OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-03-31-accounts

Carerso in bedFordshire Ii'ii ANNUAL REVIEW 2023/24

Carers• FAJ

2

CONTENTS

----- Start of picture text -----
||| |---|---| |Welcome|3| |About Us|4| |How We Support|5| |Our Year in Numbers|6| |Strategic Priorities|7| |How We Reached More Carers|8| |Grants|9| |How We Invested in High Quality Support|11| |How We Have Been Transparent, Efficient & Effective|12| |Financial Overview|13| |How We Worked in Partnership|16| |The Difference We’ve Made|17| |Our Partners|18| |How We Advocated With Carers|20| |Looking Ahead|24|

----- End of picture text -----

3

WELCOME

I hope this report offers an insightful look into the remarkable work our staff and volunteers have achieved, supporting over 12,000 Carers across Bedfordshire including Young Carers in Bedford Borough. Within these pages, you’ll see how we’ve worked against our strategic objectives and balanced innovative solutions, such as our Online Support Tools, with the essential telephone, face-to-face and outreach services that so many Carers rely on.

Sadly, we have continued to see many Carers under increasing pressure, dealing with deteriorating health and financial difficulties which has been a central cause in the rise of demand on our services. These challenges are not unique to us and reflect a wider system of support that is under strain and is why we spend a significant amount of time collaborating with other organisations to help strengthen and evolve the broader support network that Carers interact with.

This year, we reached a significant milestone —Carers in Bedfordshire’s 20th anniversary. This remarkable achievement is a testament to the dedication and determination of the staff, volunteers, trustees, and partners who have supported the charity’s mission over the years. This occasion serves as a reminder of the privilege and responsibility that we have to continue the vital work that Yvonne began years ago, to see that every Carer feels recognised, respected, and supported. I extend my heartfelt thanks to our dedicated staff, volunteers, and trustees who have worked tirelessly over the past 12 months. I also want to offer special thanks to our funders, including Bedford Borough Council, Central Bedfordshire Council, and the Integrated Care Board, whose financial and strategic support has been and remains critical to our work.

CHRIS STELLING

Chief Executive Officer

Carers in Bedfordshire has come a long way and achieved a lot in its 20 years. We’re supporting more Carers than ever before, 12,000 and counting, and adapting our ways of working to enable us to increase that number even more. We have a strong board of trustees, bringing together people from many walks of life and with a variety of experiences who are committed to the cause. More importantly, we have a forward-thinking team continually looking to improve.

I’d like to highlight the contribution made by the Carers Panel, first set up in 2022. This group of 12 or so Carers has worked alongside the Board, adding the kind of extra insight that you can only get from people who really know what it’s like and bringing a fresh sense of urgency to Board discussions about our future direction. I especially hope that this Panel will be a crucial means of ensuring that the voice of Carers is loud and clear in our work to

influence the wider system that Chris mentions in his opening.

On behalf of the Board, I’d like to thank the whole team of staff and volunteers for the skill and dedication that they bring to their roles. This year, I want to offer my special thanks to two members of the Board who are standing down after nine and ten years of service. They are Emma Wilkinson and Graham Mills, who have been with Carers in Bedfordshire through pretty much half of its life and offered so much to help the organisation reach its current level of success. We wish them all the very best in whatever comes next and hope that we can continue to benefit from their contributions in the years to come in different roles.

PHIL TAVERNER

Chairperson

4

ABOUT US

OUR VISION

Carers will feel recognised, respected and supported in their role.

OUR MISSION

To give Carers access to the support, information and skills that enhances their wellbeing and enables them to remain in a caring role for as long as they choose.

WHO WE SUPPORT

Age of carers

----- Start of picture text -----
5000
4000
3000
2000
1000
0
4-18 19-25 26-45 46-65 66-80 81+
----- End of picture text -----

Gender of carers

----- Start of picture text -----
Male Female
27.8% 71%
----- End of picture text -----

Carer Types supported

----- Start of picture text -----
Young Carer
7.2%
Adult Carer
Mental Health Carer 32.5%
4.4%
Demen�a Carer
13.4%
Former Carer
8.9% Parent Carer
23.9%
----- End of picture text -----

W e s u p p o r t m o r e t h a n 1 2 , 3 9 0

C a r e r s a c r o s s B e d f o r d B o r o u g h a n d C e n t r a l

B e d f o r d s h i r e t h a t ’ s a 2 0 % i n c r e a s e f r o m l a s t y e a r

5

HOW WE SUPPORT

We're a local charity which has supported unpaid family Carers of all ages since 2004. They might be an older person looking after a spouse with dementia, a young person caring for a disabled sibling, a parent supporting a child with additional needs, or an adult looking after a partner with a mental health condition or addiction.

Our compassionate and knowledgeable Support Workers give a listening ear and practical advice. They help Carers navigate the health and social care system, or reassure someone dealing with a difficult situation at home.

We are regulated by the Charity Commission and comply with Company Law. We’re a Network Partner of Carers Trust, and also work closely with Carers UK, the UK’s two national carer charities.

We have a busy program of peer support groups and activities to bring Carers together. We run regular social groups, one-off activities and wellbeing events.

We help Carers have their say on caring matters in Bedfordshire, and beyond, working with the NHS, local councils, and influencing government, local and national.

Our services include wellbeing sessions, coping with hospital admissions, grants, benefits advice, and information such as the Carers magazine and podcast.

We are well connected locally with many health and social care organisations and have strong links with businesses, schools and employers.

Our Memory Navigation Service is for people living with memory loss and dementia, and their carers.

We work closely with local and national agencies and can signpost carers to specialised sources of support.

We only do what makes life better for Carers – Carers are at the heart of our values.

6

OUR YEAR IN NUMBERS

We have 41 members of staff (19 full-time, 22 part-time) and 65 volunteers working across Bedfordshire to give carers access to support, information and skills which enhance their wellbeing and enables them to remain in a caring role for as long as they choose.

130,000 interactions with Carers

an increase of 96% from last year

2,741 one to one in person interactions an increase of 215% from last year

178,724 unique website page views

an increase of 34% from last year

£229,830 carers grants awarded

increase of 6% from last year

51,000 interactions through digital increase of 15% from last year

4,699 hours donated by volunteers

an decrease of 6% from last year

7

STRATEGIC PRIORITIES

As a charity supporting so many people with a diverse range of needs the Board of Trustees set strategic priorities to guide the charity in what it chooses to do and for whom. Otherwise the charity can be pulled in a number of different directions and end up working towards goals that are not rooted in its core vision and mission. In 2020 the Board published its strategic plan for the coming years; within that plan it committed to five key objectives.

OUR FIVE KEY OBJECTIVES:

Reach more Carers

Be transparent, efficient and effective

Work in Partnership

Invest in high Advocate with quality support Carers

8

HOW WE REACHED MORE CARERS

Reaching Communities Programme

Our Reaching Communities project, funded by the National Lottery, has allowed us to target support for Young Adult Carers (YACs), Male Carers, and areas of Bedfordshire where carer engagement is disproportionately low.

Young Adult Carers

Male Carers

Male Carers remain an underserved group in the carer community, and we have made headway in addressing this. Over the past year, we’ve seen a rise in male registrations, spurred by content-driven marketing campaigns that speak directly to men’s experiences. Our family events have also created spaces for male carers to connect and share their experiences.

hyper-localised digital campaigns, we’ve been able to raise awareness and direct more carers to our services. Physical media drops and partnership events have further extended our reach.

Podcast - Who Really Cares?

We launched our new podcast “Who Really Cares?”. We chat to Carers and those that support them.

Our host always asks 3 questions in the chat, these are:

These chats give Carers a voice and also allow them to share information, resources and they also provide comfort for other carers who are struggling or feeling isolated.

So far we have heard from a Parent Carer, Young Adult Carer, Dementia Carer and some of our staff, including our Benefits Advisor and one of Young Carer Support workers. Episodes are released monthly.

Reaching Underrepresented Areas

We have identified and targeted underrepresented areas of Bedfordshire, focusing on geographic pockets where Carers have traditionally been less visible. By working closely with local partners, such as GP Surgeries, and running

GRANTS

9

Carers applied for grants for:

Number of applications 1000

Number of Awards

772

Amount Awarded £232,160.87

Thanks go to all of our generous grant funders for helping us achieve our goals Here are a selection:

10

I think Carers in Bedfordshire have saved my life, I feel so supported and I know that you are in the background now, if ever I need anyone, you have been truly amazing thank you for everything.

I feel very lucky to be a part of this group and the team are always attentive and go to great lengths to provide support and fun for everyone all year round.

Thank-you once again, You have been my rock

I have had tremendous support from Carers in Bedfordshire. When all other services failed to listen, Carers in Bedfordshire didn't. I have never felt judged.

Carers in beds is a great organisation.

Thank you for all your help advice and support during my caring (and afterwards) for my mum and stepfather.

11

HOW WE INVESTED IN HIGH QUALITY SUPPORT

We invested in high quality support by securing a number of new and existing roles integral to supporting Carers. In addition to staff training to ensure our workforce is delivering the best support possible for carers.

Online Support Hub

This year, we launched our Online Support Hub , a vital resource for Carers to access tailored assistance and information. The hub provides comprehensive support, including guidance on managing caregiving responsibilities, accessing financial and emotional support, maintaining physical health, and navigating legal matters. It also offers opportunities for Carers to connect through online groups, book support calls, and access downloadable resources. This initiative has significantly enhanced our ability to support carers remotely, ensuring they have the tools and resources they need, whenever they need them

Emma - our new chatbot

Over the last 6 months we have built Emma, a Memory Navigation Service Chatbot powered by Artificial Intelligence. Using a large language learner model, Emma has been built using closed resources so that it gives appropriate, localised and relevant answers to questions. Throughout one quarter Emma has received 78 requests for information, including questions asked in Spanish and French.

Book A Call

We have introduced a ‘book a call’ system both internally and externally. This allows Carers to book a call at a time that suits them and our staff to book carers in to see a specialist within the team.

Need to talk to someone?

Why not

Book a Call?

12

HOW WE HAVE BEEN TRANSPARENT, EFFICIENT, AND EFFECTIVE

We continued to look at how we can improve services and the way we do things to ensure the charity was running as efficiently and effectively as possible.

Young Carers Bookshelf

We introduced The Young Carers Bookshelf this year, a curated collection of resources for young carers, featuring books, videos, and websites that address their unique challenges. It offers stories of other Young Carers, practical advice on managing emotions and responsibilities, and tools for coping with the pressures young carers face.

Welcome Emails

We introduced a three-part welcome email for newly registered Carers. They are designed to gently introduce services and support over a period of weeks. These emails are tailored to the Carer type, ensuring that materials are specific to their situation. This is in response to a routine friction audit carried out to identify changes in needs and areas for improvement.

GP Referrals

This year, we collaborated with the NHS to integrate our referral form directly into the GP system. This advancement allows GPs to refer Carers to our services through an automatically populated form, streamlining the process and reducing the need for traditional signposting. This integration ensures that w Carers can be quickly and efficiently connected with the support they need.

Awards

This year CiB achieved the remarkable feat of winning two prestigious national awards. As a regional charity, it’s an outstanding accomplishment to be recognised on a national level, showcasing the impact we’ve had in transforming services for carers.

We won the Transforming with Digital award at the Charity Governance Awards, honouring our innovative use of digital solutions to support Carers. By improving our online services and increasing accessibility, we’ve made it easier for Carers to find the help they need when they need it.

Additionally, we won an award for Breakthrough of the Year at the Third Sector Awards recognising the strides we’ve made in service delivery and innovation.

Winning two national awards is not only a testament to our hardworking team but also reflects our commitment to driving positive change and continuous improvement in the sector as a whole.

13

FINANCIAL OVERVIEW

Income

Our statutory income increased by approximately £90,000 due to us deferring some income in previous years to be able to utilise in this financial year - we also saw our grants and trusts income increase by £132,000 in the year, which allowed us to continue to meet demand on services and to develop our infrastructure.

We have seen a significant increase in our donation income this year, which is largely due to a legacy donation that we received during the year. Our service income increased by 28% during the year.

Our overall total income increased by 19.8% in the year.

Donations, service charges and misc income 4.92%

----- Start of picture text -----
Statutory bodies
55.45%
----- End of picture text -----

Grants and Trust Foundations 39.63%

14

Expenditure

Expenditure increased by 23.21% excluding NHS Carers Grants (17.39% including NHS Carers Grants) compared to the previous year. This was largely due to:

Continued investment into digital infrastructure, such as our website and database.

We were delighted to end the financial year with a surplus of £53,626. This includes the funds we hold for the NHS carers grants

----- Start of picture text -----
Fundraising
1.12%
Carers grants
14.27%
Dementia services
6.93%
Carer services
77.68%
----- End of picture text -----

Funds in Reserves

At the end of the 2023-24 financial year the total reserves of the charity stood at £483,946 . These are funds that we hold to provide resilience for the charity against any unforeseen circumstances.

Our policy is to hold a minimum of 4 month’s salary costs of all staff on all projects and four month’s central organisational costs, and a maximum of 150% of this amount in unrestricted reserves.

The total funds that we hold in reserves are in three categories for future activity:

Restricted 1.77%

The funder restricts the activities

Unrestricted 43.45%

Funds that are held to manage uncertainty, unforeseen financial variations and short-term changes in circumstances.

or projects that the funds can be used for

Designated 54.78%

We allocate the funds to activities or projects necessary to achieve certain outcomes or objectives

15

I am truly grateful for all your support and it is a relief to know there is support there for people in caring roles like me.

This is great, and thanks again for a very useful workshop on Tuesday evening.

You guys have been amazing. I wish I had known about you along time ago. Your support truly made a difference to me. Knowing there was someone there who would listen, when I needed to vent my frustration.

16

HOW WE WORKED IN PARTNERSHIP

We worked with many partners to deliver sessions and groups, as well as team up on special projects to support carers.

Bedfordshire Schools Network

We launched the Bedfordshire schools’ network which will enable a coordinated approach to share best practice and support channels for Young Carers. In March, the network will be publicising Young Carers Awareness Day.

I found the course enormously helpful during a terribly stressful time of my life. I feel the course prepared me well for what was to come.

Family Zone

We piloted a project in collaboration with Kids in Action called Family Zone. This ran from September 2023 to March 2024, and supported 35 unique carers whose children were excluded or not attending education. These Carers were usually not able to access in-person support and so this innovative model provided a unique opportunity to do so.

Mental Health Alliance

We continued to sit on the steering group for the Bedfordshire Mental Health Alliance, working to improve support to those affected by their mental health.

The Mobility Physio

Move and Talk – Working in partnership with the Mobility Physio to provide a 4-week course designed to help those with dementia and their Carers increase their mobility, reduce the risk of falls and give strategies to help if someone does fall. Increasing confidence and ability. This course was held in Meppershall Village Hall.

Employment Service

We were one of two pilot sites across the country selected to pilot an employment service for carers funded by Carers Trust. This service helped carers re-enter employment either alongside their caring role or once it had come to an end.

Caring for Someone with Life

Limiting Condition

6 week programme – started November 3rd – 8 attendees. Partnership between Sue Ryder St Johns Hospice, CiB and Macmillan psychotherapy.

THE DIFFERENCE WE’VE MADE

17

Adult Carers

Our dedicated frontline support team has worked with over 3,000 adult Carers,

helping them access the support they need to continue their vital roles. Thanks to our team’s interventions:

Thank you for your call this morning and for reaching out when I needed this support. This is my first time to feel heard and listened to. I appreciate your swift response and for the support information that has been emailed to me.

Young Carers

Our small Young Carer team work across Bedford Borough supporting over 650 Young Carers. Thanks to their varied

work:

We are grateful for all the experiences that our children get to be a part of with young carers. They loved the cinema trip – it was their first time ever going to the cinema, and they came home delighted, and they also love attending the soft play sessions too. Thank you.

It was nice to come out for the new year meal and socialise with other carers my age – especially during half term from college when my friends might be busy.

18

OUR PARTNERS

Here are some of the partners we've been working collaboratively with over the last year to provide a high quality service to carers

We are grateful to the Integrated Care Board (NHS), Central Bedfordshire Council and Bedford Borough Council who have supported Carers in Bedfordshire both financially and with key projects. Whilst Carers in Bedfordshire is an independent charity we would not be able to have the impact we have without their support.

We are also grateful to these organisations who have worked with us to support carers:

19

I am visiting the website often to keep up to date with what is going on and news, thank you for the bulletin too I find it really helpful

You know you’re the only person in the world who reaches out to check on me. I really appreciate that

The lady who did the brilliant DLA workshop has made our life so much easier, we put off doing that form for so long and now we have filled it in and sent it off, so thank you so much

20

HOW WE ADVOCATED WITH CARERS

Carers Survey 2023

The 2023 Carers Survey was conducted to understand the experiences of unpaid Carers in Bedfordshire, focusing on the impact of their caring roles on financial, mental, and physical well-being. The aim was to gather insights that would inform and improve local service offerings, ensuring they better meet the needs of carers. The findings will be used to advocate for increased support and to help tailor services more effectively, addressing the specific challenges Carers face in the community.

The survey was sent to a total of 3,287 carers, including 2,600 via email and 687 by post. Out of those, 657 carers responded to the survey.

The main findings of the 2023 Carers Survey include:

  1. Financial Decline: Nearly half (49%) of Carers reported a worsening financial situation over the past year, which has negatively impacted their mental health and ability to provide care.

  2. Ongoing Challenges: The lingering impacts of COVID-19 continue to affect carers, particularly in accessing timely healthcare services.

What have we done with this information?

Adapt services to meet need:

2. Health Deterioration : Over 50% of

HOW WE ADVOCATED WITH CARERS

21

We continued to listen to carers, hearing about their lives and their concerns. We are grateful to the carers who are willing to share their stories and give their time to help us and other carers.

Young Carers Voice

During Young Carers Action Day the Young Carers Alliance launched the “Young Carers Covenant” alongside “The No Wrong Doors” for young carers MOU. Carers in Bedfordshire are founder members of the alliance and regularly attend webinars and share information with the school's network and families.

Central Beds Carers Strategy

This year, we continued to serve on Central Bedfordshire Council’s (CBC) Carers Strategy board, allowing us to advocate for unpaid carers in our community. The strategy, available on the CBC website, focuses on improving access to information, advice, financial and emotional support, and enhancing respite care. We use insights from our support team and the Carers Survey to highlight the challenges Carers face, especially in taking breaks. Our shared goal is to improve the quality of life for carers in Central Bedfordshire. We look forward to continuing this work. Visit the CBC Carers Strategy for more information.

Carers Panel

The Carers Panel is the formal way trustees hear the real-world challenges facing carers. The 15 members, broadly representative of the carers cohort, met four times this year.

The Panel strongly endorsed Carers in Bedfordshire taking on a more active campaigning and influencing role, and supporting Carers to amplify their own voice. This is in light of the vast swathes of research and reports on the state of caring, not least our own Carers Survey. Other issues discussed this year include technology for caring and gaps in the carers journey.

To find out more about the Panel and to meet some of the members, visit our website and search “Carers Panel”.

Voluntary Organisations for Children, young people & families (VOCypf)

We sit on the VOCypf Executive Committee. VOCypf exists to champion the voluntary and community sector working with children, young people and families in Bedford Borough and Central Bedfordshire.

22

HOW WE ADVOCATED WITH CARERS

HOW WE MAKE DECISIONS

Carers are a diverse group of people. To help ensure we make the best decisions we have an equally diverse range of feedback loops

----- Start of picture text -----
Carer Feedback
Carer
aA
Carers Panel Staff

Nae efe
Yow
Board of Trustees
----- End of picture text -----

23

Lovely people on the coach, we had a fantastic day!! Thank you CIB x

Just wanted to say thank you for awarding me this grant. It made my day that I can now afford to attend the gym which with help my physical and mental health

You have been so kind and supportive, and I really value the friendship and understanding you show. Thank you very much for everything you did and are doing.

24

LOOKING AHEAD TC

Next year, we will continue to build on the charity’s learning through our evolved strategy, Moving Forward for Change, which will guide our efforts for the coming years. This strategy represents a pivotal shift in our approach, addressing the key challenges identified by Carers that are both within and beyond our direct control. These have been shaped into three key differences we are seeking to make:

Every Carer is Identified at the First Opportunity

Carers often go unrecognised for extended periods, with the majority of Carers not identifying as Carers for over a year, and one-third taking more than three years. This delay deprives them of critical early support, making them more vulnerable to stress and burnout. In the coming years, we aim to work closely with healthcare professionals, social services, and voluntary organisations to ensure that Carers are identified at the first possible opportunity.

Our strategy will focus on training frontline professionals to recognise Carers early and creating streamlined referral processes to enable carers to access vital resources from the start of their journey.

Every Carer Can Access the Services They Need When They Need Them

With a 100% increase in demand for our services over the past four years, access to support remains one of the most critical challenges. Carers need timely access to services such as respite care, financial advice, and emotional support, all of which have been increasingly difficult to secure due to capacity constraints across the system.

Next year, we are committed to expanding our capacity by fostering partnerships with other charities, healthcare providers, and local authorities. Our goal is to create a more coordinated care network where services are easily navigable, and support is available when it is most needed. Carers will also benefit from digital innovations that streamline their access to information and resources, allowing them to get the help they need faster. By addressing service bottlenecks and leveraging technology, we will work to improve the overall Carer experience.

Through collaboration and awareness campaigns, we will continue to share the importance of self-identification as a Carer with the public.

25

LOOKING AHEAD

Carers are Heard and Help Shape a System that Works Better for Them

Feedback from Carers has shown us that while they are frequently asked for their input, they often feel that their voices do not lead to tangible changes in the services they receive. Many Carers express frustration at the lack of visible results from their feedback, leading to a sense of disconnection from the systems meant to support them.

Next year we will prioritise the amplification of Carers’ voices through more structured and accessible feedback mechanisms. Our Carers Panel will play a vital role in ensuring that their lived experiences influence decision-making at both the organisational and system levels. Additionally, we will work to ensure that Carers' feedback is incorporated into the design and delivery of services, making them more relevant and effective.

By actively involving Carers in shaping the system, we aim to build trust and ensure that the services provided are better aligned with their needs. This also includes advocating for policy changes at the local and national levels to address systemic issues that directly impact Carers, such as workforce shortages in social care and gaps in respite provision.

Long serving volunteer Terry collecting one of our cash tins.

Rising Demand

Rising Demand
2019/20 2020/21 2021/22 2022/23 2023/24
No. of Carers
Registered
6500 8000 9,500 11,500 12,390
Income £1,216,402 £1,279,993 £1,370,372 £1,369,899 £1,415,457
Available expenditure
per carer
£187.14 £160.00 £144.25 £119.12 £114.24

NOTES

trZOZ H311VVII ￿TE a3aN3 ¥V3A 3HI ¥Oa SIN3W31VIS IVI)NVN14 a311anv aJiuspJoJpaq ui osiajej LOSSÉTT :113gwnN AII¥VH) a3¥31S193 {saieM pue PUEI8u3) ZEM)l¥TLO :113gwnN ANVdYYO3 03¥31S193¥ oz H3ItVN JsI£ Ilo SAUI tHS(IItOdaS& NI

tvzoI/Ezoi u! a)uewJoJJad pue JuawaAaiyJe Jo knewwns e JOJ Ma!Aa¥ ienuuy aas Éz ZZ*T ET ZT TT OT-8 Sall!A!l?v iei)ueu14 JO IUaWèIEJS Palleiaa uawaJEis ie!JUEUlJ aui oi SaiON SMO14 4se) JO IUaLUalEJS iaaus a)ueiE8 SalJlA!PV IE!)UEU!4 10 iuawaiejs 5JoJ!pny iuapuadapui ayi 10 yoda¥ sa!1!IiqisuodsaJ saaisnji ayi10 Juawaieis silejap ah!iEJJSlU!wpe pue a)uaJa4a¥ Juawaspupw pue a)UPUJaAO9 'aJnJ?nJis ased trZOZ H)¥VWI JsT£ a3aN3 IJV3A 3HI ¥04 SINIW31VIS IVIJNVNIJ IHI ao ￿NI￿N0? IOZ H)UVN IIO lJOd

'bZOZ Y)JPW T£ Ip aJiuspJoJpa8 ui sJaJrJ Aq slseq yed Jo Iinj p uo ￿A0￿￿8 Sien￿.A1PuI Ttr wam ajtyj pup saaAoidwè Juaiemnba èw!1 IinJ ££ Jo a6eJaAP UP SEM JeaA ayi JOJ IèAal 6uu1￿ ayl 'sa)IpEJd 6uNJoM P)06 pup sii!IS Jla41 doiaAaP Aaui 6uiJnsu '.weaJJj￿S alu Jo 6uiu!eJi pup uols!AJ￿nS 'waLua6puew ieuo!JeJ￿o AEP￿-AeP JOJ aiqisuodsaj aJ?'WW IIELUS P JO ¥JOM auj 6u13￿?￿o pue 03) ayj OJ 6u.wodaJ 'wyJ Jo wpai diusJapEai Joiuas v 'AJaA!laP w)!Mas pu? luau￿Oldwa 'aJueuiJ 6u!pni)Ul SJVLU Ipuo.oeJ*Jo JOJ 'pJeog a4J Aq PaAoJdde uo!Jp6aiap Jo SUJJ4 4llM 'AJuouJne pèJp6aiap spu 03) auj 'suo!wado aAtpaJJa aw.i!)pJ 01 '14ypu) ayi Jo suoliejado Aep-oJ-Aep aui a6euew OJ pue A6awJs paaJ6p ayJ iuèwèidw! OJ PJEOS a4J Aq pajuiodde s (03)) j￿JJO a￿1rD3x3 Jaiu3 è4 '6u!uupid uoissay)ns pue 6u!u!P4 '1uaLwnJ)aJ pjeog 4]IM sieap a431WLUO) suo!Jeu!LUON 'JeaA ie!)upuy slyi 6uunp saw Jaw seu dnoJ5 slyi 'sii!Is ssaulsnq pue1￿)UeUU Jo xlw èJeudoJdde up Lnlm SJOp￿la Jo pjeog ulew aw Aq pajuioddp sJop3J!o tr uey) ssai Jou 40 sJs!suo) aajj1ww￿ a3upui4 au 'saaJJiwwo>qns ow sey wpo8 a .Aw.Jeu) ayi JO IJOM aln 01 1UPAal￿ spunoJ6¥Jeq Jo ApueA e wojj sJopaJ!a aajsrui TT P3S!Jdw(rJ pjpog aul 'trzoz ujjew TE Jv 's6uuaaw A6aJe4S OMJ Je fxJ!pnpu! 'JpaA 6uiJnp suoise)Jo 9 uo Jaw pjeog a4L 'dn ps uaaq spy J! y￿￿m JW sgwo)Jno aLH 6uuaAllaP pue Jauuew Ipuo!ssaJoJd e u! 6u!JeJado 'waAlOS S! J! Ipyl fyjynsua 'uo!JES!UE6Jo a4J Jo A)1￿￿1 pu? uoipaJ!p )164eJJs a41 JOJ qqisuodsaj s! pup Aijayenb SPaLU U)14M pjeog p Aq pauJaAo6 s! (g!)) aJiuspJoJpag ui sJaJrJ IEuoAes!ue6Jo 'aioJ Jiayl u! LUaLR yoddns 01 SWaAa 6uiuieJJ iewajxa ￿￿JdOJddp PU4JE ￿ pa6wno)ua aje sJoj￿1a s¥¢xlèJ a)ueLujo￿3d Ipuooejado • siuno))v we yoda¥ Ipnuuy Jua)aJ ￿0w ayl • uoiip!Ji)ssy Jo saiJ!yv ayi • pnpuoj Jo ap￿ aè]srui p pup sJoJJaJ!a Jo su0!￿611q0 • oqe uonewJoJu! Uay.JM sapnpu! yJ14M '¥)ed uolljnpui up ￿lm paiiddns ￿e pue SU￿￿611q0 j!?￿ uo waui Jaljq oj èwweJEoJd uo.pnpui ue c6Japun sjopajia Mau liv '¥Jau) sga pa)ueuuè ue OJ palqns ajp pue sa)uaJèJaJ knoppJs.oEs ow awAoJd ol paJinbaJ èJE SJOPaJ!a Mau IIV SJO￿￿!0 Mau Jo 6u!uie4 pue uoipnpuI 'JeaA èyi fyjunp PJeMIAy JaweaH pue UOUO)M Aups 'JpaA ayi jnou6noJ￿ J?JnsvèJi se pape spy g1!w weupJ9 pue 'J!eyJ sp pape sw JauJaAei ilud 'uoU￿l?￿j pue JuawaJ!JaJ JpaA-£ a4J Jo 6uiw!J auj 6unein)ie3 uaum 9TOZ JaqwaAON sz ajojaq Jopajlp ¥snJi aui Aq pamas èw!J Aue Jo Ua1￿ aq Jou Iieys wnoJ)p 'sJopaJ!a aajsnji Jo uo!pq>èJ pup u￿￿U61s3j JOJ w4sAs Mau S14101 uoiisueJJ aui a6eupw OJ Japjo UI 'suJJèJ ￿ljaI3 aajuj ueyj ajow aAJas wu Aew Aau 'èJ!pJ Jsnw Jopajla a¥nJL p u00￿la Jsw Jiaui Ja)Je 6u!iaaw ieJèua6 ienuue pj1￿ aul ie j￿ie?J3¥L 'UO.IPala JOJ SaAiaswaui JaJJo sjopajip p4u!oddp '(w9v) 6u1￿￿ Ipjauag IEnuuy 6u￿OI￿j auj pue A)UWJeA P IIU ￿ PJEOg aul Aq paW!￿JdE Iieolu! pjeog a41 Jo sjaqwaw 'suosJad uèèynoj ue ow ou pue Jnoj up4] Jamaj WU JO gStsUO) WPO8 ayj 'uoupwssy Jo saiiyy èLU JO sJuauBJ!nbaJ a41 Japun 'weoa aui se AiaAQ)allO) UMOW aje 'trzoz y)Jew Lp£T Jp se pès!AaA 'SalJye sluedwo) yj Japun pue Mei Mueu) Jo sasothnd Joj saajsnji A]ye￿ osie èjp OUM 'Auedwo) aui 10 sJopaJia sJopaJ!a Jo iu8wiuiodde pup wawi!rLDa¥ 'trzoz y?Jew w£T uo sjaqwaw auj Aq paldopp pup pajppdn aJ3M u￿￿130sSY Jo sapiyy au 'uoiss!wwo3 AJ!Je VIM lJuey) e se waJsi6èJ s! JI '9￿1 pv saiuedwo) aLB Aq pauyap se oupjens Aq p4!wii IAuEdwo) Jiwii e saWJiJsU￿ pup ,uo.4pi￿SY Jo sai)iyy aui 'iuawn30p 6UluJ￿0O ￿. Aq pèiioJju￿ si th1je￿ a￿L iuèwrbw 6u!w?AO IN3N3gVNVW aNV 3)NV￿13A09 '3¥nDn¥ trZOZ JsT£ xo IHsa1ioHa￿ll

'UOISIAoJd Jo SPJPMIT4 uoonqi4uo) e Joj p4se aje sjaje) 'wiMas awos Jo4 'sJèJwJ lip a6Jew Jo a3JJ FQJèJJO UW aAey sèJ!AJas s,Aii.JEy) Jo Jsow '900z pv saiiiJEU3 alll Jo tr uou)aS U! P3UlJaP SP Aw.ox s,A3UPy) èyj Jo ¥Jauaq )!Iqnd aui 4eJJsuowèp OJ JuawaJ!nbaJ pJe6aJ spu sjopwia Jo pjeoa iyau?q )Iiqnd 'gSU IP13ueuy 6uipni)u! sjaupw IEI)upu Ji uo pjeog è41 OJ yc4Jdns Pal!V4èP 6u!p!AoJd aèmwLU￿ a)UEU14 ayi y¥.M 'S¥SlJ iepuwy-uou 6u13￿3A0 JOJ AJi1￿lSu0dsaj JJaJ!p spy pJEos aLU '6uiJaaw pJeo8 uJea i? ilepp u! passn)s!P SPM JaJS16èJ ¥s!J ayi 'JauMO ¥siJ pue uo.up6￿.LU ']3edw! 'Aw.i!qpqoJd ¥&J se u)ns uo!JewJoJu! sapni)u! '¥siJ y)ea JOJ 'pup uo.ryesiue6Jo aLll Aq wJ.ryuapi s¥su )16èJ?4s W￿￿.u61s IIE Joj AJo¥.sodaJ IpjJu￿ e SE spe II 'lJein6aJ ￿M3!￿aj 51 U)!UM Ja￿l63j Isu p su!eJuipw weoa aui I￿U￿6￿Ue￿ Is ' Juawu0J￿ua aui uo )Jedw! SJ! 6u!siwiuiw Joj qqisuod S! PUP SUPaLU qqPU1￿snS U6n0J￿ spe AJupyJ a4J JPYJ ajnsua oj Aw.Iiq!suodsaJ s¥. Jo ajeme s! pjpos a 'sas!waJd aui OJ sJoJ!S!A pue sJèèJunioA 'JJeJs Jo a3oxJd 6uipJpn6aJes pue Apjes pue 411Pail Lnlm ￿uel1dWQ> ajnsuè ￿ axid u! ajp saJnpa￿Jd .6u!JpJ Jo a)u•JaJxè ieLwad aAey11!￿ Jo pe4 aAey pJpo8 ayJ Jo % os ￿PaI Jp 'JpaA èyi fJJiJno 'sanss! .￿aj¥U Jo 6uipueJsJapun yJdap-ui ue pup iuawa6pupLU saijiiixj '6uiu!pJJ 'uourxtpa auaLUSSaSSP ¥siJ 'iuèwa6eupw palojd 'a)ueuu ,￿JnOsaj uewny 'swaWs ?uawa6euew J6aJwJs ui èJuauadxa aAe4 sjopajia 'J4ueuJ Jo aJueuJaAo6 Isnqoj w41 èjnssp sJopaJ!a è41 Jo èswadxa pup a)uaiJadxa 'sii!¥s au ueuJaAOg 'aseaJ)u! 01 sanuOu￿ sjajv) paJaJs16aJ Jo J4wnu 6u!Ayapun 'sJaJe3 paJaJs16èJ 66E'ET pup ￿aqWaN aii kneJouoH Z '&laqUJaW TT ajam ajayi trzoz y)Jew T£ IP SV 'sajMas S￿UP4) Jo Jsow ￿ sswe aAEU111M 813 LI¥M paJaJsI.6èJ JaJrJ .d!USJaqLUaLU oj sJauJpq aAowaJ oj Japjo u! pjeog ayi Aq ojaz se ias SPM S￿ di4SJa]WèW JO laAal agj 'uaiets)ssy Jo sai)Iyy UJIM aJUPPJo￿￿ Ul bzoz Li)Jew TE f￿!pua JpaA aw 6uiJna 'knoJd Aq Jo uosjad u! aJOA AEW pue 14yeu3 aui 10 6u!p3w IpJaua6 Ipnuue ayj puaup ￿ pannua ajp sJaqwaN '￿5 s! uoud!J)sqns diysjaqwaw ou iuasajd Iv 'sJaqwèw JOJ suo!W!JJsqns JOJ S4EJ 6uyaJJ!p xy AEW PJEO8 'awii OJ aLUll WOJJ SaP!￿p pjeog Ipui {Aue y.) su￿￿u)sqnS aul Aed Isnw sJaqwèN liv 'Jas J! sa6Jpw uo4diJ)sqns WOJJ Jdwaxa ajp Jnq sJaqLuaw aje sJ4waN ajn AJpJouoH dn 6uipu!M Jo ￿U￿1Xa pue sa6Jpy) 'sJso) aui Jo iuauJAEd • pue :JaqLUaW P 4 oj as￿ Aa4J ￿0jaq papeJJuoJ AW.Je￿ aui Jo saiiiiqeii pup sJqèp a41 Jo iuawAEd Joj A¥.JeyJ aui Jo spsse ayi ffj T3 6uipaa)xa iou wns e aJnqiJJuoJ111M Aaui 'JaqLuaw p aq OJ asea) A3￿ JeaA auo ulu1￿ Jo 'JaquJaw p ajp Aa41 ai!UM dn punom S! aul I 'ieLn weyapun AJueyJ aui Jo Jw4WèN y?P3 diysjaqw? 'aJ!iiswoJp4 ui sa16•eJJs IUPAqaJ Jamiap ol sdiusJau¥pd Ipx)i Aa¥ uo ￿lUaSajdaJ aje JJ¥ pue Ja3yJo aA!In)èx3 Jaly) aYL 'd!ysJaqwaw ￿ wojj ¥)pqpèèJ 6u!sn sa6aJe4s asa4J Jo saLUO)Jno ayi sJo¥.uow pue sa64e4s ,sJaJvJ pjeog ?JrJ p4eJ6awI XHlg PUP 'I!wn aJ!yspJoJpg Ip4uo 'iouno) u6noJog pjojpas Jo ¥OM s¥oddns Ajijpy) a￿ "saiiii!qps!p pue sassauiii Jo a6uw e Joj SWOMaweJ4 ￿lI￿as ieuoiJpN IUEAaiaJ pue A6aJpJJs ,sJaJv) IEuoiieN s,iuawuJaAo6 Aq paJaaJs si Ji iaAal ieuo!Jeu èyj iv 'kn!Icxl IfJOI pue Ipuorypu Aq papin6 si lJueyJ aui 'saA￿a[q0 S,￿U￿¥? aui OJ Jewauqdwo) si ¥. sp JPJ os UI 'xn ￿aj￿j OJ paJeiiuJp pup )snJL &aJrJ Jo JèUYPd IAOMiaN P si Aweu) a salypd P￿e1?¥ OZ Jsl£ IIVSA IIO

'T90'TLSS wnuj￿pLU auj pup LOL'08£3 oj sajenba wnw!u!w aui ￿ua￿al￿ ie!JupuJi asayi uo pas￿ 'saMèA ￿]J!j]sajun u! wnowe slyl JO O/oOST ￿ wnw!xeLU e pup swi) leU￿￿s1uP6jo iejjua) s,yJuow Jnoj pue spa(oJd IIE uo jJ￿ lip Jo Sa￿ AJpiEs s,uJu(xu Jnoj Jo wnwiulw e sJa6JEJ gi3 'sa)ueJsLun)Jp u! sa6upuJ U￿￿-¥04S pue saoirDy.P ia)ueuu uaasajojun a6puew ol AJc>edwJ s,gD PUE ￿UlEY3)Un a6Euew oj play ajp ieuj _ papujswun saNpatqo Jo sawo)wo aAa!wE ￿ AJEssa)au spalojd Jo Sal¥.AlPP aiij sau!uuaJap gi) aj￿￿ - paJeu61saa JOJ p3sn aq ue) spunj aLR SPa.toJd Jo saulA￿E a4J sJJ!JJsw Japunj ajaum - P3P!JJsa AI!A!PE aJnJnJ JOJ sauo6aJwJ aaJ41 u! ￿a4 ajp swJasa¥ .AJupy) aui JOJ Jy6y si IP￿ saAiasaJ Jo iaAai p Saus1Np￿ U)IyM 'S￿asaj uo biiod p p*ope pup padoiaAèP se4 11 uoi)es!ue6Jo JuoJd-JoJ-wu e sy 'AiaAipèuè samasaj Jo laAq g16ui6euew ol pJe6aJ spu sJopèJ!a Jo PJBOS aLLL A)Iiod S?Aa￿a¥ .AeMe ssed Aa￿ Ji Jo aje) ieouètX.SaJ OJ PaU!WPE S! spaau aJE) ilJ.IM Ipnp!A!PUI a4J J! UaAa panulluo) s! ¥oddns 'uo!JwMpa pue ￿n$la1 '¥JOM thiunyoddo Ipnba 4J!M 'Su!JEJ Jo ap.sJno ¥.1 e :èJ!OA P aAey 01 PUE yoddns ssa)Je oj PalqEua pue paujoju! 4 oj :os op ffj 6u!JpJ anuouo) oj USIM Oilm asoul aiqeua OJ pau61sap ajp ￿l￿aS s,AJup4J a4J 'fy&J!pJo))v 'l£zoz Jpuuag we OIIUiad awnos) f￿!punj u! uo!11!q k9T3 p￿e￿i￿ up PaA!aJaJ Tzozlozoz u! 4)!LIM 'saieM pup puei6u3 U! SHN pu￿35 p ￿ iuaipA!nba s! aJwJ p!Edun Jo anieA '(Ezoz ]puuas Olluiad ajjnos) JeaA uo!11!q Z9T3 s,￿￿1) Aep￿?￿3 ALlK)U0￿ auj Q UO!11!w strtr3 6uua66e]s p a]nquJuoJ salem puE puei6u3 ui sJaJwJ p.edun OZ ￿1£ TrtVSA SHI

CNT 'PJOJPag aJJs y6iH TTT )Id iueg sAei)Jea sJè¥ue8 ¥Htv Str)IH aJ!4spJoJpa8 aosils IJPd JSaJM 'èsnoH uoisuew ayl '££ WOOI sJoJ!pny pajaJs!￿x U￿un0))V ￿J1 iya3 PaJayEy) p4iwn Jlpny ￿?!jossY ssauisns ga sjoiipnv IvvN4111g k)eJi Jjas AuedwtrJ 6uiiiais jaud￿s!j4j - J￿J1 Jo aAlIn￿x] Jaiuj UuOSj￿ iuaw?OeueH Aax trzoz AeH pJ£Z paJuioddy £zoi aunc JSTZ p4uioddv sau?i¥-sueA3 uoisajd C piiemniyv c 6uiuuvJ w Aqp!X N PJPMIAV H AauiAipoiiaiJewied I JaUJaAPI d WP43U!4 C aM￿s UOJJC>OM S Sll!W 9 UOSUl¥lJl A 3 £zoz Jaqwajaa 419 pau61sax £zoz Jaqopo LAO£ pau61sè ZdL Tkxw aJ!yspJoJpaa pJoJp aAua1114¥3!J8 'aJJUa3 LuiJ6iid ¥noJ pipJaw3 'Ta ajins 'Joou aJiuspJoJpag u! sjaJ￿J o)yw p8JaIsi￿¥ LOSSETT Jaqwnu paJ?¥!ts¥ (sèiem pup pupI6u3) IitpOt•TLO Jaqwnu AuEdwo) pw?¥16a¥ a 3AUV¥ISINIHav aNV 33N3¥a43 IPZOZ H)UVN isl£ ITO

ajea JIPU) - JaUJaAei d a¥voq rnHas NO '6uoa3H iejauag Ipnuuv 6u!wo)U¥Ol ie iuawJu!odde-aJ JOJ pasodojd ￿111￿ 'pa¥.wii ¥.pny saJp!)ossy ssèu!sn8 gaH 'SJO¥.pnp s¥ollanv 'uo!JeuuoJu! Je4J Jo aJeMP aje sjoilpnp ayj Jp414siiqpJsa OJ pue uo.ueuuoJu! Jlpnp iueAèlèJ AUE Jo aJeME SaAiaswauJ alew 01 Ua¥￿ aAeu OJ w6no sdajs lie ua¥pJ aAey saajsnji aUL pup :aJpMpun aje SJ￿pne s,AupduJo) qqv41Jpy) aui u)!yM JO uo.ueLWOJU! Jlpnp JueAalaJ OU S! aJè4L ajem? aje sa?￿njI alll se Jej os UI 'sary.JPin6a￿l Jaujo pue pneJJ Jo uo!p3pp pue uolluaAaJd ayj JOJ 5d￿S aiqeuospaj 6uryeJ Joj a)uay pup AuEdwoJ a[q￿JE￿3 aul Jo spsse 6u!wen6èJes JOJ aiq!suodsèJ osip aje Aayi '900I PV Sa!UEdw¢rJ èyi ￿lm A￿￿03 guaW￿￿S i?i)ueuJi aui Jew èjnsua OJ aiqeua ￿ pup Auedwo) a1q￿Je￿) Jo uoiilsod Ip!)ueuy awn Aue jp A)EJn￿P aiqpuospaj ui!M aSOPSIP 4)ILIM 'spJoJaJ 6u4unO￿P Jadojd 6uidaa¥ JOJ aiqlsuodsaj aje saa3snJi è 'ssauisnq u! anunu￿11!m AueduK>) aiqeJye4) ayj IEYI awnsajd oj awijdojddeui s! J! sgun slspq uJa)uo) 6u!06 è4J uo guawaJ¥ iei)ueuu aui ajedèjd uaW¥4￿s I￿)UEU Ji aul u! paulpidxa pue pas01￿1P sajnyedèp ie!J4ew Aue 01 paqns 'paMOllOJ uaaq aAeu swepupjs 6u!iuno))v xn qqrJiiddp JayPUM aJEIS iuapnjd pu? aiqeuoseaj ajp Je41 saiewosa pue swawa6pn( èipw '.(d¥OS) ¥J.iJ)PJd Jo Juaw￿￿]S A¥.Jpy? ayi ui said1￿vd pup SFK)yJaw aw aABsqo '.AHu4s!suoJ UJa4J fydde uaui pue sa!)!iod 6u!iuno￿? aiqe¥.ns paias 01 pajinbaj aje sèèjsnji aui 'swaLuaieJs Ip!)ueuu èSOL 6u!JedaJd UI 'p￿.Jad Jew Joj Auedwo) alq￿U?lp Jo aJniipua1xa pup èwo)ui ayi 6u!pni)ui 'sa)JnosaJ 10 uoiie)Iiddp pup Sa￿nO5?j 6uiwo)u! ayj Jo pue Aupdwo) 31q￿ve￿) Jo sJ!EJJe 40 aJpJs JO Ma!A Jlel pue an4 e aA16 u)!yM 'JpaA Ip!3ueu Ji 4)ea Joj ¥4uaWaj￿ ieiwpuu aJedaJd ffj sa4snJi èyi saJ!nbaJ Mei Auedwoj '(¥J!peJd 6uuuno))y pa)d￿)V AiipJaua9 w0￿Ul￿ pa¥.un) spjepuejs 6u!Juno))v Luop6u!x P￿.un pup Mei aiqe)!Iddp UJIM a)uewo)Je ui sjuaww ie!)upuiJ ayl we saaisrui ayi Jo yoda¥ ayi 6uuedaJd JOJ qqisuodsaj aje (Mei AuEdwo) Jo sasodjnd Joj SIJ Jo sjopajia èyi osie èjp Oym) saajsnji a saIinIqIsNOdS3¥ Sa3￿ni1 40 IN3H3IVIS ZOI UO

Jo :SUJru￿ pue spJoJaJ f￿nun0?)e a4J 4J!M iuauBaJ6e u! Jou ajp gUawaJ￿S iei)upuu a Jo .'sn Aq paws!A IOU Sail)UEIq LUOJJ PaA! Uaaq JOU aAe4 ¥.pne Jno Joj ¥4enbape sUJrQ￿ Jo Jda¥ uaaq Jou aAP4 SPJO)aJ 6uiiuno)x èjpnbapp uoiuldo Jno u! 'Ji noA OJ ¥odaJ oj sn saJ!nbaJ 900Z pv sa!uedwoJ aui aJa4M sjaupw Su!MOllOJ aui Jo padsw ui ¥odaJ ￿ 6uiuJou aAey èm uoodajxa Aq yodoj ffj pajInb￿ aje am 11)!iIM UO SJaJlE 'pJp6aJ $141 u! ¥odaJ OJ 6u!￿oU aAe4 am 'JJeJ JeLn yodaj ol paJ!nbaJ ajp èm 'UO!JewJoJu! j￿30 SI￿ Jo iuawaJpJss!w ie.Lwew e si wauj le￿ apni)UO3 am ,￿u￿O￿ad aAPU am ¥JOM aw uo paseq 'Ji 'uoryeLWOJU! Jèyjo aLn Jo JuèwaJeJssiLU ieiJ4ew e Jo gu?waJpJs I￿)Upu￿ auj ui waWa1￿55!W ielwew p si ajauj JayPyM èU!UU¥4èP OJ ￿J!nbaj ajp èm '&uawaJpJss!w ie!JaJew Juajpddp Jo sa!JuèJs!suoJu! ielwew 43ns AjllUa￿ èm Ji 'p3P￿!W fyipuajew aq 0] ￿￿Ide asimiauw Jo w.pnp a41 U! p3u!p]qo Jo sJuaW4￿S iepueu Ji aui 4¥.M WèJS!SU(DUI Aiieuajew si uoiieLWOJUI Jauio aui Jaupum Jèplsuo) 'os 6uiop ui 'pup uo.opwoJui Jayjo aul pew OJ s! AJ!i!qisuodsaJ Jno 'sJuawèJ¥ iepueuu aui Jo ¥.pn? Jno YJIM uolpalu￿ UI 'uoaJauJ uo!sni)uo) è)upJnssp Jo uuoJ Aue ss3Jdxa iou OP am Wodaj Jno u! pa1￿5 Anp!Idxè amiayjo JuaJxa aw pup 'uo!ieuuoJu! Jaujo jaA￿ JOU Saop SJUaWè)eJs Ip!weuiJ aLn UO UO!u!do Jno 'uoaJa Sj￿pnY iuapuadapuI a￿ Jo wod￿ Jno pue guawaws ie!weuJi ayi upyj Jèyw 'yodaJ ienuup ayi u! papnpui uorypuuoju! aui SasUdw￿ uoiJpwJoJu! Jauio au 'uolleLUJOJUI Ja￿0 JOJ aKiSuodS￿ ajp saaisnji aLLL uo!iewJoJui Jo￿0 'ans& JOJ pas!JoY￿E aje uawaJeJs iei)ueuy ali Uaum aiep aLII WOJJ SYJUOW èAlaW Jseai Ip Jo p)iJad e Joj 6u.uun03)e Jo slseq Uj￿u￿ 6u!06 a4J Jdopp ￿ anulluo) 01 ￿liqB SAluedwo) alqPJUEy) ayi Jnoqe Iqnop IUE)uiu6is Jse) Apw Je4J sa!iu!eyè)un ieljaipw pauijuapi Aup guawaJeJs ie!xpuJi ui pasq)sip Jou aAey s¥sNJ a Jo .'4eiJdoJddp Jou s! SJUèLual￿s Ipi?ueuJi aul Jo uo!ieJedaJd aLn ui 6ununo￿e Jo siseq uJa)u(D 6urfi aui Jo asn ,saaJsnJi a aJ4M noA OJ yodaj sn ajinbaj (Jn) svsI y?!UM ￿ UOnPlaJ u! $j￿eW 6uiMOllOJ a4J Jo J)èlsèJ u! ¥odaJ 016uiuwu ahey am 6uio6 016uiiElW SU0￿nI)u0￿ 'uo!u!do Jno JOJ stseq e apiAoJd 0] aJp!JdoJdde pue Juai)Ji Jns s! pau!eJqo èAeu am è)uap.Aa Jipne ￿y1 aAa!laq am 'S4uaw￿inbaj asauj YJIM aJuepJ0￿P ui saw.Iiq!suodsaJ IP)!yP JaLnO Jno paii!JinJ aAey am pue 'pJepuv4S |VJ!W3 SJ114 6u!pnpu! 'xn a￿ u! IP!)UPUIJ èLn Jo Jipne Jno ￿ IUEAaiaJ aJE je￿ guawaJ!nb3J I￿!¥13 ayi UJIM a)uppJO￿e u! Auedwo) ￿q￿lJpUj ayj Jo juèpuadaw! aJP èm 'yodaA Jno Jo uo.u)as gUawaJ￿S ie!)ueuy ayj Jo Jlpnp aui Joj sao1ilqlsu￿IsèJ sJoJ!pny ayi ui pèsoi)s!p Jauynj ajp spJEpueJs asoyi Jèpun sa.w.i!q!suodsaJ Jno 'MPI alqE3!Iddp pup ((xn) svsi) (xn) oU￿pnY uo spjepuvs ieuoneuJaJuI YJIM ￿U?￿o?)E ui Jipne Jno papnpu(D am uo!u!do JOJ siseg '900Z pv sèluedwo) èuj Jo sJuawaJ!nbaJ ayi u¥.M a)uepJoJ3p u! pajedèjd uaaq aAPU PUP .,￿lp￿d Su!Juno))v wda))v Aiipjauag w0p6U￿ P￿.un 4J!M a)uepJo))e ui pajedajd Aijadojd aAeu pèpua uayj JeaA ayi 'èJnJipuadxa PUE aW￿Ul g16uipnpu! 'wJJnosaJ Jo uo1ivJi￿dP pup sa)JnosaJ 6uiwoJui 41 Jo pue trzoz u)JeH ￿T£ JP SP sJ!pJJe s,Auedww aiqpw.Jeu) au) Jo aiejs aui JO Mè!A JIPJ pup e aN6 sJuèwè)eJs ie!)ueuiJ a￿ uoluido Jno UI .,pUpi￿] p )Iiqnda¥ pup xn ayi u! aiqp)!Idde pJew￿S 6uwodè¥ ieDueu!4 a41, ZOT pjppU￿S fAJ!yCrtla¥ Ip!)ueu￿1 6u!pni?ui '(èJ!Peld 6uquno))v pèJda)3y AiieJèua9 wop6uix FPJ!un) SPJEPu￿s 6ullun0￿Y wopou￿ wlun pue Mei aiqe)Iidde si UOllEJedaJd Jlaw u! p3!Idde uèaq spy JPUI WOMaLUPJJ ouwc￿1èJ Ip!JueuiJ aYL 'SèJOU weièj ayj pue paus ¥Jueipg 'saiJ!AIPV IPDUPU14 JO JUèLUèJEJS a￿ asljdwo) LI)IUM bZOZ iPJPW J5T£ papua JpaA aln JOJ ￿l¥SpJ0jp38 u! sJaJE) Jo guawèJEJs iei)ueu Ji èyi paJ!pne aAeu am uoluido lls(rdO￿￿ll Kt SUSaVJ O SHI Oi SXOii(tnV

sjuawal￿S ie!?upuy aw y¥.M iuaJsisU￿ si paJEdaJd ajp sjuaw¥￿S |E!)UEUU aLII LI?!yM JOJ JEaA IEI)ueuu ayl Joj wsnji ayj Jo ycKla¥ auJ u! UaA16 uo!ieLWOJU! aui uo!u!do Jno UI 900z pv s8iuedwo) ayi Aq p￿qU￿￿d Jauew J•wo uo uoiuldo 'sJo¥.pnv JuapuadapuI Jo ¥oda Jno Jo ypd swJoJ slyi 'sa!¥.Iiq!su Ipnp 0.￿j.￿ Je èilsqam S,l!)uno) 6ui¥oda¥ IpiJUeU￿ UO P￿e3q SI gUaUB3¥ iei)ueuu aLn Jo Jipnp ayj Joj sa.u!i!q!suc(JsaJ Jno Jo uo!Jd!J?sap J4ynJ v 'sa)u￿Ul lie u! iue!Idwo) % AuEdwo) aui ajnsua oj SMaMaJ Jwn6aJ a¥ew AaLll 4Jns se pup Juawa6euew palwoju! aje sJa)Ji Jo Ip)01 Jayio pue saajsnji èyi '¥.pne ayi Jo eajp ¥&J Aèi y3Ea U! PèLwoJJaJ aAeu am WOM al￿ WOJJ ssaulsnq Jo asjnco ieLWOU auj aP!S4no apew 6uiaq se paw.iuapi uaaq aAEU SUC4pesueJJ ON 'ssèu4pudoJdde JOJ s4uawJsn[￿ Jaujo pup uiua Ipujnol Jo 6uiJsaJ a41 y6noJ41 'spJwo) Jo apyJaAO ie!Jè6euew Jo ￿)U￿4su1 OU PaJVJlPU! spu 6u!JsèJ ¥.pnp Jno pup Slojlu￿) ieujèju! ￿0j)S spu A3iJeu) ayi 'gUaW¥4￿ IEryJupuJI a41 Jo Jasn aui oj pa¥Od￿ aq 01 aJ!nbaJ u)IyM UOliUa]Jp Jno ￿ awo) aAeu SLU4 OU pup uaipyapun uaaq spy 'aiqei!PAe ￿aUm uoiieJuawn?op Iwed pjiui 6uwoddns Jayjo pue 'saJnu!w weffj èiqei!eAe Jo Ma!AaJ Iinj v 'wawssassp slui 6u!¥ew 01 Joud )LBwa6euew Jo saaJsnJi Jo pjeoq ayi Aq ￿sIpj uaaq aAEU sanssi wns ou pue $S￿jd Jlpne aw 6uiJnp uaipyèpun 6uosaJ ?￿We5 aui 6uynp wjnu3￿. uaaq sey suo!Iin6èJ pup SMPI 6u!AiJapun UWM a)ue!IduN)) -UOU Jauw JO UJLWq 'pnpJJ pap%Jsns ON 'iuawa6euew Aq siojwo) Jo apuJaAo Jo JpaJLN pue uow.uoo￿j ènuèAaJ 6u!aq fyipdiJJyd Iswaje ¥s!J P￿QUap1 OJ y)eoJdde 6uiJw aAoupwns e ucmln paseq sey iuawssassp s!YL'AJiJEiI) aln Jo saiiNJx 6u!pwJ OJ IpJJua) suo!Jein6aJ Iiup Smel Mw.M a)upiidwo>uou pue pnejj 6u!pni)u! 'sa.wjpin6￿jI Jo p￿SaA u! iuaw4eJssiw le1j￿E￿ JO ISU MOI e si èJauJ JE￿ passasse aA2U am Molaq paiiepp s! pnejj 6uipnpu! 'saily￿n03jJl 6u!pèJèp Jo èiqedeJ saJnpa)oJd Jno uJ14M OJ iuaya aui 'pnpJJ 6uipnpu! 'Sa.￿je1n6aJjI Jo padsaj ui SWaWaJEJSS!w IpuaJEW palap ol 'èAOqP Paulnno 'sai¥.IiqisuodsaJ Jno Ulm auli ui sèJnpaJoJd u61sap èm 'Su￿)￿n63j wp Smel u¥.M ¥JueiidwoJ-uou Jo sa)ue]sui ajp 'pnEJJ 6uipni)ui 'sao!Jein6aJJi 'SWaWèJW IPDUPUU aSaLR JO S!SPq a4J uo Ua1￿ sjasn Jo su￿s1)aP ?!U￿u0)3 a)uanuui ￿ pwadxa aq Aiqeuosvèj pino) Aa '￿e0èj66e a4J u! Jo IienpiAiwi 'J! Ip!JaJpw pwapisuo) pue Jojjè Jo pneJJ WOJJ as!Jp up) sJuauJaJeJssiw 'sJsixa Ji Uaum Juaw4eJsgw ieualew e papp SAPMIP 11!M (xn) svsi iD!M a)uepJoTh ui papnpuw J!pnE up Ipui aaiueJen6 p Jou s! Jnq 'èJuEJnsse Jo iaAai u6iy e si ￿uPJnssp aNpuospa¥ 'uo!u!do Jno sapnpui Jp41 sjojipny iuapuadapuI JO yC*Ja¥ e anssi OJ pue 'JoJJa Jo pnpJJ ￿ anp Jaupum auaw4e3SS!W IEyaJew UJOJJ aaJJ aje alOUM e sp sluawa1￿ IppueuJi ayl JaUPUM Jncw]p a)ueJnssp qqpuoseèj u!￿qO OJ ajp sa￿pa[q0 Jno SW8IUèJEIS IEDUEUII ?41 p Iipne ayi Joj sa!1!i!qisuodw Ano 'os op oj Jnq aAuew4e ?os[ie￿ ou aAEiI JO 'SUO!IpJado asw Jo Augdwoj èiqey.Jp4) a￿ 4ep!nbii OJ pu•u! saajsnji aul ssaiun 6uiJunoyJp Jo slseq wa)uoJ 6u!06 6uisn pup uJ¥JuoJ f￿106 ￿ p￿elaj sJ4Jew 'èNvjidde sp '6u!soi)sip 'uJa)uoJ 6u!06 p sp anunuoj ffj ￿l11qE s,AueduJw aiqejupy) 6uissasse Joj aiqlsuodsaj sa3wJi ayi 'guaLuaJ¥ iepupuy aLR 6uiJpdaJd UI 'jo￿a Jo pnejj OJ anp Ja￿3￿m 'iuawaJpJss!w ieu4ew woji aajj ajp ieui sJuauJèJpJs I￿3￿eU Ji Jo uoiiejedajd a4J qqpua ￿ knessa￿U s! au!uuaJap sHsnJJ aui sp iojjuo) ieujajui u)ns JOJ PUP 'Ma!A J!eJ pup anjj e w6 Aaui paJi gws 6u!4 JOI PUP &UaLW￿s IEI)ueuu Jo uoiiwedajd aLH JOJ aiq!suodsaJ aje (Mei Aupdwoj Jo sascMJJnd aui Joj Auedwo) ￿q￿Je￿? è4J Jo sJopaJip aui Oge aje OUM) sèèJsnJJ ayi 'sJ¥.i!q!sU￿sa¥ ,sèa]srui Jo JUaWaj￿s aLR U! fyinj ￿0￿ pauieidxa sv swsnji Jo sa!1!IN￿U0ds￿ aAlJ)ad 'saaJsrui ayj Jo ¥oda¥ èyi 6u!JpdaJd u! uolldwaxa ￿UEd￿0) Iipws ayj Jo a6eJueApe al￿ pue awi6aJ saiupdwo) IieLUS a4J yy.M èJuepJo))p U! SIUèUBi￿ IE!?ueuJi aLll ajedajd ￿ pamjua IOU èjam saaisnij ayi Jo :i!pne Jno JOJ ajinbaj am SUO!ieueidxa pup uoijpwJoJu! è4J IIE paAia)aJ Jou aAey am Jo :apEW jou aje MPI Aq paw.)aJs uoiiejaunwèj ,saaJsnJJ 10 saJnsoi)sip ulpya) sxThvJ O SS&ISnlLL Ol SIIOIl(IL]V do Ixod

oi [.,/ Iz ajpa Hb Strxw aJi¥spJoJpag siis ¥JEd JSaJM 'asnoH UOISUEH '£L WOOI sjoipny paJaJsi6ai * sweJunoJJy paiJi¥a) ￿j￿e¥3 paJ!w.n ¥.pny saJei)ossy ssaulsng 9aw Jo Jieyaq uo pue Joj (Jojipny Joluas) YJ4 (SUOH) vs è6upJg iaeu)!w -g)) 'PaUUOJ aAey am suoiuido JOJ Jo 'yodaJ si JOJ 'WOM Jipne Jno Joj 'Apcq e sp sJa]waw s.AuEdwo) aiqEweu) ayi pue Auedwo) aiqpw.Jp¥) ayj upyi ￿?￿0 auoAue ffj ￿lIq￿u0dSaj awnssp Jo Wa)Je Jou OP am 'MW Aq paulwjad jua]￿ Jsaiinj ayj 01 'asodJnd Jauio ou JOJ pup wlèj ,sJ￿!pnP ue u! waui 01 a￿S OJ paJ!nbaJ aje am ￿all￿w aso41 sjaqwaw s,AUPdw￿ a1q￿Ypy? èJeJs Jy61W am JE4J os uaieyapun ua3q SPU XJOM Ipne Jno '900Z pv sè!uedwoJ ayi JO 9T ¥Ed JO E JaJdEy3 YJIM a)uepJo)x ui 'AFM)q e se '￿èqLUaw S,AUpdw￿ alq￿.JP4j ol A￿oS apew s! Jjodèj s! ¥odaJ Jno Jo IIIHS(txoda￿g ￿ suThvJ o 01 SIIOIIIIL]V ilToa

'SaW.A4)p 6uinulluo) WO4 PaA!Jap aje JpaA èyj 6u!Jnp SU0.￿EsUeJ1 I oz£'o£ 9tr6 £8tr L65'8 $5059Z b6Z'OT a¥vM¥O4 aard¥￿ saNn4 I¥￿￿ 8Ll¥'£T OZ£'OE ZOtr'9T SSL'OTZ £9T'£OZ PJPMJOJ Jy6noJq spunj Zk8'9T 9Z9'£S (s08'L) oo£'trs T£T'L (a¥nuaNadX3)laNo)NI 13N LSO'£S£'T 60'88S'T SZ6'£T9 61 T'6tr6 so£'sz a¥niiaN3dX3 IVIOI LSO'£S£'T 60'88S'T SZ6'£T9 6L T'6k6 so£'sz Sall!A.U)E aiqeJye14J uo ajnupu￿x3 668'69£'T sEotfr9'T OZT 909 6£tr'£0rfT 9£'Z£ awo)NI IVIOI '9b£'T 06S'trLS'T OZT'909 9Ltr'E56 8tv6'£ L6'E9 66'frT 8b6'£ 6tr'£T sauthipp ￿q￿lJe SWaLWSaAUI awo3ui Jayio pup sè!)p6ai 'suoiieuoa 04 ?wo)uI 8LZ LL9'ZE £oo'os SaJON iejo IEW £I-£'TE I'£'TE PaPU3 JeèA papu3 JEaA spun spun4 spun4 pwuis8¥ P￿eu61$?Q pap￿sa￿un trZOZ H)¥vH a3aN3 IIVaA 3HI ¥04 Nno??v a¥nuaN3dX3 aNV 3HO)N19NIoni)NI) sauwDv I￿)N¥NI4 40 INaHaivis 3¥1Hsa¥04a3g NI S¥3¥V)

jIe￿ - JawaAeL d Aq Jieuaq sw. uo pau61s ajam PUE frzoz Jaqopo puz uo saaJsruiJo pjeog Aq PaAoJddp èJaM sJuaw￿plS iepupuiJ a41 'auJ163J ,sa!uedwo) Iiews ayl 03 pa(qns sèiupdu aNeJiddp SUOlSlAoJd IE13ads ayi a)uepJo3Jp u! pajedajd SlUaUJaJPlS IP!)ueuy asayl oz£'o£tr 9tr6'£8tr SaNn4 Ivioi SSL'OTZ E9T'£OZ SSO'S9 tr6E'OTZ spunj pap!Jp¥ spunj P¥4pu61saa spunj pay.4saJun saNn4 ET OIE o£tr 96 E8tr S13SSV 13N S3unIgvn IN3¥¥n) ss37 S13SSV IVIOI ozÉ'o£ 96'£8 6S'8 E'SL SZS'9Ttr 606'SLtp l¥86'L SZ6'L9tr S￿sSy ￿3¥¥n) 13N T89'KS L'OZS £99'9T 090'L£ JeaA èuo u!y¥.M anp 6u!IipJ gunowv s¥oua3¥) 90Z'Ttr6 ZE9'966 £9'ST S86'T8 L66t88 60Z'8S sotT6 LZZ'8 £9'tr5T 8SL'LSL puey u! txjp ¥ueq JE YSWJ &Joiqaa S￿ssV ￿3¥¥fl) S6L'£T 9£0'8 £T9 £Ztr'L spsse aN16upi ssv a3XU SalON spunJ spunj p¥pu61sap pap!4sa¥ puE pa￿u￿a￿un spun4 spunJ ieioi trzo £zoz (saipm pue PUEi6ua) Z£trOtrTLO :J8qwnN Auedw ZOZ H)IIVI4 ISTE IV 33HS 3)NYIVS a¥IHsa¥o4aas NI S¥3

£1 080'58T zz'z£ SaQ!hlPE Su!ipJado wojj PaPlAoJd SMOU YSPJ JaN S££'Z8T (CMJ9'ZZ) £05,8 (8S6'£) (8TO'9Z) Z6S'8 sJoJipaJ? ui (aspaJ)ap)/èseaDuI sJoJqèp ui aspaJ¥)/(aseaJ)uI) 6Jeu) uoile!J￿daQ Joj siu?w¥nfpv sar41hvw ie!JuEui4 Jo Iuèwaj￿S a Jad se 'JeaA Joj saJJnosèJ (6uioSino)l&J!wo)U! PN Ztr8'9T 9Z9'ES sauwLJV gNIIV¥3dO W0¥4 MOI4 HSVJ laN 013WO)NI iaN 40 NouvfiI)NO3311 £66'Z88 so T6 JEaA Jo pua aul Ip usrJ 806'ZOL L66t88 JeaA èyi Jo 6u!uu16aq ayi Je uswJ 680'08T 80V6E JeaA aui u! u! a6upy3 assE paxu Jo aspu)Jnd Sa!l!AIPE T￿4￿Ul WOJJ ShWI4 YSEJ (T66'tr) (E8tI 080'S8T sailityJJe Ou.ueJado wojj PaPlAoJd SMOU USVJ JaN e 6u!IEJado WOJJ smou yspj £z/zzoz spun4 iewi tvZOZ H)¥VW T£ Q4aN3 ¥V3A 3HI ¥04 SMOI4 40 3¥1Hsa¥04aag Nl S¥3¥V)

tpi 'po!Jad ppjiuo) Lppa Jo wèwa)uaLUW aul Je Jas s! U)14M J*nq e uo ￿Eq ajp spunj ienp!A!PU! OJ sppawaAO JO suo.oex)Iiv 'SaQ!AU)v iepueu14 JO Juawa)e￿ ayj u!4llM p4eJoiie Aip3J!p ajp a￿aSaj Jo AJ!Npe )uixls p ￿ aJnquJJp up) Je4J SISOJ s¥0) w iuèwuolyodde pup uo4EJoi 'waLll ¥oddns ￿ AlesS￿aU ajn￿U pajipu! up Jo Sas￿ asoyj pup sai¥.Npp 4)ns ￿ Aipajlp paJpNip aq UE) Jeuj s]soJ yioq sa￿1)ul II 'sauprJyauaq sw. Joj saJ!Aias puE sa4!AQ)e sji 10 knaA!laP u! AJIJEU) ayj Aq pwJn)u! sjso) asouj Jo sasuduKn aJnJ!puadxa aiqpJ!JeuJ "s4eiaJ w. oj aJnJ!puèdxa auj Jo Jjpd se payodaj s! PUP 'PaJèAoJaJ aq JOUUWJ i4￿4m 'LVA qqewquue sapni?u! aJrq!puadx3 's!seq lenj￿P up uo pas!ufy)33J s! aJnw.pU￿X￿ !puadx3 'pauJeè Ua4M JOJ pawn0￿￿ ajp sa!l!Aipe aIq￿.JPUJ WOJJ sa)JnosaJ 6ulW￿uI 'alqe￿a?aJ Ua4M papni?ui Sl aWOJUl JUaWJSaAUI 'gun0￿￿ aSaUJ ui papnpu! uaaq Jou seu ￿￿UnI0A Aq pa￿A0jd S￿l￿13S Jo anipA ayl a1qPA!a￿ ?Jp Aaui u)IyM U! JpaA ayj ui sè!¥.Npy ie!)upuu Jo JuaW4￿S aui ui IinJ ui pasiufM))aJ aje sjuejg 'aiqu!è)aJ Uaym SalllAIPV lE!)ueu￿1 Jo iuèwajpjs èyi u! Iinj ui papni)u! s! pue sJJ16 pu? suoneuop 'gupJ6 Jo Apm Aq paMa)aJ si awow! kneJunioA awo)u! Jo sa!Jo6aJvJ Jein)iyed 0] pa!Idde aje sa13iiod JJI r￿lS 6u!MOIIOJ 41 'kneJnJJe aiqeuosL¥aJ YIM ￿YOupnb ￿ UWJ Junowp ayi pue awo)u! a41 ol patviua Aiip6ai s Ajijeu? aui Uaum sa!1!A!PV IEI)ueui4 Jo waWaJ￿S aui uo ￿pn1)ul ajp saJJnosaJ IwJueuiJ 6u!woJu! liv aJn3nJ aiqeaasaJoJ auj JOJ Uj￿u￿ 6u!06 p suleww AwpuJ IP￿ ajuapYu￿ saaJsnJi SèA16 supid aJnwJ pup iaAal SaLJaSaJ 'UO.Q!s(NJ I￿)uPuji èUJ JO Malhaj 'UJa)U￿) 6u!06 E SP anu!JuoJ oj A311!qp s,￿ljE￿) ayi Inoqe saJu!pya)un IEu4pw ou aja￿ Japlsuo) saa]snJi au "ajou A)!iod 6u1iun0￿p JUPAaiaJ aLR U! pa]￿ a$!￿aL￿o swun anipA UOIPESUE4 JO JS(D lejj￿S1y w pas!u6oJaJ Aiip.w.ui aje sa.o!i!qP!I PUP SI￿ 'ZOTS¥4 Japun JJI auaq ?!Iqnd E Jo Ur￿j.lujl ap sJa3w AuedwoJ '900z pv sa!updwoJ aLD pue (6TOZ J￿0p0 T aA!paJJa) (ZOTSll4) pUPI￿I JO 31Iqnda¥ pup In ayi u! aiqEJ!Idde pJpww4s 6U￿￿13¥ IPl3UEU14 auj 4W.M a)UPPJOIIP u! sJunoJ)E Jiauj 6uyedaJd sary.Jpy) OJ aiqeJ!IddE 'a3.Ipeid pawawwo)a¥ 10 iuawaiejs :sa.weu) Aq bU￿Oday pup 6uuun0￿Y 4¥.M a)uepJo)x u! pwedwd uaaq aAeu SWèLu4eJs Ip!?UPUU aUL Ouliuno￿P JO s!se8 s31)nod gNUNno))v trZOZ H)¥VW IST£ a3aN3 ¥V3A 3HI ¥0 SIN3W31VIS IVXJNVNI4 3HI 01 S310N 3¥1Hsa¥o4aas NI S¥3¥V?

'￿S s! uo!JdiJJsqns d!USJaqLuaw ou Juasajd Jv 'sJaqwaw Jo saiJo6èJe) Jo sJaqLUaLU JuaJaJJ!p Joj suoiJd!JJsqns JOJ saJeJ 6u!JaJJip xij Aew pjeog 'aw!J OJ ?LUlI UJOJJ SaP!￿p pjeog aLn ipul (AUE JI.) suoodiJ)sqns auj AEd Jsnw ￿aqU￿￿ liv .d!ysJaqwèH aJ!i ￿PjoU0H snid '9TOZ JaqwaAoN ui piau 6uiJèaN Ipjauag ienuuy a4J IP auo ou! paJepiiosuoJ ajèm diysjaqwaw Jo Sad￿ a L19'Z LL9'ZZ L6tr'£9 L6tv'£9 sa1)e￿i pup 6uisiEJpunJ 'suoiJeuoa a￿￿ul d!ySJaqLUa £Z'£'TE papua JeaA *Z'E'TE PaPU3 JeaA 3HOJNI ¥aHlO aNV S31)v9￿ 'SNOLLVNoa 'sJuawaJeJs ierjupuu a41 ￿ saJou aui u! pèpniju! s! punj ujea Jo asodjnd PUE aJniEU aul JO uo!Jpueidxè Ja4yn4 'AJ.JEN) auj Jo spalqo èu] UlilJlM sasodjnd pap!JJsaJ JqnwÉd Joj pèsn aq Aluo UE) spunj papuisè¥ 'sa¥nJi ayj Aq paiEu61sap SaLuwpJ6oJd )Ji Ixjs Jo s￿A]a5 papwwo) Japun SèAipatqo aiqeJup43 ayi 4¥.M aJuepJo))p u! pasn aq uwJ spunj paJpu61saa 'sa4snJ a41 Jo ucMFJ)s!p a41 Je SèA!pa(qo aiqp¥.Jpu) ￿lm aJuepjo￿P u! pasn aq U¥J spunj papuisajun 6uiiuno)x pun4 'SalJ!AIPE alq4JPy) g! uo xpj uo!IpJodJo) WOJJ Idwèxa s! Ajueu) au 'pas!ieJ!deJ Jou p ootvy ueuJ ssèi Jo suo!J!ppp Joulw 'uo.uEI)aJdap pajeinwn￿p ssai Jso) Ip p4p]s aje SPSSE paxi as￿ UO %SZ- JSO) UO 0/0SZ - JUaLudinba JaJndutrJ aJnJ!uJnJAuawd!nba ￿uJ0 'aJ!I Injasn p4ew.osa Sl! JaAO JaSS2 Ll?pè JJO ai!JM OJ Jawo u! sèjw ienuue 6u!rtOIIOJ aui ]P PaPlAoJd s! uoiJp!)aJdaa SIOSSE Paxu aiq16uEI ponu4uoJ- s31)fiod gNLLNnoJ)v trEOZ H)¥VH ISTg a3aN3 ¥V3A 3HI 1104 a3nNIINO) - SIN3N31VIS IVDNVNU 01 S3WN a¥IHsa¥o4a39 NI S¥a¥

91 '(ZLS't¥OTI :£zozI LIS'T93 sem iauuosjad Juaua6eupw Aa¥ Jo uoupjèunwèj aui uo!ieJaunwaJ iuawa6Euew Aax 'po!Jad Joyd Jo Juajjn) aLR 6uunp 000,093 pèpxxa sjuawniowa ,sa￿01dwè ON (L£ :£zoz) 8£ sem JeaA aLR 6uunp 'awii ¥ed pue Iinj 'saaAqdwa Jo JèqLunu AIuJuoLU a6eJaAP ayi ZZ8 Z£0 T sjso) sa)Jnow ueLuny s¥JauJ sgo pue 6u!u!pJi sjso) JJ2Js Ipjoi SZO l¥lv8 T96 TIO T sJso) uolsuad JaLno sJso) Ip!Jos saupips pue sa6eM 6Z£'£S LSS'ZLL L8Z'TL 6trL'zg6 £Z'£'TE papua trZ'£'T£ pua 0) 44v 'uooeuop e sp thljpy? auj ￿ i?Eq S14J aAe6 saaJsnJJ a4J Jnq (Z6T3 - £zoI) Sl¥TS 6u111￿￿ ￿uEu) 341 Jo Jieyaq uo paJJn?u! sasuadxa iaAeJJ JOJ Juawwnqwiaj paA!a3aJ saajsruj awos sasuadxa .sawn 'EZOZ y3JPW JSTE papua JpaA a4J JOJ JOU 'bZOZ y3JEW ]STE papuè JeaA ayi JOJ gJauaq Ja￿0 Jo uoiipjaunwaj ,saa]srw ou ajam aja S1143N38 aNV NOUV¥3Nnw3¥ ,s33￿n￿1 Z6S'8 ooo, spsse P3UMO - UO!ip!J3Jdaa uolleJaunwaJ ,sJoiwv 9Ttr'tr £Z'£'T£ trZ'£'T£ PèPU3 JEaA ￿PU3 JEaA 6u16Jpy) Jè]Je pèj￿ ajp asa 3WO)NI 13N 8LZ aiqpAla)aJ ]saJaiu! ¥ue8 frz'£'i£ P8PU3 JeèA papua aWO)NI ￿l￿￿3AN1 *ZOZ H)¥vN 03aNa ¥v3A 3HI a3nNLLNOJ - SINaN￿Vis IvI?NVNI4 3HI 01 saioN 3¥1Hsa¥o4oas NI s¥a¥v)

Ll '(Iiu3 :£zoz) trzoz TÉ 01 JE￿ ayj u! Su￿)￿sUPJl A¥ed paJeièJ ou ajam ajèyi s￿nSol)Sla AL¥Vd a31￿3¥ 'oT 189 l¥ZS £ZL OZS ZLl¥ OT S9T'9£ gEnJ33e pup ￿011p?jj Ja410 upJ6 I￿ld￿j paJJèJaa 650'98£ T66'8Z 056'trT trL£'OT p3w!piJ JaA Jou PaPJEMe s¥paJq sJaJvJ AJiJnJ3s Ipijos puE uoi]pxpi sJoiipaJJ apw 668,6 £zoz ¥vaA aNO NIHIIM 3na gNniv4 S￿n0￿¥.S￿ollaa¥? sJoJqap Jay)0 sJuawApdaJd sjoiqap apej ST6'8T tr6Z'8£ 6ZO'8 86T'9S Ezoz trzoz ¥V3A aNO NIHIIM 3na gNrnv4 s￿n0￿V:S¥olg3Q S6L'£T £9VoT z££'£ £IOE 4JJEW JST£ JV L£O'8 ££T'9 *06'T t7ZOZ Y)JeN JSTg IV 3nivA xoog iaN l¥ZOZ LI￿￿￿ ISTE IV JpaA Joj è6JeyJ £zoz iljdy JST JV NOIIVI)3¥daa trS6'6£ OtrS'TS f¥Ttr'8 8S'96 L£8'fr9 tv£8 £oot9 9tr£'T£ t¥lOZ Y)JeN ￿TE IV suollippv £zoz Iijdv ￿T IV o) 6tpL'£6 91vL'T£ nJiuJn4 1 Juawdlnba Juawdln J￿nd￿03 a)yJo siewi s￿$$y a3X14 ￿£19NvI frZOZ H)¥VH IST£ a3aN3 ¥VJA ¥04 oanNUNOJ - SINaw31VIS IVDNVNI4 01 saioN a¥lHsa¥o4a38 NI s¥a¥v)

L99'96 sJpaA aAJI PUP auo Uaamlag JpaA auo u!4J!M 6uiJidx3 ooo'ot ooo'otl Ezoz trzoz pled aq oj aJP ¥4uawAed a5pai 6uiJeJado 5u!MOllOJ SIN3hllIhlWO3 3SVal gNLLYdadO 'ZT '(z :£zoz) zoz uJJew T£ Je se Sj￿wa￿ aJ!i knpjouou z pup sJaq(uaw (ZT :£zoz) T T èjam aJa41 'W9y au] IE siu6u 6u!IOA aAeL4 SJ4UJaN aJ!I AJpJouoH pue sjaqwaw 'Jas s! uoiW!J3sqns diysjaqwaw ou iuasajd Iv 'sJ4waw Jo saiJo6aJwJ Jo sjaqwaw JuèJaJJip JOJ Suo.odu￿qnS JOJ saJeJ 6u!JaJJip xij Apw pJeo8 'awN ol èLUli wojj sapiJap pjpog aLU Ipul (Aue Ji) suo!W!J)sqns ayi AEd ￿nLu IIV 'Jas Ji sa6Jpu) uoijdiJ)sqns LUOJJ idwaxa aje Jnq sJaqutaLU èje sjaqwaw ajii /JwouoH dn 6u!w!M Jo sasuajxa pue sè6Jey) 'sJso) ayJ Jo JuèwAed pue :Jèqwaw OJ aspaj Aayi èJoJaq pa]JeJiu￿ AJ!Jey) aui Jo sa￿1￿911 puè Sjqap ayj JO JUaLuAed JOJ AJiJeLrJ èw Jo sjasse OJ T3 Sulp￿Xa Jou wns e aJnqiJJutYJ11!M Aa￿ 'Jaqwaw e aq ffj aspa) AayJ Jaup JpaA èuo u!Lll!M JO 'J¥LuauJ e aje A?y] aiiym dn punom si lJiJpuJ ￿. 'JeyJ sa¥p¥apun A3iJe4) ayi Jo Jaqwaw UXJ 'l¥T S! SJaqLuaw Jo JaqLunu wnwlxew a '9TOZ JaqWaAON U! play 6uiiaaw iejauas ienuuy 4J JP auo OJU! PaJPPllOSU03 ajam diysJ4waw Jo sadAJ ayi 'iEJ!de) ajpus ou seu Aued￿￿ a IVlIdV3 'TT trZOZ H)¥V14 IST£ a3aN3 XVYA 3HI ¥04 QanNLlN￿ - SIN3N31VIS IVI)NVNU aHI 01 saioN 3¥1Hsa¥o4oag NI s¥a¥vJ

61 9tr6'£8tr 9Z9'£S 60V88S'T s£029'T OZ£'O£Iv iewi puej 6Z'OTZ 9SO'S9Z T£T'L TO£'lvS soE'sI 8LT'6fr6 9£k'Z£ £9T'£O 6LV£oo'T SSL'OT SaN￿ I￿01 qns 6£'0ZT S£T'TZ 66'Z L9T'tr trLT'66 £OL'frfrT ZLO'66 9ZT'£E 98T'9Z6 ZT£'6S6 T85'TTT UO'66 Iz6£) 1tr09'z) (9£S'9) £ST'9 99£'tr (L8Z) (OLZ'T) 680'£T JuauJdoiaAaa Jaje) pun4 U0￿￿oUUI )uauJa6E6u3 ￿un￿uJoj LI)w￿0 weaH sdnojg pup uouwipa 'sdous¥JoM a)ueuJaA09 ¥oddns fMJ!Iq Was Eiwawaa (sèJlJ JaJfJ lip) ¥¢)Idr6 JaJ￿j uoii?u6pap iywaya saNn4 a31VN91S3a 6£ 6E£'T Z6E'8I 8£l'£ S£9, £8Z E99'6 (osi'£T) (16£) 659,85 E9tr'0£T 'E£ SO'OT (L8Z) T88'tr5 985'6SS (SL8) 9T8'TZ TZl*'6 TtrO'L 88£'09 558'86T 09tr'9£ 6IL'ZT £6£,8 (T9T) S'k9 96S'8 (5£tr'T) (908'L) 119S'T) 9Z6'ET9 5tr11'6 ZZ6'5 OOO'OT 8trT'trZ L9Z £T6'811 OIT'909 8£WL ZZ6'S CQO'OT ZOfr'9T Iw qns ET wawdoiaAaa ssaulsns L19N a)Ig eaXUPd aJupiiiv HH yjnos AJa¥oo¥ 6uruoddns pup 6u16eOu3 - IPUOIWN sJaJE) JOJ A¥AQ)V IWJOS Idoad 6unoA- pun4 yipaH IEWaN aLULueJfjoJd snJMeuoJo3 4378 pun4 A)ua6Jawa snjiAPUOj￿ spag 4)IS 6u!pun4 ajo) Wi (piluawap) ¥oddns JaJrJ WJ sjaj z£ 61 £T6'8 (tr) (tr) (T) T65, L8 SS6 (9£9'T) (ostr) (95T) (TST'OT) sss'E 809, 9£9'T LE os 8ST Ézo, TT6'9 (T8) 9ST 860'5S 9L6'T8 9LS'9£ 88'£Z TT9'9ZZ 099'8tr T£ LT'ZT 9S£'£ (689'z) Ltr6'tr T£S'S8 8T,6£ tr88'£Z 8LS'9ZE ¢)99'8tr UILUPV sweig SJaJVJ 383 - a6unoi sJaJp) aiqEJsuna gUW9 sJaJrJ (££) E£ Jss .aoUn￿ ￿)j￿j pJ)JFeg saNThJ a3DTrLLS3¥ zoz/£oiT£ supji Jpa JOJ (¥.JJi ap)/snidJns papuajxa saxnosa s￿n0$ 6u!LUtrJU] £zozltr/T saNn4 NI IN3W3AON 'ET trZOZ H)IIVW ISTE aaoN3 IIV3A 3FLL ¥0 oanNUNO? - SIN3H￿v￿ IvI)NVNI4 3HI 01 S310N a¥IHsa¥o4aa8 NI S¥3¥YJ

eyaq J!ayJ uo sa)IAJas ¥oddns sJ?j￿ JaJJo oj Jayia6oJ 6uipe 9J) XWIS èyl PUE IDuno3 46noJog pJoJp3g 'i!Juno) èJ!yspJoJp3s ieJwaJ Aq ppJJuoJ Japun papunj aje èm JaJvJ lie) yoddns j￿e) aJ!yspJoJpag u! enuawap 41IM 5u!All aidoad pue sJaJwJ Joj dnoJ6 Ailaam e 6u!uunJ pup ,sJapu￿jPq iuawap J¥unioA Jo LUPaJ p 6uiJpu!pJ(y)) pup 6u!AJiiuap16uipni)ui Sa3!￿aS Jo a6ueJ v (eliuawap) yaddns j￿￿j Aiiwej papuajxa PUE spaau aje) YJIM sienp!Aipu! JOJ s]uawJva4 'sJaJfJ JOJ Sa!J!A!pe |E!Jos pua¥aaM a4rJ sjaje) 6uiJaaJunioA Jo JuawdqèAèP èyJ yoddns pue Ajiiuap! JoJpu!pJooJ JaaJunioA E Aoidwa ol 6u!puru pap.IAoJd aAP411)uno) y6noJoa pJoJp Ou!JaaJunioA ieiidsoH 81q￿Una va U￿ni au uiujlm èJiuèJ uoiJeLWOJUI pue a31APV sJaJrJ p unj pup u￿0 ￿lI)un(rJ !yspJoJpag IPJ Juaj LUOJJ P3A!aJaJ 6u!pun4 - a6unoi sjajp) ?Iqeisuna pue uojni aioj 6u!JrJ J!èuJ Aq Pa￿JJ? AiasJaApe uaaq spu 6uiaqiiaM ie)!sAL4d Jolpue Ipuo!JOLUa asoum Sjaj paJ!p sJupJ6 Jo pjeme èui MOIIE OJ 9yJ s wojj pejiuo? Japun paAiaJaJ 6u!pun4 uejg sJaJeJ (6u!M yjnos) iew.dsoH PJWPaS UI4JIM aJJua) uo!JEuuoJuI pue a)IAPV SJaJP) p unj pup uado OJ i1)un￿J u6noJos pJoJpag WOJJ PaAlaJaJ 6u!pun4 388 - a6unoi wajp) pJoJp p8nuiiuo)-saNn4 NI IN3WaAOH T ZOZ H)¥VW IST£ aaoN3 ¥V3A aHI ¥04 aanNUNO) - S￿3￿31¥￿ IvI)NVN14 aHI 01 S310N 3¥1Hsa¥04a3g NI s¥a¥

ajow 'sS￿e OJ Jqseè yoddns uiipay If4UaW a¥pw OJ swlp II '(3SJA) Jop3s asudJaJua Iwjos pue lalunwwo) lkneJunioA aiii wojj SU￿￿1up6Jo ie301 Jo dlusjauyed p & (VHN spas) a3ue!Iiv 4IeaH iejuaw èJ!ilSWOJPa8 i JaJs!u!wpe OJ s31 LUOJJ ￿!pUn4 )ueiiiy ￿leaH ieiu? sJaJwJ Inpy 6unoA pup ￿3j￿) aiEW SP y)ns p3JuasaJdaJJapwn ajp 04M sjajv) yilm )VOM PUP 4?paJ 'AJ!Juap! (Y4 Ajauoi ieuo!WN ayj LLW 6u!pun4 sali!unwW￿ Ou!u)pa¥ 01 ieuo!iPN sdcNs¥JoM JO sau￿ P PUE Lltrz WaLn dia4 OJ SJaJWJ JOJ AIivJi •• sasjno) 6uluJw1￿l6!p Jo saijas p p3doiaAap M 6u!punJ aul Jo ypd sy '6uiaqiiaM pup uieèu iejuaw ￿3j￿3 aAoJdw! ￿ 6u!pun4 e¥JEupd 11!Is sAeMuJed PUE ajjeaui iiinoA uoueJaua9 JxaN iIJ!M PalJOM am - aJ!IispJoJpag Iwiuaj u! SZ-9T P36e aJwJ Iinpe 6unoA OJ Yoddns 6u!4iiaM pue ujieau Iv4uaw ?pIAoJd 016uipun4 'UOIIOOM Jo Aq¥eMaJS 'lOOJqllIH 'uapineH 'auieJaJow U0￿e￿ 'uoJ6u!I￿.l 'Jsanbuo3 u￿4￿6noH 'piauuw) 'y6noioq6oJg 'ii!4Wwy Jo sa4siJpd ip u! saiJiAipe JaJwJ 6unoA JOJ 6u!pun4 uinos Awoo¥ aJ!USPJOJPa8 yinos u! sauiNpe pue sdnoJ6 Jaad yoddns 01 puna ppwqJ14M 4)Ig iuawdlnba asewnd puE sJsoJ ajo) punj OJ GU￿lay Jiwapupd ayi 6uunp papJeMP SPM SILII 6uipun4 wo3 awoy wojj 6u!WOM ajam OUM JJEJS Joj sdojdei ap!AoJd oj sn paMqlP uouEpuno !unuJwoJ uoJni pup pJoJp38 wojj 6u!pun4 aujou WOJJ 6u!¥JOM EJS JOJ $d￿de1 puE JuEJinsuo3 p!p3w ie!30s e 'sJa¥JoM yoddns sjnou ieuoty.ppe 'SJ￿￿j OJ 6uii!ew lE￿d e JOJ uooppuno4 !unwwoJ uojni pue pjojpag WOJJ 6u!pun awww6oJd snJ!APUOj￿ iaN 43ig pun4 snJ1AEUOJ￿J Axa6Jaw3 ￿]￿sP￿01p89 - 4)78 "6u!Iq!s p Jo Aw.Iwes!p Jo ssauii! ayj Aq papaue Jolpup 'JoJ 6u!JwJ aidoad 6unoA oj sajwas y(xldns JaJJo oj Ja4Ja6oJ 6u!pp alll PUE |13uno) u6noJo8 pJoJpBg 'ipunoJ aJiuspJoJpag Iw1u￿ Aq pejjU￿ Japun papunj we am 'sJaJ J!auJ pue e!iuauJap Jo ssoi knowau Aq pwp qdol OJ sajwas ¥￿dnS JèJJo 01 ja￿6￿ 6uux g)J aul pue i!Jun y6noJog pJOjp￿ 'I1)Un￿ aJ!uspJoJpag IPJw￿ Aq pejjuo) Japun papunj ajp am ¥oddr f>uiiq sa)was uo4p6IAeN AJow?H

'PUry S141 UIUIIM spa!oJd 01 sJunowE )iJ!wls airJoiie pue iuads AiaAipèJJa èq up? spunj asaui hAOU aulwjaiap uayj sosnJL Jo pJeo8 ayi 'siiiM J!ayJ u! èJiyspJoJpas u! sJaJp3 01 saiuow u6 OWA sienpihipu! UJOJJ paAla￿j aJE sape A)p681 xwis pu!H pue 3)i£ .'sJaqwaw dnoJ6 6u!Ja¥ Jno ap!s6uoie suo!s13aP f￿!punI aipw am 'aJiyspJoJpas Ip4ua3 pup pjojpas Jo su6noJoq ayi u! aidoad I￿01 JO SPè3u aui 01 paJ!ns JaJw pup aNpaJJa

Ztr8'9T 9Z9'£S LSO'£S£'T £05,8 88b 60V88S'T Z6S'8 s£ uoue!￿daa saSU￿X￿ iuawiinJ)èx ieuo!SSèJOJd A)u￿un03)V v Npnv IEb S¥￿4￿ Jjejs SUO!SUad 6u!u!pJi jj￿S JJE JpJodLuai pup sa6pM saueies sa6JEy3 ¥ueg sJuawusaJJa¥ upJnsuI sasuadx3 aJiJJo knpuns sasuadx3 JOJOW ian4 6u!ueèi? sJ!eda¥ a)upuaJu!ew a)iJJo Ja]ndwoJ Ajauoopjs auoudqèi a6￿SOd 6uuu!Jd Jaiem se 141JiJpaia IèAPJI aJ!H al)!uaA slxei Sèl￿ puy lua¥ ai!H IIPH SJSO3 paJ!a aLuwwOoJd 3xnuaNadxa gTS'tr 88Z'Z LEE'T 6£T'ITT L8, S06,£ boo'z 9S£'T SZ6'LT S£O'L 988'6Z8 LEO'trOO'T 00£ 69L'T OT8,5 9bS'Z ZLS'tr 088,6 ZTE'T ot¥T'E OSS'9 6bS b99,8 £6L'T trT9'S TT6 t¥£8'T trE6' £LZ'9 Otrtr'T 8TO'ET 619 £9S'8 £66 OtrT'S LOO'T S08'T S19,£ TSg'09 bOZ'8 LLE'Ttr£ S6T'09 T9l'8 16L'ZTtr 668'69£'T 8l6'L 8LZ EL6'L S£O'l9'T so'£ 8b6'£ 6SZ'OT auo)uI JayK) aWOJUI JUaWJSaAUI PaAlaJa¥ SUO!JnquJuoJ d!4sJaqwaw seala¥ IupJ9 alU￿UI pe4uoJ 6uisieJpun4 puy suo!Jpuoa aN￿NI £trO'T££'T LL9'ZZ LLZ'T9S'T L6t•'E9 Z'£'T£ tvZOZ H)¥VN IST£ a3aN3 IIV3A 3HI ¥04 S3111ALL)V IVDNVNI4 40 a37IV￿a 3¥1HSQ¥04aaq NI SX3¥V)