Loading...
HomeMy WebLinkAboutInvestment Report September 2012x� � TO FROM �_ CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM RACHELLE KLASSEN, CITY CLERK NIAMH ORTEGA, RECORDING SECRETARI��� OCTOBER 23, 2012 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS w m ro O c� � ry c,� � _. � A '� j D�..� � �v s�� ��rn �.� _ � ��� :'aa r� � .�► c=, rn� Please find attached the Compliance Analysis and Investment Report which was presented and approved at the recent meeting of the Audit, Investment and Finance Committee for the month of September 2012. Please include the report on the upcoming agenda for review and acceptance by City Council. Also included are the approved Minutes of the September 2012 meeting for acceptance by the City Council. Please feef free to contact me at Ext. 382 if you have any questions. Thank you. nmo Attachment (as noted) G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSENINVREPORT.WPD / . _ _ _ _ ___ _ __ 's.e�� wY���i1��1��Al�IM���i- - . ...� Z012 City of Palm Desert / � �� I'�CCc�CII'�I' ��J>tl�P<�Ilil�'�?l �% C f l/'� ECONOMIC COMMENTARY Welis Fargo Securities believes that the Federal Reserve's new quantitative easing program ("QE3") could last up to two years. The Fed plans to buy $40 billion of mortgage-backed securities ("MBS") each month in order to lower mortgage interest rates. The Fed's decision to target the MBS market suggests that it views a sustained housing recovery as a precondition for overall economic stability and growth. QE3 may also serve as a hedge against the economic damage that could result from Congressional gridlock over the forthcoming "fiscal cliff'. The basic intent of QE3 is to lift financial asset prices, and to create a positive wealth effect that will lift the U.S. economy. Consumers are more likely to spend money if they think that their houses and stock portfolios are worth more. Likewise, corporations are more likely to hire people, and make additional investments if they think that their stock is worth more. QE3 will expand the money supply, further cheapening the value of the U.S. dollar, and putting upward pressure on commodities import prices. While an expanding money supply can create the potential for higher inflation, inflation also requires an increase in the velocity of money (which is closely tied to bank lending). Bank lending is currently constrained by a combination of higher capital requirements and tighter govemment regulation. .i'au�.S: �a�, C'.C'.✓yl.✓� ; �` City Treasurer " Certified California Municipal Treasurer PORTFOLIO STATISTICS 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 $ $ $ $ $ 198,990 $ 199,032 $ 42 $ (6,063) $ 64 $ 0.39% 29 0.04 206,754 $ 206, 794 $ 40 $ 99 $ 71 $ 0.40% 28 0.04 205,805 $ 205,845 $ 40 $ (1,578) $ 72 $ 0.42% 40 0.05 �J<ff f�Yl2�X I Markets Team City Treasurer Paul S. Gibson, C.C.M.T. Deputy City Treasurer Thomas W. Jeffrey, J.D., M.B.A. 216,803 $ 216,813 $ 10 $ (6,478) $ 75 $ 0.43°/a 40 0.05 Investment O 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. 218,086 $ 218,101 $ 15 $ (1,596) $ 76 $ b.43% 38 0.05 210,198 210,229 31 3,543 72 0.42% 39 0.06 All data as of September 30, 2012 PORTFOLIO CHARACTERISTICS September 2012 Dollars in Thousands Maturities Market Value < 1 M $ 173,292 < 2M - < 3M - < 6M - < 1Y 8,758 < 2Y - < 3Y - < 4Y - < 5Y - Total: $ 182,050 Ratinas Market Value AAA or Aaa $ 100,657 AA or Aa 4,701 A 4,057 Unrated 86,190 Total: $ 195,605 Assets Market Value County Pool 93,047 LAIF 47,247 WF/LAIF Bond Proceeds 25,388 City Loan to RDA 13,555 MTN g,75g CAMP 2,346 WF/Bond Proceeds 5,264 Agencies - Total: $ 195,605 Month Citv Yield LAIF Yield Variance Oct11 0.43 0.39 0.05 Nov 0.44 0.40 0.04 Dec 0.37 0.38 -0.01 Jan12 0.40 0.39 0.01 Feb 0.41 0.39 0.02 Mar 0.45 0.38 0.07 Apr 0.42 0.37 0.05 May 0.43 0.36 0.07 Jun 0.43 0.36 0.08 Jul 0.42 0.36 0.05 Aug 0.40 0.38 0.02 Sep 0.39 0.35 0.04 � I Maturities Distribution 100 95 80 � 0 60 �o � 0 40 a 20 0 <1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y � Credit Quality Unrated 44% 4AA or Aaa 52% AA or Aa a 2% D�0 � Asset Allocation County Pool 48% Agencies 0% LAIF 24% NF/LAIF Bond Proceeds 13% / Performance 0.5 � � d 0.3 � 0.0 OctllNov DecJanl2Feb Mar Apr May Jun Jul Aug Sep �LAIF Yield GCily Y�eld CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 WF/Bond r-L--� Proceeds CAMP MTN City Loan to 3% �% 4% RDA 7% STATEMENT OF COMPLIANCE September 2012 The investment of the Ciry 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 annuaily. For the month ended September 30, 2012, 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 shoutd have sufficient cash to finance City expenditures for the ne� 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, .r�s ��, e.e..���: City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS California Government Code City Investment Policy CA Govt Maximum Maximum Minimum Maximum Maximum Minimum % of City Code Investment Cate o Maturit Limit Qualit Maturit Limit Qualit Portfolio 53601(a) Palm Desert Bonds 5 Years No Limit _ 53633 Demand Deposits No Limit No Limit No Limit No Limit - 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 NotAuthorized 53601(e) Federal Agencies 5 Years No Limit 5 Years No Limit - 53601(fl Bankers's Acceptances 180 Days 40% 180 Days 40% A-1 or P-1 - 53601( ) Commercial Paper 270 Da s 25% A-1/P-1 270 Days 25% A-1 or P-1 - 53601(h) Negotiable CDs 5 Years 30% 5 Years 30% AA- or Aa3 - 53601(i) Repos 1 Year No Limit 30 Days 20% - 53601(I) Reverse Repos 92 Days 20% NotAuthorized 53601(j Medium-Term Notes 5 Years 30% A 5 Years 30% A 4.4% 53601(k) Money Market Funds 90 Days 20% AAA & Aaa 90 Days 20% AAA & Aaa 2.7% 53601(I) Trust Indenture Debt NotAuthorized 53601(m) Secured Bank Deposits 5 Years No Limit Not Authorized 53601(k) Local Government AAA & Aaa AAA 8� Aaa Investment Pools 90 Days No Limit or Advisor 90 Days 50% (1) or Advisor 47.9% 53601(n) Mortgage-Backed 5 Years 20% A(Issuer) & Nof Authorized Securities AA (Security) 16429.1(b) L.A.I.F. No Limit $50MM/Acct No Limit $50MM/Acct 36.5% Footnotes: (2) 91.5% (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 September 2012 Investments CALIFORNIA ASSET MANAGEMENT PROGRAM CITY LOAN TO RDA WF/L.A.I.F. BOND PROCEEDS FEDERAL AGENCY -- COUPON LOCAL AGENCY INVESTMENT FUND WELLS FARGO CORPORATE TRUST CORPORATE MEDIUM-TERM NOTES RIVERSIDE COUNTY TREASURER TOTAL BEFORE CASH PLUS: CASH GRAND TOTAL Book Value $ 2,345,873.64 13,554,999.95 25,387,899.47 47,247,442.81 5,264,315.07 8,716,243.29 93,046,520.96 $ 195,563,295.19 $ 3,426,565.62 $ 198,989,860.81 (1) % of Portfolio 1.18% 6.81 % 12.76% 0.00% 23.74% 2.65% 4.38% 46.76% 98.28% 1.72% 100.00% FOOTNOTE: (1) In the Citv of Palm Desert Com�rehensive Annual Financial Reoort ("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 de�nition. � W � � � Q � � N � c � M J eQ V) � a�0� a o• � p �o � � � oa N va U � � O W N M H o= « ,� o� A � O � e � O a Y N mj d d � � . �, N a�—'� � « c a� ayi > c , c�'� °D °O v o � o � N � � M O OD � � O O O C O O O M O � � � �� p) N � N � � � � �� I� \ N O�i W � fD O� o O . O �-- �O � N N� V� O O �- � O�i � OD O N O�i � � l`7 OI Of N N f7 O � OrD 0�7 O�D_ � Ih N N N M � M N N � O � N � N O� CO � N � c�o rn v ao o m`" rn M 01 T N � Oi O ano rn ro� co .- v�i ui v � r� v ao �o M U f`�7 N N n O N �� 1� � W (h N V W ��n rn v ao 0 o rn n 0�1 0�1 N � O N co rn ao � �c�{ o in � � C��1 N N � O N �u'/ f� 4] c0 M N �C Of � r r n � N 0 t0 � rn � 0 a� � b 0 N O � N Of � � I 01 �' M O Q � I01 N � I�o � � � � � M N � � � N a lh � � � ch � O !D � 01 � T � rn .- n M n M n M O vi rn � N � n t�0 eV7 OI � T � � Z � W � � F- � 'S.�' (A ~ � Z � N C 1 O W�� N o N z w�q�w,� � E U � � � V! O 1-- � > L � � 2 � � � C � o a z O p Z a,� � � Z } U w � Y.T �p �c> o � , c O m W� FW- O C L� L � U a� N — a cn ' U �� Q J v> O w � � 3� �o } 8U Z F- li U W�� > N u`�i •• «� ��3���� 5 U a� �°- w U y Y .L-. C N N D N y N > y a� � C C N � N� O — C a 7 N �.N fC 7 m � . N T U .0 a� «. o a�i a E L. N" i w C y O � C �- N y 7 � j l0 � Y r � N � N N ,D � � � j � o �. a a� � w o v � ' m o �° c� V v� m 00 � 4% N N �' y � O a��a . O ..�. '� .� U � v O � � N m ��E E o � ^' > � `� ^+ C� 'v��i .o w �� � � Pq o � a O o �Y Z V c o ii e.°°� U m O C � � � � N � W � � � � � M 00 � t O 7 C � 0 N � .O O O � N O_ X O M L � a ` e. (A L N L ~ � �3�0 � �1 <p C p, c c � N � � � � y p� t U � U � _ � '� c - U N N a d � O � O � U Y O 7 4. � .I . l0 � �p N c � m o at o U y �` « � r � o � � ' m 'co '0 E .A a� p � N a , } m � � � C� W c � :,+ c � c� � Z° c� ' m c Q _ � �IU Q W FL�- o a a } o � F- Q � c��i U ^ � a > O Ir LL a a � f a d a m '� z 0 r � � � O Z N O N O �'f OI N � 0 N o � 0 0 O N �� o � o � � O o a c � � � � m 'i Ol a � .g i 0 V } � R � � � G n � c � d � W > N 'L y � i3 � C i� � W G� � N E � W � � N � 0 � � > � O � C � M m` Q � N � a � � 0 � Q � O •Q v/ N � p. � r o U � O a a dd �� A Q m � N � N � c N � c al H 7 U � � I � � I � I ' � N N I N � I M I� O O O O O O O �� (7 (7 N N O O � � t0 ri o oi O f� I� r � �n M � N N N N � � � 10 07 O M o r n .- n o0 M n �M �� N N � N t�D o n n r a aD R ch (") M N N � iV N � � O � N J � � � �W � U O d a a u�, a � Q' � g '� G Q A � CU U � q O � a O y d' a Z � � � N W a Z Q � IH � a I Q m � Uv}i v}i I � � O O�i p�f oi ai W O�! � � M P'f �n n O� 01 01 O� rn a� rn a� � N P') M � h O� 01 rn w R N N � � � � O�ai N I � � � W � W O d J � aa`r '� a � a c U � O a � N Q� � r .7 Z Q 7 J ► _ in .i � � M O V � � � N N V ai � M N N n r� v a O� Oi rn or W � � �'�f � N N N n V' rn rn � M N V oi rn a M N � � � � Z ap � ^ LL F M W N � F- N W i 2 Uy Z �w � Q > a J a c U � O J j� O a � N N W � U `� O " N � � a 0 Z � m I LL � I 0 Q c�Mi J N LL � I 3 � ��� �' � M O I O �Q C� O W N '�d N n O } o a F- Q n cn U " o � � .o i c .- .- � � � � '- � � � � � '- '- .- � � � � � � o a � a � 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 O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O f0 f0 f0 N N 10 N N f0 N N N N N N f0 l0 lD ����¢��a�¢¢�¢¢���¢ W Na V N A � O O OD O O O O �p O O Of O O N O N O O O OD O O O O tA � O O O O t0 O f0 O O O�� O O O O�� O OD O O f0 � f0 O O n � m N rn rn `O � o�o � n� W � N N V � N N n � V V W � v �v_ N N � n V O � � � r M W r � U > a LL � Q A J Z � � a LL � F- 2 W � a � � W i Iz � U Z a o J � Q N � � I O O 00 O O O O(p sr O� O O N O N O O O. aD O O O O N� O O O O(O O (O O O O O C� O O O O N f� O aD � O t0 O (O O O �� .- ao o ao � ro � rn <U (O (�7 � N Oi OD O� �O W �O � O O OD O O O O(O � O Of O O N O N O O O OD O O O O� O O O O(O O f0 O O 0 o ri o 0 0 o ui i: o cc �n o cc o �o 0 0 � r � � � � rn � � � � � � O O O O O O O O O O O O O O O O O O N N N N N�V N N N N N N 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 0 0 0 0 0 0 0 0 0 0 lL tL lL LL LL lL LL LL LL lL LL lL LL lL IJ. LL LL lL � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � fn tn tn (n (n fA tn N!n (n fn fn (/) (n (n fn N N � 7 > > > > 7 > > � > > > > 7 � > > 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 d a a a a a a a a a a � � � � � � � � � � � � � � � � � � � � 7 > > > 7 � 7 � � > > > > � � � � N�� N� N y� y N� N N�� h N u��� �u�� u��u� ��u� u�u�u� u��� � � � � � d' � � � � � � � � � � � � F- F- H f- t- F F F- 4- H F- H F- F H F- F- F- W W W W W W W W W W W W W W W W W W C7 C� c7 C� C� C� c7 c7 C� C7 c7 c7 C� C� c� c� C7 C� Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q � � � � � � � � � � � � � � � � � � z z z z z z z z z z z z z z z z z z > > > > > > > > > > > > > > > > > > O O 0 O � � � O O � O O � 0 � O 0 O Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q . F 1- F� F 1- F- H F f- H F 1- F H 1- 1- H F O O N M O N O N O N fh O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o'� c� � n n � oo m ao rn rn rn o 0 0 0.- � �'- v v v v v o v v v v u� �n u� u� rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn v v ao co 0o ro oo ao ro oo w ao ao w ao 0o w ro o 0 .- .- � �.- �.- � � �.- � �.- � � N. N � f'.' F F F' F H H F H f" H F" H F H H H F QO O N C7 O N O N O N ch O O O O O O O O O O O O O O O O O O O y r> M n n n n ao ao ao o� rn rn o 0 0 0'- � �.-v c ao o vv <vv u, �n�n �n ov j rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn J ro o0 0o w ao w ro oo ao ro m ao co w ro ao 0 0 L N N � � N � � N � N � � � � � N � � � r r r> r r r}> r r> r r r r� � h��N��h����������� 0 N a d � G � N ?.`�� a �� {___ � r � W d � cv � � H � � � > N C � � , M Q � y G� � � ,� � C. � `� O G� /� a° � N V O a «� �� O ^ v� i� � d R � � h N � i YN L 10 � d � a N� m L 0 � a' �_ A Q m d � N � d E W C a h � U �.- � �'- �'- � � .- �'- � �.- '- 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 0 0 0 0 o I 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 c o 0 0 0 0 0 0 0 0 0 0 0 0 0 m m m m m m m m m m m m m m �o m m m m m m m m m m m m m m m m m� aa�a����aa�a��aa��a���aa���aa�aal O l+? O O 01 O O O IA �p 01 O O O(h O O Oi O V O c'� O O O O O O V O O'7 O O O O O O� O Of O O O 00 O O O N� f� O O O ch O O O O O O O N O O OD O O O l'�1 Oi (O O O O l'7 O O O (� � O(O O Ol O O O C O GD O C�1 (D OD (O O � u7 (7 OD O W I� a0 p7 a0 O ('7 T ('7 O (O N V � �•- Ki V f0 �n fV f0 O (h (h ln (p Of (h e- W O N O C7 O O � O O O� s� 01 O O O C�1 O O � O O O l") O O O O O O a O O� O O O O O O W O� O O O 00 O O O N� I� O< O f�7 O O O O O.- O O N O O c0 � O O O(h Oi fC O O O l�7 O O O � f� O(O O 01 O O O O O a0 O M (O OD t0 O � f7 OD O m n OD f") OD d �(7 � C7 O fD N � � � � V f0 1n N <p W M �- � O � N o�oo�000� �000�oo �o�o�o 00000^o O V O O O O O O W � W O O O 00 O O O N� f� O �t O M O O O O O O O N O O CO O O O('� �(O p O O f") O O O R I� O(O O W O O O O O GO O OD M O�D (O O CO � M � f� V f7 � M O� N �7 u7 � � V t0 � (V (p � lh � � O 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 0 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 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 0 0 0 0 0 0 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 1'f � 1ff O 1f1 1a+f N N O W M ta0 � 0 LL LL LL lL LL LL LL LL tL LL lL lL LL LL LL lL LL LL lL LL lL LL LI. LL LL LL lL lL LL lL LL LL n �����������������������������i�i � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � (n fn fn N cn tn fn cn (n (n tn tn fn tn (n fn (n fn fn (n N (n fn (n fn fn (n N(n tn tn fn M 7 > > 7 > > > > � 7 .7 > > > > � � � � � � > > > > 7 � � > > > > M 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 � r> rrr r>r rrr >>r >r} r» >rr �>� r�r >>- � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � > > � � � � � � > > > > > > 7 � � > > .7 > > > 7 � � � 7 � � �� fQn fQ7 fQn NQ fQn N¢!Qn fQn tQn fQn fQn fQn tQn fQn fQn fQn (Qn (Qn fQn (Qn tQn tan tQn l¢n !Qn fQn cQn (Qn 'tQn fQn tQn tQn ll1 W W W W W W LLl W W W W W W W W W W W W W LL7 W LL7 W W Ll] W LL] W W W � � � � � � � � � � � � d' a' 2 � � � � d' a' � � � d' � � � d' � � d' F- F- F- H H H F- I- F� F- F F- I- F- I- N F- H F- F- F- H F- F- F F- F- F- 1- F- H F 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 � 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 2 Z 2 2 2 Z Z Z Z 2 Z Z Z Z Z Z Z Z Z Z Z 2 Z Z Z Z 2 Z Z Z Z Z a � � > > � � � � 1 > j > > J � � � J > > J > > 1 � J > j 1 � � � c O O 0 � O O � O 0 O O O O � O � � O O � � O O O O � O � 0 � O O 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 a � H h- F F- I- F� F F- F- F F� H F� H F- H F- F- F!- F 1- H F- F F- F- F� F F F- H N N M O �(O I� aO � O N C7 � N<O OD � O [7 p O O O O O O O O O.- � O O O O O O O O O O p O O � N �•- �•- � �•- ^ �•�- � •��- � � �•- N N N N aD a0 00 aD OD oD a0 n � n n o 0 0 o rn rn o> rn rn rn a, v v v v v v v v v a v v a v v v a v v v v ao ao ao ao ao w ao 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(`�') � C�7 M M (�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 cV N N N �' � �a � � � � � � � F' � � �' F" {-' � F' � � � � � � � � � �" � � � � O O O O O O O O� N M ��� ��� � O N M O N 00 O � N � � � � ^ � � " ��" ��" � � � O O O� O O O O O O O O •- � e- �•- � •- �•- �� I� I� i� f� O O O O W W �� T m� 0�1 v o v v a v a a a v a v v v v v a a v v v ro co w ao ao eo ao 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[��1 M M M (�Nj 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 U VJ V1 U1 VJ V7 V1 Ul V) VJ f�1 !n !h fp tn fn fp V) td tn fD fn !n fn fA !q tn fn tn fn iA fq �� N� N y N N t! � N� N y� N(} N!}/) !} �� V N V � N���� N � Q o � U � o f - a o i � � aa i a <D O N N 0 0 � M G1 Of a �: i 7L � «� O~ a � Uv � � �� � R � � h 6 R i m N 7 N > � l0 � � � � � W � � N � W C> ; N � � � =p > � C � M m` Q � y � a .� � 0 � Q ��+ . � ,GA� 0 0 v' y N U a � Lo 0 � a a d m m c � A Q m NI � � c d E N > C , � � 1 N N � � � � 0 0 � � M M ('7I % o cro I a`Oo � o c m m Q ¢I N � OnD M 01 f7 N � M � �- �- N M � � O f0 1� `�l � aD O u7 1A O OD 00 � �[1 Oi � a u�i o °vi O I� 1� V � W 0 0 0 0 00 O O o � v v 0 0 � � N .- O O N N O 1� o � m v a o p_' N � a � J a' t� � � W _ U a � U � U � � U F- � U � F- d W 0 t�0 J � y > w }� C � � o � w o O a Z y � � W f' � m � N � 01 I OI o � v 0 0 m QI Of � O O�i O�1 N N � N � �Q O � C�1 M O� 01 (O 10 W 01 O G � ��p a O O O M �'f O> Of rn � � � m 0 0 ' rn o`�i eo o� 0 N � � N Z O � � LL H Z W � N W d � A Z � > W a O C O '� a � « W a � �' �n 7 N Q o 1J � Y N O � � (O � O a Q, :� a. � � N c� c� W � � � ro c� U U r�Oi a°'o � t i N m � 0 � N o� N N h Of h n � N t�0 N T o�i, N O vi n N OI h �c h 0 O O N v C1 � Q a c A 0 � � Q O r� U �0 - a o i LL a a i a � O N O � 0 m 0 � � a d rn a o= « �� Q R � U � �r� n i N � L O O � � � .� � N m � �a � Y 8 m d 7 A � Yd C � rN I.I� _ � W G> � c� � v) U N � � N O > � � M a Q�' 0� � O O � O� � a � � 0 0 � H� U a a ro � 7 a w d rno IO C � R Q LD d N � c a� E d e a N � U � � � � 0 0 o a°'o O O O M O O O O �n m o � � W cc o eo v o 0 N Of N �� �^ ��o .- � � t0 O OD OD N N V O O � � N � � M� ��� 0�0 N N 7 O O � O) N � � M ^ m 0 � OI � � � � M n M A M O O�f IN n M O� T ss N N O O � `r 0 0 0 � o C w °' N � O Z � U �O � U W � LL H Q. J J W 0 U tA � Q W LL � O Q y � J Z u Q O A a � � � LL � � m � W W � � U O � � F- Q Z � 0 U U C9 `O " N � r�i r�i r�i Y �''� U W _ U Y Z Q m cC c� N Z o 0 0 � c� � c� 7 N � ti � N ID N � 0 0 N � m d > � c A t N � U 9 � � Q � M o � - a o i � a a a � a � 0 N 0 N o' m 0 � � U Z � W � � � � � � N � = 7 M N � N � W � C 'a �o�� U •O r"� Q. a a° a' n I.L U � T O w � M � �� A� G� O � � � a° Y C7 m 1 W � � � � y A a�-'� > C m � , c' � rn� ao 0 0 �. � < N � O O I � O O O C (M O � 0 I � � � ���( o � I� � � �� �I� \ O.�- O O V P�7 0 O O <O N M O �- c0 O O r- � � � v�i O n M N N aD (O � O tn aD � I� � O t0 .O ������ �' . N v� vi �i u> M � � V M O N O R a0 f� � � O 1� ON1 � N N O O�D co � n .- o �c ������ M W f� f0 N � � � (V � V' M O N O eD h C �(1 O m �} N N O OD (O t� � O m � � '� � M O� f� (p ^ � � N M N � n 0 M N M A � � I� N � n 0 M N M ^ � � !�Q� Z � N W V l�i � � � � a W � F +� a � J � � � W a i � � Z z O ] � Q } W U p�U � Z p C7 a� � p W Q� LL d t� y J C� tn N ; > Q o Z w > a Q' U J W� C v a� v � O a d c � o o - O W � � � N O 0 o X �y m� QU o � �o c� � � � y o > N r- L� � .. � a � o d a N U C � . � a° •1° � o, E � � I � � o � � O � ri M n O M 0 � c� M n O 0 � lh y C o d ;v E U y t� � c �� Y r C �j c 10 �� � ' U N �� � �7 � o p U a� � °"`_ v �U� > O O � .N- N O ..�. � � � C �- N � � � in10� C v � N '- O N N O o>� ��a � o � L 7 � �U c m L ,o .. m c M p_ � �� o � .'o .0 � O � � � a O a o�o V N� C � ~ � N O � Ny � � C � y f0 .` � � O V/ y o V= � C o fp p fp C N O M U�� C � p 0 O <O � w � �? � a �a�, •' � M �in U C C O T � � � o� � � m .- a Q a r�i t `o Q � y N � L N N E ; � =- a °�'� � � � 0 y �o � .O U �� ,c�� a � m � �� � � � � � .�_. � m o a ycp °� ; y !� am+ N U fl. � C � '� � � � j . � � � y « 10 } G> � j _ > w � � � .`-�Y o'= > � t�°m HIU Q W H m E � �y C � ii H � U U � 'm a N d � � � a � � � o a > IC � � S o a � a a a� a m :� m 0 r a�6i T �N Z N � 0 N O M Of 4 N � 0 N 0 Of � � o � N � o t„' ui o � Q, o c � � � m rn a �� �� o � U� f � �� «Ai A« O A i N 8 0 � d� � � h a� 7 N i 8 m d � � � � � � � Z = � W � � �y U � N� Q d �� � N � � � � o ii O � � ch a N R H � N� '_� �.i •� � d (� O G ''"' � � O � oa�N N� � L � � a a W N N C �ry Q m �I N � N � C d m � > � c i I t a � N � � : U r� n n n � n �. n i. i. n n � n i. � n n n � �I � (h O) M c7 l'7 [7 (7 ('7 lh C7 1'f O O O O O O O O O O O I ���������� � n t� n n n r� n r� r� f7 (h M ('7 P7 l'7 f7 l`� f7 M O O O O O O O O O O ���{ R a�0 O N�� O N 1� aD t0 O�� N M.^- � �t N� aD ifJ O�n � � n u�i � rn u�i � u`"i � r�i o N e0 c'7 t0 O) (O O C7 M (D � v r� ���o �n �^ � N CO I� f� uY N t0 !O � f� < V; R a0 O N�f1 �7 O N 1� � t0 O N(O OD O� O N � aeeD}} � 1�f1 O N.-- � �� l7 (O Of (�O O M M t�0 � a M ��(O �n �� c0 N � � M v "f O N N � t'f o I o o I o 0 0 rl I �I ^ I � N al I I 0 O O n pn � tD � n 0 01 v � � n � � O) 01 � �� ° O v N � n �ri � n N n h � g N ^ n ^ � N � O � N N ' � � �I � � � 0 a 0 0 0 0 o I o l'7 P'f � � �c I �o I 0 f7 O O O O O O N N � � N N S o O O �O f0 N N 0 0 0 0 0 0 O O O O O O O O O O O O 0 0 0 0 0 0 �¢ �¢a � l�7 O O O O Of O O O O O N �l) O O O O � O � � M � �0000� O O O O O N � O O O O n � � � V ro r� n�n N ro �o �n r. n c � � N o 0 0 0 0 0 o rn O R'7 W O N N� O N 0�0 � O O O O N O O N t0 OD O� O N � � � A N � O O � O O O O h CO t0 O t0 t0 N ch I� W n a0 N � GD N O tn .- � pp O O � r� o co 0 oi ui o n � oi m n ao � � � � a n in � � � N CO M � G1 (O O M� (O 1'7 � W n h fp Ip � � V o7 ��(O uY �� (D a �D 00 � h N N N a � N N N N N N N N N N N N N � � � � � � � O O O. O O O O O O p � N N N N N N N N N N N N ry N O O O O O O a a a a a a a a a � N N N N N N � Q a a M o s o b o c 07 M(h (7 (h M ('7 (h (h � O O � p O O O O O O O O O O O O O O O � � n d h O � < V O OD �O A � oi � � � � � � � � n M � n � � Z o�,' vi N >>> 7�� J J J J J J � a a a a a a F H F,,, F H F F H F F LL Q }}}}} )- �� d' d' C d' � d' d' � Z (n � 7� 7> j 7 W W W W W W W W W W ��� ��� N�� N W W LLl W W W W W W W W W W W W W � � N ������ O O � O 0 O O � � p F- � ^ W i �� � �� � �� � d W ar � y a � �� � �� � J J J J J J J J J J � � O� O OI � Of J O> W W W W W W Q QQ Q QQ Q QQ Q� Z.10. O� a� N a aa a aa a aa a ar �, a d LL LL u. � ii LL� u. � LL ¢ 0 ¢ a ¢ � � ' �ai. ' F�a- Fa- F Fa- � Fa- O O O O O O O O O O 9 I J � I � a � Q 2 2 Z 2 Z 2 � � � � � � � � � � A ° ° � _ _ � � � a a ¢ a a a � a A » >» > �c�� � �c� c��� �� a�� � a 1O o0 0 00 0 0 0 o z o g � o I- ¢Q aQa a . ; W ? � a f� N � y Q y LL y � � �' > > � Z � ~ H H H F F F � � co cNo ��`("p a�o ro a°io rn � a W � F- o 0 0 0`� o {J O O O O O O O O O O a � I"' � a � N N N N N , (�] (`� f'� 01 !h ('7 f�'1 M(h M W Z � tn lA 1A N , f'� C'1 (h f7 l`') fh o7 M C] f'� � N ~ H' O O' O O O O � � � � � .N-- � � � � ~ � LLJ � V% � Q � O/ 01 01 Of � L o W �n ; � W M � ao ao m ao ao ao ] Z � � Z O C I� Z �.. Wa U O � V � � � W � � � � � � � � � � io ���� o�o m a°'o rn I p o �� U' � Q o 0 0 0 0 0 O O O O O O O O O O I ^ � W Q N N N N N a ch c`7 c7 (h c`') t") (`7 (h M(� i' N LL t� u� N u� �n 1� � ch l'7 M C7 f") ch M I'� ch M � N N o0 J (;� � (n O O O O O O � N N N N N N N N N N I� in Vi n Q � � � J W���� � v� in v? in tn N in cn cn cq � v� a � �� c`�ri � o W tn t%� tn iA tn in } } } } } } } } } } } Q v� v� v� v� v� cn cn v� cn cn � cn I U v}i �° v}i w N 3 v}i c}n v�'i v}i cn v}i �na� � Q Q " �i o � � � o � > � ¢I a o a � d a 0 � O ai `m 0 � N ���a f� � � Z *'' � a� a��N � d � N � � _ � M V� e� y L N � � U � � � V �O Q � � .� a� aa° �N � a° U� �� �c 0= .. � i. � A� O' �S' �o N m 7 � a N � LO � a' A cl � Q fd d N � � m N > C I 1 a • `� t � 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 c 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 � �.- '- �'- � � � �.- � � � �.- '- �.- � �.- �.- � �.- � �'- �'- � � � � aa�a���a���aQ�����a��a�a����a������a O O O O O O O O O O O N � O O f� f7 O O O M O O O O O O N 4� O O O N O O O O O O O O O o0 O O O tn � O O t�7 a O O O O O O O uY p O O O� O O O O O O O O O O O O O O� O O O M � O O `N N O O O O O O G � O O O O O O O O C O O � N M ^ � M n � � � � � � � O o O O O O O O O O O� N� O O 1� f7 O O O M O O O O O O N h O O O N O O O O O O O O O a0 O O O P1 � p O ('7 � O O O O O O O 1n p O O� O O O O O O O O o O O O O O�('M O O O� � O O,N N O O O OO O O O (V C O O Oi O C O O O O O � N C� � N O � � � � � �j O ^ ' N t0 �n � � � O� O O O O O O O O O O O� � O O h f7 O O O C7 O O O O O O N h O O O N O O O O O O O O O OJ O O O f'� N O O M� O O O O O O O N O O O� O O O O O O O O O O O O O O� O O O N M O O 1N N p O O O O O O � O O O 01 O O O O O O O 0 u�i , i o � r: n � � � � � rn � � O O O O O O O O O O O O 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 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 O O O O O O O O O O O O O O O O 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`o 0 0 0 � �.- �.- � �'- �'- �'- �.- �.- '- �.- �.- '- �.- � �.- �.- � �'- �.- �'- 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 N t� � N N N N N N N N N h h(� f� N(� h f� N(� y N h f� f� !A N N N y N f� y 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 a a a a d a a a a a a a a a a a a � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � (Q= f=Q yQ VQ (pQ !Qp (a_ (�Q VQ y¢ tQp (=Q t=Q (QA (Q= NQ NQ UQ fQn NQ tQ= yQ �Q NQ NQ y¢ �Q tQ= (_Q !_Q (Q= fQp �Q�Q lQp (QA W lll W W W L�l W W Ltl W ul LL] ul W W W W W W W W W W W W LL] W W W LLl W W W W W W � � � � � � � � � � F � � � � � � � F � � � � � � � � � � � � � � � � F C7 C7 C7 C� C� C7 C� C7 C� C� C� C7 C� C� C7 C7 C� C� C� C� C� C7 C7 C7 C� C� C7 C� C� C� C7 C� C� C� C� C7 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 F� F- F- F- F- F- H F-� H F- H 1- F�- H F- H F- H F- F- F F- F- H F h- H H F- F- F F- M- 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 � � � O O � O � O � � p p p❑ p p p O O O 0 p O O O O O 0 0 O a a a a a a a a a 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 � � � � � � � � � � � ~ � � � � � � � � � � � � � � � � � � � � � � � � N M O N C1 O N c7 N c'7 O N c7 O O O O p O O O O O O O O O p O O O O O O O O O O O O O� O O O O O O O ���� N 1n N�D (O (O t0 <O W OD OD CO � W 01 � N N N N M M M (7 M� N h h f0 <O t0 � ifl � u7 N N N tn � iA �� if7 �� �f) � O O O O O O O O O f� 1� f� h 1� 1� f� O O O O O O O O O O O O O O O O O O O O O O O O O O O � O> O1 T� T 01 01 � W W� ��� W �� W� � Of 01 � W � Of Ol �� O O O O O O O OD CO 00 a0 OD lD a0 W 0� a0 OD OD 00 W a0 a0 OD 00 � 00 N (O 00 N OD QO OD OD QO O O O O O O O �.-- � �.- � �.- � .- .- � .- �.- � �.- ��- � � � � �- e- � '- e- N N N N N N N rr-r- H�� ��� � �� ��� �F� ��� ��� � �� ��� ��� ��r- 0 0 0st 0 0 0 0 0 0 0 0� o 0 0 0 0 0 o a o 0 0 0 0 0 0 0� o 0 0 0 0 0 0 �� iA �n ��n N(O (O �O (O (O W aD W W � O) Ol � N N N N t�I c+f t�7 t+I M in � �n h 0 00 0 00 0 00 0 00 0 00 o'017�'°0 0 00 0 00 0 oi. i. �� � �^ 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 ro ao co m ao eo ro ao ro oo m ao ro m ao w ro ao ao co 0o ao co w eo ro ao co co 0 0 0 0 0 0 0 in tn tn V� cn tn cq cn tn in in in tn cn tn in v�i tn in in tn u1 iri tn v� ci� V� tn ta tn lii tii u� c�n v� uj r�> }r� r�� rr� �-�� >>� }�� >�} r�> >�� �>y r�� fQ ln (A (n fn (A fn tA (A lA N fn N fQ fA fA ln (� !n h!n fn (Q fn tn fn !n fn ln N(A (D fA fn (A Cn cna� Q Q � � � o a - i � � a a � a O N 0 0 m � 0 � d d �� o a � U � �� � � o- wU O A � � 8 � d� �� N U c Z = d � � y� Q a� � N � 0 = � M � y � 'y .a V '� � d � � 0 C' _ � oa�N � a° N ��'' N t0 � a' d m rnu A c � A. Qml a`� � N � c d � C a N 7 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 c 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 � �'- �.- �.- �.- '- �'- �'- �.- .- �.- �.- � �'- � �'- �'- �.- � � �'- � aa�a���a�aa����a�a�ca�a������Q������ O O O O O OD � O O O� p p p p� � O O O N(O O N OD O O O O(h O O O I� O� O fD O O O.-- O O O O M O O� tn O O O.-- O O� OD O O O O � O O O O � O N O� O O O N O O O O 1n O O 00 f� O O O O O O t0 O O O O O(h O O O O N O� � � v a�'o o rn v o� a vNi o � � otOo �`'� 'c �n � �n i: o r� N ^ N o .-�- ^ � •- N a ^ n � � O O O O O 00 � O O O 1n st O O W th O O O N f0 O V N OD O O O O M O O O 1� O Ol O t0 O O O � O O O O� M O O� N O O O � O O(O OD O O O O.- O O O O O1 O N O V O O O N O O O O tfj o O OD I� O C O O O O[G O O O O O P'1 C O C C N O� <7 t0 a c� �O N f� o � 7 � O Of �O 00 O � V f7 � � �`'� n <c � ui n o r� .- N N N o �� rn � v i. � � � 00000��000��oo��000Too��00000�000�o� o�o 0 0 0 0 0 0 o a r� o o u� u� o 0 0 0 0 0 0 0 0 o rn o c� O� O O O N O O O O�� O O 00 1� O O O O O O(O O O O O O(h O O O O �f1 O W M f� � O 0 � v ao o rn`� a vNi o r°'i � � ao `'� ^ � v� � o � � N N N 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 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 N N N�V 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 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 �.- � �'- �.- � �'- �.- �'- '- �'- � �'- � �'- � �.- �.- .- �.- '- .- .- �.- L� LL u" LL LL LL tL �� LL LL LL LL LL. LL LL lL LL LL LL LL lL lL LL LL lL L1. LL lL LL LL LL LL IL LL IL � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � tn fn fn !n tn � fA ln N t7 (n fn fn fn fn (n (n fn !n !n ln !n fn fn fn fn In (n � fQ tA tn fn !n fn fn � � 7 � � > > 7 7 7 > > > > � � .7 � > > > > > > > > > > 7 7 > > 7 � � � 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 � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � !Aa NQ NQ f=Q VQ (Qp �Q fQq Va fQ= !¢p (Q= fQd (=Q fQ= NQ yQ �Q UQ f=Q �¢(Q= NQ �Q NQ !Q= fpQ tQ= VQ fQn NQ !Qp fQn �Q�Q�Q W W LLl W W W W W ll1 W W W W W W W LLl W til W W W W W W W W W W W W W W W W lll. � � � � � � � � � � � � � � � d' � � d' � � � � � � a' � � � � � � � a' a' d' F- H F- F- H F H F- F- F F- F� H F- F- I- F- H 1- h- F F- h- F f- F- F H I- H F- F- F F- F- F CW7 CW7 � CW7 CW� � C�7 wU' CW7 CW7 �� CW7 �� Cw7 (W7 (w7 �(W7 C7 Cw7 CW� �� UW' � Cw7 UW' Cw7 �� CW7 Cw� � CW7 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 � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 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 � � � � � r; � � � � � r- � � � � � � H � � r- i-; � � r- � � � � � � � t- � r �"1 � N ('� a O N (7 p O a �p O O O O O O O O O O O O eO} O O O O O O O O O O O O O O O O O O O O � O O f0 W Of W � T C7 (") t7 M(") � O�p � ��� ��(O (O (O f0 GO 00 aD 07 00 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 O fh (7 (h l•7 (h M V7 O C7 0') l`') c�7 M O O O O O O O O O O O O O O O O O O O O O O O n O N N N N N M fh c'� C7 Ih l�7 fh (7 lh c7 M M (h (h fh M M M /h lh lh C�f c7 Oi � T� G7 W 07 O O O O O o O O O O O O 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 N N N N N N N N N cV � � � � � � � f' � � � F' F' � � �-' F � � �"' � � f' F' � � � F f' f' � � � � � � �� g N M O N[7 O N ('7 O N M O N N� O N M g O O 0 0 0 0 0 0 0 0 0� o 0 0 0 0 0 0 0� o 0 0 0 0 0 0 0 0 0 0 0 0 fD �� Of �� fy M fh l'�I ch � � < N �� � iA fD t0 t0 f0 a0 aD (O CO a0 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 C� fh M l'7 ch c7 N N N N N N l'�7 � M l'�7 � M M M M �+�j M M o�j m M M C�j M C�7 1��7 lh M M� � p� p� Of W� 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0ry ����� N t� tN cN N�� N N N�� N� N vNJ � Vi (� Vi vNi vNi (N VNi V7 N y tN ��(n �!i l} N N�� N� N N h� N N N N N!} � N� t} � f} N� N f} �% f} N f} � N N 0 o a ^ � � o a � �I a a O N N O m m � � v m m �o a �� 'C a �c � U� � � � M � A �+ v c� � �� �o � � f � C � Q � } H! � Z r d C W d E N C� � N � Q d �� � � � N > �,^ � � M a V+ � y V N � .Q V •� � m V o 0 �-' �� o � N� Dy y� Q a � to � a' � a md �� �_ A Q m mlN a m � > c al N 7 V O O O o O O O O O O O O O O O 0 0 0 0 � �� ¢ a a a� � 1'1 0 W .� i o 0 o v�i n I O O O � 1p N 1�0 � {O N 1q N N r' O O O i�f1 � 0 0 o v vi � � N t�pD N N N � 000� � 0 o c v pupi N i�pD N N N � � 0 0 0 0 N N N N O O O O 0 o i: 'o 0 � � LL lL lL LL M � � � � � � � � � N l� h (� N � 7 > > > � J J J J r a a a a rrr>- � � � � � � � � �a NQ �Q �Q LLI W W W � � � � I- H F- H y W W W W � Q Q Q Q d Z Z Z Z < > > > > c 0 0 0 0 A F, ¢¢Q ¢ � N « � � � F; � � � o 0 0 � � � g � � � � O n i. n r rn rn rn rn a o 0 0 0 � N N N N 0 � � � ���� Q o00 ���� � ���� p r� n n n rn o� rn rn J N N N N L } � } } � N � � � M N W � O N Nf � � N � A O N M � M N � A N W � 0 0 N t0 � M 01 d � > 2 0 � `3 0 <na� o Q � � � o a O LL� � � a a a 0 � � 0 m 0 � � d � �o a U� � � � � o= i� V O A i �' � �o N � a G � > � � � V i� Z � i � d � N a��N � � � N `° > O c � e� � a N � � � V '� � � c� � � � � � ��/� N O O V/ N�'. Q d a ro � ` � � a m w rnu �Oc m Qm NI N � c ar � N W > C a � � � � U : O O O � r 0 0 � � M m n m 0 � ci n 0 m 0 � � N O � 0 N 0 0 0 0 } U 2 W � Q � O t� m (A Ci W � U � U q � m N d a � o � v� � > � a N � N N � � � > N n O . � � to rn � 0 v � o� 0 a� eo m 0 � o� o�i m m 0 � o� � 0 0 vi � � n M 01 � C y d > � � � A r N N ci `� O � cna� o Q � � � o a � �I a° f a O N O � O m -m 0 � � � U > � � W N 10 M � 47 F •�+ �p � � � `o° e o � 0 a Y a1 O 7 m @ i � � � � 2 a� � N � ev � o � � y L Q � � d Z O �O � da, N •0 � � � � OoaN � = o- I � y �o a�—'� > � C N N > � � � � N M O O Q � � . a 0 0 � . o � $ o 0 � � � � � N M N � � � � � c � � r � � � � . N N � � v � � � N O � � � � � � . N N M ^ N � R � a ^ � � � � C N L � � � ) I ; g = o � O � O 0 � r � �� � M � M O � n N � � M o � � N Yi M � M M M N � � i � ri � M M M N M a� N M r- � 0 O � M N � 0 O n � O N `� C O �� � U d � � C �N V � Y �. C i �j C lC t U �i y1 � j <0 o V U a � o N � C f0 fC � Y C fC � N <0 Ny C (0 l9 � a vi a� � m > a� � cCv G m v � � O a a N Q �U > � a� � c m �� �, g N 0 cp N 7 — �--1 01 N � S ` N �� � m �, ,� � � wo EU � W � '� o O > °� H E � U a� ao ao 'a�, c> N O C � tD N ' aO � p j N W c�O.i v o � � y c � �` c � O M «. C � � m o � E o X M N N @ a ° � �N +�+ U O '� �, � � N N N N — C � f0 w t O t= � 3s m V w N y � A� � T � �a m O � d V y a 41 U U C � C I a`�i O � � � � 1�0 } N � � � W y� � a vi �IU Q W H� a a a � Q � ri O-- ^ � ad i > o � a � � a d �� i a N m � z 0 L a1°i � O Z N O N O M OpI T N O N o ^ O o 'O � O N � O �. � �' m O o a � � � d rn a d «� A � V� '� M � � ��I A � v� � � N a R � Y S m N 7 i � A f� g � � C C � C� � N � � �' o � d � N � 2 � = Q � � _ � M m`' Q � y � a � � Z � � y v� � o °. � d ia° �"' r° � O a a dd �� �� Q m �I � N � c d E « a m > C a � N � � � N I N th � O O O I O �I � I I I � �p N M O O � � � M � N IV P7 M N N � � a '�t . n A � � � N l�f N N n a � N N l'7 1"f OO N � M N N M v v a � � �: n" ^ v v v � N � 1+f , � � (`7 M N N v a f� A N N � � N N N N a a 0 0 � � � M Z N V O � LL N � Z o a w � F- W (n W � (� Z Z } � � z � w � W > � � � a a � a � o � U Q � o a a > > N fn � � 0 0 0 0 N .- � N N N N V � N v_ n �i N � � > a �v 9 H L N I � � � LL � i i � � a a � � = a � � o ^ o � � 0 ai c a a � a Y O N O � a N � � N a� m a U � �� s� mU � � O� N ! � � � R � � � 4 � i � O m m 7 � i d � A � } �'' i OC � � N O a�i V c��, � � � N 0 > � � � M a a� o� Z � ° � y o o Q a� � �' =a a� uo 7 a m d m c � > A Q m NI N � c a � N > C al y � t.1 O o 0 0 N O O O fD V N � � n � � N O O O fD � � � a a �n° o � a 00 n rn N Q c^o. v N N O O N N O O aa 0 0 ol0 i� z Y �-. U t4 W � 2 � U F- d H F v Q Q (CO A 2 Z m � N � O O q x x > ¢ � � O O N N N N V Z � � U N N w , J N � � 0 l�f �+f f•f M b r M � P'> N � � oi M M v� � m ao N V N n M ¢n.� x ¢ n O N �o � � a O LL d a f a O O N O � O m � G �