WPCP  2J BNLZTimes Roman3|o#Xj\  P6G;cXP#"S^*8DSS888S^*8*.SSSSSSSSSS..^^^Jxooxf]xx8Axfxx]xo]fxxxxf8.8NS8JSJSJ8SS..S.SSSS8A.SSxSSJP!PZ8*888888888888S.xJxJxJxJxJooJfJfJfJfJ8.8.8.8.xSxSxSxSxSxSxSxSxSxSxJxSxSxSxSxS]SxJxJoJoJoJoJxSfJfJfJfJxSxSxSxSxSxSxS8S8S888SA8xSf.f8f8f8f.xSxSxSxSxSxo8o8o8]A]A]A]Af8f8f8xSxSxSxSxxSfJfJN:*LS8JSSSSS.4}}S2S}2JJS88SS]]8J2t^^\\^^ee*C^.wR)Ewn\1fy\r\Sxx\rHP LaserJet 5Si PS LPT3 8401_1HPLA5SPO.PRS]\  PC !]P2eE|LX  X-#Xj\  P6G;ynXP#"S^2CRddCCCdq2C28dddddddddd88qqqYzoCNzoozzC8C^dCYdYdYCdd88d8ddddCN8ddddY`(`lC2CC!CCCCCCCCCCd8YYYYYYzYzYzYzYC8C8C8C8ddddddddddYdddddodYYYYYYdzYzYzYzYdddddddCdCdCCCdNCdz8zCzCzCz8dddddCCCoNoNoNoNzCzCzCdddddzYzYNF2[dCYddddd7>d<d<$YYdCCddooCYd<d<$YYdCCddooCYd<d<+oodCCddddCo A' D E G I L PG Se \h ^2 _ ` a e f me o p p\ r | | ~8 w K   = Z X  n R     3       S   ^ 5 8 { x               c   w S     % & 1 8W :m B% DS H L N= S W \ bT o rD s5 ta t *   [   M x l Y  1 '     O #  *  W H n        e      6    5  $  (  , E B  H 2 K  L  M Z N W W  X  Y  [  i  k  k X l  q ^ d J       r &     c   L   >       % b *  2  5 h 9  : # @ 7 K y L  P A Q [ U  Y  _  o W p  s > u  x K | p c  _       ` y o   n   /  1   s    V    ( & O '  * C .  3 g 6  E D J  P X d A } #   F    7       ,  4 C 6 X < n F W N  c  x @ | T ~   1 u , g  C y 0  "  q       J  Y  ` L i  q    -   O  D     r 3m > J N P W [) d \  x  c    c 'P -3 / S f | }B iV g     C =B > q | }       z    "I HS V  R v  \ q P   -? 0c:p   K 0 B  3 @  f # D & \  dm =G ax E _ 9 3 M R Y C   D   0   x , % 1 =z AD P j   z5x 8/F q  * E Y \) ac n   D Z  l 8 !O! "AE"9#$$!%% 6% R% %S% %%e& U' a'< ';6)n |o }q r r u w                                                                $ & ) ) , - . / 0 3 5 6 6 8 : ; = ? @ A C C E F I L L L Z [ \ ^ ^ ` e f f g j l l l n o o u u                                     " # # ' ( ) ) ) + + , / 0 1 2 6 7 : ; ; < > > ? @ A B B C C E E E E F G L M P P P R U V !X %Z *] 0] 0] 0^ 1^ 2_ 5b :b :b ;c <d >e Ag Dg Eh Gi Ij Ll Pm Sr \s ^s _t `t av ev fz m{ o{ p{ p| r | | ~                                                     % & 1 8 : B D H L N S W \ b o r s t t                               ! ! !  %  %  &  '  ' ) $ * ( + , 3 B 4 H 6 K 6 L 6 M 6 N 9 W 9 X : Y ; [ ? i @ k @ k @ l A q F J M M N N O P P V W ] ] ^ b f h i i o  p  p  r  t % v * x 2 y 5 y 9 z : { @ ~ K ~ L  P  Q  U  Y  _  o  p  s  u  x  |                                 &  '  *  .  3  6  E  J  P  d  }               ,  4  6  <  F  N  c  x  |  ~                     J  Y  `  i  q               3 > J N P W [ d          ' - / S f | }         = > q | }   x n n j i f e a "V HS SR VV X X ^ ^ a d d o p s -s 0          3 @      & \      = a x     3 M R! Y1 3 3 V ` c d n 0     % 1 = A P j    z    / q$ * = *B EE YF \P p ar n    Z  l   ! O! "E":9#^$r$%%6%R%%%%%e&U'a''56)n |o }q r r u w                                                                $ & ) ) , - . / 0 3 5 6 6 8 : ; = ? @ A C C E F I L L L Z [ \ ^ ^ ` e f f g j l l l n o o u u                                     " # # ' ( ) ) ) + + , / 0 1 2 6 7 : ; ; < > > ? @ A B B C C E E E E F G L M P P P R U V !X %Z *] 0] 0] 0^ 1^ 2_ 5b :b :b ;c <d >e Ag Dg Eh Gi Ij Ll Pm Sr \s ^s _t `t av ev fz m{ o{ p{ p| r | | ~                                                     % & 1 8 : B D H L N S W \ b o r s t t                               ! ! !  %  %  &  '  ' ) $ * ( + , 3 B 4 H 6 K 6 L 6 M 6 N 9 W 9 X : Y ; [ ? i @ k @ k @ l A q F J M M N N O P P V W ] ] ^ b f h i i o  p  p  r  t % v * x 2 y 5 y 9 z : { @ ~ K ~ L  P  Q  U  Y  _  o  p  s  u  x  |                                 &  '  *  .  3  6  E  J  P  d  }               ,  4  6  <  F  N  c  x  |  ~                     J  Y  `  i  q               3 > J N P W [ d          ' - / S f | }         = >! q" |" }# $ $ ' * * + + , , . "0 H1 S1 V4 5 5 7 8 9 : : ? ? A -A 0H H I J K L L L O S 3T @] ] ^ a d e &i \p r r t v y ={ a} x~ ~    3 M R Y        0     % 1 = A P j    z    / q$ * = *B EE YF \P p ar n    Z  l   ! O! "E":9#^$r$%%6%R%%%%%e&U'a''56)c |-- $}0 b } Kb }0  }$}Y  } K }Y  $   M   $l   O l t $A s  Os A  $j   T j  $   Y   $^   j ^  $   j   $^   l ^  $   o   $   q   $   s   $W   } W  $  0 }   $c   } c a $/ a  a /  $q    q  $     , $ , ^ ,   $  R    $  8    $c    c  $      $  H    $l    l  $     w $F x  x F  $  ,    $      $      $      $}    } p $? q  q ?  $      $e    e  $q    q  $  ?    $v    v  $      $      $      $t    t  $j    j - $ ", ^ ,   $ $ F    $ )     $ +     $W 0   W  $ 0 .    $W 5   W  $ 5     $ 7     $ e <   e  $ v <   v h $ 5 ?g  g 5  $ c ?   c  $  ? F    $  ?     $ A     $ A     $ A     $ H     $^ H   ^  $ K     $c M   c P $ MP  P   $ M M    $ O D    $$%Y W %  %Y ) &$' Y* '\ * '  )$) [ )  )  )$) [ );  )  ,$, ^ ,  ,  -$. ` .  . t .$.A `s . s .A  /$. ` .  .  0$1 c 1  1  3$3 e 3)  3  5$5Y g 5  5Y  6$5 g 5  5 | 6$5I g{ 5 { 5I  8$8 j 8  8  :$: l :  :  ;$: l :  :  =$=x o =  =x W ?$?% qW ? W ?%  @$? q ?  ? M A$A sN A N A  C$Dt v D  Dt  C$D v D"  D  E$Fd x F  Fd  F$F x F"  F 0 I$I {1 Ic 1 I  L$K } K8  K  L$K } K  K  L$Kk } K  Kk = Z$Y = Yo '= Y  [$\h  \ * \h  \$\  \ * \ & ^$^ & ^X ,& ^  ^$^  ^ , ^  `$a  a / a S e$e R e 3R e  f$eo  e 3 eo  f$e  e: 3 e r g$h? q h 6q h?  j$j  j 8 j  l$m  mF ; m  l$m  m ; m  l$m  m ; m  n$o  o) = o k o$o8 j o =j o8  o$oN  o = oN  u$v  vD D v  u$v  vF D v  $   N   $d   N d  $  R P   $}   P }  $   S   $   U   $   W  N $ N  WN   $   W   $   Z   $   Z   $   \   $   \   $  D \   $   \   $   _  % $ & X _&  N $ N  aN   $_   a _  $  A c  / $ / a c/  / $ . ` c.   $   f  j $8 j  fj 8 ] $* \  f\ * ( $ ' Y h'   $   o   $w   o w  $  K r   $  * t   $  R t   $   y  b $/ a  ya / j $8 j  yj 8  $}   ~ }  $     { $I {  { I  $  R    $      $_    _  $P    P C $ D v D   $     = $ = o =   $  %   3 $ 3 e 3  N $ N  N   $m    m : $ 9 k 9   $  H    $      $      $     e $4 f  f 4 l $; m  m ;  $      $      $     l $; #m  m ;  $ %     $ %    + $ ', ^ ,  + $ ', ^ ,   $_ *   _ 4 $ ,3 e 3   $ , F    $v ,   v d $1 1c  c 1  $P 1   P  $ 1 "   9 $ 18 j 8   $ 3 H    $ 6    v $ D ?v  v D  $v B   v  $m G   m  $ I     $ I 8    $ K :    $! S !8  ! ( !$! S' !Y ' ! % %$% W% %W % % @ *$* \@ *r @ *  0$/ a /F  /  0$/ a /8  / 9 0$/ a8 /j 8 /  1$1 c 1  1  2$1 c 1  1  5$6e h 6  6e  :$; m ;1  ; ( :$; m' ;Y ' ;  ;$; m ;  ; ( <$; m' ;Y ' ;  >$= o ="  =  A$B t B.  B ' D$E w' EY ' E  E$E w E  E  G$G y G  G  I$I { I.  I  L$L ~ L  L  P$Q  Q  Q G S$S F Sx !F S e \$]4 f ] +f ]4 h ^$_5 g _ -g _5 2 _$_ 2 _d -2 _  `$_  _* - _  a$a  a8 / a  e$f  f/ 4 f  f$f  fA 4 f  m$m  m ; m e o$p4 f p >f p4  p$p  pP > p  p$p  p4 > p \ r$r* \ r @\ r*  |$|  | J |  |$|y  | J |y  ~$~f  ~ L ~f 8 $~ 9 ~k L9 ~ w $D v  Vv D K $ K } VK   $   [   $  M _  = $ = o _=  Z $( Z  bZ ( X $% W  bW %  $  P d  n $; m  dm ; R $ R  iR   $  7 k   $V   p V  $   s   $  < u  3 $ 3 e u3   $^   u ^  $   w   $  , |   $      $P    P  $  R   S $ R  R   $  '    $  F   ^ $, ^  ^ , 5 $ 6 h 6  8 $ 8 j 8  { $I {  { I x $G y  y G  $  R    $  3    $\    \  $      $      $  )    $      $      $  F    $ +     $ - "    $ - 0    $d 4   d  $~ 7   ~ c $2 9d  d 2  $ C '    $w C   w w $E Cw  w E S $ ER  R   $S G   S  $ G     $ J     %$& X &/  &  &$& X &8  &  1$2 d 23  2  8$7 i 7  7 W :$9% kW 9 W 9% m B$C; um C m C; % D$C u& CX & C S H$H zR H R H  L$M  M  M  N$O  OD  O = S$T = To "= T  W$V  V3 $ V  \$[  [B ) [  b$bP  b 0 bP T o$n! S n <S n!  r$s  s. A s D s$s D sv AD s 5 t$s 6 sh A6 s a t$s0 b s Ab s0  $   M  * $ * \ R*   $  D R   $   W  [ $* \  Y\ *  $S   [ S  $   `  M $ N  cN  x $G y  cy G l $9 k  ek 9 Y $' Y  eY '  $  1 e  1 $ 1 c o1  ' $ ' Y s'   $   v   $d   x d  $  K x   $  #   O $ P  P  # $ " T "   $     * $ * \ *   $  D   W $% W  W % H $  I { I  n $;  m  m ;  $      $ 0  Q    $ 3   4     $ _ 3    _  $ ?    $ ?  e  $ 4 A f  f  4   $ t K    t   $ K    6  $  M 6  h 6     $ O    5 $  R 6 h 6   $ $% W  % Q  %  ( $' Y '   '  , $, ^  , B  , E B $A  s D A v  D A   H $I y { I  I y 2 K $K } 2 K d  2 K  L $K O } K  K O  M $M   M H   M Z N $M (  Z M  Z M ( W W $W % W W % W W %  X $W W  % W  Y $Y Y  ' Y  [ $\  \ N *  \  i $j j  8 j  k $j j 8 j  k $j  j H 8  j X l $m % W m ; W m %  q $q q / ? q ^ $ , ^ N ^ , d $ 2 d \ d 2 J $  I { c I   $  G f   $  3 h   $ / k  $ ? k  $  F m   $ d o d r $ @ r r @ & $ % W %  $ w  w  $ T  T  $ a  a  $   K  c $ 2 d d 2  $ w * w  $ k * k L $  , L ~ L    $ D   A   >  $ D =  o =    $ p D   p   $ N    % $% W  % 8  % b * $* / \ a * a * /  2 $1 c ! 1 S ! 1  5 $6 l h 6  6 l h 9 $9 6 k h 9  h 9 6  : $; Z m ; ; Z # @ $@ r " @ T  " @ 7 K $L  ~ 8 L j  8 L  y L $L G ~ y L  y L G  P $Q  Q J   Q A Q $Q  A Q s  A Q  [ U $U * \ U # \ U *  Y $Z t Z ( Z t  _ $_ _ ; - _  o $p k p > p k W p $p % W p > W p %  s $r r r @ r r > u $u > u p C > u  x $w  w F E  w K | $|  K | } J K |  p $ = o Q o = c $ 1 c S c 1  $ { X { _ $ . ` ] ` .  $ ]  $ ( ]  $ s  d  s $ ) k  $ l k l  $ w n w ` $ / a p a / y $ G y u y G o $ > p u p >  $ k | k  $  N  n $ ; m m ;  $ k  k  $  / $ / a /  $  % 1 $  1 c 1  $   6   $ | & | s  $ @ 9 r  r  @   $ U C   U V  $ # G U  U  #   $ f G   f ( & $& X ( & Z ( & O ' $&  X P & P &   * $+ r ] + + r C . $-  _ C - u C -   3 $2 d 2 2 g 6 $7 5 i g 7  g 7 5  E $E w E  E D J $J  | D J v  D J   P $O c O  O c X d $e ' Y e 3 Y e ' A } $}  B } t K B }  # $ $ V R $  $  R  $ W F $  E wx E  $  M    $ ?   $ d d 7 $   6 h 6   $ y  y  $  R  $ [  [   $ 5    , $, ^ ,  ,  4 $3 _ e 3  3 _ C 6 $5  g B 5 t  B 5  X < $= & o X = X = & n F $F < x n F  n F < W N $M $  V M  V M $  c $c \ c 1 c \  x $y  y 3 G  y @ | ${  A { s I A {  T ~ $} # U } K U } #  $  D S   $  6 S  1 $ 0 b t 0 u $ B t w t B , $ - _ - g $ 5 g g 5  $  L  C $  D v D  y $ H  z z H 0 $  / a /  $ k  k " $ * " T "  $ \ ; \ q  $ > D p  p  >   $ n G   n   $ I     J $I { I   I  Y $Z Z  ( Z  ` $_ _ - _ L i $i  L i ~ 7 L i   q $r r @ r  $ N O N  $  G S   $  S - $  . `d .  $ d u d  $ O $  P P   $     D $  E w E   $ !   $ !  $ ( N   $ / r 3$2@ dr 2 r 2@ m >$>< pn > n ><  J$J | J  J  N$O  O  O  P$O  O  O  W$V  V( $ V  [$[  [* ) [ ) d$e * e\ 3* e  $   ^  \ $+ ]  e] +  $   }  x $G y  y G  $  D   c $1 c  c 1  $n    n  $      $  #   c '$'0 Yb ' b '0 P -$. `P . P . 3 /$. `2 .d 2 .  S$R  R  R  f$ez  e 3 ez  |${  { I {  }$}  } K } B $ B t yB  i$7ii7V $$ V  V $ g $4 'f  f 4  $ 1     $ 6     $ r =   r  $ D *   C =$= oB =t B = B >$= oA =s A =  q$r  rB @ r  |$|  | J |  }$~V  ~ L ~V  $g   X g  $   g   $   p   $R    R  $[ !   [  $ #     $ 4    z $H 7z  z H  $ @     $ E P    "$! S !?  ! I H$H zI H{ I H S$TzT"Tz V$V  VF $ V  $  @ M   $   T  R $ R  YR  v $D v  {v D  $   }  \ $+ ]  ] + q $? q  q ? P $ P  P  $FE $ M     -$. ` .  . ? 0$1 c@ 1r @ 1 $Y\Yc$2dcd2:$:lw:p $? q  q ?  $      $     K $ J | J  0 $ / a /  B $ ,A s A   3$4_ f 4  4_  @$@ r @N  @  $s    s  $  >   f $3 e  e 3 # $ $ V $  D$QCuC &$& X &  &  \$[  [4 ) [  $  *   $  $ L  $ )   d$3Fee3m =$=< on = n =< G a$a H az /H a x$yyGy $   \  E $ F x \F  $2t_ $- 8_  _ - 9 3$4 f: 4l : 4  M$N  NF  N  R$Sd  S ! Sd  Y$Zt  Z ( Zt  $d    d C $ B t B  $ 6  $   l   $_    _ D $ C u C   $ )     0$1 c 1  1  $  o   $   w   $  9   x $E 'w  w E , %$% W+ %] + %  1$1f c 1  1f  =$= o =D  = z A$BG ty B y BG D P$Q D Qv D Q  j$ke  k 9 ke  $ + >    $ / -    $  F   z${{PI{5$6hU6x$EwwE $     8/$/a9/k9/F q$r F rx @F r  $   [  $8 *$+ ] +  +  E$E w EC  E  Y$Y  Y ' Y  \$[r  [ ) [r ) $ ) [ g)  a$a aD/a c n$o0 b o =b o0  $! S !  !   $ L    D Z $[  C [ u ) C [   l $l  l E :  l 8 $  7 i 7 !$!:!! !O!$P!!P!!P! "$"_ D" " ! "_ AE"$E"w"AE"s"AE"9#$9#k#9##9#$$$C$$#$$$$$$_$$!%%$%%W%"%%T$"%% 6%$6% h% 6%,% 6%  R%$S%o % S% !% S%o  %$% % % O% % S%$% %R%d%R%  %$% % %< d% % %$%% %Rs% %e&$e&&e&-3&e& U'$U' ' U' #' U'  a'$a' ' a' /' a' < '$' '< 'n '< ' ;6)$7)i):7)l):7)n |-<  Ko }<  Kq ?  Mr ?  Or ?  Ou D  Tw F  Y P  j P  j R  l R  o T  q T  s \  } \  } \  } `   c   c   c   e   e   e   h   j   j   l   o   o   o   q   q   q   q   t   v   v   x   {   {   {   {   }       "   $   )   +   0   0   5   5   7   <   <   ?   ?   ?   ?   A   A   A   H   H   K   M   M   M   O  $ W  & Y  ) [  ) [  , ^  - `  . `  / `  0 c  3 e  5 g  6 g  6 g  8 j  : l  ; l  = o  ? q  @ q  A s  C v  C v  E x  F x  I {  L }  L }  L }  Z " ' [ " * \ " * ^ " , ^ " , ` $ / e ' 3 f ' 3 f ' 3 g ' 6 j ) 8 l , ; l , ; l , ; n , = o , = o , = u . D u 0 D  5 N  5 N  5 P  8 P  8 S  : U  : W  : W  : W  < Z  < Z  < \  < \  < \  < \  ? _  ? _  ? a  ? a  A c  A c  A c  A f  A f  D f  D h  H o  H o  H r  H t  H t  K y  M y  M y  M ~  P   R "  T #  T #  T '  Y (  Y )  \ )  \ )  \ +  ^ +  ^ ,  ^ /  ` 0  c 1  c 2  c 6  h 7  j :  l ;  l ;  l <  o >  #o >  %o ?  %q @  'q A  't B  *t B  ,t C  ,v C  ,v E  1v E  1v E  1v E  1v F  3x G  6x L  ?} M  B P  G P  I P  I R  K U # S V !# S X %% W Z *( \ ] 0* a ] 0* a ] 0* a ^ 1, c ^ 2, c _ 5, h b :/ m b :/ m b ;/ m c <1 m d >1 o e A4 t g D6 w g E6 w h G6 y i I6 { j L8 ~ l P;  m S;  !r \@  +s ^B  -s _B  -t `B  -t aB  /v eD  4v fD  4z mG  ;{ oI  >{ pI  >{ pI  >| rI  @ |N  J |N  J ~P  L P  L S  V S  V X  [ X  _ Z  _ Z  b Z  b Z  d Z  d \  i _  k _  p a  s a  u a  u a  u d  w f  | h   h   h   m   m   m   m   r   r   t   t   w   w   y   |   |   ~   ~   ~   ~    +   -   -   4   7   9   C   C   C   E   G   G   J  % X  & X  1 d  8 i  : k  B u  D u  H z  L   N   S  " W  $ \  ) b  0 o  < r  A s  A t  A t  A   M   R  # R  # W  # Y  % [  ( `  ( c  ( c  * e  * e  * e  , o  / s  / v  / x  / x  4   6   6   6   6   ;   ;    =    D    G   0 N   3 N    3 N !  ? S !  ? S !   A S %   K X %   K X &   M X '   O Z '  R Z ) $  W Z * (  Y \ + ,  ^ \ 3 B  s f  4 H  { f  6 K  } h  6 L  } h  6 M   h  6 N   h  9 W  k % 9 X  k % : Y  k ' ; [  m * ? i  r 8 @ k  r 8 @ k  r 8 @ l  r ; A q  r ? F  w N J  | \ M  ~ c M  ~ f N  h N  k O  k P  m P  o V $ W & ] +  ] +  ^ +  b 0  f 4 h 7 * i 7 * i 7 , o  > D p  > D p  > D r  @ N t % C W v * C \ x 2 E c y 5 H h  y 9 H k  z : H m { @ J r  ~ K L ~  ~ L L ~   P L   Q L   U O #  Y O (  _ Q -  o V >  p V >  s V @  u V C  x V E  | X J  X Q  [ S  [ X  [ ]  [ ]  [ ]  ] d  ` k  ` k  ` n  ` p  b u  b u  b |  g  g  l   l  l  l   n   n   p &   u 9   x C   x G   x G  & z X  ' z X  * z ]  . | _  3 | d  6 | i   E  w   J  |   P    d  3  }  K   R   R   W   x                        5  ,  ^   4  e    6  g    <  o   F  x    N      c   1  x  G  |  I  ~  K   S   S    t    w                           *    ;     D     G     I   J  {    Y   (  `   -  i   7  q   @    O    S    S    d    u               !   !   (   /  3 d  > p  J |  N   P   W  $ [  ) d  3   ^   e   }                   ' Y  - `  / `  S   f  3 |  I }  K   y       u '  s 1  s 6  p =  p D  =g o  >g o  q[  @ |X  J }X  L V  X Q  g O  px E  n < ! n < # j 7 4 i 7 7 f 4 @ e 2 E a "0 S V H$ z S S!  "R V  $V $  MX &  TX &  Y^ +  {^ +  }a 0  d 2  d 2  o > F p > M s -@ ` s 0@ c  Q  \ Q  c V  w V   X   [   [   [   b ,  3l f  @n r               Q  & X  \  )           )   F  = o&  a + / x - G  2 \  2 \  7 t  8E  3 fL  M Q  R Q !! Y T (1  b 3  d 3  d V $  l` .  c 0  d 3 ) n 0< c  M  o P  w R   \ '  %c W  1e c  =h o  Ah t  Pj   jo  9  +   /     z ) I  , U  8   <  / aF  q R @$  W [*  \ = * ]o B E wt E Y v 'F \ x )P   gp a=  /r n@  = \ S    L  Z  )  l  :     ! :!  O! !! " D";!E" w"D":9#k#k#^$+C$#r$@$_$%%XW%$6%[h%%R%`%!%%g%O%%l%d%%l%d%%n%s%e&&3&U''#'a''/'''('56)i)g)n |- $} < K< } o } $} < K< } q  $ ? M?  r  $ ? O?  r  $ ? O?  u  $ D TD  w  $ F YF    $ P jP    $ P jP    $ R lR    $ R oR    $ T qT    $ T sT    $ \ }\    $ \ }\    $ \ }\    $ ` `    $ c c    $ c c    $ c c    $ e e    $ e e    $ e e    $ h h    $ j j    $ j j    $ l l    $ o o    $ o o    $ o o    $ q q    $ q q    $ q q    $ q q    $ t t    $ v v    $ v v    $ x x    $ { {    $ { {    $ { {    $ { {    $ } }    $      $ "     $ $     $ )     $ +     $ 0     $ 0     $ 5     $ 5     $ 7     $  <     $  <     $  ?     $  ?     $  ?     $  ?     $ A     $ A     $ A     $ H     $ H     $ K     $ M     $ M     $ M     $ O    $ $% W  %  & $' Y  '  ) $) [  )  ) $) [  )  , $, ^  ,  - $. `  .  . $. `  .  / $. `  .  0 $1 c  1  3 $3 e  3  5 $5 g  5  6 $5 g  5  6 $5 g  5  8 $8 j  8  : $: l  :  ; $: l  :  = $= o  =  ? $? q  ?  @ $? q  ?  A $A s  A  C $D v  D  C $D v  D  E $F x  F  F $F x  F  I $I {  I  L $K }  K  L $K }  K  L $K }  K  Z $Y"  ' Y"  [ $\"  * \"  \ $\"  * \"  ^ $^"  , ^"  ^ $^"  , ^"  ` $a$  / a$  e $e'  3 e'  f $e'  3 e'  f $e'  3 e'  g $h'  6 h'  j $j)  8 j)  l $m,  ; m,  l $m,  ; m,  l $m,  ; m,  n $o,  = o,  o $o,  = o,  o $o,  = o,  u $v.  D v.  u $v0  D v0   $5  N 5   $5  N 5   $5  P 5   $8  P 8   $8  S 8   $:  U :   $:  W :   $:  W :   $:  W :   $<  Z <   $<  Z <   $<  \ <   $<  \ <   $<  \ <   $<  \ <   $?  _ ?   $?  _ ?   $?  a ?   $?  a ?   $A  c A   $A  c A   $A  c A   $A  f A   $A  f A   $D  f D   $D  h D   $H  o H   $H  o H   $H  r H   $H  t H   $H  t H   $K  y K   $M  y M   $M  y M   $M  ~ M   $P   P   $R   R "  $T   T #  $T   T #  $T   T '  $Y   Y (  $Y   Y )  $\   \ )  $\   \ )  $\   \ +  $^   ^ +  $^   ^ ,  $^   ^ /  $`   ` 0  $c   c 1  $c   c 2  $c   c 6  $h   h 7  $j   j :  $l   l ;  $l   l ;  $l   l <  $o   o >  $o #  o >  $o %  o ?  $q %  q @  $q '  q A  $t '  t B  $t *  t B  $t ,  t C  $v ,  v C  $v ,  v E  $v 1  v E  $v 1  v E  $v 1  v E  $v 1  v F  $x 3  x G  $x 6  x L  $ } ?  } M  $ B   P  $ G   P  $ I   P  $ I   R  $ K   U  $! S# # ! V ! $! S# # ! X % $% W% % % Z * $* \( ( * ] 0 $/ a* * / ] 0 $/ a* * / ] 0 $/ a* * / ^ 1 $1 c, , 1 ^ 2 $1 c, , 1 _ 5 $6 h, , 6 b : $; m/ / ; b : $; m/ / ; b ; $; m/ / ; c < $; m1 1 ; d > $= o1 1 = e A $B t4 4 B g D $E w6 6 E g E $E w6 6 E h G $G y6 6 G i I $I {6 6 I j L $L ~8 8 L l P $Q ; ; Q m S $S ; !; S r \ $] @ +@ ] s ^ $_ B -B _ s _ $_ B -B _ t ` $_ B -B _ t a $a B /B a v e $f D 4D f v f $f D 4D f z m $m G ;G m { o $p I >I p { p $p I >I p { p $p I >I p | r $r I @I r  | $| N JN |  | $| N JN |  ~ $~ P LP ~   $~ P LP ~   $ S VS    $ S VS    $ X [X    $ X _X    $ Z _Z    $ Z bZ    $ Z bZ    $ Z dZ    $ Z dZ    $ \ i\    $ _ k_    $ _ p_    $ a sa    $ a ua    $ a ua    $ a ua    $ d wd    $ f |f    $ h h    $ h h    $ h h    $ m m    $ m m    $ m m    $ m m    $ r r    $ r r    $ t t    $ t t    $ w w    $ w w    $ y y    $ | |    $ | |    $ ~ ~    $ ~ ~    $ ~ ~    $ ~ ~    $ +     $ -     $ -     $ 4     $ 7     $ 9     $ C     $ C     $ C     $ E     $ G     $ G     $ J    % $& X  &  & $& X  &  1 $2 d  2  8 $7 i  7  : $9 k  9  B $C u  C  D $C u  C  H $H z  H  L $M   M  N $O   O  S $T  " T  W $V  $ V  \ $[  ) [  b $b  0 b  o $n  < n  r $s  A s  s $s  A s  t $s  A s  t $s  A s   $  M    $  R    $#  R #   $#  W #   $#  Y #   $%  [ %   $(  ` (   $(  c (   $(  c (   $*  e *   $*  e *   $*  e *   $,  o ,   $/  s /   $/  v /   $/  x /   $/  x /   $4   4   $6   6   $6   6   $6   6   $6   6   $;   ;   $;   ;   $=   =   $D   D   $G   G   $N 0  N  $ N 3   N   $ N 3   N ! $ S ?  S ! $ S ?  S !  $ S A   S %  $ X K   X %  $ X K   X &  $ X M   X '  $ Z O   Z ' $ Z R  Z ) $ $% Z W  % Z * ( $' \ Y  ' \ + , $, \ ^  , \ 3 B $A f s    A f 4 H $I f {    I f 6 K $K h }    K h 6 L $K h }    K h 6 M $M h     M h 6 N $M h     M h 9 W $W k  %  W k 9 X $W k  %  W k : Y $Y k  '  Y k ; [ $\ m * \ m ? i $j r  8  j r @ k $j r  8  j r @ k $j r  8  j r @ l $m r  ;  m r A q $q r  ?  q r F $ w  N  w J $ |  \  | M $ ~  c  ~ M $ ~  f  ~ N $  h  N $  k  O $  k  P $  m  P $  o  V $ $ $ W $ & & ] $  + + ] $  + + ^ $  + + b $  0 0 f $ 4 4 h $ * 7 7 i $ * 7 7 i $ , 7 7 o  $ D > >  p  $ D > >  p  $ D > >  r  $ N @ @  t % $% W C C % v * $* \ C C * x 2 $1 c E E 1 y 5 $6 h H  H 6 y 9 $9 k H  H 9 z : $; m H H ; { @ $@ r J  J @ ~ K $L ~ L  L L ~ L $L ~ L  L L  P $Q L  L Q  Q $Q L  L Q  U $U O # O U  Y $Z O ( O Z  _ $_ Q - Q _  o $p V > V p  p $p V > V p  s $r V @ V r  u $u V C V u  x $w V E V w  | $| X J X |  $ X Q X  $ [ S [  $ [ X [  $ [ ] [  $ [ ] [  $ [ ] [  $ ] d ]  $ ` k `  $ ` k `  $ ` n `  $ ` p `  $ b u b  $ b u b  $ b | b  $ g g  $ g g  $  l l  $ l l  $ l l  $  l l  $  n n  $  n n  $ & p p   $ 9 u u    $ C x x    $ G x x    $ G x x   & $& X z z &  ' $& X z z &  * $+ ] z z +  . $- _ | | -  3 $2 d | | 2  6 $7 i |  | 7  E $E w    E  J $J |  J  P $O  O  d $e 3 e  } $} K }  $ R  $ R  $ W  $ x  $   $   $  $   $   $   $    $ 5   , $,  ^ ,   4 $3  e  3   6 $5  g  5   < $=  o =   F $F  x  F   N $M    M   c $c  1 c   x $y G y  | ${ I {  ~ $} K }  $ S  $ S  $  t   $  w   $    $    $    $    $     $     $     $  *   $  ;    $  D     $  G     $  I    J $I  {  I   Y $Z  ( Z   ` $_  - _   i $i  7 i   q $r  @ r   $  O   $  S   $  S   $  d   $  u   $ ! !  $ ! !  $ $ $  $ $ $  $ & ! &  $ & ! &  $ & ( &  $ & / &  3 $2+ d  2+  > $>+ p  >+  J $J+ |  J+  N $O+   O+  P $O+   O+  W $V+  $ V+  [ $[-  ) [-  d $e-  3 e-   $2  ^ 2   $2  e 2   $2  } 2   $4   4   $4   4   $7   7   $7   7   $7   7   $7   7  ' $'< Y  '<  - $.< `  .<  / $.< `  .<  S $R>   R>  f $e@  3 e@  | ${@  I {@  } $}@  K }@   $E  y E   $E   E   $E   E   $J '  J   $J 1  J   $J 6  J   $ L =  L   $L D  L  = $=O o  =O  > $=O o  =O ! q $rT  @ rT " | $|T  J |T " } $~T  L ~T #  $V  X V $  $V  g V $  $V  p V '  $X   X *  $[ !  [ *  $[ #  [ +  $] 4  ] +  $] 7  ] ,  $] @  ] ,  $] E  ] . " $!` S  !` 0 H $Hb z  Hb 1 S $Tb  " Tb 1 V $Vb  $ Vb 4  $g  M g 5  $g  T g 5  $g  Y g 7  $i  { i 8  $i  } i 9  $l   l :  $l   l :  $l   l ?  $p F  p ?  $p M  p A - $.s `  .s A 0 $1s c  1s H  $z  \ z H  $z  c z I  $z  w z J  $|   | K  $|   | L  $    L  $    L  $    O  $ ,   S 3 $4 f" " 4 T @ $@ r" " @ ]  $ , ,  ]  $ , ,  ^  $ , ,  a  $ . .  d  $ Q3 3  e & $& X3 3 & i \ $[ 8 )8 [ p  $ ? ?  r  $ ? ?  r  $ ? ?  t  $ )A A  v  $ FD D  y = $= oF F = { a $a H /H a } x $y K GK y ~  $ K \K  ~  $ K \K    $ M tM    $ 8T T   3 $4 fW W 4  M $N Y Y N  R $S \ !\ S  Y $Z \ (\ Z   $ c c    $ c c    $ c c    $ q lq    $ v v    $ x x    $ )x x   0 $1 c} } 1   $  o    $  w    $      $ '    % $% W  %  1 $1 c  1  = $= o  =  A $B t  B  P $Q   Q  j $k  9 k   $ +     $ /     $     z ${)  I {)   $,  U ,   $8   8   $<   <  / $/F a  /F  q $rR  @ rR $  $W  [ W *  $\   \ = * $+o ]  +o B E $Et w  Et E Y $Yv  ' Yv F \ $[x  ) [x P  $  g  p a $a = /= a r n $o @ =@ o   $! S\ \ !   $ L    Z $[ ) [  l $l : l  $   ! $!:! ! O! $P!! ! P! " $";D" ! ";E" $E"Dw" " E"D:9# $9#kk##9#k^$ $$C$+#+$r$ $$$@_$@$%% $%%W%X$X%%6% $6%h%[%[6%R% $S%%`!%`S%% $%%gO%g%% $%%ld%l%% $%%ld%l%% $%%ns%n%e& $e&&3&e&U' $U''#'U'a' $a''/'a'' $'('''(56) $7)gi))7)g---'--- 6`)]---'--- /+ ---'--- , ----'--- %"\  O2  0Figure 2: Total Corporate Operations Expenditure:TOOOY:OTTYOTY:xO:YT---'--- , ----'--- ( 2 GLoopslsssb---'--- , ---'--- p 8 "MS Sans Serif-2 @Total Corp Op Exp----'--- , ---'--- , ----'--- ,  2 -150000C}}}}}}2 -100000C}}}}}}2 L -50000C}}}}} 2 B0}2 O50000}}}}}2 k 100000}}}}}}2 150000}}}}}}2 *200000}}}}}}2 250000}}}}}}2 300000}}}}}}2 J350000}}}}}}---'--- , ---'--- ,   2 w 0} 2 wd 5000}}}}2 w$10000}}}}}2 w#15000}}}}}2 w"20000}}}}}2 w!"25000}}}}}2 w (30000}}}}}---'--- , -- \---'--- X---'--- z);-N\NN-- $NN2 hOp ExpsCsns---'--- X---'--- z/"-NDNN-- m2 POriginalF0s0sl0---'--- X---'--- z{ -N,NN--  $T2 8Modifiedss0J0ls---'--- X---'--- , --'<<Ljj;j;} j}  j  j C jC jj j LjL<} 0'} <O <  O 8O 8 O  4O 4 !O ! 0'O 0'  XU  X + XU Xz  X + Xz Z  Z , Z \  \ . \ \d  \ . \d a  a 3 a e  e 7 e u  u G u u  u G u w  w I w y  y L y {  { M { }  } O } y   X y   ? X     X  > l  bl >    c     c   < i c<   1 ^ h1    G h     j     m   ' U n'     p     u  i   u i   < u     u     y     {     {  c   { c   & ~              M                                  < i <   & S &         ,   y    y   =   y    y                     Y    Y       & S &                                  ,        / ]  ] /  , Z ,   $ R $  z    z  ": h :   $ 1    $ 4    & &    (    d (   d  (     +     - 9   z /   z  /    V /   V  1     3 #    3     6     5 8c  c 5   8     - :[  [ -  <     < 2   o >   o  > 2    A@ n @   C G    C    u C   u " PK "y K " %s R %  %s % R %.  % & T! &N ! & & T &  & ) W )  ) -1 [^ - ^ -1 - [ -  - - [ -H  - 0c ] 0  0c 1 _ 1  1 4 b& 4S & 4 4 b 4  4 4 b 4  4 6 d 69  6 6G dt 6 t 6G 6[ d 6  6[ < j$ <R $ < < j& <S & < F s F  F Fo s F  Fo G u1 G^ 1 G G u G  G J x J  J L z L  L N | N  N N- |[ N [ N- N | N  N Q ~ Q # Q Q ~ Q # Q R  R % R R  R % R R $ RR %$ R R  R % R U  U ' U U ! UN '! U W- [ W )[ W- Wj  W ) Wj Y ! YO +! Y Y ) YW +) Y Y = Yk += Y \  \ . \ \G t \ .t \G \: h \ .h \: ] 7 ]e 07 ] d  d 6 d d  d 6 d g * gX 9* g h  h$ ; h h 1 h^ ;1 h m  m ? m m> l m ?l m> mG t m ?t mG r  r D r s  s F s vV  v H vV z 1 z^ L1 z }  }, O } }j  } O }j ]   U ] $ R  WR $    Z   K y ZK     Z   B p \B  - [  \[ - w   ^ w  2 ` e2   ' U g'    1 g     i     r  C q  rq C I w  xw I   1 {    1 {    ! {  I w  w I   ,         < i <   < i <  j    j  B p B   & S &       @ n  n @ ]    ]   2    G t G   ' U '       R    R      w    w        1     H     G    7 e 7   5 c 5   8 f 8   & S &    G    G t G                   +    7 e 7    #    7 e 7   ! 2    % =    (7 e 7   (     *     , =    . !    3 ,   & 5S  S & C >q  q C  @G t G   @, Y ,   @ $    B G    F )    F! O !   M    !C Oq ! q !C ! O/ !] / ! ! O !-  ! #: Qh # h #: , Z ,!  , , Z ,  , .q \ .  .q . \2 .` 2 . 7R e 7  7R 7* eX 7 X 7* < j <1  < @ m, @Z , @ @ mK @y K @ B8 pf B f B8 B5 pc B c B5 D r DG  D DI rw D w DI I1 w^ I ^ I1 K x K  K OL }z O !z OL R  R $ R T  TJ & T T B Tp &B T T  T & T V  V ( V Z  Z< , Z _  _ 1 _ a1 _ a 3_ a1 a 1 a^ 31 a j1 ^ j <^ j1 j  j7 < j l & lS >& l l< i l >i l< s E ss EE s w G wt IG w wV  w I wV {T  { M {T ~ 1 ~^ P1 ~   B R  h   W h    [     ]    9 ]     _     _   & S b&     q    2 s    ? s  o   y o    |  , Y  ~Y ,   7        = k  k = 1 ^  ^ 1 _    _             )     G      B        5  c  c 5 I  w  w I   ! N !  1  ^  ^ 1    1      <    K y K   "  B    ' :   ] -   ]   8 J x J   <   =    $ < R   R  $   < E  s E    * < W  W  *  G   1    L :  h :   L $  R $  # Q #  # % : R h % h % : ' _ T '  ' _ + Y +   + . - \ [ . [ . - . T \ . . T 0 2 ] ` 0  ` 0 2 0 ] : 0 g  : 0 0 ] 0 +  0 9  g @ 9 n @ 9  < j 7 < e  7 < ? m ?  ? A Y o A  A Y A o * A X  * A J x J   J Q / ~ ] Q # ] Q / Q  ~ 2 Q ` # 2 Q  Q ~ Q  # Q Q ~ : Q h # : Q \ $ \ R . $ \ ` 5 c ` 2 c ` 5 e ( V e 7 V e ( s I w s F w s I } }  O }   2 `   - c  j c j   n   1 n   C q p q C  R y R  y   E s { E   }   E s  E    2     :  $ R  R $     , Y ,  F  t t F   ' U '  8  f f 8  5 c c 5     #    E            5 ! c c 5  % )  < 3 i  i  <  , @ Y  Y  ,  ( F V  V  (  I   ?    K   B    M )  M  M  ! O & ! S & ! # o Q # # o 7 8 e f 7 f 7 8 <  j 5 < c  5 <  M { M M M K { x M x M K O l } O ! O l _ * _ X 1 * _ j , Y j < Y j , s s E s s u s E s u u  C u q G C u   ! O ] !   K y ] K   z ] z  f   G n   + Y s +   J y   a ~ a  E s s E  f f   2 ` 2    G t G   T T  ,  $ R $  : h h :  ~ ~   4   u  u   " P "  |  |   7 d 7   & S &    E   K y y K  @ " n n @  Y ' Y   + @ n @   +  + "  &2 T  T & 8 9  K 8 y y K  ;  > = l  l  >  T A   T  7 A d  d  7  u G   u 0 ]  0 E   0 0 I ] w 0  w 0 I = u k =  = u ? m ?   ? A o ) A W  ) A F s F  F F  s @ F n  @ F  O }  O / !  O Z Z , Z k 8 f k = f k 8 t a t G t a x 3 a x J a x 3 x q x J x q  " P Z "  / ] Z ] /  | ^ |  & S ` &  e   G t i G   W v W  $ R  { R $  C q  q C  : g :  "  P ~ P "  7     .  *   5     5    Y 7 Y &  T / & ] / &  ( V ( ( / ] /   / : Q h  :  : Q R R  $ R x x J x ~ j ~ P ~ j  : h R :  ! N | Y N !   M { b M   7 e h 7  < j | j <   B   $ R $  3 a a 3   <    /     B   P  ~ ~ P  ' ' U '   4 G  t G    4   C    $ 6 R   R  $  @ ? m  m  @  A )  W )  % u S % % u 2 `  2 5   2 B < p j B  j B < J 7 x d J  d J 7 M b { M  M b O } O ! O } z } O } z  ^  w c w   C q l C    t   H v H    ?     f    f o  o     J   >#l  l >  #= k =   B    B   *IX X*" O " " RN | R $| RN ]5 b ] /b ]5 h  h : h mL z m ?z mL m  m ? m s  s" E s x  x$ J x  : h S:     z  % S  S %       A o A       @ n  n @ b    b  #     +    2 `B 2p B 2 9/ g] 9 ] 9/ 9 g 9D  9 Z  Z , Z km  k = km    R     S   : h ~:   K  L z L  - [  [ -  &     +    ; 1i  i ;   8 $   1 _: 1h : 1 1 _$ 1R $ 1 b  b: 4 b k  k = k mL z m ?z mL x\  x J x\    X     `  3 a  a 3 Q    Q           @ m  m @       # G    0    & S &C  & 1-^[1[1-2 ` 2  2 X  X8 * X ^  ^ 1 ^ c 3 ca 53 c & T  TT &    V  % S  cS % " P } uP "   J y  z    z u &   u  )8 f 8  P~'PU"'PW WF)W ii ;it" P t} FP t" z|  z M z|    X   , Z Y,   ) W \)   $ R $  * W  W *  ! E   ag  a 3 ag a  a! 3 a l E lr >E l   7 d        $ -   Y  Y$ , Y k-[k=[k-n  n@ n e   X e 2r5 b  b 5  * X *   *8f8 ~ >   ~  >( V (  &zS&&z~' U ~ PU ~'   K z       Y    Y R    R #Y P #  #Y 0 ^: 0h : 0 0 ^ 0  0  !    ** XW * W ** : h& :S & : E s E  E z  z L z w    w       #    .= [k . k .= Y  Y= , Y d0 ^ d 7^ d0 o  o B o t A to FA t   ? T  E r  lr E  I !    M         }}O}Z     "P""_ ( _V 2( _ x  x J x jmj w 7   w ! O !&  ! 3o a 3  3o 5; ci 5 i 5; n  n< @ n % S %  % 2 _B 2p B 2      o    o  "& S &   2 '   UU(UCqeqC +Y+ * W Y W *      !!5!cg!5!Z"1"_Z"-"_Z"1"$"R""R"$W##W#)#W#g# # g# 9# g# #N #| # T#| #N #a # # ~# #a ### ### # # # # #####|$u$|$O$|$uX% % X% *% X% c%] % c% 5% c%] % % %M % % '@''&' +` [[+` [[,c [[.c [[.c [[3g [[7i [[Gr [[Gr [[It [[Lt [[Mv [[Ov [[X} [[X} [[X} [[b [[c [[c [[c [[h [[h [[j [[m [[n [[p [[u [[u [[u [[u [[y [[{ [[{ [[{ [[~ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[  [[  [[  [[# [[# [[% [[% [[% [[% [[' [[' [[) [[) [[+ [[+ [[+ [[. [[. [[. [[0 [[6 [[6 [[9 [[; [[; [[? [[? [[? [[D [[F [[H [[L [[O [[O [[U [[W [[Z [[Z [[Z [[\ [[\ [[^ [[e [[g [[g [[i [[r [[r [[x [[{ [[{ [[{ [[ [[ [[ [[ [[" [[" [[" [[$ [[$ [[$ [[$ [[$ [[$ [[& [[& [[* [[- [[/ [[/ [[/ [[1 [[3 [[3 [[5 [[8 [[: [[: [[: [[< [[< [[< [[> [[> [[> [[@ [[@ [[C [[E [[E [[E [[E [[G [[I [[I [[N [[P [[P [[P [[P [[R [[R [[T [[V [[V [[V [[V [[[ [[[ [[] [[] [[ _ [[ _ [[d [[d [[f [[f [[f [[f [[f [[h [[j [[!j [[$l [[&l [[&l [[&l [[(o [[,q [[1s [[3s [[3s [[<w [[<w [[>w [[>w [[E| [[I| [[I~ [[M~ [[P [[R [[W [[[ [[] [[] [[_ [[_ [[b [[q [[s [[s [[y [[| [[~ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[# [[# [[# [[# [[. [[2 [[7 [[F [[O [[` [[c [[c [[n [[n [[p [[y [[y [[{ [[} [[ [[ [[ [[ [[ [[ [[  [[  [[  [[  [[  [[  [[  [[  [[ [[ [[ [[ [[ [[  [[  [[  [[  [[  [[  [[  [[  [[  [[  [[ ! [[ % [[ % [[! % [[1 * [[< - [[E 0 [[E 0 [[G 0 [[] 7 [[] 7 [[] 7 [[f 8 [[n ; [[s ; [[y = [[~ @ [[ @ [[ @ [[ B [[ C [[ C [[ C [[ C [[ F [[ F [[ H [[ L [[ L [[ L [[ L [[ L [[ N [[ N [[ Q [[ Q [[ Q [[ Q [[ Q [[ S [[ V [[ V [[ V [[ V [[ W [[ W [[ W [[ \ [[ \ [[ a [[ a [[ a [[ a [[ b [[! b [[, d [[= i [[G l [[J l [[J l [[Z m [[Z m [[^ m [[` o [[e o [[i o [[v r [[{ t [[ t [[ x [[ z [[ } [[ } [[ } [[ [[ [[ [[ [[ [[ [[ [[ [[$ [[J [[P [[R [[Y [[b [[h [[| [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[! [[O [[^ [[c [[l [[t [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[$ [[/ [[: [[? [[? [[E [[J [[S [[z [[ [[ [[ [[ [[ [[ [[ [[ [[ [[  [[  [[, [[= [[R} [[S} [[~t [[r [[r [[i [[g [[g [[d [[d [[\ [[\ [[4Q [[=N [[?N [[JL [[XH [[`F [[= [[5 [[5 [[0 [[0 [[- [[, [[* [[ [[ [[ [[* [[1! [[5! [[T% [[V% [[c* [[u, [[y, [[7 [[7 [[8 [[8 [["H [[)H [[;L [[FL [[MN [[XQ [[YQ [[\Q [[W [[a [[b [[3t [[3t [[>w [[dz [[ [[ [[ [[, [[= [[@ [[X [[r [[ [[ [[ [[ [[ [[ [[P [[z [[ [[ [[ [[ [[ [[ [[ [[ [[  [[ [[L [[/ [[1 [[3 [[< [[,C [[7E [[BG [[FG [[TI [[lN [[d [[d [[ [[O [[Z [[ [[ [[ [[2 [[J [[m [[ [[ [[ [[ [[@ [[ [[ [[' [[L [[W [[Z [[(g [[er [[} [[Y [[ [[g! [[-" [[" [[)#[[9#[[T#[[~#[[# [[# [[#"[[O$>[[*%b[[5%d[[%q[[&[[ X ` +` X X ` +` X Z c ,c Z \ c .c \ \ c .c \ a g 3g a e i 7i e u r Gr u u r Gr u w t It w y t Lt y { v Mv { } v Ov }  } X}   } X}   } X}    b    c    c    c    h    h    j    m    n    p    u    u    u    u    y    {    {    {    ~                                                                                                                                               "    $    $    &    (    (    (    +    -    /    /    /   ! 1  ! ! 3  ! ! 3  ! # 6  #  # 8  #  & 8  &  & :  & & <  & ' <  ' ' >  ' ' >  ' ) A  ) ) C  ) ) C  ) ) C  ) "2 P  "2 %2 R  %2 %2 R  %2 &2 T  &2 &2 T  &2 )4 W  )4 -7 [  -7 -7 [  -7 -7 [  -7 07 ]  07 19 _  19 4< b  4< 4< b  4< 4< b  4< 6< d  6< 6< d  6< 6< d  6< <= j  <= <? j  <? FD s  FD FD s  FD GD u  GD GG u  GG JG x  JG LH z  LH NH |  NH NH |  NH NH |  NH QJ ~ # QJ QJ ~ # QJ RJ  % RJ RJ  % RJ RJ  % RJ RJ  % RJ UM  ' UM UM  ' UM WM  ) WM WM  ) WM YO  + YO YO  + YO YO  + YO \O  . \O \O  . \O \R  . \R ]R  0 ]R dU  6 dU dU  6 dU gU  9 gU hU  ; hU hU  ; hU mX  ? mX mZ  ? mZ mZ  ? mZ rZ  D rZ s]  F s] v^  H v^ z`  L z` }`  O }` }`  O }` e  U e e  W e h  Z h h  Z h h  Z h i  \ i i  \ i i  ^ i k  e k n  g n n  g n n  i n s  r s t  r t v  x v v  { v v  { v y  { y y   y y   y {   { {   { ~ " " ~ ~ " " ~ ~ " " ~  $ $   $ $   $ $   $ $   $ $   $ $   & &   & &   * *   - -   / /   / /   / /   1 1   3 3   3 3   5 5   8 8   : :   : :   : :   < <   < <   < <   > >   > >   > >   @ @   !@ @   %C C   (E E   (E E   *E E   ,E E   .G G   3I I   5I I   >N N   @P P   @P P   @P P   BP P   FR R   FR R   MT T  ! OV V ! ! OV V ! ! OV V ! # QV V # , Z[ [ , , Z[ [ , . \] ] . . \] ] . 7 e_ _ 7 7 e_ _ 7 < jd d < @ md d @ @ mf f @ B pf f B B pf f B D rf f D D rf f D I wh h I K xj j K O }j !j O R l $l R T l &l T T l &l T T l &l T V o (o V Z q ,q Z _ s 1s _ a s 3s a a s 3s a j w <w j j w <w j l w >w l l w >w l s | E| s w | I| w w ~ I~ w { ~ M~ { ~  P ~   R    W    [    ]    ]    _    _    b    q    s    s    y    |    ~                                                                          "    '    -     8     <      <      <      <      G      L      L    #  Q  #  %  R  %  ' T  ' + " Y  + " . " \ . " . " \ . " 0 $ ]  0 $ 0 $ ]  0 $ 0 $ ]  0 $ 9 & g 9 & < ) j  < ) ? ) m  ? ) A ) o  A ) A ) o  A ) J - x  J - Q / ~ # Q / Q / ~ # Q / Q / ~ # Q / Q / ~ # Q / \ 4 . \ 4 ` 4 2 ` 4 e 6 7 e 6 s < F s < } ? O } ?  E ` E  E c E  E c E  J n J  J n J  J p J  N y N  N y N  N { N  P } P  P  P  P P  R R  R R  [ [  [  [  ]    ]  ]    ]  ]    ]  ]    ]  `   `  `   `  `    `  b    b  f  f  f  f  f  f  f ! f  f % f  k 3    k  o @    o  q F    q  q I    q  s K    s  s M   s  s M   s ! v O   ! v # v Q   # v 7 z e   7 z < | j !  ! < | M { % % M M { % % M O } % ! % O _ * 1 * _ j - < - j s 0 E 0 s s 0 E 0 s u 0 G 0 u  7 ] 7  7 ] 7  7 ] 7  8 f 8  ; n ;  ; s ;  = y =  @ ~ @  @ @  @ @  B B  C C  C C  C C  C C  F F  F F  H H   L L   L L   L L   L L   L L   N N  N N  " Q Q  ' Q Q  + Q Q  + Q Q  + Q Q  2 S S   8 V V  8 V V  ; V V  = V V   A W W   A W W   G W W  0 ] \  \ 0 0 ] \  \ 0 = k a  a = ? m a  a ? A o a  a A F s a  a F F s b  b F O } b ! b O Z d , d Z k i = i k t l G l t x l J l x x l J l x  m Z m  m Z m  m ^ m  o ` o  o e o  o i o  r v r  t { t  t  t  x x   z z  } }  } }   } }  .   5   5   7 & T & ( V ( / ]  / : h : R $ R x J x ~ P ~  R  Y  b  h  |           '  4   4   6   ?   A  % S % 2 `  2 B p  B J x  J M {  M O } ! O } O }  ^  c  l   t                           #  #  B   B   I  " O " R  $ R ]  / ] h  : h m  ? m m  ? m s  E s x  J x   S    z                           #    +   2 `  2 9 g  9 9 g  9 Z!  , Z! k#  = k# #  R # #  S # '  ~ ' '   ' '   ' ,   , , &  , , +  , . 1  .  . 8  . 11 _  11 11 _  11 b5  4 b5 k5  = k5 m5  ? m5 x7  J x7 7  X 7 7  ` 7 9   9 <   < <   < =   = =   = =   = = #  = @ 0  @ &B S  &B 1B ^  1B 2B `  2B XG  * XG ^G  1 ^G cG  5 cG H  T H H  V H K  c K K  u K K  y K O   O O   O R &  R R )  R PX ~ " PX WX  ) WX iX  ; iX tZ  F tZ zZ  M zZ \  X \ \  Y \ \  \ \ ^   ^ c   c c !  c al  3 al al  3 al ll  > ll n  d n r   r r   r w $  w Y} " ," Y} k} " =" k} n} " @" n}  $ X$   & r&   ( (   * *   *- -   >- -   >- -  & S/ / & ~ 5 P5 ~  8 z8   : :   < <   < <  # PC C # 0 ^C C 0 0 ^C C 0  !P P  * XT T * : hV V : E sV V E z [ L[ z  a a   a a   #d d  . [h h . Y j ,j Y d j 7j d o l Bl o t l Fl t  l Tl   o lo   Iw w   Mz z      }  O }   Z          " P  " _  2 _ x"  J x" '  m '  8 7  8 != O  != 3? a  3? 5A c  5A nJ  @ nJ %f S  %f 2i _  2i  ' '   L L   "W W   2Z Z  U g (g U  r er    } }   Y  !! g! !Z"@" -" Z"@"S" " "SW#i#)#W#ig#l#9#g#l#q#T##q#w#~##w#|# # #|#|# # #|#}#"#"#}|$$>O$>|$X%%b*%bX%c%%d5%dc%%%q%q%'@'&'    lPW 16'#.X4p 'UK#Figure 2: Total Corporate Operations Expenditure P  60 Figure 2: Total Corporate Operations Expenditure  A%,>#tX4p 'U#Loops tP  >Loops  M18K@ #tX4p 'U#Total Corp Op Exp tP  Total Corp Op Exp   C'.]#tX4P 'UP#-150000 tP  -150000C.B#tX4P 'UP#-100000 B-100000B-1#tX4P 'UP#-50000 1-50000= (8#  #tX4P 'UP#0 8 0A ,oe  #tX4P 'UP#50000 o 50000B- J #tX4P 'UP#100000 J 100000B-  #tX4P 'UP#150000  150000B-+#tX4P 'UP#200000 200000B-m#tX4P 'UP#250000 250000B-S#tX4P 'UP#300000 S300000B-#tX4P 'UP#350000 350000  =!(w#tX4P 'UP#0 tP  0@ +  #tX4P 'UP#5000  5000A ,^#tX4P 'UP#10000 10000A ,#tX4P 'UP#15000 15000A ,Z#tX4P 'UP#20000 20000A , "#tX4P 'UP#25000  25000A ,&V(#tX4P 'UP#30000 &30000  ) KqB&-CJ#tX4P 'UP#Op Exp tP  CJOp Exp   [[D(/aJ#tX4P 'UP#Original tP  JOriginal   KoKD(/@J#tX4P 'UP#Modified tP  @JModified  0*N= '3,,4?fU*p 1p 1+JU  N   p 1' . '   8"MS Sans Serifk-"MS Sans Serif߈--8"MS Sans Serif;--"System-'- , -'- /+ -= =r=rrc rc  r  r rBrBrX)& & 5&5~&~&#&#X)&X)--'-- 6`)--'-- )1o-  g  4 e  s '      ;| m &   C  6    ! "" #+ + - 1 2 3 378N = ? EQ GL LQ) RSDWW8[([ [\% \+ ] _V ff gi i k ls v yyc |}f~  7 C$ o (e  Y V   M    }z c F- 4~   g o  {  o :  l 2 -O     { +  ^    2 M  [  x?  _ J , + "p "D % ,-h/21: ; CTDVD.E} JBK!MNP RSUUS Y YJZZ\^f ij pq qfu]|} qSmB 4 . d  0 @R E # : :s c  VL4   .{!"$%F,G1268;@4 E+ HIKLN _`agk mwx xI||~( =VC 1#  c\ i "T ?[ n ~ #)*,,8;AS\ qs2spB WJ }5fpTih t|e26KLN_lvvw y S % 5 W|    \  !      c$ H $ & ) . l/ 4 +M O ] Ea 3c  f g q } W                  n  ? , E $ F FH h k ! q 5  W        L z w " # iE H [ ~h i ik u x  R    0  %    * 0 1 A S  _ s Y { |  z h  j       I G O i } n \     R   z'??ozu ?qKKXqhrj!0 ,/z[chj$wa~dw#n1t"^ZXdqFk@hHcrhpo]p!>]x[-}^kw{q;n@O'G?mYSa}c h.n\T[   !!"#U$$%V!%XR%g%bh%x%@&8<'RI'D'4)D D C C C B B ? ? ? ? > > = = = ; ; ; ; : : : 9 9 9 8 8 8 8 7 7 !7 "7 "7 #6 +6 +5 -5 15 25 35 34 74 83 =3 ?2 E2 G1 L1 L1 Q0 R0 S0 W0 W/ [/ [/ [/ \/ \/ ]/ _. f. f- g- i- i- k- l, s, v+ y+ y+ |* }* ~* * * ) ) ) ) ) ) ( ( ( ( ' ' ' ' ' & & & $ $ $ $ # # " " " " " " ! ! ! ! !                                                 " " % , - / 1 : ; C D D E J K M N P R S U U Y Y Z Z \ ^ i j p q q u | }                      !"$%,1268;@EHIKLN_`agkmwxx||~#)*,,8;AS\qss26KLN_lvvw        $ $ & ) . / 4 M O ] a c f g }q |} y w w w t t t s r r p o n k h g g f a? `E `F `H \h [k Zq X T O N M L K J G D C C B" B# =E =H :[ 9h 8i 8k 7u 6x 4 1 / . - - & $ # !   * 0 1 A S _ s { |               G O i }         '??oz ?KKXhr ,/[chw~#1"ZFkHchp!]-^kw{;@'G [   !!"#U$$%!%R%g%h%x%@&<'I''4)D D C C C B B ? ? ? ? > > = = = ; ; ; ; : : : 9 9 9 8 8 8 8 7 7 !7 "7 "7 #6 +6 +5 -5 15 25 35 34 74 83 =3 ?2 E2 G1 L1 L1 Q0 R0 S0 W0 W/ [/ [/ [/ \/ \/ ]/ _. f. f- g- i- i- k- l, s, v+ y+ y+ |* }* ~* * * ) ) ) ) ) ) ( ( ( ( ' ' ' ' ' & & & $ $ $ $ # # " " " " " " ! ! ! ! !                                                 " " % , - / 1 : ; C D D E J K M N P R S U U Y Y Z Z \ ^ i j p q q u | }                      !"$%,1268;@EHIKLN_`agkmwxx||~#)*,,8;AS\qss26KLN_lvvw        $ $ & ) . / 4 M O ] a c f g }q |} y w w w t t t s r r p o n k h g g f a? `E `F `H \h [k Zq X T O N M L K J G D C C B" B# =E =H ;[ 9h 9i 8k 7u 7x 4 2 0 / / / ( ' & % $ "* !0 !1  A S _ s { |                   G O i }         '??oz ?KKXhr ,/[chw~#1"ZFkHchp!]-^kw{;@'G [   !!"#U$$%!%R%g%h%x%@&<'I''4)-- $ $     $ $     g $5 g  g 5  $     $04 $ 3 e 3  e $3 e  e 3  $  F   s $B t  t B ' $ & X &   $      $* >  $O*O $T ,   T $x6x $ 6     $ 8    ;$ 8<n< | $ J=| | Jm $ ; =m  m ; & $ =& X &  $ B M    $k D   k C $ GC u C   $Z I   Z $K 6 $ K5 g 5   $_ K   _  $! S !  !  !$! S !  !  "$#W U #  #W "$#fU##f #$# U #D  # +$*|\**| +$*\ *7  * -$- _ -9  -  1$1c 1C  1 2$1 c 1R  1  3$4 f 4  4  3$4o f 4  4o 7$6h6 68$9|k99|N =$= oM = M =  ?$@p r @  @p  E$ER w E  ER Q G$G yP G P G L$L~L6L L$Ly ~ L  Ly Q$QQ1Q) R$S) S[ !) SS$SS!SDW$XEXw&EXW$XlX&Xl8[$Z8Zj(8Z([$Z(ZZ((Z [$Z  Z ( Z \$]] +]% \$]$ ]V +$ ]+ ]$]+ ]] ++ ] _$_ _@ - _V f$f$ V f 4V f$ f$ff64f g$f  f 4 f i$iiI7i i$i  i 7 i  k$k  k 9 k  l$kU  k 9 kU s$rr @r v$w  w E w  y$yt  y G yt y$yyGyc |$|0 b | Jb |0 }$~i~L~if~$~4f~Lf~4$~g~L~g$& O $   Q  $S$uSu $  ! V  $ X7 $ 7 i X7  $[X[C$Bt]B$ $ # U ]#  o$>p_p> $  # _  ($(Zb(e $3 e  be 3  $  < d  Y $' Y  dY ' V $# U  iU #  $l   k l $zkz $  + k  M $ N  zN   $z   | z  $ H |  $w    w }$J||J$z $G y  y G $c $0 b  b 0 F$FxF-$-_- $R    R 4$4f4~$L~~L $ J   $|    |  $  #   g $5 g  g 5 o $< n  n < $]] $  8   { $H z  z H  $  ; o$> pp> $b    b :$9k9 $  .   $D$6 $     $Il $9 k  k 9 2 $ 2 d 2  -$-_-O$NN $\    \  $      $~    ~  $ O   $^    ^ { $H z  z H $B+ $ , ^ ,   $ ! 5   ^ $, !^  ^ , $+% $ +     $- O   $x -   x 2 $ -2 d 2  M$2L~L $ 4     $ 4 .   $7[$(9ZZ( $  > K    $C C  x$EEwwE? $ E? q ?   $ L <   _ $. O`  ` . $Q#J $ QJ | J  , $ Q- _ -  + "$!S+ !] + !p "$!? Sq ! q !? D %$& XD &v D &  ,$+ ] +  + -$-_- -h/$07bi0i0721$2d22d22:$9k99 ;$<P n <  <P  C$CW u C  CW TD$C!uSCSC!VD$C$uVCVC$.E$Ew-E_-E} J$JK |} J } JK BK$J|BJtBJ!M$M!MS!MN$OO OP$OO O R$Q  Q  Q S$TT "TU$VlV$VlU$VwV$VwS Y$Y" T Y 'T Y"  Y$Yh  Y ' Yh JZ$[J[|)J[Z$[[! )[\$[l[)[l^$]]8+]f i$i3 e i 7e i3 j$iki7ik p$q  q ? q q$qq?q q$qd  q ? qd fu$u4fuCfu4]|$}+]}K]}+}$}s}K}s$iOi $   T  q$>pYp>S$!S[S!$[$[$[m$;m`m;B $ B t eB  $]e]$/e$[g[$Nj4$4fl4$TqT $q   q q $rqr.$-_v-$ x$6}$$  $x    x d $1 c  c 1  $  '   0$/a/ $  ,   @$@r@$pp$ R$QQ $  "   $$ E $ F x F  # $$ V $ : $ : l :  $ $``$ :$$9k9s$@$rr@$s's$n'n $ )    $)$]0]c $2 0d  d 2  $X 5   X $7$:GV$$:VV$L$:K}K4 $  <5 g 5  $C% $H Q   $ K 0   .$K-_-{!$"JT|"|"J"$"T""$$%W%G%%$%VW%%VF,$,^E,wE,G1$1cG1yG12$3ze33z6$5sg55s8$8j8P8;$:l:#:@$?q? ?4 E$F x5 Fg 5 F + H$I{+ I] + II$I{I IK$K|}KK|L$Kw}KKwN$MM6M _$^t  ^ , ^t `$aa/aa$aa/ag$hh6hk$jj 8j m$m  m ; m w$vvDvx$yyGy x$y  y G y I|${J{|IJ{|${]{I{]~$}} K}$NNN( $) [ \) $ \$h$o=$ >pr> V$$VyV$C $ C u {C  1$2d2$||# $$ V $ $B$ $ J  c$2dd2\ $) [  [ ) $$B$/i $8 j  j 8 $rr$#$#$d'd"$*!S!T$!,SS!$1 $3@?$6@r@[ $) 6[  [ ) n $; 8m  m ; $8 $B$G$xIx~ $K I}  } K $I#$#U##)$*\*6**$*\**,$-s_--s,$-_- -8$9k99;$;m;8 ;A$BtB%BS$SSI!S\$]`]+]` q$r  r @ r s$rur@ru2s$r2rd@2rp$=oOo=$XOX$4OB $ B t [B  W$&X[X&$]J$J|bJ$b $   g  }$J|k|J$ppp$5$4f4$$ 2  $tt$$f$4ff4p$=oo=$ggT$!SS!i$7ii7h $6 h  h 6 $t$CuuC$+$9$C|$JC||J$UEUe$2Gdd2$_G_$dLd$O ; 2$2d226$7pi77pK$J|J@JL$MMMN$OO,O_$`_`.`_l$lnl:lnv$uu6Cuv$uu*Cuw$xVxFxV$S`S$w`w$*` $ =j y$GysyG $  K x  S$!SS!$$$$ZZ$h h$  $  9  % $ $ V $ $ $ 5$ 4f4$$  $ '    $) W$&+ XX&|$I. {{I  $ 3      $ <    $ ?   \  $ ) A [  [  ) !  $ F "  T "   $ H    $ H  N   $ M    c$ $% 1W c% c% 1H $ $%  W H % z H %  & $' Y ' ' ) $) |[ ) ) |. $. ` . . l/ $. 9` k. k. 94 $3 e 3  3 +M $M  *M \ *M O $P  P  P ] $^  ^ , ^ Ea $a  Da v/ Da 3c $c  4c f1 4c  f $e  e =3 e g $h S h 6 h Sq $q  q G? q } $}  } K } W $ & X a X & $   k   $ f  o  f $   o   $   P   $ _    _ $      $      $ Q    Q $      $   $ U    U $   -   $ %     $ NB    N $ sG    s  $ G   Q   n $ <K n  n < ? $@ r @   @ , E $E w + E ]  + E $ F $G y $ G V  $ G FH $G y EG w EG h $i  i ;7 i k $k  k 9 k ! q $r  " r T @ " r 5 $~  4~ fL 4~  $   i  W $ & X  X & $ k    k $   1    $   ;   $ n    n $ ]    ] $ u2    uL $ G K } K z $ HL z  z Hw $ DO v  v D" $! S !  ! # $$ V $  $ iE $E 7w iE  iE 7H $H Sz H  H S[ $[  [ ) [ ~h $g L ~g 5 ~g Li $i  i 7 i ik $l 6 hl : hl 6u $u  u 6C u x $x  x F x  $ a  Y  aR $  Q j Q  $ Q  }  Q $   *   $   @  0 $  / a /  $ d$    d% $ 3 & X &  $ :  @   $ C     $ ~M    ~* $) [ )  ) 0 $1 c 1  1 1 $1 wc 1  1 wA $A Os A  A OS $R P R  R P _ $^  ^ ;, ^ s $t  t B t Y { ${ ' Y { I Y { ' | ${  { I {  $ p  m  pz $ H z m z Hh $ 5 g t g 5 $ _  {  _j $ 8 j  j 8 $ #     $ f1    f $ 3     $ _6    _ $ m=    m $ pB    pI $ K I { I G $G fy G  G fO $N  N  N i $i d i 7 i d} $~ g ~ L ~ gn $ < n Q n <\ $ * \ ] \ * $   g   $ Z  k  Z $ a  w  a $  N  R $ R  R   $ !  ;  z$GEy yG'$&X& &?$>Up> >U?$>Np> >No$nrn<nrz$zzHz$yTy$||$$ u$CuuC$S S$k:k $ < % ?$?Uq? ?UqK$K@}rKrK@K$K~}KK~X$WW%Wqh$h@rh6rh@r$qq?q$/m$ww$M$$r rj$8jj8$SS!$,!S!0 $!S/!a/!,$-n_--n/$/a/P/z[$ZGyZ(yZGc$dd2dh$ii7i$Xj$8jXj8$\i\$$$#U#$s(s$t/t$C($NENw$xxFxa~$0bMb0$i`i$l$sd$1cc1$w$DvvD$#$"T"I"n1$1;cm1m1;$Z{Z$w{w$$yyt$CKuuC"$#hU##h^Z$Z,^Z(^Z,X$%WW%$$L$/8d$2Ldd2qF$E@wrErE@k$lrl:lr$xRx$g$pgp@$@r@h$6Khh6H$If{IIfc$cc1crh$h@rh6rh@p$o|o=o|o$=oo=]$*\\*$%$~~$4$XGXp!$!=So!o!=>]$] =]o+=] $$rrx$GyyG[-$.*`\.\.*}^$^L~^,~^Lk$jj8jw$vtvDvt{${{I{$~Z~$\t\q;$;@mr; r;@n@$@;rm@m@;$hLh$L$NO'$'YN'N'G$FXxFFX?$@r\@m$;mm;Y$( ZZ($I8S$ RbR a$/aa/}$L~~L$mmc $ 1;c c 1$w wh$6hh6.$.`o.n$;mwm;\$* \\*T$#/ UU#[ $[  [ ) [  $ ~  q  ~ $ ! G  !$!N!!!!N!$! "!!!"$"#"""#$#$###U$$U$$U$ #$U$$$$p%%$$$p%$%N6%%$%NV!%$!%#S%U!%$U!%#XR%$S%%%WS%!%WS%%g%$f%%f%4%f%bh%$i%/%ai%7%ai%/x%$w%%w%E%w%@&$A&fs&A&&A&f8<'$='o'8='j '8='RI'$I' {'RI''RI' D'$''D'vt'D'4)$5)yg)5))5)yD -- u D  u C  u C  u C  u B  s B  s ?  p ?  p ?  p ?  p >  p >  p =  *n =  *n =  ,n ;  6n ;  6n ;  8n ;  8n :  =l :  =l :  =l 9  Bl 9  Dl 9  Gl 8  Ii 8  Ki 8  Ki 8  Ki 7  Si 7 ! Si 7 " Ui 7 " Ui 7 # Ui 6 + \g 6 + \g 5 - _g 5 1 cg 5 2 cg 5 3 fg 5 3 fg 4 7 hg 4 8 kg 3 = od 3 ? rd 2 E wd 2 G yd 1 L~b 1 L~b 1 Qb 0 Rb !0 Sb !0 Wb &0 Wb &/ [b (/ [b (/ [b (/ \b +/ \b +/ ]b +/ _b -. f` 4. f` 4- g` 4- i` 7- i` 7- k` 9- l` 9, s] @, v] E+ y] G+ y] G+ |] J* }[ L* ~[ L* [ L* [ O* [ Q) [ S) [ S) [ V) [ X) [ X) [ X( [ ]( [ ]( [ _( [ _' X b' X b' X d' X d' X i& X k& X k& X k$ V z$ V |$ V |$ V # V # V " T " T " T " T " T " T ! T ! T ! T ! T ! T  Q  Q  Q  Q  Q   O   O  O  O  O  O  O  O  O  O  O  O  O  O  O  O  O  O  L  L  L  !L  !L  +L  +L  -L  -J  -J  2J  4J  4J  7J  9J  >J  CH  EH  EH  LH  OH  QE  QE  QE  "SE  "SE  %XE  ,]E  -_E  /bC  1dC  :kC  ;nC  CuC  Du@  Du@  Ew@  J|@  K|@  M@  N@  P@  R>  S> " U> $ U> $ Y> ' Y> ' Z> ) Z> ) \> ) ^> + i< 7 j< 7 p< ? q< ? q< ? u< C |9 K }9 K 9 O 7 T 7 Y 7 [ 7 [ 7 [ 7 [ 7 ` 7 e 7 e 7 e 7 g 4 j 4 l 4 q 4 q 4 q 4 v 2 x 2 } 2 2 2 2 2 0 0 0 0 - - - - - - + + + + + $+ $( '( '( )( )( 0( 0( 5& 7& :& :& :&  <& C& H& K$ K$ !T$ "T$ $W$ %W$ ,^! 1c! 2e! 6g 8j ;l @q Ex H{ I{ K} L} N _ ,` /a /g 6k 8m ;w Dx Gx G| I| I~ K N \ \ h o r y {              # # ' * , 1 3 6 6 8 8 B G I I I #U )\ *\ ,_ ,_ 8k;m AtS!\+q@s@s@OOO[[]bbgkp+|9|CzCzEzGzGzLzO2xd6uiKs|LsNs_p.ln:vnCvnCwnFi`i`i`gjgsgxddddbb b b b ` ` ` [$ [' [) [+ [.  [3  X<  X?  XA  XF  XH  XH  VM $ VW $ VW & VY ) V[ . T` / T` 4 Te  M O  O O  ] O , a O / c L 1 f L 3 g L 6 }q J ? |} J K y H a w E k w E o w E o t C  t C  t C  s @  r @  r @  p >  o >  n <  k 9%  h 7B  g 4G  g 4G  f 4K  a? 0r  `E -w  `F -y  `H -y  \h + 7 [k ( 9 Zq ( @ X & L T ! i O   N   M  ~ L  ~ K  ~ J  | G 2 y D G w C L t C O t B" S t B# V t =E  w p =H  z p :[  k) 9h  k5 8i  k7 8k  k: 7u  hC 6x  hF 4  fY 1  dj /  a} .  _ -  _ -  _ & $ X $ 3 U # : U ! C S   M S * [ P 0 c N 1 c N A s N S  I _  I, s  GB {  DI |  DI   @m   @m    @t    ={   6  # 6  1 4  3 4  6 1  = 1  B 1  K / G y * O  ( i  #7 }  #L   Q   ]   g   k   w      ! E  'X  ?p ?p o<zHT : <?q K~}K~}X~%h|6ry?rmmmkk khf, aS,__/_a[_(c_2h_7_X_X_i___(_/_C_Ew_F~_M_`_l_s____#_T1_c_{_{___K"_UZ_(____/_LF_wk_:_R_g_g__KH_{c_1h_6p_=_____4_G!_S]_+___-_`^_,k_8w_D{_I_Z_t;_m @_r_L__'_YG_x_\__ _I_b___ _;_ __o_w_ _/ [ _ )  _ q  _! !_!!!_ "!"_#"#_$#U$_$#$$_%%$%_6%$!%_S%$R%_%!%g%_%4%h%_%7%x%_%E%@&_s&&<'_o' 'I'_{'''_'t'4)_g))D -- $u   u D  $u   u C  $u   u C  $u   u C  $u   u B  $s   s B  $s   s ?  $p   p ?  $p   p ?  $p   p ?  $p   p >  $p   p >  $p   p =  $n *  n =  $n *  n =  $n ,  n ;  $n 6  n ;  $n 6  n ;  $n 8  n ;  $n 8  n :  $ l =  l :  $ l =  l :  $ l =  l 9  $l B  l 9  $l D  l 9  $l G  l 8  $i I  i 8  $i K  i 8  $i K  i 8  $i K  i 7  $!i S  !i 7 ! $!i S  !i 7 " $#i U  #i 7 " $#i U  #i 7 # $#i U  #i 6 + $*g \  *g 6 + $*g \  *g 5 - $-g _  -g 5 1 $1g c  1g 5 2 $1g c  1g 5 3 $4g f  4g 5 3 $4g f  4g 4 7 $6g h  6g 4 8 $9g k  9g 3 = $=d o  =d 3 ? $@d r  @d 2 E $Ed w  Ed 2 G $Gd y  Gd 1 L $Lb ~Lb 1 L $Lb ~Lb 1 Q $Qb Qb 0 R $Sb !Sb 0 S $Sb !Sb 0 W $Xb &Xb 0 W $Xb &Xb / [ $Zb (Zb / [ $Zb (Zb / [ $Zb (Zb / \ $]b +]b / \ $]b +]b / ] $]b +]b / _ $_b -_b . f $f` 4f` . f $f` 4f` - g $f` 4f` - i $i` 7i` - i $i` 7i` - k $k` 9k` - l $k` 9k` , s $r] @r] , v $w] Ew] + y $y] Gy] + y $y] Gy] + | $|] J|] * } $~[ L~[ * ~ $~[ L~[ *  $~[ L~[ *  $[ O[ *  $[ Q[ )  $[ S[ )  $[ S[ )  $[ V[ )  $[ X[ )  $[ X[ )  $[ X[ (  $[ ][ (  $[ ][ (  $[ _[ (  $[ _[ '  $X bX '  $X bX '  $X dX '  $X dX '  $X iX &  $X kX &  $X kX &  $X kX $  $V zV $  $V |V $  $V |V $  $V V #  $V V #  $V V "  $T T "  $T T "  $T T "  $T T "  $T T "  $T T !  $T T !  $T T !  $T T !  $T T !  $T T   $Q Q   $Q Q   $Q Q   $Q Q   $Q Q   $O O   $O O   $O O   $O O   $O O   $O O   $O O   $O O   $O O   $O O   $O O   $O O   $O O   $O O   $O O   $O O   $O O   $O O   $L L   $L L   $L L   $L !L   $L !L   $L +L   $L +L   $L -L   $J -J   $J -J   $J 2J   $J 4J   $J 4J   $J 7J   $J 9J   $ J > J   $H CH   $H EH   $H EH   $H LH   $H OH   $E QE   $E QE   $E QE  " $!E S!E  " $!E S!E  % $&E X&E  , $+E ]+E  - $-E _-E  / $0C b0C  1 $2C d2C  : $9C k9C  ; $<C n <C  C $CC uCC  D $C@ uC@  D $C@ uC@  E $E@ wE@  J $J@ |J@  K $J@ |J@  M $M@ M@  N $O@ O@  P $O@ O@  R $Q> Q>  S $T> "T>  U $V> $V>  U $V> $V>  Y $Y> 'Y>  Y $Y> 'Y>  Z $[> )[>  Z $[> )[>  \ $[> )[>  ^ $]> +]>  i $i< 7i<  j $i< 7i<  p $q< ?q<  q $q< ?q<  q $q< ?q<  u $u< Cu<  | $}9 K}9  } $}9 K}9   $9 O9   $7 T7   $7 Y7   $7 [7   $7 [7   $7 [7   $7 [7   $7 `7   $7 e7   $7 e7   $7 e7   $7 g7   $4 j4   $4 l4   $4 q4   $4 q4   $4 q4   $4 v4   $2 x2   $2 }2   $2 2  $2 2  $2 2  $2 2  $2 2  $0 0  $0 0  $0 0  $0 0  $- -  $- -  $- -  $- -  $- -  $- -  $+ +  $+ +  $+ +  $+ +  $+ +  $+ $+  $( $(  $( '(  $( '(  $( )(  $( )(  $( 0(  $( 0(  $& 5&  $& 7&  $& :&  $& :&  $& :&   $ & < &  $& C&  $& H&  $$ K$  $$ K$ ! $"$ T"$ " $"$ T"$ $ $%$ W%$ % $%$ W%$ , $,! ^,! 1 $1! c1! 2 $3! e3! 6 $5 g5 8 $8 j8 ; $: l: @ $? q ? E $F xF H $I {I I $I {I K $K }K L $K }K N $M M _ $^ ,^ ` $a /a a $a /a g $h 6h k $j 8j m $m ;m w $v Dv x $y Gy x $y Gy | ${ I{ | ${ I{ ~ $} K}  $ N  $ \  $ \  $ h  $ o  $ r  $ y  $ {  $   $   $   $   $   $   $   $   $   $   $   $   $   $ #  $ #  $ '  $ *  $ ,  $ 1  $ 3  $ 6  $ 6  $ 8  $ 8  $ B  $ G  $ I  $ I  $ I # $# U# ) $* \* * $* \* , $- _- , $- _- 8 $9k9; $;m ;A $BtBS $S!S\ $]+]q $r@rs $r@rs $r@r $O $O $O $[ $[ $] $b $b $g $k $p $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $+ $9|| $C|| $Czz $Ezz $Gzz $Gzz $Lzz $Ozz2 $2dxx26 $7iuu7K $J|ssJL $MssMN $OssO_ $`p.p`l $ln:nlv $unCnuv $unCnuw $xnFnx $i`i $i`i $i`i $gjg $gsg $gxg $dd $dd $dd $dd $bb $ bb $ bb $ bb $ bb $ `` $ `` $ `` $$ [[ $' [[ $) [[ $+ [[ $. [[ $ 3 [[  $ < XX  $ ? XX  $ A XX  $ F XX  $ H XX  $ H XX  $ M VV $ $% W VV% $ $% W VV% & $' Y VV' ) $) [ VV) . $. ` TT. / $. ` TT. 4 $3 e T T3 M $M  O OM O $P  O OP ] $^  O, O^ a $a  O/ Oa c $c  L1 Lc f $e  L3 Le g $h  L6 Lh }q $q  J? Jq |} $}  JK J} y $  Ha H w $  Ek E w $  Eo E w $  Eo E t $  C C t $  C C t $  C C s $  @ @ r $  @ @ r $  @ @ p $  > > o $  > > n $  < < k $ % 9 9 h $ B 7 7 g $ G 4 4 g $ G 4 4 f $ K 4 4 a? $@ r 0 0@ `E $E w - -E `F $G y - -G `H $G y - -G \h $i  +7 +i [k $k  (9 (k Zq $r  (@ (r X $~  &L &~ T $  !i ! O $    N $    M $ ~   ~L $ ~   ~K $ ~   ~J $ |   |G $ y2   yD $ wG   wC $ tL   tC $ tO   tB" $! tS  ! tB# $$ tV  $ t=E $E pw  E p=H $H pz  H p;[ $[ m ) [ m9h $g k 5 g k9i $i k 7 i k8k $l k : l k7u $u h C u h7x $x h F x h4 $ f Y  f2 $ d j  d0 $ a }  a/ $ a   a/ $ a   a/ $ a   a( $ Z$   Z' $ Z3   Z& $ X:   X% $ XC   X$ $ UM   U"* $) S[  ) S!0 $1 Sc  1 S!1 $1 Sc  1 S A $A Ss  A SS $R P  R P_ $^ N , ^ Ns $t N B t N{ ${ L I { L| ${ L I { L $ G m  G $ G m  G $ G t  G $ G {  G $ B   B $ B#   B  $ @1   @  $ @3   @  $ @6   @  $ ==   =  $ =B   =  $ =K   =G $G 8y  G 8O $N 8  N 8i $i 6 7 i 6} $~ 6 L ~ 6 $ 4 Q  4 $ 4 ]  4 $ 4 g  4 $ 1 k  1 $ 1 w  1 $ ,  , $ ,  , $ ,!  , $*E *' $&(X &(? $>%p >%? $>%p >%o $n#<n#z $z#Hz# $ T  $ $ $ $ $  $:  $ < ? $?q ?K $K}KK $K}KX $W%Wh $h6hr $q?q $m $ $ $   $    $   $   $ ,   $! S! , $-_-/ $/a/[ $Z(Zc $d2dh $i7i $X $X $i $ $ $( $/ $C $Ew $xFx~ $M $` $l $s $ $ $ $# $"T"1 $1c1 ${ ${ $ $ $K" $#U#Z $Z(Z $ $ $ $/ $LF $Ew~~Ek $l~:~l $~R~ $|g| $|g| $|| $KyyH $I{wwIc $cw1wch $hw6whp $ow=wo $tt $tt $tt $pp $4mm $Gmm! $!Smm!] $]k+k] $hh $hh $hh- $.`hh.^ $^f,f^k $jf8fjw $vfDfv{ ${fIf{ $fZf $ftf; $;md d;@ $@rdd@ $L__ $__ $__' $'Y__'G $Fx__F $_\_ $__ $ __ $I__ $_b_ $__ $__ $__  $ ;__  $ __ $__ $_o_ $_w_ $ __ $/ __[ $[  _) _[  $  _q _  $ !_ _ ! $!!_!_!! $! "_!_!" $"#_"_"# $#$_#_#U$ $U$$_#$_U$$ $$%%_$_$% $%6%_$_%!% $!%S%_$_!%R% $S%%_!%_S%g% $f%%_4%_f%h% $i%%_7%_i%x% $w%%_E%_w%@& $A&s&_&_A&<' $='o'_ '_='I' $I'{'_'_I'' $''_t'_'4) $5)g)_)_5)---'--- 6`)---'--- /+ ---'--- , ----'--- R!\  N2  /Figure 1: Corporate Operations Expense per Loop:TOOOTTYOTY:xOxOTO---'--- , ----'--- K 2 jLoopslsssb---'--- , ---'--- fp 8 "MS Sans Serif-2 @Corp Op Exp / Loop----'--- , ---'--- , ----'--- ,   2 -20C}} 2 D0} 2  20}} 2 40}} 2 k 60}} 2 # 80}} 2 100}}} 2 120}}} 2 J140}}}---'--- , ---'--- ,   2 f0} 2 5000}}}}2 10000}}}}}2 F15000}}}}}2 20000}}}}}2 !25000}}}}}2  (30000}}}}}---'--- , -- \---'--- X---'--- zL^-NN3N-- $ NN2 Op ExpsCsns---'--- X---'--- zRE-NgNN-- 2 sOriginalF0s0sl0---'--- X---'--- z/-NONN--  $w2 [Modifiedss0J0ls---'--- X---'--- , --'LyyIIyyn n y  y  y&&yyLLI0'Iwh h w**wwwn!n!w0'0'w !O!]    ] !O}O!l    l Y    Y d    d bb B p B   E r E   & S &   = k =    9         "4 b 4  "3a3v $   v -F -     /    / 3/\/ 36 d 6   3L y L    8, Z ,   5 :b  b 5 8 <f  f 8 f >   f @H @ G   j @   j  G #    G    y I   y I  I <   "P" "" P- "[ - " % R %  % ( V8 (f 8 ( ( V1 (^ 1 ( + Y +  + + Y +  + -[ -B  -0]0 03 a/ 3\ / 3 6d d 6  6d ;t h ;  ;t </ j] < ] </ AoBApBAA o A  A Fs=Fk=FG! uN G| N G! G:ugGgG:LPz~L~LPLzLLNY|N NYN5|cN cN5N | N  N Q~ Q6 # QQ ~J Qx #J Q Q" ~P Q~ #P Q" R 6 Rc %6 R YJ x Y +x YJ YBYp+BYY  Y + Y \&S\.S\&\  \ . \ ]  ] 0 ] ]a  ] 0 ]a ddJ6dh  h ; h j  j < j jRj<jRmU  m ? mU ooAoooAoooAor rL D rs  s F s u u7G uuu Gux  x J x z z6 L zz- [ z L[ z- zzLz~M{~Q{~M~  ~L Q ~ wRw   R  5cUc5X   U X    W  M z  Wz M 3 a  \a 3    ]   ]   ]  - [  k[ - m   m m  = k m=  @ m  pm @ p$ rT   v T ,Zv,U   x U fxf:h{h:t   } t @n}n@} ? m ~?     ~     ~  Y    Y `    `   1   k    k GtGwwW    W EssE  =   !O}O!BpB     &SS&2 `  ` 2 ) W  W ) :hh:XX< j  j <   &         C q C  > l  l > k    k M{M < i <    D   Q    Q  3`3      C q C  l    l ) W  W ) VV  '     =   #Q#cc * X *   #8 f 8  ~%~ %M { M   , J   S .   S 01^1? 0m  m ?  0' U '  " 2P ~ P " c 2   c  $ 7R  R $  } ;   } =- q@q>Bll>HFr K   r #y Q #  #y #]Q##]#_Q##_%:Sh%h%:*n W *  *n *MW{*{*M,/Z],],/.\ .6  ..\ .6  .0 ^ 0  0 3a 3E  35b555b557H ev 7 v 7H 7 e 7  7 9Tg9 9T9g 9G  99g9 9;iD;r D;FX t F  FX FtFFM { M  M M{!MO !MMo { M  Mo QnQ#QnXfX+XfXX +X\\.\a  a 3 a ewe7ewg]g9g]gg 9gg(gU9(gggM9gll>lp" P p~ BP p" ppBpp<piB<prrDru*XuGXu*w@nwInw@{{M{{  { M { {{M{:hRh:.\T.BpXB Z ? c V   c V @ n  en @   7 e  <ihi<  < m  KymyKs / u [u[  2 u   yH; i  i ;  J x J   H v H   8  .\.EssEyy   1    , Y  Y , d    d )$RR$__kk, Y  Y , 3`3 E s E       :hh:&S&$ RR$ P&~~PR+R- / ,1ZZ,31^1 8   , >Y  Y , " AP ~ P " AHC!CEBpB&~ T &  &~ )W ); ))W)M)0]0 01_ 1/  14 b 4  4 <j <9 <?m? ?? m ?&  ? AToAATAoAACq CA  CFsFFR! N R| %N R! RRH%R]]?0]dd" 6dgIwg9wgIm_m?m_o8 f o Af o8 s>lsFls>vv!Hvx J xx JJ x ~M~{QM~ 7U  ? m Z?  l^lN |  k| N ,mM{pM<ip<\   p \ {*X* ; /]]/]] KyKKyyKN |  | N I w  w I  6  *X*M n    n  ;   BpBB H.DrD%3`3&5SS&># Q #  # #Q# ##>Ql#l#>1_111_111_@1n@1<" jP <~ P <" <aj<<a>l>?>BTpBBTBpB=BG u G  G KxKKO}O !OccD6cj@nj<nj@ll >ll) lW >) lnnAnn&nSA&nw!wOI!wwwIwyyLy{{M{][]q]qE s  ]s E M]|c|Mq" ~ 9 ll GtG    KyK $   9g9 +  6    > B pB  > 7 e7  A   + Y + + + Y + + + Y 7+ e7+ 4 b H4 v H4 < j <  < A o * A X  * A J ]x J  J ]L z L   L Q ~ Q 4# Q Q ~ Q M# Q W  W ) W b  b 4 b b  b =4 b g  / g ] 9 / g  g  J g x 9 J g  k  k (= k p  ,p ZB ,p s @ ns F ns @  ! OU !  ' X   & SZ &  a  \  a   ^    c    .k     (n   N | p | N   H v t H      v   * X v X * {       = k k =   # Q #    !     0   s    s   F   7 e  e 7   %     ?   d    d @ n  n @  H v H       $% R  R $ 0  H   aD    a M  ,  # Q #  # # Q # 4 # 3 ,a Z3  Z3 ,6 c 6  6 7 e 7 9 7 < j < -  < A n A  A B p  B A   B R R  $ R W  W ) W ]  $ ] R / $ ] n  n + A n    [      `    E s ` E   u  c  u #  " P ~ P "   J x J   P ~  ~ P  G t G    )     H v H   @ n  n @ 6  ;  0 a] 0  0 a6 d 6  6 9 g =9 k =9 ? m G? t G? H v H  H Q ~ Q # Q e  e  7 e x k x J x k}  } O }    R     HU     BX   q  v  q   y    ! O !         D         B p B   ! O !       [!    [ 3     < 7 e 7  < K y K  <> i  i <B p B  B P 3~ aP " aP 3W  KW y) KW _  _ J1 _ h  h #: h u   u 6 G  u |  | 3N | |  | N |    #]     m    G tx G       M z z M    =                      # Q #  # , Z , D , 9 g 9  9 ; h ; $ ; = k =  = D r D  D H v H  H Q i~ Q # Q i{  { M {    4S     l        u    u z    z   H            *9X  X *qA qBGt G6c66GuGBG]]/]]]/][$ fq!BJ||DF3`3HvHHSS&SSS#&S^^(1^nn@nvv4Hv<is<?mm?0/"]]/<Eii<"P""$,RZ$Z$,LyLLUU%'UYYM,Yx&xSJ&xxxJxY#Qn#1^o^1 !5c5#RR $RXjX*Xjii<ittBGt{,{ZM,{[ 7] _3&SS&)mm?mmm?mxx0Jxr|| |9  |svsEsv V(VYV(DrsDll4J /]/3//]//JKxyJyJKw  9 !!RR$R_z_2_z_3_`23_-[-#-dd=7dvvHvS^^$R$F$-[--:h: :wzwIwzu3.#nn@nrrDr:h: :( VV(*XX*0X^00XMzMMKyayKyy :D rD qQqk{_P~_2~_PQQ#Qz_ztpt"36d6#6x$RxJRx$5 c 5  5 e  e )8 e O!}!!O!O!!!O! "N"! "O!! """"Hk"")#W#)#")#9#g#9# #9#T#t#T#&#T#t#v##T##v###4e#####h#####.u##[$$[$ .$[$B%Yp%B%%B%YM%q{%M%%M%q%d%%u%%d'>''&'8 [[8 [[8 [[8 [[8 [[7 [[7 [[4 [[4 [[4 [[4 [[4 [[4 [[2 [[2 [[2 [[2 [[2 [[2 [[2 [[0 [[0 [[0 [[0 [[0 [[0 [[- [[- [[- [[- [[- [[- [[- [[- [[- [[, [[, [[, [[, [[, [[, [[, [[, [[, [[) [[) [[ ) [[) [[' [[' [[' [[' [[' [[' [[' [[ ' [[ ' [[ ' [[#' [[#' [[#' [[%' [[+% [[+% [[+% [[.% [[.% [[0% [[0% [[6" [[;" [[<" [[<" [[?" [[A! [[A! [[A! [[D! [[F! [[G! [[G! [[J! [[L! [[L! [[L! [[Q! [[Q! [[R! [[R! [[U [[U [[W [[W [[\ [[] [[] [[] [[k [[m [[m [[p [[p [[r [[v [[v [[x [[x [[{ [[} [[} [[} [[~ [[~ [[~ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[  [[  [[  [[  [[  [[  [[ [[ [[  [[  [[  [[# [[+ [[+ [[. [[3 [[7 [[9 [[9 [[9 [[9 [[> [[B [[B [[B [[D [[G[[I[[M[[M[[M[[R[[T[[X[[Z[[c[[c[[e[[e[[h[[m[[m[[s[[u[[u[[u[[y[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[%[[%[[0[[6[[9[[?[[A[[F[[H[[J[[Q[[U[[Z[[^[[k[[m[[p[[p[[p[[{[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[![[6[[<[[>[[>[[A[[A[[I[[I[[L[[M[[[[[][[][[][[c[[q[[~[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[ [[ [[ [[ [[ [[# [[# [[) [[4 [[4 [[9 [[9 [[= [[B [[F [[U [[X [[Z [[\ [[^ [[c [[k [[n [[p [[t [[v [[v [[{ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ ~[[ ~[[ ~[[ |[[ |[[ |[[ y[[ y[[ y[[$ w[[) w[[/ u[[A s[[[ q[[` n[[` n[[c n[[ j[[ h[[ h[[ h[[ f[[ c[[ c[[ a[[ ][[ X[[ X[[ V[[ V[[ V[[# T[[7 R[[J P[[O M[[R M[[U M[[X M[[v I[[y I[[ E[[ E[[ E[[ E[[ B[[ B[[ @[[ >[[ <[[ :[[ :[[ :[[ 3[[" 1[[) 1[[1 /[[: /[[G ,[[N *[[N *[[] *[[m &[[x &[[ $[[ ![[ ![[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[# [[M [[S [[l [[ [[ [[ [[ [[ [[ [[ [[ [[ [[[[[[/[[/[[[[[f[[q[[[[[[[[[[[[[[[[[[&[[&[[1[[@[[H[[s[[[[[[[[[[[[[[[[[[[[[[[['[[,[[J[[J[[Y[[n[[o[[[[[[[[[[$[[*[[<[[G[[M[[[[[][[_[[[[[[[[?[[?[[J[[r[[[[[[[[E[[V[[Y[[s[[[[[[[[[[[[[[[[w[[[[[[[[[[$[[2[[2[[[[7[[H[[S[[[[[[[[ [[I[[u[[[[[[[[[[[[@[[D[[ [[[[[[[[[[a[[[[[[[[Q[[k[[[[[[[[{[[[[2[[#[[_[[p[[[[[[J[[ [[8 [[!![[![[k"[["[[ #[[&#[[T#[[e#[[h#[[u#[[.$[[%[[%[[u%[[&[[  8 8   8 8   8 8   8 8   8 8   7 7   7 7   4 4   4 4   4 4   4 4   4 4   4 4   "2 2   "2 2   $2 2   -2 2   -2 2   /2 2   /2 2   30 0   30 0   30 0    80 0    :0 0   <0 0   >- -   @- -   @- -   @- -   G- -   G- -   I- -   I- -   I- -  " P, , " " P, , " % R, , % ( V, , ( ( V, , ( + Y, , + + Y, , + - [, , - 0 ], , 0 3 a) ) 3 6 d) ) 6 ; h) ) ; < j) ) < A o' ' A A o' ' A F s' ' F G u' ' G G u' ' G L z' ' L L z' ' L N |' ' N N |' ' N N |' ' N Q ~' #' Q Q ~' #' Q Q ~' #' Q R ' %' R Y % +% Y Y % +% Y Y % +% Y \ % .% \ \ % .% \ ] % 0% ] ] % 0% ] d~ " 6" d~ h~ " ;" h~ j~ " <" j~ j~ " <" j~ m~ " ?" m~ o| ! A! o| o| ! A! o| o| ! A! o| r| ! D! r| s| ! F! s| u| ! G! u| u| ! G! u| x| ! J! x| z| ! L! z| z| ! L! z| z| ! L! z| ~| ! Q! ~| ~| ! Q! ~| | ! R! | | ! R! | y  U y y  U y y  W y y  W y y  \ y y  ] y y  ] y y  ] y x  k x x  m x x  m x x  p x x  p x x  r x v  v v v  v v v  x v v  x v v  { v v  } v v  } v v  } v v  ~ v v  ~ v v  ~ v s   s s   s s   s s   s s   s q   q q   q q   q q   q q   q q   q q   q q   q q   q q   q q   q q   q q   q q   q q   q q   q q   q q   q n   n n   n n   n n   n n   n n   n n   n n   n m   m m   m m   m m   m m   m m   m m   m m   m k #  k k %  k k %  k k ,  k k .  k h 0  h h 0  h h 0  h h 2  h h 2  h  h 7  h  h ;  h h =  h f @  f f B  f f H  f f K  f #f Q  #f #c Q  #c #c Q  #c %c S  %c *c W  *c *c W  *c ,c Z  ,c .c \  .c .c \  .c 0b ^  0b 3b a  3b 5b b  5b 5b b  5b 7b e  7b 7b e  7b 9b g  9b 9b g  9b 9b g  9b ;b i  ;b F` t  F` F` t  F` M` {  M` M` {  M` M` {  M` Q`  # Q` X]  + X] X]  + X] \]  . \] a[  3 a[ e[  7 e[ g[  9 g[ g[  9 g[ g[  9 g[ g[  9 g[ l[  > l[ p[  B p[ p[  B p[ p[  B p[ r[  D r[ uX GuX wX IwX {X M{X {X M{X {X M{X X RX W TW W XW W ZW W cW W cW W eW W eW U hU U mU U mU U sU R uR R uR R uR R yR R R R R P P P P P P P P P P P P M M M M M M M M M M M M M M L L L L L L L L L L L L L L L L J J J J J J J J J J J J G &G G +G G -G E /E E 1E E 3E  E 8 E E >E E AE E AE B CB B CB B EB &A T&A )A W)A )A W)A 0A ]0A 1A _1A 4A b4A <? j<? ?? m?? ?? m?? A? oA? A? oA? C< qC< F< sF< R: %R: R: %R: ]: 0]: d: 6d: g8 9g8 m8 ?m8 o8 Ao8 s6 Fs6 v6 Hv6 x6 Jx6 ~6 Q~6 6 U6 4 Z4 4 ^4 1 k1 1 m1 1 p1 1 p1 1 p1 / {/ / / / / / / / / - - - - - - - - - - - - - - + + + + + + + + + + ) ) ) ) ) ) ) ) ) ) & & & & $ %$ " 5" " >" # Q# # Q# # Q# 1 _1 1 _1 1 _1 < j< < j< > l> B pB B pB G uG K xK O }!O c 6c j <j l >l l >l n An n An w Iw w Iw y Ly { M{  [  ]  ]  ]  c  q  ~                               +   6   >   >   A  + Y + + Y + + Y + 4 b  4 < j  < A o  A J x  J L z  L Q ~ # Q Q ~ # Q W  ) W b  4 b b  4 b g  9 g g  9 g k  = k p  B p s  F s   U    X    Z    \    ^    c    k    n    p    t    v    v    {                                                           %    0    D    M ~ ~ # Q ~ ~# # Q ~ ~# 3 a | |3 6 c | |6 7 e | |7 < j y y< A n y yA B p y yB R  w$ wR W  w) wW ]  u/ u] n  sA sn   q[ q   n` n   n` n   nc n   j j   h h   h h   h h   f f   c c   c c   a a  6 ] ] 0 ] X X0 6 d X X6 9 g V V9 ? m V V? H v V VH Q ~ T# TQ e  R7 Re x  PJ Px }  MO M}   MR M   MU M   MX M   Iv I   Iy I   G G   E E   E E   E E   B B   B B   @ @  ! > >  3 < <  < < <  < < <  > < < B p 5 5B P ~ 5" 5P W  3) 3W _  31 3_ h  1: 1h u  /G /u |  /N /| |  /N /|   /] /   ,m ,   *x *   * *   ( (   ( (   $ $   $ $   $ $   $ $ # {Q  # {, {Z  , {9 yg  9 y; yh  ; y= yk  = yD vr  D vH vv  H vQ v~ # Q v{ r M { r r S  r p l  p p   p n   n n   n n   n k   k k  k g9   ggA  ggB  g6ec  6eGcuGc]`/]`]`/]`^[^^f^\q\ZZZZZZXXXXUDUUFUHSvHSSQ&SQSQ&SQ^Q1^QnQ@nQvOHvOOsOMMMMJJJJJJJJH"HHEH"FP"F$FR$FLDyLDUD'UDYD,YDxDJxDxDJxDBYBBnBBoB=====!==#=R9$R9X9*X9i9<i9t9Gt9{9M{97[77]77_744333)3m.?m.m.?m.x.Jx..r.,,,, )9 )s(Es(%V%%Y%%s%%%###4##J#/!]/!/!]/!J!xJ!w!R$R_2__2_-[-d7dvHvS$R$-[-:h :wIw u           n @n r Dr :h : 0^0MzMa : Qk{_2_Q#Q_p"6d6xJx5 c  5 e  8 e O!}!!!O! "N"! """k"")#W#")#9#g# #9#T##&#T###T####e####h####u##[$$.$[$B%p%%B%M%{%%M%%%u%%'>'&'    kOV" 1%#.X4p 'UK#Figure 1: Corporate Operations Expense per Loop P  5/" Figure 1: Corporate Operations Expense per Loop  A%,3>#tX4p 'U#Loops tP  >Loops  N29 #tX4p 'U#Corp Op Exp / Loop tP  Corp Op Exp / Loop   ?#*]O#tX4P 'UP#-20 tP  -20= (#tX4P 'UP#0 0> )1% #tX4P 'UP#20 1% 20> )1  #tX4P 'UP#40 1 40> )1 J #tX4P 'UP#60 1J 60> )1:  #tX4P 'UP#80 1 80? *o#tX4P 'UP#100 o100? *_#tX4P 'UP#120 120? *#tX4P 'UP#140 140  =!(nw#tX4P 'UP#0 tP  nw0@ + T w#tX4P 'UP#5000  w5000A , Pw#tX4P 'UP#10000  w10000A ,w#tX4P 'UP#15000 w15000A ,w#tX4P 'UP#20000 w20000A ,P "w#tX4P 'UP#25000 P w25000A ,&V(w#tX4P 'UP#30000 &w30000  ) KB&-y1J#tX4P 'UP#Op Exp tP  yJOp Exp  '[[D(/J#tX4P 'UP#Original tP  JOriginal KKD(/uJ#tX4P 'UP#Modified tP  uJModified   X-  uğ X-x  #XP\  P6QcXP#Federal Communications Commission`(#5FCC 97246 ă  yxdddy \ CORRECTED VERSION(#UuuK#X\  P6G;2P# Before thepp    yO#X\  P6G;2P#Federal Communications Commission  yO"Washington, D.C. 20554#Xj\  P6G;cXP# ă  Xb-j#XP\  P6QcXP#) In the Matter ofj)  X4-j)ppCC Docket No. 9645 FederalState Joint Board on j) Universal Servicej) j) l  X -  ORDER ON RECONSIDERATION lU  X| -X` hp x (#%'0*,.8135@8:0*&&qqe"  X-after the effective date of our rules would be supported.Add {Oy-ԍ Id. at para. 545.A The amount of funding reflected in the funding cap anticipates only the expected demand by schools and libraries for the six X-month period between January 1, 1998 and June 30, 1998.AZdd {O-ԍ Id. at para. 529.A If all services supplied after the date our rules become effective were eligible for support, we would be attempting to support services supplied during the eleven and a half month period between July 17, 1997 and June 30, 1998 using funds that were estimated to be sufficient to support services supplied during the six month period between January 1, 1998 and June 30, 1998.  XH- 14.` ` We conclude that this change will not impose a significant hardship on schools and libraries, particularly in light of our other holdings in the Order. As indicated above, other decisions in the Order are consistent with our intent and decision to provide funding to  X -schools after January 1, 1998. dd {O-ԍ See supra text accompanying note JAN1DATE28, Order at paras. 53538, 607. In addition, we determined that all schools and libraries must  X -comply with the application process,F ~dd yO-ԍ Order at paras. 545, 55282.F which will likely be completed by the first schools or libraries during midfall 1997, before being assured of receiving funding. In this context, we find it highly unlikely that any school or library relying upon our decisions in the Order would have made irrevocable decisions based on their anticipation that they would receive funding for services provided prior to January 1, 1998.  Xb- C.Modifications to the Discount Matrix  X4-15.` ` Background. In the Order, we concluded that, if it appears that funding requests by schools and libraries are likely to exceed the funding cap, we would consider lowering the guaranteed percentage discounts available to all schools and libraries for the next funding year by the uniform percentage necessary to permit all requests in the next funding  X-year to be fully funded.!dd {O-ԍ Id. at para. 542. We also concluded that we would not reduce the funding percentages for the two most  {Oc-disadvantaged categories.  Id. We determined that, after the universal service administrator estimated the appropriate adjustment for the discount matrix, the Commission would then approve any reduction in such guaranteed percentage discounts that it finds to be in the public  X-interest.3"j dd {O#-ԍ Id.3  Xg-16.` ` Discussion. We now clarify that the Commission shall consult the members of"g "0*&&qq1" the 9645 FederalState Joint Board before adopting any changes to the discount matrix, including those changes that might occur prior to the date we reconvene the 9645 Joint  X-Board.#dd yOK-ԍ We concluded that we would reconvene the 9645 FederalState Joint Board no later than January 1,  {O-2001. Id. at para. 104. We find that this approach will promote the joint federalstate cooperation we envisioned in the Order and will provide us with the benefits of states' experience and knowledge.  Xv-  III. CORPORATE OPERATIONS EXPENSE ĐlU  XH-17. ` ` Background. In the Order, we concluded that the amount of corporate operations expenses that a carrier may recover through the existing high loop cost support  X -mechanisms should be limited.P$ "dd {O -ԍ See id. at paras. 283284.P We established a perline "range of reasonableness" that was defined for each study area as "including levels of reported corporate operations expense per line up to a maximum of 115 percent of the projected level of corporate operations expense  X -per line."A% dd {O<-ԍ Id. at para. 284.A We also concluded that the projected corporate operations expense per line for each service area should depend upon the number of access lines and should be calculated using a formula developed from the results of a statistical study, conducted by Commission staff, of data submitted by the National Exchange Carrier Association, Inc. (NECA), which represented the relationship between corporate operations expenses per line for a typical  Xd-company and its number of access lines.H&dFdd {O[-ԍ Id. at para. 284, n.741.H Specifically, we concluded that, for study areas with 10,000 or fewer loops, the formula defining the amount per line per month shall be  X6-$27.12 (0.002 x the number of access lines).3'6dd {O-ԍ Id.3 For study areas with more than 10,000 lines,  X-we determined that the amount per line per month shall be $7.12.3(j dd {O:-ԍ Id.3  X-18. ` ` Our analysis of the data for corporate operations expenses per access line suggests that these costs per line decline as access lines increase to 10,000, at which point  X-these costs per line become approximately flat.3) dd {Op#-ԍ Id.3 To this information we applied a regression technique that showed corporate operations expenses per line declining as the number of access lines increases for those companies with fewer than 10,000 access lines and remaining" )0*&&qq"  X-constant for companies with more than 10,000 lines.3*dd {Oy-ԍ Id.3 We implemented a linear spline  X-model+Zdd yO-ԍ A linear spline model is comprised of two lines that meet at a knot or inflection point. to force two line segments with different slopes to meet at the point of 10,000 lines.9,dd yO-ԍ Order at n.741.9 Finally, we used the coefficients estimated by this regression to get the parameters in the  X-formula.3-zdd {O -ԍ Id.3  X-l ă  X-19. ` ` Discussion. We now reconsider on our own motion the formula we established to cap the amount of corporate operations expense that carriers can recover from high loop cost support mechanisms. There are two features of the formula that we believe warrant modification. First, under the existing formula, carriers with very small numbers of working loops might be unable to recover portions of corporate operations expense that are fixed or do not vary with the number of loops. This attribute occurs because, under the current formula, allowable corporate operations expense is determined by a factor that is multiplied by the number of loops. The second problem pertains to the relationship between the recoverable amount of support for corporate operation expenses produced by the formula and the number of working loops. Although, based on our analysis of data submitted by NECA, we expected that applying the formula would provide carriers with a total recoverable amount of support for corporate operating expenses that increases with the number of access lines or working  X{-loops,r. { dd yO8-ԍ Pursuant to 47 C.R.F.  36.611(a)(8), "working loops" are defined as "the number of working Exchange Line C&WF loops used jointly for exchange and message telecommunications service, including C&WF subscriber lines associated with pay telephones in C&WF Category 1, but excluding WATS closed end access and TWX access."r we have determined that, within the range of 6,780 to 12,913 working loops, support  Xd-for corporate operations expense does not increase with the number of working loops./ d dd yO -ԍ For example, applying the formula to a carrier with 5,000 working loops would result in a cap of $98,440.00 of support for corporate operations expense [($27.12 .002 x 5,000) x 1.15 x 5,000 = 98,440]. Under our provision for carriers with more than 10,000 working loops, however, a carrier with 11,000 working loops would receive no more than $90,060.00 [$7.12 x 1.15 x 11,000 = 90,060].  Accordingly, we make modifications to the formula set forth in section 36.621 of the Commission's rules for calculating the amount of support recoverable for carriers' corporate operating expenses. We set forth the methodology on which we base these modification in Appendix B.  X-20.` ` Based on the conclusions set forth in Appendix B, we modify the existing formula as follows: " /0*&&qq"Ԍ` ` for study areas with 6,000 or fewer working loops the amount per working loop shall be [$27.12 (0.002 x the number of working loops)] x 1.15 or 1.15 x $8,266 / the number of working loops, whichever is greater;x` ` ` for study areas with more than 6,000 but fewer than 17,988 working loops, the amount per working loop shall be $72,024 / the number of working loops + $3.12;x` ` ` for study areas with 17,988 or more working loops, the amount  X -per working loop shall be $7.12.0 dd yO -ԍ The range from 6,000 to 17,988 is wider than the range identified as problematic in paragraph 14 (6,780 to 12,913). This extended range allows the formula to fit the available data more closely.x` We conclude that these modifications will result in total recoverable support amounts that  X -increase proportionally with the number of working loops.m1  dd yO-ԍ By way of example, under these formulae, a carrier with 5,000 working loops could recover a total of $98,440.00 for corporate operations expenses [($27.12 (0.002 x 5,000)) x 1.15 x 5,000 = 98,440] and a carrier with 11,000 working loops could recover $122,295.60 [($72,024 / 11,000 + 3.12) x 1.15 x 11,000 = $122,295.60].m  X -21.` ` The original formula also determined allowable corporate operating expense by multiplying the number of loops by a factor. This may have caused small firms to have difficulty recovering portions of corporate operations expense that are fixed or do not vary with the number of loops. It is necessary to modify the formula in order to allow carriers with small numbers of working loops to receive sufficient support to recover these initial or fixed corporate operations expenses. According to our analysis of data submitted by NECA,  X-we estimate the minimum corporate operations expense per month to be $8,266.2Xdd yO-ԍ Using a sample of standalone companies with fewer than 2,000 working loops, total operating expense was regressed on working loops. The minimum total operating expense was estimated as the y intercept from the linear regression.  Therefore, we are revising the formula appearing in the Order to ensure that no carrier recovers less than 1.15 x $8,266 ($9,505.90). The revised formula for maximum allowable support for monthly corporate operations expense per loop will be 1.15 x $8,266 divided by the number of  X-working loops or the result of the formula for study areas with 6,000 or fewer working loops set forth in section 36.621, whichever is greater.  X~-22. ` ` We find that these adjustments lead to results that are consistent with both the policies and intended outcomes enunciated in the Order. These modifications do not reduce the amount of corporate operations expenses carriers can recover through the support"P ( 20*&&qq" mechanisms for high loop costs. The new formulae continue to reflect our recognition that small study areas may experience greater amounts of corporate operations expense per working loop than large study areas. As stated above, we seek by this Order merely to eliminate outcomes that would result in carriers with fewer working loops receiving a total support amount that is greater than that of carriers with more working loops.  Xv-, IV. FUNDING FOR THE HIGH COST LOOP SUPPORT MECHANISM ĐlU  XH-23. ` ` Background. The Order created a new federal universal service system governed by section 254 of the 1996 Act by converting the existing federal universal service  X -support in the interstate high cost loop fund,3 dd {O -ԍ  See 47 C.F.R.  36.601 et. seq.,Universal Service Fund. Prior to the issuance of the Order, the Universal Service Fund referred solely to the high cost loop support mechanism. the dial equipment minutes (DEM) weighting,C4 "dd yO -ԍ 47 C.F.R.  36.125(b).C  X -Long Term Support (LTS),_5 dd yOh-ԍ 47 C.F.R.  69.105, 69.502, 69.603(e), 69.612._ Lifeline,_6 Bdd {O-ԍ  See 47 C.F.R.  69.104(j), 69.117._ and Link UpN7 dd {O-ԍ 47 C.F.R.  36.701 et. seq.N programs to explicit support mechanisms and establishing new support mechanisms for eligible schools, libraries, and  X -health care providers.;8 f dd yO-ԍ Order at para. 6.; Thus, the federal universal service system established in the Order now includes support for rural, insular, and high cost areas, lowincome consumers, health  X -care providers, schools, and libraries.@9 dd {OP-ԍ Id. at para. 20.@ In addition, the rules and regulations concerning the administration and funding of all the universal service support mechanisms established in the  X{-Order are contained in Part 54 of our rules.`:{ dd {O-ԍ 47 C.F.R.  54.1 et. seq., Universal Service.`  XM-24. ` ` Discussion. We clarify that, although the rules that describe the high loop cost support mechanisms and govern separations between the interstate and intrastate jurisdictions remain in Part 36, the expense adjustment for high cost loops, like the support for DEM weighting, LTS, Lifeline, Linkup, and Internet access for schools and libraries, will be administered and funded through Part 54 of our rules. We make this clarification because we find that the Order did not articulate that the expense adjustment calculated pursuant to Part 36 would be administered and funded through the new universal service mechanism set forth in Part 54." :0*&&qqp"Ԍ X-ԙO  V. UNIVERSAL SERVICE SUPPORT MECHANISMS ă  X- A. Commission Jurisdiction Over Universal Service Support Mechanisms  X-25. ` ` Background. In the Order, the Commission concluded that it has authority to assess contributions for the universal service support mechanisms based upon intrastate as well as interstate revenues and to require carriers to seek state (and not federal) authority to  Xa-recover some share of its contribution through intrastate revenues.A;add yO-ԍ Order at para. 813823.A The Commission reached this conclusion because the Act mandates the establishment of support mechanisms that are  X3-"sufficient" to "preserve and advance universal service."d<3Xdd {O< -ԍ  Id. at para. 815 citing 47 U.S.C.  254(d).d This obligation necessarily falls upon the Commission because the statute limits the states' authority in this regard to adopting  X -support mechanisms that do not conflict with federal mechanisms.B= dd yO-ԍ 47 U.S.C.  254(f). B Notwithstanding this  X -conclusion, the Commission expressly declined to exercise its full powers in the Order.L> zdd yO-ԍ Order at paras. 813, 817818, 822.L Above all, the Commission envisioned continuing its historical partnership with the states in  X -preserving and advancing universal service mechanisms.A? dd {O{-ԍ Id. at para. 818.A  X-26.` ` Discussion. We take this opportunity to reiterate that, although the Order concluded that the Commission has authority to assess universal service contributions from intrastate and interstate revenues and to require carriers to recover some share of the contribution from intrastate revenues, the Commission has not exercised this authority. Recently, the Commission's Office of General Counsel (OGC) responded to an inquiry by clarifying that the Commission has not yet "crystallized its position regarding the proper treatment of the recovery of intrastate revenues and in any event has not required carriers to  X-seek a portion of the contribution in intrastate rates."@dd {O@-ԍ See Letter from William E. Kennard, General Counsel, FCC, to Lawrence G. Malone, General Counsel, New York State Dep't of Public Service, dated June 13, 1997. Accordingly, the OGC concluded that any judicial challenge to paragraphs 813 through 823 of the Order would not be "ripe" at this  X-time.3A dd {Ol#-ԍ Id.3 Because of the importance of this issue and the possibility that other interested parties have similar concerns, we take this opportunity to reiterate that, although the Act empowers it to do so, the Commission has neither assessed universal service contributions from intrastate" A0*&&qq" and interstate revenues nor required carriers to recover some share of the contribution from intrastate revenues. For these reasons, any challenges to the Commission's authority are not currently ripe. The Order anticipated that the Joint Board would continue to consult with the  X-Commission regarding the sufficiency of universal service support mechanismsGBdd {O4-ԍ See Order at para. 271.G and we recognize that this issue is of primary concern to the Joint Board.  Xv- B. Assessment of the Revenue Base for the High Cost and LowIncome Support  X_-Mechanisms  X1-27. ` ` Background. To promote comity between federal and state commissions, the Commission determined that, beginning January 1, 1999, federal high cost support mechanisms will fund 25 percent of the difference between the cost of service, defined as the difference between the applicable forwardlooking economic cost mechanism and the national benchmark, through a percentage contribution levied on interstate enduser  X -telecommunications service providers.AC Zdd {O-ԍ Id. at para. 833.A The Order recognized that 25 percent is the current interstate allocation factor applied to loop costs in the Part 36 separations process, and concluded that because loop costs will be the predominant cost that varies between high cost and nonhigh cost areas, this factor best approximates the interstate portion of universal  Xd-service costs.ADddd {O-ԍ Id. at para. 269.A In adopting this approach, the Commission anticipated that states will participate fully in a federalstate partnership and that the contributions collected by both  X6-jurisdictions will be sufficient to fund universal service.AE6~dd {Oe-ԍ Id. at para. 831.A The Order envisioned that the Commission would, in the future, assess whether additional federal support is necessary to  X-ensure that quality services remain "available at just, reasonable, and affordable rates."gFdd {O-ԍ Id. at para. 834 citing 47 U.S.C.  254(b)(1).g  X-28.` ` Discussion. The Order anticipated that states would take steps similar to those taken by the Commission in the Order to convert implicit intrastate support mechanisms into  X-explicit support mechanisms.AGdd {O"-ԍ Id. at para. 834.A As discussed in the Order, the 25 percent allocation factor for  X-loop costs is historically applied to the interstate jurisdiction.AH4 dd {O|$-ԍ Id. at para. 270.A By funding 25 percent of the cost of universal service through federal support mechanisms beginning January 1, 1999, we" H0*&&qqn" sought to coordinate this approach with the shift of universal service support for rural, insular, and high cost areas served by nonrural LECs from the access charge regime to the new  X-section 254 universal service support mechanisms.KIdd {OK-ԍ See id. at para. 833.K We recognize that prior to that date, the costs of universal service will be carefully considered by the Commission, which will establish a forwardlooking economic cost mechanism, and by the states, which may conduct  X-their own forwardlooking economic cost studies.ZJ\Zdd {O-ԍ See id. at para. 247249. States should elect by August 15, 1997 whether they will conduct their own forwardlooking economic cost studies and those that elect to do so must file the cost studies with the  {O* -Commission on or before February 6, 1998. Id. at para. 248.Z Accordingly, it is premature for us to reexamine our decision to fund 25 percent of universal service at this time. Our action today, does not, however, foreclose the possibility that, as states replace their programs with explicit support mechanisms, the Commission will reassess whether there is a need for additional federal support. Instead, we stress the need for federalstate partnership in order to allay any concerns that support amounts will be insufficient. Because it is critical to the preservation and advancement of universal service, we anticipate that this issue will be an important subject in future consultations between the Commission and the Joint Board.  X - C.Preventing Subsidization of Competitive Services  X-29.` ` Background. Section 254(k) states that "[t]he Commission, with respect to interstate services, and the States, with respect to intrastate services, shall establish any necessary cost allocation rules, accounting safeguards, and guidelines to ensure that services included in the definition of universal service bear no more than a reasonable share of the joint and common costs of facilities used to provide those services."  X-30.` ` Discussion. We clarify that, because section 254(k) assigns the duty of preventing the subsidization of competitive services to the Commission, with respect to interstate services, and to the states, with respect to intrastate services, the Commission did not discuss section 254(k) in the Order. Instead, in a separate order, the Commission adopted the statutory language, which will serve as the basis for Commission action with respect to the establishment of "cost allocation rules, accounting safeguards, and guidelines to ensure that services included in the definition of universal service bear no more than a reasonable share of the joint and common cost of facilities used to provide those services" for interstate  XR-services.KR~dd {O"-ԍ Implementation of 254(k) of the Communications Act of 1934, as amended, FCC 97163 (rel. May 8, 1997). We expect that each state will also take action to implement safeguards for intrastate services. "$K0*&&qqz"Ԍ X- wVI. REVIEW PROCESS FOR CARRIER PETITIONS FOR WAIVERS ă  X-31.` ` Background. The Order adopted a rule prohibiting carriers from disconnecting  X-customers who participate in the Lifeline program for nonpayment of toll charges.BLdd yO6-ԍ Order at paras. 390397.B The Commission concluded, however, that state utilities regulators will consider carriers' requests  X-for waivers from the nodisconnect ruleAMXdd {O-ԍ Id. at para. 396.A and set forth a threepronged test that carriers must  Xx-meet in order to receive a waiver.3Nxdd {O -ԍ Id.3 In addition, the Order provided that carriers may appeal to the Commission a state commission's denial of a waiver request. The Order also authorized carriers to file an appeal with the Commission if a state commission has not acted  X3-upon a waiver request within 30 days of its submission.AO3|dd {O`-ԍ Id. at para. 396.A The Order requests that a state commission that chooses not to act on waiver requests should refer any such requests to the  X -Commission.3P dd {O-ԍ Id.3  X -32. ` ` Discussion. We reiterate that carriers disagreeing with state commission decisions regarding a request to waive the nodisconnect rule may pursue their concerns with the Commission. This approach will offer such carriers an additional forum for resolving their concerns. Nevertheless, in considering a carrier's arguments on the merits, the Commission will give great weight to a state commission's articulated rationales for denying  Xf-a waiver request.  X8-P  VII. MONITORING REPORTS׃  X!-  X - 33. ` ` Background. In the Order, the Commission directed the administrator of the universal service support mechanisms to maintain and report to the Commission detailed  X-records relating to payments made and received through the support mechanisms.AQdd {O/ -ԍ Id. at para. 869.A The Commission stated that the information contained in those reports would be made public at least once a year as part of a Monitoring Report and delegated to the Bureau the responsibility of creating and issuing the Monitoring Report. The Commission added that the Bureau should work with the state staffs of the Joint Boards in CC Dockets 9645 and CC Docket 80286 to implement the new monitoring program. "T2 Q0*&&qq"Ԍ X-!34. ` ` Discussion. We now reconsider on our own motion a limited aspect of that decision and clarify that the Bureau shall consult with the state staff of the 9645 Joint Board to implement the new monitoring program. Because the Monitoring Report will be based on information regarding the universal service support mechanisms, we find that participation by the 9645 Joint Board will ensure that the Bureau will have full access to the expertise of state staff. Because of its experience in implementing section 254, we find that the 9645 Joint Board is fully able to help implement a monitoring program for the new universal service support mechanisms without drawing on the resources of the 80286 Joint Board. We also clarify that, until the permanent administrator is chosen by a Federal Advisory Committee, the temporary administrator of the support mechanisms shall maintain and report to the Commission detailed records relating to the determination and amount of payments made and monies received through the support mechanisms which shall be used in the preparation of the Monitoring Report.l  X -lU  VIII. FINAL REGULATORY FLEXIBILITY ANALYSIS lU  X-"35.` ` In the Order, we conducted a Final Regulatory Flexibility Analysis, as required by section 603 of the Regulatory Flexibility Act, as amended by the Contract With America  Xd-Advancement Act of 1996, Pub. L. No. 104121, 110 Stat. 847 (1996).FRddd {O-ԍ Id. at paras. 870983.F The changes we adopt in this Order do not affect that analysis.  X- IX. ORDERING CLAUSES ĐlU  X-#36.` ` Accordingly, IT IS ORDERED that pursuant to authority contained in sections 14, 205, 221(c), 254, 403, and 410 of the Communications Act of 1934, as amended, 47 U.S.C.  151154, 205, 221(c), 254, 403, and 410, and pursuant to 1.108 of the Commission's rules, 47 C.F.R.  1.108, the Commission reconsiders its decision in the Order on its own motion to the extent specified herein.  Xg-$37.` ` IT IS FURTHER ORDERED that Part 36 and Part 54 of the Commission's  XP-rules, 47 C.F.R.  36, 54, ARE AMENDED as set forth in Appendix A attached hereto. (#(#  X"-%38.` ` IT IS FURTHER ORDERED that, pursuant to section 553(d)(1) of the Administrative Procedure Act, 5 U.S.C.  553(d)(1), the amendments to 47 C.F.R. 54.500 will take effect upon publication in the Federal Register or on July 17, 1997 (the date the Order will become effective), whichever is later. Because these amendments extend the competitive bidding exemption to accommodate schools and libraries prior to the date that the competitive bidding system becomes fully operational they are agency regulations that"!ZR0*&&qq "  X-"grant[] or recognize[] an exemption or relieve[] a restriction."BSdd yOy-ԍ 5 U.S.C.  553(d)(1).B Thus, pursuant to 5 U.S.C. 553(d)(1), these amendments may take effect immediately upon publication in the Federal Register.  X- &39. ` ` IT IS FURTHER ORDERED that all other policies and rules adopted herein shall be effective 30 days after publication in the Federal Register. ` `  hh,VFEDERAL COMMUNICATIONS COMMISSION ` `  hh,VWilliam F. Caton ` `  hh,VActing Secretary " XS0*&&qqM "  X-    @A-@^  APPENDIX A Amendments to Rules ĐlU  X- AMENDMENTS TO THE CODE OF FEDERAL REGULATIONS PART 36 JURISDICTIONAL SEPARATIONS PROCEDURES: STANDARD PROCEDURES FOR SEPARATING TELECOMMUNICATIONS PROPERTY COSTS, REVENUES, EXPENSES, TAXES AND RESERVES FOR TELECOMMUNICATIONS COMPANIES. 1. Paragraph (a) is amended by adding the following sentence at the end of the paragraph:  X -  36.601` ` General.  X - (a) * * * Beginning January 1, 1998, the expense adjustment calculated pursuant to this subpart will be administered and funded through the new universal service system discussed in Part 54. 2. Paragraph (a)(4)(A) and (B) are revised and (a)(4)(C) is added to read as follows:  XK-  36.621` ` Study area total unseparated loop cost. (a) * * * (4) Corporate Operations Expenses, Operating Taxes and the benefits and rent portions of operating expenses, as reported in  36.611(a)(5) attributable to investment in C&WF Category 1.3 and COE Category 4.13. This amount is calculated by multiplying the total amount of these expenses and taxes by the ratio of the unseparated gross exchange plant investment in C&WF Category 1.3 and COE Category 4.13, as reported in  36.611(a)(1) of this part, to the unseparated gross telecommunications plant investment, as reported in  36.611(a)(6) of this part. Total Corporate Operations Expense, for purposes of calculating universal service support payments beginning January 1, 1998, shall be limited to the lesser of: (i) * * * (ii) a perline amount computed according to paragraphs (a)(4)(ii)(A), (a)(4)(ii)(B), and (a)(4)(ii)(C) of this section. * * *  X!-` ` (A)  For study areas with 6,000 or fewer working loops; [($27.12 minus (0.002 times the number of working loops)) times 1.15] or [1.15 x $8,266 divided by the number of working loops], whichever is greater. ` ` (B) * * *"Q%S0*&&qq $"Ԍ X-ԙ` ` (C) * * * PART 54 UNIVERSAL SERVICE 3. Part 54 of Title 47 of the Code of Federal Regulations (CFR) is amended by adding new 54.500(b), and redesignating  54.500(b)(h) as  54.500(c)(i) as indicated:  XH-  54.500` ` Terms and Definitions. * * * * *   X -(b) Existing contract. For the purpose of section 54.511(c), an "existing contract" is any signed contract for services eligible for discounts pursuant to this subpart between an eligible school or library as defined under 54.501 and a service provider that either: ` ` (1) was signed prior to November 8, 1996, or ` ` (2) is limited to services provided before December 31, 1998 and was signed on or after November 8, 1996 but before the first date that the universal service competitive bidding system described in  54.504 is operational. The competitive bidding system will be deemed to be operational when both the universal service administrator is ready to accept and post requests for service from schools and libraries on a website and that website may be used by potential service providers.  X-(c) Internal connections. * * *  X-(d) Library. * * *  Xg-(e) Library consortium. * * *  X9-(f)  Lowest corresponding price. * * *  X -(g) National school lunch program. * * *  X-(h) Prediscount price. * * *  X!-(i) Secondary school. * * * 4. Section 54.507 is amended to add new  54.507(f) and  54.507(f) is relettered 54.507(g) as indicated: "S%S0*&&qq $"Ԍ X-  54.507` ` Cap. * * *  X-(f) Date services must be supplied. The administrator shall not approve funding for service received by a school or library before January 1, 1998.  X_-(g) Rules of Priority. * * *"_S0*&&qq'"  X-  @A-B-@  APPENDIX B Explanation of Methodology for Modifications  X-s Sto Corporate Operations Expense Formulae ă  X-1.` ` This appendix describes the procedure used to derive the formulae, set forth in section 36.621, for determining the allowable amount of corporate operations expenditures recoverable through universal service support mechanisms.  X_- Selecting the Basic Model  XH-  X1-2.` ` In order to determine the best formula, we applied a statistical analysis to a number of different models that compared the relationship between corporate operations  X -expense per loop and the number of loops using data supplied by NECA.  dd yO| -ԍ Outliers were removed from the sample before estimation. These outliers were those companies whose corporate operations expense exceeded the mean of the sample by 3 times the sample standard deviation. The companies excluded from the sample had corporate operations expense exceeding $74.00 per loop. Also, two companies which reported negative corporate operations expense were removed from the sample.  We used statistical regression techniques that focused on the relationship between expenses per loop, rather than total expense, in order to find a model under which the cap on corporate operations expense per line declines as the number of loops increases for a range of smaller companies so that economies of scale, which are evident in the data, can be reflected in the model. Of the  X-models studied, the linear spline was found to have the highest R2, a measure indicating that this model provides the best fit with the data. The linear spline model in this case is two line segments joined together at a single point or knot. In general, the linear spline model allows the cap on corporate operations expense to decline as the number of loops increases for the smaller companies having fewer loops than the knot point. Estimates of the linear spline model suggest that the cap on corporate operations expense per loop for companies with a number of loops higher than the spline knot is constant.  X-3.` ` Choosing the spline model also required selecting a knot, the point at which the two line segments of differing slopes meet. We had two primary objectives in selecting the knot point. First, the model had to characterize accurately the relationship between corporate operations expense per loop and the number of working loops. Second, the model had to characterize accurately the relationship between total corporate operations expense and the  Xe-number of working loops. To achieve these objectives, we examined the R2s for both total corporate operations expense and corporate operations expense per loop over a wide range of  X7-knot points. The highest R2 for per loop corporate operations expense was obtained for a  X -knot point at 3800. We found, however, that the highest R2 that reflects goodness of fit for the total corporate operations expense using the estimated model was obtained at 13,408 working loops. Visual inspection of the data representing corporate operations cost per loop"0*&&qqx"  X-indicates that cost per loop appears to flatten close to 10,000 loops.=dd {Oy-ԍ See Figure 1.= At 10,000 loops, both  X-R2s remain near the maximum R2s obtained for both per loop and total corporate operations expense. Accordingly, we selected 10,000 loops as the knot point that best meets both objectives.  X-4.` ` The regression results, which incorporate a spline model that uses data provided by NECA, are as follows:  XH-` ` for companies having fewer than 10,000 working loops, maximum allowable corporate operations expense per loop for each month equals $ 27.12 0.002 x (number of working loops);  X -` ` for companies with working loops greater than or equal to 10,000 loops,  X -maximum allowable corporate operations expense per loop for each month equals $7.12.` Zdd yO-ԍ The R2 associated with this regression is 0.396.`  X - Correcting for Nonmonotonic Behavior in Model's Total Corporate Operations Expenses  Xy-5.` ` The spline model has one undesirable feature. For a certain range, it yields a total allowable corporate operations cost that declines as the number of working loops increases. This occurs because multiplying the linear function that defines the first line segment of the estimated spline model (27.12 0.002 x the number of loops) by the number of loops defines a quadratic function that determines total allowable corporate operations expense. This quadratic function assumes its maximum value at 6,780 loops, well below the  X-selected knot point of 10,000.;Xdd yO-ԍ The feature exists with all knot points considered. The practical effect of the function peaking at 6,780 loops is that a carrier with more than 6,780 loops, but less than 10,000 loops, will receive less corporate operations expense support than one with just 6,780 loops.; To correct this problem, we refined the formula defining allowable per loop expense to ensure that the total allowable corporate operations expense always increases as the number of loops increases. We chose a point to the left of the point at which the total corporate operations expense estimate peaks. At that selected point, the slope of the function defining total corporate operations expense is positive. We then calculated the slope at that point and extended a line with the same slope upward to the right of that point until the line intersected the original estimated total operations expense, which is  XN-represented by 7.12 x the number of loops.=N dd {O $-ԍ See Figure 2.= Thus, we created a line segment with constant slope covering the region over which the original model of corporate operations expenses declines so that total corporate operations expense continues to increase with the number of" 0*&&qq"  X-loops. We chose the point that leads to a line segment that yields the highest R2.  X  X-6.` ` Using this procedure, we selected 6000 as the point. The slope of total operations expense at this point is 3.12 and the line extended intersects the original total operations expense model at 17,988. Accordingly, the line segment formed for total corporate operations expenses, to be applied from 6000 loops to 17,988 loops, is $72,024 + $3.12 x the number of working loops. Dividing this number by the number of working loops defines the maximum allowable corporate operations expense per loop for the range from 6000 to 17,988  XH-working loops, i.e., ($72,024  (number of working loops)) + $3.12.DHdd {O -ԍ See Figures 1 and 2.D"HZ0*&&qq&"  # y!(x8p0*dd xxyyA(xx0*ddh xxy$(#(#(#(##A#$