HomeMy WebLinkAbout06C Investment Report - Nov 2011City of Palm Desert
City and Redevelopment Agency Portfolios
COMPLIANCE ANALYSIS AND INVESTMENT REPORT
November 30, 2011
Paul S. Gibson, C.C.M.T., Treasurer
Thomas W. Jeffrey, J.D., M.B.A., Deputy City Treasurer
Treasurer's Commentary
On November 30, the Federal Reserve; the European Central Bank (ECB); the Bank of Canada; the Bank of England; the
Bank of Japan; and the Swiss National Bank undertook a coordinated action to help struggling European banks rollover $2
trillion of dollar -denominated debt. A liquidity crisis was developing due to high bank -borrowing costs for dollars.
About the same time, Standard & Poors (S&P) did a review of 37 global banks, and downgraded most of them. Rabobank
Nederland lost its "AAA" rating. Bank of America, Citibank, J.P. Morgan Chase, and Wells Fargo were also downgraded.
Union Bank's credit ratings remained intact.
A European Summit was held in mid -December, but no solutions to the European debt crisis emerged. France and Germany,
however, were successful in convincing the other 15 Eurozone countries that they should integrate their national budgets
in exchange for more direct ECB support. Germany is reportedly preparing to bail out its second-largest bank, Commerzbank,
and preparing for the bankruptcy of several Eurozone countries that are too big to be bailed out. S&P has put 15 (including
France and Germany) of 17 Eurozone countries on review for possible credit -rating downgrades.
An IMF report forecast that Canadian economic growth would slow to 1.9% in 2012. The report stated that while Canada has
relatively little exposure to European sovereign debt, it does have high household debt levels and elevated housing prices.
C. C.,y r.
City Treasurer
PORTFOLIO STATISTICS
Dollars in Thousands
NOV-11
OCT-11
SEP-11
AUG-11
JUL-11
JUN-11
CITY
Month -End Book Value*"*
$
193,616
$
195,884
$ 205,053
$
206,655
$
207,383
$
223,281
Month -End Market Value`**
$
193,635
$
195,904
$ 205,075
$
206,683
$
207,415
$
223,342
Paper Gain (Loss)
$
19
$
20
$ 22
$
28
$
32
$
61
Prior Year Book Variance
$
(7,765)
$
3,188
$ 9,325
$
382
$
9,505
$
21,349
Interest Earnings
68
70
80
91
122
131
Yield -To -Maturity
0.44%
0.43%
0.49%
0.49%
0.67%
0.72%
Weighted Maturity (Days)
30
14
23
22
77
79
Effective Duration
0.05
0.01
0.24
0.02
0.02
0.02
RDA
Month -End Book Value ***
$
212,668
$
212,996
$ 226,792
$
240,274
$
247,803
$
236,903
Month -End Market Value ***
$
212,845
$
213,194
$ 227,006
$
240,529
$
248,063
$
237,195
Paper Gain (Loss)
$
177
$
198
$ 214
$
255
$
260
$
292
Prior Year Book Variance
$
(49,066)
$
(29,877)
$ (31,107)
$
(36,071)
$
(50,709)
$
(65,660)
Interest Earnings
95
97
87
117
114
122
Yield -To -Maturity
0.53%
0.54%
0.56%
0.58%
0.56%
0.63%
Weighted Maturity (Days)
214
242
228
215
208
218
Effective Duration
0.27
0.28
0.27
0.28
0.28
0.31
*** Omits SLGSs.
Dollars in Thousands
Aaeina Interval
<1M
< 2M
< 3M
< 6M
< 1YR
< 2YR
< 3YR
< 4YR
< 5YR
> 5YR
Total:
Ratings
AAA
AA
A
Unrated **
Total:
Sector
MMF
Agencies
MTNs
CAMP
LAIF
County Pool
Rabobank
RDA Loan
LAIF/Bond Proceeds
Total:
City of Palm Desert -- Portfolio Characteristics
November 30, 2011
Market Value
$ 141,966
3,020
4,713
$ 149,699
Market Value
$ 96,455
4,317
88,844
$ 189,616
Market Value
$ 4,270
3,019
4,713
8,521
49,967
80,199
50
13,555
25,322
$ 189,616
General Fund Ageing
100 _95....____...._._...._..__.__.._...-- _-
R
80
° 60 -
0 40 -
a i
20 - !
0 0 0 2 3 0 0 0 01
0
11M <2M <31A <610 <1YR<2YR<3YR<4YR<VR>5YR
Credit QualitA
AAA
A
0%
51%
AA
2%
Unrated
47%
Asset Allocation
Rabobank
0%
LAIF County Pool
26% 42%
Month
Citv Yield
LAIF Yield
Variance
Performance
Dec10
0.72
0.46
0.26
Jan11
0.66
0.54
0.12
Feb
0.56
0.51
0.05
Mar
0.54
0.50
0.04
Apr
0.76
0.59
0.17
0
May
0.71
0.41
0.30
:o
Jun
0.72
0.45
0.27
T-
Jul
0.67
0.38
0.29
Aug
0.49
0.41
0.08
Sep
0.49
0.41
0.08
Oct
0.43
0.39
0.05
Nov
0.44
0.40
0.04
CAMP
5%
MTNs RDA Loan
° 7
Agencies/o
MMF LAIF/Bond °
2% 2% Proceeds
13%
0.8
i
0.6 f
0.4 I
0.2
,
0.0 ..
Oec10an11 Feb IMar Apr May Jun Jul Aug Sep Oct Nov
Le - a
* Standard and Poors
** LAIF, and City Loan to RDA Page 2
Dollars in Thousands
Aaeina Interval
<1M
< 2M
< 3M
< 6M
< 1YR
< 2YR
< 3YR
< 4YR
< 5YR
> 5YR
Total:
Quality
AAA
AA
A
Unrated '*
Total:
Sector
MMF
Agencies
MTNs
CAMP
County Pool
Rabobank
Palm Desert Redevelopment Agency -- Portfolio Characteristics
November 30, 2011
Market Value
$ 62,713
18,724
4,974
2,790
$ 89,201
Market Value
$ 46,517
6,593
158,350
$ 211,460
Market Value
$ 2,773
23,077
6,593
13,103
7,514
50
i
Portfolio Ageing w/o SLGSs
100 -__...._._._....._....-._...__..._,..._._... __._ _.._. _ .. _ __...
i
80 - 70
.o0 60 -
a 40
21
20 -
0 0 0 6 0 0 0 3
0
11M <21V! <31VI <61M<WR<2YR<3YR<VR<5YR>5YR
Credit Quality AA 3% A
��\
j Asset Allocation
AAA
22%
LAIF EIP
County Pool 18% 1 %
CAMP
6%
MTNs
3%
Unrated **
75%
Rabobank
0%
Agencies
LAIF 37,691 11 %11�LAIF/Bond
EIP 2,790 j MMF Proceeds
LAIF/Bond Proceeds 117,869 1% 56%
Total: $ 211,460
Month RDA Yield LAIF Yield Variance
Performance
Dec10 0.60 0.46 0.14
Jan11 0.68 0.54 0.14 0.8
Feb 0.71 0.51 0.20 j
Mar 0.61 0.50 0.11 0.6 - j
Apr 0.73 0.59 0.14
May 0.62 0.41 0.21 0.4
Jun 0.63 0.45 0.18 }
Jul 0.67 0.38 0.29 0.2 -
Aug 0.58 0.41 0.17 0.0
Sep 0.56 0.41 0.15 Dec10an11 Feb TMar TApr May Jun Jul Aug Sep Oct Nov
Oct 0.54 0.39 0.16 � ®LAIFYield ORDAYield
Nov 0.53 0.40 0.13 i_ _-- __
Standard and Poors
** LAIF Page 3
\
STATEMENT OF COMPLIANCE
The investment portfolios of the City of Palm Desert ("City") and the Palm Desert Redevelopment Agency ("RDA") are
governed by federal, state, and local law. The City Treasurer's "Statement of Investment Policy" is more restrictive than the
California Government Code. The Palm Desert Audit, Investment, and Finance Committee and the Palm Desert City
Council review the Statement of Investment Policy annually.
For the month ended November 30, 2011, the City and the RDA investment portfolios were in compliance with all applicable
federal, state, and local laws and regulations. The City Treasury continued to pursue conservative and prudent investment
strategies, based upon the stated objectives of safety, liquidity, and yield (in order of priority).
Barring unforeseen events, the City Treasury should have sufficient cash to finance the operations of the City of Palm Desert
and the Palm Desert Redevelopment Agency over the next six months. In addition, portions of either the City or the RDA
portfolio could be liquidated in order to meet any significant, unexpected cash requirements.
Interactive Data Corporation provided the data that was used to calculate the market value of all securities in the City and the
RDA investment portfolios. State and Local Government Series securities are held in escrow accounts, and are therefore
not included in this report as assets. All balances are bank balances.
Respectfully Submitted on December 27, 2011,
)9au,�s CC.Al r.
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code
City Investment Policy
CA Govt
Maximum
Maximum
Quality
Maximum Maximum Quality % of City % of RDA
Code
Investment Category
Maturity
Limit
S&P/Mdys
Maturity
Limit S&P/Mdys Portfolio Portfolio
53601(a)
Palm Desert Bonds
5 Years
No Limit
- 1.3%
53632(c)
Savings Accounts
No Limit
No Limit
No Limit
No Limit
0.0% 0.0%
53601(b)
U.S. Treasuries
5 Years
No Limit
5 Years
No Limit
- -
53601(c)
CA State Debt
5 Years
No Limit
Not Authorized
53601(d)
CA Local Agency Debt
5 Years
No Limit
Not Authorized
53601(e)
Federal Agencies
5 Years
No Limit
5 Years
30% 6%
1.6% 10.9%
53601(f)
Bankers's Acceptances
180 Days
40%
180 Days
40% A-1 & P-1
1
- -
53601(g)
Commercial Paper
270 Days
25%
A-1+ or P-1
270 Days
25% A-1+ or P-1
- -
53601(h)
Negotiable CDs
5 Years
30%
5 Years
30% IAA-orAa3
- -
53601(i)
Repos
1 Year
No Limit
30 Days
20% AAA & Aaa
- -
53601(I)
Reverse Repos
92 Days
20%
Not Authorized
536010)
Medium -Term Notes
5 Years
0
30%
A
5 Years
120%
30 A
0/o
IAAA&Aaal
.0/0 .0/o
25 31
53601(k)
Mutual Funds
90 Days
20%
AAA & Aaa
90 Days
(2)
2.3% 1.3%
53601(I)
Trust Indenture Debt
Not Authorized
53601(m)
Secured Bank Deposits
5 Years
No Limit
Not Authorized
53601(k)
Local Government
AAA & Aaa
(
I AAA & Aaa I
Investment Pools
90 Days
20%
or Advisor
90 Days
20% (2) or Advisor
46.80% 9.8%
53601(n)
Mortgage -Backed
5 Years
20%
A (Issuer) &
Not Authorized
Securities
AA (Security)
16429.1(b)
LAIF
No Limit
No Limit
I
39.7% 73.6%
(1) The City loan to RDA, which is not a bond, has
been approved by the Palm Desert City Council.
92.9% 100.0%
(2) The City Energy Independence Program has been approved by the Palm Desert City Council.
(3) Maximum limit for mutual funds and local government investment pools, excluding bond proceeds.
* Certified California Municipal Treasurer Page 4
}Q o
F� (� cn
U
oIL
_ �>
o LL
0 �m
o a x
a i
U a
i � O o 0 0 0 0 ro N O CIA
tT O O O O O O O O C O O
w
to
to
M
ytyn
C
C
M
N co O
H �
Y
C
A
N
t0
itt N 04 (D N N C
C
A �
Q
e y
O rn <o aD (n rn LO O al O N
N N N NN O
O >
O �
a
to
Y 01 0) O t0 N It V OO r- N h I- N T W E
O Ih 0A I� OR OD R 7 N tt 't ? d; c0 M
1 m V OOi N� (C N O 07 O M W T W M tC
1 N LO N 03 ((00 .- r m t0 W f0 fr M N N
Iq t0 O� Of 01 I� Cln M O O m >
Lico
co N N = m v 0 M R OO p
T
rn a
CO dQiE>
E C w Z
c m o
Q > LL t
a.
{{ C N
0 •O E y ; I� 01 O ODD V, N v OMp 7 co
ai W - - OO c N O O O U N
OO ' > (0 cn N cD (0 N O M O Oi c c0 U �C
O O V N w w ^ O T O O OO (0 Uf C O
L Z (Nfl Lf cl O W n N 0)r O C La
7` Z
O A OD N m R V `r 0 OO V V tO C j--•
2°�° m m
o
EL
�U
Ip,
t0 N
> LL
C U1
am rn (n ro o v o co7 n N a- n wtm 7 IC t00 N U j
N � 1) O O M M N V cm w
N C N O ( C O M O W r C CO le O d
O 4 N O 0 w O CA O c0 ~ W n 01 N
N to N O (0 (n I, M tO e•• O CDO L
(0 tCl (•7 O O O N O tD
aCl Lo N M C ? 00 N C C CO
co Q/ 2 cq Im X
O N
M � p
d � y
E �> O
0 N N
p CD
N ° M
U c
LL
aZ LL = 1.4
c t0 E :E t
`� Y in cc
y N
thw �d ACLi E m
u (n
w O 0 y S� � C U a N C N � ~ �
03
H za w z oc to aoz 0 :2,5. pt
o o i o
a w aM � C
g
Z co w z Uy
OLQO ° �
o � o w CL wQ_j oCL
p
Q` wVW 5 >0L LL>0 c m m o O o
Q (ncU� LL _j 2 3 a W F- N'
OLIS
y
N
Q �
7 G
l0
00
N
a
Q
m
O � a
o
0
o i 0
A
N
N
r-
0
0
CM
.- — .- .- .- — — .- —
0 � d
o a o:
Q
t
tto
CL
i
I
I
I
I
I
I
C
C) )n
O
o 0
o
0)
0)
o
o
O O 0 0 0 0 0 0 0
M
0
N
CD
O
V
O
V
O
p
Y
O_
O
O
v
p
O
r
f0
r
t0
O O O O O O O O O
O O O O O O O O O
O O
CD
I
CD
I
O
O
O
e-
�
I
O
l
O
O
I
O
OQ O C
OQ OQ OQ OQ
OQQ
N
¢
/OQQ / ( f / f f
Q
¢ ¢ ¢ ¢ ¢ ¢ ¢ ¢ ¢
0 C)o
n
d
W A
V
0
0
o
V
M
M
t0
N r
0)
(O
h
(0
t0
N
N
v
V
a
r 0 O O O r 0
7
(R
n
O)
T
n
r
m
O
O
O
v
O O O O O O M N M
RI
((% (V
r
T
W
M
M
O
a
tM
C/
V (V )0 0 0 0 O n 0
(t7 N
r
(3)
to
V'
V
00
co
r
r
O
O
� (O co 0)
Y
O
r O
r N
L(
O
0)
g
cr
'Q
N
N
N
N
n
M
r
a)
O
t0
t0
t0
N
M
N
M
.- a N Oct
N t0 N CO
O
N
(O
tf)
N
N
0)
m
t0
t0
<0
m
to
t(i
47
)A
M
M
O)
0)
(3
0)
r
r
O
tq
`
N
N
N
N
�
V
�!
N
N r
T
((')
a
(0
t0
0
O
R
a
'r
4
n 00 O O r 0
O
(O
n
0)
0)
n
r
O
O
O
OD
O O 07 O O O M N M
jO
LO (V
r
0)
07
f7
1
�
�
M
Cl)
�
7 N 00 CD 0 r 0
uO N
r O
r
h
0)
O)
Of
0)
st
N
N
0)
W
W
O
n
O
r
tD
co
N
00
N
t0 (00)
'- V' N Oct
C)
r N
O
O
M
M
co NCO
u7
N
h
N
N
N
N
M
N
M
O
O
to
0)
40
0)
r
r
`
1
O
co
ri
Cl)V
V
IT
N
N
`1
r
W
Ca
E
�-
�
H
W
0N7NNONnAOOO
co -
O)
OO
CR
O
cz
O
O
OOOONN>
0
N
N N
r
0)
0)
Cl)
O
O
co
M
0
O
O
N N O O O O n 0
)n co t0 0)
O
N
r cc
r
to
O
O)
0)
T
o
N
V
N
O
O
0
O
r
O
r
tD
O
O
O
a N O
1
M
m
r N
O
v
et
N
N'
O
CD
co
t0
co
co
N t0 N M
1
_i
y
L
N
N
U)
�
to
W
N
N
M
N
M
O
O
CD
O
co
O
t0
to
Ln
(O
W)
tc
R <0
C
OD
00
N
N
M
M
a
'Q
G
Illiii
O`
O
o
ry y
O
O
O O O O
�.�
Q
N A
O
O
O
O O O O
^
L Q
N
N
N
N N N N
♦ 1
li
M
C)
1�
V
O
O
N
O
IL
a
o
o 0 0 0
Oi
m
n
Of C
a
N
r
T
cc
z
n
o
m
m
Z
> tO
A
O)
N
r
(0
Oct
Q m
(D 0
oO
a
N
0)
LL
t0
a
0 0
co
W)
M
0)
F
0�
�'
e0-
O
M
N
LL d
N
ZNW
V
OU
r2s7
�sCL7
F-
zz
w LU
co
Z
sC�
w
>ww
0O
OsC�
0s(L7
0s(7
OsC�
Z
(0s7
COs�
C0
a
Q¢¢
w
cr
w w w w w w w w w
Z Z
a UUU0 U0 a U
0)
rn
O
ozoOM
)
F-
Q Q¢¢ Q¢ Q¢¢
¢
:°
Q
_
w
0
z z z z z z z z z
a
F- F-
m
d
d
LL
d
d
C�
to
to
N
Q�Q
¢ Q ¢ ¢ Q ¢ ¢ ¢ ¢
o 0 0 0<< 0 0
U) U)
O
O
W
O
0
c
yy
c
c
¢
c
}
e
¢ ¢ ¢ Q ¢ ¢ Q ¢ Q
¢¢
N
A
I
A
W
ttl
O
N
O
t0
LL LL LL LL LL LL LL LL LL
U U
U
U
LL
-
F-
� - 3: 3: �: 3:
O
O
O
.i
N
a
Z
w
3
0
7
7
7
7
LL
7
7
ie
N
U)
In
U)
m
N
Z
9 9 9 9 9 9 9 9 9
LL
O O O o 0 O
E
a
W
O O o
w
n n r r m 0 w(n
M
D
CCo
o
m
2
0
v v v v v o
co
W
Cl)
O
D/
F-
O
W in rn Orn rn W Q1 W
>
O
W
co
o
(n
O
co
IDF
ao
m
ro m ao o W o 0 o m
e
�
U
�
U
W
>
>
H
O
a
z
Z
W
°z
QCO
(7
Q
M n r� OD coo ODo
Cl)
ODJ
cy
Q
m
r0i r-
•- .- v v v v c v v
a
LL
M
�
z
o
�
v
>
rn
a
o
N M
J
M
J
o
p
rn rn rn rn rn rn rn rn
a0 O O O m m O O O
p,
_
N
LL
V)
M
U
N
Wm
M
Q
LL
N N CO 0 CON (A CO CO
O
v
3
co
m
0
co
} } } } } } } } }
c5i
cai
U) (n
U)
LL
J
(n
d
d
a
_�
a �❑
v
o
°
- a
o i
0
❑ o
d
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
Z.tD
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
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 G O O O O O O O O
W
m (0 (0 m m m (0 (0 (0 @ N (D @ m m m (D (D m (0 (D N W m m @ W (0 (0 m (D (0 (0 (D (D
a Q a a a a a a¢ a¢ a¢ a a" a a" ¢ Q¢¢ a a¢¢¢ Q¢ a¢ a a a
0
0
2
w A
,g 0:
0
M r M M } M N O N N O_ O O O N a0 O O O O N O O O V
N 1- V 0 O 0)
N (0 a N (n N (0 aD N O M O O O O 0) W! 0 0 0 0 a0 O O f� N O (0 N (0 c� M N
O O O n N O a0 0 0 0 M M 0 0 0 0 lh O O M f- 0 (fl N 00 V Of
y
ON
0) tr V .- 01 st ao coact O O O (n M
M 0) Cl) N V
0
m .- (00 V� M (i) N 0
d
CO M M� M N O N N (0 a0 O_ O O O N a0 O O O O N O O (n
N (0 N t0 N N O V M O O O O 0) (0 O O O O W O O r, W O (NO N ta0 n M N
O O O^ No V M o N o o aD 0 0 0 M w o O O o m C O M o a
n" m
O u) O N CD coO M
a0 M aD
d
M N co N�
N 01 a0 M V)
co m a rn
0) M O
r
/y
4)
IL
U)
H
W
� O
Gi N
N
,
m er M M R M N O N N O� O O O N a0 O O O O N O O In N 1� O 0) O
N (0 v N u' N (O cq N O V M O O O O 0) (n
Q
'
a%
R
0 0 0 0 w O O f� u) O (0 N h M un
0 0 o O 7 N sr M O N a7 O a0 O O O M aD O O M O
�C O
O O O O M f� (n N 0) O V' O
m'Q v c v aD 04 M aOD 0 41 0 n M
( M
`L
M 0) M N V
of aD v ri ui
a
cooD m vi M
c
Q
C
G 'N
�
a�
LL
= 0)
O
L Z
y y
a
L❑
N N N N O O
N
U
N
s o a o 0
i
a
a
o 0 o 0 o 0
m a
rnu
m c
m
am
w w w w LL w w w w Iw w w w w w w w w LL w w w w LL w w LL w w w w w w (i LL
5555555555555SSSSSSS555555SS55S55SS
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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
a a¢ a a a a a a¢ a a¢¢ a a¢¢ a¢¢ a¢ a a¢¢¢ a¢ a¢¢ a¢
a7 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
H Q Q Q a Q ¢ Q a a ¢ Q Q Q ¢ ¢ ¢ ¢ ¢ a a ¢ ¢ Q ¢ Q a ¢ ¢ Q ¢ ¢ ¢ ¢ ¢ ¢
❑ O ❑ ❑ O O ❑ O ❑ ❑ ❑ ❑ O O ❑ ❑ ❑ ❑ ❑ p O ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ O O O ❑
a Q a a a a a a¢ a a a a a a a Q¢ a¢ a¢¢ a a¢ a¢¢ Q¢ a a a a
O N O N M O N M 7 (fl (O h W O (p W D1 0 c) 'T 0 N (") O
0 0 0
ELL
2
o 0 0 0 0 0 0 0 0 0 0 0 0 0 .- o_ o 0 0 o a o 0 0
QI 01 0) 0 0 0 0 N N N N a0
Q '7 7 (A ((� .-- - - .- .- - - - .- -
� I� 1� n n O O O O O
v v c a a v v v v v v v v v v v v v v v ao
rn rn rn rn
C 5
rn rn rn
a0 ap W a0 O aD O O O O O O O O O o 0 0 0 0 0 0 0 0 0 0 N N N N N N N N 'm
N N N N N N N N N N N N N N N N N N N N N
w
C7 (9 a (D a 0 0 (7 0 (D 0 (D 0 a 0 o (7 (D o C7 S
Z
O N O N C') O N A V (A (O n aD of O N A 4 ui (0 aD 0) O A 7 0 N co O
Q
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 a00 O
rn rn rn 0 0 0 0 -
o
_� a
d w !�2 U3 0 n r� n o 0 0 o rn
n n
CDm0)������<�_�NNNN
d Q
n n 0
O O aD a0 aD aD a0 O O O O O O O O O O O O O O O O O O O N N N N M m
LL
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 a1
y h N (%) fn (n (n (n (q (n (q y N co N y N (q N N u) h to N N (q C9 N N y (q y co (n (n a
U
(n (n (n co
N (,, (A (Q N 0 (n (n (n (n (n Vi cn (q !q !Q IQ (n fn cA !A fA cq cA (n fn fn (q (n (n fA �
Q M
r
O�
O
iD
U
ao
EL
o
L
«— ro
!
^
w
0
a
CL
C ro
3
I
a
IL) N
`D
M
0 0 0 0 0 0
0
Cl) I
0
0oD
'T
COV
o
N
O O O O O O
O
N(
N
O
O
0 0 0 0 0 0
I
O
O
O
O
y
A fD cD l6 10 lV
ftfg0�
@
Q Q Q Q Q Q
Q
O
M
O
m
N
co
a
p
O
N
N
7
O N 0 0 0 O
O N 0 0 0 0
w
1:
h
N
M
N
N
V'
N
V
L.
'T
O N O O N O
go
N
N
V)
O 0
O
M
a1
O
O
O/
Y
O
N N
ti
W
N
N
N
m
O
coa00
N
N
r
N
coO
a)
7
O� O O O O
N
N
a
C4
V
to
t0
LD
O m O O N O
�l% 00
It
N
N
>
0) Co.
O
M
M
O
O
y
O N
n
N
0
�
e0
N
N
N
v
m
m
e0
r
W d E
NEN�
O
W Q% N
-D
7
CDN 0 0 w O
O N O O O O
ao
h
N
h
N
N
N
V
N
>
Q `"
O O N CD�
'V'
r
N
N
A
� C
0 M
O
O1
M
O
O
CD
5
i A%
a
(DN
h
N
N
N
N
.0-
Q G
O
O
Go
E
u. •0
o o
A
0
^
m
L
0 0 O
N N N
N
N
U ii
3
O O O
M
N
a
a
o 0 CD
cvi
o
b
M
N10
C
D
le
> A
0
LY
o
ck
a 00
L. O
w
10
m
N
�
LL LL LL LL LL LL
V
C)
W
aM0-
000000
0 0 0 0 0 0
0 C7 Q (D C7 (7
Z
w w w w w w
o 0 g o (D (D
„
o
d
d
;,
d
F F
L)
A
C
F¢- !¢- FQ- Fa-
A
W
Y
3
Z Z Z Z Z Z
Q Q Q 4 Q Q
9
y
>
Z
Q>
y
m
Q
>>>>>>
Q
Q
m
Q
K
c
LL LL LL LL LL LL
R
O
>
LD
m
R
3: 3 3
a
rx
3
o
o
o
0
a
:0.-
a
ik
rn
W
W
>
N
>
N
W
N
y
LL
� N CO O C
N
CND
E
op goo 00 eo oD m
Q
o
Y�
N N N� N
W
N
Q'
aCD
>
F
uONi
M M M M M M
F
N
C
y
O
N N N N N N
O
}
0
O
{LF
m
Z
Q
V
S
Y
N04
2
0 0 0 0 N
LU
Z
N
v
00
Q
00 w 00 w m m
0f0 00D 0c0
O
A
>
M 000 00D
y
a
m
rn
d
Q
N l N N N N
W
O
m
0)l7iO
N
LL
>
Q O
o
- a
o i
w
a a
i
a
7
m
m
1
@
NrN
I.I.
Cl)
V
r
w
Q
1
N
N
m
�
C
M
Qa.
� 0
LJ.
C O
E
Q
Irk, te
O
rr
0 Q
Z
y w
A N
vaa
ro
7
�
a
0 0 0 C4
0 0 0
O O O O
M n n
O O M "t co
N (D W V
N a,
,C G o 0 0 t-
M M N
N N M M
o �?
M � M
al
M I� n
N
O
V
O O M
a)
N
N 0) CD
o rn
m
h
oc 0 o
rn
oho
00 co
V
M
M Cl)
N m N
O
N
[O
co
V
M
T
cn r- r
m
O O M
la
N 01 Cco
O
oc (3 O
n
N co N
M
y
m
SOD
M
7
a
m
w
0 0
v
O O
C
N N
@
O O
O
O O
U?
U
¢
cn)
o
n
O
N
o
r
v
m
C�
ai
z
�
Z U
m
y W
•'
2
U W U
2
Y U <
_ ¢
J
U Z
c
_
O
z F-Q
ry
N
E
Q Q
A
m
d
W 2
Of
cn U
A
C
O LU
c
U
j
t
N
m
U
A
O
� M o
N
O O O
M M M
Y OM ("
a _U OI
rn oia
W N (n (n
v U (nn U)i (n
¢
a o(l?
o�
o_i D
LL D.
d
a�
o M
o 0 o
rn o
oo
Os
m
CL
•j a O N
V M
p
N
O
O
N
i W O O CD
Y
O .-
O .- tM
p
G
N
co
m
-
o
rn CD
N
c�
cD
co M
r
N
N
m
f0
a
Y
C
(0
a
d
w
co NV
O)
O)
m
U
-
coO
a-
NNy
� �
C
m
a
0
Q
6.2 i� M Un
N O
C
o7
^ O
N
O
O
e-
a
m
Y N N Cl) cli
O 704
o
co N
N .vCD
- O
C9
M
16
}
O; •-
m n a
n O O
N
nOi C W
f� O
al M C
N
ce
E
U
co co qr
r u7
N O w
N
O a O
�
O)
co
cotZ
^
_
�„�
=
cc
N I-
�2 tD
t00 ONi
M N N
N
(O
U
w C1
N
>
V
Q d
N
N
pO
N
E N
a
F-
Z
7 M
cU
C
Z
am
c�
CDC
r
•-
O Q
.O
" M N
Y 3 N N er
r co uo
c0 N O
m o o
N O
N
o
N
�-
M
N
J
Qi
(0 c0 N "It
f� N D
r O
N
O
N
�p
U
�
O C
m O N
O O O
n
ep
..O-. U
/
Q
Z
(DD n
cc ��
N rn
N
rn r rn
N O 1�
T
'
c�0
Cl)
7
Z
wo
a
N n
N�
N N
r
C N
a°
N
W
N
N
N F-
f1/
lrir
m N
m
N
E"
vo
N
>�
y t� M N
O � N
a
W O
W N O
O O O
N O O
M
N
O) M
O
b
V LL
.
A
N � V
1� o O
N O
n N O
� o O
I� O O
1- O O
N o o
!�
Y+
pp
pp
M
1-
C V,
co
O
O
W)
O
'- N
a=
7 4%
c0 m V
(N O O
N
O O O
O
V
O
C N
eF
O'
c00 f - (D
(D DOi 1�
O
I� N i�
N
N N
U
aCli=.. m
C
L
N
O
C
N
N
a-
N
N O
N E
0
M
.N
3
O
-0
N
U C
O
C O
fO
N
i
Z
m
o a
M
op
mo
.-
a
W
Z O
N
_
�w
(` w
w
a
O CL
O
N
r_
N
N
o 2
w 7
w N
Y
a w
� W
0
O
E
F'
U)
N
c
7
S
N
5
cn
z
d
°W
wo
>Z
'_
a
?'
a w~
z z
U W
c m
p
co
0
E a�
V
c
p
CZ F O
p
W a.W
O
�e
�.5
O
rn
C
T
•�
y
m
V V
o
c
y
(D
a
N
m; Q
z~
y
U y
rLn
y
C
o
a
E
Q }
E
0=
m
rC
�a
as
>
N
(�
m g Q W
a o D
w
r a°c
v
W y
R
�,
a
(6
o
0
> ti (i )
LL.
Q§
�m
S�� R
w
U
W 2
W w
>
(7 m o
U a
O
F-
O>
F- Q¢
>
(iJ
L D
F-
a
d
w
c
Q�
,o
o < M
a
0m >
(O
p IL C
()
o 0 0 0 0 0 0 0 0 0l
v 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 [n o 0 0 0 0 0 0 o
0 a
c 0 0 0 0. V
0 0
0 0 0 0 0 0 0 o c o
0
0 0 0 0 0 0 0 0 0 0 0 0 o M o 0 o O o 0 0 0
c o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o
a
N U
-
- - e- - - •- - - - - - - - - - - - - - - - -
A `
N
!�
a
N m mN 0(0 [0 m N 0 0N 0m (0 (0 0 0 0N N [0
W [0 ffQQ (0 mN m (0 (0 m (0 (0 [0 (0 /lQQ [0 llQ� llQQ l6
Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
O
Q Q Q Q
O
d
W [p
O O O O O O o O O O
V V V V V V V V
O
W))
of
0 0 0 0 0 0 0 0 0 0
0
d
7
f0 O r, V7 N N (, r w O
f� O V O O C? O M N O
h
N
0 0 0 0 0 0 0 0 0 0 0 0 0 0 O O O O M O O 0
O O O O O N O O O O O O O f� O O O 00 [O O O V
i
O) V h I� O V CA O
(O
f0
O O O O O- 0 0 0 0 0 0 0 0 0 0 0 0 I�
Y
N N (VO V � 0 M a M N
1t
V Cl)
0) 0
O
r OC M (O O
�
m
(O .�- OO) OVO [00
V M- t2 V7 N� [O
N
t
n
w
-
(D
7
U7 0 1� O N�) N r w O
n M O M [n O
1�
N
W) 0 0 0 0 0 0 0 0 0 0 0 0 w O o 0 O M 0 0 0
O) O O O O N O 0 0 0 0 0 o r O O O 00 [O O O V
O
M V M M
O O O O O C 0 0 0 0 0 0 .- 0 0 0 0 0�
0 [^p CD 0
N N Iq M V M N
ap
1t
O O
n o M
O)
O O D Of OD [O
V M O LO N [O
a
Op
h
�
U
N
�
W � E
E N .�
o 0N _7
� [00 V O m (C�) o � N p
N
O O O O N O 0 0 0 0 0 0� 0 0 0 OOR UM 0 0�
V/ _
0) V" r- N 0) o IT a) O_ r
O O O O O O O O O O 0 O .- O O O O O 1-
Z O
N N (O a - O M V M N
h
Ui M
WO 1 M O)
M O V N O O LO m w
w
O
Q,
!4 y
CA
N m r� 0 O M W V O
r: ro M [o o (v C w lc
�2 V N .- V [O N [O
w
ao
h
n
a G Q
O .° o E
LLI C Z
>`
W O N
Q a L D
N N N N
OD co O0 OD
(DO
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
W O ,
a
'
O O O O O O O O O CDO O O O O
r• r` � n n r� n n
^
1.V
o 0 0 o
In n n (n N
O O O O O O O O 00 O O o O O
dd
�a
m
am
Ct
0
00
(.L LL LL LL LL LL LL LL w LL w w LL LL LL LL LL LL LL LL LL LL
~~~~~~~~~~
5555555555555555555555
W W W W W W W W W W
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
(n [n [n [n [n to to (n (n w
W W W W W W W W W W
C7 U C7 U C7 U C7 t7 U C7 U' U C7 U C7 U C7 U C7 U t7 C7
w w w w w w w w w w w w w w w w w w w w W w
N
J J J J J
aaQaaQQaaQ
Q Q Q Q Q Q Q Q Q Q a Q Q Q Q Q Q Q Q Q Q Q
N
aaLLCL CLCLaaa
a,
zzzzr--F-F-(--zzzzzzz
zzzzzzzzzzzzzz
N
7
Q ¢ Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
0>- 0} 0 0 0} 0 0} 0
c
}0 }
} } } } } }}0
Q a a Q Q a a Q a Q Q a Q Q a Q Q Q a Q a Q
LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL w LL
0
M
a
�
N
c
U Q C7 0 0 CD 0 0 0 U (D C7 C7 0 0 U (D 0 0 a
E y
o N co v v) n m rn o
LL-
o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4 o 0 0 0
0
f0 O o f0 07 O W o0 ao O
N N N N N V V V O O 0 0 0 V7 f0 (O (O OD m w co
y w
d
0 0 0 0 0 0 0 0 0 0
M M M M M M M M M M
0 O UO 0 In vi O O 0 n IY N u) [n N n 0 0 a 0 0 [O
O O O O O O O O O O O O O O O O O O O O O O
> w
C U
M OM M CO M M M M M M
N N N N N N N N N N
`
Of O O CA O) O Of O O O O O O O O O O O O O O O
OO OO a0 OD o F 00 m OO OO OD 00 F 00 F OO F F T ap F O
a.
w
o
c7
c? c9 c? cq o a (I a 0 0
o
0
m
_ V
N M V �O O 00 O) O
Z
z
o [V M w O N A o N M O N M O M 0)
o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o cl 0 0 0 0
N
O)
�L
(O (O [D (O (O (O O 00 O)
O O O O O � O O O
Q
%
N N N N N V V V V N N O u1 co 0 OJ N o ap O O a0
.O 60 [O .O N 4'l 117 N In N to n W) l0 N h oo OD [O 00
[V
a
M Cl) co Cl) Cl) O Cl) Cl) co
[O M M M M M O M M M
N N N N N a0 [V N N
o O O O O O O O O O O O O O O O O O O O pp O
O O Of O W O O O O O O O O O O) O O O O O O) O
O O o OD O O 00
.-
o OD QO a0 OD OD m 00 OD m 00 V OD OD O
O)
N LL
(n N (n (n (n N (n (n N
LL
(O fn (O (n N N (n U (n () fn (n (n (n (n (n (n (n CO CO W U)
U
rrrY>> > r> >
(n (n (n (n (n (n (n 0 w
>.)-}>.>.>-)-}rr)- )-r>..>-ry>-r)-)-
c
0
(n (n (n (n (n (n (n (n (n (n to 0 (n w 0 (n 0 w (n fn (n U)
N
Z,2
Q a M
�acl
d
A
o
a
0 i
U N
rf LL
to
fir)
0 0 0 0 0 0 0 0 0 0 0 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 00 0 0 0 0 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
p 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
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 00 0 0 0 0
a
$
- - - - - - - - r- - - - - - - - - - .- .- .-
A
'v
- - - .- - - - - - - - .- .-
cc .j
om
i
a
m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m
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
0
am
0
0
2
d m
9�
y
G/
co O O O O O O O Lo O o O r 0 0 0 0 Ln O 0 o N 0 0 0 W O O O O Ln r O r 0
=
a o O O M O O O N O O O W W O O O O O O O r O O O a a O O O O m O O1 OR
O O o .- O o 0 0 0 0 0 N 0 0 0— 0 0 o M 0 0 0 1-� 0 0 0 M W O 9 N
m
Y
0
m O O O O)
N M
0
m
d
W 0 0 0 0 0 0 0 Ln o 0 0 r W 0 0 0 Ln O O O N O O O W O O O O O r O r 0
i
� OWi � O O ONi
y
N M
Y
m
E r
Q
N
o 0 0 o 0 o N o 0 o m 0 0 0 0 0 0 o n o 0 o v v o 0 0 o rn o rn ro
d�
v cl) ado
'...
;
0 0 0 O O O o 0 0 0 m N O 0 0 — 0 0 0 M 0 0 0 � 'r O O O MM W O v N
Z Q
O) O) C) O O)
M
= M
W
CL
N
a�'��
o E
O .°
>° Z
y y
o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
W 0 0
o s o o o s 0 0 0 o 0 o b o o o s s
a
,_ �
^ N N N �^ N N N N N N N N N N N N
o 'C
W O
=
O O O O O O O O O O O O O O O O O O
n n
d
p
riz r� n r r r n n r r�
0 0 0 0 0 0 0 0 0 O o 0 0 0 0 0 0 0
d m
� U
m C
m
4'm
LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL W LL LL LL LL LL LL LL LL LL LL LL LL LL LL. LL LL LL LL
55555555555555555555555555555555555
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
c� 0 0 c� c� c� c� c� c� 0
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
a a a 4 a a a a a a Q a a a a a a a a 4 a a a a a a a a 4 a a a a a a
a 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 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
N a a a a a a 4 a a a a a a a a a a a a Q a a a a 4 a a a Q a a a a a a
Q Q Q a Q 4 Q a a 4 Q Q Q 4 4 Q Q Q a 4 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
3�� 3133333 3 31L33 3 3� 33333U333 Z 3 3 3W 33 3 3
!
oc?c?0ac?c?00c?c?000c?0o0c?oaac?0a(Doc?aa00000
C U.
O N M O N M O N A 4 O N A O N A O N M 4 O CJ A V O N M
0 0 0 0
E
0 0 0 0 0 0 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 O m m N N N N M M M M M Ln w 0 0 W w w W m m O O W M M M M M v a < O
O
N
N N N LoO O O O O O O O O r r n n r r r r In In N Ln Lo O O O O O O O O
O O O O O O O O M M M M M O O O O O O O O O
y
> {,.
O O 0 o
m m m O m m m m m m m m m 0 o 0 0 0 0 o O N N N N N M M M M M M M M M
C y
W W W W W W W W W W W W W 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
0
N
V
IW
V
C� C7 C7 C7 C7 C7 C'J C7 (7 (7 C7 C7 C7 C7 C� (7 U C7 C7 C� C7 C7 C� C7 C7 C� C7 C� C7 Y C7 U C7 C7 b
�U'
Z
O N M O N M O N M V� O N A O N M O N A� O cV A A O N A �
r0 o o O O O O O O O O o O O O O o
Q
O O O O O O o O O O O O O O O O Oa
m m m m N N N N m M M M M Ln to Lo Lo w w w w m m m m m M M M M M T v'T R
%
Ln Ln Ln u7 O O O O O O O O O n r r r r n r r o Ln Ln N Ln O o 0 0 0 0 0 0 0 cJ
O O O O O O O O O O M Cl) Cl) M M O O O O O O O O O
Q
O O
O) m m O) m m m m O) m m m O) O O O O o 0 0 0 N N N N C.I M M M M M M M CO M m
W W W W W W W W W W W W O O o O O O o o O O O O O O O o o O O o o O
n, Q
V N N N N N N N N N N N N N N N N N N N N N N Ti
N LL
cn VJ cn y cn N N VJ N cn N y N cn cn y N cn cn y y h N fn y Ln y )- co y y fN In 0
>
)- )-
>-r}}r}}}}>..}}y>-}}}>.>.}}>.>-}}}}}}}}}}}} 3
(n h N cn fn N
U
In cn N !n N N N to co cn N y N y N rn N to N f7 cn cn N y to cn N V7 N
Er
M
�°''
Qao
m
�o
o¢�
a
2 x
o ai
U o
0
^
0 o 0 0 o 0 o o o O o o O o o O o o o 0 o 0 0 0 0
0
o o
a
o o 0 0 0 o 0 o 0 0 0 00 0 0 0 o o 0 0 0 o o 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
o
o
u
of
o
of
V !n
d
o o o o o o 0 o o o o o o o o o o o o o o 0 0 o o
0
l
o
o
6 6�
O O
1
m .•
1O
G
i
y
m m m m m m m m m m m m m m m m m m m m m m m m m
m m m m m m m m m m m m m m m m m m m m m m m
m
m
,
¢ a a a¢ a a¢¢¢¢¢¢ a a a a¢ a a a¢ a
a
°o
a y
cl)
o 0
m io
�
o
0 0
N
7
0 0 0 0 0 lf1 O V 'Q Lo O O O O O O O O O O O O o 0�
n O O O cD O OJ OD ? 0 0 0, V O O O O O W O O O to
M
N
I
N
N
V
0 OD
a� OD
O O O O LO a2 o o � N O O o O — 0 0 0 o O M o o O o
N
a o
Y
u7 O c 47 c7 Lo
O
O
O
OD .-
O
O
O
m
N O n
n
G
N
N
w O O o O Io 0 V Krh O O O O m O O O O O O O o O-v
Cl)
N
N
O OD
O
r 0 0 0 f0 o O OD V O o o a 0 0 0 m O OR 0 0 0 Lo
N
S
V
of OD
ry
O o 0 0 N M o c0 r cV O o 0 0 0 0 0 CO 0 CO 0 0 0 N
A
0 0
Cl) OD to Cl).- O
N O Ci O7 h
Yi
O
O
V fh
cc
N
to r n
Cl)
7
V
N
N O r
n
Ll
N
'. )
N
r
r
AA,, E
^ W r
V
E
Q 0 O
di �
N
w o O O O Lo o v v Vi o 0 0 0 m o 0 0 0 0 o 0 0 0 V
co OR LLi
c f
N
N
a
O) w
OD
N
F. L.
2
ro
r o 0 0 7 m 0 co v o 0 0 7 v, 0 0 0 0 0 0 0 o
o 0 0 0 M OD O ODn N 0 0 0 0 0 0 0 m O O O O o
N
cuff
7
T
o
Z O
to O a l0 P7 Lo
O
O
GGG
00
= ' M
( I- r-
n
`"
v
cq
LU
C
aro
N r
r
N
Lo
r
Yl
P
c6
.y
O c a E
>°°
Z
m«
o 0 0 0 0 0 0 0 0 0 0 0 0 0
O
ro
t❑
o o o o 0 0 0 o o o 0 0 o 0
0
Q
0 N` N N N N N N N N N N N
N
W °
O O O O O O O O O O O O O O
O
a
p
n r
0 o 0 o o o 0 o o o o o 0 o
0
GI N
Cl)
h
OI U
4, cc
cc
N
r
N
O
a m
r+
w
N
O O
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
P
w
Q.CL
q
5555555555555555555555555
0000000000000000000000000
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
D
¢ a¢
0 0 0 0 00 0 0 C� C� C� (7 C7 C� C� C� C� C� C7 C� C� C7 C� C7 C7
y
0
y
z z
U
rn
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
y
Q Q Q Q Q Q Q a Q a Q Q a Q Q a Q a a Q¢¢ Q¢ Q
>
>
w w
>
¢
to
Q
W W
0 0 0 0 0 0 0 0 0 0 a a a a 0 0 0 0 a 0 a 0>
Q a Q¢ a a a Q a a a¢¢ a a¢ a a¢ a a a a¢ a
c1
w
e
a s
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
m
2t
m
¢¢
3 3 3 3 3 3 3 3
oa:
1
U U
w
p
a
0
a
a
0
,
J)
�
C9 c7 C9 C7 C7 C9 C7 C9 c? C7 0 0 00 0 00 C9 a c7 a a a (9 C7
9
I
N
LL o N c+f v o N c+f O N c'7 7 0 N A V cD O N v7
o o o o o
w
E
o o o 0 o o 0 o o 0 o o 0 o o o o o 0 0
io to u] to Uo w 0 0 o O w w w O N N N N N N uo o o io o
O
H
O O O o 0 o o 0 0 0 0 o o o M M M cM M M �o N N to N
CC
r
r ao
j
0 o o o o o o o o o 0 o o o r r n n r
o M m m m m m M m m m m m m m m m m O/ O W W 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
(n
N
to
o o
N N
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
Q
Q
W
O
w
C� C7 C� U C7 0 CD C9 U U C7 (7 U i) U a 0 a C7 0 0 0 a (D 0
U
Z o 0 0 0 o 0 o o o 0 o 0 0 0 0 o O o o o 0 o No o O
W
Q
Q Ou� to o N w c0 o w o w O o O N N N N N N N o to
O
O
> o o o o o 0 o o o o o 0 o o v v v c� co u� n n n n
n
n W
a
o o o o o o o o o o o o o o r n r r rn
M n n m m m M m n m m M m m 4/ m o m O O Ql o m W O
v
N
d
o o
O O
m
d
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
YY
N N
N
LL tN y N u) N tp VNJ N N N tN Q) U) y 0 y (0 V 0 N N 0 0 0 0
�
o
Q
y y
O
7
U
} } } } } } } } } } } } } } } } } } } } } } } } }
� (n (n N N (n h N cn (n fn fn fq N fn to !q fA fn fn fq (A to fn (n fn
Fe
}
!n
U
} }
t7 !n
�
y•
N
r N N N N N N N
N
O O
0 0 0 0 0 0 0 0
O
Y
N N
N N N N N N N N
N
(p
O
O w w w W v O O
a
a
O
00 N
O N N N N N M
O
U_
O
M
O O
N 00
O
O
M m
O
O O
r
p
(O m mcD N coW O
o 0 0 0 o m O 1*
m
(O
O
O
O
O
F-
r V
cO cO
I
V
O 0 O
O
O
Y
O o I
IDO
O O
O
O .--
r r r"
r
M I
"
.O, N
r
r
M O
h
r
O M O N
n n r r
M
N
(n
M a
t0
U
00
y
(9
@ m
Q Q(
l0 m N m m @ m
Q
Q Q Q Q Q Q Q Q
O
I
O
O
O (O
tO o o o (0 o 0 (O
o
C ar
a1 0
a
m N
Ov Ov
N O O O O N
oo
N Q'
o
(O M
o 6
r r r r r r r r
M
U
4)
1, OD
CO
M O
M
V (O
m
O O )O
O
O
7
CO N
N
Q) o
O)
O) M
N
V cq M CO N
O
O
N
N
N
O
r
W 1-
h
w M 1: o (O v v O
t►
o
O
>
1) N
07 O
N
O
r o
O O
CO
(O O
r ao
h
OI
N uD r N R O ()D
r CO W O O r h CD
M
O
O
O
O
Y
O
N o
O
O O
Co
h M
O
O m O o M O m O
V
O
0
O
O (O
M
c0 O
(D
Cl) (O
O)
O m O O O N O O
N
W
Q)
m
r
1'7
(O C
Cl) (M
N
CD
O (O
co r
CD
P.
C O) �lq O O) O O
M— N N N et N N
at
N
1l
N
A
N
r
M
M
N
4)
1` OD
CO
(O o
N
In
C)
o o o o o 0 o o
O
O
o
CO N
N
O O
O
W M
N
O O o o (O (O O O
O
O
jQ
N
N
O
W 1�
1•
m (O cO t0 N O) IT to
w
o
O
I� N
O O
N
C
c0 O
M O
(O
CO
(O O
.- OD
1�
01
co m R v IT R O Cl)
(c cO 1� 1` O o OD M
1�
O
O
O
O
O
N
N o
o
N o
N
I, (1)
o
o N (O 10 W N CO (O
1`
O
O
Y
O (O
N
a)O
(O c
m
N
co v)m
O (O
(C)
O N h
O O o (1) L O O N
1-
O
O)
1�
C)
h
} N
M
M M
(O
(D r
M
M N N N N IT M N
N
N
N
Z C 0
E
H
Q W ; N m CCR N N
y N N
Z to Q Qni O O
LjJ i 1 M a o (On 0
coN L.
LO
a. n% =
O .0 o E
w O O
0 o
O O
O
O
.r )n
O M
M
N
0 0 0 0 0 0 0 0
O O O O O O o 0
O
O
O o
O O
0 o
O
M n
1`
o o o 0 o o o o
O
o O
o o
0 0
0
o
(n o
r aD
Ir
a�
o o o 0 o 0 o o
O c c C c 0; 0
0
0
o 0
c C
o 0
o
1- M
o
o o o o o o o o
0
o 0
(O O
V O
(O
It
M (O
c (O
O)
(O
O O O O O O O O
O O N (O uD O o (O
O
Of
O) G)
1� 1`
M M
w
to r
1,
M N N N cV 't 0 N
N
(V N'
M
M
N
m„
o 0
0 0 0 0 0 0 0 o
0)
O
y (C
O
O o
O o 0 00 0 0 0
O
Q
t O
N
N N
N N N N N N N N
N
W O
N
ooa0000
M
IL
0
0 0
0 0 0 0 0 0 0 0
0
V.-
CD
A C
M
t0O
V
N
0
j (C
M
M
-e
Z Z
(O
O
a m
N
n
LL LL
pOm
O
N
O
NIli
R
OOf
(a
Z Z
ai
Y Y Y Y Y Y Y U
N
N
W W
N
z z z z z z z a
N
2 g
a a a a a a a
F- F-
m m m m m m m r
z z z z z z z
w w
LU
cn
Z Z
0 0 0 J O O Z
J
c/) _
>- >-
W W W W W W W O
w
m
rn
a)
rn
Z U
0:
d
rn
U U
Z z
0
m
2 2 2 2 n 2 n H
O O O O O O O
d
rn
m
m
y
7
Y
Q Q
W W
`
a
2 2 2 2 m 2 2 Z
2
J
Q 141
!N
>
Z
f- U
0 0
>
JJ
�
D_
Q
m
j
Q
(n 4'
Q
a
QJ 4J qJ -1 qJ QJ qJ
Q
LL >
Q
'O
O
'O
2 O
9
J J
Q Q
•O
¢¢¢¢¢¢¢¢
W W W W W W W W
'
O •O
m
Q..
O O
10
wwwwwww
w
AmQ
a
J
LL LL LL LL LL LL LL LL
U
J
O
O
O
O
O
O
ik
fA
M
U
(n
In
o
Cl)
N
W
N
0
d
E
Y
j
0
m ro
O Cl)
rn Z N M O n 1- O
W
01
Q
10
w
o 0
0 o
0
0 0 0 0 0 0 0 o
U
v
(7
ui
N N
U
Z
C
W
W
N N
N N
�
W
M
cl
w
O
}
Z
z
Z
Z
W
0.
Z
H
J
m n n n v n
m
j
d 2 2 2 LL z
m
ro
x¢
0 0
a
U'
Nm
m e
LL
N N
p
rXi rXi m m 0 Cl) rn
W
Oo
7
}
L1J
^ m
Q
}}
W
M M M M M M M M
Z
O
L)
(n
2
0 7
�j
(> )i
LL
M M M M M M M M
W
N
o
r V �
N _
A �p
�2
1
N �
� t
rL N
G
{Y
.a
d
tY Q.m
��
OJ Q
Q m✓
A�
�
A
N �
4m
�
o
N
d
A �
7
N 4 �
N
o �
r
ar �
�
d
d
c
m
4
Cf
a
o 2
o acr
M
0 0
N
d d
0 0
0
a
1p
C
N
0
O
O
2
d N
N
7
OD O
N
m
to
7
Lo
m
N �
F
O
O u
F
O
w
�
c
tOo
N
N
y
O O
e-
7
aD O
M
jp
u� coO
N �
tD
N
n
(o
O
C.)
N
N
Z
� r
�
V
E r
Q 0
'D
O 00
1 N
7
a
Z N Q
N to
f0
_ 'M �y
W
to
a
a' �2
v
M �+ L
m y
La
N
O O 20 E
J O
> Z
v«
O o
W O
Aa
t O
N N
Q LL
i
W
o 0
a/
a
0 0
m m
o
0
rnu
i
o
Cl
0
pm
> m
O
Q m
N
M
O
0
Z
fJ
U
W Z)
2 0:
U F-
N
a
> >
c
y
N
Q ¢
E
H
p
m
� �
N
U) W
>
D D
C
O
=
>
C
Q
l0
t
N
10
it
U
c
<�
w
E
0
a
m
a
>
C
Lo o
N N
N
N
N
O
z
a
U
a
N
ai
W
N N
m
U U
of U)