You are on page 1of 28

for financial advisers only

informer
Quarter 3 2012
birth of
a leend
with gains in market share for the
Investment Portfolio, we look at its
growth so far, and its future potential
Like investments, blending spices is part art, part science.
Getting it right for your personal palate is what counts.
The Old Mutual International Investment Portfolio
a carefully selected blend of opportunities.
To find out more about the Investment Portfolio
visit www.oldmutualinternational.com
contents
4 the birth of a legend
another look at the Investment
Portfolio and a reminder of its
exciting potential
6 a matter of life and death
a look at how beneficiary nomination
adds extra value for your clients in
the Investment Portfolio
8 a win/win idea of your clients
a look at the 100% capital protection
provided with the OMGB Protected
Return Fund
10 charting the application
process
an overview of the complete
application process involved in the
Investment Portfolio
12 a tale of two managers
an exploration of the two different
approaches taken by Global Asset
Managers and Skandia Investment
Group to the OMGB Growth
Plus Fund
16 global with a personal touch
next in the series of authorised
custodian articles Fairbairn
Private Bank
18 life changing investments
why Alquity believes Africa is the one
last great, unexplored market
20 new risk ratings explained
21 fund news
22 indicator
24 fund performance fiures
welcome to the quarter
three 2012 issue of informer
I
t has been a year and a half since
our first regular Old Mutual
International Informer hit the
South African market, and what
a period of change and growth it
has been!
We have launched a major and
exciting new product, Investment
Portfolio; we have launched a series
of protected funds through our Life
Account product; we have added
significantly to our range and,
hence, increased the diversification
of funds available through the Life
Account product; and we have
considerably enhanced our overall
service proposition, with a series of
developments and initiatives aimed
at making life as simple
as we can for our customers
and advisers.
This edition of Informer
demonstrates our continued
commitment to delivering quality
and consistency across the crucial
key areas of product, fund, service,
technology and support. Our aim is
to ensure that the new marries with
the current, so you will see that, as
well as focussing on our new
products and structures, we also
ensure that we provide active
support and developments that
benefit our existing customers too.
The launch of a new type of
protected fund, together with
a fresh approach to communications
and the ever developing Investment
Portfolio Authorised Custodian
panels, mean we have a potential
solution for a wide variety of
customer needs.
Our commitment has to be to
ensure that this prevails through
varied market and economic
conditions.
I sincerely hope you will find this
edition informative and
constructive. Thank you for your
continued and valued support
Ian Taverner
General Manager
of the OMI Group
of Companies
editorial quarter 3 2012
quarter 3 2012 informer 3
When printed by Old Mutual International this item is produced on a mixed grade material,
which uses a combination of recycled wood or paper fibre from controlled sources and virgin
fibre sourced from well managed, sustainable forests.
===.63,4;:;)315:-85):165)3.+64
!3, M;:;)3 G;-859-? 19 :0- :8),15/ 5)4- 6. !3, M;:;)3 L1.- A99;8)5+- C647)5? ($6;:0 A.81+)) L141:-,,
G;-859-? B8)5+0.
!3, M;:;)3 G;-859-?, =069- 7815+17)3 73)+- 6. *;915-99 19 A3*-8: H6;9-,
$6;:0 E973)5),-, $: "-:-8 "68:, G;-859-?, G(1 1A', 19 ) *8)5+0 6. !3, M;:;)3 L1.- A99;8)5+- C647)5?
($6;:0 A.81+)) L141:-,, =01+0 19 15+68768):-, 15 $6;:0 A.81+)
(8-/ 56. 1999/04643/06). #-/19:-8-, !..1+-: M;:;)37)82, J)5 $4;:9 D81<-, "15-3)5,9, C)7- %6=5, $6;:0
A.81+). !3, M;:;)3 G;-859-? 19 31+-59-, *? :0- G;-859-? F15)5+1)3 $-8<1+-9 C644199165 ;5,-8 %0-
I59;8)5+- B;915-99 (B)131=1+2 6. G;-859-?) L)=, 2002 :6 +)88? 65 365/ :-84 159;8)5+- *;915-99.
!3, M;:;)3 L1.- A99;8)5+- C647)5? ($6;:0 A.81+)) L141:-, 19 ) 8-/19:-8-, 365/-:-84 159;8-8 )5, ) 31+-59-,
.15)5+1)3 9-8<1+-9 786<1,-8.
!3, M;:;)3 I93- 6. M)5, *8)5+0 6. !3, M;:;)3 L1.- A99;8)5+- C647)5? ($6;:0 A.81+)) L141:-,, 19 8-/19:-8-,
15 :0- I93- 6. M)5 ;5,-8 5;4*-8 005664F )5, =069- 7815+17)3 73)+- 6. *;915-99 19 $2)5,1) H6;9-,
K15/ E,=)8, #6),, !5+0)5, I93- 6. M)5, IM99 1&, B81:190 I93-9.
"065-: +44 (0) 1624 653 400 F)>: +44 (0) 1624 622 296. '-*91:- ===.63,4;:;)315:-85):165)3.+64.
A;:06819-, )5, 8-/;3):-, *? :0- I93- 6. M)5 I59;8)5+- & "-591659 A;:0681:?.
!3, M;:;)3 L1.- A99;8)5+- C647)5? ($6;:0 A.81+)) L141:-, 19 ) 8-/19:-8-, L65/-:-84 I59;8-8 15 :-849 6.
:0- L65/-:-84 I59;8)5+- A+: 5;4*-8 52 6. 1998. !3, M;:;)3 L1.- A99;8)5+- C647)5? ($6;:0 A.81+))
19 15+68768):-, 15 $6;:0 A.81+) (8-/19:8):165 5;4*-8 1999/04643/06) )5, 0)9 1:9 #-/19:-8-, !..1+- ):
M;:;)37)82, J)5 $4;:9 D81<-, "15-3)5,9, C)7- %6=5, $6;:0 A.81+).
!3, M;:;)3 19 ) 31+-59-, F15)5+1)3 $-8<1+-9 "86<1,-8.
Old Mutual International Investment Portfolio
was born at the end of January 2012, and before
we discuss its first trimester we, at Old Mutual
International (OMI), would like to remind you why
it is gaining market share and why we believe it is
destined to become one of the most widely held
offshore products in South Africa.
S
ome of the key reasons for
holding shares, corporate
bonds or funds in a life
wrapper such as the Investment
Portfolio are:
Simplified administration the
tedious tax reporting obligations
on all trades now sit with Old
Mutual Life Assurance Company
South Africa (OMLACSA) and
not with the investor.
Wide investment choice with
the Investment Portfolio,
investors can enjoy significant
investment freedom by
spreading and varying their
portfolio across a wide range of
funds and/or different assets,
according to their financial
goals and their attitude to risk.
We all know that gestation
requires time and that our baby
was expected with great
excitement. The overwhelming
attendance of around 600
advisers at the launch event in
March was an indication of how
interested the market is in our
new addition.
The product is designed with the
high net worth client in mind,
those who have existing
relationships with private banks
and want to utilise these for
assets held within the Investment
Portfolio.
4 informer quarter 3 2012
the birth
of a
leend
quarter 3 2012 informer 5
The backbone of the Investment
Portfolio is our authorised
custodians they provide the
dealing facilities, reporting and
internet access. Many may also
offer the service of a Fund Adviser
who is able to provide investment
advice. We have legal agreements
with: Collins Stewart Wealth
Management, Credo Capital plc,
Savoy Investment Management,
Fairbairn Private Bank, Investec
Wealth & Investment Limited,
Anglorand and PSG to provide
authorised custodian facility. We
may increase the number of
custodians in the future to meet the
demands of advisers and clients.
The Investment Portfolio has
expanded OMIs distribution. The
majority of individuals in South
Africa have their foreign assets
managed by local stockbrokers and
foreign private banks. These
institutions have a close working
relationship with the custodians
mentioned earlier. An exciting
feature of the Investment Portfolio
is that investors are able to appoint
a Fund Adviser (or Discretionary
Investment Manager) to make
investment decisions on their
behalf. Understanding the different
ways how all these parties interact is
important and the flow chart on
pages 10 and 11 should be helpful.
The Investment Portfolio has
created great excitement and
opportunity for all parties involved,
particularly the investor, who now
has easy access to a number of
custodians through one product
provider.
For more information on the product
and its features contact your Offshore
Specialist or visit our website
www.oldmutualinternational.com
6 informer quarter 3 2012
the knowlede
a matter of
The ability to nominate beneficiaries is an important
aspect of our Investment Portfolio. Rachael Griffin
explains how it adds extra value for your clients.
O
ne of the key concerns
in succession planning
is the clients fear of
losing control of their assets.
They are not ready to gift assets
away and want to ensure that if
they need them in the future
they have unrestricted access
to them quickly.
Using a beneficiary nomination
with an investment portfolio
contract allows the contract
holder to maintain control over
the investment strategy of the
contract and access funds when
required. At the same time,
it provides them with the
reassurance that the contract
will pass to their nominated
beneficiaries quickly and
without delay. It also spares the
executors the expense and time
of probate when dealing with
this particular asset.
how does the
nomination work?
The beneficiary nomination is
created by the contract holder
(or by both contract holders
where there is more than one),
provided they are at least 18 years
old at the time of its creation. On
the contract holders death (the
transfer date) the legal rights of
the contract will be transferred to
the primary beneficiaries in the
proportions indicated. For
example, if the contract holder
nominates 50% each to Andrea
and Roger, on the contract
holders death Andrea and
Roger will become equal legal
owners of the investment
portfolio contract.
If one or more of the primary
beneficiaries does not survive the
transfer date, their share is
distributed between the other
primary beneficiaries who are still
alive, on a pro rata basis.
So if Andrea were to predecease
the contract holder, her share of
the contract would automatically
go to Roger.
life
and
death
quarter 3 2012 informer 7
The beneficiary nomination also
allows the contract holder to
appoint secondary beneficiaries.
This ensures that the contract
does not revert back to the
contract holders estate, even if
all the primary beneficiaries have
predeceased them. This is
particularly useful where a spouse
has been appointed as a primary
beneficiary and the contract
holder and spouse die at the
same time.
If, on the transfer date, there
are no primary or secondary
beneficiaries alive, the
nomination will come to an end
and the contract will revert to
the contract holders estate.
Any number of primary and
secondary beneficiaries can
be appointed, provided they
are individuals, a company or
a trustee.
The investment portfolio will
continue subject to the same
terms and conditions which
applied when the contract
commenced.
If they wish, the contract holder
can amend the nomination at any
time during their lifetime,
although they must confirm the
revocation in writing. If there is
an assignment, new nomination,
total surrender or maturity of the
investment portfolio, this
automatically revokes the
existing nomination.
For example, if the contract holder
were to assign their contract to
Boris, then the nomination in
favour of Andrea and Roger would
automatically end.
A beneficiary nomination is an
essential part of the financial
planning process, as it allows the
client to maintain control during
their lifetime and after choosing
who will benefit from the
investment portfolio and in what
proportions. The only question
outstanding is: why arent all
clients using this solution?
A beneficiary nomination is an essential
part of the financial planning process

how it works
The effect of the nomination is to
put the beneficiary in the same
position, contractually, as the
policyholder, by recognising the
rights of the beneficiary through
the Isle of Man Contracts
(Rights of Third Parties) Act
2001 (the Act).
The Act formally recognises the
rights of a person or legal entity,
who is not party to a contract in
his own right, to enforce a term of
the policy if either the contract
expressly provides that the party
may, or the term of the contract
purports to confer a benefit on
them. When a nomination is
received and accepted by Old
Mutual (Isle of Man) branch, the
terms of the contract are
amended to ensure the
appropriate wording relating to
the nomination are included
within the terms.
The nomination is for use with the
investment portfolio, which is
governed by Isle of Man law. The
Manx Courts will legally recognise
the rights of the beneficiary. This
is regardless of where the contract
holder and the beneficiary reside,
providing there was a clear
intention, at the time the
nomination was created, to allow
the named beneficiaries to
enforce the rights of the contract
from the transfer date.
8 informer quarter 3 2012
Do your clients expect global markets to recover within
the next five years? Are they more concerned about
losing money in the current market turmoil or missing
out on a possible recovering market? Are they finding
traditional methods of saving such as deposit accounts
an attractive alternative? Dean Bowden shows that
they dont have to make a choice with the OMGB
Protected Return Fund from Old Mutual Guernsey.
I
f your clients want to take
advantage of potential stock
market performance and are
prepared to remain invested for a
five-year term, the OMGB
Protected Return Fund may be an
attractive option for them. It
offers a compounded return of
5% per annum or 50% of stock
market growth (US or UK),
whichever is greater at maturity
of the Fund.
what is the OMGB
Protected Return Fund?
The OMGB Protected Return
Fund (the Fund) aims to protect
your clients capital at the end of
the Fund's five-year term, whilst
providing a minimum return of
5% per annum compounded and
the opportunity to take
advantage of the performance of
the S&P 500 or FTSE 100
Indices depending on the chosen
currency.
a win/win idea
for your clients
quarter 3 2012 informer 9
The Fund invests in a Certificate
issued by BNP Paribas, a leader
in banking and financial services
in Europe, with AA- and A2
ratings from S&P and Moodys
respectively, and is therefore
subject to the credit risk of
BNP Paribas.
In order to provide the minimum
return of 5% per annum
compounded and the capital
protection, the Certificate is
linked to the credit risk of six well-
known, carefully selected
American companies, and is
therefore also subject to the credit
risk of these companies. However,
the credit risk is equally spread
amongst the companies, so each
company represents one sixth of
the credit risk. Why? Because
spreading the credit risk ensures
that, should any one of the
companies involved default, only
one sixth of the clients capital and
return at maturity would be at risk.
Please note that Old Mutual
Guernsey provides no guarantee
whatsoever in respect of the
clients investment in this Fund
and the subsequent value thereof.
The Fund is available for eight
weeks from 27 August 2012, to
clients who are investing in a new
Life Account 2 contract and wish
to place 100% of their
contribution in the Fund.
The Fund aims to provide:
100% capital protection
5% per annum compounded
return or 50% of market growth
of your clients chosen market
(US or UK), whichever is higher,
at the maturity of the Fund
a choice of currency and thereby
stock market US$ or .
If your clients choose to invest in
US dollars, the performance of the
Fund will be linked to the
performance of the S&P 500
Index. If they choose to invest in
sterling, the performance of the
Fund will be linked to the FTSE
100 Index.
Whilst invested wholly into the
Fund, the standard Life Account 2
contract charges will be waived,
and only Fund charges will apply.
When the Fund matures the value
of the investment will be switched
into the OMGB US$ Money
Market Fund. From then on,
clients will have access to the full
range of Life Account 2
investment choices and the
standard Life Account 2 charges
will apply.
If you would like your clients to
take advantage of this great
investment opportunity or if you
have any questions, please
contact your Offshore Specialist,
who will be happy to help.
10 informer quarter 3 2012
From advising clients, to dealing
within the portfolio in order to
meet customers' needs, this
high-level flow chart gives an
overview of the different steps of
the application process for the
Old Mutual International
Investment Portfolio. This has
been produced to show the
importance of establishing the
relationships between client,
financial adviser, fund adviser
and custodian.
chartin the
application
process
Client meets with Financial
Adviser and is advised to invest in
an Old Mutual International
Investment Portfolio
Client and Fund Adviser to enter
into an agreement which includes
agreeing investment mandate and
any Discretionary Manager fee
Client and Financial Adviser to
agree a charging option for the
Investment Portfolio
Fund Adviser implements strategy
and manage portfolio in
accordance with specified
mandate
quarter 3 2012 informer 11
Client is provided with and reads
Investment Portfolio:
Product brochure
Key Features Document
General Conditions
Application Form (Individual,
Corporate or Trustees)
A third party linked to the Authorised
Custodian
A suitably qualified third party
The Financial Adviser
(if suitably qualified)
No Fund Adviser. Client provides
instructions straight to the Authorised
Custodians dealing desk.
Send all signed relevant paperwork,
including verification of identity to Old
Mutual International local branch office.
Money sent by OMIOM to Authorised
Custodian (less any cash Client has
requested Old Mutual Isle of Man to
retain to cover contract charges)
Client, with guidance from Financial Adviser,
selects an Authorised Custodian from the list
available and reads their charges sheet.
Financial Adviser and Client engage with the
chosen Authorised Custodian to ensure it can meet
the requirements of the Client. Where the
Custodian requires ID/KYC for the Client or any
third party appointed to the contract by the Client,
the responsibility for the provision of this ID lies
with the Financial Adviser and Client. Where the
Authorised Custodian (or an associated company)
also acts as a Discretionary Investment Manager,
the Client will enter into a discretionary agreement
with them.
Client decides who is to act as Fund
Adviser (also known as a Discretionary
Investment Manager)
If application is accepted, Client telegraphically
transfer money to Old Mutual Isle of Man*
*assuming offshore clearance obtained or monies already held offshore
Old Mutual Isle of Man issues contract
documents to Client with copy to
Financial Adviser
12 informer quarter 3 2012
The OMGB Growth Plus Fund has been managed since its
launch in August 2004 by two separate investment
managers, Global Asset Management (GAM) and since
April 2010 Skandia Investment Group (SIG). The style of
these two managers and the strategy they employed for
achieving the funds objective, have been very different.
a tale
of two
manaers
OMGB Growth Plus Fund
Performance History
GAM, the original manager of the
fund, adopted a strategy of
investing into illiquid assets, with
heavy exposure to fund of hedge
funds (c.50% on average). This
approach had the advantage of
smoothing the return profile of
the fund, but it acted as a
detractor when liquidity across
global markets evaporated during
the credit crunch of 2008.
In contrast SIG has adopted a
more liquid approach to the
management of the fund, and
uses only assets which are daily
traded. This approach has the
benefit of enabling the manager
to move in and out of assets
without liquid constraints, and
allows the true value of the
holdings to be captured in the
net asset value (NAV). However,
on the downside it can result in
increased daily volatility.
Although the two fund managers
adopted different styles and
investment strategies, the
general risk profile and asset class
quarter 3 2012 informer 13
exposures of the fund has not
changed since the launch of the
fund. We should look at the
performance of the fund split into
the two distinct periods of tenure
of the individual managers.
GAM Tenure
24/08/2004 to
09/04/2010
(Fund benchmark
3m Libor +4%)
Chart 1 illustrates that OMGB
Growth Plus (USD) Fund
outperformed the benchmark
from launch until 2008 (sub
period 1, chart 1), The fund had a
relatively low volatility return
profile in what was generally a
low volatility, rising market. In
addition the returns were
smoothed by GAMs strategy to
hold a substantial portion of the
assets in fund of hedge funds.
However, the credit crunch that
rocked markets globally in 2008
had a detrimental impact on the
funds performance. Market
volatility increased dramatically in
2008 as the credit crunch took
hold and leveraged positions
were forced to be unwound. As
a result there was an increased
focus on liquidity and in
particular a focus on the risks and
impact of investing into illiquid
assets through liquid funds.
Concerns centred on the inability
to accurately price the underlying
holdings and reflect true market
values in fund prices; and also the
inability to reposition portfolios
to adapt to the changing market
environment.
Whilst equity prices moved
substantially lower as a result of
the credit crunch, substantial
losses were also delivered in many
hedge fund strategies. What
became apparent during 2008
was that many hedge fund
strategies, in an effort to generate
returns during the low interest
rate, low volatility market, had
large equity exposures that were
invariably leveraged.
In 2008, the OMGB Growth Plus
(USD) Fund had around a 50%
exposure to hedge funds, which
suffered significant losses,
impacting on the overall
performance of the portfolio.
'04 '05 '06 '07 '08 '09
0
10
20
30
40
50
33. 9
49. 58
Cumulative Return Chart
08/24/2004 to 04/09/2010
OMGB Growth Plus (USD) LIBOR_3MONTH_USD_+4%
Sub period 1
Sub period 2
Sub period 3
Chart 1
Source Factset: 29th May 2012.
>>
14 informer quarter 3 2012
The result was a significant
underperformance to the
benchmark (sub period 2, chart 1).
In the ensuing recovery over
2009, the funds performance
was generally in line with, and
often above, the benchmark.
However, this was from a much
lower base and did not
compensate for the losses
sustained (sub period 3, chart 1).
Due to the illiquid nature of the
hedge funds, GAM were not able
to redeem distressed assets
quickly, which meant that the
fund could not be positioned to
benefit fully from the rising
market. The last of the illiquid
assets within the portfolio were
only able to be redeemed in 2011,
some 3 years after the downturn.
The illiquid nature of the strategy,
which had benefited the fund and
its investors until 2008 due to its
smoothing effect, caused
significant concern amongst the
OMGB Growth Plus (USD) Funds
investors and was a significant
part of the decision to replace
GAM with Skandia Investment
Group.
SIG Tenure Period
12/04/2010 to
30/04/2012
(Fund benchmark USD
CPI +5% over 7-10 years)
SIG took over management of the
fund in April 2010 and during this
period the benchmark was
changed from 3m Libor +4%, to
USD CPI +5% over a 7-10 years.
It was felt that the original cash
plus benchmark implied an
absolute return approach to
running the fund, which was not
the case. The new benchmark
gives investors a better
expectation of the return profile
that they can expect, and the
period that they need to be
invested to achieve this return.
In May 2010 markets again took
a significant hit as global
uncertainty dominated sentiment.
The fall in valuations was instantly
captured in the pricing of the
OMGB Growth Plus (USD) Fund
30/6/2010 31/12/2010 30/6/2011 30/12/2011
-10
-5
0
5
10
15
-0. 67
16. 61
OMGB Growth Plus (USD) CPI USA +5%
Sub period 1 Sub period 2 Sub period 3
Sub period 4
Chart 2
Source Factset: 29th May 2012
Although the two
fund managers
adopted different
styles and
investment
strategies, the
general risk profile
and asset class
exposures of the
fund has not
changed since the
launch of the fund

>
quarter 3 2012 informer 15
due to the daily liquidity of all of
the underlying assets in SIGs
strategy. However, this increased
liquidity, when compared to the
previous GAM portfolio, meant
that the fund captured all of the
returns generated by the
subsequent rebound in June/July
2010 (sub period 1, Chart 2). The
portfolio performed in line and
invariably above the CPI+5%
benchmark for the remainder of
2010 and into 2011.
The summer of 2011 saw a
second liquidity crisis rock world
markets. This time the crisis
related to Global Sovereign
Debt, and in particular European
Sovereign debt. The impact on
markets was as severe as in 2008,
but this time all asset classes
seemed to move together (Sub
period 2, Chart 2).
The strategy to which SIG
manage the fund is based heavily
on finding and investing in assets
that offer the potential for real
return. The fund had no exposure
to German or US government
debt and in fact was overweight
equities with a particular slant to
emerging markets, which in SIGs
view offered the greatest
potential for upside. The fund
underperformed as the European
Debt crisis rumbled on through
2011, but the portfolios were
positioned to benefit from the
upturn in markets in early 2012.
Markets rallied strongly as
investor fears subsided and a
level of rationality returned to
markets. With increasing global
confidence, global equities had
their strongest first quarter in
over 10 years with the MSCI
World Index rising over 10% and
US equities hitting their highest
level since the collapse of
Lehman Brothers. (Sub period 3,
Chart 2)
May 2012
In May, investors have again
responded to renewed fears over
the global outlook. Markets have
corrected quite dramatically amid
unease generated by the political
uncertainty in Europe, and a
growing fear that Europe's
austerity programmes will lead
to weak economic output.
Unlike in 2011, the worries
are less about financial stress
(indicators of which remain quite
stable) or fears about large
European defaults, and more
about the apparently poor
prospects for growth. This has
been compounded by modestly
weak data in other markets, such
as the disappointing numbers on
US employment and Chinese
exports. Shares in commodities
and cyclically-exposed
companies have proven
particularly vulnerable.
(Sub period 4, Chart 2)
However, despite this most
recent bout of volatility, we are
confident of the potential for
the OMGB Growth Plus Fund
to deliver strong returns for
committed investors. The fund
remains positioned primarily in
assets that in SIGs view have
the potential for positive real
returns.
16 informer quarter 3 2012
In the next of our series of
articles introducing the
Authorised Custodians
available on the Old
Mutual International
Investment Portfolio
panel, Fairbairn Private
Bank (IOM) Limited
explains its philosophies
and investment policies.
Fairbairn Private Bank
lobal
with a
personal touch
quarter 3 2012 informer 17
F
airbairn Private Bank offers
a successful and
comprehensive private and
personal banking operation on
behalf of a wide range of
clients. These include
private individuals,
professional
intermediaries,
wealth managers,
non-trading
companies, trusts,
governments and
institutional
investors.
We are a wholly owned
subsidiary of Nedbank and
our ultimate parent is Old Mutual
Group plc we take our name
from its founder, John Fairbairn
(1845). Through our offices in
the UK, Isle of Man, Jersey, Dubai
and South Africa, our specialist
teams of staff can provide
objective guidance and product
excellence from international
centres around the globe.
Since our inception, our principal
aim has always been to serve our
clients better than any other
financial services organisation.
We believe that the client always
comes first, so it is their needs
that drive our actions. This is our
overriding philosophy and our
entire business has been
specifically structured in support
of this objective.
We were the first British offshore
island based bank to hold an
independent A3/P2 credit
rating from Moodys (since
2002). The rating reflects our
underlying credit strength and
we are considered to have solid
financial fundamentals and a low
risk profile. The bank was also
voted Best International Wealth
Provider for the fourth year
running in the Professional
Adviser International Fund and
Product Awards 2012.
Clients could benefit from
holding their entire financial
requirements on our integrated
platform, Focus. Focus opens up
not just unitised and collective
funds but a comprehensive range
of direct investment holdings.
At Fairbairn Private Bank and
thanks to our highly trained
service support team, we are
ideally placed to adapt to your
clients changing requirements
and the ever-increasing
sophistication in the asset
management arena.
Our discretionary investment
management service has grown
rapidly since it was first
established a little over six years
ago and now offers a range of
risk-rated portfolios that can be
denominated in sterling, dollars
and euros.
We also offer collective
investment funds, which are
managed by our sister company,
Nedgroup Investments (IOM)
Limited (NGI). Known as the
Nedgroup Investments
MultiFunds plc, the funds offer
alternative access to our
discretionary investment
strategies through the purchase
of shares in collective investment
schemes. The Nedgroup
Investments MultiFund is an
open-ended investment
company (OEIC) which is UCITS
IV compliant and recognised by
the FSA, so your clients can rest
assured that it is highly regulated.
There are three risk-rated sub-
funds available in both sterling
and dollar share classes: Income,
Balanced and Growth, which
ensure access to the widest
possible range of underlying
investments. The Balanced and
Growth sub-funds are both
multi-asset class investments,
while the Income sub-fund is
primarily fixed income focused.
The sterling share class is also
hedged in order to minimise the
impact of fluctuations in
exchange rates.
With considerable flexibility of
contributions and a wide choice
of investments, using Fairbairn
Private Bank as your custodian,
through an Old Mutual
International Investment
Portfolio, can create an ideal
planning solution.
For further details
on Fairbairn Private
Banks services, please
visit the website
www.fairbairnpb.com


18 informer quarter 3 2012
Alquity Africa Fund
life chanin
investments
With developed markets showing few signs
of growth, the search is on for the next big
investment idea. Paul Robinson, CEO of
Alquity, explains why he believes Africa is
the one last, great, unexplored market.
A
frica is a continent that is
on the rise and which
investment guru George
Soros has recently described as
one of the few bright spots on
the gloomy economic horizon.
Below are five reasons why we
believe it is a good time to invest
in Africa with Alquity.
1. excellent economic
growth figures and
forecasts
The IMF predicts that growth in
the continent will be at 5.5% in
2012 and that seven of the worlds
ten fastest growing economies
between 2012-15 will be in Africa.
In addition to this, the continent
has low debt levels when
compared to Western economies.
Did you know? The worlds fastest
growing economy in 2011 was
Ghana at 20.2% GDP growth.
quarter 3 2012 informer 19
2. the richest continent
on the planet
Africa is rich in natural resources
and possesses:
20% of the worlds land mass
89% of the worlds platinum
group metals
74% of the worlds chrome
60% of the worlds diamonds
12% of the worlds proven oil
reserves
40% of the worlds gold
Demand for these resources from
China and other emerging
regions, as well as from the region
itself, has been contributing to
the growth of many of the
economies of Africa.
Did you know? The land mass of
the United States, India,
Argentina, China and Europe, all
fit easily into a map of Africa?
This map is to scale
3. a young and vibrant
population
The median age in Africa today is
19.7 years. This is compared to the
median age of 29.2 for Asia, 32
for the BRIC nations, and 40.1 for
Europe. This younger population,
which is also becoming more
educated than ever before, means
that there are fewer dependents
proportionately giving the
potential for an economic boom.
Did you know? Primary school
attendance, considered as one of
the factors which heralds
economic prosperity, is rising in
Africa faster than anywhere else in
the world?
Proportion of the population of
working age
4. Africa is wealthier
than you think
Africa has more middle class
households than India (classed
as an income exceeding 20,000
USD per annum).
There are ten African countries
wealthier than China on a per
capita GDP PPP basis*
There is a growing consumer
class with discretionary
expenditure this will fuel the
economy.
Did you know? Forbes recently
launched the first ever rich list
for Africa
*PPP = purchasing power parity. This
measures a countrys income by
considering the price of goods
compared to other countries thus
giving a fair comparison
5. investing in Africa with
Alquity life changing
investments
Alquity is a new type of
investment business, which exists
not only to bring attractive
returns to investors, but to do so
in a sustainable fashion and to
help to transform lives for the
better in the regions in which we
invest. Therefore, without
affecting fund investors returns,
the company donates a minimum
of 25% of its net revenue fee to
support development initiatives,
with a goal of creating jobs in
disadvantaged parts of the
continent in which we invest. By
doing this, we aim to create a
virtuous circle of investment to
breed investment.
In addition to this, the Alquity
Africa Fund uses Environmental,
Social, Governance (ESG)
principles when deciding which
companies to invest in on behalf
of their clients. This type of
sustainable investing examines
the way in which a business is
conducting itself, to ensure that it
is not storing up trouble for itself,
and its shareholders, for the
future by a wilful disregard for
environmental and community
matters.
Africa China
5
2
.
1
%
1980 2010 2030(f)
5
6
.
3
%
6
1
.
5
%
5
9
.
8
%
7
1
.
9
%
6
7
.
2
%
The Alquity Africa
Fund will be available
on the Old Mutual
Guernsey fund range
later in September.
20 informer quarter 3 2012
Old Mutual International has adopted new risk ratings in order to provide
investors with a more meaningful indication of overall risk and reward.
new risk ratins
explained
T
he new approach uses the
standard deviation of the returns
of the fund over the last five years.
Standard deviation is a common measure
used to demonstrate a funds volatility,
which indicates the tendency of the
returns of a fund to rise or fall over a
period of time. The standard deviation
measures the degree to which the fund
fluctuates in relation to its average return
over a period of time. A low standard
deviation indicates that the funds
fluctuation is close to the average
whereas high standard deviation
indicates that the fluctuation is more
widely spread out from the average.
The standard deviation of the fund over
the last five years is calculated using past
returns history. Where a fund hasnt been
in existence on the fund range long
enough to generate the required five
year history of returns, we have used the
standard deviation of the available
returns of the fund, along with the
standard deviation of the available
returns of a suitable sector benchmark.
This standard deviation figure is then
assigned to a relevant volatility interval.
The volatility intervals have then each
been allocated a risk rating from
1 to 5 as shown below:
The risk ratings will be reviewed on
a monthly basis. If a fund moves to a
new volatility interval for three
consecutive months, the risk rating
will be changed accordingly.
The new fund risk ratings will be
shown on all relevant literature, as
well as the fund factsheets available at
www.oldmutualinternational.com
The new risk ratings are shown
for the first time as part of
the summary of fund performance
on the following pages.
Volatility Risk Rating
<5 1
5-10 2
10-15 3
15-20 4
20< 5
quarter 3 2012 informer 21
fund news
fund launches
L0*!& D/#
Coronation Global Capital Plus (USDj 11-Sep-12
Oasis Crescent Global Equity (USDj 28-Aug-12
Ashburton Global Strategy (USDj 28-Aug-12
Alquity Africa (USDj 28-Aug-12
Coronation Global Capital Plus (EURj 7-Aug-12
Coronation Global Capital Plus (GBPj 7-Aug-12
Coronation Global Strategic lncome (USDj 24-Jul-12
Barclays GA Global High Yield Bond (USDj 17-Jul-12
Barclays GA Global High Yield Bond (EURj 17-Jul-12
Barclays GA Global High Yield Bond (GBPj 17-Jul-12
Goldman Sachs Japan Portfolio (USDj 17-Jul-12
Barclays GA Emerging Markets Debt (GBPj 3-Jul-12
Barclays GA Emerging Markets Debt (EURj 3-Jul-12
Barclays GA Emerging Markets Debt (USDj 3-Jul-12
Barclays GA Global Short Duration Bond (GBPj 19-Jun-12
Barclays GA Global Short Duration Bond (EURj 19-Jun-12
Barclays GA Global Short Duration Bond (USDj 19-Jun-12
Barclays GA US value (USDj 5-Jun-12
Pimco Global lnv Grade Credit (GBPj 5-Jun-12
Pimco Global lnv Grade Credit (USDj 5-Jun-12
Pimco Global lnv Grade Credit (EURj 5-Jun-12
Barclays GA Emerging Markets Equity (USDj 22-May-12
funds closed to new business,
switches in and top ups
Orbis Global Equity (USDj
Orbis Optimal (EURj
Orbis Optimal (USDj
Ashburton Global Euro Asset Management (EURj
Brandeaux Property (GBPj
funds closed to new business,
switches in, top ups, switches
out and withdrawals/surrenders
Glanmore Property (GBPj
Nl Target Return (USDj
Nl Target Return ll (GBPj
NlS Diversified Strategy (GBPj
NlS Diversified Strategy (USDj
NlS Guarded Strategy (GBPj
NlS Guarded Strategy (USDj
TriAlpha Multi-Strategy (USDj
Grenfell Graduate (GBPj
Grenfell Graduate (USDj
The performance figures include all external fund management fees and Annual Management Charges. This Financial Express
sourced information is provided to you by Skandia lnternational and is used at your own risk. Financial Express take care to ensure
that the information provided is correct. Neither Financial Express Limited or Skandia lnternational warrants, represents nor
guarantees the contents of the information, nor do they accept any responsibility for error, inaccuracies, omissions or any
inconsistencies herein.
lnvestors should be aware that the value of units may fall as well as rise. Past performance is not a guide to the future. Where a fund
invests in securities designated in a different currency to the fund, the value of the fund may rise and fall purely as a result of
exchange rate fluctuations. lnvestors should be aware of the risks when investing in Emerging Market Funds as they may be subject
to considerable fluctuations in value. They are additional to the normal risks inherent in securities. Local dealing restrictions may
make certain securities illiquid. lnvestment in these Funds should be regarded as long-term in nature and is only suitable for
sophisticated investors who understand the risks involved.
22 informer quarter 3 2012
i
n
d
i
c
a
t
o
r
c
a
t
e

o
r
i
e
s
T
h
e

o
u
t
l
o
o
k

p
r
o
v
i
d
e
d

b
y

t
h
e
f
u
n
d

g
r
o
u
p

f
o
r

e
q
u
i
t
i
e
s
i
g
n
o
r
e
s
t
h
e

e
f
f
e
c
t

t
h
a
t

c
u
r
r
e
n
c
y
m
o
v
e
m
e
n
t
s

c
a
n

h
a
v
e

o
n

t
h
e
m
a
r
k
e
t
.

F
o
r

e
x
a
m
p
l
e
,

i
f

t
h
e

f
u
n
d
g
r
o
u
p

b
e
l
i
e
v
e
s

t
h
e

U
S

o
u
t
l
o
o
k

i
s
p
o
s
i
t
i
v
e
,

b
u
t

b
e
l
i
e
v
e
s

t
h
e
s
t
r
e
n
g
t
h

o
f

S
t
e
r
l
i
n
g

w
i
l
l

b
e

a
d
e
t
e
r
r
e
n
t

f
o
r

U
K

i
n
v
e
s
t
o
r
s
,

t
h
e
y
w
i
l
l

s
t
i
l
l

s
h
o
w

a

p
o
s
i
t
i
v
e

o
u
t
l
o
o
k
f
o
r

t
h
e

U
S

m
a
r
k
e
t
.
T
h
e

o
u
t
l
o
o
k
s

f
o
r

e
q
u
i
t
i
e
s
,
b
o
n
d
s
a
n
d

p
r
o
p
e
r
t
y
r
e
l
a
t
e

t
o
t
h
e

s
p
e
c
i
f
i
c

i
n
d
i
c
e
s

s
h
o
w
n

i
n

t
h
e
'
b
e
n
c
h
m
a
r
k
s

a
n
d

m
a
r
k
e
t
m
o
v
e
m
e
n
t
s
'

t
a
b
l
e

b
e
l
o
w

t
h
e
i
n
d
i
c
a
t
o
r

g
r
i
d
.

T
h
e

p
e
r
f
o
r
m
a
n
c
e
i
n
f
o
r
m
a
t
i
o
n

s
h
o
w
n

i
n

t
h
i
s

t
a
b
l
e

i
s
c
a
l
c
u
l
a
t
e
d

i
n

S
t
e
r
l
i
n
g

t
e
r
m
s
.

































































h
o
w

t
o

u
s
e

i
n
d
i
c
a
t
o
r
T
h
e

I
n
d
i
c
a
t
o
r

p
r
o
v
i
d
e
s

i
n
v
e
s
t
o
r
s

w
i
t
h

a

1
2
-
m
o
n
t
h

s
t
o
c
k

m
a
r
k
e
t

o
u
t
l
o
o
k

f
o
r
m

a

s
e
l
e
c
t
i
o
n

o
f
f
u
n
d

g
r
o
u
p
s
.

T
h
i
s

i
n
f
o
r
m
a
t
i
o
n

i
s

p
r
o
v
i
d
e
d

b
y

S
k
a
n
d
i
a

I
n
t
e
r
n
a
t
i
o
n
a
l

o
f

w
h
i
c
h

O
l
d

M
u
t
u
a
l
I
n
t
e
r
n
a
t
i
o
n
a
l

i
s

a

k
e
y

c
o
m
p
o
n
e
n
t
.

S
k
a
n
d
i
a

I
n
t
e
r
n
a
t
i
o
n
a
l

p
r
o
v
i
d
e
d

t
h
e

f
u
n
d

g
r
o
u
p
s

w
i
t
h

a
n
i
n
d
e
x

a
s

a

b
e
n
c
h
m
a
r
k

f
o
r

e
a
c
h

s
e
c
t
o
r

a
n
d

a
s
k
e
d

t
h
e
m

h
o
w

t
h
e
y

t
h
i
n
k

t
h
e

i
n
d
e
x

w
i
l
l

p
e
r
f
o
r
m
o
v
e
r

t
h
e

n
e
x
t

1
2

m
o
n
t
h
s
.

T
h
e

f
u
n
d

g
r
o
u
p
s

l
i
s
t
e
d

m
a
y

n
o
t

b
e

a
v
a
i
l
a
b
l
e

t
o

a
l
l

t
h
e

p
r
o
d
u
c
t
c
o
m
p
a
n
i
e
s

w
h
i
c
h

f
o
r
m

S
k
a
n
d
i
a

I
n
t
e
r
n
a
t
i
o
n
a
l
.
A
u
g
u
s
t

2
0
1
2
T
&
#
.
#

-
#

I
*
1
#
.
/
)
#
*
/

H
+
0
.
#

1
'
#
2
.

*
"

-
#

*
+
/

$
0
*
"
-
.
,
#
!
'
$
'
!
.
E
q
u
i
t
i
e
s
B
o
n
d
s
P
r
o
p
e
r
t
y

hi

I
l
N
e
g
a
t
i
v
e
N
e
u
t
r
a
l
P
o
s
i
t
i
v
e
V
i
e
w

n
o
t

p
r
o
v
i
d
e
d
P
o
s
i
t
i
v
e

s
h
i
f
t
N
e
g
a
t
i
v
e

s
h
i
f
t
U S
U S S m a l l e r C o s
E u r o p e
P a c i f i c E x J a p a n
J a p a n
E m e r g i n g M a r k e t s
B R l C
U K
U K S m a l l e r C o s
G l o b a l P r o p e r t y
S e c u r i t i e s
U K P r o p e r t y
l n t e r n a t i o n a l
U K G o v e r n m e n t
U K C o r p o r a t e
K
a
m
e
s

C
a
p
i
t
a
l
A
l
l
i
a
n
z

G
l
o
b
a
l

l
n
v
e
s
t
o
r
s
A
X
A

F
r
a
m
l
i
n
g
t
o
n
B
a
r
i
n
g
s
B
l
a
c
k
R
o
c
k

F
&
C
F
i
d
e
l
i
t
y
G
L
G
H
e
n
d
e
r
s
o
n

H
S
B
C
l
g
n
i
s
l
N
v
E
S
C
O

P
E
R
P
E
T
U
A
L
l
n
v
e
s
t
e
c
J
P
M
o
r
g
a
n
M
&
G








T
h
e
s
e

v
i
e
w
s

a
r
e

n
o
t

f
u
n
d

s
p
e
c
i
f
i
c
.

W
e

h
a
v
e

a
s
k
e
d

t
h
e

f
u
n
d

g
r
o
u
p
s

t
o

p
r
o
v
i
d
e

a
n

o
u
t
l
o
o
k

f
o
r

e
a
c
h

s
e
c
t
o
r

a
s

a

w
h
o
l
e
.
l
I

l
l
I

I
I

h
l

I
I

l
l

I
l

I
I
I

l
I

l
i

h
l
i
l
i

l
l

l
i
l
i
I

i
l

l
l

l
l

l
i
l
i
l
i

quarter 3 2012 informer 23








































































o
u
t
l
o
o
k

u
i
d
e
l
i
n
e
s

a

p
o
s
i
t
i
v
e

o
u
t
l
o
o
k
t
h
e

f
u
n
d

g
r
o
u
p

b
e
l
i
e
v
e
s

t
h
e
i
n
d
e
x

t
h
e
y

a
r
e

u
s
i
n
g

a
s

a
b
e
n
c
h
m
a
r
k

w
i
l
l

r
i
s
e

i
n
e
x
c
e
s
s

o
f

5
%

o
v
e
r

t
h
e

n
e
x
t
1
2

m
o
n
t
h
s
.

a

n
e
u
t
r
a
l

o
u
t
l
o
o
k
t
h
e

f
u
n
d

g
r
o
u
p

b
e
l
i
e
v
e
s

t
h
e
i
n
d
e
x

t
h
e
y

a
r
e

u
s
i
n
g

a
s

a
b
e
n
c
h
m
a
r
k

w
i
l
l

h
a
v
e

e
i
t
h
e
r
a

p
o
s
i
t
i
v
e

o
r

n
e
g
a
t
i
v
e

m
o
v
e
m
e
n
t

o
f

b
e
t
w
e
e
n

0
%

a
n
d

5
%
.
l
a

n
e
g
a
t
i
v
e

o
u
t
l
o
o
k
t
h
e

f
u
n
d

g
r
o
u
p

b
e
l
i
e
v
e
s

t
h
e

i
n
d
e
x

t
h
e
y

a
r
e

u
s
i
n
g

a
s

a

b
e
n
c
h
m
a
r
k

w
i
l
l

f
a
l
l

i
n
e
x
c
e
s
s

o
f

5
%

o
v
e
r

t
h
e

n
e
x
t
1
2

m
o
n
t
h
s
.
P

.
/

,
#
-
$
+
-
)

*
!
#

'
.

*
+
/


%
0
'
"
#

/
+

$
0
/
0
-
#

,
#
-
$
+
-
)

*
!
#
.
S
o
u
r
c
e

f
o
r

a
l
l

p
e
r
f
o
r
m
a
n
c
e

i
n
f
o
r
m
a
t
i
o
n
:

F
i
n
a
n
c
i
a
l

E
x
p
r
e
s
s

L
i
m
i
t
e
d
,

f
r
o
m

2
9
/
0
6
/
2
0
1
2

t
o

3
1
/
0
7
/
2
0
1
2
,

b
i
d

t
o

b
i
d
,

i
n

d
o
l
l
a
r
s
,

w
i
t
h

%
-
+
.
.
i
n
c
o
m
e

r
e
i
n
v
e
s
t
e
d

b
a
c
k

i
n
t
o

t
h
e

f
u
n
d
.
U


F
i
g
u
r
e
s

u
n
a
v
a
i
l
a
b
l
e
.
*

T
h
i
s

i
s

t
h
e

v
i
e
w

o
f

B
o
b

Y
e
r
b
u
r
y
,

C
h
i
e
f

l
n
v
e
s
t
m
e
n
t

O
f
f
i
c
e
r

o
f

l
n
v
e
s
c
o

U
K
.

T
h
e
s
e

v
i
e
w
s

m
a
y

c
h
a
n
g
e

a
n
d

m
a
y

d
i
f
f
e
r

f
r
o
m

t
h
o
s
e

o
f

i
n
d
i
v
i
d
u
a
l

l
n
v
e
s
c
o

P
e
r
p
e
t
u
a
l

f
u
n
d

m
a
n
a
g
e
r
s
.

A
d
d
i
t
i
o
n
a
l
l
y
,

t
h
i
s

1
2
-
m
o
n
t
h

o
u
t
l
o
o
k

i
s

a

s
h
o
r
t
e
r

t
e
r
m

t
h
a
n

l
n
v
e
s
c
o

P
e
r
p
e
t
u
a
l
'
s

n
o
r
m
a
l

i
n
v
e
s
t
m
e
n
t

h
o
r
i
z
o
n

w
h
e
n

b
u
y
i
n
g

s
t
o
c
k

a
n
d
,

a
s

s
u
c
h
,

t
h
e

v
i
e
w
s

m
a
y

n
o
t

n
e
c
e
s
s
a
r
i
l
y

b
e

r
e
p
r
e
s
e
n
t
a
t
i
v
e

o
f

l
n
v
e
s
c
o

P
e
r
p
e
t
u
a
l
'
s

p
o
r
t
f
o
l
i
o
s
.

T
h
i
s

F
i
n
a
n
c
i
a
l

E
x
p
r
e
s
s

s
o
u
r
c
e
d

i
n
f
o
r
m
a
t
i
o
n

i
s

p
r
o
v
i
d
e
d

t
o

y
o
u

b
y

S
k
a
n
d
i
a

U
K

G
r
o
u
p

a
n
d

i
s

u
s
e
d

a
t

y
o
u
r

o
w
n

r
i
s
k
.

F
i
n
a
n
c
i
a
l

E
x
p
r
e
s
s

t
a
k
e

c
a
r
e

t
o

e
n
s
u
r
e

t
h
a
t

t
h
e

i
n
f
o
r
m
a
t
i
o
n

p
r
o
v
i
d
e
d

i
s

c
o
r
r
e
c
t
.

N
e
i
t
h
e
r

F
i
n
a
n
c
i
a
l

E
x
p
r
e
s
s

L
i
m
i
t
e
d

o
r
S
k
a
n
d
i
a

G
r
o
u
p

w
a
r
r
a
n
t
s
,

r
e
p
r
e
s
e
n
t
s

n
o
r

g
u
a
r
a
n
t
e
e
s

t
h
e

c
o
n
t
e
n
t
s

o
f

t
h
e

i
n
f
o
r
m
a
t
i
o
n
,

n
o
r

d
o

t
h
e
y

a
c
c
e
p
t

a
n
y

r
e
s
p
o
n
s
i
b
i
l
i
t
y

f
o
r

e
r
r
o
r
,

i
n
a
c
c
u
r
a
c
i
e
s
,

o
m
i
s
s
i
o
n
s

o
r

a
n
y

i
n
c
o
n
s
i
s
t
e
n
c
i
e
s

h
e
r
e
i
n
.
b
e
n
c
h
m
a
r
k
s

a
n
d

m
a
r
k
e
t

m
o
v
e
m
e
n
t
s
,
#
-
!
#
*
/

%
#

%
-
+
2
/
&
E
q
u
i
t
i
e
s
F
T
S
E

A
l
l

S
h
a
r
e
F
T
S
E

S
m
a
l
l

C
a
p

l
n
d
e
x
S
&
P

5
0
0
R
u
s
s
e
l
l

2
0
0
0
F
T
S
E

W
o
r
l
d

E
u
r
o
p
e

e
x

U
K
F
T
S
E

A
l
l

W
o
r
l
d

J
a
p
a
n
F
T
S
E

W
o
r
l
d

P
a
c
i
f
i
c

e
x

J
a
p
a
n
M
S
C
l

E
m
e
r
g
i
n
g

M
a
r
k
e
t
s

C
o
m
p
o
s
i
t
e
B
R
l
C
P
r
o
p
e
r
t
y
U
K

P
r
o
p
e
r
t
y
G
l
o
b
a
l

P
r
o
p
e
r
t
y

S
e
c
u
r
i
t
i
e
s
B
o
n
d
s
C
i
t
i

U
K

G
o
v
e
r
n
m
e
n
t

B
o
n
d

l
n
d
e
x
,

A
l
l

M
a
t
u
r
i
t
i
e
s
C
i
t
i

W
B
l
G

U
K

C
o
r
p
o
r
a
t
e

B
o
n
d

l
n
d
e
x
C
i
t
i

W
o
r
l
d

G
o
v
e
r
n
m
e
n
t

B
o
n
d

l
n
d
e
x
-
4
.
4
8
-
4
.
2
0
3
0
.
1
2
-
1
7
.
6
1
1
0
2
.
5
6
-
7
.
2
7
-
1
0
.
4
2
2
4
.
1
5
-
4
1
.
8
3
5
7
.
6
0
-
0
.
9
4
8
.
4
1
4
5
.
9
0
2
.
3
5
7
1
.
5
5
-
3
.
4
2
-
0
.
2
3
4
5
.
3
5
6
.
5
1
1
1
9
.
8
1
-
3
.
8
6
-
1
6
.
7
5
3
.
8
6
-
2
9
.
5
7
1
0
2
.
5
8
-
6
.
3
9
-
1
2
.
2
6
-
0
.
9
0
-
2
9
.
2
2
3
5
.
5
6
-
2
.
5
5
-
8
.
0
0
3
5
.
4
8
6
.
1
3
2
4
0
.
2
1
-
5
.
9
9
-
1
3
.
9
3
2
1
.
2
3
-
3
.
5
9
3
1
2
.
0
1
-
8
.
9
7
-
1
9
.
8
2
2
.
5
4
-
1
3
.
8
0
4
8
3
.
0
0
-
3
.
6
3
-
2
.
1
9
2
4
.
9
8
-
3
5
.
3
5
4
8
.
4
3
4
.
2
9
6
.
1
1
5
3
.
1
4
-
8
.
7
8
1
3
9
.
5
4
1
.
9
5
1
0
.
4
1
8
.
9
8
3
.
5
3
6
5
.
6
8
0
.
4
3
2
.
3
1
-
1
8
.
4
8
-
2
6
.
6
0
2
3
.
4
2
0
.
4
0
1
.
3
3
1
5
.
9
9
3
9
.
5
1
9
3
.
1
1
3

M
+
*
/
&
.
1

Y
#

-
3

Y
#

-
.
5

Y
#

-
.
1
0

Y
#

-
.

-
6
.
0
9
-
6
.
6
5
-
1
2
.
5
2
-
1
0
.
2
1
-
8
.
9
0
-
1
1
.
2
1
-
1
3
.
1
8
-
1
1
.
6
6
-
1
2
.
0
5
-
6
.
3
8
-
4
.
3
2
-
0
.
6
1
-
0
.
9
3
-
3
.
1
5
l
n
d
i
c
e
s

M
o
n
t
h
l
y

%

P
e
r
f
o
r
m
a
n
c
e


U
S
D






M
a
r
t
i
n

C
u
r
r
i
e
N
e
w
t
o
n
O
M

A
s
s
e
t

M
a
n
a
g
e
r
s

(
U
K
j

L
t
d
P
i
c
t
e
t
S
k
a
n
d
i
a

l
n
v
e
s
t
m
e
n
t

G
r
o
u
p
S
W
l
P
S
c
h
r
o
d
e
r
s
T
h
r
e
a
d
n
e
e
d
l
e
B
N
P

P
a
r
i
b
a
s
C
o
n
s
e
n
s
u
s

I
I
I
I
I

I
l

I
I

I
I
l
l

l
l
l
l
l

l
l

l
i
l
i
l

l
l
l

l
i
l
i
l
i
l
i
l
i

i
I

l
I

I
I

24 informer quarter 3 2012


J
0
(
3

2
0
1
2
#
!
G
B

&
A
9
9
-
>
E

;
2

F
A
:
0

$
1
>
2
;
>
9
-
:
/
1
+
1
-
>

@
;

0
-
@
1

%
C
;
9
<
;
A
:
0
A
:
:
A
-
8

G
>
;
C
@
4
%
-
@
1

%
S
H
o
r
T

T
e
r
M

a
L
L
o
c
a
T
I
o
n
c
o
r
e

M
o
n
e
Y

M
a
r
k
e
T
#
!
G
B

!
;
:
1
E

!
-
>
7
1
@

(
E
(
%
)
1
2
3
.
0
8
.
0
4
1
.
1
3
4
-
0
.
0
9
-
0
.
0
9
-
0
.
0
9
0
.
0
9
0
.
3
5
6
.
4
8
-
0
.
0
9
1
.
6
0
#
!
G
B

!
;
:
1
E

!
-
>
7
1
@

(
G
B
$
)
1
2
3
.
0
8
.
0
4
1
.
2
2
4
0
.
0
0
0
.
0
0
0
.
0
8
0
.
1
6
0
.
3
3
7
.
9
4
0
.
0
8
2
.
5
9
#
!
G
B

!
;
:
1
E

!
-
>
7
1
@

(
(
&
D
)
1
2
3
.
0
8
.
0
4
1
.
1
5
5
0
.
0
0
0
.
0
0
-
0
.
0
9
-
0
.
1
7
-
0
.
3
5
4
.
1
5
-
0
.
0
9
1
.
8
4
#
!
G
B

!
;
:
1
E

!
-
>
7
1
@

(
,
A
%
)
1
3
0
.
0
8
.
0
5
1
.
4
9
0
0
.
4
0
1
.
0
9
2
.
0
5
4
.
2
7
1
5
.
6
8
3
7
.
0
7
2
.
4
8
5
.
9
3
c
o
r
e

F
u
n
D
S

-

F
I
x
e
D

T
e
r
M
#
!
G
B

G
8
;
.
-
8

$
>
;
@
1
/
@
1
0

I
:
0
1
D

"
;
@
1

(
(
&
D
)
3
1
5
.
1
2
.
1
1
1
.
0
4
2
5
.
0
4
-
2
.
3
4
-
6
.
5
5
8
.
2
0
7
.
3
1
#
!
G
B

G
8
;
.
-
8

$
>
;
@
1
/
@
1
0

I
:
0
1
D

"
;
@
1

2

(
(
&
D
)
3
3
0
.
0
3
.
1
2
0
.
9
0
3
3
.
5
6
-
1
.
7
4
-
9
.
7
0
M
e
D
I
u
M
/
L
o
n
g

T
e
r
M

a
L
L
o
c
a
T
I
o
n
c
o
r
e

F
u
n
D
S

-

M
e
D
I
u
M

a
n
D

L
o
n
g

T
e
r
M

-

M
a
n
a
g
e
D

S
o
L
u
T
I
o
n
S
#
!
G
B

C
;
:
?
1
>
B
-
@
5
B
1

$
8
A
?

(
E
(
%
)
2
2
9
.
0
3
.
1
1
0
.
9
6
0
0
.
3
1
-
2
.
2
4
-
2
.
6
4
-
4
.
1
9
-
0
.
4
1
-
3
.
0
2
#
!
G
B

C
;
:
?
1
>
B
-
@
5
B
1

$
8
A
?

(
G
B
$
)
2
2
9
.
0
3
.
1
1
0
.
9
6
0
0
.
3
1
-
2
.
2
4
-
2
.
4
4
-
4
.
0
0
-
0
.
3
1
-
3
.
0
2
#
!
G
B

C
;
:
?
1
>
B
-
@
5
B
1

$
8
A
?

(
(
&
D
)
2
2
9
.
0
3
.
1
1
0
.
9
5
6
0
.
2
1
-
2
.
2
5
-
2
.
6
5
-
4
.
3
0
-
0
.
5
2
-
3
.
3
2
#
!
G
B

D
5
B
1
>
?
5
2
5
1
0

$
8
A
?

(
E
(
%
)
2
2
3
.
0
8
.
0
4
1
.
2
1
0
4
.
4
9
1
.
5
1
2
.
8
0
0
.
4
1
1
1
.
7
3
-
2
.
7
3
8
.
3
3
2
.
4
4
#
!
G
B

D
5
B
1
>
?
5
2
5
1
0

$
8
A
?

(
G
B
$
)
2
2
3
.
0
8
.
0
4
1
.
2
5
2
3
.
3
0
-
0
.
7
1
-
0
.
7
9
-
6
.
0
1
5
.
7
4
-
5
.
1
5
4
.
4
2
2
.
8
8
#
!
G
B

D
5
B
1
>
?
5
2
5
1
0

$
8
A
?

(
(
&
D
)
2
2
3
.
0
8
.
0
4
1
.
3
3
5
3
.
4
9
-
2
.
4
1
-
1
.
2
6
-
8
.
3
1
8
.
4
5
-
2
.
5
5
5
.
5
3
3
.
7
2
#
!
G
B

G
8
;
.
-
8

D
E
:
-
9
5
/

B
;
:
0

(
E
(
%
)
3
0
5
.
0
4
.
1
1
1
.
0
4
9
1
.
5
5
1
.
9
4
3
.
5
5
5
.
0
1
7
.
5
9
3
.
9
0
#
!
G
B

G
8
;
.
-
8

D
E
:
-
9
5
/

B
;
:
0

(
G
B
$
)
3
0
5
.
0
4
.
1
1
1
.
0
4
1
1
.
4
6
1
.
8
6
4
.
4
1
4
.
8
3
7
.
5
4
3
.
2
7
#
!
G
B

G
8
;
.
-
8

D
E
:
-
9
5
/

B
;
:
0

(
(
&
D
)
3
0
5
.
0
4
.
1
1
1
.
0
5
1
1
.
4
5
1
.
8
4
3
.
4
4
4
.
8
9
7
.
4
6
4
.
0
6
#
!
G
B

G
8
;
.
-
8

D
E
:
-
9
5
/

E
=
A
5
@
E

(
E
(
%
)
4
2
9
.
0
3
.
1
1
1
.
0
0
3
7
.
2
7
2
.
7
7
4
.
0
5
1
.
3
1
1
2
.
0
7
0
.
2
2
#
!
G
B

G
8
;
.
-
8

D
E
:
-
9
5
/

E
=
A
5
@
E

(
G
B
$
)
4
1
7
.
0
8
.
1
0
1
.
0
4
5
5
.
1
3
-
1
.
1
4
-
2
.
3
4
-
9
.
9
9
4
.
9
2
2
.
3
2
#
!
G
B

G
8
;
.
-
8

D
E
:
-
9
5
/

E
=
A
5
@
E

(
(
&
D
)
4
1
7
.
0
8
.
1
0
1
.
0
4
3
5
.
3
5
-
4
.
1
4
-
3
.
1
6
-
1
4
.
5
1
6
.
7
6
2
.
2
2
#
!
G
B

G
>
;
C
@
4

$
8
A
?

(
E
(
%
)
3
2
3
.
0
8
.
0
4
1
.
2
3
5
5
.
4
7
1
.
6
5
3
.
6
1
-
0
.
2
4
1
4
.
8
8
-
5
.
1
5
9
.
5
8
2
.
7
0
#
!
G
B

G
>
;
C
@
4

$
8
A
?

(
G
B
$
)
3
2
3
.
0
8
.
0
4
1
.
2
3
7
3
.
8
6
-
1
.
4
3
-
1
.
3
6
-
8
.
9
8
6
.
3
6
-
1
1
.
0
1
4
.
2
1
2
.
7
2
#
!
G
B

G
>
;
C
@
4

$
8
A
?

(
(
&
D
)
3
2
3
.
0
8
.
0
4
1
.
3
3
3
3
.
9
8
-
3
.
6
8
-
1
.
9
1
-
1
2
.
0
1
9
.
7
1
-
6
.
3
2
5
.
7
1
3
.
7
0
c
o
r
e

a
S
S
e
T

c
L
a
S
S

4

b
o
n
D
S
#
!
G
B

E
9
1
>
3
5
:
3

!
-
>
7
1
@

B
;
:
0

(
(
&
D
)
5
0
4
.
1
1
.
0
8
1
.
9
4
2
4
.
1
3
3
.
9
6
6
.
6
4
9
.
1
0
4
6
.
2
3
1
0
.
1
5
1
9
.
8
4
#
!
G
B

G
8
;
.
-
8

B
;
:
0

(
(
&
D
)
3
2
3
.
0
8
.
0
4
1
.
4
4
5
1
.
4
0
1
.
8
3
3
.
5
1
5
.
0
9
2
7
.
0
9
2
5
.
4
3
7
.
5
1
4
.
7
6
#
!
G
B

(
K

B
;
:
0

(
G
B
$
)
2
2
3
.
0
8
.
0
4
1
.
4
7
4
1
.
5
2
2
.
0
1
4
.
5
4
5
.
2
9
3
6
.
6
1
3
3
.
8
8
7
.
7
5
5
.
0
2
#
!
G
B

(
&

B
;
:
0

(
(
&
D
)
2
2
3
.
0
8
.
0
4
1
.
3
7
9
1
.
7
7
3
.
1
4
4
.
7
1
5
.
9
1
2
6
.
5
1
3
8
.
4
5
7
.
1
5
4
.
1
4
c
o
r
e

a
S
S
e
T

c
L
a
S
S

4

e
q
u
I
T
Y
#
!
G
B

E
9
1
>
3
5
:
3

!
-
>
7
1
@

E
=
A
5
@
E

(
G
B
$
)
5
1
6
.
0
9
.
0
8
1
.
5
6
1
4
.
4
1
-
4
.
9
3
-
7
.
4
7
-
1
5
.
0
2
2
3
.
5
0
0
.
4
5
1
2
.
3
2
#
!
G
B

E
9
1
>
3
5
:
3

!
-
>
7
1
@
?

E
=
A
5
@
E

(
(
&
D
)
5
1
4
.
0
6
.
1
1
0
.
8
3
3
4
.
7
8
-
7
.
6
5
-
8
.
1
6
-
1
8
.
6
5
2
.
4
6
-
1
5
.
5
2
#
!
G
B

E
A
>
;
<
1
-
:

E
=
A
5
@
E

(
E
(
%
)
4
2
3
.
0
8
.
0
4
1
.
6
0
8
7
.
9
2
2
.
4
2
1
.
3
9
-
4
.
1
1
3
2
.
7
8
-
1
2
.
6
6
8
.
8
0
6
.
1
8
#
!
G
B

E
A
>
;
<
1
-
:

E
=
A
5
@
E

A
8
<
4
-

(
E
(
%
)
4
0
4
.
1
1
.
0
8
1
.
4
6
7
7
.
3
2
2
.
8
0
5
.
3
9
-
6
.
0
8
3
1
.
3
3
1
4
.
5
2
1
1
.
0
2
#
!
G
B

F
-
>

E
-
?
@

E
=
A
5
@
E

(
(
&
D
)
5
2
7
.
1
1
.
0
9
1
.
0
9
6
4
.
1
8
-
6
.
8
8
-
6
.
8
0
-
1
4
.
5
8
1
.
2
9
3
.
5
0
#
!
G
B

G
8
;
.
-
8

E
=
A
5
@
E

(
(
&
D
)
4
2
3
.
0
8
.
0
4
1
.
1
8
4
3
.
4
1
-
5
.
4
3
-
3
.
4
3
-
1
3
.
8
3
1
6
.
7
7
-
3
0
.
3
1
3
.
6
8
2
.
1
6
#
!
G
B

G
8
;
.
-
8

E
=
A
5
@
E

A
8
<
4
-

(
G
B
$
)
4
0
8
.
0
8
.
0
6
1
.
1
7
6
3
.
3
4
-
2
.
8
1
1
.
3
8
-
9
.
2
6
3
4
.
0
9
-
1
.
0
1
7
.
8
9
2
.
7
8
#
!
G
B

G
>
1
-
@
1
>

C
4
5
:
-

E
=
A
5
@
E

(
(
&
D
)
5
0
4
.
1
1
.
0
8
1
.
7
4
1
2
.
4
1
-
7
.
0
0
-
7
.
1
5
-
1
6
.
4
2
1
4
.
3
9
-
2
.
1
9
1
6
.
3
2
#
!
G
B

J
-
<
-
:
1
?
1

E
=
A
5
@
E

(
(
&
D
)
4
2
7
.
1
1
.
0
9
0
.
9
2
5
1
.
4
3
-
6
.
3
8
-
5
.
5
2
-
1
7
.
4
8
0
.
5
4
-
2
.
8
8













































































































































































































































































































3
!
;
:
@
4
?
1
!
;
:
@
4
6
!
;
:
@
4
?
1

+
1
-
>
3

+
1
-
>
?
%
5
?
7
>
-
@
5
:
3
$
1
>
/
1
:
@
-
3
1

3
>
;
C
@
4

/
-
8
/
A
8
-
@
1
0

@
;

3
1
/
0
7
/
2
0
1
2
$
+
-

$
'
*

*
!
'

"
1
'
.
#
-
.

+
*
(
3

-
A
:
/
4
0
-
@
1
5

+
1
-
>
?

-
?
@

<
>
5
/
1
C
O
R
E
quarter 3 2012 informer 25



















































































































































#
!
G
B

"
;
>
@
4

A
9
1
>
5
/
-
:

E
=
A
5
@
E

(
(
&
D
)
4
2
3
.
0
8
.
0
4
1
.
1
9
9
4
.
6
2
-
1
.
0
7
3
.
0
1
-
1
.
0
7
3
1
.
9
0
-
1
1
.
6
4
8
.
4
1
2
.
3
2
#
!
G
B

(
K

E
=
A
5
@
E

(
G
B
$
)
4
2
3
.
0
8
.
0
4
1
.
4
1
1
4
.
7
5
-
0
.
7
0
2
.
5
4
-
0
.
2
1
3
5
.
9
3
-
1
3
.
8
6
9
.
8
1
4
.
4
4
#
!
G
B

(
K

E
=
A
5
@
E

A
8
<
4
-

(
G
B
$
)
4
0
4
.
1
1
.
0
8
1
.
3
4
4
4
.
5
9
-
2
.
2
5
2
.
8
3
-
7
.
6
9
3
2
.
1
5
9
.
4
5
8
.
4
0
c
o
r
e

a
S
S
e
T

c
L
a
S
S

4

P
r
o
P
e
r
T
Y
#
!
G
B

G
8
;
.
-
8

$
>
;
<
1
>
@
E

&
1
/
A
>
5
@
5
1
?

(
G
B
$
)
3
0
8
.
0
1
.
0
8
0
.
7
3
1
7
.
0
3
4
.
5
8
8
.
1
4
-
0
.
1
4
4
6
.
7
9
1
4
.
9
4
-
6
.
7
3
#
!
G
B

(
K

$
>
;
<
1
>
@
E

(
G
B
$
)
3
2
3
.
0
8
.
0
4
1
.
0
1
6
0
.
1
0
3
.
9
9
0
.
4
0
0
.
2
0
2
3
.
0
0
-
2
3
.
0
3
0
.
9
9
0
.
2
0
c
o
r
e

a
S
S
e
T

c
L
a
S
S

4

a
L
T
e
r
n
a
T
I
v
e

S
T
r
a
T
e
g
Y
#
!
G
B

A
.
?
;
8
A
@
1

%
1
@
A
>
:

(
(
&
D
)
4
2
3
.
0
8
.
0
4
1
.
0
8
7
0
.
2
8
-
2
.
2
5
-
2
.
6
9
-
4
.
3
1
3
.
2
3
-
1
2
.
5
5
-
0
.
4
6
1
.
0
6
#
!
G
B

A
.
?
;
8
A
@
1

%
1
@
A
>
:

(
E
(
%
)
2
2
9
.
0
3
.
1
1
0
.
9
6
0
0
.
4
2
-
2
.
2
4
-
2
.
6
4
-
4
.
1
9
-
0
.
4
1
-
3
.
0
2
g
e
n
e
r
a
L

a
v
a
I
L
a
b
I
L
I
T
Y
#
!
G
B

A
?
4
.
A
>
@
;
:

A
?
?
1
@

!
-
:
-
3
1
9
1
:
@

(
G
B
$
)
3
0
3
.
0
5
.
0
5
1
.
3
6
8
1
.
7
9
0
.
1
5
0
.
4
4
0
.
2
2
1
8
.
5
4
1
4
.
7
7
3
.
7
1
4
.
4
7
#
!
G
B

A
?
4
.
A
>
@
;
:

A
?
?
1
@

!
-
:
-
3
1
9
1
:
@

(
(
&
D
)
3
0
3
.
0
5
.
0
5
1
.
2
9
6
1
.
8
1
-
0
.
7
7
-
0
.
1
5
-
1
.
5
2
1
4
.
8
9
5
.
2
8
3
.
0
2
3
.
6
8
#
!
G
B

A
?
4
.
A
>
@
;
:

C
4
5
:
0
5
-

E
=
A
5
@
E

F
A
:
0

(
(
&
D
)
5
1
4
.
0
6
.
1
1
0
.
7
0
3
3
.
3
8
-
6
.
3
9
-
1
0
.
2
2
-
3
1
.
4
1
0
.
7
2
-
2
7
.
7
7
#
!
G
B

A
?
4
.
A
>
@
;
:

E
A
>
;
<
1
-
:

E
=
A
5
@
E

F
A
:
0

(
E
(
%
)
4
1
4
.
0
6
.
1
1
1
.
0
0
4
1
1
.
4
3
0
.
4
0
2
.
3
4
-
0
.
6
9
1
2
.
1
8
0
.
3
7
#
!
G
B

A
?
4
.
A
>
@
;
:

G
8
;
.
-
8

B
-
8
-
:
/
1
0

(
(
&
D
)
3
1
3
.
0
5
.
0
8
0
.
9
0
8
2
.
3
7
-
1
.
3
0
0
.
8
9
-
5
.
7
1
1
1
.
5
5
4
.
0
1
-
2
.
2
9
H
#
!
G
B

A
?
4
.
A
>
@
;
:

G
8
;
.
-
8

E
A
>
;

A
?
?
1
@

!
-
:
-
3
1
9
1
:
@

(
E
(
%
)
3
2
6
.
0
8
.
0
8
1
.
1
3
5
2
.
8
1
2
.
0
7
2
.
3
4
2
.
5
3
2
2
.
7
0
5
.
2
9
3
.
2
9
#
!
G
B

A
?
4
.
A
>
@
;
:

%
1
<
8
5
/
-

E
A
>
;

A
?
?
1
@

!
-
:
-
3
1
9
1
:
@

(
E
(
%
)
3
2
6
.
0
8
.
0
8
1
.
1
4
7
2
.
5
0
0
.
9
7
1
.
8
7
3
.
4
3
2
2
.
2
8
4
.
7
5
3
.
5
6
#
!
G
B

A
B
5
B
-

I
:
B
1
?
@
;
>
?

A
?
5
-

$
-
/
5
2
5
/

$
>
;
<
1
>
@
E

(
G
B
$
)
5
2
5
.
0
1
.
1
1
1
.
2
2
8
1
.
4
9
-
2
.
5
4
-
4
.
5
1
3
.
3
7
-
2
.
6
9
1
4
.
6
7
#
!
G
B

A
B
5
B
-

I
:
B
1
?
@
;
>
?

A
?
5
-

$
-
/
5
2
5
/

$
>
;
<
1
>
@
E

(
(
&
D
)
5
2
5
.
0
1
.
1
1
1
.
2
5
3
1
.
9
5
0
.
7
2
-
4
.
5
0
8
.
3
9
2
.
8
7
1
6
.
2
3
#
!
G
B

A
B
5
B
-

I
:
B
1
?
@
;
>
?

E
A
>
;
<
1
-
:

$
>
;
<
1
>
@
E

(
G
B
$
)
4
2
5
.
0
1
.
1
1
0
.
9
5
2
-
0
.
3
1
-
5
.
1
8
-
5
.
2
7
-
1
3
.
6
9
-
5
.
4
6
-
3
.
2
3
#
!
G
B

A
B
5
B
-

I
:
B
1
?
@
;
>
?

E
A
>
;
<
1
-
:

$
>
;
<
1
>
@
E

(
(
&
D
)
4
2
5
.
0
1
.
1
1
0
.
9
6
7
-
0
.
6
2
-
2
.
3
2
-
5
.
2
0
-
1
0
.
8
8
-
1
.
2
3
-
2
.
2
1
#
!
G
B

B
8
-
/
7
>
;
/
7

F
8
1
D
5
.
8
1

!
A
8
@
5

A
?
?
1
@

(
E
(
%
)
4
1
0
.
0
5
.
1
1
1
.
0
2
6
3
.
9
5
3
.
7
4
3
.
8
5
3
.
7
4
1
0
.
2
0
2
.
2
2
#
!
G
B

B
8
-
/
7
>
;
/
7

F
8
1
D
5
.
8
1

!
A
8
@
5

A
?
?
1
@

(
(
&
D
)
4
1
0
.
0
5
.
1
1
1
.
0
2
1
3
.
8
7
3
.
6
5
3
.
8
7
3
.
5
5
1
0
.
1
4
1
.
8
0
#
!
G
B

B
8
-
/
7
>
;
/
7

G
8
;
.
-
8

A
8
8
;
/
-
@
5
;
:

(
E
(
%
)
4
1
0
.
0
5
.
1
1
0
.
9
3
8
3
.
4
2
-
1
.
1
6
-
1
.
2
6
-
6
.
4
8
4
.
4
5
-
5
.
3
4
#
!
G
B

B
8
-
/
7
>
;
/
7

G
8
;
.
-
8

A
8
8
;
/
-
@
5
;
:

(
G
B
$
)
4
1
0
.
0
5
.
1
1
0
.
9
4
6
3
.
5
0
-
1
.
0
5
-
1
.
0
5
-
5
.
5
9
4
.
6
5
-
4
.
6
5
#
!
G
B

B
8
-
/
7
>
;
/
7

G
8
;
.
-
8

A
8
8
;
/
-
@
5
;
:

(
(
&
D
)
4
1
0
.
0
5
.
1
1
0
.
9
4
9
3
.
4
9
-
0
.
9
4
-
0
.
9
4
-
5
.
3
8
4
.
7
5
-
4
.
3
9
#
!
G
B

B
8
-
/
7
%
;
/
7

G
8
;
.
-
8

G
;
B
1
>
:
9
1
:
@

B
;
:
0

(
E
(
%
)
3
1
7
.
0
4
.
1
2
1
.
0
2
3
1
.
2
9
2
.
4
0
2
.
3
0
#
!
G
B

B
8
-
/
7
%
;
/
7

G
8
;
.
-
8

G
;
B
1
>
:
9
1
:
@

B
;
:
0

(
(
&
D
)
3
1
7
.
0
4
.
1
2
1
.
0
2
4
1
.
1
9
2
.
3
0
2
.
4
0
#
!
G
B

B
8
-
/
7
%
;
/
7

*
;
>
8
0

A
3
>
5
/
A
8
@
A
>
1

(
(
&
D
)
5
2
0
.
0
9
.
1
1
1
.
0
0
8
5
.
9
9
-
1
.
8
5
-
1
.
9
5
8
.
0
4
0
.
9
6
#
!
G
B

B
"
+

!
1
8
8
;
:

G
8
;
.
-
8

B
;
:
0

(
E
(
%
)
3
1
7
.
0
4
.
1
2
1
.
0
9
7
3
.
3
0
9
.
9
2
9
.
7
0
#
!
G
B

B
"
+

!
1
8
8
;
:

G
8
;
.
-
8

B
;
:
0

(
(
&
D
)
3
1
7
.
0
4
.
1
2
1
.
0
2
6
1
.
5
8
2
.
6
0
2
.
6
0
H
#
!
G
B

B
>
-
:
0
1
-
A
D

$
>
;
<
1
>
@
E

(
G
B
$
)
3
1
7
.
0
5
.
0
4
1
.
7
9
8
-
0
.
0
6
1
.
4
1
2
.
8
6
5
.
3
3
2
0
.
2
7
3
7
.
4
6
2
.
8
0
7
.
4
5
#
!
G
B

C
-
@
-
8
E
?
@

G
8
;
.
-
8

%
1
-
8

E
?
@
-
@
1

F
A
:
0

(
(
&
D
)
3
1
3
.
0
3
.
1
2
1
.
0
6
6
7
.
4
6
4
.
6
1
6
.
6
0
#
!
G
B

C
-
F
1
:
;
B
1

E
A
>
;
<
1
-
:

E
=
A
5
@
E

E
D

(
K

F
A
:
0

(
E
(
%
)
3
1
5
.
0
5
.
1
2
1
.
0
7
9
9
.
4
3
7
.
9
0
#
!
G
B

C
-
F
1
:
;
B
1

(
K

E
=
A
5
@
E

F
A
:
0

(
G
B
$
)
4
1
5
.
0
5
.
1
2
1
.
0
6
0
5
.
8
9
6
.
0
0
#
!
G
B

C
;
>
;
:
-
@
5
;
:

G
8
;
.
-
8

C
-
<
5
@
-
8

$
8
A
?

(
(
&
D
)
4
0
5
.
1
0
.
1
0
1
.
0
4
7
3
.
3
6
0
.
9
6
2
.
4
5
-
3
.
1
5
5
.
3
3
2
.
6
6
#
!
G
B

C
;
>
;
:
-
@
5
;
:

G
8
;
.
-
8

E
9
1
>
3
5
:
3

!
-
>
7
1
@
?

(
(
&
D
)
5
0
5
.
1
0
.
1
0
0
.
9
7
9
2
.
1
9
-
8
.
9
3
-
4
.
5
8
-
1
6
.
6
1
6
.
8
8
-
1
.
2
1
#
!
G
B

C
;
>
;
:
-
@
5
;
:

G
8
;
.
-
8

!
-
:
-
3
1
0

(
(
&
D
)
4
1
9
.
0
4
.
1
1
1
.
0
1
1
2
.
4
3
-
2
.
1
3
3
.
3
7
-
2
.
9
8
7
.
9
0
0
.
8
8
#
!
G
B

C
;
>
;
:
-
@
5
;
:

G
8
;
.
-
8

#
<
<
;
>
@
A
:
5
@
5
1
?

E
=
A
5
@
E

(
(
&
D
)
3
0
5
.
1
0
.
1
0
1
.
0
8
9
4
.
7
1
-
1
.
8
0
2
.
4
5
-
4
.
8
1
8
.
7
9
4
.
9
9
#
!
G
B

E
2
2
5
/
5
1
:
@

I
:
@
1
>
:
-
@
5
;
:
-
8

(
(
&
D
)
3
2
0
.
0
9
.
0
5
1
.
2
8
4
1
.
6
6
-
6
.
5
5
-
5
.
9
3
-
1
4
.
0
6
0
.
7
8
5
.
6
8
1
.
8
2
3
.
7
3
#
!
G
B

F
5
0
1
8
5
@
E

A
9
1
>
5
/
-
:

G
>
;
C
@
4

(
(
&
D
)
4
2
5
.
0
8
.
0
9
1
.
2
3
5
5
.
8
3
-
1
.
4
4
0
.
2
4
-
3
.
0
6
6
.
0
1
7
.
5
1
#
!
G
B

F
5
0
1
8
5
@
E

E
A
>
;
<
1
-
:

G
>
;
C
@
4

(
E
(
%
)
4
2
5
.
0
8
.
0
9
1
.
1
7
5
6
.
7
2
3
.
0
7
6
.
6
2
-
2
.
3
3
1
2
.
7
6
5
.
6
8
#
!
G
B

F
5
0
1
8
5
@
E

$
-
/
5
2
5
/

(
(
&
D
)
5
2
5
.
0
8
.
0
9
1
.
1
8
2
2
.
1
6
-
6
.
3
4
-
2
.
9
6
-
1
8
.
9
9
4
.
8
8
5
.
9
0
#
!
G
B

F
;
;
>
0

I
:
@
1
>
:
-
@
5
;
:
-
8

'
>
A
?
@

(
(
&
D
)
4
2
6
.
0
7
.
1
1
0
.
9
9
4
3
.
8
7
1
.
2
2
3
.
5
4
-
0
.
6
0
6
.
3
1
-
0
.
6
0
#
!
G
B

F
>
-
:
7
8
5
:

!
A
@
A
-
8

G
8
;
.
-
8

D
5
?
/
;
B
1
>
E

(
E
(
%
)
4
0
9
.
1
1
.
1
0
1
.
0
8
8
6
.
6
7
5
.
2
2
6
.
5
6
7
.
3
0
1
0
.
3
4
5
.
1
9
#
!
G
B

F
>
-
:
7
8
5
:

!
A
@
A
-
8

G
8
;
.
-
8

D
5
?
/
;
B
1
>
E

(
(
&
D
)
4
0
9
.
1
1
.
1
0
0
.
9
7
3
4
.
9
6
-
1
.
7
2
0
.
3
1
-
8
.
8
1
4
.
8
5
-
1
.
6
3
#
!
G
B

F
A
8
/
>
A
9

A
8
@
1
>
:
-
@
5
B
1

B
1
@
-

$
8
A
?

(
(
&
D
)
4
1
9
.
0
1
.
1
0
0
.
9
5
3
3
.
2
5
-
1
.
4
5
-
4
.
6
0
-
7
.
0
2
-
2
.
4
6
-
1
.
9
1
H
#
!
G
B

G
8
-
:
9
;
>
1

$
>
;
<
1
>
@
E

(
G
B
$
)
3
1
3
.
0
6
.
0
6
0
.
0
2
6
-
1
0
.
3
4
-
8
5
.
7
9
#
!
G
B

G
;
8
0
9
-
:

&
-
/
4
?

"
-
1
1

E
=
A
5
@
E

F
A
:
0

(
(
&
D
)
5
0
6
.
0
3
.
1
2
1
.
0
4
7
7
.
1
6
1
.
7
5
4
.
7
0
#
!
G
B

G
;
8
0
9
-
:

&
-
/
4
?

G
8
;
.
-
8

H
5
3
4

+
5
1
8
0

$
;
>
@
2
;
8
5
;

(
E
(
%
)
5
0
3
.
0
4
.
1
2
1
.
0
3
9
2
.
9
7
2
.
9
7
3
.
9
0
#
!
G
B

G
;
8
0
9
-
:

&
-
/
4
?

G
8
;
.
-
8

H
5
3
4

+
5
1
8
0

$
;
>
@
2
;
8
5
;

(
G
B
$
)
5
0
3
.
0
4
.
1
2
1
.
0
4
0
2
.
9
7
3
.
0
7
4
.
0
0
#
!
G
B

G
;
8
0
9
-
:

&
-
/
4
?

G
8
;
.
-
8

H
5
3
4

+
5
1
8
0

$
;
>
@
2
;
8
5
;

(
(
&
D
)
5
0
3
.
0
4
.
1
2
1
.
0
3
9
3
.
0
8
2
.
8
7
3
.
9
0
#
!
G
B

G
;
8
0
9
-
:

&
-
/
4
?

J
-
<
-
:

$
;
>
@
2
;
8
5
;

(
(
&
D
)
4
1
0
.
0
7
.
1
2
0
.
9
9
2
-
0
.
8
0
#
!
G
B

H
1
:
0
1
>
?
;
:

!
9

A
.
?
;
8
A
@
1

%
1
@
A
>
:

(
G
B
$
)
4
0
8
.
1
1
.
1
1
1
.
0
1
3
0
.
9
0
0
.
3
0
0
.
1
0
1
.
5
0
1
.
9
6
#
!
G
B

H
&
B
C

B
%
I
C

E
=
A
5
@
E

(
(
&
D
)
5
3
0
.
0
8
.
0
5
1
.
5
4
7
5
.
1
0
-
1
1
.
1
9
-
1
4
.
6
2
-
2
8
.
4
8
0
.
9
1
-
2
0
.
3
8
1
.
4
4
6
.
5
1
#
!
G
B

H
&
B
C

B
%
I
C

!
-
>
7
1
@
?

E
=
A
5
@
E

(
(
&
D
)
5
2
5
.
0
7
.
0
6
1
.
2
0
9
4
.
9
5
-
8
.
5
5
-
1
2
.
3
3
-
2
2
.
6
5
-
4
.
9
5
-
2
1
.
8
0
0
.
6
7
3
.
2
1
#
!
G
B

I
:
B
1
?
/
;

A
?
5
-
:

E
=
A
5
@
E

(
(
&
D
)
5
1
6
.
0
5
.
0
6
1
.
3
2
5
5
.
4
9
-
2
.
8
6
-
0
.
3
8
-
1
3
.
5
1
2
3
.
1
4
-
2
.
0
0
1
0
.
1
4
4
.
6
7
#
!
G
B

I
:
B
1
?
@
1
/

A
9
1
>
5
/
-
:

E
=
A
5
@
E

F
A
:
0

(
(
&
D
)
3
1
5
.
0
5
.
1
2
0
.
9
8
2
3
.
7
0
-
1
.
8
0
#
!
G
B

I
:
B
1
?
@
1
/

G
8
;
.
-
8

D
5
B
1
>
?
5
2
5
1
0

G
>
;
C
@
4

(
(
&
D
)
4
0
3
.
0
5
.
0
5
1
.
2
4
7
2
.
0
5
-
1
.
7
3
3
.
7
4
-
3
.
5
6
1
8
.
2
0
-
3
.
2
6
3
.
5
7
3
.
1
3
#
!
G
B

I
:
B
1
?
@
1
/

G
8
;
.
-
8

D
E
:

%
1
?
;
A
>
/
1
?

(
(
&
D
)
5
1
0
.
0
5
.
1
1
0
.
7
3
6
6
.
5
1
-
6
.
9
5
-
1
3
.
9
2
-
2
8
.
5
4
-
4
.
0
4
-
2
3
.
1
1
#
!
G
B

I
:
B
1
?
@
1
/

G
8
;
.
-
8

F
>
-
:
/
4
5
?
1

(
(
&
D
)
4
1
0
.
0
5
.
1
1
1
.
0
8
3
6
.
1
8
1
.
6
9
1
0
.
0
6
8
.
1
9
1
0
.
9
6
7
.
0
7
#
!
G
B

I
:
B
1
?
@
1
/

G
8
;
.
-
8

&
@
>
-
@
1
3
5
/

E
=
A
5
@
E

(
(
&
D
)
4
0
4
.
0
4
.
0
6
0
.
9
0
6
6
.
4
6
-
2
.
0
5
1
.
6
8
-
8
.
1
1
2
7
.
4
3
-
2
3
.
4
8
9
.
4
2
-
1
.
5
7
#
!
G
B

I
:
B
1
?
@
1
/

G
8
;
.
-
8

&
@
>
-
@
1
3
5
/

!
-
:
-
3
1
0

(
(
&
D
)
4
2
0
.
0
4
.
1
0
1
.
0
2
8
2
.
7
0
-
2
.
1
9
0
.
0
0
-
9
.
1
1
4
.
4
7
1
.
2
3
#
!
G
B

I
:
B
1
?
@
1
/

G
&
F

A
?
5
-
:

E
=
A
5
@
E

(
(
&
D
)
5
1
1
.
0
8
.
0
9
1
.
2
7
8
5
.
7
9
-
3
.
4
0
-
1
.
0
1
-
1
4
.
4
6
6
.
9
5
8
.
7
7
#
!
G
B

I
:
B
1
?
@
1
/

G
&
F

G
8
;
.
-
8

B
;
:
0

(
(
&
D
)
3
1
1
.
0
8
.
0
9
1
.
1
6
8
1
.
6
5
0
.
8
6
0
.
3
4
-
1
.
2
7
2
.
4
6
5
.
4
7
S
e
l
f
S
e
l
e
c
t
26 informer quarter 3 2012
J
0
(
3

2
0
1
2
#
!
G
B

&
A
9
9
-
>
E

;
2

F
A
:
0

$
1
>
2
;
>
9
-
:
/
1
+
1
-
>

@
;

0
-
@
1

%
C
;
9
<
;
A
:
0
A
:
:
A
-
8

G
>
;
C
@
4
%
-
@
1

%
g
e
n
e
r
a
L

a
v
a
I
L
a
b
I
L
I
T
Y

(
c
o
n
t
i
n
u
e
d
j
#
!
G
B

I
:
B
1
?
@
1
/

G
&
F

G
8
;
.
-
8

E
:
1
>
3
E

(
(
&
D
)
4
1
1
.
0
8
.
0
9
1
.
0
8
7
1
2
.
0
6
-
1
.
7
2
-
6
.
4
5
-
2
3
.
9
3
-
-
0
.
3
7
2
.
9
0
#
!
G
B

I
:
B
1
?
@
1
/

G
&
F

(
K

E
=
A
5
@
E

(
G
B
$
)
4
1
1
.
0
8
.
0
9
1
.
2
8
1
3
.
6
4
-
1
.
5
4
0
.
9
5
-
3
.
2
5
-
-
4
.
2
3
8
.
8
6
#
!
G
B

J
F

A
A
?
@
>
-
8
5
-

(
(
&
D
)
4
2
4
.
0
5
.
1
1
0
.
9
1
9
1
1
.
5
3
-
1
.
7
1
-
0
.
7
6
-
1
1
.
9
7
-
-
9
.
0
2
-
6
.
9
8
#
!
G
B

J
F

A
?
5
-

$
-
/
5
2
5
/

1
D
-
J
-
<
-
:

E
=
A
5
@
E

(
(
&
D
)
5
0
1
.
0
5
.
1
2
0
.
9
3
9
6
.
9
5
-
-
-
-
-
-
6
.
1
0
-
#
!
G
B

J
$

!
;
>
3
-
:

E
A
>
;

5
=
A
5
0
5
@
E

(
E
(
%
)
1
0
1
.
0
5
.
1
2
1
.
0
0
0
0
.
0
0
-
-
-
-
-
0
.
0
0
-
#
!
G
B

J
$

!
;
>
3
-
:

&
@
1
>
8
5
:
3

5
=
A
5
0
5
@
E

(
G
B
$
)
1
0
1
.
0
5
.
1
2
1
.
0
0
0
0
.
0
0
-
-
-
-
-
0
.
0
0
-
#
!
G
B

J
$

!
;
>
3
-
:

(
&

D
;
8
8
-
>

5
=
A
5
0
5
@
E

(
(
&
D
)
1
0
1
.
0
5
.
1
2
1
.
0
0
0
0
.
0
0
-
-
-
-
-
0
.
0
0
-
#
!
G
B

J
A
<
5
@
1
>

C
8
5
9
-
@
1

C
4
-
:
3
1

&
;
8
A
@
5
;
:
?

(
E
(
%
)
4
0
5
.
0
2
.
0
8
0
.
8
6
0
5
.
5
2
2
.
1
4
3
.
2
4
-
0
.
3
5
2
2
.
6
8
-
9
.
6
9
-
3
.
3
6
#
!
G
B

J
A
<
5
@
1
>

!
1
>
8
5
:

I
:
@
8

B
-
8
-
:
/
1
0

(
E
(
%
)
4
2
8
.
0
9
.
1
0
1
.
1
5
1
5
.
3
1
6
.
4
8
8
.
3
8
1
3
.
4
0
-
-
1
1
.
8
6
7
.
9
7
#
!
G
B

J
A
<
5
@
1
>

!
1
>
8
5
:

I
:
@
8

B
-
8
-
:
/
1
0

(
G
B
$
)
4
2
8
.
0
9
.
1
0
1
.
0
6
1
3
.
2
1
2
.
3
1
1
.
6
3
0
.
6
6
-
-
4
.
6
4
3
.
2
8
#
!
G
B

J
A
<
5
@
1
>

!
1
>
8
5
:

I
:
@
8

B
-
8
-
:
/
1
0

(
(
&
D
)
4
2
8
.
0
9
.
1
0
1
.
0
7
6
3
.
4
6
-
0
.
7
4
0
.
9
4
-
3
.
9
3
-
-
6
.
6
4
4
.
0
8
#
!
G
B

!
&
G

G
8
;
.
-
8

B
-
?
5
/
?

(
G
B
$
)
4
1
6
.
0
8
.
1
1
0
.
9
4
2
3
.
8
6
-
5
.
0
4
-
9
.
4
2
-
-
-
-
2
.
0
8
-
6
.
3
1
#
!
G
B

!
&
G

G
8
;
.
-
8

1
-
0
1
>
?

(
G
B
$
)
4
1
6
.
0
8
.
1
1
1
.
0
7
9
5
.
0
6
0
.
0
9
0
.
0
9
-
-
-
3
.
6
5
8
.
6
5
#
!
G
B

!
&
G

I
:
@
1
>
:
-
@
5
;
:
-
8

&
;
B
1
>
1
5
3
:

B
0

(
G
B
$
)
3
1
6
.
0
8
.
1
1
1
.
0
7
1
2
.
4
9
6
.
4
6
3
.
7
8
-
-
-
3
.
3
8
7
.
7
7
#
!
G
B

!
&
G

%
1
/
;
B
1
>
E

(
G
B
$
)
4
1
6
.
0
8
.
1
1
1
.
0
6
7
5
.
0
2
-
2
.
7
3
-
0
.
0
9
-
-
-
5
.
7
5
7
.
3
3
#
!
G
B

!
-
>
>
5
;
@
@

F
5
>
?
@

*
;
>
8
0

E
=
A
5
@
E

(
G
B
$
)
3
0
9
.
0
1
.
1
2
1
.
0
4
2
4
.
5
1
5
.
2
5
4
.
7
2
-
-
-
4
.
2
0
8
.
5
8
#
!
G
B

!
-
>
>
5
;
@
@

I
:
@
1
>
:
-
@
5
;
:
-
8

G
>
;
C
@
4

(
(
&
D
)
3
1
4
.
0
8
.
0
7
0
.
9
3
3
4
.
3
6
2
.
8
7
4
.
0
1
-
2
.
9
1
2
5
.
0
7
-
6
.
6
3
-
1
.
4
0
#
!
G
B

!
-
>
>
5
;
@
@

I
:
@
1
>
:
-
@
5
;
:
-
8

%
1
-
8

E
?
@
-
@
1

(
(
&
D
)
3
0
9
.
0
1
.
1
2
1
.
1
5
3
6
.
5
6
4
.
1
6
7
.
9
6
-
-
-
1
5
.
3
0
3
2
.
9
4
#
!
G
B

!
5
@
;
:
#
<
@
5
9
-
8

C
;
>
1

D
5
B
1
>
?
5
2
5
1
0

(
E
(
%
)
3
1
0
.
0
1
.
0
5
0
.
9
1
3
1
.
5
6
-
3
.
4
9
-
2
.
7
7
-
8
.
3
3
5
.
0
6
-
2
2
.
2
3
-
1
.
3
0
-
1
.
2
1
#
!
G
B

!
5
@
;
:
#
<
@
5
9
-
8

C
;
>
1

D
5
B
1
>
?
5
2
5
1
0

(
G
B
$
)
3
1
0
.
0
1
.
0
5
0
.
9
7
0
1
.
5
7
-
3
.
3
9
-
2
.
5
1
-
7
.
7
9
7
.
0
6
-
2
2
.
0
9
-
1
.
0
2
-
0
.
4
1
#
!
G
B

!
5
@
;
:
#
<
@
5
9
-
8

C
;
>
1

D
5
B
1
>
?
5
2
5
1
0

(
(
&
D
)
3
2
3
.
0
8
.
0
4
1
.
1
8
7
1
.
7
1
-
2
.
9
4
-
1
.
9
0
-
6
.
5
4
1
1
.
1
4
-
1
6
.
2
3
-
0
.
2
5
2
.
1
9
#
!
G
B

!
5
@
;
:
#
<
@
5
9
-
8

G
8
;
.
-
8

(
G
B
$
)
4
1
2
.
0
6
.
0
7
0
.
8
2
5
0
.
9
8
-
2
.
3
7
-
2
.
4
8
-
1
2
.
0
5
1
2
.
5
5
-
1
7
.
5
0
1
.
2
3
-
3
.
7
1
#
!
G
B

!
5
@
;
:
#
<
@
5
9
-
8

G
8
;
.
-
8

(
(
&
D
)
4
1
2
.
0
6
.
0
7
0
.
7
7
9
0
.
7
8
-
2
.
6
3
-
2
.
9
9
-
1
2
.
6
7
7
.
6
0
-
2
2
.
1
0
0
.
2
6
-
4
.
7
9
#
!
G
B

!
5
@
;
:
#
<
@
5
9
-
8

#
2
2
?
4
;
>
1

&
<
1
/

&
5
@
?

(
G
B
$
)
4
1
7
.
0
8
.
1
0
1
.
0
3
8
-
0
.
2
9
0
.
7
8
0
.
0
0
1
.
0
7
-
-
0
.
5
8
1
.
9
6
#
!
G
B

!
5
@
;
:
#
<
@
5
9
-
8

#
2
2
?
4
;
>
1

&
<
1
/

&
5
@
?

(
(
&
D
)
4
1
7
.
0
8
.
1
0
1
.
0
0
4
-
0
.
5
0
0
.
3
0
-
0
.
7
9
-
0
.
5
9
-
-
-
0
.
4
0
0
.
2
1
#
!
G
B

"
1
0
3
>
;
A
<

I
:
B

E
A
>
;

(
E
(
%
)
1
2
7
.
0
4
.
1
0
1
.
0
0
7
0
.
0
0
-
0
.
1
0
0
.
0
0
0
.
3
0
-
-
0
.
1
0
0
.
3
1
#
!
G
B

"
1
0
3
>
;
A
<

I
:
B

G
8
;
.
-
8

B
-
8
-
:
/
1
0

(
(
&
D
)
4
2
7
.
0
4
.
1
0
1
.
0
2
0
3
.
6
6
0
.
3
9
2
.
8
2
-
4
.
2
3
-
-
6
.
6
9
0
.
8
8
#
!
G
B

"
1
0
3
>
;
A
<

I
:
B

G
8
;
.
-
8

C
-
A
@
5
;
A
?

(
(
&
D
)
3
2
7
.
0
4
.
1
0
0
.
9
8
7
1
.
2
3
-
0
.
4
0
-
1
.
7
9
-
0
.
9
0
-
-
-
0
.
6
0
-
0
.
5
8
#
!
G
B

"
1
0
3
>
;
A
<

I
:
B

G
8
;
.
-
8

E
=
A
5
@
E

(
(
&
D
)
4
2
7
.
0
4
.
1
0
1
.
0
1
2
4
.
2
2
-
2
.
0
3
1
.
3
0
-
3
.
6
2
-
-
5
.
0
9
0
.
5
3
#
!
G
B

"
1
0
3
>
;
A
<

I
:
B

&
@
1
>
8
5
:
3

(
G
B
$
)
1
2
7
.
0
4
.
1
0
1
.
0
1
0
0
.
0
0
0
.
1
0
0
.
3
0
0
.
4
0
-
-
0
.
3
0
0
.
4
4
#
!
G
B

"
1
0
3
>
;
A
<

I
:
B

(
&

D
;
8
8
-
>

(
(
&
D
)
1
2
7
.
0
4
.
1
0
0
.
9
9
4
0
.
0
0
0
.
0
0
0
.
1
0
0
.
0
0
-
-
0
.
1
0
-
0
.
2
7
#
!
G
B

"
1
C
@
;
:

%
1
-
8

%
1
@
A
>
:

F
A
:
0

(
G
B
$
)
4
0
6
.
0
3
.
1
2
1
.
0
1
7
2
.
9
4
4
.
0
9
-
-
-
-
1
.
7
0
-
#
!
G
B

"
F
B

A
/
@
5
B
1

!
-
:
-
3
1
0

(
G
B
$
)
4
2
9
.
0
7
.
0
8
1
.
1
5
1
3
.
9
7
3
.
0
4
3
.
8
8
1
.
0
5
1
4
.
8
7
-
5
.
9
9
3
.
5
8
#
!
G
B

"
F
B

A
/
@
5
B
1

!
-
:
-
3
1
0

(
(
&
D
)
4
2
3
.
0
8
.
0
4
1
.
3
6
9
3
.
8
7
-
0
.
2
9
2
.
7
8
-
2
.
9
8
1
1
.
3
0
-
8
.
9
8
7
.
1
2
4
.
0
5
#
!
G
B

"
F
B

C
;
:
?
1
>
B
-
@
5
B
1

!
-
:
-
3
1
0

(
G
B
$
)
2
2
9
.
0
7
.
0
8
1
.
1
2
5
3
.
2
1
4
.
0
7
4
.
0
7
3
.
6
9
1
3
.
0
7
-
5
.
5
3
2
.
9
9
#
!
G
B

"
F
B

C
;
:
?
1
>
B
-
@
5
B
1

!
-
:
-
3
1
0

(
(
&
D
)
2
2
3
.
0
8
.
0
4
1
.
2
8
0
3
.
4
8
0
.
7
9
2
.
4
0
-
1
.
5
4
8
.
3
8
-
7
.
1
1
6
.
4
0
3
.
1
7
H
#
!
G
B

"
I

'
-
>
3
1
@

%
1
@
A
>
:

(
(
&
D
)
3
2
3
.
0
8
.
0
4
0
.
8
1
0
-
3
.
1
1
-
4
.
7
1
-
1
0
.
6
0
-
1
9
.
4
0
-
2
2
.
4
1
-
3
8
.
2
6
-
1
6
.
1
5
-
2
.
6
3
H
#
!
G
B

"
I

'
-
>
3
1
@

%
1
@
A
>
:

I
I

(
G
B
$
)
3
0
3
.
1
0
.
0
5
0
.
7
2
1
-
3
.
7
4
-
2
.
5
7
-
1
1
.
3
2
-
2
0
.
0
7
-
2
4
.
6
6
-
3
9
.
9
2
-
1
6
.
7
4
-
4
.
7
3
H
#
!
G
B

"
I
&

D
5
B
1
>
?
5
2
5
1
0

&
@
>
-
@
1
3
E

(
G
B
$
)
3
1
9
.
0
9
.
0
5
0
.
5
1
1
2
.
2
0
4
.
0
7
-
2
9
.
1
3
-
3
9
.
8
8
-
4
6
.
0
4
-
5
7
.
5
2
-
3
1
.
9
6
-
9
.
3
6
H
#
!
G
B

"
I
&

D
5
B
1
>
?
5
2
5
1
0

&
@
>
-
@
1
3
E

(
(
&
D
)
3
2
3
.
0
8
.
0
4
0
.
5
9
8
4
.
0
0
2
.
2
2
-
2
8
.
1
3
-
3
9
.
2
3
-
4
4
.
7
8
-
5
6
.
0
6
-
3
1
.
9
7
-
6
.
2
9
H
#
!
G
B

"
I
&

G
A
-
>
0
1
0

&
@
>
-
@
1
3
E

(
G
B
$
)
3
1
9
.
0
9
.
0
5
0
.
3
0
8
0
.
6
5
3
.
0
1
-
4
6
.
5
3
-
5
3
.
4
7
-
6
7
.
9
2
-
7
2
.
2
0
-
5
0
.
0
0
-
1
5
.
8
3
H
#
!
G
B

"
I
&

G
A
-
>
0
1
0

&
@
>
-
@
1
3
E

(
(
&
D
)
3
1
9
.
0
9
.
0
5
0
.
3
1
9
1
.
9
2
0
.
9
5
-
4
5
.
9
3
-
5
4
.
4
3
-
6
6
.
7
4
-
7
1
.
4
4
-
5
0
.
0
0
-
1
5
.
4
0
#
!
G
B

#
8
0

!
A
@
A
-
8

J
-
<
-
:
1
?
1

&
1
8
1
/
@

(
(
&
D
)
5
2
3
.
0
8
.
0
4
1
.
0
5
6
2
.
2
3
-
4
.
2
6
-
3
.
3
0
-
9
.
3
6
1
3
.
3
0
-
2
3
.
7
0
1
.
6
4
0
.
6
9
H
#
!
G
B

#
>
.
5
?

G
8
;
.
-
8

E
=
A
5
@
E

(
(
&
D
)
4
3
0
.
0
8
.
0
5
1
.
2
7
6
-
0
.
3
9
-
8
.
0
7
-
3
.
4
1
-
1
0
.
8
3
9
.
4
3
-
1
0
.
0
1
2
.
4
9
3
.
5
9
H
#
!
G
B

#
>
.
5
?

#
<
@
5
9
-
8

(
E
(
%
)
3
3
0
.
0
8
.
0
5
1
.
1
1
1
0
.
1
8
-
1
.
0
7
0
.
7
3
0
.
1
8
-
4
.
8
0
3
.
4
5
1
.
0
9
1
.
5
3
H
#
!
G
B

#
>
.
5
?

#
<
@
5
9
-
8

(
(
&
D
)
3
3
0
.
0
8
.
0
5
1
.
1
5
8
0
.
2
6
-
1
.
5
3
0
.
4
3
-
1
.
4
5
-
6
.
3
1
1
.
6
7
1
.
1
4
2
.
1
4
#
!
G
B

$
>
1
?
/
5
1
:
@

G
8
;
.
-
8

$
;
?
5
@
5
B
1

%
1
@
A
>
:

(
E
(
%
)
3
1
3
.
0
9
.
1
1
1
.
0
4
1
1
.
9
6
2
.
3
6
3
.
2
7
-
-
-
4
.
6
2
4
.
9
4
#
!
G
B

$
5
/
@
1
@

$
>
1
/

!
@
8
?

F
0

$
4
E

G
;
8
0

(
(
&
D
)
5
3
0
.
0
3
.
1
0
1
.
4
2
1
1
.
3
6
-
3
.
2
7
-
7
.
8
5
-
1
.
7
3
-
-
3
.
8
7
1
6
.
2
5
#
!
G
B

$
5
9
/
;

G
8
;
.
-
8

I
:
B
1
?
@
9
1
:
@

G
>
-
0
1

C
>
1
0
5
@

(
E
(
%
)
3
2
9
.
0
5
.
1
2
1
.
0
3
4
2
.
1
7
-
-
-
-
-
3
.
4
0
-
#
!
G
B

$
5
9
/
;

G
8
;
.
-
8

I
:
B
1
?
@
9
1
:
@

G
>
-
0
1

C
>
1
0
5
@

(
G
B
$
)
3
2
9
.
0
5
.
1
2
1
.
0
3
4
2
.
1
7
-
-
-
-
-
3
.
4
0
-
#
!
G
B

$
5
9
/
;

G
8
;
.
-
8

I
:
B
1
?
@
9
1
:
@

G
>
-
0
1

C
>
1
0
5
@

(
(
&
D
)
3
2
9
.
0
5
.
1
2
1
.
0
3
4
2
.
1
7
-
-
-
-
-
3
.
4
0
-



















































































































































































































































































3
!
;
:
@
4
?
1
!
;
:
@
4
6
!
;
:
@
4
?
1

+
1
-
>
3

+
1
-
>
?
%
5
?
7
>
-
@
5
:
3
$
1
>
/
1
:
@
-
3
1

3
>
;
C
@
4

/
-
8
/
A
8
-
@
1
0

@
;

3
1
/
0
7
/
2
0
1
2
$
+
-

$
'
*

*
!
'

"
1
'
.
#
-
.

+
*
(
3
S
e
l
f
S
e
l
e
c
t
(
c
o
n
t
i
n
u
e
d
)

-
A
:
/
4
0
-
@
1
5

+
1
-
>
?

-
?
@

<
>
5
/
1
quarter 3 2012 informer 27
&
;
A
>
/
1
:

!
;
>
:
5
:
3
?
@
-
>
.

$
>
5
/
1
?

5
:

2
;
>
/
1

-
?

-
@

3
1

J
A
8
E

2
0
1
2
H
$
8
1
-
?
1

:
;
@
1

@
4
1
?
1

2
A
:
0
?

-
>
1

?
A
?
<
1
:
0
1
0

@
;

-
8
8

@
>
-
:
?
-
/
@
5
;
:
?
,

5
:
2
8
;
C
?

&

;
A
@
2
8
;
C
?
G


'
4
1

F
A
:
0

5
?

?
A
?
<
1
:
0
1
0

@
;

:
1
C

.
A
?
5
:
1
?
?
,

@
;
<
-
A
<
?

-
:
0

?
C
5
@
/
4
1
?
.

%
1
0
1
9
<
@
5
;
:

>
1
=
A
1
?
@
?

>
1
=
A
5
>
1

-

9
5
:
5
9
A
9

;
2

1

9
;
:
@
4
?
'

-
0
B
-
:
/
1

:
;
@
5
/
1

-
:
0

-
>
1

/
A
>
>
1
:
@
8
E

?
A
.
6
1
/
@

@
;

-

<
;
?
@
<
;
:
1
9
1
:
@

<
1
>
5
;
0
.

5
2
1

/
;
:
@
>
-
/
@
?

-
>
1

5
?
?
A
1
0

.
E

#
8
0

!
A
@
A
-
8

G
A
1
>
:
?
1
E
.

#
8
0

!
A
@
A
-
8

G
A
1
>
:
?
1
E

4
-
?

5
@
?

<
>
5
:
/
5
<
-
8

;
2
2
5
/
1

-
@

A
8
.
1
>
@

H
;
A
?
1
,

&
;
A
@
4

E
?
<
8
-
:
-
0
1
,

&
@

$
1
@
1
>

$
;
>
@
,

G
A
1
>
:
?
1
E

,

C
4
-
:
:
1
8

I
?
8
-
:
0
?
,

G
+
1

1
A
*
,
.

#
8
0

!
A
@
A
-
8

G
A
1
>
:
?
1
E

5
?

8
5
/
1
:
?
1
0

@
;

C
>
5
@
1

8
;
:
3

@
1
>
9
.
A
?
5
:
1
?
?

A
:
0
1
>

@
4
1

I
:
?
A
>
-
:
/
1

B
A
?
5
:
1
?
?

(
B
-
5
8
5
C
5
/
7

;
2

G
A
1
>
:
?
1
E
)

-
C

2
0
0
2
.

'
4
1

?
@
-
@
A
@
;
>
E

2
A
:
/
@
5
;
:
?

;
2

>
1
3
A
8
-
@
5
;
:

A
:
0
1
>

@
4
1

8
1
3
5
?
8
-
@
5
;
:

-
>
1

/
-
>
>
5
1
0

;
A
@

.
E

@
4
1

G
A
1
>
:
?
1
E

F
5
:
-
:
/
5
-
8

&
1
>
B
5
/
1
?

C
;
9
9
5
?
?
5
;
:
.

'
;

<
>
;
@
1
/
@

<
;
8
5
/
E
4
;
8
0
1
>
?

@
4
1

I
:
?
A
>
-
:
/
1
B
A
?
5
:
1
?
?

(

5
/
1
:
?
5
:
3
)

%
1
3
A
8
-
@
5
;
:
?
,

2
0
0
2

>
1
=
A
5
>
1

#
8
0

!
A
@
A
-
8

G
A
1
>
:
?
1
E

@
;

4
;
8
0

-
?
?
1
@
?

>
1
<
>
1
?
1
:
@
5
:
3

-
@

8
1
-
?
@

9
0
%

;
2

/
;
:
@
>
-
/
@

4
;
8
0
1
>
H
?

8
5
-
.
5
8
5
@
5
1
?

5
:

@
>
A
?
@
1
1
?
4
5
<

C
5
@
4

-
:

-
<
<
>
;
B
1
0

@
4
5
>
0

<
-
>
@
E

@
>
A
?
@
1
1
.

#
8
0

!
A
@
A
-
8

G
A
1
>
:
?
1
E

/
;
9
<
8
5
1
?

C
5
@
4

@
4
1

C
>
5
9
5
:
-
8
J
A
?
@
5
/
1

(
$
>
;
/
1
1
0
?

;
2

C
>
5
9
1
)

(
B
-
5
8
5
C
5
/
7

;
2

G
A
1
>
:
?
1
E
)

-
C

2
0
0
7

.
A
@

;
@
4
1
>
C
5
?
1

4
-
?

:
;

0
A
@
E

;
2

0
5
?
/
8
;
?
A
>
1

;
2

@
4
1

/
8
5
1
:
@
?
H

>
1
/
;
>
0
?

@
;

-
:
E

?
@
-
@
A
@
;
>
E

;
>

3
;
B
1
>
:
9
1
:
@

.
;
0
E

C
5
@
4
5
:

G
A
1
>
:
?
1
E
.

#
8
0

!
A
@
A
-
8

G
A
1
>
:
?
1
E

5
?

@
4
1

:
-
9
1

A
:
0
1
>

C
4
5
/
4

@
4
1

#
8
0
!
A
@
A
-
8

5
2
1

A
?
?
A
>
-
:
/
1

C
;
9
<
-
:
E

(
&
;
A
@
4

A
2
>
5
/
-
)

5
9
5
@
1
0

(
-
8
?
;

7
:
;
C
:

-
?

#
8
0

!
A
@
A
-
8
)

5
?

@
>
-
0
5
:
3

5
:

G
A
1
>
:
?
1
E
.

'
4
1

>
1
3
5
?
@
1
>
1
0

;
2
2
5
/
1

;
2

@
4
1

#
8
0

!
A
@
A
-
8

5
2
1

A
?
?
A
>
-
:
/
1

C
;
9
<
-
:
E

(
&
;
A
@
4

A
2
>
5
/
-
)

5
9
5
@
1
0

5
?

8
;
/
-
@
1
0

-
@

!
A
@
A
-
8
<
-
>
7
,

J
-
:

&
9
A
@
?

D
>
5
B
1
,
$
5
:
1
8
-
:
0
?

7
4
0
5
,

C
-
<
1

'
;
C
:
,

%
1
<
A
.
8
5
/

;
2

&
;
A
@
4

A
2
>
5
/
-
.

I
@
?

>
1
3
5
?
@
1
>
1
0

:
A
9
.
1
>

5
?

1
9
9
9
/
0
4
6
4
3
/
0
6
.

'
4
1

9
-
>
7
1
@
5
:
3

;
2

#
8
0

!
A
@
A
-
8

G
A
1
>
:
?
1
E
H
?

<
>
;
0
A
/
@
?

5
:

&
;
A
@
4

A
2
>
5
/
-

@
-
7
1
?

<
8
-
/
1

5
:

-
/
/
;
>
0
-
:
/
1

C
5
@
4

@
4
1

-
<
<
8
5
/
-
.
8
1

&
;
A
@
4

A
2
>
5
/
-
:

>
1
=
A
5
>
1
9
1
:
@
?
.
'
4
1

5
:
2
;
>
9
-
@
5
;
:

3
5
B
1
:

5
:

@
4
5
?

0
;
/
A
9
1
:
@

5
?

.
-
?
1
0

;
:

#
8
0

!
A
@
A
-
8

G
A
1
>
:
?
1
E
H
?

A
:
0
1
>
?
@
-
:
0
5
:
3

;
2

/
A
>
>
1
:
@

8
-
C

-
:
0

<
>
-
/
@
5
/
1

5
:

&
;
A
@
4

A
2
>
5
/
-

-
:
0

G
A
1
>
:
?
1
E
.

"
;

8
5
-
.
5
8
5
@
E

C
5
8
8

.
1

-
/
/
1
<
@
1
0

2
;
>

@
4
1

1
2
2
1
/
@

;
2

-
:
E

2
A
@
A
>
1

8
1
3
5
?
8
-
@
5
B
1

;
>

>
1
3
A
8
-
@
;
>
E

/
4
-
:
3
1
?
.
$
A
.
8
5
?
4
1
0

2
A
:
0

<
>
5
/
1
?

>
1
2
8
1
/
@

-
:

-
8
8
;
C
-
:
/
1

2
;
>

-
<
<
8
5
/
-
.
8
1

@
-
D
-
@
5
;
:

-
:
0

5
:
B
1
?
@
9
1
:
@

1
D
<
1
:
?
1
?
.

'
4
5
?

-
8
8
;
C
-
:
/
1

C
5
8
8

.
1

0
1
@
1
>
9
5
:
1
0

-
@

@
4
1

0
5
?
/
>
1
@
5
;
:

;
2

#
8
0

!
A
@
A
-
8

G
A
1
>
:
?
1
E
,

-
:
0

9
-
E

B
-
>
E

;
B
1
>

@
5
9
1
.

"
;

8
5
-
.
5
8
5
@
E

C
5
8
8

.
1

-
/
/
1
<
@
1
0

2
;
>

-
:
E

<
1
>
?
;
:
-
8
@
-
D

/
;
:
?
1
=
A
1
:
/
1
?

;
>

2
;
>

@
4
1

1
2
2
1
/
@

;
2

-
:
E

2
A
@
A
>
1

@
-
D

/
4
-
:
3
1
?
.

I
:
B
1
?
@
;
>
?

?
4
;
A
8
0

>
1
9
1
9
.
1
>

@
4
-
@

@
4
1

<
-
?
@

<
1
>
2
;
>
9
-
:
/
1

5
?

:
;

3
A
-
>
-
:
@
1
1

;
2

2
A
@
A
>
1

>
1
@
A
>
:
?
.

A
?

-

>
1
?
A
8
@

;
2

@
4
1

:
-
@
A
>
1

;
2

5
:
B
1
?
@
9
1
:
@
?

-
:
0

<
;
?
?
5
.
8
1

1
D
/
4
-
:
3
1

;
>

5
:
@
1
>
1
?
@

>
-
@
1
2
8
A
/
@
A
-
@
5
;
:
?

@
4
1

B
-
8
A
1

;
2

5
:
B
1
?
@
9
1
:
@
?

9
-
E

3
;

0
;
C
:

-
?

C
1
8
8

-
?

A
<
.

'
4
5
?

0
;
/
A
9
1
:
@

0
;
1
?

:
;
@

;
2
2
1
>

5
:
B
1
?
@
9
1
:
@

;
>

2
5
:
-
:
/
5
-
8

-
0
B
5
/
1
.

#
8
0

!
A
@
A
-
8

G
A
1
>
:
?
1
E

-
/
/
1
<
@
?

:
;

8
5
-
.
5
8
5
@
E

C
4
-
@
?
;
1
B
1
>

2
;
>

-
:
E

0
5
>
1
/
@
,

5
:
0
5
>
1
/
@

;
>

/
;
:
?
1
=
A
1
:
@
5
-
8

8
;
?
?

-
>
5
?
5
:
3

2
>
;
9
@
4
1

A
?
1

;
2

@
4
5
?

0
;
/
A
9
1
:
@
.

'
4
5
?

0
;
/
A
9
1
:
@

0
;
1
?

:
;
@

/
;
:
?
@
5
@
A
@
1

-
:

;
2
2
1
>

;
>

-

?
;
8
5
/
5
@
-
@
5
;
:

C
4
1
>
1

?
A
/
4

-
:

;
2
2
1
>

;
>

?
;
8
5
/
5
@
-
@
5
;
:

5
?

A
:
8
-
C
2
A
8
.

I
2

E
;
A

.
1
/
;
9
1

;
>

-
>
1

>
1
?
5
0
1
:
@

5
:

@
4
1

(
:
5
@
1
0

K
5
:
3
0
;
9
,

8
5
7
1

;
@
4
1
>

;
2
2
?
4
;
>
1

5
:
B
1
?
@
9
1
:
@

/
;
9
<
-
:
5
1
?
,

#
8
0
!
A
@
A
-
8

G
A
1
>
:
?
1
E

4
-
?

@
;

/
;
9
<
8
E

C
5
@
4

/
1
>
@
-
5
:

>
1
<
;
>
@
5
:
3

>
1
=
A
5
>
1
9
1
:
@
?

2
;
>

E
;
A
>

<
8
-
:
.

I
2

E
;
A

.
1
/
;
9
1

;
>

-
>
1

>
1
?
5
0
1
:
@

5
:

@
4
1

(
:
5
@
1
0

&
@
-
@
1
?

;
2

A
9
1
>
5
/
-
,

8
5
7
1

;
@
4
1
>

;
2
2
?
4
;
>
1

5
:
B
1
?
@
9
1
:
@

/
;
9
<
-
:
5
1
?
,

#
8
0

!
A
@
A
-
8

G
A
1
>
:
?
1
E

C
5
8
8

<
8
-
/
1

>
1
?
@
>
5
/
@
5
;
:
?

A
<
;
:
E
;
A
>

<
8
-
:
.

(
J
0
1
7
7
)

#
8
0

!
A
@
A
-
8

G
A
1
>
:
?
1
E
,

C
4
;
?
1

<
>
5
:
/
5
<
-
8

<
8
-
/
1

;
2

.
A
?
5
:
1
?
?

5
?

A
8
.
1
>
@

H
;
A
?
1
,

&
;
A
@
4

E
?
<
8
-
:
-
0
1
,

&
@

$
1
@
1
>

$
;
>
@
,

G
A
1
>
:
?
1
E

,

C
4
-
:
:
1
8

I
?
8
-
:
0
?
,

G
+
1

1
A
*
,

5
?

-

.
>
-
:
/
4

;
2

#
8
0

!
A
@
A
-
8

5
2
1

A
?
?
A
>
-
:
/
1

C
;
9
<
-
:
E

(
&
;
A
@
4

A
2
>
5
/
-
)

5
9
5
@
1
0
C
4
5
/
4

5
?

5
:
/
;
>
<
;
>
-
@
1
0

5
:

&
;
A
@
4

A
2
>
5
/
-

(
>
1
3

:
;
.

1
9
9
9
/
0
4
6
4
3
/
0
6
)
.

%
1
3
5
?
@
1
>
1
0

;
2
2
5
/
1
:

!
A
@
A
-
8
<
-
>
7
,

J
-
:

&
9
A
@
?

D
>
5
B
1
,

$
5
:
1
8
-
:
0
?
,

C
-
<
1

'
;
C
:
,

&
;
A
@
4

A
2
>
5
/
-
.










































































































































































































































#
!
G
B

$
&
G

A
8
<
4
1
:

G
8
;
.
-
8

F
8
1
D
5
.
8
1

(
G
B
$
)
3
0
2
.
1
0
.
0
7
1
.
0
2
6
3
.
0
1
1
.
0
8
0
.
4
9
-
0
.
1
9
7
.
2
1
-
2
.
8
1
0
.
5
4
#
!
G
B

$
&
G

A
8
<
4
1
:

G
8
;
.
-
8

F
8
1
D
5
.
8
1

(
(
&
D
)
3
1
3
.
0
3
.
0
7
0
.
9
4
8
3
.
2
7
-
1
.
7
6
0
.
0
0
-
2
.
4
7
8
.
1
0
-
9
.
3
7
4
.
0
6
-
1
.
0
0
#
!
G
B

$
&
G

K
;
:
?
A
8
@

G
8
;
.
-
8

F
A
:
0

;
2

F
A
:
0
?

(
(
&
D
)
3
1
3
.
0
3
.
0
7
0
.
8
5
5
2
.
8
9
-
1
.
3
8
0
.
8
3
-
4
.
4
7
1
2
.
0
6
-
1
8
.
9
6
5
.
1
7
-
2
.
8
9
#
!
G
B

%
E
-
C
!

G
8
;
.
-
8

(
(
&
D
)
4
2
5
.
1
0
.
1
1
1
.
0
3
2
2
.
8
9
-
0
.
7
7
-
0
.
1
9
-
-
-
4
.
7
7
4
.
2
9
#
!
G
B

&
-
:
8
-
9

G
8
;
.
-
8

B
1
?
@

I
0
1
-
?

(
(
&
D
)
5
1
6
.
1
1
.
1
0
0
.
8
5
9
3
.
0
0
-
3
.
8
1
3
.
8
7
-
1
2
.
0
8
-
-
1
2
.
8
8
-
8
.
7
2
#
!
G
B

&
-
:
8
-
9

G
8
;
.
-
8

F
5
:
-
:
/
5
-
8

F
A
:
0

(
(
&
D
)
5
0
1
.
0
3
.
1
1
0
.
9
5
4
5
.
4
1
-
1
.
6
5
2
.
2
5
-
1
0
.
6
7
-
-
1
4
.
5
3
-
3
.
4
7
#
!
G
B

&
-
>
-
?
5
:

A
3
>
5
?
-
>

(
G
B
$
)
5
2
4
.
0
5
.
1
1
0
.
9
4
9
5
.
4
4
2
.
1
5
2
.
9
3
-
4
.
1
4
-
-
8
.
3
3
-
4
.
3
9
#
!
G
B

&
-
>
-
?
5
:

C
;
9
9
;
0
5
@
E
-
D
5
B
1
>
?
5
2
5
1
0

(
(
&
D
)
5
2
4
.
0
9
.
1
1
0
.
8
2
9
6
.
4
2
-
0
.
3
6
-
4
.
6
0
-
-
-
-
0
.
3
6
-
2
0
.
1
5
#
!
G
B

&
-
>
-
?
5
:

G
8
;
.
-
8
&
-
>

I

I
:
/
;
9
1

(
G
B
$
)
3
2
6
.
0
8
.
0
8
1
.
1
4
2
3
.
6
3
4
.
8
7
5
.
7
4
7
.
5
3
2
3
.
5
9
-
7
.
0
3
3
.
4
5
#
!
G
B

&
-
>
-
?
5
:

I
E

E
=
A
5
?
-
>

D
;
8
8
-
>

G
8
;
.
-
8

'
4
1
9
-
@
5
/

(
(
&
D
)
4
0
8
.
1
1
.
1
1
1
.
0
1
7
3
.
8
8
-
1
.
7
4
1
.
1
9
-
-
-
6
.
2
7
2
.
5
6
#
!
G
B

&
-
>
-
?
5
:

I
E

E
=
A
5
?
-
>

&
@
1
>
8
5
:
3

G
8
;
.
-
8

'
4
1
9
-
@
5
/

(
G
B
$
)
4
2
5
.
0
8
.
0
9
1
.
1
4
2
3
.
7
2
0
.
9
7
1
.
3
3
-
4
.
9
9
-
-
4
.
1
0
4
.
6
6
#
!
G
B

&
-
>
-
?
5
:

I
E

%
1
-
8

E
?
@
-
@
1

E
=
A
5
@
E

(
G
B
$
)
5
2
5
.
0
8
.
0
9
1
.
4
4
5
7
.
5
1
9
.
0
6
1
0
.
6
4
5
.
6
3
-
-
1
6
.
6
3
1
3
.
4
5
#
!
G
B

&
7
-
:
0
5
-

&
4
5
1
8
0

(
G
B
$
)
3
1
7
.
0
4
.
1
2
1
.
0
2
0
2
.
1
0
0
.
9
9
-
-
-
-
2
.
0
0
-
#
!
G
B

&
'
A
"

I
B

#
2
2
?
4
;
>
1

!
-
:
-
3
1
0

C
;
:
?
1
>
B
-
@
5
B
1

(
(
&
D
)
2
1
6
.
0
1
.
0
7
0
.
9
1
1
2
.
9
4
-
1
.
1
9
0
.
0
0
-
5
.
3
0
6
.
5
5
-
1
0
.
9
5
4
.
2
3
-
1
.
6
8
#
!
G
B

'
1
9
<
8
1
@
;
:

A
?
5
-
:

G
>
;
C
@
4

(
(
&
D
)
5
0
9
.
1
1
.
1
0
0
.
8
5
0
3
.
2
8
-
6
.
1
8
-
6
.
7
0
-
1
6
.
8
3
-
-
3
.
1
6
-
9
.
2
9
#
!
G
B

'
1
9
<
8
1
@
;
:

B
%
I
C

(
(
&
D
)
5
1
1
.
1
0
.
1
1
0
.
9
4
2
4
.
0
9
-
1
0
.
1
1
-
1
4
.
7
5
-
-
-
-
3
.
6
8
-
7
.
6
6
#
!
G
B

'
1
9
<
8
1
@
;
:

E
9
1
>
3
5
:
3

!
-
>
7
1
@
?

(
E
(
%
)
5
1
1
.
1
0
.
1
1
1
.
0
1
6
4
.
6
3
-
7
.
3
8
-
7
.
2
1
-
-
-
0
.
4
9
2
.
1
4
#
!
G
B

'
1
9
<
8
1
@
;
:

E
9
1
>
3
5
:
3

!
-
>
7
1
@
?

(
(
&
D
)
5
1
1
.
1
0
.
1
1
1
.
0
2
3
4
.
7
1
-
7
.
1
7
-
6
.
8
3
-
-
-
0
.
9
9
3
.
0
8
#
!
G
B

'
1
9
<
8
1
@
;
:

E
9
1
>
3
5
:
3

!
-
>
7
1
@
?

B
-
8
-
:
/
1
0

(
G
B
$
)
5
1
1
.
1
0
.
1
1
1
.
0
4
2
2
.
3
6
-
5
.
4
4
-
5
.
1
9
-
-
-
3
.
9
9
5
.
6
4
#
!
G
B

'
1
9
<
8
1
@
;
:

E
9
1
>
3
5
:
3

!
-
>
7
1
@
?

B
-
8
-
:
/
1
0

(
(
&
D
)
5
1
2
.
1
0
.
1
1
1
.
0
4
2
2
.
2
6
-
6
.
0
4
-
5
.
6
2
-
-
-
3
.
9
9
5
.
6
4
#
!
G
B

'
1
9
<
8
1
@
;
:

G
8
;
.
-
8

B
-
8
-
:
/
1
0

(
E
(
%
)
4
0
9
.
1
1
.
1
0
1
.
0
5
7
5
.
5
9
-
0
.
7
5
-
0
.
4
7
4
.
3
4
-
-
6
.
7
7
3
.
3
8
#
!
G
B

'
1
9
<
8
1
@
;
:

G
8
;
.
-
8

B
-
8
-
:
/
1
0

(
(
&
D
)
4
0
9
.
1
1
.
1
0
0
.
9
8
3
5
.
8
1
-
0
.
5
1
-
0
.
2
0
-
7
.
8
7
-
-
5
.
5
9
-
1
.
0
2
#
!
G
B

'
1
9
<
8
1
@
;
:

G
8
;
.
-
8

B
;
:
0

(
E
(
%
)
3
0
9
.
1
1
.
1
0
1
.
1
3
6
4
.
5
1
2
.
0
7
3
.
0
9
1
3
.
0
3
-
-
1
0
.
0
8
7
.
9
5
#
!
G
B

'
1
9
<
8
1
@
;
:

G
8
;
.
-
8

B
;
:
0

(
G
B
$
)
3
0
3
.
0
4
.
1
2
1
.
0
0
9
4
.
4
5
2
.
1
3
-
-
-
-
0
.
9
0
-
#
!
G
B

'
1
9
<
8
1
@
;
:

G
8
;
.
-
8

B
;
:
0

(
(
&
D
)
3
0
9
.
1
1
.
1
0
1
.
0
5
6
4
.
5
5
2
.
0
3
3
.
2
3
-
0
.
2
8
-
-
8
.
7
5
3
.
3
2
#
!
G
B

'
1
9
<
8
1
@
;
:

G
8
;
.
-
8

F
A
:
0

(
(
&
D
)
4
0
9
.
1
1
.
1
0
0
.
9
0
0
6
.
7
6
-
2
.
3
9
-
3
.
2
3
-
1
5
.
8
1
-
-
3
.
5
7
-
6
.
1
3
#
!
G
B

'
4
-
9
1
?

%
5
B
1
>

E
9
1
>
3
5
:
3

!
-
>
7
1
@
?

E
=
A
5
@
E

(
(
&
D
)
5
2
3
.
0
8
.
0
4
2
.
5
9
3
4
.
9
8
-
5
.
0
2
-
3
.
7
1
-
1
8
.
4
3
1
0
.
1
1
-
7
.
2
9
7
.
7
3
1
2
.
7
9
H
#
!
G
B

'
>
5
A
8
<
4
-

!
A
8
@
5
-
&
@
>
-
@
1
3
E

(
(
&
D
)
3
2
3
.
0
8
.
0
4
1
.
0
5
7
-
0
.
5
6
-
2
.
8
5
-
1
.
1
2
-
0
.
4
7
-
-
-
1
.
1
2
0
.
7
0
#
!
G
B

)
A
!

D
>
5
1
4
-
A
?

(
E
(
%
)
4
2
1
.
0
9
.
1
1
0
.
9
8
2
3
.
4
8
-
4
.
7
5
-
1
.
7
0
-
-
-
3
.
2
6
-
2
.
1
6
#
!
G
B

)
A
!

D
>
5
1
4
-
A
?

(
G
B
$
)
4
2
2
.
0
9
.
1
1
0
.
9
6
6
3
.
6
5
-
4
.
5
5
-
1
.
3
3
-
-
-
3
.
7
6
-
4
.
0
7
#
!
G
B

)
A
!

D
>
5
1
4
-
A
?

(
(
&
D
)
4
2
3
.
0
9
.
1
1
1
.
0
0
4
3
.
8
3
-
4
.
2
0
-
0
.
9
9
-
-
-
4
.
3
7
0
.
4
8
#
!
G
B

)
A
!

(
&

!
5
0

C
-
<

G
>
;
C
@
4

(
G
B
$
)
5
0
4
.
1
0
.
1
1
1
.
0
9
5
3
.
6
0
-
1
.
4
4
1
.
1
1
-
-
-
4
.
6
8
1
2
.
8
6
#
!
G
B

)
A
!

(
&

!
5
0

C
-
<

G
>
;
C
@
4

(
(
&
D
)
5
1
3
.
1
1
.
0
7
0
.
7
5
8
3
.
8
4
-
1
.
0
4
1
.
7
4
-
8
.
2
3
4
3
.
8
3
-
5
.
2
8
-
5
.
7
6
#
!
G
B

)
A
!

*
;
>
8
0

G
>
;
C
@
4

(
(
&
D
)
5
1
3
.
1
1
.
0
7
0
.
5
9
8
3
.
8
2
-
5
.
8
3
-
1
.
1
6
-
1
2
.
5
7
1
2
.
4
1
-
5
.
4
7
-
1
0
.
4
3
S
P
e
c
I
a
L
I
S
T

4

r
e
S
T
r
I
c
T
e
D

a
v
a
I
L
a
b
I
L
I
T
Y
#
!
G
B

A
8
1
D
-
:
0
1
>

F
;
>
.
1
?

&
@
>
-
@
1
3
5
/

G
8
;
.
-
8

B
-
8
-
:
/
1
0

(
(
&
D
)
4
0
7
.
1
0
.
0
8
1
.
2
5
2
3
.
2
2
-
2
.
7
2
-
0
.
0
8
-
7
.
6
7
1
2
.
4
9
-
5
.
0
3
6
.
1
8
#
!
G
B

A
8
1
D
-
:
0
1
>

F
;
>
.
1
?

&
@
>
-
@
1
3
5
/

G
8
;
.
-
8

C
;
:
?
1
>
B
-
@
5
B
1

(
(
&
D
)
3
0
7
.
1
0
.
0
8
1
.
1
0
6
1
.
8
4
-
2
.
9
0
-
1
.
4
3
-
7
.
9
1
3
.
9
5
-
2
.
3
1
2
.
7
2
#
!
G
B

A
8
1
D
-
:
0
1
>

F
;
>
.
1
?

&
@
>
-
@
1
3
5
/

G
8
;
.
-
8

!
;
0
1
>
-
@
1

(
(
&
D
)
3
0
7
.
1
0
.
0
8
1
.
1
2
3
2
.
4
6
-
3
.
1
9
-
1
.
1
4
-
8
.
4
8
5
.
2
5
-
3
.
0
3
3
.
1
4
#
!
G
B

A
8
<
4
-

G
8
;
.
-
8

#
<
<
;
>
@
A
:
5
@
5
1
?

G
B
$
4
0
9
.
0
8
.
1
1
0
.
9
2
7
-
0
.
3
2
-
4
.
2
4
-
1
.
1
7
-
-
-
-
1
.
3
8
-
7
.
9
4
#
!
G
B

A
8
<
4
-

G
8
;
.
-
8

#
<
<
;
>
@
A
:
5
@
5
1
?

(
&
D
4
0
9
.
0
8
.
1
1
0
.
9
2
8
-
0
.
2
2
-
4
.
2
3
-
0
.
5
4
-
-
-
-
0
.
5
4
-
7
.
8
3
#
!
G
B

B
-
>
/
8
-
E
?

G
A

E
9
1
>
3
5
:
3

!
-
>
7
1
@
?

D
1
.
@

(
E
(
%
)
2
2
6
.
0
6
.
1
2
1
.
0
4
1
4
.
1
0
-
-
-
-
-
4
.
1
0
-
#
!
G
B

B
-
>
/
8
-
E
?

G
A

E
9
1
>
3
5
:
3

!
-
>
7
1
@
?

D
1
.
@

(
G
B
$
)
2
2
6
.
0
6
.
1
2
1
.
0
4
2
4
.
2
0
-
-
-
-
-
4
.
2
0
-
#
!
G
B

B
-
>
/
8
-
E
?

G
A

E
9
1
>
3
5
:
3

!
-
>
7
1
@
?

D
1
.
@

(
(
&
D
)
2
2
6
.
0
6
.
1
2
1
.
0
4
0
4
.
0
0
-
-
-
-
-
4
.
0
0
-
#
!
G
B

B
-
>
/
8
-
E
?

G
A

E
9
1
>
3
5
:
3

!
-
>
7
1
@
?

E
=
A
5
@
E

(
(
&
D
)
5
1
5
.
0
5
.
1
2
1
.
0
5
0
7
.
0
3
-
-
-
-
-
5
.
0
0
-
#
!
G
B

B
-
>
/
8
-
E
?

G
A

G
8
;
.
-
8

H
5
3
4

+
5
1
8
0

B
;
:
0

(
E
(
%
)
2
1
0
.
0
7
.
1
2
1
.
0
1
2
-
-
-
-
-
-
1
.
2
0
-
#
!
G
B

B
-
>
/
8
-
E
?

G
A

G
8
;
.
-
8

H
5
3
4

+
5
1
8
0

B
;
:
0

(
G
B
$
)
2
1
0
.
0
7
.
1
2
1
.
0
1
2
-
-
-
-
-
-
1
.
2
0
-
#
!
G
B

B
-
>
/
8
-
E
?

G
A

G
8
;
.
-
8

H
5
3
4

+
5
1
8
0

B
;
:
0

(
(
&
D
)
2
1
0
.
0
7
.
1
2
1
.
0
1
2
-
-
-
-
-
-
1
.
2
0
-
#
!
G
B

B
-
>
/
8
-
E
?

G
A

G
8
;
.
-
8

&
4
;
>
@

D
A
>
-
@
5
;
:

B
;
:
0

(
E
(
%
)
2
1
2
.
0
6
.
1
2
1
.
0
0
8
0
.
7
0
-
-
-
-
-
0
.
8
0
-
#
!
G
B

B
-
>
/
8
-
E
?

G
A

G
8
;
.
-
8

&
4
;
>
@

D
A
>
-
@
5
;
:

B
;
:
0

(
G
B
$
)
2
1
2
.
0
6
.
1
2
1
.
0
0
9
0
.
8
0
-
-
-
-
-
0
.
9
0
-
#
!
G
B

B
-
>
/
8
-
E
?

G
A

G
8
;
.
-
8

&
4
;
>
@

D
A
>
-
@
5
;
:

B
;
:
0

(
(
&
D
)
2
1
2
.
0
6
.
1
2
1
.
0
0
9
0
.
7
0
-
-
-
-
-
0
.
9
0
-
H
#
!
G
B

G
>
1
:
2
1
8
8

G
>
-
0
A
-
@
1

(
G
B
$
)
3
2
4
.
0
4
.
0
7
0
.
8
9
2
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
-
4
.
7
0
-
0
.
0
0
-
2
.
1
5
H
#
!
G
B

G
>
1
:
2
1
8
8

G
>
-
0
A
-
@
1

(
(
&
D
)
3
2
4
.
0
4
.
0
7
0
.
8
9
3
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
-
3
.
7
7
-
0
.
0
0
-
2
.
1
3
#
!
G
B

H
4

$
>
;
?
<
1
>
5
@
E

(
(
&
D
)
3
2
3
.
0
8
.
0
4
1
.
3
5
3
4
.
0
8
-
3
.
5
6
-
1
.
8
1
-
1
1
.
8
6
1
0
.
5
4
-
5
.
3
2
5
.
8
7
3
.
8
9
#
!
G
B

H
4

$
>
A
0
1
:
@
5
-
8

(
(
&
D
)
2
2
3
.
0
8
.
0
4
1
.
3
5
8
3
.
5
1
-
2
.
3
0
-
1
.
0
9
-
8
.
1
8
9
.
1
6
-
1
.
4
5
5
.
6
8
3
.
9
4
#
!
G
B

I
:
B
1
?
@
1
/

G
&
F

E
A
>
;

!
;
:
1
E

(
E
(
%
)
1
1
1
.
0
8
.
0
9
0
.
9
9
7
0
.
0
0
0
.
0
0
0
.
0
0
-
0
.
2
0
-
-
-
0
.
2
0
-
0
.
1
0
#
!
G
B

I
:
B
1
?
@
1
/

G
&
F

&
@
1
>
8
5
:
3

!
;
:
1
E

(
G
B
$
)
1
1
1
.
0
8
.
0
9
1
.
0
0
0
-
0
.
4
0
0
.
0
0
0
.
0
0
0
.
0
0
-
-
0
.
0
0
0
.
0
0
#
!
G
B

I
:
B
1
?
@
1
/

G
&
F

(
&

D
;
8
8
-
>

!
;
:
1
E

(
(
&
D
)
1
1
1
.
0
8
.
0
9
1
.
0
0
1
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
-
-
0
.
0
0
0
.
0
3
%K7496/I!&12-0216/%.8;.5+.9 2012 000000
a new
approach
to risk
assessment
assess your clients attitude to risk, any time, anywhere,
with our new Risk Profiler app.
Our online Portfolio Builder is the fast, simple way to match your clients attitude to risk to
customised investment solutions. Now our new Risk Profiler app lets you carry out the
first part of the process assessing each clients attitude to risk wherever you are.
Once youve downloaded the app, via the online Portfolio Builder, its on your iPhone whenever
you need it. You simply ask your clients a set of 11 questions and input their answers. The app
then evaluates their responses and gives them a risk score. The results upload automatically to
the online Portfolio Builder and you can then identify the most suitable investment options.
Visit the online portfolio builder today, via your adviser extranet.