SlideShare una empresa de Scribd logo

Avalon Mva Presentation 10 08 For Linked In

•Descargar como PPT, PDF•
•
A
Avalon Advisors, Inc.
1 de 13
MARKET VALIDATION ANALYSIS A confidential comprehensive analysis of TRUE company market value. For company owners and shareholders, an MVA is a critical value audit prior to entering the mergers & acquisitions marketplace. Avalon Advisors, Inc.
MVA vs. BUSINESS APPRAISAL ,[object Object],[object Object],Avalon Advisors, Inc. Business Appraisal MVA
VALUATION DIFFERENCES ,[object Object],[object Object],[object Object],Avalon Advisors, Inc. Avalon Advisors, Inc.
IRS R.R. 59-60 ,[object Object],[object Object],Avalon Advisors, Inc.
VALUATION ISSUES ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Avalon Advisors, Inc.
VALUATION ISSUES [cont.] ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Avalon Advisors, Inc.
FOCUS Economic & Industry Outlook ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Avalon Advisors, Inc.
FOCUS M & A Environment ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Avalon Advisors, Inc.
FOCUS Company Analysis ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Avalon Advisors, Inc.
FOCUS Company Analysis [cont.] ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Avalon Advisors, Inc.
FOCUS Company Analysis [cont.] ,[object Object],[object Object],[object Object],[object Object],[object Object],Avalon Advisors, Inc.
FOCUS Value Analysis ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Avalon Advisors, Inc.
CONCLUSION ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Avalon Advisors, Inc.

Recomendados

Mva Avalon Presentation 10 08
Mva Avalon Presentation 10 08Mva Avalon Presentation 10 08
Mva Avalon Presentation 10 08Avalon Advisors, Inc.
 
Avalon Mva Presentation 10 08 For Linked In
Avalon Mva Presentation 10 08 For Linked InAvalon Mva Presentation 10 08 For Linked In
Avalon Mva Presentation 10 08 For Linked InAvalon Advisors, Inc.
 
Market Validation Analysis
Market Validation AnalysisMarket Validation Analysis
Market Validation AnalysisAvalon Advisors, Inc.
 
Valuing Privately-Held Businesses for Divorce
Valuing Privately-Held Businesses for DivorceValuing Privately-Held Businesses for Divorce
Valuing Privately-Held Businesses for Divorcejlloyd01
 
Writing
WritingWriting
Writingguest3c2529
 
Business valuation report review
Business valuation report reviewBusiness valuation report review
Business valuation report reviewChrisBest
 
Startup valuation methods
Startup valuation methodsStartup valuation methods
Startup valuation methodsAjay Arora
 
Financial Modeling
Financial ModelingFinancial Modeling
Financial ModelingJennifer Kinzel, CPA, CMA, MBA
 

Recomendados

Mva Avalon Presentation 10 08
Mva Avalon Presentation 10 08Mva Avalon Presentation 10 08
Mva Avalon Presentation 10 08Avalon Advisors, Inc.
 
Avalon Mva Presentation 10 08 For Linked In
Avalon Mva Presentation 10 08 For Linked InAvalon Mva Presentation 10 08 For Linked In
Avalon Mva Presentation 10 08 For Linked InAvalon Advisors, Inc.
 
Market Validation Analysis
Market Validation AnalysisMarket Validation Analysis
Market Validation AnalysisAvalon Advisors, Inc.
 
Valuing Privately-Held Businesses for Divorce
Valuing Privately-Held Businesses for DivorceValuing Privately-Held Businesses for Divorce
Valuing Privately-Held Businesses for Divorcejlloyd01
 
Writing
WritingWriting
Writingguest3c2529
 
Business valuation report review
Business valuation report reviewBusiness valuation report review
Business valuation report reviewChrisBest
 
Startup valuation methods
Startup valuation methodsStartup valuation methods
Startup valuation methodsAjay Arora
 
Financial Modeling
Financial ModelingFinancial Modeling
Financial ModelingJennifer Kinzel, CPA, CMA, MBA
 
Valuation and Financial Reorganisation
Valuation and Financial ReorganisationValuation and Financial Reorganisation
Valuation and Financial ReorganisationCorporate Valuations : Business Valuations Services by Corporate Professionals
 
Strategic Business Planning Part 3
Strategic Business Planning Part 3Strategic Business Planning Part 3
Strategic Business Planning Part 3Severus Prime
 
Business valuation 101
Business valuation 101Business valuation 101
Business valuation 101Dominic Brault
 
TEDCO Portfolio Workshop: How To Create a Pro Forma That Will Woo Investors
TEDCO Portfolio Workshop: How To Create a Pro Forma That Will Woo InvestorsTEDCO Portfolio Workshop: How To Create a Pro Forma That Will Woo Investors
TEDCO Portfolio Workshop: How To Create a Pro Forma That Will Woo InvestorsTEDCO
 
The Valuation Process - Value Management Inc
The Valuation Process - Value Management IncThe Valuation Process - Value Management Inc
The Valuation Process - Value Management IncValue Management, Inc.
 
Lesson 2 the business plan hentreplan
Lesson 2 the business plan hentreplanLesson 2 the business plan hentreplan
Lesson 2 the business plan hentreplanMervyn Maico Aldana
 
Financial Modeling
Financial ModelingFinancial Modeling
Financial ModelingJeremy Horn
 
How Startups Are Being Valued By Early-Stage Investors
How Startups Are Being Valued By Early-Stage InvestorsHow Startups Are Being Valued By Early-Stage Investors
How Startups Are Being Valued By Early-Stage InvestorseTailing India
 
Business Valuation
Business ValuationBusiness Valuation
Business ValuationAshish Jain
 
What Is the Value of Your Business.
What Is the Value of Your Business.What Is the Value of Your Business.
What Is the Value of Your Business.Vladimir Hulpach
 
Building a Financial Model That Actually Works
Building a Financial Model That Actually WorksBuilding a Financial Model That Actually Works
Building a Financial Model That Actually WorksIntelligent_ly
 
Equity Research Overview
Equity Research OverviewEquity Research Overview
Equity Research OverviewInvestmentBankingPre
 
Intro to Financial Modeling - EI
Intro to Financial Modeling - EIIntro to Financial Modeling - EI
Intro to Financial Modeling - EIMartin Zych
 
Building a strong business case for your investment
Building a strong business case for your investmentBuilding a strong business case for your investment
Building a strong business case for your investmentAdvisian
 
resume_erik_levy_2015
resume_erik_levy_2015resume_erik_levy_2015
resume_erik_levy_2015Erik Levy
 
Financial modelling 2016 WEB VERSION
Financial modelling 2016 WEB VERSIONFinancial modelling 2016 WEB VERSION
Financial modelling 2016 WEB VERSIONAlistair Hynd
 
Business Valuation: Overview & Key Issues
Business Valuation: Overview & Key Issues Business Valuation: Overview & Key Issues
Business Valuation: Overview & Key Issues Corporate Professionals
 
Building Your Financial Model Key Startup Metrics
Building Your Financial Model Key Startup Metrics Building Your Financial Model Key Startup Metrics
Building Your Financial Model Key Startup Metrics David Ehrenberg
 
Chp 01 Val Intro
Chp 01 Val IntroChp 01 Val Intro
Chp 01 Val IntroPrasetyo Djoko Sasongko,MAPPI(Cert)
 
Financial Modeling
Financial Modeling Financial Modeling
Financial Modeling parmanandiskool
 
United Kingdom Personal Calendar Of Saints Summer 2008
United Kingdom Personal Calendar Of Saints Summer 2008United Kingdom Personal Calendar Of Saints Summer 2008
United Kingdom Personal Calendar Of Saints Summer 2008edwardogs
 
2011 mini metricon
2011 mini metricon2011 mini metricon
2011 mini metriconAlexander Hutton
 

Más contenido relacionado

La actualidad más candente

Strategic Business Planning Part 3
Strategic Business Planning Part 3Strategic Business Planning Part 3
Strategic Business Planning Part 3Severus Prime
 
Business valuation 101
Business valuation 101Business valuation 101
Business valuation 101Dominic Brault
 
TEDCO Portfolio Workshop: How To Create a Pro Forma That Will Woo Investors
TEDCO Portfolio Workshop: How To Create a Pro Forma That Will Woo InvestorsTEDCO Portfolio Workshop: How To Create a Pro Forma That Will Woo Investors
TEDCO Portfolio Workshop: How To Create a Pro Forma That Will Woo InvestorsTEDCO
 
The Valuation Process - Value Management Inc
The Valuation Process - Value Management IncThe Valuation Process - Value Management Inc
The Valuation Process - Value Management IncValue Management, Inc.
 
Lesson 2 the business plan hentreplan
Lesson 2 the business plan hentreplanLesson 2 the business plan hentreplan
Lesson 2 the business plan hentreplanMervyn Maico Aldana
 
Financial Modeling
Financial ModelingFinancial Modeling
Financial ModelingJeremy Horn
 
How Startups Are Being Valued By Early-Stage Investors
How Startups Are Being Valued By Early-Stage InvestorsHow Startups Are Being Valued By Early-Stage Investors
How Startups Are Being Valued By Early-Stage InvestorseTailing India
 
Business Valuation
Business ValuationBusiness Valuation
Business ValuationAshish Jain
 
What Is the Value of Your Business.
What Is the Value of Your Business.What Is the Value of Your Business.
What Is the Value of Your Business.Vladimir Hulpach
 
Building a Financial Model That Actually Works
Building a Financial Model That Actually WorksBuilding a Financial Model That Actually Works
Building a Financial Model That Actually WorksIntelligent_ly
 
Intro to Financial Modeling - EI
Intro to Financial Modeling - EIIntro to Financial Modeling - EI
Intro to Financial Modeling - EIMartin Zych
 
Building a strong business case for your investment
Building a strong business case for your investmentBuilding a strong business case for your investment
Building a strong business case for your investmentAdvisian
 
resume_erik_levy_2015
resume_erik_levy_2015resume_erik_levy_2015
resume_erik_levy_2015Erik Levy
 
Financial modelling 2016 WEB VERSION
Financial modelling 2016 WEB VERSIONFinancial modelling 2016 WEB VERSION
Financial modelling 2016 WEB VERSIONAlistair Hynd
 
Business Valuation: Overview & Key Issues
Business Valuation: Overview & Key Issues Business Valuation: Overview & Key Issues
Business Valuation: Overview & Key Issues Corporate Professionals
 
Building Your Financial Model Key Startup Metrics
Building Your Financial Model Key Startup Metrics Building Your Financial Model Key Startup Metrics
Building Your Financial Model Key Startup Metrics David Ehrenberg
 

La actualidad más candente (20)

Valuation and Financial Reorganisation
Valuation and Financial ReorganisationValuation and Financial Reorganisation
Valuation and Financial Reorganisation
 
Strategic Business Planning Part 3
Strategic Business Planning Part 3Strategic Business Planning Part 3
Strategic Business Planning Part 3
 
Business valuation 101
Business valuation 101Business valuation 101
Business valuation 101
 
TEDCO Portfolio Workshop: How To Create a Pro Forma That Will Woo Investors
TEDCO Portfolio Workshop: How To Create a Pro Forma That Will Woo InvestorsTEDCO Portfolio Workshop: How To Create a Pro Forma That Will Woo Investors
TEDCO Portfolio Workshop: How To Create a Pro Forma That Will Woo Investors
 
The Valuation Process - Value Management Inc
The Valuation Process - Value Management IncThe Valuation Process - Value Management Inc
The Valuation Process - Value Management Inc
 
Lesson 2 the business plan hentreplan
Lesson 2 the business plan hentreplanLesson 2 the business plan hentreplan
Lesson 2 the business plan hentreplan
 
Financial Modeling
Financial ModelingFinancial Modeling
Financial Modeling
 
How Startups Are Being Valued By Early-Stage Investors
How Startups Are Being Valued By Early-Stage InvestorsHow Startups Are Being Valued By Early-Stage Investors
How Startups Are Being Valued By Early-Stage Investors
 
Business Valuation
Business ValuationBusiness Valuation
Business Valuation
 
What Is the Value of Your Business.
What Is the Value of Your Business.What Is the Value of Your Business.
What Is the Value of Your Business.
 
Building a Financial Model That Actually Works
Building a Financial Model That Actually WorksBuilding a Financial Model That Actually Works
Building a Financial Model That Actually Works
 
Equity Research Overview
Equity Research OverviewEquity Research Overview
Equity Research Overview
 
Intro to Financial Modeling - EI
Intro to Financial Modeling - EIIntro to Financial Modeling - EI
Intro to Financial Modeling - EI
 
Building a strong business case for your investment
Building a strong business case for your investmentBuilding a strong business case for your investment
Building a strong business case for your investment
 
resume_erik_levy_2015
resume_erik_levy_2015resume_erik_levy_2015
resume_erik_levy_2015
 
Financial modelling 2016 WEB VERSION
Financial modelling 2016 WEB VERSIONFinancial modelling 2016 WEB VERSION
Financial modelling 2016 WEB VERSION
 
Business Valuation: Overview & Key Issues
Business Valuation: Overview & Key Issues Business Valuation: Overview & Key Issues
Business Valuation: Overview & Key Issues
 
Building Your Financial Model Key Startup Metrics
Building Your Financial Model Key Startup Metrics Building Your Financial Model Key Startup Metrics
Building Your Financial Model Key Startup Metrics
 
Chp 01 Val Intro
Chp 01 Val IntroChp 01 Val Intro
Chp 01 Val Intro
 
Financial Modeling
Financial Modeling Financial Modeling
Financial Modeling
 

Destacado

United Kingdom Personal Calendar Of Saints Summer 2008
United Kingdom Personal Calendar Of Saints Summer 2008United Kingdom Personal Calendar Of Saints Summer 2008
United Kingdom Personal Calendar Of Saints Summer 2008edwardogs
 
Eddlie stanis
Eddlie stanisEddlie stanis
Eddlie stanisonnel_91
 
Hutton/Miller SourceBarcelona
Hutton/Miller SourceBarcelonaHutton/Miller SourceBarcelona
Hutton/Miller SourceBarcelonaAlexander Hutton
 
Teorikaunseling 090910112241-phpapp01
Teorikaunseling 090910112241-phpapp01Teorikaunseling 090910112241-phpapp01
Teorikaunseling 090910112241-phpapp01onnel_91
 
Mortman/Hutton Security B-Sides Presentation
Mortman/Hutton Security B-Sides PresentationMortman/Hutton Security B-Sides Presentation
Mortman/Hutton Security B-Sides PresentationAlexander Hutton
 
Gene Haas Foundation: Charitable Donations
Gene Haas Foundation: Charitable DonationsGene Haas Foundation: Charitable Donations
Gene Haas Foundation: Charitable DonationsGene Haas Foundation
 
Terapi realiti
Terapi realitiTerapi realiti
Terapi realitionnel_91
 
Nota Kerohanian Bab Beriman Dengan Hari Kiamat.
Nota Kerohanian Bab Beriman Dengan Hari Kiamat.Nota Kerohanian Bab Beriman Dengan Hari Kiamat.
Nota Kerohanian Bab Beriman Dengan Hari Kiamat.dvvt
 
9. psikologi individual
9. psikologi individual9. psikologi individual
9. psikologi individualonnel_91
 

Destacado (12)

United Kingdom Personal Calendar Of Saints Summer 2008
United Kingdom Personal Calendar Of Saints Summer 2008United Kingdom Personal Calendar Of Saints Summer 2008
United Kingdom Personal Calendar Of Saints Summer 2008
 
2011 mini metricon
2011 mini metricon2011 mini metricon
2011 mini metricon
 
Eddlie stanis
Eddlie stanisEddlie stanis
Eddlie stanis
 
Hutton/Miller SourceBarcelona
Hutton/Miller SourceBarcelonaHutton/Miller SourceBarcelona
Hutton/Miller SourceBarcelona
 
Teorikaunseling 090910112241-phpapp01
Teorikaunseling 090910112241-phpapp01Teorikaunseling 090910112241-phpapp01
Teorikaunseling 090910112241-phpapp01
 
Mortman/Hutton Security B-Sides Presentation
Mortman/Hutton Security B-Sides PresentationMortman/Hutton Security B-Sides Presentation
Mortman/Hutton Security B-Sides Presentation
 
Love poem
Love poemLove poem
Love poem
 
Gene Haas Foundation: Charitable Donations
Gene Haas Foundation: Charitable DonationsGene Haas Foundation: Charitable Donations
Gene Haas Foundation: Charitable Donations
 
Terapi realiti
Terapi realitiTerapi realiti
Terapi realiti
 
Nota Kerohanian Bab Beriman Dengan Hari Kiamat.
Nota Kerohanian Bab Beriman Dengan Hari Kiamat.Nota Kerohanian Bab Beriman Dengan Hari Kiamat.
Nota Kerohanian Bab Beriman Dengan Hari Kiamat.
 
9. psikologi individual
9. psikologi individual9. psikologi individual
9. psikologi individual
 
Temu duga
Temu dugaTemu duga
Temu duga
 

Similar a Avalon Mva Presentation 10 08 For Linked In

Market Validation Analysis for selling owners and shareholders of privately h...
Market Validation Analysis for selling owners and shareholders of privately h...Market Validation Analysis for selling owners and shareholders of privately h...
Market Validation Analysis for selling owners and shareholders of privately h...guestd2bbe9
 
Startups Business Valuations | Hany Sewilam
Startups Business Valuations | Hany SewilamStartups Business Valuations | Hany Sewilam
Startups Business Valuations | Hany SewilamHany Sewilam Abdel Hamid
 
Introduction to Business Valuation & Understanding the Engagement
Introduction to Business Valuation & Understanding the EngagementIntroduction to Business Valuation & Understanding the Engagement
Introduction to Business Valuation & Understanding the Engagementbrienj1nacva
 
Conducting a feasibility study and crafting a business
Conducting a feasibility study and crafting a businessConducting a feasibility study and crafting a business
Conducting a feasibility study and crafting a businessOmar El Hagar
 
Realize the Upside in Your Business
Realize the Upside in Your BusinessRealize the Upside in Your Business
Realize the Upside in Your BusinessAmelia Young, CFA
 
Bnb pvt 6 months course outline
Bnb pvt 6 months course outlineBnb pvt 6 months course outline
Bnb pvt 6 months course outlinebarejapuneet
 
Company Analysis
Company AnalysisCompany Analysis
Company AnalysisSupportGCI
 
Spm buisness plan presentation
Spm buisness plan presentationSpm buisness plan presentation
Spm buisness plan presentationspmprofessionals
 
The Competitive Intelligence Continuum - Taking Wisconsin to the World
The Competitive Intelligence Continuum - Taking Wisconsin to the WorldThe Competitive Intelligence Continuum - Taking Wisconsin to the World
The Competitive Intelligence Continuum - Taking Wisconsin to the WorldArik Johnson
 
Company Analysis
Company AnalysisCompany Analysis
Company AnalysisSupportGCI
 
Succession Plan Presentation - 11.18.14 Society of Financial Service Professi...
Succession Plan Presentation - 11.18.14 Society of Financial Service Professi...Succession Plan Presentation - 11.18.14 Society of Financial Service Professi...
Succession Plan Presentation - 11.18.14 Society of Financial Service Professi...Alex W. Howard
 
Frost & Sullivan Emerging Technologies Investment Advisory Services
Frost & Sullivan Emerging Technologies Investment Advisory ServicesFrost & Sullivan Emerging Technologies Investment Advisory Services
Frost & Sullivan Emerging Technologies Investment Advisory ServicesCecilia Esther Van Cauwenberghe
 
Strategic Planning Process - From Conception to Execution
Strategic Planning Process - From Conception to ExecutionStrategic Planning Process - From Conception to Execution
Strategic Planning Process - From Conception to ExecutionMoazzam Rafique
 
Business plan outline f 1-8-04
Business plan outline f 1-8-04Business plan outline f 1-8-04
Business plan outline f 1-8-04Sandeep Kashyap
 
Mtm4 white paper financial ratio and statement analysis
Mtm4 white paper financial ratio and statement analysisMtm4 white paper financial ratio and statement analysis
Mtm4 white paper financial ratio and statement analysisIntelCollab.com
 
Uwec Cj265 20080211
Uwec Cj265 20080211Uwec Cj265 20080211
Uwec Cj265 20080211Arik Johnson
 

Similar a Avalon Mva Presentation 10 08 For Linked In (20)

Market Validation Analysis for selling owners and shareholders of privately h...
Market Validation Analysis for selling owners and shareholders of privately h...Market Validation Analysis for selling owners and shareholders of privately h...
Market Validation Analysis for selling owners and shareholders of privately h...
 
Startups Business Valuations | Hany Sewilam
Startups Business Valuations | Hany SewilamStartups Business Valuations | Hany Sewilam
Startups Business Valuations | Hany Sewilam
 
Introduction to Business Valuation & Understanding the Engagement
Introduction to Business Valuation & Understanding the EngagementIntroduction to Business Valuation & Understanding the Engagement
Introduction to Business Valuation & Understanding the Engagement
 
Conducting a feasibility study and crafting a business
Conducting a feasibility study and crafting a businessConducting a feasibility study and crafting a business
Conducting a feasibility study and crafting a business
 
Realize the Upside in Your Business
Realize the Upside in Your BusinessRealize the Upside in Your Business
Realize the Upside in Your Business
 
Strategy Frameworks & Tools Reference Guide
Strategy Frameworks & Tools Reference GuideStrategy Frameworks & Tools Reference Guide
Strategy Frameworks & Tools Reference Guide
 
Bnb pvt 6 months course outline
Bnb pvt 6 months course outlineBnb pvt 6 months course outline
Bnb pvt 6 months course outline
 
Company Analysis
Company AnalysisCompany Analysis
Company Analysis
 
Spm buisness plan presentation
Spm buisness plan presentationSpm buisness plan presentation
Spm buisness plan presentation
 
The Competitive Intelligence Continuum - Taking Wisconsin to the World
The Competitive Intelligence Continuum - Taking Wisconsin to the WorldThe Competitive Intelligence Continuum - Taking Wisconsin to the World
The Competitive Intelligence Continuum - Taking Wisconsin to the World
 
Company Analysis
Company AnalysisCompany Analysis
Company Analysis
 
Business Plan Webinar for Veterans
Business Plan Webinar for VeteransBusiness Plan Webinar for Veterans
Business Plan Webinar for Veterans
 
Succession Plan Presentation - 11.18.14 Society of Financial Service Professi...
Succession Plan Presentation - 11.18.14 Society of Financial Service Professi...Succession Plan Presentation - 11.18.14 Society of Financial Service Professi...
Succession Plan Presentation - 11.18.14 Society of Financial Service Professi...
 
Frost & Sullivan Emerging Technologies Investment Advisory Services
Frost & Sullivan Emerging Technologies Investment Advisory ServicesFrost & Sullivan Emerging Technologies Investment Advisory Services
Frost & Sullivan Emerging Technologies Investment Advisory Services
 
Credit Rating.doc
Credit Rating.docCredit Rating.doc
Credit Rating.doc
 
Strategic Planning Process - From Conception to Execution
Strategic Planning Process - From Conception to ExecutionStrategic Planning Process - From Conception to Execution
Strategic Planning Process - From Conception to Execution
 
Business plan outline f 1-8-04
Business plan outline f 1-8-04Business plan outline f 1-8-04
Business plan outline f 1-8-04
 
Mtm4 white paper financial ratio and statement analysis
Mtm4 white paper financial ratio and statement analysisMtm4 white paper financial ratio and statement analysis
Mtm4 white paper financial ratio and statement analysis
 
Creditrating in india
Creditrating in indiaCreditrating in india
Creditrating in india
 
Uwec Cj265 20080211
Uwec Cj265 20080211Uwec Cj265 20080211
Uwec Cj265 20080211
 

Avalon Mva Presentation 10 08 For Linked In

  • 1. MARKET VALIDATION ANALYSIS A confidential comprehensive analysis of TRUE company market value. For company owners and shareholders, an MVA is a critical value audit prior to entering the mergers & acquisitions marketplace. Avalon Advisors, Inc.
  • 2.
  • 3.
  • 4.
  • 5.
  • 6.
  • 7.
  • 8.
  • 9.
  • 10.
  • 11.
  • 12.
  • 13.