ࡱ> @ bjbjFF 4,,@hHHH84',:>\p |'~'~'~'~'~'~'$))R{+'MMM''MB|'M|' \؇ `۽2@HPx4'0' Pw,nw,\w,\||||''IJdd"Economic environment overview Since its last review in 1997 and until 2003, Paraguay experienced a period of stagnation during which both real gross domestic product (GDP) and real GDP per capita declined. This was partly due to governance problems and the impact of a number of external disruptions, such as droughts, an outbreak of foot-and-mouth disease, and the macroeconomic adjustments introduced by Paraguay's main trading partners. In 2003, GDP began to grow again, essentially driven by exports, of agricultural products in particular. During the period under review, there was a downward trend both in overall investment and in foreign direct investment, although the latter recovered somewhat in 2003. Fiscal policy has sought to achieve a balanced operational budget. The tax situation, which had at one point become critical, improved considerably in 2003 following the introduction of a number of reforms, inter alia, in the pension system and the administration of public funds. The gross external debt increased considerably between 1997 and 2003, when it reached 47.8 per cent of GDP. Monetary policy has sought above all to maintain price stability, among other means through intervention in the foreign exchange market. Owing in part to the appreciation of the currency, overall price growth slowed down. Real interest rates remained high, and represent an obstacle to economic growth. International trade plays an important role in Paraguay's economy, with the value of imports and exports approximately equivalent to the nominal value of GDP. Since 1997, the trade balance has recorded a deficit, as did the current account balance until 2002, when it moved into positive territory thanks in part to the narrowing trade deficit. Primary products, in particular agricultural commodities, account for the lion's share of Paraguay's exports, while imports consist mainly of manufactured products. Exports are predominantly destined to other members of the Southern Common Market (MERCOSUR), and have grown substantially in recent years. There is a considerable amount of unrecorded trade. recent economic developments Structure of the economy The most important sectors of the Paraguayan economy in terms of contribution to GDP are the agricultural and the trade and finance sectors (Table I.1). Generally speaking, the sectoral composition remained relatively stable during the period under review, although the agricultural sector's contribution to GDP increased significantly and that of the trade and finance sector decreased considerably. The agricultural sector accounted for the largest share of employment in 2003 (40.9 per cent), an increase over the 1997 figure (Table I.1). The construction sector recorded the sharpest decline in employment during the 1997-2003 period, while the transport and telecommunications sector recorded the sharpest growth. Informal activity in Paraguay would appear to be extensive. The actual size of the informal sector has been estimated using different methodologies to be somewhere between 19.1 and 46.6 per cent of GDP. The authorities noted that the official estimate of GDP incorporates all productive activity, whether formal or informal. Table I.1 Structure of GDP and employment, 1997-2004 1997199819992000200120022003a2004Structure of GDP (percentage of constant GDP) Agriculture27.227.428.127.029.029.431.4.. Mining and quarrying 0.50.50.50.50.40.40.4.. Industry13.914.114.114.314.114.013.5.. Construction5.35.45.55.74.33.94.0.. Electricity and health services5.55.76.57.06.97.06.6.. Trade and finance24.823.921.620.620.520.320.0.. Transport and communications4.85.05.15.66.06.25.9.. Housing 2.72.82.82.92.82.92.9.. Other services9.49.79.910.210.110.510.4.. General government 5.75.76.06.35.95.44.9..Employment by sector (percentage of total) Agriculture35.935.936.235.038.339.540.9.. Mining and quarrying 0.20.20.20.20.10.10.1.. Industry11.211.311.211.311.711.711.2.. Construction9.09.39.710.24.93.03.9.. Electricity and health services0.80.80.90.91.01.00.9.. Trade and finance13.913.312.011.411.911.911.7.. Transport and communications3.73.83.94.55.15.45.1.. Other services21.020.921.121.521.721.720.6.. Unspecified4.34.54.75.05.35.75.6..a Preliminary figures . .. Unavailable. Source: The data on production are taken from the Economic Report of the Central Bank of Paraguay of July 2004, and the data on employment were provided by the General Directorate of Statistics, Surveys and Censuses, as published by the Central Bank of Paraguay in its Economic Statistics. In both cases, the information is available on-line at: http://www.bcp.gov.py. Additional information provided by the authorities. Output and employment Paraguay underwent a period of stagnation from 1997 to 2002, while in 2003 GDP resumed its growth, driven by agricultural exports. Real GDP grew at an annual average of 0.4 per cent from 1997 to 2003, with negative growth rates in 1998, 2000, 2002. Preliminary figures suggest that average annual growth between 1997 and 2004 was 0.8 per cent. Measured in US$, GDP recorded an annual decrease until 2002. Meanwhile, per capita GDP decreased significantly until 2002 (12.5 per cent per year on average) before recovering slightly in 2003 to reach US$1,019 (Table I.2). In real terms, per capita GDP decreased by an average of 2.1 per cent per year between 1997 and 2003. The statistics available for up to 2003 indicate that Paraguay's real per capita GDP had stagnated since 1986, when it stood at US$953. A study has estimated that 54 per cent of the urban population and 40per cent of the rural population lived below the poverty threshold in 2001. The Paraguayan economy's growth was influenced by overall economic productivity. According to a study, total factor productivity (TFP) in Paraguay decreased between 1960 and 2000, particularly after 1990. The study points to four factors influencing the performance of TFP during the 1990s: labour and credit market rigidities, the 1995 banking crisis, the implementation of the Southern Common Market, and the failure to reform the regulatory system and the institutional environment. Table I.2 Leading economic indicators 1997-2004 19971998199920002001200220032004I. GDPCurrent GDP at market prices (G/billion) 20,93423,43724,14426,92128,11931,97738,806..Current GDP (US$ million)9,6078,5947,7417,7276,8505,5956,030..Real GDP, growth rate (per cent)2.6-0.40.5-0.42.7-2.32.52.9GDP per capita (US$)1,8891,6471,4451,4061,2169691,019..Real GDP per capita (US$), growth rate (per cent) -0.0-3.0-2.1-2.90.2-4.70.1GDP growth by type of expenditure (1982 prices, per cent) Consumption Private3.2-0.8-4.5-1.09.0-4.64.8.. Public2.00.73.714.1-12.5-9.7.-7.2.. Gross fixed capital formation-1.6-5.0-4.3-0.8-19.3-12.48.0.. Inventory changes-7.0-0.91.01.01.5-0.40.0.. Exports-5.9-7.2-27.0-15.1-0.414.313.2.. Imports-4.0-7.0-27.1-6.7-1.6-6.315.4..GDP by type of expenditure (percentage of GDP at 1982 prices) Private consumption86.185.881.581.086.084.085.8.. Public consumption10.510.611.012.610.79.99.0..Gross fixed capital formation20.319.318.418.314.412.913.6..Change in inventories 1.81.81.81.81.81.81.8.. Exports31.529.321.318.217.620.622.7.. Imports50.246.834.031.830.529.232.9..II. Memo itemPopulation (million)5.05.15.25.35.45.55.65.8Open unemployment rate (per cent)5.05.76.87.37.610.88.1..Per capita national income (US$)1,330.01,298.01,279.01,244.01,235.01,175.01,184.0.... Unavailable. Source: Central Bank of Paraguay: Economic Report (July 2001 and July 2004), Situation of Employment in Paraguay Permanent Survey of Households 2003, information supplied by the authorities and calculated by the ϲʹ Secretariat on the basis of national account data available on-line at: www.bcp.gov.py. The quality of institutions and of macro-economic policy is also fundamental to a country's growth. During the period under review, Paraguay experienced periods of political instability that contributed to discouraging investment and had an adverse impact on general governance. Since 2003, the structural reforms introduced appear to have improved the governance and quality of certain Paraguayan institutions (see section (2)(iii)). Between 1997 and 2003 real consumption, both private and public, performed irregularly, alternately expanding and contracting. The greatest decline in private consumption took place in 2002, while public consumption declined most sharply in 2001 (Table I.2). Indeed, the contraction of both private and public consumption in 2002 (which reached 84 per cent and 9.9 per cent of constant GDP respectively) was decisive in the overall contraction of the economy (-2.3 per cent). Meanwhile investment during the 1997-2003 period decreased annually in real terms until 2002 despite an increase in the share of public spending in GDP (until 2000) owing to the growth in social security benefits. As a proportion of GDP, investment decreased significantly in comparison with its 1997 levels, while public consumption remained stable. The share of international trade in constant GDP decreased between 1997 and 2003 from 81.6per cent to 55.6 per cent, but rose in 2003 as compared to 2002 (Table I.2). In 1999 there was a sharp decline in international trade flows (27 per cent) of both exports and imports. According to official statistics, between 2001 and 2003 the total unemployment rate for Paraguay (open unemployment plus hidden unemployment in proportion to the active population) decreased, dropping to 13 per cent in 2003. The authorities pointed out that the open unemployment rate (the portion of the labour force that has made some effort to seek employment) in 2003 was 8.1per cent. These figures might represent an underestimation of real unemployment owing to the effects of undeclared economic activity. A study has estimated that approximately half of Paraguay's job market consists of informal activities. Fiscal Policy The objective of fiscal policy in Paraguay is to achieve a balanced operational budget. This means controlling public spending, improving administration, and adjusting the tax structure, the idea being to repay debt arrears, to ensure sustainability of payments and to achieve long-term fiscal solvency by: (i) cutting back on superfluous expenditures (those which are unnecessary to achieve the administration's objectives, results and targets); (ii) reducing the margin of discretion in the administration of public resources; (iii) curbing tax evasion. Efforts to reduce the margin of discretion include the reform of the Customs Code, the removal of retirees from the payroll, and the creation of the Central Public Investment Unit. Since the announcement of the new fiscal policy objectives in 2003, two key tax reforms have been introduced. The first consisted in the adoption of Law No. 2.242 of 7 July 2004 (Administrative Reorganization and Fiscal Reform Law). Among other things, the new law created a tax on personal income and a new agricultural tax, broadened the taxpayer base for the Value Added Tax (VAT) (by eliminating exemptions and introducing VAT on previously exempt articles), eliminated the majority of corporate tax exemptions, and simplified tax administration. The second reform, promulgated through Law No. 2.345 of 24December2003, involved the public sector retirement and pension system. Paraguay also signed a special drawing rights agreement with the IMF in December 2003 for 15 months, subsequently extended until September 2005, to finance the tax reforms and stabilize the financial sector. It is hoped that this will contribute to generating a fiscal surplus as of 2004. During those 15 months, fiscal policy targets will be governed largely by the IMF agreement. In 2003, total collected revenue increased with respect to 2002 (20.1 per cent), reaching 15.9 per cent of GDP (TableI.3). This was mainly due to the increase in tax revenue (25.9 per cent), in particular from international trade (36.4 per cent) and from VAT (25.4 per cent). At the same time, during 2003, although public spending increased by 8.1 per cent (13.9 per cent of GDP), it was kept under control in comparison with 2002. The result was a primary surplus of 0.8 per cent of GDP for 2003, in spite of a general fiscal deficit of 0.4 per cent of GDP. In September 2004, the increase in the amount collected and the control of expenditure resulted in a surplus of 4.9 per cent of GDP. Table I.3 Financial Accounts of the Central Government, 1997-2004 (G/billion) 19971998199920002001200220032004aTotal revenue collected3,299.03,795.24,093.84,331.05,029.35,139.76,171.75,562.3Tax revenue2,236.22,484.52,397.72,676.82,851.52,920.83,676.43,612.0Income428.7473.1551.3487.0458.8584.7623.9659.2Property1.01.30.90.75.40.50.070.08Value Added Tax (VAT)951.31,1063.71,048.41,150.31,204.31,252.51,570.31,464.8Selective consumption tax 110.3144.7206.1142.4152.9111.2129.5133.8International transactions481.8526.6398.8494.4498.5487.5665.1586.9 Tariffs464.4508.3380.7474.5497.0485.1665.1586.9 Other17.418.418.219.91.52.4....Other tax revenue262.9275.1192.2402.0531.6484.4687.5767.2Non-tax revenue954.01,228.41,602.81,522.41,925.41,961.72,225.41,767.1 Itaip528.8749.6996.8781.71,283.91,259.21,491.61,208.5 Other non-tax revenue197.9234.1318.1440.1328.1362.9364.4282.6Revenue from social security contributions227.3244.6288.0300.5313.4339.7369.4276.0Donations + current transfers 66.144.949.847.1195.2190.6158.0148.9Capital revenue42.737.443.584.357.366.5111.934.2Total expenditure3,382.93,780.84,649.54,907.94,775.35,002.75,410.33,626.4Current expenditure2,589.63,034.43,336.13,911.3,969.54,003.44,270.33,013.9Payroll1,545.21,775.51,926.72,229.32,265.22,230.92,.358.11,554.8Goods and services254.1275.6197.9327.2218.7249.4301.9221.2Interest on internal debt16.133.430.124.423.938.852.145.5Interest on external debt78,8118,2133,7248,2307,9320,4277,2294,9Social security benefits425.0489.7669.2727.4793.4825.1863.4591.3Current transfers254.8240.1306.0326.9338.5328.1309.9295.8Other15.4101.372.427.821.810.7107.710.5Capital expenditures793.4746.81,313.4996.4805.8999.31,140.1612.5Fiscal investment533.9591.6685.4657.6666.4856.4893.6513.4Financial investment81.063.4208.9213.549.640.913.13.8Capital transfers130.391.1418.9124.888.7102.0111.595..3Other48.10.00.060.471.130.0121.80.0Net Balance-83.914.4-555.7-576.9253.9136.9761.41,935.9Memorandum items:Disbursement of loans384.5744.52,005.91,513.21,427.71,212.81,227.4502.0Internal credit72.0354.849.7181.9633.0298.20.00.0External credit295.6331.61740.4785.8357.5851.51,227.4502.0Debt amortization 142.9295.6334.2521.5416.2451.0417.1610.8Internal debt amortization0.098.3116.3267.9104.80.72556.247.2External debt amortization142.9197.2217.9253.6311.4450.3360.9563.5 .. Not available a Preliminary figures. Figures for 2004 are at September 2004. Note: Based on revenue collected and expenditures paid. Source: Data supplied by the authorities. The deficit for 2000 was exceptionally high, reflecting a significant decrease in income from the sale of electricity at Itaip and an increase in the level of investment. In absolute terms, tax revenue increased significantly during the period 1997-2003, reaching its peak in 2003 (Table I.3). During that same period, total revenue as a proportion of GDP remained stable at 16 to 18 per cent. There was also an upward trend in nominal total expenditure between 1997 and 2003, but as a proportion of GDP it decreased from 16.1 per cent in 1997 to 13.9 per cent in 2003. At the same time, current expenditure as a proportion of GDP remained stable until 2002 (at approximately 13 per cent) and then fell to its lowest level since 1998 owing to a decrease in current transfers. In 2003, it was current expenditure as a proportion of GDP that underwent the most significant change, falling from 12.5 per cent to 11 per cent thanks to a decrease in interest payments on the external debt. Physical investment also decreased in 2003, from 2.7 per cent to 2.3 per cent of GDP. The internal public debt decreased from 5.8 per cent of GDP in 1997 to 4.6 per cent of GDP in 2003. While between 1998 and 2001, payments focussed on the principal (amortization), the trend was reversed in 2002. The authorities noted that the servicing of the external debt in 2003, including amortization and interest payments, represented 11.8 per cent of total public spending (including debt servicing itself). In 2003, the public debt was restructured, making it possible to settle the totality of arrears with the World Bank and the Inter-American Development Bank. Monetary and exchange rate policy Monetary and exchange rate policy is established by the Central Bank of Paraguay (BCP). To that end, the BCP submits recommendations to various government agencies, more specifically an annual monetary programme, for the formulation of monetary, credit and exchange rate policy. It is the BCP Board that establishes the guidelines, mechanisms and instruments for the implementation of that policy. The BCP acts as the Government's "cashier", and in exceptional circumstances can make advances. In October 2002, a draft reform of the BCP was being examined with a view to improving the institution's operational efficiency. The proposed reforms include a reduction in the bank's size, the allocation of increased resources for the investigation and supervision of banks, and the elimination of the support given for fulfilling the central government's budget. Law No. 489 of 29 June 1995 (Organic Law of the Central Bank of Paraguay) lays down the monetary policy objective of preserving and monitoring the stability of the country's currency. The authorities pointed out that one of the implicit objectives of monetary policy was to maintain domestic price stability. To that end, the BCP has intervened in the foreign exchange market to avoid any sudden fluctuations in the exchange rate and speculative attacks that could affect domestic prices. The main instrument of monetary policy is open market operations, generally through a combination of currency trading and the placement of debt instruments. The authorities may also use deposit requirements to influence the economy's monetary flows. In general, reserve requirements on deposits depend on the currency and the term of the deposits. From 1996 to 2003, the reserve requirement for Guaran deposits up to 360 days was 15 per cent, although it was increased to 19.5per cent from August to November 2002 in order to curb the depreciation of the Guaran. As of October 2004, the reserve requirement on deposits was defined both for the national currency and for foreign exchange. At the beginning of 2005, the National Congress was examining a draft law by which the National Development Bank would be given a monopoly on all public sector exchange transactions. Inflation showed a sustained upward trend between 1997 and 2003 (Table I.4). At the end of 2003, the general growth in prices slowed down owing to the appreciation of the Guaran. During 1997-2003, narrow money (M1) grew at a faster annual rate than nominal GDP, while M2 increased as well, albeit at a slower rate. These trends held until June 2004. Table I.4 Leading monetary indicators, 1997-2004 19971998199920002001200220032004aMoney and credit Net international reserves (US$ million)8468759887727236419831,168M1 (G/billion)1,7891,9222,1042,4782,7002,7293,7884,706M2 (G/billion)3,4373,3413,7063,8244,0683,9145,0796,300M3 (G/billion)5,8486,3837,5327,8339,3339,27510,36311,734M1/GDP0.090.080.090.090.100.090.100.11M2/GDP0.160.140.15 0.14 0.14 0.12 0.130.15M3/GDP0.280.270.31 0.29 0.330.29 0.270.28Growth in the monetary base7.58.57.6-1.55..7-1.557.817.3Interest ratesAverage weighted deposit rates (end of the period)7.66.79.58.110.011.95.11.7Average consumer credit rates (end of the period)41.044.143.741.546.453.636.222.5Interest rate differential34.437.434.333.536.441.731.220.9Deposit certificates 14.318.619.820.322.723.111.49.6US$ interest rates (end of period)3.13.93.42.81.90.80.60.4 Deposit (weighted average) Credit12.612.112.311.59.89.58.28.4InflationConsumer price index, average (per cent change)7.011.66.89.07.310.514.24.3Producer price index, average (per cent change)1.114.95.314.75.819.926.45.8Exchange rateNominal G/US$ exchange rate (average)2,1782,7263,1193,4914,1495,7746,4365,942Real effective exchange rate index, end of period (percentage change) (- = appreciation)2.92.33.70.015.215.3-7.115.7.. Not available. a Only up to June 2004. Note: Inflation data for 2004 correspond to the end of 2004. Consumer price index data refer to the city of Asuncion, while producer price index data are national figures. Source: Central Bank of Paraguay: Economic Report (March and July 2001 and July 2004), calculations by the ϲʹ Secretariat based on Economic Reports and additional information supplied by the authorities. The authorities having reduced interest rates in 1999 to stimulate the economy and the banks having bought dollars in 2000-2001 while reducing credit to the productive sector, the BCP intervened in 2001-2002 to defend the currency. This contributed to the decrease in international reserves during 2001-2002 (17 per cent as compared to 2000). The growth in agricultural exports in 2003 may have contributed to the recovery of reserves to their pre-2000 levels. The exchange rate in Paraguay has been floating since 1989, although the BCP has regularly intervened in the exchange market. According to the authorities, the purpose of these interventions has been to dampen seasonal exchange rate fluctuations associated with the seasonality of foreign trade (particularly exports), and to counter speculative attacks against the Guaran. Following a sustained depreciation against the US dollar from 2001 until the end of 2002, the Guaran began to recover at the beginning of 2003. Throughout 2003, and until June 2004, the G/US$ exchange rate continued to rise (16.5 per cent between December 2003 and June 2004). The nominal exchange rate against the Euro also decreased steadily from 2000 onwards, particularly in 2002; in this case, however, it remained essentially unchanged during 2003. The nominal exchange rate with the Argentine Peso rose sharply after the Argentine financial crisis at the beginning of 2002, while remaining virtually unchanged with the Brazilian Real. These nominal depreciations of the Guaran were generally accompanied by a depreciation in the real effective exchange rate, which began to recover in the middle of 2003. The nominal cost of consumer credit in Guaranies increased from 1997 to 2002 before recording a decrease in 2003. Nevertheless, real interest rates in 2003 generally rose. According to the authorities, this is due to the fact that the rate of inflation decreased much more sharply than nominal interest rates, and may have reflected an increased risk aversion on the part of financial institutions, which reduced their loans owing to Paraguay's credit rating (foreign banks account for about 80 per cent of the system's credits). The margin of intermediation increased in 2001-2002, possibly owing to the unfavourable risk situation brought about by the decline in real GDP and the depreciation of the Guaran. In 2003, the margin of intermediation reverted to its historical level at 31.2 per cent (20.9 per cent in June 2004). Since the beginning of 2003, the private banks have remained cautious with respect to credit. They significantly increased their reserves in the Central Bank, which were used to increase the balances of monetary regulation instruments without increasing interest rates. Balance of payments The net balance of payments was negative during 2000-2002, turning positive in 2003. Both the current account and the financial account achieved positive balances during 2002-2003, contributing to an improvement in international reserves in 2003 (53 per cent). In 2002, the net balance was negative in spite of the fact that the current and financial accounts were positive, owing to the net effect of the errors and omissions in the balance of payments. As a proportion of GDP, the current account deficit remained stable between 1998 and 2000 (at around 2 per cent), and began to deteriorate in 2001 (3.9 per cent of GDP), chiefly financed by foreign loans. As a proportion of GDP, the financial account maintained a surplus during the entire period under review, oscillating between 1.9 and 6.5 per cent. After reaching record levels in 1997, the trade deficit diminished considerably in 1998 before resuming its upward trend between 1999 and 2001 (Table I.5). Goods exports decreased in 1999 and in 2002, but increased significantly in 2003 (22 per cent), driven by agricultural exports. Similarly, imports declined in 2002 before increasing by 18 per cent in 2003, thanks in part to the recovery of the Guaran. Between 1999 and 2002, the financial account declined steadily, dropping to 102.6 million USdollars by 2002 (1.9 per cent of GDP) (Table I.5). This was due to the fall in direct investment, particularly in 2002, and to the steady decrease in net liabilities, particularly loans. In 2003, both direct investment and assets expanded considerably, particularly cash and deposits assets, causing the financial account's share in GDP to more than double, reaching 4.8 per cent. Meanwhile, the capital account (net), which is small, varied between 3 and 20 million US dollars. Table I.5 Balance of payments, 1997-2003 (US$ million) 199719981999200020012002a2003aCurrent account-650.4-160.0-165.4-162.9-266.473.3146.0 Trade balance-864.9-392.9-440.5-537.1-613.9-279.9-260.2 Goods: f.o.b. exports3,327.53,548.62,312.42,329.01,889.71,858.02,260.5 Goods: f.o.b. imports-4,192.4-3,941.5-2,752.9-2,866.1-2,503.6-2,137.92,520.7 Balance of services (net)0.449.682.4175.1165.3218.7241.7 Transport-322.5-258.4-214.9-167.1-127.3-110.2-96.4 Travel-10.9-31.1-28.3-7.7-2.8-2.6-3.3 Other services333.8339.1325.6349.9295.4331.5341.4 Income33.26.017.522.315.718.6-0.1 Remuneration of employees157.4143.4119.5126.3123.8102.8112.6 Investment income-124.2-137.4-102.0-104.0-108.1-84.2-112.7 Foreign direct investment-138.5-165.9-92.5-71.9-65.6-8.1-26.1 Portfolio investment-4.3-3.5-5.40.20.02.32.3 Other investment18.632.0-4.1-32.3-42.5-78.4-88.9 Current transfers180.9177.3175.2176.8166.5115.9164.6Capital account (net)7.55.419.63.015.04.015.0 Capital transfers7.55.419.63.015.04.015.0Financial account431.3319.6506.9193.1153.1102.6288.1 Direct investment230.1336.388.998.478.411.385.3 Portfolio investment-4.39.0-9.02.50.6-0.1-0.4Other investment205.5-25.7427.092.274.191.4203.2 Assets72.9-5.0-117.7-212.464.5-9.5202.3 Trade credits 25.1-10.911.4-25.05.8-1.85.2 Loans64.819.0-138.0-235.91.2182.3-149.3 Cash and deposits-16.0-97.148.0100.2-71.3-161.6340.5 Other assets-1.084.0-39.1-51.7128.8-28.45.9 Liabilities132.6-20.7544.7304.69.6100.90.9 Trade credits-114.2-79.389.6124.812.815.8-24.8 Loans165.0126.2502.0143.511.142.2-11.4 Cash and deposits22.0-0.2-55.4-12.49.98.32.8 Other liabilities59.8-67.48.548.7-24.234.634.3Errors and omissions5.8-141.6-256.7-248.253.3-263.6-147.7Net balance-205.823.4104.4-214.9-45.0-83.8301.3Table I.5 (cont'd)Reserve assets (- = increase)205.8-23.4-104.4214.945.083.8-301.3Memo itemsGross external debt (US$ million)1,9262,1332,6972,8192,6522,8662,884Gross external debt/GDP (per cent)20.024.834.836.639.151.847.8Gross external public debt/GDP (per cent)15.018.627.329.031.941.243.4External public debt service/Exports (percent)6.55.325.512.47.67.69.4a Preliminary figures. Source: Central Bank of Paraguay: Economic Report (July 2001 and July 2004), Paraguay, External Public Debt December 2003, and information supplied by the authorities. For balance of payments accounting purposes, the binational hydroelectric enterprises of Itaip and Yacycret are considered to be non-resident enterprises of the Paraguayan economy. Electricity consumption in Paraguay is counted as an import in the trade balance, while sales to Brazil and Argentina are counted as exports. Royalties, compensation for energy transfer, and services relating to the two binational enterprises are included in the balance of services, while investment is essentially counted through the contribution of the National Electricity Administration to the share capital of the two binational enterprises. The authorities estimated that during 1995-2003, the binational enterprises contributed an average of 380 million US dollars annually to the net balance of payments. Between 1997 and 2003, Paraguay's public external debt stock increased to 2,614,000,000 US dollars, while during the same period, the private external debt reached 270 million US dollars. Meanwhile, the public external debt burden as a percentage of GDP increased considerably, reaching 43.4 per cent (Table I.5). In 2003, the multilateral bodies were the main holders of the public external debt (54.7 per cent). Most of the external debt is long-term (5 per cent of the liabilities have a maturity of 0 to 5 years). External public debt servicing reached 202,200,000 US dollars in 2003. The private external debt balance decreased annually from 1999 to 2003 (up to September 2003), with the exception of 2001. As a percentage of exports, public debt service rose to 9.4 per cent (TableI.5). A study has estimated that unrecorded trade accounts for approximately one third of total trade flows. The BCP adjusts the balance-of-payments flows in order to incorporate the effects of unrecorded trade. As a result, the official balance-of-payments data differ from the data supplied by the Comtrade database of the United Nations Statistics Division (see the tables in Annex). According to the BCP, unrecorded trade consists mainly of smuggling, under-invoicing, and simulation of trade for tax evasion purposes. trade and investment flows Composition of trade Since there is a significant amount of unrecorded trade in Paraguay, the official data are not always reliable when it comes to analysing trade flows. Much of Paraguay's international trade comes from the triangulation of trade (i.e. trade from one country to another via a third country through which the product transits) with Argentina and Brazil. According to the data supplied by the Comtrade Database of the United Nations Statistics Division, between 1999 and 2003 total trade in goods grew by 5.7 per cent per year with growth in exports significantly exceeding growth in imports (13.8 per cent and 2 per cent respectively). Between 1998 and 2003, the structure of exports remained stable, with primary products (all essentially agricultural) representing approximately 84 per cent of total exports (Table AI.1). The proportion of edible products increased by about 6 per cent to 77 per cent of exports, with soya as the main export product. Manufactured products represent 14 per cent of total exports, down 5.6 per cent from 2000 when their share reached its peak. In 2003, manufactured products represented 66 per cent of imports, slightly less than in 1990 (70 per cent). The main imports were machinery and transport equipment, accounting for 26 per cent, followed by chemical products which, at over 19 per cent, had increased steadily since 1998, when they stood at 12 per cent. Primary products accounted for approximately 30 per cent of imports in 2003. Mining products, especially fuel, increased by 7 per cent owing in part to the rise in world oil prices, and accounted for two thirds of primary imports in 2003, while agriculture represented approximately one third of total primary imports (Table AI.2). Geographical distribution of trade Between 1999 and 2003, exports to the countries of the Americas grew sharply to over 78 per cent of total exports, as compared to 56 per cent in 1999 (Table AI.3). According to the figures provided by the Comtrade Database of the United Nations Statistics Division, the trade deficit with Paraguay's MERCOSUR partners decreased by 32 per cent in 1999-2003. Brazil continued to be Paraguay's main export market, accounting for more than 34 per cent of total exports. The decline in the share of exports to the United States (from 8 per cent to less than 4 per cent) was more than compensated by the increase in the share of exports to Uruguay (from 2.9 per cent to 19.6 per cent). However, these exports consist largely of goods in transit. During the 1998-2002 period, the share of exports to Europe decreased by more than half, amounting to a mere 15 per cent of the total. Exports to the European Union itself experienced an even greater decline, falling from 31 per cent to 7 per cent. China emerged as the leading export market in Asia, representing 1.3 per cent of total exports in 2003, followed by the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, and Hong Kong, China. The composition of imports by region remained essentially the same during the period under review, with the Americas as the main source of imports, followed by Asia and then Europe. Brazil remained the main exporter to Paraguay, while Argentina increased its exports to 21.7 per cent of total imports and US exports fell to 3.7 per cent. The most significant change involved China, which became the leading Asian exporter to Paraguay in 2003 with 13.5 per cent (as compared to a negligible percentage in 1999) (Table AI.4). In 2003, the main Paraguayan imports from China were office machinery and toys. Foreign direct investment A study has shown that foreign direct investment (FDI) in Paraguay benefited from the macroeconomic stability of the first half of the 1990s and the lack of regulation and control of investments and profit remittances. For the most part, FDI has focused on meeting unsatisfied domestic demand in various sectors and exporting primary products. MERCOSUR regional market access does not seem to have stimulated FDI in Paraguay. The same study showed that in the long term, institutional quality and governance in Paraguay will be the key to attracting further FDI. The FDI stock diminished during 1998-2003, particularly from 2000 to 2002, owing to the sharp decrease in FDI in financial institutions (banks, financial holding companies, and mutual funds) (Table I.6). Non-financial enterprises are the main recipients of FDI, accounting for 82.4 per cent of the total in 2003. The FDI stock in 2003 was concentrated mainly in the following economic areas: food and beverage industry (23.9 per cent), commercial activities (18.5 per cent), wireless telephony and cable television services (17.6 per cent), and financial services (17 per cent). The FDI stock (equity and parent company loans) in the financial sector recorded a significant downward trend between 2000 and 2003. Table I.6 Foreign direct investment stock, 1998-2003 (Thousands of US dollars and per cent) 19981999200020012002a2003aPercentage of FDI 2003 Non-financial enterprises727,516792,099888,921724,971601,658777,49782.4 Capital341,599363,689433,442433,113357,131460,09448.7 Reinvested profits201,336218,859283,630207,37598,636145,87915.5 FDI loans 184,581209,551171,84984,483145,891171,52418.2Banks363,707305,123308,638261,140162,587161,45517.1 Capital94,75992,87992,36375,02647,14445,1794.8 Reinvested profits268,948212,245216,275186,114115,443116,27612.3 FDI loans 0000000.0Mutual funds9,69615,00618,74124,2111,72100.0 Capital4,4608,0018,1958,9381,12900.0 Reinvested profits5,2367,00510,54515,27359200.0 FDI loans000000.0Insurance3,8034,1944,9515,2934,1784,9950.5 Capital2,4102,4643,4613,1582,1812,6690.3 Reinvested profits1,3941,7301,4902,1351,9972,3260.2 FDI loans0000000.0Total1,104,7221,116,4221,221,2501,015,614770,143943,946100.0 Capital443,228467,032537,461520,234407,585507,94153.8 Reinvested profits476,913439,839511,940410,897216,667264,48128.0 FDI loans184,581209,551171,84984,483145,890171,52418.2a Preliminary figures. Note: Foreign investment loans refer to the funding received by the FDI enterprise from the parent company, from a related company in the group, or from the shareholder. Source: Central Bank of Paraguay (2004), Resmen del Informe de Inversin Extranjera Directa (Summary of the Foreign Direct Investment Report), and information supplied by the authorities. Between 2002 and 2003, it was investors from the United States (36.9 per cent), Holland (9.9per cent) and Brazil (9.1 per cent) that accounted for most of the FDI stock in Paraguay. In 2003, both the FDI flow and the FDI stock increased significantly following the decrease in FDI in 2002. During 2003, the FDI rate that increased the most (94 million US dollars) was the reinvested profits of the non-financial enterprises, since it was those enterprises that experienced the most significant increase in FDI as a result of the decrease in profit remittances to their parent companies and the slight increase in profits earned. outlook According to the IMF, with the recovery of the MERCOSUR partner economies, real GDP in Paraguay should grow by approximately 2.1 per cent in 2004 and 3.2 per cent in 2005. The authorities expect that real GDP growth for 2004 will have been 2.9 per cent. According to preliminary data from the authorities, GDP grew by 2.9 per cent in 2004. A recovery of the price of soya beans (and in general of the world prices for agricultural goods) will help to stimulate export-led growth, although the impact of the droughts may limit agricultural production. The authorities have expressed the desire to maintain a fiscal policy focused on reducing the public debt, and hope that the measures will generate a primary tax surplus of 4 million US dollars even if the overall tax deficit (including debt payment) increases. Tax revenue should reach 11 per cent of GDP in 2004. The fulfilment of both of these targets would be in keeping with the objectives agreed with the IMF in the special drawing rights agreement. The Guaran is expected to continue its recovery in 2004, helping to keep inflation in the one-digit range, and consumption of imported goods (including intermediate goods) is expected to increase, while BCP intervention in the foreign exchange market should decrease. The progressive application of VAT to previously exempted products and the high world oil prices recorded in October 2004 should exert an inflationist pressure, although not enough to cause inflation to increase substantially.  IMF (2000).  IMF (2000).  World Bank (2004).  Inter-American Development Bank (2004).  ϲʹ documents WT/COMTD/SE/W/4 and WT/COMTD/SE/W/5, 23 July 2002 and 23October2002 respectively.  General Directorate of Statistics, Surveys and Censuses, Situation of Employment in Paraguay, Permanent Survey of Households 2003. Hidden employment consists of unemployed persons who are not seeking employment, but would work if they were offered a job.  World Bank (2004).  Government Programme 2003-2008. Available on-line at http://www.presidencia.gov.py.  The debt was restructured by Law No. 2.336, 12 December 2003.  In the case of the national currency, it was: 15 per cent up to 360 days, 7 per cent from 361 to 540days, and 0 per cent for more than 540 days. For foreign exchange it was: 26.5 per cent up to 360 days, 16.5per cent from 361 to 540 days, 6.5 per cent from 541 to 1,080 days, and 1.5 per cent for more than 1,080days.  The BCP includes the currencies of Argentina, Brazil, the European Union, Japan, and the United States in its calculation of the real effective exchange rate.  ECLAC (2004).  BCP (2003a).  ECLAC (2004).  BCP (2003b).  BCP(2003b).  IMF (2004a).  BCP(2003a).  BCP. Document available on-line at http://www.bcp.gov.py/GEE/comerc/comerc.htm Trade simulation consists in the fraudulent exportation of goods to Paraguay without any real movement of the goods taking place, in order to comply with the customs requirements for approval of export tax incentives in the countries from which the goods are being exported to Paraguay. Giordano (2004).  Information supplied by the authorities.  IMF (2004a).  Ministry of Finance (2004). Information supplied by the authorities.  IMF (2004a). WT/TPR/S/146 Trade Policy Review Page  PAGE 10 Paraguay WT/TPR/S/146 Page  PAGE 1 Page I. PAGE \* MERGEFORMAT 1 $S T W X ? @  ! 8GJKh[bcdqr  !ֽֽ˽˽jh'0JUh'jhT-0JUhx haaYhaaYhT-hkhhL^haaY6mHnHuh'&.h~hhaaYh>/D KhT$$$Ifa$gdyK$ & F gdyKgdyKgdyK & FfgdJ{gdyKgd,/89HLMQRVW[\`aefjkmnorָ˲婠rh'h'B*CJaJphh'CJaJh'CJaJmH sH h'h'CJaJh'h'CJh'h'aJ h'CJ%h8q.h'5CJH*\aJmH sH h'5CJ\aJh'5CJ\aJmH sH h'h'5CJ\aJh'h'5CJaJ*/012345689HMRW\afkn$$Ifa$gd<$$Ifa$gd<Ff6$$$Ifa$gdyK$$$Ifa$gdyKFfno$$Ifa$gdyKFfFfj $$Ifa$gd<$$Ifa$gd<Ffrx   .12569:=>ABEFIJLMNcgʿʿʿʿh'h'CJaJ h'CJh'CJaJh'CJaJmH sH h'h'B*CJaJphh'B*CJaJphK  .26:>BFJMNchmrwFf$$Ifa$gdyKFf$$Ifa$gdyKghlmqrvw{|  "#'(*+,7ABCFGJKNORSVWZ[h'h'CJaJ h'CJh'CJaJmH sH h'CJaJVw|Ff&$$Ifa$gdyKFf$$Ifa$gdyK #(+,CGKOSW[_bcFf(FfZ%$$Ifa$gdyK$$Ifa$gdyKFf![^_abc )-.012B[^_abc !"4RVWYZ[浩h'B*CJaJphh'h'B*CJaJphh'h'CJh'h'CJaJh'h'5CJ\aJ h'CJh'CJaJh'CJaJmH sH BFf-$$Ifa$gdyK$$Ifa$gdyKBkd*$$Iflo#%+44 lalp  $).12BFJNSW[_bcFf7Ff<4$$Ifa$gdyKFf0$$Ifa$gdyKc Ff ?Ffp;$$Ifa$gdyK$$Ifa$gdyK!"49>CHMRWZ[jnrvz~Ff>F$$Ifa$gdyKFfB$$Ifa$gdyK[j&-.>A &YZaop04hikl ./ Ĺ~~~~~ttjhjS0JUhIh>/hjShghjSCJaJhgCJaJh'CJaJhh3CJaJh'h'CJaJhbh'CJaJh'h'6CJaJhjSh'CJaJ h'CJh'CJaJmH sH h'CJaJh'h'CJaJ,Zp0!%!K!M!R!W!\!a!f!k!p!$$Ifa$gdyK  & FgdyKgdyKgdyK & F0^`0gdx  & FxgdyK  & FxxgdyKFfI$$Ifa$gdyK  ! 1 !K!u!v!y!|!}!!!!!!!!!!!!!!!!!!!!!!!""""" " " """"""""""!"$"%"'"0"O"R"S"W"X"["\"`"a"ӸӸӸӸӸӸӸӸӸӮӮӮӮӮӮӸӸӸӸӸӸhmhmCJEHaJhmCJEHaJhmCJaJhoaCJaJhm5CJ\aJhmhmCJaJhmhm5CJ\aJhmhm5CJaJhjShoa?p!u!v!}!~!!!!!!!!!!!!!!!!!!!""FfTFfP$$Ifa$gdyKFfEM$$Ifa$gdyK" """"%","/"0"Q"U"Z"^"c"g"l"p"t"u"""""""FfZ$$Ifa$gdyKFfW$$Ifa$gdyKa"d"e"i"j"m"n"q"r"u""""""""""""""""""""""""""""""""""""""#### #@#A#F#X#]#r#t#v#w#{#|#################h)[CJaJhmCJEHaJhmhmCJEHaJhoaCJaJhmCJaJhmhmCJaJN""""""""""## # # #G#H#I#J#K#L#M#N#O#P#Ff4eFfa$$Ifa$gdyKFfZ^$$Ifa$gdyKP#^#_#`#a#b#c#d#e#f#g#u#y#~############FfkFfh$$Ifa$gdyK$$Ifa$gdyK#####################$$ $ $$$$($+$,$0$1$4$5$8$9$<$=$A$B$E$F$T$U$X$Y$]$^$c$d$i$j$n$o$s$t$x$y$$$$$$$$$$$$$$$$$$$$ %%%%%%%% %$%%%)%*%.%/%9%hmCJaJhmhmCJaJ]###########$$ $$$$)$.$3$7$;$?$D$H$Ffr$$Ifa$gdyKFfLo$$Ifa$gdyKH$K$L$V$[$`$f$l$q$v${$~$$$$$$$$$$$$$$Ff|Ffry$$Ifa$gdyKFfv$$Ifa$gdyK$$$$$$$$Ifa$gdyK$$%,$$Ifa$gdyKkd~$$Ifl֞ xp#' ''''p#44 lalpF%%%%"%'%,%1%4%5%L%Q%V%[%`%e%i%m%p%q%%%%$$IfWDd`a$gdyKFf$$Ifa$gdyKFf$$Ifa$gdyK9%@%K%N%O%S%T%X%Y%]%^%b%c%f%g%j%k%q%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%&&&& & &&&&&&&+&,&/&0&4&5&9&:&>&?&C&D&H&I&M&N&T&X&hmhm5CJ\aJhmhmCJaJhmCJaJh)[CJaJT%%%%%%%%%%%%%%%%%%%%& &&$$Ifa$gdyKFf$$IfWDd`a$gdyKFf$$Ifa$gdyK&&&& &!&-&2&7&<&A&F&K&P&S&T&b&c&d&e&f&g&h&i&k&Ff֒$$Ifa$gdyKFff$$Ifa$gdyKX&a&b&|&}&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&'' ' '''''''''' '#'$'&'('+','.'0'3'4'6'8';'<'B'Q'R'W'X'ܻhmhm6CJaJhh36CJaJh)[CJaJhmCJaJhh3CJaJhmhmCJaJhmhm5CJ\aJhm5CJ\aJEk&l&&&&&&&&&&&&&&&&&&&&&'''Ff*Ff$$Ifa$gdyK$$Ifa$gdyKFfF''&'.'6'>'A'B'R'(>*}-.1136::(;4; $ & FgdLi $ & FOgdMsgdMs & F0^`0gd)[  & FxxgdyKFf$$Ifa$gdyKX'Y'r'u'''k(l(s(((())6*7*:*;*w*}*****+,+o+u++ ,,,P-Q-Y-_-..r.u.R/]/r/s/01h1i111111111K2L222V3Z333335506μμμμμμμμμθδδΰΰΰΰΰΰΰΰΰάhZ3h)hha&hLh.0jhMs0JUhMshmhmCJaJhCJaJhOdCJaJhh3CJaJhbhmCJaJD06m6n6y666889999999::K:M::;;(;4;6;];^;y;z;};~;;;;;;;;;;;;;;;;;;;;;;;;;;;;;ȽhMs5CJ\aJhsD%hMs5CJH*\aJhsD%hMs5CJ\aJhsD%hMsCJaJhhMsCJaJhsfb5CJaJhhMs5CJaJhhLih1lhhMshL"MhS#:4;6;;;@;E;J;O;T;Y;_;`;x;;;;;;;;;;;Ffȧ$ $Ifa$gdLiFf1$$ $Ifa$gdMs$ $Ifa$gdLi;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;<<< < <<<<<<<"<#<(<)<.</<4<5<:<;<><G<H<I<L<M<P<Q<T<U<X<Y<\<]<`<a<e<f<<<<<<<<hMsCJaJhsD%hMsCJaJhLihMsCJaJhCJaJhMs5CJ\aJhsD%hMs5CJ\aJL;;;;;;;;<< <<<<%<+<1<7<=<><G<K<O<S<Ff$ $Ifa$gdLiFf\$$ $Ifa$gdMsS<W<[<_<d<i<j<<<<<<<<<<<<<<$ $Ifa$gdMs$ $Ifa$gdMsFf$ $Ifa$gdLiFf$$ $Ifa$gdMs<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<=== =*=+=0=1=6=7=<===B=C=H=I=N=O=T=U=X=Y=]=^=d=e=j=k=p=q=v=w=|=}====================hsfbCJaJhsD%hMsCJaJhMsCJaJZ<<<<<= = ='=-=3=9=?=E=K=Q=W=X=a=g=m=s=$ @$Ifa$gdMsFf@$ $Ifa$gdMsFf$ $Ifa$gdMss=y=====================$ $Ifa$gdMsFfh$ @$Ifa$gdMsFf$ $Ifa$gdMs===================>>>>>>>>">#>&>'>*>+>.>/>2>3>6>7>:>;>>>?>B>C>F>G>J>K>N>O>U>Y>Z>_>`>o>p>s>t>w>x>{>|>>>>>>>>>>ǷhsD%hMsCJaJmHnHuhMsCJaJmHnHuhMs5CJ\aJhsD%hMs5CJ\aJhsD%hMsCJaJhMsCJaJH======>>>%>->5>=>E>M>N>V>\>b>h>n>v>$  $Ifa$gdMsFf$ $Ifa$gdMsFf$ $Ifa$gdMsv>~>>>>>>>>>>>>>>????? ?&?$ $Ifa$gdMsFf$  @$Ifa$gdMsFf$$ $Ifa$gdMs>>>>>>>>>>>>>>>>>>>>?? ? ???????#?$?)?*?/?0?3?U?V?Z?[?_?`?d?e?j?k?p?q?v?w?|?}?????????????????????????hsfb5CJ\aJhMs5CJ\aJhsD%hMs5CJ\aJhsfbCJaJhsD%hMsCJaJhMsCJaJL&?,?2?3?S?X?]?b?g?m?s?y?????????????FfXFf$ $Ifa$gdMsFfL$ $Ifa$gdMs????????@ @ @!@)@1@9@@@H@P@X@`@a@i@q@y@FfrFf$ $Ifa$gdMs$ $Ifa$gdMs???????????????????@@@@ @ @@@"@#@&@'@*@+@.@/@2@3@6@7@:@;@>@?@A@B@E@F@I@J@M@N@Q@R@U@V@Y@Z@]@^@a@j@k@n@o@r@s@v@w@z@{@~@@@@@@@@@@hMsCJaJhsD%hMsCJaJhi5CJ\aJhMs5CJ\aJhsD%hMs5CJ\aJOy@@@@@@@@@@@@@@@@@@ AAAAA"AFf$ $Ifa$gdMsFf$ $Ifa$gdMs@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ A AAAAAAAA A$A%A)A*A.A/AAAAAAAAAAAAAAAAAAAAAAAAAAAAAABBBBBBBBB!B"B&B'B+B,B1B2B6B7B:BhMsCJaJhsD%hMsCJaJ]"A'A,A1A2ALAQAWA]AcAiAoAuA{A|AAAAAAAAAAFf$ $Ifa$gdMsFf.$ $Ifa$gdMsAAAAAAAAABB BBBBB$B)B.B4B9B:BOBUBFfpFf$ $Ifa$gdMs$ $Ifa$gdMsFfV:BRBSBXBYB\B]B`BaBfBgBlBmBrBsBvBwBzB{BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBCCCCCC C!C&C'C,C-C1C2C7C8C=C>CBCDCOCPCSCTCWCXC\C]CaChiCJaJhMsCJaJhsD%hMsCJaJhMs5CJ\aJhsD%hMs5CJ\aJPUB[BcBiBoBuB}BBBBBBBBBBBBBBBBBBFf$ $Ifa$gdMsFf$ $Ifa$gdMsBBBCCCCC#C)C/C4C:C@CFCGCMCRCVC[C`CeCiCoCFf $ $Ifa$gdMsFf,$ $Ifa$gdMsaCbCfCgClCmCpCqCtCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCDDDDD D DDDDDDDDD!D3D4D9D:D>D?DDDEDJDKDPDQDTDUDXDYDoDpDuDvD|D}Dh$}5CJ\aJhMs5CJ\aJhsD%hMs5CJ\aJhsD%hMsCJaJhMsCJaJOoCsCtCCCCCCCCCCCCCCCCCCCCCCFfRFf$ $Ifa$gdMsFfF$ $Ifa$gdMsCCCCD DDD D!D1D6DIHIJJLLlMMMMMMNNNNNNNO#OOOOOOOPPPPtQxQQQRRSRSSSSSSCTDTJTNTRTTT UUUUUU/V0VnVuV侳hc,Qhzhc h;ih2hh;(hHhhGjh20JUhkhz]h>2<hMsCJaJh<hMs6CJaJBLL(PRUVVWWW"W'W,W1W6W;WAWBWTWUWVWWWFf/$HH$IfXDYDa$gd2$HH$IfXDYDa$gd2gd2gd2$ & FQ0^`0gd2uVVWW?W@WAWBWTWwWxWzW|WWWWWWWWWWWWWWWWWWWWWWWWWWWXXXX X XXXXXXX$X%X/X7X:X;X@XAXFXGXLXMXRXSXXXYX_X`XfXhGCJaJh2CJaJhrgCJaJhSh25CJH*\aJhSh25CJ\aJhSh2CJaJhSh25CJaJh2EWWXWYWZW[W]W^WWWWWWWWWWWWWWWWWWFf7$HH$IfXDYDa$gd2FfV3$HH$IfXDYDa$gd2WWWWWWX XXXX#X)X*X9X?XEXKXQXWX]XdXkXlXFfxBFf>$HH$ݶ۶$2:$HH$ݶ۶$2ڳdzٳܳʳXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX!#%')+.1358:=?ճɳS25Ca25Ca2䴳S2䴳G䴳ʱXXXXXXXXXXXXXXXXXXXXZCZHZMZRZSZiZ$HH$IfXDYDa$gd2Ffh`$HH$IfXDYDa$gdwFf\$HH$IfXDYDa$gdwiZnZsZxZ}ZZZZZZZZZZZZZZZZZZZZFfg$HH$IfXDYDa$gd2Ff,d$HH$IfXDYDa$gd2ZZZZZZZZZZZZ[[ [ [[[[[[[[[ [#[$['[([+[4[5[?[\[_[b[c[n[q[r[v[w[z[{[~[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[\'\hvXlCJaJhSh25CJ\aJh25CJ\aJh2CJaJhSh2CJaJPZZZZZZZ[ [[[[["[&[*[+[5[6[7[8[9[:[;[Ff\o$HH$IfXDYDa$gd2Ffk$HH$IfXDYDa$gd2;[<[>?ٰ[[[[[[[[[[$$HH$ݶ۶$2$HH$ݶ۶$Eڬv$HH$ݶ۶$2$HH$ݶ۶$2[[[[[[[[[[[[[[(.4$HH$ݶ۶$2$HH$ݶ۶$2$HH$ݶ۶$^ڴܳ$$HH$ݶ۶$2'(*.046:<\@\B\F\H\L\N\R\U\Y\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\]]]]=]>]]]]]]4^5^=^>^{^ƺhCJaJh2CJaJhh26CJaJhc,Qh2CJaJh26CJaJhz]CJaJhh2CJaJh2CJaJhSh2CJaJ?4\:\@\F\L\R\X\Y\\\\\\\\\\\\]  & Fxxgd2  & Fxgd2Ff$HH$IfXDYDa$gd2Ffԁ$HH$IfXDYDa$gd2]]~^^N`adLi`il'nfppppppppp$$$$$Ifa$gdx8 $ & Fgdx8$ & FR0^`0gdx8gdx8gd2 & F0^`0gdrg & F0x^`0gdrg{^~^^^^^^^``aaaaab$b%bXbcbbbcccc4d8dGdHdqdrddd!e"e'e*eeeeedfpfffffgghh kkdkfknkukkknngnrnnnGoHofpkphx85CJaJhhRhO"jhx80JUh[h h3hx8h/ hh2hh2CJaJEkppppppppppppppppppppppppppppppqqqqq qqqq q!q'q(q.q/q5q6qsCsDsIsJsOsPsRsSsVsgslsmssstszs{ssssssssssssssssssssssssssssssstttt t tttttttttt t&t6t9t:t>t?tCtDtItJtOtPtUtVt[t\t^t_th uhx8CJhx8CJaJh uhx8CJaJVRsSskd$$Iflִ. %v o#%%%%%%%%+    44 lalpPSshsosvs}sssss$$$$Ifa$gdx8$$$$IfWDd`a$gdx8sskda$$Iflִ. %v o#%%%%%%%%+    44 lalpPsssssssss$$$$Ifa$gdx8$$$$IfWDd`a$gdx8sskd$$Iflִ. %v o#%%%%%%%%+    44 lalpPstt tttttt$$$$Ifa$gdx8$$$$IfWDd`a$gdx8t tkdw$$Iflִ. %v o#%%%%%%%%+    44 lalpP t7tuCuDuFuGuLu]uaubuguhulumuquruhx8CJaJh uhx8CJaJh uhx8CJhx85CJ\aJh uhx85CJ\aJP_tttzttttttt$$$$Ifa$gdx8$$$$Ifa$gdx8ttkd$$Iflִ. %v o#%%%%%%%%+    44 lalpPttttttttt$$$$Ifa$gdx8$$$$Ifa$gdx8ttkd-$$Iflִ. %v o#%%%%%%%%+    44 lalpPttttttuu u$$$$Ifa$gdx8$$$$IfWDd`a$gdx8 u ukd$$Iflִ. %v o#%%%%%%%%+    44 lalpP uu"u(u.u4u:u@uFu$$$$Ifa$gdx8$$$$Ifa$gdx8FuGukdQ$$Iflִ. %v o#%%%%%%%%+    44 lalpPGu^udujuoutuyu~uu$$$$Ifa$gdx8$$$$Ifa$gdx8ruvuwu{u|uuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuvvvv vvvvvvvv$vhx85CJ\aJh uhx85CJ\aJhx8CJ\aJh uhx8CJ\aJh uhx8CJhx8CJaJh uhx8CJaJHuukd$$Iflִ. %v o#%%%%%%%%+    44 lalpPuuuuuuuuu$$$$Ifa$gdx8$$$$IfWDd`a$gdx8uukdu$$Iflִ. %v o#%%%%%%%%+    44 lalpPuuuuuuuuu$$$$Ifa$gdx8$$$$IfWDd`a$gdx8uukd$$Iflִ. %v o#%%%%%%%%+    44 lalpPuuv vvvv!v'v$$$$Ifa$gdx8$$$$IfWDd`a$gdx8$v%v'v(v.v:vwAwBwGwHwKwLwNwOwUwawbwgwhwmwnwrwswxwyw}w~wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwxxxxxh^aCJaJhx8CJaJh uhx8CJaJh uhx8CJh uhx85CJ\aJhx85CJ\aJMw(w.w4w:w@wDwJwNw$$$$Ifa$gdx8$$$$Ifa$gdx8NwOwkds$$Iflִ. %v o#%%%%%%%%+    44 lalpPOwcwjwpwuw{wwww$$$$Ifa$gdx8$$$$IfWDd`a$gdx8wwkd$$Iflִ. %v o#%%%%%%%%+    44 lalpPwwwwwwwww$$$$Ifa$gdx8$$$$IfWDd`a$gdx8wwkd$$Iflִ. %v o#%%%%%%%%+    44 lalpPwwwwwwwww$$$$Ifa$gdx8$$$$IfWDd`a$gdx8wwkd)$$Iflִ. %v o#%%%%%%%%+    44 lalpPwxxx#x(x.x3x8x$$$$Ifa$gdx8$$$$IfWDd`a$gdx8xx x!x%x&x+x,x0x1x5x6x8x9xMxOxPxVxWx]x^xdxexixjxpxqxwxxxzx{xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx¶ªh uhIjCJhIjhIjCJ\aJh uhIj5CJaJhIj5CJaJh uhx85CJ\aJhx85CJ\aJh uhx8CJh uhx8CJaJhx8CJaJ?8x9xkd$$Iflִ. %v o#%%%%%%%%+    44 lalpP9xNxRxYx`xgxlxsxzx$$$$Ifa$gdx8$$$$Ifa$gdx8zx{xkdM$$Iflִ. %v o#%%%%%%%%+    44 lalpP{xxxxxxxxx$$$$Ifa$gdx8$$$$IfWDd`a$gdx8xxkdѺ$$Iflִ. %v o#%%%%%%%%+    44 lalpPxxxxxxxxyyy$$$$Ifa$gdx8Bkdc$$Iflo#%+44 lalp $$$$Ifa$gdx8 xyyyy y yyyyyy0y2y4y5y=y>y@yAyFyGyLyMyRySyXyYy^y_ydyeyiyjy}y~yyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyɵɵɵhx8CJaJh uhx8CJaJhCJ\aJh uhx8CJ\aJhx8CJ\aJh uhx8CJhx85CJ\aJh uhx85CJ\aJDyykdϼ$$Iflִ. %v o#%%%%%%%%+    44 lalpPyyy?yEyKyQyWy]ycyiy$$$$Ifa$gdx8$$$$Ifa$gdx8BkdS$$Iflo#%+44 lalp $$$Ifgdx8 iyjykd;$$Iflִ. %v o#%%%%%%%%+    44 lalpPjyyyyyyyyy$$$$Ifa$gdx8$$$$Ifa$gdx8yykd_$$Iflִ. %v o#%%%%%%%%+    44 lalpPyyyyyyyyy$$$$Ifa$gdx8$$$$Ifa$gdx8yyyyyyyyyyzz#z%z-z.z0z1z4z5z9z:z>z?zBzCzFzGzJzKzMzNzPzczezkzlzmz|zzzzzzzzzzzz{{Z{e{x{y{{ƻh7GhBh uhx85aJh\CJaJhx8CJaJh uhx8CJaJh'Qhx8CJaJhx86CJaJh uhx8CJ\aJhx8CJ\aJh uhx8CJh uhx8CJaJhx8CJaJ8yykd$$Iflִ. %v o#%%%%%%%%+    44 lalpPy/z3z7zh./h hhBhqJhRS$h#r h5:hBhKhhh3nhBhy}H}~"@Agl֓דߓEFݔޔ<B&'iۖ"#34<=@AWZ[ŷŷ h./5CJhah./5CJhQ5CJ\aJhah./5CJH*\aJhah./5CJ\aJhah./CJaJhJ5CJaJhah./5CJaJhJhlh8>h./jh./0JU7 $<$$Ifa$gd./$$Ifa$gd./ $Ifgd./<=kd$$Ifl4ִ wZ#'''''''XZ#    44 lalpP=W_gow$$If]a$gd./$$Ifa$gd./$$Ifa$gd./[^_bcfgjknorsvwz{~×ėǗȗʗ˗̗ԾԾhQCJaJ h./CJhah./CJhah./CJaJh./5CJ\aJhah./5CJ\aJ h./5CJhah./CJ\aJhah./5CJBkd$$Iflִ wZ#'''''''XZ#    44 lalpPȗ͗$$If]a$gd./$$Ifa$gd./$$Ifa$gd./͗Ηkd&$$Iflִ wZ#'''''''XZ#    44 lalpPΗ $$If]a$gd./$$Ifa$gd./$$Ifa$gd./ '*+./2367:;>?ABEFIJMNQRUVXYZ\_befijmnqruvyz}~ػػػhah./CJ\aJ h./5CJhah./5CJhQCJaJh./5CJ\aJhah./5CJ\aJ h./CJhah./CJhah./CJaJBkd$$Iflִ wZ#'''''''XZ#    44 lalpP'/7?FNV[$$If]a$gd./$$Ifa$gd./$$Ifa$gd./[\kd.$$Iflִ wZ#'''''''XZ#    44 lalpP\bjrz$$If]a$gd./$$Ifa$gd./$$Ifa$gd./˜ŘƘȘɘ̘͘ΘϘИ "#,ʳʳhQCJaJ h./CJhah./CJhah./CJaJh./5CJ\aJhah./5CJ\aJhah./5CJ h./5CJFkd$$Iflִ wZ#'''''''XZ#    44 lalpPƘ͘ј$$If]a$gd./$$Ifa$gd./$$Ifa$gd./јҘkd$$Iflִ wZ#'''''''XZ#    44 lalpPҘ$$If]a$gd./$$Ifa$gd./$$Ifa$gd./kd$$Iflִ wZ#'''''''XZ#    44 lalpP,.02468<$$If]a$gd./$$Ifa$gd./$$Ifa$gd./,-./0123456789:;=JKLOPRSVWYZ]^`adefgjklnoq}~ɶɶ h./CJhah./CJ\aJ h./5CJhah./5CJh./5CJ\aJhah./5CJ\aJhah./CJaJhah./CJD<=kd$$Iflִ wZ#'''''''XZ#    44 lalpP=JPW^ekmq$$If]a$gd./$$Ifa$gd./$$Ifa$gd./qrkd`$$Iflִ wZ#'''''''XZ#    44 lalpPr}$$If]a$gd./$$Ifa$gd./$$Ifa$gd./kd$$Iflִ wZ#'''''''XZ#    44 lalpPÙęƙǙʙ˙͙Ιљҙՙ֙יؙٙڙۙ !"#$'ллллhah./CJ\aJ h./5CJhah./5CJh./5CJ\aJhah./5CJ\aJ h./CJhah./CJhah./CJaJhQCJaJBę˙ҙؙ֙ܙ$$If]a$gd./$$Ifa$gd./$$Ifa$gd./ܙݙkdh$$Iflִ wZ#'''''''XZ#    44 lalpPݙ$$If]a$gd./$$Ifa$gd./$$Ifa$gd./kd$$Iflִ wZ#'''''''XZ#    44 lalpP "(,$$If]a$gd./$$Ifa$gd./$$Ifa$gd./')*,89:=>?@CDEFIJKLOPQRUVWX[\]^_uvwxy|}~hQCJaJ h./CJhah./CJhah./CJaJh./5CJ\aJhah./5CJ\aJN,-kdp$$Iflִ wZ#'''''''XZ#    44 lalpP-8>DJPV\`$$If]a$gd./$$Ifa$gd./$$Ifa$gd./`akd$$Iflִ wZ#'''''''XZ#    44 lalpPaw}$$If]a$gd./$$Ifa$gd./$$Ifa$gd./kdx$$Iflִ wZ#'''''''XZ#    44 lalpP$$If]a$gd./$$Ifa$gd./$$Ifa$gd./ĚŚƚɚʚ͚ΚϚКӚԚךؚٚښݚޚ!"%&)*-.12569:=>@ABX綰綰綰綰綰綰 h./CJhah./CJh./5CJ\aJhah./CJ\aJ h./5CJhah./5CJhah./CJaJhah./5CJ\aJBkd$$Iflִ wZ#'''''''XZ#    44 lalpPĚΚؚ$$If]a$gd./$$Ifa$gd./$$Ifa$gd./kd$$Iflִ wZ#'''''''XZ#    44 lalpP&.6>C$$If]a$gd./$$Ifa$gd./$$Ifa$gd./CDkd$$Iflִ wZ#'''''''XZ#    44 lalpPXYZ]^abefijmnqruvyz}~ÛěǛț˛̛ΛϛЛқӛԛhTh./CJaJmH sH h./CJaJmH sH h./5CJ\aJhah./5CJ\aJ h./CJhah./CJhah./CJaJhQCJaJ@DZbjrz$$If]a$gd./$$Ifa$gd./$$Ifa$gd./kd$$Iflִ wZ#'''''''XZ#    44 lalpPě̛ћ$$If]a$gd./$$Ifa$gd./$$Ifa$gd./ћқkd $$Iflִ wZ#'''''''XZ#    44 lalpPқPȟПǣȥ֥y{'mgd./ & FdgdJ{gdJ{gd./ & F0^`0gdQ & F0x^`0gd./  & Fxxgd././STr !"#NP,-hiu{؞ٞѻxtptftptptptptptbhjh./0JUhsh./h./CJaJh./6CJaJhhCJaJhy}hQCJaJhy}h./CJaJhy}CJaJhy}hy}6CJaJhah./CJaJhwzSh./CJaJhah./6CJaJhwzSCJaJhQCJaJhah./CJaJh./CJaJ&ٞNOǟϟП{|HNƣǣˣ̣ӤԤڤȥɥ֥ץHIyz03{|ȧ'(mnÿÿÿÿÿÿÿÿÿÿÿÿhhTD hhwzShhwzSjhwzS0JU hY4 hMs hvh./h"jh./0JU hy}hJ{hJ{hy}hh./D-./4=>LMZ[ijwxy۪&'56}~¬ì߬ھϵھ hY4 hMshwzSmHnHujhwzSUhVmHnHuhG~hwzS5hTDmHnHujhG~hwzSU hG~hwzShVhTDhwzS@hjhwzS0JUhwzS:-=LZiw&5}dkd$$IflD#$04 lap $IfgdG~¬ì$Ifdkd$$IflD#$04 lap $IfgdG~gdG~ gd./kkd$$IflD#$  04 lap 2 00&P P. A!"#n$%n$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l4+, 5]55555 9/ /  / /  / / /  alpZkd$$Ifl4 ']= o#]%%%%%%%+$$$$44 lalpZ$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ / / / / /  /  alpZkd$$Ifl ']= o#]%%%%%%%+$$$$44 lalpZ$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ / / / / /  /  alpZkd:$$Ifl ']= o#%]%%%%%%%+$$$$44 lalpZ$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ / / / / /  /  alpZkd $$Ifl ']= o#%]+$$$$44 lalpZ$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ / / / / /  /  alpZkdn$$Ifl ']= o#%]%%%%%%%+$$$$44 lalpZ$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ /  / / /  /  alpZkd$$Ifl ']= o#%]%%%%%%%+$$$$44 lalpZ$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ /  / / /  /  alpZkd$$Ifl ']= o#%]%%%%%%%+$$$$44 lalpZx$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ /  / /  /  alpZkd $$Ifl ']= o#%]%%%%%%%+$$$$44 lalpZ$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ / / / /  /  alpZkd$$Ifl ']= o#%]%%%%%%%+$$$$44 lalpZ$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ / / / / /  /  alpZkd* $$Ifl ']= o#%]%%%%%%%+$$$$44 lalpZ$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ / / / / /  /  alpZkd#$$Ifl ']= o#%]%%%%%%%+$$$$44 lalpZ$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ / / / / /  /  alpZkd^'$$Ifl ']= o#%]%%%%%%%+$$$$44 lalpZx$$Ifl!vh5o##vo#:V l+,59/ /  alp $$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ / / / / /  /  alpZkdr+$$Ifl ']= o#%]%%%%%%%+$$$$44 lalpZ$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ / / / / /  /  alpZkd /$$Ifl ']= o#%]%%%%%%%+$$$$44 lalpZ$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ / / / / /  /  alpZkd2$$Ifl ']= o#%]%%%%%%%+$$$$44 lalpZ$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ / / / / /  /  alpZkd@6$$Ifl ']= o#%]%%%%%%%+$$$$44 lalpZ$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ / / / / /  /  alpZkd9$$Ifl ']= o#%]%%%%%%%+$$$$44 lalpZ$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ / / / / /  /  alpZkdt=$$Ifl ']= o#%]%%%%%%%+$$$$44 lalpZ$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ / / / / /  /  alpZkdA$$Ifl ']= o#%]%%%%%%%+$$$$44 lalpZ$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ / / / / /  /  alpZkdD$$Ifl ']= o#%]%%%%%%%+$$$$44 lalpZ$$Ifl!v h5 555856585858585 2#v #v5#v8#v6#v8#v 2:V l+, 5]55555 9/ /  / / /  /  / alpZkdBH$$Ifl ']= o#%]%%%%%%%+$$$$44 lalpZg$$Ifl!v h5 55555555 #v #v#v :V l4p#, 5 55 / /  / /  / / /  alpZkdK$$Ifl4 |v p# p#$$$$44 lalpZd$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 / / / / / /  /  alpZkdLO$$Ifl |v p# p#$$$$44 lalpZd$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 / / / / / /  /  alpZkdR$$Ifl |v p# p#$$$$44 lalpZd$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 / / / / / /  /  alpZkd V$$Ifl |v p# p#$$$$44 lalpZd$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 / / / / / /  /  alpZkdY$$Ifl |v p# p#$$$$44 lalpZd$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 / / / / / /  /  alpZkd\$$Ifl |v p# p#$$$$44 lalpZd$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 / / / / / /  /  alpZkd^`$$Ifl |v p# p#$$$$44 lalpZj$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 9/ / / / / /  /  alpZkdc$$Ifl |v p# '''''p#$$$$44 lalpZ\$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 9/ /  / / /  /  alpZkd8g$$Ifl |v p# '''''''p#$$$$44 lalpZ\$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 9/ /  / / /  /  alpZkdj$$Ifl |v p# '''''''p#$$$$44 lalpZN$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 9/ /  / /  /  alpZkdm$$Ifl |v p# '''''''p#$$$$44 lalpZN$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 9/ /  / /  /  alpZkdPq$$Ifl |v p# '''''''p#$$$$44 lalpZ\$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 9/ / / / /  /  alpZkdt$$Ifl |v p# '''''''p#$$$$44 lalpZj$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 9/ / / / / /  /  alpZkdx$$Ifl |v p# '''''''p#$$$$44 lalpZj$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 9/ / / / / /  /  alpZkdv{$$Ifl |v p# '''''''p#$$$$44 lalpZL$$Ifl!vh5 555555#v #v#v:V lp#,5 5599/ / / / / / / alpFj$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 9/ / / / / /  /  alpZkd4$$Ifl |v p# ''''''p#$$$$44 lalpZj$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 9/ / / / / /  /  alpZkd$$Ifl |v p# ''''''p#$$$$44 lalpZj$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 9/ / / / / /  /  alpZkd$$Ifl |v p# ''''''p#$$$$44 lalpZp$$Ifl!v h5 55555555 #v #v#v :V lp#,, 5 55 9/ / / / / /  /  alpZkd$$Ifl |v p# ''&&&&p#$$$$44 lalpZj$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 9/ / / / / /  /  alpZkd$$Ifl |v p# ''''''p#$$$$44 lalpZj$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 9/ / / / / /  /  alpZkdj$$Ifl |v p# ''''''p#$$$$44 lalpZj$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 9/ / / / / /  /  alpZkdڔ$$Ifl |v p# ''''''p#$$$$44 lalpZj$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 9/ / / / / /  /  alpZkdJ$$Ifl |v p# ''''''p#$$$$44 lalpZn$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 9/ / / / / /  /  alpZkd$$Ifl |v p# ''''''p#$$$$44 lalpZj$$Ifl!v h5 55555555 #v #v#v :V lp#, 5 55 9/ /  / / /  /  / alpZkd2$$Ifl |v p# ''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V l4p#, 5 5555 9 / /  / /  / / /  alpZ kd$$Ifl4 5R p#& &&&&&&&&p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd<$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkdЩ$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkdd$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd $$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkdH$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkdp$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd,$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ|$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / /  / / /  /  alpZkdT$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ|$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / /  / / /  /  alpZkd$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ|$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / /  /  alpZkd`$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkdz$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd6$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ|$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / /  / / /  /  alpZkd^$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkdx$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd $$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd4 $$Ifl 5R p#' ''''''''p#$$$$44 lalpZ|$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / /  / / /  /  alpZkd $$Ifl 5R p#' ''''''''p#$$$$44 lalpZ|$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / /  / / /  /  alpZkdN$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ|$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / /  /  alpZkd$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkdZ$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd#$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / / / / / /  /  alpZkd&$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5 55555555 #v #v#v#v#v :V lp#, 5 5555 9 / /  / / /  /  / alpZkd>*$$Ifl 5R p#' ''''''''p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V l4p#, 5L55555555 / /  / /  / / /  alpZkd-$$Ifl4 L9' p#Lp#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 9/ / / / / /  /  alpZkd1$$Ifl L9' p#L'p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 9/ / / / / /  /  alpZkdZ5$$Ifl L9' p#L'''''p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 99/ / / / / /  /  alpZkd9$$Ifl L9' p#L''''p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 99/ / / / / /  /  alpZkd<$$Ifl L9' p#L''''p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 99/ / / / / /  /  alpZkd@$$Ifl L9' p#L''''p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 9/ / / / / /  /  alpZkd|D$$Ifl L9' p#L'''''p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 9/ / / / / /  /  alpZkd@H$$Ifl L9' p#L'''''p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 9/ / / / / /  /  alpZkdL$$Ifl L9' p#L'''''p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 9/ /  / / /  /  alpZkdO$$Ifl L9' p#L''''''p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 9/ /  / / /  /  alpZkd~S$$Ifl L9' p#L''''''p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 9/ / / / /  /  alpZkd4W$$Ifl L9' p#L''''''p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 9/ / / / / /  /  alpZkdZ$$Ifl L9' p#L''''''p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 / / / / / /  /  alpZkd^$$Ifl L9' p#Lp#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 9/ / / / / /  /  alpZkdlb$$Ifl L9' p#L'p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 9/ / / / / /  /  alpZkd0f$$Ifl L9' p#L'p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 9/ /  / / /  /  alpZkdi$$Ifl L9' p#L'p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 9/ /  / / /  /  alpZkdm$$Ifl L9' p#L'p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 9/ /  / /  /  alpZkd`q$$Ifl L9' p#L'p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 9/ /  / /  /  alpZkdu$$Ifl L9' p#L'p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 99/ /  / /  /  alpZkdx$$Ifl L9' p#'L''''''p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 9/ / / / /  /  alpZkd^|$$Ifl L9' p#L'p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 9/ / / / / /  /  alpZkd$$Ifl L9' p#L''''''p#$$$$44 lalpZ$$Ifl!v h5L55555555 #vL#v#v#v#v#v#v#v#v :V lp#, 5L55555555 / /  / / /  /  / alpZkd؃$$Ifl L9' p#Lp#$$$$44 lalpZ$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l4+,55555559/ /  / /  / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ /  / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ /  / / / / alpPt$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ /  / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ /  / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ /  / / / / alpPt$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ /  / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ /  / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ /  / / / / / alpPj$$Ifl!vh5o##vo#:V l+,59/ alp $$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / alpPx$$Ifl!vh5o##vo#:V l+,59/ /  alp $$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ / / / / / / alpP$$Ifl!vh5. 5Q5Q5U5Q5U5Q5S#v. #vQ#vU#vQ#vU#vQ#vS:V l+,55555559/ /  / / / /  / alpP$$Ifl!vh55555555X#v#v#v#v#v#vX:V l4Z#,,555555X9/ /  / /  / / / alpP$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ / / / / / / alpP$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ / / / / / / alpP$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ / / / / / / alpPt$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ /  / / / / alpPt$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ /  / / / / alpPf$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ /  / / / alpPf$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ /  / / / alpPt$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ / / / / / alpP$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ / / / / / / alpP$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ / / / / / / alpP$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ / / / / / / alpP$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ / / / / / / alpP$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ / / / / / / alpP$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ / / / / / / alpP$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ / / / / / / alpP$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ / / / / / / alpP$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ / / / / / / alpP$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ / / / / / / alpP$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ / / / / / / alpP$$Ifl!vh55555555X#v#v#v#v#v#vX:V lZ#,555555X9/ /  / / / /  / alpP$$If!vh5$#v$:V lD0,5$4p $$If!vh5$#v$:V lD0,5$4p $$If!vh5$#v$:V lD  0,5$4p MJ@J Normal$ a$CJ_HmH sH tH F@"F Heading 1$ & F@&5;F@2F Heading 2$ & F@&5:D@BD Heading 3$ & F@&5@R@ Heading 4$ & F@&HH Heading 5 & F @&666 Heading 6 @&66 Heading 7 @&HH Ms Heading 8 <@&6CJ]aJJ J Ms Heading 9 <@&OJQJ^JaJDA@D Default Paragraph FontVi@V  Table Normal :V 44 la (k(No List :B@: Body Text  & F@@@ Header$ "a$5CJ4 4 Footer  !.)!. Page NumberDT2D Block Text]^>PB> Body Text 2  & FDQRD Body Text 3 & F XMbX Body Text First Indent & F`HCrH Body Text Indent^TNqT Body Text First Indent 2 `RRR Body Text Indent 2d^PSP Body Text Indent 3^CJ>+>  Endnote Text htH u@&@@ Footnote ReferenceH*B@B  Footnote Text `CJ: : Index 1#^`#6!6  Index Heading4/4 List 0^`0828 List 2!0^`083"8 List 3"^`8428 List 4#p0^p`085B8 List 5$^`:0R: List Bullet % & F T6bT List Bullet 2 & & F 0^`0X7rX List Bullet 3#' & F @^`X8X List Bullet 4#( & F p0^p`0X9X List Bullet 5#) & F ^`BDB List Continue*^NEN List Continue 2+^`FFF List Continue 3,^NGN List Continue 4-^`NHN List Continue 5.p0^p`0@1@ List Number/ & F. hT:T List Number 2 0 & F 0^`0T;T List Number 3 1 & F ^`T<"T List Number 4 2 & F p0^p`0T=2T List Number 5 3 & F ^`<ZB< Plain Text4 CJOJQJ6JR6 Subtitle 5$@&a$D,D Table of Authorities6D#D Table of Figures 7 6>6 Title8$a$ 5;KH@V@ FollowedHyperlink>*B* 6.6  TOA Heading:5ZZTOC 1';$ "9# 0^`0a$;mHnHuLL TOC 2$<$ " 0x^`0a$:TTTOC 3#=$ "@J0^`0a$ mHnHuDD TOC 4 >$ " p0^p`0a$TTTOC 5#?$ (" 0^`0a$ mHnHu88 TOC 6@$p^pa$CJ88 TOC 7A$L^La$CJ88 TOC 8B$(^(a$CJ88 TOC 9C$^a$CJ0UA0 Hyperlink>*B*h$Rh Envelope Address!E@ &+D/^@ CJOJQJ@Yb@  Document MapF-D OJQJ4r4 Title 2G$a$>*44 Title 3H$a$6@@ Title CountryI$a$;PP TPR1st page titleJ$a$ 5CJ$KH$DD Tpr-Note 1st pageK&dZZ 2 Body Text 4&L pp0d^p`0tH  . r'(h)DL\`s9xxyy$z^{}{Ӝ 1[-mTds/Al{  / 0 1 2 3 4 5 6 8 9 H M R W \ a f k n o   .26:>BFJMNchmrw| #(+,CGKOSW[_bc $).12BFJNSW[_bc !"49>CHMRWZ[jnrvz~Z%KMRW\afkpuv}~ %,/0QUZ^cglptu   GHIJKLMNOP^_`abcdefguy~ ).37;?DHKLV[`flqv{~"',145LQV[`eimpq  !-27<AFKPSTbcdefghikl&.6>ABR 63;3@3E3J3O3T3Y3_3x333333333333333334 4444%4+41474=4G4K4O4S4W4[4_4d4i444444444444444445 5'5-53595?5E5K5Q5W5a5g5m5s5y55555555555555555555555666%6-656=6E6M6V6\6b6h6n6v6~66666666666677777 7&7,727S7X7]7b7g7m7s7y7777777777777777778 8!8)81898@8H8P8X8`8i8q8y8888888888888888 99999"9'9,919L9Q9W9]9c9i9o9u9{99999999999999999::::::$:):.:4:9:O:U:[:c:i:o:u:}::::::::::::::::::;;;;#;);/;4;:;@;F;M;R;V;[;`;e;i;o;s;;;;;;;;;;;;;;;;;;;;;;;< <<< <1<6<<<A<G<M<S<W<[<l<r<x<<<<<<<<<<<<<<<<<===== =%=*=F=L=R=X=^=d=j=p=v=NOOO"O'O,O1O6O;OAOBOTOUOVOWOXOYOZO[O]O^OOOOOOOOOOOOOOOOOOOOOOOP PPPP#P)P*P9P?PEPKPQPWP]PdPkPlPsPxP}PPPPPPPPPPPPPPPPPPPPPPPPPPQQQ#Q'Q+Q0Q5Q:Q?QDQEQTQUQVQWQXQYQZQ[Q]Q^QQQQQQQQQQQQQQQQQR RRR*R/R4R9R>RCRHRMRRRSRiRnRsRxR}RRRRRRRRRRRRRRRRRRRRRRRRRRS SSSSS"S&S*S+S5S6S7S8S9S:S;SS?SpStSyS}SSSSSSSSSSSSSSSSSSSSSSSSSTT(T.T4T:T@TFTLTRTXTYTTTTTTTTTTTUUphhhhhhhhhhhhhhhhhhhiiii#i*i1i8i?iFiGi`ihipixiiiiiiiiiiiiiiijjjj"j(j.j4j5jAjHjOjVj]jdjkjqjrj{jjjjjjjjjjjjjjjjjjjjjjjkk k k(k.k4k:k@kFkLkRkSkhkokvk}kkkkkkkkkkkkkkkll llllll l7lBFJMNchmrw| #(+,CGKOSW[_bc $).12BFJNSW[_bc !"49>CHMRWZ[jnrvz~Zp0%KMRW\afkpuv}~ %,/0QUZ^cglptu   GHIJKLMNOP^_`abcdefguy~ ).37;?DHKLV[`flqv{~"',145LQV[`eimpq  !-27<AFKPSTbcdefghikl&.6>ABR >"}%&))+.22(34363;3@3E3J3O3T3Y3_3`3x33333333333333333344 4444%4+41474=4>4G4K4O4S4W4[4_4d4i4j4444444444444444445 5 5'5-53595?5E5K5Q5W5X5a5g5m5s5y55555555555555555555555555666%6-656=6E6M6N6V6\6b6h6n6v6~6666666666666677777 7&7,72737S7X7]7b7g7m7s7y777777777777777777778 8 8!8)81898@8H8P8X8`8a8i8q8y888888888888888888 99999"9'9,91929L9Q9W9]9c9i9o9u9{9|999999999999999999:: :::::$:):.:4:9:::O:U:[:c:i:o:u:}::::::::::::::::::::;;;;;#;);/;4;:;@;F;G;M;R;V;[;`;e;i;o;s;t;;;;;;;;;;;;;;;;;;;;;;;;;< <<< <!<1<6<<<A<G<M<S<W<[<\<l<r<x<<<<<<<<<<<<<<<<<<<===== =%=*=+=F=L=R=X=^=d=j=p=v=w=x====>/>0>fBDD(HJMNNOOO"O'O,O1O6O;OAOBOTOUOVOWOXOYOZO[O]O^OOOOOOOOOOOOOOOOOOOOOOOP PPPP#P)P*P9P?PEPKPQPWP]PdPkPlPsPxP}PPPPPPPPPPPPPPPPPPPPPPPPPPQQQ#Q'Q+Q0Q5Q:Q?QDQEQTQUQVQWQXQYQZQ[Q]Q^QQQQQQQQQQQQQQQQQR RRR*R/R4R9R>RCRHRMRRRSRiRnRsRxR}RRRRRRRRRRRRRRRRRRRRRRRRRRS SSSSS"S&S*S+S5S6S7S8S9S:S;SS?SpStSyS}SSSSSSSSSSSSSSSSSSSSSSSSSTT(T.T4T:T@TFTLTRTXTYTTTTTTTTTTTTUU~VVNXY\La`ad'ffhphhhhhhhhhhhhhhhhhhhiiii#i*i1i8i?iFiGi`ihipixiiiiiiiiiiiiiiijjjj"j(j.j4j5jAjHjOjVj]jdjkjqjrj{jjjjjjjjjjjjjjjjjjjjjjjkk k k(k.k4k:k@kFkLkRkSkhkokvk}kkkkkkkkkkkkkkkll llllll l7lDJPV\`aw}ĒΒؒ&.6>CDZbjrzē̓ѓғPȗЗǛȝ֝y{'m-=LZiw&5}¤ä 0 0f 0 0 0 0( 0KK 0hh 0hh 0hh0h0h0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h0hx0hx( 0KKx 0ZZx 0ZZ0Zx0Zx0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z0Zx 0ZZx 0ZZx 0ZZx 0ZZ (O 0KKx 0))x 0))x 0))x0)00)0)x0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0)0)x0)x0)x0)x0)x0)x 0))x 0))8(Q 0KKx 0 DDx 0 DDx 0 DDx 0 DDx0D00D0D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D D D D D D D D D D 0D 0D0Dx0Dx0Dx0Dx 0 DDx 0DDP 0DDx 0DDx(R 0KKx 0LaLax 0LaLa0 0LaLa0La`0Lax0Lax0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La00Lax 0LaLax 0LaLax 0LaLax 0x( 0`{`{ 0{{{{x 0{{{{0 0{{{{x( 0`{`{x 0UUx 0UU0 0UUx( 0`{`{S 0xS 00x0x0x0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00x0 0x 0 d 0 0!ȗȗ 0"ȗȗx0H@0@0@0@0@0@0@0@0@0@0@0x@0@0@0@0@0@0@0@0@0@0@0@0@00p @0 @0 @0@0x@0@0 @0 @0@0@0@0@0@0@0@00 Kh T  / 0 1 2 3 4 5 6 8 9 H M R W \ a f k n o   .26:>BFJMNchmrw| #(+,CGKOSW[_bc $).12BFJNSW[_bc !"49>CHMRWZ[jnrvz~Zp0%KMRW\afkpuv}~ %,/0QUZ^cglptu   GHIJKLMNOP^_`abcdefguy~ ).37;?DHKLV[`flqv{~"',145LQV[`eimpq  !-27<AFKPSTbcdefghikl&.6>ABR >"}%&))+.22(34363;3@3E3J3O3T3Y3_3`3x33333333333333333344 4444%4+41474=4>4G4K4O4S4W4[4_4d4i4j4444444444444444445 5 5'5-53595?5E5K5Q5W5X5a5g5m5s5y55555555555555555555555555666%6-656=6E6M6N6V6\6b6h6n6v6~6666666666666677777 7&7,72737S7X7]7b7g7m7s7y777777777777777777778 8 8!8)81898@8H8P8X8`8a8i8q8y888888888888888888 99999"9'9,91929L9Q9W9]9c9i9o9u9{9|999999999999999999:: :::::$:):.:4:9:::O:U:[:c:i:o:u:}::::::::::::::::::::;;;;;#;);/;4;:;@;F;G;M;R;V;[;`;e;i;o;s;t;;;;;;;;;;;;;;;;;;;;;;;;;< <<< <!<1<6<<<A<G<M<S<W<[<\<l<r<x<<<<<<<<<<<<<<<<<<<===== =%=*=+=F=L=R=X=^=d=j=p=v=w=x====>/>0>fBDD(HJMNNOOO"O'O,O1O6O;OAOBOTOUOVOWOXOYOZO[O]O^OOOOOOOOOOOOOOOOOOOOOOOP PPPP#P)P*P9P?PEPKPQPWP]PdPkPlPsPxP}PPPPPPPPPPPPPPPPPPPPPPPPPPQQQ#Q'Q+Q0Q5Q:Q?QDQEQTQUQVQWQXQYQZQ[Q]Q^QQQQQQQQQQQQQQQQQR RRR*R/R4R9R>RCRHRMRRRSRiRnRsRxR}RRRRRRRRRRRRRRRRRRRRRRRRRRS SSSSS"S&S*S+S5S6S7S8S9S:S;SS?SpStSyS}SSSSSSSSSSSSSSSSSSSSSSSSSTT(T.T4T:T@TFTLTRTXTYTTTTTTTTTTTTUU~VVNXY\La`ad'ffhphhhhhhhhhhhhhhhhhhhiiii#i*i1i8i?iFiGi`ihipixiiiiiiiiiiiiiiijjjj"j(j.j4j5jAjHjOjVj]jdjkjqjrj{jjjjjjjjjjjjjjjjjjjjjjjkk k k(k.k4k:k@kFkLkRkSkhkokvk}kkkkkkkkkkkkkkkll llllll l7lDJPV\`aw}ĒΒؒ&.6>CDZbjrzē̓ѓғPЗ L 0L 0L 0L 0L 0L 0*L 0KKL 0hhL 0hhL 0hh0h0h0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h 0h0h0h*L 0KKL 0ZZL 0ZZ0Z0Z0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z 0Z0Z 0Z 0Z 0Z 0Z*O 0K 0)) 0)) 0))0)0)0)0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0)0)0)0)0)0)0) 0)) 0))*Q 0K 0 DD 0 DD 0 DD 0 DD0D0D0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D 0D0D0D0D0D 0 DD 0DD 0DD 0DD*R 0K 0LaLa 0LaLa 0LaLa0La0La0La0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La 0La0La 0LaLa 0LaLa 0LaLaL 0*L 0`{`{ 0La{{ 0La{{ 0La{{*L 0`{`{ 0LaU 0LaU 0LaU*L 0`{`{S 0LaS 0La0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 000 0LaA 0 @0^  0@0@0 0.6aaarg[[ a"#9%X&X'06;<=>?@:BaC}DFuVfX{YZ'\{^kpaq,r,s_tru$vwxxy{`}[,'XٞWZ]_bgiloux{|~ #)06<=>!""##$$$%%&&'4;;<<s==v>&??y@"AAUBBoCCD ELWWWlXXTYYiZZ;[[4\]pppqqFqGqqqqq4r5rqrrrrrrr s sRsSssssst t^t_ttttt u uFuGuuuuuuu'v(v`vavvvvvwwNwOwwwwwww8x9xzx{xxxyyiyjyyyyyMzNz<=͗Η[\јҘ<=qrܙݙ,-`aCDћқX[\^`acdefhjkmnpqrstvwyz}     !"$%&'(*+,-./12345789:;?@AY&-0RY[j!!! _Toc415303524 _Toc415303523!\34 DL͌dltr ?l䣔4̓uӖі\ҖԖ\Ԗ4֖֖tٖ˓ǓA(,ӖnĿDƉƉ|-D-D֌֌\ږږږ쳔,lĸӓԓTԓ4ޖ ߖLߖݖTݖݖ\<Ő|ŐŐ\ЕЕЕЖЖіTіLQQQ RL̄ ĘDę4@t@@@4A,lTTUTUt   J DJ JJKDK؊؊يTيييڊTڊLL<<i i  ppJJ&&((3)3),..7HhHhHoUoUUUcXcX^^}r}rrrss*t*t5t5tHvHv{{0|0|||||߃߃[[ "ɇׇԈԈcc݉݉FF''J[ϞϞȡȡߣߣää      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGIHJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~TTDDq q xxRR&&((;);),..CHpHpHwUwUUUkXkX^^rrrrss0t0t>t>tPvPv{{8|8|||||`` ''͇݇ ܈܈hhNN//Vjממ%աաˤˤ  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGIHJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~8_*urn:schemas-microsoft-com:office:smarttagsCityB*urn:schemas-microsoft-com:office:smarttagscountry-region9*urn:schemas-microsoft-com:office:smarttagsplace8f*urn:schemas-microsoft-com:office:smarttagsdate  10121995200220032004232967DayMonthYearf f   ___f   f   f   3 ; @Cv H*I*..00EE2E5EEE]F`FFFpIsIKKCLJL/N6N3W6WXXYY$Z+Zq\x\!]*]__f%fAsKsisosts}sttru|uuuyyzzzz}}(,FN Չ؉?BՋ؋ދDG܌ߌ%(25!$-0ÔȔϔӔܔݔ+.gjMPCG˛қʝ͝sv #/4?BNQ\_kny|(+  EQ5"7"''I*S*=={FFTTH[M[\\NrOrQxcxu{ғӓǝʝ՝؝{} ,/<?KNR\hkoy}Ϣ(47Rߤ3333333333333333333333333333333333333  < c&pM0Q RR))(367=DDNQQ^QQQQRR?SpSSST(TYTTTLa`ahGi`iiiq?qjqqqqer`{z{{{{Ux$`ȗЗǝȝ՝֝-=iw&4}%|\3}4&2~1pkR0ҽ)v^(z',;&]9z3%tG|~v^# >/u B47 'z(fy>/X<tGEtG]<+/^tGK,nu"Z> >%rTQ%_w(tG2#|Nf6-hD19 E ct&EOZE fHDvx uJ@1YtG dtGDmx޹/^`.^`.^`.^`. ^`OJQJo( ^`OJQJo( ^`OJQJo( ^`OJQJo(hh^h`. hh^h`OJQJo( ^`o(hH. h^`o(hH() ^`o(hH() h^`o(hH(a) ^`o(hH  h^`o(hH. h^`o(hH- 0^`0o(hH- 0^`0o(hH() ^`o(hH. ^`o(hH() ^`o(hH() ^`o(hH ^`o(hH  h^`o(hH. h^`o(hH- 0^`0o(hH- 0^`0o(hH()^`.^`()^`()^`()^`^`.^`-0^`0-0^`0()^`.h^`()^`()h^`(a)^`h^`.h^`-0^`0-0^`0()0^`0.0^`0.0^`0.0^`0()h^`.0^`0()p0p^p`0()^`()p@ ^p`()h^`o(0^`0o(()p0p^p`0o(()p0p^p`0o(-0^`0o(()0^`0o(()0^`0o(-p0p^p`0o(()@ 0@ ^@ `0o(()^`.^`()^`()^`()^`^`.^`-0^`0-0^`0() ^`o(hH. h^`o(hH() ^`o(hH() h^`o(hH(a) ^`o(hH  h^`o(hH. h^`o(hH- 0^`0o(hH- 0^`0o(hH() ^`o(hH. h^`o(hH() ^`o(hH() h^`o(hH(a) ^`o(hH  h^`o(hH. h^`o(hH- 0^`0o(hH- 0^`0o(hH()h^`o(. ^`o(hH. h^`o(hH() ^`o(hH() h^`o(hH(a) ^`o(hH  h^`o(hH. h^`o(hH- 0^`0o(hH- 0^`0o(hH() ^`o(hH. h^`o(hH() ^`o(hH() ^`o(hH ^`o(hH  h^`o(hH. h^`o(hH- 0^`0o(hH- 0^`0o(hH() ^`o(hH. ^`o(hH() ^`o(hH() ^`o(hH() ^`o(hH  ^`o(hH. ^`o(hH- 0^`0o(hH- 0^`0o(hH() 0^`0OJQJo(- ^`o(hH. h^`o(hH() ^`o(hH() h^`o(hH(a) ^`o(hH  h^`o(hH. h^`o(hH- 0^`0o(hH- 0^`0o(hH() ^`o(hH. ^`o(hH() ^`o(hH() ^`o(hH() ^`o(hH  ^`o(hH. ^`o(hH- 0^`0o(hH- 0^`0o(hH()^`.h^`()^`()h^`(a)^`h^`.h^`-0^`0-0^`0() ^`o(hH. ^`o(hH() ^`o(hH() h^`o(hH(a) ^`o(hH  h^`o(hH. h^`o(hH- 0^`0o(hH- 0^`0o(hH() hh^h`hH) ^`hH) 88^8`hH) ^`hH() ^`hH() pp^p`hH()   ^ `hH. @ @ ^@ `hH.   ^ `hH.^`.^`()^`()^`()^`^`.^`-0^`0-0^`0() ^`o(hH. h^`o(hH() ^`o(hH() h^`o(hH(a) ^`o(hH  h^`o(hH. h^`o(hH- 0^`0o(hH- 0^`0o(hH()^`.^`()^`()^`()^`^`.^`-0^`0-0^`0() ^`o(hH. ^`o(hH() ^`o(hH() h^`o(hH(a) ^`o(hH  h^`o(hH. h^`o(hH- 0^`0o(hH- 0^`0o(hH() ^`o(hH. h^`o(hH() ^`o(hH() h^`o(hH(a) ^`o(hH  h^`o(hH. h^`o(hH- 0^`0o(hH- 0^`0o(hH() ^`o(hH. h^`o(hH() ^`o(hH() h^`o(hH(a) ^`o(hH  h^`o(hH. h^`o(hH- 0^`0o(hH- 0^`0o(hH() 0^`0o(hH. 0^`0o(hH. 0^`0o(hH. 0^`0o(hH) 0^`0o(hH) ^`o(hH. 0^`0o(hH) p0p^p`0o(hH) p0p^p`0o(hH-^`.^`()^`()^`()^`^`.^`-0^`0-0^`0()f222247 22222 >%~~}}||'z222247 22222 >%<~}|'z2222247 22222 >%<~}|'zu fHct&EDm E2 Nf62l 2 2 2P y^# 1Y|~KX<XO""ciVPmiMjSk,8>HG~RS$';(WH*,T-'&.5+.r./>/.0/d4x8BTD7GANJyKSALDLELL"M'Qc,QwzS2%T;XaaY)[z]^aoasfbOdrg1lhIjX]jvXl3n q r#rZsQLv$}y}2~hKJ{ ;X Z3&IS#<@oJlkMsh3pa&zb./Gf-3L I\GV}SQ[V2LR[sg=)r bxqJhLiGcw  / 0 1 2 3 4 5 6 8 9 H M R W \ a f k n o   .26:>BFJMNchmrw| #(+,CGKOSW[_bc $).12BFJNSW[_bc !"49>CHMRWZ[jnrvz~KMRW\afkpuv}~ %,/0QUZ^cglptu   GHIJKLMNOP^_`abcdefguy~ ).37;?DHKLV[`flqv{~"',145LQV[`eimpq  !-27<AFKPSTbcdefghikl&.6>AB4363;3@3E3J3O3T3Y3_3`3x33333333333333333344 4444%4+41474=4>4G4K4O4S4W4[4_4d4i4j4444444444444444445 5 5'5-53595?5E5K5Q5W5X5a5g5m5s5y55555555555555555555555555666%6-656=6E6M6N6V6\6b6h6n6v6~6666666666666677777 7&7,72737S7X7]7b7g7m7s7y777777777777777777778 8 8!8)81898@8H8P8X8`8a8i8q8y888888888888888888 99999"9'9,91929L9Q9W9]9c9i9o9u9{9|999999999999999999:: :::::$:):.:4:9:::O:U:[:c:i:o:u:}::::::::::::::::::::;;;;;#;);/;4;:;@;F;G;M;R;V;[;`;e;i;o;s;t;;;;;;;;;;;;;;;;;;;;;;;;;< <<< <!<1<6<<<A<G<M<S<W<[<\<l<r<x<<<<<<<<<<<<<<<<<<<===== =%=*=+=F=L=R=X=^=d=j=p=v=w=OOO"O'O,O1O6O;OAOBOTOUOVOWOXOYOZO[O]O^OOOOOOOOOOOOOOOOOOOOOOOP PPPP#P)P*P9P?PEPKPQPWP]PdPkPlPsPxP}PPPPPPPPPPPPPPPPPPPPPPPPPPQQQ#Q'Q+Q0Q5Q:Q?QDQEQTQUQVQWQXQYQZQ[Q]Q^QQQQQQQQQQQQQQQQQR RRR*R/R4R9R>RCRHRMRRRSRiRnRsRxR}RRRRRRRRRRRRRRRRRRRRRRRRRRS SSSSS"S&S*S+S5S6S7S8S9S:S;SS?SpStSyS}SSSSSSSSSSSSSSSSSSSSSSSSSTT(T.T4T:T@TFTLTRTXTYTTTTTTTTTTThhhhhhhhhhhhhhhhhiiii#i*i1i8i?iFiGi`ihipixiiiiiiiiiiiiiiijjjj"j(j.j4j5jAjHjOjVj]jdjkjqjrj{jjjjjjjjjjjjjjjjjjjjjjjkk k k(k.k4k:k@kFkLkRkSkhkokvk}kkkkkkkkkkkkkkkll llllll l7lDJPV\`aw}ĒΒؒ&.6>CDZbjrzē̓ѓғLä0@PN @UnknownGz Times New Roman5Symbol3& z Arial?5 z Courier New5& z!Tahoma#1hvrvr#D0P0P#4djj1@G3qH?cNC:\Program Files\Microsoft Office\Templates\1033\Publications\TPRS-E(pool).dotRESTRICTEDCodefallacostello%                           ! " # $ Oh+'0  0 < H T`hpxRESTRICTEDCodeESTfallaCTallTPRS-E(pool).dotd costellool)2stMicrosoft Word 10.0@@$H<@\>@>@0՜.+,՜.+,< hp|  ϲʹPjO RESTRICTEDCode Title0dlCountrySymbol1Chapter Paraguayep WT/TPR/S/146er 1T  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./012345689:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entry F`L2@Data CQ1Table7-WordDocument4SummaryInformation(DocumentSummaryInformation8CompObjj  FMicrosoft Word Document MSWordDocWord.Document.89q