈́Ťððĥð ʊʋ ʊʋ ̛ ̛ V̈́Ĵſð ʊʋ ʊʋ ̛ ̛ ̈́DðĭëðŖŜĴĭ ʒʒʊʊ Dðĥë˷̈́ŖðœŖðŜðĭŤŜ̈́ŤČð̈́ĭũĬäðŖ̈́Ĵą̈́ĬððŤďĭĆŜ̈́Čðĥë̈́ëũŖďĭĆ̈́ŤČð̈́ŤďĬð̈́ŤČð̈́ëďŖðåŤĴŖ̈́Čðĥë̈́Ĵƶåð˵
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ðĬũĭðŖÉŤďĴĭ̈́ŖðœĴŖŤ̈́ ̍ÉũëďŤðë̎ Ʊð̈́ŖðĬũĭðŖÉŤďĴĭ̈́ŖðœĴŖŤ̈́ëðŤÉďĥŜ̈́ŤČð̈́Ģðƅ̈́ĬÉĭÉĆðĬðĭŤ̈́œðŖŜĴĭĭðĥ̈́ ŖðĬũĭðŖÉŤďĴĭ̈́ÉŖŖÉĭĆðĬðĭŤŜ̈́ąĴŖ̈́ŤČð̈́>ŖĴũœ˶̈́ďĭ̈́ÉååĴŖëÉĭåð̈́ſďŤČ̈́ŤČð̈́ ŖðŕũďŖðĬðĭŤŜ̈́Ĵą̈́ŤČð̈́ ĴŖœĴŖÉŤďĴĭŜ̈́åŤ̈́ʋʉʉʊ̈́Éĭë̈́ďŤŜ̈́ðĆũĥÉŤďĴĭŜ˵ Xðƅ̈́ĬÉĭÉĆðĬðĭŤ̈́œðŖŜĴĭĭðĥ̈́ÉŖð̈́ŤČĴŜð̈́œðŖŜĴĭŜ̈́ČÉžďĭĆ̈́ÉũŤČĴŖďŤƅ̈́Éĭë̈́ ŖðŜœĴĭŜďäďĥďŤƅ̈́ąĴŖ̈́œĥÉĭĭďĭĆ˶̈́ëďŖðåŤďĭĆ̈́Éĭë̈́åĴĭŤŖĴĥĥďĭĆ̈́ŤČð̈́ÉåŤďžďŤďðŜ̈́Ĵą̈́ŤČð̈́ ðĭŤďŤƅ˶̈́ëďŖðåŤĥƅ̈́ĴŖ̈́ďĭëďŖðåŤĥƅ˶̈́ďĭåĥũëďĭĆ̈́Éĥĥ̈́ëďŖðåŤĴŖŜ˵ Ʊð̈́ŖðĬũĭðŖÉŤďĴĭ̈́ŖðœĴŖŤ̈́ďŜ̈́ŜðŤ̈́ĴũŤ̈́ũĭëðŖ̈́ŤČð̈́ąĴĥĥĴſďĭĆ̈́ĬÉďĭ̈́ČðÉëďĭĆŜ˷ Ϋ̈́ ŖďĭåďœĥðŜ̈́ũŜðë̈́ŤĴ̈́ëðŤðŖĬďĭð̈́ŤČð̈́ĭÉŤũŖð̈́Éĭë̈́ÉĬĴũĭŤ̈́Ĵą̈́ŖðĬũĭðŖÉŤďĴĭ Ϋ̈́ #ðŤÉďĥŜ̈́Ĵą̈́ŖðĬũĭðŖÉŤďĴĭ Ϋ̈́ ðŖžďåð̈́ÉĆŖððĬðĭŤŜ Ϋ̈́ ČÉŖð̛äÉŜðë̈́åĴĬœðĭŜÉŤďĴĭ Ϋ̈́ ëëďŤďĴĭÉĥ̈́ďĭąĴŖĬÉŤďĴĭ Ϋ̈́ ëëďŤďĴĭÉĥ̈́ëďŜåĥĴŜũŖðŜ̈́ŖðĥÉŤďĭĆ̈́ŤĴ̈́Ģðƅ̈́ĬÉĭÉĆðĬðĭŤ̈́œðŖŜĴĭĭðĥ ʪʨ
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Mayfield Group Holdings Ltd and controlled entities Directors' report 30 June 2026 Principles used to determine the nature and amount of remuneration The objective of the Group's executive reward framework is to ensure the reward for performance is competitive and appropriate for the results delivered. The framework aligns executive rewards with the achievement of strategic objectives and the creation of value for shareholders, and it is considered to conform to the market best practice for the delivery of reward. The Board of Directors ('the Board') ensures that executive reward satisfies the following key criteria for good reward governance practices: 21 ● competitiveness and reasonableness ● acceptability to shareholders ● alignment of executive remuneration with shareholder interests and business performance ● transparency The Nomination and Remuneration Committee is responsible for determining and reviewing remuneration arrangements for its directors and executives. The performance of the Group depends on the quality of its directors and executives. The remuneration philosophy is to attract, motivate and retain high-performance and high-quality personnel. The reward framework is designed to align executive rewards with shareholders' interests. The Board has considered that it should seek to enhance shareholders' interests by: ● promoting sustainable financial performance and long-term shareholder value creation ● focusing on sustained growth in shareholder wealth, consisting of dividends and growth in share price, and delivering constant or increasing return on assets as well as focusing the executive on key non-financial drivers of value ● attracting and retaining high-calibre executives Additionally, the reward framework seeks to enhance executives' interests by: ● rewarding capability and experience ● reflecting competitive reward for contribution to growth in shareholder wealth ● recognising and rewarding individual contribution, capability and performance In accordance with best practice corporate governance, the structure of non-executive director and executive director remuneration is separate. Non-executive directors’ remuneration Fees and payments to non-executive directors reflect the demands and responsibilities of their role. Non-executive directors' fees and payments are reviewed annually by the Nomination and Remuneration Committee. The Nomination and Remuneration Committee may, from time to time, receive advice from independent remuneration consultants to ensure non-executive directors' fees and payments are appropriate and in line with the market. The chairperson's fees are determined independently of the fees of other non-executive directors based on comparative roles in the external market. The chairperson is not present at any discussions relating to the determination of his own remuneration. Non-executive directors do not receive share options or other incentives. ASX listing rules require the aggregate non-executive directors' remuneration to be determined periodically by a general meeting. The most recent determination was at the Annual General Meeting held on 24 October 2023, where the shareholders approved a maximum annual aggregate remuneration of $300,000. Executive remuneration The Group aims to reward executives based on their position and responsibility, with a level and mix of remuneration which has both fixed and variable components. The executive remuneration and reward framework has four components: ● base pay and non-monetary benefits ● short-term performance incentives ● long-term performance incentives ● other remuneration such as superannuation and long service leave The combination of these comprises the executive's total remuneration. Fixed remuneration, consisting of base salary, superannuation and non-monetary benefits, is reviewed annually by the Nomination and Remuneration Committee based on individual and business unit performance, the overall performance of the Group and comparable market remunerations.
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Mayfield Group Holdings Ltd and controlled entities Directors' report 30 June 2026 Executives may receive their fixed remuneration in the form of cash or other fringe benefits (for example motor vehicle benefits) where it does not create any additional costs to the Group and provides additional value to the executive. The Group provides short-term incentive (STI) opportunities to executives under arrangements approved by the Board following consideration by the Nomination and Remuneration Committee. STI outcomes are determined having regard to individual performance, Group performance and the achievement of strategic objectives. Awards for FY2026 are considered by the Board and the Nomination and Remuneration Committee following assessment of the Group's financial performance and individual contributions during the year. For FY2026, the aggregate Leadership Team Bonus Pool, including superannuation contributions, was calculated at 4.57% of Group profit before tax, before the recognition of awards under the pool. The Managing Director’s contractual allocation was 30% of the pool. Allocations to other participating executives were determined having regard to their applicable contractual arrangements, individual performance, Group performance and strategic outcomes, following review by the Nomination and Remuneration Committee and approval by the Board. Long-term incentive opportunities may include participation in the Group's Employee Share Option Plan and Share Incentive Plan, subject to Board approval. These plans are intended to align the interests of executives and key employees with those of shareholders and to support the attraction and retention of high-quality personnel. Grants under these plans remain at the Board's discretion. There are no other long-term incentive measures in place for executives. During FY2026, the Group further strengthened its executive leadership team through the appointment of additional senior executive positions. The Board believes these appointments enhance governance, organisational capability, succession planning and the Group's ability to execute its long-term growth strategy. Group performance and link to remuneration The Board seeks to align executive remuneration with the long-term interests of shareholders. In determining remuneration outcomes, the Board considers a range of factors including Group financial performance, strategic achievement, operational outcomes, risk management, leadership and succession planning, and the creation of sustainable shareholder value. The Nomination and Remuneration Committee believes the Group's remuneration framework appropriately balances the attraction, retention and motivation of high-quality executives with the long-term interests of shareholders. Details of remuneration Amounts of remuneration Details of the remuneration of key management personnel of the Group are set out in the following tables. For the purposes of this remuneration report, key management personnel are those persons who have authority and responsibility for planning, directing, and controlling the activities of the Group, directly or indirectly, including all directors, whether executive or otherwise. The key management personnel of the Group during the financial year comprised: ● SR Higgins - Non-executive Chair ● LJ Phillips - Non-executive Director ● AB Steele - Non-executive Director ● AJ Rowe - Executive Director ● RC Henderson - Non-executive Director (appointed 23 October 2025) ● AP Naffin - Chief Operating Officer (commenced 16 March 2026) ● NJC Saunders - General Manager Commercial, Legal and Risk (commenced 28 April 2026) ● C Boshoff - Chief Financial Officer (KMP from 1 July 2025) 22
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Mayfield Group Holdings Ltd and controlled entities Directors' report 30 June 2026 Short-term benefits Post-employment benefits Long-term benefits Share-based payments Cash salary Cash Super- Long service Equity- and fees bonus annuation leave settled Total 30 June 2026 $ $ $ $ $ $ Non-Executive Directors: SR Higgins 105,000 - - - - 105,000 LJ Phillips 60,000 - - - - 60,000 AB Steele 75,000 - - - - 75,000 RC Henderson 36,693 - 4,403 - - 41,096 Executive Directors: AJ Rowe 487,821 146,218 77,928 1,495 254,296 967,758 Other Key Management Personnel: AP Naffin 88,615 17,762 12,765 - - 119,142 NJC Saunders 61,923 12,433 8,923 - 3,316 86,595 C Boshoff 276,585 62,806 40,460 22,798 14,287 416,936 1,191,637 239,219 144,479 24,293 271,899 1,871,527 During the year, AJ Rowe transferred to SR Higgins ordinary shares previously issued as partly-paid shares under the Company's Equity Incentive Plan. The number of shares transferred, 631,907, represents the fully paid equivalent of that holding, determined by applying the amount unpaid on the shares against their value. The shares were converted to fully paid ordinary shares on transfer. The transaction represented a transfer between shareholders and did not constitute remuneration, the grant of additional securities by the Company, or give rise to additional share-based payment expense. Short-term benefits Post-employment benefits Long-term benefits Share-based payments Cash salary Cash Super- Long service Equity- and fees bonus annuation leave settled Total 30 June 2025 $ $ $ $ $ $ Non-Executive Directors: SR Higgins 75,000 - - - - 75,000 LJ Phillips 50,000 - - - - 50,000 AB Steele 50,000 - - - - 50,000 SM Chase AM 43,750 - - - - 43,750 Executive Directors: AJ Rowe 410,947 142,161 47,591 954 224,261 825,914 629,697 142,161 47,591 954 224,261 1,044,664 23
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Mayfield Group Holdings Ltd and controlled entities Directors' report 30 June 2026 The proportion of remuneration linked to performance and the fixed proportion are as follows: Fixed remuneration At risk - STI At risk - LTI Name 30 June 2026 30 June 2025* 30 June 2026 30 June 2025 30 June 2026 30 June 2025* Executive Directors: AJ Rowe 57% 56% 17% 17% 26% 27% Other Key Management Personnel: AP Naffin 85% - 15% - - - NJC Saunders 81% - 14% - 5% - C Boshoff 82% - 15% - 3% - LTI represents the accounting expense of equity-settled retention awards subject to continued service conditions. The awards are at risk of forfeiture if the relevant service condition is not satisfied, but are not subject to market or financial performance hurdles. * For the purposes of calculating the ‘proportion of remuneration linked to performance and the fixed proportion’, the total of equity-settled share-based payments expense disclosed in the remuneration table above has been categorised as ‘At risk - LTI’, whereas in the previous year it was included as ‘Fixed remuneration’. The 30 June 2025 comparative proportions have been re-presented on a consistent basis (As previously reported: fixed remuneration 83%, at-risk STI 17%, at-risk LTI Nil). There has been no change to the amounts of remuneration previously disclosed The proportion of the STI as a cash bonus paid/payable or forfeited is as follows: Cash bonus paid/payable Cash bonus forfeited Name 30 June 2026 30 June 2025 30 June 2026 30 June 2025 Executive Directors: AJ Rowe 100% 100% - - Other Key Management Personnel: AP Naffin 100% - - - NJC Saunders 100% - - - C Boshoff 100% - - - Service agreements Remuneration and other terms of employment for key management personnel are formalised in service agreements. Details of these agreements are as follows: Name: AJ Rowe Title: Managing Director Agreement commenced: 3 October 2023 Term of agreement: Indefinite or 4-month termination notice by either party Details: Base salary as at 30 June 2026 of $500,000 plus 12% superannuation (or minimum required), to be reviewed annually by the Nomination and Remuneration Committee. An STI cash bonus (including all superannuation) represents a 30% share of a Leadership Team Bonus Pool. The Leadership Team Bonus Pool will represent 4.57% of the Group's annual Profit Before Tax (before bonuses). Name: AP Naffin Title: Chief Operating Officer Agreement commenced: 23 March 2026 Term of agreement: Indefinite or 3-month termination notice by either party. Details: Base salary as at 30 June 2026 of $320,000 plus 12% superannuation, to be reviewed annually as part of the Company’s performance review process. Eligible to participate in the Company’s performance bonus arrangements in accordance with the Company’s policies and practices regarding bonuses, as they may exist or vary from time to time. 24
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Mayfield Group Holdings Ltd and controlled entities Directors' report 30 June 2026 Name: NJC Saunders Title: General Manager Commercial, Legal and Risk Agreement commenced: 28 April 2026 Term of agreement: Indefinite or 3-month termination notice by either party. Details: Base salary as at 30 June 2026 of $350,000 plus 12% superannuation, to be reviewed annually as part of the Company’s performance review process. Eligible to participate in the Company’s performance bonus scheme with a maximum bonus opportunity of up to 30% of annual base salary, subject to the applicable bonus framework. Name: C Boshoff Title: Chief Financial Officer Agreement commenced: 2 October 2018 Term of agreement: Indefinite or 3-month termination notice by either party. Details: Base salary as at 30 June 2026 of $310,000 plus 12% superannuation to be reviewed annually as part of the Company’s performance review process. Eligible for a discretionary bonus/profit share payable in accordance with the Company’s policies and practices regarding bonuses, as they may exist or vary from time to time. Share-based compensation Issue of shares The Group utilises long-term incentive arrangements, including partly-paid shares and share options, to attract, retain and motivate key management personnel. These equity-based awards are designed to align the interests of senior executives with those of shareholders by linking a portion of remuneration to the long-term performance and growth of the Company. The Board considers equity participation an important mechanism for encouraging sustainable value creation, retaining key talent and fostering an ownership mindset among participants. Details of partly-paid shares issued to key management personnel as part of compensation during the year ended 30 June 2026 are set out below: Name Date Shares Issue price Value of partly-paid shares $ AJ Rowe 24/10/2024 2,197,802 $0.45500 1,000,000 NJC Saunders 20/05/2026 65,211 $2.30020 149,998 The Company’s Share Incentive Plan, approved by the Board on 24 January 2024, provides for the issue of ordinary shares, including partly-paid ordinary shares, to eligible employees. Under the Plan, participants may be required to satisfy service, vesting and/or performance conditions determined by the Board. Until the relevant conditions are satisfied and the shares are fully paid or vested, the shares are subject to the transfer and disposal restrictions set out in the Plan and the relevant subscription agreement. During the year ended 30 June 2026, 65,211 partly-paid ordinary shares were issued to NJC Saunders under the Plan. The partly-paid shares issued to NJC Saunders are subject to an ongoing employment service condition and, unless otherwise determined by the Board, vest two years after the issue date. The shares are subject to transfer restrictions until vesting and, where they remain partly paid after vesting, cannot be transferred unless they are fully paid or otherwise approved by the Board, with the transferee agreeing to assume the unpaid amount. If employment ceases, the shares are dealt with in accordance with the Equity Incentive Plan, including potential buy-back or cancellation depending on whether the participant is a Good Leaver or Bad Leaver. The partly-paid shares issued to AJ Rowe on 24 October 2024 continue to give rise to share-based payment remuneration recognised in the current and/or future reporting periods. Accordingly, the related remuneration expense is reflected in the remuneration disclosures for the year ended 30 June 2026. The partly-paid shares issued to AJ Rowe and NJC Saunders give rise to share-based payment remuneration recognised over their respective vesting periods. At 30 June 2026, the maximum future share-based payment expense remaining unrecognised was $219,557 in respect of AJ Rowe’s award and $38,307 in respect of NJC Saunders’ award. These amounts will be recognised over the respective remaining vesting periods, subject to satisfaction of the applicable service conditions. 25
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Mayfield Group Holdings Ltd and controlled entities Directors' report 30 June 2026 Options The terms and conditions of each grant of options over ordinary shares affecting the remuneration of directors and other key management personnel in this financial year or future reporting years: Number of Fair value options Vesting date and per option Name granted Grant date exercisable date Expiry date Exercise price at grant date C Boshoff 50,000 01/12/2025 28/11/2027 28/11/2030 $1.90000 $0.8166 The options were issued under the Company's Employee Option Plan and are intended to support the Group's long-term retention and value creation objectives. The fair value of options granted was determined using the Black-Scholes option pricing model. Key assumptions applied in the valuation included a share price of $2.3948 at the grant date, expected volatility of 27.49%, a dividend yield of 2.02% and a risk-free interest rate of 4.06%. Options do not carry rights to dividends or voting. The options vest and become exercisable 24 months after the issue date, subject to the participant remaining employed on a full-time basis at the vesting date. Options not vested due to cessation of full-time employment before the vesting date are cancelled. Additional information The Managing Director’s STI is calculated as 30% of the Leadership Team Bonus Pool, equivalent to 1.37% of Group profit before tax and before recognition of awards under the pool. Payment is subject to the terms of the Managing Director’s service agreement, including the applicable service condition. Any other incentive payments are at the discretion of the Nomination and Remuneration Committee. The Company's Executive Director's service agreement sets out the method of assessing the STI, which is linked to the Group's earnings, subject to a service condition. The earnings of the Group for the five years to 30 June 2026 are summarised below: 2026 2025 2024 2023 2022 $ $ $ $ $ Sales revenue 168,982,330 118,144,726 85,692,323 77,815,290 82,325,382 Profit/(loss) before tax 12,754,208 9,871,264 4,759,819 3,904,663 (1,813,597) The table below summarises the factors that are considered to affect total shareholders' return ('TSR') for the five years to 30 June 2026. 2026 2025 2024 2023 2022 Share price at financial year end ($) 2.91 1.05 0.67 0.41 0.36 Total dividends declared (cents per share) 4.40 8.50 3.00 1.71 - Basic earnings per share (cents per share) 7.38 7.23 5.63 6.40 (2.04) Diluted earnings per share (cents per share) 7.34 7.17 5.56 6.40 (2.04) 26
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Mayfield Group Holdings Ltd and controlled entities Directors' report 30 June 2026 Additional disclosures relating to key management personnel Shareholding The number of shares in the Company held during the financial year by each director and other members of key management personnel of the Group, including their personally related parties, is set out below: Balance at Received Balance at the start of as part of Disposals/ the end of the year remuneration Additions other the year Ordinary shares LJ Phillips 41,548,491 - - (10,735,883) 30,812,608 AB Steele 12,487,275 - - (7,487,275) 5,000,000 AJ Rowe 2,197,802 - - (631,907) 1,565,895 RC Henderson** - - 50,000 - 50,000 SR Higgins - - 631,907 - 631,907 NJC Saunders - 65,211 - - 65,211 C Boshoff* - - 511,430 (77,215) 434,215 56,233,568 65,211 1,193,337 (18,932,280) 38,559,836 * C Boshoff became a KMP from 1 July 2025. Additions include ordinary shares held directly and indirectly at the date of appointment as KMP. ** RC Henderson became a KMP on 23 October 2025. Other transactions with key management personnel and their related parties The daughter of the Chair, SR Higgins, has been employed by the company since 9 April 2024 as a Market Analyst. Her total remuneration for the financial year ended 30 June 2026 was $57,755. This remuneration package is consistent with the company’s policies and procedures and is applicable to all employees in similar roles and responsibilities. This concludes the remuneration report, which has been audited. Shares under option Unissued ordinary shares of Mayfield Group Holdings Ltd under option at the date of this report are as follows: Exercise Number Grant date Expiry date price under option 23/02/2022 23/02/2027 $0.35060 60,000 27/02/2023 27/02/2028 $0.32500 165,000 04/09/2024 04/09/2029 $0.86930 240,000 01/12/2025 28/11/2030 $1.90000 415,750 10/04/2026 10/04/2031 $2.07000 60,000 940,750 No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of the Company or of any other body corporate. During the financial year, 1,191,033 ordinary shares of Mayfield Group Holdings Ltd were issued on the exercise of options. Details are set out in note 24 and note 44 to the financial statements. No shares have been issued on the exercise of options since the end of the financial year up to the date of this report. Significant changes in the state of affairs During the financial year, the Group completed the acquisitions of BE Switchcraft Pty Ltd (29 August 2025) and the business assets of SMEC Power & Technology (31 March 2026), broadening the Group's electrical infrastructure capabilities and market reach. Details of these acquisitions are set out in note 36 to the financial statements. To part-fund these acquisitions and support the Group's growth strategy, the Company completed a capital raising comprising an institutional placement and a Share Purchase Plan, raising $33,499,720 (before costs) through the issue of 17,631,398 fully paid ordinary shares, together with the issue of shares to the vendors of the acquired businesses. As a result, issued capital increased from $11,922,696 to $52,672,911 during the year. There were no other significant changes in the state of affairs of the Group during the financial year. 27
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Mayfield Group Holdings Ltd and controlled entities Directors' report 30 June 2026 Indemnity and insurance of officers The Company has indemnified the directors and executives of the Company for costs incurred, in their capacity as a director or executive, for which they may be held personally liable, except where there is a lack of good faith. During the financial year, the Company paid a premium in respect of a contract to insure the directors and executives of the Company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium. Indemnity and insurance of auditor The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor. During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the Company or any related entity. Proceedings on behalf of the Company No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings. Non-audit services There were no non-audit services provided during the financial year by the auditor. Officers of the Company who are former partners of KPMG Mr B Crowley, joint Company Secretary, is a former partner of KPMG in Hong Kong. Mr Crowley was not a partner of KPMG at any time when KPMG undertook an audit of the Company, and no other person who is or has been an officer of the Company during the financial year was a partner of KPMG, the Company's auditor, at a time when KPMG undertook an audit of the Company. Auditor's independence declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report. Auditor KPMG continues in office in accordance with section 327 of the Corporations Act 2001. This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ AJ Rowe Managing Director 26 August 2026 Adelaide 28
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KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation. Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 To the Directors of Mayfield Group Holdings Limited I declare that, to the best of my knowledge and belief, in relation to the audit of Mayfield Group Holdings Limited for the financial year ended 30 June 2026 there have been: i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and ii. no contraventions of any applicable code of professional conduct in relation to the audit. KPM_INI_01 PAR_SIG_01 PAR_NAM_01 PAR_POS_01 PAR_DAT_01 PAR_CIT_01 KPMG Mohammad Azhar Partner Sydney Date KPMG Paul Cenko Partner Adelaide 26 August 2026 29
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Ʊð̈́ƯĭÉĭåďÉĥ̈́ŜŤÉŤðĬðĭŤŜ̈́åĴžðŖ̈́bÉƅƯðĥë̈́>ŖĴũœ̈́DĴĥëďĭĆŜ̈́ ZŤë̈́ÉŜ̈́É̈́åĴĭŜĴĥďëÉŤðë̈́ðĭŤďŤƅ̈́åĴĭŜďŜŤďĭĆ̈́Ĵą̈́bÉƅƯðĥë̈́>ŖĴũœ̈́ DĴĥëďĭĆŜ̈́ZŤë̈́Éĭë̈́ŤČð̈́ðĭŤďŤďðŜ̈́ďŤ̈́åĴĭŤŖĴĥĥðë̈́ÉŤ̈́ŤČð̈́ðĭë̈́Ĵą˶̈́ĴŖ̈́ ëũŖďĭĆ˶̈́ŤČð̈́ƅðÉŖ˵̈́Ʊð̈́ƯĭÉĭåďÉĥ̈́ŜŤÉŤðĬðĭŤŜ̈́ÉŖð̈́œŖðŜðĭŤðë̈́ďĭ̈́ ũŜŤŖÉĥďÉĭ̈́ëĴĥĥÉŖŜ˶̈́ſČďåČ̈́ďŜ̈́bÉƅƯðĥë̈́>ŖĴũœ̈́DĴĥëďĭĆŜ̈́ZŤë̩Ŝ̈́ ąũĭåŤďĴĭÉĥ̈́Éĭë̈́œŖðŜðĭŤÉŤďĴĭ̈́åũŖŖðĭåƅ˵ bÉƅƯðĥë̈́>ŖĴũœ̈́DĴĥëďĭĆŜ̈́ZŤë̈́ďŜ̈́É̈́ĥďŜŤðë̈́œũäĥďå̈́åĴĬœÉĭƅ̈́ ĥďĬďŤðë̈́äƅ̈́ŜČÉŖðŜ˶̈́ďĭåĴŖœĴŖÉŤðë̈́Éĭë̈́ëĴĬďåďĥðë̈́ďĭ̈́ũŜŤŖÉĥďÉ˵̈́GŤŜ̈́ ŖðĆďŜŤðŖðë̈́Ĵƶåð̈́Éĭë̈́œŖďĭåďœÉĥ̈́œĥÉåð̈́Ĵą̈́äũŜďĭðŜŜ̈́ďŜ˷ ʌ̈́>ďëĆďð̈́ ĴũŖŤ˶̈́)ëďĭäũŖĆČ˶̈́̈́ʎʊʊʊ̈́̈́ ̈́ ̈́ëðŜåŖďœŤďĴĭ̈́Ĵą̈́ŤČð̈́ĭÉŤũŖð̈́Ĵą̈́ŤČð̈́>ŖĴũœ̩Ŝ̈́ĴœðŖÉŤďĴĭŜ̈́Éĭë̈́ ďŤŜ̈́œŖďĭåďœÉĥ̈́ÉåŤďžďŤďðŜ̈́ÉŖð̈́ďĭåĥũëðë̈́ďĭ̈́ŤČð̈́ëďŖðåŤĴŖŜ̩̈́ŖðœĴŖŤ˶̈́ ſČďåČ̈́ďŜ̈́ĭĴŤ̈́œÉŖŤ̈́Ĵą̈́ŤČð̈́ƯĭÉĭåďÉĥ̈́ŜŤÉŤðĬðĭŤŜ˵ Ʊð̈́ƯĭÉĭåďÉĥ̈́ŜŤÉŤðĬðĭŤŜ̈́ſðŖð̈́ÉũŤČĴŖďŜðë̈́ąĴŖ̈́ďŜŜũð˶̈́ďĭ̈́ ÉååĴŖëÉĭåð̈́ſďŤČ̈́É̈́ŖðŜĴĥũŤďĴĭ̈́Ĵą̈́ëďŖðåŤĴŖŜ˶̈́Ĵĭ̈́ʋʏ̈́ũĆũŜŤ̈́ ʋʉʋʏ˵̈́Ʊð̈́ëďŖðåŤĴŖŜ̈́ČÉžð̈́ŤČð̈́œĴſðŖ̈́ŤĴ̈́ÉĬðĭë̈́Éĭë̈́ŖðďŜŜũð̈́ ŤČð̈́ƯĭÉĭåďÉĥ̈́ŜŤÉŤðĬðĭŤŜ˵ ̈́̈́ >ðĭðŖÉĥ̈́ďĭąĴŖĬÉŤďĴĭ ĴĭŤðĭŤŜ ĴĭŜĴĥďëÉŤðë̈́ŜŤÉŤðĬðĭŤ̈́Ĵą̈́œŖĴƯŤ̈́ĴŖ̈́ĥĴŜŜ̈́Éĭë̈́ĴŤČðŖ̈́åĴĬœŖðČðĭŜďžð̈́ďĭåĴĬð̈́ ĴĭŜĴĥďëÉŤðë̈́ŜŤÉŤðĬðĭŤ̈́Ĵą̈́ƯĭÉĭåďÉĥ̈́œĴŜďŤďĴĭ̈́ ĴĭŜĴĥďëÉŤðë̈́ŜŤÉŤðĬðĭŤ̈́Ĵą̈́åČÉĭĆðŜ̈́ďĭ̈́ðŕũďŤƅ̈́ ĴĭŜĴĥďëÉŤðë̈́ŜŤÉŤðĬðĭŤ̈́Ĵą̈́åÉŜČ̈́ưĴſŜ̈́ cĴŤðŜ̈́ŤĴ̈́ŤČð̈́åĴĭŜĴĥďëÉŤðë̈́ƯĭÉĭåďÉĥ̈́ŜŤÉŤðĬðĭŤŜ̈́ ĴĭŜĴĥďëÉŤðë̈́ðĭŤďŤƅ̈́ëďŜåĥĴŜũŖð̈́ŜŤÉŤðĬðĭŤ̈́ #ďŖðåŤĴŖŜ̩̈́ëðåĥÉŖÉŤďĴĭ̈́ GĭëðœðĭëðĭŤ̈́ÉũëďŤĴŖ̩Ŝ̈́ŖðœĴŖŤ̈́ŤĴ̈́ŤČð̈́ĬðĬäðŖŜ̈́Ĵą̈́bÉƅƯðĥë̈́>ŖĴũœ̈́DĴĥëďĭĆŜ̈́ZŤë̈́ ČÉŖðČĴĥëðŖ̈́ďĭąĴŖĬÉŤďĴĭ̈́ =ďĭÉĭåďÉĥ̈́ŤÉŤðĬðĭŤŜ 30 31 32 33 34 35 77 78 79 83
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Mayfield Group Holdings Ltd and controlled entities Consolidated statement of profit or loss and other comprehensive income For the year ended 30 June 2026 Note 30 June 2026 30 June 2025 $ $ The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes Revenue 4 168,982,330 118,144,726 Other income 5 188,536 56,380 Interest income 1,063,897 543,322 Expenses Materials and consumables (84,769,804) (64,127,474) Employee benefits expense (57,596,625) (36,773,303) Depreciation and amortisation expense 6 (3,361,558) (1,933,905) Professional fees and governance (2,470,274) (1,939,094) Occupancy expense (1,435,627) (809,069) Technology and software expenses (1,369,355) (681,435) Insurance (1,058,239) (734,215) Finance costs 6 (494,317) (200,041) Other expenses (2,801,000) (1,674,628) Fair value movement – contingent consideration (917,243) - Business combination expenses (1,206,513) - Profit before income tax expense 12,754,208 9,871,264 Income tax expense 7 (4,716,797) (3,111,380) Profit after income tax expense for the year 8,037,411 6,759,884 Other comprehensive income Gain on revaluation of land and buildings, net of tax 1,088,364 710,669 Other comprehensive income for the year, net of tax 1,088,364 710,669 Total comprehensive income for the year 9,125,775 7,470,553 Cents Cents Basic earnings per share 43 7.38 7.23 Diluted earnings per share 43 7.34 7.17 31
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Mayfield Group Holdings Ltd and controlled entities Consolidated statement of financial position As at 30 June 2026 Note 30 June 2026 30 June 2025 $ $ The above consolidated statement of financial position should be read in conjunction with the accompanying notes Assets Current assets Cash and cash equivalents 9 21,830,937 16,923,730 Trade and other receivables 10 31,529,466 12,620,827 Contract assets 11 13,658,864 8,643,321 Inventories 12 8,485,758 4,365,588 Funds held in trust 15 1,271,156 - Other assets 13 1,146,676 1,253,884 Total current assets 77,922,857 43,807,350 Non-current assets Right-of-use assets 14 6,615,243 2,058,355 Property, plant and equipment 16 30,773,773 16,764,652 Intangibles 17 28,292,245 1,390,742 Deferred tax asset 7 - 1,917,668 Other assets 13 6,000 6,000 Total non-current assets 65,687,261 22,137,417 Total assets 143,610,118 65,944,767 Liabilities Current liabilities Trade and other payables 18 19,907,325 13,353,576 Contract liabilities 19 15,505,117 12,152,289 Borrowings 20 - 73,658 Lease liabilities 21 1,329,431 842,027 Provision for income tax 7 395,267 - Provisions 22 6,386,213 3,096,159 Contingent consideration 23 9,403,693 - Total current liabilities 52,927,046 29,517,709 Non-current liabilities Lease liabilities 21 5,540,635 1,412,352 Deferred tax liability 7 4,774,682 - Provisions 22 340,625 325,330 Total non-current liabilities 10,655,942 1,737,682 Total liabilities 63,582,988 31,255,391 Net assets 80,027,130 34,689,376 Equity Issued capital 24 52,672,911 11,922,696 Reserves 25 5,337,293 4,323,193 Retained profits 22,016,926 18,443,487 Total equity 80,027,130 34,689,376 32
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Mayfield Group Holdings Ltd and controlled entities Consolidated statement of changes in equity For the year ended 30 June 2026 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes Issued capital Reserves Retained profits $ $ $ $ Balance at 1 July 2024 11,042,157 3,647,575 19,457,293 34,147,025 Profit after income tax expense for the year - - 6,759,884 6,759,884 Other comprehensive income for the year, net of tax - 710,669 - 710,669 Total comprehensive income for the year - 710,669 6,759,884 7,470,553 Transactions with owners in their capacity as owners: Paid-in amounts for partly-paid shares 164,074 (72,922) - 91,152 Options exercised 716,465 (235,881) - 480,584 Share-based payments - 273,752 - 273,752 Dividends paid (note 26) - - (7,773,690) (7,773,690) Balance at 30 June 2025 11,922,696 4,323,193 18,443,487 34,689,376 Issued capital Reserves Retained profits $ $ $ $ Balance at 1 July 2025 11,922,696 4,323,193 18,443,487 34,689,376 Profit after income tax expense for the year - - 8,037,411 8,037,411 Other comprehensive income for the year, net of tax - 1,088,364 - 1,088,364 Total comprehensive income for the year - 1,088,364 8,037,411 9,125,775 Transactions with owners in their capacity as owners: Paid-in amounts for partly-paid shares 543,476 (241,349) - 302,127 Options exercised 640,398 (213,894) - 426,504 Share-based payments - 380,979 - 380,979 Shares issued - capital raise 29,432,364 - - 29,432,364 Shares issued - share purchase plan 2,985,737 - - 2,985,737 Shares issued - business combinations 7,148,240 - - 7,148,240 Dividends paid (note 26) - - (4,463,972) (4,463,972) Balance at 30 June 2026 52,672,911 5,337,293 22,016,926 80,027,130 33
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Mayfield Group Holdings Ltd and controlled entities Consolidated statement of cash flows For the year ended 30 June 2026 Note 30 June 2026 30 June 2025 $ $ The above consolidated statement of cash flows should be read in conjunction with the accompanying notes Cash flows from operating activities Receipts from customers (inclusive of GST) 168,727,049 122,182,662 Payments to suppliers and employees (inclusive of GST) (162,354,530) (113,413,915) 6,372,519 8,768,747 Interest received 966,216 543,322 Other revenue 467,760 393,508 Interest and other finance costs paid (494,317) (200,041) Income taxes paid (2,287,004) - Net cash from operating activities 40 5,025,174 9,505,536 Cash flows from investing activities Payment for purchase of business, net of cash acquired 36 (16,122,825) - Payments for property, plant and equipment 16 (10,561,228) (721,192) Proceeds from disposal of property, plant and equipment 2,409 13,000 Net cash used in investing activities (26,681,644) (708,192) Cash flows from financing activities Proceeds from issue of shares 34,228,351 571,736 Proceeds from borrowings 8,400,000 - Share issue transaction costs (1,545,170) - Payment of principal portion of lease liabilities (1,581,874) (884,120) Dividends paid 26 (4,463,972) (7,773,690) Repayment of borrowings (8,473,658) (111,482) Net cash from/(used in) financing activities 26,563,677 (8,197,556) Net increase in cash and cash equivalents 4,907,207 599,788 Cash and cash equivalents at the beginning of the financial year 16,923,730 16,323,942 Cash and cash equivalents at the end of the financial year 9 21,830,937 16,923,730 34
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 1. Material accounting policy information Reporting entity Mayfield Group Holdings Limited (the ‘Company’) is domiciled in Australia. These consolidated financial statements comprise the Company and its subsidiaries (together referred to as the ‘Group’). The Group is a for-profit entity primarily involved in the provision of electrical and telecommunication infrastructure products and services. Parent entity information In accordance with the Corporations Act 2001, these financial statements present the results of the Group only. Supplementary information about the parent entity is disclosed in note 35. Basis of accounting The consolidated financial statements are general purpose financial statements, which have been prepared in accordance with Australian Accounting Standards adopted by the Australian Accounting Standards Board and the Corporations Act 2001. The consolidated financial statements comply with International Financial Reporting Standards adopted by the International Accounting Standards Board. They were authorised for issue by the Board of Directors on 26 August 2026. Historical cost convention The financial statements have been prepared under the historical cost convention, except where assets and liabilities are required to be measured at fair value under Australian Accounting Standards. Land and buildings are measured at fair value. Critical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are material to the financial statements, are disclosed in note 2. The accounting policies that are material to the Group are set out either in the respective notes or below. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated. Principles of consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Mayfield Group Holdings Ltd ('Company' or 'parent entity') as at 30 June 2026 and the results of all subsidiaries for the year then ended. Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent. Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The Group recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss. Current and non-current classification Assets and liabilities are presented in the statement of financial position based on current and non-current classification. An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the Group's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; 35
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 1. Material accounting policy information (continued) or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is classified as current when: it is either expected to be settled in the Group's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no right at the end of the reporting period to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current. Impairment of non-financial assets Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit. Finance costs Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance costs are expensed in the period in which they are incurred. Goods and Services Tax ('GST') and other similar taxes Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority. New Accounting Standards and Interpretations not yet mandatory or early adopted Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the Group for the annual reporting period ended 30 June 2026. The Group is currently assessing the impact of these new and amended standards and interpretations. Based on the assessment completed to date, the Group does not expect the adoption of these standards and interpretations to have a material impact on the Group's financial statements in the period of initial application or future reporting periods. 36
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 AASB 18 Presentation and Disclosure in Financial Statements This standard is applicable to annual reporting periods beginning on or after 1 January 2027 and early adoption is permitted. The standard replaces IAS 1 'Presentation of Financial Statements', with many of the original disclosure requirements retained and there will be no impact on the recognition and measurement of items in the financial statements. But the standard will affect presentation and disclosure in the financial statements, including introducing five categories in the statement of profit or loss and other comprehensive income: operating, investing, financing, income taxes and discontinued operations. The standard introduces two mandatory sub-totals in the statement: 'Operating profit' and 'Profit before financing and income taxes'. There are also new disclosure requirements for 'management-defined performance measures', such as earnings before interest, taxes, depreciation and amortisation ('EBITDA') or 'adjusted profit'. The standard provides enhanced guidance on grouping of information (aggregation and disaggregation), including whether to present this information in the primary financial statements or in the notes. The Group will adopt this standard from 1 July 2027 and it is expected that there will be a change to the layout of the statement of profit or loss and other comprehensive income. Note 2. Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, which management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below. Land and Buildings at fair value Determining the fair value of land and buildings is based on valuations performed by external, independent valuers, and where appropriate, a director's valuation. These valuations involve assumptions about future market conditions, including property rental values, discount rates, and capitalisation rates. The valuations are based on current prices in an active market for similar properties in the same location and condition. A significant change in these assumptions could materially affect the fair value of land and buildings. Refer to note 28 for further details. Goodwill and other indefinite life intangible assets The Group tests annually, or more frequently if events or changes in circumstances indicate impairment, whether goodwill and other indefinite life intangible assets have suffered any impairment, in accordance with the accounting policy stated in note 1. The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations require the use of assumptions, including estimated discount rates based on the current cost of capital and growth rates of the estimated future cash flows as stated in note 17. Estimation uncertainty arising from business combinations The determination of the fair value and useful lives of intangible assets acquired involves significant judgments and estimates, including assumptions about forecast revenues, customer attrition rates and discount rates. Actual results may differ from these estimates, potentially leading to changes in the carrying amounts of intangible assets in future periods. Business combinations As discussed in note 1, business combinations are initially accounted for on a provisional basis. The fair value of assets acquired, liabilities and contingent liabilities assumed are initially estimated by the Group taking into consideration all available information at the reporting date. Fair value adjustments on the finalisation of the business combination accounting are retrospective, where applicable, to the period the combination occurred and, if identified within 12 months of the acquisition date, may have an impact on the assets and liabilities, depreciation and amortisation reported. Contingent consideration The contingent consideration liability is the difference between the total purchase consideration, usually on an acquisition of a business combination, and the amounts paid or settled up to the reporting date, discounted to net present value. The Group applies provisional accounting for any business combination. Any reassessment of the liability during the earlier of the finalisation of the provisional accounting or 12 months from acquisition-date is adjusted for retrospectively as part of the provisional accounting rules in accordance with AASB 3 'Business Combinations'. Thereafter, at each reporting date, the deferred consideration liability is reassessed against revised estimates and any increase or decrease in the net present value of the liability will result in a corresponding gain or loss to profit or loss. The increase in the liability resulting from the passage of time is recognised as a finance cost. 37
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 2. Critical accounting judgements, estimates and assumptions (continued) Revenue from manufacturing of goods and rendering of services A significant portion of the Group's activities is from contracts where revenue is recognised over time. The Group is required to make estimates of sales, costs and extent of progress towards completion. These estimates may depend upon the outcome of future events and may need to be revised as circumstances change. Changes in sales or costs, from a change in estimates, are reflected in the profit or loss in the period in which the circumstances become known to management. Refer to note 4 for further detai ls on accounting policies. Note 3. Operating segments Accounting policy for operating segments 30 June 2026 30 June 2025 $ $ Revenue from contracts with customers Sales recognised over a period of time 154,580,471 114,189,635 Sales recognised at a point in time 14,120,226 3,617,963 168,700,697 117,807,598 Other revenue Rental income 26,607 9,066 Sundry revenue 255,026 328,062 281,633 337,128 Revenue 168,982,330 118,144,726 38 Operating segments are identified based on internal reports regularly reviewed by the Group’s Chief Operating Decision Makers (‘CODM’) to assess performance and determine resource allocation. The Group has identified its CODM as the Board of Directors together with the Managing Director, acting collectively. The CODM assesses the Group’s performance and allocates resources primarily by reference to consolidated Group financial information, including Group revenue, earnings, cash flow, capital allocation and strategic priorities. While business-level and legal- entity information is available and reviewed by management and the Board, it is used to support variance analysis, operational monitoring, integration, and stewardship, rather than as the primary basis for separate CODM resource allocation or formal performance assessment. On this basis, the Group has determined that it has one operating segment and one reportable segment, being the provision of electrical and telecommunications infrastructure products and services. The Group also operates in one geographical segment, being Australia. As the Group operates in one reportable segment, the consolidated results are also its segment results. Revenue from overseas customers is not material to the Group. Note 4. Revenue
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 4. Revenue (continued) Disaggregation of revenue The disaggregation of revenue from contracts with customers is as follows: 30 June 2026 30 June 2025 $ $ Major product lines Sale of purchased products 4,635,468 3,617,963 Sale of manufactured products 9,484,758 - Revenue from rendering of services 17,323,598 14,981,406 Revenue from manufactured products 137,256,873 99,208,229 168,700,697 117,807,598 Accounting policy for revenue recognition The Group recognises revenue as follows: Revenue from contracts with customers Revenue is recognised at an amount that reflects the consideration to which the Group is expected to be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the Group: identifies the contract with a customer; identifies the performance obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct good or service to be delivered; and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised. Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as discounts, rebates and refunds, any potential bonuses receivable from the customer and any other contingent events. The majority of contracts with customers do not include a variable component, and if provided, do not have a significant impact on revenue. Sale of purchased products Revenue from the sale of goods is recognised at the point in time when the customer obtains control of the goods, which is generally at the time of delivery. Sale of manufactured products Revenue from the sale of manufactured products is recognised at the point in time when control of the product transfers to the customer, generally on delivery, dispatch, or customer acceptance, depending on the terms of the contract. Revenue from rendering of services Revenue from a contract to provide services is recognised over time as the services are rendered based on either a fixed price based on a percentage of costs incurred over expected costs, or an hourly rate as the cost is incurred. Revenue from manufactured products Revenue from contracts for the manufacture of customer-specific products is recognised over time where the product has no alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. Revenue from contracts for the manufacturing of goods is recognised based on a percentage of completion on a cost incurred basis, including a profit margin. Interest Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset. 39
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 4. Revenue (continued) Other revenue Other revenue is recognised when payment is received or when the right to receive payment is established. Note 5. Other income 30 June 2026 30 June 2025 $ $ Net gain on disposal of property, plant and equipment 2,409 - Apprentice subsidies rebates 55,991 56,380 Insurance recoveries 130,136 - Other income 188,536 56,380 Note 6. Expenses 30 June 2026 30 June 2025 $ $ Profit before income tax includes the following specific expenses: Depreciation Buildings 358,815 293,617 Leasehold improvements 14,147 8,822 Plant and equipment 721,724 507,056 Motor vehicles 165,057 106,490 Buildings right-of-use assets 1,510,113 864,136 Total depreciation 2,769,856 1,780,121 Amortisation Development costs - 153,784 Customer contracts 216,182 - Customer relationships 375,520 - Total amortisation 591,702 153,784 Total depreciation and amortisation 3,361,558 1,933,905 Finance costs Interest and finance charges paid/payable on borrowings 249,916 110,321 Interest and finance charges paid/payable on lease liabilities 244,401 89,720 Finance costs expensed 494,317 200,041 40 Net loss on disposalNet loss on disposal of property, plant and equipment-169,407
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 6. Expenses (continued) 30 June 2026 30 June 2025 $ $ Leases Net loss on modification of leases - 2,070 Superannuation expense Defined contribution superannuation expense 4,248,592 2,732,142 Share-based payments expense Share-based payments expense 380,979 273,752 Write off/(Write back) of assets (included in Other expenses) Inventories 20,664 134,216 Bad and doubtful debts 86,376 17,948 Note 7. Income tax 30 June 2026 30 June 2025 $ $ Income tax expense Current tax 2,414,265 - Deferred tax 2,303,007 3,111,380 Adjustment recognised for prior periods (475) - Aggregate income tax expense 4,716,797 3,111,380 Numerical reconciliation of income tax expense and tax at the statutory rate Profit before income tax expense 12,754,208 9,871,264 Tax at the statutory tax rate of 30% 3,826,262 2,961,379 Tax effect amounts which are not deductible/(taxable) in calculating taxable income: Share-based payments 114,040 82,126 Other non-allowable items 879,213 156,011 Tax losses recognised (102,243) (88,136) 4,717,272 3,111,380 Adjustment recognised for prior periods (475) - Income tax expense 4,716,797 3,111,380 41
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 7. Income tax (continued) 30 June 2026 30 June 2025 $ $ Unused tax losses for which no deferred tax asset has been recognised Opening Balance 4,006,915 4,300,701 Recognised as a deferred tax asset (340,809) (293,786) Tax losses not recognised 3,666,106 4,006,915 Tax losses - potential tax benefit @ 30% 1,099,832 1,202,074 These tax losses can only be utilised in the future if the continuity of ownership test is passed and the same business tests are passed. The above potential tax benefit for deductible temporary differences has not been recognised in the statement of financial position, as the recovery of this benefit is uncertain. The unrecognised tax losses amount to $3,666,106 in transferred tax losses, which can reduce taxable income by only 3.6% to 0.1% in any given year. 30 June 2026 30 June 2025 $ $ Deferred tax asset Deferred tax asset comprises temporary differences attributable to: Amounts recognised in profit or loss: Tax losses carried forward - 2,837,618 Employee benefits 2,100,094 1,102,427 Leases liabilities 2,061,019 678,027 Provisions - 12,648 Accrued expenses 102,158 40,602 Trade receivables 29,272 3,364 Property, plant and equipment (4,787,320) (2,932,983) Inventories 214,231 175,965 Prepayments (66,530) - Intangibles (4,804,926) - Deferred transaction costs 377,320 - Deferred tax asset/(liability) (4,774,682) 1,917,668 Movements: Opening balance 1,917,668 5,333,619 Charged to profit or loss (2,303,007) (3,111,380) Charged to equity (2,413) (304,571) Additions through business combinations (note 36) (4,387,405) - Adjustments recognised for prior periods 475 - Closing balance (4,774,682) 1,917,668 The recoverability of the deferred tax assets has been reassessed using the probable cash flow projections. The Company believes that future taxable amounts will be available to utilise the temporary differences and tax losses. 42
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 7. Income tax (continued) 30 June 2026 30 June 2025 $ $ Provision for income tax Provision for income tax 395,267 - Accounting policy for income tax The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for: ● When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or ● When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. The tax-consolidated group also has a tax sharing agreement in place to limit the liability of subsidiaries in the tax-consolidated group, arising under the joint and several liability provisions of the tax consolidation system, in the event of default by the parent entity to meet its payment obligations. Tax Consolidation The parent entity and its subsidiaries have implemented the tax consolidation legislation and have formed a tax-consolidated group. This means that: ● each entity recognises its own current and deferred tax amounts in respect of the transactions, events and balances of the entity. ● the parent entity assumes the current tax liability and any deferred tax assets relating to tax losses, arising in the subsidiary, and recognises a contribution to (or distribution from) the subsidiaries. Note 8. Non-IFRS Financial Measures The Group uses certain non-IFRS financial measures, including Underlying EBITDA, Underlying NPAT, NPATA and Underlying Earnings Per Share, to assist users in understanding the Group's underlying operating performance. These measures are not defined by Australian Accounting Standards and should not be considered a substitute for statutory measures. Further discussion of the Group's underlying financial performance and separately disclosed items is included in the Review of Operations within the Directors' Report. 43
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 8. Non-IFRS Financial Measures (continued) The non-IFRS measures presented by the Group include: ● Underlying EBITDA – earnings before interest, tax, depreciation and amortisation, adjusted for separately disclosed items. ● Underlying NPAT – net profit after tax adjusted for the after-tax impact of separately disclosed items. ● NPATA (Net Profit After Tax Before Acquired Amortisation) represents Underlying NPAT adjusted for the after-tax amortisation of acquired intangible assets recognised in connection with business combinations. ● Underlying earnings per share — Underlying NPAT divided by the weighted average number of ordinary shares used in calculating basic earnings per share (note 43). Acquired intangible assets comprise identifiable intangible assets recognised as part of business combinations. Amortisation of these assets is a non-cash accounting charge recognised in accordance with Australian Accounting Standards. Separately disclosed items recognised during the current and comparative periods are set out below: 30 June 2026 Description Pre-tax Tax effect After-tax Acquisition and transaction costs incurred in connection with the acquisition of SMEC Power & Technology and BE Switchcraft 1,206,513 (12,821) 1,193,692 Fair value adjustment relating to share-based contingent consideration associated with the acquisition of SMEC Power & Technology 917,243 - 917,243 Costs associated with a legacy legal matter inherited through the reverse acquisition of Stream Group Limited in 2020 788,603 - 788,603 2,912,359 (12,821) 2,899,538 30 June 2025 Pre-tax Tax effect After-tax Costs associated with a legacy legal matter inherited through the reverse acquisition of Stream Group Limited in 2020 526,991 - 526,991 A reconciliation of the Group's statutory results to the non-IFRS measures is set out below. Reconciliation of Statutory NPAT to Underlying NPAT and NPATA 30 June 2026 30 June 2025 $ $ Net profit after income tax (statutory NPAT) 8,037,411 6,759,884 Add/(less): after-tax impact of separately disclosed items 2,899,538 526,991 Underlying NPAT 10,936,949 7,286,875 Add: after-tax amortisation of acquired intangible assets arising from business combinations 414,191 - NPATA 11,351,140 7,286,875 Cents Cents Underlying basic earnings per share 10.05 7.80 44
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 8. Non-IFRS Financial Measures (continued) Reconciliation of Statutory Profit Before Tax to Underlying EBITDA 30 June 2026 30 June 2025 $ $ Profit before income tax expense 12,754,208 9,871,264 Depreciation and amortisation 3,361,558 1,933,905 Net finance income (569,580) (343,281) EBITDA 15,546,186 11,461,888 Add/(less): before-tax impact of separately disclosed items 2,912,359 526,991 Underlying EBITDA 18,458,545 11,988,879 Note 9. Cash and cash equivalents 30 June 2026 30 June 2025 $ $ Current assets Cash on hand 1,000 1,000 Cash at bank 9,932,403 16,922,730 Cash on deposit 11,897,534 - 21,830,937 16,923,730 Cash on deposit comprises a fixed-term deposit held with the Commonwealth Bank of Australia. As at 30 June 2026, the deposit had a balance of $11,897,534, earned interest at a fixed rate of 4.82% per annum, payable at maturity, and matured on 20 July 2026, at which point it automatically reinvested as an at-call deposit unless the Group provided prior withdrawal instructions. Accounting policy for cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Note 10. Trade and other receivables 30 June 2026 30 June 2025 $ $ Current assets Receivables from contracts with customers 31,529,357 12,630,891 Less: Allowance for expected credit losses (97,572) (11,211) 31,431,785 12,619,680 Other receivables - 1,147 Interest receivable 97,681 - 31,529,466 12,620,827 45
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 10. Trade and other receivables (continued) Allowance for expected credit losses The Group has recognised a loss of $86,376 (30 June 2025: loss $17,948) in profit or loss in respect of the expected credit losses for the year ended 30 June 2026. The ageing of the receivables and allowance for expected credit losses provided for above are as follows: Expected credit loss rate Carrying amount Allowance for expected credit losses 30 June 2026 30 June 2025 30 June 2026 30 June 2025 30 June 2026 30 June 2025 % % $ $ $ $ Not overdue 0.02% 0.03% 24,381,304 10,921,469 4,876 3,276 1 month overdue 0.10% 0.12% 6,236,170 1,453,576 6,236 1,744 2 months overdue 0.75% 0.87% 831,660 210,400 6,237 1,830 3 months overdue 2.44% 2.56% - - - - 4 to 6 months overdue 8.29% 9.36% - 46,593 - 4,361 over 6 months overdue 100.00% 100.00% 80,223 - 80,223 - 31,529,357 12,632,038 97,572 11,211 Movements in the allowance for expected credit losses are as follows: 30 June 2026 30 June 2025 $ $ Opening balance 11,211 18,401 Additional provisions recognised 86,376 17,948 Receivables written off during the year as uncollectable (15) (25,138) Closing balance 97,572 11,211 The Group limits its exposure to credit risk from trade receivables by establishing payment terms generally ranging from one to two months. The Group continues to actively monitor credit risk and collection performance across its customer portfolio. Historical credit losses and receivables write-offs have remained at low levels, reflecting the quality of the Group's customer base and disciplined credit management practices. Based on historical collection experience, customer-specific factors and current economic conditions, management considers the expected credit loss provision at 30 June 2026 to be appropriate. Accounting policy for trade and other receivables Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within one to two months. The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue. Other receivables are recognised at amortised cost, less any allowance for expected credit losses. 46
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 11. Contract assets 30 June 2026 30 June 2025 $ $ Current assets Contract assets 13,658,864 8,643,321 Contract assets transferred to trade receivables 8,643,321 5,336,224 The Group has an unconditional right to consideration upon meeting specific contractual obligations as part of various contracts within an original expected duration of one year or less. Contract assets are subject to the expected credit loss requirements of AASB 9. Management assessed the expected credit losses associated with contract assets at 30 June 2026 and determined that no material loss allowance was required. Accounting policy for contract assets Contract assets are recognised when the Group has transferred goods or services to the customer but where the Group is yet to establish an unconditional right to consideration. Contract assets are treated as financial assets for impairment purposes. Note 12. Inventories 30 June 2026 30 June 2025 $ $ Current assets Raw materials 6,734,368 3,663,533 Work in progress - at cost 1,157,146 - Finished goods 1,132,389 1,288,604 Less: Provision for impairment (538,145) (586,549) 594,244 702,055 8,485,758 4,365,588 Accounting policy for inventories Raw materials, work in progress and finished goods are stated at the lower of cost and net realisable value on a 'weighted-average costs' basis. Cost comprises direct materials and delivery costs, direct labour, and import duties and other taxes. Costs of purchased inventory are determined, net of rebates and discounts received or receivable. Finished goods are stated at the lower of cost and net realisable value. Cost comprises purchase and delivery costs, net of rebates, and discounts received or receivable. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. 47
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 13. Other assets 30 June 2026 30 June 2025 $ $ Current assets Prepayments 811,481 1,156,129 Security deposits 200,088 97,755 Other current assets 135,107 - 1,146,676 1,253,884 Non-current assets Security deposits 6,000 6,000 1,152,676 1,259,884 Note 14. Right-of-use assets 30 June 2026 30 June 2025 $ $ Non-current assets Land and buildings - right-of-use 11,191,600 5,040,804 Less: Accumulated depreciation (4,576,357) (2,982,449) 6,615,243 2,058,355 The Group leases land and buildings for its offices and warehouses under agreements of between 2 to 5 years with, in some cases, options to extend. The leases have various escalation clauses. On renewal, the terms of the leases are renegotiated. Reconciliations Reconciliations of the written down values at the beginning and end of the current financial year are set out below: Land and Buildings $ Balance at 1 July 2025 2,058,355 Additions 885,438 Additions through business combinations (note 36) 5,181,563 Depreciation expense (1,510,113) Balance at 30 June 2026 6,615,243 Accounting policy for right-of-use assets A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset. Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the Group expects to obtain ownership of the leased asset at the end of the lease term, the 48
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 14. Right-of-use assets (continued) depreciation is over its estimated useful life. Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities. The Group has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to profit or loss as incurred. Note 15. Funds held in trust 30 June 2026 30 June 2025 $ $ Current assets Funds held in trust 1,271,156 - Included within financial assets is $1,271,156 (2025: nil) held in a solicitor's trust account in connection with the Nicon litigation matter inherited as part of the reverse acquisition of Stream Group Limited by Mayfield Group Investments Pty Ltd on 20 November 2020. The matter relates to events that occurred prior to the acquisition and is not connected to the Group's current trading activities. The funds are held pursuant to legal and court requirements pending final resolution of the matter and are not available for general use by the Group. Accordingly, the balance has not been classified as cash and cash equivalents and is presented separately as a financial asset. The directors have assessed the likely outcome of the matter and their best estimate of the amounts expected to be payable on final resolution is included within sundry creditors and accruals (Note 18), consistent with prior periods. The directors do not consider it probable that the ultimate liability will materially exceed the amounts recognised. Note 16. Property, plant and equipment 30 June 2026 30 June 2025 $ $ Non-current assets Land - at independent valuation 15,187,740 6,650,000 Buildings - at independent valuation 10,468,379 7,615,638 Less: Accumulated depreciation (61,983) (23,612) 10,406,396 7,592,026 Leasehold improvements - at cost 238,928 213,907 Less: Accumulated depreciation (176,639) (162,492) 62,289 51,415 Plant and equipment - at cost 9,821,985 7,692,383 Less: Accumulated depreciation (6,145,440) (5,425,482) 3,676,545 2,266,901 Motor vehicles - at cost 2,496,235 1,125,201 Less: Accumulated depreciation (1,055,432) (920,891) 1,440,803 204,310 30,773,773 16,764,652 49
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 16. Property, plant and equipment (continued) Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: Land Buildings Leasehold Plant and Motor Capital Work improvements equipment vehicles in Progress Total $ $ $ $ $ $ $ Balance at 1 July 2024 5,300,000 7,676,835 60,237 2,461,581 250,220 377,738 16,126,611 Additions - 344,809 - 284,085 60,580 31,718 721,192 Disposals - - - - - (182,407) (182,407) Revaluation increments 1,350,000 (334,759) - - - - 1,015,241 Transfers in/(out) - 198,758 - 28,291 - (227,049) - Depreciation expense - (293,617) (8,822) (507,056) (106,490) - (915,985) Balance at 30 June 2025 6,650,000 7,592,026 51,415 2,266,901 204,310 - 16,764,652 Additions 7,887,740 2,268,379 25,021 329,811 50,277 - 10,561,228 Additions through business combinations (note 36) - - - 1,801,557 1,351,273 - 3,152,830 Revaluation increments 650,000 904,806 - - - - 1,554,806 Depreciation expense - (358,815) (14,147) (721,724) (165,057) - (1,259,743) Balance at 30 June 2026 15,187,740 10,406,396 62,289 3,676,545 1,440,803 - 30,773,773 Refer to note 28 for further information on fair value measurement. Land and buildings stated under the historical cost convention If land and buildings were stated under the historical cost convention, the amounts would be as follows: 30 June 2026 30 June 2025 $ $ Land - at cost 9,250,839 1,363,099 9,250,839 1,363,099 Buildings - at cost 10,229,994 7,961,614 Less: Accumulated depreciation (2,039,233) (1,650,844) 8,190,761 6,310,770 Accounting policy for property, plant and equipment Land and buildings are shown at fair value, based on periodic, at least every 3 years, valuations by external independent valuers, less subsequent depreciation and impairment for buildings. The valuations are undertaken more frequently if there is a material change in the fair value relative to the carrying amount. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. Increases in the carrying amounts arising on revaluation of land and buildings are credited in other comprehensive income through to the revaluation surplus reserve in equity. Any revaluation decrements are initially taken in other comprehensive income through to the revaluation surplus reserve to the extent of any previous revaluation surplus of the same asset. Thereafter the decrements are taken to profit or loss. Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. 50
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 16. Property, plant and equipment (continued) Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land) over their expected useful lives as follows: Buildings 30 years Plant and equipment 3-20 years Motor vehicles 5-10 years The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. Leasehold improvements are depreciated over the unexpired period of the lease or the estimated useful life of the assets, whichever is shorter. The remaining lease terms range between 2 and 3 years. An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained profits. Government grants relating to assets are deducted from the carrying amount of those assets. Note 17. Intangibles 30 June 2026 30 June 2025 $ $ Non-current assets Goodwill - at cost 12,275,827 1,390,742 Development - at cost - 563,800 Less: Accumulated amortisation - (563,800) - - Customer contracts - at cost 1,587,307 - Less: Accumulated amortisation (216,182) - 1,371,125 - Customer relationships - at cost 15,020,813 - Less: Accumulated amortisation (375,520) - 14,645,293 - 28,292,245 1,390,742 Reconciliations Reconciliations of the written down values at the beginning and end of the current financial year are set out below: Goodwill Customer Relationships Customer Contracts Total $ $ $ $ Balance at 1 July 2025 1,390,742 - - 1,390,742 Additions through business combinations (note 36) 10,885,085 15,020,813 1,587,307 27,493,205 Amortisation expense - (375,520) (216,182) (591,702) Balance at 30 June 2026 12,275,827 14,645,293 1,371,125 28,292,245 51
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 17. Intangibles (continued) The recoverable amount of the Group's goodwill has been determined by a value -in-use calculation using a discounted cash flow model, based on a 4 -year projection period approved by the board and extrapolated for a further year using a steady 3.0% rate, together with a terminal value. 52 Goodwill is allocated to the Group’s CGUs for impairment testing purposes, being the Critical Control & Communications business (previously referred to as ATI Telecom), Mayfield Industries, BE Switchcraft, and SMEC Operations. During the 2026 financial year, the Group recognised additional goodwill from business combinations, including goodwill allocated to BE Switchcraft and SMEC Operations. As at 30 June 2026, goodwill allocated to the CGUs comprised Critical Control & Communications $872,827, Mayfield Industries $517,914, BE Switchcraft $3,761,966 and SMEC Operations $7,123,120. The value-in-use calculations for each CGU exceeded the carrying value of the related CGU, and no impairment was identified. The following key assumptions were used in the discounted cash flow models: ● Pre-tax discount rates: Critical Control & Communications 21.1%, Mayfield Industries 19.4%, BE Switchcraft 21.7% and SMEC Operations 21.1%; ● 3.0% (2025: 3.0%) per annum revenue and terminal value growth rate; ● Labour can be sourced and increases in labour cost can be recovered from customers; ● There is no significant delay in equipment and materials, and increases in costs can be recovered from customers; and ● Margins achieved on current contracts are sustainable in the current economic climate. The discount rates reflect current market assessments of the time value of money and risks specific to each CGU, including entity- specific risk premiums, forecast achievement risk, scale, customer concentration and marketability considerations. The post-tax discount rates used in the models were 15.5% for Critical Control & Communications, 14.1% for Mayfield Industries, 15.5% for BE Switchcraft and 16.9% for SMEC Operations. The impairment assessment resulted in headroom of approximately $1,337,127 for Critical Control & Communications, $77,215,913 for Mayfield Industries, $3,390,233 for BE Switchcraft and $5,670,370 for SMEC Operations. Sensitivity analysis indicates that all CGUs retain positive headroom across the assessed range of entity risk premiums, except that SMEC Operations would become sensitive to adverse changes at higher risk premium levels. Based on the impairment testing performed, no impairment expense has been recognised. Goodwill Goodwill arises on the acquisition of a business. Goodwill is not amortised. Instead, goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed. Research and development Research costs are expensed in the period in which they are incurred. Development costs for a battery management system are capitalised when it is probable that the project will be a success considering its commercial and technical feasibility; the Group is able to use or sell the asset; the Group has sufficient resources and intent to complete the development; and its costs can be measured reliably. Capitalised development costs are amortised on a straight-line basis over the period of their expected benefit, being their finite life of 4 years. Customer contracts Customer contracts acquired through a business combination are recognised separately from goodwill where they are identifiable and can be measured reliably. These assets are initially measured at fair value at the acquisition date and subsequently carried at cost less accumulated amortisation and any accumulated impairment losses. Customer contracts are amortised on a straight-line basis over their estimated useful life of approximately 2 years, reflecting the expected period over which the contractual benefits are consumed. Customer Relationships Customer relationships acquired through a business combination are recognised separately from goodwill where they are identifiable and can be measured reliably. These assets are initially measured at fair value at the acquisition date and subsequently carried at cost
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 17. Intangibles (continued) less accumulated amortisation and any accumulated impairment losses. Customer relationships are amortised on a straight-line basis over their estimated useful life of 10 years. Note 18. Trade and other payables 30 June 2026 30 June 2025 $ $ Current liabilities Trade payables 11,161,702 10,417,912 Sundry creditors and accruals 8,745,623 2,935,664 19,907,325 13,353,576 Refer to note 27 for further information on financial instruments. Accounting policy for trade and other payables These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition. Note 19. Contract liabilities 30 June 2026 30 June 2025 $ $ Current liabilities Contract liabilities 15,505,117 12,152,289 Contract liabilities transfer to revenue 12,152,289 10,376,657 Unsatisfied performance obligations are part of various contracts with an original expected duration of one year or less. Accounting policy for contract liabilities Contract liabilities represent the Group's obligation to transfer goods or services to a customer and are recognised when a customer pays consideration, or when the Group recognises a receivable to reflect its unconditional right to consideration (whichever is earlier) before the Group has transferred the goods or services to the customer. Note 20. Borrowings 30 June 2026 30 June 2025 $ $ Current liabilities Equipment finance loans - 73,658 Refer to note 27 for further information on financial instruments. Assets pledged as security The Group's banking facilities, including bank loans, bank guarantees and equipment finance facilities, are secured by a first-ranking general security interest over the Group's property. The bank overdraft facility was cancelled during the year ended 30 June 2026. 53
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 20. Borrowings (continued) Financing arrangements Unrestricted access was available at the reporting date to the following lines of credit: 30 June 2026 30 June 2025 $ $ Total facilities Bank overdraft - 3,000,000 Bank loans 8,400,000 5,197,500 Bank guarantees 23,000,000 20,000,000 Equipment finance 3,000,000 3,000,000 34,400,000 31,197,500 Used at the reporting date Bank overdraft - - Bank loans - - Bank guarantees 15,655,204 12,436,525 Equipment finance - 73,658 15,655,204 12,510,183 Unused at the reporting date Bank overdraft - 3,000,000 Bank loans 8,400,000 5,197,500 Bank guarantees 7,344,796 7,563,475 Equipment finance 3,000,000 2,926,342 18,744,796 18,687,317 The bank facility is a variable-rate, interest-only loan secured by first-ranking mortgages over the properties at 3 Gidgie Court, Edinburgh, South Australia, and 1180 Old Port Road, Royal Park, South Australia. The facility matures on 31 July 2029. The Group cancelled its $3,000,000 overdraft facility during FY2026. Accordingly, no overdraft facility was available at 30 June 2026. In the course of providing goods and services to its customers, the group provides performance and latent defect bank guarantees to third parties. The Group has not had any claims against bank guarantees in the current or prior year up to the signing date of this financial report. The potential exposure is treated as a contingent liability. Equipment finance loans have loan repayment periods between 2 and 5 years with fixed interest rates established at the commencement of the term. The Group's facilities are subject to customary financial and non-financial covenants, including financial ratio requirements, reporting obligations and other operational undertakings. The Group was compliant with all covenant requirements as at 30 June 2026. At 30 June 2026, the corporate entity has an unlimited interlocking corporate Guarantee and Indemnity between its Australian members of the Group. Accounting policy for borrowings Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method. 54
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 21. Lease liabilities 30 June 2026 30 June 2025 $ $ Current liabilities Lease liability 1,329,431 842,027 Non-current liabilities Lease liability 5,540,635 1,412,352 6,870,066 2,254,379 Accounting policy for lease liabilities A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred. Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down. Note 22. Provisions 30 June 2026 30 June 2025 $ $ Current liabilities Employee benefits 6,250,603 3,054,000 Warranties 135,610 42,159 6,386,213 3,096,159 Non-current liabilities Employee benefits 340,625 325,330 6,726,838 3,421,489 The aggregate employee benefits liability is $6,591,228 (2025: $3,379,330) Warranties The provision represents the estimated warranty claims in respect of sales of products and services that are still under warranty at the reporting date. The provision is estimated based on historical warranty claim information, sales levels and any recent trends that may suggest future claims could differ from historical amounts. It is expected that the majority of this expenditure will be incurred in the next annual reporting period, and all will be incurred within two years of the reporting date. 55
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 22. Provisions (continued) Movements in provisions Movements in each class of provision during the current financial year, other than employee benefits, are set out below: Warranty provisions 30 June 2026 $ Carrying amount at the start of the year 42,159 Additional provisions recognised 150,618 Amounts used (57,167) Carrying amount at the end of the year 135,610 Accounting policy for provisions Provisions are recognised when the Group has a present (legal or constructive) obligation as a result of a past event, it is probable the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognised as a finance cost. Accounting policy for employee benefits Short-term employee benefits Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled. Other long-term employee benefits The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on high quality corporate bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. Defined contribution superannuation expense Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred. Note 23. Contingent consideration 30 June 2026 30 June 2025 $ $ Current liabilities Contingent consideration 9,403,693 - Contingent consideration has been recognised in respect of the acquisition of SMEC Power & Technology. The contingent consideration represents amounts payable to the vendors based on the acquired business's performance in the 2026 financial year and has been measured at its estimated fair value as at 30 June 2026. The fair value of the contingent consideration has been determined using the actual EBITDA performance achieved and the market share price applicable to the scrip component as at 30 June 2026. Subsequent to year-end, on 29 July 2026, the contingent consideration was settled through a cash payment of $6,300,000 together with the issue of 1,066,561 ordinary shares at $2.16 per share, being $2,303,772, for a total settlement of $8,603,772. The shares issued are subject to a 24-month escrow period. 56
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 23. Contingent consideration (continued) The contingent consideration was initially recognised at its acquisition-date fair value of $8,486,450 and was remeasured to $9,403,693 at 30 June 2026. The movement of $917,243 reflects the change in fair value during the period, primarily due to the actual EBITDA performance achieved and the market share price applicable to the scrip component at year-end, and has been recognised in profit or loss. The liability is classified as a Level 3 fair value liability because it uses unobservable inputs to determine its fair value. Note 24. Issued capital 30 June 2026 30 June 2025 30 June 2026 30 June 2025 Shares Shares $ $ Ordinary shares - fully paid 116,229,882 92,808,181 52,482,893 11,758,622 Ordinary shares - partly paid 1,631,106 2,197,802 190,018 164,074 117,860,988 95,005,983 52,672,911 11,922,696 On 24 October 2024, the Company granted the Executive Director 2,197,802 partly-paid shares at an exercise price of $0.455 per share. The fair value at the grant date was $0.364 per share. The fair value of these shares has been recognised over the service period in accordance with AASB 2 Share-based Payments. During the year ended 30 June 2026, the amount paid towards partly-paid shares increased from $164,074 at 30 June 2025 to $190,018 at 30 June 2026. The movement comprised further amounts paid towards partly-paid shares of $543,476, partly offset by the transfer of $517,532 to fully paid ordinary share capital on 24 December 2025, when partly-paid shares held by AJ Rowe were transferred to SR Higgins and converted to 631,907 fully paid ordinary shares. As the transfer was recorded within issued capital, the conversion did not change total issued capital. Following the conversion and the issue of 65,211 new partly-paid shares on 20 May 2026, 1,631,106 partly-paid shares remained on issue at 30 June 2026 Movements in ordinary share capital Details Date Shares Issue price* $ Opening balance 1 July 2024 91,469,050 11,042,157 Issue of partly-paid shares 24 October 2024 2,197,802 - Paid in towards partly paid shares 24 October 2024 39,560 Options exercised 8 January 2025 200,000 $0.54460 108,920 Options exercised 15 January 2025 464,131 $0.54460 252,765 Options exercised 31 January 2025 100,000 $0.54460 54,460 Paid in towards partly-paid shares 20 February 2025 124,514 Options exercised 18 February 2025 300,000 $0.54460 163,379 Options exercised 28 February 2025 105,000 $0.42247 44,359 Options exercised 26 June 2025 170,000 $0.54460 92,582 Closing balance 30 June 2025 95,005,983 11,922,696 57
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 24. Issued capital (continued) Details Date Shares Issue price* $ Opening balance 30 June 2025 95,005,983 11,922,696 Options exercised 3 July 2025 468,905 $0.54460 255,366 Shares issued - acquisition of BE Switchcraft Pty Ltd 29 August 2025 1,893,951 $1.53000 2,897,743 Paid towards partly-paid shares 18 September 2025 43,516 Options exercised 27 October 2025 50,000 $0.45500 22,750 Options exercised 12 November 2025 642,128 $0.54460 349,703 Shares issued - capital raise 17 November 2025 16,052,631 $1.83349 29,432,364 Shares issued - share purchase plan 03 December 2025 1,578,767 $1.89118 2,985,737 Paid towards partly-paid shares 22 December 2025 470,954 Paid towards partly-paid shares 20 March 2026 28,185 Shares issued - acquisition of SMEC Power & Technology 31 March 2026 2,073,412 $2.05000 4,250,497 Shares issued - partly-paid shares 20 May 2026 65,211 - Paid towards partly-paid shares 20 May 2026 821 Options exercised 26 May 2026 30,000 $0.41927 12,579 Closing balance 30 June 2026 117,860,988 52,672,911 * The issue price shown for options exercised represents the total amount credited to issued capital per share, comprising the cash exercise price received plus the grant-date fair value of the option previously recognised in the share-based payments reserve and transferred to issued capital on exercise. The Company completed a capital raising that included a share placement to institutional investors and a Share Purchase Plan (SPP) for existing shareholders. In total, 17,631,398 new ordinary shares were issued, increasing contributed equity by $32,418,101 (net of costs and deferred tax). The share placement, finalised on 17 November 2025, generated $30,500,000 in cash proceeds by issuing fully paid ordinary shares. A placement fee of $1,067,636 (net of $457,558 deferred tax) was incurred and recorded as a transaction cost of the share issue, offset against equity. The Share Purchase Plan, completed on 3 December 2025, raised an additional $2,999,720 in cash proceeds by issuing fully paid ordinary shares. A fee of $13,983 (net of $5,993 deferred tax) was incurred and recorded as a transaction cost of the share issue, offset against equity. Ordinary shares Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorised capital. Share buy-back The Company has established an on-market share buy-back scheme under which it may buy-back up to 10% of the Company's issued share capital over the next 12 months. The objective of the buy-back scheme is capital management. Capital risk management The Group's objectives when managing capital are to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital. Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated as total borrowings less cash and cash equivalents. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. 58
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 24. Issued capital (continued) The Group would look to raise capital when an opportunity to invest in a business or company was seen as value adding relative to the current Company's share price at the time of the investment. The Group is not actively pursuing additional investments in the short term as it continues to integrate and grow its existing businesses in order to maximise synergies. The Group is subject to certain financing arrangements covenants and meeting these is given priority in all capital risk management decisions. There have been no events of default on the financing arrangements during the financial year. Accounting policy for issued capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Note 25. Reserves 30 June 2026 30 June 2025 $ $ Revaluation surplus reserve 5,710,046 4,621,682 Share-based payments reserve 631,334 705,598 Restructure reserve (1,004,087) (1,004,087) 5,337,293 4,323,193 Revaluation surplus reserve The reserve is used to recognise increments and decrements in the fair value of land and buildings. Share-based payments reserve The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their remuneration, and other parties as part of their compensation for services. Restructure reserve The reserve is used to record equity restructures, including common control combinations and minority interest acquisitions. Note 26. Dividends Dividends Dividends paid during the financial year were as follows: 30 June 2026 30 June 2025 $ $ Final dividend for the year ended 30 June 2024 of 2 cents per ordinary share, fully franked - 1,829,381 Interim dividend for the year ended 30 June 2025 of 1 cent per ordinary share, fully franked - 944,309 Special dividend of 5.3 cents per ordinary share, fully franked - 5,000,000 Final dividend for the year ended 30 June 2025 of 2.2 cents per ordinary share, fully franked 2,150,125 - Interim dividend for the year ended 30 June 2026 of 2.0 cents per ordinary share, fully franked 2,313,847 - 4,463,972 7,773,690 59
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 26. Dividends (continued) Franking credits 30 June 2026 30 June 2025 $ $ Franking credits available at the reporting date based on a tax rate of 30% 5,364,862 5,649,259 Franking credits available for subsequent financial years based on a tax rate of 30% 5,364,862 5,649,259 Franking debits that will arise from the payment of dividends declared subsequent to the reporting date based on a tax rate of 30% (1,223,584) (895,771) Net franking credits available based on a tax rate of 30% 4,141,278 4,753,488 On 26 August 2026, the directors declared a fully franked final dividend for the year ended 30 June 2026 of 2.4 cents per ordinary share, with a record date of 4 September 2026 and payable on 17 September 2026. Based on the number of ordinary shares on issue at 31 July 2026, the total distribution is estimated at $2,855,029. The final amount will be determined by the number of shares on issue at the record date. As the dividend was declared after the reporting date, no provision has been recognised at 30 June 2026. The dividend will be fully franked. Accounting policy for dividends Dividends are recognised when declared during the financial year and no longer at the discretion of the Company. Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion of the Company, on or before the end of the financial year but not distributed at the reporting date. Note 27. Financial instruments Financial risk management objectives The Group's activities expose it to a variety of financial risks: market risk (including foreign currency risk, price risk and interest rate risk), credit risk and liquidity risk. The Group's overall risk management program seeks to minimise potential adverse effects on the financial performance of the Group. The Group uses derivative financial instruments such as forward foreign exchange contracts to hedge certain risk exposures. Derivatives are exclusively used for hedging purposes, i.e. not as trading or other speculative instruments. Risk management is carried out by senior finance executives ('finance') under policies approved by the Board of Directors ('the Board'). These policies include identification and analysis of the risk exposure of the Group and appropriate procedures, controls and risk limits. Finance identifies and evaluates financial risks within the Group's operating units and reports to the Board on a regular basis. Market risk Foreign currency risk The Group purchases inventory and equipment denominated in foreign currency and is exposed to foreign currency risk through foreign exchange rate fluctuations. Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities denominated in a currency that is not the entity's functional currency. The risk is measured using sensitivity analysis and cash flow forecasting. To protect against exchange rate movements, the Group's policy is to enter into foreign exchange contracts for all exposures exceeding $250,000. The Group does not have a material foreign currency exposure at the reporting date, and there were no outstanding forward exchange contracts. The Group did not maintain any derivative instruments at the end of the current or prior financial years. Price risk The Group is not exposed to any material price risk. 60
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 27. Financial instruments (continued) Interest rate risk The Group's main interest rate risk arises from long-term borrowings. Borrowings obtained at variable rates expose the Group to interest rate risk. Borrowings obtained at fixed rates expose the Group to fair value interest rate risk. As at the reporting date, the Group had the following fixed rate borrowings outstanding: 30 June 2026 30 June 2025 Weighted average interest rate Balance Weighted average interest rate Balance % $ % $ Equipment finance loans - - 2.86% 73,658 Total fixed rate borrowings - 73,658 An analysis by remaining contractual maturities in shown in 'liquidity and interest rate risk management' below. Equipment finance loans had fixed interest rates. All equipment finance loans were repaid during FY2026 and no balances were outstanding at 30 June 2026. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has a strict code of credit, including obtaining agency credit information, confirming references and setting appropriate credit limits. The Group obtains guarantees where appropriate to mitigate credit risk. The maximum exposure to credit risk at the reporting date to recognised financial assets is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to the financial statements. The Group does not hold any collateral. The Group has adopted a lifetime expected loss allowance in estimating expected credit losses to trade receivables through the use of a provisions matrix using fixed rates of credit loss provisioning. These provisions are considered representative across all customers of the Group based on recent sales experience and historical collection rates. The Group limits its exposure to credit risk from trade receivables by establishing payment terms generally ranging from one to two months. Historical credit losses and receivables write-offs have remained at low levels, reflecting the quality of the Group's customer portfolio and ongoing credit management processes. Based on historical collection experience and current economic conditions, management considers the expected credit loss provision at 30 June 2026 to be appropriate. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include the failure of a debtor to engage in a repayment plan, no active enforcement activity and a failure to make contractual payments for a period greater than 1 year. Credit risk related to balances with banks and other financial institutions is held with counterparties with a Standard and Poor's rating of at least a BBB rating. Liquidity risk Vigilant liquidity risk management requires the Group to maintain sufficient liquid assets (mainly cash and cash equivalents) and available borrowing facilities to be able to pay debts as and when they become due and payable. The Group manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities. Remaining contractual maturities The following tables detail the Group's remaining contractual maturity for its financial instrument liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are 61
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 27. Financial instruments (continued) required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial position. Weighted average interest rate 1 year or less Between 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities 30 June 2026 % $ $ $ $ $ Non-derivatives Non-interest bearing Trade payables - 11,161,702 - - - 11,161,702 Other payables - 8,745,623 - - - 8,745,623 Contingent consideration - 9,403,693 - - - 9,403,693 Interest-bearing - variable Lease liability 5.68% 2,036,729 1,513,627 3,711,496 583,333 7,845,185 Total non-derivatives 31,347,747 1,513,627 3,711,496 583,333 37,156,203 Weighted average interest rate 1 year or less Between 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities 30 June 2025 % $ $ $ $ $ Non-derivatives Non-interest bearing Trade payables - 10,417,912 - - - 10,417,912 Other payables - 2,935,664 - - - 2,935,664 Interest-bearing - variable Lease liability 3.05% 896,252 434,103 1,054,677 - 2,385,032 Equipment finance loans 2.86% 74,501 - - - 74,501 Total non-derivatives 14,324,329 434,103 1,054,677 - 15,813,109 The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed above. Fair value of financial instruments Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value. 62
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 28. Fair value measurement Fair value hierarchy The following tables detail the Group's assets and liabilities, measured or disclosed at fair value, using a three level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3: Unobservable inputs for the asset or liability Level 1 Level 2 Level 3 Total 30 June 2026 $ $ $ $ Assets Land and buildings - - 25,594,136 25,594,136 Total assets - - 25,594,136 25,594,136 Liabilities Contingent consideration liability - - 9,403,693 9,403,693 Total liabilities - - 9,403,693 9,403,693 Level 1 Level 2 Level 3 Total 30 June 2025 $ $ $ $ Assets Land and buildings - - 14,242,026 14,242,026 Total assets - - 14,242,026 14,242,026 There were no transfers between levels during the financial year. The carrying amounts of trade and other receivables and trade and other payables are assumed to approximate their fair values due to their short-term nature. The fair value of financial liabilities is estimated by discounting the remaining contractual maturities at the current market interest rate that is available for similar financial liabilities. Valuation techniques for fair value measurements categorised within level 3 Contingent Liability The contingent consideration liability fair value has been determined using the actual EBITDA performance achieved by SMEC Power & Technology and the market share price applicable to the scrip component as at 30 June 2026. The liability was initially recognised at its acquisition-date fair value of $8,486,450 and was remeasured to $9,403,693 at 30 June 2026, with the $917,243 movement recognised in profit or loss. The fair value of the contingent consideration liability is sensitive to changes in the inputs used to determine the final amount payable. A higher market share price for the scrip component would increase the fair value of the liability, whereas a lower market share price would decrease it. As the EBITDA performance has been determined based on actual results achieved to 30 June 2026, the remaining estimation uncertainty primarily relates to movements in the market share price up to settlement. Land and buildings The basis of the valuation of land and buildings is fair value. Land and buildings are valued by independent qualified valuers with recent experience in the location and category of the properties being valued. The Group's land and buildings are classified as Level 3 in the fair value hierarchy due to the significance of unobservable inputs used in determining fair value. The property located at 1180 Old Port Road, Royal Park, South Australia was acquired in January 2026 and subsequently underwent significant refurbishment and improvement works. The directors assessed the carrying amount of the property against available 63
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 28. Fair value measurement (continued) market evidence, including an independent valuation, and concluded that no material revaluation adjustment was required at 30 June 2026. The Group obtained an independent valuation of the property located at 3 Gidgie Court, Edinburgh, South Australia as at 30 June 2026. The valuation was undertaken using the income capitalisation approach, supported by comparable market transactions. Significant unobservable inputs included market rental income and capitalisation rates. The valuation adopted sustainable market rental income of $1,007,375 per annum and a capitalisation rate of 6.50%, resulting in a fair value of $15,500,000. Management concluded that the carrying value of the property at 30 June 2026 appropriately reflected fair value. The significant unobservable inputs used in determining fair value include: ● sustainable market rental income; ● capitalisation rates; ● vacancy allowances; ● market leasing assumptions; and ● property-specific adjustments reflecting the condition, location and utilisation of the asset. An increase in market rental rates or a decrease in capitalisation rates would result in a higher fair value measurement. Conversely, a decrease in market rental rates or an increase in capitalisation rates would result in a lower fair value measurement. Accounting policy for fair value measurement When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair value measurement. Note 29. Key management personnel disclosures Compensation The aggregate compensation made to directors and other key management personnel of the Group is set out below: 30 June 2026 30 June 2025 $ $ Short-term employee benefits 1,430,856 771,858 Post-employment benefits 144,479 47,591 Long-term benefits 24,293 954 Share-based payments 271,899 224,261 1,871,527 1,044,664 64
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 30. Remuneration of auditors During the financial year the following fees were paid or payable for services provided by KPMG, the auditor of the Company: 30 June 2026 30 June 2025 $ $ Audit services Audit or review of the financial statements 273,728 202,783 Note 31. Contingent assets During the year, a product delivered to a customer was damaged in transit and will require re-manufacture. The Group is seeking recovery from the transport company, either directly or through their insurer, and, if unsuccessful, intends to claim under its own insurance policy. Management believes that recovery of the costs incurred is probable, but not yet virtually certain. The claim is subject to confirmation by the insurer and determination of the amount payable. The potential inflow of economic benefits cannot be recognised in the financial statements at this stage. The estimated recovery, if successful, is approximately $1,500,000. No asset has been recognised as at 30 June 2026. Note 32. Contingent liabilities The group provides performance and latent defect bank guarantees to third parties. The outstanding bank guarantees as at 30 June 2026 were $15,655,204 (30 June 2025: $12,436,525). These bank guarantees have varying expiry dates from July 2026 to July 2031. The group has not had any claims against bank guarantees as of the signing date of this financial report. A subsidiary of the Company, Mayfield Industries Pty Ltd, has received correspondence from a customer regarding concerns over certain equipment supplied under a contract. The customer has indicated that the equipment may not meet certain technical specifications and has reserved the right to pursue potential remediation. The subsidiary company denies the allegations and maintains that the equipment was delivered per the contractual requirements. No formal legal proceedings have been initiated as at the reporting date. As the matter remains under review and the outcome is uncertain, no provision has been recognised. Note 33. Commitments On 19 August 2025, Mayfield Industries Pty Ltd entered into a lease agreement for the lease of 1080 Armstrong Road, Hope Valley, Western Australia. The lease is for a term of 10 years, with a further 5-year option, and provides for an annual base rent of $1,055,000 (exclusive of GST), subject to annual fixed increases of 3.5% and periodic market and CPI reviews. Under the terms of the lease, the commencement of the lease is contingent upon the completion of development works on the leased premises, which are to be undertaken by the lessor. The lease will commence only upon completion of the facility and its readiness for occupation and use by the lessee. As at 30 June 2026, the development is ongoing, and the lease is expected to commence on or around 1 December 2026, subject to the completion of construction. As the lease has not yet commenced, no right-of-use asset or lease liability has been recognised in accordance with AASB 16 Leases as at 30 June 2026. The Group will recognise the lease in its financial statements upon commencement, when control of the premises is obtained. 65
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 34. Related party transactions Parent entity Mayfield Group Holdings Ltd is the parent entity. Subsidiaries Interests in subsidiaries are set out in note 37. Key management personnel Disclosures relating to key management personnel are set out in note 29 and the remuneration report included in the directors' report. Transactions with related parties The following transactions occurred with related parties: 30 June 2026 30 June 2025 $ $ Payment for goods and services: Remuneration paid to a close family member of SR Higgins* 57,755 42,321 * The daughter of the Chair, SR Higgins, has been employed by the Company since 9 April 2024 as a Market Analyst. The remuneration package is consistent with the company’s policies and procedures and is applicable to all employees in similar roles and responsibilities. Receivable from and payable to related parties There were no trade receivables from or trade payables to related parties at the current and previous reporting date. Loans to/from related parties There were no loans to or from related parties at the current and previous reporting date. Terms and conditions All transactions were made on normal commercial terms and conditions and at market rates. Note 35. Parent entity information Set out below is the supplementary information about the parent entity. Statement of profit or loss and other comprehensive income Parent 30 June 2026 30 June 2025 $ $ Loss after income tax (2,463,800) (405,820) Total comprehensive income (2,463,800) (405,820) 66
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 35. Parent entity information (continued) Statement of financial position Parent 30 June 2026 30 June 2025 $ $ Total current assets 44,749,224 23,703,468 Total assets 86,157,521 34,508,192 Total current liabilities 28,502,688 10,580,732 Total liabilities 28,522,670 10,621,520 Equity Issued capital 53,202,814 12,452,599 Share-based payments reserve 631,334 705,598 Restructure reserve 17,367,405 17,367,405 Accumulated losses (13,566,702) (6,638,930) Total equity 57,634,851 23,886,672 The difference between the parent entity and consolidated issued capital balances in both the current and prior periods reflects the accounting treatment of the reverse acquisition of Stream Group Limited completed in FY2021 and does not relate to current period transactions. Guarantees entered into by the parent entity in relation to the debts of its subsidiaries The parent entity and some of its Australian subsidiaries are party to a deed of cross guarantee under which each company guarantees the debts of the others. No deficiencies of assets exist in any of these subsidiaries. The parent guaranteed the debts of two previous New Zealand subsidiaries. These subsidiaries were placed into liquidation on 27 July 2021 and were derecognised following the loss of control. No deficiencies of assets exist in these subsidiaries. However, the Parent is responsible for unsettled amounts of those subsidiaries. Contingent liabilities The parent guarantees the performance of its subsidiary, Mayfield Industries Pty Ltd (Mayfield Industries), under certain contracts with unrelated parties. The guarantees ensure that Mayfield Industries fulfils its obligations under the contracts. To the extent that Mayfield Industries would be liable under the contract, the parent indemnifies the third parties against any losses due to Mayfield Industries' non-performance. The liability is contingent upon the extent of Mayfield Industries' non-performance or breaches under the contracts. The guarantee covers all losses, damages, costs, and expenses incurred by parties due to any breach or non-observance of the contracts by Mayfield Industries for which Mayfield Industries would have been liable under those contracts. Capital commitments - Property, plant and equipment The parent entity had no capital commitments for property, plant and equipment as at 30 June 2026 and 30 June 2025. Material accounting policy information The accounting policies of the parent entity are consistent with those of the Group, as disclosed in note 1, except for the following: ● Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity. ● Investments in associates are accounted for at cost, less any impairment, in the parent entity. ● Dividends received from subsidiaries are recognised as other income by the parent entity. Dividends received are considered in assessing whether there is an indicator of impairment for the related investment in the subsidiary. 67
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 36. Business combinations Acquisition of BE Switchcraft Pty Ltd - 29 August 2025 On 30 May 2025, the Company signed a Share Purchase Agreement to acquire 100% of the issued share capital of BE Switchcraft Pty Ltd, a South Australian manufacturer specialising in electrical switchboards, energy management systems, lighting control, and room automation. The acquisition was completed on 29 August 2025. This acquisition supports the Consolidated Entity’s strategic objective of diversifying its product range and expanding into the commercial sector. BE Switchcraft’s expertise in energy management and building automation complements the Consolidated Entity’s existing heavy industrial focus and enhances its manufacturing capabilities. The goodwill of $3,761,966 reflects anticipated synergies from integrating operations, gaining access to new markets, and the value of the assembled workforce. From 29 August 2025 to 30 June 2026, the acquired business contributed revenues of $18,602,485 and profit after tax of $1,389,670 to the Consolidated Entity. Had the acquisition occurred on 1 July 2025, the full-year contribution would have been revenues of $21,292,721 and profit after tax of $1,667,604. The purchase price allocation for the acquisition has been finalised. Accordingly, the fair values assigned to the identifiable assets acquired and liabilities assumed at the acquisition date are considered final, and no further measurement period adjustments are expected. Details of the acquisition are as follows: Fair value $ Cash and cash equivalents 1,110,252 Trade receivables 4,306,191 Other receivables 6,153 Contract assets 2,359,450 Inventories 360,928 Plant and equipment 1,343,557 Motor vehicles 32,273 Right-of-use assets 2,836,439 Deferred tax asset 184,897 Trade and other payables (2,444,720) Contract liabilities (1,527,399) Provision for income tax (267,528) Employee benefits (1,328,277) Lease liability (2,836,439) Net assets acquired 4,135,777 Goodwill 3,761,966 Acquisition-date fair value of the total consideration transferred 7,897,743 68
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 36. Business combinations (continued) $ Representing: Cash paid or payable to vendor 5,000,000 Mayfield Group Holdings Ltd shares issued to vendor 2,897,743 7,897,743 Cash used to acquire business, net of cash acquired: Acquisition-date fair value of the total consideration transferred 7,897,743 Less: cash and cash equivalents (1,110,252) Less: shares issued by Company as part of consideration (2,897,743) Net cash used 3,889,748 Acquisition of SMEC Power & Technology - 31 March 2026 On 31 March 2026, the Group acquired 100% of the business assets of SMEC Power & Technology (Southern Mining Electrical Contractors) (“SMEC”). The acquisition was effected through an asset sale agreement, under which the Group acquired the SMEC business as a going concern. SMEC provides specialised electrical infrastructure, maintenance and project services to the mining, utilities and infrastructure sectors, with a particular focus on underground mining electrical systems and related support services. The assets acquired include plant and equipment, inventory, intellectual property, and the benefit of customer contracts and business records. The transaction was completed on a cash-free, debt-free basis with a normalised level of working capital. The acquisition represents a strategic expansion of the Group’s capabilities into specialised underground mining electrical infrastructure, complementing its existing operations and extending its integrated service offering across design, manufacture, installation and maintenance. The total consideration for the acquisition is $24,970,024, following purchase price adjustments. This comprised upfront consideration settled at completion through a combination of cash and shares issued by the Group, and contingent consideration payable subject to achievement of the FY2026 EBITDA performance target. The acquisition-date fair value of the contingent consideration was determined based on management’s assessment of the expected FY2026 EBITDA outcome, the terms of the earn-out arrangement and the fair value of the scrip component at acquisition date. The contingent consideration is subsequently remeasured at fair value at each reporting date, with changes recognised in profit or loss. Accordingly, the fair value disclosed in note 23 represents the remeasured fair value at 30 June 2026. The acquired business contributed revenues of $11,894,041 and profit after tax of $552,050 to the Group for the period from 1 April 2026 to 30 June 2026. If the acquisition occurred on 1 July 2025, the full-year contributions would have been revenue of $44,603,491 and profit after tax of $2,105,253. The values assigned to the acquisition are provisional as at 30 June 2026. The Group has completed its preliminary purchase price allocation; however, the acquisition accounting remains subject to adjustment during the AASB 3 measurement period should additional information become available regarding facts and circumstances that existed at the acquisition date, in particular the assumption of attrition rates applied in the valuation of customer relationships. 69
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 36. Business combinations (continued) Details of the acquisition are as follows: Fair value $ Other receivables 207,488 Inventories 5,105,057 Plant and equipment 458,000 Motor vehicles 1,319,000 Right-of-use assets 2,345,124 Customer contracts 1,587,307 Customer relationships 15,020,813 Other payables (47,140) Deferred tax liability (4,572,302) Employee benefits (1,100,759) Lease liability (2,475,684) Net assets acquired 17,846,904 Goodwill 7,123,120 Acquisition-date fair value of net asset acquired 24,970,024 Cash used to acquire business Acquisition-date fair value of the total consideration transferred 24,970,024 Less: contingent consideration (8,486,450) Less: shares issued by Company as part of consideration (4,250,497) Net cash used 12,233,077 The aggregate cash outflow arising from business combinations during the year was $16,122,825, comprising $3,889,748 in respect of the acquisition of BE Switchcraft Pty Ltd and $12,233,077 in respect of the acquisition of SMEC Power & Technology. This amount is presented within investing activities as "Payment for purchase of business, net of cash acquired" in the consolidated statement of cash flows. Accounting policy for business combinations The acquisition method of accounting is used to account for business combinations regardless of whether equity instruments or other assets are acquired. The consideration transferred is the sum of the acquisition-date fair values of the assets transferred, equity instruments issued or liabilities incurred by the acquirer to former owners of the acquiree and the amount of any non-controlling interest in the acquiree. For each business combination, the non-controlling interest in the acquiree is measured at either fair value or at the proportionate share of the acquiree's identifiable net assets. All acquisition costs are expensed as incurred to profit or loss. On the acquisition of a business, the Group assesses the financial assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic conditions, the Group's operating or accounting policies and other pertinent conditions in existence at the acquisition-date. Where the business combination is achieved in stages, the Group remeasures its previously held equity interest in the acquiree at the acquisition-date fair value and the difference between the fair value and the previous carrying amount is recognised in profit or loss. Contingent consideration to be transferred by the acquirer is recognised at the acquisition-date fair value. Subsequent changes in the fair value of the contingent consideration classified as an asset or liability is recognised in profit or loss. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. 70
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 36. Business combinations (continued) The difference between the acquisition-date fair value of assets acquired, liabilities assumed and any non-controlling interest in the acquiree and the fair value of the consideration transferred and the fair value of any pre-existing investment in the acquiree is recognised as goodwill. If the consideration transferred and the pre-existing fair value is less than the fair value of the identifiable net assets acquired, being a bargain purchase to the acquirer, the difference is recognised as a gain directly in profit or loss by the acquirer on the acquisition-date, but only after a reassessment of the identification and measurement of the net assets acquired, the non-controlling interest in the acquiree, if any, the consideration transferred and the acquirer's previously held equity interest in the acquirer. Business combinations are initially accounted for on a provisional basis. The acquirer retrospectively adjusts the provisional amounts recognised and also recognises additional assets or liabilities during the measurement period, based on new information obtained about the facts and circumstances that existed at the acquisition-date. The measurement period ends on either the earlier of (i) 12 months from the date of the acquisition or (ii) when the acquirer receives all the information possible to determine fair value. Combinations between entities under common control Common control transactions which are business combinations involving entities that are ultimately controlled by the same parent entity are accounted for at book value. Where the Group acquires, as part of a common control transaction, assets that meet the definition of a business, the assets and liabilities acquired are recorded using the book values included in the consolidated financial statements of the entity having the highest level within the common control group. The Group accounts for the difference between the consideration paid (including any contingent consideration) and the book value of the assets and liabilities acquired as a restructure reserve in equity. To the extent the restructure reserve is recognised against contributed equity, subsequent disposals or realisations of the relevant businesses may result in reclassification of the restructure reserve to retained earnings to reflect the realisation of assets to which the restructure reserve relates. In the Group's financial statements, to the extent, the common control transaction occurred between entities ultimately controlled by the Company, gains and losses relating to a common control transaction are eliminated against the amount recorded in the acquirer's equity relating to the common control transaction. Note 37. Interests in subsidiaries The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 1: Ownership interest Principal place of business / 30 June 2026 30 June 2025 Name Country of incorporation % % Mayfield Industries Pty Ltd Australia 100% 100% ATI Australia Pty Ltd Australia 100% 100% Mayfield Services Pty Ltd Australia 100% 100% Socius Technologies Pty Ltd (formerly Walker Control Pty Ltd) Australia 100% 100% Mayfield Engineering Pty Ltd(i) Australia 100% 100% Mayfield Group Investments Pty Ltd Australia 100% 100% SMEC Operations Pty Ltd (formerly A.T.I. Australia Holdings Pty Ltd) Australia 100% 100% ATI Telecom Pty Ltd(i) Australia 100% 100% Socius Holdings Pty Ltd (formerly Socius Technologies Pty Ltd)(i) Australia 100% 100% BE Switchcraft Pty Ltd Australia 100% - (i) This is a dormant company. 71
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 38. Deed of cross guarantee The following entities are party to a deed of cross guarantee under which each company guarantees the debts of the others: Mayfield Group Holdings Limited (Holding Entity) Mayfield Group Investments Pty Ltd Mayfield Industries Pty Ltd Mayfield Services Pty Ltd Socius Technologies Pty Ltd ATI Australia Pty Ltd Mayfield Engineering Pty Ltd SMEC Operations Pty Ltd ATI Telecom Pty Ltd Socius Holdings Pty Ltd BE Switchcraft Pty Ltd* * BE Switchcraft Pty Ltd was added, and no entities were removed to the deed during the current reporting period. By entering into the deed, the wholly-owned entities have been relieved from the requirement to prepare financial statements and directors' reports under Corporations Instrument 2016/785 issued by the Australian Securities and Investments Commission. The above companies comprise all controlled entities that are party to the deed of cross guarantee and therefore represent both the Closed Group and the Extended Closed Group for the purposes of the Corporations Instrument. Note 39. Events after the reporting period Acquisition of Nilsen Switchboards Division On 31 July 2026, the Group concluded the acquisition of the Switchboards Division of Nilsen (SA) Pty Ltd. The acquisition includes the N-Series product platform and associated intellectual property, together with the transfer of employees, customer contracts, inventory, manufacturing assets, business records and selected business assets associated with the division. The transaction excludes the Nilsen brand, significant excluded projects and certain other assets and liabilities retained by the vendor. The consideration payable for the acquisition is $4,000,000 in cash, subject to customary completion and transition adjustments, and will be funded from existing cash reserves. Following the conclusion of the transaction, responsibility for the operation and integration of the business progressively transitioned to the Group in accordance with the agreed transition arrangements. In assessing the requirements of AASB 3 Business Combinations, management considered when the Group obtains the practical ability to direct the relevant activities of the business and receive the associated economic benefits. While elements of management responsibility and operational oversight transitioned progressively following the conclusion of the transaction, management concluded that the substantive indicators of control are expected to be in place on 31 October 2026. As of that date, the transition arrangements are expected to be substantially complete, and the Group is expected to gain the practical ability to direct the activities that most significantly affect the business's returns. Accordingly, the acquisition has not been recognised in the financial statements as at 30 June 2026 and is expected to be accounted for as a business combination in the financial year ending 30 June 2027, with an acquisition date of 31 October 2026. Settlement of contingent consideration On 29 July 2026, subsequent to 30 June 2026, the Group settled the contingent consideration arising from the acquisition of SMEC Power & Technology. The settlement was made in accordance with the terms of the acquisition agreement and comprised a cash payment together with the issue of 1,066,561 fully paid ordinary shares in Mayfield Group Holdings Ltd at an issue price of $2.16 per share. The shares issued to the vendors are subject to a voluntary 24-month escrow period from the date of issue. The contingent consideration liability recognised at 30 June 2026 was derecognised upon settlement. As the settlement occurred after the reporting period, it has not been reflected in the Group's financial position as at 30 June 2026. 72
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 39. Events after the reporting period (continued) Other Apart from the matters disclosed above and the dividend declared as disclosed in note 26, no other matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect, the Group’s operations, the results of those operations, or the Group’s state of affairs in future financial years. Note 40. Reconciliation of profit after income tax to net cash from operating activities 30 June 2026 30 June 2025 $ $ Profit after income tax expense for the year 8,037,411 6,759,884 Adjustments for: Depreciation and amortisation 3,361,558 1,933,905 Share-based payments 380,979 273,752 Net loss/(gain) on disposal of non-current assets (2,409) 169,407 Net loss on modification of leases - 2,070 Change in operating assets and liabilities: Increase in trade and other receivables (14,388,807) (5,212,568) Increase in contract assets (2,656,093) (3,307,097) Decrease/(increase) in inventories 1,345,815 (2,747,735) Decrease in deferred tax assets 2,099,674 3,111,378 Decrease/(increase) in prepayments 344,648 (370,589) Increase in other operating assets (1,508,595) (89,215) Increase in trade and other payables 4,061,889 7,011,304 Increase in contract liabilities 1,825,429 1,775,632 Increase in provision for income tax 127,739 - Increase in deferred tax liabilities 202,380 - Increase in employee benefits 782,862 233,746 Increase/(decrease) in other provisions 93,451 (38,338) Increase in other operating liabilities 917,243 - Net cash from operating activities 5,025,174 9,505,536 Note 41. Non-cash investing and financing activities 30 June 2026 30 June 2025 $ $ Additions to the right-of-use assets 885,438 69,244 Shares issued under employee share plan 149,998 1,800,000 1,035,436 1,869,244 73
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 42. Changes in liabilities arising from financing activities Lease liability Equipment finance Bank loans Total $ $ $ $ Balance at 1 July 2024 3,072,547 185,141 - 3,257,688 Net cash used in financing activities (887,412) (111,483) - (998,895) Lease modification 69,244 - - 69,244 Balance at 30 June 2025 2,254,379 73,658 - 2,328,037 Net cash used in financing activities (1,581,874) (73,658) (8,400,000) (10,055,532) Loans received - - 8,400,000 8,400,000 Lease modification 885,438 - - 885,438 Changes through business combinations (note 36) 5,312,123 - - 5,312,123 Balance at 30 June 2026 6,870,066 - - 6,870,066 Note 43. Earnings per share 30 June 2026 30 June 2025 $ $ Profit after income tax 8,037,411 6,759,884 Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 108,848,459 93,465,022 Adjustments for calculation of diluted earnings per share: Options over ordinary shares 596,153 816,436 Weighted average number of ordinary shares used in calculating diluted earnings per share 109,444,612 94,281,458 Cents Cents Basic earnings per share 7.38 7.23 Diluted earnings per share 7.34 7.17 Accounting policy for earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to the owners of Mayfield Group Holdings Ltd, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year. Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares. 74
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 44. Share-based payments A share option plan has been established by the Group, approved by shareholders at a general meeting, whereby the Group may, at the discretion of the Board, grant options over ordinary shares in the company to certain key management personnel and employees of the Group. The options are issued for nil consideration. The Board has established a Share Incentive Plan whereby the Group may, at the Board's discretion, grant partly-paid ordinary shares in the company to certain key management personnel. Partly-paid ordinary shares entitle the holder to participate in dividends. Set out below are summaries of options and partly-paid shares granted under the Employee Share Option Plan or the Share Incentive Plan: 30 June 2026 Balance at Expired/ Balance at Exercise the start of Paid-in / forfeited/ the end of Grant date Expiry date price the year Granted Exercised other the year 23/11/2020 23/11/2025 $0.36124 1,111,033 - (1,111,033) - - 23/02/2022 23/02/2027 $0.35060 60,000 - - - 60,000 27/02/2023 27/02/2028 $0.32500 195,000 - (30,000) - 165,000 24/10/2023 27/02/2028 $0.32500 50,000 - (50,000) - - 04/09/2024 04/09/2029 $0.86930 240,000 - - - 240,000 24/10/2024 03/10/2028 $0.45500 1,997,467 - (662,586) - 1,334,881 01/12/2025 28/11/2030 $1.90000 - 415,750 - - 415,750 10/04/2026 10/04/2031 $2.07000 - 60,000 - - 60,000 20/05/2026 20/05/2031 $2.30020 - 65,211 (284) - 64,927 3,653,500 540,961 (1,853,903) - 2,340,558 Weighted average exercise price $0.44327 $1.96710 $0.39348 $0.00000 $0.83490 * Pursuant to the Share Incentive Plan, the company issued 65,211 partly-paid shares to the General Manager, Commercial, Legal and Risk. ** Refer to note 24 for the number of partly-paid ordinary shares on issue, which is presented on a legal-form basis. 30 June 2025 Balance at Expired/ Balance at Exercise the start of Paid-in / forfeited/ the end of Grant date Expiry date price the year Granted Exercised other the year 23/11/2020 23/11/2025 $0.36124 2,345,164 - (1,234,131) - 1,111,033 23/02/2022 23/02/2027 $0.35060 85,000 - (25,000) - 60,000 27/02/2023 27/02/2028 $0.32500 295,000 - (80,000) (20,000) 195,000 24/10/2023 27/02/2028 $0.32500 50,000 - - - 50,000 04/09/2024 04/09/2029 $0.86930 - 240,000 - - 240,000 24/10/2024 03/10/2028 $0.45500 2,197,802 - (200,335) - 1,997,467 4,972,966 240,000 (1,539,466) (20,000) 3,653,500 Weighted average exercise price $0.39998 $0.86930 $0.37139 $0.32500 $0.44327 * Pursuant to the Share Incentive Plan, the company issued 2,197,802 partly-paid shares to the Managing Director, following approval at the Annual General Meeting held on 24 October 2024. Since then, the Managing Director has contributed $91,152, corresponding to 200,335 fully paid shares from the partly-paid allocation. 75
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Mayfield Group Holdings Ltd and controlled entities Notes to the consolidated financial statements 30 June 2026 Note 44. Share-based payments (continued) For the options and partly-paid shares granted during the current financial year, the valuation model inputs used to determine the fair value at the grant date are as follows: Share price Exercise Expected Dividend Risk-free Fair value Grant date Expiry date at grant date price volatility yield interest rate at grant date 01/12/2025 28/11/2030 $2.39480 $1.90000 27.49% 2.02% 4.06% $0.8166 10/04/2026 10/04/2031 $2.23000 $2.07000 28.18% 1.95% 4.86% $0.6750 20/05/2026 20/05/2031 $2.23000 $2.30020 28.18% 1.95% 4.86% $0.5900 Accounting policy for share-based payments Equity-settled share-based compensation benefits are provided to employees. Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services. The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using either the Binomial or Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions. The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods. Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied. If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification. If the non-vesting condition is within the control of the Group or employee, the failure to satisfy the condition is treated as a cancellation. If the condition is not within the control of the Group or employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited. If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is treated as if they were a modification. 76
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Mayfield Group Holdings Ltd and controlled entities Consolidated entity disclosure statement As at 30 June 2026 Set out below is a list of entities that are consolidated in this set of consolidated financial statements at the end of the financial year. Place formed / Ownership interest Entity name Entity type Country of incorporation % Tax residency Mayfield Group Holdings Ltd Body corporate Australia Australian Mayfield Industries Pty Ltd Body corporate Australia 100% Australian ATI Australia Pty Ltd Body corporate Australia 100% Australian Mayfield Services Pty Ltd Body corporate Australia 100% Australian Socius Technologies Pty Ltd Body corporate Australia 100% Australian Mayfield Engineering Pty Ltd* Body corporate Australia 100% Australian Mayfield Group Investments Pty Ltd Body corporate Australia 100% Australian SMEC Operations Pty Ltd Body corporate Australia 100% Australian ATI Telecom Pty Ltd* Body corporate Australia 100% Australian Socius Holdings Pty Ltd* Body corporate Australia 100% Australian BE Switchcraft Pty Ltd Body corporate Australia 100% Australian * This is a dormant company. This Consolidated Entity Disclosure Statement has been prepared in accordance with section 295(3A) of the Corporations Act 2001 and includes each entity that was part of the consolidated entity at 30 June 2026, determined in accordance with AASB 10 Consolidated Financial Statements. All entities included are Australian incorporated bodies corporate and have been assessed as Australian tax residents. 77
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Mayfield Group Holdings Ltd and controlled entities Directors' declaration 30 June 2026 In the directors' opinion: ● the attached financial statements and notes, and the Remuneration report included in the Directors’ report, are in accordance with the Corporations Act 2001, including complying with the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; ● the attached financial statements and notes comply with IFRS Accounting Standards as issued by the International Accounting Standards Board as described in note 1 to the financial statements; ● the attached financial statements and notes give a true and fair view of the Group's financial position as at 30 June 2026 and of its performance for the financial year ended on that date; ● there are reasonable grounds to believe that the Company and Group will be able to pay their debts as and when they become due and payable; ● at the date of this declaration, there are reasonable grounds to believe that the members of the Extended Closed Group will be able to meet any obligations or liabilities to which they are, or may become, subject by virtue of the deed of cross guarantee described in note 38 to the financial statements; and ● the consolidated entity disclosure statement as at 30 June 2026 is true and correct. The directors have been given the declarations required by section 295A of the Corporations Act 2001. Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ AJ Rowe Managing Director 26 August 2026 Adelaide 78
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KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation. Independent Auditor’s Report To the shareholders of Mayfield Group Holdings Limited Report on the audit of the Financial Report Opinion We have audited the Financial Report of Mayfield Group Holdings Limited (the Company). In our opinion, the accompanying Financial Report of the Company gives a true and fair view, including of the Group’s financial position as at 30 June 2026 and of its financial performance for the year then ended, in accordance with the Corporations Act 2001, in compliance with Australian Accounting Standards and the Corporations Regulations 2001. The Financial Report comprises: • Consolidated statement of financial position as at 30 June 2026; • Consolidated statement of profit or loss and other comprehensive income, Consolidated statement of changes in equity, and Consolidated statement of cash flows for the year then ended; • Consolidated entity disclosure statement and accompanying basis of preparation as at 30 June 2026; • Notes, including material accounting policies; and • Directors’ declaration. The Group consists of the Company and the entities it controlled at the year end or from time to time during the financial year. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (the Code) that are relevant to audits of the financial report of public interest entities in Australia. We have fulfilled our other ethical responsibilities in accordance with these requirements. Key Audit Matters Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Report of the current period. This matter was addressed in the context of our audit of the Financial Report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter. 79
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Revenue recognised over time ($154.580 million) Refer to Note 4 to the Financial Report The key audit matter How the matter was addressed in our audit Revenue from rendering of services and Revenue from manufactured products, collectively, revenue recognised over time is a key audit matter due to: • The quantum of revenue recognised over time earned during the year, which comprised 91% of total revenue; • Judgement is required to assess the timing of recognition determined by the Group. Revenue is earned over time, typically using a percentage of completion based on costs incurred over expected costs as the measure of progress. The estimation of costs to complete is prone to greater risk of bias, error and inconsistent application given the scale and complexity of contracts (projects). Changes to these cost estimates could give rise to variances in the amount of revenue recognised. Significant audit effort was required to evaluate the Group’s estimations of percentage of project completion and expected costs. We involved senior team members who understand the Group’s business, industry and relevant economic environment. Our procedures included: • Assessing the Group’s accounting policies for revenue recognition against the accounting standard requirements our understanding of the business and industry practice; • Reading a sample of executed customer contracts to understand the key terms of the arrangements and comparing these to the criteria in the accounting standards, those in the Group's policies and against the Group's identified performance obligations; • Obtaining an understanding and testing key controls for the preparation and oversight of forecast costs to complete, including management’s monthly review and approval of project cost estimates. We also tested key controls for the allocation of project-related costs, including the management review and authorisation of stock order requests and the appropriateness of their assignment to projects; • Testing the completeness and accuracy of a sample of the underlying project revenue data to signed customer contracts; • Checking a sample of recognised project related expenses to underlying documentation such as invoices and payroll records; • Comparing historical estimates of costs to complete to actuals experienced to assess the Group’s historical ability to forecast cost s to complete and therefore inform our assessment of estimations in the current year; • For key contracts recognised on a percentage of completion basis, assessing the total expected costs by: (1) understanding required activities to complete the customer contract from the Group’s contract teams; (2) testing a sample of committed expenditure to underlying documentation, such as forward purchase contracts; and (3) using our knowledge of the contract characteristics to challenge the completeness of costs and activities. • Comparing the expected costs to complete at 30 June 202 6 for a sample of projects to the project ’s budget and ma king enquires with project managers to assess project status and key risks and uncertainties related to expected costs; Assessing the Group’s disclosures in the financial report using our understanding obtained from our testing, against the requirements of the accounting standards. 80
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Other Information Other Information is financial and non-financial information in Mayfield Group Holdings Limited’s annual report which is provided in addition to the Financial Report and the Auditor's Report. The Directors are responsible for the Other Information. Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not express an audit opinion or any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related assurance opinion. In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we consider whether the Other Information is materially inconsistent with the Financial Report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. W e are required to report if we conclude that there is a material misstatement of this Other Information, and based on the work we have performed on the Other Information that we obtained prior to the date of this Auditor’s Report we have nothing to report. Responsibilities of the Directors for the Financial Report The Directors are responsible for: • preparing the Financial Report in accordance with the Corporations Act 2001, including giving a true and fair view of the financial position and performance of the Group, and in compliance with Australian Accounting Standards and the Corporations Regulations 2001; • implementing necessary internal control to enable the preparation of a Financial Report in accordance with the Corporations Act 2001, including giving a true and fair view of the financial position and performance of the Group, and that is free from material misstatement, whether due to fraud or error; and • assessing the Group and Company’s ability to continue as a going concern and whether the use of the going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate the Group and Company or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the Financial Report Our objective is: • to obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement, whether due to fraud or error; and • to issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of th e Financial Report. A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf This description forms part of our Auditor’s Report. 81
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Report on the Remuneration Report Opinion In our opinion, the Remuneration Report of Mayfield Group Holdings Limited for the year ended 30 June 2026 , complies with Section 300A of the Corporations Act 2001. Directors’ responsibilities The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with Section 300A of the Corporations Act 2001. Our responsibilities We have audited the Remuneration Report included in pages 20 to 27 of the Dir ectors’ report for the year ended 30 June 2026. Our responsibility is to express an opinion as to whether the Remuneration Report complies in all material respects with Section 300A of the Corporations Act 2001 , based on our audit conducted in accordance with Australian Auditing Standards. KPM_INI_01 KPMG Paul Cenko Partner Adelaide 26 August 2026 82
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Mayfield Group Holdings Ltd and controlled entities Shareholder information 30 June 2026 The shareholder information set out below was applicable as at 31 July 2026. Distribution of equity securities Analysis of the number of equity security holders by size of holding: Ordinary shares Options over ordinary shares % of total % of total Number of holders Shares issued Number of holders Number issued 1 to 1,000 386 0.15 - - 1,001 to 5,000 364 0.84 1 0.35 5,001 to 10,000 181 1.16 16 13.02 10,001 to 100,000 217 4.82 19 86.63 100,001 and over 54 93.03 - - 1,202 100.00 36 100.00 Holding less than a marketable parcel 127 0.00 - - Equity security holders Twenty largest quoted equity security holders The names of the twenty largest security holders of quoted equity securities are listed below: Ordinary shares fully paid % of total shares Number held issued Nightingale Partners Pty Limited 30,812,608 26.27 Citicorp Nominees Pty Limited 17,469,125 14.89 HSBC Custody Nominees (Australia) Limited 14,641,509 12.48 Alan Steele Consulting Pty Ltd 5,000,000 4.26 Warbont Nominees Pty Ltd 4,582,887 3.91 J P Morgan Nominees Australia Limited 4,401,247 3.75 Marlougia Pty Ltd 3,139,973 2.68 UBS Nominees Pty Ltd 2,843,811 2.42 Think Pech Pty Ltd 2,151,436 1.83 Dixson Trust Pty Limited 2,009,178 1.71 HSBC Custody Nominees (Australia) Limited - A/C 2 1,935,926 1.65 BNP Paribas Noms Pty Ltd 1,908,483 1.63 Mamol Investments Pty Ltd 1,894,725 1.62 Alias Investments Pty Ltd 1,893,951 1.61 Mr Christopher Michael Desmond Ware & Mrs Peta Ware 1,767,410 1.51 Maligne Pty Ltd 1,350,181 1.15 Mr Peter Geoffrey Hollick & Ms Helen Therese Pattison 1,020,000 0.87 Neweconomy COM AU Nominees Pty Ltd 672,245 0.57 BNP Paribas Nominees Pty Ltd 639,159 0.54 Simon Higgins 631,907 0.54 100,765,761 85.89 83
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Mayfield Group Holdings Ltd and controlled entities Shareholder information 30 June 2026 Unquoted equity securities Number on issue Number of holders Partly-paid shares 1,663,106 3 Options over ordinary shares 940,750 36 Substantial holders Substantial holders in the Company are set out below: Ordinary shares Number held % of total shares issued Nightingale Partners Pty Limited 30,812,608 26.27 Citicorp Nominees Pty Limited 17,469,125 14.89 HSBC Custody Nominees (Australia) Limited 14,641,509 12.48 Ellerston Capital Limited 6,830,893 5.99 UBS Group AG 6,406,626 5.51 Based on substantial holder notices lodged with ASX. Voting rights The voting rights attached to ordinary shares are set out below: Ordinary shares On a show of hands, every member present at a meeting in person or by proxy shall have one vote, and upon a poll, each share shall have one vote. There are no other classes of quoted equity securities. Securities subject to voluntary escrow Class Expiry date Number of shares Ordinary shares 29 August 2027 1,893,951 Ordinary shares 31 March 2028 2,073,412 Ordinary Shares 29 July 2028 1,066,561 5,033,924 84
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Mayfield Group Holdings Ltd and controlled entities Appendix 4E Preliminary final report 1. Company details Name of entity: Mayfield Group Holdings Ltd ABN: 57 010 597 672 Reporting period: For the year ended 30 June 2026 Previous period: For the year ended 30 June 2025 2. Results for announcement to the market $ Revenues from ordinary activities up 43.0% to 168,982,330 EBITDA(a) up 35.6% to 15,546,186 Profit from ordinary activities after tax up 18.9% to 8,037,411 Profit for the year up 18.9% to 8,037,411 (a) EBITDA represents earnings before net finance costs, income tax, depreciation and amortisation. EBITDA is not a measure prescribed by Australian Accounting Standards and is an unaudi ted non-IFRS financial measure. The Directors consi der EBITDA to be a useful measure in assessing the operating performance of the Group. Comments The profit for the Group after providing for income tax amounted to $8,037,411 (30 June 2025: $6,759,884). The Group delivered a record financial performance during FY2026, achieving record revenue and profit before tax whilst maintaining a strong balance sheet and cash position. Revenue i ncreased 43.0% to $168,982,330, driven by strong ac tivity across the Group's Manufacturing operations and continued demand from customers operating in the Data Centre, Mining, Infrastructure and Utilities sectors. Revenue growth was further supported by the acquisitions of BE Switchcraft Pty Ltd and SMEC Power & Technology business, which broadened the Group's product offering and strengthened its exposure to attractive end markets. The Group’s strong revenue growth, combined with operational discipline and improved scale, contributed to a significant increase in underlying earnings. Profit before tax increased 29.2% to a record $12,7 54,208 (30 June 2025: $9,871,264), reflecting highe r activity levels, favourable operating leverage and continued operational discipline across the Group's businesses. The Group continued to invest in its people, systems and operating capabilities to support future growth and maintain high standards of quality, safety and customer service. The FY2026 statutory result includes $2,899,538 of separately disclosed items comprising acquisition and transaction costs associated with the acquisition of BE Switchcraft and SMEC Pow er & Technology, a fair value adjustment relating t o share-based contingent consideration linked to the acquisition, and costs associated with a legacy legal matter inherited through the reverse acquisition of Stream Group Limited in 2020. Excluding these separately disclosed items, underly ing EBITDA increased 54.0% to $18,458,545 (30 June 2025: $11,988,879) and underlying NPAT increased 50.1% to $10,936,949 (30 June 2025: $7,286,875), reflecting strong operating performance across the Group's businesses, continued demand from key end m arkets and the benefits of scale realised through r ecent growth initiatives. This represents an underlying EBITDA margin of 10.9% (30 June 2025: 10.1%), reflecting the operating leverage achieved as the Group scales. Basic earnings per share increased modestly to 7.38 cents (2025: 7.23 cents). The increase reflects higher earnings during the year and was achieved despite a higher weighted average number of shares on issue following the capital rai sing and acquisition scrip issued during the year. During the year, the Group completed the acquisitions of BE Switchcraft Pty Ltd and SMEC Power & Technology, further strengthening Mayfield's position as a diversified provider of el ectrical infrastructure solutions. These acquisitio ns broaden the Group's product offering and expand its customer base across the mi ning, industrial, commercial and infrastructure sec tors, while increasing manufacturing capability and geographic reach. Mayfield's Manufacturing operations remained the pr imary contributor to earnings, supported by strong project execution and continued demand for switchboards, transportable su bstations, electrical control systems and associate d infrastructure solutions. 86
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Mayfield Group Holdings Ltd and controlled entities Appendix 4E Preliminary final report The Group also continued to develop its Critical Control & Communications capability, providing additional growth opportunities and strengthening its exposure to essential infrastructure markets. The Group remains well positioned for future growth, supported by a strong market presence, a diversified customer base, successful integration of recent acquisitions and continued investment across its operating businesses. 3. Net tangible assets Reporting period Previous period Cents Cents Net tangible assets per ordinary security 48.84 34.02 Net tangible assets per ordinary security is calculated as net assets, less intangible assets, right-of-use assets and deferred tax assets, plus lease liabilities and deferred tax liabilities , divided by the number of fully paid ordinary shar es on issue at the reporting date (2026: 116,229,882; 2025: 92,808,181). Partly-paid shares are excluded from the calculation. Right-of- use assets and the corresponding lease liabilities, together with deferred tax balances, are excluded from net tangible assets consistent with their non- tangible nature. Both periods are calculated on the same basis. 4. Dividends Current period Amount per security Franked amount per security Cents Cents Final dividend for the year ended 30 June 2025 2.20 2.20 Interim dividend for the year ended 30 June 2026 2.00 2.00 On 26 August 2026, the directors declared a fully f ranked final dividend for the year ended 30 June 20 26 of 2.4 cents per ordinary share, with a record date of 4 September 2026 and payable on 17 September 2026. Based on the number of ordinary shares on issue at 31 July 2026, the total distribution is estimate d at $2,855,029. The final amount will be determine d by the number of shares on issue at the record date. As the dividend was decla red after the reporting date, no provision has been recognised at 30 June 2026. The dividend will be fully franked. Previous period Amount per security Franked amount per security Cents Cents Final dividend for the year ended 30 June 2024 2.00 2.00 Interim dividend for the year ended 30 June 2025 1.00 1.00 Special dividend 5.30 5.30 5. Audit Details of audit: This report is based on the consolidated financial statements for the year ended 30 June 2026, which have been audited by KPMG. 87
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Mayfield Group Holdings Ltd and controlled entities Appendix 4E Preliminary final report 6. Signed Signed ___________________________ Date: 26 August 2026 AJ Rowe Managing Director Adelaide 88