HomeMy WebLinkAboutInvstmnt Rprt - Dec 20132013
City of Palm Desert .C;e x
1/1
d tfru meat C)grrOfritti(CV
ECONOMIC COMMENTARY
The Federal Open Market Committee (FOMC) will meet next on January 28-29.
It is thought that the FOMC will continue "tapering," and will reduce its monthly
government bond purchases by another $10 billion, in the belief that consumer
spending and energy exports will support solid U.S. economic growth in 2014.
Short-term interest rates are not expected to rise until the second half of 2015.
The Fed's optimism follows a dismal jobs report for December 2013.
Employment was projected to increase by 200,000 jobs in December -- it only
increased by 74,000 jobs. Many Fed officials have dismissed December as a
statistical aberration due to bad weather. While unemployment did fall from 7%
in November to 6.7% in December, this was due to 347,000 workers leaving the
workforce, unable to find work. If these workers were included in the
unemployment rate (pre-1994 method), then one economist estimated that the
actual unemployment rate would be 20% or higher (Great Depression level).
The workforce participation rate is currently at its lowest point in 36 years.
Wells Fargo Securities is forecasting subpar growth, low inflation, and more Fed
tapering in 2014. Economic growth is projected to be 2.4%, supported by a
modest gain in consumer spending. The yield curve will steepen, with the 10-yea
Treasury note rising above 3%. New construction will modestly benefit from an
improved housing market. Small businesses will continue to struggle with high
healthcare costs, and regulatory uncertainty particularly with respect to taxes.
✓au1S.gika/Z,"
City Treasurer
" Certified California Municipal Treasurer
r
PORTFOLIO STATISTICS
STATISTICS DEC-13 NOV-13 OCT-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
SEP-13
it
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.
AUG-13 JUL-13
$ 208,660 $ 201,302 $ 202,645 $ 204,899 $ 220,313 $ 220,370
$ 208,660 $ 201,302 $ 202,645 $ 204,899 $ 220,319 $ 220,373
$ - $ - $ - $ - $ 6 $ 3
$ 16,574 $ 6,521 $ 7,589 $ 5,909 $ 13,559 $ 14,565
$ 47 $ 49 $ 53 $ 51 $ 59 $ 59
0.28% 0.30% 0.31% 0.30% 0.31% 0.32%
1 1 1 1 12 26
0.00 0.00 0.00 0.00 0.00 0.00
All data as of December 31, 2013
Dollars in Thousands
Maturities Market Value
< 1 M $ 172,320
< 2M
< 3M
< 6M
< 1Y
< 2Y
< 3Y
< 4Y
< 5Y
Total: $ 172,320
Ratings Market Value
AAA or Aaa $ 103,997
AA or Aa
A
Unrated 90,978
Total: $ 194,975
Assets Market Value
County Pool 91,933
LAIF 43,314
WF/LAIF Bond Proceeds 25,009
City Loan to RDA 22,655
MTN CAMP 5,096
WF/Bond Proceeds 6,968
Agencies -
Total: $ 194,975
Month
Jan13
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
PORTFOLIO CHARACTERISTICS
December 2013
Citv Yield LAIF Yield Variance
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
0.28 0.26 0.02
i
Maturities Distribution N
100
100
80 -
0 60 -
a
i 40 -
0
a
20 -
Credit Quality N
0
0 0 0 0 0 0 0 0
<1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y
AA orAa
0%
Unrated
47%
AAA or Aaa
51%
A
0%
Asset Allocation I
7
County Pool
47%
MTN
0%
Agencies
0%
Performance M
0.40
0.30 -
0.20 -
0.10 -
0.00
WF/Bond CAMP
Proceeds
3% 3%
LAI F
22%
WF/LAIF Bond
Proceeds
13%
City Loan to
RDA
12%
Jan13Feb Ma Apr May Jun Jul Aug Sep Oct Nov Dec
•LAIF Yield DCityYield
CITY OF PALM DESERT TREASURER'S OFFICE
PAGE 2 OF 3
STATEMENT OF COMPLIANCE
December 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 December 31, 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,
Yazds gig, ee..-97
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code
CA Govt
Code Investment Category
53601(a) Palm Desert Bonds
53633 Demand Deposits
53601(b) U.S. Treasuries
53601(c)
53601(d)
53601(e) Federal Agencies
53601(f) Bankers's Acceptances
53601(g) Commercial Paper
53601(h) Negotiable CDs
53601(i) Repos
53601(1) Reverse Repos
53601(j) Medium -Term Notes
53601(k) Money Market Funds
53601(1)
53601(m)
53601(k) Local Government
Investment Pools 90 Days
53601(n)
CA State Debt
CA Local Agency Debt
Trust Indenture Debt
Secured Bank Deposits
Maximum
Maturity
5 Years
No Limit
5 Years
5 Years
5 Years
5 Years
180 Days
270 Days
5 Years
1 Year
92 Days
5 Years
90 Days
5 Years
Mortgage -Backed
Securities
16429.1(b) L.A.I.F.
5 Years
Maximum
Limit
No Limit
No Limit
No Limit
No Limit
No Limit
No Limit
40%
25%
30%
No Limit
20%
30%
20%
No Limit
No Limit
20%
City Investment Policy
Minimum Maximum
Quality Maturity
A-1/P-1
A
AAA & Aaa
AAA & Aaa
or Advisor
A (Issuer) &
AA (Security)
No Limit
5 Years
Maximum Minimum % of City
Limit Quality Portfolio
No Limit
No Limit
Not Authorized
Not Authorized
5 Years
180 Days
270 Days
5 Years
30 Days
No Limit
40%
25%
30%
20%
A-1 or P-1
A-1 or P-1
AA- or Aa3
Not Authorized
5 Years
90 Days
30%
20%
A I-
AAA & Aaa I 3.6%
90 Days
Not Authorized
Not Authorized
50% (1)
AAA & Aaa
or Advisor
49.8%
Not Authorized
No Limit $50MM/Acct No Limit I $50MM/Acct I
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.
(2)1
35.1%
88.4%
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3
CITY PORTFOLIO CONCENTRATION LIMITS
December 2013
%of
Investments Book Value Portfolio
CALIFORNIA ASSET MANAGEMENT PROGRAM $ 5,095.00 2.44%
CITY LpAN TO RDA 22,655.p0 10.86°l0
WF/L.A.I.F. BOND PROCEEDS 25,009.00 11.99%
FEDERAL AGENCY--COUPON - 0.00%
LOCAL AGENCY INVESTMENT FUND 43,315.00 20.76%
WELLS FARGO CORPORATE TRUST 6,968.00 3.34%
CORPORATE MEDIUM-TERM NOTES - 0.00%
RIVERSIDE COUNTYTREASURER 91,933.00 44.06%
TOTAL BEFORE CASH $ 194,975.00 93.44%
PLUS:
CASH $ 13,685.00 6.56%
GRAND TOTAL $ 208,660.00 (1) 100.00%
FOOTNOTE:
(1) In the City of Palm Desert Comqrehensive 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.
a � �
T � ¢ � �
U U -- "
�c � a >
.L.+ c0 O I �
� � � �
� � o a �
m a
V � r� v v v o �n tv o N y '� a
�'� O N N N O (`7 N O N C �
�W O O O O O O 0 O 0 � �
� N�
t0
� O=
C Q
7
N
F � � � � � � � C.�
d -
f- N 7
m �
. y
T
U.0
��
«� � '- '- '- � '- � c �a
�U � y
ia
O� ;�
C y
� O v
N c7 N I� � �Q C {1,
�p� (D (O 00 N 4] Q .
e y�-, N � � N � � O ��
� "' >
a° �
1°
�Y
p j O � N i� � r N � � � � .
N �
O jp � O1 N N I� V � aD �,.j � .
m� (O � � � M � r � � 0�
T �O �
O�i u�i O � c�0 t+Ni a � Of �� .
�/�/ O f0 O (") � � � (D {A f0
LL C N N N �f � Of � � � n' O.
W � � M � N « o
tn � � e- -
W G� � ��m
0 C� � N :3 � `° a
�
� C 7 M o � �U
Q �L � � �n�u
�
O � � � op
a o 'o � ;, ; o � N � � � N � � i � �.�
u- • �- � �; N � � � � � M �� �
p � � °; �> � � �° � � �o •- �° � � „ m a
� ui � m v oo c�i � v � N 'O � � �
� � o � o co rn rn � c°Do � lLL � �
0 ^ � U C�
O � � N N R � � � � � —
v a � o �� � 4
r N °' N
_ _�
; 0
� N ,
o x E Q
� N p
C N m '
o � a
e � � �
`m � o rn N � v`�'i � N c � Ol v �n ip V �
a> � rn `r° v�i rNi c�o � � � v � n o Q� �
01 t0 � � � N �
O (�O O ('7 � m '7 � � W � C �U�
O �
N N N V � O> � � � C � � N�O
� � � O > C yO-
•- N � � � N L
N Q X-O
N N n'
M Y �
�. N L
� y�"'
� 3 � o
N c
t�i U c.0 N o
N C 4= � N
0 � O� V/ �
�Q O F- E L U N t�
¢ j � � U V V ~ �
� LL �
W y c O w �f
�
H a' '� . O
a � Z W ln O N .N.�� U N
F- w g � � m E d � .o� o �" o
w V v~i O � c'i y v � � � � a �
g � W 6. � > � � � �
� � � o y U �
� a a z O � c,� C m 0 °-L o U O c
Z � Z V OV � 'cYi��, C Q� �' ..d+ N N t cp ,� o
a� � � Z U' U .y �c IC C � •� � y p
c � ~ m w � c �-o r 'c a� O � � � � -
� l j Q LL Q lal � £ O j f0 N } � � j� N C7 � ai
Gl Q O J q J W N � �'c U W � � tl 'C N � N a O
> ¢ � �+- p w >_ > � @ o p I p > > � t a� m d =
� c� c� � � � � � i U a s F- � r- U Q W f- o n a � �
. �« a o �
.-
� �o V a � �
R A
a � o � �
o i c
$� � � n
r� � � � � � � � � � � � � � � � � � � � � a � �
�� I I o 0 0 o a
U I I o 0 0 0 0 0 0 0 0 0 0 0 0 0
�� !h M M � � � � � � O O O O O O O O O O O O O O O O O O
�� O O I O O I O O I O O I C O O O O O O O O O O O O O O O O O O
y (6 N f0 �fQ N (0 (0 f0 N �fQ (O !O 17 f0 @ f0 �fQ N
� I I I I Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
O
�
c+) lh � � 7
�� O O N N N
�� O O O O O
�
m �n �n o �n in rn a n o �n o 0 0 o ao co o ro o o .- o � v� co
7 < h O O) T N N I� 1� O O O O O O T N O M O O � O 01 O
ep N N N Of 01 N iV � H O O O O O O l'7 (O O t0 O O � O � (O O
� m n ic rn o°fi �n°. n � N u�i � r� �n � v ao
Y O O c0 c0 a0 O�
p I� 1� 1n O V aD OO � V �O N C�1 O .- M 01 OD
0 O O <O tD O O c'1 M � � � � �
m N � N N N N a �
y � � p N 1p pf p1 h O (D O O O O a0 (O O OD O O .- O V � O
� � � O W Of N N h h O 7 O O O O � N O M O O e- O f0
jp N N �fI W OI N N � N O O O O O O M t0 O c0 O O .- O W (O O
� fh CO W Of c0 10 (O �D V V M N cD � OD
fD h t0 � 0e►1 f� t� N �ff N O O aD c0 a0 � O�
Y 0^D r ON1 � Y� O O � � � N l'' � � � � �
O O t0 1D O O C') Hf � �
N � � N N N N N V �
�
W C> � M
� � N �
Wo d � � o � � � � �. o � 0000 � � o � oo .- o � � �
Q� ; N � � h O W Of N N I� f� '- O � O O O O 01 N O M O O .- O W O
Q � w {p N N �ff O) OI N N N h O O O O O O M (O O t0 O O � O � (O O
� C � � M aD � OI f0 i0 (O tD � 'ct M 1n f0 O 00
OD 1� t0 � T h 1� � N �27 O O OD t0 N .- Of
� C � M iO oro n m v�i � o o � '° rn c�i `'' � ^ a"'o � �
J � N � a o o � �o 0 o r� i� � �
� � N N N N N N a a
Q � '� �
Q •0 � V
� � O Q �� (7 N1 M � M C1 ('7 M M c7 ('� M M
O •Q A 1p O O O O O O O O O O O O O
� 1F �0 N N N N N N N N N N N N N
U `�
L o O O O O O O O O O O O O
O a n n i: � n r� � n � r� n � r�
a o 0 0 0 0 0 0 0 0 0 0 0 0
d m �n m
�C 10 O� N 1�
� O T Q N �1 LL LL LL LL lL LL lL LL LL LL LL lL LL LL LL LL lL ll
d M T Z r N � � � � �2 � �2 � � � � rL � � � � � �
Q m � N LL 00 a � � � � � � � � � � � � � � � � � �
� o � I- o i �n tn cn �n tn tq tn �n to cn v� v� cn tn v� tn cn t�
-� vf N 2 h � � � � � � > > > � � 7 � � > > � � �
j N W N 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
r r r r r r r > r > r y � � r r r r
W � y � � � � � � � � � � � � � � � � � �
d' W � � � > > > > > � 7 7 7 > > > � � �
� W �W Z fQn (Qn fQn (Qn (Qn !Qn !an (Qn fan fQn fQn (Qn fQn NQ fQn fQn fQn lQn
U O W W W W W W W W W W W W W W W W W W
O � � � � � � � � d' � � � � � � � � � �
J J y � y U CI C1 h F'- F- H F" F- F' F- F- H F" F- F H F- F- F- F'-
O O 07 J Cf Z Of C� W W W W W W W W W W W W W W W W W W
7 O O � Q � w � � :°. C� C� C� C7 C� C� (7 C7 C7 C� C7 C7 C� C� C� C� C� (7
w a a a� a d c9 a� V � ¢ ¢ ¢ Q ¢ a Q ¢ ¢ ¢ ¢ ¢ ¢ ¢ ¢ ¢ ¢ ¢
y a: a Q � Q a a Q z z z z z z z z z z z z z z z z z z
� � � �o ¢ v LL v aaa aaa aaa aaa aaa aaa
aa A � � � A a ; > > > > > > > » > » > > > > »
� o 0 0 0 ❑ a o 0 0 0 0 0 0 0 0 0 0 0 0
UU � U 9 J '.4 O � '3 F- QQQ QQQ QQQ QQQ QQQ QQQ
� o 0 o Z o v)
a a .a � a �
� > > > LL � �
a � �n N �n � �n �
� � z w � � F- t- t- r t- E- f- � F- � f- � � t- r- �
O O N (`] O N O N O N (`') O
� n. W v W I-� o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
ao � r� r� � i. � i. oo eo m rn rn rn o 0 0 0
,� Z v W o � o .- � v v v v v c c v v v �n in in �n � •-
i W V r`�i � o Q rn rn rn rn m rn rn rn rn rn rn rn rn rn o� rn v v
C � t7 � � Q N W N a N aD aD cO c0 aD aD aD c0 c0 N OD oD a0 aD a0 N N
� W � � Q a r- Z � O � .- .- � .-� � � � � � � .- .- '- .- .- �n
Z � Z � U �
Q U O Q
� � m W � � � � H �- � � � H t- f- � � � � � � F- o
O O N � O N O � N O � N c`7 O N
� Z LL � � Q o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
W r� r� �. r � n m ao co rn rn rn o 0 0 0 � .- �
N v a ' o Q o LL � : v v v v v v v v v v v� in � u� �
v O Q r`�i -� o � rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn v o 0
N f`] N � N Q N J aD a0 a0 a0 a0 a0 a0 a0 aD OD OD OD OD OD aD CO O O m
� a inin � cn LL in V in W inininininininininininv� ininin incNnvNi o
U C� (A N I U � I � N I OJ � I � N N N N N N N N � � N N N N N V � f}A �
N L`°.3 r a o
G> >p r Q ^
c�o � U �,
d � o a
«_ o i
i.? � � � � � � � .- � � � � � � .- .- .- .- '- � � � � � � � � � � � .- � .- � p a
C'� �I a a
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 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 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 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 � N N N N � N N � �
ga ¢ a aaa aaa aaa a a � a a � a a � aa � a � a aaa � aa �I
�
d�
9�
�
d O (O O O O O t0 l'� (O O O O l7 O O M N o0 OD 01 N � O c7 O O O O O a0 O M
7 O O O O � O O O � � M O O O aD O O O h O 01 (O V N N O (�7 O O O O O � O 1p
� . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
; O O O M O O O M Of 00 O O O ('7 O O O N O f0 N N N I� O N O O O O O � O h
(O V (D a0 O aD O a0 f� '- h N N
Y f� � ('� GD �(1 � C� O N OD OD N Of
p ^ n � ^ � � � u h O Oni t�0
m N O) c0 O 01
� N e- 10
y O (O O O O O (O I'7 (O O O O M O O C7 N CO OD � N u7 O C7 O O O O O OD O M
� O O O O N O O O � M O O O 00 O O O I� O W (O T N N O M O O O O O 01 O N
ry O O O o] O O O o7 � W O O O o] O O O N O fD N N N f� O N O O O O O � O P
> (D V (O OD O aD O a0 M � I� N er N
1� � M OD � � Ih O N OD 00 N 1")
.°1Zc � n `" ^ � � � � u�i o rn m
� N O1 00 O Of
N � •- c�i � m
�+
� �
� � y M
�
WO N O (O O O O O (D P7 tD O O O M O O o'1 N GD aD O� N K1 O M O O O O O OD O 1'�i
Q� ; N 7 O O O O �f1 O O O O� � ('1 O O O OD O O O 1� O � (O V N N O M O O O O O � O N
Q � � N O O O M O O O M 01 aD O O O M O O O N O t0 N N N i� O N O O O O O � O A
� C � � (O � (O 00 O a0 O CO (h '- 1� N � N
` h V M a0 � � M O N 00 CD (V M
� C ' M a � ^ v� � � .- v � v�i o rn �
J ctt v� � N � � � �
� � .- N � tD
Lal. ,� � �
�O � O Q CI N 07 07 c7 O� C7 C7 c7 C7 c7 P1 f`� C7 M M M M M M c7 c7 M (`1 c7 ('7 ('7 ('7 (h ('7 f7 M
O � lNp � 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
A ,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 N N N N
U ,+ �
O � 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 p, n � n n r� n n r� � n n n n � n r� � r, n n r� 'n n n 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
rn t°'i h
� q 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 lL LL LL lL LL LL LL. lL lL n
j l0 � � � �2 � � � � L� � � � � � � � � � � � ^2 �2 � � � � � � � � � � � � M
Q m � � � � � � � �2 � � � � � � � � � � � � � � � � �2 � � � �2 � � � � � a0
tn tn fn tn tn fA N tn tn (n tn tn tn tn fn cn t/1 fn fn tn ln tn (n fn fn tn fn ln fn tn (n tn tA ln �
> > > > 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 � rr >- > r r rr > rr r r � rr � r rr r
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � 7 > > > > > > � > > � � � � � � � � 7 � � 7 � � � � > > > � � �
NQ cQA NQ NQ cQn (QA NQ tQ� �Q (QA (Q� (Q� (Q� (Q� lQ� tQn NQ yQ (Qn (¢� (QA lQn fQn lQn (Q� ta� tQA NQ NQ (QA (Q� (QA (Qn (Q�
W ul W W ul W ul ul til W til ul ul til ul til ul W W W li] Lt] W W LLl LL] LU ul W ul ul W W W
� � � � � d' � K d' � � � K � � a' � a' � � � � � d' � � � K � a' � a' 4.' �
f- F- I- F F- F� F- F- F- F- H F F- H F F F F- F- F- I- F- F- H F- F- F- H F F F- F- F- 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 �' � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
y F- H F�- 1- F- F- F- I-- I- H F- H H H F�- H F- F- !- F- H FQ- F�a- h- Fa- I-Q- F- H F- F- F- H H 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 a
Q Q ¢ Q Q Q Q Q Q Q Q Q Q ¢ ¢ Q Q ¢ ¢ ¢ Q C Q Q Q Q Q Q ¢ Q Q Q Q ¢ a
0 � � � 0 � � 0 � 0 0 0 � O O O O O O � � � � 0 � � O O O O O 0 0 � �
� 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 a a a ¢ a a a �
tA o
� a
�t � rn
~ F- F- 1- F- 1- F� F- F- F- F- 1- F� V- F- F F- F- F F H H F- 1- F- F- f- F H F- 1- F- F- F- F�
C W N C� � � (O 1� a0 01 O N M C �[] c0 � m O N O M � O N lh O N a0 O .- N
E� � O O O O O O O O .- .- � � � � � � � N N O O O O O O O O O O O O
•- •- •- •- � � � � .- � � � � � � � � � .- � N N N N aD a0 N cD CO 0� c0
y h 1� 1� f� o o O O W � � m 01 W �
c a v v o o v v v v v v v v v v v v v v v v v .- co eo ao eo m ao m
C a � c� N N �v � n n n �n �n �n �n �n �n u�
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 (h (7 M f`� c� (�7
� � 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 N (V N N
O �
U �
O Q
C7 �- �- � � H � F- F- � H H H �- �- �- F- H �- r F- �- F- � � � � � � � �- �- �- � H o
QN [7 V u] (O I� aD � O N (") V � (O 00 W O (V O M � O N c7 O N 00 O � N �
O O O O O O O O � � N N O O O O O O O O O O O O � O
�y � � � � .- •-- •-- .- .- � � � � � � � � � � N N N N OD a0 a0 W a0 00 W �
i= � � n o 0 0 o rn rn rn rn rn rn rn
� v v v v v v v v v v o v v v v v v v v v v v v .- .- w co co co ao ao co 0
� N N N N 1� h I� f� N � � � � N N
d J 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 t�7 C1 M M M (h f�7 m
.� 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 N N N N ip
� W (� N N (� N (� (� f� (A f� f� f� (� f� f� f� f� f� N f� (� (� f� f� f� (� (� N N f� f� f� N N �
� } )- } } } } } } } } } } } } } } } } �- } } } } } } } } } } } } } �- } �
U 3 cn cn cn v� v> v> cn cn cn v� v� cn cn <n <n cn cn cn v� v� cn cn cn �n cn v� v> cn cn <n v> cn cn cn �
"' �A a �
a� ,o � ¢ ,�
rn
a � o �
- a
O I
wU � o a
„� a -
�� a
U�
��
� c�( M N
O O �
N �
� 4 I
O
�
�Y �
c�
�� o
H
7 t� f� N
; � � N
Y � �
O � � �
m � � �
O> T �
j r Ir N
� � � N
(O 10 01
G1 N N V
� OMi O�i �
� � W T Oa1
r � _
/y �
LL L.
`W C� y M
� �
W G> ; N = � � N
0 � � � � � � �'
C � � �
G C ' M a rNi rNi �
J �4 tA �• rn a� a,
Q � d rn m m
a �° �
LL .o a� E
o �
0 ,�° o �
� y�
0 � ry �
U a � �o
O a
a
rnu N �
� � o �
A �
Qm v �
m a
� M o
Z o�
� N
LL
I--
Z
W
�
H
�
W �
W p>
7 Z � �
>
N p Q Q
W �
J C
� � A
�
a � �
o �
� a
� � �
c �
m
E Q o
� W �
� N
C F �
� � O N
Z r
�
� v
U o
W �
0 � O
� N O
y W N o
�
U � � �
¢
� � Qo
d �
n
� U
a o f
- a
o i
«R � �
qU `� `- � O a
,; a �
O� a
U'�
��
M O O O N
� O O O O
N
T
9
O
O
�
�«
.��
N
N OD � N Iq
7 c0 V � �O
� M O N pMp
Y O f0 �p
� � � N �
m � � �
•" O
N
� a�D V .N- 10
7
� O � fN0 �
Y rn � N N
� 7 � tD
� � O
` N
1N'�
I.I� _ �
W a> � M
�
U `—
W G� � � � � � � �
N
� M O N 00
� � N � > o m �o
� c M `
� a c `° N �
Q � 4> � � ao
^ O O � N
li
0 � � �
�
Ua a° � �o NN
� O O
7
a o 0
d d o �n
�c o r�
� � o
am w � �
Z � o �
� ON o
W N
�.,_ LL H
� J J
(n � Q
w � LL
� O Z v C
� '' O � N
ya � F=Q ,—`0o E
— p � �1 �y ayi
w � o, >
� w w � c
y U 0 � Q A
F-
Z y
7 A
ik 0 U
O
c U
m
E Q �
y � (O M N
> Z M � �
� U � � � �
W n
S
U a
Y o
Q o
m co r� o �
N O
= O O O �
d O � M � �
y tq N (A �
Z
U � N � � �
Q n. � M
2 Q n �
� � r
� a >
� ir
0
a a �
� �
U >
r� � � o a a
� � O N N O N
F IC O O � O �
}
N
tD
�'f
N
Er- � e- c�'
� c
� �
m
a
Y
m
a
�
o= .- .- � m
« „ N
Ay °�
p � c
� N
N
a
o a
o� o a �
0 0 0 � �
'� � � _
a° `- m
>
a>
Y W W O �`'� M �
O 1� W
m � � � OI � OD �
> � ef O N
oi � iri N N
v � c�+� � "O
r = a ri aMo �
� � � M `" � o
� � a
0 d � N a
m �n �
� � � r' p ui cU
C �
� � N ` ` � ��
� � � � �o � �
� � o M e,� � �_Q
Z �O •O � Y 3 O � � a0 � } N J
� O � v �> � v p N � oU
� � � ai �' ,ri N N c�
� O �o oi � v LL, _—
p a a ° � � M � m�; _
_ � a � �
� � �� p
0°�' N
�
� a �
= n4
E U _.
� rn �
o �� �
a � o � � o"o � c c�o � N •� m
> o " � � N 'O f� N O 7>
N C d.
V � � �+�j W N 'd' �O
�7 t7 00 C � 01 L -
� a 0 � -C
'- '- � � cD O
a� E
M 3 N
d � O
� y w
N
y U C �
Q � O N
N
N a M
� o a
N� �
_ � M
� � �
O GI L O tll N
� � �
� 3 � �
U � C � � �"' (� N
� C � � � � �
f0 r. �C
�d ,� m C 0 N U O o
U �, C � T ey+ U O d o�
� N N.S � C ' 10 O y C. o
C C U N N E � 0 � N � � \
d G7 �? � � } � j v� L7 C o
y a N t G c U W N 10 V O. Q �
O
> � g > I � �s o o � �i' � ro m d �
c c U a S i- H U Q W F-� a � �
� �
� �'� Q d � m
d 70 = Q n m
� O �
N �
a � � a�
a >
v� o LL� o
�� c�o e�n c� � � d a aai
� OI O � I N N K
0 0 0 0 � a
«A �
�~ I I
�
y I I
T
O
O
�
�� O N
�� O O
�
N rn 01
� o o r� r �
; o o � ' �
Y � � �
O �p
m ? � V
� O O � n 0�0
7
jp O O ^ � �
�
N � 01 07
� v a v
� � � �
� � C
C �
� � N �
� G� � N � o o n n o�o,
_ � C � > � � � � �
� � � M a � � �
� C � � c � a
Z � � �
y .O � c�i
_ � O d
= a � � tc
�
� a'
a
�� � " °
A � � o � N
j 10 � � N
a m � LL t�0 M
O Z � �
� �
a W �
H �
z f-
w cn
w >
c� ?
¢ }
rn
� �
d � Z R �°
w �
u�i w i � i �
— tn Q � Q a
a c Q c a
Q � � � �
0
� � J � H
a a
> >
� � N
c
a�
E
y � M
y O O
� N O
C N
_ �
N
A
a
0
C
0
m r�
0 0 0
a n. N � d
g u. N ,�
� � � g � �
� �
� = Q o
rn �
a �
�o �
i
�� o o � a �
0 0 "' a
0 0 � �
a
$� .- �
�n U
T�
� q
�
N
�+
V
O
O
�
�`d''
��
H
7 m O �
�D
� n � N
Y � � N
� c+i
O � � �
m � � �?
N .p
y l") O 1+7
� fD O tp
jp (7 N OD
� V (O N
� � M �
` I� O1 M
� � 07 pp
� N �
� � �
� N M
� � �
O a�i vN = � o �
� R{ N � � v � N
_ � r ` a rn rO1i ro
Q C Q � N V
Z � � �
� � � �
m
� y� M �
2 AO a U O N N
li
� O O
n' o 0
�c o m
� c ao
Q m N
�
M
�
� �
Z
Y
U �
W �
_ �
U F-
2 2 y
d 7 = C N
, a a �a
N � � m w
— z z
in v� � >
� � � c
O O
_ = i c
Q A
L
N
A
9k U
c e�
N
� ~
y N 10
d O o
� N N
C N N
N
N
r
P
O
UI N
Z O
N �
a U N N �
W
7 2 } } o
U U cn cn �
�
�
� a o �
U aQ ¢ � n
N
� � E d
'> o a >
i
� � LL C
� c o a �
v � o a f
U > m c�+� c�0 c0 0 0 � o � �p ip a
�'� N C1 O N O O N O N N �
��c o 0 0 o vi o 0 0 o X a
N m O
� QU
o �
m
c 0
E •- •- � rn � � � m y
� � M M � �
N � � � �,N,
H 1� � �J N
a � o
d a
U C�
. �
a•" �
o= � � � r� .-
i` � � � E
N U n O O �O y
o� � � � N
� yU.=
� ° o
c �
o O "@" �
N
O� � ON>, � O O�D O � C� a .
a yO- �N � O O '- � � � r
L O � '"� �
a � �C �
(n � 7
C'��
o � � c�i v � o N M n p N'`,o
O�p t+i c+i f� fV O ri O N N N O
}, m> � u°Di o r`"i o °.° � � � O.>_�
� v � N N �o � � � Q' O
Z � N �n n �n n p co � �0 a
.L. N N N h O/ IA a �«
� � � C7 � � « � c
� O � �
Q � �U c
� � � N d co � y.o
R �
� C � M � � � o�
� 5� � � � °'- � �`�
N ` O � � N p C O
/� O .O �.. d � n M V v�i O N M r p } ���
V
UG� �ia c�o a�o uni v�i O � � v' N t0 N � O
� � V `°> n �n o cn o v co � t� y y d
_ � � � V V �O f�i �O � V� � N -p�,...
� O Q N (O � N 1� p� (�O � LL 0 tq �
Q � N N � N I� O> N U• p �•
tf1 t0 C O
Q a M M N•�L
� � � N
� � ��
» N i
o �, � Q
c�� �
��� �
�E �� I
a O �Y ~-
C
N 7 � � V N O N M n p 0) � Of � (C 0�
a A c+i ri � c�i o ri � N C � CO N V �
> `r�° � o a�i o °r a � oD � u�'� aMo 0 0�o �
� c � ni N c0 � v � W M N N a u/
N t0 h u7 1� p co � t N ef p � N
N N N 1� Of IL� M � N U C
M M � � O N�
�- e-. . � aM-� a Q�
M L O Q
a. w' y
a '" �.�
£ 3 �= �
�
U U fn V U O
0 �Q N '� N
a� O o M
�� Z � � �p Q) O U a
C
W (� I=i � =2' V 't''0 C �
O lA a Z � W O N .N c N LL N
w Q W �'' 1- -
I- � d � m � � O C •L• 1- �
O
o � W � Zo � ; � ; oyo � a �
� � w > o � � ' � � � o � � � �
a c7 ? z o oi� � i A w n� c� U v �
Z � � m O O v
Z O Z � W� OU � u��. C p) ?• � � U a C � o
c m � � w � � c L� t c `m m � E o � � a o
d LL w F V, z Q y U N �/! � � � y �N �
� - � W Q } li E p� � � } � > j - � � C m
N a � (n J � J Yy L n C U W N � V 'c N � O �0
> ii j a U W w ; N N'�. « « Ci d N'cp s = a O
� � x U � w � � i U a� F°- I F�-I U Q w H c'� E a � , �
.- �:' N cn a � �
� M 0 N � ¢ ^ r�
� � � � �
a rn o a >
o - i r
�M � c�o � <$ �$ � c�o c�o � � m M � � � c�o � o 0 0 0 0 0 0 0 � a �
N N N N N N N N N �I � ^ I � O I O �I ' O I 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 vi o 0 0 0 0 o a a
$� � � � .- � r- .- .- .- r� � .- .- .- .- � �
�« I I I � I N I �
A
�
yy � �¢ ¢ � � � ¢
T �p I I I ( I
O
�
� N � � � � (�O (�O t�0 f�0 � (O M fD t�0 O
d A N N N N N N N N N N (") O N O
�Q�' O O O O O O O O O O O O O (")
N
Gl �[1 N c'� � 01 O 01 Of O h '7 O (O 10 C') H1 O O � O O o O 01
7 O � � O C7 O N O) N N A (7 e7 � d � N O O I� O O O O (O
; fD (O (`� fD c� O 1� O� I� 1"f (`7 1'f 1� h N fV O O O O O O I�
(D M O � N f� N � N �p t0 �D 00 � N u) Yf O O o7 O>
Y N N OD lh � � � f0 O N P N Y1 O O M M O O O V
� O OD � u) N O (� � � f� V a � �O t0 N N N �0
0 (7 (O f� O� 01 M I� � Q1 c0 00 �D t0 N N O Q1
m (D oD � (O CO I� t0 c'� N tD N (O t0 1� t� � N N �
�1 t ('� � c'1 (D V e- M (O N N N N N
� N � � �
y N N ('� O) 01 O � O1 O h V Y �O �p M M O O N O O O O T
� O •- � O o7 O � W N N h (`'1 M V O � Hf O O I� O O O O fD
�p t0 (O f`� a (O M O 1� � I� M M P'f I� h N fV O O O O O O I�
� t0 l`') O O N I� N � N � t0 �0 00 � � N N O O f7 O>
N N OD M � � V' (O O P � Y1 O O M M O O O a
d O 00 � u'1 N O C7 � K1 f� V a V �O �D N N N �D
` (h cp I� O� W c7 h �1 01 (p a0 �O tD N N O �
� t0 OD '- t0 aD 1� t0 M u'1 (O N �O tD f� P � N N �
� N rL ^ � f7 � � (O V .- � (O N N N N N �
U c N
+� y
c
� � N �
QO d � N (`') Of W O m � O h V < <O t0 (`� M O O N O o o O �
� ; N 7 O � � O lh O � � N N h M M V a u� �n o o n o 0 0 0 �
� jp (p (O ('� � (O (h O f� W I� M (h Hf f� f� N N O G O O O O I�
� � � r � N N a�D (`�7 ONi N R (O O u�7 h �C7 Iq O O (7 M O O O <
O�/� = � M a �+�j (�O � O�f ONi � I� � W (rD Oa0 � � (D 1�0 N N N N O T
�// � N ` t0 OD .-- t0 OD f� (D (`� N (O N (O 10 I� 1� � N N �
i/� C � � � V N '- � (p �p � � (O N N N N N �
VI G • �
U •� � V
� � o d
,^ Q y« � c+I M M M
Q ^ � A � N N N N N
,i L 0
� �
(` O O O O
� d a � � � � �
0 0 0 0 0
y y f� V t0 M O
10 C h M N uf O
A LL LL LL LL LL LL
j N � N n M O � � � � � �
Q m � � N N N � � � � � �
N t0 !D tn V) V) I/) VJ VJ (n
N Z N N N � > > � _ _
J J J J J J
� a a a a a a
I- r � � �- �- t- � 1- F- � " Q f- � }a' � � � �
� � � � � � � � � � Z vi � » > » >
w w w w w w w w w w w Q w �n �n v� v� cn cn
cn cn cn cn cn �n cn v� cn v� o `� u� u� u� u� u� u�
w w w w w w w w w w � � -- w
0 o a o 0 0 0 0 0 0 � q o � � � � � �
� � � � � � � � � � d w d � y � d � y F- F- F- F- H H
J J J J J J J J J J � � � O � Q � JQ � � � � � � �
� Q Q Q Q Q Q Q Q Q Q Z
N a a a a a a a a a d N 6/ 4. 01 � N a N Q Q Q Q Q Q
y LL LL LL LL lL tL lL LL LL LL Q � Q a Q Q tL Q � � I- F- F- F-
Q Q Q O O Q � � Q Q Q Z Z Z Z Z Z
C O C � C LL C � N � � � O � �
� � � � � � � � � � A o A d � ¢ �
� � c� � � c� � c� c� � 9 a 9 � � � o -' � � � F ¢ a a a a a
g o � o z c � $ vl
a � a a � a � a �
a m' � �n' � �n' f�'„ N C7 `� � �- �- � �- �- �
a�i p = � '
N a W � F- o 0 0 0 0 0
+F.j W � �p � � � t�p orp O�p o�p O�i Q O F, � a � N N N N N
y W o 0 0 0 0 0 0 0 0 o W � �n �n �n �n �n
� U M M M l") l'� C7 c� (") c7 M � N W QO � V ~ R Q 01 � Of Of � m
C � N N N N N N N N N N f- �A 1� O Z � a0 a0 aD a0 aD a0
_ � .-- .- �- .- .- .- � .-- � � O W u� ; c0 WQ (h � .- .- � � � �
O �
a � a } w ° �
O 0 Q V w � � �
m U Z p t7 f- f; r � r F o
� W R� O N o] (O O N
LL o N r> v �n �. ao rn o W � (� z Q o 0 0 0 0 0 0
. (O (O (O (O c0 (O W OD CO m Q O W Q LL N N N N N � �
� O O O O O O O O O O h
N � N � tn iA �A
c� c� c� c� r� r� c� r> r� r� fq v !n M o 0 0 0 0 0 0
Q f�] M (�7 f'� M M M M P7 M N 00 J V � fh � � � T 01 � �
a J N N N N N N N N N N W O Q �f a D � � J � � � � � � �7
�A �y in V� cn i/� v7 cn in ul in i/> > �n cn V cn W o W cn cn in u� in in o
7 >- >- Y � > >- Y >- Y � Y Q > O Y Z
U � � � �, � �, � �, � �, � I � � , U �, IJ � , W N , � � � � � � � �
�
y o
d j p Q Q �
� A � N
a � o �a
U� 0 LLi
� 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 � �
��"� 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 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 o 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
$� � � .- .- � � � � � � � � � � .- � '- � � � .- � � � .- .- � � � .- � � � � � �
wU
T�
� �
�
y N t0 N fV N f0 10 N (0 l6 N N N f0 N N 10 N N t6 N N N N N N N N N N N l0 (0 N N N
�^ � aaaaaa � � aa � � aaaaaa � aaa � a�aa � aaaa � � a �
�o
0
0
�
v,a,�
��
H
N O O O O O O O l�7 O O O � N O O I� N O O O f� O O O CD O O O V N O O O M O O
� O O O O O O O N O O O l'7 O O O (O 01 O O O � O O O 1� O O O O) I� O O O � O O
; O O O O O O O � O O O � � O O (r0 N O O O O O O O ^ O O O � � O O O O O O
Y O N lh � h O O) I� O �e{
O fD
m N �lI V N '7 N N !'1
y O O O O O O O l'1 O O O � N O O h N O O O 1� O O O GO O O O � � O O O C7 O O
� O O O O O O O N O O O M O O O (O O> O O O � O O O 1� O O O I� O O O .- O O
� jp O O O O O O O � O O O � M O O � N O O O � O O O fr0 O O O O O O O O O O O
� O N M r- I� O O> f� V �C'1
d Q�j ��Cl � � 1� O N a�0
� (V �f1 � N � N N M
� � �
U c
� y
� � N �
Q Q> > N � o 0 0 0 0 0 o N o 0 o c�'n o 0 o cnv rn o 0 o r o 0 0 � o 0 o rn � o 0 0 � o 0
� � � ^ ; O O O O O O O � O O O � M O O [rD N O O O o O O O crD O O O � O O O O O O O
� � � ` O N M � i� O 01 h � �
��/� G � M a � � or °i � o cry �
V/ � (A � N � V N V N N M
W O � � �
V ,_ m �
� ` O Q N y ('� M M c'7 M ('7 ('7 (`� C7 t7 (`� (`� ch M C'1 M f7 C7 l'7 c7 (`') O7 M ("1 M ('7
N Q � � 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
Q ^ `� 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
li
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 i: � n � n � r� r� � n � � n n `n � � 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
m m
rnu
� q 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 IL lL LL LL. LL LL lJ. LL LL
� N � � 2' � � � � � rL � � � � � �L � �2 � � � � � � � � � � � � � � � � � � �
¢m � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � 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 _l 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 a a
r r r r r r y } r r r r } r r y � r r � r r r r r } r r r � y r r � r >
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
> > � 7 7 7 7 � � 7 > > 7 � � 7 7 � � 7 � � � 7 � � 7 � � � 7 7 � 7 > >
W W W W W W W W u] W W til W W W W W W W W L�1 W W til �.l W W W W W lll L�.l W W u] L�l
� � � K � � K � � d' � � � � �' � � � � � � a' � K � d' � � � � � d' � � � �
F- i- F� F- F- F- 1- F- F F- F- f- H t- F- F- F- F- F- H I- 1- H H F- I- F- F- F- F- H F F- F- f- 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� U C� U U C7 U C7 (� U C7 C7 U C� C7 U C� (.� U C� C� U U C� U U C7 (.7 U U C� C� U C7 C7 C�
N 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
F- 1- F- H F- H F- F- F- F- F- H F V- H I- F- F- F- F F- F- F F- F- 1-- H F- F- H H F- F- F F- F-
Z Z Z Z Z Z Z Z Z 2 Z Z 2 Z Z Z Z Z Z Z Z Z 2 Z Z 2 Z Z Z Z Z Z Z 2 Z Z
a a 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
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
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 a a a
�
�
� �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
C W N M O N (�1 O N M O f7 f0 O N ('� O N C� O N M V O N l7 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
� V � V � �A N � (O fD t0 (O t0 aD 00 OD CO � O> O� � N N N N ch C�1 f7 ('7 M � � � tn f0 (O (O
N � N � � � u7 tn � � � � N � � u� � tn � N � O O O O O O O O O f� f� 1� h 1� f� 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 � 01 Of Of � 01 01 � Of � � O1 � m 01 01 Q� O� Of � QI � O1 01 W W 01 O� O� O O O O O O O
C a a0 aD OD 00 !D a0 00 a0 aD OD a0 aD a0 aD OD OD CO a0 OD a0 c0 aD 47 CO CO aD OD aD aD O O O O O O O
.- � � � � � � � .- � � � � '- � � � .- � � .-- � � � '- �-- � � e- N N N N N N N
� r
U
O �
C7 � � � E- �; � r E-- i-; f- r � r- r � F-- r � r- r r r � r- r r � r- r- � � � F H � � o
� � N M O �-- N NI O N o9 V O � �`'> �O O N (") O N (h O N (7 � O N l� O 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 O O O O O O O O O O O
LL V V ? � �n � � (O (O (O (O f0 OD CD 00 OD W � Of m N N N N ('� (�7 ch (h (� � � � N t0 (O N �
� � � � � �ff tn � N �A tn � � � N N ln � tn ln O O O O O O O O O I� 1� f� I� 1� I� I�
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
� Of Of QI � O1 � m m m QI � � Of QI � W 01 Of 01 W � O� Q1 01 W O� O� 01 O O O O O O O �
d J ao m m ao ao m m ao ao m m m m m ao co ro ao co ao w w eo co ao ao m ao m o 0 0 0 0 0 0
� W t� (A (� (� VJ (� (� (� (� [� (� (� N (� (� I� (� � (� (� t� (� N t� N N (� N f� f� N N N N N N �
7 } } } } �- } } } } } } } } } } } } } } } } } } } } } } } } } } } } } } } �
V � c� (� (� c� l� (� (� f� (� l� (� (� (� (� f� (� N (� N (� N l� f� l� !� (� f� f� (� fA (A (� (� lJJ N (� �
d (n n, �
a> ;p Qa �
� �
a � � �
O a
LL�
U� � �
� 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
�M 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 d
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 a
r 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
$� � '- .- '- � � � � � � � � � � '- � � � � �- �- '- � � � � � .- .- � � � .- '- � �
fn U
��
O�
y t6 (0 (O f0 IO (0 (0 f0 l6 f9 f0 @ (0 N l9 10 f0 (0 lC f6 t0 .@ fC t0 N (0 (0 lD f0 f0 (0 (C fC f0 f0 @
T � aaaa � � aaaaa � aaaaa � aa'aaaaa � aaa � � aaaa
v
0
0
�
v�
��
�
N O (O O O O G1 aD O O O N M O � O O O � O R N O O O � N O O O 01 O �
� O t� O O O � N O O O O O O O t0 (O O O O Ql O O fD OO 1� O O O (O f0 O O O O O �
ip O � O O O N (O O O O OD 10 O V' a0 00 O O O I� O O fD O O O O O N 00 O O O � O CO
� N 1� O a f0 M N ('1 �"� O o0 O N � O
Y < fh N � 7 Of f� � O O .- OI u7 N V t0
0 � � � (O � 0�1 r a�0 � � O^f h
� O) O) �7 � N N � f� �
m �y (7 �
y O f0 O O O a1 OD O O O N M O � O O O � O V� N O O O O N O O O � O 01
� O h O O O � N O O O O O O O t0 f0 O O O � O O <O CD f� O O O c0 (O O O O O O �
jp O Oi O O O N (O O O O OD t0 O � aD OD O O O I� O O t0 O O O O O � aD O O O Oi O OD
� N f� O O t0 c7 N C� M O f0 O N h O
� M N N V W I� � O O � O) �[1 N V <O
'� O�i O�i � �V � � N N � � n R
` N � pj fh �
r
U c
c °'
� � � �
QO N O �O O O O Of a0 O O O N (•1 O u7 O O O O� O V N O O O V N O O O 01 O Of
d � N � o n o 0 0 .- c� o 0 0 0 0 0 0 � � o 0 o rn o o �o ao � o 0 0 <c <o 0 0 0 0 0 �
� 1p O O� O O O N c0 O O O CO <O O V' OD N O O O 1� O O (O O O O O O N a0 O O O 01 O o0
� � C � � N 1� O V (O l"1 N M c7 O N O N N o
O � � � ('7 N � C O� I� � O O � W N N C (O
�/� _ ' �"� a � v `O � `D rn `n° ofOo � rn rn n
V I � N L• � � �f � N N V 1� �
N � � � � M �-
W 0 � �
U •
N� ` O Q N N M ('� ('1 l'7 ('7 c+1 M fh P7 M ('7 C7 M C'1 (`') M C7 (h (7 M
� �
Q a° O A m o 0 o s s s s o 0 o s o s o o s s o s o
�— L 0 N N N N N N N N N N N N N N N N N N N N
Z V
Q � O O O O O O O O O O O O O O O O O O O O
� a a r�. � r� r n `n � r� � n r� � � � n � � n n �
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
d m
rnu
� ry 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 LL lL LL LL LL LL lL LL LL lL LL
Q m � � � � � � � � � � �2 � � � � � � � � � � � �2 � � �2 � � � � � � � � � �
� � � � � � � � � � � � � � � � N N N � � � � N � � � � � � N � N N N �
� � � > > > > � � > > > > � � � 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 a aa a aa a aa a. aa a aa aaa a aa a aa
r r r r � r y r r r } � r } y r � � r } } r r r r } � � > > r r r > r }
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � s � � � � � �
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
u� u� u� ug u� u� u� u� ug u� u� ug ug u� ug ug u� u� u� ug u� ug u� u� ug ug u� u� ug u� u� u� u� u� u� u�
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � E- F- F- F- �- � � �- �- � F- � � � f- F- � � F- � � F- � � �- t- � � � � � r � �
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� C� C7 C� C� c� c� C� C� C7 c7 C� c7 C� C� C� C� C� c� c� c� C� C� C� C7 c� c7 C7 c� c� C� C7 (7 (� C� c�
� 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 a a
N � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
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 Q a a a ¢ ¢ a a a a Q ¢ 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 a a ¢ ¢ a
N
�
� �
� � � � ~ ~ ~ � � � � ~ � � � � � � � � � � ~ ~ � � � � � � � � � � ~ � �
d W (h O N f7 O N c") � O N (") O N M � O N f� O N (h a O N C7 V f0 O
E !4- o 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
y ¢ o � � rV'i r`"i r`�i o 0 0 0 0 0 �o o go 0 0 0 0 0 0 0 0 0 0 0 0 0 0 " " °' " `+' `r' n
� a O N N N N N [7 t"1 ch M c7 (h (h Ih t+� f�I M (� M l�7 (h fh !7 (h M Cn c�1 M M 01 O1 Of Ol O� T O�
C 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 N N N N N N
�
� �
U �
O Q
(� �- � � F- � r- � F- �- �- � F- t- E- �- F- F- f- � F- f- t- f- f- F- F; �; � � � � F- � E- � � o
QM O N C7 V O � (V (`� V O tV (`7 O .- N ('> V O � N M O � N (`7 V O � N cC1 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 O �
LL (O O� � O� 01 01 (h �7 M M M V' V' V V � � � � �n c0 (O �D f0 aO c0 a0 c0 c0 N N N N N N � �
I� � � 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 (�7 (h (h M C7 ui
O M ch (7 c7 ch O O O O O O O O O O O O O O O O O O O O O O O h O
N O N N N N N c7 (7 M M l") M (h c'� c7 (h ('� fh (h fh ch M M ch M [7 M M M Of Of Of � Of Of �
a -1 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 d
J N N N N N N SV 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
� W (� � (� (n cn (� (� (� (4 tn N t� (/) (� tA t� tA c� f� (� N t� (� (n (� (� (A (n (� (� (n (� (A (n (� (n ❑
� } } } } } } } } } } } } } } } �- } } } } } } } } } } } } } } } } } } y } �
U � (n (A tn fn tn fn (n (A (n fn (n (n fn ln (n (n tn y tA (n !n (n !n fA (n (n (Q (n (A tQ tn N (n (n tn N �
d N d �
� �G � a �
a � � �
� o a�
U� � �
�M o 0 0 0 0 o ao a
0 0 0 0 0
0 0 0 0 0
$� � .- � .- n
'"I o
O�
A
�
y 10 1(6Q f0 f0
� Q Q Q Q I
�
N A
��
N
j O O O � N CNj
; O O O N �
Y � �
o � d
o � �
m n N
'' M
� O O O � N M
7
j0 O o O N �
� � g
d � o
� n o+
� �
N � � �
U c
�• y
U � v `�
E �
Q � ; N j O O O � N M
� � ^ ; O O O � ' �
_
0 = � M '° `° o
V� R{ N L a � m
(n � . G1 � r�i
W � �
V ,� d �
��y//� L O Q N N M ('7 P7
O � �O O O O
Q ^ t N N N
li `
Q � O O O
� � a n � n
0 0 0
p>V N p�p
d� � � � � � N
Q m � � � � 1D �!
fn !n (n ln 1� V
� � � � ' W
J J J J �
a a a a
> » >-
� � � �
> > > >
� � N �
u� u� u� u�
� � � � �
F- t- H �- d
rn °'
� � � � � � �
� F h- F- Y-- � Q
2 Z Z Z a �
� � O O � q
� Q Q Q Q � O
� O F.
� a
� �
� ~ H F- H F- N
� W �
E � � � � �
y � � � �
� � � �
� � O O O O
C a N N N N
� N
0 �
U
O a
C9 f- �- �- �- o
N
� � N (`') V O
Q O O O O
LL � � N � �
N � N N O
N r n � t�
a J o 0 0 0 �
� J N N N y �
W c
� 3 � � � � �
� O
� a Q r
�
l0 �
a o �
- �
N Q LL
�'� oo ap � a
M
� o � n' a
$� � �
aU �
Ar
O iO
f
N
T
9
O
O
�
N'm''
��
N
� � o
R N
Y t0 N
O � �
O � �
m �
�
°i n o
�
j0 fV
� � N
N � T
� (�D H
N
} � 1'��f
U
Z = s
W Q� � �„�
C� � � �
Q G� i N ' � o
� � N � � � �
N�/� �4 � � a o w
y� � Q � M
W 0 0 �
V • .
� � � �
N � p 0 ��
Q a a ��
� _
� a
rn c°7i o o°fo
� � o �
j N N
Q m 7
V
�' M
U
Z
W
C7
Q
�
O
N � �
� W � c
U q �
a V '° E
_ � m �
v� � >
Q � c
O
y � i c
� Q A
Z t
� �
ik � U
O
E Q �
N �
C Z N
W
— Y "'
v �
w
x
U �
Y �
N
Z O
Q
m o
Z N y
N O � �
V � N C
�