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Exhibit 3.21 Selected data for quarters and yearly total
2) The base relates to the value of a specific quarter, and when combined with a
quarterly trend for the series, results in a new base in the following year. Trends
for the various quarters may be different, but all our series appear to have a
positive linear trend, including the total.
3) We have dealt with seasonality by focusing on specific quarters in the yearly
cycle of sales. By noting that there is a consistent pattern or relationship within
a yearly cycle (quarter 4 is always the highest value), we observe seasonal
4) Visual analysis suggests that we can build a model of the data behavior that might
provide future estimates of quarterly and yearly total values. This is because
we understand the three elements that make up the behavior of each quarterly
One last comment on the graph 3.21 is appropriate. Note that the graph has two
vertical scales. This is necessary due to the large difference in the magnitude of
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