Department of Finance
CITY OF CHICAGO '
December 12,2018
Andrea M. Valencia City Clerk
121 North LaSalle Street City Hall-Room 107 Chicago, Illinois 60602
RE: $600,785,000 Aggregate Principal Amount of City of Chicago
Chicago O'Hare International Airport General Airport Senior Lien Revenue and Refunding Bonds, Series 2018A (AMT) (the "2018A Senior Lien Bonds); and
$612,095,000 Aggregate Principal Amount of City of Chicago
Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds,
Series 2018B (Non-AMT) (the "2018B Senior Lien Bonds") and
$800,000,000 Aggregate Principal Amount of City of Chicago Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2018C (Taxable) (the "2018C Senior Lien Bonds, and collectively with the 2018A Senior Lien Bonds and the 2018B Senior Lien Bonds, (the "Bonds").
Dear Ms. Valencia:
Attached is the Certificate Pursuant to Bond Ordinance which is required to be filed with your office pursuant to Part B, Article II, Section 2.6 (c) of the Bond Ordinance adopted by the City Council ofthe City of Chicago (the "City Council") on March 28, 2018. Executed copies of the Official Statement and Contract of Purchase for the Bonds are also included.
Chief Financial Officer
121 NORTH LASALLE STREET, SUITE 700, CHICAGO, ILLINOIS 60602
Please direct this filing to the City Council.
CERTIFICATE PURSUANT TO BOND ORDINANCE
Pursuant to the provisions ofthe ordinance adopted by the City Council ofthe City of Chicago (the "City") on March 28, 2018 (the "Bond Ordinance"), authorizing the issuance of the City's Chicago O'Hare International Airport General Airport Senior Lien Revenue and Revenue Refunding Bonds in one or more series, the undersigned, CAROLE L. BROWN, the duly qualified and acting Chief Financial Officer ofthe City, hereby certifies as follows:
Except as otherwise defined herein, all defined terms contained in this Certificate shall have the same meanings, respectively, as such terms are defined in the Bond Ordinance.
Pursuant to Part A, Article I, Section 1.2(e), Part B, Article II, Section 2.1(b) and (f) and Section 2.6(a) and (c) of the Bond Ordinance, the undersigned Chief Financial Officer has determined that the Bonds (as hereinafter defined) shall be issued in an aggregate principal amount of $2,012,880,000 and in three series, such series to be designated (i) Chicago O'Hare International Airport General Airport Senior Lien Revenue and Revenue Refunding Bonds, Series 2018A in the aggregate principal amount of $600,785,000 (the "Series 2018A Senior Lien Bonds"), (ii) Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2018B in the aggregate principal amount of $612,095,000 (the "Series 2018B Senior Lien Bonds"), and (iii) $800,000,000 aggregate principal amount of the City's Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2018C (the "Series 2018C Senior Lien Bonds" and, together with the Series 2018A Senior Lien Bonds and the Series 2018B Senior Lien Bonds, the "Bonds"), and that the Bonds shall be dated, bear interest and mature, and shall be subject to optional and mandatory redemption prior to maturity, all as set forth in the "Schedule of Maturities and Redemption Provisions" attached here to as Exhibit A. Bonds that are subject to optional redemption may be redeemed at a redemption price of 100% of the principal amount of Bonds being redeemed plus accrued interest thereon to the redemption date. Bonds subject to mandatory redemption will be redeemed at a redemption price equal to 100% of the principal amount redeemed plus accrued interest thereon to the redemption date without premium.
Pursuant to Part B, Article II, Section 2.2 of the Bond Ordinance, the net proceeds of the sale of the Bonds shall be applied in the manner and amounts as described in Exhibit B attached hereto, entitled "Sources and Uses of Funds."
ACKNOWLEDGMENT OF FILING
Pursuant to the foregoing CERTIFICATE PURSUANT TO BOND ORDINANCE (the "Certificate"') of the Chief Financial Officer ofthe City of Chicago (the "City") executed and delivered in connection with the issuance by the City of $600,785,000 aggregate principal amount of the City's Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds, Series 2018A (the "Series 2018A Senior Lien Bonds"), $612,095,000 aggregate principal amount of the City's Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2018B (the "Series 2018B Senior Lien Bonds"), and $800,000,000 aggregate principal amount of the City's Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2018C (the "Series 2018C Senior Lien Bonds") (together with the Series 20I8A Senior Lien Bonds, the Series 2018B Senior Lien Bond and the Series 20I8C Senior Lien Bonds, the "Bonds"), the following documents have been filed in the office ofthe City Clerk of the City and is part of the official files and records of said office:
One executed copy ofthe Certificate;
One copy of the Official Statement of the City dated December 4, 2018 relating to the Bonds; and
One executed copy of the Contract of Purchase dated December 4, 2018 between the City and J.P. Morgan Securities LLC as representative of the underwriters as listed therein, relating to the Bonds.
(REMAINDER OF PAGE INTEN TIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS.]
IN WITNESS WHEREOF, I have hereunto affixed my signature and caused to be
affixed hereto the corporate seal of the City of Chicago, lllinois this day of December, 2018.
Andrea M. Valencia
City Clerk, City ofChicago
(SEAL)
[Signature Page - Acknowledgment of Filing]
Pursuant to Part B, Article II, Section 2.6(a) and (b) of the Bond Ordinance, the undersigned Chief Financial Officer has determined, with the concurrence of the Chairman of the Committee on Finance ofthe City Council, that the aggregate purchase price for the Bonds shall be $2,055,319,362.49 (reflecting a par value of $2,012,880,000 less an underwriters' discount of $11,542,253.41 plus a net original issue premium of $53,981,615.90), representing an aggregate purchase price for the Bonds which is not less than 85% of the principal amount of the Bonds (less any original issue discount which may be used in the marketing of the Bonds), payment thereof and on behalf of the City has executed and delivered a Contract of Purchase, dated December 4, 2018 between the City and J.P. Morgan as representative ofthe underwriters as listed therein (the "Contract of Purchase").
Pursuant to Part B, Article II, Section 2.12 ofthe Bond Ordinance, the undersigned Chief Financial Officer has determined that the Series 2018A Senior Lien Bonds, Series 2018B Senior Lien Bonds and Series 2018C Senior Lien Bonds are "Common Reserve Bonds" as defined in the related Supplemental Indentures. Upon the issuance of the Bonds, the City will deposit $95,237,010.45 from proceeds of the Bonds into the Common Debt Service Reserve Sub-Fund, and that such deposit of funds into the Common Debt Service Reserve Sub-Fund is in the best financial interests ofthe City.
Pursuant to Part B, Article II, Section 2.6(f) ofthe Bond Ordinance, the undersigned Chief Financial Officer has executed a Continuing Disclosure Undertaking, dated as of December 12, 2018, evidencing the City's agreement to comply with the requirements of Rule 15c2-12 adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, with respect to the Bonds.
Pursuant to Part B, Article II, Section 2.6(c) of the Bond Ordinance, the undersigned Chief Financial Officer has delivered or caused to be delivered herewith for filing with the office of the City Clerk one copy of the Official Statement dated December 4, 2018 relating to the Bonds and an executed copy of the Contract of Purchase.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS.]
-2-
IN WITNESS WHEREOF, the undersigned has hereunto subscribed her official signature this 12th day of December, 2018.
CITY OF CHICAGO
Carole L. Brown Chief Financial Officer
A-1
EXHIBIT A
Schedule of Maturities and Redemption Provisions For the Series 2018A, Series 2018B and Series 2018C Senior Lien Bonds
Schedule of Maturities Dated Date: December 12, 2018
. $600,785,000 Chicago O'Hare International Airport General Airport Senior Lien Revenue and Revenue Refunding Bonds, Series 2018A
(AMT)
Maturity (January I) 2020 ' 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 203.1. 2032 2033 2034 2035 2036 2037 2038 2039
Amount $5,070,000.00 655.000.00 695,000.00 730,000.00 770,000.00 805,000.00 845,000.00 890,000.00 940,000.00 975,000.00 1,030,000.00 1,085,000.00 1.140.000.00 1,200,000.00 1,220,000.00 1,285,000.00 25.130,000.00 26.390.000.00 27.705,000.00 27.520.000.00
Interest Rate(%) 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5 000%. 5.000%
Price 102.801% 105.073 106.998 108.691 110.098 111.227 112.153 112.838 113.292 113.616 112.889* 112.347* 111.719* 111.183* 110.651* 110.122* 110.386* 109.946* 109.596* 109.334*
Yield 2.290% 2.450 2.600 2.720 2.840 2.960 3.070 3.180 3.290 3.390 3.470 3.530 3.600 3.660 3.720 3.780 3.750 3 800 3.840 3.870
CUSIP' 167593 H88 167593 H96 167593J29 167593J37 167593J45 167593J52 167593J60 167593.178 167593J86 167593J94 167593K27 167593K35 I67593K43 167593K50 I67593K68 I67593K76 167593 K84 167593 K92 167593L26 167593L34
SI 15,070,000 Insured Term Bond Due January 1, 2043; Interest Rate: 4.00%; Price: 95.963%; Yield; 4.270%: CUSIP
No.T: 167593L42
$185,255,000 Term Bond Due January 1, 2048; Interest Rate: 5.00%; Price: 107.607%*; Yield: 4.070%; CUSIP No.*:
167593L59
$76,820,000 Term Bond Due January 1. 2053; Interest Rate: 5.00%; Price: 106.502%*; Yield: 4.200%; CUSIP No.+:
1675,93 L67
$97,560,000 Term Bond Due January 1, 2053; Interest Rate: 4.375%; Price: 97.830%; Yield: 4.500%; CUSIP No.*
167593L75
* Priced to the January 1, 2029 optional redemption datc
A-1
$612,095,000
Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2018B (Non-AMT)
Maturity (January JJ
2036 2037 2038 2039
Amount
$24,510,000.00 25,735,000.00 27,025,000.00 28,375,000.00
Interest Rate(%)
5.000% 5.000% 5.000% 5.000%
Prick I 12.527%* 112.077* 111.5401" 111.0951
l'lEI.D
3.510% 3.560 3.620 3.670
CUSIP+
167593L83 167593L91 I67593M25 167593M33
$161,375,000 Term Bond Due January 1. 2044; Interest Rate: 4.00%; Price: 97.219%; Yield: 4.180%; CUSIP No.+:
167593 M41
$156,230,000 Term Bond Due January 1. 2048; Interest Rate: 5.00%; Price: 109.509%*; Yield: 3.850%; CUSIP No/:
167593M58
$71,025,000 Insured Term Bond Due January 1. 2053; Interest Rate: 4.00%; Price: 96.042%; Yield: 4.220%; CUSIP
No.": 167593M74
SI 17,820.000 Term Bond Due January 1. 2053; Interest Rate: 5.00%; Price: 108.036%*; Yield: 4.020%; CUSIP No."
I67593M66
A-2
"1 Priced to the January 1, 2029 optional redemption datc.
$800,000,000
Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2018C (Taxable)
$400,000,000 Term Bond Due January L 2049; Interest Rate: 4.472%; Price: 100.00%: Yield: 4 472%; CUSIP No.+.
1675931162
$400,000,000 Term Bond Due January 1. 2054: Interest Rate: 4.572%; Price: 100.00%*; Yield: 4.572%; CUSIP No.+:
I67593H70
A-3
* Priced to the January I, 2029 optional redemption date
Redemption Provisions For The Series 2018A, Series 2018B and Series 2018C Senior Lien Bonds
Optional Redemption Provisions.
2018A Senior Lien Bonds. The 2018A Senior Lien Bonds maturing on and after January 1, 2030, are subject to redemption at the option of the City on or after January 1, 2029, in whole or in part at any time, and if in part, in such order of maturity as the City shall determine and within any maturity by lot, at the redemption price equal to the principal amount of each 2018A Senior Lien Bond to be redeemed, plus accrued interest to the date of redemption.
2018B Senior Lien Bonds. The 2018B Senior Lien Bonds are subject to redemption at the option of the City on or after January 1, 2029, in whole or in part at any time, and if in part, in such order of maturity as the City shall determine and within any maturity by lot, at the redemption price equal to the principal amount of each 2018B Senior Lien Bond to be redeemed, plus accrued interest to the date of redemption. 2018C Senior Lien Bonds Make Whole Optional Redemption.
The 2018C Senior Lien Bonds of each maturity are subject to redemption at the option of the City in whole or in part pro-rata at any time at the Redemption Price that is the greater of (A) 100% of the principal amount ofthe 2018C Senior Lien Bonds to be redeemed and (B) the sum of the present value ofthe remaining scheduled payments of principal and interest to the maturity date ofthe 2018C Senior Lien Bonds to be redeemed, not including any portion of those payments of interest accrued and unpaid as ofthe date on which the 2018C Senior Lien Bonds are to be redeemed, discounted to the date on which the 2018C Senior Lien Bonds are to be redeemed on a semi-annual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury Rate (as defined below) plus 25 basis points, plus, in each case, accrued and unpaid interest on the 2018C Senior Lien Bonds to be redeemed to but not including the redemption date.
"Treasury Rate " means, as of any redemption date for a Series 2018C Senior Lien Bond, (i) the time-weighted interpolated average yield to maturity, assuming a 360-day year consisting of twelve 30-day months, for a term equal to the Make Whole Period of the yields of the two U.S. Treasury nominal securities at "constant maturity" (as compiled and published in the Federal Reserve Statistical Release H. 15 (519) that is publicly available not less than two (2) Business Days nor more than 30 calendar days prior to the redemption date (excluding inflation indexed securities) (or, if such Statistical Release is no longer published, any publicly available source of similar market data reasonably selected by the Trustee most nearly equal to the period from the redemption date to the maturity date of such Series 2018C Senior Lien Bond, taking into account any Sinking Fund Payments for such 2018C Senior Lien Bonds)) maturing immediately preceding and succeeding the Make Whole Period or (ii) if the period from the redemption date to such maturity date is less than one year, the weekly average yield on actually traded U.S. Treasury Securities adjusted to a constant maturity of one year. The Treasury Rate will be determined by the Calculation Agent or an independent accounting firm, investment banking firm, or financial advisor retained and compensated by the City at the City's expense.
The redemption price of the 2018C Senior Lien Bonds to be redeemed pursuant to the Make-Whole Optional Redemption provision described above will be determined by the Calculation Agent or an independent accounting firm, investment banking firm or financial advisor retained by the City at the City's expense to calculate such redemption price. The Trustee and the City may conclusively rely on such determination of redemption price by such Calculation Agent or independent accounting firm, investment banking firm or financial advisor and will not be liable for such reliance.
A-4
Mandatory Sinking Fund Redemption Provisions.
2018A Senior Lien Bonds. The 2018A Senior Lien Bonds maturing on January 1, 2043, January 1, 2048, January 1, 2053 (Interest Rate: 5.00%) and January 1, 2053 (Interest Rate: 4.375%) are subject to mandatory redemption in part by lot from Sinking Fund Payments on January 1 of each ofthe years and in the respective principal amounts set forth below at a redemption price equal to the principal amount thereof to be redeemed, plus accrued interest to the date of redemption:
2043 Term Bond Year Amount($)
$27,100,000
28,180,000
29,310,000 2043* 30.480.000
t Final Maturity
2048 Term Bond
Year Amount($)
$33,500,000
35,175,000
36,935,000
38,780,000
2048* 40,865,000
t Final Maturity
2053 Term Bond (5.000% Coupon)
Year Amount(S)
$17,825,000
18,715.000
19,650.000
2053t 20,630,000
* Final Maturity
2053 Term Bond (4.375% Coupon)
Year Amounl($)
$22,635,000
23,765.000
24,955,000
20531 26,205,000
t Final Maturity
2018B Senior Lien Bonds. The 2018B Senior Lien Bonds maturing on January 1, 2044, January 1,2048, January 1,2053 (Insured) and January 1,2053 are subject to mandatory redemption in part by lot from Sinking Fund Payments on January 1 of each of the years and in the respective principal amounts set forth below at a redemption price equal to the principal amount thereof to be redeemed, plus accrued interest to the date of redemption:
A-5
2044 Term Bond
Year Amounl($)
- 529,795,000
30,985,000
32,225,000
33,515,000
2044t 34,855,000
> Final Maturity
2048 Term Bond
Year Amounl($)
2045 S36.245.000
38,060,000
39,965,000
2048+ 41,960,000
t Final Maturity
2053 Term Bond (Insured) Year Amount($)
$16,480,000
17,300,000
2052 18,170,000
2053t 19,075,000
+ Final Maturity
2053 Term Bond (5.000%
Coupon) Year Amount($)
$27,580,000
28.795.000
30,060,000 2053t 31,385,000
t Final Maturity
If the City redeems 2018 Senior Lien Bonds subject to mandatory redemption pursuant to optional redemption or purchases 2018 Senior Lien Bonds subject to mandatory redemption and cancels the same, then an amount equal to the principal amount of 2018 Senior Lien Bonds of such Series and maturity so redeemed or purchased shall be deducted from the mandatory redemption requirements as provided for such 2018 Senior Lien Bonds of such Series and maturity in such order as an Authorized Officer ofthe City shall determine.
Redemption Procedures. Notice of redemption ofthe 2018 Senior Lien Bonds identifying the 2018 Senior Lien Bonds or portions thereof to be redeemed, and specifying the redemption date, the redemption price, the places and dates of payment, that from the redemption date interest will cease to accrue, and whether the redemption (in the case of an optional redemption) is conditioned upon sufficient moneys being available on the redemption date (or any other condition), shall be given by the Trustee by mailing a copy of such redemption notice, not less than 30 days nor more than 60 days prior to the date fixed for redemption, to the Registered Owner of each such 2018 Senior Lien Bond to be redeemed in whole or in part at the address shown on the registration books. Redemption notices will be sent by first class mail, except that notices to Registered Owners of at least $1,000,000 of 2018
A-6
Senior Lien Bonds of the same Series shall be sent by registered mail. Failure to mail any such notice to the Registered Owner of any such 2018 Senior Lien Bond or any defect therein shall not affect the validity ofthe proceedings for such redemption of such 2018 Senior Lien Bond. Any such notice mailed as described above shall be conclusively presumed to have been duly given, whether or not the Registered Owner of any 2018 Senior Lien Bond receives the notice.
If a 2018 Senior Lien Bond is of a denomination larger than $5,000, all or a portion of such 2018 Senior Lien Bond (in a denomination of $5,000 or any integral multiple thereof) may be redeemed, but such 2018 Senior Lien Bond shall be redeemed only in a principal amount equal to $5,000 or any integral multiple thereof. Upon surrender of any 2018 Senior Lien Bond for redemption in part only, the City shall execute and the Trustee shall authenticate and deliver to the Registered Owner thereof, at the expense of the City, a new 2018 Senior Lien Bond or 2018 Senior Lien Bonds of the same Series, maturity and interest rate and of authorized denominations, in aggregate principal amount equal to the unredeemed portion of the 2018 Senior Lien Bond surrendered.
Selection of 2018A Senior Lien Bonds and 2018B Senior Lien Bonds to be Redeemed. If fewer than all of the 2018A Senior Lien Bonds or 2018B Senior Lien Bonds of the same Series, maturity and interest rate are called for redemption, such 2018A Senior Lien Bonds or 2018B Senior Lien Bonds (or portions thereof) to be redeemed shall be selected by lot by the Trustee (except at any time when such 2018A Senior Lien Bonds or 2018B Senior Lien Bonds are held in a book-entry system, in which case selection of such 2018A Senior Lien Bonds or 2018B Senior Lien Bonds to be redeemed will be in accordance with procedures established by the book-entry depository).
Selection of 2018C Senior Lien Bonds to be Redeemed. If less than all ofthe 2018C Senior Lien Bonds are to be redeemed, the particular 2018C Senior Lien Bonds or portions thereof to be redeemed will be selected on a pro-rata pass-through distribution of principal basis in accordance with DTC procedures, provided that the selection for redemption of such 2018C Senior Lien Bonds will be-made in accordance with the operational arrangements of DTC then in effect.
A-7
EXHIBIT B
Sources and Uses of Funds
$2,068,420,163.20 Chicago Senior Lien Revenue and Revenue Refunding Bonds (Series 2018A, Series 2018B and Series 2018C Senior Lien Bonds)
2018A Senior Lien Bonds
2018B
Senior Lien Bonds
2018C Senior Lien Bonds
Par Amount
Net Premium
Other Available Funds
Total
$612,095,000.00 29,470,192.55
$600,785,000.00 24,511.423.35 1,558.547.30
$626.854.970.65 $641.565.192.55 $800.000.000.00
$12,012,880,000.00 53,981,615.90 1.558.547.30
Uses of Funds
Deposit to Project Account
Deposit to Common Debt Service Reserve Sub-Fund Capitalized Interest
Deposit to Repay Commercial Paper Notes Deposit to Repay Credit Agreement Notes Deposit to Defease Refunded Bonds Costs of Issuance"' Total
28,812,457.28 38,556,763.48 196,727,060.29
4,883,540.49 27,184.375.22
4.666,397.97
$626.854.970.65
29,562,090.89 60,942,848.06 45,099,086.42 5,187,649.91
4,604,248.75 $641.565.192.55
36,862,462.28 68,167,441.69
5,438,485.46 $800.000.000.00
95,237,010.45 167,667,053.23 241,826,146.71 10,071,190.40 27,184.375.22 14.709,132.18
33.20
'" Includes Underwriters' Discount, premiums Tor the Policies for certain 2018A Senior l.ien Bonds and certain 2018B Senior Lien Bonds and other costs of" issuance
B-1
(
NEW ISSUE - BOOK-ENTRY ONLY RATINGS: SEE "RATINGS" HEREIN
In the opinion of Mayer Brown LLP, Chicago, Illinois, and Neal & Leroy LLC, Chicago, Illinois, Co-Bond Counsel, under existing law, and assuming compliance by the City with certain covenants, (ij interest on the 2018A Senior Lien Bonds (A) is excluded from the gross income of the owners thereof for U.S. federal income taut: purposes and (B) is an item of tax preference for purposes of indi vidual min imum taxable income for purposes of individual alternative minimum tax, and (ii) interest on the 2018B Senior Lien Bonds (A) is excluded from the gross income of the owners thereof for U.S. federal income tax purposes and (B) is not a specific item of tax preference for pmposes of the federal alternative minimum tax imposed on individuals. Interest on the Bonds is not exempt, from present State of Illinois income tares. Co-Bond Counsel observe that, interest on th e 201SC Sen io r Lien Bonds is not excluded from gmss income for federal income tax jmrposes under Section 103 of the Internal Revenue Code. See "TAX MATTERS" herein for a more, complete discussion and APPENDIX F for the form of opinions to be delivered by Co-Bond Counsel.
$2,012,880,000 CITY OF CHICAGO CHICAGO O'HARE INTERNATIONAL AIRPORT
General Airport Senior Lien Revenue General Airport Senior
and Revenue Refunding Bonds Lien Revenue Bonds
$600,785,000 $612,095,000 $800,000,000
Series 2018A Series 2018B Series 2018C
(AMT) (Non-AMT) (Taxable)
Dated: Date of Delivery January 1, as shown on the inside cover pages
The201S Senior Lien Bonds (;is herein defined) will be limited obligat ions of Uie City of Chicago (the "City") payable from and secured by a pledge of Revenues (as herein defined) derived from the operation of Chicago O'Hare International Airport ("O'Hare") and will be secunHl on a parity basis as to Revenues Willi tin; City's Outstanding Senior Lien Bonds (as herein defined) and such other Senior Lien Obligations (as herein defined) as may be outstanding from time to time, as more fully described herein. See "THE 2018 SENIOR LIEN BONDS" and "SECURITY FOR THE 2018 SENIOR LIEN BONDS." Neither the faith and credit, nor the taxing power of the City, the State of Illinois or any political subdivision of the State of Illinois will be pledged to the payment ofthe principal of or interest on the 2018 Senior Lien Bonds.
The 2018 Senior Lien Bonds will be issued as fully registered bonds in the name of Cede & Co., as registered owner ;uid nominee of Tin; Depository Trust Company, New York, New York ("DTC"). DTC will act as securities depository for the 2018 Senior Lien Bonds. Purchasers of the 2018 Senior Lien Bonds will not receive certificates representing their interests in the 2018 Senior Lien Bonds purchased. Ownership by the beneficial owners of the 201S Senior Lien Bonds will be evidenced by book-entry only. Principal ofand interest on the 2018 Senior Lien Bonds will be paid by U.S. Bank National Association, Chicago, Illinois, as trustee for the 2018 Senior Lien Bonds to DTC, which in turn will remit such principal and interest payments t o its participants for subsequent disbursement to the beneficial owners of the 2018 Senior Lien Bonds. As long as Cede & Co. is the registered owner as nominee of DTC, payments on the 2018 Senior Lien Bonds will be made to such registered owner, and disbursal ofsuch payments to beneficial owners will be the responsibility of DTC and its participants. Sec APPENDIX G - "DESCRIPTION OF BOOK-ENTRY ONLY SYSTEM AND GLOBAL CLEARANCE PROCEDURES."
Interest, on the 2018 Senior Lien Bonds is payable on January 1 and July 1 of each year, commencing July 1, 2019. The 2018 Senior Lien Bonds are subject to redemption prior to maturity in Ihe manner and at the times set forth herein. See "THE 2018 SENIOR LIEN BONDS-Redemption Provisions."
The scheduled payment of principal of and interest on the 2018A Senior Lien Bonds maturing on January 1, 2043 (CUSIP No. 167593L42) (the "2018A Insured Bonds") when due will be guaranteed under an insurance policy (the "201SA Policy") to be issued by Build America Mutual Assurance Company (the "2018A Bond Insurer"), the scheduled payment, of principal of and interest on the 2018B Senior Lien Bonds maturing on January 1, 2053 (CUSIP No. 167593M74) (the " 2018B Insured Bonds") when due will be guaranteed under.an insurance policy (the "2018B Policy" with the 2018A Policy, the "Policies") to be issued concurrently with the delivery of the 2018B Insured Bonds by Assured Guaranty Municipal Corp (the "201RB Bond Insurer" with the 2018A Bond Insurer, the "Bond Insurers").
•1 B » Assured
BAM GUARANTY"
^ .u.u ,=»,?., MUNICIPAL
The City will use the proceeds from the sale of the 2018A Senior Lien Bonds, the 2018B Senior Lien Bonds mid the 201SC Senior Lien Bonds (collectively, the "2018 Senior Lien Bonds"), together with other available funds, to: (i) fund portions ofthe Airport. Capital Program (as herein defined), (ii) refund certain outstanding Senior Lien Bonds (the "Refunded Bonds," as defined herein), (iii) repay certain portions of the City's outstanding Commercial Paper Notes and Credit Agreement Notes (each as defined herein), (iv) fund the Reserve Requirement for the 2018 Senior Lien Bonds, (v) capitalize a portion of the interest on the 2018 Senior Lien Bonds, and (vi) pay costs and expenses incidental thereto mid to the issuance of the 201.8 Senior Lien Bonds. See "PLAN OF FINANCE" and "SOURCES AND USES OF FUNDS" herein
For a discussion of certain investment, considerations associated with the purchase of the 2018 Senior Lien Bonds, see "CERTAIN INVESTMENT CONSIDERATIONS." For maturities, principal amounts, interest rales, prices, yields and CUSIP numbers, see the inside cover pages
The 2013 Senior Lien Bonds are offered when, as and if issued by the City and accepted by the LTiiderwriters (as herein defined) subject to the approval of their validity by Mayer Brown LLP, Chicago, Illinois, and Neal & Leroy LLC, Chicago, Illinois, Co-Bond Counsel, and certain other conditions. Certain legal matters will he passed upon for the City by (i) its Corporation Counsel and (ii) in connection with the preparation of this Official Statement, Miller, Canfield, Paddock and Stone, P.L.C., Chicago, Illinois, and Chico & Nunes, P.C, Chicago, Illinois, Co-Disclosure Counsel lo the City. Certain legal matters will be passed upon for the Underwriters by McGuireWoods LLP, Chicago, Illinois. Ilis expected that delivery of the 2018 Senior Lien Bonds in book-entry form will be made through the facilities of DTC on or about December 12. 2018.
J.P. Morgan
. Cabrera Capital Markets, LLC RBC Capital Markets, LLC Rice Financial Products Company UBS Financial Services Inc.
Academy Securities 13AIRD Blaylock Van, LLC BNY Mellon Capital Markets. LLC Fifth Third Securities, Inc.
George K. Daum A Comfiaiiy Harvcstons Securities, Inc. JI.B. Ililliard, W. L. Lyons, LLC Huntington Capital Markets Hutchinson, Shockey, Erley & Co.
IPS Securities, Inc. Mclvin & Company, LLC Mesirow Financial, Inc. Mischlcr Financial Group, Inc. North South Capital, LIX:
Piper Jaffray & Co. Raymond James & Associates, Inc. Sicbcrt. Cisneros Shank & Co., L.L.C. Valdcs & Moreno, Inc.
Dated December 4, 2018.
i
Maturities, amounts, Interest Rates, Prices, Yields and CUSIP+ Numbers
City of Chicago Chicago O'Hare International Airport
$600,785,000
General Airport Senior Lien Revenue and Revenue Refunding bonds,
Series 2018A (AMT)
Maturity (January 1)
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039
Amount $5,070,000
655.000 695,000 730.000 770.000 805.000 845,000 890,000 940,000 975,000 1,030,000 1,085,000 1,140,000 1,200,000 1,220.000 1,285,000
25,130,000 26,390,000 27,705.000 27.520,000
Interest
Rate
5.000%
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
.801% .073 .998 .691 .098 .227 .153 .838 .292 .616 .889* .347* .719+ .183* .651* .122* .386* .946* .596* .334*
Yield
2.290%
2.450
2.600
2.720
2.840
2.960
3.070
3.180
3.290
3.390
3.470
3.530
3.600
3.660
3.720
3.780
3.750
3.800
3.840
3.870
CUSIP+ 167593H88 167593H96 167593J29 167593J37 167593J45 167593J52 167593J60 167593J78 167593J86 167593J94 167593K27 167593K35 167593K43 167593K50 167593K68 167593K76 167593K84 167593K92 167593L26 167593L34
isnsr
US167593H880
US167593H963
US 167593J290
US167593J373
US167593J456
US167593J522
US 167593J605
US167593J787
US167593J860
US167593J944
US 167593K272
US 167593K.355
US167593K439
US167593K504
US167593K686
US167593K769
US 167593K843
US167593K926
US167593L262
US 167593L346
$115,070,000 Term Bond Due January 1, 2043**; Interest Rate: 4.00%; Price: 95.963%; Yield: 4.270%; CUSIP': 167593L42; IS1N+: US167593L429 $185,255,000 Term Bond Due January 1, 2048; Interest Rate: 5.00%; Price: 107.607%t; Yield: 4.070%; CUSIP+: 167593L59; ISIN+: US167593L593 $76,820,000 Term Bond Due January 1, 2053; Interest Rate: 5.00%; Price: 106.502%*; Yield: 4.200%; CUSIP+: 167593L67; ISIN+: USI67593L676 $97,560,000 Term Bond Due January 1, 2053; Interest Rate: 4.375%; Price: 97.830%; Yield: 4.500%; CUSIP+: 167593L75; ISIN4: US167593L759
f Priced to the January 1, 2029 optional redemption date.
** Maturity insured by municipal bond insurance policy issued by Build America Mutual Assurance Company. + CUSIP® is a registered trademark of the American Bankers Association. CUSIP and ISIN data herein is provided by CUSIP Global Services (CGS), which is managed on behalf of the American Bankers Association by S&P Global Market Intelligence. This data is not intended to create a database and does not serve in any way as a substitute for the CGS database. CUSIP and ISDN numbers have been assigned by an independent company not affiliated with the State and are included solely for the convenience of the registered owners of the applicable 2018 Senior Lien Bonds. Neither the State nor the Underwriters are responsible for the selection or uses of these CUSIP and ISIN numbers, and no representation is made as lo their correctness on the applicable 2018 Senior Lien Bonds or as included herein. The CUSIP and/or ISIN number for a specific maturity is subject to being changed after the issuance ofthe 2018 Senior Lien Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities ofthe 2018 Senior Lien Bonds.
City of Chicago Chicago O'Hare International Airport
$612,095,000
General Airport Senior Lien Revenue Bonds, Series 2018B (Non-amt)
Maturity (January n
2036 2037 2038 2039.
Amount $24,510,000 25,735,000 27.025,000 28,375,000
Interest Rate 5.000% 5.000 5.000 5.000
Price 112.527%* 112.077* 111.540* 111.095*
Yield
3.510%
3.560
3.620
3.670
CUSIP" 167593L83 167593L91 167593M25 167593M33
ISIN* US167593L833 US167593L916 US167593M252 US167593M336
$161,375,000 Term Bond Due January 1,2044, Interest Rate: 4.00%; Price: 97.219%; Yield: 4.180%; CUSIP*: 167593M41; ISIN1 US167593M419 $156,230,000 Term Bond Due January 1, 2048; Interest Rale 5.00%, Price: 109.509%*; Yield: 3.850%; CUSIP' : 167593M58; ISIN"- US167593M583 $71,025,000 Term Bond Due January 1,2053**, Interest Rate. 4.00%; Price: 96.042%; Yield: 4.220%; CUSIP4: 167593M74; ISIN": US167593M740 $117,820,000 Term Bond Due January 1,2053; Interest Rate: 5.00%; Price: 108.036%*; Yield: 4.020%; CUSIP* 167593M66; ISIN- : US167593M666
* Priced to the January 1, 2029 optional redemption date.
** Maturity insured by municipal bond insurance policy issued by Assured Guaranty Municipal Corp. + CUSIP® is a registered trademark ofthe American Bankers Association. CUSIP and ISIN data herein is provided by CUSIP Global Services (CGS), which is managed on behalf of the American Bankers Association by S&P Global Market Intelligence. This data is not intended to create a database and does not serve in any way as a substitute for the CGS database. CUSIP and ISIN numbers have been assigned by an independent company not affiliated with the State and are included solely for the convenience of the registered owners of the applicable 2018 Senior Lien Bonds. Neither the State nor the Underwriters are responsible for ihe selection or uses of these CUSIP and ISIN numbers, and no representation is made as to their correctness on the applicable 2018 Senior Lien Bonds or as included herein. The CUSIP and/or ISIN number for a specific maturity is subject to being changed after the issuance ofthe 2018 Senior Lien Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities ofthe 2018 Senior Lien Bonds.
City of Chicago Chicago O'Hare International airport
$800,000,000
General Airport Senior Lien Revenue Bonds, Series 2018C (Taxable)
$400,000,000 Term Bond Due January 1, 2049; Interest Rate: 4.472%; Price: 100.00%; Yield. 4.472%; CUSIP*: 167593H62; ISINT: US167593H625 S400.000.000 Term Bond Due January 1, 2054; Interest Rate: 4.572%; Price: 100.00%; Yield: 4.572%; CUSIP* 167593H70: ISIN+: US167593H708
+ CUSIP® is a registered trademark of the American Bankers Association. CUSIP and ISIN data herein is provided by CUSIP Global Services (CGS), which is managed on behalf of the American Bankers Association by S&P Global Market Intelligence. This data is not intended to create a database and docs not serve in any way as a substitute for the CGS database. CUSIP and ISIN numbers have been assigned by an independent company not affiliated with the State and are included solely for the convenience ofthe registered owners of the applicable 2018 Senior Lien Bonds. Neither the State nor the Underwriters are responsible for the selection or uses of these CUSIP and ISIN numbers, and no representation is made as to their correctness on the applicable 2018 Senior Lien Bonds or as included herein. The CUSIP and/or ISIN number for a specific maturity is subject to being changed after the issuance of the 2018 Senior Lien Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities ofthe 2018 Senior Lien Bonds.
REGARDING THE USE OF THIS OFFICIAL STATEMENT
The Underwriters have provided the following sentence for inclusion in the Official Statement. The Underwriters have reviewed the information in this Official Statement in accordance with, and as part of, their respective responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness of such information.
This Official Statement is being used in connection with the sale of the 2018 Senior Lien Bonds and may not be reproduced or used, in whole or in part, for any other purpose. Certain information contained in this Official Statement has been obtained by the City from DTC and other sources that are deemed to be reliable; however, no representation or warranty is made as to the accuracy or completeness of such information by the City. The delivery of this Official Statement at any time does not imply that information herein is correct as of any time subsequent to its date.
This Official Statement should be considered in its entirety and no one factor considered more or less important than any other by reason of its position in this Official Statement. Where statutes, reports or other documents arc referred to herein, reference should be made to such statutes, reports or other documents in their entirety for more complete information regarding the rights and obligations of parties thereto, facts and opinions contained therein and the subject matter thereof. Any statements made in this Official Statement, including the Appendices, involving matters of opinion or estimates, whether or not so expressly stated, are set forth as such and not as representations of fact, and no representation is made that any of such estimates will be realized. This Official Statement contains certain forward-looking statements and information that are based on the beliefs of the City as well as assumptions made by and currently available to the City. Such statements arc subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected.
Neither the City nor any other independent accountants, have compiled, examined, or performed any procedures with respect to, or been consulted in connection with the preparation of, the prospective financial information contained herein. The City's independent auditors assume no responsibility for the content of the prospective financial information set forth in this Official Statement, disclaim any association with such prospective financial information, and have not, nor have any other independent auditors, expressed any opinion or any other form of assurance on such information or its achievability.
No dealer, broker, sales representative or any other person has been authorized by the City to give any information or to make any representation other than those contained in this Official Statement in connection with the offering it describes and, if given or made, such other information or representation must not be relied upon as having been authorized by the City. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy any securities other than those described on the cover page and inside cover pages hereof, nor shall there be any offer to sell, solicitation of an offer to buy or sale of, the 2018 Senior Lien Bonds in any jurisdiction in which it is unlawful to make such offer, solicitation or sale. The information and opinions expressed herein are subject to change without notice and neither the delivery of this Official Statement nor any sale made hereunder shall under any circumstances create any implication that there has been no change in the affairs of O'Hare since the date of this Official Statement. Neither this Official Statement nor any statement that may have been made verbally or in writing is to be construed as a contract with the registered or beneficial owners of the 2018 Senior Lien Bonds.
Build America Mutual Assurance Company ("BAM*') makes no representation regarding the Bonds or the advisability of investing in the Bonds. In addition, BAM has not independently verified, makes no representation regarding, and does not accept any responsibility for the accuracy or completeness of this Official Statement or any information or disclosure contained herein, or omitted herefrom, other than with respect to the accuracy ofthe information regarding BAM, supplied by BAM and presented under the heading "BOND INSURANCE" and APPENDIX I -"SPECIMEN BOND INSURANCE POLICIES" herein.
Assured Guaranty Municipal Corp. ("AGM") makes no representation regarding the 2018 Senior Lien Bonds or the advisability of investing in the 2018 Senior Lien Bonds. In addition, AGM has not independently verified, makes no representation regarding, and does not accept any responsibility for the accuracy or completeness of this Official Statement or any information or disclosure contained herein, or omitted herefrom, other than with respect to the accuracy of the information regarding AGM supplied by AGM and presented under the heading "BOND INSURANCE" and APPENDIX I - "SPECIMEN BOND INSURANCE POLICIES"
In making an investment decision, investors must rely on their own examination of the terms of this offering, including the merits and the risks involved. These securities have not been recommended by any federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this document. Any representation to the contrary is a criminal offense.
Certain persons participating in this offering may engage in transactions that maintain or otherwise affect the price of the 2018 senior lien bonds. specifically, the underwri ters may overallot in connection with the offering, and may bid for, and purchase, the 2018 senior lien bonds in the open market. The prices and other terms respecting the Offering and sale of the 2018 Senior Lien Bonds may be changed from time to time by the underwriters after the 2018 senior lien bonds are released for sale, and the 2018 Senior Lien Bonds may be offered and sold at prices other than the Initial Offering Prices, including sales to dealers who may sell the 2018 senior lien bonds into investment accoun ts.
INFORMATION CONCERNING OFFERING RESTRICTIONS IN CERTAIN JURISDICTIONS OUTSIDE THE UNITED STATES
THE CITY (REFERRED TO IN THESE LEGENDS AS THE "ISSUER") MAKES NO REPRESENTATION AS TO THE ACCURACY OR ADEQUACY OF THE INFORMATION UNDER THIS CAPTION. REFERENCES UNDER THIS CAPTION TO "BONDS" OR "SECURITIES" MEAN THE 2018 SENIOR LIEN BONDS OFFERED HEREBY, AND REFERENCES TO THE "UNDERWRITERS" MEAN THE UNDERWRITERS AND THE INITIAL PURCHASERS.
MINIMUM UNIT SALES
THE BONDS WILL TRADE AND SETTLE ON A UNIT BASIS (ONE UNIT EQUALING ONE BOND OF $5,000 PRINCIPAL AMOUNT). FOR ANY SALES MADE OUTSIDE THE UNITED STATES, THE MINIMUM PURCHASE AND TRADINGnAMOUNT IS 30 UNITS (BEING 30 BONDS IN AN AGGREGATE PRINCIPAL AMOUNT OF $150,000).
NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA
THE BONDS ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY RETAIL INVESTOR IN THE EUROPEAN ECONOMIC AREA ("EEA"). FOR THESE PURPOSES, A RETAIL INVESTOR MEANS A PERSON WHO IS ONE (OR MORE) OF: (I) A RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF DIRECTIVE 2014/65/EU (AS AMENDED, "MIFID II"); OR (II) A CUSTOMER WITHIN THE MEANING OF DIRECTIVE 2002/92/EC (AS AMENDED, THE "INSURANCE MEDIATION DIRECTIVE"), WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT AS DEFINED IN POINT (10) OF ARTICLE 4(1) OF MIFID II; OR (III) NOT A QUALIFIED INVESTOR AS DEFINED IN DIRECTIVE 2003/71/EC (AS AMENDED, THE "PROSPECTUS DIRECTIVE"). CONSEQUENTLY, NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO. 1286/2014 (AS AMENDED, THE "PRIIPS REGULATION") FOR > OFFERING OR SELLING THE BONDS OR OTHERWISE MAKING THEM AVAILABLE TO RETAIL INVESTORS IN THE EEA HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE BONDS OR OTHERWISE MAKING THEM AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA MAY BE UNLAWFUL UNDER THE PRIIPS REGULATION.
THIS OFFICIAL STATEMENT HAS BEEN PREPARED ON THE BASIS THAT ALL OFFERS OF THE BONDS TO ANY PERSON THAT IS LOCATED WITHIN A MEMBER STATE OF THE EEA WILL BE MADE PURSUANT TO AN EXEMPTION UNDER ARTICLE 3(2) OF THE PROSPECTUS DIRECTIVE, AS IMPLEMENTED IN MEMBER STATES OF THE EEA, FROM THE REQUIREMENT TO PRODUCE A PROSPECTUS FOR OFFERS OF THE SECURITIES. ACCORDINGLY, ANY PERSON MAKING OR INTENDING TO MAKE ANY OFFER IN THE EEA OF THE BONDS SHOULD ONLY DO SO IN CIRCUMSTANCES IN WHICH NO OBLIGATION ARISES FOR THE ISSUER OR ANY OF THE UNDERWRITERS TO PROVIDE A PROSPECTUS FOR SUCH OFFER. NEITHER THE ISSUER NOR THE UNDERWRITERS HAVE AUTHORIZED, NOR DO THEY AUTHORIZE, THE MAKING OF ANY OFFER OF BONDS THROUGH ANY FINANCIAL INTERMEDIARY, OTHER THAN OFFERS MADE BY THE UNDERWRITERS, WHICH CONSTITUTE THE FINAL PLACEMENT OF THE BONDS CONTEMPLATED IN THIS OFFICIAL STATEMENT.
IN RELATION TO EACH MEMBER STATE OF THE EEA THAT HAS IMPLEMENTED THE PROSPECTUS DIRECTIVE (EACH, A "RELEVANT MEMBER STATE"), WITH EFFECT FROM AND INCLUDING THE DATE ON WHICH THE PROSPECTUS DIRECTIVE IS IMPLEMENTED IN THAT RELEVANT MEMBER STATE, THE OFFER OF ANY BONDS WHICH IS THE SUBJECT OF THE OFFERING CONTEMPLATED BY THIS OFFICIAL STATEMENT IS NOT BEING MADE AND WILL NOT BE MADE TO THE PUBLIC IN THAT RELEVANT MEMBER STATE, OTHER THAN: (A) TO ANY LEGAL ENTITY WHICH IS A "QUALIFIED INVESTOR" AS SUCH TERM IS DEFINED IN THE PROSPECTUS DIRECTIVE; (B) TO FEWER THAN 150 NATURAL OR LEGAL PERSONS (OTHER THAN "QUALIFIED INVESTORS" AS SUCH TERM IS DEFINED IN THE PROSPECTUS DIRECTIVE), SUBJECT TO OBTAINING THE PRIOR CONSENT OF THE RELEVANT UNDERWRITER OR THE ISSUER FOR ANY SUCH OFFER; OR (C) IN ANY OTHER CIRCUMSTANCES FALLING WITHIN ARTICLE 3(2) OF THE PROSPECTUS DIRECTIVE; PROVIDED THAT NO SUCH OFFER OF THE BONDS SHALL REQUIRE THE ISSUER OR ANY UNDERWRITER TO PUBLISH A PROSPECTUS PURSUANT TO ARTICLE 3(1) OF THE PROSPECTUS DIRECTIVE OR A SUPPLEMENT TO A PROSPECTUS PURSUANT TO ARTICLE 16 OF THE PROSPECTUS DIRCTIVE.
FOR THE PURPOSES OF THIS PROVISION, THE EXPRESSION AN "OFFER OF SECURITIES TO THE PUBLIC" IN RELATION TO THE BONDS IN ANY RELEVANT MEMBER STATE MEANS THE COMMUNICATION IN ANY FORM AND BY ANY MEANS OF SUFFICIENT INFORMATION ON THE TERMS OF THE OFFER AND THE BONDS TO BE OFFERED SO AS TO ENABLE AN INVESTOR TO DECIDE TO PURCHASE THE BONDS, AS THE SAME MAY BE VARIED IN THAT RELEVANT MEMBER STATE BY ANY MEASURE IMPLEMENTING THE PROSPECTUS DIRECTIVE IN THAT RELEVANT MEMBER STATE.
EACH SUBSCRIBER FOR OR PURCHASER OF THE SECURITIES IN THE OFFERING LOCATED WITHIN A RELEVANT MEMBER STATE WILL BE DEEMED TO HAVE REPRESENTED, ACKNOWLEDGED AND AGREED THAT IT IS A "QUALIFIED INVESTOR" WITHIN THE MEANING OF ARTICLE 2(1 )(E) OF THE PROSPECTUS DIRECTIVE. THE ISSUER AND EACH UNDERWRITER AND OTHERS WILL RELY ON THE TRUTH AND ACCURACY OF THE FOREGOING REPRESENTATION, ACKNOWLEDGEMENT AND AGREEMENT.
NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED KINGDOM
THIS OFFICIAL STATEMENT HAS NOT BEEN APPROVED FOR THE PURPOSES OF SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 ("FSMA") AND DOES NOT CONSTITUTE AN OFFER TO THE PUBLIC IN ACCORDANCE WITH THE PROVISIONS OF SECTION 85 OF THE FSMA. IT IS FOR DISTRIBUTION ONLY TO, AND IS DIRECTED SOLELY AT, PERSONS WHO (I) ARE OUTSIDE THE UNITED KINGDOM, (II) ARE INVESTMENT PROFESSIONALS, AS SUCH TERM IS DEFINED IN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (THE "FINANCIAL PROMOTION ORDER"), (III) ARE PERSONS FALLING WITHIN ARTICLE 49(2)(A) TO (D) OF THE FINANCIAL PROMOTION ORDER, OR (IV) ARE PERSONS TO WHOM AN INVITATION OR INDUCEMENT TO ENGAGE IN INVESTMENT ACTIVITY (WITHIN THE MEANING OF SECTION 21 OF THE FSMA) IN CONNECTION WITH THE ISSUE OR SALE OF ANY SECURITIES MAY OTHERWISE BE LAWFULLY COMMUNICATED OR CAUSED TO BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). THIS OFFICIAL STATEMENT IS DIRECTED ONLY AT RELEVANT PERSONS AND MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS OFFICIAL STATEMENT RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. ANY PERSON WHO IS NOT A RELEVANT PERSON SHOULD NOT ACT OR RELY ON THIS THIS OFFICIAL STATEMENT OR ANY OF ITS CONTENTS.
NOTICE TO PROSPECTIVE INVESTORS IN HONG KONG
THE CONTENTS OF THIS OFFICIAL STATEMENT HAVE NOT BEEN REVIEWED BY ANY REGULATORY AUTHORITY IN HONG KONG. YOU ARE ADVISED TO EXERCISE CAUTION IN RELATION TO THE BONDS. IF YOU ARE IN ANY DOUBT ABOUT ANY OF THE CONTENTS OF THIS OFFICIAL STATEMENT, YOU SHOULD OBTAIN INDEPENDENT PROFESSIONAL ADVICE.
THIS OFFICIAL STATEMENT HAS NOT BEEN, AND WILL NOT BE, REGISTERED AS A PROSPECTUS (AS DEFINED IN THE COMPANIES (WINDING UP AND MISCELLANEOUS PROVISIONS) ORDINANCE (CHAPTER 32 OF THE LAWS OF HONG KONG)) (THE "C(WUMP)0") IN HONG KONG NOR HAS IT BEEN APPROVED BY THE SECURITIES AND FUTURES COMMISSION OF HONG KONG PURSUANT TO THE SECURITIES AND FUTURES ORDINANCE (CHAPTER 571 OF THE LAWS OF HONG KONG) ("SFO").
ACCORDINGLY, THE BONDS MAY NOT BE OFFERED OR SOLD IN HONG KONG BY MEANS OF THIS OFFICIAL STATEMENT OR ANY OTHER DOCUMENT AND THIS OFFICIAL STATEMENT MUST NOT BE ISSUED, CIRCULATED OR DISTRIBUTED IN HONG KONG, OTHER THAN TO (A) "PROFESSIONAL INVESTORS" AS DEFINED IN THE SFO AND ANY RULES MADE UNDER THE SFO, OR (B) IN OTHER CIRCUMSTANCES WHICH DO NOT RESULT IN THIS OFFICIAL STATEMENT OR ANY OTHER DOCUMENT BEING A "PROSPECTUS" AS DEFINED IN SECTION 2(1) OF THE C(WUMP)0 OR WHICH DO NOT CONSTITUTE AN OFFER TO THE PUBLIC WITHIN THE MEANING OF THE CWMO. IN ADDITION, NO PERSON MAY ISSUE OR HAVE IN ITS POSSESSION FOR THE PURPOSES OF ISSUE, WHETHER IN HONG KONG OR ELSEWHERE, ANY ADVERTISEMENT, INVITATION OR DOCUMENT RELATING TO THE BONDS, WHICH IS DIRECTED AT, OR THE CONTENTS OF WHICH ARE LIKELY TO BE ACCESSED OR READ BY, THE PUBLIC OF HONG KONG (EXCEPT IF PERMITTED TO DO SO UNDER THE SECURITIES LAWS OF HONG KONG) OTHER THAN WITH RESPECT TO BONDS WHICH ARE OR ARE INTENDED TO BE DISPOSED
OF ONLY (A) TO PERSONS OUTSIDE HONG KONG, (B) TO 'PROFESSIONAL INVESTORS" AS DEFINED IN THE SFO AND ANY RULES MADE UNDER THE SFO.
NOTICE TO PROSPECTIVE INVESTORS IN INDONESIA
THIS OFFICIAL STATEMENT HAVE NOT BEEN AND WILL NOT BE DISTRIBUTED IN THE REPUBLIC OF INDONESIA AND THE BONDS HAVE NOT BEEN AND WILL NOT BE OFFERED OR SOLD IN THE REPUBLIC OF INDONESIA OR TO INDONESIAN CITIZENS WHEREVER THEY ARE DOMICILED, OR TO INDONESIAN RESIDENTS IN A MANNER WHICH CONSTITUTES A PUBLIC OFFERING UNDER LAW NO. 8 OF 1995 ON CAPITAL MARKETS AND THE APPLICABLE REGULATIONS OF THE FINANCIAL SERVICES AUTHORITY (OTORITAS JASA KEUANGAN) (OR PREVIOUSLY, THE CAPITAL MARKETS AND FINANCIAL INSTITUTIONS SUPERVISORY BODY (BADAN PENGAWAS PASAR MODAL DAN LEMBAGA KEUANGAN)).
NOTICE TO PROSPECTIVE INVESTORS IN TAIWAN
THE OFFER OF THE BONDS HAS NOT BEEN AND WILL NOT BE REGISTERED OR FILED WITH, OR APPROVED BY, THE FINANCIAL SUPERVISORY COMMISSION OF TAIWAN AND/OR OTHER REGULATORY AUTHORITY OF TAIWAN PURSUANT TO RELEVANT SECURITIES LAWS AND REGULATIONS, AND THE BONDS MAY NOT BE OFFERED, ISSUED OR SOLD IN TAIWAN THROUGH A PUBLIC OFFERING OR IN CIRCUMSTANCES WHICH CONSTITUTE AN OFFER WITHIN THE MEANING OF THE SECURITIES AND EXCHANGE ACT OF TAIWAN THAT REQUIRES THE REGISTRATION OR FILING WITH OR APPROVAL OF THE FINANCIAL SUPERVISORY COMMISSION OF TAIWAN. THE BONDS MAY BE MADE AVAILABLE OUTSIDE TAIWAN FOR PURCHASE BY INVESTORS RESIDING IN TAIWAN (EITHER DIRECTLY OR THROUGH PROPERLY LICENSED TAIWAN INTERMEDIARIES), BUT MAY NOT BE OFFERED OR SOLD IN TAIWAN EXCEPT TO QUALIFIED INVESTORS VIA A TAIWAN LICENSED INTERMEDIARY. ANY SUBSCRIPTIONS OF BONDS SHALL ONLY BECOME EFFECTIVE UPON ACCEPTANCE BY THE ISSUER OR THE RELEVANT DEALER OUTSIDE TAIWAN AND SHALL BE DEEMED A CONTRACT ENTERED INTO IN THE JURISDICTION OF INCORPORATION OF THE ISSUER OR RELEVANT DEALER, AS THE CASE MAY BE, UNLESS OTHERWISE SPECIFIED IN THE SUBSCRIPTION DOCUMENTS RELATING TO THE BONDS SIGNED BY THE INVESTORS.
JAPAN
THE BONDS HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE FINANCIAL INSTRUMENTS AND EXCHANGE ACT OF JAPAN (ACT NO. 25 OF 1948, AS AMENDED, THE "FIEA"). NEITHER THE BONDS NOR ANY INTEREST THEREIN MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN JAPAN OR TO, OR FOR THE BENEFIT OF, ANY RESIDENT OF JAPAN (AS DEFINED UNDER ITEM 5, PARAGRAPH 1, ARTICLE 6 OF THE FOREIGN EXCHANGE AND FOREIGN TRADE ACT (ACT NO. 228 OF 1949, AS AMENDED)), OR TO OTHERS FOR RE-OFFERING OR RESALE, DIRECTLY OR INDIRECTLY, IN JAPAN OR TO, OR FOR THE BENEFIT OF, ANY RESIDENT OF JAPAN, EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF, AND OTHERWISE IN COMPLIANCE WITH, THF. FIEA AND ANY OTHER APPLICABLE LAWS, REGULATIONS AND MINISTERIAL GUIDELINES OF JAPAN.
THE PRIMARY OFFERING OF THE BONDS AND THE SOLICITATION OF AN OFFER FOR ACQUISITION THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER PARAGRAPH 1, ARTICLE 4 OF THE FIEA. AS IT IS A PRIMARY OFFERING, IN JAPAN, THE BONDS MAY ONLY BE OFFERED, SOLD, RESOLD OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY TO, OR FOR THE BENEFIT OF CERTAIN QUALIFIED INSTITUTIONAL INVESTORS AS DEFINED IN THE FIEA ("QIIs") IN RELIANCE ON THE QIIs-ONLY PRIVATE PLACEMENT EXEMPTION AS SET FORTH IN ITEM 2(1), PARAGRAPH 3, ARTICLE 2 OF THE FIEA. A QII WHO PURCHASED OR OTHERWISE OBTAINED THE BONDS CANNOT RESELL OR OTHERWISE TRANSFER THE BONDS IN JAPAN TO ANY PERSON EXCEPT ANOTHER QII.
City of Chicago
Chicago O'Hare International Airport
Mayor
Rahm Emanuel
City Treasurer Kurt A. Summers, Jr.
CITY CLERK
Andrea M. Valencia
city council Committee on finance
Edward M. Burke, Chairman
Chief financial Officer
Carole L. Brown /
City Comptroller
Erin Keane
BUDGET DIRECTOR
Samantha Fields
Corporation Counsel Edward N. Siskel, Esq.
DEPARTMENT OF AVIATION
Jamie L. Rhee, Commissioner
CO-BOND COUNSEL Mayer Brown LLP Neal & Leroy LLC
Co-Disclosure Counsel Miller, Canfield, Paddock and Stone, P.L.C. Chico & Nunes, P.C.
Airport Consultant Ricondo & Associates, Inc.
FINANCIAL ADVISOR
Frasca & Associates, LLC Swap Financial Group, LLC
Table of Contents
Heading Page
Introduction ~. l
Authorization|910|Purpose|910|Security for the 2018 Senior Lien Bonds|910|Limited Obligations|910|Outstanding Indebtedness at O'Hare and Future Financings|910|Chicago O'Hare International Airport|910|Capital Programs|910|Projects Funded with 2018 Senior Lien Bonds|910|Regional Airport Oversight :|910|Certain Investment Considerations|910|Report of the Airport Consultant|910|Regarding Use ofthe Official Statement|910|THE 2018 SENIOR LIEN BONDS|910|General|910|Redemption Provisions|910|Security for the 2018 Senior Lien Bonds : 10
General 10
Description of Revenues '. 11
O'Hare Revenues Must Be Used For Airport Purposes 12
Description of PFC Revenues 13
Description of Grant Receipts 13
Pledge of Revenues 14
Flow of Funds 14
Payment of Debt Service on the 2018 Senior Lien Bonds 18
Debt Service Reserves 20
Debt Service Coverage Covenants 21
Covenants Against Lien on Revenues 23
Issuance of Additional Senior Lien Bonds 23
Airline Use and Lease Agreements 24
Bond Insurance 26
Proposed Amendment to the Senior Lien Indenture 26
Remedies 27
Bond Insurance 27
2018A Insured Bonds 27
Build America Mutual Assurance Company 27
2018B Insured Bonds 29
Assured Guaranty Municipal Corp 29
Plan of Finance 31
General .' 31
Refunding Plan 31
Repayment of Commercial Paper Notes and Credit Agreement Notes ' 32
Future Financings for O'Hare 32
Sources and uses of funds „ 33
Chicago O'Hare international Airport 34
General 34
The Air Trade Area 35
Other Commercial Service Airports Serving the Chicago Region 36
Federal Legislation, State Actions and Proposed South Suburban Airport 36
Existing Airport Facilities 37
Airport Management 38
Regional Authority 38
O'Hare Noise Compatibility Commission 38
Budget Procedures 38
Air Traffic Activity at O'Hare 39
Recent O'Hare Operations 39
Passenger Activity at O'Hare 39
Aircraft Operations 42
Airlines Providing Service at O'Hare 44
O'Hare Financial Information 47
Operating Results 47
Discussion of Financial Operations 48
Insurance..... 49
Pension Costs 50
Outstanding Indebtedness at O'Hare 52
General 52
Airport Obligations 53
Letter of Credit Facilities Securing Indebtedness at O'Hare 56
Airport PFC Obligations 56
Airport CFC Obligations 57
Special Facility Revenue Bonds 57
PFC PROGRAM AT O'HARE 57
General 57
Collection ofthe PFCs 58
The City's PFC Approvals 59
Termination of Authority to Impose PFCs 59
Capital Programs 59
General 59
O'Hare Modernization Program 60
Terminal Area Plan 60
Near-Term Gate Improvements and Other Programs 61
CIP Projects 62
Pre-Approved Allowances 62
-ii-
Other Capital Projects 62
Management Approach for Capital Programs 62
Certain Investment Considerations 63
General Factors Affecting Level of Airline Traffic and Revenues 63
Uncertainties of the Airline Industry 63
Effect of Airline Bankruptcy 64
Capacity of National Air Traffic Control and Airport System 65
Expiration of Airline Use and Lease Agreements 65
Capital Programs Costs and Schedule 65
Future Indebtedness 66
Grant Receipts Subject to Federal Authorization/Appropriation Sequestration 66
Grant Letter of Intent Not A Binding Contract 67
Amount of Grant Letter of Intent Payments Depend on Eligible Expenditures at
O'Hare 67
Grant Receipts May Be Reduced By Events Outside of City's Control 68
Termination of Grant Letter of Intent for Failure to Comply with Conditions 68
Availability of PFC Revenues 68
Additional Federal Authorization and Funding Considerations 69
Regulations and Restrictions Affecting O'Hare 69
Competition 70
Impact of Regional and National Economic Conditions on O'Hare 70
Financial Condition of the City and Other Overlapping Governmental Bodies 71
Municipal Bankruptcy 71
Force Majeure Events Affecting the City and O'Hare 72
Cyber-Security 72
Alternative Transportation Modes and Future Parking Demand 73
Enforcement Actions 73
Limited Obligations 73
Assumptions in the Report of the Airport Consultant 73
Forward-Looking Statements 74
Litigation 74
Airport Consultant 75
Tax Matters 76
Interest not exempt from State of Illinois Income Taxes 76
Certain U.S. Federal Income Tax Consequences 76
Tax-Exempt Bonds 77
Taxable Bonds 80
Consequences to Non-United States Holders 84
Information Reporting and Backup Withholding 86
FATCA 87
-iii-
Certain Legal Matters
Underwriting 87
Secondary Market Disclosure 89
Annual Financial Infonnation Disclosure 89
Reportable Events Disclosure 90
Consequences of Failure of the City to Provide Information 91
Amendment; Waiver 91
Termination of Undertaking 92
EMMA 92
Additional Infonnation 92
Corrective Action Related to Certain Bond Disclosure Requirements 92
financial advisors and independent registered municipal advisor 94
Independent Auditors 94
Ratings 94
miscellaneous 95
Authorization 96
APPENDIX A - GLOSSARY OF TERMS
APPENDIX B - SUMMARY OF CERTAIN PROVISIONS OF THE SENIOR LIEN INDENTURE APPENDIX C - SUMMARY OF CERTAIN PROVISIONS OF THE AIRLINE USE AND LEASE
AGREEMENTS APPENDIX D - AUDITED FINANCIAL STATEMENTS APPENDLX E - REPORT OF THE AIRPORT CONSULTANT APPENDIX F - PROPOSED FORMS OF OPINIONS OF CO-BOND COUNSEL APPENDIX G - DESCRIPTION OF BOOK-ENTRY ONLY SYSTEM AND GLOBAL
CLEARANCE PROCEDURES APPENDIX II - BONDS TO BE REFUNDED APPENDIX I - SPECIMEN BOND INSURANCE POLICIES
-iv-
OFFICIAL STATEMENT
$2,012,880,000 City of Chicago Chicago O'Hare International Airport
General Airport Senior Lien Revenue and Revenue Refunding bonds $600,785,000 Series 2018A (AMT)
General Airport Senior Lien Revenue Bonds
$800,000,000 Series 2018C (Taxable)
Introduction
This Official Statement is furnished to set forth certain information in connection with the offering and sale by the City of Chicago (the "City") of its $600,785,000 aggregate principal amount Chicago O'Hare International Airport General Airport Senior Lien Revenue and Revenue Refunding Bonds, Series 2018A (AMT) (the "2018A Senior Lien Bonds"), its $612,095,000 aggregate principal amount Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2018B (Non-AMT) (the "2018B Senior Lien Bonds") and its $800,000,000 aggregate principal amount Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2018C (Taxable) (the "2018C Senior Lien Bonds"). The 2018A Senior Lien Bonds, the 2018B Senior Lien Bonds and the 2018C Senior Lien Bonds are referred to collectively herein as the "2018 Senior Lien Bonds."
Certain other capitalized terms used in this Official Statement, unless otherwise defined herein, are defined in APPENDIX A - "GLOSSARY OF TERMS."
Authorization
The 2018 Senior Lien Bonds will be issued under the authority granted to the City as a home rule unit of local government under the Illinois Constitution of 1970. The 2018 Senior Lien Bonds will be issued pursuant to an ordinance adopted by the City Council of the City on March 28, 2018 (the "Bond Ordinance"). The 2018 Senior Lien Bonds will also be issued and secured under the Amended and Restated Master Indenture of Trust Securing Chicago O'Hare International Airport General Airport Revenue Senior Lien Obligations dated as of June 1, 2018 and effective as of December 3, 2018 (as further amended and supplemented from time to time, the "Senior Lien Indenture"), between the City and U.S. Bank National Association, Chicago, Illinois, as successor trustee to LaSalle Bank National Association (the "Trustee"), as supplemented by the Sixty-Third Supplemental Indenture (the "Sixty-Third Supplemental Indenture"), the Sixty-Fourth Supplemental Indenture (the "Sixty-Fourth Supplemental Indenture") and the Sixty-Fifth Supplemental Indenture (the "Sixty-Fifth Supplemental Indenture" and collectively with the Sixty-Third Supplemental Indenture and the Sixty-Fourth Supplemental Indenture, the "2018 Supplemental Indentures" and each a "2018 Supplemental Indenture") each dated as of December 1, 2018, and each between the City and the Trustee. The Senior Lien Indenture was amended and restated as of June 1, 2018 and became effective as of December 3, 2018, to reflect modifications to the agreements between the airlines and the City as set forth in the Airline Use and Lease Agreements (as defined herein). See "SECURITY FOR THE 2018 SENIOR LIEN BONDS-Airline Use and Lease Agreements."
The Senior Lien Indenture grants to the Trustee a first lien on and pledge of Revenues (as herein defined) derived from the operation of Chicago O'Hare International Airport ("O'Hare") to secure, on a parity basis, (i) the 2018 Senior Lien Bonds which are described in this Official Statement, (ii) all of the issued and Outstanding Senior Lien Bonds (as herein defined) and (iii) any other Senior Lien Obligations (as herein defined) issued by the City in accordance with the Senior Lien Indenture. The terms
"Revenues," "Senior Lien Obligations" and "Outstanding Senior Lien Obligations" are more fully described and defined under the heading "SECURITY FOR THE 2018 SENIOR LIEN BONDS." The City currently has Outstanding Senior Lien Bonds in the aggregate principal amount of $7,309,740,000 (which amount includes the Refunded Bonds (as herein defined) together with the 2018 Senior Lien Bonds, are collectively referred to herein as the "Senior Lien Bonds").
Each Supplemental Indenture and the related Series of 2018 Senior Lien Bonds is described
below:
Supplemental indenture related 2018 Senior lien Bonds
Sixty-Third Supplemental Indenture 2018A Senior Lien Bonds
Sixty-Fourth Supplemental Indenture 2018B Senior Lien Bonds
Sixty-Fifth Supplemental Indenture 2018C Senior Lien Bonds
For infonnation on the book-entry system operated by DTC (as herein defined), see APPENDIX G - "DESCRIPTION OF BOOK-ENTRY ONLY SYSTEM AND GLOBAL CLEARANCE PROCEDURE."
PURPOSE
The proceeds from the sale of the 2018 Senior Lien Bonds, together with other available funds, are being used to: (i) fund portions of the Airport Capital Program (as herein defined), (ii) refund certain outstanding Senior Lien Bonds (the "Refunded Bonds," as defined herein), (iii) repay certain portions of the City's outstanding Commercial Paper Notes and Credit Agreement Notes (each as defined herein), (iv) fund the Reserve Requirement for the 2018 Senior Lien Bonds, (v) capitalize a portion ofthe interest on the 2018 Senior Lien Bonds, and (vi) pay costs and expenses incidental thereto and to the issuance of the 2018 Senior Lien Bonds.
SECURITY FOR THE 2018 SENIOR LIEN BONDS
The 2018 Senior Lien Bonds and the interest thereon will be limited obligations of the City payable from and secured by a pledge of Revenues derived from the operation of O'Hare and will be secured on a parity basis as to Revenues with the City's Outstanding Senior Lien Bonds and such other Senior Lien Obligations as may be outstanding from time to time, as more fully described herein.
The Revenues are substantially derived from payments of rentals, fees arid charges made pursuant to the Airline Use and Lease Agreements (as herein defined) by the "Signatory Airlines" that use O'Hare and are signatories to such Airline Use and Lease Agreements. See "SECURITY FOR THE 2018 SENIOR LIEN BONDS-Airline Use and Lease Agreements" for a discussion of the City's covenant to continue to collect rentals, fees and other charges from the airlines using O'Hare. See also APPENDIX C - "SUMMARY OF CERTAIN PROVISIONS OF THE AIRLINE USE AND LEASE AGREEMENTS."
Limited Obligations
The 2018 Senior Lien Bonds will not be general obligations ofthe City and will not constitute an indebtedness or a loan of credit of the City within the meaning of any constitutional or statutory limitation, and neither the faith and credit nor the taxing power of the State of Illinois, the City or any other political subdivision of the State of Illinois will be pledged to the payment of the principal of or interest on the 2018 Senior Lien Bonds. The 2018 Senior Lien Bonds are not payable in any manner from revenues raised by taxation. No property of the City (including property located at O'Hare) is pledged as security for the 2018 Senior Lien Bonds.
|1010|
Outstanding Indebtedness at O'Hare and Future Financings
The City has financed capital improvements at O'Hare through various sources, including City financings. The City has issued obligations secured by Revenues, including the Outstanding Senior Lien Obligations secured by Revenues on a senior lien basis, and Chicago O'Hare International Airport Commercial Paper Notes ("Commercial Paper Notes") and Chicago O'Hare International Airport Letter of Credit Agreement Notes ("Credit Agreement Notes") both secured by Revenues on a junior lien basis. The Senior Lien Indenture provides that the City may pledge certain "Other Available Revenues" (as defined in the Senior Lien Indenture) to pay debt service on a Series of Senior Lien Bonds. The City has pledged Other Available Revenues to pay certain maturities of certain Series of Outstanding Senior Lien Bonds. Certain of the Outstanding Senior Lien Obligations are secured by revenue sources which are separate and apart from Revenues, such as Other Available Revenues consisting of a subordinate pledge on all revenue received from passenger facility charges imposed by the City at O'Hare ("PFC Revenues") and a pledge of Other Available Revenues consisting of moneys received by the City from the United States of America and agencies thereof, including the FAA, pursuant to the Grant Letter of Intent ("Grant Receipts"). For additional information regarding the Grant Letter of Intent and the expected uses of such funds, see APPENDIX E - "REPORT OF THE AIRPORT CON SULTAN T-The Airport Consultant's Letter." In addition, the City has issued PFC Obligations (as herein defined) secured by PFC Revenues, CFC Obligations (as herein defined) secured by customer facility charges ("CFCs") paid by customers of the rental car companies operating at O'Hare, and Special Facility Revenue Bonds secured by payments made by individual airlines and other tenants and licensees pursuant to separate special facility agreements with the City. See "OUTSTANDING INDEBTEDNESS AT O'HARE" and APPENDIX D - "AUDITED FINANCIAL STATEMENTS-Note 4."
The City expects to issue additional indebtedness, from time to time, including Senior Lien Bonds, Commercial Paper Notes and Credit Agreement Notes, PFC Obligations, and CFC Obligations, to continue implementation and funding of capital projects at O'Hare and refunding of outstanding indebtedness at O'Hare. For a discussion of future financings and financing needs for O'Hare, see "PLAN OF FINANCE," "CAPITAL PROGRAMS" and APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT."
Chicago O'Hare International Airport
O'Hare is the primary commercial airport for the City., O'Hare occupies over 7,200 acres of land and is located 18 miles northwest of the City's central business district. Based on preliminary data from Airports Council International ("AO") for the 12-month period ended December 2017, O'Hare ranked second worldwide and second in the United Stales in total aircraft operations, and sixth worldwide and third in the United States in terms of total passengers. According to the Chicago Department of Aviation ("CDA"), O'Hare had approximately 76.9 million total enplaned and deplaned passengers in 2015, approximately 78.0 million in 2016, and approximately 79.8 million in 2017 (an increase of 2.4 percent from 2016). Through the first eight months of 2018, enplaned passenger activity increased 4.9 percent from 2017. United Airlines and American Airlines each maintain a hub at O'Hare. United Airlines (including its regional affiliates) accounted for 45.0 percent of the enplaned passengers at O'Hare as of December 31, 2017. American Airlines (including its regional affiliates) accounted for 35.5 percent of the enplaned passengers at O'Hare as of December 31, 2017. For additional information regarding O'Hare, see "CHICAGO O'HARE INTERNATIONAL AIRPORT," "CERTAIN INVESTMENT CONSIDERATIONS" and APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT."
Capital Programs
The City has on-going capital programs at O'Hare that are collectively referred to herein as the "Airport Capital Program" which includes: (i) the remaining O'Hare Modernization Program ("OMP") Airfield Projects, (ii) Terminal Area Plan ("TAP") Phase I ("TAP Phase I"), (iii) Near-Term Gate Improvements and Other Projects (as defined herein) and (iv) the Capital Improvement Program ("OP") projects ("OP Projects").|1010|
In March 2018, the City announced approximately S8.5 billion of new O'Hare projects approved under the Airport Use and Lease Agreement: (i) the Phase I TAP Elements (as defined herein); (ii) the Pre-Approved CIP Projects (as defined herein); and (iii) other Pre-Approved Allowances for major capital maintenance and infrastructure reliability projects (the "Pre-Approved Allowances"). These projects and their funding are described herein and in the Report of the Airport Consultant. See "CAPITAL PROGRAMS" and APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT."
projects Funded with 2018 Senior Lien bonds
The 2018 Senior Lien Bonds are being issued to fund portions of the Airport Capital Program. Proceeds from the 2018 Senior Lien Bonds will fund the following: (i) all of the remaining OMP Airfield Projects; (ii) a portion of the TAP Phase I; (iii) a portion of the Near-Term Gate Improvements and Other Projects (as defined herein); and (iv) a portion of CIP Projects. For a more detailed discussion of the projects funded with proceeds of the 2018 Senior Lien Bonds and future financings, sec APPENDIX E -"REPORT OF THE AIRPORT CONSULTANT."
Regional Airport Oversight
The City operates O'Hare and Chicago Midway International Airport ("Midway") through the CDA as separate and distinct enterprises for financial purposes. The 2018 Senior Lien Bonds are not secured by any revenues generated, or property located, at Midway. See "CHICAGO O'HARE INTERNATIONAL AIRPORT-Other Commercial Service Airports Serving the Chicago Region" herein. On April 15, 1995, the City and the City of Gary, Indiana entered into the Compact (as herein defined) with respect to the relationship among O'Hare, Midway, Merrill C. Meigs Field* and the Gary/Chicago Airport (now known as Gary/Chicago International Airport). Gary/Chicago International Airport is owned by the City of Gary, Indiana. See "CHICAGO O'HARE INTERNATIONAL AIRPORT-Regional Authority."
Certain Investment Considerations
The 2018 Senior Lien Bonds may not be suitable for all investors. Prospective purchasers of the 2018 Senior Lien Bonds should read this entire Official Statement for details of the 2018 Senior Lien Bonds, the use ofthe proceeds of the 2018 Senior Lien Bonds, the financial condition of the airlines and certain other factors that could adversely affect the airline industry, including specifically the information under the caption "CERTAIN INVESTMENT CONSIDERATIONS."
Report of the Airport Consultant
The Report of the Airport Consultant dated November 2, 2018 (the "Report of the Airport Consultant") prepared by Ricondo & Associates, Inc., the City's airport consultant (the "Airport Consultant"), included as APPENDIX E, provides certain infonnation with respect to O'Hare and the Capital Programs, evaluates aviation activity at O'Hare and presents the analysis undertaken by the Airport Consultant to demonstrate the ability of the City to comply with the requirements of the Senior Lien Indenture on a pro fonna basis for Fiscal Years 2018 through 2029 based on the assumptions set forth therein (the "Projections"). The Report ofthe Airport Consultant is described more fully under the caption "AIRPORT CONSULTANT" herein. The final maturity date of each Scries ofthe 2018 Senior Lien Bonds extends beyond the period of the Projections. Projections contained in the Report of the Airport Consultant are based on assumptions set forth therein.
As noted below under "-Regarding Use of the Official Statement—Fonvard-Looking Statements," any projection, including, but not limited to those contained in the Report ofthe Airport
* Meigs Field was closed in March 2003.|1010|
Consultant, is subject to uncertainties, including the possibility that some of the assumptions used to develop the projections will not be realized and that unanticipated events and circumstances will occur. Accordingly, there are likely to be differences between projections and actual results, which differences could be material. See APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT."
Regarding Use of the Official Statement
Forward-Looking Statements. All statements other than statements of historical facts included in this Official Statement are forward-looking statements, including, without limitation: (a) statements concerning projections of future passenger activity at O'Hare and of future financial performance at O'Hare (see APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT"), (b) statements ofthe plans and objectives of the City in relation to the Capital Programs (see "CHICAGO O'HARE INTERNATIONAL AIRPORT," "AIR TRAFFIC ACTIVITY AT O'HARE" and "CAPITAL PROGRAMS"); and (c) assumptions relating to the statements described in clauses (a) and (b) above (collectively, the "Forward-Looking Statements"). See "CERTAIN INVESTMENT CONSIDERATIONS-Forward Looking Statements."
Projections. The Projections set forth in the Report of the Airport.Consultant or otherwise in this Official Statement were not prepared with a view toward complying with the guidelines established by the American Institute of Certified Public Accountants with respect to prospective financial information, but, in the view of the City's management, were prepared on a reasonable basis, reflect the best currently available estimates and judgments, and present, to the best of management's knowledge and belief, the expected course of action and the expected future financial performance of the O'Hare. However, this information is not fact and should not be relied upon as being necessarily indicative of future results, and readers of this Official Statement are cautioned not to place undue reliance on the prospective financial information. Neither the City's independent auditors, nor any other independent accountants, have compiled, examined, or performed any procedures with respect to the prospective financial infonnation contained herein, nor have they expressed any opinion or any other fonn of assurance on such infonnation or its achievability. Such parties assume no responsibility for, and disclaim any association with, the prospective financial infonnation.
The City has included the Report of the Airport Consultant based upon the Airport Consultant's expertise in the aviation industry. The Airport Consultant believes that the expectations reflected in the Forward-Looking Statements are reasonable. However, there can be no assurance that the expectations contained in the Forward-Looking Statements, including those set forth in the Report of the Airport Consultant, will be achieved. Important factors that could cause actual results to differ materially from the current expectations of the Airport Consultant are discussed in this Official Statement.
Glossary of Terms; Document Summaries. This Official Statement contains summaries of the terms of and security for the 2018 Senior Lien Bonds, together with descriptions of O'Hare and its operations. A Glossary of Terms used in the Senior Lien Indenture is included as APPENDIX A, a summary of certain provisions of the Senior Lien Indenture is included as APPENDIX B and a summary of certain provisions of the Airline Use and Lease Agreements is included as APPENDIX C. APPENDIX A- "GLOSSARY OF TERMS" contains tenns of general applicability, which are used herein, and tenns related to the Senior Lien Indenture and the Airline Use and Lease Agreements as set forth therein. Certain capitalized terms not otherwise defined herein are defined as set forth in APPENDIX A. All references to the 2018 Senior Lien Bonds are further qualified by references to the information with respect to them contained in the Senior Lien Indenture. All references herein to agreements and documents are qualified in their entirety by references to the definitive forms of the agreement or document.
|1010|
The 2018 Senior Lien Bonds
General
The 2018 Senior Lien Bonds will mature on January 1 of the years and in the amounts shown on the inside front cover pages hereof and will be dated as of their date of delivery. The 2018 Senior Lien Bonds will bear a fixed rate of interest until their final maturity or earlier redemption at the rates per annum set forth on the inside front cover pages hereof. Interest on the 2018 Senior Lien Bonds is payable on January 1 and July 1 of each year, commencing July 1, 2019.
The 2018 Senior Lien Bonds will be subject to redemption as described below under "Redemption Provisions."
The 2018 Senior Lien Bonds will be issued only as fully registered bonds. The 2018 Senior Lien Bonds will be issued in denominations that are integral multiples of $5,000. The 2018 Senior Lien Bonds will be initially registered through a book-entry only system operated by The Depository Trust Company, New York, New York ("DTC"). Details of payments of the 2018 Senior Lien Bonds when in the book-entry form and the book-entry only system are described in APPENDIX G - "DESCRIPTION OF BOOK-ENTRY ONLY SYSTEM AND GLOBAL CLEARANCE PROCEDURES." Except as described in APPENDIX G, beneficial owners ofthe 2018 Senior Lien Bonds will not receive or have the right to receive physical delivery of 2018 Senior Lien Bonds, and will not be or be considered under the Senior Lien Indenture to be the Registered Owners thereof. Accordingly, beneficial owners must rely upon (i) the procedures of DTC and, if such beneficial owner is not a DTC Participant, the DTC Participant who will act on behalf of such beneficial owner to receive notices and payments of principal and interest on the 2018 Senior Lien Bonds and to exercise voting rights, and (ii) the records of DTC and, if such beneficial owner is not a DTC Participant, such beneficial owner's DTC Participant, to evidence its beneficial ownership of 2018 Senior Lien Bonds. As long as DTC or its nominee is the Registered Owner of 2018 Senior Lien Bonds, references herein to Bondholders or Registered Owners of such 2018 Senior Lien Bonds shall mean DTC or its nominee and shall not mean the beneficial owners of such 2018 Senior Lien Bonds.
Beneficial interests in the 2018 Senior Lien Bonds may be held through DTC, Clearstream Banking, S.A ("Clearstream") or Euroclear Bank S.A./N.V. ("Euroclear"), directly as a participant or indirectly through organizations that are participants in such system. See APPENDIX G - "BOOK-ENTRY-ONLY SYSTEM AND GLOBAL CLEARANCE PROCEDURES."
Redemption Provisions
Optional Redemption Provisions.
2018A Senior Lien Bonds. The 2018A Senior Lien Bonds maturing on and after January 1, 2030, are subject to redemption at the option ofthe City on or after January 1, 2029, as a whole or in part al any time, and if in part, from such maturities as the City shall determine and by lot for the 2018A Senior Lien Bonds ofthe same maturity, at a redemption price equal to the principal amount of each 2018A Senior Lien Bond to be redeemed, plus accrued interest to the date of redemption.
2018B Senior Lien Bonds. The 2018B Senior Lien Bonds are subject to redemption at the option ofthe City on or after January 1, 2029, as a whole or in part at any time, and if in part, from such maturities as the City shall determine and by lot for the 2018B Senior Lien Bonds of the same maturity, at a redemption price equal to the principal amount of each 2018B Senior Lien Bond to be redeemed, plus accrued interest to the date of redemption.
2018C Senior Lien Bonds Make Whole Optional Redemption
The 2018C Senior Lien Bonds of each maturity arc subject to redemption at the option ofthe City in whole or in part pro-rata at any time at the Redemption Price that is the greater of (A) 100% of|1010|
the principal amount of the 2018C Senior Lien Bonds to be redeemed and (B) the sum of the present value of the remaining scheduled payments of principal and interest to the maturity date of the 2018C Senior Lien Bonds to be redeemed, not including any portion of those payments of interest accrued and unpaid as of the date on which the 2018C Senior Lien Bonds are to be redeemed, discounted to the date on which the 2018C Senior Lien Bonds are to be redeemed on a semi-annual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury Rate (as defined below) plus 25 basis points, plus, in each case, accrued and unpaid interest on the 2018C Senior Lien Bonds to be redeemed to but not including the redemption date.
"Treasury Rate" means, as of any redemption date for a Scries 2018C Senior Lien Bond, (i) the time-weighted interpolated average yield to maturity, assuming a 360-day year consisting of twelve 30-day months, for a term equal to the Make Whole Period of the yields of the two U.S. Treasury nominal securities at "constant maturity" (as compiled and published in the Federal Reserve Statistical Release H.15 (519) that is publicly available not less than two (2) Business Days nor more than 30 calendar days prior to the redemption date (excluding inflation indexed securities) (or, if such Statistical Release is no longer published, any publicly available source of similar market data reasonably selected by the Trustee most nearly equal lo the period from the redemption date to the maturity date of such Series 2018C Senior Lien Bond, taking into account any Sinking Fund Payments for such 2018C Senior Lien Bonds)) maturing immediately preceding and succeeding the Make Whole Period or (ii) if the period from the redemption date to such maturity date is less than one year, the weekly average yield on actually traded U.S. Treasury Securities adjusted to a constant maturity of one year. The Treasury Rate will be determined by the Calculation Agent or an independent accounting firm, investment banking firm, or financial advisor retained and compensated by the City al ihe City's expense.
The redemption price of the 2018C Senior Lien Bonds to be redeemed pursuant to the Make-Whole Optional Redemption provision described above will be determined by Calculation Agent or an independent accounting firm, investment banking firm or financial advisor retained by the City at the City's expense to calculate such redemption price. The Trustee and the City may conclusively rely on such determination of redemption price by such Calculation Agent or independent accounting firm, investment banking firm or financial advisor and will not be liable for such reliance.
Mandatory Sinking Fund Redemption Provisions.
2018A Senior Lien Bonds. The 2018A Senior Lien Bonds maturing on January 1, 2043 are subject to mandatory redemption, in part and by lot, by the application of Sinking Fund Payments on January 1 of each of the years and in the respective principal amounts set forth below at a redemption price equal to the principal amount thereof to be redeemed, plus accrued interest to the date of redemption:
Year
2040 2041 2042 20431"
Amount
$27,100,000 28,180,000 29,310,000 30,480,000
Final Maturity
The 20I8A Senior Lien Bonds maturing on January 1, 2048 are subject to mandatory redemption, in part and by lot, by the application of Sinking Fund Payments on January 1 of each of the years and in the respective principal amounts set forth below at a redemption price equal to the principal amount thereof to be redeemed, plus accrued interest to the date of redemption:
|1010|
Year Amount
$33,500,000
35,175,000
36,935,000
38,780,000
2048T 40,865,000
T Final Maturity
The 2018A Senior Lien Bonds maturing on January 1, 2053 (5.000% Coupon) are subject to mandatory redemption, in part and by lot, by the application of Sinking Fund Payments on January 1 of each ofthe years and in the respective principal amounts set forth below at a redemption price equal to the principal amount thereof to be redeemed, plus accrued interest to the date of redemption:
Year Amount
$17,825,000
18,715,000
19,650,000
2053f 20,630,000
* Final Maturity
The 2018A Senior Lien Bonds maturing on January 1, 2053 (4.375% Coupon) are subject to mandatory redemption, in part and by lot, by the application of Sinking Fund Payments on January 1 of each of the years and in the respective principal amounts set forth below at a redemption price equal to the principal amount thereof to be redeemed, plus accrued interest to the date of redemption:
Year Amount
$22,635,000
23,765,000
24,955,000 2053T 26,205,000
t Final Maturity
2018B Senior Lien Bonds. The 2018B Senior Lien Bonds maturing on January I, 2044 are subject to mandatory redemption, in part and by lot, by the application of Sinking Fund Payments on January 1 of each of the years and in the respective principal amounts set forth below at a redemption price equal to the principal amount thereof to be redeemed, plus accrued interest to the date of redemption:
Year Amount
$29,795,000
30,985,000
32,225,000
33,515,000 2044r 34,855,000
t Final Maturity
The 2018B Senior Lien Bonds maturing on January 1, 2048 are subject to mandatory redemption, in part and by lot, by the application of Sinking Fund Payments on January 1 of each of the years and in the respective principal amounts set forth below at a redemption price equal to the principal amount thereof to be redeemed, plus accrued interest to the date of redemption:|1010|
Amount
2045 $36,245,000
38,060,000
39,965,000
2048r 41,960,000
* Final Maturity
The 2018B Senior Lien Bonds maturing on January 1, 2053 (4.000% Coupon) are subject to mandatory redemption, in part and by lot, by the application of Sinking Fund Payments on January 1 of each of the years and in the respective principal amounts set forth below at a redemption price equal to the principal amount thereof to be redeemed, plus accrued interest to the date of redemption:
Year Amount
2050 $16,480,000
2051 17,300,000
2052 18,170,000
2053t 19,075,000
t Final Maturity
'Jlie 2018B Senior Lien Bonds maturing on January 1, 2053 (5.000% Coupon) are subject to mandatory redemption, in part and by lot, by the application of Sinking Fund Payments on January 1 of each of the years and in the respective principal amounts set forth below at a redemption price equal to the principal amount thereof to be redeemed, plus accrued interest to the date of redemption:
Year Amount
-2050 $27,580,000
2051 28,795,000
2052 30,060,000
2053T 31,385,000
t Final Maturity
If the City redeems the 2018 Senior Lien Bonds subject to mandatory redemption pursuant to optional redemption or purchases the 2018 Senior Lien Bonds subject to mandatory redemption and cancels the same, then an amount equal to the principal amount of the 2018 Senior Lien Bonds of such Series and maturity so redeemed or purchased shall be deducted from the mandatory redemption requirements as provided for such 2018 Senior Lien Bonds of such Series and maturity in such order as the Chief Financial Officer of the City shall determine.
Redemption Procedures. Notice of redemption of the 2018 Senior Lien Bonds identifying the 2018 Senior Lien Bonds or portions thereof to be redeemed, and specifying the redemption date, the redemption price, the places and dates of payment, that from the redemption date interest will cease to accrue, and whether the redemption (in the case of an optional redemption) is conditioned upon sufficient moneys being available on the redemption date (or any other condition), shall be given by the Trustee by mailing a copy of such redemption notice, not less than 30 days nor more than 60 days prior to the date fixed for redemption, to the Registered Owner of each such 2018 Senior Lien Bond lo be redeemed in whole or in part at the address shown on the registration books. Redemption notices will be sent by first class mail, except that notices to Registered Owners of at least $1,000,000 of 2018 Senior Lien Bonds of Ihe same Series shall be sent by registered mail. Failure to mail any such notice to the Registered Owner of any such 2018 Senior Lien Bond or any defect: therein shall not affect the validity ofthe proceedings for such redemption of such 2018 Senior Lien Bond. Any such notice mailed as described above shall be conclusively presumed to have been duly given, whether or not the Registered Owner of any 2018 Senior Lien Bond receives the notice.|10 10|
If a 2018 Senior Lien Bond is of a denomination larger than $5,000, all or a portion of such 2018 Senior Lien Bond (in a denomination of $5,000 or any integral multiple thereof) may be redeemed, but such 2018 Senior Lien Bond shall be redeemed only in a principal amount equal to S5,000 or any integral multiple thereof. Upon surrender of any 2018 Senior Lien Bond for redemption in part only, the City shall execute and the Trustee shall authenticate and deliver to the Registered Owner thereof, at the expense of the City, a new 2018 Senior Lien Bond or 2018 Senior Lien Bonds of the same Series, maturity and interest rate and of authorized denominations, in aggregate principal amount equal to the unredeemed portion of the 2018 Senior Lien Bond surrendered.
Selection of 2018A Senior Lien Bonds and 2018B Senior Lien Bonds to be Redeemed. If fewer than all of the 2018A Senior Lien Bonds or 2018B Senior Lien Bonds of the same Series, maturity and interest rate are called for redemption, such 2018A Senior Lien Bonds or 2018B Senior Lien Bonds (or portions thereof) to be redeemed shall be selected by lot by the Trustee (except at any time when such 2018A Senior Lien Bonds or 2018B Senior Lien Bonds are held in a book-entry system, in which case selection of such 2018A Senior Lien Bonds or 2018B Senior Lien Bonds to be redeemed will be in accordance with procedures established by the book-entry depository).
Selection of 2018C Senior Lien Bonds to be Redeemed. If less than all of the 2018C Senior Lien Bonds are to be redeemed, the particular 2018C Senior Lien Bonds or portions thereof to be redeemed will be selected on a pro-rata pass-through distribution of principal basis in accordance with DTC procedures, provided that the selection for redemption of such 2018C Senior Lien Bonds will be made in accordance with the operational arrangements of DTC then in effect.
It is the City's intent that redemption allocations made by DTC be made on a pro-rata pass-through distribution of principal basis as described above. However, none of the City, the Underwriters or the Trustee can provide any assurance to DTC, DTC's Participants or any other intermediary will allocate the redemption of 2018C Senior Lien Bonds on such basis. If the DTC operational arrangements do not allow for the redemption of the 2018C Senior Lien Bonds on a pro-rata pass-through distribution of principal basis as discussed above, then the 2018C Senior Lien Bonds will be selected for redemption in accordance with DTC procedures, by lot.
For information on the book-entry system operated by DTC, see APPENDIX G-"DESCRIPTION OF BOOK-ENTRY ONLY SYSTEM AND GLOBAL CLEARANCE PROCEDURES."
Security for the 2018 Senior Lien bonds
General
Overview. The 2018 Senior Lien Bonds and the interest thereon arc limited obligations of the City payable from and secured by a pledge of Revenues derived from the operations of O'Hare and certain funds, sub-funds and accounts maintained under the Senior Lien Indenture and do not constitute an indebtedness or a loan of credit of the City within the meaning of any constitutional or statutory limitation, and neither the faith and credit nor the taxing power of the State of Illinois, the City or any other political subdivision of the State of Illinois is pledged to the payment of the principal of, premium, if any, or interest on the 2018 Senior Lien Bonds. The 2018 Senior Lien Bonds arc not payable in any manner from revenues raised by taxation. No property of the City (including property located at O'Hare) is pledged as security for the 2018 Senior Lien Bonds.
As described below, the claim of the holders of the Senior Lien Obligations, including holders of the 2018 Senior Lien Bonds, to Revenues of O'Hare is a first lien on and pledge of such Revenues and is senior to the claim of any Junior Lien Obligations. The 2018 Senior Lien Bonds are secured on a parity basis with the City's Outstanding Senior Lien Obligations. Subject to certain conditions set forth in the Senior Lien Indenture, the City may issue additional Senior Lien Bonds (the "Additional Senior Lien Bonds") or incur other Senior Lien Obligations that will be secured on a parity basis with the 2018 Senior
10
Lien Bonds and the City's other Senior Lien Obligations. See "OUTSTANDING INDEBTEDNESS AT O'HARE-Airport Obligations-/ssi/a#ice of Additional Airport Obligations" and "CAPITAL PROGRAMS."
As used in this Official Statement the following terms shall have the meanings as set forth below:
"Senior Lien Obligations" means the 2018 Senior Lien Bonds, all Outstanding Senior Lien Bonds, and other obligations of the City payable from Revenues, other than Junior Lien Obligations, including any obligations of the City under a Qualified Senior Lien Swap Agreement and obligations incurred by the City to reimburse the issuers of any letters of credit or bond purchase agreements securing one or more Series of Senior Lien Bonds.
"Junior Lien Obligations" means Commercial Paper Notes, Credit Agreement Notes, and other obligations payable from Revenues on a junior lien basis to Senior Lien Obligations.
"Airport Obligations" refers to and includes all obligations payable from Revenues, including Senior Lien Obligations and Junior Lien Obligations.
The Senior Lien Indenture provides that in addition lo the Revenues, Senior Lien Bonds may be secured by and payable from "Pledged Other Available Moneys" pledged to the payment thereof under the Supplemental Indenture securing such Series of Senior Lien bonds.
DESCRIPTION OF REVENUES
General. "Revenues" consist of all amounts received or receivable, directly or indirectly, by the City for the use and operation of, or with respect to, O'Hare provided, however, Revenues does not include: (i) interest accruing on, and any profit from the investment of, moneys in any fund or account of O'Hare that is not available by agreement or otherwise for deposit into the Revenue Fund; (ii) Government Grants-in-Aid; (iii) the proceeds of any PFC, CFC or similar tax or charge levied by or on behalf of the City including but not limited to, any cargo activity charge or security charge; (iv) insurance proceeds, except to the extent such moneys are deemed revenues in accordance with generally accepted accounting principles, and condemnation award proceeds; (v) amounts derived by the City from Special Facility Financing Arrangements, but only to the extent such moneys are required to pay the principal of, premium, if any, and interest on Special Facility Revenue Bonds and other payments required by Special Facility Financing Arrangements; (vi) the proceeds of any borrowing by the City; (vii) the proceeds of any tax levied by or on behalf of the City; (viii) security deposits and the proceeds of the sale of any O'Hare property; and (ix) unless otherwise provided in a Supplemental Indenture, any Released Revenues.
"Released Revenues" means any Revenues in respect of which the Trustee has received the following: (i) a request from the City to exclude such Revenues from the pledge and lien of the Senior Lien Indenture; (ii) a Certificate of an Independent Airport Consultant, based upon reasonable assumptions, to the effect that Revenues, after Revenues covered by such request are excluded for each of the five full Fiscal Years following the Fiscal Year in which such certificate is delivered, will be sufficient to enable the City to satisfy the debt service coverage covenant described in the first paragraph under the subcaption "-Debt Service Coverage Covenants" below in each of those five Fiscal Years; (iii) an opinion of counsel to the effect that (a) the conditions to the release of such Revenues have been met, and (b) the exclusion of such Revenues from the pledge and lien of the Senior Lien Indenture will not, in and of itself, cause the interest on any outstanding Senior Lien Obligations to be included in gross income for purposes of federal income taxation; and (iv) written confirmation from each of the Rating Agencies to the effect that the exclusion of such Revenues from the pledge and lien of the Senior Lien Indenture will not cause a withdrawal or reduction in any unenhanced rating then assigned to any Senior Lien Obligations.
11
For a complete definition of Revenues, see APPENDIX A - "GLOSSARY OF TERMS." For a general description ofthe application of Revenues under the Senior Lien Indenture, see "-Flow of Funds" below and APPENDIX B - "SUMMARY OF CERTAIN PROVISIONS OF THE SENIOR LIEN INDENTURE-Source of Payment; Pledge of Senior Lien Revenues and Other Moneys."
The Senior Lien Indenture creates the Revenue Fund to be held and administered by the Trustee as provided in the Senior Lien Indenture. The Senior Lien Indenture requires that all Revenues shall be collected by the City and promptly deposited to the credit ofthe Revenue Fund.
Certain Aviation Fuel Taxes Excluded from Revenues. Pursuant to the Airport and Airway Safety and Capacity Expansion Act of 1987 (P.L. No. 100-223) (the "1987 Airport Act"), aviation fuel taxes imposed at airports which have received federal grant funds must generally be used for airport capital and operating costs or for a state aviation program or for noise mitigation purposes on or off the airport. However, certain provisions of the 1987 Airport Act authorize the City to use aviation fuel tax revenues generated from aviation fuel taxes at the per gallon rate in effect at O'Hare on December 30, 1987, for other than such permitted airport-related purposes (such provisions of the 1987 Airport Act are referenced in the "Revenue Use Policy" related to such act as "grandfathered"). Such portion of aviation fuel tax revenues do not constitute Revenues pledged to secure the Senior Lien Bonds under the Senior Lien Indenture, and no pledged Revenues are covered by this 1987 Airport Act provision.
O'HARE REVENUES MUST BE USED FOR AIRPORT PURPOSES
The Senior Lien Indenture provides that moneys and securities held by the City in the Airport General Fund, may be applied, used and withdrawn by the City for any lawful corporate purpose. See "-Flow of Funds" for a description of the Airport General Fund. The Senior Lien Indenture also provides that the City will comply with all valid acts, rules, regulations, orders and directives of any governmental, legislative, executive, administrative or judicial body applicable to O'Hare, unless the City contests them in good faith, all to the end that O'Hare will remain operational at all times.
As a recipient of federal grants for O'Hare, the City is required by federal law, including, without limitation, grant assurances applicable to the City under grant agreements with the Federal Aviation Administration ("FAA"), to use all revenues generated at O'Hare, including all Revenues, for the capital or operating costs of O'Hare, the local airport system, or other local facilities which are owned or operated by the City and directly and substantially related to the air transportation of passengers or property.
Any diversion by the City of revenues generated at O'Hare, including Revenues, in violation of federal law or the City's grant assurances, would subject the City to potential enforcement actions by the FAA, including: (i) withholding Airport Improvement Program ("AIP") grant funds, approval of A1P grant applications, modifications of existing AIP grants and approval of applications to impose and use PFCs; and/or (ii) assessment of a civil penalty for unlawful revenue diversion of up to $50,000; and/or (iii) seeking judicial enforcement for violation of any grant assurance; and/or (iv) assessment of a civil penalty up to three times the amount of the diverted revenue; and/or (v) assessment of interest on the amount of diverted revenue; and/or (vi) withholding any amount from funds otherwise available to the City from the U.S. DOT, including funds for other transportation projects, such as transit or multimodal projects; and/or (vii) exercise by the FAA of its right of reverter and, on behalf of the United States, taking title to all or any part of federal property interests previously conveyed by the federal government to the City.
In addition, any diversion by the City of revenues generated at O'Hare, including Revenues, in violation of the City's grant assurances or federal law may result in a default under the Senior Lien Indenture, which, upon becoming an Event of Default under the Senior Lien Indenture, could result in the exercise by the Trustee of the remedies under the Senior Lien Indenture. See "APPENDIX B-SUMMARY OF CERTAIN PROVISIONS OF THE SENIOR LIEN INDENTURE-Remedies."
12
DESCRIPTION OF PFC REVENUES
PFC Revenues consist of all revenue received by the City from the passenger' facility charges imposed by the City at O'Hare pursuant to the "PFC Act," the "PFC Regulations," the "PFC Approvals" (as such terms are defined below and under the heading "PFC PROGRAM AT O'HARE") and an Ordinance adopted by the City Council ofthe City on January 12, 1993 (each such passenger facility charge referred to as a "PFC," and collectively, the "PFCs"), including any interest earned thereon after such revenue has been remitted to the City as provided in the PFC Regulations. As of June 2018, the City has authority from the FAA to impose and use PFCs of S4.50 per eligible enplaned passenger up to an aggregate total of $6.93 billion to pay for certain Approved Projects (as herein defined). The FAA has approval authority over PFC applications and amendments submitted by the City requesting use of PFCs (the "PFC Approvals"). See "PFC PROGRAM AT O'HARE" herein for a more detailed discussion of O'Hare's PFC program and the City's PFC Program Authority.
All PFC Revenues arc deposited with the trustee pursuant to a Master Trust Indenture Securing Chicago O'Hare International Airport Passenger Facility Charge Obligations dated as of January 1, 2008, amending and restating the Master Trust Indenture securing Chicago O'Hare International Airport Second Lien Passenger Facility Charge Obligations dated as of May 15, 2001, as supplemented and amended (the "PFC Indenture"), from the City to The Bank of New York Mellon Trust Company, National Association, as successor to BNY Midwest Trust Company, N.A., as trustee (the "PFC Trustee"). See "OUTSTANDING INDEBTEDNESS AT O'HARE—Airport PFC Obligations" for a discussion of outstanding indebtedness of the City payable from and secured by PFC Revenues imposed at O'Hare.
As used in this Official Statement, "PFC Obligations" means all bonds, notes or evidences of indebtedness payable from PFC Revenues including any obligation of the City under a Qualified PFC Swap Agreement and any obligation incurred by the City to reimburse the issuers of any letters of credit securing one or more Series of PFC Obligations. "Subordinated PFC Obligations" means all bonds, notes or evidences of indebtedness, so designated and issued by the City payable out of or secured by the pledge of amounts withdrawn from the PFC Revenue Fund, the PFC Bond Fund or the PFC Capital Fund which pledge is junior and subordinate to the pledge for the PFC Obligations. "Airport PFC Obligations" means all bonds, notes or other evidences of indebtedness secured solely by a pledge of PFC Revenues, including PFC Obligations and Subordinated PFC Obligations. The PFC Indenture established the PFC Revenue Fund (the "PFC Revenue Fund"), the PFC Bond Fund (the "PFC Bond Fund") and the PFC Capital Fund (the "PFC Capital Fund").
The PFC Indenture provides for PFC Revenues to be applied to fund debt service and other required deposits to secure PFC Obligations and Subordinate Obligations prior to funding the PFC Capital Fund. Amounts in the PFC Capital Fund may be used by the City for any lawful purposes as shall be authorized by the FAA and permitted by the PFC Act, the PFC Regulations and the PFC Approvals. See "OUTSTANDING INDEBTEDNESS AT O'HARE—Airport PFC Obligations" for a discussion of outstanding indebtedness of the City payable from and secured by PFC Revenues. See also "-Flow of Funds" below and APPENDIX B - "SUMMARY OF CERTAIN PROVISIONS OF THE SENIOR LIEN INDENTURE-Source of Payment; Pledge of Senior Lien Revenues and Other Moneys."
DESCRIPTION OF GRANT RECEIPTS
Grant Receipts consist of moneys received by the City from the United States of America and agencies thereof, including the FAA, pursuant to the Grant Letter of Intent. "Grant Letter of Intent" is defined in APPENDIX A - Glossary of Terms. For additional infonnation regarding the Grant Letter of Intent and the expected uses of such funds see APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT-The Airport Consultant's Letter."
13
Pledge of revenues
Revenues. The Senior Lien Indenture authorizes the issuance of Senior Lien Obligations, without limit as to amount but subject to compliance by the City with certain covenants as to the issuance of additional Senior Lien Obligations, for the purpose of financing "Airport Projects" (as defined in the Senior Lien Indenture), refunding obligations issued to finance Airport Projects and related purposes. Senior Lien Obligations are secured by, and payable from, Revenues paid to the Trustee for deposit into the Revenue Fund established under the Senior Lien Indenture. Pursuant to the Senior Lien Indenture, such Revenues are pledged on a parity basis to the payment of the principal of, premium, if any, and interest on all Senior Lien Obligations (including the 2018 Senior Lien Bonds).
Revenues deposited into the Revenue Fund are allocated monthly to the Operation and Maintenance Fund and semi-annually to the other Senior Lien Indenture Funds, including the Debt Service Fund. Moneys in the Debt Service Fund are then allocated to Dedicated Sub-Funds, including the Common Debt Service Reserve Sub-Fund and any separate debt service reserve fund, to satisfy the then current Deposit Requirements. See "-Flow of Funds" below.
Each 2018 Supplemental Indenture establishes with the Trustee a separate and segregated sub-fund within the Debt Service Fund (the "2018 Senior Lien Dedicated Sub-Funds," each a "2018 Senior Lien Dedicated Sub-Fund"). Each 2018 Senior Lien Dedicated Sub-Fund and each Account established therein are held solely for the benefit of the Registered Owners ofthe 2018 Senior Lien Bonds issued pursuant to the applicable 2018 Supplemental Indenture. Moneys on deposit in a particular 2018 Senior Lien Dedicated Sub-Fund are not to be used or available for payment of any other Airport Obligations including other 2018 Senior Lien Bonds.
For a general description of the application of Revenues, see "Payment of Debt Service on the 2018 Senior Lien Bonds" below and APPENDIX B - "SUMMARY OF CERTAIN PROVISIONS OF THE SENIOR LIEN INDENTURE-Source of Payment; Pledge of Senior Lien Revenues and Other Moneys."
Other Available Moneys. The Senior Lien Indenture permits the City, at its option, to transfer to the Trustee Other Available Moneys to pay the principal of and interest on the Senior Lien Bonds in addition to Revenues. "Other Available Moneys" means, for any Fiscal Year, the amount of money determined by the Chief Financial Officer to be transferred to the Revenue Fund from sources other than Revenues.
Flow of Funds
General. Revenues and expenses of O'Hare are accounted for as a separate enterprise fund of the City, subject to the provisions of the Senior Lien Indenture. Under the Senior Lien Indenture, Revenues, including amounts collected by the City to satisfy deposit requirements established in any resolution, ordinance or indenture securing Airport Obligations, are required to be deposited to the credit of the Revenue Fund in the name of the Trustee with a depository or depositories, each fully qualified under the provisions of the Senior Lien Indenture to receive the same as deposits of money held by the Trustee. The Trustee shall be accountable only for moneys actually so deposited. See "-Airline Use and Lease Agreements" for a discussion of the provisions and term ofthe Airline Use and Lease Agreements.
Flow of Funds. Moneys in the Revenue Fund shall be disbursed and applied by the Trustee as required to make the following deposits on the dates and in the amount provided:
(a) On the tenth day of each month the Trustee shall transfer to the City for deposit into the Operation and Maintenance Fund an amount equal to one-twelfth of the amount provided in the then current Operation and Maintenance Expense Projection for the current Fiscal Year; provided, however, that if the latest projection in accordance with the Airline Use and Lease Agreements contains an
14
adjustment of Operation and Maintenance Expenses (exclusive of required deposits in the Operations and Maintenance Reserve Fund and the Supplemental O&M Reserve Fund), the amount required to be deposited in the Operation and Maintenance Fund each month of such Fiscal Year shall be increased or decreased as appropriate by an amount equal to the amount of such adjustment multiplied by a faction the numerator of which is 1 and the denominator of which is the number of monthly deposits to the Operation and Maintenance fund to be made for the remainder ofthe Fiscal Year.;
(b) On the Business Day of the Trustee immediately preceding each January 1 and July 1, the Trustee shall make the following deposits in the manner and order of priority set forth:
First: into the Debt Service Fund the amount, if any, necessary to increase the amount on deposit therein to an amount sufficient to fund the Deposit Requirements corresponding to that January 1 or July 1;
Second, to the City for deposit into the Operation and Maintenance Reserve Fund an amount equal to one-half of the Operation and Maintenance Reserve Fund Deposit Requirement, if any, for the Fiscal Year which includes such January 1 and July 1; provided, however, that if the latest projection contains an adjustment of Operation and Maintenance Expenses, then the amount required to be deposited in the Operation and Maintenance Reserve Fund with respect to each July 1 shall be increased or decreased as appropriate by an amount equal to the amount of such adjustment;
Third, to the City for deposit into the Maintenance Reserve Fund an amount equal to the lesser of (i) $1,500,000 and (ii) the amount, if any, required to increase the amount on deposit therein to $3,000,000;
Fourth, into the Junior Lien Obligation Debt Service Fund an amount, if any, equal to the amount required by any resolution or ordinance authorizing the issuance of Junior Lien Obligations to be deposited therein on such date and without priority, one over the other, to any sub-funds or accounts within the Junior Lien Obligation Debt Service Fund, the amount specified by a Certificate filed with the Trustee;
Fifth, to the City for deposit into the Supplemental O&M Reserve Fund an amount equal to one-half ofthe Supplemental O&M Reserve Fund Deposit Requirement, if any, for the Fiscal Year which includes such January 1 and July 1; provided, however, that if the latest projection contains an adjustment of Operation and Maintenance Expenses, then the amount required to be deposited into the Supplemental O&M Reserve Fund with respect to each July 1 shall be increased or decreased as appropriate by an amount equal to the amount of such adjustment; and
Sixth, to the City for deposit into the Airport General Fund any amount remaining in the Revenue Fund unless the City shall have filed with the Trustee a Certificate specifying a lesser amount, in which case the amount specified by the City in the Certificate shall be the amount to be transferred to the City at such time for deposit into the Airport General Fund.
If at the time deposits are required to be made as described under paragraphs (a) or (b) above, the moneys held in the Revenue Fund are insufficient to make any required deposit, the deposit shall be made up on the next applicable deposit date after required deposits into all other Funds enjoying a higher priority shall have been made in full.
The City shall be mandatorily and irrevocably obligated to apply moneys in the Maintenance Reserve Fund to make up any deficiencies in the Debt Service Fund. In the event moneys are so applied from the Maintenance Reserve Fund, the amount applied shall be restored on the next applicable deposit date after all other Fund deposits enjoying a higher priority shall have been made in full.
15
Amounts on deposit in the Debt Service Fund, the Operation and Maintenance Fund, the Operation and Maintenance Reserve Fund, the Maintenance Reserve Fund, the Junior Lien Obligation Debt Service Fund and the Supplemental O&M Reserve Fund in excess of the amount required under the Senior Lien Indenture or under any Supplemental Indenture, or under any ordinance or resolution authorizing the issuance of Junior Lien Obligations to be on deposit in such Fund at the end of such Fiscal Year shall be transferred to the Revenue Fund.
All moneys held by the City in the Airport General Fund may be applied, used and withdrawn by the City for any lawful corporate purpose of the City, free from any lien or security interest in favor of the Trustee and the owners of Senior Lien Obligations. See "-O'Hare Revenues Must Be Used For Airport Purposes" and APPENDIX B - "SUMMARY OF CERTAIN PROVISIONS OF THE SENIOR LIEN INDENTURE-Indenture Funds and Payment of Debt Service-Disbursements from Revenue Fund From and After the Transition Date."
Flow of Funds Table. The table on the following page sets forth, in simplified form, the flow of funds described above.
16
Flow Of Funds'1
Revenue Fund
F._,.__A._..:=,,.^
|1 Operation & Maintenance Fund (monthly)
JJ
| Debt Service Fund
; j ; jj
|; Operation & Maintenance Reserve Fund +
JJ
Maintenance Reserve Fund +
JJ
Junior Lien Obligation Debt Service Fund +
JJ
Supplemental O&M Reserve Fund
JJ
j Airport General Fund*44.
I • - - - ¦ ¦ -. -
Balance at year end transferred to Revenue Fund. Source: Senior Lien Indenture.
~(" This chart represents a simplified description of disbursements from the Revenue Fund. For a detailed description ofthe disbursements from the Revenue Fund, see "-Flow of Funds," above.
,:)Moneys in the Airport General Fund may be applied, used and withdrawn by the City for any lawful corporate purpose of the City, free from any lien or security interest in favor of the Trustee and the owners of Senior Lien Obligations. See "-O'Hare Revenues Must Be Used For Airport Purposes," above.
17
Payment of Debt Service on the 2018 Senior Lien Bonds
General. The moneys in the Debt Service Fund are to be disbursed and applied by the Trustee as required by the provisions of the Senior Lien Indenture, or by the provisions of any Supplemental Indenture creating a Series of Senior Lien Obligations (including the applicable 2018 Supplemental Indenture creating each Series ofthe 2018 Senior Lien Bonds), or by any instrument creating Senior Lien Obligations. The Trustee shall segregate within the Debt Service Fund and credit to (i) the Common Debt Service Reserve Sub-Fund, such amounts as may be required to be so credited under the Senior Lien Indenture and (ii) such Dedicated Sub-Funds, accounts and sub-accounts therein as may have been created for the benefit of such Senior Lien Obligations such amounts as may be required to be so credited under the provisions of such Supplemental Indenture or instrument creating Senior Lien Obligations to pay the principal of and interest on such Senior Lien Obligations. See APPENDIX B - "SUMMARY OF CERTAIN PROVISIONS OF THE SENIOR LIEN INDENTURE-Indenture Funds and Payment of Debt Service."
Each Series of the 2018 Senior Lien Bonds will be payable from Revenues allocated to the Dedicated Sub-Fund established for that Series by the applicable 2018 Supplemental Indenture within the Debt Service Fund.
The 2018A Senior Lien Bonds will be payable solely from Revenues in accordance with the provisions of the Sixty-Third Supplemental Indenture. The Sixty-Third Supplemental creates and establishes with the Trustee the 2018A Senior Lien Dedicated Sub-Fund which is a separate and segregated sub-fund within the Debt Service Fund.
The 2018B Senior Lien Bonds will be payable from Revenues in accordance with the provisions of the Sixty-Fourth Supplemental Indenture. The Sixty-Fourth Supplemental Indenture creates and establishes with the Trustee the 2018B Senior Lien Dedicated Sub-Fund, which is a separate and segregated sub-fund within the Debt Service Fund.
The 2018C Senior Lien Bonds will be payable from Revenues in accordance with the provisions of the Sixty-Fifth Supplemental Indenture. The Sixty-Fifth Supplemental Indenture creates and establishes with the Trustee the 2018C Senior Lien Dedicated Sub-Fund, which is a separate and segregated sub-fund within the Debt Service Fund.
2018A Senior Lien Bonds. On the Business Day immediately preceding January 1 and July 1 of each year, commencing July 1, 2019 (each such date referred to herein as the "Deposit Date"), there will be deposited into the 2018A Senior Lien Dedicated Sub-Fund from amounts on deposit in the Debt Service Fund, an amount equal to the aggregate of the following amounts, which amounts shall have been calculated by the Trustee on the next preceding December 5 or June 5 (in the case of each January 1 or July 1, respectively) (such aggregate amount with respect lo any Deposit Date being referred to herein as the "2018A Deposit Requirement"):
for deposit into the "2018A Senior Lien Principal and Interest Account," an amount equal to the aggregate of: (i) one half of the Principal Installment coming due on the 2018A Senior Lien Bonds on the January 1 nexl succeeding such date of calculation and (ii) the amount of interest due on the 2018A Senior Lien Bonds on the current Deposit Date (reduced, in the case of each January 1 Deposit Date, by investment earnings credited as of the immediately prior calculation date to the 2018A Senior Lien Principal and Interest Account); and
for deposit into the "2018A Senior Lien Program Fee Account," the amount estimated by the City to be required as of the close of business on such Deposit Date to pay all fees and expenses with respect to the 2018A Senior Lien Bonds during the semiannual period commencing on such Deposit Date.
'18
In addition to the 2018A Deposit Requirement, there shall be deposited into the 2018A Senior Lien Dedicated Sub-Fund any other moneys received by the Trustee under and pursuant to the Senior Lien Indenture or the Sixty-Third Supplemental Indenture, when accompanied by directions from the person depositing such moneys that such moneys are to be paid into the 2018A Senior Lien Dedicated Sub-Fund and to one or more accounts therein.
' 2018B Senior Lien Bonds. On each Deposit Date of each year, commencing July 1, 2019, there will be deposited into the 2018B Senior Lien Dedicated Sub-Fund from amounts on deposit in the Debt Service Fund, an amount equal to the aggregate of the following amounts, which amounts shall have been calculated by the Trustee on the next preceding December 5 or June 5 (in the case of each January 1 or July 1, respectively) (such aggregate amount with respect to any Deposit Date being referred to herein as the "2018B Deposit Requirement"):
for deposit into the "2018B Senior Lien Principal and Interest Account," an amount equal to the aggregate of: (i) one-half of the Principal Installment, if any, coming due on the 2018B Senior Lien Bonds on the January 1 next succeeding such date of calculation and (ii) the amount of interest due on the 2018B Senior Lien Bonds on the current Deposit Date (reduced by, in the case of each January 1 Deposit Date, investment earnings credited as of the immediately prior calculation date to the 2018B Senior Lien Principal and Interest Account); and
for deposit into the "2018B Senior Lien Program Fee Account," the amount estimated by the City to be required as of the close of business on such Deposit Date to pay all fees and expenses with respect to the 2018B Senior Lien Bonds during the semi-annual period commencing on such Deposit Date.
In addition to the 2018B Deposit Requirement, there shall be deposited into the 2018B Senior Lien Dedicated Sub-Fund any other moneys received by the Trustee under and pursuant to the Senior Lien Indenture or the Sixty-Fourth Supplemental Indenture, when accompanied by directions from the person depositing such moneys that such moneys are to be paid into the 2018B Senior Lien Dedicated Sub-Fund and to one or more accounts therein.
2018C Senior Lien Bonds. On each Deposit Date of each year, commencing July 1, 2019, there will be deposited into the 2018C Senior Lien Dedicated Sub-Fund from amounts on deposit in the Debt Service Fund, an amount equal to the aggregate of the following amounts which amounts shall have been calculated by the Trustee on the next preceding December 5 or June 5 (in the case of each January 1 or July 1, respectively) (such aggregate amount with respect to any Deposit Date being referred to herein as the "2018C Deposit Requirement"):
for deposit into the "2018C Senior Lien Principal and Interest Account," an amount equal to the aggregate of: (i) one-half of the Principal Installment, if any, coming due on the 2018C Senior Lien Bonds on the January 1 next succeeding such date of calculation and (ii) the amount of interest due on the 2018C Senior Lien Bonds on the current Deposit Date (reduced, in the case of each January 1 Deposit Date, by investment earnings credited as of the immediately prior calculation date as to the Principal and Interest Account); and
for deposit into the "2018C Senior Lien Program Fee Account," the amount estimated by the City to be required as of the close of business on such Deposit Date to pay all fees and expenses with respect to the 2018C Senior Lien Bonds during the semi-annual period commencing on such Deposit Date.
In addition to the 2018C Deposit Requirement, there shall be deposited into the 2018C Senior Lien Dedicated Sub-Fund any other moneys received by the Trustee under and pursuant to the Senior Lien Indenture or the Sixty-Fifth Supplemental Indenture, when accompanied by directions from the
19
person depositing such moneys that such moneys arc to be paid into the 2018C Senior Lien Dedicated Sub-Fund and to one or more accounts therein.
Debt Service Reserves
The 2018 Senior Lien Bonds are Common Reserve Bonds secured by the Common Debt Service Reserve Sub-Fund.
Common Debt Service Reserve Sub-Fund. Pursuant to the Senior Lien Indenture, the Common Debt Service Reserve Sub-Fund is a Dedicated Sub-Fund within the Debt Service Fund, to be known as the Common Debt Service Reserve Sub-Fund, which is held and administered by the Trustee in accordance with the terms of the Senior Lien Indenture. The 2018 Senior Lien Bonds and the Outstanding Senior Lien Bonds, other than the Series 2005C Bonds, the Series 2005D Bonds, the Series 2010D Bonds, the Series 2010F Bonds, the Series 201 IA Bonds, the Series 2012A Bonds, the Series 2016C Bonds, the Series 2016F Bonds and the Series 2017B Senior Lien Bonds, (which Series of bonds are collectively referred to herein as the "Non-Common Reserve Bonds"), are entitled to the benefit of the Common Debt Service Reserve Sub-Fund (the "Common Reserve Bonds"). Non-Common Reserve Bonds, other than the Series 2005C Bonds and the Series 2005D Bonds are each secured by a separate debt service reserve account established under the respective Supplemental Indenture authorizing their issuance. These individual debt service reserve accounts do not secure and are not available for payment of debt service on the Common Reserve Bonds, and the Common Debt Service Reserve Sub-Fund does not secure and is not available for payment of the Non-Common Reserve Bonds. The Series 2005C Bonds and the Series 2005D Bonds are not secured by a reserve fund.
The "Reserve Requirement" for the Common Debt Service Reserve Sub-Fund is an amount equal to the maximum amount of Principal Installments and interest payable on the Common Reserve Bonds in the current or any succeeding Bond Year; provided, however, that if upon the issuance of a Series of Common Reserve Bonds such amount would require that moneys be paid into the Common Debt Service Reserve Sub-Fund from the proceeds of such Common Reserve Bonds in an amount in excess of the maximum amount permitted under the Code, the Reserve Requirement shall be the sum of (a) the Reserve Requirement immediately preceding the issuance of such Common Reserve Bonds, and, (b) the maximum amount permitted under the Code to be deposited from the proceeds of such Common Reserve Bonds, as certified by the Chief Financial Officer.
Additional Senior Lien Bonds issued by the City in the future pursuant to the Senior Lien Indenture may, but need not, be designated as entitled to the benefit of the Common Debt Service Reserve Sub-Fund. The moneys in the Common Debt Service Reserve Sub-Fund are held for the benefit of all Common Reserve Bonds issued or to be issued under the Senior Lien Indenture.
The Reserve Requirement for the Common Debt Service Reserve Sub-Fund may be satisfied by the deposit with the Trustee of (i) cash, (ii) one or more Qualified Credit Instruments, (iii) Qualified Investments, or (iv) a combination thereof.
The Senior Lien Indenture provides, and the City covenants in the Sixty-Third Supplemental Indenture with respect to the 2018A Senior Lien Bonds, in the Sixty-Fourth Supplemental Indenture with respect to the 2018B Senior Lien Bonds, and in the Sixty-Fifth Supplemental Indenture with respect to the 2018C Senior Lien Bonds, respectively, that (i) the City will maintain the Common Debt Service Reserve Sub-Fund in an amount equal to the Reserve Requirement, (ii) moneys held therein will be held and disbursed for the benefit of all Common Reserve Bonds and such moneys are pledged and assigned for that purpose, and (iii) all Common Reserve Bonds are on a parity and rank equally, without preference, priority or distinction. If on any valuation date under the Senior Lien Indenture the amount on deposit in the Common Debt Service Reserve Sub-Fund is more than the Reserve Requirement, unless otherwise directed by a Certificate of the City to be withdrawn and deposited in trust to pay or provide for the
20
payment of Senior Lien Obligations, the amount of such excess shall be transferred to the Trustee for deposit into the Revenue Fund, provided, however, that immediately after such withdrawal, the amount on deposit in the Common Debt Service Reserve Sub-Fund equals or exceeds the Reserve Requirement.
If at any time the Common Debt Service Reserve Sub-Fund holds both Qualified Credit Instruments and Qualified Investments, the Qualified Investments shall be liquidated and the proceeds applied for the purposes for which Common Debt Service Reserve Sub-Fund moneys may be applied under the Senior Lien Indenture prior to any draw being made on the Qualified Credit Instrument. If the Common Debt Service Reserve Sub-Fund holds Qualified Credit Instruments issued by more than one issuer, draws shall be made under such credit instruments on a pro rata basis to the extent of available funds.
Deficiencies in the Common Debt Service Reserve Sub-Fund are required to be satisfied from Revenues. Amounts deposited in the Common Debt Service Reserve Sub-Fund shall be applied first to reimburse the Qualified Credit Provider and thereby reinstate the Qualified Credit Instrument and next to make deposits into the Common Debt Service Reserve Sub-Fund. The Common Debt Service Reserve Sub-Fund will be applicable only to the Common Reserve Bonds and will not be available to pay debt service on any other Senior Lien Obligations. See "Payment of Debt Service on the 2018 Senior Lien Bonds" above and APPENDIX B - "SUMMARY OF CERTAIN PROVISIONS OF THE SENIOR LIEN INDENTURE-Indenture Funds and Payment of Debt Service."
Prior to issuance of the 2018 Senior Lien Bonds, the Reserve Requirement for the Common Reserve Bonds was $483.26 million. Upon issuance of the 2018 Senior Lien Bonds, the City intends to deposit $95,237,010.45 of proceeds from the sale of the 2018 Senior Lien Bonds into the Common Debt Service Reserve Sub-Fund which, together with other funds on deposit in the Common Debt Service Reserve Sub-Fund, will increase the amount on deposit to $581,707,588.65 is equal to the new Reserve Requirement- for the Common Reserve Bonds, and such sub-fund will be fully funded with cash and Qualified Investments on deposit in satisfaction of the requirements of the Senior Lien Indenture. In addition to the cash and Qualified Investments on deposit, various Qualified Credit Instruments remain on deposit in the Common Debt Service Reserve Sub-Fund. As a result of the widespread losses in the mortgage market and overall credit market challenges, among others, Qualified Credit Providers may experience claims and/or reductions in capital such that their capital resources may no longer be sufficient at their respective rating levels to meet their ongoing additional capital needs and/or to respond to claims, including claims under the Qualified Credit Instruments. In the event of the financial distress of any Qualified Credit Provider that has provided a Qualified Credit Instrument on deposit in the Common Debt Service Reserve Sub-Fund, the City is under no obligation to replace the applicable Qualified Credit Instrument with cash or another Qualified Credit Instrument so long as the Common Debt Service Reserve Sub-Fund remains fully funded with cash and Qualified Investments on deposit in satisfaction of the requirements of the Senior Lien Indenture. Except as may be required by the Undertaking described below under "SECONDARY MARKET DISCLOSURE," neither the City nor the Underwriters undertakes responsibility to bring to the attention of the owners of the 2018 Senior Lien Bonds any information regarding the financial condition of any Qualified Credit Provider or to take any action in connection therewith.
Debt Service Coverage Covenants
The City covenants in the Senior Lien Indenture to fix and establish, and to revise from time to time whenever necessary, the rentals, rates and other charges for the use and operation of O'Hare and for services rendered by the City in the operation of it in order that Revenues in each Fiscal Year, together with Other Available Moneys deposited with the Trustee with respect to that Fiscal Year and any cash balance held in the Revenue Fund on the first day of that Fiscal Year not then required to be deposited in any Fund or Account, will be at least sufficient:
21
to provide for the payment of Operation and Maintenance Expenses for the Fiscal Year; and
to provide for the greater of (A) the sum of the amounts needed to make the deposits required to be made pursuant to all resolutions, ordinances, indentures and trust agreements pursuant to which all Outstanding Senior Lien Obligations or other Outstanding Airport Obligations are issued and secured, and (B) (1) for the 2018 Fiscal Year and each earlier Fiscal Year, one and ten-hundredths times the Aggregate Debt Service for the Bond Year commencing during that Fiscal Year; (2) for the 2019 Fiscal Year, one and fiftecn-hundredths times Aggregate Debt Service for the Bond Year commencing during that Fiscal Year; (3) for the 2020 Fiscal Year, one and twenty-hundredths times Aggregate Debt Service for the Bond Year commencing during that Fiscal Year and (4) for the 2021 Fiscal Year and each subsequent Fiscal Year, one and twenty fivc-hundredths times the Aggregate Debt Service for the Bond Year commencing during that Fiscal Year, and, in each case, such Aggregate Debt Service shall be reduced by any proceeds of Airport Obligations held by the Trustee for disbursement during that Bond Year to pay principal of and interest on Senior Lien Obligations.
The City further covenants in the Senior Lien Indenture to fix and establish, and revise from time to time whenever necessary, the rentals, rates and other charges for the use and operation of O'Hare and for services rendered by the City in the operation of it in order that Revenues in each Fiscal Year, together with Other Available Moneys consisting solely of (a) any PFCs deposited with the Trustee for that Fiscal Year, and (b) any other moneys received by the City in the immediately prior Fiscal Year and deposited with the Trustee no later than the last day of the immediately prior Fiscal Year, will be at least sufficient:
to provide for the payment of Operation and Maintenance Expenses for the Fiscal Year; and
to provide for the payment of Aggregate Debt Service for the Bond Year commencing during that Fiscal Year, reduced by any proceeds of Airport Obligations held by the Trustee for disbursement during the Bond Year to pay the principal of and interest on Senior Lien Obligations.
If during any Fiscal Year, Revenues and other funds are estimated to produce less than the amount required under sections (i) and (ii) above, the City shall revise its Airport rentals, fees and charges or alter its methods of operation to take other action in such manner as is necessary to produce the amount so required in such Fiscal Year.
Within 90 days after the end of each Fiscal Year, the-City is required by the Senior Lien Indenture to furnish to the Trustee calculations of the required debt service coverage, as described above. If either calculation for any Fiscal Year indicates that the City has not satisfied its obligations described above, then as soon as practicable, but in any event no later than 45 days after receipt by the Trustee of such calculation, the City must employ an Independent Airport Consultant to review and analyze the financial status and the administration and operation of O'Hare and lo submit to the City, within 45 days after employment of the Independent Airport Consultant, a written report on the same, including the action which the Independent Airport Consultant recommends should be taken by the City with respect to the revision of O'Hare rentals, fees and charges, alteration of its methods of operation or the taking of other action that is projected to result in producing the amount so required in the then current Fiscal Year or, if less, the maximum amount deemed feasible by the Independent Airport Consultant. Within 60 days following its receipt of the recommendations, the City must revise O'Hare rentals, fees and charges or alter its methods of operation, which revisions or alterations need not comply with the recommendations so long as any revisions or alterations are projected by the City to result in compliance with the required debt service coverage, as described above. If at any time and as long as the City is in full compliance with the provisions of the Senior Lien Indenture summarized in this paragraph, there shall be no event of
22
default under the Senior Lien Indenture as a consequence of the City's failure to satisfy the coverage covenants described above.
Covenants against lien on revenues
The City covenants in the Senior Lien Indenture that it will not issue any indebtedness, other than Senior Lien Obligations, secured by the pledge of Revenues. The City also covenants not to create or cause to be created any lien or charge on Revenues, or on any other amounts pledged for the benefit of owners of the Senior Lien Obligations, including the 2018 Senior Lien Bonds, other than the pledge of Revenues contained in the Senior Lien Indenture.
Notwithstanding the covenants described in the prior paragraph, the City has the right to issue debt payable from or secured by a pledge of Revenues to be derived on and after the discharge and satisfaction of all Senior Lien Obligations and to issue debt payable from, or secured by, a pledge of amounts to be withdrawn from the Junior Lien Obligation Debt Service Fund so long as such pledge is expressly junior and subordinate to the pledge of Revenues to the payment of Senior Lien Obligations.
ISSUANCE OF ADDITIONAL SENIOR LlEN BONDS
Additional Senior Lien Bonds may be issued upon the satisfaction of certain conditions as set forth in the Senior Lien Indenture. These conditions include delivery to Trustee of:
i
a Certificate of an Independent Accountant or a Certificate of the City, in either case stating that Revenues and Other Available Moneys in the most recent completed Fiscal Year for which audited financial statements have been prepared satisfied the first covenant described under "-Debt Service Coverage Covenants" above, assuming for such purpose that Aggregate Debt Service for the Bond Year commencing during such Fiscal Year includes the maximum Annual Debt Service on all Outstanding Senior Lien Obligations and the Series of Senior Lien Obligations proposed to be issued (disregarding any Airport Obligations that have been paid or discharged or will be paid or discharged immediately after the issuance of the Senior Lien Obligations proposed to be issued); or
a Certificate of an Independent Airport Consultant or a Certificate of the City, in either case stating that, based upon reasonable assumptions set forth in the Certificate, Revenues and Other Available Moneys are projected to be not less than that required to satisfy the first covenant described under "-Debt Service Coverage Covenants" above (disregarding any Airport Obligations that have been paid or discharged or will be paid or discharged immediately after the issuance of the Senior Lien Obligations proposed to be issued) for each of the next three Fiscal Years following the issuance of the Senior Lien Obligations or, if later, for each Fiscal Year from the issuance of the Senior Lien Obligations through the two Fiscal Years immediately following completion ofthe project or projects financed by the Senior Lien Obligations.
For the purpose of computing Revenues under either clause (i) or (ii) above, there must be taken into account (x) any reduction in the rate of any PFCs, and (y) any increase in the rate of any PFCs authorized by legislation if the City has taken all action required to impose those increased charges al O'Hare pursuant to such legislation. For the purpose of computing Revenues and Other Available Moneys under clause (ii) above. Other Available Moneys shall be projected only to the extent they have been (x) paid over to the Trustee and deposited in the Revenue Fund, or (y) irrevocably pledged to the payment of debt service on Airport Obligations.
The City may issue Refunding Bonds and Completion Bonds (both as defined in the Senior Lien Indenture) either by satisfying the debt service coverage requirement described above, or by satisfying the
23
applicable requirements described in APPENDIX B - "SUMMARY OF CERTAIN PROVISIONS OF THE SENIOR LIEN INDENTURE-Refunding Bonds" and "-Completion Bonds."
Airline Use and Lease Agreements
Airline Use and Lease Agreements. The Prior Use Agreements expired, in accordance with their terms, on May 11, 2018 (the "Prior Use Agreements"). On March 28, 2018, the City and the airlines operating at O'Hare entered into new Airline Use and Lease Agreements effective May 12, 2018 (collectively, the "Airline Use and Lease Agreements"). The airlines identified as signatories to the Airline Use and Lease Agreements, together with any additional airline that executes an agreement with the City substantially the same as the Airline Use and Lease Agreements, are referred to as the "Signatory Airlines."
The Airline Use and Lease Agreements are designed to expand and elevate O'Hare as a global gateway. The Airline Use and Lease Agreement will launch the largest capital expansion of O'Hare's history, with construction and implementation scheduled to take place through 2028 for the Phase I TAP Elements. As part of the expansion, the City is making a series of investments in terminals and the core airport design to increase capacity, connectivity and growth to match passenger demand. For a discussion of Phase I TAP Elements, see "CAPITAL PROGRAMS - Terminal Area Plan - TAP Phase /."
The Airline Use and Lease Agreements are residual agreements with non-airline revenues used to offset charges to the airlines. There are two term options for airline signatories to the Airline Use and Lease Agreements. For Long-Term Signatory Airlines, the Airline Use and Lease Agreements expire on December 31, 2033. For Short-Term Signatory Airlines, the Airline Use and Lease Agreements expire on December 31, 2023 (if the Effective Date is prior to January 1, 2024), December 31, 2028 (if the Effective Datc is between January 1, 2024 and December 31, 2028), or December 31, 2033 (if the Effective Date is between January 1, 2029 and December 31, 2033). Short-Term Signatory Airlines have the option to extend the Term for each of two successive five-year periods through December 31, 2028 and then through December 31, 2033. Short-Term Signatories are eligible for common use gates and cannot vote on capital improvement control decisions. Non-Signatory airlines must sign operating agreements in order to operate at O'Hare and will have separate month-to-month leases.
The Airline Use and Lease Agreements do not provide airlines with exclusive use gates. Rather, Long-Term Signatories are given the first right to schedule use of preferential gates. Long-Term Signatories can earn additional preferential gates by increasing flight activity. Reallocation of the preferential gates will occur on a yearly basis beginning in 2021. During extended windows without scheduled use, the City can allocate such preferential gate for use by another carrier. Common use gates are available for any airline.
Airline rates and charges are set by the City on an annual basis, calculated to generate sufficient monies to cover all of O'Hare's annual operating and debt service requirements as well as coverage and reserves, including the satisfaction of all of the City's obligations to make deposits and payments under the Senior Lien Indenture and any other ordinance or resolution authorizing Airport Obligations in accordance with the Airline Use and Lease Agreements. Landing fees are charged for each flight landing at O'Hare. Landing fees are calculated in a manner that will ensure sufficient monies are available to cover City associated airfield costs. Terminal rates and fees are set to sufficiently pay for costs associated with terminals with an offset of the concession, net parking and ground transportation revenues. Additionally, square foot rental rales will be paid for exclusive use space such as offices, clubs, and operations space and preferential gates and check-in space. Common use fees will be charged for gates, check-in and baggage systems based on activity levels. Revenues deposited by the City in accordance with the Senior Lien Indenture include rentals, fees and charges imposed upon the Signatory Airlines under the Airline Use and Lease Agreements. See "AIR TRAFFIC ACTIVITY AT O'HARE-Airlines Providing Service at O'Hare" and "CERTAIN INVESTMENT CONSIDERATIONS." The Airline
24
Use and Lease Agreements require approval by a majority in interest of the Signatory Airlines for the City's issuance of Airport Obligations, the debt service on which is payable by the Signatory Airlines, for certain capital projects at O'Hare. See APPENDIX C - "SUMMARY OF CERTAIN PROVISIONS OF THE AIRLINE USE AND LEASE AGREEMENTS."
The Airline Use and Lease Agreements authorize the City to increase debt service coverage on its Senior Lien Obligations issued under the Senior Lien Indenture in .05 increments annually from 1.1 Ox in 2018 to 1.25x by 2021. In order to increase the day's cash on hand, the new Airline Use and Lease Agreements also establish a supplemental operating and maintenance ("O&M") expense reserve (the "Supplemental O&M Reserve Fund") that will be funded over time to reach 25 percent of the following year's projected O&M expenses by 2025. For information on the deposits to the Supplemental O&M Reserve Fund, see APPENDIX B- "SUMMARY OF CERTAIN PROVISIONS OF THE SENIOR LIEN INDENTURE."
The table below highlights key differences between select provisions of the Prior Use Agreements and the new Airline Use and Lease Agreements.
Major Provisions Change in 2018 Airline Use and Lease Agreements
Term The Prior Use Agreements had a term of 35 years. Now, under the Airline Use and Lease Agreements, each term begins on May 12, 2018. Short-Term Signatory Airlines may now extend their terms to 2033 and elect to transition to Long-Term Signatory Airlines.
Capital Projects Previously Approved Projects were approved under the Prior Use Agreements. Phase 1 of the TAP Program, Near-Term Gate Improvements and Other Projects and Pre-Approved CIP Projects are pre-approved projects under the new Airline Use and Lease Agreements. Pre-Approved Allowances are pre-approved funding amounts for major maintenance. The execution of the new Airline Use and Lease Agreements confirms the airlines' approval of these projects and funding commitments.
Assignment of Gates Gates are no longer exclusively leased to Airlines as some had been under the Prior Use Agreements. Preferential Use Gate Space under the Airline Use and Lease Agreements is now assigned to certain Long-Term Signatory Airlines and the City retains control of the common areas. The City now has rights to reallocate gate rights beginning in 2021 based on several factors including airline activity, operational efficiency and passenger experience.
Rate Covenant Under the Airline Use and Lease Agreements, airline rates and charges continue to be required to be sufficient to meet the Rate Covenant, as had been the case under the Prior Use Agreement. As the Debt Service coverage requirements increase (see "Coverage Requirement" in this table), pursuant to the Rate Covenant, the airline rates and charges will reflect the increased Debt Service coverage requirements.
Majoriry-in-Interest (Mil) Review No further Mil review or approval is needed for the Previously Approved Projects, the Phase I of the TAP Program, Pre-Approved CIP Projects Near-Term Gate Improvements and Other Projects and Pre-Approved Allowances (see "Capital Projects" in this table). For all approved projects, Mil review is limited to modifications that significantly increase project costs or scope. Under the Airline Use and Lease Agreements, the City is authorized to undertake New Projects so long as such New Projects are not disapproved by 70% or more of Long-Term Signatory Airlines measured by Landed Weight, Terminal Fees, or Airport Fee and Charges.
25
Debt Service coverage on Senior Lien Obligations increases
incrementally by 0.05 annually, from current 1.1 Ox coverage to 1.25x
coverage by 2021 and subsequent years.
For a more complete summary of the Airline Use and Lease Agreement see APPENDIX C -"SUMMARY OF CERTAIN PROVISIONS OF THE AIRLINE USE AND LEASE AGREEMENTS."
Expiration of Airline Use and Lease Agreements. A portion of the debt service, on the 2018 Senior Lien Bonds and the Outstanding Senior Lien Bonds becomes due after expiration of the Airline Use and Lease Agreement. Upon expiration, the City may extend such agreements, enter into new agreements with the airlines, or impose rates and charges upon the airlines by City ordinance consistent with the requirements of federal law. Regardless of which of these options is pursued, the City has covenanted in the Senior Lien Indenture (which extends beyond the expiration of the Airline Use and Lease Agreements) to establish rentals, rates and other charges for the use and operation of O'Hare such that Revenues (including rentals, fees and charges imposed on the airlines), together with certain other moneys deposited with the Trustee, are sufficient to pay the Operation and Maintenance Expenses at O'Hare and to satisfy the debt service coverage covenants contained in the Senior Lien Indenture. See "-Debt Service Coverage Covenants" above. Thus, while it is not possible to predict whether any airline will be contractually obligated to make payments, including, among other things, for debt service on the 2018 Senior Lien Bonds, the Outstanding Senior Lien Bonds or any other Senior Lien Obligations after the expiration of the Airline Use and Lease Agreements, the City is obligated under the Senior Lien Indenture to impose fees and charges on the airlines for use of O'Hare that will enable the City to satisfy the Senior Lien Indenture debt service coverage covenants.
Nonpayment of Rentals, Fees and Charges. The Airline Use and Lease Agreements provide that if an Airline Party defaults on the payment of its rentals, fees or charges, and if the City has undertaken appropriate collection efforts and has exhausted certain other specific funds available under the Airline Use and Lease Agreements to pay the unpaid rentals, fees or charges, the City then is entitled to include the unpaid rentals, fees or charges in the landing fees payable by the other non-defaulting Signatory Airlines. See APPENDIX C - "SUMMARY OF CERTAIN PROVISIONS OF THE AIRLINE USE AND LEASE AGREEMENTS."
Bond Insurance
The scheduled payment of the principal and interest on the 2018A Senior Lien Bonds maturing on January 1, 2043 (CUSIP No. 167593L42) when due will be guaranteed under an insurance policy to be issued by Build America Mutual Assurance Company concurrent with the delivery of the 2018A Insured Bonds. The scheduled payment of principal of and interest on the 2018B Senior Lien Bonds maturing on January 1, 2053 (CUSIP No. 167593M74) when due will be guaranteed under an insurance policy to be issued concurrently with the delivery of the 2018B Insured Bonds by Assured Guaranty Municipal Corp. concurrent with the delivery ofthe 2018B Insured Bonds. See "BOND INSURANCE," "RATINGS" and Appendix I - "SPECIMEN BOND INSURANCE POLICIES."
Proposed Amendment to the Senior Lien Indenture
In 2010, the City proposed an amendment (the "2010 Amendment") to the Senior Lien Indenture that would remove the restrictions described under "Restrictions on Sales or Transfer of Airport" in APPENDIX B. The 2010 Amendment does not take effect unless and until (among other things) the 2010 Amendment is consented to by the Owners of more than 50% in principal amount of the then Outstanding Senior Lien Obligations and the City determines to present such amendment to the Trustee. Pursuant to the 2018 Supplemental Indentures authorizing each Series ofthe 2018 Senior Lien Bonds, the Owners of the 2018 Senior Lien Bonds shall be deemed to have consented to the 2010 Amendment by
26
purchasing such 2018 Senior Lien Bonds. Such consent of any Owner may be revoked in writing as provided in the Senior Lien Indenture. Currently and continuing after the issuance of the 2018 Senior Lien Bonds, Owners of the required percentage of the Outstanding Senior Lien Obligations have consented to the 2010 Amendment and the City thus may elect to implement the 2010 Amendment by presenting it to the Trustee for execution. As discussed herein, the City also separately amended and
restated the Senior Lien Indenture as of June 1, 2018 and effective on November , 2018, to reflect
modifications to the agreements between the airlines and the City as set forth in the Airline Use and Lease Agreements. For a description of these modifications, see APPENDIX B - "SUMMARY OF CERTAIN PROVISIONS OF THE SENIOR LIEN INDENTURE."
Remedies
There is no provision for the acceleration of the maturity ofthe 2018 Senior Lien Bonds if any default occurs in the performance of any other obligation of the City under the Senior Lien Indenture, or if interest on the 2018 Senior Lien Bonds becomes includible in the gross income of the Owners thereof for federal income tax purposes. See APPENDIX B - "SUMMARY OF CERTAIN PROVISIONS OF THE SENIOR LIEN INDENTURE-Remedies."
Bond Insurance
2018 A insured Bonds
Concurrently with the issuance of the Series 2018A Senior Lien Bonds, Build America Mutual Assurance Company ("BAM") will issue its Municipal Bond Insurance Policy (the "2018A Policy") for the 2018A Senior Lien Bonds maturing on January 1, 2043 (CUSIP No. 167593L42) (collectively, the "2018A Insured Bonds"). The Policy guarantees the scheduled payment of principal of and interest on the 2018A Insured Bonds when due as set forth in the form of the 2018A Policy included as EXHIBIT I to this Official Statement. The 2018A Policy is not covered by any insurance security or guaranty fund established under New York, California, Connecticut or Florida insurance law.
Build America Mutual Assurance Company
BAM is a New York domiciled mutual insurance corporation and is licensed to conduct financial guaranty insurance business in all fifty states of the United States and the District of Columbia. BAM provides credit enhancement products solely to issuers in the U.S. public finance markets. BAM will only insure obligations of states, political subdivisions, integral parts of states or political subdivisions or entities otherwise eligible for the exclusion of income under section 115 of the U.S. Internal Revenue Code of 1986, as amended. No member of BAM is liable for the obligations of BAM.
The address of the principal executive offices of BAM is: 200 Liberty Street, 27th Floor, New York, New York 10281, its telephone number is: 212-235-2500, and its website is located at: www.buildamerica.com .
BAM is licensed and subject to regulation as a financial guaranty insurance corporation under the laws of the State of New York and in particular Articles 41 and 69 of the New York Insurance Law.
BAM's financial strength is rated "AA/Stable" by S&P Global Ratings, a business unit of Standard & Poor's Financial Services LLC ("S&P"). An explanation ofthe significance of the rating and current reports may be obtained from S&P at www.standardandpoors.com . The rating of BAM should be evaluated independently. The rating reflects the S&P's current assessment of the creditworthiness of BAM and its ability to pay claims on its policies of insurance. The above rating is not a recommendation to buy, sell or hold the 2018A Insured Bonds, and such rating is subject to revision or withdrawal at any time by S&P, including withdrawal initiated at the request of BAM in its sole discretion. Any downward revision or withdrawal of the above rating may have an adverse effect on the market price of the 2018A
27
Insured Bonds. BAM only guarantees scheduled principal and scheduled interest payments payable by the issuer of the 2018A Insured Bonds on the dale(s) when such amounts were initially scheduled to become due and payable (subject to and in accordance with the terms of the 2018A Policy), and BAM does not guarantee the market price or liquidity of the 2018A Insured Bonds, nor does it guarantee that the rating on the Bonds will not be revised or withdrawn.
Capitalization of BAM
BAM's total admitted assets, total liabilities, and total capital and surplus, as of September 30, 2018 and as prepared in accordance with statutory accounting practices prescribed or permitted by the New York State Department of Financial Services were $524 million, $104.1 million and S419.9 million, respectively.
BAM is party to a first loss reinsurance treaty that provides first loss protection up to a maximum of 15% of the par amount outstanding for each policy issued by BAM, subject to certain limitations and restrictions.
BAM's most recent Statutory Annual Statement, which has been filed with the New York State Insurance Department and posted on BAM's website at www.buildamerica.com , is incorporated herein by reference and may be obtained, without charge, upon request to BAM at its address provided above (Attention: Finance Department). Future financial statements will similarly be, made available when published. BAM makes no representation regarding the Bonds or the advisability of investing in the Bonds. In addition, BAM has not independently verified, makes no representation regarding, and does not accept any responsibility for the accuracy or completeness of this Official Statement or any information or disclosure contained herein, or omitted herefrom, other than with respect to the accuracy of the information regarding BAM, supplied by BAM and presented under the heading "BOND INSURANCE".
Additional Information Available from BAM.
Credit Insights Videos. For certain BAM-insured issues, BAM produces and posts a brief Credit Insights video that provides a discussion of the obligor and some of the key factors BAM's analysts and credit committee considered when approving the credit for insurance. The Credit Insights videos are easily accessible on BAM's website at buildamerica.com/crcditinsights/ . (The preceding website address is provided for convenience of reference only. Infonnation available at such address is not incorporated herein by reference.)
Credit Profiles. Prior to the pricing of bonds that BAM has been selected to insure, BAM may prepare a pre-sale Credit Profile for those bonds. These pre-sale Credit Profiles provide infonnation about the sector designation (e.g. general obligation, sales tax); a preliminary summary of financial information and key ratios; and demographic and economic data relevant to the obligor, if available. Subsequent to closing, for any offering that includes bonds insured by BAM, any pre-sale Credit Profile will be updated and superseded by a final Credit Profile to include infonnation about the gross par insured by CUSIP, maturity and coupon. BAM pre-sale and final Credit Profiles are easily accessible on BAM's website at buildamerica.com/obligor/ . BAM will produce a Credit Profile for all bonds insured by BAM, whether or not a pre-sale Credit Profile has been prepared for such bonds. (The preceding website address is provided for convenience of reference only. Infonnation available at such address is not incorporated herein by reference.)
Disclaimers. The Credit Profiles and the Credit Insights videos and the infonnation contained therein are not recommendations to purchase, hold or sell securities or to make any investment decisions. Credit-related and other analyses and statements in the Credit Profiles and the Credit Insights videos are statements of opinion as of the date expressed, and BAM assumes no responsibility to update the content
28
of such material. The Credit Profiles and Credit Insight videos are prepared by BAM; they have not been reviewed or approved by the issuer of or the underwriter for the Bonds, and the issuer and underwriter assume no responsibility for their content.
BAM receives compensation (an insurance premium) for the insurance that it is providing with respect to the Bonds. Neither BAM nor any affiliate of BAM has purchased, or committed to purchase, any of the Bonds, whether at the initial offering or otherwise.
2018B INSURED BONDS
Concurrently with the issuance of the 2018B Senior Lien Bonds, Assured Guaranty Municipal Corp. ("AGM") will issue its Municipal Bond Insurance Policy (the "2018B Policy" with the 2018A Policy, the "Policies") for the 2018B Senior Lien Bonds maturing on January 1, 2053 (CUSIP No. 167593M74) (the "2018B Insured Bonds"). The 2018B Policy guarantees the scheduled payment of principal of and interest on the 2018B Insured Bonds when due as set forth in the form of the 2018B Policy included as APPENDIX I to this Official Statement.
The 2018B Policy is not covered by any insurance security or guaranty fund established under New York, California, Connecticut or Florida insurance law.
Assured Guaranty municipal Corp.
AGM is a New York domiciled financial guaranty insurance company and an indirect subsidiary of Assured Guaranty Ltd. ("AGL"), a Bermuda-based holding company whose shares are publicly traded and are listed on the New York Stock Exchange under the symbol "AGO". AGL, through its operating subsidiaries, provides credit enhancement products to the U.S. and global public finance, infrastructure and structured finance markets. Neither AGL nor any of its shareholders or affiliates, other than AGM, is obligated to pay any debts of AGM or any claims under any insurance policy issued by AGM.
AGM's financial strength is rated "AA" (stable outlook) by S&P Global Ratings, a business unit of Standard & Poor's Financial Services LLC ("S&P"), "AA+" (stable outlook) by Kroll Bond Rating Agency, Inc. ("KBRA") and "A2" (stable outlook) by Moody's Investors Service, Inc. ("Moody's"). Each rating of AGM should be evaluated independently. An explanation of the significance of the above ratings may be obtained from the applicable rating agency. The above ratings are not recommendations to buy, sell or hold any security, and such ratings are subject to revision or withdrawal at any time by the rating agencies, including withdrawal initiated at the request of AGM in its sole discretion. In addition, the rating agencies may at any time change AGM's long-term rating outlooks or place such ratings on a watch list for possible downgrade in the near term. Any downward revision or withdrawal of any of the above ratings, the assignment of a negative outlook to such ratings or the placement of such ratings on a negative watch list may have an adverse effect on the market price of any security guaranteed by AGM. AGM only guarantees scheduled principal and scheduled interest payments payable by the issuer of bonds insured by AGM on the date(s) when such amounts were initially scheduled to become due and payable (subject to and in accordance with the terms of the relevant insurance policy), and does not guarantee the market price or liquidity of the securities il insures, nor does it guarantee that the ratings on such securities will not be revised or withdrawn.
Current Financial Strength Ratings
On June 26, 2018, S&P announced it had affirmed AGM's financial strength rating of "AA" (stable outlook). AGM can give no assurance as to any further ratings action that S&P may take.
29
On May 7, 2018, Moody's announced it had affirmed AGM's insurance financial strength rating of "A2" (stable outlook). AGM can give no assurance as to any further ratings action that Moody's may take.
On January 23, 2018, KJ3RA announced it had affirmed AGM's insurance financial strength rating of "AA+" (stable outlook). AGM can give no assurance as to any further ratings action that KBRA may lake.
For more infonnation regarding AGM's financial strength ratings and the risks relating thereto, see AGL's Annual Report on Form 10-K for the fiscal year ended December 31, 2017.
Capitalization of AGM
At September 30, 2018:
The policyholders' surplus of AGM was approximately $2,203 million.
The contingency reserves of AGM and its indirect subsidiary Municipal Assurance Corp. ("MAC") (as described below) were approximately SI, 187 million. Such amount includes 100% of AGM's contingency reserve and 60.7% of MAC's contingency reserve.
The net unearned premium reserves and net deferred ceding commission income of AGM and its subsidiaries (as described below) were approximately $1,863 million. Such amount includes (i) 100% of the net unearned premium reserve and deferred ceding commission income of AGM, (ii) the consolidated net unearned premium reserves and net defened ceding commissions of AGM's wholly owned subsidiary Assured Guaranty (Europe) pic ("AGE"), and (iii) 60.7% ofthe net unearned premium reserve of MAC.
The policyholders' surplus of AGM and the contingency reserves, net unearned premium reserves and deferred ceding commission income of AGM and MAC were determined in accordance with statutory accounting principles. The net unearned premium reserves and net deferred ceding commissions of AGE were determined in accordance with accounting principles generally accepted in the United States of America.
Incorporation of Certain Documents by Reference
Portions of the following documents filed by AGL with the Securities and Exchange Commission (the "SEC") that relate to AGM are incorporated by reference into this Official Statement and shall be deemed to be a part hereof:
the Annual Report on Form 10-K for the fiscal year ended December 31, 2017 (filed by AGL with the SEC on February 23, 2018);
the Quarterly Report on Fonn 10-Q for the quarterly period ended March 31, 2018 (filed by AGL with the SEC on May 4, 2018);
the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2018 (filed by AGL with the SEC on August 2, 2018); and
the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018 (filed by AGL with the SEC on November 9, 2018).
All consolidated financial statements of AGM and all other information relating to AGM included in, or as exhibits to, documents filed by AGL with the SEC pursuant to Section 13(a) or 15(d) of
30
the Securities Exchange Act of 1934, as amended, excluding Current Reports or portions thereof "furnished" under Item 2.02 or Item 7.01 of Form 8-K, after the filing of the last document referred to above and before the termination ofthe offering of the Bonds shall be deemed incorporated by reference into this Official Statement and to be a part hereof from the respective dates of filing such documents. Copies of materials incorporated by reference are available over the internet at the SEC's website at , at AGL's website at , or will be provided upon request to Assured Guaranty Municipal Corp.: 1633 Broadway, New York, New York 10019, Attention: Communications Department (telephone (212) 974-0100). Except for the information referred to above, no infonnation available on or through AGL's website shall be deemed to be part of or incorporated in this Official Statement.
Any information regarding AGM included herein under the caption "BOND INSURANCE -Assured Guaranty Municipal Corp." or included in a document incorporated by reference herein (collectively, the "AGM Information") shall be modified or superseded to the extent that any subsequently included AGM Information (either directly or through incorporation by reference) modifies or supersedes such previously included AGM Information. Any AGM Information so modified or superseded shall not constitute a part of this Official Statement, except as so modified or superseded.
Miscellaneous Matters
AGM makes no representation regarding the 2018 Senior Lien Bonds or the advisability of investing in the 2018 Senior Lien Bonds. In addition, AGM has not independently verified, makes no representation regarding, and does not accept any responsibility for the accuracy or completeness of this Official Statement or any infonnation or disclosure contained herein, or omitted herefrom, other than with respect to the accuracy of the information regarding AGM supplied by AGM and presented under the heading "BOND INSURANCE'.
Plan of Finance
General
The City will use the proceeds from the sale ofthe 2018 Senior Lien Bonds, together with other available funds, to: (i) fund portions of the Airport Capital Program (as herein defined), (ii) refund certain outstanding Senior Lien Bonds (the "Refunded Bonds," as defined herein), (iii) repay certain portions of the City's outstanding Commercial Paper Notes and Credit Agreement Notes (each as defined herein), (iv) fund the Reserve Requirement for the 2018 Senior Lien Bonds, (v) capitalize a portion of the interest on the 2018 Senior Lien Bonds, and (vi) pay costs and expenses incidental thereto and to the issuance of the 2018 Senior Lien Bonds. See "PLAN OF FINANCE" and "SOURCES AND USES OF FUNDS" herein.
Refunding Plan
The City intends to refund the General Airport Third Lien Revenue Bonds, Series 2008D (AMT) (the "Refunded Bonds") with a portion of the proceeds of the 2018A Senior Lien Bonds. The table in APPENDIX H - BONDS TO BE REFUNDED sets forth the series designation, maturities, principal amounts, interest rates and redemption dates for the Refunded Bonds. On the date of issuance and delivery of the 2018A Senior Lien Bonds, the City will give the Trustee irrevocable instructions to call the Refunded Bonds on the applicable redemption date. Notices of the call for redemption of the Refunded Bonds will be given by the Trustee in the manner required by the Senior Lien Indenture.
To provide for the refunding and defeasance of the Refunded Bonds, certain proceeds of the 2018A Senior Lien Bonds and other available funds will be deposited in an escrow account (the "Escrow Account"), dated as of December 1, 2018, between the City and U.S. Bank National Association, as trustee under the Senior Lien Indenture, and invested in Federal Obligations in amounts sufficient
31
(without reinvestment) to provide for the payment of the interest on and principal and Redemption Price of the Refunded Bonds to the respective redemption date at the Redemption Price of par plus accrued interest to such date of redemption.
The accuracy of the mathematical computations regarding the adequacy of the moneys and Federal Obligations deposited and held in the Escrow Account to pay the debt service described above on the Refunded will be verified by Robert Thomas CPA, LLC.
Repayment of Commercial Paper Notes and Credit Agreement Notes
The City expects to repay approximately 5240,992,000 of currently outstanding principal amount of the City's Commercial Paper Notes, and interest thereon, from the proceeds ofthe 2018 Senior Lien Bonds. After the repayment of such Commercial Paper Notes, the City will have no Commercial Paper Notes outstanding.
The City expects to repay approximately $10,058,000 of currently outstanding principal amount of the City's Credit Agreement Notes, and interest thereon, from the proceeds of the 2018 Senior Lien Bonds.
future Financings for O'Hare
The City expects to issue additional Airport Obligations, including Senior Lien Bonds, PFC Obligations, CFC Obligations, Commercial Paper Notes, and Credit Agreement Notes, from time to time, to continue implementation and funding of capital projects at O'Hare and refunding Outstanding Airport Obligations. The Report of the Airport Consultant assumes that the City will issue, and the City expects to issue, additional Senior Lien Bonds to fund an estimated S6.095 billion of costs related to the TAP Phase I, an estimated $21 million of costs related to the OMP Airfield Projects and an estimated $1,617 billion of costs related to the CIP Projects. As part of this financing plan, the City is planning to issue up to $2.0 billion in principal amount of Senior Lien Bonds in late 2019 or early 2020. For a discussion of future financings and financing needs for O'Hare, see 'OUTSTANDING INDEBTEDNESS AT O'HARE," "CAPITAL PROGRAMS" and APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT-The Airport Facilities, Capital Program, and 2017 Projects."
32
o CQ c
oo
ooo q o; n o
£ — Tt
q \o in
OO VI
oo ui ri~ rn ~ ~- m O
m o m vo
VI ~- Tt 0 i °, °, "
m r-" Is-" 00
rl m ifi rj
rl vo c»
.—" ir' [—' ¦—1
- OHO ^t
WI —
— Tt ai
MS O
o ^- r--
© CN
U O
c
ca|1010|5 2 5
O fx O
c o o'
o rs —
— vo Tt
Tt Tt
—' cn r-' r >o >o
in oc —^ oC VO 00
ac n «
vC
O
Z
%
u. O
V5 fa!
C
z -<
yi U w X
o
e o
cj
o
£ C
o o
T3 C .3
oo O
fN M
< * s
¦5 g c " £ ca
CN !>
O cn rn
o r«S r-'
O CN Tt
O^ Tt_ in
in ~- oo
oc — in
in in
a ~
O CN vC
cn ov ri •—
m, oc o Tt Cr.
3C 6 OC C Ov
IO O Tt 0C Tt
CN 0_ 0C O VO
r-^ CN rf —* r-T
VO VC Tt C 00
~ in ~ ~
sc o" o' wT in
o. ri vC Tt
CT-. O
n Tt
O O
vo Tt
O wi
Tt
rn Tt Tt rf vc
r- m Tt vo
rl w oc vo
r~ oo — \C
' vc" Tt r-" Tt
3 O
-a
,o
ca
o
Q
Sr:
O
-o c a
- e-i
I E ^ E £2 < < a.
<2 z o
o
f-
I* « ^ .a ^ ^
.15 o
Cfl tfl
Q
&8.8.S «
¦o D a> o o Q Q Q (J H
Chicago O'Hare international airport
General
O'Hare is the primary commercial airport for the City, as well as an important connecting point for numerous domestic and international flights. Located 18 miles northwest of the City's central business district, O'Hare occupies over 7,200 acres of land and is directly linked to the central business district by a rapid transit rail system. O'Hare is the busiest airport serving the Chicago Region (as herein defined). O'Hare serves nearly all of the Chicago Region's international air traffic and is the predominant airport for nonstop/business travel to the Chicago Region's top 50 origin and destination ("O&D") markets.
Based on data from ACI, for the 12-monlh period ended December 31, 2017, O'Hare ranked second both worldwide and in the United States in total aircraft operations, and sixth worldwide and third in the United States in terms of total passengers. According to the CDA, O'Hare had approximately 76.9 million total passengers in 2015, approximately 78.0 million in 2016, and approximately 79.8 million in 2017. Through the first eight months of 2018, enplaned passenger activity at O'Hare has increased 4.9 percent from the same period in 2017.
Both United Airlines and American Airlines, two of the world's four largest air carriers (in terms of revenue passenger miles), operate major hubs at O'Hare. United Airlines (including its regional affiliates) accounted for 45.0 percent of the enplaned passengers at O'Hare as of December 31, 2017. American Airlines (including its regional affiliates) accounted for 35.5 percent of the enplaned passengers al O'Hare as of December 31, 2017. See "CERTAIN INVESTMENT CONSIDERATIONS-Uncertainties of the Airline Industry" herein for additional infonnation regarding the airlines serving O'Hare.
For more complete and detailed information regarding historical and projected air traffic at O'Hare, see "Air Traffic" in APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT."
34
The Air Trade Area
The primary air trade area that O'Hare serves consists of 10 counties in Illinois (Cook, DeKalb, DuPage, Grundy, Kane, Kankakee, Kendall, Lake, McHenry and Will), four counties in Indiana (Jasper, Lake, Newton and Porter) and one county in Wisconsin (Kenosha). These 15 counties comprise the "Chicago Region" and include two Metropolitan Statistical Areas ("MSA") that contain four adjoining major metropolitan areas. This area (the "Air Trade Area") is depicted on the map below.
Map of Chicago Region
i ' T Gcnoral Mltchctl IntemcrUonol Airport mJlwaukr
LCaCND
_""j CountlnOiitticf» of Chfeaga Anglon OK*relr.ifttri*tiontr*irpcrt lOving Airpnrn VUisMnMSA .® E>*t:irt6 AiipOtti'OnU'm* Mi* ¦ 4} THiifKitad An | xl ft*
.soujtffra'.tjoi (tiuvt uip ah, int.
Air Trade Area
35
Other Commercial Service airports Serving the Chicago Region
Midway. In addition to O'Hare, Midway is owned by the City and operated through the CDA. Midway, located 15 miles south of O'Hare and nine miles southwest ofthe central business district ofthe City, also provides scheduled commercial passenger service. Based upon CDA management records, total enplaned passengers at Midway were approximately 11.1 million for 2017, 11.2 million for 2016 and 11.0 million for 2015. As of June 2018, Midway provided nonstop service to 78 markets (10 of which are international destinations) with a total of 277 daily nonstop flights whereas O'Hare has approximately 1,153 daily nonstop flights lo 170 markets (61 of which are international destinations).' In 2017, Midway had approximately 3.8 million connecting enplanements and approximately 7.3 million originating enplanements; these enplanements represented approximately 25 percent of Chicago originating passenger traffic and approximately 18 percent of Chicago connecting passenger traffic, whereas O'Hare's originating and connecting percentages of Chicago passenger traffic for 2017 were approximately 75 percent and 82 percent, respectively.
O'Hare and Midway are operated as separate and distinct enterprises for financial purposes and the 2018 Senior Lien Bonds are not secured by any revenues generated, or property located, at Midway.
General Mitchell International Airport. The nearest commercial service airport outside the Chicago Region is General Mitchell International Airport ("Mitchell"), located approximately 70 miles north of O'Hare. Mitchell serves the commercial air service needs of Milwaukee, southeast Wisconsin, and portions of northern Illinois. Total enplaned passengers at Mitchell were approximately 3.5 million in 2017, 3.4 million in 2016 and 3.3 million in 2015. Although Mitchell is in close proximity to O'Hare (their overlapping service areas include three counties in the northern Chicago Region area, which represent approximately 12 percent of the population in the Chicago Region), the higher-frequency nonstop service to top O&D markets from O'Hare attracts a greater portion of traffic in northern Illinois and southern Wisconsin to O'Hare. On average in 2017, Mitchell had approximately 104 daily nonstop flights to 43 markets 3 of which were international).
Gary/Chicago International Airport. Gary/Chicago International Airport, which is owned by the City of Gary, Indiana, is also located in the Chicago Region. Currently, no commercial passenger service is provided at Gary/Chicago International Airport.
FEDERAL LEGISLATION, STATE ACTIONS AND PROPOSED SOUTH SUBURBAN AIRPORT
Federal Legislation. On October 5, 2018, President Trump signed into law the FAA Reauthorization Act of 2018 ("FAA Reauthorization Act"). The FAA Reauthorization Act reauthorizes the Federal Aviation Administration ("FAA") operations and programs and provides funding through September 30, 2023. As of the date of this Official Statement, the City has no assurance that the current FAA authorization and programs will be extended or that a new authorization or programs will be approved beyond September 30, 2023. Sec "CERTAIN INVESTMENT CONSIDERATIONS."
O'Hare Modernization Act. The O'Hare Modernization Act, 620 ILCS 65/1 et seq., which became law in August 2003, was created to expedite and facilitate the OMP. Specifically, the O'Hare Modernization Act states the Illinois General Assembly's intent that "all agencies of this State and its subdivisions shall facilitate the efficient and expeditious completion " of the OMP. Among other things, the O'Hare Modernization Act eliminates duplicative aeronautics review of the OMP under the Illinois Aeronautics Act and grants quick-take authority to the City for land acquisition associated with the OMP. The O'Hare Modernization Act also amends other laws to facilitate the OMP.
In the month of June 2018, excludes seasonal service.
36
Public Acl 99-0202, which was effective on January 1, 2016, was signed by Governor Rauner on July 30, 2015, and amended the O'Hare Modernization Act to increase from eight to ten the maximum number of runways available for aircraft operations at O'Hare that may exist after the construction of a new runway at O'Hare without a certificate of approval from the Illinois Department of Transportation.
State Approval of Federal Grants. Under the Illinois Aeronautics Act, the City is generally required to obtain the approval of Illinois Department of Transportation for all AIP grant applications that the City submits to the FAA. The O'Hare Modernization Act provides that this requirement does not apply to AIP grant applications related to the OMP and further provides that the City may directly accept, receive and disburse AIP grant funds related to the OMP.
Proposed South Suburban Airport. Plans to build a third airport in the Chicago Region have been discussed for many years. The most likely site for such an airport is the proposed South Suburban Airport site located near Peotone, lllinois (in Will County approximately 35 miles south of the City's central business district).
It is not possible at this time to determine the viability of a new major commercial airport at the Peotone site or to predict whether or when any new regional airport would be constructed; nor is it currently possible to predict what effect, if any, such an airport would have on operations or enplanements at O'Hare.
Future Legislation. O'Hare is subject to various laws, rules and regulations adopted by the local, State and federal governments and their agencies. The City is unable to predict the adoption or amendment of any such laws, rules or regulations, or their effect on the operations or financial condition of O'Hare.
Existing airport Facilities
O'Hare currently has seven active runways, which allow for operations in good and poor weather conditions. A network of aircraft taxiways, aprons and hold areas supports the runways. The runways range from 7,500 feet to 13,000 feet. All runways have electronic and other navigational aids that permit aircraft landings in most weather conditions. For more information regarding the existing airfield facilities at O'Hare, see "The Airport Facilities, Capital Programs, and 2017 Proj'ects-Airport Facilities-Airfield" in APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT."
The airlines serving O'Hare operate out of four terminal buildings. Three terminal buildings, (Terminals 1, 2 and 3) having a total of 171 aircraft gates, serve domestic flights and certain international departures. A fourth terminal building, Terminal 5 (formerly known as the International Terminal), with 20 aircraft gates and four hardstand aircraft parking positions, serves the remaining international departures, certain domestic operations and all international arrivals requiring customs clearance. The ATS serves the Terminals 1, 2 and 3, Terminal 5 and the remote long-term parking areas. For more infonnation regarding the existing terminal facilities at O'Hare, see APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT."
Currently, of the 191 domestic and international gates and related facilities at O'Hare, 20 are common use gates and 171 are preferential use gates. The preferential use gates are allocated to the following carriers: United, American, Delta, Air Canada, Spirit, JetBlue and Alaska pursuant to the Airline Use and Lease Agreement effective May 12, 2018. The remaining 20 gates are operated on a common use basis in Tenninal 5.
37
A hotel, an elevated parking structure, and the heating and refrigeration plant serving O'Hare are located adjacent to the terminal buildings. The hotel, currently leased and operated by Hilton Hotels Corporation, provides 860 guest rooms as well as restaurants and meeting facilities. The six-story parking structure located next to the terminal has approximately 9,300 parking spaces and is supplemented by an adjacent surface lot with approximately 2,850 additional spaces. As of November 1, 2018, available public parking spaces at O'Hare totals approximately 23,430. Employee parking consists of approximately 20,600 spaces.
With 16 air cargo buildings and nine aircraft maintenance hangars leased by airlines, O'Hare is a major center for other aviation-related activity such as aircraft maintenance and domestic and international air cargo shipment. In addition, two flight kitchens, four buildings used for airline ground equipment maintenance, one United States Postal Service facility and an airport equipment maintenance complex that stores and services snow removal and other equipment are located at O'Hare.
airport Management
O'Hare is owned by the City and operated through the CDA, which oversees planning, design and construction, operations, safety and security, and finance and administration. The CDA also oversees such activities at Midway. The CDA is headed by the Commissioner of Aviation and as of September 30, 2018 had approximately 1,470 PTE employees (1,275 at O'Hare and 195 at Midway).
REGIONAL AUTHORITY
In 1995, the City and the City of Gary, Indiana, entered into the Compact, which established the Chicago-Gary Regional Airport Authority (the "Chicago-Gary Authority") to oversee and support Midway, O'Hare, Meigs Field and the Gary/Chicago International Airport, to evaluate jointly the bi-state region's need for additional airport capacity and to coordinate and plan for the continued development, enhancement and operation of such airports and the development of any new airport serving the bi-state region. Subject to the power of the Chicago-Gary Authority to approve certain capital expenditures and other actions, the City continues to manage, own and operate Midway and O'Hare. Meigs Field was closed by the City on March 30, 2003. The approval of the Chicago-Gary Authority is required for implementation of capital projects at O'Hare. The City has obtained all required approvals from the Chicago-Gary Authority for the OMP, the CIP Projects and the Terminal Area Plan, including the projects to be financed with the proceeds of the 2018 Senior Lien Bonds.
O'Hare Noise Compatibility Commission
The O'Hare Noise Compatibility Commission (the "O'Hare Noise Commission") was formed to
determine certain noise compatibility projects to be implemented in a defined area surrounding O'Hare,
oversee a noise monitoring system operated by the City, and (iii) advise the City concerning other O'Hare noise-related issues. As of October 26, 2018, the City had spent approximately $527 million on residential and school noise compatibility projects since the establishment of the O'Hare Noise Commission in 1997.
Budget procedures
The Illinois Municipal Code requires the City to pass an annual appropriation ordinance prior to the beginning of each Fiscal Year. The CDA submits its proposed budget for the following Fiscal Year, including the proposed budget for O'Hare, to the City's Budget Director for inclusion in the proposed City budget. The Budget Director includes a proposed budget for the CDA in the City's budget proposal for approval by the Mayor who submits the City budget to the City Council for approval. O'Hare's budget, as
38
proposed by CDA, may be modified by the Budget Director, the Mayor or the City Council. The City's Fiscal Year 2019 budget is expected to be considered for approval by the City Council on November 14, 2018.
Air Traffic Activity at O'Hare
Recent O'Hare Operations
For over 40 years, O'Hare has been and continues to be one of the principal components in the national airspace system, providing not only the primary O&D service to the third largest metropolitan area in the United States, but also serving as an important connecting hub for two of the world's four largest air carriers (in tenns of revenue passenger miles) - United Airlines and American Airlines. Statistics from ACI indicate that for the 12-month period ended December 31, 2017, O'Hare ranked second worldwide and second in the United States in total aircraft operations, and sixth worldwide and third in the United States in terms of total passengers. O'Hare served approximately 79.8 million enplaned and deplaned passengers in 2017, an increase of 2.4% from the previous year. Through the first eight months of 2018, passenger activity at O'Hare has increased 4.9% from the record volume over the same period in 2017. For additional information regarding O'Hare, see "CHICAGO O'HARE INTERNATIONAL AIRPORT," "CERTAIN INVESTMENT CONSIDERATIONS" and APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT."
As of June 2018, nonstop service was provided from O'Hare to each of O'Hare's top 50 domestic O&D markets. Scheduled service in June 2018 included an average of 1,293 nonstop departures from O'Hare, including 1,153 domestic departures and 140 international departures.
Passenger Activity at O'Hare
The table on the following page shows the total enplaned passenger activity for a 10-year period from 2008 through 2017. Total enplaned passengers at O'Hare reached a record high of approximately 39.8 million total enplaned passengers in 2017 and increased significantly from a low in 2009 of 32.0 million total enplaned passengers. The decreases in total enplaned passengers in 2009 (as compared to prior years), which were similar to those experienced nationally, were primarily due to cutbacks in capacity by the airlines in response to record high fuel costs and a nationwide economic recession, which impacted demand for air travel. From 2010 through 2013, O'Hare experienced relatively stable activity with approximately 33 million in enplaned passengers annually. Enplaned passenger activity for 2016 rose 1.2% over 2015. In 2017 enplaned passenger activity increased 2.4% over 2016.
As set forth in the following table, O'Hare supports substantial international service. Between 2008 and 2017, the percent of international enplaned passengers ranged from 14.38% to 16.56% of the total enplaned passengers.
39
TOTAL ENPLANED PASSENGERS1 CHICAGO O'HARE INTERNATIONAL AIRPORT
2008-2017
international
ENPLANED PASSENGERS
ANNUAL ENPLANED ANNUAL GROWTH PASSENGERS GROWTH
YEAR
(0.4%) (8.0%) (1.0%) (4.5%) 1.1% 3.0% 5.7% 2.3% 6.1% 6.3%
6.8% S.4%
34.01 1,186 32,035.155 33,219,402 33,194.708 33.231,201 33,284,788 34.939,694 38,381,489 38,858.080 39.802,688
26.319,740 27.612,160
ENPLANED PASSENGERS
28,378,531 (11.6%) 5,632,655
26,851,150 (5.4%) 5,184.005
28,087.634 4.6% 5,131,768
201 1 28,293.579 0.7% 4.901,129
28,275.113 (0.1%) 4,956.088
2S,182,2S7 (0.3%) 5,102,501
29,546,907 4.8% 5,392.787
32,863,551 1 1.2% 5,517,938
33,001,262 0.4% 5,856,818
33,574,645 1.7% 6,228.043
FYTD(JAN-AUG)
2017 22,090,507 0.2% 4,229,233
201S 23,024,541 4.3% 4,587,619
COMPOUND ANNUAL GROWTH RATE
200S-2013 (0.1%) (2.0%) (0.4%)
2013 - 2017 4.5% 5.1% 4.6%
2008 -2017 1.9% 1.1% 1.8%
NOTE
¦ Excludes general aviation, military, helicopter, and miscellaneous passengers included in the City of Chicago's Airport Activity Statistics
ANNUAL GROWTH
(9.9%) (5.8%) 3.7% (0.1%) 0.1% 0.2% 5.0% 9.9% 1.2% 2.4%
1.2% 4 9%
SOURCE City of Chicago. Department of Aviation. October 2018 (historical), Ricondo & Associates, Inc., October 20 IS (forecast).
Enplaned passenger traffic at O'Hare can be divided into two primary components: O&D and connecting. O&D enplaned passengers consist of two groups. The first group includes those travelers whose residence and/or place of employment arc in the Chicago Region and surrounding communities and whose air trips originate at O'Hare. The second group includes travelers who are not residents of or employed within the Chicago Region and surrounding communities, but who visit for business, personal or pleasure-related activity. Connecting passengers include those passengers traveling from a destination outside the Chicago Region to a destination outside the Chicago Region, who board one aircraft at O'Hare after having arrived on another aircraft at O'Hare. The number of connecting enplaned passengers at O'Hare reflects airline operating decisions, which are in part dictated by the size of the local air passenger market, the profitability of O'Hare to the airlines, and the geographic location of O'Hare relative to heavily traveled air routes.
The following table shows total enplaned passengers, total originating enplaned passengers and total connecting enplaned passengers at O'Hare for a 10-year period from 2008 through 2017. As shown, O'Hare has a strong O&D market with the percent of originating passengers ranging from 46.6% to 54.4% of total enplaned passengers over the 10-year period.
40
o
;?
3 S
1% E
Z
a <
Z 2 < Z 2
*C
o .c
c E
'J
Ci e
t/;
¦d U,
~c
j>.
c a
oo
o2
w' — IN
S O t- "
H <
a tt „
_; W t! Sc
< z a -.
s5 £ =
£ a. x f- jr sj
e.
u _
-« Z F
< 2
* a 3 -
§z'2 ¦
u3z
O
Z i
^'
O i
•< Cl.
CL .Si
E a:
CJ- oo
3 5
•- D
z|1010|5! c
~ n1
- u; 5. 1
Ph
02
<
fa!
B (-
o ct
o
<
c z
B. _
rl r-l — o
6 1
c 5
2 M
Aircraft Operations
The table on the following page shows total aircraft operations at O'Hare for the 10-year.period 2008 through 2017. From 2008 through 2009, the number of aircraft operations decreased, to 827,899. After increasing to 882,617 in 2010, the number of aircraft operations decreased slightly to 878,108 in 2012 and increased to 883,287 in 2013 while later decreasing to 867,635 and 867,049 in 2016 and 2017, respectively. Prior to 2015, United and American shifted domestic passenger service from their mainline service to their regional affiliates, shown by the increase in regional affiliates over the period. Mainline aircraft operations increased from 306,670 in 2015 to 322,797 in 2016. The national economic recession and the recent trend of increasing operating capacity with larger aircraft were the primary cause of total operations at O'Hare decreasing from 881,566 in 2008 to 867,049 in 2017.
[Remainder of page intentionally left blank]
vo on oo
\c o*>
in x \fi h
^ r-" cn oo"
oo (N oo r-
00 00 00 00
oo r— m vo in on
O oo cn m m Tf
^ cn 3^ ^ ©
oo" rn in r—" t-^
r- oo oo r- vo \c
oo oo oo oo oo oo
CN ©
cn oo oo o*.
VO OO Tf
T °V ri ""i
r-' rn r-' t-»"
\o cn O cn m
fN cn O m oo
oo^ rn Tf r- o\ o
vo" vo" u-T r-^ r-r on
r-JOw^OmTfTfoooNoo 0©Tfm©r-TfrN^rN ac cn vooi^-r^cnoo^-in
n — Tf c. ac vo oc Tf oc O — cn — cn oc m o oc m m q ^ "f - - ^ in Tt Tf" \c' m" r-i cf Tf on m" oc" fN Tf On Tf Tf Tf Tf Tf m m ocr-ooocococococococ
CN
©
^fNTfTfrNao©oomTf Tf m © on m vo fN on r--rl » —^ r-^ o\ oo_ in r-^ cn Tf
' 00 d K
vo r- r- r-~
moofNfNrNONmminr-mvoo^-rno*. vomom oo^ r-» r-~ cn^ Tf oo oo oo rn «n in" cn o" x" oo o> \D os m cn cn fN fN cn m m m m
oo Tf cn n © a* r- m o
m on \C m cn on m
rn C5 Tf in O OC Ow On
m" cn —T —" —" cn m" »o" of TfTfTfTfmTfmmmTf
— o^. Cinvoa1. \oooNTf
On vo r-- ~- m rN o^ oo oo vo
on ^ in r-^ ^ m in oo —< on
r-f — cn" m" n"
\c cn r- r-- r-- r-^ _ . .
acvrisco*. wn^no^oo
Tf m Tf on o\ in ¦* o
oo_ vo cn r-J Tf in cn cn ©
vo" oi" oo" rn oo" Tf cn oo" ©" Tf
ON O 00 On ON © *-1 in rn fN
CnTfTfTfTfU-llOTfTfTf
mmTfvo — ocTfOoc Tf^o-.voTfmTfr-Tf ~n in ^ Tf oo oo^ ©^ vo^ oc vo" oo' cn On Tf" r-T \o" cn vo^oor-r— ovcooi m m cn fN fN fN cn m rn
oooN©~-fNmTfinvor-
SS©o©©©©©©
cn rN cn n m n n cn cn cn
Airlines Providing Service at O'Hare
As of June, 2018, O'Hare had scheduled air service by 18 U.S. flag carriers, 43 foreign flag carriers, 5 non-scheduled/charter airlines and 26 scheduled all-cargo carriers. The following tables show the airlines that currently provide service at O'Hare and the respective airline share of enplaned passengers at O'Hare from 2013 to 2017. For more information, see "Air Traffic-Airlines Serving the Airport" in APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT."
[Remainder ofpage intentionally left blank]
44
aS
< U
<: <
o
O «
|1010|OJj c
\$3
O cd cd cd cd
5 U J
i < '<
cd
K jd C
<
i n > uj - n o " h IE 3 > g ra 3ra.B-"o -< -¦¦¦¦ ^ -1 Z ^ cu
O as
^1
3=£
ed «-
c/3 D
3S
2 as <
cd
E g
< X
b
«3
a z
= S-.b f < -Jj tu < • - oo <
"? o •- < .3 c
Z .2 S c S .2
ra p c K
w ra is c 3 .—
Z CJ S O on >
as
z o
T3 aa'
a! -J g CJ £ £ 13
< < < < <
.b :
¦3 - ¦
< a s s J
>-S = £ ^ I .
: o <
^ ra
¦ s s
—i o
! ^ it
.-3
b "3
« i
43 <
ra -
r°? !- <
CJ ra w
3 IS
<
as c/:
— rt ^< ra ra
< x c
as c«
"= » =*! — .£
h > > i* i*
<*5
o CJ
|1010|2£ m1
« *
ra
< <
W o ¦
a o
t/5 <
•2 Q
a i3 0
S Si
•!= u <
< E -
S .< *
ra -a .Si <
¦C ""'!¦«>' S ¦] S o> ra ftj o 2S ^
H ra « c c x a
3 Q
a ao to
o ra ra
UJ UJ o op c c
race ¦
u E E —
'C M
u C. i- ii * E o S 3
^ < = * ¦c S -
"g 5 J"iT'a 2 j=
^! i a wto h D
>C T M * Ol OJ OJ
"\ \ \ \ S
o o o o O f i ¦* I'-
ve — t- —
q ^ in m
r-' T* oi r-*
— Wi f > o
m oj o) oi
S 8 8
fi d rf
\ \ X X
cr- ox oN eo co
S
O O O O
rn O) CTi OS
f M M - O
ox ^
© Q © © Q
v© f i <— VC
©'©'©' o) 0>
Ci rn ^ Ol —' O V, ~-
Ol rn _i
rn — 5>
^ O OC MD \0 ao
*r, *t r- —VI
tN n f- oo r- atj
rn 00
tf
u O
CO <
£|
a o
£ tf
w b o
sc o
? 8 <5
rj
i
l-H
o
o o
t-\ oo
Ol OJ —'
OO (N vo
rn O-. —<
oo rn *n
rn* oo* —*
o- vo fi
« oo «
oo oc —
,o yO sO \0 xO x°
OooooooooCC -TViairor-iOor-o-vn — ao vioirn'oio'o oOO rHOs
OJ 0O rn fl
0\ 0\ rn ^ "»t rn e> O* O* ^-*
so sf
o- "5> «>
ooo
OO Ol 00
rn 5,
vo 5 oj oo
oi — O O O O O Ol
VO rn TJ" 0*i
rn 3 o vo oi oi m
\° sp
ox ox ox co OOOO
» 1*1 -
\C rf f ¦ fi r*l f, i— i— o> r- rf oo o- oj r- -T o) —
8 1
£3 <
a
3-1= S
Jl § 3
-race*
-IS!
a b 2 c
B 2.6 '
o
Q
OS
a 6 -
•Ball
ffa Is
* a g g
. s a g 6
f» S3 g -
w 2
E U o
u
TB
E
i a I!
5 D
8- -3 a
«i 13 h
SJ? IS J B to
i ui u vi u: C
C ~ 3 o H
t
& E-
5 <
s "fi •a s i
fi 3
c5 3 cT
H C - O
¦3 o
Is
2113|910|
5 J J s
f f y I
o 5 Z D
Additional Airline Information. The Signatory Airlines (including the corporate parents of United Airlines and American Airlines) and certain other airlines operating at O'Hare (or their respective parent corporations) file reports and other information (collectively, the "SEC Reports") with the SEC. Certain infonnation, including financial information, as of particular dates concerning each of the Signatory Airlines (or their respective parent corporations) is included in the SEC Reports. The SEC Reports can be read and copied at the SEC's Public Reference Rooms, which can be located by calling the SEC at 1-800-SEC-0330. In addition, electronically filed SEC Reports can be obtained from the SEC's web site at www.sec.aov . Each Airline Party and certain other airlines are required to file periodic reports of financial and operating statistics with the U.S. DOT. Such reports can be inspected at the Office of Airline Information, Bureau of Transportation Statistics, Department of Transportation, Room 4201, 400 Seventh Street S.W., Washington, DC 20590, and copies of such reports can be obtained from the U.S. DOT at prescribed rates. Non-U.S. airlines also provide certain infonnation concerning their operations and financial affairs, which may be obtained from the respective airlines. Neither the City nor any of the Underwriters undertakes any responsibility for, or makes any representations as to the accuracy or completeness of, or the content of information available from, the SEC including, but not limited to, updates of such information or links to other internet sites accessed through the SEC web site.
O'Hare Financial Information
Ophrating Results
The following is a summary of O'Hare's operating revenues and Operation and Maintenance Expenses for the five-year period 2013 through 2017. O'Hare's Fiscal Year corresponds with the calendar year. See also APPENDIX D - "AUDITED FINANCIAL STATEMENTS" as of and for the years ended December 31, 2017 and 2016 (the "Financial Statements").
[Remainder of page intentionally left blank]
47
Historical Operating Results Chicago O'Hare International Airport 2013-2017 (IN THOUSANDS)
2013
2014
Operating Revenues
Landing Fees $169,323 $211,982
Rental Revenues
Terminal rental and use charges 273,611 340,449
Other rentals and fueling system fees 44,813 45,330
Sub-Total Rental Revenues 318,424 _ 385,779
Concessions:
Auto parking 95,614 97,834
Auto rentals 26,274 27,863
Restaurants 42,662 45,432
News and gifts 18,367 24,086
Other 40.337 45.082
Sub-Total Concessions 223,254 240,297
Reimbursements 6,679 6,466
Total Operating Revenues $717,680 $844.524
Operation and Maintenance expenses
Salaries and Wages/2' $ 192,744 $212,576
Pension Expense'21
Repairs and Maintenance 85,484 110,928
Energy 32,895 34,519
Materials & Supplies 8,961 10,573
Engineering & Other Professional Services. 81,070 88,143
Other Operating Expenses 24,895 38,268
Total Operation and Maintenance Expenses
Before Depreciation and Amortization.. $426,049 $495,007
NET OPERATING INCOME BEFORE - Q - ,. Q
DEPRECIATION AND AMORTIZATION J-^Bil- V^.jI
2016
2017
2015tu
292,706 48.199 340.905
99,210 29,176 49,366 24,355 41.908 244.015 6.961
333,939 52.870 386.809
103,813 28,436 52,786 25,082 43.074
253.191 6,532
$253,347 $301,285 $300,247
350,727 62.905 413.632
106,620 28,028 54,657 24,354 43.762
257.421 4,879
5208,578 245,491 104,536 39,500 10,886 95,608 46,611
$210,649 145,992 95,310 34,773 6,937 101,798 57,035
$845.228 S947.817 SJ76JI2
$203,216 339,546 98,945 34,090 9,876 83,265 36.773
$805,710 $751.210 $652.494 $ 39.518 $196.607 $323^685
'"Column may not add to total shown because of rounding.
,:1 Pension Expense is included since 2015 as a separate category due to implementation of Governmental Accounting Standards Board Statement No. 68, Accounting and Financial Reporting for Pensions - An Amendment of GASB Statement No. 27 ("GASB 68"). GASB 68 requires inclusion of certain expenses that are not payable in that year but required to be recorded in the City's Airport financial statements. Prior to GASB 68 (2013 and 2014 in the above table), Salaries and Wages included the Pension Expense due and payable in each year.
DISCUSSION OF FINANCIAL OPERATIONS
The "Historical Operating Results" table above summarizes O'Hare's audited financial results for the years 2013 through 2017. Operating Revenues in the table are comprised of landing fees, terminal area rental/use charges, other rentals/fueling system fees and concessions. Operation and Maintenance Expenses are comprised of salaries and wages, repairs and maintenance, energy, materials and supplies, engineering and other professional services and other operating costs which include insurance premiums, equipment rentals, vehicles and various miscellaneous costs.
48
The City charges the Signatory Airlines based on a projection of, and recognizes revenues from the Signatory Airlines only to the extent required to fund, the net airline requirement (equal to Operation and Maintenance Expenses, net debt service requirements and fund deposit requirements less non-airline revenues and credits). Accordingly, landing fees and terminal area rental/use charges increased $15.8 million in 2017 compared to 2016.
Operating expenses before depreciation, amortization and loss on capital asset disposals decreased by $98.7million (13.1%) compared to 2016 primarily due to a decrease in pension expenses as a result of the changes under Public Act 100-0023 (P.A. 100-0023), which requires increased future contributions to the Municipal Employees' Annuity and Benefit Fund of Chicago (Municipal Employees') and the Laborers' and Retirement Board Employees' Annuity and Benefit Fund of Chicago (Laborers') Plans. The increase in future required contributions increased the discount rate used to determine the total pension liability and decreased the current year pension expense. This was offset by an increase in professional and engineering services primarily due to the continued Airport Use and Lease Agreement and related Terminal Area Plan development negotiations.
Of the $146 million of Pension Expense recorded for 2017, $38.7 million is the portion of the City's pension contribution payable in 2017 to the Retirement Funds (as herein defined) and allocable to O'Hare. The remaining portion of the Pension Expense for 2017 of SI07.3 million is recognized on the income statement of O'Hare for 2017 pursuant to GASB 68 but is not due and payable by the City during 2017; accordingly, that portion is not included in Operating Expenses for purposes of calculation of the debt service coverage ratios.
The increase in non-airline revenues and reimbursements of S2.6 million from 2016 to 2017 was primarily due to increases in auto parking and restaurants of S2.8 million and $1.9 million, respectively, offset by a decrease in reimbursements of $1.8 million due to fluctuations in salary reimbursements from capital projects depending on the timing of projects.
Cash Balances
As of December 31, 2017, O'Hare's unrestricted cash and investments balance in the O'Hare Land Support Fund, Revenue Fund and O&M Fund was $248.8 million and its restricted cash and investments balance was $3,263 billion compared to December 31, 2016 balances of $197.2 million in the O'Hare Land Support Fund, Revenue Fund and O&M Fund and $2,245 billion in restricted cash and investments. The December 31, 2017 restricted cash and investments balance was comprised of construction funds of SI. 191 billion, $160.4 million of capitalized interest, $1,269 billion in debt service reserve and debt service funds, $152.1 million operation and maintenance reserve, $95.2 million customer facility charge funds, SI99.8 million in the Airport Development Fund (including LOI receipts), $27.7 million in other funds, and $168.4 million in the passenger facility charge fund. The restricted cash and investments balance includes approximately SI. 191 billion in construction funds that the City expects to spend through 2020.
Insurance
The City maintains property and liability insurance coverage for both O'Hare and Midway and allocates the cost of the premiums between the two airports. The City's property and liability premiums for both O'Hare and Midway are approximately $10 million per year. The property coverage was renewed on December 31, 2017 with a limit of $3.5 billion total for both airports and includes terrorism liability coverage, and the liability coverage was renewed on May 15, 2018 with a limit of $1 billion total for both airports and includes war and terrorism liability coverage.
49
Pension Costs
Determination of Pension Contributions
Pursuant to the Illinois Pension Code, as revised from time to time (the "Pension Code"), the City contributes to four retirement funds (collectively, the "Retirement Funds"), which provide benefits upon retirement, death or disability to members of the Retirement Funds and their beneficiaries. The Retirement Funds are, in order from largest to smallest membership: (i) the Municipal Employees' Annuity and Benefit Fund of Chicago ("MEABF"); (ii) the Policemen's Annuity and Benefit Fund of Chicago ("PABF"); (iii) the Firemen's Annuity and Benefit Fund of Chicago ("FABF"); and (iv) the Laborers' and Retirement Board Employees' Annuity and Benefit Fund of Chicago ("LABF"). The Retirement Funds' membership consists primarily of current and former employees of the City and their beneficiaries. Each O'Hare employee participates in one of the Retirement Funds. For additional information on the O'Hare's portion of the net pension liability to the Retirement Funds, see APPENDIX D - "AUDITED FINANCIAL STATEMENTS- NOTES 7 and 8." The Report of the Airport Consultant in Appendix E sets forth projected Personnel Expenses which incorporates O'Hare's projected contributions to the Retirement Funds from 2018 through 2029.
Members of each Retirement Fund are eligible (individually, an "Eligible Member," and collectively, "Eligible Members") for an annual annuity payment (the "Annuity Benefits") if they meet certain age, years of service and prior service credit requirements (the "Eligibility Factors"). Benefits to each Eligible Member are statutorily established based on a combination of the Eligibility Factors and the Eligible Member's average annual salary for certain years prior to retirement (the "Annuity Factors").
Annuity Benefits for each of the Retirement Funds are funded from three sources: (i) contributions from the City (the "City Contributions") which are funded from the proceeds of a property tax levy on all taxable property located within the City or other available funds, including payments from O'Hare on behalf of the O'Hare employees, (ii) contributions from Eligible Members (the "Employee Contributions," and together with the City Contributions, the "Contributions"), and (iii) investment returns. O'Hare has historically contributed its pro rata share of City Contributions to the Retirement Systems (the "O'Hare Portion") based on the Annuity Factors for the number of O'Hare employees who are Eligible Members.
The provisions of the Pension Code mandate the amounts the City must contribute to the Retirement Funds, and the City is bound to contribute, and historically has contributed, the amounts required by the Pension Code.
The Pension Code provides that each Retirement Fund Board must annually certify to the City Council a determination of the required City contribution to such Retirement Fund. In making its request for the City's annual contribution, each Retirement Fund, acting through its Retirement Fund Board, annually approves and then submits a resolution to the City Council requesting that the City Council levy for a particular contribution amount. The City has generally paid the amounts so requested.*
Historically, the Pension Code required the City to contribute to a Retirement Fund a statutory multiple of the amount contributed to such Retirement Fund by the employees who are members in such Retirement Fund two years prior to the year in which the property tax used to generate the contribution
* ln past years, FABF has requested a contribution from the City which the City determined exceeded the amount required by the Pension Code. The City has indicated that it will not contribute amounts in excess of the amount the City has determined to be the statutory contribution requirement for the City to FABF in such prior years or in future years.
50
was levied (the "Multiplier Funding System"). The statutory multiple applicable to a Retirement Fund was set forth in the Pension Code article applicable to such Retirement Fund. The Multiplier Funding System did not adjust for changes in the funding level of such Retirement Fund and, as such, the contributions determined in accordance with the Multiplier Funding System did not relate to, and in many years, were substantially less than, the contribution amounts that would have resulted from an actuarial determination of such contribution.
The City's contributions to the Retirement Funds are no longer calculated in accordance with the Multiplier Funding System. Public Act 96-1495 ("P.A. 96-1495"), as modified by Public Act 99-506 ("P.A. 99-506" and, together with P.A. 96-1495, the "FABF/PABF Funding Legislation"), modified the articles of the Pension Code applicable to FABF and PABF to provide for calculation of the respective contributions to such Retirement Funds in accordance with the FABF/PABF Funding Plan (as hereinafter defined and described). P.A. 100-23 modified the articles of the Pension Code applicable to LABF and MEABF to provide for calculation of the respective contributions to such Retirement Funds in accordance with the LABF/MEABF Funding Plan (a hereinafter defined and described).
Prior to the passage of P.A. 100-23, the General Assembly enacted Public Act 98-641 ("P.A. 98-641"). Public Act 98-641 made substantial changes to the articles of the Pension Code applicable to LABF and MEABF, including a change to the manner in which contributions were made to such Retirement Funds. The Illinois Supreme Court determined that P.A. 98-641 was unconstitutional, which caused the City to continue contributing to LABF and MEABF in accordance with the Multiplier Funding System until the contributions required by P.A. 100-23 became effective.
Pursuant to the FABF/PABF Funding Legislation, beginning in fiscal year 2021, the City must contribute to FABF and PABF annually the amount necessary to achieve a Funded Ratio (as described below) of 90 percent in such Retirement Funds by the end of fiscal year 2055 (the "FABF/PABF Actuarial Funding"). For fiscal years 2016 through 2020, the FABF/PABF Funding Legislation specifics the amounts contributed by the City in gradually increasing amounts ahead of the FABF/PABF Actuarial Funding (the "FABF/PABF Phase-in Funding" and, together with the FABF/PABF Actuarial Funding, the "FABF/PABF Funding Plan"). During the FABF/PABF Phase-in Funding, the City will contribute the following amounts pursuant to the FABF/PABF Funding Legislation: in payment year 2018, S727 million; in payment year 2019, $792 million; and in payment year 2020, $824 million.
Pursuant to P.A. 100-23, beginning in fiscal year 2018, the City must contribute to LABF and MEABF annually the amount necessary to achieve a Funded Ratio (as described below) of 90 percent in such Retirement Funds by the end of fiscal year 2058 (the "LABF/MEABF Actuarial Funding"). For fiscal years 2018 through 2022, P.A. 100-23 specifies the amounts contributed by the City in gradually increasing amounts ahead of the LABF/MEABF Actuarial Funding (the "LABF/MEABF Phase-in Funding" and, together with the LABF/MEABF Actuarial Funding, the "LABF/MEABF Funding Plan"). During the LABF/MEABF Phase-in Funding, the City will contribute the following amounts pursuant to P.A. 100-23: in payment year 2018, $302 million; in payment year 2019, S392 million; in payment year 2020, $481 million; in payment year 2021, S571 million; and in payment year 2022, $660 million.
The City's contributions to the Retirement Funds have historically been made primarily from the proceeds of an annual levy of property taxes for each of the Retirement Funds (collectively, the "Pension Levy") by the City solely for such purpose, as provided by the Pension Code. However, the Pension Code allows the City to use any other legally available funds (collectively, the "Other Available Funds," as described below) in lieu of the Pension Levy to make its contributions to the Retirement Funds provided that such Other Funds are deposited with the City Treasurer for such purpose. The amount of the Pension Levy, like any City property tax levy, must be approved by the City Council. The Pension
51
Levy is exclusive of and in addition to the amount of property taxes which the City levies for other purposes.
The portion of the City's contribution presently made from Other Available Funds consists of several revenue sources, including (i) general corporate fund revenues, and (ii) revenues ofthe enterprise systems (with respect to the portion of the contribution allocable to the employees of the respective enterprise systems). Historically, the City used a portion of the PPRT revenues to pay a portion of the City's contributions. The City has identified additional revenue sources to assist in making the increased contributions to LABF and MEABF as a result of the enactment of P.A. 100-23. With respect to LABF, the City expects that a portion of such increased contribution will be made from funds in the Corporate Fund made available as a result of an increase in the 911 surcharge. With respect to MEABF, the City intends to utilize revenues generated from a tax on water and sewer usage which was imposed by the City Council on September 14, 2016, to fund a portion of the increase in the City's contributions to MEABF.
The City allocates to its enterprise funds their share of the City's annual contribution to the Retirement Funds based upon the amount of services provided by City employees to the functions or enterprises related to or paid out of those funds. Hie enterprise funds account for their allocable share of the City's contributions to the Retirement Funds as operating and maintenance expenses. In addition, beginning in 2015, the financial statements of the enterprise funds include an allocation of the applicable Net Pension Liability to such funds as required by the New GASB Standards. The amounts allocable to the respective enterprise funds may be significant and may have a material effect on such financial statements.
The City's Fiscal Year 2018 budget included the following contributions to the Retirement Funds (as indicated by total annual contribution and O'Hare proportional share): (i) $402.2 million for MEABF, of which $23.7 million, or less than six percent, is O'Hare's proportional share; (ii) $48.0 million for LABF, of which $3.0 million, or less than 6.5 percent, is O'Hare's proportional share; (iii) $795.5 million for FABF and PABF, of which $20 million, or 2.5 percent, is O'Hare's proportional share.
The City's Fiscal Year 2019 proposed budget includes the following recommended contributions to the Retirement Funds (as indicated by total annual contribution and O'Hare proportional share): (i) $ 421.0 million for MEABF, of which S29.7 million, or less than 7.0 percent, is O'Hare's proportional share; (ii) $60.0 million for LABF, of which $3.9 million, or less than 6.5 percent, is O'Hare's proportional share; (iii) $827.5 million for FABF and PABF, of which $22.6 million, or 2.7 percent, is O'Hare's proportional share. The City's Fiscal Year 2019 budget is expected to be considered for approval by the City Council on November 14, 2018.
The allocations described in this subsection are not required by statute but represent the City's current method of allocating its pension costs. The City may alter the manner in which it allocates its pension costs to these funds at any time.
outstanding indebtedness at o'hare
General
The City has financed capital improvements at O'Hare through various sources including City financings, federal grants, airline contributions, and available airport funds. The City has issued obligations secured by Revenues, including the Senior Lien Obligations (secured by Revenues on a senior lien basis) and Commercial Paper Notes and Letter of Credit Notes (secured by Revenues on a junior lien basis). Certain of the Senior Lien Obligations are secured by revenue sources which are separate and apart from Revenues, such as Grant Receipts and PFC Revenues.
52
In addition, the City has issued PFC Obligations secured by PFC Revenues, CFC Obligations secured by CFCs paid by customers of the rental car companies operating at O'Hare, and Special Facility Revenue Bonds secured by payments made by individual airlines and other tenants and licensees pursuant to separate special facility agreements with the City. See also APPENDIX D - "AUDITED FINANCIAL STATEMENTS-Note 4."
AIRPORT OBLIGATIONS
Outstanding Senior Lien Bonds. The City has issued and has outstanding Senior Lien Bonds (including the Third Lien Bonds issued prior to 2012) in the outstanding aggregate principal amount of $7,309,740,000 (which amount includes the Refunded Bonds anticipated to be refunded with proceeds of the 2018A Senior Lien Bonds). The 2018 Senior Lien Bonds are secured on a parity basis with the Outstanding Senior Lien Bonds and all other Senior Lien Obligations.
Debt Service Schedule for Outstanding Senior Lien Bonds. The Senior Lien Indenture secures on a parity basis as to Revenues the 2018 Senior Lien Bonds, the Outstanding Senior Lien Bonds and any additional Senior Lien Obligations issued or incurred by the City from time to time. See "SECURITY FOR THE 2018 SENIOR LIEN BONDS-General." The debt service on the Outstanding Senior Lien Bonds is shown in the following table:
53
r- — -
OS 00 i
v, r- i
c Tiro © © Tt r-
Os 00
vi vi
¦— v, — oc
Vi
© © Ov Ov
r- Tt "Tt Tt
- oc K K
1 Os © ro 00
— v> vo Tt
—' K Tt K ri ©' os"
c >o vc M - ^ m n
o> o^ p r- \r\ rr Tt
r~-" vT oc so sc r-5 ro* ro*
>C ri n ir, ir, in
WiOsDsOvOvOvosO
© © © © © © © © © © © ©
vi m vi
© ©
© VI ¦
© i-"
VI ro
OC VI
SO © vo ©
r-- o r- o
OO © 00 ©
©©roroTtTtTt©cNoovcvcc©©
CN © 00 00 VC © '
r- — rr
ro rN — O
r-- ro ro oo r- ro os oc © CN © r-
^r-^cccr~~-r-oc^ — ooocri — r-i © r-~ ©^ se ©^ v, sC v^ Os Os fN ©r Os fN —
r-' ro' v* vc* ©' ©' dc —r' ov" rr — o* Tt Tt roro~-©ror^-~-rNTt©oer^vO" .
3s_ ©. © V) VI VI C fl ^- ^ rt^ Q\ Os
oe —~ —* —" ro' os* vc* vf Tt* r-f ©' vc vf oo" oc*
vOvCvCvCvCvCvCViV, VI V) i* n ri
ro —
r- \T N (N f, O
rN rN cn rs rN v, rN i
s s § s
j S S
H DS £ CQ
i H —i Z
< z © w
© Tt — oo
N ^ C O;
—¦ —1 rf* vi
>*". © Os ©
**"!. ""I °~
ro'' no" Os Os
© ro ro oo
VO ro — V4.
Q Z O 09
z w
J
OS
o w
o
It, W -1 S
e w X
u
1/3
w o
OS
w c«
H B5
W
o
! O
! oa
a u z y «3 E
5 H UJ [U £j O i_J
OS
§ 2 S
U £ n
- ^ ffl
5 8 2 S
H 5/3 O J
u - 6 j
OOOOOOOOOO OOOOOOOOOO
csoooooooo
ooooo ooooo o^ or or o. o
vO vO vO vO vD
r- r- r- r--
©©©©©©©©©©© _ ©©©©©©©©©©©© ©©©©©©©©©©-©-©,©,©,©©©©©©,© ©©©©©©©©©©©©©©©©©©©©-©r ©r ©r ©r ©r ©^ ©r ©r ©r © ©r c ©^ ©r ©r ©^ © © ©^ ©^
O" vC vO SO vC' vo" vo' vC vC vc" vC vc" so" vC vC vo" oo" OO*' oo" 00 OO
\D nC sC ro ro ro i
r^r^r^r^r^r^r^r^r^r^r^r^r^r^r^r-oooooooooc
© © © © © © © ©
© © © © © © ~ ~ © ©'
© © ©
© © ©' ©
© © © ©
© © © © © © © © ©'©"©© v, © © © n in r- ro
© ©
© ©
©' ©
V, ©
fN V.
©' ro"
Ov Os
. ^ ^
rN r-f v, VI
00 vO vO vO vO vO vO vO vO vO vO vO vD vO vO vD '
vi © VI
ro r-
© ©
VI VI
©" o"
CO oo oo" oo"
fN fN
© © ©
VI VI VI
r- r-
©" ©" ©"
OO CO oo
r^l r-i rN
fN fN fN
© ©
VI VI
r- r-
o" ©'
CO CO
r-i fN
OO CO*'
fN fN
©O©©©©©©
© © © ©
Vi Vi V) Vi V) V; V) Vi
© ©
© Vi VI fN
© © ' OO 00 i fN fN i
© © © ©
CO OO OO CO
rN r-i rN rN
00 00 00 oo
fN fN fN fN
Os" oo"
© © © © ¦ v, © © © 1 fN ©_ ©^ ©_ i ro" ©" fN fN ' 0s Ov ro Ov 1
©©©©©©©© ©©©©©©©©
© ©
© ©
©" © ©'
VI V, V;
© © © ©
© © © ©
© © © ©
© © © ©
OC OC OC vC
©' Tt* ©" ro'
r- r- r- r-
co ©r ©. ©^ r-i ri ©" <> Ov' Ov" v, v~, vi Tt rr Tt
© © © © ©
© © © © ©
©'©'©'©¦©'
© © © «*o ©
(N ©^ Or fN
—" rf r\ ro' —'
r- r— r- r- r-
q oq oo oo x
Os* ©* ©" ©' ©"
Tt VI VI VI VI
t— i— i
r^l © Os ©
r-i ro
© © © © rO 00
—' r-'
OS 00 vo vo
© © © vi O O ""1 °°r r~~' ©" vn
00 Os OS vC vo vO
© © VI © V^ CO
r-'
OO CO vO vO
© © © vo © vc
O © © r--_ O r-
OO © V, ro rO '
© ©' © oo © oo
V! — rr Tt
Tt TT
© V) V) V) vo
00^ vo^ ro fN
vi fN ri r-; r-j os
VO *0 *0 vO vO vO vO ^J"
r-' os" Os" r-' r-' r'i
^- © so © VI —i
V,
©^ —^ v^ r-; oo ©_
^-' oo" oo" oo" oo" os"
Tt Tt Tt Tt
vi O Os r~ © od ««o rr - rs n °V ^ ri oo" oo'
© Os OO
^t r- vq ^-' vo" r-'
ro ro —
5 g|109|> f- ^ ci|109|* P1 z z
o ~ S & o
h w ^ w a
SO Os vo — 00 VI
Tt V)
oc r-
r- ©
OO* ro'
fN fN rr © Tt sC
i Tt vo
; 00 G" r\ so"
Vi V)
VI V",
ro ro
r-i r-
so" so"
© r-v^ vi vT ro" ro vO VI VI
— oo r- r-
Tt © OO ro
vO f^^ VI OS
r\ oo ro" so"'
r- os r- r-
m ro r^j
ro" Os' ©' ©*
vo vi vo vi
VI V) VI V)
© © © ©
© »*o © © o 1 ©r^©'©'©'©'©©©
Tt © 00 —< (N
©I— vO ro (N
no o\ r^ \c ©r
vo' vO^ tt" V* vC
cs oo vc vi r- v, i
•^¦¦^rcr^jocsoscoooooo
r\ r~~; ro no r- ri © m © — ro ^ '
roo^Ttnror^osoor^
r- oo oc ro
rr Tt oo oo oo Tt
Tt O* rT o^ o^
Vi h " l
C- ro ro rr ro vO vO Os Os Ov Ov Os Os
tt fN cn r-] n n n
v>r»r^oo©vcrNTtrN©cocr-©©©'
2 ,fl Z
o — <
ffl ^
O^O^rln^^^^»o^o-^•ln^vl'C^x3^o--rNnt'n|o^oo^O'-^•l
— fNrifNfNrNrNfNrNfNfNrorororororororororOTtTtTtTtTtTtT^
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©© (N ri fN fN fN fN fN fN fN fN fN fN fN rl (N fN fN ri (N CN fN (N fN fN fN fN fN fN fN fN fN fN fN fN CN CN
-
.2 <4-1 h U u O
¦8 >¦ .1 «
¦3 5 5 " 2 o ^ w o >< o o
Issuance of Additional Airport Obligations. Subject to certain conditions set forth in the Senior Lien Indenture, the City may issue Additional Senior Lien Bonds or incur other Senior Lien Obligations that will be secured on a parity basis with the 2018 Senior Lien Bonds and the Outstanding Senior Lien Bonds. See "SECURITY FOR THE 2018 SENIOR LIEN BONDS-Issuance of Additional Senior Lien Bonds" and "CAPITAL PROGRAMS."
Obligations Subordinate to Senior Lien Bonds. As described under "SECURITY FOR THE 2018 SENIOR LIEN BONDS-Covenants Against Lien on Revenues," the City has the right, at any time, to issue debt payable or secured by Revenues so long as such pledge is expressly junior and subordinate to the pledge, of Revenues to the payment of Senior Lien Obligations. Indebtedness of the type described in the preceding sentence can be issued without limit as to nature or amount. Proceeds from the 2018 Senior Lien Bonds will be used to repay the outstanding Commercial Paper Notes and Credit Agreement Notes (each as defined herein).
The City has authorized the issuance of Chicago O'Hare International Airport Commercial Paper Notes (the "Commercial Paper Notes") and Chicago O'Hare International Airport Credit Agreement Notes (the "Credit Agreement Notes"), respectively, in a combined aggregate principal amount outstanding at any one time of up to SI billion. Pursuant to this authority, the City established a $420 million Commercial Paper Notes program and a $180 million Credit Agreement Note program. The Commercial Paper Notes and the Credit Agreement Notes (to the amount issued) are Junior Lien Obligations and subordinate to the 2018 Senior Lien Bonds and all other Senior Lien Obligations with respect to their claim on Revenues. The authorized and outstanding Commercial Paper Notes and Credit Agreement Notes are set forth in the table below. The Credit Agreement Notes are issued pursuant to a revolving credit agreement and repayment of the amount outstanding would restore the credit capacity for future borrowings. Prior to issuance of the 2018 Senior Lien Bonds, the principal amount of Commercial Paper Notes and Credit Agreement Notes outstanding was approximately $240,992,000 and $12,098,000, respectively; all of the outstanding principal amount of Commercial Paper Notes and $10,058,000 million in principal amount of the outstanding Credit Agreement Notes will be paid with the proceeds of the 2018A Senior Lien Bonds and 2018B Senior Lien Bonds after which there will be no outstanding Commercial Paper Notes and S2,040,000 in principal amount of Credit Agreement Notes outstanding.
Issue
Series
Credit Amount Facility Term/
Capacity Outstanding Expiration Years
$0 9/27/2019
Commercial Paper 2009 Program -
Notes 2016 Issue Series A1-A3 S180,000,000
SI 20,000,000
SO 9/27/2019
Commercial Paper 2009 Program -
Notes 2016 Issue Series B1-B3
SI 20,000,000
SO 9/27/2019
Commercial Paper 2009 Program -
Notes 2016 Issue Series C1-C3
Bank
Bank of America
Bank of Tokyo
Barclays
Credit Agreement Notes
JPMorgan Chase Bank N.A.
$600,000,000 $2,040,000
55
Letter of Credit Facilities Securing Indebtedness at O'Hare
The City has issued from time to time certain variable rate bonds and notes that are supported by letter of credit facilities provided by banks for the payment of debt service and/or tender prices for such obligations. The City is obligated to reimburse the banks for any payments or draws under the letter of credit facilities. Set forth in the following table is information about the City's letter of credit facilities supporting Senior Lien Obligations at O'Hare. As reflected in such table, a reduction in the City's debt rating for the related debt below the level that is shown in the "Ratings Thresholds" column would constitute an event of default under the related bank agreement.
If an event of default is triggered due to a ratings downgrade or for any other reason, the subject bank would have the right to provide the bond trustee with a notice directing a mandatory tender of the related bonds. For such mandatory tender, the bond trustee would draw upon the letter of credit facility to fund the purchase price for such bonds. In such case, the bonds would be owned by the bank and would be immediately repayable at the option of the bank.
LETTER OF CREDIT FACILITIES
($ IN THOUSANDS)
Amount Outstanding (November 2, Series 2018)
2005C $140,600,000
2005D $100,000,000
Expiration/ Termination
Date':)
07/24/2020 08/14/2020
Bank
Bank of
America
Barclays
Ratings Thresholds'"
Fitch Moody's S&P
BBB- Baa3 BBB-
(3) (3) (3)
Source: City of Chicago, Department of Finance.
(n An underlying rating by any rating agency for the related debt (or lowest rated lien of the related credit) below what is shown in the chart in the "Ratings Tlireshold" column would constitute an event of default under the agreements with the related banks.
(2) The City intends to renew or replace these letter of credit facilities prior to their respective dates of expiration or termination.
w The reimbursement agreement with Barclays provides that it is an event of default if (A) any two Rating Agencies then rating the debt of the City payable from or secured by Revenues and moneys and securities held from time to time by the Trustee under the Senior Lien Indenture ("Pledged Revenues") which is senior to or on a parity with the Series 2005D Senior Lien Bonds shall have downgraded their rating on such debt to or below "Baa2" (or its equivalent) or "BBB" (or its equivalent), respectively, or (B) any Rating Agency shall have downgraded its rating of any debt ofthe City payable from or secured by Pledged Revenues which is senior to or on a parity with the Series 2005D Bonds to below "Baa3"' (or its equivalent), or "BBB-" (or its equivalent), respectively, or suspended or withdrawn its rating of the same and such downgrade, suspension or withdrawal shall remain for a period of 180 days.
AIRPORT PFC OBLIGATIONS
Outstanding PFC Obligations. The City has previously issued various series of PFC Obligations pursuant to the PFC Master Indenture. There are currently S519.8 million aggregate principal amount of PFC Obligations outstanding under the PFC Indenture. PFC Obligations are secured separately from the Senior Lien Bonds, solely by PFC Revenues.
Issuance of Additional PFC Obligations. The City has authorized the issuance of an additional S500 million of PFC Obligations. The City may issue, from time to time, additional PFC Obligations to fund additional capital projects, as described under "CAPITAL PROGRAMS." See "CERTAIN INVESTMENT CONSIDERATIONS-Future Indebtedness" and " Availability of PFC Revenues."
56
Obligations Subordinate to Pledge of PFC Revenues. The City has the right to issue debt payable from or secured by PFC Revenues remaining after the discharge and satisfaction of all PFC Obligations and to issue debt payable from, or secured by a pledge of amounts to be withdrawn from the PFC Bond Fund so long as such pledge is expressly junior and subordinate to the pledge of PFC Revenues to the payment of PFC Obligations. Indebtedness of the type described in the preceding sentence can be issued without limit as to nature or amount.
Airport CFC Obligations
The City has previously issued and has outstanding $244.0 million aggregate principal amount of its Customer Facility Charge Senior Lien Revenue Bonds, Series 2013 (the "CFC Bonds") pursuant to an Indenture of Trust, dated as of August 1, 2013, as supplemented and amended (the "CFC Indenture"). In addition, the City has entered into a Transportation Infrastructure Finance and Innovation Act of 1998 loan with the U.S. DOT, to provide funding in an aggregate principal amount up to $272 million (the "TIFIA Loan" and together with the CFC Bonds, the "CFC Obligations"), and which constitutes a subordinate bond under the CFC Indenture. The proceeds of the CFC Obligations, together with other moneys, are being used to finance the construction ofthe Multimodal Facility, and the CFC Obligations are secured separately from the Senior Lien Obligations, solely by CFCs collected from customers of rental car companies operating at O'Hare and certain other charges payable by rental car companies operating from the consolidated rental car facility ("CRCF").
Special facility revenue Bonds
The City has previously issued Special Facility Revenue Bonds on behalf of numerous airlines, as well as certain non-airline parties, to finance or refinance a portion of the capital improvements at O'Hare. These Special Facility Revenue Bonds are secured separately from the Senior Lien Bonds, solely by amounts received from such airlines and non-airline parties pursuant to the tenns of related Special Facility Financing Arrangements. See "CERTAIN INVESTMENT CONS1DERATIONS-Uncertainties of the Airline Industry."
pfc program at o'hare
General
The United States Congress enacted the PFC Act in 1990, authorizing a public agency, such as the City, which controls a commercial service airport to charge each paying passenger enplaning at such airport (subject to limited exceptions) a PFC of $1.00, $2.00 or S3.00. The purpose of the PFC is to provide additional capital funding for the expansion of the national airport system. The proceeds from PFCs are to be used to finance eligible airport-related projects that preserve or enhance safety, capacity or security of the national air transportation system; reduce noise from an airport that is part of such system; or furnish opportunities for enhanced competition between or among air carriers.
PFCs are collected on behalf of airports by air carriers and their agents (the "Collecting Carriers") and remitted to the City on a monthly basis. On September 1, 1993, pursuant to a PFC Approval, the City began to impose PFCs at O'Hare at the rate of $3.00 per eligible enplaned passenger.
The Wendell H. Ford Aviation Investment and Reform Act for the 21st Century ("AIR 21"), among other things, authorizes eligible public agencies, such as the City, to impose PFCs of $4.00 or $4.50 to finance PFC eligible projects, including the payment of debt service on indebtedness incurred to finance such projects, that cannot be paid for from funds reasonably expected to be available through (he federal AIP. On April 1, 2001, pursuant to authorization contained in AIR 21 and amended PFC
57
Approvals (as herein defined) received from the FAA, the City began imposing PFCs at O'Hare at the rate of $4.50 per eligible enplaned passenger. Regardless of the number of PFC applications which have been approved by the FAA, eligible public agencies, such as the City, only can collect a maximum of $4.50 from each eligible enplaning passenger.
Collection of the PFCs
A PFC may be collected from a passenger for no more than two boardings (i) on a one-way trip or (ii) in each direction of a roundtrip. The public agency may request exemption from the requirement to collect PFCs for a class of air carriers if the number of passengers enplaned by the carriers in the class constitutes no more than one percent of the total enplaned passengers annually at the airport at which the PFC is imposed. The City has requested and received an exemption from the collection of PFCs for air taxi operators al O'Hare. Air taxi operators have historically accounted for less than one percent of all PFC eligible enplanements al O'Hare.
Treatment of PFCs in Airline Bankruptcies. The PFC Act provides that PFCs collected by the Collecting Carriers constitute a trust fund held for the beneficial interest of the eligible public agency (i.e the City) imposing the PFCs, except for any handling fee or retention of interest collected on unremitted proceeds. In addition, federal regulations require airlines to account for PFC collections separately and to disclose the existence and amount of funds regarded as trust funds for financial statements. However, the Collecting Carriers are permitted to commingle PFC collections with other revenues and are also entitled to retain interest earned on PFC collections until such PFC collections are remitted.
In the event of a bankruptcy, the PFC Act, as amended in December 2003 by the Vision 100— Century of Aviation Reauthorization Act ("Vision 100"), provides certain statutory protections to eligible public agencies imposing PFCs, including the City, with respect to PFC collections. It is unclear, however, whether the City would be able to recover the full amount of PFC trust funds collected or accrued with respect to a Collecting Carrier in the event of a liquidation or cessation of business. Vision 100 requires an airline that files for bankruptcy protection, or that has an involuntary bankruptcy proceeding commenced against it, to segregate passenger facility revenue in a separate account for the benefit of the eligible public agencies entitled to such revenue. Prior to the amendments made by Vision 100 allowing PFCs collected by airlines to constitute a trust fund, at least one bankruptcy court indicated that PFC revenues held by an airline in bankruptcy would not be treated as a trust fund and would instead be subject to the general claims of the unsecured creditors of such airline. In connection with another bankruptcy proceeding prior to Vision 100, a different bankruptcy court entered a stipulated order establishing a PFC trust fund for the benefit of various airports to which the bankrupt airline was not current on PFC payments. While Vision 100 should provide some protection for eligible public agencies in connection with PFC revenues collected by an airline in bankruptcy, no assurances can be given as to the approach bankruptcy courts will follow in the future. See "CERTAIN INVESTMENT CONSIDERATIONS—Effect of Airline Bankruptcy."
The City also cannot predict whether a Collecting Carrier operating at O'Hare that files for bankruptcy would have properly accounted for PFCs owed to the City or whether the bankruptcy estate would have sufficient moneys to pay the City in full for PFCs owed by such Collecting Carrier. Based on Vision 100, it is expected, although no assurance is given, that the City would be treated as a secured creditor with respect to PFCs held by a Collecting Carrier which becomes involved in a bankruptcy proceeding. See "CERTAIN INVESTMENT CONSIDERATIONS—Effect of Airline Bankruptcy."
58
The City's PFC Approvals
Since 1993, the FAA has approved several PFC applications and amendments submitted by the City authorizing the City to use PFCs to pay (i) allowable costs of projects approved by the FAA for PFC funding ("Approved Projects"), including those Approved Projects financed or refinanced by the issuance ofthe Scries 2001 PFC Bonds, the Series 2008 PFC Bonds, the Series 2010 PFC Bonds and the Series 2011 PFC Bonds (each series as defined in APPENDIX A - "GLOSSARY OF TERMS"), together with debt service on such bonds, and (ii) allowable costs of certain Approved Projects on a "pay as you go" basis. The City received PFC authority for the International Terminal expansion project.
As of the date of this Official Statement, the City has authority to impose and use at O'Hare up to $6.93 billion in PFCs. Based upon the City's current PFC authority, the FAA estimates the PFC collection expiration date to be July 1, 2041. See Exhibit 5-7 in APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT" for a description of PFC Revenues anticipated to be received by the City through 2025. Although the City expects that it will obtain new PFC Approvals before its current authority expires, no assurance can be given that the City will be able to do so. See "SECURITY FOR THE 2018 SENIOR LIEN BONDS."
TERMINATION OF AUTHORITY TO IMPOSE PFCs
The FAA may terminate the City's authority to impose PFCs, subject to procedural safeguards, if the FAA determines that (i) the City is in violation of certain provisions of the federal Airport Noise and Capacity Act of 1990 (the "Noise Act") relating to airport noise and access restrictions, (ii) PFC collections and investment income thereon are not being used for Approved Projects in accordance with the PFC Approvals or with the PFC Act and the PFC Regulations, (iii) implementation of any Approved Projects does not commence within the time period specified in the PFC Act and the PFC Regulations or (iv) the City is otherwise in violation of the PFC Act, the PFC Regulations or the PFC Approvals. As provided by the PFC Regulations, a formal termination process that would last a minimum of 100 days would be required before the FAA could terminate the City's authority to impose a PFC for a violation of the PFC Act. The City has not received notice of any such determination by the FAA and has no reason to believe that it is in violation of the PFC Act or the PFC Regulations.
Capital Programs
General
The City has on-going capital programs at O'Hare that are collectively referred to herein as the "Airport Capital Program" and which include: (i) the remaining OMP Airfield Projects, (ii) the TAP Phase I, (iii) Near-Term Gate Improvements and Other Projects (as defined herein) and (iv) the CIP Projects. The Airport Capital Program, which includes certain projects that received funding approval under Prior Use Agreements as well as the projects approved in the Airport Use and Lease Agreement, was developed under O'Hare 21, a City initiative to improve the airport's connectivity, efficiency and capacity, and ensure the success of the Airport into the 21st century.
In March 2018, the City announced that funding for approximately $8.5 billion of new O'Hare capital projects was approved under the Airport Use and Lease Agreement. This funding includes: (i) the Phase I TAP Elements; (ii) the CIP Projects; and (iii) the Pre-Approved Allowances for capital maintenance and infrastructure reliability projects. These capital projects were approved under Prior Use Agreements and reconfirmed with the execution of the Airport Use and Lease Agreement. No additional approval is required for these capital projects. These capital projects and their funding arc described herein and in the Report of the Airport Consultant. The Airport Use and Lease Agreement included
59
funding approval for capital projects through the 15-ycar term of the agreement in 2017 dollars, with certain provisions for project cosl escalation. See APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT." In addition to the Capital Programs, the City, in accordance with criteria established by the O'Hare Noise Commission, participates in an ongoing program of providing sound insulation to eligible schools and residences in the vicinity of O'Hare (the "OMP Noise Program"). See "CHICAGO O'HARE INTERNATIONAL AIRPORT-O'Hare Noise Compatibility Commission."
Projected Sources and Uses of Funds for the Airport Capital Program. The City is using a combination of (i) General Airport Revenue Bonds ("GARBs"), including the 2018 Senior Lien Bonds, and (ii) PFC Revenue, to fund the Airport Capital Program. See APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT" for a more detailed discussion of the S8.5 billion of Airport Capital Program funding approval in the Airport Use and Lease Agreement.
O'Hare modernization Program
Overview. In 2001, the City announced the OMP, a comprehensive program for the phased reconfiguration of the airfield from sets of converging parallel runways in three main directional orientations (northeast/southwest, east/west and northwest/southeast) to six parallel runways in the east/west direction and two crosswind runways in the northeast/southwest direction. The FAA's final Environmental Impact Statement ("EIS") defines the purpose and the need for the OMP development as addressing the projected needs of the Chicago Region by reducing delays at O'Hare, thereby enhancing capacity of the National Airspace System ("NAS"), and ensuring that existing and future terminal facilities and supporting infrastructure can efficiently accommodate airport users.
The OMP airfield projects (the "OMP Airfield Projects") included the construction of one new runway, the relocation of three existing runways and the extension of two existing runways. To date, three of the four runways have been completed and one of the two runway extensions has been completed. All ofthe completed OMP Airfield Projects have been fully funded, requiring no further GARB funding. The airfield has been reconfigured to a modern, parallel runway system with only two more projects to be completed. The Airport has experienced a reduction in operational delays and1 an increase in airfield capacity with the completion ofthe OMP projects.
Remaining OMP Airfield Projects. The Airport Capital Program includes the remaining OMP Airfield Projects necessary to complete the OMP. These projects include: construction of Runway 9C-27C and enabling projects, Runway 9R-27L extension, relocation of airline support facilities, cross field taxiway system and taxiway relocation, and other remaining modifications and improvements under the OMP. All necessary approvals have been received for the remaining OMP Airfield Projects through a combination of funding approvals received under the Prior Use Agreements and funding approvals including in the Airport Use and Lease Agreement. See APPENDIX E-"REPORT OF THE AIRPORT CONSULTANT" for a more detailed discussion ofthe OMP.
Terminal Area Plan
The TAP was developed to address gate capacity constraints and connectivity and processing issues at the Airport through long-term development of the O'Hare passenger terminal facilities. The TAP is designed to strengthen O'Hare's connectivity, capacity and efficiency; improve the passenger experience; and modernize existing terminals and their functional and commercial spaces. The TAP includes construction of the O'Hare Global Terminal (OGT) and O'Hare Global Concourse, which will include a Customs and Border Protection facility connected by sterile corridors to gates on the O'Hare Global Concourse and Satellite 1 Concourse, permitting the arrival of international flights to the domestic terminal complex. TAP is planned to be implemented in phases, including TAP Phase I and Additional TAP Elements to be undertaken in the future.
60
TAP Phase I. TAP Phase I, with an estimated cost of $5.3 billion (Phase 1 TAP Elements (which include the TAP Phase I and the Near-Term Gate Improvements and Other Programs) have an estimated cost of S6.1 billion), received approval under the new Airline Use and Lease Agreement and are anticipated to reduce delays, deliver more connectivity and expand gate capacity. TAP Phase I is comprised of the following projects: (i) Terminal 2 Redevelopment and the OGT and O'Hare Global Concourse; (ii) construction of Satellite 1 Concourse; (iii) construction of Satellite 2 Concourse; (iv) construction of a consolidated automated people mover ("APM"), pedestrian and utility tunnel; (v) construction of baggage handling system equipment within the OGT and Concourse, Satellite 1 Concourse, Satellite 2 Concourse and adjacent to the consolidated tunnel; (vi) Terminal 5 landside improvements; (vii) reconfiguration of Terminal 5 facilities; (viii) TAP Phase I utilities allowance for distribution and collection systems to locations outside the concourses and the OGT; and (ix) employee parking and security screening facility on the west side ofthe Airport (the "Western Employee Parking and Screening Facility"). Upon completion of TAP Phase I, there will be between 215 and 220 gates at O'Hare.
Additional TAP Elements. Additional TAP Elements are planned to accommodate the growth of the terminal area as the Airport's capacity continues to expand. Additional TAP Elements include completion of the consolidated APM and utility tunnel and installation ofthe APM, Satellite 3 Concourse, Satellite 4 Concourse, Terminal 1 Concourse B and C redevelopment, Satellite 1 Northern Extension, Concourse G redevelopment, Terminal 3 redevelopment, garage at Terminal Core, phase 2 of Terminal 5 landside and parking improvements, phase 2 of the Western Employee Parking and Screening Facility and the Baggage Handling System expansion. As set forth in the Airport Lease and Use Agreements, certain conditions (the "Additional TAP Triggers") must be met before the City may proceed with the design, construction and equipping of specified Additional TAP Elements. See APPENDIX C -"SUMMARY OF CERTAIN PROVISIONS OF THE AIRLINE USE AND LEASE AGREEMENTS" for a more detailed discussion of Majority-in-Ihterest review.
The Additional TAP Triggers apply to two ofthe Additional TAP Elements: (i) the completion of consolidated APM and utility runnel and installation of APM and (ii) the Satellite 3 Concourse. A passenger activity trigger of 101,500,000 is required for each of these projects. The City may proceed with the design and construction of each Additional TAP Elements that require an Additional TAP Trigger without additional Majority-in-Interest review if the following conditions have been satisfied: (i) Additional TAP Triggers specified for the project have been met for any three consecutive years; (ii) no airspace or airfield capacity constraints that would diminish the utility of the Additional TAP Element; (iii) OGT and O'Hare Global Concourse are complete and in service; (iv) the City does not plan any modifications of the Additional TAP Elements that would result in a change in project scope requiring Majority-in-Interest review; and (v) the City provides the Executive Working Group with documentation that the requirements have been satisfied and consults with the Executive Working Group on the estimated timing of the Additional TAP Elements. Within 12 months of the substantial completion of the OG T and O'Hare Global Concourse, the City is required to meet with the Long-Term Signatory Carriers to decide whether Additional TAP Element Triggers for the Additional TAP Elements should be revised downward and whether Additional TAP Elements that do not have defined triggers in the Airport Use and Lease Agreement should adopt triggers or otherwise proceed. See APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT" for a more detailed discussion of the TAP Phase I and Additional TAP Elements
Near-Term Gate Improvements and Other Programs
In addition to the TAP, the Airport Capital Program includes near-term gate projects separate from TAP Phase I as well as detention basin projects. These projects include funding approvals from the Prior Use Agreements and the Airport Use and Lease Agreements. The Near-Term Gate Improvements
61
and Other Programs are comprised of the following: (i) Terminal 5 expansion; (ii) additional Terminal 5 projects; (iii) Concourse L three-gate expansion; (iv) Concourse L five-gate buyout; and (v) detention basis projects. See APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT" for a more detailed discussion of the sources and uses of funds for the Near-Term Gate Improvements and Other Programs.
CIP PROJECTS
The CIP Projects, which have been pre-approved under the Airport Use and Lease Agreements and do not require Majority-in-Interest approval, are other capital projects not included in the TAP that are in various stages of planning, design and construction and also include ongoing repair and maintenance projects. The primary focus of the CIP is for rehabilitation of existing airfield pavement, heating and refrigeration upgrades and terminal area projects, including Terminal 1 roof replacement and upgrades to Concourse E and F in Terminal 2, as well as an upgrade to the emergency standby power system and safety and security projects. See APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT" for a more detailed discussion of the sources and uses of funds for the CIP Projects.
PRE-APPROVED ALLOWANCES
The Airline Use and Lease Agreement approves annual Pre-Approved Allowances, allowing the City to implement, fund, and finance major maintenance projects not included in budgeted O&M Expenses. A total of $50 million in Pre-Approved Allowances ($40 million for capital improvement projects and $10 million for infrastructure reliability projects) will be expended annually. Pre-Approved Allowances are assumed not be financed but recovered directly in the calculation of airline rates and charges. The infrastructure reliability projects include repairs, upgrades and existing airport infrastructure including mechanical, electrical and plumbing equipment. See APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT."
Other Capital Projects
The City also intends to undertake certain hotel related projects at the Airport. These hotel projects may include a renovation and modernization ofthe existing terminal hotel when the current lease expires in 2018, as well as the development of one or more new hotels. The City is currently evaluating and developing schedules and funding plans for these projects. Due to the current uncertainty of the project scopes and funding assumptions of these projects, they have not been included in the financial analysis in the Report of the Airport Consultant.
Management Approach for Capital Programs
For the OMP, the TAP and the CIP, the Airport Use and Lease Agreement established the Executive Working Group, comprised of three City representatives and the following Signatory Airline representatives: one representative selected by each Long- Term Signatory Airline and one representative selected by the Signatory Airlines offering only international passenger service at the Airport that are not alliance partners of a Long-Term Signatory Airline. The Executive Working Group shall meet at least once every month to (i) review the status of all approved projects and Pre-Approved Allowances and (ii) consult concerning modifications to previously approved projects, TAP Phase I, Additional TAP Elements, pre-approved CIP Projects and new projects that change the scope of any project or increase its estimated total project costs.
For all other Capital Programs, the City employs a construction manager to coordinate, supervise and inspect capital project construction. The construction manager prepares and maintains records on Uie
62
progress of each capital project. The City and the construction manager oversee all work to ensure that each project is constructed in accordance with its plans and specifications within the timelines set forth in Uie construction schedule. In addition, the Signatory Airlines designate a construction representative to assess the construction and operational impact of capital projects and to participate in the evaluation of design and construction.
CERTAIN INVESTMENT CONSIDERATIONS
The purchase of 2018 Senior Lien Bonds involves certain investment risks and considerations. Prospective investors should read this Official Statement in its entirety. The factors set forth below, among others, may affect the security for the 2018 Senior Lien Bonds.
General Factors Affecting Level of Airline Traffic and Revenues
The 2018 Senior Lien Bonds are payable from and secured by a pledge of Revenues and certain Funds and Accounts held under the Senior Lien Indenture. Revenues are dependent primarily on the level of aviation activity and enplaned passenger traffic at O'Hare. Key factors affecting airline traffic at O'Hare include, among others, (i) population growth and the economic and political conditions of the region and the nation, (ii) the financial health of the airline industry and of individual airlines, (iii) airline service and route networks, (iv) capacity of the national air traffic control system and of O'Hare and other competing airports, (v) national and international disasters and hostilities, (vi) safety concerns arising from international conflicts, the possibility of terrorist or other attacks, and (vii) various other local, regional, national and international economic, political and other factors. Many of these factors, most of which are outside the City's control, are discussed in detail in APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT." If aviation activity at O'Hare does not meet forecast levels, a corresponding reduction may occur in Revenues (absent an increase in O'Hare rentals, fees and charges).
Uncertainties of the airline industry
General. The City's ability to collect Revenues is affected by the dynamics of the airline industry, which also affect the ability of the Signatory Airlines, individually and collectively, to meet then-respective obligations under the Airline Use and Lease Agreements and other arrangements.
Historically, the financial performance of the airline industry generally has correlated with the strength of the national and global economy. Certain factors that may materially affect O'Hare and the airlines include, but are not limited lo, (i) growth of population and the economic health of the region and the nation, (ii) airline service and route networks, (iii) national and international economic and political conditions, (iv) changes in demand for air travel, (v) service and cost competition, (vi) mergers and bankruptcy of any airlines, (vii) the availability and cost of aviation fuel and other necessary supplies, (viii) levels of air fares, fixed costs and capital requirements, (ix) the cost and availability of financing, (x) the capacity of the national air traffic control system, (xi) national and international disasters and hostilities, (xii) public health concerns, such as the spread of influenza and severe acute respiratory syndrome, (xiii) the cost and availability of employees and labor relations within the airline industry, (xiv) regulation by the federal government, (xv) environmental risks, noise abatement concerns and regulation, (xvi) acts of war or terrorism, (xvii) aviation accidents, and (xviii) other risks. As a result of these and other factors, many airlines have operated at a loss in the past and many (including some that served O'Hare) have filed for bankruptcy, ceased operations and/or merged with other airlines. In addition, the so-called legacy carriers have taken many actions to restructure and reduce costs including reducing their workforce, renegotiating their labor agreements, reducing routes served, consolidating connecting activity and replacing mainline jets with regional jets.
63
Financial Condition of Airlines Serving O'Hare. Many of the airlines serving O'Hare were impacted by the global economic downturn and recession that occurred between 2008 and 2009, and most major domestic airlines suffered significant financial losses. While the U.S. and global economies generally have rebounded, there can be no assurances that any such rebound will continue, or that other national or international fiscal concerns will not have an adverse effect on the airline industry. Current and future financial and operational difficulties encountered by the airlines serving O'Hare (most notably United Airlines and its regional affiliates, which accounted for approximately 45.0 percent of the enplaned passengers at O'Hare in 2017, and American Airlines and , its regional affiliates, which accounted for approximately 35.5 percent of the enplaned passengers at O'Hare in 2017), could have a material adverse effect on operations at, and the financial condition of, O'Hare. If either United Airlines or American Airlines were to cease operations at O'Hare for any reason or eliminate or reduce O'Hare's status as a connecting hub, the current level of activity of such airline may not be replaced by other airlines.
Cost of Aviation Fuel. Airline earnings are significantly affected by the price of aviation fuel. Any increase in fuel prices results in an increase of airline operating costs. Fuel prices continue to be impacted by, among other things, political unrest in oil-producing parts of the world, increased demand for fuel caused by rapid growth in certain global economies, such as China and India, currency fluctuations and changes in demand for and supply of oil worldwide. Significant fluctuations and prolonged periods of increases in the cost of aviation fuel have had material adverse effects on airline profitability, causing airlines to reduce capacity, fleet and personnel, as well as increase fares and institute additional fees, such as checked baggage fees, all of which may decrease demand for air travel. Aviation fuel prices have recently increased, no assurance can be given that such fuel prices will not continue to increase in the future, thereby negatively impacting airline earnings and operations.
Airline Mergers, Acquisitions and Alliances. In response to competitive pressures and increased costs, airlines have merged and acquired competitors in an attempt to combine operations in order to increase cost synergies and become more competitive. In 2009, Delta merged with Northwest Airlines. In 2010, United Airlines and Continental Airlines merged. In 2015, American and US Airways completed their merger which created the largest airline in the world in tenns of operating revenue and revenue passenger miles. In addition, all of the large U.S. airlines are members of alliances with foreign-flag airlines, which alliances, and other marketing arrangements, provide airlines with many of the advantages of mergers. Alliances typically involve marketing, code-sharing, and scheduling arrangements to facilitate the transfer of passengers between the airlines.
Effect of airline Bankruptcy
American Airlines, United Airlines and other airlines operating at O'Hare have emerged from bankruptcy reorganization over the last several years. U.S. airlines may file for bankruptcy protection in the future. See "-Uncertainties of the Airline Industry" above. The cessation of operations by an Airline Party with significant operations at O'Hare, such as United Airlines or American Airlines, could have a material adverse effect on operations, Revenues (with the resultant effect on repayment of the 2018 Senior Lien Bonds) and the cost to the other airlines of operating at O'Hare.
In the event of bankruptcy proceedings involving an Airline Party, the debtor or its bankruptcy trustee must detennine within a time period determined by the court whether to assume or reject the applicable Airline Use and Lease Agreement. In the event of assumption, the debtor would be required to cure any prior defaults and to provide adequate assurance of future perfonnance.
Rejection of an Airline Use and Lease Agreement by any Airline Party that is a debtor in a bankruptcy proceeding would result in the termination of that Airline Use and Lease Agreement. Such
64
rejection of an Airline Use and Lease Agreement would give rise to an unsecured claim of the City against the debtor's estate for damages, the amount of which is limited by the Bankruptcy Code. After application of certain reserve funds, the amounts unpaid by the Airline Party as a result of its rejection of an Airline Use and Lease Agreement in bankruptcy would be included in the calculation of the fees and charges of the remaining Airlines Parties under their Airline Use and Lease Agreements. See APPENDIX C - "SUMMARY OF CERTAIN PROVISIONS OF THE AIRLINE USE AND LEASE AGREEMENTS - General Commitment to Pay Airport Fees and Charges."
Capacity of National Air traffic Control and airport System
Capacity limitations of the national air traffic control systems continue to cause aircraft delays and restrictions, both on the number of aircraft movements in certain air traffic routes and on the number of landings and takeoffs at certain airports. These restrictions affect airline schedules and passenger traffic nationwide. The FAA has made certain improvements to the computer, radar and communications equipment of the air traffic control system in recent years, but no assurances can be given that future increases in airline and passenger traffic will not again adversely affect airline operations.
Expiration of Airline Use and Lease Agreements
The expiration date of the Airline Use and Lease Agreements for Long-Term Signatory Airlines is December 31, 2033. For Short-Term Signatory Airlines, For Short-Term Signatory Airlines, the Airline Use and Lease Agreements expire on December 31, 2023 (if the Effective Date is prior to January 1, 2024), December 31, 2028 (if the Effective Date is between January 1, 2024 and December 31, 2028), or December 31, 2033 (if the Effective Date is between January 1, 2029 and December 31, 2033). Short-Term Signatory Airlines have the option to extend the Term for each of two successive five-year periods through December 31, 2028 and then through December 31, 2033. Non-Signatory Airlines must execute an operating agreement to be granted the right to use areas exclusively at the Airport on a month-to-month basis. Substantially all of the debt service on the 2018 Senior Lien Bonds and the Outstanding Senior Lien Bonds becomes due after such dates. It is not possible to predict whether any airline will be contractually obligated to make payments, including, among other things, for debt service on the 2018 Senior Lien Bonds, the Outstanding Senior Lien Bonds or any other Senior Lien Bonds after the expiration date of the Airline Use and Lease Agreements. Upon the expiration of the Airline Use and Lease Agreements, the City may enter into extensions of such agreements with the airlines, enter into new agreements with the airlines, or impose rates and charges upon the airlines by City ordinance. The City has covenanted in the Senior Lien Indenture (which extends beyond the expiration of the Airline Use and Lease Agreements) to establish rentals, rates and other charges for the use and operation of O'Hare such that Revenues (including rentals, fees and charges imposed on the airlines), together with certain other moneys deposited with the Trustee, are sufficient to pay Operation and Maintenance Expenses at O'Hare and to satisfy the debt service coverage covenants contained in the Senior Lien Indenture. See "SECURITY FOR THE 2018 SENIOR LIEN BONDS-Debt Service Coverage Covenants."
Capital Programs Costs and Schedule
The estimated costs of, and the projected schedule for, the projects in the Capital Programs for O'Hare depend on various sources of funding, and are subject to a number of uncertainties. The ability of the City to complete these projects within the current budgets and on the current schedules may be adversely affected by various factors including: (i) estimating errors, (ii) design and engineering errors, (iii) changes to the scope of the projects, (iv) delays in contract awards, (v) material and/or labor shortages, (vi) delays due to airline operational needs, (vii) unforeseen site conditions, (viii) adverse weather conditions, (ix) contractor defaults, (x) labor disputes, (xi) unanticipated levels of inflation, (xii) litigation and (xiii) environmental issues. No assurance can be given that the costs of the projects
65
will not exceed the current budget for these projects or that the completion will not be delayed beyond the currently projected completion dates. At present, the City is unable to estimate the costs associated with each of the risks identified above and the total impact of these risks if such events were to occur. In addition, the City may ultimately decide not to proceed with certain capital projects or may proceed with them on a different schedule, resulting in different results than those included in the projections shown in the Report of the Airport Consultant.
Future indebtedness
As described under "CAPITAL PROGRAMS," the City expects that it will need to incur additional indebtedness, including the issuance of Senior Lien Bonds, other Airport Obligations, and PFC Obligations, to finance the Capital Programs. Also the City's plans of finance for the Capital Programs assume that PFC Revenues would be available in certain amounts and at certain times for the payment of a portion of the anticipated costs of such capital projects on a "pay as you go " basis and for the payment of a portion of the debt service on Senior Lien Bonds, including without to the extent Senior Lien Bonds are payable from PFC Revenues. See "CAPITAL PROGRAMS." No assurance can be given that these sources of funding actually will be available in the amounts or on the schedules assumed. For a discussion of the availability of PFC Revenues, see "-Availability of PFC Revenues" below.
The City's plans of finance with respect to the Capital Programs assume that FAA LOI Grants and FAA AIP Grants would be available in certain amounts and at certain times for the payment of a portion ofthe anticipated costs of such capital projects on a "pay as you go" basis and for the payment of a portion of the debt service on the Senior Lien Bonds, including without limitation to the extent such Senior Lien Bonds are payable from Grant Receipts. FAA LOI Grants and FAA AIP Grants are subject to congressional appropriation, as well as automatic spending cuts, known as sequestration as described below in "-Additional Federal Authorization and Funding Considerations." Although the City considers such assumptions in its plans of finance to be reasonable, such assumptions are inherently subject to certain uncertainties and contingencies. Actual FAA LOI Grant Receipt and FAA AIP Grant Receipt funding levels and timing may vary and such differences may be material. See "CAPITAL PROGRAMS" and APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT."
In addition to the Capital Programs, the City may, from time to time, determine to fund additional capital projects at O'Hare prior to the maturity ofthe 2018 Senior Lien Bonds, the funding of which is not reflected in the Projections set forth in the Report of the Airport Consultant. Such additional capital projects may have separate plans of finance which assume various sources of funding, including, without limitation, Additional Senior Lien Bonds, and the amount of such future Senior Lien Bonds may be material.
To the extent that any portion of the funding assumed in the plan of finance for capital projects at O'Hare is not available as anticipated, the City may be required to issue Additional Senior Lien Bonds to pay the costs of such capital projects and to increase airline rates and charges to pay debt service on such Additional Senior Lien Bonds and to fund the required coverage thereon. As an alternative to issuing Additional Senior Lien Bonds, the City may ultimately decide not to proceed with certain capital projects or may proceed with them on a different schedule, producing different results than those included in the projections shown in the Report of the Airport Consultant.
Grant Receipts Subject to federal authorization/appropriation Sequestration
The availability of funding from Grant Receipts under the Grant Letter of Intent is subject to Congressional authorization and appropriation and to sequestration under current federal deficit reduction legislation. In the event that the FAA authorization expired without a long-term reauthorization or another
66
short-term extension, during such period FAA programs would be unauthorized, including FAA programs providing funding for O'Hare. A statutory restriction on total obligating authority in a future Federal Fiscal Year due to changes in statutory program authorization or appropriation act restrictions may necessitate a reduction by the FAA in apportionment funds, in discretionary funds, or both. A concurrent reduction in the maximum eligible grant installments payable in such Federal Fiscal Year under the Grant Letter of Intent may result. In such event, the Grant Letter of Intent provides that the ratio of the discretionary fund component of each installment, as reduced, to such component prior to reduction, shall be not less than the ratio of the discretionary funds newly available for obligation in the Federal Fiscal Year in which such reduction occurs, to the total discretionary funds made available for obligation in the Federal Fiscal Year in which the Grant Letter of Intent was issued. The Grant Letter of Intent also provides that payment ofthe amount of any such reduction in a grant installment shall be deemed to be deferred to the following Federal Fiscal Year, subject again to the availability of funds and statutory authority.
Federal funding is also impacted by sequestration, a budgetary feature first introduced under the federal Budget Control Act of 2011. Unless changed by the United States Congress from time to time, sequestration is a multi-year process and could continue to affect FAA, Transportation Security Administration ("TSA"), and Customs and Border Control ("CBP") budgets and staffing, resulting in staffing shortages and traffic delays and cancellations at airports across the United States. See "Federal Legislation, State Actions and Proposed South Suburban Airport —Federal Legislation."
The FAA may, from time to time, and following consultation with the City, amend the Grant Letter of Intent to adjust the anticipated grant schedule or the maximum federal obligation, or both. Such adjustment may be made by the FAA when occasioned by changes in the actual allowable costs of a project, in the actual time required to complete a project, in actual or estimated future obligating authority or otherwise, when determined in the FAA Administrator's discretion to be in the best interests of the United States.
Grant Letter of intent not a Binding Contract The Grant Letter of Intent is not an obligation of the United States of America under Section 1501 of Title 31 United States Code, as amended, nor is it deemed to be an administrative commitment for funding. Rather, the Grant Letter of Intent reflects only the FAA's current intent to make grants to the City to reimburse the City for capital improvements, including the OMP. The Grant Letter of Intent is not a binding grant agreement. Even if the FAA receives sufficient appropriations to make the grants described in the Grant Letter of Intent, the FAA has no legal obligation to make such grants. In addition, the AIP, pursuant to which the Grant Letter of Intent payments are to be made, is subject to revision by the U.S. Congress. Such an amendment could affect payments to be made to the City under the Grant Letter of Intent.
The FAA may, from time to time, following consultation with the City, amend the Grant Letter of Intent to adjust the anticipated grant schedule or the maximum federal obligation, or both. Such adjustment may be made by the FAA when occasioned by changes in the actual allowable costs of the OMP, in the actual time required to complete the OMP, in actual or estimated future obligating authority or otherwise, when determined in the FAA Administrator's discretion to be in the best interests of the United States.
Amount of Grant Letter of Intent Payments Depend on Eligible Expenditures at O'Hare
The Grant Letter of Intent evidences the FAA's intent to make grants to reimburse the City for eligible expenditures and the maximum amount of grants available for such reimbursement. The
67
estimated grant schedule represents the maximum eligible reimbursement grants with respect to any Federal Fiscal Year. In addition to the adjustments described in the immediately preceding section, the actual Grant Receipts received by the City in any one Federal Fiscal Year will also be dependent on the City's timely expenditure of amounts which are eligible for reimbursement under the Grant Letter of Intent and the timely application by the City for reimbursement. If the City has not expended funds and requested reimbursement prior to the end of any of the Federal Fiscal Years specified in the Grant Letter of Intent in an amount at least equal to the then-available amount of grants under the Grant Letter of Intent for that Federal Fiscal Year, the City can request an amendment to the Grant Letter of Intent to shift any unused moneys to the next Federal Fiscal Year.
Grant Receipts May Be Reduced By Events Outside of City's Control
Events outside the control of the City could cause the amount of Grant Receipts available to be received by the City pursuant to the Grant Receipts to be lower than the debt service requirements on any Senior Lien Bonds anticipated to be paid from such Grant Receipts. In such event, principal and interest on such Senior Lien Bonds would be paid from Revenues. The City would not be obligated to take any action to cause the Grant Receipts available to be received by the City pursuant to the Grant Letter of Intent or other Grant Receipts to be at least equal to the debt service requirements on any Senior Lien Bonds anticipated to be paid from the Grant Letter of Intent and other Grant Receipts. See "Grant Receipts Subject to Federal Authorization/Appropriation Sequestration," above for a discussion of certain events which could affect the amount of Grant Payments available to be received by the City.
TERMINATION OF GRANT LETTER OF INTENT FOR FAILURE TO COMPLY WITH CONDITIONS
The City is required, as a condition for its receipt of reimbursement as specified in the Grant Letter of Intent, to comply with all statutory and administrative requirements under the Airport and Airway Improvement Act and the regulations thereunder. Failure to comply with such requirements, or failure lo proceed with the OMP in a timely manner, may lead to reductions in amounts payable under the Grant Letter of Intent or a revocation of the Grant Letter of Intent. Reimbursement may also be affected by failure to comply with other existing grant agreement assurances. In the event of any such failure by the City, or any other action by the City which threatens the federal contribution to the OMP, the FAA may pursue all remedies available in law or equity, including, but not limited to, the withholding of future payments under the Grant Letter of Intent.
Availability of PFC Revenues
As discussed above under the subheading "-Future Indebtedness," the plans of finance for the Capital Programs assume that PFC Revenues would be available in certain amounts and at certain times for the payment of a portion of the anticipated costs of such capital projects on a "pay-as-you-go" as well as to secure additional Airport Obligations needed to fund such projects. In addition, the Report of the Airport Consultant, which sets forth certain Projections regarding O'Hare, assumes that certain available PFC Revenues not otherwise pledged to pay PFC Obligations, Senior Lien Bonds, and other payment obligations, will be applied by the City on a year-to-year basis as Other Available Revenues to pay debt service on such obligations. No assurance can be given that PFC Revenues will be available in the amounts or on the schedules assumed.
The ability of the City to collect sufficient PFC Revenues depends upon a number of factors, including, without limitation, the number of enplanements at O'Hare, the use of O'Hare by the Collecting Carriers and the efficiency and ability of the Collecting Carriers to collect and remit PFCs to the City. The City relies on the Collecting Carriers' collection and remittance of PFCs, and both the City and the FAA rely upon the airlines' reports of enplanements and collections.
68
Under the terms of the PFC Act, the FAA may terminate the City's authority to impose a PFC if the City's PFC Revenues are not being used for approved projects in accordance with the FAA's approval, the PFC Act or the regulations promulgated thereunder, or if the City otherwise violates the PFC Act or regulations. The FAA may also terminate the City's authority to impose a PFC for a violation by the City of the Airport Noise and Capacity Act. The PFC termination provisions contained in the regulations provide both informal and formal procedural safeguards.
The PFC Act provides that PFCs collected by the airlines constitute a trust fund held for the beneficial interest of the eligible agency (i.e., the City) imposing the PFCs, except for any handling fee or retention of interest collected on unremitted proceeds. Furthermore, the FAA's PFC regulations require Collecting Carriers to account for PFC collections separately, and further indicate that such funds are to be regarded as trust funds held by the Collecting Carriers for the beneficial interest of the public agency imposing the PFC. Recent bankruptcy court decisions, however, indicate that in a bankruptcy proceeding involving a Collecting Carrier, it is likely that PFCs will not be treated as trust funds and that airports are not entitled to any priority over other creditors ofthe Collecting Carrier as to such funds.
Additional Federal Authorization and Funding Considerations
The City receives federal funding for O'Hare not only in connection with FAA AIP Grants and PFC authorizations, but also in the form of funding for the TSA, air traffic control and other FAA staffing and facilities. On October 5, 2018, President Trump signed into law the FAA Reauthorization Act which reauthorizes the Federal Aviation Administration ("FAA") operations and programs and provides funding through September 30, 2023. As ofthe date of this Official Statement, the City has no assurance that the current FAA authorization and programs will be extended or that a new authorization or programs will be approved beyond September 30, 2023. In the event that the FAA authorization were to expire without a long-term reauthorization or another short-term extension, during such period FAA programs would be unauthorized, including FAA programs providing funding for O'Hare. The City is unable to predict whether legislation to extend or reauthorize this statute or otherwise continue FAA programs will be adopted prior to the scheduled expiration date, if not so adopted, the duration of any resulting period of de-authorization, and the impact on O'Hare finances which might result therefrom.
Federal funding is also impacted by sequestration, a budgetary feature first introduced under the federal Budget Control Act of 2011. Unless changed by the United States Congress from time to time, sequestration is a multi-year process and could continue to affect FAA, TSA and CBP budgets and staffing, resulting in staffing shortages and traffic delays and cancellations at airports across the United States. The full impact of sequestration on the aviation industry and O'Hare, generally, resulting from potential layoffs or further furloughs of federal employees responsible for federal airport security screening, air traffic control and CBP, is unknown at this time.
REGULATIONS AND RESTRICTIONS AFFECTING O'HARE
The operations of O'Hare and its ability to generate revenues are affected by a variety of contractual, statutory and regulatory restrictions and limitations, including, without limitation, the provisions of the Airline Use and Lease Agreements, the PFC Act and other extensive federal legislation and regulations applicable to all airports in the United States. There is no assurance that there will not be any change in, interpretation of, or addition to any such applicable laws, regulations and provisions. Any such change, interpretation or addition may have a material adverse effect, either directly or indirectly, on O'Hare, which could materially adversely affect O'Hare's operations or financial condition.
In addition, following the events of September 11, 2001, O'Hare also has been required to implement enhanced security measures mandated by the FAA, TSA and the Department of Homeland
69
Security. It is not possible to predict whether future restrictions or limitations on Airport operations will be imposed, whether future legislation or regulations will affect anticipated federal funding or PFC collections for capital projects for O'Hare, whether additional requirements will be funded by the federal government or require funding by the City or whether such restrictions or legislation or regulations would adversely affect Revenues.
. Climate change concerns have led, and may continue to lead, to new laws and regulations at the federal and state levels that could have a material adverse effect on the operations of O'Hare and on the airlines operating at O'Hare. The United States Environmental Protection Agency (the "EPA") has taken steps toward regulation of greenhouse gas ("GHG") emissions under existing federal law. These steps may lead to further regulation of aircraft GHG emissions. No assurances can be given as to what any EPA emissions standards governing O'Hare or the airlines could be or what effect those standards may have on the City or the airlines operating at O'Hare.
Competition
O'Hare competes with other U.S. airports for both domestic and international passengers. Portions of O'Hare's Air Trade Area are serviced by Midway and Mitchell. In 2017, Midway had enplanements representing approximately 25 percent of Chicago originating passenger traffic and approximately 18 percent of Chicago connecting passenger traffic. Midway is expected to continue to be a competitor for the Chicago region's domestic market. See "CHICAGO O'HARE INTERNATIONAL AIRPORT-Other Commercial Service Airports Serving the Chicago Region."
International passengers are also significant at O'Hare, making up approximately 15.65% of all passenger enplanements in 2017. International air travel may be more easily disrupted by political instability, terrorist activities, currency fluctuations and other factors outside the control of the City. The City cannot predict whether the level of international passengers will remain stable or will grow, or what events, domestic or international, may adversely affect such air traffic. See APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT-Air Traffic-Factors Affecting Aviation Demand at the Airport-Regional Airports."
Any increases in operating costs at O'Hare may increase costs to the airlines, which could result in O'Hare being put into a competitive disadvantage relative to other airports and other types of transportation. For a discussion of the costs lo the airlines of operating at O'Hare, see APPENDIX E -"REPORT OF THE AIRPORT CONSULTANT-Financial Analysis."
Impact of Regional and National Economic Conditions on O'Hare
The demand for air transportation is, to a degree, dependent upon the demographic and economic characteristics of an airport's air trade area. This relationship is particularly true for O&D passenger traffic, which has historically accounted for approximately 50 percent of demand at O'Hare. Although O'Hare's Air Trade Area has a large, diverse economic base that supports business and leisure travel and is projected by the Airport Consultant to experience continued growth, there can be no assurances that any negative economic or political conditions affecting the Air Trade Area would not have an adverse effect on demand for air transportation at O'Hare. See APPENDIX E - "REPORT OF THE AIRPORT CONSULTANT-Demographic and Economic Analysis."
See "-Financial Condition of the City and Other Overlapping Governmental Bodies" below for a discussion of the implications for O'Hare of the current financial challenges faced by the City and other public bodies located within the Air Trade Area.
70
Financial Condition of the City and Other Overlapping Governmental Bodies
The 2018 Senior Lien Bonds are limited obligations of the City and do not constitute an indebtedness or a loan of credit of the City and neither the faith and credit nor the taxing power of the City nor any property of the City is pledged as security for the 2018 Senior Lien Bonds. The City is the issuer of the 2018 Senior Lien Bonds and the infonnation under this heading regarding the City's financial condition and the financial condition of other governmental bodies sharing a common tax base is provided as infonnation regarding certain factors that could impact the level of enplaned passenger traffic and aviation activity at O'Hare.
Unfunded Pensions. The Retirement Funds have significant unfunded liabilities and low funding ratios. The City's contributions to the Retirement Funds in accordance with the Pension Code have not been sufficient, when combined with employee contributions and investment returns, to offset increases in the Retirement Funds' liabilities, which has contributed to the significant underfunding of the Retirement Funds. Moreover, the contributions to the Retirement Funds in accordance with the Pension Code have had the effect of deferring the funding ofthe Retirement Funds' liabilities, which increases the costs of such liabilities and the associated financial risks, including the risk that each Retirement Fund will not be able to pay its obligations when due. Furthennore, increases in the City's contributions to the Retirement Funds caused the City to increase its revenues and may require the City to further increase its revenues, reduce its expenditures, or some combination thereof, which may impact the services provided by the City or limit the City's ability to generate additional revenues for other purposes in the future.
O'Hare is required to contribute a pro rata share of City Contributions to the Retirement Systems based on the Annuity Factors for the number of O'Hare employees who are Eligible Members. Historically, O'Hare has contributed its pro rata share to the Retirement Systems.
Overlapping Taxing Districts. A number of governmental units and other public bodies share in varying degrees a common lax base, including property taxes, with the City. The City does not control the amount or timing of the taxes levied by these overlapping taxing districts. Depending on the amount of such increase(s), an increase in the amount of taxes by these overlapping taxing districts could potentially be harmful to the City's economy and/or may make it more difficult for the City lo increase taxes and maintain essential or necessary City services.
MUNICIPAL BANKRUPTCY
State Law Authorization. Municipalities, such as the City, cannot file for protection under the U.S. Bankruptcy Code unless specifically authorized to be a debtor by state law or by a governmental officer or organization empowered by state law to authorize such entity to be a debtor in a bankruptcy proceeding. State law does not currently pennit municipalities to be a debtor in a bankruptcy proceeding. From time to time, legislation has been introduced in the Illinois General Assembly which, if enacted, would permit Illinois municipalities to be debtors in bankruptcy. The City is unable to predict whether the Illinois General Assembly will adopt any such legislation or the form of such legislation if enacted.
Special Revenues. Although the City can provide no assurances, the City believes that Revenues and Other Available Moneys currently pledged by the City under the Senior Lien Indenture constitute "special revenues, " as defined in Section 902(2) of the U.S. Bankruptcy Code, and therefore, pursuant to Section 928(a) of the U.S. Bankruptcy Code, any and all of such pledged Revenues and Other Available Moneys currently pledged by the City under the Senior Lien Indenture acquired by the City after the commencement of a case by the City under Chapter 9 of the U.S. Bankruptcy Code would remain subject to the lien of the Senior Lien Indenture and could not lawfully be used by the City other than in compliance with the Senior Lien Indenture. Under Section 922(d) of the U.S. Bankruptcy Code, the
71
application by the City of "special revenues" under the terms of the Senior Lien Indenture would not be subject to stay after the commencement by the City of a case under Chapter 9 of the U.S. Bankruptcy Code. See "SECURITY FOR THE 2018 SENIOR LIEN BONDS-O'Harc Revenues Must Be Used For Airport Purposes." >
FORCE MAJEURE EVENTS AFFECTING THE CITY AND O'HARE
There are certain unanticipated events beyond the City's control that could have a material adverse effect on the City's operations and financial condition, or on O'Hare's operations and financial condition, if they were to occur. These events include fire, flood, earthquake, epidemic, adverse health conditions or other unavoidable casualties or acts of God, freight embargo, labor strikes or work stoppages, civil commotion, new acts of war or escalation of existing war conditions, sabotage, enemy action, pollution, unknown subsurface or concealed conditions affecting the environment, and any similar causes. No assurance can be provided that such events will not occur, and, if any such events were to occur, no prediction can be provided as to the actual impact or severity of the impact on the City's operations and financial condition or on O'Hare's operations and financial condition, as applicable.
Cyber-Security
O'Hare, like many other large public and private entities, relies on a large and complex technology environment to conduct its operations, and faces multiple cybersecurity threats including, but not limited to, hacking, phishing, viruses, malware and other attacks on its computing and other digital networks and systems (collectively, "Systems Technology"). As a recipient and provider of personal, private, or sensitive information, O'Hare may be the target of cybersecurity incidents that could result in adverse consequences to O'Hare and its Systems Technology, requiring a response action to mitigate the consequences.
Cybersecurity incidents could result from unintentional events, or from deliberate attacks by unauthorized entities or individuals attempting to gain access to O'Hare's Systems Technology for the purposes of misappropriating assets or infonnation or causing operational disruption and damage. To mitigate the risk of business operations impact and/or damage from cybersecurity incidents or cyber-attacks, O'Hare invests in multiple forms of cybersecurity and operational safeguards.
While O'Hare cybersecurity and operational safeguards are periodically tested, no assurances can be given by the City that such measures will ensure against other cybersecurity threats and attacks. Cybersecurity breaches could cause material disruption to O'Hare's finances or operations. The costs of remedying any such damage or protecting against future attacks could be substantial. Further, cybersecurity breaches could expose O'Hare to material litigation and other legal risks, which could cause O'Hare to incur material costs related to such legal claims or proceedings.
The airlines serving O'Hare and other O'Hare tenants also face cybersecurity threats that could affect their operations and finances. Computer networks and data transmission and collection are vital to the safe and efficient operation of the airlines that serve O'Hare and other tenants of O'FIare. Despite security measures, information technology and infrastructure of any of the airlines serving O'Hare or any other tenants at O'Hare may be vulnerable to attacks by outside or internal hackers, or breached by employee error, negligence or malfeasance. Any such breach or attack could compromise systems and the infonnation stored thereon. Any such disruption or other loss of infonnation could result in a disruption in the efficiency of the operation of the airlines serving O'Hare and the services provided at O'Hare, thereby adversely affecting the ability of O'Hare to generate revenue.
72
Alternative Transportation Modes and Future Parking Demand
One significant category of non-airline revenues at O'Hare is from ground transportation activity, including use of on-Airport parking garages; trip fees paid by taxi, limousine and transportation network companies ("TNCs"), such as Uber Technologies Inc. and Lyft, Inc.; and rental car transactions by O'Hare passengers.
New technologies (such as autonomous vehicles and connected vehicles) and innovative business strategies in established markets such as commercial ground transportation and car rental may continue to occur and may result in further changes in O'Hare passengers' choice of ground transportation mode.
While the City makes every effort to anticipate demand shifts, there may be times when the City's expectations differ from actual outcomes. In such event, revenue from one or more ground transportation modes may be lower than expected. The City cannot predict with certainty what impact these innovations in ground transportation will have over time on revenues from parking, other ground transportation services or rental cars. The City also cannot predict with certainty whether or to what extent it will collect non-airline revenues in connection with such new technologies or innovative business strategies.
Enforcement actions
The remedies available to bondholders upon nonpayment of principal of or interest on the 2018 Senior Lien Bonds are in many respects dependent upon judicial enforcement actions which arc often subject to discretion and delay. See APPENDIX B "SUMMARY OF CERTAIN PROVISIONS OF THE SENIOR LIEN INDENTURE - Remedies."
limited obligations
The 2018 Senior Lien Bonds are limited obligations of the City and do not constitute an indebtedness or a loan of credit of the City within the meaning of any constitutional or statutory limitation, and neither the faith and credit nor the taxing power of the state of illinois, the city or any other political subdivision of the state of illinois is pledged to the payment of the principal of or interest on the 2018 senior lien Bonds. The 2018 Senior Lien Bonds are not payable in any manner from revenues raised by taxation. no property of the city (including property located at o'hare) is pledged as security for the 2018 senior lien bonds.
The 2018 Senior Lien Bonds are secured on a parity basis with the Outstanding Senior Lien Bonds and all other Senior Lien Obligations. Subject to certain conditions set forth in the Senior Lien Indenture, the City may in the future issue Additional Senior Lien Bonds or incur other Senior Lien Obligations that will be secured on a parity basis with the 2018 Senior Lien Bonds and the Outstanding Senior Lien Bonds. See "SECURITY FOR THE 2018 SENIOR LIEN BONDS-lssuancc of Additional Senior Lien Bonds" and "CAPITAL PROGRAMS."
ASSUMPTIONS IN THE REPORT OF THE AIRPORT CONSULTANT
In connection with the offering of the 2018 Senior Lien Bonds described in this Official Statement, the Airport Consultant has prepared the Report of the Airport Consultant, a copy of which is included as APPENDIX E to this Official Statement. The Report of the Airport Consultant contains numerous assumptions as to the utilization of O'Hare and other matters and includes the Projections. Projections and assumptions are inherently subject to significant uncertainties. Inevitably, some
73
assumptions may not be realized and unanticipated events and circumstances may occur. Actual results are likely to differ, perhaps materially, from those projected. Accordingly, the Projections contained in Report of the Airline Consultant are not necessarily indicative of future performance, and neither the Airport Consultant nor the City assumes any responsibility for the accuracy of such Projections. In addition, the final maturity date of each Series of the 2018 Senior Lien Bonds extends beyond the period ofthe Projections. See "INTRODUCTION - Report of the Airport Consultant" and APPENDIX E -"REPORT OF THE AIRPORT CONSULTANT."
The Projections are based, in part, on historic data from sources considered by the Airport Consultant to be reliable, but the accuracy of these data has not been independently verified. The Projections are based on assumptions made by the Airport Consultant concerning future events and circumstances which the Airport Consultant believes are significant to the Projections but which cannot be assured. Therefore, the actual results achieved may vary from the Projections, and such variations could be material.
FORWARD-LOOKING STATEMENTS
This Official Statement contains certain statements relating to future results that are forward-looking statements. When used in this Official Statement, the words "estimate, " "intend, " "expect" and similar expressions identify forward-looking statements. Any forward-looking statement is subject to uncertainty and risks that could cause actual results to differ, possibly materially, from those contemplated in such forward-looking statements. Inevitably, some assumptions used to develop forward-looking statements will not be realized or unanticipated events and circumstances may occur. Therefore, bondholders and potential investors should be aware that there are likely to be differences between forward-looking statements and actual results; those differences could be material. The City does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. See "INTRODUCTION - Regarding Use ofthe Official Statement."
LITIGATION
Except for the matter described below, there is no litigation pending or threatened against the City relating lo the City's operation of O'Hare, the issuance, sale, or delivery of the 2018 Senior Lien Bonds, the validity or enforceability thereof, or the implementation, construction or operation of the OMP, the CIP Projects or TAP, including the projects financed with the proceeds of the 2018 Senior Lien Bonds, other than various legal proceedings (pending or threatened) which may have arisen or may arise out of the ordinary course of business of O'Hare. The City expects that the final resolution of such legal proceedings arising in the ordinary course of business will not have a material adverse effect on the financial position or the results of operation of O'Hare.
Riser v. City of Chicago, Case No. 2015-L-009955 (Cook Co. Cir. Ct.). On October 1, 2015, 61 homeowners in Bensenvillc filed a complaint alleging a taking of their property due to noise and disruption from aircraft overflights arriving and departing from the new Runway 10C-28C at O'Hare. Plaintiffs request relief in the form of compensation for the value of the property taken and the diminution in value to the remaining property not taken. 14 plaintiffs covering 10 properties have been dismissed because they failed to appear for their depositions. The City's motion for summary judgment was filed on May 25, 2018, and depositions have been completed. Argument on the City's motion for summary judgment was held on November 2, 2018. No order has been issued by the court, and no trial date has been set. The City intends to vigorously defend this law suit. The City is unable to express an opinion at this time concerning the outcome of the above matter or the City's liability, if any, in connection therewith.
74
There are, from time to time, lawsuits that arise out of the various construction contracts entered into in connection with construction projects al O'Hare. The City, however, does not believe that any sums that may be recovered would have a material adverse impact on the financial condition of O'Hare.
Airport Consultant
The Report of the Airport Consultant, included as APPENDIX E, provides certain infonnation with respect to O'Hare and its capital programs, evaluates aviation activity at O'Hare and presents the analysis undertaken by the Airport Consultant to demonstrate the ability of the City to comply with the requirements of the Senior Lien Indenture on a pro forma basis for Fiscal Years 2018 through 2029 based on the assumptions set forth therein. The Projections are based, in part, on historic data from sources considered by the Airport Consultant to be reliable, but the accuracy of these data has not been independently verified. The Projections (as defined under "INTRODUCTION-Report of the Airport Consultant") are based on assumptions made by the Airport Consultant concerning future events and circumstances which the Airport Consultant believes are significant to the Projections. The achievement of the results described in the Projections may be affected by fluctuating economic conditions and depends upon the occurrence of other future events which cannot be assured. Therefore, the actual results achieved may vary from the forecasts, and such variations could be material. In addition, the final maturity date of each Series of the 2018 Senior Lien Bonds extends beyond the period ofthe Projections. See "CERTAIN INVESTMENT CONSIDERATIONS-Forward-Looking Statements."
i
75
Tax Matters
INTEREST NOT EXEMPT FROM STATE OF ILLINOIS INCOME TAXES
Interest on the Bonds is not exempt from present State of Illinois income taxes. Ownership of the Bonds may result in other state and local tax consequences to certain taxpayers. Prospective purchasers ofthe Bonds should consult their own tax advisors regarding the application of any such state and local taxes.
Certain U.S. Federal Income Tax Consequences
The following discussion is a summary of the material U.S. federal income tax consequences of the acquisition, ownership and disposition of certain of the Bonds that we are offering. Except where noted, this summary deals only with Bonds that are purchased upon original issuance and are held as capital assets for tax purposes. This section does not apply to you if you are a member of a class of holders subject to special rules, such as:
a dealer in securities or currencies;
a financial institution;
a regulated investment company;
a real estate investment trust;
a tax-exempt organization;
an insurance company;
a person holding the Bonds as part of a hedging, integrated, conversion or constructive sale transaction or a straddle;
a trader in securities that has elected the mark-to-market method of accounting for your securities;
a person liable for alternative minimum tax;
a partnership or other pass-through entity for U.S. federal income tax purposes;
a "hybrid" entity;
a "United States Holder" (as defined below) whose "functional currency" for tax purposes is not the U.S. dollar;
a "controlled foreign corporation";
a "passive foreign investment company"; or
a United States expatriate.
76
This summary is based upon provisions of the Internal Revenue Code of 1986, as amended (the "Code"), and regulations, rulings and judicial decisions as of the date hereof. Those authorities may be changed, perhaps retroactively, so as to result in U.S. federal income tax consequences different from those summarized below.
For purposes of this summary, a "United States Holder" means a beneficial owner of the Bonds that is for U.S. federal income tax purposes:
an individual citizen or resident of the United States;
a corporation (or any other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;
an estate the income of which is subject to U.S. federal income taxation regardless of its source; or
a trust if it (1) is subject to the primary supervision of a court within the United States and one or more United States persons have the authority to control all substantial decisions of the trust or (2) has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person.
A "Non-United States Holder" means a beneficial owner of the Bonds who is neither a United States Holder nor a partnership or an entity treated as a partnership for U.S. federal income tax purposes.
If a partnership or an enlity treated as a partnership for U.S. federal income tax purposes holds the Bonds, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. If you are a partner of a partnership holding the Bonds, you should consult your tax advisors.
This summary does not represent a detailed description of the U.S. federal income tax consequences to you in light of your particular circumstances and does not address the effects of any state, local or non-U.S. tax laws. If you are considering the purchase of Bonds, you should consult your own tax advisors concerning the particular U.S. federal income tax consequences to you, as well as the consequences to you arising under the laws of any other taxing jurisdiction.
Tax-Exempt bonds
In the opinion of Mayer Brown LLP and Neal & Leroy LLC, Co-Bond Counsel, under existing law and assuming compliance with certain covenants made by the City to satisfy pertinent requirements ofthe Code, (i) interest on the 2018A Senior Lien Bonds (A) is excluded from the gross income of the owners thereof for U.S. federal income tax purposes and (B) is an item of tax preference for purposes of individual minimum taxable income for purposes of individual alternative minimum tax and (ii) interest on the 2018B Senior Lien Bonds (A) is excluded from the gross income of the owners thereof for U.S. federal income tax purposes under Section 103 of the Code and (B) is not a specific item of tax preference for purposes of the federal alternative minimum tax imposed on individuals. Failure to comply with certain of such City covenants could cause interest on the 2018A Senior Lien Bonds or 2018B Senior Lien Bonds to be included in gross income for U.S. federal income tax purposes retroactively to the date of issuance of such Bonds.
77
In rendering the foregoing opinions, Co-Bond Counsel will rely on, and will assume the accuracy of, certain representations and certifications and compliance with certain covenants of the City and the Trustee contained in various documents included in the transcript of proceedings, which are intended to evidence and assure that the 2018A Senior Lien Bonds and 2018B Senior Lien Bonds are and will remain obligations the interest on which is excluded from gross income for U.S. federal income tax purposes. Co-Bond Counsel will not independently verify the accuracy of such certifications and representations and will not monitor compliance with such covenants.
The Code prescribes a number of qualifications and conditions for the interest on state and local government obligations to be and remain excluded from gross income for U.S. federal income tax purposes. Some of these require continued compliance after the issuance of the 2018A Senior Lien Bonds and 2018B Senior Lien Bonds in order for the interest to be and continue to be so excluded from the date of issuance. Noncompliance with such requirements could cause the interest on the 2018A Senior Lien Bonds or 2018B Senior Lien Bonds to be included in gross income for U.S. federal income tax purposes, in some cases, effective from the date such 2018A Senior Lien Bonds and 2018B Senior Lien Bonds are initially issued. The City has covenanted in the Sixty-Third Supplemental Indenture and the Sixty-Fourth Supplemental Indenture, respectively, to not take any action or knowingly permit any action on its part to be taken which would cause the interest on the 2018A Senior Lien Bonds or 2018B Senior Lien Bonds to be included in the gross income of the owners of such Bonds for federal income tax purposes.
Under the Code, interest on the Bonds earned by certain foreign corporations doing business in the United States could be subject to the branch profits tax imposed by Section 884 of the Code, and interest on the Bonds could be subject to the tax imposed by Section 1375 of the Code on excess net passive income of certain S corporations. Under the Code, the receipt of interest excluded from gross income for U.S. federal income tax purposes can have certain collateral U.S. federal income tax consequences, adversely affecting items of income, deductions or credits for certain taxpayers, including financial institutions, property and casualty insurance companies, recipients of Social Security and Railroad Retirement benefits, individuals otherwise eligible for the earned income tax credit and taxpayers who are deemed to incur or continue indebtedness to acquire or carry tax-exempt obligations. Co-Bond Counsel expresses no opinion regarding any such collateral consequences arising with respect to the 2018A Senior Lien Bonds or 2018B Senior Lien Bonds. Prospective purchasers of the 2018A Senior Lien Bonds and 2018B Senior Lien Bonds should consult their own tax advisors on the application of such collateral consequences.
The recently enacted tax legislation commonly referred to as the Tax Cuts and Jobs Act makes significant changes to the Code, including a repeal of the alternative minimum tax for corporations and elimination of tax-exempt refunding bonds. This legislation also modified the application of the alternative minimum tax to individuals by changing applicable exemption and threshold amounts. Further, from time to time, legislative proposals may be proposed in Congress and/or state legislatures which, if enacted, would alter or amend one or more of the U.S. federal tax consequences referred to above or state tax consequences in certain respects or would adversely affect the market value of the Bonds. It cannot be predicted whether or in what form any such proposal may be enacted, and there can be no assurance that such proposal would not apply to obligations (such as the 2018A Senior Lien Bonds and 2018B Senior Lien Bonds) issued prior to enactment of such proposal. Prospective purchasers ofthe 2018A Senior Lien Bonds and 2018B Senior Lien Bonds should consult their own tax advisors regarding any recently enacted, pending or proposed federal or state tax legislation.
Co-Bond Counsel's opinions arc based on existing law, which is subject to change. Such opinions are further based on factual representations made to Co-Bond Counsel as of the date thereof. Co-Bond Counsel assumes no duty to update or supplement its opinions to reflect any facts or
78
circumstances that may thereafter come to Co-Bond Counsel's attention or to reflect any changes in law that may thereafter occur or become effective. The opinions of Co-Bond Counsel express the professional judgment of Co-Bond Counsel regarding the legal issues expressly addressed therein. By rendering its legal opinion, Co-Bond Counsel does not become an insurer or guarantor of the result indicated by that expression of professional judgment, of the transaction on which the opinion is rendered or of the future performance of the parties to the transaction nor does the rendering of the opinion guarantee the outcome of any legal dispute that may arise out of the transaction.
Original Issue Discount
An amount equal to the excess of the stated redemption price at maturity of any 2018A Senior Lien Bonds and 2018B Senior Lien Bonds (the "Discount Bonds") over the issue price (the "Offering Price") of such Discount Bonds, will be treated as "original issue discount" ("OID"). A bond's stated redemption price at maturity is the aggregate of all payments required to be made on the bond except "qualified stated interest." Qualified stated interest is generally interest that is unconditionally payable in cash or properly, other than debt instruments of the issuing entity, at fixed intervals of one year or less during the entire term of the instrument at an interest rate or rates that satisfy requirements under the Treasury Regulations. The issue price will be the first price at which a substantial amount of the bonds are sold, excluding sales to bond houses, brokers or similar persons acting as underwriters, placement agents or wholesalers. With respect to a taxpayer who purchases a 2018A Senior Lien Bond or 2018B Senior Lien Bond that is a Discount Bond in the initial public offering at the Offering Price and who holds such Discount Bond to maturity, the full amount of OID will constitute interest which is not includible in the gross income ofthe owner of such Discount Bond for U.S. federal income tax purposes to the same extent as current interest and will not be treated as taxable capital gain upon payment of such Discount Bond upon maturity.
The OID on each of the Discount Bonds is treated as accruing daily over the term of such Discount Bond on the basis of a constant yield computed at the end of each six month period (or shorter period from the date of original issue). The amount of OID accruing during such period will be added to the owner's tax basis for the Discount Bonds. Such adjusted tax basis will be used to determine taxable gain or loss upon disposition of the Discount Bonds (including sale, redemption or payment at maturity). An owner of a Discount Bond who disposes of it prior to maturity should consult such owner's tax advisor as to the amount of OID accrued over the period held and the amount of taxable gain or loss upon the sale or other disposition of such Discount Bond prior to maturity.
Owners who purchase Discount Bonds in the initial public offering but at a price different from the Offering Price or who do not purchase Discount Bonds in the initial public offering should consult their tax advisors with respect to the tax consequences ofthe ownership of such Discount Bonds.
Owners of Discount Bonds should consult their own tax advisors with respect lo the state and local lax consequences of owning the Discount Bonds. It is possible that under the applicable provisions governing the determination of state or local income taxes, accrued OID on the Discount Bonds may be deemed to be received in the year of accrual even though there will not be a corresponding cash payment until a later year.
Market Discount
If a 2018 A Senior Lien Bond or 2018B Senior Lien Bond is purchased at any time for a price that is less than such Bond's Offering Price plus accrued OID, if any, the purchaser may be treated as having purchased such Bond with market discount subject to the market discount rules of the Code (unless a statutory de minimis rule applies). Accrued market discount is treated as taxable ordinary income and is
79
recognized when such Bond is disposed of (to the extent such accrued discount does not exceed gain realized) or, at the purchaser's election, as it accrues. The applicability of the market discount rules may adversely affect the liquidity or secondary market price of such Bond. Purchasers should consult their own tax advisors regarding the potential implications of the market discount rules with respect to the 2018A Senior Lien Bonds and 2018B Senior Lien Bonds.
Bond Premium
An amount equal to the excess ofthe purchase price of a 2018A Senior Lien Bond or 2018B Senior Lien Bond over the stated redemption price payable at maturity of such Bond constitutes amortizable bond premium that may not be deducted for U.S. federal income tax purposes. For purposes of determining gain or loss on the sale or other disposition of such Bond, the tax basis of each such Bond is decreased by the amount of the bond premium that has been amortized. Bond premium is amortized by offsetting the interest on the 2018A Senior Lien Bond or 2018B Senior Lien Bond allocable to an accrual period with the bond premium allocable to the accrual period. The bond premium allocable to an accrual period is the excess of the interest on the 2018A Senior Lien Bond or 2018B Senior Lien Bond allocable to the accrual period over the product of the owner's adjusted acquisition price at the beginning of the accrual period and the owner's yield (determined on the basis of a constant yield over the term of such Bond). If the bond premium allocable to an accrual period exceeds the interest on the 2018A Senior Lien Bond or 2018B Senior Lien Bond allocable to the accrual period, the excess is a nondeductible loss for U.S. federal income tax purposes that reduces the owner's basis in such Bond.
Sale and Retirement ofthe Bonds
Holders of the 2018A Senior Lien Bonds and 2018B Senior Lien Bonds will recognize gain or loss on the sale, redemption, retirement or other disposition of such Bonds. The gain or loss is measured by the difference between the amount realized on the disposition of such Bonds and the holder's adjusted tax basis in such Bonds. Such gain or loss will be capital gain or loss, except to the extent of accrued market discount not previously included in income, and will be long term capital gain or loss if at the time of disposition such Bonds have been held for more than one year.
Backup Withholding and Information Reporting
Information reporting will apply to payments of the proceeds of the sale or other disposition of the 2018A Senior Lien Bonds and 2018B Senior Lien Bonds with respect to certain non-corporate holders, and backup withholding may apply unless the recipient of such payment supplies a taxpayer identification number, certified under penalties of perjury, as well as certain other infonnation or otherwise establishes an exemption from backup withholding. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against that holder's U.S. federal income tax liability provided the required infonnation is furnished to the IRS.
Taxable bonds
Consequences to United States Holders
The following is a summary of the material U.S. federal income tax consequences that will apply to you if you are a United States Holder of 2018C Senior Lien Bonds.
80
Payments of Interest
Except as set forth below, interest on the 2018C Senior Lien Bonds will generally be taxable to you as ordinary income and included in your income as interest income at the time it is paid or accrued in accordance with your method of accounting for tax purposes.
Original Issue. Discount ,
If you own a 2018C Senior Lien Bond issued with OID, you will be subject to special tax accounting rules, as described in greater detail below. In that case, you should be aware that you generally must include OID in gross income in advance of the receipt of cash attributable to that income. However, you generally will not be required to include separately in income cash payments received on the 2018C Senior Lien Bonds, even if denominated as interest, to the extent those payments do not constitute "qualified stated interest," as defined below.
A 2018C Senior Lien Bond with an "issue price" that is less than its "stated redemption price at maturity" (the sum of all payments to be made on such Bond other than "qualified stated interest") generally will be issued with OID if that difference is at least 0.25% of the stated redemption price at maturity multiplied by the number of complete years to maturity or weighted average maturity in the case of a 2018C Senior Lien Bond with more than one principal payment. The "issue price" of each 2018C Senior Lien Bond in a particular offering will be the first price at which a substantial amount of that particular offering is sold to the public. The term "qualified stated interest" means stated interest that is unconditionally payable in cash or in property, other than debt instruments of the issuer, and meets all of the following conditions:
it is payable at least once per year;
it is payable over the entire term of the bond; and
it is payable at a single fixed rate or, subject to certain conditions, based on one or more interest indices.
If you own a 2018C Senior Lien Bond issued with de minimis OID, which is discount that is not OID because it is less than 0.25% of the stated redemption price at maturity multiplied by the number of complete years to maturity (or weighted average maturity in the case of 2018C Senior Lien Bonds with more than one principal payment), you generally must include the de minimis OID in income al the time principal payments on the 2018C Senior Lien Bonds are made in proportion to the amount paid. Any amount of de minimis OID that you have included in income will be treated as capital gain.
Certain of the 2018C Senior Lien Bonds may contain provisions permitting them to be redeemed prior to their stated maturity at our option and/or at your option. 2018C Senior Lien Bonds issued with OID containing those features may be subject to rules that differ from the general rules discussed herein. If you are considering the purchase of 2018C Senior Lien Bonds with those features and issued with OID, you should consult your own tax advisors with respect to those features since the tax consequences to you with respect to OID will depend, in part, on the particular tenns and features of the 2018C Senior Lien Bonds.
If you own 2018C Senior Lien Bonds issued with OID with a maturity upon issuance of more than one year, you generally must include OID in income in advance of the receipt of some or all of the related cash payments using the "constant yield method" described in the following paragraphs.
81
If you hold a 2018C Senior Lien Bond with a maturity of more than one year from its date of issue that has been issued with OID, you are generally required to include any qualified stated interest payments in income as interest at the time such interest is accrued or is received in accordance with your regular accounting method for tax purposes, as described above under "—Consequences to United States Holders —Payment of Interest."
The amount of OID that you must include in income if you are the initial United States Holder of a 2018C Senior Lien Bond issued with OID is the sum of the "daily portions" of OID with respect to such Bond for each day during the taxable year or portion of the taxable year in which you held that Bond ("accrued OID") regardless of your regular method of accounting. The daily portion is determined by allocating to each day in any "accrual period" a pro rata portion of the OID allocable to that accrual period. The "accrual period" for a 2018C Senior Lien Bond issued with OID may be of any length and may vary in length over the term of such Bond, provided that each accrual period is no longer than one year and each scheduled payment of principal or interest occurs on the first day or the final day of an accrual period. The amount of OID allocable to any accrual period other than the final accrual period is an amount equal to the excess, if any, of:
the bond's "adjusted issue price" at the beginning of the accrual period multiplied by its yield to maturity, determined on the basis of compounding at the close of each accrual period and properly adjusted for the length of the accrual period; over
the aggregate of all qualified stated interest allocable to the accrual period.
OID allocable to a final accrual period is the difference between the amount payable at maturity, other than a payment of qualified stated interest, and the adjusted issue price at the beginning of the final accrual period. Special rules will apply for calculating OID for an initial short accrual period. The "adjusted issue price" of a bond at the beginning of any accrual period is equal to its issue price increased by the accrued OID for each prior accrual period, determined without regard to the amortization of any acquisition or bond premium, as described below, and reduced by any payments previously made on the bond other than a payment of qualified stated interest. Under these rules, you will generally have to include in income increasingly greater amounts of OID in successive accrual periods.
2018C Senior Lien Bonds that provide for a variable rate of interest ("variable rate Bonds") are subject to special OID rules. In the case of a 2018C Senior Lien Bond issued with OID that is a variable rate Bond, both the "yield to maturity" and "qualified stated interest" will be determined solely for purposes of calculating the accrual of OID as though such Bond will bear interest in all periods at a fixed rate generally equal to the rate that would be applicable to interest payments on such Bond on its date of issue or, in the case of certain variable rate Bonds, the rate that reflects the yield to maturity that is reasonably expected for such Bond. Additional rules may apply if either:
the interest on a variable rate Bond is based on more than one interest index; or
the principal amount of such Bond is indexed in any manner.
The discussion above generally does not address 2018C Senior Lien Bonds that are subject lo the special rules governing contingent payment debt instruments. You should consult your own tax advisors regarding the U.S. federal income tax consequences ofthe holding and disposition of any 2018C Senior Lien Bonds that are subject to the special rules governing contingent payment debt instruments.
You may elect to treat all interest on any 2018C Senior Lien Bond as OID and calculate the amount includible in gross income under the constant yield method described above subject to certain
82
limitations and exceptions. For purposes of this election, interest includes stated interest, acquisition discount, OID, de minimis OID, market discount, de minimis market discount and unstated interest, as adjusted by any amortizable bond premium or acquisition premium. You should consult with your own tax advisors about this election.
Market Discount
If you purchase a 2018C Senior Lien Bond for an amount that is less than its stated redemption price at maturity (or, in the case of a 2018C Senior Lien Bond issued with OID, its adjusted issue price), the amount of the difference will be treated as "market discount" for U.S. federal income tax purposes, unless that difference is less than a specified de minimis amount. Under the market discount rules, you will be required to treat any principal payment on, or any gain on the sale, exchange, retirement or other disposition of, a 2018C Senior Lien Bond as ordinary income to the extent of the market discount that you have not previously included in income and are treated as having accrued on such Bond at the time of the payment or disposition.
In addition, you may be required to defer, until the maturity of the 2018C Senior Lien Bond or its earlier disposition in a taxable transaction, the deduction of all or a portion of the interest expense on any indebtedness attributable to the 2018C Senior Lien Bond. You may elect, on a bond-by-bond basis, to deduct the deferred interest expense in a tax year prior to the year of disposition. You should consult your own tax advisors before making this election.
Any market discount will be considered to accrue ratably during the period from the date of acquisition to the maturity date ofthe 2018C Senior Lien Bond, unless you elect to accrue on a constant interest method. You may elect to include market discount in income currently as it accrues, on either a ratable or constant interest method, in which case the rule described above regarding deferral of interest deductions will not apply.
Acquisition Premium, Amortizable Bond Premium
If you purchase a 2018C Senior Lien Bond issued with OID for an amount that is greater than its adjusted issue price but equal to or less than the sum of all amounts payable on such Bond after the purchase date other than payments of qualified stated interest, you will be considered to have purchased that Bond at an "acquisition premium." Under the acquisition premium rules, the amount of OID that you must include in gross income with respect to such Bond for any taxable year will be reduced by the portion of the acquisition premium properly allocable to that year.
If you purchase a 2018C Senior Lien Bond (including a 2018C Senior Lien Bond issued with OID) for an amount in excess of the sum of all amounts payable on such Bond after the purchase date other than qualified stated interest, you will be considered to have purchased the 2018C Senior Lien Bond at a "premium" and, if it is a 2018C Senior Lien Bond issued with OID, you will not be required to include any OID in income. You generally may elect to amortize the premium over the remaining term of the 2018C Senior Lien Bond on a constant yield method as an offset to interest when includible in income under your regular accounting method. Special rules limit the amortization of premium in the case of convertible debt instruments. If you do not elect to amortize bond premium, that premium will decrease the gain or increase the loss you would otherwise recognize on disposition of the 2018C Senior Lien Bond.
83
Sale, Exchange, Retirement or other Disposition of Bonds
Your adjusted tax basis in a 2018C Senior Lien Bond will, in general, be your cosl for that Bond, increased by OID or market discount, and reduced by any amortized premium and any cash payments on such Bond other than qualified stated interest. Upon the sale, exchange, retirement or other disposition of a 2018C Senior Lien Bond, you will recognize gain or loss equal to the difference between the amount realized upon the sale, exchange, retirement or other disposition (less an amount equal to any accrued and unpaid qualified stated interest, which will be taxable as interest income to the extent not previously included in income) and the adjusted tax basis of the 2018C Senior Lien Bond.
Your amount realized will include the amount of any cash and the fair market value of any other property received for the 2018C Senior Lien Bond. Except (i) as described above with respect to market discount and (ii) with respect to contingent payment debt instruments which this summary generally does not discuss, that gain or loss will be capital gain or loss. Capital gains of individuals derived in respect of capital assets held for more than one year are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.
Potential Acceleration of Income
Accrual method taxpayers that prepare an "applicable financial statement" (as defined in Section 451 ofthe Code, which includes any GAAP financial statement, Form 10-K annual statement, audited financial statement or a financial statement filed with any federal agency for non-tax purposes) generally would be required to include certain items of income such as OID and possibly de minimis OID in gross income no later than the time such amounts are reflected on such a financial statement. (The application of this rule to income of a debt instrument with OID is effective for taxable years beginning after December 31, 2018.) This could result in an acceleration of income recognition for income items differing from the above description, although the precise application of this rule is unclear at this time.
Additional Medicare Tax
Certain United States Holders that are individuals, estates or trusts and whose income exceeds certain thresholds will be subject to an additional 3.8% Medicare tax on some or all of such United States Holder's "net investment income." Net investment income generally includes interest on, and gain from the disposition of, the 2018C Senior Lien Bonds unless such interest income or gain is derived in the ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain passive or trading activities). United States Holders should consult their tax advisors regarding the effect this tax may have, if any, on their acquisition, ownership or disposition ofthe 2018C Senior Lien Bonds.
Consequences to Non-United States Holders
The following is a summary of the material U.S. federal income and estate tax consequences that will apply to you if you are a Non-United States Holder of 2018C Senior Lien Bonds.
U.S. Federal Withholding Tax
Subject to the discussion of backup withholding and FATCA below, the 30% U.S. federal withholding tax ordinarily imposed on U.S. source payments of interest to Non-United States Holders will not apply to any payment of interest on the 2018C Senior Lien Bonds (including OID) under the "portfolio interest rule," provided that:
84
interest paid on the 2018C Senior Lien Bonds is not effectively connected with your conduct of a trade or business in the United States, or a permanent establishment maintained by you in the United States if certain tax treaties apply;
you do not actually (or constructively) own 10% or more of the total combined voting power of all classes of our voting stock within the meaning of the Code and applicable United States Treasury regulations;
you are not a controlled foreign corporation that is related to us directly or indirectly through stock ownership;
the interest is not considered contingent interest under Section 871(h)(4)(A) of the Code and the United States Treasury regulations thereunder; and
either (a) you provide your name and address on an IRS Form W-8BEN or IRS Form W-8BEN-E (or other applicable form), and certify, under penalties of perjury, that you are not a United States person as defined under the Code or (b) you hold your 2018C Senior Lien Bonds through certain foreign intermediaries and satisfy the certification requirements of applicable United States Treasury regulations. Special certification rules apply to Non-United States Holders that are pass-through entities rather than corporations or individuals.
If you cannot satisfy the requirements described above, payments of interest, including OID, made to you will be subject to the 30% U.S. federal withholding tax, unless you provide us with a properly executed:
IRS Form W-8BEN or IRS Form W-8BEN-E (or other applicable form) claiming an exemption from or reduction in withholding under the benefit of an applicable income tax treaty; or
IRS Form W-8ECI (or other applicable form) stating that interest paid on the 2018C Senior Lien Bonds is not subject to withholding tax because it is effectively connected with your conduct of a trade or business in the United States (as discussed below under "—U.S. Federal Income Tax On Effectively Connected Income").
Subject to the discussion of FATCA below, the 30% U.S. federal withholding tax generally will not apply to any payment of principal or gain that you realize on the sale, exchange, retirement or other disposition of a 2018C Senior Lien Bond.
U.S. Federal Income Tax On Effectively Connected Income
If you are engaged in a trade or business in the United States and interest, including OID, on the 2018C Senior Lien Bonds is effectively connected with the conduct of that trade or business (and, if required by an applicable income tax treaty, is attributable to a United States permanent establishment maintained by you), then you will be subject to U.S. federal income tax on that interest on a net income basis (although you will be exempt from the 30% U.S. federal withholding tax, provided the certification requirements discussed above in "—U.S. Federal Withholding Tax" are satisfied) in the same manner as if you were a United States person as defined under the Code. In addition, if you are a foreign corporation, you may be subject to a branch profits tax equal to 30% (or lower applicable income tax treaty rate) of such interest, subject to certain adjustments.
85
Sale, Exchange, Retirement or other Disposition of Bonds
Subject to the discussion of backup withholding and FATCA below, any gain realized on the disposition of a 2018C Senior Lien Bond generally will not be subject to U.S. federal income tax unless:
the gain is effectively connected with your conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable to a United States permanent establishment maintained by you); or
you are an individual who is present in the United Slates for 183 days or more in the taxable year of that disposition, and certain other conditions are met.
INFORMATION REPORTING AND BACKUP WITHHOLDING
Consequences to United States Holders
In general, infonnation reporting requirements will apply to certain payments of interest (including OID) and premium paid on 2018C Senior Lien Bonds and to the proceeds of sale of a 2018C Senior Lien Bond paid to you (unless you are an exempt recipient such as a corporation). A backup withholding tax may apply to such payments if you fail to provide a taxpayer identification number or a certification of exempt status, or if you fail to report in full dividend and interest income.
Backup withholding is nol an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against your U.S. federal income tax liability provided the required infonnation is furnished to the IRS on a timely basis.
Consequences to Non-United States Holders
Generally, we must report to Ihe IRS and to you the amount of interest (including OID) on the 2018C Senior Lien Bonds paid to you and the amount of tax, if any, withheld with respect to those payments. Copies ofthe information returns reporting such interest payments andany withholding may also be made available to the tax authorities in the country in which you reside under the provisions of an applicable income tax treaty or multilateral agreement.
In general, you will not be subject to backup withholding with respect lo payments on the 2018C Senior Lien Bonds that we make to you provided that we do not have actual knowledge or reason to know that you are a United States person as defined under the Code, and we have received from you the statement described above in the sixth bullet point under "—Consequences to Non-United States Holders—U.S. Federal Withholding Tax."
In addition, subject to the discussion of FATCA below, no information reporting or backup withholding will be required regarding the proceeds of the sale of a bond made within the United States or conducted through certain United States-related financial intennediaries, if the payor receives the statement described above and does not have actual knowledge or reason lo know that you are a United States person as defined under the Code, or you otherwise establish an exemption.
Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against your U.S. federal income tax liability provided the required infonnation is furnished to the IRS on a timely basis.
86
FATCA
Pursuant to Sections 1471 through 1474 of the Code and United States Treasury regulations promulgated thereunder (commonly referred to as "FATCA"), a separate U.S. withholding tax is imposed at the rate of 30% on payments of U.S. source interest and, beginning January 1, 2019, on the gross proceeds from the sale or other taxable disposition of 2018C Senior Lien Bonds producing U.S. source interest, made to non-U.S. financial institutions and certain other non-U.S. non-financial entities (including, in some instances, where such an entity is acting as an intermediary) that fail to comply with certain information reporting obligations. If an amount in respect of U.S. withholding tax were to be deducted or withheld from interest or principal payments on 2018C Senior Lien Bonds as a result of a holder's failure to comply with these rules or the presence in the payment chain of an intermediary that does not comply with these rules, neither we nor any paying agent nor any other person would be required to pay additional amounts as a result of the deduction or withholding of such tax. As a result, investors may receive less interest or principal than expected. Certain countries have entered into, and other countries are expected to enter into, agreements with the United States to facilitate the type of information reporting required under FATCA. While the existence of such agreements will not eliminate the risk that 2018C Senior Lien Bonds will be subject to withholding, these agreements are expected to reduce the risk of the withholding for investors in (or indirectly holding 2018C Senior Lien Bonds through financial institutions in) those countries. Non-United States Holders should consult their own tax advisors regarding FATCA and whether it may be relevant to their purchase, ownership and disposition of 2018C Senior Lien Bonds.
Certain Legal Matters
Certain legal matters incident to the authorization, issuance and sale by the City of the 2018 Senior Lien Bonds are subject to the approving legal opinions of Mayer Brown LLP, Chicago, Illinois, and Neal and Leroy LLC, Chicago, Illinois, who have been retained by the City and are acting as Co-Bond Counsel. Co-Bond Counsel have not been retained or consulted on disclosure matters and have not undertaken to review or verify the accuracy, completeness or sufficiency of this Official Statement or other offering material relating to the 2018 Senior Lien Bonds and assume no responsibility for the statements or information contained in or incorporated by reference in this Official Statement, except that in their capacity as Co-Bond Counsel, at the request of the City, they have reviewed the information in this Official Statement involving the description of the 2018 Senior Lien Bonds and the Senior Lien Indenture, the security for the 2018 Senior Lien Bonds and the description of the federal tax exemption of interest on the 2018 Senior Lien Bonds. This review did not include any obligation to establish or confirm factual matters set forth herein. The proposed forms of the opinions of Co-Bond Counsel are included as APPENDIX F.
Certain legal matters will be passed upon for the City by (i) its Corporation Counsel and (ii) in connection with the preparation of this Official Statement, Miller, Canficld, Paddock and Stone, P.L.C., Chicago, Illinois, and Chico & Nunes, P.C, Chicago, Illinois, Co-Disclosure Counsel to the City. Certain legal matters will be passed upon for the Underwriters by McGuireWoods LLP, Chicago, Illinois.
UNDERWRITING
A group of underwriters, represented by J.P. Morgan Securities LLC, has agreed, jointly and severally, to purchase the 2018 Senior Lien Bonds subject to certain conditions set forth in the Contract of Purchase with the City. The Contract of Purchase provides that the obligations of the Underwriters to accept delivery of the 2018 Senior Lien Bonds are subject to various conditions of the Contract of Purchase, but the Underwriters will be obligated to purchase all the 2018 Senior Lien Bonds if any 2018 Senior Lien Bonds are purchased. The Underwriters have agreed to purchase the 2018 Senior Lien Bonds
87
at an aggregate purchase price of S2,055,319,362.49 (reflecting an underwriters' discount of $11,542,253.41 and net original issue premium of $53,981,615.90).
The Underwriters reserve the right to join with dealers and other underwriters in offering the 2018 Senior Lien Bonds to the public. The 2018 Senior Lien Bonds may be offered and sold at prices other than the initial offering prices, including sales to dealers who may sell such 2018 Senior Lien Bonds into investment accounts.
J.P. Morgan Securities LLC, one of the Underwriters of the Bonds, has entered into negotiated dealer agreements (each, a "Dealer Agreement") with each of Charles Schwab & Co., Inc. ("CS&Co.") and LPL Financial LLC ("LPL") for the retail distribution of certain securities offerings at the original issue prices. Pursuant to each Dealer Agreement, each of CS&Co. and LPL may purchase 2018 Senior Lien Bonds from JPMS at the original issue price less a negotiated portion of the selling concession applicable to any 2018 Senior Lien Bonds that such firm sells.
Valdes & Moreno, Inc. has entered into a distribution agreement with Rockfleet Financial Services, Inc., whereby Valdes & Moreno, Inc. can potentially distribute municipal securities to retail investors through such entity. As part of this arrangement, Valdes & Moreno, Inc. will compensate this firm part of the takedown for its selling efforts with respect to the 2018 Senior Lien Bonds.
Academy Securities, Inc., Co-Manager of the above referenced issue, has entered into Third-Party Distribution Agreements with TD Ameritrade Inc., BNY Mellon Capital Markets LLC, Commonwealth Financial Network, R. Seelaus & Co., Ross, Sinclaire & Associates, Inc., Intercoastal Capital Markets, Inc., Janney Montgomery Scott LLC, The GMS Group LLC, and 280 Securities for the retail distribution of certain municipal securities at the original issue prices. Pursuant to these Third-Party Distribution Agreements (if applicable to this transaction), Academy Securities may share a portion of its underwriting compensation with these firms.
The Underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, principal investment, hedging, financing and brokerage services. Certain of the Underwriters and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory and investment banking services for the City, for which they received or will receive customary fees and expenses.
J.P. Morgan Securities LLC is an affiliate of JPMorgan Chase Bank N.A., a purchaser of the Credit Agreement Notes. As a purchaser of the Credit Agreement Notes, JPMorgan Chase Bank N.A. will receive a portion of proceeds of the 2018 Senior Lien Bonds.
In the ordinary course of their various business activities, the Underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities, which may include credit default swaps) and financial instruments (including bank loans) for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities and instruments. Such investment and securities activities may involve securities and instruments ofthe City.
The Underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities and instruments. The Underwriters retained Underwriters' counsel based, in part, on the recommendation of the City.
88
Secondary Market Disclosure
The City will enter into a Continuing Disclosure Undertaking (the "Undertaking") for the benefit of the beneficial owners of the 2018 Senior Lien Bonds to send certain infonnation annually and to provide notice of certain events to the Municipal Securities Rulemaking Board (the "MSRB") pursuant to the requirements of Section (b)(5) of Rule 15c2-12 (the "Rule") adopted by the SEC under the Securities Exchange Act, as amended (the "Exchange Act"). The MSRB has designated its Electronic Municipal Market Access System, known as EMMA, as the system to be used for continuing disclosures to investors. The infonnation to be provided on an annual basis, the events which will be noticed on an occurrence basis and a summary of other tenns of the Undertaking, including tennination, amendment and remedies, are set forth below.
A failure by the City to comply with the Undertaking will not constitute a default under the 2018 Senior Lien Bonds, the Senior Lien Indenture, or the Bond Ordinance, and beneficial owners of the 2018 Senior Lien Bonds are limited to the remedies described in the Undertaking. See "- Consequences of Failure of the City to Provide Information" under this caption. A failure by the City to comply with the Undertaking must be reported in accordance with the Rule and must be considered by any broker, dealer or municipal securities dealer before recommending the purchase or sale of the 2018 Senior Lien Bonds in the secondary market. Consequently, such a failure may adversely affect the transferability and liquidity of the 2018 Senior Lien Bonds and their market price.
The following is a brief summary of certain provisions of the Undertaking of the City and does not purport to be complete. The statements made under this caption are subject to the detailed provisions ofthe Undertaking, copies of which are available from the City upon request.
Annual Financial Information Disclosure
The City covenants that it will disseminate its Annual Financial Information and its Audited Financial Statements (as described below) to the MSRB. The City is required to deliver such information so that the MSRB receives the infonnation by the dates specified in the Undertaking.
United Airlines and American Airlines are at present the only Obligated Persons (as defined below) other than the City. United Airlines and American Airlines are each required to file SEC Reports with the SEC under the Exchange Act. The City has no responsibility for the accuracy or completeness of any SEC Report filed by United Airlines or American Airlines or by any future Obligated Person. Unless no longer required by the Rule, the City agrees to use its reasonable efforts to cause each Obligated Person other than the City (to the extent that such Obligated Person is not otherwise required to file SEC Reports under the Exchange Act), to file annual infonnation substantially equivalent to that contained in the SEC Reports with the MSRB.
"Annual Financial Infonnation" means (a) with respect to the City, financial and statistical data generally consistent with that contained in this Official Statement under "AIR TRAFFIC ACTIVITY AT O'HARE," "O'HARE FINANCIAL LNFORMATION-Operating Results" and "OUTSTANDING INDEBTEDNESS AT O'HARE-Airport Obligations-/)*?** Service Schedule for Outstanding Senior Lien Bonds," and (b) with respect to each Obligated Person other than the City, if such Obligated Person does not file SEC Reports, information substantially equivalent to that contained in the SEC Reports. If any of the City's Annual Financial Information that is published by a third party is no longer publicly available, the City shall include a statement to that effect as part of its Annual Financial Information for the year in which such lack of availability arises.
89
"Audited Financial Statements" means the audited basic financial statements of O'Hare prepared in accordance with generally accepted accounting principles applicable to governmental units as in effect from time to lime.
"Obligated Person" means the City and each airline or other entity at any time using O'Hare (i) that is obligated under an Airline Use and Lease Agreement, lease or other agreement having a term of more than one year to pay a portion of the debt service on the Airport Obligations and (ii) has paid amounts equal to at least 10 percent of Revenues at O'Hare for each of the prior two Fiscal Years.
Annual Financial Infonnation exclusive of Audited Financial Statements will be provided to the MSRB not more than 210 days after the last day of the City's Fiscal Year, which currently is December 31. If Audited Financial Statements are not available when the Annual Financial Infonnation is filed, unaudited financial statements will be included and Audited Financial Statements will be filed within 30 days of availability to the City.
REPORTABLE EVENTS DISCLOSURE
The City covenants that it will disseminate in a timely manner, not in excess of ten (10) Business Days, in accordance with the Rule, to the MSRB the disclosure of the occurrence of a Reportable Event (as described below). Certain Reportable Events are required to be disclosed only to the extent that such Reportable Event is material, as materiality is interpreted under Ihe Exchange Act. The "Reportable Events" certain of which may not be applicable to the 2018 Senior Lien Bonds, are:
principal and interest payment delinquencies;
non-payment related defaults, if material;
unscheduled draws on debt service reserves reflecting financial difficulties;
unscheduled draws on credit enhancements reflecting financial difficulties;
substitution of credit or liquidity providers, or their failure to perform;
adverse lax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or detenninations with respect to the tax status of the securities, or other material events affecting the tax status ofthe securities;
modifications to rights of security holders, if material;
bond calls, if material, and tender offers;
defeasances;
release, substitution or sale of property securing repayment of the securities, if material;
rating changes;
90
bankruptcy, insolvency, receivership, or similar proceedings of an Obligated Person;*
the consummation of a merger, consolidation, or acquisition involving an Obligated Person or the sale of all or substantially all of the assets of an Obligated Person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such action or the termination of a definitive agreement relating to any such actions, other than pursuant to its tenns, if material; and
appointment of a successor or additional trustee, or the change of the name of a trustee, if material.
Consequences of Failure of the City to Provide Information
The City shall give notice in a timely manner, not in excess of ten (10) Business Days, to the MSRB of any failure to provide disclosure of Annual Financial Information and Audited Financial Statements when the same are due under the Undertaking.
In the event of a failure of the City to comply with any provision of the Undertaking, the beneficial owner of any 2018 Senior Lien Bond may seek mandamus or specific perfonnance by court order to cause the City to comply with its obligations under the Undertaking. The Undertaking provides that any court action must be initiated in the Circuit Court of Cook County, Illinois. A default under the Undertaking shall not be deemed a default under any 2018 Senior Lien Bond, the Bond Ordinance or the Senior Lien Indenture, and the sole remedy under the Undertaking in the event of any failure of the City to comply with the Undertaking shall be an action to compel performance.
AMENDMENT; WAIVER
Notwithstanding any other provision of the Undertaking, the City may amend the Undertaking, and any provision of the Undertaking may be waived, if:
(a) (i) the amendment or the waiver is made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature or status of the City or type of business conducted;
(ii) the Undertaking, as amended, or the provision, as waived, would have complied with the requirements of the Rule at the time of the primary offering, after taking into account any amendments or interpretations ofthe Rule, as well as any change in circumstances; and
* Note that, for purposes of the event identified in item 12, the event is considered to occur when any of the following occur: The appointment of a receiver, fiscal agent or similar officer for an Obligated Person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the Obligated Person, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the Obligated Person.
91
(iii) the amendment or waiver does not materially impair the interests of the beneficial owners ofthe 2018 Senior Lien Bonds, as determined by parties unaffiliated with the City (such as the Trustee or co-bond counsel), or by approving vote of the beneficial owners of the 2018 Senior Lien Bonds pursuant to the terms ofthe Senior Lien Indenture at the time of the amendment; or
(b) the amendment or waiver is otherwise permitted by the Rule.
TERMINATION OF UNDERTAKING
The Undertaking shall be terminated if the City shall no longer have any legal liability for any obligation on or relating to repayment of the 2018 Senior Lien Bonds under the Bond Ordinance or the Senior Lien Indenture.
EMMA
All documents submitted to the MSRB through EMMA pursuant to the Undertaking shall be in electronic format and accompanied by identifying information as prescribed by the MSRB, in accordance with the Rule. All documents submitted to the MSRB through EMMA will be word-searchable PDFs, configured to permit documents to be saved, viewed, printed and electronically retransmitted.
ADDITIONAL INFORMATION
Nothing in the Undertaking shall be deemed to prevent the City from disseminating any other information, using the means of dissemination set forth in the Undertaking or any other means of communication, or including any other information in any Annual Financial Information or Audited Financial Statements or notice of occurrence of a Reportable Event, in addition to that which is required by the Undertaking. If the City chooses to include any other information in any Annual Financial Information or Audited Financial Statements or notice of occurrence of a Reportable Event in addition to that which is specifically required by the Undertaking, the City shall have no obligation under the Undertaking to update such other information or include it in any future Annual Financial Infonnation or Audited Financial Statements or notice of occurrence of a Reportable Event.
Corrective action related to Certain bond disclosure requirements
The City failed to comply with certain continuing disclosure undertakings previously entered into by it pursuant to the Rule as described below. Such non-compliance may or may not be material.
With respect to multiple series of the City's Chicago O'Hare International Airport General Airport Third Lien Revenue Bonds, American Airlines is an "obligated person " with respect to such bonds. On November 29, 2011, AMR Corporation (the parent company of American Airlines and Envoy Air (fonnerly American Eagle)) and certain of its United States-based subsidiaries (including American Airlines and American Eagle) filed voluntary petitions for Chapter 11 reorganization in the United States Bankruptcy Court for the Southern District of New York. The City filed a notice with EMMA with respect to this event on March 30, 2012 (not within the 10 business-day deadline imposed by the Rule). On December 9, 2013, American Airlines merged with US Airways. The City filed a notice with EMMA with respect to this event on August 25, 2014 (not within the 10 business-day deadline imposed by the Rule).
With respect to the City's Outstanding O'Hare International Airport Customer Facility Charge Senior Lien Revenue Bonds, Series 2013, Simply Wheelz, LLC d/b/a Advantage Rent A Car
92
("Advantage") is an "obligated person" with respect to such bonds. Advantage filed a voluntary bankruptcy petition in the Southern District of Mississippi on November 5, 2013. The City filed a notice with EMMA with respect to this event on December 5, 2013.
The rating agencies took certain rating actions with respect to the ratings of Ambac Assurance Corporation and Financial Security Assurance Inc. (collectively, the "Bond Insurers"). The Bond Insurers provided municipal bond insurance policies relating to certain series of the City's Chicago Midway Airport revenue bonds. Event notices with respect to such rating changes were not filed with EMMA. The City made such filings on May 22, 2014.
Ambac Assurance Corporation provided a municipal bond insurance policy relating to the City's Motor Fuel Tax Revenue Bonds, Series 2003A and Assured Guaranty Corp. provided municipal bond insurance policies relating to the City's Motor Fuel Tax Revenue Bonds, Series 2008. Event notices with respect to the rating changes taken by the Rating Agencies with respect to these insurers were not filed. The City made filings with EMMA on June 3, 2014 and August 22, 2014 with respect to these rating changes.
The City failed to file timely event notices with respect to certain rating changes affecting the City's bonds subject to the Rule and for which the City is an "obligated person" under the Rule (collectively, the "Prior Bonds") or affecting bond insurance companies which insured any Prior Bonds (collectively, the "Prior Bond Insurers"). The City filed with EMMA on August 29, 2014 a notice with respect to all rating changes known to the City and affecting the Prior Bonds (including certain Senior Lien Bonds and Second Lien Bonds) occurring over the last ten years. The City filed with EMMA on August 27, 2014 a notice with respect to all rating changes known to the City and affecting the Prior Bond Insurers occurring during the last seven years.
On January 15, 2016, S&P upgraded the rating of the City's Midway Second Lien Bonds from "A-" to "A." On May 17, 2016, the City filed with EMMA an event notice relating to this rating upgrade.
The City's Chicago Midway Airport Second Lien Revenue Refunding Bonds, Series 2014C were secured by a letter of credit by J.P. Morgan Chase Bank, N.A. (the "Letter of Credit Bank"). On May 19, 2015, Fitch upgraded the long-term rating of the Letter of Credit Bank from "A+" to "AA-" and its short-term rating from "Fl" to "F1+". On September 19, 2014, Moody's downgraded the long-term letter of credit supported rating of the 2014C Bonds from "Aal" to "Aa2". On May 28, 2015, Moody's upgraded the long-term letter of credit supported rating of the 2014C Bonds from "Aa2" to "Aal". Event notices with respect to such rating changes were not filed with EMMA. The City made such filings on July 13, 2018. The Letter of Credit bank has since been replaced.
On May 18, 2015, S&P downgraded the rating of the City's then-outstanding second lien water revenue bonds from "AA-" to "A." The City timely filed an event notice on EMMA regarding this rating downgrade for all of its then-outstanding second lien water revenue bonds except the Second Lien Water Revenue Bonds, Taxable Project Series 2010B (Build America Bonds - Direct Payment) (the "Series 2010B Bonds") and the Second Lien Water Revenue Bonds, Taxable Project Series 2010C (Qualified Energy Conservation Bonds - Direct Payment) (the "Series 2010C Bonds"). On November 28, 2017, the City filed an event notice on EMMA relating to this rating downgrade with respect to the Series 2010B Bonds and the Series 2010C Bonds.
In July 2015, the City filed on EMMA on a timely basis the audited financial statements for the Water Fund for the year 2014 for all then-outstanding water revenue bonds, except with respect to the Series 2010B Bonds and the Series 2010C Bonds. On July 16, 2015, the City filed on EMMA the 2014 audited financial statements for the Water Fund with respect to the Series 2010B Bonds and the Series
93
2010C Bonds. On November 30, 2017, the City filed on EMMA a notice regarding its failure to file on a timely basis the 2014 audited financial statements with respect to the Series 201 OB Bonds and the Series 2010C Bonds.
FINANCIAL ADVISORS AND INDEPENDENT REGISTERED MUNICIPAL ADVISOR
The City has engaged Frasca & Associates, LLC and Swap Financial Group, LCC as its financial advisors (the "Financial Advisors") in connection with the authorization, issuance and sale of the 2018 Senior Lien Bonds. Under the terms of the engagements, the Financial Advisors are not obligated to undertake, and have not undertaken to make, an independent verification of, or to assume responsibility for the accuracy, completeness or fairness of the infonnation contained in this Official Statement.
The City has retained Martin J. Luby as its independent registered municipal advisor (the "IRMA") as defined in SEC Rule 15Bal-l-(d)(l) to evaluate financing proposals and recommendations in connection with the City's various bond issuance programs and other financing ideas being considered by the City; however, the IRMA will not advise on the investment of City funds held by the Office ofthe City Treasurer. The IRMA's compensation is not dependent on the issuance of the 2018 Senior Lien Bonds.
INDEPENDENT AUDITORS
The financial statements of the City of Chicago Illinois - Chicago O'Hare International Airport as of and for the years ended December 31, 2017 and 2016, included as APPENDIX D to this Official Statement have been audited by Deloitte & Touche LLP, independent auditors, as stated in their report appearing herein. Deloitte & Touche LLP has not compiled, examined, or performed any procedures with respect to the prospective financial information contained in this Official Statement, nor has Deloitte & Touche LLP expressed any opinion or any other forni of assurance on such information or its achievability, and Deloitte & Touche LLP assumes no responsibility for, and disclaims association with, the prospective financial information included in this Official Statement.
Ratings
The 2018 Senior Lien Bonds have been assigned the ratings of "A" (stable outlook) by S&P Global Ratings, "A" (stable outlook) by Fitch Ratings and "A+" (stable outlook) by Kroll Bond Rating Agency. The 2018A Insured Bonds have been assigned the rating of "AA" (stable outlook) by S&P Global Ratings with the understanding that the 2018A Policy will be issued by the 2018A Bond Insurer upon delivery of the 2018A Insured Bonds as described on the cover page of this Official Statement. The 2018B Insured Bonds have been assigned the ratings of "AA" (stable outlook) by S&P Global Ratings and "AA+" (stable outlook) by Kroll Bond Rating Agency, with the understanding that the 2018B Policy will be issued by the 2018B Bond Insurer upon delivery of the 2018B Insured Bonds as described on the cover page of this Official Statement. Certain information was supplied by the City to each of the rating agencies to be considered in evaluating the 2018 Senior Lien Bonds. The City has nol sought a rating of the 2018 Senior Lien Bonds from any other rating agency.
A rating reflects only the views of the rating agency assigning such rating and an explanation of the significance of such rating may be obtained from such rating agency. The City has furnished to the rating agencies certain infonnation and materials relating to the 2018 Senior Lien Bonds and O'Hare, including certain information and materials that have not been included in this Official Statement. Generally, rating agencies base their ratings on such infonnation and materials and investigations, studies and assumptions by the respective rating agency. There is no assurance that any rating will continue for any given period of time, or that any rating will not be revised downward or withdrawn entirely by any
94
such rating agency if, in its judgment, circumstances so warrant. Any such downward revision or withdrawal of any such rating may have an adverse effect on the market price ofthe 2018 Senior Lien Bonds.
MISCELLANEOUS
The summaries or descriptions in this Official Statement of provisions in the Senior Lien Indenture and all references to other materials not purporting to be quoted in full are only brief outlines of certain provisions and do not constitute complete statements of such documents or provisions. Reference is made to the complete documents relating to such matter for further information, copies of which will be furnished by the City upon written request delivered to the office of the Chief Financial Officer, 7th Floor, 121 North LaSalle Street, Chicago, Illinois 60602.
95
ODVDll-D JO AID
•XjD3L|}joj[BL[aq
uo J30LWO |E|oubuij jajiD /Cq p3J3Ai|3p pue poinosxs A"[np uasq seq )U3u.i3}Ei<$ lEjoyjo S!M1
¦JU3U.I3JEJS |B|31J.JO Sll|JJO UOjltiqiJlSip 3l|J p3ZjJ0l|lHC SYU| A"lD 3l|l ,MOI.LV7l>IOII.I.!lV
i-v
siuoui33j3v 3SB3"i pire ssf) auH-W 3in J° I'3'8 uoipss ipiA\ ssuEpjossB ui p3jB[nD|ED niouisjrnbs^j smiSAS^i ppijjjv aip subsui jusiusujnbs^ snudAsy ppijujy,,
OBJED JO/pUE SpDJEd 'jjEUI 'XjJSdOJd 'SUOSJSd JO JIB Xq UOpBJJOdsUBJ) IB1DJ3UIUIOD
sip joj yodiiv sip IE 3Ui[Jiy Xq pojEJsdo sssuisnq iBip subsui blss3ujsng uojiv;aodsuvjj jiyn
•S}U31U33J§V 3SB3q pUB SSft 9UHJ!V 9V J° c I '8 UOpDOS UI pSOUOJSJSJ yoddns olipONJEUl PUB S3AIJU3DUI SS
£01 It'
§ O'STl 6fc Jopun i3UJB3 oSjb^ b jo c'OUt' § 3 ST1 6fr J3P"n Joujeq jsSusssbj e se uoiiEyodsuEJ l jo uisiuyEdoa s-n 3M1 jo Xjbpjdss sip Xq poiBSupjos jsijjed b subsui ^uaiuuvj uiy„
pouod ipuoui-ji psypsds jsipo jo jbs^ puog sin ui ssjnjuspuj |E]uouiO[ddn§ sqi jspun psjBSJS sjunossBqns pus sninossE '(punj-qng sajsss^i sdiajsc; jqsrj uoujuioq sm Suipnpui) spunj-qn§ psiEsppsQ \\u ui ssnusAOH uiojj ponsodop oq 01 'sjusuisojov dEA\§ U3|T JOiuos poiji|EnQ he piiB suopEgpqo 803 uoposs usiq jouiss Siuibsjs siusuinnsui [p 'suopE3i|qo usiq jouiss jo ssuog 8uj}B3JD ssjniuspul piusuis[ddns ||E jo suoisiAOjd sip Xq psjinbsj junouiE sib8sj§8e oip oj pnbs Xsuoui jo junouiE ue 'pousd ipuoui-31 psypsds jsipo jo jbsa puog JBmspjBd
B OJ P3dS3J qilAA pUB UOUEinduIOD JO 3IBp JBjnDpjBd XllE JO SE 'SUEOUl ^33JAU3$ jq3Q 3JvS3u88y„
'SlEjsg [B3^i iBonnBuojsv ssn oj ni§u sip joj X113 sip Xq popspos ssnuSASj ||B subsui ^3iiu3A3x ajvjsg /V3}f /vjjjnvuojsy,,
H13UI313 dVI lBll0n!PPV UE J° Suiddmbs piiB uoipansuoD 'uSissp sip ipiM possojd Xbui X«3 sip sjojsq pm sq isnm ysip 'siusuissjSv asEsq puB ssfi 3ui[j|V suj 3° Vi IW^R u! psypsds 'suopipuoo sip subsui ^usSSux ju3W3jg jyj /Duoijjppy,,
•SlUSUlSSjHy 3SES1 puB SSf)
sui[j|V sqi jo £ 01 uoposs psypsds suopipuoo sip o) psfqns 'jusuissj§v siqj jo uopnosxs Xq supjiv Xq poAOJddB ussq saeij tEip spofojj lusuiSAOjduq lB)idEQ uiBWSD subsui ^sjuaiu3]g jyj jvuopippy,,
siusuissj§v 3SBsq puB ssq si»[J|V jo II'8 piiB oi'8 suopsss jspun ps^BinDjED ssSjbijq ieuiuijsj^ sueoui ^saSuvifj jDitiJuuaj pasDg-Ajjtujzy^
sjniuspui
usiq JOiusg sqi 01 lusnsjnd psqspqEiso pus psiESJO siunooDB [Bpsds sip subsui ^sjunoooy„
33JSHJJ 3lf} Jo S30\ffo 3UJ JV U3}/D3J3UJ pUV AjlJ mfl J° S^lff0 3lP lv
spuoff 11317 -tow^S 8I0Z 3XP f° ^3'Vl9P Puv souvnsst 3uj 03 uoud msiasj uoj sjqviwiw suv siu3W33uSy
3SV3J pUV 3Sf) SUlJAiy 31/} pUV 3MlJU3pUJ U31J UOIUS^ 31(1 fo S3ldoj 3q tiviU 3SV0 3U) SV 'SJU3lU33u3y 3SV3J pUV 3Sf) SUljMy 3l[) UO/pilV 3J.njU3pilJ U3JJ U01U3$ 3lj) UJ l/JUOf }3S SUOlJJUlfep 31{! Aq A}3M)U3 M3ip UI p3lJ'l/Vnb 3UV S)U3lU33U3y 3SV3J pUV 3S[) 3U]]Uiy 31/) pUV 3JmU3pilJ 1131J JOU13S 31fi UJ p3Ujfdp SUU3J Ol UJ3U3l{ S3DU3U3/3U //Jr' IU3U131VI$ JVJDjffQ SJljJ UJ 3^31{M.3S\3 pSUjfop 3UV UJ3A3U p3SYl SWJ3J p3ZJJVJjdV0 UJVJJ3J ,3AJlJUlj3p JO 3AJSU3ipudlUOD 3q O) JUOdjud JOU SSOp pUV U3pV3U 3L/J fo 30U3JU3AUO0 31/1 -tof pspjAOjd SJ tUVSSO/S SJl/l IU31U3WJS lvP\ffO sllfl ul P3sn SUUBJ UJVU33 fo SUOJJJUjfsp 3JV 2llJA\0//o[31/J
SIAiMSJ. AO AMVSSOIO
v xiasiaddv
S9nU9A9^ UIOJJ 9]qEXBd 9JB SS9Up9jq9plU JO S90U9piA9 J9ipO JO S9JOU 'SpUOq ipiUM
'XJ13 gqj jo ssoupojqopui jo soougpiAg jgqjo jo S9jou 'spuoq Xub sub9ui ^suojjvSi/qQ uodjiy„ gjniuopui gqj Xq pgjB9J0 piing pjgiigQ jjocLuv sqi sue9ui ,j>utij pususQ jjodjiy,,
oq) jo punj 9sudj9]U9 ub 'punj yodiiv puopBiugjuT ojet^O o^BOiqo oqj sub9ui tlpunj juoduiy„
SJUOUIOOjSv 3SE91
puB 9SQ 9ii(iJ;v jo 8 opijjy o) jirensjnd pajsnfpB pire pouiuijojap sb jbo^ IBDSI.J ipns joj SJ91JJE3 j;v IP Xq 9|qBXBd S99J pus so8jsqo 'sjuoj IJB 'jeo^ posij Xue joj 'SUB9UI ^saSuvifj puv saag uodjiy„
'OJBQ UOUISUBJX oqj pjun ojnjuopui oqj jopun pouiBjuiEui punj juauidopAOQ jjodnv sqi sue9ui itpunj juawdoianarj uodujy„
•jjodjTV oipjo
jjBd gq oj pomoop jou oje 'jjo&iiv sqj jo saiJBpunoq oqj uiqjiAv pojBOO| JOAOJoqA\ 'ojojoip jossooons Xue jo 'Xjuoqjnv iisubjx oSediiq am Xq pojEJodo uiojsXs uopEjJodsusjj oip jo jjsd oje jo Xq p9UA\o jojbj jo a\ou
9JE ipiqAV SJUOUIOAOjduil JO 'XBA\-JO-Sjq8u 'pUB] XllB }nq '9pBUJ JOJB[ 'JI JO SJUOUIOSjEpiO JO SJUOUIOAOJduH
jo 'ojojoqj suopippB Xub qjiA\ joipoHoj 'jjodnv iBuopEUJOjui ojbjx.0 o§B0iq3 sue9ui juoduiy,,
'SUU9J jpip qj(M goiiBpjODOB in ouip oj 9uiij uiojj p9jii9ui9[ddns jo popuoiiiE 'popuojxo oq Xeui sju9ui99j3b ipns sb 'jjodiiy sqi ssauisng uoijBjJodsuBJX J|V u! PoSbSuo soiiiEduioo snoiJBA puB Xjiq gqj u99A\jgq ojui p9J9ju9 sjuouioojSe JBpuiis XpBpiiEjsqns gjdijinui jo Suijsisuoo PUB '8103 '83 qs-rew uo [pimoQ Myj 9qj Xq pojdopE oousiupjo ue Xq poAOjdds juouioojSv ssBoq piiB 9sn 9ui[Jiv Jjodiiy JEUOUBUJ9JUJ 9JBI-LO oSeoiiq oqj sue9ui ^sjuawaauSy asvaj puv as/j am\A)y„
J9JU03 JS03 9JBJSg |EO>I JEpj0UIUIO3 (ia)
pus ;jojuo3 jso3 ojEjsg po>£ pounEUOJOV (^) ;j9jii93 jso^ uigjsXg Suipnj (ai) tJ9ju93 jso3 uoijBjJodsuBJX punojQ puB SuptJBj (ill)
;J9JU93 JSOQ (BUIUU9X (")
;j9juo3 jsoo ppijJiy (!) :SJ9JU93 JS03 8uiA\opoj oqj sue9ui ttsuajuaj jsoj pauoddng-aujiuiy^
SJ91JJEj joSuossej oj posEOj oosds SB sjuouijsnfpB ojej ouies oqj oj joofqns puB 'ojej pjuoj OUIES
9qj JE Oq [[Bl|S OOEds pOSEO| ipns JEip 'jOAOMOq 'pOpiAOJd ;SJOpiAOJ(I OOIAJOS [BOIjnBUOJOV oj pojuoj OJE
jBqj xoidui03 [BUIUXI9X oqj ui se9jb Xub snjd 'siSBq 9sn uouimoo jo pijugjgjgjd '9Aisnpx9 ub no sjoujeq joSuossbj Xq pojuoj si jBqj x9[duiOQ [euiuij9x 9qj ui 90Bds Xub suboui ^ovds pdjuay auijuiy,,
SJ9JU93 jso3 pgjjoddns-guqjiv 9JOui jo 9uo oj 9|qB90i|B X|qBUOSBOJ oje jei[j joofojj juouiOAOJdiuj iBjidE3 e jo sjsoq jDofojj 9qj SUB9UI „sjsoj iDafouj p3svfl-3iv}j auifuiy,,
juoiuuSissB pi(EA b qSnojqj jo Xpoojip jgqjp 'Xjiq oqj ipiM joojjo 111 juouioojSv osEoq piiB osn 3«!|J!V UE SEH U3lH 0llM yodiiv oip jb ssouisng
UOlJEJJOdsUBJJ, J[V 3^ UI P93b3u9 Xl9ApOB UOSJ9d XuB '9Uip XllB JB 'SUB9UI ^U-JVJ 3Ul{Uiy,y
jjodiiv oqj jb BiujBJOdo oupjiy XjojeuSis qoso Xq pojEii3isop OApEjuosojdoj e jo Supsisuoo 00JJIUIIUO3 sjiejjv jJodjiy 3UfiJiv aqi suboui „jyyy„ jo uaa»tunuoj suwffy uodujy 3m\u)y„
jjodjiy oip je ssguisng uopBjJodsiiEJX J}V 3VP u! P3§e3uo XioApos uosjod Xub suboui ^autfufy,,
e-v
OOIJJO JOl( JO Siq UI pO(IJ
juoumoop joqjo Xue jo pounoQ Xjp oip jo iioijnpsoj jo oouBinpjo Xub jo uopBoypjoo oip oj joodsoj qjiAV 5(joo ^"3 3lP (Q) Pub lD3n3 u! s? uopEiigisop jBqj sb 3uo( os joj oojsrux oqj qjiAV popj pUB joXbjaj oqj Xq pou3;s ojboijijjo3 e Xq pojBu3isop os Xjp oqj jo (bioijjo joipo Xub jo jopojjduio^ Xjd oqj 'jouoissiuiuio3 oip 'jojnsBOJX Xj]3 oqj \iooyjo [EpiiEuij jopo oqj 'joXbiv\[ oqj (b) suboui uuaotffo pszuoipny,,
¦jsojojuj-ui
-XjuofEjAj e Xq poAOjddBSip jou piiB sjuouiooj3v osboi piiB osq ouqjiy sqi jo 801 uopoos m sojnpooojd oqj oj juBnsjnd avoiaoj jsojojui-ui-Xjuo[ejai joj pojjiuiqns sjoofojj a\on puB sjuouiooj3v osBoq pus osn suiliiy 3ip jo uopnooxo Xq poAOjddE uooq oabi( jeijj sjoofojj poAOjddy-ojj PUE sjuouiO(g jyx puopippy 'sjuoiuo[3 jyi I ssBqj 'sjoofojj pOAOjddy XpnoiAOJd suboui joskuj patw-uddy„
uopEjnduioo jo ojEp oqj jojje jo je ojqEXBd sjuouipEjsui (Edpuuj jo uopB3ijqo 803 uopoos u3n JOiuos JBqj 3uijeojo juouirujsui oqj jo souos JBqj 3upEOJO ojnjuopui iEjuouio[ddns oqj puB ojnjuopuj oqj qjiAV oouepjoooe ui uopEopddB pire onp uoijav juouiXEd oqj jo 'uosboj Xq Xjuo jnq 'uosboj Xq guipiiBjsjno oq oj osboo 'uopEjnduioo jo ojsp oqj jojje 'piM suoijE3i|qo uoig joiuos jsqj uopdumssB oqj uo pojE(no(BO oq jsnui OAoqs (q) puB (e) osnB|o oj juBnsjnd pouiuuojop sjunoiuy
sjuouioojSv dBA\s uoiq joiuos poyqBno ps uo pouod ipuoui-31 poypods joqjo jo jeoa puog jBqj 8uunp ojqBXsd pire onp sjunouiB (0)
puB luoijEjnduioo jo ojsp oqj uo 8uipiiBjsjno uopB3qqo 803 uopoos uoig joiuos J0 souos 3U.J J° suopESqqo uoiq joiuos pe oj joodsoj ijjiav pouod qjuoui-31 poypods joipo jo jboa puog jBqj 8uunp oiqsXBd sjuouipEjsuj (Edpuiij ps (q)
iuopBjnduioo jo ojBp oqj uo
3uipiiEjsjno uoijB3i(qo 803 uopoos U3H Joiuos jo souog oqj jo suopESpqrj uorj joiuos
(je uo pouod qjuoui-ji poypods joqjo jo jboa. puog jEip 8uunp o|qEXEd jsojojui ps (e)
:jo urns oqj oj (Bnbo Xououi jo junouiB ub 'juouiooj3v dEA\s uoiq Jouios poypsno Jo uopBSqqo 803 uopoos uoiq joiuos JE(noijJBd e jo 3upsisuoo jo souos jBjnopjBd e jo suoijB3i|qo uoiq joiuos pire 'pouod qjuoui-jj poypods joqjo jo jboa puog JEpopjEd e oj joodsoj qjiA\ puB uopEjnduioo jo ojsp JBpoijJEd Xue jo se 'suboui u33iaj3$ )q3Q ivnuuy,,
ojnjuopui oip u; popiAOjd se sonuoAox no nop e 3uiAEq ouip Xub jb SuipuBjsjno 'Xj]3 oqj jo suopB3pqo jqop joqjo Xue pire sojou sjuouiooj3e jppojo 'sojou jodsd [Epjouiuioo 'spuoq Xub suboui .SffifVD., JO tlsPuoS uoduiy„
ojnjuopui
oqj jopun ooiiEjnsui jo spoooojd jo uopisodsip oqj joj poqspqEjso junoooy Xub 3u;pn|ou| joofojj yoduy ub jo sjsoo oqj jo juouiXEd oqj joj poqspqBjso junoooy Xue suboui junoooy tosfouj juodjiy^
sjuouiooj3y osBoq pUB osn supjiy oqj ui pouyop sb josfouj }U3ui3Aouduij jvjidDj,, Xub 8urpnpin pus suiEj8oid uopESpjui osiou Xub jo jsod oip pus juouiSpnf Xue Xjsijbs oj popoou sjunouiB 'oj pojiuip jou jnq Suipnpin 'jjocuiy oqj je sopppBj oj pojBpj jou jo JoqjoqA\ pire ojnjBU (BjidEO e jo jou jo JOipoqM jjodiiy oqj oj pojBpj jo qjiM uouoouuoo ui poiinoiu jo ppd osuodxo jo jsoo Xue jo 'jjodny oqj jo souBpunoq juoxino-uoip oip puoXoq piiE[ ui jsojojui Xue jo puB[ jo uopismboE oqj jo uodiiy oip oj pojBpj jo je juouiOAOjduii [BjidEO Xue suboui josfouj uoduiy,,
3l§uis e ui pouiqiuoo oq 'jou poou jnq 'Xbui 'Xub ji 'suoijBjuosojdoj jo suoiuicIo Buiyoddns pus ojboijijjo3 Xuy Jooyjo pozuoqjny he Xq pojnooxo oq [pqs ojBoyijJ03 qoBO 'XJ13 oqj jo osbd oqj uj uosjod Xub jo uoijisinboj jo jsonboj 'juouiojbjs 'ojboijijjoo 'juouirujsui uojjuay e suboui ^jvoi/ijusj,,
•sojnjuopui |Ejuouio[ddns oqj ui poquosop se punj-qng pojEOiporj 38103 PUB 98103 'V8103 3lP lI! poqsijqBjso ouieu jBqj jo junoooB oqj suboui junoooy jsouojuf pszi/vjjdvj,,
suoijESiiqo Jjodiiy Xue uo jsojojui jo juouiXEd oqj joj suoijBSijqo jjodnv jo souos Xub jo spoooojd oqj ui popnpui juuouib Xub suboui jssjsjuj pazijvjidvj,,
•osuodxg
jajj^O UB SE poyissBp osjAuoqjo jou ji 'sXeijiio jEjidso ijeuis pus sosBipjnd juoiudmbg (o)
pus :soouea\o||v poAOjddy-oJd qjiA\ popunj sjoofojj juouiOAOjduii iBjidB3 jo sjsoj (p)
Hooiajos jqoQ ui popnpui jou BuiMOJJoq jo sjsoo joqjo piiE sooj uiejSojj (o)
:ooiajos jqoQ ipns jo juuouie ssojS oqj uo o§ejoao3 ooiajos jqoa pojmbo^ (q)
isjiiouijsnfpE oiqBOi|ddE joqjo pire sjuejS 'soiiiioaoj 3 .1j poSpojd jo jou ooiajos jqoa (b)
:Suia\o|ioj oqj Buipnpui 'sjossb jjodjiv jo juouiOAOjduii jo uoijorujsuoo 'uoijisinboE oqj oj pojE|OJ sjsoo [|E suboui J^'jsoj /vjidvj,,
ojnjuopui pjuouioiddns
qjjij-Xjxis oqj jo suoisiAOjd uoijduiopo^ puoijdfj 3[oqA\ o^bjaj oqj oj juBnsjnd pouioopoj oq oj spuog uoiq joiuos 38103 3l(l J° 33|Jd uonduiopoj oqj ouiuuojop oj Xj[3 oqj Xq pouiBjoj JosiApE lEpuBiiij jo uuy SupruBq juouijsoAui 'uuy SuijunoooE juopuodopui ue suboui .juaSy uoiwpiojvj,,
posop
jobj ui jou ojb puB 'poso]0 uiBuioj oj pozuoqjnB jo pojmboj jou oje pojBOoj si oojsrux oqj jo ooyjo jsnjj ojEJodioo pdpuud oqj ipiqM ui Xjp oqj lit pojEOOj s>pjEq qoiqA\ uo Xep b suboui ,^vq sssinsng,,
jeoX jEpuopo Buipoooons jxou oqj jo [ XiBtiuBf uo Suipuo puB jboX JEpuopo ipso jo z XiEnuEf no Suiououiuioo pouod qjuoiu-£ [ e suboui ituv3jr puog,,
oojsrux oqj oj Xjojoejsijbs pire XJ13 oqj Xq pojoops 'BuioiiEiiy XouoBb oijqnd puB ojejs 'pdpiunui oj BuijBpj a\e] jo ppy oqj ui osijjodxo BuiABq sXoiuojje jo uuij e suboui jssunoj puog,,
•sjuomojinboM ojbq osn UOUUU03 |euo;jbujojui jo 0}jsouioq oupxiojop oj XJ13 oqj Xq pojBpopo junouiE oqj suboui „3iv}j \viud^ lounuuaj 3svgit
sonunjepv uoo[[Bg oq jou [[Eqs suoijE§i[qo puEuiop ojej ojqBUBA jo sojou uoijEdpijiiE puoq 'jodEd jBpjouiuio3 ojEp XjunjBui pojBjs jpqj oj joud uoijduiopoj jo juouiXEdojd Xq pozijjouiB oq oj poppoips suoijEBqqo uoi-j joiuos upns J° JimouiB oqj Xq poonpoj oq nBMs 9JBP ^ub uo BuunjBui junouiE pdpuud oqj 'uoijiuyop siqj jo sosodind joj jboa Ieosij ipns uiqjiM jo ojsp qons uo sojnjEui ipiqM souos M3ns J° uoijjod jBqj 'jeoa IE3SU E uiqiiAv jo ojEp ouies oqj uo sojnjEui qoiqM jo pdpuud oqj jo ojoui jo o/o05 suoijBBqqo uoiq joiuos i° souos Xue oj joodsoj qjiM 'sueoui j'sijunjnyy uoo\\vg„
•sjuouioojSv
osEoq piiE osn 3ui[j;v oqj jo £'Z'6 uoijoos ui qjjoj jos sb Xoqod Xjp Xq jos sb pouod O[qnoonoo oqj puoXoq si ji sb piBd oq oj Xp^jqun si JBqj XJ13 oqj oj poA\o junouiE Xjejououi b suboui jqsQ pvg„
s-v
'OJBJSg pO^[ IB1DJ3UIUI03
osn oj Ji[3u oqj joj Xjip aqi Xq pojoopoo sonuoAOJ suboui 4ianwartay ajvjsg jvay /viDUdiuuioj,,
souos 10 oouenssi jo ojEp oqj uo ponssi suopESjiqo oj oiqBoqddE se 'suopBSpqo uoig joiuos jo souos ^UE 01 oouojojoj qjiA\ 'piiE ouip oj omij uiojj joojjo ui se suonE[n§o^i posodoid jo AjEJoduioj 'ieuij jiiBAopj opnpui ijEqs opo;} oqj jo suopoos o) puE opo3 oqi oj soouojojo^ "popuouiE puB pojuouiojddns ouip o) ouip uiojj sb '9861 J° apo3 onuoAO^i |eiuoiui oip suboui ,^poj„
Xjiq oqi jo Xpoq
OApEisiSo] jo 81111UOA08 Suipoooons Xub jo 'Xjp oqj jo pouno3 Xjp oqj suboui jpunoj sioupn jo ojEis jo smbj oqj jopun Supsixo pire poziueHjo juouiujoao8 Ieoo[ jo jiun opj omoq puB uopBJodJOO pdpumui b 'oSJbouq jo Xjp oqi suboui ^U}j„
joopjo [bioubuij J0fi|3 oqi jo ooyjo oqj ui sjsixo Xouboea b ouip Xub je Xjp oqj jo jopojjdmo3 Xjo oqj jo 'joXbjaj oqj Xq pojuioddB Jooyjo [eioubuij joup oqj suboui ^oiJJq [mouvmj fomj,,
•sjuouioojSv 9SEoq
puE osn oupjiv oqj jo 8 01 uopoos u! sojnpooojd oqj oj juBnsjnd avoiaoj TSOJOjui-ui-XjuofEjA] sjoSSuj jBqj 'sjuouioojSv asBoq piiB osq oupjiy oip jo ['801 uoijoos -ispun moiaoj jsoJOjuT-ui-XjuofEjAi joj pojjiuiqns psodojd oqj ui jo sjuouioojSv asBoq pus osf) oupjiy oq) jo jvj jo jaj 'q 'f sj;qiqxg 111 poypods sb 'joofojj poAOJddy ub jo odoos oip oj oSiisip b suboui ^uaz/iay jjpy Suumba}} adoos joafouj ui aSuvyj,,
qjiM poqduioo
uooq sbi] uoisiAOJd jBqj 'uosjod jBqj jo uoiuido oqj ui 'jou jo JoqjoqM juouiojejs b 'ojnjuopui oqj jo uoisiAoid Xub qjiAV oouspduioo oj SupEpj juouiojejs Xub oj joodsoj qjiA\ (p)
pire ipoxyjE si
ojnjBuSis s^osjod jEqj qoiqA\ oj juouirujsui oip ui oj pojjojoj jojjeui joofqns oqj oj joodsoj qjiM uoiuido pouuojui ub ssoidxo oj uosjod JBqj ojqsuo oj Xjbssooou si SB UOpE§pSOAU| jo uoijEuiuiBxo qons opBui SEq uosjod jBip 'uosjod jEip jo uouiido oqj ui 'jBip juouiojejs e (0)
iposBq ojb suopEjuosojdoj jo suoiuido 'sjuouiojejs oqj ipiqM uodn uopbSijsoaui jo iioijbiuuiexo oip jo odoos pire ojnjEii oj se juouiojejs jouq b (q)
tsojBpj uoijBjuosojdoj jo uoiuido 'OJBOIJIJJOO 'juouiojejs jsqj qoiqA\ oj ojnjuopii] pjuouiO(ddns oqj jo ojnjuopuj oip jo uoisiAOJd juoupjod oqj pBOJ ssq uopEjuosojdoj jo uouiido jo ojEoypjo^ jsqj 8ui5[eui uosjod oqj jsqj juouiojejs b (e)
:opnpui jsnui ojnjuopu] oqj ui joj popiAOjd suosjod joipo jo sjoouiSuo 'sjuEjunoooE 'psunoo jo uoiuido jo ojEoypjo^ XiOAg XpAijoodsoj 'sjoej juojojjip oj Xjijjoo Xbui sjiiBjunoooE jo psunoo 'suosjod juojojjip jnq 'ojnjuopuj pjuouiO|ddns Xue jo ojnjuopui oqj jo uoisiAOJd Xue jopun poypjoo oq oj pojinboj sjojjeui oqj jo pE oj Xjijjoo jou poou 'oq Xbui oseo oqj se 'jiiEjunoooE jo psunoo oiubs oqj jo 'uosjod ouies oqj, snoouojjo si 'pissojojB sb 'posEq oq Xbui ojeoijujoq jBqj qoujM uodn sjojjeui oqj oj joodsoj qjiM uopEjuosojdoj jo uouiido oqj jBqj 'ua\oid( oaeij p[noqs ojbo ojqBiiosBOJ jo osiojoxo oqj ui jo 'savour ojBoypj03 jBqj BuiuSis jooyjo oqj ssojun 'XpApoodsoj 'sjoouiSuo jo sjusjunoooB 'losunoo jo uopEjuosojdoj jo uopiido oqj uodn 'sjojjeui SuuoouiSuo jo SupunoooE 'jeSoj oj sojBpj ji sb jejosui 'possq oq Xeui ojeoijijjo^ Xuy juouinjjsui o[3uis b uuoj oj sb os porujsuoo puB pBOJ oq jsnui pouiqiuoo os ojoui jo omj oqj pus 'uopEjuosojdoj jo uoiuido 'juouirujsu; joqjo Xue ipiM juouirujsui
9-V
•sojnjuopui pjuouioiddns oqj ui poquosop se pung-qns pojBoiporj 38103 PUB S8103 'V8103 3lP u! poqsqqEjso oureu jBqj jo junoooB oqj suboui junoooy aouvnssf Jo jsojn
sjoofojj jjodiiy ojoui jo ouo ooubiujoj jo ooueuij oj ponssi suoijBSyqo joqjo jo suoijESiiqo uoiq joiunr 'suo[jB§i|qo uoiq joiuos J° Suipimjoj oqj oj SuijEpj sosuodxo puB sjsoo puE soSjEip XjqpEj jipojo puE oouBjnsui puoq pdpiunui uo suiniuiojd puB sooj uoijBoqddB 'suonBSqqo uon Joiuos jo Suidoo^ojss
pUB UOIJBJJOdsUBJJ 'UOljnOOXO 'UOlJEJEdOjd JOJ SOSjEip piiB SOOJ 'sSuiJBJ JipOJO JO SJSOO 'SpilOlSSOJOjd
puB sjuBJinsuoo joqjo jo sjuouiosjnqsip pus sooj 'juEjunooov juopuodopuj Xub pus jirej|nsuo3 jjodny luopuodopui Xub jo sjuouiosjnqsip puE sooj 'sjuouiosjnqsip piiE sooj p8o( 'XjBionpi j Xue jo soSjEqo pus sooj [Bijiui 'sooj Suipjoooj puB 3ui|ij 'sjuoumoop jo uononpojdoj puE uoijEJEdojd jo sjsoo 'sjsoo Suijuud 'suoijE§!iqo uoig joiuos 3m J° XjOAijop pus oousnssi 'ojes 'Suijojjo 'uoijBzuoqjnE oqj qjiM uouoouuoo ui Xjp oqj jo ooXojduio jo jooyjo Xub jo sosuodxo joqjo puB joabjj 'oj pojiuiji jou jnq 'Suipnpui 'suoijBBfiqo uoiq joiuos J° XiOAipp pire ooirenssi 'ops 'Suijojjo 'uoijBzuoqjnB oqj oj pojBpj pire Xjp oqj Xq 'X|jooj;pui jo X[joojip '0[qBSjnquipj jo ojqBXBd osuodxo jo uioji Xub suboui tlaouvnss/fo sjsoj„
•sosodind
OAijBJjsnin joj sjuouioojSy osBog pire osq ouqjiy oqj jo y jiqiqxg ui pojoidop X[pjouo8 si sjuouioojSy oseot pire osq suiiJiy oqj jo ojbq OAijoojjg oqj jo se 3vaM03 9lLL ^HP^J putiojE-amj xpmb oqj pus 'eoje ooiajos jouiojsno oqj 'suoijEJodo jeo pjuoj oj pojsoipop XjijpBj osn juiof oqj jo suoijjod osoqj Suipnpui 'jjodiiy oqj je XjqpBj jeo pjuoj pojBpqosuoo oqj sojnjijsuoo jsqj juouidinbo puE sXeavpeoj 'Xjqpsj osn juiof oqj jo uoiyod oqj suboui .OVifNOD,, 10 ,AiJlPvJ UDD pjua^ pajvpi/osuoj,,
suoijESiiqo
jjodiiy Xq poouEiiy sjoofojj jjodiiy ojoui jo ouo jo sjsoo puornppB SuiXejjop jo osodjnd oqj joj ojnjuopui oqj qjiM oouspjoooB u; ponssi suoijESqqo uoiq joiuos suboui j^puoff uojiajdiuoj,,
ojbq OAijoojjg oqj jo sb sjuouioojSy osEoq puE osq oiiiuiy oqj jo g JillH^H ui umoijs sb he 'ouiij oj ouiij uiojj pojsnfpB oq Xbui ji se 'sosiuiojj osq uouruiOQ puoijEiuojiq pire sosiuiojj osn uouiuio3 oijsouioq sb Xjj3 oqj Xq pojBiiSisop XpjEJBdos oq Xeui sosiuiojj osq uouiuio^ sjuouioojSy osBog puB osn auiuiy oqj jo jiq;qxg ooBds xo]duio3 puiuuoi oqj ui poquosop Xpry ojoui sb puE sjuouioojSy ossog piiE osq 9UHj!V 3qi jo cq t? uoijoos oj joofqns 'sjoijjb3 Jiy ojoui jo ouo oj Xjp oqj Xq 0|qE[iEAE opsui oje jEqj ooEds dn-o^repM oSbSSeq osq uouiuioQ pire ooBds uipo oSeSSeq osq uouiuio^ 'ooEds ui-^ooip osq uoujuioQ 'ooEds ojbq osq uouiuio3 Suipnioui 'xoidui03 puiuuox oqj uiqjiAV sboje osoqj suboui j;osiiuauj as±q uoiuwoj,,
ojbq oaijoojjh oqj jo sb sjuouioojSy osEoq pus osq auilJiy oqj jo g Jiqiqxg in UA\oqs se |[B 'ouuj oj ouiij uiojj pojsnfpB oq Xbui ji sb 'ooBds ojeq osq uouiui03 puoijEUJOjui pire oosds ojbq osn uouiui03 oijsouioa se Xji^ oqj Xq pojEuSisop X[ojBJEdos oq Xbui ooBds ojbq osq uouiuioq ooEds ojEf) osf) pijuojojojj Xue opnpui oj pouioop oq jou [pqs pire 'jjodjiy oqj je SuijEJodo sjoijjbq joSuossbj Xq uouiuioo ui posn oq oj sjuouioojSy osEoq pire osq 3uqJ]V 3lH J° c spp-ry PUB £ sp'WV qjiA\ oouBpjoooE ui Xj;3 oqj Xq pojBiiSisop ooEds ojbq oqj suboui ^aovds ajvQ osfj uoiuwoj,,
punj-qns oajoso^ ooiajos jqoQ uouiuioq oqj jo sjyouoq oqj oj po[jijuo suoijESiiqo uoiq joiuos suboui ^spuog aiuosoy uowiuoj„
ojnjuopui oqj Xq pojEOJO
pung-qns oajoso^ oo;ajos iqoa uouiui03 oqj suboui kJ>unj-qn$ aAuasay aoiiU3$ jqoQ uoxuwoj,,
ppyjo qons Xub jo soijnp oqj oj sjossooons jo jossooons Xub jo 'jouoissiuiuioq oqj jo oouSisop Xub jo Xji^ oqj jo uoijBiAy jo jouoissiuiuio3 oqj suboui ^auoissiwwoj,,
L-Y
SJUOUIOOjSv pUB 3S[\ OUUJiy 3qi 0} J JiqiqX3 SB pOqOBJJB UJJOJ Oqj UI pUB
SJUOUIOOjSy 3SB9T pUB OSQ SUfl-MV 3UJ J° I f UOIJOOS ill poqiJOSOp OOjJO^ S3SIUI3JJ Olfl UI poqiJOSOp Xljnj OJOUI SE pUB SJUOUIOOjSy SSEOq pUB OSf) OUI|Jiy Oqj JO Z'l't UOIJOOS 0} JOOfqnS 'OSn OAlSnpXO St0lllUiy
joj poiEiiSisop xaiduio^ reuiuuoj. oqj ui sbojb joqjo jo ooyjo ooiajos oSsSSBq 'uiooj xsojq ooXojduio 'oSunoq jia 'eoje oSbjojs 'ooEds uoijBJodo 'ooEds ooyjo Xub subsui ^sasnuauj as/} aiusnpxg„
•ojnjuopui oqj jopun jjnsjoa jo JUOA3 ue suboui jpmfagfo }ua<\g„
'8103 '€ -iaquioooa subsui tla]DQ aMiaagj,,
suSissb puE jossooons sii puB 'XuBduiOQ jsaiL Xjojisodoa oqj, SUBSUI „JXO„
'9DBdS OJBQ 3SQ U0UIUI03
oijsouioa qjiM pojBpossB ooBds uioojp(OH aqi suboui ^aovds luoojpiofj asf} uowiuoj aijsawoQ,,
sjuouioojSy osEoq puE osq suiury oqjjo [ 01'8 uoijoos oj juBnsjnd pojEpopo sooj ojbq osn U0UIUI03 oijsouioa oqj suboui ,.saaj ajvQ as/} uouiwoj aijsawoQ,,
«'MI3HHH1 SINfiCODV CIMV CINfi3
-ens craivDicraa mhh hoinhs 38i03 oimi susodsa hhi„ cinv '„njhh3hi simdoddv onv aNfH-ens craxvoicraci Man "aoiNas 98103 oimi susodaa 3Hi„ \cMI3E3hi simhoodv omv aufH-gns aaxvoiasa msii ^oinss vsi03 oinj susodaa sell, sSmpBoq
oqi jopun ^'S^niMSaMI HHI JO SMOISIAO^d NJVl^ISD 30 AWJAIWQS,, - 9 XICIN3ddV u; poquosop sb ojruuopui oqi jo suoisiAOid 01 lUEnsjnd pung ooiajos iqoa oqi uiojj juouiosjnqsip Xub puB punj ooiajos iqoa oqi 01 jisodop pnuuE-iiuos Xub oi podsoj qjiAV 'suboui ^sjuawaMnbay iisodaQ,,
'6103 'I ^Inf Siipuoiumoo 'jboX qoBOjo [ Xpf piiE i XjEnuBf suboui ^WQlisodaQ,,
ojojoqj XouoSe jossooons Xub jo uoijEiAy jo lUOUiiJEdoa oSBOiirj oqj suboui <( VQD„ 10 tiuoJJv!^V 1° juaiujavda(j„
ojnjuopui
oqj Xq pojBOJO punj-qns OAjosoy ooiajos jqoQ uouiui03 oqj piiB ojnjuopui pjiiouiojddns b Xq pojBOJO punj-qns qoBO Suipnpui punj ooiajos iqoa oi[i uiqjiM punj-qns b suboui .Jfunj-qng pajvoipaQ,,
ojnjuopui oqj Xq pojBOJO punj ooiajos jqoa sqi suboui tipunj aaituas jqa(j„
jsojojui pozipjidBO jo jou 'sonuoAO^j uiojj oiqBXsd ssoupojqopui uo ooiajos jqop joqjo Xub piiB sg^VO u0 ssiajos jqop 'XpAijoo||00 'suboui ^aajAjag }qa(j„
sjoofojj
jjodjiy ooiiEiiijoj jo oouBiiy oj ponssi souos Xub jo sojosj JodEj ppjouiuio^ suboui ^sajo/sj jj,,
sojonj sojnoos piiE sozuoqjnE jeijj XuBduioo jsruj jo )(iiBq b puB Xjiq oqj uooMjoq ojui pojojuo ojnjuopui jsruj Xub suboui ^aunjuapuj jj„
snoouojjo si 'ppsojojE se 'posBq oq Xbui uoiuido stpsunoo oqj qoiqM uodn sjojjeui oqj oj joodsoj ijjim uoijEjuosoidoj jo uoiuido 'ojeoijijjo3 oqj jBqj 'ua\ou>( OAEq ppoqs ojeo 0[qEuosEOJ jo ospjoxo oqj ui jo 'smou>[ psunoo oqj sso[un 'Xjp oqj jo jooyjo ue 'Xq uoijBjuosojdoj jo 'jo uoiuido jo ojBoyijJo^ e uodn (Xjiq oqj jo uoissossod oqj ui si qoiqM oj joodsoj qjiM uoijbuuojui) sjojjeui pnjOBj oj sojBpj ji se JBjosui 'posEq oq Xbui uoiuido slpsuno3 Xuy Xjp oqj Xq pojoops psunoo joqjo jo Xji3 oqj joj psuno3 uoijEJodi03 jo uoiuido uojjum e suboui jiojuidQ sjasunoj„
8-V
jjocuiy am JO Xjp oqj
jo s^ooq oqj sjipnE XiJBpSoj jBqj jUBjunoooE oqj oq Xbui (o) piiB oojsrux oqj oj Xjojobjsijbs si (q) 'Xjrj oqj jo ooA"o[duio jo jooijjo ub jou si 'pnpiAipui ub jo oseo oqj ui (b) oqA\ puB 'siouqu jo ojejs oqj ui OOlJOBjd oj posuooq puB /Cj!3 oqj Xq pojoops jubjutiooob oqqnd poijujoo e suboui juvjunoaoy juapuadapuf,,
¦ojojoqj sjuouiojddns pus sjuouipuouiB Xub puB 'ponssi oq oj pozuoqjnE oje suoijBSqqo uoiq joiuos qaiq^ oj juBnsjnd 'oojsnjx oqj oj Xjp oqj uiojj '8103 ' I ounf jo sb pojsp 'suoijE§i|qo uoiq joiuos ouuoao^ jiodny [ejouoq jjodiiy puoijBUJOjui ojeh.0 o8B0iq3 Suunoos jsrux jo ojnjuopui jojsb^ pojEjso>[ puB popuouiy oqj suboui ^aumuapuj,,
•jjodjiy sqj P pojopuoj sooiajos joj OpEUI sjuouiXBd Xue opnpui jou soop puE sjoofojj jjodjiy ojoui jo ouo jo jsoo oqj jo uoijjod b jo he joj Xsd oj 'soiouoSb jo suoisiAipqns poijqod sj; jo Xub jo 'siouijh jo ojbjs oqj jo 'soiouoSb sii jo Xue jo Bououiy jo sojejs pojiuQ oqj Xq Xjp oqj oj pojirejS sXououi osoqj suboui tlpiy-ui-s}uvuQ juawuja,\o£)„
SUOlSIAOjd SIT qjiM OOUBpjOOOB UI OAIJOOJJO piiB pOjdopB SOOUEUipjO
jEjuouio|ddns Xq ouin oj ouin uiojj popuouiB puB pojuouiO[ddns jojb) puB XpnoiAOjd sb „'SQN09 3H1 tfOJ AiranOHS CIMV 30 XMSWAVd 3 HI SO A DNICIIAOHd ONV 'SOMOS 3QN3A3^ rHOd^IV 1V*13N3D IHOdHIV 1VN0IIVMH31MI 3WH.0 0DV3IH3 SII 30 00VDIH3 30 AID SHI A9 SDNVnSSI 3HI ONIZmOHIfiV 3DMVNKTH0 NV„ P3"!)uo £861 'l£ qoJBy\[ uo Xjd oqj jo [lounoQ Xj|3 oqj Xq pojdops oousuipjo oqj suboui ^ouvmpjQ puog snusnsy juodMy /vu3U3Q„
} i
sjuouioojSy 9SB03 puE osq oui|Jiy sqi jo jiqiqxg ooBds xo[duio3 puiuuoj, pus ooijom sosiuiojj oqj ui pojBiiSisop sb 'duiB^ ojbq pus OOBdS UlOOjp[OJ3 POJBIOOSSB oqj piiE oSejuojj jEOuiq jo jsisuoo jBqj SBOjy uojdy puE xojduiOQ puiuuo i oqj jo sbojb oqj suboui ^aovdg ajvQ,,
oosds ojbq qjiA\ pojBioossE eojv uojdy aqi suboui „dtuvy 3)vq„
ojnjuopui oqj oj juBnsjnd poqsqqEjso puB pojBOJO spunj ppods oqj suboui tlspunj„
sjuouioojSy ssBoq pus osq ouiuiy oqj jo 6'8 qSnojqj y% suoijoos jopun pojBpopo so8jEq3 puiuuox suboui ^ssSjvuj jvunuaaj, paxij,,
•pjq sSuijb^ qojij suboui „ ipjtj,,
jjodiiy oqj joj jdopE Xbui Xjd oqj sb jeoX posy joqjo qons jo jeoX Xub jo [£ joquioooa qSnojqj [ XjsnuBf suboui ^vaj^ pnsij„
oouEuipjo puog onuoAO^i jjodiiy pjouoQ oqj jo n opiyy oj juBnsjnd pus jopun pojOAipp puB pojBOijuoqjnB Xjd oqj jo spuog oqj jo Xub suboui jpuog uaij jsmj„
ojEudojddB oq Xbui sb 'uioqj jo ||b jo Xub jo juoSy SuiXecI Xub jo oojsaij oqj suboui ^UDionpij,,
Bououiy jo sojejs P3HUQ oqj 'Xq poojuEJEnS si qoiqAv uo jsojojui pus jo pdpuud jo juouiXEd Xpuuj puB [pj oqj uoijESqqo Xub jo 'jo uoijBSqqo jooj;p Xub suboui jtopnSijqQ jtuapaj,,
ojojoqj XouoSe jossooons Xue jo 'popuouiB sb '8S61 jo joy uoijbiav pjopoj oqj jopun pojBOJO uoijEJjsiuiuipy uoijEiAy pjopoj oqj suboui i( yyj„ jo jtoiw-iisnmupy uopviAy /vaapaj,,
'sjuouioojSy osBoq pire osq ouiuiy oqj jo 6 01 uoijoos Japun poqsqqBjso soAijBjuosojdoj ouqjiy XjojbuSis puB Xjp jo dnojS oqj suboui it£)A43,, i0 ^nouD %uWuoM SMinoaxg,,
6-V
Sui[onj am jo joiuo3 isoq ojBjsg po>£ ponnsuojov oqi 'joiuoq isoq ppyjiy am 01
XpjOS p01B0O[p S1S03 pofOJJ pOSEg-0)E^ OUIUIV qiIA\ POfojJ lUOUlOAOjduy JEljdE^ E JOJ (l)
:je3a posij Xue joj 'suboui js3U3uq-ui-:UuofD^n
SJUOUIOOJ§V 3SE31 pUE OSQ OUIUiy Oqi O] UlEnSJnd pOlipilUBUI punj OAJOSO>[ OOUBUOlUpjAI Oqi SUBOUI tJ)Unj 3tU3S3}J 33UVU3)MDf\'„
•S}U3UI39j3v
puE osq oiiiuiy oqi jo £'£'3 uoipos 01 iirensjnd ouiuiy Xjoibu3is uuoi-Suoq e se soyipnb osiAuoqp
JO ££03 'l£ JOqiUOOOQ UO SOJldxO lEqi UL10X E 1|1IA\ 1U0UI00J3e JE|IU11S X[lE|lUElSqnS E JO SJU0UI33j3y 3SE31
puE osq ouiuiy oqi popooxo }Eqi ouiuiy XjoibuSis e subsui ^sui/My iUojvuSjs uuaj-8uoj„
•ojniuopui uoig puooos oqi jo [oi l uoipos
1[11A\ OOUBpjOOOE UI pOIJSHBS piiE pOtUBipSip 0J0A\ 9jniU9pilI U9iq pilOD9S 9qi Xq P91B9J9 SU9l[ puB S9§p9id 9qi 91Bp 91J} (q) pUE OOUEUipJO PUOg OnilOAO}! UOdliy pJOUOQ 9qi JO 1 Ot' I UOIPOS qilM OOUBpjOOOE UI pOlJSHBS pUE pOoJEqOSip OJOM OOUEUipJO puog OnilOAOtf IJOdljV (EJOUOO 3qi Xq p91E9J0 SUOIJ
pire soSpojd oqi opp 9qi (b) jo joiej oqi '3103 '31 Joqiuoidos suboui tl3WQ souvsvdfeQ suajj„
S1U9UI99J3V 9SB9T
pus osq omuiy oqi jo z'% uoipos oi iiiBnsjnd poiE|tio|BO 004. 3uipuBi oqi suboui lt33j 8uipuvj„
oui 'XouoSy §ui}E^ puog \\orx siiEom ,,i/ojx„
ojniuopui oqi Xq poiBOJO
punj ooiajos )£l3Q uoiiB§iiqo uoig jouinr oqi suboui tj)unj aoituas jqaQ uopvSijqQ 1/3/7 J°lunf„
•ojnjuopui oqi Xq poniuuod se Xip oqi Xq ponssi 'suoiiESqqo uoi-i joiuos usqi joqio 'sonuoAO^ Xq pojnoos ssoupoiqopui jo soouopuo jo soiou 'spuoq Xue suboui ^suopvSi/qQ uaij uoiurif,,
¦siuouioojSy osBoq pus osn 3UHJ1V
oqi jo c opiyy oj pofqns 'sjoujeq jo3uossbj joqio [p joao osn jo Xjuoud b OAEq sjouieq jo3uossbj qons qoiqA\ 01 sb pire 'sjoijjb3 joSuossej oidnpui jo sooiiojvj sosiuiojj oqi ui poquosop Xpnj ojoui sb oosds dn-o>[Biy\i o3E33Eg osq luior puE ooEds uipp o3E33Eg osq iinor Suipnpui 'xoidui03 puiuuox oqi uiqiiM oje pqi oono{s[ sosiuiojj oqi ui qons sb po}Eu3isop sbojb osoqi suboui ^saspuauj asp\ juiof,,
OOEdS OjBQ OSQ UOUIUI03 puoiiBiuoiuj qi[A\ poppossE ooEds uioojppH oqi suboui Java's uuxupiof-i asp) uotuwoj \vuopmuaiui„
siuouiooj§v ssBoq puB osq ouiuiy aqi jo 3 01'8 uoipos 01 iiiBnsjnd popinoiEO
SOOJ OPQ OSQ UOUIUIO^ pUOIlEUJOPI Oqi SUBOUI l,S33J 3)D£) 3Sf) UOW1UOJ IVU01WIU31UI„
0[qEXBd si uoip3j[qo
uo;i jouios Xub uo isojoiui ipiqM uo oibq iuouiXbj Xub suboui it3jvQ jusiu^vj js3J3ju[„
siuoujooj8v osEoq puE osq oui|j]v oqi jo jo ojniuopuj puog oqi 01 lUBnsjnd popojo spunj Xue ui sXououi 'jo luouiisoAiii oqi uiojj pozipoj up8 Xub puB 'uo isojoiui Xub suboui kl3iuoouj jssusjuf,,
Xi|3 oqi jo ooXo[duio jo Jooyjo ub iou si 'pnpiAipui ue jo osbo oqi ui 'oqM pire 'soiiijpBj jpqi puE syodip jo suoipjodo pus oouEuojupui '3uiuuE]d '3upuEuy 'uoiiEJisiuiuipB oqi ui osiuodxo qjiM 'Xip oqi Xq popops pEipsuoo b suBom juvjpisuoj uoduiy juspusdspuj,,
oi-v
lOooCoy uodjiv
he qjiM uoijoouuoo in pozqEjidso oq Xbui se sosuodxo osoqj jo OAisnpxo jnq) uoijEjpui| jnoqjiM 'Suipnpui 'Xnoojipui jo XnooJip joqno 'jeo a p^sig pqi Suunp jjodnv oqj Suiupjupui pus SuijEJodo ui Xji3 oqj Xq poxinoui sjsoo oqj 'jeo \ posij Xue joj 'sueoui jsasuadxg aouvuajuwpy puv uopvuadQn
JEOA posig qons
Suunp uoijoofojd pojsnfpB joqjo ouo 'Xjp oqj jo uonoop oqj je 'pire jbo^. posij oqj jo [ Xpf jo se joojjo ui pus jboa posij oqj jo ounr ui opEui uoijoofojd pojsnfpB JEoX-piui b puB jeo a posij oqj jo Xbp jsjij oqj oj joud opBui uoijoofojd pniui ue jo Suijsisuoo puB oojsnjx oqj qjiM popj pire sjuouioojSy ossoq puE osfi ouiury oqj ui joj popiAOjd se Xjd oqj Xq pojsdojd sosuodxg oousuojupjAi pus uoijEJodo jo ojeuujso juojjno uoqj oqj 'jeo^. posy Xue joj 'suboui ^uopoafojj asuadxj aauvuajujvpv puv uoijvuadQ^
SOfJUpEJ
stjJ0dnv sqj Suiupjupui puE SuijEJodo ui Xjd oqj Xq poxinoui sjsoo oqj suboui ^sasuadxg pv&o,,
sjuouioojSv osBoq puE osn ouijaiv 3qi jo 9 01 uoijoos ui poquosop joqjjnj se 'avoiaoj jsojojuj-ui-XjuofEjAj. ojinboj jBqj sjoofojj juouiOAOjduii pjidE3 iuejjoo suboui tisioafouj
sjuouioojSy osBoq piiB osn suijjiy sqj jo l *61 "8 uoijoos lHlM ooirepjoooE ui Xjd oqj oj ouiuiy Xq pojjiuiqns pus 'upjoqj qyoj jos uoijbuuojui oqj jo XoBJnooB oqj SuiXjijjoo ouiuiy jo OAijEjuosojdoj pozuoqjnE ue Xq pouSis 'Xjd oqj oj pojjiuiqns si XjBUiums oqj qoiqA\ ui qjuoui oqj Suipooojd qjuoui oqj Suunp jjodjiy sqi P (Xub ji 'sojbi|ijjv stouiuiv jo suoijBJodo oqj pus) suoijBJodo s, ouiury Suiquosop ouiuiy Xq pojBdojd jjodoj XjBUiums ojEjnooE oqj suboui jjoday famjoy Ap/wopy,,
odXj jjEJOjp jBqj SuiiuoaoS
IBnuEui jqSjij s^oijjbq j;v oqj in pojpoj puB JOjnjOBjnuEui s^BJOjp oqj Xq poijijjoo sb 'jjodnv oqj jb puE[ oj VVJ 3UJ ^1 pozuoqjnE si jouhd jiv ub Xq pojBJodo jjEJOjp qoBO qoiqM je 'sjiun punod puEsnoqj ui 'jqSpA\ pojBOijijJOO uinunxEUi oqj suboui tj\ T£)W„ JO juSia^ papuvj ssojq umwixvfy,,
•pouioopoj oq oj spuog uorq joiuos 38103 9m J° 'spuog uoig joiuos 38103 upns joj sjuouiXej punj 3unrais Xub junoooB ojui Suijpj 'ojEp XjunjEUi oqj pus ojnjuopuj pjuouioiddns qjjij -Xjxis oqj jo suoisiAOjd uoijduiopo^ puopdo spqAV 3>PW sqi oj juBnsjnd pouioopoj oq oj spuog uoig joiuos 38103 3lP J° uoijduiopoj jo ojEp oqj uooMjoq pouod oqj suboui ^pojuaj ajou^i ayvyy,,
sjoujjbj ooiiBipy sj] jou jnq 'sojEqyjy sji jo ipso jo sjuouiXEd pire Xjiaijob oqj opnpui [pqs sjuouiXEd puB Xjiaijob s^uqjry XjojeuSis uuoj -Suoq e 'suoijEpopo osoqj jo sosodind joj
jeo a jbosij Suipooojd XpjBipouiuii oqj Suunp sjouibq jiv [p Xq ppd so3jbid puE sooj jjo&ny IP jo (%0L) juoojod Xjuoaos jsboj jb ppd JoqjoSoj jBqj souijjiv XjojeuSis uuox-Suoi 'jojuo3 jsoq pujuuox oqj puB jojuoo jso3 ppyjiv oqj oj pojBOO[p SJS03 joofoij posBg-ojB>{ ouipiv qj!^ joofojj juouiOAOjduii [EjidE3 e joj (iii)
jo uboa l^osij Suipooojd XpjBipouiuii oqj Suunp SJ01JJBQ jiv IP Xq ppd so3jEq3 puiuuox |ejoj oqj jo (%0Z.) juoojod Xjuoaos jseo] je ppd JoqjoSoj jsqj souiuiv Xjojeu3is uijoj-3uoq 'jojuo3 jsoq ojBjsg |bo>i |Bpjouiui03 oqj jo jojuo3 jso3 uoijBjJodsuEJj punojQ piiB 3ui^jej oqj 'jojuoq jso^ [Bupujoj, oqj oj pojEOopB SJS03 joofojj posEg-ojBtf ouijjiv qji^ joofojj juouiOAOJduif pjidB3 b joj (ii)
Ueoa pasij Suipooojd XpjEipouiuii oqj Suijnp sjoijjb3 jiv HB 3° 1M§!3A\ popuBq ssojq uinuuxEiv\[ pjoj oqj jo (%Qi) juoojod Xjuoaos jseoj je joj pojunoooE JoqjoSoj jbijj soupjiv Xjojbu3is uijox-8uoi 'jojuo^ jsoq uiojsXs
n-v
'liOdllV Oqj JO OOUBUOJIUBUI JO UOlJEJOdo 'diqSJOUAVO StX]l3 3L{1 JO JtlO OSUB qoii|A\ 'jBJlUXlSSip JO JE|IUHS I0qj0l|A\ 'SOSUOdxO JOOJipilI pUB JOOJip JOqjO |p (!!!x)
piiB :ynoo jo XouoSb
'jUOUIUJOAOt? |BDO[ JO OJEJS 'pjOpOJ XUB JO JOpJO JO Xoipd 'UOlJBpSOJ 'OJJU pi(BA XUB qjlAY
Xjdujoo oj Xjessooou jjodiiy sqi oj p9iE0O||E jo pojjnoui jsoo joqjo Xue (ux)
:yodny oqi qjjA\ uoijoouuoo ui sooiajos [Euoissojojd joqio jo Smijpsuoo 'Suijsoj 'SununoooE 'p3o( '[eioueuij 'juouioobubui uoijorujsuoo '3uuooui3uo 'pjnjoojiqoJE uuojjod pire ooiAps jopuoj 01 'ouiij oj ouiij utojj 'po§B3uo jo pojupddE suxnj jo suosjod 01 pojipojo jo ppd uoijEsuoduioo (ix)
tjjodjiy oqj joj jo je SuisiyoAps jo sjsoo (x)
ijjodny oqj jo uoijBJodo oqj qjiA\ uoijoouuoo 111 Xjp oqj onp sums Xue joopoo oj 8uijduiojjE pus Suijooijoo ui poxinoui sjsoo (xi)
ijjEJOJjE jojjo 3uixej pire 8uipuB| oqj joj yodny oqj jo osn oqj uiojj 8unpsoj osoqj 'uoijbjiuii] jnoqjiM 'Suipnpui 'sjoBduu [ejuouiuojiauo oqj uodn possq sjins jo sSuipooooid 'suoijob 'suipp je|iuiis jo Xjnfui puosjod 'oSbuiep Xyodojd 'oouBsinu 'ssBdsojj 'uoijEsuoduioo jsnf jnoqjiM Xyodojd ui sjsojojui jo Xjjodojd jo 8ui>pj b Bui8oi|B sjins jo s8uipoooojd 'suoijob 'suipp jo jpsoj e se Suisije juouiopjos jo juouiSpnf Xub jo junouiE oqj 'uoijejiuiij jnoqjiM 'Suipnpui 'jeo a posij jBqj 8uunp Xjp oqj Xq ojqsXEd yodny oqj jo ooueuojuieui piiB uoijEiodo 'd;qsjoiiA\o s^jiq oqj jo jpsoj b sb Suisije juouio[jjos jo juouiSpnf Xue jo junouiE oqj (!!!A)
isuoijBJodo sji jo jjodjiy oqj Suuoaoo oouBjnsui joqjo ip pire '0[iqouiojnB 'XjinqEsip 'uoijEsuoduioo (sjo^joa\ 'sooXoiduio jo spuoq 'XjE]3jnq 'XjijiqEq oqqnd 'oSsuiEp Xyodojd Suipnpui 'oouBjnsui joj sumiuiojd jo sjsoo (ma)
tXyodojd puosjod joqjo jo juouidmbo jo spjuoj jo sjsoo (ia)
iXyodojd poj jo spjuojjo sjsoo (a)
Hjjodny oqj joj jo jb sjojobjjuoo juopuodopui Xq poqsnunj puE XJ13 oqj Xq posBipjnd jo Xjiq oqj Xq poqsuunj joqjoqM sooiajos puB soijqnn joqjo ub pus ooiajos ouoqdopj 'sb8 |EjnjEu 'Xjpujoop 'jojbm jo sjsoo (ai)
tooiiEjnsuj Xq posjnquipj jou suoijEJOjp pUB SpAVOUOJ 'sjpdoj 'BuijEJooop 'BuidBospuBi 'OOUBUOJUpUI JO SJSOO (ill)
:sosuodxo
jBpuip joqjo puB mouidinbo piiB XjouiqoBui 'soqddns 'spuojBui jo sjsoo (11)
fsjyouoq oSuuj joqjo puE 'XEd XEpipq pus suoijeoba 'oouBjnsui-jps joj sjisodop 'sumiuiojd oouBjnsui juouiXoiduioun pus juopiooB 'qjpoq 'ojq 'spunj uoijEsuoduioo juouiXo[duioun jo spunj juouiojijoj 'spunj uoisuod oj sjuouiXEd qsEO 'suoijnqujuoo uopn se qons 'sosuodxo ipjXBd pojBioossE joj poxinoui sjsoo jo sjuouiXEd qjiAV joqjo8oj '(Xsd ouiijjoao Suipnpiu) soSem puE sousps joojip 'oj pojiuiq jou jnq 'Suipnpui 'jjodiiy oqj 8uia[oaih >[joa\ Sinop jo 'jjodjiy oqj jb poXoiduio Xj]3 oqj jo sooXo|duio joj Xjp oqj Xq pojjnoui sosuodxo piiB sjsoo (1)
ti-v
uoiiBLiodsuEJi jo spuoq onuoAOJ ogjEip XippEj J3uiojsri3 jo pouiXBdoj oqi 01 poSpojd sonuoAOJ Xue jo soSjBqj XnpoBj jomoisn^ opnpui iou soop sonuoAOJ uopBuodsuBJi punojQ pus Supped IBqi 'jOAOA\oq 'popiAOJd tsuoissoouoo pus sooiajos uoiiByodsuBJX punojQ pus SupuEd apiAOjd 01 iqSu oqi joj X}iq oqi Xq popopoo sonuoAOJ |[B suboui tl3nu3A3}j uoijvjjodsuvur putiojQ puv Suiyuvj,,
•ojmuopui oqi ui popiAOJd sb ppd uooq OAEq 01 pouioop suoyBSqqo uorj joiuos (p)
puE lojmuopuj oqi 01 lUEnsjnd
pojOAijop pus poiBOiiuoqiriB uooq oaeij suopBSqqo uoiq joiuos J9qio uoiuav joj uoprppsqns u; jo jo nop ui 'jo oSuEqoxo jo jojsubji oqi joj suopBSqqo uoiq Joiuos (o)
tooipu oqi SuiaiS joj opBui uooq OABq ooisrux oqi 01 Xjopbjsiibs suoisiAOjd jo ojmuopuj [Biuouiojddns poppj oqi ui pop;AOJd sb uoaiS uooq sbi] uopduiopoj oqi jo oopou qoiqAv joj 'pouioopoj oq 01 ojb suopBSqqo uoig joiuos asoqi ji 'puE 'opp uopduiopoj jo XiuriiEui jo oiBp oip 01 isojoiui qiiA\ 'oq Xbui oseo oqi se 'oouc[ uopduiopoj jo pdpuud Jioqi XBd 01 luoioijjns iiinouiE ub ui 'ouip ouies oip }B ooisrux oqi qiiM popsodop 'Xub ji 'sXououi oip qiiA\ joqpHoi 'sXououi opiAOjd piM oiqsXEd jo onp uoqA\ qoiqA\ uo isojoiui piiB jo pdpuud oip suopBSqqo lEJopoj jo sXououi (opp uopduiopoj jo XpjniEui oip jovje jo ojojoq 'ib JoqpqM) uopduiopoj jo luouiXBd qons joj opiSE ps pus isap ui ppq oje ojoip qopjM jo uopduiopoj jo luouiXsd oqi joj (suopESpqo uoiq joiuos jo suopjod jo) suopBSqqo uoiq joiuos (q)
luopBipoiiEO joj 'oq Xbui oseo oqi se 'Xip oip 01 jo ooisnjx oip oi oiBp iBqi ojojoq pojOApop jo opp lEip ojojoq jo ib 'oq Xbui oseo oip se 'uoipBqqo 803 uopoos uoiq joiuos b jo jouavo oip jo ooisnjx oip Xq popoireo suopBSqqo uoig joiuos (b)
:}dooxo ojruuopui oip
01 iiiBnsjnd pounoui jo ojniuopuj oqi jopun ponssi Suioq oisp pqi uo jo ojojoq suopBSqqo uo;i jouios [p 'opp Xue jo se 'suboui 'suopBSqqo uoiq joiuos 3lP °l oouojojoj qiiA\ posn uoqM ^SmpuvisviQ,,
•suoissoouo3 puiuuox JO SJopiAOJj ooiajos popnEUOJoy iou oje pqi xojduioQ puiuuox oqi jo siueuoi ouqjp-uou joipo puE soiouoSe iuouiujoaoS uiojj Xio oip Xq poApooj siuouiosjnquipj Xiqyn jo iuoj jo spouiXBd suboui ^sjusiuavj \vxu3^ jvuutuaj Jaipo,,
punj onuoAOj oip 01 sonuoAOJ
UBqi joqio soojnos uiojj jeo^ posij pip joj Xjp oip Xq pouojsiiBJ} oq 01 jooijjo ppusuij joiip oqi Xq poinuuopp Xououi jo iimouiB oqi jeo\ posij Xub joj suboui us6auofy 3\qv\\VAy U3i{}0„
siuouioojSy osBoq piiE osq oinuiy oqi 01 lUEnsjnd poisnfps Xpuoooj}soui sb uopoofojj osuodxg ooueuoiiuejaj. piiB uopEJodo luoxmo uoip stJBOA posi j qons jo qunoj -ouo 01 pnbo lunouiE ue oi (pung ooiiEuoiupjAj puE uopEJodo oqi uiojj oiqEAioooj spnouiE Suppnpui) pung oajosox ooiiBiioiupjAj piiE uopEJodo oqi ui ooiiBpq oip oseojoui oi pojinboj 'Xue ji 'iiinouiE oqi suboui jboa p^sij Xue joj ju3iusuvib3}j jisodaQ punj 3AJ3sa}j souvusjuwyf puv uotjvuado,,
siuouioojSy osEoq pus osq oupjiy oqi oi iiiBnsjnd poupppui punj
OAJOSOj OOUBUOlUpjAl pUE UOpBJOdO 3U1 SUBOUI UHJ 3AU3S3U 33UVU3}UWffl pUV UOJ)V-i3dQ„
siuouioojSy osEoq pus osq ouqiiy oqi oi iiiBnsjnd
pOUpiUIBUI pimj 00UBU01UIBIAI PUB UOpBJOdO Oqi SUBOUI itpUHJ 3DUVU3}UWJ\ pUV U01JVU3dQ„
iiodjiy
oip uodn posoduii XpnjME[ oq Xbui ipiqM X113 oqi Xq ojqEXEd soxbi Xub Suipnpui
n-v
liiouiXsd oqi jo uosboj Xq pojuoj oq app ojninj nun ojojoq jo ie ppoM ipiq/vv souos pqi jo suouEgqqo uoji Joiuos SuipiiBisino oqi jo lunouiB pdpuud opSojSSe oqi Xq poonpoj 'opp ojnpj ojSuis b uo ojnpui qoiqM suoipgqqo 803 uoipos uoig joiuos j0 souos pqi jo suoipSqqo uoiq Joiuos SuipireisinQ J° lunouiB jBdpuud oqj (i)
:jo oibSojSSb oqi 01 pnbo Xououi jo pnouis ub 'iioip8i[qo 803 uoipos uoiq joiuos -KqnoiuEd b jo Suiisisuoo jo souos JBpoiuBd b jo suojpSqqo uoig joiuos 01 podsoj qjiM puB iioippduioo jo oiBp JBpoiuEd Xub jo sb 'suboui juduiuvjsuj /vdpuuj,,
•sojnuiopui piuouiojddns oqi in poquosop sb punj-qns poiBoipoQ 38103 PUB H8I03 'V8103 3lIJ u! paqsqqBiso ouieu pqi jo lunoooB oqi suboui junoooy n^jaju/ puv pdpuijj,,
•sbojb ipns osn 01 iqSu oqi SBq ouiui v qoiqM joj ouqi jo pouod oqi Suunp tlsosiuiojj„ oiniiisuoo X|iio ijiav sbojb qons 'sosjuiojd osq uouiuio3 jo osbo oqi in pqi \10AOMoq 'popiAOJd isiuouioojSy osBog puB osfi ouqjry oqi jopun Xjp oqi Xq ouijjiy 01 pouSpsB sosiuiojj osq uouiuio3 (p) puE 'sospaojj osq iinof (0) 'sospjojj osq pnuojojojj (q) 'sospaojj osq OApnjoxg (e) :Xub suboui ^sasnuauj,,
•oiEQ OAipojjg oqi jo se siuouioojSy osEoq pire osq ouqjiy oqi jo j pire g sijqiqxg ui UA\oqs sb |je 'ouqi 01 ouin uiojj poisnfpE oq Xbui li se 'siuouioojSy asEog pire osq ouiuiy oqi jo g ojoiuy qiiM ooirepjoooB 111 sosiuiojj osq pnuojojojj sb ouqjiy XjopuSis uuox-Suog e 01 pouSissB ooEds opq suboui ^zovdg 3}DQ as[\ ivpua-iap-ij,,
•siuouioojSy osBoq puE osq ouqjiy oqi jo \[ iiqiqxg puB f 'OI uoipos ui poquosop joqunj sb siuouioojSy osbo~] puE osq oinuiy oqi jo uopnooxo Xq ouqjiy Xq poAOJddB uooq OAEq pqi spofojj iiiouiOAOjduif piidB3 upyoo suboui ^sioafouj jjj poAouddy-ouj„
•jeo a l^osig qoBO osuodxo Sumnooj e oq iou [pqs qojqA\ 'XiqiqEip^ ojnpnjiSEJjuj joj XjoSoibo opjBdos b oq osp jpqs ojoqx •uoiiEznuopojAj puE qsojjo-g uioojiso}} puE iuoiuooE|do^ ooueXoauoq puiuuox 'iiiouiooEjdoj iuouioabj XBAvpEO^ 'jpdo^j puE ooueuoiiueja; 3iij>[JBt[ 'iuouiooE|dox opiqo/\ 'luouiooBjdo^ puE jpdoj XBA\pEOj ppijjry 'jiEdoj iuouioabj uojdy 'uoiiEijiiqEqoj iuouioaej Xbavixej, :souoSoibo Suimojjoj oqi joj spofojj juouiOAOjduij piidBQ joj sooiiEA\o||y poAOjddy-ojtj opjEdos oq [pqs ojoqx siuouioojSy oseo-j pus osq ouqjiy oqj jo uonnooxo sii jo Xbm Xq oinuiy Xq poAOJddB se 'jeo a posig qoBO spofojj uiouiOAOJduij piidB3 uo joquinouo jo puods Xbui X113 oqi pqi siuouioojSy osEoq puB osq ouijjiy oqi jo o )R!llxa uo pojsq siunouiE suboui ti3ouv,%w]/y poAouddy-ouj,,
•luouioojSy
dBA\s uoig Joiuos P31JHBnO su,i Jo suoipSqqo 803 uoipos uoig joiuos sqi Suueojo luouionsui oqi jo suuoi oqi ijiim ooirepjoooB 111 'pouioojSy dBA\s uoig joiuos P3U!lEn0 ^ue jopun oiqsXEd siunoure jo suoipSqqo 803 uoipos uoig joiuos J° 9SB3 3l[) u\ 'JO souos oqi Suhbojo ojniuopuj |Biuouiojddns oqi pire ojniuopuj oqi jo suuoi oqi pire suuoi sii ijiiav ooirepjoooB 111 oiqsXEd si suoipSijqo uoig jouios jo souos ^ue uo isojoiui jo iuoui[[eisuj |EdpuiJj b qoiqM uo oisp Xue suboui ^ojvq juou/Avj,,
ojnjuopuj oqi ui popiAOJd jouueui oqi in poiuioddB jopj sjossooons jo jossooons sji puE souos b joj iuoSb SuiXEd e se poiEuSjsop XuBduioo isnji jo 5{UBq Xue suboui juaSy 3uiAvj,y
•yodi|y oqi 01 podsoj
ijiiav ouin 01 ouqi uiojj yyj oqi Xq poAOJddB se pire 'avbj jossooons jo jossooopojd Xue jo l \ \ Qp § '3'S'Q 6fc Jopun pozuoqins oSjEqo XifjpBj JoSuossBd oqi suboui ,OJd„ J0 ^JVltD &llPvd uaSuassvj,,
SlUOUIOAOjdulI
popjoj pire 3VHN.OD 3M1 ooiiBuij 01 posn sueoj (vjjix) 8661 J° uoipy uoiibaouuj pire ojnpnjisEJjuj
t i-v
:suoprpuoo SuiAvopoj oqi Supooui suopBSqqo pdpmnm popunjoi-ojd (q)
isuouESqqo pjapo j (e)
:sueoui ^s]u3tujs3A.uj paifi/Dno~„
•juaumnsui ip)0J3 poijqBno e jo jonssi oqi suboui ituapmouj ijpajj paijijvn()„
¦ojniuopuj oqi jopun posn oq Xbui punj-qns oajoso^j ooiajos iqorj uouiuioq oqi ui sXououi qoiqM joj sasodjnd joj pasn aq 01 aJB Jopunojoip umejp spunj oqi iBip ooisnjx aqi jo uopEOijpjoo e ireqi joqio jopunojoqi pouiXBd OApooj oj aaisaix aqi jo XppqB oip uo suopoupoj ou upiuoo [pqs pire aaisaix oqi jo auiEU oqi ui ponssi aq jpqs Xoqod oouBjnsui jo puoq Xpjns 'ippojo jo joipj qons Xuy XuBduup ig isog 'JATV XioSopo Suhej isoqSiq oqi ui papj si 'XiiEduioo isog IA['V ^1 J| 'puE s(XpoojA] piiB dVS ^1 XjoSoibo SupEJ isoqSiq aqi ui pajEJ ajs joojoip ooiiBnssi jo ajBp aqi uo suopBSqqo iqop asoqM uopnipsui ppuBuy joqio jo XuEduioo oouBjnsui '>piEq uSpjqj jo opsouiop b Xq ponssi Xoqod aoiiEjnsui oiqEpoouEO-uou jo puoq Xpjns 'npojo jo joipi e siiEaui juawnujsuj jjpasj p^!f!lvr,D„
Bououiy jo saiEis psipifl 9lP m!M IuouioojSb luouiXBd jo uopisinboj e Xq isojoiui pus pdpuud qjoq jo luouiXBd oqi 01 sb pojnoos Xpnj oseo qoso ui 'sopuoSB oqqnd poo[ Xq panssi sajou pofojd jo 'sopuoipns Sinsnoq oqqnd Xq panssi sopu pofojd jo 'Bououiy jo soieis pajpn 3V lP!M spBJiuoo jo pejiuoo suopnqupoo pniuiB ub japun suopnquiuoo pnuuE jo o3po[d e Xq isojoiui puE pdpuud qioq jo pouiXEd aqi 01 sb pojnoos X|iry puE sopuoipnB Suisnoq oqqnd Xq panssi spuoq Supnoq oqqnd (a)
puB !asiAuaqio jo jayipoui pououinu Xq XjoSoibo Supej jo uoippBJo jo iuouiouijoj Xue oi pjeSoj poqpM sopuoSy SupEj oa\} Xue Xq souoSoieo 3uipj isaqSiq omi aqi jo auo in papj aJB qoujM sioiupj jo aiBis oqi jo uoisiAipqns popqod Xue jo Bououiy jo saiEis psijufi aqi jo aiBis X^ib jo suopBSqqo pjouoS puB pojip (q)
;suonE§![qo P-iopoj (e)
:siiEaui J^ajv/joj paiJjivnQ,,
sopuoSupuoo Suipnpui 'sisoa yos poiEOopE piiB spoo uopoansuoo pajip Suipnpui pofojt{ iiiauiaAOJduij jspdEQ e ipiM paiBpossB sojipipuodxo pozqsiplBO suboui its)xoj jaafoj^,,
•sajniuapuj ppauiaiddns aqi ui paquosap sb punj-qns poiBaipoQ 38103 PlIE 98103 'V8103 3lH u! paqsyqEisa auiBii pip jo pnoaaB aqi siiEaui junoooy jaafojj,,
sajniuapuj piuauia[ddns aqi ui paquosap sb punj-qns popojpoQ 38103 PUE 98103 'V8103 3lP u? poqspqsiso ouibu pqi jo pnoooE oip suboui junoooy ooq iuvjSojj,,
liiouipBisui pdpuuj oqi jo opp oqi piiB oiqBXsd si uiouipBisui pdpuuj oqi uoqAV opp oqi oq 01 pouioop 'ojniuopui oqi jo sosodind [p joj si opp ojninj pqi puB 'souos pqi jo suopBSpqo iran Joiuos SinpiiEisino oip jo luomojipj oip joj oiBp ojnpj pip uo 0|qEXEd siuouiXbj pimj 9ui>[U[S Xub jo iiinouiE oqi (n)
sn(d 'souos lEmj° suoipSqqo uoiq joiuos SiupuEisino oip jo pouiojpoj oqi joj aiBp ojninj iBip ojojoq jo p oiqEXsd siuouiXej punj Sui^uis jo suopBSqqo 803 uopoos u3n joiuos ssoqj Suueojo iiiouinjisui oqi jo souos oqi Supsojo ojniuopuj piuouiojddns oqi piiB ojniuopui oqi q}iA\ oouspjoooB ui uopBopddB oqi piiB onp uoijm
si-v
aqj jo aiio ui SupEJ paajuBJBnSun piiB pojnoosun 'pojnsuiun ub SBq XjuBJEnS e SuipiAOjd Xireduioo Suippq juojEd jo ^UBq jo jopop/jo^ojq qans ji '^usq ppjouiuioo Xue jo uopoipsunf uopEJodjoQ uopoojojj 4sjojsoauj sopunoos aqi 01 pofqns jopop/jovojq pojoisiSoj Xub qiiM aAoqB (a) jo (b) sosnsp ui poquosop sopunoos Xq pozqEJOiEqoo sjuauiaajSE assqajridaj Xub (j)
iEOuouiy jo sojejs poiiufj oip
'jo XjqEjuauinjjsin jo XouoSe ue sb Supra pue 'Xq posiAjodns puE poqojjuoo uopEJodioa Xub puB Bououiy jo saiEis paipn 3lP J° XiqBiuoiunjisui jo XdusSb Xub 'uopEJisiiuuipy SuisnoH iBJapaj 'uopBJodio3 oSbSjjojaj UBoq ouioh pjopoj 'nEOjng jipojQ uijbj pjopoj 'uopEpossy Supa^JBjAi UBoq juapnjs 'oejaj aiuuEj 'ooiajos pjsoj sojejs pojpn 'uopBJjsiuiiupy ouioj-j sjouuej 'uopspossy oSbSjjojaj puopBN juouiujoaoq 'Xjuoqjny XopE/\ oossouuoj, '^ueq jjoduy jjodxg 's>piBg puBq pjopoj 'uiopXs s^ueq uEog auioH P-ispsj 's^piEg upojQ ojEipouuojuj pjopoj 'saAUBjadooo joj sxueq :sopuoSB SuiMoqoj aqi jo Xub Xq ponssi suopBSqqo (a)
iasiAuaipo jo joyipoui pououinu Xq XjoSapa Supej jo uopBpBjS jo juouiouijoj Xub oj pjBSaj jnoqjiM sopuoSy Suipy omi Xue Xq souoSopo Sinpj isoqSiq omi aqi jo auo ui paiBj 3je qo;qM siouqy jo oibis oqi jo uoisjAipqns popqod Xub jo Bououiy jo sopis pojiuf) 3lP J° 3n3is X"ue jo suopBSqqo [EjauaS puB joojip (p)
isjisodop
qans joj Xjunoos [EjaiEpoa se junoooy JO punj ojEudojddE aqi pire Xjp aqi jo njauaq aqi joj uopBpossE SuppiEq [EuopEU jo XuEduioa isrui 'jpisq jaipoiiE qjiM 'oojsmi aqi pus Xjd aqi jo [BAOjddB uojjum aqi qjiM 'jo qauEjq jo 5[UBg OAjosa^ pjapaj b ipiM jo aajsrux oqi jo juauijjEdap isnji aqi ipiM uopspossE Sui^pisq puopBU jo >[UEq qans Xq jsruj in paipodap uaaq oaei[ psqs pjappo3 payipno qaiqM pus 'Xjqiuoui p^jbui oi po^uBui 'sjisodop qans jo lunouiB aip 01 pnbo ise3[ p (jsojojui poruooB jo OApnpxo) anpA p^jbui juojjno b SuiABq jBJOjBqoo poyipno X"q pajnaas aq pBqs 'uopEJodjo^ oouBjnsuj jisodorj pjopoj oqi Xq pojnsui iou poixa aip 01 'siisodap qoiqM 'ooisnjx oip Suppnpui 'uopspossB Suppsq puopBU jo >piBq Xub Xq ponssi siuouioSuejjb JBpims jo ipodop jo soiBoypjoo jo sipodop Suusoq-jsojojui ui sjpodop (o)
tosiAuoqio jo joyipoui pouauinu Xq XjoSapa SupBJ jo uopBpBjS jo pauiauyaj Xue 01 pjBSaj jnoqjiM sapuaSy SupB^ omi Xue Xq XjoSapa Siujej jsoqSu[ oip ui popj oje suopBSqqo pdpiunui oqi (ia)
puE HjuoSb mojoso jo ooisnji oqi isupSE osoip Suipnpui 'suipp joqio Xub Xjspss 01 oiqE|pAE jou oje suopBSqqo PJ3P3J °qi (A)
;ooisnji jo iuoSe mojoso ub Xq ppq oje suopBSqqo pdpiunui oip joj Xiijnoos sb Suiajos suopBSqqo lBJ3P°d 3lP (A!)
tsuopsSqqo [Bdpiunui oip jo sopqiqEp oqi poui 01 luoioyjns oje (punj mojoso oqi ui qsEO Xue snjd) suopBSqqo I^jopog oip uo isojoiui piiE jo pdpuud oqi (in)
tsuopBSqqo pdpiunui qons jo siuouiXEd uiniuiojd pus pdpuijd 'isojoiui oi Xpio poqddB oq Xbui suopBSqqo pjapsj qopjM 'suopBSqqo P-ispsi Jo/pire qsso Xq pojnoos oje suopBSqqo pdppnui oqi (p)
isuoponjjsui qons in qjjoj jos se usqj joqjo suopBSqqo qons uioopoj oj jou pojubuoaoo SBq joojoip jonssi oqj pus uopduiopoj pus Suqpo jpqj Suiujoouoo suoponjjsui oiqBOOAOJji ua\\S uooq ssq jqjojoqj oojsnjj oqj jo 'XjunjBui oj joud uopduiopoj oj joofqns jou oje suopBSqqo jEdpiunui aip (i)
9I-V
•suoijESqqo uaiq joiuos Xub oj XouoSy Suijbj qons Xq pouSpsE uoqj Siujej oqj joojjb Xpsjo/vpB jou him juouijsoaui qons jBqj pouuyuoo sbij XouoSy Suije j qrao pus juouijsoaui qons ui jsoaui oj psodojd oqj jo pouuojui uooq SEq XouoSy Suijbj qoEO jsqj Suijbjs jooijjo pozuoqjny ue jo ojboijijjoo e oojsrux oqj oj pojOAqop si ojoqj jEqj popiAOJd 'jsoaui oj Suijijm ui oojsnjj. oqj sjooup Xjp oqj qoiqM ui juouijsoaui jo odXj joqjo Xue (5[)
pus !jodEd qons uo Suijbj e Suiupjupui sopuoSy Suijbj omj Xub Xq XjoSojbo Suijbj uuoj-yoqs jsoqSiq oqj u; pojEJ uoijnjijsui Sm:>pBq jo XuEdmoo ooiiBuij 'uoijEJodioo sojejs P3J!un e jo JodEd ppjoiuuioo ouiud (f)
!osiAUoqjo jo joymoui pououinu Xq XjoSojbo Suijbjjo uoijBpBjS jo juouiouijoj Xub oj pjeSoj jnoqjiAV sopuoSy Suijb^i oavj Xub Xq XjoSojbo Suijbj jsoqSiq oqj ui pojEJ si jBqj uoijBJodioo Xub Xq poojiiBJBng jo ponssi sjuouioijsui jqop ojejoojoo uuoj-umipoui jo uuoj-Suo[ (i)
iosiAVioqjo jo
joyipoui pououinu Xq XjoSojbo Suijbj jo uoijepejS jo juouiouijoj Xue oj pjeSoj jnoqjiM sopuoSy Suijbj omj Xue Xq souoSojbo Suijbj jsoqSiq oojqj oqj jo ouo uj 'joojoqj uoijnooxo jo ojEp oqj jo se 'pojEJ jpsji si juouioojSe qoiqM jo 'Suijbj pojnoosun ub ssq jBqj oseo joqjp ui 'uoijnjijsui ppireuy e Xq poojUEJEnS oje jo 'suoijnjijsui pioiiEuy joqjo jo soiuBduioo oouBjnsui 's^usq ojoui jo ouo jo uoijBSqqo puoijipuooun oqj juosojdoj qoiqM sjuouioojSb juouijsoaui (q)
t(o) oj (b) sosnEp
ui poquosop odXj oqj jo suoijESqqo ui XpAisnpxo sjosse sji sjsoaui qoiqM 'popuouiB se '0^61 J° joy XuBduiOQ juouijsoauj oqj jopun poziuBSjo 'XuBduioo juouijsoaui ub jo sojei[s (S)
ijuoojod 001 iseo[ je oj [Bnbo si 'jsojojui puB pdpuud Suipnpui 'suoijESqqo osBipjndoj oqj jo junouiE oqj oj uoijspj ui soijunoos oqj jo onpA jo>ubui jpj oqj (ia)
puB Jojbq juouiXbj e oj joud (pouod uoijBpinbq ojEudojddE joqjo jo) sXep qi JSeoj jb sojujeui juouioojSe ossqojndoj oqj (a)
tuoijBnpA qons jo
sXep ssouisnq omj uiqjiM pojojsoj jou si oSBjuooJod pjojBqoo pojinboj oqj ui Xouopyop Xub ji pojBpmbq oq piM pus Xiqjuoui ireqj Xjjuonbojj sso| 011 ponpA oq him soijunoos [bjojb||oo oqj jo 'sso| jo jeoX ouo jo uuoj b sbij juouioojSe osBipjndoj oqj (ai)
toojsnjx oqj jo jyouoq oqj joj pojbojo si soijunoos qons ui ban;3 0'0C£ STD l£ JO bos ja t 90£ STD I Vs poquosojd sojnpooojd Xjjuo ^ooq jo 'opo3 ppjouiuioQ uuojpn 3in J^pun jsojojui Xjunoos jsjij pojoojjod b (mi)
:soijunoos qons sppq ji jbijj XjJBd pJiqj qons uiojj uoijbuuijuoo uojjum POaioooj OABq jpqs oojstuj oqj puE '000'000'C3S UElP SS3l 1011 J° sjyojd popiAipun piiE sn|dins 'pjidEO pouiqiuoo qjiM puE uoijbjocIjo^ ooubjusu] jpodorj pjopoj oqj jo joquioui b si qoiqM ^UBq e (X) jo '^psg oajoso^ pjopoj b (x) si XjJBd pjiqj qons puB 'oojsnjx oqj joj juoSb se Xpps Suijob Xjojisodop e Xq ppq oje soijunoos oqj (11)
iuoijOBSUBJj oqj siuoaoS juouioojSe uojjum oyioods e (i)
tpopiAOjd 'osiMjoqjo jo joyipoui pououinu Xq XjoSojbo Siujej jo uojjEpBjS jo juouiouijoj Xub oj pjeSoj jnoqjiM sopuoSy SiiijEj omj Xue Xq souoSojbo Suijbj jsoqSiq oojqj
a-v
Suipuejsjno Xub no isojoiui oqi osnso 'jjosii jo piiB ui 'iou jjia\ ojniuopuj oqi jo uoq piiE o8po[d aqi uiojj sonuoAO}j osoip jo uopnpxo aqi (u) piiE pm uooq oaei| sonuoAO^ osoqi jo osEopj oqi 01 ojniuopuj oqi ui quoj ios suopipuoo oqi (i) pqi pojjo oqi 01 uoiuido sjosunoo e (o)
Isjeoa |eos; j OAij osoqi jo qoso ui ojniuopiq oqi ui qyoj ios 1UEUOAOO oSbjoaoo oqi Xjsiies 01 Xip oqi ojqBuo 01 luopyjns oq jpA\ 'pojOAqop si opoypjo^ qons qoiqM ui jeo a posij oqi Suiavojjoj sjeoa posij pnj oaij oqi jo qoso joj popnpxo oje isonboj s^ooyjo pozuoqiny oqi Xq pojoaoo sonuoAOJ oqi joije 'sonuoAO^ isqi pojjo oqi 01 'suopdmnssB oiqBuosEOJ uodn posBq 'opoypjo;} s^iiEqnsuoQ uodjiy iiiopuodopuj ue (q)
isonuoAOj uo ojniuopuj oqi jo uoq puB oSpojd oqi uiojj popnpxo oq sonuoAOJ osoqi IBqi Supsonboj piiE sonuoAOJ osoqi Sinquosop jooijjo pozuoqiny ue jo isonboj e (e)
:SuiA\opoj oqi poaioooj ssq oojsnj j oqi qo;qM jo podsoj u; sonuoAOy suboui „s3mt3,\a}f pasDapx,,
•opo^ oqi 01 iiiBnsjnd
puB jopun popSpuiojd (| uej ^jj3 93) suopBjnSo'jj xej_ ouioouj oqi suboui usuopvpi39}j„
suoipSqqo uoiq jopos jo souos e jo yEd e Suqnipsuoo puoq Xue jo jouavo pojoisiSoj oqi suboui ^uauMQ,, jo tluausuopBSqqo uoiq joiuos jo souos oqi Suueojo ojniuopuj piuouio|ddns oqi puB ojniuopuj oqi oi iiiBnsjnd suopBSqqo uan joiuos oqi joj uopnipsqns ui jo jo noq u; poiOAipp piiB poiBopuoqinE joysojoqi suopBSqqo uon joiuos [p puE 'souos Xue jo suoipSqqo uodiiy jo Supxmjoj oqi jo osodjnd oqi joj oouEnssi puiSuo 110 pojOAqop puB popopuoqpE 'souos ojoui jo ouo 111 ponssi JoqpqA\ 'suopBSqqo uoil joiuos llE suboui ^spuoq Sinpurifax,,
¦ojniuopuj
lEiuouio|ddns jo suopBSqqo uoiq joiuos 3UJ u! poypods oq Xbui se ooud uoiiduiopoj joqio qons jo 'suoipSqqo uoiq jopos jo souos 3lP Suueojo ojniuopuj jBiuouiO]ddns oqi jo suopBSqqo uoiq joiuos oqi jo suoisiAOjd oqi 01 lUEnsjnd uopduiopoj Jioip uodn ojqsXEd 'Xub ji 'umiuiojd ojqBOijddB oqi snjd pnouiB jBdpuud Jioqi 'suopBSqqo U9iq Joiuos jo souos A'UB °J Podsoj qiiA\ 'suboui ^aouj uopdiuapotf,,
suopBSqqo uoiq joiuos
Xub 01 pouSissB Suipj ppojo SuppuEispo ue SEq pip XouoSe Siuiej Xue suboui jiouaSy 8uijv,)f„
suopBSqqo u9!l -ioiuos
oqi uo SupBJ sp jo XouoSy SupBfl oqi Xq pMEjpqijM jo uoponpoj e osnso jpsp jo puB 111 iou jjia\ X113 oqi Xq iuouioojSb dEA\s oip jo oiui Suuoiuo oqi iBqi uoipoppui uopum e XouoSy Suiib>j qoBO uiojj poApooj SBq piiB iuouioojSb dBA\s oqi oiui joiuo 01 uopuoiui sp jo 'iuouioojSb dBAVs oqi Suijoaijop piiB Supnooxo ojojoq sXep g| iseo( ib '8upuA\ ui (joiuEJEnS sp jo jopjaojj dBA\s oip jo suopBSqqo pojnoosun oqi soibj osjb XouoSy SupBj e iou jo JoqpqM) XouoSy SupBj qoso poypou SBq Xip oqi (q) puE '(XppoBj ppojo joipo Xub jo oouBjnsui puoq pdpiunui 01 pjeSoj inoq}iA\) XouoSy SupEj oip Xq suopBSqqo uoiq joiuos oip 01 pouSissB uoqi Suubj oip UBqi JoqSiq jo 01 pnbo si isqi SupEJ e 'oiui pojomo si iuouioojSb dEA\s oqi opp oqi jo sb 'Xi;;} oqi 0} siuouiXBd sp 05[bui oi JopiAOJj dEA\s oqi jo uopBSqqo oqi soopBJBnS oqA\ Xired oip jo jo JopiAOJd dBA\s oip jo suopBSqqo pojnoosun oip 01 pouSissB sei[ (joiuejeuS sp jo JopiAOJj dEA\s oip jo suopBSqqo pojnoosun oip soibj osjb XouoSy Suue^j oqi ji) XouoSy Suub^j qoBO (b) ojoi[a\ 'lunouiB puopou oqi uodn posBq xopu; jo oiej uodn-pooiSE ue p popjnopo iiinouiE ub ouip jo pouod poypods e joj Xpo oqi XBd 0} soojSe JopiAOJj dBA\s oqi pus iiinouiE puopou e uodn posBq xopui jo oiej uodn-poojSE ub ie poiBpojBO lunouiB ue jopiaojj dBA\s oqi XBd 01 soojSe X113 oqi qoujA\ jopun jopiAOJj dBA\s b puE Xpo oqi uooA\pq iuouioojSb ub suboui jimuaauSy dvMg uojj joiuag paif!pno~„
81-V
'¦M\3 oqi jo jpqoq uo jo Xq poiAOj xbi Xue jo spoooojd oqi (in)
lioSjEqo Xiunoos jo oSjBip XppoEj oSjbo Xue 'oi popuiq jou inq 'Suipnpui 'XnQ aqi jo jpqoq ho jo Xq poiAO| oSjBip jo xei JEpuus jo oSjBip XjqpBj jouiopno 'oSjBip XppoBj joSuosssd Xub jo spoooojd oqi (q)
ispuog onuoAOj XppoEj ppodg oqi jo oousnssi oqi SuizuoqinB uonn|osoj jo ooiiEUipjo oqi Xq pojmboj siuouiXsd punj oajosoj joipo puE Sui^uis jp puE spuog onuoAO^ XppoEj ppods uo isojoiui pus 'Xue ji 'uinimojd 'jo pdpuud Xsd oi pojmboj oje poAuop sXououi osoqi luoixo oqi 01 sopppsj ppods ipiM uopoouuoo ui opi pojopo siuouioSiiBJjy SupuEuij XiqpEj ppods uiojj Xpo oqi Xq poAuop spnouiE Xue (i)
:opnpui iou soop sonuoAO^ pqi
'jOAOMoq 'popiAOJd iXji^ oqi jo siuuoooe puE spunj uodny [P 01 poppojo jo ppq sXououi 'jo iuouiisoaui oqi uiojj pozqsoj njojd Xub pus 'uo SupuooE isojoiui iXp;) oqi 01 spouiXEd isojoiui tsonuoAOJ uopsoouoo tuodjiy oqi jo uoipjodo oqi ui Xpo oqi Xq pojopuoj ooiajos Xue joj jo uodiiy aqi jo osn oqi joj sooj puB soSjBip 'sppoj joqio ip l(Mopq (i) uopoosqns ui poquosop siuouiXEd Suipnpxo) soSjEip pUE sooj ouqjp ip :uoipiiuiq poqiiM 'Suipnpui 'ijodiiy oqi '01 podsoj qiiM jo 'jo uopEJodo puE osn oqi joj Xip oqi Xq Xpoojpui jo Xpooiip ojqBApooj jo poApooj spnouiE ip sopnpui piiE suboui ^sanuaAay^
ojniuopuj oqi jopun ponupuoo puB oouEiiipjo puog onuoAO^ ijodjiy pjouoo oqi jo \q$ uoipos Xq popojo punj onuoAOj oqi suboui itpunjj anu3Aa}i„
jooijjo ppuBuij joiqQ oip Xq poypjoo sb 'spuog oajosoj uouiuk>3 qons jo spoooojd oip uiojj popsodop oq 01 opo3 oqi jopun popiuuod iiinouiE umuiixEui oip (q) puB spuog oajosoj uouiui03 qons jo oouEnssi oip Suppooojd XpiEipouiuu uiouiojinbo^ oajosoj oqi (b) jo urns oqi oq psqs luouiojinbo^ oajosoj oqi 'opo^ oip jopun ponpxuod lunouiB uinuuxBUi oqi jo ssooxo ui iiinouiE ub ui spuog OAjosofl uouiuioq qons jo spoooojd oip uiojj punj-qns oajosoj ooiajos iqon uouiuio3 oip opi ppd oq sXououi pip ojinboj ppoM iiinouiE qons spuog oajosoj uouiuio j jo souos b jo oouEnssi oip uodn j; pqi 'jOAOA\oq 'popiAOJd 'jeo a puog Suipoooons Xue jo pojjno oqi in spuog oajosoj uouiuio3 oqi uo o|qEXBd Isojoiui puE siuouipEisui pdpuuj jo iiinouiE uinuuxBUi oqi suboui juavuajmban aAuasa}{„
¦pun-i oajosoj jAi'yo piuouio[ddns oqi uopBipiiq poipiM Suipnpui 'siuouioojSy osEoq puE osn auqjiy oip jo i oppjy in poypods siunoooE jo spunj Xue (q) puB tspoo ppdB3 sb pojoaoooj osiAvioipo iou oje pqi 'punj oajosoj oouBiioiupjAj oqi uopEpuip inoqpM Suipnpui 'ojniuopuj puog oip Xq pojpboj siunoooE jo spunj Xub (e) qsiuo[doj jo qspqEiso 01 spsodop suboui ^sjisodaQ pajinbay,,
sonuoAO^ posEopj oqi uo uoq
pus oSpo|d isqi jo osBopj oqi uuyuoo jo oouopiAO 01 jooijjo pozuoqiny oip Xq pojsonboj sdop 0[qBiiosBOJ IP o^ei pEqs oopnjj oqi piiE 'ojniuopuj oip jo uoq piiB oSpojd oqi uiojj popnpxo oq ipqs isonboj stjooyjo pozuoqiny oip ui poquosop sonuoAOJ oqi 'siuouinoop osoqi jo idpooj stooisnjx oqi uodn
suoipSpqo uoiq joiuos Xue oi pouSissB uoqi Siupj poousquoun Xub in uoponpoj jo pMBjpqiiM e osnBO iou piM ojniuopuj oqi jo uoq puB oSpo[d oip uiojj sonuoAOJ osoqi jo uojsn[oxo oqi iBip pojjo oqi 01 sopuoSy SupE^ oqi jo ipso uiojj uopBuuijuoo uouuav (p)
piiE
;uopBXB} ouiooui pjopoj jo sosodmd uiojj ouiooui ssojS ui popnpui oq 01 suopBSqqo uoiq joiuos
I
61-V
UIOIJJ
jo uoijBuiquioo Xue jo 'ojojoqj juBnsjnd Xjp oqj Xq pojOAqop pus pojnooxo ssoupoiqopui jo soouopiAO joqjo jo sojou ojoui jo ouo ui jo 'luouionsui qons Xue jo jonssi aqi puE Xjp oqj uooMjoq ojui pojojuo sjuouioojSe juouiosjnquipj ojoui jo ouo ui qjjoj jos oje suoijESqqo osoqj JoqjoqAY 'luouransui qons Xue jo jonssi oqi 01 o[qBXEd siunouis joqio jo sooj Xub Suipnpui 'ojniuopuj oqi jo 803 uonoos ui poquosop sb suoijESqqo uojq joiuos jo souos 3-ioui jo ouo Suunoos sjuouiansii! ojoui jo ouo jo sionssi jo jonssi oqi osjnquuoj 01 Xjp oqj Xq pojjnoui suoipSqqo Xub uboui ^suopv3\\qQ 80Z "opaag uaij uoiuas,,
•oiEQ ooueseojoq suon oqi o} joud pojjnoui jo ponssi suoiiESqqo uoiq pjiqj, 3003 Suipnpui oseo qoBO uj pus 'iuouioojSb iBqi jopun jo jopunojoq pojBinpjoqns ojb suoipSqqo osoqi juojxo oqi 01 idooxo IuouioojSv dEA\s uoi-j joiuos P3U!IBnO B -^pun Xji;} oqi jo suoijESqqo (o) piiE suoijESqqo 803 uoipos uoiq joiuos Xub (q) 'ojnjuopui oqi jo ojniuopuj 3J03 sqj jo jj oprjjv 01 lUEnsjnd pus jopun Xjp oqi Xq ponssi ssoupojqopui jo soouopiAO jo sojou 'spuoq oqj jo Xub (e) suboui ^suoijvSijqQ uaij uoiuas„
•sjuouioojSy
osBoq pire osq ouqjjY oqj jo jfg uoijoos ui porepopo junouiE oqj suboui jisodarj Ajunaag,,
•ojnjuopuj uoi"j puooos oqj in popiAOJd jouubui oqj in pojuioddB joje[ oojsnjj oqj sb jossooons sji jo 'ojnjuopui uoiq puooos 3lP Japan oojsnjj jossooons sb 'siouqjj 'oSBOiip ' V'N 'XiiEduio3 jsnjj. uojpjAj ^jo^ avo>j jo ^ueq oqj, suboui ^aajsnuj uatj puoaas,,
suoijESqqo 803 uoijoos
uoiq puooos (l) PUB ojnjuopuj uoiq puooos 3in J° II spjUV °l lUEnsjnd puE jopun Xjiq oqj Xq ponssi ssoupojqopui jo soouopiAO jo sojou 'spuoq oqj jo Xub (b) suboui ^suopvSjiqQ uaij puooas„
ouiij oj ouin uiojj pojuouioj.ddns jo popuouiB sb '3(03 'SI Xejaj J° SB paiBP 'jstuj, jo ojnjuopuj jojsbjat oqj Xq pojBjsoj piiE popuouiB sb 'oojsnj j, uoiq puooos 9Uj Pire &f\D 3lP uooAvjoq '^861 'l Joquiojdos jo sb pojsp 'jsnjx jo ojnjuopuj jojsbjaj oqj suboui ^aunjuapuj uaij puooas„
sSuijEj jEqoio dVS suboui „j$>s„
jsamtaAax pasvap}j„ uuoj oqj jo uoijiuijop oqj ui pojEjduiojuoo sjuouinoop oqj oojsmx oqj qjiAV pojij SEq Xjp oqj qoujA\ jo joodsoj in sonuOAO>j posEop^j Xub ^sanuana^,, uuoj oqj uiojj popnjoxo oq osp [pqs ojoqj 'ojnjuopuj jEjuouio(ddns b ui popiAOJd osiAvioqjo ssopfj
•Xj|3 oqi Xq sSuiMOJJoq Xub jo spoooojd oqi (xi)
puE
tXjjodojd yodjiy Xue jo ojes oqi jo spoooojd oqi piiE sipodop Xiunoos (HIA)
:spjEA\B uoipuuiopuoo Xue jo spoooojd oqi (iia)
isojdiouud SuiiunoooE poidooos X[jejouoS ijiiav oouEpjoooE ui sonuoAOJ oq oi pouioop iou oje qoiqM spoooojd oouBjnsui (ia)
:piV-UI-S}UEJQ lUOUIUJOAOr) (a)
ipunj onuoAOj oqj ojui jisodop joj osiMjoqjo jo juouioojSe Xq oiqsjpAE jou si jeijj jjodiiv aqi jo junooos jo punj Xue ui sXououi 'jo juouijsoaui oqj uiojj Sunjnsoj jyojd Xue puB 'uo SintuooB jsojojui (ai)
03-V
SOnUOAOj UBin J01UO SOOJnOS JO SpilOg OnUOAOj XiqpB j ppods
jo ops oqi jo spoooojd oqi qjiAV pojmboE jo poddinbo 'poipisui 'poptuisuoo aq oj si jo uooq SEq iBqi 'joojoim uoiuod jo 'yodjiy oqi IE iiioujOAOjduji jo XiqpEj 'Suropnq e suboui ^Aji/iavj jvpadg,,
oibq uonisiiEJX aqi Hlun ajrquopui aqi japun paupppui punj spofojj pudEO ppods aqi susaui i(punj sjaafouj jviidvj /vpad$„
ojniuopuj aq) spauia|ddns qoiqM 'ooisrux aqj pus Xpo aqi uooMpq '8103 'I -laquiaooQ jo sb paiEp ajniuapiq ppouiojddns qiji-r-Xixis aqi suBaui uaumuapuj /Djuawaiddns ip/iJ-iUxig,,
¦ajniuapiq aqi siuauia[ddns qoiqM 'ooisruj aqi puE X113 aqi uaaAvpq '8103 'l Joquiooorj jo sb paiEp ajmuapuj ppouiojddns qynoj-Xixis aqi suBaui tlajn}uapuj jvjuaiuajddns ipunoj-fixis,,
ajniuapu] oqi siuouto|ddns qoiqM 'oopnjr oqi piiB Xir) oqi uooMpq '8103 'l JoqutoooQ jo se poiEp ojniuopui piuouiO[ddn§ pjiq j -Xixis oqi suboui uauniuapuj \viuama\ddns puii/j-Ajxis,.
•uoipSqqo uoiq joiuos e J° Xiunpui oqi jo Xpo uosboj Xq Xip oqi Xq ojqBXBd pnouiB Xue opnpui iou soop pq 'oiBp ojninj pqi joije ojnpui qoiqM suoipSqqo uoiq joiuos oqi jo luouiojipj oqi joj oiBp ojnpj ajSuis e uo Xiiq oqi Xq iuoao Xue ui ppd oq 01 uoipSqqo 803 uoipos uoiq joiuos asoqi Suueojo luouinj}sui aqi jo souos oqi Suipojo ojnpopuj piuouio|ddns oqi Xq pojmboj pnouiE oqi 'suoipSqqo 803 uoipos u3n Joiuos Xub jo Suyspuoo jo souos ^ue jo suoipSqqo uoiq joiuos SuipuEispo oqi 01 podsoj qi|M pus uoipuiujjoiop jo opp JEpoiysd Xue jo sb suboui juaxuAnj punj Buiying,,
•ouiuiy XjoieuSis uuox-uoqs b jo ouqjiy XiopuSis uuox-Suoq e joqjp oq Xbui ouqjiy XiopuSis y siuouioojSy osEoq puB osq ouqjiy oqi 01 JEpuip XqBiiuEisqns Xpo oqi qiiM iiiouioojSy osEoq piiB osn auqjiy ub popooxo sei| iBqi joijjeo Jiy joqio qoBO piiB ouqjiy suboui ^aui/uiy AuojvuSjs,,
•ouiuiy
XjoieuSis uuax-SuoT b iou si ibiji ainuiy XiopuSis e siiEaui ^aui/uiy auojduSjs uuaj^-juoqs,,
(yodiiy oqi p sjoujeq joSuossej (p 01 uodo pyod uioisXs uoiibajosoj e se qons) XSopuqooi osn pajBqs jaqp puE '(SuiSSbi SEq piiB sassEd SuipjBoq joj) s^soi^ ooiajos-jps puE suoubis^jom Suissaoojd jaSuassBd 'siapBaj aiBS SuipiEoq '(MSQIEl„) uiaisXs XEjdsqj uoipuuojui aSsSSBq aqi 'LSCiID,,) sXEjdsip uoipuuojui apS '(<(saiJ„) sXEjdsqj uoipuuojui iqSqj 'Suuim juomiou 'ajnpnj}SEJjui Sujuoddns ^jomoseo luouidinbo uojiBiiuii] inoqiiM Suipnpui 'Suissooojd JoSuossBd ui osn joj X113 oqi Xq po|pisui pus poiiMO pouidinbo suboui „X3S„10 ^0louHD3I Puv iuawdmbg pauvi/s,,
•(oiqEXEx) 3 souos 8103 'spuog onuoAOj uoiq jouios yodny pjouoQ yodjiy puoipiuoiuj ojej^o oSE0iq3 oqi suboui tspuoq uaij Joiua$ J810Z,,
(IWV-uom) g souos 8103 'spuog onuoAOtf uoiq jopos yodny pjouoQ yodny puouEiuoiui ojej-^O oSeoiiq oqi suboui itspuoq uaij uoiuas 88I0Z,,
(XIAIV) y souos 8103 'spuog Suqjunjo^ onuoAO^ puB onuoAO^ uoiq joiuos yodiiy |ejouo£) yodjiy ieuoueujoiui 0JBHtO °§Baiqo oqi suboui itspuoq uaij uoiua$ ysfOZ,,
luouioojSy dBMS uoiq Jopos poyipno b jopun X113 aqi jo suonBSqqo Jo suoipSi[qo 803 uoipos uoiq joiuos opnpui iou soop 'osiMioqio soiEOipiu XyEop ixopoo oqi ssopn 'jnq 'souos b sb 11 ui popuSisop piiB ojnpopuj piuouiojddns e 01 lUEnsjnd ooimnssi puiSuo uo pojOAqop puB popoquoqinE suoipSqqo U3n Joiuos oqi jo jp suboui
It-V
¦S}U0UI30jSy OSBOq pUB 3Sfl OUqJiy JO fg UOU00S u! P3qU0S0p
Xqnj ojoui se sopqpBj xo[dui03 jBupxuoi Joqio pus oosds oieq jo osn pus iuouiuSissb oip inoqB Xip oip 01 ooiApB sopiAOjd jBip dnojS oip suboui „jyjj„ jo ltaajjiiuwoj Auoswpy sapipoDj \vmuu3±„
•suoissooiio3
jBupiuox uiojj A"p3 oip Xq popopoo ouuoaoj suboui ^anuaxa-g uoissaauoj \vujuuaj ,,
•uodny oip jo g puiuuox pire puiuuox upjAi oqj suboui ^xajdwoj jDunuuaj,,
siuouioojSy osEoq piiB osn auqjjv oip jo n'8 qSnojip £ g suopoos 01 lUEnsjnd poppojBO soSjbijo oqi suboui ^saSuDifj [vunujaj,,
siuouioojSy asEoq piiE osn 3uqjiy 3H1 J° 3 appJV ui poquosop joqunj sb siuouioojSy osEoq pus osn 3U!IJ!V 3lP J° uuoi osbo| oip suboui juuaj^,,
•luouioojSy dBA\§
uoiq joiuos P3UHEnb E °lu! sjoiuo X113 oqi qoujM ipiM XyEdioiunoo Xub suboui iirtapi,\ojj dDM$„
Q-gZ JOijEOJoqi puE gzQZ
9T3 bZOZ
081 £303
Vn 3303
8 01 1303
ZL 0303
%9'£ 6103
oSbiuoojoj ojqEopddy JE3A lE3S!i
:jboa pasij qons
joj uopoofoJd osuodxg ooueuoiuiejaj pire uopEJodo luojjno uoqi oqi jo lunouiB oqi jo 'ojqB} SuiMopoj oip ui ipjoj ps se 'jeo a posig qons joj oSsiuoojod ojqEoqddB oip 01 jEnbo iimouiB ub 'joijbojoiji jboa posy Xub pus jboa jBOSig 6103 3lP J0J 'suboui juaxuauinbaq punj atuasay pf^pQ ivjuaiua/ddns,,
¦jboa posig qons joj luouiojinboj punj oajoso^ jAppo lEiuouioiddns oip 01 punj oajoso^j YiVO lEiuouioiddns oip ui oouEjsq oqi osbojoui 01 pojinboj 'Xub ji 'iiinouiE oip 'joijBOJoqi jboa pasij Xue piiB jboa lE3S!J 6103 3lP J0J 'suboui jua\uaumba}i ixsodaQ punj ai\uasa}j p\p>po iwuaiuajddns,,
•ojniuopuj
oip Xq poiEOJO punj oajoso^j jaj?5>0 IEiuouio[ddns oqi suboui tj)unj a\uasa^ f^ipo iviuawa/ddns,,
ojniuopuj oip
qiiA\ ooiiBpjoooE ui ooismx oip puE X113 oqi Xq pojOAqop puE poinooxo 'ojniuopuj oip jo ojruuopuj uoiq pjiqx 3003 3lP J° XjoiEpuouiE jo 01 jEiuouio|ddns ojniuopui ub suboui ^aunjuapuj jDjuatuaiddns,,
'uopeSpqo Suixbi ou SEq Xip oqi qo;qA\ joj puE 'sonuoAOJ ireqi joipo soomos uiojj puE suopBSqqo osoqi jo ops oqi jo spoooojd uiojj Xjojos ojqBXEd oje isojoiu; pus 'Xue ji 'umiuiojd 'jEdpuud oqj qoiqAV 01 podsoj qjiAV Xji^ oqi jo suopBSqqo suboui uspuog anuaixay Ajipovj ppadg,,
spuog onuoAOj XppoBj
ppods °l Suubjoj jo Suueojo iuouioojSb Xub suboui juawaSuvuuy Supuvuij Ajjjpvj /viaads,,
cc-V
OJBQ OOUESBOJOQ SUOI/"I Oqj UO SlIipilEJSjnO OJE JBip, 'OjnjUOpilJ UOI/J
" P-"OJBQ OOUESBOJOQ SUOiq Oqj OJ pOJUOUIO[ddnS PUB pOpUOUIE SB 'UOlJEIOOSSy |BUO;jEM ^JUEfl 3HBSBT °1 33)SnjJ JOSSOOOnS SB UOlJEIOOSSy JBUOIJEN
^ireg s n piiE Xj;3 oqj uooMjoq '3003 'l qojBjAi jo sb pojsp suoijESqqo uoiq P-iuiI JJO&ny Ibiioijbiuojui 0JEHtO o§BDiq3 Suunoos ismj, jo ojnjuopuj jojsbjaj oqj subsui ^umuspuj usij putuj ZOOZ,,
¦SJBCJ
uoijisuejl oqj oj pojuouiojddns piiB popuoure se 'oojsnjj se 'uoijBioossy |euoijem )piBg 'S'n piiE Xjp oqj uooMjoq '2103 '[ joquiojdos jo se pojBp suoijESqqo uoiq joiuos onuoAOfl jjodjjy jbjouoq jjodiiy
1BU01JEOI3JUI OJEJJ.O oSBOiqO SuijnOOS JStUX JO OjnjUOpUJ JOJSBJAJ Oqj SUBOUI u3J.HJU3pUJ ZIOZ,,
¦£lp uoijoos jo ojnjuopuj oqj uiojj uonojop oqj joj SuipiAOJd ojnjuopuj [Bjuouio|ddns qjuoAOS-XjJiqx oqj ui pouiEjuoo ojnjuopuj oqj oj juouipuouiE oqj suboui judiupusiuy OIOZ,,
sjoSuosssd sji oj sooiajos uimuiojd opiAOjd oj ouqjiy Xq posn (Xue ji) sosiuiojj osf) OAisnpxg osoqj suboui ua8un(rj jja„
sjuouioojSy osEoq pire osq auqjiy oqj jo (p) I "01 "8 uoijoos ui joj popiAOJd sooj ojb£) osq uouiuio3 oijsouioq uo dBO X[qjuoui oqj jo sjuouioojSy osBoq puE osn auqjiy oqj jo (o) I "01 "8 uoijoos u! osiAOJd oqj oj onp pojoaoooj jou si jBqj sjuouioojSy osEoq puE osfj auqjiy oqj jo (e)joi"8 uoijoos oj jirensjnd pojEmoiEO juouiojinbo ^ onuoAO>j ojbq osq uouiuioq
OIJSOUIOQ 3lP J° (^UB Jl) UOlJJOd Oqj SUBOUI ^SJSOJ 3JVQ 3sCl UOIUIUOJ 0J1S3XUOQ p3U3AO03UUf}„
ojnjuopiq oqj ui popiAOJd jouueui oqj ui pojuioddE joje[ oojsnjj oqj se jossooons sj; jo 'ojnjuopuj oqj jopun oojsnjj se 'uoijBioossy ibuoijb\i ^UEg 'S'Cl suboui tl33jsruj„
ojnjuopuj oqj
jo sosnBiQ Suijubjo oqj oj juBnsjnd oojsnjx oqj oj poXoauoo Xjjodojd oqj suboui „3jv)s^ isiuj,,
'8103 'I 3uUf SUBOUI tt3}D(J U01)1SUDJJt,
•sjuouioojgy
oseo-j pire osfj auqjiy oqj jo £-g uoijoos oj jirensjnd jboa |eosij qons joj poqsqqBjso juouiojinboj onuoAOj jeuiuuox JBjox oqj 'jboa JEDSIj Xue joj suboui jimu3uvib3}j anuaAay puntuai pjoj,,
•sjbos
SuijJBdorj poiOAi[oa puB sjbos SuiAijjy pojOAqoa jo uins oqj suboui ttsjv3s pdus.ypQ pioj,,
•ojnjuopui uon pjiqx 3003 3XP J° \0£ uoijoos Xq pojBOJO punj oniioAOj uoig pjiqx 3m suboui itpunj 3mi3,\3^ usij p-iiijj;,,
•sjuouioojSy
osBog pire osn 9uqJiy oqj jo £ g uoijoos °J lUBnsjnd jboa 1e3sij qons joj poqsqqBjso juouiojinbo>j onuoAOj ooBds [buiuijoi oqj 'jboa 1b:)sij Xub joj suboui ju3iu3uvib3}j snu3\3^ 3ovd$ pinwusj^
sjuouioojSy osEog pire osf) suqjiy oqj jo £¦% uoijoos °J juBnsjnd jboa Ie3sij qons joj poqsqqBjso sojBj jbjuo^ (buiuijox oqj 'jboa IB3Sij Xub joj 'suboui its3}v}j pjud}j puiuu3±n
i-a
oip jo uoq oqi puB :pe joqynj jo XjOAqop jEOisXqd joqynj Xue jnoqjiM oSpojd aqi jo uoq oqi o} pofqns lisodop isqi uodn Xjopipouiuu oje punj onuoAOtf oqi ui popsodop puB Xp;} oqi Xq poaioooj JojjEOJoqi jo uoqi puB poSpo]d os sonuoAOJ oq j, ojniuopuj z\0Z 3lP PUB ojniuopuj uoiq pjiqx 2003 3lP J^pun soSpojd joud oqi sonupuoo puE oprj oouesbojoq suoiq oqi uiojj Supxnq pus pqEA si oSpojd qons ojniuopuj |Eiuouiojddns oqi jo ojniuopuj oqi jopun popiAOJd jo ui qyoj ios jopjo pus sopuoud 'suopppuoo 'suuoi oqi uo puE sosodmd oqi 01 jo joj sopunoos puB sXououi qons jo uopBudojddE jo iJBdB Supps 'luouiXBd oqi Supiiiuiod jo Suumboj ojniuopuj [Eiuouiojddns Xue jo ojniuopuj oqj jo suoisiAOJd oqi 01 Xpio pofqns 'suoiiESqqo uoiq joiuos 3lP 'uo isojoiui puE 'jo oouj uopduiopoj piiB jEdpuud oqi jo luouiXBd oqi ojnoos 01 'ojniuopuj |Eiuouio|ddns Xue jo ojniuopuj oqi jopun ooismx oqi Xq opisE ios jo pjoq oq 01 jo opiSE ios jo p|oq sopunoos puE sXououi ps jo puE 'ojniuopuj oqi jo sosnsjo SupuEJQ oqi ui qyoj ps }uoixo oqi oi 'oiEisg ismx oip jo oSpojd e so>pui Xip oqx suopBSqqo uoiq jouios oqi uo isojoiui jo jo jBdiouud oqi jo luouiXsd oip 01 poSpojd si suoisiAipqns jBopqod sp jo Xub jo siouqjj jo oieis oqi 'Xpo oip jo J0A\od SmxEi oqi jou ppojo piiB ipiBj oip joipiou pus 'uopEiiuiq XioiniBis jo jEuopnipsuoo Xue jo Suiuboui oqi uiqiiAv Xpo oip jo ppojojo uboj b jo ssoupoiqopui ue oinipsuoo iou op uoojoqi isojoiui oip pus suopBSqqo uon jornos oqx 'ojniuopuj [Eiuouiojddns Xub puB ojniuopuj oqi jo suoisiAOJd oip jopun oopruj, oip Xq pjoq sopunoos pus sXououi joipo upyoo puB sonuoAOj uiojj Xjojos ojqBXBd Xip oip jo suopBSpqo popuiij Suppuiq puB pqEA 'jeSoj oje suoiiESqqo uoiq joiuo§ oqi iBip sopiAOJd ojniuopuj oqx
SA3NOW H3HIO CIMV S3fiM3A3}I JO 3DCT33d ^!M3P\lAVd JO 33WiOS
•uopESqqo uoiq Jouios e oinipsuoo Xbui Xpo oqi jo uopBSqqo qons Xue puB iuouioojSb osBqojnd puoq e jo JopiAOjd jo ppojo jo jopoj oip jo jonssi oip osjnquiioj 01 poipoui e uo oojSe Xbui Xip oqi 'ipiA\ojoqi uopoouuoo uj •sjuouioojSb osBqojnd puoq jo ppojo jo sjopoj ojoui jo ouo qSnojqi sjouavo jioqi jo piiEuiop oqi uodn suopBSqqo uoiq joiuos asoip jo ooud osBqojnd oip jo luouiXBd oip ojnoos 01 'osBqojnd Jjoqi ojmboj 01 iqSu oip OABq suopBSqqo U3n Joiuos osoqi jo sjouavo oqi ji puB 'suopBSqqo uon joiuos jo souos ojoui jo ouo uo isojoiui puB 'Xue ji 'uimuiojd 'jo jBdiouud oqi jo piouiXEd oqi ojnoos 01 ppojo jo sjoiioj ojqEOOAOjji ojoui jo ouo opiAOjd oi ojniuopuj oqi ui iqSu oip soajosoj Xpo oqx
ipojoqi qyoj ios sosodind
oip joj ojniuopuj oip ui joj popiAOJd sb ouip oi ouip uiojj pojjnoui oq oi pozuoqinB osjb oje siuouioojSy dBA\s uon Joiuos P3lJHBnb P^ suopBSqqo 803 uopoos uoiq joiuos J° Supsisuoo suopBSpqo uoiq Jouios 'oousnssj jo spo3 jo piouiXEd 'osbo qoBO ui 'Suipnjoui ;ponssi oje suopBSqqo u;5n Joiuos Xub qoiqM jopun ojniuopuj jEiuouiojddns oqi jo ojniuopuj oqi ui poypods se punj-qns poiBOiporj jo limoooy 'punj Xue jo Suipunj oip (o) jo 'suopBSqqo u3}1 JOiunr Xue puB spuog onuoAOj XppoBj jEioods Xub jo Suipunjoj oqi 'oi popuiq jou inq '3ujpn|ou; 'spofaid yodiiy ojoui jo ouo ooubuijoj jo ooiiBuy oi ponssi suopBSqqo joqio jo '(suopBSqqo uoig pjujl 3003 Suipnpui) suoiiESqqo uoiq jouios 3° Suipunjoj oqi (q) 'spofojd yodiiy ojoui jo ouo jo sisoo oqi 'jo luouiXBd oqi joj luouiosjnquiioj oqi jo 'piouiXEd oqi (e) jo osodind oip joj 'ojniuopuj oqj jo avej Xq popuiq oq Xbui sb idooxo lunouiB oi sb uopEiiuiq moipiAv 'souos 3Joui jo ouo ui ouip oi ouip uiojj ponssi oq oi ojniuopuj oip Xq pozuoqinB oje suopBSqqo uoig jopios 'spofojd yodiiy jo SupuEiiyoi jo Suioueuij oqi joj spunj juopyjns opiAOJd oi jopjo uj
saMoa omv SNOiivonao Man ^oiMas jo NOiivzmoHinv
SIATHai JO AtfVSSOlD.rV XICIMSddV "I pouyop oje XjEUiuins siqi ui posn suuoi puE spjOM upyo3 siuouinoop qons jo qoso jo siuoiuoo piiB suoisiAOJd oqi jo luouiopp opjduioo e joj opEui si oouojojoj ijoiijav oi '(ojniuopuj,, oqi) oiBp oi poiuoutojddns se 'isnjx jo ojnpopuj JoisEjAj popisoj pire popuouiy oip jo suoisiAOJd uieijoo jo XjEUiuins B si Suiavojjoj oqx
aMfiiMaaNi Man hoimbs aHi ao smoisiaohj \ivxm33 ao AHvwwns
a xiciMaaav
Xqnj qoBO 'souBpsodop jo XjBpsodop b qiiM ooisnjx oqi jo ouibu oqi in punj onuoAOj oqj jo ppojo oip 01 popsodop Xjiduiojd pUB Xjp aqi Aq pojoopoo aq pBqs sonuaAOj py sanuaAaj jo jisodaa
suopBSqqo uail joiuos aqj J° sjaiiAvo aqi puB aajsruj. aqi jo joabj ui jsajajui Xjunaos jo uaq Xub jo aajj aqi jo osodind aiBJodioa injA\B| Xue joj Xjrj aqi Xq UA\BjpqjiA\ puB pasn 'paqddB aq Xbui punj iejouoq jjodny oqj ui Xip aqi Xq pjaq sapunaas puB sXauoui pv
•sasodind qans joj Xip aqi Xq isrui 111 ppq aq pBqs 'uA\EjpqjiA\ puB pasn 'paqddB os pum 'puE ajniuapiq oip ui pazuoqjnB sasodind aqi joj Xjajos UAVBjpqiiM pus pasn 'paqddB aq [[Eqs 'Xjd aqj jo sapunaas puB sXauoui jaipo pB uiojj iJBdB pus aiEJEdas ppq puE joj paiunoaaE aq pBqs punj yvnyo lEiuouioiddns oqi puB punj oajoso>j oouEiioiuiBjTyj oqi 'punj oajoso^ ooubuojuibjat puE uopEJodo oqi 'punj ooueuojuiejaj pus uopEJodo aqi ip Xip oqi Xq pjoq sopunoos puE sXououi qy
ojniuopui
IEiuouio[ddns jo ojniuopuj oqi ui pozuoqjnE sosodmd oqi joj Xpio UMBjpqjiAV puB posn 'poqddE oq pBqs pire 'ojniuopuj jBiuouiojddns qons jo ojniuopuj oip ui popiAOJd se 'oojsiu j, oip Xq isnji in pjoq oq pBqs ojniuopuj oqi 01 juBnsjnd popojo lunoooEqns jo lunoooy 'punj-qns Xub jo punj ooiajos iqoa uopESqqo uorj jopinp oip 'punj ooiajos jqoQ oqi 'punj onuoAOj oqi ui pjoq sopunoos puB sXououi Xuy
ojnjuopuj oqi Xq poppiuod se punj onuoAO j oqi oiui popsodop puB oaisru j, oip Xq junoooB jo punj qons uiojj UMEjpqjiM oq 'idioooj uodn 'Xbui ojniuopuj jBiuouio|ddns qons Xue 01 lUEnsjnd jo (punj-qns oajoso^ ooiajos iqoa uouiui03 oqi Siqpnjaui) lunoooE jo punj oajosoj ooiajos jqop e ui psodop uo sXououi Xue jo juauqsoAui oip uiojj poAuop ouiooui pqi 'joaoa\oi| 'popiAOJd tojnjuopuj (Eiuouioiddns qons ui pojEuSisop XpBoijiaads aq Xbui sb suoiiESqqo uan joiuas qons jo pjouoq OAisnjoxo puE o[os oip joj aojstux oqi Xq pjaq aq pBqs siunoaaEqns puE sjunoooy 'spunj-qns qans ui psodap uo siunouiE iBip opiAOjd Xbui ajniuopuj pjjuoiuojddns qons Xue piiB iojnjuopuj jEiuouiojddns Xub Xq popojo oq os|E Xbui spunj-qns qons uupiA\ sjunoooBqns pus siunoooy puB (punj ooiajos Jq3a uoPB2qqo »oiq jopmf oqi UEqi joqio) spunj oqi uupiM spunj-qns jBiiopippy
'SiunoooBqns puB siunoooy 'spunj-qns qons jo spunj oip uiojj sjuouiosjnqsip piiE ojui sjuouiXEd jo saajnos aip Xpsiooid ojoui SuiXjpuopi jo osodind oqi joj 'isonboj uailUAV qons u; popioods oq pBqs se 'spunj-qns qons Xub uupiM sjunoooEqns puB siunoooy pire spunj oqi uiqiiAV spunj-qns jEuopippB qons qsqqEiso 'Xip oqi jo isonboj uojjum oip ib 'pBqs ooisnjx oqx
punj 1BJOU09 jjodny oqj 01 poppojo aq jjEqs punj juauidojaAaa yodiiy aqi pus punj sjoafojj [Ei;dE3 |Bioods oip ui pjoq uoqi sXououi aqi pire ponupuoosp? aq pBqs punj luauidojaAaa yodiiy aip pUB punj sioofojj repdBO jEioods oip (p) puB 'punj jbjouoq yodiiy oip pus punj OAjosoj JA[7?0 [Eiuouioiddns oqi uiejuibui JopEOJoqi piiE qsqqsiso pBqs Xjiq oqi (1) ojeo uopisiiEjj, oqi uo 'Pun3 aAjoso j ooiiEiioiuiEjAi e pus 'punj oajoso j ooiiEuoiuiBwl puE uopEJodo ub 'punj oouBuojujEjAl puB uopsjodo ue 'punj yodiiy oip iubjuieui 01 soojSe piiE poqsqqBjso seij Xjiq oq j,
•punj oo;ajos iqoa aqi uiqpM punj-qns papapjoa b sb pojojsunuipE oq 01 onupuoo pBqs ojniuopuj uoiq PJIMI 3003 9u.l °J ojniuopuj [Bjuouiojddns b Xq poqsqqBiso punj-qns papaipaa q°B3 pu^J aoiAjos iqoa aqi jo ysd sb ooisnjx oip Xq pjoq oje punj-qns pojsoipoa qoea puB punj-qns oajoso j aaiAjas iqaa uouiuioq oqx 'Ojniuopiij oip qjiM oouspjoooB ip ooismx oqi Xq pojojsiuiuipB pUE pjoq spunj jsiuj oje punj ooiajos iqaa uopESpqo uon Jopmf oqi puE punj ooiajos iqaa aqi 'punj onuoAO j oqx
3DIAH3S I830 dO INSWAVd CLMV SdNfli SmiNSCINI
p jo oopou 3AEq sapjBd aqi JoqjoqM jo OAqoodsojji 'Xip aqi isuieSe asiAuoipo jo lOBJiuoo 'yoi ui pui>j Xub jo suiuqo SuiABq soiyEd pB isuieSe se Suipuiq pus pqEA si oSpojd
e-a
pjuouiojddns aqj jo jpq-ouo oj pnbo junouiE ue punj oajoso>{ JM3>0 pjuouia|ddns aqj ojui jisodap joj Xjp aqj oj jajsiiEJj jxau j|Eqs aajsmx aqi 'H1JIJ
¦aajsnjx aqj ipiM
papj ajEaijijjao b Xq poypods junouiE aqj 'punj ooiajos jqaa uopESqqo uoig joumr aqj uiqjiM sjunoooB jo spunj-qns Xub oj 'joqjo oqj joao ouo 'Xjuoud jnoqjiM puE ojEp qons uo uiojaqj pojpodop aq oj suoijEoqqo uan joiunf jo oouEnssi oqj SupuoipnE ooireuipjo jo uopnpsoj Xub Xq pojmboj junouiE oqj oj pnbo 'Xue ji 'junouiE ub punj ooiajos jqoa uoijBSqqo uoig joiunf oqj ojui jisodop jxou [pqs oojsrux oqx 'HI^HOJ
OOO'OOO'l'S °) uiojoqj jisodop uo junouiE oqj oseojoui oj pojmboj 'Xue ji 'junoure oqj (11) piiE OOO'OOS'lS 0) J° Jassa| aqj oj jsnbo junouiE ue punj OAjosoj oouBuojuiBjAi oqj ojui jisodop joj Xjp oqj oj jojsubjj jxou pBqs oojsnjx oqx 'OHIHI
•juouijsnfpB qons jo junouiE
oqj oj [Bnbo junouiE ub Xq ojEudojddE se posEOJOop jo posbojoui oq qEqs \ X|nf qoBO oj joodsoj qjiA\ punj oajoso j ooubuojuibtat puB uoijBJodo aqi ui pojisodop oq oj pojmboj junouiE oqj uoqj 'sosuodxg oouEiiojupjAi puB uoijBJodo jo juoupsnfpE ue supjuoo uoijaofojd jsoje[ oqj ji JBip 'jOAOMoq 'popiAOid '.\ Xpr puB | XjEnuEf qons sopnpui qoiqM jboa posjj oqj joj 'Xub ji 'juouiojmboj jisodoa punj OAjosoj oouEUOjupjAj piiE uoijBJodo aqj jo jpq-ouo oj pnbo junouiE ub punj oajosoj oouBuajupjAi pire uoijEjado oqj ojui jpodop joj Xjiq oqj oj jajsiiEJj jxau jpqs aajsnjx oqx 'QNC03S
• [ Xpf jo i XjEnuEf jBqj oj Suipuodsojjoo sjuouiojinboj jisodoQ oqj punj oj juoppjns junouiE ub oj upjoqj jisodop uo junouiE oqj oseojoui oj Xjessooou junouiE oqj punj ooiajos jqoa aqj ojui jisodap jsjij jpqs aajsnjx oqx 'XS^Ii
:qyoj jos Xjijoud jo jopjo piiE jouueui oqj u; sjisodop SujMopoj oqj oxbui |pqs oojsrui oqj'[ Xpr piiE [ XiEnuBf qoBO Suipooojd XpjBipouiuii oojsnjx oqj jo Xsp ssouisnq oqj uo (q)
jboa pasij
qons jo jopupuioj oqj joj opBui oq oj punj ooiiEuojupjAi piiE uoijBJodo aq) oj sjisodop Xjqjuoui jo joquinu oqj si qoiqM jo JOjEipuiouop oqj piiE i si qoiqM jo JOjBJOUinu oqj uoijobjj e Xq poqdppui juouijsnfpB qons jo junouiE aqj oj pnba junouiE ub Xq ajEudojddB sb pasBajaap jo pasEajoui oq |pqs jboa IB3SiJ qans jo qjuoui qoEa punj aaiiEuajupjAj pus uoijEjado aq) ui pajisodap oq oj pojinboj junouiE oqj '(punj oajoso j W5>0 pjuouKqddns oqj puE punj oajoso j oouEUOjupjAj oqj 'punj oajoso>{ oouEiiojupw pus uoijBJodo oqj ui sjpodop poimboj jo OAisnpxo) sosuodxg oouEUOjupjAj puE uoijBJodo jo juouijsnfpB ub supjuoo sjuouioojSy osEog pus osn auqjiy aq) jo 9(8 uopoos qjiM ooiiBpjoooB u; poJBdojd uopoofojd jsojbj oqj ji JBip 'joaomoij 'popiAOJd :jboa pasij juojjno oqj joj uopoofojj osuodxg ooueuojiubjaj piiB uoijBJodo juojjuo uoqj oqj ui popiAOJd junouiB oqj jo qjjpMj-ouo oj pnbo junouiE ub punj oouEUOjupjAj puE uopBjado aq) ojui jisodop joj Xji3 oqj oj jojsubjj jpqs oojsnji oqj qjuoui qoBO jo Xsp qjuoj oqj uo (s)
:popiAOjd
sjunouiB oqj m pus sajBp oqj uo sjisodop SuiMopoj oqj o>pui oj pojmboj sb oojsrux oqj Xq poqddE pus posjnqspj aq jpqs punj anuaAaj aqj ui sXauoui aqx punj anuaAaj uiojj sjuauiasjnqsia
pajisodap os XpBnjoE sXououi joj Xpio o[qEjunoooE oq pBqs oojsrui oqi •XjEjisodop qons Xq piiB Xpo aqj Xq aajsnji aqj oj Xpduiojd papjBMjoj aq jpqs XjEjisodap aqj jo auiEii aqj puE jisodop qans qoBO jo junouiE oqj SuiaiS sjuouiojbjs piiB 'aajsnji aqj Xq paAOjddE puE Xji^ oqj Xq pojEuSisop 'oojsnjx oqj Xq ppq Xououijo sjisodop sb ouibs oqj OApooj oj ojnjuopuj oqj jopun poypsnb
•punj OOUEUOJUpjAJ pUB UOPBJOdo SM) UI 3[CJE[IEAE OJE punj OAJOSO j jAjTpo
jBjuouiojddns oqi uiojj sueoj jo juouiXsdoj oip joj spunj pus ppdoj uooq oaeij punj oajoso j oouEUOjupjAj piiE uopEJodo oqj uiojj sueo[ pE se uoos se piEdoj oq qEqs punj oouEUOjupjAj pus uopEJodo aqi oj punj OAjosoj jaj?s>o JBjuouiojddns oip uiojj suEog punj oouEUOjupjAj piiB uopEJodo oqj ui ojqEpEAE ojb piouiABdoj ueo[ qons joj spunj sb uoos sb ppdoj oq qEqs punj oouEUOjupjAj piiE uopEJodo oip oj punj OAJOSOj ooireuojupjAj puB uopEJodo oq) uiojj suBoq punj OAjosoj jaj3>o JEjuouio|ddns oqi piiB punj oajosox oouEUOjupjAj puB uopEJodo oip uiojj poA\ouoq spinouiB XBdoj oi pire sosuodxg ooueuojiuejaj piiB uopEJodo XBd 01 Xpio Xip oip Xq posn oq pBqs punj ooubuojupjaj puB uopEJodo aqi ui sXououi oqx (q)
•ooisrux oip ipiM popj oiBoijpjo3 e Xq pojoojip osbo i[oeo u; sb siuouioojSy osEog pire osq ouiuiy oqi Xq pojmboj Xjjej ouqjiY Xire 01 juouiXsd Xub Suipnpui 'ouqjrv Xub oi onp iiioiuosjnquipj Xub o^spui 01 'uopippB ui 'pire „punj onuoAOj uiojj siuouiosjnqsiQ,, jopun OAoqE poypods jouueui oqi ui puE JoqpuE joao ouo Xjuoud jpqi jo jopjo oqi ui punj ooiajos iqoQ uopESqqo uo;i joiunf oqi pus punj ooiajos iqoa oip ui Suisijb Xouoioyop Xub dn oxbui oi punj onuoAOj oip ui sXououi Xjdds [[Eqs ooisnjx oqi 'sjuouiosjnqsip pozuoqjnE oqi 01 uopippB u\ (b)
:sa\o[pj se poypods sosn pire sosodind oip joj posn oq [pqs 'punj jejouoq uocLpv oqi jdooxo 'spunj oqi ui psodop uo sXououi oqj, spunj jo osn
punj onuoAO j oqi 01 pojJOjsiiBJi oq [pqs jeo\ posij qons jo puo oqi p punj qons ui psodop uo oq 01 suoiiESqqo uoig Jopmf jo oouEnssi oqi SuizuoqjnB uopnjosoj jo oouEiupjo Xub jopun jo ojniuopiq piuouiO[ddns Xue jopun jo ojnjuopuj oqi jopun pojmboj junoure oip jo ssooxo ui punj oajoso j jaj?5>o piuouio[ddns aip pUB punj ooiajos iqoa uoipSqqo uoiq joiunf oqi 'punj oajosoj ooubuoiuiejaj oqi 'punj OAJOsoj ooubuoiuiejaj pire uoipjodo oqi 'punj ooireuoiupyvi pire uopEJodo aqi 'punj ooiajos jqoa aqj ui psodop uo siunouiv (a)
¦pnj ui opEui uooq OAEq
[pqs Xjuoud JoqSiq e SuiXofuo spsodop punj joqio |p joijb opq psodoa ojqBoqddB jxou oqi uo pojopoj oq pBqs poqddE iiinoure oqi 'punj OAJOSOj ooubuoiuiejaj oqi uiojj poqdds os oje sXououi Iuoao oqi uj punj ooiajos iqoa aqj ui sopuopyop Xub dn ombui oi punj oajoso j oouEuompjAj oip in sXououi XjddB 01 poiESpqo XjqBOOAOxii pire XpjoppuEui oq pBqs Xpo oqx (p)
•pnj in opsui uooq oaeij pBqs Xjuoud JoqSiq e SuiXofuo spunj joqio jjb ojui spsodop pojinboj JoyB opa psodoa ojqBoqdds ixou oqi uo dn opEui oq pBqs psodop oqi 'psodop pojmboj Xub o?pui oi juopyjnsui oje punj onuoAO j oqi ui pjoq sXououi oqi 'OAoqE (q) jo (b) sqdBjSBJBd jopun opEui oq oj pojpiboj ojb spsodop ouip oqj p jj (o)
punj jEJOuofj yodiiv aqi ojui psodop joj ouip qons p Xpo oqi 01 pouojsuBJi oq 01 iiinoure oqj oq ijeijs ojEoypj03 oqj ui Xjp oqj Xq poypods junouiE oqj oseo qou|A\ ui 'junouiE josso| e SipXjioods ojBoyijJOQ b oojsnjj, oqj ijjim popj OAEq ijBqs Xjjo oqj ssojun punj onuoAO j oqj ui Suiuieuioj junouiE Xue punj jbjouoq jjodjiy oqj ojui jisodop joj Xjp oqj oj jojsubjj jxou jjEqs oojsnjj, oqx 'H1XIS
¦ juouijsnfpB
qons jo junoure oqj oj jsnbo junoure ue Xq ojEudojddE se posEOJOop jo posBOJom oq jjEqs j Xjnj qoEO,oj joodsoj ijjiav punj oajoso j j<\j??o JBjuouiojddns oqj ojui pojisodop oq oj pojinboj junouiE oqj uoqj 'sosuodxg ooueuojiuejaj pire uoijBJodo jo juouijsnfpB ub supjuoo uopoofojd jsojej oqj ji jsqj 'joaomoij 'popiAOJd ;j Xjnf puE j XjEniref qons sopnjoui qopjA\ jboa lBasH aqj J°J 'Xue ji 'juouiojinbo j jjsodoa punj oajoso^j jaj3>0
s-a
Xq oiuoq jsojojui jo ojej aqj jo juouijsnfpB aqj puB suoijESqqo uoiq jouios jo Supo^JEUioj piiE asEqajnd 'uopduiopoj 'juouiXBdojd aqj uiojj jpsoj Xbui sb suopiAOi qans Suipnpui 'inojoqj ppq sXauoui aqj jo juouiosjnqsq? jadojd aqj puE punj ooiajos jqag oip jo sjuouiojmbo j jisodoa aqj ouiuuojop oj jopjo in aAoqB (q) qdBjSBJBd oj juBnsjnd sjisodoa pojpbo j joipo,, 3lH J° lunouiB piiB Slipup aqj Suqpjop ojEoypjoo b (pojinboj se ouip oj ouip uiojj osiaoj puE) oojsrux oqj qjiM opj [[Eqs Xjij aqj 'juouioojSy dEA\§ uaiq jouios poyqEno Xue piiB uopESqqo 803 uopoos uoiq jouios °l padsoj qjiM puE souos qoEO oj joodsoj qjiA\ ojboijijjoq Xjp (o)
juouinjjsui oqj jo ojnjuopuj pjuauiajddns aqj jo suoisiAOJd aqj Xq pajisodap puB UAVBjpqjiAV aq oj os pajinbaj sjunouiB aqj suopBSqqo uaiq joiuas Suijeojo juauirujsui jo ajnjuapiq |Bjuauia|ddng aqj ui pay/pads 3jb se sjunoooEqns puE sjunoooE 'spunj-qns pojBOipoa qons oj jqjojo puE punj ooiajos jqoQ oqj uiqjiAV ojESajSas jsnui aajsnij, oqj 'A\opq (o) qdBJ§BJEd oj jirensjnd popj ojeoijijkq aqj ui qjjoj jas si juouiojmboj jisodop oqj ji Xpo jnq 'suopBSqqo uoiq Joiuos Siujbojo juouirujsui ub Xq jo ojnjuopuj pjuomo|ddns e jo suoisiAOJd oqj Xq osodind joqjo Xue joj pojmboj ojEp Xue uo 'sjisodorj pojpbaj jaqjo (q)
suopBSqqo uoiq joiuos °m uo isojojiq piiE jo pdpuud oqj Xsd oj suopBSqqo uoiq Jouios Suijbojo juouinjjsui jo ojnjuopui pjuouiojddns oqj jo suoisiAOJd oqj jopun pojipojo os oq oj pojmboj oq Xbui se sjunouiB qons suopBSqqo uoiq Jopos oqj jo jyouoq oqj joj pojBOJO uooq oaeij Xbui sb sjunoooEqns pire sjunoooE 'spunj-qns pojEOiporj qons (p) pire ojnjuopuj oqj jopun pojipojo os oq oj pojmboj oq Xbui sb sjunouiB qons 'punj -qns oajoso j ooiajos jqorj uouiuio3 oqj (i) oj jipojo piiE punj aaiAjas jqoa oqj uppiM ojeSojSos jsnui oojsnjx oqj 'suopESpqo uoiq Joiuos SupBOJO juouinjjsui ub Xq jo 'suopBSqqo uoiq jouios jo souos e oIujeojo ojnjuopui pjuouio[ddns e jo suoisiAOJd oqj Xq jo 'punj-qns oajoso j ooiajos jqoa uouiuioo oqj oj joodsoj qjiM pojinboj ojEp Xub uo sjisodoa punj-qns (b)
:pop;AOJd
sjunouiB oqj ui piiB sojsp oqj uo sjisodop SuiMopoj oqj o^eui oj pojmboj sb oojsrux oip Xq poqddB pus posjnqsip oq jsnui punj ooiajos jqoa oqj ui sXououi oqj, punj ooiajos jqoa uiojj sjuouiosjnqsia
•soouBiiipjo jo suopnpsoj qons Xq ppd oq oj pojmboj oq Xbui se sjunouiB qons SuiXBd jo asodind aqj joj suopBSqqo uoiq Jopmf jo oouEnssi oqj SupuoipnB suopn|osoj jo saoiiBuipjo ajBudojddB aqj japun sjuaSB SuiXBd jo saajsnjj ajBudojddB aqj oj oojsrui oqj Xq pojJOjsiiBJj oq ipqs punj ooiajos jqoa uopBSqqo uaiq jopinr oqj ui sXououi oqx (j)
sosnso pnsnun joqjo jo suxiojs Xq posnBO oSbuiep piiE sjuouiooBidoj puB spAvouoj 'sjpdoj JofEui 'Supupd jo sjsoo Suipnpui saouojjnooo XjEuipjoBJjxo puE pnsnun Xq jo jeoj puE jeoa\ puuou Xq posnso JoqjoqM 'jjodjiy oqj jb sjuouiooEjdaj piiE spMauaj 'sjpdoj joCbui joj pojjnoui sjsoo se qons 'sojnjipuodxo ooubuojiueui XjEuipjoBJjxo jo sjsoo oqj SuiXBd joj Xpo Xj|3 oqj Xq posn oq |pqs punj oajosox ooireuojupjAj oqj ip sXououi oqj, (o)
punj OAJOSO j OOUBUOJUpjAJ pus uoijBJodo
oqj uiojj puooos pire punj oajoso j jaj"5>0 pjuouioiddns oqj in oiqspBAE oje sXououi jBip juojxo pnj oqj oj punj oajoso j w%0 pjuouio[ddns oqj uiojj jsjij opEui oq pBqs punj ooiiEiiojupjAl puE uopEJodo aqi oj suEoq sosuodxg oouEUOjupjAj puE uopsjodo XBd oj juoioyjnsui ojb punj
OOUBUOlUpjAJ pUE UOpBJOdO 3qi Ul SXOUOUI JUOJXO Oqj OJ pUE JOAOUOUM punj OOUEUOJUpjAJ puB
uopEJodo oqj oj suboi oxeui oj X[uo Xjp oqj Xq posn oq ipqs punj oajoso j ViVO pluouio[ddns oqj piiB punj OAjosoj oouEiioiupjAj pus uopEJodo oqj ui sXououi oqj, (p)
sjuouiojinbo j psodoa jo Supounj oqj joj Xpo posn oq ipqs punj ooiajos iqoa sqi ui sXououi oqx (a)
9-a
oouESBOjop oqj oj juEnsjnd suoijESiiqo uoiq joiuos J° JuouiXEd oqj joj opiAOJd jo XBd oj jsruj ui pojisodop pus iiAVBjpqjiM oq Xeui punj-qns oajoso j ooiajos jqoa uouiuio3 oqj ui sXououi 'oojsnjx oqj qjiM popj ojeoijijjo3 e ui possojdxo Xjp oqj jo uopoojip oqj jy (j)
•pupj Xue jo Xjuoud jo oouojojojd jnoqjiM 'Xouoioijop e SuiAEq souos snouEA oqj Suouib X|qsjEJ opsui oq jpqs pAVBjpqjiAY qons 'souos Suouib soiouopijop 0|dppui jo oseo oqj uj Xouoioijop qons ojno oj Xjbssooou junouiE oqj souos JBqj joj punj-qns pojBOipoa sqj ojui jisodop piiB punj-qns oajoso j ooiajos jqoa uouiuio3 oqj uiojj MEjpqjiM psqs oojsrux oqj uoqj 'ojqBXBd puB onp uoqj jsojojui pus juouqpjsui pdpuud oqj usqj ssoj oq psqs ojbo juouiXbj qons uo oiqBXsd puB onp jsojojui jo juouq|Ejsiq iBdiouuj qons jo juouiXEd oqj joj souos JBin joj punj-qns pojBOipoa oqj ui ppq junouiE oqj spuog oajoso j uouiuioo jo souos 110 jsojojui pus jo juouqpjsuT pdpiiuj oqj jo juouiXEd oqj joj ojbo juouiXej Xub uo jj (o)
¦punj ooiajos jqoa 3HJ
uiojj popunj oq oj juouiojpboj jisodoa b ojnjpsuoo pBqs pojmboj os junoure Xuy juouiojmboj OAJOSOj oqj oj punj-qns oajosoj ooiajos jqoa uouiuioo oqj m ppq junouiE oqj ojojsoj oj ojEp qons uo ssouisnq jo osop oqj jo sb pojmboj 'Xue ji 'junouiE oqj 'punj-qns oajoso j ooiajos jqoa uouiuio3 oqj ojui jpodop joj punj ooiajos jqoa 3qj ujojj UMEjpqjiAV oq |pqs ojoqj 'j Xpf puB j XjEnuEf qoso Suipooojd XpjBipouiuii oojsrux oqj jo Xsp ssouisnq oqj uo (p)
juouiojmboj oajoso>i oqj punj oj spoooojd puoq uiojj opEui oq oj jjsodop oqj jo junouiE oqj qjjoj Supjos puB joojjo jBqj oj ojEOijpjoo e oojsnjx oqj opiAOJd qEqs Xjp oqj 'spuog oajoso j uouiuioo oq oj popuojui suopBSqqo U3H Jopos Xub jo oouEnssi ppiui jo ojEp oqj uo osodind jBqj joj pouSpsB puB poSpojd oje pus spuog oajoso j uouiuio^) |p jo jijouoq oqj joj ppq ojb punj-qns OAjosoj ooiajos jqoa uouiui03 oqj ui sXououi oqx (o)
•juouirujsui
jip0J3 poijipno oqj ojbjsuioj Xqojoqj piiE JopiAOJd Jipojo poijqEno oqj osjnquipj oj jsjij poqddB oq qsqs uiojjojoqj UAVEjpqjiM sjunouiB Suuojsoj jo osodind oqj joj punj-qns OAjosoj ooiajos jqoa uouiuio3 oqj ui pojisodop sjunouiy spiinj 0[qBipAE jo juojxo oqj oj sissq ejbj ojd e uo sjuouirujsuy ippoj3 poijipno qons jopun opEui oq ipqs smbjp 'jonssi ouo UBqj ojoui Xq ponssi sjuouinpsui Jipojo poijqEno sppq punj-qns OAjosoj ooiajos jqoa uouiuup oqj ji juouinjjsui jipoj^ poyqEno oqj uo opEui Supq avejp Xue oj joud poqddB oq Xbui sXououi punj-qns oajoso j ooiajos J13Q UOUIUI03 qou[A\ joj sosodind oqj joj popddE spoooojd oqj pus pojBpmbq oq qEqs sjuouijsoaui poijipno oqj 'sjuouijsoauj poijqEno pus juouinjjsui jqJOJO poijqEno e ipoq sppq punj-qns oajoso j ooiajos jqoa uouiuioo oqj ouip Xub je ji (q)
punj onuoAO j oqj
oj oojsrui oqj Xq poxiojsuEJj oq jpqs ssooxo qons jo junouiE oqj 'A\opq (j) qdBjSBJBd oj juBnsjnd Xj;o oqj Xq pojooiip osiAuoqjo ssopin 'juouiojpbo j oajoso j oqj ireip ojoui si punj-qns oajoso j ooiajos jqoa uouiuio3 oqj ui jisodop uo junouiE oqj 'ojEp uopsnpA Xue uo ji ojnjuopui oqj qjiAV oouEpjoooE ui ponpA oq ipqs puE (spuog oajoso j uouiuio3 Xub jo juouiXEd Suunsui Xoqod oouBjnsui puoq pdpumui b jo jonssi qoBO Xq poAOJddB juouioojSe osBqojnd pjeauoj jo juouioojSe osBipjndoj 'juouioojSe juouijsoaui Xub joj jdooxo) sjeoX oaij puoXoq Suipuojxo sopunjEui oaeij jou [pqs punj-qns oajoso j ooiajos jqoa uouimo3 oqj jo jipojo oqj oj ppq sjuouijsoaui poyqEno Xuy joojoqj uopBiiiquioo e (ui) jo 'sjuouijsoaui poijqEno (») 'sjiiouinjjsiq ppojQ poijipno ojoui jo ouo (i) qjiM poyspES oq Xbui juouiojmboj qoiqA\ 'juouiojmbo j oajosoj oqj oj pnbo junouiE ue ui punj-qns OAJOSOj ooiajos jqoa uouiuioq oqj upjupui [pqs Xjp oqj (b)
punj-qns oajoso j ooiajos jqoa uouiuup
•suopBSqqo uoiq Jopos
Z.-8
3jeh,0 oSEOiqj oqi (e) :sAvoqoj se poiBuSisop 'punj-qns popoipoa 38103 3lP uppiAv siunoooy opjEdos ooisrux oqi qpM soqsqqEiso piiE soieojo ojniuopiq ppouiopidns qiJiJ-Xixis 3qx
spuog uoiq jouios 38103 3m J° sjouavo pojopiSo j oqi jo pjouoq OAisnpxo piiE ops oqi joj ooisnj j. oqi Xq isnjj ui ppq oq 01 oje upjoqi poqsqqsiso lunoooy q3B0 ui pus punj-qns poiEoppoQ 38103 3MJ »! Jjsodop uo sXouojaj '(punj-qns popoipoa 38103 3V) spuog uoiq joiuos 38103 °qj °J Podsoj qpA\ punj ooiajos iqoa aqj uupiM punj-qns poiEOipoa poiE3oj§os piiE opjEdos e ooisnjj, oqi qpM soqsqqEiso puE soieojo ojniuopiq ppouioiddns qijij-Xixis oqj.
¦(junoooy isojoiui pozqBpdBO,, oqi) junoooy isojonq pozqBpdBO uoiq joiuos g8l03 yodjiy puopBiuoiui ojej^O °%v3]i\3„ oqi (o) puE :(,, junoooy pofojj,, oqi) lunoooy polaij uoiq joiuos 98103 yodny puopEUJOiuj ojetj.O oSboijq oqi (p) i( junoooy isojoiui pue pdpuuj,, oqi) pnoooy }S0J3}uj pire pdiouuj uoiq jouios 98103 yodiiy puopEiuoiui ojejj.O o§BOiqo oip (o) !(junoooy ooj uiejSojj,, oqi) pnoooy ooj uiej^oij uoiq joiuos 98103 yodiiy pubpBiuoiuT ojeh.O oSeopjo oqi (q) ^junoooy ooubussj jo spoo,, oip) lunoooy oousnssj jo sisoo uoiq jouios 88103 yodiiy puopBuioiuj 3JEH.0 o3Bopj3 oip (b) :sA\opoj sb popuSisop 'punj-qns popoipoa 98103 3M) uupiM siunoooy opjEdos ooisnjx oqi qpM soqsqqEiso puB soieojo ojniuopuj. [Biuouio[ddns qynoj-Xixis oqx
spuog uoiq joiuos 98103 9lP J° sjouavo pojoisiSo j oip jo pjouoq OAisnpxo piiE ops oqi joj ooisnjx oqi Xq isnji ui ppq oq oi ojb upjoqi poqsqqBiso pnoooy qoBO ui pire punj-qns poiEOipoa 98103 3MJ u! psodop uo sXouoi/j („punj-qns poiEOipoa g8I03 spuog uoiq joiuos g8l03 3lP °J Podsoj qpM punj ooiajos iqoa oqi uupiAV punj-qns poiEOipoa popSojSos puE oiEJBdos b ooisnjx oqi qpM soqsqqEiso pus soieojo ojniuopui piuoui3|ddns qynoj-X}xis oqx
¦(junoooy isojopq pozippdEQ,, oqi) junoooy isojoiip pozippdB3 uoiq joiuos V8I03 yodiiy iBiiopBUJOiui OJBjjtO °^b::,!113„ 3lD (9) PUB ^Lumoooy pofojj,, oqi) junoooy pofojj uoiq jopos V8103 yodjiy puopBiuouq ojbh^ °^e:>!H3>, 9HJ (P) KJimo33V isojopq puE pdpuud,, oip) pnoooy isojopq puB pdpiiiJd uoiq jouios V8I03 yodiiy puopBUJOiuj ojbh.O oSeoujo oqi (o) f( junoooy ooj uibjSojj,, oqi) pnoooy ooj uibjSojj uoiq jouios V8I03 yodiiy [BiiopBiuoiui ojbh,0 oHBOiqo oip (q) l( junoooy oouEnssi jo sisoj,, oip) iiinoooy ooiiEnssj jo spoQ uoiq jouios V8I03 yodiiy puopEiuomi ojeh.0 o§Eopj3 oqi (e) :sA\opoj se popucpsop 'punj-qns popoipoa V8103 3lP uiqpM siunoooy opjEdos ooisnjx oqi ipiM soqsqqEiso pus sopojo ojniuopuj piuouiO[ddns pjiqx-Xix;s oqj,
spuog uoiq jouios V8I03 3q) J° sjouavo pojoisiSo j oqi jo pjouoq OAisnpxo puE ops oip joj ooisnjj, oqi Xq pan ui p[oq oq oi oje upjoqi poqsqqBiso pnoooy qoBO ui puB punj-qns popoipoa V8I03 3lH u! Jisodop uo sXouoiai (punj-qns poiEOipoa V8I03 3lP) spuog uoiq jopos V8103 3lP °J psdsoa qpAV punj ooiajos iqoa 3qJ uupiM punj-qns popoipoa pop3oj§os piiE oiEJBdos e ooisrux oqi qpM soqsqqEiso pus sopojo ojniuopuj piuouio[ddns pjiqx-Xixis oqx
•spuog uoiq jouios 8103 JOJ spunj-qns popoipoa uopoupspp jo Xiuoud 'oouojojojd
poqpAV XpEnbo xubj puB XiuBd b uo ojb spuog oajoso j uouiuioo 3uipuB}sino pE 'punj-qns oajoso j ooiajos iq3G UOUIUJ03 oqi oi podsoj ipiM 'pus spuog oajoso j uomuioo oqi jo sjouavo oqi jo Xpjnoos pus uopooiojd 'iijouoq pnbo oip joj pojoisuuuipB oq piA\ punj-qns oajoso^ ooiajos iqoa uouiuioo oqj, spuog OAjosoj uouiuioo se Xpo oip Xq poiEiiBisop uooq OAEq spuog 8103 souos oqx
punj-qns oajoso^ oo;ajos iqoa uouiuioo spuog 8103 souos
liiouiojinboj
oajoso j oip spoooxo jo spnbo punj qns oajoso j ooiajos iqoa uouiuioo oqi in psodop jo pnouiB oqi |BAVEJpqiiA\ qons joije Xppipouiui; pqi 'jOAOMoq 'popiAOJd Jojniuopiq oqi jo suoisiAOJd
8-a
8£>9£'691S 6//3IS'£lS$
osTot'eWes
S£'6£8'Z.18'Z.S 0006fr'63l'8$ WT98'99t''8$ 3i'0Z.3'9I£'0I$
3303 'l
3303 ' I X\renuer
1303'I ^Pf 1303'I AjenuBf 0303'1 AW 0303'! AJBmiEf 6103'I ^Pf
aiva iisOciHa
:sjunouiE SuiMopoj am jo sojeo jpodoa 8uiA\opoj sip no junoooy isojoiui pue pdpuud oip oj sjojsubjj Xq spuog oip uo jsojojui XBd oj posn oq ipqs junoooy jsojojui pozqejidip oqj in sXouoj/j
pui>i Xub jo Xjuoud jo oouojojojd jnoqjiM 'XjqBjBJ 'joj popiAOJd osiAuoqjo jou pus (ojnjuopui pjuouioiddns pjiqx-Xjxis oqj oj jusnsjnd spuog jo uopduiopoj puopdo oqj Suipnpui) spuog V8I03 °MJ °J psdsoj qjiM ojbq juouiXej qoBO uo onp jsojojui piiB 'Xub ji 'uiniuiojd 'jo pdpuud jo juouiXEd joj Xpps posn oq piM junoooy jsojojui pus pdpuud oqj iii sXouoi/\[
uiojoqj sjunoooE ojoui jo ouo oj puB punj-qns pojBoqooa V8103 3lP °JU! Ppd 3q oj ojb sXououi qons jBip sXououi qons Supisodop uosjod oqj uiojj suopoojip Xq popiBduioooE uoqA\ 'ojnjuopui pjuouiO|ddns pjiqj, -Xjxis oqj jo ojnjuopuj oqj oj juBnsjnd puE jopun oojsnjj oqj Xq poAioooj sXououi joqjo Xue punj-qns pojBOipoa V8103 3lP °JU! pojisodop oq qiA\ ojoip 'juouiojinbo j jisodoa V8103 3m °J uopippB uj
ojEa Jisodoa M3ns uo Supuouiuioo pouod lEnuiiB-iuios oqi Suunp spuog oqj oj joodsoj qjiM sosuodxo pus sooj ps XBd oj ojEa Jisodoa lPns uo ssouisnq jo osop oqj jo se pojinboj oq oj Xj;3 oqj Xq pojBUipso junouiE oqj 'junoooy 33i uiejSojj oqj ojui jisodop joj (q)
puB !(junoooy jsojojui Pire pdpuuj oqj oj ojEp uopemopo joud XiojBipouiuu oqj jo sb pojipojo sSuuubo juouijsoaui Xq 'ojbq jisodoa I XjEnuEf qoBO jo oseo oqj ui (q) pus iojnjuopui piuouiO|ddns pjiqj -Xjxis oqj oj juBnsjnd junoooy jsojojui pozqBjidB3 oqj uiojj pojiojsuBJj oq oj sXououi Xq (b) poonpoj) ojbq j;sodoQ juojjno oqj uo spuog V8I03 oqj uo onp jsojojui jo junouiE oqj (p) puE uoqBjnopo jo ojEp qons Suipoooons jxou [ XjEnuEf oqj uo spuog V8I03 °MJ uo onp Suiuioo 'Xue ji 'jiiouipBjsui pdpuuj oqj jo jpq-ouo (i) :jo ojbSojSSb oqj oj pnbo junouiE ue 'junoooy jsojojui puE pdpuuj ys 103 oqj ojui jisodop joj (b)
:( juoiuojmbo j jisodoa V8103,,
oqj se oj pojjojoj Supq ojbq jisodoQ Xub oj joodsoj qjiA\ junouiE ojbSojSSb qons) (XpApoodsoj 'j Xjnf jo j XjEnuEf qoso jo oseo oqj in) c ounf jo c. joquioooa Suipooojd jxou oqj uo oojsnjj^ oqj Xq pojspopo oq piM sjunouiB qoujAV 'sjunouiB SujMoqoj oqj jo ojbSojSSb oqj oj pnbo junouiE ub 'punj ooiajos jqoa oqj ui jisodop uo sjunouiB uiojj 'punj-qns pojBOipoa V8I03 3lP °Jin pojpodop oq piM ojoqj '(„ojeq jisodoQ,, oqj se oj pojjojoj ojEp qons ipso) 6103 'I X"pf Supuouiuioo 'jeoX qoBO jo i Xpf puB [ XjEnuEf uq
Mia^3Hi siMfiooDv aw aNna-ens aaiv3raaa Man >roiMas vsio3 oimi siisodaci
(junoooy jsojojui pozqEjids^,, oqj) junoooy jsojojui pozipjidE^ uoiq joiuos 38103 yodjiy puopBUJOjui ojbilO oSboui3 oqj (o) puB ;(junoooy joofoij,, oqj) junoooy joofojj uoiq joiuos 38103 Jjodiiy puopBUJOjui ojej^O °3E3!ll3„ 3lP (P) KnJunoooy jsojojui piiE pdnuud,, oqj) junoooy jsojojui piiE pdiouuj 38103 Jjodny puopBiuojui ojeh,0 oSeouq oqj (o) t( junoooy ooj ujejSojj,, oqj) junoooy ooj uiejSojj uoiq jopos 38103 J-iodny puopEiuojui ojbh.O oSbouj3 oqj (q) ;(junoooy oousnssi jo sjso3„ oqj) junoooy oousnssi jo SJS03 uoiq jouios 38103 JJodny puopBUJOjui
6-a
:siunouiE SuiAxopoj sip jo sopa psodoa SuiMopoj sip uo pnoooy isojopq pire pdpuud sip oj sjojsueji Xq spuog oqi uo isojoiui XBd 01 posn oq ipqs uinoooy isojopi pozqBjidBO oip in sXouojai
pui^j Xub jo Xjuoud jo oouojojojd jnoqjiM 'XjqBjBi 'joj popiAOJd osiAVioqjo iou pus (ojnjuopuj [Eiuouioiddns qynoj-Xjxis oqj oj jusnsjnd spuog jo uopduiopoj [suopdo oqj Suipnpui) spuog oqj oj joodsoj qjiAV ojsa juouiXbj ijoeo uo onp jsojojui pus 'Xue ji 'uiniuiojd 'jo pdpuud jo juouiXEd joj Xpps posn oq |pqs junoooy jsojojui PUB pdpuuj oqj ui sXouojai
•upjsqj sjunoooE ojoui jo ouo oj pire punj-qns psjBoipsa gs 103 3lP ojui ppd sq oj sjb sXsuoui qons JBqj sXououi qons Suppodop uosjod oqj uiojj suopoojip Xq popEduioooE uoqM 'ojnjuopiq pjuouiO[ddns qynoj-Xjxis sqj jo ojnjuopuj oqj oj jusnsjnd pire jopun oojsrux oqj Xq poApooi sXououi joqjo Xue punj -qn§ pojBOipoa g8l()3 sip ojui pojisodsp sq pBqs sjsqj 'jusuisjmbsj psodsa g8l03 3lP °) uopippB ui
sjEa jpodsa qons uo Supuouiuioo pouod pnuuE-pios oqj Suunp spuog oqj oj joodsoj qjiM sosuodxo pire sooj [p XBd oj ojbq jpodsa qons uo ssouisnq jo osop oqj jo sb pojmboj oq oj Xjo oqj Xq pojEuipso junouiE oqj 'junoooy ooj uiejSojj oqj ojui jisodop joj (q)
puB r(junoooy jsojojui puB pdpuuj oqj oj ojsp uopEpopo joud XpjEipouiuu oqj jo sb pojipojo sSuuubo juouijsoaui Xq 'ojbo jisodoQ i XjEnuEf qoso jo oseo oqj ui (q) puE ;ojnjuopui pjuouioiddns qynoj-Xjxis oqj oj juBnsjnd junoooy jsojojui pozqEj;dE3 oqj uiojj pojjsjsirejj sq oj sXsuoui Xq (e) psonpoj) ojbo jpodoa luoxino oip uo spuog oqi uo onp jsojojui jo iiinouiE oqi (p) pire uopspopo jo sjsp qons Suipoooons ixou I XjEnuEf oqi uo spuog oip uo onp Siuuioo luouqpjsui pdpuud oqj jo jpq-ouo (i) :jo ojbSojSSb oqj oj pnbo junouiE ub 'junoooy jsojojui Pue pdpuuj oqj ojui jisodop joj (e)
:(44juouiojmbo j jisodoa S8 IQZ» 3lP sb upjoq oj pojjojoj Supq ojEa Jisodoa ^ue oj joodsoj qjiM junouiE ojbSojSSb qons)(X[OApoodsoj 'i Xpr jo j XjEnuEf qoEO jo oseo oqj in) g ounf jo g joquioooa Suipooojd jxou oqj uo oojsrux oqj Xq porepopo uooq oaeij pBqs sjunouiB qou[A\ 'sjunouiB SuiMopoj oqj jo ojbSojSSb oqj oj pnbo junouiE ub punj ooiajos jqoa oqj ui jisodop uo sjunoure uiojj punj-qns pojBOipoa 98103 3tP °iu! popsodop oq pBqs ojbqj („ojEa psodoa,, oqi se upjoq 01 pojjojoj oiBp qons qoso) 6102 T ^Inf Supuouiuioo 'jeoX qoso jo i Xpr pire j XjEnuEf uo
NI3^3HI SINQODDV QNIV QMflH 9fiS QEIVDIOSQ 98103 O.I.MI S1ISOJ3CI
ooisruj oqi qpM popj ojBoyiyoo b ui qyoj ps sb spuog V8102 oip °l podsoj qjiM sosuodxo pire sooj jo juouiXsd oip joj Xpps posn oq ipqs pinoooy ooj uiejSojj oqi in sXouojaj
lunoooy
ooj uiEjSojd oip oi poiiojsuEJi oq ipqs ooirepq qons 'pnoooy oouEnssi jo sjsoo oip ui Suuubuioj oouBpq Xue oq [pqs ojoqi 'oojsru j, oqi qpM popj ojBoyiyoo b ui poypods sb 'ooirenssi jo sjsoo jp jo pioutXEd oqi JoyB ji ssisrux sip qijAV po[y opoyiyoo E ui psjoojip se spuog V8103 3lP J° ooirenssj jo sisoo jo luouiosinquipj jo luouiXBd oqi joj Xpps posn oq [pqs lunoooy oouBnssi jo sisoo oip ui sXouot/\j
pnoooy isojopi pUE pdpuuj oqi oi poJJOjsiiEJi oq pBqs oiEa Jisodoa 3303 ' I ^lnf oqi JopB lunoooy isojopi pozippdBO oqi ui Sihuibuioj pnouiB Xuy
oi-a
oqj Suipnpui) spuog 38102 aqj °1 jaodsoj qjiM ojsa juouiXej ipso uo onp jsojojui pire 'Xue ji 'umiuiaid 'jo pdpuud jo juauiXBd joj Xpps pasn aq ipqs junoaay jsajajuj pire pdpuuj oqi iii sXouojaj
upjoqi spnoooB ajoui jo auo 01 purj punj-qns popoipoa 38102 aqi °Jin P!Ed aq °J 3JB sXauoui qans jBip sXauoui qans Supisodop uosjad aqj uiojj suopoojip Xq poureduioooB uoqM 'ojnjuopuj pjuouiojddns qjJIJ-Xjxis aqj jo ojnjuopuj aqj oj juBnsjnd puE japun oojsrui aqj Xq paApaaj sXauoui jaqjo Xire punj -qns pojBOipoa 38102 aqj °JUI pajisodap aq jpqs ajaqj 'juouiojmboj jpodoa 38102 °MJ °J uopippB iij
ajsa jisodoa qans uo Supuouiuioo pouod pnuue-pjas aqj Suunp spuog aqj oj jaadsaj qjiM sasuadxa pus saaj jje Xsd oj ajEa jpodoa qans uo ssauisnq jo asop aqj jo se pojpboi aq oj XJ13 aqj Xq pojBuipso junoure aqj 'junoooy ooj uiejSojj aqj ojiii jpodap joj (q)
pus !:(junoooy jsojojuj pire pdpuuj aqi oj ajEp uoijEpapa joud XpjBipouiuii aqj jo sb pojipojo sSuiujeo juouijsoaui Xq 'ajEa jisodoa [ XjEnuEf qaBa jo asBa aqj u; (q) pus Hojnjuopuj pjuouio[ddns qjjij-Xjxis aqj oj jirensjnd junoaay jsojojuj pazqEjidB3 aqj uiojj pajjajsiiEjj aq oj sXauoui Xq (e) paanpaj) ajEQ Jisodaa juajjna aqj uo spuog aqj uo anp jsojojui jo junoure aqj (ii) pUE uoijEpapa jo ajsp qans Suipoooons jxau I XrenuEf aqj uo spuog aqj uo anp Siuuioo juauqpjsui pdpuuj aqj jo jpq-auo (i) :jo ojbSojSSb aqj oj pnbo junoure ub 'junoooy jsojojuj puB pdpuuj oqj ojui jisodop joj (b)
:(
Nia^aill SIMfl033V QMV QMni-OnS CI3IV3ICraa 38102 OIMI SIISOdHQ
oojsnjx oqj qjiM popj 3jB0ijpj03 b ui qyoj jos sb spuog oqj oj joodsoj qjiM sasuadxa puE saaj jo juauiXEd aqj joj Xpps posn aq pBqs junoooy ooj uiejSojj oqj m sXauojAj
junoooy
ooj uiejSojj oqj oj pexiajsuBJj aq pBqs aauBpq qans 'junoaay aairenssj jo SJS03 aip ui Supipuiaj aouBpq Xub aq psqs ajaqi 'aajsiuj, aqi qpM papj apaijpja3 e in paijpads sb 'aouBnssj jo s}S03 jje jo luouiXBd oqi jaijB jj aajsnjx oip qpM popj opoijpj03 e ui papajip se spuog oqi jo ooubussj jo SIS03 jo luauiasjnqupaj jo piauiXBd aqi joj Xpps pasn aq qEqs lunoaay aauEnssj jo SJS03 aqj ui sXouojaj
•junoooy jsojojuj puE pdpuuj oqj oj pojjojsirejj oq pBqs ojEa Jisodoa 2202 'I XjEnuEf oqj jojje junoooy jsojojuj pozpspdB3 oqj in Sinupuioj junouiE Xuy
9I'009'592'9$ 99'eZ.£'8e£'8$
leset-'z.! i'ois
8£'£0Z,'99fr'0l$ I8'Z.96'£86'll$ ^•09Z.'05Z.'£l$
2202 'l ^enuBf 1202'I *pjf 1202'I ^JEniiEf 0202'I A>f 0202 'I XjEnuEf 6102' I ^lnf
aiva nsodaa
n-a
-oaij Xjuomj pue ouo 'jboa posy juonbosqns qoBO pus JEOA [BOSIJ [202 9lP J0J (f) puE !jboa posy jsqj Suunp Supuouiuioo jboa puog oqj joj ooiajos jqoa ojBSojSSy souiij sqjpojpunq-XjuoMj pue ouo 'jboa lB9sy 0202 9M1 J0J (i) ¦•'B9A lE9S!J J^qi Suunp Supuouiuioo jboa puog oqj joj ooiajos jqoa ojeSojSSv souip sqjpojpunq-uoojjy puB ouo 'jboa iE9sy 6102 9lU J0J (2) '-^A lE9sy JEUJ Suunp Supuouiuioo jboa puog oqj joj ooiajos jqoa ojbSojSSv souiij sqjpojpunq-uoj pus ouo jboa lE9sy joiueo qoBO puB jboa posy 8[02 sqi Joj (i) pus 'pojnoos puE ponssi oje suopBSqqo yodjiy SuipuBjsjno joqjo jo 'suopBSqqo uoiq jopos SuipuBjsjno IP qoiqM oj juBnsjnd sjuouioojSe jsnjj pus sojnjuopuj 'soouEinpjo 'suopnpsoj |p oj jirensjnd opEui oq oj pojmboj sjisodop oqj oxeui oj popoou sjunouiB oqj jo urns oqj (y) jo jojbojS oqj joj opiAOJd oj (ii)
pus ueoa pasy oqj joj sosuodxg oouEUOjupjAj pus uoijBJodo jo juouiXEd oqj joj opiAOJd oj (i)
puopijjns jsbo[ jb oq piM jboa
posy jBqj oj joodsoj qjiM oojsnjj, oqj qjiM pojpodop sXouojaj ojqBpBAy Joqjo qi'^v JoqjoSoj 'jboa posy qoBO ui soniiOAO j JBqj jopjo ui ji jo uoijBJodo oqj ui Xjp oqj Xq pojopuoj sooiajos joj piiE jjodjiy oqj jo uoijBJodo piiB osn oqj joj soSjeijo joqjo pus sojej 'spjuoj oqj 'Xjbssooou JOAOiioqM ouiij oj ouiij uiojj osiaoj puE 'qsqqsjso puB xij piM ji jbijj sjueuoaoo Xpo oqx (b)
S1NVN3A0330VH3A03
oojsnjx oqj qjiM popj ojBoijpjoo e ui ijjjoj jos se spuog 08102 9lU °1 J"dsoj qjiM sosuodxo pire sooj jo juouiXEd oqj joj Xpps posn oq [pqs junoooy "3 uiejSojj oqj ui sXouojaj
junoooy
ooj uiejSojj oqj oj pojJojsiiBJj oq [[Eqs oouBpq qons 'junoooy ooiiEnssj jo sjsoo oqj ui SupiBuioj oouspq Xue oq [pqs ojoqj 'oojsnjx oqj ijjim popj ojeoijijjoo b ui poijioods se 'oousnssj jo sjsoo [p jo juouiXsd oqj jojje jj "oojsnjx oqj qjiM popj ojBoijpjoo b ui pojoojip se spuog 38102 9lU }° "UEnssj jo sjsoo J° juouiosjnquipj jo juouiXEd oqj joj Xpps posn oq ipqs junoooy oousnssj jo sjsoo 9uj u! sXouojaj
junoooy jsojojuj piiE [Ediouuj oqj oj pojjojsubjj oq [pqs ojbo Jisodoa 2202 'I ^lnf 9lP J9UE Junoooy jsojojuj pozipjidBO oqj ui Suiuieuioj junouiE Xuy
09Tt'9'6It'S 2202'l^nf
00'08t>'Z.£C'lS 2202 ' I XiBnuBf
02'£22'l2£'frS 1202 'I ^lnf
0fr'99S'22Z/0IS i £02 ' [-^ruiEf
09Tt>2'l80'US 0202' [^P-f
00'000'880'81S 0202 ' I ^niiBf
68'882'Z.66'61S 6102'Ulnf
xnqoiajv aiva iisodaa
:sjunouiE SuiMopoj oqj jo sojBa Jisodoa SuiMopoj oqj uo junoooy jsojojuj pus jEdiouuj oqj oj sjojsuejj Xq spuog 08102 911J uo jsojojui XBd oj posn oq pBqs junoooy jsojojuj pozipjidBO 9qj ui sXouojaj
•pirpj Xue jo Xjuoud jo oouojojojd jnoqjiM 'XjqsjBJ 'joj popiAOJd osiMjoqjo jou pus (ojnjuopuj [EjuouiO[ddns qijy-X"jxis 9lU °J JUBnsjnd spuog 38102 J° uopduiopoj [Euopdo
e sb ojnjuopiq aqj jopun jpBjoa jo juoAg ou aq i|iav aaaqj 'aAoqB (a) pus (p) '(a) sqdEjSEJBd jo suoisiAOJd aqj qjiA\ aauBqduioa qnj ui si Xjio aqj sb 8uo( sb pire ouiij Xub je ji (j)
ouies aqj pajsanbaj ssq oi|av jbumo qoBO oj puE aajsrux oqj oj suoijBpuouruioooj s.juBjpsuoo jjodiiv juapuadapui aqj jo saidoa jiuisuejj qiA\ Xjio aqj, OAoqE (q) pus (b) sqdEjgEJEd qjiM ooiiBqduioo ui jpsoj oj Xjiq aqj Xq pojoofojd 3je suoijejojp jo suois|aoj Xue sb 8uo| os suoijEpuouiuioooj sjuEjpsuoo jjodjiy juapuadapiq aqj qjiM X[duioa jou paau suoijbjojjb jo suoisiaoj qoiqM 'uoijEjado jo spoqjaui sji jojp jo soSjBqo pus saaj 'sjbjuoj jjoojiv sji osiaoj 'suoijEpuouiuioooj sqj oj uoijBJoppuoo anp SuiaiS jojje 'qiM Xjio sqj suoijEpuouiuioooj sqj jo jdisasj sji Siiia\ohoj sXsp 09 uiqjij\\ 'JUBiinsuoo jjodny juspusdspiq sqj Xq 0[qiSB0j pouiaap junoure uinunxBui aqj 'ssoj ji 'jo jboa posig juajjna usqj sqj ui psjinbsj os junouiE oqj Supnpojd ui j[nssj oj pojoofojd si jsqj uoijoe jaqjo jo Suijbj aqj jo uoijBJodo jo spoqjaui sji jo uoijbjoj[e 'soSjBqo piiE saaj 'sjBjuaj jjodiiy sji jo uoisiaoj aqj oj jaadsaj qjiAV Xjio aqj Xq uo:>pj sq ppoqs spusuiuioaaj jusjpsuoo jjodiiy juopuodopui sqj qaiqA\ uoijoe oqj Suipnpui 'auiES oqj uo jjodsj uojjum b 'juBjpsuoo jjodnv juspusdspiq sqj jo jusuiXo[dui3 jojje sXep gp uiqjiM 'X113 sqj oj jiuiqns oj piiE jjodjiy aqi jo uoijBJodo pus uoijEJjsiuiuipE sqj puB snjBjs ppiiBuy sqj szXjeue pus moiaoj oj juBjpsuoo jjodjiy juopuodopui ue Xojduis qiM Xjio oqj 'uoijEpopo qons jo oojsrux oqj Xq jdioooj oqj jojje sXsp g\? UEqj joje[ ou juoao Xue ui jnq 'oiqEOijOBJd se uoos sb uoqj 'OAoqE (q) jo (b) qdsiSEJEd jopun suoijESqqo sji poijsijBS jou seq XJ13 oqj jBqj sojEoipui jboa IBasig ^UE JOJ 9AoqB (p) qdBjSBJBd ui poypods uoijEpopo joqjp ji (0)
•joqojjduioo Xjio
oqj Xq poyijjoo OAoqE (q) puE (b) sqdEjSEJBd jopun pojmboj oSejoaoo oqj jo suoijEpopo oojsnjx oqj oj qsuunj [|im Xjio oqj 'jboa 1B3S!J upBO J° pua 3U) J3¥B S/^BP 06 inu.l!M (P)
•jbsa pasig qons in pojmboj os junouie oqj oonpojd oj Xjessooou si sb JouiiBui qons ui uoijoe joqjo s>pj jo uoijEJsdo jo spoqjsui sji jsjp jo ssSjeijo puE sooj 'spjuoj jjodjiy sji osiaoj ||im Xjp oqj 'OAoqE (q) jo (e) qdBjSBJBd jopun pojinboj junouiE oqj liBqj sso[ oonpojd oj pojEuiijso ojb spunj joqjo puB sonuoAO j 'jbo a Ib3S!J Suunp JI (a)
¦suoijESqqo uoiq jopos uo
jsojojui piiE jo pdpuud oqj XBd oj jboa puog aqi Suunp juouiosjnqsip joj oojsrux oqj Xq ppq suoijESqqo JJodifv jo spoooojd Xue Xq poonpoj jbsa Ibosij jBqj Suunp Supuouiuioo jboa puog oqj joj ooiajos jqoa ojeSojSSv jo juouiXEd oqj joj opiAOJd oj (11)
puB 'jboa pasij oqj joj sosuodxg ooiiBuojupjAi puE uo;jBJodo jo juouiXEd oqj joj opjAOJd oj (1)
:juoioyjns jsbo| je oq ||ia\ 'jboa posy joud XpjBipouiuii oqj jo XBp jsb[ oqj UBqj jojb| ou oojsnix oqj qj|A\ psjisodsp pus jbsa posig joud XpjBipouiuii oqj 111 Xj;o oqj Xq poAioooj sXououi joqjo Xub (11) puB 'jboa pasig jBqj joj oojsnjx oqj qjiM pojisodop soSjEip XjqpEj JoSuossEd Xub (1) jo Xp[OS Suusisuoo sXouoim 0[qB[pAV ioqjo qiwv JoqjoSoj 'jboa Ie0S!J qoso ui sonuoAOj JBqj jopjo ui ji jo uoijBJodo oqj ui Xj;o oqj Xq poiopuoj sooiajos joj puE jjodnv oqj jo uoijBJodo piiB osn oqj joj soSjbijo jsqjo puB ssjbj 'spjusj sqj 'Xjesssoou JOAOuoqA\ ouin oj ouiij uiojj osiaoj piiB 'qsqqEjso puE xy ||ia\ ji jBqj sjubuoaoo joqjjnj Xjio oqx (q)
suoijESqqo uoiq joiuos uo jsojojuj puB jo pdpuud XBd oj jboa puog jBqj Suunp juouiosjnqsip joj oojsrux oqj Xq ppq suoijESqqo Jjodjiy jo sposoojd Xue Xq poonpoj oq ipqs ooiajos jqoa ojeSojSSv qans 'oseo qoBO ui 'puB 'jboa pasy jBqj Suunp Supuouiuioo jboa puog oqj joj ooiajos jqoa ojeSojSSv aqj souiij sqjpojpunq
ci-a
somiuopui
dO ojoui jo ouo oi lusnsjnd 'lunouiB jo ojnpu oj sb puip poqpM sopn jo 'oi popuiq iou inq 'Siupnpui 'ojniuopuj oip ui poupiuoo oSpojd aqj oj opiqpjoqns puB jopnf Xpsojdxo si oSpoid aqj sb 3uoi os punj ooiajos iqaa uoipSqqo uaiq jopinr aqi uiojj UMEjpqpM aq Xbui qopjM siunouiB jo oSpojd aqi 'Xq pajnaas jo 'jo po opEXEd 3jb qoujM (ijodny oqi oi Xpo aqi Xq apBui sueo| SupuopiAO ssoupoiqopui jo soouopiAO joqio jo sapu 'spuoq Suipnpui) ssaupaiqapui jo soouopiAO jaqp jo sapu 'spuoq Sumssi uiojj (q) jo 'upjaqi papiAOjd se paiisips piiE paSjEqasp si ajniuapui aqi ui paupiuoa aSpa[d aqi jo app aqi jaijB puE uo poAuop aq 01 sanuaAa j 'jo oSpo[d e Xq pajnaas jo 'jo po ajqsXEd ssaupaiqapui jo soouopiAO jaqio jo sapu 'spuoq Sumssi uiojj (e) Xpo oqi maAajd pu soop ojniuopuj aqi pq) 'jaA3A\oq 'popiAOJd :ojniuapui aqi in pauppoa oSpo(d oqi UEqi jaqio 'ojniuopuj aqi japun suoiiESqqo uaiq jouios jo sjauMO jo iijauaq aqi joj paSpajd siunouiB Xub uo jo 'sanuaAa j uo aSjEqa jo uoq Xue poibojo oq 01 osnEO jo opojo 01 pu spEUOAoo puB 'suopBSqqo uaiq Jopos usqi joqp 'ojnpopuj oqi in pouppoo aSpajd oqi Xq pojnoos ssaupaiqapui jo saauapiAa joqp jo sopu 'spuoq Xue onssi 01 pu siueuoaoo Xpo oqj.
S3QN3A3H 30 30Q33d 1SMIV0V 1NLVN3A03
¦SupilElllJOJ
jo oiBp popodxo oqi uiojj sjboX q£ UEqi ojoui iou jo uuoi e joao poziiJOuiE oq qiM piiB OAoqE (3) qdBjSBJBd jopun poumssB oq p[noA\ qoiqM pqi UEqi jomo( oiej isojopi ue ui qnsoj iou qiM uonduinssE qons pqi popiAOJd Iooiajos iqoa pnuuy Suippopo jo sosodind joj posn oq piM suuoi qons puB opoypjoo qons ui po ps suuoi opBqojd oqi ijiim ooubdjooob ui poouEuyoj oq oi poumssB oq qiM XpjnpjAj uoopBg qons 'opoypjoo qons jo idpoaj aqi uodn tSupiiEuyoj qans ap[duioa Xpryssooons oi iiiapyjns si yodny oqi jo XposdBO iqap aqi pqi (in) piiE SupuEuyaj qans jo suuai a|qEqojd aqi (p) 'Xiunpui qans aauEuyaj oi spuapi Xpo oqi pqi (i) Suipp Xpo aqi jo opoypjoo b aa|Aja§ iqaa pnuuy jo uo;ppapa aqi Suppui Xipuo aqi oi pojOAqop si ajaqi ssapn 'opjaqi X[ddE pu piM aAoqB (3) qdBjSBJBd puB 'app Xiunpui popp aqi uo 0[qEXsd pire anp auioooq oi pouinssB oq qiM 'opEui si ooiajos iqoa pnuuv jo uopEpopo qons oiBp oqi uiojj sqpoiu zi uiiyiM sjnooo opp Xpjnpui popis oqi qoiqM joj piiB 'OAoqE (8) qdBjSBJBd ui poquosop sb XiunyBjAj uoo[pg e soiniysuoo isqi suoiiESqqo uoiq joiuos }° Xiunisui Xuy (q)
sosodind xei ouiooui pjopoj joj ouiooui ssoj8 uiojj popnpxo iou si jo si qoiqM isojopi JEoq suoiiESqqo uoiq joiuos qons JoqpqM uoipjopisuoo oiui Sui^Ei 'jooijjo pozuoqiny ub Xq poiBiiSisop xopu; JEpuns JoipouE 'poqsqqnd joSuo[ ou si xopui pqi j; jo 'JoXng puog oqi Xq poqsqqnd se uopspopo jo oiBp oqi 3uipooojd qiuoui oqi jo ^oom ISej oqi joj xopui puog onuoAOj gj JoXng puog oqi ui poionb oiej isqi oq piM uoippduioo qons joj posn oiej isojoiui oqi ipanssi X|pui3uo sem XpjniEjAj uoopBg qons sapnjain pqi ssaupaiqapui aqi aiEp aqi uiojj sjboX q£ UEqi janq iou Suipuaixa puB panssi XpEiqSuo sem XpjnpjAi uoopBg qons sapnpu; pqi ssoupoiqopui oqi qouiM ui jeoX aip Suimojjoj JBaX aip UEqi jaiBj pu 8upuauiuioa spouiXEd Suipunj ooiajos iqop pnuuB joaoj XpBpiiBisqns qpM puB sjboX of usqi ojoui pu jo uuoi b joao poziyouiB ojom p ji sb poiBOJi aq 'Xiunpui qons oi soqddB uoip Mopq (q) qdEj8EJBd ssopn jo pozuoqinB ojb suopBSqqo uoiq jopos qons qoiqM oi lUEnsjnd ojnpopui piuouio|ddns oip ui popiAOJd osiMjoipo sso|iin '[pM XpjniEjAj uoopBg e soinpisuoo iBqi Xpjnpui qoso ooiajos iqoa pnuuy Surapuopp jo sosodjnd joj uoip 'sopuniEjAi uoopBg oppisuoo suopBSqqo uoiq jouios J° souos SuipuBispo ub jo uopjod Xue jo pB ji (S)
pouod qons Suunp
OAoqE (q) jo (b) sqdEjSEJBd ui poupiuoo siueuoaoo oqi Xjspss oi ojnpEj s.Xpo oqi jo oouonbosuoo
M-8
1uouiooj3b joqio qons jo suoisiAOJd 3[qeoi|ddE aqi oj pafqns aq jpqs suoisiAOJd asaqi uaqi 'upjaq paquasap sjunouiB aqj UBip ssa[ iou ui pire ajniEii aqj jo aaucjnsui 'yodiiy oqi ib sasiuiajd oj podsoj qiiA\ 'apiAOjd 01 Xycj aiiqjiy Xue pue Xip aqi uooA\pq pajja ui uoqj iuouiooj8e Xire japun popSqqo si Xpo aqi 'ouui Xire ib 'ji (a)
souqjiy XjoieuSis aqi pus Xip aqi jo joaej ui jomsui aqi jo iJEd aqi uo uopESojqns jo J3AIEM b uiEiuoa qEqs j oqi Xq poupiupui ooiiEjnsui jo Xoqod qoBg (p)
osiAYioqp jo suoisiAOJd ooiiEjnsupo jo uosBaj Xq (a) uoipasqns sun jo aauaiuas isjij aqi Xq pajmbaj oSejoaoo uinuiiuiui 3qi ireqi ssoj oonpojd qiM joajaqi spaaaojd aqi IBqi uaiiiJAS. os aq [pqs ooubjusui jo Xaqod qans on OOO'OIS Suipoooxo iou iiinoure oprpnpop e aAEq Xbui Xaqod qans Xue inq 'oSBurep Xyodojd joj OAoqs (b) uoiposqns in popiAOJd se sisBq isoo luouiooBjdoj b uo oSejoaoo qiiM ooiiEjnsui uoisojdxo [Ossoa ojnssojd jo Jopog (o)
oib8oj88e pnuuB OOO'OOO'OO I $ PUB oouojjuooo qoso joj 000'000'OOIS 'o8euiep Xyodojd joj puE :oie8oj88e iBnuiiB OOO'OOO'OO IS PUB oouoxinooo ipso joj OOO'OOO'OO IS 'Xjnfui Xppoq puE Xjnfui puosjod joj :sA\oqoj sb siiuiq in yodiiy oqi jo uoiiEJodo jo oouopixo oqi jo po 3uisuE X}jodojd pus suosjod 01 saijnfui joj Xiqupq isuieSe Xpo aqi Suipoiojd 'X113 oqi Xq poiEJodo puB posn sonqouiopE pojiq pire pauMo-uou 'paiiMo Suipnpui oouBjnsui 0[iqouioinE sosiuiojd-uo pire '(poppp uoisnpxo ooXo|duio qi|A\) Xiqiqsq Xjnfui puosjod puE XppqBq pnpEJiuoo p^uEjq Suipnpui oouBjnsui XiqiqBq oqqnd pjouo3 OAisuoqojduio^ (q)
•oSejoaoo oouBjnsui piioipppE Xjessooou oqi ojnoos qiiA\qyoj [[Eqs X113 oqi 'pomsuuopun oje yodny aqi ui sosiuiojd Xub pqi soiEOipui anpA pauiaaBjdaj aoirejnsui qnj jo uoiiEinuiJOiop qons pqi iuoao oqi uj Xii^ oqi Xq popops 'asBa Xub 111 'sjojnsui aqi jo auo jo XuEduioo pspjddE jo JOspjddE 'jopbjiuoo 'poiupjE ire Xq 'sjboX oojqi Xjoao oouo ireqi Xjpanbojj ssaj 1011 pq 'ouin oj ouin uiojj pouiuuopp aq qEqs pire 'sasiuiajd aqi jo isoo iuouiooekJoj pnpB oqi pnbo 01 pouioop oq ipqs sosiuiojd pojnsui Xub jo onpA luouiooBjdoj 0[qEjnsiu qnj sospiojd pojnsui oqi jo onpA iuouiooE[doj opBjnsui qnj oqi ueiu 'osiAVioqp jo suoisiAOJd aauBjnsui-oo jo uosboj Xq 'sso| oonpojd qiM joojoqi spoooojd oqi pqi qons uoniJAV oq [pqs ooiiEjnsui jo Xaqod on sospiojd pojnsui oqi jo onpA pouiooEidoj opBjnsui qnj oqi usqi sso[ pu lunoure ire ui poupiupui oq jpqs oouBjnsui qong spuqn jo oieis aqi in asn ui ouin aqi ib spauiasjopua qans jo 'Xue ji 'uuoj pjEpireis aqi 111 popiAOJd aq Xbui sb Xpo poquiq 'oSejoaoo x.su-[p pire 'spouiosjopuo joiqosiui snopqBUi puB uisqEpiiBA qi;A\ o3bjoaoo popuoixo
pJBpUBIS UUOJlUn pUE 0>[OUIS lJEJOJIE UIOJJ oSBUIBp 'UOllOUIUlOO [IAp 'OMUp E SllipUOlP 10U
'iou 'uoiso[dxo 'spoon 'ipq 'uiJOispuiM 'SmuiqSq 'ojij 'SiuoSojoj oqi jo XppjouoS oqi Supiuiq }noqi|A\ Suipnpui 'syodip jo sjoiEJodo luopnjd XjqEuossoj Xq isiueSe pojnsui XjuEuipjo oje se s^su qons Suijoaoo sopqod jo Xoqod e jopun oSeuibp jo sso[ isupSE oouEjnsiq (e)
:yodjiy oqi 01 podsoj
qiiM oouBjnsui SuiMoqoj oqi 'poupppui oq 01 osnso jo 'upiupui qEqs Xip oqi 'SiuoSojoj oqi 8uiipj;i poqiiyw JEoddB Xbui spojopi jioiji sb spojnsui-00 sb oopnix oqi puB X113 oqi oujeu ipqs oouBjnsui jo sopqod qon§ popnjd XiqBuosEOJ si ubiji ssoj pu spnouiE in pire sopuo8uiiuoo pire soppnsEO qons IsiheSb yodiiy oqi 01 podsoj qiiM oouBjnsui 'poupiupui oq 01 osnEO jo 'ureppui [pqs Xip oqx
3DMVanSMI
si-g
junouiE he [Enbo piM 'junoooy joofojd jjodny X"ue oj pojJOjsiiEJj oq oj ojnjuopiq oqj Xq pojinboj jou oje sSuiujeo qons JBqj juojxo oqj oj omjuopuj oqj oj jUEnsjnd p[oq sjunooos puE spunj oqj in ppq sXououi uo jeoX JEpuopo qons qoso joj sSuiujeo juouijsoaui pus 'punj onuoAOj oqj usqj joqjo (joojoqj junoooEqns jo) junoooB jo punj Xub ui pojisodop oq oj pojinboj uoqj jou jeoX jBpuopo qons jo Xsp jsjij oqj uo punj onuoAOj oqj ui ppq oouBpq qsEO Xue qjiA\ JoqjoSoj sonuoAOj 'sjnooo jojsubjj qons qoiqM ui jeoX jspuopo oqj jojje Supuouiuioo pouod jboX-oaij oqj Suunp jeoX JBpuopo qoBO ui 'jBqj SuiXjijjoo 'juBjpsuoo jjodny juopuodopui ub uiojj poApooj uooq SBq ojboijvjjoo b (hi)
:XouoSy Suije j Xue Xq ponssi suoiiESqqo uoiq jopos uo Suijbj Xue ioojje XpsjOApE pu soop jojsueji qons iBqi Suiuuyuoo Suijijm ui poupiqo uooq sbij oouopiAO (u)
!osodind qons joj pojpo Xpp Sunooui e p jiounoo X113 oqi Xq pus Xpo oqi jo joXbjaj oqi Xq 3uijum ui poAOJddB uooq SBq jojsueji qons (1)
:ioui uooq OABq qiM suoijpuoo SuiMO[pj oqi jo ip pjun pire ssopn jnooo iou qiM ^jojsubjj,, e sb osodind siqj joj 01 pojjojoj Suioq SiuoSojoj oqi jo Xub) osiMJoqp jo (oSjBqo JEpuus jo oSjEqo Xjqpsj JoSuossBd Xue jo spoooojd oqi jo sonuoAOj 'puiq jnoqjiM 'Supnjoui) sonuoAOJ 'sojnjipuodxo 'suoijBJodo 'sjsojojui 'soijjodojd sji jo joqjoqM 'jjodny oqj jo 'jqSpjOAO jo juouioSeueui 'pjjuoo jo joodss puojEui Xue jo 'jqSpjOAO jo juouioSbueui 'pjjuoo jo 'Xpoojipui jo Xjjoojip 'jojsubjj oqj jo jjodny aqi jo jp XjpipEisqns jo |p jo 'Xpoojipui jo Xpoojip 'uopisodsip joqp jo oouBiquinouo 'oSbSijoui 'ooueXoauoo 'o[bs oqx (e)
iHOd^rv jo aajSNvuL ho aavs no snolldih.lshh
jboa P^U lBm 01 loodsoj qjiM poysijES uooq OAEq OAoqE poquosop siueuoaoo oSejoaoo oqi iBqi Xj;jjoo oj juBjunoooy juopuodopui oqj SuqqEiio Ejsp pnjoE uo posBq uoijBpopo e uiejuoo jsnui jipnB oqx '-ieoa posy oqj joj jjodny aqi jo uoijBJodo oqj Suijoaoo 'jusjunoooy juopuodopui UB ^9 poijijjoo puE so|dpuijd SujjunoooE pojdoooB XjpjouoS qjiM ooiiBpjoooB in poiBdojd 'jjodoj jipns pnuuB ue jo Xdoo e qjiM oojsnjx oqj qsiuinj 'jboa lB3sII H3E3 J° asop oqj jojje sXsp oi2 inqjiM 'qiM ji jbi|j sjueuoaoo Xjio 3lII
nanv ivn^Mv
suoijESqqo U3H •loiunr jo suoijESqqo uoiq jopos uioopoj oj (in) jo 'punj ooiajos iqorj oqi ojui sjojsuejj o^eui oj (11) 'sjoofojj jjodjiy Joqjo jo sjsoo oqj XBd oj sjunoooy joofojj jjodny ojoui jo ouo oj sjojsuejj o>pui oj (1) :sosodind 3uiMoqoj oqj jo ojoui jo ouo Xue joj X113 oqi Xq poypods se iimooov pofojj jjodiiy jo junoooB jsnjj ppods qons uiojj uMBjpqjiM jo pojjojsuejj oq [pqs junoooy joofojj uodny jo junoooB jsnjj ppods qons Xub ui pojisodop spoooojd ooiiEjnsui sn|dins Xuy (q)
•sjunoooy joofojj jjodiiy oqj uiojj sjuouiosjnqsip oj joodsoj qjiM sojnjuopuj pjuouioiddns 111 XjpjouoS popiAOJd sb 'suoijipuoo ouibs oqj oj joofqns pus 'jouiiEui ouibs oqj ui posinqsip oq [pqs junoooy joofojj jjodny jo junoooB jsruj ppods qons Xue in jisodop uo sXouojaj joofojj jjodiiy qons oj Su;jb[oj junoooy joofojj jjodjiy oqj in 'uoijorujsuoo jopun uoqj joofojj yodny Xub jo uoijorujsop jo oj oSbuiep jo oseo oqj ui 'jo junoooB jsnjj ppods b ui spoooojd jou qons jisodop jpqs oojsrux oqj puB 'ojojoqj joodsoj qjiM poApooj oouEjnsui Xub jo spoooojd jou oqj oojsnjj oqj ijjim jisodop jpqs XJ13 oqj 'XjpnsEO joqjo jo ojij Xq poXojjsop jo poSsuiBp XjpijiiEjsqns oq jpqs 'joojoijj uoiyod Xue jo 'jjodiiy oqj ji (e)
saaaDo^d aDNvans.Mi jo asn
9i-a
spofojj yodny oip op|duioo 01 spunj opjAOjd 01 Xjessooou si spuog uopo|duioo jo oouEnssi aqi pip (pi) puB opBpBAE sXououi qpA\ pied sq iouubo spofojj yodiiy osoqi jo isoo oibSojSSb posiaoj oqi pqi (ii) 'suoiiESqqo yodiiy Xq pooiiBuy XjsnoiAOJd isoo oibSojSSb jpqi jo iiioojod gj poooxo iou soop poousuij Supq spofojj yodiiy oqi jo isoo puopippB oqi pip (i) 'sSupp joqio Suouib 'Sippis soiEoyiyoo ooisoij oqi 01 JOAqop isnui Xpo oqi 'spuog uopo|duioo jo oousnssi oqi qiiM uopoouuoo u| suopESpqo yodiiy Xq iJEd in jo 0|oqA\ in poouEuy XqBppi spofojj yodiiy ojoui jo ouo jo sisoo oqi ooueuij 01 ponssi oq 01 ojniuopuj oqi Xq pozuoqinB ojb spuog uopoidiuoo
SQN09 NOIIHldWOO
sciNoa Man aoiNas sioz aHi hoj AiranoHS
uopdso oqi jopun pouioiEis ppyjo oqi ui poquosop ojb qop|Av ojniuopui oqi ui luopooojd suopppuoo oqi jo uoipBjspBS uodn ojniuopui oqi jopun ponssi oq 0} pozuoqinB ojb spuog uoiq joiuos puopippy
SQNoa Nan uoinhs ivNOinaav
•suoiiESqqo
uoiq joiuos J° sjoumq oqi 01 puopui oq 01 pouioop oq piM iueuoaoo sup jo ooiiBuuojJod oqi 'Avopq pnBjOQ jo spiOAg,, uopdBO oip jopun (0) qdBjSBJBd jo sosodind joj (q)
puoq
Xpjns jo ppojo jo joipi qons Xue ojnoos oi 'posn Xbm Xub 111 jo 'poSpoid oq piA\ (oSjBqo jEpups jo oSjBqo XppoEj JoSuossBd Xue jo spoooojd oqi jo sonuoAOj 'puip inoipiM 'Suipnpui) sonuoAOJ ou pqi 'JOAOMoq 'popiAOJd iXouoSy SupEj qoso Xq souoSoibo Siuiej IsoqSpi oavi oqi jo joqpo usqi ssoj pu jo SupEJ ppojo e oaeij 01 puoq Xpjns jo ppojo jo joipi qons 'suopBSqqo yodiiy SuipuEispo uoqi oqi jo pnouiE pnj oqi ui siuouiisoAiq poijipno JO puoq Xpjns 'ppojo jo jopoj b suopBSqqo yodiiy SuipuBisino uoqi jp jo sjoumo oqi jo ifjouoq oip joj ooisnjx oqi qpA\ popsodop uooq SEq ojoqi (uia)
puB ;Xjbo jo Xpo oqi pus
Xpo oip uooA\pq pEduioo XjEO/oSEOiqo oqi jo 02-01 uopoos °1 PBnsjnd Xiuoqpy Xjeq -oSBOiqo oip uiojj poApooj uooq SEq jojsueji qons 01 posuoo uopuav (ha)
tsiiopESqqo
yodjiy Suiyoddns puoq Xpjns jo ppojojo jouo[ Xub jo JopiAOjd qoEO puE jojnsu; puoq ipso uiojj poApooj uooq SBq jojsueji qons 01 posuoo uopiJAV (ia)
ioopnjx oip uiojj poApooj uooq ssq jojsueji qons 0} posuoo uopuav (a)
tSuipiiEispo uoip suopBSqqo yodiiy IP jo sjouavo oqi uiojj poApooj uooq sbij jojsueji qons 01 posuoo uouuav (ai)
iuopdso pps jopun (a)(!l)(B) qdBjSBJBd in „souip sqipojpunq oaij-Xiuoavi puB ouo„ puB „souip sqipojpunq-XiuoAvj pus ouo,, Jsouip sqipojpunq-uooyij piiB ouo„ 'l(soupi sqipojpunq-uoi puE ouo,, joj popppqns oq piA\ „souip sqipojpunq-Xyij puB ouo„ opoypjoo 3lP 10 sosodind joj 'jOAOAvoq 'popiAOJd ;oAoqs siubuoaoo oSejoaoo,, uopdEO oip jopun poquosop siueuoaoo oSejoaoo oqi XjspBS 01 pojmboi pinouiB oip UBip ssoj pu
Z.l-9
ojniuopuj oqi ui pouiBjuoo siueuoaoo oqi jo Xue jo oouEAjosqo jo ooueuuojjocJ
oqi jo suoi}B§qqo uoiq joiuos 0lP J° poouopiAO ssoupoiqopui oqi jo juouiXsd oqi joqjio
|uoduii jo Xsjop 'jopuiq 01 oq pjnoM qoiqM jo pojjo oqi Sunn jo ioe Xue jimiod jo JOjjns 'op XjuBjunjoA ouqi Xue ib iou jjim pus 'mb| 01 jusnsjnd ji ui posodoj mou suoijESqqo piiE soijnp 'suoijounj 'sjOMod oqi uiBiuiBui 01 puB jjodny oqi ib osoqi 01 jb|iuiis soiiqiOBj Suisn odXi Xub jo jjejojib jo sjjoo^jbj puB sSuipuBj joj uodo yodny oqi doo5{ oi syojjo 0|qEiiosE0J osn souiij jje ib jjim ii pqi siueuoaoo Xjjo oqx
SH3A\0d 30 3DMVN3INIVW
•suoijESqqo usn
joiuos ou.) J° Xiunoos oqi jredun jijSiui qoiqM jo 'yodjiy oqi uodn oSjeijo jo uoq e ouioooq mej Xq jqSiui 'predun ji 'qoiqM soqddns jo 'S|buojbui 'JoqB| joj ui;e|o |njMEj Xue sb ||om se 'onp ouioooq Xoqi uoqM 'sonuoAO j oqi uodn jo 'ji jo iJEd Xue uodn jo yodiiy oqi uodn posoduii XunjMBj soSjBqo jbiuouiujoaoS joqio jo siuouissossB 'soxbj Xub 'poSjBqosip puE pred oq 01 osnso jo 'oSjsqosip pus XBd oi Xjnp 'ouiij 01 ouin uiojj 'sonuoAO j jo ino 'siueuoaoo Xjio oqx juouiXBduou jioijj jo soouonbosuoo oqi joj puB luouiXBd Jioqi joj suoiiEjnSoj piiB so|ru oojojuo puE oquosojd oj siueuoaoo pus onp sb puE uoqA\ popoqoo oq 01 yodiiy oqi jo uoijBJodo oqi ui Xip oqi Xq pojopuoj sooi.vios uisyoo joj piiB yodiiy oqi jo uoiiBJodo puE osn oqi joj soSisqo joqio piiB soibj 'sjbiuoj jje osnEO 01 siueuoaoo Xpo oqx souiii jje ib uoiiBJodo luopyjo pus oiiuouooo si] ojnsuo 0} yodiiy oqi jo iuouioSeueui iiiopnjd oqi ui oiEudojddE jo Xjessooou oje se yodiiy oqi 01 opEui ojb SJiBdoj qons isqi pUB luouipuoo SuiiBJodo moioyjo ub ui pouiBiuiBui puB popjodo souiq jje ie si yodiiy oqi ibiji 00s 01 syojjo isoq sii osn jjim 11 ieiji siueuoaoo Xii^ oqx
IHOdHrV 30 3DMVM31MIVW ONV NOUVHSdO
SOUUl JJE }B
|EuoiiBJodo uiBUioJ jjim yodiiy oqi ieiji puo oqi 01 jje 'qifEj pooS u; uioqi sisoiuoo Xip oqi ssojun 'yodiiy oqi 01 ojqEoqdds Xpoq jEioipnf jo OAiiEJisiuiuipE 'OAynooxo 'oai}bjsiSo| 'jeiuouiiuoaoS Xub jo sOAipojip puB sjopjo 'suoiiEjnSoj 'sojnj 'spE pqEA jje qijM Xjduioo jjim Xii^ oqx "ojniEis jossooons Xub jo '256\ jo py uoiiEiAy jEJopoj oqi jopun ponssi oiBoyiyoo SuiiBJodo yodiiB s.yodiiy oqi o>joaoj jo puodsns 01 'joiEJisiuiuipy oqi jo XiuoqinB pus sjOMod oqi 01 jossooons Xub jo 'uoiiEyodsiiEJX jo uiouiyBdoa oqi 'uoiiBJisiuiiupv uonEiAy jBJopoj oqi jo joiEJisiuiuipy oqi osnso pjnoM qoiqM uoiioe Xue 'ojjei 01 uosjod joqjo Xue mojjb jo 'o^ei iou jjim Xijo oqx uoiieiav jo jouoissiuiuioo oqi jo uoipojip oqi jopun yodiiy oqi uieiuieui pus oiEJodo jjim ji 'sojdiouud ssouisnq punos jo sissq oqi uo popjodo Xjiuopijjo pus Xjjboiuiouooo oq jjim yodiiy oqi ieiji suoiiESijqo uoiq joiuos oqi jo sjoumo oqi omssB 01 puB yodjiy oqi jo uoiiBJodo pire iuouioSeueui iiioioyjo oqi OJnssB 01 jopjo in ibiji siueuoaoo Xpo oijx
IHOdHIV 30 IM3W30VMVW
popunjoj oq 01 suoiiESqqo yodiiy oqi uo ojqEXEd si ooiajos iqop pqi jboa puog qoBO ui ooiajos iqop jEnuuB ui uoipnpoj e (11) jo 'Xpo oqi 01 sSuiabs ooiajos iqop on|EA luosojd pu e (i) ui ijnsoj jjim spuog Suipunjoj oqi jo ooirenssi oqi 'Suipunjoj oqi 01 pojjo SuiaiS 'ieiji SiniEis Xpo oqi jo oiBoyiyoo b jo „saN09 M3I1 H0IM3S 8102 3HI SOi AiraflDSS., uoqdBO oqi jopun iuouio}eis JEpijjo aq) P poquosop opoijiyoo Xub joqpo oojsrux oqi 0} JOAqop isnui Xpo oqi 'ojniuopuj oqi jopun spuog Suipunjoj jo ooirenssi oqi ijijm uojpouuoo uj suoiiESqqo yodiiy jo Suipunjoj oqi jo osodind oqi joj ponssi oq 01 ojniuopuj oqj Xq pozuoqjnE oje spuog Suipunjo j
SQNOS 0MIQN.n33H
81-8
isuopESqqo uoig joiuos aqj jo oouEnssi isjij aqi ajqjaq ouip Xue ie uopEuiuuoiop jo uopBoypods 'uoiiEzuoqinE qans Xue puiosoj jo Xjipoui 'puauiE 01 jo 'ioojjo ui ojojoiojoip se ojniuopuj aqi qiiA\ luaisisuoaui jo 01 Xjejiuoa iou 3je qopjM suopBSqqo U9H Joraas aqi 01 aApsjaj sSupp pus sjaiiBui jaqio Xub osjb puB ajnjuapuj aqi ip 01 pajjajaj sSuup puB sjapBui aqi auiuuaiap pus Xjiaads 01 'qiiMajaqi uopaauuoa in 'pire suopESpqo uan Joiuas jo sauas e aisaja 01 (a)
iajniuapiq
aqi ui pouiEiuoa Xpo aqi jo spiauiaajSE puE siuEuaAoa aqi qpA\ uioisisuooui jo 01 XreJiuoa iou si aSapAud jo jaAvod 'iqSu aqi jo jopuouns aqi ji Xpio inq 'ojnpiopui aqi jo suuai aqi Xq Xpo aqi uodn pojjojuoo jo 01 paAjasaj oSopAud jo jOA\od 'iqSu Xue japuajjns 01 v (p)
iioojjo ui ojojoiojoiji sb
ajniuapiq oqi qpM iiioisisuooui jo 01 XjBJiuoa iou 3je qopiM Xpo aqi Xq paAjasqo aq 01 suopouisoj pus suopBpuip jaqio ajniuapiq aqi in suopouisoj puE suopBpuip aqi 01 pps 01 (a)
tpojjo ui ojojopjoqi se ajrquapui aqi qpM iuoisisuooui jo 01 XjBJiuoa iou 3je qoujM Xpo aqi Xq paAjasqo aq 01 spiauiaajSE piiE siuEuaAoa joqio ajniuapiq aqi ui Xpo aqi jo siuauiaajSB pus siuEuaAoa aip oi ppB 01 (q)
issaupaiqapui jo saauapiAa jaipo jo suopESpqo uaiq joiuag jo aouoxinoui jo aausnssi aqi '110 omuiopuj aqi in pouiEiuoo suopouisoj puE suopBpuip aip 01 uoppppB in suopauisaj piiE suopEpuip opiAOJd jo 'isuieSe ajniuapiq aqi asoja 0} (b)
:suuai sp
qiiA\ aauEpjoaaE ui OApoojjo Xpnj si 'ooisnjj aqi puB Xpo oqi Xq ojniuopuj pmiouio|ddns aqi jo XiaAqap puB uopnooxo oqi piiE xjoio Xpo oip Xq poyiuoo ooiiBiiipjo aip jo Xdoo b jo ooisnjx oqi ipiM Suqy oip uodn 'qoiqM 'pounoo Xpo oqi Xq poidopB oauEinpjo ub Xq pazuoqins aq Xbui ojniuopuj [Eiuouio|ddns b 'ouip 01 ouip uiojj jo ouip Xue ib puB sosodind SuiAvopoj oip jo ojoui jo ouo Xub joj
331Sfitfl 31-11 A3 M0IinD3X3 NOdfl 3AI.L33333 S3HniN3aNI IVlMSWSlddfiS
suopBSqqo 1,3H JOiuog jo oouBnssj oqi 01 Supbjoj ojniuopuj oip in pauiEiuoa suopipuoa piiB suopauisaj 'suopBpuip aqi SippuEisqpMiou Xpo oqi Xq ponssi oq Xbui puE 'iuouioSuejjv SuiouEiiij XppoE j |Eiood§ b oi iiiBnsjnd puB jopun poAuop siunouiB joqio jo sjbiuoj uiojj Xioios ajqEXsd spuoq onuoAoj oq isnui qoiqA\ 'spuog onuoAOj XppoBj jBioods onssi oi iqSu oqi soajosoj Xpo oqx
SOMOa 3flN3A3~H AII3IDV3 TVI33dS
yodjiy aqi jo uopEJodo oqi 01 ppuoppui jo Xjessooou osodind Xub joj pusj oqi uo ojipoaps jo Suippnq Xue jo yodqv oqi jo pUB] Xub 'ui soSopAud jo suoissoouoo IubjS jo 'uoiiBJodioo jo uuy 'uosjod Xue 01 io[ oi sjboX jo uuoi Xub joj iqSiJ oqi ssq Xpo aqx
SN0ISS33M03 CLMV S3SV31
a\e[ Xq pojmboj sb uoojoqi ioe oi p joj ouip luaiayjns ui paunoo Xpo oqi oi ojqspEAB opEui oq isnui puB ayej ojqEoqddB ipiM ooirepjoooB ip pojBdojd oq isnui ioSpnq oqx sosuodxg ooueuoiuibi/v puB uopEJodo piiE sonuoAOJ poiBUipsa 'sSuiqi jaqio Suouib 'pBiop 0[qEuosEOJ ui jboa (eosij isqi joj qyoj Supps IJodny aqi Joj ioSpnq |BnuiiB ub jboa posij qoso jo SuiuuiSoq oqi ojojoq ojEdojd isnui Xpo oqx
isoana i^od^iv
6i-a
' SUUOI SU ipiM OOUBpjOOOE UI OAIPOJJO X[pj SOUJOOOq '001SOIX 01J1 piiB XlJO Oqi Xq OJIYUlOpiq
ppouiojddns oqi jo XjOAqop puB uoipooxo uodn puE 'spouipuouiE oi Suippj ojnpopuj oqi jo suoisiAOJd oqi qjiM oousqduioo uodn '>uo[0 X113 oqi Xq poyiuoo oouEiupjo oqi jo Xdoo b jo ooisnjx oqi ipiM Suqy oqi uodn 'ojniuopuj ppouio[ddns qoiqM 'ojniuopuj oqi jo suoisiAoid luouipuouiE oqi 01 pofqns puE qiiM oouEpjoooE ui suoipSqqo uoiq jouios jo sjoumo oqi Xq iuosuoo 01 pofqns 'pounoo Xip oqi Xq poidopB ooiiEumJo ub Xq pozijoinnE oq Xbui ojniuopuj ppouio[ddns b 'ouin 01 ouqi uiojj jo ouin Xub iy
SMOiivonao mhh koin3s
JO Stf3NA\0 JO IM3SN00 HUM 3AII33JJ3 S3mi.N3CIN:i lVIN3IAI33ddfiS
uoiidEO siqi jopun (b) qdBjSBJBd m qyoj ps sosodind oqi jo ojoui jo ouo uiBiuoo sb ojniuopuj jBiuouiojddns oqi jo suoisiAoid osoqi 01 Xpo opEoqddB si uondEO siqi jopun ooisnjj oqi jo iuosuoo oqi 'iuoao iBqi u; puE 'uoqdBO Suipooojd Xjopipouiuii oqi ui poypods sosodjnd oqi jo ojoui jo ouo uppoo osp Xbui ojniuopuj iEiuouio[ddns Xuy (q)
ojniuopuj
joisbjaj uoiq joiuos oqi jopun ooisnjj, oqi jo soynp puonippB opiAOJd 01 (in)
jo tpojjo ui ojojopjoqi se ojniuopuj oqi qiiM iuoisisuooui jo oi Xjejiuoo pu ojb puB ojqBJisop jo Xjessooou ojb se ojniuopuj oqi jopun SuisuE suoqsonb jo sjoheui SuiXjiJBp suoisiAOJd qons ijosui 01 (u)
lojniuopuj oqi in uoisiAOJd iuoisisuooui jo pojop Xub poxioo jo ojno jo 'uoissiuio Xub Xjddns 'XipSiquiE Xub ojuo 0} (i)
:suuoi sji qiiM ooubpjoooe ui oaipojjo Xqnj si 'ooistuj. oqj puE X113 oqi Xq ojniuopuj piuouiO[ddns oqi jo XjOAijop piiE uoipooxo oqi (in) pus opjoqi Suyuosuoo ooisnjj oqi Xq opEui 8u|jijm ui luouiruisui ue jo Xpo oqi pus ooisruj oqi ijiim Suqy oqi (u) '5JJ0J3 Xpo oqi Xq poyiuoo ooiiBuipjo oqi jo Xdoo b jo ooisnjx oqi qiiM Suqy oqi (i) uodn 'qoiqM jpunoo Xpo oqi Xq poidopB oousuipjo ue Xq pozuoqpE oq Xbui ojnpopuj piuouio|ddns b 'ouin oi ouiy m01} JO auiii 'Cub ie puB sosodind Suimojjoj oqi jo ojoui jo ouo Xub joj (e)
33ISfmi JO 1M3SM0D NOdfl 3ALL033J3 S3HrLLN3CINI IVXNSWSlddfiS
i!J°
00B|d in jo ojojojoqi oSusqoxo ui ponssi suoiiESqqo uoiq joiuos jo puE ojniuopuj |Eiuouio[ddns oqi jo XiOAipp puB uoipooxo oqi jo opp oqi joijb ponssi suoipSqqo u3n Jopos IP jo ixoi oqi in 01 pojjojoj XjjBoypods si ojniuopuj piuouiO|ddns oqi (n) puB 'SiiipiiEispo oq 01 oseoo ojniuopuj jBiuouiO[ddns oqi jo XiOAqop puE uopnooxo oqi jo oiBp oqi ib Suipuspino suoiiESqqo uoiq jopos ijb joijb Xpo oaipojjo 'oq oj possojdxo si puB 'si uopBoyipoui oqi (i) ji X[uo pq 'joAOiEqM podsoj Xue ui ompopiq oqi jo suoisiAOJd oqi jo Xub Xjipoui 0} (8)
piiB Jojniuopuj oqi Xq poisojo oq 01 jo popojo oSpojd jo uip[0 'uoq Xue oi jEJopqoo puE soiuodojd 'sonuoAOJ [EUOiiippB jo uopoofqns oqi pue 'ojnpopuj oqi jopun oSpojd oqi 'oouBjnsss joqiinj se 'uuyuoo 01 (j)
os-a
•Xjio aqj qjiM popj si juouipuouiE jo uopBoyipoui aqj oj pajuasuoa oaei| suopESpqo uoiq Joiuas jo soSBjuoojod pojmboj aqj jo sj3ua\o oqj JBip aajsnjx aqj jo juouiojejs uojjum aqj uaqM ouip aqj ajojaq 'aajsnjx aqj qjiM uopbooaoj aqj Suqy Xq ji jo jaiiA\o juanbosqns b jo juasuoa aqj SuiaiS uopESqqo uoiq jouios oip jo j3ua\o 3qj Xq SupuM ui pa>(OA3j si juasuoa aqj sso|un (juasuoa aqj jo oopou seq ji jo joumq juonbosqns aqj jou jo jaqjaqA\) ji joj oSireqoxo ui panssi uopESqqo uaiq Jopos Xue jo pus uopESqqo uoiq Joiuas jEqj jo j3ua\o juanbasqns Xue uodn puB juasuoa oqj SuiaiS uopeSqqo uoiq Joiuas sqj jo jsumo sqj uodn Suipuiq si ajnjuapiq aqj jo jusuipusuiE jo uoijEoyipoui oqj oj juosuoo Xuy (o)
•suopBSqqo
uoiq Joiuos J° sjouavo 1[E pus Xpo 3m 110 aAisnpuoo piiE Suipiqq si uoijEiniiuojop qons Xue pus 'ojnjuopuj oqj jo juouipuouiE jo uopBoyipoui Xue Xq pojoojjE oq ppoM XjunjEui jo souos jEjnoijJBd Xub jo suopBSqqo nan jouios juouipuouiE jo sjOMod SmoSojoj oip qjiAV oouBpjoooB u; jou jo JoqjoijAv auiuuojop uoijojosip sji in Xbui oojsnjx oqx souos oqj jo suoijESqqo u3!l Joiuos jo sjouavo oqj jo sjqSu oqj soqsunupp jo sjoajjE X[asjaApE ji ji ajnjuapiq aqj jo juouipuouiE jo uopBoyipoui b Xq pojaajjE sq oj pauiaap si souos E 'uopdEO sup jo sosodind oqj joj -uopEayipoui jo oSuBqo oqj oj juossb uojjum sji jnoqjiM Xuponpij Xub jo suopBSqqo jo sjqSu oqj jo Xub Xj;poui jo oSubijo Xbui jo 'juauipuauiE jo uopBoyipoui qons Xub joojjo oj pojinboj si qoiqM jo sjouavo oqj jo juosuoo oqj suopBSqqo ll3n Jopios jo sossep oqj joojjb osiAuoqjo jo soSBjuoajad aqj aonpoj Xbui jo 'uopESqqo uaiq Joiuos oqj jo jouavo oqj jo juosuoo oqj jnoqjiAV ji uo jsojajui jo ajEJ aqj ui jo oouj uopduiopoj sji jo junouiE pdpuud oqj ui uoponpoj e jo ji uo jsojojui jo juouqpjsui Xub jo jo (sjuouiXej punj Sui^uis jo jpsoj b sb uopduiopoj Xub Suipnpui) uopESqqo uoiq jouios SuipuBjsjno Xue jo pdpuud oqj jo XjunjEui jo uopduiapaj jo suuaj aip ui aSuEip e lpiuod Xbui juauipuaiuB jo uopBoyipoui qans o^ uopdEO siqj japun suopESpqo U9H Jopss SuipuBjsjno jo uopEpa[Ba Xue jo asocund aqj joj SuipuBjsjno sq oj pauiaap jou aJE suopBSqqo uaiq joiuas asoqj pire psjpboj jou aJE suopESpqo uoiq jopos osoqj jo sjouavo oqj jo juosuoo oqj 'SuipuBjsjno uibuioj XjunjEui puE souos s>pi psypsds Xue jo suopBSqqo uoiq jouios Xub se Suoi os joojjo s>pj jou 'suuoj sji Xq '|pM juouipuouiE jo uopBoyipoui oqj ji (q)
Avopq (q) qdBjSBJBd jopun pojjiuuod ji Xpio jnq 'juouiXbj punj 3ui>piis oqj oj po[jpuo XjunjEui pire souos JspoijJBd oqj jo suopESpqo uoiq joiuos SuipuBjsjno uoqj oqj jo junouiE pdpuud m juoojod Qg usqj ojoui jo sjoppq oqj jo 'juouiXbj punj Suppqs Xue jo suuoj oqj soSireqo juouipuouiE jo uoijEoyipoui oqj oseo ui (hi)
pus :pojoojjE os souos qoBO jo suopBSqqo uoiq jopos SinpuEjsjno uoqj oqj jo junoure pdpuud ui juoojod Qg UBqj ojoui jo sjouavq oqj jo 'juouipuouiE jo uoijEoyipoui oqj Xq pojoojjE oje suopBSqqo uoiq jopos jo souos SuipuBjsjno uoqj jo souos PJOaos oqj jo jje UBqj ssoj oseo ui (p)
HioaiS si juosuoo oqj ouip oqj je SuipuBjsjno suopESpqo uoiq jouios 3M» J° lunoure pdpuud ui jusojod Qg ireqj ojoui jo sjouavo oqj jo (i)
:ojnjuopuj oqj jopun poquosop se uoaiS juosuoo uojjijav oqj qjiAV 'ojnjuopuj pjuouiO(ddns e Xq opsui oq Xbui 'jBjnopjEd ui 'suopBSqqo U3H Jopos oqj jo sjouavo oqj jo pus Xjio 3lP jo suopBSqqo pUB sjqSu oqj jo jo 'ojnjuopuj pjuouiojddns Xue jo jo ojnjuopuj oqj jo juouipuouiE jo uopBoyipoui Xue 'Mopq (q) qdBjSBJBd jo suoisiAOJd oqj oj joofqns (b)
IN3WQN3IMV 30 Stf3A\0d
I
ic-a
JJBd SJI UO SUOIJipUOD JO SJUOUIOOjSe 'SJUEUOAOO Oqj XuE JO 9DUEAJ9SqO JO 9DUBUU0JJ9d Oqj III
sjjnBjop jo 'ojnjuopuj aqj jo suoisiAOJd oqj qjiM Xjdmoo oj sosryoj jo spEj Xjjo aqj (d)
ionp souioooq ji uoqM
opEui iou si uopESqqo uoiq jouios Xue uo jsojojui jo juouqjEjsui Xub jo juouiXEd (q)
tosiMjoqjo jo uopduiopoj
joj [|bo uodn jo XjunjEui jb JoqjoqM 'onp souioooq ji sb piiB uoi[A\ opsui jou si uopESqqo uoiq joiuos jo '^ub J! 'oouj uopduiopoj jo pdpuud oqj jo juouiXEd (b)
:„j|nBjoa jo jiiOAg,, ub pojBpop si pnBjop jo sjuoao Suimojjoj oqj jo qoBg
nnVJHO JO SIN3A3
sioippi 'oSeoujo ui ooyjo ub Suiaei[ piiB ssouisnq Sinop XiiEduioo jsnjj e jo sjOMod oqj SuiAEq uoueioosse Sinxjreq puopBU jo XuEdiuoo jsnjj '^piBq e oq jsnui oojsnj x oqj oj uoissooons ui ojnjuopiq oqj jo suoisiAoid oqj jopun pojuioddE oojsnjj, Xuy (o)
oojsrux Jossooons e juioddE 'oquosoid pus jodojd doop Xbui jjnoo oqj sb 'Xub ji 'oopou oqj jojje 'uodnojoqj Xbui ynoo oqx "oojsrux Jossooons b juioddE oj uopoipsunf juojoduioo jo unoo Xue oj XjddB Xbui uopESqqo uoiq joiuos J° J3umo oqj jo oojsrux oqj 'job oj XjqiqEui jo ieaouioj sji jo uosboj Xq poxinooo SEq oojsrux oqj jo ooyjo oqj ui Xoueoba e jojje jo uopBuSisoj sji jo oopou uojjum Xpo oqj oj uoaiS sbij oojsrux oqj jojje sXsp gj? uup)M uopoos SUP jo suoisiAOJd SuioSojoj oqj oj juBnsjnd opEui si oojsnjj, jossooons e jo juouijuioddE ou oseo jodojd e ui jj (q)
suoijESqqo uoiq jouios oqj jo sjouavo oqj oj juouijuioddE oqj jo oopou popsui oq oj osnBO oj 'juouijuioddE oqj jojje sXsp qz uupiM 'sjueuoaoo Xjio 3M1 '33)snj j, jossooons e juioddE uodnojoqj qiM j; jBqj soojSe piiE sjueuoaoo Xjio 3UJ 'SJ!EJJE JO Xjjodojd sji jo jo oojsaix oqj jo iojjuoo jo oSjBqo soxej jooijjo oqqnd Xub ji jo 'pojuioddE si 'Xjjodojd sji jo jo 'oojsiuj, oqj jo jojeajosuoo jo JOjBpinbq 'joaioooj e ji jo 'juoaiosui jo jdnnpsq b poSpnfjre si jo 'Suijoe jo oiqBdBou; souioooq jo poaouioj si jo suSisoj oojsnjj oqj ouip Xub jb oseo iq (b)
33ISn^l>I0SS333aS JO IMSWXMIOddV
¦isoiJJO
pozuoqjny ub Xq pouSis juouinjjsui ue oojsrux oqj qjjM Suqy Xq Xjio oqj jo uopojosip ops oqj ui osnso jnoqjiAv jo qjiM 'jinEjorj jo juoAg ub jo oouojsixo oqj Suunp jdooxo 'ouip Xub je oojsrux oqj oaouioj Xbui Xjio oqx Xjio 3in J° JunoooB oqj joj jo Xq pjoq suoijESqqo uoiq joiuos ^l,E Suipnpxo 'pozuoqjnE Xpp jOEj-ui-sXouJOjjB Jioqj jo suopBSqqo uoiq Jouios SppuBjsjno uoqj oqj jo junouiE pdpuud in Xjuopui e jo sjouavo oqj Xq pouSis puB 'Xj;o oqj puB oojsnjx oqj qjiAV popj 'Suijijav ui sjuouirujsui juojjnouoo jo juouirujsui ub Xq pojsonboj os ouip Xue je ji Xj;o oqj Xq poaouioj oq jsnui oojsrux 9lLL
aaisnai jo ivAOwa'a
oojsrux jossooons e jo juouijipoddE oqj uodn Xpo joojjo ombj Xbui uopBuSisoj oqx suopBSqqo u3!l Jopos oqj jo sjouavo oqj oj 'joojjo so^ej uoubuSisoj oqj uoijm ojEp oqj SuiXjpods 'uopsuSisoj oqj jo oopou Suqpui puB Xjjo oqj oj oopou uojjum .sXsp 09 uEip ssoj jou SuiaiS Xq ojnjuopuj oqj Xq pojBOJO suopESpqo pus sopnp oqj jo poSjBqospp oq pire uSisoj ouip Xue je Xbui oojsrux oqx
i
aaisrmi jo NOiivMDisaa
zz-z
sXsuoui Xue uiojj jooqoo oj pus 'sasuadxa pus sjsoo 'jsojojui qjiM 'ppdun Siuupuioj sjunoure aqj jo uoijjod Xub joj Xjio aqj jsiueSe oajaap jo juouiSpnf e aajojua pus jaAoaaj 01 pus 'suoijESqqo uaiq joiuas aq) jo sjouavo aq) jo jo oojstux aq) jo Xpauiaj jo jqSu joqjo Xue oj oaipnfejd jnoqjiM suoijESqqo uaiq Joiuas aqj japun pus ajnjuapiq aqj japun sSiupssaojd qs jo pus uoijaajpo jo sasuadxa puB sjsoa qs piiB Xue qjiM joqjoSoj 'suoijESqqo uaiq Joiua§ aqj in poypods jsojojui jo sajBJ jo 3jej aqj jb sjuauiXEd anpjaAO uo jsojojui qjiM 'ppdun pus 'suoijESiiqo uaiq joiuas aqj jo jo ojnjuopuj jEiuouio|ddns Xue jo ajniuapiq aqj jo uoisiAOJd Xue japun 'asiAuaqjo jo jsajajui 'oouj uoyduiopo j 'pdpuud joj suoijESqqo uaiq joiuas aqj joj Xiunoos se poSpsjd sXauoui jo jno X[iio jnq 'Xj;o aqj uiojj anp 'Sinupuisi auiij Xub jb puE 'Suiuioaaq ipsjop Xub Suunp jo uaqj sjunouiB |p piiB Xub OApooj puB uo juauiXBd aajojua 'joj ans oj pojinus si aajsnjx aqj 'ajnjuapiq aqj japun soipouioj pus sjqSu Xub jo juauiaajojua aqj uj (q)
suoijESqqo uaiq joiuas aqj jo sj3ua\o aqj jo sjqSu aqj jo uoijeioi a ui jo [njMEiun aq Xbui qoujAv sSuiqj jo sjde Xub uiofua 'Xjmba ui jms jo uoijoe Xq (ai)
jo tsuoijESqqo uaiq joiuas aqj jo sjouavo aqj joj jsnjj ssajdxa Xub jo aajsnjj aqj 3J3a\ ji ji sb junoaaB oj Xjjo aqj ojpboj 'Xjmbs ui jms jo uoijoe Xq (in)
tsuoijBSqqo uoiq jopos aqj uodn jms SuiSuuq Xq (11)
tojnpopuj aqj japun soipp sji uuojjad 01 pus suoijESqqo uaiq jopos aqj jo sj3ua\o oqi qj]A\ jusuissjSb jo iueuoaoo joqio Xue jno Xjjeo oj Xjjo oqi ojpboj oj puE 'ajnjuapuj aqj ui pauiEjuoo oSpojd aqj pus sonuoAOj asoqj oj se sjuauiaajSE pire sjuBuaAoa aqj jno Xjje3 oj ajEnbapE sanuaAa j jaaqoa puB OApooj oj Xjio aqj ojmboj oj jqSu aqj Suipnpui 'suoijESqqo ll3n Joiuas aq) jo sjauMO aq) jo sjqSu ip aajojua oj 'Xjmba in jo a\b| jb Suipaaaojd jo uoijas 'jms jaqjo jo snuiEpiiEui Xq (1)
:sjqSu qans aajojua puE jaojojd oj pnjaojja jsom suiaap 'psunoa Xq pasiAps Supq 'aajsnjx aqj se ssuss JEpoijJEd b oj jaadsaj qjiAV sojnjuopuj [Ejuauia[ddns ajoui jo auo ui poypods soipouioj puoijippB Xub jo soipouioj SuiAvoqoj aqj jo qans Xq suoijESqqo uaiq Joiuas aqj jo sjouavo aqi jo sjqSu aqj piiE sjqSu sji aajojua pus jaajojd oj 'ajnjuapiq aqj jo suoisiAOJd aqj oj joofqns 'auiBii uavo sji ui 'paaaojd jsnui 'suoijESqqo uoiq jomas SuipuBjsjno aqi jo junouiE pdpuud in juaaiad gi UBqj sso[ pu jo sjouavo aqi jo isanbaj uojjuav aqj uodn puE 'paaaojd Xbui aajsrux aqi 'uoydEO Suipaaajd XpjBipsuiun aqj jo (p) jo (a) qdEjSEJEd ui paijpads jpBjarj jo jusAg Xub jo souBnunuoo piiB SinuoddBij aqj uodn jo 'paaaojd jsnui aajsnjj, aqj 'uoijdBO Suipaaajd XpjBipauiun aqj jo (q) jo (b) qdBjSBJBd 111 paijpads jpBjarj jo juoAg Xub jo oouBnuijuoo puE SuiuaddBq aqi uodn (E)
saiaawau
ajniuapiq |EjuouiO|ddns Xue jo suoisiAOJd aqi japun Sinnuijuoo si pus sjnooo jjnsjop jo paAa ue (p)
jo ;aauaSqip anp jje qjiAipEjap aqi Xpauiaj 01 XjESsaaau aq Xbui sb pousd qans joj papuaixa si ajna 01 suiij aqi 'pouod Xsp -gf aqi uiqiiAV pajna aq puuEa qoiqM pq oouoSqip anp Xq pajna aq ueo qoiqAV ipBjap qans Xue jo asBa aqi 111 pqi 'jOAOAVoq 'popiAoid ^suol^ESqqo uaiq jopos SinpiiEjsjno aqi jo pnouiB pdpuud ui inaajad g£ UBqj ssa[ pu jo sj3ua\o aqi JO aoisnjx oqi Xq 1; jo ooijou uojjuav jojje sXsp gp jo pouod b joj sonuijuoo jpsjop jo psnjoj 'ojnjpj oqj pire suoijESqqo uoiq joraos sqj jo sjouavo sqj jo sjqSu sqj sjoojje XqEuojEm qoiqM 'suoijESqqo uoiq joiuos oqj jo ojnjuopuj oqj in poupjuoo
ec-a
suoijBSqqo uaiq joiuss aqj 'uo jsajajui paruaas pire 'jo 'Xire ji 'aauj uoijduiapaj jo jBdpuud aqj jo juauiXEd aqj joj ajqBjpAE aq oj 3jb sXauoui qaiqM uodn ajep uoijduiapaj jo XjunjEui aqj Suijbjs pire 'ajnjuapiq aqj qjiM aairepjoaaB ui ppd uaaq aABq oj pauiaap 3jb suoijESqqo U3n Joiuas aqj JBqj puB aajsruj aqj qjiM apBui uaaq ssq aAoqB (1) asrrep Xq pajinbaj jisodap aqj jBqj suoijESqqo uaiq joiuas aqj jo sjouavo aqi oj aaqou e '0[qEaijaEjd se uoos se 'ipui oj suoijanjjsui opBaoAajji 'ji oj XiojaBjsijBS uuoj in 'aajsrux aqj uaAiS SEq Xjio aqj 'sXep gp Suipaaaans jxau aqj uiqjiM uoijduiapaj oj jaafqns suuaj jpqj Xq jou aJE suoijESqqo uaiq jopas aqj J! (hi) puB 'aq Xbui assa aqj sb 'ajEp XjunjEui jo ajEp uoijduiapaj jpqj aiojaq puE uo suoijESqqo uaiq Jopas aqj uo anp auioaoq oj pire anp jsajajui puB 'Xue ji 'aauj uoijduiapaj jo pdpuud aqj anp uaqM XEd oj 'juapijjns 3jb 'auiij aures aqj je aajsnjx aqi qiiM pajisodap 'Xire ji 'sXauoui aqi qjiM jaqpSoi 'qaiqM sXauoui apiAOJd qiM (luauipaAupj jnoqjiM) anp uaijM qaiqM uo isajapj aqi puB jo pdpuud aqi suoipSqqo lEjapaj Jo 'juapujns si qaiqM lunouiB ire in sXauoui jaqip asodind iBqi joj aajsruj, aqi qjiAv pajpodap uaaq 3abi[ ajaqj (n) 'aaijou qans jo SuiaiS aqj joj apBUi uaaq sbij aajsnjx aqj oj Xjoidbjsijbs uoisiAOJd jo uaAiS Xpp uaaq SEq uoijduiapaj aqj jo aaijou pus uoijduiapaj joj suoijESqqo uaiq jopag aqj jpa oj Xjsssaaau uoijaE ip ua>pj sei| Xj;o aqj 'XjunjEui jpqj ajojaq ajEp Xue uo pauiaapaj aq oi 3je suoijESqqo uaiq jopag aqj jo Xub asBa ui (i) ji uoijdEa siqj jo (e) qdBjSBJBd ui passajdxa jaajja sqj qjiM puE Suiuesui aqj uiqj;A\ pred ussq 3ABq oj pauiaap 'ajsp uoijduiapaj jo XjunjEui jpqj ajojaq 'ajE suoijESqqo uaiq jopas uoijdEa siqj jo (e) qdBjSBJBd in passajdxa jaajja aqj qjiM pire SuiuEaui aqj uiqjiM ppd uaaq aAEq oj pauiaap 'uoijduiapaj jpqj joj pajpa Xpp uaaq aABq suoijESqqo uaiq -lopas aqj qap^M uodn ajEp aqj uodn jo XjunjEui aqj jb 'aJB (asiAuaqjo jo uoijduiapaj jo juauiXEd aqj joj sXauoui jo Xjio aqj Xq jisodap qSnojqj) sauEpnpij Xq jsnjj ui ppq pire apiSE jas iiaaq aABq spunj qaiqM jo uoijduiapaj jo juauiXEd aqj joj sjuauqpjsui jsajajui jo suoijESqqo uaiq joiuas (q)
uoijduiapaj jo juauiXEd joj pajapuaxins ajojojajaqj jou suoijESqqo uaiq joiuag jo uoijduiapaj jo juauiXEd joj pajpbaj jou 3je qaiqM sajnjuapui pjuauiaiddns aqj puB ajnjuapuj aqj oj juBnsjnd uiaqj Xq ppq saijunaas jo sXauoui jaqjo pire spunj 'sjunoaay IP Xjio aqj oj jaAipp jo j3ao Xsd jsnui sauEianpij aqj puB uoijaEjsijES pire aSjEqasip aqj aauapua oj apEJisap aq Xeui sb sjuauinjjsui qans ip Xjjo aqj oj jaAqap pire ajnaaxa 'Xjio aqi jo isanbaj aqi uodn 'isnui aaisnjx aqi 'paAa pqi u] paysips puB paSjBqasip 3je Xqajaqj pajusjS sjqSu jaqjo jp pire ajnjuapuj aqj ui pauppoa aSpa|d aqi uaqi 'suoipSqqo uaiq jopas Suipaja sjuauinjjsui pire sajnjuapiq piuauiaiddns aqj pire ajnjuapiq aqj in 'uiaqi in pajEpdijs jauuEui aqj ui puE sauin aqj je 'uoajaqj anp auioaaq oj 'Xub jj 'aaijj uoijduiapaj pire jsajajui puE pdpuud aqj suoijESqqo uaiq joiuas [p jo sjbumq aqi oj pred aq oj sasnBa jo sXEd Xpo aqj Ji (e)
3DNVSV333CI uoijaajip
aqj oj saijJEd jou suoijESqqo U3!l Joiuas aqj jo sjauMO oj ppipnfejd Xpsnfun aq ppoM aajsmx aqj jo uoiuido aqj ui qaiqM uopaajip qans Xue mojjoj oj ouqaap oj jqSu aqj sbi( aaisruj, aqi pire 'ajnpapiq aqi jo suoisiAOJd aqi jo mbj ipiM aauBpjoaaE ui UEqi asiMiaqp aq pu isnui uopaajip aqi pq 'amjuapiq aqj japun aajstux aqj Xq ua^Bj aq oj sSuipaaaojd pipauioj he Supanpuoa jo poqjaui oqj jaajip oj 'aajsnjx aqj oj pajaAqap puE pajnaaxa Sihjum ui sjuauinjjsui juaxinauoa jo juauinjjsui ue Xq 'jqSu aqj 3abij SinpuEjsjno uaqj suo;jESqqo uaiq Jopas aqj jo junouiE pdiauud in XjuofBiu aqj jo sjauMO aqj 'upjaqj qyoj jas suoijBjiuiq aqj oj jaafqns jnq SuipuEjsipiMjou Xreijuoa aqj oj ajnjuapuj; aqj in SuiqjXuy
SMOIIVDIinO M3I3 HOIM3S 30 SH3MM0 A3 SDNI(33330tfd 30 N0II33Hia
apsXEd aq oj paajaap jo paSpnfjre sXauoui aqj 'mei Xq papiAOjd jauusui Xub ui 'asodind qans joj ajnjuapuj aqj japun apjEpBAE
poiBSojqB oq ||iav suopBSqqo
uoiq -lojuos oip jo sjouavo oqi jo siqSu oip 'sosodind qons joj jouavo O[os oip oq 01 pouioop si jojnsui puoq oip juorxo oqj o\ pun 'osodind JBpuiis jo spouinjisui jo sjoaibav jo siuosuoo 'spAOjddB opioods SuipiAOjd 'ojnjuopuj oqi jopun pnEjop e jo oouojjnooo oqi uodn soipouioj Suispjoxo '(oojsnjj oip jo juosuoo oqj jo jouavo popojjB ipso jo iuosuoo oip ojpiboj iBip siuouipuouiB uieijoo uBip joipo) ojniuopiq oip 01 siuouipuouiB SuiAOjddB jo sosodind joj suopBSqqo uoiq Jopiog oqi jo jouavo 0|os oqi oq 01 pouioop si suopBSqqo U3!l joiuos Xue oi podsoj ipiAv Xoqod ooiiEjnsui puoq pdppnui e jo jonssi oqx
USHfiSNI CIMOO 3H1 30 SIHOm •sXououi
pus suopBSqqo pJopoj qons jo psodop oqi jo onuiA Xq uopdEO sup jopun poquosop se opEiu oq 0} si luouiXBd joj uoisiAOJd qou[A\ oi podsoj ipiAv spuoq pB 'uo isojoiui puB 'jo oouj uopduiopoj puE pdpuud oqi XBd oi iiioioyjns oje osodind qons joj popsodop oq oi sXououi pus suoiiESqqo pjopoj oqi pqi pEiunoooy piopuodopuj ub Xq pouSjs uodoj uopeoijuoa b poaioooj SBq ooisnjx oip [pun OApoojjo oq piAV OAoqE (p) (q) qdBjSBJBd ui oi pojjojoj psodop oip jo oiBp oqi joijb sXep usqi ojoui ppd oq oi si pqi uopESpqo uon Jopiog b jo ooubsbojop om (o)
oSpo|d jo uoq 'pouiuSissB 'pap Xue jo jbo[o puE oojj 'ooisnjx oqi Xq poApooj sb 'Xpo oip oi joao ppd oq isnui spouipoAupj osoqi uiojj pouiBO isojoiui pus 'oq Xbui oseo oqi se 'opp Xpjnpui jo opp uopduiopoj jpip ojojoq puB uo suopBSqqo uoiq jouios oip 'uo onp ouioooq oi puE onp isojoiui pus 'jo 'Xue ji 'oouj uopduiopoj jo pdpuud oip onp uoqAV XBd oi luoioyjns spnouiE ui pus souip p SuijniEui suopESp^qo pjopoj ui popoAiiioj oq 'opBOiiOEjd poixo oip oi 'isnui 'osodind oqi joj popoou uoip pu ji 'ooisnjx oip qpAV popsodop suopBSqqo 1EJ3P3J 3MI uo spouiXBd isojoiui jo pdpuud oip uiojj poApooj ipso Xub pq isuopBSipo uoiq joiuos oqi uo isojoiui puE jo 'Xub ji 'oouj uopduiopoj jo pdpuud oip jo luouiXsd oqi 'joj isnji ui ppq oq isnui puB 'UBip joqp osodind Xue joj posn jo UAVBjpqiiM oq Xbui suopBSp^qo pjopoj qons Xub uo siuouiXBd isojopi jo [Ediouud jou ojnpopiq oip oi lUEnsjnd ooisnjx oip qpM popsodop sXououi jo suopBSqqo l^jspoj oip joqpojvi
joud sojpboj soqjBd joipo oj juouiuSissb jo osBopjis inq 'sojBpyjE pus sjoujJBd oouBqp jpqj oj sosiuiojj oqi uSisse jo osEopns Xbui souqjiy oqi 'sospiojj osn uouiuioo puB 'sosuuojj osn uqof 'sospuojj osn ppuojojojj osn oi jqSu oip souqjiy aqi sjuejS osjb Xjio oqx 'OOBds ojeq Xub opnpui jouueo pq OAisnpxo se poiEiiSpop xo[duioo puiuuox oqi u! seoje joipo jo 'sooyjo ooiajos oSsSSEq 'suiooj XEOjq ooXo[duio 'soSunoq jj/\ 'seoje oSbjois 'sooBds uopEJodo 'sooyjo 01 sjojoj Xpipui sosiuiojj osn OAisnpxg sospxiojj osn OAisnpxg poypods osn oj iq3u OAisnpxo oqj souqjiy oqj sjuejB Xpo oqx
S3SIK3MJ 3.MITMIV H3HJ.O
'SOAlJBJUOSOjdOJ
uopEiAy jo iiiouijJBdoa puB 'ooiajos puopBUJOjui Suijojjo soupjiy XjojeuSis uuo j -jjoijs jp Xq pojoops OApEjuosojdoj ouo 'ooiajos Jo8uossBd opsouiop 3uuojjo~soipiJiy_.XjojBu3is_uuox-JJoqs ip Xq pojoops -OApEjuosoidoj ouo 'souqjiy XjojeuSis uuox-8uoq oqj jo qoso Xq pojoops OApEjuosoidoj ouo jo posuduioo s; 3V.JJ, sopqpEj xoiduioo puiuuox Joqjo jo piiE oosds ojbq jo osn pire sjuouiuSissb oqj oj joodsoj qjiM («3VJ1„) oojjiuiuiOQ XjosiApy sopppBj puiuuox in!M jpsuoo jjim XJ13 oqj, jeoX JBpuopo JBpOlJJEd b joj sojnjjEdoa poppoqos pjoj jo oiEqs o8Ejuoojod scomuiy XjojeuSis uuox-8uoq qoBO se qons sjojoej pjoaos Suuopisuoo sjuouiuSissb ooEds ojbq osn ppuojojojj jo uoijEupuojopoj pnuuB iBpuojod b '1202 u! SuuiuiSoq 'opnpui qo;qA\ juouioojSy osEog piiE osn Jjodiiy oqi ui suoisiAOJd uopBoopEOJ piiB uopEpouiuioooE ojqsoqddB oqj oj joofqns si oosds ojbq osn IBpuojojojj s.ouqjiy ue jo py soiu[Jiy Xjojeu3;s uuox-Suog oj ooBds ojbq osn ppuojojojj osboj Xpo piM Xjp oqj, uuoj, oqj jojje piiB Suunp oosds ojbq osn uouiuio3 ps jo osn oqj jo juoujo3bubui puB pjjuoo OAisnpxo siubjoj Xjiq oqj,
S31VD JO 3Sfl OWV XN3WMOISSV
(8202 '[XjEnuEf ojojoq uopdo sup Supoop) ££0Z 'l£ Joquioooa oj uuoj sji puojxo oj sjiuimoo p ji ouqjiy XjojeuSis uuox-Suog b oj uoppuEJj oj uopdo oqi sei| ouqjjy XjojeuSis uuox-JJoqs V '££02 'l£ Joquioooa qSnojqj uoqj piiE 8202 'l£ Joquioooa qSnojqj spouod jboX-oaij OAissooons oa\j jo qoso joj uuox oqj puojxo oj uopdo oqj OAEq souqjiy XjojeuSis uuox-JJoqs '(££02 'l£ Joquioooa puE 6202 'l XjEnuEf uooMjoq si ojbo OApoojjg oqj ji) ££02 'l£ Joquioooa jo '(8202 'l£ Joquioooa pus ^02 'l XjEnuEf uooMjoq si ojEa OApoojjg oqj ji) 8202 'l£ Joquioooa )sjy '(^202 'l XjEnuEf oj joud si oiEa OApoojjg oqj ji) £ZQZ ' I £ Joquioooa uo ojidxo sjuouioojSy osEog piiE osn ouqjiy oqj 'souqjiy XjojeuSis uuox-JJoqs joj '££02 'l£ Joquioooa l|o ojjdxo sjuouioojSy osEog piiB osn ouqjiy oqj 'soinury XjojeuSis uuox-3uog joj '8102 '21 uo OApoojjo oureooq sjuouioojSy osBog puB osn ouqjiy oqj piiE '8102 'll ^EIAI jo sb 'suuoj jpqj qjiAV ooirepjoooB in 'pojidxo sjuouioojSy osBog puB osn JOUd oqj,
IVH31
jjodjiy oqj oj Supspj ouqjiy qoBO
jo sjuouioojSe joqjo ihejjoo jo uoisuojxo jo uoijBupiuoj oqj puE oupjiy ipso joj osn jo souoSojbo juojojjip oj SupEpj suoisiAOJd joj jdooxo JBpuiis XpEpuBjsqns oje souqjiy oqj Xq pouSis sjuouioojSy osBog puE osn ouqjiy oqx XjEUiuins sup ui posn suuoj pouyop oqj joj juouiojejs ppyjo s!Ml J° V xppuoddy 01 jojoj oseo[j juouiojejs PPPJO sfMI ll! osiAuoqjo pouyop sb idooxo 'XjEUiuins sup ui sSuuieoui ouibs oip oabi| puE spouioojSy osEog piiB osn ouqjiy oip ui pouyop oje XjEUiuins sup ui posn suuoi puE spjoM upyoQ sjuojuoo pus suoisiAOJd jpip jo pouiopis ojoiduioo b joj opBui si oouojojoj qoiqM 01 'sjuouioojSy osEog piiB osn ouqjiy oqj jo suoisiAOJd upjjoo jo XjEUiuins b s; SuiMopoj oqx
siM3uiaaMOv asvaT cimv asn avnHiv aHi ao sNOisiAOMJ MivxnaD ao AHvrvwns
3 XIClNaddV
Z-D
pjoj oqj Xq poqdijpui ojBj pjuoj puiuuoj, oseq oqi ojBpopo piM Xjp aqi 'sjuouiojpbo j onuoAOj
OJEQ 3Sf) UOUIUIO3 pUOlJEUJOJUI JO DIJS3UIOQ OUlUUOJOp OX •(jJOdjiy 9qj UIOJJ JJBdop pUE JB OAUJB
lEin sjqSiy souqjiy ub uo sjbos pojOAqop pnjos se pouyop si qoiqM) sjbos poJOAqoa pjox souqjiy ue jo joquinu oqj jooyoj qoiqM sooj ojbq osq UOUIU103 puoijEiuojui piiB oijsouioq A"Ed osjb souqjiy
SOO J OJE£)
ojej pjuoj ojqBoqddE oqj Xq oSbjooj oJBtibs oqj X|dijpui qiM XJ13 oqj 'ooBds posBOj JBpoijJBd e joj ojEj |ejuoj puiuuox oqj ouiuuojop ox ojBj |Bjuo>j puiuuox oseq e SBq qoiqM 'ooBds osbq puE 'oje j lEjuoj ieuiuuox junoosia b SBq qoiqM 'ooBds JunoosiQ :ooEds pojuoj ouqjiy jo sodXj omj ojui pojEOjnjiq ojb oSbjooj ojEnbs jod sojbj pjuoj suiojsXs piiB juouidinbo X113 joj sosuodxo pus sjsoo sso[ juouiojinbo j onuoAOj puiuuox PPX oqi jo uoijBpopo oqj si juouiojinbo j oiiuoao j OOBds puiuuox oqx juouiojejs PPUJO oqi «! „sjubiioao3 oSbjoaoo ooiajos WOQ-SaNOe M3I1 HOLV3S 810Z 3H1 HOJ AXIHflD3S oos ojnjuopui uoiq Joiuos oqj jo ^q\, uoijoos u! JUBUOA03 ojb>i oqj jooui oj popoou sjunouiB sn[d (sossoj jo) onuoAOJ jou ojEjsg poj ppjouiuio3 jo ojEjsg [eoj poijnBiiojoy snuiui/sn|d (sossoj jo) onuoAOj uoijBjJodsuBJX punojQ pus SupuEj jou snuiui/sn|d jqoa psg snupu/snid Xjjodojd pouopuEqE jo ops oqj uiojj ooiiE[Bq oqj ssoj sjuouiXbj pjuoj puiuuox Joqjo puE 'onuoAOj uoissoouoo
|EUlUUOX 'OUlOOUJ JSOJOJiq SSOl SJSO3 OJBQ OSQ U0UIUI03 OIJSOUIOQ POJOAOOOJUQ pUE 'sjisodoa
pojinbo j 'sosuodxg y^igo 'sjsoo PIP^O jo uins oqj :jo uoijBpopo oqj si juouioiinbo j onuoAO j puiuuo j [ejox oqx siSEq oSbjooj ojEnbs e uo pojEpopo oje dn-o^reui oSsSSBq puB 'ui->poqo 'uipp oSBSSBq joj pojjoqE ooBds sb qoM sb ooBds osq pijuojojojj pus OOBds osn OAisnpxg Suisboi joj sojbj pjuoj
SOJEj pjUOj
sipjjjoqs uiejSojj oaijuooui ooiajos JjV sn|d onuoAOj ojEjsg jeo j poijnEuojoy jou ssoi sdn-onjj, ooj Smpinrj ssoj sonuoAOJ/sosso[ jou JOJU03 JS03 uiojsXs Suqonj snuiui/sn|d jqoa pEg snuiui/snid 'ouiooui jsojojui puE sonuoAOj ppyjry Joqjo ssoi 'sjisodoa pojmboj piiB 'sosuodxg W$0 'sjsoq [BjidEO jo uins oqj :jo uorppopo oqj si juouiojpbo j ouiioao j ppyjiy oqx jqSpM popuEq ssojq umuiixBiAi ojbSojSSb oqj Xq juouiojpboj onuoAOj ppyjiy oqj SuipiAip Xq pojBpopo oje sooj SujpiiBg oqx -ieoa posij b Suunp jqSpA\ popusg ssojq uinunxEiAl ojbSojSSb sji uo posBq ouqjiy ue oj opEOoqE sjsoo jou oqj jooyoj sooj SiupuEg sjuomojpboj onuoAOJ uiejjoo uo posBq si jjodjiy oqj jo osn jioqj joj souqjiy oqj soSjBqo XJ13 oqj jBqj sooj puB sojbj oqj ojBpopo oj posn XSoppoqjoui oqx
sooj riuipuEq
souqjiy XjojeuSis oqi Suouib pojEOoqB ojb jBqj suoijESqqo jjodiiy uo ooiajos jqoa pus 'sjisodoa pojpbo j 'sonuoAO j 'sosuodxg j\J3>o qStiojqi popunj ojb jjodny oqj OAOjdun pUE 'upjuiEui 'ojEJodo oj sjsoo jon jjodiiy oqj jo oSssn Jioqj uo possq souqjiy oqj Suouib sooj sojBOoqB JBqj jouueui e ui soSjEip puB sooj jjodny jo uoijBpopo oqj joj mojje oj si sjojuoo IS03 pojjoddns-ouqjiv osoqj jo osodmd oqx JOJ1103 ojEjsg po j ppjouiui03 pus JOJU03 JS03 ojEjsg poj |EoijnEUOJOV !JOjuo3 IS03 uiojsXs Suqonj 'JOJU03 JS03 uoijBjJodsuBJX punojQ puE Sui^jej 'JOJU03 JS03 puiuuoj, 'JOJ1103 JS03 ppyjiy oqj ojb osoqx jjodiiv oqj uiqjiM sbojb [Biioijounj oypods oje qoiqM 'SJOJU03 JS03 pojjoddns-ouiiJiy xis ojui jjodjiy oqj ui sbojb dnojS sjuouioojSy osBoq pus osq ouqjiy oqj 'sosodind SuijunoooB joj
SJOJU03 JS03 pojjoddns-ouqjiy
saoavHO aNiv saaa jo NioixvmDivD
oyij stXj}3 oqj joquinouo
oj JOMod oqj ssossod jou op souqjiy oqj :sosiuiojj oqj 111 souipiy oqj jo jsojojui oqj oj junouiBJBd upuioj sXemje qiM jjodiiy oqj piiE sospjojj oqj oj oyij stXji3 oq^i, Xjp oqj uiojj juosuoo uojjijm
ojEijdojddB sb sjunoooE pue 'spjoooj 's>poq upjupui pire sojnpooojd oiiidaa^ pjoooj upyoo qjiM X[duioo jsnui souqjiy oqj puE Xjio aqj 'Xipuoijippy
Suidoo^ppog sooj SuipuBq
PUB SOSjBlJO |EUIUU9X pOJEUIIJSO JO SqjUOUI OOjqj JO Uins Oqj OJ |EnbO JUnOUIB UE UI piiE JipOJO JO JOJJO]
jo puoq Xjojus e jo uuoj 9qj ui jpodoQ Xjunoos e Xjio oqj oj opiAOJd jsnui j; 'pouod qjuoui OAijnoosuoo Zl Xue uiqjiM sooj SinpiiEq jo soSjBqo puiuuoj. jo sjuouiXEd ojej 99jqj so:pui guqjiv ub ji
JISOdOQ AjUn09S pUB SJUOUlABJ ojsq
•juoojod oojqj snjd Joje j oiuuj sn„ oqj °1 pnbo jsojojui JBoq qiA\ 9jEp gnp sji ujojj sXsp ssouisnq oaij uiqjiM pred jou si qoiqM junouiE Xuy suodoj XjiAijoy X|qjuojAj ouqjiy qjiM joqjoSoj 'soSjeiq puiuuox posEg-XjiAijoy pue sooj SuipuBq Xjij s(ouqjiy qons jiuioj jsnui ouqjiy qoso 'qjuoui qoBO jo Xep qjo£ oqj UBqj jojbj jonj sojEj pjuoj puiuuoj oqj no posBq 'soSjBqo IBUiuuox poxy souqjiy qons jo junoure oqj Xjio oqj XBd jsnui ouqjiy qoso 'qjuoui qoBO jo Xsp jsjij oqj UBqj joje[ jonj ooioaui jnoqjiM siSEq Xpiuoui b uo Xjio oqj XBd oj pojBSqqo ojb souqjiy oqx
sjuouiabj ouqjiy A(qjuoiA!
xisoaaa Axianaas cinv saativHO axv saaj ao DNimig
SlSEq AJOJEUlttUJOSip-UOU E UO SJOIJJEQ
jiy opiSqo jje oj pojojjo oq qiM ji 'pojuouio|duii si uiejSojj oaijuooui ooiajos Jiy ire ji sooj SuipuBq jo uoijEpopo oqj ui Xouoioijop Xub opnpui Xbui Xjio oqj 'jeoX Xue Suunp osodind siqj joj juopijjnsui ojb sonuoAOj ojEjsg |bo j ppjouiuioo jon JI joSpnq pnuuB ire oj joofqns 'uiejSojj oaijuooui ooiajos Jiy ue jo sjsoo punj oj sonuoAO j ojEjsg po j ppjouiuioo jon ojbooip oj jqSu oqj soajosoj Xjio oqx
uiejSojj oaijuooui ooiajos Jiy
juouiojejs lEPyjO oqj u! 44siubu3aoo o3bjoao3 ooiajos WO - SdMOH \i3Il HOIM3S 8I0Z 3HJI. MOJ AllHfl33S„ 33S ojnjuopui uoiq joiuos oqj °J JUBnsjnd sjueuoaoo oSejoaoo oo;ajos jqoQ pire sjuouiojmboj jisodop Xjsijbs oj juopijjns oq sXbmp jsnui sonuoAO j joqjo pus soSjBqo pire sooj jjodny jo pjoj oqj 'jeo a posij qoso joj
oSejoaoo ooiajos jqoa
opEoqddB sb 'sjqSqj
Suialue uo sjbos puE 'sSsq poipoqo punoqjno 'sjnoq uj-^ooqo pojsboojoj sb qoM sb 'sjsoo pudso puB 'sosuodxg i/vyo 'XSopuqoox pus juouidmbg pojsqs 'soje j pjuo j puiuuoj, osbq 'soje j pjuo j puiuuox junoosiQ jooyoj jsqj SBpuxioj uo possq XjpjouoS oje qoiqM sooj uipp oSBSSBq pire 'sooj dn-oxEui oSsSSEq 'sooj ui-)poqo oijsouiop pire puoijEiuojui opnpui sooj pojBpj osn-uouiuioo puoijippy
sjbos
poJOAqoa pjox pojseoojoj ojbSojSSb oqj Xq sjuouiojmboj onuoAOJ opBoqddE oqj SuipiAip Xq pojE|no|EO ojb sooj ojbq osn uouiiuoo puoijBiuojiii puB oijsouioq oqj 'suoijoijjsoj upjjoo qjiA\ sosuodxg iat^>o pire sjsoo pudBO upjjoo sn|d oosds uiooipioig osq uouiuioo puoijEiuojui JO oijsouioq jo oSbjooj OJEnbs
ouqjiy XjojeuSis uuox-Suog b jo sjoujjbj oouEiqy jou oje jsqj yodny oqj IE ooiajos JoSuosssd puoijEiuojui Xpo Suijojjo souqjiy XjojeuSis oqj Xq pojaaps
3AI)BUl3S3id3J 3UO pUE 'OUlUiy AJ01BU9|S UlJOJ-SlIOq qDEO Xq p0p3|3S OAl)B)UOSOjdOJ 3UO 'X)]3 oqj
Xq pojoops soAijBjuasajdaj Xjio jo sjsisuoa 9a\3 3UI sjiuiq puE sauoSajsa pajmbaj aqj inqjiAv supuiaj jaafoid aqj pq) papiAOjd '(9A\3) dnojg 8ui>jjoa\ aAijnaaxg aq) qjiM Suijpsuoa jays suoijBayipoui o^pui Xbui Xjio aq) 'soouBMoqy poAOjddy-ojd uj!M popunj joafojj juauiaAOjduii pjidBO b Xjipoui o) spaau Xpo aq) jj •jsojojiq-ui-XjiJofEiAi e Xq poAOjddBSip )ou 3jb Xaq) ji suoijBoyipoui qans qijA\ paaaojd Xbui Xjio oqx adoas joofoid aq) m oSiiEqo jireoypSis b Suipnpui 'Xjdds suoijoujsoj upyoo ssapn 'avoiaoj )saja)iii-ui-X)uofEi/\[ puoijippB jnoqjjM sjoofojj poAOjddy Xjipoui osp Xbui Xjio aqx
•sjsoo )aafojj pojEunjso pp) aq) o) pappB si pa)sanbaj sjsoo joofojj p)0) in oseojoui aq) 'sjsoo joofojj p)0) ui oseojoui ub joj paup)qo piiB pajpbaj si moiaoj jsojojui-ui-XjuofEfAi )Bi|) )uaAa sq) u] psodojd sq) poAOjddBSip ssq jsojojuj-ui-XjuofEjAj b pq) psodojd stXjio sq) jo XjOAqop jo sXep (of) Xjjiqj uiqjiA\ poyijou jou si Xjio sq) jo ji ssAOJddB jsoJOju|-ui-XjiJofBjAl b ji poAOJddB pojopisuoo si laafojj Majsj y soSjBqo piiB sooj yodiiy uo jOBduii pojoofojd aqj puB 'pajsaoip 3q qiM sjsoo joofojj qaiqM joj siajuaa jsoa 'uBp" Suipury 'oppoqos pojEdpijiiE '(opEoqddE ji) moiaoj hjaj Suumbofl odoos jaafojj ui aSuBip 'jaafojd sqj jnoqe uoijbuuojui apnpin qiM psodojd sqx psjjiuiqns ussq SBq psodojd usjjlim sqj jBqj payijou sq jsnui ssjjiuiuioq sjpjjy yodny suqjiy sq) jo jpqa aq) puB )aafojj Ma^ qans joj sjsoo )aafojj pasEg-ajBj oinuiy Suuinoui ajojaq sXep gp )SEai p pojjiuiqns aq )snui psodojd aqx avoiaoj jsojojui-ui-XjuofEjAi joj souqjiy XjojeuSis uuax-Suoq oj psodojd joofojj juauiaAOjduq [EjidE3 e jiuiqns jsnui Xjp aqj sjoofojj a\on uo Suipoooojd oiojog 'jsajajui-ui-XjuofEiA! b Xq paAOjddBSip jou bje Xaqj sb 8uo| os 'sjaafojj a\on sb paquosap 'sjoofojj juauiaAOjduy pjidBO puoijippB o^pyopun oj Xjp aqj joj uoijEzuoqjnB opiAOJd sjuauiaajSy ossog piiB osq ouqjiy aqj 'uoijippE up
juouiojejs ppyjO auj ui (IOO>IcI 1VXMV3,, 33S 'uoqnq c/8$ XpjEunxojddB si sjaafojj juauiaAOjduii pjidEj poAOJddB oqj joj sjsoq jaofojj pojBunjso oqj 'juEJinsuoo jjodiiy oqj jo yodo j oqj ui po[pjop sy ( jboa. Ib:,s!3 MPB3 jnoqSnojqj ojqBoqddB suoijoujsoj upjjoo oj joofqns 'soouba\o[[V poAOjddy-ojj oqj Xq XjpnuuE popunj sjoofojd jo soijoSojbo oqj JOjp Xbui Xjp oqx) 'sjoojoid XjqiqBqoj ojnjanjjsBJjui puE uoijBziujapoui 'uoijBjqiqEqoj 'jpdoj snoiJEA joj sojnjipuodxo pnuuB ozuoqjnE soouEMoqy poAOjddy -ojj sjoofojj dp poAOjddy-ojj oqj (o) pire 'sjuouiojg jyx puoijippy oqj (q) 'sjuouiojg \ osBqj dyx oqj (b) :sjuouioojSy osEog pus osq suqjiy juojjno oqj jo uoijnooxo oqj Xq pouuijuoo ojb jBqj sjaafojd paAOjddE-ajd aJE sauoSajBO SuiAvoqoj oqx sjuouioojSy osEoq puE osfj ouqjiy iuojjuo oqj jo uoijnooxo oqj Xq poumjuoooj ojoav qoiqM 'sjuouioojSy ossoq puB osq JOIJJ oqj jopun poAOJddB X[snoiAOjd ojoa\ jsqj sjoofojj juouiOAOjduii pjidEQ uisyoo oje sjiqiqxo osoqj ui popnpui sjoofojd juouiOAOjduii |EjidE3 poAOJddB jo soijoSojbo snouBA jo s)iqiqxo opnpui sjuouioojSy osEog puE osn 3uqJiy sqj.
ssusdxg [Af^yo ue se psyissE|o osiAuoqjo )ou ji 'sXEyno pjidEO qBuis pus sossqojnd juouidmbo (o) puB tsoouBMoqy poAOJddy-OJj qjiM popunj sjoofojj juouiOAOjduq pjidEQ jo sjsoo (p) :ooiajos )qoQ ui popnioui pu SuiMOJJoq jo sisoo joqp piiE sooj uiejSojj (o) !ooiajos iqoa qons jo umouiE ssojS oq) uo oSejoaoo ooiajos )qoa pojpbo j (q) tspounsnfpe oiqBOijddB joqjo pus sjubjS 'sonuoAOJ (143Jd„) oSjsqo XjqpBj joSuossbj poSpop* jo jou ooiajos jqoa (e) :sA\oqoj se pouyop si qoiqM „sjsoo pjidso,, jo uoijpyop oqj ui popnioui oje sjoofojj juouiOAOjduii pjidEO jo sjsoo oqx
sjoopjj a\on :sjooiojj juouiOAOjduq pjidEO jo souoSojeo
sxaaroHj i\3iv3aoh
5-3
•siuouioojSy osEog pue osn auqjiy aqi u! paijpads se pasn aq Xpo irea 'ppyjiy aqi pus 'sduiB^ ajBQ piiB aaeds aiEQ aqi 'xap!uioo puiuuax aqi se qans ssajy ssauisng uopByodsiiEJ i Jiy uiojj iJBdE pus aiEJEdas yodiiy aqi p ssauisnq Xue Suponpuoo uiojj popqupjd 3jb souqjiy aqx
S3 3311 AIMd CIVV 'SXHOIH 'S3Sfl
•sisoo SupuEuy jaqp pUB ooiajos iqaa Suipnpui 'sisoo pafojj siuouioig jy j j assqj punj 01 sonuoAOJ o.ld ui uoqpui 0£Z.$ 1SB3] ie asn oi saajSB osp Xpo aqj uopEJispiiuipy uopEiAy pjopoj aqi Xq paAOjddB suopBopddB qSnojqi spofaid oiqiSqo-ojj oi 'spofojd poAOJddB oi panpiuioa XpBajp pu '8102 '21 Xejai J° sb 'a^ pqi spunj 0Jd popoqoo [p asn oi saajSB Xpo aqx
so^jbijo AppoEj josuossej
•pauiapis ppyjO 3lP u! «J,VVimSVOD IMOdMIV 3H1 ao IHOdaH,, - aXiavaddV aas pooaoid asiAuaqp ppoqs spafojd aqi jo paidopE aq ppoqs sjaSSux iuouio|g jyj, puopippy joqpqM auiuuapp puB sjoSSiii opnpui pu op pqi spouio[g jyj, puopippy aqi ssnosip oi piiE pjBMiiMop pasiAaj aq ppoqs sjoSSux pouio|g dVI IBUoijippv joqpqM appap oi sjouieo XjoieuSis uuox-Suog aqi qpM paui oi pojpboj si Xpo aqi 'asjnoauoo pqo[Q ojbj^O PUE puiuuax pqoio oieh<0 aqi jo uoipiduioa ppuBisqns aqi jo sqiuoui Zl uiqifM 'luouiajg jyx puopippy aqi jo Suiuip papuipsa aqi uo dnojQ Sui>[joa\ aApnaaxg aqi ipiM sqnsuoa puE paysiiBS uaaq aABq siuauiajpbaj aqi pqi uoippaumaop ipiM dnojQ Sui>uoa\ aAipaaxg aqi sapiAOjd Xpo aip (a) puB !A\aiAaj isajaiiq-ui-XiuofEjAi Suupbay adoa§ pafojj ui aSiiBqo e in pnsaj ppoA\ pqi siuauia|g jyi IBUopippy aqi jo suopBayipoui Xue usjd pu saop Xpo aip (ai) taaiAjas in puE aiajduioa 3je asjnoouoo pqojg ojbj^O PUE puiuuax pqoio aJEi^o (!!!) ^iuauia|g jyx puopippy aqi jo Xppp aip qsimuiip ppoM pip siiuejisuoo XpoBdso ppyjp jo ooEdsjp ou (p) !sje3X aApnaasuoa aajqi Xue joj pui uaaq aAEq pofojd aqi joj paijpads (s)joSSux pauia[g jvx puopippy (!) :payspES uaaq aAEq suoippuoa SuiMopoj aqi ji moiaoj isojoiiq-ui-XiuopiAj puopipps poqpM '(asmoauoo £ oppops oip pus JAIdV J° uopsipisiq pire puunx XppiQ pus iaijv poppqosuoo jo uopoiduioo oqi) joSSuj, pomojg dVX puopippy ub ojpboj qoiqM spouiojg jyx puopippy uieijoo jo Suiddmbo puB 'uoponjisuoo 'uSisop oip qpM pooooid Xbui Xpo oqx moiaoj isojoiui-iii-XpjofEiAl puopippB ojpboj pu op pqi spofojd ajB siuauiaig jvi puopippy sa-re pwuuoi aip jo qiMOjS aqi appouiuioaaE oi pouSisop 3jb qapiM 'spiauiaig jvi puopippy qp^v paaaojd Xbui Xpo aqi 'spusdxa XipBdBa s^yodqy aqi sy
siuouiojg jyi puopippy •(XpApBpumo uoppui
g$ jo uoppui i$ UBip sso| jo sosuodxo im^O pnuue OAEq iBqi sisoo ppdBO posEq-opj ouqjp posBOJOiu ou qpM pofojd '0|duiExo joj) moiaoj isojO}iq-ui-XpjofEi/\ uiojj iduioxo oq oi soouEMopv poAOJddy-OJd qpM papunj jo poAoiddB-OJd pu ojom isqi spofojj iiiouiOAOiduij ppdBO MopE pip euoiuo pofojd upyoo oje ojoip 'XpEuopippv 'moiaoj isojouq-ui-XiuofBiAl Joqynj ojpboj pu op puE siuouioojSy ossog puB osn aup,jiy luojjno oqi jo opp uopnooxo oqi jo sb souqjiy XjoieuSis oip Xq poAOjdds uooq OAEq OAoqE poquosop 'spoo ppdso u! uoqpq g-8S XpiEuiixojddE ppi qoiqM 'spofojd ppdBO ip 'spofojj mo>j oqi jo uopdooxo oqi qpA\ sjolubo J!V IP Xq ppd soSjBqo pus sooj yodiiy pB jo %o/, iseoi ib ppd (pi) jo tsJoujEO Jiy ip Xq ppd soSjBqo pipuuox pioi oqi jo %ql iseoj p ppd (p) !sjoujeo Jiy IP jo iqSpA\ popiiBq ssojq umupxEiA! ppi oqi jo %ql iseoi p joj popinoooE (;) 'jeo^ pasij Suppooojd XpiBipouiun oqi Suunp 'pip souqjiy XjoieuSis uuox-Suog spasajdaj }sajaiui-iii-Xiuo(Biv\[ b 'sisoo pafojd posBg-op^ ouiuiy qpM spofojj iiiouiOAOjduii ppdso J0i 'siuouioojSy osBog piiB osq auqjiy oip oi piEnsjnj
MOIAOJ ISOJOlUI-lII-AlUOpIAT
9-3
JUOUIOJEJS PPOJO 3ln u] „S3U3UI33J8V
3SB31 puB DSf| ouijjjv - SCINOH \~3n MOIVaS 8I0Z SHI H(M AIIHHDSS,, 33S
'££03 ^q sosuodxg
W3?0 paioofoid stJBoX §uimo|ioi oqj jo juoojod 53 qosoj oj popunj sq [jim pqi sosuodxg jaj??0 J0J PunJ 3AJ3S3J pjuouioiddns b jo juouiqsqqBjso oqj joj opiAOJd sjuouioojSy asBog piiB osf) au!IJ!V aqi
sjboX juonbosqns piiB \ZQZ AQ oSejoaoo xg^i oj oSejoaoo xrjii juojjno uiojj suoijESqqo uoig joiuos oqj uo 'X]pnuiiB go'O J° sjuouiojoui ui oSejoaoo ooiajos iqaa oseojoui oj ojnjuopui uoig jopos oqj puouiE oj UB[d stXj;o oqj oSpo(Mou>pB souqjiy XjojeuSis oqx
:sjuouioojSv osEog puE osn auq-W ma-uno oqj ui pojooyoj soSusqo Xotj omj oje ojoijj 'sjuouioojSy ossog puE osq joijj oqj oj pojeduioo sy
sxNiajvaaHoy asvai qmv asn jniimiv 3hi ox ssowho abm
I
SXM31V5LLVXS 1VIDMVMM ClflUCIflV
[XNVig Idai AllVNOIINHlNl 30Vd SIHlJ
jjoday .sjoupnv ijjapuadapuj. pue 'uoiibiujojuj, iBDjisueis 'uopblujojui iBiiomppv 'uonetujojui Aje^uaujaiddns pa-nnbay 9T0Z Pub iioz 'l£ jaqwBDaa papug sjbba at); joj pus jo sb siuaiua^B^s lepueuy o|SBg
^jodJiv leuo^BUja^ui ajeH.O o6bd!H3 siouhii 'o6bd!L|3 jo A;p
8£ £103-8003 'lZ J3qw3D3a
papug sjeax uai 3q; jo qosg joj auj|J!\/ Aq sja6uassed iBpjawwoo pauB|dug
LL £103-8002 'IZ J3qw3D3a
papug sjeax uai am jo qosg joj ipodJiv aq; jo suorjBJsdo
9£ 3303-8103 '(dID) UB|d luawaAOJdwi |B;|dB3
SL ainpaqos aajAJas iqaa
t>£ £103-8003 '\Z Jaqujaoaa
papug SJB3A uai 344 P ipsg joj s;|nsay 6ui;Bjado ibduojsih
3£ :NOIlVW*OdNI 1VDI1SI1V1S
T£-0£ ZT03 'l£ Jaqwa3aa papug jbba aq; joj a6BJ3A03 jo suoi;B|rD|BO o; sa;0N
69 £T03 'T£ Jaqwaoaa pspug jbba aq; joj jjjbubaoo a6BJ3A03 jo suoj;B|riD|B3
89 :NOUVWyOdNI A*IVlN3W31ddnS "WNOUiaaV
19 ssaj6ojd 6u!punj s;y3U3g ;u3iuAo|diu3;sod J3q;o }0 3|npaqDS
99—t>g suo!;nqu;uoo jo 3|np3q3s
£9-09 soflBy p3;B|3y pus Aajuqen uoisusd }3N sq; ui S36uBq3 jo 3|np3qos
6S :NOUVWyOdNI AUVlN3W31ddnS a3*Jin03*l
8S-8T 9T03 pue £103 'IZ Jaqw3D3a papug sjbba
3q; joj pus jo sb s;u3W3;b;s lepuBuy ojsBg o; s3;on
£1-91 9T03 Pue £103 '\Z JaqwaDaa papug sjbba aq; joj smou qsso jo s;u3lu3;b;s
ST 9T03 Pue £103 '\Z Jaqujsoaa papug sjbba
3q; joj uorjjsod ;3N ui sa6uBqo pub 'S3su3dxg 'ssnuaAay jo s;u3lu3;b;s
\>\ 9T03 Pue £103 '\Z JsqwsDsa jo sb uo|;!SOd ;3N i® s;u3UJ3;b;s
:S1N3W31V1S "WIDNVNId DISV9
Zl-P SISA1VNV ONV NOISSODSia SJ.N3W39VNVW
Z-l lUOd3*i ,S*J01iafW lN3aN3d3ClNI
aBed
S1N31NOD dO 310V1
lUOdUIV 1VNOI±VNH3±NI 3UVH,0 ODV3IHD SIONITII 'OSV3IH3 dO A1I3
96 saiuedwoo jbo |E;u3y :uodJ!V 3!!S JJO pue uo suojpanoo ojo ibduojsih
S6 samBdoioo jbo |B;usy jjodjiv 3;is uo suo|pa||O0 ojo ibduojsih
t>6 £103-8003 'T£ JaqiuaDaa
papug sjbba uai 343 jo qoeg sja6uassBd pauB|dug a^o Bukiisia ibduojsih
£6 jJOdj|v-uo BupBjado spuBjg jbo |B;usy jo BJBqs ;a>1-iew jjodjiv
36 £103 'T A|nf 6upuaujujoo pouad
aqi joj sa6jBqo puB saaj 's|B;u3y ibuiuubj. Z.T03—AjBiuwns
T6 £103-8003 'l£ J3qw333(j
papug SJB3A uai aq; io qaeg sd!;s!;b;s bwodui puB uoKiB|ndod
06 o6v SJB3A 3U!N puB jbsa ;uajjno (;u3WUJ3ao6uon) sj3Ao|dujg |edpuud
68 £103-8003 'l£ J3qw303a papug sjbba uai aq; P qosa joj
uoipunj Aq sasAoidujg jjodjjv 3JBH,0 oBbdwo ;u3|EA!nbg 3UJ!i-||nj
88 £103-8003 'l£ J3qw333a papug sjbba U3i 3q; jo qDBg joj ;qsa WJ3i-6uon
£8 £103-8003 'l£ J3qw333a P3pug sjbba uai aq; jo qDBg joj uorjjsod ;bn ui 36uBqo
98 £103-8003 'IE Jaqwaoaa
papug SJB3A uai aq; jo qosg joj ;u3uodiuoo Aq uorijsod ;bn
S8 £103-8003 'IE Jaqw3D3a papug sjbba uai
aq; jo qDBg joj 36bj3aoo 3D|AJ3S ;q30 (Odd) 36jBqo A;npBj J36u3SSBd
t>8 £103-8003 'l£ J3qw3D3a pspug sjbba usi 3q; jo qDBg joj sanuaAay odd |bduo;sih
£8 £T03 'IE Jaqu-J333a
papug jbba 3q; joj J36uassBd pauB|dug J3d ;soo puB jjjaiuaJinbB'y auiuiv ;aN
38 £103-8003 '\£ Jaqiuaaaa papug sjbsa usi 3q; jo qDBg joj suopBjado jJbjdjjv
T8 £103-8003 'IE JaqwaDBa papug sjbba uai aq; io q3Bg joj AjBixiLuns ;uaujauB|dug
08 £T03-8003 'l£ Jaqwaoaa papug sjbba uai aq; jo qDBg joj sjjodjiv
uo|6ay o6BD|qo 's;uaujauB|dug (aigo) uorjBurjssa puB m6uo |b;oi |BDuo;s!H
6£ £103-8003 '\£ Jaqwaoaa
papug sjbba uai aq; jo qDEg joj dijjbji J36u3ssBd |Bduo;s!H
a6ed
S1N31NOD do anavi
lUOdUIV IVNOIlVNtiaiNI 3UVH,0 09V3IH3 SION mi '09V3IH3 dO A±ID
£6 ijocIjiv au} }B Buijejado spuejg pa;B|ay pue jjodjjv-ijo PuB sjVii
a6ed
S±N3±NOD dO 3H9V1
±UOdHIV 1VNOI1VNU31NI 3HVH,0 ODVDIHD SIONimi 'ODVDIHD dO A1I3
•uoiuido npne jno joj siseq e
apiAOJd 04 aiBudojdde pue luapyjns si pauieiqo aABq bm aauapiAa ;ipne aq^ iBqi aAaqaq bm
¦siuauiaiBis |epueuy sqi jo uorjeiiuasajd HBJ3A0 aq; BuiiBnieAa sb ||3m sb 'iuaiu36BUBUj Aq apBiu saiEimisa 6u|iunoDDB iubd|J!u6|s jo ssauaiqBuosBaj aq; pue pasn sapnod 6ununo30B jo ssauaiEudojddB aqi 6u|iBn|BAa sapnpuj os|B npns uy "uomido qons ou ssajdxa a/w 'A|6uipjooDv "|ojiuod |eujaiu| s/mua aqi jo ssauaAjioajja aqi uo uomido ue 6u|ssajdxa jo asodjnd aqi joj iou inq 'SBDueiswnDjp aqi ui aieudojdde aje ieqi sajnpaoojd npne u6|sap 01 japjo u| siuaujaieis |BpuBuy aqi jo uojieiuasajd jjej pue uonejedajd s,Aiuua aqi 01 iueabibj iojiuod |eujaiu| sjapisuoo jonpne aqi 'siuaujssasse >|su asoqi 6u|>|euj ui "jojja jo pnejj 01 anp jaqiaqM 'siublubibis lepueuij aqi jo luaiuaieissiiu leuaieuj jo s>jsu aqi jo luaiussasse aqi 6uipnpu| 'iuauj6pn[ s^oiipne aqi uo puadap papaias sajnpaaojd aqi •siuauiaiBis |epueuy aqi u| sajnsopsip pue siunouje aqi inoqe aauapjAa npne uieiqo 01 sajnpaoojd 6uiujjojjad s3A|oaui npne uy
¦luaiuaieissiuj
leuaieiu luojj aajj aje siuaujaieis |epueu|j aqi jaqiaq/w inoqe aouejnsse aiqeuoseaj uieiqo 01 npne aqi uuojjad pue ue|d bm ieqi aj|nbaj spjepueis asoqi ¦Bouawv jo saieis paiiun aqi uj paidaoos A||Bjaua6 spjepueis Buiiipne qi|M aouBpjoooB ui siipne jno paipnpuoo a/\/\ "supnE jno uo paseq siuaujaieis |epueuy asaqi uo uomido ub ssajdxa 01 s| Aiwqisuodsaj jno
AiHjqjSuodssu s,JO)!pnv
'jojja jo pnBjj 01 anp jaqiaqM 'lUBiuaiBissiuj ibubibw ujojj aajj aJB ieqi siuauiaiBis |bioubu|j jo uoiiBiuasajd jjbj pue uonejedajd aqi 01 iueA3|aj iojiuod |BUjaiu| jo aauBuaiujBLU pue 'uoiiBiuaiuaidiui 'u6|sap aqi sapnpui sjqi fBouawv jo saiBis paiiun aqi u| paidaooE A||Bjaua6 sa|dpuud f5uiiunoooB qiiM aouspjoooE ui siuawaiBis |Bpueu|j asaqi jo uoneiuasajd jjbj pue uoiiBJBdajd aqi joj aiqisuodsaj s| iuawa6BUBW
siusuiaieis lepuemj &m joj Auijqjsuodsau s,i.uaiJua6eueM
¦siuaiuoo jo aiqBj
aqi u| paisn se siuaujaieis |BpuBuy o|SBq s,ajB|-|,0 asudiuoo A|aA|ipa||Oo qoiqw 'siuaujaiBis IBpueuy aqi 01 saiou paiepj aqi puB '9T0Z pue noz '\Z Jaqwaoaa papua sjbbA aqi joj
puB jo sb '(„AlD» aqi) s|OU!iu 'o6eo|qo jo Ano aqi i° Punj asudjaiua ub 'La-ie^oJ 1-iodJiv leuoneujaiui 3Jbh,0 oSsoiqo jo siuawsiBis |BpuEuy DUiAuEdiuoooB aqi paijpnB aABq a/\ft
s}U3uia)eis |epueujj sij) uo ijodau
sjouiiii 'o5B3|qo jo Ano ipunoo Ano aqi io sjaqiuaw pu\/ 'joAbw 'lanueujg uiqey aiqejouoH aqi 01
iwod3w .saoiianv iN3aN3d3aNi
OI03-atl!p|3p;MMM
'3|0um b se s;uaiua;B;s [epueuy o|SBq aq; o; uoi;B|aj u| 'spadsaj |Bua;Biu ||e m 'pa;B;s Aujbj s| uoi;bujjoju! Aje;uawa|ddns |buoi;ippb aq; 'uomjdo jno ui ¦Bouawv jo sa;B;s ps;iun sq; u| pa;daooB A||Bjaua6 spjepue;s Burojpne q;iM aouBpjoooB m sajnpaoojd |Buoi;ippB jaq;o puB 'saA|asujaq; s;uauja;B;s |B|oubu|j ojSBq aq; o; jo s;uaiua;B;s ispuBuy o|SBq aq; ajBdajd o; pasn spjooaj jaq;o puB 6ui;unoooB BmAuapun aq; o; A|paj|p uoi;bujjoju! qons Bunpuooaj puB 6uuBdujoo Buipnpuj 'sajnpaoojd leuoyippB iNBiuao pus s;uauja;B;s |BpuBuy o|SBq aq; jo ;ipnB aq; uj paqddB sajnpaoojd 6ui;ipnB aq; o; papafqns uaaq SBq uokibiujojui qons ¦s;uaiua;e;s |BpuBuy ojseq aq; ajedajd o; pasn spjooaj jaq;o puB 6ui;unoooB BmAuapun aq; o; A|;oajjp sa;e|aj pus iuojj paAuap sbm pue ;uauja6BUBUJ jo Ajjnqisuodsaj aq; s| uorjeuuoju! AjB;uauja|ddns |Euoi;ippB aqi
-s;uauja;B;s |epueuy o;sBq aq; jo jjBd pajinbaj e ;ou ajB pus s|sA|bub |buoi;ippb jo sasodjnd joj pa;uasajd aJB uorpas |bo!;s!;b;s pub uonewjoju! AjB;uaoia|ddns |Buoi;ippB aqi -s;uauja;e;s |epueuy ojssq s,3jbh,0 asudwoo A|aA|;oa||Oo ;sq; s;uaaia;B;s |epuBuy aq; uo uomjdo ub 6ujUjjoj jo asodjnd aq; joj papnpuoo sbm ;ipne jno
uoijeiujojui aaino
¦aouBjnssB Aub apiAOJd jo uomjdo ub ssajdxa o; aouapjAa ;uapyjns q;|M sn apiAOJd ;ou op sajnpaoojd pa;|UJ!i aq; asnsoaq uoi;bujjoju| aq; uo aouBjnssB Aub apiAOJd jo uomido ub ssajdxa ;ou op 3/\a "s;uauja;B;s ispuBuy ojssq aq; jo ;ipnB jno Buunp pau|B;qo 3M a6pa|MOu>| jaq;o puB 's;uauja;B;s |BpuBuy oiSBq aq; 'sauinbm jno o; sasuodsaj s,;u3uj36bubuj q;|M Aoua;s|Suoo joj uokibiujoju! aq; 6uuBdujoo pus uorjBiujojU! aq; 6uuBdajd jo spoq;auj aq; ;noqe ;uauja5BUBUJ jo saujnbui jo pa;s|suoo qoiqM 'Bouauiv jo sa;B;s pa;iun sq; uj pa;daooB A||Bjaua6 spjBpuB;s 6ui;ipnB q;iM aouBpjoooB u| uorjewjojui AjB;uauja|ddns pajjnbaj aq; o; sajnpaoojd pa;iuj!| u|Bjjao pailddB aABq aM *;xa;uoo leoiJOjsiq jo 'o|iuouoo3 '|Buo!;Bjado a;BudojddB ub m s;uauja;B;s IBpuBuy o|seq aq; 6ujDB|d joj 6u|jJ0daj |BpuBuy jo jJBd |B|;uassa ub aq o; ;i sjapjsuoo oqM pjBog spjBpuB;s 6m;unooov |b;u3ujuj3A09 aq; Aq pajinbaj s| 's;uaiua;B;s |BpuBuy oissq aq; jo jjed e ;ou q6noq;|B 'uo!;bujjoju! qons *s;uauja;B;s |epueuy oiseq aq; ;uauja|ddns o; pa;uasajd aq 's;ua;uoo jo a|qe; aq; u| pa;s|| sb 'ssajbojd Bujpunj s;yauag ;u3iuAo|duj3;sod jaq;0 jo ainpaqos sq; puB 'suoi;nqu;uoo jo ainpaqos aq; 'soi;Ey pa;B|ay pus AjjnqEp, uojsusd ;aN sq; uj saBuBqo jo ainpaqos sq; 's|sA|bu\/ pub uoissnosia s,;uaiu36BUBW ;Bq; ajjnbaj Bouamv jo sa;B;s ps;iun sq; u| pa;daooB A||Bjaua6 sa|dpuud Bui;unooov
uoijeiujojui Ajejuaiuaiddns paJinbay
SJ9WBW J3M10
¦ja;;Bui s|q; o; padsaj q;|M payipouj ;ou s| uomido jno ¦Bouawv jo sa;B;s ps;iun aq; u| pa;daooB A||Bjaua6 S3|dpuud 6ui;unoooB q;|M A;|ujjojuoo ui 'joajaq; 'smoij qsBO s;i 'a|qBO||ddB ajaqM 'jo 'uorjjsod |B|OUBuy s;i u| sa6ueqo '9T03 pue £T03 'l£ Jaqwaoaa jo sb A;d aq; jo uoi;|sod |BpuBuy aq; ;uasajd ';ou op pue 'o; ;jodjnd ;ou op pue 'A;d sq; jo punj asudja;ua ub 'jjodjiv |BUO|;BUja;ui 3jeh,0 o6BO|qo A|uo ;uasajd aAoqB o; pajjajaj s;uauja;B;s |BpuBuy o|SBq aq; 's;uauja;B;s |B|oubuij o|SBq aq; o; j. s;on u| passnosip sv
jajjew jo sisei|dui3
"Bouaiuvjo
sa;B;s ps;iun sq; u| pa;daooB A||BjauaB saidpuud 6ui;unoooB q;|M aouspjoooE u| papua uaq; sjBaA aq; joj smoij qseo s;i puB 'uoj;jsod |B|OUBuy s;i u| sabusqo aq; pue 'SIOZ pue £T0Z 'IZ jaqujaoaa jo sb 'iuodJiv |Buoi;euja;ui aJBHyO oBBOiqo jo uorjjsod |BpuBuy aq; 'spadsaj |Bua;BLu ||B u| 'A|j|Bj ;uasajd aAoqB o; pajjajaj s;uauja;e;s |epuBuy aq; 'uomido jno ui
uomjdo
8103 '63 sunc
- £ -
"1! uo aouBjnssB Aub
apiAOJd jo uomido ub ssajdxa ;ou op a/w 'A|6mpjoaoB pus 'siuauiaiBis |epueuy ojSBq aq; jo ;ipnB aq; u| pa||ddB sajnpaoojd Bui;ipnB aq; o; papafqns uaaq ;ou SBq uojpas |bdi;s!;b;s aqi
- fr -
¦(jBbusq pue oBjeo 'iBmiujai) siuaj u| aseajDU! pue (abBjaAaq is pooj '6upuBd) sanuaAaj suo|ss3duod 'AijAjpB pue saiBJ aaj 6uipue| m sasBajaui oi 3np ssnu3A3j 6ui;ej3do jBaA-joud 01 pajedwoa (%i'Zl) 88S'30T$ Aq paseajaw 9T0Z joj sanuaAaj 6u!iBjado
9T0Z
¦}unoo3e |e;|deD sannpEj jaqio pue sBmpunq a|qeDj|dde 0; ssaj6ojd m uoipmisuoa wojj pajjajsuBJi aja/vi 08£'68T$ '6u!|Bioi spafojd paiaidiuoo -uoisuaixa LuajsAs hsubjj. paiewoinv puB AmpBj jbo |Eiuay paiBpnosuoo aq; jo uorpmisuoa pus pad 6up|ap |Bj;uaD 'sAemixei paiBpossB pus (3LZ-D6 AEMuny -Q-b) spafojd AB/wunj Mau jo uorpousuoa bmnunuoa aq; 0; anp A|uewud '88T'688$ ajaM £10Z J0i suomppB lassB ieiujeo
¦ A411 iqen uoisuad iau uj assajoap e se hbm sb aiuooui 6ui;ejado aAajsod ui Buinnsaj sasuadxa BuiiBjado u; aseajaap pue sanuaAaj 6uriejado ui asBajDU! ub 01 anp A|UBUJud 9T03 'T£ Jaqwaaaa IB uoqjsod iau |eioi jbao (%Z"8) Sfr£'££$ jo 3SB3JDU! ue s| siqi "3fr6'STfr$ seM 'LIOZ 'T£ -Jaqwaaaa ib uoqjsod iau |b;o; s,:uodj|v aqi
¦suo!iB!io6au iuawdo|3Aap ub|•eaje piayjjB aqi u\ y bs/S£"2$ puB B3JB ppyJiB 3qi jo apisino Ausdojd iJOdj|B uo u bs/00"2$ io siubj punojS jeBueq
pue 06JBD U| 3SB3JaU| PUB 'S1U3J |BU!UJJ31 U| 3SB3J3U) UB YlOZ AjBnUBf Uj p31U3UJ3|dUJ!
sjnpmis aiBj Mau b 01 anp sanuaAaj 6uj>jjed '(suondo pue sidaauoa pooj Mau oi anp %9"£ io a6ejaAaq 13 pooj A|ueujud) sanuaAaj uoissbduod u; saseajDU) 01 anp sanuaAaj 6unejado jeaA-joud 01 psjBdujoa (%0"£) £9£'82$ Aq pasBajaui Z.T0Z sanuaAaj 6miBjado
Z.10Z
SlHDnHDIH lVIDNVNId
¦uoipas siqi 6u!MO||Oj A|aiB|paujuJ! siuauiaiBis |BpuBuy a|SBq 01 saiou aqi puB siuauiaiBis |epueuy ajSBq s^ijodjiv aqi qi!M uoipunfuoa uj uoissnasip siqi peaj assay "9T02 pue ZT02 'T£ Jaquiaaaa papua sjeaA |Bosy aqi joj samAipB |BpuBuy syiJodJ!\/ aqi jo MajAjaAO puB uoipnpojiui ue sapjAOJd aaueujjojjad |BpuBuy („aJBH,0« J0 „lJOdJ!V„ aqi) s,iJOdJ!V |BUO|iBUjaiui aJBH,0 o6B3|qo jo S|sA|BUB puB uoissnasip 6u!MO||Oj aqi
(spuesnom uj sjenoa) SISA1VNV ONV NOISSflDSia S-1N3W39VNVW
±UOdMIV nVNOIlVNU31NI 3UVH,0 09V3IH3 SIONI11I 'ODVDIHD dO A1I3
¦samArpe leijdeD pue sunsaj 6unejado |epueuy -uou pue |epueuy iBauoisiq s^odjiv aqi 01 paiepj uoiieiujojui panpneun ujBijaa sapnpui uorpas uoiieiujojui iBajisiiBis 343 pue 'suoneinaiea a6EjaAoa aajAjas iqap aqi siuasajd uorpas uoiieiujojui |Biuaiua|ddns |Buomppv aqi "uoriEiujojui |BD!1S|1bis pue uohbiujojui |e;uauja|ddns |Buomppv sapnpm ijodaj siqi 'siuaujaieis lepueuy aiseq aqi 01 uomppe ui
•siuaujaieis |epueuy aiseq aqi m papiAOJd uohblujoju! aqi jo 6u!pueisjapun ||nj e 01 lenuassa aje sajnsopsip qans 'AiBuipjoaae fsiuawaiBis lepueuy aisBq aqi jo iJBd |Bj5aim ub bjb siuauiaiBis lepueuy 3\sbq oi saiON aqi
¦pua-JBaA ib aauB|Bq
siua|BA|nba qssa pue qsea aqi pue jeaA aqi joj siua|BAinba qsea pue qssa ui aseajaap jo aseajaui iau aqi 'pasjnqsip pue paAjaaaj qsea aqi luasajd siuaujaieis asaqi 'saillAipe 6u!isaAUj puB 6upuBuy iBijdBauou puB '6upuBuy |eijdea '6u!iBjado s/uodjjv aqi Aq pasn pue papiAOJd ajaw siua|BA|nba qsBa puB qsBa /woq jjodaj smoij qsBO jo siuaujaiBis aqi
¦uoiiisod 13N U| aSuBqa Bumsua aqi puB 'piBd jo paApaaj s| qssa uaqM jo ssa|pjB6aj 'sasuadxa puB sanuaAaj JBaA |Basy juajjna ||B luasajd uomsod 13N u| saBusqo pus sasuadxg 'sanuaAay jo siuaujaiBis aqi
¦jjodjiv aqi jo qiieaq pue uomsod |epuBuy HBJ3A0 jo 1U3UJSS3SSE 3qi u| AjBssaaau aq Ablu 'Ajisnpm aujUjB aqi mqijM sa6uBqa se qans 'sjopej |BpuBuy-uou jaqio jo uouBjapisuoa aqi 'j3A3moh ,6u!iBJOuaiap jo 6u|A0Jduj!
s\ uomsod |BpuBuy s,iJOdJ!v aqi jaqiaqM 'awn jbao 'joibdipui ub sb 3AJ3S Abuj uomsod 13u u| sseajaap jo aseajauj aqi -uomsod iaN sb paijodaj s; SMoym pajjajap pue samnqBn pue SMoyino pajjajap pue siassE u33Mi3q aauajajjip 3qi ¦BmiunoaaB jo siseq lemaaB aqi 6msn samnqEji puB siassB s/uodjrv aqi jo ||e iuas3Jd uomsod 13N io siu3UJ3ieis aqi
•siuawaieis
lepuBuy aiseq 01 saiou aqi jayB uojieiujojuj iedhsueis pue leuorijppB siuasajd os|e ijodaj siqi 'siuaujaieis lepuBuy DjSBq aqi 01 uomppe ui -siuaujaieis |epuBuy aiseq oj saiou aqi puB siuauj3iBis lepuBuy aiseq aqi asudwoa siubujbibis |epueuy aiseq s,iJOdJ!\/ 3qi -punj ssudjsius ue se Aijiua 6upjodaj s(Aip aqi u\ papnpm S| iJOdJiv 3qi ¦siuawaiBis |BpuBuy ajseq s,iJOdJ!v 3qi 01 uorpnpojim ue se bajbs oi papuaiuj s| s|sA|eue pue uoissnasip siqi
S1N3W31V1S "IVIDNVNId 3ISV9 3H1 dO M3IAW3AO
¦3pej6dn ssiiiipej BupuBd pus siu3LU3A0JduJ! Abmixbi puB sABMum 'sbuipnnq 01 3np AluBiuud z.99Vt>S$ ajaw 9T0Z Joj suompps ibssb lEijdBO
¦AiinqBH uoisuad iau uasBajaui ub oi anp A|UBUJud SIOZ 'T£ Jaqwaoaa 3e uomsod iau ieioi jsao (%tV6T) £00'Z6$ jo 3SB3JD3p e s| siqi Y6S'£8£$ sbm '9T0Z 'T£ Jaqwaaaa ie uomsod iau ibioi s,iJOdJ!V aqi
'SIOZ °3 pajBdujoa
(„89 as\/D«) „£Z 'ON juatuajejs asvD jo lusujpuawe ue—suoisuad joj Bunjoday /epueuu pue 6uuunoDDVn "89 "°N 3uaiuaiBis („asVD„) P-ieog spjBpuBis Bununoaav |BiuaujujaA09 aqi japun paiB|na|Ba sasuadxa uoisuad u| assajaap b oi anp A|UBUJud STOZ 01 pajBduioa (%8"9) 00S'i>S$ Aq pasBajaap uoubziijoujb pus uonspajdap ajojaq sasuadxa 6unejado
- 9 -
(£09'T90'T) 9IZ'8Z8 T6670Z $
8t>s'z/i6'6 $
ZIZ'669'6
8t>9'8
889't79Z $ SZS'868'6
0Z6'S9Z $ SIOZ
(ZZ£'86Z'T) 08T'6iH9 ttl'TOO'T $
frSZ'ESO'OT
ETE76Z $ 998'e8l7'0T $ v6v'£TS ZLZ'0L6'b
TSS't-ZE'Z 80*'98Z'Z
eiV6oe $
9I0Z
UOjl.lSOd )3N
(e>z'sze't) zWez9
EfrSVlT'I $
0Z6'SZS
T9T'000'TT
86970E $
Tz776^z7zT$
Z0Z'99S 6T0'£89'TT
61^'OLZ % L\OZ
uojijsod pu pp±
papujsajun papuisay
spsse pipes u; luawpaAU! pn : uomsod jaN
SMoyui pajjajap pue sarjjijqen ppj.
SMoyuj pajjajaa
sannsqeii pjoj.
S3j)!i;qej| pajjrouou pue spsse papupaj LUOJi apeAed saujjjqen sajijiiqen luajjro
SMoujno pajjajap pue sjasse ppi
sMouino pajjajaa
spsse ppj.
iau—spsse pudeo pajjrouou—sjasse jaqio pue papupay siasse papu}sajun juajjro
:(spuesnoqi m sjenop) smohoj sb sj STOZ Pub '9T0Z YT03 '!£ Jaqwaoaa ie uomsod iau s,iJOdJ!v am jo AjBwwns pasuapuoa aAiiejedwoa \/
¦Zfr6'STfr$ jo uomsod
iau puB 6ZZ'££8'TT$ io swoyui pajjajap pue samnqen ieioi '\ZL'6X>Z'Z\$ P SMO|jino pajjajap puB siasse ibioi papnpui. uomsod ibdubuu s/uodjiv aqi 'LXOZ '!£ Jaqwaaaa iv
'paujBa siunows jaAO sSuimq u\ papnpui. aje saui|jie oi anp siunowe iBiuawajam qans "JeaA aqi joj siisodap pajmbaj pus sasuadxa |BniaE paaaxa 'jbbA aq^ 6uunp pasn saiBj paiEwrisa aq^ uo pasBq 'passassB siunowe uaq/v\ asue sauiuje aqi oi anp siunowe |B;uaujajaui "pamq aq oi siunouiB uj papnpui aje saui|jie iuojj anp siunouiB iBiuauiajau; qans "JsaA aqi joj siisodap pajinbaj pue sasuadxa |eniaB usqi ssa| aje 'jeaA aqi 5uunp pasn saiBj paiBwjisa aqi uo paseq 'passassB siunouJB uaqM asuB saujuiB aqi ujojj anp siunoaiB |Biuawajauj. ,(„siuaujaaj6\/ asnJ assan samipBj puB iuaujaaj6v asn leuiwjaj.
IBuoiiBUjaiui aqi puB assan samipBj |EUiwjaj, pus iuaiuaaj6v asn iJOdjjv paiBisay puB papuaujv aqi jo suoisiAOJd japun pamwjaiap sb siisodap punj pue aaiAjas iqap pajjnbaj pue sasuadxa ujBijaa jaAoa oi aienbape sauiuie uiojj suonaaiioa p|a|A oi pau6|sap aje saiBj qans "saiBJ paiBixnisa uo passq JBaA ibdsij qasa inoqbnojqi sauium snouBA aqi oi passassB aje sa6jeqa ujaisAs 6uj|anj pue 'saBjeqa asn eaje leujiujai 'saaj 6u!puB~|
SISA1VNV IVIDNVNId
"oJodJiv aqi IB (dWO) LUBj6ojd uoiiBziujapow ajei-1,0 am pue ujej6ojd luaiuaAOjdiuT leijdeo am jo samAipe leiidBa 6mo6uo 03 anp AiuBwud (%0'fr) 9S8'£8£$ Aq paseajauj siasss iBijdBa iaN "frT9'0S$ J° punj isajaiui aajAjas iqap 05 aseajaui ub Aq lasjjo '6£9'££$ jo punj iuawdo|aAaa IJOdjjv aqi u| aseajaap pue 89^'63$ J° spunj isajaim pazneijdBa 'T96'6ZZ$ jo spafojd luaiuaAOJduJ! iBijdBa joj spunj uoipmisuoa jo asn aqi 01 anp A|UBiuud (%rOT.) ZSS'SSZ$ Aq passajaap siasse jaqio pue siuawisaAm papuisaj luajjnauoN "ApAipadsaj 't.:00"T pue t^KTT sbm ST03 Pub 9103 '!£ Jaqiuaaaa IB (saiiniqeii papuisajun luajjna/siasse papuisajun luajjna) oubj luajjna s,iJodJ!\/ aqi •sijojja uoipanoa Jauaq 01 anp aiqBAiaaaj siunoaae paseajaap Aq lasjjo 'siuawisaAU! pue qsea paseajaui 01 anp A|uewud (%V9l) E6fr'Efr$ Aq paseajauj siasse papuisajun luajjno
9T0Z
¦Aimqen
uoisuad iau ui assajaap e se ||3M se 'awoaui 6uiiBjado aAinsod ui Bmnnsaj 'sasuadxa Suiiejado ui assajaap pue sanuaAaj 6uiiBjado u| aseajaui aqi 01 anp A|ueiuud 9T0Z wojj (%£'8) Sfr£'££$ jo asBajaui ue '2fr6'STfr$ seM uomsod iau ieioi YtOZ 'T£ Jaqwaaaa jo s\/
¦siqBnqBiq |epueuy aqi ui aAoqe passnasip se suoiinquiuoa uoisuad ajninj pajinbaj aqi u| sa5ueqa 01 anp £T0Z Buunp (%900'T) S0t>'8Zfr$ Aq pasBajaui smoijui pajjajap pue (%-tvOT.) 802'£S$ Aq paseajaui SMO|jino pajjajaa
¦sue|d
.sjajoqen pue ,saaAo|dujg iBdpiunw aqi papBdwi qaiqM '£300-00T "Vd Japun sabuBqa aqi jo unsaj e se Ainiqeii uoisuad iau aqi ui aseajaap aqi Aq lasjjo 'jaded iBpjawiuoo puB 'ubot vidll 'aiqBAed spuoq anuaAay jo aseajaui aqi 01 A|ueujud anp {°/0L'Z\) 0ZL'ZX>Z'l$ Aq paseajaui samiiqBii luajjnauou puB siasse papuisaj iuojj aiqeABd samnqsn
'Ainiqeii uoisuad
iau aqi paseajaap ajojajaqi pue Ainiqeii uojsuad ieioi aqi auiiiuaiap 01 pasn aiej lunoasip aqi paseajaui suoiinquiuoa pajinbaj ajninj ui aseajaui aqi -sue|d ,sjajoqen puB ^aaAoidwg ledpmnw aqi 01 suoiinquiuoa ajninj paseajaui sajmbaj qaiqM £300-001 "Vd Japun sa6ueqa aqi jo unsaj e se 9103 01 pajedujoa (%Z'£3) t>3S'6££$ paseajaap 0t>£'6S2'l$ jo lunoiue aqi U| Ainiqeii uoisuad ,(iuaiuaaj6v aseai pue asn aJBH,0 aqi ui A6o|opoqiauj Supjew aiej lenpisaj aqi japun paie|na|ea anuaAaj pajjajap) 926'fr£$ J° pauJBa siunowe jbao sBuiwq ui aseajaui aqi oi paiepj A|U|buj s| (%S"£) S8£'0T$ jo samiiqen luajjna u| aseajaui aqi
¦IJOdJiv aqi ie dWO aqi Pub ujBj6ojd luaujaAOJduJi leiideo aqi jo samAipe |Bi|dB3 6u|o6uo 01 anp A|UBwud (%Z'S) 9frT'809$ *q paseajaui siasse |ei|dea lajsj '(dWO) wBj£5ojd uoiiezmjapow ajei-1,0 aqi 01 paiepj uorpmisuoa pue aaiAjas iqap joj Aed 01 pasn ajaM 'wd aqi uiojj siubj6 luaiui jo jaiiai Aneaypads 'sidiaaaj iubj6 (dIV) wejBojd luauiaAOjduji jjodjiv sb TIT'69$ jo punj luaiudoiaAaa iJOdjjv aqi 01 aseajaap e Aq lasjjo 00Z.'££$ jo punj isajaiui aaiAjas iqap aqi 01 asBajam ub pub £6S'0TT$ J° spunj isajaiui paz||Bi|dBa 'Z.T02 ui saauBnssi puoq Mau 01 anp 3£6'6T8$ jo spafojd luauiaAOjdui! leijdea joj spunj uoipmisuoa aqi ui asBajaui ub 01 anp Aiueiuud (%9'Sb) S££'£fr0/T$ Aq paseajaui luajjnauoN - siasse jaqio pue papuisay -aujoaui isajaiui pue sanuaAaj 6u|iejado ui saseajaui uiojj aaue|Bq qsea 6uojis b 01 anp A|UBuiud sbm oubj luajjna aqi ui qiMOj6 siqi 'A|aA|padsaj 'T'.frO'T puB i^OZ'I sbm 910Z pus ZT03 'T£ jaquiaaaa ie (samiiqBii papuisajun luajjna/siasse papuisajun luajjna) oubj luajjna syiJOdJ!\/ aqi "saiBj |BU|UJjai puB siuaj punoj6 puB 'saaj 5uipuB| paseajaui pue sanuaAaj aui|j|B-uou ui saseajaui ujojj siuauiisaAui pue qsea pasBajaui 01 anp AiuBuiud (%8'6T) 99T'T9$ Aq pasBajaui siasse papuisajun luajjno
L\OZ
- 8 -
009'^t- $ £6S'Z8Z $ 3fr6'STfr $
Z66'0U
(36£'9£3)
689'9Z: (T80'£T£)
(609YTT)
WS'bZZ XZLVSSI)
ooZ7oWT
0Y9'T.£3
zw'ze
S93'e8 St>6'86 9frS'6££ 3fr8'T6T
8Z3'St>8
eso'9frs $
ooTfrZF
(eoo'26)
fr99'0/l (Z99'Z9T)
(fr8S'K)T)
(lSZ'93£) L9\'ZZZ
(£80'8S)
668'S00'T
689'frS3 6£fr'T0T 809'S6 9£S't>0I
9£l't>03
9T8Yfr6
ZSS'ZIZ 1?3Z'S£9 $
Z6S'Z8£
St>£'££
T00'38 (9S9'8fr)
(66Z'T6)
(66T'81?£) 006'9SZ
ZWZ*
9£S'££6
TTZ'8T T££'393
86^'TOT 0I£'S6 366'SfrT ZS6'S0Z
6£I'9Z6
soz'sze
t^6'0S9 $
(STOZ u| paieisaj sb) jeaA 10 Bumu!6aq uomsod ;a|\|
uomsod isu u| 36ueqo
S1UBJ6 |B4|dB3
S3ubj6 |B3|dBa ajojsq (sso|) 3Luoaui
sasusdxs/sanuaAaj 6ui4Bjadouou |bioi
sasuadxa 6u!;ejadouoN sanuaAaj 6uriEJ3douoN
sujoau! 6uuBjado S3su3dxa 6uuBjado |b;oi
S|BSOdS|p 13SSB |BJ|dBa uo sson
uoijbzijjolub pue uouepsjdsa sasuadxa Buaejsdo jaqio 6uuaaui6ua pue |BU0|ssaj0Jd aaueua^ulBuj pue sjjeday asuadxa uoisuad sa6eM pue sauE|BS :sasuadxa 6uriEjado
sanuaAaj 6uuejado ibioi
jaq;o pue 'suoissaauoa 'siuay sa6jeqa leujuua; pue saaj 6uipuen :sanuaAaj 6u|jEjado
STOZ 9T0Z LIQZ
uojiisod laN ui saBueLO
:(spuesnoqj ui sjB||op) smohoj sb si STOZ Pue '9T0Z 'LIQZ 'IZ jaqwaaaa papua SJB3A aq} joj uomsod iau u| s36uBqa s,:uodJ!v aqi jo AjEiuiuns pssuspuoa aAraejediuoa v
¦Ajuiqen uoisuad iau aq; u| asBajaui aq} 04 anp A|uewud s\OZ wojj (%V6l) £00'26$ jo aseajaap b Y6S'38£$ sbm uomsod iau |Bjca '9T02 'IZ jaqwaaaa jo s\/
-A;!|!qB|| uoisuad iau sq) u| aseajaui aq; o; A|UBWUd anp (%0'T) 6ZZYS$ Aq pasesjaui samiiqen ;uajjnauou pue siassE papuisaj iuojj aiqEAsd samnqBn
'ZL6'l$ J° samnqBn panjaas puB aiqaAsd s;unoaaB aq; Aq jasjjo £Z9'l$ jo }uaj puB JB6uBq |BU|Wja:i joj saauBApB puB 989'Z£$ jo paujBa siunouiB jbao s6ui||iq pasesjau! aq; 04 p3}B|3J A|U!BuJ si (%Z'Zl) S£9'££$ jo ssmnqeji :>uajjna u| aseajam aqi
- 6 -
YTV£T.$ jo jaqio pue (a6ejaAaq is pooj '6ui>ued) suoissaauoa '(je6ueq pue o6jea 'leuiujjai) siuaj paseajaui pue TYi'68$ JO sa6jeqa asn eaje |euiwjai pue AnAjiae pue saaj Buipuei paseajaui 04 anp A|ueujjjd se/w SIOZ 01 pajedoioa (%T"3T) 88S'Z0T$ jo sanuaAaj BuiiBjado 9T03 u| aseajaui aqi -AiaAiiaadsaj 'ST02 Pub 9T02 sjeaA aqi joj s^T'662$ pue £6S'ZT.£$ ajaM sanuaAaj jaqio pue 'suoissaauoa 'siuay "AiaAiiaadsaj '£S0'9t>S$ pue ^ZZ'S£9$ 3J3M STOZ pue 9103 sjeaA aqi joj sa6jeqa asn eaje leuiwjai pue saaj 6uipue-]
9T0Z
"Wd sqi luojj 6mpunj iubj6 dIV jo luawione aqi U| aseajaui pue iuaujujaAo5 |ejapaj aqi iuojj luaujasjnquiiaj iubj6 joj aiqiBna auieaaq sajnupuadxa leiidea paieposse uaqM jo unsaj e se Aimeiu aseajaui %0"9T e YTOZ ui T00'28$ 01 9T0Z ui -b99'0Z$ luojj paseajaui 'siubj6 |ejapaj jo A|uieuj pasudwoa 'siuej6 |eudB3
¦asuadxa isajaiui
uj aseajaap e Aq lasjjo 'spuoq joj aauenssi jo isoa pue sisoa uoueBnjiu asjou paseajaui 01 anp A|uieuj se/w 9T02 J3A° £10Z J°J (%9"9) 8frfr'T3$ jo aseajaui aqi "AiaAiiaadsaj '9102 pue ZT02 sjeaA aqi joj t.SZ.'92£$ pue 66T'8fr£$ 3J3M sasuadxa BuuejadouoN
¦(iuauja6eueuj luauJisaAui iujai-6uo| Jaiiaq 01 anp '%£"6ST J° 'l£T'02$ J° aseajaui ue) in'z£$ jo aujoaui luauJisaAui pue 098'92$ J° anuaAaj 6uuejadouou jaqio '(%i"2 jo '9£8$ J0 aseajaap iq6ns e) t>60'6£$ J° (DdD) saBjeqo Ampej jawoisno '(sjaBuassed paue|dua u\ aseajaui ue 01 anp '°/0L'Z j° /T£T/fr$ jo aseajaui ue) SZT'8ST$ jo (Ddd) saBjeqo Ampej ja6uassed jo pasudwoa aje 006'9SZ$ jo sanuaAaj 6uuejadouou l\qz aqi
•siuauiajinbaj Ajoinieis japun pied sew 266'St>T$ aqi jo £69'8£$ 'L10Z buuna "asuadxa uoisuad jeaA luajjna aqi paseajaap pue Aimqen uoisuad ieioi aqi awwjaiap 01 pasn aiej lunoasjp aqi paseajaui suoiinquiuoa pajjnbaj ajninj ui aseajaui aqi "sue|d ,sjajoqB"| pue ,saaAo|dwg ledjajunw aqi 01 suounqjJiuoa ajninj paseajaui sajjnbaj qaiqM '£200-001 "Vd Japun a6ueqa aqi jo unsaj e se /_\qz u! 266'SfrT$ 01 9T02 ui T6fr'Sfr3$ luojj (%S"0t0 66t>'66$ Aq paseajaap £I02 Joj asuadxa uojsuad
•siunoaae injiqnop joj uoisiAOJd aqi pue 'saseqajnd apiqaA 'saumin 'saqddns pue sieuaiew 'sisoa pajipui 'siuniwajd aauejnsui 'sisoa aaAo|duia uieijaa jo pasudujoa A|uibuj aje sasuadxa 6unejado jaqio '(%0'Z) 866'T$ Aq paseajaui sasuadxa Bunejado jaqio "6uiuue|d eaje |euiujjai pue suonenoBau iuawaaj6e aseai pue asn ijodjje aqi qijM uooaunfuoa uj pajjnau; sasuadxa pue sisoa |enpeJiuoa uj saseajaui jo unsaj e se jeaA joud aqi ujojj (%S"9) 06T'9$ paseajaui sisoa buuaauibua pue leuojssajojd 'pauuojjad bmaq sj >uom aaueuaiwew aAiiuaAajd ajoui se >uom aaueuaiujeuj 01 paieiaj saseajaap |enpeJiuoa 01 anp A|uewud jeaA joud aqi ujojj (%8'8) 9ZZ'6$ Aq paseajaap sasuadxa aaueuaiuieui pue sjjeday "saseajaui Ajeies leniaejiuoa'oi aiqeinqune si aseajaui aqi '9T02 03 pajediuoa £T02 ui (%6"0) T28'T$ paseajauj saBeM pue saueies
¦eaje piayJie aqi ui u bs/g£"2$ pue eaje Piayjje aqi jo apisino Aijadojd iJodjjB uo u bs/00'2$ jo siuaj punoj6 Mau jo uoueiuaiuaiduj! aqi 01 anp £T9'2T$ jo (je6ueq pue oBjea) siuaj paseajaui pue 0SZ.'ST$ jo sa6jeqa asn eaje leuiujjai paseajaui 01 anp A|uewud sbm 9T02 01 pajediuoa (%0"£) £9£'82$ jo sanuaAaj Buuejado LIOZ ui aseajaui aqi "AiaAiiaadsaj '9102 Pub L\0Z sjbbA aqi joj 26S'2T£$ pue S02'S2£$ a-iaM sanuaAaj jaqio pue 'suoissaauoa 'siuay "ApAiiaadsaj '^ZZ'S£9% pue fr£6'0S9$ ajaw 9T02 Pub L\QZ sjeaA aqi joj saBjeqa asn eajB leuiwjai puB saaj 6uipue"i
LXQZ
- ot -
Aq lasjio £ZO'i>Zt>$ P sapjAjpe 6ui;BJ3do pue Zfr£'909$ jo saauenssi puoq jbbA ;u3Jjna pue |B;|dBa 04 anp '9T03 'T£ Jaqtuaaaa ;e St7£'S0£'T$ o; pajBduioa ZZ0'8£S$ ^q paseajaui 23fr'£88'T$ jo s^uaiBAinba qsBa pus qssa a|qB|jBAB s,iio6j\\/ aq; YT03 'T£ Jaqwaaaa jo sy
Z.TOZ
66T¥tFt? Sfr£'S0£'T.$ ZZfr'£88'I $ JBaAjopug
969'fr96 66£VrVl Sfr£'S0£'l JBaA 10 6uiuui63g
:s;ua|BAinba qsea pus qseo
£0Z'6l7fr <>S0'60T.) U0'8£S s;u3|BAinba qssa
puB qsea ui a6ueqa ;bn
883'06£ 08FZ6 (£ST6FF) 6ui.;saAui
(frT0'8) (£09'T) (S£S'Z) 6upueuy |e;|deauoN
(8t>8'09£) (£81'099) 3fr£'909 6upueuy pa;e|aj pue le^deo
LLZ'KZb $ ZSZ'SSfr $ £Z0'frZfr $ 6ui;eJ3do
:sai;iAipe (ui. pasn) Aq papiAOJd qsBo
STOZ 9T0Z ZTOZ
smoij qsB3
:(spuBsnoq; ui SJB||op) smohoj se si siOZ Pue '9T0Z 'llOZ 'T£ Jaqwaaaa papua sjeaA aq; joj smoij qsea m ssSueqa s/uodJiv aq; jo AJBiuiuns aAQBJBdujoa v
¦SIOZ u!
s;uaujasjnquj!aj ;ubj6 |Bjapaj ssa| jo ;|nsaj b sb A|U|biu assajaap %6Y e '9103 u| t>99'0Z.$ 0; STOZ u! 689'9£$ woji paseajaap 's;ubj6 |Bjapaj jo A|U|Buj pasudujoa 's;ubj6 |B;|dB3
¦spuoq joj aauBnssi jo ;soa puB s;soa uo!;bBi;!uj asjou pasBajaap o; anp A|U|biu sbm st_0Z jbao 9T0Z joj (o/og'fr) Z0fr'ST$ jo aseajasp aqi -A|3A|p3dsaj 'SIOZ Pue 9T02 sjeaA aq; joj £ST'Z1>£$ pue TS^'93£$ ajaw sasuadxa 6u|;ejadouoN
'0P9'Zl$ JO anioau! ;uaiu;saAU! puB £SS'ST$ jo anuaAaj 6m;Bjadouou jaq;o puB 0£6'6£$ jo (DdD) saBjeqo Aujpej jawoosno 'frK)'t>ST$ (Ddd) sa6jBqo A;!ipBj jabuassBd jo pasudujoa bjb £9i'ZZZ$ jo sanuaAaj 6m;Bjadouou 9T0Z aqi
¦s;uaujaj!nbaj Ajo;n;B;s japun piBd sbm S0S7Z$ qoiqM jo '89 9SVD Japun pa;B|na|Ba sb T6fr'SfrZ$ sbm gtoz joj asuadxa uoisuad
¦s;unoaaB |nj;qnop joi uojsiAOJd aq; pus 'sasBqajnd apiqaA 'saurian 'S3||ddns puB s|eua;eui 's;soa paj|pm 'siuniiuBJd aauBjnsui 's;soa aaAo|duia msojaa jo pasudujoa A|U|biu bjb sasuadxa 6ui;BJ3do jaq;o (%V0l) LZ£'6$ Aq pasBajaui sasuadxa 6ui;BJ3do jaq;o "6u|uuB|d bbjb iBuiuua; pus suo!;B|;o6au ;uauiaaj6B asB3| puB asn njodjiB aq; q;iM uorpunfuoa m pajjnam sasu3dx3 puB s;soa papBj;uoa u| saseajaui jo ;|nsaj e se jeaA joud aq; ujojj (%8'frT) £fr£'ZT$ paseajaui s;soa 6uuaaui6ua pue |BUO|ssajojd ">uom aauBua;u|BUJ 0; pa;B|aj sasBajaui |Bnpej;uoa 0; anp A|UBiuud JBaA joud aq; ujojj (%Z'S) T6S'S$ Aq pasBajaui sasu3dx3 3auBua;ujBUJ puB sjjedsy -saseajaui Ajb|bs |BnpBj;uoa pus s;uauj;snfpB ABd aAU3B0j;aj ssubies |Buoi;ippB 0; 3|qB;nqu;;B s| asBajaui aqi 'SIOZ 0; pajediuoa 9T0Z ui (%V9) fr6Z'ZI$ p3SB3jau| sa6eM pue saue|BS
- TT -
S69'0607 $ ISS'frZEY $ Z69'386Y $ iau—samipBj pue AiJadojd |Eioi
frT67T8'S T90'TS8'S 66£'6SL'S lau-paiBpajdap
siassB |BijdBa |Bioi
(T9076T'e) (6w7lWlT~ (££Q'Z19'£) samipej Jaqio puB sBuipung
:joj uoi;Bpajdap paiB|nwn33B ssai
S^t-TO'S 0T8'Z0£'6 Z£Z'Z£\>'6 sapjjpBj jaqio pus sBuipung
:paiepajdap siassB |BiidB3
\2L'ZLZ'\ 06fr'£3S'T 863'£33'3 paiepajdap
}ou siassB iBijdBa ibioi
frI8'98£ Z0VT£9 0S0'I££'I ssaj6ojd ui uoipmisuoo
Z96'S88 $ 880'368 $ 8frZY68 $ Puei
:paiBpajdap iou siassB iBijdBO
STOZ 9I0Z L\QZ
pug-jeax IB siassv leji.deo
:(spussnoqi u\ sJB||op) smohoj sb pazuBLULuns aJB STOZ PUB '9T02 YT03 'T£ Jaqwaaaa ie siassE |Bi|dea syiJodJ!v aqi
¦siuawaAOJdwj
lemwjai puB Aiunaas 'sijjawaauEqua waisAs uo!iBja6ujaj puB 6uiiEaq sarin pej 6up|JBd pus 'sapBj6dn waisAs |Eaupa|a 'siuawaAOJdwj ixbi pub ABMum 01 paiBpj ajaM spafojd paiaidujoa joCbw asaqi "s^unoaaB |EijdB3 saimpEj jaqio puB s6u!p|mq aiqBaqddB o; ssaj6ojd m uoipmisuoa iuojj pajjajsuBJj ajaM 08£'68T$ Buhbioi spafojd pa;a|dujoa YTOZ 6uuna
¦uoisuaixa tuaisAs ijsubji paiBwoinv puB Aijipej. jeo |eiuay paiBpnosuoo aqi jo uorpmisuoa puB pad Buppp |Bj;uaa 'sAbamxb} paieposse puB (3Z2-D6 ABMuny '5'a) spafojd uorpnjisuo3 Abmuoi mbu oj pajB|3J dID J0J 8Z0'688$ J° 33UB|Bq aqj puB uorijsinbaE puB| joj 09T$ papnpui siqi -saiijAipB iB^dBa oj pajB|aj 88T'688$ J° suompps psq ijodjrv aqi YT03 Buuna 'SiassB IBijdBa iau m pajsaAu; A|3A!jaadsaj 'TSS'frZ£Y$ Pub £69'386Y$ peq jjodjiv aqj '9103 Pue £T0Z jo pua aqj iv
NOIIVUISINIMOV 1830 ONV 13SSV lVUdVD
¦ApAipadsaj 'S00'£8T'T$
pue Ob£'zZl$ J° sjua|BA|nba qssa pus qssa papuisaj puB papuisajun jo pasudwoa ajaM '9T02 'T£ Jaqwaaaa je sjU3|BA|nb3 qssa puB qsea |ejoi 2S2'ssfr$ jo saijiAjpe 6u|jBJ3do Aq jbsjjo 08frY6$ J° sai.ii.Ajpe 6u|jS3AU! puB £8T'099$ J° Bupueuy paiB|aj pus |Bj|dB3 oj 3np 'ST03 'T£ Jaqwaaaa je 66£'frTfr'T$ o; pajedwoa t>S0'60T$ Aq p3SB3J33p Sfr£'S0£'T$ JO sjua|BAinba qsBa puB qsB3 3|qB|jBAB s,iJOdJ!v 3qj '9T02 'T£ Jaqiuaasa jo sv
9T0Z
¦A|3A|p3ds3J '9TZ'999'T$
pue 903YTZ$ jo sju3|BAmb3 qsB3 pus qsB3 pspujssj puB papuisajun jo pasudujoa ajaM YT02 'T£ Jaqwaaaa ib siua|BA!nba qsB3 puB qsB3 ibioi "£SZ.'61>1>$ jo sapjArpe 6u|isaAU!
- ZT -
UN UN 999 Teeg spuog anuaAay 3dD
UN V V ZV spuog anuaAay 3Jd
+V V V ZV spuog anuaAay jjodjjv iBjauag uan Jomas
S6ujieu s6uj4BU S.JOOd 9 S3DIAJ3S ||OJ)| ipild PJBPUBJS JO)S3AUI
syApoow
:smo||oi se sapua6B 6uiibj jofew jnoj am 10 u,aea qijM sBujibj upaja peq YTOZ 'T£ Jaqwaaaa ib spuoq anuaAaj s,iJodJ!v aqi
¦jjodaj sjqi 10 uopaas uoubwjojuj |ea|is|ieis aqi pue 'siuawaiBis |epueuy ajseq oj saiou aq; 10 f aiON ui paiuasajd s| iqap wjai-6uo| s,iJOdJ!v aqi uo uoqewjojui iBuomppv
m-'6I9Y$ W9£VL$ frST'SS6'8$ iau-a|qeAed saiou pue
spuoq anuaAaj iujai-6uo| ieioi
(OZZ'TZZ) (0S8YZZ) (S8T'86Z) uopjod luajjnD
fr99'0l78'Z i796'£TZ7 6££'£SZ'6 lau-iqap 6u!pueisino ieioi
6ZT't>ZE 9St'£Sb 6SFZ09 (junoasip) wniiuajd puog
:paz|iJoujeun
S8fr'99t>Y$ 80S'09Z'Z$ 088'St'9'8$ ueoi vidll pue saiou'spuoq anuaAay
SIOZ 9T0Z LIOZ
pug-jeax ie iqaa Buipuejsino
:(spuesnoqj u| sjB||op) smo||Oi sb pazuBWiuns si STOZ pue '9T0Z YTOZ 'T£ Jaqwaaaa ib iqap 6uipue;s;no s,iJodJ!V aqi
¦spuoq aqj 10 aauenssi
10 isoa aqi Aed o; pue luawajmbaj ijsodap aAjasaj aa|Ajas iqap pue isajaiu; pazyeiidea punj oi 'spuoq Buipueisino io sapuniBW uiBjjaa punjaj oi pasn ajaM spaaaojd iau mBjjaa pue spafojd iJodj|e aqi jo suopjod aaueuy oi pasn aq him spaaaojd iau mBjjao 'ZSOZ 'I Ajenuef oi 8T0Z 'T Ajenuef wojj Bu!6uej saiBp AjuniBW qi|M ¦spuoq aqi jo aausnssj io isoa aqi ABd oi pus luauiajinbaj ijsodap aAjasaj aa|Ajas iqap pue isajaiui paznendea punj oi pasn ajaM spaaaojd iau uiBjjaa puB spafojd iJOdJiB aqi io suoojod aauBuy oi pasn aq him spaaaojd iau u|Bija3 "3S0Z 'T AjsnuBf oi 8T0Z 'T AjBnuBf ujoji 6u|6ubj saiBp AiuniBW qi|M %SZ'S oi o/02 ujoji 6u|6ubj saiBj issjsiui 6u|Aeq pue g-rj 9T0Z sauas 'spuog anuaAay uan JOjuas Ijodjiv leuoueujaiui 3JB|-|,0 oBsaiqo io uoiww ZYTT'T$ Pios jjodjiv aqi YTOZ Buuna
¦saiou aqi Bumssi io sasuadxa aqi Aedaj pue spafojd ijodjie pazuoqinB io sisoa aqi io suoiijod aaueuy oi pasn aq Aeui spaaaojd aiON "STOZ '1>T qajew io aiep AiuniBUJ b qi[M %z.Z'T °i %OZ'T ujojj BmBuBJ saiBJ isajaiui Bu|Aeq Bujpueisino aJB saiou jadBd |Bpjauiujoa jo uomiuj 2'20T$ VTOZ 'T£ Jaqujaaaa jo sy YTOZ 6uunp sajou jadBd |Bpjauiujoa jo uoimuj 3"30T$ panssi jjodjiv aqi
- £T -
¦aaueuy 10 luaiinjedBa
oBbdilo 10 A;o aq; °4 passajpps aq pinoqs uo!;biujoju! |EDUEuy |BUO|;!ppB joj s;sanbaj jo jjodaj sjq; m papjAOjd uokibiujoju! aq; jo Aub Bumjaauoa suopsano "saausuy s/yodJiv aqj io MaiAjaAO |ejaua6 e q;|M japeaj aq; apjAOJd o; pauBisap sj jjodaj |epueuy siqi
NOiivwuodNi nod sisanoau
¦sabJBqa asn wajsAs |ani puB 'saBjBqa asn bbjb iBmnua; 'saaj 6uipuB| qBnojq; papunj aq him ;Bq; £t>s'£Z.9$ jo ;uaiuaj!nbaj auiiJjB ;au e ui 6ui;|nsaj '889'K)fr$ J°J pa;a6pnq 3jb. sanuaAaj Ajo;bu6isuou SIOZ 'Aneuomppv "9t>Z.'69fr$ ;B papafojd aJB s;uaiuaJ!nbaj ;|sodap puni pus aa|Ajas ;qap ;au |e;o; pub S8t>'809$ ;B papafojd ajB sasuadxa aauBua;u!Biu puB Bu^Bjado pa;a6pnq |b;o; '8T0Z JB3A |Basy joj saBjsqa puB sa;BJ s,;jodJ|\/ aq; uo passg
"9T03 u| sja6uassBd pauB|dua aq; jo %£'££ puB £ioz u\ sjaBuassBd pauB|dua s(jJ0dJiv aq; jo %S"S£ pasudujoa (sa;B!iyjB |BU0|6aj s;i 6u!pnpm) sau||j|\/ UEauaiuv '910Z u! sjaBuassBd pauB|dua aq; jo %aVSt> pue Z.T03 u| sja6uassBd pauB|dua s,;jodJ!\/ aq; jo %0'St- pasudujoa (sa;B!iyjB |BU0|6aj s;i 6u|pnpu|) samuiv pa;iun •sqnq JofBiu J|aq; jo auo sb luodjjv aq; asn qasa saunJiv uBauaiuv pub samurv pa;!un
¦uoi;Bao| qnq |Bjn;Bu b jjodjiv aq; 3>|buj sa;noj jib ;saM/;sBa pa|3ABj; A||ABaq ;soiu aq; 6uo|B pub sa;B;s pa;iun aq; jo Ja;uaa aq; JBau uoi;B30| |EO!qdBj6oa6 |Bj;uaa s(jJ0dj|v aq; puB pusujap ja6uassBd uouBU^sap-uirjuo 6uoj;s aqi -A|aA!padsaj '910Z Pue IXOZ u| sja6uassBd paue|dua uoimuj 6"8£ pue uoimuj 8"6£ peq jjodjiv aqi "obJEa jo suua; uj sa;B;s pa;iun aq; ui qjxjs puB apiMpuoM q;n£ pue 'sja6uassBd |b;o;
io suua; u\ sa;B;s pa;i.un aq; ui pjjq; puB apjMpuoM jsajsnq q;x[s aq; 'suoriEjado jjBjajjE |b;o; jo suua; u| pajnsBaui 'pijom aq; u\ ;jodJ!B ;saisnq puoaas aq; sbm jjodjjv aq; '£10Z ui
S39HVH3 •sajn;uapui ;smi ja;sBW aq; mq;|M pa;B;s sb s;ueu3A03 ;qap aq; q;|M a3UB!|duj03 ui sbm ;i saAaqaq jjodjjv aq; 9T0Z Pue lioz 'l£ Jaqmaaaa ;v
ra w r, w ra ra
? ii ?
ra ra
HI O O- £,
ra « x o
1/1 a
I a-
^ 5 £ ra ra z 3 a & a
3 »
TJ ft
3 3"
> W ? w ^
= 0?
o> "n m 3 O Z — mm 3 n z rt ™ H JII«
S3-
as*
n « "I
N 2 o 0
H (A P M
z o ? z w o
o n
o
0 n
I
n
>
to n
h -H p
12 d w
o|1010|
o ui cn o co Ul U) U> U3 O
o 10 cn 01 10
*o cn ui
U> M U CD J> CO W M W UI
01 CO 10 CD
*o O
CO nj O nj sj W
uj a »o cn co w W cn sj s| in A W U O ID h h
¦0 o
JO H
o n > > t>
-1 o r =
K ra o. c "S
S " a n
g. < ra
5T ra" ra
~ o 10 G. n
s "o 3 = CT
^ 3 a <
9. § 3 n
nT 3- ra ?
z m m
o H -n|109|o I
f Q|910|H C|910|S S a
ft|9 9|«|910|3. 21|99|S ¦
* a
C B> > o >
ft " " 3
3 S H
-i» TJ 01
3 % S
£ 2 -1 =55
o 3 1 pr o
0 TJ
tr 2 o a CT 3 ra
!1 3 a.
ra " ~
I in s
CO -tk ID U CO sj A CO U) UI U U O sj lO W A A
h- m m cn
O UI M UI CO
K) Uj M IO M
W CO|9 9|u o
U ? Uj A h
lC Ui CO O A
hi ro
W O vO
M CO CO
U> W H»
ro co
co ui
w p u a cn h
Ui >w £0 in A UI U)
05 To o nj ~cn CD CO
co cn w w o ui m
cn o m ui m co ui
vj A W H
M UI M O 1- lO «C A
- ST -
¦s;u3LU3}E}S |epueuu. aiseq o; saiou aas
£6S'Z8E $ 009'tVi> (E00'Z6)
tWoZ
(Z99'Z9T) (WS't'OT)
(6TT'9TE)
0t>9'ZT (ZT6'S) (OTE'Z)
ESS'ST (OTfr'z)
0E6'6E
wo'wt
(E80'8S) 668'S00'T
689't>sz
OTZ'TS/1
6EFT0T
809'S6 9ES't>0T
T6t>'st>z
9ET'l>0Z
9T8Yt>6
Z6S'ZTE 1>ZZ'SE9 $
£6S'Z8E
St'E'EE T00'Z8
(9S9'8tO
(66Z'T6)
(ZOZ'ETE) T^'ZE
(E6T'ZT)
(SM>'9T) 098'9Z
(6SE'9) t>60'6E
ZP9ZV
9ES'EE6
TTZ78~T_ TEE'Z9Z
t-6t>'ZS9
£Ei> EOT
86^'TOT
0TE'S6
Z66'St>T
£S6'S0Z
6£T 9£6
SOZ'SZE W6'0S9 $
jeaA io pug-NOIlISOd ±3N 1V101 jeaA io 6u!UU!6ag—NOUISOd ±3N 1V101 NOUISOd ±3N NI 33NVHD S1NVH3 "lVUdVO
S1NVH3 IVlIdVD 3HOd39 NOUISOd 13N NI 39NVH3 (sasuadxa) sanuaAaj Buiiejadouou lejoj.
(t7 ajo|\|) asuadxa isajaiui
(t> 3]0N) 3LU03UI ;U3UU}S3AUI
aDUEnssj jo S}S03 s;so3 uo|]e6|]|Uj asjofj, anuaAaj Qujiejadouou jamo sasuadxa a6jsip Ajnpej ja6uasse,j anuaAaj a6jeip Ampej, jauiojsno anuaAaj a6jeip Ajnpej jaBuassed :(S3SN3dX3) S3MN3A3il 9NI±Vil3dONON
3W03NI 3NUVy3dO sasuadxa 6m:)ejado |e}oi
s|esodsip lasse uo ssoi
uopEzinjoujE pue uopepajdaa
s|Gsods|p pue ]uaaij|eduj! ;asse |e:nde:5 pue uo|;ez|vouje 'uopepajdap ajojaq sasuadxa 6u|)ejado |e;oi
sasuadxa Buqejado Jaino sa3|Ajas 6uuaaui6ua pue |euo|ssajoJd aauEuajuiEUj pue SJjeday (/. 3}°N) asuadxa uojsuad sa6EM pue saiJE|ES :S3SN3dX3 3NI±V>J3dO
sanuaAaj 6u|;ejado |Ejoi
(g a]0N) Jaipo pue 'suojssaouos 'siuay sa6jeip asn eaje lemuuja} pue saaj 6u|pue~|
:S3HN3A3il 3NI±Vb3dO
9T0Z
(spuesnouji u; sjeiioa) 9T0Z ONV t-IOZ 'TE 11391*13330 030N3 SUV3A 3H1 WOd NOUISOd 13N NI S3DNVH3 ONV 'S3SN3dX3 'S3nN3A3H dO SIN 3 W 31 VIS
IHOdHIV 1VNOI1VNU31NI 3HVH,0 09V3IH3 SIONmi '09V3IH3 dO A±ID
- 9T -
(panuquoD)
66E't-lVl (t>S0'60T)
08FZ6
(TITH TT9'00I
(E09'I)
(OIE'Z) LOL
(£81'099)
(oiVz)
£ZZ'9ST
0E6'6£
0t>£'89 (8ll'ZZ*) (698'^6£) (ZT6'S) (OZZ'TZZ) (£0S'8S0'T)
WZl
860'ZI
TTS7SI'T
ZSZ'SSt-
(ES0'89) 86
(9S6'08I) (06S78Z)
0£I'8Z£
E8S'£99 $
9I0Z
ZZt-'E88'T $ JeaA jo pug—S±N3~IVAinb3 HSVD ONV HSVD
SfrE'SOE'T JeaA jo 6u!UU|6ag—S±N3~IVAIn03 HSVD ONV HSVD
LLO'QtS SlN3~IVAinb3 HSVD ONV HSVD NI 39NVHD 13N
(ES^'Cit-tO sauiAKpe 6upsaAU! Aq papiAOJd smoij qsea
6t-S'8E isajaiui luawisaAui
(ZOE'88tO iau—sjuauJisaAU! (saseqojnd) sa|es
:S3LLIALLDV 9NLLS3ANI WOHd SMOld HSVD
(£99'ST) saqiAipe 6upueuy lendeouou ui pasn smoij u,sed
(£W'9T) Luej6oJd uone6niuj asiou joj pied qseo
Qll 5uaujaaj6e luaiuaiHas luojj spaesoJd
:S3I±IALLDV ONIDNVNId IVlIdVDNON WOUd SMOld HSVD
t>zV6T9 sapiAnoe 6uoueu!j pajsiaj pue isjidED (ui pasn)/Aq papiAOJd smoij u.sed
(6SE'9) sasuadxa a6jEup Aojipej ja6uassed
9ZZ'8ST sidiaaaj jaqjo pue anuaAaj a6jsijD A}i|pbj ja6uassed
fr60'6E anuaAaj aBjeqo A^ipej jawoisno
£E6'T0T s;ubj6 leijdeD
(909'8T8) siassB |Bi|dB3 jo uoipaqsuoa pue uomsmbov
(Zt.0'8t-£) 3?ou pue spuoq uo pied isaja;ui
(6£87l) sjsod aousnss! puog
(0S8'££Z) spuoq uo p|Ed |edpuud
(zWs\9) spuoq punjaj o} juawAEd
TZt>'ZT Apisqns spuog sauaiuv p|mg uan Joiuas aOTOZ 3JBH.0 WOJJ spaaooJd
}ipajo jo sun ujojj spaaooJd
SS£'9ST ubo| vidLL LUQJi spaaDOJd
6EZ'Z0T JadBd a;ou |epjawwo:> ujojj spaamid
Ti>E'EET'Z spuoq jo aousnss! ujojj spaaDOJd
:S3UIAUDV SNIDNVNId a3±VH3y ONV IVlIdVD WOUd SMOld HSVD
EZO'frZt' saijjAjios 6unsjado Aq papiAOJd smoij qsBD
(T£T'S8) (u| pasn)—spunj A}p jai^o qi|M suoqassuBJi
Aq papiAOJd—spunj Aojo ja^o qjjM suoipesubjj.
(Z.TT'Z.81) saaAoiduja 01 siuaujAsd
(LbS'LOZ) sJopuaA oj siuawAed
Z9£'0EE Jaqio pue'suoissaDuoa 'siuay
9S0'E£9 $ sa6jBU,D asn eaje leujwja; pue saaj 6uipue-|
:S3LLIAI±DV £)NI±Vy3dO WOHd SMOld HSVD
L\OZ
(spuesnoqj, in sje||oa) 9T0Z ONV £TOZ 'TC U39W3D30 a3dN3 SUV3A 3H± WOd
SMOld HSVD dO S1N3W3±V1S
±UOdUIV 1VNOIJLVNU31NI 3HVH,0 ODVDIH3 SION mi 'ODV3IH3 dO A±ID
- L\ -
(papnpuco) -siuaujaieis lepueujj oissq 04 sa;ou 33s
'3|qeAed siunooas u; papnpui bjb 'A|aA|p3d53J £9T76I$ pue S££'ZIZ$ JO 91OZ pue Z.T0Z ui suomppe AjjadoJd :SW31I HSVDNON dO 3anSO~IDSia TVlN3W31ddnS
S3UIAI1DV 9NLLVH3dO A9 CBaiAOUd SMOld HSVD
S89'ZE 9Z6>£
EZ9'T (S£t>'S)
68Z (SSt-'T)
l>£6'l) (TT97D
(Z^Z'T) (8ZT'8)
(6T£) (90^7)
8Z9'6 (ZT8'T)
9867TZ 689't-SZ
(£80'8S)
psiliq sjunouje jbao s6ui||iq ui assaJDU! (aseaJDaa) ;uaj |eu!UiJ3; pisdajd u| asesJDUj (aseajoaa)
Spunj AV.O J3LJ50 03 3np Uj (3SB3JD3a)
diqeAed siunooos u| aseajaui (aseajoaa) sasuadxa piedsjd u; aseaJ3ui spunj Ajjo jaqio luojj 3np u| aseajaui 3|qeA{333j s;uno33e u; (assajaui) :san!|iqe!| pue siasse ui sa6ueqo uoqnqu;uo3 ueqi jaqio asuadxa uoisuad s|esodsip lasss |e;ideo uo ssoi pue uoqEzpjoujB 'uopepajdaa
:a|puo33J 03 siuawisnfp\/ (sso|) /SLU03U! 6u|5BJado :S3I1IALL0V 9NUV«3dO A9 03aiA0yd SMOld HSVD 01 3W0DNI DNUVH3dO dO IM0UVniDN0D3y
SfrE'SOE'I $ . ZZfr'E88'T$
Zt-S'TOS £9t-'T89
6t>S'088 £99'S8£
OfrE'ZZT $ 90Z7IZ $
5U8Jjn3U0N luajjno :pa:p!Jisay papuisajun
:S±3SSV 13N dO S1N3W31V1S 3H1 NO CI3iy0d3a SlN3~IVAin03 HSVD QNV HSVD 01 N0IlVniDN0D3y
IXOZ
(spuesnouji in sjenoa) 9T0Z ONV £TOZ 'TC U39M333C] adONd SUV3A 3H± MOd
SMOld HSVD dO S±N3W3±V1S
ItiOdUIV lVNOI±VNH3±NI 3HVH,0 ODVDIHD SIONimi 'ODVDIHD dO A±ID
- 81 -
pue sniq Ajnseaji smn ?iu3wuj3ao6 "S'n 3qi pue '(„aieiS« aqi) siouim jo bjbjs aqi 'aid am 10 suo!)e6||qo |BJ3U36 6uiJB3q-js3J3ju| apnpuj apo3 aqj Aq pazuoqjne sjubujjssaui
•painsu! A||BJ3p3j aje sjjsodap asoqw 'Ajq aqj u|qj|M pajeaoi 'suoijeposse ueo| pue s6u|abs ajEjs jo |ejapaj pue s>jueq ibuojjbu jo sjbjs pazjueQjo AuE|n5aj aq jsnui qaiqM 'sauojisodap paAOJdde-|puno3 Ajp oj A|uo sjjsodap sjiiujad apo3 aqi
-Apaaiip jsajajm aAiaaaj pue mea pue pajeBaj6as aje spunj uiBjjaa jo sjuauosaAui pue qsea aq; 'suopaujsaj |e6a| jo sjuaiuaajbB lenjaejjuoa oj ana "saaueieq juaujjsaAui pue qsea pauiqwoa a6ejaAe jpqj uodn paseq spunj 6u!jedp|jjed 05 pajeaone s\ sjuawjsaAui paiood uo pamea jsajajui "Capo;^ aqj) o6eaiq3 jo apo3 ledprnnw aqj Aq pajmbaj se jajnseajj Ajq aqj qjiM p|aq aje A||ejaua6 sjuauijsaAU! pue 'sjuaieAinba qsea 'qseo—siuauiisaAui pue 'sjuaieAinbg use3 'use3
¦sajeiuijsa aqj luojj Jajjip pinoa sj|nsaj |enja\/ ¦ pouad Bupjodaj aqj Buunp sasuadxa pue sanuaAaj jo sjunoiue pajjodaj aqj pue 'sjuaujajejs |epueuy aiseq aqj jo ajep aqj je ssijinqeii pue sjasse jua6u|juoa jo ajnsopsip aqj pue saijiuqen pue siasse jo siunowe pajjodaj aqj jaajje jeqj suoodiunsse pue sajeuijjsa a>|euj oj juauiaBeueui sajjnbaj eauauiv jo sajejs paiiun aqi u| pajdaaae A||ejaua6 saidpuud 6uijunoaae qj|M Ajiujjojuoa u| sjuaujajejs |epueu|j aiseq jo uoijejedajd aqi—sajeiuijjsg. jo asn s,j,uauia6euew
'pajjodaj aq oj pajjnbaj jou
s| qaiqM 'jaBpnq |enuue pajdope A||e6a| e seq jjodjiv aqi—laBpng paieudojddv |enuuv
-pajjnau; uaqM pazm6oaaj aje sasuadxa pue paujea uaqM pazm6oaaj aje sanuaAaj qaiqM japun '6u|junoaae jo sjseq |emaae aqj sasn jjodjiv aqi
¦snaoj juauiajnseauj
saajnosaj aiuiouoaa jo moij aqj 6u|sn pajjodaj aje jjodjiv aqj jo sjunoaae aqi "snaoj juauiajnseauj sji Aq pauiuuajap s| punj e oj pa||dde juaiujeajj 6u|jJ0daj lepueuy pue Buijunoaae aqi "(gs\/D) pjeog spjepuejs bmjunoaav |BjuaiuujaA09 aqj Aq paquasajd se 'eauauiv jo sajejs pajiun aqi u| pajdaaae A||ejaua6 saidpuud 6u|junoaae uodn paseq aje jjodjiv aqi jo sapnod 6u|junoaae aqi— snaoj luaiuajnseai/j pue 6u;i,uno33v jo siseg
"(ZT aiON aas) 8T0Z 'Zl a^H jo se aA|jaajja sbm pue 8T03 qajB|Aj u| |puno3 Ajd Aq pazuoqjne sbm juauiaajBv asn wau V '8T03 'TT AbiaJ uo ajBU|uijaj oj painpaqas sbm jBqj juauiaajBv asn |Bnp|saj b si qaiqM '(„juauiaaj6v asn„) asBan saijnpej pue iuawaaj6v asn Jjodjiv aqj jo suo|S|AOJd aqj oj jaafqns pajejado jjodjjv aqi 'uoiBay eusipuj. jsaMqjJON-o6Ba|q3 aqj jo spaau uop,BjJodsuBJj jib aqj ssajppe oj S66T u| pajBaja sbm qaiqM 'Ajuoqjnv jJOdJiv |BU0|6ay AjBE)-o6Ba|q3 aqj jo jaqiuauj b sj Ajd aqi -punj asudjajua ub sb Ajpua buijjodaj s,Aj|3 aqj u| papnpui s| jjodjiv aqi "uoijbiav jo juauijjedaa („AjDtt aqj) siouim o6eaiq3 jo Ajq aqj Aq pajejado s\ („aJBHyO» j0 //IJodJiVw aqi) Vodj\y |euoneujajui aJBH,0 o6B3|q3—uoiijezmeBjo
S3IDI"10d DNIlNnODDV INVDIdlNDIS dO AUVWWflS QNV NOI1VZINVDUO T
9T0Z ONV Z.TOZ 'T£ U39W3D3a 030N3 SWV3A 3H1 UOd ONV dO SV
S1N3W31V1S "IVIDNVNId DISV9 Ol S3 ION
lUOdUIV lVNOI±VNH3±NI 3yVH,0 ODV3IHD SIONini 'ODV3IH3 =IO A±ID
- 6T -
¦pajjnauj se pasuadxa aje juawdmba aiqBAOiu jaqjo pue sapiqaA joj sajnjipuadxg 'pazjiejidea aje 'saaj BuuaawBua pue 'iBjnjaajiqajB 'u6|sap pajspj qj|M jaqjaBoj 'sjaafojd leijdea jo 6u!ddmba jo 'uonanjjsuoa 'uoojsinbae aqj joj 000'S$ usqj -JajeajB sajnjipuadxg -uopismbae jo ajep aqj je an|6A ja>|jeuj jjbj jb 'sjasss pajBuop joj 'jo jsoa je papjoaaj aje sapnpej pue Ajjadojd—samipej pue AjjjadoJd
¦sasuadxa
aAijejjsimiupe pue 's>|su pajnsu|-j|as 'sjyauaq aaAo|diua jo AimEiu jsjsuoa pue jjodjiv aqi Aq sasuadxa Suriejado se pajeajj aje saaiAjas asaqi joj jjodjjv aqj oj pajeaone sjunouie aqi "jjodjiv aqj oj saa|Ajas sapjAOJd punj |ejaua6 s,Ajd aqi—Ajjd sqj ujiim suoupesueJi
'sasuadxa Buuejadouou se pajjodaj aje sjsoa uo!je6|J!UJ asiou pue 'sjsoa 6upueuy 'sasuadxa ojd 'asuadxa jsajajui "sasuadxa 6u!jejado se pajjodaj aje suojjejado jjodji.v oj ajeiaj jeqj sasuadxa jaqjo pue 'saaiAjas BuuaaujBua pue leuojssajojd 'aaueuajujeuj pue jjedaj 'asuadxa uojsuad 'sabBM pue saueies ¦sanuaAaj Bujjejadouou se pajjodaj aje (jdd) sa6jeq3 Ajupej jaBuassed pue '(3dD) sa6jeq3 Ajnpej jaiuojsn3 'BujjsaAUj '6upuBuy oj pajepj aje jeqj sanuaAay "sanuaAaj 6u|jejado se pajjodaj aje suoissaauoa pue 'anuaAaj 6u|>)jed 'sa6jeqa uiajsAs 6u||anj 'sa6jeqa asn eaje leuiixuaj 'saaj 6uipue| ujojj sanuaAay—sasuadxg pue sanuaAaj
¦aiqijaaiioaun aq Aeiu qaiqM 'pua-jeaA je papjoaaj sjunoiue joj aaueMO||e ue papiAOJd seq juauja6euew— 33ueMO||v aiqeAiaDajj siunoaav
¦paseqajnd uaqM ssa| jo sqjuoui aajqj jo sajjunjeui qjjM sjuaujjsaAui jaqjo pue jisodap jo sajeayijjaa apnpui. sjua|BA!nba qsBO
¦saaueujpjo puoq aiqeandde aqj jo suoisiAOJd aypads aqj qjiM aauepjoaae ui piaq aje saaueieq juaujjsaAui jaqjo uiejjao "aseqajnd jo ajep aqj ujojj sjeaA 0£ jo ssaaxa u| AjunjBiu e aAeq jou op 'A||ejaua6 'sjuaiujsaAUj.
'jsajajuj pamaae sn|d sjuaiuaajbe aseqajndaj aqj jo jsoa aqj oj |enba anieA ja>|jeuj j|bj e aAeq sjuauiaaj6e asaqj ajnaas oj pa5pa|d sapunaas jeqj saj[nbaj jajnseajj Ajd aqi "ajejs aqi uj ssamsnq op oj pazuoqjne suoijnjjjsu! jaqjo ujejjaa pue s>jueq ujojj A|uo paseqajnd aq uea sjuawaaj6e aseqajndaj
¦speajds puoq jo '(aiqeAjasqo ajaqM) suoijejonb aaud ja>ueuj 'suopaesuejj pajnaaxa A|juaaaj 6msn pajeiui.jsa aje spuoq |edpjunui pue 'spuoq ajejodjoa 'sapunaas Aaua6e "ST1 jo an|BA jibj aqi -jsoa pazojoiue je pajjodaj aje jeaA auo ueqj ssa| jo AjunjBiu e qjjM jed ueqj jaqjo aaud e je paseqajnd jaded lepjaiuiuoa pue saijunaas juawujaAob 'ST1 "aiqeandde se jsoa pazijjouje jo an|BA Jiej je sjuaiujsaAU! sji san|BA jjodji.v aqi
¦|eAOjddB |puno3 Ajd jnoqj|M 'pauyap sb 'saAjjBAuap u| 6uijs3au| ujojj aauBUjpjo Aq pajiqiqojd s\ Ajd aqi "Ajd aqj Aq panssi sjubjjbm uoQBdpuue xej pUB fuo|SS!UJUJ03 a6ueqaxg puB sapunaas aqi qi!M BmpuBjs poo6 u| puB Aq pajB|n6aj spunj iBnjniu ja>|jBUJ Aauouj aasaiuop (jadBd iBpjaiuiuoa fan|BA aaBj MO|aq ja>|JBUJ uado aqj u| paseqajnd juawujaAoB 'S'H aqj jo suousBnqo |Bjaua6 Buusaq-jsajajuj-uou jaqjo
- oz -
¦ajEjs aip, Aq p|Bd
siuiBp joj ajBjs aqi sasjnqimaj Ajd aqj 'uopdo siqj Japun 1saaAo|duja jaujjoj a|q|6i|a joj sjyauaq aauBjnsuj juaiuAo|diuaun 6uip|AOJd joj uopdo jaAo|diua 6u!SjnquJ!aj aqj pajaaia seq pue jav uo|jEsuadiuo3 juaiuAo|diuaun siouim J° ai^lS aqi oj pafqns s| Ajd aqi
¦Ajd aqi jo sjasse pajapjsuoa jou aje pue sauepyauaq J|aqj pue sjuedpijjed jo jjjauaq aAisnpxa aqj joj sjojejjsmiujpe ue|d aqj qj|M sjunoaae jsnjj u| paae|d uaaq aAeq sjasse s,UE|d aqi •onojjjod juaujjsaAui aqj uiejuieiu oqM sjojejjsmiujpe Ajjed-pj|qj Aq pajajsiujuipe sj ue|d aqi ¦Aaua6jaiua aiqeaasajojun jo 'qjeap 'juawajpaj 'uojjeu|ujjaj ||jun saaAo|duja oj a|qe||eAe jou s| uopesuadujoa pajjajap aqi YSt? uopaas apo3 anuaAay |eujajui qj|M aauepjoaae u| pajeaja ue|d uoijesuaduioa pajjajap s,Ajd aqi Japun sjeaA ajnjnj |ijun saueies J|aqj jo uopjod e jajap oj a|q|a aje saaAo|diug
¦pauiejmeuj a6ejaAoa aauejnsuj ueqj ssa| U33q 3Aeq sjbbA omj jsed aqj jo qaea ui sjuawapjas ¦siuiep uoijesuadiuoa .sjb^jom joj jaujea lepjauiujoa e ujojj aauejnsui suiejuieiu jjodjiv aqi ¦sauniqen se papjoaaj pue pajeimjsa aje 'pajjodaj jou jnq pajjnaui siujep Buipnpui 'Buipuejsjno simep jyauaq aaAo|diug -pamaae jou s| Aed aAea| >pis 'babbi >p|S pasnun Aue joj uopBsuadwoa aAiaaaj oj sjqBu ue sajeujiujaj juauiAo|diua jo aauejaAas "sAep OOZ J° Luniuixeuj e oj dn 'pa>uoM qjuoui qaea joj Aep.auo jo ajej aqj je pajeiniunaae si aAeai >pis "JeaA auo joj jbao paujea aq Aeiu pue panjaae s| aA63| uopeaeA pasnun paypads "3Jea qj|eaq pue 'uopBsuadiuoa ysja>|JOM 'aAea| >)a|s pue uoijboba joj pajuej5 aje sjyauaq aaAoidujg—Sjjuauag aaAojduia
¦aAoqe
3qj jo J3qj|3 se pazuoBajsa jou uouisod jau jaqjo ||e jo sjsisuoa uopisod jau pajaujsajun •uo|je|S|63| 6u||qeu3 pue suo|je|n63J 'smb| '(sjojubjB pue sjapu3| sb qans) saijJBd |BUJ3jxa Aq paaB|d aJB sju|BJjsuoa qaiqM uo uopisod jau jo sjsisuoa uopisod jau papujsay ¦sp33aojd juadsun pus aAJ3S3J 33|Ajas jqsp jo jbu 'jqap SuipuBjsjno Aq paanpaj puB 'uoijEpajdap p3je|nuin33B jo j3u 'sjbssb |Bj|dEO ||e jo sjsjsuoa sjasse |Bj|dBa u| ju3lujs3au| j3>M -pajaujsajun puB JsjassB jaqjo puB 's3jd 'punj jU3iudO|3A3p jJOdj|B puB juauj33j6B 3sn jJodjiB 'sojd 'spafojd |Bj|dBa 'aa|Ajas jqap joj pajaujsaj fsjassB |Bj|dBa u| juauijsaAUj jau—sjuauodujoa aajqj m paAB|dsip s| uopisod jaN "sjubj6 |Bj|dBa puB 'sasuadxa 'sanuaAaj 6u|jBjadouou pue 6u|jejado luojj s6umjea jau aqj sasudwoa uopisod jaN—uojijsod jaN
¦suojsuad oj pajepj aauauadxa iBusnjaE |BnjaB pus papafojd uaaMjaq saauajajjip aqj juasajdaj smoijuj pajjajaa—smojjjui pajjajaa
¦suoisuad oj pajB|aj suoijdiunsse |euenjae uj sa6ueqa pus 'suoisuad oj pajBpj sBuiujea juaujjsaAui |enjae pue pajBimjsa uaaMjaq saauajajjip pue sBmpunjaj puoq uo ssoi pazijjoujEun juasajdaj sMoyjno pajjajaa—SMomno pajjajaa
sjbbA 0£-0T -JaqiO
SJB3A 02-ST LU3jsAs |B3|jjaa|g
sjbbA ot> sBuipung
SJB3A 0£ SLUSJSAS 6U|JB3q pUB U0!JBJ3B|JJ3y
SJB3A QS-OZ LU3JSAS J3M3S PUB a6BU|Bjp J3JBM
sjbsA 0£ spboj paABd puB 'sAbmixbj 'spuunj 'suojdB 'sABMuny
:smo||Oj sb aJB saAi| injasn pajBiupsg -uoijaidiuoa jo uopisinboB jo JBaA 3qj 6u|mo||oj jbbA sqj u| u|6aq pus poqjaiu 3U||-jq6|BJjs 3qj 6u|sn papiAOJd sjb uoijBzijJOuie pue uopepajdaa
- \z -
10 U0ipa|3S 3qj (Z) 'UOpBLUJOJU! AJejU3UJ3|ddnS p3J|nb3J U| S3jnSB3UJ p3JB|3J-||0jABd
jo uopEjU3S3Jd 3ip (t) 6u!Pjb63J S3nssi S3SS3jppB '(„28 9SVD«) £Z 'ON pue '89 '0/v 'Z9 'ON sjuatuajejs 9SVDJ0 juaujpuauje ue 'sanssi uoisuad 'Z8 '°N Iusujsjbjs 9SV9
¦SJUawajEJS IBDUBUy S,3JBH,0 UO PBdUJ! OU pBL| JUaUiajBJS Siqj i° UOpdOpB 3U.1 'ZIOZ '"[£ J3qUI333a p3pU3 JB3A aqj JOJ JJOdjjV 3qi JOJ 3AP03JJ3 SBM 08 9SVD "SJUaUJUJSAOB |BD0| PUB 3JEJS ||B JO SjJ.Un JU3U0dlU00 JO U0UBJU3S3Jd JU3UJ3JBJS |BpuBuy aqj joj
sjusujBJinbaj 6uipu3|q aqj spuauiB '(„08 9SVDJ PT 'ON juaujajejs 9SVDJ° juauipuauie ue 'syufl iuauoduioj uieitaj joj sjuauiajmbay Suipuaig '08 '°N ju3W3jbjs 9SVD
—spjepueis Bujiunoaav pajdopv
•aapaBJd Ajjsnpw qj|M Aj!uuojuo3 ui sasuadxa 6mjEJ3douou sb sasuadxa iBjidEouou p3jB|3J pue anuaAaj 6mjBJ3douou sb anuaAaj 3^3 sjjodaj Ajd aqi "spafojd |BjKJBa a|q|6!|a aypads aauBuy oj a|qB|jbab 3jb sj^j 'OTOZ 'T jsn6nv BmumBaq jjodji.v aqj je siejuaj apiqaA jojolu joj jauioisna qaBa uo Aep pBjjuoa jad 00"8$ jo DdD e pasodim jjodjiv aqi—anuaAajj aBjeio Ajjipe-j jauioisro
-sasuadxa 6upBjadouou sb sasuadxa iBjfdeauou pajepj puB anuaAaj 6upBjadouou sb anuaAaj 3Jd sjjodaj Ajd aqi -sjaafojd iBjjdsa siqi.Bjp aypads aauBuy 0; '|BAOJddB puB uopB|n6aj uopEJjsmjiupv uopbjav |Bjapaj oj jaafqns 'a|qB|jBAB aJB sDdd "AiaApaadsaj 'gioz Pub ZTOZ 'T£ Jaqujaaaa papua sjbbA aqj joj jabuassBd pauB|dua aiqiBjia jad os'"r>$ jo sojd pasoduji jjodjiv aqi—anuaAaj aBjeujD Aijipe-j ja6uassed
'paujea sjunouiB jaAO s6ui||iq u| papnpui aJB sau||J!B oj anp sjunouiB iBjuawajam qans "JeaA aqj joj sjjsodap pajjnbaj pus sasuadxa |BnjaB paaaxa 'jBaA aqj Buunp pasn sajBj pajBuipsa aqj uo pasBq 'passassB sjunouiB uaqM asuB samuie aqj oj anp sjunouiB |Bjuauiajaui "pamq aq oj sjunouiB uj papnpui ajB saunjjB ujojj anp sjunouiB iBjuaiuajam qans 'JeaA aqj joj sjjsodap pajjnbaj pus sasuadxa |BnpB usqj ssa| aJB 'JBaA aqj 6uunp pasn sajBJ pajBuipsa aqj uo passq 'passassB sjunouiB uaqM asus saunjjB aqj uiojj anp sjunouiB |Bjuaiuajauj. -(„sjuauiaaj6v asnJ asBai sapupej puB juauiaaj6v asn iBujuuai iBuopsujajui aqj puB assai sapupej iBUjujjai puB juaujaaj6v asn jJOdjjv pajBjsay puB papusiuv 3qi jo suojsjAOJd japun paujujjajap sb sjisodap punj pue 3ajAJ3s jqap pajjnbaj pue sasuadxa uiejjaa jaAoa oj ajenbspB saujuu? uiojj suopaanoa p|3i.A oj psuBjssp 3jb sbjbj qans 'Ssjej p3jeuips3 uo p3ssq jbsA |Basy qaea jnoq6nojqj samuje snouBA sqj oj passassB 3jb ssBjBqa uiajsAs Bujianj pue 'saBjeqa asn eaje leuitujaj 'saaj Bujpuen—uojiju6o3au anuaAaj
'pajjnauj aje Aaqj pouad aqj uj sasuadxa BmjBjadouou se papjoaaj aje uiBjBojd uopsBpiui asjou aqj joj papuadxa spunj—sjsoo uo!i.e6jjj!w asjON
¦juaiuasjnqimaj jubjB joj
aiqjBua aujoaaq sajnjjpuadxa |Bjjdea pajeposse uaqM pazmBoaaj aje sanuaAaj pue sjseq juaujasjnquiiaj e uo aJB sjubj6 |Bj|dB3 "uopisod jau m sa6uBqa puB 'sasuadxa 'sanuaAaj jo sjuauiajBjs aqj uo anuaAaj sb sjubjB |Bj|dBa sjjodaj jjodjjv aqi—sjuejg |e)jde3
•sjsBq au!|-jq6!BJjs b uo sjassB pajB|aj aqj jo ajij aiqspajdap aqj jbao pazpjouje 6u|3q 3jb pus sp33aojd puoq aqj uiojj p|Bd sjaafojd lejjdea asoqj uo uopanjjsuo3 6uunp paziiBjjdBa aje spaaaojd puoq uoipnjjsuoa uo asuadxa jsajajui—jsajaiui pazjie^jdeo
¦p3Jjnaui pouad aqj w sssu3dx3 sjb sjsoa aausnssi jqap J3qjo "iqap psjB|3j aqj jo ujjaj aqj jaAO pazijjouje pue pauajap aje sjunoasip pue suinjuiajd puoq pue sjsoa aauejnsuj puog—sjunoasjQ pue 'suimiuajd puog pue 'sdjsod aauejnsui puog
- zz -
pue sjasse aseai msjjaa jo uop!u6oaaj 6uuinb3j Aq sjuaiuujaAo6 Aq saseai joj Bupjodaj lepueuy pue 6u|junoaae aAOJdui! |||M („Z8 asVDJ—saseaj '£Q "Om juaujajejs aSVD
'810Z 'IZ Jaqwaaaa 6mpua jeaA sji qjiM BmumBaq jjodjiv aqi joj aAipajja aq iijaa 98 9SVD "iqap 6u!qs|n6u!jxa jo asodjnd aios aqj joj jsmj aiqeaoAajji ue uj paae|d aje (jqap 6mpunjaj jo spaaaojd aqj ueqj jaqjo saajnosaj) saajnosaj Bupspca A|uo qjjM pajjnbae sjasse Ajejauoiu jaqjo pue qsea qaiqM u\ suopaesuejj joj aauepin6 6mp!AOjd Aq jqap jo aaueseajap aauejsqns-m joj 6upjodaj |epueuy pue 6upunoaae saqsjiqejsa (,,98 aSVD*)— sanssi luaujqsmBuuxj iqaa uieyaj '98 "°N luawajejs asVD
"8T0Z 'T£ Jaqiuaaaa 6mpua jeaA sji qj|M 6u!uu|6aq qjodjjv aqj -ioj aA|pajja aq him ss 8SV9 "(a=ldO) sjyauaq juauiAo|dujajsod pue 'uopeandde pue juaiuajnseauj an|BA jibj 'niMpooB 'sjmn juauodwoa 6mpua|q oj pajepj sanssi snoauenaasiui snouBA sassajppe juaujajejs aqi •sjuaiuajejs aSV9 mBjjaa jo uopeajidde pue uopejuaiua|duj! Buunp paypuapi uaaq aAeq jeqj sanssi aapaejd ssajppe oj si juauiajejs siqj jo aApaafqo aqj („gs aSVD J— snqiuuio 'S8 "°N juaiuajejs aSV9
'6T0Z 'TZ Jaqiuaaaa Bmpua jeaA sjj qjjM 6mum6aq jjodjiv aqj joj aAjjaajja aq ||i.m t>8 8SV9 "pajjodaj aq pinoqs sapjApae asoqj Moq pue sasodjnd Bupjodaj lepueuy pue Bupunoaae joj sapjApae Ajepnpy jo uopeaypuapi aqj 6u!pje6aj aauepmB aqj aAOJdiu! him („t78 QS\fDJ—san!A!j3\//jepnpu '\>q -on juaiuajejs as\/D
'6102 'T£ Jaqiuaaaa Bmpua jeaA sji qj[M BmumBaq jjodjiv aqj joj aApaajja aq him £8 aSVD "sjasse lejidea aiqiBuej pajeposse aqj jo ajn injasn BmmBiuaj pajeiupsa aqj pue 'sapinqeii aqj jo sajewpsa aqj joj pasn suopdiunsse pue spoqjaui aqj^'so^V s,juaujujaAo6 e jo ajnjeu aqj jnoqe uopeiujojm jo ajnsopsip sajjnbaj os|e juauiajejs siqi ¦juaiuajejs s;qj u| aauepinB aqj uo paseq Ajuiqen e azmBoaaj oj aAeq \\m sjasse |ej|dea a|qi6uej sji oj pajepj sapjAijae juaiuajpaj jasse ajnjnj uijojjad oj suopeBnqo |eBa| seq jeqj juaujujaAoB V "(so^V) suope6!|qo juaiuajpaj jasse mBjjaa joj Bupjodaj |epueuy pue Bupunoaae sassajppe '(„£8 asVDj— suopeBnqo juaujajijay )ass\/ u/ejjaj '£8 "on juaiuajejs aSVD
"aadO uopnqujuoa pauyap qj|M papiAOJd aje saaAoiduja asoqM sjaAo|diua joj pue euajua paypads aqj jaaui jeqj sjsnjj qBnojqj pajajsmiuipe aje jeqj suB|d a=ldO lljauaq pauyap oj saiqsABd qj|M sjaAo|diua joj sjuaiuajjnbaj ajnsopsip pus uop|u6oaaj aqj s||Bjap juauiajBjs sjqj 'uopippB ui -sajnjipuadxa/asuadxa puB 'saajnosaj jo SMoym pajjajap 'saajnosaj jo SMoyjno pajjajap 'sauwqBn BuunsBauj pue BmzmBoaaj joj spjepuBjs saqsnqBjsa juauiajBjs siqi "STOZ 'T£ Jaqiuaaaa 6mpua JBaA sji qj!M 6u|um6aq jjodjiv aqj joj aApaajja aq |||M SL 8SVD "a3dO J°J 'suB|d jaAo|diU3-a|dp|nw jua6v puB sjaAo|diug jua6v Aq sjuaiuajnseaw a3dO 'LS "ON pue 'papuauiB se 'suoisuad ueqi jaqjo sjyauaa juaujAo|dujajsod joj sjaAo|dujg Aq Bupjoday lepuBuij puB 6upunoaa\/ 'St? "ON sjuaiuajejs jo sjuawajinbaj aqj saae|daj '(„SL aSVD«) suoisuad ueu± jaqio sjyauag luauiAo/dujajsod joj fiu/jjoc/ay tepueuij pue Bui^unoooy 'SL '°N luaiuajBJS aSVD
:apnpm sjuaiuajBjs |BpuBuy a|SBq aqj uo jaBdim iBpuajod puB AjmqBanddB joj 6mMa!Aaj Apuajjna s| ajeH,0 leqj spjepuejs Bupunoaae jaqjo—spjepueis 6uj)uno33V 6u!iuoadn
¦sjuaiuajejs
lepuBuy s^odjjv aqj uo jaBdim ub aABq jou pip jnq 'uopBiujojui AjBjuaiua|ddns pajjnbaj aqj uj sajnsBaiu pajB|aj-||OjABd jo uopBjuasaJd aqj pajsnfpB juauiajBjs sjqj jo uopdops aqi YT03 '!£ Jaqujaaaa papua JBaA aqj joj jjodjiv aqi joj aAjpajja sbm 28 aSVD ¦sjuawaji.nbaj uopnqujuoa (jaqiuam UB|d) aaAo|duia AjspBS oj sjaAo|diua Aq apBiu sjuaiuAsd jo uopBayjssBp aqj (£) puB 'sasodjnd 6upjodaj |BpuBuy joj aapaBJd jo pjbpubjs |BUBnpv ub u\ aauBpin6 aqj ujojj suope|Aap jo juaiujeajj aqj pue suopdiunsse
- zz -
796WTI ieioi
- spunj pa|ood s,Ai!3 jo ajeqs
<£96't>i:E'E$ 8ZS'LZ$ SL6'6$ E96't>9S$ T.OS'ZU'Z$ leiojqns
ElTZZt-'l 1 ~|99|EIT.'ZZt''l wjaj.Uoqs jaqio pue
sijsodap jo saiEDijpjao
SZ0'6L\ 8ZS7Z - £IZ'EZI 06Z'8Z spuoq |edpmnw
9S8'9ST - S16'6 9Z6'ES SS6'Z6 spuoq aiejodjoo
000'688 - - OOu'688 jaded |epjaiuwoo
1>E0'SZT - - t>Z6't> OII'OZI saunseaji. s n
6Z6'Zt>S $ - $ - $ 968'Z8E$ £E0'09T $ sapua6e sn
an|eAJ|ej OT ueqi OT-9 S-T t ueqi ssai sdAj, juaujjsaAui
3JOW
(sjbba "!) saiiurnBW
:(spuBsnoqj u| sJB||op) smohoj se 'iioz 'TZ Jaqwsaaq jo sb sjuawjsaAU! psq jjodjiv aqi "dJ03 36b6jjow ubot awoH IBjapaj puB 's>|UBg ubot awoH |Bjapaj 'uopBpossv 36b6jjow ibuopbn |Bjapaj sb qans sasudjajua pajosuods-juaujujaAoB u| sjuswjsaAm apnpm sapua6B "STl—siuauiisaAui
S±N3W±S3ANI ONV 'SlN3~IVAin03 HSVD 'HSVD a31DIMlS3WNfl ONV a3J.3RU.S3ti Z
"6T0Z 'IZ Jaqujaaaa 6uipua JBaA sj| qiiM 6umu!6aq jjodjiv aqj joj aApaajja aq him 88 9SVD 'iqap oj pajB|3J uopBWJOjm 6u|sops!p uaqM apnpm pinoqs sjuawuj3A06 sapuiqeij qaiqM sayuep os|B ji ¦sjuaujaaB|d jaaj|p puB s6uiMOJJoq jaajjp 6mpnpm 'jqap oj pajBpj sjuauiajejs iBpusuy juawuj3A06 oj sajou m pasopsip s\ jBqj uopBiujojui aqj 3A0jdujj him („88 9SVD«)—sju9LU9Deid jaaJ/O pue sBu/MOJJog paj/o Buipnpui 'jqaa oj pajB|ay ssjnsopsia u|bjj33 '88 "ON juauiajBjs 9SVD
'OZOZ 'IZ Jaqwaaaa
6u|pua JBaA sji qj|M 6mum63q jjodjiv aqj joj aAjpajja aq him ^8 9SVD "pajjodaj jou Apuajjna aje jeqj sapinqeij asea| uiejjaa jo Bupjodaj 6uujnbaj Aq sjuawajejs lepuBuy ,sju3wuj3ao6 jo ssauinjasn aqj aseajaui hjaa juawajejs s|qj_ "saajnosaj jo Moym pajjajap b puB aiqBAjaaaj asB3| b a2m6oaaj oj pajjnbaj s| jossai b pub 'jassB asBa| asn-oj-jq6u a|qi6uejui ub pue Ajniqen asea| e azmBoaaj oj pajjnbaj s; aassai e 'juawajBjs s;qj japun 'jasse 6ujAuapun ue asn oj jq6u aqj jo s6upueuy aje saseai jBqj a|dpuud leuopepunoj aqj uo paseq BupunoaaB asBa| joj ppow 3|6ms b qsnqsjsa him juawajBjs aqi 'pBJjuoa aqj jo suoisiAOJd juawABd aqj uo passq saajnosaj jo SMoyjno jo saajnosaj jo SMoym sb pazm6oaaj puB sassai BupBjado sb payi.ssep ajaM A|snojAajd jeqj sase3| joj sapjnqeii
- -
joj jsoa pazpjowB je sjuaiujsaAU! asaqj jo ibjoj aqi "aAoqe aiqej aqj in pajaayaj jou aje pue jsoa pazpjoiue je pajnseaiu aje s|ood juaujjsaAui |eujajxa aqj ueqj jaqjo sjuawujaAoB Aq piaq aje pue ssa| jo JeaA auo jo aseqajnd jo aujp aqj je Ajunjeiu Bumieiuaj e aAeq jeqj sjaejjuoa juaiujsaAU! bumjBa-jsajajm 6upedppjed pue sjuaujjsaAui ja>jjeiu Aauow
¦dJ03 a6e6jJO|A]
ueon aiuoH lejapaj pue 's>|ueg ueoq aiuoH lejapaj 'uopepossv a6e6jJO|A] |euopeN lejapaj se qans 'sasudjajua pajosuods-juaiuujaAo6 m sjuaiujsaAU! apnpui sapua6e "STl
~- $ S00'i:09$ ~ I ~ f TFZ7808? ~ 5 an|EA j|ej je sjuaiujsaAU! |e;oi
Z?Z78Tz_ - - 0TZ7871_ - spuoq |Edpmnw
L9L'LZ\ - - t0£'8£t - spuoq aisjodjoo
68S>EZ - - OZ'S'lL* - sapua6e s n
- $ LQS'Sl $ - $ - $ 0I6'6i: $ - $ saunseaj} s n
£ |3A3-| Z |3A31 X |8A8-| £ |3A3~| J |3A31 X |3A3"|
9T0Z iTOZ
:(spuesnoqj u|
sjenop) ajaM 9T0Z pue ZIOZ '!£ jaqiuaaaa jo se an|BA jjbj je pajnseaiu sjuaiujsaAU! aqi
sjndui aiqeAjasqoun—£ /a/ia7
pue 'saaud ja>|jeuj pajonb ueqj jaqjo sjndui aiqeAjasqo—Z /a/i©7
sjasse leapuapi joj sj3>ubijj a/ujaB u| saaud pajonb pajsnfpeun aje sjndui—j: #9/137
¦an|eA jjbj ajnseaiu oj pasn sanbmqaaj uopenieA aqj uo paseq si AqajBJaiq aqi "saidpuud 6upunoaae pajdaaae A||Bjaua6 Aq paqsnqejsa Aqajejaiq aqj paseq sjuaiujsaAU! sji jo sjuaiuajnseauj an|BA jjbj aqj sazuobajBa Ajd aqi
siuaiuajnseai/j snieA J|Bd
9t't't0t''Z$ IB501
K)8'06Z spunj pa|ood s,A;p jo ajBqs
ZfrE'OTT'Z* ZZOTTf 9ZZ'ZZ$ 08E'S8£$ t>9I'S£9'I$ leiojqns
8S0'8ST'T 1 '- '- 8S0'8ST'T "jjai nous jauio puE
sjjsodap jo s3)B3|jqj33
ZPl'8\Z ZZOYZ 8TS'Z 6£Z'09T £Z6'8Z spuoq |Bdpmnw
8SZ'6£T - 8SZ'0Z 66Z'T6 \Ol'lZ spuoq aiejodjoa
1>£6'66I - - - 1>Z.6'66T jaded |epj3iuiuoo
980'STT . - - Z06'6T 6/lt'S6 saunseaji s n
tVZZW $ - $ - $ S68'EIT$ 6Z£'S9I $ sapua6e s n
3n|e/y jibj oi ubujj OT-9 S-T T ueqi ss3~| adAj. luawjsaAui
a-»QW
(sjbba ui) saiiijniew
:(spuesnoqj m sjenop) smohoj sb '9I0Z 'IE Jaqiuaaaa J° sb sjuaiujsaAU! pBq jjodjiv aqi
- sz -
iuoppas sjqj Aq pszuoqjne sjuaiujsaAU! 05 pajiwji aJB sonojjjod ,spunj leninuj j3>ubuj Aauow qans JBqj papiAOJd ?uo!ss!uiiuo3 aBuBqaxg pue sapunaas aqj q;|M Binpueis poo6 u| pue Aq pajB|n6aj spuni |Bnjnw j3>ubuj Aauoui apsaiuoa (6)
fsuopeBuqo jqap jdwaxa-xBj s,Ajd aqi 10 spaaaojd 10 sjuaiujsaAU! 01 aiqeandde suoisiAOJd a6ejj!qjE |Bjapaj ujoji jdiuaxa sapunaas jdiuaxa-XEj. (8)
fsapuaBe
s6upej pajjpajaae omj jsb3| jb Aq sauo63jBa BupBJ w Jo WV aqi Jaqiia u| pajej aje 'aseqajnd 10 aiup aqa je 'suopBDiiqo jomas asoq/w s>|UBq 10 sauBjdaaaB sja>|UBg (£_)
fMO|aq
jjsodaa jo sajBaypjao pus qseo—>)S|y JipaJD |ejpojsn3 m pajou sb paz!|BjajB||oa aq ||Bqs aauBjnsm jisodap |BJapaj aqj 10 ssaaxa u\ jisodap aqj jo junoiuB Aub jsqj papiAOJd faauBjnsui jisodap |ejapaj Aq pajnsuj bjb qaiqM sauojjsodap iBdpmnuj
sb pajBuBisap suopbdossb ubo| pus s6u|abs jo s>jUBq jo jisodap jo sajBaypja3 (9)
?juaiuaaj6B assqajndaj jajsBui b aiy uo ssq Ajd aqj jBqj papiAOJd 'suopnjpsui IBpuBuy puB sja|Bap AjBLUud qj|M pajaBsuBJj aq Abui sjuauiaajBB assqajndaj asjaAay fjuauiaajBB aseqajndaj asjaAaj aqj jo ajBp uopBJjdxa aqj paaaxa jou saop juaujaaj6B assqajndaj asjaAaj aqj jo spaaaojd aqj qj|M pajjnbaB juaupsaAm aqj jo AjunjBiu aqj (z) Pub isABp 06 paaoxa jou saop uuaj aqj (\) :j| juauiaajBB assqajndaj asjaAa-y (5)
fasBqajnd jo ajBp aqj jajjB sAbp 0Z.Z UBqj ajoui jou sajnjBUJ (z) pue ?sapua6e s6upBJ pajipajaas omj jssa| jb Aq suopBayisssp jsaq6|q omj 3qj u\ P3JBJ s\ 'assqajnd jo auip sqj jb (1) :qa|qM jaded iBpjaiuujoo
fo6eaiq3 jo Ajd aqj Aq panssi uopeBijqo jqap b Bupuasajdaj sjuauinjjsui jaqjo jo jadBd |Bpjauiujoa 'sajou 'spuoq iBdpmnuj 'sjubjjbm uopBdppuB xbi (£)
' fjsajajui jo nan
u| juaujjsaAui qans uo ujnjaj b Ajd aqj pjojjb oj se os 'aiues jo an|BA aaBj aqj MO|aq aaud b jb a|BS joj pajajjo uaqM sapua5B juaiuujaA06 sajBjs paiiun jo sajsjs paiiun aqj jo suopB6!iqo |Bjaua6 6uuBaq jsajajm-uou jaqjo pus smq AjnsBajj sajBjs paiiun (Z)
fsjoujiu jo ajBJS aqj pub sajBjs paiiun aq; jo suopB6iiqo |Bjaua6 6uuEaq-jsajajui (t)
:oj sapunaas ui. sjuaujjsaAui aqj sjiimi apo3 aqj '>)su Jipaja oj pjBBaj qjiM—>|Sj>| iipa-Q
¦saauBuipjo a|qeaj|ddB jo suojSjAOJd aypads aqj qj|M aauBpjoaae m ppq ajB sjuaiujsaAU!
jaqjo u|BjJ33 -aseqajnd jo ajsp aqj uiojj sjBaA 0£ jo sssdxb u\ 3jep Ajunjeui b 3ABq jou Abui A||Bjaua6 sjuaiujsaAU! JBqj sajjnbaj Aanod juaiujsaAU! s,Ajd aq; 'sajBJ jS3J3ju| 6u|su uiojj Buisue ssssoi an|BA jiej oj ajnsodxa sji Bupjujji jo sueaui e sv—Jfsjy aiey isajajui
•3AoqB 3|qBj aqj U| pajaayaj jou bjb spunj psiood 'jaA3Moq fAqajejajq 3n|BA jjBj sqj m z |3A3i sb pazuo6ajBa s| 'A|3Apaadsaj '9T0Z pue Z.T0Z '!£ jaqwsaaa jo sb uoiiiiui 8"06Z$ Pue uonniu 0$ jo spunj p3|00d s,Ajd aqi u| 3JBqs s,jJ0dJ!\/ aq±
¦A|aApaads3J
'9T0Z pue ZTOZ 'T£ Jaqwaaaa jo sb uohhw £-60S'T$ Pub uowiw 0'90S'Z$ a-ie aJBH,0
- 92 -
¦S3DU36B
6U|JBJ P3JIP3JDDB OMJ 4SB3| JB Aq \/W UBqj SS3| OU 'aSBqOjnd JO 3LUIJ 3qj JB 'P3JBJ
sajBjs P3J!un aq; jo sapua6B jo suopebnqo jb|!lu!s J3qjo jo 'S3jnju3q3p ' S3 jou 'spuog ({_\)
'S3DU36B SDU|JBJ paj|p3J33B
omj JSB3| jb Aq 6upsj ju3|BA|nb3 jo 3Aoqe jo 6upBJ-v ub 3ABq spuoq 3qj jeqj pspjAOJd fjuawABd joj ps6p3|d s\ |3Bjsi jo bjbjs sqj jo j|p3J3 puB qjiBj nnj aqj qaiqM joj pub uo!SS!iuiuo3 36uBqax3 puB sapunaas aqj Aq p3jB|n6sj puB p3J3js|63J spuog (gi)
?suo|S|A|pqns leaped jpqj pus ssjejs jo spuoq 5u|jBj m 3spj3dx3 pszmboaaj A||buopbu qj|M sapua6B 6u|jbj pajipajaae omj jsb3| jb Aq '6upbj jua|BA|nb3 jo '-v UBqj ssai jou 'aseqajnd jo auip aqj jb 'pajBJ 3q ||Bqs spuoq aqi ->jueq b jb juaujaaj6B |B|pojsna b japun ppq jo Ajp aqj jo auiBu aqj m pajajs|6aj aq ||Bqs spuoq aqi "MB| |Bjapaj japun jduiaxa-XBj jo aiqBXBj s\ uoajaqj paujBa jsajajm aqj jaqjaqM 'ajBjs jaqjo Aub jo jo sjoujm jo ajBjs aqj jo Aaua6B jo uo|S|A|pqns iBapnod Aub jo jo 'ajejs jaqjo Aub jo 'siouim jo ajejs aqi J° 'P!J}S|p poqas jo 'uopBJOdjoa ledpjunw
'umoj pajBJOdJoaui 'a6B||!A 'Ajp 'djqsuMOj 'Ajunoa Aub jo spuoq ouuBaq-jsajajui (st)
?6upej jua|BAjnba jo 6u|jbj-v ub UBqj ssa| jou jnq 'sapua6B s5upBj pajjpajaaB omj jsb3| jb Aq 6u|jbj Jipaja uBpjsAOs sajBjs psjmn aq} jo sBuijbj Jipaja ajBipawjajui f mqj|M pajBJ bjb 'aseqajnd jo aujp aqj jb 'jeqj sapubpjaAOs ubpjoj jo sjuauinjjsui jqap pajeuiuiouap JB||op sajBjs paijun (t'T)
fsuopeN pajiun aqj se qans suopnjpsui |euoijeujajui jaqjo jo sjuaiuujaA06 leuopsu A||ejaua6 aje sjapioqajeqs jo sjauMO aqj pue Ajjunoa auo ueqj ajoui Aq pajajjeqa jo paqsnqBjsa uaaq ssq jsqj uopnjpsu! |BpuBU|j e sueaui „uopnjpsu! IBpueuy |euopBUjaju|tt ub 'uopaasqns siqj jo sasodjnd joj "SJBaA oi paaaxa jou ||Bqs uopaasqns siqj u| pazuoqjnB sjuaiujsaAU! jo AjunjBiu aqi "6ujjbj jua|eA|nba jo '6upej-v ub UBqj ssa| jou jnq 'sapuabe s6u|jbj pajipajaaB omj jsea| je Aq BupBJ Jipaja ubpjaAos sajBjs pajiun aqi jo sBuijbj Jipaja ajBipauuajui ^ u|qj|M pajBJ aJB 'asBqajnd jo aujp aqj je 'jeqj 'punj AjBjauow |BuopBUjajui aqj pus >|UBg puoM aqj oj paj|ui|| jou jnq Buipnpui 'suopnjpsui ibdubuu, |BuopBUjajui jo sjuauinjjsui jqaa (£T)
fsapua6B s6u|jbj pajjpajaaB omj jsb3| jb Aq '6u|jbj jua|BA|nba jo '-v UBqj ss3| jou p3jej aje 'aseqajnd jo auip aqj je 'jBqj uoimuj 0"00S$
Bmpaaaxa sjasse qj|M sajBjs paiiun aqi ui pazmBBjo samBdujoo jo spuog (zi)
;Ajd aqj oj s6u|abs jsoa u| j|nsaj |||M JBqj junoaaB jsqj qjiM pajBpossB saaj jasjjo oj saauBpq 6upBsuadujoa sb pasn s| jurioaaB Buusaq jsajaju|-uou aqj u| spunj qans jo juauiaaB|d aqj 'jajnssajj aqj jo uopBuiiujajap aqj u| 'uaqM 'uopbdossb
UBO| PUB S6U|ABS 3JBJS JO |BJ3paj 8 JO '>|UBq 3JBJS JO |BUO!JBU B U| p3qS||qBJS3 JUn033B pUBUJap 6u|JB3q JS3J3JUI-U0U J3qj0 JO Jun033B 6u|>)33q3 BU|JB3q-JS3J3JU| -UOU 'juno33B
s6u|abs 6uuB3q-jS3J3ju|-uou b 'pajiqiqojd jo pajaujsaj asiMjaqjo ajaqM jdaaxgdt)
ispunj 3||qnd jo sjuaujjsaAui Bu|>|Buj u| aauapnjd jo aspjaxa aiqeuoseaj aqj oj pafqns 'A||Bjaua6 sjuaujjsaAui IBdpiunui BumjaAoB smb| ajBjs Aq pajjiuuad juauinjjsuj juaujjsaAui a|qBj|ns jaqjo Au\/(0T)
- LZ -
aqj u| pajej aje suopE6||qo iqap wjaj-jjoqs s,>|UBg ueoh auiOH |Bjapaj aqj JBqj papiAOJd '>|ueg ubot auiOH |Bjapaj aqj Aq o6Baiq3 jo Ajd aqj jo joabj ui panssi Jipaja jo Jajja| aiqBaoAau! ub Aq %zot 1SB3| jb pazi|BjajB||oa A||nj (£) jo fjuaiujsaAui qans jo ujjaj aqj Buunp BupBJ qans Buiuibjuibuj pue uopbz|ub6jo Buijbj |eapspejs pazmBoaaj A||BuopBu e Aq pajej se AjoBajea Bupej doj aqj m BupBJ BuiAed-suijep e 6u|ABq pue siouim u! ssamsnq op oj pasuaan Auedujoa aauEjnsm ub Aq panssi puoq Ajajns ajBJOdJoa b Aq pajnaas (z) fsjuauijsaAU) qans jo ujjaj aqj 6uunp 6upej qans 6u!U!Bju|euj puB sapua6s s6upsj pajIpajaaB omj jsb3| jb Aq sauo6ajBa BupBJ w JO \/VV aqi JaqiP uj pajBJ aJB qajqM ajBjs jaqjo Aub jo siouim J° aieis aqj jo Aaua6e jo uoisiAipqns |Bapi|od Aub jo jo 'bjbjs jaqjo Aub jo jo siouim J° sjejs sq; jo 'pujsip |ooqas jo 'uopejodjoa |Bdpjuniu 'umoj pajBJodJoaui 'a6B|||A 'Ajp 'djqsuMOj 'Ajunoa Aub jo uopBBnqo |Bjaua6 puB jaaj|p b Bupnjpsuoa sapunaas jaqjo jo sajou 'spuoq (m) jo isajBjs paiiun aqi jo AjnBjuauinjjsui jo Aaua6B Aub jo uoijB6||qo |Bjaua6 pus paj|p aqj 6upnjpsuoa sapunaas jaqjo jo 'sajou 'spuoq (n) fAiqjuow jsBai jb ja>|JBUJ oj pa>|JBUJ sapunaas juauiujaAo6 "STl a|qeja>|jeuj (|) :^q %Z0T iseai jb paz||BjajB||oa A||nj (i) uaqjja aq ||Bqs aauBjnsui jisodap |Bjapaj aqj jo ssaaxa u| jisodap aqj jo junouie Aue 'aauejnsui jisodap |Bjapaj Aq pajnsui bjb qaiqM sauojisodap iBdpmnuj sb pajBuB|sap suopbdossb ubo| pus s6u|abs jo s>|UBq jo jisodap jo sajBaypjaa joj
•jisodap aqj jo ujjaj
aqj 6uunp jisodap jo sajBaypjaa puB sjjsodap Ajd uo sa6pa|d |BjajB||oa uibjuibuj oj 3jb suopnjpsui Ajoj|sod3p 'sjjsodap punj anqnd Ajd aqi jaajojd oj J3pjo u\ jsqj sajBjs Aanoj
juaujjsaAui s,Ajd aqi "paujnjaj aq jou Abiu sjisodaa s,Ajd aqi 'ajn||Bj >|UBq b jo juaAa aqj u| jsqj >jsu aqj s| siqi—jjisodaa jjo saie3ij!)J33 pue ujse3—y\sra iipao leipojsrQ
¦jjoday lepueuy |enuu\/ aA|suaqajdiuo3 s,Ajd aqi u| papnpui s| punj paiood s^ajnseaji aqi -|ood aqj u| juedppjed Aue oj aiqeypuapi Aneaypads jou bjb sjuaujjsaAui jo qsBa |Bnp|A|pui -jajnssajj Ajd aqi Aq paujBjuiBUj si pus spunj Ajd Jaqjo uiojj sjunouiB sapnpui qaiqM 'junoaas sjuauijsaAUj puE qssa paiood s,Ajd aqi u| sajBdppjBd jjodjiv aqi
¦spunj |Bnjniu ja^jEiu Aauoui jo pasodiuoa A|UBUJud aJB pajBJ jou ajB jBqj sjuaujjsaAui 6u|U|eujaj aqi "9T03 'T£ Jaqwaaaa jo se pajej jou sb payisssp A|sno|Aajd ajaM jeqj LIOZ '\Z Jaqwaaaa jo sb spunj IBnjniu j3>|jbuj Aauoui jo uopjod e joj s6u|jej Aj||Bnb u|Ejqo oj a|qB sbm jjodjiv aqi *
Z\?Z'0\\'Z$ L96'X>\Z'Z$ spunj |Bjoi
0Z0'TZ£'T TT6'SZ * PaiBJ ION
666 - +T-dS/ZDIW
88V93 6frZ'8T ZV/Zd
6ZZ'T8T 9£Z'TT6 TV/Td
69Z'SZ 6££'Z6 V/V
T9£'Z9fr 0frZ'£8Z W/ev
9ZVLZ % Z66'Z8t>'T$ * VW/eev
=d >8 S/s/poow
9T0Z ZTOZ Bujieu k\\yzv\o
:(spuesnoqj u|
sjB||op) smoiioj se s| '9103 pus ZTOZ '\Z Jaqwaaaa jo sb >|su upaja oj ajnsodxa s,jJ0dj|\/ aqi "sapuaBB Buijbj pajipajaas omj Aq pajBJ sb 's|SBq AuajJBnb b uo t^v jo Bupej aBBjaAE HBJ3A0 ue usqj ssa| ou aABq neqs jajnseajj aqj Aq piaq spunj ue ssojae sBuipioq |ejoi
- 8Z -
¦sapuabupuoa pue 'aauBuaju|Biu pue uopsjado 'juaiuajpaj jqap 'uopamjsuoa punj oj siseq aipouad e uo jjodjiv aqj Aq apeiu aje sjjsodap pajmbaj qaiqM ojui pue aajsmj e Aq p|aq aq jsnuj qaiqM jo ujejjaa 'sjunoaae ajejedas jo aaueuajuieui pue uopeaja aqj ajjnbaj 's6ujqj jaqjo 6uouje 'qaiqM suoipujsaj pue suopejiiun snouEA ujejuoa suopeinBaj |ejapaj pue 'juauiaaj6v asp aqi '(„ajnjuapui uan PJWIJ suope6!iqo uan PJNI jjodjiv leuopemajui ajBH,0-o6Ba!q3 Buunaas jsmi jo ajnjuapui jajsew aqj '(„ajnjuapui uan puoaasJ suope6!iqo uan puoaas jjodjiv leuopeujajui ajeH<0-°6ea!q3 6uunaas jsnji jo ajnjuapui jajsew aqj '(„aaueu!pjo puogj aausmpjo puog anuaAa-y jjodjiv lejauag aqi
S13SSV a3±DIH±S3H
9t^T'T0VZ$ Z96't>T£'£$
\>L2'Z9Z'\ ZSS'S89'T uopisod jau jo sjuaujajejs aqj uo sjua|EA|nba
qsea pue qsea se paujssep sjuaujjsaAui
ZZZ'ZL 9Z0'0£ sjuaujjsaAui pajaujsajun
0t>0'S90'l$ 68£'66S'l$ - sjuaujjsaAui pajaujsay
:sjuauiajejs |epueu|j jad
9M'KjVZ$ Z96'M£'£$
1>08'06Z - punj paiood jajnseaji Ajd—sjuaujjsaAui
ZK'OTT'Z* Z96't>T£'£$ jjodjiv—sjuaujjsaAui
'•ZaioNJad
9T0Z ZTOZ
:(spuesnoqj m sjB||op) smoiioj se s\ '9T0Z pue Z.T0Z 'T£ Jaqiuaaaa jo se sjuaiuajejs lepueuy aiseq aqj ui pajjodaj sjuaiujsaAU! aqi
¦>|su Jipaja leipojsna oj
pafqns seM snqj pue 'ZIOZ 'T£ Jaqiuaaaa ie paz!|BjajB||oaun sbm uojnjiu 9"0£$ J° junoiue uv "aiueu s,Ajd aqi u| sjuaBe Ajd Aq ppq sapunaas qj|M paznejajenoa jo pajnsm Jaqjia sbm %9"96 'aauB|Bq >(UBq aqj JO YTOZ 'T£ Jaqiuaaaa jo sb uoimiu £-Z06$ SBM sauojisodap IBdpmniu snouBA s,Ajd aqi qi|M nsodap jo sajBaypjaa puB qssa jo aauB|Bq >|UBq aqi
•sqjuoiu OZT paaaxa jou ||Bqs pa6pa|d |BJajB||oa aiqBjdaaaB jo AjunjBiu |Buy aqi -jajnsBaJi Ajd aqi jo uopBzuoqjnB pus uopBaypou uajjuM jadojd jnoqjjM sjasse pa6pa|d jo uopnjpsqns jo aseapj jiqiqojd pinoM qaiqM sjuauiaaj6e |ejajB||oa oj juensjnd puB 6u!daa>jajBS u| p|aq aq jsniu spunj Ajd ajnaas oj pajmbaj |BjajB||oa aqi
¦Jisodap jo ajBaypjaa aqj
jo uuaj aqj jnoq6nojqj Aaua5B s6upBJ pajipajaaB auo jsea| je Aq AjobajBa 6upBJ isaq6iq
- 6Z -
¦sjaafojd
Ddd paAOJdde pue a|q!6!|a puni oj pajaujsaj s| junoaaB a6jBq;) Ampsj jaBuassBd aqi ¦puni sjaafojd |BjjdB3 |Bpads aqi puB spuni jubjB ajBjs pus |Bjapaj aqi apnpm spuni jaqjo
¦asodjnd jjodjiv
iniMB| Aub joj jjodjiv aqi Aq pasn aq Ablu puB papuisaj si punj juawdoiaAaa jjodjiv aqi
•spuoq 10 sauas qans 01 BupBpj juawujaAoB |Bjapaj aqi 01 siuaiuABd aisqaj a6BJj|qjB 3>|buj 01 Aip aqi 10 AjwqBn Aub joi lunoaaB 01 paqsnqsjsa uaaq SBq spuoq
aqi 10 sauas qasa 01 6upB|aj lunoaaB aiBqaj aqi "sasodjnd xei awoom |Bjapaj joj joajaqj sjuajdpaj aqj jo awoam ssoj6 aqj ujojj spuoq aqj uo jsajajm aqj jo uojsnpxa aqj mBimBiu
01 japjo m 'papuaujB sb '986T i° ap°D anuaAaj |BUjaiui aqi jo sjuauiajmbaj mBjjaa qi|M A|duioa 01 paaj6B ssq Aid aqi qojqM japun siuauiaajBB a6BJiiqjB ojm pajaiua seq Aid aqi
¦sajnupuadxa
aauBuajmBiu AjBmpjOBJjxa oj pajaujsaj s| junoaaB aAjasaj aauBuajmBiu aqi 'aiqBneAe aujoaaq spunj sb piBdaj aq oj bjb qaiqM 'papaau sb 'junoaaB aauBuajmBiu puB uopsjado aqj oj subo| a>|BUJ oj papuisaj s\ lunoaaB aAjasaj aauBuajmBiu pus uopsjado aqi
'isajaju; pue |edpuud
puoq jo juaiuAed aqj oj pajaujsaj ajB sjunoaaB jsajajm puB |Bdpuud aa|Ajas jqap aqi
•juapyjnsm s\ junoaae aajAjas jqap aqj m aaue|Bq aqj jsqj juaAa 3qj m 3a|AJ3s jqap jo juaiuAEd aqj oj pajaujsaj s| junoaaB aAjasaj aajAjas jqap aqi
¦uopamjsuoa 6uunp sjsoa jsajajm jo juawABd pus sjuaiuaAOJduJ! IBjjdBa pazuoqjnB joj pajaujsaj ajB sjunoaaB jsajajm pazj|Bj!dBa puB uopamjsuoo
SW$*Z'Z$ 909'S9Z'£$ |BV>±
T08'ZST t^Z'S60'Z
frS£'89T 3SZ760'£
a6jBq3 Ainpsj jaBuassBd
siunoaav ajniuapui jaisew 'aauempjQ puog—|Bioiqns
690'SE
968'89Z
6TT'86
OOO'E
98T'£frT
ZZZ'tS
Z/0'86£
961^9
ZT8'6l7
ZZS'OZE $
T89'ZZ
S8Z'66T
£0Z'S6
OOO'E
TZT'ZST
S08'8fr
ZLL'\L\?
ZZS'LbL
60fr'09I
W>S'06l'l$
spunj jaqjo punj juauidopAaa jjodjiv a6jBq3 AinpBj jaiuojsn3 aAjasaj aauBuajmew aAjasaj aaueuajmBiu pue uopeiado ledpuud aaiAjas jqao jsajajui 33jAjas jqaa
3AJ3S3J 33IAJ3S jq30
JS3J3JU) paz!|BjidB3 uojpnjjsuo3
juncoav
:(spuBsnoqj m sjenop) smohoj se aje sjuaui3J!nb3J 3jnju3pui uan pj|qi 3qi pue 'ajnjuapui uan puoaas aqj 'aauBmpjo puog aqi qj]M aauBpjoaae u\ saauejBq luawisaAm pus 'siuaiBAjnba qsBa 'qsBa papujsay
- 0£ -
(panu|5U03)
0^6'TTZ 0£S'66T %OOS-%OOT }B isajBim '.ZZQZ qBnojin. anp 'z\OZ 'Zl Jaqwsidss
panssi spuoq 6u|punjaj anu3A3J U3|| jomss g z\OZ sauas SEZ.''LLZ%
STZ'frEE 09Z't>ZZ %OO S-%00'T }B isbjbjui !z£0Z q6nojqi anp 'jtoz 'Zl Jaqwaidss
panssi spuoq 6u|punj3J anuaAaj ua|| jomss v z\QZ sauas 09Z.'t>i>i>$
0fr6't>t> , %0S 9-%0S S jsajanu! '.\WZ ufinpju,} anp '\\qz 'S abw panssi
spuoq anuaAaj uai| pj|ip, 3 \\0Z sauas SZ6'£8Z$
SEZ/E9Z OZZ'OOT %00 9-%00 E IB jsajaiui ItfrOZ u.6noJL|i anp 'noz 'S abw panssi
spuoq anuaAaj uan pj|m g noz sauas 0Z6'S6Z$
SST'OZfr 080'ZZ %0SZ.S-%SZ9'S IB jsajaou! '.\P0Z u.6noJL|} anp 'noz 'S abw panssi
spuoq anuaAaj ua|| pjiip, v TTOZ sauas SSl'OZt'S
SEZ/S6 SEZ'S6 %SZ'S-%SZ t> ie isajaiui ;ot>OZ qBnojqj. anp 'OTOZ '6Z IMdV panssi
spuoq 6u|punj3j anuaAaj U3|| pj|m j OTOZ sauas SEZ'S6$
0667* 068'Et> %SZ'S-%00'S ie 4S3jaju| ;6T0Z qBnojqi anp 'OTOZ '6Z INdv panssi
spuoq 6u|punjaj anuaAaj ua|| pJiqi a OTOZ sauas 0S8'SS$
OSP'lLl OSfr'UT %SZS-%00t> ib ;saja;ui :sE0Z qBnojqi anp 'OTOZ '6Z IM^V panssi
spuoq anuaAaj ua|| pj|ip, 3 OTOZ sauss 0Sl>'TZT$
000'8ZS 000'8ZS %St'8,9-%SfrT,9 IB jsbjboui ;ofOZ u6nojL|i. 3np 'OTOZ '6Z INdV psnssi
spuoq anuaAaj uai| pj|q; g OTOZ sauas 000'8ZS$
06T'TE S08 %0 S-%0 E 46 jsaj34U| lot-OZ M6nojqj anp 'OTOZ '6Z IMdV p3nss|
spuoq snu3A3j U3|| pjiq} v OTOZ sauas 06S'T6$
OfrT'TE 000'OE %9't>-%0't' 1B isaj3iu| !8E0Z q6noju,4 anp''800Z 'T£ AjenuBf panssi
spuoq anuaAaj uai| pjiqi a pus 3 800Z sauas SbZ'VLS
009'0t>Z 009'0t>Z ^.tOZ'T£ JaqLU333a IB o/o0^ t a^BJ isajaiui
6up,eo|i. aiqsuBA !s£0Z qBnojqi. snp 'SOOZ 'ZZ Jaqw333C] psnssi spuoq snuaAaj uai| pjiq} a pus 3 SOOZ sauss 000'00£$
S6E'0TT S09'9S %SZ'S IB jsajaim fsTOZ uBnoJiu 3np 'SOOZ 'ZZ J3qw333C] panssi
spuoq Buipunjaj snuaAaj ua|| pj|qi g SOOZ sauss 066'8£Z$
09£'6Z $ 09£'6Z $ %SE'S-%0ES }B isajajui !£30Z uBnoju.} anp 'w)0Z 'Z JaqwaDaa
panssi spuoq 6uipunpj anu3A3j U3|| pjiin 0 pue j fOOZ sauas 09£'6Z$
:(usi| pjiu,} Auawjoj) spuoq ua|| joiuas
9T0Z LIOZ
:(spuBsnoqj
u| sjenop) 6u!MO||Oi aqj jo pajsisuoa '9T0Z pub noz 'l£ jaqwaaaa jb jqap wjaj-6uon
1930 NU31-DN01
•ajnjuapui j3)sb|a] pue aausuipjo puog aqj u; pajBjs sb suopaujsaj pue sjuawajjnbaj 5uipunj aqj qj|M aauendujoa u| sbm ji saAanaq jjodjjvy 3qj '9T0Z pue ZT03 '\Z J3quj3aaa jv
¦sjaafojd
DdD p3A0Jdde puB 3|q!6||3 punj oj psjaujsaj si junoaaB a6jBq3 Ajudbj jauiojsn3 aqi
- iz -
(panunuoo)
0E0't>CV9 SSE'i>9SY spuoq uai| JOiuas—lejoiqns|109|S£0'8£3 %000'S IB jsajajui !3S03 q6nojqi anp ZX03 '82 3unf panssi
spuoq anuaAaj uan JOiuas a ZX03 sauss SZ0'8£3$
03T'33T %000'5-%000't' IB isajsiu! !xt>03 q6nojqi anp £X03 '83 aunf panssi
spuoq 6ujpunjaj anuaAaj uan joiuss 3 L\0Z sauas 03T'33X$
S8E'9SE %000'S is isajaiui ;6E03 qBnojqi anp £X03 '83 aunf panssi
spuoq 6uipunjaj anuaAaj u3|| JOjuas g ZT03 sauas S8E'9S£$
ST6'SS %000'S-%S3X'E ie ]S3J3JU| iot-03 M6nojq; anp £X03 '83 aunf panssi
spuoq 6u|punj,aj anu3A3J uan joiubs v L\0Z S3U3S SX6'SS$
0S3'S9 %0S3'S-%000'S }e jsajajui '.ZSQZ qBnojqi 3np £X03 'OT Ajenuef panssi
spuoq 3nu3A3J U3!| JOjuas 9 9103 S3U3S 0SZ'S9$
060'9ST %0S3'S-%000'3 IB }sajaiu| '-ZS0Z i|6nojqi. anp (_\QZ 'OT Ajenuef panssi
spuoq 3nu3Aaj uan JOjuas j 9I0Z sauss 060'9ST$
SZS'9SX %0S3'S-%000'S IB jsajajui !8303 qBnojqi anp £103 '01 Ajenuef panssi
spuoq 3nu3A3j U3|| JOiuas g 9X03 S3uas SZ.S'9ST$
SEE'6EZ %0S3"S-%000'S IB jS3Ja;u| '.ZSOZ uBnojqi. anp noz '01 Ajenuef panssi
spuoq 3nu3A3J ua|| joiubs a 9T03 ssuas SEE'6E£$
SS0'S3S 066'ETS %00'S ie JS3J34U| !8E03 q6nojqi. snp 9103's Jaqujaaaa panssi
spuoq 6u|punjaj anuaAaj ua|| Joiuas 3 9X03 sauas SS0'S3S$
Si>6'T9i> OZT'TSfr %00'5-%00't' IB isajaiui '\~pQZ q6nojq:j anp 9T03 'S J3quj333Q panssi
spuoq Buipunjaj anuaAaj uan joiuas g 9X03 sauas st?6'X9i>$
SEE73 SEZ'93 %00'S-%00'£ ie jsajajui 7£03 q6nojq4 anp gx03 'S Jaqwaoaa panssi
spuoq 6u!punj,aj anuaAaj uan joiubs v 9X03 sauas SZZ'LZi
OTS'TET OTS'XEX %000'5-%000't' IB isajaiui !gMj3 q6nojqi anp gx03 'SX Jaqopo panssi
spuoq anuaAaj uan joiuas a SX03 sauas 0TS'TEX$
069'S6X 069'S6X %000'S-%S39'E IB isajaiui !gt>03 q6nojqi anp SX03 'SX Jaqopo panssi
spuoq anuaAaj ua|| JOiuas 3 SX03 sauas 069'S6T$
09Z'0ZX'X 09Z'0£X'X %00'S-%00'i> IB isajaiui !s£03 u.6nojqi anp 5X03 'SX Jaqopo panssi
spuoq 6u!punjaj anuaAaj ua|| Joiuas g SX03 sauas 01?S'T6T'X$
S3X'X3t> S3X'X3t> %00'S-%00'3 ie isajaiui ^£03 q6nojqi anp sx03 'SX Jaqopo panssi
spuoq 6uipunjaj anuaAaj uan JOjuas v SX03 sauas 0fr9'8Z>$
StV763 083'363 %SZS-%00'£ ie jsajajui ffrt-03 q6nojq; anp £X03 'L\ Jaqopo panssi
spuoq anuaAaj u3|| jo|U3S a £X03 sauas S>£763$
SZ£'86 SX9'96 %0S'S-%00'S }e iS3J3;u| ;^03 u6nojqi. 3np £X03 'L\ Jaqopp P3nss|
spuoq anu3A3J U3|| joiubs 3 £X03 sauas SZE'86$
OEfr't-SX S96'£SX %S3'S-%00'3 ;e ;saJ3;ui :6303 q6nojq; 3np £X03 'L\ J3Q0P0 P3nss|
spuoq Buipunjsj 3nu3A3J us|| joiuas g £X03 sauas SEfr'S9X$
S89'80E % S69783 $ %00'S-%00'3 ;s3J3iui '.<}ZVl i|6noJU,i. 3np £X03 'LX Jaqopo panssi
spuoq 6uipunj3J anu3Aaj uan joiuas v £X03 sauas 0SE'9££$
9T0Z
- Z£ -
(pspnpuo3)
t>Tt'9£t'7$ t>ST'SS6'8$ 9|qeAed ueo| vidll
i8 aiqsAsd ijpaJD jo auj| 'aiqeAed spuoq anuaAaj wj3}-6uo| ieioi
(0S87Z.Z) lS8T'86Z) uoiuod juajjno
t>96'EIZ,Y 6£E'£SZ'6
9S>'ESt> 6Sl>709 wmiuajd paziijoweun
80S'09Z7 088'Si>9'8 U90| pue sajou 'spuoq anuaAaj |b;oi
E08 6ST %98'E IB ;saja;u|
¦VSOZ u,6nojqi anp 'noz 'TE Jaqwaoaa ;b 6u|pue;s;no ueon vidll
860'ZT 860'ZT L\OZ 'TE Jaqwaoaa }e %zivz aiBJ aiqeueA
IWV-uon pus ±WV—l!paJ3 i° sun 6u|A|OAay
6EZ'Z0T %ZZT o; %0Z'T }B isajaiui
;8T0Z L|6nojm anp YTOZ 'TE Jaqwaoaa ie BmpuGisjno sb;om jaded |epjaujuj03 (iwv-uon pue iwv) D'9'V sauas—sa^oN JadBd |Epjaiuwo3
OSZ'St'Z OSZ'St'Z %SZ S-%O E }e isajaim
¦ ZPOZ u6'nojifl anp 'ZXOZ 'ZZ ?sn6nv panss; spuog ojo U3n JOjuas V ETOZ sauas 0SZ.'8i>Z$—spuog anuaAay a6jEip Ajjipej jawoisno
0E9'S6S SE9'8SS spuog anuaAaj a6jEU,o A)j|pej ja6uassEd—|Eioiqns
OfrZ'SOE STT'Z6Z %0'S-%S'Z }E isajaiui
?ZE0Z u,6nojqj anp 'ZTOZ 'ZT Jaqwaidas panssi spuog Buipunpy anuaAay bBjeiq Ajjiioej ja6uassBd g ZTOZ sauas 0i>z7EE$
SOZ'ETT 09E'0TT %0'S-%0'£ }e jsajaim
^ZEOZ u,6nojqi anp 'ZTOZ 'ZT Jaqwaidas panss; spuog 6u|punjay anuaAay a6jBio AjJipBj ja6uassEd V ZTOZ sauas SS8'frTT$
ST8'EE OZT'ST %0'9-%0'S }B isajaiw !££0Z u,6nojqi. anp 'XTOZ 'S Abw panssi spuog
6u|punj3y anuaAaj aBjeip A)j|pej ja6uassBd g HOZ sauas ST8'EE$
06T'ZT 06T'ZT %SZ9S-%00S IB isajaim Ijeoz uBnoju.} anp '\\qz's Aew panssi spuog
6u!punjay anuaAay afijsqo Aiiipej jaBuassBd V TTOZ sauas 06T'ZT$
ST6'S SEO't- %0 S-%0'Z IB isajaiu! ?6T0Z qBnojqi anp 'OTOZ 7Z Abw panss; spuog
6u|punjay anuaAay a6jsq3 Ainpej ja6uassBd a OTOZ sauas 006'ZT$
S6t>'8l> S6V'Bb %S6E'9-%Z^.Z'S 1B isajaam ^EOZ q6nojqi anp 'OTOZ 7Z aew panss;
spuog anuaAay a6jeip Aijjpej ja6uassEd o OTOZ sauas S6fr'Sfr$
SOE'TS SOE'TS %SZS-%00'S ie jsajaam !ofOZ u6nojqi. anp 'OTOZ 7Z Abw panssi
spuog anuaAaj aBjsqo Ajj.ipEj jaOuassed g OTOZ sauas S0E'TS$
596'^ 596'^ %SZ'S-%00'S ie isajaim !ofOZ uBnojqi anp 'OTOZ 7Z Abw panss;
spuog anuaAay afijeqo AJnpej ja6uassed V OTOZ sauas S96'i>Z$
$ - $ %0 S-%O'tF IB 4S3J35UI ?9T0Z qBnojqi anp '800Z 'TE AjBnuBf panssj spuog
Buipunjay anuaAay a6JBq3 AJiipej ja6uassBd V 800Z sauas SZi>'TTT$
:spuog snusAsy 36jel|3 A;npej jaBuassBd
ZTOZ
- EE -
•spuoq
aq; 10 aauenssi 10 jsoa aqj Aed oj pasn ajaM uonniu 6'0$ J° spaaaojd iau uiejjaa pue fjuaiuaj|nbaj jjsodap aAjasaj aa|Ajas jqap aqj puni oj pasn ajaM uonniu 6"9$ jo spaaaojd jau mBjjaa fjuaiuaj|nbaj jisodap jsajajui pazi|Bj!dea aq; puni 04 pasn ajaM uonniu Z'0£$ 10 spaaaojd jau uiejjaa fsjaafojd jJOdjie snouBA aqj jo sjsoa aqj aaueuy oj pasn aq H!M uonniu 0"Ot>T$ jo spaaaojd jau u|Bjja3 '8202 'T Ajenuef q6nojqj '\>ZQZ 'T Ajenuef uiojj 6u|6ubj sajep Ajunjeiu aAeq pue Ajunjeui oj joud uopduiapaj punj Bui^uis Ajojepueuj oj jaafqns jou aje spuoq aqi '°/0sZ'S oj %00"S ujojj 6u|6uej ajej jsajajuj aAeq spuoq aqi •uoiiiiuj E"T2$ jo luniiuBJd e je (iwv-uon) 3 9T03 sauas 'spuog anuaAay uan JOiuas jjodjiv leuopeujajui SJBH/O o6ea|q3 jo uoiiiiuj 9,9ST$ Pios jjodjjv aqj 'L\0Z Ajenuef uj.
¦spuoq aqj jo aauenssi jo jsoa
aqj Aed oj pasn ajaM uoiiiiuj 9't$ jo spaaaojd jau uiejjaa pue fjuaiuaj|nbaj jisodap aAjasaj aajAjas jqap aqj punj oj pasn ajaM uoiiiiuj 0"T£$ jo spaaaojd jau uiejjaa fjuaiuaj|nbaj jisodap jsajajui paz||ej|dea aqj punj oj pasn ajaM uonniu 0Y6$ J° spaaaojd jau uiejjaa fsjaafojd jjodjie snoueA aqj jo sjsoa aqj aaueuy oj pasn aq |||M uonniu s,t>99$ jo spaaaojd jau ujejJ33 'ZSOZ 'T Ajenuef q6nojqj 'QZQZ 'T Ajenuef luojj 6u|6ubj sajep uopdiuapaj Ajojepueui pue Ajunjeui pue '%SZ'S °4 %00'S ujojj 6u|6uej ajej jsajajui aAeq spuoq aqi ¦uoiiiiuj 8YS$ J° Luniuiajd e je (ihv-uon) a 9T0Z sauas 'spuog anuaAay uan JOiuas jjodjiv leuopeujajui aJBH,0 o6ea|q3 jo uohulu £"6£Z.$ Pios jjodjjv aqj 'LIOZ Ajenuef ui
¦saaueApe Jipaja jo jajjai Buipuejsjno ou ajaM ajaqj 'ZTOZ 'T£ Jaqiuaaaa jv "6T03 'LZ Jaqwajdas ||jun sajou aqj uo jsajajui pus |Bdpuud . jo juaiuABd A|aujp aqj joj apiAOJd uohulu 9"9£t7$ jo junoujB |edpuud uinuiixBLU ajBbajbbB ub ui s>|UBq aajqj Aq pajaAi|ap Jipaja jo sjajjai aiqBaoAajjj. -S|SBq UJjaj-6uo| b uo uopB6||qo aqj aauBuyaj oj Ajwqe aqj seq pue spuajuj j| sb sapinqBn juajjna luojj jadBd lEpjauiujoa papnpxa SBq Ajp aqi YT03 'TE Jaqiuaaaa jb SuipuBjsjno sbm uohulu Z'Z0\% qoiqw jo junoujB |Bdpuud ajB6aj66B luniuiXBiu uonnui 0'0Zt>$ 'CaiqexeiJ £3 q6nojqj £\/ sauas '(„1WV-uon„) z-D qBnojqj 3-v sauas '(lWV) TO qbnojqj t-V sauas '(„sajON dD aJBhiOJ sajON jaded |epjaiuuj03 jjodjiv |euoijBUjajui aje|-|,0 o6ea|qo—iqaa jo aauenssi
¦A|aA|jaadsaj
'jau 'luniuiajd jo uowiiu 8"9£$ pue 'jau 'uiniuiajd jo uonniu f"0S$ J° uopezpjoujB puB 'ApAjjaadsaj 'uo||||iu rjY$ Pub uohulu 8'TT$ jo 9T03 PUB HOZ JOJ 6uipunjaj puoq uo ssoi pajjajap aqj jo uopBzpjoiuB sapnpui asuadxa jsajajuj. "ApApaadsaj 'uoiniiu £¦£$ pus uoiiiiuj 9'Zli paiejoj 9T0Z pue LIOZ J0J paz||Bj|dBa aiuoaui jsajajui 'ApAijaadsaj 'uoiiiiuj 6'ZZ$ pue uonniu T"89$ paiejoj 9T0Z pue LIOZ J°J paz||ej|dBa asuadxa jsajajui
0S8'ZZZ$ F96'£TZ'Z$ (60F96Z7lTs 60Z'69I'I$ t>99'0t>8'Z$ JQ3P LUJ3J-6uO| |BJ01
9Sfr'ESfr (668'£9) 9ZI'£W 6ZVt-ZE (junossip) wmwajd pazojoweun
0S8'ZZZS 80S'09Z'ZS (OTS'ZEZ'T)S ££S'9Z0'IS S8t>'99t>'Z S 301 «saiou 'spuoq anuSAay
jeax auo T£ Jaqiuaaaa suojianpag suomppv TE Ajenuef 9T0C
UIM1IM ana aauejeg aaueieg
S8T'86Z$ 6££'ESZ'6$ (600'9S8) $ t>8E'S6E'Z$ t-96'£IZ'Z$ jqap wj3j-6uO| |BJ0±
6St7Z09 (fr6S'6tO Z6S'£0Z 9Sfr'£St> (junossi.p) ujm.ujsjd pazijjoweun
S8I'86Z* 088'St>9'8* (SIfr'908) $ Z8Z'I6I'Z$ 80S'09Z'Z$ ueon 18 DOT'sajou'spuoq anuBAaa
jeaAauo TE Jaqiuaaaa suo|jDnpan suopippv TE Ajenuef ZTOZ
uimiM »na aauejeg 33ue|eg -
:(spuBsnoqj u| sjenop)
smoiioj se paSuBqa '9T02 pue noz 'TE Jaqiuaaaa papua sjeaA aqj 6uunp jqap iujaj-6uoi
- t>£ -
¦uoiiiiuj f Y£$ jo (sjuaiuABd
33IAJ3S jqap Mau aqj pue jqap p|0 aqj jo an|EA juasajd aqj uaaMjaq aauajajjip) u|b6 ajujouoaa ue uj paj|nsaj pue uonniu g*S£$ Aq a3|AJas jqap |ejoj s,jJ0dj|v aqi paseajaap 6uipunjaj aaueApe aqi -poqjauj aui|-jq6|ejjs aqj 6u|sn sjeaA £z J3A0 suopejado oj pa6jeqa aq him jeqj uomiui 0'9S$ J° lunoiue 6u|Ajjea jau aqj pue aaud uopisinbae aqj uaaMjaq aauajajjip e m paj|nsaj 6u|punjaj aaueApe aqi "spuoq aqj jo aauenssi aqj jo jsoa aqj Aed oj pasn ajaM uonniu g-£$ jo spaaaojd jau uiejjaa fjuaiuajjnbaj aAjasaj aajAjas jqap aqj punj oj pasn ajaM junoaae aAjasaj aajAjas jqap VTTOZ 3-ibh(0 aqi ujojj pajjajsuejj uonniu i'8Z$ q4!M Jaqja6oj uonniu g"TT$ jo spaaaojd jau u|Bjja3 -(js3J3ju| jo uo||||iu S"8S$ pue |edpuud jo uonniu T"8t>£$) spuog anu3A3y jjodjiv |Bjau39 VTTOZ S3U3S 3qj 3SB3J3P A||B|jJBd oj pssn aj3M junoaae aajAjas jqap aqj iuojj pajJ3jsuejj uoihilu 6'6$ qi!M j3qj36oj uonniu 9"96£$ jo spssaojd jau uiejjao "6£0Z 'T AjBnuBf qBnojqj '8T03 'T AjBnuBf iuojj 6u|6ubj sajBp AjunjBiu aABq puB oj joud uopdiuapaj punj Sulcus Ajojbpubiu oj jaafqns jou ajB spuoq aqi "%00'S ie ajBJ jsajajui ub aAeq spuoq aqi ¦uonniu £"-bS$ jo iun|iuajd e jb (iwv-uon) g LIOZ sauas 'spuog 6uipunjay anuaAaj uan Jomas jjodjiv |BuopBUjajui aJBH/O o6B3|q3 jo uonniu f"9S£$ Pios jjodjiv aqj 'LIOZ aunf ui
¦uonniu f "9$ jo (sjuaiuAsd aajAjas jqap Mau aqj pus jqap p|0 aqj jo an|BA juasajd aqj uaaMjaq aauajajjip) u|b5 ajiuouoaa ub u| paj|nsaj pue uonniu o-8$ AQ aajAjas jqap |ejoj s,jJOdj|v aqj paseajaap 6ujpunjaj aaueApe aqi -poqjaiu au||-jq6|ejjs aqj 6u|sn sjBaA gi.
oj £ jaAO suopBjado oj p36jBqa aq |||M jBqj uonniu z'P$ JO junoiuB BmAjJBa jau aqj pus aaud uopisinbaB aqj uaaMjaq aauajsjjip b u| paj|nsaj 6uipunjaj aauBApB aqi -spuoq aqj jo aausnssi aqj jo jsoa aqj ABd oj pasn ajaM uonniu f "0$ J° spaaaojd jau uiBjjao ¦(jsajajui jo uonniu o-2$ pub |Bdpuud jo uonniu g*£T$) spuog anuaAay jjodjiv iBjauag VOTOZ sauas aqi J° uopjod b pub '(jsajajui jo uonniu 9'9$ pus |Bdpuud jo uonniu 6't>t>$) spuog anuaAay jjodjiv iBjauag DITOZ sauas aqi asBajap A||nj oj pasn ajaM sjunoaaB aajAjas jqap aqj iuojj pajjajsuBJj uonniu g-T$ qi!M Jaqiaboj uonniu Z'S9$ jo spaaaojd jau UIBJJ33 ¦fjt'03 'T Ajenuef q6nojqj 'T.30Z 'T AjenuBf iuojj 6u|6ubj sajBp AjunjBiu uopdiuapaj Ajojepueiu pue %00'S °1 %S3T"£ ujojj 6ui6ubj sajBJ jsajajm aABq spuoq aqi ¦uonniu T"0T$ jo luniiuajd b jb (iwv-uon) V LIOZ sauas 'spuog 6uipunja-y anuaAay uap jomas IJOdjjv leuopeujajui aJBH.,0 o6ea|q3 jo uoj|||iu 6"SS$ Pios jjodjiv aqj 'LIOZ aunf ui
¦spuoq aqj jo aauenssi
jo jsoa aqj Aed oj pasn ajaM uonniu ¦p,o$ J° spaaaojd jau uiejjaa pub Jjuaiuajmbaj jisodap aAjasaj aajAjas jqap aqj punj oj pasn ajaM uoiiiiuj g-z$ jo spaaaojd jau u|Bjjaa ;juaiuaj|nbaj jisodap jsajajui paz||Bj|dBa aqj punj oj pasn ajaM uoiiiiuj g'g$ jo spa3aojd jau u|BjJ3a fspafojd jJ0dj|B snoueA 3qj jo sjsoa aqj aaueuy oj pasn aq |||M uonniu £'8S$ jo spasaojd jau mejjao 'ZSOZ 'T AjBnuBf q6nojqj '030Z 'T AjBnuBf luojj 6u|6ubj sajBp
U0|jdUJ3p3J AJOJBPUBLU PUB AjljnjBLU PUB '0/oSZ'S °4 %00"S UJOJJ 6U|BUBJ 3JBJ JS3JajU| 3ABq
spuoq 3qi •uonnuj g-£$ jo iun|Luajd b jb (iwv) D 910Z sauas 'spuog anuaAay uap Jomas jjodjjv iBuopBUjajui aJBH,0 o6B3|qo jo uonnuj £*gg$ pios jjodjiv aqj 'LIOZ AjBnuef uj.
¦spuoq
aqj jo aauenssi jo jsoa aqj Aed oj pasn ajaM uonniu f "T$ jo spaaaojd jau ujejjaa pub fjuaiuajmbaj Jisodap aAjasaj aaiAjas jqap aqj punj oj pasn ajaM uonniu V6$ J° spaaaojd jau u|Bjjaa fspafojd jJ0dJ|B snouBA aqj jo sjsoa aqj aauBuy oj pasn aq |||M uohiilu 0'0ST$ jo spaaaojd jau U|BjJ33 'ZSOZ 'T AjBnuBf q6nojqj '8T0Z 'T AjBnuBf luojj 6u|6ubj sajBp
U0|jdlU3p3J AJOJBPUBLU pUB AjUnjBLU pUB '%£Z'S OJ %00'Z UJOJJ 6U|6UBJ 3JBJ JS3J3JU| aABq
spuoq aqi ¦uonniu g't>$ jo Luniiuajd b jb (iwv) d giOZ sauss 'spuog snu3A3y uan jomas jjodjiv IBuopBUjajui 3JBH,0 o6B3|q3 jo uoi|||iu 0'gST$ Pios jjodjiv aqj 'LIOZ AjBnuBf ui
- se -
aauajajjip) u|b6 a|iuouoaa ue m pajinsaj pue uoiiiiuj £-\>$ Aq aajAjas jqap iejoj s,jJ0dj|v aqj
paseajaap 'T Ajenuef uo pioqsajqj juaiuABdaj Aep-06 aqi u|qj|M papunjaj sbm qaiqM
'6u|punjaj juajjna aqi ¦poqjaiu au||-iq6|BJjs aqj 6uisn sjeaA ZZ Ja^o suopejado oj pa6jeqa aq ||im jeqj uoi|||iu £0'0$ jo junoiuB 6u|Ajjea jau aqj pue aaud uop|S|nbae aqj uaaMjaq aauajajjip e u| pajinsaj 6uipunjaj juajjna aqi -spuoq aqj jo aauenssi aqj jo jsoa aqj Aed oj pasn ajaM uoihilu vo$ jo spaaaojd jau uiejjaa pue (jsajajui jo uonniu ^-o$ pue |edpuud jo uoihilu £"0£$) spuog anuaAay jjodjjv lejauao ggoOZ sauas aqi. asEajap A||nj oj pasn ajaM uoihilu 0'TE$ JO spaaaojd jau ujEjjao 'IZOZ 'l Ajenuef qbnojqj YT03 'T Ajenuef luojj 6u|6ubj sajep Ajunjeui aAeq pue AjunjBiu oj joud uopduiapaj punj 6u|>|U!s Ajojepueui oj jaafqns jou aje spuoq aqi '%00'S oj %00'£ ujojj 6u|6uej sajej jsajajui aAeq spuoq aqi ¦uoihilu 8"£$ jo Luniuiajd e je (iwv) V 9T02 sauas 'spuog 6uipunjay anuaAay uan Jomas jjodjiv leuopeujajui aje|-|,0 o6eaiq3 jo uoihilu £Y3$ Pios jjodjiy aqj '9X0Z Jaqwaaaa uj.
"6T0Z 'Zl Jaqwaaaa saj|dxa Jipaja jo au|| aqi "jjodjiv leuopeujajui aJEH,0 o6ea|q3 aqj je sjaafojd |ej|dea uiejjaa aaueuy oj Jipaja jo au|| sji luojj iwv-uon uoihilu z'S$ pue iwv uoihilu 6"9$ Majp jjodjiv aqi '9102 uj. •uoiww 08T$ paaaxa oj jou junouje aje6aj66e ue u| Jipaja jo au|| aqj uo Mejp oj Aj|3 aqj sMO||e jeqj uopepossv ibuoijbn '>|ueg aseq3 ueBjow "d'f qj|M juauiaaj6v llpaJD jo aun 6u|A|OAay b ojui pajajua jjodjiv aqj '9T03 jaqiuaaaa uj.
¦uoihilu 8"6ST$ sbm
jsajajuj panjaaB jo uoihilu o'£$ papnpui HOZ 'T£ Jaqiuaaaa jo sb ubo| vidll 6uipuBjsjno sqi 'LIOZ u| Ajq aqj oj apBiu sjuawasjnqsjp ubo| jo uoihilu 8"9ST$ ajaM ajaqi "t'SOZ '\ AjBnuBf si ubo| aqj jo AjunjBiu |Buy aqj puB |jBd anqnd uiBjjaa puB sapiqaA siv Mau jo asBqajnd aqj 6uipnpu| (siv) luajsAs jisubji jjodjiv aqj oj sjuaLuaAOJduii pus suoisuajxa 'suopippB 'ajEH,0 is Ajupbj JB3 |Bjuay pajBpi|0SU03 jo uopjod b punj oj LUBjBojd (vidll) jav uoijbaouui pus aauBuy ajnjanjjsBjjui uopejjodsueji aqj japun uopBjJodsuBJi jo juaiujJEdaa sajBjs paiiun aq; q;|M juaiuaaj6B ubo| b ojm pajajua Ajp aqj '£T03 isnbnv ui
•spuoq aqj jo aausnssj
jo jsoa aqj ABd oj pasn ajaM uoihilu 6'T$ jo spaaaojd jau mBjjaa pus fjuaiuaj|nbaj jisodap aAjasaj aajAjas jqap aqj punj oj pasn ajaM uoihilu jy$ jo spaaaojd jau u|Bjjaa fjuaiuajinbaj jisodap jsajajui paz||Bj|dBa aqj punj oj pasn ajaM uoihilu 0'8£$ jo spaaaojd jau u|Bjjaa fspafojd jJ0dj|B snouBA aqj jo sjsoa aqj aauBuy oj pasn aq |||M uoihilu 8'992$ jo spaaaojd jau u|Bjja3 -2S02 'T AjBnuBf q6nojqj '3203 'T AjBnuBf luojj 6u|6ubj sajBp uopduiapaj Ajojbpubiu puB AjunjEW pus '%00'S ie ajej jsajajui ub aABq spuoq aqi ¦uoihilu Z"S£$ jo wnjiuajd b jb (iwv) a LIOZ sauas 'spuog anuaAay uap jomas jjodjiv IBuopBUjajui aJBH;0 o6eaiq3 jo uonniu T'8Z3$ Pios jjodjiv aqj 'L\0Z aunf ui
¦uoihilu i"ST$ jo (sjuauiAed aa|Ajas jqap Mau aqj puB jqap p|0 aqj jo an|BA juasajd aqj uaaMjaq aauajajjip) u|b6 aiiuouoaa ub m pajinsaj puB uoihilu 9*03$ Aq aajAjas jqap ibjoj s,jJodJ!v aqj passajaap 6uipunjaj aauBApB aqi ¦poqjaiu au||-jq6|BJjs aqj 6u|sn sjeaA g jaAO suopejado oj pa6jeqa aq |||M JBqj uonniu £"£T$ jo junouiB BuiAjjea jau aqj pue aaud uopisinbae aqj uaaMjaq aauajajjip e ui pajinsaj Buipunjaj aauBApB aqi -spuoq aqj jo aauenssi aqj jo jsoa aqj ABd oj pasn ajaM uoihilu 8'0$ jo spaaaojd jau u|Bjja3 "(jsajajui jo uoihilu t.'0Z$ Pue |Bdpuud jo uoihilu 6"T3T$) spuog anuaAay jjodjiv lejauaj) giTOZ sauas aqi aseajap A||B|jJBd oj pasn ajaM junoaaB aajAjas jqap aqj luojj pajjajsuejj uoihilu f'£$ qi!M Jaqja6oj uoihilu g*8£T$ jo spaaaojd jau mejja3 'lt>0Z 'I AjBnuBf qbnojqj '6102 'T AjBnuBf luojj 6u|6ubj sajBp AjunjBW uopduiapaj Ajojbpublu pus %00'S oj %00't' ujojj 6u|6ubj sajBJ jsajajui aABq spuoq aqi ¦uoihilu £YT$ jo Luniuiajd b jb (iwv-uon) 0 LIOZ sauas 'spuog 6u|punjay anuaAay uap Jomas jjodjiv IBuopBUjajui aJB^O o6B3|q3 jo uoihilu t*33T$ Pios jjodjjv aqj 'LIOZ aunf ui
- 9£ -
sz:6'ee£'T$ s^6'eee'T$ ibjoi
SZ6'£8Z SZ6'E8Z DTTOZ sauas 'spuog anuaAay jjodjiv |BJauag aJBH.O o6b3!iq
S06'IZT S06'TZT 9TT03 sauas 'spuog anuaAay jjodjjv |BJauag aJBH.O o6bd!L10|SlQ'8v£ 9L0'Qt>Z VTTOZ sauas 'spuog anuaAay jjodjjv |BJauaE) 3JBH.0 ODEOjio
Sfr9'£T Sfr9'£T VOTOZ sauas 'spuog anuaAay jjodjjv |BJauag aJBH.O o6ed!io
SSZ'9£ SSZ'9£ O800Z sauas 'spuog anuaAay jjodjjv lejauag aJEH.O o6ed|io
GYT'0£S $ OZT'OES $ V800Z sauas'spuog anuaAay o-iodJiv IBJauag aJBH.O o6b3!L10|
6uipue]S)no paseajaa
:(spuesnoq; uj sjB||op) smohoj sb bjb ZTOZ 'TZ Jaqwaaaa ie spuoq pasBajaa "jsajajui pue |edpuud ue jo luaiuAed joj juapyjns junows apiAOJd him 'uoajaqj paujea jsajajm qj|M jaqja6oj 'sjsnjj aiqeaoAajj; ui paae|d uaaq aABq sjasse pajepj aqj asneaaq jaaqs aaue|eq aqj uiojj paAowaj uaaq aABq spuoq paseajaa—spuog paseaiaa
¦uoiiiiw f "t>S$ jo (sjuawABd aajAjas jqap Mau aqj pus jqap p|0 aqj jo an|BA juasajd aqj uaaMjaq aauajajjip) u|e6 aiiuouoaa ue m pajinsaj pue uoihilu 8YT$ Aq aajAjas jqap iejoj s/4J0dj|v aqj pasBajaap 6uipunjaj aauBApB aqi "poqjaw au||-jq6|BJjs aqj 6u|sn sjbbA ZZ JaAO suopBjado oj paBjBqa aq ihm jBqj uonnw T"£T$ jo junowB Bu[Ajjb3 jau aqj pue aaud uopisjnbaB aqj uaaMjaq aauajajjip e ui pajinsaj 6uipunjaj aaueApe aqi •juawajjnbaj jisodap aAjasaj aajAjas jqap aqj punj oj pasn ajaM uoiww z"lb§ jo spaaaojd jau u|Bjjaa puB fspuoq aqj jo aauBnssi aqj jo jsoa aqj ABd oj pasn ajaM uoiww z'£$ jo spaaaojd jau u|Bjja3 "(jsajajm jo uonnw 6't>£$ PUB |Bdpuud jo uoiww 3"0£S$) spuog anuaAay jjodjiv |Bjauag V8003 sauas aq; assajap A||nj oj pasn ajaM uoiww 0"T£$ jo spaaaojd jau uiBjja^ '8E0Z 'T AjBnuBf q6nojqj 'ZTOZ 'T AjBnuBf wojj 6u|6ubj sajep AjunjBW aABq pue Ajunjew oj joud uopdwapaj punj uuptms Ajojepueiu oj jaafqns jou aje spuoq aqi -%00'S 4e a;ej ;sajajm ub aABq spuoq aqi ¦uowilu iVt>8$ jo uiniuiajd b jb (iwv-uon) D 9T03 sauas 'spuog Bmpunjay anuaAay uan jomas jjodjiv IBuopBUjajui aJBH,0 o6B3|q3 jo uowiw T"SZS$ Pios jjodjiv aqj '9T03 Jaqwaaaa ui
¦uowiw /'TS$ jo (sjuawABd aajAjas jqap Mau aqj puB jqap p|0 aqj jo an|BA juasajd aqj uaaMjaq aauajajjip) uieB aiiuouoaa ub ui pajinsaj pue uoiww 8'99$ Aq aaiAjas jqap ibjoj s.jjodjiv aq; pasBajaap 6uipunjaj aauBApB pus juajjna aqi -poqjaw au||-jq6iBJjs aqj Bu|sn sjbbA sz jaA0 suopBjado oj pa6jeqa aq wm jeqj uonnw z'Tir$ J° ;unouiB 6u|AjJBa jau aqj puB aaud uopjsinbaB aqj uaaMjaq aauajajjip b m pajinsaj 6uipunjaj aauBAps puB juajjna aqi "spuoq aqj jo aauBnssi aqj jo jsoa aqj ABd oj pasn ajaM uonnw £'z$ jo spaaaojd jau u|Bjja3 "(jsajajui jo uowiw TYS$ pue |edpuud jo uowiw 0"6£Z$) spuog anuaAay jjodjiv |ejaua9 3TT0Z sauas aq; jo uopjod b puB (;saja;u| jo uoiww rz$ puB |Bdpuud jo uowiw £"9£$) spuog anuaAay jjodjiv |Bjaua£> 3800Z sauas aq; J° uopjod b '(;saja;u| jo uoiww £-t7$ pub |edpuud jo uowilu S'SZT$) spuog anuaAay jjodjiv lejauag g800Z sauss aq; assajap A||nj oj pasn ajaM uonnw £'t>TS$ jo spaaaojd jau u|bjj33 "TKIZ 'T AjBnuBf q6nojqj 'ZTOZ 'T Ajenuef luojj Bu|Bubj sajBp AjunjBiu uopduiapaj Ajojbpubw puB %00'S oj %00't> wojj 6u|6ubj sbjbj jS3J3ju| aABq spuoq aqi •uowiw 6't>S$ jo wnjwajd b jb (iwv-uon) g 9T0Z sauas 'spuog bmpunjay anuaAay uan Jomas jjodjjv |BuopBUja;ui ajBH,0 o6B3|q3 jo uowilu 6"T9t>$ Pios jjodjiv aqj '9T0Z Jaqwaoaa ui
¦uowiw f "£$
jo (sjuawAed aajAjas jqap Mau aqj pue jqap p|0 aq; jo an|BA juasajd aqj uaaMjaq
- LZ -
t>£0'318$ 66£'£S3$ S£9'8SS$ ieioi
6£9'03 69FT 0ZI'6I , 0t>0Z-8£03
£I8'Z£ 80£'8 SOS'63 Z£03-££03
333'8t>3 Z0l'6£ STT'603 3£03"8303
t>Z0'Zt>3 69Z't>8 S0£'39I Z303-£303
Z£9'Zt> 3Zt>'T3 S9I'93 3203
TZ9'Zt> 9SZ'33 ST6't>3 T303
98Z'Zt> T68'£3 S68'£3 0303
8£Z'6t> 8T0'S3 03Z't>3 6T03
t>St>'S9 $ 609'93 $ St>8'8£ $ 8T03
ieioi isajaiui |edpuud T£ Jaqui333a
6ujpug SJB3A
:(spuesnoL|i in sjB||op) smohoj se s\ 'ZT03 '\Z jaqiuaaaa J° se spuog anuaAay 3Jd aqi jo Ajunjeiu 04 siuaiuajinbaj aajAjas iqap aqi
¦iuaiuaaj6e luaiuasjnqiuiaj Aue japun 6uipuBisino Apuajjna sueoi uuai ou aje ajaqi 'ueo| uuai e 04 paajaAuoa aq Aeiu >|ueq aqi asjnqunaj 01 uope6iiqo syAiD aqi '>jueq aqi asjnqiupj 01 S||bj Aid aqi ji 'spuoq pajapuai qans 10 aseqajnd aqi puni 01 upaja jo jaua| aqi japun umbjp siunoiue joi >|ueq upaja jo jaiiai aqi asjnqunaj 01 paie6||qo aq pinoM Aid aqi 'paia>|JBUjaj Annissaaans iou pue Aid aqi *q aseqajnd joj joajaqi sjbumo aqi Aq pajapuai a-ie spuoq aiej aiqeueA ieqi luaAa aqi ui -saaueApe upaja 10 jana| DmpuBisino ou ajaM ajaqi 'ZI03 'T£ Jaqiuaaaa IV "0303 '•pT isn6n\/ pus 0303 't>3 AlnC lliun spuoq tj^D S003 sauas aqi uo isajaim puB |edpuud jo luaiuABd A|aiup aqi joj apiAOJd (uonniu 8'1>1>2$) l!Pa-o jo sjauai aiqaaoAajJi YT03 'l£ jaqiuaaaa jo sb apoiu bibj isajaim A|>jaaM u| ajaM spuog uan Jomas 0*83 £003 a-ieH,0 aqi 'AID aqi qi!M uopennsuoa ui iua6B 6upa>iJeujaj aqi Aq auip 01 aiup iuojj pau|iujaiap sb aiBJ paxij aqi jo a;ej Buo| aiqeisnfpe ue pue 'aiej A|>|aaM e 'a;ej A|iep e 'aiej a|q|xa|j e ib aiup 01 aiup iuojj isajaiui JBaq Abiu spuoq aiBj-aiqsuBA uan jomas s/4J0dj|v aqi
6£t>'T30'£I$ t>80'ZSt>'S$ SS£'t>9S'Z$ ieioi
IZ9'Z6£ TTZ'Sfr 096'IS£ 3S03-8t>03
3S6'6£S 300't>£T 0S6'S0t> LWZ-ZWZ
TTS'06£'T 9£t>'t>0£ SZ0'980'T 3t>03~8£03
06S'3St>'3 S£3'Z89 SS£'S9Z'l Z£03-££03
889'T6S'3 £86'860'T S0Z'36t>'l 3£03~8303
£93'6TZ'3 80S'Zt>t>'T SSZ'IZ3'T Z303~£Z02
88T'St>S 8£T'S3£ OSO'033 3303
TOS'Tt'S TSZ'S££ OSZ'SOZ T303
9Z9'36S It>6'9t>£ S£Z'St>3 0303
899'£39 £93'6S£ S0t>'t>93 6T03
I£Z'929 $ 9TI'3Z£ $ ST9't>S3 $ 8T03
lejoi isajaiui |edpuud TC Jaqiuaaaa
Bujpua SJB3A
:(spuBsnoqi ui sJB||op) smohoi se VT03 'T£ Jaqiuaaaa jo se aiBJ aApaajja aqi ib paindun s| isajaiui 'sa;ej aiqeueA qi|M sanssi joj -spuoq uai| jomas aqi jo Aiunieiu 01 siuawajmbaj aaiAias iqap jo ainpaqos e si Buimoiioj—uoiidiuapau iqaa
- 8£ -
BmpuBjsjno ||e qaiqM oj luensjnd sjuawaaj6B jsnjj pue sajnjuapui 'saausuipjo 'suopniosaj lie 0; juBnsjnd apsw aq 04 pajjnbaj sjjsodap aqj 3>|buj oj papaau sjunouiB aqj jo uins aqj (e) jo jajeajB aqj joj apiAOJd oj (n) pue fjeax leasy aqj joj sasuadxg aaueuajuiew pue uopejado jo juaiuAed aqj joj apiAOJd oj (|) ijuapyjns jseai je aq him 'junoaav JO punj Aue u| pajisodap aq oj pajjnbaj uaqj jou jeax leasy jeqj jo Aep jsjy aqj uo punj anuaAay aqj u| piaq aaueieq qsea Aue pue jbba |easy jBqj oj padsaj qj|M aajsmi aqj qj|M pajisodap sAauoiA] a|qB||BAV Jaqjo qi!M Jaqja6oj 'jbba iBasy qasa u| sanuaAay jBqj japjo uj 3jbh,0 jo uopsjado aqj m Ajd aqj Aq pajapuaj saaiAjas joj pub aJBi-1,0 J° uopejado puB asn aqj joj sabjBqa jaqjo pue sajej 'siejuaj aqj 'AjBssaaau jaAauaqM aujp oj auip uiojj asiAaj pue 'qsnqejsa puB xy |||M Ajd aqi ieqi sajjnbaj suopB6||qo uan Jomas jjodjjv |Bjaua£) jjodjiv IBuopBUjajui 3JBH/0 o6B3|q3 Buunaas jsmijo ajnjuapui JajSEw aqi —sjueuaAOD iqaa
Z62'£2£$ t>6t>'£9T$ , £08'6ST$ ieio±
SZS'frZ t-Z6 TS9'£Z t>S0?-£S0Z
69S'I9 eZL'6 0t>8'TS ZS03-8t>0Z
£t>3'6t> St>T'8T 860'T£ ZK)3-£t>03
T66'0t> ZZfr'ZZ 69S'8T 3t>03-8£03
ZS0'lt> 6Z9'S3 £ZE'SI Z£0£-££03
660'Tt> S6£'8Z t>0Z'3T Z£03-8Z03
9E0'Z£ 89fr'0£ 89S'9 Z303-£30Z
89T'9 89T'9 - ZZVZ
09T'9 09T'9 - TZ03
ZZI'9 ZZT'9 - 0303
89T'9 89T'9 - 6103
6S0'£ $ 6S0'£ $ - $ 8T03
IBjoi isajaiui ledpuud TC Jaquiaoaa
6ujpug sjeaA
:(spuBsnoqj u| sjB||op) smohoj sb s! 'ZTOZ 'T£ Jaqwaaaa jo sb uboh vidll aqi jo AjunjBiu oi sjuauiajmbaj aa|Ajas jqap aqi
TTt>'89t>$ T99'6T3$ 0SZ'8t>Z$ ieioi
£80'Z0T 8Z2'9T S08'06 £t>03-8£0Z
S08'68 SZT'K: 089'SS Z£0Z-££02
S8Z'06 0T£'Zt> SZ6'Zt> ZE03-830Z
S6t>'06 0£Z'ZS S93'££ ZZ03-£Z0Z
SZT'8T SZfr'ZT OOZ'S ZZOZ
£t>T'8T 80Z'ZT S£t>'S TZOZ
09T'8T SS6'ZT SOZ'S 0Z0Z
t>ST'8T t>6T'£T 096't> 6T0Z
T9T'8T $ 9£t>'£T $ SZZ'fr $ 8T0Z
ieioi isajaiui ledpuud TC Jaqtuaoaa
6u;pu3 sjeaA
:(spuBsnoqj U| sjB||op) smohoj sb s| 'ZTOZ '¦[£ jaqiuaaaa J° sb spuog anuaAay j^j aqi J° AjunjBui oj sjuaiuaj|nbaj aa|Ajas jqap aqi
- 6£ -
•Ajd aip Aq pamiujaiap se 'sqjuow 3A|3Mj paaaxa oj jou jo pouad e jbao juswajmbay wniumiw punj 3auBuaju|Bw pue uopejado sqi MO|aq s6u|MBjp Aue asjnqimaj oj pue juawajmbay punj aauBuajujBw pue uopejado aqi ueqj ssa| ou jo junouje ue m punj aaueuajujew pue uopejado aqi jo aaueieq aqj u|Bju|Biu oj (g) pue 'Ajd aqj Aq pamiujajap se 'sqjuoiu 3A|3mj paaaxa oj jou pouad e jaAO juawajmbay wnwmiiAj punj uopezmqejs DJD aqj MO|aq s6u|MBjp Aue asjnqwpj oj pue juawajmbay uunwiuiw punj uopezmqejs DdD aqj ueqj ssa| ou jo junouie ue u| punj uopezmqejs DdD aqj jo aaueieq aqj uibjuibw oj (t?) 'a|qe||eAe as|Mjaqjo jou aje punj uopezinqejs DdD aqi JO punj ajeqay aqj u| spunj qaiqM joj ajnjuapui aqi Japun sajejs paiiun aqi oj anp sjunouje ajeqaj jo „sjuauiAed uopanpaj p|a|A„ Aue Aed oj Ajessaaau spunj apiAOJd oj (£) 'Ajd aqi Aq pauiujjajap se 'sqjuoiu 3A|3mj paaaxa oj jou pouad e jsao spunj qans uodn s6u|Mejp Aue joj punj 3AJ3S3y sjeuipjoqns Aue pue punj aAjasay 33|AJ3S iqaa aqi 'punj 3AJ3S3y |eju3ui3|ddns sqj 'punj a6ejaA03 6u|||oy aqj asjnqui|3J oj (z) 'JeaA |eas|j qans u| 3np spuog sqj uo js3J3ju| pue jo ledpuud Aed oj (t.) spunj juapijjns apiAOJd oj juspijjns |3A3| lenuue ue je juay Ajnpej papafojd sn|d (sAea jaBJjuoD pajaafojd jo jaquinu iejoj aqj Aq pa||dp|nuj uaqM) DAD aqi J° lunouie aqj jas ||eqs Ajd aqi 'JeaA leasy qaea ui 'Buipuejsjno uieiuaj spuog Aue se 6uo| se 'jeqj S3j|nb3j spuog anuaAay uan Jomas aBjsqD Ajnpej jaujojsn3 jjodjjv leuopeujajui aJBH,0 o6ea|qo 6uunaas jsmi jo 3jnjuspui 3qi
¦punj |ej|de3 Ddd aqi 01 (3jnju3pui jsjsew aqj oj juensjnd punj anuaAay Ddd 3qj spioq uaqj j| j| aajsmi 3qj jo) Ajd aqi Aq P3jj3jsuejj aq neqs punj anuaAay 3jd aqi u| 6u|U|eujaj sapunaas pue sAauoiu ue (£) pue fsuope6||qo Ddd pajeuipjoqns oj jaadsaj qj|M qjuouj jepuaiea aqj joj pajinbaj sjuauiAed Aue a>|euj oj (z) ^ajnjuapui jajsew aqj oj juensjnd qjuoui jepuaiea aqj ui [sjuaujaj|nbaj aAjasaj aajAjas jqap pue aa|Ajas jqap jaauj oj] punj puog aqj ujojj pasjnqsjp aq oj sjisodaa pajmbay jaqjo pue sjisodaa punj-qns aqi jo ue a>|eiu oj pajmbaj ujns aqj 'punj puog aqj m jisodap joj aajsmi aqj oj (t.) :Ajuoud jo japjo 6u|MO||Oj aqj u| siunouie 6u|MO||Oj aqj qjuoiu jepuaiea qaea jo Aep qjapuaMj aqj ueqj jaje| jou punj anuaAay Ddd aqi ujojj Aed oj sjueuaAoa Ajd aqi 'punj anuaAay Ddd aqj ojui pajjsodap aq oj Ajd aqi Aq paAiaaaj 'pauyap se 'sanuaAay ojd sajmbaj suope6||qo (DJd) a6jBqD Ajnpej ja6uassed jjodjiv leuopeujajui aJBH,0 oBeaiqo 6uunaas ajnjuapui isnji jajsew aqi
YTOZ 'T£ Jaqwaaaa je jaiu sbm juawajmbaj siqi -suopeBnqo uap Jomas uo jsajajui puB jo |edpuud ABd oj JEaA puog jeqj Buunp juaujasjnqsip joj aajsrui aqj Aq piaq suopeBnqo jjodjiv jo spaaaojd Aub Aq paanpaj 'jbba leasy jeqj 6uunp 6upuaujujoa jbsa puog 3qj joj aa|Ajas iqsa 3Jb63j66v S3ujp sqjp3jpunq-u3j puB suo (q) puB 'psjnaas pue psnssi 3je suopBBnqo jjodjiv BuipuBisjno jsqjo jo suopeBnqo usp joiuss
- ot> -
ISS't^E'Z $ (8S6'E6Z) $ tTtfTZZs? S69'060'Z $
(T90Y6T'E) SZ6'1?T0'6
'3E$ jo jsbjbjui p3Z]|B5!dBD spnpu] suouippe dlO , iau—samipej pue Ajjsdojd ibjox jbu—psjepajdsp sjasse |0}ideo ibjox
S3!)!|pej J3U.J0 puB
T8Z'ZZZ'T
M8'98E Z96'S88 $
sBuipnnq— joj uoiJEpaJdap psjEiniunoDB sssn s3|)!|obj J3U.10 pue sBuipnnq—pgjepsjdsp sjasse |Bj|dBa
p3JBP3Jd3p JOU SJ3SSB |EJldE3 |E}01
, ss3j6ojd ui uoijdojjsuoo
PUBT
:p3jepajdap jou sjasse |ejideo 9T0Z
XAjenuec aaueieg
ZE3'9t8 $ tSS'WE'Z $ ,
SZZ'SZ$ jo JS3J3JU; p3Z!|Bj|dED spnpuj suopipps dID , J3U—saijiipsj pue Ajjsdojd |ejoi j3u—psjBPdjdsp sjasse lejjdeo ibjox
(EE8'ZZ9'E) ZEZ'ZEfr'6
Zt>Z lt> (8S6'6S)
UEE'393) (6frZ'TSt''E) S3!J!|PBj J3U.J0 pus
s6u|p|mq—joj uojjBpsjdsp p3jE|nuun3DE ssa~|
08E'68t 0t8'Z0E'6 samipej jaqjo pue
sBuipnnq—psjepsjdsp sjasse |ejjde3 ¦
psjepdjdsp jou sjassB lejjdea ibjoi
8Z0'688 $ 091 $
Z0t» TE9 880'Z68 $
, sssj6ojd u| uo|j3njjsuo3 puei
:pajep3Jdsp jou sjasse lEjjdeo
IE Jaqiuaaaa sjbjsubji suoijippv aaueieg pue
sjesodsiQ
X Ajenuec 33ue|eg
:(spuBsnoi|4 m sjB||op) 'IZ jaqwaaaa papua sjbbA aq; 6uunp s;assB |B;jdB3
S13SSV IVlIdVD NI S3DNVHD
- Tt> -
e uo paseq AjjnuuE E|niujoj wnwiuiiu aBe juaiuajpaj paanpajun ue joj Aj||Bnb saaAoidiug ¦aajAjas pajipaja 10 sjeaA ot jbjjb jsaA A||ejaua6 sjyauag -me| ajBjs Aq paqsnqEjsa se sjyauaq qjeap pue 'Ajmqesip 'juaiuajpaj apiAOJd suB|d an±—papiAOJd stijauag
¦BjovjqEj'MMM pue 'Bjo-jqEdjqa'MMM 'Bjo-oBEaiqajqEi'MMM 'BjovjqEawMMM. jb paujejqo aq uea jBqj uopblujojui AjBjuaiua|ddns pajmbaj pue sjuaiiiajEjs |BpuBuy sapnpui jBqj jjodaj lepueuy a|qB|jBAB Apnqnd b sanssi uB|d qaeg ',sjajoqB~i jo ,saaAo|dujg iedpmn|Aj uj ajBdppjBd uopsanpg 10 pjBog o6Baiqo aqj jo saaAo|duja u|Bjja3 ¦sjaqiuaiu UB|d Aq pajaaia saajsnjj jo pus saauBisap jjaqj jo s|Bpyjo Ajp jo pasudwoa saajsmj jo spjBoq juauiajpaj |Bnp|A|pu| Aq pajajsmiwpB aJB suB|d aqi '(s^awajy) o6B3|q3 jo punj jyauag puB Ajjnuuv s,uaw3J!j aqj puB i(s,u3W3a||0d) o6B3|q3 jo punj jyauag pue Ajmuuv s,uaw3a||0d aqj ?(,sjajoqe-|) oBE0|q3 jo punj jyauag pus Ajmuuv ,saaAo|dujg pjBog juaiuajpay puB ,sj3JoqBi aqj f(,saaAo|duug |BdpmniAj) o6BO|qo jo punj jyauag puB Ajmuuv ,saaAo|dujg ledpiunw aqj :aje sueid asaqi "(suB|d) sue|d uoisuad jyauaq pauyap jaAoiduia -a|Buis jnoj jo auo m ajedppjed saaAo|diua punj 3jbh,0 3|q|3—uo/Jd/osacj ueid
ueid uoisuad am) jnoqe uoiieiujojui lejauag
SNVId NOISN3d L
¦ApApaadsaj '9I0Z pue L\0Z J0J uowiw L'Z6% pue uoiww ZY6$ A|ajBUJ!xojddB ajaM s|bjoj aqj m papnpm s|Bjuaj jua6upuo3 "ApAipadsaj '9T03 Pue LIOZ u| uonnuj S".6St>$ Pub uonnui f"SZt>$ A|ajBUJ|xojddB oj pajunoujB '6u|>uBd anqowojnB puB s|Bjuaj dujBJ jdaaxa 'sanuaAaj uoissaauoa puB |Bjuaj ||B jo 6ups|suoa 'aujoaui |Bjuay
¦awoam |Bjuaj ajnjnj ujnujiuiuj u| papnpui jou bjb 'uopdujnsuoa pnj jo sanuaAaj ysjuBuaj aqj uo passq 'sassai u|Bjjaa japun paAiaaaj aq Abui jBqj s|Bjuaj jua6upuo3
t>06'S6£$ aujoaui |Bjuaj ajnjnj ujnuiiuiuj |bjoi
69S'9 jajjBajaqi
Z\Z'6 Zttj3-£K)Z
ST£'t>T Zt-02-8£0Z
Sei'lZ Z£03-££0Z
00£'S3 3£03-8Z02
6T9't>Z Z30Z-£303
6£8't> ZZOZ
089't> 1303
089't> 0302
8S6'£6 6T03
££S'98T$ 8T03
junoujv TC Jaquiaaaa
6uipu3 sjeax
:(spuBsnoqj
u| sjB||op) smo||oj sb s| 'ZTOZ 'T£ Jaquiaaaa jo sb sassai 6upBjado a|qB|aauBauou uo aujoaui |Bjuaj ajnjnj wnwmjw aqi -sjusuaj jaqjo pue saui|jie qjiM sjuaujaajBe aseai Bupsjado japun paseai aje aaeds |eujiujaj pue 's6ujpnnq 'pue| s,jJ0dj|v aqj jo jsow
S1NVN31 H±IAA S1N3W3DNVMUV 9NISV31 '9
- zt> -
A||euenpe jb aje suopnqujuoa s,Ajp aqi 4BM4 sajjnbaj £200-00T "Vd 'A||euopippv ¦uonniu 0"099$ '3303 JB3A juawABd m puB fuoiniiu 0'TZS$ 'T303 JB3A juawABd m fuoiwuj 0"T8t>$ '0303 JB3A juawABd m fuo||||UJ 0'36£$ '6T03 JBaA juawABd m fuoiwiu 0'30£$ '8103 JBaA juawABd u| :smo||Oj sb sjunowB ajB6aj66E aqj m suB|d ,sjajoqBi aqi puB ,saaAo|dwg IBdpmnw aq; oj sjunowB aypads ajnqujuoa oj Ajp aq; sajjnbaj £300-001 'Vd YT03 '9 A|nc uo papBua sbm £300-00T "Vd 'suB|d ,sjajoqBi pus ,saaAo|dwg iBdpmniA] aqj joj
•(sjajoqBn joj OO'T pue ',saaAo|dwg ledpjuniAj joj SZ'X Aq paiidpinw 'joud sjbbA omj JBaA JBpua|Ba aqj ui apsuj susid aApaadsaj aqj oj saaAo|duja Aq suopnqujuoajo junoujB ibjoj aqj uo passq pajB|na|Ba sbm ,sjajoqBi puB ,saaAo|diug IBdpmniA] joj LIOZ JBaA juawABd joj uopnqujuoa s,Ajp aqi 'sbubibs jpqj jo abBjuaajad b ajnqujuoa oj saaAo|duja pajaAoa sajjnbaj os|B mb| bjbjs "sajBJ pamwjajap 'A||BUBnjaB jou 'A|uojnjBjs jb suopnqujuoa Ajp pajjnbaj mb| ajBjs A||BajJ0jsjH—suoijnqujuoj
68Z'8U 89S'6 T06'9Z 996Y *S8'ZL
296'0S £19'v ee9'ZT *6L'Z ZZ6'0£
S£L'6\ LL Ot-9 69t-'T 6frS7T
Ztt'Cv 8Z8> 8Z9'ET £0L'£ £%£'SZ
ie)ox s(U3Ui3j|j s,uauj33!|Od ,sj3Joqe-| ,saaAo|dui3
lediaiunM
S33A0|dUJ3 9A|PV
sjyauaq 6u!A|aoaj jaA jou jnq oj paijqua saaAo|diua aAjjoeui sjyauaq 6u!A!aoaj A|juajjno sauepuauaq jo saaAo|duja aAjjoeui
:suuaj'jyauaq aqj Aq pajaAoa ajaM saaAo|duja 6u|mo||oj aqj 'Z.T03 'T£ jaqwaaaa w—suuaj. jyauag Aq pajaAOj saaAo/dujj
¦jyauaq |bu|6uo aqj jo n-IdO jo juaajad OS pus juaajad 0"£ jo Jassai aqj oj |Bnba ajB sjuauijsnfpB |BnuuB aqj 'saaAo|dwg £ jau puB saaAoidwg z J3LL J°d 'Jaiei JO 996T '\ AjBnuBf jajjB ujoq 'a|dw|s 'juaajad S'X PUB 996T 'T AjBnuBf ajojaq moq sjuBjjnuuB joj 'aidujjs 'juaajad Q"£ s,uawajy uj sjuBdjapjBd jo Ajuofew aqj pus s,uawaa||Od joj puB 'papunoduioa 'juaajad 0"£ aje ,sjajoqBi puB (saaAo|dujg iBdjaiuniAj joj sjuaiujsnfpE IBnuuB aqj 'saaAo|duig j jau joj -ajBp juauiajpaj ,saaAo|duja aqj oj juanbasqns aauBMO||B juauiajpaj s;aaAo|dwa qaea oj sjuawjsnfpB |enuue joj apjAOJd sujjaj jyauag
•saaAo|duig £ jau jo saaAo|duig z J3LL aJB oqM sjuedjapjBd joj aajAjas pajjpaja jo sjsaA oi 1SB| aqj ujqjjM sjbbA aApnaasuoa jq6ja Aub pus saaAoidujg x Jail aJB oqM sjuBdiapjBd joj aaiAjas pajjpaja jo SJBaA 0T isb| aqj UjqjjM sjBaA aApnaasuoa jnoj Aub joj Ajb|Bs |BnuuB abBjaAB jsaq5jq s,aaAo|dwa aqj si Ajbibs abBjaAB |Buy aqi "aajAjas pajjpaja jo JBaA jad juaajad c.'Z °4 luaajad z'Z ujojj 6u|6ubj abBjuaajad b Aq Ajbibs 36bj3ab |buij sqj 6ujA|dp|nuj Aq pajndwoa si AjinuuB aqi "saaAoidwa £ jaji sb pajapjsuoa aq oj jaa|a oj saaAo|duja z Jail JOJ uojSjAOJd b sapnpui 'saaAo|diua £ jaji joj sjuauiajjnbaj aqj paqsnqEjsa qaiqM '(£300-00T "Vd) £300-00T PV 3!iqnd 'saaAoidiug £ jau pajapjsuoa aJB LXQZ '9 A|nf jajjB jo uo sjaqujaui aiuBaaq oqM saaAo|duja asoqj ',sjajoqBi puB ,saaAo|dwg IBdpjunw joj -saaAoidujg z J3LL pajapjsuoa ajB LXQZ '9 A|nf ajojaq jnq TT0Z 'T AjBnuBf jajjB jo uo sjaquiauj aujeaaq oqM saaAo|duia asoqj ^sjajoqej pue .saaAoidujg |edjamnw joj -saaAoidujg z Jail pajapjsuoa aje TT03 'T AjenuBf JajjB jo uo sjaqiuaiu aujBaaq oqM saaAoiduia asoqj 's^Biusjjj pus s^auiaanod joj -saaAoidujg \ jau pajapisuoa ajB TT0Z '\ AjBnuBf ajojaq sjaqujauj auisaaq oqM saaAo|duja 'suB|d Jnoj ||B joj "SUB|d aApaadsaj jjaqj jo sjaqiuaiu aiueaaq jsjy Aaqj uaqM uo 6uipuadap saaAo|diua joj juajajjip aje aaiAjas pue abB jo sjuaiuajjnbaj aqi -AjinuuB abs juaiuajpaj paanpajun aqj joj sjuaiuajmbaj aaiAjas puB a6B aqj jaaiu jou op Aaqj j| AjjnuuB Biniujoj luniuiujuj abB juaiuajpaj paanpaj b aAiaaaj os|B Abui saaAoidujg 'juauiajpaj jo abB pue aaiAjas jo sjeaA jo uopeujqiuoa
- Et> -
¦A|aAjpadsaj 'uojujuj g"gt>Z$ Pub UO!||!UJ 0'9t'T$ jo 3SU3dX3 UOJSUad paZJuBOOBJ JJOdjJV 3L|4 '9103 PUB ZTOZ 'TZ Jaqwaaaa P3PU3 JBaA aqj JOJ
•A|3A!P3dS9J
'uE|d s,uawajjj aqi jo juaajad 6"t> Pub juaajad o"S Pub 'A|aAjjaadsaj 'uB|d s,uawaaj|Od aqj jo juaajad f'T pub juaajad f"T 'A|aAjpadsaj 'UB|d s,jaJoqB"| aqj jo juaajad 0'9 pub juaajad £*g 'A|aAjjaadsaj 'uB|d ,saaAo|dwg |Bdjajunw aqj jo juaajad rj'9 pus juaajad 8"g sbm uopjodojd s(jJ0dj|V sqj 'gTOZ pue LIOZ 'IZ Jaqwaaaa W "gTOZ Pub LIOZ JOJ sauB|BS paja6pnq ibjoj aqj oj UB|d uoisuad 6ujpuodsajJoa qasa ujqjjM sauB|BS s,jjodjjv aqj jo sajBj aqj uo paseq paujuuajap sbm AjjuqBji uojsuad jau aqj jo uopjodojd s,jJodjjv aqi
¦,sjajoqB-i joj pouad jeaA f pub ,saaAo|dwg iBdjajuniA] joj pouad JBaA g b jaAO asuadxa ojuj pazpjouiB 6ujaq si aBusqa siqi ¦jjodjjB aqj joj ,sjajoqE-| joj uojujw 6'Zg$ pue ,saaAo|dwg |Bdjajunw joj uojujw 6"S0S$ Aq Ajj|jqBj| uojsuad jau aqj paseajaap suopdiunsse jaqjo pue ajej junoasjp aqj ui aBusqa aqi
¦MO|aq uopaas ajBJ junoasjp aqj w passnasjp sb suB|d uojsuad ,sjajoqB-| pus ,saaAo|dujg |Bdjajunw aqj joj ajBJ junoasip aqj uj asBajauj ub ui Bupinsaj suB|d uojsuad ,sjajoqBn puB ,saaAo|dwg |Bdpmnw aqj oj suopnqujuoa pajjnbaj ajnjnj uj asBajauj ub uj pajinsaj £Z00-00T "Vd Japun s36usL\j—suoi)duinssvieuen}3\fU!sa6ueqj
•ajBp jsqj jo sb uopBn|BA
leuenpe ub Aq paujwjajap sbm AjjuqBji uoisuad jau aqj aje|na|Ba oj pasn Ajj|iqBj| uojsuad ibjoj aqj pus 'gioz pub ZTOZ 'T£ Jaqwaaaa jo sb pajnsBauj sbm AjjuqBji uojsuad jau aqi 'AJ!|!qB!| uojsuad jau aqj jo ajBqs ajBuopjodojd sjj joj 'ApAijaadsaj 'uojujuj 6'8£g'T$ puB uojujuj £'6SZ'T$ jo AjjuqBji b pajjodaj jjodjjv aqj 'gTOZ pue ZTOZ 'IZ Jaqwaaaa JV
suoisuad oj paieiau saajnosaj jo smoijui pajjajaa pue saajnosay jo SMomno pajjajaa pue 'asuadxa uojsuad 'Aiwqen uoisuad )3N
¦ApAjjaadsaj '9I0Z pub ZTOZ 'IZ Jaqwaaaa papua sjbbA aqj joj uojujuj g'zz$ puB uojujuj Z'8£$ sbm jjodjjv aqj ujojj suB|d uojsuad jnoj ub oj uojjnqjjjuoa aqi
•(jajnsBaJi Ajunoo >|003 aqj Aq Ajj3 aqj oj pjBd pus pajaaiioa bjb saxBj Ajjadojd pajA3| aqj uaqM sj qajqM) JBaA Bujmohoj aqj uj spunj uojsuad aqj oj pjBd uaqj aJB suopnqjjjuoa s,Ajj3 aqj. ¦suopnqjjjuoa aqj 6ujpunj saxBj Ajjadojd aqj joj JBaA Aa3| 3|qBaj|ddB sqj sb JBaA aiuBS aqj uj pajaBpnq ajB suopnqjjjuoa s,Ajj3 aqi
"SSOZ J0 pua JBaA aqj Aq o/0Q5 jo |aA3| 6ujpunj b aanpojd oj juaiajjjns aq 6ujpunj ajnjnj puB TZOZ JBaA juauiABd ui BujuujBaq sajBj paujiujajap A||BjJBnjaB jb ajB suopnqjjjuoa s,M\D aqi leqj S3Jjnb3J 9050-66 "Vd 'A||Buopjppv "uojuiw 0"t>Z8$ '0Z0Z JBaA juawAsd uj pus iuojujui 0'Z6Z$ '6T0Z JBaA juawAsd uj Juojujw 0"ZZZ$ '8T0Z JBaA juauiABd uj fuojnjw 0"ZZg$ 'ZTOZ JBaA juauiABd ui :smo||oj sb sjunouiB ajB6aj66B aqj uj suB|d s,uawajjj puB s,uawaaj|Od oj sjunouiB ayjaads ajnqjjjuoa oj Ajj3 aqj sajjnbaj gogo -66 "Vd '9T0Z '\£ Abw uo pajaBua sbm (90S0-66 "Vd) g0S0-66 PV ^liqnd 's,uawajjj puB s,uawaaj|Od joj
'8S0Z jo pua JBaA aqj Aq o/oU6 jo |3Aa| 6ujpunj b aanpojd oj ju3jajjjns aq 6ujpunj ajnjnj puB £Z0Z JB3A juawABd uj 6ujuuj63q sajBJ paujujjajap
- t>t> -
SU'S$ 68T'SE$
Z6l'S
883'9 TzTV
\L9'Z 96E'6Z ZSl'OS 88S'6
tt\r'Z$ - $ 966'e $ - $
sjuaaqsaAm ue|d uojsuad uo s6u|UJea lenpe pue papafojd uaajvqaq aauajajjjp ibn suopdiunsse jo sa6ueip
33Uajjadxa
lenpe pue papadxa uaaMjaq saouajayia
S33jnOS3]J S33jnOS3)J jo smoijui JO SMO|J,jnO pajjajaa pajjajaa 9T0Z
S33jnOS3)j
jo sMouino pajjajaa
ZTOZ
:(spuBsnoqj m sjenop) ,sjaJoqBi
(839Y0T) T303
(Z09'9TT) 0203
S88'e 6T03
S88'£ $ 8T03
T£ J3qUI333a papugJB3A
(4!13U3q)/9SU3dX3 U0|SU3d U| P3Z|U60D3J 3q 11 j Ai S3DjnOS3J 10 SMO|JU| P3JJ313P pue S33JM0S3J
00T'8E$ fr86'9ZE$ E89'ESfr$ 8tFZeT$
:SMO||OJSB
i suoisuad ^aaAoidwg |Bdp|un|Aj oj pajB|aj 10 sMOijano pajjajap sb pajjodaj sjunowv
ieioi
trfZ'TT 9LV'L - sjuauqsaAU! ue|d uoisuad uo s6umjea
|enpe pue papafojd uaaMjaq aouajajjjp jaN
9LA'LZ Ot>Z'StE frfE'8Zt> 8XZ7E3 suopdiunsse jo safiueio
*Z\'0\% - $ E987T $ - $ aouauadxa
|enpe pue papadxa uaaMjaq saDuajajjja
saajnosaj saajnosau jo smoijui jo SMO|J)nO pajjajaa pajjajaa 9T0Z
saajnosau jo SMO|jino pajjajaa
ZTOZ
:(spuBsnoqj m sjB||op) ,saaAo|diug |edpmnw
:saainos
6u|MO||Oj aq; ujojj suojsuad oj pajspj 'A|aA|jaadsaj 'uoiiiiuj SYt>$ Pub uonnuj 6"S3S$ io saajnosaj io smoijui pajjajap pus 'A|3Apaadsaj 'uonnuj 0"9Z£$ Pub uoihilu 3*383$ jo saajnosaj jo SMO|jjno pajjajap pajjodaj aqj '9T03 Pub Z.T03 'T£ Jaqwaaaa Vsf
- st> -
(88Z)$
(ZzTT
(TTS) (8StO t>ST
3303 T303 0303 6T03 8T03
J£ JBqiUBOBQ
papug jeaA
:smo||Oi se (jyauaq)/asuadxa uojsuad m pazm6oaaj aq |||m suoisuad s,uaiuaa!|Od oj paje|aj saajnosaj jo SMoym pajjajap pue saajnosaj jo SMoyjno pajjajap se pajjodaj sjunoiuv
s7FF$
9E8 Z 8I£'t
\Z
LZ6 I
I08'£ 9T $
SJU3LUJS9AUI UE|d U0|SU9d UO S6UIUJE3
lenpe puB papafojd uaaMjaq aauajajjip jbn suopdiunsse jo sa6ueqo
33U3U3dX3
|enj3B puB pajoadxa uaaMjaq saDuajajjia
ssDjnosau saajnosau saajnosau saajnosay
pajjajaa pajjajaa
Ztoz
JO SMOIJUI i° SMO|J)nQ jo smoijui i° SMO|J)nO
pajjajaa pajjajaa 9T0Z
:(spuesnoqj uj sjenop) s,uaiuaa!|Od
(3£9'9t>)$
(TYS'T) (3T£'TT) (ZE0'I3) (3U'3T)$
T303 0303 6T03 8T03
T£ jaqiuaaaa papug jbba
:smo||oj se jyauaq uoisuad ui pazmBoaaj aq hiaa suoisuad ,sjajoqen 0; pajepj saajnosaj 10 smoijui pajjajap pue saajnosaj jo sMO|jjno pajjajap se pajjodaj sjunoiuv
- 9t> -
aoiAjas io SjeaA Aq 6uiAjeA '(ZZ0Z-8T0Z JOJ %0S'9-%0S"l) (B)
% OS'Z. % SZY. Q) % SZY {3) % 00Y mnjaj jo ajej juawjsaAui
(p) % SZ'£ o) % SZ'£ (q) % 00"E (B) %SZY-%OS'£ saseajaui Ajeies
% OS-Z % SZ"Z % SZ'Z % OS"Z uopeuui
s.uaiuajjj s.uauiasiiod ,sJ3Joqei saaAoidujg
ledpmnN
ijuaiuajnsBaiu aq; ui papnpui spouad lie oj pa||dde 'suopdiunsse leuenjae 6u|M0||0j aqi 6u|sn pamiiuajap sbm uopen|BA |BUBnjae 9T0Z pue ZTOZ 'T£ Jaqiuaaaa aqi u| Ajinqeii uoisuad ibjoj aqi—suoijdiunssv leuenjov
¦sjbbA jnoj jbao (a6jBqa)/jyauaq uoisuad sb paz|u6oaaj aq |||M junoiUB pajjajap s|qj_ ¦suopnqujuoa jo ajsqs ajBuopjodojd sj| u| saBuBqa 05 pajB|aj 'A|3Apaadsaj uoihilu 9"6Z$
PUB UOIIIIUJ 6"t>TT$ JO SMO|JjnO P3JJ3J3P PUB '0$ JO SMO|JUI pajjajap pajJOdaj Spunj
jjodjiv aqj '9T0Z pue ZTOZ 'T£ Jaqwaaaa jo sy "suounqujuoa jo ajeqs ajBuopjodojd sji u| S36uBqa oj pajB|3J 'A|3A|padsaj uo||||iu (£Y)$ Pub uo||||iu (T'0£)$ J° (36jBqa)/j|jau3q uoisusd psjjodsj jjodjiv aqj '9T0Z pue ZTOZ 'T£ jaqiuaaaa papua sjeaA aqj joj
suoijnqujuoj jo ajeus aieuoQjodoJd ui saBueuj oj paje/an SMoyjno pajjajaa
OOZ'OZ$ ieioi
6S9'£ ZZOZ
Zt>9'Z TZOZ
OZT't> OZOZ
Z88't' 6T0Z
Z88't> $ 8T0Z
IE Jaqiuaaaa papug jbba
:saao||oj sb asuadxa uojsuad m pazmBoaaj aq |||aa suoisuad s.uaiuajy oj pajepj saajnosaj jo smoijui pajjajap pus saajnosaj jo SMO|jjno pajjajap sb pajjodaj sjunoiuv
9T£'£$ S09'6$ t>SZ'S$ frsFIz? leioj.
K)8'Z 609'Z Z£6'T sjuaujjsaAui ue|d uojsuad uo s6u|UJBa
|enpe pus papafojd uaaMjaq aouajajjjp jbn
£S0'£ TT8'S 9vv'Z 609'TZ suopdujnsse jo sa6ueu.3
£9Z $ 066 $ 66T $ £T6'T $ aouauadxa
lenpe pue papadxa uaaMjaq sasuajajjia
S33JnOS3U S33JnOSaM S33JnOS3U S33JnOS3M JJO 5AAOIJUI |0 SMO|JinO JO SMOIJUI JO SAAO|JJjnO
pajjajaa pajjajaa pajjajaa pajjajaa 9T0Z ZlOZ
:(spuBsnoqj u| sJB||op) s^auiajij
- zt> -
% (TOOT % O'OOT % O'OOT % O'OOT |e»oi
OL'L - - - O'ZI - - - sjuaiujsaAU! jaqjo
8 S - - - OE - sjasse |B3J ajBAUd
ft' - - - O'fr - - sjasse |eaa
Z9Y 9'fr t>'S fr'S 0'8 O'S O'OI O'OI ajejsa |eay
ft? - - - O'S - - uoueooiie jasse |eqo 10|VL - - - OYI - - sja>(jeai ajBAUd
V6 *"6 - - O'fr O'S Ajmba ajBAUd
Z'8 - - - O'E - W3P ajeAud
O'fr 9E 9£ - O'S O'OI O'OI spunj a6paH
t>£Y 61 (ZO) O T 0 02 OZZ O'OZ OYZ amcnm paxy
CS - - - O ZZ Ajmba leuojjeujajui
O'S - - - O'S - Ajmba Aji|!jB|OA mo| |eqo 10|L L CS - - O'TZ O'OZ - Ajmba s n uon
I'9 B'S - - O'TZ O'SZ - Ajmba S'n
9 S - - - 0'9Z Ajmba Dijsaujoa
% SZY % - % - % - % 0'09 % - % - % - Ajmbg
:ssbq jassv
s,uaiuaj|j s#uaiua3||od .ajajoqei .saaAoidius s.uaiuajij s,uawa3||Od ,uajoqe-| .saaAoidwa iIOZ
ledpiunH ledpiunN
ujnjay jo a)eu |eau pajoadxa ujjai-buo-| uo|)B30||v labjei
:aiqBj 6u|MO||Oi aq; in pazuBiuiuns ajB '9T0Z PUB ZTOZ 'TE Jaqiuaaaa jo sb ssep jasse jofeiu qaea joj ujnjaj jo sajBJ |eaj apaiuqjuB jo sajBiupsa jsaq pue uopeaone jaBjBj aqi 'uopeyui papadxa Buippe Aq pue a6e;uaajad uopeao||e jasse jauJBj aqj Aq ujnjaj jo sajBJ |eaj ajnjnj pajaadxa aqj 6upq6iaM Aq ujnjaj jo ajej pajaadxa ujjaj -6uo| aqj aanpojd oj pamqiuoa aje sa6uej asaqi "sse|a jasse jofeiu qaea joj pado|3Aap aje (uopeijui pue asuadxa juaupsaAm ue|d uoisuad jo jau 'smnjaj pajaadxa) ujnjaj jo sajej |eaj ajnjnj pajaadxa jo sa6uej ajeujpsa-jsaq qaiqM in poqjaiu >po|q-6mp|!nq aqj Bujsn pauiiujajap seM sjuaiujsaAU! ue|d uojsuad uo ujnjaj jo ajej papadxa iujaj 6uo| aqi
9T0Z 'TE Jaqiuaaaa-ZTOZ 'T Ajenuec s.uaiuajy
ETOZ 'TE Jaqiuaaaa-6003 'T Ajenuec s,uawaa!|0d
9T0Z 'TE Jaqiuaaaa-ZTOZ 'T Ajenuec .sjajoqen
9T0Z 'TE Jaqiuaaaa-ZTOZ 'T Ajenuec .saaAoidujg ledprnnw
:spouad Bujmohoj
aqj joj Apnjs aauauadxa |euenpe jo sj|nsaj aqj uo paseq pajsnfpe ajaM uopen|BA ZTOZ 'T£ Jaqiuaaaa aqi u| pasn suopdiunssB |BUBnjaB aqi ¦s,uaiuaj!j joj aiqsj ajubjjolu jb||03 an|g puB s,uawaa!|0d joj aiqej Ajhbjjoiu jUBjinuuv Aqj|eaH frTOZ-dy aq? uo paseq ajaM sajBJ Ajubjjolu paiqesia "(s^uaiuajy pue ,sjajoqen joj aiqej Ajiiejjouu jb||03 an|g) aiqsi Aj!|BJjoia| aaAoidLug fTOZ-d^ uo pasBq ajaM sajBJ Ajubjjolu ju3iU3jp3J-3Jd "ajBudojddB sb 'sa|BLuaj jo sa|BLU joj (s^aujajy pus .sjajoqBi joj aiqBj Ajuejjouj jb||03 anig) aiqBi AjiibjjoiaJ JUBjinuuv Aqj|B3H •pTOZ-d'H aqi uo passq ajaM sajBJ Ajubjjolu juaiuajpaj jsod
uopeiju; 6uipnpuj 'asuadxa juaupsaAm jo jaN u)
asuadxa juaiuisaAm jo ibn (3)
saseaJDUi paseq aaiAjas leuopjppe snid (p)
aDjAjas oj pajepj a6ejua3jad |euopippe sn|d (=0
sjeaA 6 Jsjlj aqj m aseajauj paseq—aajAjas e snid <<"
- 81? -
¦sjaqiuaiu
ue|d juajjna jo sjuawABd jyauaq ajnjnj papafojd \\e a>|Biu 03 a|qB||BAB aq oj papafojd mou s| uopisod jau AJBpnpy s,UB|d uoisuad aq; 'suopnqujuoa papafojd u| asBajaui aq; 10 ;insaj b sv '£Z0Z q6nojq; s;uaujABd 3>|buj o; a|qB||BAB aq pinoM uopisod ;au AJBpnpy s,UB|d uojsuad aqj jBqj papafojd '9T03 'T£ Jaqujaaaa jo sb uopsniBA aqi -AjinqBn uoisuad |b;o; aq; aujiujajap 0; sjuawABd ;yauaq papafojd jo spouad ||B o; pa||ddB sbm sjuaiujsaAU! UB|d uojsuad uo ujnjaj jo ajBJ papadxa uuaj-6uo| aqj 'ajojajaqi 'sjaqiuaiu uB|d juajjna jo sjuawABd jjjauaq ajnjnj papafojd ||B a>jBiu oj a|qB||BAB aq oj pajaafojd sbm uopisod jau AJBpnpy s,uB|d uojsuad aqj 'suojjduinsse asoq; uo pasBg -papnpui ;ou ajB sajjBjayauaq jjaqj puB sjaqujauj UB|d ajnjnj jo sjsoa aajAjas aqj punj 0; papuajuj ajB ;eq; sjaqiuaiu uB|d ajn;nj iuojj suopnqujuoa pus suopnqujuoa jaAo|diua papafojd -papnpui ajB sauspyauaq jiaqj pue sjaqiuaiu uB|d juajjna jo sjyauaq punj oj papuajuj aje jsqj suopnqjjjuoa jaAo|diua A|uo 'asodjnd siq; joj "£300-001'Vd Aq paypads se apeiu aq HIM suopnqujuoa jaAo|diua jeqj pue jap sjaqiuaiu qaea joj aiqeandde ajej uopnqujuoa aqj oj 6uipjoaae apsiu aq hjm suopnqujuoa jaqiuaiu UB|d paiunssB ajBJ junoasip aq; au|uua;ap 0; pasn smoij qsea jo uopaafojd aqi -(spuoq |edpiuniu uope6i|qo |ejaua6 jo xapui puog -oz jaAng puog aqj uo paseq) juaajad sz"£ jo ajej puoq iBdomniu b pus juaajad g-z jo ujnjaj jo ajBJ papadxa ub uo passq sbm 9T03 'T£ Jaqiuaaaa JOJ ajey junoasia a|6uis aqi "juaajad 0Y jo sjuaiujsaAU! ue|d uoisuad uo mnjaj jo ajej pajaadxa ub uo passq sbm 'ZT03 'T£ Jaqiuaaaa JOJ ajBy ;unoasia a|6uis siqi "£300-001 "Vd Aq paypads sb suopnqujuoa papafojd paseajaui aqj jo j|nsaj e A|U|Blu sbm ajej junoasjp aqj ui aseajauj aqi "9T03 'TZ Jaqiuaaaa jo se Ajjnqen uoisuad ibjoj aq; ajnssaiu oj pasn juaajad T.6"£ jo ajBJ ;unoasip aq; luojj asBajaui ub s| qaiqM 'juaajad 0Y sbm ZT03 'T£ Jaqiuaaaa jo sb Ajinqen uoisuad ibjoj aqj ajnseaiu 0; pasn ajej junoasip aqi—^saa/o/diug ledioiunw
ajey junoDsia
% O'OOT % O'OOT % O'OOT % O'OOT iejoj
~ o> ~- sjasse |eaj ajBAUd
B'fr - - ¦ 0t> - - sjasse |eay
Z Z - - 0'fr - - sjuaiujsaAU! wjaj-jjou.s
pue sjjsodap u.sbo
8'Z - - O'E - - - sauipoujLUOD
E'S - - - O Z - - sjuaiujsaAU! 3A]jeujaj|v
Z'9 9't> 9t> Z'S O Z O S 0'8 0'0T ajejsa |eaa
O'S Et> - ¦ 0'0T 0Y - W9
8Y ZY - - 0'TT 0Y - sja>|jew ajBAUj
S'8 - - 9'8 O'E - - O'S Ajmba ajeAuj
LZ 6'E 8'Z • 0Y 0'8 0'0T spun; aBpaH
8'T 9Z S'O - 0'ZZ 0'9T OYZ awoDU] paxu
O'E - - - O'TZ - - - 3UJ03UI paxy Dpsaujoa
SY - - O'S 0'SZ - - 0'ZZ Ajmba ibuoijbujbjui
8'9 - - O'OZ - Ajinba|Bqo 10|9Y 0 8 - - O'OZ 0'8T - Ajmba 'S'n uon
T'9 t>'9 ¦ ¦ O'TZ 0'ZT - Ajmba'STl
6Y - - - 0'9T - - - Ajmba dBD news Dijsaiuoa
SY - - - 0'VZ ¦ • - Ajmba dBD a6jB| D]jsaiuoa
% ¦ % - % - % 8> % ¦ % - % - % 0'9Z ^inba Dnsaiuoc]
:ssb|o jassv
s,uauiajij s,u3ili»i|0d .uajoqci ,saaAo|dui3 s.uauiajij 9,uauia3i|Od ,«jajoqei ,aaaAo|dui3
uo|jeoo||v jaDJei
ledpgunH l>dpiunH
ujnjay jo ajsu |»u pajoadxj uuai-Duon
- 6t> -
jeaA aqj q6nojqj sjuaiuABd jyauaq pajaafojd oj paydde sbm sjuaiujsaAuj ue|d uojsuad uo ujnjaj jo ajej pajaadxa ujjaj-5uo| aqj 'j|nsaj e sy -(uopenieA 9T0Z aqi J°J) 9903 Pub (uopen|BA ZTOZ aqi joj) 0Z0Z JBaA aqi q6nojqj sjuaujAed jyauaq aqj aaueuy oj juapyjns ajaM suopnqujuoa ajnjnj pue uopisod jau Ajepnpy s(ue|d uoisuad sqj 'suopdiunsse asaqj uo p3seg -3jej jaqiuaiu sqj pue sbjbj uopnqujuoa Ajojnjejs aqj uaaMjaq aauajajjjp aqj oj |enba sajej je apeiu aq ||iaa suopnqujuoa jaAo|diua jeqj pue ajej uopnqujuoa juajjna aqj je apeiu aq ujm suopnqujuoa jaqiuaiu ue|d jeqj pauinsse ajej junoasjp aqj aujuuajap oj pasn saao|j qsea jo uojpafojd aqi -((ST"H) aseapj leapspejs aAjasay |ejapaj ujojj ajej „spuoq |eao| pus ajBjsvl aqj jo ajBp juaiuajnsBaiu aqj UBqj jajB| jou jnq oj jsasop ajBJ A|>|aaM aqj uo passq) A|3Apaadsaj '9T.0Z Pub ZTOZ 'T£ Jaqwaaaa jo sb juaajad 8Z'£ PUB juaajad "[£"£ jo ajBJ puoq iBdjajuniu b pus '9T03 pue ZTOZ '\£ jaqiuaaaa Joj juaajad sy jo sjuaiujsaAU! uB|d uojsuad uo ujnjaj jo ajej pajaadxa ub uo paseq sbm ajey junoasja a|6uis siqi "AjinqBn uojsuad ibjoj aqj 3jnsB3iu oj pasn sbm 'ApApaadsaj '9T0Z pue ZTOZ '\£ jaqiuaaaa jo sb 'juaajad n£"Z pue juaajad £Z'L jo aiey junoasia a|6uis V—s,uaiuajjj
¦ajep jeqj jajje sjuaiuAed jyauaq ||B oj pa||dde sbm ajBJ puoq ledpiuniu aqj pus '(uopBn|BA gTOZ aqi Joj) 890Z -JeaA aqj puB (uopBn|BA ZTOZ aqi Joj) 0Z0Z JeaA aqj qBnojqj sjuaiuABd jyauaq pajaafojd oj paj|ddB sbm sjuaiujsaAU! uB|d uojsuad uo ujnjaj jb ajBJ pajaadxa iujaj-buo| aqj 'j|nsaj b sy -(uojjBniBA 9T0Z aqi Joj) 890Z JB3A aqi PUB (uojjBn|BA ZTOZ aqi J°J) 0Z0Z JBaA aqi qbnojqj sjuaiuABd jyauaq aqj aauBuy oj juajayjns ajaM suopnqjjjuoa ajnjnj pus uojjjsod jsu AjBjanpy s,UB|d uojsuad aqj 'suojjdiunssB asaqj uo paseg -sjusuisjjnbsj Ajojnjejs aqj qjjM aauepjoaas ui apeiu aje suopnqjjjuoa jaAo|diua pus suopnqjjjuoa jaqiuaiu ue|d jeqj paiunsse ajey junoasja 3|bujs sjqj aujiujajap
OJ p3Sn SMO|J qSBO JO UOJpafOjd 3qi "((ST'H) 3SB3|3J IBapSJJBJS 3AJasay |BJap3J IUOJJ
3jbj „spuoq |eao| pue 3jejsu sqj jo ajep juaiuajnseauj aqj ueqj jaje| jou jnq oj jsasop ajej A|>jaaM aqj uo paseq) A|3Ajjaadsaj '9T0Z pue ZTOZ '\£ Jaqiusaaa jo se juaajad 2L'£ pue juaajad T£"£ jo ajej puoq |Bdjajuniu b pub '9T0Z Pue ZTOZ 'T£ Jaqujaaaa joj juaajad sz'Z jo sjuaiujsaAuj ue|d uojsuad uo ujnjaj jo ajej pajaadxa ue uo paseq seM ajey junoasja a|6ujs sjqi "Ajjuqeji uojsuad ibjoj aqj ajnsBaui oj pasn sbm 'A|aAjjaadsaj '9T0Z Pub ZTOZ '\£ jaqiuaaaa jo sb 'juaajad Z0"Z pub juaajad o"Z jo ajBy junoasja a|6uis y—s,uautaouod
"TZOZ q6nojqj sjaqiuaiu UB|d juajjna jo sjuaiuABd jjjauaq ajnjnj papafojd ue a>jeiu oj aiqeijBAB aq oj pajaafojd mou sj uopisod jau AjBjanpy s,uB|d uojsuad aqj 'suopnqujuoa papafojd uj aseajauj aqj jo j|nsaj e sv "ZZOZ qbnojqj sjuaiuAed 3>)buj oj a|qe|jEAB aq pinoM uojjjsod jau AjBjanpy s,UB|d uojsuad aqj jsqj pajaafojd '9T0Z 'T£ jaqiuaaaa jo sb uojjBn|BA aqi "ajBp jBqj jajjB sjuaiuABd jyauaq ||B oj paj|ddB sbm ajBJ puoq iBdjajuniu aqj pus 'TZOZ JBaA aqj qbnojqj sjuaiuABd jyauaq papafojd oj paj|ddB sbm sjuaiujsaAuj uB|d uojsuad uo ujnjaj jo ajBJ pajaadxa uuaj-buoi aqj 'j|nsaj b sy "TZOZ JBaA aqj qbnojqj A|uo sjuaiuABd jyauaq aqj aauBuy oj juajayjns ajaM suopnqujuoa ajnjnj pus uojjjsod jau AjBjanpy s,UB|d uojsuad aqj 'suojjdiunssB 3S3qj uo pssBg "Aajiod bujpunj AjojnjBjs aqj japun je apeiu aq ujm suopnqjjjuoa jaAo|diua jeqj pue ajej uojjnqjjjuoa juajjna aqj je apBiu aq ujm suojjnqjjjuoa jaqiuaiu uB|d jBqj paiunssB ajsy junoasja a|6u!S sjqj aujuuajap oj pasn smoij qssa jo uopaafojd aqi "((ST'H) assaiaj |BapsjjBjs aAjasay lejapaj iuojj ajej „spuoq |eao| pue ajejsu aqj jo ajep juauiajnseauj aqj ueqj jajB| jou jnq oj jsasoia ajej A|>|aaM aqj uo passq) A|aAjjaadsaj '9T0Z Pub ZTOZ 'T£ Jaqiuaaaa jo sb juaajad 8Z"£ puB juaajad T£"£ jo ajBJ puoq iBdjajuniu b pub 'A|aAjjaadsaj '9T0Z PUB ZTOZ 'T£ jaqiuaaaa jo sb juaajad g*z pus juaajad sz'Z jo sjuaiujsaAuj UB|d uojsuad uo ujnjaj jo ajBJ pajaadxa ub uo passq sbm ajBy junoasja a|6u!S sjqi 'EZ00-00T "Vd Aq pajjjaads sb suopnqjjjuoa papafojd paseajaui aqj jo j|nsaj e A|ujblu sbm ajBJ junoasjp aqj ui aseajauj aqi "9T0Z 'T£ Jaqiuaaaa jo sb AjjuqBji uojsuad ibjoj aqj ajnsBaiu oj pasn juaajad ZT'1> jo ajBJ junoasjp aqj iuojj assajauj ub sj qajqM 'ZTOZ 'T£ Jaqiuaaaa jo sb Ajj|jqBj| uojsuad ibjoj aqj ajnsBaiu oj pasn sbm juaajad ZO'Z jo ajBy junoasja a|6ujs y—,SJ^Joqe^
- OS -
T/9't>3T$ £ZS'OST$ 8/0'38T$ Aiwqeu uoisuad jsu ,SJ3JoqB-|
% LI'S % LV* % LYZ sjbj junoasip ,sjajoqBi
aseajaui aieu aseajaaa 9T0Z 'T£ Jaqiuaaaa
Vol lunoasja Q/oT Ajinqen uojsuad }3N
juajjn3
t>0£'69 $ 90T'98 $ t>6l'90I$ AjwqEH uoisuad jau ,sjajoqBi
% /0"8 % ZOY % Z0"9 aiBJ junoasip ,sjsjoqBi
aseajaui Vol
aiey Uinoosia
juajjno
aseajsaa Vol
ZTOZ 'T£ JaquiaDaa Aii|iqen uojsuad )3N
:(spuesnoqj u| sjenop) ajBJ juajjna aqj usqj jaq5|q ju|od abBjuaajad \ jo jsmoi juiod abBjuaajad \ s\ jBqj ajBJ junoasip b 6uisn pajB|na|Ba ajaM j| j| aq pinoM AjinqBn uoisuad jau aqj jBqM sb ||3m sb 'A|aA|jaadsaj juaajad ZT"t> Pub juaajsd i_0'L jo 3jbj junoasip sqj buisn p3jB|na|Ba '9T0Z pue LIOZ 'lZ Jaquj3a3a jo sb jjodjiv sqj oj AjinqBn uoisusd jsu sqj jo ajBqs psjBao||B aqj sjusssjd bu|MO||Oj aqj—,sjajoqei
£0S'S96$ % T6>
Z£6'8£T'T$ % 16'E
ZZl'0SE'l$ % I6Z
Ajinqen uoisuad jau ,saaAo|dujg ledpmniAj ajej junoasip .saaAojduig |edpiun|A|
aseajaui Vol
aajen junoasja
juajjro
aseajaaa Vol
9T0Z 'TE Jaquiaoaa Ajjuqejn uojsuad »3N
ZST'T89$ 00t''86Z$ SS6'6£6$ AjmqBn uoisusd jau .saaAoidujg |Bdp|unw
% 00'8 % 00Y % 00'9 91BJ junoasip ,saaAo|diU3 ledpiunw
aseajaui a*eu aseajaaa ZTOZ 'TC Jaqiuaaaa
Vol junoasja Q/oT Mjuqen uoisuad *aN
JU3JJI13
:(spuBsnoqj ui sJB||op) ajBJ juajjna aqj ueqj jaqbiq juiod abBjuaajad \ jo jaMO| juiod abeju3ajad \ s\ jsqj ajBJ junoasip b buisn pajB|na|Ba sjsm ji ji sq pinoM AjinqBn uojsuad jau aqj JBqM se ||a;M se 'A|aA|jaadsaj 'jusajad T6"£ pue jusajad OOY J° ^ej junoasjp sqj buisn psjB|na|Ba '9T03 Pue LIOZ '!£ Jaqujaaaa jo sb jjodjiv aqj oj AjmqBn uoisuad jau aqj jo ajeqs pajeaone aqj sjuasajd bu|MO||oj sqi—.saaAo/duis \ed\0\uny4
aieu junoasja 3M4 "! sa6ueq3 oj Auuqen uoisuad jaN s,jJodjjv aqi io AjjAjjjsuas
'ajep jeqj JajjB sjuaujAed Jijsusq ||e oj pai|dde sbm ajBJ puoq |Bdp|uniu aqj puB '(uopBn|BA 9T03 3qi J0J) 9903 Pue (uopBn|BA l\0Z aqi J0J) 0Z.03
- TS -
¦sjjodaj sueid uoisuad panssi ApjBJBdas aq; ui a|qB||EAB si uopisod jau Ajepnpy s,ue|d uoisuad aqj jnoqe uopeuijojui panejaa "uopisod J3N Ajepnpy UB|d uoisuad
68E'08T$ frTVfrOZ* 099'Z£Z$
% 0£"8 % 0£Y % 0£"9
Ajinqen uoisuad jau s^awajy ajej junoasjp s^aujajy
aseajaui %T
aseajaaa %T
9T0Z 'T£ Jaquiaaaa Ajinqen uoisuad jaN
U8'10Z$ 06t-'0£Z$ 609't>9Z$
% ZZS % ZVL % £3"9
Ajjiiqen uojsuad jau s^aiuajy ajBJ junoasjp s^aiuajjj
aseajaui %T
a^eu junoasja
juajjn3
aseajaaa %T
ZTOZ 'T£ Jaquiaaaa Auuqen uojsuad J3N
:(spuBsnoqj uj sjb||op) bjbj juajjna aqj UBqj jaq6jq jujod abBjuaajad \ jo J3M0| juiod a6Bjuaajad \ s\ jBqj sjbj junoasip b 6u|sn pajB|na|Ba aj3M j| j| 3q pinoM AjinqBn uoisusd jbu 3qj jsqw sb ||3m sb 'A|3A|jaads3J 'jusajad 0£Y pub jusajad ZZ'L j3 ajBJ junoasjp aqj Buisn pajB|na|Ba '9T0Z pue L\QZ '\Z jaqwaaaa jo sb jjodjiv aqj oj AjjuqBji uoisuad jau aqj jo aJBqs pajBao||B aqj sjuasajd 6u|mo||oj aqj—stuauiajij
63T'93T$ % Z0'8
0t>6/t>t>T$ % ZOY
6££79T$ % Z0"9
AjinqBn uoisuad jau s,uaujaa!|Od ajej junoasip s,uaiuaa||Od
aseajaui %T
ajjeu junoasja
juajjn3
aseajaaa %T
9T0Z 'T£ Jaqujaaaa Aimqen uojsuad l»N
93VS3T$ % 00 "8
WZ'Wl$ % 00 Y
0Z8'99T$ % 00'9
AjinqBn uojsuad jau s,uaujaa||Od ajBJ junoasjp s,uaujaa||Od
aseajaui %T
a»ey junoasja
iuajjn3
aseajaaa %T
ZTOZ 'T£ Jaquiaaaa Ajjiiqen uojsuad jaN
:(spuBsnoqj u| sjB||op) ajBJ juajjna aqj usqj jaqBiq jujod a6Bjuaajad j jo J3M0| jujod a6Bju3ajad i s\ jBqj 3jbj junoasip b Buisn pajB|na|B3 aj3M jj jj aq PinoM AjjnqBii uojsuad jau aqj JBqM sb ||3m sb 'A|3A|j33ds3J 'ju33J3d ^OY pue ju33J3d 00Y jo sjbj junoosjp sqj 6ujsn p3jB|na|Ba '9T0Z Pub ZTOZ 'T£ jaqwaaaa jo sb jjodjiv aqj oj AjjnqBii uojsuad jau aqj jo ajeqs pajeaone aqj sjuasajd 6u|MO||Oj aqj—s^uaiuaJi/Od
- 3S -
b ipun pajouoq aje juauiaajbB joud aqj jo suoisiAOJd aqj 'sioaojojd „3JOjja jo aauBuaju|Biuvl aip Japun "sjyauaq qi|Baq aajpaj aqj jaAoa qaiqM sjuaiuaajbB Mau 6u|pje6aj 6u|o6uo aje suopepoBau 'jjodaj siqj jo ajep aqj jo sv "(ajy pue aa||Od bmuiBiuajJOj ZTOZ '0£ aunf pue sjueuajnan pue sjuea6jas 'suiejdeo aa||Od joj 9103 '0£ aunf q6nojqj) pouad pejjuoa aqj Bu|UjaAo6 (-pioz u| paz||Buy pue) pajepoBau sbm V9D aqi jo uojsuajxa u\/
¦a6e Aj!|iq|a ajBaipaw jb asBaa sjyauaq juaiuajpaj AUBa |Bpads vaD "AJiiiqiBjia ajBaipaw jo abB aqj qasaj Aaqj |pun a6BJ3Aoa sjqj da3>| Abui Aaqi ¦sjaqiuaui paAo|duja A|3ApaB oj paJ3jjo iuBj5ojd jysusq 3JBaqj|Baq 3qj ui sjuapuadap jjaqj pus saA|asujaqj uojua oj pajjiuuad bjb aajAjas jo sjbbA pajmbaj aqj qj|M gg abB 6u!U!Bjjb JajjB ajpaj oqM saaAo|duja U|Bjjaa 'sjajqby ajy jo uopspossv IBuopBUjajui aqj pus aa||Od jo japjo ibujbjbjj aqj joj sjuaujaajbB bmmBbjBq aApaanoa jsajB| aqj jo suuaj aqj japun—(VflD) Sjjuaiuaaj6v 6u!uie6jeg aAjjpa||(>3 aqj) japun sjjjauag |epads
•gg abB |pun uB|d qj|Baq aApaB aqj japun abBjaAoa pazipisqns A||nj aABq oj anupuoa ujm abBjaAoa gg/£g-ajd AjojnjBjs 3AEq oqM saajpaj psiqBsia Ajna "sjuapuadap buipnpui saA|| paj3Aoa 8Z.£'£ jo iejoj e puB 8Z6'Z si dnojb jajjB| siqj m sjuBjmuuB jo jsquinu 36bj3ab 3qi -Ajp sqj ujojj 3JBaqj|Baq p3Z|pjsqns 3iupaj|| aAiaaaj oj snupuoa HjAA oqM '(686T 'ZZ jsnbnv oj joud pajpaj oqM asoqj) sjuapuadap J|3qj pua S33J|j3J jo ssbp aqj oj pajnqujjB sbm uoiiiiuj 6"Z$ pue '9T03 'T£ Jaquiaaaa J3ye Ajp aqj uiojj ajeaqj|Baq pazipisqns paAjaaaj jabuoi ou oqM saajpaj aqj joj sujibp jjounj oj pajnqujjB sbm uonnuj 8"1>I$ 'junoujB jBqj jo 'uoiiiiuj i'ZZ$ sbm sjyauaq asaqj buipiAOJd joj z.T-03 ui Ajp aqj oj asuadxa jau aqi "sissq ob-noA-SB-ABd b uo papunj ajB puB pajjodaj ajB sui|Bp sb sjuaiuajejs lepuBuy 6uiAuediuoaae aqj ui ajnjjpuadxa ue sb pazmboaaj s| sjyauaq qj|Baq jo jsoa aqi ¦sauipajn J|aqj joj '686T 'ZZ isnbnv oj joud pajpaj oqM sjuBjmuuB Ajp asoqj oj UB|d jsqj jo jsoa aqj jo uoj)e6j|qo Aij3—sjijauag juaiuAoidiug isod Jaujio
¦Ajinqen ueid qiieaH juauiapjas #saajpay aqj qj|M jaqjaboj pajjodaj s| pue gt? gsVD Japun dnojb paj|uj|| siqj joj saipisqns paxy Aiqjuouj aqj joj sapinqBii aqj papnpui SBq Ajd aqj 'uosbbj jBqj joj ¦£¦? gsVD Japun sjjodaj uopBn|BA IBusnpB aApaadsaj jpqj ui saipisqns A|qjuoui aqj joj sapinqBii aqj papnpu'i spunj uoisuad aqj jo auou jnq sjuaiuABd aqj a>|Biu oj pajBbnqo ajB spunj uojsuad aqi ieqi aiBjs sajnjBjs S86T Pub £861 aqi "uopBbpn oj pafqns nps s| sjubj^uub aqj oj sjuaiuABd Apjsqns aqj a>|Biu oj pajebnqo s| Ajp aqj jo spunj uoisuad aqj jaqjaqM jo anssj aqi ¦ Aj||iq|3 ajeaipaw pub punj uojsuad s,aajpaj aqj uo Buipuadap 'qjuoui jad gg$ - iz$ ujojj abuBj saipisqns asoqi "apcp uojsuad aqj oj sjuaiupuaiuB g86T Pub £86T aqi u| papiAOJd sjunouiB Apisqns aqj oj |Bnba saipisqns A|qjuoiu ajBJ paxy aiupajn aApaaj oj p3|jpu3 3JB 'sju3iu3J|nb3J Aj!nq|6!|3 u|BjJ3a oj jaafqns puB 'uopBbpn (dnojb >|Bqsjo» 'sjuapusdsp j|aqj pus 686T 'ZZ jsnbnv oj joud pajpaj oqM asoqj) >|Bqsjo>] *a o6B3|q3 jo Ajp aqj ur £00Z u| juaiuaajbB juauiapjas paAOJddB jjnoa b jo uopnaaxa aqj oj joud paj|q sjuBjmuuB ajnjnj pue juajjna jeqj ppq jjno3 ajenaddv sjoumi aqj 'LIOZ ui—uo;je6ijn pooMjapun
¦mb| ajBjs Aq pazuoqjnB ajaM S3|pisqns punj uo|su3d ou 'sjsp JBqj J3JJV '910Z '\Z jsqiusaaa qbnojqj uB|d qj|B3q Ajp Aub J3pun 3bBJ3Aoa pajaa|3 pBq oqM jusjmuuB qaea oj Apisqns JB||op A|qjuoiu paxy e apjAOJd oj (,sj3JoqBi pue ',s33Ao|dui3 |edp|un|Aj 's,u3ui3J|j 's.usiusanod) spunj uoisuad aApaadsaj jnoj aqj pazuoqjne mb| ajBjs a|qBa||ddv
spunj uojsuad—(93dO) sjyauag luaiuAoiduig jsod JaujlO
SlId3N39 lN3WAOHdW31SOd U3H10
- es -
tt>9'Z8T$ S9Z'£ZI$ 9Z£>T $ JeaA jo pua 'uojieBuqo ggdO 13N
603Y9T TTsWt- 869'3 JBaA jo 6umu!6aq'uopE6!|qo ggdO 13N
ZEfr'OZ t>SZ'8 8Z9'tT uopg6!|qo ggdO }3U u| (asB3J:jap)/aseajDUT.
SIS 38 81>S Et? Z96 8£ spEUJ suoijnqujuoo
Zt>6'30T ZOE'ZS St>9'0S isod ggjO |enuuv
(IE0'6I) (t>Z£'8l) (ZoeI uoqnqujuoD pajmbaj |Bnuus oj juawjsnfpv
9T0'S SE6't> 18 uopefinqo ggdO iau uo jsajajuj.
396'9TT$ l~60'99 $ I£8'0S $ uop,nq!JjuoD pajmbaj |enuuv
V/N V/N V/N sjaqiuaoi ue|d
oo-noA-sv-AEd og-noA-sv-Aed 09-noA-sv-ABd Ajp
:sajEJ uo|jnq|jjuo3
|Bjoi sjuauag ue|d MJIbbh
lepads juaujaujas
vaa aa-i^aa
(spuesnoqj ui sje||oa) apeft suoijnqujuoo pue jsoo gadO lenuuy
¦(asuadxa)
jsoa Q3dO lenuue aqj s| ZTOZ J0J uopisod jaN u| sa6ueq3 jo juaiuajejs aqi uj papjoaaj sj ieqj jsoa |BnuuB aqj jo junoujB aqi "UB|d qiieaH aqi - sjyauaq juawAoiduia-jsod jaqjo aqj joj Ajjnqeji jau aqj se pua jeaA jo se uoujsod jaN jo juauiajejs s,Ajd aqj uodn pajajua junowe aqj s\ uopeBuqo 93dO 13N aqi "uopeBiiqo ggdO 13U s,Aip aqj U| saBueqa pue 'ueid aqj oj pajnqujuoa A||enpe junouje aqj 'sjyauag |epads V9D pue uefd qiieaH aqi joj jeaA aqj joj sjsoa ggdO lenuue s,Ajp aqj jo sjuauodiuoa aqj SMoqs aiqej 6uimo||OJ aqi
¦sjeaA uaj jo pouad e jbao sapwqeii |euenpe papunjun Aue azpjouie oj pue jeaA qaea jsoa ibujjou aqj jaAoa oj pajaafojd si 'siseq BmoBuo ue uo pied j! 'jeqj Buipunj jo |3A3| e sjuasajdaj aqi "JaAoiduia aqj jo „ jav« uopnqujuoa pajjnbaj |enuue aqj uo paseq paje|na|ea si (asuadxa) jsoa (ggdO) lljauaq juauiAo|duia -jsod jaqjo |enuue s,Ajp aqi —uojie6nqo S3dO J»N pue is<>3 QBdO |enuuy
'sjyauaq ue|d
qjieaq aajpaj aqj Buipunj oj pajeaipap jo pajeinuinaae aje sjasse on — Aai|Od 6ujpunj
YT03 J° pua aqi ie Bummbaq a6ejaAoa 3jea qj|eaq joj uojsuad jpqj jo °/0z ainqujuoa oj pajjnbaj ajaM saajpaj \/gD "6T03 'l£ jaquiaaaa Aq pajnaaxa aq oj pauinsse aje suopepobau aqj 'Ajojsiq joud uodn paseg ¦jeaA jeqj jo "[£ Jaquiaaaa J° SB V9D aqi Japun pajpaj Apeaj|e aAeq pinoM oqM sjaquiaui asoqj oj sjuaiuAed jo uopenupuoa joj sapinqen aqj sapnpui jnq 'jeaA uopejjdxa pejjuoa aqj jo jaquiaaaa aqi jo se sjyauaq |epads juauiajpaj Auea aqi jo uopejidxa aqj sauinsse uopen|BA siqj 'ajojajaqi "auip siqj je papuajxa jo 'payipoui 'pajeuiLmp Aneaypads aq |||M sjyauaq qiieaq |epads vg3 aqi JaqiaqM umou>) jou si ji "pauBjs si juauiaaj6e Mau
- t>s -
% I'EE
9TCK/TE/2I |B301
9102/Te/ZT sjyauaq iepads V90
9I0Z/TE/ZT UB|d 4U3UJ3IU3S
ajea uoifenieA ieuen}3v
% - S26'3t>8$ SZ6'2t78 * - $
% 9 ZT
30IYt>S'I$ % " 6Zfr'TIS 5 6Zt>'IIS $ ~ I
MOJAed
P3J3A03
e se nwwn
Z997Z9'3$ % " 96t-'IEE £ SIFtEE-? ~ 5
parux>v jo snieA leuertpv |euen]3v
IIOjAed oijea (nwn) Ajinqen (1W) Aimqen s»assv
P3J3A03 papunj
P3IU33V
ieuen¥>v papunjun
(spuesnoin ui sieiioa} ssaJBoid Buipunj jo 3|npaips
¦sjuaiuajejs lepueuy am oj sajou aqj bmMonoj uopbiujojui Ajejuawaiddns (pajipneun) 'pajmbaj se 'sjuasajd 'ssajbojd buipunj jo ainpaqas aqi "ajnjnj aqj jnoqe apeui aje sajeujpsa Mau pue suopejaadxa jsed qj|M pajeduioa aje sjinsaj aqj se suoisiabj lenupuoa oj pafqns aje jaAo|dwa aqj jo suopnqujuoa pajinbaj lenuue aqj pue ue|d aqj jo snjejs papunj aqj buipjebaj pauiuuajap sjunoiuv "puajj jsoa ajeaqjieaq aqj pue 'Ajubjjoiu 'juaujAoiduja ajnjnj jnoqe suopdiunsse apnpm sa|diuexg ¦ajnjnj aqj ojui jej sjuaAa jo aauajjnaao jo Ajmqeqojd aqj jnoqe suopdiunsse pue sjunoiue pajjodaj jo an|BA aqj jo sajeiupsa aA|OAU| ue|d bmobuo ue jo suopen|BA |euBnja\/
¦juaajad \-Z£ sbm nojABd pajaAoa aqj oj Ajinqen panjaaB leuenpe papunjun aqj jo opBJ aqj puB uonniu L'LZ9'Z% AiajBimxojddB sbm (uB|d aqj Aq pajaAoa saaAo|diua aApaB jo nojABd |BnuuB) nojABd pajaAoa aqi "papunjun sbm qaiqM jo ||B 'uonniu 6"Zt>8$ sbm sjyauaq joj Ajwqen panjaaB"leuenpe aqj 'ajBp uopBn|BA leuenpe juaaaj jsoiu aqj 'l\QZ 'T Ajenuec jo sv—ssaj6oj<| 6uipunj pue snieis papunj
TS8'ZZT 602791 Tfr9Y8T$
TZS'8ST S9Z'£L\%
083't>T 869'2 9L£'*\ $
uoije6i|qo 93dO 13N
V6L 0Y8 £¦£8
0t'8'T6 6Z0't>8 Zt-6'20T$
S6T'8t>
%
09s'st>
S'££1
roei
% 6'9Z
Z0£'ZS $
st>9'et>
69t>'8£ St-9'OS $
pajnqujuoD jsod jsod S3dO 93dO lenuuv |enuuv jo a6ejuaajad
suojieBiiqo 13N pue sjsod 93dO ysuo!inqiJ)uo3 jo ainpaqas
STOZ/IE/ZT 9T03/Te/3T ZT03/TE/2T |BJ01
ST0Z/TE/2T 9T0Z/T£/ZI ZT0Z7T£/3T sjyauaq |Bpads V9D
ST0Z/TE/3T 9I03/I£/3T L\QZ/\£/Z\ UB)d juaiuapjas
papug
JB3A |B3Sjd
:(spuBsnoqj u| sjbhop) smohoj sb aje noz JeaA |easy joj uopEbnqo ggdO 43U aqi puB 'uB|d aqj oj pajnqujuoa jsoa ggdO lenuuB jo abBjuaajad aqj 'jsoa ggdO lenuue s,Ajd aqi
- ss -
¦sjeaA
uai J3A0 lunowe JB||op |3A3| b se pazpjoujB 6u|aq s| Ajwqen |euenpv panjaav papunjun bumiBiuaj sqi ¦%()¦£ jo sjbj ujnjaj |enuue ue p|a|A \\m qaiqM suopejnp joj pajsaAui aq o; pawnssB 3Je sjyauaq Aed oj pasn aq oj pajaadxa spunj aqi "jsmj paje6aj6as e u| sjasse pioq jou saop pue sjasse p3je|nuinaae jou seq ue|d aqi "uopdiunsse uopeijuj %S"3 e papnpui sajBy "6202 u| %0'S jo aiBJ ajeoipin ue oj sjusujsjaap Aq paanpaj '8102 ui %0"8 jo 3jej puajj jsoa ajea qi|Baq |enuue ue papnpm suopdujnsse |euenjae aqi "pajaaps sbm poqj3Ui ibiujou 36b Ajjub 3qi (61-03) Pbjjuoo eqi jo jbbA uoiiejidxe pawnsse aqi 10 i£ jaqwBoaQ jo se sniejs Aed ui pue pajjiaj Apeaj|e 'pajiiaj A|jea jo jjeqeq uo siuaujAed joi A|uo papnpui aje s8!i!|iqB!| ueaw p|noMS|qi "6T02/TE/2I °1 papuajxa sbm spBJjuoa 3qj jo uopBJ|dxa |BnpB sqj j! sb sj|j3U3q V9D JOJ sapinqBii papnpm SBq uopBn|BA 3qj '|oaojojd „JJOjjg jo aauBuajmBiAj^ sqj J3pun p3jBpo63u s| ju3uj33j6b Mau b ipun psjjuoa 6ups|xa aqj jo suo|S|AOJd aqj jouoq oj pajmbaj s| Ajq 3qj aams 'sjbbA 33jqj oj omj joj 'Ajojsiq joud uodn p3SBq 'anupuoa oj pajaadxa pue 6mobuo aje suopepobaN 'paMauaj aq jou pue pouad pejjuoa juajjna aqj jo pua aqj jb aj|dxa pinoM sjyauaq vaD aqi ieqi sbm 'sjyauaq qj|Baq aajpaj 6upjasuns uo ajnjsod s,Ajio aqj qj|M juajspuoa suopBpadxa aqi "ajy pus aa||Od jaqjo ||B joj LIOZ '0£ aunf pUB (sjuBuajnap pus sjuBabjas 'smBjdB3 aa||Od joj) 9T02 '0£ aunf jo ajB sajBp uopBJ|dxa sjaBJjuoa aqj 'ajy puB aa||Od joj \/9D aqi Japun sjyauag |Bpads aqj joj
•S9/£9
abB oj aiqBABd uB|d qj|Baq aApas aqj japun sjusdppjBd AjwqBsip Ajnp oj papiAOJd sjyauaq qj|Baq \/9D-uon '£002 °1 joud paj|q (>|Bqsjo» jdaaxa) AjobajBa juBjmuuB aqj joj sjyauaq Apisqns paxy aujpajn 'sjuapuadap jpqj puB (dnoj6 >|Bqsjo>| '686T 'ZZ isn6n\/ oj joud pajpaj oqM asoqj) saajpaj jo sssp aqj joj sjyauaq aiupajn apnpm sjyauaq aqi 'SJBaA uaj jaAO junoujB JB||op pA3| b sb pazpjoujB 6upq Sj AjinqBn |BUBnp\/ panjaav papunjun 6u!U!BUjaj aqi "%0'E jo 3JBJ ujnj3J |BnuuB ub p|a|A \\m qaiqM suopBjnp joj pajsaAm 3q oj paiunsss aje sjyauaq Aed oj pasn aq oj papadxa spunj aqj 'jaAaMOH "jsnjj p3jeb3Jb3s b m sj3ssb pioq jou S30p puB sj3ssb p3jB|nujnaaB jou SBq uB|d aqi •uopdiunssB uopBym %S"2 b papnpm sajey "6202 ui %0"S jo aiej 3jeujp|n ub oj sjuawajaap Aq paanpaj '8T02 JOj %0"8 jo aiej pusjj jsoa ajeaqj|Baq |BnuuB ub papnpm suopduinssB |BUBnpB 3qi -pasn sbm poqjauj jsoa |euenjae ibujjou abs Ajjua aqj 'sjyauag ueid qiieaH ,saajpay aqi joj
•suope|na|Ba 3qj jo 3Apaadsj3d iuj3j buo| 3qj qj|M juajspuoa 'sjasss jo 3n|BA |BUBnjaB aqj pus sapinqBii panjaaB |euenpe m Aj||pe|OA ujjaj jjoqs jo sjaajja aqj aanpaj oj paubpap ajB jsqj sanbmqaaj apnpm pasn suopduinssB pub poqjaui iBusnjas aqi -jmod jBqj oj sjaqujauj ue|d pue jaAo|duia aqj uaaMjaq sjsoa jyauaq jo buueqs jo ujajjed |Bauojs|q aqj pue uopen|BA qaea jo auip aqj je papiAOJd sjyauaq jo sadAj aqj papnpui pue (sjaqiuaiu UB|d pus jaAo|duja aqj Aq poojsjapun uB|d aqj) uB|d aApuBjsqns aqj uo pasBq ajB sasodjnd 6upjodaj lepueuy joj sjyauaq jo suopaafojd—suoijduinssv pue poijiaw leuenjpv
- 9S -
l£ jaqiuaaaa—AjwqBn simeo
(OOO'SZ) OZfr'SZ 8SZ'Z $
(89Z'02) S90'03 8ZT'£ $
pjBd simBp
(sajnjipuadxa) pajjnam suj|Bp ibjoj. T AJBnuBf—33UB|Bq 6u|uu|6ag
9T0Z
:(spuBsnoqj
IN SJB||Op) SMO||OJ SB 3JB '9T03 PUB ZTOZ 'T£ J3qUJ3D3a p3pU3 SJB3A aqj JOI JUnOUJB
AjwqBn suj|Bp sqj u| s36uBq3 "p3jJ0d3J jou jnq psjjnaui ussq SABq jeqj sw|Bp jo ajBiupss ub 3pnpu| sbssoi 3S3qi "pajBiupss A|qBuosB3J 3q ubd sso| jBqj jo junouie 3qj puB pajjnaao SBq sso| b JBqj 3|qeqojd si ji uaqM pajjodaj sjb sapinqBii pue sajnjipuadxa unbp pajnsumn
"SJU3UJ3JBJS |BpuBUjj a|SBq aqj u| sapinqBii sb papjoaaj puB pajBiupsa ajB 'pajjodaj jou jnq pajjnauj sw|Bp Suipnpui 'SuipuBjsjno simBp qans "A1D aqi Aq paJajsmiiupB 'uiBj6ojd aauBjnsui-jps b japun sjyauaq qj|Baq aaAo|duia sapiAOjd jjodjjv aqi
•jjodjiv aqj jo suopBjado jo sj|nsaj jo uopisod |BpuBuy aqj uo jaajja asjaApB iBuajBiu b aABq jou hjaa sapuaBupuoa asaqj jo uopniosaj |Euy aqj jsqj spadxa juaiua6BUB|A| -ssamsnq jo asjnoa Ajsmpjo sji oj juappm sjuaiujiiuwoa puB 'siump 'uopB5p!| ujojj 6up|nsaj sapinqBii juaBupuoa mBjjaa ssq jjodjiv aqi
S3I3N39NI1NOD ONV S1N3W1IWWOD 'OT
¦A|3A!padsaj '9T0Z Pue ZTOZ u| uo||||uj VZ8$ Pue uonnuj 6'06$ oj p3junoiuB sju3ui3sjnquj!3j qans "jjodjiv aqj jo j|Bqaq uo apBiu sjuauiABd u|Bjjaa puB 'sjyauaq aBuuj aaAo|duja 'sjuaiujJBdap Ajp jaqjo Aq papiAOJd saaiAjas joj Ajp aqj jo punj |Bjaua6 aqj oj sjuaujasjnqujiaj ajB sasuadxa BupBJado u| papnpui
SNOI13VSNVU1 AlMVd-a31\n3M '6
6303 U| %0'S 05 o/o0-8 usqi pue tioz JOj o/o6 T %S3
%oe
6303 U| o/o0 S 05 %0'8 uaqn puB ^T03 JOj o/o6 T
%SZ
%0'E
ajej uapeiju! aJBDq5|B9H S3SE3JDIM Ajb|es papafajd
Ujnjaj 40 3}EJ JU3UJJS3AUI
:suo|;dujnssB lEUErrpv
an|BA 13>|jbw
SJB3A Ot U3d0 'JB||Oa |3A3"|
IBUJJON 96v Ajjug 9T03 'TE JaqiuaDaa.
SJIJ9U99 |B|33dS
V9D
an|BA 13>|Jbw
SJB3A 01 U3d0 'JBHOQ |3A3"|
IBujjon a6\/ Ajjug
9103 'IE J3quJ333a
UB|d M4IE3H 4U3UJ3|4)3S
poqiBuu uopsniBA jbssv pousd uojjBZjiJouuB 6um!BUJ9y poqiaw uoiiBzpjouJV
pOqjBUJ JSOD IBNBnjDV
95sp uopBn|BA iBuenpv
spoqiaN pue suo|)duinssv jo Ajeiuuins
- ZS -
'6u!ipueu, 'uopnqujsip 'AjaA||ap 'aBBJOjs 'jdpaaj aq; joj pasn aq oj si uiajsAs pnj aqj jBqj aaj6B sapjBd aqj qaiqM japun („juaiuaaj6v asBan wajsAs |anj J -y\ \ 'AuBdui03 |anj aidO qjjM juaujaajBB ub ojuj jajua oj Ajd aqj pazjjoqjnB |puno3 Ajd aqj '8T02 '8T IMoV uo
"8T03 'Zl oj aAipeojjaj aApaajja aq hjaa pus 8T03 A|nc uj pajnaaxa aq ujm juawaajBv 031VD-Ajd aqi "Vinv aqj japun sau|U|e Ajojbu6|s oj a|qBao||B sasuadxa [aJ180 ajnjpsuoa japunajaqj Ajd aqi °1 saaiAjas BmpiAOJd u| sjsoa s,03ivo JBqj sapiAOjd juawaaj6v ooivd-Ajd aqi "S |BU!LUjai u| Bupsjado sau!|j|B Aq asn joj A|uo juauidinbs psuiBjmBiu puB uopBJOdJ03 |bu|uusi VDID sb umou>i sbm 031VD 'A|sno|ASJd -Ajd aqi oj ssa|Ajas isapnBuojaB jaqjo jo uo|S|AOJd aqj pus aJBH,0 IB S Pub £ 'z 'l s|BU!UJjai m juauidinba pauMO-AjD jo uopsjado puB aauBusjmBiu aqj joj („03ivD„) uinpjosuo3 ibuiujjsi ssmuiv o6B3|qo aqj qj|M '(„juaujaajbv cdivd-Ajd* aqj) juaiuaajbB ub ojui jajua oj Ajd aqj pazuoqjnB |puno3 Ajd aqi '8T0Z '8T l!JdV uo
•saunjjB Ajojbu6|S
aqj jo qaBa qjiM vilW aqi Bupnaaxa jo ssaaojd aqj m A|juajjna s\ Ajd aqi "sjaafojd |Bj|dBa paAOJddB-ajd |BuopippB m uoimq f "Z$ oj uopippB m 'sajBB Mau iBJaAas jo uopanjjsuoa sapnpui jBqj („dVl« JO uB|d eajv iBmuuai sqj sb umou>|) ujBjBojd uopuBdxa |BU|uuaj uoiniq T'9$ p aauauiujoa oj Ajd aqi mo||b |||m vifW 'A||Baypads "aJB|-|,0 6u|do|aAap puB BumiBjuiBUJ 'bupsjado jo jsoa jau aqj joj ABd oj juapyjns aq ||Bqs ssu|U|B AjojBubp aqj Aq P!Bd aq oj sabjsqa puB saaj 's|Bjuaj ||B jo ajBbajb6B aqj jBqj sspiAOJd \nnv aqi '810Z 'Zl AbiaJ jo sb jaajja ojui juaM vifW aqi '8T0Z 'l M^C uo aApBjado auioaaq |||aa JBqj saBjBqa puB sajBJ BuipjBBaj suopiAOjd uiojj jJBdv "aJBH/O le 6upBjado sau|U|B joj CvifWj juauiaajBv assai pus asn auiMlV wau aqj paAOJddB ipunoo Ajd aqi '810Z 8Z qoJBW uo
S1N3A3 ±N3no3sans "ZT
(STSYt-)$ (0Z6'SZS)$ sapiApaB uoisuad ujojj
smoijui pajjajap—saajnosaj jo smoijui pajjajaa
T>6t>'ETS$ Z07'99S $ saajnosaj jo SMO|jjno pajjajap ibjoi
6E6Y0T S9S'69T sjsoa Bmpunjaj puoq pajjajap pazpjouiBun
£09'6Z Z06't>TT uopnqujuoa uopuad jo ajBqs ajBuopjodojd u| saBuBqo
3S6'SZ£$ S£Z'c!8Z $ sap|A|pB uopuad uiojj SMO|jjno pajjajaa
:saajnosaj jo SMoyjno pajjajaa
9T0Z ZTOZ
S3DHnOS3U dO SAAOHdNl/SAAOndinO Q31dW3=l3a TT
¦spafojd uopanjjsuoa joj ojui pajajua sjaBJjuoa qj|M uoipauuoa m 'ApApasdssj 'uoiiiiuj L'LLZ% pue uowiui SY9£$ A|sjBui|XOJddB jo sjunouiB aqj m sjusupiuiujoa psq jjodjiv aqj '9T03 Pub LIOZ 'l£ Jaquiaaaa IV
¦sjbbA zi ised aqj u| a6BJ3Aoa sauejnsm passqajnd aqj papssaxs jou 3ABq sluibd ¦a6BJ3Aoa Ainiqen wsuojjsi pue jbm ui uoimq t$ sapnpuj pue uoimq \% jo iiwn e qj|M 8T0Z 'ST ^eW P3M3U3J sbm aBBjaAoa Ajmqen aqj puB 'aBBjaAoa iusuojjsj ui uoimq g-£$ sspnpm puB uoimq $•£$ jo jiujh b qj|M noz 'l£ jaquiaaaa uo paMauaj sbm a6BJ3Aoa Ajjadojd aqi ¦sjjocIjib omj 3qj u33Mj3q suiniuisjd sqj jo jsoa aqj saiB30||B puB Abmpiw puB sjbh,0 qi°q J0J a6BJSAoa aauBjnsui AjinqBn puB Ajjadojd suibjuibui Ajd aqi "JeaA jsd uonnuj QT$ A|ajeunxojddB ajB suiniuisjd sauBjnsui AjmqBn puB Ajjadojd s.Ajd aqi
- 8S -
$ $ £ * *
¦ajBH.O ;noL|6nojL)4 Aauapyia pue suopBjado aAOJdiu! 04 paiBdppuB si 4uawaaj6\/ asBan iua4sAs |anj aip 04 jusnsjnd aauBUJJojjad s,3~n 'AuBdwoo |anj a^o "4uaujaaj6v asBai luajsAs |anj aqi. lpim uopaauuoa ui juamaAuoa jo AjBssaaau AiqBuosBaj sapjApoe jo uo 6u!ajjbo aq; puB aJBH,0 4B sapiqaA jaqjo pus juaujdjnba saaiAjas punojb joj |aru aApowo4nB puB |aru, ryBjajjB jo 6msuadsip puB
- 6S -
NOLLVNUOdNI AaVlN3W31ddnS C13Uinb3H
- 09 -
(psnuijuoo) 'SIOZ JeaA qj|M 6uijjejs A|3Aij33dsojd papiAOJd aq maa uoijbujjojui jesA uax
jeaA \eos\j Buunp pied nojAsd |BnjDE ujojj sjajjip A|a>(!| puB sjsp uoijeniEA ibueitpe aqj jo sb bdjoj, ui junows aqj si nojAed pajsAoo
Z8S % fr0'9 % 08'9 39V±N33H3d OSIVOOTIV
8W>80'I $ £E6'8EI'I * 00fr'86£ $ AiniaVH NOISN3d 13N Q31V30nV
Ifr'S69 "HOHAVd 03y3AOD
dO 39V±N3D«3d V SV A±I~II9Vn NOISNSd ±3N S,H3A01dW3
T8TTIWT~$ 6£6'9t>9'I S EES'989'I § TlOaAVd Q3H3AOD
% 0E0Z % SO'61 % £6YZ AiniaVH NOISNSd
1V±0± 3H± dO 39VlN33d3d V SV NOUISOd 13N AHVIDfiaid NVId
£Ifr7.I9'8I $ t>M)'SS8'8I S 8££'8Z£'II $ (q)-(s) DUi.pug-Ainigvn NOISNSd 13N
ZZfr'ItY't- ~IzTsTV* 8I0'frSS'fr (q) 6ui.pua-uoiji.sod jau AJBpnpy UB|d
98t7'6ZI'S LZVlVL't LZZ'BZV'V BuiuuiBaq—uoflisod jau AJBpnpy UB|d
(6SO'8£tO (OOZ'SOE) I6ZYlI uoijjsod jau AjEonpy UB|d u| a6ueqD J3N
V6E S jaqJO
(l(9£0'9Z8) (Z£9'6S8) (t^I'888) uoqnqujuoD aaAo|diiia jo spunjaj 6u|pnpu! sjuaujAsd jijauag
SZO'MI ' 6Ifr"t8Z SIS'0I9 3LU03U! juaujjsaAui jaN
8ZV'\Z\ I6E'0EI S9£'t7EI aaAo|diua—suoijnqujuoo
SZZ'6W 8U'6M t>9Z'I9Z jaAo|duja—suopnqujuoo
:uoi.J!sod jau AjBpnpu. UB|d
0fr8'8S£'EZ IZZ'I6Z'£Z 96£'Z8Z'9I (b) 6u!pu3-Aj!|iqBi| uoisuad |Bjoi
fr60Y0£'ZI 0Y8'8S£'£Z IZZ'T6Z'£Z 6u!uui6aq—Aji|iqei| uoisuad |Ejoi
9^'TSO'II (66SY9) (S^8'800Y) AjniqBM uoisuad iejoj u| 36uBqa jaN
asuadxa aAijBjjsimujpE UB|d uoisuad
(9E0'9Z8) (ZZ9'6S8) (tYI'888) spunj3j Bmpnpui sjuawAfid jysuag
SS^'IU'8 (0Z6'8ZS) (T6l'lEt''Z) sa6uEqa uopdwrissv
(S98'60l) (6IT'£Zl) (SS^Y^l) 33uauadx3 isnjDE pus pajDadxs uaswjsq saauajsjjia
600'0l>I'Z - - S36UEMD JIJ3U39
£90'606 69£'8£8 TU'SI6 JS3J3JUI
9I8'9ZZ * Et^'6T9 $ tES'Z^S S JS03 33|AJ3S
:Aj!i!qEi| uoisuad |Bjoi
:,S33A01dW3 "IVdlDINOW
SXOZ 9T0Z LIOZ
(spuesnoiH in aje sjeiioa) SWV3A IVDSId 33UH11SVI
sollvu aaivnau onv Aimavn NoisN3d isn shi ni sbsnvio jo ainaaios
lUOdUIV 1VNOI1VNU31NI 3UVH,0 OSVDIHD SIONITII 'ODVDIHD dO A1ID
- T9 -
(panupuoo) 'SIOZ jesA qjiM 6u|jjbjs A|3Aip3dsojd pspiAOJd aq ||im uoijeiujojui jbsA uai
¦jeaA |B3sij 6uunp pied nojAsd isnpB luojj sjsjjip A|3>w pus 3jBp uo.HBn|BA |BUEnpB aqj jo sb 33JOJ uj junoujB aqj si nojABd P3J3A03 ^
'asuadxa aAijsjjsiuiujpB ueid uoisuad sapnpui
% ZZ'9 % 96S % 0C9 39V±N3Db3d 031VDOTIV
Z08'ESI 5 EiS'OSI ? 90T'98 £ Aimavn NOISN3d ±3N QSIVOOTIV
% SI 80Z T % IY£IZ I % B9ES9 TIOdAVd a3*3A03
dO 39VlN3Db3d V SV Aimavn NOISN3d I3N S,U3AOndW3
EZTfrOZ J SST'803 $ Ztt>'80Z $ .JHOyAVd a3^3AOD
% 9EEE % T9 TE % 6T817 Aimavn NOISN3d
1V101 3HX dO 39V±N30d3d V SV NOUISOd 13N AWIOnaid NVId
8S67eZFz~"4 S~06'SZS7Z~i eSS'Z9E7r"$ (q)-(B) 6u!pu3-Ainigvn NOISN3d ±3N
£S9'8EZ'T 0>iY9T'T VSSY9Z'! (q) 6u|pu3—uouisod jau AjBpnpiJ usy
£60'88£'T £S9'8£Z'T 0^Y9T'T 6u|uu|63q—uouisod jau Ajepnpu uB|d
i9Z\>'6X''[) Ul6'0£.) frI8'66 uouisod jau Ajspnpy uB|d uj aBuBqa jaN
(pWH (080» (S86'E) sasuadxa baijbjjsiuiujpv
(OES'ZST) (E89'^SI) (OSO'^Sl) uo.ijnqujuoD aaAo|duja jo spunjaj 6uipnpu| sjuaiuAsd Jijauag
(8TE'ZZ) L66'-tS T86'£0Z swoaui jU3iujsaAU| jaN
M78'9T 91>ZYT ITfrYl aaAo|duja—suoijnqujuoo
ZTfr'ZT . E09'ZT LSVSZ J3Ao|dW3—suoijnqujuoo
:uoijisod jau AJBpnpy uey
sTsFztTe SV9'E69'E £0T'0E9'Z (e) BuipuB-AjwqEH uoisuad |Bjoi
S06'Z9T'Z ST9'ZU'E Sfr9'E69'E 6u|UU|63q—Aj|||qE!| uoisuad |BJ0i
0U'6frS'T (0£6'8T) (8£S'E90'T) Aj||iqE|| uoisuad ibjoj ui aBuEqo jbn
(fc^S'E) (080'fr) (S86'£) asuadxa 3A|jbjjs!U|ujpb uB|d uoisuad
(OES'ZST) (£89'WT) (OSOYST) spunjaj 6uipnpu| sjuawABd Jijauag
SE6'££T'I (S06'Z9) (ttl'MO'l) sa6uBqD uo|jdujnssv
(S80'9i>) (8Zi>'0E) (8£T'Z9) aauauadxa |Bnj3B pus pajoadxa uaaMjaq sbsubjsjjici
EE0'>8E - OST sa6uBqD Jijauag
ZT8'EST 99T'0ST it>0'WI jsajajui
68E'8E $ 096'Z8 $ ZEZ'08 $ . JS03 33|Ajas
:Aj||iqB|| uoisusd |ejoi
:,sa3uoa\n
STOZ 9T0Z ZTOZ
(spuesnouj) ui aje sjeiioa) SUV3A IVDSId 33UH11SV1 SOLLVU CmVIHti ONV AJ.ni9Vn NOISNSd 13N 3H1 NI S3DNVHD dO 3ina3HDS
luoduiv ivnoiivnu3j.ni 3uvh,o odvdihd
SIONmi 'ODVDIHD JO A±ID
- 39 -
(panujjuo^) 'SIOZ JeaA qji/w 6uijjbjs A|3A|j33dsojd pspiAOJd sq him uoijeuuojui JeaA uai
'jeaA |bdsii 6uunp piEd nojAed |enpe wojj sjsjjjp A|a>||| pue ajep uoijen|eA |euenpe aq; jo se aajoj u| junowe aqj si nojAed psjsaoo ^
asuadxa 3A|jejjsiuiwpe ue|d uoisuad sapnpui
% P£X % XVX % OVX 39VIN33H3d QSIVjOTIV
8^o ozt $ o>6 tn>T $ w>£ $ Ainiavn NoisN3d ±3n osivdotiv
% S8 S38 % 6E SI6 % SI'868 TIOyAVd a3U3AOD
dO 39V±N33a3d V SV AiHiavn NOISN3d 13N S,U3AOldW3
809'980'T * ^S'6TT'T $ 90fr'0ST'T $ noaAVd a3*3AOD
% Zfr'ST. % S8T7. % OZEZ AiniaVH NOISN3d "IV10J. 3HJ.
dO 39V±N3Da3d V SV NOLLISOd 13N AflVIOnald NVld
t78Z.'EZ.6'8 $ ZZ0'8W0I $ 96E'3££'0I $ (q)-(e) 6u!pu3-Aimgvn NOISN3d 13N
6fr6'8S0'E 6I0'S98'Z 990'2TT.'£ (P) Buipua—uoijisod jau Ajepnpy ueid
t7T0'Z90'E 6fr6'8S0'£ 6T0'S98'3 6u!UU!Baq—uomsod jau Ajepnpij ue|d
(S90'e) (0£6'e6T) LW'ISZ uouisod jau Ajepnpij ue|d u| aBueqa jaN
Z60'E IxVx 16 Jaqio
(80S» (OSi'tO (£M» sasuadxa aA|jEJjS|U|Ujpv
ULL'9L9) (961 'LQL) (T68'i^) > U0|jnquju03
aaAo|duja jo spunjsj 6uipnpui sjuaujAed Jijauag
(frEE'S) 669^1 06X'ZXP aujoaui juaujjsaAui jaN
9Z9Y0T 9^'TOT TTO'EOT aaAo|duj3—suoijnqujuoo
9£8'Z7.S SZV'ZLZ ZBb'ttV jaAo|dwa—suoijnqujuoo
:uoijisod jsu Ajepnpij ue|d
EEZ'ZEO'ZI T60'EIT'ET Z9»Sfr'EI (e) 6u|pua—Ajinqen uoisuad |ejoi
0£V£WXX £E£'Z£0'3T T60'ETX'£T 6u!UU|63q-Aj||iqe!| uo|SU3d |ejoi
£0E'6SZ 8SE'080'T XL£'XV£ Ajinqen uoisusd iejoj u| sBueqa jbn
(80S't?) (OSt'V) (Et'8't') ssusdxs 3A|jejjs|U!Ujpe ue|d uoisusd
(LLL'9L9) AVbX'LOL) (T68YW) spunjaj 6u|pnpu.i sjuaiuABd Jijauaa
S8S'ZTT S£6'8EZ saBuBqo uoudujnssv
(696'SOT) T08'T (£Z6'66Z) aauauadxa |EnpE pus pajaadxa uaaMjaq saouajajjia
OSZ'909 - S36ueqa Jijauaa
ZLb'ZZS 860'TS8 OZL'LXf, JS3J3JUI
S8S'ETZ $ OlS'QZZ $ EEEYEZ $ ^JS03 33|AJ3S
:Aj||iqB!| uoisusd |ejoi :S,N3W33HOd
STOZ 9T0Z LXOZ
(spuesnoqiuibjb sjenoa) SMV3A IVDSId 33UH1ISVH
soiivu asivisu cjnv Aimavn NOisNSd isn 3hi ni ssonvio do ainaatos
lUOdUIV 1VNOI1VNU31NI 3MVH.O 09VDIHD SIONITII 'ODVDIHD dO AJ.ID
- £9 -
(papnpuoo) STOZ jeaA m.|M 6u|jjejs AiaAppadsoJd papiAOJd sq ||im uoijewjojui JeaA uai
'jeaA |B3S!j Buunp pied nojAed |enpe luojj sjajjip A|a>m pue ajep uoijenieA leuenjse aqj jo se aojoj ui junouje aqj si nojAed pajaAoo s
% IS P % P % 66t- 39VlN33ti3d a3±VOO~l~IV
60T>8i 5 TTFFoz £ 06Voez 5 Aimavn NoisN3d isn asivoonv
% UZT8 % ZZE98 % ZZ't>86 nOUAVd 03*I3A00
dO 39V±N33*)3d V SV AiniaVH NOISN3d 13N S/a3A01dW3
Z£Z'S9t> $ ILVQIP $ £0i>'69t> $ .HIO^AVd 03*i3AO:>
% 99TZ % 6£'6T % 096T AlTliavri NOISN3d
"IV10± 3H1 dO 39V±N33y3d V SV NOUISOd ±3N AWIDfiaid NVld
£86'08£'£ $ VPZ'0£\'V $ £66'6T9't- $ (q)-(e) Bujpug—AJJIiavn NOISN3d 13N
TOT'SfrO'T i>T0'6T0'T EST'9ZT'T (q) 6uipua-uo.ij.isod jau Ajepnpij uey
800'9£0'T TOT'SfrO'T t'TO'610'T 6uiuui6aq—uouisod jau Ajepnpij ueid
£60'6 (£80'9Z) 6ET70I uouisod jau Ajepnpij ue|d u| a6ueqa J3N
1 (ES) ZZ Jaqjo
(6fT'E) UlZ'£) (Z£T'E) sasuadxa aA|jejjS|U|Ujpv
(£T0'8£Z) (6Si'98Z) (860'90E) uoijnqujuoD aaAo|duja jo spunjaj 6uipnpu| sjuaujAed Jijauaa
96S'i T88'09 OYS'OfrT auioaui juaujjsaAui J3N
ZSS'9fr u96'81? t>9Z'LP aaAo|dwa—suoijnqujuoo
M)T'9EZ TOT'^ST ESt-'8ZZ jaAo|duja—suoijnqujuoo
:uoijjsod jau Ajepnpij ueid
fr80'9Z8'fr 8£Z'6t>T'S 0ST79FZ7S (e) 6uipua—Ajinqen uoisusd |ejoi
09Z7ZTSTt'— fr80'9Z8'i> 8SZ^6i>I'S 6u|uu|63q—Ajinqen uoisusd |ejoi
frZE'ETE PLT'£Z£ Z68'96S *J!l!qe|| uoisuad iejoj u| a6ueq3 J3N
(EvV£) {L\Z'£) (ZL\'£) 3SU3dxa 3A|jejjS!U|Ujpe ue|d uoisusd
{LIO'SLZ) (6Si'98Z) (860'90£) spunjaj 6uipnpu| sjuaiuAed Jijauaa
Z8Z'9£T {.£L£'PL) 6TZ'i>Ii> sa6ueqD uoudujnssv
(T86Y) 0TT'i>Z frS6'9Z aauauadxa |enjoe pue pajoadxa uaaMjaq saauajajjia
£TZ'£ZZ - saBueqa Jijauaa
986'8£E S80'Zfr£ ZZ9'T££ jsajajui
£0Z'£8 $ STT'fr6 $ £9£'£6 $ jsoa a3|Ajas
:Aj!|iqe!| uoisuad |ejoi :S,N3H3yid
STOZ 9T0Z LIOZ
(spuesnouj) in aje sje||0<]) SUV3A IVDSId 33UH11SV T
soiivu asivisu
lUOdUIV 1VNOI1VNU31NI 3UVH,0 ODVDIHD SIONI11I 'ODVDIHD dO All3
- t>9 -
(paninjuoo)
¦jeaA ibdsij Suunp pied nojAed |enpe ujojj sjajjip A|s>(!| pue ajep uoqenieA |euenjDe aq) jo se bdjoj ui )unowe am si nojAed pauaAo;)
¦pouad uoqezjjjouje uado jeaA g£ e pue sjuawAed jenop Buisn Ajinqen papunjun aqj azjjjouje oj junoiue ue sn|d jsod |eiujou aq) 0) |enba si uo{]nqu]uo3 pauiujjaqap A||9uenpe aq) 'ajojajaq) 'asqsejd jo spjepuejs |euenpv o) uuojuoa pu saop 6u|punj Ajo)n)B)s d9VH aqi
TOY! SO "9 90'9 00 9 8CS 96-S SS-9 89 Y TOY % EOY
Zt>t>'80Z SST'803 ZLL'WZ E£9'Z0Z
zse'ooz
06^'86T 8£Z'S6T E98'66T 9Z9'80Z i>t^'9TZ
69£ '88
OEfr'tOI
6£t>Y9
8S8'E6
9T9'i>6
EU'S9
08t>'tETE'TE
T68'8T
Wz i
£09'ZT ZTfr'ZT T9T'ZT E8S'IT £S8'IT 6lL'Zl ZSE'ST £Z9't>T EEZ'ST
9ZZ pZT
EEOYTT
TS8'6£
6T0'90T
661'901
99SYi
6SZ'£S
S99'9i>
8IS'EE
ZS9YT
LVSZ 9T0Z STOZ HOZ ETOZ ZTOZ TTOZ OTOZ 600Z 800Z
HOiAed
P9J3A03
jo a6eiu33j3d e se suoj)nqM)uo3
„||OJAcd
PBJ3A03
Aauepyaa uopnq;x)uo3
uojjnqujuo3 pauiuuajaa A||euenpv aqi 01 uoiie|3)| u| suoi)nqu}uo3
>suoi)nqujuo3 pauiuuaiaa A||euenpv
I £ JBqiUB33a PSPUB SJB9A
,sjajoqe-|
•jesA |B3sij Buunp pied nojAed |enpe ujojj suajjip A|a>{i| pue ajep uo|)en|eA |euenpe aq] jo se aajoj u| )unowe aq] si nojAed pajaA03
A)!|iqei| panjDDe |euenpe papunjun aq] uo juawAed uoflezKyowe je||op |3A3| 'jeaA-0E e pue }uaujAed jsod ibujjou jaAo|diua ue jo pasudujoa s| uopnqujuoa paujujjajap A||euenpe aqj 'auojajaqi '(SZOZ Buunp) sjeaA ot jxau aqj u{qj|M juaA|osu| aujoaaq oj pajaafojd s\ punj aqj 'aBugqa e jnoqjm pue 'AauaA|OSUj piOAB oj juapyjnsm S| apoo uoisuaj Sjouuu aqj Aq pajepueiu poqjauj Buipunj aqj.
ZS'ST 60'6 80-6 fr£-6 8E-6 9E6 ST'6 WOT W6 % TS"6
HOiAed
PBJ3A03
jo »6eju33J3d e se suo;jnqujuo3
£69 EW ZS0'ZT8 S<16YZS Z6Z'689 9Z8'U9 P96'IK LPL'Wv 961 '6ZE Z9t-'S9Z fr8S'£TZ*
££S'989'T 6£6'9fr9'I ISt-'EWl 8£6'Z09'T 68Z'08S'T fr6£'06S'l £66'S09'T 88£'TfrS'T ££6'TSS'T ^6'EfrS'T*
ai||aiAed Aouapuaa PBJ3A03 uoijnqu)uo3
W£'T9Z 8Ti'6t'T
szz'6t>i
£t>£'6t>T £6T'8t>T 6S8'81>T 6007t>T ZS^'frST iOO'8l>T
E08'9fri $
uo;jnqujuo3 pauiuuaiaa A||euenj3v aqi oj uoiieiau uj suot)nqujuo3
LSV S00 I
00Z'^9 6E0'6E8 EZ0'0Z8 £Z8'069 9S^'TT9 8l>6'£8t> 60S'£Tl7 ^8£'09£ $
asuo;jnqujuo3 paujuuaiaa A||euenpv
L.10Z 9T0Z STOZ frlOZ ETOZ ZTOZ TTOZ OTOZ 600Z 800Z
TE jaqui33aa papug sjboa
.saaAoidui^ |edpiunw
(spuesnoqi ui aje sje||oa} SHV3A N311SV1
SNOiinaraiNOD jo smaaHDS
IbOdUIV 1VNOI±VNH31NI 3iJVH,0 ODVDIHD SIONimi 'ODVDIHD JO A±ID
- S9 -
JBaA \E3s\j 6uunp pied nojAed |en)oe luojj sjajjip A|s>(11 pue 3)ep uo|)en|BA |euen)oe 3q) jo se bojoj ui junouie 345 s; nojAed pajaAOO
'uopezqjouje Je||op |3A3| pouad uado jeaA-oe e 6u|sn A)|||qe|| papunjun aq) azqjouje 0) )unowe ue sn|d )sod lewjou 0) |enba sem qo|q« „Di)V„ 3q) uo paseq ajaM STOZ o) joud sjeaA |BDSy joj S)unouiv pouad uoDezqjouie uado jeaA 0£ e pue s)U3uuAed JP||op |3A3| 6u|sn Arniqeii papunjun aqj azqjOLue o))unouje ue sn|d )sod iblujou aqj oj |enba sj uo|)nqu)uo3 pauiuuajaa Aneuerepv aq) 'ajojajaq) '3Dipej/9'8fr TZ'ZE SI OS ZEEZ 68 tt 9t>6T 8K6T ZZOZ SZZZ % TSOZ
^0t7'69fr
ZEZ'S9t> 06T'09t' Z6t7'91fr S96'81t> S8£'SZt> Mtt'OOfr ZT6'00fr Z8T'96£
Z6£'fl7T
TS8'6^T
TfrfrYS
TE6'96T
60Z'16I
t>86'68T
98T Y9T
TfrfrVET
SS9't>TT
E89'80TS
ESfr'8ZZ
TOT't>ST
M)T'9EZ
frEEYOT
699'EOI
ZZS'18
0£8'Z8
^t>6'08
ZTZ'68
8SZ'T8
St>8'Z^E ZS6'EEE SfrS'EZE S9Z't>0£ 8£8't>6Z 90S'UZ 9S0'0SZ 88E'8TZ £98'E0Z Ifr6'68T
£T0Z 9T0Z STOZ t>T0Z £I0Z ZTOZ TTOZ OTOZ 600Z 800Z
||OJAed
P3J3A03
jo a6eiuasJ3d e se suoiinquiuoa
„l|OJ*ed
P9J9A03
Asuspijaa uoi)nq|j)uo3
uoi)nqu)uo3
p3U|UIJ9)9a
A||euen]3V aqi 01 uoiie|9U U| suoiinquiuoa
^suoiinquiuoa pauiuuaiaa AueiJenw
TE Jaquiaaaa papug sjbba
is.uauiajij
JeaA |essy Buunp pied nojAed |en)De luojj sjajjip A|3>i!| pue a)ep uoqen|eA leuenpe aq) jo se sdjoj ui )unome aq) s| nojAed P3J3A03
A)i|iqe|| leuenpe papunjun aq) jo uo|)ezi)joLue )ua3jad |3A3| uado jeaA-OE e sn|d )S03 iblujou oj |enba sbm l|dil)m „0bV„ aq) 0) |enba sbm uoi)nqu)uoo pauiuujajap Aneuercpe aq) STOZ 0) jouj A)i|iqe|| |euen)3B papunjun aq) jo uoi)bzi)jouib JE||op jeaA-OE e sn|d jsoo |blujou aq) 0) |enba si uoi)nqu)uoo pau|LUja)ap A||euen)De aq) 'jajjB pue STOZ aq) '3J0J3J3LU :ao|)DBJd jo spjEpuBJS leuenpv o) UJJ0JU03 )ou saop 6u|punj Ajo)n)B)s jgvd aqi
66^ 9frfrZ 00'ES 8S9T 89 YT 6t>61 Z8 9T S9'9T TO YT % 68 91
90fr'0ST'T £ZS'6TT'T 809'980'T EEE'WO'T 9Zt>'ST0'T UI'STO'I t>0t>'t>E0'T t>80'8t>0'l SOZ'TTO'T T8S'£Z0'T$
8S£'9Tt> SS8'TTS E/1S'60Z E61VEIE 9S9't?6Z SZI'EEZ /TZ'8ZZ t>ZT'68T t>M>Y9T 66£'SfrT*
08S'f6t7 0f8'Ez:Z 8Z6'S^S 8ST'8iT 1ZS (3Y1 S88761 SEOVT TOSVl frfrO'Z^T 9£8'Z^T
8E6'0T6 S69'S8/1 T0S'S8£ 1S9'T6t>
OIO'TEf ZS^'ZO* SZ9'E9E SSt^'GEE SEZ'8TE
^TOZ 9T0Z STOZ MOZ ETOZ ZIOZ TTOZ OTOZ 600Z SOOZ
HOJAed
P3J3A03
jo aoeiuasjad e se suojinquiuo3
IIOJAed
P3J3A03
Asuapijaa uo|inq|Jiuo3
uo|inqiJiuo3 pauiuuaiaa A||e|jeni3v aqi oi uoiie|3}| u| suo|inq|Jiuo3
^suoiinquiuoa
paU|UIJ313a
Aiieuenpv
TE J3qui333a papug sjbba
:s,uaui33!|Od
(spuesnoqi ui aje sjenoa) SUV3A N311SV~I
SNOiinaiuiNOD do ainaaHDS
lUOdWIV 1VNOI1VN7J31NI ODVDIHD SIONmi 'ODVDIHD dO A1ID
- 99 -
(pspnpuoo)
LIOZ 'IE jqawaaaa jo SB pajj3 u| S3)n)e)s aqj uo psseq s| uo|)en|BA |euenpE aqi (b) LIOZ 'IE Jaqujaaaa 1° se Aji|iqen uoisuad |ejoi aq) ui paziu6oaaJ sjsm £300-001 PV aiiqnd jo )|nsaj e se saBueqo jyauag YTOZ 'IE Jaqujaaaa i° sb pajj3 ui sa)nje)s aq) uo paseq si uoi)en|eA |euenpe aqi (d) 'suo|)en|BA Buipunj leuenpe 'HOZ 'IE Jaqujaaaa aq) ui pasn asoq) se aujes :suo|)duinsse jaq)o (o) '3|eos uoijaafojd £T0Z-dW sq) 6u|sn 9003 ujojj 6uijaafojd pue 3|eas uoipafojd W0Z-dW aq) Buisn 9003 JBaA aq) o) t>I0Z JeaA aq) uiojj >peq sa|qB) A)||B)jouj aseq aq) 6uipafojd Aq papayaj aje Aji|bjjoui )uaujaji)aj-)sod pus -ajd ui s)uaujaAOJduji Ajubjjouj 3Jn)nj s3|Bas )U3ui3A0Jduj| A)||e)JOUJ |euoisu3UJip-3 £T0Z-dW Buisn )U3UJ3AOjdiui A)I|B)jolu |buoi)bj3U3B q)iM 'puqsip xas '3|qe) A)||B)jolu 33Ao|duig JB||03 an|g t>T0Z-diJ aq) J° sa|BUJ3j joj %00I pue 's3|bui joj %Z6 1° sjopbj 6u||B3s :A)||E)jow )uauiaj|)3ij-3Jd sa|B3s )uaui3A0Jdui| A)||b)jouj |euo|su3Ujip-; £T0Z-dW Buisn juawaAOJdwi A)i|B)jouj |BU0|)BJaua6 qj|M 'puqsip xas '3|qe) A)||B)joui )UB)inuuv Aq)|B3H JE||03 an|g t>T0Z-diJ aq) jo S3|BUJ3j joj %66 pus 'sa|BUi joj %L01 jo sjopej 6u||B3S :A)||B)J01b| paiqesia
*S3|B3S )U3LU3A0jdUJj A)||e)JOUJ |eU0|SU3Ul|p-c! £T0Z"dW Buisn )U3UJ3A0jdLUI A)l|B)JOLU |BU0|)BJ3U3B q)|M ')3U|)S|p X3S '3|qB) A)||B)JOUJ
)UB)inuuv Aq)|B3H JB||00 3n|g t>T0Z-di) 3lW J° sa|eujaj joj o/0gs puB 'S3|BLU joj %90T jo sjopbj 6ui|Bas :A)!|E)JOW )U3LU3J|)3y )SOd (u)
S3|BLU3J joj %SII pue S3|BU1
JOJ %STT ps)q6i3M 3|qe) Ajubjjolu )UB)|nuuv Aq)|B3H frTOZ sue|d juaujajijaj jauijsip xas :A)||B)jo|«j paiqesiQ -ssieuiaj joj %sti pus s3|euj joj %sg p3)qB|3M 3|qe) Ajubjjolu aaAo|duig |e)oi frTOZ suB|d jusiusjipij puqsip xas :s3)bj A)||b)jouj juaiuajijay-ajd
'S3|BLU3J JOJ %L6 PUB S3|BUi
joj %80T p3)qB|3M 3|qe) A)||e:uoui )ue)muuv Aq)|B3H frTOZ sueid )u3ui3ji)3d puqsip xas :ss)bj A)||B)jolu Aq)|B3H )U3W3Ji)au-jsod (ui)
saieas }uaui3A0JduJ! Ajubjjouj |euoisuaujip-z ZT03-dW 6uisn )uaujaAOJduji Aji|Bjjolu leuoqejauaB q]|M 'puqsip xas 'a|qe) A)||b)jouj aaAo|dui3 jb||03 an|g frIOZ-dy 3q) jo S3|BLU3J joj %E0T Pub 'sa|Biu joj %60T jo sjopej 6ui|eas :A)||B)jow )uaLU3ji)3^{ aJd
A)i|B)jolu p3|qes|p-)sod joj apew s| juawjsnfpe on S3|B3S )U3LU3A0jduii A)||e)JOLU |euo|suauiip-z /iTOZ-dW Buisn )U3LU3A0jdui| A)I|B)jolu |buo|)bj3U3B q)|M 'puqsip xas 'a|qe) Ajubjjouj )UB)muuv Aq)|B3H Jeipo snig frT0Z-di) aq) jo saieuiaj joj %zot pue 'sa|BUi joj %^ii jo sjopbj 6u||eas :A)||B)jow )uawaj|)aij )sod (|)
'9T0Z-dW a|B3s Buisn A||euo|)Bjau3B papafojd S3|qei A)||ejjow aaAoidwg frioz-dt) aq) jo %0ZT uo paseq 3J3M S3)ej A)i|e)JOui )u3UJ3ji)3j-3Jd '9T0Z-dW 3|eos 6u|sn A||euo|)BJ3u3B pajaafojd pue 'S3|eujaj joj JeaA auo pus sa|Bui joj SJB3A om) pjbmjoj }3s 's3|qei Aji|ejjow juejinuuv Aq)|B3H frTOZ-dU aq) uo paseq aja« sajej Ajubjjolu juaujajqaj-jsod (>() ETOZ 'IE Jaqwaaaa qBnojq) '600Z 'I AjenuB[ pouad aq) jo Apn)s aauauadxs ue 0) pensjnd uo|)en|BA |euenpe 'M0Z 'IE Jaqujaaaa aq) joj pajBpdn pen -uoijipuoa A)i|iqiBi|3 jo adAj aqj oj aypads aje jeqj sajBJ jo aiqej pasBq-aauauadxg ([)
'9T0Z 'IE Jaqujaaaa qBnojq) 'Z10Z 'I Ajenuef pouad sq) jo Apnjs aauauadxa ub oj juensjnd uoqen|BA VlOZ 'IE Jaquiaaaa aq) joj pajBpdn )sej -uoijipuoa A)||iqi6||a jo adA) aq) oj aypads aje jeqj sajBJ jo aiqej paseq-aouauadxg (i)
'(^I0Z 'IE Jqauiaaaa
aAipajja) pasn ajaM 08 o) Z9 luojj a6e qaea joj juamajqaj jo sajej VlOZ '9 AlnC Jajje jo uo pajiq jsjy saaAo|duja joj
'(TTOZ 'IE jqaujaaaa aAipajja) pasn ajaM 08 oj Z9 ujojj a6e qaea joj juaujajijaj jo sajej VlOZ '9 A|nf ajojaq pue TTOZ 'I Ajenuec Jajje jo uo pajiq jsjy saaAo|duja joj
(^lOZ '!£ Jaqujaaaa
aAipajja) punj aq) jo aauauadxa juaaaj aq) uo paseq aje juaujajijaj jo sajBJ 'TTOZ 'I Ajenuec oj joud pajiq jsjij saaAo|duja joj (q)
uojjByui Bujpnpui 'asuadxa juaujjsaAui jo )3N (B) asuadxa juaujjsaAui jo jaN (j) uoijByui sn|d sajBJ juauj pue A)|A|pnpojd pajB|aj-a6B uo paseq sajej aseajaui Ajbibs (a)
-sjeaA 6 )sjij aqj u| aseajauj paseq-aaiAjas e sn|d (p) aaiAjas jo sjeaA Aq 6uiAjba '(3Z0Z-8I0Z JOJ %0S'9-%0S T) (a) pajjodaj aJE suoqnqujuoa qaiqM
ui JBaA |B3sij aq) jo pua aq) oj joud sqjuouj ZT si qaiqM 'TE Jaquiaaaa jo se paje|na|ea aje sajej uoijnqujuoa pauiujjajap A||euenjav (q) ¦JBaA aq) jo aippiui aq) oj jsajajui ajeudOJdde qjiM 'T£ Jaquiaaaa jo se pauiuuajap si junouie uoijnqujuoa pauiujjajap A||euenjav (e)
(b)
(u)
(i) %05i %SrE %0S'Z
)3>|Jew paqjooujs jA-g Iblujou 36e Ajjuj ^I0Z/I£/ZT s.uauiajij
(b) (uj) (0 %SZY
%srz
J3XJBW
psq)00UJS 'JA-s iblujou 36b Ajjug ^I0Z/TE/ZI
s.uauiasiiod
(6) (P)
(q)
(d)
(I)
(!) %SZY %00'E %SZ'Z
)axjew psqpoujs 'JA-s leujjou sBe Ajjug ^T0Z/I£/ZT ^Jajoqsn
(J)
(3)
(e)
(o)
Ot)
(4) %0Y %S^Y-%0S'E "/oS'Z
)3>|JBW
p3q)00UJS 'JA-S Iblujou 36b Ajjug /HOZ/IE/ZI
,saaAo|duJ3 |edp|unM
uoijblujojui Jaqjo A)i|B)jow
3BB )U3LU3JI)3)j UJnjaJ JO 3)BJ )U3LU)S3AUI
saseajaui Ajbibs uoijeyui :suoi)duinsse |euenpv
poqjauj uo|)en|BA jassv poqjaui jsoa leuenjav ajep uo|jen|BA |euenjav
suo|iduinssv pue spoujiaN leuenisv
SNOIinSIiJlNOS JO 3ina3H3S
JLUOdMIV lVNOLLVNM3±NI 3HVH,0 09VDIHD SIONmi '09V3IH3 dO A1I3
- l9 -
9I0Z/IE/ZI ZTOZ
8EIE Z8Z'Z8fr'Z - Z£9'08Z ZE9'08Z STOZ/TE/ZT 9T0Z
% 8Z'6E OOO'SZfr'Z* - 9Z9't>96S 9Z9't>96$ MOZ/IE/ZI STOZ
o6e3ji|3 jo Ajo
9T0Z/T E/ZT ZIOZ
ZSO ZEZ'S9l> - 66£'Z 66E'Z STOZ/TE/ZI 9T0Z
% 60 T 06I'09fr $ - S66'l> * S66'1> $ t-IOZ/TE/ZI SIOZ
9I0Z/TE/ZT ZIOZ
S8 0 809'980'T - SSZ'6 SSZ'6 STOZ/TE/ZT 9T0Z
°/o SZ'I EEE'frZO'TS - Z9Z'8T S Z9Z'8T S t-IOZ/TE/ZT STOZ
s,u3uia3!|Od
9T0Z/T E/ZT ZTOZ
WT EZZ'frOZ - EEI'Z EET'Z ' SIOZ/IE/ZI 9T0Z
% ZZ Z £Z9'Z0Z $ - £6S't> $ £6S'l> $ 1>I0Z/TE/ZT SIOZ
,sjajoqe-|
oso
% 60'I
T81>'£I79'I 8Z6'Z09'T *
Zfrl'8 S6fr'ZI $
Z1>T'8 S61VZI *
9I0Z/IE/ZT STOZ/TE/ZT WOZ/IE/ZT
ZIOZ 9I0Z STOZ
.saaAoidujg |e>dp|unH
(3/(e-q)) HOiAed
P3J3A03 JO 36e)U33J3d
esenvv (sn|djns) papunjun
(3) (q/e) (e-q)
nojAed orbjh (iwn)
P3J3AOQ papunj A)|||qen panj33v
papunjun
(q) a6v Ajjug
(ivv)
Aij|jqei-| paoi33v leuenjov
(b) aiea
sjassv jo uoi)en|BA
an|BA |euenj3V
|B|jenj3v
(spuesnoijjj ui 3jb sjeiioa) SMV3A 33UH1 ±SVH
SS3U90Ud ONIONnd SXId3N3fl J.N3HAO~ldN31SOd U3HJ.O dO 3nfl0.3HDS
±WOddIV 1VNOI1VNU31NI 3UVH,0 ODV3IHD SIONITII 'ODV3IH3 dO A1ID
- 89 -
NOiivinjuodNi AuviNainianddns nvNOinaav
- 69 -
aBeJSAOD 40 suo!4E|n3|e3 oj sajou aas
ZTE'9ZT'I$ £ZE'90S 686'6T9 $
686'6T9 $
9Z9'E9S f
(69Z'09) S6E't>Z9 $
£T9'68t>
OEZ
Z6Z>
8S6'6TT
8ZS'6 $
109 Z6 8S6'6TT
ZTZ'TZ6 $ ZTZ'T/16 $
1NVN3A0D 3DVo'3AOO aOd 3n9V~IIVAV "JV101
iN^wayinbay "ivioi
pauuap SV-S3SN3dX3 30NVN31NIVW ONV NOLLVo^dO
(aojAjas jqap aje6aj66e jau jo %OTI jo sjuaujajmbaj jisodap iejoj jo Jajeajg) lN3W3yinb3a 39Va3A03
3DIA>d3S 1930 31V93idE33V 13N lN3W3ain03a 1NVN3A00 83|Ajas jqap aje6aj66e jaN
SINDODDV !S3id31NI a3ZHVlIdVD WOHd a3aa3dSNVal SINOOWV SS31
3DIAa'3S 1930 N3H >i)0IN3S 31V33a99V
SlN3W3ainb3y SlIS0d3a 1V101
punj aajAjas jqap uai| jomas sjoafojd lejjdBD |epads aAjasaj aaueuajwew aAjasaj aoueuajuieuj pue uopejado :pajmbaj sjisodaa—SlN3W3yinb3y 39Va3A0D
1NVN3A00 39Vy3A0D aOd 319VIIVAV "IVIOI
(Z ejoN) JeaA |eosu, jo Aep jsjij aqj uo punj anuaAaj u| aaueieq qseo (aaiAjas jqap joj sa6jEup Ajnpej ja6uassed) sAauouj aiqeneAe jaqjo
pauyap se—sanuaAaj |ejoi :S3nN3A3a
(spuesnoujjj in sjeiioa) LXOZ 'TE U39H333C] 030N3 UV3A 3H1 WOd 1NVN3AOD 3DVW3AOD dO SN0I±V-|rmV3 S0N09 3HN3A3U IWOdUIV 1VH3N3D N3I1 UOIN3S NOIlVNUOdNI AUVlN3W31ddnS 1VNOIJLIC1CIV
IHOdUIV 1VNOI1VNU31NI 3HVH,0 ODVDIHD SIONIllI 'ODVDIHD dO A±ID
- OL -
¦sopej aBejaAoa aaiAjas jqap aqj jo uope|na|Ba jo sasodjnd joj sasuadxg 6upejado uj papnpui jou s\ uopjod jBqj 'A|6uipjoaae '.L\0Z 6uunp Ajp aqi Aq aiqeAed pue anp jou s| jnq LIOZ J0i Jjodjiv 3JBh,0 i° juawajejs aujoam aqj, uo pazm6oaaj s\ 'uoihilu £Y0T$ 'LTOZ J0i asuadxa uojsuad aqi jo uopjod Buiuiewaj aqi ¦jjodjiv 3Jbh,0 oj aiqeaoiiB pue spunj uoisuad aqj, 04 LTOZ ul aiqeAed uopnqujuoa uojsuad s,Ajp aqi jo uopjod aqi S| uonnuj L'8Z$ 'LTOZ J0i asuadxa uoisuad jo uoihilu 0"9t>T$ aqi JO
¦suope6||qo uan jomas uo isajaiui pue jo ledpuud aqi Aed 04 jbba puog aqi 6uunp juaiuasjnqsip joj, aajsmi aqi AQ Piaq suope6||qo jJOdj|\/ jo spaaaojd Aue Aq paanpaj JeaA |easy jeqj; 6uunp Bupuawiuoa JeaA puog aqj joj, aajAjas iqaa aje6aj5Bv jo juawABd aqj joj apiAOJd oj (n) pue 'JeaA leasy aqj joj sasuadxa aaueuaju|e|Aj pue uopejado J° juaujAed aqj joj apiAOJd oj (|) :juapijjns jsea| je aq him 'jb3a leasy joud Apjeipaujuj! aqj jo Aep jse| aqj ueqj jajei ou aajsmi aqj qj|M pajjsodap pue JBaA leasy joud A|ajeipaujuJ! aqj u| Ajp aqj Aq paA|aaaj sAauow jaqjo Aue (n) pue 'JeaA leasy jeqj joj aajsnji aqj qj|M pajisodap sa6jeqa Ajnpej jaBuassed Aue (j) jo A|a|os 6ups|suoa sAauow aiqeneAv Jaqjo qi!M JaqjaBoj 'jeaA leasy qaea u| sanuaAay jeqj japjo u| j| jo uopejado aqj m Ajp aqj Aq pajapuaj saaiAjas joj pue jjodjiv aqj jo uopejado pue asn aqj joj sa6jeqa jaqjo pue sajej 'siejuaj aqj 'Ajessaaau jaAauaqM aiup oj aujp luojj as|Aaj pue 'qsnqejsa pue xy him jj jeqj sjueuaAoa jaqjjnj Ajp aqi
¦suope6||qo uan Jomas uo jsajajui pue jo ledpuud Aed oj jbba puog jeqj Buunp juaujasjnqsip joj aajsmi aqi *q Piaq suopeBnqo 1-iodJiv jo spaaaojd Aue Aq paanpaj 'jeaA |easy jeqj 6uunp 6upuaujLuoa jeaA puog aqj joj aaiAjas jqaa aje6aj66v saujp sqjpajpunq-uaj pue auo (g) pue 'pajnaas pue panssi aje suopeBnqo jjodjiv Bujpuejsjno jaqjo jo suopeBnqo uan Jomas Buipuejsjno lie qaiqM oj juensjnd sjuaujaaj6e jsmj pue sajnjuapu; 'saaueuipjo 'suopniosaj ||e oj juensjnd apeiu aq oj pajinbaj sjjsodap aqj a^euj oj papaau sjunoue aqj jo uins aqj (v) jo jajeaj6 aqj joj apiAOJd oj (m) pue fjeaA leasy aqj joj sasuadxg aaueuajuie^ pue uopejado i° juaujAed aqj joj apiAOJd oj (1) :juap|jjns jseai je aq hjaa 'junoaav jo punj Aue u| pajisodap aq oj pajjnbaj uaqj jou jbba leasy jeqj jo Aep jsjy aqj uo punj anuaAay aqj ui p|aq aaueieq qsea Aub pue jeax |easy jeqj oj padsaj qj|M aajsmi aqi qi!M pajisodap sAauow a|qe||eA\/ Jaqio qi!M JaqjaBoj 'jeaA |eas|j qaea u| sanuaAay jeqj japjo u| j| jo uopBjado aqj u| Ajp aqj Aq pajapuaj saaiAjas joj puB jjodjjv aqj jo uopejado pue asn aqj joj saBjeqa jaqjo pue 'sajBJ 's|Bjuaj aqj 'Ajessaaau jaAauaqM aiup oj aiup ujojj as|Aaj pue 'qsnqejsa pue xy |||M ji jeqj sjueuaAoa Ajp aqi
:suopB6||qo
uan Jomas jjodjiv |Buopeujajui aje|-|,0 o6ea|q3 6uunaas jsmi jo ajnjuapui jajsew aqj ui
1NVN3AOD 31VH T
ztoz 'i£ uaawaDaa aaaN3 uv3A 3Hi uod
3DVW3AOD dO SNOIlVinDlVD Ol S3XON SdNOg 3HN3A3U IMOdUIV HVM3N3D N3IH MOIN3S
lUOdUIV 1VNOI1VNU31NI 3tiVH,0 09VDIHD SIONimi 'ODVDIHD dO A1ID
- TL -
******
•SDueinpjo puog aqj }o SLUja; aq; japun juawajinbaj aBejaAoa aq; Ajsubs 0} punj anuaAay aqj, o; a|qe|!BAB aja/w qaiq/w junoaaB jjocJjiv Aub ui ppq s}uaujisaAU! puB sjua|BA|nba qsea 'qsBa ||B sapnpui aauB|Bq punj anuaAay aqi
3DNVHV9 QNnd 3n.N3A3M
- ZL -
(aananvNn)
NOI±VWHOdNI lVDIlSIlVlS
- ZL -
¦sujjojjad
;! sapiAjpe sq; pue sapiAOjd jjodjjv aq; saaiAjas 3i|) 04 S3;B|3J jjodaj lepueuy spjodJiv am u| uopeiujoim aip Moq pue;sjapun japeaj aip d|3q 01 B;ep su|e;uoa sainpaips asaqi
uoijeiujojuj Buijejado
¦aae|d sa>|e; sapjApae lepueuy s,;jodJ!v ai|) qaiqM mq;|M ;uawuoj!AU3 sq; puB;sjapun japsaj aq; dpi) 04 sjo;eai;pu! ajiuouoaa pue a!L|dBj6oujap jajjo sainpaqas as3i|i
uoijetujojui 3/IU0U033 pue oiqdejBouiaa
¦ajrqry aip m ;qap |euopippe anssi 0; A;wqB s^odJiv aqi pus jqap 6uipue;s;no jo s|3A3| ;uajjna s^odjiv aqi io A;niqepjojjB aq} ssassB japBaj aq; d|aq 0; uopEWJOjui ;uasajd sainpaqas asaqi
Ayzedeo iqaa
¦saajnos anuaAaj
;uBay|u6|s isoiu spjodjiv aq; ssassB japsaj aq; d|aq 0; uopbwjojjji u|e;uoa sainpaqas asaqi
Ajioedej anuaAay
¦aiup jaAO pa6uBqa aABq 6u!aq-||3M pus aaueujj0.jj.ad lepueuy s/uodjjv aqi woq puBjSjapun japeaj aq; d|aq 0; uopeiujojui puaj; u|B;uoa sainpaqas sssqi
spuajj. lepueuij
sjuaiuoo
•q;|Baq lepueuy hbjsao s,jJodj|v aq; ;noqB sAbs uopBiujojui Aje;uaiu3|ddns pajjnbaj pus SBjnsopsjp s3;ou 's;u3lu3;b;s lepueuy sq; u| uopblujojui sq; ;sqM 6uipue;sjapun joj, ;xa;uoa b sb uopBiujojui pa||B;3p s;u3S3Jd jjodaj |epueuy |BnuuB 3A!su3q3Jdiuoa s,A;o aq; jo DJBd siqi
(aananvNn)
NOUVWUOdNI -IV3USI1V1S
73 73 73 ri It It It
V D -D ><
I 1 ?.
(P
a a|910|& & a|1099|t
n n|910|io ro £|1099|I|1010|
s 3
z z z n n m
o a & s
c a 3 a
ffl in (ti
if S | 9
Sail
? 3 » 8 3 = 3
! ° &s
c c C
» ? a ? S a • a S o " o §393
3 * 31 ?.
= 1 j
a * -
= ?:
" a I
S 9 !|109|q !
I JD TJ 10 TJ
3 S f S a 2 < >
*!?» a S = > 3 30lt II = _ H
c o rn o
£ Z
¦< m
SO JJ rn
w in
9g o
fl m
3P
Si
> M|10 10|z >
r
>
M 8
¦o 0
H
= 1
a q
3 S
S 9
ui a
"I s S
¦ QD 5» —
lj> |sj
I- M
O Cn. Ji
M 0> U U O
* W J> K! l£>
i J> O J> i— C
u » vj a o
- si -
ZIOZ 'IE Jaquiaaaa je aiqeAed spuoq anuaAaj 05 uoijeiipuoaaj ajejupej 05 apew uaaq seq a6ueqa aqi 'ie jaqujaaaa papua jeaA e qjiM pajuasajd s\ aAoqe uorjeuuojui aqi 'j Ajenuec papua JBaA G qjiM pajuasajd ajaM jqap aAoqe aqj joj sjuaiuajejs |epyjo aqj ui saiqej aaiAjas jqap |enuue aqi :ajON
'ZTOZ 'ZT Jaqujajdas uo papunjaj ajaM spuog uan puoaas IIV 'suoueBuqo pueiuap ajej-aiqeueA aje jeqj spuog uan Joiuas jo 009'0i>ZS uo YTOZ 'IE Jaqujaaaa je aAijaajja ajej jsajajui ue sauinssv (I)
I8I'SZ9't>IS
t-8Z'ZI T6Z'ZI E99'T6 8SZ'I6 SS8'I6
zt>6'T6
£Z0'Z6
S£T'Z6
Z98'£TT
E08'60T
1>£9'9£T
SfrS't>ST
£t>9'iVST
6Z0'6t>Z
OOZ'SOE
E90'STt>
1>0S'ZI1>
9lL'b\\r
Sl>9'IZt>
SZZ'£09
8£E'S8S
SEE'T6S
Z6S'98S
89fr'06S
6I0'I6S
SSE'68S
T98'£T9
9S8'EZ9
ZE£'£Z9
0E8'ZZ9
1>96'ZZ9
988'S6S
8II'ZI9
£Zl>'£I9
66Z't>99
8ZZ'Z69
S01>'EIZ S
33IAJ3S IBJOl
t>8Z'ZT
T6Z'ZT
ZOE'ZI
80£'ZI
9TE'ZT
TZE'ZT
ZZE'ZT
OEE'ZT
SfrE'ZI
Z81'8
S8Z ZI SI8'ZI 8£8'ZI Z98'ZI 188'ZI Z06'ZI 0Z6'ZI 6£6'ZI SS6'ZI 9Z6'ZI t-T0'8T 0E0'8T Et>0'81 6S0'8T £Z0'8I T80'8T ZZ0'8I Z80'8T 660'8T ETT'8T 6ZT'8T SZI'8I EM'81 09T8T 1>ST8T T9T'8T
I61'8
06T'8
£0Z'8
68T'8
i>0Z'8
t>6T'8
TOZ'8
Z61'8
frZZ'8
OTZ'8
1>IZ'8
ZOZ'8
8TZ'8
8TZ'8
ZZZ'8
WZ'8
ZZZ'8
ZTZ'8
t>£Z'8
St>Z'8
ZZI'9
891'9
89 T'9
091'9
ZZT'9
89T9
6S0'E
33IAJ3S 33IAJ3S
iqaa iqaa ubo 1 vidll 3d3
IBJOl
ZZ8 9
088'9
Z88'9
868'9
106'9
0I6'9
ZT6'9
Z8T'0I
S8Z'9fr
ZfrE'OS
Olfr'OS
Z9S'0S
8T9'0S
1>99'0S
S09'0S
ZS9'0S
8SS'Zl>
06S'Zt>
ZE9'Zt7
TZ9'Zt7
98Z'Z1>
8EZ'6l>
1>S1>'S9 !
aajAjas iqaa 3dd IBiox
T9£'6Z
0St>'6Z
6ES'6Z
TZ9'6Z
T0Z'6Z
S08'6Z
ZTS'TOT
9T9'T0T
Et>t>'8ZT
0ZS'8ZT
SZ9'8ZT
ZOO'EZZ
Z9Z'ZZZ
80T'Z8£
t-IS>8£
T0Z'98E
T8S'88E
OST'OZS
TEZ'ZSS
ZZ6't>SS
6S0'frIS
098'ETS
8ZE'l>TS
90S'ZIS
SE6'9£S
806'9t>S
IIt>'91>S
6Z8'0SS
9II'ISS
666'EZS
88T'S1>S
TOS'It-S
9Z9'Z6S
899'EZ9
T£Z'9Z9 5
33IAJ3S iqaa flMVD IBioi
T9E'6Z
0S1>'6Z
6£S'6Z
TZ9'6Z
T0Z'6Z
S08'6Z
ZTS'TOT
9T9'T0I
Et?1?'8ZT
0ZS'8ZT
SZ9'8ZI
ZOO'EZZ
Z9Z'ZZZ
80T'Z8E
MS't>8£ "
T0Z'98£
T8S'88£
OST'OZS
TEZ'ZSS
ZZ6't>SS
6S0'1>TS
098'ETS
8Z£'WS
90S'ZIS
S£6'9£S
806'9t>S
IIfr'9frS
6Z8'0SS
9TI'ISS
666'EZS
88l'St>S
TOS'Tt-S
9Z9'Z6S
899'£Z9
TEZ'9Z9 $
(„ spuog uan Joiuas
uo 33|AjaS
iqaa IBioi
t>S0Z ESOZ
zsoz
ISOZ OSOZ 6t-0Z 8M)Z Zt>0Z 9M)Z SM)Z t>t>0Z EKIZ ZWZ IWZ 0t>0Z 6E0Z 8E0Z ZEOZ 9E0Z SEOZ frEOZ EEOZ ZEOZ TEOZ OEOZ 6Z0Z 8Z0Z ZZOZ 9Z0Z SZOZ 1>Z0Z EZOZ ZZOZ TZOZ
ozoz
6T0Z 8T0Z
IE jaqujaaaa Buipua JB3A
:spuoq anuaAaj ojd pue spuoq anuaAaj odd '(gyvD) spuog anuaAay jjodji.v lejauag 6uipuejsjno joj aaiAjas jqap lenuue aje6aj66e qjjoj sjas aiqej 6uimo||oj aqi
(pajipneun) (spuesnoqi in sjeiioa) 3nna3H3S 3DIAU3S 193a
±MOdMIV 1VNOI1VNU3JLNI 3UVH,0 ODVDIHD SIONITII 'ODVDIHD dO A1I3
- 9L -
•uopejAv jo juawj-iedaa o6eaiqD jo A41D :aajnos
8lZ'lZZ'Z$ SSDUCIOS Q31VWI1S3 "W101
009'Z spunj jJodJjB J9L|50
289'06 ueon vidll P3>peg DdD
EZZ'TC spuog anuaAay uan Jomas DdD
SSZ'frfr OE)Aed DdD
8S8'98S'T spaaaojd uope6||qo jjodjiy ajninj
S6Z'69£ spaaaojd puoq anuaAaj jjodjje joud
¦VeS'69 spunj VS1
OOO'ET s;uej6 rjuauiappua dIV lejapaj
OOO't? s;uej6 AjeuopaJasip dIV lejapaj
OOO'TT (06-noA-se-Aed) sanuaAay Ddd
T£6'£ $ spaaaojd puoq anuaAaj Ddd 6upsixg
:S3DynOS Q31VWI1S3
8LZ'LZZ'Z$ S3Sfl Q31VWI1S3 1V101
T6S'0fr punos
06871? uopeiuaiuaidwi
96£'ZT s;soa jaq;o pue 6ujuue|d
t>39'18 Ajunaas pue Aiajes
OZ^'x'LZ uopeja6ujaj pue 6upeaH
96Z'86£ siaafojd AeMpeoj/6u!>|jed
>>03'ZT uope6p!W as|ON
SLx>'\?LL SjuaujaAOJduJ! leujuuai
ZLS'\?LS $ siuaujaAOJduji piayjiv
:ujej6oJd luaujaAOJdwj. lejjdeD jeax-aAy—S3SH Q31VNI1S3
(paijipneun) (spuesnouj) u; sjeiioa) ZZ0Z-8T0Z '(dID) NVld lN3W3AO«dWI IVlIdVD
lUOdUIV HVNOI±VNM3±NI 3UVH,0 ODVDIHD SIONini 'ODVDIHD dO A±ID
- LL -
¦uoijbjav jo jugujjjedaa o6e3!io jo Ajo lajjnos
'uoijeaijojuj psjepdn uo psseq p9je|nD|eD9j uaaq aAeq sa6ejua3jad pue sjuauj9ue|du9 6u|jd3uuod 6u|j|ns9j 'sju9iu9ue|du9 6u!jeu|6uo d)
%Z-0 %LZ %S-I
saiey ujimoje) punodujoa |enuuv aBBJOAV
LZ* 0-9t> LLV O'TS 8-8t> E-6t? 6'IS 9Yl> OIS % V6*
888'ST8'6£ 699'Z£8'8£ S06'S6E'8E Z9£'ZS6'i>£ 8LS'L6Z'ZZ SIS'i>i>Z'££ ZOE'ZOZ'EE ZTfr'ZEZ'EE
lso'lw'zz
OEO'tM^'frE
SS>>'98£7l 8Zt/l887l 1>U'66Z'8I £ZZ'Z£8'Z.I S£6'ZSZ'9T
zezWe'91
ZSS'i>EZ7l 8T9'ZT8'ST 908'8££'9T 0I0'6S07l
E£iV'6Zt7'ZZ Tt7Z'X66'0Z I6l'960'0Z
ses'siiYt
(l) sj)uauiaue|du3 SuiieuiBuo
(T) siuauJ3ue|du3
6UI133UU03
£l>9'i>i>0Yl £8Z798'9X S*L'ZL6'Sl i>6£'6Ti>YT I6Z'80Z'SI 0Z0'S897l
a6eiu33J3d sj)U3ui3ue|dua
6uj)33UU03 IBJOl IBJOl
sjaBuassBd Buiiaauuoo ibsijoisih jjJOdJiv |buoijbuj3iui sjeh.O oBbsiio
LIOZ 9I0Z SIOZ i>IOZ
etoz
ZIOZ TTOZ OTOZ 600Z 800Z
JB3A
¦Sjjodjie u6|ajoj 89 PUB 'sj-iodJiE apsaiuop \>Ll 'suopEupsap z\>Z °4 jjodjiv aq; luojj papiAOJd sbm aaiAjas doisuou 'l\0Z 'T£ jaqwaoaa io se 'e5baouui o; Buipjoaav "oBjea jo siujai. u\ sajBjs paiiun aq} ui qixjs puB api/wpuoM moz pue 'sja6uassBd |B}0} jo sLUJaj u| saiBis paiiun aqi u| pj|q:j pub apiMpuoM q:pqs 'suopBjado ijbjojib ibjoj, u| sajBjs pa^un sq; w pus apiMpuoM puoaas pa>|UBJ jjodjiv aqi 'LIOZ 'l£ Jaqiuaaaa papua pouad qjuoiu-ZT. aqi joj '(idv) IBuopBUjajui ipuno3 sjjodjiv Aq pandujoa sapspBis Oj 6ujpjoaav
AijAjiav jjjodjjv
(paiipneun)
ZTOZ-SOOZ 'TC U3aW3D3a 03aN3 SMV3A N3± 3H1 dO HDV3 UOd
IMOdWIV 3H1 dO SNOIJLVU3dO
ItiOdUIV 1VNOI1VNU31NI 3UVH,0 ODVDIHD SIONimi 'ODV3IH3 dO A±ID
- 6Z -
¦uoijejAVio juauujjedaa o6e3!iQio A}o :93jnos
ZT0Z-800Z
53)eu ijjaaojo punoduico |enuuv a6eJ3AV
t>-Z
e-t
8'6 Z> TO T'O
(E-0) 8'E
(8-8) %(0Y)
aBueio lenuuv
£8T'8Z8'6Z 6Z9'096'ZZ i>0S'6i>6'9Z frOZ'SZO'OZ E8S'606'99 TE6't>£8'99 0ST'Z6Z'99 T6T'9Z0'Z9
ege'ess'^
ST0'6T8'0Z
sjaBuassBd
|B3)01
9'ST
rsi
E"i>T E'SI Z'ST 6'W E'W S'ST Z'9I V9T
%
sjaBuassed
|EJ)01 JO
juaajad
gis'sgfr'ZT
Z6T'0SZ'TT
frTO'900'TT
099'£SZ'0T
fr6E'T8T'0T
t>6Z'ZZ6'6
£89'8SS'6
LL6'QX*'QX
6Zl'6Et>'0I
T89'i>Ti>'TT
sjaBuassed leuoiieujaiui
|Ej)0±
i»8 6^8 Z"S8 Z>8 8>8 TS8 Z"S8 S>8 8-£8 6-£8
%
sjaBuassBd
|Bj)0± jo )U33J3d
Z99'Z9£'Z9 ZEfr'OTZ'99 06t>'£i>6'S9 M>S'TZE'6S 68T'8ZZ'9S Z£9'ZS8'9S Z9i>'££Z'ZS i>TZ'ST9'9S t'TZ't'TT't'S *EE'W)V6S
sja6uassBd sijjsaiuoa |ejo±
ZTOZ 9T0Z STOZ frTOZ ETOZ ZTOZ TTOZ OTOZ 600Z 800Z
jbba
(pa4!pneun)
ZT03-800Z 'TC 1130143330 030N3 SUV3A N3± 3HI dO HDV3 UOd
DIddVWl M39N3SSVd 1V3IUOJ.SIH
luoduiv nvNOiivNuaiNi 3uvh,o oovdihd
SIONimi 'ODVDIHD dO A±ID
- 08 -
•uojjejAV jo luaujyedaa o6eD!iQ jo Aiq :aDjnos
-uojieujjoju! paiepdn uo paseq pajBiroieaaj uaaq aAeq S96ejus3jad pue sjuawaueidua BuipauuoD Bupinsaj 'siuawaueidua BuneujD'uo (l)
%9'Z %Z'Z saieu i|)MOJ9 punoduico |enuuv bBbjbav
6Zfr'9Z8'6Z 660'£ZT'8Z 0frZ'8ZZ'9Z Z£0'Z9S'£Z 6fr8'6frS'£Z
TS9'fr9£'zz
£89'999'IZ S86'fr06'ZZ Z88'SSE'TZ S90'S6S'£Z
S)U3ui3ue|du3 CTSO
6'frZ S'SZ O'SZ VLZ 9'ZZ OZZ E'9Z 6'EZ fr'9Z O'SZ
966'9frfr'Z 8S8'T8T'Z 6frS'Z89'9 Z6fr'9frfr'9 90Z'S0S'9 Tfr8'Sfr0'9 8E6'£69'S I6T'S8fr'S T6S'Zfr9'S Si>0'0T6'S
%
oBbsiio (T) s)U3iuaiie|dua IBioi jo q^SO
)U33J3d IEIOI
IJOdJiv |BuonEUjajui AempjN 06B3JH3
zzVszVzz
TfrZ'T66'0Z T6T'960'0Z SES'STT'ZT Efr9'frfrO'ZT £8Z'Z98'9T SfrZ'ZZ6'ST fr6Z'6Tfr'ZT I6Z'80Z'ST 0Z0'S89'ZT
a^so
IBJOl
o6e3iio T) Sj)uaui3ue|du3
IB5J01 jo )U33J3d
XJOdJjV |BUO!lBUJ3)UI
aJBH.O o-6eo.no
ZTOZ 9T0Z STOZ frTOZ ETOZ ZTOZ TTOZ OTOZ 600Z 800Z
je3A
(pajipneun)
ZT0Z-800Z 'TC M3flW3D3a SHV3A N31 3H1 dO HDV3 HOd
SltiOdUIV NOI93M ODV3IH3 SlN3W3N\TldN3 (CTBO) NOI1VNI1S3C1 ONV NIDIMO IVIOI "IVDIHOISIH
lUOdUIV -|VNOLLVNH3±NI 3HVH,0 ODVDIHD SIONIT1I 'ODVDIHD dO A1ID
- T8 -
¦uojjmAVP }U3Wjjed3Q o6eD!ip jo Aip :aojnos
•s;uauj3ue|du3 leuopeujajui ieioi sn|d sjuauuBueidug J3}nujuj03 DjisswoQ ieioi sn|d siuawBueidug J8UJB3 jiv 3HS8UJ0Q |e;oi S|enb3 s^uswsueidug ibjoi (i)
ZT0Z-800Z
saieu q)MOJ£) punodui03 jenuuv 36ej3AV
888'ST8'6e 699'ZZ8'8£ S06'S6£'8£ Z9Z'ZS6'fr£ 8£S'Z6Z'££ STS'frfrZ'EE ZOE'ZOZ'EE ZTfr'Z£Z'££ Z607frO'Z£ OEO'HZ'W
S)uaui3ue|du3 (x) lB»°-L
9"ST T'ST fr'frT fr'ST £-ST 6'frT 8'frT fr'ST Z9T Z'9T
%
9JBH,0 |B10i JO
£fr0'8ZZ'9 8T8'9S8'S 8£6'ZTS'S Z8Z'Z6£'S TOS'ZOT'S 880'9S6'fr 6ZT'T06'fr frZO'ZET'S S00'fr8T'S SS9'Z£9'S
S)uauiaue|du3
|BU0!)BUJ3)UI IBJOl
fr'fr8 6'fr8 9'S8 9>8 Zfr8 T'S8 ZS8 9-fr8 8-£8 % 8 £8
3JBH,0 IBJOl 10 )U33J3d
SW78S'EE TS8'ST0'££ ^96'£Y8'Z£ SZ6'6SS'6Z ZZ0'S6T'8Z ZZfr'88Z'8Z £ZT'90£'8Z 88£'00T'8Z Z60'£98'9Z SZ£'TTT'6Z
s)U3ui3ue|du3
J3UJB3 JjV 3!)S3UI0Q |B)01
ZTOZ 9T0Z STOZ frTOZ ETOZ ZTOZ TTOZ OTOZ 600Z 800Z
JB3A
s)U3Ui3ue|dU3 3JBH,0 |Bj]01
(P94!pneun)
IT0Z-800Z 'T£ W39W3D3a StiVdA N31 3H1 dO HDV3 MOd
AyVWWflS ±N3W3NV1dN3
IHOdUIV 1VNOI1VNH31NI 3UVH,0 ODVDIHD SIONIllI 'ODVDIHD JO A1ID
- 38 -
•uouejAVJo juaujijedaa 066214340 Aid :33Jnos
%(Z'9) % 6'0 %(f0) %(S-0)
ssjejj mjmojq punodiuoD |enuuv 3Bbj3av
6t-0'/198 SE9Y98 9El'SZ8 ££6'I88 Z8Z'£88 80l'8Z8 86£'8£8 ZI9'Z88 668'zlZ8 99S'T88
Z£9'0I iVi>9'TX 8I9'II t>£S'OI ZZt>'OI 8S8'0T 8£Z'6T SZ9'IZ 006'£I 8T8'6I
UOIJBIAV |BJ3U39
C80'6T ZE6YI 869'ZT ££i>'ST 9ZE'9I Z88'9T
8t>Z'£I 886'EI ZbS'Ll
fr££'Z£8 6S0'8£8 0Z8'Si>8 996'SS8 6£S'9S8 £9£'0S8 IIfr'Zi>8 t>69'£fr8 TI0'96£
902^8
oBjb3-||V J3)nuiui03 joijjbs jiv
IBJOl
suoijBJddo JJJBJ3JIV IBnuuv
S6£'SZ 6ZZ'0£ 8SZ'9Z 8S8'U Z66'99 t>0Z'69 t>t>l'ZZ ZWbL IIZ'18
J9IJJB3 JIV IBUOIJBUJ3JUI
t?99'Z9Z 160'SZZ 80Z'6£Y T89't?8£ \LZ'Z9C. LOL'ZLL OSS'IZZ 69l'lZ£ S66'Z9£
JJ3UJB3 JIV 3IJS3UIOQ
ZIOZ 9T0Z STOZ t>TOZ ETOZ ZTOZ TTOZ OTOZ 600Z SOOZ
JB3A
(paiipneun)
/1T0Z-800Z 'T£ U39M333C] SMV3A N31 3HI dO HDV3 MOd
SNOIlVM3dO IdVtOMIV
lUOdUIV 1VNOI1VNU31NI 3UVH,0 OOVDIHD SIONITII 'OOVDIHD dO A1ID
- £8 -
-uope|A\/ jo luaupjedaa pue aayjo s,ja||OJ}duuoD o6eaiqD jo A;id :aajnos
¦S4U3lu93j6v asn |eu|uujai leuopeujaiuj. 066T aq4 pue S4U3uiaaj6v 9sn jjodjjv £86T aqi -Japun sspjed 3U|U|v lie ujojj. p3:p3||oa gq o; pgjmbgj snuaAay M
¦spunj laafojd leiideD |epads pue aAjasay Aaua6jaui3 'BAjassy aaueuaiuiew 'aAjasay aaueuaiuiew pue suopejado am 04 sjisodaa (£)
•aaiAjas iqap 3ie6aj66e uo a6ejaAoa juaajad OT apiAOJd qaiqM pajmbaj luaujisnfpe leiuawajauj. {z) ¦punj DJd pue punj aAjasay Adu36j3uj3 'punj iu3iudo|aAaa jjodjjv
'jajuaD anuaAay isod :yoddns puei aqi sapnpxs s|sA|eue siqi (T).
£9Tgi ~$ ja6uassed paue|dua jad isod
888'SI8'6£ sja6uassed paue|du3
IS0'Z99 (t;) juaujajmbaj au||J|e
JaqiO
(SKI'S) aaiAjas iqap a|q|a 04 pai|dde anuaAaj DJd
(£St>'062) (T) anuaAaj au||j|B-uoN
:ss3"|
3S8VS6 (1) sasuadxa jjodjje ieioi
SSS'frT (o siisodap punj
OXb'Z {z) luawajmbaj a6ejaAoa aajAjas iqaa
t>9S'££t> (1) aaiAjas iqap iai\j
£Z£'90S $ (T) sasuadxa aaueuaiuiew pue 6upejado
:ja6uassed paue|dua jad isoa jo uope|na|BD
(pajipneun) (spuesnouj) in sjeiioa) ZTOZ 'TC U39H333a a3C]N3 WV3A 3HJL UOd M3DN3SSVd Q3NVHdN3 M3d ISOO ONV JLN3 WdtiinOSll 3NI1UIV ±3N
IHOdHIV 1VNOI1VNU31NI 3UVH,0 09V3IH3 SIONimi 'ODVDIHD dO A1ID
- -t>8 -
¦uouejAv ao juauj+jedaa pue aayjo s^anojidu^ o6ea!q3 jo Aid :aojnos
•panssj uaaq iaA iou
seq ZTOZ joj npne 3jd siseq l|sbd aqi sjseq |enjDDe ue uo siuaujaieis lepueuy pgnpne s(jJodj|v aqi uj pajjodaj aje inq siseq qseo e uo papjooaj aje 9Aoqe siunowe |enpv (e) 'frOOZ 'T Aew aoujs ja6uassed 6ume|dua jad TT'$ jo aaj uoipaiioa 9U!|j|e aqi jo iau sj lunouie sjqi (z)
"ZTOZ u| %e"Z8 i° siuauj9UB|dua 3Jd 9|q;6j|9 jo 96eiu93J9d |enpe ue spayaj uojieiujojuj uojpa||OD leDuoism (l)
SZ8'EST Wt^ST 99Z'£t7T T6S'Tt>T SOT'TET 06Z't>ZT T9Z'ZZT EZO'ZET 0Z8'0ZT Z98'i>£T$
90£'T
Ti>6
8T6
SZZ'T
ZZS'T
SZS'T
T£9'Z
96S'Z
Z9Z'£
0t>6'£ $
69S'ZST £Z9'£ST 8t>£'Zt'T 9TE'0t>T 8ZS'6ZT STZ'EZT OET'SZT ZZt>'6ZT EOT'ZTT ZZ6'0£T$
TSZ'ESZ'frE T68'£66'i>£ ZOS'SZfr'ZE 6TZ'Z96'TE £8S'9TS'6Z 8£S'Z90'8Z 8££'£0S'8Z TZ9'£6i>'6Z 8t>0'EES'ZZ ZZZ'OZZ'OE
888'ST8'6E 699'ZZ8'8E S06'S6£'8E Z9Z'ZS6't>£ 8ZS'Z6Z'£E STS'frfrZ'EE ZOE'ZOZ'EE ZTi>'Z£Z'££ Z60'Zt>0'Z£ OEO't'frZ't'E
ZTOZ 9T0Z STOZ WOZ ETOZ ZTOZ TTOZ OTOZ 600Z 800Z
sanuBAau Ddd
|BJO±
3U103UI JjS3J3jjUI
Odd
(£)(z) (S33J UOIjP3||CQ
3Uj|J!V JO jj3N)
S3nU3A3U
Ddd
(T) S4)U3UI3UB|dU3 Sj}U3UI3UB|dU3
Ddd lejoi
(paiipneun) (spuesnouji ui sjeiioa) ZT0Z-800Z 'TC U39H3D3a a30N3 SUV3A N3± 3H± dO HDV3 UOd
S3HN3A3U Ddd "IVDIUOISIH
moduiv ivnoiivnc13±ni 3hvh,o odvoihd
SION mi 'ODVDIH3 dO A±ID
- S8 -
"aayjO s7ja||OJidwo3 o6ea|q3 io Aid :aaJnos
-s6u|UJea isajaiuj sapnpui pue siseq qsea e uo papjoaaj aje SAoqe siunowe |enp\/ (z)
'8003 q6nojqi 900Z papua sueaA puoq joj :aa|Ajas iqap 01 sanuaAaj 3-jd jo lunouje aqi siuasajdaj opey (I)
Z£Z SZfr'99 SZ8'EST 8102 'I Ajenuec
ZZ Z SZfr'99 fr9S'frST LIOZ 'l Ajenuec
H'Z T6Z'99 99Z'£frT 9T0Z 'T Ajenuec
Ll'Z Z0£'S9 T6S'TfrT STOZ 'T Ajenuec
S8T 098'0Z SOT'TCT frTOZ 'T Ajenuec
68T C9T'99 06Z'frZT CTOZ 'T Ajenuec
S9T Lto'LL \9L'LZ\ ZTOZ 'I Ajenuec
frZZ LLO'SS ezO'Zei TTOZ 'I Ajenuec
SfrZ TTfr'6fr 0Z8'0ZT OTOZ 'T Ajenuec
% 69 Z 8fr0'0S$ Z98'fr£T$ 600Z 'T Ajenuec
(T) sanuaAau Ddd aaiAjas iqaa (z) sanuaAeu papug jbba puog
Aq aBejaAOD spuog Ddd Ddd
(paiipneun) (spuesnoqi ui sjeiioa)
ZT0Z-800Z 'TE «39W3D3a 030N3 SMV3A N31 3HI dO HDV3 MOd 3DVU3AOD 3DIAU3S 1930 (Ddd) 39UVHD AlIUDVd «3DN3SSVd
±HOdHIV 1VNOI1VNU31NI 3UVH,0 09V3IH3 SIONITII 'ODVOIHD dO A±ID
> 3 o c ?
cr s
3 S-r-r gi
O =5. o P
° C 7>|109|ro n ro '"r
-1 l/l Ol fr -o|109|S =T e
c fi n,
¦a ft
ui o>
r— V 00
UJ CO M
UI UI 00
U1 00 UD
:ui oi nj
J> 00 o
m a> u
LO 00 NJ O UJ J>
O
o
00
o o
ID
M O
w o
C O O m
3 = » H
c oi m tj
a 3 > O
81 n w
A
J ii o
a
(A
° 2 z
ii in <
m o
Z M
< m >
73 (A
m Z
o z >
o
m O
50 TJ
o
71
O m n m Z
OB
m 73 U
o o a
N O
¦<
o
n n x
M
o >
o
00
cn
cn ui
o
m yi nj
_. "j> Ol
^ m h
i-1 CO UJ
o
UI Ol K
UI 01 NI ,U0 UI UI
LO 00 -O
!Ln o J>
M O
ON NJ UO 01 >-*
o
UI
o at
OJ ffl H
NJ NJ I-1
UI OJ
K) oi In
J> j> A
LO NJ LO
r (-* (-*
*
Ji
S 3
01 (S
Ln oi
00 NJ
_ *
o Ji
N> LJ
M O O 09
M O
o
10
SI
o|109|n
o z
73 >
m Z
j» n
X M
m
o|910|o c
ui — bi m
_ ... TJ
2 H °
& 3 12
^ z _,
m O
> z
(A
O
m o
o m f) m 2
03
m
50 U
M
e o
00
o
n o
o
° n
o z
_: hi
J o
>
73 O
m o
m Eh
> hH
o z >
73
o
73 H
2°
VI
M
O '
CO
M O
O O
i:
O
00
nj \n
NJ
y a
y > m
H 3 O
9: n>
II
a> o. a. ca
¦a T3
i||1010|2 < > 2.
o» o n>
in|9910|co|99|-¦
ft)|99|o|109|s
-p -p n CO H LO 31
< ft ft < ffi
n> o o n> n> 3333 =
1*
a. E:
nj cn
vi Ln vi
00 01 nj
UI 00 VI
LJ vl tf)
O UI UI
NJ UI
O
o
10
h- Ln vl O
UJ O NJ t-»
VI NJ vj O
01 Ln U3
O O Ln
C O
3 0
oj =
C 01
ir in
r+
IS-
0 c w
01 3
a
in
ti r-
O
50 z
in 9
> ^
Q m
50
O|910|Zl|9 10|H Itl
X 03
m H
Z
-< in >
73 UI
o
in O
O in o m 3E
03
m 50 W
NJ O
o
00
I
NJ
o
n n
r> -<
o|10 9|n
O z
>
m q
2 U
o
30 "0
o
73
in lu vi
tO LO IO
o o Ln
CO CO
Ol NJ Oi UI
O W
NJ O
01
r- NJ
LH r- J>
tf) NJ 00
00 O VI
o tf) Ln
LU 00 O
r- UI
O Ol
NJ J>
NJ UJ
LU UI
tf) UI
NJ O
Ln o c
—1
n ro
Q
rf ¦<
? -ti
n
o
o •a
o_
CD
c
Q. IO
ro
rr LO c
|NJ
s
NJ
co
> n cn
CL O C|1099|!2.|1099|m
tr, CO tf)
3 3,
a-»
(D O ¦D
ro
LO -n LO r- >
o
ro oj
Ql 01 (D
9i S|910|3 = "
IQ OJ
" ID IO
3 a ro
§ ro|910|OJ
01 3
¦ cl|910|< I
I s|109|a*,
ro o|10910|
A NJ NJ lO ^ ^ CO NI
m oj m oi o j»
UI N OJ
a j> i-1 o
U> N U » IO
Ln NJ LO i-* J> i-* O si UI LJ U IO
Ln NJ h-* J> h-*
vl LD NJ Ol
LJ1 NJ UJ
o u m o
vj O 0*1 NJ Ln
e|1010|n
rr
5'|1010|
M
o o
09
NJ
e o
iu o
M
o
M O
c o c
3 71 I"
a Z
c m i
a > H
|109|=
X M
m <
H >
m £
x
M
o >
Ci
o
>
30 WI
m Z O m O O
z s
>
Z
01 m
71
w
73
30
M O O
00
I
M
o
¦o O 71 H m 3 "0 r-O -< m m V)
CO -<
fi O
o o
n ¦<
o
° n
z
_: m|109|°
>
m o
HI *"
|i
o
M
JO
o
73 H
SJ NJ
Ln NJ L0 O L0 NJ O
\l ¦» Oi lo Ln
M O
W
UJ L0 NJ LO i-» LTv L0 O ¦<> M ^ io Oi vj
L0 r-> UI 00
L0 L0 NJ 0J
NJ O "l O A h»
* oi o oi oi u
LO I-* Ol CO
M O
in
L0 00 NJ 00
w o u * J> h nj ui vi oi oi lo
0J NJ 00 O
o
ffl
00 L0 NJ A
J> M M Ol J> M
on vi Ln >-» oo co
M O
- 06 -
|10qe|!BAe ja6uo| ou s\ ip!i|M
jjodsy uoisjAia XBi-9nu3A9y }o neajng 'o6bd!lq jo A)Q a\f\ sbm uopeujjoju! SDjnos aif\ 'piqz o} Joud
sujnaay xei asuadxa s,j9Ao|duJ3 '9nu9A9y ao luswijedac] 'oBbd'lq 10 Aijo :9Djnos (£) S3U||J|V pajjuf) sb umou>| A|j3Ujjoj 3ui s6u|p|OH |e")U3U|")U03 paimn {7) p9AJ9S9y s5L|6!y ||v suoiieDmnujujo^ u|BJ3 8T03 © •sssmsng o6bd!1|:j s,u|bj3 jo anssi 8T02 'SI Ajenuef am luojj uoissjuujad \\~x\n\ paiuudsy :3Djnos (l)
:S310N
£30 630 0E0 3E0 £E0 IfrO 9fr0 SSO
8S0
% T80
OT|101010|L|10 10|S
fr
E
SS6'3 T9T'E S3E'E 6Sfr'E 38S'E ZES'fr t-80'S LLS'S
E0fr'9
S98'8
6<-l'0 6£0 WO 660 TO'T EO't ZZ\ 631 631 % 8fr'I
Auediuoo aauBuaju'BW papuog uo|-iejodJ03 SAD Auediuoo JO}6w pjoj
S3U||J!V UBDU3LUV dll 3Jn}U9DD\/
jsruj. ujaijiJON
dui 'sajojs pooj |9Maf
Ot 033'0T 3UIS9J0JS qjeuj-ieM|109|S33'0T MlleaH 33U3S9Jd
£fr8'0I A-jJSJBA-Ufl. UJ34S3MmJON
L \fr66'3T (j) 3Ui s6u|p|OH lejuau^uoo psnun
S 0fr3'£I 'pui luo3'uozbuj\/
fr T0Z.'ST 03 io aseip uefijow df
E E8S'9t o6eD|L|3 jo ATisjBAmn
Z L99'9\ sJe^miBSH iBuowaw ujs")S3ml|")jon
I 6frO'6T m|B3H 91B30APV
)uauiAo|dui3 jfuey saaAo|duJ3
A»!3 |B»oi jo a6e)ua3jad
;uaujAo|duj3 le-joi jo a6e)ua3jad
saaAoiduig jo jaquiriN
L\QZ
(pajjipneun)
(39Vd SIH1 dO ON3 3H1IV 3XON 33S) ODV SUV3A 3NIN ONV HV3A
(1N3WNW3AODNON) SU3AO~ldM3 iVdlDNItid
VIVO. 1V3I1SI1VJ.S
lUOdUIV 1VNOI1VNU31NI 3HVH,0 ODVDIHD
ro n ro|1010|CT
NI «>
O|910|l-1 O
LTt rr
Q. OJ
c
LT
n i/i i/i
o o
LO LO ? O
>
3 ro
i/i
o n> ¦a
OJ
3-3 ro
E I! I! Ov -1
c io
n ro|1010|^ ro 3
- !4 CD o 3! -i
~ 3 ffi
r- -i> 5
oi o oj in
I
c:
cr o
I" O —•
s ? »
¦g 1|99|n
ro
Q.
o|99|w
=: 0) KJ
sr|99|o
ro ro
n ro
r7 3
°
CD
c
™ •<
n|910|o ro
D|910|O "|10910|n
> -»
OJ
T> IO
ro o
s IS
WMWWNMMMION .<
oooooooooo n
h-'r-'h-*l-*l-fcl-*r-'r-'00 Ql
o ¦a c
M01U1i.UWMO*(» -t
NJ M NJ NJ M NJ NJ NJ NJ NJ
o|1010|CrtOl0"10^0"ICnOlOlG000 IDIOIOIOOIOIOIOIOIO LnLnLnLnuiulLnLnOlOl rr
LnLnLnLnLnLnuiui IDIOIOUJIOIOIOIO
oooooooooooooooo
o o lo cn
l-> NJ
> > vt - - >
>>uuuuuuyu — "kjioinbkicouiw
ooooo
Ln -l> -l> LO LJ * OJ UI M N
Oi O A NJ Ol O vl
Vj NJ 00 NJ Ol Ol A NJ ID 00 NJ Ol LO Ol
_ ra TJ W
C > o H
? fl TJ >
5" H M
™ —I hH|910|m|99|r
^ > O|109|z >
"< M >
(A H > H
M
(A
d
n
(A|109|z
o m O
o
m n m Z
09
m 73 W
ISJ
o o
00
I
N
o
o n
n ¦<
> o
° o
>
73 m
o z
> O
3 E
> M
o z >
73
o
73 H
l/l ZZ
O =;|109|?
QJ_ O
t-H Ln
o ro 3 "
Vl NJ VI 00 LJ LJ NJ LO
NJ NJ NJ NJ 00 00 VI Oi Ln A IO M U J> U «
LJ NJ
Ln vl Ld J> Ln cn
3 ¦o
Q
*
ID 3
01 3
> -1
ro
J> Ln Ln (_n CO CO vl in. vl vl lj io
O O U b|1010|It
» t
(0 o
31
n|1010|LncnJ^AJ>J>J>J>
LOOLOOOLnLnLOLn
OOOlOLOLOlOvlLJ •TsOOLOvlOvlLnNJNJ
— LTlOi-'LnvlvlvlOO
S «|109|d?
ID TJ|109|r>
£ 0J
.OUJLOLJNJNINILO LnOlNIOLOLOOlr-*|1010|o S
3 SL it
"ni "oi "ni "nj "ld "bo "oi Vj m
Ln LJ VI >-> LJ 00 LO
> > fi y p ,-' ^ —
„ lo 00 ~oi 00 Ln Ln o ~Oi viLOOlGOOiOLDLQi-* ~ "UWlOHiDiiMU
00 Ol *. UJ NJ NI Ol NJ NiNiLniOAOoujA OOOOOOLTiOlNlOO
- 36 -
986
TiVSI IVll
SfrOSI Still
zze $
LZ'TTX OOS
£TZ6 $
L|"}UOUJ-0",-L|3UOW
Ajo",pu6!s ujja5-6uo"i :33UVrO 3Sn *3DN3SSVd a3N\nd3a
L|5UOUJ-0"1-L|"1U01aJ
AjO"}eu6's UUJS5-6UO") :39^VHD 3SO U3DN3SSVd a3NV1dN3
L|;UOUJ-OD.-L|T.UOW
Ajo"ieu6!s aiJ9T.-6uoH :Lunuue/"jy •bs/"iu3J |eiNUJJ9i sqi 000'T/99J 6u!puen :NOIldiyDS3a
1VNIWM311VNOI1VNU3J.NI
36e"iooj; leucnij.ppv adeiooi 6ujD.si.xg D.U3J sseg sq| 000'T/99J 6u!pue-) :NOIldiyDS3a
¦VNIWM31 DIlSBMOa
Ajoj)eu6is-uoN Ajoj,eu6is
ZTOZ 'T Ainr 9NI3N3WWOD aOIM3d 3HI U0=1 S39UVH3 ONV S33d 'S~IV1N3U iVNIWU3± ZTOZ-AUVWWnS
ItiOdUIV 1VNOI1VNU31NI 3HVH,0 ODVDIHD SIONini 'ODVDIHD JO A±ID
- £6 -
uo|3,B|av io •juaujTjedsa o6bd!L)3 :aDjnos ¦out. 'ssiepossv 10 opuoDiy 'uo^eiAv jo "juawipedBa o6eo\yj ao Av.o :saDjnos
•A|T.u|or paqjodBJ bjb leuoneN pue oujbiv (1)
% O OOT
dui jbo -i3A|!S
3ui vsn le-jusy jbo s3D.no-y
ZZ 06
scz
|e"iu3"a jbo 36eT.ueApv jeo v q.u3y jenoa jeo v 4U3y zdj3h
6 8Z
£8 CC CYT
JB3-v-j:u3y ,36png ¦,36png S!Av-ss3|Aed ie?u3y Jeo s|a\/
6'SC
l9Z % Z6
IJOdJiv ZTOZ
(I) JeD-v-;u3y 'euoueN (T) -ieD-v-;u3-b oujbiv (I) JB3-v-4U3y 3sudJ34U3
(s)puejg
(pa-4!pneun)
lUOdUIV-NO 9NIlVti3dO SONVUfl MVD iV±N3M JO 3MVHS 13XUVM ItiOdtilV
ItiOdUIV -IVNOI1VNU31NI 3UVH,0 09VDIHD SIONimi 'ODV3IH3 dO A±ID
in o c
(TJ
n
rV "<
o n
•IT
n'
OJ
10 o
O n>
T3 OJ|1010|ID 3
> <
5'
rj|1010|n. c
Cl fD LO
Gi
>
o'|1010|
(TJ 3
QJ < OJ
oT
CT
¦g. ^
TJ ID -l
n
ID 3 r-r
LO 3"
OJ
3 D ro|1010|OJ
CT QJ LO CD Q.
C TJ O 3
OJ g.
r* ItT
LO ZT QJ
3-
(D
3"
C -l
JD C OJ
ro
S ID
OJ|910|* I
OJ
a S
=?|910|P ZT fD
JD C OJ
rl
ID
NJ O
OJ 3 Giro O r-» Si
o
BP O QJ 3 Q_
n O
3 3
tD
\ n
rt; 3'
n
ID 14 0)
3'
NJ MMfOrOWMNJNJW
O OOOOOOOOO
H" r-»l-*l-»l-»l-»l-^l-«00|1010|Q> rj
o'|1010|LO
s
ID
SI 0I(J1J>UMhOiDC0
OJUUUIUUULIUIU
us 00 00 j> ui u> ui ui m j>
C
LO
ID O.
tT <
ffl CO UI lO M M h-» NJ O O l->SIVOUICOUIvDl-»UII-i
yi M Ln NJ J>. r-i J> id ui h
M M M O
o
n O 3 o. o
SP
>
LO LO O Q
cu'
r-f
fD LO
OS Ol IC SI SJ N SI LJ K H OOOSOOSCOOOOUIOO 00vOUlM00r-»00MUIOS
J>
M vo cr*
lOslslOiulUIUIsl
U) vO 01 Oi o SI O LO M
Oi J>
ui 00
4> SI
_lO K IO UI 00 00 M UI
V M W UI O CO
W * si W ID H
UIU1U1J>UTJ>J>A 0SJ>OlDi-'l000si
J> UI
vO o
Cl fD
<' ID
< LO'
U UI ID UI UI h
J> O U) J> o
UI
o
OS
CO
o
ui ro J> h co w n|1010|in O S° D
ID 3
¦o
QJ 3 ID CL
TJ QJ LO LO
ro|1010|IO ID
ST
QJ LO
Q. 01 rf QJ|1010|w h 01 in ro o
OS
,J>
o o
HUU1H(OlOJ>NWUI
UIU1U1UIUIUIUIUIU1UI UlUIWUI^UIOiOIOiffl
Mobsiocobssisjco
UI * *
OS LO LO
tji OiOCOslslslOSOSOSsI
o
lO Ol Ol h Ol o
o -1
fD Id'
NJ VO si si Ui M UI CO OS
UI SI
M SI si OS
OS r->
CO ro - -
H» l-» lD
UI O J>
ui ui 00
=3 QJ LO
n 01
ID -I
LO
NJ VD I-1
J>J>J*J>J>J>J>J>J>J>
J>U|J>UI-1>J>U1U1UIUI
csooboorol^uiuiro
¦<
ft
DJ
TJ
(/I|910|» -a H
ft =. o|109|OJ «¦
IQ 3 »
ft ft
-I Q.
w
¦0
DJ H
jj ra o
l/l|99|r»
(D "3
-| ft 00
w a Z.
TJ H
o » S
n dj
H ft —|109|O
it rr
OJ 00
~ "° _
ft o
so
TJ 0
dj ra <£. w 3 a
l« TJ fl
w
S f 5 "8 I o
o
TJ
o a 73
0 5 8|910|* 51 S s
O
ff rt fl
01 01 ?
ft
¦0 <
»|99|rr|109|"2. 5"|10 99|o|109|ft
w a eo
«, 0 ? ^
oo H (i 2.
'P O|99|rV
- - o
n rT rT
D 0J OJ — IO
C > M
p n w
c O
o. o|910|(D
>
HI 1
si -
Z rC
>
73 _
(ii o
m 9P
z a
O in
O TJ
HI >
o z
m m
09 TJ
in >
73 {fi
w|910|isj O
O m
O 73
CO (A
NJ
o
o o
o|10 9|n
O X
>
m o
5 C
5 z
o z >
r
>
IH
TJ
o|1010|
¦o ro
n n
g §
=T 3
O to
3 ">
>
o
3 3
e SL
¦o
it
n it|1010|5L
ET 31
O|910|C o
^ •
D Z O
ro o n
n < a
ro ro °|109|3^
LT LT "I
ro ro
L0 > !="
ro c E.
TO IO < rf f-
™ 5i 3 "
LT
LO ro
* 2 >
: oj T3
n >
¦a -n -3
a-
ro
c o|109|O
01 =
C 01
n i
— «1
r* (D
a.
o c
UI 0J 3
a.
H
o
70
M
n >
n n o
n n
n ¦<
O
o x
HH
>
73 G)
m o
70 ro
n
n
o 3
TO
o z
(/)
M
H
m
3 HH
5 Z
J> HH
o z >
o
OI OO
l-» VI LJ
oo o o
O LJ LO
bo "Lo "io
J>lO Cl O SJ o.
SJ Ln LJ
A 00 vi
Ln_oi .10
vi "sj "io
00 A Ol
A CO o
sj i-' on oo oj oo oiui .A
sj o vl 00 A vl o oo cn
A
II j>
SJ SJ SJ
Ah-1 "o
ID I-* A
SJ ID OJ
ID vl A
cn Ln vl
O SJ SJ
70
¦o
o
70 H
70
m
73 TJ
o
73 H
o
vO tn
o>
A
00 SJ
a
in M J>
cn ld Ln
J> oo o>
ASJ SJ
A as co
00 A o
Ln oo cn
vi LD I—*
SJ^H* .SJ
"ld vi "cn ui uj Ln sj cn cn
A VI LJ
io cn cn
cn A sj
cn io Ln
cn Ln o
J> w J>
ui io Ln UJ A vl vl oo io
A "lO "lO IO l-* vl cn sj cn
lj Ln
oj cn oj
ui sj
"oj"a sj
io on oo
sj cn co
Ln A cn vi o cn Ln oj oj
In A V vl A A
OS O 00
M O
LJ O O
00 SJ SJ
OW
~SJ 00 vl
OH W
CO OS CO
SJ SJ SJ
"oj o o hi
Ol UJ LD O Ln^vl yi
"sj"a "sj
SJ LD I-"
A Ol Oi v
n >
70
n o|1010|¦v >
A
VI
UJ sj
A LO 00
VI OJ I--
CO vl Ln
cn o i-*
LD 00 OJ
cn oo cn
M ID ID Ln vl sj Ol UO _o
SJ "lO vl
Ln SJ i-*
Ol O SJ
ui ^ oo
H Ul UI
SJ Vl LJ
"o A Ln
-A SJ vl
00 A OS
r
00
SJ I—* SJ
A "iD O hi
K SI UI O
H UI CO
UJ SJ "I
LD O
SJ 00
LJ VI
00
o o>
VI
Ln
SJ
sj sj oj
a"id "cn
l—* OJ 00
tO LO A
AO A
oj o Ln
sj oo cn
vl O LD si vj io h-> 00 ID SJOl 00 Ol ID A
A cn oo
OJ OJ
Ln Ln id id Ln vl yi A as "oo~uj "os
W H J>
A SJ o
UI O I—* SJ ID Ol
Ol o
"sj sj "cn
LD LD 00
Ol o
hi
o
41 IO UI J>0 lil K UI .A
LOO SJ
KU 10|SJ SJ 00
Ln o oo
oi i—* Ln
id ^o Ln
"vi os ~io
J>o UI
a go sj
Ol LJ VI VI OJ SJ SJ Vl
"ujln "lo
SJ 00 A OA*.
ui o o
UI vl Ol
M M LJ
Oi A SJ
UI IO o
cn cn co
NI
o
>
3 3 C
CL OJ
SL
Tl
ID
o to
9L S
Er 3-=1 Dl
i 5
cu
p IS
ro |.o c
CO LD I00
!§
O Z O
ro o n
n < c»
ro ro g.
33 J
LT CT -i
ro ro
PM U
oo o o
O LJ .ID 00 "ul "lD A LD 01
o ro o
UI M * Oi LO Ln
*co oi A nj "ro
A 01 CO CO A o
>|1010|
TJ
ro
ri S ro Cl
rl n
Id
ro
0J rr
ro
-| rf O rf 0J
in > ?
ro c E
TJ IQ <
rf r-
ro|9109|"
LT
ro Ln lj
A co vl
Ln oi LD
vl NJ "lO
co A os
A CO o
A Vl LJ
LO 01 01
o> A ro
"oi ld Ln
oi Ln o
¦» M A
>
3 3 C 0J_
TJ
ro ro|1010|
0J 3 IO
ro
!
UI bi
LO ro n o|1010|Ol
0J rV
ro
E; m TJ ro ^ =;
ro p* Ln
CO LJ CO
ps yi A
ro"o "vi oo A vl o oo oi
LJ Oi LJ
in p» ro
lo"-0 "ro lo Ln oo ro oi co
>|1010|
TJ
ro ro|1010|
IQ
ro
00 rr
-I CT ^
n ~i c
jC 01
-O P> O ID P J>
ro ld io
"ld"vI "j> Oi Ln vi o ro no
lj o o
co ro ro
p UO pi
NJ 00 vj
OP w
CO Ol 00
o
NI O
(A
C O|109|O
oi = -4
c dj o
O. -l
_ (A
ft
ZT I-
o n
C H
£ n
3 2 a O
M
o z
V) O
z
> z
O O
Tl Tl
V) M
H m
7a ¦o O 70 H
o ft
ft <
> O
° r>
z
ft
> >
to a
m o
2 M
> M
o z >
73 TJ
o
79 H
¦Ln sOi 1-0
iro ¦o
Ln 00 01
M ID P
ro m ro
"io "vl 01
Ln lj Ln
ro oi Oi
Sl K O
O -O P4
Ln A ro
vl \o lo
co A A
¦0 -0 A
LJ LJ LJ
In "ld In
LJ -0 vl
si 00 tf)
J> "lD "lD
LD P» vl
o> ro oi
LD r* H
lj co ro
J> CO VI
Oi CO 00
WJ> J>
¦0 00 CO
Oi I CO
Oi
ios
LJ UJ NJ
In A "oi vl o Oi Ln LJ UJ ln"j> "j> vl -0 -0 Oi o oo
Ol Ol LD
ld ro oi
P> LJ NJ
bs "lo "ro
-O M -O
o oo o
U) O o 01 LJ VO Ln vl in
nj"a "no
MID P J> OS Oi
Ol O r->
LJ LO LD
p* p* O
OLn o
00 -O vl
o a ro
M O
M
o
in
>
Ci > 70 Ci 0
z
TJ
z
M
m V)
To
13
.'.LJ
.L^
Cld
(ro
Up
jflD ro oo
Ln o oo
LJ LO 01
LJ -0 00
IDH NJ
M Vl LJ
ro oi ro
LJ .0 A
"ld "ro "p» a co co vi ld Ln
H> LJ "j>
lj ro vi oi o ro
Vl VI P1"
oo A A
O H U
lO "vl LJ
O Ol NJ
J> CO o
oi ro lj
LD oo os
ro vl os
~P* O "l/l
W NJ -0
O -t> J>
M
o
01
Ln p» oo
io h
U1H 00
"vo o no
vi cn oo
-0 CO
LJ -o -0
oo "ro "o
LJ oi Ln
O l-1
CO LJ O
ro a
A o o
oo in vo
os Ln ro
W P ID
~P> "vl 00
00 Ln o
-O ro oo
Vl p* p*
p Ol si vl CO VD
P> LJ "vO 01 P* ¦*> 00 NJ A
N) O
01
o
n
? n
OJ
to o
a
CD TJ OJ
3-3 co|1010|
> <
P> >
>
73 CD 3
Q. < Q)
-• >
rr. .
o rr q oi
n oi
^. fD
ro ro
C D|109|OJ
ro ->
ro ™
P. rr
> CT O
ll
fD QJ
- r-r CD
OJ ID -l
ro ro
dj & Q- 5'
o 5-
CO
ro
<
? n
n qj
QJ rf
-I QJ
n
o c
TJ
> <
in'
CO c
Q. IQ
ro
rr
n
tj
ro|1010|
ro
n o
3 rr 01 -1 TJ
n o|1010|TJ
OJ
ia o
n
71 >
n i-
(D Id 01
70
>
O (A
> Z
o o
50
u O 70 H
> Z
O
70 m
Q. O
>
TJ C
73
O
x
QJ
ro
S
ro
ro in o_
a
ro
n
0J
> <
ro cr
a.
ia
oj|1010|a
NJ O
>
< §¦
ro oi
73
ro
n
DJ
TJ
<'
CT ri
ro_ <
ro
Q.
o £.
TJ <
O -ft
cr.|910|o|1010|o
ro
CO
> <
TJ
0J _
¦< c
ro io
in ro
in rr
<"> f?
oi ro
r-r
ro >|109|n
0J 0J
ro.
OJ
S
>
10
>
n >
73
OJ
CD Cf
ll f
ro n
n o|101010|p -<
i—i oj
X
ro
rr N
73 ro
ti H o
-i- =¦ o
ro =
> >
n
OJ
—ft —p ni
50
ro
Lt Q
LL
OJ
yv yi
Z c
-< cr
LO !£.
m q.
5!
N o
T ">
ro ^
& g.
CD =
5L S
x|910|o -a
a|9109|¦<
Uj „.
— Q. 3
3 o
73
ro
z >
a K a-o
3 0J
70
ro|1010|n
0J -1
73
ro|1010|n
0J
O
w ro
§¦ | in *
qj ro
o
ro dj'
ro s
-r n
-|910|°- TJ|109|01
10|910|in <
73 3
O
01
01 3
a
in
(0 IO 0)
ID 01 3 R" 01 rr
5"|1010|m O
00 70 >
z a
i/i
o
T3
m 70 > H
M
z >
70
o
70
Z m
ro x
* ft
CO|910|ro iq
2. o
S ?
TJ >
-1 -I
O TJ
< O
CL rr
ro
|1010|lo O
35.
I
>
TJ O Pr
ia O
ia O
TJ O
n c
rr "1
IO O
TJ O rr
~1 oi w
Z s
TJ »
o o
[MNVig A11VNOUN31NI HOVd SIHl]
XMvnriSNOO iHoaaiv am ao iHOdaa a xmvaaav
[MNV'ie U31 A11VNOI1NH1N1 30Vd SIHl]
11-3
DV ipns io ouilwju 9U.1uilpj/a s»-Aj95 /josiApc leoueuiL9p!A0JG iou s?oc> pue v£5l iO ay SDUeipjQ S?I1UI'D5C
iO 957 UO-'.335 ,9LX:n JOSIApfc" ItClDlliMLM ti SP paJ915fe :OU 5 ODUODiy p91U959.iC 5t.iO.U C10 pll£ 'SUOIldwnSSP '59SA:L'UC OU: iO OU'OU^.^OUr L.'b" ,-0i Al^U? Sii pC9,
o 'ous ^oo^-i ?iui ptip 'uoupjccia.jd io 3uji| tn.jj u- >?'.") ".".i/.i^.;:pi.ji -lisi-ouro 2jS '-.ocjsy Si'-i1. ouuecaiCi Ui P9F" ^.ooooou:-.^. ou? sjrn uu>:?.l 9u;i siiipscioiv Li^ouijj ou;: oo.^iop '^-O 9iii.L0 9sn 9|0S 9Lji.;0i oul: u u jo. los Aia?-.^.K"j-<;.'151? sssocij^o poieis 9i.ji joi jocisjj m: o^-xi^c; .'oouv. h"; 'ssirrjossy opucosH
OONCOia
:Aq pajedajd
uojiejAv jo luaujijedaa o6e3;i10|
(aiqexej.) 3 sauas 8T02 'spuog anuaAay uan Jomas IJOdjjv iBJauag (IIAIV-uon) a sauas SIOZ 'spuog anuaAay uan Jomas ;jodjjv icjauag
(1IAJV) V sauas 8102
'spuog 6u;punj,ay anuaAay pue anuaAay ua;~| joiuas iJodjjv lejauag
IJOdjjv leuoijeujaiui ajeH,0 o6eDjq3
o6e3jL|3 jo
lueijnsuo3 j-iodjjv am jo ijoday
8T03 'Z JaqwaAON
QGN03IM
I 3-3 I
>HW19 Id31 A11VNQI1N31NI 3DVd SIH1
WCO 0QN03DJ MMM I II90-909-3IE 131 I d090S jrqOVDlHD I OOSt 3±ms I ±33MiS HHV13 Hi>JON 03
spuog 8X02 aqi i° aauenssi aqi O} pue oiajaqi |e}uappm sasuadxa pue sisoo Aed (ja)
pue 'spuog 8X02 uoiijod e uo isajaiuj pazneiideD punj (a)
'spuog 210Z aqi J0i luawajjnbaj punj aAjasay aDjAjas iqaa aqi puna, (ai)
Luej6oJd leijde^ jjodjjv aqi p sisod meija:) puni oi pasn sapN
iuaujaaj6v l!pa.p pue saioN jaded lepjawujo^ 6u!pueisino s,Aip aqi p suosjod meijaD aj]iaj (m)
sSuiabs aDiAjas iqap aiejaue6 01 suo]ie6]|qo iJOdjjv 6u!pueisino uieiJa:) punjaj (m)
pauyap wajaq se 'wejSojd |ei]de;) uodjjv amp suojijod puni (!)
:oi 'spuni 3|qe||eAe jaqp miAA jaqiaSoi 'spuog 8X02 aqi 1° a|es am ujoji spaaaojd aqi asn ||]M Aip aqi
ljoday aqi m paquosap se 'ajniuapui uan Jomas aqi japun paieaJD punj a3|Ajas iqaa aqi ujoji UMejpqijM aq A"ew ieqi siunouje ujojj; aiqeAed aq |||M pue sAauo|A| a|qe||eAV JaqiO sasea aujos m pue sanuaAay \\e p a6pa|d pue uo ua]| e Aq ajniuapui uan Jomas aqi japun pajnaas aq |||M spuog 8X03 aqi
ajniuapui uan Joiuas aqi se 01 pajjajaj uiajeq s| 'sioia} sij qi|M aauepjoaoe uj awn 01 atuji ujoji paiuauua|ddns pue papuauie aq Aew }] se pue 'sajniuapui |eiuauja|ddns aqi Aq paiuaiua|ddns se 'ajniuapui jaiseiAj uan Jomas aqi aaismi aqi 01 (Aip aqi) oBeD\i\j p Aip aqi ujoji sajniuapui |eiuaiua|ddns aqi Aq paiuauua|ddns se '(aaismi aqi) sjomm 'o6eD|q3 'uojiepossv |euo]ieN >|ueg •s n pue (Aip aqi) oSeDiq^p Aip aqi uaa/wiaq (ajniuapui jaisey\| uan Jomas aqi) aiea aAipajjj aqi uo aAjpa^a Pue 8102 'T aunrp se paiep suoi}e6!|qo uan Jomas (uodjjv aqi) yodjjv |euo|ieujaiui ajeH.O o6eD|q3 6uunDas isnjj_p ajniuapui jaiseiAj paieisay pue papuaujvaqi pue (aaueuipjo puog aqi) 8X02 '82 ^^Vi uo ipuno^ Aip o6e3|q3 aqi Aq paidope aauewpjo ue oi luensjnd panssj aq ujm spuog 8102 aqi yoday sjqi ui Ijeiap uj paqmsap pue ujajaq pauyap 'spuog 8T02 aqi joi siuaujaieis lepmo aqi uj 3 xjpuaddy se uojsnpuj joj (ijoday) iuei|nsuo;) jjodjjv aqi p ijoday siqi luasajd 01 pasea|d si (opuoajy) du\ 'saiepossv ?9 opuoajy
:aaqa sjaj jeaa
(aiqexei) 38102 sauas 'spuog anuaAay uan -Jojuas jjodjjv lejauag (llAiv-uoN) g8T02 sauas 'spuog anuaAay uan Jojuas iJOdjjv lejauag (llAIV) V8T02 sauas 'spuog 6ujpunj,ey anuaAay pue anuaAay uan Jojuas jjodjjv |ejaua<5
uodjjv |euojieujaiui ejeH.O oSeajq;} 'odeo^j p Aip :gy
99909 Sjouim 'o6eD|q3 peoy e>|ujaz lsa/vA 0IS0T uoiiejAV p iuaujijedaa 'o6eD\i\j p Aip jauojssiujujo^ aaqy ajuuef siai
8102 '2 JaqujaAON
.OaNOOIH
I f-3 I
'|ejaua6 ujojj paAuap ajaM '|BAOjdde sfy\j aqi qiiM 'jo 'sjaiu/vuapun jo SJOSiApe |epueuij s,Aiq am jo Ajp aqi Aq papjAOjd aja/v\ yoday s|qi uj papnpm sjaiiew qans 6ujpje6ej suojiduunsse aqi saijunDas |edpiunuj jo aauenssj aqi 6uiujaDuoa sjajjew jenum jaqjo jo 'suuaj '6u|uji} 'ajnpmjs aqj oj joadsaj qjiM aoiyvpe apiAOJd oj Ajp aqj Aq pa6e6ua uaaq jou seq pue JosiApe ledpmnuu e se 6uijoe jou s\ opuoojy >£61 i° PV a6ueqDX3 saijunDes aqj jo gc-[ uojjoas japun josjApe ledpmnw e se pajajsi6aj jou sj opuojjy %6T a^ujs spuoq anuaAaj paje|aj jjodjje jo uoimq 2E$ jaAO jo jjoddns uj juejinsuo} jjodjjv aqj jo sjjoday pajedajd seq opuoDiy sapuaSe ajejs pue |ejapaj pue 'sauiuie 'sjojejado pue sjau/v\o jjodjje oj saDjAjas 6uiuue|d lepueuy pue |eo]sAqd jjodjje 6u]p]AOjd uwy 6ujj|nsuoD uojjejAe aDiAjas-||nj e s\ opuoDjy '686T u! papunoj
Ajajijue sj| u| jjoday aqj 6uipeaj jnoqjjM paujejje aq jouubd uojsnpuoD jno joj uoneDUjisnf aqj jo 6uipuejsjapun aja|duj03 e 'papjAOjd sj uojjeujjoju! Ajeujujns q6noqj|v a|qeuoseaj meuuaj p|noqs sjsod au]|j]e papafojd 6u!i|nsej aqj ieqi pue 'ajnjuapui uan Joiuas aqj uj paqsi|qejsa jueuaAO^ ajey aqj qjiM A|duJ03 01 luapjjjns aq 01 papadxa aje pouad uojpafojd aqi jo jeaA qDea pajejauaS sAauoiAj a|qe|]eAv jaqjO pue sanuaAay aqj jeqj uo]U]do aqj jo si opuoDiy 'jjoday Sjqj ui qjjoj jas sisA|eue aqj jo sjseq aqj uo
S|sA|euv lepueujj :s jajdeq^ ¦
DjjjeJiJjv :i>Jejdeq3 ¦
s|sA|euv 3|ujouod3 pue DjqdejBoujaa :£ jajdeq^ ¦
ujej6oJd lejjde^ pue sajji|pej jjodjjv aqi Z -lejdeq^ ¦
spuog 8103 am :i Jaideq^ ¦
s6uipujj jo Ajeuuiuns ¦
:smo||oj se pazme6jo s; uoday aqi
pouad uoipafojd aqi q6nojqj jjodjjv aqj je sAauo^ a|qe|jeAV JaqiO pue sanuaAay jo uoijejauaS aqi-pue 'jjodjjv aqj je AjjAjpe ja6uassed pue aaiAjas auj|jje jo junouje aqj '(jjodjjv aqj) jjodjjv |euo]jeujajui ajeH.O o6eDjq3 ie aajAjas eujuje joj pueujap ajejaue6 oj (uiajaq pauyap se) eajv apeJi Jjv aqi jo Aj|||qe aqi 6u|pje6aj 'Aip aqi Aq pa/wajAaj uaaq aAeq q3iq/v\ 'ijoday sjqj u] qyoj ind suojiduunsse aqj uo paseq suoipafcud paje|nuujoj pue spuajj le^jjoisiq paMaiAaj seq opuoniy 'sisA|eue sji 6u|do|aAap u[ uueaj 6upueu|j aqi pue 'sjajuwuapun 'sjosjApe |epueu|j sji qjjM uojjej|nsuo3 q6nojqj Ajp aqj Aq paqsi|qejsa spuog 8102 aqi jo aauenssj peuue|d aqj 6u|pje6aj suojjdwnsse aqj uo paseq (pouad uojj^afojd aqj) 6202 q6nojqj 8102 (sAd) sjeaA |eosij joj ajnjuapui uan JOjuas aqj jo sjuawajjnbaj aqj qjjM A|dujo3 oj Ajp aqj jo Aj^qe aqj ajejjsuoujep oj opuoojy Aq ua>|ejjepun s]sA|eue aqi siuasajd jjoday sjqi
ujajaq paqmsep ujej6oJd lejjde^ yodjjv aqj punj A||nj oj panssj aq oi paujnsse spuoq ajninj uo aojAjas iqap sapnpui os|e jjoday sjqj jo c jajdeq^ uj pajuasajd sjsA|eue |epueu]j aqj 'spuog 8102 aqj oj uoijippe ui
ajnjuapui uan JOjuas aqj jo/pue spuog 8102 3LR J0i sjuauuajejs lepijjo aqj ui pauyap se pasn aje jjoday sjqj uj sujjaj pazjieijde:) ||e 'u]ajaq pauyap esi/vueqio ssa|un
Z 36i-'d SIOZ 'Z Jaqui9AON uodjjv ipuoiieujauil ajen.O o6e3iu,3 uon.eiAv jo luauiuedao o6ejiu,3
.0QN03IU
I 5-3 I
DNI 'S31VD0SSV o? OQNODIa
siseq 6mo6uo ue uo jjoday siqj ajepdn oj uojje6i|qo ou seq opuoojy 'jajjei siqj jo ajep aqj jo se umou>| suojjjpuo:> uo paseq s] pajuasajd sisA|eue aqi foeimoe jjaqi jubjjbm jou saop pue ejep aqj pajipne jou seq jnq 'a|qe]|aj aq oj sa^jnos asaqj saAayaq opuoDjy jjoday sjqj u] sjjqjqxa pue saiqej paje|aj aqj 6uiAuedujoDDE sajou aqj m payjjuepj se 'ejep Aijsnpui uojjejAe pue Djiuouoija jo sjepiAOjd ajeAud juapuadapui pue 'sapua6e |ejuaujujaAo6 |b_jO| pue |ejapaj 'sjosjApe |epueu|j aqj 'sjaiuMjapun aqj 'ajo aqj 6uipnpui 'saDjnos snoueA ujojj uo]jeuujojui pasn opuoojy 'sisA|eue sji 6uido|9Aap ui jeijajeuj aq Abuj suoijeueA aqj pue jjoday siqj u] qjjoj jas suoijDefojd aqj luojj Jajjip A|a>|i| ||;aa aDueouojjad |enjDe 'ajojajaqi azjieuajeuu jou Aew 'aDuewjojjad |epueuy pue AjjAjjije jaSuassed jo suojjDalcud aqj pue ainpaqos uojjejuauue|duji aqj 'oj pajiwji jou jnq '6ujpnpuj 'jjoday siqj uj pa|jejap sjuaAa pue spuajj ajnjnj 6ujpje6aj suojjduunsse eujos 'aiqeuoseaj aje jjoday sjqj ui pasn suojiduunsse pue q^eojdde aqj jeqi saAei|aq opuojjy a||q/\/\ sa|es puoq anuaAaj ijodjje qjjM uojjoeuuo:) uj saipnjs jb|]uj!s joj sajjjoejd Ajjsnpuj qjiM juajsjsuoD aje jjoday sjqj 6uuedejd uj opuoDjy Aq pasn sa!6o|opoqjaiu pue sanbmqDaj aqi
t7£6I P PV a6ueqDX3 saijunoas aqj jo gST. uo|j3a5 i° 6umeauj aqi ujqijM „aDjApe„ 'ajnjjjsuoij iou op pue 'aq oi papuaiu] iou aje uiajaq paujeiuoD uojieujjojui jo 's/wajA 'suojiduunsse 'suojujdo Auv uojpe Aue 6ui>|Bi ajojaq ajejjdojdde siuaap Aip aqj jeqj sjjadxa pue sjosjApe |eujajxa pue |eujajuj qjjM jjoday siqj uj pauiEjuoo sjsA|eue pue uojjeujjojuj aqj ssnasip pinoqs Ajj^ aqi Ajj^ aqj oj Ajnp Ajeisnpy ou saMO opuoajy -Ajo aqj Aq paAOjdde ejep a|qe|jeAe Apj|qnd
£ abed 8103 'Z Jsqu.ia/\ON uodjiy |BUOjieuj3UiI 3JEH.O o6ed|LO uonei/\v jo HiaiuuedaQ o6ejil10|
.0QN031tl
I 9-3 I
»N\na idai AnvNoiiNaiNi 3DVd sim
I I ;ue;|nsuco ;jocJjiv 9U,W° IJOday
2S-3ujBj6ojfj lejjde^ jjodjjv aqi Joi spunj jo sasp pue saujnos £7
2S-3sjsA|eue lepuBuy aq; uj papnpm spafojd ujbj6oJc) lejjdB^ iJOdjjv 6'2'2
TS-3spafojd iBjjdBD jaqio 8 22
XS-3spafojd uuej6ojd luauuaAOjdwi |ei|de;) lzz
OS-3sjuauodujo^ pafcud |emwjaiio 6mw!i 977
6t7-3spafojd Jaqio Pue siuawaAOjdwi aieg ujjaj_-jeaN S Z'Z
Y7-W:UB|d Bajy leujujjai VZ'Z
£17-3spafojd P|S|4J!V LUBj6ojd uoiJBzmjapoiAj aJBH.O aqi Z'Z'Z
T17-3spafcud \e\\dej 40 ^euJUJns Z Z Z
0t>-3iuauuaaj6v asBai puB asn auj|jjv aqi Japun spafojd leijde} mbn joi |BAOjddv Bmpunj x'2'2
OiV-3LUBj6oJd |ei]de3 uodjiv aqi Z Z
6E-36u|>|JBd lTZ
6£-3ssa33V aDBjjns 9T2
8£-3SE3JV IJoddns yodjiv / a^ueuaiuiBiAj S'X'2
8£-3seajv o6jb3 Jjv t-T2
8£-3saiijipej jb;j |Biuay i \ z
S£-3ea-iV |Euiwjai ZTZ
S£-3PiajJJjV IT2
S£-3saniipBj uodj|v TZ
S£-3uiej6oj(j |ej)jde3 pue sejiiipej uodjjv am 'Z
T£-3isnjip ajniuapui z T£-3spuog 8T02 am IT
T£-3spuog 810? am I
S2-3;sisA"|euv |epueujj
£2-3J!V 22-3sjsA|euv 3]ujouo33 pue 3]qdBj6oujaa 9X3uuBj6oJd |Bi|dB3 puB saiii|pBj jjodjjv aqi 91-3spuog 8102 ST-3s6uipuij jo Ajewiuns
S1N31NOD JO 319V1
laOdUIVIVNOUVNijaiNI 3MVH.0
8io3 z aaawaAON
lueiinsuoo uodjjv amj° uoday
86-3|ODOioJd uoijeDonv aieg z'Y*
S6-3saui|j]v oi lJod-iiv am p aDueiJodwi ff S6-3sauun|OA 06JB3 jjv $£* £6-3iqBieM papuen *£*
98-3 suojiejado yejDJiv E'E'fr
98-3 a3|AjasJ!V Z'E>
S^-3suojiejado aui|jiv puv Ai]A|PV Ja6uassed paue|du3 XT* S/l-3"Ai!A!PViJodj]v |eDUOis|H £>
jjodjiv aqi 6uiaj3s ssuiuiv Z *
£/_-3uodjjv aqi p aAjpadsjad |eqo|9 pue |euoiie|\j x>
ZL-3suo]snpuo3 £*¦£¦
XZ.-3>(oo|ano 3|luouo33 wjai-6uo-| z'Y£
0/1-3>|00|ino 3]luouo33 wjsi-yoqs Xt>'£
0/1-3>|00|}no 3IUJOUOD3 f'£
89-3Ajisnpui wsunoi eajv.apeji Jjv Z.'£'E
89-3sjopas Ajisnpui JofeiAj 9 £ £
59-3sjayenbpeaH 00S aunyoj pue sjaAb|duu3 JofeiAj c-£ £
S9-3JiVAqapeji f£'£
£9-3ajeuuip ssauisng £ £ £
39-3spuaji iuaujAo|duJ3 ZT£
X9-3pnpojd |euo|6ay/3!isaujop ssoj<} ejjde^ jaj x'E'E
X9-3aujoaui pioqasnoH ueipaiAj pue uoijnqujsia awoDui p|oqasnoH *'Z'£ 09-33LU03UI |euosj3d eijde^ jad . £7 £ 8S-3uo|jeDnp3 pue uoiinquisjo a6v Z'Z'£ SS-3uojie|ndod X'2'£
S5-3 sjsA|euv 3|qdej6ouj3a z SS-3eajv apeJi jiv aqi X'E SS-3sisX|buv 3JUIOU033 pue 3;i|dej6ouiaa -g
(aanNUNOD) sinbinod do 3i9vi
IDOdUlV 1VN011VNM31NI 3WVH,0 ODVDIH3
8T0Z 7 H39W3AON O9V0IHD 30 A1I3|1010|
I 6"3 | lueiinsuco uodjjv ^Ml J° uoday
831-3S9DUBMOHV paAOjddv-aJd £'S £31-3suojjpafojd asuadxg aDueueimeiAi pue uojiejado S'3'S £31-3uuej6oJd leijde^ iJodjjv aqi 01 peieiay sesuadxg eDueuajuieiAj pue uopejado VZ'S bZVlsuoiidwnssv qa/wojg pue sasuadxg aDueuajujeiAj pue uojiejado paiaBpng £35
£31-3suo!je6!|qo uoisuad z'Z'S
ZZl-1sasuadxa aoueuaimeiAj pue uojiejedo |e3|JO}S]H I'3'S
33X-3"sasuadxa aoueuaimeiAj pue uojjejado 3'S
I3I-3;se6jeq3 pue saaj aurujv 3TS
6113luaujaejBv eseei pue asn aujuiv IT S
6XI-3^joMauuejj lepueuy X'S
£11-3sisejajoj /tyAipv p uosuedwcQ c-g-^
5xx-3 siseDaJOj m6|a/V\ papue-) pue suojiejado liejDJjv Y9'*
601-3'"A"6o|opou,iaiM iseDeJOd sje6uassed paue|dug (6303 q6nojqi 0303) iuJaj.-Ja6uo-| £-g>
£01-3si|nsay pue
A6o|opoL)iaiA| iseDajog suojiejado pue sja6uassed paue|dug (6X03 pue 8103) wjaj_-jeaN z'9'*
S0I-3sise^ajog aqj 6u]A"uapun suoiidiunssv I"9f
5QX-3pueujaa uojiejAV p saseoajog g>
f 01-3:SJauje3 }S03-mo-| s'S't?
301-3uoiSay aqi ui sjjodjjv JaqiO £'S>
3OX-3waisAs a^edsjjv |euo]ieN aqi p Aipede;} leuojiejado g sf
X0I-3sanssi le^jijiodoeg pue uusjjojjai p leajqi cc*
001-3;land uojjejAV p isoj *c*
00X-3suojjismbDV pue sja6jaiAj £'S>
001-3Xjjsnpui au||J!v aqi p aieis Z'c*
001-3Aoioucog |euo.uer\| X'S>
86-3jjodjjv aqi ie pueujaa uojiejAV Bmpaijv sjopeg 5-^
(aanNUNOD) s±n3±nco do 3iavi
DJOdaiV 1VNOUVNM31NI 3«VH,0 09V0IH3
szoz 'z aaawaAON odvdihd do auo
01 "3 I ;uei|nsuo3 uodjiv am jo ijoday
2*l~3'suojpafojd |epueu]j aqj 6uiAuapun suojiduunssv 3x5 i*l-3a6ejaA03 aojAjas iqaa puog anuaAay jjodjjv lejauag xi'S 9*1-3saaj jesn l-iodjiv 40 ssaua|qeuoseay oi'S 9t7t-3eajv waists 6u||and 9 6'S SfT-3;eajv |eu!LUjai g^c, **l-3eajv aieisg |eay lenjineuojav *6 S **T3eajy aieisg |eay lepjewwo;) c^-g **T3eajy uoneijodsueji punojg pue 6u]>ued 36'g
£*l-3 eajy P|a|P!V I'6'S
Z*l-3'sa6;eq3 pue saag yodj]v ,sa!yed auiuivp uoiie|nD|e;) -6 5 1*1-3luawajmbay auiuiv AJOieu6|s iaN 8'S 8ET-3a^/uas iqaa L S
lejapaj jaqio pue siuejg ujej6ojd luaiuaAOjdiui yodjiv uonejismiuupv uojiejAV |ejapag 3 9 5 ££X-3anuaAay a6jeq^ Aij|peg jebuassed X'9'S 15.1-3anuaAay a|qe||eAV JaqiO 9'S
gEX~3' sanuaAay auiuiv AJOieu6js-uoN gg
g£X"3oiej6ojd leijde^ iJodjjv aqi 01 paie|ay sanuaAay aui|j]V-U0N leiuaiuajoui OTVS SET-3sanuaAay aieisg |eey WDIinVNOUSV 6>'S gfX-3sanuaAay aieisg |eay lepjawwo} 8>'S *£T3anuaAay au]|j]v-uoN Jaqio pue siuawasjnqwiay /_ * $ *£l-36umue|d suojssaDuo^ 9>g ££l~3sanuaAay suoissaDuo^ jaqio S'*'c 0£X"3sanuaAay 6u|>|jed euqouiomv *'*'S 63X-3ia6png sa sanuaAay uojssaDuo^ |enpv £>'S 631-3suoissaDuo^ ZYS 63X-3ujniijosuo^ leujuxiai samuiy o6e3jq^ x'fr'S 82X-3sanuaAay auj|j|v-uoN yc
(aanNUNOD) sinbinod do aiavi
IMOdUIV 1VNOUVNil31.NI 3«VH,0 ODVD1HD
SIOZ 'Z >J38|AJ3AON 09VD1H3 dO A1ID
68-3"lIOZ ~ sia>|Jeiy\j ja6uassEd uojiEUjisaa pue u]6uo 3!lsawoa OS doi|9qei
£8-3sja6uassed paus|du3 6u|pauuo;) pue uojieunsaa pue U|6uo |B3UOj;s|h L~* s|qej_
178-33Uj|jjv Aq sja6uessed paue|du3 |bpi |eDuois|H 9-I7 3|qei
08-3sja6uassed paue|dug ibduoisih S-i>3|qei
8/1-3aseg aujuiv 6E|d-u6!ajoj a|qei
££-3aseg au]|J]v Ja6uassed s n pa|npeqos £-iV3|qei
9/_-3IJOdjjv aqi 6uiAjas samuiv Z-V aiqel
I7Z.-3Ajiaipv p 6u]>|uey apiMpuoM OZ doi x-fr 3iqel
ZL-1(6303-£T03) saiqeiJBA 3.iluouo33 pa|es pepe.lbJd 9"£ a|qei
0Z.-3(9T.03) sjoi|S!a seasjaAO joi sajjQ uojieujisaa doi c-£ 9|qei
99-3(£10(3) e3JV apeJl JjV aqi uj sjaAo|dui3 ;sa6je-| f-£ e|qei
S9-3(£103) a^ueAaAUO^ Aq apeji |epi £-£ a|qei
6S-3(£103) JuawmBuv |euojie:>np3 pue uojinquisia a6v 3-£ 3|qei
8S-3(6303-£66l) uo!JB|ndod papafojd pue leauojsjH "[-£ eiqei
£S-3Luej6oJd iBjjde^ jJodj]v JOi spunj p sasn pue sa^jnos paieuu]is3 ^-z a|qei
3S-3Ajeujujns ujejSoJd |ei]de;) yodjjv £-3 a|qei
0S-3spafojd aieg uijai-jeafM pue x aseqd dVl P Bmumj. peaedpiiuv 3-3 aiqei
Xf-3Ajewiuns |BAOjddv 6uipunj viDV VZ 3iqel
3£-3sasn pue sa^jnos spuog 8X03 I-T 3iqel
63-3}uaujaue|du3 jad iso;) aujujv papafojd £-S 3|qei
£3-3e6ejaAoj aoiAjas iqaa puog anuaAay yodjjv lejauag 9-s a|qej_
I73-3sja6uassBd peuB|du3 ise^joj pue ibduojsih s-s 3|qei
33-3SDjisuapejeq} DjLuouoD3 pue 0jqdej6owaa p Ajeujujns t?-s 3|qEi
X3-3AjEUJUuns uuBj6ojd leijde;) jjodjjv 3-S siqel
£X-3AjEuuuuns |BAOjddv 6u]punj vifW I"S 3|qe_L'
S319V1 dO isn
sa|qei uojpafojd iBpuEUjj g xjpuaddy
si|nsay 6u|iejado |enpy snsjaA pa;a6png |BDU0}SjH V xjpuaddv
S3DION3ddV dO 1SH
IHOdUIV 1VN011VNH31NI 3MVH.0 09VDIHD
8T0Z 'I M3aiM3AON 09V3IHD dO AUD
lueiinsuco uodjiv am i° iJoday
09-3(£103-/1002) swooui |BuosJ3d W.dej JSd £-£ liqiqxg
£S-3(£102) sajeis pa^up aq; u] suo|6ay uejnodojjaiAj jsa6jen uai 2-£ l!qiux3
6S-3 eajy apeJl J|V I-£ liqiuxs
8fr-3uodjjv aqi ie }uauudo|aAao pslaid leijde^ ^-2 liq!Mx3
t?i7-3sAe|3Q pedwi uiaasAs uonejisiujiupv uoiieiav lejapaj ibduojsih £-2 l!q!UX3
217-3iuej6oJd leijde^ yodjjv 2~2 liq!Mx3
s9£-3lno/tei yodjiv 6ui;sixg t_-2 l!qiqx3
££-3spunj io Moid i-i nqjqxg
6X-3yodjjv aqi }e iu3iudo|3A3Q peloid leijde^ is l!qiqx3
S1I8IHX3 dO isn
0t?l-3"' ssDuenssi puog anuaAay yodj]v |ejauag ajninj pawnssv a|qei
62T-3(£I02-£T02) sanuaAay uo|ssa3uo3 leauojsjH £-5 a|qei
£2T-3(£I02-£I02) sasuadxa a3UBua;u]e^ pue uo]iejado leDUOisiH 2-S 3|qei
02T-3saAjasay asuadxg SDueusimeiAj pue uouejado I-S aiq^l
9II-3}q6!e/v\ papuen iseoajoj pue |b:>ijois]h IZ-b aiqei
frTT-3(uoday siOZ) qiMOjg anuaAay ise^ajoj ip e6uey oz~p 3\qe±
0II-3;suoijejado yeJOJiv jsbdsjoj pue leouojsm 61-P aiqei
801-3sje6uassed peueiduj ibuoiibujsiui pue DiisawoQ isedsjoj pue |eDuoiS]H 8T-fr aiq^l
901-3 Ai!A|pv Jauje^ IS03-MO-1 8102 snsjaA 6002 Ll-V 3|qei
-TI02) lUOdyrv WNOLLVNa31NI aJ6H,0 oSeDjq^ je sjaSusssed paue|dua jame^ iso^-mon gi-fr a|qei
iV0T-3 syodjiv |euojaeujaiu[ AeMpiiAj o6eD|q3 pue ajeH.O oBed\l]j joj; sajej DjjsawoQ p uosuedtuo^ st.-i> 9lc)el
£01-3 syodjiv leuoueujajui AeMpjiAj o6e3jq3 pue ajeH.O o6eo\\j^j je sja6uassed paue|dug |B3uo;s!H a|qei
96-3}uaujaA|OAU[ qnn pue uo|6ay A"q sja6uassed paue|duj saujiJjv UBDuewv £I-f a|q^l
96-3juaujaA|OAui qnn pub uoj6ay Aq sja6uassed peueidug sauiujv paijun ZW a|qei
S6-3iqBjaM o6jbj paue|daa pue paueidug leauojsm T.T-t> a|qei
iV6-3 jeiJje^ Aq jqBjaM papuen leauojs.iH Qi-p e|qei
26-3 suopejado ijbjdjiv ieduoisih 6-fr a|qei
(aanNUNOD) saiavi do isn
laOdUIV "1VNOUVNM31NI 3MVH.0 ODVDIHD
8T0Z 'Z >J3aiM3AON 09VDIHO dO AID
lut?i|nsuo;) ;jodj(v au,lJo iiodd)j
8TT-3uosuedwo;) lsesajog suopejado yejDJjv ZZ-* l!q!U,x3
Z.tT-3uosuedwo;) iseDajoj ja6uassed peue|du3 \z-p 4jqiqx3
5II-3|eng p asud pue sajeg a6ejaAv ui a6ueq} 02-i> l!q!Mx3
iVTI-3^|UO 3Ui|J!V
STl - sajmjedaQ Aq sjjodjjv STl 0£ doi i°i (a||w jaSuassed / s\udo) p\d\\ a6ejaAV LIQZ 61-t' l!q!UX3
£11-3a"|uo ejea awuiv STl - sajnyedaa
Aq sjjodjjv ST) 0£ doi J0i 6002 JB3A Jepuaiea eziuis qiMOjg enueAey 40 siuauodwo;) 8"[-t> liqiqxg
£11-3pnpojd Djisaujoa ssojg s n pue'anuaAay ja6uassed ob20\i\j p spuaji qiMOjr) i\-p ajqiuxg
211-3(yoday st_02) pnpojd Dijsawoa ssojg sn pue sjaSuessed o6eD]q;) p spuaji qiMOJQ gx-f liqiqxg
frOT-3(8T02-iVT02) q^MOjg Ajpede^ jeas jauje;) i\so>/wr| ' si-p WW!
I0I-3se^ud |!0 aprvQ pue |anj jap p saSejaAv A|qiuoy\j |B3uoisih K-fr iiqiqxg
66-3(£102 JeaA ||nij qnn Aq Aijnqeupjd sawuiv paj.iun p ajeujjjsg £i-p liqiqxg
66-3(ZI02 jeaA ||nj) qnH Aq Aiyiqeijpjd samuiv ueDuawv p aieLUjisg 21-fr l!q!Mx3
£6-3(Z.I02-2T02) sjjodjjv uez>uawv q;JON JaqiO V suopejado IT-fr liq.iuxg
I6-3sja>)jeiAj |euo]aeujaiui dojsuoN oi'V iiq!Mx3
06-3sia>|jeiAj D]jsauuoa doisuoN 6-P J!q!Mx3
88-3NO P asud lenuuv
a6ejaAy pue jjodjjv aqi ie sajej pue sja6uassed uojjeujjsaa pue u!6uo niisawoo a6ejaAV %-p l!qiqx3
S8-3:sajeqs ie>|je|Aj au]|J]v Z.I02 pue 2102 L-V l!q!Mx3
E8-3(ZT02) seujn|OA Ja6uassed paue|dug |euo|jeujaiui Aq syodJiv S O 02 doi 9-fr iiqiqxg
3suoijejado pue sja6uassed paue|dug |euojj;eujap[ c-t liqjqxg
"[8-3spuaji ja6uassed peue|dug ueDuawv pue paiiun V-V l!qiqx3
08-3suopejado pue sje6uassed peue|dug Djisawoo iiqjqxg
6^-g(sja6uassed paue|dua Aq pajnseaiu) ajeqs ia>|JeiAj auiujv Z.I02 Z~V l!q!MX3
6/1-3iuno3 eujujv 6e|g-u6!3JOJ, iJOdjjv qnH-a6je-| i-p ljqiqxg
69-3(Z.T02) sjopas Ajjsnpui JofeiAj Aq sqof 8-£ i!q!Mx3
Z.9-3eajv apeJi jiv aqi uj pajajjenbpeaH saiuedwo;) 00S aunyoj i!qiqx3
£9 3(8102 ;sn6nv-Z002) a^y paLuAo|duuaun 9-£ J!qiu,x3
3(ZT02-Z002) spnpojd |euo!6ay/Djjsaujoa ssojq ejideQ jad S-£ liqiqxs
T9-3(LIOZ) uounquisia aujODUi pioqasnoH f-£ l!qiqx3
(aanNiiNOD) snaiHxa do isn
lMOdMIV 1VNOIlVNd31.Nl 3UVH.0 09VDIH3
8T03 'Z U39IAJ3AON ODVDIHD JO A1ID
luei|nsuco uodjiy 3M1 jo uoday
9fl"-3juawaue|dug jad iso;) au||J!v papafojd us liqiMxg SiVT-3Uooj ajenbs Jad) ajey |e}uay |euiwjei papafojd xf-S l!q!Mx3
EfrT-3 Uq6|aM papuen sq| OOO'T ^d) saaj 6ujpue-| papafojd 0T.-S Jiqiuxg
3fT-3juawajmbay am|j]v Ajo}eu6!s jafsi papafoid 6_S WNXS m-3aD]Ajes iqaa }3N papafojd 8-5 U.qiqxg 8ET.-3anuaAay e6jeq3 Ajypej ja6uassed papafojd LS l!qiqx3 9EX-3sanuaAay aujuiv Ajoieu6js-uoN papafojd 9-S l.iqiqxg 9EX-3sanuaAay aujUjv-uoN papafojd s-s liq.iqxg
OET-3(spuesnoqi uj) Aiofeyej Xq sanuaAay uoissa3uo3 8102 i|q!MX3
Z.2T-3sasuadxg ajueuaiujeiAj pue uojiejedo papafojd £S l!q!MX3
S2T-3(spuesnoqi u|) Aio6a\ej ^soj Aq sasuadxg aDueueiu]eiAj pue uoijejado 8102 2"S l!q!Mx3
S2X-3qiMOJ!D auj|ase8 jaAO suoiinquiuoa uojsuad paiewjisg p pedwi papafojd IS l!q!Mx3
(aanNUNOD) suamxa do isn
l>J0d>JIV 1VNOUVNM31NI 3bVH,0 09VDIH3
8103 'Z M3atN3AON 09V3IH3 dO A1ID
luei|nsuco uodiiv sqi J° uoday
PV Lpns jo 6uiueauj am uilijiaa saaiAjas AjosiApe
Ibdubuij api/\ojd ;ou saop pue i>£6i jo pv a6ueu,:>x3 sajjuroas am jo aST uoipas Japun josiApe ledomnw b sb pajaisi6aj iou si opuo^y
pajuasajd suoiuido pus 'suoijdwnssB 'sasA"|eue am jo 6uipue}sjapun ue joj AJajijua su ui peaj aq pinous jjoday sim pue 'uouejedajd
\ jo aoiij am ;e sasipejd Ajj,snpui lijiaa juajsisuoa aje jjoday sii|) 6uuedajd ui pasn sai6o|opoqiauj pue sanbiuipaj auj. sjuaudDaj
papua;ui s}i pue Ajq aqj jo asn a|os au,j joj pue majau, yyoj ias A|ssejdxe sb sasodjnd paiB;s aqj joj yoday siqi pejBdajd opuoDiy ,
•jjoday s]qj u] pajuasajd aDueuuuojjad
lepuBuy jo suojpafojd aq; pue AjjAjjos ja6uassed jo sjsEDajoj aqi joj s]seq aqj ap]AOJd qD|q/v\ '(6202 Ad qBnojqj 8X02 [Ad] JeaA |B3S]j) pouad uojpafojd aqj q6nojqj sdiqsuo]je|aj pue sjojdej asaqj 6u]pje6ej suojjdujnsse padopAap opuo^y 'MajAaj leouojsjq s;qj uo paseg jjodjiy aqj p aouEiujojjad |epueu]j aqj pue 'azNAjas jib jo uojsjAOjd ,sau]|j]e aqj 'e^Ajas jje joj pueuuep pue Ajiajjjb ^wouo^e uaaMjaq sdjqsuojjeiaj |B3uojs]q aqj paMawaj opuoDiy 'snqi •puewap sjqj qjjM ajejnsuaiuwoD |eAe| e je ao]Ajas A|ddns oj samuje |epjaujwoD aqj jo sseu6ui||iM pue Ajwqe aqj se ||3m se 'suojjjpuoD zjjuuouoDa |bdo| pue |euo]jeu jo uoijounj e s] qD]qM 'jjodjjv aqj ujojj aaiAjas jib joj pueujap jaBuassed Aq U3Aup ajnsBauj a6jB| ui ajB sanuaAay jJodj]\/ jjodjjv aqj 6u|AJ3s sau||j]B |Bpj3wiuoD aqj oj pajjuuii jou jnq 6ujpnpui 'sjUEuaj snoueA sjj pue jjodjjv aqj uaaMjaq sjueiua6uEJJB ssaujsnq aqj qsnqBjsa jsqj sjuaiuaaj6B aqj jo suojSjAOjd Aa>| peM3|AaJ opuo^jy 'a^uBUJJojjad |epuemj s,jJodj(v aqj jo s|sA|eue bujjoj ojd aqj do|aAap 01
spuog 8102 aqj puoAaq 6u|MOJJoq
|Buojjippe joj |B]juajod aqj 6u]pnpui 'sa^jnos 6u|punj pasodojd pue !(uiajaq pauyap sb) uiEj6oJd |ej]dE3 jjodjjv aqj uj papnpui sjaafojd :puEuuap jsedbjoj pue juajjna sjepowwoDDe oj sauupej pauuB|d pue 6u]js]xa s.jjodjjv aqj jo Ajpedea aqj :suo!je6||qo iedueuij 6u|puBjsjno s,jJodj|v aqj MosjApe |epueu]j s/jq aqj Aq papjAOjd se 'spuog 8102 aqj i° sujjaj aqj lajnjuapui uan Jomas aqj jo suo]S]AOjd Aa>| paMaiAaj opuooiy 'sasA|eue aqj 6u]do|3A3p ui
ajnjuapui uan Joiuas aqj jo/pue spuog 8102 aqj joj juaiuajEjs |Epujo aqi u] pauyap se pasn aje jjoday s]qj u| sujjaj pdz\\e\\dej ||e 'uiejaq pauyap asjMjaqjo sse|un
•ajnjuapui uan JO]uas aqj se oj pajjajaj majaq si 'suujaj sj; qj]M aouepjODDe u| aujij oj awjj ujojj pejuauja|ddns pue papuaiue aq Aeuj j] se pue 'sajnjuapui |ejuauua|ddns aqj Aq pajuauja|ddns se 'ajnjuapui JajseiAj uan Jomas aqi aajsmi aqj oj Ajq aqj ujojj sajnjuapui |ejuaiua|ddns aqj Aq pajuaiua|ddns se '(aajsmi aqj) sjoumi 'o6eD]q3 'uo]jepossv |euo|jeN >)ueg S'D pue Ajp aqj uaaMjaq '(ajnjuapui JajseiAj uan jomas aqj) ajBQ aAjjDajjg aqj uo aA]j3ajja pue 8102 T aunf jo se pajep suo!JE6||qo uan Jomas jjodjjv |Buo|jEUjajui ajBH,o o6ED|q3 6uunDas jsnji jo ajnjuapui JajseiAj pajejsay pue papuaiuv aqj puB '(aouBuipjo puog aqj) 8102 '82 q^JeiAj uo ipuno} Ajq oSe^iq^ aqj Aq pejdope eDUEwpjo ue oj jusnsjnd panssj aq |||M spuog 8102 aqi
•spuog 8102 aqj sb A|aA]jDa||OD oj pajjajaj ajs spuog D8T02 a^ pue 'spuog g8T02 a^ 'spuog V8I02 aqi , •(spuog 38T02 aqj) (aiqexei) 38102 sauas 'spuog anuaAay uan Joiuas jjodjjv |ejauag jjodjjv |Buo.ijBUjajui ajBH,o o5ed\i\3 aqj pue .'(spuog g8I02 aqj) (iiajv-uon) g8I02 sauas 'spuog anuaAay uan jomas jjodjjv |ejauag jjodjjv |euojjeujaju[ ajen.o o6eD\i\j ;(spuog V8T02 aqj) (iiajv) V8T02 sauas 'spuog 6ujpunjay anuaAay pue anuaAay uan Jomas jjodjjv lejauag (ajen.OJO IJOdjjv aqj) jjodjjv |euojjeujajui ajeH,0 o6eD\i\j aqj jo aDuenssj aqj 6ujpje6aj suojje6j|qo sjj jaauj oj Ajiyqe s,Ajp aqjjo juaujssasse juapuadapuj ue apjAOjd oj (jjoday aqj) juejinsuo^ jjodjjv aqj jo jjoday sjqj ejedajd oj (opuo^jy) oui 'sajepossy 7? opuoDjy pa6e6ua (Ajq aqj) o6eD|q3 jo Ajq aqi
SDNIONId JO AyVIAIIAinS
lMOddlV 1VNOUVN>J31NI 3«VH,0 ODV31H3 OOVDIHD 30 A1ID
lueiinsuco uodjjv am jo uoday
¦6ui>|jed yejjjie
jo uoijBjn6ijuo3 aqj uo paseq a6uELp oj pafqns s| sajB6 jo jaqainu aqi sja6uassBd 6ume|dap pue 6uiue|dua joj pasn A"|UBi.uoisn3 'sueaw jaqio jo a6puq 6uipB0| ja6uessBd b e|a jaqua '6uip|inq |Buiujjaj aqj q6nojqi passassB si ieqi uomsod 6ui>)jed ubjsjib baipb ub si aie6 v .,
sajB6 wau s sn|d paijipoui ajaM suoijisod Bui>|jed sb sa}E6 ggx oj junoD aie6 aqi paanpaj jjejDJie jo 6u|6ne6dn aqj qjiM paieoosse sa6ueq3 juasaj 'ja/\3M0q 'sajeS 6gx pajB3ipui sjuno3 jjodjiy |S10} snoiAeJd t
uojpnjisuos japun si OLZ-Db /feMuny puB '%\QZ P.Jdv ui pauoissiwwosap sbm ££-si /teMuny ,.
TZOZ 'T AjBnuBf q6nojqi pazi|eiide3 siso} yos/u6isao qjiM paieoossB isajaiui puB 09Q qBnojqj paz||B}ide3 sjso^ uoipansuo3 qjiM paiBisosse isajaiui'qiiM punj isajaiui pazi|B}idB3 aqi luojj piBd aq |||M spuog 810? su,} uo isajaiui jo uoiuod v punj isajaiu] pazi|EiidB;j aqi oi paiisodap aq ||im spuog %\QZ aqi jo spaaDOJd aqi jo uoijjod v >
A|jueuiujopajd a/uas pue eaje piayjje aqj ujqjjM pajeDO| A||ejjuaD aje 'saje6 xzi P lpPl e MLIM 's6uip|mq |eu]ujjaj eajqi i/8103 AeiAj m pauoissjUJUJOD sa;e6 Mau 5 apnpui qojqM 'saje6 X6I P IBP1 e M1!M sBwpimq leujuuej jnoj ujojj ajejado jjodjjv aqi 6u|Ajas sau||jie aqi EuojjDnjjsuoD japun AeMum auo pue sAeMunj 3A|pe uaAas swejuoD Piayjie aqi uo]6aj 6u]punojjns aqj pue o6eD|q3 SuiAjas jjodjie aDjAjas-iepjeujujoD jsa6je| aqj s\ jjodjjv aqi
lAJVyDOyd IVlIdVD ONV S3IiniDVd lUOdUIV 3H1
•jjoday S]qj jo x JSideq} uj papiAOJd sj spuog 8103 aqi uo uojjeujjoju! leuojjjppv
juauuaiejs |epyjo aqi ui
pauyap aje sanuaAay 'ajnjuapuj uaq jomas aqi japun pajeajo punj e^Ajas iqaa aqi ujojj, uMejpqjjM aq Aew ieqi siunouje ujoji p|ed aq ||]M pue 'auuij 01 aimj ujojj 6u|puejsjno aq Aeuj se 'suojjeBnqo uan Jomas jaqio qons pue spuog uap jomas 6uipuejsjno s/jq aqi qj|M sjseq Ajued e uo sAauoiAj a|qe|]eAV JaqiO ujeijai) pue (jjodjjv aqi jo uojiejado pue asn aqi joj Ajq aqi Aq 'A|paj|pu! jo A|paj|p 'a|qeA]a:>3J jo paA]33aj siunoujB ||B 'A||ejaua6 '6ujueauj) sanuaAay jo a6pe|d U3i| isjjj e Aq pajnoes aq ||]M spuog 8X03 aqj 'ajnjuapui uan JOiuas aqj jo sujjaj aqj 01 juensjnd
¦spuog
8103 aqi jo aauenssj aqj oj pue ojajaqj |ejuappuj sasuadxa pue sjsoo Aed (ia) pue :,spuog 8X03 aqj jo uojyod e uo isajaiui paziieiideo mejjao punj (a) Ispuog 8103 aqj joj sjuawsjmbsj punj eAJasey aoiAjas jqaa aqj punj (a;) IwejBoJd lejide^ jjodjjv aqj jo sjsoo uiejjao punj oj pasn sejo[\| juaujaaj6v lipao pue sajoN jaded lepjaujujo^ 6u]puejsjno s/jq aqj jo suoijjod ujejjaD ajjjaj (\u) .'s6uiAes aaiAjas jqap aiejaua6 oi suo!ie6j|qo uodjjv Suipueisino uiejjaD punjaj (11) IsjunoDDe aAjasaj ujejjaD punj (|) :oj pasn aq ||jM spuog 8103 aqj ujojj spaaDOJd 'A||euoijippv
jaded lepjauJUJOQ qjiM papunj A||ejjmj spafojd u]eiJaD 6u|pnpu| 'ujej6oJd leijde^ uodjiv aqi ui spafojd jo uoimq 6T$ Aiajeujjxojdde punj oj pajedpjjue aje spuog 8103 aqi jueujeaj6e jeaA-s£ snoiAajd aqj jo uoijejjdxa aqi 6u|MO||oj '8X03 'Zl ^eIAI pajja ojuj juaM qDjqM '(sam|J!v Ajojeu6js) Jjodjjv aqj 6uiAjas sauiuje aqj pue Ajq aqj uaaMjaq (vinv) juaujaaj6v aseai pue asn Jjodjjv Mau e jo uojjn^axa aqj q6nojqj paAOjdde 'ujajaq pauyap 'wej6ojd |ei]de3 jjodjjv aqi jo suojuod joj 6u|punj apjAOJd oj panssi 6uiaq aje spuog 8X03 aqi
SaNOa 8T02
Ajajjjua sjj ui peaj aq p|noqs qDjqM 'jjoday sjqi jo 5 q6nojqj x sjaideq^ uj papnpuj sj |]eiap |euoijippv s6ujpujj pue 'suojj^afojd 'suo]jdujnsse s,opuo3|y jo Ajeujujns e juasajd suojjDes 6ujMO||oj aqi a|qeuoseaj uieiuaj pinoqs sjsoj au||jje pajDefojd 6mj|nsaj aqj jeqj pue ajnjuapui uan JOjuas aqj uj paqsj|qejsa sjueuaAO^ ajey aqj qiiM A|dujoD 01 luapyjns aq oi papadxa aje pouad uo]pafojd aqj jo jeaA qaea pajejauaS 'sAauotAj a|qe|ieAV JaqiO saseD aujos uj pue 'sanuaAay aqj ieqi uomjdo aqi jo s] opuooiy 'ijoday siqi ui quoj jas sasA|eue aqj jo sjseq aqj uq
IbOdiJIV 1VNOUVN>J31NI 3MVH.O ODV3IHD ODVDIHD dO A1ID
luetinsucr) uodjiy aqij° IJoday
sJ36uassed 6uiue|dap pue 6uiue|dua joj se ||3M se '6ui>ued iqBiujaAO pue sjiedaj joj pasn aq ue? spuejspjBH '6uip|inq leuiuua} aqj ujojj ejoujaj si jeqj S3ue|dj|e 6ui>|jed joj eaje parted e S| puejspjeq v L
xa|dujOD |euiujjaj Dijsaiuop aqj ujojj ajejado os|e uojpaioJd japjog pue swojsn;) STl ^q pajeapejd uaaq aAeq jeqj sibaujb |buo|}euj3j,ui pue sajnjjedap |euoijeujajui ueDuaujy pue paiiun ,
8103 Jaqouo '(uoneiejsa) ue6jo^ dr ;8I03 9unr 'HiaujaajBv asea~| pui? asn aui|j|v uodjjv |euoiieujaiui 9Ji?H-0 o6e:)iio jo 3D>jnOS Xji|iqi?i|sj ajnijnjisejjLM jo uoi||!i.u 89IS pue (sjeaA' si) ££03 uBnojqi 6103 sa:>ueMO||V paAOJddv-aJd 1° JL'aA Jad uoiyiai ofS sapnpui Z suonduinsse puoq ajnjnj pue suoiuaCojd leoueuy jo sasodjnd aqi joj paieiessa aje s jaideiQ ui papauaj sisoj peloid i
a6jeiQ Aii|uej ja6uass?d - 3dd wej6oJd ;uaujaAOJdu.ii |eiide} - dD S310N
se6jeq3 pue saiej auijjie q6nojqi A~|paj|p pajaAo^aj sisos asueuaiuieuj jofeuj - sanuaAay yodjiv
|EAOjddv 6u.jpu.nj vifiV
-.(Ai!|iqei|ay
O liqiqx3 ajnpnjisejju; 6mpnpui)
sa3UBMO||v paAOjddy-aJd
spafojd uiej6oJd lejide} jjodiiv |E)ox |e)0)qns
spuog anuaAay ajnjnj pajedpijuy 'spuog 8103
N liqiqxg |Bioi
spafojy juauiaAOjduj] |ej|dB3
spafojy piaijJiv dlAjo 6uiu|eujay
anuaAay 3jd 'spuog anuaAay ajnjnj pajedpijuv •spuog 8102
1 »!q!M"3 |Eloi
sjjafojci jaqjo pue sjuaujaAOjduj] ajeg uijai-jeaN
sje||0(j LIOZ
S1SOD iD3royd
L" aseqy dVl
SlN3NOdWOD 1I3IHX3 V1HV
loaroyd
AaviMNns nvAoyddv DNidNnd vinv x-s siavi
Vinv aqj u! paAOjdde spafojd lejjde:) aqj punj oj pasn aq oj pejedpjjue saojnos 6uipunj aqj sjuasajd os|e x-S aiqei 'spafojd aqj joj pajmbaj sj |eAOjdde aujpje |euo]j]ppe on uojjeieose jsoo joafojd joj junoooe oj suojSjAOJd Ujejjao qjjM 'sje||op /_X03 uj juaLuaaj6e aqj jo uujaj jeaA-gx aqj q6nojqj sjoafojd |ej|deo joj IBAOjdde 6ujpunj papnpuj VIHV aqi sjDafojd lejjde^ jjodjjv snoueA aqj oj S|eAOjdde 6ujpunj aqj jo uojjeDO||e aqj 6uipnpuj 'vinv aqi uj paAOjdde (sjenop pajeieosa pue'/.X03 uj) 6ujpunj |ejideD aqjjo Ajeuuiuns e sjuasajd l-se|qei
•sjoafojd Ajiiiqejiay ejnjonjjsejjui pue eoueuajuietu jofeiu joj saoueMonv paAOjddv-aJd Jaqjo pue 'sjoafoid (dD) ujej6oJd juaaiaAOJduJi |ejide3 paAOjddv-aJd '(sjuauja|g dVl I aseqd) (dVl) ue|d eajv |eujujjai peounouue A|juaoaj aqj jo sjuauja|a ujejjao joj |eAOjdde 6u|punj jo 6ujjsisuoo 'vinv aqj japun paAOjdde sbm sjoafojd lejjdeo wau jo uoimq S'8$ A|ajeuj|xojdde joj 6u|punj jeqj paounouue A\\j aqj '8102 q3jelAJ UI
tuaiu33j6\f asoai puo asn aujjjiv M3/sj aifj japun spafojd ]Di]do^ mbm jo} \ot\ojddy 6utpunj
(Sid) saojAjas uo]joadsui lejapaj
6uumbaj s|eAijje |euo|jeujaju| \\e pue 'saunjjv Jaijuojj Aq paAjas suo]jejado oijsauuop 'sajnjjedap |euojjeujajui saAjas A|juajjno 5 leujuujai suojjisod 6u|>|jed jjejDjje ,puejspjeq p pue saje6 02 seq jj leaje |eu|ujjaj aqj jo uojjjod ujajsea aqj uj pajeoo| sj 'leujujjai |euo|jeujajui aqj se umou>| A|jaujjoj '(iaj asjnoouo^) s |eujujjai 9'sjq6i|j oijsaujop
ibOdaiv ivnouvn>j31ni bmvh.o oovoihd
8T0Z Z U39IAI3AON
|1010|
luei|nsuco uodjiy am jo uoday
jjoday siqj p z Jajdsq;) m papjAOJd aJB s|jEjap leuojijppv Buissaoojd paAOjdujj hum aijipbo. pepeuuoo e umuM aiejado oa sjauajed aouewe jjaqi pue sample 6u|qqnq omi aqi smo||e dVl aqi sajijipBa. 6u|sseoojd leuoiieujajm pue s|Buiiujai Ojiseujop aqi uaaMjaq apjsjjs papauuoo aou aae jeqa sajjjipej p jno ajejado A"|juajjnD sau!|j|e 'sanssj AjiAijDauuoo 6u]pje6ay seaje |ejaAas uj spaau leuoijouno. Buiaaauu os|e a||qM 'seaje 6u|ssaoojd |emiujaj pue saje6 aaejojje p Aaaoedeo paseajouj ue apjAOjd oj pajedpijue s\ dVl aqi sajji|pej |eujujjaj 6u!js|xa aqj p jsaM 6ujpuajxa sasjnoouoo aj]||ajes pue 'saje6 qjiM asjno^uoD papuajxa ue pue z |Euiuujai p juaujdo|aAapaj e s\ qoiqM '(iioo) |eu]UJjai |eqo|9 aje(H,0 aqi sapnpui dVl aqi saoeds |epjaujujoD pue |Euoipuno, Jiaqj pue s|euiuujaj 6u]js]xa 6uiziujepouj pue laouauadxa ja6uassed aqj 6ujAOjdujj touapyaa pue 'Ajpede:) 'AjiAijoauuo:) s,jJodjjv aqj 6u|uaqj6uajjs apnpu] S|eo6 s/jp aqi sajjjipej |eujujjaj ja6uassed aqj p juaujdo|aAap ujjaj-6uo| q6nojqj jjodjjv aqj je sanss] 6u|ssaDOjd pue AijAjpauuo:) pue sjuibjjsuod AjpedeD eje6 ssajppe oj pado|3Aap seM dvi aqi
(I aSOlfd dVl) UD]d D3JV ]DU]IUJ3±
vinv
aqj p n Jiqiqxg m papnpuj s|BAOjdde pafojd dD am ui papnpui s|BAOjdde Smpuno. ujejja^ pue jueujaaj6e asn jjodjiv snojAajd aqj japun paAia^ej s|BAOjdde 6yipuna. p uojjeuiqujoD b q6nojqj spafojd PPIJJIV dlAlO Bmujeuiay aqj joj paAiaoaj uaaq aAeq s|BAOjdde 6u]punj au]|j]e Ajessaaau ||v dlAJO aqj japun pajaAoa sjuaujaAOjduuj puB suoijeDjJipouj 6ujuieujaj jaqjo pus 'uo|jB30|aj Aem]xej pue wajsAs AeMjxej p|3]j ssojd 'S3jjj|pej jjoddns auj|jje p uo|jB30|aj 'uojsueaxa ~\/_Z-'H6 AeMuny 'sjaafojd 6ui|qeua puB JlZ'D6 AEMuny p uojpnjasuoa :apnpuj sjuauodtuoD asaqi dlAlO aqj aja|duiOD oj Ajsssaaau spafojd P|3!JJ!V dlAlO 6umiBUJ3y sqj sapnpui uuBj6oJd |BjjdB3 jjodjjv aqi
'jsaM aqj oj uoisuBdxa |BU|UJjaj joj smo||b isqi p|a!aJ|B payipouj b uj paj|nsaj os|B LUBj6ojd aqi sdBD jq6||a |Euo!jBJ3do |P3uoasiq p ieaoujsj sqj pajjoddns seq pue jjodjjv aqi ie Axpedeo plaice peseajam papiAOJd seq dlAJO aqi AiaAjpedsaj 'u6isap ui pue uoipmisuoa japun aje "\LZ-^& AeMuny p uojsuajxe eqi pue jLz -36 AeMuny 'spafojd p|a!JJ]e omi leuy aqi pue 'uojjejado AEMum |a||BJBd isaM-isEa ue 01 paiojpouu uaaq SBq pieiJJ.iE aqi wejsAs |a||ejed 'ujapoiu e 01 jnoAE| 6u]pasjaiu] ue ujojj piayajE aqi azmjapow iBqi spafojd piayjjE sapnpuj dLAlO aqi 'AipBdED p|aij,jie aseeaam 01 pue sAe|ap leauoasjq ssajppe 01 dl/YO aqi 6u|iuauja|dujj uaaq seq Aip aqi
(s&afojd ppipiv difiO Buiuwuiafj) uiojBaid uoiioziujapow bjdh.O
ojoday sjqi p
Z jaideq^ uj neaap uj paquasep aje puB suojpasqns 6u!mo||oj aqi u| pazueujujns aje siuauodwoD uuBj6oJd |Bi|dE3 IJOdjjv aqi spaau |Bi|de3 6u|o6uo s,iJodj|v aqi sassajppe ieqi dD e pue 'spafojd JaqiO pue siuauuaAOjduJi aieQ ujjai-jeaN 'x aseqd dVl 'spafojd Pia^lV (dlAlO) uJej6oJd uonezmjapoiAj 3jeH,0 BuiujBuuay :siu3uoduuoa tuejBojd lender jofeuj jnoj sapnpuj 'ijoday siqi u| papnpui s|sA|eue lepueuy sqi m pepayaj 'ujej6ojd leiide^ uodjjv aqi
'Vinv aqi uj paAOjdde spafojd aqi sb ||3m sb siuauj33j6e ssn uodjjv snojASjd jspun |BAOjdde 6u|pun; paAiaoaj ieqi sjoafojd sapnpui iuej6ojd aqi ^njuaa jsxz aqj ojm jjodjjv aqj p sse:ons aqj ajnsua pue 'AjpBdBD puE ^uapuja 'AjjAijoauuoD s.uodjjE aqi aAOjdui! 01 aAiiejim! Ajp e 'X2 ajeH,0 Japun pado|aAap sbm iuej6oJd leijde^ yodjjv aqi
uoday
siqi p s jeideq^ ui sisA|euB |BpuBuy aqi uj papayaj aje inq ujajeq paquosap se ujej6oJd leijde^ yodjiv aqi p ued pu ajB Aeqi 'ajojajeqi :6upuBUjj. ajmbaj pu op pue spafojd aDueuaiujeiu se sa6jeqD pue sajej au]|j]e q6nojqj A|joajip pajaAooaj aq oj paiedpjiuB ajE vinv aqi P O i!q!Mx3 Japun paAOjdde saaueMonv paAOjddv-aJd "(VOD) uojjeiAvp juaujjjedaa o6E^iq3 aqj Aq pa6eueuj se sjuauodwoD ujej6ojd |bjicJed JofBuu aajqj aqj qj|M juajsisuoa jauuBuj e u] paiuesajd s] pue sisod pafojd paie|B3sa spayaj 'MO|aq paquosap 'iuEj6oJd leijde^ jjodjjv aqi
IMOdMIV 1VNOUVN>J31NI 3WVH.O ODVDIHD ODVDIHD dO A1ID
|uei|nsuc>3 uodjiy aqi jo uoday
SIOZ jaqopo ' ^ui 'saieoossv ?8 opuojjy :8X03 Jaqopo 'uoiieiAV jo luawuedaa o6eDiio S30>jnOS uoisuaixg aieg f leuiwjai pue 5 leuiuuai se ipns 'jvi J° luapuadapui spafojd leuiuuai sapnpu]
a|eDS o\ ;ofs(
ludujddj6v aseai pue asn l-iodjiv - VlflV uejd eajv leuiujjax - dVl iuej6oJd uoiieziujapo[A| a.ieH,0 ¦¦ dViO S310N
-'alias oi;ioNj.
upisuedxa; leuiuwai jeuojijppei sajijipei; i\3sel|d. j vi
IBjjde Jyodjjv jpj:'|BAbjdde
saVjiipej',.
I ei 11 u.tj ai':iu It 6 is Joj"; p'a'a u" • XeMiapun'', • yp'jsu'edxa leuVujJaJ.'
i^iaiS/S'/BMUflJ:.
|cjsd. PJ;^zjuj.3;pbLu' piajjjjv-: '
ssajppe pue1-in'p'Xe'i p|3ijJie.f"ujjojiurBjj.
!sdw iy6jjj Xq;p3j'juj||'X}|Atoy'',
MSZ 81
-1*
iu.ej6oJd lEjjdBD.jjjpdjjv: papiin j AiJuaijn^ jd uojiajduico
paanppjjuidiMO:
ISVd
IHOdyiV 3H1 IV lN3lAld013A3a IDSfOyd TVlIdVD T-S iiaiHX3
spafojd juaujaAOjduii
ajeg uujaj_-je3N pue x sseqd dVl 'sjasfojd P|aijJ!V dLAlO aqj i° uo]j3|dujoa jajje uojjejn6]juoa pajedpjjue s.jjodjjv aqj SMoqs se ||aM se 'Aepoj oj X002 u! dlAJO aqj ajojaq ujojj jjodjjv aqj jo uojjn|OA8 aqj SMoqs x-S l!q!".X3
sajeS qzz pue 5X2 uaaMjaq oj esesjau] oj pajaadxa si jjodjjv aqj je saje6 jo jaquunu aqj 'x aseqd dVl P uojjeiduioa uodn sjaafojd pajeposse jaqjo pue 'Ajnpej 6uiuaajas pue 6up|jed aaAoidwa ujajsaM e 'sasjnoauoa 3jj||3jes omj 'asjnoauoa pajeposse ue pue z |euiuujai jo juaiudo|3Aapaj aqj s\ qaiqM 'j^o aqj sapnpui x aseqd dVl VIDV aqj japun |eAOjdde 6uipunj em^e paAjaaaj x aseqd dVl ajnjnj sqj uj us>)ejJ3pun 3q oj sju3UJ3|g dVl |euo]jjppv pue \ aseqj dVl 6ujpnpui 'saseqd uj pajuawaidwi aq oj pauue|d s\ dVl am
IMOdHIV "IVNOllVNHaiNI 3MVH.0 ODVaiHD
oovdihd do aid
lueiinsuo} uodjjv au,W° uoday
jjoday sjiji ui sisA|eue |epueu]i. aqi ui papnpui uaaq jou aAeq Aaqi 'spafojd asaqi p suojiduunsse 6ujpuni aqi pue sadoas pafojd aqi jo Aiweijaaun luajjna aqi 01 ana spafojd asaqi -icy sue|d 6uipunj pue sainpaqas 6uido|3Aap pue 6u|ien|eAa A|iuejjna s\ Ajp aqi jjodjjv aqi ie spafojd paie|aj-|a}oq ujeijaa a>|eijapun 01 spuaiuj os|e Aiq aqi
uiDjBojd )DiidDj fjodjjv aui tn papnpui ion siuaiuatf dVl lou°UlPPV puo sioafojd /ojidoj Jaipo
Ijoday
sjqi p z Jaideq^ u] papjAOjd sj uuej6oJd |ei]de;) jjodjjv aqi ui papnpuj spafojd aqi uo uojieuujoiu] |euoii]ppv
'dVl
aqi p apisino VOD Aq pe>pej} aje ieqi vinv aqi p ~] ijqiqxg japun paAOjdde siuaujap se ||a/v\ se vinv aqi p |\| nqiqxg m papnpm s|BAOjdde 6ujpuni weijaa pue siueuiaajBe asn yodjjv snojAajd japun paAiaaaj s|eAOjdde 6u|puni p uojieuiqujoa e q6nojqi spafojd dD uodjjv aqi joi. paAjaaaj uaaq aAeq s|BAOjdde 6mpuni. au]|j]e Ajessaaau nv
•spafojd Aiunaas pue Aiaies pue XuaisAs ja/v\od Aqpuep Aaua6jauja aqi 01 apej6dn ue se ||aM se 'z |euiuujai u| j pue g sasjnoauo} 01 sapej6dn pue x leujuwai uj iuaujaae|daj poj Suipnpu] 'spafojd eaje leujuwai .'s|euiuujai aqi u] spafojd uo!ieja6uiaj pue 6u|ieaq |euojijppe pue iue|d uo]ieja6uiaj pue 6u]ieaq aqi 01 sapej6dn IiuawaAed pp^e 6ujisixa p uoiieijijqeqaj joj, S| dD aqi p snaoi. Ajewud aqi '|ejaua6 ui spaau |ei|dea 6ujo6uo s,uodj]v aqi ssajppe A||ejaua6 ieqi uodjjv aqi ie spafojd iuauudo|aAap apnpm sjpafojd ^lD iJodjjv
spafojd luaiuaAOjdiui jojic/ir) jjotf/ip
U]seg qinos 6misixa aqip uojsuedxa aqi pue 'piaruje aqi p ijed |ejiuaa aqi u\ samipei. |eujujjei
Buiisjxa aqi p isaM paieaoi A|iuajjna 'mseg aqi p uojieujuuj|a aqi sapnpuj - spafojd mseg uoiiuaiaa ¦
sau]|jjv ueauauuv 01 sjseq asn aAjsnpxa ue uo pasea'i pue 8T02 ^elAI u| sauj|jjv ueauauuv Aq papmisuoa saie6 eAij p ino-Anq aqi sapnpui - inoAng aieg-aAig -| asjnoauo} ¦
~1 asjnoauo^ m laaj. ajenbs
000'9I leuojijppe ue 6ujpnpuj 'saie6 aajqi p uojpmisuoa aqi sapnpui - uoisuaixg aie^-aajqi i asjnoauo^ ¦
|euiuujai aqi oi luaaefpe Aij|pei
6ui>|jed aaeds 009'2 Mau e pue spafojd ap|spue| :spafojd uojsuedxa ajoa |emuujai pue 6msodjndaj leuojijppe Sajnpmisejim paie|aj pue luaiudmba (SHg) uuaisAs 6m|pueq a6e66eq sapnpm - spafojd S |emiujai leuojijppv ¦
5 lemiujai ie %z °102 ^uoJ* saie6 p jaqiunu aqi aseajauj oi paiedpjiue sj uojsuedxg g lemimai aqi ajoa s lemiujai aqi m saimpei oi siuauuaAOjdum pue 'asjnoauoa isaM aqi uo saie6 p uo]iejn6iiuoa3J 'isea aqi oi |eujuuj3} 3qi p uo]suedx3 3qi sapnpui - uojsuedxg s |euiujjai ¦
:apnpuj spafojd as3qi vifW aqi japun 6ujpuni paAjaaaj ieqi spafojd pue siueuuaaj6e joud ujojj paAiaaaj Buipunj apnpm spafojd asaqi sjeaA Mei. ixau aqi jaAO paiuauja|duji 6ujaq aje ieqi spafojd ujseq uojiueiap pue spafojd aie6 ujjai-jeau sapnpu] os|e uuej6ojd leijde^ iJOdjjv aqi
sioafojd J3Uio puo SfuaiuaAOjdiui Buiidq uu3j\-jd3n
¦aujji
ieqi ie umou>) se a|npaqas pafojd aqi qi]M pauyaj aq oi anujiuoa ||;aa sasA|eue lepueuy ajninj pauyaj sj 6u|seqd uoipmisuoa pue ua>|eijapun s\ pafojd aqi p uBisap se aBueqa oi pafqns s\ dVl aqi P uoiia|dujoa aqi p 6u|UJ!i |enpv '8202 P Pua aqi Aq peia|dujoa aq |||M x aseqd dVl iem aqi pauunsse sj }| 'uiajaq s|sA|eue leiaueun aqi pue ijoday sjqip sasodjnd joj umou>| iaA iou s; 6u|UJ!i pafojd |enpe aqi pue 'aseqd u6]sap aqi 6uua}ua sj dVl aqi
laodaiv iVNOUVNaaiNi aavH.o oovaiHa
03V31HD dO A1ID
lup]|nsuo3 uodjjv am jo vioday
pouad uojpafojd aqi 6uunp jnooo 01 paujnsse sj qoiqM jo uo\\\\q sy$ 'sisoo joafaid oiej6ojd leijde^ jjodjjv 6uiuieujaj aqi punj 01 sisAjeue siqi ui pawnsse aje spuoq ajninj pue 'ujej6oJd |ei|de;) IJodjjv aqi jo uoimq 6T$ Aiajeuuixojdde 'jjed m jo a|oqM m 'punj oi panssj aq oi paujnsse aje spuog 8X03 aqi
passnosip os|e sj uiej6oJd \e\\dej uodJiv aqi jo uo|ja|dujoo aqi ujojj Bu|i|nsaj sanuaAaj pue sasuadxg iaj7°o |ejuaujajom Imajaqj papnpm suojpafojd |epueuy aqj u] pajoayaj s| pue s jajdeq^ uj passnosjp si wej6oJd \jejjapun aq oj pajedpjjue ujej6oJd lejide^ jjodjjv |ejoj aqi
8103 Jaqopo '(uoijb|B3S9) ui?6joim jr '8ioz aunf 'uohbiav jo luawijedaa o6EDiq3 jo Aiq 33>jnOS
6uipunoj oi anp ppe iou Aeuj Sjeioi .31ON
uonnq oz$
spafojd dD
spafojd jaqio pue siuauiaAOjduii aieg ujjaj.-jEaN
I assqd dVl
spafojd piai.JJi.V diVMO Buiuieway
aaaNnd 32 oi si33road
S133rOMd
aaaNnj AisnoiA3yd
iMvygoyd
~IV±IdV3
lyodyiv ivioi
"IVAOiJddV
vinv
SlN3W33yDV
snoiA3ad lAioyj
"IVAOidddV
(S1S03 133road Q31V1V3S3) SISOD 133TOyd
AyviAiiMns iMvasoyd iviidvj laodyiv z-s aiavi
ajaq pajuasajd sjsoo aqj ujojj Jajjip oj A\a?\\\ aje sjsoo joafojd |enjoe pue sasodjnd aAijejjsuoujap joj aje s|sA|eue |epueu|j aqj m papnpu] sjsoo wejBoJd lejjde^ jjodjjv aqi Jjoday sjqj u| paujnsse aiej uoiieijm juaojad £ aqj pue joafojd qoeajo 6u|luij pajedp|jue aqj uo paseq paje|eosa ajeajaq uMoqs sjsoo joafojd 'Jjoday s;qj u| s|sX|eue |epueu|j aqj ui papnpui juauodiuoo Aq ujej6oJd lejjde^ jjodjiy aqj jo Ajewiuns e sjuasajd ZS aiqel
s]sA]DU\f jopuouij aifi in papnpu/ uiojBoJd jofidoj jjodjjv
jjoday siqj ui pajoayaj ujej6oJd |ejide3 jjodjjv aqj u| papnpu] jou aje siuauua|g dVl |euoiiippe asaqi 'sja66ui asaqi jo 6uiuujj aqj jo Aimeijaoun aqi oi anp 'jaAeMOH sja66ui Ai|A|pe ja6uessed meiJeo jo uo|pejs|ies uodn ua>|eijapun aq oi paiedpjiue aje siuaujajg dVl leuo!i!PPV
laodaiv ivNouvNaaiNi ayvH.o oovoiho
8I0Z 'l >J3aiA]3AON
lueiinsuo} wodiiv sqijo uoday
vuoday S|qi \o \ £ uoipas 3as
'uouewjoju! ajoui joj 'VSlVN aa>(e>|ue> aq} pue (vSkAl) eajV lesqsjieis uei!|odojia(A| ui6|3-a||!Ajade|\|-o6e3!q;) aqi jo sisisuod eajy ap^Jl J!V s.iJodjiy aqi 'yoday siqi jo sasodjnd joj eaje apejj j|e s.jjodjie ue se oi pajjajaj AJuowwos si uodjie ue Aq peAjas eaje |e3iqdej6oa6 aqi
(UiaujAo|dujdun) 8102 Jdqopo 'sjiisueis Joqei jo neajng Joqen jo luawiJedaQ Sfl '(dHD/daO 'bujojui 'uoueindod) 8103 |udv '(SQQ3D1 somos owa 3)itdoi6owaQ puo o>wouoo3 Sisjdwoj 8T0Z ''UI 'ssiwououg a|ood pup spooM S3D>jnOS
pnpojd Jjisaujoa ssojq / pnpojd |euoi6ey ssojq ¦• ddD/ddD siey qiMOjg |enuuv punoduj03 - yovD S310N
asueueA
sejeis panun
eajy apeJi jiv
saivy iN3iAiAcndL/Ni3Nn aaisnrav ahvnosv3s-non
810,! isnonv
saieis paiiun
eajy apeJi jiv
(SJenop liqz) dQ3/d>J9 VlIdVD b3d
saieis paiiun
eajy apeJi J|V
(sjenop LIOZ ui) 3IAICONI "IVNOSaid VlIdVD >J3d
saieis paiiup
eajy apeJi jiv
NOUVindOd
6202 Q3133fOyd
SDiisiaaiovyvHD jiimono:>3 onv jiHdvaooiMaa do AbviMiMns ¦ t>-s aiavi
£ jajdeq;) uj papjAOjd sj viV aqi jo siiijsuajoejeq:) oiluouods pue Diqdej6ouuap aqi uo uojjeujjoju! |euoijippv
oui 'SDjwouoDq. a|ood t% spoo/vAq papafojd se 'sajejs pajjun aq; joj pue viV aqi JOJ sajn6y jjUjouoDa §Z0Z PUB LIOZ papa|as siuasajd \>s a|qei
SJa6uassed punoqino |e:>o| jo qjMOj6 panuijuoD aqi jjoddns jaqijnj saiqeueA DiiuouoDa viV papafojd pAeji aujuje punoquj ajninj joj pueujap aqi 6u]jDajje AiaAjjjsod 'sjojisia isunoi pue ssauisnq qioq spejue jeqj uojjemjsap e meuuaj |||M viV aqj ajeDipu] saiqeueA Djujouooa papafojd ¦|3AeJi ajns|a| pue ssaujsnq sjjoddns jeqj aseq DjwouoDa asjaA|p 'a6je| e seq (viV) eajv apeJi jjv s.jjodjjy aqi
AiiAjpe 6ujpauuo3
jo jjoddns uj aajAjas 6ujpje6aj suojspep auj|jje lenpjAjpu] qjiM 6uo|e 'paAjas eaje aq; p SDjisuapejeq^ |eDO| aqi Aq peDuanyuj sj jjodjjv aqi ie |3AeJi aujUje joj pueujap 'ajojsjsqi '(jusDJsd OS 6ujui;eujaj aqi joj 6ujjuno3je sja6uassed 6ujjjauuoD qjjM) jjodjjv aqi je pueujap jo jueDjad OS A|ajeuj|XOJdde joj pajunoz^e A||e3uo;siq seq q^iqM 'Djjjejj ja6uassed (a^O) uojjeujjsap pue ui6uo joj amj A|je|nD|jjed s| d]qsuo]je|aj siqi 8 eaje apejj jje s,jjodjje ue jo SDijsuajDejeqD DiujouoDa pue 3jqdej6oujap aqj uodn juapuadap 'aajBap e oj 'si uoijejjodsuejj jje joj puewap aqi
SISA1VNV DIiy\IONOD3 QNV DIHdVyDOI(N3a
laodaiv ivNOiivNaaiNi ay vh.o odvdihd
8103 Z a38IAJ3AON
I ££-3 | lueiinsuo^ uodjiv 341 jo uodsy
syodji.v leuoueujaiui asor ubs bibuiiaj pue 'iBuoiiEwaiui pue|>|BO uejiiodojiatM 'ibuoubujsjui ojsdubjj ubs sapnpu] ,.,
syodjiv
u3Bag 6uoi puB '(>|UBqjng) adon qog '(sa|a6uv so"|) iBuoqBUjajui oubiuo '(AJunco a6uBJ0) buAbm uqor 'leuoqBujajui sa|a6uv son sepnpu] el
¦syodJiy Bipjen^ en pue 'leuoqewaiui Ajjaqn >)jBMaN '|Buoi4BUje}U] Apauuax j uu,or sapnpui u sjjodjjv iBuoneujaju] Ae/wpi^ o6e3\i\j puB iBuojiBUjeju] 3JBH.O o6BD|q3 sapnpui oi
paieu6isap
asj/Aiaqio ssa|un 'sAe/ajiv sn/UB:)ljaujV pewqwos aqi paijaj jjoday S|qi u| sauijjiv UE3uaiuv °1 sasuajajay SI02 '8 l!Jdv uo s\ejy\v3D 6u!iejado a|6uis b uE3uawv pa}UEj6 vvd SLU uoijejodjoa juajEd auiES aq) japun pa6jaiu sAeaajiv Sfl pue UEDuawv '£102 Jaqwaaaa ui 6
'6202 u! pouad uojpafojd
aq; jo pua aqj q6nojqj £i02 P JeaA aseq aqi luojj juaDjad ZT P HDVD e ie moj6 oj jsesajoj s] AjjAjjDe jaBuassed
•sauiiJje jaqjo pue 'seuj|Jje jsod-moi, 'pajmn 'UBDuawv Aq jjodjjv aqi jo asn pajedpjjuv ¦ pue :sjopej DjLuouoDaopos |euo|jeu pue |bdo| jo suojpalbjd pue spuajj juaoay ¦ .'Ajjsnpuj aqj ssojdb pue jjodj]v aqi je spuajj anuaAaj pue aujn|OA ja6uassed Bujpnpui; 'AijAjpe |bdijoisi;h ¦
:6uimo||oj aqj 6uijapi;suoD
pado|aAap aja/v\ (jq6jeM papue| pue 'suo]jejado yejDJje 'sjaBuassed paue|dua ' a i) pueujap uojiejAe jo sjsejajoj
juaajad g o paseajaap sajej Djisawop a6ejaAe a|]q/v\ 'luaDjad 5 2 P udfDVD) ajej qjMOj6 |enuue punodiuoD e je paseajDui jjodjjv aqj je dijjeji ja6uassed Q?go 'ZTOZ Pue 8002 uaaMjag £102 Pue TT02 uaaMjaq juaajad 0 002 Aiajeuuixojdde Aq paseajDU] sjuaujaue|dua au]|j]e isod-mo| Ijjodjjv aqj je AipedeD jeas Mau jo e^jnos iue3!j!u6]s e uaaq aAeq sau]|j]e isod-moi sau]|J!v l.ujds pue 'sAbmjiv an|giaf 'saujujv Ja]juojj saui|jie isod -mo| se ||3M se 'saui"| jiv ei|a(] pue saui|jjv e>|se|v apnpui yodjjv aqi BuiAjas sauipje sn lueDijmBis jaqjo 'uojjjppe ui 'jjodjiv aqj ie sja6uassed peue|dua jo 'AiaAjpadsaj 'juaDjad s s£ pue juaDjad o'Si? joj pajunoDDe 'ssjenyje jiaqj qjiM paujquuoD 'ueDuauuv pue pajiun 'Z.T02 ul jjodjiv aqj je aojAjas papiAOJd sau]|j]e o6jed-||e 92 pue 'sam^e jayeqD pa|npaqDsuou s 'saujpje 6e|j-u6iajoj ft? 'saui|jie 6e|j s n 8T P lePl e '8T0Z aunf papua sqjuouj zi aqj uZTOZ u! pouad auues aqj ujojj juaDjad 6> paseajDUj seq uodjjv aqi ie AijAjpe ja6uassed paue|dua '8T02 P sqiuoiu iq6ja isjjj aqj q6nojqi jbsA sno]A3jd aqj ujojj juaDjad vz P aseajouj ue 'sja6uassed paue|dap pue paue|dua uoimuu 8'6Z^|aiew!xojdde paAjas jjodjjvaqi 'ZTOZ UI
•sja>ueuj ,,oDspuejj ues pue ,:,'sa|e6uv son h'>uoa msn aqj 6u|mo||oj —ZTOZ JeaA aqj joj sja6uassed a?§0 ^isawop jo sujjaj uj uo]ieu aqi u] qit7 pa>|uej sbm 0,ia>|Jeuj o6eDjq^ aqi 'BiBp AaAjns uojjejjodsueji jo juaujjjedaa s n uo peseg (sajejs paijun aqi u] qig) a6euuoi o6jbd jo sujjaj ui jsajsnq qj02 aqj pus 'sjuauiaAouu jjbjdj(b jo sujjaj uj jsajsnq pu2 aqj Xuodjiv |euo]jeujajui sa|a6uvson puB jjodjiv |Buo|iBUjaiui bjubuv uospBf-piaijsjjeH pujqaq sajejs pei.iun aqi Uj pj£) aujn|OA ja6uassBd jo sujjaj u| jsajsnq qig aqi sbm yodjjv aqi LXQZ u! '|euojieujaiu[ ipuno^ suodjjv ujojj ejep Ajemwiiajd oj 6u|pjoddv p|JOM aqj u| sjjodjje jsajsnq aqj 6uoujb s>|uej A|juajsjsuoD jjodjjv aqj 'Aneuojjippv aseq jaBuassed a?go s,eajB aqj joj oiajsAs jjodjjB qnq-aajqj AjBjuauja|dujoD b apjAOjd sjjodjje omj aqj jaqja6oj_ sau^iv jsaMqjnos joj jjodjjB jofeuj e 'uodjjv |euojieujaiui Abmpiiaj o6eD|q3 Aq paAjas os|e sj Ajq aqi jjodjjv aqj je sajjiipej qnq 6uijDauuoD jofeuj ejejsdo 'S3|!uj J36uassed anu3A3J jo sujJ3j uj s3U!|j|e is36jb| s,puoM sqi jo omj o'ubdusujv pue paiiun suojiBjado 6ujqqnq au!|j|e joj uojjeDO| lejnjeu e jj e>|euj aseq uo|je|ndod a6je| sjj pue sajnoj j|e jsaM/jsea pa|3ABJj A|jAeaq aqj 6uo|b uo|jedo| s,o6eD|q3
lyodaiv lVNOiivNyaiNi aavH.o odvdihd
8T0Z 'Z M3B1M3AON
I j>2>3 | lueiinsuoD yodiiv sqi jo uoday
(Ispdsjoj) 8tCK Jaqopo ' :>ui 'saiepossv )S opuoDjy '(ieduoisih) s\0Z Jaqopo 'uojieiAV jo luawuedaa ¦o6eo\L\j jo Aiq S3DUn0S S3iisiit?is Auaipv uodjjv s.oBeujq} jo Aip aqi ui papnpui sjd6uassed snoaueiiaDSjtu pui? 'jaido3!|dq 'uojieiAe |eiaue6 sepnpxg
aiea 01 ji?3A l"sij - a±Ad uoiieuusaQ pue ui6uo - 078O I£ jsqiusDaa 6uipua Ad S310N
%2I %S T %II 6202 -LIOZ
%8'T %T'I %6'T a02-8002
ajey qjMOj^ lenuuv punodujo^
%8 0 %2S5 ZlZ'OZL'tt 9£i'L0YL 9£8'2Z.£'8£ 6202
%8'0 %ISS S82'i0t''St' 0H'E2£7. gHVSO'SE 8202
%90 %0'SS Sgl'OfrO'Sfr 9LYL£Z'L 0U'208Y£ £202
%80 %6>S EE0'89il'l>l> LL6'£Ll'L 9S0>6SY£ 9202
%6 0 %8'frS 298'62l>,l>l> ltt'L60'L 02£'2££,l.£ S202
%L0 %LVS 28fr,2S0>t' SSX'KO'L £2£'820Y£ fr202
%S0 %9>S St>6'2£r£t> le^'S^ t>SlYSZ.'9£ £202
%80 %9>S Z.2£'I0S'£t- £0S,/U>6,9 fr28'£SS'9£ 2202
%9 0 %S l>S OeO'SSI'Efr Tfr£'998'9 0SZ.'I62'9£ X202
%9 0 %S t>S 9Sr088'2l> S68'I08'9 I98'8Z.0'9£ 0202
%8£ %S>S Sl>6'809,2t' X2S'S0Z.,9 t>2t/£06'S£ 6102
J&2E %VVS t-8n90'Il> IS9'29S'9 ££I'66l>'fr£ 8102
JSB33JOJ
%6> VN 09T'2I9Y2 6T9'Z.8S> IfrS>20'£2 8T02
%90 VN 0PL'6U'9Z ££2'622,t> ^OS'060'22 Z.T02
(snv - Nvr) qiaj
%t>2 %fr frS 889'208'6£ £fr0/822'9 SWto'Sil £102
%2T %9£S OSO'SSS'SE 8I8'9S8'S 292,T00'££ 9T02
%6'6 %£'6fr 68l^£'8E 8e6'iTS^S ISS/£98'£i7 ST02
%0"S %0 6t' t>69'6E6'l>E Z.8Z.'26£'S /j06'9t>S'62 H02
%20 %I6fr 88Z.,t>82,££ IOS'201'S %T0 %0'6t7 T02'T£2'££ 880'9S6'fr ETT'SZ.2'82 2T02
%T0- %98fr SOL'Pei'ii 62I'I06> 6^S'£62'82 TT02
%Z.£ %9'9fr 20l>'612,££ 89Z.'T£T'S »£9'Z.8Q,82 0J.02
%8'S- %VL» SSI'S£0'2£ S00>8I'S 0ST,IS8'92 6002
%6'6- %60S 98riIQ,i>£ SS9'2£9'S T£S'8^£,82 8002
|B3UOJSIH
HlMOy9 lN33y3d 1V101 IVNOIlVNySlNI DI1S3L/JOCJ yV3A 1VDSIJ
1VHNNV 0^0
Sy39N3SSVd a3NV1dN3 lSVJ3>dOd ONV "IVDDdOlSIH S"S 319V1
pouad uojpafojd aqi qBnojqi yodjiv aqi ie sja6uassed paue|dua iseDajoj. e ijeDuoisiq sazuewwns g-S aiqel uodey siqi io f jaideq^ ui pap]AOjd sj Djiieji jje uo uojiewjoiui leuojiippv
l>JOd>JIV 1VNOIJ.VNM31NI 3MVH.0 ODVDIH3
ODVDIHD dO AilD
I S3-3 I
sanuaAaj pue .'aajj Ajnp pue 'jj|6 pue SMau 'juejnejsaj 6uipnpui_ 'suoi;ssaDuoD leuiwjaj !s|ejuaj a|iqoujojne pue 6u|>|jed s||qouuo;ne :se qans 'suojssaDUOD apispuei luojj sanuaAaj epnpui; sanuaAay auiuiv-uoN 'juaDjad £f jo aE)VD e '6202 ui uoihilu 0'£TS$ oj 8X02 u! uoi||iuu 2X2£$ woji. aseajaui oj papafojd aje sanuaAay auj|jjv-uoN ¦
¦5 jajdeLQ u] passnDsip se 'sa6jeip pue sajej auiuje jo uoije|nD|eD aqj u; AijjDajjp pajaAODaj aq h;aa Aaqj 'jaqjej Ipaaueuy aq oj jou paujnsse aje Aji|jqej|ay ajnjDmjsejjui pue saDue/v\o||v paAOjddv -aj"(E"2-S
uojjDas ui paquasap) sjaafcud Luej6oJd lejjde^ jjodjjv jo uo]ja|dujoD aqj qjjM pajeposse sasuadxg, lAJ?go °+ saseajDU) lejuawajDU] papafojd pue '(A||enuue juaajad O'E aq oj paujnsse) sajej uoijeiju] ajnjnj jo suoijejaedxa '(2'2'S uoij^as u| paquosap) suo]jnqujuoD uojsuad Ajq paujnsse wejjaD jo juauj||ij|nj aqj 'pajedpjjue sasuadxa jo adAj aqj uo paseq s| eseajDui; siqi juaajad 01 jo y^VD e 6u|juasajdaj '6202 u| uoimq ^£'1$ Aiajeuiixojd.de oj 8X02 u! uoihiui 2'6£9$ ujojj aseejouj oj pajoafojd aje sasuadxg (lAjTgo) aaueuajuiew pue uoijejado ¦
:smo||oj se aje s|sA|eue |epueuy aqj jo sj|nsay
saDue/v\o||v paAOjddv-aJd pue ujej6oJd lejide^ jjodjjv aq; Buipunj joj Ajessaaau sgyvo ajnjnj pue 'spuog 8X02 aqj 'sgyvE) 6uipuejsjno uo aD]Ajas jqap sjaayaj s]sA|eue |epueuy aqj u] papnpuj aaiAjas jqap gyV9 am
ajnjuapui uan JOjuas aqj ui paqsnqejsa sjueuaAO} ajey aqj pue sjsai spuog leuomppv aqj qj|M A|duioD oj juepjjjns aq oj pajDadxa aje pouad uo]j:>efojd aqj jo jeaA qaea uj jjodjjv aqj Aq pajejaua6 a6ejaAo;) uan jomas joj a|qe|jeAV sanusAsy jsn aqj jeqj uoiuido aqj jo s] opuoDi;y 'jjoday siqj jo s jajdeq^ ui sjsA|eue |epueuu aqj uo paseg
¦pouad uojjDafojd aqj jo JeaA qoea ui ajnjuapuj uan JOjuas pue V1DV aqj jo sjuaujajinbaj aqj qjjM A|duioD oj Ajq aqj jo Ajmqe aqj sajejjsuoujap jeqj sjsA|eue ue paja|dwoo opuoDiy
EE02 'XE Jaqujaaaa P ajep uojjejidxa
ue seq vinv aqi jajua^ enuaAay-jso3 qaea joj sjsod 6ui;u!euuaj jau Aue JSAoaaj oj paje|nD|eD aje se6jeqD pue sajej euj|j|e AqajaqM 'A6o|opoqjauj 6ujjjas-ajej |enp]saj e 6msn paqs]|qejsa aje saaj 6uipue| aui|jie pue sajej |ejuaj leujujjaj Vinv aqj Japun jjodjjv aqj je sjaafcud |ej]deD snoueA joj |eAOJdde 6u|punj sapnpui jj pue jjodjjv aqj je 6u|jejado saujuie aqj pue VOD aqj uaamjeq uojjeijo6au jeaAij|nuj e sjD3|jaj vinv aqi Luej6ojd lejjde^ jjodjjv aqj punj oj panssj suoije6j|qo jaqjo ujejjaa pue (sgyvD) spuog anuaAay jjodjjv |ejauag joj sau||J!V Ajojeu6is aqj jo jjoddns |enjDBJjuo3 's6u;qj jaqjo 6uouje 'sapiAOjd pue sauj|Jjv AJOjeu6|s aqj qjiM juauja6uejje |euo|jejado pue |epueuij uieuu s,Ajq aqj qjjoj sjas ji VQD am pue (sau||jjv Ajojeu6|s aqj) juauuaaj6e aqj oj Ajojeu6|s aje jeqj jjodjiv aqj jo sjueuaj auipje aqj jo saijj|]qisuodsaj pue sjq6u aqj sazneujjoj jeqj juaujaaj6e jeaA-gx e s! Vinv aqi juaujaaj6e asn jeaA-gf snoiAajd aqj jo uojjejjdxa'aqj 6ujMO||Oj '8X02 '21 ^elAJ pajja ojuj juaM vinv aqi
jjodjjv aqj je suoijejado jo jsod aqj punj oj jo aajAjas jqaa jaN jo juauuAed aqj oj pa6pa|d aje sanuaAaj xej sjoujm jo ajejs jou Ajq Jaqj]ai\j ajnjuapui uan Jomas aqj pue Vinv am P suo]S]AOjd aqj Aq pajmbaj se pue sa|dpuud 6ujjunoDDe pajdaoae A||ejeua6 qjiM aauepjoDDe u| jjodjiv aqj jo sjunoDDe pue 'spjooaj 's>|Ooq aqj suiejuieuu Ajq aqi XE Jaqujaaaa spua Ad s,Ajd aqi Sjseq Ad e uo Ajp aqj jo punj asudjajua 6u|jJoddns-j|as e se joj pajunoaae sj pue VOD aqj Aq pajejado 'Ajp aqj Aq pauMO s] jjodjjv aqi
t
SISA1VNV IVIDNVNId
laodaiv ivnouvn>j31ni bmvh.o oovoihd
ODVDIHD dO A1ID
jueiinsuco uodjiv am P yoday
•suopeBnqo uan Joiuas
jo spuog uan Jomas uo jsajajui; pue |edpuud Aed 01 jbba puog isqi 6uunp iuaiuasjnqsjp joj aajsmi aqj Aq p|aq suoi;e6i|qo jjodjiv jo spaaaojd Aue Aq paanpaj aq ||eus aaiAjas jqaa aje6aj66\/ qans 'asea qaea uj 'pue 'jee^ |eas]j jeqj 6uunp 6upueujujoa jbba puog aqj joj aajAjas iqaa aie6aj66v aq; (xs^"!) saimi sqjpajpunq-aAjj Ajuew; pue auo 'jeaA leasy juenbesqns qaea pue jeaA |eas|j X202 aqi J0J pue JeaA le;jS!d leMi Buunp 6uiauauuujoa jbba puog aqj joj aai7\jas jqaa 3je6aj66v (x(]2'T) seuiij sqjpajpunq-AjueMj pue auo 'jbsa |Basij 0202 aqj joj ;jeaA le;jS!d +eMi 6uunp Supusuuujoa jbsa puog aqj joj aaiAjas iqaO ajB6aj66v (XSI'I) saujjj sqjpajpunq-uaajjjj puB auo 'jbba |Bas|j 6X02 aqj i0i 'je3A |easy jsqj 6uunp Bupuawwoa jeaA puog aqj joj aaiAjas maQ uan Joiuas aje6aJ66v (XQTX) sawn, sqjpajpunq-uaj pue auo 'JeaA |easy jajUEa puB jbsa |eas|j 8X02 aqi J°j "joj apjAOjd oj " juapijjns jsBa| jb aq ||im 'junoaav Jo punj ue uj pajjsodep aq oj pajmbaj uaqj jou jeaA |easij jeqj jo Aep jsjlj aqj uo punj anuaAay aqj uj p|aq aauB|Bq qssa Aub pue jeaA |easy jeqj oj jaadsaj qj|M aajsnji aqj qjjM pajisodap sAauoiAj e|qB|jBAV JaqJO qi!M Jaqja6oj 'jbba |easij qaBa u| sanuaAay jBqj japjo ui jj jo uojjBjado aqj uj Ajp aqj Aq pajapuaj saajAjas joj pus jjodjjv aqj jo uojjejado pue asn aqj joj sa6jeqa jaqjo pue sajej 's|ejuaj aqj 'Ajessaaau jaAauaqM ewi;j oj aujjj ujojj asjAaj pue 'qsj'iqejsa pus xij ujm jj JBqj sjueuaAoa Ajq aqi
:ajniuapui uan jomas aqj m paujejuoa SV "6202 qBnojqj 8X02 ujojj spuog uan Joiuas joj pajaafojd oijbj a6BJ3Aoa aajAjas jqaa aqj sjuasajd g-s a|qci
qjMOj6 joj mo||b 01 pau6|sap sj qajqM
Vinv am Japun uodn paaj6e ujej6ojcj |ejjdE3 jjodjjv aqj qjjM pajeposse bjb sjsoa amuje m saseejauj 'A||euo|J!ppv
ueauaujv pue pajiun joj qnq juBjJoduj| ¦ puE uo|jEao| |E3!qdEj6oa6 aAjjaejjje ¦ aseq a]UJOuoae 6uojis pue uoi.je|ndod a6jB| ¦
:sjopej jo uojjeujqujoa 6uimo||oj aqj uo pasBq aiqBuosBaj aq oj paujaap aje s]sA|eue S]qi u] ssnusAsy jjodjjv pajaafojd aqi saajnosaj a|qe||eAe uo passq syodjjs oj Aipsdsa Ao|dap oj anujjuoa sau]|jjB sb jjodjjv aqj je ajjjejj jje joj pueujap jseaajoj jajap jou ||]M saaj aseqj jeqj uojjejaadxa aqj uo paseq aiqeuosEaj aq oj punoj bjb vinv aqj ujojj paAuap sanuaAay aujuiv 6mj|nsaj pue saSjeqa pue sajej jjodjiy papafojd aqi
•(sje||op 8X02 ui fr6'0£$ Aiajeumxojdde oj sajenba qajqM) 6202 u! £8'ZH °1 aseajaui; oj pajaafojd sj jj pue '8X02 u! 9£'6X$ A|BjeuujxojddE aq oj pajeuuijsa si jjodjiv aqj je (3dD) juauuauE|dua jad jsoa aui|jiB aqi ¦
"6202 u! uoj||jq X'X$ A|ajeujixojddE oj pouad uoijaafojd aqj jnoq6nojqj assajaui oj pajaafojd sj jj .'8X02 Ad uj uoiiiiuj t? L.W% A|ajBUJ|xojddB aq oj paja6pnq s| 'aajAjas jqap Asd oj pasn sjdjaaay JUBJ9 pus 'sanuaAay }jd 'isajaiuj paznejjdea jo jau '(ujej6oJd lejjdB^ jjodjjv aqj aja|dujoa oj Ajessaaau spuoq ajnjnj uo aajAjas jqap pajaafojd pue spuog 8X02 aqj uo aajAjas jqap pajeiujjsa buipnpm) aajAjas jqaa l^N ¦
•2 £'S uojjaas ui passnasjp aje sanuaAaj asaqi Vinv aqj japun pado|3Aap sjaiua^ jso^ ajejsj |Bay ispjsujujo^ puB ajsjsj |E3y iBajjnsuojav ujojj paAuap
lijodaiv ivnoij.vnu3.lni 3>jvh.o oDvaiHa
Bio; z aaaiAiaAON
Ln J> UJ N) t->
O
n =!
3 I § n J
N ™ < C
ro O- o —
V a. uo =>
- _ (T> c ~
f"1 3 D. n> O
Qj ^ lo|910|o s|910|O Si _ ^.
¦8 „ » 5- a
* " s - s
0)
3 ? i ° f
SL m -o|9109|! '|910|=¦» s- s
l ; o- k
1°
15! r-
33
>
33 T3 O 73
>
Ci
o o I >
00 <.
—.
NJ f
O
>
^ I
n -1
? -a o
— O Co Q_ ~ ^
2. S
z
CZ m
co O z
D
O m co
up O ro
lueiinsucr) uocLnv am jo uoday
yoday sjqi p s jaideq;) ui papiAOJd si; si;sA|eue |epueuii am uo uoueuujojuj leuojiippv
pouad uojpafojd aqi q6nojqi eiqeuoseaj ujeuiaj yodjjv aqi ie sjsod ieqi uomido s,opuo:)i;y joi siseq aqi apjAOjd 'Ai]Ai;pe ja6uessed iseDajoi. aqi qiiM 6uo|e 's;soa papafojd uo suo]idujnsse pauonuaujajoje aqi -iuej6ojd |ei]de^ yodjjv aqi p uona|duuoD aqi qiiM paieposse sanuaAaj pue sasuadxa 01 spedwi |euoiiejado aqj pue 'sa6jeqD pue saiej aui;|ji;e q6nojqi pajaAooaj aq 01 paujnsse sisod pafojd aqi 'aD]Ajas iqap paieuijisa aqi spayaj qD|q/v> '6302 q6nojqi 8X02 "JQ-y 3dD papafojd aqi siuasajd is a|qei
pouad uojpafojd
aqi p jeaA qaea u] luawajmbaj wnuijuiw aqi iaauj oi papafojd si oiiej a6ejaAOD aiNAjas iqaa aqi 'UMoqs sv
^ spuoq asoqi p Aiunieuu aqi q6nojqi spuog 39X0Z sauas aqi pue 'spuoq
asoqi 6uipunjaj spuoq Aue jo 'spuog VII02 sauas aqi oi sAauoiAj a|qe||eAV JaqiO se pa6pa|d aq iijaa sanuaAay Ddd pouad uoipafojd aqi p pua aqi q6nojqi 6T02 'spuoq asoqi 6ui;punjaj spuoq Aue jo 'spuog d0X02 sauas Pue V8002 sauas aqi uo aiNAjas iqap Aed oi pai|dde aq sanuaAay j^d sawnsse yoday siqi m s|sA|eue lepueuy aqi 'ajopjaqi spuog 30X02 sauas aqi pue spuog V8002 sauas aqi uo aajAjas iqap Aed oi sanuaAay 33d asn 01 enu|iuo3 01 sue|d Aiq aqi 'uojiajDSjp a|os sij uj pue 8X02 jeaA jepuaiea jaye anuaAay 33d P asn aqi 6u]ien|eAa si Aiq aqi spuoq asoqi p ||e uo a6ejaAoo pajmbaj Aue sn|d 'spuog VXX02 sauas aqi uo Aiuniew q6nojqi pue 'spuog 30X02 sauas Pue V8002 sauas aqi uo a^Ajas iqap |enuue p lunotue aqi 01 |enba 8X02 q6nojqi sanuaAay (Ddd) aBjeq^ Ampej ja6uassed sAauo|Aj a|qe|ieAV JaqiO se pa6pa|d os|e Aiq aqi 'sanuaAay yodjjv 01 uojiippe u[
laodaiv nvNOiiVNaaiNi bmvh.o odvdihd
SIOZ 'Z U391AI3AON
;up;|nsuo3 yodjiv aio jo yoday
IMOdMIV 1VN0UVN>J31IMI 3HVH.0 ODVDIHD ODVDIHD 30 A1ID
I
I "[£"3 I . lueiinsuo^ yodjiv au.1 jo ijoday
suoi.pbsubjj, ajninj Aq paaueuq aq ||iaa ojo2 'T AjBnuBf puoAaq OHO qn« spafojd uo jsajajui pazi|Bj,idB3 '080 q6nojqj pazi|BiidB3 sjsoa ||b qjiM pajBposse jsajajui qj|M punj jsajajuj pazi|e;ide3 aqi luojj piBd aq yiM spuog 8102 aqi uo isajaiuj jo uoqjod v T
juaujajejs |epyjo aqjui pauyap aje sanuaAay ajnjuapui uan Jomas aq; japun pejeajo punj aoi/uas iqaa aq; luojj UMejpqjjM aq Aew jeqj sjunowe luojj pi;ed aq ||iaa pue 'awij oj auji;j ujojj 6mpuejsjno aq Aew se suo!;e6]|qo uan joiuas Jaqjo qons pue spuog uan jomas 6ui;puejsjno s/jpaqj qjjMSjseq Ajued e uo '(jjodjjvaqjjo uopejado pue asn aqj joj Ajq aqj Aq 'X|j3aj]pu] jo A|joaj|p 'a|qeA|a3aj jo paAia^aj sjunouje ||e 'A||ejaua6 '6u|ueaLu) sanuaAay jo a6pa|d uan, jsjij e Aq pajnoas aq hjaa spuog 8X02 au,l 'ajnjuapui uan JO|uas aqj p sujjaj aqj oj juensjnd
spuog QXOZ sauas aW JOJ founoas
isnui do 3yniN3aNi n
•a6ueqD oj jDafqns aje pue u]ajeq
sisA|eue |epueuy aqj uj papayaj spuog 8X03 aqi uo bdiajbs jqap aqj joj siseq aqj se aAjas 'sasodjnd aAjjejjsnm joj pajuasajd 'sjaqujnu Ajemwuajd asaqi spuog 8X02 aqj jo spaaDOJd aqj jo sasn pajeujjjsa aqj sjuasajd \-\ a|qei
aajsnji aqj jo j|eqaq uo jo Aq p|aq sAauouj jaqjo uiejjaa pue ajnjuapuj uan JOjuas aqj japun joajaqj juawAed aqj oj pa6pa|d (ajnjuapuj uan Jomas aqj uj pauyap se) sanuaAay ujojj a|qeAed aje spuog 8X02 sauas aqi
spuog 8X02 aqj jo aouenssj aqj oj pue ojajaqj |ejuappu| sasuadxa pue sjsod Aed (ja)
,spuog 8X02 aqj jo uoijjod e uo jsajajui psz\\e\\deo ui;ejja:> punj (a)
spuog 8X02 aqj joj sjuauuajinbaj punj aAjasay aDiAjas jqaa aqj punj (Aj)
Luej6oJd lejjde^ jjodjjv aqj jo sjsoo ujejjao punj oj pasn
sajoN jueuuaajBv jipaj} pue sajoN jaded lepjauuLuo^ Bmpuejsjno s/jp aqj jo suojjjod ujejjao ajijaj (mi)
s6uiAes aDiAjas jqap 3jej3us6 oj suo]je6]|qo Jjodjjv Suipuejsjno ujejjso punjej (n)
pauyap wajaq se 'Luej6oJd lejjde^ jjodjjv aqj jo suojjjod punj (])
. :oj 'spunj e|qe|]eAe jaqjo qj|M jaqja6oj 'spuog 8X02 aqj jo a|es aqj ujojj spaaaojd aqj asn |||M Ajq aqi
•spuog 38X02
pue 'spuog g8X02 'spuog V8X02 aqj apnpu] spuog 8X02 aqi ajnjuapui ua.n Jomas aqj Jo/pue spuog 8X02 aqj joj sjuaujajejs |epyjo aqi uj pauyap se pasn aje jjoday sjqj m sujjaj paznejjdeD ||e 'ujajaq pauyap asj/wjaqjo ssa|un
•ajnjuapuj uan Joiuas aqj se oj pajjajaj u|3J3q s] 'sujjaj sjj qj]M aDuepjozioe uj aujy oj awij luojj pajuauja|ddns pue papuauue aq Aew jj se pue 'sajnjuapui |ejuauja|ddns aqj Aq pajuauia|ddns se 'ajnjuapuj jajseiAl uan JOjuas aqi aajsmi aqj oj Ajq aqj luojj sajnjuapuj |ejuauja|ddns aqj Aq pajuauja|ddns se 'siouijji 'o6eD|q3 'uoijepossv |euo!jej\| >(ueg sn pue (Ajq aqj) o6e3|q3 jo A\\j aqj uaaMjaq '(ajnjuapui jajsejAj uan JOjuas aqj) ajea aAjjoajjg aqj uo aAijoajja pue 8X02 'X aunf jo se pajep 'suo!je6||qo uan Jomas [QUO J° jjodjjv aqj) jjodjjv |euojjeujaju[ ajen,0 o6eDiq3 6uun:>as jsnji jo 3jnju3puj JajseiAj pajejsay pue pepuawy aqj pue '(ejueujpjo puog aqj) 8X02 '82 LpjejAj uo ipuno} Ajq o6eDiq3 aqj Aq pajdope aouewpjo ue oj juensjnd panssj aq h;aa spuog 8X02 aqi
SONOa 8T0Z 3H1 t t
SQNOa8T03 3Hl T
laodaiv ivNouvNaaiNi 3>jvh,o oovdihd
ODV3IHD dO AID
lueiinsuo} jjodjjv aqi jo uoda?j
•suoije6!|qo uan JOjuas uo jsajajm pue jo |edpuud Aed oj jeax puog jeqj Buunp juawasjnqsip joj aajsmi aqj Aq p|ai| suoijeBnqo Jjodjjv jo spaaDOJd Aue Aq paanpaj aq ||eqs aDjAjas jqaa aje'6aj66v qons 'aseo qoea u| 'pue 'jeaA leDsy jeqj Buunp 6upuaiuiuoD jeaA puog aqj joj bdiajbs jqaa aje6aj66v aqj saumj sqjpajpunq-aA]j Ajubmj pue auo 'jeaA |eos]3 juanbasqns qoea pue jeaA leosjj X202 aqj Joj (17) pue jeaA leDsy jeqj Buunp 6upuaujwoo jeaA puog aqj joj aajAjas jqaa aje6aj66v sauuij sqjpajpunq-AjuaMj pue auo 'JeaA leDsy 0202 aqj joj (£) :jeaA |eDSjj jeqj 6uunp 6upuawujOD jeaA puog aqj joj aDjAjas jqaa aje6aj66v sawjj sqjpajpunq-uaajjy pue auo 'jeaA leDsy 6102 aqj joj (z) -Jeax leDsy-jeqj Buunp BupuaiuuuoD jeaA puog aqj joj aDiAjes jqaa aje6aj66v aqj saimj sqjpajpunq uaj pue auo 'JeaA leDsy jajuea pue jeaA leDsu 8T02 aqj joj ("[) (g) pue 'pajnaas pue panssi aje suo!je6i|qo Jjodjjv 6uipuejsjno Jaqjo jo suoijeBnqo uan Joiuas 6uipuejsjno ||e qoiqM oj juensjnd sjuawaaj6e" jsmj pue 'sajnjuapui 'saDueujpjo 'suoijn|osaj ||e oj juensjnd apeiu aq oj pajmbaj sjjsodap aqj a>|euj oj papaau sjunouje aqj jo uins aqj (v) jo jajeaj6 aqj joj apjAOjd oj (n)
pue :jeaA leDsy aqj joj sasuadxg aDueuajuieiAj pue uoijejado P juawAed aqj joj apjAOjd oj (\)
:juap]jjns jsea| je aq |||M 'junoDDvJO punj Aue m pajjsodap aq oj pajmbaj uaqj jou jeax leDsij jeqj jo Aep jsjy aqj uo punj anuaAay aqj uj p|aq aDueijeq qseo Aue pue jeaA leDsij jeqj oj jaadsaj qj|M aajsmi aqj qj|M pajisodap sAauoiAj e|qe|]eAV Jaqjo qj|M jaqja6oj 'JeaA leosy qDea uj sanuaAay jeqj japjo uj jj jo uojjejado aqj ui Ajq aqj Aq pajapuaj saDjAjas joj pue jjodjjv aqj jo uojjejado pue asn aqj joj se6jeqD jaqjo pue 'sajej 's|ejuaj aqj 'Ajessaaau jaAauaqM awij oj auiij ujojj bsiabj oj pue 'qsijqejsa pue xjj oj ajnjuapui uan JOjuas aqj uj sjububaod Ajq aqi
S1UDU3AOJ 3BDJ3AOJ 331AJ3S ft)9Q
ajnjuapui uan Joiuas aqj u] pauiejuoD sjububaod a6ejaAOD aoiAjes jqap aqj Ajsijes oj pue jjodjjv aqj je sasuedxg (iaj?§o) eDueuajuiei/j pue uojjejado aqj Aed oj juapjjjns aje 'aajsmi aqj qj]M pajjsodap sAauouj jaqjo ujejjaD qjjM jaqja6oj 'sanuaAay jeqj os jjodjiv aqj jo uojjejado pue asn aqj joj saBjeqD pue 'sajej 's|ejuaj qsnqejsa oj pajueuaAOD seq Ajq aqj 'ajnjuapuj uan JOjuas aqj japun
8103 JsqoiPO ' OD rg aseq;> ue6joiA|df SDHflOS suoipesueji ajninj
Aq pa^ueuij aq ||im 0303 'I Ajenuef puoAaq 080 Ml!" spafojd uo isajaiui pazi|ei]de;) 080 uBnojqi pazi|eude:> sisoj \\e qiiM paieiDosse isajaiui qiiM punj isajaiui pazi|ejideD aqi ujojj pied aq ||iw spuog 8X03 aqi uo isajaiui jo uoiuod v 0303 'I Aienuer q6nojqi panjjue isajaiuj saxieuij punj isajaiui paziiende^
siuiod siseq os sn|d 8103 '63 Jaqopo jo se saiej tavern sauinssv S310N
6ujso|D ie spunj jo sasn |eioj_
aauenssi 1° lso3 pue junossiQ .sjeju/vuapun.
jisodaa punj aAjasay aajAjas jqaa
jisodaa jsajaju] peziiejide;)
uoijdwapay jaded lepjawwo;)
jisodaa punj uoijDnjjsuo"j
sasn
6ujso|3 je spunj jjo sasjnos |eioi
ujniujaJd anssj |eu|6uo J3N
spuog jo junouj\/ Jed
sa^jnos
sasn anv sanunos saNoa 8i03 i-x aiavi
IHOdUIV 1VNOUVNM31NI 3>JVH,0 ODVDIHD
8103 '3 JJ3SIAJ3AON
lueiinsuco uodjiv au.1 jo uoday
ajnjuapui uan JOjuas aq; uj sjuawajmbaj a|qeD!|dde aq; 6ujAjs]jes Aq jo 'juawejinbaj a6ejaAOD aoiyuas jqap aqj 6ui;AjS!jes Aq jaqjje 'spuog 6u|punjay anssj Aew Ajq aqi
•ajnjuapui uan
jomas aqj uj paquosap se 'suoijipuoo wejjao jo uoijoejsjjes aqj uodn A|uo panssj aq. Aew '(ajnjuapui uan JOjuas aqj uj pauyap se qjoq) spuog uojjaidwo^ pue spuog 6ui;punjay jo aseo aqj uj jdaoxa 'spuog uan JOjuas |euo|jippv
spuog jouoivppv
ajnjuapui uan Jomas aqj uj „spunj jo mou,, japun paquosap sj 'sanuaAay ^jy jo mo|j aqj 6u|pnpu| 'spunj jo mo|j aqj 6mpje6aj uo]jewjojui |euojj]ppv T>T i!q!Mx3 uo A||eD]qdej6 pajejjsn||i s; ajnjuapuj uan J°|uas aqi ui; payyuapi; spunj jo MO|j aqi jjoday Sjqj jo 5 jajdeq} u] paquosap 'sauj|jje aqj pue Ajq aqj uaaMjaq (vinv) juawaaj6v aseai pue asn au]Ujv Mau aqj pue ajnjuapuj uan Jomas aqj jo suojSjAOjd aqj oj joafqns 'Ajq aqj jo punj asudjajua ajejedas e se joj pajunoooe aje sasuadxa pue sanuaAay jjodjiv
spunj fo mojj
suoijebnqo uan Jomas uo jsajajui pue jo |edpuud aqj Aed oj jeax puog aqj 6uunp juawasjnqsip joj aajsmi aqj Aq p|aq suo|je6i|qo jjodjiv jo spaaoojd Aue Aq paonpaj 'jeax \ez>s\j jeqj 6uunp 6upuawwoo jeax puog aqj joj aoiAjas jqaa aje6aj66v jo juawAed aqj joj apiAOJd oj (n)
pue :jeaA |eos|j aqj joj sasuadxj aoueuajuie[Aj pue uojjejado i° JuawAed aqj joj apjAOjd oj (])
:juepjjjns jsee| je aq ||im MeaA |eos]j joud A|aje]pawwi;' aqj jo Aep jse| aqj ueqj jaje| ou aajsmi aqj qj|M pajjsodap pue jeaA |eosij joud A|ajejpaww] aqj u] Ajq aqj Aq paAiaoaj sAauow jaqjo Aue (q) pue ;jeaA |eos]j jeqj joj aajsmi aqj qjjM pajisodap sanuaAaj (Ddd) abjeq;) Ajnpej ja6uassed Aue (e) :jo Aos 6ujjs]suoo sAauo[Aj a|qe||eAV JaqJO Ml!M Jaqja6oj MeaA |eos|j qoea u| sanuaAay jeqj japjo ui jj jo uojjejado aqj ui Ajq aqj Aq pajapuaj sao]Ajas joj pue jjodjjv aqj jo uojjejado pue asn aqj joj saBjeqo jaqjo pue 'sajej 's|ejuaj aqj 'Aiessaoau jaAauaqM aw|j oj aw|j wojj asiAaj pue 'qsyqejsa pue xy oj ajnjuapui uan JOjuas aqj uj sjububaod jaqjjnj Ajq aqi
laOddlV 1VN0IJ.VNM31NI 3MVH.O ODVDIHD
8T0Z 'Z >J3aiAI3AON
lueiinsuo} uodjjv aqi J° IJOday
uiajaq pauyap se 'ajnjuapu] uan JOiuas 3DynOS suone6i|qo uan JOiuas aqi jo sjau/wo aqi pue aaismi aqi jo jOAej ui isajaiui Aiun:>as jo uai| Aue uiojj aaji 'Aiq aqi jo asodjnd aiejodjos |nj«ie| Aue joj Aiq aqi Aq uMejpqiiM pue 'pasn 'pai|dde aq Aeiu punj |eiauao uodjiv aqi ui sAauoiAl + +
punj anuaAay 01 pajjajsueji pua jeaA ie a:>ue|eg + asueuaiuieiAl pue uoqeiado - 1A|)S0 S310N
¦ — ^ ¦
punj aAjasay 1AJ7SO |eiuauja|ddns
. (A|U)UOUj) punj 3DUEU31UIBLM ?g uojjEjado
punj anuaAay
SONnd dO MOId I-I 1I9IHX3
IMOdUIV 1VNOUVN>J31NI 3UVH.0 ODVDIHD
8T0Z 'Z >J3aiM3AON
luei|nsuo3 uodjiv amjo yoday
xa|diuoa |euiwjaj aijsaiuop aq; ujojj ajejado os|B S n Aq pajeapajd uaaq aABq jeqj s|eaijjb leuoqeujajui pue sajnjjedap leuoijeuiajui saui|j|v ueauawv pue sauqjiv paiiun ,
¦6ui>|jed jjEjajie
jo uoijejn6ijuoa aqj uo paseq a6ueqa oj jaafqns si saje6 jo jaqujnu aqx sja6uassed 6uiue|dap pue 6uiue|dua joj pasn A|ueiuojsna 'sueauj jaqio jo a6puq 6uipeo| ja6uassed e jaqjja bia '6uip|inq |euiuuaj aqj q6nojqj passaaae si jeqj uoqisod 6ui>)jBd jjBjajiE aAijas ub si bjb6 v ,
'8102 ^bjaj ui pauado
qaiqM '~\ asjnoauo;) uo sajB6 q leuoqippe aqj sapnpui X6I J° junoa aje6 juajjna aqi 9102 jnoq6nojqj peijipouj ajaM suoijisod 6u|>|jed se 98X oj junoa aje6 aqj paanpaj jjsjajie jo 6ui6ne6dn aqj qjiM pajBiaossB sa6uBqa juaaej 'jaAaMoq :sbjb6 681 pajeaipm sjunoa |ejoj snojAajd ,
uoijanjjsuoa japun si D/1206 AeMuny puB '8X02 |pdv ui pauojssiujuioaap sbm ££-51 AeMuny ,
sauj|jjv Ajojeu6i;s wjai-6uo-| oj pasea| sq A|uo ||eqs aoeds ajeg asn |e]juajejejd Isaseq asn uoluujod pue asn lejjuajajaJd uo saujuje aq; Aq pasea| aje saje^ (n pue '>l 'f 'H 'D sasjnoouoD) £ |eu]ujjai pue '(j pue 3 sasjnoDuo}) z lemwjai '(j pue g sasjnoouo;)) x lemwjai sapnpuj xa|dujoD lemuua; D]jsaujop aqi eaje ppyjie aq; ujqjjM pajeDO| A||ejjuaD si X3|dwoo |eu]ujja; D]jsawop aqi ,sjq6i|j D|;saujop A|;ueu|UJopajd aAjas 'sa;e6 \n jo |e;o; e qjiM 's6ujp|mq |eujoua; aajqi E'8T0Z ^elAI u! pauojssiuuuuoD sa;e6 Mau s apnpuj qD|qM /sa;e6 X6T. P |ejo; e qjiM s6u.ipi.inq |eujUJja; jnoj luojj a;ejado jjodjiv aq; 6u|Ajas saujUje aqi
vaav ivNiiAiyai z vz
'8'LVL. 6ujaog aq; pue 08EV snqjjv aq; se qans 'yejDJje joj spjepue;s IA (DOV) dnojg u6|saa eue|dj]v s;aauj ;eq; AeMum jooj-008'0I e pue AeMum jooj-ooo'ET auo 6u|pnpui 'q;6ua| ui jaaj OOS'Z. UELnl Jajeaj6 jo o; |enba aje sAeMum nv suojjipuoD jaq;eaM ;solu u\ pue| o; jjejDji;e jiumad ;eq; sp|e |euo|;e6|Aeu jaq;o pue Dmojpa|a aAeq sAeMum nv sAeMum 6ui;s|xa aq; sjjoddns seaje 6u|p|oq jjejDJie pue 'suojde 'SABMjxe; jo >|jom;3u v , uo!pnj;suoD japun AeMum auo pue sAeMum aAjpe ueAas swejuoD piayjje aq; 'A|juajjn;)
ai3iduiv vvz
;noAe| 6mjsixa s.jjodjjv aq; SMoqs z-Z 1W!MX3
suojpasqns 6u|mo||Oj aq; u] paquosap aje sai;;j|pej asaqi seaje 6ui:>|jed/ssaDDe auejjns pue 'seaje jjoddns jjodjiv/aoueuajujeuj 'seaje oBjbd Jie 'sai;j!|pej jbd |e;uaj 'eaje |euiujja; 'p|ayji;e aq; p ;s]suod samipej Ajewud s;i o6eD|q3 umo;umop p ;saMq;jou sa||uj 81 pue| p sajDe qoz'l J3ao sajdnDDo jjodjjv aqi
sauniDVd modaiv vz
spuog 8103 aq; qjiM papunj aq o; pa;edp|;ue spafojd aq; sapnpui qDjqM '(ujajaq pauyap) iuej6oJd |ej|de3 jjodjjv aqj saquosap j| pue 'saijiipej jjodjjv 6mjsi;xa jo Ajeujujns e sjuasajd jajdeqD sjqi uo!6aj 6u|punojjns aqj pue o6eD\nj 6u|Ajas jjodjje aDjAjas-|epjaujujoD Ajeiuud aqj s\ jjodjjv aqi
lAIVaSXDad IVlIdVD QNV SBIiniDVd lyOd^IV 3H1 Z
laodidiv ivNoiivNaaiNi bmvh.o odvdihd
8T0Z Z >J3aiVM3AON
iuei|nsuo3 ijodjiv 3Lji ;o yoday
inoAvn luoduiv ONiisixa i —-
I-Z 1IAIHX3
aun AiJi?doj(j ———
uoiiiiriJisuo^ Japun AeMuny put Ouip|,ng aimnj
ASMuny put? Ouip|ing fjunsixg
QN3931
j?; ¦
St,,,--
- m
—Gem*
ll:-.
v'
. " ^:WmXmstm: '^ »y JK\ •' . \ -U-'
IHOdUIV 1VNOI1VNM31NI 3MVH.O
lldOdidIV 1VN0UVN>J31NI 3MVH.0 09VDIHD ODVDIHD 30 A1ID
luei|nsu03 uodjiv 3U.1 J° l-odsy
'6102 u| papadxa 'uoisuajxa siv aqj jo a3UEida33B pue 6uqsaj |eu|j q6nojqj 6X02 ui ui6aq oj papadxa si siv aqi i° uMopjnqs ||nj v uoseas jbjuim 6102-8102 SMJ qfjnojqj anmjuos oj pa|npaq3S si qaiqM 'UMopjnqs aqi 6uunp jo| Bulged Aujouoae aq} pue siBUjUijaj aqi uaaMjaq aaiAjas a|jjnqs snq b 6uipi/\cud si jjodjjvaqi 8X02 '0£ A>J/\J uo pa3uauiuj03 S1V3MJ jo UMopjnqs>|aaM-e-A~ep-s paje|aj-uoij:>njjsuoD v l
sjuiod>paq:> Ajunuas jb pauaapsaj aq jsnuj s iBUiuuaj. oj sieujuxiej sjjsaujop aqj luojj 06 oj siv a4J 6mz!|ijn sjaBuassBd jnq 'g |Euiujjaj. jb 6uiuaaj3saj ajinbaj jou op gjj. bia 6uijj3jsubjj sja6uassBd 9
sja6uassed 6uiuB|dap puB 6uiuB|dua joj SB ||3M sb '6u|>|JEd jq6|UJ3A0 puB sjiedaj joj pasn aq UB3 spuejspjBH '6uip|!nq |BuiLUjej aqj luojj ajoiuaj si JBqj sauB|djiB 6ui>|jBd joj bbjb paABd e si puejspjeq v ,,
•6uj>)jed aaAo|dwa pue D||qnd joj saDEds 00E'6 A|ejEiuixojddB suibjuod s|eu]UJjaj D]isaujop aq; 01 juaoefpe a6eje6 6ui>|jed Ajojs-g aqi •sannpEj 6ui;jaauj pue siuejnejsaj se ||a/v\ se 'sluooj ;san6 098 A|aieuJ!xojdde sapiAOjd '£ pue 'z "[ s|euiujjai ujojj ssojDe A|paji;p paiBDOi; pue uouejodjo^ s|aioH uoi|ih Aq pajejado pue pasea| '|aioq Ajois-ox aqi jue|d uo]jeja6ujaj pue 6u|jeaq jjodjjv aqj pue 'a6eje6 6u]>|jed e '|a;oq e aje eaje |BU]uujaj aqj uiqjiM pejeDO| os|v
Aliped |epouJ!J|niA| aqj pue s|euiujjaj aqj uaaMjaq uojjejjodsuejj apiAOJd |||M ji; :6X02 u! uado oj pajaadxa sj uojsuajxa siv aqi "8X02 'XE JaqojDO uo pauado sbm qDjqM 'Ajiipeq, |epouJ!J|niAj jooj-ajenbs-uowjiu-g 'Ajojs-9 e oj papuajxa 6u|aq os|e sj siv aqi AeMapm6 pajeDjpap jo sa|iuu [_z A|ajEWi;xojddE sapnpui; A|iuajjnD ji .'sjO| 6uj>|jed ujjaj-6uo| aqj pue S|eu|UJJ3i jnoj aqi 6uouje 'a6jeqD jo aajj 'uouejjodsuejj qj|M sja6uassed sapiAOjd SIV aqi
'SIV am 1° uojsuajxa aqj oj paje|aj UMopjnqs e oj anp papjAOjd 6uiaq A|iuajjnD sj aDiyues snq a|jjnqs L ,'S |eu]ujjai 01 £ |emujjai ujojj (an) sng jajsueji leujouai aqj apu Aew Aaqj jo 'siv aqi azj|jjn Aeiu g |eui;wjai uuojj 6uijjedap jq6]|j e oj 6uujajsuejj pue £ jo 'z 'X s|eu|ujjai ie 6u|AUje sja6uassed xa|dwoD |eu]wjai Djisawop aqj uj sjmod>paqD AjunDas q6nojqj pauaajDsaj aje Aaqi 'jeAaMoq ¦Sid S |eu|ujjai aqj 6ujjjxa oj joud a6e66eq >paqD3J ued sja6uassed (SIV) ujajsAs j]sueji yodjjv aqj ss3DDB (£ jo 'z 'X s|eu]UJjai) X3|dwoD |eui;wjai Dijsaujop aqj m jq6]|j 6u]jjedap e oj Suujsjsubjj g |eui;wj31 je 6u|AUje sja6uassed •5 |eu|ujjai je saujb aouejeepajd d83 aAeq jou op jeqj sjjodjje ujojj SujiemSuo sjq6||j |euo|jeujaju! 'ajojajaqi Ajnpej sid(d9D STl) uojjDejoJd Japjog pue sujojsn^ s n e MUM jjodjjv aqj ie |eu]ujjaj A|uo aqj sj s leuiuuai
£ leuiujjai jo jno ajejado os|e sau]|j]v
jujds pue 'an|gjaf 'j|v ade^ 'sauipiv ex,se|v 'auo a^ioq^ J]V A|UO sajnjjedap joj 'euaqi pue saujiJjv ueder 'sjaujjed piJOMauo ,sau||J!v ue^uaujv Aq se.||3Mse 'saje]|]jje |euo|63J sji pue S3U]|J]V ueousuuvAq pasn A|jjeujud s| £ |eu;uiJ3i
Z lemujjaijo jno sajejado os|e saun
j|V ej|aa -epeue^ j]v Jaujjed aoueinv Jejs pue saje^jje |euo(6aj ,sau]|j]v pajmn Aq pazjnjn A|ueujud si z |euiuuei
IS
leujujjai ujojj qojuniAj 01 jq6]|j ajnyedep auo seq os|e esueqjjni) esueqjjnn pue sAbmjiv uoddjN nv sjeu;jed aouejuv jbjs Aq sajnjjedap |euo]jeujajU] pue sau]|j]v paiiun Aq sajnjjedap pue s|eA|jje Diisaujop joj pasn sj x leujiujai
1 asjnoDuo^ £ lemuujai je saje6 eA|j jo uoijippe juaDaj aqj |jjun 'pa6ueqoun peujeujaj A||ejaua6 sazjs 6u]p|mq lenpivupu] pue jnoAe| |euiujjaj aqj 'sesjnoDUOD |enp!A]pu] oj pajjnDDo aAeq suoi;e3!j!pouj a||qM E66X u! S leuiiuiei Aq peMO||Oj Y86X uj pauado qj]qM x leujujjai pajanjjsuoo pajiun \386X ui paja|dujOD sbm "] asjnoDuo^ ej|aa jjodjiv aqj je s|eu|UJjaj jsap|o aqj aje Aaqj !£96X u! pauado £ pue z S|euiuujai
'9X02 ^|nr u| jjejDJ|e 08EV snqjjv
aiepoujujojDe oj pajn6|juoD sbm XXIAJ ajeg g |eu]ujjei jo ino (s|ba|jjb puB sajnjjedap |euo]ieujajui sji oj uojjjppe uj) s|BAjjje pue sajnjjedap Djjsaujop saAjas os|e sau]|j|v Jajjuojj SjSBq asn uoujujod b uo pajBjado bjb saje6 S |BU|UJjai (sid) saDjAjas uojjDadsui |ejepaj 6uumbaj sibaujb |euojjeujajU! ||B 6u;pnpui 'sibaujb pue sajnjjedap leuoijBUjajuj saAjas A|juajjnD g |eu]UJjai suouisod 6uj>jjed jjbjdjib puBjspjEq ^ puB saje6 qz seM 1! 'esjie |eu|UJjaj aqi jo uoiuod uiaisea aqi uj paieDO| s] '|eu]ujjai |euo]ieujaiui aqi se umou>) Apaujjoj '(i/g asjnoDuo^) g |eujuujai
IbOdMIV 1VNOI1VNU31NI 3iJVH.O O9VDIH0
8T0Z Z JJ381AI3AON
jui?j|nsuco uodjiv 3MU° vioday
'(8102 '02 }sn6nv passasaE)
suoi.iiiq-UJajjro-sjuaiudiqs-aniBA-ste MAW//.sd}}q 'sshsijeis uoijBjjodsuBJi j,o nEajng
mous 9jo;s o; pasn s] q^qM 'x9\d\noj a3ueua;u|eiAj ;jodj|v aqi piaujje aq; punojjns sebje jjoddns jjodjiv Jaq;o 'eajv je6ueh a3UEua;u|EiA| ;saMq;joN aq; o; uomppE ui 'pa;e|dujo3 bjb sajinpej, /v\eu aq; ||;un uo|;Ejado ui mEwaj ||im s6u|p|mq 6ui;s|xa aq; pus uo|pnj;suoD japuri A|;uajjn:i bjb sennpEi pa;E30|aj asaqi -pafojd OLZ'Db AsMuny aqi p jjBd se paiBDO|aj 6ujaq p ssaoojd aqi u| bjb s6u]p|inq aDueuaiuieuj ;uawdmba punoj6 om; puB sjB6uEq omi pafojd uojpnjisuoD 3Z.206 AeMuny aqi p ;jEd sb paqs||oujap 6u|aq bjb s6u|p|mq esaq; 'jaASMoq leaje s|q; uj os|B bjb |3uuosjed leojpauj pus dD\}}o yoddns o; pasn Aijawjo; bmpimq b pus su3q3i|>j ;q6|u, omi 'Ja;ua3 3D|aj3s jjBJDJje 36jb| e pus s6ujp|inq sdueusiuiew HJawdmba punoj6 duj|Jie om; q;iM 6uo|e '(eajv Jb6ubh aouEua;u|E|A| iS3MqiJON aqi) yodjiv aqi p jaujoo ;saMq;jou sq; u; bjb s3U]|J]b Aq pasE3| sawipej; eDueua;u|EUJ ;;bjoj|b ;q6)3
SV3dV IVJOddflS xaoddiv / sdnvnsiniviaj s it
sjebA |BJ3A3S ;xau aq; ui p3do|aAap sq 01 papadxa 3je qojqM ';uauueAed uojds puB 6ujsnoqajBM p ;aa; ajenbs 000'SEI |euo|;!ppE ue apjAOjd 0; pa;edpi;;ue sj ;uawdo|aAap ujjapjav aq; p m aseqd
sajijipe; aq; 6ujsn sjbujbd o6jbd a|dj;|nuj q;|M 'ujjapjav Aq pa;ejado 'duiEy o6jbd ;seaq;jON aq; puB :sau|U|e a|di;|nw Aq pazj|j;n pue sjo;ejado d|di;|nuj Aq pasea| 'dujey o6jb3 ;seaq;nos aq; 'sajinpej, s;j az||j;n o; sjbujbd a|di;|nuu smo||b oqM 'pa;iun Aq passai 'duuey o6jbd q;nos aq; .'xgpaj Aq A|3Aisnpxa pazj|j;n puB passa| 'dujBy o6jbd ;saMq;no$ aqi :apnpui sdwEJ jno; aqi apispue| sai;i|pej o6jbd p laaj ajenbs uoiniuu z Jaqpus qi|M 'sdujBJ a;EJEdas jno; uo (38-ZtVo1 aq; 6u|pnpu!) sja;q6|ajj; oqwnfrjtV jo; aasds q;|M 'samipE; o6jbd apisjis p ;aa; ajBnbs uoiiiiuj z A|a;EUJ|xojddB SEq yodjiv aq; ';uaujdo|aAap Mau S|q; MUM 'IWZ ;sn6nv u| pauado ;sq; 6uip|mq poj-ajBnbs-ooo'Ot'2 e ';uaujdo|aAap ujjapjav aq; p II aseqd epnpu] os|B SB3JB odiej '9X02 U| eaje o6jbd lSEaqyou sq; u| 6ujp|inq j asBqd aq; pauado qajqM 'jado|3Aap AiJEd-pjiq; e 'ujjapjav Aq pado|aAap ja;uao o6jea ;oo;-ajenbs-ooo'028 wau b 6u|pnpu| ';jodj|vaq;p sapjs ;seaq;jou pue q;nos aq; uo suo|;Bjado o6jed jib joj pasn bjb s6u|p|inq n 'p|a|JJ|B aq; 6u|punojjns eaje aq; ui 8'frX02 a^uis spawdiqs p an|BA aq; p sujja; u| se;e;s pa;|un aq; u| syodjje 6uouje puoaas uaaq seq ;| pue 's6ui>|uej qnH odiej jiv ;sa|sng |euo|;euja;ui ipuno^ syodj|v lIOZ aq; u| oz do; aq; u| pa>|uej ;| :s;uaujd|qs o6jbd jib jo; ja;uaa jofeuj e sj yodjiv aqi
svauv oduvdhiv vi z
'spuBjq ;uapuaddpu| se
a;ejado ;xi$ pue 'JBDjeA|is 'sa;noy 'xo-j 'z-g 'a6e;ueApv spuBjq Ayuqi pus 'JE||oa 'zijaH aq; sa;BJado uojiBJodJo;) zyan aqi puB IspuBjq |euoj;e|s| pus 'asudjapg 'oujbiv aq; saiejado ' jui 's6u|p|OH asudj3;ug :spuejq ss3|ABd puB ';s6png 'siav sq; ss;BJ3do "dui 'dnoj^ ;e6png sjav jbdj3A||s puB '|e;u3y jb^ ss;noy apnpu| sjo;ej3do jbd |e;usj ;jodj|v-;;o '^IJ-Hm pue 'p'6102 u! |Buo.nBjedo e^uo s|Buiujja; yodjjv aq; pue Aijipe; aq; uaeM;aq ssaDDE pajjp apiAOJd 0; pa;Edp|;uB puB A;||pB3 lEpouunin^ aq; p lJEd sb ;uaujdo|3Aap japun si sapjqaA siv |BuomppE p uoj;!smbDB pue siV s,;jodj|v aq; o; uo|sua;x3 uv 'Subjed 3||qnd pue (jjnj) A;j|pe; jbd |b;usj ps;Bp||osuo3 b sssudujoo A;npBi aqi '8X02 'IE Jsqopo uo A;||OE3 |Bpouj|;|n|A| sq; pauado (VCD) uoj;ejAV p pawyedaa odeiiqj aqi
S3iiniDVd yvD "iviNaa z vz
s6uip|inq leuiiuja; ||e jo; 6uiuoi;ipuoD
j|e puE 6ui;Eaq sapiAOjd 'siBUjujja; D|;saujop aq; p isEaqyou pa;BDO| ';uE|d uo!;Bja6u;aj pus 6u|;eeq aqi
IMOdUIV 1VNOUVN>J31NI 3MWH.0 09VDIHD
8T0Z 'Z >J3aiVM3AON
I 6£"3 I iuej|nsuo3 uodjiv au,l jo yoday
s] 'saoeds fJOO'S Aiajeimxojdde sapnpui; A|juajjno qoiqM '3 jo-| ¦6ui6e;s Auediuoo jeo |ejuaj oj pauoyisuejj pue Suited joj saseqd uj pasop aq |||M 3 jo~| '3Z.206 AeMuny jo 6uiuado pue Aj]|pe3 |epoiui;j|nL/\| aqj qj]M uoijounfuoo ui
sixej ueqjnqns joj saoeds 002 A|ajewi;xojdde sapjAOjd 'peoy umaquueiAj pue peoy su]66ih jo uoijoasjajuj aqj jo jsbm pajeoo| 'jo| 6u]6ejs ]xej ueqjnqns aqi sauisnoujn; S22 Pue s!xe:l ^.O OS^ sajepowiuoooe '06I-I 1° qjjou pue aAua ueiua|OD ajssag jo jsbm pajeooi; '(VHAD) BajV 6u|p|OH apiqaA |epjaujuj03 aqi sapiqaA ajeqsapu 6u]6ejs joj 06T-I P qinos pue 'peoy ujjaquueiAi jo jsea 'anuaAv |ejouj|eg jo qjjou pajeooi si jo-| (dNl) sjapjAOJd >)JOMjaN uoijeyodsueji aoeds-gxf V sja6uassed 6ujAjjje dn >\D\d oj 6uijje/v\ a|doad joj a6jeqo jo aajj a|qe||eAe s| AeMpeoj x leuiuuai aqj pue Aempeoj £ |eujujjai aqj uaaMjaq peoj uoue|nojpaj aqj uo pajeooi jo| auoqd ||ao v
¦peoy ujjaquueiAj 6uo|e eaje jjoddns jjodjjv aqj m pue eaje |euiiujaj aqj ui;qji;M pajeoo| aje sjo| 6uj>)jed aoejjns onqnd pue 'eajy Je6ueH aoueuajujeiAj jsa/v\qjJOf\| aqj ujqjjM aje sjo| 6uj>jjed aoejjns aaAo|diua ujeiu aqi saoeds 009'02 A|ajeujixojdde jo sjsjsuoo 6uj>)jed aaAo|duug
0£t''£2 A|ajew]xojdde s|ejoj jjodjjv aqj uo saoeds 6u|>|jed onqnd a|qe|i;eAe 'X jaqujaAOfg jo sy saoeds Subjed onqnd 009'2 ajeuujxojdde |euoijippe ue sapjAOjd '8X02 'IE Jaqojoo uo pauado qojqM 'Ajnpej |epoujjj|niVsi aqi h pue '9 '3 sjo"| Uj papiv\ojd saoeds Q^L'L A|ajeujjxojdde jo sjsisuoo A|juajjno Ajpedeo 6ui>)jed onqnd aoejjns iujaj-6uo"| 5 |eui;iujai 6u|sn sja6uassed Aq A|ueujud passaooe Sj qojqM 'q jo"| u| pap]AOjd aje saoeds 0S6 A|ajewi;xojdde |euo]ji;ppe uy jjodjjv aqj jnoq6nojqj suojjeooi snoueA uj 6u]>jjed aoejjns |euo]j]ppe pue saoeds 0S8'2 A|ajeuui;xojdde ap]AOjd jeqj sjO| aoejjns juaoefpe Aq pejueuja|ddns s] a6eje6 aqi a6eje6 aqj u|qj|M pajeoo| sj 6u|>|jed ja|eA pueujap Bupued oj|qnd s,jJodjjv aqj jo uojjjod jofeuj e sajepoujujoooe s|eui;iujaj o|jsauuop aqj oj juaoefpe a6eje6 6u!>)jed eoeds-00E'6 V Jjodjjv aqj jnoq6nojqj suo|jeoo| snoueA ui papiAOJd si 6uj>|jed
DNDIUVd LVZ
sjsoo uojjonjjsuoo jo u6]sep joafojd punj oj pasn aq ||jM sanuaAay jjodjjv on uiejsAs aqj ujejujeuu pue 'ajejado 'aoueuy 'p|mq 'u6|sep oj aq |||M joejjuoo aqi sapiqaA oujoe|a pajeujojne 6uisn sduj AeM-auo ajnujiJj-21 JaA]|ap oj pajedpijue s] aojAjas aqi juaujajnoojd aqj jo a6ejs suojjeijo6au eAisnpxa aqj oj papaaoojd seq pue juapuodsaj pajoa|as aqj se Auedwo;) 6uuog aqi paounouue Ajq aqj '8102 aunf ui jjodjjv aqj pue joujsip ssaujsnq umojumop aqj uaaMjaq uojjejjodsuejj ssajdxa apjAOjd oj joafojd wajsAs ssajdxg ajeH.O ue JOJ- ssaoojd juaujajnoojd e 6u|pea| s] 'Ajq aqj qj]M uoijeujpjooo u] 'jsmi ajnjonjjsejjui oBeojq^ aqi
Z |eu]ujjai jo |3Aa| jaMO| aqj u] pajeoo| uojjejs aun an|g ajeH.O (V1D) Ajuoqjny j|subji o6eo|qD aqj qj|M 'jisubjj onqnd bia a|qissaooe os|e s] xa|dujoo |eujujjaj ja6uassed aqi anuaAV jjei e|A jjodjiv aqj jo ap]S qjnos aqj pue peoy >uoa bia jjodjjv aqj jo ep]S jsaM aqj oj ssaooe Mau apjAOjd ||jM VM03 'aja|dujoo aouo S202 u! paja|dujoo aq oj pajoadxa si pue £X02 u! ue6aq joafojd VAA03 aqj jo uojjomjsuoD >62-I Pue 06"I sjoauuoo jeqj jjodjjv aqj jo ap|s jsbm aqj 6uo|e ssedAg ujajsa/\/\ e jo uojjeajo aqj pue AeMssajdxg ajeH,0-ul6|3 aqj jo uojsuajxa ue sapnpui 'AeMjapun A|juajjno joafojd |ej|deo AeM||oi siou!|ji jofeuj e 'joafojd (VM03) ssaoov ujejsa/v\ ajeH,0-u!^|3 aqi qjnos aqj oj peoy >)jed 6ujAJ[ pue 'jsaM aqj oj peoy >)joA 'qjjou aqj oj anuaAv Aqnoi pue peoy su!66]H jsaM 'isea aqj oj 1762-I apnpuj Ajjadojd jjodjiv punojjns jeqj sAeMpeoj Jaqjo isea aqj oj jjodjjv aqj sjapjoq qoiqM 'peoy ujjaquue^ jo 06"I u-'oy passaooe aq Aeuj AeMpeoj siqi ¦jjodjjv aqj jo apis jsea aqj ujojj (06I-I) 061 ajejsjajui e]A papiAOJd s] xa|dujoo |euiujjaj ja6uassed aqj oj ssaoov
SS3DDV 3DVdUnS 917
aojjjo aAjjejjsiujUjpe VOD aqj pue 'uojjnqujsip |anj jjejojie 'suoijejado o6jbo jje 'Ajjaijob uojjejAe |ejaua6 joj pasn Buiaq mou si jjodjjv aqj jo juBjpBnb jseaqjjou aqj uj eajB Ajejjijuu jbujjoj v Jjodjjv aqj jo epjs jseaqjnos aqj uo eaje jjoddns aqj mqjjM pejeoo| aje saunpej juaujdinba jjoddns punoj6 snoaue||aosjuj pue 'uaqoji>| jq6]|j |euo]j]ppe ue 'juaujdinba aoueuajujeuj jjodjjv Jaqjo pue |eAoujaj
laodaiv ivNouvNaaiNi bmvh.o odvoiho
ODVOIHO 30 A110
Oty-3 I iuei|nsuo3 uodjiv 3MU° uodaa
jjoday si;qi jo 5 jajdeiQ u] si;sA|eue lepueuy aqi u; papa|jaj aje inq majaq paquosap se wej6oJd |ei]de;j jjodjjv aqi jo yed iou aje Aaqj 'ajojajaqj :6upueuu, ajmbaj iou op pue sjoaiaid aoueuajmew se sa6jeqo pue saiej auj|jje q6nojqi A|joaji;p pajaAooaj aq 01 pajedpjjue aje vinv aqi P O l!q!Mx3 Japun paAOjdde saoueMonv paAOjddv -aJd VaD aqi Aq pa6eueiu se sjuauoduuoo ujej6ojd |ei|deo jofeuj aqi qi|M luaisisuoo jauueuu e u| paiuasajd si pue sisoo pafojd peie|eosa spa|jaj 's'Z'Z qBnojqj z'Z'Z uoipas ui paquosap 'u.ej6oJd lejjdej- jjodjrv aqi
Z'ZYZ uoipas uj paqjjosap 'iauj aje sja66uj mejjao j| pansjnd aq ueo qojq/v, sjuaiua|g dVl leuoujppv pauyap os|e vinvaqi spafojd asaqi joj pajmbaj si |BAOjdde au]|jie |euo]i]ppe o|\j uojie|eosa isoo pafojd joj lunoooe 01 suojsjAOjd qjjM sjeyop lxqz u! spafojd |ejideo joj |eAOjdde Buipunj sapnpuj vinv aqi suoipas 6ujMO||oj aqi ui paquosap sjoafojd |Bjide3 jjodjjv 01 uojjeoo||e aqi 6u]pnpu] 'Vinv aqi japun paAjaoaj (sje||op paie|eosa pue hqz ui) |BAOjdde 6uipunj aqi p Ajeujujns e siuasajd \-z a|qBL
sjeaA sx ixau aqi jbao ua>jeijapun
aq 01 spafojd AjmqEj|aj ejnpnjiSBJjuj pue aouEuajuiBUJ jofeui joj saoueMonv paAOjddv-aJd Jaqjo pue 'spafojd dD paAOjddv-aJd 'sjuaiua|3 dVl I aseqd JOJ uoimq S'8$ A|ajeujixojdde papnpui VIOV aqi ui paAOjdde 6ujpunj aqi
1N3IAJ33HDV 3SV31 ONV 3SD 3NIiyiV 3H1 ySOND S133fO«d "IVlIdVD M3N HOd IVAOHddV ONIONHd I'Z'Z
•suojpas 6uimo||oj aqi m paquosap
aje 'saymoEjaqj mEjuiBUJ ieqi spafojd (dD) ujej6oJd luaujaAOjduJi leiide^ aqi 6u|pnpui 'sujej6ojd |ei|deo aqi
sjjjauaq jaqio 6uouje 'jjodjjB aqi ie
suo]pauuoo aAOjduj] pue Aipedeo aie6 |euoii]ppe apiAOJd 01 paiedpnue aje spafojd |eujujjai asaqi 'SiuawaAOjduui aie^ ujjai-jeafM jaqio pue dVl aqi q6nojqi uoisuedxa |euiuujai iueoyiu6is 6ujuuj6aq pue dlAlO P sabeis |buij aqi uj sj Aip aqi -saijiijOEj 6uijsjxa aqi p jsaM aqi 01 uoisuEdxa |EUjUJjaj joj aoeds paMO||e pue qi/v\oj6 iBuojjEjado 6u|iJoddns Aipedeo piayjjE paAOJdwi seq uoijejn6ijuooaj aqi uojjejnbijuoo isa/v\-isea ue 01 sAemum 6ujpasjaiuj ujojj (dlAlO) ujej6oJd uoyEZjUjapoiA] ajeH,0 aqi q6nojqi piaijjjB aqi pajn6ijuooaj seq Ajq aqi '1002 aouis
Vinv aqi ui paAOjdde spafojd se ||a/v\ se sjuawaajbE asn yodjjv snojAajd japun |eAOjdde bmpunj paAiaoaj ieqi sjoafojd sapnpu] Luej6oJd |ejjde;} jjodjiv aqi Vinv aqi japun paAOjdde sbm spafojd |ei|deo Mau p (sje||op L1QZ u!) uoimq S'8$ A|aieuJ!xojdde joj 6u|punj jeqj paounouue Ajq aqi '8T02 M^IA. u[ Ainjuao \s\z au.1 °iui yodjjv aqi jo ssaoons aqi ajnsua pue 'Aipedeo pue Aouapyja 'AjjAjjoauuoo s,}Jodjje aqi aAOjduij 01 aAjjejjjUj Ajq e '\Z aJBH.O Japun pado|3Aap sbm uuej6oJd |Ejjde;) jjodjjv luajjno aqi
IMVaEXDHd "IVlIdVD laOdUIV 3H1 ZZ
xuej6oJd |BiidBD yodjjv aqj jo jjsd sb pauuB|d sanmoBj 6u|>|JBd qj]M pajBdpjjue sj Ajpedeo 6ui>UEd leuoyjppv '0202-Plw Aq jno pasBqd A||nj aq oj pajoadxa
laOdaiV 1VNOUVNM31NI 3MVH.O ODVDIHD
8103 'Z «3aiM3AON ODVDIHD 30 A1ID
luei|nsuo3 uodjiy aqij° uoday
ijoday sjqip 5 jejdeiQ u] s|sA|eue
lepueuy aqi ui papayaj aje inq wajaq paquosap se iuej6oJd yodjiv aqi p yed pu aje Aaqi 'ajopjaqi
:6upueuji ajmbaj pu op pue spafojd eoueuaiujeui se sa6jeqo pue saiej ampie q6nojqi Ajpajjp pajaAOoaj aq 01 paiedpjiue aje vmvaqil° O liqiqxg Japun paAOjdde saoueMonv paAOjddv-aJd uojpnjisuoop jeaA aqi ||iun /.102 ujoji luaojad 0 £ p Jopej uojieieosa |enuue ue 6u]ujnsse peseejoui ajaM sisoo pafojd 'sje||op L\QZ u! paAOjdde ajaM ieqi spafojd asoqi JO-j 'sisoo pafojd peie|eosa spayaj 'uojpas siqi uj paquosap 'ujej6oJd |eijde3 iJodjjv aqi
ZmZ *.q.M-<3 uo UMoqs pue suoipasqns 6u|MO||oj aqi uj paquosap aje siueuodiuoo wejBojd |ei|de;) yodjjv aqi spaau |ei|deo 6ujo6uo s,uodjjv aqi sassajppe ieqi dD e Pue 'spafojd jaqio pue siuaujaAOjduJi aieg ujjai-jea|\| '\ aseqd dVl 'spafojd PiaijJiv (dlAlO 6ujUjeoiay :siuauodujoo uuej6ojd |ei|deo jofeiu jnoj sapnpu] 'yoday sjqi ui papnpuj s|sA|eue |epueuij aqi m papayaj 'ujej6oJd leiide^ iJodjjv aqi
SIDdfObd IVlIdVD dO AyVIAJIAJfiS Z'Z'Z
8I0c -aqopo '(uoiie|e:>sa) ue6joiM dr '8X0Z aunf 'iuawaaj6v aseai pue asn aui|J!V yodjiv leuoneujaiuj ajen.O o6ejiq} jo aiq 30>jn.OS /)i|!qei|dJ ajnpmisejjui jo uojujuj sgxs pue (sjeaA si) ZZOZ qSnojqi 6102 saoueMonv paAOjddv-aJd J° JeaA" jad uoi||iuj otr$ sapnpui z suojiduinsse puoq ajnin) pue suoipafojd |epueuij jo sasodjnd aq; joj paie|e:)sa aje 5 jaideq^ ui papayaj siso3 pafojj x
a6jeq3 Xnipej Ja6uassed 3Jd uuej6oJd luaujaAOiduj] lender dD S310N
|EAOjddv
uoMliq 8 6$ uoimq S8$ Buipunj vinv |eio±
,(A}i|iqei|ay ajnpnjjsBjjui 6u|pnpu|)
uoihilu 89£S uoi||iuj 89/1$ 01iQ!M><3 S33UBMO||v p3AOjddv-3Jd
sa6jeq3 pue sajBJ sui|jib q6nojqj,
A"]pajip P8J3A033J S}S03 33UeU3j,UIBUJ JOfBUJ
- sanuaAsy jjodjiy
spafojd uiej6oJd |B|idE3
upi||iq 0 6$ uoi||iq S'LS \ yodjjv |E)Oi |E|Otqns
uonnq o z$ uoimq lu n uqiqxa ieioj_
spuog anuaAay spafojd
ajnjnj pajBdonuv luawSAOjduij. ^ jiqiqxa spslaid dC paAOjddv-aJd
'spuog 8102 U0l||lq 9'15 u0l||lq Vli \evdej
spafojd p|3ijJi.v
uonnuj SS£$ uoi|||uj ^£j7$ dWO BuiuiBUjay
anuaAay ^jd 'spuog anuaAay ajninj pajedpquv 'spuog 8102
i nqiMJq ieioi
spafojd JaqiO
pUB S}U3LU3AOjdl.UI 3}B3 UIJ3J.-JB3N
uoimq £'SS
sjeiioa /I02 S1S03 IDBfOyd
SlN3NOdWOD 11SIHX3 V1HV 133fO«d
AaviAiiAins ivAoaddv DNiaNnd vinv i-z aiavi
DJOdaiV 1VN0UVNM31NI 3>JVH,0 ODV01H0
O9V0IH0 30 A110
Z)V~3 I lUL^insuco yodjiy 3u,l jo yoday
wvyooyd iviidVD laodaiv
Z-Z llfllHXH
810Z '"J11! ^lOTssv jg opuo^iy siJOi; -laqiiwtd;**; 'upjj jykmiTj nodi'v jjodjiv |huohi;ujo|ii| ftjeH.0 oBk>iiq 8X0? isnBnv
'uoijeiAVJo ^uqjttdao oGeDiio 'fsitos 01 aq iou Xeiu 'a'|UO jwu-watiu [pitsia joj - Xu.dejfiaiou.d |puop) cjioi; Vl jM(>).>pcj '[eijuds luiijupnt) SBDtinOS
uoipnjisuo? japun (siv) waists iisupji yodjiy /l
spafojj jaqio pup S)u;)LuoAOjduj| -Jipg ujj;)i Jt?jfvj ujpjfjOJd luonjiTAOJduJi |PtidP3 spyfojd pjjiiJiv ujf?jfiojd uoiiP/iujopo^ d-i(?H,0 Gu.uiRUiay
L oMnjd ueid (>;>JV IPUiLiuoj. m Aewuny 6u lis 1x3 buip|ing Liunsixg
QN3931
¦ .. \ V
laodaiv ivnoiivn)J3ini aavH.o odvdihd
8103 J UBSINBAON
luei|nsuo3 uodjiv am jo noday
¦sdB3 m6||J, AjB}un|OA
aqi se suoubjiujii awes aqj, qiiM a|nj uo|pnpaj-j,q6i|j, B paiuawaidwi vvd 3L1l uaqM 9002 Jaqopo ui paqsiiqeisa ajaM sdes }q6i|j ibujjoj jjodjiv aqi }B sibaujb UBipBUB^ puB jqsawop pa|npaq:>s }iuji| A"|uej,un|OA 0} paaj6ejjodj|v aqi 6uiAjas sauiuiB puB VVJ 3LH 'VOOZ JaqujaAON uj 0I
uo|pnj}suo3 japun si Ae/wuny pue '8102 |udv ui pauoissiujujcpap sbm ££-sx AeMuny 6
luaDjad £9 XiaiEUJjxojddE Xq paonpej
uaaq aAeq jjodjjv aqi 01 pajnqMjje sXe|ap pedum uueisXs '(ZT02_6002) ue6aq dlAJO aqi 3du\s pouad ajjiua aq; o; (8002~E002) dlAJO aqi °1 J0!Jd sjeaX x]s aqi 6uueduuoD uaqM sdeo iq6i|i. VVd aqi pue a|ny Xijsuaa q6|H aqi 01 anp uodjjvaqi lesuouejado papuisaj p spouad aje u/woqs os|v spafojd PiayJIVdlAlOP uo]ieiuauja|duJ! aqi 6u\mo\\o} suojiejado |ED.uoisiq aqi pue yodjjv aqi ie sXe|ap peduuj ujaisXs VVd uj aseajaap |Ejaue6 aqi SMoqs ^mZ V.VMX3
¦a|nj „suoiiejado XeMum
1 6m6jaAUOD„ aqi p unsaj e se peonpaj jaqunj uaaq aAeq p|noD Xipedea s,iJodj]v aqi 'spafojd Pia14j.1v dlAlO aqi inoqij/v\ sXe/wunj 6uipasjaiuj s,jJodjjv aqi p XDuapyja aqi paseajoap jaqunj qDjqM 'sqied iqSiy 6m6jaAUOD qiiM sXe/v\unj a6eueuj 01 S3|m msu p uoneiu3UJ3|diu! aqi qi|M frT02 u! VVd aqi Xq api/wuoiieu passajppe aj3M qDjqM „'suojiej3do Xbmuoi 6u]6j3auod„ p spediui aqi pazjunuiuj aAeq spafojd XeMum aqi luaDjad 02 X|aieuj|xojdde paseajaui aAeq saiej indq6nojqi |eAjjje X|jnoq a6ejaAe 'SI02 u] "182-dOI XBMuny p 6umado aqi pue '£102 u| D82O0T Xe/wuny p 6muedo aqi '8002 u! uoisuaixa y82-~IOT Xe/v\uny aqi pue y^2-16 Xe/wuny p 6umado aqi qi|M ¦paseajDui aAeq jjodjiv aqi ie saiej indqSnojqi ajnijedap pue |eauje 'spafojd pieyjiv dlAlO aqi 6u|iuauja|duJ! aDms
•pafojd Xe/wunj dlAlO lsjy aqi p uoiiaidwoD aqi qijM uojpunfuoD u] 8002 u! paJjdxa sdeD iq6]|i aqi pafojd luawaouequa XipedeD ujaisXs jofeuj e se (wd) uojjejjsjmuupv uojieiAV |ejapa-j aqi Xq paquosap s] pue 'ljodjiv aqi ie Xipedeo piayjjE aseajoui pue sXe|ap aonpaj 01 pau6isap sbm dlAJO aqi IU't>002 u! Bujueis pasoduji ajaM sdeo iq6|y pue 'sXe|ap iueDyju6js paouauadxa uodjiv aqi 'a|ny XysuaQ q6|H eqip ino 6ujseqd aqi 6uimo||oj '2002 ^lnf Aq uodjjv aqi ie X|aia|duuoD ino paseqd sbm pue 0002 u! ssaj6uo3 s n aqi Xq paxe|3J sbm a|nj aqi 3Jbh,0 6ujpnpuj 'suodjjB Xi|su3p-q6jq bali ib uoiisa6uoD a6BUBUJ 01 696T ui paqsnqBiss „a|ny Xijsuaa q6]H„ sqi 6uipnpui 'iJodjjv aqi ie pasoduj] 3J3M 'sujjoj snoueA ui 'suojieijUJii |BUO|iBJ3do 'dlAJO aqi 6uiiuauua|duJ! oi joud
xa|dujoD leujujjai sqi p qinos pue quou suoiisjsdo 3DUB|Bq 01 psiedpnue si pus sXBMum dlAJO aqi aia|dujoD hjaa '>)JOMiau XeMjxei paieposse aqi pue 'spsfojd omi sssqi p uo]ia|dwoo aqi 133J 092'II °1 qi6u3| U| i33j iS6'L u--ojj Buisbsjdui XsMum sqi u| i|nssj |||M uojsusixs sqi '1202 u! usdo 01 psiEdpyuB si i! puB u6jS3p jspun Sj i/_2-y6 XBMuny p uo]SU3ix3 sqi spjBpuBis [A-DOV leauj 01 iJodjjv aqi ib XBMunj puooas aqi aq ujm qojqM 'XBMunj euoi-poi-s^'TT e s! H 0202 Jaqujaaaa uj uedo 01 paiBdpjiue pue uoipmisuoD japun s! DZ.2-D6 XBMuny sa6Bis u6|sap u| puB uoipnJisuoD japun bjb spafojd piayjiv dlAlO aqi p siuauja|a |Buy aqi
XipBdea paouequa pus 'sXe|ap paDnpaj 'suojiejado luapjj^a ajouu uj pai|nsaj ssq aiBp 01 apBUJ ssajSojd aqi paia|duj03 aq 016u]U.iBUJaj spafojd XsMum bjolu omi X|uo qijM 'ujaisXs XBMunj |BJBd 'ujapouj b 01 p3jn6yuo33J uaaq SEq p|ayj]e 3qi 6 uojP3J|p issMqinos/isesquou aqi uj sAbmuoi pujMssojo omi puB uo|paj]p isaM/isBa aqi u] sXBMunj |BJEd x]s oi (isBaqinos/isaMqiJou puB 'issm/isbs 'IssMqinos/isesqiJOu) suoneiusuo |euoip3J|p u|buj ssjqi ui sXBMunj |a||EJEd 6u|6jaAUOD p sias ujojj piayjjB aqi p uoiiBjn6!juoDaj pasBqd aqi joj 6u|p!AOjd iuEj6ojd aAisuaqajdujOD b 'dlAJO aqi paounouuB Xiq aqi 1002 UI
siDaroud ai3idyiv lAivyDo^d NouvziNyaaoiN 3^vh,o bhi £ z z|1010|lUOdMIV 1VNOI1VNU31NI 3MVH.O ODVDIHD
8T0Z 'Z U3aiM3AON ODVDIHD dO A1ID
luei|nsuo3 uodJiy 3U.1 J° uoday
¦siuaujaAOjduJ! |ei]deo jaqp pue spafojd uojsuedxa Ai]|pej pue leujiujaip AiaueA e q6nojqi sanssi asaqi ssajppe 01 pau6]sap dVl aqi J-° luaiudo|aAap aqi m paieu!iu|no ssaoojd siqi aoiAjas jawoisno aAcudiu! oi se ||3M se 'sjauijed aouej||e jjaqi qijM pue s^jo/wiau oiisawop J|aqi wqijM 'ueouawv pue peimn 'sem^e qnq aqi p sja6uassedp AiiAipauuoo aAOJduM pue siwejisuoo Aipedeo |eu|ujjai lejiuapd ssajppe ieqi saA|ieujai|e aien|eAa 01 'uodjiv aqi 6u|Ajas saujuie aqi qiiM uoiiempjooo pue uo]iei|nsuoo ui 'ssaoojd 6uiuue|d e paia|dujoD seq Aip aqi
•AijAjpe au||j|e u| qi/v\oj6 paiedpjiue ujojj 6u|i|nsaj pueujap aie6 ui saseajou] ajninj pue spaau leujujjai ujjai-6uo| sassajppe ieqi ujej6ojd |ei|deo |eu|ujjai Mau e joj paau aqi u] pai|nsaj aAeq 'suojiejado >|ead jaq6|q qi]M sa|npaqos iq6!|j qi]M 6uo|e 'iJodjjv aqi ie AijAjpe paseajouj aqi g pue v sAeMjxei p uoiiejn6jjuooaj aqi pue ££/sx AeMuny p SujuoissjUJUJODap aqi q6nojqi isaM aqi 01 uojsuedxa |eu|ujjai sjjoddns os|e dlAlO aqi uodjiv aqi ie AijAjpe paseajouj uj pai|nsaj seq qojqM sdeo iq6||i |euo|iejedo leouoisjq jo iBAOUjaj aqi pauoddns pue Aipedeo piaruje paseajouj papjAOjd dlAlO aqi sajijipej 6u!is|xa aqi p siwejisuoo |euo|iejado pue a6e pue AiiAipe paseajom p asneoaq sejij|pej |eu|ujjai Mau joj paau e paouauadxa seq iJodjjv aqi
Nvid vaav ivNiiAjyai vzz
'\Tinv aqi ui papnpui s|eAOjdde 6uipunj pue luauiaajBe asn
uodjjv snoiAejd aqi japun paA]aoaj s|eAOJdde 6u!pun.f p uoiieujquuoo e q6nojqi spafojd piayjiv dWO 6u!U|euuay
aqi joj paAjeoaj uaaq aAeq s|BAOJdde 6uipunj euiuie Ajessaoau nv dl^JO aqi japun pajaAoo siuaujaAOjduui
pue suoiieoijipouj 6u]uieujej jaqio pue 'uoiieoo|aj AeMixei pue waisAs AeMjxei p|ay ssojo 'samipej ljoddns aujpje p
uo]ieoo|aj 'uojsuapra ~\iz-'H6 AeMuny 'spafojd 6u||qeua pue AeMuny p uoipmisuoo :apnpui siuauoduuoo
asaqi dlAJO aqi aia|duuoo oi Ajessaoau spafojd PlayTV dWO 6u|uieway aqi sapnpuj uiejBoJd leijde^ iJodjjv aqi
S±33rOWd ai3IjyiV dlAlO DNINIVIAJ3iJ YI Z Z
8102 A>,aj >J0M19N suopejado 'uoiiejisiuiujpv uoi;i?iav lejapaj 30>dnOS uoneJisiuiuipv uoneiAV liMspaj - VVd 310N
stibaejsdd'--—— jaciso. -i-—i
SAV13Q IDVdlAlI IAJ31SAS NOIlVyiSINIIAJClV NOUVIAV "IVHSaSd IVJiaOlSIH £-Z 1I9IHX3
IHOdUIV 1VNOI1VNS.31NI 3>JVH.O ODVDIHD
8T0J 'Z >J3aiN3AON
luei|nsuo3 uodjjv au,u° uoday
aoeds |euo|pun; aqi aseajDui :os|e |||M \ aseqd dVl sBujpunq aq; wqijM pue uojde aqj uo a|qe||eAe aoeds 6ujj,Sjxa aq; ;y ja;;aq ;eq; yejojie ja||euus joi s|eu]u.ja; Bujjsjxa p uoyezjwudo aqj aiqeua ||im \ aseqd dVlP uojpnjjsuoo aqi Aep aq; ;noq6nojq; sez]s a;e6 o; se6ueqD DjiueuAp mo||b pue sa6ne6 yejDJie p a6uej peojq e ajepowwoooe oi uojde aq; p asn aiqway 6u]|qeua '(SdVlAl) wa;sAs diuej yejDJje a|d!;|nuj e ajn;ea; ||im ;eq; spueis yejDJie apnpuj hjaa x aseqd dVl (I aseqd dVl P V^d se pado|3Aap 6ujaq aje qDiqM p om; ;sea| ;e) suoijisod a;e6 iA-gav jno; ;sea| ;e 6mpnpu] ';jodj]v aq; ;e sa;e6 qzz pue gx£ uaaM;aq aq |||m ajaq; 'x aseqd dVl P uoi;a|dujoD uodn
AjpedeD a;e6
yejDJje Aue|nDyjed 'uo]pnj;suoD 6uunp sei;i|pe; 6ui;sixa p A;pedeD sujepieuu qDiq/v\ qDeojdde ue sa;edpj;ue pue suo|;ejado jjodjje buysjxa p uonejapjsuoD q;j/v\ pafojd aq; 6ujseqd aq h;aa A;q aqi '8202 P Pua aq; Aq pa;3|duuoD aq iijaa x aseqd dVl lBMl aq; paujnsse s\ ;i 'uiajaq s]sA|eue |epueuy aq; pue yoday s]q; p sasodjnd jo; ;nq 'a6ueqo o; pafqns s\ uoyaidwoD pafojd aq; p 6u|uun aqi saaiAjas u6isep |ejnpa;]q3je pea| jo; suo];eDy]|eno jo; ;sanbay e panss] Ajp aq; '8102 '6T aunf uo '6u]seqd uo|pnj;suoD pue uo!jeju3W3|dw! a;en|BAa o; sanuiiuoD A;p aqi
xa|duuoD leujujja; Dijssujop aq; o; s;q6]|; |euoijeujajm p |BAUje aq; 6u!;;|ujjad 'asjnoauo^ x aj|||ajes pue asjnoDuoj aq; uo se;e6 o; sjopujOD a|ua;s Xq papauuoD Aj]|pe; sid d9D e sapnpu] x aseqd dVl '^lieuouippv 'Aj]|pe; 6umaajDS pue 6uj>jjed 33Ao|dw3 uj3;ssm e qsnqejss pue 'eaje |eu|ujja; aq; q6nojq; |xej A|ju3pi;;a ejouj o; ;;ejoj|e aiqeua-o; s|euiujja; u6i|e 'S3ij]|pe; |eu]ujja; 3|6uis o;u] S3Due]||e suiuje |eqo|6 ;soiu 3jepi|osuoD spafojd aqi Ajpedeo a;e6 puedxa pue 'X;]A]pauuoD ajouj J3A||3p 'sAe|3p sonpaj o; pa;edpj;ue s| x aseqd dVl Vinv^au aq; japun |eAOjdde 6wpunj au!|j|e p3A|3D3J aAeq spafojd x aseqd dVl aqip IIV 'uojpas S]q; u| paquosap spafojd leuiujje; pajepj pue 'sasjnoouoo ajwajes om; 'asjnoouoo pue 190 aqi jo uoijonjjsuoo sapnpui x aseqd dVl
SlD3TOyd T 3SVHd dVl VYZ Z
;jodj|v aq; ;e pajepowwoooe aq ueo pue pauue|d aje seijiipej |eu]ujja; uaAup-pueuuap |euo|J!ppv Vinv aq; uj |eAOjdde 6u|punj au!|j|e paAjaoej qojqM 'aseqd jsjy e p jjed aje ;eq; s;usuj3|3 jofeui |ej3A3S sapnpu] dVl aqi
aseqd u6jsap aq; 6uuajua sj dVl aqi seaje |ejaAas ui spaau |euoijounj 6uj;33uj os|e 3|iqM 'sesje 6ujssaoojd leujiujaj pue saje6 jjejojje p Ajpedeo paseajom apjAOjd o; pajedpyue sj dVl aqi sayjipe; |euiujje; 6uj;sjxs aq; p ;saM 6ujpus;x3 sasjnoouoo aj]||ajes pue 'ss;e6 q;iM asjnoDuoD pepua;xa ue pue Z leuiuujaip ;uaujdo|aAapaj pue uomiowap |ej;jed e sj q^jqM '(1E)0) leujujjai |eqo|g 3JeH,0 aq; sapnpuj dVl aqi
sauij; >|ead 6uunp
sauin|OA ja6uassed paseajDUj a;epoLUUJODDe o; papaau sai;j|pe; jjodjjv aq; pue pajmbaj sa;e6 p jaqujnu aq; spediui aLU];p MopuiM mojjbu e uiq;iM ;jedap pue aAjjje o; seujpje qnq aq; Aq s;q6||;p 6ui|npeqDS 6u|seaj3Ui ¦
¦s;u!od>|DaqD 6uiuaaJos A;unoas xa|dujoD leuiujja; Dusauuop pue 'siv 'Sid aqi P uoi;ezj|i;n aq; spedun s;q6!i; |euo];euja;u] p jaquunu 6u]seaj3ui ¦
saymauje ja6uassed pue sa;e6 p jaqiunu pajiujji e jo; pueoiap aq; peduj] suonejado qnq 6u|moj9 ¦
s;q6!|; |euoneuja;ui pue Dj;saujop uaaM;aq suojpauuoD ;uapy;a jo; pueujap aq; spedujj sajn;uaA-;u|of pue saDuei||e au]|j]e p uoueajj aq; q6nojq; uo|;ejadooD au!|j]e-ja;ui 6u|mojc) ¦
aoeds
leujujja; e|qe||eAe p A;!|euo]pun; pue uoyeznnn aq; spedujj s;ujod>|Daq3 6umaaJ3s A;unDas p az]s 6uiseajDui ¦
suojde pue siuoojp|oq p A;pede3 aq; pedum sa6ne6 yejDJ]e 6uiseej3ui ¦
:suoi;ejado aunjje aq; o; pue ajnpm;sej;uj |eu]UJja; 6ui;s]xe s,;jodjiv aq; uo sajnssajd 6uimo||o; aq; pa;eejj aAeq 5 leuiwjai pue xa|duj03 |eu|ujja; oysaujop aq; p uo];a|dujOD aq; eDUjS Aj;snpuj auj|j|e aq; ui sa6ueq^
DJOdUlV 1VNOUVN)J31NI 3MVH.0 ODVDIHD ODVDIHD 30 A1ID
lueiinsuco uodiiv sqi J° U°day
(lAldV) J3AOUU a|doad pa;ewo;ne ajn;n; e p uoi;e||e;suj aq; aiqeua o; q;piM ;uapi;;ns apiAOJd |||M uoipnj;suoo |auuni sasjnoouoo a;|||a;es aqj pue 190 aqi ueaMiaq ;uawdmba eojAjes punojB pue 'sijeo 6eq 'saiimin 'a6e66eq '(a|ua;suou pue a|ua;s) sja6uassed abauoo h;aa qoiq/v\ 'g pue v sAeMixei pe;eoo|aj aq; puoAaq ;uiod e o; 'z asjnoouo^ a;i||a;es pue x asjnoouo^ a;!l|e;esajn;n; q6nojq; '£ |eu|WJaip pua ;sea aq;woj; uua;sA's |auun; ejo uojpnjisuooaq; sapnpui pafojd S|qi ¦
]auunj_ Aiijiffl puo 'uouisapad 'JBao^j ajdoad paiDuioiny/ paiopyosuoj
•asjnoouo^ x a;i||a;es Mau aq; J-0 1S3M aq; o; ;|mq aq o; ';aa; ajenbs 000'OES 6u||ep; 'asjnoouoo |aAa|i;|nuj Mau e p uoipnj;suoo aqi sapnpu] pafojd siqi ¦
asmoouoj z aH119V>5|1010|asjnoouo3 x ai!l|aies aq; pue
j esjnoouo^ ueaM;eq jopeuuoo Ajejodwa; poj-sg '|3Aa|-OM; e 6u|pnpui '3 asjnoouo^ 6unsixa p q;nos aq; o; i|inq aq o; ';aa; ajenbs 000'OOZ 6u||ep; 'asjnoouoo |dAd|i;|nuj Mau e p uo|pmisuoo aq; sapnpu] pafojd s|qi ¦
asmoouo^ j aiijjaiDS
•seui|j|e jaqp aAjas uaq; |||M s |eujujjai 'sasjnoouoo a;i||a;es pue 190 aq; p ;no e;ejado ||e ||im 'sjauyed aouewe Jiaq; pue 'ueouauuv pue pe;.iun 'dVl Jayv 'spiodpaqo X;unoas q6nojq; pauaajosaj aq pue xa|dujoo |eu|ujja; oi;saujop aq; o; SIV aqi bia |3Aej; o; A||eoj;saujop 6u|pauuoo pue s |euiwjei ui 6u|A|jje sj3|3abj; |euoi;euja;u! 6u|sneo's leuiwjaip ;no aouejeapaJd d8D ;noq;|M sjjodjie ujoj; s|eAijje |euo|;euja;u| a;ejado Aaq; pue 'xa|dujoo |eu|ujja; oi;saujop aq;p ;no s;a>|jeuj pajeapaJd |euo|;euja;u! aujos ujoj; sibaujb |euo|;euja;u| pue 'sajn;jedap |euo|;euja;u| 's|baujb pue sajn;jedap ojisaiuop a;ejado X|;uajjno 'sjau;jed aouej||e j|aq; pue 'pa;mn pue ueouaujv 'S lemiujaj. pue xa|dujoo |eu|UJja; Oj;saujop aq; uaaMiaq pauuoo o; pajmbaj sja6uassed p jaqujnu aq; Bupnpaj A|;ueoi;iu6!s '190 aq; Aq paAjas saujipe; o;u| suoj;ejado aoueme aA|padsaj j|aq; pue 'ueouawv 'pa;mn a;ep||osuoo o; pa;edpj;ue S| pafojd aqj. s;a>|JBiu pajeapaJd |euoi;euja;u| pue o|;seujop ujoj; s|baujb pue sajn;jedap se ||3M se 'aouejeapajd d9D ;noq;|M su|6uo ujoj; s|bauje |euoj;euja;ui pue s;q6||; O|;saujop qpq aAjas o; pau6|sap s| pue A;i|pe; sid ue sapnpu) 190 aqi g asjnoouo^ p pua q;nos aq; ujoj; ;uaiuu6||e eujes aq; m pua;xa ||im asjnoouoo msu aqi ;aa; ajenbs 000'006'T 6uj|e;o; uojsuedxa A;i|pe; |aAa|i;|nuj Mau e q;iM z |eu|ujjai 6uj;sixa p ;uawdo|aAapaj aq; sapnpui pafojd sjqi ¦
asjnoouo^ puo jouiuuaj. ]oqo)Q ajon.O - iuaiudojaAapay z \ou\uua±
:spafojd 6uimo||o; aq; p s;s|suoo x aseqd dVl
;uaojad ZZ i° aseajoui ue ';aa; 6Z6'0£ °1 Jaa; c0Z'SZ ujoj; a6e;uoj; a;e6 jeaui| p aseajoui ue uj ;|nsaj o; papadxa sj x aseqd dVl P uo|;a|dujoo aqi ssaooe AeMpeoj aAOjduj| pue .'Aipedeo 6ui>ued ui-asop pue apjsqjno ap|spue| aseajoui :sa6uno|/sqnp ja6uassed auipie pue 'suoissaouoo 'yoddns ;ueua; pue euiiJie 'ujiep a6e66eq '6uiuaajos pue 6ui|pueq a6e66eq '6uiuaajos A;unoes '>|oaqo 6eq 'ui->|oaqo jo; a|qe||eAe
IdOdUIV 1VN0UVNU31N1 3MVH.O ODVDIHD
ODVDIHD dO A1ID
I ^-3 | lueiinsuco uodjjv am jo yoday
X aseqd dVl
pue spafojd piajjjjv dlAlO aqj i° uoija|dwoo jaye uoiiejn6yuoD pajedpiiue s,iJodj|v aqj s/woqs se ||bm se 'Aepoi oi 1003 uj dlAlO am 3JOiaq wojj x aseqd dVl pue sjoafojd PiayJjV dlAlO aMl i° uo|m|OAe aqi s/v\oqs tiq!Mx3
•jjoday siqi ui papnpu]
sisA|eue lepueuy aqi uj papnpu; iou aje siuawa|g dVl lBUO!l!PPV 'ajojejaqj pue pouad joafojd aqi 6uunp jaw aq 01 papafojd iou si ja66uj |euo|jejado aqi pafojd qoee joj paypads sja66uj uo paseq sjuawa|g dVl isuoyippv.aqj jo |eAOjdde sapnpui vinv aqi jjoday sjqj uj sisA|eue |epueuy aqj ui uuej6oJd lejjde^ jjodjiv aqj ui papnpui si pue Vinv aqj jo 1 Jjqiqxg japun |eAOjdde 6uipunj auiuie paAjaoaj sjoafojd x aseqd dVl aqi ajnjnj aqj ui ua>|ejjapun aq oj sjuaujaig dVl lBUO!l!PPV PUB X aseqd dVl 6uipnpu| 'saseqd uj pajuawa|dwi aq oj pauue|d sj dVl aqi
Apnis puewap ajninj e 6uimo||oj pawjyuoo aq 01 saoeds 6u|>ued jo jaqujnu aqj qijM 'uodjjv aqi jo apis ujaisaM aqi. uo Ajnpej 6uiuaajos Ajunoes pue 6ui>ued aaAo|dwa ue jo uoyonjjsuoo aqj sapnpui pafojd siqi ¦
33UDMO]]\f Al)]pOJ 6U)U33J3S PUO 6u\>fJDd 33Ao]duiJ UJ31S3/\A
¦sjuauodwoo pafojd
asoqi joj sajewysa aqj ui papnpui aje 6uip|inq aqj apisu] pue oj sjuiod uoyeuiwjaj aqj uuojj swejsAs asaqj puajxa oj sjsoo aqi asjnoouo;) leqop bjbh.O Pub 190 PUB 'asjnoouo;) z aj|||ajes 'asjnoouo;} x aj|||ajes ajnjnj aqj apisjno A|ajeipawwi suoyeoo| oj swajsAs uoijoa||oo pue uoynqujsip aqj jo uojjenejsui sapnpu; joafojd siqi a
33UDMOflV S3)l}])in dVl I 3SDUd
smoij pue sja6uassed o|jsawop paseajom ajepowwoooe oj 'dD jjodjjv aqj ui papnpu] joafojd uoisuedxg s |eujwjai aqj puoAaq 'saunpej s |euiwjei jo uo!jejn6yuooaj |euo|jippe sapnpuj joafojd siqi ¦
Buisodjndsy s ]ouiuu3±
'Ae/wpeoj |euiwjaj punoqui aqj jo 6uiuapiM pue '5 |euiwjai oj a6eje6 6uj>|jed ajninj aqi 6uipauuoo a6puq e '51 01 juaoefpe AeMpeoj |3Aa| jaddn aqi jo uojsuedxa Ae/wpeoj pue apisqjno aqj sapnpuj joafojd siqi ¦
SlU3UI3AOjdlUI 3p\SpUD-\ S ]DU}UIJ3±
jauunj pajepi|osuoo aqj
oj juaoefpe pue 'z ajwejes 'X aji||ajes 'asjnoouoo pue 190 ajnjnj aqj uiqjjM (jno-p|inq aoeds yaqs ueqj jaqjo) ajnjomjsejjuj pajepj pue juawdmba (SH9) wajsAs 6u||pueq a6e66eq jo uoipmisuoo aqi sapnpu] pafojd siqi ¦
lusuMdtnbj tudjsAs 6unpuoH 360660s
lM0d>JIV IVNOUVNaaiNI 3MVH.O odvoiho
810Z Z U39W3A0N ODVOIHO 30 A1ID
iui?i|nsu03 yodjiv aqi jo uoday
iu9Ludo|3Aapay £ |euiuujai ¦
luauudoiaAapsy 9 asjnoouo;) ¦
uoisuaixg uj9U|jjon I 3+!||aies ¦
luawdo|aAapey j pue g sasjnoouo;) / x leujujjai ¦
aSJIIODUO} ai]||aies ¦
asjnoouo;) £ ai^aies a
lAJdV P uojieneisui pue |auunj_ Aimm pue |AjdV paiepnosuo;) p uoyaidujo^ a
:siuauodwoo 6u]AAO||Oj aqi apnpuj siuawa|3 dVl |euo]i]ppv aqi
•puedxe o; sanmiuoo Ajpedeo s.uodjjv aqi se eaje leujiujai sq; p q;/v\oj6 aqi aiepoiuwoooe 01 pauue|d aje spafojd aqi -luawa^ dVl leuojijppv ue p Bujddmba pue 'uojpmisuoo 'u6|sap aq; qi|M paaoojd Aew Aip aqi ajojaq iaw aq isnuj ieqi suo.mpuoo aje sja66ui pafojd qoea joj paypads sja66ui uo paseq paiuaujeiduj] aq 01 VICIV aqi u! paAOjdde uaaq aAeq siueuja|3 dVl l^uomppv
S1N31AI313 dVl IVNOUiaQV ZYZZ
8103 JsqoPO ' 3UI 'saippossy ?8 opuomy 18103 Jaqopo 'uoubiav jo juaiuuedaa o6e:>iq3 S30>jnOS
a|BM 01 ion
iuaujaaj6v asea-j pue asn uodjiv - vinv ue|d eajv |euiujjai - dVl wej6ojd uoueziUJapoiAj ajeH.O - dlMO S310N
i^tCi (fl\ .wn|j dYlJo'uaftsylium isaram ifUttput icpimu lii^ubjlnuwUf^ai'liw^
uoisuncbre icuiuuai (euonippi! uaA'yprpuciuap joj:Mono suejil ¦
uoiieJi
il>7QZ u> paiGdoitue ssjii^Bji.ssi^d.iyj. •
UOZ uj paisdpjiue in^ura'Aemuru d AO:*
urej^pjj
.'|ej.iICUIUUNlUOiliMlSlS-JpJ pOOIt "' ssaipjfw bj pffimijonui iyi ¦
. XcAuapun-.suofald oibB uijoi-Jeofj .
uoisuDdxa icujujiSV joj ««||B'iW!>'ejnBaua»a :
.fiiuppcrpuc mo/Ie|.pi3|ijieuuojsueii ^¦C^-Mi/painiPfMVI-dHb'i' sdmu,6]ij &) paiiuiji Aiaiw • irfeisppsshyj' _;ino
•Xi
popunj X|)U0jjn3 p uopajdjug}
auniru
poAOjddv. yiny
iN3uanD
poonpqj)U| dlMO
isvd
DJOddlV 3H1 IV !N3lAJdCn3A3a IDSrOHd IVlIdVj lW 1I9IHX3
l>JOd>JIV 1VN0I1VNH31NI 3JJVH.0 ODVDIHD
ODVDIHD 30 A1I0
I gt?-3 | iuei|nsuc>3 uodJiv au,lj° uoday
spuoq panssi A|snojAejd qijM papunj A||nj sem pafojd siqi asjnoouoo jsea aq; uo seje6 Apoq-apjM sapnpui qoiqM %z oj qz ujojj saje6 jo jaqwnu aq; aseajoui oj pajediojjue sj uojsuedxg 5 |eujuuai aqi smoij pue sja6uassed oijsauuop paseajouj ajepoiuujoooe 01 ajoo g |eu]ujjai aqi ui sejjjijoej jo uojsuedxa pue 'asjnoouoo isaM aqi uo saie6 jo uojjejn6ijuooaj 'isea aqi 01 |eujujjaj aqi jo uojsuedxa sapnpu( joafojd sjqi ¦
uoisuodxz s ]DUiiuj3j_
•vinv aq; pue
sjoafojd pue siueiuaaj6e asn jojjd ujojj s|eAOjdde Buipunj apn|oui spafojd asaqi spafojd ujseq uojjuejep se ||aM se x aseqd dVl ujojj aiejedas spafojd aie6 ujjai-jeau sapnpuj ujej6oJd |ejide;) jjodjjv aqi 'dVl aqi oi uojjippe uj
S133fO>dd y3H10 ONV SlN3lAJ3AOydlAJI 31VD |Ajy31-y V3N S'Z'Z
siuauja|3 dVl leuojjjppv aqi
apnpu] pu saop jjoday siqj jo 5 jajdeq^ ui papnpu] sisA|eue |eioueujj aqj 'ajojajaqi pouad uoijoafojd aqj ujqjjM jnooo 01 paiedpnue jou aje sjuauja|g dVl leuoiiippv aqi jo uoipmisuoo aqj joj sja66jJi AijAjpe ja6uassed aqi
paaoojd asjMiaqp jo sja66ui idope p|noqs (uojsuedxg luawdinbg SH9 pue '[z aseqd] A"}j|joe3 loujuaejos pue 6u]>)jed ujajsa/\A 'lZ aseqd] sjuaujaAOjdiui 6uj>|jed pue apispue-| 5 |euiuujai 'ajo^ |eu]ujjai aqj je a6ejeg 'juaLudo|aAapay £ |eu]UJjai 'juaujdo|aAapay 9 asjnoouo;) 'uojsuajxg maqiJON X aij||aies 'juauudoiaAapay 3 pue g sasjnoouo;) / x leujujjai 'asjnoouo;, \? ajj||ajes "a 1) Vinv aqj ui sja66uj pauyap aAeq jou op jeqj sjueuue|3 dVl leuojijppv jaqjaqM pue 'pjeMUMop pasjAaj aq p|noqs (asjnoDuo^ £ ajjuajej pue [AJdV P uoijenejsui pue |auuni Aij|jm PUV lAJdV pajepi|osuo9 jo uojja|dujo3 joj sja6uassed |enuue OuO'OOS'TOT aqj 'a i) sjuauuaig dVl l^uojiippv aqj joj sja66jJi juauja|3 dVl leuojiippv aqj JaqjaqM auiiujaiap 01 sjauje^ Ajoieubis ujjai-6uo"| aqi qijM laauu ||im Ail} aqj sajejs vinv aqj '(sjuauja|3 dVl I aseqd) asjnoouoo pue 190 aqj jo uojia|dujoo |eijuejsqns jo sqjuouj zi UjqjjM
juauje|3 dVl isuoiiippv aqi jo 6uiwii pajeujysa aqj uo dnoj6 aqj qjjM synsuoo pue jaiu uaaq aAeq suoiiipuoo snoiAajd aqj jeqj uoiieiuewnoop qijM dnojg buj^JOM 3Ajinoax3 aqi sapiAOjd Aip aqi ¦
pue iMaiAay jsajajui-ui-AjjJofeiAj BuiJinbay adoo$ joafojd ui abueq^ e ui j|nsaj p|noM jeqj sjuaiua|3 dVl leuoijippv aqi jo suojieoijipow Aue ue|d jou saop Ajp aqi ¦
laoiAjas uj pue aia|diuoo aje asjnoouoo pue 190 aqi ¦
:iuaaia10|dVl leuoiijppv aqj jo Ajj|jjn aqi qsiujujjp p|noM ieqi siuibjisuod Aiioedeo p|ajjJje jo aoedsjie ou aje ajaqi ¦
:sjeaA aAjinoasuoo aajqj Aue joj jauj uaaq aAeq pafojd aqj joj payjoeds (sja6uassed |enuue 000'OOS'TOT ueqj jajeaj6 '6 a) (s)ja66ui juauia|3 dVl lBuojjippv aqi ¦
:jauj aje suojjjpuoo 6uimo||oj aqj jo ||e jj 'jsajajui-m-AjuofeiAj aqj Aq mbjabj jaqijnj jnoqjiM (asjnoouo;) £ ejj||ajes pue lAjdVP uojje||ejsui pue |auuni Ajjiun pue iA|dV pajepi|osuo3 jo uoija|dujo9 '6 a) js66jji juauja|g dVl |euojjippv ue sapnpu| jeqj juauja|3 dVl leuojjjppv qoea jo uojpmisuoo pue u6isap aqi qijM paaoojd Aeuu Aip aqi
spafojd qpq joj aoe|d uj si sja6uassed |enuue 000'OOS'TOT P ja66jjj AjjAjjDe ja6uassed v asjnoDuo^ £ ajj||ajes pue (AJdV P uoije||ejsui pue |auuni Ajj|jjn pue |AjdV pajepj|osuo9 jo uojja|dujo9 :sjueuja|3 dVl isuojijppv aqi jo omj joj ja66ui juauja|3 dVl Isuojjjppv ue sjas vinv aqi
uojsuedx3 juaujdinbs SHS ¦
(Z aseqd) AiJjpej 6ujuaajos pue 6ui>ued ujaisaM ¦
(Z aseqd) siuaiuaAOjdiui 6uj>|jed pue apjspuen s |eujiujai m
ajo9 leujujjai aqi ie a6eje9 ¦
laodaiv ivNOiivNaaiNi aavH.o odvdihd
stoz z aaawaAON oovdihd jo aio
lueiinsuco uodiiv au,lj° uoday
8103 Jaqopo 'uoiieiAV io luauiuedaa oBeomj gobnos
asjno3uo3 pue lemuuai |eqo|9 3JEH,0 - luaiudojaAapay z lemuuai
[Z JJed) Smsodjnday 5 jemiujai
33UEMO||V
A}i|pej Sumaajos pue Suj^jey aaAojdiug uja;sa/\A
, lauuniAjimn pue 'ueujsapad '|AjdV J0i |auuni pajepjjosuoo
BSjnoDuoo 1 3jj||aies
asjnoDuoo z always
uojsuedxg ajeg-£ - ucHsuedxg -| asjno3uo3
(I jJBd) l aseqd
- S}uawaAOjdw| Subjed pue apjspuen 5 |euiujj31
(X yed) spafojd
S |bu;luj31 |euo;;;ppv pue uojsuedxg g lemiujai
inoAng aieg-s - uojsuedxg 1 asjno3uo3
ld3DNOD103fOHd
SlDBfOad 31V9 IMJJ31--aV3N ONV I 3SVHd dVl dO 9NI1AJI1 Q31VdIDUNV Z^Z 3T9V1
Z-Z 3\°,el u! pajuassjd aje sjdaouoo joafojd aje6 uuaj-jeeu pue x aseqd dVl Jofeuj aqi p 6uiluh pajedpjjuv ssaoojd u6|sap aqi p jjed se pamwjajap aq |||M sjuauodwoo ojjpads p 6ujLUji pue 'pouad uojpafojd aq; 6uunp spafojd aje6 uuaj-jeau aqj pue x aseqd dVl aja|duuoo 01 spuaju] VQD
SiN3NOdlAJOD lD3fO>dd 1VNIIAJ>d31 dO 9NIIAIU
¦Ujseg qjnos 6u|jS|xa aqi p uoisuedxa aqj pue 'piayjje aqj p jjed |ejjueo aqj uj saij]|pej |eu|ujjaj 6u|js|xa aqjp jsa/v\ pajeooi A|juajjno 'ujseg lejjua^ aqjp uoijeujumia aqj sapnpui joafojd sjqi ¦
spafojd uisog uojiuaiaQ
siseq asn uoujuioo jo lejjuajajajd e uo pasea| aq uaqj ||j/v\ qoiqM saje6 aA|j aqjp jno-Anq e apnpuj sjoafojd |ej|de3 yodjiv aqi sauiuiv ueouawv oj s|seq asn aAjsnpxa ue uo pasea| pue 8103 ^elAI uj sauipiv ueouawv Aq papnjjsuoo se/v\ -| asjnoouo^ p uojsuedxa aje6-aAjj v ¦
inoAng 3i,dq-3Aij 7 asjnoDUOj
sja>)jeuj pajeapaJd |euo|jeujaju|
luojj s|BAUje pue s|eAUje pue sajnjjedap o|jsaujop 6u|jepoujujoooe p aiqedeo saje6 pue sujoojpioq joi -| asjnoouo^ u| jeaj ajenbs 000'9I |euo|j|ppe ue 6uipnpu| saje6 aajqj p uojjomjsuoo aqj sapnpu] joafojd siqi ¦
UOISliapQ 31DQ-33JUj\ 7 SSJHODUOJ
|euiwjaj aqj oj juaoefpe Aji|pej 6ui>)jed aoeds 009'2 Mau e pue sjoafojd ap]spue| :sjuaujaAOjduJ! ajoo |euiwjaj |eub|j|ppe lajnjonjjsejpi pajepj pue juawdmba (SH9) ujajsAs 6ui|pueq a6e66eq apnpuj sjoafojd aqi x aseqd dVl luojj ajejedas aje jeqj viflV aqj u| paAOjdde s |eu|UJjai qjiM pajeposse sjoafojd apnpu| sjoafojd asaqi a
laodaiv ivnouvn>j31ni aavH.o odvoiho
ODVDIHD dO A1IO
)uei|nsuo3 uodijv io noddy
jjoday siqj ui sisA|bub |EpuBU|j aqj u] pspnpm uaaq jou aAeq Aaqj 'spafojd asaqj jo suo|jdwnsse 6mpunj pue sadoos joafojd aqi jo Ajmejjaoun juajjno aqj oj ana spafojd asaqj joj ue|d 6mpunj pue ainpaqos e 6u|do|3Aap pue 6mjBn|EAa jo ssaoojd aqj u| A|juajjno si A\\j aqi s|ajoq Mau ajoui jo auo jo juaujdo|3Aap aqj se ||3M se '8102 'IE Jaqwaoao sajidxa 3ses| juajjno aqj uaqM |ajoq |eu|UJjaj Buijsjxa aqj jo uo|jeziujapouj pue uo|jeaou3J e apnpm abui sjoafojd |ejoq asaqi Jjodjjv aqj je sjoafojd paje|aj-|ajoq ujejjao a>|ejjapun oj spuajuj os|e Ajq aqi
!N3lAJdOT3A3a 1310H V2ZZ
SlDSfOUd "IVlIdVD a3H10 2ZZ
¦sapejSdn uoijeiijusa pue 'sdujnd jajsneqxa jeaq dn >|oeq g |euiujjai pue i lemiujai 'sapej6dn wsjsa's jsneqxa 'sjoafojd ajnjonjjsEJju] 6mjq6j| pue |eoujoa|a apnpu] sjoafojd jue|d uoijeja6ujaj pue 6u|jeaq jjodjjv aqi 'oj sapej6dn pue 'jo aoueuajuieuj apnpuj sjoafojd uo|jeja6ujay pue 6u|jeaH
uoijDjaBijfay puo Buiioan
•s6uip||ng |eu|ujjai aqj m sa6puq 6u|peo| asn uoujujoo jo juaujaoe|daj aqj epnpu| sjoafojd dD luauudinbg Ajp
iuauidmbj Xjij
Vinv aqj p N iiqiqxg ui papnpuj s|BAOJdde Buipunj mejjao pue sjuaaiaaj6e asn jjodjjv sno|Aajd japun paAjaoaj s|eAOJdde 6mpunj jo uoijeuiquuoo e q6nojqj uuej6oJd |ejjde3 jjodjjv aqj uj papnpui sjoafojd dD IJodjjv aqi joj paAjaoaj uaaq aAeq s|BAOjddB 6mpunj au!|j|B Ajessaoau nv
sjoafojd Jaqjo pue sjuaujaAOjduui ajBg ujjai-JBaN jo dVl aqj uj papnpui bjb sbbjv ajejsg |eay lepjeuuuuo;} pue |eoijneuojav aqi m sjoafojd pue 'sjuaiueAOjduj! 6uj>ued Pi 6ui>jJBd qjJON paiiun aqi p uoiJBjmqBqaj aqj apnpm sjoafojd juaujaAOjduj| uo|jBjJodsuBJi punoj^ pus 6uj>)JBd
SlU9lU3AOjdlUI U0110)JOdUDJ± ptinOJt) pUD BuiifJDd
uiajsAs jaMod Aqpuejs Aouabjauia Mau e pue !x |eu|UJjai m S3pej6dn DVAH pue ju3UJ3oe|d3J poj 6u|pnpu! 's|eujujjaj oijsaujop aqj oj aoueuajuieuj pue jjedaj sqj sapnpuj dD aqi
S}U9Ul9AOjdlUI ]DU1UIJ3±
•uojjomjsuoo
ajnjomjsejjui snduuBO xa|duuoj- eoueuajmeiAj jjodjiv pus !i Aem|xbi p uo|jBj|||qBqaj .'sapBj6dn J|nEA iojjuo^ 6uijq6n piaijJiv qjJON :sasjnoouoo puB |BU|UJjej ja6uasssd aqj jb sjuaujaAOjdiui a6BU]Bjp pue jueweAed uojde aqj p juauuaoB|daj puB |BAOLuaj aqj p jsjsuoo qojqM 'sdujej uojde snojaujnu p uo|jejj|!qEqej pus uoijBjj|jqBqay 122a't' AEMuny luojjonjjsuooay |ejjjed >d22-"lt> AeMuny :apnpu| dD aqj m sjuauuaAOjdum p|ayjjB JofB[A|
siuauiaAOjduii pjaipiy
sjoafojd Ajunoas puB Ajajes pue .'uuajsAs jaMod Aqpuejs Aoua6jauja aqj oj apej6dn ue se ||3M se '2 |eu|UJJ3i uj g pus 3 sssjnoouo^ oj sspBj6dn pue 1 |eujujJ3i m jusujsoeidsj poj Bu|pnpu| 'sjoafojd eajE |Bmujjaj :s|Buiujjaj aqj uj sjoafojd uoijEjabujaj puB 6ujjB3q |Buojjjppe pue jue|d uo|jEje6ujej pue 6uijeaq 3qj oj sapej6dn :jusuj3Aed p|3ijjiB 6u|js|X3 p .U0|jBJ!|iqBq3J joj Sj dD aqj jo snooj AjEiuud aqj '|Bjaua6 ui dVl pue dlAJO aqj oj uo|j|ppe ui 'spssu |Bj|dB0 6u|o6uo s,jJodjjv aqj ssajppB A||Bjaua6 jBqj jjodjiv aqi ie sjoafojd juauudo|3A3p sapnpu] dD aqi
SlDaCOUd lAJVHDOad lN3IA]3AOddlAJI IVlIdVD L Z Z
lMOdblV 1VNOUVNM31NI 3HVH.0 O9V0IH0 O9V0IH0 30 A1I0
tuei|nsuo3 iJodjjv au,l jo ijoday
•pouad uoipafojd aq; 6uunp jnooo oj pawnsse s] qoiqM jo uo]||]q £•/:$ 'sjsoo joafojd Luej6oJd |ej|de3 jjodjjv 6ujUjeujaj aqj punj oj sisAjeue S|qj ui paujnsse aje spuoq ajnjnj pue 'uuej6oJd lejide} jjodjjv aqj jo uoj||jq 6T$ Ajajeujjxojdde 'jjed u| jo a|oqM m 'punj oj panssi aq oj paujnsse aje spuog 8X02 aqi
•passnosip
os|e s] ujej6ojd lejjde} jjodjjv aqj jo uojja|diuoo aqj ujojj 6uij|nsaj sanuaAaj pue sasuadxg iajt^o |ejuaujajoui .'uiajaqj papnpui suojjoafojd |eioueu|j aqj ui pajoayaj s] pue s jejdeq^ ui passnosip s| ujej6ojd lejide^ jjodjjv aqj jo 6u|punj aqj aja|dujoo oj papaau spuoq ajnjnj pue 'spuog 8X02 aqi 'spuoq panss] A|sno|Aajd uo ao|Ajas jqaa
¦suoijoafcud |epueuyjo sasodjnd joj jjoday s|qj u| papnpuj 'sjoafojd dD Pue 'sjoafojd Jaqjo pue sjuauueAOjduui ajeg uuai-jeaN 'sjoafojd x aseqd dVl 'sjoafojd p|a|jJ|V 6u|U|eujay dlAlO °lu! *no ua>|Ojq ujej6oJd lejide^ jjodjjv aqj jo jsoo paje|eosa pajeuj|jsa aqj sjoayaj £-2 a|qei S|s/|eue |epueuij sjjodey sjqj u| papnpuj sjoafojd uiej6oJd lejide^ jjodjjv aqj joj spunj jo sasn pue saojnos pajewysa aqj sjuasajd aiqui
lAivyDoyd
iviidVD laodaiv 3Hi aod saNfid do S3sn qnv S3Danos
8102 Jaqopo '(uo.HB|B3sa) ue6jo[A| dr '8102 aunf 'uoiibiav jo ujawuedaa o6i?dim3 jo Aip 30>jnOS
6uipunoj cn anp ppe ;ou Aew S|eioi .31ON
uonnq oz$
spafojd dD
spelbjd JsqJO pue sjuaujaAOjduji ajej) uuai-jeaN
T asBMd dVl
spafojd piaujlV diAlO 6uiuieujay
si:>aroad aaaNnd
AlSHOIA3yd
lAIVyDOidd IVlIdVD
laodyiv ivioi
IVAOyddV
vinv
SlN3lA133>d9V
snoiA3yd
IVAOMddV
(S1SCO !D3fOyd Q31V1V3S3) S1SCO IDdCOad
AHViMlMnS |A|V>JDOad IVlIdVJ lyodyiv £~Z 3T9V1
sjoafojd dD i° uo!ll!q
0'2$ A|ajeuj|xojdde pue 'sjoafojd Jaqjo Pue sjuaujaAOjduji ajeg wjai-jeeN jo uoi||iq x x$ A|ajew|xojdde 'sjoafojd x aseqd dVlP uoi||iq 2 9$ A|ejeuujxojdde 'sjoafojd p|ajjJjVdlAIO 6ujujeujay jo uoi||iq £'x$ A|ajeuj|xojdde jo pasudwoo S| ji papunj aq oj 6uiuieuuaj uoj||jq i/6$ A|ajeuuixojdde qjjM uoi||iq 0 X1$ A|ajeuijxojdde S|ejoj uuej6oJd lejjde^ jjodjjv |ejoj aqi ajaq pajuasajd sjsoo aqj ujojj jajjip oj A\d>\\\ aje sjsoo joafojd |enjoe pue sasodjnd aAjjejjsuoujap joj aje sisA|eue |epueuij aqj Uj papnpuj sjsoo uuej6oJd lejjde^ jjodjjv aqi "jjoday sjqj u| paujnsse ajej uo|je|jui juaojad £ aqj pue joafojd qoea jo 6uiujij pajedjoijueaqj uo paseq paje|eosa ejeajaq UMoqs sjsoo joafojd "Jjoday sjqj U| S|s/|eue |epueuy aqj ui papnpuj juauodujoo Aq uuej6oJd lejjde^ jjodjjv aqj jo Ajewiuns e sjuasajd £-2 a|qei
SISA1VNV
IVIDNVNId 3H1 NI a3amDNI SlD3fOVJd lAJVVJDOyd "IVlIdVD lyOdUIV 6ZZ
DJOdlJIV 1VN0I1VNM31NI 3)JVH,0 O9V0IH0
8102 Z y3SiAJ3AON
I gg - g I lueqnsuo} uodJiy aqijo uoday
SIOZ JsqoPO 'uoiibiav jo luawupdaa o6pmo .JDHnOS 5 jaideLQ u| pepaijaj suoudtunsse puoq ajninj pup suoipafojd ippupuij jo sasodjnd aq; jo; paiP|p:>sa ajp sisod pafojd i
suoi||iuj ui SJP||oa S310N
WVUOOHd IVUdVD lUOdUIV IVIOI
SlDBfOUd dD IVIOI
uoij,eja6ujay pue 6uueaH
luauidinbj A}Q
uoiienodsuBJi punojg pue 6u;>|jec|
I'TOOIS
PI5IJJI.V
(Vinv aLH u! paAOJddy) spaloid dD
(papunj ag oj. 'paAOJddy A"|snoiAaJd) spafojd dIV paAOJddy A"|snoiA3Jd
spafojd dD
SlD3fOUd H3H10 QNV SlN3W3AO>JdlMI 3±V9 WU3± MV3N IVIOI
spafojd uiseg uoquajaa
(Vinv ui paAOJddy) uoisuedxg ajeg-f i asjnosuo^
(Vinv ui paAOJddy) jnoAng ajeg-s i asjno3U03
(Vinv ui paAOJddv) 6ui>|jed pue apispuei '6uisodjnday 'waisAs 6ui|pueH a6e66eg s leuiuuaj.
(papunj
A||nj) uoi}ejn6quo3aj asjnosuos jsbm pue uoisuaixe asjno3uo3 jsea sapnpui - uoisuedxj s leuiuuaj.
spafojd JaqiO pue siuawaAOjdwi aieg uuaj.-jeaN
SlD3fOiJd X 3SVHd dVl IVIOI
(6ui>|jed aaAo|duij uja}sa/v\ 'saijjjqn 'Bmsodjnday pue SjuaujaAOjduJi g |euiuuai 'swajsAs 6ui|puen a6e66eg '|auunj_-paj,epi|osuo;)) spafojd I aseqd dVlJ3M10
asjno3UQ3 z 311|]sibs
asjno3uo;> x a}i||a}es
(1DO) sesjno3uo3 rg leuiujjaj. |eqo|9 ajen.O - luaujdoiaAapay z leuiujjai
(Vinv ui paAOJddv) spefcud I aseqd dVl
si33foad cmuuiv dwo DNiNivi/vau ivioi
(Vinv ui paAOJddv) uoisua}X3 y6 AeMuny
(papunj A"||nj) spafojd luawaAOjduji piaqjiy leuowppv pue 0CZ/D6 AeMuny |ej,o}qns
(papunj A||nj) g pue v sAeMixei p uoue30|ay pue wajsAs Ae/Aixei piaij-ssoj}
(papunj A||nj) ped 6ui3i-aQ pazi|BJiuaj
(papunj A||nj) spafojd 6ui|qeuj pue 0CZ-D6 AeMuny
spafojd,p|aijJiv dlMO 6uiuieway
, (CmviVDSB) ISOD Q31VIAII1S3 1V10J.
iMvaooad iviidVD laodyiv aod saNnd do sasn cinv saoynos adiviMiisa (z do x) t-z aiavi
laodaiv ivNouvNaaiNi aavH.o oovdihd
09V3IH3 JO AlO
;up;|nsuo3 ijodjiv aqi jo uoday
8X0Z Jaqopo 'uonejAV jo luaiuyedaa o6pDiq3 3Dyn.OS S jaideiQ Uj papsijsj suondwnsse puoq ajninj pup suoipafojd leuueuij jo sasodjnd aqj joj paieiejsa aje sjsoj pafojy z
pauiiujaiap uaaq iaA iou seq sanuaAaj
DJd asaqi jo asn pue 6uiiuu aqi JaAaMOq :paujnsse A|iuajjn:> spuoq ajninj lasjjo 01 aAjas Aeuj wej6ojd |ei|de3 uodjiv aqi punj 01 pasn sanuaAay Djd aqi jo suoiuod iuaujaaj6e jeaA-sx aqi jo luiai aqi jbao aniAjas iqap punj 01 sanuaAay DJd jo uoiiiiuj OEiS 1° lel°> e asn °l paaj6e Mo aqi 'VIHV wau aqi japun X
suoiyiLU ui sjpiioq S3J.ON
WVaOOad IVJJdVD lUOdUIV QNHd Ol QBInjnSSV SON OS HUmnd IVIOI
sisaivnv sihi ni aawnssv sonos stoz ivioi
wvasoad lvudVD xaodaiv ivioi
soarodd d» ivioi
spuog ajninj pue spuog sxo?
spafojd dD
S133fOad IJ3H10 ONV SiN3W3AOadlA|l 31V9 IAIU31UV3N 1V101
spuog 8X0?
spuog aaOZ sauas
spafojd JaqiO pue aieg ujjaj_-jea|\|
si33foad I asvHd dvi ivioi
spuog ajnjry pue spuog 8T0?
spafojd X aseqd dVl
sioaroad aiiuwv dwo dniniviahu ivioi
spuog 810?
o6-noA"-se-Aed 3jd
sgyvD ouqsixq.
(pajpeg-sidiajay juejo ioi VVd) spuog AauoiAj /v\afu jgxo?
ODAVd »ueJ3 ioi VVd
spafojd P|a!P!V dWO Buiuieuiay
, (a31V!V3S3)
S3Danos ONiaNnd
Q31VIAIIJ.S3 IVIOI
lAivaooad iviidvj laodaiv yen saNnd do sasn qnv saDynos aaiviAiusa iz do z) \?-z aiavi
IMOdaiV 1VN0UVNM31NI 3«VH,0 ODVDIHD ODVDIHD 30 A1ID
(Ui?i|nsuo3 iJodjjv au.1 jo ijoday
ssjj 6ui}nujujo3 Aq pajnseaiu se 'eaje paziueqjn aqj qiiM uoi}Ej6aj,ui 3iuiouo3a pue |Ei30S jo aaj6ap q6|q e seq ),eq4 Ajojjjjai J,ua3efpe sn|d 'ajoui jo 000'OS J° uoqeindod e qjiM ebjb paziuBqjn auo ;ssa| }B aAeq sysiA) sdi}S|}bis |Bjapaj 6uiqsi|qnd puB '6uuB|nqEi '6uipa||03 ui sapua6e |B3nsue}s |ejapaj Aq asn joj: }a6png pue j,uawa6euE|Aj jo asqjo Su,} Aq pai,Baui|ap Auiua 3iqdBj6oa6 B si VSW uv ,
SISA|BUB 3IUJ0U033
|euoi6aj ui sazi|ei3ads ieqi "yej 'uoi6u!qsE/v\ ui passq ujj[j 6uq|nsuo3 B 'suoi}n|OS siujouojj joj sjaujjed Aq 'ijed ui 'pajBdajd sbm jajdeqs Sjqi ,
ja>|jeuj uojjejjodsuejj jib jofeuj e s\ y pue '(z-£ HISM*-! aas) saieis peijun aqi u] uoi6aj ueii|odoJiauj sno|ndod isouj qiJnoj. aqi s\ viV AiunoD-sx aqi 'LXOZ u! uo!ll!UJ L'6 Aueau p uojie|ndod e qi]/vNOUVindOd VZ'£ SISA1VNV DIHdVyDOIAjaa 3'E
•msuoDsiM ui Ajuno;) eqsouax pue .'euejpuj. uj sajjuno} jeiJOd pue 'uojMe|\| 'e>|e"i 'jadsef Isjoujui uj sajiuno^ hjaa pue 'Ajua|-piA] 'a>|e-| '||epua» 'ae>)e>|ue>| 'auex 'Apumg 'dde^nQ 'q|exa(j 'yooj :saieis aajqi ui sajjunoD sx sassedwooua VIV aqi 'T-E l!q!M*a uo paiuasajd sv VSIAI aa>{e>|uex aqi pue ,(VSIAI) eaJV leDjjsyejs uejjiodojjaiAj u]6|3-a||!AJadeN -o6eD|q3 aqj p sjs]suod jjodjjv aqi 101 viV aqi 'uoday Sjqi p sasodjnd joj -sayiipej jjodjie pajeposse Jieqj pue seaje uej||odojjauj jaqjo p uojjeDO| aqj se sjojdbj qons Aq paDuanyuj aje eaje apejj jje s.jjodjie ue p sjapjoq aqi
vayv aavyi yiv 3Hi re
(SZOZ Ud] JeaA |bdsij 6uipua) pouad uoijoafojd aqj q6nojqj puewap Dwejj auj|jje paseajDui 6ujjJoddns p aiqedeD aseq oiwouoDa ue seq (viV) eajv ap^-U. J'V A}unoD-sx s,jJodjjV aqj jeqi Sujie^jpui ejep sjuasajd .jajdeqD sjqi 'AjjAjj^e 6mjDauuoDp jjoddns ui sujajjed aDiAjas 6uipje6aj suojspap aui|jje |enpjAjpuj Aq ueqj jjodjjv aqj Aq paAjas eaje aqj p SDjisuepejeqD \ez>o\ aqj Aq ajouu paouanyu] s; 'ajopjaqj 'jjodjjv aqj je uoyejjodsuejj j|e joi. pueujap p uoiuod jofeiu aqi jjodjiv aqj je Diyejj ja6uassed aqj p j|eq A|ajeujixojdde joi. pajunoDDe A||eD|JOjs]q seq qDjqM 'Diyejj ja6uassed (a?go) uoyeuysap pue uj6uo joi. jueDijiuejS Aue|nD]jjed si aouapuadap S|qi eaje apejj j|e s,jjodj|e ue se oj pajjajaj A|uoujwod 'jjodjje ue Aq paAjas eaje |eD|qdej6oa6 aqj p SDjjsuajDejeqD DjuuouoDa pue D|qdej6oujap aqj uodn juapuadap 'aaj6ap a6je| e oj 'si uojjejjodsuejj j]e joj pueujap aqi
SISA1VNV DIIAIONOD3 QNV DIHdV^DOIAI3Q £
IMOdMIV 1VN0UVN>J31NI 3MVH.0 ODVDIHD
8103 'z aaawaAON
luei|nsuco uodjiv am jo uoday
o
{siJOdJie) g 10? 'adajos |«ji6o|Ooy s"fl ^11,1 Pu* san'is p-^nufl a Mi |o sqiy |puoi;eN '1JS3 :(o*t*is 'AiunoD) Lioz 'so|ipdeL|S fuin/a39n 'uoisiaiq ALJdtfj6o;)y 'neojno snsuaj sn 'S OMflOS
esjy ii'j'isneis uciiiodoJiai/j = vsiaj
IlON
VSIaj apismo suodJiy fluusix;-j j^'j^
VSVN uiq 11/v\ suodJiy fjuusix |
uodJiy |(!uoiirijj3iu[ fJRH.O uoiBaa oOeoiiQ jo apisinQ sanunoj Q |
VSW iJifi|j-;)||iAJj)dPN-ofieDiLD | |
muod
}J0dj!V |EUO!lEUJ3}U]
o6eoii\j Aje^
jjodjiy |euoi}buj3}ui Aemphaj o6e3iq3
uodjiv |euoijeuja}ui
aJBH.O o6E3jL10|BDVdna
3NV>
AyNBHDlAJ
VHSON3>l
3NDVH
, j
UOdjIV |EU0I}BUJ3)UI ||dU,3)l|AJ |BJ3U9^ T
aivxaa
jjodjiy |Buoi}eujaju]
T
pjOJ>(30>J 06b3IIQ
3N009
1?
ODV93NNIM
|910|
IMOdMIV 1VNOUVN>J31NI 3MVH.O ODVDIHD ODVDIHD 30 AJ.ID
lueiinsuo} uodjiv aqijo uoday
•jJOdj]V aqi IE 90IAJ9S dUjjJjE JOI pUEUUSp |EUO!l|ppE
aiEjaua6 oa papadxa s| pouad s\m 6uunp viV aqi u\ sjuapisaj Mau 000'20Z. AiaieujjxojddB p asssjDui papafojd aqi ¦(luaDjad 6 0) sajejs pa;iun aq; joj papafojd s\ jsqM usqi. J3MO| jnq (lueujed t/'O) isaMpiy\| aq; joj papafojd Sj jeqM ueqi jaq6]q s] jsqiajEJ b—iu3DJ3d 90 P (aDVD) aiej qiMOj6 |snuuE punoduiOD e speyaj 6202 q6nojqi l\qz pouad aq; joj papafojd uoj;e|ndod viV aqi '6202 q6nojqi ||EA3jd o; papadxa sj ieqi d]qsuojiE|3J e—saie;s pa;iun aqi p ieqi ueqi jaMO| sbm ji inq 'uoiiE|ndod isaMpiiAj aqi p lEqi UEqi jaq6|q sbm qiMOj6 uous|ndod p aiBJ |EDuo}siq s,viv aqi JBaA Jad 00S'22 A|3iEiu!xojdde jo 'LIQZ pue £002 uaa/vuaq uo|iB|ndod si| oi 000'S22 ^lajEUJixojddE pappB viV aqi woqs i-g ajqej. u] e}eq laABj; aujujE joj pusujap 6uipje6aj jopsi Aa>| b s\ qiMOj6 uoiiB|ndod
8T03 'aseqeiea dewaseg I>JS3 '8103 l!Jdv '(SOQ3D) aminos djdq ^MdoJdoujBQ puo jiujouojj ao/duioj 210Z ' 3UI 'sjiiiiouojg 3|Ooy 79 spooM S33bn0S
eajy |e3nsm?is pau|qLU03-vSD 3JON
HZLP'LiO'L). yS3 5pue|poo/vi aiji^uoisnoHt'
VS3 MW9M>!03-se||ed w
(8l?'UZ'Z) y53 uapuiDQ
(S98:69i'6j
-9Jbuuj^es;UO)6u|qse
(/1I03) S31V1S CmiNn 3H1 NI SNOI93>J NVinOdOai3lM !S39aVT N31 Z-Z 1I9IHX3
lUOdMlV "IVNOUVNi331Nl 3DVH.0 ODVDIHD
8103 3 U39IAJ3AON
[
lueiinsuco ijocIjiv jo uoday
'6uipuads pioqasnoq jo Aa/uns apiMuoijeu 6uio6uo ue 'Aa/uns ajrnipuadxg jawnsucr) .saiisiiejs Joqei jo neajng 'joqei jo luawijedaQ s n SM1 uo paseq aje ]baoji jo} 6ui/ng s.oiy/n ui ejeQ %IQZ 'ssajy jsi6aiejis mbm 'eseqii pa qi?T )awj± jo} BujAng s,oi//vi 'ssajd j,si6a}ej}s mbn e
•(juaDjad gg^) sajejs pajmn aqj pue (juaDjad z sz) IsaMpjiAj aqj qjoq ui uo]je|ndod ai); ueqj ajej jaq6|q e le VIV aqi u| pajuasajdaj s] sajejjje uo sajnijpuadxa isow aqi saiejaua6 ieqi dnoj6 a6e aqi 'snqi uo]ie|ndod aq; jo luaDjad //gj joj pajunoDDe fg oj cc pa6e viV AjunoD-gx aqi ui s;uapjsaj '/.X03 u! leMl SMoqs £-£ a|qei
j Sajepie uo sajnjjpuadxa jo juaDjad joj junoDDe fg pue gg jo sa6e aqj uaa/wjaq suosjad 'sajejs pajmp aqj uj 'SDijsiiejs joqei jo neajng joqei jo juawyedaQ STi aqj ujojj ejep AaAjns ajnjjpuadxg jawnsuo} oj SmpjooDV jjodjiv aqj je XjjAjjDe ja6uassed a?$?0 BuiDuanmjj jojdbj e sj Sjqj pue 'dnojS a6e Aq saueA |3Aejj amuje joj pueujaa
NouvDnaa qnv Nioiinaiaisia jdv zzz
8102 |udv '(SOQ3D) aa/nos o\dq yudojBoiuacj puo ymouoDj aja/diuoj SIOZ' m\ 'sjiwouojj apod ig spooM 3D>jnOS
uisuodsim pup 'oiqo 'up6)ipiiAJ 'pupipui 'siouim se pauijap Sj ;saMpjiAj aqi £ (~H) Aiuno3 aa>)p>)up» sasudwo} vStAJ aa>|e>|ue>| aqi z (IM) eqsoua>| pup '(NI) Ja;JOd '(NI) uoimbn '(NI) a>|Pl '(NI) Jadser '(11) ll'AA '(II) AJuahpiAj '(II) a>|P1 '(II) liepuax '(H) aup» '(II) Apunjt) 'Hi) a6pjna '(h) q|P»aa '(ii) >|00D sajiunoD 6u;mo||Oj aqi sasudmoD VSW ui6|3-a||iAjadeN-o6ejiqD aqi ¦ eajy iPJiisiieis ueniodoJiaiM - VSW S310N
sajets pal! u n ? jsaMpi (aj i LXOl-LWl
eajv apeJi J|VI £003-/1661
n o 3 •a o c
- %t> 0 §. 3° >
tD =J C
h %8'0
%0T | L %ZT =F
SST'096'E9E 6Zt'888'SZE £9X'IEZ'tOE 8£8'9t'9'Z£Z
frZiVS0t>'61> S9£'£Z6'9fr
?E?'9TT gt^'OTT
S£6'8S?'0I ?0?'E9S'6
iOZ'SiE'OI 8W'E£9'6
(6203-/166I) NOUVindOd a3iJ3fOyd QNV IVDIdOlSIH T"£ 319V1
IMOdMIV 1VNOUVNIJ31NI 3MVH.O ODVDIHD
8102 '2 >J3aW3AON
I 6S"3 I iuei|nsuo3 uodjjv aqi jo uoday
810? 'ssaJd isi6aiEJis «SN AN 'e:>eu,ii pa u,}?! ']3aoj± joi dw/ng s,oiim 'ssajd }si6aiBJis MaN. „
¦|9AEJj A"i|nDej pue luapnjs
lenpjAjpui pue 'swej6ojd peojqe Apnis 'sdjqsjossspjd 6u.his.ia 'S3DU3J3.iuod pue s6ui}33uj DiuuapeDe q6nojqi aojAjas suiuie joi. pueujap aiejaua6 suoiimjism leuoueonpa asaqi siuapnjs 000'S62 A|aieiuixojdde 10 }uauu||OJU3 iejoj qjjM 'sajijsjaAiun pue se6e||03 ZV °1 awoq os|e si viV aqi 'uoj}e|ndod pajeonpa A|q6|q e SuiAeq o; uomppe ui
(juaDjad f'6E) sajeis pai|un aqi pue (juaDJsd 6££) IsaMpjiAj aqi qpq p suojjeindod aqi ueqi aBeiuaojad jaq6|q e—(ejejopop jo 'sjajseuu 's,J0|3qDeq 's,aieposse) aaj6ap AjepuoD3s-}sod e aAeq p a6e aqi jaAO uo|ie|ndod s,viv aqi p jusDJsd i £\>- 'zi a|qei u] UMoqs sv ,,'3631103 pspusiie jaAau oqM sjatunsuoD Aq psseqDjnd sjb iu33J3d ng, pue 'a6a||OD aiuos peq aAeq oqM sjawnsuoD Aq paseqajnd aje luaDjad 0'8T a|jqM 'saienpej6 a6a||OD Aq paseqDjnd 3je sajejjie p luaDjad q\?l ieqi aieoipuj eiea |aAeja aujuje uo sajni]puadxe p a6e}uaDjed q6|q e aiej3U36 33j6ap a6a||OD e qiiM suosjed 'eiep Asajiis ajnypuadxq, jauunsuo} 01 6uipjODDV
(saieis paiiun pue 'saieis
'svsiM ioj sapjOJd ia>|jeiu) 8X0Z 3unr IMS3 '8T03 |udv '(saQ3D) somos o\oq 0]uc1dj6oujbq puo djwouodj aia;diuoj SIOZ ' ^"1 'sDioiouoDg apod ?g spooM S3DdnOS
%ooox
310-I0P0Q JO 33jb~3Q S,J3]S0lrJ
aajfiag s,jo]3iJ3og
33j63Q S,3}OUOSS\/
aaj6aQ /tiepucoas-jscy
aaj6aQ on. 'a6a||03 aiuos
|E|iuapaj3 aAueujai|v/Q3D
aienpEjg |o.oips M^!H
euiO|diQ on 'apBJD m?T-u.l6
apBjg HJ6 ublij ssai
paAaiipv |aAa"| j,sau,6iH A"g
J3AQ pue sjeax SZ uojie|ndo,j
1N3IAINIV11V "lVNOIJ.VDn.a3
a6v uejpaiAj
%000X
aAoqv puB S9
sjbba t>9 oi SS
sjbba t>S 01 Sfr
SJB3A t>t>Ql S£_ SJB3A f £ 01 sz
sjbba f Z oi 0?
japun PUB6T
dnojg a6v Ag
uo;)E|ndod |E)oj_
Nonnaiyisia 3dv
(lioz) iN3iAiNiviiv nvNouvDnas qnv Nounaiaisia 39V z-z siavi
IdOdaiV 1VN0I1VNM31NI 3>JVH.O ODVDIHD
8T0Z 'Z a39H3AON
lueiinsuo} uodjiv am jo uoday
sjB||op lioz u! SJB sjunowv ,
uoijEindod s,uoi6ej am A"q papiAip 'ajuejnsm |eoos juawujaAo6 joj suoqnqujuos |euosjad ssa| 'sjuawABd jbjsubjj pue 'aujcoui jsajajuj leuosjad 'awcou! puapiAip 'aujosui |Bjuaj 'aujosuj .sjojaudojd 'awosui joqei jaqio 'sauB|BS puB sa6BM jo ujns aqj si eui03ui |Buosjad BjidE3 jay t
'6203 Pue ZI03 uaamjaq (juaDjad
ZT) saieis paiiun aqj 01 |enba pue (juaDjad £'x) isaMpi|Aj aqi jo jeqj ueqj J3M0| A|jq6||s si (juaDJsd z i) VIV aqj uj eiuoDUj |euosjad ejjdeD jad joj aiej qj/v\oj6 papafojd aqi <, £>ZQZ u! SI6'S9$ °1 LIOZ u! WZ'LS% ujojj 'jU3DJ3d £X P aOVD e le aseajauj 01 papadxa si viV aqi uj auuoDUi |euosjad ejideD jad papafojd jeqj SMoqs os|e £-£ Jiqiqxq,
810Z l!Jdv 'SJe||op iioz ui aje sumowv 310N
%Z T %£T %Z X (pajsarojd) 630<3-/;T0?
%0'T %TI %80 LlOZ-LOOZ
S3ivj.sa3J.iNn issmqiiai vsyv savyj. yiv himoud 31aiconi ivNOsy3d viidVD y3d ivnNNV
sajejs pajiun^^— ;s3Mp||Aj^^_ eajv speJl J|V^^~
LIOZ 9103 SIOZ 1>I03 £103 3103 TI03 0103 6003 8003 Z.003
00Q'01>$
00S'3i7$
000'St>$
00S'Z.t>$
000'05$
00S'3S$
000'SS$
00S'ZS$
000'09$
(L10Z-L00Z) 31MODNI "IVNOSUSd VlldVJ y3d £-£ 1IUIHX3
pouad aujes aqi 6uunp (luaDjad o'X) saieis pajiun aqi pue (luaDjad x°l) isaMpjiAj aqi qpq Uj aiej aqi ueqi J3MO| s] qajqM 'LIOZ pue Z002 uaaMjaq juaDjad g/o jo bDVD e le paseajaui viV aqj joj aujoouj |euosjad eijdeD jad saieis paiiun aqi pue jsaMpjiAj aqi jo ieqj ueqi jeq6|q seM viV aqi ui auuoDUi |euosjad ejjdeD jad 'LIOZ pue £002 uaaMiaq 'UMoqs sv sajejs pajiun aqi pue 'jsaMpi/g aqi 'VIV AjunoD-gx au,l J°i LIOZ q6nojqj L00Z J°i auuoDU] |euosjad ejjdeD jad |e3uojsiq sjuasajd £-£ uqiipca
uusunoj joj ja>)jeuj
pado|aAap ajouj e se ||3M se 'uojjeu aqj jo jsaj aqj oj suoijDauuoD ssauisnq ja6uojjs aAeq uejjo awoDui |euosjad ejideD jsd jaq6iq qjiM suoj6ay sja|3Aejj ajnsia| pue ssauisnq oj ssau3AijDejjje s,eaje ue jo JojeDjpuj ue sq os|e ues ji |3Aejj 3ui|jie pjojje oj Ajj|jqe jjsqj se ||3M se 'sjuspissj s,uo]63J e jo 3DU3n|jje SAjjepj aqj sajeDjpw auuoDUj leuosjsd eijdeD jad c'aiuoDuj |euosjad ejideD jsd sj |3abji sm^e joj pueujap s,uoi6aj e jo joje^jpui Aa>) jaqiouv
3IAJODNI "IVNOSaad VlIdVD U3d £mZ'£
laodaiv ivNouvNaaiNi bmvh.o odvdihd
ODVDIHD dO A1ID
juej|nsuoD uodjiv au,i 10 uoday
'810? 'ssaJd }Si6a}ej}s Maw. an 'e^mi pa WI '/a/iDJi Jq/ 6u//ng s.oi/yn 'ssajd j,si6aj,ejj,s Me|\| £
•|9aej} auiuie joj puewap |eijuajod s,eeje aqj jo 'A|juanbasuoD 'pus sajE ue jo qj|eaq DiwouoDe aqj jo sajnsEaw peojq aje sjojeDipui asaqi 'eaje aqj jo uoije|ndod |ejoj aqj Aq papiAjp 'sajE Djqdej6oa6 pauyap e U]qj|M paonpojd saojAjas pus spoo6 |EU]j ||e jo an|EA ja>jJEUJ aqj jo sajnssauj aJE (ejep |3Aa|-AjunoD pus -ajejs IdaD) pnpojd |euoi6aj ssoj6 ejjdeD jad pus (EjEp |3Aa|- s n -dQD) J^npojd Djjsauuop ssoj6 EjideD jad
IDnaoyd 1VNOID3y/DUS3IAJOa SSOdD VlIdVD U3d "[¦£¦£
SISA1VNV 3IIAJONOD3 £ £
ssjejs p3J|un aqj u] sja>)jeuj jsaiqj|eaM aqj 6uouie s\ viV aqj 'LIOZ u\ ajouj jo 000'00T$ Buiujea sp|oqasnoq 000'TST'T AiajeujjxojddE qj|M £ ajouj jo 000'00T$ P saujoDUj |enuue qjjM sp|oqasnoq Aq apeuj aje sajnjipuadxa ajejjie jo juaDjad 55 'SDijsjjejs joqei jo nEajng JoqEi jo juaujjjedaa s n aqj ujojj ejep AaAjns ejnjipuadxg jauunsuo^ oj 6ujpjoDDV |aAejj aui|jje joj pueujap |eijuajod jo JojeDjpui Aa>| jaqjoue sj VIV aqj uiqjiM (A||enuue ajouu jo 000'00I$ 6u|ujea asoqj se pauyap) sp|oqashoq aujoDUj-jaq6jq jo a6EjuaDjad aqi
3A08V ONV 000'00I$ dO 31AJ03NI HUM SCMOHasnOH TfrZE
(saieis pajiun P"E 'sajejs 'svsiM JOJ sapjojd jajjjeuj) SIOZ aunf 'IHS3 3D>jnOS
sjenop/_t;0c ui aje siunoujv 310N
%0'0£ %0'S? %0'0? %0SI %0 0I %0'S %00
(Lioz) Nounaiaisia 3iaiojni cnoH3snoH t>-e namxs
'(03T'9S$) sajejs pajjun aqj jo jeqj ueqj jaq6iq juaDjad o'SI pue (08I>S$) JsaMpi^ aqj jo jeqj ueqj jaq6iq juaDjad X'6T seM LIOZ u! 6ZS'P9$ P aujoDui p|oqasnoq uejpauj s,viv aqi sajejs pajjun aqj pue jsaMpjiM aqj qjoq jo jeqj ueqj jaq6jq A|jueDjjju6js si aujoDUj p|oqasnoq uejpauj LIOZ pajeujjjsa s,viv AjunoD-sx aqi LIOZ u! sajejs pajjun aqj pue 'jsaMpjjAi aqj ViV aqj joj seuo6ejeD auuoDUi aqj 6uouje sp|oqasnoq jo uojjnqjjjsjp aqj SMoqs iiqmxs
3IAJODNI aiOH3SnOH NVI031AJ ONV NOIinaiUlSia 3IAJ03NI aiOH3SnOH VZ'£
lUOdUIV 1VNOUVN>J31NI 3MVH.O ODVDIHD
8T0Z I U3BW3AON ODVDIHD JO A1ID
£9~3 I juej|nsuo;j uodjjv am jo uoday
SJE||op no? ui aje sjunoujv 8
ujojj lseMpjiAj aqi jo jeqj ueqi J9MO| seM ajej luawAOidwaun s,viV aqi 'ZTOZ qBnojqi /_ooz wojj sjeaA" ||e u; saieis paimn aqi p ieqi ueqi Jaq6|q sbm viV A}unoD-sx aqi ui aiej juaujAO|dujaun |enuuB aqi ieqi SMoqs g-£ iiqiqxa
(juaDjad s o) sajejs paj.iun aqi p jeqj usqi ja/v\o| inq (juaDjad x'O") JsaMpiiAj aqi p aiBJ aqi ueqi Jaq6iq—juaojad X'O Apieujjxojdde p aDVD b }b mbj6 bdjoj JoqB| viV aqi 'LIOZ pue ZOOZ uaawjag
SaN3Ul lN31AJA01dlAJ3 Z£Z
SIOZ aunf '(SQQ3D) aojnos dioq Jiudojdowdcj puo oiwouoo] aiajdwoj 810Z' m\ sdjujouod^ a|OOd rs spooM 3Dyn0S
pnpojj |euoi6ay ssojq - dyD pnpojd susaujoa ssojd - daQ SJP||op lioz ui aje sjunou.iv S310N
%6 0 %0T %0 T (papafojd) 6303-ZIO?
%Z0 %0I %£0 Z.T02-Z.00?
saivis aaiiNn isaMaiiM vaav aavyi yiv himouo dyD/daD viidvD y3d ivhnnv
saieis paimn 1S3MPHA] eajy apeJi J|V^^-
LIOZ 9103 ST03 t>103 £103 3103 TT03 0T03 6003 8003 Z003
000'St>$
000'0S$
— ooo'sss
000'09$
000'S9$
000'0Z$
000'SZ$
(zio3-zoo3) sijnaoad ivNoiDaaVjiisatAioa ssoao viidvj aad s-£ iiamxa
pouad awes aqi jaAO (juaDjad 6'0)
saieis paimn aqi oi aA|je|aj jaq6|q A|iq6!|s inq jsaMpiiAj aqi oi |Bnba s| qD|q/v\ ViV aqi joj. luaDjad o x P aDVD e spasajdaj aseajDui s|qi QZ0Z u\ 6S£'6Z$ °1 LIOZ u| 8S£'0Z$ ujojj aseajDui oi papafojd s\ viV aqi joj dUD eiideD jad
pouad
aiuES aqi 6uunp saieis paiiun aqi Joj aDVD aqi oi |enba pue (juaDjad o'X) JsaMpiiAj aqi joj aDVD aqi ueqi ja/v\o| Sj qDiqM 'LIOZ pue L00Z uaaMiaq juaDjad Z0 P dDVD e ie paseajDUi viV aqi J°j dUD elides Jad LIOZ u| 8SE'0Z$ oi Z00Z uj 06£'S9$ ujoj; paseajDU] daD eijdeD Jad s.viV aqi»'LIOZ qBnojqj L00Z 'saieis paimf! aqi joj ejep d(]D eijdeD jad se ||a/v\ se 'isaMpjiAj aqi pue viV A"junoD-gx aqi jo; eiep daD ejideD jad leDuojsiq sjuasajd s-£ uqiqxa
DJOdWV 1VNOI1VNM31NI 3MVH.0 ODVDIHD
STOZ 'Z >J3aiN3AON
lueqnsuo} uodjiv aqi ;o uoday
(810?
aunf passa:oe) uO!Suedxa-uoiie:>o|/iuo:> o6e:)iq:jssauisnqp|.ioMMMM//:diiq 'saaiAjas uoisuedxj pue uoqeDcri ssauisng 'o6e:>iq3 ssauisng p|JOAA ft
(810?
aunf passaD3B) anj}=3sa'p q6!q""jBaAia3'|jj_>^ cja9-/vi>g/jojB3!pu|/6jo >|UBqp|JOM B}Bp//,sdjjij, 'SJOiBJipuj }uawdo|aAaa p|JO/v\ '>|UBg p|JO/v\ aqi ?1
AJBuiuji|ajd bjb viV Pue lsa/v\p|(Aj joj ejep juawAo|dujaun gxo? isn6nv ||V u saieis paimn aqi ui luasjad 6'£ puB isa/wpi^ aqi ui iua:uad o> os|B sbm aiBJ juaujA"o|dujaun paisnfpB A||BUOseas aqi '8io? isn6nv ui ol
paisnfpe A||BuosBas iou bjb vlv 3Ml Joj paqsiiqnd BiBp juawAO|dwaun A"|qiuo|M r>
'DlAld^l papnpuj ZIOZ u! suoisuedxa puE suo|iBDO|aj aiBJodjoD JofE^ tI AujouoDa |Euo|6aj aqi oi luawisaAU] uj uoi||iq Z'Z% J°i pa+unoD3B saiuEduuoo asaqi sqofMau 000V[ A|JEau papps isqi viV aqi °1 suo|iE30|aj pue suoisuedxa ssamsnq ice pa>pBJ} jqn\ 'ZTOZ uI VIV aqi uj sassaujsnq Mau eieaji) pue 'weiaj 'pejhe oi sjauijed iuauudo|aAep D|Luouo3a pue samedojoD snojauunu qi]M s>|jom Oy"M) o6eD]q3 ssau]sng p|JO/\/\ 'djqsjauijed iuaujdo|aAap DiuuouoDa lUOJduou 'aieAudoiiqnd isa6je| s,uo|6aj aqi sv ?i'P|Jom aqi u| Awoucoa isa6je| qi6T aqi aq pinoM ij 'AjiunoD e se pajnseauj ajaM ii ;i JqDeaj |eqo|6 e qi|M saieis pai|un aqi u| uo|6aj pue|U| isa6je| aqi s| viV Aiunoa-ST. aqi
31VIAJH3 SSBNISna £££
„o, saieis paijun aqi ui aiej
luaDjad 6 £ aqi ueqi jaq6iq A|iq6]|s pue isaMpiiM aqi u] aiej iua.ujAo|duuaun paisnfpB A||euoseas-uou lua^jad o'V aqi oi |enba sbm Sjqi.5:(paisnfpe A||buosb3S-uou) luaDjad o't> sbm viV aqi u] aiBJ iuauuAO|duuaun aqi '8103 isn6nv ui
8X0Z Jaqopo 's3iiS!iBis Joqei jo neajng joqex jo luawuedaa S n 33>jn0S VIV aq; jo; a|qe|ieAe iou aje eiep iuaLuAo|dujaun paisnfpe A||euospas saieis paiiun aqi ui luajjad 6 £ pue isaMpjiAj aqi ui lua^jad q & seM aiej iuaiuAo|dujaun paisnfpe Xjjeuoseas aqi '8X0Z isn6nv ui paisnfpe A||euoseas iou aje eiep 8X03 isn6nv 310N
(8X02 ISnonV-ZOO?) 31Vy lN3iAWCndlM3Nn 9-£ 1I9IHX3
0102 q6nojqi 9002 ujoj; isaMpiiAj aqip iBqi 01 |Bnba jo UBqi J3MO| sbm siBJ iu3UUAO|duj3un s,viV aqi 'ZIOZ qBnojqi OTOZ ujoj; aiej lsaMpiw aqi ueqi Jaq6iq puB 600Z qBnojqi Z00Z
laOdMIV 1VNOUVN>J31NI 3MWH.0 09VDIH3
8T0Z 'Z W381M3AON
I f9_3 | iuei|nsuo3 uodjjv smjo uoday
(8103 sunf passs33E) uoqsujjojsuejj -9JEL|o/o6e3iu,3SS3U!snqp|jOM MMM '810? 'OH q^eiAl ,,'uoijeujjojsuEjj. uoi||ig s'8$ duoisih 133 |||/v\ ajeH.O., 'o6eo\u,3 ssauisng p|JO/v\ 61
(810? aunf passasse)
N3Sn898E03a9=pi:)|W}qiSE!|Eiss/uiqM63/!SS/uouJwo3/ujO3'w^^ 'yoday pnuuy puaj± suoiidioj /oqo/£) wg/ zTO? 'IAJ3I »i
(8T0? aunr pass333e) A6aiej)S-juauJisaAU!-paj!p-u6!ajoj-dovo6E3!qVuJOD o6E3iq3Ssau!snqp|jOM MAVA//'dHq YTO? 'S? l!Jdv „'A6ajEJis juaujjsaAU] pbjiq u6i3joj joj Aiq JofeiAj doj. pauiEN. o6E3|q;)„ 'o6eD|q3 ssauisng p|JO/v\ u '(810? sunr passasse) iio?-spjEMV-A6a)Ej}s-!aj/s6u|>|UE)j/iuo3'e3ua6i||a4U|ipjMMM Yio? spjemv A"6aiEjjs iaj ,» (810? aunf passage) jpd/_x ??"8 a*ePdfl awn|OA"wsunoi 'sisA|euv T% q:>JE3say o6E3iq3 asooq^ (810? aunp passa33B) sJBeA-jnoj-OJjaui-doi/uj03 o6BDiq3ssauisnqp|jOMAAMM//.dHq '£10? 'T q3JB(Aj ,,'JBaA ¦.' aAnnDasuo^ qvnoj joj ojjai/g ajsjodjo^ doi pa>|UEy o6EDiq3„ 1(810? aunf p3SS3D3B) n0?-jaWenD-1SJIJ-6u!MOj6-o6B3iq3/uJO3'o6B3iq3SS3Uisnqp|jOM'MMM//:dHq 'iTO? '£? aunf ,,'Z.IO? JaiJEno ISJIJ '6uimo.i9 o6E3iq3„ '(8io? aunf pass333e) /iio?-J3WEnb-PJIMVpuo33S-6uiMOj6-o6B3iq3/uj03o6E3!q3Ssauisnqp|jOMMMM//:dHq 'iio? 'E? J3qopo „'£T0? J3}Jeno pjiqi puB puo33s '6u!MOjg o6E3iq3„ .'(810? aunf P3SS333E) UBUj||nd-spooj-3|oqM/uj03o6BDiq3ssauisnqp|jOM,MMM//,dj,}q '8io? 'IE AJEnuef „'ueuj||nd ui susdo J3JU33 uonnqujsia spooj 3|oqM„ '(8T0? aunf passa33E) SJauBnbpEaq-o6B3!q3-uedo-juauja6Eueuj-|BjU3p-U3dsB-S33unouuB-|3nuBUJ3 -joA"euj/uJ03 o6E3iq3ss3uisnq pijommmm//djjq '810? S U,3JE|A| „'sj3iJEnbpE3H o6E3iq^ usdo oj, j,u3UJ36eueiAj |Ej,u3q usdsv S33unouuB |3nuEiu3 joAeiaj,, .'(8X0? aunf passa33B) uoisuBdxa-jofBUj-a3unouue-aAeMismj-|anuBuja-joABUj/UJ03o6e3!q3ssau!snqp|joMAw\M//dHq '£10? 'S aunf ,,'sjayEnbpEaH o6e3iq3 s/uedwo} jo U0|suedx3 JofEiAj asunouuy aAEMisoij. pus |anueuJ3 joAbjaj,, 1(8X0? aunf p3ss333B) }3>|jeuj
-uoi|r4-so6B3iq3-J3iua3-iuaujdo|aA3p-A6o|Ouq3a)-Mau-a3unouuE-AAOua3|Ajas-|3nuEUJ3-joAEUj/UJ03o6B3iq3SS3uisnqp|JOM'M '8T0? '?? Ajenjqaj „'}a>(jBiy\| uoj|nj s,o6E3iq3 u| jsjub^ j,uawdo|aA3a A6o|Ouq33} Mau asunouus monbdiajbs puE |3nuBUJ3 joAejm,, '(810? aunf p3ss333B) o6E3iq3-sj3jjEnbpE3q-|Eqo|6-6uipuEdxa->|UEq-ujE!-sa3unouuE-|3nuEUJ3-joABLU/uj03o6B3iq3 sseuisnqp|jOMMMM//:dHq '8X0? '? IIJ(JV „'o6B3iq3 ui sjajjEnbpESH |Eqo|g 6uipuEdx3 >|UEg wet. s33unouuB |anuBUJ3 joAeiai,, ,,
... AujouoDa |euo|6aj aqj oj jeaA jad uoj||iq gx$ ajnqqjuoD ||im jj pue 'saujsnpui 6u|jJoddns pue 'sauj|jje 'jjodjjv aqj joj sqof Mau 000'S2 u! J|nsaj ujm jj 'uojjjppe ui Ajuno;) >|003 u; sqof wsunoj juauBiwad OOO'SE pue sqof uoijdoijsuod 000'09 ajeejD oj pejDadxa sj 'X2 ajen,0 'ujej6ojd |ejidED s,jJodj|v aqi
•aun pay viD aqj uo pauado sbm jaajjs qJS6 le leujujjai qjnos uoilliw 082$ M9u aqj 'uoijippe uj jjodjjv aqj saAjas qDjqM 'aun an|g viD aqj 6u!Z|Ujapouj u; juauujsaAU] uoimuj Z617% e 6uj>)euj ps|e S] uoi6aj aqi
9l:02 doj aqj uj Ajp ueDueuJV qjJON A|uo aqj se/v\ o6eDiq3 :(sqof oi ueqj sse| jo sjoafojd 6u|pnpxa) sjDefojd juaujjsaAUj jDajjp u6|ajoj jo jaquinu aqj jo sujjaj ui ppoM aqj u| qjxjs pa>)uej sbm eaje o6eD|q3 aqj '£I02 UI n'luaujjsaAU! jaajjp u6|ajoj uj uoimq 001$ jaAO 6u|juasajdaj samedujoD pasBq-u6ieJ0j 008'I ueqi ajouj puB suo|jbz|ub6jo paseq-apejj |euo|jeujaju| pue 33jeujuj03 jo sjaqujeq^ D|uqja/|Buo!jBUjaju| 001 SBq os|B ji sajB|nsuoD AjBJOuoq puB saje|nsuo3 08 P ai-uoq aqj s| j| se peojqB sajUEdwoD l)jiaa sdjqsjaujjBd a6joj oj pauoiJ!sod-||3M s| odeo^j „ sa|jp asaqj joj Ajp Abm3Jb6 |Bp|jjo aqj sb o6BDjq3 6u|jBu6|sap 6ujpuBjsjapun jo ujnpuBJOuuauj £IQZ aqj pez|u6oDaj se ||a/v\ se 'u|fue|i puB '|Bq6uBqs '6u|fiag uj s|ep|jjo qj|M seDuajejuoo jujof puB suojssjuj apsjj s,^g/\/\ pazm6oDaj os|B pjeMe buizdSdw iqJ aqi saiuBdujoD u6iajoj joj saAijuaaui |epueujj |B30| pus ajBjs pus 'sajjp |Buo|jBUjaju| %z q+l* ujBj6ojd sajjp jajs|s sji 'juaujjsaAUj u6|ajoj 6u|jdbjjjb u| >|jo« sjgM pai!^ pjeMe aqi 'ABajejjs juaujjsaAUj j^ajjp u6|ajoj joj eDuamv qjJON uj Ajp doj aqj odeo\i\j pauvieu 3U}zo6o]fi jq/ hqz uI si'(a|qe||BAe ejep jsaje|) 9X02 u! uojHjuu 8 X1 oj £X02 u! uoilliw 8'OT. u-10^ pasBaJDUj BajB UBj||odojjauj o6ed\\jq aqj oj sjojisia ssaujsnq jo jaquinu aqj 'o6BD|q3 asooq^ oj 6uipjo:ov M0J e u! jeaA qjjy aqj joj 8U!zb6buj uoiijdjds dii$ Aq „uo|jB30|aa/juaujjsaAUi ejBJodjo^ joj ojjaiAj-doi,, paujBU sbm o6BD|q3 8X02 UI
n'jajua^ uoijnqujsia ja>|jeiAj spooj a|oq/\/\ pue 'juaujaBeuetvM |ejuaa uadsv 'sujajsAsoj^iAj 'aABMlsnJi 'MONaDiAjas '>|UBg ujej 'e^uaujv qjJON pooj sjblaj 'podBaj jajua^ A6o|OuqDai suaaj6|e/V\ 'eJB3qj|BeH 3D
laodaiv ivNouvNaaiNi aavH.o oovdihd
SIOZ Z y381AI3A0N ODVDIHD JO A1ID
lueqnsuo;} iJodjjv aqw° uoday
'8103 ul VIV au,l u! }uaujAo|duja ieioi jo iua:uad 06 ueqj sjouj pasudtuos sauimcD Xjs asaqi 'saqunco ||i/v\ pue 'AjuanpiAi 'a>|e"i 'aue>| 'a6edno '>|oco ui sjaAo|duja sapnpui t>-£ aiqei ui }si| aqi h,
e>|sejqaN
pue 'bmoi 'eueipuj u| sjjod 9 pue sjouin] ui sjjod zi io sjsisuod pujsia siuojsn^ o6e:nq;) eqi (8103 aunf passage) }Xj,j,sip/p/sa|npaq:>s/apej} -uSiajoj/AoBsnsuasMMM/ZidHq 'suoqdussao pue sapco ycy pue pqisia - a a|npaq:>s 'sjqsqejs apeJi u6iajoj 'neajng snsua} sn 0?
'(S9Jo;s jjeui|eM 'aDuemv spog suaaj6|E/V\ 'uozewv) |iejsj pue ;(i7giv) suoi}BDjunujLUOD9|9j :(aiEis||v) aDuejnsuj .'(sauoiBJoqe-] ipqqv) s|eD!inaDeiujEqd '(aseq^ uBDJOwdf) saD]Ajas |epueui; '.(o6bo\hj ie siomm p AijSjaAjun 'AijSjaAiun ujaisa/v\qiJON 'o6eo\i\j p AnsjaAmn) uo]iEDnpa jaq6|q :(sau!|jjv UEDuawv 's6uip|OH |Eiuamiuo;3 pa}]un) samEdwoD aujuiB :(ajEDqi|EaH lEuouja^Aj uiaisaMquoN '9JE3 q;|E9H 9;edoapv) 9Jed qi|eaq :apnpm asaqi sauisnpm p a6uej ap|/v\ e luasajdaj viV aqi u] sjeAo|dwa jo[biaj
VIV aqi u! sjaAo|duua jo; aDjnosej iUEiJodw! ue 11 S9>|euj qnq oBjed jie puE ja6uassEd |EuoiiEUjejui ue se a|oj s,uodjiv 9qi sasudjaiua Jieqi p uojsuedxa pue qi|eeq panujiuoD aqi jo; saD]Ajes iq6|aj; pus ja6uassEd au!|j|E uo puadap V£ e|qEi ui isi| aqi p luaDjad 95 esudwoD qDjqM 'sjaAo|dwa jopas eiEAud aq; '}uaujAo|duua |edo| p aDjnos lUEiJoduji ue BuipiAOjd 01 uomppe uj viV aqi u] ,rsjaAo|duja isa6jE| SZ aqi s;si| t>-£ a|qei
syaiyvnbavaH 00s 3Nniyod aNv sy3AcndiAi3 uocviaj s e e
8I0Z Ajenjqaj 'uoisiAia apeji u6iajoj 'snsuaD aqj jo neajng 'ajjawiuoD jo luauiuedaa s n 3DHnOS spuisjo smoisn} aa)jneM|iiAj pue 'iiOJiaQ 'pueiaAeQ 'o6e3iq3 aq; jo uoue6aj66e ue aje isaMpiiA] aqi joj eieo z
syodxg pue suoduj) |eioi = apeJi |eioi \ S310N
%6'S3 8 890'TS £"688'£$ saieis pajiun
%9It> VU?Z% ZLVSi isaMpinj
%8'6£ 3 09IS LOdZI o6e3iq3
yiv Aa aavyi yiv Aa aavyi ,savai iDiaisia swoisnD
IVIOI JO lN33>J3d "1VJ.OJ. JO 3niVA IVIOI JO 3mVA
(SNomia s)
(LIOZ) 3JNVA3ANOJ A9 SaVbl "IVIOI £-£ 319V1
sjajnpepueuj pue sjaj|ddns p >)J0/v\;au |Eqo|6 6u]puedxa ue se ||a/v\ se '(sjopas siuauodwoD |Eu;snpui pue SDjuojpe|a aqi u] A||epadsa) spoo6 an|eA-q6]q p iuaiua6eueuj AJOiueAU| aujii-ui-isnfaqi p 3Dua|eAajd aqi spa|;aj jje Aq epej;p aiej q6iq s,viV aqi '(£-£ a|qei aas) j|E Aq apEJi |epi p an|EA s,isaMpiiAj aqi p lua^jad f9 ueqi ajouj pue puisja sujoisn^ o6eDiq3 aqi q6nojqi apeJi ||e p luaDjad 08 A|jeau siuasajdaj siqi j|e Aq paAaAUOD sbm puisiq sujoisn^ o6eD|q3 aqi q6nojqi apej} uj uoimq 2 091:$ usqi ajoiu 'hqz ui uoimq Z'002$ W pan|BA sbm p|J0/v\ aqi p ;saj aqi pus „,puis!a swoisn;) o6ed\\jj aqi uaa/wiaq (sijodxa pue sijodujj |epi) AjiAjpe epBJi |epi 'l\qz uI 'saaiAjas jq6jaj; jib jo; puB |aABj; aufpiB iBuojieujaiuj jo; pueujap saiejaua6 AijAjpe ssamsnq iBuojiEUjaiu] 6ujpuEdxa s]qi s|EuaiBUJ mbj jo; sb ||aM sb 'A|quuasse pue 6uunpe;nuBuj jo; sja]|ddns pus s}UB|d ajoqsjjo uo puadap sjaAo|duja JofBUJ s,vivaqip Aub^ A||BuojiBUjaiu! aiejado 01 Aimqe aqi uo|6aj aqi u] sassau]snq saA]6 sia>|JBUJ SEasjaAO 01 ssbddb 6uipuE}sino s,viV aqi
yiVA8 3avyi r>'£'£
IMOdaiV 1VN011VN)J31NI 3bVH,0 ODVDIHD
8T03 Z M3aiA13AON
I 99-3 I iuei|nsuoD uodjiv aqi jo uoday
•uisucosim pue 'oiqo 'ue6iq3iyj 'eueipuj 'siouim jo sajBjs aqj se pauijap s| jsa/wpiiM am a
VIV (Aiunco-STJ
ajijus am jo deui e joj x-£ liqiqx^ aas p3jB30| aje sa|ueduj03 OOS sunjjoj ipmM u| VIV 9qi uiqjiM S3ijun03 ssoqj A|uo sapnpui nqjuxj rr
c?lS9/v\p!tM aqi m sjaijenbpeaq OOS aunuo3 66 aqip luaDjad 5£ pue s;ouj||i Uj sjaijenbpeaq 005 auniJ03 £g aqi p luaDjad S6 luasajdaj sjaijenbpBaq rjOS aunuo3 cc s,viV aqi '8103 UI «'ViV aqi ui pajajjenbpeaq samedwoD OOS auniJ03 aqi saiejisn||! /:-£ liqjijXB] (qigst' pa>|uej) ismi ujaqiJON pue (isi£f pa>|uej) A"ineag eim :\/iV aqi ui pajaijenbpeaq aje 8T03 u! OOS aun:uo3 aqi ujof 01 samedwoD STl Mau i\ aqj p omi '(pu£6 pa>|uej) uo|ax3 pue '(isxs pa>|uej) s6uip|OH leiuaujiuo^ paiiun '(qi6£ pa>)uej) aieisnv '(qi8t> pa>|uej) pue|p]iAj s|amea jaqDJv '(qi£2 pa>|uej) 6u|eog '(OOS auniJ03 aqi 6uowe qi6x pa>|uej) aDuemv sioog sueej6|e/v\ apnpm viV aqi uj pajayenbpeaq suojiejodjo^ eaje ue}i|odoj}auj A\\j >|joa Ma|\| aqi jaije 'uojieu aqi ui sjaijenbpeaq AuedwoD OOS aunijoj p jaquinu isaq6iq puoDas aqi seq viV A"iunoD-sx aqi 's6u!>|uej 8X02 aqi 01 6u|pjoDDv anuaAaj |enuue p suuai ui saiueduuoD Di|qnd s n OOS doj aqi s>|uej auize6euj dunijoj jeaA" qDe3
8X03 'TZ tolN .'OOS aunuoj 8103 'aunijoj 'LXOZ 'IE JaqtuaDaQ 'SJaAoiduq isa6jr| s,o6i?DiqD„ 'ssauisng oSraiqD s.urej} S3D>jnOS
6ui>|Ui?)j OOS aunuoj 8T.03 sajejipui (#) z sauunoD ||im pue 'Ajua|-piM 'a>|en 'aue» 'a6ednQ ->|OOD ui saaAo|dma aiiiu-||nj isoiu aqi qiim sja/o|duja siuasajday x
S3JON
'3UI Vsn o3Ao|duu3
,(U4) ¦dJCQ a»ejs||V
jaiua^ |B3ip3|/j o6b3iu;3 jo AjisjsAiun
suO!ie3!unujuj033|aj.
Ajuoqjnv l|SUBJi o6e3iq3
J31U33 |B3ipa,Aj AjisjsAiun qsny
f(T£#) 3Ui dnoj^ sauipiv ussuaujv
o6e3iq3 je sioum] jo AjisjaAiun
03SO-|3'A3r
,{IU#) ssuoiBJoqEj woqqv
ziU) 3ui 'ueuj|eM
qi|e3H 33U3S3Jc{
Ajisj3Aiun ujaisaMqiJOM
?(6T#) esueniv sjoog suaaj6|eM
Z{1$4) s6u|p|OH |eiuaui}uco psiiun
s33iAjas pue |ieiay jaujaiuj.
siouim jo 3jejs
A0Z#) °0 7° aseu.3 ue6jo|Ajdf
o6B3|q3 jo A^jisjaAiun
3JB3qj|B3H |BU0UJ3(/g UJ3JS3MqjJON
ajB3 qj|eaH ajeDOApv
Ajuno^ >|003
o6e3iq3 jo Ajq
s|ooq3s 3i|°,nd o6B3|q3
JU3UJUJ3A09 'S Q
S33A01dlAI3 1V301
3wij.-nnj jo asaiAinN
(£103) vayv aavbi biv 3Hi ni syaAOidiAis is3Dyvi t>-£ 3iavi
DJOdVJlV "IVN011VNU31N1 3UVH.0 09VD1HD ODVDIHD JO A1ID
£9~3 I lueiinsuco uodjiv am J° uoday
V3>JV 3aVa"l blV 3H1 NI
a3y3iyvnoav3H saiNVdiMOj oos 3Nni>dOd
L t 1I8IHX3 t
o
;*) |uiii)*iB/sjp*oi(!/iinj/*ici*p/u»/)iii3/SJo o6*jihmoj(iij mm*//dim ig *nsn»;i :; fi ,p|(j; 'i; ton .'lXiS cimio ] a IOI. ,*unu(. j SlnHilQS
Ajiepunofl Aiuno;j r j uoueDO"! sjaupnbpesH oieJodJo^ 0 C1N3M1
AlNflOD
"yaiyod
AlNflOD
V 3» vn
s6ujp -| |e}uaui}uo3 paiiufi -suos ?8 Aa||auuo(] -yy -3!iqndaa pio -isnjj. uj9U])jon -s.p|euo(py\| -uopejodjoo i»n -zuiaH ubj>| -allBSB1 6ue~] sauof -
UO|3X3 -
spuejg ej6euo3 -6ujaog -
pue|pj^| s|3juea jaipjv -:o6bd|H3 ujhoiumoo
U D 6 1 if D 1 fal 3>i 0 1
33uei||v sioog su33j6|eAj\ -|euo;ieuj3)ui za|apuo|Aj -
S33IAJ3S |epueUjH] jaAODSjQ -
|euo;)euj3}ui J9)xeg -:eajyf p|a;j;jaa(]
A1NDOD
iai|or
I i
^jBd Aa|uij_
] A1NHOD
1 nvaN3>i
i
umb~| >)eo.
A1NDOD : XOOD
J • Ajneag e»iq
>)oojq6u||og j.
i|910|uo!P^6"I#
a||iAJ3deN e\omy leuojieiuajJui
• JBAjUfl
|
i ¦
i AlNflOD
i 3NVX
I. i
j ¦
•spooj
>|JBd >|BO
uojBaqM
3SnO|-|33-IL
AlNflOD 3DVdna
\ i|Buoi);euja;ui aJBH.O.
sbu;p|OH spooj -s'n
jaql>e||eg f jni|)jyi
a»e»s||v
e|OJO)oi/\|« VfJt
s6ujp|OH| sjbbs
3U!lBlBd ' i
UO)6u|JJB^
A1NHOD AUN3HDIAI
>|jed puajq6jH ', • JaBujcig mm di
ssuo)ejoqe-| uoqqv
r A1NHOD f 3XV1
N ii, -s (Q 3 s 1. M;
IHOdUIV "1VNOI1VNM31NI 3MVH.0 ODVDIHD
8103 '3 d381M3AON
meiinsuco uodjjv au.1 )o uoday
(810? sunr Psssbddb) sn-;noqe/ujoD o6B3m39soon3 MAAM//:sdHH 'noz voday ]onuu\/ 06011113 asoouy '0663143 ssooiq v
(8102 sunf P3SS333B) /:io2-sJ3qiun[\j-}Sunoi-pj033y-Aj,o->|JOA-MaN/ sneajng-sjoi(Sj/\-pue -UOHU8AU03/SMSN/UJ03 suoiiuaAU03-s6ui}aauj/AMM//:dj4q '8102 'IZ u,3JE|ai ,.'ssP!l°d diuruj. ajjdsaQ 'LIOZ ui. sjsqwnN jsunoi pjosay Mes Mo M3N„ '(810? sunf pesss33B) |unqAjo}S-/:io?-wS!Jnoi-opuE|jo-:i!S!A-zq-so/ujsun^^ '8T02 'OT ,,'Jaqwnu pj03aj b 'lioz ui opuB|JO pajisiA sjsunoj uoiiiiuj ZL, '(uo|||iuj £9) >|joa mbn puE (uoi|||uj ZL) opuEpo ajaM sjaqjo omi aqi
'(SIOZ sunt passa33B) sn-inoqB/ui03 o6B3iq3asooq3'M/v\M//:sdjjq 'UOZVoday jonuuv 060311/3 asooqo 'o6B3iq3 asooq;) w
¦uojjEujjsap |3abjj e oj wnjej oj jusjuj sjojjsja e uj jojde; juBjjqduij ub sj jjsja snojAajd b uo passjw ajaM jEqj sajjiAjjDE a>|Ejjapun JO SUOJJDEJJJE BBS OJ A"j||iqB aqi ¦uo]jbj!S]a jBadaj 6ujjJoddns jojde; juBjJoduu] ub s] suojjdo juauimEjjajua pus saDjoqD |Bjnj|no p Abjjb apjM s,uo!6aj aqi (sujBaj omj) neqaseq pue 'Ae>poq '||Bqja>)SEq '||Eqjoo; apnpui viV aqj uj passq sjjods an6ea| jofeiAj >|jed ujnmuaniiAi pue '(jaMoi sjeas Apauijo;) jaMoi swim u] o6eD|q;) >papA>|s 'wnuEnbE.uE '(p|aj;>|oojg pue >jjed u|ODur|) sooz omj apnpuj suojjDejjje jojisja jaqjo sanuaA ApewoD pue '(jajeeqj 'Bjado 'AuoqdwAs) seuupE; sjjb 6u|WJo;jad 'sujnasnuj a:>uaps 'suinesnuj jje 6ujpnpui 'suojjnjjjsu] |Ejnj|n:> p AjajJBA b jsoq uoj6aj 6u|punojjns sj| puB o6ED|q;)
„ anuaAaj xbj |edo| pue ajBjs u| uojujuj 07/16$ Pue Bujpuads jdbjjp ui uoi||iq 2SX$ A|ajewjxojdde pajBjaua6 sjojjsja s,V!V aqi LXQZ UI luaDjad 0'6T ^q paseajDUj viV aqi °1 sjojjsja p jaquinu aqj 'HQZ PUE Z10Z uaaMjag vA||enuue sjoj]S]a uo]||!uj o'OS ueqi ajoui aA|3Daj jeqj sajjp S'n aajqj A|uo p auo Sj o6eDjq;) '(uohhuj 8'ES) 9102 u! I8A8I joj|S|a aqj jaAO aseajDU] jusDJsd 97 b 6u|juasajdaj «'/_l02 u! VIV aqj oj pa|3ABJj a|doad uojujuj o ss A|ajew|xojddv
AaisnaNi lAjsiunoi V3*v 3avai uiv L t z
¦apAo ssaujsnq aqj ui sujnjuMop D|poued puejsqjjM oj uoijepunoj e|qejs e qj|M uoi6aj aqj apjAOjd oj pajDadxa s| jsqj asBq juauiA"o|duia payisjaAjp b SBq viV aqj ajEDjpuj 8-£ Jjqjqx3 uo eieq
7.102 u! sajBjs pajmp aqi p ieqi qi|M pajeduioo jaq6jq jnq jsaMpjiAj aqj p jBqj qjjM pajEduioD jaMO| sbm viV aqj u| sqof 6ujjnjDB;nuEUJ p a6EjuaDjad aqi sajBjs pajjun aqj pus jsaMpjiAj aqj qjjM pajBdujOD ^X02 u! luaujAo|dwa p sajBqs jaMO| joj pajunoDDB viV aqj uj sqof uojjdoijsuod puB 'juauiujaAo6 'apsjj ||Bjaj/a|Esa|oqM lIOZ u! sajBjs paj|un aqj pus jsaMp||y\| aqj qjjM pajeduiOD saunijn/uojjBjJodsuEJj puE 'ajEjsa iBaj/aDUEjnsui/aDUBuy 'saDjAjas u| juawAo|dwa p sa6Bjuaojed jajBaj6 psq viV aqi
LIOZ uj sajejs pajmn aqi pue jsaMpjiAj aqj jo; Bjsp oj viV aqj uj Ajjsnpui Aq juaujAo|duia sajBduioD jjqjqxa siqi AuiouoDa s,viV AjunoD-sx aqj uj sqof p saDjnos aqj sajE3|pu| qoiqM 'jojuas Ajjsnpu] JofBUi Aq juauiAo|duie |EJnj|nojj6Buou jo; ejep sjuasajd g-£ tiqiqx^
Sboi33s A^isnaNi yorviAi 9 e e
uojjedo| aD|;p joo;-ajBnbs-000'06l7 Mau aqj oj saaAo|duia 000'2 A|ajeui|xojddB 6u|aoui 'doo~| jsa/\/\ s,o6BD|q3 oj >|OOjg >|eo uioj; sjajjenbpBeq ajBJodjoD sj] pajEDO|ej Aubjdjjjo uojjejodjo^ s,p|euoa3[/g '8X02 aunf ui
lMOdaiv ivno)ivn)J31ni aavH.o oovdiho
STOZ 'Z M3aiM3AON
lupi|nsuo3 uodjiv jo uoday
(8X03
aunf passa33B) du,d sn-suoi}BU!isap-doi-iX03/0S-dov6una>(jeuj/ua/ujO3 }uaA3M/v\M//.sdnu, 'suoiiEuiisao 6uijaaiAj OS doj. j,u3aj noz '}uaA3 (8102 aunr pass333B) sn-)noqB/wo3o6E3iq33SOoq3MAAM//:sdj,iq 'hqz uoday jonuuy 06031113 asoouj 'o6eDiio asooiQ :(8I0?
'aunf p3SS333E) S3pB|033B-puB-SpjBMB/dlJ}-jnoA-UB|d/UJ03o6B3iq3aSOOq3 MflAM//:sdHq 'SapB|033V PUB SpjBMV UOIJBUHS3Q 'o6b3I43 asooq^
sjejEdss jno; qji/\A 'anuaA uouiqiqxa pue 6uijaauu Ajewud s.viV aqi Sj 3DB|d >piujjo;)D|aj 'eDeds J|q|qx3 p J33; ajenbs uonnuj 97 6uiu|eiuo3 sj'pajsoq suoijusauod ;o jsquunu aqj p sujjaj uj sajejs paiiun aqi u| puoDss s>)ubj oBgdwjj
S1N3A3 1VID3dS ONV 'E)NI13>iyVIM lAJSIMflOl 'S3IinnVd NOUN3ANOD VL £ £
^ saDjAjas 6umue|d 6ujjaauj sjj p uoijiu6oDaj ui sfiu/jaajv jnpsaDjns ujoj; pje/v\v apeuuid aqj p jauuiM juanbaj; e uaaq seq (neajng uusunoi pue uojjuaAUO} o6eDiq3 aqj) o6eoiq;) asooq^ 'uo|j|ppe ui 'uoijepossv sjaj.uM |3AeJi eajy Dyped aqj ujoj; pje/v\e ajnj^njjsejpi ibabji uoijeuijsaa jsag LIOZ aqi uom os|e o6eD|q3 3/vQs UDDiJduiy pue 'ujo3 JosjApydui 'ujod'3JODS>||E/v\ 'dpinfj uijaijjii^j 'au|ze6euj Buip/jig ']3adj± s,Jopoj 'iioday pyofiA ?g SMdN ST) 'uojiDdjas 3J/S 'J3]dA0J± ssauisng 'saqjoj Aq suoijdejjje |Ejnj|nD pue 'sjuaAa 6u|jJods 'sdjsujujod jo; uo|jeDO| doj e se pajp uaaq os|e aAeq uoj6aj 6uipunojjns sji pue o6eDjq3 uoijeu|jsap laAejj doj e o6eD|q;) eujeu A|je|n6aj 'liiaddv uog pue 'ino auy.'i 'i3UD)d Afauoj 'Jd]dADJ± jsd/v apuoj 'ajnsiai + )3adj± se qans 's3U|zb6buj |3abjj snojauinN
8T0H IMdv '(SOQ3D) aminos 0iOQ MldojdoiUBQ puo diwouodi aja;du/oj STOZ ' m\ S3IUJ0U033 a|00jnOS
aiey q\MOJ9 |enuuv punodiuo} ¦ yDVD seuisnpu) Ajissjoj pue 6uiuiuj sapnpu) iuaujAo|dui9 uoipnjisuo;} A|uo iuaujAo|duj3 upi|iad jejn;|n3u6eudf\j 531ON
6J0Z-Z.I0? >J3VD
(p3p3fojd) sqof 630?
96S'9Z£>6X
V3>JV 3QV>J1 yiv
S3JBJS p3}mf| ¦ lS3Mpi[/\JB B3JV 3PBJ1 JI.VB %0'SS %00S %0'S1> %0'0i7 %0'S£ %00E %0 SZ %0 0Z %0SI %0 0X %0'S %00
uoipnjjsuo;)
saininn/uoijeiJodsuBJi
6uunpejnuBiAj
}U3UJUJ3A09
3}B}Sq
|Bea/33uejnsui/a3UBuy apEjj. |iB)ay/3|BS3|oqM
S33IAJ3S
(Lioz) saoiD3s AbisnaNi aorviAi as saor 8-e naiHxs
laodaiv lVNOiivNaaiNi 3>jvh,o odvdihd
sxoz z aaaiAj3A0N
I 0/1-3 I lueiinsuo} uodjiv 3U.1 jo uoday
'8103 Jaqopo '>loo))no 33VN 'sdiujoucoj. ssauisng joj uoqepossv |euoi}BN u (8T03 Jaqopo passasse) ujjqju'iisduja/saAiqsje /a|npaq3s/Ao6s|q'MAAM '8103 Jaqwajdas-Ajenuer 'uouenjjs iuawAo|duJ3 8103 'ssqsneis Joqei p neajng 'a^jaujujo^ p luawuedao STl u
(8103 sunr passage)
uqq'ju'jjsduja/saAjipje /a|npaq3s/Ao6s|qww\M 'uouenns }uawAo|duJ3 i\qz 'sDqsqeis Joqei p neajng 'ao^awwoj p juawjiedao sn ot (8103 sunf passa33e) sn-inoqe/wco b6e3iq3asooq3 MAftM//:sdnq 'ZTOZ voday jonuuy 06031113 asooijj 'o6eDiq3 asooq^ u
Zffo\\o6 apejj si AaAjns aqj u| pajp A|uowuuod jsow AuuouoDa s n aqj °1 asu aqi jaje| jo X202 l!lun jtddo jou ||im uojsseDej e aA3||aq sjs||eued aqj jo pjjqj-suo jaqjoue pue OZOZ u! -mooo oj sajejs paiiun aqi uj uo|ss3D3J jxau aqj jDsdxs sjs]|aued AaAjns ggvN P juaDjad gs—sjsj|aued AaAjns agvN P Ajuofew aqj Aq pajedpijue jou s\ jxau jo jeaA s]qj uojssaDaj v '8102 u! uojjDnpojd |eujsnpui pue juaujjsaAUj ssaujsnq u| qjjv\oj6 jsapoiu pue 'uoije|juj jsapow 'qj/v\oj6 juawAo|dwa penujjuoD joj snsuasuoD sajeDipuj (3gvN) SDjwouoDg ssaujsng joj uojjepossy |euojjeN aqj ujojj sjs]UJ0U0De ssaujsnq jo AaAjns paqsi|qnd A|juaDaj jsouu aqj_ „/qjuouu jad sq°f00£'802 pa6ejaAe qjMOj6 juauuAo|duua s n '8102 Jaqwejdas pue Ajenuep uaaMjag ,,,-qjuouu jad sqofooO'SZ.1 jo a6ejaAe ue Aq 6u|moj6 juaujAo|duja qj|M 7X02 u! ajej Apeajs pue ajejapouj e je papuedxa AuuouoDa s n aqi
»00"linO DIIAJONOD3 !Ajy3I-ibOHS VV£ >IOCn±nO DIIAJONOD3 V£
edujei pue 'e|qd|ape|!qd 'a|Jjeas 'sAa» epuo|3 'wiaqeuv 'ejue|jv 'jjejs6e|j 'uojsnoH 'a|epjapnei jjoj 'o6a]a ues se sa!JP Jofew jaqjo jo peaqe 6u|>)uej 'gxoz u! sja|aAejj seasjaAO joj uoijeujjsap sn Je|ndod jsow qjoi aqj sbm oBed\\jj -(a|qe|ieAe ejep jsaje|) gxo2 ui Ajp uojjeujjsap j]aqj se o6eDiq3 pajD3|as (o^jxa^ pue epeuej 6ujpnpxa) seasjaAO ujojj sja|3Aejj uoi||iuu y\ ueqj ajouu jeqj s/woqs s-E a|qei
SHOIISIA SV3SH3AO ZTE'E
6, auje9 jbjs ||V V9N 0202 aqi pue 'juaiueujnoi |euoi6ay ||eqja>)seg s,uaujo/\/\ [ uojSjAja VVDN 6X02 aqj '(juauueujnoj smuaj |euo]jeujajui ue) drQ jbabi 8X02 aqj jsoq oj o6eDiq3 jo uoijDa|as aqj apnpu] puoAaq pue 8X02 u! siM^HqBiq jaqjo TZOZ qSnojqj Ajp jsoq s,juaAa aqj sq oj anmjuoo |||M oBed^j >)joa Me|\| u] sjeaA 52 jaije SX02 u! oBed\i\j oj anuaA sj] paAouu jeqj pjeMe Ajeuj|nD pauMouaj A||euo!jeujejui ue 'spjBMy uoijepunoj pjeag seujef aqj se qDns 'sjuaAa |euoueu sjsoq oBed\hj 'uoijippe uS"n aqj u| uojjeuijsap
jaqjo Aue ueqj ajjsqaM j]aqj uo Ajq ApmM aqj u] suo]jepuaujujODaj |3Aejj joj qajeas a|doad ajouu jeqj 6u!uie|dxa ,,'saijQ inoqv pa>|sv IsoiAj s,eouauJV„ 6uouje jsjy o6eDiq3 pajej eipadxg ZX02 UI lua^Jad t?XX A"q paseajaui aAeq sjasn leuojjeujaju] ujojj sjisja ajjsqaM pue 'juaajad xs Aq sja/v\o||oj eipeui |epos spBeo^j asooq3 paseajaui seq u6jedujeD aqj '6uiqDune| a^ujs sja>|jeuj |euo]jeujaju] auju u] se ||aM se 'A||euojjeu pajoujojd sbm u6|edujBD aujoH aiuoD|aM aqi 3ia 'ajnjoajiqoje pue jjb ^eu||n3 pue pooj 'uoijeaj^aj UBqjn pus sjjods 'juawujejjajua pue ajnj|na se ipns sauuaqj qj]M saouauadxa JOjjSjA asjaAjp s,uo|6aj aqj sjq6i|q6iq jj .'ZX02 u! paq^unei ,,'eujOH aujOD|a/\/\„ 'u6|edujeD eipaui Mau v ssajdxg ueDuaujy pue 'sam|jiv ueouawv 'sau]|j]v pajjun apnpuj qD]qM 'sjaujjed 6uija>)jeuj 3j6ajejjs sjj pue o6ez>\i\j asooq^ joj Ajjjoud q6|q e s| 6u|ja>|jeuj leuoijeujajuj pue |euo]jeu aAij^ajjg
•A|snoauej|nuj!s suojjuaAuoD omj jsoq ued jj pue 'sjuaAa jo e6uej e 6u|jepoujujODDe uj a|qjxa|j aq oj pau6|sap Sj a^eid >|DjUJJ03DiAj 'sa6puq A>|s pue sasjnoDUOD Aq pajDauuoD s6uip|inq
IMOdaiV 1VN0I1VNM31NI 3aVH,0 ODVDIHD
8T0Z I a3aiAJ3A0N ODVDIHD JO A1ID
I I/.-3 I iuei|nsuo3 ijodjiy 3u;i jo ijoday
¦8X0? Jaqopo 'WOIWO 3SVN 'S3iujouod3 ssauisng joj; uoijepossv |euoij;e|sj CE
pouad uoipafojd aqi 6uunp saDiAjas |3abjj, JjE joi pueujap aiBjaua6 01 anujiuoD 01 viV aqj jo AjpedED 6uio6uo aqi aiBDjpui Aaqj puB 'saiBis paijun aqj ;o asoqi oi ;ua|BAmba A||Bjaua6 ajs viV AiunoD -gt aqj ui saiqEUEA asaqi Jo; suojiEpadxa qiMOjg dQD pus ddD pue 'auuoDUj |euosjad 'iuawAo|duja 'uoue|ndod 6ujpnpui 'saieis paimn aqi pue viV aqi jo; sajn6i; DjuuouoDa 6^02 pue LIOZ papa|as siuasajd g-£ a|qei
>l001inO 3IIAJONOD3 IAjy31-DN01 Z P'Z
ee'6I02 u| luaDjad
9 £ puB 8X02 uj luaojad 6£ aq |||M aiBJ }uewAo|diuaun s n |BnuuE aBBjeAE aqi saiBWjisa AaAjns ggvN aqi 6102 Uj iua^jad lz Pue 8T02 u! luaojad 67 ;o qiMOj6 dQD |eaj jo; snsuasuoD paiE3]pui os|B AaAjns luaaaj isouj sjgvN
LIOZ isn6nv 'sauisnpu] ujsijnoj. jo a:>!jjo 'uouejisiuiuipv speJj. leuoueujaiui 'sdjsiuujo} jo juaLuyedaa s n 3DHn.OS
o^ixeiAi pue epeue;) ujojj sjojisia 6uipnpx^ x
¦310N
000:329 edwej. 0Z
000'839 B!Md|ape|iMd 61
000'8S9|9«e9S 81
000'299 steM epuou Ll
000'S69 uiiaqeuv 91
OOO'SZZ. eiuenv ST
000'Tii «e»s6e|d t>T
000'6T8 uoisnoH ET
000'STO'I S|epjapneq uoj zi
000'69I'T ' o68i.a ues TT
000'99t/'T o6bd|lo OT
000'9£S'T uoisog|910|000'060<3 JQ 'uoi6uiu.sbm|910|000't/6E'3 n|n|0U0H L
OOOYZE'E se63A sen 9
000'US'E 03spuejj ues s
OOO'EitVfr opuepo t>
000'££6> ss|a6uv son £
000'6Z.£'S lUJeilAI|910|000'008'6 Mo >|Joa M3N T
(9103) suoiisia svasaaAo aoa saun NouvNiisaa doi s-e aiavi
DJOdblV 1VN0I1VNM31NI 3MVH.0 09VDIHD
8T0Z 'Z M38W3AON ODVDIHD 30 AID
Zl_-J I iuei|nsuo3 uodjiy 3U.1 jo uoday
(6202 Ad 6mpua) pouad uoipafojd aqi q6nojqi puewap oiijeJl au||j|e paseajDUj ljoddns ueu ieqi Aluouo33 asjaAjp pue a6je| e seq viV Aiunoo-sx aqi ieqi uojsnpuoD aq; ijoddns jaideqD siqi m paip eiep aqi
'6202 Aq u°!ll!q 228$ A|a}euuixojdde oi 'suujai |eaj uj JuaDjad X2 A|jeau Aq aseajauj o; papafojd s| daD s.viV aqi '6202 ^q uot||iuj \ i A|a}eujixojdde o; 000'106 ueqi ajouj Aq aseajou] oi papafojd aje viV aqi u| sqof Z.X02 u! uo!ll!q 089$ ueqi ajouu ;o dbD e oi painquiuo:) sqof uoiiiiuj 3 9 s,viv aqi
•sanmin/uojiejjodsueji pue '6u|jnpe;nueuu 'aieisa |eaj/aDuejnsu|/a3ueu|; 'sa^Ajas aje saieis paimn aq; u| S|3Aa| spaasxa ieqi iuaujAo|duua qijM viV aqi uj sjopas Ajisnpu] aqi 'sa6eiua:xied 6u|pje6ay
'(W.0T£$) saieis paiiun aqi u| ueqi Jaq6jq lua^ad 2X sbm (t702'ZS$) awoDui |euosjad eijdea jad z.102 s,viV aqi '(t/2I'9S$) saieis paiiun aqi U| ueqi jaq6iq luaDjad sx s! q:>|qM '6ZS'i>9$ sbm £X02 u! VIV aqi u| auioDm pioqesnoq ue|pa|Aj s|aAa| STl ueqi Jeq6|q qioq aje viV aqi uj auuoDU| |Buosjad eiideD jad pue auuoDUi pioqasnoq ueipaiAj
'6202 ^q
uoiiiiuj t?'0X A|aiBUJ|xojdde oi aseajDU] oi papafojd s| iBqi uo||||uj /'6 Apeau ;o uo|ie|ndod e seq viV Aiuno>sx aqi
SNOISfllDNOD
SIOZ |udy '(SOQ3D) s^nos DWQ DiqdDjdoiuaa P»" DiwouoDj ajaidiuoj ' du| 'SDiiuouoDg a|OOd jg spooM JDanOS
aiey iiiwojq |i?nuuv punodtuoj - yovD sjenop lioz ui 3je siunouie Je||OQ S3J.ON
pnpojd 3|is3uuoq ssojq eiide^ J3d saieis paiiun
pnpojd |euoi6a>j ssojq ei|deQ jad eajy apejj. J|y
(uoi||iq s) pnpojd 3|iS3UJoa ssojq ssieis paiiun
(uoijuq 5) pnpojy |Euo|6ay ssojq eajy apejj. Jiy
3UJ03UI |BUOSjad BljdBQ jad saiBis paiiun
aujoDui iBuosjay BjidB3 jad eajy apBJi Jiy
(uo|||iq $) aujoaui |Buosj3d |eioj. saieis paiiun
(UO|||l.q $) 3UJ03UI |BUOSJ3d |BlOJ_ B3JV apEJj. Jiy
juaujAo|duJ3 |B}oi saiBis paiiun
lU3UjAo|duJ3 |bioj. Bajy apEJj. Jiy
uoiiB|ndod saiBis psn.un
uoiiB|ndod Eajy apejj. Jiy
630?-/:T0? >JDV3
(6303-/1T03) SaiaVIbVA 3IIAIONOD3 1D313S Q31D3royd 9-£ 319V1
laodaiy ivNouvNaaiNi 3>jvh,o oovdihd
8103 3 M381M3A0N
I I lueiinsuco uodJiv am jo uoday
'eiep 00T-1 lOa S'H LIOZ uo passg ,
•sjjodjiv leuoueujaiui asof ubs eibuum A ubuujon pub '|buoi}buj3}ui puB|>|EO UBi!|odoJia(Aj 'leuoijeujajui o3spuBjj ubs sapnpui 7 sjjodjjv upsag 6uo"i puB 'adoH qog '|BuoijBUjajui oubjuo '(Aiuno3 a6uejo) buAbm uqor '|BUOijBUjajui sa|a6uv so-) sapnpui L Sjjodjiy BipjBnQB"] pus '|EuonBUja}ui Aqjaqn >|jem3n 'leuoueujaiui Apauua> j uqof sapnpui ?
¦sjjodjiv |BuoijBUja}ui Abmpiiaj 0662143 puB leuoijEUjaiui aJBH.O o6e3iip sapnpui [
jjodjiv
aqi ie suopBjado qnq BujpauuoD jofeuj aiEjado '(siajsv) sanuj ieas a|qB|jBAe 10 suwai uj sjaujeD isa6jE| puoDas pue isa6jB| s,ppoM aq; '(pajjun) sau||J!v paimn pue (uBDuauiv) saujujv UBDuauuv suojiEjado qnq aujuiE jo; uoubdoi |ejn;BU b )j 3>)buj asBq uo|ie|ndod a6je| s;i pue sainoj j|e lseM/isea pa|aABJi A"|iAeaq aqi 6uo|e uoiibdo| s,o6B3|q3
¦AljAjpB leuojiBjado pus ja6uassEd ;o suujai ui sjJodjjB isajsnq s,p|JOM aqi;o do; aq; jbsu jo ib pa>)uej AneDuoisiq seq yodjjv aqi 'oBjbd |eioi uj saieis paimn aqi uj qixis pue ap]Mp|joM qiajluaMi pa>)uej ij :sja6uassed |bioi u| saiBis paiiun aqi ui pj|qi pue apjMpuoM qix|s pa>)uej }i :s6mpuE| puB s;;oa>|Ei 6WL98 m.'M 'suojiBjado i;bj3J!B |bioi m apiMp|JOM puoDas pa>juej yodjjv aqi '9102 u! 'sja6uessed A|jep aBEjaAE 00Z'£I2 A'leiEUJjxojddB jo 'sjaBuassed uoiiiiuj o'8Z. A"|aieuj|xojddE aqi ujoj; asEajDui ub si sjqi pouad s|qi Buunp 'sja6uassBd Ajrep a6BJ3AB 00Z'8T2 A"|aieuj|XOjdde jo 'sja6uassed paue|dap pue pauB|dua uoiiiiuj 2'6L A"|aieujixojddB paAjas iJodjjv aqi LTOZ jeaA" JEpua|ED jo; ai|A|pe ;o s6u|>juej apiMppoM s,iJodj(v aqi siuasajd a|qei
•ujaisAs uoiiejjodsuBJi J|E |buo]ibu aqi ;o luauoduuoD Aa>) e s| yodjiy aqi ,,'(sja6uassed paue|dua Aq pajnseeuj) saieis paimn aqi uj ijodjje „qnq |Bnp„ jofeuu isa6je| aqi pue uodjje leuoueujaiui luauiiuoDpiw isa6je| aqi sb sniEis puB 'sjaBuassBd |EuoiiBUjaiu| puB D|isaujop aiepowiuoDDe 01 sa]i]|pe; 'uo|ieDO| sii qijM 'sia^JBiu ,ODspuBJj ubs pue £'sa|a6uv so-) />|Joa mbn aqi 6u!MO||o;—lIOZ JeaA" JEpua|ED U] sjaBuassBd Qi%0 Diisawop ;o sujjai u| uoheu aqi u| quno; pa>)UBJ sbm ,ia>|jBUJ o6bdh]j aqi 'eiep AaAjns (10a STl) uo]ieuodsuBJi ;o luawyedea S'n uo paseg
IHOdUIV 3H1 dO 3AI±D3dSa3d lVaOID ONV "IVNOUVN T'fr
AiiAjpe uodjjv ;o isbdbjo; aqi puB
'puBUjap uojiejAe Buipaj^B sjopb; 'aijaipe yodjiv |eDuois|q 'yodjjv aqi BujAjas saujpje aqi sequDsap uoipas siqi
DJOdMIV 1VNOI1VNIJ31NI 35JVH.O ODVDIHD ODVDIHD 30 A1ID
> oo
O
O
?3
30 >
o
> O —I
< -<
O <
iui?i|nsuo3 uodjjv au.1;o uoday 33IAJ3S |euoseas sapnpuj .j
7X02 u! pouad awes aqi uuoj;
juaDjad 61/ paseajDUj seq jjodjiv aqi ie Ajiaijdb ja6uassed peue|dua '8X02 jo sqjuoiu jq6]a jsjy aq; q6nojqi juaDjad £•9 Aq 6u]seajDU! sja6uassed paue|dua |euo|jeujaju! pue juaDjad /_ x Aq SuiseajDUj sja6uassed paue|dua Djjsaujop qjiM 'jeaA joud aqj ujojj juaDjad YZ M9J6 uodjjv aqi ie sja6uassed paue|dug 'uonnuj 8'6E Aiajewjxojdde qjiM sja6uassed paue|dua jo; pjODaj e jas yodjjv aqi 7102 UI 7X02 °1 8002 UJ°4 JuaDjad 8'X ;o yE)V3 e Aq paseajDui yodjiv aq; je SJaSuassed paue|dua |ejoi -jjodjjv aq; je sja6uassed paue|dua uo ejep |eDuojsiq sjuasajd s-fr a|qei
SNOUVUBdO 3NIiyiV ONV A1IAUDV H3DN3SSVd 03NV1dN3 V£t>
aDjAjas jje pue Ajjaijdb jaBuassed |eDuojsjq s,jJodj(v aqi aquDsap suoipasqns 6uimo||o; aqi
AiiAiiDv laoduiv IVDIUOISIH £P
jjodjjv aq; je sja6uassed paue|dua
aq; ;o juaDjad 08 A|a;euJ!xojdde pa;uasajdaj 'sajejujje |euoj6aj jjaqj pue 'ueDuawv pue pajmn 7X02 UI uodjjv aqi ;e sje6uessed peue|due |e;o; £X02 ^q pajnseauj se 'sajeqs ;a>)jeuj aq; s;uesajd z-f *!<1!HX3 '(sjjodjjv |euo]jeujaju[ jujej/g pue '|euoijeujaju[ sa|a6uv son '|euoijeujajui Apauuax j uqof Jajje) sa;e;s paimn aq; ui 6u|jejado saujpie 6e|;-u6|ajo; ;souj q;jno; aq; jo; jjodjiv |euoijeujaju[ odsdubjj ues qi!M P3!l s| jjodjiv aqi T-fr MUMXS uo u/v\oqs sv (8X02 u! snqojav eAjA pue .7X02 u! J!V MOM pue 'japaju[ j|v zzef .'9X02 u! Jiepue|aDi pue 'jiv VA3 'ujajseg eujq3) 9X02 aDUjs jjodjjv aqi o; aDjAjas un6aq aAeq sauipje 6e|;-u6|ajo; Mau uaAes umoj6 A|ipeejs seq sauipie Mau ;o jaqujnu aq; 'uojjjppe u[ 8002 lsea| ie aDUjs jeaA qDea Jjodjjv aqi ie peiejado aAeq jjodjjv aqi 6uiAjas A|juajjnD sauipie 6e|;-u6jaJo; f^aqj jo A;uaMi '8002 aDUjs jjoftjjvaqj paAjas aAeq ;eq; sauiuje 6e|;-u6iaJo; aq; sjs|| a|qei
s;a>|jeuj leuoijeujajuj jno; pue
sja>ueuj Djjsaujop 8£ ;o |ejoj e o; eojAjas do;suou apjAOjd saunjje asaqj 'jaq;a6oi (jmds) saujuiv JUjds '(an|g;af) sAeMj|van|g;af '(jajjuojj) saujujv jaijuojj :(S3}-|) sjaujeD jsod-mo| aajq; pue '(ej|aa) sauri jjv ej|ao '(e>)se|v) sau||J!v e>|se|v apnpuj jjodjjv aqi ie saujuje s n Jofeuj jaq;o 'sajemjje |euo|6aj jjaqj pue 'ueDuawv 'paiiun °1 uojjjppe ui
•;jodj]v aqi ujoj;
s;a>|jeuj |euo]jeujaju] X2 Pue sja>|jeuj Djjsauuop 0£X °1 a^jAJes dojsuou papiAOJd saje]|jjje |euoj6aj sy pue ueDuawv .',s;a>)jeuj |euoj;euja;uj oi> pue s;a>|jeuj Djjsauuop LSX °1 IJodjjv aqi ujoj; aDjAjas do;suou papiAOJd sa;e]|!;;e |euo|6aj sji pue paimn '8X02 aunf 6uipua sq;uouj 2X aqi ;o sv s;a>|jeuj Djjsaujop jofeuj s.ijodjjv aq; u] A;isjaA]p 6uj|npaqDS pue 6upud aAiiiiadujOD ajoujojd pad|aq seq qDiqm 'aseq euqjie a|qe;s pue a6je| e ;o jyauaq aqj peq seq jjodjjv aqi '8002 a^ujs atuij Aue je jjodjjv aqj paAjas aAeq jeqj sau!|j|e s n pa|npaqDS aqj sjuasajd 3|qei
aajAjas |euoseas sapnpuj pue '8X02 aunf papua sqjuouu z\ aqi 6uunp jjodjiv aqj 6uiAjas sauipje aqj sjsj| z-p aiq^l ueDuaujv pue pajiun Ml°q qnq 6u]pauuoD jofeiu e se saAjas os|e jjodjiv aqi 'sajepoujuuooDe jj jeqj sauj|j|e ja6uassed aqj ;o s>)JOMjau aqj u]qj|M ja>ueuj a?go luejjoduij ue s\ jjodjjv aqi
lyOdblV 3H1 DNIAd3S S3NIiyiV Z'P
IMOdMIV 1VNOUVNU31NI 3«VH.O ODVDIHD
8to3 '3 aaaiAisAON
o
c
m q. 2i >
>
CD
NJ
n x n >
o o I >
>
73
l/l
m
<
Z
z >
—i
5 z
>
O 30
~ z
o
>
CD
TO TO
3 3
• o w w J
; S C S ?
m a a ?! > tu|109|_ rt>
a.|9 9|a. o &j =f o
! °|99|?a» J|109|I|99|| S§ I
>|99|§ - > °- M
tu_ ¦< > 5 < o
- 3
N) TO
° > B =- £ iq to
" 1
3 J
TO 3
> 1
3" " 5
a. to
TO Q.
I >
-i ty _j
oj 3 TO
TO
a >
tu >
U » u
2. 5|910|S> —|910|G, TO to
» o °-
5' tj tu
ID
ID TO ¦«
to" fl>
€ tl »
» r> O
tu TO XJ
— « TO
=J =, S
o s =
n tu|910|TO £ ID
IS|910|ff r.
¦— " O
- o J
c
l/l
n i
m
a c
I
m
o c
l/l
tj >
l/i m Z
cn
m
> 30
CO > 1/1
l/l On ^ lu NJ H
o
^ m m > -a m
n > i S J =¦
w >|99|Z a|910|>
ro
^ J 5 id S <
ID ^ O —
- >
- D.
o >
>. >
-i XJ
XJ z
o —
>
cn
>
70
~0 00
> <
z
ro >
luei|nsuo3 uodjiv am i° uoday
8I0Z aunf'ooi-J.'uoiieuodsueji p luaujuedaa sn SDaTlOS saiei|j))e |euo;6aj apnpui ei|ao pue 'uejuawv 'paiiun 310N
JdflUOJ J ^ .
%0Z~
(Scl3DN3SSVd C13NV1dN3 A8 Q3bnSV3lM) 3MVHS 13XyVlM 3NHyiV LIOZ Z~V 1I9IHX3
8103 aunf 'eieAouui 33>jnOS
aajAjas leuoseas sapnpu; '8T03 aunf o; dn 6u|pea| sinuoui zi ui painpaips saujuje 6ejj-u6ieJOj 3J.ON
IIM1 llllllllllllllll ¦UJJJIIIIIIIIII
^H^HMJUJ 11111
I^I^I^HJIIII
|109|
|109|
0 01
OZ -n o
0£ to'
0t> 5T
OS 5
(D
09 *
OZ. 08
INflOD SNHclIV 9V1d-N9I3aOd lyOdclIV aTlH-SDclVI T-t> 1I8IHX3
DJOdHlV "IVNOUVNHSINI 3MVH.O ODVDIHD ODVDIHD 30 A1ID
lueiinsuo} uodjiv au,i jo uoday
(uoday am ui paquosap
suoiidmnsse put= sisAjeue ai|j uo paseq) 8X03 aunf' 3u] 'saiepossv ijf opuo^iy .'8103 aunf 'spjODay iuawa6eueiA| 'uoiieiAV jo luaiuuedaQ 'o6p3ilq jo Aiq S3Dyn.OS
ooor: oooc
SUOiiiMJdO .)l|SOIUO(]a
t-UOt1 ET02
OOJ
?
Oil 3
00E •> I
0 *rc ij on: •
SNouvaado onv saasNassvd aaNvidNa jiisswoa z-v namxa
pouad jeaA-3x e jbao suopejado pue sjaBuassed peue|dua Diisauuop uj spuajj, spjdap £-,> uqmxpj SNOUVy3dO QNV SU39N3SSVd Q3NV1dN3 DI1S31AJOQ I T£>
8X03 Jaqopo'
sjjisjieis AijAjiDv uodjiv s.oBeijjiQ jo Aiq aq; ui papnpui
spjo^ay ;uauja6eueiAj 'uoneiAy jo luawuedao 'o6e:>iio jo Aiq .3DHflOS sja6uassed snoaur?||a3S!LU pue 'jajdo:>i|aq .'uojieiAe |ejaua6 sapnpx3 31ON
LXOZ - 8002
L\0Z-Z\0Z
110Z - 200Z
aiey qjMOJQ lenuuv punoduiCQ
09T'n97Z
£05 060 27
tonv - Nvr) aiAd
£T0<3
39<3'T00'EE
TSS'£98'?E
£06'9frS'6£8378T'8cT
ETT'SZ.cT'8?
6£S'E6<3'8?
r0f'6T?'££
SSTS£0?£
98T'TT0>£
HlAAOcdD 1VDNNV
Sy3DN3SSVd 03NVldN3
HlMO!dD 1VHNNV
S!d3DN3SSVd Q3NVldN3
HlMO>dD IVflNNV
S>J39N3SSVd Q3NVTdN3
IVNOIlVNySlNI
S>J39N3SSVd Q3NV1dN3 "lVJlUOiSIH S-l> 319V1
IMOdMIV 1VNOUVNa31NI 3MVH.O ODVDIHD ODVDIHD dO A1ID
luei]nsuoo iJOdjjv au,U° uoday
VLZ-16
AeMuny p 6uiuado am qj,|M uoipunfuo:) ui '8003 'IE Jaqopo paJidxa A~aqi 9003 '63 Jaqopo aAipajja aiuejaq suoipuisaj }q6i|.) Ajo}epuB|Aj
8T0Z sunr'001-1'uoneuodsueji piuauuviPdaa Sfl 3DynOS (sAe/vuiv sn pue sauipjv leiuamjuo}) saui|jie pa6jauj pue sja'uued |euo|6aj sapnpu] .310N
OHO - ueauauuv apiM-uuajsAs ueauaoiv
ayo - paiiun
apiM-uuajsAs paiiun*
Z.T02 9102 SIOZ frTOZ ETOZ ZTOZ UOZ
SaN3cll c!3DN3SSVd Q3NVTdN3 NVJIHSIMV QNV C]31INn t>-t> 1I9IHX3
0102 33U]S (sajeiijjye pue sjaujjed ja6jauj aAipadsaj jjaqi Buipnpuj) ueajjaluv pue paimn joj spuajj jaBuassed paue|dua apjM-uuajsAs aqi siuasajd liq;i|xa •A|aAjjaadsaj 'juaajad 8'9 pue t/'g sja6uassed paue|dua Buiseajaui 'aje|-|,0 le umoj6 aAeq ueajjawv pue paimn qioq '£102 aau]s iJodj]v aqi ie juaajad 6 0 paseajaap aAeq Aaqj a|iqM 'juaajad EE umoj6 aAeq sja6uassed paue|dua apjM -uuajsAs s,ueDuauuv 'auuejjauuij auues sjqj jbao 'juaajad t/e paseajaap aAeq sja6uassed paue|dua s,paimn jjodjjv aqi ie a|iq/v\ 'iuaajad x'8 paseajaap aAeq sja6uassed paue|dua apiM-uuajsAs s,paijun '8002 aaujs 'XX0Z u! uojjaajojd Aajdm>|ueq joj pa|jj'ueauauuv Pue sanssj uoijej6ajui ja6jauu q6nojqj pa>|JOM pajjun se '£"[02 °1 1102 luojj juejsuoa A|eAjje|aj pameuuaj uaqi pue 0102 u! w\aj6 sja6uessed paue|dua ajisauioci sia>)jeuj a|qejjjojd uj-aajAjas 6uiziseqduua a|jqM 'saaj Mau pue sajej paseajaui q6nojqj sanuaAaj jaq6iq 6ujjejaua6 pue sjsoa uo |OJjuoa 6uidaa>j 'aAOjduui oj ue6aq Auuouoaa aqj se jey A|aAije|aj Ajiaedea p|aq sauiuiv saaud |jo q6jq-pjoaaj pue pueuuap ja/v\o| oj asuodsaj u] sjuaiuaj]jaj jjejajie pue uoijepi|osuoa q6nojqj A~jpedea paanpaj jaqjjnj saujpie '8002 UI uojssaaaj aqj oj asuodsaj u] sauj|jie aqj Aq suoijanpaj Ajpedea pasoduui-j|as pue uojssaaaj ajuuouoaa aqj jo j|nsaj e se '6002 Pue 8002 u! A|jueajj!u6js ||aj Aaqj jnq 'z.002 u! A"rjq6j|s paseajaap sja6uassed paue|dua aijsawop 'jjodjjv aqj je suojjejado pajjwji uojjaujsaj Ajojepueuu siqj q6noqi 'uojjsa6uoa panujjuoa oj anp ,epeue^ pue sajejs pajjun aqj ujqjjM suojjeujjsap oj jjodjjv aqj ujojj suojjejado uo suoijajjjsaj jq6j|j Ajojepueuu pajuauua|duui VVd aqi '9002 UI
!>JOd>JlV 1VNOI1VNM31NI 3MVH.0 ODVDIHD
, ODVDIHD 30 A1ID
I J8-3 | lueiinsuco uodjiv am jo uoday
eauauuv qjnos pue 'oajxayM 'eisv oj pusuuap paanpaj jBqj >jeajqjno n\i aujMS "[NTH aqi ^q papBduui jaqjjnj sem AjiAijaE |EuojjBUjajuj pue '6002 u! AjiAijaE |EuoijBUJajuj pEduj] A|aAijE6au oj panuijuoa uojssaaaj aqi AjjaEdEa JBas 6upnpaj Aq juauuuojjAua aiuuouoaa 6u]uasjOM aqi oj papsaj sauiuiE sb 8002 ui auipap oj UE6aq suopBjado Z.002 q^nojqi je|j A|aA!JE|aj pamEuuaj jjodjjv aqi IE suoijsjado pus sjaBuassBd pauE|dua lEuoijEUjajui
(uoday am uj paquosap
suojidiunsse pue sisA"|eue aqi uo paseq) 210Z aunf' duj 'saieoossy 73 opuouiy '8103 aunf 'spjo^ay iuaiua6eueiAj 'uoueiAy jo ;uaiuuedaa 'o6e3iq3 jo AtQ SJDHnOS
SNOiivyado aisiv sussNsssvd asNvidNS "ivnouvncIsini s-i> narnxa
pouad je3a"-£x e JaAO suoijEjado puB sjaBuasssd paus|dua |euo]jeujajui ui spuajj spjdap s-fr J*!tl!Mx3
SU39N3SSVd d3NV1dN3 1VNOUVNM31NI 2 T E l>
jeaA jaAO jeaA juaajad g-g assejauj oj pa|npaqas aJE sjbbs 6ujjjsdap ajjsaujop '8102 UI sjBas 6uijjBdap uj asBajam juaajad sz e uo juaajad it m3j6 sja6uassed pauB|dua ajjsauuop 'ZT02 UI juaajad sz passajauj Ajpedea jeas ajjsauuop pa|npaqas s,ueauaiuv pus '9x02 u! iuaajad s'V pasEajauj jjodjjv aqj je Ajpsdsa jsas ajjsauuop pa|npaqas s,pajjun 'sjaf|Buoj6aj ja6js| Aq paae|daj 6ujeq ajaM ssa| jo sje6uassed OS 6ujjsas sjaf |euoi6aj ja||eujs se ajnjjedap jad sjeas paseajaui Aq uaAup sbm qaiqM 'A|aA]jaadsaj 'juaajad £7 pue juaajad 5 X Aq jjodjjv aqi ie Ajpedea jeas ajjsauuop paseajaui ueauaujv pus pajiun '5X02 UI a6BjaAE uo jjBJajjE J3||nj ui sj|nsaj ji pus 'sjq6j|j 6u!js]xa uo pajBpouuuuoaaE aq usa jBqj sja6uassEd 6u]jaauuoa jo jaqmnu aqj azjuujXEUJ qajqM 'sauEjaujjj 6ujjaauuoa juepjjja ajBj||pBj oj aumj jo MopujM mojjbu e UjqjjM jjsdap puB bajjje oj sjq6j|j a|npaqas sauipis '6uj>|UBqaj Ag '6ui>|ueqaj se oj pajjajaj '6uunjanjjsaj a|npaqas s,ueauauuv pue pajiun oj 'yed uj 'anp si qjMOj6 AjpBdsa jBas oj aAjjepj qjMOj6 ja6uassed pauB|dua Jaq6jH pouad sjqj 6uunp juaajad i s paseajauj AjiaBdsa JBas ajjsauuop pa|npaqas t>X02 J3ao juaajad 2'TT passajauj sjaSuessBd pauB|dua ajjsauuop 'SX02 UI
2'51> uojjaas uj punoj aq usa s^>j-\ uo uojjeuujojui iBuoijippv oajy ojjand 'usnf ue$ puB 'oaspuejj ues 'sa|a6uv so"| 'Apauua»->|JoA Ma|\j 'uojsog :suojjeujjsap joFbuu aA]j oj aajAjas jajjo sauipjB omj aqj 'pauiquuo3 A|aAijaadsaj 'XX02 Pue Z.002 aaujs jjodjjv aqj paAjas aAsq Baijauuv u|6j]a pus anigjaf sjj-\ 'juids puB jaijuojj oj uoijippE ui '9X02 u! iuaajad yc Aq AjpBdsa jBas ajjsauuop pe|npaqas pasBajau] jaijuojj suoijBuijsap yz paAJas ji 9x02 P Pua aqi Aq pus '(jjodjjv aqi je aaiAjas jajJBqa |euojjeujejuj pajsjado jaijuojj fT02 °1 Joud) jjodjjv aqj je aaiAjas ajjsauuop paauauuuuoa jajjuojj yr.02 P Jayenb pjjqj aqj ui '9X02 P Pua aqj Aq suoijBuijsap 02 6uiAjas '9X02 u! juaajad x't> JaqjouB Aq Ajjasdea jeas pa|npaqas paseajauj auj|jjB aqi juaajad g'6£ JaqjouB Aq AjiaBdsa jBas pe|npaqas paseajauj auj|jjB aqj SX02 u! PUE 'JeaA joud aqj uiojj juaajad Z'iT Aq jjodjiv aqj je Ajjasdea jeas paseajaui jujds 'i>T02 UI ET02 33U!S pajejajaaae SBq jjodjjv aqj je qjMOj6 -yyDJOdaiV lVNOUVNaaiNI 3MVH,0 09VDIHD ODVDIHD JO A1ID
lueiinsuo^ uodjiv 3M1 J° uoday
'LIOZ o; 2102 ujoj; yodjiv aqj je sajEi|ijjE |Euoi6aj Jiaqj pue 'ueauauuv 'pajjun P sajBqs aqj jo Ijsjap jaqjjnj sapiAOjd £-,> Ji.q1.qx3 jjodjjv aqj je sau]|J]e jaqjo Aq qjMOj6 jo j|nsaj e se 'sjaSuassed paue|dua jo jaquinu |ejoj aqj ui qjMOjB ajidsap '(juaajad c-cc oj juaajad 8 L£ ujojj) pouad eujes aqj jbao sja6uassed paue|dua jo ajeqs paanpaj e paauauadxa os|e aAeq sejEi|ijjE |Euoi6aj sj] pue ueauauuv spuajj apjMuojjeu qijM juajsisuoa sj qajqM 'jjodjjv aqj je saui|jje jaqjo Aq qj/v\oj6 pue pajiun Aq suoijanpaj Ajjaedea jouiuu oj anp Sj sjqi (juaajad o'Sf oj juaajad fgt? luojj) et.02 a^ujs pauipap seq sajejujje |euoi6aj sjj pue pajjun jo ajeqs je6uassed paue|dua |ejoj aqi z.T.02 qBnojqj gx02 ujojj jjodjjv aqj je aujuje Aq sjeBuassed paue|dua |ejoj sjuasajd a|qei
8T03 aunf'ooi-J'uoneuodsuEJx jo luaujuedaa S n 3aynOS
(LIOZ) S3iAim.OA H39N3SSVd a3NVldN3 HVNOUVNa31NI A9 SlHOdyiV STl 03 dOl 9-t> 1I9IHX3
sauun|OA ja6uassed paue|dua |euoijeujajuj Aq pajnseaiu se sjjodjje s n Buouue qjjij pa>)uej jjodjjv aqj '9-fr»!q!MX3 uo pajajdap sv JeaA joud aqj iuojj juaajad £9 paseajauj sja6uassed paue|dua |euojjeujajuj Yioz ui
|anj jaf jo eajjd mo| aqj pue ajeuujp aiuuouoaa aqj uj siuauiaAOjdujj Aq jjed uj uaAjjp pueujap |euojjeujajuj uj aseajauj ue oj paje|3J '9102 u! paseajaui suojjejado pue sjuauuaue|dug
(VflD) e|euuajen5 'Ai\j e|euua;en!5 pue (ND9) ujeds 'euo|aajeg oi aaiAjas |euojjeujajuj Mau pajejjjuj ueajjaiuv LIOZ UI Jjodjjv aqj paAJas A|snojA3jd jou peq jeqj sauj|jje 6e|j-u6jajoj aje jjv MOM PUE saujujv ujajseg euiq^ 'japajui 'jjv VA3 'Jjepue|aai (j3>|) pue|aa[ '^jAefyAay oj aajAjas pajeijiui Jjv MOM Z.T02 UI '(DAd) eujq} 'jeq6ueqs oj sauj|jjv ujajseg eu\i\j pue '(X31AI) oajxajA) 'Ail} oajxaiAj o; jafjajui '(3dl) ueMjei 'jadiei oj jjv VA3 '(d3>l) pue|aai '>|jAer>|Aa>j oj jjepue|aa[ Aq pajejjjuj seM aajAjas |euojjeujajui Mau 'SIOZ UI (HIZ) oajxaiAj 'edejxj pue ;(sid) spue|si soaje;) 'sa|epuap|AOJd !(dAn) eiani juies 'jJoj-xnajA oj pajjun Aq pajejjjuj sbm aaiAjas |euojjBUjajuj Mau 'si02 ui
•UBajjaiuv
puB pajjun A"q aajAjas |BuojjBUjajuj jo uojsuedxa aqj puB saui|jje 6E|j-u6jajoj Mau Aq papiAOJd aajAjas jo j|nsaj b se t>102 pue £ioz u! qjMOj6 jaqjjnj paauajjadxa ji pue '2102 UJ ujb6b asBajauj oj ueBaq AjiAijae |BuojjBUjajui H02 uj sjsaA oi JSB| aqj jo juiod jsaMO| jjaqj oj paseajaap sja6uassBd pauB|dua leuojjeujajuj "["[02 Pue 0T02 u) AjiAijae |BuojiEUjajuj ssajdap jaqjjnj oj pauiqwoa (uodjjv aqj je auipje 6e|j-u6jajoj isa6je| puoaas aqj sbm aiujj aqj jb qajqM) eueajxajAj jo Aajdm>|ueq aqj pue 'sanssi uoijej6ajui ja6jauu s.pajjun '|aABJj |buoijbuj3jui joj puBuuap 6ui66e-|
l>JOd>JlV 1VN011VNil3J.NI 3>JVH,0 09V3IH3 OOVaiHD 30 A1ID
tu m
q. -a
- tl
fl) JI>
a "
ST £
> 3
> 3
> CD
Ol
I
l/l
—I
o
n >
>
o o o
z
>
H
5 z >
n > ci o
O —i >
CL 3
1,1 in 3 t w
O rn D (t> zi, ri
? - _ 3:
3 2
2. 5
sr v
'2*
2 5 cl.
=* »
rsj — — < o n -n
f5 ST o —
3 ?
£ z
^ m
n
m
a a.
x
o
h-» NJ
>
> 3D
>|1010|
n i
n > o o
«. a 3
— 3
O
NJ
2 >
7^
> 73
> b
EL|910|3' n
o> o
o
>. ro
13 U
o
fD 1^
NJ O
UI DJ 5
>
I- = 3
— 3
98-3 | juei|nsuo3 uodjiv aqijo uoday
•saaj A\ie||pue sapnpxj ,
sjjodjje ueDuauJV quo-N jsa6jB| ot aqi ie spuajj uojjejado oj JE|jiujs s] '\\-\7 liqiqxg uo uMoqs se 'qajqM 'yodjjv aqj jb suojjEJsdo |ejoj uj aseajaap |enuue punodwoa juaajad o'T e paiqeua seq s;uaujaajBe Joqe| aAipujsaj jo uoijexe|ej aqj 'A||EuojJ!ppv "jjejajje aui|UjEiu pue sjaf |euoj6aj ja6je| qijM s;af |euo]6aj ja||eius paae|daj A|6u!seajauj sauiujE se 'jaAa/v\oq 'st.02 uj a6ueqa oj ue6aq jjodjjv aqj je suojjBjado aje^jje jajniuwo3/|Buoj6aj pje/v\oj puajj aqi sjaf |euoi6aj ja6je| qjjM Ajpedea jeas a6ejaAe aseajauj oj saujuje paMO||e seq sjqi sje6uassed 09 ueqi ejoiu 6ujjeas asoqj X||eajjjaads 'jjejajie |euoj6aj 6ujsn umo|j Ajjaedea jo junouje aq; paseajauj aAeq sauj|jje 'aAjjaujsaj ssa| aujoaaq aAeq sjuauuaaj6e joqe| aujujs sv 'sieuojjeu/sjofeuj jo asoqj oj aAjje|aj suojjejado ajej|jjje jajnujujoa/|euoj6aj jo jaqujnu 6ujseajauj aqj sj pojjad aqj q6nojqj suojjejado auj|jje ja6uassed ui puajj aiqejou v LXQZ Pue 8002 uaaMjaq dnoj6 jasn jofeuj Aq jjodjjv aqj je s|3Aa| uojiejado jjejajje siuasajd 3|qBl
SNOIlVH3dO IdVUDHIV ££V
'9102 Jsn6nv aaujs suojjeujjsap aAjj jo aseajauj ue 'suojjeujjsap dojsuou T.9 o; Aep jad sajnjjedap |euoijeujajuj OfrT. pa6ejaAe yodjjv aqj 'aunf jo qjuouj aqj 6ujjnQ '8102 aunfjo se jjodjjv aqj ujojj dojsuou paAjas sja>|jeuj |euojjeujajuj aqj sajejjsnm rjl-fr l!q!M*3 '9T02 isn6nv aaujs suojjeujjsap amu jo aseajauj ue sjaajjaj qajqM 'aunf uj suojjeujjsap dojsuou 0Z.T oj umoij ajaM Aep jad sajnjjedap ajjsauiop £si'i jo a6ejaAe uv '8102 aunf jo se jjodjjv aqj ujojj dojsuou paAjas sja>|jeuj ajisawop aqj sajej;sn||j Ii.q1.qx3 sajnjjedap pa|npaqas Aq pajnseaiu se 'jeaA aqj jo qjuouj jsajsnc) aqj jo >jaaM a6ejaAe ue sjuasajdaj qajyM_'/.x02 ' L jsn6nv jo >|aaAA aqj joj sja>jjeuj a?c?o ajjsaujop os doj s.jjodjjv aqj jo qaea uj sajnjjedap dojsuou A|>jaaM jo jaquinu aqj aje 8-17 a|qei uj u/v\oqs os|v
(sa|jLU 008'T pue T.09 uaaMjaq)
sja>|jeuj |neq-ujnjpauj A|ajeujUJopajd aje s;a>|jeuj qt%o ajasaiuop aqj 'sajejs paijun aq; ui uoj;eao| |ej;uaa s,jJodj(v aqj uaAjQ sja6uassed jo jaqujnu aqj Aq pajnseaiu se 'a|qe|jeAe ejep jo jeaA ||nj jsaje| aq; 'z.102 u! sja>)jeiu a?80 ajjsaiuop OS doj s.jjodjjv aqj uo ejep sjuasajd 9\qe± sejjjijaej pue saajAjas a|qe|jeAe pue pueiuap |3Aejj jje jo uojpunj e sj qajq/v\ 's;3>|jeuj Qigo s,;jodjje aq; jo uojinqjj;sjp aqj sj AijAjjae s,yodjje ue jo aj;sjJ3jaejeqa iuE}Jodiuj uv
S3jej J3q6jq q6nojqj qjmoj6 3nu3A3J sjnjdea pue Ajiaedea aanpaj Aeui sauj|jje '£"[02 pue 2102 i° S|3Aa| aqj oj ujnjsj |jo jo aajjd aqj p|noqs -sajej jaMO| asoqj je sja6uassed A|j A|qejjjojd uea sauipie pue 'paseajaap seq Ajjaedea |euojjjppe 6ujjejado jo jsoa aqi 6^$ sbm |ajjeq jad |io jo aaud a6ej3Ae aqj ^X02 ul saaud MO|-pjoaaj oj pojjad aqj jnoq6nojqj juaajsd 8 9 pssesjasp |jo jo eajjd a6ejaAB aqi awjj jeqj jnoq6nojqj juaajad 2 0 p3SB3Jauj S3jej ajjssujop sSejeAB e|jqM 'juaajad 57 jo y^VD e je MajB saiun|OA ja6uassBd Qrgo 'LIOZ Pue 8002 U33/v\j3g S33jjd |jO |enuuB 36bj3ab 3qi pus jjodjjv aqj jb ssjbj puB sj36usssed Qi$o |E3jJOjsjq SMoqs 2-p V.WMXJ
•8JU3lUUOJjAU3 3JBJ J3MO| aq}
ajjdsap ssnusASJ js6u3ssed 3SB3Jauj oj 3|qB ajaM S3Uj|J]B 'saiun|OA ja6uassBd jaq6jq q6nojqi S33jjd |jO uj sujpsp b Aq pa|qBua saJBj uj auj|3ap e seM qjMOj6 a?80 Gujjjoddns jaqyng s^j-\ sqj pue 'ueajJ3iuv 'pajjun Aq paanpojjuj Aji3edB3 jBas 3ijsaiuop Mau jo unsaj e sbm q3jqM 'sja6u3ssed p3UE|du3 uodjjv |eioi jo ;u33J3d gfs pesudiuo3 sjs6u3SSBd a?go '9102 ui '9102 uj jua3jad g£s jo q6jq b oj 8002 uj juaajad £ 6^ ujojj paseajauj sja6u3ssed QiQO jo sjsqs sqi jjodjjv aqj jb sejBqs ja6uasssd pauB|due 6ujj33uuoa puB 0780 leajjojsjq aqj sjuasajd e|qei
3DIAV13S V1IV Z £ \>
IHOdMIV "1VNOUVNM31NI 3«VH,0 09V3IH3
09V3IH3 30 A1I3
n o 3
< o
fD
TJ O
I
i/i —I
o
73
n >
r-
o
73 C
z ; -i i
m i TJ i Z .
. H
O :
Z i
:
r—
; 3 |
fD ft>
3 ?
o o
m l/l
> —I
O
z >
n O
;o O Z m CT)
s? £
> 5^
2 ct -?
O m r-< ;o >
>
z
X 3
CD
£ O Z > ^
73 l/l
> S ^ -
in 5 a z
Z
o <
88~3 | iuei|nsuo3 uodjiv am jo uoday
8T0Z Jaqopo 'ABjauj jo luawuedaa s fl '8T0Z Jaqopo 'AaAjns 9180 'uoneuodsuejj. p luaiuuedaa s fl SJDMnOS
uoueuijsaa pup ui6uo - QTSO
leuiujou ajp sen|PA ||v JeaA jppua|P3 aqi jaAO pa6ejaAP |io jo 33Ud saaj AjP||pue apnpxa sajej sajej pue sja6uassed anuaAaj Q7$o Diisaiuoa S310N
;-|qq jad) no p aaud '6av ajej pav sjeSuassed a?80i\iii™
LIOZ 9103 SIOZ PIOZ £103 3103 1103 0T03 6003 8003
= os$ o
001$ -
a u
Q.
TJ
c
ca m
§ 0SI$
o
Oi
003$ -
to >
053$
<
1IO dO 3DIcld 1VDNNV SSVUSAV ONV IHOdHIV 3H1 IV S3HVd QNV SH39N3SSVd NOIlVNUS3a QNV NI9IcJ0 DUS3lA|Oa 39VH3AV 8"t> 1I9IHX3
IMOdaiV 1VNOUVNM31NI 3MVH.0 ODVDIHD ODVDIHD JO A1ID
lueijnsuco uodjiv ai|l jo uoday
8103 aunf 'eieAouui '8I03 aunf 'AaAjns aiad 'uoiieijodsueJi jo luawuedaa s rf SSDyDOS suodJiv (uojsnoH) Aqqon d we'lIM pue (uojsnoH) |eiuauiiuo:>jauiI usng 36.1039 sapnpu] 01 suodjiv PiaiJ aAon se]|r>a pue leuoueujaiui huom uoj se||ea sapnpu] 6 suodjiv neqsjetA] poo6jnu,i leuoueujaiui uoi6umse/iA/ajoujii|eg pue '|euoiieN uo;6uiqseM ue6eay pieuoy 'leuoueujaiui sa||nrj uoi6u|qseM sapnpu] 8 suodjiv leuoueujaiui asof ues eiauiiA) A ueiujoN pue 'leuoueujaiui puepieo ueniodojiaiAj 'leuoueujaiui ousiriuejj ues sapnpu] /_ suodjiv upeag 6uon pue 'adoH qog 'leuoneuiaiu] oueiuo '(Aiunoj a6ueJO) auAeM uqof 'leuoneujaju] sa|a6uv son sapnpui 9 suodjiv eipjengen pue '|euoueuja;ui Ajjaqn JuemaN 'leuoueujaiui Apauuax j uqor sapnpu] s eauauiv ui6jia-XA 'pauun-vn -l.uids-XN MailuoJd -6d 'ei|aa-ia 'an|aiaf-9a '^seiv-SV 'uejuawv W V jaujej aui|Uieiu j|aqi jo ued se paiunoD aje sajeinjje |euo;6aj 'LIOZ 'L isn6ny jo >|aa/v\ aiji joj £
suo;paj;p qioq u; 6ui||3AeJi sja6uassed z sa|iiu 008T JaAO = (m) ineH 6uon sa|iuj 008'T 01109 = (HIM) ineH wrnpaiM .'sa|iuj 009 01 I = (HS) |ni?H UOU.S I
•S310N
ZLOX
0Z6'i _. _~_I_S170:i)SS.'0E : l«>°± -
Qt.Vwr:v
si|OdeuL»ipui
UOSDm ipi?0H SjnAlAj
MuriiJJOW
"M^O/'M'IIOUOH
Sii(]iun|0 j AlQ si'sui;>|
ail'AqseN TfCjnqsjjid
ijjEqjnCJ/qbiaie^i
An j d>|in l|GS
vn '>in 'sv w
.i»0|jmj,j sjaAiM ijo:i
ofioici ui?s
"pduirji"
vn ' 1C1 SV 'W
;-tuoisnoH
vn '>IN '9U 'W
|ned ls/s|l"d™imlN
vn -jin '0:1 'w
Vfl 'AN '6.1 'w
vn "XN '6J w
.- -j G 'uulDuillse/lA
iODSOUIJJ 1 uus ,SO|Of)UV so'i
i*1Q 1J"A «.">N
11 n V iaj '.HNV.J
.lOiSNON A I'J J JAA
£103 - SISXcjVIAI >J3DN3SSVd NOUVNI1S3Q QNV NI9IHO DI1S3 IAIOQ OS dOl 8-t> 3iaVl
iyOd>JIV 1VNOUVNa3J.NI 3>JVH,0 ODVDIHD
8T0Z Z d3aiAJ3AON
ZZT ID > "3
cu
O
CT „ o > o
x c o
> C
> CD
IO
I
l/l —I
O
73
n >
73
n
73
>
o
T3
m
3D
>
O '
z
i/i
i> i—i m
cn ct
2 Z
Z S > m Ci r
z o <
luei|nsuco uodjjv au,l jo uoday
pojjad jeaA-5 aqj J9AO juaajad 8£ jo ygvD b joj 'pouad >|oo|jno aqj jnoq6nojqj jeaA jaAO-JEaA" paseajauj jq6jaM papuen Z.T02 q6nojqj <£\QZ IJodjjv aqj BujAjas sjojejado o6jea-|[E pue saujNje ja6uessed aqj joj jq6j3M papue| jo sajeqs aqj sjuasajd OT-V aNBl
1H9I3M aaaNvi v£x>
LXQZ °1 9T02 ujojj juaajad t?g paseajauj suojjejado o6jea-||e Jjuaajad 060 sbm pojjad >|oo|jno aqj jnoqBnojqj y^VD aqi puewap ja6uassed ueqj A|mo|s ajoiu pajaAoaaj seq pueujap o6jea jje se aiujj jeqj aaujs a|qejs A|aAjje|aj paujewej aAeq pue otOS uj paseajauj jjodjjv aqj je suojjejado oBiej '6003 °1 8002 ujojj suojjejado o6jea-||e uj uojjanpaj jaqjjnj e oj pa| Aujouoaa >jeaM e pue saajjd |anj q6jH uojssaaaj ajujouoaa |eqo|6 aqj o; anp 6002 °+ 8002 luojj iuaajad i> 02 paseajaap uodjjv aqj ie suojjejado o6jea-||v s}q6j|j leuojjeujaiuj ajaM/.io2 uj suojjejado o6jea-||ejo juaajad //is A"|e;eujjxojddv sajnjjedap A|jep £ A|ajeujjxojdde qjjM (Sdfl) aajAjas laaje^ pajjun sj jjodjjv aqj je jojejado o6jea-||e jsajsnq puoaas aqi sajnjjedap A"|jep g A"|ajewjxojdde qjjM AjjAjjae o6jea-||e aqj jo jsouj sapjAOjd xgpaj aajAjas pa|npaqas apjAOjd sjojejado o6jea-||e g2 'jjodjjv aqj JV
SNOI±Vid3dO ODaVDTlV 2 £ E l>
¦suojjejado
iejoj jo juaajad 8T Ajajewjxojdde joj 6ujiunoaae 'mo| X|3Ajje|aj sbm jjodjjv aqj je AjjAjiae uojiBjAB |ejaue6 'z.102 ul
SNOIlVH3dO NOUVIAV 1VH3N3E) T E E'iV
8I0Z aunf 'uoday dijjpji uodjjv ueDuawy m'ou gioz 'eDuawv i|UO|M-|t?uo|ieuj9iu| |DuncQ suodjiv 33>jn0S
DJOdJjIV 1VNOU.VNJJ31NI 3MVH.O OOVDIHD ODV31HD 30 Alia
>
DO
i
h-»
o I
1/1 —I
O
73
n > r
i
> o
m
a
m
cr! I
Z > H
5 z >
n >
70 73
tus?i|nsuo3 uodjiv 9U.1 jo uoday
sqnq jaqjo oi aAjie|Sj sajejauaB yodjjv aqj Ajiuqenjojd aqi ¦
¦6uuajjo janpojd pue aauewjojjad anuaAaj s,pajiun Pue s,ueaijawv aauequa p|noa dVl aqi moh ¦
o6eaiq3 jsnfjou pue >|joMjau s.aujpje ieqi ssojae jaedum aAjje6au 6ujqaeej-ap!M e aAeq p|no/v\ jjodjjv aq; je aauasajd s.aujUje jaqjja ui uojpnpaj e moh ¦
pajiun Pue ueauawv jo s>|JOMjau ajnoj aqi oi qnq s.jjodjjv aqi jo aaueyodan a|6ajejjs aqi ¦
:6uuo|dxa Aq asea s.auiuje jaqija u] A|a>)i|un s] s|qi AqM saquasap uojpas sjqi suojiejado qnq si] jo uoneuiwjaj s,au!|j]e jaqjja jo pooq!|e>|j| aqi 6u|pnpu] 'sample qnq aqi Aq pajejado S|3A3| aaiAjas uo sjsoa yodjjv paseaJDU] jo jaedum aq; 01 se asue suoijsan£) 'Suo|6aj snojatunu uaaMiaq AijAjjaauuoa saiqeua pue sajjp 6u|punojjns u] aauasajd s,auj|jje qaea sjjoddns jeqj uo]jeao| a]qdej6oa6 sij uj os|e inq 'ia>|jeuj a?go o6ea]q3 jsnqoj aqi oj sapiAOjd ji ssaaae aqi Uj A|uo iou 'ueauaiuv pue paimn qpq jo s>|JOM}au ainoj aqi U| juauodwoa |ea|jua e s| yodjjv aqi
saNnyivanH vvp
^S3NIiyiV 01 lUOdUIV 3H1 dO 3DNViyOdlAJI VP
8WZ aunr 'spjoDay )usoi96eue^ 'uoueiAV jo luswuedaa o6edil)3 jo Ajq 33ynOS
suo) ui 1U.6I3M 3iON
Z.I03-8003
lenuuv punodwco
££I'0S6'I
98t/383'I
60S03EI
W.8'391'1
£39'830'I
6W.'IT0'T
£39'830'T
900 SSOI
99£'SST'T
6t-8'£6£'T
HlMO)JD IVnNNV
HlMOidD IVnNNV
OE)cJV3 lVNOHVN>J31NI
HIMOy D IVnNNV
1H9I3M 09yV3 Q3NV1d3a QNV Q3NVldN3 "IVDIcJOlSIH TT-fr 319V1
juaajad s"[ sbm o6jbd aijsauuop joj yovD aqi a||qM 'iuaajad /_ p sbm o6jbd |BUO|}BUjeiuj joj y^)VD aqi 'pouad >|oo|}no aqi }noq6nojqi JBaA joud aqi ujojj juaajad % z\ pasBajau] jj l\qz u! a|jqM 'juaDjad s o paseajaap jjodjjv aqj je o6jbd j]b 9x02 ui o6jbd j|b joj pusuuap paanpaj jo pouad aqj ujojj jaAoaaj oj us6aq sja>|jeuj o6jea |euo|jeujajuj se 'AiaAjjaadsaj 'juaajad 9 £i pue juaajad T£l Aq paseajauj saujn|OA o6jea |euo|jeujajui 'SIOZ PUB t>102 UI juaajad 8 £ jo >dE)VD e le paseajauj uodjjv aqj je saiun|OA o6jea YTOZ Pue 8002 uaaMjeg suoije|n6aj Ajunaas Mau pue 'jseg a|pp]iAj aqj uj sajjujeijaaun 'sapuajjna u6]aJ0j 'Aujouoaa |eqo|6 aqj Aq sjeaA juaaaj uj papediuj uaaq seq Ajjsnpuj oBjea jje aqj 'saujuje ja6uassed aqj oj Je|]UJ!s 'LIOZ Pue 8002 uaaMjaq jjodjjv aqj je o6jea jje paue|dap pue paue|dua leauojsjq siuasajd ZT'P al{lEl
S3IAJmOA ODUVD yiV
l)JOd>JlV 1VN0I1VN>J31NI 3MVH.0 ODVDIHD
STOZ Z >J3aiiM3AON
I 96-3 | lueiinsuco iJOdjiv au,U° uoday
8102 Jaqopo '0011 uoneuodsueji jo luawuedaa s fl 3Ddn0S|10 qe3l|ddv ION - V/N LIOZ JaqujaDSQ 6uipua pouad qiuoui-^T 3^ joj S310N
$e||ea
S3|a6uv son
epeuB3
SE||ea
B3U3LUV Minos
B3UJV/1SB3 a|ppi^j/sdojn3
uBaqquB3/03ix3tM/B3u3UJV |EJj,ua;j
3US8UJOQ
AID aOH dOl
(sarm ivioi 6) >iNvy
aHH ODV3IH3
Sy3DN3SSVd CJ3NVldN3 "IVIOI JO NOIiaOd
1N31AI3AHOANI SHH ONV NOI93b A8 SH3DN3SSVd 03NV1dN3 S3Nn>JIV NVDIHSIMV ET-l> 318V1
>|joaa}3u ejnoj s.ueDusuJV uj a|oj juejjodum sy 6u|pa|iaj 'nejeAo qjjnoj pue sja6uassed paue|dua Dijsawop joj pjjqj s>|uej o6eDiiQ 'sejjp qnq auiu s,ueDuauuv iO 'AjjAjpe jsow asudwoD sja6uassed paue|dua Dijsawop 'pajjun qj|M sy 'UJajsAs s ueDuawy JOj uoijewjojuj jenums sjuasajd El-fr a|qei
8102 Jaqouo'OOT-l'uoiieuodsuejx jo juauiuedaa sn SDdHOS
a|qi?3!|ddv ION - V/N LIOZ JaqujasaQ 6uipua pouad qiuouj-jx aqi joj S310N
o6e3|u,3|10jped mnos
o6e3iiq
B3IJ8UJV MJnoS
ODSDUBJJ UBS
E3mv/lse3 aippijAj/Bdojna
UB8qquB3/03!xe|Ai/B3uauJV Ibjjub^
3HS3UJOQ
aid anH
dOl
(sanH ivioi l) >iNvy
anH 03VDIH3
Sa39N3SSVd 03NVldN3 IVIOI JO NOUUOd
1N31AI3A10ANI anH ONV NOI93b A3 SH39N3SSVd C]3NV1dN3 SSNHdlV aSUND Zl-\7 3T9V1
LuajsA's |ejoj s,paj|un ui jsjjj pue epeue} oj sja6uassed paue|dua u| jsjy pa>juej o6eDiq3 'pajiun Joj suoi6aj asaqj 6u|ssaDDe uj sqnq jaqjo jo uojjeooi a|qejOAej ajouj aqj se ||a/\A se 'uo|jeDO| lejuauijuoapjuj ujaqjjou sji 6uuap|suoD a|qejDadsaj S] qD]qM 'pjjqj pa>|uej o6eD|q3 '{epeuej 6u|pnpxa) sjU]od |euo]jeujajuj 01 'sqnq jaqjo s,pajmn jo A"ue ueqj sja6uassed asaqj jo ajoiu paipueq qnq o6ez>\u\j sj] pue '|ejoj s,pej!un jo juaajad 68 joj pajunoDDe sja6uassed paue|dua Djjsaujoa suoi6aj snoueA oj sajejs psj|un aqj uj sjuiod ujojj paujea sja6uassed paue|dua LIOZ s,pai!un i° e6ejuaDjad aqj sjuasajd Zl-fr s|qei sjaSuassed jjodsuejj oj sqnq sji sasn aujuie qaea w\oq jo sjsA"|eue ue q6nojqj pajejjsuoujap aq ueD o6eD|q3 jo aDuejJodim aqj.
s»yoMi3N ainoy
Q31INn QNV NVDiyaiAJV 3H1 Ol 9HH OHO 3H1 dO SDNVlUOdlAJI DI931VU1S 3H1 vvrv
l>JOd>JIV 1VN0UVN>J31NI 3MVH.O ODVDIHD
8T0Z Z U38IAJ3AON
f
;uei|nsuco ;jodj|v au,l jo yoday
:sjsod |ejuawajDui asaqj jasjjo jeqj sapuapyja aiqeua ||im sjuewaAOjduJi A;i|pej aq; 'j3A3moh sa6jeqD pue sajej uj saseajaui q6nojqj uoijezmjapouu leujuwaj aq; qjjM pajeposse s;sod |e;ueujajDU! jiidui p|no/v\ sampjv
¦sp|3jA jaq6iq pue sja6uassed jo 3uun|OA paseajDu; q6nojqj anuaAaj |e;uawajDU! 6u|Aup '6uuajjo pnpojd aAjsuaqajduuoD ,saui|jje aqi aauequa p|no/v\ pue dDUdjjddxd ja6uassed paAOjdim ue jjoddns pinoM saunpej papuedxa aqi aDuauedxa ja6uassed aauequg ¦
sqnq
6u|pauuo3 jaqio 01 pajeduuoD jjodjjv aqi jo ssauaAjpeJue aqi aDuequa p|no/v\ sawn Aaujnof jauoqs aqi saujn Aaujnof ||ejaAO jajjoqs pue suojpauuoD juapjjja ajouu u; 6u]i|nsaj 'saujji pauuoD uunuijUjUJ uaiJoqs 01 sauipje j]wjad pue suojpeuuoD ajjpadxa p|noM Ajnpej e|6u|s e ojuj saje6 jo uo|jep]|osuoD aqi AjiAijaauuo^ dAOiduii ¦
sjojdbj peo| jaq6|q pue sjeas 6u|jjedap u| aseajauj ue qioq p asneaaq anuaAaj lejuawajDm aiejaua6 p|noM qD]qM 'sajiiunyoddo 6u]pauuoD ajouj a;eajD p|no/v\ suojieujisap 6u.ns.ixa oi A;pedeD paseejDU] pue suojieuiisap Mau oi aajAjas yejDjje ja6je| ajepowwoDDe ueD jeqj saie6 pue saie6 p jaqwnu ||ejaAO aq; u] eseajDU] ue q6nojq; suoHejado^qnq j]aq; p adoDS pue azis aq; moj6 o; sauipie qnq qpq aiqeua pinoM Ajnpej |eu|UJJd; papuedxa uy ad035 pue azjs xjoMidN /nojg ¦
:A;i|iqe;!pjd aseajDm pue sanuaAaj |ejuawajDU! a;ejaua6 o; 'MO|aq paquDsap aje qDjqM p ajn;eu aq; 'suojjjpuoD aiqeua ||jM sapej6dn lemwjaj aq; 'jaAaMOH sasuadxa pue sanuaAaj ;mn o; pedujj Djjpads aq; ajeunjsa ApjejnDDe o; A;i|iqe aq; jiuuij suouipuoD DjiuouoDa Ajjsnpuj 6u]A|0A3 sqnq Jiaqj moj6 pue suojjejado aseajauj o; pajiun pue ueDuawv aiqeua |||m ;eq; s;uaujaAOjduj! Aj]|pej lemiuja; ui ;|nsaj o; papadxa s\ dVl aqi
S3NIiyiV
anH MOd dVl 3H± dO SNOUV>d3aiSNOD ISOD ONV 3nN3A3M 1V1N31AJ3U3NI £ VV V
jueoij!u6is aq p|noM sso| s|q; 'seui|jie qnq aq;p Xue 01 >|JOM;au japeojq sjj ssojdb ajeqs ;a>jjeuj s,auj|jie 6upnpaj aq; p ampap aq; 6ui;eja|aD3e snq; 'sajeqs Jiaqj uaqjSuajjs jaqjjnj o; Ajjunjjoddo aq; sauipie qnq 6uiuieujaj aq; apiAOJd p|noM aujpie auo Xq uoipnpaj qnq e 'sauiuje d|dj)|nuj joj qnq Di6ajejjs e si oSeDiq-) asneaaq 'uoijjppe u\ aAjna ajeqs |enpe aq; 6uo|e 6ui>pejj jo ADuapijja |euoijippe aq; aso| os|e ;nq anuaAaj p ajeqs jiej sji aso| A|uo pu p|noM auipje 6upnpaj aq; 'uoipnpaj aajAjas e p ;uaAa aq; uj puv 'suj6jeuj jjjojd Suijejado aAj;jsod pue wmujajd anuaAaj e 3;ej3U36 uea Aaqj ';3>|jeuj Dj6ajejjs pue 36jb| e u] aauasajd jueDjjju6.is jjaqj pue s>)JOM;au Jiaq; jo adoDS aq; o; ana sse|3q;j3A3u sqnq ajen.O J|aqi ie sapuspjjjs sAusp p3;mn pue ubdusujv 'jsasmoh "o6BDiq3 uj s3Uj|jjB qnq 3q; p ;sq; spaaaxa ;sq; ajeqs'jjej jjaq; jsao ujnjujsjd ajeqs anuaAaj a;ejaua6 o; ujaq; se|qeua qaiqM ';uauiuojjAua aAj;j;adujoD sse| e ui a;ejado 'a;;oueq;) u] ueouaujv Jo e;ue|;v u| e;|aa se qans 'X;p qnq eui|jie-a|6u!s e ui saujpje qnH op Xpeaj|e Xaq; ueq; ;jodj|v aqj je ajeqs ja6je| qanuj e u|e;u]euj o; pa;!un jo ueDuawv Jeq;ia joj ;|nDjjjip sj ;j '(yodjiy |euoj;euja;ui XeMpi/g oSeDjq^ ;e sauipiy ;seMq;nos 6uipnpu|) X;p qnq aui|J!e-aajq; e si o6e3iq3 asneoag saueM X;j|j;n s;j se Ajp e m sja6uassed aso| ued auipje ue pue 'am; os|e sj a;isoddo aqi pueujap ja6uassed jo ajeqs jaq6jq A|ajeuo|yodojds!p e U|e6 ubd ;i 'aaiAjas jo ajeqs sj] saseajaui A;p e ui 6u|jejado aui|jie ue sv pueujap ja6uassed jo ajeqs jajeaj6 e ajnjdea oj j] saiqeua Ajj|jjn paseajauj s,aui|jie uv
•6uiA|j dojsuou |euoijippe
sjjoddns ujnj u| qaiqM '(jyojd jo) sn|djns e qjjM A|qejajajd 'aDjAjas jo jsod aq; ;asjjo sd|aq jeqj anuaAaj ajnqujuoa sja6uassed asaqi sja6uassed 6ujjaauuoD pue Q?so jo uoijeuiqujoa e qjjM sjq6i|j asoqj |||j d|aq jeqj saiujeuAp >|joMjau aqj oj anp suojjeujjsap jo a6uej apjM e oj sjq6||j dojsuou apjAOjd ueo sau]|j]e (a>|ods-pue-qnq) >uoMjau s'n
33N3S3yd 13)iyV|AJ dO 3niVA 3H1 ONV SDIIAIVNAO »yOM13N ZTKfr
lyOdaiV 1VNOUVN>J31NI 3WVH.0 ODVDIHD
SIOZ Z U3aW3AON
lueiinsuco uodjjv au,ijo uoday
•yodjiv aqi joj sjsedbjoj Ajiaijdb
aqj jo juawdo|3A3p aqj ojuj psjEJodjoDUi A|jD3J]pu] jo A|jDaj]p jaqj]a uaaq aAeq sjopej asaqj oi pajepj uoijewjojui pue ejea jjodjiv aqj je Ajiaijob uoijbiab ajnjnj 3DU3n|ju| p|noD jeqj sjojdbj aAjjejiienb sassnDSjp uojjDas siqi
lUOdUIV 3H1 IV aNVIAJ3a NOUVIAV 9NUD3ddV SyOlDVd S P
aoeds jo asn
pue AjjAjjDB jo uojjBpouuujoDDE pue 6m|npaqDS 'juauju6]sse joj sau]|apm6 apjAOjd oj psjedpjjue aje VlDV aqj uj pazuoqjne aja/w qDjq/w 's|ODojojd aqi aoeds uojde pue |euiujjaj snoueA asn pue juauju6issB aqj joj sjuauuejmbaj pue sajnpaoojd 'sajjuoud ujaAo6 oj pajedpjjue aje qD|qM s|ODOjoJd asn a^eds |euiuujai 6mdo|aAap sj Ajp aqi
"ICOOlOUd NOUVDOnV 31V9 Z VP
jjjojd
6u|jejado uuajsAs aqj jo ju3DJ3d o'Z.1 pajuasajdaj pue anuaAaj 6u|jejado jo sujjaj uj qnq jsa6je| puoDas s,paj|un sbm jjodjiy aqi jyojd 6uijejado ujajsAs aqj jo juaDjad n'ET 6u]juasajdaj 'anuaAaj 6ujjejado jo suuaj uj qnq jsa6je| qjjnoj s,UEDuauuv seM jjodjjv aqi LXOZ u! sqnq s,paj]un pue s,UEDuauuv jo qaea jo 'jjjojd 6ujjejado ujajsAs iejoj jo a6ejuaDjad aqj se ||aM se 'asuadxa pue anuaAaj Suijejado pajeujjjsa aqj juasajd pue z\-P sijiqjqxg
•sa^jnos ejep |BUjaim pa||ejap 6uisn sa!6o|opoqjauj juajejjip Aubuj Ao|duja jeqj sauipje jo asoqi ujojj Jajjip Aeuj Ai]|iqei!jojd qnq jo sajeuj]jsa aqj 'sjaAjjp uo]jedo||e paseq-AjjAjjoe qjiM sanuaAaj pue sjsod jo jueuju6j|e eqjoj saqaeojdde pasn A|uowwod pa||dde seq opuoD]y a|]q/\A l!elaP jo |3Aa| jeqj je a|qe|ieAe s] 6u]uodaj ajaqM pasn ajaM saiej uo]jeDO||e adAj-;jej3Jie 'sqnq aqi ssojdb 6u]jejado sadAj jaa|j jo x]uj aqj jo pedui! DjUJOuoDa aqj juasajdaj 01 anuaAaj ja>p|} pue 'a|iiu jeas a|qe|ieAe 'sa|jUJ ja6uassed anuaAaj 'sajnjjedap 'sjnoq >po|q papnpuj sjaAup uoijedo||e jso^ sauun|OA o6jed pue sa|]UJ ja6uassed anuaAaj apnpui jeqj sjaAup 6msn pejeDO||e sbm anuaAaj ja>p!J-uo>M "A6o|opoqjauj uoijejojd passq-aDUEjsjp e 6u]sn sjuauj6as jq6||j oj pajejojd pue |3A3| AjejaujJ! |enpiAipui aqj je passage ejep QfgQ 100 s n qBnojqj pajjijuapi sbm anuaAaj ja>pii sqnq s,ueDuauJV pue s,pajmn jo qaea jo sjijojd 6mjBjado aqj jo sajBuuijsa aAuap oj Ajjsnpm amujE aqj ui sa]6o|opoqjauj uo]jB30||B pasn A|uowujod pai|ddB puB BjBp |EuoijBjado puB |EpuEuy jo saDJnos a|qB||EAB Apuqnd pazA|BUB opuoDjy
3yvH,o iv sanH asiiNn arsiv NVDmwv 3Hi do Aimaviidoud bxrt
suojjBjado jo aujn|OA passajDui ub Aq uaAup sapuapjjja oj uojjippB uj 'A|juap|jja ajouj sjaiunoD ia>p!} puE sajE6 jjbjs oj sauipiE d|qBua p|noM saunpej jo uoijepnosuo^ Aauapj^g Buyjeis aseajauj ¦
sasuadxa uojjEpejdap pue 'aaueuajujeuj 'joqei pajBposss puB juauudmbe aajAjas punoj6 jo asn aqj aseajaap p|noM 6uimoj paanpay uojjBZjijjn jjejdj|b BuisEaJDUi puB sauuij ujnj jbjsbj 6ui|qBua 'S|BU|UJjai uaaMjaq jjejdj]e jo 6uimoj aqj assajDap pinoM saiijipsj jo uo]jEpi|osuo3 :6u;moi asn pay ¦
S3jb6 a|qB|iEAB joj 6uijjEM puB jjodjjv aqj punoJB 6umxej jjejdjie qjjM pajeposse sasuadxa joqei pue |anj 6upnpaj 'sauuij ]xej uajjoqs p|noM jnoAB| ajs6 juapyja ajouj v :saui!i ixei a^npay ¦
sasuadxa luaujdmba 6u]|puBq a6E66Bq puE aiEisa |B3J 6upnpaj 's6Bq sssDOjd puE ajojs A|juapijja ajouj oj saujpjB mo||e p|noM a6BJOjs 6sq ApBg juauja3B|daj jo AjaAODaj jo sjsod psjBDOssE aqj puB s6Eq paipusqsjuj jo aiun|OA aqj sb ||3m sb 'sjsod joqB| 6u||pueq a6e66eq aDnpaj p|noM sjuaujdAOJduJ! ujajsAs 6ui|pueq a6e66ea sasuadxg 6u;ipueH a6e66eg aanpay ¦
lMOd>JIV 1VNOUVNM31NI 3>JVH,0 ODVDIHD
8T0Z 'Z >J3aiAI3AON
lueiinsuo} uodjiv aqi )o uoday
(uoday aqi ui paqujsap suondiunsse pup sisA|eue aqi uo paspq) 8102 ^lnT' 3LJI 'saieoossv )9 opuojiy '8102 aunf 'ifr iujo^ 'uoiieuodsueji jo luaiuuedaa S fl 8102 aunf '00T 1 'uoiieuodsuejj. jo luawuedaQ s n '8T02 aunr 'AaAjns Q^O 'uoiieuodsueji jo luawuedaQ s n SBDHnOS
lljojd ujajsAs oi, uoijnqujuo3 ? asuadxg Suiiejadtj ¦ anuaAay Sujjejado I
%0 n—i
cr %0T c
¦< %0Z
Vt
ro
3 %S2 H
O
3? %oe H
O
TJ
ro
000'S 11
3 5 — ro
1 = 3 ro
cu
000'OX a.
m x TJ
ro|1010|OOO'ST
(£103 yv3A mnd) anH Aa Aimaviidoad saNiiaiv a3iiNn do 3ivimus3 £i-t> uaiHX3
(uoday aqi ui paquosap suoiidiunsse pue sisA|eue aqi uo paseq) 8102 ^lnT' 3U] saiepossy >8 opuoniy 18102 aunr "[fr wjoj 'uoiieuodsuejj. jo luaiuuedaa s n '8T02 aunf '00T-1 'uoiieuodsueji jo luauiuedaQ 5 n 8T02 aunf 'AaAjns Q^O 'uoiieuodsueji jo luaiuuedaQ s fl S33>jnOS
}|jOJd ujajsAs o] uo|}nqu)uo3 « asuadxj Suijejado ¦ anuaAay SuuejadrjB
von voa xjr XHd x\n iHd auo viiaj ro Mda
o %0 o|1010|?. %s
cr c
g- %0I|1010|O %St -
ro
3 o
* %0E
5 c
3 ro
x
TJ
ro|1010|000ST
(Z.I0Z yvaA nnd) anH Aa Ainiaviidoad S3Nn>jiv NVDiy3imv do 31viajiis3 zi-\? iiaiHxa
DJOd>JIV 1VN0I1VN>J31NI 3MVH.0 ODVDIHD
8102 2 >J3aiA13AON
lueiinsuco uodjiv am jo uoday '6003 ^lnf VoddfJ xwouooj 600Z 'eDuaiuv joj saui|J!V 6
¦pajenjonu |anj jo jsoo aqj se joqei qjiM 6ujjj!qs 'Ajjsnpuj supe aqi joj asuadxa 6uijejado jsa6je| puooas jo jsjy aqj uaaq seq |anj 'A||eouojs!H sau^e joj sasuadxa a|ije|OA pue jueoyiuBis isouj aqi jo auo si |anj p aaud aqi
land NOiiviAV do isod t> s t>
adeospue|
aAjijiadujOD aqi jai|e p|noo pue pajajjo Aipedeo jo lunoiue aqi joajje p|noo Ajjsnpu] au]|J|e 'S'n aqj P uoijepj|osuoo jaqynj sieas 6mijedap pue yejojje p juawAo|dep Jiaqi azi|euo|iej pue s>|JOMiau j]aqi aiejBajui seuipie se Ajpedeo aujos p iuauju6j|eaj aqi ui pai|nsaj seq Ajjsnpu] aqi ssojoe uo]iep!|osuoo s]qi '8102 u! uojjej6ajui leuojiejado jjaqj paja|dwoo sample omi aqi eouawv u|6j|a pajmboe sewuiv e>)se|v uaqM gx02 u] pajjnooo uojiepnosuoD juaoaj isouj aqi puejq sau||J!V ueouawv aqi 6u!U|ejaj au!|j|e pajepnosuoo aqi qi]M 'pa6jauj ueouawv pue sAbmjiv sn 'ET02 ui sAbmjiv uejijjv pajmboe isaMqinos '1X02 ui 'sem|J!v |ejuau|juo;) pajmboe pajmn '0T02 ui 'saui|J!v isaMquoN pajmboe ei|aa '6002 UI 'au]|J]e pajep]|osuoo aqi joj puejq sAbmjiv sn aqi Bmujeiaj 'sAbmjiv Sn qi|M pa6jaw sauj|jjv isaM eouawv uaqM S002 u! ue6aq uo]jep!|osuoo jo 3abm v 'aouewjojjad |epueu|j j]aqj aAOjdwj oj pue saj6jauAs |epjawwoo pue |euoyejado aAaiqoe oi sjojjiadwoo pajmboe jo pa6jaw aAeq sau^e s n
SNOUISinODV ONV SU39id3IAJ est
8X02 u! uo!ll!q i>'91$ oj moj6 ||;aa jj sjoafojd uojjepossv jjodsueji j|v |euoneujajui aqi pue 'uoi||iq g'SI$ paqoeaj jyojd jau aiijuje ueouawv qjJON '£102 UI ZI02 u! luaojad 6£ Jaqynj e pue 'gx02 ui juaojad g> Ajpedeo Maj6 sau||jje ueouawv qjJON Ajj|jqejjjojd pauiejsns pue qjMOj6 Ajpedeo jajeaj6 paiqeua aAeq SI02 aoms saoud |enj Bmuipea >X02 u! uo!ll!q 6TT$ q*!M pajedwoo 'SI02 u! uo!ll!q 2'ET$ paq^eaj sjyojd jau suipje ueouawv qiJ°N SI02 u! sjijojd ui uoi||;q £'SE$ papjooaj Ajjsnpui aqj >X02 u! Ajjsnpuj au\\i\e |eqo|6 aqj joj jjjojd jau uojwq 6'6I$ Apeau e Jajjv -17102 °i ET02 ujojj juaojad s s peseajou] oyjejj ja6uassed 'A||eqo|9 (0102) uo!ll!q £Y.I$ °l (2102) uo!ll!q T'9$ wojj 6ui6uej sjjjojd jau |enuue qjjM a|qej]jojd pamewaj pue pajaAOoaj Ajjsnpuj auipie |eqo|6 aqj '6002 u! ssol uo;||iq g>$ e jajjv suoj6ej juejajjip ssojoe uaAaun sbm AjaAooaj aqj j| uaAa 'saujpie aqj joj suo]j|puoo paAOjdwi sjno Ajpedea 'sa6ua||eqo aqi ssajppe oi sajnseaw jaqjo pue :saaj pue 'sejejjje 'sa6jeqojns |anj ui saseajoui :suoijonpaj Ajpedeo jueoijiu6is paounouue sample >|joMjau ojjsawop Auew '8002 UI
•s>|oejje jsuojjaj XX Jaqwajdas aqj
eoms sau]|J]e 'S'n J0i juawuojjAua |epueu]j jsjom aqj m pai|nsaj Je||op >|eaM e pue 'suompuoo ojwouooa 6uma>)eaM 'saoud |anj q6]q-pjooaj jo uoiiemqwoo aqj '6002 i° lsjy aqj q6nojqj pue 8002 UI s'SJeaA £ \\e u\ sjijojd \ bmjejado pauiqwoo bujjsod sau!|j|e 'S'n qi!M Y002 qbnojqj pajeAooaj Ajjsnpui aujuje aqj 'sjeaA asaqj 6u|mo||oj •(su|e6 pue sa6jeqo Ajeuipjoejjxa Bujpnpxa) uoimq 22$ ueqj ajow 6u]|ejoj 'i7002 q6nojqj X002 u! sasso| 6u|jejado Ajjsnpuj pajjodaj jo sjeaA f seM j|nsaj aqi sjsoo |anj pue Joqe| 6u|su pue Awouooa. 6u|MO|S e Aq paua>|eaM Apeaj|e Ajjsnpuj eu!|j|e s n e joj swa|qojd pajeqjaoexa qojqM 'ibabjj auiuje joj puewap aqj ui jjiqs asjaApe leuajew e paouauadxa Ajjsnpuj auipje s n aqj 'X002 'TI Jaqujajdas uo s>joejje jsuojjaj aqj jo qjewjajje aqj uj
A^isnaNi 3Nnyiv 3Hi do divis z s v
puj>| uj 6ujjoeaj A\d>\\\ aojAjas j|e joj puewap qj|M 'sjseq jeaA-oj-jeaA e uo A||epadsa 'uojjoafojd sjqj wojj Jajjip oj A\d>\\\ si Ajiaijob ojwouooa |enjov 'ao]Ajes j]e joj puewap 6ujseajou| jjoddns p|noqs qoiqM 'pouad uoiioefojd aqi q6nojqj ajej |enuue luaojad ZZ e 1B aseajou; oi papadxa si dOD |euo|ieu '£ jaideq^ ui pajou sv ew|j jaAO ao]AJ3s j]e joj puewsp sousnijuj Aew jeqj '|eoo| pue |euo!ieu qpq 'spuaji ojwouooa |ej3U36 jo sisA|eue ue sjusssjd g J3jdeq^ da^ u] saBueqo A|qejou jsow 'spuajj ojwouooa |euo]jeu qjiM paje|ajjoo A|asop uaaq aAeq 'anuaAaj ja6uassed jo sawn|OA jabuassed jaqjie Aq pajnseaw 'puewap |3abjj auipie uj spuajj 'A||eouojsiH
AIAION033 "IVNOI1VN VS'P
IbOdblV 1VNOUVN>J31NI 3MVH.0 ODVOIHO
8103 Z M3aiA|3AON ODVOIHO JO A1IO
iuei|nsuo3 uodjiv 3u.w° uoday
majaq pau]Ejuoa sjsBaajoj Ajjajpb aqi 6u]Aa]q3E oi >\su e sujEuiaj pouad uojpafcud aqi 6uunp uoheiae ppoM jo 3ijsaujop jaqija jsu!e6e sjusppui ujsuojjsj jo sausjjnaaj aqj 'XOOZ 'IT Jaqwajdss jo s>pEjje jsuojjsj aqi sauis
sanssi iv3iinod039 onv nsiyoyyai do ivaym s-s>
•|anj jo jsoa aqj u] sassajaap jo sasEajauj ssajppE oj a3iAjas jie ajnj3iujsaj sample sb eDjAjas jje u] sa6uEqa oj pea| p|noa siqj pus 'AjwqEjyojd au]|j]B J3ajjs oj anu|juo3 |||m sisoa |anj 6u|jEnjDn|j
(sauud
|io apiuj a6ejaAe) 8X02 Jaqopo 'uoijejjsiuiaipv uoiiewjoju] AHisu^ s fl '(ssoud |anj iafa6ejaAi?) 8102 Jaqopo 'sausueis uoiteuodsueji p nesjng 5 n S33yn0S
s3Diyd no sanyi) onv isnd isr do sssvysAv athinoiai ivdiuoisih i>t-i> naiHX3
•asu saaud |anj p|noqs anuijuoa jou Aeuj jEqi Abm b m qjMOj6 AjpedEa jsas pajaadxa-UEqj-jaq6iq sjqj pa|qBua aABq saaud |anj mo| paBuo|OJd juaDjad £ Z aseajauj oj pajaafojd s| dQD 'S'D a|jq/v\ 'LIOZ 01 pajediuoa juaajad yp paseajaui sjBas 6u]jJEdap pa|npaqas 8X02 ui dQD STl aqi juaajad 9fP asBajau] aqj Buipaaaxa 'juaajad 6/_ pasBajaui sjsas BuijJBdap pa|npaqas '8102 Pue SI02 uaaMjag 'qiMOj6 dOD STl MO|aq jo je qj/v\oj6 AjpsdBa JBas pa6BUEUJ sauiujE V[02 pue 0102 uaaMjag S|eo6 Ajj|jqeiijojd puB |BjjdE3 pajsaAui up ujnjaj Jiaqj 6u!Aa]qaB oj qaBOjddE pau]|dps|p e uiejuibuj Aaqj a||q/v\ 'AjpEdBa jo uojjEao||B pus 6upud jo sujjaj ui Ajj|jq|xa|j ajouj qjjM saujpjB papiAOJd seq |jo jo aapd 6uisBejaap aqi '17X02 AjBnuBf ui sbm jj UBqj jaMO| juaajad £/_2 sem 8X02 aunf ui aaud a6BJ3AB aqj 'sjsaA omi ISBd aqi jsao pasEajam ssq |anj }af jo aaud aqi a|jqM '9X02 Ajsmqaj uj uo||b6 jad X2T$ jo mo| e oj 8002 ^lnf u! uo||b6 jad t78'£$ i° q^jq e uaaMjaq pajEnpn|j |anj ja f jo aaud A|qiuouj a6ejeAe aqi '£002 aauis '8102 aunf q6nojqj /_002 AjBnuBf ujojj |]o apma puB |anj jaf jo saaud a6BJ3AE A|qjuouj aqj SMoqs frx-fr IW.MXB
'8102 sjsoa 6uijEjado jo juaajad f2 aq oi pajaafojd sj jj puB '/_X02 u! sauiuje joj sjsoa 6ujjejado jo juaajad X2 pajuasajdaj |anj 'uoijbdossv jJodsuBJi jjv |Buo]jBUjajui aqj oj 6u|pjoaav
llJOdJJIV 1VNOUVNM31NI 3HVH.0 ODVOIHO
ODVDIHD 30 A1ID
iuei|nsuo3 uodjiy au,l 1° uoday
' sja6uassed 6ujAed-ajej
-jaMO| '|euoijippe 6ujAjjeD Aq Ajj|jqejjjojd BujZjUJjxew 'Aipedeo ojjsawop puedxa oj sauj|jje pa| juaiuuojjAua isoo -|anj-MO| e se 'sajej ojjsawop a6ejaAe ui aseajoap e paouauadxa aAeq AeMpj/j, pue yodjjv aqi 'ST.02 aoujs 'PIOZ °l 2T02 ujojj sjjodjje qjoq je paseajouj sajej oijsawoa 'AeMpjiAi ujojj sajnoj a6uej-ja6uo| uo aojAjas |euoij|ppe pappe jsa/v\qjnos se HOS u! AeMpiiAj je Maj6 sajej 0102 u! sjjodjje qjoq je jaAOoaj oj ue6aq sajej 'uoissaoaj ojiuouooa aqj jo esneoaq 6002 u! Bmseajoap jajjv 'samujv V1VP Aojdnj>|ueq aqj jo asneoaq Ae/wpjiAj je aiej jajsej e ie Maj6 sajej 8002 UI '£102 qBnojqj 8002 wojj AempiiAj pue jjodjiy aqi JOj sajej a6ejaAe aqj sajeduuoo ST-fr W^l.
£102 u! paouauadxa mo| aqj
ujojj paseajouj sja6uassed peue|due |ejoj jo ajeqs s,jjodjiv aqi 'sjeaA jnoj ised aqj jo aajqj ui qiMOj6 ja6uassed paue|dua ui AeMpi[Aj paoedjno jjodjjv aqj se 'jaAaMOH £102 ^q luaojad £2 ueqi Jaieaj6 jo ajeqs ja6uassed paue|dua ue paAajqoe AeMpi;A] 'j|nsaj e sy a|qejs A|3Ajje|aj pameuuaj jjodjjv aqj je sja6uassed paue|dua 'AeMpjiAj je M3j6 jsaMqjnos se '£X02 pue 0102 uaaMjag saujpjv VIV P Aojdnj>|ueq aqj jajje AeMpj ^ je aojAjas jo uoisuedxa s.jssMqjnos ajidsap '£X02 Pue 8002 uaaMjaq sja6uassed paue|du3 |ejoj jo 3jeqs juaojad 6£ Apeau pauiejuiew jjodjjv aqi £102 PUB 8002 uaaMjaq AeMpjiAj pue jjodjjv aqi joj sje6uassed p3ue|dua sjuasajd fri-fr 3|qei
sqj6u3| AeMum
pauiejjsuoo oj anp AeMpjiAj ujojj paAjas sq jouueo sj3>|jeuj |euo]jeuj3ju! |neq-6uoi -uesqque^ 3qj pue 'oojxaiAj 'epeue^ oj sjq6j|j sspnpuj AeMpjiAj ujojj aoiAjas |euo]jeujajui sj3>)jeuj a?90 ojjsawop OS doj s,3jbh,0 u! papnpuj sjbm sj3>|jeuj qt%o ojjsawop OS doj s.AeMpiiAj jo £f '8102 aunf 6uipua sqjuouj zi aqi u[ suojjejado pue sja6u3ssed p3ue|du3 qjoq Aq pajnseaw uaqM 'uuajsAs sji ui jjodjie jsa6je| aqj se saAjas pue jsaMqjnos joj qnq e sj AeMpjiAj sjjodjje qjoq sajejado VOD aqi pue 'AeMpjiAj pue jjodjjv aqj qjoq sumo Ajo aqi jjodjjv aqi jo qjnos sa|juj SX pajeooi sj 'jjodjje aoiAias |ejojawwoo qnq-a6je| e se paijissep '(AeMpjiAj) podjjv |euo|ieujaj,ui Ae/npji/v o6eDiq3
uojpas sjqj uj paqjjosap aje
jjodjjv aqi oj djqsuojje|aj Jiaqj pue sjjodjje |euoj6aj asaqi 'juaujdo|aAap aojAjas Jie ajnjnj uo pasnooj aje jjodjjv ueqjnqns qinos pasodojd aqj pue jjodjjv |euojjeujajui o6eojq;)/Aje£) 'uojjjppe ui 'jjodjjv |euoiieujaiui ||aqoijiAj lejeuag pue yodjjv |euojjeujajui AeMpjiAj o6eojq3 :eaje aqj uj sjjodjje aojAjas |ejojawwoo jaqjo omj aje ajaqi
NOID3U 3H1 NI SliJOdUIV H3HXO L S V
saiji|iqedeo uegjxaN pue sjuaujaouequa piajjjje qjjM sjuauuaAOjdujj ujajsAs uj jsaAUj oj anujjuoo oj paau aqj pazjseqduua jjodaj aqi sjuawaAOJdwj ujajsAs aoedsjje uagjxetM juauja|dujj oj se ||aM se 'juaujssesse ^002 sl! aouis sjjodjje Ae>| je ujeuuaj jeqj sAe|ap ssajppe oj paau aqj pajejs VVd aqj '(SI02 Ajenuef) uidisAs dDodsjiy jduoiidn aui ui spaa/v A)podoj yodjiv jjodaj sjj ui wajsAs aoedsjjv |euojjeN aqi jo AouajOjjja aqj joedwj sjjodjje Asnq je sAe|ep paseajouj Moq sj sujaouoo s,wd aqi P auo
1M31SAS 33VdSUIV 1VNOUVN 3H1 dO AlIDVdVD IVNOIlVa^dO 9 S P
jjodjjv aqj je pueuuap aojAjas uojjejAe |euojjeujajuj uo joedujj ue aAeq Aeuj Ajj|jqejsuj |euoj6aj jo |ejuaiuujaAo6 ajnjnj ppoM aqj jo suoj6aj jofeuj ||e Apeau oj aojAjas sapjAOjd jjodjjv aqj 'AeMeje6 |euojjeujajuj ue sv saoe|d asaqj uj aojAjas uojjejAe 'joj pueujap jo 'oj ssaooe joajje Aeuj suojjeoo| jo saujunoo ujeyao uj Aij|jqeisui |euoj6aj jo |eiuaujujaAo6 |eijuajod pojjad uojjoafojd aqj 6ujjnp AjjAjjoe uojjejAe joajje Abui sanssj |eojjj|odoa6 'A||euoijjppv
saoiAjas uojjejAe joj
pueujap aqj uo pedum jueojjju6js pue ejejpaujujj ue aAeq pinoo uojjejAe je paujje juapjouj isjjojjai Auv sujaisAs Ajunoas uojjejAe pijom pue s n P Ajjj6ajm aqj uj aouapyuoo s,oi|qnd aqj pajojsaj aAeq sajnseauj Ajjjnoas jajq6ji
UJOdMlV -IVNOI1VNH31NI 3MVH.0 ODVOIHO ODVOIHO 30 A1ID
>
CXI
o 3 ? o
I
i/i —i O 3D
n >
> z
2 z
CD
50 l/l
> "8
n i
n > cn o
>
m
> Z
o n i
n >
o
> -<
30
z
>
o z >
30 TJ O 30
I K)T-3 I iue;insuo3 uodjiv am jo uoday
¦sjs6uassBd pauB|dua apiMuoijEu ieioi jo jua^ad oo I ueu,j sss| jnq juaiuad SZ'O lSB3l lB auB|dua jjodJiE qnu, uimpaiAi „,
jsajsnq qjspj aqj wojj qj6 oj padujnf'saunjje asaqj 6uouue sajnjjedap apjM-uuajsAs |ejoj Aq pajnseauu se ')|uej s,jjodj|v aqj '6002 aoujs jjodjiy aqj je aojAjas moj6 jo ui6aq jaqjja oj BDuawv U|6jia pue 'jujds 'enigjaf 'jajjuojj pa/v\0||e seq saje6 asaqj oj ssaoov 'uouejDSip s,jJodj|v aqj je pajBDO||E aq ued 'z |eu|UJjai ui aje6 asn-uowwoD auo aqj pue '-\ asjnoDuo^ uo saje6 asn-uowwoD uaAas aqj '(aje6 e jo asn aAjsnpxa aqj jo Ajuoud seq am|j]e ue 6umeauj) asn-aAjsnpxa jo asn-|B|juajaj3jd ajaM jjodjjv aqj je saje6 jaqjo a||qM '3sn-uowwoD oj psjjsauod os|e ajaM saje6 asaqj .'UEDuauuv pue sAbmjiv Sfl uaaMjaq ja6jaw aqj jo j|nsaj b se i asjnoDuo^ uo saje6 omj leuojjippB ub pajmbDB Ajp aqj >X02 uj asn-uowujoD oj asn-aA|snpxa ujojj i asjnoDuo^ uo sajsB aA]j jjaAuoD p|noD Ajp aqj 'p|oqesBa| aqj 6u|SEqDJnd Ag Bj|aa ujojj p|oqasB3| i asjnoDuo^ aqj paseqajnd Ajp aqj 'XI02 ui 'aseq ja6uassBd a|qen|BA A|6u|seajDU! ue jo 36ejueApe ua>(Bj aABq Aaqj sb 'jjodjiv aqi ie qjMOjb jjaqj p3|qBU3 SBq sauj|j|B asaqj jo ajnjanjjs jsod-mo| 3qi sj~)-\ s n |ejaAas jo s>uomj3u 3jnoj 3qj mqj|M jjodjje juejjoduu] A|6u|SEajDui ub si jjodjjv aqi
syaiaavD isod-moi ssv
jjodjjB aqj jo jDedw] 3]ujouod3
sqj ssbsjou! oj puB Ajjsdojd jjodjjB do|3Aap jaqjjnj oj syodAV/CDdV qijM djqsjaujJBd ajeAUd 3||qnd e ojui pajajua o6eD!q3/AjE9 'pioz AjBnuBf u[ jjodjjB sjqj jb pajajjo s\ aDjAjas eujpjB ja6uassed pa|npaqDS ou 'Aijuajjn^ (£ jajdsq^ u| x-£ liqiqxg aas) VIV aqi uj pajBDO| os|B s\ 'Ajuoqjny uodjjv |BUO|jeujajui o6eD!q;)/AjB9 aqj Aq pajEjado puB 'EUBipui 'Aje;} jo Ajp aqj Aq pauMO Sj qojqM (o6eDiq3/Aje9) jjodjjv |euojjeujajui o6eDiiQ/Ajec)
•jjodj]v aqj oj eaje juawqDjED ||eq3j]iAj iBjauag aqj ujojj dijjbjj |Bijuajod jo uojjjod b sjjaAip jjodjjv aqi ujojj sja>|jeuj Aa>| oj aDjAjas dojsuou jo A^uanbajj jaq6jq aqj '(uoi6aj aqj ui uo]jB|ndod aqj jo juaDjad zi A|ajBuj|xojdde juasajdaj qD]qM 'uo|6aj o6ez>\i\j ujaqjjou aqj u| sajjunoD aajqj apnpui SB3JE juaujqojBD 6ujddEp3Ao) jjodjjv aqj Jeau S] ||aqDj]y\| |Ejaua<3 q6noqj|v 'Sjoujiu ujaqjjou jo suojjjod puB 'uisuodsim jssaqjnos 'aa>|nBM|!iAj jo spaau aD]Ajas j]b lEpjaiuwoD sqj saAjas jJodj]B sjqi ujSuoDSjM 'ae>jnEM|!iA| JBau jjodjjvaqjjo qjjou sai.mu oz A|ajEuuixojddB pajEDO| sj „tjJodJ!B qnq-ujn]pauj siqi odeowjj jo apjsjno jjodjjB aojAjas lepjaujujOD qnq-a6jB| jo -ujnipauj jsdJBau aqj si (||aipi!l/v lejauag) yodj;v leuojieuiauii ||3ipj)!|Aj lejauag
8102 aunf 'Aa/uns 9180 'uoiieuodsuejj. jo luaujuedaa 5 n 3D>jnOS sja6uasspd jaA|j-luanbajj sapnpui uo|i!?|n3|e3 1 uoueuusaa pui? ui6uo Q180 S310N
%80- 931$ %Cra X9XS LIOZ
%?'6- LZU %S'8- I9TS 9103
%T6- 0H$ %VZl- 9iIS^ ST03
%LZ frSTS %9J T03J t-I03
%Vl 0SI$ %L£ t76TS £103
%9'£ SHS %Z.'8 Z.8IS 3T03
%j7 6 0HS %S7^ Zm IT03
%££! 83TS %6'TT 091% 0T03
%T 8- £IIS %S'6- in$ 6003
%0'6T £3IS %L9 8SI$ 8003
39NVH3 AVMOIIAI 3DNVH3 3bVH.O !3V3 A id VO N3"IV3
AVMOIIAI ODV3IH9 3yVH.O ODVDIHD
, 3yvd a'so 3Dvy3Av
siaodaiv nvNOUVNyaiNi
AVMQIIM 09VDIH3 QNV 3>JVH,0 09VDIHD bOd SddVd DUSdlMOa dO NOSIHVdlAlOJ SI-l> 3iaVl
IMOdJJIV 1VNOUVN>J31NI 3MVH.0 ODVDIHD ODVDIHD 30 A11D
iuej|nsu03 uodjiv aqijo uoday
Dyjejj
ja6uassed ueipeue3 pue 'uejsv 'ueedojng joj AeMaje6 |euo|jeujaju! juejjodwj ue aq oj anujjuoD ||jM j| pue '>|joMjau ajnoj Djjsawop S'D aqj mqjiM qnq 6mjDauuoD e se aAjas oj anmjuoD ||!M ;jodj]v aqi ueDuawv pue pajmn joj qnq 6u]jDauuoD jofew e se 6u|Ajas pue sja6uassed 0780 BujAjas apj sjj anujjuoD |||M jjodjjv aqi ¦
:suo]jdujnsse
6u|Apapun |ejaAas uo paseq aja/v\ jq6ja/v\ papue| pue 'suojjejado jjejDjje 'sja6uassed paue|dua jo sjseDajoj
SlSV33UOd 3H1 9NIAiy3aND SNOIldlAJHSSV 19 P
'6202 qBnojqj sjseDajoj asoqj jo sj|nsaj aqj sjuasajd j| pue 'jjodjjv aqj je AjjAijDe 6u]jseDajoj m pasn sa!6o|opoqjauj aqj saquDsap uojpas Sjqi seuipje jaqjo pue 'pajjun 'ueDuawv Aq jjodjjv aqj jo asn uj spuajj pejedpjjue pue 'sjojdbj DjwouoDaopos |euo|jeu pue |eDO| jo suo]j3afojd pue spuajj |eDuojs|q 'Ajjsnpui aqj ssojdb pue jjodjjv aqj je spuajj anuaAaj pue aiun|OA ja6uassed 6mpnpu] 'Aj]A]jDe |eDuojs]q 6uuap]suoD pado|3Aap aj3M (jq6|3M papue| pue 'suo]jejado jjejDJ]e 'sja6uassed paue|dua's']) puewap uojjejAe jo sjsbdsjoj
ONVIAjaa NOUVIAV dO SlSVD3yOd 9fr
'8102 qBnojqj
PIOZ ujojj uodjjv sqj je 5331 jo Ajpedea jess pa|npaqDS A||ep a6ejaAe aqj jo uosuedwoD e sjuasajd ST-fr *!q!Hx3
•AeMpiiAj je qj/v\oj6 qjiM juajjnDuoD
jjodjjv aqj je aDjAjas 331 joj pueujap 6u|moj6 6u|jeD!pu| 'AeMpiiAj je jsaMqjnos Aq qjM0j6 pjODaj se aw|j aiues aqj je pajjnDDO seq jjodjjv aqj je qjMOj6 331 siqi (8102 aunf 6mpua pouad a|npaqDS qjuow-2X aqj joj sajnjjedap A|iep ft? A|ajeujixojdde oj 6002 ui sajnjjedap Ayep oi A|ajeuj]xojdde ujojj) p|oj-aA|j Aueau Aq jjodjiv aqj je paseajouj aAeq juids pue 'an|gjaf 'jajjuojj Aq A|aA|jDa||OD pajej3do sajnjjedap '6002 a^ujs lz-P uj UMoqs sv
8X03 aunf 'uoiiejAV jo ;uaujui.'daa o6e:>!U,D JDunOS LIOZ pue' (CX03) a^Ajas jo jesf, ||nj isjij aqi uaa/vuaq si jauuojj joj a6ueLp uiaujad X
3JON
%6L- %6t7QZ T9T'IIt>'Z I£8'£I9'Z 86S'8Z.S'Z 9E6'9i7S'T I68'6ZZ't 80£'£9I'I t-06'06Z. ieioi
%Ll- %T'ET SU'frSZ 9£I'6SZ LV&Z9Z g8S'ire £S9'S8T LOL'SOZ S£I'SZZ anigjar
%ISI- %0V0L 966769 frSS'9I8 T6T'6Q8 8E8'EST ltt'L8 86T'98 Z19 , JaauQJj
%TS- %0'6SI 0St>'E9t>'T TOT'ZM'T 09l>'S0S'I 9TS'TST'T L6Z'9S6 iOV'SLS O.VS9S WdS
39NVH3 3DNVH3 LIOZ 910? SJ0Z t>T0? £103 U0Z
Z.T03-9T0? LJOZ-IXOZ
(£102-1X03) INOdHIV
HVNOUVN>d31NI 3HVH,0 09VDIHD IV SH39N3SSVd C]3N.VldN3 aSiayVJ ISOJ-MOl 9I"t> 319V1
jU3DJ3d 5 6S MajB sjs6u3ssed psue|du3 33-1 |ejoj uaqM 'ST02 u! paJJnoDO qjMOj6 jeaA-jaAO-jeaA jsajeaj6 aqi uomiuj f'2 jaAO oj 000'T6Z. Aiajeujjxojdde ujojj 'juaDjad 002 A|ajeuj]xojdde Aq Maj6 sja6uassed paue|dua 33-1 |enuue '£X02 Pue TT02 uaaMjaq g\-p a|qei uj UMoqs sv
S leuiujjai oj saje^oiaj ej|aa pue paja|dujOD si uojsuedxa aje6 s |eu]UJjai aqj uaqM z |eu|ujjai je pajeaja aq oj pajDadxa aje sajeB asn uoujujod |euojjjppv •sjq6]|j |euoijeujaju] pue Dijsawop qjoq 6u|jepowwoDDe jo aiqedeD aje qojqM's |eu]wjai u] saje6 asn uowwod s,Aj]3 aqj oj 8102 ^elAI u| pajeDO|aj jajjuojj saje6 asn |e|juajajajd ||e os|e aje qDjqM 'sauipje qnq aqj Aq pasn saje6 aqj se sa6a|iAud pue sjq6u je|iwis qj]M saje6 asn |e]juajajajd paAia^aj ||e jujds pue 'an|gjaf '(8X02 aunf Uj jjodjjv aqj je eouawv u|6j|a Jaujjed-ja6jaw qj]M suo]jejado sj] pajepi|osuoD qDiqM) sau]|j]V e>)se|v 'V1HV aqj Japun
IMOdJJIV lVNOUVNaaiNl 3MVH.O ODVDIHD
8103 '3 >J3aiAi3AON ODVDIHD dO A1ID
[ 901-3 I |uPi|nsuo3 uodjiv am P uoday
8103 aunf'eie/\ouui 3DyDOS
8103 aunf 6uipua pouad inuouj¦£[ aqi luasajdaj eiep 8103 I
luids pue 'anigiaf januojj apnpui SJaujes iso3-Mon S310N
03 pueiaAao|99|s3|a6uvson sz
IZ 03SQUBJJ ubs 01 o6a|a ues fr?
33 uojsnoH 01 o6u|UJoa oiues £3
33 suB3|JOMaN 0T 3JeH.O-°6BD!U3 ZZ
t>3 M3BSa UJ|Bd 0T ODSDUBJJ UBS 13
LZ BiqdiapBiiqd 0T Mo a>lB1 HeS 03
83 MU°M VOj SB||Ba 0T Mo ^HUehv 6T
83 sjbajaj ijoj 0T uusnv 81
0£ BJOLUiiiBa XT suiE|d aiiuM Ll
Xi Ei.pjBngBn-jiJOA M3N 3T >(jbmsn 9T
3E uE6Eay uo}6uiu,sem ei o\eun$ SX
Pi uenr ubs ST ipsag ui|Bd lsa^ fri
SE Lpsag 6uoi gx BduiBj. et,
SE liojjaa gx sjaA|Aj uoj 31
SE BduJBi gi vpnaa XX
9E >(jEMefsj ix sa||na-uo}6u|usEM 0T
Li B4U6|iv LX seBba 5B"||910|fr* aJBH,0-o6E3iu.3 xj BipjBn9B-|->|JOA mbm|910|Si> sa|a6uv son zz uBnp ues L
QL se69a set ipsag 6ucr| g
££ JBAuaa 9S opuB|JO S
£31 opuB|JO 6S uojsog fr
EST Apsuus>->|jOAM3N 88 aiEpjapnEi ycy £
£SI 3|epjapnB-| yoj EST Apauua>| >(joa awn z
6SI uojsog egx jbauso
A1IAI1DV y3ia>JVD ISOJ-MOT 8103 SnS«3A 6003 £I-t7 siavi
apiMuoqeu jo jjodjjv aqi ie puewap uo]iejAe uo spa.ya pa6uo|Ojd
pue '8Aij;e6au 'lueDLjiuBjS aAeq p|noM ;eqi popa^ uoipafojd aqi 6uunp jiiddo \\m sjuappui ispojjai of\j ¦
IMOdUIV 1VNOIJ.VNiJ3J.NI 3MVH.0 ODVDIHD ODVDIHD 30 A1ID
lueiinsuco uodjiv au,U° ucxtey
AjjAjpe ja6uessed 6102 P juawdo|3Aap aqj; joj, aouajajaj e se pasn 3J3M sajBJ uo|ja|dwoD pue spuajj jojdbj peo| 8X02 pajewjjsa pue £X02 'osIV (Ajpsde} jeas pue 'jaay 'suojjejado jo jaqmnu) jjodjjv aqj joj sa|npaqos aui|j|e paqsyqnd p jeaA |e]jjed e 6u]sn pajeujjjsa ajaM se|]jojd a^Ajas J]e '6X02 J°d '8102 P aaueieq aqj joj sjssaajoj uojjEjado pue ja6uassed paue|dua aAuap oj Ajpedea painpaqos oj paj|dde ajaM sajej uoija|dujoD pue sjojdej peo| p sejEWjjsg '£X02 Jaqwauao q6nojqj a|qe|]eAe ejep a?go Pue JaBuassed pauE|dua j_oa STl P s|SA"|eue q6nojqj se ||3M se '8X02 l!Jdv q6nojqj VOD aqi Aq paqsmjnj ejep aDuetujojjed |enj3e jo sisA|eue q6nojqj payijuapj sajej uo|j3|dwoD pue sjojdbj peo| jo spuajj uo paseq pedo|eAap aje/v\ aouBWJOjjed jo sejBWjjss |3Aa|-juauj6es iq6i|j pue 'pazA|eue ajaM 6X02 pue 8102 J°i ss|np3qos auipje peqs||qnd
snnsay ai\iv ADOioaoHi3iAj isvDauod SNOiivaado
ONV SU39N3SSVd a3NV1dN3 (6T0Z CINV 8103) IAja31-UV3N Z 9 t>
leuajew aq
Aew saDuajajjip asaqj pue 'pejoadxs se jnoao jou op ssiiuejswnojp pue sjuaAa asne^aq 'ujajaq pajuesajd sjse^ajoj aqj ujojj Jajjip Aew jjodjjv aqj ie 3|jjejj auipje |enjDV espajd se paMajA aq jou pinoqs jseaajoj aqj 'j|nsaj e sv sajjuiejjaDun oj josfqns s| jse^ajoj Aue pue 'pajjjjuenb aq jouubd puewap uojjBjAB 6upuan|ju| sjojdbj aqj jo Aueiaj
•pouad uojjDafojd aqi 6uunp puBwep uo jDEdwi pe6uo|Ojd b aABq oj pajoadxe jou aJB 'e^z JO 'syvs 'TNT.H sb quns 'sanss] qj|Baq joIeiaj ¦
•puewap uojjeiAe jdsjjb A|3A|je63u pinoM jBqj pouad uo]jDafoJd aqj 6uunp mopo |||M wajsAs a^Bdsjie |eqo|6 jo |buo|jbu aqj jdmsjp Abw jBqj „po9 jo sjdb,, jofew on ¦
pawnssB Sj qjMOjb Djwouooa wjaj-6uo| 'jaAaMoq iDljjejj au]|j]e uj suoijbuba jeaA-oj-jeaA 6u]sne:> 'pouad uoiJDafoJd aqj 6uunp imoo ||im sa:>ueqjnjsjp oiwouoDg ¦
jjodjjv aqj 6u]Ajas sauipje aqj jo/pue jjodjjv aqi jo uojjEjado juapijja aqj uj uojjdnjsip pa6uo|Ojd b m j|nsej p|noM jBqj jnD^o ||]M swejsAs A6o|ouqDaj uo]jbwjoju] jo saqDBajq jo spejje-jaqA^ on ¦
8T0Zaunr'eiEAOuui 3i)yn0S
SJB9S8I02B .sieas £103 Q SJE3S9T03B SJSSSSIOSB ^sasfTOZB
anigiaf ju|ds jaiiuojj
° > < *
000'T 3 *
ooo'z I
000'E D *
ooo> z
3 U3
OOO'S
tv
000'9 "
(8103-ivTOJ) H1M0H9 AlIDVdVD 1V3S >J3I>j>JV3 ISCO-MOl ST-t? liaiHXS
l>JOd>JIV "IVN0UVN5J31NI 3MVH.0 O0V3IH3
8103 'Z >J3aiM3AON 09V3IHD jo aiid
;uei|nsuo3 uodjjv 3u,l jo uoday
(lserejoj.) 8X03 A|np' iu] 'ssiepossv JS opuouiy :(|couoisiu,) 8X03 aunr SDiisueis AijAjPV uodjiv s/io au,l ui papnpu
'spjoDay ;u8wa6eueiAl 'uoijciav i° luswuedao 'o6i?3ilo jo Aiq S3DdnOS sja6uassed sno3ue||33Sjuj pue 'J3id03i|3i| 'uoiiciai? |ej3U36 sspnpxg gioN
6303-Z.T03
Z.T03-8003
ajey u,jmoj9 lenuuv punodwco
3I3'08Z.'S1>
S83'Z.0t-'Si7
S8T0K>Sfr
EE089Z.W
398'63t>'t>t>
Z.3£'830'/.£
KVLSL<3£
Z.3£'T0S'£fr
0SZ'T63'9£
9SZ.0883t'
fr3l>'£06'SE
t'8Z.'T90'Tt'
JSB33JOJ
889'308'6£
080'8S8'8£
TSS £98 3£
t769'6£6't>£
Z.83'381'83
£TI'SZ.3'83
8oz>6iee
30iV6I3'£E
0SI'IS8'93
IES8Z.E83
|B3|JO}SIH
H1MOM9 "IVRNNV
Sd3DN3SSVd Q3NVldN3
HlAAO>dD 1VPNNV
Sy39N3SSVd Q3NVldN3
HIMOyO "IVnNNV
Sy3DN3SSVd Q3NVldN3
lVNOUVNy3J.NI
Sd39N3SSVd Q3NVldN3 1 VNOIiVNH31NI QNV DIlS3WOa ISVJSUOd QNV IVDiyOlSIH 81-b 3iaVl
epeue~) '(daa) uodjiy |euo|jeujajui Ajb6|B3 puB 'epeuej '(yAA) jjodjjv |euo|jeujajui jsahoduba 'A|eji '(33A) uodjiv o|Od odjblaj 83|uaA oj aaiAjas Mau uo 8X02 u| juaDjad x'fr saseaJDm AjpedeD jeas 6u|jjedap |euo|jeujajui pe|npaips s,ueD|jaiuv 'puE|Baz mbn '(1XV) JJodj|v pus|>|3nv oi aD]Ajas pus|Eaz M3|\i jiv pue 'oDixa^ '(NDD) yodjiv |Euoi;EUJaiu[ uiidue^ oj aDjAjas snqojav baj/\ 'sidomig '(aav) yodjjv iBuouEwauJi a|og Bqsqv s|ppv oj sauipiv UBjdojqig 'puB|6ug '(MDl) yodjiy |euo]ieuja}ui >|3!M}Bg uopuo-) oj uBi6aMJON Aq aaiAjas Mau Aq jJEd m psjjoddns aq |||M sja6uassBd pauE|dua leuoueujaju] ui qiMOjg suonBuijsap Mau XX °1 a^Ajas uo 8102 uj iuaajad g'£ essajoui siBas 6uiyEdap Djisaujop pa|npaqDS s.UBDuauJV suonEUi;sap 6uij;s!xa Aa>| o; AipEdED passajDui pue suojjEUjisap Mau 8 oi aDiAjas uo 8X02 u! ;ua^ad x'S 6ujseajou| sjeas 6uj;jedap pa|npaq3s qjjM 'pajiun Aq payoddns aq ||im sja6uassed paue|dua Djjsaujop uj qjMOjg uonnuj 99 Aiajeujjxojdde o; uo||||uj 2'9 A|ajeuj|xojdde ujojj '8X02 u! luaDjad aseajaui oj jse^ajoj s| sja6uassed peue|dua |euo|ieujaiu| jo jaquinu aqj a|iqM 'uo||||uj s>£ A|ajeuj|xojdde oi uo||||uj 9 £{£ A|ajeuj|xojdde ujojj '8X02 u! lua^ad 8'2 aseajjuj oj jseDajojsj sja6uassed paue|dua D|jsaujop jo jaqujnu aqi uoimuj x'XV^iaieuJixojdde oj uo||||uj 8'6£ A|ajeuj|xojdde ujojj '8X02 Pue £T02 uaaMjaq juaajad 2 £ aseajDU] oj jse^ajoj s\ sja6uassed paue|dua jo jaqujnu |e;oj aqi uodjiv aqj je sja6uassed paue|dua jscdbjoj pue |eDUOjs|q sjuasajd jji-fr a|qei
lyOdyiV 1VN011VNM31NI 3MVH.0 ODVDIHD ODVDIHD 30 A1ID
lueiinsuo} uodjiv am jo uoday
ajenbape pajapisuoD sem jajjaq jo juaDjad oz. jo en|EA pajenbs-y ue 'sjsA"|eue simp sasodjnd jog pazA|eue saiqeueA aq; uaaMjaq jij pajjad e sjuasajdaj i\ luojjeujwjajap p juajDjjjaoD e joj a|qjssod an|eA wnujjxeiu aqj sj juaojad ooi P i|nsaj v pejenbs-y jo 'uojjemiujajap p juajDjjjaoD s,|apoiu uo]ssaj6aj aqi s\ pueujap ja6uasssd suie|dxa aiqeueA DiwouoDaopos qoea ||3M Moq p ejnseaiu pjepuejs v saiqeuEA juepuadapuj p suoipafojd 6uisn Aj]A]pe uojjejAe uj qjMOj6 ajnjnj jseoajoj 01 paAO|diua aq ueD 's|apouj uo]ssej6ej jo 'sdjqsuojjE|aj asaqi
(awoDUj |Euosjed ejjdeD jad 'juaiuA"o|diua 'uojje|ndod se qons 'sjojdbj DjiuouoDaojDos ' 6 a) saiqeueA juapuadapuj ajouj jo auo pue (pueujap ja6uassed 6ujjuasajdaj Djjjaiu jaqp jo 'anuaAaj ja6uassed 'aujn|OA ja6uassed "6 a) aiqeueA juapuadep e uaaMjaq sdjqsuojje|aj aAipipajd Ajjjuapj 01 pasn s] sjsA|eue uoissaj6aj DiuuouoDaopos
sjsA|eue uo|ssaj6aj DjwouoDaojDos 6ujsn paAuap ajaM uodjiv aqi je sajej qjMOjb pueujap ja6uassed wjej-ja6uo-|
pouad uoipafojd aqi 6uunp jjodjjv aqi je uojjejjodsuejj jje joj puewap u] saseaJDm wjaj-ja6uo| 6ujjejaua6 p aiqedeD pue 'aiqejs 'pajjjsjaAjp aje uojjeu aqj pue viV aqj jo seseq DjUiouoDa aqj jeqj papnpuoD sbm j[ £ jajdeq^ uj passnDSjp se 'paujujexa ajaM Ajjajjdb DjiuouoDa |edo| pue apjMUOjjsu jo suojjDafojd 'jjodjjv aqj je sja6uassed paue|dua jo |Ejjuajod qjMOj6 ujjaj-6uo| aqj puejsjapun 01
ADOIOaOHiaiAl lSV33iJOd SH3DN3SSVd a3NVldN3 (6202 HDnoaHl 0202) IAJid31-y3DN01 £ 9 i>
uojjDasqns 6ujMO||Oj aqj u] passnDsip aje (6202 qBnojqj 0202) wjaj Jabuo| aqj u] suojjejado pue sja6uassed paue|due jseoajoj 6ujpje6aj sa]6o|opoqjauj pue sjojdbj jaqjo jeaA snojAajd aqj oj pajEdwoD pa6ueqDun A|a6je| u]eujaj jeqj ajnjjedap jad sjeas a6ejaAe qjjM 6X02 u! juaDjad t/g aseajauj oj jsEDajoj ajB suojjEjado je6uessed ajnjjedap jad sjeas absjaAB aqj m aseajDap news e pue suojjsujjsap Djjsauuop oj aojAjas passajouj oj jjed a6je| u] anp 8X02 °1 ZI02 wojj juaDjad 6'17 assajDuj oj jseoajoj aje suo]jejado jjbjdjib euipie ja6uassed |ejoi jjodjjv aqi ie suojjejado jjbjdjib jsBDajoj pue |EDjJojsjq sjuasajd 6T-fr W^l
8X02 °1 peJedujoD juaDjad ££ aseajDm oj jsBDajoj sjeas 6ujjjedap Djjsauuop jea^-||nj qjjM '6X02 P ileq puoDas aqj ui mo|s oj jsbdbjoj si qjMOj6 AjjDEdBD |euoijeujajui puB|6ug '(yn"l) Jjodjjv MOjqjeaH pue 'oDjxaiAj '(xf8) Jjodjjv |euojjeujajui ojenfeueng ^epeue^ '(3AA) Jjodjjv |euoijeujaju[ Ase6\ej oj AjpedeD paseajouj uo sjeas 6uijjedap s,pajjun uj aseajDUj juaDjad x'9 e Aq jjed e6je| uj uaAjjp si qoiqM '8X02 P sqjuoiu aAjj jsjjj aqj oj pajEdwoD 6X02 jo sqjuoiu aAjj jsjjj aqj uj juaojad x 17 eseeJDUj sjeas 6ujjjedap pa|npaqos leuojjeujajuj sjeas 6uijjedap ui aseajauj juaojad z'c aqj oj pajediuoo sja6uassed paue|dua uj aseajaui juaojad x'17 aqi uj 6ujj|nsaj 'AjjDedeD uj aseajDUj djeqs aqj uo A"|jq6i|s assejoap sjojdbj peo| jseoejog '8T02 °1 pajediuoD juaDjad 3 5 aseajauj oj jse^ajoj sjeas 6ujjjedap Djjsaiuop jeaA-||nj qjjM '6X02 P j1eH puoDas aqj uj mo|s oj jsed3joj sj qjMOjb A\pedeo Djjsaiuoa suojjEuijssp Mau oj aDiAjas ueqj jaqjej suojjeujjsap Ae>| 6ujjsjxa oj Aipedeo uj aseajDUj ue oj A|jjewjjd anp sj qjMOj6 aqj 'sauipie qjoq joj sjeas 6ujjjedap s,ueDjjaiuv uj aseajDUj juaDjad 8'Z. B Pue sjeas bujjjedap s,pajiun uj aseajDUj juaDjad X'6 e ^q uaAjjp sj qDjqM '8X02 P sqjuouj aAjj jsjjj aqj oj pajediuoa 6102 P sqjuoiu aAjj jsjjj. aqj uj juaDjad 2'8 aseajDUj sjeas 6ujjjedap pa|npaqDS DjjsaujoQ 'aiqeijeAe aje ejep ainpaqos aje|diuoD qDjqM joj pojjad jsaje| aqj '6X02 Ae|/sj q6nojqj ejep ainpaqos paqsjiqnd jo sjsA"|eue ue Aq pajjoddns aje sjseuajoj qjMOj6 6T02 aqi uojnjiu z/g A|ajeiujxojdde oj uojnjiu g g Aiajeujjxojdde iuojj '6X02 u! luaojad z'Z aseajoui oj jseoajoj sj sja6uassed paue|dua leuojjeujajuj jo jaqujnu aqj 3|jqM 'uoj||jiu 6'S£ X|ajeujjxojdde oj uojujuu s \j£ A"|3jeiujxojdde iuojj 6102 u! JU3DJ3d x'i> sseejDuj oj jseoajoj sj sjabuassed paue|dua Djjssiuop jo jsquinu aqi uojujuj g-2t? A|ajeiujxojdde oj uojnjiu'x xt' A|ajeujjxojdde ujojj juaDjad 8 £ aseajDUj oj jseoajoj sj sja6uassed paue|dua jo jaquinu |ejoj aqj 6T02 Pue 8T02 uaaMjag
lMOd>JIV 1VN0I1VNU31NI 3MVH.O ODVDIHD ODVDIHD 30 A1ID
;ue;|nsuo3 yodjjv au,t jo uoday
dui 'sd]luouo33 a|ood ?$? spoo/v\ luojj paujejqo ajaM saiqeueA juapuadapuj asaqj joj ejep pajoafojd pue |eDuojs]H dOD/dyO pue 'jueuiAoidwa 'eiuoDui |euosjad ejjdeD jad 'awoouj 'uoije|ndod :viv aqi pue uoijeu aqj qjoq joj sasA|eue uojssaj6ej aqj uj saiqejJBA juapuadapuj se A|ejejedas pazA|eue ajaM sjojdbj DjwouoDaoiDos aAjj 6ujmo||oj aqj 'qDns sv uoijeu aqj pue viV aqj qjoq jo SDjjsjjajDBjeqD DiuuouoDa puB DjqdBj6oujap aqj oj pajB|aj AjjDajjp sjopej Aq uaAjjp sj aDiAjas jib joj puBLuap 'asBq jauuojsnD asjaAip s.jjodjjv aqj qjjM ajnsja| jo ssauisnq joj jjodjjv Jo viV aqj q6nojq; pauuoD jo jisja oqM asoqj sb ||3m sb ViV aq; uj apisaj oqM sja6uassBd 6ujjBui6jJO saAjas yodjjv aqi VIV aqj joj puB |3Aa| |buoijbu aqj jb saiqBjJBA DjwouoDaoiDos puB jjodjjv aq; jb puBuuap ja6uassBd uaaMjaq sdjqsuoijB|aj aAjjDjpajd Ajijuapi oj pajDnpuoD sbm sisA|Bue U0jssaj6aj DjuiouoDeojDos
(lsejajoj) 8102 ^lnf' 3UI 'saieiDossv ?9 opuoDiy '(ipduoisiu.) 8I0Z aunr 'spjODay iuauja6eui?tAJ
suonejado snoaueyaDsit
'uoneiAV jo luawuedao 'o6e3iu,D jo Aiq S3DbnOS u jaino pue 'jaido:>!|aq 'uoiiejAe |ejaua6 sapnpui 1
310N
6303-£I03
£103-8003
sjey qjMOJ3 lenuuy punodujco
£09'686
H6'S86
061/386
09S>i76
981 8£6
S90'6£6
£I8££6
6SE8E6
006'I£6
S8S'I£6
£18036
S3I806
JSBD9J0J
6t-0£98
S£9£98
809'S£8
9SI6i78
£8I'td78
83I'0iv8
86£'8£8
£I9'388
TI0'96£
303't't'8
[BDIJOJSIH
IVIOI
lyodaiv
Sy01V>J3dO , NOIJ.VIAV
ooavD-nv ivy3N39
yoiDVd avoi
3E)Vy3AV
3aniavd3a y3d
S1V3S 3DVd3AV
S3NIiy]V >J3DN3SSVd "IVIOI
SNOiivysdo idvyuaiv isvjsuod qnv "ivdihoisih 6i-t> 3iavi
IMOdMIV 1VNOIJ.VNIJ31NI 3JJVH.O ODVDIHD
8ioz 'z yaaiAjaAON
lueiinsuco uodjjv am jo uoday
dijjbjj jje Djjsawop ajninj 6u|jsBDajoj ui asn joj ajenbape jou ajaM sjuaui3|3 DjwouoDaopos puB S3Ujn|OA J36u3ssed Djjsawop s,;jodjiv aqj uaaMjaq sdjqsuojjEiaj 3AijD|p3jd 'j|nsaj b sv '9T-fr IWSMxg uo pajBjjsnw se 'jjodjjv aqj joj A||BD|jpads asBD aqj os|B s| siqi -A||buo!jbu saujn|OA ja6uessBd D]jsawop puB sjuaiua|a DjwouoDaopos uaaMjaq d|qsuoijB|aj |EDUOjs]q aqj pajaj|B ssq s>|JOMjeu ejnoj Dijsawop j]aqj ssojde sauipjE s n A"q pajdopB |apow ssauisnq au]|dps!p AjpBdBD aqj 'jaAa/woH sawn|OA ja6uassBd ajnjnj ajBWjjsa oj saiqeueA DiwouoDaopos pue sawn|OA jabuassBd uaaMjaq sdjqsuo|jB|aj |BDUojS|q 6u|6BjaAa| 'qDEOjddE sjqj Ao|dwa Aiuowwod sjseDajoj ja6uassed peue|dug :(uo!ssajb"ay e|qEUEA-e|bu!S) sewnpA jebuassed pue sa|qBUB/\ DiwouoDaopos (v
:uaaMjaq s!sA|eue uo]ssaj6aj 6u]Z!|]jn pajo|dxa ajeMS|epow buiJSBDejog 'jjodjiv aqj joj sja6uassBd pauE|due jo jsbdbjoj ajew|j|n aqj aAuap oj pazj|ijn ajaM saqDEOjddE uoissaj6aj juajajjip omi
¦puEwap jjodjjv jsEDajoj 6um|wjaj3p oj qDEOjddE aqj sau||jno uo]jD3S S|qj_
SDIdID3dS SISA1VNV NOISS3¦81-17 a|qei u] uo|jejuasajd joj spjBpusjs jjodjjv oj pazuo6ajBDaj aj3M sjsbusssBd 'Ajia|J3e J36u3SSBd sjjodsj jjodjjv aqj Moq wojj A|jq6]|s SJ3jj]p sje6uassEd joj uo]JBZuo63JBD Sjqj a|jqM
je6u3SSBd p3UB|du3 Djjsswop b sb J36u3sssd jo adAj siqj sjjodaj jjodjjv aqj 'AJBjaujjj |Buo|iBUjajuj ub uo sj ja6uassBd jo adAj siqj ayqM 'U]6uo |euo]jeujaju| ue wojj jq6]|j e uo jjodjjv aqj jb 6u|aujb jajjB jq6i|j Djjsawop b uo jjodjjv aqj luojj jjedap oqM sja6uassed sapnpui os|e Ajo6ajeD sjqi sAaujnof |Buo|jBUjaju! oj |Buo]jBUjaju! sapnpu] AjobajBD S]qi 'jujod |BUO]jBUjejU! ub S] qD]qM jo auo jsb3| jb 'sjjodjjs jaqjo omj u33Mj3q sAaujnof joj ju]odA~BM b sb jjodjjv aqj 6uisn sjabuassEd iuoijdsuuo^ |buo|jbuj3Jui —
¦sajBjs pajmn aqj u]qj]M
sjJodj]B jsqjo omj uaaMjaq sAaujnof joj jwodAEM b sb jjodjjv aqj 6u]sn sja6uassBd iuojjDauuo} DjjsawoQ —
'¦{LIOZ u! sjsbusssBd jjodjiv jo juaDjad 9 sf) uoijdsuuo^ ¦
•j36u3SSBd p3UB|du3 Dijsawop b sb JsbusssBd jo adAj s.iqj sjjodsj jjodjiv aqj 'AJBjaujjj leuojjBUjajui ue uo si J36u3ssed jo adAj sjqj 3||qM '(hdMS] Jjodjjv |BuojjBUJ3jui Ajjaqn >|jbm3n bja 'puB|3J[ ujaqjJON '[Sd9l Jjodjiv |Buo|jBUjejui jsBj|ag oj jjodjjv aqj wojj 6u|A|j jabuassBd b '6 a) AeMaje6 |BUO!JBUjajui sqj sb S3AJ3S jBqj jjodjjv 3]js3wop JaqjouB wojj jo oj juaw6as jq6i|j b asn oqM jnq 'ju|od |Buo]jBUjajui ub sj uo|jBU!JS3p 3jBwij|n ssoqM sJ36u3SSBd sspnpu] Ajo6ajBD siqi sajBjs pajjun aqi io apjsjno sjujod wojj jo oj SASUjnof joj ju]od uouemjsep jo u|6uo ue se jjodjiv 3qj 6u|sn sjabuassed -Q730 |euo|jeujajui —
•S3JBJS
psjmn aqj mqjjM sAaujnofjoj juiod uo]jeu|jsap jo u|6)jo ub sb jjodjjv aqj 6uisn sja6uassBd :aJ5?0 ^lisawoa —
'¦(LIOZ u! sja6uessBd uodjjv jo juaDjad i/fS) uojjeujjsaQ pus ui6uo ¦
:puBwap
jo sjuaw6as jnoj joj pajo|dxa sbm Ajiaijde jabuassed pue seiqeuBA DiwouoDaopos uaaMjaq d|qsuoijB|aj aqi
NOUV1N3IAJ93S U3DN3SSVd TE917
l>JOd>JIV 1VN0UVN>J31NI 3HVH.0 ODVDIHD
stoz 'z aaaiMJAON
lueiinsuoj uodjjv au.1 jo uoday
sja6uassed paue|due oj jseoajoj anuaAaj aqj jjbauod oj pado|aAap sbm pouad uoiJDafojd aqijo jeaA qDea joj sajej a6ejaAe jo jseoajoj v 'qiMOj6 ajej jebuassed jo/pue qjMOjB awn|OA ja6uassed jo uojjeujqujoD e q6nojqj 'uodjjv aqi je anuaAaj jeqj ejnjdeD jq6!iu saujuje Moq ajew]jsa oj Ajessaoau seM dais puooas e 'qjMOj6 anuaAaj je6uassed jseoajoj jo a6uej aqj qj]M pajeposse qjMOjb aujn|OA ja6uassed aAuap 01
OZ-P 3]qo±
ui paiDJisn]]} si d6uoj s)u± qBnojqi pouad aqi jo} anuaAaj ja6uassDd jo} uimoj6 ajnin} fi aBuDJ
d papiAOJd idui paijjiuapi ajaM sjapoui uo}ssaj6aj aionbapo 'luauiBas UDoa joj luauiBas jaBuassod ujoa Aq paiojauaB sanuaAaj jaBuassod aq; puo sajqDUDA DiuiouoDaopos uaaMjaq papnpuoD sdm sisA]dud uoissajBay
6I-t>
i;q!qx3 uo paiuasajd se 'syodjje STl OE doj aqi je (umoij a|juj ja6uassed jad p]ed siuao) p|aiA jabuassed isaq6|q aqi 6uouue seq jjodjjv aqi 'i|nsaj e sv qjMOjb aujn|OA je6uassed jo juauoduiOD jeq6jq e q6nojqi qiMOj6 anuaAaj paouauadxa aAeq ieqi sjjodjje a6je| jaqio |ejaAas qjjM sjsbjjuod siqj. seuun|OA ja6uassed q6nojqj os ssa| pue sajej je6uassed e6ejeAe paseajouj qbnojqj A|ueujud awoD seq sjjodjje s n a6je| jaqjo Auew ie pue jjodjjv aqi ie qjMOj6 anuaAaj 'saujuie aqi Aq |apoui ssaujsnq auj|djDSjp Aipedeo aqj jo uoi}e}U9iue|diui aqi aouis '8T-t> *!q!Hx3 uo pajejjsn||i sv sanuaAaj ja6uassed |euojjeujajui pue Djjsauuop qioq joj sjsjxa jeqj saiqeueA DjujouoDaopos pue sanuaAaj ja6uassed uaaMjaq djqsuojje|aj aAjjisod aqj sjuasajd l\-p ;;q;qx3 saiqeueA DiuiouoDaopos qjjM djqsuojje|ej aAjjjsod e uiejmeuu oj sanujjuoD anuaAaj au||jje jebuassed 'AjjAijDe DiiuouoDa pue ja6uassed uaaMiaq djqsuojie|aj aqi pajaj|e seq |epoui au]|dps!p Ajpedeo aqj a|iq/\A :iuojssaj6ey a|qejje/\-a|6ujs) sanuaAay jabuassed pue saiqeueA aiuuouoaaopos (a
8102 *lnr 'OOt-J 'uoiieuodsuEJi jo waiuuedaQ S n -8102 ' ^uj 'SDiwouoDg a|OOd 78 spooM SSDHOOS
pnpojd DijsBujoa ssojg s p^^— sja6uassed leuoiieujaiui a>jO^^— sja6uassed sjisaujoQ oyo^^—
£103 9103 SI03 V10Z ETOZ 3103 1103 0103 6003 8003 £003 9003 5003 K)03
- %03-
%0l>
daodsy ST0Z)
iDnaoyd jussiMoa ssoao s n qnv sasoNsssvd oejvdihj do saNsyi himoho 9i-t> iiamxs
IMOdaiV 1VN011VN>J31N] 3UVH.O ODVDIHD ODVDIHD 30 AilD
lueiinsuco uodiiv am jo uoday
SXOc ;sn6n\/'AaAjns aiaa'uo!)PlJ°d5ueJX joiuaiuuedaa 5 n 3DanOS
paie|ay ajej a6ejaAv ? paie|ay aiun|OA jaBuassed ¦
ATNO VIVO SNHblV STl - S3b.nib.Vd3a A9 SlbOdblV S n 0£ dOl bOd 6003 bV3A bVON31VD 3DNIS HlMOb9 3nN3A3b dO SlN3NOdlM03 8I-l> 1I9IHX3
9103 ^|nf 'ajqps 'SIOZ Mnf 'AaAjns CTOO uoneuodsuFJi jo luawuedaa S fl '9T0Z ' 5ui 'sjiuiouojg apod lg spooAA S3DanOS
pnpojd Diisauiog ssojg sn^^— . anuaAay leuojieujaiui Qyo^^— anuaAay DiisautoQ Qyo^^—
o
£103 9103 SI03 17X03 EI03 3103 TT03 0X03 6003 8003 £003 9003 S003 t>003
%03- ,
%00I
i^naobd
DIlS3lMOa SSObD S'n QNV 3nN3A3b b39N3SSVd 09VDIHD dO SQN3bl HIMObO Ll'V 1I8IHX3
DJOdMIV 1VNOIiVNa31NI 3HVH.0 ODVDIHD ODVDIHD 30 AilD
I HI'S I iuei|nsuo3 uodjjv am jo uoday
210Z 3unr ']anj-)aaus fjoj 'uonepossv yodsuejj. jjv leuouewaiu] ,T
pouad uojpafojd am JaAO aseajDUj oj papafojd s] |anj. jo soud aqi se sumj jaAO 6u!se3JDU! sajej e6ejeAe pue ojjsawop qpq qjjM 'uoijeiajjoo sjqj wejujew 6202 q6nojqj 8X02 luojj ssjbj aSejaAe papafojd aqi jjodjjv aqi ie sajej a6ejaAe pue saoud |anj u] sa6ueqo u33Mj3q uoiie|ajjoo aAjjjsod e uaaq seq 3J3qj '£X02 Pue 0102 uaaMjag 0X02 i° jeaA aseq e oj pexspui '|3nj p 30ud pue ssjej a6ejaAe papafojd pue |enpe ui sa6ueqo sjuasajd qz-v i!q!H*3
n 8102 u|
juaojad t>2 °1 aseajaui oj pajoafojd s] jj pue 7X02 u! sjsoo 6u|jejado aujpje jo juaojad X2 J°J pajunoooe |anj 'uojjepossv jjodsueji j]\/ leuoueujajuj aqj oj 6uipjooov asuadxa Joqe| qjjM 6u|jeujaj|e 'Ajjsnpu] au||j|e aqj joj asuadxa 6u]jejado jsa6je| puooas jo jsjjj aqj uaaq seq |anj 'sjuauodujoo Xueuj asudwoo sjsoo BujAjjeo ja6uassed |ejoj a|]qM sajej jaMO| je sauun|OA J36usssed paseajouj Ajjbd pue Ajpedeo puedxa A|qejjjojd oj sauiujB aiqeua sjsoo 6ujAjjeo uj saseajoap 'ApsjaAuo} sajej jaq6|q qj|M sjsoo 6u|Ajjeo jabuassed jaq6|q 6u|jjasjjo jo aAjjoefqo aqj qjjM s|3Aa| Ajojubaui pue 6upud aBeueuj S3U]|J]V
(sisAjeue) 8102 ^|nf' Jul 'saieoossv 73 opuojiy 30>jnOS
anuaAay |bjoi
anuaAay leuoueujaiui
anuaAay siisaujoQ
daoday sioz) hiaao>je) 3nN3A3>j isvDdyod do aoNva oz-t> anavi
8102 Mn( 'AaAjns QTgo 'uoneuodsueji jo luawuedaa sn dDijnoS
,_ LO O Z rn Ss 7<; O Z X r >
>
<
ID
-<
si
a
ID
li
ID »
<
ID|1010|ID
sz
A1NO VIVO 3NH>dIV STl - S3bni>dVd3a
Aa siyodb.iv s n oe doi yod (aniM bSDNassvd / siN3D) anaiA sdv^sav lioz 6i-t> namxa
!>JOd>JIVlVNOIlVN>J31NI 3>JVH.0 ODVOIHO
8102 '2 a38lAJ3AON
luei|nsuo3 uodjiv am jo uoday
bmjjedep aseajDUj ueDjjewv pue paimn qjoq se 6T02 Pue 8102 u! A|j;L|6j|s eseeJDap 01 jseoejoj aje sjojdbj peon ¦
"6202 uj sxi oi HQZ uj fll ujojj aseajouj 01 isEDejoj aje ajnuedap jad sieas a6ejaAy 'pojjed sjqj 6ujjnp AjeAj|ep joj japjo uo A|juejjnD aje jeqj jjbjdjib aui|uieuj ja6je| Ao|dep 01 papadxa aje uBDjjawv pue peijun qjoq se 6202 q6nojqj 0202 ujojj esBejDUj ajnjjedap jad sjeas a6ejaAV '6T02 ^lAI q6nojqj sa|npaqDS peqsi|qnd ui pejDe|jej se 'suojjeujjsap Djjseiuop Mau oj eDjAjes qoune| oj jjejDjje a6ne6-ja||eujs 6mAo|dap ueojjauuv pue pajjun qjoq oj jjed a6jE| uj anp 0202 pue LIOZ uaaMjaq A|jq6j|s aseajoap oj pejDedxe sj jjodjiy aqj je suojjejado jjbjdjib auj|jje jaBuassed joj AjiDBdED jeas a6ejaA\/ ¦
:suojjejado
jjejojje 3Uj|jje jebuassed jo sjsbd3joj 6uipjs6aj uoijEiujojuj DijiDsds si BujMO||oj aqi juaDjad XT P )JDVD e ie aseajoui oi isEDejoj aje suojiejado yejDJjB auj|jje ja6uassEd sue|d iaa|j ajnjnj jo sisA|eue ue pue jjodjjv aqi 6ujAjas seuj|jje eqi Aq iuauja6eueuj jojdej peo| jo suojjdujnsse uo paseq eje suojjejedo jjejdj]e euj|jie je6uessed jo sjsBoajoj 6202 q6nojqi 8X02 i0i 6T-i> 3iqei uj pajuasajd aje uodjjv aqj je suojjejado jjBJDJjE |enuue jo sjsEoajoj
SlSVDSaOd 1HDI3M OdaNVI ONV SNOUVy3dO JLdVUDUIV V9 t>
sjojdbj jeqjo jo seijupej jo AjjDedeD jo Ajj|iqe|jeAe Aq peouen|jui eq p|noD
Ajiaijdb jo uojjnqjjjsjp eqi e|qjssod sj ij pue jjoday sjqi jo jjed se paien|eAa uaaq iou seq suojiejado pue sja6uassed
peue|dua A|jep jo a|ijojd aqj 'pejBpowujoDDB eq oi pejEdjDjjuB sj AijAjpe pajsEDajoj |enuue |ejoj aqj a|jqAA '2 -Jaideq^
ui paqjJDsep wEj6ojd jjodjjv eqi sepn|Dm qDjqM pojjed uojjDefojd eqj jnoq6nojqj jjodjie eqj je sejjjpej
a|qe|jeAe eqi Aq pejepouuuuoDDe aq oj pajedjDjjue sj AjjAjjoe |euojjejado pue ja6uessed paue|due jo jsBDajoj aqi
•juaajad z i jo ygvD e je '6202 u) uojujuj 8St> °1 £X02 u! uojujuj 8'6£ ujojj moj6 oj jsedbjoj aje sjebuessed peue|due uodjjv |eioi 'aie6aj66e ui jueDJsd g x P bDVD e siuesejdej qDjqM '6202 uj uoj||jUJ YL A|eieujjxojdde oi LTOZ uj uojnjuu 2'9 A|aieujjxojdde ujojj esBejDUj oj jsBDajoj eje sje6uessed peue|due |euojjeujajui -jueDjad IT P aDVD p sjuasajdaj qDjqM '6202 u! uojujuj Y2£ Aiajeujjxojdde oj £X02 u! uoilNUJ 9£E A|ajeujjxojdde ujojj aseajDui oj jsedbjoj eje sje6uessed peue|dua DjjsawoQ 'sx-f a|q^i uj pajuasejd aje sjsbd3joj jaBuessed pauE|dug
SnnS3>d ±SVI)3i30d fd39N3SSVd a3NV1dN3 £'E'9>
LIOZ Vo^sjoj 3DDdsojs^LTOZ 'uoueJisiuiuipv uoiieiAy leiapaj "tsisA|euB) 8T.0Z AJnf' ?u\ 'saieoossv ?B opuouiy S3D>jnOS
3JEJ |BUOjlEUJ31U[ e6ej3Av^»— 3JBJ DjJSSWOQ' 36ej3av—|3nj JO SLJjJd^m—
NJNJNJNJNjrsjrorohJhOhJNJNJhjrvJNJNJNJKJNJ
OOOOOOOOOOOOOOOOOOOO -H
NJNJNjrsjroNJNJKJKJIvJh-1!—1 h-1 h-1 I—^ I—1 I-1 h-' h-1 h-1 r>
UDOO^JO-iLn-kUUKJt—'OUDOO^JCTlLnJ^ljUNJI—' O ft>
: %0g- 3
papafojd |snpv
ISfld dO 3DI>dd ONV S3bVd 39V>J3AV NI 39NVH3 0Z-t> 1I9IHX3
l>JOd>J]V 1VNOUVNM31NI 3WVH.0 ODVDIHD
8T0Z 'Z U3SiVM3AON
I 9IT-3 I ;uPvjnsuo3 ;jodj|v au.1 ;o uoday
(IseDajoj) 8102 A~|np' :>uj 'saiepossv 78 opuouiy :(je3uoisiq) 8102 aunf 'spjODay iuaujd6(?u(?|A] 'uojieiAV jo luatuuedaQ 'o6e3|q3 jo Aio -S33ynOS
%Z'I %0'T %ZI 6Z0Z - £I0Z
%S0 %YZ- %£0 £I0Z-800Z
ajey u,}MOJ9 lenuuv punodwco
%60 96S'£Z8'Z9 S66'9£0> Z09'98£'8S 6.307
%60 ioz'£i7Z'z9 SLS'ove't 9zz'90£'8s szoz
%£0 I9g'£0£'T.9 6£T't>£8'g Z8T'££8'£S £Z0Z
%80 SKI>6Z'T9 8SS'II8'£ 88t-'Z8fr'£S 9Z0Z
%80 098'0Z8'09 S86'£££'£ 9£8'9K),£S SZOZ
%90 £££'9g£'09 £8S'0W.'£ 98T'96S'9S VZOZ
%t>0 £8t>'900'09 88i:'£0£'£ fr6Z'66Z'9S ezoz
%90 £8S'ZS£'6S 8IZ'9£9'£ 0££'9II'9S ZZOZ
%YQ fr00'S8£'6S Sfr9'86S'£ 6S£'98£'SS TZOZ
%£0 t>9S'£ZI'6S 9fr6'I8S'£ 8I9'IfrS'SS OZOZ
%Si> ZZ6'£96'8S £68'9SS'£ SZ0'£0t>'SS 6T0Z
%££ £fr£'£0fr'9S 9i>6'I8S'£ £6£'IZ8'ZS 8I0Z
JS6D9JOJ
%8£ sLi'nvt'S izfr'69s'g £S6'gfr8'os . Iioz
%SZ gSfr'£Ofr'ZS 9SZ'0£Z'£ £6I'££I'6t' 9X0Z
%£S 99Z'0tT'IS ££fr'Z£Z'S ££8'£98'Sfr SIOZ
%S£ £Zt-'S8S'8fr 6£0'06t-> 8fr£'S60>fr t-TOZ
%so- 6Z8'£Z6'9fr £st'8££> Z£9'sfrs'zfr etqz
%VZ- 0Z.T'6£T'Z.1> £0£'9Zfr> £98'ZI£'Zfr ZIOZ
%SI- ZWl2Z'2P 8S8>0fr> fr8S'9£8'£fr TTOZ
%0Z 8I0'IK)'6fr 89£'9Zfr> 0SZ'frI9'frfr OTOZ
%08- Ig8'9S0'8fr TEZ'ZTS'E 009't7frS'frfr 600Z
%0£- ZS£'£frZ'ZS IIS'6Sfr'fr IK'ML'Lt " 800Z
|B3UO}SIH
HlMOfJD 1H9I3AA 1H913M 1H913AA >JV3A
1 Vfl N N V Q3QNV1 Q3QNV1 Q3aNV1
IVIOI SaOi.Va'SdO OD>jV3-11V S3N11>dlV >d39N3SSVd j
1HDI3M agaNvi isv:>3>dOd aNV ivDiyoisiH u-t> diavi
simn punod-oooT uoi||iJDVD e ie aseajauj oj jseaajoj s| jq6jaM papue| |ejoi '6202 qSnojqj jjodjjv aqi ie jq6j3M pepue| jseaajoj pue |eajJOjsjq sjuasajd xz-fr a|qe±
¦juaajad x'T P yDVD e '6202 uj suojjejado £09'686 °1 £102 uj suojjejado 6i>0'£98 luojj aseajauj oj jseaajoj aje jjodjjv aqi je suojjejado jjejajje |ejoj 'suojjejado jjejajje ja6uassed jo awn|OA paseajauj aqj oj ana
suojjejado o6jea
||e joj VVd am Aq apjMuojjeu jseaajoj qjMOj6 juaajad OT aqi qil^ su6j|e qajqw 'juaajad O T P y^VD ^ '6202 u( suojjejado £8S'T2 °1 £102 u! suojjejado £80'6I ujojj aseajauj oj jseaajoj sj jjodjjv aqj je AjjAjjae jjejajie o6jea-||v
¦suojjejado uojjejAe
|ejaua6 joj VVd aqj Aq epiMuojjeu jseaajoj qjMOj6 juaajad g o aqj qjjM su6j|e qaiqM 'pojjed siqj 6ujjnp juaajad £ 0 i° yDVD e sjuasajdaj 6202 pue £X02 uaaMjaq aseajauj aqi suojjejapjsuoa Ae|ap pue jsoa jo asneaaq uo;6aj o6eaiq3 aqj uiqjjM sjjodjje 6ujA|jno je A|jjeujjjd jnaao ||jM jojaas sjqj uj qjM0j6 jeqj uojjdujnsse ujjaj-6uo| aqj 6ujjaa|jaj '6202 uj suojjejado f£T'9T oj £X02 u! suojjejado 82S'ST ujojj A||eu]6jeuj aseajauj oj pajaadxa aje (VCD aqj Aq pajjodaj se suojjejado snoauenaasjuj pue jajdoaj|aq 6ujpn|auj) jjodjjv aqi je suojjejado uojjejAe |ejaua>3
juaajad 8'58 i° Jopej peo| £X02 aqj se aiues aqj A||enjjjA '6202 u! juaajad 1/58 6uiqaeaj 'pojjad uojjaafojd aqi jo jsaj aqj jaAO A||euj6jeuj saseajauj jojaej peo| a6ejaAV "Ajjaedea jeas
DJOdMIV 1VNOUVNJJ31NI 3MVH.0 09VD1H3
oavaiHa jo aho
lueiinsuo;} uodjjv ai|l J° uoday
SZOZ uj suojiejado ZIE'S88 °1 LIOZ uj suojjejado l£2'££8 luojj iuaajad x'O P JJDVD e je aseajauj oj suojjejado jjejajje |ejoj jseaajoj jjoday 9x02 am '6202 uj suojjejado 00£>96 °l £X02 uj suojjejado X£2'6S8 ujojj pojjad awes aqj 6ujjnp juaajad o x aseajauj oj suojjejado jjejajje |ejoj sjseaajoj jvi VVd aqj a|jq/v\ '6202 uj suojjejado £09'686 °1 £X02 uj suojjejado 6K)'£98 ujojj juaajad x'X P H9VD e le aseajauj oj suojjejado jjejajje iejoj sjseaajoj jjoday siqi sjseaajoj aajqj aiues aqj 6uoujb sjseaajoj suojjejado jjejajje aqj sajedujoa zz-t> V.°ilMxl
8102 aunr 'ISDJ3J0J Ddly ]DU]LUJ3± ZIOZ 'UOjtGJISjUIUjpV
uojieiAV |ejapaj '(lseDajoj) 8102 ^|r>f' 3U] 'saieoossv ?8 opuoDiy :(|e:>uoisjij,) 8102 aunr 'spjo:>ay iuawa6eueiM 'uoiieiAy jo luawuedaa 'o6eDiL(3 jo Aiq S3D>jnOS
sja6uassed anudAajuou sapnpxa pue siseq (jaquiaidas u,6noJU,i jaqowo) Ad leJapaj e uo paiuasajd si jvi Wd aqi
jseaajoj eajy leuiujjai ¦ jvj S310N
dVl £102 ~ jseaajoj 8103 — iseaajoj 9102 ^— lenjav
6303 8203 £303 9203 S303 t>303 £202 2202 1202 0202 6102 8102 £102 9102 SI02
: — — _ 0
m
— — _ Ql V.
OJ 13
09
NOSDJVdWOD ISVDdUOd >J33N3SSVd Q3NVTdN3 T3-i> 1I9IHX3
'£202 u! uoilNUJ t7 Tt> oj 6u]moj6 sja6uassed paue|dua Uj 6ujj|nsaj 'S202 oj £X02 ujojj juaajad £0 P bDVD e je aseajauj oj sjaBuassed paue|dua jseaajoj jjoday 9102 aqi (juaajad X'2i° idDVD e) 6202 Ad |ejepag 6uipuodsajJoa aqj uj uoj||juj grjs oj aseajauj oj jjodjjv aqi ie sja6uassed paue|due siseaajoj jvi Wd aqj a|jq/v\ '(juaajad ZT P 5dDVD e) uojujuj 8Si7 oj uojujuj 8'6£ ujojj aseajauj oj sja6uassed paue|dua sjseaajoj jjoday sjqj '6202 pue £102 uaaMjag Uvi) isoodjoj oajy }du)luj3± wd £102 aqj pue jjoday 9X02 aqj uj jseaajoj aqj oj jjoday aqj uj sja6uassed paue|dua jo jseaajoj aqj sajedujoa \Zmb I'.qiMxa
SlSV33>dOd A1IAUDV dO NOSIUVdlAJOO S"9"fr
lDOd>J]V "1VNOUVNM31NI 3>JVH,0 ODV3IH3
09VDIH3 30 A1ID
lueiinsuo} uodjjv au,l jo uoday
8X03 aunf 'isddsjoj oajy ]owujja± ZTOZ 'uonejisiuiiupv uoneiAv |ejapaj :(ise3ajoj) 8103 A|np' 3ui 'saieiDossv is opuojiy '(lesuoisiuj 8i03 aunr 'spjo^ay juauja6eueiA| 'uoiibiav jo luauJuedaQ 'oBeaiLQ jo Aip S3D>Jn0S
sja6uassi?d anuaAajuou sapnpxa pup sjseq (jaqiua;das qSnojq; jaqono) Ad |i-'Japad P u0 paiuasajd Sj jvi Wd am
1SSD3JOJ eajv leuiujjai - jvi S310N
JVI £X0c ¦=» iseaajoj o'pucory 8X03 ^— iseaajog opuoDjy g L02 — |enpv 6303 8303 Z.303 9303 S303 17303 £303 3303 1303 0303 6103 8103 Z.X03 9X03 SX03
003'X
NOSIUVdlMCD iSVD3>JOd SNOUVySdO ldV>JD>JIV 33"t> 1I9IHX3
IMOdMIV 1VNOUVN>J31NI 3WVH.0 ODVDIHD
BTOZ Z M381AJ3AON
I6IT-3 I
'££02 'T£ Jequueaea jo ejep uojjejidxe ue seq v~IDV aqi 1-iodjiv eqj je sjaefojd |ejjdea snoueA joj, |eAOjdde 6u|punj sepnpuj pue yodjjv aqi ie 6u]iejado saujpje aq; pue VCD aqi uaaMjaq uojjeijobeu jeeAjJinui e sjaa|jej VTDV aqi aiej6oJd |eiide3 jjodjjv aqi punj oj penssj suojje6j|qo jaqjo wejjea pue sgyvE) joj sauiujv A\iojeu6js aqj jo jjoddns |enjaejjuoa 'sjuaiua|e jaqjo 6uouje 'sapjAOjd pue saujpjv Ajojeu6js aqj qj|M juauja6uejje |euojjejado pue |epueuij ujeuu s/jq aqj qjjoj sjas ji VQD aqi pue (saujpjv Ajojeu6is aqj) juaujaaj6e aqj oj Ajojeu6js aje ieqi ljodjiv aqj jo sjueuaj ampie aqj jo seuwqisuodsej pue sjqbu aqj sezjieiujoj jeqj juaujaaj6e jeaA-gx e sj vinv wau aqi jueuiaaj6e asn jeeA-S£ sno]Aejd aqj jo uojjejjdxe aqj 6ujMO||oj '8102 '2T Aei/\| jaajje ojuj jua/v\ VIDV wau v
1N3IAJ33VJ9V 3SV31 ONV 3Sfl 3NI"iyiV ITS
jjodjjv aqi ie suojiejado jo isod aqi punj oi jo aaiAjas iqaa je|\| jo juauuAed aqj oj pa6pa|d aje sanuaAaj xej sjoumi jo ejejs jou Ajq jeqjjaN ajnjuapuj uep jomas aqj pue VIDV aqj jo suojSjAOjd aqj Aq pejmbej se pue 'se|dpuud 6u|junoaae pajdaaae A||ejauab qjjM aauepjoaae uj jjodjjv aqj jo sjunoaae pue 'spjoaaj 's>jooq aqj sujejujeuj Ajp aqi x£ Jaquiaaaa spue Ad s.Aj.Q aqi sjseq Ad e uo Ajq eqj jo punj esjjdjajue 6uuJoddns-jies e se joj pejunoaae sj jj .'VOD aqj Aq pajejado pue Ajq aqj Aq peuMO sj jjodjjv eqi
>iyOM3IAJVyd IVIDNVNId T S
c c uojjaes uj paqjjasap aje sgyvE) ajnjnj pue spuog 8X02 aqj jo suojjdiunsse 6ujaueuij
saBjeqa pue sajej
aujpie jo uojje|na|ea |enuue aqj q6nojqj sauj|Jje aqj uiojj pajaAoaaj aq ||jM pue pouad uojjaafojd eqj jo jeeA qaee ui Ajq aqj Aq papuedxa aq ||im sjaafojd Ajj|!qej|ay ejnja'mjsejju[ joj uoj||jui ox$ Pue 'seaueMO||v peAOjddv-eJd joj uojnjiu oi>$ 'sjsoa aaueMO||v paAOjddv-aJd uoj||jUJ os$ jo |ejoj e jeqj sauinsse os|e sjsA|eue |eiaueujj aqj 'uojjjppe uj
(pojjad uoijaefojd eqj buunp ue>|ejjepun eq oj peuinsse uoiniq o'2$ A|ejeuijxojdde) sjaefojd dD Jjodjjv ¦
(uonnuj bLL%) sjaafojd Jaqjo pue sjuauieAOjduii ejeg uuei-jeeN ¦
(uoimq 2'9$ A|ajeui]xojdde) x aseqd dVl ¦
(uonnuj Aiejeuijxojdde) sjaefojd Piewiv dlAlO 6ujujeuiay ¦
:suojjduinsse 6u;punj
jaafojd |ejjdea 6ujMO||oj aqj jaa|jaj s|sA|eue |epueu|j aqj u] pauinsse sgyvD ajnjnj pue spuog 8T02 aqj 'uoijeujqwoa ui pouad uojjaafojd aqj buunp wejbojd |ej]de;) jjodjjv aqj bmpunj joj Ajessaaau aje jeqj sgyvD ejnjnj pue 'spuog 8X02 aqj 'sgy\/9 6u|puejsjno uo aajAjes jqap sjaauaj s|sA|eue |epueu]j aqj u| papnpuj aajAjas jqep gy VD aqi
passnasjp os|e aje 'a6ejaAoa eajAjes jqea (gyV9) puog anuaAay jjodjjv lejaua^ pue ja6uassed paue|due jad jsoa 6u|pnpu| 'seBjeq^ pue sejey jjodjiv sauiuiy Ajojeu6)s ujojj peAuep sanuaAay jjodjjv jo ssaue|qeuoseaj eqi 'sebjeq;) pue sejey jjodjry sampiv Ajojeubis aqj jo uojje|na|ea aqj pue .'juawajmbay ampjv Ajojeu6|s ja[\| aqj leases jqaa jef\| Ispunj |ejepej jeqjo pue 'sjdjaaay juejg pue enueAey 33d 6u|pnpu| 'sanuaAay a|qe||eAV Jaqjo IsanueAey eu]|J!v-uof\| pue empiv Ajojeu6is-uoN .'sasuedxg iajt§o :6u]mo||oj aqj sjuasajd jajdeqa siqi pouad uoijaefojd aqj buunp pejedp]jue (2 2 uojjaes uj paquasep) uiej6ojd lejjde^ jjodjjv aqj jo 6ujpunj eqj eje|dujoa oj Ajesseaeu spuoq ejnjnj eqj pue spuog 8102 aqj jo eauenssj eqj bu]MO||oj suojjeaiiduij lepuemj jaqjo pue jsoa aqj sequasep j| pue 'jjodjjv eqj jo >|JOMeujejj |epueujj aqj sjuasajd 5 jajdeqa
SISA1VNV "IVIDNVNId S
iaodiJivivNoiivN>J3iNi 3>jvh.o oavaiHa
8T0Z I iJ30W3AON
I 0ZT~3 I iuei|nsuo3 uodjiv am jo uoday
8103 Jaqopo 'uo.ueiAV jo luauiuedac] 'o6e3iq3 jo Aiq 3D8nOS ajueuajuieiAi pui? uoijejado - IA|180 310N
%0'OS %0'SZ %0'SZ 6Z0Z
%0 OS %0SZ %0'SZ 8Z0Z
%0'OS %0SZ %0'SZ ZZOZ
%0'OS %0 SZ %0'SZ 9Z0Z
%0 OS %0'SZ %0'SZ szoz _
%9'9fr %9'IZ %0'SZ frZOZ
%0 £V %0'8T %0'SZ SZOZ
%fr'6E %t>'t>T %0j|Z ZZOZ
%8'SE %8'OT %0'SZ TZOZ
%Z'Z£ %£L %0'SZ 0Z0Z
%9'8Z %9'E %0'SZ 6T0Z
%0'SZ %00 %0'SZ 8T0Z
3DVlN33>J3d SQNfld 3DVlN33>J3d QNfld 3A>d3S3>J 3DVlN33>J3d >JV3A
3A«3S3>d W*SO IVIOI IM^SO "lV±N3lAJ31ddnS QNOd 3A«3S3>j VWO IVDSId
S3A«.3S3y 3SN3dX3 3DNVN31NIVIM ONV NOUV>J3dO T-S 319V1
£202 sssusdxg |A|?90 pajaafojd s,jesA 6uimo||oj sqjjo jusajsd O'SZ 6mqaeaj |jjun 'jayeajeqj A||enuue 6ujseajaui pue juaajad gg je 6X02 uj 6ujum63q 'suijj jsao papunj aq ||im aAjasaj sjqj 'i-s a|qe± uj pajuasajd sv aAjasaj esuadxg |AJ780 |ejuauia|ddns e sppe os|e VIHV aq; 'uoijisod qsea s.vaD aq; eaueque 01 X202 A"q X£2'T °1 XOIT u-iojj A||enuue sjuatuajauj so' Uj ajnjuapui uan joiuas aqi Japun panssj suojje6j|qo uan Joiuas sji uo a6ejaAoa aaiAjas pap aseajauj o; Ayj aq; sjjiujad vifW aqi
¦au!|Jje Aue joj a|qe|jBAe aje sa;e6 asn
-U0OIUJ03 'auipie jaqpue Aq asn joj seje6 |eijuajajajd qans ajeao||e uea Ajp aqj 'asn pa|npaqas jnoqjiM SMopujM pepua;xa Buuna X202 u! 6muuj6aq sjseq AueaA e uo jnaao ||jM sa;e6 |eijuajajajd aqj jo uojjeao||eay 'AjjAj;ae ;q6j|j 6ujseajau| Aq saje6 |eijuejajajd |euoj;jppe ujea uea sauo;eu6js uujai-6uo-| saje6 |e]juajajajd jo asn a[npaqas oj jq6u jsjij aqj uaAi6 aje s3iJojeu6|s uujai-6uo-| 'jaqjey saje6 asn-aAjsnpxa qjjM sauj|Jje apiAOJd jou saop VIDV aqi
aaeds jo asea| qjuow-oj-qjuouj ajejedas e aAeq pue jjodjjv aqj je ajejado oj sjuauuaej6e 6ujjejado u6is jsnuu sauipje Ajojeu6js-uoN sjq6jj qans uiejaj jou op saujpjv Ajojeu6js ujjai-jjoqs laaeds dne>|e[y\| a6e66eg asn |ejjuajajajd jo 'aaeds LU!eD a6e66eg asn |ejjuajajajd 'aaeds u.'-^aq;) asn |eijuajajajd 'aaeds ajeg asn |Bjjuajajajd jo sjuawubisse aAiaaaj oj 3|q;6i|d aq pue ssaaojd |eAOjdde jsajajui-uj-AjuofeiAj aqj ui ajedpijjed oj jq6u aqj aAeq saujpiv Ajojbu6is uujai-6uo-| £202 'T£ Jaqujaaaa sajidxe jeqj ujja; jeaA-g e q;]M vinv aq; pa;naexe aAeq qajqM 'saujpjv Ajojeu6)s uuai-jjoqs aq; pue '££02 T£ Jaqujaaaa uo sajjdxa ;eq; uuaj jeaA-sx e qjiM VIDV aqi pajnaaxa aAeq qajqM 'saujujv Ajojeu6js uujai-6uo-| aqj asjjdujoa saujpjv Ajojeu6is aqi
puewap jabuassed qa;eiu o; q;MOj6 pue 'A;jAj;aauuoa 'A;pedea aseajaui o; ubjsap yodjjv ajoa aq; pue s|euiwja; uj s;uaw;saAUj jo sauas e 6ui>|ew sj Ajp aqj 'uojsuedxa aqj jo jjed sv X aseqd dVl aqj joj 8202 qbnojqj jnaao oj pa|npaqas uojjejuauja|dujj pue uojjanjjsuoa qjjM 'Ajojsjq s,jJodjjv aqj jo uoisuedxa |ejidea jse6je| aqj qaune| ||jM viflV aqi AeMajeB |eqo|6 e ojui jjodjjv aqj a;eA3|a pue puedxa o; pau6isap sj vinv aqi
IMOdUlV 1VNOUVN>J31NI 3UVH.0 ODVDIHa
8103 3 1J38IAJ3AON
lueijnsuo} uodiiv au.1 jo uoday
T OT'S uorpas aas suoue|n6aj
xbj |BJspsj japun „asn ssauisnq aiBAud,, pioab oi Eajy Pia|JJ|V am }o suoiyod joj pajja ui si A6o|opou,jeuJ 6umas-ajsj paijipow v ,
seaueujpjo Ajq Aq pejaeue sebjeqa
pue saaj jjodjjv passasse aje VIDV aqi oj sepojeubis jou aje jeqj jjodjjv aqj jo sjesn jaqjo jo saujpjv ajnjuapui uan JOjuas aqj jo sjuewejmbej juaujAed pue 'jisodap 'abejaAoa aaiAjas jqap jo uojjaejsjjes aqj bujpnpm '(eajv dDdO aqj 6u|pnpxa) jjodjjv aqj 6u|do|eAep pue 'buiuiejmeiu 'buijejado jo jsoa jau aqj Aed oj juapijjns aq jsnuu sajjjed aujpiv aqi Aq p]ed sebjeqa pue saaj jjodjiv jo aje6aj66e aqi ieqi sapjAOjd vinv aqi uodjjv aqi jo asn aqj joj sa6jeq^ pue saaj jjodjjv jjeqj jo jjed se sejjjed aujpjv eqj Aq pied sj sjajua^ \soj ujajsAs 6u||enj pue 'eajy piajjjjv 'eejv |eu]ujjei eqj m pejejeue6 jpjjap jau eqj jo ejeqs e|qeao||e uy suojjebjiqo Jjodjjv uo eaiAjes jqep pue 'sjjsodap punj pajjnbej 'senueAaj 'sesuadxg lAjTgo j0i buijunoaae jo sasodjnd eqj joj sjejue^ jso^ ojuj peiejedas aje iJodjjv aqj jo seeje |euoijaunj pue |eaisAqd snoueA 'sauipiv Ajojeubjs eqj buouje jjodjjv eqj bwpuedxe pue 'buiAOjduj! 'buiujejujeuu '6uijejedo jo jsoa jau aqj ajeao||e 01 (jajua;) jso^) jejue;) jso^ pejjoddns-empiv qaee joj sjsoa bujujeujej jau Aue jeAoaej oj peje|na|ea eje sabjeqa pue sajej auipje Aqejeqm ,'Abo|opoqjew bmjjes -ajej jjodjje |enp|sej e buisn peqsj|qejse eje saaj bu|pue| auipje pue sajej |ejuaj |eu]ujjaj 'VIDV wau aqj Japun
S3DilVHD QNV S33d 3NIiyiV
SVS obje^ uoddjiM ueajox seujpiv uedef jjepue|aa[ uemeH
VA3 pequg uejdoiqjg sajejjujg ujajseg euiq^ ayped Aeqje}
eue]s\/ ¦
uoddiN 1 |v ¦
eipupiv ¦
eauejj j]\/ .¦
s3iJO}eu6;s ujjaj.-j,joqs
sdn ¦
paiiun ¦
qs|>|jni ¦
SS]MS ¦
ju|ds ¦
" esueqjjni ¦
qsiiod ion ¦
IAI1M ¦
enigjef >
jepejui ¦
xgpej ¦
ej|ea ¦
ueujsnv ¦
ueauauuv ¦
e>|se|v ¦
epeue^ jjv ¦
s3iJO}eu6;s uujaj.-6ucr|
:jjodj]v eqj je seu]|jiv Ajojeubis t>E bui/v\o||oj aqj qjjM VIDV aqi pajnaexe seq Ajq eqj '8102 '81 Jaqojao jo sv
modaiv "ivN0uvNa3j.Ni aavH.o oovama
8T0Z 'Z a3SW3AON
luei|nsuco uodjjv au,l jo uoday
(8T07 'IZ isn6nv pass333E) |Wj,u,Sj,uaujaj,Bj,S|EpuEU!j|EnuuB aAisusnajdujoVojui ddns/ui4/S}d3p/u3/Ajp/6j^o6E3iq3joAjpMMM//:sd:u,ui
'syoday ibdubuij |Bnuuv SAisusqajdiuo^ 'o6e3iu,;} p Aiq r spuoq uo aaiAjas iqap ABd 0}
pa6pa|d jo se6jEio puB saaj jjodjiy ,sai.PBd auiuiv p uo!J,B|n3|E3 am ui papnpui iou ajaw sasuadxa pus sanuaAaj Eajy uoddns puB"i bbjb a}E}sa |B3J |B3nnBU0J3B aqi p }jEd mou ajB ip!U,M 'sacmpej 6uipjEAMOj j,u,6!ajj pus 'uau,Di!>| 146(1; 'je6ubu; 'o6jbd jib se ipns 'saiji|i3B; puB sjLjDij jie pus puE| }ub3ba uiBjjas pspnpui }Bi|} j,uawaaj6B asB3| puB asn au||j|E snoiAajd 344 japun jaiU33 }S03 b sbm bsjv jjoddns puBi aqi ,
ZS aiq^i uj peiuesajd aje '(punj ;}jd pue 'punj aAjesey Aauebjewj 'punj iuewdo|eAaa yodjjv aq; ' a j) tspunj Ajeuojiejasjp meyea qijM peiejaosse sasuadxa Aue sepnpxa pue ^aiue^ jso;) jjoddns pue-] aq; uj sasuadxa sapnpxa qajqM '\c jaqujaaaa bujpue sjeeA aq; joj (yjVD) jjodey |epueu]j |enuuv eAjsuaqejdwo;) sfy\j aqi uj jeaA qaea pajuasajd se 'LTQZ q6nojqi £\qz J°i sasuedxg IAJ790
S3SN3dX3 33NVN31NIVIAJ ONV NOUVU3dO 1VDIHOISIH IT'S
sd|ii|pej apispue| pue '|eujUJjai
'piayjie aqi bujpnpuj 'yodjjv eqj 6u!U]eiujeai pue 6ujiejado qjjM paieposse sasuadxa apnpm sasuadxj iA|7go
S3SN3dX3 3DNVN31NIVIAJ ONV NOIlVUSdO ZS
yoday S]qi uj suojjaafojd |Bjaueujj aqi uj papnpxa aje 'eejv dD^D pejeu6isap aqi UjqjjM paiejaua6 sasuadxa pue 'jjodjjv aqi ie pajejeueB juey Ajjijaej pue sanuaAay 333 'ejojejeqi spuog 210Z aqi 6ujpnpuj 'sanuaAay j^j Aq pa>jaeq ;ou spuoq uo aaiAjas iqap Aed 01 pa6pe|d jo sa6jeq^ pue saaj jjodjjv auj|J]V Ajojeu6|s jo uo|ie|na|ea eqi u| papnpuj iou aje qajqM 'juey Aij|jaej pue senueAey [jij) ebjeq} Aij|jaej jauuojsn;} 6ujsn joj pjed eje eejy dD^D aqip sesuedxj IAJ790 'Z Jaideq3 ui peqjjasep sv Ajj|jaej punojeujnj-pjnb aqj pue 'eaje eajAjes jeiuojsna eqi 'suojjejedo jea |ejuej oj peieajpep Aij|jaej lepowjJiniAj eqj jo suojjjod esoqj sepnpuj eejv dDtiD aqi
¦sjqbjj jje pajejaosse pue seaje qans 6ujAjas sejjj|jaej pue 'seijjijjn 'speoj ||e Bujpnpuj 'jueujdo|eAep ejejse |eej jeqjo pue '(jejue^ jso} uojjejjodsueji punojg pue 6ui>|jed aqi uj papnpuj sajijijaej uj paieao| asjMjaqio iou) suojieis 6u]6jeqa pue 6ui|enj epjqeA ai|qnd 'Ijejej leujouei-uou 'eajjjo '|ejoq sepnpuj eejv ejejsj |eey lejajewwo;) eqi :eajv aieisg |eay |epjauiui<>3 ¦
sjq6jj jje pajejaosse pue seaje qans BujAjes sejji|jaej pue 'speoj ||e 6ujpnpuj 'sejjj|jaej eaueueiuiew pue je6ueq 'o6jea 'jjoddns uojjejAe sepnpuj eejv ejejsj |eey |eajineuojev eqi :eajv awsg |eay |ea|ineuojav ¦
•j^y^ aqi 6ujpnpxa 'sajijijaej pue saajAjas jea |ejuaj pue ;saajAjas uojjeyodsuejj punojB jaqjo pue 'dNl '!*ej 'M\J eqj Aq pepjAOjd 6uj>|jed eeAo|duje :6ui>|jed jjodjjv-jp 6ujpnpuj 'sejjjipej 6uj>|jed aj|qnd aqj sapnpui eajv uojjejjodsueji punojg pue 6uj>|jed aqi :eajv uo|ieviodsueJi punojg pue Buj^jed ¦
ujajsAs 6uj|anj
juejpAq s,jJodjjveqjjo jjed eje jeqj sejjj|jaej ||e pue ujjbj >|uej eqj sepnpuj wejsAs 6ui|enj eqi :uja;sAs 6ui|anj ¦ jue|d uojjejabjjjej pue bujjeeq eqj pue s6ujp|jnq |euiwjej eqj sepnpuj eejv leuiiwei eqi :eajv leujiujai ¦
"JJoe>|ej
pue '6ujpue| '6ujjxej jjejajje oj paje|ej sejjj|jaej jeqjo pue 'spje |euoije6|Aeu 'seeje p|ejjuj 'seuoz uojjaajojd AeMunj pue qaeojdde 'sAeMjxej 'sAeMunj 'seaje 6uj>ued jjejajje eqj sapnpui eejv PiajiJjV aqi :eajv p|aijJ|V ¦
:sa6jeq3 pue saej yodjjv jo jueuujsnfpe eqj uj pue uojje|na|ea 6ujjjes-ejej |enpjsaj aqj uj papnpuj aje ajnpmis |ejaueuij s,yodjjv eqj uj sjejue} jso3 xjs
llJOdMIV 1VN011VNM31NI 3JJVH.0 09V3IH3 0DV3IH3 JO AiI3
luei|nsuo3 uodjiy au,U° uoday
pue sajej jjodjiv u] papnpuj si Ad aqj J°j eiqeAed junouie aqj A|uo se 'sjuawajejs |epueuij sjj uj pajjodaj jeqj ujojj sjajjjp sa6jeqa pue sajej s,jJodjjv aqj ui papnpuj asuadxa uojsuad aqi 'uoijnqujuoa qsea 8102 aqj jo junoiue paja6pnq aqj si qaiqM 'uonnuj £'917$ A"|ajeuj]xojdde jo asuadxa uo]suad e sapnpui ja6pnq se6jeqa pue sajej jjodjiv 8T02 aqi £102 u! seBjeqa pue sajej jjodjjv aqj ui pejae|jaj si qaiqM 'uojmuj £'8£$ A|ejewixojdde jo suoisuad Ajq oj jjodjjv aqj ujojj uoijnqujuoa qsea |enpe ue u| 6uij|nsej 'auj|j jaAO paseajaui aAeq sasuadxa uojsued s,Ajq eqi
(d9V"l) o6ea|q3 jo punj jijeueg pue Ajmuuv ,saaAo|dw3 pjeog juaiuejijey pue .sjejoqei ¦ IAI) o6ea|q3 jo punj Jijauag pue Ajmuuv ,saaAo|dujg |ediaiuniA| ¦ (d9Vd) o6eaiq3 jo punj jjjeuag pue Ajmuuv s,uauiejij ¦ (daVd) o6eaiq3 jo punj jyauag pue Ajmuuv s,uauuea!|Od ¦ :sesuadxa jjodjiv pajp spunj uojsuad jnoj 6u|mo||oj aqi
¦yodjiv aqj
oj pajeao||e jo je A|jaajip 6ui>|jom jou saaAo|duua Aue joj sjsoa uojsuad punj oj pasn 6uieq ujojj sanuaAay jjodjjv juaAajd suojje|n6aj |ejapaj issuno^ uojjejodjo^ pue 'aaueujj '6uiseqajnd se qans 'suoijejado jjodjiv jjoddns jeqj sjuBUJjjedsp Ajq jeqjo ui 6ui>|jom asoqj pue jjodjiv eqj je Ayaejip 6u|>|jom asoqj qjoq apnpm seeAo|duje Ajq eseqj .'jjodjjv eqj oj pejeao||e seue|es eeAo|duje Ajq jo ejeqs aqj oj pejjUJi| eje jjodjiv eqj jo suoije6i|qo punj uoisued
SNOUVDIiaO NOISNdd A1I3
sja6uassed paue|due ui eseejam ue pue sasuadxg lAjTgo Bmseejaep oj eiqejnqujje si qaiqM '£102 ui 2£2X$ oj 9X02 ui fr2£X$ ujojj peseejaep Aeqj jnq Yx02 ui 2£'2T$ °1 £102 ui 02 21$ ujojj 'jueajed ox p yDVD b ib peseejam £X02 °l £102 ujojj je6uessed peue|dua jad sesuedxg |Aj?go s.jjodjiv eqi
•yj\/3 jjodjjv s,Ajq aqj ui pejae|jej se '89 (gsvD) pJBog spjepuejs 6ujjunoaav lejueujujeAog oj juensjnd pepjoaej jnq 'jeeA jeqj ui eiqeAed jou eje jeqj sasuedxe uiejjaa jaa|jaj jou op Aaqj pue '(se6jeqa pue sejej s,jjodj|V eqj m pejae|jej 'uoynqujuoa qsea eqj ' e i) jeaA qaea u| eiqeAed pue enp sesuedxe A|uo jae|jej z-c e|qei ui UMoqs sesuedxe eqi sesuedxe se6eM pue saue|es bmseajam oj pejnqujuoa seq 'uoyaes 6u|mo||oj aqj ui peqpasep 'sasuedxe uoisued Ajq jo ejeqs e|qeao||e sji jo uoijnqujuoa s,jjodjiv aqi jueajed o'£2 i° ilDVD b IB paseajaui sesuedxe 6uijejedo jeqjo pue 'jueajed 6'S p y^VD b je paseajaui VIDV Mau eqj jo uoijnaexe eqj oj pejepj sjsoa 6uueeui6ue pue |euoissejojd '£102 Pub £102 ueeMjeg -sasuadxa 6mjejedo jeqjo ||eM.se 'sjsoa 6uuaeui6ue pue |euoissejojd ui seseejau] oj pejnqujje eq A||eijjed uea sasuadxg IAJ790 ui aseajaui siqi jueajed £"S P JJ9VD b 6uijae|jej '£X02 u! uoi||iuu £'90S$ oj £X02 u! uo!ll!UJ £'901*$ ujojj paseajaui sasuadxg IAI790 'UMoqs sv
9X0Z M"f 'uonewv jo luawuedaa '0663110 jo Aiq '8103 aunf 'a^UJO s,ja||OJidLU03 o6e:mo ;o Aid SdDanoS
axieuaiuietAj pue uonejado - IMISO jaqujaaaa 6u|pua saj JO) spuesnoqi ui sjeiioa S3JON
ja6uassed
%3'T
%6'6
%0'S
%OT ZLZ\% frZETS STZTS SZ ETS 0Z ZIS paue|du 3 jad sasuadxa IAI?90 ieioi
ajey u,}MOJ53 sja6uassBd paueiduj
%VZ
(spuesnou,!) sja6uassecj paueidug
ajey
u,}moj9 |enuuy sasuadxg iajtso
(spuesnou,}) sasuadxa IM?30
3iV« HiMOJD IVnNNV QNnOdlMOD
(£I03-£I03) S3SN3dX3 3DNVN31NIVIAJ QNV NOUVySdO 1VDI>d01SIH 3~S 3iaVl
laodaiv ivNOHVNasiNi aavH.o oavaihia
8ioz 'z aaaiAiaAON
I t'ZI-g I iuei|nsu03 uodjjv au,lj° uoday
gg on luawaieis § 'LZ '°N }uawa;eis 8.SV9 |o luaiupuawv uv—suoisuad J0i Bunjoday |eoueuij pue 6uuunoD3V ,
MO|aq juaDjad x'2 buibejaAe 'sjeaA aAij jse| aqi jo jnoj m junoiue pajabpnq aq; ueqi ssa| uaaq aAeq jjodjiv aqi joj sasuadxg ^730 |enjae '£102 pue ETOZ uaaMjaq vxgpuaddv jo x-v a|qei ui u/v\oqs sv 'suoyebiiqo uodjjvuo aaiAjas jqap pue 'siisodap punj pajmbaj 'sanuaAay au||j|v-U0|M 'sasuadxg IA|7$?0 paiabpnq aq; uo paseq s| qaiqM VlDV aqi ui quo; ;as Abo|opoqjaw buyjas-ajej aqi buisn A||enuue sabjeqa pue saiej auipie joj iabpnq e sjas VOD aqi
ta6png spsjba sasuadxg fo/&0 lon&V SNOUdlAinSSV
HIMOyD ONV S3SN3dX3 3DNVN31NIVIAJ ONV NOUVyadO a313Dana £'Z'S
TS l|qiqx3 uo UMoqs suoiinquiuoa uojsuad paseajaui aqi apnpuj jjoday siqj ui paiuasajd sasuadxa |auuosjad papafojd aqi pouad uoipafojd aqi qbnojqi sasuadxa |eioi papafojd uo suojiduunsse qjMOjb au||aseq jbao suoijnqujuoa uoisuad pajeuuysa aqi 4.0 jaediui aqi sajejjsnw x-S M^lM^a
suoynqujuoa
pajmbaj sji 01 uomppe u| sjuawAed Ajepyeuaq qans a>|euj oi pajmbaj aq Ajq aqi p|noqs '6202 u! uoimuu 9 £XX$ A|ajeuuixojdde 01 8X02 u! paja6pnq uoihilu £'9t7$ Aiajeuuixojdde ujojj 'juaajad 6'6 i° ^EAO e le aseajaui 01 paieuuiisa 3je sasuadxa uoisusd 'yodjjv aqi 01 luauuajmbaj siqi jo abejuaajad uojieao||e luajjna eqj buiLunssv
8X02 '02 JaqLuaAON uo ipuno^ Ajq aqi Aq |eAOjdde joj. pajapisuoa aq 01 papadxa si iabpnq 6102 je3A |easij s,Ajq aqi ajeqs |euojjJodojd s:eje"H,0 s! 'iuaajad l z -io 'uonnuj 9 22$ qaiqMjo 'jgvd pue jgvd JOJ uoihilu S'£28$ (!!!) ^jeqs leuoqjodojd s,ajeH,0 s! 'iuaajad s g ueqi ssa| jo 'uoihilu 6'E$ qa|qM jo 'jgvi uoihilu 0 09$ (!!) 'ajeqs |euo|jJodojd s,ajeH,0 s! 'juaajad q l ueqj sse| jo 'uoihilu £'62$ qaiqM jo 'd9V3IAI JOJ uoihilu 0T2t> $ (!) :(ajeqs |euoijJodojd ajeH.O Pue uoijnqujuoa |enuue |ejoj Aq pajeaipui se) spunj juawajyay sqj 01 suoiinquiuoa papuauuuuoaaj bu]MO||oj aqj sapnpui jabpnq pasodojd 6X02 Ad s/j.q aqi
•uonnuj 099$ '2202 JeaA juauuAed ui pue .'uojmuj X£S$ 'X202 JeaA juauuAed ui :uo|||iuj X8H '0202 JBaA juaiuAed uj luomiuu Z6£$ '6102 jeaA juauuAed ui Juoiwuu 20£$ '8T02 jeaA juauuAed ui :sjunouue bmseajam A||enpejb ui Ajq aqi Aq pajnquiuoa sjunouje aqj saypads £2-001 'Vd '2202 qbnojqj 8102 sAd J°d '8S02 jeaA |eas|j jo pua aqj Aq juaajad 06 i° °!ley papunj e aAajqae 01 Ajessaaau lunouje aqi A||enuue d8V3kM pue jgvi 01 ajnqujuoa jsnuj Ajq aqj '8X02 Ad ui buiumbeq '(£2-001 'Vd) £2-001 PV ^liqnd 01 luensjnd
uoi||iuj t?28$ '0202 JBaA luaujAed ui pue ruojUjuu 26£$ '6102 je9A luaujAed ui .'uoihilu lzL% '8X02 jeaA luaujAed ui :siunouje buiseajaui A||enpejb ui Aiq aqi Aq painquiuoa sjunouje aqj saypads uoije|sibai buipunj jgvd/daVd aqj '0202 qbnojqj 9x02 SAd J°d SS02 -^aA |easy jo pua aqj Aq juaajad 06 P oijey papunj e aAaiqae oj Ajessaaau junouje aqj A||enuue jgvd pue jgvd °l ajnqujuoa jsnuj Ajq aqj 'X202 jesA |easy u; bumuibeq '(uo!je|si6a-| buipunj jgvd/daVd aqi 'pauiqwoa) 905-66 PV ^nqnd Aq peyipouu se '56^1-96 PV ^liqnd 01 luensjnd
/uoyisod iau Ajepnpy s,ue|d uoisuad aqj jo junouje aqi ssa| 'aajAjas jo spoped jsed ,saaAo|duje asoqj 01 pejnqujie si jeqj saaAo|duja aAipeui pue aAipe luajjna 01 ue|d uoisuad aqi qbnojqi papiAOJd aq 01 siuewAed lyeuaq pajaafojd aqj se pauyap 'Ajjiiqen uojsuad |ejojaqj jo an|eA juasajd aqj jo uoyjod aqj se pajjodaj aq oj Aj||iqe|| uoisuad s,uodjiv aqj sajjnbaj 'LZ juauiajejs gsVD P juauupuauuv ue—suoisuad joj buyjodey |epueuij pue buijunoaav '89 juaujajejs gsVD "UOi||tq £'x$ A|ajeLUixojdde jo Aj||jqej| uoisuad iejoj aqj sjaayaj yjVD £102 s,jJodj|v eqj '89 juaujajejs gsVD °i juensjnd sjueujajmbaj buyjodaj |epueuy oj ana
'9SVD aqj Aq pajeb|niuojd spjepuejs uoymboaaj asuadxa uodn paseq aje asaqj se jajjip Aeiu sjuaiuajejs |epueuy aqj ui pajjodaj sasuadxa uoisuad sabjeqa
IMOdalV 1VNOUVNa31NI 3UVH.0 09VDIH3 ODVDIHD 30 A1ID
iuei|nsuo3 uodjiy au,i jo uoday
8103 Jaqopo 'uoiibiav jo uiawuedag o6ei\u,z> JO Mo SDHflOS
3DHD sapnpxg 3J0N
£t>£'UZ$ sasuadxg puuosjad
99Z'6i7X
S33IAJ3S |EUOjSS3jOJ(J
pus 6uuaeu|6u3
Z89'0t> sasuadjq
S3i|ddns pue sieuateiM ^" Buiiejado »i|K>
(SQNVSnOHl NI) A>JOE)31VD ISOD A9 S3SN3dX33DNVN31NIVlM QNV NOUVHSdO 8103 3-S 1I9IHX3
8102 Jaqopo uojieiAV jo luawuedaa '06B3ILO p Ai.O 33ynOS 3DUi?uaiuii?iA| pup uonpjado - IA|J30 l£ jaquiaaaa 6uipua SAd JOJ spuesnoqi in sje||OQ 3iON
(sasusdx3 uoisuaj 6u!pnpu|) sasuadx3 |e}oi— (sesuadx3 uojsuad Buipnpxg) sasuadx3 |e}oj.i 6303 8303 £303 9303 5303 ¦ 17303 £303 3303 1303 0303 6X03 8X03
0$
000'003$
000'00i7$
000'009$
000'008$
000'000'X$
000'003'X$
OOO'OOfr'lS
000'009'X$
HlMOd9 3NH3SV9 «3AO SNOIin9IdlNOD NOISNSd CISIVIAIIISS dO IDVdIAII a31D3fO>Jd X~S 1I9IHX3
AJo6ajeD isod Aq sasuadxg |AJ790 pajaBpnq 8X02 aqi sjuasajd ZS IW!MX3
papafojd aje sasuadxg iA|7go qaiqM ujojj aseq aqj se sa/vias '8X02 T A~|nf aAjjaajja 'ja6png sa6jeq^ pue sejey euipiv J|eH pu2 l^ujj 8102 s,jJodj|v aqi ja6pnq
DJOdUIV 1VNOUVN)J31NI 3MVH.O ODVDIHD
8103 '3 U3SiVN3AON
;ue;|nsuo3 uodjiv au,W° uoday
snq eyjnqs jo uoijejedo aqi !siv aqi P uojjejado aqi IswajsAs Ajunaes peiweun p |ejuej aqi Isjojejedo juewdinbe p buipejjuoa aqi pue juaujdinba AAeeq jo |ejuaj aqj oj peje|ej sasuadxa apnpu] sasuadxa |ejuaj Ajjedojd pue juewdjnbg •juewdinbe pue sepiqeA pue 'Ajeuiqaew '(sasuadxa jqap peq pue euoqda|ei 'sasuadxa eAijeJjsiuiwpe '•6 a) sasuadxa snoeue||easiw 'eauejnsuj 's|ejuaj Auedojd pue juewdinbe apnpui sasuadxa buijejedo jaqjo
sasuadxg BujtDJado JatflO
'6202 qbnojqj juaajad 1/9 P ^DVD e je aseajaui oj papafojd aje sasuadxa saa]Ajas |euojssejojd pue buueauibue |euojjjppe paujnsse aqi sjabpnq jaafojd uj papnpuj jou aje jeqi wejbojd lejjde^ jjodjjveqjjo uoija|dwoa joj pajmbaj saaiAjas |euoijippe pue sajej 6ui||jq ui saseajaui jo asneaaq A|ijewjjd '6202 qbnojqj juaajad n'S P yE)VD e je A||enuue aseajaui oj pajaafojd aje sasuadxa asaqi Ajo6ejea sjqj ui papnpuj os|e aje (o^ivd) ujnyjosuo^ leujujjai seujpjv obeaiq^ aqj oj peje|ej sasuadxg seajAjes leajuqaaj jaqjo pue '|eba| 'bujjaeujbue pezjieiaeds joj saaj apn|auj sasuadxa saajAjas |euojssajojd pue bujjaaujbug
saaiAjas jouoissajojd puo BujjaaujBuj
'6202 qbnojqj juaajad YV jo yf£)V3 s je aseajauj oj pajaafojd aje sej|ddns pue s|ejjaiew joj sasuadxa 'pajejodjoaui aje wejbojd lejide^ jjodjjv aqj jo jjed se paja|dujoa sejjjijaej Mau aqj oj paje|aj sasuadxa A|ddns pue |ejjajeuj leuojiippe paujnsse aqj Jayv uojje|juj jo ajej juaajad o'£ aqj je A||enuue aseajaui oj pajaafojd aje sasuadxa saijddns pue s|ejjajeiAj updjjv aqj joj saj|ddns aaueuajujeuj |ejauab jaqjo pue 's>po| pue sAa>| 'sei|ddns bujuea|a 'sai|ddns eaijjo 'piny buiaiep jo aseqajnd aqj qjjM pajejaosse sjsoa apnpui sasuadxa saj|ddns pue s|ejjeje|Aj
saijddns PUD sjo.wajow
'6202 q6nojqj juaajad 6'S jo ygvD e le aseajauj oj pajaafojd aje sasuadxa Abjaua 'pajejodjoauj aje wejbojd lejjde^ jjodjjv aqj jo jjed se saijj|jaej peje|dujoa aqj oj paje|3J sasuadxa Abjaua |euoijippe paujnsse eqj jajjv juaajad s-fr P ^DVD e je eseejauj oj pajaafojd eje sjsoa Abjaug jjodjjv aqj ejejedo oj pajjnbaj aje jeqj |io |anj pue 'Ajjaijjae|a 'jajeM 'seb apn|aui sjsoa Abjeug
ABjaug
'6202 q6nojqj jueajed Y9 jo y^VD e le aseajaui oj pejaefojd aje sesuedxe eaueuejuiew pue SJiedej 'peiejodjoaui eje wejbojd |e;jdej yodjjveqi jo yed se sejjj|jaejMeu eqjjo uojja|dujoa aqi qjiM pejeiaosse sasuedxe eaueuajuiew pue SJiedej |euoijippe peujnsse eqi Jeyv 'sajjj|jaej buijsixe eqj bujujejuiew qjiM pejeiaosse sjsoa |euoijippe pue uoijeijui bujjaayaj A|jjewijd '6202 qbnojqj jueajed O'S p iJDVD e je eseejauj oj pejaefojd eje sesuedxe eaueueiuieiu pue sjjedey SJiedej snoeue||easiw pue 'eaueueiuiew JojeAe|e/Joie|easa 'leAoujej qsejj 'buiuoijipuoa jib pue buijeeq 's|euiwjej joj seaiAjes |ejJojjuef episjno 'bujjujed Abmixbj 'jjedej dtuej epiAOjd jeqj sjojaejjuoa episjno jo jsoa eqj epn|auj jjodjjv aqj je sasuadxa aaueuajujeuj pue sjjedey
aiuDuaiuww puo sjjDday
"6202
qbnojqj jueajed 6'Z jo yDVD e 1E eseejauj oj pejaefojd aje sasuadxa |euuosjad 'pajejodjoauj aje spafojd |ejjdea ejnjnj pue suojjebjiqo uoisued |euonjppe oi peiepj sasuadxa |auuosjad |euojijppe pauunsse aqi uaqM seseajauj sjijaueq jaqjo pue 'swmwejd eauejnsuj buije|ease 'seseajauj Aje|es oj A|jjewijd a|qejnqjjjje 'pojjad uoijaefojd eqj qbnojqj jueajed O'S jo y^VD e je eseejauj oj pajaafojd aje sasuadxa |auuosjad jesuno^ uoyejodjo^ pue 'eaueujg 'buiseqajnd se qans 'suoijejedo jjodjjv jjoddns jeqj sjueuujjedep Ajj^ jeqjo ujojj sjsoa |auuosjed jo uoijeao||e ue pue 'suojjebjiqo uoisuad 'jjodjjv eqj je bui>)joM jjejs Ajj^ joj uojjesuedwoa epn|auj sesuedxe |euuosjad
jauuosjad
isajjobejea bujMO||Oj eqj ojui padnojb aje sasuadxg |/\|7go
DJOd>JIV 1VNOUVNM31NI 3HVH.0 ODV3IH3
ODV3IHD 30 Alia
lueiinsuo} uodjiv aqi J° uoday
(uoday aqi ui suondiunsse pup sis/^eue aq; uo paseq) 8T0Z Jaqopo ' 3U1 'saiepossy *8 opuomy '8107 aunr 'uot;eiAV jo luawuedaQ 'o6e3jq3 jo Mo S33ynOS
axieuaiuieiM pue uonejado IM>90 I£ jaqujd3aG 6uipua SA3 JOJ spuesnoqi U| sje||0(] S3XON
000$ 005$ 00'0T$ 0051$ 00'03$ 00'S3$ 00"0E$ 00'5£$
}uautaue|dug jad sasuadxg |A)igQ sasuadxg |Aj?go |e)oiijtttttH
6303 8303 £303 9303 S303 t>Z03 £303 3303 1303 0303 6103 8103
0$
000'003$
000'00i7$
000'009$
000'008$
000'000'I$
000'003'I$
000'00f'I$
000'009'T$
S3SN3dX3 3DNVN31NIVIAI ONV NOUVb3dO a31D3fOdd £-S 1I9IHX3
•sasuadxg |Aj7go papafojd aqi sjuasajd £-s Ji.qiqxa
'juey Ajjipeg pue suojjaa||oa q6nojqi sjojejedo jea |eiuaj A"q pajaAoa A||nj aq 01 pewnsse aje ijtij eqi joj sasuadxg iA|7go 'Sjaafojd wejbojd leijde^ jjodjjv jo uojja|dwoa aqj oj paje|aj sasuadxg lAjjgo |ejuawajauj pue '(pouad uojjaefojd aqj q6nojqj A||enuue juaajad 0'£ aq 01 paoinsse) uoijerjuj ajninj jo suojiepadxa 'asuadxa jo adAi aqi uo paseq aje suojpafojd asuadxg IAJ780
SNOUD3fOyd 3SN3dX3 3DNVN31NIVI/\I QNV NOIlVUSdO
jaiua^ iso^
leujujjai aqj oj e|qeao||e aje pue dVl aqj oj e|qejnqjjjje aje sjsoa asaqj jo iuaajad n'08 jaAO '6202 u! uoimuj s-£9T.$ A|aieoijxojdde oi pouad uojjaefojd aqj jnoq6nojqj aseajaui pue 6T02 u! uojujw 6'9T$ aq oj paujnsse aje suojjaafojd eui|eseq aqj aAoqe sasuadxg lAjTgo lejueuuajaui dVl aqj jo uojja|dujoa aqj qjjM pajeposse sjsoa aaueuajujeuj leujuuej |ejuaujajauj pue .'sjaafojd dD PiajjJje pue dlAJO bujujewej jo uo]ja|duuoa aqj qjjM pajeposse aaueuajujeuj pieyjje |euo|J!ppe :sajjj|jaej 6uj>ped Mau qjjM pajeiaosse aaueuajujeuj jo| 6uj>|jed |eiuaujajauj .'sj_v aqi jo uojsuajxa aqj jo uojjjod aujpje aqj :6ujMO||oj aqj qjjM pajejaosse aje sasuadxg Vi^O |ejuaujajauj asaqi suojjaefojd asuadxg iA|?go aqj uj papnpuj aje pajjnauj aq oj pajaadxa eje jeqj sjaefojd |ejjdea jjodjjv ujejjaa jo uojja|diuoa eqj 01 paiepj sasuadxg iA|7go leiuawejauj jeuojijppe 'sasuadxg iajtsjo buusjxa jo qiMOj6 aujjeseq eqi 01 uojijppe ui
IAIVd90Ud "IVildVD
IHOdUIV 3H1 Ol Q31V13y S3SN3dX3 3DNVN31NIVI/M QNV i\IOUVb3dO
•spafojd leijdea paja|dujoa qjjM pajejaosse sasuedxe |euojjjppe pue 'juauudmba snojjeA aae|daj oj paau aqj 'uojjeijui 6ujjae|jej A|jjeujjjd '6202 qbnojqj jueajed O S p y^VD e je eseejauj oj pajaafojd aje sasuadxa 6ujjejado jeqjo esnoqeJBM e jo esee| aqj pue Ijuauudjnba eajjjo jo jejuej eqj .'seaiAjes
IMOdaiV 1VNOUVN>J31NI 3MVH.0 ODV3IH3
8T0Z Z M38IAJ3AON ODV3IH3 JO A1I3
I
I 821-3 I iui?)|nsuo3 uodjjv au.U° uoday
suoipesqns buiMO||o; aq; in passnasip
aje sanuaAaj asaqi eajv leuiwjai aq; ui pa;ejauab suoissaauoa pue 's|e;uaj a|iqouuo;ne '6u!>)jed a||qoujo;ne buipnpui 'suoissaauoa apispue| luojj sanuaAaj pue o^ivd aq; ujoj; sanuaAaj apnpuj sanuaAay auipiy-uoN
sanuaAaj suoissaauoa u| q;MOjb paaedpo seq sja6uassed paue|dua u] q;/v\oj6 se sjeaA aAi; ;sed aq; jaAO A|;qbi|s paujpap aAeq ja6uassed paue|dua jad sanuaAaj uojssaauoa s.ijodjiv aqi
•paajad 8 3 p y^VD e buipayaj '£X02 ui uoihilu ggox$ °i paseajaui Aaq; pue '£X02 ui uoihilu gs6$ aje/v\ 'eajnos anuaAay emuiv-uoN ;sa6je| s,;jodjiv aq; pasajdaj qaiqM 'sanuaAaj bupped sja6uassed paue|dua ui q;/v\oj6 aq; ueq; ja;eaj6 sew sanuaAaj ;;ib pue SMau pue ;uejne;saj uj q;/v\oj6 se 'papasajdaj ||3M sapoAe; |euoj;eu pue |eao| q;iM 'yodjiv sq; ;e sbuua;p uojsseauoa |euiuuja; paauequa A||enui;uoa se ||aM se 'uojssaaaj aiuuouoaa aq; ujoj; AjaAoaaj spayaj LIOZ qbnojq; £X02 ujoj; aseajauj aqi iuaajad g£ p y^VD e buipeyaj 'LXQZ u! uoj||itu fr'Z.S2$ A|a;euuixojdde o; jeaA qaea paseajauj Aaq; pue '£X02 u| uoiiiiuj £'£22$ A|a;eujixojdde ajaM sanuaAaj uoissaauba 'UMoqs sv LIOZ qbnojq; £"[02 ujoj; yodjiy aq; ;e sanuaAaj uoissaauoa s;uesajd £-g a|qei sanuaAaj bulged a|iqouuo;ne sapnpui qa|q/v\ 'suoissaauoa ujoj; pa;ejaua6 aje sanuaAay auiuiv-uoN s,;jodj)v aq; p A;uofeuu v
¦(syi6 pue s/v\au 's;uejne;saj 'sjea |e;uej '6u|>|jed a||qoujo;ne "be) sabjeq;) pue saaj auj|j|v q6nojq; paAuap esoq; ueq; jaqp seajnos ujoj; yodjiv aq; ;e pa;ejauab sanuaAay asoq; p ;sisuoa sanuaAay auipiv-uoN
S3nN3A3b 3NIiyiV-NON P'S
¦sabjeqa pue sa;ej eu|U|e p uo|;e|na|ea aq; u| A|paj|p pajaAoaaj aq peaisui pue 'o; aje Aaq; 'jaq;ej .'paaueui; aq o; ;ou paujnsse aje saaueMO||v paAOjddv-aJd jo; s;soa pafojd '6202 pue 6102 uae/vqaq uoihilu 0SS$ 6ui|e;o; 'pouad uoipafojd aq; p JeaA qaea ui papuadxa aq ||im 'spafojd A;i|iqei|ay ajnpnj;sejpi jo; uo||||lu oi$ pue saaueMO||v paAOjddv-aJd i0i uoi||iuu ot>$ 'uoi||ilu os$ p |ep; e ;eq; paujnsse si ;i 'sisA|eue |epueu|; siq; sasodjnd joj
UOI||IUU
2 891$ A|a;euuixojdde si VIHV JeaA-sx aq; p uuja; aq; jo; aaue/v\0||e |e;o; aq; 'jaAaMoq :;a6pnq |enuue ue aAeq pu saop aaue/v\o||e aqi juauudmba buiqujn|d pue '|eaupa|a '|eajueqaauu buipnpui 'ajnpnj;sej;ui yodjjv bui;s|xa pue 'sapejbdn 'sjjedaj jo; papuajui 'spafojd A;!||qe||ay ajnjamjsejpi epnpuj os|e saaue/v\o||v paAOjddv-aJd aqi
¦Vinv aq; p suuja;
aq; oj. jaafqns pue ui jo; papiAOJd se 'sjeaA snoiAajd ujoj; sja;suej; juadsun Aue sn|d uoimuu ot>$ P ;unouue |enuue |e;o; aq; o; pa;|Lui| aq ||im sajnjipuadxa buipunj sasuadxg iAj7go pa;abpnq u| papnpuj pu spafojd eaueuapieuu jofeuu aaueui; pue 'pun; ';uauua|duui o; A;q aq; MO||e qaiqM saaueMO||v paAOjddv-aJd J°j sapiAOjd V10V aqi
S3DNVMOTIV 03AOyddV"3)dd £S
||e;ap asuadxg iAj.790 papafojd jo; g xjpuaddv uj x-a a|qei aas
iuaajad q l P WDVD e buipayaj '6202 u! uoi||iq t7EX$ A|a;euuixojdde o; 8102 ul uoi||iuu 2"6£9$ A|a;euj|xojdde ujoj; aseajaui o; papafojd aje 'sasuadxa eajv dD~8D buipnpxa 'sasuadxg v^rgo |ep; ;iqiqxg uo UMoqs sv
laodaiv nvNOUVNaaiNi aavH.o oovaiHa
ODV3IHD 30 Alia
lue;|nsuo3 uodjiv amP uoday
•sanuaAaj uojssaauoa 8X03 pajaBpnq jo UMop>|eajq aqi sjuasajd t?-S *!q!M,x3
¦papafojd aje sanuaAaj uojssaauoa qajqM ujojj aseq aqi se saAjas ja6pnq sabjeqa pue saiej |euy 8102 s,jjodj|v aqi ja6pnq aAoqe iuaajad 6 ,7 6u|6ejeAe 'paiuasajd sjeaA g aqi jo qaea u| junotue paja6pnq aqi ueqi jaq6iq ajaM jjodjjvaqj je paiejaua6 sanuaAaj uojssaauoa |enpe 'lIOZ Pue £102 uaaMjaq 'vxjpueddvjo 2-V a|qei ui UMoqs sv
laoana sa S3n.N3A3a noiss3Dnod ivniDV fvs
anuaAaj uoissaauoa aauequa 01 sayjunjjoddo 6uuapjsuoa se ||eM se 'suoissaauoa 01 paieao||e aq p|noa ieqi aaeds |euoiiippe joj 6u]>)oo| A||enu|iuoa si VOD aqi aaiAjas snq pue 's|eiuej a||qoujoine '6uj>)jed e|]qoujoine se qans 'suojjejado ap]spue| s,jJodjjv aqj pue 'sdoqs jjj6 pue SMeu pue sjuejnejsaj se qans 'lemwjaj aqj u] saj]euo]ssaauoa aqj ujojj paAuap asoqj apnpm sanuaAaj uojssaauo^
SNOISS3DNOD ZVS
•sjsoa A6jaua mejjaa joj Ajq aqj sasjnqumaj se ||aM se 'sa|jj|pej jjodjjv pasea| mejjaa uo juaj sAed o^ivd saijiAjjae juauju6|sse uoijeao||e aje6 pue 'aauejsjsse ja6uessed pue deaA>|s 'jjoddns Ajunaas jmod>paqa joj saajAjas JopuaA saBeuew os|e o^ivd 'Aj]|pej jojejnjuj pue 'sjamqea jajeM a|qejod 'sujajsAs Ae|ds|p uoyeuujojm a6e66eq pue jq6]|j '(3sniA|A) s|euiwjaj jajnduuoa asn-uowwoa 'ujajsAs 6ui|anj juejpAq 'jaMod punoj6 ZH00t> 'ujaisAs jje pauoyipuoaajd jjejajje 'sa6puq 6ujpeo| ja6uassed 'ujaisAs uj]ep a6e66eq punoqm 'ujajsAs uoyejjos. a6e66eq s |eujujjai aqj smejmeuu pue sajejado o^ivd 'sjojaejjuoa sji jo sjjojja aAijejadooa aqj q6nojqi -jjodjjv aqj ui pajeaoi luawdmba wnjijosuo;) jo uojjejado aqj sapiAOjd o^iVD uojiejodjo^ jyojd-Joj-joN aujpiv JaqujaiAj e se 066T u! paujjoj seM o^ivd "jjodjjv aqj Je pasea| sajjjipej pue 'suuajsAs pue juawdmba 'suojjejado leayneuojae pauMO-AjQ oj pajepj >)jom joj o^ivd qjjM juewaajbe ue seq Ajq aqi
WniiHOSNOD 1VNIIAla31 S3NIiyiV ODVDIHD I'fr'S
8103 A|nr 'uoiiewv jo juawuedaa '0653110 jo Mo -33anos sanuaAay uoissaijuo} lemiujaj. leuoiieujaiui sapnpui x I£ JaqujajaQ 6uipua saj joj spuesnoqi ui sje||OQ S310N
ja6uassed paueiduj jad sanuaAay uoissaDuo^
aiey qiMOjg sja6uassed paue|duj
(spuesnou,}) sja6uassed pauejduj
aiey u,woj9 |enuuv sanuaAay uoissajuo^ leioj.
IZV'LSZt T6T'£S3$ ST0'W$ £6Z'0*Z$ t>SZ'EZZ$
Z9L'W
I SIJ'O Pue SM3N
, sjupjneisay
s|eiuay anqoiuoiny
6u|>ued anqoujomv
sanuaAay uojssajuoD
aiva HjMoao
IVnNNV
aNnodwoa
(Z.I02-ET03) S3nN3A3>J NOISS33NOD "IVDI>J01SIH £"S 319V1
DJOdMIV IVNOIiVNUBiNI 3>JVH.O ODVaiHa
8103 '3 >J3aiVM3AON
tup;jnsuo3 ;jodj)v aui J° uoday
ja|eA sapjAOjd os|e jjodjjv eqi 'aaeds am u] Aejs Aew je>ped e 6uo| Moq uo suoyaujsaj ou aje ejeqj 'sAejs jqbiwaAO joj. saaeds aseq; asn sja>|jed puaujujoaaj jou saop jjodjjv eqj a|]qM Isjnoq £ ueqj ssa| jo 6u|>ued LUJaj-jJoqs joj peu6isep aje seaeds Apnoq aqi q pue g sjoi u] saaeds eaejjns joopjno se. ||aM se '9 pue z s|eAe| uo saaeds A||ep eqj joj Aep jad OO'OH pue 6ui>ued (x |3Aa|) Apnoq eqj u] Aep jed 00'W$ P ajej Aep>jee/v\ wnwjxew e qjiM 'e6eje9 6u!>ued |eu]UJjei eaeds-noE'6 A|ajeuj]XOJdde eqj u| 6u]>)jed A|]ep pue Apnoq sjejjo A|juejjna jjodjiv eqi
afiojog Buiifjod ]ouiiuj3±
seAijeujaj|e
pue saij]|pej eseqj jo qaea qjjM pajeposse eauemeAuoa pue jsoa eqj pue :jjAi pue jeqn se qans '(s^ni) seiuedwoa >|JOMjau uojjejjodsuejj jo jaedwi aqj se ||eM se 's]xej pue ujejj viD aqj se qans 'uoyejjodsuejj eAjjeujaj|e jo Aji|iqe|!BAe :uo]J!jedujoa 6uj>|jed jjodjiv-jjo :(seaeds Aujouoae pue 'seaeds eaejjns je>pewp!w 'e6eje6 |euiwjaj "6 a) pejejjo sjanpojd 6u!>|jed jo AjeueA eqj :se qans 'pueujep 6m>ued jjodjjv-uo eauen|ju| sjojaej |ejeAes pepuewep seaeds 6u|>)jed jo AjwqeijeAe aqj pue pueujap 6u]>jjed jJodj]v-uo jo uojjaunj e eje uodj]v eqj je senueAej 6m>ped
sanuaAaj uoisseauoa jo jueajed n^f jo 'uoimw Z'^Q\% aje 8T02 J°j saxej Ajq jo jau sanuaAaj 6u|>ued paja6png VaD aqj oj s6ujjunoaae |enuue pue 'A|qjuouj 'Ayep sjjwqns pue ejej jaejjuoa uodn-peej6e-ejd e Aq A||enuue pejsnfpe eej jueuja6eueuj paxij e seA]eaej uojjejodjo^ 6u]>|jed pjepuej$ 'Ajq aqj qj]M jaejjuoa 6ui>)jed 6u|js|xe eqj Jepun uojjejjodsuejj punoj6 pue seajAjes jejqsea sep]AOjd jj :jJodj|v aqj je seuiipej 6ui>ued aqj ujejmew pue ajejedo oj |auuosjed sapiAOjd uoyejodjo3 6u|>|jed pjepuejs 'juaujaej6e aqj japun saaiAjas juauja6eueuu Ajnpej 6u!>|jed jo japiAOjd e 'uoijejodjo^ 6u!>|jed pjepuejs qj|M jueweejBe juewe6euew e seq Ajq aqi
S3n.N3A3>d DNDHdVd 31iaOIAJOinV WS
suoyaesqns 6u]MO||oj eqj u] pessnasip eje 'jaBpnq sziqz s,JJodjiv eqj u\ senueAej uojsseauoa jo jueajed ^ 06 A|ejew|xojdde joj junoaae jeqje6oj qaiqM '(eejj Ajnp pue 'sje|jno sjj|6 pue SMeu 'sjuejnejsej "e |) s6u]p|mq |eu]ujjaj eqj u| suojsseauoa eqj pue 's|ejuej enqowojne '6upped enqowojne Aq pejejeue6 senueAej eqi
8103 aunf 'uouei/\v jo luawuedaa 'o6eD|q3 jo Aiq .gaynOS
t>8T'i70T$ xei jo jaN -6u;>|jed auqouiojnv
006'9$~ JaqiO
TEt>7Z$ sjj|9 pue SM3N
Z99'6$ "aajj Ajjna
(SQNVSnOHl NI) A>J0931VD A9 S3mN3A3>J NOISS3DNOD 8103 fr-S 1I9IHX3
ibodaiv nvNouvNaaiNi aavH.o odvdihd
stoz '3 aaaiAjjAON
luei|nsuo3 uodjjv au,W° uoday
saieis paiiun 941 ui sja6uassed |bjoi am ;o bjouj jo iuaajad x 6uiue|dua se qnq a6je| e saujssep uouejjsiu|ujpv uoiibiav |BJapaj ci
isow a|jL|M sssaae uoyejjodsuejj punoj6 ;o swjo; jaq;o q;|M auj|-ui si ;eq; ea; e ;|waj o; S3Ni jo; pue sseaae ;jodj|e ebeuew jeueq 01 syodjie SMO||e s|qi s^ni qi|M siueweajbe bujiejado o;uj pejeiue aAeq '9je|-|,0 6ujpnpuj /sijodjje qnq-abje| ||e 'Aijuajjn^ 'SX02 °l JO!Jd siuewaajbe 6u|iejado inoqijM sijodjje s n isow ie paiejedo SDN1 IJodjjv eqi ;e bmiejedo Ayuejjna aje e|A pue jeaepis 's^Nl |euo|;ippe aejqi asaqi ;o STl aqi inoq6nojqi sijodjje pe|as ie bujiejado un6aq aAeq 'zbujM pue 'e\/\ 'Jeaapis se qans 'ijAi pue Jaqn o; uomppe u| sjf^l 'uaqi aaujs £102 u! IJodjjv aqi ie ajejado 01 pazuoqine aja/v\ s^ni A|eAipadsaj '2102 Pue 6002 u! suojiejado ue6aq Aaqj eauis syodjje sseaae oi uoneyodsueji ;o epow e se eaue;deaae peuieb aAeq 'yAi pue jaqn se qans 's^ni
sanuaAaj 6u|>|jed uo pejj,a wje;-buo| |e;uawejau] |eue;ew Xue ui l|nsaj oi paiedpiiue iou s] seajAjes ]xe; jo; puewap aqi puewap bupped jjodjiv-uo ;o |3Ae| ;uejjna aq; o;u] sjope; 'aAj;ewa;|e peqs]|qe;se-||eM e se 'eajAjes jxei ea; paxy e saAjaaaj (V3dlA|) A;uoq;nv uoyisodxg pue ja]d ue^odoJia^Aj aq; qajqM woj; dwe;s xe; e buumbej dpi ajnyedap qaea qi|M 'yodjiy aq; woj; pue o; aa]Ajas ap]AOjd sjxei
puewap bupped spedwi Apeaj|e bupud pue A;||!qe|!eAe ejeqM puisip ssauisnq umo;umop aq; woj; pue o; 6u|o6 eq djqsjapu eq; eauis peiiwi| aq Aew ;nq 'UMOU>)un si pedwi aqi ;jodj(v eq; ;e puewep 6u|>jjed pedwj Aew 'pepnj;suoa ;j 'aajAjas ssejdxe siqi yodjjv eq; pue pu;sip ssauisnq u/v\o;uMop aq; uaa/v\;aq eojAjes uo];e;jodsuej; ssejdxe jo; sseaojd ;uewejnaojd eq; uj sj A;q eqi poped sjq; jaAO umoj6 osje aAeq sanueAaj bu|>ped yodjjv a|!q/v\ sjeaA sx ;sed aq; jaAO A|]pee;s bmseejau] ueeq seq eup en|g eq; uo djqsjapu VlD aqi o; bmpjoaav 'sau|| ujej; viD Jaq;o pue obeajq;) UMo;umop uaa/v\;aq AiiAjpeuuoa pue |eujwja; aq; ui pe;eao| uoi;e;s e o; sseaae pajjp sapjAOjd ;eq; uiej; aun an|g viD aqi apnpui suoydo uoyeyodsuej; eAi;euje;|v
puoiUBQ Buryjod Bupuanjju/ sjopoj
;o| Awouoae yodjiy-uo aqi qijM eAjijiedwoa A||eDidXj eje seiej jjeq; Jyodjiv eqi woj; pue oi eaiAjes a|unqs e pue se]i!|pe; 6u]>)jed epiAOjd '>|jedA||e/v\ pue ia|eA iaf N >ued se Mjns 'uodjjv aqi 6uiAjes sjoinedwoD 6ui>|jed yodjjv-;;o
s9AJjoujat]V Buijjjdj fjodjjv-Jfo
A;!ipej |epow|;|niAj eq; w peuedo Ayueoej seaeds 009'2 A|a;ew]xojdde se ||9M se s |eu]wjai buisn sjebuessed Aq pez]|];n A|uewud seaeds 0S6 A|a;ew|xojdde bujpnpuj 'q ;oi uj papiAOJd s\ bulged yodjjv-uo leuoyippv
Z.T02 u! 'A|aAjpadsaj '(sXep lz) sjnoq zc9 pue (sXep fx) sjnoq £Z£ A|e;ewjxojdde pasop ajeM 3 ;o"] pue g ;o"| :A;pedea pa;jwj| aauauadxa A||euoiseaao os|e g ;oi pue g ;oi g ;oi o; ;uaaefpe uoi;e;s siv eq; ;e sjebuessed jjo bujddojp 's;o| asaq; ujq;jM Aep e sjnoq f2 aiejado sesnq e|;;nqs eejg Aep jed 00 01$ P a;ej Aep>|eeM A|jep wnwjxew e seq ;; .'eAua ueweio^ aissag ssojdb g ;oi ;o ;saM A|pajjp s| g ;o-j eae;jns 'eajy |euiwj3i 3q; o; wsq; sa>|e; qajqM 'siv aq; o; apjqsA Jj3q; woj; A|pajip aAow uea g ;o"i ui sja>jjed Aep jad 00YT$ P a;ej Aep>)a3M A||ep wnw]xew e seq pue siv aq; o; ;uaaefpe Apasjjp si g ;oi aaejjns saaeds aaejjns 0£ZY A|3;ew|xojdde bujpjAOjd 'A|3A!P3ds3J 'sj3>ued Awouoas pue ;3>)jewp!W jo; pa;eubisap aje yodjjv aqi ie 9 ioi pue g io~|
6ui)fjDd iiodj}\/-uo J9UJO
LIOZ u| |eioi (sAep gx jo) sjnoq
s
t78£ A|eiew|xojdde 'sajnsop pei!wi| qiiM inq Aipedea wnwixew ssqaeojdde abejeg bu|>ped |euiwjai aqi 'jaqieaM luawapuj pue '|3Aeji Aep||oq 'sjnoq >)eed buuna Aep jed 0019$ P aiej Aep>|aaM A|]ep wnwixew e qijM aajAjes
laodaiv nvNOUVNaaiNi aavH.o oovaiHa
ODVDIHD dO A1ID
8T0Z 'Z a3aiAI3AON
I Z£T3 I iuin|nsuo3 uodjiy am jo uoday
¦/sa|es-o}ne-}noqe-spe:)/Aujouo33/6j0 33uei||eo}nB//sdHq 210Z Abjaj „H0Z ssIbS omv inoqv spej,, 'a3UBi||v oj,nv 8
'8103 |UClv '(S1VD) UJ3}SAs 6ui>|3SJl AJlAipv UOlJ,e3UJ}J3;) 'UOI}BJ}SIUIUjpv uoubiav |BJ8p3J z
'8103 |udv '33ua6i||a}ui }3>|JB|A| ajqes 'Sj36u3ssed 6uubui6ijo r,
pouad uoyaefojd am buunp pauado saynpej Mau uo sajej 6uj>|jed jes oj pue seiji|pej buysixa uo seseejam ejej 6u!>|jed joj ipuno^ Ajq ujojj |eAOjdde >|aes oj jaa|a Aeiu VOD am 'msiasj ipuno^ Ajq japun saseajaui ajej pasodojd ou aje ajaqj Ayuejjna e|]qM pue '|puno^ Ajq aq; Aq |6AOjdde sajjnbaj jjodjiy aqj je sajej bu|>|jed Uj aseajauj uv
paujnsse uaaq aAeq sjaafojd asaqj qjjM pajeposse seseajauj anuaAaj aypads ou 'Ujejeq suoyaefojd |eiaueuy aqj jo sasodjnd joj pauiujjajap uaaq jaA jou aAeq jO| pauue|d sjqj uj saaeds jo jaquinu pue sajej buj>jjed s |eujujjei oj suoyejedo ajjsewop ujejjea jo eAOiu aqj ujojj papadxa ayjejj jabuassed buyembuo uj qjMOjb ajepowiubaae oj pauue|d os|e sj 'q jot buijsjxa jo ajjs aqj uo '5 |eu]ujjai oj jueaefpe abejeb bupped leuoijippe uv pauiujjajap uaaq jaA jou aAeq Ajnpej lepowyiniAj aqj u| sajej bu]>)jed aauamaAUoa jo |3Aa| jjaqj aziiuydo oj uoydo jaqjoue qjjM abejeg bu|>ped |eu|ujjei aqj uj bu|>)jed A||ea]dAj sjaujojsna apjAOjd H|m uojjamjsuoa abejeb bupued pauue|d aqi bupped ja>peujp!UJ joj pueujap ajepoujujoaae ||]M '{SIOZ i° Pua aqj je paja|dujoa aq oj pajaadxa eaje bu|>jjed a]|qnd aqj qj]M) Aj]|pej |epouJ!J|n|Aj aqi ujejbojd lejjde^ jjodjjv aqj jo jjed se abejeb bui>ped Mau e buiuue|d s\ pue 'siv aqj oj ssaaae jaajjp qj]M saaeds bulged 009'Z A|ejeuiixojdde apnpui ||jM qajqM 'Aji|pej |epoujij|n^Aj eqj buyamjsuoa Ayuejjna si Ajq aqj 'pueiuep ejnjnj ejepoujujoaae 01 jjodjjv eqj je senssi Ajpedea bupped ejeeja p|noa poued uoyaefojd eqj jeAO pueujap bupped jjodjjv-uo paseajaui sjebuessed peue|due u| eseejauj eqj qjjM juejsjsuoa ejej e je eseejauj os|e ||im pueiuep buj>ped jjodjjv-uo jeqj peujnsse si jj > jejdeq^ uj pessnasjp se 'pojjed uoyaefojd eqj jeAo eseejaui oj jseaejoj eje sjebuessed jjodjjv sv
•pojjed uoyaefojd
aqj buunp S3Ni ujojj pueujap |ejuaj jea pue buj>jjed uo jaedum ou eiunsse jjodey sjqj uj papnpm SjsA|eue |ejaueujj aqj joj pedo|eAep suoyaefojd enueAej 'sejnjanjjs eej uoyejjodsuejj pejeposse pue uoyejjodsuejj punojb oj sabueqa ejnjnj jo Ajujejjeaun aqj oj anp 'jeAeMoq .'jnaao Aeuj pojjed uoyaefojd aqj 6ujjnp ssaaae jjodjjv uj jjjqs v
seej sseaae epjqeA ejeAud se qans 'sajnjamjs aaj pue aaj uoyejjodsuejj punojb juajajjjp bujjdope Aq sjanpojd uojjejjodsuejj punojb pue buj>)jed joj saujpap anuaAaj juaAejd oj e|qe aq Aeuj sjjodjjv 8 saujpap anuaAaj uojjejjodsuejj punojb pue buj>|jed oj pea| A||enjueAa Aeuj 'uojsseaey jeejg eqj eaujs s n aqi uj se|es e|iqoujojne |euosjad m empep jeaA-jaAO-jeaA jsjjj aqj pue 'Abo|ouqaej apiqaA snotuouojne jo eauebjeuje aqj qjiM buo|e jabuassed 6uyembuo jad sanuaAaj uoyejjodsuejj punojb pue buj>ped m ampap |BjjjUj Sjqi
anuaAaj pajjodaj aAeq jeqj sjjodjje qnq-abje| omj jnq ||e je l\qz JeaA |easy .sjjodjje aqj ui Majb anuaAaj uoyejjodsuejj punoj6 pue bu|>ped e||qM 6uujnaao s| sjqi jabuassed buyembuo jad anueAej ui auipap e bupuauedxa aje 'ejep i\QZ jeaA |easy ,sjJodj|e aqj pajjodaj aAeq jeqj 'sqnq-abje| eqj jo pjjqj v sjea |ejuaj se qans 'sjanpojd uoyejjodsuejj punojb jeqjo pue 'bu!>jjed 'jjo-dojp epiqeA ejeAud jo nei| uj s^ni asn oj buydo sjabuessed Isseaae jjodjje pue uoyejjodsuejj punojb m buujnaao jjjqs jepeojq e jo puejj leym; ue eq Aeuj empep siqi ¦jabuassed buyeujbuo jad senueAej uoyejjodsuejj punojb pue bm>ped m ampap e bmaes eje 'sjjodjje qnq-abje| e|dy|nuj 'jeAeMOH sjebuessed buyembuo u] eseejauj ue se ||eMse 'sejej bupped uj seseajam 'suoyaesuejj buj>)jed uj qjMOjb jqbj|s 's^ni oj buyjiqs sjabuessed jjo-dojp epiqeA ejeAud oj enp eq Aeui sjqi z bu]seejau] A|peojq s; sjjodjje qnq-abje| aqj Aq pajjodej se enueAej uoyejjodsuejj punojb pue bui>ped ./sebueqa enueAej pue uoyaesuejj se qans spuejj puejsjepun jejjeq oj pesn pue AjjAyae uoyejjodsuejj punojb jo jojeajpuj ue s] ayjejj jebuessed buyeujbuo
VBdlAI oj pejjiiuej sj qa;qM eae|d ui Ayuajjna sj jeqj aaj jxej aqj oj jb|iujis 'VddlAj pue Ajq aqj oj pejjjujaj aje jeqj saaj wejjea sasodujj Ajq aqj 's}Nl ujojj anueAej eej eqj paAiaaaj sjjodjje
laOdMlV 1VNOUVNM31NI 3MVH.0 09VaiH3
oavaiHa jo Alia
iuei|nsuo3 uodjiv aqi jo uoday
se|es s,jeeA snojAejd eq; uo
paseq A||enuuB pe;snfpe aje jeqj sea;uejen6 |enuue wniuiuiuj jsuib6e sa|es ssoj6 p e6Ejueajed e sejjeuoisseauoa aq; ujoj; saAiaaaj A;p aqi HOZ 'I Jaqwajdes aAi;ae;;e ;uaujaej6e uojsseauoa jeeA-02 e japun (sdoqs aej;-A;np pue 'syi6 pue SMau 's;uejne;saj 6uipnpui) suoissaauoa aq; se;ejado dnojg p|a|;;sa/v\'s |euiujjei ui 'jeAeMoq JsjeeA 01 o; sjeeA 5 ujoj; a6uej A||ejaue6 sejieuoisseauoa asaq; jo; s;uaujeej6e aq; ;o stuja; aqi oaaoi pue 'Auedwo;) 6uj/v\ajg pue|si esoog 'woadod ;;ajje9 'ujaAei ;eog A||ig 'a;e3 ;pq6jeg aq; apnpui sepoAe; |eao| 6uysix3 jeg iqsns pue poo;ees >ped japjMP uoj;eao| puoaas e pue 'asnoH jaujujns 'ueaj|qnd ';e>pe!A| ueejg 'saipue^ s,qejes apnpui yodjjv aq; ;e suoi;ippe ;ueaay spuejq o6eaiq;) |eao| pue |euoyeu ;o ejnjxjuu e epnpuj s;a|;no asaqi yodjjv aq; ;e s6uip|inq |eu|uuaj aq; ui s;a|;no a6ejaAaq pue poo; / s;uejne;saj 00T ueqj ejow ejejado sejjeuojsseauo^
stuDjnoisay
•uoyeyui ;o 3;ej aq; ;|eq pue sja6uassed qt^O p Jaquinu sq; ui saseajaui p uoyeuiqwoa e si qaiqM '6202 qBnojq; ;uaajad g-£ p ygvD e ;e aseajaui o; pepefcud 3je s|e;uaj e|jqoujo;nv sanusASJ uo|ssaauoa p ;ueajad 601 jo 'uo||||uj 0Y2$ aje 8102 JOJ sanuaAaj |e;uaj a|iqowo;ne pa;a6png ;uaujAedjeAo/;uauuAedjepun jo; pepduuoa eq |||M uo|;e||puoaaj |enuue ue 'jeeA ;uaujaej6e qaeep pua eq;;v •peweejBe eq; ui pauyap se 'sanueAej ssoj6 |enuue p peajed oi Jo 'eej eepejeng |enuuv uunuijujiAj eq; p ja;eej6 eq; eq |||M qaiqM 'aaj uojsseauo^ pue eej aapejen^ |enuuy uinwiuiiAi e seqsi|qe;sa 'A;j|jaej |epoujy'|n|Aj eq; ujoj; e;ejedo ||im ;eq; sejueduioa jea |e;uaj ;jodj|v-uo aq; Aq gT.02 ui pejnaexe ';ueujeaj6v uojsseauo^ esueap pue eseen A;j|jaej je^ |e;uey pe;epi|osuo;) v
spuejq papuadapui se e;ejedo
;xjs pue 'jeajaA||S 'sapoy 'xoj 'z-3 'e6e;ueApv 'spuejq Ayuqi pue 'Je||oa 'zyaH eq; se;ejedo uoyejodjo^ zjjeu aqi pue .'spuejq |euoyeN pue 'asudjapg 'oujeiv eq; se;ejedo 'auj 's6uip|OH esudjapj :spuejq sse|Aed pue ';a6png 'siav aqi sapjado "aui 'dnojg ;a6png siav sasnq aypqs Aq paAjes eje Aeq; pue 's|euiiuje; aq; ujoj; epwej se;js ;e pa;eao| Ayuajjna aje sayi|pe; jea |e;uaj ;jodj|v-;p ||V sjopjado jea |e;uaj yodj|v-;p se jjodjiv eq; aAjas Ayuejjna jeajeA||s pue |ejuey je^ sajnoy A;;uqi pue ';xjs 'ssa|Aed '|euoye|\| 'z;je|H 'xoj 'z-3 'esudje;u3 'Je||oa ';e6png 's|av 'oujeiv 'e6e;ueApv :;jodjjv-uo e;ejedo Ayuejjna spuejq jea |e;uaj £x 'A;i|pej |epoujy|niAi aq;p 6uiuado aq; q;|/vsjofuay ajiqoiuotnv
san.N3A3a snoisssdnod y3Hio s'vs
poued uoyaefojd eq; q6nojq; uoyeyu] p e;ej eq; ;|eq sn|d q;MOj6 je6uessed Qigo p peajed $6 le M0J6 o; enuyuoa o; peuunsse sj pueujep 6ui>|jed aq; 'jjodej siq; ui pepnpuj SjsA|eue |epueuy eq;p sesodjnd eq; joj s^ni p esn eq; se qans 'jjodjjv eq; sseaae o; pasn sapouj ui syiqs pue A;j|!qe|jeAe p| Aq pesnea ueeq eAeq Aeuj je6uessed qt^o jed suoyaesuejj 6u|>|jed ui yiqs eq; ;eq; a;eajpui spuaj; ;uaaay 'qvv\oj6 ja6uassed qt%o q;|M eui|-ui Ayaej|p 6ujeq q;MOj6 ueq; jaq;ej q;MOj6 jeSuessed qi^o aq;;o paajed 56 A|e;euJ!xojdde pe;aeyej seq q;MOj6 Aep uoyaesuejj 6ui>)jed eujy qajqM 6uunp 'LIOZ qlanojq; 9002 ujoj; spuaj; 6uj>ped p uoyejapisuoa q;iM pado|aAep ueeq seq. qywaj6 je6uessed a^SO °1 e|qe;nqu;;e qjyv\oj6 anueAej 6u|>|jed pepefojd 'seseejau] xe; o; A|uo pe;e|ej seseejauj e;ej 6ui>)jed 6uipnpxa 'paajad l z p aDV3 b ;e paseajaui aAeq a6ejeg 6ui>|jed |bu|ujj3i aq; jo; yodjiv eq; ie se;ej 6u|>|jed 'sjBeA oi ised eq; jaAO (JeaA AjeAe 'uoyByui p apj eq; ;|Bq jo 'peajad s x) uoyeyui jo; junoaae o; yodjiv eq; ;e seseejauj a;ej 6ui>)jed |Bauo;siq uo pasBq 'sesBajaui a;BJ 6ui>|JBd aipoyed paujnsse pue sje6uassed Q7$o P Jaqujnu aq; uj seseejauj p uoyeuiqujoa e Sj qajqM '6202 qBnojq; jueajed 5 2 P ilDVD e je eseejauj oj pejaefojd eje senueAej 6ui>|jed 'jjodey siq; p sesodjnd joj
LIOZ '01 Ajenuef uo pe;ueiue|duuj sbm eseejaui a;ej 6uj>)jed jse| aqi yodjiv aq; jo; sanueAej 6uj>ped uj seseejauj uj ;|nsej A|a>|!| p|noM seseejauj e;ej 6ui>|JBd
!>JOd>JIVlVNOIlVN)J31NI3>JVH.OODVaiHa ;
8T0Z Z >J3aiM3AON
}uei|nsuco uodjiv amP uoday
uo paseq aje saseajaui :AjiAjjae uojjejAe uj seseejaep jo seseejaui Aq pejaajje jou aje siuajj anuaAaj asaqi 'aujoaui jsajajui pue [A\\j aqi 01 speuuAed A6jeue s.o^ivd) iueujesjnquj|ej ASjeue o^ivd aje iuai| eui| siq; u] papnpu] sujaii anuaAaj jaqio J|esij VOD aqi Aq pied saiej aqi ueqi jeq6iq ou aje ieqi saiej pe|npeqas je|n6aj ie a6esn pajaiauj |enp]A]pu! jo; peuei qaea s||jq uaqi VCD aqi 'A|pejip seiuedwoa Aimin aqi sAed V0D aqi 'JeAeMoq Isajjjijjn joj. pajaiauj A|aiejedas aje Ajjadojd jjodjjv uo s6uip|inq aqi jo Auei/j. 'sajjjijjn oi aje|aj A|ueuuud sjueujasjnqwiay
3nN3A3y 3Nn«IV-NON H3H10 ONV SlN3IAJ3SanaiAlI3H LVS
eejv |eu|UJjai aqi uj saAjjejjiuj uojssaauoa pauue|d jo spajje |e|iuaiod aqi apnpuj iou saop jejdeqa sjqj uj pajuasajd sisA|eue |ejaueujj eqi sanuaAaj peseejaui joj MO||e ||]M ieqi aaeds uojssaauoa oiu] peueAuoa aq oj pauue|d sj seujpje Aq pasea|aj seM ieqi aaeds pue aaeds |euiujjai VOD P uojieujquuoa v anuaAaj uoissaauoa aseajauj 01 aaeds leuiwjai jo asn aqi 6ujzjuujxeuu os|e si Ajq-aqi spejiuoa Mau jo aauenssj aqj q6nojqj anuaAaj uojssaauoa ||ejaAO ui aseajau] ue p|e|A p|noqs ujjaj jeau aqj ui 6ujjjdxe sjuaujaaj6e uojssaauoa juajjna aqj jo 6uija>|jeujej pue uoijeyo6euej aqj 6u|A|Oaui sue|d
•juewa6eueuj JopuaA pue aaeds se ||eM se 'jjodjjv aqj je 6uiuue|d ujjaj-6uo| pue ujjaj-jeau qjoq apnpuj sjjojja asaqi Bumueid ai6ejejjs q6nojqj sanuaAaj uojssaauoa azjujjxew oj sjjojja 6ui>)euj si Ajq aqi
DNINNVId SNOISS33NOD 9'iV'S
6202 qBnojqj juaajad X'£ jo hDVD e je aseajaui oj pajaafojd aje pue 8X03 u] uonnuj 6'9$ aq oj paja6pnq aje sanuaAaj uojssaauoa Jaqjo snoeueneasiuj pue 'suojjeajunujujoaa|aj 'ssapjjM 's|Ajiv/a6ueqaxa Aauajjna 'sdoqs jjj6 |jejaj 'aaiAjes snq ujojj sanuaAaj. apnpuj suojssaauoa jaqjo
SUOJSS33UOJ J9UIO
'6202 qSnojqj juaajad 0i7P d9VD e je dVl aqip uo|ja|dujoa aqi qijM pajejaosse sjaeduj] pue uoije|ju| qjiM aseajau] oj pajaafojd si pue 8102 ui uojujuj £'9X$ aq oj peja6pnq sj anuaAaj SuisyjeApe Ae|dsia
BuisijjaApv A~D]dsia
dVl aqi P uojja|dujoa aqj q6nojqj a|qe|ieAe apeuj aq oj sBuuejjo pue sja|jno |euo|jjppe ujojj j|nsaj oj pajaafojd sanuaAaj |euojjjppe se ||3M se uoue|jui jo ajej aqi j|eq sn|d sjuaujaue|dua leuojjeujajuj jo jaqujnu aqj ui saseajauj jo uojjeujqujoa e sj qajqM '6202 qfanojqj juaajad X'6 P dDVD e je aseajaui oj pejaefojd sj pue 8X02 u! uojujuu £6$ aq oi paja6pnq sj anuaAaj aajj-Ajna ¦juiodpaqa 6muaejas Ajunaas vsi aqj 6uueep jajje ssed jsnuu sja|3Aejj 6ujjjedap ||e qajqM q6nojqj 'ejojs 33jj-Ajnp djqs6e|j jooj-ejenbs-ooo'OT e apnpuj s |eujujjai u| suoissaauoa eejj-AjnQ
"dVl aqj jo uoija|duuoa aqj q6nojqj a|qe|jeAe apeuj aq oj s6ujjajjo pue sjayno |euojjjppe ujojj j|nsaj oj pajaafojd sanuaAaj |euoijippe se ||aM se uoije|jui jo aiej aqj j|eq sn|d sjuaujaue|dua jo jaqujnu aqj uj saseajauj jo uojjeujqujoa e si qajqM '6202 qSnojqj juaajad x'9 p aDVD e je aseajauj oj pajaafojd aje sanuaAaj jji6 pue SMeN sanuaAaj uojssaauoa jo juaajad x'XT J° 'uoj||iuj VLZi aje 8X02 J°i sanuaAaj jj|6 pue smbu |eujujjai pejeBpnq aqi sa|es s,jeaA snoiAejd aqj uo paseq A||enuue pejsnfpe aje jeqj saajuejen6 |enuue Lunuvijujuj jsuje6e sa|es ssoj6 jo a6ejuaajad e saAjaaaj Ajq aqi sieujuuej aqj uj sjayno jjj6 pue SMau 0£ A|ejeuiixojdde saiejedo dnojg uospnH
s*JlD pw>
•pouad uojpafoJd aqi 6uunp sSuuejjo
ejjeuoisseauoa Mau pejedpyue uo paseq saseajauj pue sjuaiuaue|dua jo jaqujnu aqj uj saseajauj jo uoyeuiqwoa e si qaiqM '6202 qBnojqj paajad ff jo aDVD e je aseajauj oj papafojd aje sanuaAaj juejnejsaj leuiuuai sanuaAaj uoissaauoa jo juaajad 6'22 JO 'uojujuj £'9S$ aje 8102 joj sanuaAaj juejnejsaj |eujujjaj paje6pnq eqi
IMOdMIV 1VNOUVN>J31NI 3MVH.O ODVD1H3
oavaiHa jo Alia
lueijnsuco uodjiy sqip uoday
¦senueAey
9Ui|jjV Ajojeu6|s-uoN pajapjsuoa aje sewpiv Ajojeu6|s aqi jo sejewjje Ajojeu6|s-uou ujojj paAjaaaj sanuaAaj eej-6uipue| 'jjoday sjqj u; sisA|eue |epuemj aqj ui sjjsodap punj pue 'aajAjes jqap 'sasuadxg i/\|780 u0 paseq 'se6jeqa pue 'saaj 's|ejuaj Ajojeu6|s aqj jo uoyaunj e se peAuep aje sanuaAay empiv AjojbuSis-uon vinv aqj oj AJOjeu6js jou eje jeqj saujpje Aq pjed s|ejuej |eu|ujjej pue seej 6u|pue| epnpw senueAey ampjv Ajojeu6]S-uo|M
S3nN3A3y 3NIiyiV AyOlVNDIS-NON s s
'6302
q6nojqj 8X02 luojj jueajed jo y^VD b je eseejaui oj pejaefojd eje senueAey euipiv-uoN uoijeijui pue 's|eAe| AjiAyae jseaejoj 'spuajj |eauojs|q jo MejAej e uo peseq pejaefojd eje '5-5 liqiqxg uo UMoqs 'sanuaAey euipiv-uoN.
•sjaafojd asoqj jo s||ejep eqj qj|M pejeposse se]ju]ejjeaun juajjna oj anp sisA|eue |epueuy S]qj ui paphpuj jou eje sanuaAaj asaqj 'jaAaMOH senueAey eujuiv-uoN u| seseejauj lejuewejaui u; j|nsej oj A|e>|i| os|e eje '6upud jo/pue sjanpojd 6upped Meu u| j|nsej Aeuj jeqj sjaefojd 6upued se ||eM se 'sjaefojd peje|ej-|ejoq leijuejoj
sanuaAay
euipjv-uoN pajaafojd aqj uj pejaeyaj 'pouad uoyaafojd eqj 6uunp seseejauj enueAaj aajj Ajnp pue 'sjjj6 pue s/v\eu 'juejnejsej lejuewejaui ui 6uij|nsaj 'dVl aqj jo sjuauodujoa ujejjea jo 6u|uado aqj uodn eseejaui ||i/v\ suojsseauoa leuiujjej uo je6uessed jad puads a6ejaAe aqj jeqj s|sA|eue |epueuy sjqj jo sasodjnd joj pawnsse si.jj 'jeAa/woq IsenuaAey euiujv-uoN jaejje Apaejjp oj pejaedxe jou eje.wej6oJd lejjde^ jjodjjv eqj uj pepnpuj sjaefojd jsoiaj
lAJVbDOidd "IVlIdVD XUOdUIV 3H1 01 031V13a S3HN3A3y 3NI"lalV-NON "IVlNSIAJSaDNI OTP'S
esee| je6ueq Meu e
oj 6u|je|ej ££02 u! pezi|eej uoihilu 0'9$ |euo]j]ppe ue qj|M 'A||enuue jueajed o'X IB eseejauj |||M Aeqj pjeMjejje pue '1202 q6nojqj |eAe| jeqj je p|oq oj peujnsse eje senueAey 'ejejse |eej leayneuojee joj ajej |ejuaj aseq aqj eseejauj oj sesee| 6mp|mq jeqjo pue sje6ueq Bujjsjxe jo uojjejjo6euej eqj sjaeyaj junowe sjqi '8X02 u! uoi||iuli 8'0i>$ aq oj peje6pnq eje senueAej asaqi suojjaunj |eajjneuojee jjoddns jeqj sasea| ajejsa |eaj luojj 6ujj|nsej esoqj apn|3Uj 'ujejeq f6'S uojjaes uj pessnasjp jeqjjnj 'jejue^ jso^ ejejsg |eey |eajjneuojev eqj ujojj sanuaAay
S3HN3A3a 31V1S3 "1V3H 1VDIinVNOa3V 6>S|109|'6202 qBnojqj 8X02 luojj jueajed x't>X i° yDVD b ui 6uij|nsej 'jejjeejaqj uojje|juj qjiM uaqj pue 6X02 uj
uojujuj 0 S2$ °1 aseajauj oj pajaafojd aje sanueAey ejejsg |eey lepjewwo;) 's|sA|eue |epueuy sjqj jo sesodjnd jog
sjaefojd jueujdo|eAep esoqj jo uoija|dwoa aqj oj paje|aj sanuaAaj |euoijjppe ou seuunsse jjoday sjqj 'sue|d 6ujpunj pue sedoas jaefojd esoqj jo Ajuieyeaun aqj oj enp 'jaAaMOH "|ajoq jjodjjv juajjna aqj je pejejeueB si jeqM puoAeq A|juea!j]u6]S senueAej |euoijippe ajejaua6 oj pajaedxe eje qajqM 'sjaefojd paje|aj-|ajoq ujejjea joj ue|d 6ujpunj e 6u]do|eAep pue 6uyen|eAe Ayuejjna si Ajq eqi jejjeejeqj uojje|juj qjiM eseejauj oj pejaefojd eje pue 6X02 u! uoj||jui 0 52$ aq oj pejewyse eje senueAej |ejOH peAjeaej Ayuejjna sj jeqM ueqj sanuaAaj |euoy]ppe u; j|nsej oj pejaedxe si qaiqM '|ejoq eqj jo uoijejedo u]6eq oj spueju] Ajq eqj '6X02 ui 6uiuuj6eg '8T02 u! peje6pnq senueAaj |ajoq uj uoi||!UJ 8Z$ A|ajeujixojdde apnpm 'majeq f6'S uoyaas uj pessnasip jaqjjnj 'sanuaAay ajejsg |eey |epjeuJUJ03
S3HN3A3a 31V1S3 "1V3H 1 VIDa3IAJIAJOD 8VS
paj3|dujoa sj Luej6oJd |ejjde^ jjodjjv aqj se aseajaui oj pejaefojd sjsoa S3|J!|!jn oj paje|3J A|ueujud '6202 q6nojqj jueajed ii jo y^VD e le aseejau] oj pejaefojd aje pemquuoa sanueAey ampiv-uoN jeqjo pue sjuewesjnqLmey euuoaui jsajajm apnpuj senueAey euipiv-uoN JaqJO 'uoyeum
lMOd)JIV 1VNOUVNU31N1 3MVH.0 O0VDIH3 ODVDIHD dO A1ID
lui?;|nsuo3 ;jodj)v au.1 j° uoday
(uoday aqi
ui paquosap suoiidiunsse pue sisXjeue aqi uo paseq) 8103 Jaqopo ' 3UI 'saiepossv ?g opuo^jy :qiqz Jaqopo 'uoueiAy io luawuedaQ 'o6ejiiQ ;o A\\j S33ynOS
6303 8303 Z.303 9303 5303 fr303 £303 3303 1303 0303 6103 8103
(X£ J3qUJ333Q 6uipU3 SJB8A |E3SIJ JOJ SpUBSnom UI SJB||OQ)
S3DN3A3y 3NITJIV Ai)01VN9IS-NON aaiJSfOHd 9-S 1I9IHX3
(uoday au,i
ui paquosap suoiidiunsse pue sisA|eue aqi uo paseq) 8103 Jaqopo '3uj saiepossy 18 opuojiy .'8X0Z Jaqouo 'uojiejAV jo luaiuuedaQ 'o6eDiLt3 jo Aiq S33dnOS
sanuaAay aujiJjv-uoN jaqiOB sanuaAay gyuB sanuaAay 3y\/D suoissaauo^ieujuijaiB Jiej |eiuay> 6ui>(jedl 6303 8303 LZOZ 9303 S303 iv303 £303 3303 1303 0303 6103 8103
¦ 0$
000'00I$
|— ooo'ooss
000'00E$
000'00iv$
¦ 111 ¦¦¦¦¦¦1
000'00S$
000'009$
(T.£ jaquja33Q 6u|puj sjbsa |B3sij joj spuesnoqi ui sje||oq)
S3nN3A3H 3NIiyiV-NON OSlDSroyd S-S 1I9IHX3
sanuaAay AJOjeu6js-uojM papafojd aqj-SMoqs 9-5 ijqjqxs
saauenssj gyvD
ajnjnj pue spuog 8102 aqi M+!M pajeposse aajAjas jqap se ||a/v\ se 'pouad uoijaafojd aqj jnoq6nojqj sasuadxg |Aj?go 6ujseajauj jeAoaej oj saujpjv Ajojeu6js-uoN oj pa6jeqa 'saaj 6uipue| A||E3ijpads 'sa6jeqa pue sajej aqj uj saseajaui papadxa oj pajnqujje aq A|ueujud uea qajq/w 'juaajad s l i° dQVD e 6uijaa|jaj '6202 u! uojujuj £'9ST.$ o; aseajauj oj pajaafojd aje Aaqj pue '8102 u! uoj||iuu f £9$ A|ajeujjxojdde aq oj paja6pnq aje sanuaAay auipjv AJOjeu6js-uo|\|
laOdMIV 1VNOUVN>J3J.NI 3MVH.0 09V3IH3
OQV3IH3 30 A1I3
I £EI-3 I
Vinv aqi P uojpjjdxa aq; ajo;eq ;nq 'pouad uojpefojd aq; puoAaq
eaiAjes ;qap Aed o; pej|dde aq o; paujnsse aje vifW aq; uj uodn paaj6e sanuaAay jjd P uojuiuj 0££$ aq; ;o uoiiiiuj fr'6sli7$ 6uiu|eujaj eqi uoi|||uj £ 062$ 6ui|e;o; 'pojjed uojpefojd eq; ;o pua aq; q6nojq; 9202 ujoj; spuoq ejn;n; uo eajAjes ;qap Aed o; A||enuue sanueAej 3Jd u; uojujuj 6'2£$ A|e;eujixojdde A|dde ujm A;q eq; saujnsse ;joday siq; u| sjsA|eue |epueuj; eqi s;soa Bupueuj; Suipnpui 'x eseqd dVl qi|M pa;eposse sisoa pafojd pun; o; vifW aqi P ujje; eq; jeAO senueAey 33d u| uoihilu o£^$ esn o; paaj6e Ayj aq; 'vinv weu aqi Japun ¦
•spuog a£I02 seues eqi uo
eaiAjes iqep Aed o; sanuaAay jjd A|dde ||im A;q eq; eujnsse iou seop ljodey siqi ui s|sA|eue |epueui; eq; pue 'spuog a£X02 seues aq; o; sanuaAay 33d P e6pe|d ou si ejeq; 'jeAe/v\oq .'spuog a£X02 seues aq; uo ea|Ajes ;qep eq; p suojyod ;es;p o; anuaAay jjd A|dde o; pe|e Aeuj A;q eqi spuog a£T02 sauas aq; ujoj; spaeaojd q;iM pepun; pefojd uojsuedxg 5 |euiujjei eq; uo s^jd asn o; VVd aq; ujoj; A;uoq;ne 33d peA|eaej A;q eqi ¦
poued uoipefojd eq; q6nojq; spuog d9X02 saues eq; 0} sAeuo|Aj e|qe||BAV Jeq;o se pe6pa|d aje sanueAey ^Jd ¦
¦pouad uoipafojd aq;p pue eq; qBnojq; 6X02 ujoj; 'spuoq esoqi 6u|pun;ej spuoq Aue uo jo 'spuog dOI02 seues pue V8002 sauas aqi uo eaiAjes pep Aed 01 paj|dde aq lljM senueAey 33d seujnsse uodey sjq; ui sisA|eue |epuBui; eqi 'ejopjeqi senueAey jjd asn 01 uoj;e6j|qo ou jepun si Aji j eq; qaiqM jo; 'spuoq esoq; 6uipun;ej spuoq Aue uo jo 'spuog dOT02 seues pue spuog V8002 sauas aq; uo eajAjas pap Aed o; sanuaAay ^jd asn o; anuipoa o; sue|d 'uoyajasip e|os s;i ui 'pue 8X02 jeaA jepuaiea jeye senueAey ^jd P asn aqi 6u|ien|eAa s| Aiq eqi senueAey 33d e|qe|ieAe p a6pa|d e Aq pejnaes pue ujoj; eiqeAed os|e ;nq senueAey p e6pe|d e Aq pejnaes A|uo pu eje 'spuoq asoq; ||e 6u|pun;aj spuoq Aue pue 'spuog dOT02 seues aqi pue spuog V8002 seues aq; '8102 qSnojqi 'pue Aiunpuu q6nojq; spuog VTI02 seues aqi ¦
'6202 qBnojq; ,7202 u| uoihilu s'xs$ o; eseejauj ueq; pue '£202 q6nojq; 6X02 ujoj; uoiiiiuj £-8f$ A|e;eujixojdde o; eseejaep o; pe;edpi;ue si ;i !8X0Z ui uoihilu f0S$ A|e;euuixojdde eq o; papdjajpe sj spuog anueAey 33d 6uipue;s;no uo aajAjas ;qaa spuog anuaAay j^d uo eaiAjes pap papefojd spesejd g xjpuaddv ui £-g e|qei ¦
¦uojujuj X'802$ sbm 8102 '0£ Jaquja;das p se spun; anuaAay 33d s,A;d aq; ui aaue|eq pa;euji;sa aqi ¦
;jodj|v eq; ;e s;ueujeue|due p paajed £ £8 A|e;eujjxojdde Aq pjed s^jd 6ujpe|;ej 'uojujuj 6 £sx$ A|e;eujjxojdde pajep; sanuaAay }jd '£102 UI ¦
uojujq x'£$ A|e;eujjxojdde pe|e;o; 's6ujujea ;uauj;saAuj 6ujpn|auj ';jodjjv eq; ;e esn jo; A;j} eq; Aq paAiaaaj sanuaAay j-id '8X02 '0£ aunf p sv Xt702 'I ^lnr P a;ep uoyejjdxa a6jeqa pa;euj|;se ue q;|M 6uo|e 'uodjjv eq; ;e senueAey }jd P uojujq £6'9$ asn pue 33d b esoduji o; Aiuoqpe peAjeaej seq Ayj aq; '8X02 aunf p sv ¦
'dVl aq; uo senueAey j^d Aue 6uipuedxe Ayj eq; o; jojjd eae|d uj eq ||im s|BAOjdde 3jd pa^nbaj ||e pq; peiedjaipe si ;i ;nq 'A;q eq; Aq ;q6nos eq o; ;eA SBq dVl aq; jo; ApoqpE 33d pefojd uojsusdxg s |Buiujjei eq; pus 'spefojd P|eiJJ|V dlMO 6uiu|EUjej eq; 6u|pnpuj 'dlAJO aq; Jo; senueAey j^d qi|M papun; aq o; pepdiaipB sisoa pafojd ||B jo; sanuaAay ^jd asn pus j^d b asodujj o; VVd eq; ujoj; A;|Joq;ne paAOjdde SBq A;o eqi ¦
s|BAOjdde ^jd pajjna uo paseq
pejinbej s| |eAe| uo|pe||oa j^d aq; u| eseejaep on ¦suoipefojd eq; ui peujnsse sbm |3Aa| uojpe||oa j^d aq; uj eseejauj on e6jBqa 6u|sseaojd euipiB xi'0$ ub sse| je6uessBd peuB|due e|qi6j|a jad jjd OS'H b spa||oa Ayj aqi ¦
spefojd Pieyjfv dlAlO 6ujpnpuj
'spefojd iJodjjv peAOJddB jo; enueAey j^d asn 01 puB yodjiv aqi P jjd b esoduui 01 |BAOjdde VVd seq Aij^ eqi
3flN3A3a 39dVHD AlHIDVd U3DN3SSVd
30N3A3a 3iaV1IVAV y3H10
l>JOd>JIV 1VNOUVNM31NI 3MVH.0 ODV3IH3 09V3IH3 30 A1I3
lueqnsuoD uodjjv aqi J° uoday
spuog
9TT02 sauas aq; uo eD|Ajas jqap ;o ;uawAed aq; o; pa6pe|d sj '0202 qBnojq; s;uaw||e;sui uoj||juu 02$ lenuue om; u| A;q aq; Aq paAiaaaj aq o; pa;edp|;ue ';uej6 [Ol I aseqd dlAlO aq; ;o uo||||uj n>$ 6u|U|eujej aqx —
spuog gno2 sauas aq; uo aDiAjas ;qap ;o ;uawAed aq; o; a;ep o; pai|dde uaaq seq uoiiiiuj 02T$ qaiqM ;o ';ue;6 AjeuopajDSip ioi I aseqd uoiiiiuj 00£$ aq; ;o uoiiiiuj 092$ paAiaaaj seq A;|3 aq; '8102 aunf ;o sv ¦
siseq 06-noA-se-Aed e uo pasn uoiiiiuj 0i>T$ Jaq;o aq; q;iM 'spuog giT.02 sauas aq; uo aajAjas ;qap ;o ;uauuAed aq; o; pa6pa|d si ;uej6 AjeuoyajDSip [Ol I aseqd dlAlO aq; ;o uoiiiiuj 09T$ i° lel°l V ¦
0202 q6nojq; 9002 SAd |ejapaj woj; pouad jeeA-ST. e jbao x aseqd dlMO jo; s;ubj6 AjeuoiiajDsip ui uoimuj 00£$ i°i aid aq; o; (T0-90-19V) IOI ue panssi VVd aqi 'S002 'IZ JaqweAON uo
spafojd p|ai;j|v dlAlO 6uiujeujaj aq; pue 'V2 aseqd dlAJO 'I aseqd dlAlO Jo; VVd aqi Aq (papuauje se 'T0-0I-19V iuej6 japun uomiuj g29$ pue T0-90-1DV iuej6 japun uoiniw 00£$) papjeMe s;uej6 (io~|) ;ua;ui;o ja;;an jeaAi;|nuj uo||||uj S26$ aq;;o uoimai 0£9$ paAiaaaj seq A;|j aq; '8102 eunr;o sv
QNiaNPd ivaaaad y3Hio onv sinvho lAjvaDOad
±N3IAJ3AOHdlAJI lyOdHIV NOIlVHlSINIlAiaV NOUVIAV "lVU3a3d
(uoday am ui paqmsap suoiidiunsse pue sisA|eue aqi uo paseq) 8103 Jaqopo' 'ui 'saieoossy TS opuojjy :8I03 Jaqopo 'uoiibiav jo luaiuuedaQ o6e:»iQ S3DHnOS
8103 -Jaije sanuaAay jjd asn oi uoiie6i|qo ou japun si Aiq aqi qDiqw joj 'spuoq asoqi 6uipun;aj spuoq Aue uo jo 'spuog J0I03 sauas PUE spuog V8003 sauas aqi uo aaiAjas iqap Aed 01 luapjjjns aq os|e 01 papafojd aje sanuaAay 'jaAawoq 'sanuaAay 3jy ;o a6pa|d e qiiM aDiAjas iqapA|uo sapnpui 31ON
sanuaAay jjd papa[bjd«—¦
9303 S303 t>303 £303
sjdd pa6pa|d«BBI
3303 1303 0303
0$
000'03$
000'0iv$
000'09$
000'08$
000'00T$
000'03I$
OOO'OfrU
000'09I$
000'08X$
000'003$
("[£ jaqujaaaa 6u|pu3 sjeax IBDSij jo; spuEsnoqi in sjb||OQ)
3l"IN3A3y 3DyVH3 AlHljVd y39N3SSVd Q3133royd IS 1I9IHX3
||e;jJoqs aq; Aed o; sanuaAay yodjjv 6uisn ;o pea;suj 'a|qe|ieAe ;i 'punj anuaAay 33d aq; u| sanuaAay 33d 6u|;s|xa asn o; pa|a Aeuj A;q aq; uaq; 'jeaA ;eq; ui aaiAjas ;qap gyvE) pa>peq -Ddd Aed A||n; o; ;uapi;;nsui aje JeaA uaA|6 e u| pa;ejaua6 sanuaAay 33d il ;uaujaue|dua a|q|a-3dd Jad 05 i>$ ;o |3Aa| uojpa||oa 33d ;uajjna aq; ;e aaiAjas ;qap gyvD papeqodd Aed °1 pa6pa|d sanuaAay 33d aqi pue eaiAjes ;qep puog anuaAay jjd lie jaAoa o; ;uap|jj.ns aq o; papadxa aje liqiqxg uo UMoqs se 'sanuaAay 33d papafojd
l)JOd>JIV 1VNOUVN>J31Nl 3MVH.O ODVDIHD ODV3IH3 30 A1ID
lueijnsuo} uodjiv am j° yoday
•pouad uoyaefojd
eqj jnoq6nojqj uoihilu £'sgs$ pue uoihilu 8S2S$ ueeMieq ujoji 6u|6ubj 'a|qeis A|eAijE|ej mewej oj papafojd s| aajAjas jqap gyvD Buipuejsmo '8T02 u! uojuiuu YIlc$ A|ejELU|xojddE s|ejoj ea|Ajas iqap gyvD 6u|puBjsjno |ejoi
aaiAjas iqaa BHVD Buipuoistno
Ajnpej |epoLUji|niAj aqi jo uopjod e 6mpnpui 'spafojd dD snoiAejd pue spafojd P|a|JJ|V dlAJO se ipns 'jjodjiv aqi ie spafojd |ej|dea joud punj 01 jjed u| pasn uaaq aAeq sgyvD penssj A|sno|A3Jd
g xjpuaddv uj g-g a|qei ui papjAOjd si eajAjes jqap pejaefojd •uojjaas sjqj ui passnasip s] 'sgyvD ajninj papafojd pue sgy V9 6ujpueisino Ayuajjna ||e uo aa|AJas iqap Aed 01 pasn spunj |Ejepeg jeqjo pue 'sjdieaey juejg 'sanuaAay 3Jd 'isejejm pazjiejidea jo jau 'eaiAjes jqaa je[\j |enuue pejaefojd
3DIAU3S 1930 LS
•pouad uojjDafojd aqj jo jeaA qaea ui a|qe|]eAe aq oj paujnsse si junouue aqj 'jjoday siqj uj sisA|eue |spuEuij aqj jo sasodjnd joj Iuoiwlu fr'2T$ aq oi paja6pnq s! 8T02 u! Apisqns gvg aqj jo junouje aqi -auj|j Sjqj je umou>| jou si uoyanpej ajninj jo e6ejueajed aqj MeAeMoq •S202 Ad |ejapaj q6nojqj enuyuoa ||im jajsenbas aqj 'uo|j3E |Euo|ssej6uo;) juasqv '8102 Ad |ejepeg joj juaajad 9-9 Aq paanpaj aq |||aa ji pue Yx02 Ad |ejapad joj jueajed 6'9 PUE '9102 Ad |ejapad joj juaajad 8g 'gx02 Ad |EJepej joj juaajad £{_ Aq paanpaj sbm 'spuog goi02 sauas aqj uo seu||j|e aqj Aq p|Bd aa|Ajes jqap jasjjo oj paj|ddB s| qa|q/v\ 'Apisqns (gva) spuog Eauawv Pl.mg aqj 'suo|S|AOjd uoijEJjsenbes jaBpnq aqj Jepun TI02 '2 isn6nv uo juapjsejd eqj Aq mb| oju] pau6|s sbm qaiqM 'jay iojjuo^ jeBpng eqj jo suo|S|AOjd uoijBJjsenbes eqj jo uo|jejuaLua|dLU| Aq pajaajje A|asjeApB aq p|noa '|Bjaua6 u| suoijEjedo uojjejAe puB 'Ajo eqi Aq paAjaaej 6u|punj |Bjapej
jjodjjv eqj
jb e6Buuoj oBjBa eqj puB sje6uessBd pauE|due jo jaqujnu aqj uo paseq jjodjjv aqj ie esn joj sjubj6 jueweuyue |BnuuE seAieaej os|E Ajq eqj 'sjubj6 Ajsuoyejasip oj uojjjppB ui 'LUEj6ojd jueujeAOjduJi jjodjiv eqj jepun
g xjpueddv U| f-g e|qBi u| UMoqs a|npaqas aqj qjjM eauepjoaae uj Ajp eqj oj p|ed pus VVd eqj Aq e|qE||EAE epBLU eq oj peLunsse eje Ajp eqj Aq paA|aaej aq oj pejedpyue sjueuj||ejsui jubj6 ioi ejnjnj uv ¦
spuog 39X02 sauas aqj uo eaiAjes jqep jo jueoiABd eqj oj pe6pe|d uoihilu oi7X$ pus sissq 06-noA-SB-AEd b uo pasn siuaLU||Bisu| iubj6 iq~\ jo uoihilu so2$ 6uis|jdujoa 'spefojd pieyjiv dlAJO 6uiuiBLuaj aqj qjiM pajEjaossB sjuauj||Bjsuj jubj6 [oi jo uoiujuu st>£$ jo |bjoj b A|ddE oj spuaju| Ajq aqi —
sjaafojd P|eijJ|V dlAlO 6u|U|eujej
eqj punj oj pesn eq |||M uo||||UJ 06$ Pue 'sjaefojd V2 aseqd dlAlO uo sejnj|puadxe joud joj Ajq eqj esjnqumej oj pesn ueeq seq uo||||uj s£2$ 'spuog gxX02 seues aqi uo ea|Ajes jqep jo jueuiAed aqj oj pei|dde ueeq seq uoihilu St7$ qaiqM jo 'jubj6 Ajeuoyajasip ioi uoihilu 529$ aqi jo uo||||lu 0££$ peAjeaej seq Ajq aqj '8X02 aunf jo sv ¦
sjaafojd p|eyj|v dlAJO 6u|U|BUjaj aqj punj oj pesn eq oj uoi|||ui sf £$ 6u!uieuuej eqj qjjM 'spuog gxX02 aqi uo eaiAjes jqap jo jueujAsd eqj oj pe6pa|d uomiuj St7$ 6uipnpuj V2 asBqd dlAlO punj °1 pasn aq oj s| uo|||ilu 082$ 'Jubj6 Ajeuojiejasip io~l uoi||iuu s^g$ aqi jo ¦
uo!ll!IJU 529$ °1 uoilliw
0Xi>$ luojj lunouje iubj6 |eioi aqi jo aseajau] ub u| pei|nsaj qajqM 'jubj6 jot aqj jo 6u|LU|j eqi asjAej 01 pue lunouue aqi aseajaui 01 siueuipueuje jo seues e peAOjddB VVd aqi sjaefojd P|e|jJ|V dlAlO 6u|U|BLuej aqi pue V2 aseqd dlAJO JOj sjuej6 Ajeuoyajasip u| uo||||lu oxH joj Ajq aqi oj (X0-0T-1DV) IOI ue penss| wd aqi '0T02 'IZ l!Jdv uo
laodaiv "ivnouvnu3j.ni aavH.o oavaiHa
8T0Z 'Z >J3aiAJ3AON
lueiinsuco uodjjv au,U° uoday
'6202 u! uo!ll!q TT$ A|ajew|xojdde oj aseejaw oj pejaefojd Sj ji pue '8X02 uj uojnjiu YLb\7% Aiejewixojdde aq oj peja6pnq si ea|Ajes iqaa jeN '8"S l!q!MX3 uo u/v\oqs sv
'Vinv aqj P suuej aqi jad 6202 qbnojqj jeeA qaea 6umuyuoa pue tzoz uj 6ujuu]6aq siseq pa6pa|d-uou e uo pai|dde aq ||jM uo|||jUJ L'ZL% P iunouue aqi ui S3jd sewnsse os|e jjoday s|qi '8102 u! uo||||uj 0'0T$ A|ejeuj|xojdde p siseq pa6pa|d-uou e uo pai|dde aqoj paujnsse aje s^jd leuojiippe 's^jd pa6pa|d 01 uoyippe u[ saaj. wej6ojd pue 'eiuoaui luauJisaAU] 'siueuuejmbej e6ejeAoa e3iAjes iqap jaeyej 01 paisnfpe aje Aaqj pue 'aaiAjas iqap Aed oi pesn spun; |ejepej jeqio pue 'sjdieaey juejg 'senueAey jjd 'isajaiuj pez||ei!dea jo ieu 'aajAjas iqaa ia|\| ejnjnj pue 6uys|xe sjaeyej s|sA|eue |epueuij aqi ui ea|Ajes iqaa ieN
3D1AJ3S 103Q J3/V
pouad uoipefojd aqi u|qi|M ujej6oJd leijde^ jjodjjv eqi pun; oj pajinbaj aq oi pepefojd saaVD |euo|ijppe aqi uo 'jsajajuj peziiejjdea p jeu 'ea|Ajes iqea ieN pejewyse eqi s/v\oqs g xipueddv u| g-g a|qei
iuaajad g ie paujnsse S| sgyvE)
ejnjnj uo jsajajui 'uoday siqj p sesodjnd joj pue 'sjeaA cc p uuej e aAeq oi paujnsse qaea eje sgyvD ejnjnj
8X03 Jaqopo ' 03 rg aseu^ UB6joiA|dr '8X03 Jaqopo 'uoiibiav jo luauuyedaa 'o6p3im3 jo A;q .S33yn0S
puog anuaAay uodjiv iwauao - gyVD 3iON
uoiiiiuj 608S
uoi||iiu 99SS
£Z0Zsauas
3303 sauas
uoi||iuj Z96%
0303 sauas
uoimq 8'is
DNiaNnj inroad aaiAinssv
s3DNvnssi aNoa 3nN3A3y lyodyiv ivy3N33 ayrund asiMnssv fr-s diavi
uuej6oJd leiide^ podjiv aqi punj A||nj 01 saauenss] gy VD ejnmj peujnsse jo siunowe pue jeeA aqi sjsi| t>-s a|qei
pouad uoyaefojd eqi qbnojqi spefojd ujej6oJd leijde^ iJodjjv jo uoimq 5Y$ |euoyippe ue punj oj pejedpyue eje spuoq ejnjnj jjodey sjqj jo z Jejdeq^ uj pequasep ujej6oJd |ejide3 jjodjjv eqj punj oj penssj eq 01 sgy VD ajninj uo aajAjas jqaa jeN sapnpui sisA|eue |epueuy S|qi
sgWD sjntnj uo aai/uaj iqsQ
'6202 u! uoiiiiuj Z'86$ A|ajeuj|xojdde oj poued uoyaefojd eqj q6nojqj eseejaui ueqj pue 6X02 ui uoi||juu ogx$ A|ejeujixojdde eq 01 pepefojd s| spuog 8102 aqj uo eiqeAed ea|Ajes jqep |ejoi
sjuiod sjseq OS sn|d 8X02 '62 Jaqojao jo se ajej jsejeju] je>ueuj juejjna eqj je peujnsse si spuog 8T02 aqi uo isajaiui 'uoday sjqj jo sasodjnd joj pue 'sjeaA cc p uuej e eAeq oj peujnsse qaee eje spuog 8102 aqi
¦wej6oJd lejjde^
jjodjiv eqj jo uoijuq g x$ A|ejewixojdde punj oj 'jjed u| 'pesn eq oj pejedpyue eje spuog 8T.02 aqj ujojj spaaaojd
3Z>iAJ3S iqsa puog SIOZ
IMOdaiV 1VNOIlVN>d3iNI 3>JVH,0 ODV3IH3 09V31H3 dO AJ.I3
lueiinsuco uodjjv au,lj° uoday
> 6"S t!c1!llx3 uo u/v\oqs se
'6202 u! uoiINq 6'T$ °1 8T02 u! LiojUjiu VZLL.% luojj, aseajauj oi papafojd Sj luewejmbey au]|j]v Ajoieubis ie|\| em
jeaA eqi buunp
saaj ujajsAs bui|eng pue '(saej Ampej sij Pue 'saaj m->peq;j esn uoiuwo} 'seaj ebebbeg esn uoluujo^ 'saaj ajeg esn uoujujo3 bmpnpuj) sebjeqj asn eajV leujujjai 's|eiuey eej\y lemuuei 'seej 6u|puei qbnojqi v~lfW 3lJ,i jepun sejued eujpiv eqi Aq p]ed eq isnw ieqi ;unouje |eioi eqi seinijisuoD luewajmbay eu|U!v Ajoieubis PN ^Ml
¦punj
eAjesey eaueueiuieiAj eqi pue 'punj eAjesey iajtsjo |eiueuue|ddns eqi 'punj eAjasey |A|780 aMl °+ si]sodap pajinbej lenuue pue 'ea]Ajes iqea gyvE) l^N 'sesuedxj iA|?go oi senueAey luepij^ns eiejeue6 01 pepedxe s] uodjjv eqi
iN3iAi3yinb3y snhuiv auoivndis 13N ss
glOZ Jaqopo ' 03 ig eseu;) ueBjoiMdf '8102 Jaqopo uoiieiAy jo juawuedsa 'o6e3iLQ jo Aiq SiDynOS
6303 8303 Z.303 9303 S303 17303 £303 3303 1303 0303 6103 8103
|TnTTTTT=
|99|H ¦ 000'009$
000'008$
000'000'I$
: 000'003'I$
(X£ jsqujessa 6uipu3 sjbsa ibjsij joj spuesnouj. ui sjE||oa) SDIAUSS 193Q 13N Q3lJ3fOyd 8~S 1I9IHX3
JJJOdMIV 1VNOIJ.VNH31NI 3MVH,0 ODVDIHD
8T0J 'Z M38W3AON ODVDIHD 30 A1ID
lueqnsuo} uodjjv aqiJ° uoday
a|qei Uj pejuesejd juewejmbey empiv Ajojeubis 13N aqj s|enba 6-g a|qei U] pajuasajd anuaAaj aujpiv Ajojeubis |ejoj aqj Vinv aqi japun Abo|opoqjew buyjes-ejej aqj jo ejnjeu |enpisej aqj uo peseg sebjeqa pue 'saaj 's|ejuej pequasep A|snojAejd aqj ujojj bu]j|nsaj anuaAaj eu||j|e aqj sjuasajd g xipueddv uj 6-9 a|qei
paquasep A|snoiAajd spunj
aqj oj pajisodap aq oj pajmbaj sjunouje aqj jo suoijjod pajeao||e aqj sapnpui :sjuaiuajinbay jisodaa punj ¦
sabjeq^ pue saaj jjodjjv
buye|na|ea joj viflV aqj japun aaiAjas jqap |enjae oj apeuj aq oj pajmbaj sjuewjsnfpe ujejjea jaayaj os|e sabjeqa pue sajej aujpie jo uoye|n3|ea aqj ui papnpuj sjunouje ea|Ajes jqep eqi uejuea jsoa eqj oj e|qejnqujje ebejeAoa ea|AJes jqep pue 'jsejejuj pezj|ej|dea jo jeu 'ea|Ajas jqap jo uoyjod aqj sapnpui raai/vjes jqaa jaN ¦
•jejuea jsoa eqj oj e|qejnqujje (jaaj|pu| pajeao||e pue jaejjp) sasuadxg iajtsjo aqj sapnpui :sasuadxg IAJ790 ¦
:sab\ieqa pue 's|ejuaj 'saaj qans ajejauab oj pasn sajej'e|qeai|dde eje|na|ea oj jejuea jsoa qaee oj pejeaone eje 'sjsoa bu|MO||oj eqj se ||3M se '(sjuaujasjnqujiaj.pue 'senueAaj uojssaauoa 'S|ejuej "e|) senueAey eu||j|v-uoN a|qeai|ddv
VIDV aqj uj Abo|opoqjeuu bujjjes-ejej eqj jae|jej pouad uoijaafojd eqj joj suoyaefojd |epueu]j eqj pue 8102 JOj. uoyaas s]qj ui pajuasajd sebjeqa pue saej yodjiv eqi seu]|jiv Ajojeubjs aqj Aq eiqeAed sebjeqa jo 'seej 'S|ejuej ajejeueb qaee ujajsAs bu||enj eqj pue 'eejv |euiujjei eqj 'eejv P|a|JJ|V aqj 'VIDV aqj Japun
S39aVHD ONV S33d lUOdHIV ,S3I±aVd 3NIlalV dO NOIlVinDTVD 6'S
(uoday ui suoiidiunsse pui? sisA~|i?U!? aqi uo paseq) 8102 Jaqopo ' 3"! 'saiepossv rs opuoDiy '8103 Jaqopo 'uoueiAV jo luawuedaa 'oBeDiq^ p Aiq S3D>jnOS
6303 8303 LZOZ 9303 ¦ S303 t>303 £303 3303 1303 0303 6103 8103
000'000'3$
000'00S'3$
(X£ Jaqujasea 6u|pu3 sjeaA |bdsij joj spuesnoqi ui sjbhoq) lN3lM3>Jinb3>j 3NI"iaiV AyOlVNOIS 13N a3133fOyd 6-S 1I9IHX3
IMOdUIV 1VN0I1VN>J31NI 3MVH.0 09V3IHa 09V3IHD dO AlID
I
I £t7l~3 I iuBi|nsuo3 uodjjvamjo uoday
„ jBax |B3sy 6uipaDajd A|3iE!p3iuuJ! am 6uunp sjaujE3 jiv ||b jo jquiaM papuB"] ssojg wnwixEiAl |eioj aqi jo (%0S) iuaajad Ajjij }SB3| ib joj pajunoD3B jau,ja6o} ieqi sauipiv Ajojeu6is ujjai-6uoi Aq ¦ ¦ saaj 6uipuB"| q6nojqj AjaAODaj joj paAOjddB uaaq aABq puB sis03 jsafojd jou bjb jBqj aai.jjo uosien aujuiv 9411° sasuadxa subbuj sasuadxa asijjo uosibij 3ui|jib 3|qBA\o||v„ Iuaujaaj6v aqi 01 6uipj033v 01
juaujaaj6v am ui pauijap sb 'Aeuno |BjidB3 ||ews puB sasBqDjnd ju3Ujd!nb3 puB 'luaujaajBv aqi ui pauijap SB 'S33UEMO||V paA0jddv-3Jd 'SJS03 jsqjo puB S33j ujBj6ojd luawajinbaj a6BJ3A03 33IAJ3S iqsp 'Apisqns gva 'spunj |BJ3p3j 'ssnuaAaj 33d pa||ddE jo ps6p3|d jo jau aaiAjas jqap apnpui jajuas JS03 qsea 01 a|qE30||B juawaaj6v 3M1 Japun S1S03 iBijdE} (l
(uoday aq; ui suoiidwnsse pue sisAjeue aqi uo paseq) 8102 Jaqopo ' 3UI 'saieoossv 78 opuosiy '8102 Jaqopo 'uoiieiAV jo luaujuedaQ 'o6eDiq3 jo Aip .SdDUflOS
6203 8303 Z.303 9303 S303 1^303 £303 3303 1303 0303 6103 8103
00003$ 000'S3$
(1H9I3M asaNvi sai ooo'i asd) sssd onionvt agijsroad oi-s namxs
poped uoyaefojd eqj 6uunp jjodjjv aqj je saaj 6u|pue~] pejaefojd aqj sjuasajd OT-S *!1!HX3
saujpjv
Ajojeu6|s eqj ueqj jaqjo sayyue Aq eejv p|eyj|v aqj P asn aqi oj 6ujP|aj sasn|djns jo sjpyap oj pje6ej jnoqjjM pajndiuoa aq oj eejv PiewiV aqi p asn j|eqj 01 6uye|ej sempiv Ajojeu6|s aqj Aq pied sa6jeq^ pue saaj empiv eqj asnea oj aje suoyeayipow asaqj p jaajja pue asodjnd aqi '5002 JaqwaAON aaujs jaajja ui uaaq aAeq A6o|opoqjaw 6uyjes-ejej aqj oj suoyeayipouu weyea 'mb| xej |ejapej japun eajy P|eyj|V eqj jo „asn ssaujsnq ejeAud,, piOAe 01
uojPjAV p Jauoissjujujo^ s,Ajq aqj Aq peu|uujejep aq oj SJOjaej ujn]ujajd eu||j|v Ajojeu6)s-uo[\| Aq paseajaui aq Aeuu sauipiv Ajojeu6is-uo|\| jo sassep uiejjaa Aq pepue| jjejajje jo jq6|3M papue| aqi sauipiv Ajojeu6|s-uoN pue sauipiv Ajojeu6|s ||e jo jq6|eM papue| uinunxeuj paAOjdde |ejoj aqj oj jq6|eM papue| ujnuj|xeuj paAOjdde |ejoj sji p Ojjej aqj uo paseq saaj 6uipuei sAed au||J|v Ajojeu6is-uoN pue au||j|v Ajojeubis qaej 'jjejajje ||e p jq6jaM papue| ujnuj|xeuj paAOjdde aqj uo paseq sampjv Ajojeu6is-uof\j pue Ajojeu6|s 6uowe pejeao||e s| eajv PiawiV aqj jo JS03 ja|sj aqi Luej6ojd eAyueaui aa|Ajes jjv aqj u| nejjjoqs Aue se ||3M se 'p|3yj|v aqj oj 3|qeao||e sjso^ lejjde^ sanpsj oj p3||dde (Aue ji) enueAey ejejsj |eey |eayneuojev ja|\| 'jaju33 jso^ ujsjsAs 6uj|anj aqj jo sso| jau 'AjaAoaaj jqap peq jo 'jqap peq 'euuoaui jsajajuj '(Aue jj 'seej puejspjeq pue jq6|u-jeAO-uieujaj pue suoijejado uoijejAe |ejaua6 ujojj senueAej 6uipnpui) senueAey pieyjjv Jaqjo pajaafojd jo ujns aqj snuiui ^'sasuadxa eayjo uosien eu||jje e|qeMO||e pue 'sjueujajinbaj jjsodap punj ,,'sjsoa |ej|dea 'sasuedxj iA|7go i° wns :6ui/v\o||oj eqj jo suoijjod jo sjsjsuoa qa|q/v\ 'eajv P|a|JJ|V aqi jo jsoa jau eqj 6uiu|ujjejep jsjjj. Aq peje|na|ea eje seej 6u|puen 'Anejeueg
V3av aiaidaiv T6S
IHOdMIV 1VNOUVNM31NI 3HVH.0 09VDIHD 09VDIH3 30 Alia
I 1>1> T_3 I iuei|nsuo3 uodjiv aqi jo uoday
•Aiiiiqeilay ajnjDnjjsej;u] pue 'uoijeziujapoiM pue qsajjay uioojjsay pue iuawa3e|day aDUEAaAuo;) |euiwjaj. "juawaDBiday juaujaABd AeMpeoy 'Jjeday pue aaueuajuieiAj 6ui>|jed 'juauja:>e|day apiqaA 'JuauiaDe|day - pue Jieday Ae/wpeoy piaujiv 'Jieday juaoiaAEd uojdv 'uoijeiniqeqay jueujaAed AeMixej. :sauo6aje:> 6uimo||o; am joj spafojd juauiaAOjduji lejidB^ joj saDUBMOnv peAOjddy-aJd ajBJBdas aje ajaqi ,,-aunjiv Aq paAOjdde sb 'jbba |B3sij qsea spafojd juaujaAOjdwi lejide^ uo jaqwnaua jo puads Aeuj Ajq aqj jBqj vmv am i° O vqiqxj uo pajsij sjunoujB susauj asuBMOnv paAOjddv-aJd,, Vmv am °1 6uipjo33v „
(.pafojd jdujex3,) mbiabj isajajui-ui-Ajuofe,Ai ujojj jdujaxa aq ysqs [vmv SM1 ui] M^0; las suoijipuos eqj jo ajow jo auo Aub sjaauj jnq sa3UBMO||V paAOjddy-eJd papunj jo pafojd paAOJddy ue jou si. jeqj jDafojd juawaAOjdwi |BjidB3 v„ 'Vinv aMl °1 6uipjOD3v u
¦jsajajui-ui-AjuorBiAj b Aq paAOjddesip jou pue 8"0T uoijaas u; sajnpaaojd aqj oj juensjnd AftaiAaj jsajajui-ui-Ajuofe^ joj pajjjiuqns sjaafojd Ma|\| pue juaiuaaj6y siqj jo uoijnpaxa Aq paAOjdde uaaq aAEq JBqj sjDafojd dD paAOJddy -ajd puB sjuauja|3 dVl |Euomppv 'sj,uauja|3 dVl I assqd 'sjaafojd paAOJddv A|snoiA3Jd subbuj sjaaloid paAOJddv,, 'Vinv aqj °1 6uipj033v u
„ siSBq AjojEUiiuu3Sip-uou B uo sjeuJB3 jiv a[qi6i|a ||B oj pajajjo aq ||eqs 'pajuauja|duji jj 'uJBj6ojd aAijuaaui aaiAjas jiy aqx ¦(,uiBj6oJd aAijuaDui aaiAjas jiv,) Jjoddns 6uij3>|jeuj puE saAijuaaui safijeqj pue sajBJ apnpui Abuj qaiqM 'sjuawajinbaj |Ejapaj a|qeD||dde qjiM juajsisuoa 'jjodjiv aqj jb saAiiuaaui aaiAjas jib jo ujEj6ojd b juauja|duj| pue jdopB oj jq6u aqj sbajsssj Ajq 3qj 'jjodji.v eqi 0} aaiAjas Jie Mau pejjje puB aausqua oj japjo ui„ VlflV 3m J3Pun n
Ad ixsu aq; uj eajv |eu|uujai aq; o; e|qeao||e sisoa |e;|dea aanpej o; (A"ue ;i) jepuieuuaj aq; (q) pue :eej\/ Piayjjv aqi o; pe;eao||e s;soa |ei|dea eanpej o; Ad ixau aq; jo; eajv P|ayJ|V aq; o; a|qeao||e MseaueMO||v paAOJddv-aJd aqi °1 |enba lunoiue ue (e) iseyjjoud bujMO||o; aq; o; bwpjoaae pe;eao||e sj anuaAay leajineuojev ;a[\j Ad qaea ;o pua aq; ;e buiuiewej anuaAay a;e;sg |eay |eayneuojev ieN ;o';unouue aq; ;e eAjjje o; s;uewesjnquijej Aue pue anuaAay a;e;sg |eay |eaj;neuojev ujoj; peianpep aje eajy e;e;sg |eay leayneuojey aq; o; pa;eao||e siueiuejjnbej ijsodep pun; pue 'sisoa |ei|dea 'sasuadxg iaj?so Jnaao seyjAjiae eaueueiujew pue 'jebueq 'objea 'uoddns uoye|Ae ajaqM ;jodj|v aq; ;o seaje jaq;o pue s|aajed aq; sapnpuj qajqM 'a;e;sg |eay |eayneuojav asn o; ;qbu aq; jo; A;q aq; Aq pa;aa||oa sanuaAaj \\e sapnpu] anuaAay a;e;sg |eay |ea];neuojav
vayv alvisa ivsy lVDiinvNoysv V6S
Ad ixau aq; ui eajy |eu|ujjai aq; o; a|qeao||e s;soa |e;|dea aanpaj o; (Aue ;i) japujeuuaj aq; asn o; (a) pue ;vinv aqi u| pauyap se n's;aafoJd ;dujaxg pue ns;aafoJd paAOJddyp buipun; 06-Aed jo bupueuy ujijaiu] jo; Aip aqi jo; pesn eq o; uoiiiiuj 5$ Ad q^ee u| U|e;ej o; (q) :(suoyau;saj Aje;abpnq q;|M) nsujejbojd eAyueaui ea|Ajes J|V pun; o; (e) isayuoud buiMO||o; eq; o; bujpjoaae pe;eao||e sj enueAey e;e;sg |eey lepjeuuujo^ iaiM Ad q3es ;o pue eq; ;e bumieujej anuaAay a;e;sg |eay |epjaiuwoj ;a|\| ;o ;unouje aq; ;e aApje o; eejv e;e;sg |eey |eayneuojav eq; o; pa;eao||e spauuejmbej ;|sodep pun; pue 's;soa |e;jdea 'sesuedxg iaj?§o aqi lasjjo s;ueujesjnqw!ej Aue pue enueAey e;e;sg |eey lepjeujujo^ 'senueAej |e;oq ;jodjjv;o s;sisuoa Aipeujud qajqM 'ejejsg |eay leiajeujujo^ esn o; ;qbu aq; jo; A;p aq; Aq pe;ae||oa senueAej ||e sepnpuj anuaAay a;e;s3 |eey lepjeuioio^
V3«V 31V1S3 1V3y 1VIDy3IAJIAJOD £'6"S
'Aiujaej |epoujy|n|Aj eq; eaueuy
o; pasn sueo| ;a\/ uoyeAouui pue aaueuy ejn;anj;sej;ui uoye;jodsueJi jo spuoq enueAey 333 ;o lueuuAedej eq; o; pebpe|d sanuaAay Aue jo 5333 ;daaxe 'uodj|v eq; ;e suojsseauoa pue seajAjes uoyeijodsueji punoj^ pue bu|>|jed ep|AOJd 01 iqbu aqi jo; A;p aq; Aq pe;ae||oa senueAej ||e epnpui eejv uoyeijodsueji punoj^ pue bui>ped aqi 01 a|qeinqui;e senueAey eu||j|V-U0N eqi s;soa eajy |eu|ujjai eq; ;as;;o o; eajy |eu|ujjai aq; o; pa;eao||e ueq; S| qajqM 'Ad qaee ;o pue eq; ;e bumieujej enueAey uoyeijodsueji punoj^ pue bulged ;aN p ;unoiue eq; ;e eAjjje o; eejy uoj;e;jodsueJi punojg pue bu|>|jed aq; o; a|qe;nqu;;e s;ueujasjnqujiaj pue sanuaAay au||jjv-uoN Aq lasyo aje eajy uoye;jodsueJi punojg pue bu|>|jed eq; o; pe;eao||e s;ueujejmbej ;|sodep pun; pue 's;soa |e;|dea 'sesuedxg |AJ780
vsyv NOiiviyodSNvyi aNnoyo onv DNi>mvd Z"6'S
l)dOd)JIV 1VN011VN>J31NI 3MVH.O ODVDIHD
8T0Z 'Z M381A13AON
lueiinsuco uodjiv 341 to uoday
,, 593;! 3)B9 3Sfl UOUJUJO3
3US3UJoa uo de:> Aimuow 3m jo [vinv SM1 i°] P)l'0T8 uoipas u| osiAOjd aip, 01 anp psjbaojsj iou si ieu,! ¦ ¦ ¦ juawajinbay anuaAay ejeg asp uoujujo^ ansaujOQ am jo (Aue ji) uoijjod am sueauj s\soj aieg asp uoujujo^ 3HS8ujoq pejaAODajun,, V~inv 3u.l °1 6uipj033v
oj 'sayiipej sid Pue 'ajeb 'uj->paqa 'uj]ep pue dna>)euu a6ebbeq joj sjsoa aaeds aje|na|ea oj ajej |ejuaj lemauaj aseq aqi 6u|sn Aq paujuwajap aje saaj asaqi aaj Ajnpej sid pue '(aaj uijep a6e66eq asn-uowwoa 'aaj dna>jeuj a6e66eq esn-uouiuuoa |euojjeujejui 'aaj dna>jeuj a6e66eq asn-uowwoa aysawop) saaj a6e66eq '(aaj u]->paqa asn -uowwoa |euo|jeujaju! pue aaj ui->paqa asn-uowwoa aysawop) saaj u|->paqa asn-uowwoa '(aaj aje6 asn-uowwoa |euoijeujaju| 'aaj aje6 asn-uowwoa aysawop) saaj aje6 asn-uowwoa apnpm say]|iaej asn-uowwoa joj sabjeq;}
(uoday aiji ui suoudwnssi? pui? sisA|i?ui? aqi uo paseq) 8103 Jaqopo ' 3UI 'saieoossv 7g opuoDiy 'SIOZ Jaqopo 'uojieiav jo luaiuuedaQ 'o6e:>iio jo Aiq S33>jnOS
S303 i7303
00'0$
00'0S$
00'00T$
00'05T$
00'003$
00053$
dood gavnbs add) aiva nviNaa "ivNiiAiygi asiDdroad 11-5 namxa
pouad uoijaafojd aqi buunp jjodjjv aqj ie sajej |ejuaj |eu]ujjej pajaafojd aqj sjuasajd xi-S *!aaeds pasea| asn-|eyuajajajd jo jooj ajenbs qaea jad paje|na|ea si qaiq/v\ 'ajey |ejuay |euiwjei aqj jo ujjoj aqj m sayjed ampiy aqi Aq p\ed s\ jpyap jau eajy leuiwjai aqi juawdmbg Ajq jaqjo pue 'juaiudmba Sid 'sujajsAs ujjep pue dna>jeuj d5e66eq pauMO-AjQ oj a|qeao||e sasuadxg WdO pue sjsoa |ejjdea aqj juawajmbay anuaAay |emwjai |ejoi aqj ujojj buyaejjqns Aq paje|na|ea sj juawajmbay anuaAay aaeds |emwjai aqi
sanuaAay ajejsg |eay |epjewwo3 jau pue IsanuaAay ajejsg |eay |eayneuojav jau .'eajy uoyejjodsueji punojg pue Supped jo sso| jo anuaAaj jau !eaj\/ |emwjai aqj oj a|qeao||e AjaAoaaj jqap peq jo jqap peq :Ajjadojd pauopueqe jo a|es aqj ujojj aaue|eq bmmewaj Aue IsjuawAed |ejuay |eujujjai jaqjo pue anuaAay uojssaauoa leujujjai bmpnpm 'eajy |euiuujai aqj oj a|qejnqujje sanuaAay ampiv-uoN .'awoam jsajajuj yuawajmbay anuaAay |eu]ujjai |ejoi aqj je aAjjje oj buiAAO||oj aqj Aq jasjjo pue 'Aue jj s,'sjso3 ajeg asp uowwoa aysawoQ pajaAoaajun oj pappe aje eajy |emwjai aqj oj pajeao||e sjuawajmbaj jisodap punj pue 'sjsoa |ejjdea 'sasuadxg lAjjgo
V3av lVNiiAjaai S'6S
IMOdUIV 1VNOUVNy3J.NI 3MVH.0 ODVaihO
oavaiHa 30 aiid
lueijnsuo} iJodjjv aqijo uoday
(uoday aqi ui suoiidiunsse pue sisX|eue aqi uo paseq) SIOZ Jaqopo ' ^uj 'saiepossv 19 opuoDiy .'8103 Jsqowo 'uonewv jo luawuedaa 'o6eo\u,j jo Aiq SdDHriOS
ludD-ied 0 £ jo aiej uoueijui saiunssv 3iON
sje||oa 8103 - 3dD au!lJ!V ¦ sje||oa ;uajjn.j - gdD auiujv ¦
6303 8303 £303 9303 S303 i?303 £303 3303 1303 0303 6103 8103
—£8-3H
lN3LAi3NVTdN3 «3d ISOD 3NHMIV a3lj3fO>Jd 3T-S 1I9IHX3
ujej6oJd yodjiv
eq; p uoj;e|diuoa eq; o; pe;e|ej eajAJes paa PN Pue sasuadxg |A|7$?0 u! seseejauj a|qe;nqu;;e A|ueujjjd aje 3dD empje ui saseajaui uoj;e|;uj peajad o'£ Sujwnsse 'sje||op 8X02 u! i>6'0£$ °+ sapnba qajqM '6202 u! £8'2H 018X02 u! 9£'6T$ woj; aseajauj o; papafojd sj 3d3 aq; 'UMoqs sy Jjodjjv aq; ;e gdD auj|jje papafojd aq; SMoqs ZTS Wm^3
jjodjiv aq; P sjebuessed peue|dua
p jeqwnu aq; Aq pawajjnbay am|jjv |epi aq; bujpjAjp Aq pe;e|na|ea si jdD auj|Jje aqi peujujjeiap aq uea saa; jasn Jjodjjv p ssaua|qeuoseaj aq; jjodjjv aq; o; pa;eao||e s;soa pa;ewj;se pue anuaAaj ,sau!|J]e o; ;i buuedujoa Aq pue sjseq jeeA-jaAO-jeaA e uo auiauu siq; buuedujoa Ag sjseq (gd^) ;uaujeue|dua-jad-;soa eujpje ue uo sebjeqa pue sa;ej auj|jje ujoj; paiejeueb sanuaAay euj|jjv Ajopubjs ajnseauj o; s] qaeojdde auo 'AiJAjpe auipje jo; spnoaae ;eq; jauueuj e u] s;soa aujjjje papafojd ajeduuoa o; si saa; jasn ijodjje p ssauaiqeuoseaj aq; jo; ;sa; |e;auab v
S33d U3sn laoduiv do ss3N3iavi\iosv3a
au||j]e;qaea Aq pasn suo||eb p jaqujnu aq; uo paseq seu]|J]e o; pabjeqa pue uja;sAs buj|eng aq; ujoj; pa;nqu;s|p |an; p suo||eb |ep; aq; Aq papjAjp uaq; si qajqM 's;uaujasjnqujiaj Aue ssa| we;sAs buj|ang aq; o; pa;eao||e s;soa |e;]dea pue sasuadxg IAJ780 i° suojjjod eq; p s;sjsuoa waisAs buj|enj aq; p ;soa ;au aqi
V3HV 1AJ31SAS DNI13nd 9'6;S
jasn sid Jad aa; seunpe; sid pue ';eas SujAUje jad ujjep ebebbeq asn-uoujujoa 'beq papaqa punoqpo jad dna>)euj ebebbeq asn-uouuuuoa 'jnoq uj->peqa asn-uoujujoa jad u]->paq3 asn-uoujwoa ';eas pejaAj|ap jad a;eb esn-uouuwoa jo; saa; eAipedsej aq; SujUjuujepp 'pappe aje seaje eAjpedsej aq; p suojpun; aq; q;]M papposse s;soa qajqM
DJOdMIV 1VNOUVN)J31N] 3MVH.0 09V3IH3 09V3IH3 30 AiI3
lupiinsuo^ uodjiv aqijo uoday
i Eauauiv joj sauipiv Aq pajaa||oa ejep oj 6uipjoaaB 'diusjauMO pue siuaj
jjbj3jib-uou oj juaM juaajad 6> puB saaj 6uipue| oj jubm sasuadxa 6uijBjado auipiB ja6uassBd jo juaajad 6T 'LIOZ P Jeuenb qynoj aqj ui
;eq; o; pedsej q;]M ee;smi aq; qjjM pajjsodap sAauoy\j e|qe|jeAV Jeq;o Jeq;e6o; UeeA |eas|j qaee ui sanuaAay ;eq; japjo uj \\ ;o uoijejado aq; uj A;q aq; Aq pajapuaj seajAjes jo; pue ajen,o i° uoyejado pue asn eq; jo; se6jeqa jeq;o pue se;ej 's|e;uaj aq; 'Ajessaaau jaAauaq/w aum; o; aum; ujoj; asjAej pue 'qsi|qe;se pue xj; [||im ji ;eq;] "speuaAoa A;q aqi
:ajn;uepu[ uen jomas eq; uj peuje;uo3 sy '6202 q6nojq; 8102 woj; sgyvD JOJ papafojd soyej e6ejeA03 e3|Ajes ;qaa aq; s;uasajd g xjpueddy u; xx-9 aiq^l
39VU3ACD 3DIAU3S 1830 ONOa 3flN3A3y IHOdblV 1VH3N39 IT S
•saa; jasn yodjjv papafojd ;o ssauaiqeuoseaj aq; yoddns '>jJOM;au e;noj (seu]p]e uj yodjjv eq; ;o e|OJ peqsi|qe;se pue uoj;e30| |ea|qdej6oe6 eq; q;|M 6uo|e 'aseq aiwouoae pue uo];e|ndod aq; ;o q;MOj6 pepefojd eqi saajnosaj Ajpedea 6u|;eao||e ueqM jepjsuoa seujpie sjope; Auew ;o auo aje Aaqj pue ,,'eauauuv Jo; sempiy dnoj6 Ajjsnpuj amp|e aq; o; 6mpjoaae 's;soa 6uyejedo eujpje |e;o; epiM-wejsAs ;o ;uaajad s g Aiejeumxojdde ajaM sea; jasn yodjjv aa]Ajes Jie 6uyen|eAa uaqM japjsuoa sauipie ;eq; sjope; Auew ;o auo aje 'pouad uojpafoJd eq; jbao 6u|seajau! q6noq;|e 'see; jesn jjodjjv 'Ajewwns ui
¦yodjiy aq; ;e q;MOj6 ujja;-6uo| pepefojd yoddns spafojd aseq; 'see; jesn yodjjv peseejau] U] ;|nsej o; peiedpyue S] spefojd eseq; ;o Swpunj eq; q6noq;|v 'eaiAjes eseejau] o; seu]|j]e jo; Aj]|]qe eq; syoddns qarqM 'yodjjv eq; ;e Ajpedea ep|AOjd o; peu6jsep spefojd |e;jdea ;ue3!;!u6|s o; aiqejnqujje A||eyjed s;soa 6u];ejado pue aajAjas ;qap jaAoaaj o; pa;e|na|ea eje poued uoyaafojd aq; 6uunp saa; jasn yodjjv - qjJV\oj6 joj, mo||b jeqj sjaafojd |ej;dea qji/v\ pajeposse aje jqap ui saseajauj ¦
sejejs pejmfj aq; ui
Ajwqejyojd s,eu]p]e ue o; jojnqujuoa Ae>j e ;ou eje see; jesn yodj]v 'Anejeueg $301 's n |ejeAas ;o s>poMjeu e;noj eq; mqjjM yodj]e ;ueyodujj A|6u]seajau] ue os|e s] yodjjv aqi 'ueauawy joj jyojd o; jojnqujuoa ;saq6jq -qyno; aq; pue pejmn joj jyojd o; jojnqujuoa ;saq6!q-puoaas eq; sj yodjjv eq; 'STS'fr uojpas u| pejewysa sv 'sjeuyed eaueme |euo];euje;u] ;o s;q6]|; o; AjjAjpeuuoa 6uoj;s SuipiAOjd 'ayjej; je6uessed uejpeue3 pue 'uejsv 'ueadojng jo; AeMe;e6 |euoyeujaju! ;ueyoduj! ue si ji pue 's>)JOM;eu e;noj aysawop so Jiaq; u|qj|M ueauaujv pue pa;|un jo; qnq 6uyaeuuoa jofew e s\ jjodjjv eqi - ueaueuiy pue pajmn joj qnq juejjodiui ¦
¦s>|JOM;eu e;noj eu||j|e o; Ajejuewe|dwoa s] ji pue 'seyjAyae qnq eujpje jo; uoyeaoi |ejn;eu e j| e>|ew sAeMJje jsaM-jsea pa|dAej; A||Aeaq o; Ajiwixojd pue uoyeaoi |ej;uaa s,yodjiv aqi - uoijeao| |ea;qdej6oa6 aAjjaejjJV ¦
sjeSuessed punoq;no |eao|
;o q;MOj6 panuyuoa eq; yoddns jeqyn; se|qeueA ajtuouoae viV pepefojd |eAej; eu]|j]e punoqui ejn;n; jo; pueiuep eq; 6u]pejj,e A|aAi;isod 'sjo;isia ;suno; pue ssauisnq q;oq spej;;e ;eq; uoyeuysap e ujeujej ||im viV aq; e;eaipui se|qeueA ajujouoae pepefojd |eAej; ajnsia| pue ssaujsnq syoddns ;eq; eseq a]UJOuoae esjaAip 'e6je| e seq viV s,yodjiv eqi s;e>|jeuj oaspuejj ues Pue 'se|e6uv son '>|joa Me|\j eq; 6u]mo||o;—^X02 Jea^ Jepue|ea uj sje6uessed Qfgo aj;seujop ;o suue; ui uoueu eq; uj qyno; pe>|uej sbm pue se;e;s pa;|un aqi ui uoj6ej ue;j|odoj;euj sno|ndod-;soiu-pjjq;eq; ui pa;eao| si yodjjv aqi -aseq ajiuouoaa 6uojjs pue uo;je|ndod a6je~| ¦
:sjope; ;o uoyeuiqujoa 6uimo||o; aq; uo paseq e|qeuoseej eq o; peuueep eje sisA|eue sjq; uj see; jesn yodjjv papafojd aqi saajnosaj a|qe|ieAe uo paseq syodjje o; A;pedea Ao|dep o; enuyuoa sauipie se yodjiy eq; ;e ajJjej; jje jo; pueiuep ;seaajo; ja;ap ;ou ujm sea; aseq; ;eq; uoi;epedxe eq; uo peseq e|qeuoseej eq o; peuiiujeiep ejeM 2X-5 +!qiqx3 uo UMoqs see; jesn yodjiy papafojd aqi
IMOdMlV 1VNOI1VNM31NI 3JJVH.O OOVDIHD 09V3IH3 30 A1I3
I 8H"3 I iuBi|nsuo3 uodjiv au,l jo uoday
•|euejeuj aq Aeiu suoyeueA aqi pue
'pajnsse aq louuea qajqM 'siueAe ejnpj jo eauejjnaao aqi uodn luapuadap s\ uoday siqj u| paiuasajd suo|pefojd aqi jo jueiueAajqae 'ajojejeqi azueuejeuj iou Aeiu 'sjsea'ejoj iuaaiaue|dua pue e|npaqas uo]ieiuauja|duj! aqi Suipnpui 'uodey S]qj m paiuasajd siuaAa pue spuaji ajnjnj 6u|pje6aj suoydwnsse aiuos 'e|qeuoseaj aje suojiduinsse pue qaeojdde aqi saAejpq opuoajy a|iq/V\ sa|es puoq anuaAaj uodj]e qi]M uoipeuuoa uj sejpnjs je|juj]s joj seayaejd Ajisnpuj qiiM lueisjsuoa aje sjsA|eue |epuemj sjqj Suuedejd u] pasn sa]6o|opoqiauj aqi
SNOUD3fOyd IVIDNVNId 3H1 9NIA"iy3QNfl SNOUdlAinSSV ZT'S
pouad uojpafojd aqi jo jeaA qaea ui ajniuapui aqi 01 luensjnd juawajmbaj wnwiujuj aqi jaeuu 01 papafojd si oyej a6ejaAoa aa|Ajas iqaa aqi pouad uoyaefojd aqi q6nojqi spuog 39X02 sauas aqi uo aaiAjas iqap Aed 01 sAeuo|Aj e|qe|ieAV JaqiO se pa6pe|d eq ujm siuejb IOI VVd luojj sid]aaay luejg ieqi s|sA|eue sjqj uj paujnsse sj ji sanuaAay jjodjjv 01 uomppe ui 'spuog gxX02 seues aqi uo aa]Ajes iqep eqi 01 siuej6 Ajeuonejasjp VVd Jaqjo pue sjuej6 ioi Wd wojj sjdjaaay juej^) sAeuoiAj e|qe|]eAV jaqjo se pa6pe|d seq Ajq eqj 'os|V poued uoipefojd eqi q6nojqi sAauo/j a|qe|]eAv JaqiO se pabpe|d eq |||M spuog 39X02 seues aqj uo eajAjes jqep |enuue jo lunouje aqi oj |enba sanuaAey 33d ieqi pawnsse si n pouad uojpafojd aqj jo pua aqj q6nojqj 6X02 wojj 'spuoq asoqi 6u|punjej spuoq Aue jo 'spuog 30X02 sauas Pue V8002 sauas aqj uo eajAjes jqep Aed 01 pe||dde aq 01 paujnsse aje senueAay 33d 'passnasjp A|sno|Aajd sv spuoq asoqi uo a6ejaAoa pejmbej Aue sn|d 'spuoq esoqi bmpunjaj spuoq Aue jo 'spuog VII02 sauas aqj uo Ajunjeuu q6nojqj pue 'spuoq asoqj buipunjaj spuoq Aue jo 'spuog d0T02 sauas Pue V8002 sauss aqj uo aajAjas jqap |enuue jo junouje aqj oj |enb3 8X02 qbnojqj senueAey 33d sAsuoiaj 3|qe|jeAV Jaqjo se pe6pe|d os|e Ajq eqj 'senueAey jjodjjv oj uo]j]ppe ui
suo!je6]|qo uep jomes
jo spuog uerj joiues uo jsejejuj pue |edpuud Aed 01 jeaA puog ieqi buunp juauuesjnqsjp joj 33jsnji sqj Aq p|eq suoyebjiqo uodjjv jo spaaaojd Aue Aq paanpaj eq ||eqs aajAjas jqaa eje6ej66v qans 'asea qaea ui 'pue 'JeaA |eas|3 jeqj buunp 6upuauuujoa je3A puog sqj joj aajAjas iqaa aie6ej66v aqj (xcj^x) sauuy sqjpejpunq-eAy AjuaMj pue auo 'Jeax leasij juenbesqns qaee pue jeeA |easij X202 aqj joj pue jeaA |eas|j jeqj buunp bupuaujujoa jeeA puog aqj joj eajAjes jqea ejebejbbv (X02 T) seuj]j sqjpejpunq-AjueMi pue euo jeeA le3S!3 0202 aqj joj .jeeA |eas|j jeqj buunp bupuaujiuoa JeeA puog eqj joj eajAjes jqea ejebejbbv (XST'T) seujji sqjpejpunq-uaayij pue auo 'JeaA leasu 6102 aqj joj 'JeaA |easjj jeqj buunp bupueujujoa jeeA puog aqj joj aajAJes jqaa uei~| jomes ejebejbbv (xoX'T.) sewy sqjpajpunq-uaj pue auo 'jeeA |eas|j jejpee pue jeeA |easij 8X02 aqj joj " joj epjAOjd oj-juapjjjns jsea| je aq ||im 'junoaay JO punj e ui peiisodep eq 01 pejmbej ueqi iou jeeA |easij ieqi jo Aep jsjij eqj uo pun3 anuaAay aqj ui p|aq aaue|eq qsea Aue pue 'jeaA |easij
laodaiv "ivNoiivNaaiNi smvh.o oavaiHa
810Z 'Z a3SlM3A0N
I 6t>I-3 I
s}|nsay 6u!iejado |enpv snsjaA paiaBpng ibduoisih
VXIQNBddV
IOST-3 I
>INVia Id31 A1WNOI1N31NI 3E)Vd SIH1
n >
o
O[-J4>CTiCX3ON)J>CT>00
O
Z
? 1
3 $
o z
<
m Z
C D
I EST-3 I
sa|qei uojpafojd lepueinj
a XIQN3ddV
I t>ST-3 I
»N\na 1331 A11VN0I1N31NI 3DVd SIH1
11 n
Nil
! nnif n is
mi
iliiitli t i "si
it
II I
if M
I i i i s s
nil
i
III
I ! II
1!
"!
In
ii
if
ill
i i
S I
|1010|IlSlf
Miff
Mil
HSU
I
f
ti
i
III
if
HUH
111
11-11|101010|
III
III
II If
111
o I|1010|n x n > ci o o I >
o
c
> z
n > ci o o ± >
z
>
—i
5 z >
n ' I n >
O
- Si-= 3
> i
z o <
If!
3 S 3
Hi il
II
i
!
I
I
ii
1-3
ojniuopui |BjU3ai3[ddns pjiqi-Ajxig aiu ui paypads suua) aqi uodn puB jauuBUi aqi ui 'sauui aqj jb uoiiduiapaj AjoiBpuBui pue jEuopdo oj pa fqns 3jb spuog aqi 'a-injuopui reiuauisiddns pjujX-A}xis aqi u; qyoj jas se app jpqi uiojj jsajajui jeaq 'sjnjEiu 'josjsq arep aqj popp ojb spuog aqi suoijEuiuiouaa pazuoqjny ui suodnoo jnoipiM spuoq pajajsi§aj A[[ty se A|uo ap,Enssi 3je spuog aqx
aajsrux aqi Aq suoijB§i|qo
uaiq joiuas aqj jo jyauaq aqj joj paureiureiu spury jaqjo puB sanuaAaj jo aBpap" aqi Suipnpui 'ajnjuapuj aqj jo Ajunoas pus jyauaq aqj oj pappua aoE suoireSnqo uaiq Joiuas •ajniuapuj aqj Aq pajjiuuad sb suoijE§fiqo uan Piuas leuoijippu onssi puE azuoqjnE aaijEajaq Abui Aji3 aqj pire 'SuipuEjsjno A|juosajd ajB iBqi suoiiB3i[qo uaiq joiuas panssi AjsnoiAajd SBq AJ13 aqj 'ajniuapui aqi jo suuoi aqi Japun
ajnjuapui (Bjuauiaiddns pjiqj -Ajxis aqj pus amjuapu] aqj ui papiAOJd 'juajxa aqj oj puE 'sb sanuaAaj jo saSpap! Aq pojnoos piiB uiojj Apps aiqsAsd oje puB ojnjuopuj oqj jopun panssi aq oj pajjiuuad Aj;3 aqj jo suoiiESqqo uoiq joiuos 3je spuog oqx spuog oqi oj Suippj (44ojniuapui ]Bjuauia|ddns paiqX-Ajxis,, oqj) 8102 '[ joquioooci jo sb paiEp ajniuopuj |EiuauiO[ddns pjiqx-Aixis e puB '(4laaistuj„ aqi) aaisrui se 'uoipioossv ieuoijen ^usg § n °l °qi uiojj '(44ajniuopii[„ oqi) popuouiB sb '8102 'I aunf jo sb paiEp suoireSiiqo uoiq jo;uos anuaAaj uodjiv ibjouoq yodjjy lEuoijBiuaiin 3Jbh£0 oSeoiiu Suunoas isnjx jo ojniuopuj joisbjaj papisa^j puB papuouiy 01 pBnsjnd ponssi Supq ojb spuog aqj,
spuog oqi jo oouEnssj jo sisoq ABd (a) puE 'punj-qns oajoso^i ooiajos iqaa uouiuio3 aqi 0} usodap b punj (ai) 'spuog aqi uo isajaiui aqi jo uoiyod e azireudBO (111) 'suoijESiiqo Jjodjiy Jouj aqi AiuniBui 01 joud punjoj (11) 'sioatoij yoduv V8102 3Ml J° sisoo aqi jo uoiyod b aoiiEuy (1) 01 spunj Suipuojd jo asodind oqi joj Aii^ aqi Aq pazuoqine 3jb spuog oqx
•ui3J3q pauyap asiAuaqp sso[iin upjaqi qyoj las sSuiireaui aqi aABq ipqs (pauyap jaijEiipjaq sb qoEa) ajnpapuj piuauiap'dns pjiqx-Aixis aqi puB ajnpapuj oqi ui pouyap 3jb }Bqi upjaq pasn suuax (^aouBiiipjo puog,, aqi) spuog oqi SuizuoqpE '8102 '82 qoJEjAj uo Aif3 aqi jo ipuno3 Aii^ aqi Aq paidopB aouEuipjo aqi jo anjjiA Aq puB 0Z.6I J° uoijruiisuo^ sioui[[i oqi jo (b)9 uoipas 'jja apiyy J° AiuoinnE aqi 01 pBnsjnd panssi Aiq aqi jo suonESqqo pajiuin ajB spuog oqx spuog oqi jo ooirenssi aqi 01 Suippj sSuipaooojd jo pjoooj e pouiuisxo OAEq a^ Aji3 aqi jo '(41spuog„ aqi) (XHV) V8102 souos 'spuog Suipunjoj onuoAoy; pus onuaAa^ uoiq Joiuas yodjiy [ejouoo yodiiy iBuoiiEuiaiuj aJBH<0 o8B0iq3 junouiE [Bdpuud areSaaSSE 000'S8/.'009$ J° aauBnssi aqi qiiA\ uoipauuoo 111 '(„Aii3„ oqi) sioiiim 'oSsoiq^ jo A113 oqi 01 psunoo puoq-00 se paps aABq oaa
:uauianua9 pire saipsq
(XIMV) V8102 souos 'spuog suipunja-a onuoAOJ puB anuaAO^ uoiq joiuas yodjiy lEjauag yodjiv iBUOjiBUjaiuj aJEHtO OoE0iq3 'o8E3iq3 jo Aji^ :a^
spuiju 'oSboiio uoipioossv jbuoiibni ^UBg STl
spuiiij 'o8E0iq3 oSEOiq j jo Aip
8102 '21 ioqmaooa
lassifioD a.Moa-OD xo s.moimmo jo sivMOii aasoaoad
XICIMHddV
Z-d
spuog aip jo spaaooid aip jo uopEoijddE oqi pue spuog oqi jo spaaooid aq] qiiM paouBiiijai jo poousuij Xyodoid aqi 01 SupBjaj aSpajA\oiD[ stXji3 aq) uupiM Xjajos spbj jBuaiBiu iiiB}jao 01 podsoj qi(M Ajp aqi jo siiopBOijiuao puB suopEiuosoidoj uibuoo jo ssoupojjoo aqi aumssB pUB uodn payaj aABq 3a\ 'uoiuido siqi Buuapuaj ui spuog aqi 01 padsaj qiiM Suisijb saouonbosuoo xei jejoibjjoo ipns Xub SuipiESoj uoiuido ou ssajdxa 3a\ pus 'sjaXEdxEi uieijoo 01 soouonbasuoo xbi auiooui jEiapaj iBjaiE|[oo ui i[nsaj osjb Xbui spuog aqi jo diqsjauA\o spuog aqi jo aouEnssi jo app aqi 01 XjaApoEOjpj sasodjnd xei auiooui JEiapaj joj auiooui ssojS hi popnjoui aq 01 spuog aqi uo isajaiui aqi asnBD pjnoo siuEuaAoa qons qijM Xjduioo 0} ajq oqi Xq omjiEj xei uinuiiuiui OApEiuoijE oiejocLioo pus jEnpiAipui jo sasodind joj auiooui ojqBXB} umuiiuiui aiEJodioo pus jenpiAipui jo sasodind joj aouaiajaid xei jo uiai; ub si (ii) puE sasodind xei auiooui pjapoj joj joojoqi sjouavo aqi jo auiooui ssojS aqi uiojj popnpxo si (i) spuog aqi uo isajaiui '(«°P°3„ aqi) popuauiB sb '9861 J° apoQ anuaAaj [Biuaiuj aqi jo spauiajmbaj luouiyod Xjsijes oi Xiiq aqi
Xq apsui siueuoaoo uieijoo qiiM oouEijduioo Suinupuoo SuiuinssB piiB mbj Supsixo jopun 9
¦oiBOJO 01 yodmd Xaip ijoiijm sapunoas piiE sXououi 'sonuaAa^j jo aSpajd Suipuiq pus pi|BA aqi aiBaio ajniuapuj jEiuauia|ddns pjiq j-Xixjs oqi puE amiuapuj aqi -g
spuog aqi uo isaiapi jo 'Xub ji 'uiniuiaid 'jo [Edpuud aqi jo luauiXsd aqi 0} paBpajd si spuiju jo apis aqi jo uoisiAipqns |Bopijod Xub jo Xij3 oqi 'sioujm jo oiBis oqi jo JOA\od Suixbi aqi jou iipajo puB qiiBj oqi JoqipjNj; 'SJOMod Suixbi jo }ipaio jBjauaS sii isuibSb aSiBijo b 01 osu oa|8 jo uopEiiuiij Xjopieis jo jEuoprppsuoo aiEis Xub jo Suiueoui oqi uupiM Xi|3 oqi jo ssoupoiqopui ub apipsuoo 1011 op puB Xii^ aqi jo suopESijqo poiiiuii ojb uoaiaip isajaiui aqi puE spuog oq i, omiuopuj jBiuouiojddns pjiqj-Xixis oqi puE ojniuopuj oqi ui papiAOJd sb 'spuog aAjaso^j uouiuio^ joqio ipiM XiiJBd b uo punj-qris aAjasaj aoiAjas iqoa uouiuioo aqi 111 iisodap uo siunouiB Buipnpui 'siunouiB jaqio uiEuao piiB 'ajniuapiq jEiuauiajddns pjiqj-Xixis oqi jopun ooisrux aqi Xq pauiEiuiBui punj-qns paiEoipap aqi 111 paiisodap sanuaAaj aqi uiojj Xpps ajqsXEd oje spuog aqx >
suuoi jpqi qiiAv oouBpjoooB in ojqEaojojua ojb puB ajniuapuj jEiuauiojddns pjiqX-Xixis aqi puE amiuapuj aqi jo Xiunoas pus siyauaq aqi 01 pappua aJE 'X10 aqi jo suopESijqo paiiunj Suipuiq pus pi|EA 'je83| aqi ojb 'ponssi piiB pazuoipnE Xjnp uaaq 3AEq spuog oqx '£
suuoi 3Aip3ds3J jpqi ipiM oouEpjoooE ui 3[qBaojoju3 XjjESaj ojb puE X113 aqi jo suoiiESijqo Suipuiq pire pijBA apipsuoo 'Xuq aqi Xq paiaAijop pus popoaxa 'pazuoqpB Xjnp uaaq aABq ajniuapuj jEiuauiajddns pjiqx-Xixig aqi puB amiuapuj aijx suuoi si; qiiM oouEpjoooE ui Xio oqi uodn Suipuiq puB pijBA si puB pajja piiE aojoj jjnj 111 si ooiiEuipjy puog aqx 'Z
spadsaj asoqi ui ojniuopii]
jEiuauiajddns pjiqx-Xixis aqi pus amiuapuj aqi japun suoiiESijqo s}i jo jje uuojjad 01 piiE yodjiv aqi jo saoiAjas pus asn aqi joj saSiEqo jaqjo puE saaj 'spai pajjoo piiE aSiBqo oi piiB yodiiv aqi aiEiado puB uiEiuiBui 'aAOJduu 01 (11) piiE japunaiaqi spuog aqi anss; 01 piiB aaisnjx aqi qi|A\ oinpapuj jEiuauiajddns pjiqJ/Xixis oqi puE amiuapuj aqi 01111 japa 01 (1) aouEuipjo puog aqi pus amiuapuj aqi 'spuijj] jo opis aqi jo smej aqi pire uopnipsuoQ aqi japun Xiuoqins puB jaMod aiismbaj jje sbij Xip aqx 'uopnipsuo^ S!0U!HI 0Z.61 aqi jo jj/V ajopiyjo (e)9 uopoas jo BuuiBaui oqi uiqiiM iuouiujoaoS jeoojjo iiun ajnj auioq b si puE spuiju jo aiEis aip jo smej aqi japun Bupsixa Xjnp uopEJodioo jEdpiunui e si Xjiq aqx 'J
:iEip uoundo aqi jo aiB 3m 'BuioBaioj sqi jo uoiibuiuibxs jno uodn posEg
•uoimdo siqi jopuoj
01 jopjo ui Xjessooou pauiaap baeij 3av se avej jo sjapBui pspjsj puB siiisuinoop J3ipo qons (0)
piiE Ajniuapuj
lEiuauisjddns pjujx-Xixis sip puE ajniuapuj oqi jo siJEdioiunoo poyiyao jo psposxs (q)
!aoiiBup>JO puog aip jo Xdoo payiyoo b (b) :8uimo[[oj aqi pauiuiExo OAEq om spuog aqi jo aoiiEnssi aqi qiiM uopoauuoo uj
'pailiuiqns Xnnjioadso}i
Xiinbo u; JO MEJ IB uoipE ue ui jaqip 'iqSnos 9JB saipauiaj aiqEunba pqi }uaAO aqj ui Ximba jo saidpuud 01 jaafqns si (11) piiE pajja ui jaijEaiaq jo mou sjoupaja jo soipouioj jo siqSu aqi SuipajjE sme| joqjo jo Xouoaiosui 'Xajdnj^uEq oiqBoqdds Xue Xq paiiuii[ oq Xeui (j) ojniuopui (EiuouiO|ddns pjiqx-Xixig oqi puE ojnjuopui aqj 'spuog aqi jo (ioojjo Suipuiq jo XjipijEA oqj jou jnq) XjqiqEoojojua oqi jEqj noX osiApB om 'uoiuido SuioSaioj aqi Suuopuoj ui
saxEi auiooui siouqu juasajd uiojj jduioxo iou si spuog aqi uo isajaiui 7,
pue tamiuapuj
jEiuauiajddns qiinoj-Aixis aqi pus ajniuapuj aip jo siJBdiaiunoo paypjao jo painoaxo (q)
iaoiiEuipao puog aqi jo Adoo paypioo e (e)
:§uimo[|oj oqi pouiuiExa OAEq om spuog oqi jo ooirenssi aqi ipiM uopoouuoo uajniuapuj jEiuauiajddns qynoj-Aixjs aqi ui paijjoods suuoi oqi uodn pus jouubui oqi ui 'sauiji aqi ie uopduiapaj AioiBpuBiu pus jBiiopdo 01 pafqns 3jb spuog aqx ojniuopuj jEiuauiajddns qynoj-Aixjs aqi ui qyoj ias se aisp Jiaqi uiojj isajaiui JEaq 'ajniEui 'joajaq app aqi paiEp oje spuog aqx suopBUiuiouoQ pazuoqiny ui suodnoo inoipiM spuoq poioisiSoj Ajjnj se Ajuo ajqsnssi 3je spuog oqx
aaisnjx aqi Aq suopESijqo
uoiq joiuos aqi jo lyauaq aqi joj pauisiuiEut spunj joijio pus sonuoAOJ jo aSpajd aqi Suipnjoui 'ajniuapuj aqi jo Aiunoas pire lyauaq aqi 01 pappua oje suopESijqo uoiq joiuos a-iniuapuj aqi Aq paniuuad se suopESpqo uaiq joiuas jBiiopippB anssi pire azuoqins jaijsajaq Aeui A113 oqi puB 'SuipuBiswo Ajiuasajd ajB }Bi|i suopESijqo uaiq joiuas panssi AjsnoiAajd sbij Aip aqi 'ojniuopuj aqi jo suuai aqi Jopun ojniiiopiij jEiuauiaiddns qynoj-Aixjs aqi puB ojniuopuj oqi ui popiAOJd 'iiiaixa aqi 01 puB 'se sonuoAa^j jo saSpajd Aq pajnoos pire uiojj Ajojos ojqsAEd oje puE ojniuopuj aqi japun ponssi oq 0} papiuuad A113 oqi jo suoiiESqqo uaiq joiuas aJE spuog aq j, spuog aqi 01 Suiiejoj (^ojniuapuf jEiuauiajddns qynoj-Aixis,, aqi) 8102 'l Jaquiaoaajo sb papp ajniuapuj jBiuouiojddns qunoj-Aixis b puB '(l(aaisnj |,„ oqi) ooisnji sb 'uopspossy lEiiopBN ^jireg STl °1 3m m01i 'Lamiuapuj,, aqi) papuaure se '8(02 'I aunf jo sb papp suoiiESijqo uaiq joiuas anuaAaj yodny jEjauaQ yodiiy jBuopBUjaiuj 0JBHtO oSsoiqo Suunoas isrux jo amiuapuj jaisBjAj; paiBisa^j puB papuauiy ue 01 urensmd ponssi Supq oje spuog oqx
spuog aqi jo aouBnssf jo sisoo ABd (ai) pire 'punj-qns aAjasa^j aoiAJOS iqoQ uouiuioo aqi 01 iisodap b punj (111) 'spuog aqi uo isajaiui aqi jo uoiyod b azqEiidEO (11) 'spafojd yodiiy g8I02 3lP J° slso:> oqi jo uoiyod b aoiiBuy (1) 01 spunj SuipiAOJd jo osodind aqi joj A110 aqi Aq pazuoqinE oje spuog aq j,
•upiaq pouyop asiAViaipo ssajun upjaqi qyoj ps sSuiuBoui oqi oaeij ||Eqs (pouyop JoyEupjoq se ijobo) ajniuapuj jBiiiauiajddns qunoj-Aixis aqi pUE ojniuopuj aqi ui pauyap aJB }Bqi upjaq pasn suuax ((laouBiijpJO puog,, oqi) spuog aqi Suizuoqins '8102 '82 ijojejaj uo A}jo oqi jo jiounoo A113 oqi Aq poidops oousuipjo oqi jo onyiA Aq pUB 0Z.6I J° uopnipsuoo siouijn aqi jo (b)o. uoipos 'IIA appiV J° AiuoqinB aqi 01 }UBnsmd panssi A}io aqi jo suoiiESijqo paiiuuj ajB spuog aqx spuog aqi jo aouEnssi aqi 0} SupBjaj sSuipaaoojd jo pjoooj e pouiuiExa aABq 3M A"iio aqi jo '(44spuog„ aqi) (xIAIV-uom) H8102 sauas 'spuog onuoAOJ uoiq joiuos yodiiy jbj3U3£) yodny jBiiopBiuaiui 3JEHtO oSboiijo lunouiB jBdiouud sibSsjSSb 000'S60'219$ i° aauBnssi aqi qiiM uopoauuoo ui '(tiA}iO„ aqi) siouijjj 'oSboiijo jo A}io aqi 01 jasunoo puoq-00 se popE oaeij 3jVV
:uouiojiuo9 pire saipEq
~ (IWV-uon) 08102
sauas "spuog anuaAaj uaiq joiuas yodiiy ibjouoo yodny jBuopBiuaiuj aJEj-j.O oSboiijo 'oSEOiqo jo Alio :a^j
siouiju 'oSsoiqo uoirepossy |euo|ibm )preg STl
siouijjj 'oSeoiijo oSBOiqojo Alio
8102'21 Jaquiaooo
S-A
Xue Xq popuiq aq Xbui (i) airpuapuj |B}iiauia[ddns qynoj-Xixis oqi pus ojniuopuj oqi 'spuog oqi jo (pojja Sippuiq jo XiipijBA aqi iou inq) XpjiqBaojojua aqi }Eqi noX asiAps 3a\ 'uoiuido SuioSajoj aqi Suuapuoj iq
soxei ouiooui siouqjj luosaid uiojj iduiaxa iou si spuog aqi no isojoiui •/_
spuog oqi jo spoooojd aqi jo uopBoqddB aqi puB spuog aqi jo spaaooid aqi ipiM paousuyaj jo paouEuy Xyadojd oqi 01 SupBjaj aSpajAvoiDj s^p^ aqi uupiM Xjajos spsj jBuaiBui inEjjao 01 padsaj qiiM X113 aqi jo suopBoypjoo piiE suopEiuosojdoj uieijoo jo ssaupauoo aqi auinsss pus uodn poqoj aAEq 3av 'uoiuido siqi Suuapuaj uj spuog aqi 0} podsoj ijiiav Suisub soouonbosuoo xei jBiaiBjioo qons Xub 8uipjE8oj uoiuido ou ssajdxa aM pus 'siaXEdxEi uiEyoo 01 soouonbosuoo xei ouiooui jEiopaj jEjajEpoo u) ipsaj osp Xbui spuog aqi jo diqsjauMy spuog aqi jo aouBnssi jo app aqi oi XpAipEOJioj sosodind xei ouiooui JEiapaj joj auiooui ssoj8 ui popnpui oq 01 spuog aqi uo isajaiui aqi asnEO pjnoo siueuoaoo qons qjiM X[duioo 01 Xpo aqi Xq ajniiEj auiooui ajqsxBi uinuuuiui oaiieiuoi|e oiEiodioo SupBjnojBO uoqM sSuiujeo iiiajjno paisnfpB 111 papnpui si inq 'suopEJodioo pus s|EnpiAipui uo posoduii xei uinunuiui aAiiEuiaip pjopoj oqj jo sosodmd joj aouaiajajd xei jo map oyioads e sb paiBaii aq iou piM (u) puE sosodind xei auiooui JEiapaj joj joajoqi sjouavo oqi jo ouiooui ssojS oqi uiojj popnpxo si (1) spuog oqi uo isajaiui '(^POD,, 9in) papuauiB se '9861J° °P°D anuaAaj [Biuajui aqi jo siuauiajmboj pauiyad Xjsijes 01 Xi]3 aqi Xq apsui siueuoaoo uiByao qiiM aouEqduioo Sumupuoo SuiumssB puE avej Supsixa japufj '9
oieojo 01 yodind Xoqi qoiqM sopunoos puE sXououi 'sonuoAa^jo aSpajd Suipuiq pus pi|EA aqi ajBajo ajniuapuj jEiuauiajddns qynoj-Xixis aqi pus ainjuapuj aqx '£
¦spuog aqj uo jsaiaiui jo 'Xub ji 'uiniuiajd 'jo jBdiouud aqi jo luauiXsd aqi 01 paSpojdsi siouqu jo ojejs aqi jo uoisiAipqns jEoppod Xue jo Xpo aqi 'sioupu jo apis aqi jo jaAVod Suixbi aqi jou ppoio puE qipj oip joippjsi sjOMod Suixbi jo ppaio jEjauaS sp isuieSe aSiBqo b 01 asu aAiS jo uopBpuuj Xjoiupis jo |Euopnipsuoo oieis Xue jo SuiiiEaui aqi uiqiiAv M}J aqi jo ssoupoiqopui ub ajnjpsuoo iou op puB Xji^ aip jo suopESpqo paiiuip 3je uoajaqi isajaiui aqi puB spuog aqj, •amiuopuj jBiuauiajddns qynoj-Xixis aqi pus ajniuapuj aqi ui papiAOJd se 'spuog aAJosojj U0UIU103 jaqio ijiiav XpjEd e uo punj-qns oajosojj ooiajos JQ3Q uouiujoo oqi 111 psodop uo siunouiB Suipnjoui 'siunouiB joqp uppjoo pus 'ojniuopuj jEiuouiO|ddns qynoj-Xixjs aqi Jopun ooisnjx oqi Xq pauiEiuiBui punj-qns paiEoipop oip ui popsodop sonuoAOJ oip uiojj Xjo|os oiqEXsd ojb spuog oqx iV
suuai Jiaqi qiiM aouBpjoooB 111 ojqBOOiojuo ojb puE amiuapuj jEiuauiajddns qimoj-Xixjs aqi pus ajniuapuj aqi jo Xpmoos puE siyouoq oqi 01 pojipua oje 'Xpo aqi jo suopESpqo paiiuip Suipuiq pus pijBA 'jBSaj aip aiB 'panssi piiB pazuoipnB Xjnp uaaq OAEq spuog aqx '£
situai aApaadsaj jpqi qiiM aoirepjoooB ui ajqEaoiojua XpESaj 3jb pire Xifo oqi jo suopESpqo Suipuiq puB ppBA ainipsuoo 'Xp3 aqi Xq paiaAijap pus painoaxa 'pazuoipnB Xjnp uooq OABq ajniuapuj jBiuauiajddns qynoj-Xixis aqi pus omiuopuj oqx suuoi sji ijiiav oouEpjoooE ui X113 oqi uodn Suipuiq puE ppBA si piiE pajja pus aojoj pnj 111 si ooiiBuipjy puog oqx 'Z
spadsaj asoqi ui amiuapuj
jBiuouiojddns qynoj-Xixis aqi piiB amiuapuj aqi japun suopESpqo sp jo jje uuojjad 01 piiE yodpv sqi jo saoiAjas puE osn oqi joj soSjEqo-Joqio puE soaj 'siuaj papoo piiB aSjEqo 01 piiB yodiiv aqi aiBjado pus uiEiuiEui 'OAOjduu 01 (11) piiB lapunaiaqi spuog aqi anssi 0} pus ooisnjx oqi qiiAv ojrpuopuj jBiuouiojddns qynoj-Xixis aip pus omiuopuj oip ojui joiuo 01 (1) oouEiiipjo puog aqi puB ajniuapuj aip 'sioupp jo ajBis oip jo savej aqi piiE uopnipsuoo aqi japun XiuoqinB pus J3A\od apsinbaj j|B sbij Xjp aqx uopnipsuoo siouijjj 0Z.6I 3lH jo HA app-iV J° (E)9 uopoas jo Siuuboui oip uiqiiM iuouiujoaoS |eooj jo pun ojnj ouioq e si due sioinjjj jo aiEis aqi jo savbj aqi jopun Supsixo Xjnp uopsjodjoo jEdpiunui e si Xp^ oqx J
:iEqi uoiujdo aqi jo 3je 3av 'SuioSsjoj sqi jo uopBiuuiBxa jno uodn pasEg
uoiuido sup japuaj
0} japjo 111 XjEssaoau pauiaap aABq oav se avbj jo sjoiieui poiBjoi piiB siuoumoop jaipo qons (0)
'pojjiuiqns A^ryioadsajj
•Ajinbo ui jo mej je uoijoe ue ui joqjio 'jq8nos oje soipouioj 0|qE]inbo jEqj juoao oqj ui Ajmbo jo soidiouud oj joofqns si (n) pus joojjo ui JojjEOJoq jo wou SJOjipojo jo soipouioj jo sjqSu oqj Suijoojjb savej joqjo jo Xouoajosui 'AojdanjuEq 0[qEOj[ddE
isDUEUipiO puog oqi jo Adoo payiyao e (e)
:SuiA\opoj aqj pauiuiBxa aAEq 3a\ spuog aq; jo oouEnssi aqj qjiA\ uopoauuoo uj
ajnjuapui [Eiuauia[ddns qpij-Aixis aqj ui paijiaads suuai aqj uodn pus jauiiEui aqj ui 'sauiy aqj je uoijduiapaj AjojBpuEui pus |Eiiopdo oj jaafqns 3je spuog aqj, ajniuapuj [Biuauiajddns qyij-Aixjs aqj u; qjjoj jas se ajsp Jiaqj ujojj jsajajui jsaq 'ajnjBUt 'joajaq ajEp aqj pajsp bjb spuog aqj, •suoijEuiuiouaQ pazuoqjny ui suodnoa jnoqjiM spuoq paiajsiSai Apnj se Ajuo ajqBnssi 3jb spuog aqx
•aaisnjx aqi Aq suoiiESqqo
uaiq joiuos aqi jo pjouoq oqi joj pauiEiuiBui spunj jaqio pus sanuaAaj jo o3pa[d aqi Suipnpui 'ajniuapuj oqi jo Xiunoas pus lyauaq aqi 0} pappua ajB suoiiESqqo uaiq joiuas 'ajniuapui aqi Aq paipuuad se suoiiESqqo nan Joiuas iBiiopippE onssi pciB ozuoqpE joysojoq Abui Aip aqi puB 'SuipuBisino Ajjuosojd oje iBqi suopESpqo nan Joiuas panssi AjsnoiAaid SBq Aip aqi 'ajniuapiq oqi jo suuai aqi Japufj
ajniuapui piuauiaiddns qiJ!i-Aixis aqi puB ajnjuapuj aqj ui papiAOJd 'juajxa aqi oi piiB 'sb sanuaAay jo sa3pa|d Aq pajnaas puB uiojj Ajaios ajqBAsd 3jb piiE ajniuapuj oqi jopun panssi aq oi papiuuad Aijo 3M' J° suopsSpqo uaiq joiuas aJE spuog aqx spuog oqi 01 SupBpj (^ajniuapip iBiuauiaiddns qijij-A}xis„ aqi) 8103 'l iaquiaoaa jo sb papp ajniuapui iBiiiauiajddns qiJiJ-Aixis e piiB '(4laaistux„ aqi) aaisnj} se 'uopEpossy jeuoiiem ^UBg STl °4 ^ip aqi uiojj '(^ajniuapiq,, oqi) popuouiB sb '8102 'l aunf jo se papp suopESpqo uaiq joiuos anuaAaj yodny pjauao yodny IBUopEiuajuj ojej-^O oSBopp Suunoos isnjx jo ojniuopui joiseiaj pajBjsajj pus papuouiy ue oi juBnsjnd panssi Supq 3je spuog aqx
spuog aip jo souEnssi jo sisoo Asd (ai) puB 'punj-qns aAjasaj aoiAJOS iqoQ uouiuioo aqi 01 psodap b punj (in) 'spuog aqi uo isajaiui aqi jo uoiyod b azqspdBO (n) 'spafoij yodjiy 08102 aqi jo sisoo aqi jo uopjod b aoiiEuy (i) oj. spunj SuipiAOjd jo asodjnd aqi joj Aip aqi Aq pazuoqinE aJE spuog aqx
•upjoq pouyop asiAuaqio ssajun upjoqi qyoj jas sSuiuBaui aqi aABq pBqs (pauyap japEiipjaq sb qosa) ajniuapui [Eiuouioiddns qjjij-Ajxis aqi pire ajniuapui aqi ui pauyap ajB }Bqi upjaq pasn suuax („aoiiBuipjo puog,, oqi) spuog oqi SuizuoipnB '8102 '82 qaiEjAi uo Aip aip jo pounoo Aiiq aip Aq paidopB aouEuipjo aqi jo anyiA Aq puE 0Z.61 J° uopnjpsuoo sioupu aqi jo (b)9 uopoos 'IIA appiy jo ApjoqinE oip oi lUEnsjnd panssi Aip aqi jo suopESpqo papuip ajB spuog aqx spuog aqi jo aauBnssi aqi oi SupBpj sSuipaaooid jo pjoooj b poiuuiExa aAEq 3a\ Aip aip jo '(^spuog,, aqi) (ajqBXEx) 08102 sauas 'spuog anuaAaj uoiq jomos yodny IBjauao yodjiy iBiiopBiuojui ojbj-^O oSBopp junouiE jBdpuud ojbSojSSb 000'000'008$ J° aauBnssi aqi qpA\ uopoauuoo ui '(l4Ajp„ oqj) sioupu 'oSBOiqo jo Ajp oip oi psunoo puoq-oo se pops oaei[ om
:uauiapuar) puE saipsq
~ (oiqEXBjj 08102
sauas 'spuog anuaAaj uoiq joiuos 1-iodiiy [ejouoq jjodiiy [EuopEUJOiuj ojejj.O °§Baiqo 'oSBopp jo Aip :oy
sioupjj 'oSBo;qo
UOpBlOOSSV JEUOpEfsJ >JUEg ST)
sioupjj 'oSeoujo oSsoup J0 fyD
8102 '21 Jaquiaaaa
8-J
'poipuiqns Xpnjioodso^
•Xpnbo u; ao mb[ re uopoB ub ui joqpo 'iqSnos oje soipouioj 0|qEpnbo reqi poao oqi ui Xpnbo jo so[diouud o} pofqns si (11) pus pojjo ui JOijEOJoq jo /wou sjoppojo jo soipouioj jo siqSu oqi SupoojjB sme| joqio jo Xouoa[osui 'XoidnDpreq opBopddB Aire Xq popup] oq Abui (i) ojniuopui piuouioiddns qiji j-Xixis oqi pire ojnpopui oqi 'spuog oqi jo (pojjo Suipuiq jo XiipireA oqi iou pq) XppqBOOJOjuo oqi }Eip noX osiAps om 'uomido SupSoioj oqi Suuopuoj ip
•soxb} ouiooui spuipj posoid uiojj idmoxo pu si spuog oqi uo isojopi 7,
sosodind xbi
ouiooui reiopoj joj joojoqi sjoumo oqi jo ouiooui ssojS oqi 111 oiqipnpui si spuog oqi uo isojoiui 9
¦3}eojo 01 yodmd Xoqi qoiqM sopunoos pire sXououi 'sonuoAOJ jo oSpojd Suipuiq puE ppEA oqi oieojo ojnpopui [Eiuouioiddns qijij-Xixis oqi pire ojniuopip oqj, g
spuog oip uo isojoiui jo 'Xub ji 'umpiojd 'jo pdpuud oqi jo pouiXEd oqi 01 poSpojd si sioupp jo oreis 9Ml J° uoisiAipqns [Eopqod Xub jo Xpo oip 'spupp jo oiEis oip jo JOMod Suixbi oqi jou ppojo pire qirej oqi JoqipN siOMod Suixbi jo ppojo [bjouoS sp isiueSe oSjBqo e 01 osu oa;8 jo uopEpuip XioiniBis jo iBiiopnipsuoo opis Aub jo Suiuboui oqi uiqpM Xpo oip jo ssoupoiqopui ub oinipsuoo pu op pus Xpo oip jo suopESpqo popuip ojb uoojoqi isojoiui oip puB spuog oqj, ojniuopui lEiuouioiddns qpi'j-Xixis oip pire ojnpopuj oqi ui popiAOJd se 'spuog oajoso^ uouiuioo joqp ipiM ApjBd b uo punj-qns oajoso^ ooiajos iqoa uouiuioo oqi ui psodop uo siunouiB Suipnpui 'spnouiE joqp ureyoo pire 'ojniuopui reiuouiO[ddns qijij-Xixis oqi jopun ooisrux oip Xq pouiEiuiEUJ punj-qns popoipop oip u; popsodop souuoao^ oip uiojj Xp[os oiqBXsd oje spuog oqj,
•suuoi jpqi qpM oouEpjoooE ui oiqEOOJOjuo ojb puE ojnpopui ppouioiddns qijij-Xixis oqi puB ojniuopui oip jo Xiunoos puB snjouoq oqi 01 poppuo oje 'Xpo oip jo suopESpqo popuip Suipuiq puB ppBA '|b8oi oip ojb 'ponssi pire pozuoqinB Xpp uooq OAEq spuog oqj, £
suuoi OApoodsoj jpqi qpM ooirepjoooB ui o^boojojuo XpESoj ojb pus Xpo oqi jo suopBSqqo Suipuiq pire ppBA oinipsuoo 'Xpo oqi Xq pojOAqop puB popooxo 'pozuoqpE Xjnp uooq OAEq ompopui repouioiddns qU!J-^lx!S 3Mi PUE oinpopiq oqx suuoi sp ipiM oouspjoooE ui Xpo oqi uodn Suipuiq puE ppBA si pire pojjo puB oojoj pnj 111 si oouEuipjo puog oqx 'Z
spodsoj osoip 111 ojnpopuj
lEiuouioiddns qiJ!J-Xixis oip pire oinpopip oip jopun suopESpqo sp jo pB uuojjod 01 puE yodjiy oqi jo sooiajos pus osn oip joj soSiEqo joqp pus sooj 'spoj popoo pire oSjBqo 0} pire yodiiy oqi oiEJodo puB uiBiuiEui 'OAOjduu 01 (p) puE jopunojoqi spuog oqi onssi 01 piiB ooisnjx oip qpM ojnpopui (Eiuouioiddns qijij-Xixis oqi pus ojniuopip oqi opi jopo 01 (1) oouEuipjo puog oip puE ojnpopui oqi 'spupp jo opis oip jo smej oip pire uoipipsuoo oqi jopun XpjoqpE pus JOA\od opsinboj pB SBq Xpo oqx uopnpisuoo S!0U!III 0Z.61 3ln J° HA oppjyjo (e)9 uopoos jo 9iiuiboui oqi uiqiiM hiouiuioaoS [eooi jo pun opj ouioq e si pus spupu jo oreis oqi jo sme( oqi jopun Supsixo Xpp uouejocLioo iBdpiunui b si Xpo oqx I
ipqi uoiuido oqi jo oje om 'SiuoSojoj oqi jo uopEipuiExo jno uodn possg
•uouiido sup jopuoj
01 jopjo 111 Xjessooou pouioop OAEq om sb me[ jo sjohbui poppj pire spoumoop joqp qons (0)
pire tojnpopu]
[Eiuouioiddns qijij-Xixis oip puE ojnpopui oqi jo syEdiopnoo poijpjoo jo popooxo (q)
i-o
jo UJB3J1SJB013 joj Xjopsodap am irein jaqio 'lUEdppjBj 3J,Q e 01 lUBdppjEd JBapojng jo lUBdppjEd uue3jjsje3I3 b qSnojqi jo Xq sapunaas jo saps jo pnsaj b sb JBapojng jo uiEajisjsap ui paApaaj qsE3 Xep ssauisnq iBip uo lusdppjEd uiEajisjEao jo lUBdppjEd JBapojng pEAopj oqj 01 pauodaj aq ijim Suissoaojd aip Suunp papps sapunaas aip ui suoipbsubji Xub jo sppaja asaqj, app piauiapps DIG aqi SuiMopoj XpiBipaiuuii 'aq Xbui osbd aqi sb 'JBapojng jo ureaj}SJBap joj Xep ssainsnq b aq isnui qaiqM 'Xsp Suissaaojd uiauiapps sapunaas aqi Suunp pappaja aq piM 'jsapojng jo lUEajisjEap jo jpqaq uo Suipioq Xjopsodap b UBip jaqio 'lUBdppjEd b qpA\ uopaBSUBJi b jo pnsaj e se iiiBdppjBd JEapojng jo uuBaJisjEoo b jo iimoaoE sapunaas aqi 'saauajajjpp auoz auip jo osnBaag 3J,a jo s>rooq aqi uo sauiBii sauopsodap aip ui spnoaaB sapunaas tsjauioisna ui suopisod p|oq piM 'iuni ui 'sauopsodap aqx
sauopsodap
aApaadsaj Jiaqi jo s5[ooq aqi uo sauiBU s^apojng piiB s^iBaJiSJEap ui siunoaaE sapunaas 4sjauioisna qSnojqi sjuEdppjBd jpqi jo jpqaq uo suopisod snqiuuio pjoq piM JEapojng piiB ureajisjEap aauiuiou spjQ aq piA\ jappq pjoaaj aqi 'spuog uaiq -ioiuas 8102 uons J° ^UE JOH suiaisXs aqi ui siuEdppjEd ajB iBip suoiibziubSjo qSnojqi Xpaajipui jo 'suiaisXs asoqi ui suiBdppjBd 3je sjoisoaui aqi ji adojng ui JBapojng pus uiB0JisjB3|3 jo '3J,a jo sapppsj Xjiuo-Jfooq aqi qSnojqi sJoisaAip 01 panssi XpEpiui aq piM suopaESUEJ} ajoqsjjo ui pps spuog uaij joiuas 8102 aqj, saunpa^ouj juauiapjas Puv ^ulUV30
Xpaajipui jo Xpaajip jaqpa 'uiaisXs jaipp jo japjoq lunoaaB ub qpM dpisuopspj ppxnsna e uibiuieui jo qSnojqi jEap }Eqi suopnipsip jaqio 01 a[qEpEAB si uiEaJisjEap piiE JBapojng 01 ssaaaE pojipuj suopEJodioa SuiJBap pus saiusduioa isrui 's>jUEq 'sjsjBsp puB sJ3>jojq sapunaas 'sjspjAUspun Suipnpui 'suopnipsip |BpiiEuii apiMpuoM aJE sjauioisna uiBajisjEap pus JEspojng
jsqio qaBa qpM sapsji apps
Xbui siuEdppjEd aApaadsaj Jioqi qaiqM ssojoe suiaisXs omi jpqi uaaMpq aSpuq apiojpap ue paqspqEisa aABq uiBaJisjBao puB JBapojng sdujsuopEpj pppoisna puE XjEpsodap paqsqqBisa qSnojqi sauiunoa [EjaAas ui S13JIJBUI sapunaas apsouiop qpM pap osp ureaJisjESiQ pire JBspojng -SuiMOJjoq piiB Suipuai sapunaas puB sapunaas papsj} XpBiiopBiuaiui jo luauiapps pus aaiiEJE0[a 'uopEJisuqmpB 'Suidaa:>pjBs Suipnpui saaiAjas snouBA apiAOJd uiBajisjEap piiE JBapojng sjapioq lunoaaB aApaadsaj jpqi uaaMpq jajsuEJi Xjiua-aiooq aiuojpap Xq suopdesubji sapunaas jo piauiapps puE aauBJBap aip aiEippEj puE sjauioisna jiaip joj sapunaas p[oq qaBa ureaJisjEap piiB JBaiaojng \uvaujsuva\j puv uvapounj
SJSauajUl dlUSUaUMO [Vpifauaq UOtlS OJ SuiJVpu SpuOOaU
Auv 8ui,waiAau uo SwsiAuadns 'Suiuwjuwiu uof uo wajsA'g SuiuDa/j Auv Jo sapi/iopf auj ijSnouuj ppu spuog uaij uoiuag SIOZ 3H} u! sjsauajux dii/suauMO \vp\fauaq 'fa junooon uo 3pvxu sjuaiuiivd uo 'oj Sujwpu spuooau aip fa joadsv aud uoj AjjuqDji uo lijipqisuodsau A~ud 3i\du jou //im 3^ wajsAs Suuvajj juvAdpu 3tfj fa saunpsooud puv suoijvpiSau 'sapu aip fa AiipqvoJiddv panuijuop auj luuifuoo oj pasvvpD auv sutajsA^ 8uiuv3jj aip fa Auv fa saijjijjv/ ai/j asn oj Sujusim suojssauj uotjoas sup in uojjdwuo/ui aip fa) Aovnbapv UO SS3U3J3/dWO0 'ADVUHDOV 31/J UOf AjjpqiSUOdsau A~UV 3J/VJ SU3SVUJUHJ ivijiuj auj uo suajiuMuapuf) aip 'Ajuoujny aip fa auou jnq 's/qvipu aq oj adaipq suasDuounj pijiuj ai{j puv suaju.xuspufi aip 'Aiuoipny aip jvuj saounos tuouf pauivjqo uaaq svi[ swajsA's Suiuvajj aip Suwuaouor> uopoas siqj ui uoijviuuofin auj joaffa ui A~puauuno (it siuajsA's Suuvauit auj 'uaipaEoj wvaujsuvau puv uvapounq 'JJXl) C. tuvaujsuvajj,,) y$ Suijjuvg luvaujsuva/j uo (^uvapoutrq,/) a 'My"V'S HUVQ uvapounj jjq fa ssunpaooudpuv suoijvjnSau 'sapu aip fo uoijDjauduajupu uo ui a8uvuo Auv oj joafqns si Mojaq jno jas uoijvuiuofai ai/j
sajnpaaojj aaucjEap |Bqoo
saMfiaaDOMJ
33VViHVai3 IVHOnO CIMV IAI5U.SAS A1.VO ANJLM3-XOOH jIO MOIXdIM3Saa
o xiaN:a Jdv
Z-D
jajsuBJi 01 qsiM oqA\ SJOJS3AU1 STl sapis papufj aqi ui se Xsp ssauisnq 3UIES 3l[l uo jsspomg jo/pus
UIE3J1SJB30 HUIAJOAUI SUOpOBSUBJJ BupOjduIOO qilAV SUOpEDIjduIOD 3q XBUI 3J3qi 'S3DU3J3JJip 3UOZ-3UU1 JO
sstiBoaq 'uoijippE uj ssauisnq joj uado oje suiaisXs asoqj uaqw sXsp uo ureajisjEsp jo JBapomg qBnojqi spuog uaiq joiuos 8102 aqi 8uia|oaui suoiiBOiunuiuioo joqp pus siuauiAsd 'sauaAqap aAiaaaj pire ajreui 01 0|qE aq Xpio jjim sjo}S3aui ppi 3jeave aq ppoqs sjojsaAuj -suoiwuapisuoj Suituij ppadg
310 PUE uiBOJiSJEOO 'jE0[0Ojng Aq osodind sun joj poqsqqBiso sompaooid qnM aouBpjoooB ui poioojja aq Xbui 31Q piiE uib3jisje313 jo JEaiaojng uaaA\jaq spuog uaiq joiuas 8102 aqi u] sjssjsiui AJuia->[Ooq jo jajsuEJX '3IO Xq asodmd siqi joj psqspqsjss sampaaojd qpM aouspjoooB ui 31Q uiqiiM pojJojsuEJ) aq Xbui spuog uaiq joiuas 8102 aqi u! sjsaiajui Xjiua->Toog uiEajjsjEap pus JBapojng Xq sasodind asaqi JOj poqsqqEisa sompooojd ipiA\ oouEpjoooE iii uieojjsjboo puE JBapojng uooA\ioq puB UIE0JJSJB0J3 uiqjiM puE JBopomg uiqiiM pojJojsuEJ} oq Xbui spuog uaiq joiuas 8102 3in u! sisaiapi Xriua-j[Oog "sampaaojd aApaadsaj Jiaip ipiM aauEpioooE ui 'aq Xbui asBa aqj sb '3IQ -io uiBajisjBap 'JBapojng jo spjoooj aqi uiqpM iajsuEJi aqj jo uopEJjsiSaj Xq sssd piM sjsajajui Xjpa-^ooq qons oj opij, aq Xbui asBa aqj se '3IQ jo uiEajjsiEap 'JBapojng in sjsaiajui Xijua-jrooq oj app jo j3jsuejj Xq pa[pas aq piM spuog uaiq joiuas 8102 3lP u! sapsij jajfjBui XjBpuooas 'Suipvuj pyuuffl tUvpuooas
spuog uoiq jopjos 8102 3 Ml J° XjaApap jo ajBp aip uo Xjuoqjnv aqi oj juauiXEd jo jdpoaj jo uoijBuupuoa 8iiiA\opoj spuog uaiq jouias 8102 3lP u! sjsajajui Xjjua->[ooq qjiM pajipajo oq piA\ sjunoooE sopunoos tsjiiEdppjBd 31Q uiajsXs juauiapjas spunj Xeq auiES spxa 1Q} ajqiSqa sapunaas oj ajqEopddE saoposjd XjaApap aip Avopoj piA\ 31Q qSnojqj spuog uaiq jouias 8102 3lP u! sjsajajui Xjjua-5[ooq pioq oj Bupaap sjasEqomd jo jpqoq 110 Snips sjuBdppjBd 3IQ (spuog uaiq jouias 8102 3lP J° XjaApap jo ajBp aqj uo sb anpA) juouiXEd isuieSe spuog uoiq jouios 8102 9lP J° XjOAipp jo ajEp aqj SuiMopoj XBp ssouisnq oqj 110 sjunoooE aauBJBap sapunaas ^juEdiopjBd uiBajjsjBao puE JBapomg oj pajipajo aq piA\ spuog uaiq jouias 8102 aqi u! sjsajajui Xjjua ->{oog spuoqomg puopuaAuoa oj ajqBopdds sampaaojd juauiapjas aqj A\opoj piM spnoaaE uieansjEap piiE JBapojng qSnojqi spuog uoiq joiuas 8102 9lP u! sjsajajui Xjjuo-^ooq ppq oj Supoap sjasBqojnj uuoj Xjjuo->poq paypjooun 111 oq piM spuog uoiq jouios 8102 3lP u! sjsajajuj -juaiua/ms piiiuj
uieojjsjeo|3 piiE jEopomg '3XQ 3lP u! sjunoooE jo uopEJodo piiE oouBuajuiBui aqj jo jaadsaj in ajqBXEd XpBuuou saaj moui Xbui spuog uoiq joiuos 8102 3lP u! sjsojojui Xjjua->jooq jo siapioq 'jaAOA\oq Jspuog uojq joiuos 8102 3MJ ^l"PI0ll i° padsoi ui sooj Xue osoduu jou piA\ Xjijoqjny oqx
souojisodop oqj oj Xpoojip suoponijsui jaApap jou Xbui sjuEdp;jJEd JBapojng jo sjuBdppjBd uiEajjsjBap '3J,Q °J aiqsapddB juauiapjas spunj XBp ouibs joj sampaaojd jeuuou qjiM aaiiBpJoaaB ui juauiXEd SuiApaaj jo Bupreui puE '3XO u! sapunoas SuiApooj jo SuuoApop Xq jpqoq sji uo juouiopjos puy joojjo oj uopoE o>[ej oj Xiojisodop sji oj suoponjjsui JOApop 'sjuauiajpbaj juauiapjas sji sjaaui uopaESiiEjj aqj ji 'piA\ uiajsXs BuuEap [EuopEuiajui UEadojng jueaopj oqx
ouip iiEodomg ui souppBap
paqspqEjsa sji uupiM pus sajnpaaojd piiB sa[ni sji qjiM aauEpjoaaE ui uiajsXs aqj 111 XjjEdiajunoo oqj Xq uiojsXs §uueo[o puopBuiojui UBodojng jueao[oj oip oj suopanjjsui jo XjaApap ajinbai piM suoijoesuejj ja^jEui-ssojo 'jOAOMoq tsouopsodop jueaopj oqi Xq uiojsXs BuuEop puoijBuiajui UEadomg jiiEA3[aj oip jo jpqoq uo so[tu 3x0 qiJM oouEpjoooE ui 3x0 ui popojjo oq piA\ 'joqp oip uo 'siuEdppjEd JBapomg jo spEdiopjEd uieojisjeo[3 qBnojqi Xpoajipui jo Xpaaiip puB 'puBq auo oqi uo '3x0 qSnojqi Xpoajipui jo X[poJip Buipioq suosjod uooMpq sjojsubji }0>[jeui-ssoj3 sajnpaoojd BupBJodo puB soini OApoadsaj jpqi qpA\ aoirepjoooB ui maao piA\ siirediaijiBd JBapomg jo spBdppjBd uiBajisjE3|3 uaoMpq sjojsubji •sojru 3ia qi!M souEpjoooE ui jnooo piM spBdppjBd u33A\pq sjojsubji saunpaooaj ub/suduj
•31a 111 pouiopps BuiAvopoj XBp ssouisnq oqi jo sb Xpio pnoooB qsBO JEopojng jo uib3jisjbo|3 liiEAspj aqi ip ajqBpEAE aq piM pq app pauia[iias 31a oqi uo anpA qpM paApaaj aq piA\ 'JBapojng
£-0
amp iiEadojng in sauppBap
poqsqqsjso sn uiqjiM puB sajnpaoojd puB sa[ni sn qjiM aaiiBpjoooB ui uiojsXs oqi in XjjEdiajunoa aqi Xq uiajsXs SiuiBap puopBiuajui ireadojng jiiBAapj aqj oj suoparujsui jo XjaApap ajinboj piM suoijobsuejj ja^jBui-ssoia 'jaAaMoq ;sauoj;sodap jueao|oj oqj Xq iuojsXs Buureap puopBiuajui UBadojng jubao[oj oqj jo jpqaq uo sajru 3XQ qjiM oouEpjoooE ui 3Xd u\ papajja aq 11!^ 'iaqp aqj uo 'sjuedpijJEd jBO[oojng jo sjuEdioijJBd uibojjsjboq qSnojqi Xpoojipui jo Xnoojip puE 'pusq ouo oqj uo 'Old qSnojqj Xpoojipui jo Xpoaiip Suipjoq suosjad uaoMjoq sjojsuejj jo^jeui-ssojq sojnpooojd SupBiado pire sa[nj aAijoodsoj jiaqj qjiM aouBpjoooB ui jnooo piM sjuBdppjBd JEopojng jo sjiiBdioijJEd uiBOijsiEop uooMjoq sjojsuejj sojnj 3iq WM aauBpJoaaB ui jnooo piM sjuBdiaijJBd uaaMjaq sj3jsubjx saunpaoouj ja/suvuj
D1Q u! juauiapjas BuiMopoj Xsp ssauisnq aqj jo sb X[uo junoaaB qsBa jEaioojng jo uieojjsjeoq jueaojoj oqj in 0[qB|iEAE oq piM jnq ojsp juouiopjos 3ia oqj uo onpA qjiM poaioooj aq jjim 'JBapomg jo uiEOJjsjBop joj Xiojisodap aqj UBqj jaqjo 'juEdiaijJEd QXCI E oj juBdiaijJEd JBapomg jo juEdiaijJBd uiEaijsjEap e qBnojqj jo Xq sapunaas jo saps jo pnsaj e se JBapojng jo uiBOJjsjEap ui paApaaj qsE3 Xep ssauisnq jsqj uo juEdiaijJBd uibojjsjboo jo juEdpijJEd JBapomg jiiEAapj oqj oj pojjodoj aq |[im Buissooojd oqj Buunp popjos sopunoos oqj ui suopobsuejj Xue jo sjipoia osoqx app juauiapjas DIG. aqi BuiMopoj XpjEipauiup 'aq Xbui asBa aqj se 'JBapomg jo uiEajjsiEap joj Xep ssauisnq e aq jsnui ipiqM 'Xep Buissaaojd juauiapjas sapunoos oqj Buunp pajjpaja aq piM 'jEapomg jo uiBajjsjBap jo jpqaq uo Buippq Xiojisodap e UBqj jaqjo 'jusdppjEd e qjiM uopoBSUBJj e jo jjnsai e se pEdppjBd JBapojng jo uiEajjsiEap e jo junoaaB sapunaas aqj 'saauaiajjp) auoz auip jo asnsaag pxa J° s^ooq aqj uo sauiEU ^auojisodap aqj ui sjunoooE sopunoos tsjouiojsno ui suopisod ppq piM 'mnj ui 'sauojisodop oqx
•souopsodop OAijoadsaj jpqi jo s^ooq aqj uo souibu s^apomg puE s^BajjsjBap ui sjunoaaE sapunaas tsjauiojsna qSnojqj sjuBdppjBd jpqj jo jpqaq uo suopisod snqiuuio ppq piM JBapomg puE uisajjsjBap aaupuou spxQ aq piM jappq pjoaaj aqj 'spuog uaiq joiuas 8102 MP118 3° joj suiajsXs aqj in sjuEdpijJBd ajB jBip suopEzpEBio qSnojqj Xpaaiipui jo 'suiajsXs osoqj ui sjuBdppjBd ojb sjojsoaui oqj ji odomg ui JBa|0omg puE uiEajjsJEap jo 'oj.q jo sopqpBj Xjjua-^ooq aqj qSnojqj sjojsaAui oj panssi Xpsppi aq [pM suopoBSUEJj ajoqsjjo in pps spuog uoiq jopos 8102 3lLL
josjsq sjBp sqj oj juanbasqns uoijBuuojui qons ui saSuBip asJ3ApE puajEui jo aouosqB oip oj se jo uopBuuojui qans jo XaBjnooB aqj jo ss3ii3j3|duioa aip oj se uopEjuosojdoj Xub a^pui jo joaiaqj XoEJnooE oqj joj Xjpiqisuodsoj Xub o>pj sjosBqomj [bijiuj oqj jo SJOjjJMJOpun aqi 'Xjuoipny aqj jo auou jnq 'oiqspoj oq oj OAopoq sjossqojnj ppup oqj pus sjojUMjopiiQ oqj 'Xjuoqjny aqi pqj saojnos uiojj pouiEjqo uooq SBq uiEOJjsjEop piiB JBapomg '3 j.o Buuuoouoo uopoosqns spjj ui uoijeuuojui aqx
SAOqE OJ p3JJ3J3J
sjuauiaBiiBJJB oqj jo suopsjodo jpqj BimujoaoB sompooojd piiB soini oqj japun suoijEBpqo 3Aija3ds3J jpqj jo sjspioq junoaaB jo sjuBdppjBd jaajppui jo jaajp? SAijaadssj jpqj jo uiBajjsjBai3 jo JBapomg Xq aaiiEuuojjad aqj joj Xjpp,isuodsaj Xub aAEq piM sjuaBs sji jo Xue jou Xjuoqjny aqi Jaqjp.M
auip Xue jb panupuoasp? aq Xbui sampaaojd qans pus 'aAoqB oj pauajaj sompooojd oqj uuojjod oj onupuoo jo uuojjod oj uopEBpqo Xub jopun si uiEajjsjEop jo JBapojng joqjpN ivududQ
juouiajBjs pioijjo aqi jo
soBBd joaoo opisui oqj ui jno jos ojb spuog uojq joiuos 8102 aqi joj sjaquinu JiSflD PUB sapoa uouiuioo 'sjaqumu uopBaijpuapi sapunaas [EuopBuiajui aqx uiEajjsjBap puB JBapomg jo sapppsj aqj qSnojqj aouBJEop joj pojdoooB oq piM spuog uoiq jopos 8102 3lD 1BM1 padxo o^v uoiwuiuofuj Suuvajj
posn si JBopojng ji s[ossnjg jo 'posn si uiEOJisjEaj^ ji Smoquiaxnq ui XBp ssouisnq jxou aqj pjun pouuojjod oq jou piM suopoBSUEJj oqj JBip puy Xeui 'Xbp JEpopiEd e uo 'spuog uaiq joiuos 8102 J° AJOAipp jo juouiXEd e o^bui jo OApooj oj jo 'spuog uaiq jouios 8102 aqi in sjsajajui Jiaqj
•auip Xue je panupuoasip aq Xbui sampaaojd qons pire 'OAoqu oj pauajaj sajnpaoojd aip uuojjod 04 onupuoo jo uuojiod oj uopBSpqo Xub jopun si ureajjsjBap jo JBapojng joipiosj -p^udQ
juouiajEis l^PUJO 3lP J°
so§Bd joaoo opisui oip in jno jos oje spuog uoiq joiuas 8102 oqj joj sjoquinu diSflO PUB sapoo uouiuioo 'sjoquinu uopBoypuapi sapunaas puopBiuajui apx uiEajjsjEop pire JEopojng jo sappiOEj aqj qSnojqj oouEJEop joj pojdoooB oq piA\ spuog uoiq joiuos 8102 otP JBip loodxo o^\ uopviuuofit[ Suuva/j
¦posn si JEopojng ji spssrug jo 'posn si uieojisjeoj3 ji Sjnoquioxnq ui Xep ssaiusnq jxau aqj [pun pauuojjad aq jou piM suouobsuejj aqj JBqj puy Xbui 'Xep JBpoijJBd b uo 'spuog uaiq jouias 8102 J° XjaApap jo juouiXEd b a>pui jo OApooj oj jo 'spuog uoiq joiuos 8102 3lP u! sjsajajui jpqj jajsiiEJj oj qsiM oqA\ sjojsoaui STl sajEJS pajpifj aqi ui se Xsp ssouisnq ouies oqj uo JEopojng jo/pire uiBOJjsjEop 8uia|oaui suopoBSUEJj §upa[duioa qpM suopBopduioa aq Xbui aiaip 'saauajajjip ouoz-ouiij jo asnEaaq 'uopippB uj ssauisnq joj uado oje suiajsXs asoqj uaqM sXsp uo uiBoijsiEap jo JBapomg qSnojqj spuog uoiq joiuos 8102 3lP Suiajoaui suopEOiunuiuioo joqjo puE sjuouiXEd 'souaApap aApoaj puB a>pui oj a[qB aq Xpio piM sjojsoaui jEqj ojeme oq ppoqs sjojsoauj -suopvuapisuo^ Suituij /vpads
DIG PUE uiEOjjsjEO| j 'jEO|oojng Xq osodjnd sup joj poqsqqBjso sojnpooojd qjiM oouspjoooB ' ui pojoojjo oq Xbui 31a pire uiBajjsiBsp jo JBapomg uaaMjaq spuog uaiq joiuas 8102 3lP lIl sjsajajui Xjjua->[ooq jo jojsubjj, DIG asodjnd siqj joj poqsqqBjso sojnpooojd qjiM oouEpjoooE ui DIG uiqjiM pojjajsuBjj oq Xbui spuog uoiq joiuos 8102 3lP u! sjsajajui Xjjuo-^oog uieojjsjeoq pus JEopomg Xq sasodind asoqj joj poqsqqBjso sompooojd qjiM oouEpjoooE ui uibohsjeo[3 puE JEopojng uoaMjaq pus ulEOJjsjBap uiqjiM puB JBapojng uupiM pajjajsirejj sq Xbui spuog uaiq joiuas 8102 aqj ui sjsaiajui Xjjua->[oog sampaaojd OApoadsai ipqj qjiM aairepjoooE ui 'oq Xbui oseo aqj sb 'DIG 10 ureajjsjEap . 'JEopojng jo spjooaj aqj uupiM jajsuEJj aqj jo uoijEJjsiSaj Xq sssd piM sjsajajui Xjjua-5(Ooq qans oj apix aq Xbui 3sbo aqj sb '31a jo uiBajjsjE3[3 'JE3[oojng ui sjsaiapi Xjpo-^ooq oj opp jo jojsubjj Xq papjas oq piM spuog uoiq jopos 8102 aqi ui sapEJj ja^JBUi XiEpuoaas 'Suipvui }a>\uny$ Ajvpuooa^
spuog uaiq joiuas aip jo XjaApap jo ajEp aqj uo Xjuoqjnv aqj oj juauiXEd jo jdpaaj jo uopEuuijuoo SuiMopoj spuog uoiq jouios aqj ui sjsajajui Xjjuo-^ooq qjiM pajipajo aq piM sjunoaaB sopunoos ^jusdppjEd 3x0 uiajsXs juauiapjas spunj Xbq aures s43XQ joj ajqiSpa sapunaas oj aiqsapddE saaposid XjaApap aqj Mopoj piM 3xa qBtiojqj spuog uaiq jopas 8102 aqi u! sisojojui Xijuo-jfooq p|oq 01 Supoap siasBqomd jo jpqaq uo SupaE sjuBdppjBd DIG (sPuoa "a?q Jopas 8102 aqj jo XjaApap jo app aqj uo sb anpA) juauiXEd jsuibBb spuog uaiq joiuas 8102 3lP J° XiaApap jo ajBp aqj SuiMopoj Xsp ssauisnq aip uo sjunoaaB aauEJEap sopunoos SiuEdppjEd uieojjsjeo|3 Pub JEopomg oj pajppaja aq piM spuog uaiq jouias 8102 3lP lI! sjsajajui Xjjua -^oog spuoqojng puopuaAiioa oj ajqEapddE sampaaojd juauiapjas aqj Mopoj piM sjunoaaB uiBajjsjBa|3 pire JBapojng qSnojqj spuog uaiq jouias 8102 3lP u! sjsajajui Xjjua-^ooq ppq oj Supoap sjasBpomj uuoj Xjjua-^fooq paijijjaoun ui aq piM spuog uaiq jopias 8102 3lP u! sjsojojuj -juaiuapja^ ivijiuj
¦ulEajjsjEop pire JE3[oojng '31,0 oqj ui sjunoooE jo uopEJodo pire ooireuojipEui oqj jo jaadsaj 111 3[qEXEd XpEuuou sssj moui Xbui spuog uoiq jopos 8102 3u:> ul sjssjsjui Xjjuo->[Ooq jo siopjoq 'joaomoi| :spuog uoiq jopas 8102 9H1 ^U!P1°M J° Padsaj ui saaj Xire asoduii jou piM Xpjoqpv aqx
sauojisodap aip oj Xjioojip suoijotujsui JOApop jou Xbui sjuBdppjBd JBapomg jo sjuBdppjBd ureajjsjEa[3 3J,a oj aiqsopddE juauiapjas spunj Xep aures joj sampaaojd puuou qjiM oouEpjoaas ui juauiXEd SuiApaaj jo Sui^eui pire '3XQ ui sapunaas SuiApaaj jo SuuaApap Xq jpqaq sji uo juauiapjas puy jaajja oj uoijoe o^ej oj Xiojisodop sp 01 suoponjjsui JOApop 'sjuouiojinboj juauiapjas sji sjaaui uopoesuejj aqj ji 'piM uiojsXs SuuBop puopBUJOjui uBodojng jueaopj oqj.
s-o
•joojoq ojEp aqj oj juonbosqns uoijbuuojui qons ui soSireqo osjoapb jbuojeui jo oouosqe oqj oj se jo uoijeuuojui qons jo XosjnooB oqj jo ssouojo[duioo oqj oj se uoijEjuosojdoj Xue o>[euj jo joojoqj XoEjnooE oqj joj Xjqiqisuodsoj Xub o>rej sjossqojnj [eijiuj oqj jo SJOjuAViopuQ oqj 'Xjijoqjny oqj jo ouou jnq .'ojqEqoj oq oj OAOijoq sjossqojnj jbijiuj oqj pue sjojiiAUopufj oqj 'Xjuoqjny oqj JEqj soojnos ujojj pouiEjqo uooq ssq uieojjsjeoo pus JEOjoojng 'Old Suiuioouoo uonoosqns siqj in uoijbuuojui oqj,
OAOqE oj pojjojoj
sjuouioSueub oqj jo suotjEJodo Jioqj ouiujoaoS sojnpooojd puE so[nj oqj jopun suoijESqqo OAijoodsoj jioqj jo sjopjoq junoooB jo sjuBdioijJEd joojipui jo joojip OAipodsoj Jioqj jo uieojjsjeop jo JEOjoojng Xq ooiiEuuojJod oqj joj Xjqiqisuodsoj Xub oaeij jjim sjuoSe sji jo Xub jou Xjuoqjny oqj joqjiofvj
[jisrvia usi AiivvoiiNiaiM aova sihi]
aaavaiHH aa oi saMoa
H XldNaddV
[HNVIH U31 AIIVKOIIXHIM 39Vd SIHl]
I-H
%00'00I %0000I %0000l
V/N
33IJJ
I *
uouduiopo}]
6102/11/10 6102/11/10
6I02/II/I0 Au-inyejAj; iv
000'509'92$ 000'0£2"£l$ 000'0SZ>$
ooo'sz.£'s$ ooo'oeo'es
lunouiy jbj
%()()9> %009'P %0S2't> %0S2>
31BH }S3J3)UJ
8e02/I0/l0 8202/10/10 £202/10/10 £202/10/10
31BQ A4UnjBJV
8 £02 "-uai 8202 uuoi £202 uu3l £202 uuoi
puog
saMoa aaavfiaaa
[ji\*vig idHi AnvNoiixaixi aovd sihjJ
SHIOnOd 33NVHflSNI (HMOS N3P\Ll33dS
i xidMaddv
[MNVig UHl AT1VK011NH1KI HOVd SIHJJ
I-I
•spuog aip aqj Xiunoas SuiXuapun aqi saimnsuoo uonE3qqo laajqpui jo loaiip asoqM Xiuua jo uosjad jaqio Xub jo jaquia[\ aip uanss[ aqi apnpui iou jjEqs jauMO,, JBqj idaaxa 'joajaip waiuXEd oj puog qons jo suuai aqi japun papiuia si ¦luaiuXuduoN jo aiun aqi je 'oqM Xipua jo uosjad aqi 'puog b jo laadsaj ui "susani .,jauM(j„ inauiXEj joj ana auiEaaq jo sauioaaq iiinouiE pauiuqa qans aiBp aqi (a) puB suoiiaiuisui juauiXEd (p) iunoiuB pamiEp aqi (a) uaqiunsi Xaqoj aqi (q) 'iuie]o aqi SupfEiu Xjnua jo uosjad aqi (e) Xjpads ]jEqs aauou qaiqM 'iua3y 3uiXbj aqi 10 aaisnjx aqi 'JauMO UB ^1 pau3is puB iuoij 'WVH "J Xjoi3ejsiibs iujoj e m 'XjaAijap aiuouoaja ajqBjdaaas jaipo jo a]npaqas paqasiiE aqi uo qyoj jas se Xdoaapi jo neuia "|ibiu paijiuaa Xq 'ajBaijijjao puB uirep jo aanou e jo l\vg °1 XjaAijap suEara aano^,,
uouaipsunf luaiaduioa SuiAEq unoa b jo japjo,a|qB[BaddEuou '|euij e ipiM aauBpioaaE ui apoj Xaidnj^iiEg saiEis paiiun aqi oj lUEnsjnd jaiiM(j qans uiojj pajaAoaaj uaaq SEq luauiXBd qaiqM 'iiiauiXBj joj ana s! lBqi isajajui jo [Edpuud jo janssi aqi jo J[Bqaq uo jo Aq jbumo ue 01 apeiu luaiuXnd Xub 'puog b jo laadsaj ui 'apnpui osjb [reqs .juauiXEduo^., puog qans uo luaiuXBj joj ana s! JBqi isajaiui puE [Edpuud |[E jo [[nj ui HiauiXBd joj iua3y §uiXbj aqi 01 'aaisrux ou si ajaqi ji 'jo aaisnjx aqi oj spunj luapijjns papiAOJd aAEq oj janss] aqi JojformEj auj 'puog b jo laadsaj ui 'suBaiu ^luauiXBduo^., isajaiui jo maiuXcd joj aiBp paiBis aqi uo a|qi?Xed 'puog e uo isajaiui oj Sumajaj usJqS? (q^ipus (uoiiBjapaas jo ainp aqi 01 isajaiui patuaaB Xub qiiM jaqiaSoi uoiiBJapaaB qans uodn anp [Edpuud qans XBd 01 'uonajwrp ajos sii ui jaap HBqs 1AIVH ssa|un) XiuniEiu jo luaiuaauEApE joqjo jo uoiiBJapaaB '(uoiiduiapaj punj Sui^piis XioiEpuEui Xq UEqi jaqio) ffliidiuapaj JOi|H&a 10 uosEaj Xq anp si luaiuXsd qaiqM uo aiBp jaiusa Xue o| jajaj iou saop puB uoiiduiapaj punj Sui^uis XjoispuEiu joj D3||J^Wnn^^^fflp!v»qTreqs aoiES aqi qaiqM uo aisp aqi jo joajaqi aiBp XiuniEiu paiBis aqi uo ajqEXsd 'puog b jo [Edpuud aqi 01 3uiJjajajj&[M (E)^u8«n\juamXB|iioj ana,,
ujim ASSIIOd siqi^anun [AIVQ J° uoi)B3i[qo liiauag^Mn joi^OIaSv SuiXbj jo aaisnix 1 'jauMTOpjtPTO siqSiJ aqi 01 paiBSojqns uodnoa lusuaiJnddB Xub 'puog qans uiasjnqsip uodQ luaiuXBdiio^
pasop uiBiuaj 01 japjo aAiinaaxa jo mb[ Xq pajmbaj jo pazuoqins ajB (upjaq pauyap se) iua3y reasjtreJIramsuT aqi jo hio\ jo aicis aqi in suonmnsui Sui^preq qaiqM uo XBp b (q) jo XBpuns jo XspjmBS e (e) ireqi jaqio Xsp Xue suEatu ^Xsq ss^fegg,, XajfenEp-fTJo sasodind ||B joj paijiaads s3uiin?aiu aqi aABq [[Bqs souai Suimo[[oj aqi 'oiajaq luaiuasjopua ub Xq parjipoui XissajdxajHugtxa aqi oi^daaxvj
luauiXEduo^ piBS
aqi aSjBqasip [[Bqs iuaiuXEduo«vi Xub jo lunooae uo 'sjauMO aqi 01 Xpaajip jo 'sjau. aqi 01 jaqip l\vg ^1 luaiuXBj puog qans japun siuacuXBd aApaaj 01 iqSij s.jauMi X[[nj aq |[Bqs puB puog qans uo isajaiui jo jo [Edpuud jo luaraXEd jo ldpaaj 01 iqSu puB puoi jo jauMO aqi acuoaaq [[Bqs JVVg 'luauiXBd qans jo luaixa aqi 01 puE puog b jo laadsai ui Xaijo, jo aaiio_s[ papuauiB ub liuiqns Xbui uioqM jo Xire 'aiBudojddB se 'jauMO Jo iua3y SuiXBaBWaismx aqoasiApB os X[iduiojd [[Bqs p\yg pue 'aauaiuas 3uipaaajd aqi jo sasodind joj p\yg Xq paAiaaaj uaaq aAEq 01 lou^uiaajjgq [[Eqs li 'aia[diul»ui si J\vg Xq paAiaaaj iiiauiXEduofj jo aaiii>M Xub ji Xeu ssauisng ixau aqi uo paAiaaaj pauiaap aq [[im 1; ^smjaqi^^ggl^sauisnjg qajK uo (auiii jjjo^ mbn) LU'tl 0():1 °l Joud paAiaaaj si 11 ji XBa ssauisng uaAiS b uo paApaaj pauiaap aq [[im HiajffilEduoM jo aafrfosi y '^5a u! 1S3A uodnajaq) [[Bqs luaiuXBj joj ana si ieqi isajaiui jo [Edpuud qans jo luaoiXBd 01 laadsaj qiiM siq3u s^jswaq aqi jo [[B iEi}^miauiu3issB jo siuamnjisui aicudojddB Xun 3uipn[aui 'aauapiAa (q) puB luaniXBj joj ana U311 isajaiui jo [Bdiauud qans jo mauiXEd aAiaaaj onwSu s,j3u*o aqi jo aauapiAa (b) jo '11 01 XjoianjstiES X|qEuosE3J uuoj b ui '[Ajvg Xq ldiaaaj uodn X[iio inq 'janssj ariJXq luaiuXEduo^ jo uosnaa Xq piBdun uaqi si inq iiiaiuXBj joj ana uaqi si lEqi spuog aqi uo isajaiui pue jo [Bdiauud jo lunouiB aaBj aqi 'ajucSfein 10 jauMO qaBa jo^Tjauaq aqi joj jo 01 (iuauiXedu6,\[ auiES aqi joj siuiBja aisaijdnp jo aseo aqi ui uoueaqdnp inoqiiM inq) asjnqsny[[iM ^^flfcluaiuAEO^jOf^rtpj^iiON paAiaaaj aABq [[Bqs [AJVH qaiqM uo Xsa ssauisng aqi 3uimo[[oj XBa ssauisng isjij aqi jo iubuiXbj joi^ain saiuoasqiisfljami pOQ |Bdiauud qans qaiqM uo XBp aqi jo joiej aqi uo
9DUEJ11SUJ \V\0±
^uiuo3 sniding jaquiajAj miuiajj >)siy
31EQ 3AU03Jjg
[uo SuuruBui pue]
[MOIlDVSNLVai JO HWVN] jo lunouiB
ludiouud aieBaaSiB ui $ :SaM09
taeWHJAI JO 3WVJSL] :^39IAIHW
[H3QSSI JO 3IMVM] :^3flSSI
:o{s[ a"di|oj
janss] aqi Xq maiuXBduoM 10 uosBKkXq p!BdunVo»[[Eqs inq luauiXEj joj ana auioaaq [[Bqs lEqi spuog aqi uo isajaiui puB jo [Bdiauud aqi jo uoiuod ieuj '(opjaq luaiilSSo&m^uaEa sapniaui u^hi[m) Xai[oj siqi jo simai aqi 01 X[uo pafqns 'jauMO qasa 01 Xpaajip 'IAIVQ J° uoiiao|a aqi ib 'jo sjauMO aqi io/iiiauafli|anwiiME^&ng5>auifio Suunaas pus aauBnssi aip joj SuipiAOjd uoiiEiuaiunaop aqi ui qvoj las sb) aAoqB paiuBU spuog aqi joj (luaaac SuiXBln. aip) iuaBB«alJ5
AOHOd 30NVidnSNI 0NO9 IVdlOINfllAI
z-iN3iioj AlMiavn^vninw inhdniinoo hiohiia\ cmnssi si Aonod sihi a\vi honvhiisni T&ok a\3ne
JUSUIIUJSU
3HI 30 9L 313Il^VK!^g3I3I03dS Qffn3 AIRU103S 33NVHflSN[ AnVfiSV3/AlJi"3dOMd 3H1 AH U3H3AOD ION SI A3I10J SIHI XjuniEiu 01 joud spnog sinwp 'jusuiKeo joj spBui 3upq uoisjAOjd jo 'jusutXsd Suipnpui 'jsasosibijm uosbsj Xub joj s|qBpunjsjuou si Xoqoj siqi jo i3ods^«i^E^iiiiuii3JdX^^i3i3/[ jusuissjopus ub Xq psijipoui X|sssjdxo juojxs sip oj idsox;j ojojsqj jusiupusiuE jo uofjBoijipoui Xue 3uipnpui
rXq psjosjjE jo psjsjre 'psijipoui oq jou [|nqs pus f\'VfI .1° 3m>iEiJ3pun oqj nnj ui qyoj sjos Xoqoj siqj_
P3JJ0A3J JO pSpOUBO 3q JOU XBUI Xoi|OJ SiqX XDqOJ Slip JO SUOlSlAOjd SS3idX3 Sqi qj|M OOUBpjOOOE ui Xoqoj sup
ispun suojiESqqo^ifop jnomXnd piOAE 01 J\yg °J 3iqB|iBAB sq Xbui sssusjsp piiE siq3u qons jEqj 1U3JX3 sip oj 'ssiMJsqjo jo jusuiu3isse 'uoijESojqns ^Xq pojmboE joipsq/JBfpnBjj jo ssusjsp sip ¦uonBjiuii] jnoipiM '3uipnpu;( sssusjsp puE (osiMJoqjo jo jjojss 'uiiEpjsjunoo Xq isqisqM) sjq3u ||B 'jsumo qoES jo fjjouoq sip joj X|uo 'soaiem Xqojoq pin; 'tjsssb oj jou sssj3e J\ VH '*Bl sjqEoqddE Xq psjjiuusd jusjxs jss]]nj sqi ox
Xoqoj
Sjqj jspun snp siuouiXsd o>fEui o] spunj luopijjns psjisodap sq oj ssnBO jo jisodsp oj l\V9 jo san|iBj Xue jo jusSy |bosij s.jsjiisui sip jo job Xue joj jsumo ^ltE Jo Jus3y SuiXbj 'ssjsmx sqj'oj s]qEi] sq iusas ou ui ]]Bqs jus3y [eosij s.isinsui sqj puE 'Xpio y^yg jo jus3e sqj si jus3y Ibssij s.isinsuj 3lII JAIVS J° JIBqsq uo iuo3y IBSSi[ s,JSJnsu[ sqj Xq jo J\Vu ^1 Xposjip spsui sq Xbui Xsijoj siqj jspun J\yg ^ apBui sq oj psjfnbsj sjusuiXBd ||B (q) pus ipoq Xq poApooj jijun psAposj psuissp sq jou i]Bqs pus f\yg °J PaB jus3y IBSSij s.jsjnsiq sip oj psjSAqsp X]snosiiEj]nuiis sq |]Bqs Xsqoj siqj oj juBnsjnd (\yg °J psJSAipp aq °J psimbsj sosnou ||B jo soidoa (b) jsnssj sqj jo jaqiuaj\ sip 'juaSy SimXej sqj 'ssjsnjx sqj Xq aoijou qons jo jdposj jo sjsp sqj jsjjb pus ujojj juo3y |eosij s.jsjnsui sqj jo sssjpps saijou pue suieu sqj 3uiXjpsds jsnssi sip puB jsquis(\ sqj 'iiisSy SuiXej oip "ooisnjx oqj oj soijou usjjum 3uia;3 Xq Xoqoj siqj jo sssodind joj (jusSy ieosij s,jsjnsu[„ sqj) jusSe ibosij b jupddB Xbui wvg
£-1
(suiiBio :uoiiu3HB) fcSI-296-(3lc :Xdoo3[3x I8cOI TO a\3k ^joa A\3]vi J33IIS Xjjaqiq QOc
J00U qlZ.2 'J3HI3D IBpUBUIJ PUOM I
:ss3jppv moo-Bouauiepimq^suiiBp iipuia
(jVVVa Aq poypods osiavjoiijo sso|Ufl) soauos;
IH\ pajxa aq) jaq iajov 'pui 'jauMO jo^mgiwed jo jdpoaj o) OV 'puog e jo padsaj dojdde se 'jbumo ajd aq) jo sasodjnd u! SLu\jQ\rfKq paApoaj pawAeduoN IliTnKJr^SjMjaqjo IAbq ssaujsng |png uaA|6 e uo paApoaj pauiaap joj ana s! Pq) )saja)U| jo pdpuud u6isse jo s)uauinj)su| a)ejjdcudde pdpuud aq) jo paiuAed aApoaj ujjoj e u| 'i^jov Aq )dpoaj uodn Apo
aq) o) juensjnd jbumo qons iuojj paiaAooai uaaq seq qoiqM jenssi aqj jo jpqaq uo jo Aq jbumo ue oj apeuj juaujAed joj ano si jeqj jsajajui jo pdpuud jo juaujAed Aue 'puog e jo padsaj ui 'apnpuj osp ipqs juawAeduoN,, puog qons uo paiuAed joj ana si jeqj jsaiajui pue pdpuud ||e jo |pj uj juaujAed joj jua6v 6uiAed aqj oj 'aajsrui ou sj aiaqj jj 'jo aa)srui aq) o) spunj juaioyps papiAOJd aAeq o) janssi aq) jo ajn|iej aq) 'puog e jo padsaj w 'sueauj „)uaujAeduoN„ 'pajapi jo pawAed joj app papp aq) uo eiqeAed 'puog e uo jsaiajuj o) 6u|jjajaj uaqM (q) pue uo|jeja|aooe jo ajep aq) o) jsaiajui paruooe Aue ijiim jaq)d6o) uoipjapooe qons uodn anp pdpuud qons Aed 0) 'uoiiaiosip aps sjj ui 'pap neqs |ajqv ssapn Ajunjeui jo paiuaoueApe jaqp jo uopejaiaooe ItiBladujapaj punj 6ui>)U!S Ajoppueuj Aq ueq) jaqp) uoi)dujapaj joj ||eo jo uoseaj Aq anp s| pawAed qoiq/woo aptvaipea Aue o) jajaj jou saop pue uo{)dujapaj punj 6ui>|U!s Ajoppuew joj peneo App uaaq aAeq Here aujes auj qopM uo ajep aq) jojoajaq) a)ep Ajunjeuj pajejs aqj uo eiqeAed 'puog e jo pdpuud aq) o)j5uullbaj uaqM (e) sueauj pawAed joj ana„ pasop uiewaj o) japjo aAjpoaxa jo mb| Aq pajmbaj sjajnsu| aq) jo >po/, M3[\j jo ap)s aq) ui suopiipu! 6ui>)ueq qojqM uo Aep/gqpjyo Aej! e (e) ueqj jaqp Aep Aue sueaiu „Aea ssauisng,, Aoipd sp) jo sasodjnd |p JojjWoads s6u|ueauj aAeq neqs sujjaj 6uimo||oj aqj 'ojajaq pawasjopua ue Aq paijpoiu A|ssajdxa juajxa^SmP) )dao$
juauiA
Aoipd siq) japun yvjov P u
o) 'neqs sjauMO aq) jo )|jauaq auj joj pa6v 6uAed Jo aa)snjj_
Aq pawAed Aue jo papca aq) o) 'puog aq) japun s)uaujAed
aq) jo s)q6u aq) o) pa)e6ojqns A||nj aq neqs pue puog aqj uo
)q6u jo puog auj o) uodnoo peuajjndde Aue 'puog aq) jo jauMO1
uj pawasjnqsp uodn pawAeduoN jo aopoN paj
jo )ua6v 6u|Aed 'aajsrui aqj aswpe os Arjdwojd
JOJ IMOV Aq paApoaj uaaq aAeq o) pu pauiaap ak ipqs
jo ao|)ON Aue j| Aea ssauisng jxau aqj uo pjAiaoaj paiuaal
qons uo (ami) >\ioj\ 'wd oo: i. oj JopdjttaAp:
aq ||im juauiAeduoN jo aoipN V u! ^S^odnajaqj pus
qons jo juauiAed oj joadsaj q)iM spSj/sjau^aaq) jo \\e jeq) Aue 6u|pnpui 'aouapwa (q) pue )u0fflffl3d joi aB&k, uau) o) )q6u sjauMQ aq) jo aouapiAa (e) jo 'infe. Ajo)oejswe^ Aiae"
pq 'janssi aq) Aq paiuAeduoN jdte^eai A3%edun uStBfei )nq l^aiuAe^ joj ana uaq) si pq) puog aqj uo jsajaju pue jo pdpuud jo )uri®we^^fejyj)uo%y2 jo jauflftppea jo jijauaq aq) joj jo o) asjnqsip h;m y\iOV 'pawAeduoN jo aoiPN paAj^aj 8Ae^ ne^aStsa^fliiJM u^Pfteg ssauisng aq] Ouimoipj jxau Aea ssauisng aqj jo pawAed joj anq^arjfefesa )saiaiui oOCTKjBlEbtUi^ qons qoiqM uo Aep aq).jo jap| aq) uq
Aq pawAeduoN
pue jo pdpuudjeq) jo uamad ibui o) Apo pafqas t^umo qoeaj joj (spuqjjjRU)
aq)) )ua6e rjl^d jo (aSBnjj.,, Aqajaq 'paAiaa^i uoipjaVisuoo
•janssi aq)
jjus )nq )uauiAed joj ana auiooaq neqs )eq) spuog aq) uo jsajapi juawasjopua qoea sapnpui qopM) Aoipd siq; jo sujja) aq) ' jo uoipap aqj je 'jo sjbumo aq) jo )|jauaq aqj joj 'spuog aqj !f) joj 6uipjAQid uoippauinoopaq) u| qjioj jas se) („jua6v 6uiAed„ hjj aqj oj Aed oj saaj6e AiaVQOA3yyi ONV ArnVNOIliaNOOND
(iMOV,.) dyoo ivdioiNniM AiNvyvno aaanssv
$ :uJt^ujajd :a)ea 9^fiajJ3 N- :on Ao!(l
jo junouie pdpuud ajer5aj66e uj $ :saN09
sanssi
Aonod 30NvynsNi ..."o aNoa nvdioiNnw ^ffss%r
(06/S)AN009 WJOJ
0(H0-i>Z6(3l.3) 61.00 L A N '>|JOA M8N 'ABMpBQjg ££91. •ou| s6u|p|OH pdpiunyvj AjuBJBng pajnssv jo Ajeipisqns v
1SNI X.HOA M3N 3H1 dO
91 aiouuv ni aaidioads aNnd Aimnqagaoi^vansNi Ainvrmo/Aiaadoud am as aauaAoo
ION SI AOIlOd SIHl pa>|OAaj jo pajas^a aq jou Aeuj Aoipd aB)J (q) pue Ajunjew oj joud spuog aqj jo 'juawAed joj apeuj 6u|aq uoisiaoji* jo jo^feAed 6uipnpui 'jaAaoapqM uoseaj Aue joj apepunjajuou si Aojpd s;qj jo joadsai uj ppd wnjwa^Uue (ej^^jaq juajjjasjopujmie Aq pajjjpouj A|ssajdxa juajxa aqj oj jdaoxg ojajaqj juawpuauiB jo uoipoijtWu Aue wjltiaou! Tfemnafsui jo juawaaj6e jaqjo Aue Aq pajoajje jo pajajp 'paijipoiu aq jou neusfcaue '^y^yo 6ui>|Bijjgoun an> ||nj ui qjjoj sjas Aojpd S!M1
Aaiioflsiui J(
sji jo juaujAed ppAe oj I4fg9teia|qt jo juauju6|sse 'uoijBfoJflqns rtOTgajn sasuajap pue (asiMjamk jo jjoja^MUPl 'saAjBM Aqajaq puj^jja^^pj jou
idxa aiMfi!/v\ aouepjoooe ui Aojpd siqj japun suoijB&po \e gggfflBftAasuaJap pue sjqfJu qons jeqj juajxa aqj oj 'asiMiaqjo pe jaqpa^^pnejj jo asuajapaqj 'uoijejiuiii jnoqjiM '6u!pnpui) 'jajunoo Aq jaqjaqM) sjq6u |p ' jbumo qoea jo jjjauaq aqj joj Apo JOV '*e| a|qB0||ddB Aq pajjiuuad juajxa jsa||nj aqj oi
Ujns
uj jpj sj jo jiniue joj [j sj )uaD\posy sj Aoipd siqj aq ji
Id'a!
anp spat
|BOS|-J SJ
VMOV P iua6i Aijoanp apBiu acj
iiift&Ba&taoaj paujS^p aa jSkwi^qs pue yvjOV °1 Pub jua6v posy sjajnsui aqj oj pajaAjpp A|snoauejpujp aq ro^Balffigte^uLm luep&nd y\|OV °4 paJ3A|pp aq oj pajmbaj saojjou \\e jo saidoo (e) 'jua6v 6u!Aed^ji pug^ls^lte^q aoipu qons jo jdpoaj jo app aqj jajje pue luojj pa6y posy sjajnsui aqj jo ssartopB aojjou pue bujbu aqj 6u|Aj|oads jua6v 6u|Aed aqi pue aajsrui aqj oj aoijou uajjuM 6uiai6 Aq Aojpd sll^jo sasodjnd joj („jua6v posy sjajnsui,, aqj) jua6B posij b jupdde Aeiu (AJOV
^spuog aqj joj Ajunoas 6uiA|japun aqj sajnjjjsuoo uoijB&iqo joajpuj jo pajip asoqM Ajjjua jo uosjad Aub j5 janssi aqj apnpui jou ipqs jauMO,, jsqj jdaoxa 'joajaqj juawABd oj puog qons jo swjaj aqj japun paujjua si 'juawAEduoN jo aw|j aqj jb 'oqAA Ajijua jo uosjad aqj 'puog e jo padsaj ui 'sueaw „jauMO„ 'juauiABd J°i 9na aujeoaq junouiB pawpp qons ajep aqj (p) pue junouie paiupp aqj (o) 'jaqwn|\j Aoipd aqj (q) 'uipp aqj 6ui>pw Ajijua jo uosjad aqj (e) Ajpads ipqs aojjou qoiqM iajov °4 Jua6v 6uiABd aqj jo aajsnji aqj 'jauMO ub ujojj 'iibuj paijijjao jo pajajsi6aj Aq aoijou uajjuM jo '6u!jlim pau6is e ui pauuijuoo A|juanbasqns 'aoijou paidooapj jo oiuoqdapj sueaiu aqjoN,, uoijoipsunf juajadiuoo 6u{Aeq jjnoo e jo japjo apepaddBuou 'puij e qjiM aouepjoooe ui Aojdru>peq ui aajsnjj e Aq apoQ Aojdru>|ueg sajejs pajpn
N- on Aapd Zjo z96Bd
[XiMViH uai AnvNoiiNaiNi aova sihx]
Execution Copy
$2,012,880,000 CITY OF CHICAGO CHICAGO O'HARE INTERNATIONAL AIRPORT
$600,785,000 eneral Airport Senior Lien Revenue and Revenue
Refunding Bonds, Series 2018A (AMT)
$612,095,000 General Airport Senior Lien Revenue Bonds, Series 2018B (Non-AMT)
S800,000,000 General Airport Senior Lien Revenue Bonds, Series 2018C (Taxable)
CONTRACT OF PURCHASE
December 4, 2018
City of Chicago
Office of Chief Financial Officer 121 North LaSalle Street, 7th Floor Chicago, Illinois 60602 Attn: Chief Financial Officer
The undersigned. J.P. Morgan Securities LLC (the "Representative"), acting on behalf of itself and the other underwriters named in the list attached hereto marked Schedule I, on whose behalf the Representative is duly authorized to act (hereinafter, each individually referred to as "Underwriter" and collectively, with the Representative, referred to as the "Underwriters"), offers to enter into this Contract of Purchase (the "Contract of Purchase") with the City of Chicago, a municipal corporation and a home rule unit of local government duly organized and existing under the laws of the State of Illinois (the "City"). This offer is made subject to the City's acceptance of this Contract of Purchase on or before 5:00 p.m., Chicago time, on December A, 2018. Except as otherwise defined herein, capitalized terms used herein shall have the same meanings as defined in the Official Statement (as defined below).
1. Purchase and Sale. Upon the terms and conditions and in reliance upon the representations, warranties and covenants set forth herein, the Underwriters, jointly and severally, hereby agree to purchase from the City, and the City hereby agrees to sell to the Underwriters, all (but not less than all) of the City 's $2,012,880,000 aggregate principal amount of (a) Chicago O'Hare International Airport General Airport Senior Lien Revenue and Revenue Refunding Bonds, Series 2018A (AMT) (the "Chicago O'Hare International Airport General Airport Senior Lien Revenue and Revenue Refunding Bonds, Series 2018 A"), (b) Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 20181.3 (Non-AMT) (the "Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2018B") and (c) Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2018C (Taxable) (the "Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2018C" and, collectively, with the Chicago O'Hare International Airport General Airport Senior Lien Revenue and Revenue Refunding Bonds. Series 2018A and the Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds,' Series 2018B, the "2018 Senior Lien Bonds"). The 2018 Senior Lien Bonds will be issued in three series:
$600,785,000 aggregate principal amount of Chicago O'Hare International Airport General Airport Senior Lien Revenue and Revenue Refunding Bonds, Series 2018A (AMT) (the "20ISA Senior Lien Bonds");
$612,095,000 aggregate principal amount of Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2018B (Non-AMT) (the "2018B Senior Lien Bonds"), and
$800,000,000 aggregate principal amount of Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds. Series 2018C (Taxable) (the "2018C Senior Lien Bonds").
The 2018 Senior Lien Bonds shall: (a) be dated as of their date of delivery, (b) have the maturities and shall bear interest at the rates per annum set forth in Exhibit A hereto and (c) have the redemption features and the further terms set forth in Exhibit A and in the Official Statement ofthe City,-d_ated the date hereof, relating lo the 2018 Senior Lien Bonds (such Official Statement, including the cover page and all appendices included therein, is hereinafter called the "Official Statement," except that if the Official Statement shall have been amended with the approval of the Representative between the date hereof and the date upon which the 2018 Senior Lien Bonds are delivered for the Underwriters' account with The Depository Trust Company, New York, "New York ("DTC"), the term "Official Statement" shall refer to the Official Statement, as so amended).
The scheduled payment of principal ofand interest on the Chicago O'Hare International Airport General Airport Senior Lien Revenue and Revenue Refunding Bonds, Series 2018A maturing on January 1, 2043 (the "BAM Insured Bonds"), when due, will be guaranteed under a municipal bond insurance policy (the "BAM Bond Insurance Policy") from Build America Mutual Assurance Company {"BAM"). In addition, the scheduled payment of principal ofand interest on the Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2018B maturing on January 1, 2053 that have a stated interest rate of 4.000% (the "AGM Insured Bonds"), when due, will be guaranteed under a financial guaranty insurance policy (the "AGM Bond Insurance Policy") from Assured Guaranty Municipal Corp. ("AGM").
The Underwriters agree to purchase all (but not less than all) of the 2018 Senior Lien Bonds if the conditions of Closing (as defined in Section 6 hereof) are satisfied. The aggregate purchase price for the 2018 Senior Lien Bonds shall be $2,055,319,362.49 (reflecting a par value of $2,012,880,000 less an underwriters' discount of $11,542.253.41 plus a net original issue premium of $53,981,615.90) consisting ofthe purchase price for each Series of 2018 Senior Lien Bonds as set forth in Exhibit B hereto (the "Purchase Price"). The Underwriters agree to make a bona fide public offering of all ofthe 2018 Senior Lien Bonds at prices not in excess of the respective initial offering prices (or yields not less than the yields) set forth in Exhibit A hereto, it being understood and agreed that after the initial offering the Representative reserves the right to change such public offering prices (or yields) as the Underwriters deem necessary in connection with the marketing of the 2018 Senior Lien Bonds.
The City acknowledges and agrees that: (i) the primary role ofthe Underwriters, as underwriters, is to purchase securities for resale to investors, in an arm's length commercial transaction between the City and the Underwriters and the Underwriters have financial and other interests that differ from those ofthe City; (ii) the Underwriters are acting solely as principals and are not acting as municipal advisors, financial advisors or fiduciaries to the City and have not assumed any advisory or fiduciary responsibility to the City with respect to the transaction contemplated hereby and the discussions, undertakings and procedures leading thereto (irrespective of whether the Underwriters have provided other services or are currently providing other services to the City on other matters); (iii) the only obligations the Underwriters have to the City with respect to the transaction contemplated hereby expressly are set forth in this Contract of Purchase; and (iv) the City has consulted its own financial and/or municipal, legal, accounting, tax and other advisors, as applicable, lo the extent it has deemed appropriate.
|10 10|
Official Statement. The Gity ratifies and consents to the distribution and use by the Underwriters, prior to the date hereof, of the Preliminary Official Statement ofthe City dated November 2, 2018 relating to the 2018 Senior Lien Bonds (the "Preliminary Official Statement"). For purposes of Rule 15c2-12 ("Rule 15c2-12") of the Securities and Exchange Commission (the "Commission") under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Preliminary Official Statement is "deemed final" by the City as of its date. As soon as practicable, but not more than seven (7) business days after the City's acceptance hereof, and in any event not later than two (2) business days before the Closing Date, the City shall deliver, or cause to be delivered, to the Representative six copies of the Official Statement, signed on behalf of the City by the Authorized Officer, and the Official Statement so delivered shall be "final" for purposes of Rule 15c2-12. The Official Statement shall be in substantially the same form as the Preliminary Official Statement and, other than information previously permitted to have been omitted by Rule 15c2-12, the City shall only make such other additions, deletions and revisions in the Official Statement which are approved by the Representative. The City hereby agrees, lo deliver to the Underwriters an electronic copy of the Official Statement in a form that permits the Underwriters to satisfy their obligations under the rules and regulations of the Municipal Securities Rulemaking Board (the "MSRB'") and the Commission. The City shall provide, or cause to be provided, at its expense, to the Underwriters as soon as practicable, but not more than seven (7) business days after the City's acceptance of this Contract of Purchase and in time which, in the Representative's opinion, is sufficient to accompany any confirmation that requests payment from any customer, copies ofthe Official Statement in such quantity which, in the Representative's opinion, is sufficient to comply with the rules of the Commission and the MSRB with respect to the distribution of the Official Statement. The City authorizes the Underwriters to use and distribute the Official Statement in connection with the public offering and sale of the 2018 Senior Lien Bonds. To the extent required by applicable law, the City hereby authorizes the Representative, and the Representative hereby agrees, to file a copy ofthe Official Statement with the MSRB.
Authorization. The 2018 Senior Lien Bonds will be issued under the authority granted to the City as a home rule unit of local government under the Illinois Constitution of 1970. The 2018 Senior Lien Bonds will be issued pursuant to an ordinance adopted by the City Council ofthe City on March 28, 2018 (the "Bond Ordinance"). The 2018 Senior Lien Bonds will also be issued and secured under the Amended and Restated Master Indenture of Trust Securing Chicago O'Hare International Airport General Airport Revenue Senior Lien Obligations dated as of June 1, 2018 and effective as of December 3, 2018 (the "Senior Lien Master Indenture"), between the City and U.S. Bank National Association, Chicago, Illinois, as successor trustee to LaSalle Bank National Association (the "Trustee"), as supplemented by the Sixty-Third Supplemental Indenture (the "Sixty-Third Supplemental Indenture"), the Sixty-Fourth Supplemental Indenture (the "Sixty-Fourth Supplemental Indenture"), and the Sixty-Fifth Supplemental Indenture (the "Sixty-Fifth Supplemental Indenture" and collectively with the Sixty-Third Supplemental Indenture and the Sixty-Fourth Supplemental Indenture, the "Supplemental Indentures") each dated as of December 1, 2018, and each between the City and the Trustee. The Senior Lien Master Indenture as supplemented by the Supplemental Indentures and as it may be amended and supplemented from time to time in accordance with its terms, is collectively herein referred to as the "Senior Lien Indenture. "
Representations and Warranties ofthe City. The City hereby represents and warrants to the Underwriters as follows:
The City is a municipal corporation and home rule unit of local government, organized and existing under the Constitution and the laws of the State of Illinois.
The City has all requisite legal right, power and authority to adopt and comply with the Bond Ordinance; to execute, issue and deliver the 2018 Senior Lien Bonds; to execute,|1010|
deliver and comply with this Contract of Purchase, the Tax Compliance Certificate from the City (the "Tax Compliance Certificate") dated as of the Closing Date (as hereinafter defined), the Senior Lien Indenture, the Airline Use and Lease Agreements, the Continuing Disclosure Undertaking ofthe City relating to the 2018 Senior Lien Bonds pursuant to Rule 15c2-12 (the-"Undertaking") and to execute and deliver the Official Statement. The execution and delivery of this Contract of Purchase, the 'fax Compliance Certificate, the 2018 Senior Lien Bonds, the Airline Use and Lease Agreements, the Undertaking and the Senior Lien Indenture, and the adoption ofthe Bond Ordinance and the issuance ofthe 2018 Senior Lien Bonds thereunder, the execution and delivery by the City ofthe Official Statement and the use by the Underwriters of the Preliminary Official Statement arid the Official Statement have been duly authorized by all necessary action on the part of the City.
This Contract of Purchase, the Airline Use and Lease Agreements, the Official Statement, the Senior Lien Master Indenture and the Supplemental Indentures have been, and the Tax Compliance Certificate, the Undertaking, and the 2018 Senior Lien Bonds (when delivered and paid for at the Closing) shall be, duly authorized, executed, delivered and (in the case of the 2018 Senior Lien Bonds) authenticated by the Trustee and issued by the City. This Contract of Purchase, the Senior Lien Indenture, the Tax Compliance Certificate, and the Undertaking (when each is executed and delivered) and the 2018 Senior Lien Bonds (when issued, executed, authenticated and delivered) shall constitute legal, valid and binding obligations of the City, enforceable in accordance with their terms (except to the extent that enforceability may be limited by bankruptcy, insolvency and other laws affecting creditors' rights or remedies and the availability of equitable remedies generally). The Bond Ordinance has been duly and lawfully adopted and is in full force and effect and is valid and binding upon the City. When delivered and paid for at the Closing, the 2018 Senior Lien Bonds shall be entitled to the benefits and the security of, and shall be subject to the terms and conditions set forth in, the Senior Lien Indenture.
The adoption of the Bond Ordinance; the execution and delivery of this Contract of Purchase, the Senior Lien Indenture, the Tax Compliance Certificate, the Undertaking, and the Official Statement and the compliance of the City with the terms and conditions thereof (except the Official Statement) and of the Bond Ordinance, and the Airline Use and Lease Agreements, and the issuance and sale ofthe 2018 Senior Lien Bonds, do not and will not: (i) in any material respect conflict with or constitute on the part of the City a material breach of or material default under any agreement, indenture, mortgage, lease or other instrument to which the City is a party or by or to which it is bound; or (ii) in any material respect conllict with or result in a violation by the City ofthe Constitution ofthe United States of America (the "United States") or ofthe State of Illinois or any other law, ordinance, regulation, order, decree, judgment or ruling by or to which it is bound. The City is not in breach of or default under the Bond Ordinance, the Airline Use and Lease Agreements, or the Senior Lien Indenture or any applicable law or administrative regulation of the State of Illinois or the United Stales or any department, division, agency or instrumentality of either or any applicable judgment or decree to which the City is subject, or any loan agreement, bond, note, resolution, ordinance, agreement or other instrument to which the City is a party or is otherwise subject, which breach or default would in any way materially adversely affect the 2018 Senior Lien Bonds, the operation of O'Hare, the City's authority to impose or collect fees, rentals, or charges defined in the Airline Use and Lease Agreements as "Airport Fees and Charges" that constitute Revenues or the collection of Revenues or the authorization or issuance of the 2018 Senior Lien Bonds, and no event has occurred and is continuing which, with the passage of time or the giving of notice or both, would constitute such a breach or default. Neither the adoption ofthe Bond Ordinance and compliance with the provisions thereof nor the execution and delivery by the City of the Supplemental Indentures, the 2018 Senior Lien Bonds, the Undertaking, or this Contract of Purchase nor the|1010|
performance by the City of its obligations under the Senior Lien Master Indenture, the Supplemental Indentures, the 2018 Senior Lien Bonds, the Airline Use and Lease Agreements, the Undertaking, or this Contract of Purchase violates any applicable law or administrative regulation of the State of Illinois or the United States or any department, division, agency or instrumentality of either or any applicable judgment or decree to which the City is subject, or confl icts in a material manner with, or constitutes a material breach of or a material default under any loan agreement, bond, note, resolution, ordinance, indenture, agreement or other instrument to which the City is a party or is otherwise subject. The City has not received any judicial or administrative notice which in any way questions the federal tax-exempt status of interest on the 2018 Senior Lien Bonds.
Except as disclosed in the Official Statement, no litigation or other proceeding before or by any court or agency or other administrative body is pending against the City or, to the knowledge of the City, threatened against it, in any way restraining or enjoining, or threatening or seeking to restrain or enjoin, the issuance, sale or delivery ofthe 2018 Senior Lien Bonds or in any way questioning or affecting: (i) the proceedings under which the 2018 Senior Lien Bonds are to be issued; (ii) the validity or enforceability of any provision ofthe 2018 Senior Lien Bonds, the Senior Lien Master Indenture, the Tax Compliance Certificate, the Bond Ordinance, the Supplemental Indentures, the Airline Use and Lease Agreements, the Undertaking, or this Contract of Purchase; (iii) the Airport Capital Program; (iv) the accuracy or completeness of the Official Statement; (v) the legal existence of the City or its right to conduct its operations as conducted; or (vi) the title of its Mayor, City Comptroller, Chief Financial Officer, the Commissioner of the Chicago Department of Aviation, or City Clerk to their respective offices in such manner as to adversely affect the ability of the City to authorize the issuance, sale or delivery ofthe 2018 Senior Lien Bonds.
Except as disclosed in the Official Statement, there is no litigation or other proceeding pending or, to the City's knowledge, threatened against the City before or by any court, agency or other administrative body, nor any other event or circumstance, wherein an unfavorable decision, ruling or finding would have a material adverse effect on the validity or enforceability of the 2018 Senior Lien Bonds, the Bond Ordinance, the Senior Lien Indenture, the Tax Compliance Certificate, the Undertaking, the Airline Use and Lease Agreements, or this Contract of Purchase, or the City's authority to impose or collect fees, rentals or charges, in each case that constitute Revenues.
Other than liens and encumbrances described in the Official Statement, there are no liens or encumbrances on the Revenues or the funds or accounts pledged pursuant to the Senior Lien Indenture.
All approvals, consents and other actions by, and all filings or registrations with or notices to, any governmental or administrative authority or agency having jurisdiction in the matter required as a condition precedent to the execution and delivery by the City ofthe 2018 Senior Lien Bonds, the Tax Compliance Certificate, the Supplemental Indentures, the Undertaking, or this Contract of Purchase, have been obtained and are in full force and effect.
(i) The financial statements of O'Hare contained in the Official Statement fairly
present the financial position and results of operation of O'Hare as ofthe dates and for the periods
therein set forth, and the City has no reason to believe that such financial statements have not been
prepared in accordance with generally accepted accounting principles as consistently applied to
governmental units, except as otherwise noted therein.
|1010|
0) Any certificate signed by any elected or appointed officer or official of the City and delivered to the Underwriters pursuant to this Contract of Purchase shall be' deemed a representation and warranty by the City to the Underwriters as to the' statements made therein with the same effect as if such representation and warranty were set forth herein.
(k) To the knowledge of the Chief Financial Officer and based on the representation ofthe Underwriters contained in Section 10 hereof, no person holding office ofthe City, either by election or appointment, is in any manner interested, either directly or indirectly, in any contract being entered into or the performance of any work to be carried out in connection with the issuance and sale ofthe 2018 Senior Lien Bonds and upon which said officer may be called upon to act or vote; provided, however, that nothing in this Section 4(k) shall give rise to a cause of action by the Underwriters against the City.
(1) Except for information which is permitted to be omitted pursuant to Rule 15c2-12(b)(1), the Preliminary Official Statement,- as of its date and as ofthe datc hereof was and is true and correct in all material respects and did not and does not contain any untrue or misleading statement of a material fact or omit to state any material fact necessary to make the statements therein, in light ofthe circumstances under which they were made, not misleading; provided that the City makes no representation or warranty with regard to the information included in the Preliminary Official Statement under the following captions: "INTRODUCTION -REGARDiNG USE OF THE OFFICIAL STATEMENT," "BOND INSURANCE," "TAX MATTERS," "UNDERWRITING," or the information included in the Preliminary Official Statement in APPENDICES E, F, G and I thereto. The Official Statement as ofthe date hereof is, and as ofthe Closing Date (as defined herein) will be, true and complete in all material respects, and the Official Statement does not, and as ofthe Closing Date, will not, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and any amendments or supplements to the Official Statement prepared and furnished by the City pursuant hereto will not contain any untrue or misleading statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided that the City makes no representation or warranty with regard to the information included in the Official Statement under the following captions: "INTRODUCTION - REGARDING USE OF THE OFFICIAL STATEMENT," "BOND INSURANCE," "TAX MATTERS," "UNDERWRITING," or the information included in the Official Statement in APPENDICES E, F, G and 1 thereto.
(m) Except as described in the Official Statement, during the last five years, the City has not failed to materially comply with any previous continuing disclosure undertaking that it has entered into in accordance with Rule 15c2-12.
5. Covenants of the City. In connection with the purchase and sale ofthe 2018 Senior Lien Bonds, pursuant to this Contract of Purchase, the City hereby covenants that:
(a) The City will make available such information, execute such instruments and take such other action in cooperation with the Underwriters as the Representative may reasonably request to (i) qualify the 2018 Senior Lien Bonds for offer and sale under the securities laws and regulations of such states and other jurisdictions ofthe United States as the Representative or Counsel for the Underwriters may designate in writing and (ii) determine the eligibility ofthe 2018 Senior Lien Bonds for investment under the laws of such states and other jurisdictions, and will advise the Underwriters immediately of receipt by the City of any written notification with respect to the suspension ofthe qualification ofthe 2018 Senior Lien Bonds for sale in any|1010|
jurisdiction or the initiation or threat of any proceeding for that purpose; provided, however, that nothing in this clause (a) shall require the City to consent lo service of process in any state or jurisdiction other than the State of Illinois.
The City will cooperate to make available such information, execute such instruments and take such other action in cooperation with the Underwriters as the Representative may reasonably request to assist the Underwriters in attempting to qualify the 2018 Senior Lien Bonds with DTC.
The City will not amend or supplement the Official Statement without the consent of the Representative, which consent will not be unreasonably withheld. From the date hereof until the earlier of (i) 90 days from the end ofthe underwriting period (as defined in Rule 15c2-12) or (ii) the time when the Official Statement is available to any person from the MSRB, but in no case fewer than 25 days following the end of the underwriting period (as defined in Rule I5c2-I2), if any event occurs as a result of which it may be necessary to amend or supplement the Official Statement in order to make the statements therein, in light of the circumstances under which they were made, not misleading, the City will notify the Representative and Counsel to the Underwriters in writing of such event and, if such event requires, in the opinion of the City, the Representative or Counsel to the Underwriters, an amendment or supplement to the Official Statement, at the City's expense the City will amend or supplement the Official Statement in a form and in a manner jointly approved by the City and the Representative, which approval will not be unreasonably withheld, so that the statements in the Official Statement, as so amended or supplemented, will not, in light of the circumstances under which they were made, be misleading.
The 2018 Senior Lien Bonds and the Bond Ordinance conform lo the descriptions thereof contained in the Official Statement under the captions "THE 2018 SENIOR LIEN BONDS" and "SECURITY FOR THE 2018 SENIOR LIEN BONDS", and the City shall apply the proceeds ofthe 2018 Senior Lien Bonds in accordance with the Bond Ordinance and the Senior Lien Indenture.
Between the date of this Contract of Purchase and the Closing Datc, the City will not, without the prior written consent of the Representative, issue or enter into any contract to issue any bonds, notes or other obligations for borrowed money payable from the Revenues and, subsequent to the respective dates as of which information is given in the Official Statement and up to and including the Closing Date, the City has not incurred and will not incur with respect to O'Hare any material liabilities other than those occurring in the ordinary course of operating O'Hare and the construction of improvements thereto, direct or contingent, nor will there be any action, or any failure to act, on the part of the City which would result in an adverse change of a material nature in the financial position, results of operations or condition, financial or otherwise, of O'Hare, except as described in the Official Statement.
In order to assist the Underwriters in complying with Rule 15c2-12, the City will undertake, pursuant to the Undertaking, to provide annual financial information and notices ofthe occurrence of specified events. The Undertaking shall be substantially in the form described in the Preliminary Official Statement and Official Statement, with such changes as may be reasonably approved by the Representative and the City.
6. Closing. The delivery ofand payment for the 2018 Senior Lien Bonds is herein called the "Closing." The Closing shall lake place on December 12,2018 (the "Closing Date") at the offices of Mayer Brown LLP, 71 S. Wacker Drive, Chicago, Illinois or on such other date or at such other place as shall have|1010|
been mutually agreed upon by the City and the Representative as the date on or place at which the Closing shall occur. Delivery ofthe 2018 Senior Lien Bonds shall be made to the Underwriters by way of delivery to the Trustee as agent for DTC pursuant to the FAST system on the Closing Date. Simultaneous with such delivery and provided that all conditions to the obligations ofthe Underwriters set forth in Section 7 hereof have been satisfied and all documents and instruments required to be delivered pursuant to Section 7(d) hereof are in form and substance satisfactoiy to the Representative, the Underwriters shall cause the Purchase Price for the 2018 Senior Lien Bonds as described in Section 1 hereof, to be paid by wire transfer of federal funds payable to or for the account ofthe City. The 2018 Senior Lien Bonds shall be delivered in the manner described above in the form of one fully registered bond per maturity as set forth in the Senior Lien Indenture. The City shall release or authorize the release ofthe 2018 Senior Lien Bonds on the Closing Date upon receipt of payment for the 2018 Senior Lien Bonds as aforesaid. In addition, the City and the Underwriters agree that there shall be a preliminary closing held at the same place as the Closing, commencing at least one business day prior to the Closing Date. It is anticipated that CUSIP identification numbers will be printed on the 2018 Senior Lien Bonds, but neither the failure to print such number on any 2018 Senior Lien Bonds nor any error with respect thereto shall constitute cause for a failure or refusal by the Underwriters to accept delivery ofand pay for the 2018 Senior Lien Bonds in accordance with the terms of this Contract of Purchase. All expenses in relation to the printing of CUSIP numbers on the 2018 Senior Lien Bonds and the CUSIP Service Bureau charge for the assignment of such numbers shall be paid for by the Underwriters.
7. Conditions of Closing. The Representative has entered into this Contract of Purchase on behalf of itself and the other Underwriters in reliance upon the representations, warranties and covenants of the City contained herein and to be contained in the documents and instruments to be delivered at the Closing and upon the performance by the City of its obligations hereunder and under the aforesaid documents and instruments at or priorto the date ofthe Closing. Accordingly, the Underwriters' obligations under this Contract of Purchase to purchase, to accept delivery of and to pay for the 2018 Senior Lien Bonds are subject to the performance by the City of its obligations to be performed hereunder and under such aforesaid documents and instruments at or prior to the Closing, and are also subject to the following conditions:
The representations and warranties of the City contained herein and in the Senior Lien Indenture will be true, complete and correct on the date hereof and on and as ofthe Closing Date with the same effect as if made on the Closing Date.
At the time ofthe Closing, (i) the Bond Ordinance, the Senior Lien Indenture, the Tax Compliance Certificate, the Airline Use and Lease Agreements and the Undertaking will be in full force and effect, and will not have been amended, modified or supplemented since the date hereof, unless agreed to in writing by the Representative as provided herein, and the Official Statement will not have been amended, modified, or supplemented, except as may have been agreed to as provided herein; and (ii) all necessary action on the part of the City relating to the issuance of the 2018 Senior Lien Bonds will have been taken and will be in full force and effect and will not have been amended, modified or supplemented, except with the written consent of the Representative.
The Representative has the right to terminate the Underwriters' obligations under this Contract of Purchase to purchase, to accept delivery ofand to pay for the 2018 Senior Lien Bonds by notifying the City of its election to do so if, after the execution hereof and prior to the Closing:
(i) the marketability of the 2018 Senior Lien Bonds or the market price thereof, in the reasonable opinion ofthe Representative, has been materially adversely affected by an amendment to the Constitution ofthe United States or ofthe State of|1010|
Illinois or by federal or state legislation or by a decision of any federal or State court or any ruling or regulation (final or temporary) on behalf of the Treasury Department of the United States, the Internal Revenue Service or other federal or State authority, affecting the tax status of the City or its property, revenues or income, bonds (including the 2018 Senior Lien Bonds) or the interest thereon; or
legislation shall be enacted by the Congress of the United States, or recommended to the Congress for passage by the President of the United States, or favorably reported for passage to either house of Congress by any committee of such house, or passed by either house of Congress, or a decision shall have been rendered by a court of the United States or the United States Tax Court, or a ruling shall have been made or a regulation shall have been proposed or made by the Treasury Department of the United States or the Internal Revenue Service, with respect to the federal taxation of interest received on obligations of the general character of the 2018 Senior Lien Bonds, which, in the reasonable opinion of Co-Bond Counsel (as hereinafter defined) to the City has. or will have, the effect of making such interest subject to inclusion in gross income for purposes of federal income taxation; or
legislation shall have been enacted or a bill shall be favorably reported out of committee of either house of Congress, or a decision by a court ofthe United States shall be rendered, or a ruling, regulation, proposed regulation or statement by or on behalf of the Commission or any other agency of the federal government having jurisdiction ofthe subject matter shall be made, to the effect that the 2018 Senior Lien Bonds are not exempt from the registration requirements ofthe Securities Act of 1933, as amended (the "1933 Act") or the Exchange Act, or the Senior Lien Indenture is not-exempt from the qualification requirements of the Trust Indenture Act of 1939, as amended (the "Trust Indenture Act"); or
a stop order, ruling, regulation or official statement by the Commission or any other governmental agency having jurisdiction ofthe subject matter shall have been issued or made or any other event occurs, the effect of which is that the issuance, offering or sale of the 2018 Senior Lien Bonds or the effectiveness of the Senior Lien Indenture, as contemplated hereby or by the Official Statement, is or would be in violation of any provision of the federal securities laws, including the 1933 Act, the Exchange Act or the Trust Indenture Act; or
there shall have occurred any declaration of war involving the United States, or an escalation in any conflict involving the armed forces of any country, or any other national emergency relating to the effective operation of the government or the financial community, or any outbreak or escalation of hostilities or any acts of terrorism or any local, national or international calamity or crisis, the effect of which, in the Representative's reasonable opinion would materially adversely affect the marketability or market price of the 2018 Senior Lien Bonds; or
there shall have occurred a general suspension of trading on the New York Stock Exchange or a material disruption in securities settlement, payment or clearance services shall have occurred; or
(vii) a general banking moratorium shall have been declared by United
States, State of Illinois or State of New York authorities; or
|10 10|
an event occurs which requires an amendment or supplement lo the Official Statement as contemplated in Section 5(c) hereof, which event, in the Representative's reasonable opinion, materially adversely affects the market price ofthe 2018 Senior Lien Bonds or makes it, in the Representative's reasonable opinion, impracticable or inadvisable to proceed with the delivery ofthe 2018 Senior Lien Bonds on the terms and in the manner contemplated by the Official Statement specifically including, but not limited to, the issuance by any court or administrative agency of an order or decision enjoining, staying, or otherwise limiting (A) the O'Hare Modernization Program, or (B) any governmental action, authorization, or funding in support of the O'Hare Modernization Program; or
the ratings ofthe 2018 Senior Lien Bonds of "A" (Stable Outlook) by Standard & Poor's Financial Services LLC, "A" (Stable Outlook) by Fitch Ratings and "A+" (Stable Outlook) by Kroll Bond Rating Agency, or the ratings of BAM or AGM, shall have been downgraded or withdrawn by a national rating service or a national rating service shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating ofthe 2018 Senior Lien Bonds, other than as disclosed in the Official Statement, which event or events, in the Representative's reasonable opinion, materially adversely affects the market price of the 2018 Senior Lien Bonds or make it, in the reasonable opinion of the Representative, impracticable or inadvisable to proceed with the delivery of the 2018 Senior Lien Bonds on the terms and in the manner contemplated by the Official Statement; or
a committee of the House of Representatives or the Senate of the Congress of the United States shall have pending before it legislation, which legislation, if enacted in its form as introduced or amended, would have the purpose of amending or repealing regulations or approvals, which in the Representative's reasonable opinion materially adversely affect the market price of the 2018 Senior Lien Bonds or make it, in the reasonable opinion of Ihe Representative, impracticable or inadvisable to proceed with the delivery of the 2018 Senior Lien Bonds on the terms and in the manner contemplated by the Official Statement; or
there shall have occurred since the date of this Contract of Purchase any materially adverse change in the affairs or financial condition of O'Hare, except for changes which the Official Statement discloses are expected to occur.
(d) At or prior to the Closing, the Representative has received each of the following documents:
six copies of the Official Statement of the City, manually executed by an Authorized Officer:
a copy, duly certified by an Authorized Officer, ofthe Bond Ordinance as adopted by the City Council of the City;
the approving opinions dated the date of the Closing and addressed to the City, together with a reliance letter addressed to the Trustee and the Underwriters, of Mayer Brown LLP, Chicago, Illinois, and Neal and Leroy, LLC, Chicago, Illinois, Co-Bond Counsel to the City ("Co-Bond Counsel"), in substantially the forms included in the Official Statement;
10
(iv) an opinion or opinions, dated the Closing Date and addressed to the Underwriters and the City, of Co-Bond Counsel, to the effect that:
the Contract of Purchase and the Undertaking have each been duly authorized, executed and delivered by the City, and assuming the due authorization, execution and delivery of the Contract of Purchase by the other party thereto, constitute valid and binding agreements of the City, enforceable against the City in accordance with their terms, except as limited by any applicable bankruptcy, liquidation, reorganization, insolvency or other similar laws and by general principles of equity, if equitable remedies are sought;
the 2018 Senior Lien Bonds are not subject to the registration requirements of the 1933 Act, and the Bond Ordinance and the Senior Lien Indenture are exempt from qualification pursuant to the Trust Indenture Act;
delivery ofthe Preliminary Official Statement and the execution and delivery ofthe Official Statement by the City and use and distribution ofthe same by the Underwriters in connection with the sale ofthe 2018 Senior Lien Bonds has been duly authorized by the City; and
statements contained in the Official Statement under the captions "INTRODUCTION - AUTHORIZATION," "-SECURITY FOR THE 2018 SENIOR LIEN BONDS" and "-LIMITED OBLIGATIONS," "THE 2018 SENIOR LIEN BONDS," "SECURITY FOR THE 2018 SENIOR LIEN BONDS" (except for the information contained (i) under the paragraph heading "-CERTAIN AVIATION FUEL T/LXES EXCLUDED FROM REVENUES;' (ii) under the sub-heading "- O'HARE REVENUES MUST BE USED FOR AIRPORT PURPOSES," (iii) under the caption "DEBT SERVICE COVERAGE COVENANTS," (iv) under the caption "DESCRIPTION OF PFC REVENUES" and (v) under the caption "DESCRIPTION OF GRANT RECEIPTS"), and "TAX MATTERS" and in APPENDIX A - "GLOSSARY OF TERMS" (to the extent such terms are defined in the Senior Lien Indenture) and in APPENDIX B - "SUMMARY OF CERTAIN PROVISIONS OF THE SENIOR LIEN INDENTURE," APPENDIX C - "SUMMARY OF CERTAIN PROVISIONS OF THE AIRLINE USE AND LEASE AGREEMENTS," and APPENDIX F - "PROPOSED FORMS OF OPINIONS OF CO-BOND COUNSEL," respectively, are accurate in all material respects.
nothing came to the attention of Co-Bond Counsel that caused Co-Bond Counsel to believe thai the Official Statement, as of its date or as of the Closing Date, included or includes an untrue statement of a material fact or omitted or omits to slate a material fact necessary in order lo make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that Co-Bond Counsel docs not assume any responsibility for the accuracy, completeness or fairness of the statements contained in the Official Statement (except as otherwise specifically provided in this Section 7(d)(iv)), and Co-Bond Counsel does not express any belief with respect to (i) any economic, financial, operational, technical or statistical inforrnalion contained in or omitted from the Official Statement; (ii) any forecasts, projections, estimates, assumptions or expressions of opinion contained in the Official Statement; (iii) any financial statements or other
11
financial, statistical or accounting data contained in or omitted from the Official Statement; (iv) any information incorporated or included by reference in the Official Statement; (v) any information relating to AGM or the AGM Bond Insurance Policy, BAM or the BAM Bond Insurance Policy, or DTC or its global book-entry systems; or (vi) any information in Appendices A (but only with respect to terms which are not defined in the Bond Ordinance or the Senior Lien Indenture), D, E, G or 1 lo ihe Official Statement, or any statements pertaining to the matters contained in such Appendices.
(v) an opinion, dated the Closing Date and addressed to ihe Underwriters, ofthe Corporation Counsel ofthe City (the "Corporation Counsel"), given in an official capacity and not personally and to which no personal liability will derive from its delivery, to the effect that:
(A) the City is a home rule unit of local government duly organized
and existing under the Constitution and laws ofthe State of Illinois with full power
and authority, among other things, to adopt and perform its duties and obligations
under the Bond Ordinance; to deliver the Preliminary Official Statement and to
execute, deliver and perform its duties and obligations under this Contract of
Purchase, the Official Statement, the Tax Compliance Certificate, the Senior Lien
Indenture, and the Undertaking, to authorize, issue and sell the 2018 Senior Lien
Bonds, to operate O'Hare and to maintain, collect and enforce the collection of
Revenues as provided in the Bond Ordinance, the Airline Use and Lease
Agreements, and the Senior Lien Indenture;
(B) this Contract of Purchase, the Senior Lien Indenture, the Tax
i Compliance Certificate, the Airline Use and Lease Agreements and the
Undertaking, have been duly authorized, executed and delivered by, and the Bond Ordinance has been duly adopted by the City, and is in full force and effect; and, assuming due authorization and execution by the other parties thereto, this Contract of Purchase, the Senior Lien Indenture, and the Undertaking constitute valid and legally binding obligations of the City enforceable in accordance with their respective terms except as limited by any applicable bankruptcy, liquidation, reorganization, insolvency or other similar laws and by general principles of equity;
the Preliminary Official Statement has been duly authorized and delivered, and the Official Statement has been authorized, executed and delivered, by the City;
compliance with the provisions of the Bond Ordinance and the execution, delivery and performance of .the Senior Lien Indenture, the Tax Compliance Certificate, the Undertaking, the Airline Use and Lease Agreements, or this Contract of Purchase do not in a material manner conflict with, or constitute a material breach of or material default under, any applicable law, administrative regulation, court order or consent decree of the State of lllinois or the United States or any department, division, agency or instrumentality of either or any loan agreement, note, resolution, ordinance, indenture, mortgage, deed of trust, agreement or other instrument to which the City is a party or may otherwise be subject;
12
all approvals, consents and orders, of any governmental authority, board, agency or commission having jurisdiction which would constitute conditions precedent to the performance by Ihe City of its obligations under this Contract of Purchase, the Bond Ordinance, the 2018 Senior Lien Bonds, the Senior Lien Indenture, the Tax Compliance Certificate, the Airline Use and Lease Agreements and the Undertaking which are required to be obtained prior to the execution and delivery ofthe foregoing instruments have been obtained and are in full force and effect;
except as set forth in the Official Statement, there is no litigation or proceeding pending or, to the knowledge of the Corporation Counsel, threatened in any way affecting the existence ofthe City, or the titles ofthe Mayor ofthe City, the Chief Financial Officer, the City Comptroller, and the City Clerk to their respective offices, the City's operation of O'Hare, or seeking to restrain or to enjoin the issuance, sale or delivery ofthe 2018 Senior Lien Bonds, or the right, power and authority of the City to impose and collect fees, rentals or charges that constitute Revenues or other moneys pledged or to be pledged to pay the principal of and interest on the 2018 Senior Lien Bonds, or in any way contesting or affecting the validity or enforceability ofthe 2018 Senior Lien Bonds, the Bond Ordinance, this Connect of Purchase, the Senior Lien Indenture, the Undertaking, the Airline Use and Lease Agreements or the Tax Compliance Certificate, or contesting in any way the completeness or accuracy ofthe Preliminary Official Statement or the Official Statement, or contesting the powers of the City or its authority with respect to the 2018 Senior Lien Bonds, the Bond Ordinance, this Contract of Purchase, the Senior Lien Indenture, the Undertaking, the Airline Use and Lease Agreements or the Tax Compliance Certificate;
based on the examination which the Corporation Counsel has caused to be made and the participation of representatives of the Corporation Counsel at conferences at which the Official Statement was discussed, the Corporation Counsel has no reason to believe that the Official Statement contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements therein, in light ofthe circumstances under which they were made, not misleading in any material respect; provided that no opinion or belief need be expressed regarding any financial, forecast, technical and statistical statements and data included in the Official Statement and the information set forth under the following captions: "BOND INSURANCE," "AIRPORT-CONSULTANT," "TAX MATTERS," "UNDERWRITING," "FINANCIAL ADVISORS AND INDEPENDENT REGISTERED MUNICIPAL ADVISOR," "INDEPENDENT AUDITORS" or "RATINGS" or the information set forth in APPENDICES D, E, F, G and I;
based on the examination which the Corporation Counsel has caused to be made and the participation of representatives of the Corporation Counsel at conferences at which the Official Statement was discussed, the statements contained in the Official Statement under the captions "INTRODUCTION," "SECURI TY FOR THE 2018 SENIOR LIEN BONDS," "PLAN OF FINANCE," "CHICAGO O'HARE INTERNATIONAL AIRPORT," "OUTSTANDING INDEBTEDNESS AT O'HARE," "CERTAIN INVESTMENT CONSIDERATIONS," "LITIGATION," and "SECONDARY MARKET DISCLOSURE," in APPENDIX A "GLOSSARY OF T ERMS" and
13
in APPENDIX C — "SUMMARY OF CERTAIN PROVISIONS OF THE AIRLINE USE AND LEASE AGREEMENTS" present a fair and accurate summary of such provisions; and
(1) for so long as the Airline Use and Lease Agreements remain in effect in their present form, the amounts required to be paid in respect to the principal of and interest on the 2018 Senior Lien Bonds during the term of the Airline Use and Lease Agreements are required to be included in the calculation of Airport Fees and Charges under the Airline Use and Lease Agreements.
Robert Thomas CPA, LLC (the "Verification Agent"), will deliver a verification report stating that it has verified the mathematical accuracy of certain computations relating to the sufficiency of the amounts of certain proceeds of the Chicago O'Hare International Airport General Airport Senior Lien Revenue and Revenue Refunding Bonds, Series 2018A, set aside and to be used for the redemption of the Refunded Bonds to provide for the timely payment of the principal or respective redemption prices ofand interest on the Refunded Bonds on their respective redemption dates.
Opinions, dated the date of the Closing and addressed to the Underwriters and the City, of Miller, Canfield, Paddock and Stone, P.L.C., Chicago, Illinois, and Chico & Nunes, P.C, Chicago, Illinois, Co-Disclosure Counsel to the City ("Co-Disclosure Counsel"), to the effect that, based upon their participation in the preparation ofthe Official Statement as Co-Disclosure Counsel and their participation at conferences at which the Official Statement was discussed, but without having undertaken to determine independently the accuracy, completeness or fairness of the statements contained in the Official Statement, Co-Disclosure Counsel have no reason to believe that the Official Statement contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided that no belief or opinion need be stated regarding (i) the financial statements or other financial, operating, accounting, forecast or projections, technical and statistical statements and data contained or incorporated in the Official Statement, (ii) the statements and information set forth .under the captions "BOND INSURANCE" and "INDEPENDENT AUDITORS" and APPENDICES D, E G, H and I to the Official Statement, and (iii) the information describing the opinions of Co-Bond Counsel under the caption "TAX MATTERS" and in APPENDIX F to the Official Statement.
an opinion, dated the datc of the Closing and addressed to the Underwriters, of McGuireWoods LLP, Chicago, Illinois, as Counsel for the Underwriters ("Underwriters' Counsel"), to the effect that:
the 2018 Senior Lien Bonds are exempt securities which do not require registration under the 1933 Act, and the Bond Ordinance and the Senior Lien Indenture need not be qualified under the Trust Indenture Act;
the Undertaking complies with the requirements of Section (b)(5) of Rule 15c2-12 in effect as ofthe date of Closing and the conditions of the Underwriters' purchase or sale of the 2018 Senior Lien Bonds contained in this Contract of Purchase have been satisfied or waived; and
14
(C) based upon their participation in the preparation of the Official Statement as Underwriters' Counsel and their participation at conferences at which the Official Statement was discussed, but without having undertaken to determine independently the accuracy, completeness or fairness ofthe statements contained in the Official Statement, Underwriters' Counsel have no reason to believe that the Official Statement contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements therein, in light ofthe circumstances under which they were made, not misleading; provided that no belief or opinion need be stated regarding (i) the financial statements or other financial, operating, accounting, forecast or projections, technical and statistical statements and data contained or incorporated in the Official Statement, (ii) the statements and information set forth under the captions "BOND INSURANCE" and "INDEPENDENT AUDITORS" and APPENDICES D, E G, H and I to the Official Statement, and (iii) the infonnation describing the opinions of Co-Bond Counsel under the caption "TAX MATTERS" and in APPENDIX F to the Official Statement.
A certificate dated the date of Closing, of an Authorized Officer ofthe City to the effect that:
the representations and warranties of the City contained herein are true and correct on and as of the date ofthe Closing with the same effect as if made on the date of the Closing; and
to the best knowledge of said officer, no event affecting the City has occurred since the date ofthe Official Statement which should be disclosed in the Official Statement for the purpose for which it is to be used or which it is necessary to disclose therein in order to make the statements and information therein not misleading in any material respect;
A certificate, dated the date of the Closing, of an Authorized Officer and the Commissioner of the Chicago Department of Aviation to the effect that, except as disclosed in the Official Statement, nothing has come to their attention which causes them to believe that during the period from January 1, 2018 to the Closing Date, there has been any material adverse change in the financial condition of O'Hare from that set forth in the audited financial statements of O'Hare as of December 31, 2017, included as APPENDIX D to the Official Statement;
A certificate, dated the date of the Closing, ofthe Commissioner ofthe Chicago Department of Aviation to the effect that the information contained in the Official Statement under the captions " INTRODUCTION - PURPOSE," "INTRODUCTION - OUTSTANDING INDEBTEDNESS AT O'HARE AND FUTURE FINANCINGS," "INTRODUCTION - CHICAGO O'HARE INTERNATIONAL AIRPORT," "INTRODUCTION - CAPITAL PROGRAMS," "INTRODUCTION - REGIONAL AIRPORT OVERSIGHT," "SECURITY FOR THE 2018 SENIOR LIEN BONDS," "PLAN OF FINANCE," "SOURCES AND USES OF FUNDS,", "CHICAGO O'HARE INTERNATIONAL AIRPORT," "AIR TRAFFIC ACTIVITY AT O'HARE," "O'HARE FINANCIAL INFORMATION," "OUTSTANDING INDEBTEDNESS AT O'HARE," "PFC PROGRAM AT O'HARE," "CAPITAL PROGRAMS," and "CERTAIN INVESTMENT CONSIDERATIONS," does not include any untrue statement of a material fact or omit
15
any statement of a matenal fact that should be stated therein for the purposes for which it is to be used or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;
A certificate, dated the date of the Closing, of Ricondo & Associates, Inc. (the "Airport Consultant") to the effect that, in its capacity as an expert in the aviation industry, the Airport Consultant has reviewed and certifies that the information contained in the Official Statement under the captions "INTRODUCTION - CHICAGO O'HARE INTERNATIONAL AIRPORT," "INTRODUCTION - CAPITAL PROGRAMS," "INTRODUCTION - PROJECTS FUNDED WITH 2018 SENIOR LIEN BONDS," "INTRODUCTION - REPORT OF THE AIRPORT CONSULTANT," "PLAN OF FINANCE," "CHICAGO O'HARE INTERNATIONAL AIRPORT (but not including information under the sub-captions "-OTHER COMMERCIAL SERVICE AIRPORTS SERVING THE CHICAGO REGION", and "-BUDGET PROCEDURES")," "AIR TRAFFIC ACTIVITY AT O'HARE," "O'HARE FINANCIAL INFORMATION," "OUTSTANDING INDEBTEDNESS AT O'HARE," "CAPITAL PROGRAMS," "CERTAIN INVESTMENT CONSIDERATIONS (but not including information under the sub-captions "—EFFECT OF AIRLINE BANKRUPTCY," "-MUNICIPAL BANKRUPTCY" and "-LIMITED OBLIGATIONS,") and APPENDIX E to the Official Statement does not include any untrue statement of a material fact or omit any statement of a material fact that should be stated therein for the purpose for which it is used or necessary to make the statements therein, in light ofthe circumstances under which they were made, not misleading;
Executed counterparts or certified copies of the Bond Ordinance, the Senior Lien Indenture and the Undertaking;
Evidence satisfactory to the Representative that the 2018 Senior Lien Bonds have received at least the following ratings, respectively, from Standard and Poor's Ratings Service, Fitch Ratings and Kroll Bond Rating Agency: "A" (Stable Outlook); "A" (Stable Outlook); and "A+" (Stable Outlook);
Evidence satisfactory to the Representative of ratings on the BAM Insured Bonds, as insured by the BAM Bond Insurance Policy, of not lower than "AA" (Stable Outlook) by Standard &. Poor's Ratings Services;
Evidence satisfactory to the Representative that the AGM Insured Bonds have received at least the following ratings, respectively, as insured by the AGM Bond Insurance Policy, from Standard and Poor's Ratings Service and Kroll Bond Rating Agency: "AA" (Stable Outlook); and "AA+" (Stable Outlook);
an executed copy ofthe BAM Bond Insurance Policy dated the date of the Closing, issued by BAM guaranteeing the scheduled payment ofthe principal ofand interest on the BAM Insured Bonds which has become due for payment, accompanied by a legal opinion dated the date of Closing of counsel for BAM as to the validity and enforceability of the BAM Bond Insurance Policy and a certificate dated the date ofthe Closing, given by BAM to the effect that, as of the date of the Closing, the information in the Official Statement concerning,BAM and its policies under the section "BOND INSURANCE" is accurate;
16
an executed copy of the AGM Bond Insurance Policy dated the date of the Closing, issued by AGM guaranteeing the scheduled payment ofthe principal ofand interest on the AGM Insured Bonds which has become due for payment, accompanied by a legal opinion dated the date of Closing of counsel for AGM as to the validity and enforceability of the AGM Bond Insurance Policy and a certificate dated the date ofthe Closing, given by AGM to the effect that, as of the date of the Closing, the information in the Official Statement concerning AGM and its policies under the section "BOND INSURANCE" is accurate;
One counterpart original of a transcript of all documents and proceedings relating to the authorization and issuance of the 2018 Senior Lien Bonds;
The Blanket DTC Letter of Representation dated March 9, 1995 between the City and DTC;
An executed counterpart ofthe Tax Compliance Certificate; and
Such additional legal opinions, certificates, instruments and other documents as Co-Bond Counsel may reasonably deem necessary or desirable, or as the Representative may reasonably request, to evidence the truth and accuracy, as ofthe date hereof and as ofthe date of Closing, ofthe representations, warranties and covenants of the City contained herein and of the statements and information contained in the Official Statement and the due performance or satisfaction by the City at or prior to the Closing of all agreements then lo be performed and all conditions then to be satisfied by the Cily.
All of the opinions, letters, certificates, instruments and other documents mentioned above or elsewhere in this Contract of Purchase will be deemed to be in compliance with the provisions hereof if, but only if, they are in substance satisfactory to the Representative.
Termination. If the City is unable to satisfy the conditions to the obligations of the Underwriters to purchase, to accept delivery ofand to pay for the 2018 Senior Lien Bonds contained in this Contract of Purchase, or if the obligations of the Underwriters to purchase, to accept delivery ofand to pay for the 2018 Senior Lien Bonds are terminated for any reason permitted by this Contract of Purchase, this Contract of Purchase will terminate and neither the Underwriters nor the City will be under further obligation or have any further liability hereunder, except the City and the Underwriters shall pay their respective expenses as set forth in paragraph 9 hereof.
Expenses. The Underwriters shall be under no obligation to pay, and the City shall pay, but solely from the proceeds ofthe 2018 Senior Lien Bonds or the legally available Revenues, all expenses incident to the performance ofthe obligations ofthe City hereunder, including but not limited to: (i) the cost of the preparation and reproduction and mailing or delivery ofthe Bond Ordinance, the Senior Lien Indenture, the Tax Compliance Certificate, the Undertaking, the Preliminary Official Statement and the Official Statement; (ii) the cost of the preparation and printing, if any, ofthe 2018 Senior 1 Jen Bonds; (iii) the fees and disbursements of Co-Bond Counsel; (iv) the fees and disbursements ofthe accountants and advisors of the City and of any consultants retained by the City; (v) the fees for bond ratings; (vi) the fees for Blue Sky filings, if any; (vii) the fees of DTC; (viii) fees of the Trustee in its capacity as trustee for the 2018 Senior Lien Bonds; (ix) the expenses of travel, meals, and lodging for City representatives to attend conferences with the rating agencies, investor meetings, and pricing meetings relating to the issuance ofthe 2018 Senior Lien Bonds; (x) the fees for the AGM Bond Insurance Policy and the BAM Bond Insurance Policy; and (xi) any other expenses incurred in connection with the issuance ofthe 2018 Senior Lien Bonds and nol specifically assumed by the Underwriters hereunder. The City shall be under no obligation to pay,
17
and the Underwriters shall pay: (i) the cost of preparation and reproduction of the Agreement Among Underwriters and this Contract of Purchase; (ii) the costs of preparation and reproduction of the Blue Sky Memorandum; (iii) all advertising expenses in connection with the public offering ofthe 2018 Senior Lien Bonds; (iv) an amount, if any, required to be paid to the MSRB as its special assessment: (v) the fees and disbursements of Underwriters' Counsel; and (vi) all other expenses incurred by them or any of them in connection with their public offering and distribution of the 2018 Senior Lien Bonds.
10. Establishment of Issue Price.
The Representative, on behalf of the Underwriters, agrees to assist the City in establishing the issue price of the 2018 Senior Lien Bonds (other than the Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2018C) and shall execute and deliver to the City at Closing an "issue price" or similar certificate, together with the supporting pricing wires or equivalent communications, substantially in the form attached hereto as Exhibit C with such modifications as may be appropriate or necessary, in the reasonable judgment of the Representative, the City and Co-Bond Counsel, to accurately reflect, as applicable, the sales price or prices or the initial offering price or prices to the public ofthe 201S Senior Lien Bonds. All actions to be taken by the City under this section to establish the issue price ofthe 2018 Senior Lien Bonds may be taken on behalf ofthe City by the City's municipal advisor identified in the Official Statement and any notice or report to be provided to the City may be provided to the City's municipal advisor.
The City will treat the first price at which 10% of each maturity of the 2018 Senior Lien Bonds (the "10% test") is sold to the public as the issue price of that maturity. At or promptly after the execution of this Contract of Purchase, the Representative shall report to the City the price, or prices at which the Underwriters have sold to the public each maturity of 2018 Senior Lien Bonds. For purposes of this Section, if 2018 Senior Lien Bonds mature on the same date but have different interest rates, each separate CUSIP number within that maturity will be treated as a separate maturity of the 2018 Senior Lien Bonds.
The Representative confirms that the Underwriters have offered the 2018 Senior Lien Bonds to the public on or before the datc of this Contract of Purchase at the offering price or prices (the "initial offering price"), or at the corresponding yield or yields, set forth in Exhibit A attached hereto, except as otherwise set forth therein. Schedule II sets forth, as ofthe date of this Contract of Purchase, the maturities, if any, of the 2018 Senior Lien Bonds for which the 10% test has not been satisfied and for which the City and the Representative, on behalf of the Underwriters, agree that the restrictions set forth in the next sentence shall apply, which will allow the City to treat the initial offering price to the public of each such maturity as ofthe sale date as the issue price of that maturity (the "Iwld-the-offering-price rule"). So long as the hold-the-offering-price rule remains applicable to any maturity of the 2018 Senior Lien Bonds, the Underwriters will neither offer nor sell unsold 2018 Senior Lien Bonds of that maturity to any person al a price that is higher than the initial offering price to the public during the period starting on the sale date and ending on the earlier of the following:
the close of the fifth (5th) business day after the sale datc; or
the date on which the Underwriters have sold at least 10% of that maturity of the 2018 Senior Lien Bonds to the public at a price that is no higher than the initial offering price to the public.
18
The Representative will advise the City promptly after the close of the fifth (5th) business day after the sale date whether it has sold 10% of that maturity of the 2018 Senior Lien Bonds lo the public at a price that is no higher than the initial offering price to the public.
The Representative confirms that:
any agreement among underwriters, any selling group agreement and each third-party distribution agreement (to which the Representative is a party) relating lo the initial sale of the 2018 Senior Lien Bonds to the public, together with the related pricing wires, contains or will contain language obligating each Underwriter, each dealer who is a member ofthe selling group and each broker-dealer that is a party to such third-party distribution agreement, as applicable:
(A) (i) to report the prices at which it sells to the public the unsold 2018
Senior Lien Bonds of each maturity allocated to it, whether or not the Closing Date
has occurred, until either all 2018 Senior Lien Bonds of that maturity allocated to
it have been sold or it is notified by the Representative that the 10% test has been
satisfied as to the 2018 Senior Lien Bonds of that maturity, provided that, the
reporting obligation after the Closing Datc may be at reasonable periodic intervals
or otherwise upon request of the Representative, and (ii) to comply with the hold-
the-offering-price rule, if applicable, if and for so long as directed by the
Representative and as set forth in the related pricing wires, and
to promptly notify the Representative of any sales of 2018 Senior Lien Bonds that, to its knowledge, are made to a purchaser who is a related parry to an underwriter participating in the initial sale ofthe 201 8 Senior Lien Bonds to the public (each such term being used as defined below),
to acknowledge that, unless otherwise advised by the Underwriter, dealer or broker-dealer, the Representative shall assume that each order submitted by the Underwriter, dealer or broker-dealer is a sale to the public.
any agreement among underwriters or selling group agreement relating to the initial sale of the 2018 Senior Lien Bonds to the public, together with the related pricing wires, contains or Will contain language obligating each Underwriter or dealer that is a party to a third-party distribution agreement to be employed in connection with the initial sale of the 2018 Senior Lien Bonds to the public to require each broker-dealer that is a party to such third-party distribution agreement to (A) report the prices at which it sells to the public the unsold 2018 Senior Lien Bonds of each maturity allocated to it, whether or not the Closing Date has occurred, until either all 2018 Senior Lien Bonds of that maturity allocated to it have been sold or it is notified by the Representative or such Underwriter or dealer that the 10% test has been satisfied as to the 2018 Senior Lien Bonds of that maturity, provided that, the reporting obligation after the Closing Date may be at reasonable periodic intervals or otherwise upon request of the Representative or such Underwriter oi dealer, and (B) comply with the hold-the-offering-price rule, if applicable, if and for so long as directed by the Representative or the Underwriter or the dealer and as set forth in the related pricing wires.
The City acknowledges that, in making the representations set forth in this Section, the Representative will rely on (i) the agreement of each Underwriter to comply with the requirements for establishing issue price ofthe 2018 Senior Lien Bonds, including, but not limited
19
to, its agreement to comply with the hold-the-offering-price rule, if applicable to the 2018 Senior Lien Bonds, as set forth in an agreement among underwriters and the related pricing wires, (ii) in the event a selling group has been created in connection with the initial sale ofthe 2018 Senior Lien Bonds to the public, the agreement of each dealer who is a. member of the selling group to comply with the requirements for establishing issue price ofthe 2018 Senior Lien Bonds, including, but not limited to, its agreement to comply with the hold-the-offering-price rule, if applicable to the 2018 Senior Lien Bonds, as set forth in a selling group agreement and the related pricing wires, and (iii) in the event that an Underwriter or dealer who is a member of the selling group is a party to a third-party distribution agreement that was employed in connection with the initial sale of the 2018 Senior Lien Bonds to the public, the agreement of each broker-dealer that is a party to such agreement to comply with the requirements for establishing issue price of the 2018 Senior Lien Bonds, including, but not limited to, its agreement to comply with the hold-the-offering-price rule, if applicable to the 2018 Senior Lien Bonds, as set forth in the third-party distribution agreement and the related pricing wires. The City further acknowledges that each Underwriter shall be solely liable for its failure to comply with its agreement regarding the requirements for establishing issue price of the 2018 Senior Lien Bonds, including, but not limited to, its agreement to comply with the hold-the-offering-price rule, if applicable to the 2018 Senior Lien Bonds, and that no Underwriter shall be liable for the failure of any other Underwriter, or of any dealer who is a member of a selling group, or of any broker-dealer that is a party to a third-parly distribution agreement, to comply with its corresponding agreement to comply with the requirements for establishing issue price of the 20) 8 Senior Lien Bonds, including, but not limited to, its agreement to comply with the hold-the-offering-price rule, if applicable, to the 2018 Senior Lien Bonds.
(f) The Underwriters acknowledge that sales of any 2018 Senior Lien Bonds to any person that is a related party to an underwriter participating in the initial sale ofthe 2018 Senior Lien Bonds to the public (each such term being used as defined below) shall nol constitute sales to the public for purposes of this section. Further, for purposes of this section:
"public" means any person other than an underwriter or a related party,
"underwriter" means (A) any person that agrees pursuant to a written contract with the City (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale ofthe 2018 Senior Lien Bonds to the public and (B) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (A) to participate in the initial sale ofthe 2018 Senior Lien Bonds to the public (including a member of a selling group or a party to a third-party distribution agreement participating in the initial sale of the 2018 Senior Lien Bonds to the public),
a purchaser of any ofthe 2018 Senior Lien Bonds is a "related party" to an underwriter if the underwriter and the purchaser are subject, directly or indirectly, to (A) more than 50% common ownership of the voting power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another), (B) more than 50% common ownership of their capital interests or profits interests, if both entities are partnerships (including direct ownership by one partnership of another), or (C) more than 50% common ownership of the value of the outstanding stock ofthe corporation or the capital interests or profit interests ofthe partnership, as applicable, if one entity is a coiporation and the other entity is a partnership (including direct ownership of the applicable stock or interests by one entity ofthe other), and
"sale date" means the date of execution of this Contract of Purchase by all parties.
20
Compliance with Municipal Code. The Representative understands and agrees, and, based upon the representations and warranties received by the Representative from the other Underwriters under the Agreement Among Underwriters, dated November 30, 2018 (the "AAU"), on behalf of the other Underwriters, each Underwriter understands and agrees, that it is required to and will comply with the provisions of Chapters 2-56 and 2-156 ofthe Municipal Code of Chicago. Each ofthe Underwriters acknowledges (a) receipt of a copy of Section 2-l56-030(b) of the Municipal Code of Chicago; (b) such Underwriter has read such provision and understands that pursuant to such Section 2-156-030(b) it is illegal for any elected official of the City, or any person acting at the direction of such official, to contact, either orally or in writing, any other City official or employee with respect to any matter involving any person with whom the elected official has a "Business Relationship" (as defined in Section 2-156-080 ofthe Municipal Code of Chicago), or to participate in any discussion in any City Council committee hearing or in any City Council meeting or to vote on any matter involving the person with whom an elected official has a Business Relationship; and (c) that a violation of Section 2-156-030(b) by an elected official, or any person acting at the direction of such official, with respect to any transaction contemplated hereby shall be grounds for termination of this Contract of Purchase and the transactions contemplated hereby. The Representative on behalf of each Underwriter represents and warrants that, to the best of its knowledge, no violation of Section 2-156-030(b) has occurred with respect to this Contract of Purchase or the transactions contemplated hereby and no person holding office of the City, cither by election or appointment, is in any manner interested, either directly or indirectly, in any contract being entered into or the performance of any work to be carried out in connection with the issuance and sale of the 2018 Senior Lien Bonds and upon which such officer may be called upon to act or vote.
Underwriters' Representations and Warranties. The Representative understands and agrees, and, based upon the representations and warranties received by the Representative from the other Underwriters under the AAU. on behalf of the other Underwriters, each Underwriter understands and agrees, that:
The Representative, based solely upon the certification of each of the Underwriters to the Representative, without independent investigation, hereby represents and warrants that no Underwriter, nor any Affiliate (as hereinafter defined) thereof, is listed on any ofthe following lists maintained by the Office of Foreign Assets Control ofthe U.S. Department of the Treasury, the Bureau of Industry and Security ofthe U.S. Department of Commerce the U.S. Department of State or their successors, or on any other list of persons or entities with which the City may not do business under any applicable law, rule, regulation, order or judgment: the Specially Designated Nationals List, the Denied Persons List, the Unverified List, the Entity List, List of Statutorily Debarred Parties or the Excluded Parties List. "Affiliate" when used to indicate a relationship with a specified person or entity, means a person or entity that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such specified person or entity, and a person or entity shall be deemed to be controlled by another person or entity, if controlled in any manner whatsoever that results in control in fact by that other person or entity (or that other person or entity and any persons or entities with whom that other person or entity is acting jointly or in concert), whether directly or indirectly and whether through share ownership, a trust, a contract or otherwise.
The Representative further represents and warrants that the Underwriters have heretofore authorized the Representative to execute any document on behalf of and exercise any authority of and otherwise to act for, them in all matters under or pertaining to this Contract of Purchase. Each Underwriter has warranted and confirmed to the Representative, and the Representative warrants and confirms to the City that: (i) it is duly registered under the Exchange Act as a broker-dealer or municipal securities dealer and has duly paid the fee prescribed by MSRB Rule A-12 or is exempt from such requirements; (ii) it is (a) a member in good standing
21
ofthe Financial Industry Regulatory Authority ("FINRA"), if applicable or (b) otherwise eligible under FJNRA rules (lo Ihe extent applicable) to receive underwriting discounts and concessions, available to such members with respect to underwriters of municipal securities; and (iii) it has complied with the dealer registration requirements, if any, of the various jurisdictions in which it offers the 2018 Senior Lien Bonds for sale.
No Advisory ur Fiduciary Role; Acknowledgements of the City. The City acknowledges and agrees that:
(i) the purchase and sale ofthe 2018 Senior Lien Bonds pursuant to this Contract of Purchase is an arm's-length commercial transaction between the City and the Underwriters and the Underwriters have financial and other interests that differ from those ofthe City; (ii) in connection therewith and with the discussions, undertakings and procedures leading up to the consummation of such transaction, the Underwriters are and have been acting solely as principals and are not acting as the agent, municipal advisor, financial advisor or fiduciary ofthe City; (iii) the Underwriters have not assumed an advisory or fiduciary responsibility in favor ofthe City with respect to the offering contemplated hereby or the discussions, undertakings and procedures leading thereto (irrespective of whether any Underwriter has provided other services or is currently providing other services to the City on other matters), and the Underwriters have no obligation to the City with respect to the offering contemplated hereby except the obligations expressly set forth in this Contract of Purchase or as otherwise required by applicable laws, regulations or the rules of the Commission or the MSRB; (iv) this Contract of Purchase expresses the entire relationship between the parties hereto and (v) the City has consulted its own legal, financial, municipal and other advisors to the extent it has deemed appropriate.
the Representative and the City have not previously entered into any formal agreement, engagement letter or other arrangement for the retention of the Underwriters establishing the fees ofthe Underwriters.
Survival of Representations, Warranties and Covenants. This Contract of Purchase is made solely for the benefit of the City and the Underwriters (including the successors of any Underwriter), and no other person may acquire or have any right hereunder or by virtue hereof. All of the representations, warranties and covenants ofthe City contained in this Contract of Purchase shall remain operative and in full force and effect regardless of (i) any investigations made by or on behalf of any ofthe Underwriters or (ii) delivery of any payment for the 2018 Senior Lien Bonds pursuant to this Contract of Purchase.
Compliance with MSRB Rule G-l I. In connection with the 2010 Amendment, the City has stated in the Official Statement that "Pursuant to the 2018 Supplemental Indentures authorizing each Series ofthe 2018 Senior Lien Bonds, the Owners ofthe 2018 Senior Lien Bonds shall be deemed to have consented to the 2010 Amendment by purchasing such 2018 Senior Lien Bonds." The Underwriters are not providing consent lo or approval of such amendments, and the City agrees that it will not deem such amendments lo have been consented to or approved by the Underwriters as a result of the Underwriters' purchase of the 2018 Senior Lien Bonds in their capacity as underwriters as defined in Section 2(a) (11) ofthe Securities Act. Upon request ofthe City, each Underwriter will inform the City ofthe amount of 2018 Senior Lien Bonds, if any, that the such Underwriter holds in its capacity as an underwriter as defined in Section 2(a)(l 1) ofthe Securities Act.
Notices. Any notice or other communication to be given to the City under this Contract of Purchase must be given by delivering the same in writing at the address ofthe City set forth above, Attention: City of Chicago, Chief Financial Officer, 121 North LaSalle Street, 7th Floor, Chicago, Illinois
22
60602, and any notice or other communication to be given to the Underwriters under this Contract of Purchase must be given by delivering the same in writing to the Representative at 383 Madison Avenue, 3rd Floor, Mai! Code: NY J-Ml 65, New York, New York 10179, Attention: Municipal Syndicate Desk.
Time is ofthe Essence. Time is ofthe essence in consummation of the transactions contemplated by this Contract of Purchase.
Limitation of Liability. All covenants, stipulations, promises, agreements and obligations of the City under this Contract of Purchase are deemed to be covenants, stipulations, promises, agreements and obligations of the City and not of any officer or official of the City in his or her individual capacity, and no recourse is available for any claim based on this Contract of Purchase, any certificate provided hereunder or the purchase or sale ofthe 2018 Senior Lien Bonds against any officer or employee of the City.
Any obligations or liabilities ofthe City under or arising out of this Contract of Purchase or the purchase or sale ofthe 2018 Senior Lien Bonds shall be limited obligations or liabilities payable exclusively from legally available Revenues as discussed in the Official Statement, and in compliance with the Bond Ordinance shall not be general obligations payable from the general fund ofthe City. The Underwriters shall have no right to compel the exercise of the taxing power ofthe City or the forfeiture of any property of the City to satisfy any obligations or liabilities of the City under or arising out of this Contract of Purchase or the purchase or sale of the 2018 Senior Lien Bonds.
Governing Law. This Contract of Purchase shall be governed by and construed in accordance with the laws of the State of Illinois, including, without limitation, those laws applicable to contracts made and to be performed in the State of Illinois. This Contract of Purchase shall not be assigned by the City or the Underwriters.
Qualification of Securities. The City will furnish such information, execute such instruments and take such other action in cooperation with the Underwriters as the Representative may reasonably request to qualify the 2018 Senior Lien Bonds for offer and sale under the Blue Sky or other securities laws and regulations of such states and other jurisdictions of the United States as the Representative may designate and to provide for the continuance of such qualification; provided, however, that the City will not be required to qualify as a foreign corporation or to file any general or special consents to service of process under the laws of any state.
Counterparts. This Contract of Purchase may be executed in several counterparts, each of which shall be an original and all of which shall constitute one and the same instrument.
Headings. The headings of the paragraphs of this Contract of Purchase are inserted for convenience only and shall not be deemed to be a part hereof for any other purpose.
Execution. This Contract of Purchase shall become effective upon the execution and the acceptance hereof by the appropriate officers and officials of the City and will be valid and enforceable as of the time of such acceptance.
[signature page immediately follows]
23
IN WITNESS WHEREOF, the parties hereto have caused this Contract of Purchase in connection with the City of Chicago's Chicago O'Hare International Airport Senior Lien Revenue and Revenue Refunding Bonds, Series 2018A, Chicago O'Hare International Airport Senior Lien Revenue Bonds, Series 2018B, and Chicago O'Hare International Airport Senior Lien Revenue Bonds, Series 2018C, to be executed by their duly authorized representatives as of the date first above written.
Very truly yours,
J.P. Morgan Securities LLC On behalf of itself and as Representative for the Underwriters listed in Schedule I
The foregoing is hereby accepted as of The date first written above:
Carole L. Brown Chief Financial Officer
Edward M. Burke
Chairman, Committee on Finance,
City of Chicago
[Signature page to Contract of Purchase]
IN WITNESS WHEREOF, the parties hereto have caused this Contract of Purchase in connection with the City of Chicago's Chicago O'Hare International Airport Senior Lien Revenue and Revenue Refunding Bonds, Series 2018A, Chicago O'Hare International Airport Senior Lien Revenue Bonds, Series 2018B, and Chicago O'Hare International Airport Senior Lien Revenue Bonds, Series 2018C, to be executed by their duly authorized representatives as of the date first above written.
Very truly yours,
J.P. Morgan Securities LLC
On behalf of itself and as Representative for the
Underwriters listed in Schedule I
The foregoing is hereby accepted as of The date first written above:
CITY OF CHICAGO
By:
Carole L. Brown Chief Financial Officer
Edward M. Burke
Chairman, Committee on Finance,
City of Chicago
[Signature page to Contract of Purchase]
SCHEDULE I TO CONTRACT OF PURCHASE
UNDERWRITERS:
BOOKRUNNER:
J.P. Morgan Securities LLC
CO-MANAGERS:
Cabrera Capital Markets, LLC RBC Capital Markets, LLC Rice Financial Products Company UBS Financial Services Inc. Academy Securities Robert W. Baird & Co. Blaylock Van, LLC
BNY Mellon Capital Markets, LLC Fifth Third Securities, Inc. George K Baum & Company Harvestons Securities, Inc. J.J.B. Hilliard, W. L. Lyons, LLC
Huntington Capital Markets Hutchison, Shockey, Erley & Co. IFS Securities, Inc. Melvin & Company, LLC Mesirow Financial, Inc. Mischler Financial Group, Inc. North South Capital. LLC Piper Jaffray & Co. Raymond James & Associates, Inc. Sicbert Cisneros Shank & Co., L.L.C. Valdes & Moreno, Inc.
SCHEDULE I - 1
SCHEDULE II TO CONTRACT OF PURCH ASE
HOLD-THE-OFFERING-PRICE RULE APPLICABLE TO THE FOLLOWING MATURITIES OF THE 2018 SENIOR LIEN BONDS:
NONE
SCHEDULE II - 1
EXHIBIT A
$600,785,000
Chicago O'Hare International Airport General Airport Senior Lien Revenue and Revenue Refunding Bonds, Series 2018A
(AMT)
Mai uki'I'v (January 1) 2020 ' 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039
Amount $5,070,000.00 655,000.00 695,000.00 730,000.00 770,000.00 805,000.00 845,000.00 890,000.00 940,000.00 975,000.00 1,030,000.00 1,085,000.00 1,140,000.00 1,200,000.00 1,220,000.00 \ ,285,000.00 25,130,000 00 26.390,000.00 27,705,000.00 27,520,000.00
Interest Rate(%) 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5 000% 5.000% 5.000% 5.000% 5.000%' 5.000% 5.000% 5.000%
Price 102.801% 105.073 106.998 108.691 110.098 1 11.227 112 153 112.838 113.292 113.616 112.889* 112.347* 111 719! 1 I 1 183* 110.651* 110.122* 110.386* 109.946* 109.596* 109.334*
Yield 2.290% 2.450 2.600 2.720 2.840 2.960 3.070 3.180 3.290 3.390 3.470 3.530 3.600 3.660 3.720 3.780 3.750 3.800 3.840 3.870
CUSIP* 1675931-188 1675931-196 167593J29 167593J37 167593.145 167593J52 167593.160 167593J78 167593.186 167593J94 167593K27 167593K.35 167593 K.43 167593KL50 167593 K68 167593K76 167593K84 167593K92 167593L26 1675931.34
$115,070,000 Insured Term Bond Due January 1, 2043: Interest Rate: 4.00%; Price: 95.963%; Yield: 4.270%; CUSIP
No.+: 1675931/12
$185,255,000 term Bond Due January 1. 2048; Interest Rate: 5.00%; Price: 107.607%*; Yield: 4.070%; CUSIP No.':
167593L59
$76,820,000 Term Bond Due January 1, 2053: Interest Rate: 5.00%; Price: 106.502%*; Yield: 4.200%; CUSIP No.*:
1675931,67
$97,560,000 Term Bond Due January 1. 2053: Interest Rate: 4.375%; Price: 97.830%; Yield: 4.500%; CUSIP No.*-
167593L75
* Priced [o the January I, 2029 optional redemption date.
+ Copyright 201S, American Bankers Association. CUSIP data herein are provided by Standard & Poor's, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc The CUSIP numbers listed above are being provided solely lor the convenience of bondholders only at the time of issuance ofthe 2013 Senior Lien Bonds and the City docs not make any representation with respect to such numbers or undertake any responsibility for their accuracy now or at any time in the future T in; CUSIP number for a specific maturity is subject to being changed after the issuance of the 2018 Senior Lien Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in pan of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors thai is applicable lo all oi a portion of certain maturities ofthe 2018 Senior Lien Bonds.
A-1
$612,095,000
Chicago O'Hare International Airport General Airport Senior ¦ Lien Revenue Bonds, Series 2018B (Non-AMT)
Maturity (January I)
2036 2037 2038 2039
Amount
524,510,000.00 25,735,000.00 27,025,000.00 28,375,000 00
Interest
Rate(%)
5.000% 5.000% 5.000% 5.000%
Price 112.527%* 112.077* 11 1.540* 11 1.095'
\'m n
3.510% 3.560 3.620 3.670
CUSIP"
167593L83 167593L91 167593 M25 167593M33
$161,375,000 Term Bond Due January 1,2044; Interest Rate: 4.00%; Price: 97.219%; Yield: 4.180%; CUSIP No.*:
167593M41
$ I 56,230,000 term Bond Due January 1, 2048; Interest Rate: 5.00%; Price: 109.509%*; Yield: 3.850%; CUSIP No.*:
167593M58
$71,025,000 Insured Term Bond Due January 1, 2053; Interest Rate: 4.00%; Price: 96.042%; Yield: 4.220%; CUSIP
No.': 167593M74
$1 17,820,000 Term Bond Due January 1, 2053; Interest Rate; 5.00%; Price: 108.036%*; Yield: 4.020%; CUSIP No.*-
167593M66
' Priced to the January 1, 2029 optional redemption dale
: Copyri»ht 2018, American Bankers Association. CUSIP data herein are provided by Standard & Poor's, CUSIP Service Bureau, a division of'I he McGraw-Hill Companies, Inc The CUSIP numbers listed above arc being provided solely for the convenience of bondholders only at the time of issuance of the 2018 Senior Lien Bonds and the City does not make any repiesentation with respect to such numbers or undertake any icsponsibilily for their accuracy now or at any time in the future The CUSIP number for a specific maturity is subject to being changed aflei the issuance of the 2018 Senior l.ien Bonds as a result of vanous subsequent actions including, bul not limited to, a refunding in whole or in part of such maturity or as a result ofthe piocuicment of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities ofthe 2018 Senior Lien Bonds.
A-2
$800,000,000
Chicago 0'Flare International Airport General Airport Senior Lien Revenue Bonds, Series 2018C (Taxable)
$¦100,000,000 Term Bond Due January 1, 2049; Interest Rale: 4.472%; Price: 100.00%; Yield: 4.472%,; CUSIP No/:
167593H62
$400,000,000 Term Bond Due January 1, 2054; Interest Rate: 4.572%; Price: 100.00%*; Yield: 4.572%; CUSIP No.*:
167593H70
' Copyright 2018, American Bankers Association. CUSIP data herein are provided by Standard & Poor's, CUSIP Service Btueau, a division of The McGraw-Hill Companies, Inc The CUSIP numbers listed above arc being provided solely for the convenience of bondholders only at the lime of issuance ofthe 2018 Senior Lien Bonds and the City does not make any representation with respect to such numbers or undertake any responsibility for their accuracy now or al any time in the future. The CUSIP number for a specific matuiity is subject to being changed alter the issuance of the 201 8 Senior Lien Bunds as a result of various subsequent actions including, but nol limited to, a refunding in whole or in part of such maturity or us a lesull ofthe procuiement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities ofthe 2018 Senior Lien Bonds.
A-3
Optional Redemption Provisions.
2018A Senior Lien Bonds. The 2018A Senior Lien Bonds maturing on and after January 1, . 2030, are subject to redemption at the option ofthe City on or after January 1. 2029, in whole or in part at any time, and if in part, in such order of maturity as the City shall determine and within any maturity by lot, at the redemption price equal to the principal amount of each 2018A Senior Lien Bond to be redeemed, plus accrued interest to the date of redemption.
2018B Senior Lien Bonds. T he 2018B Senior Lien Bonds are subject to redemption at the option ofthe City on or after January 1, 2029, in whole or in part at any time, and if in part, in such order of maturity as the City shall determine and within any maturity by lot, at the redemption price equal to the principal amount of each 2018B Senior Lien Bond to be redeemed, plus accrued interest to the date of redemption.
20J8C Senior Lien Bonds Make Whole Optional Redemption.
The 2018C Senior Lien Bonds of each maturity are subject to redemption at the option of the City in whole or in part pro-rata at any time at the Redemption Price that is the greater of (A) 100% of the principal amount of the 2018C Senior Lien Bonds to be redeemed and (B) the sum of the present value ofthe remaining scheduled payments of principal and interest to the maturity dale ofthe 201 8C Senior Lien Bonds to be redeemed, not including any portion of those payments of interest accrued and unpaid as of the date on which the 2018C Senior Lien Bonds are to be redeemed, discounted to the date on which the 2018C Senior Lien Bonds are to be redeemed on a semi-annual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury Rate (as defined below) plus 25 basis points, plus, in each case, accrued and unpaid interest on the 2018C Senior Lien Bonds to be redeemed to but not including the redemption date.
"Treasury Rate" means, as of any redemption date for a Series 2018C Senior Lien Bond, (i) the time-weighted interpolated average yield to maturity, assuming a 360-day year consisting of twelve 30-day months, for a term equal to the Make Whole Period ofthe yields of the two U.S. Treasury nominal securities at "constant maturity" (as compiled and published in the Federal Reserve Statistical Release IT. 15 (519) that is publicly available not less than two (2) Business Days nor more than 30 calendar days prior to the redemption date (excluding inflation indexed securities) (or, if such Statistical Release is no longer published, any publicly available source of similar market data reasonably selected by the Trustee most nearly equal to the period from the redemption date to the maturity date of such Series 2018C Senior Lien Bond, taking into account any Sinking Fund Payments for such 2018C Senior Lien Bonds)) maturing immediately preceding and succeeding the Make Whole Period or (ii) if the period from the redemption date to such maturity date is less than one year, the weekly average yield on actually traded U.S. Treasury Securities adjusted to a constant maturity of one year. The Treasury Rate will be determined by the Calculation Agent or an independent accounting firm, investment banking firm, or financial advisor retained and compensated by the City at the City's expense.
The redemption price ofthe 2018C Senior Lien Bonds to be redeemed pursuant to the Make-Whole Optional Redemption provision described above will be determined by Calculation Agent or an independent accounting firm, investment banking firm or financial advisor retained by the City al the City's expense to calculate such redemption price. The Trustee and the City may conclusively rely on such determination of redemption price by such Calculation Agent or independent accounting firm,' investment banking firm or financial advisor and will not be liable for such reliance.
A-4
Mandatory Sinking Fund Redemption Provisions.
2018A Senior Lien Bonds. The 2018A Senior Lien Bonds maturing on January 1, 2043, January 1, 2048, January 1, 2053 (Interest Rate: 5.00%) and January 1, 2053 (Interest Rate: 4.375%) are subject to mandatory redemption in part by lot from Sinking Fund Payments on January i of each of the years and in the respective principal amounts set forth below at a redemption price equal to the principal amount thereof to be redeemed, plus accrued interest to the date of redemption:
2043 Term Bond Year Amount($)
$27,100,000
28,180,000
2042 29,310,000
2043* 30,480,000
' Final Maturity
2048 Term Bond
Year AmounK.Sl
$33,500,000
35,175,000
36,935,000
2047 38,780,000
2048' 40,865,000
' Final Maturity
2053 Term Bond (5.000% Coupon)
Year Amotinl($)
$17,825,000
18,715,000
19,650,000
20531 20,630,000
• Final Maturity
Year
2050
2051
2052
2Q53t
2053 Term Bond (4.375% Coupon^ AmountfSI $22,635,000 23,765,000 24,955,000 26,205,000
• Final Maturity
2018B Senior Lien Bonds. The 2018B Senior Lien Bonds maturing on January 1, 2044, January 1,2048, January 1,2053 (Insured) and January 1,2053 are subject to mandatory redemption in part by lot from Sinking Fund Payments on January 1 of each ofthe years and in the respective principal amounts set forth below at a redemption price equal to the principal amount thereof to be redeemed, plus accrued interest to the date of redemption:
A-5
2044 Teim Bond
Year AmountCS'i
$29,795,000
30,985,000
32,225,000
33,515,000
20441 34,855,000
* Final Maturity
2048 Term Bond
Year AmounUS)
$36,245,000
38,060,000
39,965,000
2048' 41,960,000
' Final Maturity
2053 Term Bond (Insured) Year Amounll$)
2050 .$16,480,000
17,300,000
18,170,000 2053* ¦ 19,075,000
* Final Maturity
2053 Term Bond (5.000%
Coupon) Year Amounts
. .$27,580,000
28,795,000
30,060,000 2053+, 31,385,000
' Final Maturity
If the City redeems 2018 Senior Lien Bonds subject to mandatory redemption pursuant to optional redemption or purchases 2018 Senior Lien Bonds subject to mandatory redemption and cancels the same, then an amount equal to the principal amount of 2018 Senior Lien Bonds of such Series and maturity so redeemed or purchased shall be deducted from the mandatory redemption requirements as provided for such 2018 Senior Lien Bonds of such Series and maturity in such order as an Authorized Officer of the City shall determine.
Redemption Procedures. Notice of redemption ofthe 2018 Senior Lien Bonds identifying the 2018 Senior Lien Bonds or portions thereof to be redeemed, and specifying the redemption date, the redemption price, the places and dates of payment, that from the redemption date interest will cease to accrue, and whether the redemption (in the case of an optional redemption) is conditioned upon sufficient moneys being available on the redemption date (or any other condition), shall be given by the Trustee by mailing a copy of such redemption notice, not less than 30 days nor more than 60 days prior to the date fixed for redemption, to the Registered Owner of each such 2018 Senior Lien Bond to be redeemed in whole or in part at the address shown on the registration books. Redemption notices will be sent by first class mail, except that notices to Registered Owners of at least $1,000,000 of 2018
Senior Lien Bonds ofthe same Series shall be sent by registered mail. Failure to mail any such notice to the Registered Owner of any such 2018 Senior Lien Bond or any defect therein shall not affect the validity of the proceedings for such redemption of such 2018 Senior Lien Bond. Any such notice mailed as described above shall be conclusively presumed to have been duly given, whether or not the Registered Owner of any 2018 Senior Lien Bond receives the notice.
If a 201 8 Senior Lien Bond is of a denomination larger than $5,000, all or a portion of such 2018 Senior Lien Bond (in a denomination of $5,000 or any integral multiple thereof) may be redeemed, but such 2018 Senior Lien Bond shall be redeemed only in a principal amount equal to $5,000 or any integral multiple thereof. Upon surrender of any 2018 Senior Lien Bond for redemption in part only, the City shall execute and the Trustee shall authenticate and deliver to the Registered Owner thereof, at the expense ofthe City, a new 2018 Senior Lien Bond or 2018 Senior Lien Bonds ofthe same Series, maturity and interest rate and of authorized denominations, in aggregate principal amount equal to the unredeemed portion ofthe 2018 Senior Lien Bond surrendered.
Selection of 20ISA Senior Lien Bonds and 20J8B Senior Lien Bonds to be. Redeemed. If fewer than all of the 2018A Senior Lien Bonds or 2018B Senior Lien Bonds ofthe same Series, maturity and interest rate are called for redemption, such 2018A Senior Lien Bonds or 2018B Senior Lien Bonds (or portions thereof) to be redeemed shall be selected by lot by the Trustee (except at any time when such 2018A Senior Lien Bonds or 2018B Senior Lien Bonds are held in a book-entry system, in which case selection of such 2018A Senior Lien Bonds or 2018B Senior Lien Bonds to be redeemed will be in accordance with procedures established by the book-entry depository).
Selection of 20 JSC Senior Lien Bonds to be Redeemed. If less than all of the 2018C Senior Lien Bonds are to be redeemed, the particular 2018C Senior Lien Bonds or portions thereof to be redeemed will be selected on a pro-rata pass-through distribution of principal basis in accordance with OTC procedures, provided that the selection.for redemption of such 201 SC Senior Lien Bonds will be made in accordance with the operational arrangements of DTC then in effect.
A-7
EXHIBIT B
S600,785,000 Chicago O'Hare International Airport General Airport Senior Lien Revenue and Revenue Refunding Bonds, Series 2018A (AMT)
Purchase Price
Par Amount
Plus Net Premium
Less Underwriters' Discount
Purchase Price
$600,785,000.00 24,511,423.35 (3.426.777.16)
$621,869.646.19
S612,095,000 Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2018B (Non-AMT)
Purchase Price
Par Amount $612,095,000.00 Plus Net Premium 29,470,192.55 Less Underwriters' Discount ' (3,528.523.37) Purchase Price $-63_8,036,669.L8
$800,000,000 Chicago O'Hare International Airport General Airport Senior Lien Revenue Bonds, Series 2018C ( Taxable)
Purchase Price
Par Amount $800,000,000.00 Less Underwriters' Discount (4.586.952.88) Purchase Price $221413.047.12
B-1
EXHIBIT C
PROPOSED FORM OF ISSUE PRICE CERTIFICATE
S600,785,000 General Airport Senior Lien Revenue and Revenue
Refunding Bonds, Series 2018A (AMT)
$612,095,000 General Airport Senior Lien Revenue Bonds, Series 2018B (Non-AMT)
$800,000,000 General Airport Senior Lien Revenue Bonds, Series 2018C (Taxable)
ISSUE PRICE CERTIFICATE
The undersigned, on behalf of J.P. MORGAN SECURITIES LLC ("JPMS" or, as representative ofthe hereinafter defined Underwriting Group, the "Representative"), on behalf of itself and Cabrera Capital Markets, LLC, RBC Capital Markets, LLC, Rice Financial Products Company, UBS Financial Services Inc., Academy Securities, Robert W. Baird & Co., Blaylock Van, LLC, BNY Mellon Capital Markets, LLC, Fifth Third Securities, Inc., George K. Baum & Company, Harvcslons Securities, Inc., J.J.B. Milliard, W. L. Lyons, LLC, Huntington Capital Markets, Hutchison, Shockey, Erley & Co., I.FS Securities, Inc., Melvin & Company, LLC, Mesirow Financial, Inc., Mischler Financial Group, Inc., North South Capital, LLC, Piper J affray & Co., Raymond James & Associates, Inc., Siebert Cisneros Shank & Co., L.L.C. and Valdes & Moreno, Inc. (together, the '"Underwriting Group"), hereby certifies as set forth below with respect to the sale and issuance of the above-caplioned obligations other than the General Airport Senior Lien Revenue Bonds, Series 2018G (Taxable) (the "Bonds"). All capitalized terms not otherwise defined herein shall have the meaning prescribed to them in the fax Compliance Certificate.
1. Sale of the General Rule Maturities. As of the date of this certificate, for each
Maturity of the General .Rule Maturities, the Underwriting Group sold at least 10% of each such
Maturity of the Bonds to the Public for purchase money at the respective initial offering prices listed
in Schedule A (the "Initial Offering Prices") on or before the Sale Date. A copy of the pricing wire
or equivalent communication for the Bonds is attached to this certificate as Schedule B.
2. Initial Offering Price of the Ilold-the-Offering-Price Maturities, (a) The
Underwriting Group offered the Hold-the-Offering-Pricc Maturities of the Bonds to the Public for purchase at the respective initial offering prices listed in Schedule A (the "Initial Offering Prices") on or before the Sale Date. A copy ofthe pricing wire or equivalent communication for the Bonds is attached to this certificate as Schedule B.
(b) As set forth in the Contract of Purchase, each member of the Underwriting Group have agreed in writing that, (i) for each Maturity ofthe Hold-the-Offering-Pricc Maturities, it would neither offer nor sell any of the Bonds of such Maturity to any person at a price that is higher than the Initial Offering Price for such Maturity during the Holding Period for such Maturity (the "hold-the offering-price rule"), and (ii) any selling group agreement shall contain the agreement of each dealer who is a member ofthe selling group, and any retail distribution agreement shall contain the agreement of each broker-dealer who is a party to the retail distribution agreement, to comply with the hold-the-offering-price rule.
C-1
Information for Form 8038G and Form 8038.
We have been asked to calculate the weighted average maturity of the Bonds and Prior Bonds in the .following manner: divide (a) the sum ofthe products determined by taking the issue price of each maturity times the number of years from the datc hereof to the date of such maturity (treating the mandatory redemption of bonds as a maturity), by (b) the aggregate issue price of such Bonds, as appropriate. Based solely on these calculations, the weighted average maturity ofthe Bonds is 26.01 52 years, weighted average maturity of the AMT Bonds is 25.6386 years, weighted average maturity ofthe Non-AMT Bonds is 26.3822 years, and remaining weighted average maturity of the 2008D AMT Bonds being refunded by the Bonds is 9.6594 years. ~
We have also been asked to calculate the arbitrage yield ofthe Bonds by determining the discount rate that, when used in computing the present value as of this date of all unconditionally payable payments of principal, interest, and fees for qualified guarantees on the Bonds and amounts reasonably expected to be paid as fees for qualified guarantees on the Bonds, produces an amount equal to the present value, using the same discount rate, ofthe aggregate Issue Price of Bonds, plus accrued interest, as of this datc. For this purpose, the (i) 2018B Bonds other than (x) the 2018B Bonds that have a stated interest rate of 4.000% and mature on January 1,2044 and (y) the 2018B Bonds that have a stared interest rate of 4.000% and mature on January 1,2053 and (ii) the 2018A Bonds maturing after January 1, 2029, other than (x) the 2018A Bonds that have a stated interest rate of 4.000% and mature on January 1, 2043, and (y) the 2018A Bonds that have a stated interest rate of 4.375%) and mature,on January I, 2053, have been treated as being redeemed on January 1, 2029, at a price of 100%, which is the retirement alternative that results, in the lowest yield for such Bonds. Based solely on this calculation, the arbitrage yield of Bonds is 4.1174% as shown in Schedule C hereto.
Debt Service Reserves.
The Common Debt Service Reserve Sub-fund Deposit with respect to the Bonds is no more than is reasonably required to market such series of Bonds at the interest rates achieved.
Bond Insurance.
As shown in Schedule D hereto, the present value ofthe interest savings attributable to the irrevocable and unconditional policy of municipal bond insurance provided by Build America Mutual Assurance Company securing the 2018A Bonds that have a stated interest rate of 4.000% and mature on January 1, 2043 exceeds the present value of the premium paid with respect thereto (the "AMT Insurance Premium"). For this purpose, present value has been computed by using as a discount rate the expected yield on such Bonds treating the AMT Insurance Premium paid as interest on such Bonds. Based on our experience with insured bond issues similar to such Bonds, the Premium does not exceed a reasonable, arm's length charge for the transfer of credit risk with respect to such Bonds. As shown in Schedule D hereto, the present value of the interest savings attributable to the irrevocable and unconditional policy of municipal bond insurance provided by Assured Guaranty Municipal Corp. securing the 201 8B Bonds that have a stated interest rate of 4.000% and mature on January 1, 2053 exceeds the present value of the premium paid with respect thereto (the "Non-AMT Insurance Premium"). For this purpose, present value has been computed by using as a discount rate the expected yield on such Bonds treating the Non-AMT Insurance Premium paid as interest on such
C-2
Bonds. Based on our experience with insured bond issues similar to such Bonds, the Premium does not exceed a reasonable, arm's length charge for the transfer of credit risk with respect to such Bonds.
6. Defined Terms.
General Rule Maturities means those Maturities of the Bonds other than the Hold-the-Offering-Price Maturities.
Hold-the-Offering-Price Maturities means those Maturities of the Bonds listed in Schedule A hereto as the "Hold-the-Offering-Price Maturities;'
Holding Period means, with respecrto a Hold-the-Offering-Price Maturity, the period starting on the Sale Date and ending on the earlier of (i) the close ofthe fifth business day after the Sale Date (December 4, 2018), or (ii) the datc on which the Tax Law Underwriters have sold at least 10% of such Hold-the-Offering-Price Maturity to the Public at prices that are no higher than the Initial Offering Price for such Hold-the-Offering-Price Maturity.
Issuer means the City of Chicago, a municipal corporation and a home rule unit of local government duly organized and existing under the laws ofthe State of Illinois.
Maturity means Bonds with the same credit and paymenl terms. Bonds with different maturity dates, or Bonds with the same maturity date but different staled interest rates, are treated as separate maturities.
Public means any person (including an individual, trust, estate, partnership, association, company, or corporation) other than a Tax Law Underwriter or a related party to a Tax Law Underwriter. The term "relatedparty" means any two or more persons are subject, directly or indirectly, lo (i) at least 50% common ownership ofthe voting power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another), (ii) more than 50% common ownership of their capital interests or profits interests, if both entities are partnerships (including direct ownership by one partnership of another), or (iii) more than 50%o common ownership of the value of the outstanding stock ofthe corporation or the capital interest or profits interest of the partnership, as applicable, if one entity is a corporation and the other entity is a partnership (including direct ownership ofthe applicable stock or interests by one entity of the other).
Sale Date means the first day on which there is a binding contract in writing for the sale of a Maturity ofthe Bonds. The Sale Datc of the Bonds is December 4, 2018.
Tax Law Underwriter means (i) any person that agrees pursuant to a written contract with the Issuer (or with the Representative to form an underwriting syndicate) to participate in the initial sale ofthe Bonds to the Public, and (ii) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (i) to participate in the initial sale ofthe Bonds to the Public (including a member of a selling group or a party to a retail distribution agreement participating in the initial sale of the Bonds to the public).
The representations set forth in this certificate are limited to factual matters only. In making the representation in subparagraph 2(b) above, the Representative has relied on (a) the agreement of each member ofthe Underwriting Group to comply with the Hold-the-Offering-Price Rule, as set forth in the Agreement Among Underwriters and any addenda thereto; (b) in the event.a selling group has been created in connection with the sale of the Bonds to the Public, the agreement of each dealer who is a member ofthe selling group to comply with the Hold-the-Offering-Price Rule, as set forth in a
C-3
selling group agreement and the related pricing wires; and (c) in the event that a member of the Underwriting Group is a party to a retail distribution agreement that was employed in connection with the sale of the Bonds, the agreement of each broker-dealer that is a party to such agreement to comply with the Hold-the-Offering-Price Rule, as set forth in the retail distribution agreement and the related pricing wires. Each member of the Underwriting Group will be solely liable for its failure to comply with its agreement regarding the Hold-lhe-Offering Price Rule and no member ofthe Underwriting Group will be liable for the failure of any other member of the Underwriting Group to comply with its corresponding agreement regarding the Hold-the-Offering-Price Rules as applicable to the Bonds.
Nothing in this certificate represents the Representative's interpretation of any laws, including specifically Sections 103 and 148 ofthe Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder. The undersigned understands that the foregoing information will be relied upon by the Issuer with respect to certain of the representations set forth in the Tax Compliance Certificate and with respect to compliance with the federal income tax rules affecting the Bonds, and by Mayer Brown LLP, Chicago, Illinois, and Neal and Leroy, LLC, Chicago, Illinois, Co-Bond Counsel to the Issuer, in connection with rendering their respective opinions that the interest on the Bonds is excluded from gross income for federal income tax purposes, and the preparation of the Internal Revenue Service Form 8038-G and 8038.
J.P. MORGAN SECURITIES LLC
By:
Name:
Dated: December 12, 2018
Schedule A to Issue Price Certificate
Hold-the-Offering-Price Maturities: None.
Initial Offering Price of Hold-the-Offering-Price Maturities: N/A
C-5