Loading...
HomeMy WebLinkAboutInvsmnt Rprt - Nov 20132013 City of Palm Desert tgemx Xraeiweele G nuedtiment afiort ECONOMIC COMMENTARY The Federal Open Market Committee (FOMC) met on December 18, and announced that it will be modestly "tapering" the amount of its future asset purchases. Starting in January 2014, the Federal Reserve will reduce its monthly purchases of Federal Agency mortgage -backed securities, and of longer -term U.S. Treasuries, by $5 billion each. This reflects the FOMC's perception that economic activity is expanding at a moderate pace, with improved labor market conditions, and a lower unemployment rate. Inflation continues to run below the Committee's two percent threshold. The Treasury market reacted with a sharp sell-off, driving up the yield on a 10- year Treasury Note to 2.92 percent, the highest level in three months. Investors closed out positions that they had taken to hedge their bets that U.S. Governmer debt would fall, due to the pull back of the Fed's stimulus program. Gold prices also fell to a three-year low, based upon lower expectations of inflation. The housing market shows some signs of stabilizing, but there are continued concerns that a weakening in consumer confidence or another jump in mortgage rates might spark more turbulence. In October, housing permits rose to the highest level in five years, driven largely by demand for multifamily buildings, such as apartments and condominiums. In September, housing prices rose in most major U.S. cities, but at a slower pace than prior months. .rautes qiktm, eeJt 5 Certified California Municipal Treasurer City Treasurer PORTFOLIO STATISTICS STATISTICS NOV-13 OCT-13 SEP-13 Thousands of Dollars Month -End Book Value Month -End Market Value Paper Gain (Loss) Prior Year Book Variance Interest Earnings Yield -To -Maturity Weighted Maturity (Days) Effective Duration AUG-13 Capital Markets Team City Treasurer Paul S. Gibson, C.C.M.T. Deputy City Treasurer Thomas W. Jeffrey, J.D., M.B.A. Investment Objectives The treasurer shall invest all public monies in a manner that ensures safety of principal; sufficient liquidity to finance the City's expenditures; and the highest yield possible after the previous two objectives have been met. JUL-13 JUN-13 $ 201,302 $ 202,645 $ 204,899 $ 220,313 $ 220,370 $ $ 201,302 $ 202,645 $ 204,899 $ 220,319 $ 220,373 $ $ - $ - $ - $ 6 $ 3 $ $ 6,521 $ 7,589 $ 5,909 $ 13,559 $ 14,565 $ $ 49 $ 53 $ 51 $ 59 $ 59 $ 0.30% 0.31% 0.30% 0.31% 0.32% 1 1 1 12 26 0.00 0.00 0.00 0.00 0.00 All data as of November 30, 2013 218,688 218,697 9 1,885 57 0.32% 26 0.01 Dollars in Thousands Maturities Market Value < 1 M $ 175,328 < 2M < 3M < 6M < 1Y < 2Y < 3Y < 4Y <5Y Total: $ 175,328 Ratings Market Value AAA or Aaa S 107,005 AA or Aa A Unrated 90,978 Total: $ 197,983 Assets Market Value County Pool 94,933 LAIF 43,315 WF/LAIF Bond Proceeds 25,009 City Loan to RDA 22,655 MTN CAMP 5,095 WF/Bond Proceeds 6,976 Agencies Total: $ 197,983 Month Dec12 Jan13 Feb Mar Apr May Jun Jul Aug Sep Oct Nov PORTFOLIO CHARACTERISTICS November 2013 City Yield LAIF Yield Variance 0.34 0.33 0.01 0.35 0.30 0.05 0.34 0.29 0.05 0.34 0.29 0.06 0.33 0.26 0.06 0.32 0.25 0.08 0.32 0.24 0.08 0.32 0.27 0.05 0.31 0.27 0.04 0.30 0.26 0.04 0.31 0.27 0.04 0.30 0.26 0.04 j Maturities Distribution I 100 100 80 60 40 a Credit Quality I 20 - 0 0 0 0 0 0 0 0 0 <1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y AA or Aa / \AAA or Aaa 0% 51% Unrated 46% A 0% Asset Allocation I LA County Pool 22%IF WF/LAIF Bond 48% MTN 0% Agencies Proceeds 0% 13% WF/Bond CAMP City Loan to Proceeds ° 3% RDA 3/0 11% Performance I 0.40 r 0.30 0.20 0.10 - 0.00 Oec12Ian13Feb Ma Ap May Jun Jul Aug Sep Oct Nov OLAIF Yield OCity Yield CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 STATEMENT OF COMPLIANCE November 2013 The investment of the City of Palm Desert securities portfolio is governed by California Government Code Section 53601 and by the Palm Desert Statement of Investment Policy. The City investment policy is more conservative than State law. The Palm Desert Audit, Finance, and Investment Committee, and the Palm Desert City Council review the City investment policy annually. For the month ended November 30, 2013, the City investment portfolio was in compliance with all applicable state and local laws and regulations. The City Treasurer's Office continued to pursue conservative and prudent investment strategies, based upon the stated objectives of safety, liquidity, and yield. Barring unforeseen events, the City Treasury should have sufficient cash to finance City expenditures for the next six months. In addition, portions of the City investment portfolio could be liquidated in order to meet any significant, unexpected cash requirements. Interactive Data Services provided the market value prices for securities in the City investment portfolio. All balances are bank balances. Respectfully submitted, .rauts c-jgm, City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS California Government Code City Investment Policy CA Govt Maximum Maximum Minimum Maximum Maximum Minimum % of City Code Investment Category Maturity Limit Quality Maturity Limit Quality Portfolio 53601(a) Palm Desert Bonds 5 Years No Limit 53633 Demand Deposits No Limit No Limit 53601(b) U.S. Treasuries 5 Years No Limit 53601(c) CA State Debt 5 Years No Limit 53601(d) CA Local Agency Debt 5 Years No Limit 53601(e) Federal Agencies 5 Years No Limit 53601(f) Bankers's Acceptances 180 Days 40% 53601(g) Commercial Paper 270 Days 25% A-1/P-1 53601(h) Negotiable CDs 5 Years 30% 53601(i) Repos 1 Year No Limit 53601(1) Reverse Repos 92 Days 20% 53601(j) Medium -Term Notes 5 Years 30% A 5 Years 53601(k) Money Market Funds 90 Days 20% AAA & Aaa 90 Days 53601(1) Trust Indenture Debt 53601(m) Secured Bank Deposits 5 Years No Limit 53601(k) Local Government AAA & Aaa Investment Pools 90 Days No Limit 1 or Advisor 90 Days A (Issuer) & AA (Security) 16429.1(b) L.A.I.F. No Limit $50MM/Acct No Limit I $50MM/Acct No Limit 5 Years No Limit No Limit Not Authorized Not Authorized 5 Years No Limit 180 Days 40% A-1 or P-1 270 Days 25% A-1 or P-1 5 Years 30% AA- or Aa3 30 Days 20% 53601(n) Mortgage -Backed Securities 5 Years 20% Not Authorized A AAA & Aaa Not Authorized Not Authorized 30% 20% 3.5% 50% (1) AAA & Aaa or Advisor 50.5% Not Authorized 34.5% (2) I 88.6% Footnotes: (1) Maximum concentration limit for local agency investment pools, excluding bond proceeds. (2) Total does not include the City Loan to RDA, and cash. CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3 • CITY PORTFOLIO CONCENTRATION LIMITS November 2013 %of Investments Book Value Portfolio CALIFORNIA ASSET MANAGEMENT PROGRAM $ 5,095.00 2.53% GITY LQAN TQ RDA 22,655.00 11.25% WF/L.A.I.F. BOND PROCEEDS 25,009.00 12.42% FEDERAL AGENCY--COUPON - 0.00°/a LOCAL AGENCY INVESTMENT FUND 43,315.00 21.52% WELLS FARGO CORPORATE TRUST 6,977.00 3.47% CORPORATE MEDIUM-TERM NOTES - 0.00% RIVERSIDE COUNTY TREASURER 94,932.00 47.16% TOTAL BEFORE CASH $ 197,983.00 98.35% PLUS: CASH $ 3,319.00 1.65% GRAND TOTAL $ 201,302.00 (1) 100.00% FOOTNOTE: (1) In the City of Palm Desert Comprehensive Annual Financial Report("CAFR"), both the City of Palm Desert ("City")and the City's external auditor define total investments as demand deposits, investments in various instruments, and investments held in local government investment pools. The concentration percentages shown above were calculated based on that definition. r o a � r Q � c+mi U U -- ^ t � � a > «. m o � c � � o a � y m a � V � c� r� r� r� o ao a} o � y � a �'� O N N N O M M � M C F W O O O O O O O � O � lD � N (p M �� O— C Q 7 � � � .- .- � � r. �.N F � « c0 7 m � . N T U.� a� 0 p� .- .- � � � � � c a G '�° �� � y j o c y � o.� 0 `o° �i a � m v�i rn �p c a o Y�-� N � � N � � O � � O � � a° T m > � d YQ j a�D O�i N I� (O n � a�D � N � .V�p Oi fV u'1 f� R N (O OD N � m� M � � N (O (O � � � O'O � M � ` V f/�y O c0 O M m m pNp (h p � O Li C � N N � (O � � (h M a � a N G� � M rn o � c � t,,, � N p W � � C f0 � a! � N °; r� � a � �L C ,7^ M � � �cj � � V/ L � N � �0 � O � � � O� f0 N �i ' � ' 0 O y � m rn N � � � � a�o � � y > w Q � � � R> � rn n �i � � a r�i � v � � � � O � ui � aD V� t0 cV � oi M N 'O N � Z o co o � rn rn � "' o LL. � �'� � O � � N N 7 c0 � 0i M M U—C v a' � N �_ � _ C C � Q > � N � O X � 1 � N O o c m� ,� � a � `m � m rn N n c"o, n � w �' 01 co v> ' `°w Z` a j� oi N ui � �p °' c h at M V � � M rn n � f�0 � a M � � N O � � O � Q! M C � a N � > o � o r) rn rn pNp th p L Q� �f1 p >� u) N � c+i (O V Q> M M +�+ � n �y=.0 N N � O) C N "p ' N � � ` C_O O d r N n.X-O o a� a�a M y N � � N .c— .' � 3 � o M Q c�.� N O Z � 0� N O r+ 7 O- V (0 M � Z � � N � � � 7 � � U O LL H � � C � O >. c%� a o Z W � o a�i y.� ° V N w �- r- w g aq u� �a E y � .o� H o w 0 �n O � U � � � o N � T n � � °' Z � Z m'o C � � a L a () o c Q � � U c d �p m O y Z p � U O Q o c � ' CI .A +„ N � p G� o � � ~ m w � U c L� L � `m `° � � a`�i , n a o �c a� O rn � W Q LL Q lai � � �D f6 f0 } GI d N C fA C� C O � N O a J J � V) �V U W C 10 � C c � � N � Q � � ow > � � mg o o > > � tn� � m � � — v c) � .� � � U a" F- H I U Q W F- o n a. � � � 7� F Q o m r io � V N a � o a � o— 4°- �� o "�p � � � � � .- .- � � � L TV � � '- � .- r- � .- r- o a � U� I � I •- � I •- '-I � a a � N N N c7 C9 l7 t�1 M 1'7 O O O O O O O O O O O O O O O O O O ��y I� I� h (O t0 (O 10 (O i0 O O O O O O O O O O O O O O O O O O O O O N N N N N N O O O O O O O O O O O O O O O O O O � O O O O O O O O O O O O O O O O O O O O O O O O O O O Y1 I @ f0 f0 (f0Q l9 t@Q l0 lD f0 N N N l0 N l9 llVQ lC N T I I I Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q � � N N l7 M c7 d jQ O O N N N 1�� O O O O O N m n c� o �n �n rn m r� o co 0 0 0 o m cD o ao 0 0 � o r> �n c� 7 t0 OD 01 T N N f� h O � O O O O W N O fh O O '- O f0 01 O ; O> N Oi Of N N tn W O O O O o O f•7 (O O (O O O � O Oi f0 O � aD V Q� T f0 t0 t0 tD � t7 N t0 � W Y �fI f� M Of 01 h P � N � � O a0 (O W � � an0 n � � � O O R V � N M O � ('� � GO � O O f0 t0 O O f`7 M � � � � m N N N N � 1(f M M N N N N 7 y y n � o v� � rn m .- n o cc o 0 0 o ao m o w o o � o r� �n � � <O 00 Q� A N N t� h O V O O O O � (V O l'7 O O � O f0 O� O jp Oi N O� Of N N h 1ff O O O O O O M (O O (O O O � O � f0 O � N OD V 01 Of (O t0 (O t0 7 � M � t0 V OD N I� e'f � W f� 1� � h �A O O aD (O 00 Ol � f� I� �f1 a V OD 00 V V (O N (�7 O � c'7 � OD O O (D tu0� O O ('7 !'9 � � � � � � � h M N N tA Yl' C7 eh N N N N R d LL. _ � � � � � WO N 1� l'7 O � N � 01 I� O (D O O O o 00 (O O OD O O �- O f'�I � ('� ' C� ; N 7 �D � 00 W Q1 N N h A � O R O O O O W N O (`7 O O '- O �D 01 O Q � N O> N � Of (V N � Y) O O O O O O c'1 (O O (O O O .- O 01 (O O � C p � v� m v m o� �n m �o ao v v � �n �o v ao u� � � rn w n n v� v� �n o o ao �o m .- rn � C ' M a ono � m u�i � o o v v � c�i ri � .= � � a�o Q � .y � o o <o m o o � �n � � � � N N N N V V a � � p {o� � > } Y. O Z N� (`� M M M fh M ('� M M (h Ih f�7 (�7 r O � (yp R O O O O O O O O O O O O O f1 Z G N N N N N N N N N N N N N V �� � � � � o 0 0 0 0 0 0 0 0 0 0 0 0 a a n � � n n � n n � � n n � 0 0 0 0 0 0 0 0 0 0 0 0 0 Of C�1 O�i � N h � 10 � � � N � LL LL LL lL LL LL LL lL. ll. lL lL LL LL LL lJ.. LL 11 LL j �0 O O�af. Z 1^ N � � � � � � � � � � � � � � � � � � Q(n 0 O�i N LL � V �2 � � � � � � � � � � � � � � � � � f� fn N fA fn fn N (� (A ln cn t� tn tn N f� t� !n J O t0 F- O M � � � � � � � � � � � � � � � � � � �J � N W N a J J J J J J J J J J J J J J J J J .J a a a a a a a a a a a a a a a a a a F � � � > >- � � T �- �- � � � Y Y Y � Y � � !- y � � � � � � � � � K a' � d' � d' K � � w � w 7 7 � � � � � � � � � 7 > > � 7 � � � W N Z N f� N f� f/� f� N (� f� f� N N l� l� (� f� (� t� U 0 p � � � � � � � � � K � � � � � � � � � J J N N U W W H H I"- F' F� I'- F'- t- F- F- F" F F- I--� F' F' F- F � O O A Q � W A � q W W W W W W W W W W W W W W W W W W U (7 C� U C7 C� U U U C� C7 C� C7 U C� U C� C� w a a m a d c9 d m ¢ ¢ ¢ ¢ Q ¢ Q ¢ ¢ ¢ ¢ ¢ Q ¢ Q ¢ ¢ ¢ y a a ¢' � Q' ¢ Q �? Q �- r- F- t- r r- r- r F- � f- �- F- � � � �- F- J Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z � � � � v a v LL a a ¢ a ¢ Q ¢ ¢ a ¢ ¢ ¢ ¢ ¢ ¢ ¢ a ¢ ¢ � � � � — � > » > » > » > > > > > > > > > ¢ a A �o �o Q A o00 000 000 000 000 000 � UU p V o � o O � `�q F- Q QQ Q QQ Q ¢ Q Q QQ Q QQ Q QQ a a a � a � ac � v'� in in � �'n � c � fn �- � 1- F F� F- 1- F F 1- t- F F- 1- 1- F F F N a Q Z W O O N (h O N O N O N f7 O v W F- o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 E F,. W w � r� r� � � i. � ro ao eo rn rn rn o 0 0 0 .- .- y Z v W r�i H o � � •- v a v v a v v v v v �n �n �n �n v v o U r� y o p rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn � � cn cv � p c� W cv a ro m m co ro m m m ao m ao ro ro ro ao m o 0 W � `'" � � N N (7 � a � Z �Q .- � � � .- � � .- � � .-- � e- � � � Q � Z } IV � Z O p U O � � � � m Z iC� � � � � � � � � F; � � � � � � � � F; b ' w � O O N ('7 O N O N O N f`� O .- � � Z Li � C7 Q r�i c�n � � � � m a�o �w rn rn rn o 0 0 0 � � o N � 0 = M Q oa LL .- � v v v v o v v a v v u� u� �n �n � � v J a r� J o y rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn v a o a a M N � J N Q N � cD OD OD 0� a0 70 W OD 00 00 00 00 OD 00 OD CO O O m 7 Q Vl fn N �y � V v� w (� v� c4 v� tn (� cn tn vl N cn (n in (n fA (� � � � > >- Y } 0 } } } } } } } } } } } } } } } } } } } � c� c� cn cn i v v� i � v� i .� v� I 3 cn cn cn cn cn u� �n <n �n �n �n �n �n �n �� �n �n �n � .d. o � � � Q � �C d � V o f - a � � � �' o� � � .- .- � � � .- � � .- .- � � � � � .- .- � � .- .- � .- .- � � .- .- � � .- `� d a ��V'� o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o I o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 F o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 � o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 y m m m m �o m m m �o m R m m m �a m �o ca m m m m m m m m �a m m m m m m m: '� � aa a � � aaaaa � � aaQ � a a ¢ � � aa � aa a � � aa � al 8 � d� �� � N O (O O O O O O t0 c� fp O O O f7 O O M N 00 N O N � O O O O O O 1� O 1+� 7 O O O O 1n O O O 01 .- M O O O OD O O O I� O W f0 V N N O (h O O O O O N O t0 N O O O ('� O O O e7 01 CO O O O C7 O O O N O (O N N N I� O ry O O � O O O O �. � � � M a�D N O 00 O OD M .- h N (O aD N Y �n c`) O N aD a0 O � t0 O � I� � I� � .- V N O f� pp m N � O? CO � O � O^1 � N � Ip y O � t0 O O O O O (O M (O O O O (h O O C� N CD N O N � O O O O O O � O O O O u9 O O O Q� (h O O O OD O O O f� O m tD � N N O M O O O O O N O t�D jp O O O M O O O M Of 00 O O O (h O O O N O (D N N N I� O N O O � O O O O 1� ) �O d' t0 �O O a0 O GD f7 � � N (p OD N f� a M W N � c7 O N OD a0 O V t0 d � n �ri r� .- � y vNi ,o o n ao �v Y n � d� ap `n o °' � � N N � � c�i .= �e r ~ � d � C W � � ch N N r- W O N O (D O O O O O (O M (O O O O (`� O O ('7 N a0 N O N h O O O O O O f� O [9 G� ; N 7 o O O O h O O O T �- c7 O O O OO O O O I� o � (O � N N O M O O O O O N O tD Q � C ; O O O f7 O O O M m 00 O O O lh O O O N O t0 N N N I� O N O O � O O O O 1� � � O � V � a�D N O aD O OD f7 � f� N c0 a i0 N M O N a0 OD O � C � M a �- n �ri � � .- v ri o � w �o J RI y L N � 0�0 � O � O^f G1 � N Q � •_ � '' �6 Q 4,�O � > } ` O Z N� (`� lh ('� C7 M ch ('7 M (�7 f7 fh c7 lh (h c'7 f7 lh C') M lh (h ('7 M M M M P7 (h M ('� � O � {yp A O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O /1 L 0 N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N U 'i � � � o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 a a � n n n � n i: � � n n � `n � r � r� n � n n n n � � r� n � � n 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 a a� � e°10 c �? Ip LL LL LL LL LL tL LL LL lL LL lL LL LL LL LL LL LL Ll. LL LL LL LL LL LL LL LL LL lL LL LL 11 LL LL LL � j 10 � � � �L � � �2 � � � � � � � � � � � � � � � � � � � � � � � � � � � tND am � � � � � � � � � � � � � � � � � � g � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � .7 > > 7 � � � 7 � > > � 7 7 � 7 � 7 � 7 � � 7 � � � � � � 7 � � � � J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J � a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a r r r r �- � > > >- r r �- r � r > � r r r > � � � r } � � r � r r � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 7 � � 7 7 > > 7 � � 7 7 � � � � � � � � � � � 7 � � � � � � � � 7 W W lil W W W W W W Lll W W W W W W L!] W W W W W W W W W W W W W W W W u] � � K � � �' � � � � � � �' � � � a' � � � � � � � � � � � � � d' � d' � F- F- F- F- H F- !- F H f- I- h- F- H F- H F- H F- !- F- F- F- I- H F- F- H h- F- H F- I- H y W W W W W W W W W W W w w W W W W W W W W W W W W W w W W w W W W W � y (7 U U t7 (7 C7 C7 C� U C� C7 C� U C7 C� U U C� U C� C� C� C� C� C� C� U C7 C� U C7 U C� C� � � a a Q a a a a a a ¢ a a a a a a a a a a a a a a a a a a a a a a a a d _ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � > z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z a > » > » > > > > » > » > » > » > > > > > > > > > > » > � 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o a o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o A � a a ¢ ¢ a a ¢ ¢ ¢ ¢ ¢ ¢ ¢ a a a a a a a a ¢ a ¢ ¢ a ¢ ¢ ¢ a a ¢ ¢ a � � o � a � � � h c F- F- F 1- f; F F- F- F- H H I- F F- F- H F- F- F� !- f- F- F- F- 1- F- F- H H F- F F- F� H � � O O O O O O O O O N (h � tn (p 00 Of O N O (h � O N M O N OD O � N � � � � r, � � ^ � T � � � � ^ � � � � ^ O O O O O O O O O O O � N N N N oD c0 c0 GD ap op ap � � i� I� I� h O O O O � W � � T m m v v v v v v v v v v v o v v v v v v v v a v v m co ao ao ao 0o m � � O O O O O O O O O O O O O O O O O O O N N N N N N N N (h (") m � M � M C a (V N N N N N N N N N N N N N N N N N N N N N N N N N cV N (V N N N N ry � � � U � O t� �- r r r- t- � r- r F- � � F- � r F- r- r- F- � F- �- F- � �- � � F- � r f- F- H � F- ` � N M � � (p � op Of O N C� � h tp Op � O N O c`7 � O N c'� O N a0 O .- N � � Q O O O O O O O O .- � N N O O O O O O O O O O O O lL � •-- � � •- � � •- � � •�- � � •�- � � •- � � •- .- N N N N a0 W dD CO OD aD OD � I� f� 1� h O O O O � W � � � � p� N v v v v v a v v o v v v v v v v v v a v v v v .- .- J N N N N 1� f� I� 1� � � t� � � � � � Q, O O O O O O O O O O O O O O O O O O O N N N N N N N N M fh t7 th ty (� (� N J N N tV N N N N N N N N N N N CV N N N N N N N N N N N N N CJ N N N N N ry H VJ Vi VI t/3 tn (n fn in fn (n tn (n (n (n (n (n (n (n (n (n (n tn (n (n (n (n (n N (n (n N tn (n tn O � � r > r r � } r � > r > r r } r y � � � } y } r � r r } r r > r r r r � c� 3 v� cn cn v� rn <n v� �n cn v� cn cn v� �n <n �n cn cn cn cn <n v> <n �n �n �n �n �n n v� rn <n :n v> > � � �" � Q � o, ��o n a � v o � - a M q o i ui U `� � � T� o a �� I a a V� W m � �� M l`n) M �'7 � OI O O y �I T Q O O � � d� � �Q' O H � n � � > � � a Y � � � O N N N O � � � m � O�i O�i ^ 01 � � A � j a � a � rn 01 N N N � OMi O� O�+ � � m � T F � � C W � � c+� y � W G> j N � n � � � � � `0 v � a � O � co �o rn � C � M a r�'i rNi a�o J � N � rn o� a> a � � � � � � �O '—°-o o � � •° ° H o o Z "� U a � to � O a a �� � � � � N � Q m <D N O � N � � Z O� O � N LL F- 2 W � H � W d p� � Z A m N > > � � a Q J � C O C � O '" a � � 0 � a ~ 7t � N c � d y � W � � N C � � � ` O � H 2 " � � O Q w � � � o � N O a W O d � � } � U Q_' fn � � � o 01 � Q n a v o � - a M= O I � � K �y � � � a a �� a U� �� M O O O M � O O O O N T '� O O � b� �� N ai n o � .f 7 M D7 p� � � � � � Y � � M Q � � � O m M N O N � ('7 (`�') � O�f 7 ; � � � W 00 1[1 01 M 0i N OD e- N ` n a rn o � (D � M � N O N �N I.b = � W C� � M N T 0 � U N � o�i r�i � w � C 'N M � �w u^i rn e� N GO aD N J e4 � � a N � °' `�'' a � oa N � ,g ,o E O � � > � Z° d� � �, � n°. r o N N v a � , os a o 0 d d o v� m� o � A o i: am W � v � O N Z � U � � O w N F LL � Q. J J w � U (n � Q W LL � O Z V C J J C H a � �Q ,-�� E - p � W m ayi � W � � c N U io N U � � i c � a � z r � � � Q U � V o Q r- y � (O (h N j Z O O O C � � � - Y W M 2 �'+ U Y � Z N Q Q� m (D M N O O O O O a 0 � M � d 7 Z � � � t9 U � N � � �c � � (n p. o r�i Q Q `" � a�i � ^ '� � -j o a > o � r a� �- � a g w o a a � U i � °r° n � o o n o ^ �p m �'j N (`') O N O O N � N N Q �w o 0 0 o c�i o 0 0 o X a � QU o � c 0 � � � � rn �p � �p m a� � M M �,> F I� � � U N a � o a� a a� U C� . � a•`° � E � �� � � � � r o � o � o ul U n � �- y w_. N N«7 � � �0� � A NUti f � � o — a� o ° � m o° � a°'o rtDi o allo. � p c� a o O � � N O � N �� Z` �+ � p � f0 O � �'O � a � � j a�� O 7 � M O�i N O c�'� � e�-- r N� O O�p ri c�i vi N o � N oi N N N O m> �n° � rn r`�i o � a' aao � O.>_� U � � � N N � � � � � �n. Z � N (O N � h �p O = c�i c�i r� cv � a �ri � a >.t W � � C7 � �+�f � � j c � � � � � � p o Q � � N �U c 0 � � � :: � � .L�-m O C 7 M 0 n � o u N � � L � CO � �`� � a' N � � � � o c o W ' � r� v rn cn o � a> v � d � ��o U0 y w � r� rn �n o c� � } � U v� � O �� ('7 (7 � (V O I� N Oi N � � � � � �� r � W M O eN- � a�D � U � �a ��/� � O 0 . � � v vi c�i c0 �` � N "O"O`� V/ Z N (O N � 1� p � � u• O y O � a a° a (V N (h N � � cp 1p C U o — � M � a�•Z= `' � E C� � � a�� N � ) >� N `�\� O � V ! C�� c Q— N_'n m �` �� � O N Y o — � C N � � � � u�] O (��7 � � � C7I V h ^ N �� a�p Ci ri ui c�i o I� N oi N C N � N U � � � N � c�7 O � � � 01 � � � � O (0 � � V (�O N N cD ^ � � W I� O N a N N �D N �n � p O .� M �D � >. � N c7 N I� � cD � w � 'N V � M � O a p N� � � �� a�- 0.Q� � M � O Q � N � L N N E 3 °3 °' V�= M 0 V� U � O (0 Q � � N Z Q N Q O � O � �� O M �= � Z � (n � y O C � W (� l=i � � U�� f0 ly (n � � F' � ~ N C �C U �' LL. O � (Qn a w � F O N .� C N _ N W W F- � a � N E d � O C._-. � � O U � W (n Z O U y C � ��` � � e- c�i � � W � O � c� � I A � p � u� U •- o p z � � W � I �'� c m o �-Lu�p, � ti o a Z O Z V d o � �• C p) �. �; � U a c � o .. c� � z `u c� � a�5 � c � �o '� `� ,°n a m d m W w ? � C U� N L � � � f/1 Y � 1�� � O � LL � w Q >- LL � p j N 10 � � > ;_ . � (� C o ., Q (� (� J � J N O c� V W � 10 •' •� N O � N � w Q a � J � t m�� Y � � V x � � c LL � a p z w c R m� o o > > � t > c° �— � � � _ � � c� � w � _ U a.� F- I F- U Q w �-- m E a d � ��o N cna � � a � `o� � � ^ � � N U� � o �� � � (7 (h (') (`7 l`7 f`') ('7 f`7 l�J M Hf W f0 N N C7 l+1 O O O O O O O O �" � �o c� �o co ro �c co <o c� <c � n r i. co m o 0 0 0 0 0 0 0 � a � N N (V N N N N N N �I � � I � O I O N I N O O O O O O O O � 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o ri ( ri o 0 0 0 0 o d a « a U � .- � � � .- � � � � � � � .- � � � O y I m I I I N I N f0 (0 f0 f0 lD N D I Q I I I I W l9 N f0 l0 f0 Q Q Q Q Q Q O � ('� ch M e7 M c7 C7 fh M ('7 cp �D (O t0 c0 f0 t0 (D t0 t0 (D i� � M O d jp N N N N N N N N N N M O N O �� O O O O O O O O O O O p p �+j N N 4Y N � � � O Of W O P .} V Of QI c7 M O O N O O O O N 7 O O C7 O N W N N f� lh M � � N 1q O O N O O O O h A � � �"� g �D M 0 f� O� h �'7 P') P'f � N N N O O O O O O lh � c0 (") O N 1� N N N � �D �OD 00 � �(1 O O M � x N N OD M � � V (D O � P � U7 01 Of c7 e"f O O O er p O cD � N N O ('7 � h f� O V 7 N N N N N CO � lh (O ^ Of � (�'1 f� � � t0 a0 (O 1D N N O � m �O N 10 a0 I� f0 (`� � t0 N (O t0 N N � �q N � � ? f�7 � � (O � � � (D N N N f7 1h ry cj " N " y in N l'7 � O> O � � O h � p Oi p1 M Nf O O � O O O O � 7 O .- � O c7 O � � N N h (7 � W p1 � �(f O O N O O O O I� ry c0 (O M R fp o7 O 1� Of f� M lh M � ' > <O o7 O O N I� N � N V 10 00 Op � � N O O � O O O O � N N OD M � tn � (p O � f� tn � � pf M M O O O p W O OD Y9 h N O fh iA � I� V �t V u'1 h N N N a0 ` (7 c0 ^ 01 � 07 I� � � (O OD (O t0 N N O � � (O OO (� OD I� f0 f7 � (O N (O 1D N N � N N � � N � � � M � � (O V .- � (O N N N I'� M N N � U � N c m C� � N � Q � ; N 7 O N � O M O � � N N � (��] M � � N 1� O O N O O O O 1� N � � '0 fO t0 (") 1 (O ('7 O f� Oi 1� M ch 1h � �fj N N O O � O O O O lh LL � (O M O O N I� N � N � ta a0 Op � Iq O O M � O �Q O � N N aD (h rn �n V (O O � 1� � N W O> ch M O O O � L' 1 M N O W t[7 � N O M �A iA I� e} � er tn 1(1 N N �/� d (`� �O � W m M h � � f0 00 N N O p�j yI �C N L. (O a0 (O W I� (D M � (O N (D t0 N N � 1fi N � ,^ C � u'1 � N .- (7 (O V .- fh (O N N N (h 1h N N v' C � � � � � � W � � � U •— V p a� ��/� `� ,� O V/ � Z �� � (h M (h M /� y O O O O O QQ {y �� N N N N N L � � M O O O O � d a o 0 0 0 0 d ^ m ao N C V N N O �p M OD OD N C LL LL LL LL LL LL > A n N A 1'�f O � � � � � � a m C�D A t�0 N �y � � � � � � N Z N M N � � � � � � J J .__I J J J � a a a a a a r r- � r- � F- � t- F- � " a Y } r � r � � � � � � � � � � � z v� � » > j > > w w w w w w w w w w w o � � � N � N N cn �n �n cn �n cn cn �n v� cn u� u� u� u� u� u� w w w w w w w w w w � l. 0 0 0 0 0 o a o 0 0 � � d o � � � � � � � � � � � � � � � � d w d J d � y J J J J J J J J J J � � m O Ql � � J � W W W W W W 7 Q Q Q Q Q Q Q Q Q Q � Z � � � � a A ` y a a a a a a a a a a w i d a d 0 d a d � � � � � � — li LL Ll.. LL LL LL lL ll., LL LL � 0 � ( � I � Q Q a a a a O> O o} O> O O} O }O Oy O a W a d a ' a p a z z z z Z z F- � F 1- � F � F F � A p A Q m Q A F- � > > > > > > � c� c� � � � � c> � � o a o � � o o � � � � � o0 000 0 a a a a ¢ ¢ z o � � �n � � a a � a � a 7 # N � �p � �! LL t n N Q' � � V- F- F- F� H F- E W � <p � � � � ano m a°'o rn Q o a W � � o 0 0 0 0 0 y W o 0 0 0 0 0 0 0 0 o W n � �2 a � ,� ,N � � � � d V fh � ('7 M c�+7 M � M cM7 � � N Z � H � O O O O O O c O � � � � � � � � � � t- � W � � o Z � � m a°'o w o°'o o°'o ro do W � � � W � d' � � Z Z , o � Z � a } W � U o m O � I Z � � f- � �- � f- � o w p� LL (�O (D (ND (D � (O W O�D 0�0 01 0 O ~ � ? a N N N (V N R O — o 0 0 0 0 0 0 0 0 o n W Q } N LL ,� ,� ,� ,� N u•� Q `h r' r� r' c' " " " c.� M y r� o 0 0 0 0 0 0 a ! N N (V N [V N N N N N W O Q � I Q � �,Y M -J a�0 a0 00 c0 a�D o�D O,i � LL } } } } } } } } } } � } Q } IO } Z o IW � � NNN cn o c� 3 cn cn cn cn cn cn cn v� cn cn � � rn � V n � J cn � w � � 3 u}i ai v cri> uri v}i � c� �'°' cn a � o� «� oQ � a � � � o a V� � � 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o a ��"� o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0- a $� .- � � � � � � � .- '- .- � � � � � '- � � � � � '- .- .- � � '- .- .- � � � .- .- .- NU m:s O iO � y � m � m m m m m m 1° m c`°a � m m m m m � m m �° m � � m � m � m � m `0 m m � � a a a a a a a a a � a a a a a a a a c a a � a a a a a a a a a a � a a a 0 � �i�'' w R .�� N d o 0 0 0 0 0 0 0 0 0 0 �n o o m ao 0 0 0 0 0 o O cn o 0 0 0 �n o 0 o r� o 0 7 O O O O O O O U7 O O O C) c'1 O O �O (7 O O O O O O O N O O O � f� O O O � O O ; O O O O O O O � O O O � � O O tn0 N O O O OO O O O (O O O O O O O O O O O O Y O N o7 � h O � h p � p c0 f� O O� � GD I� � N � � N R N N � m � o 0 0 0 0 0 0 0 0 0 0 �n o o c� eo 0 0 0 0 0 0 0 �o 0 0 o v �n o 0 o r� o 0 O O O O O O O u7 O O O M M O O (O ch O O O O O O O N O O O � I� O O O � O O jp O O O O O O O � O O O � � O O ^ N O O O OO O O O ^ O O O o O O O O O O O � O N ('7 .- h O O� 1� V N ;C O�i . �[ � � � O N �pp{ � N � �7 N � N N ('7 } N � � U c c °' d (7 � y r QA, O N O O O O O O O O O O O � O O M a0 O O O O O O O t0 O O O C � O O O ch O O W ; N 7 O O O O O O O �i7 O O O [7 (`') O O (O M O O O O O O O N O O O � h O O O � O O @ O O O O O O O I� O O O M M O O (O '7 O O O O O O O (O O O O � OD O O O M O O � �C O � O N M � n O � � ? � Q = � M �o � i: o oi �n co n v N � (� V a N � V N V N N M IA � � W � a.�. � (� ,� G� � /A i O Z d) y l") f") ('7 c7 C7 M f`� M (`7 c7 (7 M M f`� ('7 ('7 M M (`� M M ('7 c'7 M c7 (�] V/ a a° `� `N°� � � s s os o o s o os s s s oos ss o s o0 os L O N N N N N N N N N N N N N N N N N N N N N N N N N N Q � � � � O O O O O O O O O O O O O O O O O O O O O O O O O O � a a � � � r� n � � � n n n � � n � n r� � n i: � i. n n n r� 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 d d rn� � A LL LL LL LL lL LL LL LL L1. lL LL lL LL LL LL LL tL LL lL LL LL LL LL lL LL LL LL lL LL lL LL LL LL LL LL LL Q m � � � � � � � � � � � � � � � � � � � � �2 � � � � � � � �L � � � � � � � (n N ln N fn N (n cn (Q tn tn h (n N tn (n (n (/) N � h tn (n fn N tn fn N tn tn N (n fn (n fn fn � � � > > > > > > 7 � � � � � � � � � � � � 7 � � � � > > > > 7 � � > > J J J J J J J J J J J J J J J J J J J J J J J J J J J J _! J J J J J J J a aa a aa a aa a aa aaa a. aa a aa a aa a aa a aa a aa a aa �- >- �- �- �- r r �- r � >- > r r r �- > >- �- > � � �- �- r > >- �- > r > r �- } r > � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 7 � � � � � > > > � 7 7 � � � 7 � � � > > 7 � � � � 7 � > > 7 � � � � tQ� NQ Na NQ Na NQ NQ lQ� NQ (Q� fQ� (Q� (Q� NQ ha tQ� NQ NQ NQ Na lQ� lQ� tQ� N¢ ta� (Q� (Q� N¢ NQ NQ tQ� �Q (Q� (Q� NQ (Q� W W W W LL7 W W W W W W u.l lil W W W W W W W W W W W W W W W W W W W W W W W � � � � � � � K � � � � � � � � d' � � � � � � � � � � � � � � � � � � � H F- i- F- F- H H H F- F- 1- F- H H H H F- F- F- H H H h- F- H F- H F- f- H F- F- F- F- H F- W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W � C'J U C� C7 C� (J U (7 U C7 C� C'J C� (7 U C7 C� C� C� U U U C� (7 U U C� C7 (� C7 C� C� C� U U C� �, ¢ ¢ a aaa aaa aaa a ¢ a a ¢ a a a ¢ aa ¢ aa ¢ aaa aaa a aa _ r- � F- � F- F- F- F- � t- f- � � F- r- F- f- F- � r r- F- �- � f- r- i-- � r- F- t- � r F- � �- z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z a a a a a a a a ¢ a a a a a a a a a a a a a a a a a a a a a a a a ¢ a a > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 � a a a a a ¢ a a a a a a a a a a a a a a a a a a a a a a a a a a Q a a a � � � � ~ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ~ C W .- N ch O N M O N M � O (h (O O N c7 O N c7 O N (`') O N C7 O N � � O O O O O O O O O O O O O O O O O O O O O O O O O O O O � O O O O O O O E V V V � N U� iA c0 (O (O (D (O aD oJ c0 W � � � � N N N N M ch ch (h M N �A h �A f0 (O (O y � � �A �17 � N � �A � N � � � � �A N � � N �A O O O O O O O O O 1� I� h I� I� h h O O O O O O O O O O O O O O O O O O O O O O O O O O O > O � O� O> � 01 � � Of O� � � � � W O1 � 01 QI 01 Of O� � � O1 � Of � 01 � O O O O O O O C a OD (D OD 00 c0 OD OD OD OD a0 N aD (D OD c0 a0 [O c0 N OD c0 aD OD CO c0 00 00 00 a0 O O O O O O O � � � � �- � � � .- .-- .- .- � � � � � .- � � � � .- r- � .- .- � � .- '- N N N N N N (V � � U o O v c7 r- � � r- f; r- � r � r � � r r r r r- f- � r � � r- r- � � r- � � � � � � � f- r- o QN M O N c�1 O � N M �} O � M (D p .-- N th O .- N M O N c`� � O N l`7 O (V � O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O � LL � � u�i � v�i u�i u`�i � � � v�i u�i ua0i � � v0°i v�i v°'i � � o 0 0 0 0 0 0 0 0 � � � � � � � o N rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn o 0 0 0 0 0 0 � a J ao eo co ao ro ao ao 0o co ro ao m ro ao co ao ao ao ao eo m ao ro oo eo ro ro ro ao 0 0 0 0 0 0 0 � CJ N C! N N N N N N uJ tn (n (n tQ (!) (n (n tn (4 (n (n (n (A (n tn fn (n !A (Q fn (n (n (n (A !O (n (n N (n !n (n (n (n (n tA tQ � c�i �S c}n c}i� ai u}i c}n v}i c}i� v}i c}n uri c}i� v}i v}i v}i v}i c}i> cYi� v}i c}i> v}i v}i r}n uri � v}i n n n vri } } } } � > y � n n n v> co n n � M �� � ao � ��o ¢ ¢ '" � O ^ a � � � o a U� � � 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o a �M o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 � o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o n- a $� � .- � .- � � r- � � � � � .- .- .- .- � � � � � .- .- .- � � � � � � .- .- � � � � wU A.� O 1O � y N N N lD f�0 lD c�6 N N N N N N f0 @ N N N � N (0 t0 N N N N N � N c0 f�0 � N N � N 9 a a a a a a a a a a a a a a a a a a � a a a a a ¢ a a � a a a a a Q � a 0 0 � a9i� .�� H N O O O O O W h O O O N C� O .- O O O � O O V N O O O O � O O O O i� O � 7 O O O O O � N O O O O O O O (O �n O O O � O O fD OD O O O O O O O O O O f� � . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ; O O O O O N t0 O O O 00 c0 O V' aO I� O O O I� O O (O O O O O O N O O O O T O f7 N I� O 7 c0 ('7 N M c7 O aD O N N O � Y V c7 N � � � I� � O O .- � N N � N � � R � (O � O� � W � rn m f� � rn rn �C � N N � I� �T m C7 (� � d O O O O O W I� O O O N c7 O .- O O O � O O � N O O O O V O O O O I� O � � O O O O O � N O O O O O O O (D u7 O O O W O O (O aD O O O O (O O O O O O O I� jp O O O O O N (O O O O CO (O O V f0 f� O O O 1� O O f0 O O O O O � O O O O � O M � N h O C t0 ('7 N ("1 M O OD O N � O 01 � C7 N � V W I� .- O O � W N N � � 77 (O I� (O O (O � (D (D h h I� N � O> T C .�- � N N � � � � � N � (�7 th � U = Z � d W � � a, � � N � QO 07 O O O O O 01 f� O O O N M O O O O 01 O O � N O O O O ? O O O O h O N d � N � o 0 0 0 0 � c� o 0 0 0 0 0 o co u� o 0 o rn o o co 00 0 0 0 o co 0 0 0 0 0 o r� ip O O O O O N (O O O O 00 c0 O 7 a0 I� O O O f� O O (O O O O O O N O O O O � O f`') � � C � N 1� O � (O ('� N M (�7 O a� O N � O 01 O (C � O � ? 07 N � � � t� � O O .- m � N C � �/� _ � M a v�i v �O c�o �O rn �n° m � rn rn n V/ � N � � � V � N N 7 I� ? N � (7 (�7 � W � a�i � U •— � � � � o 0 � y� M M M M f7 M lh f�7 ch M M c7 (h M M M (7 (h M c7 a a° � Z `�° � � � s o 0 0 o s o s s o s s s o 0 0 o b _� N N N N N N N N N N N N N N N N N N N N � � � O O O O O O O O O O O O O O O O O O O O � a a n � n n n n � � r� n n � � n n r� � n � � 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 d d rnu � lCp LL LL LL LL LL LL. LL LL LL LL LL LL. lL lL LL LL LL LL LL LL. lL LL LL LL LL Il LL LL lL LL LL LL LL LL lL lL Q m � � � � � � � � � � � �L � � � � � � � � � � � � � r2 � � � � � � � � � � t� tq tq tq (A tq t� !q N f� N � N cq tn tA fq (q cq h cq tn tq v� (q � � y � tn N ln tq V> t� cA � � > > > 7 > > > > > > � � � 7 � 7 � � > > 7 7 7 � 7 � � � � > > � � � J J J J J J J J J J J J J J J J J J J .J J J J J J J J J J J J J J J J J a a a a a a a a a a a a a a a a a a a d a a a a a a � a a a a a a a a a > > r r } r > r r r �- �- r � r r > r r � } r r >- r � r r r >- r r > r r � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 7 � � � > > � � 7 7 7 > > > 7 � � � � � � �QA (Qn (Qn (Qn (QA tQn (Qn lQn tQn VQJ (Qn (QQ (Qn tan (QQ tQn !Qn (Qn tQA (QA (Qn (QQ (Qn lQA fQn (Qn lQA (Qn (QA (Qn (QQ VQJ NQ (Qn (Qn NQ W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W �l W � � � � � � � � � � K � � � � � � � � � � � � � � � � � � � � � � � � � F- F- F- I- H H H H H H H F- F- F- F- F- H H H F- F- F- H H H F- F- H F- F- H F- F- F- F- I- W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W 7 V' � U' � � � � C:� � � � � � � � C.� C.� � � � � � � � � � � � � V' � � � V` � � y Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q _ H' F- H H H H H H f- f- H H N H h-' H H H H F- h-' F �". H H F F- H H H H H H H F �-'. Z Z Z 2 Z Z Z Z Z Z Z 2 Z Z Z Z Z Z Z 2 2 Z Z Z Z Z 2 Z Z Z Z Z 2 Z Z Z a a a a a a a a a a a a a a a a a a a a a a a a a a a a a ¢ a a a ¢ a a > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > � � � O O � O O 0 � � O O � 0 O O O � 0 O O � 0 � � O O O O O O O 0 0 O � a ¢ a a ¢ a a a a ¢ a ¢ ¢ a ¢ a a a ¢ a a a a a a a a a a a Q a a a a ¢ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � C W C� O N c7 V O N c7 � O N c7 O N (h V O N fh O N c`] �f O N M (O O E� � O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O � O O c0 rn rn 01 O� O) th t�] c] c7 c7 V' � � R �n �n in u) �n (O c0 <O (O aD a0 00 CO c0 N N N N N N � y I� N � �n u� � O O O O O O O O O O O O O O O O O O O O O (h (7 M c'7 (7 c'� tn O ch M M c7 c] O O O O O O O O O O O O O O O O O O O O O O O I� > O O N N N N N (`� fh C') c") c7 0] c7 c7 (h M c`� M l'7 ('7 M M c7 c7 f�7 M (h (h (h � OI � � 01 � W C a O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O � � N N N N N N N N N N N N N N N N N N N N (V N N N N N N N N (V N N N N N N 0 � U � O � (� r- F- � � � � F- f- F- F- H � � �- r- �- � � F- F- F- � � � � � � f- r- r � � E- F- � � o Q o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o rn LL (D O> � W O� Of ch c7 M M M p � f V � �n u) u] iA (O �O c0 c0 aD aD CO a0 c0 N (V N N N N tn O f� � UY � N N O O O O O O O O O O O O O O O O O O O O O O O M ch ch M (h M N N O t`') C7 f") fh ('7 O O O O O O O O O O O O O O O O O O O O O O O � '- n p O N N N N N f") M lh (h C7 ('7 f+) M M ch (h M M M (") (h M M (+7 (h ('7 (h (�7 � � � � p> � Q� a -� o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 � J N N N N N N N N N N N N N N N N N N N N N N N N fV N N N N N N N N N N N m �n W cn v� v� cn cr� v> v� us � v� w cn v� tn tn v� tn �n tn tn �n cn <n �n <n <n cn cn cn <n v� cn cn v� �n cn o � r r r r r r �- � r r � r r r r r } r r r � r r r � r r r r r r > r r r r � � 3 cn cn �n v� v� cn cn cn <n cn �n cn cn v� �n cn rn v� <n cn cn cn v� <n v� cn cn <n v� v� cn v� cn v� cn cn = � a �d � d � a> ;p Q Q �? � � � a � � � o a i �M o 0 0 0 o N o a 0 0 0 0l o � a a $� � .- .- m y V � A @ �� N N N N � aaa al 0 � �« 9� � � o 0 o u�i M °' � m ; O O O N N a Y � ' � p � O m � � r � •" M � O O O N M T 7 �p O O O N � a � co n � � �A � � N � � M U c c °' m � � � � a G� � N � o 0 o u�Oi r`ai, m /y � ; O O O N ' � I.L � � O � � O c � M � � � V� Ri N � a i: v � � � � � n W � � (� .� 41 � � � � O N Z 41� M C7 C7 aa° � � � oso ,t G N N N � � � O O O � QO„ a o 0 0 m m � F C M � � �j � f0 � � � '2 � p a(� � � � � 10 A � N N N � ra � � � � � N J J J J a a a a � r r r � � � � � � 7 � �¢ �Q �a �Q u] W W W d' � d' d' F- F- H F- y a� � � C� C7 C� C7 �° m � H H F- F-- � Q 2 Z Z Z a � > > > > c c 0 O O � A � � Q Q Q Q i� .`4 (n O F � a it � tq W H H F H E � � v�i � � y � � t� �n n � � � C a rn rn rn rn 0 0 0 0 - � N N N N Q � U o 0 v U' F- F� F- F o Q o 0 0 o m LL `n `n `� 'n o u� v� �n v� � � r� r r o rn rn rn rn � a o 0 0 0 � � J } } } } W p v 3 �n �n v� v� _ � � � � a o � � ¢ ^ a � � o a '� o � �M � N � a o � O, a .o,� � �o u+U � tp« � � � N T V O O � �~ .�� N 7 .��- � � � N Y p � O m � �O y a °' � � � jp � fV � O�D N C� tD .�C o O N } � `O � U Z � .� W � � �„� C7 � v �- a � , � � � � N O C 'NM � � " � � N � +��' L a � � W � � � � � V �O �O > Qa aZ ro � � � � a dd o n m c o �n A 0 oi >A o Qm r �o n U � Z W � Q � O � � � m W � � d U y ? � E _ m � N d > Q � c � d v � � Q c � `° Z y � A 7t Q U c U A d U E Q �°- N � C Z N � — Y "' U � W S � U Y a Z N Q a m Z N 0 w O �n � � Z � 0 U � N � � o a 2 Q � � o -- ^ m � ai � o � �- a � ... � E � � � o M a U > � � � O' O O N O N W O O N t0 M N � r � � � � C F � N � Y f9 � N O= e- � � N ~ � N q� � N �� N N � o Q p o a O O•- O O p e yO- O O N L � � 7 a° � f° > a� Y N O) O �"> C7 � O 7 � r 0p ? N �p m � � � t0 � > a � O� � N � (0 � � N {+�j "O � = a � i. � � � � v > � � � � a O � � N � � v ui a H � � o � � p ri c U Q � v/ L � N � f0 � � � � � � � �o �� N �O `� � x> o � °' `� � � a�U � � � � � o > '° � � M '� � � O Z � � N M LL ?0 0 O a v_ M n �'v� = d � v 2� � m F- m y Q �o ,� ) y O \�( � °� ! EU�" > o' � � ,c ca _-- a j o n p�p V N C N N � V N m o � Qj � � • N �_ � � e�- N M C � M � O.� V � N M � N �" � �t ri 1� C n �f t � � � - c � � � m o � E 0 3'N M. d � O � �w E N �, y U C �,,, C -C O N Z (D � O N ` M m :- � N � 7 � �- O d 7 N @ E „ E '3 t � •= U H V N lC � O v d � d C N U T e- o C � �'= i �� m p � V O v U �, C I � T � U'U p � o +,y, N.E � C ' IC � C. rn N N U a�i N � � O � O � C o D } � N . � E o' U w o� � o f° �C d V) a Vl L �c � N � t�j �-L � � � � Q � � � �� O O I 7 > � t� m � � � c� g � � U a� F- � t-�U Q w r-r1 d � �� Qa � � � " � ��c" = Q � ^ 0 d � � a °' > LL� p �^ n n c"o � tO a a °a' �- OI � ^ I � N � 0 0 0 0 � a s „ °� I I A � N � I I O � N (`] 41� O N �� O O N � o o n � � j o o � � ui Y � � � °o `° `& � m '� � o o n n a�o R o o � � ` > y oi ai w � v v `� � � � � ` � C F = � � � M � � N � � d � N � o o � n a�o _ � C p � � � � � � ~ _ � M `m ai w oi QR{ y L a v � � � d � Z � � � � � O � _ 'C Z �y A 0 � A = a � �� O a a N C � n N A � � � � � Q m � _ � M � � 2' ~ � n a Z .- o w � � z � w cn w > c7 ? Z } o� � rn z rn °f � � w ,� � a w > � > � — ca Q J Q a Q c Q c v Q '� Up A `�° 0 U ol � o F a a > > ik y N c d E y � (h d O O � N � C .- N � � v 0 v 0 N � O CO th � O O O a d N � m � lL N m c�i v � I � v}i � � c� Q a � � = Q "' � o n a �o � � ai LL r�� o 0 1O �' a T O O N O O � � a $� � '- .- aU A� O� a T � 8 � d� �� N 7 � O N l0 f0 47 J n � � Y � � � O � m °D � � N � (h O M j V O N j0 (O 47 e` � R (O M d OD M Y <O O� M � m � n � N V i� _ � ~ d N M � � � O d U N � v o N _ � N O j `n° � " � _ a � � � _ � M a � rn :� Q � G� � �i � a � � � o O E � � � > oZ a y �, � � a° to N N = a � , o0 a o 0 �C O N �. �p O � Q m t'1 M � � a z Y U N W � 2 � U F ~ ~ � c > > c d H a a A � y � � m N � Z Z � N N � C � ` � O O j C Q � L N N � v c � d E i°- y � (O � N � > C N N c�1 V O V O C9 m Z � �n m Y � n. V � N °� j = N N o U C) v}i U}i � �