MUTUAL BANKS AND STOCK BANKS ERIC RASMUEN docx

|@* @?!t @?_ 5|LU! @?!t  ,hU +@t4ti? M*ti_ @tG R5|LU! @?!t @?_ |@* @?!tc aLh?@* Lu w@ @?_ ,UL?L4Ut EU|LMih bHHc G bDe22 -L zrxog olnh wr wkdqn Khqu| Kdqvpdqq/ Gdylg Kluvkohlihu/ Mrkq Zloh|/ Urqdog Pdvxolv/ Pdxuhhq R*Kdud/ Euhww Wuxhpdq/ dqg sduwlflsdqwv lq wkh XFOD Vordq Zrunvkrs iru khosixo frpphqwv/ dqg Wlprwk| Rsohu iru uhvhdufk dvvlvwdqfh1 W?|hL_U|L? |@* @ttLU@|L?t @hi tL4i|?} Lu @? L__|) ? @ U@T|@*t| iUL?L4)c M| |i) @i *L?} Mii? t}?U@?| ? M@?!?} ? |i N?|i_ 5|@|it  |@* t@?}t M@?!tc Uhi_| ?L?tc @?_ 4Lt| t@?}t @?_ *L@?t @hi 4|@* @ttLU @|L?tc *i ?@|L?@* M@?!tc t|@|i M@?!tc |ht| UL4T@?it @?_ tL4i t@?}t @?_ *L@?t @hi t|LU! UL4T@?it 2 W ** hiuih |L |i |L U@|i}Lhit @t 4|@* M@?!t @?_ t|LU! M@?!t Ai _gihi?Ui Mi|ii? 4|@* @?_ t|LU! M@?!t *it ? L UL?|hL*t |i M@?! @?_ hiUiit |i ThL|t  t|LU! UL4T@?) t L?i_ M) t|LU!L*_ihtc L L|i uLh |i h4<t 4@?@}ihtc _t|hM|i |t ThL|tc @?_ @hi uhii |L ti** |ih Th*i}it #iTLt|Lht @hi 4ihi*) Ut|L4iht  4|@* @ttLU@|L? t RL?i_ M) |t _iTLt|Lhtc M| ?L| UL?|hL**i_ M) |i4 t W _tUtt Mi*Lc |i 4@?@}iht @hi igiU|i*) ti*uUL?|hL**?}c *4|i_ L?*) M) }Lih?4i?| ? |ihi?|L? W? t@?}t @?_ *L@? @ttLU@|L?t Eihi@u|ih U@**i_ 5:w<t@?_ Uhi_| ?L?tc i@U _iTLt|Lh @t |i h@hi*)i ihUti_ h}| |L L|i uLh |i 4@?@}iht Lu |i M@?! W? 4|@* t@?}t M@?!tc @|Lh3i_ ? L?*) tii? |ii? t|@|it E?U*_?} |i i ,?}*@?_ t|@|it @?_ i vLh!c |i _iTLt|Lht *@U! ii? |i U|L? Lu UL?|hL*c t?Ui |i) *@U! |i h}| |L L|i  #iTi?_ ?} L? t|@|i *@c |i ML@h_ Lu |ht|iit |@| UL?|hL*t |i h4 t i|ih ti*u TihTi|@|?} Lh i*iU|i_ M) @ ti*uTihTi|@|?} RML@h_ Lu ULhTLh@|Lht Ai |ht|iit< UL?|hL* t ?L| @MtL*|ic t?Ui M*@|@?| @h4 |L |i _iTLt|Lht< ?|ih it|t UL*_ ThLL!i *i}@* @U|L?c M| _iTLt|Lht U@??L| L|ihti ?i?Ui |i h4<t TL*U) i UiT| M) |_h@?} |ih u?_t 5?Ui |i 4@?@}iht Lu @ 4|@* U@??L| Mi T?ti_ M) t|LU!L*_ihtc |i) @hi ?*!i*) |L 4?43i |i ULt| Lu M@?!?} tihUit hiLt t|_it @i ?L|i_ |tc @?_ ti_ u@Lh@M*i }Lih?4i?| hi}*@|L? |L i T*@? |i UL?|?i_ i t|i?Ui Lu 4|@*t e Ai 4Lhi _U*| ^it|L? t ) 4|@*t Lhti_ MiuLhi |i i #i@*c @?_ |@| t |i ^it|L? @__hitti_ ? |t T@Tih `i t@** tii |@| |i 4|@* M@?! U@? Mi i T*@?i_ @t @ ti*ui?uLhU?} UL?|h@U| ? U 4@?@}iht ThL_i *Lht! M@?!?} tihUit |L h@|L?@* M| **?uLh4i_ t@iht L @hi ht!@ihti @?_ ?ThL|iU|i_ M) _iTLt| ?th@?Ui  t|LU! M@?! UL*_ ThL_i M@?!?} tihUit @| *Lih ULt|c M| UL*_ ?L| }@h@?|ii |i @tti| TLh|uL*L<t t@ui|) Wu _iTLt|Lht @hi ?@M*i Lh ?**?} |L 4L?|Lh |i TLh|uL*Lc |i) Thiuih @ 4|@* M@?! MiU@ti |i 4@?@}iht @i t|hL?}ih ?Ui?|it |L ULLti @ t@ui TLh|uL*LG |i Tt_i }@?t Lu |i 4|@* 4@?@}iht @hi *4|i_ M) *i}@* UL?t|h@?|t L? |ih UL4Ti?t@|L?c  *i u |i M@?!t u@*c |i) *Ltit @ *ui|4i Lu } ?UL4i Ai ih) *@U! Lu ULt|4?43@|L? M) 4|@* 4@?@}iht 4@!it |i4 ULLti @ t@uih TLh|uL*L 5iU|L? 2 i T*@?t ) i L*_ ?L| i TiU| 4|@*t |L 4?43i ULt|t 5iU|L?  ti|t L| @ uLh4@* 4L_i* ? U _iTLt|Lht Thiuih |i 4|@* M@?! 5iU|L? e _tUttit @*|ih?@|i i T*@?@|L?t uLh 4|@* M@?!tc @?_ 5iU|L? D _tUttit |i t|LhU@* i_i?Ui 2 Ai #t@_@?|@}it Lu |@* ttLU@|L?t |@* @?_ t|LU! UL4T@?it _gih ? |i ?Ui?|it }i? |L |i |hii }hLTtQ L?ihtc Ut|L4ihtc @?_ 4@?@}ihtQ Lti ?|ih*LU!?} UL?|h@U|t 4@!i T |i h4 ,UL?L4t|t t|_)?} |iti UL?|h@U|t @i UL?Ui?|h@|i_ L? 4@?@}iht< ?Ui?|it ? t|LU! UL4T@?itc U @hi }*) iUi?| D Ai t|LU!L*_iht hi 4@?@}iht |L ti** ?@?U@* tihUit |L |i _iTLt|Lht Wu @ _iTLt|Lh _Lit ?L| *!i |i M@?!<t tihUit Lh ThUitc i t|Uit |L @ UL4Ti||Lh Wu @ 4@? @}ih t *itt |@? UL4Ti|i?|c |i t|LU!L*_iht *Lih t t@*@h) Lh hiT*@Ui 4 Wu L?ihtT t |LL _gti_ uLh ?__@* t|LU!L*_iht |L Mi **?} |L i Ti?_ igLh| |L _tUT*?i |i 4@?@}ihc L?i t|LU!L*_ih U@? M) i?L} t@hit uhL4 |i L|iht |L 4@!i |i _tUT*??} ThL|@M*i |L 4ti*u Ai t|LU!L*_iht i TiU| 3ihL ThL|tc @_t|?} uLh ht!c M| u |i M@?! i@h?t 4Lhi Lh *ittc |i) U*@4 |i hit_@* @?_ UL?t4i Lh t@i | @t |i) T*i@ti i?} hit_@* U*@4@?|t }it |i4 ?Ui?|i |L i?thi |@| |i h4 4?43it |t ULt|t @?_ ThL_Uit |i iUi?| L|T| `*i |i _iTLt|Lht Lu @ 4|@* @ttLU@|L? 4@) Mi *i}@**) |ih4i_ Rt@hiL*_ihtc @ 4|@* @ttLU@|L? igiU|i*) @t ?L t|LU!L*_ihtc MiU@ti L?*) |i 4@?@}iht i ih| t}?U@?| ?i?Ui Lih |i @ttLU@|L?<t TL*Uit Ai 4@?@}iht ti** ?@?U@* tihUit |L |i _iTLt|Lht #iTLt|Lht U@? t|U |L @?L|ih M@?!c M| |i) U@??L| _tUT*?i |i 4@?@}ihtc @?_ |i) @hi ?L| hit_@* U*@4@?|t ? |i t@* ti?tic MiU@ti |i M@?!<t i@h??}t 4@) Mi i|ih }hi@|ih Lh t4@**ih |@? |i ?|ihit| T@)4i?|t ThL4ti_ |L |i4 Ai 4|@* 4@?@}ih<t ?Ui?|it @hi _gihi?| uhL4 |Lti Lu t t|LU! M@?! UL?|ihT@h|c uLh i UL**iU|t ?L| L?*) t 4@h}?@* ThL_U|c M| @*tL @ }hi@|ih Lh *ittih @4L?| Lu RTih!tc |i |L|@* UL4Ti?t@|L? _iTi?_?} L? |i M@?!<t hitLhUit @?_ |i |hi@| Lu *i}@* @U|L? Ai 4@?@}ih 4t| T@) |i _iTLt|Lht |i ThL4ti_ ?|ihit|c M| i t L|ihti uhii |L LTih@|i |i h4 @t i T*i@tit hiLt t|_it tU @t |Lti Lu UL*t @?_ <O@h@ @i ?L|i_ 2 |t @?_ ?it|}@|i_ |i _gihi?Uit ? |i Mi@Lh Lu 4@?@}iht Lu 4|@*t @?_ t|LU!t S Ai ThLM*i4 t t4*@h |L |@| Lu 4@?@}ih@* UL?|hL* ? ?L?ThL| h4tc U @t Mii? @?@*)3i_ M) ,@t*i) : <O@h@ @?_ O@?t4@?? . Ai 4|@* 4@?@}ih _Lit ?L| UL?|hL* |i h4 t4T*) MiU@ti L?ih tT t _gtic uLh |t t @*tL |hi Lu 4Lt| t|LU! UL4T@?it H `@| t 4Lhi 4TLh|@?| t |@| ?L ?__@* U@? UL?Ui?|h@|i L?ihtT Lu @ 4|@* M) ThU@t?} |i _gti_ t@hit Ai 4@?@}ih t uhii_ ?L| M) |i @Mti?Ui Lu UL?Ui?|h@|L?c M| M) |i @Mti?Ui Lu |i |hi@| Lu UL?Ui?|h@|L? Lh t |i ThL ) }|c @ tiUL?_ 4i@?t Lu UL?Ui?|h@|?} |i TLih Lu _gti t|LU! L*_ihtc @@*@M*i |L |i 4|@* _iTLt|Lht W? @ t|LU! UL4T@?) |i 4@? LMt|@U*i |L @ ThL ) }| t |i *@U! Lu ?Ui?|i uLh @?) L?i |L i Ti?_ |i hi tLhUit |L Lh}@?3i |c M| ? 4|@* M@?!t |i ThLM*i4 t ii? 4Lhi tiihi Ai _iTLt|Lht Lu @ 4|@* t@?}t M@?! *@U! @ *i}@* L|ic *i ?ULLT ih@|i _iTLt|Lht Lu @? 5:w U@? Mi i Ti**i_ M) |i 4@?@}ihtc @ Th@U|Ui |it|i_ ? bDHc i? @ t@hiL*_ih L hi^it|i_ @ *t| Lu L|ih t@hiL*_iht tLh|*) MiuLhi |i @??@* 4ii|?} @t hiuti_ |i *t| @?_ hiu?_i_ t _i TLt| Oi i?| |L ULh|c @?_ *Lt| b 5U _h@t|U @U|L? M) 4@?@}iht t h@hic MiU@ti t@hiL*_iht h@hi*) |h) |L ti |ih L|it Ai Thit_i?| Lu L?i 5@? #i}L 5:w @_4||i_ |@| ?L L?i @_ |h?i_ T @| @??@* 4ii|?}t ? |h|) )i@htc f @?_ @ b. t|_) Lu 4|@* ?th@?Ui uL?_ |@| |i TihUi?|@}i Lu TL*U)L*_iht L|?} ? i*ii? 4@Lh UL4T@?it @hi_ uhL4 f2 |L 2D  Wu |i 4@?@}ih Lu @ 4|@* u@Ui_ ?L UL?t|h@?|tc |i 4|@* M@?! L*_ Mi@i *!i @ Th@|ic 4@?@}ihL?i_ M@?! W?iUi?U) @htit ?L| MiU@ti |i 4@?@}ih t uhii uhL4 L|t_i UL?|hL*c M| MiU@ti i t T@h|*) UL?t|h@?i_ M) |i *@ Wu i ihi uhii |L T| t t@*@h) |L @?) *ii*c hi }Lt| 4@?@}ihtc @?_ ti** t@hit ? t t@*@h) |L L|t_ihtc |i? |i 4|@* @ttLU@|L? L*_ Mi ?L _gihi?| uhL4 @ t|LU! UL4T@?) 5?Ui i _Lit u@Ui *i}@* UL?t|h@?|tc |i 4@?@}ih<t UL4Ti?t@|L? |@!it ?iUi?| uLh4t @?_ i t ?L| t4T*) |i hit_@* U*@4@?| Ai UL?t|h@?| ?ii_ ?L| Mi @?)|?} tL t4T*i @t @ UL4Ti?t@|L? U@T ,i? u |i UL?t|h@?| t @ ThLM@M*|) Lu ThLtiU|L? }h@_@**) ?Uhi@t?} | |i t3i Lu UL4Ti?t@|L?c Lh ?Uhi@t?} ULt|t Lu ULih?} T **i}@* @U|L?tc |i 4@?@}ih t t|** ?L| @ hit_@* U*@4@?| @?_ _Lit ?L| hiUii |i u** @*i Lu @? i |h@ _L**@h Lu M@?! ThL|t wi}@* @U|L? @}@?t| 4@?@}iht Lu 4|@*t t ?UL44L?c M| _Lit LUUh LUU@tL?@**) 2 Ai *i}@* t|@|t Lu |i 4@?@}iht Lu 4|@* t@?}t M@?!t @t Mii? ?U*i@hc M| i|ih |i) @hi hi}@h_i_ @t |ht|iit Lh @t @}i?|t uLh |i _iTLt|Lhtc |ih @U|L?t @hi *i}@**) UL?t|h@?i_   ih!t W ti |i |ih4 RTih!t uLh |i _gihi?Ui Mi|ii? @ 4|@* 4@?@}ih<t UL4Ti?t@|L? @?_ t 4@h!i| @}i Ai 4Lt| t|h@}|uLh@h_ @?_ iUi?| uLh4 Lu Tih! t @? i Uitti t@*@h)c M| Tih!t ?ii_ ?L| Mi 4L?i|@h) 6h?}i Mi?i|tc T*i@t@?| Lh!?} UL?_|L?tc ?iTL|t4c @?_ @ *L 4@?@}ih@* igLh| *ii* @*tL ?Uhi@ti |i ULt|t Lu |i M@?!c *i @ 4@?@}ih<t *L@?t |L uhi?_t Lh h4t ? U i @t @? ?|ihit| hi_Ui |i M@?!<t i TiU|i_ hi|h? ?L|ih Tih! t |i ?uLh4@|L? |@| @ M@?! 4@?@}ih @U^hit ? |i ULhti Lu t _|it Ai iUi?U) 4T*U@|L?t Lu |t Tih! @hi ?L| U*i@hc M| u MLhhLiht L*_ Mi h| M) |i *i@!@}i Lu ?uLh4@|L? @ML| |ih *L@?tc |i) ** hi^hi |i ?|ihit| h@|i |L Mi *Lih Lt| Tih!t @hi ?iUi?| MiU@ti |i) h| |i M@?! 4Lhi |@? |i) Mi?i| |i 4@?@}ih( ML| L*_ Mi?i| M) hiT*@U?} |i Tih! | @? ?Uhi@ti ? U@t @}it e  Tih! | itTiU@**) 4TLh|@?| 4T*U@|L?t uLh iUi?U) t |i LM }i? |L @? ?UL4Ti|i?| 4@?@}ih Oi U@??L| |h@_i t LM uLh U@t Lh hi tL4iL?i |L TihuLh4 |t _|itc @*|L} i L*_ ThL| uhL4 i|ih Lu |iti @*|ih?@|it Oi hi|@?t |i LMc @?_ i? L? hi|h?} i }it | @@)c i t 4Lhi *!i*) |L }i | |L @ uhi?_ Lh hi*@|i |@? |L @ UL4Ti|i?| i iU|i D |@*t @i |i uh|ih _t@_@?|@}i |@| |i) U@??L| UL4Ti?t@|i |ih 4@?@}iht M@ti_ L? |i t|LU! ThUi ,i? @ t|LU! M@?! 4@) @i _U*|) ? ?_U?} 4@?@}iht |L ?_ih|@!i |i iUi?| igLh| @?_ ht!c M| | U@? ti t|LU!M@ti_ UL?|h@U|t |L U@?}i |i 4@?@}ih<t ?Ui?|itc ihi@t |i _iTLt|Lht Lu @ 4|@* M@?!c *4|i_ |L @UUL?|?} _@|@ ThiT@hi_ M) 4@? @}i4i?|c @i _U*|) ii? !?L?} |i 4@?@}ih<t T@t| TihuLh4@?Ui Ai t|LU! M@?! @t |i uh|ih @_@?|@}i |@| MiU@ti tTiU*@|L? t TLttM*i ? |t t|LU!c L|t_i @?@*)t|t ** Mi@h |i ULt|t Lu @U^h?} ?uLh4@|L? @ML| 4@?@}ih@* TihuLh4@?Ui @?_ *i@! |i ?uLh4@|L? |L |i 4@h!i|c i|ih M) ??|i?|L?@* h4Lht Lh M) 4L?} |i t|LU! ThUi ih!t @i 4T*U@|L?t uLh |i 4@?@}ih<t ULUi Lu TLh|uL*L W? @ t|LU! M@?!c |i t|LU!L*_iht U@? _it}? |i 4@?@}ih<t UL4Ti?t@|L? |L i?ULh@}i 4 |L |@!i @?) *ii* Lu ht! |i) _ithi W? @ 4|@*c |i 4@?@}ih<t *ui|4i L Lu Tih!t t T@h| Lu t i@*|c M| MiU@ti | t ?_ihti_ i t @ihti |L h4tTiUU ht! W? @__|L?c MiU@ti t Tih!t @hi U@TTi_ M) @? 4T*U| *i}@* *4|c i @t L?*) i@! ?Ui?|it |L ?Uhi@ti |i M@?!<t ThL|t Ai TLttM*|) Lu @__?} |L |i M@?!<t hitihit 4L_ih@|it |i 4@?@}ih<t _t?U*?@|L? |L ?Uhi@ti M@?! hii?it ,i? u |i 4@?@}ih U@??L| |@!i 4Lhi |@? @ *4|i_ @4L?| Lu Tih!t ? @ }i? )i@hc i U@? @__ |L hitihit e h@|ih |@? ?Uhi@t?} |i ?|ihit| h@|i |L _iTLt|Lht +itihit i*T |i 4@?@}ih ? |L @)tG M) hi_U?} |i ht! Lu M@?!hT|U)c @?_ M) t4LL|?} |i L Lu Tih!t E 4TLh|@?| u i 4@) Mi *^_|)UL?t|h@?i_ | u @ 4@?@}ih t !iiT?} @ hitihi |L ThL|iU| @}@?t| ht!c i ** Mi hi*U|@?| |L ?Uh ht! |L ?Uhi@ti |i hitihit S vi| @?L|ih ThLM*i4 t t|@h|?} @ 4|@* ? |i ht| T*@Ui W?|@* U@T |@* U@??L| Mi h@ti_ M) @ t|@?_@h_ t|LU! Lgih?}c tL |i ht| 4@?@}ih 4t| tTT*) tii_ U@T|@* Lh ?Uh |i ULt| Lu @ UL4T*i tL*U|@|L? Lu ?|@* _i TLt|Lht Oi U@? hi@T @ hi|h? @ Tih!tc M| |i hi|h? t *4|i_ L? |i TLt|i t_i ?Ui |i t)t|i4 t ? T*@Uic _iTLt|Lht @hi @*@)t uhii |L t|U |L @ t|LU! M@?!c tL |i ThUi @?_ ThL_U| Lu |i 4|@* 4t| Mi t| @t @||h@U|i u |i |L uLh4t ULi t| Ai 4|@*<t ULt|t @hi }ihc M| |t ?|ihit| h@|i 4t| Mi |i t@4ic tL | U@?L| thi ?_i?|i*) |L| tL4i UL?|ih@*?} @_@?|@}i L_i*Lu@?!i@Lh  4Lhi uLh4@* 4L_i* Lu |i ti| Lu UL?|h@U|t Mi|ii? |i 4@?@}ihc _iTLt|Lhtc @?_ EuLh t|LU! M@?!t t|LU!L*_iht t tiu* |L _t|?}t |i UhU@* ui@|hit Lu |i ThLM*i4 5?Ui |i 4L_i* t iht|U h@|ih |@? |iLhi4ThL?}c W Thiti?| | @t @ ?4ihU@* i @4T*i L?t_ih |L t)t|i4tc UL44ihU@* M@?!?} @?_ 4|@* M@?!?}c i@U UL?tt|?} Lu @ *@h}i ?4Mih Lu UL4Ti|?} M@?!t Lu @ t?}*i Lh}@?3@|L?@* |)Ti Ai 4@?@}ih ULLtit Mi|ii? |i |hii ?it|4i?| ThLiU|t ? A@M*i G @ t@ui ThLiU| | @ ?| hi|h? Lu 2( @ ht!) ThLiU| Lti hi|h? t | i^@* ThLM@M*|) i|ih H Lh .( @?_ @ M@_ ThLiU| Lti hi|h? t | i^@* ThLM@M*|) i|ih  Lh H W?tih| A@M*i  W?__@*t @hi Lu |L |)TitG |i ht!@ihtic L4 i @tt4i @hi ? **?} |L @UUiT| @?) @__|L?@* ht! |L ?Uhi@ti |ih i TiU|i_ ?UL4ic @?_ |i ht!?i|h@* Ai t|LU!L*_iht @hi ht!?i|h@*c *i |i 4@?@}ih @?_ _iTLt|Lht @hi ht!@ihti Ai _iTLt|Lht _iTLt| |ih i?|hi i@*| f '2f ? |i M@?! uLh L?i TihL_ D | |i Mi}???} Lu |i TihL_ |i t|LU!L*_iht Lu |i t|LU! M@?! ULLti @ U@T|@* hitihic U t @@*@M*i @| |i i?_ Lu |i TihL_ |L T@) |i ThL4ti_ ?|ihit| |L _iTLt|Lht Ai t|LU! M@?!<t 4@?@}ih 4@!it _iUtL?t U 4@ 43i |i |*|) Lu |i t|LU!L*_iht | |i i?_ Lu |i TihL_ |i 4@?@}ih t T@_ t UL4Ti||i*) _i|ih4?i_ @}i h@|ic U t fD |4it |i @4L?| ?|@**) ?it|i_ #iTLt|Lht @hi T@_ @? @4L?| E n o f U t _i|ih4?i_ M) UL4Ti||L? Mi|ii? M@?!t Ai t|LU!L*_iht hi|@? @|iih u?_t @hi *iu| @u|ih T@)?} |i 4@?@}ih @?_ |i _iTLt|Lht Ai 4@?@}ih Lu |i 4|@* M@?! 4@!it _iUtL?t U 4@ 43i t L? |*|) Wu |i hii?i uhL4 |i ThLiU| t tUi?|c i t T@_ ?L| L?*) |i @}i fDfc M| @*tL @? @4L?| Lu Tih!t  ' Dc ihi  t _i|ih4?i_ L| t_i |i 4L_i* M) |i |hi@| Lu *i}@* Ti?@*|it #iTLt|Lht @hi T@_ E nof u |i ThLiU|<t hii?i t tUi?|c ihi o t _i|ih4?i_ M) UL4Ti||L? Mi |ii? |i 4|@* M@?!t ?) u?_t hi4@??} @u|ih _iTLt|Lht @?_ 4@?@}iht @hi T@_ t T| ? @ hitihi @?_ ?iih T@_ L|  Ai W?uLh4i_ #iTLt|Lh L_i* `i ** *LL! @| |L ihtL?t Lu |i 4L_i*c U _gih ? |ih ?uLh4@|L? t|hU|hi W? |i W?uLh4i_ #iTLt|Lh L_i*c |i 4@?@}ih 4t| TU! @ ThLiU| @?_ |h|u**) @??L?Ui | MiuLhi ThLTLt?} @? ?|ihit| h@|i |L _iTLt|Lht Ai ti^i?Ui Lu @U|L?t t  Ai 4@?@}ih ULLtit @ U@T|@* hitihi @?_ @ ThLiU| 2 Ai 4@?@}ih Lgiht @? ?|ihit| h@|i |L _iTLt|Lht  Ai ThLiU|<t L|UL4i t LMtihi_ e Ai 4@?@}ih |@!it t Tih!t E ? @ 4|@* M@?! D Ai _iTLt|Lht @hi T@_ |ih ?|ihit|c @?_ |i 4@?@}ih t t@*@h) Wu |i M@?! @tti|t @hi ?tUi?|c |i) @hi __i_ ? ThLTLh|L? |L |i t3i Lu |i _iM|t S Ai t|LU!L*_iht hiUii |i hit_@* ThL|t E? @ t|LU! M@?! Ai t|LU!L*_iht< ThL|4@ 43?} TL*U) t |L _hiU| |ih 4@?@}ih |L ULLti |i ht!) ThLiU| @?_ @ U@T|@* hitihi Lu 2 Ai M@?! UL4Ti|it uLh S _iTLt|Lht M) Lgih?} |i4 E n of 'dDEH n DE.o2f  fDE2f ' 2ec U U@? Mi T@_ hi}@h_*itt Lu |i tUUitt Lu |i ThLiU| Wu |i ThLiU| u@*tc |i M@?!<t @tti|t i^@* HE2 n HE2f ' 2DSc Lu U S t T@_ |L |i 4@?@}ihc @?_ 2e |L |i _iTLt|Lht Wu |i ThLiU| tUUii_tc |i @tti|t i^@* .E2 n .E2f ' Deec Lu U S t T@_ |L |i 4@?@}ihc 2e |L |i _iTLt|Lhtc @?_ 2HH |L |i t|LU!L*_iht Ai t|LU!L*_iht< i TiU|i_ ?| hi|h? t 2c tL |i iUL?L4U ThL|t @hi 3ihL Ai t@ui ThLiU| L*_ ?L| Tih4| |i M@?! |L 4@?|@? 3ihL ThL|t *i Lgih?} _iTLt|Lht |i t@4i ?|ihit| h@|i  *Lih *ii* Lu U@T|@* L*_ _hi @@) |i _iTLt|Lht M) ?|hL_U?} @ TLt|i ThLM@M*|) Lu M@?!hT|U) 5@hiL*_ih<t U@T|@* t t4*@h |L _iTLt| ?th@?Ui MiU@ti | @**Lt _iTLt|Lht |L Mi hiT@_ ii? u |i M@?!<t ?it|4i?|t @hi ?tUUittu* . @?) t|@|it @i hi^hi_ |@| M@?! t|LU! tTiUu) _LM*i *@M*|)c ?_ih U TihtL?t L*_?} t|LU! _h?} tL4i *i}@* |4i *4| MiuLhi |i u@*hi Lu |i M@?! 4t| UL?|hM|i T |L |i T@h @*i Lu |i t|LU!c Lih @?_ Mi)L?_ |i ThUi |i) Lh}?@**) T@_ #LM*i *@M*|) hi_Uit |i ht! |L _iTLt|Lht ii? uh|ihc @?_ *!i _iTLt| ?th@?Ui | _Lit ?L| hi^hi |i t|LU!L*_iht |L |i T i |h@ U@T|@* ? |i M@?! i UiT| ? i4ih}i?Uit H W? |i 4|@* M@?!?} t)t|i4c |i 4@?@}ih ULLtit |i t@ui ThLiU| @?_ Lgiht _iTLt|Lht E n of '2f  fDf   '2D LLt?} |i ht!) ThLiU| L*_ i TLti 4 |L |i ht! Lu *Lih UL4Ti?t@|L?c MiU@ti u |i ThLiU| u@*i_ |i M@?!<t @tti|t Lu S  D E|i Tih!t @?} @*hi@_) Mii? |@!i? L*_ @i |L Mi tT*| Mi|ii? |i _iTLt|Lhtc Li_ @| *i@t| 2fc @?_ |i 4@?@}ihc Li_  ,i? u |i 4@?@}ih ihi **?} |L @UUiT| |i ht!c |i _iTLt|Lht L*_ ?L| Mi **?} At |i ?|ihit| h@|i ? |i 4|@* t)t|i4 t *Lih |@? ? |i t|LU! t)t|i4 uLh |L hi@tL?tG |i Tih!t @hi _i_U|i_ @?_ |i t@ui ThLiU| t @_LT|i_ ?t|i@_ Lu |i ht!) ThLiU| Ai t|LU! M@?! T@)t @ }ih h@|i Lu ?|ihit| |L| Mi?} @?) ht!ih uLh _iTLt|Lht Lh 4@?@}ihtc tL 4|@*t L*_ ?L| thi ? @ t)t|i4 | ML| !?_t Lu M@?!t Ai 4|@*<t ULUi Lu |i t@ui ThLiU| t ?L| @? @h|u@U| Lu t?} @ L?i TihL_ 4L_i* |L| ?|@* hitihit  4|@*<t hitihit @hi T@h| Lu |i i@*| Lu |t 4@?@}ih Wu i ULLtit ThLiU|t *!i  |@| U@? _iT*i|i |i hitihitc i h?t |i ht! Lu ii?|@**) ?L| Mi?} @M*i |L i |h@U|  Wu|i 4|@* ?|@**) i*_ hitihitc |t 4@?@}ih UL*_ hitTL?_ |L UL4Ti||L? uhL4 |i t|LU! M@?!t ? L?i Lu |L @)t Oi UL*_ @_LT| |i ht!) ThLiU|c | |i @||i?_@?| ht! |@| @ tihit Lu hiihtit UL*_ _iT*i|i |i hitihit ^U!*) @?_ |i !?L*i_}i |@| hi_U?} |i hitihit M) @? i TiU|i_  i@U TihL_ . ** ii?|@**) _iT*i|i |i4 @?)@) h i UL*_ @_LT| |i t@ui ThLiU|c T@)?} _iTLt|Lht |i 4@h!i| ?|ihit| h@|i M) _h@?} uhL4 |i hitihit @t i** @t |i ?it|4i?| ?UL4ic tL |@| |i _@|i M) U |i hitihit @hi i @t|i_ t U*Ltih M| @t *Lih @h@?Ui |@? ?_ih |i TL*U) Lu ULLt?} |i ht!) ThLiU| W? i|ih U@ti |i 4|@* M@?! u@*t ? |i *L?} h? Wu |i 4|@*t Mi}@? | hitihit tUi?| |L ThL|iU| |i _iTLt|Lhtc @?_ |ih 4@?@}iht ULti ht!) ThLiU|t @?_ hiuh@?i_ uhL4 |@!?} Tih!tc |i 4|@*t UL*_ thi UL4Ti||L? uhL4 |i t|LU! M@?!tc M| |i 4|@* 4@?@}ih @t ?L ?Ui?|i ?L| |L |@!i Tih!t Wu i |@!it Tih!tc t M@?! ** ii?|@**) u@* @?_ i *Ltit t Th*i}i_ TLt|L?c M| u i _Lit ?L| |@!i Tih!tc |@| Th*i}i_ TLt|L? t ti*itt |L 4c ?L Mi||ih |@? @ t|LU! 4@? @}ih<t LM Ai L?*) hi@tL? ?L| |L |@!i Tih!t ?L t |L ?Uhi@ti UL?t4T|L? Lu Tih!t ? |i u|hic U t ?L| tL4i|?} |i 4@?@}ih Lu @ 4|@* ? @ 4 i_ t)t|i4 U@? *LL! uLh@h_ |L Ai i @4T*i i*U_@|it @?L|ih TL?| U U@tit tL4i UL?utL?G i|ih __i?_t L}| |L Mi UL?t_ihi_ @? i Ti?ti Lu |i t|LU! M@?!c i^@*i?| |L |i Tih!t Lu |i 4|@* M@?! Ai t|LU! M@?! _Lit T@) __i?_t i^@* ? i TiU|@|L? |L 2eE2 ' 2HH ? |i i @4T*i M| |i hii?i |L T@) |i __i?_t t }i?ih@|i_ M) |i U@T|@* @?_ _Lit ?L| _4?t |i i@h??}t Lu |i _iTLt|Lht *|L} @ t|LU! M@?! T@)t L| 4Lhi |L ?L?_iTLt|Lht |@? _Lit @ 4|@*c |i t|LU! M@?! @*tL @t 4Lhi @tti|t 2 Ai N??uLh4i_ #iTLt|Lh L_i*  U@?}i ? |i ?uLh4@|L? t|hU|hi hiihtit |i 4|@* M@?!<t _t@_ @?|@}i W? |i ThiUi_?} 4L_i* |i 4@?@}ih ULti |i ThLiU| MiuLhi |i _iTLt|Lht @}hii_ |L |i UL?|h@U| W? |i N??uLh4i_ #iTLt|Lh L_i* |i _iTLt|Lht 4t| @}hii |L |i UL?|h@U| |L| @?) }@h@?|iit @ML| |i ThLiU| Lh |i U@T|@* hitihi Ai ti^i?Ui Lu @U|L?t t  Ai 4@?@}ih @?_ _iTLt|Lht @}hii |L @? ?|ihit| h@|i 2 Ai 4@?@}ih ULLtit @ ThLiU| @?_ U@T|@* hitihi  Ai ThLiU|<t L|UL4i t LMtihi_ e Ai 4@?@}ih |@!it t Tih!t E? @ 4|@* M@?! H D Ai _iTLt|Lht @hi T@_ |ih ?|ihit|c @?_ |i 4@?@}ih t t@*@h) Wu |i M@?! @tti|t @hi ?tUi?|c |i) @hi __i_ ? ThLTLh|L? |L |i t3i Lu |i _iM|t S Ai t|LU!L*_iht hiUii |i hit_@* ThL|t E? @ t|LU! M@?! Ai t|LU! M@?!<t Mit| Uhi_M*i UL?|h@U| t |L Lgih |i _iTLt|Lht HE2f  fDE2f ' D @| |i i?_ Lu |i TihL_ u |i ThLiU| t tUUittu*c @?_ E2f  fDE2f '  L|ihtic | @ hitihi Lu 3ihL Ai UL?|h@U| )i*_t @? i TiU|i_ ThL| Lu 3ihLc tL |i _iTLt|Lht @hi hiUi?} |i u** Mi?i|t Lu |i ht!c M| | t ML| ht!) @?_ ?iUi?| Ai ThLM*i4 t |@| ?L |i t|LU!L*_iht @i ?Ui?|i |L TU! |i M@_ ThLiU|c @|iih |i UL?|h@U|c MiU@ti |i) U@? _iU*@hi M@?!hT|U) u |i ThLiU| t ?tUUittu*c M| UL**iU| |i hit_@* ThL|t u | tUUii_t Wuc uLh i @4T*ic |i) Lgihi_ _iTLt|Lht |i UL?|h@U| E u tUUittu*c D u ?tUUittu*c U UL*_ Mi T@_ M) TU!?} |i ht!) ThLiU|c |i t|LU!L*_iht L*_ t|** @?| |L TU! |i M@_ ThLiU| Wu |i ThLiU| ihi tUUittu*c |i) L*_ 4@!i @ ThL| Lu 2c @?_ u | ihi ?tUUittu*c |i) L*_ _iU*@hi M@?!hT|U) Ai 4|@* M@?!c L? |i L|ih @?_c U@? Uhi_M*) Lgih _iTLt|Lht |i  i_ hi|h? }i? M) E n of 'DE2f  fDE2f  D'2Dc |i t@4i UL?|h@U| @t ? |i W?uLh4i_ #iTLt|Lh L_i* Ai 4@?@}ih t ?**?} |L |@!i L? ht!c tL i ULLtit |i t@ui ThLiU|c @?_ }i? |@| i t !?L? |L ULLti |i t@ui ThLiU|c |i _iTLt|Lht _L ?L| hi^hi @ hitihi Ai @_@?|@}i Lu |i 4|@* t |@| |i 4@?@}ih t ti*uUL?|hL**i_ M| *4|i_ ? t Tih!t i?} *4|i_ ? |i @4L?| i U@? |@!i L| Lu |i h4c i t ?L| @||h@U|i_ M) ht!) ?it|4i?|t | } T@)Lgt 5?Ui t UL4 Ti?t@|L? i Uii_t t 4@h!i| @}i @?_ i U@? *Lti t Tih!t L?*) M) *i||?} |i M@?! u@*c i @t t|hL?} ?Ui?|it |L @L_ _L?t_i ht! LhiLihc |i 4@?@}ih U@??L| Mi hiT*@Ui_ ?L*?|@h*) Lh ti** t LM |L tL4iL?i i*tic tL |i _iTLt|Lht U@? _iTi?_ L? UL?|?|) ? 4@?@}ih@* |@t|it @?_ TL*Uit Ai @_@?|@}it Lu t|@M*|) @?_ t@ui|) L|i} |i _t@_@?|@}it Lu TLLh 4@?@}i4i?| @?_ } i Ti?tit b W| t ?|ihit|?} |L UL?|h@t| |t | |i i T*@?@|L? BhLtt4@? @?_ O@h| @_@?Ui uLh } *ii*t Lu _iM| ? t|LU! ULhTLh@|L?t 2f W? |ih t}?@**?} 4L_i*c @ 4@?@}ih Lti UL4Ti?t@|L? t M@ti_ L? |i 4@h!i| @*i Lu |i h4 ULLtit @ } *ii* Lu _iM| |L tL t **?}?itt |L i ih| i?L} igLh| |L @L_ |i ht! Lu M@?!hT|U) 5|LU!L*_iht _L ?L| 4?_ |i i |h@ ht! MiU@ti |i) @hi _ihti_c M| |i) _L @*i |i i |h@ igLh| W? |i b