HomeMy WebLinkAboutCS 10-09
Crt'l °o REPORT TO
- EXECUTIVE COMMITTEE
PICKERING Report Number: CS 10-09
Date: May 11, 2009
' -9
From: Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject: Investment Portfolio Activity for the Year Ended December 31, 2008
Recommendation:
That Report CS 10-09 of the Director, Corporate Services & Treasurer regarding
Investment Portfolio Activity for the Year Ended December 31, 2008 be received for
information.
Executive Summary: The following report and attachments represent a summary of
the investment activity and year end balance in the portfolio. Investment activity for the
year 2008 totaled approximately $182.7 million with a year end balance in the portfolio
of approximately $66.8 million. Current Fund investments are limited to one year or
less and Reserve Funds to 10 years or less under the Council approved policy. As
discussed below and as confirmed by the attached Performance Report from BMO
Nesbitt Burns, the return on the City's portfolio has performed favourably comparative
to market benchmarks again.
Financial Implications: Total investment income, including bank account interest for
2008 was $2.5 million of which $1.1 million was for the Current (Operating) Funds.
Sustainability Implications: This report does not contain any sustainability
implications.
Background: The City's investment portfolio is comprised of two main areas:
Reserve Funds and balances available in the Current Fund when not required to meet
current operating expenditures. This latter balance can vary greatly depending upon
many factors including the timing of the receipt of property taxes and levy payments to
the School Boards and the Region. Investments are undertaken as one consolidated
pool of funds and interest earned is credited back to the appropriate funds.
As the Treasurer of the City of Pickering there are certain information and opinions that
I must report under Provincial Regulation to the Committee and Council. The attached
schedules are also included as part of the information requirements. The portfolio
balance at December 31, 2008 of $66.8 million (2007 - $51.1 M) is significantly higher
Report CS 10-09 Date: May 11, 2009
Subject: Investment Portfolio Activity for the Year Ended Page 2
December 31, 2008
~6n
than prior year by approximately $15.7 million. Debt proceeds of $8.5 million and a
provincial grant from the Investing in Ontario Act of $3.9 million, both received in
November, contributed to the increased short-term investment balance of approximately
$34.2 million (2007 - $20.5M). As expenditures are incurred on the related capital
projects this short-term balance will decrease. The overall increase in the Reserve
Fund balances of approximately $4.0 million led to the increased long-term investment
balance of $29.6 million (2007 - $26.4M).
The portfolio performed exceptionally well during 2008 with a weighted yearly rate of
return of 4.92% (2007 - 4.27%) on the combined short-term and long-term investments
excluding interfund investments. This was achieved by providing a more favourable mix
between short-term (highly liquid) and longer term investments. In addition to taking
advantage of selling some bonds early when they were selling at a premium and
recognizing a monetary gain.
The average return on interfund investments was 4.1% (2007 - 4.1 which is the
same as prior year.
As you are aware investment parameters are much narrower for the City than
permitted for money market funds due to the Municipal Act and Regulations limiting the
selection of qualified investments for municipal entities. However, notwithstanding
these restrictions, the annual return of 4.92% continues to out perform the annual
returns for the CIBC World Markets 91-Day T-Bill Index (3.1%) and the Morningstar
Canadian Money Market Mutual Fund Index (2.8%). These returns are deemed
comparative benchmarks for reviewing the portfolio's performance and considered the
standard for analysis of investment funds in the industry.
As indicated in last year's report, there was a concerted effort made last year to
increase the portion of long-term investments to the overall portfolio to allow the City to
take advantage of more stable rates of return rather than fluctuating with the short-term
markets. You can see from the portfolio's rate of return compared to the performance
indicators this has proven to be quite successful leaving the City somewhat protected
from the decline in the short-term rates over the course of 2008.
Of the year end total portfolio of some $66.8 million, approximately $29.6 million or
44.2% were external long-term investments and approximately $3.0 million or 4.5%
were Interfund Investments (Internal Loans). The balance of approximately $34.2
million is short-term investments of 90 days or less.
It is my opinion that all investments were made in accordance with the Investment
Policy approved by Council.
Report CS 10-09 Date: May 11, 2009
Subject: Investment Portfolio Activity for the Year Ended Page 3
December 31, 2008
161
Attachments:
1. Investment Activities for 2008
2. Outstanding Investments as at December 31, 2008
3. Correspondence dated March 13, 2009 from BMO Nesbitt Burns
Prepared By: Approved / Endorsed By:
4L
Kristine Senior Gillis A. Paterson
Manager, Accounting Services Director, Corporate Services & Treasurer
KS:vw
Copy: Chief Administrative Officer
Recommended for the consideration of
Pickering City Council
Thomas J. Q# h, RDMR., CMM III
Chief Admini trative Officer
16 2
-L-TO REPORT # C:s
00 00 co 00 co co 00 00 00 00 - 00 00 ao 0o ao m ao eo ao 00 0o ao 00 0o w m ao m m m m m m m m
Y 0 0 0 0 0 0 0 0 0 0 0 0 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
ac c c c c 0) 0) a0- 0- an a> > C c c-0 -0
c
7 ro Q C ro 7:3 :3 U n 7 7 0 0 0 0 O V N o o a) a) a) ca m ro a) `m m n m 0 0
LL LL (p (O 'ct ~t C7 M N co (o O M O v m N r- m m Uj O O M CO ~ Qu O r N V M~ CA r O GD
O N N N N O r N r N N M r N O r N N N N M r N O r r N r O N 0 0 0 r r r
W eo 00 0o ao ao ao 0o eo 0o w ao ao 0o ao m ao 0o ao eo o0 00 00 0o ao eo ao ao ao w oo ao ao ao co
(D
y O O O O O O O O O O O O O O O 0 C O O O 0 0 0 0 0 0 0 0 >0> 0 0 0 0 0 0
C c c c c-0 T c c c C' ' 0) O) Q d d ' U U U U U U
ro (a ro ro (3) N cd (d d d d ro ro ro Z) U O O O V U 0 0 0 N 0 0 0 0
~~-»ti¢¢¢ggg?¢¢()cn(?00zz000000
3 r; Lo m cD M V M m N (D (o N Co
V V (1') N (D M ('7 (O CD r r of a0
d O N N N N O r N O N N r r N O r N N O N N r N O r N N N r N O r r r r r
co
cli
a00o
N y (°c) '(DMWM MMM- )M t MMMMMM ppW mmmmmm"t W ow o00oDa(Do Coo
LL a o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o a o 0 0 0 0 0 0 0 o a 0 0 0 0
O LL
V vmNmrCor, M00NCO 0000OON rNON(t7('')N rNr-rU) M
O O m O O (f1 O r
M M O m r- V O O O r` O Co r- (.f) m 0 0 CO
U) m r I,- m m V It O O O m O m co m m O 0 0 m 0 00 0 0 m m N m m V m V M Cl)
W M M M M M M M M M M M N M N N N N M M M N M M M M M r r N r r r r r r r
p }
F- 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O
000000000000000000000000000000000000 O
_ O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O
U
Q (a (D (n t\ m O M co m O m (D N N (D 00 V m rLf) V (f) r m m M r O m m m m Lo M (n m
m 11 M
n 00 N N Co d' O M (D V N m co O O M CD r (f) V r r 00 Qu N (c ) Cl) N Cl)
.Ll r O O O M r N r r O O O O ocM N N O 0 0 C m O (f) O O O r (f) r n M V
Z C d' co co N M~ it (M V N M N (M M V V r CO 0M M 0 C0 M It V t` M m Co C+) M V ',I- 'IT M CO ~
W r r r
a
N O O (D 00 N 00 m m 00 (fl O h m V' m 00 O Cl) rl (f) 00 m m V (n M 00 It 00 V t- V N N
W m 00 O 00 V O Co (t7 m 00 O O (n 00 (D I\ 00 O 00 M N M M r- M M (D M (t7 O
V rl (D r N rI V (D (D O (.C) m M O V'I O 00 V L "t M M 'V' m (D r" IL r N N r N I~ " M (D
00 L.() m N m m cM (D V M (D m m m V (r7 V m N m N f` m O O 'V m V-zl- M m m (D m N
Z
.-T (o m c'•) m 00 r I` 00 (f) N m m M M r m M 't (n m N 00 O d' M r m V N I` m m m g M V
N r- O m t` m r r O c l! 0 oc N r N O O m O O m (D (t7 O m O r (n 'I 'V O r" oc (n
U 0 M N N N V V M N M T N M V V M M M m m M V V f- M m m M M t V V M M ~
Z
cc
W
Y
U
U
LL E
O E
U
a co ro _0 o co
H E taro taco 0coco0 0coca cccznsca(amo~ YZ
( j ro o Z -o o z .o 'o 'o z t 0 0 0 0 0 0 co c
0
0
w U 0 0 o a U U U U U U U U U U U U U 5 U ca
Cl) cn (n _ (n m (n cn (n cn cn cn (n U) (n cn (n 0 co o ¢
o > > ¢ > 0 ¢ ¢ ¢ ¢ > Co > > ¢ Co > > ¢ ¢ > > > > > > O ¢ ¢ ¢ ¢ ¢
o o co o m m m CO o o o o co o 0 o m co o 0 0 0 0 0 0 co m m m U m Y
E Z Z. Z ro c c c Z Z Z Z Z Z Z Z Z Z Z Z Z a) E c c e c 0 ` ¢
E o o ro o m ro ro ro ro 0 0 0 0 ro o o g ro ro o 0 0 0 0 o c E ro ro ro ro m ro m m
z
a) Y Y Y a-0 .O -0 -0 Y Y Y Y Y Y Y-0 m Y Y Y Y Y Y a) M-0-0 -0
U
o co ccaa ro o i N coma (0a w ro ro ccaa .i ro w co m co m° o .E 0 z E m ¢
C7mmLLmoCLL LL lil~mmmmLL mmmLL LL mmmmmmmC7u..U-LLLUm~U m
E
N d
C `7
O in i t
co
(tea Y ) +ro+
C N L O
LL c w z
163
T T
_0 ~5 a) a) a) 0 a)
iff c0
U E U) E U U U U 0
O r r O O N r O P 2 m m m m m m m m m
0 0 0 0 0 0 0 0 0
-0 .0 a c 0 a. c c ~ ~ ~ c c 0
a) 0 0 n a) a> > ro~ m `m a a a a>> a)
LL U- c/)-?C? ~E-? (L~QQQQ~~❑
N (r O NO L6 N 0 O N N N N p
m m m m m m m m m m m (D (D (D (D m~ M M m
0 0 0 0 0 0 0 0 0 0 0 999999999
C C
LL Q Q Q Q (a Q 0 Z -=j
C\j
(D co LO N mr N N D O N 0 0 0 - 0 0 N N N N O
O N N (D M M M I- m d' O O O N m m r N
O M O I- M M (D W M M V co M O M I- m N M
O h N M (D m V m m (D r- M W r- r- N O m r
CV ci r r rr r r rrr
x
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
M M O O O M M O M O N M O O O O O O O M
O m (D r'14: I,- M (D O O M N Vlz~ M M M I- N O
W a M v V It m M V v It M v v It v v M V v
p
0 0 0 0 0 0 0 0 0 0 M (D (D (p 0 0 0 0 0 0 0 0 0 O
000000000011 It V 000000000 O
U O C C C O C C C C C C \L C \L C C C 0 0 C C C C C
Q O (D (n O O M f- O I- M M co N CV O M (n V 0 0 0 0 rl W
O (D rl O O m M N m M M V m O m m (D O O O M OD (D
O N V C C M m (D r C \L C\! IQ co q r O M C M M N r O
Z N r N M M N N r 'd' V r N ONO N N M V' - N CM V V N
CW r co
G
VI O co m O O co N O m V 0 O M N N O O O O M m
w O M (D O O M N O O M O (D (O O O O M O 0 0 0 0 (D
\ O (D M V m r'ct O C (D O rl M C M V C C O O O O m
O (D V m r- q (D O m m O M O W N N O O C O M M
z O fl m M W N m N V (D O M m O m 0 I- O O O M ~t (D
C N M O C (D M Ic N M M M m C I~ --I m O L I! N N
~R N N M M N N V V r N m N M V r N M V .137 (6
z
R
W
U
IL
U.
O
o
F- Z3 (D Z) =3 co :3
ro o -co
m o M z cm m m a) (a m as E 0) cz co
Z! 155
in 00 c co ON 0 0 00 U (n
c :1 7 7 c> > d 7
a= a°) o 0_ 0 o y C > 0 0 0 0 0 C_
m m a~ m
a) ro❑ a) N d T co
❑ -O C C w+ E C_ c c C U -O
~c co a f (Z co Y OS > U a) G y U c>> U>> E
cc z m-9 ° (tea (moo w m° co E w a m m o o co o o 8 ro
cocoUQmUUmUmm N c Q cUULair LLU
a) (U O
c E
w
N `y C ~ N N
i Y r C C
E ' c a) >
m J W j .i
N
a» C R p
0 v J o o o
z H H H'
,I'i`NCHi' E f # TOREPORT#
164
~2 rco mr ~2 rr)~
N r y N >
> d d r N d d U>
O N 7 7 o U U o 0 Q7 0 7
z w<< n o m w w o Z w
H d o6 od o6 0 o6 p p o6 .6 0 o6 ~E
i (0 O T (D m Lo T Lo U) D1 ~
y N r N N U U
CIS ILIL2~-5 22-5 2a. pp
m0)a)C)D)Omm (3) W Ov Or rOONOM _O
0 0 0 0 0 0 0 0 0 O O r
c a c> a~ a c? a c > c
to N m m (a m `m c`o m m m m m a~ m (o m
LL LL LL LL C~
:3 C~ to O N O N O O O r r N r O p r N 0 M j
00 O
>
~y wmw00wmcomM mcDmmmmmmmmmm
o 0 0???? 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
U>>000000
T S] T C U U C
r y O O N N N N N O ca 7 0 ro c`c d O. co co O O d o3
M
m 'L U) Q Z Z p 0 0 p p p Q LL 2 2 Q Q, g g? p p ?
L) Q m O r r m m O N cD m m N N Lo - =3
D)
W N N o r r p O N r N N C) a N 0 0 0
+M-- 0
a
m >
O t m 0 cD N m (D O N N (D m m M rl V O 00 m m 'IT
W m m m m m m m m m O m O N M M CO m V m (D
U r r r N r r r r r N
7
Q
o
Q m 05
>
Q
Cl)
Q \ \ \ \ \ \ \ \ \ \ \
0 0 0 o o 0 0 0 0 o o o 0 0 0 0 0 o 0 0 0 0
O O m m r r r o co (n m 0 0 0 m cD o o N o
m N O) m~ (p It Cl) Cl) O co O M (D r r m m O M r
Z .0 r N r r r r r r r V V V M V M M (D r
O
} m o
M
LU r-
5
N M
W 0 0 0 0 0 0 0 0 0 O 000000000000 O O 00 O O
> 0 0 0 0 0 0 0 0 0 O O O O O O O 0 0 0 0 0 0 O O O O O O
000000000 O O O O O O o o 0 0 0 o cD cD (D 0000 co cV
Z 0 0 0 0 0 0 0 0 0 O O o 0 0 0 0 0 0 0 0 0~ It V v M OD Cl)
O O O O O O O O O O O o 0 0 0 c :I (:0` C O N N C \L N c() 00
` of
~R r~mmco ui uiM `Ln o m m o(D Sri o 0 of r o(D m co co ao r)
V C W (D M m r p•) (D V V co 0 (D r, o o m cn N cn 0) (C') O O N N
Z O O r Lfl L cfD I, r Q CL (D cco C \L 0 0«) Q) (O N m 1, 11 r ocO cc
Q a ch m m m V a M M ~ M N r N M M N N r V r N ~ N Cl) Z
Q "t m Q) V O O m m 0 I V (t) O o m 0 0 m (D O V I~ Cl)
I~
F- I, NommNN r- U') r co r- 0r~ NOOr- -ONm M cl
M M m M r v r- M r M co O r, m O O N N o V M M (D
M f~ M D1 cD m (f) I~ m co O m cD O o (M N O M o) r- 't
r T" N N M N r- d' M M N m 0 (D LL) V O? r V 0 (O m X17 O
N V a d' M D) o) cD O N M (D O o (o 't O r (D O M m O N
O
V n t N n m O m Cl) o M o f, m Lo m N m N CO D) d' V
O O r cQ t a m r ,.L O (D m q NLr O O ccD) (D M <t (D n
f ll co C) cl) M V V V Cl) M Cl) cy) N r N M m N N r r N Cl)
z
W a
Y
U LL
a z
N _ N
N
O ~ ~ m O in ~ N y in ~ ~
} E H Z i i .O. ` LL 2)
i C O F- O 9~ O C O Co 0 -C
f 1 Vl C co O y cfo 0) CU p O Z coo O O) co ~o m
V _ N U
cz 00 cl) U) c0 N a~i c
C a 0QQQQ NQ c0 :3 :3 o =3
c mmmm Dm d~0o00a) 00 0 o ma)
LL N Y Y Y Y Q 'L7 Y Q O= O- = p N=_ J a E
c U) y ro (o fo (o co m co m C a O p N C -O -O O C m O H co
i .fl N U m 9 U C> C C U) C 0> C C C> U y i> C O
of O m Z m - O co co z co co co co co « co a) d1 N
:2 2 y CLLZEELEmLLU 0CL Uco mUQIL 0Ummm CL C) E -r m E y N M
LL >
otj c > a)
cu m
(D
C 61
i r N r ; C
7 d1 l0 > 3 d
~ L 0
C O c i c d
_ c E P L E o d R
l0 0 Y m N J k C
W N
'a V
Z « t " -6 o
O (n C d
LL C N Z ~ J ~ 1-- c ~ F-
ATTACHMENT # TO REPORT #
c 1
165
~ U
0 U)
3 N C _
V 0-0 0 M
O C O -r- ~o
O
Q) m
0 3oioa
c O 0) c a)
O (n co p
'C O m
L O u) E u) O 'O O
O
CL N Q) r-
O ~ E m
c m 'a L)
U) f0 C O OLn wi O
(6 _
O T O a) v r14 m m
7 N
C14 E
O O` a)
~D CC3
w 0- 3 U1
(D r4
Ln O r
N f°,I r'V
O C U r
U N q= a)
t""g U aj {
N
r ` Y C E
O
> (6 C
0 N
>1 E 00
O
a) L6 w 9 9 ,
d.d . O r + 4J
c N U 0 L C ~ O L-n rv fV m
cd Q) a) - ~r M1') RT U.) O
+r4 . > > L -p C r
u N p) O f+S
f ra a) 1 L
~j (n
Q O v
a. U N O 7 (7 ~
00 D 00 W v) oC cue m W ~ Cd
CD ro
O ~c: i6 t C~1 tc L
co Ammomma T1
c: Z) L
'"D Z) LL. od
(0 .r. > ?
O
00 L N Y LL.
o 00 C N
06
W o N C O
O
~r N O
o -0
-E
h S 4) r C U 5
L) 0 c: :3 0
C6 L E
C a) m r
O N O 0 Y-
Y a) c n. ' Q U C 10
° c c '
a) cD a) in m o c CL. cu cr, fO
c> °E ca)c ro w.-' c
a`) Lin O 0),r-- a) v c W.
c tSt
J C C U) ro
Y O O Y ..O ro 0)
O a) a) 3 a) co ra ra rz1
U Y a) o
3
U) co
> L U
c o ca O Q) c
U Q) = O "UO U 00 c: E Q) a O N O
rn 0 m o 3 L w o(D °o
O ~.C (B C rn N-0 a N
N a) LL (B (B m c: 0 c
In -,e
cl 0 0 (n - O C) L 0 O 0
CL~ow oc E E m 0 0
U Ur L O C .C y c: a) U Ur U C6 t ` E Y O U> VOi C6
E5 U) a)
L: C H C6 V U
0 (n CD
(6 ~0 O ~a U 0)
m-c a)
166
X
O
Q6
Ec:)
0
0
U N
0
O C
- _
(n a)
co 3
Z
a~
:3 di
ell" 1-7) _J
{s n to r-
U E ~ ~T m
0)
r ~r m rv tin ra
00
U) CU G? r-- r` ~ r o ~a c o
L N 0 itl r+i •eS t+"t n to f-4 W f,
cm 00 E F4 PO w- Ili
`7 } i3
CO
T W
Q
00 CQ r,4 0
0 P-1 fT] Ld5 's7 +p r' ti7 r"v rw r`v
^a ra ra ra rva 06 Ln e-4
r a 4a cr i
o O rti ~.i r+`F In '-E •-1k +°'E may' !]ro vyv r-4 10
CD c7j,
L
E O M.J
O d
L`5 c c c c c c c c c c
O d
-0 C6
tf5
O
m rn ,
C
(1) co
Q %7 "
a
r, o r x
U Ln T? L)
06 O E c _ Fa ' ra,
CD
N T X LA O n_j
irvd C 54 r I
C t} G yr - F-.
C)
T Icy: IS., ~.i1 LI :s:}A• IF"1 C ra
C: 1A -A 7r.
L (0
U
O O
~ o
co
06
T p
~o
Q N
W
N o
L
0
O
167
Q t rte: r It rn
0 N C? CD rV
co zt
o 6 C-~ <71
z C, r-4
r++!^ tad N M
Z
P-, h". T^" ~ cC} 4?'1 ~ E^+ V" 'tip
114 114 o e~4
r+~
y C;) C,? r n
i
F t-
'rtt" rn r~ M E.n un 04 N cA
(n C.? C.7 et? tom-- r- ~ r-•. OR rn
i~ C? N C,D C? r11
C 4- 4- t-
C4 -
U ~ 00 Lr) en C*
r~ C? Q N
- k.n r"% M C-4 tCs r w as C? 0h
r ra rr r. r- Cl, r.; 0~ 1.0 f4
rv C;~ C? N
U
O
O
U M C W CO to C> M Q1
W ca - e- c T C> C! M r C-4 1
v M e-'4 M
eN
CEO 00 C". rl-4
C:7 r•'V ~Ci i
e"4 r'V
m rra tN rn
CT ~ ~J^, N~ a0 GT rte; CT
U a-W M Cy M
~ a
4 a
rt5 a G
+ C CC Q ~ At
CL M a) q
U pC Q
Vh -C
3 C5 i-.
t 4 a rr 7, LS
_ tr1 X1/1 t71 L T QJ rO o
cu E +'C ry t6 6 6
V cr- lJ V _ try tJ
168
O o 0 0
OI O O r (n (n
O O~ 00 C
C_
cO~~ON a) N 11 It LO C w
O -O N
E O G E E _ O
C E 0 (n r o 0 o C N i 41
QOD) cB O(n
j O O O co N rL0 co (/j C O co rl- It ` U O E
Y a) U N M O N O
N
C O O m >
m LL a) U U N o 0 0 O •C C N
E u) S O O O O a) N -0 O
` (p in -O OI It 00 ti Z 0 T ~ a
(6 > 0 Y x N N r N O C
C U U .LO.
_ _ j o Q)
-0 O a) L O M o 0 o m U U N to
4= O O O 0 ~ O "O c "0 U
Q (a C
E 0 O 0 0 O O7 N r -0 U O U C -
-p 0W ai j N N N M a) LL
~ UN7 C N u0i
a) o
O O 'p fn C O C 0 N '0 0
O C C O o 0 o E m C C U
y~ w w -0 OI O O 0) 7 0 N U) C V) a)
c U
p
c V (u N M LO M o) c O (~O N En
U
N (on m C C N O O a)
co O a) C C
C 7 Q O O O r c4 O N .U J 7
a) -0 W
(D 3 c O ` O O) t() O) u0i (0 c
-C O O` > N CV N a) O (D
a) a - c a 6L a`) w
U) E E (a . 0) 0) M
O co C a) E a 2-F, o ~ Qo
a) 0 0 (0 `Y- * (D o 0 o U C per) 3 0 a) O
w d O co y Cl O O r co 0 O N C U O
~c
E c E co E = O 00 M 00 a) w-• p a) O (n
o (B L> O N M M M O ~ fl a) -0 Co (v
m
U c O a) U1 E U ca Oco
O` OL C E 0 0 O OU N a) O
d 3 Q Co m C h o 0 0 .a) 0 O N-0 CO U) (0
00 C: 0 m -0 a - C O N OI N ~ N -0 N N a) O Z E
Co C O 'V
- O a) :3 U M (h O D a•E~ LUG
D>,5,-o c ~O w~3 Em~
c~
c 0) C14 CO C: c:
C L 0 .Q NI Cl) N It (n 0 ) 2 E O
_ a)
O c 0 0 U O
N C~ ~ E
C' m a) U) co O O D U m 6
0) O N (n -O (6 'm -
C c O cu m- U O 2 C Cl 2'0 N
oY U c a o E aai~ E co co 0) - 0 O U O a- a) 0) w ? o
-E -2 0
E E U)
= a) cu
-C -0 a) 0
p a)
* a) ns (n co
_
O 0)s c L
•0 L is to m aNi n (a) > ® N
N -0 n3° >E Qa)5a)o0- c E
co 7 O N U c a) C(n 0 _ N CO
'C +L-• 6 C L (D E Y C E C w N 0 c O TD I
Z3 (1)
U -0 x Q. N V -O O V N w Z
4f L En
(1) V) C a) a) m x a) > ~ U) LL O >
0 3 a) ~ 2 c c ~ "o c h a) L mew o~ U a
cn CU LL c o ca c o C Z3 a)
s
m c6 n L 2 L Y m E a) Ni-0 Cl) C:
ofla5 0 (`c m Op mEcD, r- ~o~
m 'v m Q I X c~ W U- (n o 'C (n (n
U g (n
E c
ao E: co o > tea) y U) EL o E 0 ~ Q~
0 a)
0 o c U -0o ` v,a'i (n o ~m
m 0 0 o` O c~ ~ --o 2 a>~.S o o"-
a ~ m e 0 o76 ~ E ° ~ °-0
C Q c >00) 0 c 0 LL U m °2 C o n ? 3 0) 0)
0 (D
70 a)
0
a-C U c ~ ~ o 3L m =3 aa)) co) "a o0
o ) c
0 `oia -E (cowm 0 m C ~U~~~~a) C C Ug
C) L) 675 m