The URL can be used to link to this page

Home My WebLink AboutPH 2 XFER OF CABLE CO 08-17-92TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: CITY ATTORNEY SUBJECT: PROPOSED TRANSFER OF OWNERSHIP AND CONTROL OF COMMUNITY CABLEVISION TO TIMES MIRROR CABLE TELEVISION OF ORANGE COUNTY, INC. The City Council has been requested by Community Cablevision and Times Mirror Cablevision of Orange County, Inc. ("TMCT") to approve the sale of Community Cablevision's franchise within the City of Tustin to TMCT. This request is pursuant to Section 7418 of the Tustin City Code and the franchise agreement that was entered into between the City and Community Cablevision. Section 7418 and.the franchise agreement provide that there can be no sale or transfer of the franchise without the prior consent of the City Council, expressed by resolution, and then only under such conditions as may be prescribed in that resolution. Pursuant to Section 7148, the City required as a condition of approval that TMCT agree in writing to comply with Sections 7410 through 7505 of the Tustin City Code relating to the regulation of cable television franchises. The second condition was that TMCT provide evidence of financial responsibility to the satisfaction of the City Council. Attached to this report is TMCT's written agreement to comply with all provisions of Sections 7410 through 7505 of the Tustin City Code, a brief summary of the corporate structure and financial responsibility of TMCT, and the 1991 annual report of the Times Mirror Company, as well as its subsidiaries, including TMCT. Staff's recommendation is to app/ 1 e e r��f th'e Community Cablevision franchise to TMCT. A AMES G. ROURKE% ,, City Attorney DAD: jab: R 1:081292(1C-228. jab) cc: William Huston AVI�'A.(Dg BERR ssi taut City Atorney J y PUBLIC HEARING NO. 2 8-17-92 Inter -Com ATE: AUGUST 12, 1992 �s ►,; TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: CITY ATTORNEY SUBJECT: PROPOSED TRANSFER OF OWNERSHIP AND CONTROL OF COMMUNITY CABLEVISION TO TIMES MIRROR CABLE TELEVISION OF ORANGE COUNTY, INC. The City Council has been requested by Community Cablevision and Times Mirror Cablevision of Orange County, Inc. ("TMCT") to approve the sale of Community Cablevision's franchise within the City of Tustin to TMCT. This request is pursuant to Section 7418 of the Tustin City Code and the franchise agreement that was entered into between the City and Community Cablevision. Section 7418 and.the franchise agreement provide that there can be no sale or transfer of the franchise without the prior consent of the City Council, expressed by resolution, and then only under such conditions as may be prescribed in that resolution. Pursuant to Section 7148, the City required as a condition of approval that TMCT agree in writing to comply with Sections 7410 through 7505 of the Tustin City Code relating to the regulation of cable television franchises. The second condition was that TMCT provide evidence of financial responsibility to the satisfaction of the City Council. Attached to this report is TMCT's written agreement to comply with all provisions of Sections 7410 through 7505 of the Tustin City Code, a brief summary of the corporate structure and financial responsibility of TMCT, and the 1991 annual report of the Times Mirror Company, as well as its subsidiaries, including TMCT. Staff's recommendation is to app/ 1 e e r��f th'e Community Cablevision franchise to TMCT. A AMES G. ROURKE% ,, City Attorney DAD: jab: R 1:081292(1C-228. jab) cc: William Huston AVI�'A.(Dg BERR ssi taut City Atorney 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17' 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. 92-100 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN, CALIFORNIA, APPROVING THE ACQUISITION OF THE COMMUNITY CABLEVISION FRANCHISE BY TIMES MIRROR CABLE TELEVISION OF ORANGE COUNTY, INC. The City Council of the City of Tustin does hereby resolve as follows: WHEREAS, the City entered into a franchise agreement with Community Cablevision for the provision of cable television services in the City; and WHEREAS, the franchise agreement and Tustin City Code §7418 provide that Community Cablevision must obtain the prior consent of the City Council prior to the sale or transfer of the franchise, and only then under such conditions as may be prescribed; and WHEREAS, Community Cablevision has announced its plan to sell its franchise to Times Mirror Cable Television of Orange County, Inc. ("TMCT"); and WHEREAS, the City imposed conditions on the sale of the Community Cablevision franchise to TMCT to wit (1) that TMCT agree in writing to comply with the provisions of Sections 7410 through 7505 of the Tustin City Code and (2) that TMCT provide evidence of financial responsibility to the satisfaction of the City Council. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Tustin as follows: 1. That TMCT has agreed in writing to comply with Sections 7410 through 7505 of the Tustin City Code; 2. That TMCT has provided evidence of financial responsibility to the satisfaction of the City Council; and 3. That the sale of the Community Cablevision franchise to TMCT be approved. PASSED AND ADOPTED, at a regular meeting of the City Council for the City of Tustin on this 17th day of August, 1992. ATTEST: MARY E. WYNN, City Clerk DAD: jab: R 1:081292(A217. jab) LESLIE ANNE PONTIOUS, Mayor Tinles Nlirror July 24, 1992 The Honorable Mayor and Members of the City Council City of Tustin 15222 Del Amo Avenue Tustin, CA 92680 Dear Mayor and Council Members: ti^��!Ih q nddws,; F U Box 11YN8 i Zi Ti�l2S i�l�! rW 4 J Cable Televisicil - - As Community Cablevision Company (CCC) has previously informed the City, an agreement has been executed between Times Mirror Cable Television of Orange County, Inc. (TMCT) and CCC, whereby. TMCT now owns 20°x6 of CCC and intends to acquire the remaining 80% interest, after receipt of required approvals of franchising and other authorities. Tustin City Code Section 7418 provides that a cable franchise cannot be sold without the prior written approval of the City Council, expressed by resolution, and then only under such conditions as may be prescribed in the resolution. It also provides that the proposed assignee must show financial responsibility as determined by the City Council and must agree to comply with all provisions of Tustin City Code Sections 7410 - 7505. This letter and the attached information on TMCT is our formal request that the Tustin City Council approve the transfer of control from CCC to TMCT. As part of such transfer, TMCT will agree to accept and comply with all provisions of the Tustin City Code Sections 7410 - 7505. We would appreciate your expediting this request and acting on the proposed transfer of control as soon as possible. Sincerely, Richard Waterman Director, Government Affairs RJW:It cc: J. Donald S. McNutt, President CCC James G. Rourke, City Attorney Times Mirror Cable Television of Orange County, Inc. Corporate Structure Times Mirror Cable Television of Orange County, Inc. thereinafter referred to as TMCT) is a wholly-owned subsidiary of Times Mirror Cable Television, Inc., which is a wholly-owned subsidiary of The Times Mirror Company. TMCT is a California corporation and was incorporated on January 11, 1971. The Times Mirror Company is a Delaware corporation. TMCT's current Officers are: Larry W. Wangberg President Kent D. Franke Senior Vice President James F. Guthrie Senior Vice President, Chief Financial Officer and Treasurer James H. Smith, III Senior Vice President Leo W. Brennan Vice President and General Manager Curtis J. Blankenbiller Vice President and Controller Donald S. Maxwell Vice President O. Jean Williams Secretary Rose H. Perez Assistant Secretary Karlene W. Goller Assistant Secretary Jack L. Plank Assistant Secretary The Directors are: Donald F. Wright, Larry W. Wangberg, and James F. Guthrie. Financial Responsibility The attached 1991 Annual Report of The Times Mirror Company contains audited financial reports for The Times Mirror Company and its subsidiaries. As indicated, as of 1991, The Times Mirror Company had assets exceeding $4 billion, revenues exceeding $3.6 billion, and net income exceeding $81 million. These financial statements indicate the financial strength and ability of TMCT to carry out its responsibilities to the City of Tustin under the cable television franchise. .' `Q !-' , ...1. > � .-� 1, \ f • 1� � \ -� t ` + ` a,N ,3 , f 1 .•`I :(.j'`f +:� �: f .E•t�� Y r �'J t. , -t\t i r �>•,Ji`•2 /. x'•7,1' R 't `{. r i' !' i:. r\ �' t "r r J+.�. ..{ �. ,t _;� J wr ;T�',f: [. �'. ; r, � J` ;1`-./� t 1 - •... J - •l .S `- f _ .J •• t .-.---°»'•°,r •.r�A! f 'A ,,ir'v��' • ('�'• T)* t ,��•K •�:.. %%, � .i: a' } : i`Lt hS 'ta.y t,t,, r_r'� '1 1 '. � l Jl�: _,}` ''t. A h.: � ��` T� i'' �r�.c'�i?!'.fy :i�IJ _ �: , ` ,s, C L' ::� //•• �;•l}'.,+..t - t,�-. ,_ tip., A =,�. ;•'.f:..,:,C;t' � ,� _�C .tZ�r �!` s.! ( •a'r' 1,,�:;:,�� tt!\i :a ,-rl y -.� /�J, R; ``i. 1 t t'fr , :�e `• �tt/�/ ]% ��'.>,�.( bra: ,r 7t' hyv.. 11Y'r .t1t3 ;S'(t� r\�i�/�//y��.e_ s �� /)'�,/■/`'l,•T!I,r 'Q�r 4 �,i `''.✓t �- 7�� /',t`'%�►SF.L •�SN'i•ftJ/'tt ♦ .V•� 1��Y i,'+�,c•�?ij i �;- �+ rl p,� l .,>.` •l.:il ..i. ^:--1, r�j .I � s ,'T'�, J it �".'b1t ^ ,,�>�,,� ••a IY J.tR\' r'-f'i �,,, -, t:; >r/ V•ry' `�' L' 1'J ,,• lif. ��.; •`i..,-jti3•, :: ., tr .',3' .W. '\L'• ? 'i x- - i. /'"''j :�;'' -Y:V FT't''}�: ri;'�.:�-.,' :'�i:.} _;..&,,yr`�i y `•�-� '.i' xr , t•: .;['.�„% R<. ;?E�1 ".1- al-,. :x - 1. { ;f { .C.:rJ� l _rk`,f.."r,..5';(t,,i....•� •f4 M +i(tc7"' 1 ''•� ytf, ami%> :(.?•.!- 1_,�. [:. fj..�Y•. J,")ty '+::.r:..3,_ -'�!. - ',, '`' �.'.y.. Lam, Y:,,:• :6�t ''C'r' .. Crr;A_ •,:t.� r rl!` ! :r4 .:i . t\,{ it• f. ,_f:-._. ,•.r,'. • ,: a Y• >fk'. _j [ 1�♦ s t - %ia• t rf r X, Y t t �,/ 111• .t-• .,Leri Lt.3t ;.l l,� D'D> t f, ..� 1,i '-Y,. .1 ., r,f.�",, , t �., J. V15=£:. �.I �'• .,�,, .a. r 4. i +,-^ ��{��:. .��a! .� i3 . yY vt a � ,4 ✓�'� tapSe � ,•.rti'• ,1� • \ .�'Y s .t Fi.' /' � � -:l .,.; ), %(! `, , :�•.+ .-r►':r•[';•-•.1. { �(. �al 1?tf ,'t. �[•1tJJ��,•y}• '� J r/ w:'.:- .t, r J, :1 /1 ,.�`� ,•y.J'{: t'- �r4. .J. r r 1 J -rr- ,I: ,\ r. •,r (, t, +i.17.: t:• tq �' w.• ~rr :.I.r•)' F"A 7�,�.i f, ='♦ 1. •,,' -.At, // �. r:t{ ,t. ),. -.!r'� l .� !,-\�•:a.. ! {'7 �- r✓ . r w ` r� }. ;ryi t•"�f 1! i.•�,'a i, t, !':t: ti'�R yy\,,.�r_',,•'k.`t•�: Vii; St, ,•+, �t.L ..T •; ' -r:Arti �: 1;. id-1%r{Sr,r->. , •�,j 1. 'fr•, ..r f 'Y, •,'- v .f +,,. ':i' :.11 J '�.,.1 r { ;'j , .1 tL .. y.',. ..,a 'i►• -',a ry: �'}' 1 �� •TI L E. # •.tt,•\ `'1 ..r,.r.y. +�, i-r,.,.c, ` -Lr •:i y, • ,. •//��'E .-sS. (.� `� -.tr c ' w'' •r r �J i ;� `. .1 • -:. �r;S �•, - f!• 4r r i' r •v ,E0..r1r r •�fivt k•- 4' _('•.''�:.r. r; ::4.. ; J; -•,rt,. J,• '� %� .t 4! 17" ,i >_� ,.tom. + a.i..1,,wt..Y'rY �'''�✓, ,Y'P. ': �',�.fti;'/' ':Y. J „S j t e 1•' 1 :t ,i" 1 •}' 11 ��.`, '.�. iM.J ,. x4. ��. r.��'ti�'r y�: Y, � H-^ � } a.'� � �'`:r'. >.'. b, f,'\f� L"),� �. a '� � ' R" 'fE: > 'a'•' t t � ir, ,l . (. • r %, t` - Y\ s„`�;.. > ''`} ' Yt"i•'1' "�;C� � E a” t��:• "�"'* # •'t »•+: +! �:'ty. :�� ,,/i;,,j* .:;1i, r, 1, .•,{tiir%`:ri ��;:�.w. •?''' 3 t, i;1i•-Y, 'tl�' �• i�. r'. n..� t` .� - t w } �:. yt��, r. �i-'•.�'c. '. ir, y�'iy', 2 ,w. g,� 5,� ,•' J�aif,•- .i� �eF', �f y{;. '� rS•t, .ri: ,t'\•t t•l�•Z' �lier,rJ<. �:- yll.� �;*..Jr:�..�r.,�1` f -a _ .}.,`" I :1..,; > r'.,�: , �,�, ,t` {r,!?_,,Y�,��K'�r q-�.�:.+:, \� >f -r n,•.�'f,} ..,1,. - �.• .,,7.t.1 r ,c. w d.' r•_ y�J`: I -y-., 1 Y` /• J,.i 'r ;y � . ) r r. F':, + -7 ��_ ,rY^.. Ir .N'. p .� •�,' t'si�� •�•'�.�_+r..aw. .�•< •V, _ s.`t c rAr r,y 's,.' \.:.,.kl . �.',� r �; I'' t r'o :. ✓- a_. �! c i , 'T• -V•' 1. I Y t 1,(" 'Vkiy. ,y ..,,�. 4�'i(;+ ,'.5.�';, 'r' -.{ as'': :'�r .'� ,1 .+ .�'1 '. /+ilit":.S"r.•J •�. 'l, It.-:� .i., }?t_ .�... ' ••( ',' ''l'. !r�''' u ":.C�z- ��,r �. .I �.r.; Y Tc•'• ',y �r ,.rl,.�x.: +,. ., l\ 'r!, -t, 3.,1,, ;,. ,+�" ! ^s,f .1+-1 :(�, 1+., -: ):.•t-�$y`:rf 't 1- "�',,. ,� r., .`.�l •.`r�".t','t'.r'y .o,,: .�tjy!. _+ 1+'F�'F' - :1f. oJ♦ u.; s:r)fit �r.•.l,yr'�+w, :'i'-'.. ;� f y= :;'i t. •-tI"'�r. .t .Y ,-4,..,a .r.. .1r 4'J '\ :r; 1 {i+ir 1,4 /�1)„ •�+`vt!( iF 'ter.. '�F ;:. 1.. 4 .. •, �.r,� ,_Y. •,.� .stir' /.:�.: YF, .•� '.{fes+ '�J-/ .xY,-. 4 _ �. 3; . ,rr•. Aar .fty Y. ',1 i .a:, .1 ; 1:-J ..�^ ,•ti./,.:. .+.[�M /at,.�w .Y'•r r+>ti,�.�^��,:,i��.�ly.�,:�y ,r., 4 .� /r;4 r ./i•' i:.:J- � , c /. ",t• �_�•y.1..,. .,•� �'^ 1t '.�✓ -'t!" 1. ./ j . a ` .� .1-. I•' 1 +ti �•,,1+. ,♦ {!qtj.i!�:.• '�•Y.•�:' r..,++"f"11.�' *rS.. ��y!•�� +:. t,,.,;\�, ��'".. ✓j...'«�': 'trP f.,J"i -s"- 7- •,\_t �.. .0 5,, 's +'.1(+ ,.. �r �J�.'....,:1 t '�.1 -}- - -�• :J'> >.. lty `.L�(� Q' `•.0 "e`' 6;s5� �• Vim:: �y1, �,t.; y��•t -•� � - �qL,:Y. i r � l 'j �. (I':/: i'j'1'�:j� 1 (r � r f,•.t.t•,q 1 ,t y h' , +' a: :+i.:✓:Y jT.•.Y;,•"'/_ �• � ;� f� 74✓ \ J � t,k. !. ! ':. J " � N ''i- : t S� "D'" i1. ' Y > 'f�. , -f/ ;J.:�.� I �a..:l,,, ,1 % I y+t ` :�:. � :+i; r,. � •r.: .�:-p :/t%»;y'!:'' In.'�. ') `y J ' �:;.ci., .!1 •• ,1.a. ,,,-)(. {x� .} J4,�•' L. '( t• v": l':r .,. } r t. :.r \ .�. � _ _ ,,!(''2, / �;t+'L � �:� ;:��,'�>� : J_vl'+f! •' Y I ' •vl':. /J :.�`t(* t * :,1 r !i. \ � I- -V- ••�,. ' j !'�T; .�' �. t4'. C• ,y y, y. �7(.,,f ✓.r. � ♦• -=i ,•,1, .+,• 'fir •i 'v'. t t�� '�` by ,R tY>}r 1�.s�,� A �%..' a �•uy L �,��. .,�i�'� �� ,��'�„i`i ',.rY.!JFj X:'•• '�i-..,1 Y - +... •; J-rp.,:..+. :�••- •.. �-: r \ � • 2 t `:•� <'^ '>' i {' f Y':M., :T ; . 1- {= �:-c.w• �. -.� 1! E. ..{• i•%: Ir b, 4+6.,t ,s..sM 4•r <.-+...�;�•si`Y'L� ':�'4Z �� .f.:/ .�,'; r ;r., i.'.a• ''��-�1••.:r. �..�•,�Ai�'i �, 1�,. '1 �J �. ��, �.1t t.)i� „t'yi' �, r�✓i..K i (.�.,y. t`.Ar..«t. �.r}.. \� +t t�.,- T �• �'•1 �, �r�, .,R -�rt +,,, �;`t.'j. .,,i'' T•. '•1lr ,+�•' '44 S �� u-a�3- t t -•l r i,y r!t '.e� `Y / `'RJ � � r � l�lY..u' - ♦ .l_,.r• 'I 't '3� , i :t.' - \r�t" .V JJ ' -� -', �. , ,r��,,'+i,� tt<�:: �� _ ��; >s n r� - � . ..t; � , _„ ' t�•i �`-� -,l i . t . � . t - :.'� h'e , .B` a -t .r � �o'�. t .� u`in.' 4. .e:'�s 'Sjl, '^:,�:f'.K, 'l �: 4.t •tk Y� - Y Ji4.- .. i.• i' � ..+'•r1;.. _ _ %n♦. f Y _ apt J .'% r•; ,•ar,c •!.. , ! ra,�q,;. •��.yrJl��•r� , :{, 1-, •L� - C`I�, •-1 a: �'.1.L4, r t t a: 1.J.• r.Y �;Y i �' ''� •%' \ + '; t 1. - .t 1,• :) t .:4 . � 5:. , 4 � Ct` - �; , � , {r;: r,� tl.et t r{`j . Q'"f-.;+(I.•1 �..�t�.: r tiC•y't v :�_:i :� �.!�):, 'i'd. �r,(i; .✓: .� Yyti �.,�,,� \ .M'-.: �/�i/. 1. ,y ,,i ,f fj' ..[ r t of ,; :. -1,i.a� /�. 'r. -.f C +O�- l•s' i'.:�' ''> i/• .x: j' +, �= .} :f. t r:N ,�i�:y .. .,r r: /•J!'. �� '„Ra :� 1`' ,-t •z. :�. „i j- [� '., - �'he.:..I-�.a T' b?''�-'��'o� J•, ^+c i :� r y-: I1� �'4, i.\,.. tt 1.1;;,i 't,- J;_� C• �r:'jt /♦.{ ��'' rt: / '� � -Lz.:1 '< y "�a; i'"v ,� ,,� #tt :�'; ,:1 -i .'•+., xi 't'(' + :i,v- % ,. 1•a ::,�._. '/• r, 'ti 1;.. .f ',tx, 't. .,! • :>�cc~•" F't "2f.-\]'.1�F•"5. #, rr :itY.,} :, .{:�i ` :t'` _ '�; t �, ,/.. '� -t •;.. � f 1,7 ,t, � F r/. ,. ii-. -{�`:, a. +' � +iy< •t 'i?. !•+'% S,Yt$ .�, •,J \ t: ra`,r'.'2,+'�: .y`,:', el r J, i. ,r? I ;.t •f•:lW'Jr,: /' ''.I1 .,•,+. Ss '=`�� ,`r :j: -j;='k 1:. ,{ - ,.F. yrt:dr :E , `t•l f , (. .r:: A- .�a; �y:;.. ! `r t � � �� •; "� ..�•,. .�1... .g•�,�, t �J`1. 4 -L• ;} j _ 1 .t. \ `•y'Il...i.:j �• :...c. -a �1' ,. '_.li '� :-�.•� .� .f.'F1. 'ri,y, ,,i�- :A. 'T�.'':r• : ' :� .c . tt �l: tr' t ' • 1' `•' •�T'�' t X'` 1�::', ..� Y. � r � ;, F t5• !- ':ly sl• �' 11 S �_ r.; '+�' -:/ {� '� � l-•('� ;;.s;�:. a' r.:..�,'%L...rtsr•. � , .r. > + t`.p :.�: "1, ,..,.+' � •� :.`E moi. �P"�x f. _ ;:n 'y> :•1 •-. �. .1 '�.r .+J.. �' 'y, •S. %%. k', t„ _ t. Y`t'fk- ,.Y Y- -� ;;;, r ..t�.,C' f�. c.V^,�1. { :r :? .auti,.-.. M ("<e.a :c' 7�' � ?,.�. .3. `:,.Y,- �i -�-..1 r�1� p<..• ?�lr,! .4: f��i(� }1 �>�iiy,r y1 •. .. r' '`'r ,: �•� ;' +�.t',4'' Irt•.r.i:�.',�:!` t 'k:. .: •Yr '1�, r\. 7�t \ , �_•;',�, a. ..1 •. )'7 ,. i `'`:l �'17. -: 1�:•'ll `!'� t �`�]�`�o'•.�:.+ti' 4 V ti u.FC� i. ;'. ;-t;. i• �a �5y,. t. 3c.IC\.�. .: �t.} ,J a �, -•R I M 'i'"ter` P, � L '.[ , % ••v , <. ..�- •1... rv, �T- +�. t r�•�.: .�,:t "' - :.��{, ,�T'I Er•, :�r' ((�•'f� :..T. { r. t'`"i,. '1� _ t_ .,\. .."t F. ,. ,{-r3'+r - �+ `a ..f' \» :a 1 . f ! �it•: v.. ai i•••;`t. �;�.. w.i. "f _ i!1 1. yr •h ''1 . r� r�`,::5 4# 1 a. � ,. >, �• ,t, ,t •, + r :.C: t -\i �i, .�-ytt,.,,yr ,�-'t .Ra 1'.,t•'t%k•' ,�.,t y rtct �i c W-. 'fit a -J ti r , `!.` ., 1� �:_ �. y. I ::r � !y � `M?' �': ,' �•�• ( '•y' . �, ,' r 1 _ �� "t 'rt.. ."\r w '.F.'.., { 's:: ;%M"t- � ��} .ri%E.•Nr . �w: �.. i .;� �;': '.�' .1 • : +�• t 1. ,, ._.t.: c. .._ :-v . •�1 :� _ :fit t. ; t t � r r '•i1F, ,•- 71� '. moi', ,'�`.• Y�r:.� �; :�J d.r>. t,� :i!>\.w � � i� � a,aj't S. -H '��:. .#T I �' %•. '',+� t .{. - ,�'J •.✓ •'1-' r' s� � `� ^ y��•�' •�.7 -.�i 1 � ,j,r` ;; eJ, S � °-'•: '"' '+•• "• �' - J !. �.!'.,.: .h.:i- ,� :h\ 1, � •: r ,.% y�nrT , ar ';yt.. +ik'y. ..;t •. .r (.:' �!`J-` tT J. �l 1 :\'•F'� "N -t i� 1 ,5.:,. +nt. 1' i - V.. `r, '• i:'. "IC. ,s. ti ii:i' F. 4 fir.# _ r• .lt(' �:, r:' � ) .M�(�1' �,,.• - •". i- , � > x `,. 3 `�Jv (� .Y '�r�. '_k >1 '�'��!. •t{, ..\.. rrY � •�.. .+..I -r):, .r :/-' .�{ •-,! •3' ,{ \ •L ir•J:t• ,� .+��• •: �.t '.r `•p �t 7.,. �.T \( `�I '�' '.i •~�fy� 4 .it y, .�` J- Y'l: 1;:'\' S, 1 ., i. `J. f y, .(, ✓.. )T. )- f i '(' `Yt�.,`f. ..\:q' �+-"�:•••��:: y +`.•.( }rti „��';� (i'.•7�, ;:`f,-' (�,r''. � .•• ..t,: '• - r � '+ + .,; .. ,t. i n' i} J f:i-: i- i , t�..: '�♦t,? _•`I �:i.. ,-. N':f'':`<i.` ,,,y:,. �.Y.' F»q. j V ��+7 r�r• 1 . -i'� :j'� r •;b.., tt n '' r �, �r i-. „ Vii. ♦ 1. • ..\ • - .r � M -� s• � ,,1f.:.1 J - . .et',y i4•3r!4 YS;•::. y�,y Y�.` :� ?r -�} .+,:?� .✓,:!•a.,Yc .1<1 .a i'i r ,1•F' r .,. a. ,a, �':: -. �ittf��..�. t'..;��:. .1.0. �•->�:i' i° .,, `�r'.ti !! '+S' ,�,,i t i. FX` t� ! „7' >,{ E.•.,y j�j,:i}`'.�.: rc'{a: %•'f'ty ry,fa�<- .T{, -"t,,: %�'+l ''<•:r 1•? k"-`3'f':r.rJ � `�,, .ryt•:a•':!• �..,,. .�i,-j, ':� ,r., .a tt.��r,: J ''' �� -•� .lr�` F •o!' t •7r' '=.JfFi �'.: l' ,Y 1�.��, .t;l ,..y. T, .r�, tA; �,.: �;,�,,:. :�.'+a},. t -L�a •`} xr. ..y. ti t -� •�.t J r`: f�, ;` '�• -.k. )'1„#.. .,+i: ..s¢(. �t4 �'' .•,F:i t";; 7t; sl!'-.• V,l. � ' •t.. ��' + r� `r '4 4.fr I;1 #t .�r'�I: r '� '(• `� ',1 - ♦� i_�fi a'a. ` 'lOr i`, 4 ,d , it =c''!3 R .i _ J' !l- ty:.n.`y �,r .; .� -t.. ,. �”. �1 •. ><;r:` ,, �;.a� ." �, :�: ,� },. �/ .•- :}a ,4��,;,.,`�/(,•�f:• h q,r�B:.e �d�� t '", }} •5 :�r 11J , +" " #, .Z + 7yti.;\ >u:\' r,,� -. C ? +++x,: �`•± a� Y',Y .h,.a;. - jp! .: r/ � .i•., -\:. `E:wi ..err}a .:.5.� rl,. 't-1/� i.<:' Y .•r +: ,. �1� r ,.'�! V,` ••.r .�'. r:/: x l i• .f `�"r �}. , I r •1 t .,`1 >•� .S�":•: i }.J .•* +,♦„ + _ .li�� .:'a.+� F`.; �j� a' :I:t 4+.!l.� •}R•!.' ''>- -t r: J,. ,, a -* rt• :3.1 6 .,�",, I / t• -M. )f J,- ..� - :•.,,. 1`' , ''�. 1?1'n ;`(it. Ifi�• r,� ,• '•i ?.�..q `rr � ;V rr i'k ��\ ,✓.: Vii' '•,t-"�'^;',T r- •rtj. E r- ..1r of �♦., !1 i�• - 1 r b.- ,: �I,ry ...i .�. . C �•y, *'E.t, l... , ^�l>. •J^{,;�, :;:. 1.� ✓,.YY.� ": �.,, lr ( :)✓; Y,t I"'' }...i� i,, ; �' :� i lt�� 1�- 1` •c.J.. �, ��.k T,;�`.•�'.G('.f:r: s". n� 1✓:: r � l ,. i - -J� .% �It,.l ;: 1 '� ,1../'yl,: '��' ;1. ,! `.�\:` '•/ ,!. ,• Y.P. +�'1.:--,r ., �$ .�!-f .✓!'"'"'C: - L rs -'Cr' t..tii!i, �.. •,�y.f'a y {J:../. r+-! 1''r/:,:s i -' s• :t '�. t F;•'.� ;1 \, a;t' r'{Jy.k r -t, t•r'f' iw t`./ i ; f: .y' ) . ' � ": r _ i n'.: / , F '!' . f •t : , .i., i.'' �' - i .c _ t ,.,i})",.,. r.: ,(rC. .:�,. , t ..j: y3'�. ��' �>' �;t• •++' ♦ -+♦ t.a.:(,r..r ? '/', ;l 1:: :,1•`' :�f "' Ir-lr 2 _ :r ,I .`S� r 't .\ <•a i+>., n'_. ..1 t� ,'•t'. �;.. ,v ,✓ .� Y.,r. . !. ;, • � + + !S / : :,� a I.1 . I - 1. _ .. 3 '.t<' 4 t..�!+.•,. `r :. i t,' �5, .�.' L ' 'r' + t.. a ; '`� . �.' ^: ;,. -y. 3 � � -.4 �. 't= t� \. a ✓, t , � X' �,~ '!' ! t••f ,' �* a•., r y� K>/ � • !^ .r a • •r �:L ;nrJ ;r b : � ..,/: �,• > > a;f. ♦ ,-t 4J •_ f �� `f > ��r' `{� w �A .h. .F� ,,.� .•t .Y`,' r• _ ''r -"•J., Y :a.-.: r:'. .'•t: �-f ;.\ - .,+i :�. �Sk�„/�I,..: �re!�i•�:- '-o v.�fi; '::.r� .r.'., :.. '.`!\T ,, >�%� \ 'y`: C•!'.s' .t:. �i',. ,�- .Ja tr �1.: h J• k.ti..af. FF" 1«-r .(•;:�`i ,v>,..L: •'+tij %i ..+Ka.' -t• ,0 -y1 a { 1�. y 'r3 -i, ��. .,. :t +. 1' .'`'. -y /. , r %r.:• _ °n. r ','tK',/`'l r,.,ti`S:">^`;j'i F. C.{ •„ af.- '7.\• 1' -?•' .i=� t 't ?F.:':1 t', :i `. :'f' :'eaa ti7•: J i• It I '.J,. ..- { �v:�. >h f,. -r., :Y. .r; 1�f'. tt•!•' ��J It- 1'y � •< >ft y ,� r,/r,�` r3 .. rJ -'�.i' I ct v(�i {',}) ll •' tr !4. .'{•:.n `♦�+.yr Y '"h..) . :r 't_ �•- 'itN,r a ,' iN `) / .'�'- y. . ':F .. J'i'ta �'ti i% •L:.� ".h't f�. 1 "-c � v,. ', n, yt !,. t ♦,: •i'"'�,fi �,.. t\.i, .ti •in` � �.,i .y- -i-V �.i -i + .,;,1 .i%•'�,'t i. jF•:j 't'1,t• :(+'. _ t,.,�..rh. f.+._ Y-' J4 .�r. :! qt i ,`t �" ('.�J x t, 'J. l� . `r L },. � - ,, .t'.' /. `,, a.'{.'. �^ 9 r, +.�•. t; '�>' , -. n"•-' �y,, �'a �. .t,}t 'r.;i.. a. ..� y t ...,,. A -.e ,y,� C. 'l �{"4r> -.sr, :.r N.. a .�' !: 3 :9 �:± '%'t::�•i; �J' rr'!i` "i•'f,:� ,a '..:. (*! ,-f t'" ,•: rt•'� �',..'t'"'.� Y,..r• i' s `` :.sJ `i" \ -� 1, i, -,..i ` .•,i a �' lj� r �; . F 'i% as : r'n,.: (i _�.'1. .:,_., !' '.\, {ir .rl ...Y- 1•: r,. f .t A ti ...+\• tr ,yT `.. ,,�,•J: 1 I \ J _ ��. J•': r! ,{ .t 1 1 ' 11 •'S';_'._ h° � 'j..r..,.R r . �y�. {{ ' rl 1 ,�y r y t (Y �, _'- � rt, , t�`. r.r'•.R� , 2:E';.t' :;R.. ;,. .;Jr•'; e� .,s�•;� r��t.c� ; Y .�..,. t -t,r _}� �( �,e'._ .t-, :�f is ,•'J(-v,b L\t .C� 'i r r t, :t�� t 1'r .r'`r-.. ,;..•�:'. ,.j' Vic` *�. ,�Xx f.: A ��}ara��' ,, 'C, "\,."rx;'.•rl'y;'''�!-Tu -ti ,- Vit,. .�. -.t, :. "':+`;Y j:'-.1 -+,, .��. .-.•:.. t a \: ,t •-�.t, -e.,E: :i .R s"•.K •%. i`• --h`'i '?'' jr•: dw\ :•±s'... i. a-.,h';-�4{'>•+>..I.� .L.` t,''` `,. Y -5i�•L •1: f ,'fi-r •r'l-: f �/ ,,,a.o!'' �s•�„Y::. ;1.. ,tyy�,,.. i��C :iT' ,,.a 1\ =�"., / t k'4'A Ga '/,.•, k`� - '�:. tid.Of '' r � 'i _�' ,, s. ,�. t� . 'l,. , �' ^!'tii +. ,� ..• •`-r tN Y +,:t r •.`r,..,, t , .. 1..,,+. .. ,, :it ; r.F;: f 1 l IN'S _:.. f :a''-. ...+5 ��:• •�r,. ':.�'• r .., I. C'� � '+r v\ 1 :it -'+y.,� �,:,. :? :ri; (�`"•� A :�a, .:� .•m;'$: :r( :••�% ra -rY �A.../ � .y.,+.�y. �-. �._, '�.. f: r: lS J«, 1 `'"i •'P+ � Y_.��i1 �trtt! f;,.',a ,( y; .'.• � a c1.. "1.,� �. Fit.,,L',� l �' ,rl+. ..� �•Y x• M. q• A�•y`��t: .t• •ek .. r.,l!'; �•-••';.:Y.- .'r .4 �'\s.-?',, �tl ,.\ J- ,,.'y 7 ''! ..1: -!•., � jyt,.. J..�� A,. •.+.-.J. {{''., j„h'.: .F.�.: :':7i :e( 4t� - `t i +. 3.r.: ?s. r ct' -,> #w. ✓ \'S "rte/, ...:fti'i t. kr. .'#4 :.i�,. �yf,Y„.. ,. ,'•.:, t [.,,••r+b ,+' , 't!•'F. ” .r �:., ,,1 r •..'.-hSy+�,.y-c '"- �:/�. .. !!' •.,i• t. i,t ',� . ,'r �.a •S-.wft�••Z> r lC' tr^i :•".\-1."�!+.. •, ,i 'l. ' t: . a� .>'_'.'!i t•., / ,-(:+\,/ ,..li'•...�..r tl,..•. 1, >rti _r 7, =j:•. tY 'rr :, .a•i),; T 'r .\.� �'' i+' \ \.y Cr.�, .{.�. y I �♦ tt -"► 1N .'< � �YtA`. , ' �..:f `'tt° �.,�. -r +..4• r ,. 1... ♦',y<lc .t ' :.. L.�.. ';�, ,•ta �. .ia ' t . - .S -,•Y•-.: ' ei' SII'-n'Qt'jr�• pit^��; '•F . '� N.: �••s , \.. ,•1,'ii' , ':� ..•, ,-�-.., -. (/ er' '. d' :i.,. +�'.. i.. . 1 J1.,, �x. �.:�{. V.+.+. ,, - �..� ,:)4 rr:�•+�!�.� '� - "�r,•: ;t �' � 'itik/%.:`a� -1�,, j,, 1�:, r:'�.r;.. ,F,..•:cJ•:�^�,.r�' .f '•c h. J :f n,�,'tt:(, ,t,• ,�k' t. J� ��/r y :; );Ff ,,,, y. j. =�i {i:,%'�.+. ,,. ;{#. .j"-. 't,.,S ,. tf:;•i � .+. ., \�"a- ., i:'`"; � _ i ( tii.�}1 �. ')f. +>. 'f•. ?J+r +�,, ;,ft fir.: .,/;tr- rt ,.�+"• 1��'..;;, :,;,�y. '3' .a\f^i'--s'•!'1 1 •t!,1.4„ �'{;.,�s:, �-- �9.+at;-?` 41•b', .f. + �'S''?•`. �" ! - •': �• ne .f :�l•d.'5� cr='•sem.,': ~. y; 1.4 +J �r l ,t•t., t,:lY ',.3y •f:.L +,�v<•'>. f! a ,+',. ,� a.�J l ,L'. , •� i c� \ ..r:,r \ -f rP �• t\ a. _;- _ . .t: hp .+i, t , , a' � :,l3�j• k iy<x •.,.'�, )?•-• �-iJ' .'ro` C ,G1+t � t t <: �� ,ti'�•, :Lpp��la',," '1 1�S..C. . J.:' `. "'r +h'-, ♦:" 'b'� .Y : f..,•, :t•:�,�••r'' :)y A\. x � •i1 :. C.: .t,; s, .. .!�5 .. r'J,..tri7,. � '�) +:A � its - : `+' .[ s' q, :r . ": �.• 1:'.2;. c ,.r , r�'f. .r1 ;� t` \) =-/�� ;,. - J , Ti..-';:r� •'�-, J,,,>; -� ;.?s.. 3 +� .�a= Jl'..i,•S, i...,��sr�. r( wy ' . J -'L?, ,. .N- •;1�.Y -�r-.r �' J-�i' :'` .,a'-, 7 'i'ri�ti.. � -> .5,: /- �?�• t,', -.�. t. _ .ri^'; "�`--'. :TG;� J('.`,,�'-71• ••, �r ,t .'�' •'.' ty".!i ". :�., ..�.. Y'•: J,. dlr��. ��jJ; rtt J'1�j: .S .r 7 ''v> �c: C� .''t.:r ''r� .,_t- .:5. �` Y'C:e >: ^i - ', �. `;. -'p+�. �`) Y: .•y+. ,',( /I /''." �•;Tr- �1\.Y i t �Cy, ']i ( /p� r.�', _ 'j'A,'. ' ! • 1 y,l+- - @ 1 i. !, �-:� .t=•-�K�a s-e�tr.. :� e•r�n,a ��-Q.- �:�: .�:,: ;� r.r., ,.,!- F �= •.Y,v"+ t.., �,/•.4 •�J 1 rr.. .,... �/C� '!» .i: ,�-X {•. :�a'S,. \, y-. .v,,. ..�, �d .',7•�:�tS1� '> Y .. k: -+ '1, e! �%�- E. �. .S ,: E' (<{y. ,,- i •' i '1 S ',,•�• .,? t. rti .. .,,Yti,.1 j. '+ A .`I; i) :i�`, ,r,,.� r•.".t ,.:-t;1. -' .�••`. •i't y J. ,�l �i 11, 3y�:7 .7<y �s.r�v�' .s< ,,'{,'u1'. c• +i..- . r. :�. ,.�?7 ::�!`fr t, . t , �,: , c: ,, = + W.• -a.:; . + ��,. /` :Ir, a -_+':' ,r -.:. 1 � +r. t � ,.L'fi ev .k , ",k:, t � :r � � \:i "}i '. -;n' :!•, •�, •. '\. ",,,�'i• ->1` ',✓`✓' :\,r -J ,�' �:..�-+-. 1 `•i'�.;t % x`.1,:1, '¢. }'� :\t`�A,f _ r`}. St .� ,;} .-i �S.b ••• .�''!! -1(•.� h.;l.:,+ ,�. - _, � .:�: :1• c _f;y: , f. :,� r,, ,� ,,:: y .w.:'�= y.: ry w d J,. ..�:,, '!' .k '4-'f�'C+r-'i: .�- ta .J. t.5, '.'4::L.. .x..f �� j, •R /" Jl > .�'. � :.L! I,+`�y 'r. ,..•-E'a`!�%`r�?F�:" r, 4 :a, 4 - .y �:. ',i?�. - .;; • 1:: '/, F ,' - , J r r�J: •,r:'•:r „.(/" .-� \ /, (• , {.; � -,- "�- �- ; \. .: �., !y tv ••{ ,J.. .� �: ,r�, �P..,7r `a e t ' c: ° I :":ct ,'(` \ 5., ' : a.• 5. _ r -•tt. ,Y.,'- ,,;. , : �. • f t, 4. / �� -� .. ��'.- • +� , it s:, ,�' � e s .,.,Yw :i �h ♦_ ' � ri ,+a'. v'J .:�••f+ <'- L • . 1 . a: .+,. , 'L-.' �>.j- .r • 1:Y ,y 1.t?. -ii '>fE� t �-' . , F•,:..t: : 1` �_'t ,;,. a .,i :?r , !,"I,-(y',.,�r.,7�'=•: ,.k e+-J-.i•�'. 'fir':. !�":'� .t? L ' � i �•, r. ��.-!` �'-: n y� i'� „epq:...{{ Z, : r'' 1 '• y f .�'.,+ . r ! / �: r i�..: .y <,«; ._Y-'.' F ,rt:5_ • • 7 • ••��. 1'. . ht- .:.:L : C � ,'1' ,r+j,. a, .. tt ;ay',i'Y \ ..1.. .11' �F y. � •• If t .!{-�t� • .,Ft • j - ,'y,1.' i!`. t:.'� �' . i•, :?,., . �� ` • •:' ` .�1. j'• , j r i ♦,:- ..r> h t. c' f, / ? t t ria t'i „t•y� .�i• :i') ;y•1-2. i:`c fJ I't' 'r'' vr:i':c, r t; ('a ._� v �i , i a•. .at=•1''�inrp v�� 1M T.�' 1' �.,r• 'C,B b�_ _�'.ist .r' $ L }� >, 1 ,, .3 ,,J',. J. .Y'i..J` ::y,�,j i � t-- .,ij;' ''+. ! '. R 1 ':+ .I.\' �'t -'>,:: :4t �/,• 7A''i( � J!�4' Y•Y y ,Y:�t, y+: ..{,41' /` ��. � ,7 ♦ t.i r�•�' [`- �, ,. 1�` 1i � !•,, f - �;; :iJ! .••` 4: t._' •�:1_v./,'./ ?.t �.,,y�t�� y -�� IIS. .•y '� > - ''c: u .c=:'•�-. \/'.;: . ti i ,c'1 ;.tet r1Y,. . Yr!•' "? It �a.L- 1 >•'✓�': ?. ^,.' .�',� r; ` ;'; • -raft','• ri'�li„� �,.rcG•`' ~ ,7'�I' � . A tit{;f�,- "%X � '�.1.q. ^j••" j i y v``� ,J, .+" �. �, 1 './�,,t� i -K t. �( ., �� ,/::\ ',,fir � ..�:�i i ,;, a; • �- - k •,. :'+ • ��;r• r ' .,(:r -l. • ! -'� �s+. v,;;r. .. •'F•�/,E, r .!•+,r: nt`':1.. v� .t - is i JC - t J '� h :\ - i' ^'tr^ `''+ ;!f+•'''it ':i ti,. � :.� ai'tt•. ::tj.y V 7J". ,,> � .,> }. t;� t t 1/ rr ,J.. ,j. . �� "!1:' e: cr�•.3. f 4„•: .� r,.�.`�- �. ''�-.L',+k'i:sr` ,�”- .'/.'�' "" r- `-%..•, a_g(.` 'l.:; :,[ a�'„ -.,i' �. :� Fy, :n. .v, ..�- t•.:i,.rl:>•. •.a•=l ✓,•,:,t: G. •', rr,y.a � ;�Y� .�_. .f`_ -i".:,, .t\r -�,4I` t _ ,�,; 'a. ,� xt ,v :� - i_ t`t x'♦.-rw'r`r'�.w =�.. i'.�T�[h J kL. �:f, .,ys:>. 'i .r'. 5 r". 'S•. f. - -.,+,. i�i9 t l\',:. ?. ) y.�' y:: .: :'� •�. `C_ 'sf '{ :t .t il''. .''�er.. i...a;i ..�t� Y.� t r!'1.. �;, ./',�,,.. �l:ti. { 'a', 1` •x. Vf< rL ..fie ,� .>., •,i1-,Ia, '"i -1" 1,.�•.: ''�:,.h r :C._ 'J'. '_,;1 1 :'i•i: ,( �t, n •, �J` `�3 t. `, ♦ , ,� '1!„„ \ ��'S.T•,t, .: .b. ,%, 1� , l::.. ;� :,- ; •l } 1. y!�:Ilt�h'nJ y�•J`�',':,4'. .i')::'„ _fi'�. ,,. ,.�,. ::�. :�,, f. a ,`.�. „Sr,j,,,y'J .i. _ ;.r+••,'. t+s: -�.. Itai" ,r• :T1>�..t .l. �4.-:r,.tL,� '„,,J' 2�, y r L,r•; ..�i` �•4 .t ` • r ; .! % 't - r+ :}. \ . t�: '.:�,• t - r, rt. J /(�•✓+/ . >.sr ! . ,•jze.; {\ r .7t :} ,. ~ - - l :r.:. t. �f.....Y. ,: dY t,,..,Y-r. t q.{ a•a`�, •�•�. ,.. :t. tr .',(.t:' �y♦' � ': �a -.\sM Y•nt �' >.t:;t ti>.• ;h 1�' Ln� \{! ,i,.i. .a: � .} t. ..` \. � jj .''t\ �x: .,.� �•f i.`,., lk,v��t_k'_I'�`•.. .:F.y,. ;�.lt� h.r '�•. :f- `�: Y -r- � �` a ):}.:.:P',w c - t.�•' \- r r. '/y' t::;,I_t. c,�:,- xc:.� j,.l� t�'•'r✓ `'••_�. '�. ;\:. f > ;r rti it 5 �; > _� r y jj1I�� /. t.A/ t. Y�*. # r .►t..1# ` J'c-,a •t,! `i,I,• � y:� #rC Vt y /y:, it, :: 7!, �,, ✓ lj�-�, , , ):\ -'i•li ;L\ ,,4-.,eif lV�� - `A .'i�,�• V! i�YC; 't •i. •. r'�• jr):s ,� .M •+ .��, .L•"'J �; -��+w `` �..{ ('".: .f a 1. ,i:.f- f�:l'i - \'_ .'l'. .t•F•. ._� _+:'+:♦ ►i f .•'! :i';,t%.n .t' :.I�y .r, c.. ,t, :i. .l'y:,. . i.. k, �.� ��rJa•i .0 '!r Sn '�: �f t. ..r •_ k.:: ,4 ,.J. .1.� .J :i, r .: r, ).r 1•�,' -f�: i. ,+.: <.� :�' f:F t. 1' ,.'i•''%-i,� ;1 .:' •�t .�`}.+• Dll..r��, > '�' l.. ,'!t ` - <:,, , ♦ :,� .�.,.: �:.A y. ,. -.r..' , -♦ v . i:- :t .�, � . a`y i., r \..', '�'1 ,( {.. ., .->�' ,'v.....}•#i''t�- } ,, ,�•' � �. !-r': \. l 1 �'�I _ �'�' ,y , • � •1l '/..� 'tit - rJ' > ' } .:� r i? 1 h f$• +',-c*r�;.t,••- ••y t• l ,:;T,'\, :, • � ��,•` 'E � ,;� '',erg, "i 1,`:1i� r•-, '•a' 1 . r\ 1 ; J ^y -'1 y .r ' ,ti• r �-�' .s , � .�' ��! �;; ,:`) ;G�..• :�, :(^. ,r• •:. ,� j; ''�-t �r"' •1 •'''i� '.;. .J , >:- ,t c: r' r' 1r } •�1i f; - t '} �•�_ �,? ,�- ,: '�• �' ��. !L ;ty'- �t`' _ i 'ti-.,•y._�t__ ..l-. a :•rr -, /. .., •J •.':,• ',�, :'r.:l l , :��. ., ', . ;.•. '., t .rl -') Y,1♦Y ,.. :a .rr l-•ij \�' ::, ,%\ TY•r } ",,.• ��•:� •aS y. , r.. yl. > ,` �♦ f ♦ ) �, 3. r(♦i/ii' fv�.�j r t I ry' ; o L t �,n ! .i +T a.. k'Y:_\y�rT �� tt•il>S i' t' ::f:F:S , r.. c . t f , i:• � { •.1: , r , \ `. , '7' ♦ -, 1 •l: - _..� Si,..� .i. :11•"1•'v' •'•.� . - a1 :� �..� ) . '4 � r- t •'1 'r' y'4�ri f r,,• r' ( ji Pt +e' �: t _ ( �•. yr �: . s_,• ' y, - x :'`: r :'3 Z`•.1.' �. \ _:.1,. • 3 7t . . •i .: , -� ,l: J ,,t• 'lis a . , {4y, s 1.� ..t -•�, t 1 � ' 1,' : , ,1 : a, .t. 1,; F R > . (r " i , ' %' i _ ,-. >.i . �:7 . .;�' C 1 R • *; (� y `il.F' . L : ?1`� „ }� �'r::r.,y., -. v'�!•-. !.. ♦, :,!1. ;�?•>' �-•^ (�?. 'J �'a 't�'- � \1, i. �5. 1 !' i. ,�. F rr: J1•Sb :3: ,J. "2'v1 r.s -r ?�`R r �,•�. .�. ��f �'�:' i ,� '! r_y �••',h 'j.,J ,:. :1 t 1 '' -.l• \ _ ),,:•:tel' t7 )�/1,•(.-.� �t '�• q� .yi y.�M ir..� :_�- ':,'� �r.�: y: '''� .�.. ,.IYI, '-G( \:: t., ��'.: ,!„`` ``t! ( •j {. r. _ [ ..� ,+t'J`+'r,� rt1`` �t �}��}�•I•� :!•c.' x t -ra� !.i �'?' ♦;,;ryt '!+;j., rF� r , +. I / ^f \ 1,�1 �- -�, `1, ? -'� '1 ,�. .Q,..vi t;)� '♦R,�l �' +T ;iii a�.o,. i. ri,. f i.'.t ��''.t �'ti. f t' :';` i` •.. t. T-t`�., _ /'# '.i,' J,.,`.1 •.t Y: ./t�;a i -•t .rt. •v, - ,7 -E' t�{' .�� f"�r:zi t� "►, : i^ �t \. ; ••>> ,�•. ` e, ,t x,.1'.1. .-r- •� t'o / \ A - ,!�' ,.�. ' J-"' .R e. ,e!�Y' ti. ,� ' Y v1.1'� n•� ''F3,r. S`t. y Jl •� V. c)k'-;rti.;+`r 1 \i ' Vii",. .f "f:� y( }t. i r ) , r,, .a. _4, . ' f 'n l',' .�."�.�:�Cif ! 4!:'-j,t`sJ �„[ta �� • .a� •i ,.��i.��' 1J �• �.>, .y.. � \ y�., + :.1 ..:1, y' % t : ( V J -. !.. . I i Y �_ti •.T ':Yi t• �j - ` C > .`r}i -/.. _ -r-L Y, _ .j�,. .�_t;..,'” . `_ X.: •,,� '� t-' r 'a ' •� �;`� k..-1:. ..� : r, ' i-. t {f';: 'i �. `,'� •`. _ •a,�,r�' �J Cy` �. ,:�t,,� :`t t��„ t �_'.Y.,l.. l.- �;'✓�. _'a.. 'A/ -�. -if _ t��t� �``�'�•. r-' -'.ci -1. � ��'•n <E. w...k..l ;;t-�"��['t ',� ,ii..•'�1-, ,t �••'1 '( f.ti .•i, t' .�i :t:�'`t� 4 '•/.1�r,'C •hJ .� '�;� t c �l.: 1 ty \ - .l ..y( ,, �' ,,J+�•r:.. �; �.s• ,'�EI'" r k� 1(':'�",t `� ;•! ,.. t�: ,4• �"^{ .ti',• fl- 1.-e' ,4 i-- rt .r'. �' Yi.:` Y >� ./! {r' -i '% 1., \ •.!•.'*;i i-�-��••i} ( f'•-.f.r-a-: J, �.. 1 -'Si. "r'' \..+.:1. r,eSr•,� 1, :j:.ii,,,� fi rt 1,.,� > r ti'( 1 .: l ,•,. 11 r:J '+r x l.: - : 5. J, :�.. ,-�� ,t'';' ti t�' _ '�'. i ,r. +.,• t t ►"' Y' `1',r♦ !.:• .y'' �' ,iv J C', t',._�' •, t'� ?,r,:�.,. � •:RX -`:►•r �.:,.•4 \ cci>r 3 ':n >��::C� ;� .r... "''ti. :s�-�G,- :? x'r 'yr. 'Y: t.�) ry-� � r r.. .+_,_ { .� �t. .: S.n. �.f„ .� �* ,r • 'Sp•�.�".i�.'�..t L'r• 4. �;�,r" '\ o „• �:l`. �,. %: � 'S.•v .i xilt.. y- .F•.- ♦. 1. V�.- ., ;`,�• �+., ,.t.•e �+.s5t+:.!t. •ir.?• r� yam- : tt1 t. '. :t ' * / rj tel- � ./� r , t; ((f - ,1 .`. � }: 1 `,>i- �,r;f'�, • �-� . + '±.:. ;,•!: ^br�`?�'• }-:c...r at • ."+�n. - t• � '•t. •ii "'t `•'r ,. w •y 1 ` \- y., r.s� > .T ` 1 r• `• ,.J: -Y' yr`! 'f f.-1' i `- ,_ �'. ' I ! ! :_r. •; t-. : 1a` ✓ 1� `=1t.. 1 •..t' ' h`r •.;v- � ,�h'/a"c, a, s� _�, _r -f. �;y. rti "f .r:+1: .1� -al-i. i1 .:, ti_11 + 't, 'S:� .�'. t`•:rS. �,l i.. _. �T� �.y,,,s+riy.. ,?•.. h.t.'1-•,'+1�: :f 4 �!{ �. , i '•o,. J \- ,i t`h+---. '•ler :t1t'N ' /. 4J-1:•r,.tl; ,y ,Q� •(`.,'t` rti' a} "►'r., �'! t'�. �{'•� - »l ,.: ! at ,�.?'l-' •,y:�r i> , :'i•,,'r'�i !1`� '„i � • ,l. aj` 3 � �_, t, � ,;,.� i ;,lrl'�1�` +rj' :x �* ':�Z► :XY] pi-•` .-�� w J, �•.�• :. �:':!'- .:i•:- .�..,w. k/t .R. ,�. ,t. .;- , ..". )t, �•�S t�..►,�.:: ,,::1, -� ,: _ F. T'>l.m e: ,f T:� ,� rty. ..�$., .t . c 4.:� '�/ ;. �.1,. �f. {%��.. x- '.'P.(�-,i'-.t', 'J. �:.' ^ . x. '-I r� f •i, \ r : /, ,'' ,t. '-1,- r ,\,.:, } -��•'I ,rL �•-', a •''mss �yrr. 'r• r v;: -.S ',': ,f '. :♦ �. + �, �•. ,•(\ ,r•r i t 1 y. �E}s:' is .ra•',�t''T i�t: r�A: � /i--: ♦ Y r' ! :�:,•,. ,f: \- � `,J'.;. x ry.. x� ��; t x'' , t,, s � t.� .:r,.. '!. „t' S: rE.' � `Fti t r.J{•.� '(•s'j{rx- -,., ;C {,:i<:�. �+• c. \ `..K''. +%.,r .\'- 1�!''�: �:lt.. •,✓'"a, i. t{ ,1 t. _ f =;a :. 1�?t.,. ��.�•t• ��{(_�'•';- +'fQ }�r ` ,lrt� .g •:y �i,. t�.;F•y Jam•_ y., +'S.a�.!, .��r'•a:: .r'":) r.• .�' .._•. •r',' t'-ri- / f'; F- r :j 1 � ., i. r• ! t.. s�..,,": 1. iY.'!:-t'�,ti'}•�►�:�, -`t.�. / :T+ -.� SS '� :r . E-, _:y,\. '.i� J "�,t! �f• �";-:r +: Yr ,.••y4. '� ( i '�#: `/) .�. Z. +-• :•�t �•'�".f. f. :,Jy' ,>..�1 .0 ••, ::�t:i :'�' � /;ir''�) ''� .� •+: .,r1F♦..' 'S( ✓/.> a .-tri? 1 V i � / r a .J -t '•� .t -�:: ,��t. � ''4• �}.,' ?':-`",�q �l. 'i "�.:ryrcta,; ..,f-�,J ,i • a - � , �,;., 1�.:, :.i . t. r, _ , .,! �,. ,.J/ :! '`v ;%R ;. t,:. • � \ , V ; {{ J`t,. `. '�_.•�.i•,, bl l' r '�! c• `,�:= ,�} �.... ., -a4i4. ,+`..� 1.+. �,r„�.y -J f if'..' t�`( -1. � ,.{ ♦ � ��_� •-+- �- U.• 1\,>*• f �:(. _„ /}� k :'% •.1 t.•:!'>'{a �. . ♦ �•:;j r' !' c.i Y t ,tl. 1 y-. �' r Sr :iJr t �`u. '�• y,! Jf;tj T L� \` ,:1 ... , .3. ''- .t -�.% •��0, �- �' j�:t^'.':kr. py A•r?�rp e,�l"ti, -h t, {. , y.: ca'• t /.: '.'1'r ./...! ,.Z. 1. 1.,.. •1a., F t. y.Jr'. .1•. r : L ;.Oppi r►, t :t 1 s ` j , t :.F ,.1 • j• r `. ✓ ” i •r :vi / '♦. .!%tc�./ r i� .rt•ti ,; i.'Yf M wJt =r..: t. .J�., a•r+t ��♦''•' •'i \� �., �'-L: \ .•l. ,� 'J.ri'+ '.%� -\ '.t f"._ �,, i.w .,1, \' !- r. •s .:.,�ttA`�?,h,' •.{3'I?'yy. Y + .r,: ` 1. ,�.'1'y "ra: .Y :7,.,r ^.1~ Tti. 'i I', `, •T.:i, �:.%1v, l," y� / t.l!, -f.E. t1'�, 4• { :''li' J -/ �. �'1 l;. ca •'�r,w `- li. i/ �' +:. •,� •+ ,.5: +_ '�;;�,icf'� �%-'>4tt•` l ,%` q '!y ,,.� /� �:� F' ,. _ r�r •... ::{r / v: ✓ f ,: � �' r � (1'<.'i•,. } • 1 . �..Ft . : r t.;+,t .�.- .s ^LX't:.. , .i!: _ ., �•�, � . ,, :" 1 \,,.. .•/ � J •j, �y ..-n: .s , ' r 1 'S. a f� P: '•'„' _ `.,. -,•' `tit-' t! r RJi'-�2"•, �-. .�'. ?u", L ,� +.:.r i 1 �': }'J ,�='\•.., 't� \., \- ra r`i- ,�-'., -:t. %)'•l. �'1.. J):`T;`:'f�h;'>t y. t� .�t'f •A�,6 J��+ � Jr •; 1 , ..�a, ti>; .,,1 a, �''R :�-\'. -+ , - .:\ r `-1 ,'1 1 I' :"� ,• �•� a `,'., 1: . '?y-•yI ;riFirt! L f + i „ : ., r, t. .f' tr,4 }. x •t), �h>;• r• •:U<.� , b ,,,., t ; ''., k�' y , .�a .♦t,,,.�fi �f .:4 .,rl.tJ .. �x t� :,�;f.. ,�' $yr,.. +:�,, t ,;•Pt ar > , ` j I\' ,�,' �� •+ 5r:�.t .xt•r,• ,j;: '�:�'�. •: •; +. t t: �t .n1 `1•• t '* Sr ��: ,. •., •ra, ,�, '•,. 4 y 1 � rye. ; 'J + .J j � +.•t. - ;►�, Jt,; .` W.)„ } •{ .h Y��: - u i::: �. j7 . i. t '. ?t -t• .�?, 1"i `� vl �. 1•'\ ,%�/' 4Mt,'�y'$. .ts•. ; tt 1 .'� i♦ >� . •h .7> ,:l• Y 4. .�+�': f'(•r'��' ��,,�,, y/ J{'Y"� r � .l �, ,'•%µa 1./�'• ��.: J. 1.�:',w1` '+. , � �j!•c r,.v /• ,...' .( ,.. /+�,'�3 •t 1 "RIf . �:. J `•'1 r e'•.�' �q J N`� a r »P• � •}.�'1�I ''�.� .•_. -',1 >..R''+. .•� tF :a ,i',.\.�i' ,. .,lr • .d" � '`V,�) 1.,!!' .i,. w.�, •/ t:� \? 5-�:: I..fy � t Y' ;1 r i�S-tA',/'' ->:• .: `!`y ., al �.) ,+! t •+: '$`4 «(` `v<: �-' _-; _;Z� , , •��:'1 � - ;,�a�^`' r j�,I _�• 'e'L/ •.a•na:'`'c. R...�">j' j- .+ .y Z+, `1•_1`..1. , - t (: ,1 �. ^' lf.. , T c,,:.f: r .t ( r" _ .:: � � .,.,+H� \,H -o ;ftl` •. `+:-{ :,,Sp:F* �. ''t- 1:. '\� ..I• �i ,y'� 't J, r� . „{ t: 'ti '•� _ l :i r i, ;x' /, £ \ �1,:: •`:/: r: t n. :5�� • }.�L rE'��iti ��.-. •• 9 ,,t �•, ';';�F„(. `{r �� .-,_� \. yyfk.t '.'cit •` ': A:, 'Cr,'�: _ ./�, �� /` ,. �. "li '•{ l: Cx'{ 'r �Y .•.. 1 '•�.,�5 i"••. 'r' 1n .. x. y '•!:. %.�.E � `} • �� V. t � �. Z -. "�r' ' +' 1 � i Y l ".,, / �� Y. 3', � �•1. ''tit : iP .ti.. / 1 �: � �r :i'\ ,t ` '.fit. �'t \ `.'1}':x r- 1: 1•i y t.. 1 y :1-i ,! t� ,� •�(. .,/.,� 1 •r •�.: !�'., t 1+ �' i-.Q•`.vD J '.;Rt � r., s'(. la',,,,ii,�r..,•\•' S :I. i'"Sti-� •l.l '�! ''. :r'1. (( '.3 . ! f :,1 �. v.�r'.�:i .y-Y^'�n.>.,X.,: :��'r• Y!Yr. ,�t.t++. r;�. �k� `:^t; art •'i �}�t t ♦ /1•t-., _/,.1,'r it yy ,l 1 ,'. tit;i•' - � '+ .i •-` 1 \ >.. 14 k ) iri ,w: Y..4,t i rf� �� .� .. 5'��.:'..r . .� ,�t 9'' .c�-- l.• r 1 9b = _ t i ,( t*. 7 1 ,t e. t 1' t•i'x : s Y: '-t.31.:•lY�:ti`L c e! "� :i ;1'•0':1 riai/v" '.�.. :�.• t -(4,t, y .�'•Y i ;' -� }::?;,r.ri;'y. r4 �' •;s>t r+ fr �+'- :+ ",y,�;,a�"` t }. {�• .�, - J' 1.,:.<,.[. .•5 <.'� .i Vtr.- )%. r.l �\,' \ •:� (:; _ ir\ 1 �•� ..iY :;ice ,. s !r.rk .w- m I•►"'/.. /�:.... a-• \• ,.- . 1 r,.'�: -} � •,• \.t • ..! r. t n v� � ' ,yi„ � • , i . .T t :Sti• .� 1. ;,. - ;��'-y- -i. .t: ;�Y ; !,•,,.. ',f,. t t .�� ' a :E.., \,..J ^.3 .SSI,. ,r •}� moi:_ :Y ,�. .. t\r -. ,�'} 1' J _'i- ;♦ ,y', ', '. -t.f. i• :F:. 1. ''y �h KJ /� -:t" T�. >,yl t .il �t % +✓ � 1 �J/ ..y-..n��/ 'L ll- J`• .v �-+y:. `A.� l• ..t'- :S. •i- _> :t'�+, sr. 'D v' `:�: ,�. `__- 5t- r.. l.,t. j �.'..> .Y1_rr'E\• � :.IIF. t:: `. .�a. t'SGr;a*_,:/ t �r-` _� �. .". 'r.. ;,'y r} '): �/. ,� ,, ',� rl��., 2' ",. ♦ ) •l+:d it .r .X � ..,. < < �' ,a_ "'•'r � 1t 1jT`. L �. �!�'1 '•a, i:i..a+�- 1'.`.�laJ.. � t.v,, f a . to •. i._ l4'.y.., _"+. 3. .�••f'. J 1 �) L'r.�S, ,>•'f�: � i ,.ti., ♦ •� ^ t . (.t/ •vC 1 •Ac:, - ��•• :Y: j. �1•p :,,>t,,., ,� .'D '�[,- �. {:�' '.,s r�.• 5.3 ). ,� t �,, .? V.:• r' ;:{ t 1 `* �J! '/'' •7/: ':-. :i.'',V •.A'�t �� t`tv::�/-+ j•�r,O,l-I. IS�:. '�y�-, ,•t1�� •,.t. �,�„� U t.*t\,;. ,3:'T'r,) ,� .{t l4 ..,� i-:,y:l/ ,.:. .(,- •-.;.�lrJ.,�j ,r i, J.+ihY• moi:, I*fit 7; .{. --r"-.L �-.,'n�:�r�. :t r't .r'tY.- `I.'..-L`r,ai 'I�tjl�y♦'.,�',a(.- Ir •' I•t ,.. 1f.', +. F' 1 i.y, f-.: .\.' +" y • : L„ 1 . _.i•) > ." \ - ,.'� i ' t t .•1 r •: f`�' y. '�: M, �'. �`j • �'t.. �f4. - .-'+:.-�'• c•':J. ✓.1r, .,,nr� '�� i:� `t �t',- ':T.' .L . ^i K� Y '`r { " ...,•\/,:\ I: �, J' �. \ ', .j' � 't'. 9r,/ •,+\� Yi ,I�':• �t a. +�:' * .+ aar� +} t'•:.�,�tifa 1 ): ::rr,),. „, a' a. rR _ +'a'y +•;'l',{,i ,, '' :Y1 /'.-v , - -• •� f til -. '� /` I. /.t ..;.., a.1 4:: �, �• ='� �.f� •.y. R�.C'. •.�. ,�, r' ..J..,; ` -'1.f J k►' '\ . 1 ,:, , r �: � ..; � '. t 1� f� J. `�,4-(`'�as. r.. ) `� L � >r�n;:/�; ;r.,3""a l�° s.' �':•t,y)'t't"[,'�r�' :i,/. >:y -:J: t. �t -�.,� 1 J 1 i-. .7 ,�. ,•I" 1 •f t /� �•f h:ar•i � ,, .a•'O! : rj }:� K. :4 F�..• � .l .�+t�; .� -r�,� t r. :•^ \ - r: i - _ ., r ,+. � ',i�': "T�, �'V•:h ��11-'�. ``YY kE •..�. �. T, �� ::,,•. ../ ,,, �\ �1 2^ ! \. -( >`J� , \: ,,+' ,1l%.:,.+�h _F� Iv'ri. ,� �t lr. �!\,i'•1 r.i! :a ., �,� y�Iyw.i,n-_ •'J, �t?' ':-t T: t1,. �� c �.l , :, I ", `• �. :t• t..F: \ '71' J i � �-- :. .t,i h'h :F 4\..��.'i ,. �. :a 'r t^„",', ',;t C ,,,.: ��'1 11 �, + .tr• !J. .\, r' -/`J-ti �• i .,;. :/•• c;'��t; .I'.'P 1 ;%•:l;'I l\%ti, 1•ti 661 {i a!„ , \J.: 't .�. 1..,r l K l� •c :t :�r , l ` .,. ,�;� :>�. � t•. 'w�� ,`l �k•,}�_ ' s y ! 'al .c-.� .� .;q �,,•,(•: (t_ :.t .�- l -t %,thJ +:'\. '•F/ 'ter ,rti r f"; h'. i t'. -'•1, \'t,' t -:.j4.. 3 1•;�1�-4,f'. �.. ,+ �r•'r,!%+'.I�,R '1-'} 'IA: ,J' 'a. �,':` .`r�, a }:t;tT .%'r�• ,5 /�, •'\\, I .\f ��r' ,�'!l>t, t7� •K-1t.,�. �.k.�yr,; ,..4-,aV J,a, .�1/�Y�.r..� „':Y'+ .Y. r. f::J�t•W 1� � ��. ,:� _-: ,� .fir :.\'J 1'.Tl Vii, '} .,` � 't , k .` F`- .4, .� �'X:' `fi. .> ,,:3• r�'Tf.'X.� >, -r ��f•� ��:,'.�_ ,�: <t;� �...- � t :�� 4,�:��,•.t��:�e�,��po,rt;}:n\\g#,�j��,v�.s.4��,�,,. �, �, �r �.�_�J�r. �lr� ;,' r:,t, .♦r, )r ;�. •,I�. F.11. `'�'\ /' •�` °., '.x._ ':+m..�'. ..; ''+ ♦`.ti.,h� 4 ;'1 .{!'•,:- yt. 1. ar .1 ..µt I, d• •`t-�^, ;}'1,.: E - �1,r i,. g:�:. a; -Q &I i' +.4l�,l .t.. r _ '/1- rs >:.' 1 r -� ,,. fY :_+;';J� - ,' F..1 .�;;F-r;J :•,, < 'S I, t �'\�. �!-� _ :`:.� �.` -�•.t. \\•• (� � `� .j . �'1.•�. .>> r .y4r i t•rl`!�\.�,i?•: i,.,;. ;�.- ;>r�,! !.� ='• ,e�,..N..tl ,;� _!, \I �',, ,, L♦`' 1V;a-t +o. aa':' ,�>o.. rY:� .�,�-:�h •1 {{ r.. :1 �, 'l, ► .t �' _J:.,- �.-,y c�..�f�I\a._-•'>! t. j: i. 1, ,;�. � �p / .j• '�,r. �.t ai4 r. i'.i�,tT� •. .Y�..='< \� i.::. , �;-__ ,r• i'. �'•t S ::,l. 'j .,�. ,� �, , r ;Ire , `\ { "„ i - - `� \ t. ..R � � (--'#'r r !J ► •, :.1:`�f `-1'.-. ,F t r_, 1(, `�r.:. s.'�t .,,/+ .t.; ):) ..J _ ¢ ;�� t: yl. .�lj ,,�: rj ! t,' /,. ,ti .� f. /ii >,.�`l,.•( i /.; ;, j,� ..`r-4. •fC t - '. / 'y'•"`l fr f aY ,<y i �, l_) r T.` '' :F�::�.j .rf, ,... r t .1 r .i.' >.. I. .,J\. iia:' ;�. �:q'' 1 � '.r:. a 7,' % .i ` ,�•, .AC � !. � �y.4 i + /.. ;- �. 7 �� ';� /• 1 ,-r .t` #, `t i ' ?;Ji w r :!,: .•,,. '� '!^ :�'. ..'( 1 1} sj t rJ :'r'v i r!'i t'a I;! ( 4' J. �. i- 1. ' 't i-, 1:'� t. i r1.'.' '•►�:J,l r��,, %�,.,Jy [ i:�"1 •It�,� T:`•: �.> +?: 1 /. "",'f' ~ J � �,, '%1i u' } ' •r i ! ' �' '� ''�" ' �� R �.. � � '•f, 'S/i ,l• � f i �" a". t, •.1� , ♦. 7: % _-i c\- .1. t:. ,,lr T. / ,( t' t � , r �' :\ 'r %p 1. � ' .' ,7• y' 71r,` tS /r N� 1t. � �.tir ,/ } �t-, ( � �'\ � .1 , .y• 1 i � r... to f t I ,�f ! Y , �r �'fr> 1 r. S. ,l / � tl i r/! +.J ..�',ti � l.r ..�, J r.�. t. :�S.C, `• .1,, i � It` '. } ;•i '.,- �+, t h�yF. 1. C, , t ! ��:'•_�'' f. t/'.�,,',�1,+ ` t , / t � ti 1 t I t J f 1, /. •. ,;, (t w r'.I A Y- •` / ..est `i,'��, .,^N,.`�f11,' r.' \� Y I,t :_,.l ,. �t Ir t1>�•f�,r�l itp �'/ -1 } , .- , M t, Z• ` i ,., t I .,` t .! r:L, rr .�.i,? � *I / C ♦ 1 f'. 7 �a� "V'•-ili r a � F ( �f t; ' t t ~ J ! ' •` fr , a r '`1: a r t y ,;..t r - . 1• •- 1 1 .t Y :� / ;`. L. �fi.: S - ,r -! 1. it? , ,.v4ar x�C . y,,,, 5�ix/ ��t7yc`.-..i t -dl j'A - Ii 'r ,.t '�. .t _ ``' \°fv .l .i 1n r c:" C »�. J.�{'` Cj; f s�� t 1r ,�... �Ji.a'''-5 yi r,t j/.'!i�t ,"ti*,yz'q•`,1't.l'+pM F� .S y '1 t - r . ,` ~ 9 .11 r��l rk \' a -L'. S� we -,x" =L,� �+7 v',t}fiae.?K,YW'� r' / - t , y - •,�l ��, t ';/ -yam*. tn. y, r� htL� ; , ry ' �-• i. >J / t A�/ R 1 / K t ,, , \: ./i tf♦ `Z A- 1 /:.r ,k i+� `M�?y7r�. tt,� /./ t 7 y,I ` •>s, , 1 f .. . t tY+. t:,.. '\. , �'a, a J �'r t , `I ,1 J '{...1 `,Z + r 'e r •� 1 k ' t •.'� I• I ;`') t t,� <. f _ { ?r \h (. -• - ! C r 'f - y. S �a yrs„ 'Y+ {'2 - 1 1 t ..ifr. �a t». ✓ �R1: r. _ f 7 \ ,.,� ..r: r ., \ ��w. r 1' 1c�,t a ,\(.•, _'F -,*, tnP-�\4•,�.�'�!1 r�1J r.A„i.. .r rl. -•I / t // �' l , > T ,'�`� \ 1 .' ,. a, .✓a , _� ' +.i ti �.'r 'tl. ✓.i'r j," ri ifwtY IJ,. .r .• t t l; r., , t wo .i 'i ,,�i.•/i, 1..: /i ,• .( y,S• \/ _.,` 111111, :%f /v.l,"lf.:a;�•i11�4 �?'4;.. �.t .5•� ;).'..�1. '' ar C qt _y :1 a>t'/ }� y%'.J `�-Jt•'♦'.\`, :.+` "'�'' `/ t.'' I-V:l'�'( +1.• .d', ,Y ?r 1} tf,rJ•(�,ry a•,�y''�,r. ., •s , ; ,[ -` Ai,, , ;�_�ti: J LYS 0 4 - `,.,r�fYwl. t4J f --ll.. t' $ \; Y 1 -t- ,l ,4 V - `l / ,ti' t 11/ i+ F!1 './a f + ter' • a-♦ r�j ;�.� ^_ ti !1 ','P, t. - �'; t Mvr •� � r1' 1; `1V r 7t, .�T. v } '� J r \ F N ,�{ D e s;c rJ i 5't>z.:q'rr o:f. B.tr: 'z �`s s'„„ `. / ti 1, .1 - ` j r ,i ? ,t ',,' r r f �( { ,'`I'i�xi� i Mirror ls;a/'tziectiar xiid �i�f�i i t ont cbrri t , ' , \� - ' . `� y / / ' r } _ . q a�V ] ht h spa er' t4b IO . , ;1 ,.'oio 1 t .y.4 1 i \ ' t� \; J/ .,�'t y y ,� , .' ' Y , F 1. -V '-� J r i ga U 1% �... - { i. +1 � � T�•r: ` ` >bl'slii a' '' x „ r \ :'d f- / z�ne,,and other p a y�g,, Via. A � i !<tf . t/f , t .L:1 J / 1tr \ .. na 1� d r �\ .t / ' Io 1 t •t - J k 1 .7„� 2 ,t, �. ! ` Jr :i r ` r ../a. 1 1 t. r. t tel vision. - t � , /t•� 2► r ; Jt�. t -.,t 7. L .I % `t, 1 _ t},J•r” % `1..Y 1t ht.`'�,lr( fYi i1 f 1 � ..r` ! t.-4; .,; :.� , \ ,,t:, vj'- / a a' A */ rt t. ,,. ,7 j. fh `5.1. .' ~t r ,,� ,,) �R t,. �r ,/..,.fir i,” y Jr .:4'-l� C ✓ -}� .', ,! :f ' } fit ,r ,>;f•. t <} } �. Y+;. �1 ` M. ,��\ ; Jt �� ►:.,,} ,'4 1 -t f r `:� r y� !\I `I, ; {, ' A f 1 f., tt' re.%4 ;E,,y. > ` �' - - } r i r'r _ : �. I' it t ) r �, � .;�, The oml�ar y�publish s �j: s �{ 77yirt?e; Jt:% ' ;I' ..-_� �'.,=,� '� t� <t?,t J .� `t c* � ` r, �� ,� , .i �,\ FdVew`Yoek�NeL,W +�l; the;B{II `rE� utj r e 7`1 i 1''tt (;:: ti st �`i''t � .";7 i, >.' , "; 1 i 1. _ '^ ' , /✓ i K cl'.,1J 7... •r yv i . :1. . ` ;- !; 1 N �� , u 1 r Tete lai't ., Goti`rq t, ;The' V,('p t .} : �j / • .r r r y j �, ; ` j J , rl �, xti t ,, r :A,yltiaca a aria Gfeeii ufCh 7'iiner, !j I ,rte.? 1 4. \ .,} ;k'. <1 /ti. / i•. i,. �t'�� '' vt c.*'( ~' �%.. }.I' / ,` F" it..�/ \, :4. ��,� 4"r/,a _. �. �,� 1 \r��F�r. (ty �t�� ',4 '✓ 4 J,, r i �,��_ r•r \ �' {` . r /� J 1 1 'l '� ~.'.1 . 1`, ,-, r ..,R F i•.�i•.1 j\,.: a1?. , ..i.l t\ t t r , .) A ,'i' 1 , l 1 1 / '; / w F „J tilt t lr. �- *� t / . 3' J .1 i �.:1 a 4, (: /, ' J� 4.;� +' '; ,fit t.A ,; I e ,..W 1 \. Y :BUUk� �Zb1lsh�n nc] desl atFt e� ►J $er�de� 7a : t r i x r �t I It ^, `�`:; �i L ` 69bJ' ear 3ook medical bookrt((��..',`,jotunals' ri� ;. r ", , t , , r v ! t ,. 11 ✓ ` yt J F� A,'�, +, t 1t \ '�'. ''r •� ,,A'��, ;;1� "`�.:': r.''G1 a'el'' ..;1: �, i } 1 h f' ,' �' '\ Ji J ' ''texts; CP�G'P, sci xlt� ic1. tle I til b o�s +ter.% t I 1lt` .^ •4 �_. , - V.` �� }, �. y; / ,jr� .J i�kJ `,y,v� ,. x,�;r 'y 1 y. .j),.,...?:\'tr r �' ,t .� 1, , ara�l Trwh 11 �iisin6s1 . " d ecoX�oli�i�s t�Xt ook F� } ,:� Y,, t �aodiacestaronai,taeaX: acct -,'and` j �1 �T , ,r' �R i t i\.. z ' , t I I )1 5 • ti r` �, :_• t .� t) ' -t. s 1 r. Saticlerscy, ;p _�j '` �r, �� /'` /'� ' : l> 'A'a F �F %' `. '( , Jug,n,, i ls� L,,e'yc��rnin' Til i iat'o al, `" fin r �. `t .tt'� / S 1.. -f ) --Z: =, \ ,. .F, 1�-.i✓-'i✓r�r �J.p:••T� v� .` },, S t: 1 {�... r.�•J %' ,y % ` w ;r. >` t. C:: t r; ' 1 t .'•-:4 t <. ,,1 r` , , I T r ; Ka$et' 11te n tlon,al in le, x0 �ssion,g ,#ai -1.; '\_ U' .t; /.,.1. a -.` a/ 1 /i -�... , 1 y t, (�r t%.,.• ,t.. ., .-I9 ,�,... -Y ,.�;f,•, t� i,/ �,if. ,a,F, IN # 7 ` n ;. 4 = i ,� `eo n 1su sh sbr;mS� a1� r�cl:`a \ry a t m y h t `r , �. t ' F t t� ,> K !� r `11, r t�r �J �� ,. , / 1 1 ; h \� / i1_ a':.. ��. I�, n ,\ < Y- :V \ 1 1 1.',t. '�T� ,L t ,r. ( '.�•. or J.•[ -' , J t �, ,y :, ` ,_{ r.l>.�•t } i, Fy}di`Y'.r;L1 Ate. _ tt', r d �` `s!" , ,'' .,. r 'i2 > t .:Yt � .: � " ,,, c 1 ` ' 1. !: � •,1' .+ .= 1- •; FT � ; .,'f r1, -y. ,� yv cv."' J• / .1�Lt r•7t, A 't,; -j; < �-.\•:•t_:;1'r, t \.}/ > , !I , .1. I., t,1, tir+.✓ 4 v-,, '4.,►w\�.af, h:7Y/C.� • .3 / , :� L =, ''••. ti. ..I .� .1_.-.'' ..`}v �' 31 .!; qt.^'l. ✓ t :.,J v jrt �, 1'' •�td Ja '•��f a -�,- t t t rt.y t t,. C1.1i \-�•� 1:-z'1?-. l i 'r' . �.r! `r .-- 5. , .-r y' . �.- t I ) . , / �_�1 r _ a. �} i ,l'� C !�`4y�f: lti, i S, .t -Fr � i -- 1 � , � t,, ,x4, £ { \ t' �, , 4 F yi5 ♦ . iin�s- VIi xdr iV�aga uses ublisk e ld,4� , ' •I t r r t �' ^' :i: , r i' I^� J ; ` , r` ' � ^•� r/ __ •.`� . _ t r, t .•(` �. •': 'Qp�tticir`SGi�r�.Ce," Z�tdoor Life, HQrr,.e C%tQrt a ' -y _. / 1- +. mat �:. it•.'�} ^ S j 4 ,../. 11 t,, r' +:; `.. C �s�'i�;y. nrn: .. _ .�} .. IrY ., , �� c_� ti ,' < \, ' ,, r , e�,- ; .Mag Zztnl��L S t y p�a��{{zttLL ,��- - , . / ,4 •l- �< \. i t ,r r ' '; .' q. " °1✓r \ ,! i 1 '• 'BSiIs, Y�](:/itt SgIl�dy J 1Z Y,/Qtrpf rh; r��n� y,jt7��} �t r 1 X'' f_ % I 't '�_ ' •.i r. � Rr i, s l', f ` •`t '•.^T- -I 1 ,.0 :.T, � O l ---;,'`�,�J^ �t l r ' V .. ;;� \ , ` Q tt �w,�,',T/L/��j; n�rtt, •� t ` . ` ! \_�tM�i �, „!\ ✓ a / t.-� t � \f t`�c r F ,fit' F / � ,, F.lo s.: �.. .. e i , 1 � / 0� i 1.:� . P , :;Q ` k r y . / , rff ;Lye r� ( . 1 4 4 4 �t .r Y` t/ >',':W ' r 1� }/.�a%Ifij NC1 iOX�Q .%Otl1`)ZCL� aY]##�� yyOt 1'?�tltf T2 I . �/ t't r,f'. µr yC 4" _ 7 f ..s. t/.' '., .0 }. /',; ♦_. S� r , f,♦ �l.•.t.�+7 .r�,1 t P•.•: � ,. �y,I'n? r' fi.' ,,.,' -:#; �' 1 f 1• y�, 1t ,r.' 4 + :F +I \ \: , t c..' t + . -" f?+ f: ! f A cr{xs a r`' ?. , :f ' : J t i rk. i i , A r. `�, .N '' -I ti, t.,.; 1 t �. _ .,, t r r- 1 ! '.'i,- Itl J r `t ,% Y �'1'. u.Fvni ::'. r,,, T '.':r .. ,,4 b.. R -,.r ,'. ./,. 1 'i , t ...�' �✓�:�:-F t t �,1 ! .•;, �r 'v i.+ l y 4::. ✓F. _J.`\ ,...!SIS �`4. Jl J,..• +„{t:f f _N--, r,_—,. i;.,.., '• Zr ' y= -A, }.... •,: a x {rj., t� \ J 1 > T7mppCC`1VIir 'r=Cablc/T 'si ,a 1, j� . I , t 1 t •1 • r I, � ` F . `r � Vro J ^ t. . ;t• �Y,T'.' n- UTA •a .r, ; , - . , - ~4 , 1 s 2W lZ' -r ` t , i R �"'` f 1._• 1 i1 = rr r . _ '�/•,(. ,t h , ," V:'T J •" �(+ a�':> r 4 t . �', S '"' t . •t , .. \ , t '. t� ! L' r ? , r,;oerato sergi�g ;;i,sttes,i�esM��rC $rod J '�r; w r. Yf�r-,__ tr 1,` J f J �t s F'.i : i , / '.'t'' �V �t r a: ` n, :r, ,,, �'t �77�: isr , t, '. I . t _.. t ;,= ail _ , <, ,t % ,t .v . ;•opera s four tetwbr h tt�c sod s to ..fit ?'L e1 .,/� t t /,. ! t } ./ t ';r J + t..t tt } ,. ✓ .I..c .�'F ~ / i. r w.•. .: ' }., 1�• ` / t (1 � ` � /- t I ' r � ;; r' \ I . y . i, t l'. t , z , " ' W -v.` allaS? 1Tld � . , A 1 1Y1 +t ' i ��+r1 t`' .,�• tlr+.. 'A � I i , .� � �4� n 1.7 ,^' � 'J 1 �', a r -t.. 5,('_, r1' �.., t- vJ' ' � •y% J 7'• �t ,. ", d ., - t�/> V. ti .. , `{-, r + :,z _ ; : r both SBS} ffiliates; iliate,Kr' V1,,5t'N . . � , y`, � a � 1: � r k \-- ;�� (. F sb�fx�k`and iB a�%1 at «� .;' 1 ?g`��/ ?4I ti ,. { r ^ f 1 1 •. t. :.11 �, t,y " Y : Y + ">e,o. 'tib J�,i " > � .I1\ iij •CS.'�y".,` t• r:,•"✓la:fi .I -, ,.',w ., a, :. x �� +Jr a, i r ;\+ ,y a ai�la ,a a ?� . 4 + �`•-,, ♦..Pti t `i .�K •-fiC �. .•< _ ♦.-,a' k ., V, t ' F ,). , •:, J , IyFI,C r .:lrvv-%:.. l't:i, , art 1ti� �,_ 7' < .„ f t ,.j � ,' 1 t� 1 t J , W,l I.• a V r• ,i- ; F t ti Ar , T r t \1 r [ a.. f,' -1„ . 1\• t i, :.a t v ' ` /: % 'y: ! r �" 1 ray • r '> v i -' t J.� /� .?•tiet7 n 'f I '� ,,l. t .• \ t /+ a•' / :� ,< , '- /, �. j: , :,/I t. ,O . f ,/• .,:t i } n . , t ;\� i'J{`,: Fid ) i •'� \`r_'F - -.t' 'l , LL F ► J l.3 t ' , t1 \ I' J - 1 . - r - J,; r� ', r� r, ' _r `r a ��r•7 S•}ter �/. art,%. } •�' S f i rl 4�,. } v ' ! '`'1 , J , : J :. ' . / - .i . ,. t ,: •S1 ~Y 1 Z ..,- • �I i ''` ' T yi ,, ,,'`(7' } '� \ [ ``,,��t S i F +{'i• V 1'. + �r t V r^) t , j .,7 .i +y(' �. •• 1 ../c .:' s ,'�'z. r s`1- y,: av„•M�; =axiN: 'I� , Rk i •ma y! 1. . f •;H, } E / tl:, �1 \ : s ,J �c r 1Y;• ,1 hM : y % � ,� r. '(c t ✓., _ Com. '�- ,tcf ', /.. l r J, 1.. t t , ! /r..,�/ r :� , N'� �/ r R ''f I`r: i•il K :a l'�1 �'t..r\f y. J,�) a` ` F 1=i+ ., _ J .:tl I �' r -`` �( - 'Jn.! d :,, ..1: ; ..,1. x �y z 1 't t >¢ „/� C r x'i 1:.�',i-i• �:, _ •��. .�e!a `� %ttl tt f .•.t ,.,, / t,l l k t i t't� f \ �rlra , ti 't', -,t, •ir ta: rF� rl �. 1. , r ' , t. , F , C,, � , , '. � 111 �•. i ': J , � IV oi'; F S ,. ', Ire \ "�_Ge.1. •.t7r � �':J� > �X r{ r I; I !a 't , 1 . I v :l' . to ., j �.. ';,'�� (.: / .,:� ` :.,r 7 ,,' v. 15.1 V i .>• , Jr , ♦.: j... ,. �,.: ♦.: =r � a . t t F 1} v , ' yiA ♦ :fF t. J_,;r:c n .� < t \/ ! ,, '+ T 1, ✓;' r ; tri F� t v�, ;I Sii rf�P i;vs �''frL: 4\1 } 4r;�?'%f 4 ^1 ✓ .( 1 `�,• t' 'F. i t, �'A. r .1 #,-:,,It _,�,• 7, 1,/. , , I .\ 1 t .` rr.+:1 , �. t..rf�r_,.`_r t.,fA' ��'� ar,.i/,a f ".v .,�, fl t �' G \ �'- w , t t t . `"'/ ,! t ✓ 1 1 1 y. r ti : k •' , (. ,, r ) /• :� ! ` y. :� / , t rt r,.f i St' ,��, �. i .:''i�'•r ', u }t-,; e /,!_ 'I" 'ti :17 ''�.... to >!, ; ;1,ll . ti 1*r 1`.`t G. ..1 �/ r / I ';t , /I�r.�. *, tf, \ :s Y.. t .� F 1;. �'� J L-. �. ,, r : <'.'l \ M Ia . is 1 t / 7 t I f - Il .:� < .1, ,I s� -,t.,, p�,.,'..f y r - ,, T ' .i-" r; T / .I t % 3 \ � t ' R .1 C. 1 - bt u, , t�' r�` ,t n+d > v t f �' r ` a r i tE i f "h 1 J (, • t I, I. t t ?� r / {y' .t,. 5 t r... Ar";C� �.;r.q �s_-�� f �' , \r3 r . ,� a b,,� i`i.. _ \ .t'• , ,. ! ,y I t�� . ,•1: ! F t }: r '�' y ✓,1 r ? i'l .,' { � '..� 'if /at _ r v t r • ��\ : 7 • �!, !. r r ./ , � � V ~. 1+� S�" y�trtt'`•I ` � ry � rj , �}: J, f , -. ` ' r . v .+ +. tr. r F �r t x�' ��'ai '71 r: �,� , .•7j• } r',• y 4{..J. '1 -. ,1J'- YJ �;. r , 1 tt 'Y a' + � II p, .>C. : I '1 -�� 1 ` �t"rr'v 1i�r`•� r ', ik ,F7/!'-�� 1 C Ft'f !,`1 `, .� v. rr t .Y ` 1, f t, Y �' , + i'.C. w 1.� / �, r�l 2 i ,r 1 r , µ t :. �ti, ( '� 1'' r t I.• c is 1 r t r �Yi\' ' ''` % r �4I,, `� t}r %, _\ r,1 r ,rJ.� 1 I;: a 1;�T to \ r # �i^11� a It.. f.k ti-, 1 �':�..t �.(` ` A \/ �~!, 1, A /'J 1} 1Rl f 1( r !i r:1- ' .`., ':� . � i ",," . t � � F,7 1•,s•i i /� j7 < �,,♦ -r' ri \ Y, .f, ll f 6 1'^ C /l+ �ar\ r S: , rT[,l r \ j ..,i , •- 1 r-1 t �, 1 .�'t .. �, �r t �;' t I. < . �,: / C' '\I i' / I i , iMnr -� ;,. .. .I \� i• 1 s. .t- L� r •17 ♦.r /t *1 'r: !: a.. - f 1 1 +l .t.,t F , ".,F • i /�.. f A ` /�. t t t.:Jl -'`. r , /` rtF, \= ♦, J} �.. I;: .,%" X j.„ J. 'r� 7: - '.t,f 1'p� 7' ," ), t 1 t}.. �.- I r .:.i•Y t/7` rlt._f C,, �A 'r - ••i, •�`Ji .�� . •.� ` t ,r.•' �r ,_ N 1 �. �. t �- / r r ,.. t l / �• s , t _�� .,.% i4i t+.//l'� ��' rJ i:,, %"'Y 1-`` t, Jf 1'. 1 Cr /',�,✓ �\,y`J I`. r..r" VI �. ,IC j . / t .�.�' )," / `l Z�y -a'1. \,.� `�.-,. ,C . 1 1 = r Y ..'. r ':I _ 1 r L , l : r. .r , /.• ,, 1 . fe ,. t �..,,/ � + �r �'.' \' ` t` .�,I 1. t.,, JJ; , ` � . I .i: r -.\11 'f it 1 } I .. J'. \ / I'` ,._z;,k, t ,„, - (+t `\?. •',t , t l --r1. �'. i �Y,{i�l..: I ''1 r ' 1 1 1.-/ \ .:giant ;', ^ i, ' �\ .a • � ti . ). .= A J� 1, r, t t �r r t ) l 1. s al r- , 1 1 •/ ( C \ .'j t \I �' tt t t — 1y. (-, ."t' `. ��\ kl`;`.^J` , :i* .l,t'b�'- / \ /.. (- ` _t }' , 1 I ` , T t it 1 t -\ ` , \ r / '' , 1� -r•a� L ♦: ' \l_ -\, J. -/.J l - 1. \ /• . ,^ ? i �_ 'F.” ! t f. ! is , ,i-$.."tl �� t + t " r I t .: _. e ti r r v / ' 1 1 I l S of l %1. e Y( I revenues Income before nonrecurring charges and income taxes Nonrecurring charges Income before income taxes Net income Earnings per share Cash dividends paid per share Total assets Shareholders, c(Irlity Contents 7irru s il'lirrnr (ur►rlrrr►n' nrn! , 11b."I li(rrirs )fp) 1 1990 27)74WOOO (71,5()7),()00) 16,),g5'2,00o 8119511,0()0 .G,1 ).o8 ,}.,052,22,1,000 1,(S(Sj.,008,000 -')07,088,000 3o7,o88,000 180,477,00() I./to I.o8 ,I., 19 2.8 7 0 0 1 ,O 1 7.,1.1 0.000 Financial Highlights ) Corporate Profile Letter to Shareholders Financial Statements 1-' Newspaper Statistics 12 Summary of Consolidated Financial Data 1 1 Business Segments 1(i Management's Discussion and Analysis 18 Consolidated Financial Stateir nts 25 \otes to Consolidated Financial Statements 2() Kepoo of lndcpendent Auditors 55 Stock I'ricc and Dividend I listory Board Of Directors 57 Corporate Officers 7)8 sh;n•el►oldcr IiclVlvl (•c 1111,61-11 1;111011 inside back (O�er Nkeav�ztj `!EST IN BROOKIM 7"A It / Ni - C i T , \t V t� =i\� Y:J f 11 „a er :'P`r.':o.. \+ �.,' • ;- �' _ `I`r'T' I ,f t ,. � ;. �\ ;.I ,�,i-- , -{ :J r y'. 1, [>` � ,tit c ._ `' n , `CT*bigs' V,[irror is a $3 6'billiQn,xnedia and- fo a n.doni a r \\ 4 „j t.Tt(l,' 1, ) i J'y\;'J J �a.�./. �' , aiV) c %i! `S - rY .'\:(. t �.'`• , ,..c !'!. P z•t ' �:.•>, ,-,: `,,.` :;'r�, -�� , I , *' l 'J•i AI ;'\ `/c,i(i`�/:: I'�.�"�,, �3Toperat ng.units,, `imes�lVtirror loesfl�usn est" 'tih;;e pn ` , 4t- , = , � 7, ti � '\'\i , 1r' , ;'� r� r -� ne&4 rofessioaal infgrmat4.ion� and'l�oo _p1.ublis�l�YJi.I.1�,\ 11d •e Y }s, .L ' `✓� .,\.: 1` , ,�, ,j' .\ 1 t_. -.k L 1'1.'S. ( \.. 1 } r ", ,/'....lt� ,a� j�Jj( , , y�� t r /777��//{ q. /\7 ti , \r , T r }�� ,r Y P �� t 'S , .T; �y�i rt,4, ;,. jat�a. �{'f �i'�� ".l /s1. /4.,/f.FG �11I1 /tL•� �'�;U. \7, rl itt �>,l ..,•s _ ,+ T t - / a �V \ 1. ` 7 �t,�� t i '•. Iei�:. :3' \ 1.\tI.om �' l+n�r `_ ? \ \. / 7 h'}r` L. r >i'~i \:f• ` ._)� -(. /r- ,�'. t rr..t.�S • .z r 4 it /:r 2 j r l,':`; r TV. A':' 'i r' .'�rfia' ' '' ` ' ' ` '' ' ' a .k t : „'� 1.�F9 �(,�n JJoJ'Angeles andew fork, t Imes Mir Qr; �uliishe�s,twp - :, � *� ; " {� , `' , : 1/ tr-, ' es rr�gtro o IUm daa] news erSY,T. b y.a ctr i 1 t. ,} r Y � ; t P y'. p. P �� j., , ' t > ;tom y =t �� ` metropolitan dailies, tw$ G mfinuni dailies�afz iq�4nJ.ai L.gaz '•' - , /+\ �,••\/ , :\ , 1 y r yl .l ''A°'' 4, ., Y>, -C�h / 1),; J, , �.o ,.r., ..{a �i •r tr � ~hi tiI1 '# "-", ,, )JA E• s ,',Y`�, •: ��. �) < "j';+, Ir ' .Z '�. � .: �.,, )r� +-:� t,,. • , P. �`c',, a !' r}}•r j. �. :; -- 4 r `r 111k� , 'T' ° _f. ��, }t <-v '? ; �'�I 19 "1 ;t ie :Los Angeles � i1_nes;v�as\\the u t?3�P 1, xg t �� 1 r �, ' ,'"s' ,�/ r� `''V;h , t ,t,t )� t X,` / -:!wI .fid �ewsp per�with a tot�il .average- i�rculaL101 0 X 42 1 An%<!! :+...:'.rte( .y ,. / ,�i, { \ A ,� / f .. I, 1, ,. /r' T ` , i. _ ` ! X1 {� a : > <z t ,, �i t �. _ >?`fit fqurhin the nahon,7popelledJ�I fihe contrihu'ing rot�ythryof Y t 1 A\ ;\ I , Ttit a Ikill'. J � r f .V % i a Y ti r `j`-' "iI — I S I s X '� °T ,'>', �,��. _ '(1 :, .� r t. \ \\.1::\i j,`4 j -� ,: i- ,' +� .i ('. \r ` ' t, .mac, 1/'(}t\,; \,,t.i��Sas'��1 r 'r.J<y� ,, a , i 1, -\ r � S�,.r: $ . " � J. • "s-'- , at`i ?' �St:, =-= r; `►° � �' ..,1 �At ' triews ti ers,-.n w. edit�oi i `" ecttiq ►s;-�,y',ore- co a�' � in re f: 1j^�j ? ?r r,\ f ,f- F< v/ 1 e% �Ir l j rl. P'[ r / f 1. 1 x >a ,,T2 ;.` �, ,fir r� r �� , 4 '. I . n�vvs coverage,�lively g�aphi�,s� a�lc� urrproyc�,c�esi is S i `.111; :r y Y�rya_�' ^ r t { �a! \ r i / .r tii Vit. R" y,J ti1. }y� ,-� _+s i t '� \ / ,, ,w , ti, ..reas�ers a- &a ,ertlseYs: �; J ; + .4 , y ` * - ,f; �� in a ,' ,I!.. \ f\A lr ls�� /+'' '� `' J,y -•\ , ' ' Y { t \..- ) (., is ..: ` I. J, -`i .� ,r. . rA�' - Q �'.•i jti�.:' r -s. '� ,,v �'� Y ,, .• V. } ' ! , \ r \` t� f, S d t i j 1 r tx , }.., t "j,"'. r;�,l ;; r9( Mt ilt s ;Tl 7 I � ti , { ' � r �1 � �1 � r n c' J .r� , f r : L n f a4 2 ai.4/ �''z ;lt L?.:.. • . r k A: q iF. ,� c ��[ (',�'r / ,�... .x _.7T \ y,\ F' A�`i . 'A! y;±`_...'LTI t .,2 - �, �r, t(r1�i .- ,,,:, :qa,�. .t ,."r -� �: .,\ rl r v:: I . ,` , . �Lti 1 , �i�.- J y rI, c��s,.S s, bin lr, , y4"X f -'�,+ \yl,�, _� � .{� 4 -J. IIS /r i„ ,t.) ��:-y�t.i• -,, �, I+s y-K.F. Ires'ApArror 1- iag, Ines is t#e eoux�tt` s lea i -- xrse ..oriented mag4 es,,rear. i1. .* ' e ionlreaders.TimeV rror>}also pj blishe.s I�iirigton, D C.'based �11.iW na�Jotcrrtal ri -, ,B- o 01 P u .b1-1 l 1 i h; r:, f 4. a / res .Mirror's.1 I profess orial'inforrdatzon and: W- tiop needs_'of i v�ety:;bi�profes6 as.`{ i- , a t t R ',�\y , ,,,;'S?r vii>' -; �, �i professional publisher -is a46d%er ixi i1•s; /, . `f:: -:� -* r , `: �'�, : _.2 "} '� Sionals;-Je esen �anaerson;:u�e intcrnauonsu ieager.�in r>�:l lz anon.§ert• - r.'.;,�:, >�'h \� _ j,. r ,..'1. �,y -t r� .:\. ,��7. 1i t t �Y-� - '.,._ ,,: ;`.., PF. , ., .,' '- • ,. A ,. - Il -;V ,�4.t�. ,,: r� '- 4, ;t f• y.i�.r Iyy_ , - :, i - , " lazy ._ � • r- t � .1 f :�,� - I ces : ilo trai�.iiri - mateiir ls.•, all Nos , 6ai obk a�" a tY .. i ,,;:f.►� �'{ :\, / 'r" ^tr '� �.�:'\�,j 7� i ,ti, { ... t 1g �, ..� r *s j a ;.,�J ,.�'' /�� ., jXr. 6. ' , ' ,'�'- < r �`�' i ncd ubjjj'sher. Science'and` eehiiolopp ' bli r :* �coss iac. r] t *.- �';hS \.. :f �.. r,,M {.._:,�;4 ,,':,.C�` a ,G Pt _�J-aP�• /..�;,�.+ �� !' :i;4� 2,�r. ,. -,^ij" _T„ _ .f+r 'a Y �. \ ;,r ; �` �. ,._\. K'-' , ll Yiwin``ralea��n�T �Zb�i"slierof:c 11ppe;,busi�nes$,: ad�ec661r6i 1:'te; �ioo s,� 1. Y'r _%r' , w \,. r r-. fj: ,�,i r ).y., 1 —D`P. t. lr'iD. r, 7s e --.,;f. I.r s�:;\,.� •''�,.. a' \av,-'.`"'i 1pE `.f` -��•r �r ' ' r m 1 to our rote of rofessi©na�'bool€ ub a azi es. '. ' " E ,r Y`�'',,V t , ar- { 1 :;.,, co a �j j� Q� p �/'](j, kn/ l • ,./. r ` "� "T `i \tet I.1,r -" +.• r .� \ /. I r �•� �.1, .1 , l-:.. 1 P . �b_ r .. ri -� t.,.., rq ' •; 3 1�,' •.-f J r�' -''a 4� fir:. :.` T{: K , ' . , err'k - \J Abrarris Ince,is known "as,.one of e,foreirin4Ps j ubli'shers..off; 'i" Ah` irtii11 �; , ...- Y / :y. Ja �_ r .,-,I; .i t' / !, X . ` `.`1 ; } .f 1 / �: ji. r ;tr.: �It _. ,. ;`{ s" ��,�1:.:4: i`t f J'Zv /., .,. -\ .,....a ~, r 1 ._-.. .j3 '`j , •:�' %•. •Vt'•71, , s.:. � . — �1;�"i �'R�`-:l; � t i I • , , 'L and. ' ustrated book l o I.- r \ , - t l{a S't \. `rty Y I i:V:C ia. t�cw?yi`9• *.v.:✓j .��r.� ,_ _ ,.. i r \ �. t'' r 'i , 7 . .� - t:� - 2� '_\. ti., d ,. r- i `,.-s•y;: .�,,- , r j � t*. I" y.. _ 'rte"; /t .r, :. "4 Y.. •} , \ / '. v,, . t #' _ rl.,,. '.�:�'.. • .J%' r C11: .:� • v/: - '^•,... \,i., i•_„ •�. .�.. 'r}'Lt111"-.w ', ,,,.w :I :r, -.C, fi% .a .t, >`. , ,a '/r .r,rj' c r, r.. .p. sS1 •`;r_ t„ .}" {, ',4r:+ti_..j'jr,,Y� ./.,+y..S,•�. :,c /' _... e>• rr.'� r 'S \,,.. `y.. t; h ,f+- . n \i, .4, tV �, j y f j '� y(.M 'J •,I1 4iet'�•}y ;a a.. - %,..s .. "ter '''`, ./ t l �.r i.. ,� •� .5 �•r i s . � -s ; ��,I.., :!r I rte' = -'� -rr �. f't F, e. KIm-A•.i j!?�:.�.i �¢_.- -�. 1•,! �• ,,. -� ": . . -a { . t-' 2-, 1, ` .-� , ` �Lii' .tralnin -Cam anies `are.-tx fast /�ar�ao.:j� 7n art��o�f;t7�_j1+"sibusiness:`sef�r��uy e�i �;�` a�d,�. 4- } ,, i it i .,,\i . '� try - ,1 •.; ''S. _r . j ., g . - p . ' 1 '•• (, •:. P , , -,1'7t, . • .,d i..: 1; •.,, _;;-"" ,frr1 ,,'. , pf�.>•f-1. _- r +� rw<<%, ,�,,,` 1 �. t �,<.�-(� \ .; , j;. -t o''ach'I oldinn�g.�a leadin osition;in•itS-nl��•,d,mar�,et �e.Br lYa�' t�rYla Ona �r `'s'( c`�, y _ ,i \ a, �/s `i r \, u l j - / . s �� o , g P , . `I",. y. t .1, a ,r i , sF t � � . -<... = t I y;r�,� F , F•- -.Ul .,:i � i \;•'tet f. •t'�t1 l r("J'* i { -'tt,'' ( �,�.}•-. ,.,i`�;S eeializes'in�sales •trainin.,:(.�..'Zen er '1Vlille ' 1Y1`••S�1 erV�C4 Ta1n1Y1�pjr',,,alld�' APs �.' ="" +^.? L y: , {�/j A 1. .L i �'� \ 1 • !<! i�� ,: yl.�`a _J`,,, t� �4 '3• 'I. 1, ra� t .7��'t-,;- ,V y \ i' -� .`, ` `.., ( 'a' •. Y,f., ! •' l v l 1: %i�.V -�?',� ,%r\s r; (J • �.� Ff,.r. .- r �; :, , . Y > t.na nal in custome cervi a trai in �'' `:x 1 �.�rY �;ti, ,, u ......',�,�:,s., M r , '. . - ;:F �' ,). N4 1 ;, a `�<. . , . :.^\ ; 'Inte�'t!y+, do ,, _ r , , .' : ,: .ij1. 1 t;•: • ,, - - 1�•�- '�t„( r\ • "'-: -: , j. •. fir rw !l.:J oi.f r c•'r•' f .{. ,,. W\`_ �. r1 ,.a. .� � 4.t, r/.� ,� , t;,` :.ti Y �.J P- �>ri. Y,�S ,�` r'./ �!' ch. r _ :_ "` _ t.'r t.% ✓_-✓ -L �7 m i.a. .:..,4-...t'.� �; ti3 k ;•a"f.!"('..�yY }r : r : I__.,..,-_ t...,': L �`� ,/I y( r ` , .�, / 'K-. . �z% ,yy _ w: ,: r\S.. :31i2r'• .}T r "\ .,,^{. , z, h _i.},-'� `/ - ,a, i.t �� 1 ti '.ti't 1:' :'`.� 'l` t t�,:,LJ �� , „}i Y'a.•'F -�, •1'. ., . •;y/y{%y l e �:t r o"n ;11%. �':d z :. , j t s+ 1 "itt'.. ; , A , `.F, rc, -i•r .,ysi:. \�. 1 -, ta. _ - .r�' .r,\'. i •J r' _ :%f _,, .�. -_ �,J_ '�%•7l' ,.t ,,a7, :ti•i'y,l.•1h . 1 ;' .;L, 11� .,LL - // 't} , I;�'; J, : `.•f- ''I .. -� r t Y � ,.•. \ t Y-,{. Gq t:1j�1['y r .,r a .'-Y-a� .a,. VKk. ,f :Y _r, f fL- „ .r.. �.. -1, � . � .f _i._ \' .Y. \- tom}' ! ::}. -ae-.i '_ `%. ' '1�1s-_A.- .I.I..,, ,.il4 -!:! f�y. R ,,�Tr �. f .l'` i SC. tr I 'r �7t 2., a, l_ _,r \ 1.`. C-'' ,1 ,{ lam'„!� t .: w. ,{ i".i •G1Y-• ./ as !t .�{,. ';l^ ::i `, ✓r•j, i;l;.ri 'z t•- RJ -''-L �• \.: ��_•",-)t1• ��f /'- r' .� - \ _ \: - _Y•. �../ A -.i',. rr:f '' r'i„'r ...atii. -,.. I- (, r..9 , '^3c s <. d\ 1 < , l v`1 ' ; ` ~ �cabl �televiSi S ,Stem, ';''” 41. e., _(r v , ,; ,< _ . s, > Tillles irror s e ectroriiCi' edta"oB atiQns ip�l' ide` e' on'. y -' '-�1!I •,�o =�!♦`;, ,rf2 / f. +'•. , .* , \. z '.y�'_ .1 _ 1:. /.... 1,. .s,>m �:. 'a 'nV �rjli. � :-Q ,. "",, #,, 1 �' ,t,t•: - { a;.` `- , �. _ r 3 �, I ' 't at d four network-afiilia ed �+oadCast'te odsior#:S ona= � �"" �t ,.�; `f. T �`, � a st , es. n _ t .-. tom. � _.,�, , ! 3 i t1� 4 .� p { i` r,: j::.31. Tj d 1 r-.�,.`i.+,• 1',,>�} / �q p �+a ._ ,�_i �:�y - . ; •q- I. r 1,:r•. i \ • *• ,�yc .l. v 't:7'�i -' [ 'i•4 ] �. ! a. ; "Writ .�, ;� ,.. �. ro E _ y� :\ i 1..F X1:7, l , ;\ ': k FK � 'r h':: T^.y t, z .t ,0. 4' i -a t.S {�,1, 4.1 1 t i:,; tY , Ts. �, \.. .I+ i'. ,. .,. 1c, _ .,-, ,� is -i1' t \V�yTt'r , •.:ty{:tiiry �3lall k 1,Y ,�ra �.:. , .:: ` ; , " ' ii lesNirror Cable°Television (TMS fi A7s �iati nes 2th'lar �t c l '.144. ' �-.i _ %� �•,.� . _. \ ..:";: r;.. - , i-' '' � \, .''^,'�.r i .i ..(... _ .` _ :. r _ ., •t _ 11 r. = .i'.�7,. yi+�e,J. ia< �' .�i' ,� i l -.,k 'A ::r ;, Iti {' } :� ` ' \: cion o' eratoX and serves. over i, i:'mllionb_asic syico::eutomers. Qpex�ti4xi.�. ��.:.:h . t V/�. Y r.r ,t .,ri.il ; , r r .., .;: ` .I l �. � ,, ;JK�' 1'�+ .�, .Iy n•.+':T ►i ." K.,f'�' :i t .) ° .a. ''r ` . ' , �' , t r ;-:a�re�focused on tradition al �,''pparkets"in'tho MidWe' a d''�a$t;andzon .i�zri��i.,��;,*:��'t;T,r ' Jai11". �'! ! I i\ .. �'Y rI �.� i ,"..�..[! 2.7rF'r yf . O 1,10 !markets in.Southern`,Califbir is and,Phoenix; Anzona. }oluvlr,to ar�L'i�a� 1r, .!' / ^+ � •1i I % ,-1 2}, s ` .�� ,G (' / 1 -,[,r� y ��CD Y/.•,1, ..1 . :t.l t . •~ h. , :�: r t. ?} 'I yi :laky 4<+r7 k^ : - fir , I � ''.Ar r - Z:°t` ble- er-Vice' MCT ravides xi�ci cel c ©u; .€�, dep,:Y ,.r;r.t . �_'Y y t •s �` f ,� a., tpmers `as D' nsiontkGa S ,gip ;.�;�, y '-1 ' . T r,, 1'i'q -,..fl v- � �� i L• .Rl.. } :;}' \ \ / - ;.r ;.\. ya i i F -,i ., • t r , ,.•r.• _ LarX •ter :f�,k�.: ya. ••., y,: .4j::. S ✓„ }}� i ,��+ �. _.F. ,� l`_ .i: t !S./�r` ,a\f:l.. •ti ',� 'rr _/ ,,. ,'9{.E; �`I .n,r, •Y. +Ti.",��,c �.✓1ca•. �.ii•.^ r.�. 'Z?." r.• 'V.�� ," ��i- ' %•,; \.: .'erste ainment and in£orriiation-services rc_ 1f' t l- r. .. fir,,„�2” ;,yi .; :epi-° r'• �>tt_< l i(.�.`? �`� , T :, 7 r:h\ s::' - \ . �., r, s: t r.� } �.+ \..l_�I.Y\ e,T� .t:. . rJ. / ,z<, ',, yt . .;,. ,v ,� y:.,,. 1r' { r' '> r I f� '\Y t •_:!,./: 7. vt.. ,r..,r� an+1� f �.5.:i1.,r iti 1.N .z .r Y ` Fr r' ' f�~r. r J� , I "' �r i-}. k` I,- a d f, F: \ r .Lj: ? i :! t a •,!' v :tr it�j �`1. ,_' )r' r 1 .s•.\.. .r.7 .�. 1 'i [ .,Rt•. h r a •./ - 'i' ,~T �. .'�_..�. _r, /v;.4 �•,. T `. Nei �.a.s,� , f a , •;S _,�\, _ e. ,i � r% r �Timps.Mii-roti` Broadcastinpr'o 'erates't le�com" s four ppt.�iv8rk::iatffil . t Yom- ♦ V`. r 2• _ :� ,. ca: `�, " ; , :J t T Jt `�''bro.adcast televisio stations: I7FW TV' iri. Dallas;-T'ex' s'TVt ii�=ih�:SX:�oius,,, •� r`' :LTi r �,, \ i �,.� \' � . 1. .. ? a. -e \ ;,y. r s�,i i,^ `� ;, ' -, ,� Missouri '«'V7 -TV in Birmin1.gham; Alabaiia and°K'�'BC `i'44..inA'A_ u�tin,� ��, . ` �,;?>>< , \' > ; _� , � , , �. ;' e�cas - Each station. is: focusing.: ori.x rip owing rts ,local :n .�► : ,li-a Yn'x , _` :' '(l.r r ti. ...0 ,• �"��.' t --1 "r1 .�' 1A . _-1, g• (' t 'I, t y l� ` -iT }� i .-- Jr ;7 '/ •1 ►•t I ,�- ..•'� .\' 1j i :h f\ •t -r. - `.,,:y I -t 7 '`'• �s..`t.' l' ./ a'\ 1�/�,+,- �:`.� ,-.- .tt `y'r J• !z A : •-i �'r - � di//�,,atedl ro rammin' r ,. t ' . , ' k\ -..p ,_3-\%" ,•r,l ��\ �. 1 / l V ;p. -g \ '. / � ."..� 't , , rY•+ yc �, , 't � ! ! t )1 - / ti r ,,ts .J 2 . - j 1.,. / . , s- `�`, r, ,J QL -:1 ! . Y.I\�, t .a a t \_ I - X' ^,f," !. Yj a %, r:j'i. . »\ 4 l i. I ,/'/. ' .1 i'%2 �r.1\ �•_ ,� �.� i \ � .-I t ` t �`, ' k. t' .. 3 11 .- , l 1: ' a , I 1,t t • I •, t i t ":C , } , I% _ _- . . , { I' �t, ,\ r' L if yy ?. ,. ,til 1 p'r 1 A'` � l y, {, �1,It "/ �. ,< ,�.. I, -x li ' l'�' ,,; . \i j t .1, / � .. i', 1 I.;i ,(} \i.\. 1.. Y . I . 1 •t,n- •> i/vS�Y :., :.:� '.. , ' � '� - ''''_ t} ' % t �. , / , •J., r :> ` G.-+,_�. \ _,.'A. f \ : A f t+ � t'1- sJ �' .}j:J„�, ' tr -. , _ 4.7. e^ 'F" 1. -�\. � I ` " 1 I r•,yi `,:.1� f 'I'.i�,�f*:+ tl`<4,t sr ., •.Ss.4 y'�S,' /� r..,lf1.. t: 1' , - \ -w ..�` . '� ., .<y . , F �•a_ - .. 'i/.+moi •'.) 4];t:� �.fy . ../ , u. ..r.,. .r l'j' j . ,.�i �a':' t 1 f , 1 \. . / i `. \. r 1_ 1 - i ,` r .Y 7 - j • . ij fr•, `�. j:4 kF."�y l� n :9 , A' \ =✓ ;, 1 ,. `1= 3,:- , ,u?f :,1, :. )i�, .l- - ri oir lfl .tw +Gt_ r r `:: < -r� ;` 1 r w s:a-:chal�en n'p vear:m�' >i;ie'¢ Mirrorr�and1me"(7�i�]�ind s yly Pf�J..r - � ;� �> :I- f x 1� J •; r �` 99 - L71J, l• `S '� 7^'' '-/ •��(• ^��••', V.r �. •7;. T^�.. IM,',,`u,71,�.. ../ .•4n.�3•j''�r, •.+. !). � � �'.) ± cal:Th 'a "'"ne`in advertiAin e, ': 16 vi(hb' h'became' i e t iii', a''Co � ':r? sb' � "/ L'(; t '\r „ •,," - t. Ta. .✓ ,f , .�. 'a T '.� 'r .rJ ,. ..; ti' - ..t. 1, r.,i t '�� ( 1.�. t c7 1' .l t,\'arj�,.r � i�1}„ -;1 't <' . - J . r , . E t><f, , . , . tinued to ,aeGelerate `fin r g ere was a, partt�ular�y shar�,clgwni ecj . �- ' 1 - i,l' ,' r' 'F � 't' /.'�- `.. , '� ` `i' i. _ - -i' I '', 'r , ' I I- ., "' < 1, h ' a, , y�y Y i• .% },�R'.�r g., 4Y i i ` ,r`'•1 1 { �✓ }�h^�•* s? 'r ,� y; . fli5t-Q u'ar torloccasionec�`by:the driset,of�the iulf War, buj tre;�was'i'�O. , Ct 1�;` .,;,fir +1 Y a} .+- , ,.i 1'` !. . .\ . l �. t. :t Yt "A r'= 'y+✓, r, f �.s..y;� ti. 'f / I''' ' ,� , I y'k able'recover-• du in t�,ie: ear; B ear=erid,-the'•rri dia ix s head; tx fe'e T t".•i.+ ir'•y t t ter.! y . g y v y.. � n, ;r.: .. 1,;: % 1,,�\,. may' r r the w(�rst:decline+"in'advertisin rpySeriue;'siri6 Wb�1d WqA: xTimes 1j(Ii ,"gi •� s'`` � �,y{��1 _,• �.I .1 .4, 1'. - - C; `_ ,j r� 1, �: ..•, 'T-. it :I,. • \ • � iii:,`:,\yl '!•I .1 �� lai, r" ,` f il'r .,'�.Q j rl''; .:� (. ( , ; F. v -ad a tisin[� rev Hues'deer' axed cent. h':. ' ,' er a - : K-L'•.};.1�" '::; <,�,. , v W 1 r - 4, , p J7, �j 1 y� }�e�ly(�.�Y <.r f1' %._i} / q J , . ; 1y .-_I.. '1 ✓( 9 1 J��*` y 7y T . .:..`�FY .\ „'. ayaj ^ ? yr a_s 1 + Y.+' :.t J `.f r;. +: .r +'. 11.. ., � �' ':j» n - �, \- - .M\ t—.. ✓,: �I'I - 3:<''• &• /: 1 rt 'i_'.: Y L �.- .,I,. •ei). #^t i '... !�4 ��']� .� . } _�, � . r �, , ,, profits was se a e,'desitp ma'br:est reg tact' "bris" Wcludi�Q`:a� ��j�jfiGari d�cliue � .: � �.� }, ,✓ J`,t \ I� 7 a .: \ \ �. i - P. }' p ' Y �.\�' 1 i- : j• `' + ..�, '�..., ti.� , r� r; ! "t1 a iLi .� \ ,, 1 ': ,r.. 'y -'1,.,t �S ✓ :(•',;,a:� r".J.' < - - )� :4 .r :/�+ rsww,',�'',. i': r.�`i t. ,� ? /: r 1- : in�iews ntosf `s wsf lar `ei set'' 'a t o e t;rve ue' c;ea •° ., ;.; r 5(L �) . ,� r � .I, /..,F/r . Z '^ -r,- (. - 'i I `'� . i.. ., t`! b {� f . ,. ,"1i w,,Jrj ., I'- J/`tt�,. ..,;.�,: r ,`.. ,•`- ,, n-1 ti '.a !_4' �-!l'� } _ in non=aa V�I'tisin -' in@s$esi..•es peel 'prof ss�ona pitbjjskf :.tta C�'; 14 Jr;>"�-�.;,,.�. -av *' I .t. cif• .. 1. -A. \ � -1'� , `\� 'K %l ". ,r � '�.- ..4"� � f I �+l•' 3+, 'i��_ �'"' '.. I:r'"� i "+ 1 • `\//(_ .r ' / L.'',.'� \ , , r.ii, x; / r f. t'�' ' .t r' ` �' ' \ , is �4' li t�r. w•" • ,t =;1 s ,:' �• ,;, a '��; i4:,�-',:�v•4 t, Cabl` ,- elevisiori .Yinderseoring :the'r�a e. a£3a COnUXiuixX �diyer�S' c� tib , X .�, h ('�_" r r, } :, - t ,g. ( . L it ,-., ;t,y�t f u ;!✓ 11 ! ,f.` �r ! / ` r .: � �_ to,busi a ses'thiat r . T L sic' clical, e.coaortiiaall a t . �- ` . I 't; - j X+..t f _ `:,•-.4�1/. ,{•1' /�,• •�,.. - `L• <:' .( T- L .1 -::,•± .f` `( 'L !tr `I h: /: ."1 t ,.! ,7':Z�,..i: hX e^4h-•t i.}.. t...L`1+,�.--a. )'1: ,', \ ',4-f .} •�'",� +i.:. "4i; l4 .l. 4, 7✓. j•. �'�-•/: �, _•L _ k/ -r t ('` �1. •.:.. •\....',t,' 'a;.T}'. 4.' �, .ff�o�.,l', / ," :.� , - f✓ _ ot-er. Fear a lY a to -cd $o date :e rides, r m J `:b� iiri v�: .ia:-, %far •. "i re ' } �j (� y� h lr 't`�7 n ty1 y� Y J�1 it �1. r ttt�y.'tS\ J _x (?f�/��e Irl. �r : f`,.'f: ,r, 7YP. . t^?L^'y L },meq_{..•y. t. Y.. s �.. Jj_r y• /z c` Z c -'1 1 r J. , �,'R ft r. 5 �,c' i ✓~ a.:7+aK• x vt'' {.�tr. fY\' ; _{ 1 .c,. r '- 't; :/ , i - `•'� : '.7r' r.}. �, pp '�. r R •ti'1JR`S^.-: r'.r 3�'' ,r V � r ll I :�'r +� ,< , ,) •t �I-. ::y`.• •` 1.; t r ) , - W z' . V ` 'bZ onni y , ..• �[ • .,;.'.:+ yam` ,a G : , ,.ar :'aA. •. ��,� t�� . -;AGa>•C-''%�'�,'. Si _ i Jf F_ -; r 1 +r 11, _i' - 3 99 \ a r ; ` .� ar 1 4 #; t s, / t�U : f. , •A., ,,�,'t �. "� . /'..,. , %.. r Y. 1.J4 �,... it -t'� '.'*- ,. 7 c.rti?rt ilk t� ' :i ,( ✓ `` t .r:: :, i,' 1 •: L i / 4 i r' Y i.,_�. A ' i. �s. lY.�v �':1 "a: %"tS�e h� -1.,.: ."may -9. Y.l. - << ',�.. 7 1 •S iV ',V .,''. r ., :r._ ,f. :.,, :<,. _ _C"'' :" 4''' ti.f .\� T ` (%t. l; ` 1 .:` , ` j c. *' , f :f .', '� •x y t , ti..' •.1 t IL.;' •;`'+i r .�.a,� f :.�y,, l._,'T!: „ .i >'r. :� - !x /., ri ',i.' `,, ,• .t • E .:b C,... t%'.Fr p ,;t- r,'''�t': t_,?, '� !� S!, ri,. ,�+ra�, .. ': I:. :,. • _ •.J. ``i f\ a\ •, ' �•. s , - - ', . \ r ,✓' <1 'r.,., - {.,� �r1f'f': .: -: vi'{. A a, . i v I L� ., . "` r r, t - .l3Ps ndl�'j'}p• toS '. �llenp , o,�'tl a Gconb c dowrit 'otic:. ,e"�6 l't�t "" } ('`b Ya� 1" y f•\ :/,!„1 1..�['�L1;i •^dr p�: T ->:i... r ,t. D,;`.1 �_'.. !', ./.:. ,�L` ..I!•..,, ,p1.. >_.:,:}•+ 'C"'.4�,<ti "'} •.•A� <,•t J "�i. t I �l:;< :r: ..L. `j. ,.` `, _ ,^, ..% - \ `. I_, i_. F !. I!;., `, A. {. I tif'. i.. h ,, -r Y t : ', ;ti accelerated�reduct1ons i ;}L eir ost_:bis t irdu(�h;a:'�'Jari �j a oris.. rl n a. r: ,�•: � t C. : � : t l >- , t ,` 4✓- '. ' + ,. '.,. , L7 _r:' . l: r,. r.�:•KA: ,_ tic-'. ; r ' :r of 't : 1 < ./'-n .•i \'Tt-r''1' i:' y r..- i•• ; •, - L .:i.i}`- _ :.'" '�l te: - :. j� c < ..�. - t�•. s�.'',7•.� •.�.•., . %;, 3. ,1. /` ;f,, = >> �I _ .voluntar .earl yeti erfctent.' .r ra '$ and(a ier anti ties: ot`<th s ¢a o ! . ', y- \, .iH %1 -� -i:'\ z �,,, ' ✓I tL '' r- \--' - > s..,:,� 'I, .l - 'v ;j' :/. :1 �..^!.. fes+ a`S, Kk. : , ,.. = k'r Z ,,:t �/'. . r .resulted'�n',bneRtimelis res bf X il�ior�' linos-•�iffm "iWve ay'r/q✓' ” n� 47, « ,,`:> ._ �,L r .1.'x••4• ' I ' � /+''p -Jr' - , �' � <g � W' ..� f "� r- _ ., I,�'..Ls:*:.:r. .,... �i'� - ;,]'.,.t.. 1r; y Y (.. f �.. Vii,.. r, .: ,_ �b,,•` �- .•: I ;;J, �� r �^ �' a a ' ~l�` :a �aclk i „t,, t. 4'R:� thefot ` uar er: Tri a action <i i ret aorrt �1u .1�.:,_t r,� ». L ,, v r. �- �� i + < \ � - :-a . . �f R a �' .' ' j r `1 :,+\.;�'•c... :11 , t>,...i'+':.. �.. 'I �.j i„'.[ 1 r,_. r� �`\C ,. R-- , T1 ; , ,r •. . /, f. .R .r' •!'•' t' --t; a i�„r• f�'"L,,7C , ,',�t:, x ,;? 0. ,, { :, ,i t `•tional'$6 iWIlioh writedo1r^bi_tvs n4e:' cl o�1JL�era ss is fr. t e ily� d lt� , . r 1,J� � J t .J.'t' _.:)t a \ • i t, .v ,. ` • l \.' 'j r ' `r . _ t ' i?" J , ", ." 1• - `,:.i• � ./^i`• ..1t '':a';a.'. :d tJ`+fyy,,}_. \,r-'=<'f'hr�q-\(!:•+, '♦ 'r >. ,. i.::� .3 i� ?, � ' 1 )., I _ i:. yr' ,r -\' � \" .r '�. E/s•- '+ :,�,'7s/ ;r"1",+'arm; ,; %,� r �. '� _' � ]'� r• ` s "i i " 8' hese: �h � fires de ressed' net•.• ii�ico_ �' i.tljle1 a �rv�tle t ��} : - : •�_� , k`• '..•..;; -1 �r.r.' / .I,'/, y., --,ti I, vi\, F,,••I _` ('_ Deme.,•4 ,Q ., � 07. -i ,. S�. rb• .�!4.. r..1Al- .•,,t , ra? ( ..*-K5„�. (�j,( •Ld'`C+r•.tZ•.�'/+�>'��' 1, r ( �` i+ , 1, u5y -' t: t, ♦,. ., :..! i,, r'i..\:.��• ►",�11:\;r \ :.'l '1'.:-: v- .'i.\ - ..f': f, '"}: tL [," •�', .. ,,, ,r=.,:t is �.. .�.,!:.r., .t - __, .'`, y dy..1 A47... ' : ' E ,t! t �` '. r f ; _� :i -7- cent ; .er'sliai'e Ss' t dal s'in a ;first three: 'art • s e rg e' ,y ::�> :_,. :' ;'. , 53 s,p :�. e �. ,i- 9 ,. eci', <- ?w',�J�,,f..� '; +t,t ; ;,�,, +< r ti=`. J: y✓ .� . :f i [,i yf 't' :i Y, 1. t ( ( �., ti ,• .,;., 3 ;? �f. v 4S _ �,. i �, ," f r :..a -net to ' �df ''2 � eri ex s iaxe t tlx�t.: W, ai�'>izi t angio $ . n" r c.1�i! �'jra ,.. i «r•r/ _{ ra ya.� t'. -z, �, 'tl t \ *'• , �' , i.. :, .;t �,.,;,'yL..�,,,`t_f..- :., �,:s �< It ' 'r- s�� y / + or 6 •'cents a Tshare com 'off i8tz: ixii li( •:o rr � s ,;;1 a ,r..: . ,,; + r / a .'.,." /t 4.,• p. t ' pe4l , 5 < a; - .: p'te r >i '•:k. ..S .w.• �s .,, ti.,.y .j/ j_�'y t ,%._y `J, ,r. :.,: %. ..✓.,_\l. -:k - , `' '•,,. .;-:S�:r'• �' a _ • ; :4 �; E cl in _the oy�e tine char re an tl'ie net' oss on ass t' 1e iqq} c, �` >,'? ,. i �•. J _ R r' - u g +1 .�' S e . �; Yi'`�,jn .�i.R,- .,,,'�'.•:; �.:i .•Y.t^•.. tS •:L '-a1 �-^ S /. �r"_ti.,�. /' (C: Irl' .r' fir✓ rr _ _ •�l,-`tom.• ,r'' rrrrrr,,..'jf4.',. F, •tN`�, ;, t, ,., may_ t /�� Z� / _�'i f'.', :Y-. �'\: 't Kf 1. `.� ", r. �C.:., '..l••. t, �,.],t.. .. `'l •,.'i''.,t : - I: '; 1 ?, •s ii r3; ,. y, . _ t w ldi hav b en I d ;millidn% 0 1 .L ei• ski pL 'rJ- .. j ;;� .,., , I -Z ', #.• .,, i . /J� , ,. >E. .7 * It ! ) tllG' P. 1. oil e..,,.�! •�.5.,�9 ,\.x .%' 7 p+: T < Nr /;,l�dtiv.. r �i...N. '3�r y$r-a:.h a,. j 'j ,1` , t_ I`'q ( i f / > • \ t ,1 ' r C . 1 * / i l i, w y �f .v : t r t i:Y 4tXR i :l, /" ,- t, ._!, l j `.' 1. 1 :, .t.,,,;-;, ` „�':♦ +.Y ,G., 'r:. I•\�\,. \�1'i ''/ L/. ,f`.{, -A. t� i'�Y. r. �ls,[ry,. b'wM;' .yr.• /.' •..} f"i.. 't ..`\,r,- /, -�- r: 1 /_- _,. tl- '-a i ')` ti .�. ,1..; t -�:, {•t 1. I - :y•3v , ,.. f,F L' , 'r. -: 't . The•nattern bf results im»rgved Bunn 'tlic .ear'.f'scc J st savit�i 'So�(,�a�4;a' ,,l _ ,r / /.p. , 1 V �1: /./Y' � ,...�, _ �.I :1`._- ` �. �:,, •F:•.'�..w'�,q ,4 S.";ti 11 .1. 1. ,_. -1s r" ,t.. ,i. rx -.M �' p , t�\..t 11 :may. �•` _% f, _ .\;,, �4•.�. �t r >,. ",. •�1. i?:i,:� :;`' . I . , ::\ ✓ � ' � , ; x a <� = im 1 e ted: i st: arter'`earnin s -were o f; er 'ent;;frbrx� es ,,; r, S.iv'tL .�J i:: \♦ I �":�,:/ r _1\ r 'l4.' /y-1" ,�, "Vt• l• '1� ,�,p»S. _XF 1-r.., ' `:'r�. C�h / /, �.' r`. `� - �, ,� erations!st biliie ;tl1erea ter.' n't a ou uir er texr 'din ,,, e , .>. ;� :•,.; �� _ n J,�r i 'i-:` 1 :. "I ti i' +�. .� 't_ r' II I.''ri". , \ l /� r t y r0 , �n,J ,_i "+,, Kf. •. ,t ../.,.i (, 1t: _iP i, , / `'rte_ '+ \.• t'- •� + - t ''� I Y .,. . : :� r \char !es' ri 11 ome would ha�e,li e i exe�rlt ib, o ;QYt 2 ` ,,� :� r./1 r •1r t.:+::' 1 l{ ,JJ' .»,�.Y" s - /... 11Y. ',. L\`•. +%; /f '�: \;...��,. ,t,. w •;, t A- -,_ [ ,tea -l: e.. J'. .,'t• ,-.. �t i.. � .e'er,, ` =ty r ..`r.�-A: .�+,_ :,::. Y +;�:= cents. er" r v xxus -e ., er sha a:iri>. o : vfe�iue 5- 1•e K L+i t\,M1^ r JJ, moi.' `� T ( . - --:I. j _f•, '.F r' 1 (�'7� 5 .t,'yA'I •,�l -/ R•, V, .i...r�ri4.. •�.rr ,,:'r• .1 , f •!` +-�.:.:. ' ` . 7f _ _ �: • .\ • ' 1 - •:l' t: �'F? , ., _- r.. _ \, � r {`:..�,�?, „ •<:r�. ✓ . -t •.v � ,, ' ,mS,e : ti.. ,., : ,,1,1. 1. 1� SS �. / :':lion s: com aced , , d ;mill%ih;, e, /�77��C �%�, (, ,•' S. ., :l i% w" iw n:." 1. :`, }'�. ♦�: �. t' ,.>s - \a .,>.:. .R.: - X95 -a y.- �Y!NY. ✓.,. tt .+t -\ r .s!'. :t "..)r.,^1' '1rt-. �,,, jIv vN.ti � .,, r%'.r�. ' "I.�'i ! t: r. .'r.- , /. i ! 1 / :.7 ;i -,-✓ `. '-u (/-y /r r"1� ,,' H ;l:-s"K, .i,./. v+-?,• i �. , + ti.;� -'l; ;- .iC .i. ,4 A. r„<�I•'y -. ,,.� _ "� i- �- ar-: 3 .'t' .lt �,'r.t:-5 x+ .,.,t :.. r.i, n "• z a: • .; 1 s ` r t ✓ J • ti , ; 1, - 1 Y s1�- . ,.. if ,4 •� y., \. • r ,:.< )ti•'-, �, '�. ` ;(; i . 1 / :J - Stt P n ; i,_�r� : I ` j� r L°„' .. •'�� ,,. .r '' -7 L-.�; '?^ r• .. :.+nt �.. :,.''Y _ t - t i r�.,:\ j` 'j i- `%S1�'-.,'�]i. ,v I�'�°`a":aMt.-. .i 1`"13 ' •,'•?.� . " �J ! `/. -.t :-lr .,,ta. ,r.< :),.ai♦ .r �i�, _ l• r •f• y.i el 'w 51.' �`>tie 'LICi iL'" (� N. I k'. is/: : �. > ,. ?, ;i, , , t -.One •otl Lr<.lir grtanvbrig t sp'.ot';in a=very•cli kii rt ? a� d ...t ice\ r , i` r 1a .j - to clebrt b .nibr'e tli i o_ illabn:riot th`sta` dii�i eclin t',-r.►-f,,r: t, ♦:,,.;,,�t. lr_- .r)l'vt Y- .; .,\., \: .:,�, ,. _, �$',.4+. ._ � ,. ,-"/`� , r•.. V, - 1 , L.: `. t: i. /•.. f:.w..),.. { 4 ✓'� •,\: •AAS. I� .•` - _:,� _1. ', \J. (,' .=1-` ; ',f' .�1 i.'r/t `J :, , t -i ,�A..,.?•t.,r.., t'.. ., a .�- i { income ':This" bout.a '.ca rt 1 e tures'wei� duce ,l �'(�.: t : -4 ki ,, ,f ., Y . i 1 r \ ' i Y . v-.; t . J Gai7ti ., p :,:. p ..rid}. ,r J / ✓ S !/, ' {,. w r b y A_ i. r, <°.. ,}. ,� �' - r' 1v• t. t: d �r: t � ,- -1 , /l •,• moi• :t...JT./"x'5�•%i:J > _� �I' + -<si l a r r. eco. � asli3 rb c .� ; , �' _ , _,, �,, • million' nd<riagna�jement bf -� 6ikiri�`pr,ca ica ,.w s ifi? 4z 4 t r':Y �: •r Y: -\ n ..' - ,. •�.• T` r .r T`l i ! C: 'r• ; xt„ 1.=Kra - ;. z .. I6 a, .\�' _.1 1 "a ir✓ ) �I,L' .y-' ^; .I J_. �1� J V`,{ y: �. �i y��.,v i`* ria: 1/r;: ,:; .: �, is - -�. ; o erations;-i .- l,(j t':m r�epsecll$. ,� million:h eriih(�b. ,W4�.7"?.,. ;rr� =x�� _,. \/ it t ' 'r - V_ - :i , 1. L. �1� .T,� .I. l : ,., ` J7 `:'.lir: �,� .�- ti •r '�"7 r. .r T' ,: "" ::�; y .� IF . T I. /: r +i',n>:'` - i .f`, l =•;, + t .• - Yi'� j`gr?t. a �- .rrr l )i l .� .Y_ l ;��r t i�: :t 1�. V; ,..1i_�.: �.. :l ,r'' ',t�,`V'i%.,�;- !1 - J /'.a:; '7 // '�"•:, :-f .M •�(.. I. -J .t -a ',l' . \ i\•. �'.' ;/:.. S r..,•, �N..,'✓1.! 4tE-t .tr q,- ,� , ,�, -i � . ,A;' k r t � ' >t , r 's lso was, .ear ri i l iclr:market ; 0gsitions were•�+•� �•+�roy+ . ri, ;btu :" � t ,�_ r .,� !, 1 :�; , a. '' .a J d , ,!, 7' x.1 , ." ,- ��}} h: f, .. - :J ,,. �'�. r.t _. .-1. � .. j�jm'j'�7 �.r Fes : �isroi� ,�Jt f\1, y�.r� }.K y, t ,J :J % .� /1''t t . �y -). :, i, `(. r'4 t `;','l , ^,<. :� �ij•{•ir{}` ,,�,c t'� , `, .�, etre `.one of'l r' usiness "s We beleve'that a tlie`�c n m, rQvS +r.. �,; ��-,:l �. .Y.� /. �k� :..) •':.'% ,i .4jr�-'C .I'- ,_�, t < .y ,r; 1, 1•. f ? x _ t..• T . �,`',', r.:;:. ;c,.\ .:'. iSrt•:.�t,.f: '.. t! 1, , e , L" , f✓)� i ..P+ r.. �� „ rY �, T ;ts * �a :, Ij�'L• � 4 j 61 , , _ -earni�p''s s�io l beYlefit from:these:maade a'ris and'�'] a tionnC i ost _ r. 1 i'4� rl; . �F/, Vit- -1' ,- yI . ./. .i'f. `a,rs�: .4-s. ,,�. ��.'�e: - .c..,,,•7•. a;� �,., -rsS, � y{avy `�'' h. K` f . "..: :_' .mss- ,r.r _., , , --.) t.:�: '. / .1. .., . ::(�• y F. 1:�,''.c.. '.' � F'tl' �S� T-` ',V.~ - 3:` ,- ��k -�, r: ..�- r#^moi: _t' - -bases: ()tlr'''c 'alien a::fqr:l' xis'�to m i;�it 'n;<• a:phi r�h`e. t....:a - 1:;t* ;� , .: ,,, �. } = t '; ,• r' /� ezei� thou •h1 •s ow.ec no ic`recove will; 6ntj ue? tie res :�r �+� �'S i.:;t i- y .:\ �: I - ,, / �ti. J.� r, 1, ,- •r� /,. \ g... o ` i i -J - '`} `' Y'r •., '., i•, '`y `�*f'z" -�. t- � 6 ;.t .,r- •►•t / l rid.,, ✓ t,;, , . ,: ' ,I''. - I ) S• 1' .y, - 4. '.,y:. it:?1•.. a' / ',ilk ��.t ,t .a1: , " sr'.;r��'i'%_ 1` �, .j es eci 1,V . in'I'd a irs , art bf, the ear ilk .1 ' �, <_ --�:. < t , >;,': \ f J/ 1 J S �t� �t :t - ,, Y • .,: r , j; y c /. i "/•.:✓ r ('� ,r`+..1 --1 /'"�(,t •a .:3 , yy .F' L; %i •t,, �1 -�,,� y,, "/ .,r.- _ J. _, , �_. . ./ �.. _:fir \!��:/+r t� T, ,. _ _:lr3fi. '?''�': i - '. i t -t-:' 1. 31 :"2•II ,!}-' r - - /--- 1,,�' "� -.,.•' -�.'' � < .t,.Citi. ,.t-,. ,r(. `�_ -` "i:• wt. ::r:Lw (. -�f.•, r - , _. :'� -I'' Y.. ;� ` t• ..1' '� I' yj. r _ �� (( .r' �' Y.'�(• '! f_`,.•,` , \ _�„ Y.;<ri .,./'.{ I :' ',y v!�:=.f: .:;#\''. f.,••�'"a'�Xi�.{r �•� - R 1 f T . �' L r . l' _ I .>: i ''• - .1 I ', j: ;,. r.•�. �' t� •y ;1 y ✓j.., _,a , i /•Ie ''y" F' 7, ?._ .� : / f - -hrou 11iou 'i((�� i 'thQQ: i((�� rd•�of;d' eciors:maintain_ pd/,the +has 'd v%d aoi ; titl e_ ��-'sr;.' r f;: -!/r \'. :'�''.t �� ..� - ,'a .r}"�, _tI _ I,j -",. .Jg. �, Y. e.•i. :ll: ( ,,,' �. '<, +,'. .[=1 i,-�+-.yt: !..F -:Ar / ,y`y��"i�!. f: x, ! :;' , �, _ ,R �,< 1. ce is : er s ie' r uttrter th w ` s4f " s ..1 tituted . or,hes""'L.-' �a ,. �` curi•entleye Lof !'7- n p ha p� q a a. ihs Y r •,. ,;• j r't ,`) r �_' / first rt r\6f�rt' o 'Ntaint £ince of the ash di�videnc�:a�,the:.s 1e�3 l "` '>"r; ` • ' / s .k \,. ._ tt / f ` "� '. 1. qua CL •. JJ r {_._ .i.. •:1' ,, r. 1,\.<-i? _4ie' _Y .nA •fit.•{.-� ,•x.'t:+. �.,,t•f„ / ..=` , '':r-- - j `\ : �`� �_r _Aects •the- im act of .(( a rpcession'from,which:we%havoc-hbt-'yet� i*pverc�d:.�� r��_ �•�' ;.%�t'�'x`.� . a : ��.�, ✓ " r e,� y�.l r( ;:, _ F. '•�•:�' .�, tee!. ;i; r- _ •y, ,�7...- ;. i :�•:.; /�y/;r.F:'ls „rt _ ,- �,�R')% L. a„r. , <..t :�•<\ :� f. ,- It - - `r: 0 . Y' ;�- . � i. �,>� :v :\ , .r . hF"I ..4 p,, . Ey}:� 'N.i . P'.;• ' 1.', r, r '�':' _, { 1' �' - _ �I, 1,',\I- ) .i- i.;\, a t , F,. '�w.. { ii `„Rr.rj - s />i.•.;,,' ,[,,.J;. j, \ .,.fir, 7p_ r %I- - - / -.,- , \ ,I ::� (.�� ,,,r• `k- t. t• ._L'1 '�%' 1'. ,'�.j' ', - �'� \ -,r I i': �r.'I I.'4 _;,L `ik'- -1 : 'r r' u� �- �� .:', - 'Nana ement's D sChssiori a d dial sis -rbc nxi'ri(c� o 7�I�aGrye:;i $,t F„1'ct�••r�';d'`s.:a r .. �ar� . r �. �• , ".J .l .' ', .J, - J I� ,_ _ '.l LJ: r A' - . r /l f .^ 1. ��/,�1 .' f � ,1✓ C. � . r .A. --I . ' `1 \ , t . - - v ,1`i ., ( ., 7 .:�.` •, -•,� :L \ 1 ., �.4 =' n>` '."� �-.`ter' ,tf . �i /�' {� more detailed'review `of `our:.i 1 f nanci i resu s. `� r - . �; , . �;" - ,. r �� k 11..` 1 •1 \ F. / J ,.. ! y I ,.'. / �' t f1\:: A x r �i ,:��yS�+s"1'P,..:r. , / /'': / r*: j t / \ P' /: 1:< IS. it r .¢ / ;+ t ✓ '' < 42? r a. j, .� 'Ir /, s 1' r �. -. �r ! .7 1 \' 'j' RI'' `.` ," s?'° ` \ ,-ti'Iq=r\s r'.'1-�:"�y .. ,:\. \- .\ �,: 0 / 1�; c. - . •,✓' ! �.` 1 ,•1 -� , 1.L_I J (;#.t. (.fit .}` I �,'i'4y` �' _ b •I t- l •� �. J I.r�' L•r /� - ",, __\ .-. 4 �,,: ;�' ,� '✓ ,f'., y. ',, r'/'.:h�:.�s� Y';tF,{ 1 1 '., _j 'l. .) y•, "r r .•. .1 .� .�_ I '., t,. 1 r , ./,\: '.i ,. f.,.F �, .,,� t�- ( J , •1 - Vo'i `i ( 1 1' fir- ./ " .�' t ` i v'T� '' !`i Wrti`�j \ y 'I Y ,L .( n 1 1 ( t~ I �': 1 fl> ' .,` r "v �,_ �.. -' 1 ti I i '� (. , J ` :.I. / \ 1. - I., ,. )r , I' \-` Sia rt a .,� P - �. rSI 11 .} i \�, � 1 ,.,n r . , - : ". - .. : . , ; . - - . , . - I , I - . � , I k, I I - - - � , , ; ". �. ' .— , .. I " _. ;tw ) , ;� - -, ,� .. - . I, �- k � -, I- , - 'T . N - � r , . I 1\ " I -, ,, : ." � , � I, � . . , / , . , �, t,: - ,7 I ! , . - . . - -Ii. - �- * , , , I. . . '. 1� . I (�- - I . ., ,,, j - , .. � , - , � 1, .� -, .1 - ,1� �' , .I .Wj, , 11, �. . . . . � #�, � � - . _ . _� � *: - *. .* \, j , , A -, , - . , � - , .1 I �-�� ., . - . - v, , " , - -I. - .�A . , . � � , - , " ,_-t ., , :1.1ro ; -1� � . " "I ,.I.- , '.. �, �. ", . t. , ;" . I . . . , - . - - .� ,� I �,.;' , " -54` " .:" ; . , , , � .- I _�', , I ,t, 1. , - i --l- I - ,�, . .. I I . - - ,' . ', , , , I . . ;,� I . I I 1, 1. 4� ,.� "I . . , I , - . 0 .. I , ,,A. I : , " , L, I , -,, - i—, , I I. , , I . ;, , , �"\, i ,� 7; I. . � , .. . . , ,_ � - , �,N . P �1_ *, "I 1. J. A " 1� - ., . I . " � .. I , , , I Ir , ". , . . , * . . . . . � . , , " ." , - - -�. ", . i/ -, ,- ,, - -� , * , , I I ; . . , , , � `1, . I i � , . I �.� �-� ,% t,� i I , .Tli,". - - - - 11 . 'Y"; . �-, ), -:,-,Y-i-, - W � * ,t . , , j . I I � -, . -,�',�, , 11 � . � t', I * � -1 . , '. , 11 - I . . . � -%�- . - ,� ,*� , r , "'. . ,. �,-, � .."'. - � I � , * 'V��.-z.-,.,.-� 4 I I., ., .. ,-�Ll . I. , , , I. ,.-;. .- " - "' "-. �: - J� - - - I I I I � '* I . ` 7 -. : - -,* - I . -_ : - * :,i. -#.'.I. �l � i - - -1 . . I �", . , � ! k , . I - "'I"".- "' , - ." , .- ,;� - � �' �_' , _ � - �' . " . 4 — I - _ , I I 11 I �" . _—.1 1�... �_�l , 1.1 � � - � - '_,,Wr.�e,vg-lr� _,. 9 /ri,,4q I " , � 11 N I '. I. , _ . (.11; I ��-- !: �, %g� . , , . . . '��`.:-,:._ *+, , "', I I '.'iY,I.,..-.;,-7. .. i-- P, , I., " - . I . , , "� . ", ." " , I . . "'t .1 "'. 'W ,*, .1, , ` P, 't . . , .- � , .�, -e , " , - - ; , - . . j " . I � I - � , ,,, . � , . . , .1 N� ','.'$- '. . - �: , �, . , t" . . . ---- _ t � , ; �', fl.." I, ., � - - 11 ;' , *; , ') -'.-I -- , � I "..6. 4i'l . " -*,!�: -c:�, � .';, L" n)g. ", C. O .S., - - I , " 1. .k - ,�,�"",i�..,e.,t�'.z�-",:),.I . �, , � '. .1 , � - - � , ) t -, , - , ye -�i -, ii,� �� ni-,r_-O,)l I t S, , I' � .— . , I r) �-. e i itd*-`�6. .�.", t, 4, 6'..:, , . � � ,,,,, 'IV . j _ "i;'. - �� . it, , , - , - - , ., �,Py�, - - - , . L, , - ,� '.,.,� " - - -,N�, - - I - -,�-?'i.,."",�'i "I — - ,_*.� ''. , t. � ", ,�,,�. ,�'lil... ) .�_�. . �,_ .. I— -, - - *1 -- ." - � , - " - -- . - - ("% , . . ... .. , -,I. , -, - *, ", ,.-, -,� , ." 4 r',�_ 'i , " , , , Ift /. - " " , - ... ,, . � �. ;, �. � - '. �. ./��!4,.",:"-.?;.."iv�,4,.e... ".11",- . .1 , ."r i � -j. �* I.... - . ��,_ '1_ -, _; � , . . . . , I I " , IS 4 "D: yi',�'eii �,X, . � * � - .� . '.' �', � . � , . - N �11 ,�, �,,4 �,, '. - ,�,� � , . . � - ,_ . - , I - _ � ,�, ,_. : � - I " -- - !� , , %-? ii�". - , , J �� I J , �_I. , IV,,*)* I I.' - V� _,�_ , , " %'.'� . ,.,. � j ... . lm .. , - I . � . '. �, - �;N .� - ,\. - � - 1, .. . 1.,%., '. , _. - , , '' :., I . .. �.; $., . - � �_ � , . � .1, - 1� . -- .,;,. - .�..(� —I.P'L P �.T 3 ,;4 ,.�, - ('�,'>.'i '-71, , , - . - I . � �;, -,� . -% it "!�� -4 �. IY � 4. t , f -- , , '. . , , '. , �� . 1.1, . ; _. . I . I I . 1. 11 I—? ,V - --- -7t- ,^. � .1 , 1� . - " 1, I . , ,� '-.,,, - - . .. . -, , - "� , ti, - , _. - - . � . ( I, . � ) " 1. .. 1'.. " � _S, i . � _. . �', , . . '. � . . I . I - , , f ,,* - -T, < . � - - -:,X,�.� ; - -. ". -1 1. . * .. ,%�, ,,�!�;�, , ,- - � - ��. I—, k . ,.: ., , - . : , ,�. 'i,� I., 1: - I P I A, " , " , .;.,4 , , � . - . . �:� . " " �l �. , : - L,6.t I - b , t, - -R , - , - A I "";".", �- ; . - '-,I i. .. - * I A, � I �K, , , -.� ! � ".Y �r. - -c,l,' ;0;h IPIA-, rk I ; ac�- wlydo -VTl ck A via ', !%L�I� -it - A.i � I. , � � , � ... I 1, , . . I -0I . . 4, j� � %., 1, , - - - � 1,;m: " f;,�" � 2 . � � I- li,t-� .1, . , ., , % 1, �,_, �, , , m .��,�,V-OCPL_ �'Af�I�Y F t Ulk.%.-Ao i , - I . ,.. ,.,,,:',\ , ;_ .w , , .. " � �_'� ". _ . .� .11 .1 I 1 , ;�,, I &LIttlA T P. - V -,:�..5 ",, - ..� ./, t # O 1, " �.;* ,,�_,.- , 1, 4 . i , , �;.. ; I . � r � .� \ I I ... - .1 1. � :i - ( , V, � - ". I. 'it , '..." "', - ��.I : � 7: . . 4-A;.,-. ,,..'��"N��!..,,.:-- ,-02.- . .. , I, --�,:`-'i,',-,- -v .. /7- � . 11 -'I- , , I . .. . - . , "-:- - '.."Iv I; - !� . . ' . , �"` ' ' � . -- ,;. A.... . �\, .I:t;l " ,,��,,:%-",.,nei ,,joO ararno��, -, I , �;, -, �,",_-,;- , - . ,V . " -__I I- - , � , -,\ � , - \I., I— , . ;-- _�� . rl � 1. 1, 1: ., - - '1_1 rit,reductiop's`ip' � 'osi"�a:s�'kip' r"'. .., S, � , � ,.,.; '? ,�.,,,�I.. . ... " .rqi,, , �F-"-_,�,:�,:!.�,,�\--.�. �-,,;- ,,, , -, , ., . � . I " ir4,�:;Fl ..&. ". , , -- '.�,� - ". . . -It-- _ ,,:-, , wl- " � . . � _: ".14 , . , ' _ ..-*l -I I ." " -JI - . I J. J.- � `�j � I -\�',_.. . - 3 ,� , 't. ,q_ t `i'..� .., I . , '. -`-��-f,-IL,� , 1 " th' -3 C., ;2 .I- I i_Z, ,,, " I..., . ,., I.: . . � .. - cha � . . . _.. - � . - ;, ---. - - , � . _,:� .11 , 1. _�,;��..., .,.,) , . 4, � � "; "', . . sures.We�e.'iiit't6dtjc�d':th�tt,'iir�" 60g e A;a,��Wp�, ��-;, - ,; � , , .1 '". . : 1;. .1 . . .,. - I - - ,�I' j " . - . 1, �g 1-1 , ,_. . ... . . , I . � . � _�_, Y/ , I � ,.,.-- '. , i I "I I': I - -- 10_ It. .. _ . -I-. .... I I /_ .. . , I '. ,- . , - , I I I,' I- - ,'.!,.!..I, " --. , , , 'l, - I. . -, . , I I I, . , '. I . I; i ;_ 1� ., t ^_-��o. � -1 ;..-.:�-_ -� . '�:� , '� -�, ��;� ;� - " , � .:, - 11 i, �:- f . � tj�� ' ' * '_ * ' ' I I 1� 1_".\ " , I- - -1 . � f .- , , , - ,4 " �.� , �_ . , � . . , )l I.* __i.l I _._ �_.l , ", I , . - ,� -. I 1, I I __ :- ..- ��,- . . f, 11, : i - - , - � I ,.? . - . - . , -� - I � .v, - . . , : -1 . _ , . L -:,.",:t i: V; rl-- `, . . �4i��e. - � -, -, �� ,�,,, -..l., n%, _ ;/,-�,�� , �4 - r-, - �1� , - .` 1.1 -*1 - - . - - %,"At . - - i, . � t- .- '. __., , 1. _.- - __ t..--.,-. I, -, - '....., '111,�,4 - , " " ,,, �� .. �� -i `,, , I - ,.., - . , - I,, I - I - ., �`,-� ", ��'Jll"-. , - �-4 ,,,,-,,llt,.,, - 1',/. , " - - , , - -_ - � I. � �'., " ,,�, ( -- 1, - , -, _.P.�`I.A " ` , . V... I 4., 11 . .. , ,,I,^,,-, '.. - ,.�Jl. I . _ , . . . . \.,_ . (,. j - . . .. I .1. �' "'O"I - �_ � I ".1.1, .- - I -1 I - . . " , , ... �7,"'(k . , , I, , .. � . - � - - , .\ I. ..) i,"'.r. - � �, -, I_ �.,._, I.! , , , . . . � ). , I P __4�..-111.11 ..' 0 , �.. '. ! ."'t, --.* ',- "",,� t."', - - - , . " *Al . . �, . I ... �. I .. I � �. - . - '_ I & -, ,"). ': , t . , . � . I .. , . - -.1 . lll�. I � - -.- - ,,, ". i �,-- .\ _ i, . , _ . � - � ,_ , *. .>A , 6 �'-i A . , I � 1� U.. I �, ...l.:- .;;6), -,-'q_- ,-.', 1 ,4, -I "'. ,I,.; - , i '� � " � I -, - � . I . I . I r. � �_, ,*r._, " - �' ,� " , - -. If, . .., . I � , I. 1- , O'' Wil I I , . .. , . . '>I - I , - ' , ."1.4 - I ' '. . ' " I... . I, k _,C:,�. XM -, . �, . . , .. . ", � I. IV. '.-.<. I . � .j.. '', -,*-" ?, 1, / .. , , "' .r '�n-h4s-�i�6, .1 z -\---,I ','.�, 1<- -rt,�.^��'_ -_-,A-,7,f.- �� n, t e p'ast -1 �, �_ , - -J, "'. � I.- " � I \;, I-, " "; .,�-._' ,.: . - , 1 ,,, , i iA�,A'�,imo\r"4`; '"! _� � I I A 1-:'.., - -�,- I , , _. , . I , '_,A�;, .,�,, - -. �, �e � ,,�,: I . - � L. J).� "', �, , I, 1� �ll .. -, - I - *I- , A - '.- ,�, , � . , , . �l - V " I ,,, ", Im,.. :%....-Y..Y.� " . -,, - - ". 1. . . - i ly in �he-- pe �p' , , , " I -_ t _, '. . . 1,': .� 1 ""..- --.(, - *, . 1", C; b6 ` - ji ` - � " , - " . , .. - _� ".. - .�.- �d " - - , - - � 1� -, I ( I" , , , , . - ,,, ,. icl� .,4— 1.1- . 4 .N1 , '' - \ se,pripari Pop.- , e esdnait6"t4 _;,� "..;--,".,-�-,.", '*' - i i� %, � - I -.\ ** , � 1_�.'r, %, . ,�per.. - . __ - - , , --,, - "A_ - - - _ I , `, I , 111-. ��, _. _ . . . � I '' . 1-J"', �- , ,-. . ., I - ;l W" ", I , _ r, . � " " --, . . � _, ' 1" � _-All 1, 7".1 -, 11 I- 'I 'I -��' " -, - l."'t, ' ITt ,.4- '. - k- �., . ., � I..i. - , ,..) .4- .-C .. ,'.:,wt,'l,�.,�,:"4.- , N ,,,it � '. � � . - :, -, " 4q� er, gi �alofie,;, 4like.'bee,h�*reduced b I .".....".:j. ,"Al. /1':,, - , " I �,, - , -_ , , " mspao 'OUP 1 4l-",'.*, 1":' 4%, 1 � - I . � �'. - Oul *� " a . y .. -1 ,,,, , ;..�J..'�V; ,,, " I I. 1, �,.' 1'. , . I ''. , I J., . I , , I . . , . V1.11 i_'_.,.� , I - . . ;* I v,',� ,,, .�� -�� '. :, - , . , , /I I "t., I .- � I , .. r I, _.: , " , I � �; , - I - � -_ I , , _, . , , , , '.. "'. , - .. , . , - . y.ab . , , , I � - -L " , '". ,�_.P� .. ,. . il '. ",�� _. _�,, - -",:j. )� , . .", _-.,.-AI, I'- , , , - " I '_ i . .. bos- A � 'eles �� '. -, �. '. *.. .. " .. . .._', ��,,... X, � , �'- , - - 1: ". . _. Qn cur ept - 1'. , � Z .... .. _.. , ',tl . , . 1- - . 4 , - 'N , j -.,4 - -; .. I � A,;J�,`. * -- . k' ` --- * , - , ,., 4, _ '�:* ..:Pi6&aiT0'-ar� go#i Z,��.,�' - I � N"'. .'.....'N' : _#�l_:l.�,_,:e-,j, ;� , , � :,t`�,,-,.�-�� - ]h r ., , " __ j�v_�/ �/ f. ., .��, - ". . .., � . - I " .1, , 1, ... I., .p ) _g 'rj � 41, ) -j 44 -,. ,,,r -- - P- I � -4 �, "; - .:, ly i , - '. , * t� -4 .. � , "� t k, I '. "..... I t -11 .., -L. -�,"'..-S,.: ,; .VV�-- , - :, --�_ � ','.*�'. -',,-,;,,-�_ 1. �l _�� -'-.x_, ,.: t .. ''. I., �. ..: �, P, --'- - 'L - i I " ' ' ` c h` k��J.iiiA41ry�Fe�,qm6ni(c T,- 11 11 * 4 '�,., -,A(,.\l .."'.1 ". . �,' - A' , , � -,�--:��-,*/, "! �� i.�� ,�� -.,� .')'. ., � . �, 'r.., .. - , 1, , . )1111.. . t, ^ . :1 - , , - I _IW � - ,- , "Pr - , - i:A. .�, , , .; I , - . le��l �, -�: ,t� -, ". *3 ,.I. "...". " , I -, �1, , , ,:,-,- �. � "', tho�-,Rqldrhbii� ; Shh, 4mve *61 I r, � � . : �. , . . - �. . ,-?�,';-,-i.--;-'-�,�,.,,-�l;"I, e"', "'. - k,. , , I , �4_ , � -, - - .,\-\.,� '. ( - Y , , �,_ L , , . . r� . , �.�. --.' -�,�' , "' , - , : -th oth 1 " \ - . - - _ �,� � 1". -!, - -.w , 'A! , -- A— �,� �� -�,-.`-, --;- ": _,x -ZoNr(W�n4-`�tI!, -.'A'.j.-�A,,' �-.,;�.'-..;-J prqgrdms��:and;:-alqng,'_ I . izr, ' ' � __ - ., .� I. , , '� . � . - - �0;. . - - - i "'". .- .: * ./, . - " - . . , �,- . - - I lz,�, . - , -:",-� -1, -o. . -,�� ." -i�, - .�I. I," : .. V,!j- � . i I \ , , . _� -, ..�. .lq,, - '-t .", - k.'.- ,, � ,,�� i -,z:.,:y � , " ,-,I ''L, ,:--� � -,� ., �,! ,... I .. - � �'; - '. -.1, till' 1� �'. �..l tt%. . . -- I � '.-,I..,.,. I r..."f :.) .1 1. - � .", - �, -'r � ! ,,.'., 7. I .. " � -(-,-,.A,_, 4. * ,C -- - , �.. 'k I, . . '. - ,,,'. , I. ro4g.1 -'�xtr�tibn , - --- �: -- - � -_---.-.-,, , - - - �;� . I I , , , ,1-'�'..�J%e-.-�.. ,� M . ., � , --1 __ - " . . 1 .�114% -t ,\,k - , � - �-,I,; *�: �'� -�,t , I , , .-. . I � . du�66ns,-Jarg , , � .-. , I—. . . .�,��.e, �_t'l 1, , . . - _'. . . J� - 1 .!L? 1_�:;. I,- t ."', t, `,r, . ,; " �� :� .1 . " 4 . I. , ) �y . , I _'-zi '. , . .., ,,.I 1, � � . . � .. . , I . `��.\,�,-- ,1,7,;� - "� . 1* -, - . . - I. . �, ., , ., . - � ;:: � . r_/` " - , , 4. I, -,. , �- , , '. , , � %-fl<�,-'. . ; . ,- - %, I., * "', . -4 ., ,, � -1 I. - . : . .. , ,;, . � , I I - . .t. .. ol - �7 , " . - - -1, I ....A " , , - , , - ki , - - j - ;% -, ". - " A , S . . , , -, � I X, � :, 1; : " , i .1. N, '. s r. , �)'.- I - i I , ., . I � Jp� t��, - , y ! , 't � I . . , ,_ 1, C� ; � �' , i, � P-+ - -Nm�; " ,e.,,,-.,tt-:l.", ,, - , .. ,..- . � .,.'��:L,�'�, �' ' � -i i- '' I . V., ,,, / I'., m . "', -1 � - I . ' ','J� � , , -, tlI ,,,,, , , , -A 'P5. � �A*t .1 _.'i . - 'i J�*t ,�L,�r:i�_ :.,'., .1 11 I . ,4__ ' __ �L",t� I ' �, _. - ,. _ ;,. j. - 1, y - I I.. It , I , f , I � - ,�.,�.. � I - . 1 - t�, . .. �l .� � v . -,., ,,(- , .. f � -, t1l,k' 'z " I - ` .1, �:_ * I I . , . '. I -,.,*� , . �t_ I , , . . . . , . k- ;, ', : - , , . , �l , P- . 1, ., __." I. " �� V , . ,;. . . 4,K .. .1 , - , )�;,_ii �k t14,1 1 is.,, - . f I - - i 4 4 - ,,- ': - ." i - - b,_�caiise_pf, . ' ),�, - - I .. wll: t''.. t'. I I jp�tpcAi�i -�a ` " ' h ' ,als -be * � ,�-" � � �:'�--.;k; - :,, ,-. -, 1� .t� - - - i'�,:-!,;!��, I 5--:��,i:i,5'�.`-,.�_, ,�,`-� - " -4 'a" , , J_ P .. . ..z i. :I,.'. ". �, ��t, - , Al,z, i, 1 .,:,.-.,,, ,,, -, -� , �, yin s,;, 6 l* ..� " -.11 .1 - �,,� " ,` _ I _x . : .1 _ k it , �.kA t. fll�`,/ ,:_�, * -'! , c' " .'' i -:, -r-., ,,�, �. .�l .:\,- i .., 1, t \. _.. . I , - �_ .1 . J" rL ' - )� ,,. � ;1` I . . . 1� 1:1, , , , " .. - _L -,k "; .. _., .A" ,.�'l i.- -11 �- , , � ! i. � .z. ; - , -6 �i 61-�. I .; .. �., . V I .;",* ,.. j , I , .;. . .- !, _ - r .. ", _;111 . I -t,: v . 1'r�. ,,, _.i__.,:l.VT Al",.. 1-1- .,_ - � -,..�. �.. .'' , - � , .. 4:, &,)' * V . , ,ik .. - 1 .., ;.... I:., - , - . .1 , , -�i ex e . . It_ . � . . _P_*4:, 1, . . - . , .. , , - 1, , , to;.,� lh , ,99 i, -.n s . - . �.C.l -, .. - . � I � ; -11-. It " I , - ��t' -,.:.-,, it. 8�6j;re uctioniki as, . 1. I � . .1'. .:,r., ,-� * - ,tl , , - : - . . , , _ . .. , I _f\ ). �' I .,pem 'S . 1%, '. .".. , 1, _.�I. - .. -, " � ), , I* " It - I ,< _,�l If- _�l 1��Ac) , ,E - !, - .�i-,;.% ,e -,, . ,�, " . . ..' �.Z, �,,%, I - - - I tI.- , . ..;- ... -�j x,-,;,.; I L. '. . .1 �. - .. '-,j�%--4,..,I. '"'�--�. ". ,� .. - , k ., -, � \.4,. � �p, - ;� r 1 �4 l\*- - ,� ��* , -, , " .'...-V - . - .. �� A__�3 't%� "� � .,e - -ks--,a ,� o-'i-�,,-:. i � , :. 'I. '. ' .., h" , � *6-tl , & - - &-A I� -, * , , ,�.,"'.'I --, ( , . 11 , �.�.;Z`!�,-,�, ,:� ') , �, .., - ..", ll�r:_Jl I _ NW�prixit, Nybic , 11 . - 8 . , �.;!. . , , , , � pri t : s - a, " ca e,ago wc :L,;�-t,-- t, , .,��'_ M. . �, -,4- * �� 11 I" .4 1;m :�,4,. ,�, , ., - � 6�'l - . :, ',I, ' , . '. L '.'j - I . " .,!L. ��.,�jj.�,priqr.�X axt- . -1, ; �.� '. , 't. I . ? - ,.I ."t L 11 , _:,�.*', . " I' If 'b 1 4 i I Al- , . I ..I- .. Y.V. .. � I ,,, - . , , - , O -1-.1, - I .I"- -,'I.-- , - -,,, '. . . L � _1 I �.,T. 1, 1� -;;". " '.,:�.'�, 1 " ' � " - - , �` / , , i A -, 6 . ''. . I I .11, .. - 'L . _ 1, '�_ -1 . ,now t 1:9',P , , � � . :.I , ;-._ - - J � , Ore ' I _ 'L '' -� � I 11 .. - . xpe 4c .�, is� a 6iii", '4`_eiqL_lt-iIsJrrr ,�� _,. - , ]�:N . 1. - ',". .� � 1�!) �_, /.l. P-' .-,\., -, � , �', - - jae , n s - '' :"", , , 11 _ 1 , ... , I 'A r .-. -,:. �. . 1'. w, , � $1 I , . , '. 4 - �,.�i . '. � ''. ��, bi:l� .. .1 ,pap�F, . I . , . - . p,� �. I . '. . ., - _ . . . , , ) , .1. _ ., '' 4:. " I.� .( - ',,� . .1 - '-,�. .. I . . . . V,e . , , : ,�l 41. ' I - . - - �. -_-_'� -, .T- . r ', I 1, - : I, " , .... I e -1. F.�,�,.�i_"'�,:�,',�(', , , ", - -, t-,. .. ( ", .-; _ _'.�,' -� -,\,, - t I ' ' ; , Ill , ,�i i,i�r'4.i�: �, - L"., � . " , , ,��:.*�..*�',i: �,`,k ". . -p -I dy �,increast 'in '-f :�,. h 4 t* Ue. ' ' i t - Ot ,. c .. - A.--� ,Ltv�.-.; . _ 1. ./k.. t 11 ,,�;�': ". � , � , 1, !".;.I- .'�: � . Ju )ne,!�sprin , �Cis','�iq,,'n* `illiki'fi !t' I , I - � . , - Z , - ir- '�/. ,'Ijl-,�, I %. � _�, �' _.ljv�,;- � " � -/- I..."-;- - � -,*,!'� .. . 'I ,_ ; �, -� .. _ I , .., - ., :-.. � �lt ,� I "'. . . . .11 ,�: ,�,.,,:-�.t: �:! ..--.1", ,� - ' - / , � ".., - 'r.. - I , ;L, , I . .. �. .._ .1. ._� - I . _ 1 , .; --� ( ',.\f , IL I . \ . " .,� ( " ...,,,�t I � - , ,' "". ii�. '. "�!--l", " .. � '. `,�, - '':t' - �JidrMnvn 'eases�l\$,o;'Ito(iLwill�pn�es..-;�;,. - �' -4 . -. �l �".: , 'F.- -,.,--- %, S,,.��;;t: �. " �W , - r i, , . - - � . ;,;�,'�., � . I , -,-,, -.a- - .��t;,O�'�"�,�,�,'�,-\-,'-,'�',,--'- , . 11A�i;aan . �t., - )r� t'i 1, . I' , ; '' - 1_� d incir . ;j:, I - I , - .. .I- , ". �_ __ , . I - !. � '. " �� -,,,, � -, � . -�) ,�').".'s" -� ; - I - � A - 1, ,,�_ . - ,�:�_;_�_;Z�5_ , _ _ ,J','f.- .. ., *� C',� . ; 1,�. _�'. _:_ - , 1;, " � *1 *'. -'f, %;I '. % - ".:- �,��, .- " ."L, . , - 7 - ,,---.� , ...; '-'I,m�`,111'1 ?*;,;,�'-.,�.-.;,?�'�-').�,-,/', " �,"' ,,--'...V ;�: . . i , , ," ,� , , � '. -)�., !�. , ,�' A � - , L . L -;_' I , . '. , - -, - , _4 I '_�,,\ ,- 1, � :, .* ., ".. ". . . .�I'A' . V. . _�, -4 -4 I.;- . I , - ij_- . - 4U,X:X_��,;* , - . . . . -. � ". . , , , ,�.. . '. .1 'S - .- ., ".71"'.- , , 1, . .11 - ,�, - �: " � I ,V . . .. " -4 14"i - � .A 'I 1(,.,�;. J, "" N';' � . . , - , , , , ;� .. '. %, , 1; - 0, ;, I - , "I , ,a , . '! , , .- - t :7 - - - - it ..;, ... f -3 , , . I..." "I � Y. :.:�.e . .\,,, .1 . �,?.. _-� �".; ,� " .. -- , ", , , I . , 1 . - fl, , - , . : � I - . ,_; �i ,.".".. � --,, _ - I . V, \ ". * .. �, � . � . , , % . . � I .� t. ,� .� , - , Cl. : � ; ,. �? � � , �, .C�v .,�7 -,. �,:".4;�,Y�, ) - ".v�-.1,, .. , Iv I I I , ,�, 1, - � " --"- - , ", . � - , 7( , - - I", , - . .r I . I., ., I ?, , ". - , 'I t�eygtpi .:�� .:.." Y, '_ ", , � , ., "', . I 11 . alv�a"O 1, -c �� . I il.o ". -.--. �� .. . , � . I . � .. : , ,,'J;-ompensatj , I -, � -mI,V , LL - - - . lkm : � 1-1 . �.. � ..- I I I nisuranceta "., - - -, - - , - . ". 'r.- -, . . . ': . . �i� I - - :,. - -, .- .. . . .. ........... ., . I . . . . . . �l . . . . . . . . . . . . . . . .11,111, . .... r, i . , .. " _ __ �i .. - I .. . , , - � A - -*,�,�,,- -.7, � N . . ) , , ' . I -�. ,.)- ,�)..-, -4, _- t . . . � ,.� 'wii'. , V ". " 1.-;>,, I "Z, I .1 � ,; � , .. , ,' � . . A � .:, I I, , .�.,�� , ) 1. � �%,. �. ,� � I I a � M: V. - * 1.�'. ..- , V,��. , - ,� . - , , . .. i - , I .4 �,�, ; :',.-�,,��,' - I .� �J_.',: X".". . T u, " ., r ., � , , �-%" . .� ,-O..4.. � _- I , - I'll � ,,,, �, ,�_, ,,td , ": - -, ) - ,)_ _' 'N !� - - . , :� ,,�I_v ,� t, . .i. .. �. �, - , , ,� .., . _. . . _.-,'.,, , ". �__ , , . ; , 'It., - Ili ..", ..". 'i " , .. .. , , , , V I- 0�4 .., . �l I' I I � -/ " , '-A ,j I . .; - , r., c � T �4 ?,_� * .1, V*' " . ";.", - . . �Jll�& IT"'a � -A � P'i ""* - 4 �-;- , , I 9. I.N d 6 - , V "sp, JnE 11 9'. w,p� �',t 1, _lij, I � %_ : - , , - ,?�'l - i 1'. I- t" I I . �. .. ffe �C_Osts.v, /_:, -I. �� 1%, - C �t, � -1, . - , I ._..,,__ -1.1 -.:. ...� .- .. ,�- - _ I., � I , I. � ---' , :Z-. _ ,!��-- .- �,__- ..� i. 1. -, - .-. 11 1, �V lli.,( -_ -.,;I . , 1. __ - . JL, -- �_ N._- i �., �,: � . d - .N - �� ,., - __ - - .__3:1 iox� actOily,! 4c- . , 1_'� - ,� . . I I, - t tb 01MMMOMO ':, , , _`Ii.I;l. ",��` I-"',` .7-1 -"--' j', It", I � , , -.1 .�,, ,4,%.� . Ll� ,N�.-I"ex' - ,', �`r%,�� ' . ,'7t'';�,_-l;,, .. , . " jjXfj -.�- :-X-'7 -�-',' -__-t-1'_-,,�jc I , !.;i .. - -1 4 , , � . ". .. ,_��_,_�-- .,..* m -it - �,' �,, j�,. '\._,.,' W_'e�".7` 'V._:'_.,A-"ASsqk,p L ' r .. dhagF� Ut , C.�& I; . � . .. - V. - . � t- I . . i, I .1, - , . � I - � ,.-.!. '.,, -;A O "I ; t - � - - I _.:,. I �. i�.N, - _ I / 11 - ". , "i . .� 'j, -'. -, -7 - �l ales a tq,Le ,An _nq ,cm.aGE;QLUjWrUJ;PJLY _kUj�iLy;cb., F ,� , z ,i�UJR;u . �: - � �, Y.T. M. � -y I _ . .. , � ` .. .6� , " � �� " , I � , ; I I . - .. � " \` . _5:4�., A ,, .., � , ,� � ? �; z t , *; -,.?�"_-4 . _ !4r * �, �.,61 I , ' * _ ;.. ) .,% -4 � 1�-,' z'A,�., .\-k� I, . - �,�--,_�, ' 'inill -i&c If,# 991 , . 14W - - , , , , Nk4 4,1�? fis'Al .1, - "", 4 -, - 1,�":�;" � ir... . 'c I '..."ClIt, �:�k '', I -, - " _ - , .4s, 'i '' ' - , - - :TS616' 6 fJ c. - .�-,S.te _', .. � .,-�l -�_�,.j ,.Z ,t:�'�:-_�!-, 2, _4 ,'�':�. .',�, k 1�1_/ " , I C� � S � ,�� '. � - tq ., ._l -i_ "."l . , i ,� p .io _!� ' I . " - ; -"%�'.Pl�,'_ ,(,gen�i4i $i8 ,! ..,jL . . I I - �1, I ." � - 11 ''. I . I � - , I - i ; .... 1. "� I. . - I Z'm� I � . - � � z, "I " *!'If,' � , !11�,:" A' 1. �,,, ;I. ., �. . , ` , , , I , Ill I _ . ,j IAAfig., . _ _ I I:�-.�_!�',�:;j.,�,,. ,;�,./ _�!_ _-I . , �A It _.�: . �,, .� � "..1; ,.., � c , - .-- � .kl�l . 1. ., - I I � ./. �1. - - . 1� - f, ., , I 1. Z� '�,,.' , � I , z - I I ... -� , � V,��, .., - - - --J; ,,, I 1, -� - ..,'. 4 I� -.,,- -.-.-;. ,-�-.- -�-,-.-- I-."- I , - . �. ... , - ' * i _-1 - 1 A7". �1. 'IL _ _4 . - ,.-.,- 1 ( _ , . -A I '.1 � , � - - . .— ;- j '� . . � - _,Oyt, _�45-� -, 4 %, � .�. I , _-,�I, 9 ,n,.a - ed 11 1.1�.'� _n1_1 4 �, �l �, " _ , _-�:,��,�:-,�� ;., -'--t a 6W�i4laebvb I ' ' "" f , .. .,: � . � ind, * -i'liva "'! . � . " ,.. �j .1� , - - .gernE. . - - I . .tk. . , I.:, , tel :.� , ,:�. i!: �',, , - . . 111. ' It . . .. .- - - - IK-,- .;, I , i, " " , .. I .. . -,, -. -;. -, " , - -,-..,;., �. ,,-; :,; 7 . - - , , O - .,, )" _ .1 I .;i, . , , , _'. . , . ] . `,i . I. I.-: /,- - .�,� " -:- -;"-'L '"-i,_-� 0. .. ?\., ;..I I. .� 1. . I -, f -, V ".1 . , I I " - ' J- ,'�;'-;k'4 , , X,;. . � ) .. -. %,� 10A ..; L' - , :�'�. - . � 8 . _ - V T" �Y) . Y. ,�!.".:.> _,-_r._,- - , -,�! , ,!�� 1�\, , .. , - i , . , , - - . - r.�." .. - lli� - <� "I - I - T44t, - , , 1:-, - . ,,)l. . _� nsh:Abhd�fi4�.�-Tlusjs'a significahMun,ar I . ._�� .� _;�,-;� - .'�," , �; .- Q, , , ','�-' * �',�� -, �' \i"r . . ii. " f . .. 11 - .. - �� . � ,�,� ng;-Oa,-Fl-� p r,.sh I are . . , ; I, "I''.. ..I- f� I .Q- , -_\,� 'A. -, - -I - -I .�4 , , , . . ��. -P . . �lx:,�� , -!.---y;:—"-�-:;2-��f.i I 4.�. .—A t—, -i�, i6� .�;�,.;� �_�. .i... ,�,,�j-4 - " 46. -I 4 ;,- - ,�;. 'jA,,_A;, ,�_ _' " . I � . . �,., 0'* I — . ,'.. " -,,[ . -., �.- - - - . 011N, I . Wt. 0 �! -.v ; ,,, .4. .. .11 .11 , ,`,X�,-,* 4m";c . ,h' e.w� , ,( ." ;O I .., ` - - , "., - " -_U -1-1 " l_ -,k.-. � -'�� I �'-,. i -f i .. lh� I , I . I �, .. . I -`�A � ,I � ., . - '. , . " ' ' ' ' .'- " ' _' +� __.*-,;i,�,lj_ �r, :.: 4 --I , - . " --, :, �. - hr, , , � , . - :M . "' -th - lca5h flow-jr , . � , ., _. �7 �,�� I ;P, .;. -:,.,tli -�, lk, , _. , h1fl, . 't '' " , - ."-,-,. ,,��,_.� .- - � 1�1; .. Vrl - - -4 . .. .l.. � _y. Profil -, -,:,." � -,-,--,, If -�L,t,.ll . 0 11. ,:-� ":.?. 1� - t 10, co� 0 - le, tdge� er, - - . . I$ , - . ., ,., ". . . , _ .. -, I 'I 0, I, I- , - - �, , � �- i �,�., � � �' 'r .. I I I . .:14 �,�, ..- "�--m...11.1p 11 - x -�. -, 1, - . . � i , . -1 .., , , ., I.. .., 0 11 - "'. . , Ii I q�J 9 9 , � "I ,-, � . _ , " .,\,.".�_,v' 1-tr ,.-��- e i �-N, �. .4 'L ,, \ x �, , , � il /_,� , , . , . 't ". .:,*.N -,'.',,�_ -, I 3 . ,,, .., , . I ".. .. .1 �l 4 - � �. t6fa L of II� , , I 1. I'- . - __ I . ,,, V . lj,- ,�'.... .1 , - tori 0 .9., 4 i * .,. , . ,. A .t;l - I:.- i �,� ) ..)�� 1, 1, , i " - � , , , ; , " - ,,, �, � ,--. , . ; - . I 1: " : ,_�` " :.; , I.,'.. .., " .�� I .�.; 1, I., , , ::��,,..,-- -� "n -n -ekceede� _ i, .. - - I ,Z " . ,;h."�.i_,;-,`t7�k- _ _ 1 $'440" , _1U., . . d,th&49 ,q , - n4o"O .", r.- 77 - � - '. J,- - .-, f , I , - . �7' " .1 � . . , , - t li I . ., � ... 1, , . I , . , � , . , ,4� .-I ,$ , 15 �' # - , .-T ': .17. , . lil-,", , I 14 - - , - � . ..�ll .'� - -, I ,?�� '_..".,,� I. ,!-�, -, .. : - !;N � Z ,%,A., '?X ". . , .�, ". - ,, - , ". -, - . - " - . � - 'r., - - -,.' , I . . . . . - ,�'- - '. i'- - _. - � , . ., _. . � . � - .1 lj,� ... -1 . - "'.. . - , � - � . ", " 3- " V _... . � - I !; I. - - - ,--Y� .4.A � _zj . -.,. 01:il ,_.... ., - . . _' 6u'ij 11 . -e Ome. i,.: -� - '. 1,; L,.-,. ': - - . P , R, - ,_ 41. A Y.'"''i, N-.�-. _�,. . __ , I �� , , i�'tt-.�� - I ,, 6��iop !i�iir4�n6 I I I " .. .. r , 'k , - ,L,.�'%_", . ,,�l f,.-�!__,'-,lV.'r*A, , ;�z 1'� , . _. - I . i., �l i. I; '�, .1, I ".1 " . , . . - , �. - . ., � _ - - . - _ . , . ,- , __ _ ,� -;,4 __�.4. � , - , , . . . It �, �.t . I I . -w, , . , I -;,k,r�,A��, .�-,"�;4--', ., , � .4 "'" -, , " - - !�- - I .- , _1 - , v ... _ , , N I- ; , �,I'�.J_ "';;, `.f-'�,_- � �_ ": , 1. .: .- . �. ,. ,,z . - __. , - )"i j , , _-,",�� .,,,*, - - . -,,, ,-...�,i - - , , , ]4 . . . .. � . L '. )-, it - . I-- I � I . . ') I - ,- _�Z, , - .1�jl I --*, �) '. .", *, 1, - - - " I . .. I , �. - , - , - , ., �_ .,W , - " "'. ,. . . 1.� k*l I - W 2. .,� ,��' 1, � -. � ,:v � I/ � - , 11 �, ? )"�� .--: , i - -v,. I , , , .1 .. A,-) ; --?r .I , �;"P, - . . ,�i: -.'. 'ti;: ; , . -; , 7 _,P * I -'r,�.."J') jt� _ -'-'. - .-.-* 70" , � j�;' ") - O, �; . ,. : �� ... .. ,,-�;,-",.O%. 7 j,"'. �- ,* � � ,. . � .; � , "', it-,� ,-,, .'. � � ". ,; . .4 " , I , ,`, _.,t, . :1) , - -, I . i,, I.;.�e� .1k;, --a - f . . �1. - I - -1t -, , , . - Nty �_,W..:,.�-,�..,,�.,,.,,; , 'I 'I. , I �.. Y`�.. 1. O i � . . � , li�.$,� e'... � , ,I. '. - , _. � - . 4 , 'i, ', , ': .,% , - - t, , - , i, - .; ,� ` , i" _ , .. ll_)� ,� I . - . . .� . . , . . _ ., t , ,� -1 . " � . � - I.... - .'.., ,�, i . � . _/1-11.1 , 4 ... / I :.I ;., . ,1' , -e , . , � L I 'tF - , , ; ,� �t Z . 1 .7, - ; 4� ��.. �. ,� . V �, ,&, I Alii ,-I. 1_1;t. � .�' . . I ,_ , � ti" 4, f-';.4,O;7�'-l;.- .. .1 " . � -� -. - .t- ,-_;�'ewr : �: - .,!. _ �� 'N . "e,k i -.;, . e!i( in .. . . Z, . I A .1 I - "' - � . �'. . . _, "Ja ;- . I. V . I`-. - . - __ 1 9'9 ]�_4 S. -PrIc - � I, I . .. ,� "�k_. �, "I -I--- - , -�--. "'t i, ..---, .i!r . I 4 -,, " -1 - 1,;.4' I - �, "". �.�, fe - , " , ljl� .. . - -. I - : I,j " ,- , - - ,!.. . ', 4 -, ,�,, �' _',,!_:�: �-_,� . �l W_!�§�l jn� . . !'�, Capitat--sp, ll�ldducedj - , " "r .. . m g I substkiiid - ? ,*Py. !t5 - , F,�..., 4 '? - - '- : _. - . �� I ,� - . -, . _`, .'%_L�.Q, � ,:. 4 - � � ".,I. _ - -, -,, 1. 1, '! � .- , -1. , . t`," -*.;; �tz_ , . 1"-:� ;_-..�.�:""�..-.,�'T�i'�.,%,.,,', " ..'J -"-"\_ -.-� �., �-�7t,`4<, 1 -" , , A-erle. defelrr )6 � 0%404i� '71 - . I . � A��, I I .',�zl.;t� - ", - �,�t 4 .. - . . � I , ., %1 O"IS.1 - LL .�. �i";; " " .'Zl.'�' I ,..',.'L I � - :,,-, .- ,!� I.I.,, - �,- . - i . 'SW , :0 , � �, ll� ,prgjects% were, o�m . etpd;'afi&-.bthbi-,Pl = ,,pl. , I -,-( k , N .1 . 9. -A I . 1� � - �' , � - 'd-li - - ')W.,-- it , - �� - � I. - - - - . .". - " difi4es� t, � .*�'7 TpM rl,, e.P . N . . 11 _1 . . . � L . 1. _;�. L� i , _� ,.;, I 11 I � ...: . -1 . ,, "'. -1- i,t'_ "',-:�1 - . ,,, �,)�.-�.":.:�,�,,�,,-��,...",,,, � ", " . 7, . . . . � - mzl& .), 1 ,:, � .,;, _; , � _. .. " It _ . b§i'.6 , , p 't" '"'. - k I - �, - _ � - ""A ; � I , ,� ,� N . ` V , I , . ��,.Ali�� - . I -�..r�,'.`itii I-)) -.I:,,`;,-,�',I-- , � -, ,� '-fa ' uWed-$'ii.,x' ( 0- � 0 * *.� � * o "", -j'. " - . . I - . I, ,)� -.5- _'L �4 , . , - __ : �,_ . I . �, , " , ") I -P � - � 1. 1. . '.7 ��. �; ", eb - . ', . ,.!.-- . , - , - !_ V , I ., ,�, -_ .�, .. I f-1*4' '! ,- - .- -,,;- , , - . I _ ;,. _ v ". - -I-,- - � 0 �, 4 V "' . - i t* I " 4 , , .�� i . .; Ab..'', :1 ��A,I:v.,,- 4 .. _� ,'� - . ' I , - - ' .. i . I I I . , ,�- '�', i,, , , I,- . , ; -- - I , , -:e ,��fil� ��.j !", 6i . 'Y*-', - Ir - --:- ,i:- � � I ;o,l :"-", 11 . , ," * 7. . �,!i' , . I . .1 ", , - . � �,. I �__ 1� - .� , , e. 'j � , 1, ?.�� -, �..!' 1, � 1,11 I I _` Ahedctwekl6W71 I k: - ,%.*I,��-..�O- _..., �. .. �, .:�.v - - , - N - ' - j "' L t`�'�T'3,�# -�.Cepj fr6'm'`,'," , � t'- . � i I"... . . .. _ -� A, .-"jo. I Ws,repp 0 nOK , - --- --- i . � , . ., - J.iij I,t,_ %*.'�.;� �71t�, ..L ;r. I - �_ _ c es64ts. , . g roen .� - .. . - - . 1, . i,199c .,, k , - � . - ... - - . - , . . . ., " ,. � ,. - - , * ,,, -4, b --ll'l'-,SI.,�-;."lv - ". �, .. . , � , I. . 1:, ''. -� - -1 - , vi- .- ', " �, , . I - " . , . t I � I �. �-'.Y�;:- z �... � I ,) L i ' �t , , .. . , I - , ., 4, .p - - ,� �'-!'.-I',�r,j-.,_.'�;,-,'-'-�t.."-,.";,. . 1, .. 3 "' " - - `!. . -,;:, J'. * , �' I - "�' , , ct-at, a :�",`,;.:� .. - - - ,�, ..,i, �, , , , -',., '-, -I- of ,revenues. sinte biig� ,ct..capita exDeo i - �. , I � , , ,/ - . . ;, t` � 11, e , I � . �i, . _ I I � - 4 . _ . ,.., %. . . - � 11, A i, . ,d - f .� . � I � .;K . ":A: ,` 1. � � I , , - --l- - , - " ', - eL ,V.. )" , "I'll, I - k , - � " , f, . I . � d' 6s ib "' U � - .-W:r I- .11 I ) � ffi W rw . . " N2." - ') .. " ,�s.. e expe _ I , , lk.;�. . . -. .,." _. , JI i - - _,` ; _.. ... *� . .:�, -'. \ - , � ''I' _4 k ., - - , . - .. __ , , 4`4 , " '. - - :,� "i - �- � . , �� I - -, - - '. �.- J%.,;:(;-.''.� - -, .��. .r:-�% ��' .. .1. '. , . - - � ".%_', ., - .1 . - .1 , '. ,��l - . � � ; - , I -1 _1 '. , � � �. C.!, 1 �_ , / , ,;4 -, " " , , , * , , , � ;. I �. , I - .f_. 1. - ;;i� .�T I � , I - . � %�� -".-. ,I - ,,�, ,�.,4 I- ., , - - . , . 16, .- L,,;, , I - I .. , " , , 'I I ��Uw , * * . .I- k _ ,) - , I f ' 'i - zz'V �;";: 4.. ��,ili',;� ,'� "" , ", -4ture.. .NN;e al�p' c� ,, v -��, . 4.1. ... � . ., W. ,.; ". ,--?,- I,.. - 7, . 'noilwor) . I , , I �j. "2 .., - - 11 I �. ..", I. ,:, 4�t �.,� �', ',.��,-!._ �; , " ,", / ,,,>�'*�� , y - --- �-,�,,$�o L e ", i NUOU ;"','-7�-".!,�14,��,f-,;,��:",.,,:.-.')�,-, - ,;� -, ).hJ,1A:I,%--�. - .,4. 1 .. �4,',:,--r, - , I . yel jx�,_ the fore' e'�Wc t " '�'�_.-� - 4- "" , _.. , , - '. ___ .1 �- " - " ., - 4 J " � Z�, , ,V;,.. " . - -..t:-. ,., .1 1. . . , , - , - ,,, , . . -_ C-0--f-i -,�,;!Z_. - /"y. ... '..". , , � . I,. 'ill, � ) -.,� - i I. - I _ , , . -5 1; .. - 1, * , k. , . � - .. - � I ? L , -t'- , - . �.,, � V , " : 2., " - \, \ , � I " , I .- . ` ( ", _. . .. 11. .---!t "'.-'it, � ,!-.,. 4" 'IA - � � , �,��,', -%N ': t% ,,, : Y,' " - _-, ,:!o. , , -.i - ..... i - .4 , , - , , 1� ..". , , . . I . * I . 't --1 I j .- , t. . �� i,.I,�� _ _l>.1 -4 _. & - -Il';4t4'.J.' ., it�, VA . , , ti;viWAh ii'g- 9'4--- ` ' ' ki � ' 'I I .+.r' --i;- _.. ), '_"ON*�"i, , ma ing,on y.srha,4',strgteg.ic im,es" n. ,:. k-. to,j,!:,� -:'-' _m.A.V)I�','.P,. N , ., �" . , A ..,_ ,�a " , S��;� � 'r ,,'.1 "t , I �., "''', L i . i_ ", _ � - .. , - - . _4' , �,,. -, - �., I ll� '*, , - � . , - � Ir .. , - , -, �_ , ,. ., "� � , _.__ , _ � , . 1, . " I .:��, �,A,;.. � - It " I ��A, I - . . - I _ . , .4t - - -,A"i�z'j.l:, '. � �- .1. .). , _ . , � I � I., 'I � - , " , . iwt j � � ,� , , __ . , , ._ - - I . . , , , -1.1 - ,., - �., � - -! �7 ," , I . . . , , , - �,�-,, �,,,�\_, _ .,t. 1. . .. - - �;: I- �:7",!..-� , , "r - " ;.� �. - . , , .�'. , . \ � , , . .'I/\ � ;,; - - " , . -:: __ , * ', ,,i . _., t Ili �01 .� q ,." I.. I , '. -:, ,,, , - .:._ , , 'W � I.. -%,- " ".1, _1 '..Oj � � , . - "Ill .... - . W. I I I 1.0V I ,I - .- I - �, �..,. " . - - .., , ;, -, -L' _w -,_'l_4;, � + . 1- , .- - I i t - 4it. \ C, W 4. _ ii�" , ,I � . ". , ) -,-. _)r, �.. ,�,, 11 , �111,.k.�.)- 9:wl�lr_ I -'OP,_-- 4� , - "?, , , � ...... . I �, � ) - ;,.,�-Z.` V ,., ': � ..., " .1 � 1, -'ll . . I . - . __: . I 4._- . , ; , _, ., ZOW; - � I �;r:: . I - , , .i� �, . . f - 1. t I- . -P � , -_ t . - - . ." . K IeVivRll , I - '. I 61 � �', ,�V- ut - a ,,, .., :1� I , If " �� Al .�: " I , , � " ..",�.l . _� , - - __�Perll:41.11 1, Pli W11 .� I . . . I . F . . - 1, I I - , , . . .I, � . I . __ I . 1�4� - --- !" ,, __S 1. N - , � ".��\_-"-.1.,;i. _.._:,, I � " ; ` "' hyfet -_,4's� ',o inyestmeritsi!�,. . c .Wl I '.....'ZI , ,� � . - -,I.--� . R -, '-. - � . t : -� - - � -;,. . -ai6'see" `X - - ., .1 _\_ � � .t', , I -I No" Ina,excene. Mr ifibm ,ur - . �� I i, �;V .4 A, I __�,.-. - , , . '� - V I'-- - ��, �i ,,, I ,,,,.,- -��,-Z . . � ;� , �1, �j ,(�, ,-%t,� - i '.. , , . . ., ". � - 0 . - . " 4. W kl, 1. , . � _ 'I'Ll. . � I .. % , I- I ."!--, _� .:. ,,, ?I ., . ., . 7 _ _`,z,_tl'.'-.wk, A 4 " - �� .:-: k -t , %, " -, - 1, . � IS'. , -j . _ ". , - , ", I.. 7�' . . - ... . I 11 -1 1 - I , . � . . . . . . . ., . i;� .* 4,I-, , ., I- \,',' -, , . 2 r I " A -N A k A � I .,. ..,-. ,�_- )I I 1, ,�` i I-, , . .%.W ilk - '16XV "-":;� f ��Jjjtj�4�oj.",PtOOU Lfi - % . . . ii� * r V *&" t, " , I . � . I ..", '/ ."'.. ; '. I " � 71. i, -.* .. I 1. " . I ". _, : . .. . - 'j�f.. ��, . .�---?`t,--. .-;4j.,..,W q, I c my -an ,. i p,!D e cus -omer aern. "' -7 1�' , !��;:,;,.� . . a , p � I Or IF" ;P ..'' X6 117 / -,, - ! - S,-1 1--1 .", - - . . - � Ill Y 1. -1 'I I �� I . . . - I - I , ' L , -, � .il -11,t, I , - - r,.j �,,--., - -,�,�*, - A - - I . 1, . ". , . , . . � , 1. - , ., . . . ': . � ! -, �)j O lik , -% 3. f;:-",-, - , - ` Y , .��4 L _ �.l , ., ") _," � . -1, . . AM � I - .. I -'r" -;', . ". , �;V_. �. -Al - I - . Z�y. ,", -(',liner.;prps§q,s�, . � .. -1 , _,t, .. .$4,-- %; �'-' \:.,y 1. . .- ., � , -., ., _ - � '-.) I 11 - , , '... \.,"��. , - . Ami. .. _,"...", . ,/ . . "' -, - Ai � I 'A , ll.�__." -,��,'/ ". , ", , .-I � " .. -1 r,--... -r -, , , ,- A - _ , ,r 1, , "tt , Z, 11. .. , , * , . ' � I � 11 4� 1, - �7. - , , I - � � � '.. �!., / � , , . � ,,,, q%,., , t�l --i I ..' -.,. , I . _.., r. - , , 7: -i, ' � , . . I ' "th, ' * gp$_ it ' - `W"', " %:" ,,. _t, � I.. t, 44, - ,i ') � . ty. � V, " x - 171w . . m "60t; ,;-.'I-- v. , - A AT4 1-� aid' , ..� . maregxce,mng �!xpeq , Qnsj7Wl_ , .0 i4p - iiil' _i , N,17; ,t�--� i - u- , ',S4', ,4.li,,'_��X!fj,' ;.1_11,V: 15;`,� _A I _; \";, -, r. .;, " -- , _A, . ,., ' _,. � "I .�_. .,j.,k'.L. I . ., � , ,�, . , " - .. , " .1 , ,,, i - . , , ,t � � ..--.,- - , - . X --)�, - -� --, '. V - I ,F;_2_,"",?",��.,.;�, ,-;,r-',.l -1 .. , �. ._:;�, ..N... ,�, I ' ' - - - � ' , I . - -f - , . .. I . ., , -/, _. ".-?"'..N. _,�'O' , ., , 'S, - .; A; x .V�j Z5 it, -,a V.,. ;,, ,'�, - _ 1. , ,,."',- � ��,(,r I,.'- -�, �,�, f �l / 41 1 :66,v 4o,' 4 --papers, a�'.hoi�ir..- isi,�rew!;:are, a l6to " i " '.-, , ,- -;.,� �f , � .. � , I. . r, 4 1-1 . , �),';! .� . I ,f;,�', N, " ,; i, f .e: 69 -,.- . .. I �,,�-,_ �. I , - 4 '' t, . , _Vi '_.. .. ;,�W,,.' .� !W y e., - z -,e-,,Y'iiti.��:V-`,:%"�, . "". `�, o.pr , , . I -01%_' " : i , . ". �:.�t�. . . 11 - - - _�- .5,;, .,. " , . , , " - -_ - . 7 ,*," -, , - . zj'��. . � , � ,.VI � ,,, -, , - - - . / A. , � - . �'71 " , I.' : �' .: - ,, � - -* ,',.� -A , - tt I -, - 'I. - , , . -, - -, '�, .� _. . . - I : ' . .. ._- I . , . I., I., __ 1, - , , .: -�, , '.. - - - � . .�� - . , _-..."L, ' , � I . . * " - - � ." - ,., , L I " . `�,�� :,i7:;�:.-��-,-;,-,�� ;�� , - k,.';�. - � , . .. ; , I. .- .'�� . � 4*1 , I -1 1_".4.6 -C % a ,, . , -,� �� J,�O., -. - . , �� I- , " I4 -1 . .- ....."'i>', I . .-_�._ . . 1. Al, . I I , ,-)� I >lP , _.� .-,. '. "' ,*j '. k.'. j ., . 1. �), � - ".. . I . - " -A � _ - , . ., .. ,_ , , * -, , - , ,*�* . e..�,-,. ti /��,.,.I.," '' I * -1 "'.1' '."0'16'r',iepr6du,�tibii..f6i* a&ertWrig aod, editori . - ' �5,' 1 - . *�, ;A 4. - .� 1, . , " I . - -A; 4- - _,� 'A � ). !. ,..� al p', - I � , _'.. 5 P - I - 71_� I _!.-1 " "'." _�. ., , I - I ,I ..I -.�; �,', - -11 " , _.. .. 1. , . . . , . ,� - 1,- 4". ,�- , , -j-.§�,k-.�'X�z I..' -t I -,.�;,-,' -"!, -,!:�-,_ .: - ,-A,��.:-,".,-'- . ;J;I.,1_;�.,,,, ;A, .., . . . � , . _- -.�,,.,, - �At'�-�";,;,;:.��.. mi. ,�N', - � - I , I- " , , '5�;7 _P�j, .... �."�, . . , ":;. , , "d. , - .-j_,-,.-*\-'_- .. , - . _;-.-� � i.. , ". - 1 ; � 4, " , - , 0. � . 4". "'14. . I � - . �, ,, I ._ -/,4,11, X, , .the- iiiiifibi4r of -coJoi; a4 4isements in-- - 'o ,t �,'A,q _�. �,`_A ,�',. , I .4 . 'if ".. I.". I .--W_�,., 1� -; . - . I ".,."�:. -:.1 n, I L ,- ..i �l I ,4,: ... .�� , �. ..,. ".A. , , n�reaseIin, , ., I - .1 1. ,.... g .J�., I V,;, �\� , , . ". -\- ; -I'; -,� � - . : '. 1. � -;��.. . - 'i'."! � � - ;; . . ..I\.'- I � .. .1 '. , .1.1 I �Fk . , - , ..�.. `�' , , I -- '... .I ,I*�I.' I, Ill.. .I.- .. - "I-171 I," � 1. -, I - -4 - 4 II1 .", , , * , I . . .. _' "' '- * C ..' ",-. I . � . . �f ,, ... I- . I ,�;, - ., �., V, Z' Ll,, i, A - � z -, - -, * _i,,; .. . I , . , ; .�'; - f , .1 :_,--,.,� '. . , , *'-' ",T!.:�i �'?� t � - -, _. '... n, . 1,11, 1, �` :' " J -, - , .1 � - .- .,�-,�.%J!C.',�. . l..R.11'r.1, - , . . *-(,:t , . ,:" _f � , !:, � , li, * .. , � " , '. --�f!,'�';�, -#-' � '. : "It"4., "I � L 'A � * - '', s - L-frbm i.99 ,� . I , , , 1. . w - 'A -i -4 .f. - �.. - � - . '! ', - (� - , I, . .� - ;- ','j : )4' ? -�,3, 'k-'�!'_-�_;-�j;-:',,'�" " , \, , , , ., � .. -� - I , � . � � �,. I , ". - ,. . . : , lf" _. f . ,� , . � ,'�, i , �.rl't%. ,,� ., I - - � , , � ": ., � �i - r4, V,k,4 . . ., I Ll",�'�, -� . �4 4 _�. .51 _"Z � ., ./ , � �!� , , - --� � - I I - - . � , "' - , I �, � -, ,-,k;, $I I 'I - . " ,I I,- ; _ , � .. V ,. \`:"'. ./. f �, - I " - �:1 . � I— . . I . . _,.� �: k. � � .r , . . , , , � ., J-7. 1 .� ;- I, , ( " , -, -� �i;A ". . I . ; , , .. .4 , , �� - - - I , ., ,,, . , i\ . . ir , . - I- _: . . - - . , ` , - �,� ,-.-- -- i: , , - ,-. )�,:� .�,. 4 . � , I -1 . I, , . - "�'; "', -.�,;;, �, ,� , `� - ,I'. ! --'�'Z, .t- -i , ` � , , . I, '' . - `;-IiV�, . r . 4 .. � C'. " . ;. . ,,�� , .:.", - _. , � , I I I � I'" - - , . - - . - A- - . . L*..""."!�,;, I , I - . - '. . ., � - ; - _ - - - , - , \ �l "I , " :m�-"4,--;e.,: � ,�i ,� "'i", - : , - -- % � .� Z�,,,% ,�,,d-:.�;:, - ,� ; , . , ..-;it, ; 4 . �g .:" .�;. " -A _: 'N' * I .1 , , t , i , ` . . 1;l, �11 ,.;�. , � , , ./ L �L."' - I - , , " .-3 - �. i:.. . I - \ I . - . . , - , - t .. . 11, . � I , , � . - . _ .- '.1 I I %_ - - -1.1 - ,-P - ? .-�_4.CJX' - t . � I _: " � P , " ;:Iw : ..". �� i , . . .. I 1. - ,*.I " �\�-' " . ,-. -'t , � , - I ,.,\� ( -�;" ,,.,I-* 1: -�, I ��,.w, ,. ,�, �,�,i"�. ,� )� .i - . I I ; , .." - - i��'�'-' "" , �1_1 - ': ;,. f , ` , . I . . .; - ,i_-,.`�' ? .- -, "I" . �.., , — , � * I , ' L _ ) - . 1 ;.x � . t , .. , - - , .�__ - - . ,�_ F., - . . , , . .L . .1 '.. . ., A., , � -- � t� I` .1 . _ I , D , -_ I . .. 11 �'. 11 I - - .1� , ,� �l ., _,; � . , ., � .r, ,�; . I T -I. )tC41',�,�,_ . . *_ t, I . , �11 ":.. , . ....� Lt . t L '.�',� -� . _', ... _ . w'-�,,--- ': . .� "... , p;�� ': , .. ... ��;.i, � e- .. 1; � . - . - , �. , -:,, ;,I , , , , 'k . , , ;, li, " ;' ,.�. : .'�, , , I '. \ �. , . . , 0 . . � 'P __ 11 lll*,�l , � 'JI , .3 N, . �. , 0. _ - - lk�-; j ". ., , � I . . . ,� . , , `i.1d. - . yl� ,� .. �� irl�. a � , , ,v. -; 1, -�i .4 ." :;-� , , , L ?�. I`* - '. , . . - 7_ , 't- - ;".-,-. j.! -Lz"",.,;;, ,�,�'.' �-�`-`4 .Q '. ; . _ , - --; � I ; . 11 -1., � . 1, 11.1. . . , , , , . . __ 4 , . , , .it Z 'I�- .N',;�,- Ill, -,K - - .C.'. .. _ . " r, - � I .-I .�l , - \' , ' '. .. '. .., - � , -�, -,�,,�.`%,.'., ,�" .. ,\ Y-1 , LIK, -; 1, , ., , , , ". , ': I I , �, � ! -K - I '. I , - �--- 1. '--.1 - . ....4"." � -. -_ A 0- , S . , � -11 � 1, .� . ,, -!�. :` - .- 61" , .'�; ;t ,7 ,�� , . o . . . : ill -.1 I ., �, � . , . 1,;';ii , '_ . . - � . I _t� M ;-. , , .. . -^ " . , I , I .. I , . . - I;L.' .1":, I- . , . . 'R , . , I � .10 li - - ./,-* 11 ,., . . � , F . " �,,r , . . .. z - � , 0� - W. " . Ilk, -1. ,,r, -� ` t ,�-*- It ,Jwr , ,-�T-,kY- - � I . : , e Z. c - .� , . -'A.- ., . , " , - , , , . , -!.N`�.l . "... ,4 �. ,;, - - -7t . * . - . , - ..,.., . . - ", -_ , , �k , - . �_`�_11* - ..� . !'I ;�C� \�"_ � "Ii- li, � ";l. &I � ,.. I '- - C. '�� %"� - ).",--,'Z. :,�f�7,� - , , �t,- 0. 1, �,_. ;, ,�,' .. To P, " -, - � , .. Y.-, - ..., , '. � - - , -- - - -, , �.�ll �� . . int:zAl..W--, - " ,>-4'' ' - ..,_, ,L j. - i. - _ ,," .., ". _- _i�� - - " . " , � _� , , ! . , 1, _ ,� . , . . . . , / r , 'i... .. - , "t, - 1 --;�t- � , - �, -�,�'Jtwv', �'Z.-.,� s,� , - - ( - 1--, -,'-J- , , N, I -,�,, -, - .,�� I *��i - ,� -� - ..,.i,, \ : i.- , , , �� . , - . � . - `S-"I��tcl�';;I, . ,7- -,,�, K . - .1 \�,.. '.,;i_,O . ,j , � .6- - , P , , i ` 'tl�-;� ,I-,".N�,- . 'i * I , -, " , A--', 1;�- � I �:, - r. \ . ;/ . , -: - .. 1. ��, -, '%. I j � , - R, -, ,�' , . .; .o .. �� , *te" ' --I' � � , 14 11.V. , I I , N I �_:-:"_7i�... ; . , , . , � " - .k. �; . -I'; I k� tr, - !" it r , �� ! --'�� .14Y. -_'171�� . , ., , , , -J_'.� �11�134i:lll I'! 4 I .t . N, ,e .r' - -. .. r. I 'k '. . , V. . . t �/ � I I\ 'P%,-,; ,; I I'' , � -1-4- - � - - - ') ,�, ; , , ;t�� , t;;- --,t�-. j � ,� � , - / _. -,.A _-! , . :1111� . I , \ I - , .�� ) / . - -..: - - , � , - I ,;�P� il � _- �� J.�', ;,i,.,:. , -.--�,41��l ,or - - 1� _ - I " � tf� .:, I '.."J'' * :;. " � , - �� , Z "., . _. _j /' V �':: - � I" - __�-_' _- '_�_ - - r� .,L�. _tf , . ,, . , � li ... I . I . . - _ j -t- _,� i - ".. -) '� _. , . , ' '.i � , - 4 -\,-.i;,'��+', ." ; �4' - : Li , �A':tt� , ,A I � .1 V , , I ! , I , - I _ - _ , A .. _ .."ZV-311 1'1_.��__P_ , ''. � . "I I . .. I �. . I , __ - - ;� ,V" - - -.,-- - , - i. I _;, �.. , �.'., � ,I, `-I,� ..�, i ` , `-.*,I' � ";, . Z �,-', "' , .1 ____ - L _'-P�f � t� .'N ' I', �- ". I L4 /. , I�� (�� " , ,..-��i.��e;��-, . � IV- , , , 4 ,� �,,,;: J -i'.." �� ;, ,,�: 5 , , ''t . , � . , 4. , . .� I, . I I 'A � " I , ".1 - , � . . , . , . �, , � , ..". , . � , � , . _C I - .I.(-,- - -i)"; I , ,j , �, .O.": A I C . I ... , ., " -. - " - , , -t , .- - .; , ) A , -, , ,;� '. .1 i I % - ,I. -t � . 'It - - I . , - 11 - .1'. I - - - I'— - f- - -1, - , " ., � "L, ,� - Irl f�� - ,-!;.�,", A., _ C_ -- , , ,�, t _7 , 7.* - - �_ , , I L� ., C��Cff'-n;;,i:t, " -, - � . - - 1. " c 1, I , ., � A � .�,�+. , ,� .\k .1 1� .1i, , . I , . - I .1,_ -1 i, I '. " - , -:r�;o '� .� - '" I .6 "I ---. " " " , - ��.- -t:,-, -,�q ,.. - ..,. " - , I - . . t) , -_--� I '111L� ��N�' _"k6 ,.\ 11 * "I � .. f .-,.,, ,.-:-_ -7 -\,. .'��,!,, �.��)-,; -)",,,- 4-1 r�,�r -�. ,.� .\ . . 0: .., .. , �4,�t.. . 1- .C- . I V11, , . . / .1 I - . _"ll ilv,��\..No. � , i&,' , . . . �:: - � �' - I. � �l �, I -1 I � . - I " _� � -, _,,.. .:-.:. � L , t, 11,111"`,�-_-,� , -k - - -,Z'_'...-�,_",y ; .., .. C "' �, . - , - -)k I .,�� I ,-;,: � �.; � - ;3,W..'�-'. :�.,- -, -- :k�_X'11:.�- It r ,1,�,_ , �4 A ;!,It�',. 1. ?_ c ,---,--%_%,;'.l -I � V,i, " , , g 1. ,1','t.;I,'.' ./- ,,, - ""I _ -4 4. ,4'� , , , ! I --- . " : , .- . , ..%�, . .1 71\� .1 I _ ,� I " 4. f, � - , , , , ��i \1 ;_ - I . . -,' . . - -, -L �� ,% - '. " , " A I 1. , . - �. � , -, . - - 4� . � -,'�,� � ".., - 'J:, � , - It - - . �; -',: - ., , � .11 - � , 4"" : � ;, � 2 . "� �.. �-_* I I :�, , I '. I I - - -., t & - .1,--,-� , ; !-- - - . . , 'J.- - � � I "k ii�, -t,�, 'e". , _,� . . .11, ", , I . , :,. a . - - , " 'I- , - �� , - I , _. , y . .. . %, I - . � I I :-- - - ,.�, . - ,�� . - . �;. . I - .�,.� -,j.--._ . , , , " '. - , I - 4 ,,V.�-. . _ .. . ., . . "K � . . - r. 1, __ , .- - ,71;"� ., ". f , , . , _. -,�':� �'. �L, . " ',' " � , - -, .: . -.1 , , ,(-', * � '' - . � -_;i I ... I,./., ,� _� .." . � . . / rt". .1, I, * " -.. ,.� ..'' - �,. �_-�-- ;:� ^.;--, A AL -(-� � , � - ,i P 1. . , , . - ;`I, I. � �� ,:�, . .- 'O.- '.. . A z �*,,", .. ", t_, ._j r4i'.." . , . �". .. A, , 'A . � t, � /. , i, - , ., I �, - ' _L L ` ; - -�� 1 t �, I: . *V. �` *-I ;� �.�! , - ( k- .�i; - " �, ; - ,, It , - - � ! ). 1 1,1711 1 - . . , , . , ' , � - . ,;:s j.""j'_!.:'�' " � �,�� 7I.�.?� �.. ',' , , - I � I I .. I , , - '� .'. j -:! L, , �'; * . - _ - I - � � 1_7�� - �.. I 1. .. � ".;. .i " L I," A ( , ;, " .. ' ' ., _j, , ' . ' - ' �X'_'��' : _ _� , r., - , * _/11, 1� * - � . .I I. � ., � '.�,, '�. " , , , '. , - - - ) - ,--j - ft, , . - . - � .. . " *� .;. - . . ,it ..',- ., 1, , I �. ,.." I , � -, i - '4- * I .�A - - . , - - , ": .: , 'i I- � � ,\. . . .1 � I,, , - ,:, � ;." . - . ": - I, 11 _- �l - - - , - - . . . � � , � � .N.V_ .1 I .... ... � 4 , .. � � , �;., _�, , -'e ,,, - 4,701:,_ "I . -,�� \ ." _`.%. , I ,'� , , , , '. " - " "t I ,I I 1, ,v� - .: ck . . _.. ,.- � - . .,.e -1 ,� ,-,-.,Iie ".. �, . ", . .(k-2. , - ,, , - . , " '. �.',:_ � . .k - -j . " � � -,-.t; ,�'_"� __,: " 1� . k -, . �- 1. � -:, % � .. -, 4'," -, ,� ;t- ""7 - \.:.'. - , _."l. I ,�. � I I . , . . � I , , � � : � , , , . r 11 ,I " �l :,, � , .,;,, - .. � ��". I . -I 1 - . I I - , I - -, Y.- , IN - I :,-. . , '. 1, t ,I- ... - t � , I , . , , " �, - -Ii.�':% - - / -,j,_�,.�, -:", - ., . - " , z �-"-;,.. r, I ,,_� I I , __ . "\:.'W/ -'- -- - .. - - .; - --, ,'.- I �(, �, , �-': �- .." �w �1, .� �-;-Io'/�� - .".. - P, ., ,i - -, -�� : " . .,..,, 'i I . - , �, - . .� I _:. I . I - , "�-,..:.'. - , -1 t� . . . . . . . A .." I .. t%'. . : f -, .j� � - � . , .� .. ., .. ".. - ,.,I. >-, /, . ..� ,:� .1. !�l k ".1 - I .. 11 . , �: , , , lk . I � .. � , . , . -", � , "': , 5�, - - - - - .. - -, - "� .. I ! . ; �_ , , , . �,, .- .. -, - " 'Y" , , � 'i .. .. , , . 'I, I , .."." " - -- - , - .:� � ., t, - , .. . _!!". � - :" ,.-I..'. , _. - - , I - . - - - .; .,--f, .-:,,� k , .' - 1�'.. ,, .� ,�?�. " ' I ' .._,�'.l . , I .. � " , - " -, , - , '�>; � -, . , -_�L.,)r_'l__,, - J,�..%t .." .. ' -,# . - �v - I - - � - * , , - , . , ,� ',',.' � 7 � , - . , . . � , ." . 'I , . I i I , , .- , , -_ I... , 'N " I I , I A, , P . I t- , I' " : � "' 1. 1, �.-, : . . , , - , , - 'I'. _ ,,_l I: . I . V'-(!�-4'l,-,:-",. _ I , , , ., -_ - - .1 I � - � , . - .- 0, " % .., - , -.. � . I � ,� . � . - , - , . - . i 1, --�, _ -� - � .. � "� , .-; -0� - '_ --,'/ ' - - L If--% �. " . � ; -, , - A , � , . " , 1, - - �1` �- I, �j . .r�. -_ .'d� , , I - t, - ) . .� ;r .. , - , , I � - , - -4-. - , i -Ty'-, I � . - � � " - � . , ;�: . ii. - ,- . V , . , '. . I , i I.. 5i .. if I- .. L , 4 * - I ... , - . � _1 1<1 . - . , ." , , . � , , I , _.�; I I - - .,:�� C. . - 1� I , � ,".. -2.., i . " , .'- -% , , � , . - "_ -.1 - _., .: - ' . , �� -A.".), J, 11 ' - "' - lk-, �, .,) "'. ., i . .. ,.,- -, - ; , ( ld,�. % I - , �',;��, " , , , , . I *,:,: �.. ,-'? f - � - ., .�, ...I - 4. , .. ,'�k .. ' � ! - - . � _. ,,. . - �. . I __ 1-1 � - Q , �, " , - % ,m, ., .,.� _"', �,.\ -:�. �., 41.�.. _ , , . , _ 4 . . A - " .. �% � -1 . li�_ � _;, ", .�, " , ,`,� . " . I I -,---1 ,,-,3 , �,- - - -- . , . -. , I '' " j. .. , . . " _. I . ': _ .11 . V _P - I . I , I., .1 , - - I I " . , , , -, , , , . .�: . , . - - , 1. 1. \ ,�j-'l-,"r,ii-,;l�,-, 1. .� " 1. , � - ,,-;, ., . P, - ,;"L '; - ,,pl,' " I k-`0 - I 4, I _. ",""' I " I ,�, �, , . ". - V , - '-- - , �,_�'. _. -, - I I ') 'i- , .1!1,; " - 1. - -, .. * , . I I _�,�.*"", I.. % � , , ll , "IN . _ . I- �'. , :)r, . , . 4 '. -� !.,.(I, A, � .% , ,,,, '. j- .,.�, _� . \ .- , '.. V. .. I �. ,,� " ,-� .7 , - , " . _ -1 . , I'('.., ,� .' -, . , . , . �:. I I .1 I I - , -t: - --.,, S '. I,' ji: -.'� - , A. .� .;, ; _,;.,J�. 11-1 , 1.� I .. , , , ., :,— - - .1 - 1 ,4 . , , - t ; , , 2 I - � � ..k . - , , . - - � , .", N . ..", . I __ ��'k- 1-� ') - , - -�- . I, , �- io, , � \ i,, , . . , * i - - �- .'Y -:- - - ,0 � . I, , . 'L I ,,,, '�.- ,,, C,!, ��' - . ! . i-,I�2 � " -::,. ,1- ) , _- , -'.-. I P - , , - - , , I , , - , . , I ,,, � , .*-i,, , - � , � '_ '� " - ", �l - '. I . ,. . - -, - ; . .i., k. --l- - 4'. .1 ," " - "\ \ , -1 - �_'; - -','- �, _k - '', ,. . - , I 11i __'t -i -�.,., .e , v. ,_. �N I "i", � . I - . _r; I . "'If, - , I., �.., ,� !.'��l 1, , �, � . .1 i, �,,,'., k,� , . _ ,,.;: - — , . L� -�. � 1'-� j.j�� .1 ,..,��, — , � - J'. 4 �_ -� - '-_�- /. . � * �, ". - I.; .. _,�, ..". 'I - I 'Y'. . -I., * ". - , . . A I,' .'." ,,; I , , :_ , -:i -V�,: �-�_/.�.. , :,14"j�. — , �,N - -, ,�,.,' I— , , /. I - ., -::J. - !�f" - i� .�, � . - , , I -' , 1. ': . .. _%e% * '� " " i, '. . Or .1. . _. _ ,�" - "I " 14;� ..: " - I I % - " f . I . .. ., � , ; -,, - I `�' " ': I ,_ �-j- ; ! , � - � , _.. �-,, , , , , , ,-. " '. - - , li_�, -'�� ': .., :1 - .., . . . I - I/ - ,,-i - � - I- -,, ,,- , "I 1'.�� \ ,;\, �, �. � � - ,) , "'.. - 'I, 1. / -1: - V. -_ ",-, . , . " � � . � ` - I I V '.. \ - , , - I "'I7i I i K., I / .. . " , � .-,. : ,.. - '/� . . - .. - . I . " � I , I ) ; .;" 1 - , - " - - '. !.� � ,`� , - - I . .. � , ... � ".. �_ � _Vj - 1, I - . . i .. - ..� . � '. 1� �,� ,"L j\ ". I . � .1 � . . - I, I I . . , . 1. -1 . . - , C:,�_� , �, �,- . : . I 1. .''. 1.,. , I ,% �. -, - ": \, ..- . , , . , . . I . , , - - . -.',-.N I - I I ... "L;. . - .. - . � � I t.j , . ., . It. .l.l.. , 41- 1� . � t , % , ,-, " . � . . I I I . ,�,�, f (_ ., -"I � , � ", � I ,_ - , , _ �";. . . I 4 I . ,;, . ''i .,� , i, " .: I , I . - � . . . . )i �_ , � '' , - ," ., A. . ,� i , , -�, ; ." � - , �l - \ , I , I . I ", r - - ( I 7 - At'- .. 'I. 1. . �. . ,I-,: . i. :.� � 1, - -1 . I �.,_"_� - � �)� '. I �: , , :" - � -1 ", 1� -) - , , 1�, .. . I' �, . , , . . , .'. _lr . , 1, ." % ,)� � , .� , -, - �\ �, , I I I , �X'.... I , , I , .41 , : ; .�.,, .;, t , , , I , .. if-" t : ,,, . . -.-\ . , ., , .),.-: , ..., I .. .- __ .;� I / _'l . . . � ? � . . ,7 , I - I .. - , . . I . f , � , � , . . ., � . , , . , - � I i . I i� I . , , . _ : I . ; I . .. I I ... .. I I . I .. I- - 1, �1' . , J� - I I I I.: " _ 1, _. W. 11. , ,l .. - 11 I '. � . I I I I . . ) I . , 11, , / , /, . I I . l__._l._ �.1--l�l--,--�-�-----�,,�"--.�-",�,�,-., 1� 11 I . � .11 . I—— I . �- __ � ----_____,_,_,._ � I.- --.1-1--1 "Ill.- _ - - 111-- __ �11 ✓..._ �+ 7 \ )-. }.� -�\' I y.' �:d, � \:• -�.'t •�r:<i�'\I ori .. r., ,\ t r! �.'>,7' r n" 71,%' rj.•.. ,/....X.. ,_, - 1. .r'~/ 5. �, 1.':: � .,`<`,,�.,<"'t^); n � s s 'Ser m'e, n i:`ftt h'�,z ;h:t� /.Ne zu s �1/f,,�:. eNr,''P�zc" yF h z,,xt_ t.: ;:�.,, •�� . J.- r• :'- �,/.,�. � ' •�: .? r h .�\ 'T:� � '•''.� I �.,.ir,P•yt♦C .i\t .c �.{•��t.:c d _ .::y trw'•S'. 1 } .� : r, F' 'i 1 e - V-, --/ ..,::..'. y/.;., ,t•. }�,'71-f,%+,�[:..yK;i�.ir �.,7'f[;•'t.. �� J��'�s�t�t•.-.:rt. .r: -'��/ ! .�.: ` , :'I ;. 14�y,:k•..t, .f=- •C,' ^7`, ,,,,t ��e ; ,t�Y'?r�..• r,:! �r.w h,'4�:} `.l _,'j. - _ ,, .�: +. ,./.. .• .{•,y, .,7r��. 4A "i •'�--d: ^•f `,lAfn./ ..^-- r• },' r `4 v -k• � �, �'!'1sTOt -n a er.rev Hues �of^ billion �wQ,�e'dbwn=�tQ��o2�lir' L.10n'`:Ll�$��:(/.]��•�•�.;}? ` ,.�\ 1 ,{ .Y` \ •�r,. tl .ir � _�,W� F±44 �. �� 9� .Tl \ -'r• 1 - J• �G .'^''•+ ' �;r'. �t. T{i N. 1r-../1_�,yy t 'x- }K�r;,/.it'�� •fir 'r :i�.;�r•�`�i. * • '' _� _''�•�.',�'.�:r--'/j�. t !•'+ 1 '' ..;j !a •!' '� ,t -„•`Ji:• ,Ca,r r.� +vim. •••,�4 ,,SI°: jE,. t t -i";: 3�„ ..::`:.-.,;;� �'•_ ( T4'i.;fJ-_f �.. -/x. .,.; ' �/.��'� circula*4'�bn;xp�6nue��"�'-o�� Lz�: .ion tn��'�(�('�h':��ubc r��y-�•. ''v�d .� ;k�xw=''t"aiti;.;��,;;;. r` !•>.. ;r�_ , .t ly�`y `, ��J '~1,. -1''.. r\ 1` ��' '�r'.t f,:.}: .�::.. �., :f gains�t-. �''.'rt'. J.7 t. /�� il'�.say�.r•✓7'��':�.i+:�4��-.{�,�t.tf\'.1l,,��11,,;-r�r(' r ','•� r' .r,.i,. + , .1�, +i.. •�! . � tr � �'��. , � aedi - ered•.b .•:the• feels -of` rice`,increaes- i�►-'z 'o: and�i n r„and=.j(A^�/��th�;�1��',.y.`•. µ{' .V.�.• .; .t<.: �/ •.j C `Yt f,. ''- .Y ,: ♦T<1 t -•t ty t ��. ,��•� y.`. ,1 .t- 99 , rl'.Slr-'!✓t-;yl•<�Z ;•��'..�Y;,r�?kr1+�' '�,Y�a ation o£�cer ain.px ensive'�,ut=of-. rltt r' �'marke4\•d�l.it�� f'eh�"�osi.tl. e�::�r �-�-.�;•s;�. -t' -t; l:,t `:r<r �\\.4 t:-.,,.1. 1_, �-..i+a •✓:M,! ;A ,,,,'` � *•It _ :� r` y_ p.' ."P �+la. y11•.t.' ,,,.-, i�j;�Yi-lyl: �r,+. �our�new� a �erS`i$'�• e-tI'11aT`k@L. eaCdC�'.'' �,' 'i I'�II1�a�tela�j ��X -��`• ►a �t-fit � J �. ,.` > y `_ ;r", rr ; \ .ti,; .a , ;,; . � L p. p� th � ,v�` �•.•��: �t:t':; F ✓ •;.. .' , •t. ,v I�r (1;�tit4rP, kt,�,.. r•/_f r ��-: �� !�,`� �•” ., �;�' •, ,� ��ia br�factor for+the success£ul�lon -term: erformanCe'.h£:ouYt�isviTs ary�e.�;� � .'� , K �} i; �. ,r� r, `�', _':,• . J ,fr i>. V t. J,r .,,_.�:. ,r .� •: �•� { , , , � �, , . f .• ' lcl�i seg is � r ��, . �,� `•;; � rh ;r' � :. � . .1 <� - J.y 7" r� �:, •T ;"'t•< c.' /j/�3. ,,'-'iV.'h. ,�j1 _ , �`�J'.t,. ) �a F ,�- •,..' '� ..t ,- - -\. ','l� �r� :'ti . �, r4i . ��} �. "t l.J. ,?�1. •�..'ii t�i'-r*^!, t ..>�... y�y.1.. f•,c y,..%. .'.? � f,. ,,\ .t \ 1 /. :4cy., t• r' >. .] I ' t}`: '�/( •7•' \ � .J' w t. \ .~!`><� ♦-'r L L. `/ u�' Z. ..t.. '7,r a.y,•; r•R,..,�:.q,`�,. -!,: >;. ;+v 'R•� c, r ,,< 'r '� .Jt :} / r4 '�,,,r',./ , ��''r,Y. �: 4;J•- 1' t^. f '"•�1,h.pr •rr+• �:':i''r�`r:' ,1t i; !'�� , :4 '� 't-. A'�,.,� < '.1 :.}.: ,��{� >}. � -) i � .}: ;/� +s . i, -.i y •-f, :7a.�;,�, .I, ..s^' .':�a .1, r♦ ,i"� �!X, '. .,�`:, �.: `._(,- ,1,: . f• . 3:' _\: •i ...(-..r•d#.. _.:� \ -i .r' �\:': .�4j'�r �!_!�'ti { .*;+r•n4",•7` �� _ � :•f: :rr'f>♦.. ,>.. ,i, ', ,,r: ,,� - �� \: •tr � ^+ ,<.'� s•;� r'-�7� 'r- � '--�'h �s A ele ,?(.rotes:Retained 1�.s�Jnl,�m�er• 11E� nsiti Z'o_�la ,,,.. ', _�-• :-�. z,r , �. , �..�i,. �'_t ,�.+1 p._ 2P Q r.t�'`.'„?;�' .�-'F��•+��•w: •'«'.,1 r ''�:.,.,;. a::fYr. I ` ji i : t!' � `,✓ \ ;1'' ♦ _ f: . �` 1' .(r.►�' . r;,{d, s �.•/�?rc u. ; .�r,.:� 1i'... I•.t _,t p Y ? ,�.,� ...> k`ei -~ 'i.. ,r ��, _ . �� {-I .' r;:, r-,�,;�, •, ,��.rs; �.�.• ter•.-.�r�et�op(�•�itan�:`dAli�s��with_ a�ci�•.culation.av�r�p^ If •i��ti/(�, t��rtr� t��:�_ ens ,..r J,�• ,� J,y :.! �"i• ,!��,` 'F+.,1 T r. ,.. •C�... I.' .1.: Jl!: •-•r,. .{.,r ••�{';..i`t�... ;F� s4. .c. / :t :t; ',"'._ ��•'�, r � ./.' _;f a,�',rt ✓" ''t•�•,r}r.. i ,,: \� 1: ,^ :,:x' :i:. ,1' �:i:- �/ - t l 'S 1. s►' ,�crr t,,'r;�,� £ :ir•: �. � .>,r :.�,.t: ��•'>: ,"<„ t:}• 2 � i din a temb ,'O •�S.uYida '' ; �'' s'. ' .�.,. t � 4 �,•,.. .,. �, _,. �. ,.�.-. ` -::Lma thodg�'� p �' �9>' 4�99��?'�� ,,y �: K,: t i :5:. Z .'# , -'y � ,;.r �,'•+ i �' r.. /' t} 4..� r *,37y,•„ .•f. -1., ;e ( ; ��,. :r.j: �•t;� ..\.� , r ^j . '- :1^. . t E / +.(',' Jly � !1 �'': r" r:`t ^ ♦• �{, r>-�:� �' tr. t 2 t / fir./ .:k. h t: aa.•/'� '��." +� + ,,�^ .t-.>`.�fj• :ll:`:"dt.,%: -:i(,.' Y','r* y ,. } j. .,% t ,v.i ,►r .. /�, lO` i �Taln r,erE reC4 fle bO_ d it 'end'ur��ia i '- .t; �, ^ /rrr.r� � .> i __ •'.w ,j• �: jam,(`. t � 'i, i� �,� �, t Tr, .1. f'1. s. .7.1.; •:,, d/�•,T r C.,< K:t.:s: ,r; Y' .%'•� •-.�..>. '.J ,: ^ .a-.. y ;`_. -JJe .,.• L ... 5. -•�. J-. ,,, .. :,• ./; in .'v,': F � ha.Vh .✓�.. ``' � :'.t.n fi: � \�� ><� k �C� o •y..� � .�'�,',-s . t r ' 'f ; '1 • �,. z i�:� a,,,�>• � � arw•R ,t •r" ::� � �-`y y ,+�. . 1 •( �. <.,. r ti cow e• 'live: ar °Df C�arariCrye� Gloun}{,�,�r� 'kid-, the "Sr{�.{,yt,�� y2(�ei��]�d¢=V �1 IJi � •k• ��, ,r•�, , . _�r'' .� -�.. :.,�: ,,, �. T, ,Jl ,�1 .1• ��,,�•t ,P .� r.. •4 �� /! J.V „d[t' .. ,• +f?'^.:/ �.. �':t':Z J. r; �� !k� .•k.� .)tom• r'N` •, •+ ',i ,.> .%,y.�,�: ..?”. ;�,':y%.:tt+.A•ii �. ,/�4'�L.,:.r;.,. >yp _<..,�, v.), f^}'•'l;v ,,, -\ .J t � '..�, +,=:� � \ .t O.^ Tear: ,F6I1f�r .11Y�'arlj�BrCOu �r0 ��.j'�t beY':'l,(�;$ •tQ`tJeRt b yrP�,y� ,,�'' ,�• `'§,,,;1�y i. if .,.1. / r �:.'' \ ; .! X'V" t i, `/• �`'� Yr, •.✓'_' l-. �1 ♦ �'Y'a +�1` a`r\++i r .i",^ `(- =T., .7-. •I " .ti"•.Wry �'^4,.Y,�'�(}r•��/r1� t 'S•.,r ,; l^}f>�.,,^" /•/..y, <,. :,,.• .\ _ .fir•.: 't. .s 7,. '',l !l`Nn,; ` �rr:r�. . •ra �'. / i �'.:��♦ �'-�'_� >• �,.-,.r ., .rYi circulation°"nc eased•rno e- a 1-H Oo.d��l �:ant�'. 6o i� int�� `�=�� f ��- ?• { :�. Y•.�C \� �, .;:: a \ �,r' ,, � r •�� r c 1 ;.,.� .��-�' �'t. , •,�} -� "1�}Jtvt� • k .{ a t :ar ?' )✓`��. p. j r,, t. .� V, Ir, a• .'crl- b, �t Ir..,�, �.�:` r .,i:�> �.. ti f• ;txl�_ t?'• ' +<>�/_'�'. '{„ •_'1'•;a y_ f s .l:. � .'". ? r `', ;- ..� - ., 1• "� '.�.. ,',cr- _ S •:i r ; r :i.< :�, - ♦' ..! 1 y �.[ 'ai r L t J ,- `.� ^�.. t ,� r: /_ ,'r''. .r >\. �•,,'J '•�. :�_ � ♦ 7' :A A. J�•/' \ -'I/ �1 + \.:, i. '� {,1.•ha �iyrY',1:�, .�•�r�. -IY J. �t / �:c� :2 � ",: •'r �lt�ir� � _i r :! , •��•..,+ e'Los^A �s �T'i.r�tes'devoted:coli.�idoxable�,se$ources•'tQ'ebV'r- ,�.' /• } tr r f,!i:. k'f t�r� � + �� `j � .t <� ,•`v,. �• 'r lr�•. � .� rr'1)-'j 1:':�-';~ �++�'� •i'3_: t/< � h -.ti '? ;: ".r �� ♦ '.� .'f 1. A.� \ _ :t r, ., ,rrw'•,'t::'�f u� 'j' ;�{. !} � �r :sed','b 2i "ma � azin'e for�.of%ung �esnost:'�acten�i'v�.an �.. ��:- r •.:• ,.••#.•, �` `: -, ,.. �..(. �I r �i�'.''ir •:, � 'Y •, !'1,.:, � , ,, - Y. . ,. •,. - � g, , K. �. .Q: ,,,; -:,� . r i�`.; . t.,• /'. v��.1:, ;..>• ,a, », .C'. ./ u � � •'�:�° �•- _.7 `nfo�ma, the �war:'.::Cover� � of.'t1io�;Au st' �r>��'�o` ,Ff]� _ '1 #. � + \ R�- r /: •� . Wit,.. �1!. ©�- t ;... „M1> r�r`,>{�'. t•f,F.!!af.lr. . �:•.��y .. '/,�t-t,,i : � L\:,� y!/)_�� ..,rxs-.=. ..r 4',i�' t.',jr„tt,1..',. f'.^�t. .xc�s:::,:;-t, .,xi/�Y , , :r'�•a,�.r, .•;1•t;_ 'C. a.t'. ,r.�ry. t�t!.l�- �a`'<v ,';i'.;.ir;�.. ,;%�., . ` j. t' ((., t1r,•.r.y'.�.�,;,,+.' ! it• t'�:/ • �♦.l.� lt,t. : �._/ �,'1.:.�.+ .,, -�f :�w./:A��``�,:�1` !tJr.'�tr('). 1, �V:Ovi e'{-a.V, rnTjK;I�,i,;,, marked ark dayot'h,e�r'bfi�+e. s, �° n.p:.. J.f:;-�o:�._r,, �-\ •iL+`,..�..•<rrri' .'.y��..•`. i"•ias. y..}.rtT ir nh•Ja.�:�,7'1'�!5-!i.d.'./.',X�:•>,r �' �ft.o, Y tmes rceott�-:e. 3he,/ 'Ti .ts1T�+Ongntef1atlonalevnts rc.`•.a•°� �s.a�.)�,.�T{R3"'�f��t"t!'54'..+j''Cr.y',i,-�(�l};�,t`.�t:»,a•)':-'�i .' J, ,'�� !��ia}�,:�:v,,,',lri�,Sr.x,F,t{.T:tX.' ; �tt• r�.• ,`,..t!,i,••!:• aY...: ,y .'i 'rr..".4, '� 1<r •�`" y. '.y r ,. r v c 't,; <:; .,�" t.'It ,y/• ��.> t#t'.. "4. �,:. ,,�•, ,t..;:k A. .:✓ .n ;�. ';�.' :,,,. ).. ,,k1 ;.. k ,,, ..aft ..ir•-��. (. ��. «.� '�:i t a .,f ,,.. � r '1, a' k+-�. '.r.. .•'�,. J , .1•'r.a :i ') •f -, \ i ./, r`r ^,�. ,-+•- L. ,.:�- �.. .s; .f.i'�'G, 7. .�j- r"� ;�� r' '?• ti . s. y +� •.t , . I, r y Ss � ` ,:, TC y;.,P'. -,. Y. ii,'�. �;+�' r-:,/ `�`,: .. , r1, yXZ�''-• ...k - �^•- t s�: �,�..; y. j.:t� •2 t. .;t.• . k , .:�,,, \ � �. � ,�:• 7'�y,,�e(� ''writ`py��D vid'Shaw wa$� warded��Th� 7'"•�•�� + `eb;�p�� •.�e�:,Pn ; H� ��-•. ttt- .<�;•'r.� ';��, -�'^ 'ti.A �:r,+i!`?" ~i r J.-r� _ .. " � , �. r "^Y ..i�,$ N+�� , `r�i . �, t,T,y ,�,.^-,.f�.S '� ;P:''1j• 'y: 3 (�j. �• ,.t 'rt.br t . • ,_�r. < - .fin 1 s�s,Qf Qvirth :.m dia`Cove 1�Ic1V� r x�'rc ,.: .. t •.< : t •,;\! ,�' ,, �.t}..:.7V X + � r Y.-. ",n L-_ t ;✓'S <: t'+lY t� S(� g F•i ,y„'}f J %7, ..i �. .._ .. •', ,...;�. r '� ;/ ,. •.b..,,, nh h;�!t""' .;�'. h 2 1. r ,`ly; t t ! -ii' , .,;f .�.ts i j Y; r. •'. : C , �i° ,.. � - k`. : }: .'Y' I a•t. y _ : ,1'-" :• c< . � r ;, .+c: 'r, y � t ,,♦'c�4 . : , aj .�.t 2 �•' `t ftT, {.':jr :.r;yr "+�,w ..•iii itzerr r;'dis`t�n is ed Cr1 ^i(`i m,. 5,�':- s<: 3r-; r_, ... ,} �t �, i� ,.gu 1+. +t �S � '.{" -,[^ '+G.2 .•yZ, I' �`?j`��•�'j' 7 t;,'A':•F"'t "'��t�., ;+' ;'• It ii/-'."�. �, \ ::ti 'J. J 1" \ Iii ,,:�- .1�r/ .r}',a t ,�{ i!• ,.:� .:Y �i . � T\, 2 `^">: , ,,,, -� .l''.i _ .. / <':, "it / ~ y;. 1! rE: ,?�''� 3i!. :,1 �..,+ •.f� '!5f"- .tt�•:• ` t� - f t.1" .,, � K . �, , , 2 "1 :.� 't ,, . //>,, :\• ,' ij1' «,.�i `.� • 4 ..x 1.; ,f },- z ,. •f_ v • �- a _ N :<• } / .. fj ; '�'.. ""`t r - ,; .j:4c( '1 . ,.,;.. �';: ,i/ " u a' redesY ne�l:Lbs f1 s.' a zne +ar Tr�rces'introd c�c� ttgQl�s �# .,,...g Jti `y 4?; .,k�>r!t• a „'»X, . \ \ i• =ry. �•':• ( p+lti.+ #i.�•r 1�i �. (\) �':' •C i a. V. - `r .i• - `k `'�t/f�A- •f I;.; t �.' r, ��►.� ,,rr".,4 ` ► , � t �� r, ,: , :./ aizq'',y�•►,�`� de�^� a bio •�' and'ex'edtto�ial�`scp q. Adv�e sib e ue •ii`r� 1,�i ��' 'j �.t :�t�"':r� Y 1 ;Yry ,<.l'}t •i: .� "! "r.Y�. f .�j ,�F�.,_ .�. �� ,�' �, ., ,, J., nr.7," �iL :.. ;�r '♦ 'fir �.. �4 tA, > �.. ;,';` nnh_:�. "'•: .�'.: �,^ �`. \.w d: t,. .� t:/ „ .t . .\••.^ 7-�a ;.r� %•. ic: �Y.:� ,(.,'•;;: r rE(�esx� ed<rria ayy",ne.was:u. /�Y' e�'cp'ri�� n�the�iri� pjn}•��j,�=,after��t�.,4c�eb• �tir�� gn _ r `.'. �',�,J .. �: .?'.. � ,� � 1• 3L t rt:"-,�, .<t'fri' .� LJ.. ' �. •l . '�. �t F .+r ✓, -r�A ) Y , ;> • .art.. 'a -'t , s�: .r• ;• ,.k r �"�✓. - - r •��rt. `C ri ' ;'�. - } < •:( ,*•`• :, � .:e. r. `tr .� :,:• fi�:� <, �n wru. �se a adv 3•ti' er �,�: .:rr`r>ilr,�,-a-;ntr_r_rt.�er;of e n al C � � )y'�'tr t>< r w ,�:'„� � 1 ,5 , '✓,� 'i •5 �, � \> t I.; I) � � , d-- ,� •, , .ls _.-.-. i. p. %, t � � (�it y •�-1a� c .rl l>_. �. .'t r (" \ ♦��: r�- - ri .( i' T'.;'.i. r.F. - ,' r Yv � �. ,I.2 rt.1 .: R.>J J ,.+ j� y...:Y�o �.:✓..• .}'�: `^•r:r .. .y :1�'i 'y�: - \, /�r ♦- ',� • C. � , ; f� )) '-i '}s+.:.. ,w. 1 ,\ �,, 9•y.. < •,�" ,.d , i n,�-,»'7r:..r•F ,. S', :L,'`rk4?+'� � t t •# s^'4., ;\r•T,� <L �`'.t , ��>r. � .' � t } ', •� y"��:Y . { w., �•..: ' / �,: s K:�: ; A't'Nei da :ma ate circtilarion airs, v • ciia N wLY4ick�L r s � �y [FTS �.}��p (� �a•C .i ✓.�> '� " .t 'T'T'l-..�1': : :. . •'.,'%t. .•�:... "✓J� 1,••,,` �,i�1)•'�%S �� ;,w�t•. X+k-`.y. ' t • 3� r'? '+t 1 ,, � ' •.-� r ,,� �i y �: r � �j < _;r.. fJ' J T;' k _� • yt�.? n:i }I, t. t , y jj�� !+. 9 �:fi ,'f. .r .{,,y > _�{�:: r \ r -_1N :,::.'j ' t �• ` r +vO �.,.� yl •^'� TZr ^I - ;� f.'.the�.prOloar}ged: $trxke gat e,,�T� drk"17ailyrNezLs �aa � Y� _� � ') •�: �-� �' � •�',�,' � `', '�= etai ed': after tkie=strike 'vKitli:'c�ail�'/ ciy^culati"nri�f r the. fiat'` �j�th "'uo,d.�ndi�] �••7 ��s•i L rJ•�•�: '�;;t..,l 4k�.�1*: L t• .1{'�' r�,..,,,. /�.T.t _ J•,1. f. 7. Q11�. Lr �"VC�.- �,'.,... r,' �• -.. � t,Y��' - :,, x 'i: ,r... ; ?,,, �. -F- .y1• :J. '- �"' 'r= irk •e..+.. temb�ejr fi' t ew.York� taus �i sin l •'661"$'xxnda ,',:�,.,.tr��'t:1 =.�'' •;•��r., .,, ��,��9� a ,�Y � c�acy. � �a g:�'-. - N: • \ .. , • ' , � t:. r `�''' ' � � ,?S .t '• `�'(/ 6: Jr�*�''S3i✓ � t -.,. �t�;yt` �•+?�r''. ,#C, ./. r ♦: i- ,�-. tY � �Si# a ,,i;l, ,-'S'f. 1J J^�;>'�; ) *� ,i-, '`�'- •r•• ' .- , � �, ,>~ .•« ->.. ei` a �� Alati, u ,i 'i`26 :almos} do� ble :th : cirCu tion, df �'i:N. i, ,. ((�- )i%i, ..•; r c .t,..#//4 'r�::...� Jy�,^� 4'F. a p:, 43! f� .}' . y1 r r�. �. 1,1. .;J �'� ,t ^�. y��. .l �.: ("' z, «'�. '•.l Y j .+ ♦ �j:. ..may. t 1' ('_ � 7', .: ,, `` 4 :'� -a i'tr',i. .a, f\ .•J„�� h: ., ,' Y >ti• � �a'F• -r: ♦,. p ..a+,., r : t t i �• :� 1 ^ y S J:,.1.. /-._ tir.,l -r 3 �', _li b , k•- ft t,�'y'�;. ..�f�, •'f�.,. ':''i. y {{_,. . {!�,.,,. ,,•,: .,• �-... #. ,>~ ;f. l.y:..,w4�i.., otal;d �iIV.�CiGulAtion of:'%6%�:�':makeSj'tL�th��fn{x�r�rki,„y e Q >.t 1 ,,k.•, �,� r'�t i .}'Y.. �-a:t.�'�':. �: T�t,4s • liar . I .J�. �:, � J- �.` - L �i�{� 9: • ";. Vii)• ' Y'A:f. _�.�•^ �Kt :rt.>1•.� / � �t:%�'. ,},.k .F ,., ta/t•..>y• ! '�J.t+\•sr!• Ail> :�f.y.'j, it 'if�'Y�,J•i'f.{;- h•;i ,t- .v• a _n ,?t: . - .:,. 4 y}2 a•.. ., �, s. ^.: n. ..-:�':,a. [ �►:'i!' .. tt K,: r�� •r� - k - `.�'`, ,., t'r / -{,; . <�. � Ir t�'f.. :.:jt �fi.k} `, l>•.,. `J'' r_ :t ,�'�. d�Qry1 1n;:�t�e�cou11♦� ,, A ”. +.1. :, ,.,.• i,q Y''^:a .. ,J.' .hW'c. ,.,, :P. 5-.w. ,'�`... Y: �W.✓.. /•. -✓..': .(, r, � ...j�I.,.•I.¢ _ F, ';:♦. � , �; i '� .1,:,:�>-. L .,�. }, r ,.} : �_`'. t p� % . t�!'i I�y{{ .-�!":.: Vit. � -ys- r.T:,;_�;'. r F . \ ., .Z y v. F `''. i i`i .y t 1. :. i. \ I,s• . r srl:. {. l: , r r - 7! .''-L { .Y. f';'-. 'rt. -# - •r } }r ( j �t .n;-, Jt :( �,\. , ''S `� J "r- .- � .t` <: ,�,, '_: /. :l•.:'+;.•�{; 1... >riraYi"' •?,•.r.3 .:._},., �y :a r <. a:N:Jis... ;a. ,,: :i` <, ,:♦. aJ\. �, l } � t r.� .f'. } t �. iF . �'ti . r ,.,y. 7•%',. ��\,.t f., ; ,/�• ��„t• rJ`.t a, It P -'\�' ;,\ .\ .s �,_' / - t rt - Yl:i .-tt <. ;a` ,. t:� +r'� r: .. ',,'- <r 7/ v • r •.'t;1. f:r �� .�, .J.:--,i.ii?✓,.,., t� 3i':ir I` � •ta/ •.rl�'� '`" -t;. r .t•( -�} ".I r-j,�- h, A r':,a,, 1, •r',1`., j .•a �.. =� , _,- rt.•. / -�. Y ,-A•• � � , �.• .s r > ews scored `several� our-�iallstic��cou P.s:dtir�i �1(� V�ear{i �l�i" .�h��'x�c ,> ► 1. '� :',•r•.ir ,♦-•w. I1, ,'+,.♦. -.,' .c R •�� , `:1 ti• �(�. - -'1.. ♦ ,' ?`P' �.� I. �al..,.,.5^ ��.::.' Y � v `� •v1 '! 37.x'' ;��, ^h;,\ 1 -.�,,. M ,ate J')? i}�'Y ♦ ': :. r ,' .. ,._ •t,. � r,t'h ;. �ruta_Hills'sexual�harassmentach es,a �a�ns�1,jj�jert�,$`u �;Cv�frt�.F-.��,'�'�•,^�1�1y, ,�, .;�• ,;:.'i�if{,C . 4 'r M,. ,/ \.. 1, .. •,Y �. '. ..:,tom � �• -�*� .i j. :1 � -. ,F.. - •,t. ii '. -v } �, r. - ..n. n .. ,I 4t :.1.+•r5;.;�♦�,�1:.�.t --? .">:``r ^*. ,,:awl ,_r '.i :„l.. ,f*, ♦:�,�: . 'y.,. i. .\ ,. .�: ,;1'••r•:.-•.. ,• -� l .7.<4.r ,-Y'. :,"'7a r.a,,.�:•� ..� , " ,: : -�� . �••>� :' r,,, ' lurr '"sts I.i � Smifll�Ga �:�f>�';.^. (.:larel].ce��hom�s. �� ,f. `:.�} ...�<'ttj t.+r;^��.:t M•/t'`..i' r\ `'�4� •rJ.�, .kr j .l.• c't-' L�• �. :;!-" .,rf .y p��.. -�r•., •,9r>!•.r". i�. n., t.,\A t. J" -K� ti ,•±F, a: r.. 4, y, it .' _ .:� r• `�, t of ;,�''S:.� t i.^ .,;�f ..,.��• �^ .rl .� ;',� �; ,; 1 i. r`• Da -'1 1Ve �e'o•>not �l 'd• i Y' '�':. o+ �..1.V`♦ � ;�: for �r�lxsof,,rtl �1�Tew :Yo � _ �. �'�tU :;''�'. : � d : �.,♦ �r �,. i� :F ',.,. 'w �.a �� ;�-'.i. �,•jPr.•(�..� ry �J.:i-••• !i Vii; ��• a r'J •,/. ,�� :.f ;� t:/�.. � '.�. s f �-l. ^it_ .r.y..�5..,..t .a., _,5 r •� t <�'r `J.,.. ., a• / +K y..•>• � 'mss , ,:� ":• L �, ,v .rtt x •t,•. •�., r!�� tj^. .:c i.. i - r c1' �:t., •srJ' >,. i�`'`v ., � ;+: _ . , ` k•t .; r.�; , -.. y� r >, �, staff.- . \ ,'y. c "- .>.,' •✓-' � �:u ,.'� ,t-' Y �-.'l.. .r... :`t; �, -- '� ^,fi`J.. rl. i ..,". fri.A r YY.:./�. it >.1'r.rr `' a, ,.I r< ,:,< 'i' , :� ,r :/'.<"�. J, '�:r`- t.:`�.. V �.'i';.Y°'i:".�.�,,.,({t v.' .'.i,'• i< . a�..��,• "::a �1>r!1 Vii. r-� :i .l,t.1 y. `�,' � _ -�i. .,. Y :,1✓ �t; #- .r a :I�?,�' � .t.,: w,♦,%S �C. f, ;./.1 .t• b' - : \ ' ,ia. A -2 1 ' .> �. Y ' 1 'z �f. _ .-1;.. '.:,',.' ,•��: ♦ '.L. .t ti_�a. };. ->wa' .�a,�,,,, . .'} � Ii"' ,:,j' • .�, t. �. .,, .�•: ; r'1.,'r / y' r::,N . �� -'7l .i ♦:.:<l. i �� *�^', ,.:?µr,, „ -Y - f rt'4T,;/: r. S'r •:.� C ,a. .}: F`\,x �; \� (fit 7 :r. .i/,} + ,J.:�:r .y.y��\j,� ./� .\'• 1 _ Y ;`<..r: a- �.i.y. 2";:r:tt;'�:�.J!e;`?tiJ .,.4 y,J � ,\ ,>�_ .,:,t _ d ,,,tom„•., .bra <. yJ'. .i, i -x;31" ��• _-\", y. � '-% .4. r� (,. .Y -Y .� �:-1 , te�rr^^ y:^. �•'r•. e Balt 'rr'ior ; S e `corM an r > str { rie its` edi . r� rit:and t } ,- . .. � K �.^ \►t. ;• e'.:: � 'i �� < _.� � t: �, Ji 't � c ��, a. tr �A}. i 8. j�j'� ebig�th�e . d t� �� A ::t,`i!r4 _... x-: �'•��- t �r>?-• „ ` ,`..:t AnY'�. J."' •r,'?-`:.'�.� i �,.. ,y ..*Y....,r ;ate„yo'� `��y �l' ,>.. .<• ,\ 'P 1 •t',k '` , Y'',;� .�' a:f -� ft�i r ''4.t y, 'tt t `♦.�1✓� �hs�.� Jl r . `'�. r!'•'R �,: ,i•('� :(..,. i.-. ,.r.t:�.#•-.��r•�. ,rte; ,.::4.•� •I � .+, .r ;•- 1 �r ec�t�ie's t�xts'�:�ditonal`art-and"busi�Ylye's�'staffs' �tbe;rrt�j• f`•it tam nn]�Q�`,t.,,,.;�-'jyT�•t.�•.7'- � �- _ P- ,. �._'I. .,:'•4.' •�t.�"Jt:`- •% �. 'r`/: •;s -t.::f .iY� , 1. ' 't '"� :.�4! J'� f '.�. "<'; _< t �r i X•at ' :'1„t'. d /! 'f:. \• I / / `\..: `."�7'➢ r:i], ,., :;• :, ;,,, ,,; �• 7r � s \ ;,:. �`:.dt �+to"i we�-efficienc arid`e a! i� r�eo e+.o s o ;�Pete =# .7:: �r l � ;y . V - � - -•� tidy �.�xo _ � �,. �a� s � �� : • � �►, _�„ 'b"�” :�' F ,th..YX s., .../.^ :�•t i .r+.r ti \+ - ! i' -�. I ' J. • _ , (i '•ir. , r � �.. � �f,: a+^"{ .r'�' '�� tion.- dun •P,ar�C The; Sunk=n�w� s tellite!•�j.�gdu�t�Qr,�:iac�.iy�.��rtj`��Gv�ncli �` be,.fi�ll�yyr•�t4.� , r .�=r`� r. , r:'✓ \ :.� ✓ rls r`' •� J' A 'k l - � c/••- c°' �F•-,, _� `� � . -{ � �� - t, . r""` -� ( �r ' on eratiorial m the fall"�of. iQy 2 will. he. a'•k f � ctor toward.f�elitatin ov�th, � `� •,;' 1✓✓ fr. 1 'C-•`✓,� .:(- - lJ �4'�`♦} vh' t -t' .;(. lin�suburbt(j�1•j� 'markets... � - rY '; �.1 \ O;� .1 is x .,. µ, �. 1 f•. :y, Jt r! •%' `i•�:. ♦ ?": 1 rl •I-. :' �'I I :.t,s :f y� 1, ty it 7 •t'^!. � ' ,,, i (f-:• / R. '•.2:- r l;,' , .J - .� .'. t:. •:J,- , : 1, I' .YS .-\:. t' )( 'tJ l jN �Ste• �• - -j .-!;`. r:., {: '� ( :, 'ti • c••• zi,•^� r, J J, ^- 'r' a•4 r � , � `>.i ,} � ♦ L ,t l ,1 �?� r M_ .,} '..yr +1 . �J.a ^ty. / ;..i. r� .. r...: '/", \' ( 3 �' ,t.. ,.(.. ♦. .'r' i i. � tom. >#.r.,� ..�. (. /.•: 1` , a%-•`♦ t lE,. •r �,ft• , .., � r.;,: •r� tits ed -to �n s:�a daily --,- �` i-'<„ ,•: � �;; :�, ry .;� .1r7ie'�czrtford fou ants�onirigstra�e ,00r� u �y`�v�,d.�,.�1. .Y 'r /..r.-�.�.1. ... k-`� �tS'�..,1 1\. _:[�°'1't�v.. .i_' �. i`i ,+�,•�_1�^'':1-.:� `;, �`�'� , 4� - ;-/ "�' �'►'' �arid Sutid��.cir�ulatio 'rose"to��roco d:numbers>:. a-er:in `-od��edts�v rel•" Mr.. iy a ;, � . t .! t` � r ��"1'�• r,;/ �. .:/ - -,. "' �,�. r.- •�.- „• �` � t�. �. �F1 � r... +�•+,.�y. , � i. `.-1i� �k. i.�- 1,. .•r�.1 �'�,y � `� y` x t f`ti f �'� � =:� • t♦ z:; .<rec(�Jcli �•'�y'•op•�•rarns'to:reduce exj•��e s.es an[� n'ratect heenviro2imeni tand�r 1 "' �'-,��{-' • Y; • ;•:, .�� -a(e .4 • ,t: •,. N ./, , 1• .,�. .y ,✓ �i);I''L D - ,.-I'.,.�' _'I�ri,. , �rj.e'^',y.\ .>'� � ' �.:.s(A'/ ••}• oP.en d`.two•new,'re�U'Tonal'facilities wbi�'�onsoliclate\its_news;.'c�roulation;and_ �� '` ,., 4�•', _ /f �.�'i I. -i \ � � ''/7 .��.f . ` _. .� . 'a. O:f, ._'�,. �: .'�- .,r. � ,' c--,. .ti �f -♦,1 �:\. ;1� - • f I advertisingp� op rations into singh,offices.,h-SUuthern:C,dneticut, two a.dditibnal .fldi)ocate and Greenwich Time. cdmploted'.i�stallation ot � � t k �•�' ;i:'`� \` � ',� � '�:'=r �� - .-'.H xi 166'o�o£fs�t rens.units. t_o- � rovide`more and�b,'etter'�Qlci� H '.� �� ;�`�;`�� : ;r .•, �5: r. i. , i. .1 t ,.1 , >; ' � , i .. ? ., � � .1 1 c ti. .r' _ -1 t ',3 '1 � / ' I � t' '�. r -} ♦ s:t A I Financial Statemell.,� Newspaper Statistics 12 Responsibility for Financial Information 13 Summary of Selected Consolidated Financial Data and Other Information 14 Five -Year Summary of Business Segment Information 16 Management's Discussion and Analysis 18 Statements of Consolidated Income 23 Consolidated Balance Sheets 24 Statements of Shareholders' Equity 26 Statements of Consolidated Cash Flows 28 Notes to Consolidated Financial Statements 29 Report of Independent Auditors 35 Stock Price and Dividend History 36 Board of Directors 37 Corporate Officers 38 Shareholder Reference Information inside back cover Times Mirror Newspaper Statistics 'Daily circulation for The Hartford Courant, The Advocate and Greenwich Time includes Saturday circulation. All other newspaper circulation is on a five-day basis. "Inches include full and part -run. "'Newsprint consumption in metric tons for the newspaper group totaled 677 ,888 in 1991 and 766,1.}1 in 199o. 1 2 The Baltimore The The Advocate Los Angeles Sun News- The Hartford Morning Greenwich Newspapers Times Newsday papers Courant Call Time Annual Average Daily 1991 1,2o6,396 777,151 383,031 230,587 134,920 43,924 Circulation' (unaudited) 1990 1,224,343 734,257 407,735 229,990 135,370 43,674 change (1.5)% 5.8% (6.1)% 0.3% (0.3)% o.6% Annual Average Sunday 1991 1,561..1.2.1 900,398 .1.88,272 322,2.1.7 183,297 55,539 Circulation (unaudited) 1990 1,549,870 761,873 196,007 317,173 182,911 53,953 change 0.7% 18.2% (1.6)% 1.6% 0.2% 2.9% Advertising Inches" 1991 6,281 2,996 3,1.1..E 1,981 2,493 1,483 (in thousands) 1990 7,36'2 3,556 3,6.19 2,483 2,817 1,697 change (14.7)% (15.7)% (13.8)`% (20.2)% (11.5)% (12.6)% Newsprint Consumption"' 1991 4'o,,18,2 140,049 64,963 35,157 22.336 Metric Tons 1990 477,320 141,224 78,o83 39,668 24.985 4,861 change (14.0)% (o.8)%, (16.8)`% (1 1 .<1)%, (10.6)"/ o.8% 'Daily circulation for The Hartford Courant, The Advocate and Greenwich Time includes Saturday circulation. All other newspaper circulation is on a five-day basis. "Inches include full and part -run. "'Newsprint consumption in metric tons for the newspaper group totaled 677 ,888 in 1991 and 766,1.}1 in 199o. 1 2 Responsibility for antral Information The integrity anti objertiyity of the financial statements appearing in tllis Annual report are the responsibility of' Times Nli1-rol- nlanagelncnt. The statements were pre - ml -cd in accol-danee with generally accepted accounting principles appropriate in the circunlstalices and neces- sarily include amomits based oil nrlllage inent's hest estimates and judgments. The other iillormatloll in tllc atnlual report is consistent with the financial statements. Nlanagenwiit of the company has established and main- tains a system of internal control, which it believes is sl.lf- ficient to provide: reasonable assurance that in all material respects transactions are properly authorized and recorded, financial reporting responsibilities are met. and assets are safeguarded against loss or unauthorized use. hr establishing and maintaining any system of internal control, ludgmew is re (pilred to assess and balance rela- tive costs and expected benefits. The internal control system is augmented by the selection alld training ofd cfualified persomle:l, clearly established and commmii- cate',d accomitilg allel btislness policies, mid all organiza- LN tional structure designed to appropriately divide duties and delegate authority. The system is monitored a by the• compall. 's staff of illtcl-nal auditors, who evaluate• nd report cul the effectiveness of the system to managellie lit. 'i'hc compare\%s independent auditors, Ernst & Young, have audited the financial statements as described in its report on Mage 35. As part of its audit of, the colnpailys flllailcial statenletlts, Erllst & Noting reviews otll- internal accoutltirig controls to the• extent considered necessary ill order to support its opillioll on the financial statements. Ali audit committee of Ilia board of directors, composed solely of outside directors, bas existed since 1971. This committee meets at least semiannually with the com- pan''s management, internal auditors and Ernst & Yount; to consider the discharge of respcnlsibility of each. The mdepetident auditors incl internal auditors have full and free access to the audit committee. Robert F. Erbtiru Chairman of the Board and Chief Executive Officer Curtis A. Hessler Senior Vice President Donald S. Maxwell Vice President, Accounting IS 11 In In ary of SeICCt( consolidated h'iit. ancia. ata and Other Inforrna.tion (ht 1hollsands (I/'►lolhfrs r.rcept per common sh(lrc. .irroaci(d mli(rs oral olhrr) 1 r (,;Ss 198 Operating Results Operating revenues $3,(i 1 a.,o61 $5,620,520 $54, 5.04 t $3.259.372 $3.079.584 Operating profit 314.,860 38.71>461 539 -45 5,}o.927) 577.1 ()6 Interest expense 77,405 17( 7)7() 55.022 57.71 7 52•O31 income beCore income taxes") 165,95'2 307,088 }c)5 5�c, 5 }2,o86 4.95154o Net income(l) 81,()54 180,4.77 297.90- 0:)1,85,} 266,.1.()1 Per Common Share Earnings per shareW $ Ac[ $ 1-too 52.50 $2.58 $2.o6 DIVIdends declared 1.o8 1.08 1.02 -94 .8,}(/ - Dividends paid 1.o8 1.o8 1.00 .92 .82 Financial Information Current assets $ 83(),225 $ 8(io,2o1 $ 825.501; $ 770,718 $ G82,618 Timberlands, less depletion(-) 5,1.,589 Propert�t, plant and equipment -net 1,7o5,87c) 1,6 8,,}Gq l,5_}5.56ct 1,251,33.1. t,o73.955 Total assets 4.,052,224. }, 1 9'2,876 3,c).}-..}86 5,,}75,61 1 3,122,108 Long-term debt (178,351 1,o 8( 8c�2. )1 87(i,c)o,-1. Shareholders' equity 1,884.,008 1,9 17,-,1.17) 1.8--,l -c, 1,686,852 Working capital 174.092 168,29,1. 1 2's. 5 5,� 2 8,581 293.739 Additions to property, plant and eduipmenWO 204490 334.69q 'p9.22- 7)2'2,559 21.5.599 Flnanclal Ratios Current ratio 1.26 1.24 1.1(4 1.63 1.76 Total debt as a % of adjusted capitalization 36.7'% 59.2%) 56.- 34..3"'/<r 37.g`%r Net income as a (Yo Of revenuest't) 3.5 (�o r ov�► C - 1u 8.8% c% 9 3 Return on average shareholders' equitvt.l► 6.6%) 9.5% 16._,''„ 18.6(%) 21.2` 0 Dividend payout as a %) of net 111come(.0 1 10-7'10 7('-9(y()1..}, �„ ,1.0.50, 36.5(YI Other Price range of cornmon stock $3'.2"/11 t0 $7)c),/, to S+5 to $.}OI/t to $521 rV,6 10 251/- 21 1/t 52 )/1 29 7)o V,(i Book value of common stock $14..66 $14..!)2 S 1.1.. 5-; $ 1 5 ► 1 $ i 1.7)1 Number of shareholders at end of year 5,77)(1`) 5.5.1.7 (iii-, 5,4.61 5.327) Number of employees at. end of year 27,752 29,121 2C).06h 27,965 27,915 Number o1 con-m1on shares OLltstanding at end of.year 128, r)1C),0r)rj 128,,}8,1,,160 120.1 }6.?_ 1 28,6o7),51:1. 128,54.!),056 This slalltrtfir.r shoalrl be reo(l ill c'olljolu liolf ovlh Mr e oosolirlfilrvl lio(IIu iol sl(llrofrfNs all! Ilows lhrrelo. u /nc!rule(/iIl rlu Date hr/ore illc'ollrr M.rrs fill/ fir/ iru'o/ue my rfollrectirrin� ,'milts (rhnrl es) os dlon :s (io lho/r.<,; rids). I ,l loss Per share). I9,1'9 -$9,I j6 olid U.233 ($. o; iler shmr, lf(•l of (I oo►Irecllr-rilll; charge): I98S-$iS. S,1'o marl `; v. )6,1 ` ; 1 Ilrl- shrlrr): I9,S- -$/29.2 nerd SOj.,1•o1) ($.12 loss per slforr): ry,1'6-$222.1jo fitul $I-o.o,S- ($1.;2 /rersllrar): IyRj-$41.113 (lord $19.i;IS.I „r silos•. Irrl I#'(1 llollrrcll(hurt"r): 104 -$;1,h 1 y olid $2n.')4IV ($. 1 i Ilrr shun''): i9"5; - $; 1.,So2 (nu/ ,`):20.129 G$. 1 j Ilex shro0e1: 19,52 -$2 j. ; - (Intl .4a { ($. I ; Ilrr .sh(rrr). rr .Inv-litwl►: '-I.'I rnolnlls ol. 1!,191. 1')')o. 1 g,S,) mul I O S,1' (fir i0chulr(I i0 "Ol11rr ussels'' 1' F,.rc lwh,s cai)ilal assns ac•(Iclirecl ill hrlsirlrss corvlbirlaliolls (wrolmlerl /rrr rrs I111r('llnses. gar E.1•c'hl(des riot l re(•ll rritig pa111.0 I'll 19X9• 19,S,S. 19,50. 19,ti•5. 104. 198; (l/l(l 102. (111(1 111011-11 llti ('ll(1I+!;rs !tl 19'// :'lr/ 19,S7. 0 77m Timms Allo -or Coinpnnt ki�linr . iq,SG I',Ss 104 r')Sj IgS2 1•-�+ $ 2,920,310 $ 2,94.fi,710 $ 2,771,320 $ 2,478,.535 $ 2,200,300 $ 2,13o.-3() 517,82.} 478.403 420,820 .572,615 276,o5o 505-59-5 50,742 58,04.8 54.,395 �} ,232 51,750 48.5• , 680,232 4.fi1 . }G8 398,0,}4. 360,185 24.9,59,8 2 )6.4, t 408,085 257.127 252,705 100,580 1.'i0,874 150.5 �' $3.16 $1.75 $1.69 $1.45 $1.03 $1.10 .767)/.t .69 ,t .62 .52'/s .5o .44!�L •75 .68 .6o .50 .5o •45 659,082 $ 644,730 $ 628,007 500,174 571,607 $ 555.55' 1 t o,o 16 1 17,139 15 5,2 10 1-)2,724 13o,66:} 1 15.gq,� 1,o 10,917 1,31 1.681 1,24.2,964. 1,109,727 914,813 796-p-) 8 2,929,081 2.7oo,678 2,555,420 2,384,531 2,135,504• 1,917-212 83;x,7 t 2 721, t o5 446,3c)6 513,4. i c) 5q.1,13(1 478.2-5 1,300,169 974,415 l,271 671 1,120,389 988,260 915.2n> 200,2136,626 1 12,637 1 13,812 208,431 226.,S45 230,511 245.435 242,133 228,004 211.828 188.6g6 1.44. 1.01 1.22 1.24 1.57 1 A)q 40.9`% 49.0% 31.5% 34.5% 35.8% 3 ,.5OC 8.1 % 7.4.% 7.5`% 7.2`%. 5.5% 20.9%, 19.4% 17.70/() 17-0(y') 12.9% 4o.6% 42.2% 38.9% 38.2% 55.8% $36'-,/.s to $29'/s to $22-5/,6 to $22 to $17'/H to $145/` to 25'/.c 19 14'/,i 145/-t 8718 91; If, $10.09 $7.56 $9.25 $8.16 $7.23 $6.-0 5,38o 5,4.02 51131 4,819 5,1.33 5.4;0 27,04.1 30,585 30,072 28,174 27,319 27.il1() 128,809,254 128,865.552 137,4,}5,3o6 137,333,352 136,683,,:} 1,2 1 36,569.2-)4 F Yc a Suinina1,Y Business Scgm.en Irr%< atio►r. ...rnrls of ,Nccc,J 1991 ; 94)n 19h'9 I')SS I gs Tot (.. Rc vc cues Ncx spaher Publishing1.!)77,82() $2,()65,95!) $2,o65,800 � � ,c)c)7,(ictz $ Bcci;. �Ia�azirnand OtherPublisllillg 1,1:1-3,788 1,()7(),()'77 !)60,206 85 7.89 1 648,3�)0 "[clrxisiou (.071,7()',1. 571,27' 3.52,,1.50 282,6()'2 239,82_> Bi- adcast Television 911.71()l 10.1.,5.1.1 102,79() 99,045 1 10.05 1 G-:-,lorate and Other !1,63.1. 21,701 56,,1.87 99,51 7 149,976 Cc'..solidated total revenues 3,6,25,197 3,634,151 3,517,913 3,336,807 3.1 44.089 In-.-i-segment _ revenues (l ,054) (9�t0) (,1.'201 (4, 1 7O) (1,744) Cc,_.solidatecl revenues from -.;tlaffiliated customers $3.62,1.,143 $3,673,21 1 $5,517,}.93 $7,73z,G28 $5.142.),t5 OPc-r..ti,1ti Pr�/ic \,-..-shaper Publishing $ 92,563 $ 1 7o,3:t4 $ 3()9,85() $ 312,393 $ 577,88c1 Bo,,'K. Magazine and Other Publishing 185,688 15 7,9 41.7 143,656 137)136 1 1 1 9,48 5 C,; -:,le Televisioll 75,106 70,94.4 58,131 43,525 28,759 Bn,adcast Televisioll 22,o68 37,304 40,924 42,250 5 ,355 Cc:-norate and Other (60,565) (�t9�O75) (13,106) !1,41,1. (7,279) C.--_lsolidated operating profit 31q.,86o .585.464 539.455 540,923 577096 In—rest expense (77,1.05) (76,3761 (55.022) (57717) (52,631) \c-:.reciu•ring gains (charges) (71,503) y.156 58,880 (29,2z5) Con—zolidated income before income taxes $ 165,!)52 $ 307,088 $ 49,589 $ 542.o86 $ 495,540 fir Tirrn'.c Jlrrror C�rrrrlrnrrl• rrr►rl snbsirlror•rr•s ►y'I► ►rl'/rr ►y1y ►9�1 ry�� Idc;:.-:tcahle Assets wspaper Publisli, $2,09,08 $2 , 89,627 0 ,, $..}52,7�zN B-ok. NlawineinclOtherPublishin i,o67,91.5 ►,10,J.,0 1,062,741 967,902 -67,073 C ble Telex-] sioll ()121,368 67)6.,t8g 616,759 512,953 t88,1 19 E_-.�acica<t Telex-ision 120161.9 1 24,597 125,406 1 13,6 i,}. 1 1713 7 4 C , porate and Other 339,590 378,984 341,074 321,597 413,177 1=_:rninatiolls (► 16,366) (8,},898) (92,101) (70,827) (96.587) C -,nsolidated $1.,052,22,1. $,},192,876 $3,9471,1.86 $3,475,61 1 $5.1 22.1 08 Dc;- -- dation. Amortization. and Depletion N- spaper Publishing, $ 1 i o,9,1.6 $ 1 oo,L58 $ 82,"34. $ 73,015 $ 75,108 F, -,)k. Nlatiazine and Other Ptiblisllinr; 56 296 6()1,1.31 64.765 56,323 28,('J7;1 C. iblc 'ri lei inion 76,,19961 ,gc)1 5.1,143 40,634 1-;.-,)acicast Teles inion 5,743 5,260 4 612 1.,424 4,174 C q)orate and Other 2,664 2,588 7,616 9,620 9,610 C ;n�olidated 2" 2 1 8 $ �� , 4 2c 1 78 $ 15, 1 $ 22 1 .2 1 8 $ 197,525 $ 165,400 Co. -Ital Expenditures \,«-spaper Publishing; $ 1 191963 $ 231,493 $ 312,473 $ 229,105 $ 166,506 F,-.ok. NIa,,azine and Other Publishing; 20,466 28,824 29.190 20,166 10,431 C .ible Television 60,426 66,641 70,590 68,298 62,916 B_-oadcast Telex-isioll 5,11.1 6,803 6,189 3,673 3.775 C ',rporaie incl Other 494 938 785 1,755 2.846 C -)nsolid ited $ 204,1.90 $ 31,t,699 $ 419,227 $ 522.997 $ 246,:17,t Management's Disc i.on. and Analysis of F ncial Condi `ion and Results of Operations Sigr►i ficr►►►t Events an(I T revels 'rimes Mirror's 1 gg I revenues declined less than l per- cent from 1990 but operating profit fell by 18 percent as the nationwide weakness in demand for advertising prevailed for the entire. year. I'Vlost of the companys lion - advertising -dependent operations, however, posted year- to-year improvements in operating profit. Although the company benefited from cost control measures previously implemented, 1 gg 1 earnings were reduced $42.3 million by expenses for voluntary early retirement anti voluntary severance programs at the Los Angeles Times and Baltimore Sun and other cost control programs. The year's results also included the effects of a $65 milhon charge to writedown the note and other assets outstand- ing from the 1987 sale of The Denver Post. Asset sales had little impact on 1991 results as gains from sales of cable television assets offset all but $6.5 million of the loss from the sale of Broadcasting .Publications, Lic. Although the company cannot predict when the demand for advertising will improve, the cost reduction efforts taken in 199 1 and those implemented in 1989 and 1 ggo position its businesses to benefit from future upswings in advertising revenues and an improved economy. Further opportunities to permanently reduce the cost base in all business segments continue to be of primary importance to the company. Results of Operations -1991 Compared with i 99 Consolidated revenues fell slightly to $3.62 billion in r gg 1 from the record $3.63 billion reported in 1 ggo. Pretax income of $166.o million, which was 1.6 percent below the prior year was adversely at'lleded by $ i 13.8 mil- lion (53 cents per share) in one-time charges, including a writedown of The Denver Post note and other assets, expenses recorded for voluntary early retirement, volun- tary severance and other cost couh-ol prograrns, and a loss frolll the sides of assets. Net income of $82.0 rrlillion, or 6..j cents per share, was substantially lower than the d. M'I i—S Operating Revenues 3.•nr ..%I W—) $ ► 80.5 nlilliorl, or $ 1 -to per share, reported ill principally becallse of the alOrerncrltiolled charges. The effective tax rate for 191)1 rose to =,).6 per- cent from 41.2 percent in 1 o9o. The higher ta-x -ate is primarily the result of state taxes and"pernlane..- Mate and federal tax differences related to the :iuctible amortization of goodwill and other intangibles ••0hich cause it higher effective tax rata when operatM1 [ncollle (reclines. Foreign tales also increased in 1 ctg 1. Times Mirror's operating profit of $514.9 rllilhc_1 was clown 18 percent from the prior rear, affected 1—lllarily by very soft demand for advertising. in the \eNt;)aper Publishing group, operating profit of $92.6 n1iL_on dropped 46 percent between years as the contir•.ied weakness in full -run advertising was only partially offset by cost containment measures and lower newsh--tit costs. in addition, this group's profits ware rlegativelY itfected by the preN iously mentioned charges for early re-�I-ellent and voluntary severance. programs. Broadcast TAevision group operating profit of $22.1 million fell 54 }Irceut from the prior year primarily as a result of loxve- advertis- ing revenues. An increase in birS1C Subscribers :_Aped Cable Television's operating profit rise 6 percern above 199o. Despite advertising -related declines int maga- zine operations, the Book, Magazine and Other _Pub- lishing group's operating profit jumped 18 perc;-tit to $ 185.7 million primarily on the strength of its I,gal and flight information publishing operations and lov er costs attributable to improved cost controls. The operating defi- cit In the Corporate aii(I Other group incre ase(i :)y $ 1 1.5 million to $6o.6 million when compared to 1 qc, reflect- ing higher employee benefit expeuses and the virtual cessation of timber operations. Tikes Mirror's interest expeuse of $77.4 millio:com- pared with $76.4 million recorded last year. De�i)ite lower average debt outstanding and lower- illtere�zt rates d1il-Illg 1991, interest expense was nearly even •.•.ith 1990 because of a $,t.3 million decline ill capitalize(; merest. Fourth Quarter— ► 99 ► Compared i, 990 Times Mirror's fourth-quarter consolidated revenues of $q- ).8 rtrilliorl were , percent Higher than the prior -year quarter. Operating profit, however, declined i,,I. percent to million while' pretax income fall ()d percent to $6 r o.000. The company recorded a net loss of $1 -,).o mil- lion. or ro cents per share, compared with net Income of $.I.5.6 million. or ,75 cents per share, in the prior year. Frnn th-quarter 199 r pretax results were reduced $ r o6. r million, or 52 cents per share, on the writedown of The Denver Post note and other assets and the previously inerl- lioned cost reduction programs. Excluding these itc:rns, net income would have increased 18 percent to $53.6 million. or .t.z cents per share, for the quarter. The com- panvs fourth-quarter tax provision of $15.6 million results primarily from fourth quarter items which significantly increased the conipanv's effective tax rate for the year, requiring an additional tax provision irr the fourth quarter. Fourth-quarter Newspaper Publishing grollp revenues fell 5 percent between years and operating prolit declined by ^5 percent. Excluding expenses for the cost reduction pro ;rams, operating profit would have: been $,}8.9 mil- lion. a 52 percent improvement over the prior -year Fourth quarter. 'Fire Book. 'Magazine and Other Publishing group reported higher revenues compared to last year's fourth quarter mainly on improved professional publish- illg Sales levels. Cable Television operations reported improved revenue from continued basic subscriber growth, although operating profit declined because of increased operating, expenses. In the Broadcast Television ;roup. results continued to be adversely affected by weakness in demand for advertising. The Corporate and Other group's operating deficit. dropped 26 percent on the absence of one-time lease costs recorded in ic)c)o's Fourth quarter. Share of Revemir•s br Business Segnirrrr Res►clts of ()perrlttom ,yo Compared ivith 1989 Consolidated I q()o revenues of $5.67, billion rose 5 per- cent from 1 c)8ct, but operating profit of $x,83.5 million was clown 20 percent anti pretax income fell 7,(l pe'rce'nt to 507-1 million. Net income was $ 180.5 million. or $ 1_14) per shard, while $208.0 million. or $2.50 per shard, was earned In Ic)8c). Earnings per share in 1989 included a net gain of 5 cents from asset sales. Softness iu demand for newspaper. broadcast television and magazine advertising adversely affected operating profit thrcnlghoul i c)qo. The Los AngrIes Times and Ale►►esdcI*V also experienced significant increases in circula- tion levels which led to higher operating costs. Lower interest income and increased workers' compensation expense resulted in an increased deficit in the Corporate and Other segment. in the Book, Magazine and Other Publishing group, profit increases in the professional publishing companies surpassed the declines recorded in the consumer publishing operations. At Cable Television. sustained basic subscriber growth and the absence of one-time charges recorded in 1989's fourth quarter caused operating profit to grow zz percent. The company's interest expense in 1990 of $76.4 million increased $s 1-4 million above 1989, primarily on higher average debt levels. In addition, interest capitalized for major construction activities in lggo of $1 7.8 million decreased by $4.6 million. The I'Moxving sections discuss the revenues and operating profits of the compalw's principal lines of business. /Veivspaper Prcblishing Newspaper Publishing group r ()q r revenues were $ r .q- billirnn. 5 percent below Ict()o. Declines in full -run adver- tising volume, particularly classified, were reported by all newspapers and accounted for most of the revenue shortfall. Only Ale►vsdgy showedhigherrevenues year - Over -veal, as increased circulation revenues exceeded the advertising revenue shor•tl'all. ZE The g-roup's operating profit J :[6 , Ilt betweell years to $02.6 1111111011, pl•irnarily d:: to lowcr advertising rev(-- Ilues. Excluding the cost red:� tion charges, operating profit would have beers Si 52.-, million, down 22 percent froth the prior y, earOperatin_ expenses, excluding these charges. Wer(• reduced b\- 5 P recut, reflecting strong cost control progra ills in place at em -h newspaper. In addition. the group benefited From lo\\,': nc\vsprint expense as a result of, the advertising, voi.,:ne declilles arld lower newsprint prices. Th )perating Ilrolit margin declined to 4.7 percent 1:01111),I-Cd:to (.2 percent rcalir( d Ili the prioryear. Excluding 1--x cost reduction charges, the operating profit mal -min ir, 1c)9t would have heel) 6.7 percent. illi I99o, NewspaperPgroup reveesof $2.07 billion were flat between yearn while operating profit of $170.5 Million fell 45 percm:. The Eastern newspapers' deterioration resulted primari:v from advertising revenue declilles. Neivs(la,y incurred ai:clitiollal costs sterlullirlg fl•olll the significant circulilt ic:I -aills that New )ol•k Netvtiday realized during an c.:lgoing strike that. began Ill October 1990 at the rival Ne\v York Daily News. The Los .41-1 eles Times' profit x\ -a; adversely affected by lower advertising voluine and highs - newsprint and distribution costs related to expanded cin--tilation levels, product enhancement and promotloll _Vogran-is, and depreciation and property taxes on new lities. Presentees below is a Compal .-011 of Newspaper Publish- illg revenues by categorx- (111 :::llllons): _11 1990 19119 Advertising �1.;::.— $1,6r)2—t $1,677.4 Circulation 382.7 36o.2 Other i0.9 28.� $2.o66.o $2.o6ri•9 Book, Nlagazine and Other P«blishtng Group revenues of $1. 1 billio climbed 7 percent above I99o. Revenues in the profes-,-)nal publishing group increased 12 percent clue to �:: oug performances by the legal a1Kl flight informati011 ;l)ilshltlg companies incl higher sales levels at other ol,,-:-atious. In the consumer lin Aldlimes Operating Profit lin. !flxdlnm) publishing conlpani. ,Wever, the c•ontinlled weakness Ill denlarld for Ilm-nI inc' advertising Iccl 10 a 7 percent reduction ill rcvcnucs. The proli;'ssioual publishing companies' operating profit improved 17 percent 011 the high"- revenue. Inc•spite the lower ildv('1'tlslllg 1•('vellm'., tllc illa-ilzille and other- (•Oi)- sumer publishing cxnnpailles operating results improved by I. percent froth i ()90 rellecting the benefits froul cost conlrol pr•ogranls, lover anlrn•tizatloll of intangibles. and the absence of, operating losses at Broadcasting Pub- hcations, Inc. which was sold in May 1901. In 199o, group revenues inlprovecl I I percent over 1 o8q to $1.07 billion. Sarong book sales at the professional publishing and art book companies and increased magazine subscription revenues more than offset lower magazine advertising revenues. Operating profit of the Book. Magazille and 011ier• Pub- lishing segment ()1'$] 57-9 million increased I o percent M 19go. Ili the professional publishing operations, improved operating profit was primarily the result of higher reve- nues and cost containn-1ent efforts. The consumer pub- lishing operations, however, had lower profits clue to softness in advertising demand and higher costs to main- tain circulation levels at the magazines. The table: below summarizes Book, Magazine and Other Pubhshiug revenues ill millions): 1991 1990 19,09 Professional Publishing $ 8',1.1 $ 757-5 $65.1.4 Consumer Publishing 21)2.7 51 5-11 jorj.q $1.n -7o.-7 $o6o.j Cable Television Cable Television 1991 revenues grew 9 percent between years to $403.8 million reflecting continued increases in basic subscriber levels and improved pricing. At the end of 199 1., basic subscribers, using the industry -standard basis of equivalent billing units, increased to 111 15,000 from 1,078,000 in 19go. Consistent with national trends, pay subscribers fell 5 percent to 671,000. Cable Television's operating profit 61 11 million advanced 6 percent over the $70.9 million recorded in 1 ,)go primarily on the higher basic subscriber revenues. The 199 1 operating profit margin. hoxvever, declined slightly to 18.6 percent versus the prior rear's 1 g. 1 per- 'A.Ilt due to increased marketing, depreciation and pro- �l•amilllllg rights expenses, and customer service costs. Cable Television 1990 revenues rose 1.2 percent over 1989 levels to $371.3 million, primarily from continued basic subscriber growth and improved pricing. Operating profit advanced 22 percent to $70.9 million in lggo on the higher revenues and the absence of one -acne charges recorded in 1989 for a lawsuit and higher property taxes. Tile table below sunlmarizes Cable Television revenues (in millions): 1991 1990 1959 Cable T•levis101) `;- t .; ;i2 ri Broadcast Television Broadcast Television 1991 revenues of ",94.2 million fell I o percent from year-earlier levels as national advertising dernand was lower at most stations. The group's operating profit declined percent to $22.1 million largely clue to the lower revenues. The group's operating profit margin of 23.4 percent %vas sharply lower than the 31.9 percent recorded in I ggo. Broadcast Television revenues in 1990 of $104.5 million were 2 percent above the prior year as ,:reproved national advertising revenues more than offset lc ger local adver- tising revenues. The group's operating :-,rofit of $73.3 million was off 19 percent between i gco and 1989, reflecting higher costs related to prograiilming at each of the stations. The table below summarizes Broadcas, Television reve- nues (in millions): 1�roadcast Television 1 99 1 t rl yu Share of Operating Profit by Business=.mc ln Ih.nr.nrr/a njdr,//.rr.l Newspaper Publishing -5", $ 92,563 Book, Magazine and Other Publishing 4.)% $ 185,688 cable're•levisiou _ $ ?5,Iufi Broadrast'i'ch•vision "o $ 22,o68 Corporate and Other — $ (60,565) 21 Corporate and Other The Corporate and Other segment's loss of $6o.6 million was 23 percent higher than the deficit recorded In 19go. primarily because of increased employee benefits expenses and the planned, cessation of timber sales activ- ity. 'Fhe companys timber holdings were substantially liq- uidated by the third quarter of I ggo. The Corporate and Other segment's I g90 operating defi- cit of $,iq.1 million compared with a $13.1 illllllon loss in 1989. Lower interest income and increased workers' com- pensation expense accounted for most of the difference between years. Liquiclity and Capital Resources Total debt at Decc.nlber 31, 1 991 of $1.09 billion was $14.7.8 million less than the year-end 1990 level of $1 -24 billion, lowering the debt -to -adjusted -capitalization ratio to 36.7 percent from 39.2 percent. Working capital Of $174..2 million increased by $5.9 million from the December 31, 1990 level. The slight increase results from a $54 million decline in current maturities of long-term debt which was largely offset by better management of account.-, receivable and accounts payable. The company's cash requirements are funded primarily by its operating activities. If additional funds are needed, the company obtains external financing, primarily through the issuance of commercial paper or fixed-rate debt. The commercial paper program is supported by unsecured long-term revolving bank lines of credit with commitments at December 31, 1991 totaling $300 million. The company may issue tap to $1 oo million of additional debt securities under a shelf registration statement filed with the Securities and Exchange Com- mission in February 1991. The companys senior debt is rated AA- by Standard & Poor's Corporation, A + by Duff & Phelps and A I by Moody's Investors Service, inc. Its connnercial paper is rated AI + by Standard & Poor's and P1 ley Mood' . These ratings may be changed or withdrawn at any time. DIII-ing 1991 the collyany general, t.o.6 niillicln in net cash frons its operations. Coniparecl with $4o6.9 mil- lion in 19go. Althoiigh net income droliped between Years, tighter control over certain %vorknig capital accounts and higher non -crash charges included therein, more than offset the earnings decline. Net cash used in investing activities during 1991 was $167.2 nlillion, compared with $1.01.2 million for the sante period in 1 99o. The i 9d i activities included pro- ceeds iron, the sales of assets of $66.3 million and a cash outflow of $217.0 nlillion for capital expenditures while activities in the prior Year included all outflow of $334.5 nlillion for capital expenditures and $79.3 million for acquisitions. Spending on capital projects in 1992 is expected to be slightly more than in 1991. Financing activities during 1991, primarily a net repay- ment of debt, contributed to a net casl-1 outflow of $276.o million compared Nvith $6.9 million used (hiring, 19go. The company issued S 1 oo million of 1 o -year, 8 71,, per- cent notes and $too million of nledit.un-term notes dur- ing 1991. The proceeds from debt offerings and other cash were used to reduce commercial paper borrowings and retire other maturing indebtedness. During 1991 the company paid $1,8.8 million in dividends to its shareholders, matching the dividend payments of 199o. Future Accounting Requirements The Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 1 og, "Accounting for Income Taxes" (SFAS log) in February 1992. SFAS 1o9 must be adopted no later than January 1, 1993. The company has not determined whether it will adopt SFAS i og earlier than 1993 or whether it will re- state prior -year financial statements. The adoption of SFAS 109 is not expected to have an adverse effect on the financial position of the company. .Share of Capital Expenditures hr Business Segment Newspaper Publishing5p'Y $ e 19.963 Book. N119azine and Other Publishing to% $ s0.466 Cable'li•h s i.ion 5W% $ 64),426 Broad, a.t Telm i.m,, 1%, $ i, t •11 Corporatrand Other 21 — $ 494 The UAS13 s Stalenic. financial Accounting Standards No. 1o6, "Employers accounting for Postretirement. Ben- efits Other'I'han Pensions" (Si''AS io6) must be adopted no .later than January j, 199-, . Postretirement costs are currently recognized as they are paid while SFAS i o6 requires that the actuarially estimated costs of postretire- lnent benefits be accrued by the time in employee is eligible to retire. Based on current plan provisions, the accumulated postretirement benefit obligation (AP130) as of January 1, 1092 is approxinlately $190 nldilon. 'Clic conlpan>y is currently reviewing its retiree medical ben- efits and, accordingly, the AP130 at the date of adoption may he lower than tile current estimate. In addition, the AP130 can be significantly affected by changes in actu- arial assumptions. The company expects that the AP130 will be recognized in the year of adoption as a cumulative effect of a change in accounting principle. Preliminary estimates indicate that annual postretirement expense under current plan benefit formulas is expected to be $3o million, which is significantly above the approxi- mately $5 million of expense recognized on the pay -as - You -go basis. 'Che company has not determined whether it will adopt SFAS 1 o6 earlier than 1993. Inflation's Impact The net effect of inflation on operations has not been material in the last few vears because of a relatively low rate of inflation during this period and because of efforts by the company to lessen the effect of rising costs through a strategy of improving productivity, controlling costs and, where competitive conditions permit, increas- ing selling prices. S t a t e r7l c 11 t ti Of C 0 11 Sc c( o It'd 1 1"l come Times Arror C/,mpor/) and Subsifhar' �r'I!!' 1;Ir11er1 1%I'r'r'Irl1)r'l j / (to thou o ids of rinllrrrs e.rcept per shore o'n000fs) 19,11 I q90 / r1,Cq RCLYC t tes Operatin re�enlles $-),61.}.0(11 $5,620,520 $5,475,041 Other incrnne 1 o.o82 1 2,60 1 It.2,452 0.62,1.. l , `1 36-)'),2 1 1 .5.517,.1'03 Costs and E.rpenses Cost of sale: 1,9�) 1.382 21000,5.}7 1.868,2 78 Selling, general and administrative expenses 11-j174)o1 1,'2,1.0,200 1.109,76o Interest expense 77,405 76,')76 55,022 ),586,688 5,326,1 25 5.o57,o6() Income before nonrecurring gains (charges) and income taxes 237.455 307,088 484,433 Nonrecurring gains (charges) (7 •5o')) 0,156 Inconi, tit-rore Income'razes 161-51952 507,088 .}0.7,58o It won)e Taxes 85,008 126,61 1 1 05,6o2 Net Income ' $ 81,05,t' $ 180,,1.77 $ 207,087 Earnings per share $.6.t $1 ..}o $2.30 See roles to r orrsolirluh rl �rlrrru iol slrlterrlerlJs 2) Consolidated Bcia l Sheets ASSC/S (lrr thorrstrndc (?f dollwN) lAv'r nrl�rr j r r q9 r r yqn Cttrreltt flssets Cash and cash equjvaient� $ 7),t, 102 $ 36,678 Accounts receivable, less SIL -A%ances for doubtful accounts and returns (1991 —$57,773 1990 ``54-57, 543,759 565, 1.45 Inventories 151,941 152,297 Prepaid and other 109,x{.'2 1 106,081 Total current assets 839,223 86o,201 Property; Plant. and EquI'PMCt--.: Builclirlgs598,663 572,266 Machinery and equipment 1,984,96.E 1,871,949 2,583,627 2,444,215 Less allowances for deprec.=.-Ion and amortization 977,5o8 851,296 1,6o6,1 19 1,592,919 Land 99,76o 105,530 1,705,879 1,698,46g Other Assets Goodwill 837,390 912,66o Other intangibles 28o,242 2841309 Other assets 389,490 437,237 1,507,122 1,634.206 $4,052,224 $4,192,876 See trntcs to consolitiotctlfilrurrr .:r etc - r ;tx Liabilities anti Shareholders' Equitl. (1)1 r/musO►I(t.s ,)r(t6tt(!rs) Ar Times Mirror C mrp(I►n• Writ! Suhsi(ti(lries I fjq 1 199O Current Liabilities Accounts payable $ 397,079 $ 3C8,535 Employees' coinpensation 101,250 94,'>65 Income taxes 558 9,740 Other accrued liabilities 17,516 Dividends payable 34,700 34,691 Current portion of long; -term deb-' 11-51104 167,050 Total current liabilities 665,o31 691,907 Long -Term Debt 978,351 1,o68,202 Other Liabilities and Deferrals Unearned illcon (I 144,244 132,778 Deferred income taxes 256,369 26y,o38 Other liabilities 1241221 1 13,538 524,834 515,354 Shareholders' Equity Series A common stock 95,o67 93,497 Series C common stock, comertib:e34,797 36,332 Additional paid -in capital 157,553 150,942 Retained earninbs 1,722,734 1,779,685 27010,151 2,o6o,456 Less treasury stock, at cost 6 1 ,543 61,543 1,948,6o8 1,998,913 Less maranteed bank loans of Er.:ployee Stock Ownership Plan 64,600 81,500 1,884,008 1,917,413 $4,052,224 $4,192.876 I') Statentc/tls of Shari Jdcrs' Equity - I Orl !h(111.Crlrlllc of dollrlrs I171!llber 1lr.\h!I! Three ,mire 11wrc t•.lulert threrllher ; f. 1Y91 Commot? tock tieril'.s C tihm-es Alllomil Balance at . mumry 1. 1()!5!> 8G.1 8-..1.82 $86.-.)- 1. 2..x.16.032 Conversion of Series C common stork to Series A common stock(507,%125 3,808 (7),897,52rj� (3,8(8) Transactions related to executive stock option and restricted stock plans ,338,1,}.3 5 8 85,518 86 Repurchases of common stock (80"too) Dividends on common stock Net 111collle Repayment of guaranteed bank loans of Einployee Stock Ownership Plan Translation losses Balance at December it, 1989 90,5zt2,550 9l . 1 -3 38,60,�,225 38,604 Conversion of Series C conunrnl stock to Series A. common stock 2,3oG,,}:�.0 2,3o6 (2,3oG,��°) (2,3o6) Transactions related to executive stock option and restricted stock plans 18,577) 18 71:},021 34 Repurcllilses of Con -1111011 stock (715,200) Dividends on colnlllon stock Net income Repayment of guaranteed bank loans of Employee Stock Ownership Plan Translation gains and other Balance at December 31, 1990 92,152,363 93,497 36,331,8o6 36,332 Conversion of Series C common stock to Series A cornmon stock l . J5o,166 ],:550 (j,5! -,o, 166) (1,550) Transactions related to executive stock option and restricted stock plans 19,931 20 1,1,9J5 15 DiVidends on colllm.on stock Net iticome Repayment of guaranteed bank loans of Employee Stock Ownership Plan Translation gains and other Balance at December 31, 1991 93,722,46o $95.o()-7 3,1"•7, 96-59.--) $54,797 See llolec to (nn.coti(/n/ert �llvlru'iul %hNi'molls Thr Times ;Mirror (mtilmit. ruul Sr tit's Addiliorurl 7rrosort .Murk Pnid-1f) Relrei,ual (IpIud Emwitrg;.. ,tihm-<•s ;)nmrrrrl Other Total $126,88,1 $1,575,126 5.1.9,.1.75 $(3.},�I.1 1) $0 oq,900) $1,686.852 14,o69 14,693 80"too (2,800) (2,800) (131,863) (131,863) 297,987 297,987 13,400 13,z}oo (1,099) (1,099) 140,953 1,740,1 �� 1 G29.875 ( 37,2 ► 1) (9G,5oo) 1,877170 9,989 10,041 715,200 (211.,332) (24,332) (138,600) (138,600) 18o,477 18o,477 157000 151000 (2,343) (2,343) 150,942 17779,685 1,345,075 (61,543) (81,500) 1,917,413 6,61 1 6,646 0 38,8o 1) 0 38,8o i) 81,954 81 ,954 16,9oo 16,goo (104) (1 04) $157,5.53 $1.722,734 1,3451077 $(6i,543) $(6.1.,600) $1,884,008 2 State 171 (' 11 1. S of C o 17 S G cit e d C a S l i Flows ''imrs /Mirror (urnpnn1- rrrrrl Srrhsirlirrrirs (lrr thr>rrsmrrls of (Grllars) )1wr r 99 r Emled Derrnrher ; r r yr7o r 9s) Cash Floivs from Operaling Acliviti-Vs Net income $ 81,954 $180,477 $297,987 Adjustlllents to reconcile net income to net cash provide(] operating activities: Items included in net income not affecting cash: Depreciation and amortization 252,148 245,1-,)8 22 112 18 Pro-6sion for losses on accounts receivable 47,032 45,115 3,t, 18 7 Provision (benefit) for noncurrent deferred income t t:, (12,669) 18,9 17 13,547 Nonrecurring (gains) charges 71,503 (9,156) Other, net (9,204) (15,669) (59,399) Changes in working capital accounts: Trade accounts receivable (29,2 18) (,1.2,819) (7.3,63`)) Inventories 674 (18,885) 1,j.,86,t 'Trade accounts payable 40,66zl. 1,51781 21,717 Income taxes payable (5,057) (13,29x) (21.084) Other prepayments and accruals, net 2,765 (7,H 17) 5, 157 Net cash provided by operating activities 440,592 to6,o,to 445,383 Cash Flows from Investing Activities Proceeds from sales of operating assets 66,269 9, 1 31 1 5,51.2 Acquisitions, net of cash acquired (18,556) (79,272) (1 19, 141 ) Capital expenditures (216,999) (334,49.3) (416,074) Other investing activities, net 2,061 3,443 (5,109) Net cash used in investing activities (167,225) (401,191) (.524,812) Cash Flows from Financing Activities Proceeds from issuance of debt 206,994. 327,179 717,081 Repayment of debt (333,891) (166,004) (106, 371) Repayment of bank loans of Employee Stock Ownership Mall (i. 6,9oo) (15,000) (13,400) Common stock Issuance related to stock Options and awa-is 6,646 i 0,041 14,693 Repurchases of con -inion stock (24,3%)2) (2,800) Dividends paid (138,792) (178,779) (129.14.t) Net cash provided by (lased 111) financing activities (275,943) (6). 8o5) 80,099 Increase (decrease) in cash and cash equivalents (2,576) (1,1,1.6) 670 Cash and cash equivalents at beginning of year 7)6,678 .77,82,1. 37,154 Cash and cash equivalents at end of year $ 34,102 $ 36,678 $ 57.824 Cash paid during the year for: Interest (net of amount capitalized) $ 775,0 ► O $ 80,665 $ 531903 Income taxes 101.724 1 20,992 205,159 fire notes to c r,rr.cu/fdulrrl %rnnnrin/ slrrlerrrents 28 Notes to Consolida Financial Statements Note A — Summary of Significant Accounting Policies Principles of Consolidatio✓i The consolidated financial statements include the accounts of the company and its subsidiaries after elim- ination of all significant intercompany transactions and balances. Affiliated companies in which the company owns a 20 percent to 50 percent interest are accounted for by the equity method. TITe company's share of affili- ates' operating results is included in "Other income." Cash Equivalents Cash equivalents consist of investments that are readily convertible into cash and generally have original inaturi- ties of three months or less. Inventories Inventories are carried at the lower of cost or market and are determined under the first -in, first -out method for books and certain finished products, and under the last - in, first -out method for newsprint, paper and certain other inventories (see Note G). Property, Plant and Equipment Property, plant and equipment are carried on the basis of cost. Generally, depreciation is provided on the straight- line method for buildings, machinery and equipment. Goodwill and Other Intangibles Goodwill recognized in business combinations accounted for as purchases subsequent to October 51, t 970 ($823,937,000 at December 3 1, t 99 1, and $899,207,000 at December 3 1, - i 990 —net of amortization of $ t 70,899,000 and $ t 50,708,000, respectively), is being amortized over a period of 4.o years. Goodwill arising from business combinations consumnTated prior to November t , 1970 is not being amortized because, in the opinion of management, it has not diminished in value. Amortization expense amounted to $25,64.8,000 for 199 t , $25,935,000 for t 990 and $24.,,J.89,000 for 1989. Other intangibles are being amortized oil a straight-line basis over their estimated useful lives frorn 3 to 40 years. Amortization expense amounted to $38, T 6o,000 f6r i 991, $.}9,093.000 for 1990 and $,1.9,812,000 for 1959. Z() and Magazine Revenue Bo'k sales, less provisions for estimated returns, are re( )riled at the time of shipment. Magazine subscription sai,,s are deferred as unearned income at the time of sale. A� magazines are delivered to subscribers, the proportion- ate share of the subscription price is taken into revenue. SI -_ascription selling expenses are deferred and charged to _,xpense over the same period as the related subscrip- tion income is earned. Rt ::rement Plans and Postretirement Benefits The company has defined benefit pension plans and var- iot:-; other contributory and noncontributory retirement pla:is covering substantially all employees. In general, be.,efits under the defined benefit plans are based on years of service and the employee's compensation during thr last five years of employment. In determining net pee odic pension income, unrecognized net gains or losses thy_. are amortizable and prior service costs are amortized on a straight-line basis over 1 o years. The defined benefit plats are funded on a current basis in accordance with the Employee Retirement Income Security Act of 1974.. Ai: Employee Stock Ownership Plan (ESOP) provides be::efits in conjunction with certain defined benefit plans, an the fair value of ESOP assets is recognized as an off - se' to required funding of those plans. The majority of the co:llpam�s defined benefit plans are overfunded, and fund- inZ has not generally been required for several years. Ce -twin employees may be eligible for postretirement he�.ith care and life insurance benefits upon retirement frena the company (see Note L). Costs for these health ca: -e benefits are generally charged to expense as inc-_irred. Annual insurance premiums for the life insur- an,: e benefits provided through an insurance company ar= recognized as expense. I c,::;_ntary Employee Beneficiary Association company maintains a Voluntary Employee Benefi- cij--,- Association (VEE3A) trust to fund certain employee ht -.Atli benefits. At December 3 j, i 99 i and i o9o, the N F 3A trust balance of $4.5,5.39,000 and $39,459,000, re�_)ectively, is included in "Prepaid and other." Note B—Cnsh 11(imi entr111 Slstem Under the companys cash nnrnagement sl( ystem, the bai ny otifies the cottan), daily of checks presented esnted for pay- ment against its primary disbrn•sing accormts. The com- pany transfers frmels from other sources. such as short- term investments or commercial paper issuance, to cove►• the checks presented for pa.yi-lieut. This program results in it book cash overdraft in the primar.v disbtn•siiig accotmis as a result of the checks outstanding. The book overdraft is off;set against other operating cash accounts. At December .5 1, 1 gg 1 and i 9go there was no net book overd-raft. Note C— Ccllntccl Stock The compan.)ys authorized capital stock consists of .�,_�o,000,000 shares 0f common stock $► par value. and :1.1300.000 shares of preferred stock, $1 pill- value. The compaiiy is authorized to issue 300,000,000 shares of Series A common stock, t oo,00c.l,0oo shares of Series B common stock and 150,000,00o shares of Series C c•om- nion stock; these three series may llave disparate voting rights. The Series B convnon stock is entitled to one- tenth vote per share and is available for convnon stock issuance transactions, such as underwritten public offer- ings and acquisitions. The preferred stock is issuable in series under such terns and conditions as the board of directors may determine. The outstanding shares consist. of Series A common stock and Series C common stock. Shares of Series A incl Series C common stock are identical, except with respect to -%'Ottllg rights, restrictions oil transfer Of Series C shares and the right to convert Series C shares into shares of Series A conimon stock. Each share is entitled to 1 vote per share for Series A common stock and to r o votes per share for Series C common stock. The Series C shares are subject to mandatory conversion into Series A shares upon transfer to any parson other than a "Permitted Transferee" as defined in the company's Certificate of hicorporation or upon t}le occurrence of certain regula- tory events. 011, 0—; Icqu1s111O11s On December 6, 1 o8g, the company exchanged its Lon Island, New York, and 1 laverhill, IVlassachusetts, cable systcrrls I01- Cablevision tivstc•nls Corporation's Glendale. :\I.lzona, cable systc►tl. On ,lily 6, r ct89, the company acgiiired the stock of Chillicothe Cablevision, Inc., which operates systcrrrs serving approxiirlatcly 2ct,o0o subscribers in south cerl- tr•al and northern Ohio. This acglrisitiorr was accounted fon• by the purchase method. The operations of these companies are reflected in the companys financial statements front (late of acquisition Or exchange. A'otv Is — No1z1-ecicl•1-l*ii A,-(zizzs (chalges) During i 991 the compan*v sold Broadcasting Publica- tions, Lite. at a loss 01' $20,61 x.,000 ails sold certain assets of its cable television subsidiary for gains of $r,1., i i t,000. The contl)aity also recorded it $65,000,00o writedown of the note and other assets outstanding from the 1987 sale of The Denver Post. These items reduced income before income tales 1 y $71,503,000 or $43,415,000 (35 cents per share) after applicable income taxes. During t989 a subsidiary of the company sold to Hampton Tree harms, Inc., of Portland, Oregon, the rights to cut approximately Soo million board feet of tinlber. This sub- sidiary also sold certain tinlberlancls in a separate trans- action. The compan}r also recorded an estimated loss provision oil the expected sale of certain press equipment. These sales, less the loss provision, resulted in it net gain 0f $9 156,00o before income taxes and $6,235,000 (.5 cents per shard) after applicable income taxes. Note F— Interest F.rhense For the years elided December 3 i , 199 r , i c)90 and 1989, interest expense of $90,9.}.2,000. $94,178.000 and $77!A-1.0,000, respectively, was incurred; $15,5.77.000. $ 1 7,802,000 and $22, 1. r H,000 of which was capitalized. Note G—Inventories inventories consist of the following (in thousands): ,9x9 Newsprint. paper. and other 199, 1990 1989 t'il\\'tilatCrlidS $ 59,557 $ 5•}•951 `u�+ .}1,165 Books and other rinished $ 52,694 $ 7!). 0,17 $131.7')7 products 71,788 -Z,h92 (18,282 NNork-in-process 2o.596 2.}.6) l 21-782 Deferred $151.9.}1 $152,29' $ Inventories determined on the last -in, first -out method were $51,133,000, $ 46,323,00o and $33.19.1,00o at December ?i 1, 1991, 1990 and 1989, respectively, and would have been higher by $7.42, .000 in 1991, $16,986,00o in i ggo and $15, 756,00o in 1989 had the first -in, first -out method (which approximates current cost) been used exclusively. Note H— Income Tares The company reports certain income and expense items in different years for financial and tax reporting purposes. Deferred income taxes have been pro,6ded with respect to such items that are related principally to accelerated depreciation, prepaid employee benefits, self-insurance reserves, pension income, magazine subscription expenses, deferred compensation, inventories, installment sales and book returns. The Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 1 og, "Accounting for Income Taxes" (SPAS 1 og) in Febru- ary, 1992. SFAS log must be adopted no later than Janu- ary 1, 1993. The company has not determined whether it will adopt SFAS 1 og earlier than 1993 or whether it will restate prior -year financial statements. The adoption of SFAS 1 og is not expected to have an adverse effect on the financial position of the company. Income tax expense consists of the following (in tlroti sarids): 31 Deferred income tax __,,ense (benefit) resulted from the following (in thousands): Accelerated depreciation Pension income M itedlnvn of assets Karl reliremeol and severance programs Self-insurance reserves 01 her ►991 199, 1990 1989 Current $ 12,379 8,673 12,.}76 Federal $ 52,694 $ 7!). 0,17 $131.7')7 State 28.883 34.038 36,►.}8 1'oreigo 15.450 1 1 .552 1 0, 1 O I Deferred $(1 1.021)) $ 1.97.} $ Federal 83/t:% due March i, 19t 1 100,000 State i .1)69 - 1 6 r), 1 32 Other $i $126.61 1 $115.61)2 31 Deferred income tax __,,ense (benefit) resulted from the following (in thousands): Accelerated depreciation Pension income M itedlnvn of assets Karl reliremeol and severance programs Self-insurance reserves 01 her ►991 1991) 19s9 $ 19, l o(i $ 8.750 $ 12,379 8,673 12,.}76 8.693 8.70% Notes clue June 15, 1999 (4,726) taxes resulting from: 8.60'%, Notes due November 15, 1993 100.000 (3,165) (3,29.}) (668) (T).255) (1 5.1)50 1 •1)3� $(1 1.021)) $ 1.97.} $ Income tax expense differs from the amount computed by applying the federal statutory rate to income before income taxes. This diflcrence is reconciled as follows (1n thousands): Note I—Debt Debt consists of the following (in thousands): Derember 31 1991 1990 1991 1990 1989 1.1.%, of pretax income $ 56..t.2.} $1 0•},.} I o $ I 67,82-0 Increase (decrease) in income 8.70% Notes clue June 15, 1999 l00,000 taxes resulting from: 8.60'%, Notes due November 15, 1993 100.000 100.000 State and local income taxes, 1 00,000 100.000 Five -Year Notes net of federal effect 19,768 22.958 27,2,}5 Goodwill amortization not 83/t:% due March i, 19t 1 100,000 deductible for tax purposes 8,0.}9 8.832 8,2 i i Other (2,}3) (9.569) (7.6)7.}) 1 00,000 $ 83,998 $126,61 1 $195,602 Note I—Debt Debt consists of the following (in thousands): Derember 31 1991 1990 Commercial paper with an average interest rate of 44% in 1 991 and 7.96% in 1990 $ 125,142 $ 284,285 8'/80% Notes due March 1, 2001 100,000 8.70% Notes clue June 15, 1999 l00,000 100,000 8.60'%, Notes due November 15, 1993 100.000 100.000 8.551, Notes (1110 .little 1, 2000 1 00,000 100.000 Five -Year Notes 8'/s% due .lanuary 1, 1993 1 00,000 100,000 83/t:% due March i, 19t 1 100,000 T -n -Year Notes 8718%) clue Febrlla ry i, ►198 1 00,000 1 00,000 8%, (lite December 15. 1996 100.000 1 00,000 8-/.1% chap April ►, 1196 100.000 100,000 Mediuni-Terrn Notes dtie from March 20. 1997 to April 3, 20001 with an average interest rate of 8.6-,% 100,000 Guarantcrd hank loans of t:niployce Stock O%vllCr[lilp 1)lall, matlll'Ing thrmigh December 15, 1994 6.1.600 8i,5oo Others at carious interest rates, maturing through '24)I)o 2.2i�7 75.099 I .1192,1)Z9 1 ,2.}n.88,} Less: 1111alli )rtlzed discount (r) --O (r)•()T)2) auioulits ('urrel)dY payable (t 1 3.1 o.t) (1 ()7,o5o) Total long-term debt $ 9-8. )51 $1.o68.21)2 The company has agreements with siEv, al domesti,_ and foreign banks for inlsecurcd long-term rcvolVing h:=es of credit which support its commercial paper The domestic agrecinents, which expire March 1. 03, provide for borrowings up to $15o,000,000 at the: 1, nks' base rates. The commitment fee is ,,zo of one perct,:it per annum. The foreign agreements, which expire 25, 1995, provide for borrowings up to $15o,000.000 a- inter- est rates based on, at the company�s option, Londo,: Inter- bank Offered Rates, certificate of deposit rates or e bank's base rate. The commitment. fee is 1/.6 of one per- cent per annum. As of December 31, 1991, the co-,.pany had not borrowed under the agreements. Comnierc:al paper borrowings aggregating $112,14.2,000 are ciassi- fied as long-term obligations at December 31. 199 i since the company intends to refinance this debt on a lor_,_ -term basis. In addition, the company has $41,115,000 0_ unused standby letters of credit at December 5 1. i �_,q i. The 5 -year Notes and 1 o -year Notes are callable year and three years, respectively, prior to maturity. The S -/s% Notes due January 1, 1993 were called November : -. 199 1 for repayment on January 3, 1992. A median, -term note for $30,000,000 is callable two years prior to maturity date of March 20, 1998. The 8.70% \oto ; and 8.55% Notes are due at the option of the holder fiN years and seven years, respectively, prior to maturity. Under an option for an interest rate swap exercisab.e on February 1, 1995, the company may be required tc pay a variable interest rate in exchange for fixed interest _av- ments at 87/8% for three years on a $100,000.000 notional amount. The company has guaranteed the bank loans of its Employee Stock Ownership Plan (ESOP). Over the remaining term of the loans, interest is payable based on the lesser of (a) 74 percent of the prime rate or (b) per- cent of the certificate of deposit rate. The company has entered into interest rate swap agreements that exc_lange interest payments at the prime rate for payments a, --xed rates. As a result of these agreements, the effective Inter- est rate on the ESOP loans varies, but in no event -,N`11 it exceed 7.4.4 percent. The company's agreements with banks contain res--ictive provisions relating primarily to levels of indebtedne;; and maintenance of net worth. Under the most restrictl'. e of these agreements, consolidated debt may not excees 135 percent of consolidated net worth, and consolidates net worth must be at least $800,000,000. j2 At December �) i, 1 99 , , aie aggregate maturities of the compan> s debt- for the five subse(lttent years, excluding the ESOP, are as follows (irr thousands): 1 gg2 $1 1 3,1 o.t 1gg3 212,201 1994 — 1995 250 1 996 200,000 Note .l— Stock Optiotrs The Executive Stock Option Plans provide that options may be granted to key executive employees to purchase shares of the companys common stock at a price equal to the fair market value at the date of grant. Options granted prior to December 27, 1991 have a purchase price equal to 75 percent of the fair market value at the date of grant. The following table sets forth information relative to the plans: Options Outstanding December 31, lggo Number of Shares Option Prire Per Share Options Outstanding; Granted 82o,56o January 1, 1989 1,215.938 $12.05 tO $37.93 Changes during 1 g8g: (55„1 1 5) Options Outstanding Granted 1g,600 25.93 to 30.71 Exercised (2o3,g.16) 12.05 to 26.g 1 Canceled (7,1.)90) Options Outstanding December 31, ig8g 987.502 17.49 to 37.93 Changes during 1 ggo: Granted 71,5oo 18.66 tO 25.9.1 Exercised (101.972) 1 7..19 tO 30.90 Canceled (5.1.505) Options Outstanding December 31, lggo 902,52�, 18.66 to 37.93 Changes during 1991: Granted 82o,56o 29.44 Exercised (57.950) 18.66 to 3o.go Canceled (55„1 1 5) Options Outstanding December 31, 1991 j.6o9,720 18.66 to 37-93 * Engorges options exercisable at December j t, r9Yr to Purchase 626,f95 shares. At December 31, 1991, there were 789,16o options out- standing with purchase prices equal to 75 percent of the fair market value at the date of grant. At December 31, 1991, there were 169,600 shares of Series A common stock reserved for futtn•e grants tinder' the 1 98zt and 1988 Executive Stock Option Plans. Note K— Restricted Stock Plaits The 1982 and 1987 Restricted Stock Plans provide for the sale of 1,400,000 shares of the company's common stock to key employees, including, officers, at a price equal to par value. At December 31, ► 9!) j, there were 1,202,8,20 shares of Series A common stock reserved For future sales. Note L— Ret iret ent Plans and Posti, .1tr'nt Ben(,fils Retirement plan expense (income) of $ 1 0.47o,000 for 1 gg I, $6,388,000 for 1 ggo and $(5.2 for 1989 includes net periodic p( 1sion income fc)r : ie defined benefit plans as I011ows (III tholtsands): 1yi)1 .•N)1) 1JS Service cost — benefits earned Orcember 1991 ; 1 1990 (I111'll g perlo(I $ .1 ).7nr) -. .. j 1 () J+ 2(). 1 ()r) Interest cost on proiected G _, 1151 2,571 belleflt obligation r, r). r) -1.1.661 Retlll-11 nil plan assets (l) 1 .1 $x,21,268 Net amortization and deferral (1 l.00.j) (20.7r)8) Net periodic pension income (2.957) e ; `,2:,r)) $1(26.701) Asstnnptions used in the actuarial comj),Itations were: 1),-,-7-nthrr it 190)1 1y4o r9,19 f )iscolnit rate 7.5i1 ,�.2rj�, 8.2r)`�, Rate of increase in compensation levels 6.2r�",� h.2r,'io 6.25% Expected long-term rate of return on assets o`Y1 The following table sets forth the plans :ended status and amounts recognized in the consolidated balance sheets (ill thousands): Prepaid pension cost is included ill "Ot er assets." Plan. assets include the companys coinnim � (ock, other listed stocks, and corporate and government f -,A d -income secu- rities. The fail- value of plan assets atti-ihutable to the companys common stock at December 1 . 199 1 and . 199o, was $165,o6o,186 and $1 56.1 -,.000. respectjvcly, of which $ i 23,592,000 and respectively, relate to the ESOP. In 1985 the cotllpan,, led and sold shares of connnon stock at market value of $ 1 5o,000,000 to its ESOi'. Fit (is were obtained by the ESOP through loans from a coilsor- titnn of banks, and repayment of the loans has been gllat- altteed 1y the company. Company contributions are the primary source of funds for the ESOP's repayment of tile loans. The anlotnit of these loans is included in "Long- '1%arm Debt" with an offsetting redaction in "Share- holders' Equity" in the Consolidated Balance Sheets. Bell- e provided by the ESOP arc coordinated with benefits provided asides• souse ofd the cotllpanys defined benefit pension plans. At December -,) I, 199 1, the ESOP held ?),182,00,} shares of Series A common stock and 2,888,709 shares of Series C common stock. The ESOP currently covets approximately two thirds of the com- pany's employees. The colnpan. s Savings Pitts Plan permits eligible employees of the company and participating subsidiaries to contribute from l percent to 13 percent of their basic corrlpensation. The company makes matching colltrlbtl- tions equal to 50 percent of employee before -tax contribu- tions from 1 percent to 6 percent. Employees tray choose among five investment options, including a company common stock fund, for investing their contributions and the company's matching contribution. At December 31, 1 gg 1 , substantially all employees are eligible to partici- pate upon completion of one year of service. Expenses for postretirement health care and life insur- ance benefits were not significant in 1991, 1ggo or 1989. The FASB's Statement of Financial Accounting Standards No. 1 o6, "Employers' ,kccounting for Postretirement Ben- efits Other Than Pensions" (SFAS 1 o6) must be adopted no later than January 1, 1993. Postretirement costs are currently re.cogllized as they are paid while SFAS 1 o6 re(ILlires that the actuarially estimated costs of postretire- rneut benefits be accrued by the time an employee is eligible to retire. Based on current plan provisions, the accumulated postretirement benefit obligation (r\Pi30) as of January 1, 1992 is approximately $1 go million. The company is currently reviewing its retiree rnedical bene- fits and, accordingly, the APBO at the date of adoption may be lower than the current estimate. In addition, the APBO can be significantly affected ley changes in actu- arial asstnllptions. The company expects that the APBO will be recognized in the year of adoption as a cumulative effect of a change in accounting principle. Preliminary estimates indicate that annual postretirement expense tinder current plan benefit 161'111ulas is expected to be $30 million), which is significantly above the approximately $5 lildhon of, expanse recognized on the pay-as-you-go basis. 'File compal>,y has not determined whether it will adopt Sh;\S 1 o6 earlier than 1993. Orcember 1991 ; 1 1990 Actuarial present valve of benefit obligations: Vested G _, 1151 2,571 \omested 2.826 8.6o7 Accumulated benefit obligations S :, ;.(1<tl $x,21,268 Projected benefit obligations $ .5_t.1 $+693,208 Plan assets at fair value 1 . •. `. j,ti 7) i;rji.n7rj Excess of plan assets over projected benefit obligations `.-jl) 1r)().1867 Lill recognized net loss from past experience diflcrcnt from that assumed -1.l)r18 22.7,009 Prior service cost not yet recognized Unrecognized net asset being amortized over 1 7)- 1 5 }'ears -. �. j(i2) ( 1 76..j-)6) Other .�. j2r) ().7)62 Prepaid pension cost S _ - _ - ju $22r,=6 Prepaid pension cost is included ill "Ot er assets." Plan. assets include the companys coinnim � (ock, other listed stocks, and corporate and government f -,A d -income secu- rities. The fail- value of plan assets atti-ihutable to the companys common stock at December 1 . 199 1 and . 199o, was $165,o6o,186 and $1 56.1 -,.000. respectjvcly, of which $ i 23,592,000 and respectively, relate to the ESOP. In 1985 the cotllpan,, led and sold shares of connnon stock at market value of $ 1 5o,000,000 to its ESOi'. Fit (is were obtained by the ESOP through loans from a coilsor- titnn of banks, and repayment of the loans has been gllat- altteed 1y the company. Company contributions are the primary source of funds for the ESOP's repayment of tile loans. The anlotnit of these loans is included in "Long- '1%arm Debt" with an offsetting redaction in "Share- holders' Equity" in the Consolidated Balance Sheets. Bell- e provided by the ESOP arc coordinated with benefits provided asides• souse ofd the cotllpanys defined benefit pension plans. At December -,) I, 199 1, the ESOP held ?),182,00,} shares of Series A common stock and 2,888,709 shares of Series C common stock. The ESOP currently covets approximately two thirds of the com- pany's employees. The colnpan. s Savings Pitts Plan permits eligible employees of the company and participating subsidiaries to contribute from l percent to 13 percent of their basic corrlpensation. The company makes matching colltrlbtl- tions equal to 50 percent of employee before -tax contribu- tions from 1 percent to 6 percent. Employees tray choose among five investment options, including a company common stock fund, for investing their contributions and the company's matching contribution. At December 31, 1 gg 1 , substantially all employees are eligible to partici- pate upon completion of one year of service. Expenses for postretirement health care and life insur- ance benefits were not significant in 1991, 1ggo or 1989. The FASB's Statement of Financial Accounting Standards No. 1 o6, "Employers' ,kccounting for Postretirement Ben- efits Other Than Pensions" (SFAS 1 o6) must be adopted no later than January 1, 1993. Postretirement costs are currently re.cogllized as they are paid while SFAS 1 o6 re(ILlires that the actuarially estimated costs of postretire- rneut benefits be accrued by the time an employee is eligible to retire. Based on current plan provisions, the accumulated postretirement benefit obligation (r\Pi30) as of January 1, 1992 is approximately $1 go million. The company is currently reviewing its retiree rnedical bene- fits and, accordingly, the APBO at the date of adoption may be lower than the current estimate. In addition, the APBO can be significantly affected ley changes in actu- arial asstnllptions. The company expects that the APBO will be recognized in the year of adoption as a cumulative effect of a change in accounting principle. Preliminary estimates indicate that annual postretirement expense tinder current plan benefit 161'111ulas is expected to be $30 million), which is significantly above the approximately $5 lildhon of, expanse recognized on the pay-as-you-go basis. 'File compal>,y has not determined whether it will adopt Sh;\S 1 o6 earlier than 1993. ,dole .11- Leases Rental expense under operating leases amounted to $76,541,000, $76,o6 7,000 and $62.:).l.8,000 for the years ended December 51 , 199 I, 1990 and 1089. respectively. Capital leases and contingent rentals arc not significant. The future minimtlnl lease payments as of December 7)r, 1 991 . for all noncancelable operatin` leases are as follows On 01011sallds): 161aI $7115,58.t Note N- Earnings aml Divi(lends Per Share Earnings per share computations are based upon the weighted average number of shares of common stock and conlnlon stock equivalents outstanding (hiring the year. Fully diluted earnings per share are the same as the earnings per share indicated. Cash dividends declared per share of common stock amounted to $1 .o8 in 199 1 and 199o, and $1.02 111 1989. !Vote O -Business Segments Financial data regarding the conipany's business seg- ments presented on pages 16 and 17 of this report are incorporated herein by reference. The company operates principally in four industries: Newspaper Publishing; Book, Magazine and Other Pub- lishing; Cable Television; and Broadcast Television. Oper- ations in Newspaper Publishing include the publication and sale of metropolitan newspapers. Operations in Book, Alagazine and Other Publishing include the publishing and sale of various types of books, including law, medical and college -level business and economic textbooks; maga- zine publishing; and the publishing, of aeronautical charts and flight mfornlatloll. Operations in Cable Television include basic and pay cable television services. Operations in Broadcast Television include four network -affiliated broadcast television stations. Corporate and Other includes timberland operations and thr(nlgh 1987• the printing of directories and other publications. Total reve- nue by industry segment includes sales to unaffiliated customers and intersegment sales. which are accounted for at market price. Noly P-Quarterlti• lac, .,(?f OperatiOns (Unaznlile(Q A summary of the unaudited quarterly results of opera- tions follows (in thousands of dollars, except for per sllar•e a1111nnits): 1991 OIIN)yen tllllted AhIr. ; I t ()1)) 55.5 1 1) 11)1).1 52,.181) 11)()5 41),1)25 1 1)1)() 5o..t() 7 Later •cars I.t?,22q 161aI $7115,58.t Note N- Earnings aml Divi(lends Per Share Earnings per share computations are based upon the weighted average number of shares of common stock and conlnlon stock equivalents outstanding (hiring the year. Fully diluted earnings per share are the same as the earnings per share indicated. Cash dividends declared per share of common stock amounted to $1 .o8 in 199 1 and 199o, and $1.02 111 1989. !Vote O -Business Segments Financial data regarding the conipany's business seg- ments presented on pages 16 and 17 of this report are incorporated herein by reference. The company operates principally in four industries: Newspaper Publishing; Book, Magazine and Other Pub- lishing; Cable Television; and Broadcast Television. Oper- ations in Newspaper Publishing include the publication and sale of metropolitan newspapers. Operations in Book, Alagazine and Other Publishing include the publishing and sale of various types of books, including law, medical and college -level business and economic textbooks; maga- zine publishing; and the publishing, of aeronautical charts and flight mfornlatloll. Operations in Cable Television include basic and pay cable television services. Operations in Broadcast Television include four network -affiliated broadcast television stations. Corporate and Other includes timberland operations and thr(nlgh 1987• the printing of directories and other publications. Total reve- nue by industry segment includes sales to unaffiliated customers and intersegment sales. which are accounted for at market price. Noly P-Quarterlti• lac, .,(?f OperatiOns (Unaznlile(Q A summary of the unaudited quarterly results of opera- tions follows (in thousands of dollars, except for per sllar•e a1111nnits): 1991 OIIN)yen tllllted AhIr. ; I J111h, ;n S"14. 29 t ec. ; I Revenues (charges) and Illcook- taxes ( 1wratlllh rl`l'ello`s $851,1),12 $8o8.r,77 $1880..tr)2 $97.1..17.1 (charges) 1). r)I8 (20.77.1) .1.288 (65,1)1)1)) Illcollle belorl' income ( l.1)51)) }i ri.1 .. 1.()() 1)1 )f ).()11 181)2.1) 111 1)7,.),810 (costs and exIN-11ses 27.151)!) 71),1).17 l 7.1)7.1 Cost of sak-s 476.2r)6 .)00.71 r) 1()6.62o 526,()56 Selling, general .111(1 adnlinistrati)'e expenses 71.1.711/1 71 7, 185 ') 16 . 2 7) W75-775 interest eXiWilse 118,.1.8() 18,711) 11),51).t 211,1111() 825, I tis 826,008 825.7o1) 1)1 4). 2o6 Income befilre April 1 Juh- 1 nonrecurring gains Der. j1 Revelllles (charges) and Illcook- taxes 2(). 7111 ?. 1.,1) 1 7 1)-,1)71 1)r),() 1 o Nonrecurring wins $88,).1 1 5 $1)57,5(1 T> (charges) 1). r)I8 (20.77.1) .1.288 (65,1)1)1)) Illcollle belorl' income ( l.1)51)) taxes 7ii.11'i 8.1 5.1,51)() 71.1)11) 611) Illcollle taxes 1 r),6o8 27.151)!) 71),1).17 l 7.1)7.1 Net incolne'(6ss) $ 27.27(i $ 71),771) $ .to.l)?2 $(17,1)2.1) Earnings (loss) per share $ .18 $ .2.t $ .72 $ (.1o) 1910 Qh1arlm Elided April 1 Juh- 1 ,ti(I,'1. jn Der. j1 Revelllles (7peratlllg 1' -ellllcs $8()7,.162 $o)o2,.t:to $88,).1 1 5 $1)57,5(1 T> Other lllcortle 7,61)o 1, 1 75 1.86.5 ( l.1)51)) 875,152 1)o6.61 5 8o).t,o)8o o-36_16_1 Costs and expenses Cost of sales 476.2r)6 .)00.71 r) 1()6.62o 526,()56 Selling• general and adrllinistrative expenses 304.?37 -)o6.55.t 308.887 320.226 Interest expense 16.84.t 18 -tog 18.81,t 22.7.10 70)7.7()7 825,.178 821.721 878,531 Income before income taxes '?•358 81.177 70,651)77.937 Income t;Ixes 71,7.1.6 7.t•152 28.-9 1. 72.711) Net income $ .1().ol) $ 11),98r) $ 11.1`6,-, $ .tr).()I.t $ Earnings per share $ .76 $ 77 w Tri Note Q-Transacliozis zi�)ith cuz,lf late To assure a long-term supply of newsprint for the Los Angeles Times, the conlpanx has an agreement to purchase specified quantities of newsprint from a supplier in wltich the company !las a 20 percent interest. The spe- cified (ltlantities represent a majority of thc Los Angeles Times newsprilit requirennents and are purchased at pre- vailing market prices. rlIie ccnnpallY entered into a con- tract with the supplier to guarantee a newsprint price for l9()'2, which approxiinates Market pr'lce. Report of Ernst & _ng, Independent Audit To the Shareholders and Board of Directors The Times Mirror Company We have audited the accompanying consolidated balance sheets of The T1111CS Mirror Company and subsidiaries as of December 31 , 199 1 and 1 ggo, and the related consolidated statements of income, shareholders' equity and cash flows for each of the three years in the period ended December 31 , 199 1. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant esti- mates made by management, as well as evaluating the overall financial state- ment presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of The Times Mirror Company and subsidiaries at December 31 , 199 1 and i ggo, and the consoli- dated results of their operations and their cash flows for each of the three years in the period ended December 31, 199 1, in conformity with generally accepted accounting principles. �i� f e1411 Los Angeles, California February 4, 1992 W Stock Price Trading; by Quartc. Pe? - .share inforrnntion has been ucljnsled to rellec 1 n ruo prrrent clock <;it i�lcr�._ ur r y87 and n r y Sl stork split. X60 io I) `I S-, 8; 8ti:r ti- 'S(r y) 4)1 Earnings Per Share and Dividends Per Share Per share in on has been adjusted to reflect a roo percent stock dir idcr�.: irr ryS7 and a 1984 stork split. $3.50 s.nu 11 IS- tiff Volume of Shares Traded by Quarter (millions of share) *The Company completed n tender offer for 7.s million shares in Jcrly r'.) 5 30 Mmmmmmmmmmm ' "r mmmmmlmmmmmm -,I Mmmmmlmmmmmm �- MMMMEMM mmmm '" ,`l S-, 3c INS Board of Directors Gwendolyn Garland Babcock,~ Private Investor Donald R. Beall, Chairman and Chief Executive Officer Rockwell International Corporation Dr. Peter S. Bing 1 Private Investor John E. Bryson' Chairman and Chief Executive Officer SCEcorp Bruce Chandler-+ Private Investor Otis Chandler, Former Chairman of the Board and Editor -in -Chief The Times Mirror Company and Former Publisher, Los Angeles Tithes Robert F Erburu' ,,5.6 Chairman of the Board and Chief Executive Officer — The Times Mirror Company F. Daniel Frost 1 a Private Investor Clayton IX Frye, Jr." -75-4 Senior Associate of Laurance S. Rockefeller Walter B. Gerken r -5,4-' , Chairman of the Executive Committee Pacific Mutual Life Insurance Company 57 Eli S. Jacobs r •;••f Private Investor David Laventhol6 President The Times Mirror Company and Publisher, Los Angeles Tithes Dr. Alfred E. Osborne, Jr.,.,, _associate Professor, Business Economics John E. Anderson Graduate School of Management University of California, Los Angeles William Stinehart, Jr.7 Partner Gibson, Dunn &, Crutcher Harold M. Williams --t President and Chief Executive Officer J. Paul Getty Trust Phillip L. Williams4•5 Vice Chairman of the Board The Times Mirror Company Warren B. Williamson 1,54 Chairman and Chief Executive Officer Chandis Securities Company and Chairman of the Board of Trustees Chandler Trusts Dr. Edward Zapanta2 Neurosurgeon Dr. Franklin D. Murphy Director Emeritus Former Chairman of the Board and Chief Executive Officer The Times Mirror Company E.recutitr Committee -Audit Committee Erec•utive Personnel and Cornperisation Committee Finance C'0111 rill \nominating Committee Retirement Plan Committee Elected to the Board December .t. i.,t!t i Vh. Frost will be r•etiririg from flit, Boor -d cit the 1().()2 animal meeting (?f shareholders. C01-poI- a I(' Officers Robert F. Erbnru I Chairman of the. Board and Chief EXecutive Officer David Laventhol' President and Publisher, Los Angeles Times Phillip L. Williams Vice Chairman of the Board Curtis A. Hessler I Senior Vice President Donald I? Wright' Senior Vice President Edward E. Johnson' Group Vice President Larry VA'. Peterson' Group Vice President and President, N'latthew Bender lL Company, Incorporated Richard T. Schlosberg III' Group Vice President, Newspapers Carl V. "Bud" Carey Vice President and President, Times Mirror Broadcasting Patrick A. Clifford Vice President, Medical, Scientific, Technical and College Publishing Larry W. Wangberg Vice President and President, Times Mirror Cable Tele-6sion I a irrorr;;errrrrrt C'oouoiltrr Daniel A. Curry Vice President and General Counsel Alice N1. Greenthal Vice President, Planning and Development Donald S. Mawell Vice President, Accounting Jaynes R. Simpson Vice President, l--luman Resources Stender E. Sweeney Vice President, Finance Donald S. 11".ellermaun Vice President, Public Affairs Stephen C. Meier Vice President, Administration and Community Affairs Jack L. Plant: Vice President, "-faxes Joyce M. Fields Treasurer Duane L. Storhaug Controller O. Jean Williams Secretary and Assistant General Counsel 0 Prirrlrrl txnYiollT' oil rrr.rclrr! /rn/rr r. I 67� ' :S `I v � _�S ,. '1. ' �'�. _- [ - •/ 1 ,l \ f'. / {CI•. rr r'�` :C.,r i.:., ids l-- /• '�:,' r '' .Yr.l1 i .} . f. `l t - • t.\ tY.'�-., �',; t't ,� r /', .i r�e_�hlo`1 die r RJe e-r- e:>, ,; �.I;n-o'r;m.a t •i ton f •�,' `.I.::(:, � `<1;�:�r•� f�o lk, ��,°�-,r�1 .� , (;✓ y.. _ \'. �,r� - .e/-. •t 1.�..Y �1 l .c, t-,.. t� t. t :.i�• _I y�-J1t:�. ""?.' �i��' � 'F. ,��+ �►R -. •<� r lt' ♦' '+ r '•�' .1+ ,'' r `\-�-I'+- ;} •/ \ '). �)- ��' /' i �-, x- ,�. Jr'%':l +• t� R ar., �:. ,�� i. ,�` J. ., (. _✓ •.:�. E. ,., 1. 1. .(. '.r '' \, r\ +,' Jf•4 t ii r.' , / ", r. _ _ 1,° .•J y wti \,:• •f. � r1 \. y '�� , i .f°' tij.. .1 ,(� '�\'^ % 1 , L �I 1 ^_ r i .�.` _ �\..�, ,_\�.:�\, i ,... !•11` 'T1 ',; ;1;..� _ .i _i, / *' _ .t.' ! r ,,., \'' i, :✓:°'� i X •'1-?.1:•, ,\� M' �., r•-.}�1 :�t� t,:. % : l�'r iF,"�'' r .\. • Ai. t `., I•`' r }� : f _ , t / �.< �r i , t Y �!:+ .•.l i•.a yy✓. 1--. �.. .t 'x , Ri,,.. � �'a ""'1 � `. .�:� A , .r *. / / �'- • .t �. Pyr �� I /�. � 'a\,,/, i i=\ ,. ` r). �� , , T.• ,..r'�"G}.r `;, *J. _t, r,s,.i% 1 tay t•.� , �.. •7•\, • �\ `Princtfr•�al 'Qf� cs t �� _ t i o Kl;te ort•`' � , " : � .•�-• 1 � � .. ;.`•:,, f •1 t _ f �'•� - t '� ,,4' ,( ,/ } {, �1 ". +� F✓�-1 %t- �t ,�. � v�:�M4. 1+.,,'�r•y., y ,;, - 1 \I s{..\;.� :� s/ -1 ,� /- •r"� `i/.1- t ��:' -C'4 'r,!>k \;• .r'" >.� r.�� /. ri. , . •{,. -+ ,. -/ _ _ i ,t:C. •,.1 •!' 1 1 i','. �• x r t � .t 't•/r: ti('..�i � ^1't•:�- t ; `� { �;he Times 1Vlir�or�Com an ,' - Ir \' `,�'.0 •o£:Til`r1es,lVlirror'sy �al��.l�.e c} riFo _s o��:. ,'�'•'�a �ti s f t '.Times.lV1'i ror S^ ureb V fi _;g ,,, j .►'' - rr \ � /`''t _ , '-� " + , >: _ '' �� ,• ':; �: tedlvrith the 'Sectirities•.4rua,Ex e,Go�n�1S , .- L ,•L ;�., '�\.� y •� (-<. \. _ !; a..�• �r r, t..'}�rr, ,,•�. .! .•t'�,�r �1. �. ., %' •; � E''�4s Angeles, C`�liforliia-'goo55t".=, '< ` •` /� withoutexhlblts�,�vill be•pxoyided:witl�out;�lLJa' �to'axlV''l tyr of �.'i r f r / r.r 1 1' •i� r;•'�;' �* t \'`• • ! '• ' 1. �Sh ehQlcl sub.mitti -a vvri �, .,«,\••��<, � ,' , , �'.. fig: � x � ,� g o;,tt;�e �_e�cret ,v�;;t�•. aste,��':C�roratet'Off�c� _ � ;.F s.,^ j. r. � { o� the•col`il�jan 'at Times Mirror Jl.��ar '�n:-Los � �1e�.;" . .r/7 1 ..� "' �'� k„r /p' Y / , ,.t. '',- r 1 :�'t .% � __ !•r .�. "'--v 1 � T. `- _.� /,...i -y-• %�w. •. ,yt•�•_ �' ri r. r�8o;'Thi c�Avv en77��lle ,}'oth Flnor' ,( 11 _ ,:. ;�. , : i• • �...;� � . � �. �• � -+ ��rr :�•..'•.�' +_/�"•'�`�� :f :f, ..5., .Yl,:1�:4_ 4_ i.�; ,. I'G .'f/'�`� '('�� i '�• .i. ., ;•t �r.. `,1- , a "•-t , .;c �-xc'�'tY-•:..':r '•),J•�;.tl ".'' 1;.,.►" � _...; 1.r: ,f,� ✓�, fid' !: R,'KY'a• Mt 1, •L Vii' - ,s,,r .:�lY � _, Djvider,�d Reinvestment'' Iftir`Itir= " . { .. ,.. y :rir. - r .•%� ''3•, :}-.,,r .:i. .1 j��j r`i:!1 'r' .�l '�.-- ..•, if .f ./�. ,1 •!' w1-r•t�t. -�'►.f --{.,,• •t f .Y'^Tr. rJ.�"�-i � -I ,,>1� .� : �:�• •;" t, ,� r• ,, \- '�•`�;: �.:ti � �.:. '/ � r.} tT`4(� .ri?� �'� , �+,jIc •(,�' .11, `�• i� 1 , p \ -r a1.t t- yv N-t , -'4.. \�,' .r'. ,r \- tY...•'i E. -\, -M r -` .f. •t y' C ��• l �. �C�=`:y,t�t.'.l�.:t 1.,:�r.r. j_1 \ c. ..; ..(-: F, ,,- .1 r•- rc. (, .,, (''. r •:T. x: A % ,�. i .{ /:j'• .v `,�.�-,•' �• .r.. t �%', • �r��i• .'!: :if -•r' .-'� '� :•:'",'• r,t:* �', : . " 1 r ��Vasklln on D:C.: end rerlwe tin. 't: l � ' • r .,;� . 3 � � , '•�,,: � .�.., may` .`. �. an-is,:a serSnce��gr,sh e Y ..�1.8r r�y ''St � ee� 1.1'V.:�Y�V.'...�.SLl't ^'11 1-.1 � _ r t. r �� a"x-+ -a. 't i� .' '�,JJ7"�r` �� t -r , •; 75 �Y� 1' � e q s .:1,: k�Qld y.vv chrallo �tl�i'• to nc" �a � 1i�1 - r '.r :',. � - I ..:, ., �' \ �� ;.r� �' � thel�''holdi,tigs � �� .�.�,' �- `�T:ashiri�• n D.0 0006' ? - \ ,. -' r, , � ,,• �,lrL ,t ., .l � ; !1,. .Q. �r' �' y:' / � `�` '` .`�' I' ��''the(cp�rin,�.lri�c.'vciijhid t:�n °.se1,v.�G�e c:��al`1p'Gs��hr(�u l$1�♦'`''r�x ��-u�-=.`P�� ,.t� '1'i,.r•, .`-. 1 �1�, Sc -'i�.:�\ t! j• ,.1.J. ."�, P _.J (. � ,�� ,rl;, j �L7.,. ,Y: �•1 %'`14-x' *.'` _ �-�� • �T,T ;! ;, `�-• � \ ,. / ,t ' � , + * • }{,y�'t 1nveStri�llent:of (Judrterl`y. 4i-` 'd�pµY ds i11:a}ryT�dl♦��{`a13'a1'- ;F, : r� 3,:✓'x♦. --�v�rans ex en.�;�ind Re istrar, � t�-' ,, 'f '�� 7 '� 'shares -`Ti es.lVlxrro ':Serie��A� •o :stocl': or' f `+ ': •,!7.,..-1 .\Yt• �t ;�, / -_ 1 �t.:r.. -\./J%t ' r. ( r,.ti r`„4 i- ,,tw'lT' "-x 'ti• - - , ' .�: •� ; Y � t ether orniait�an` rvvrlte' to`` e� seCxet b� tli�� omA• an'- 1?.' r, \r : "' �- ,r'.�x• .t,. ),� T'"J. :-. '.t. -, �' •j +.I �,�' ,: .� • stJxi�erstaxe$ank` ;,= �- _ i' .�:,'afTimes_Mirror.�S uare in'Zgs �i e�e9: �'''�`.�► >: � �.•;• L s::• S.toc 1i�:azlser'`'Adininistra}ion: '' ,. + ' > Via' � � % �; �� ;�•;__ Y.'�a r - ,.. ,J '<•.: _ � } ;� i�:. �' r .y:.F ,. �.� `, 1 \: .rl•]i. +1 r� \ 1 ' , '.l .,,-� r• '•� .,:RQ._'Boz.' 16& S .,,�:- r _ - 1 �" � =�VJrat � �� ", ,:-. •., *-- � r: }•,-1 i : ,,� '.'..►, .1.. :l N, ,�: .I ..� �'r, r--t'..' ''\•:' _'-ji-, ^w1'4 r'V- ' ,4 �"a-:; 1\i•,'.., X'•: tiles-� �l;l'�`O�11 C1 0� �0�-�j�,81'r• _ `.l - ilry \•' � 'V j •,/:r. -� r J ,,,5 „tr ,% •, i.LifY1 a ,�.' r\'� 1' t, , 9 5�, _E. I r r L , (800),2.2:;66q.5 ,{ ,„-,x/ >: 1 r •si.� '� ;',�har��oldcrs x�o��. read 'on!r'Times:l�irror s:fn + t f ', ��j y ,•i t 'r\ � a "- ..:,'` / ,✓ rt , ,i 'i 's should-re(n'ue�t',that'tl�cit.iameS,be.radde ��i:I '':tpa \. .-1 ;,f� •frr. -�k -Y .f:'�•I , ./ r •.'i 0 .tnntwn. , c _ , '.'. \ ,, tl�e�'C rate o rhiznlcatipns; ar�tTie t'af they os '•r .•N•�tr,. \ ♦ S `tt. �/ v- -`.;, tY~ /�:��. r .a •, �,. � Ai'1; s address ,._'� r �� • rel. t• 'r, � �. . � - / _ r r\ ', r. t. i r •}�.:t�-- .!-�'t,,r� �IF ,•l :1 :✓ tt •j+.l.y,�t:i...y. r�� 6.^(�1:•-�r' r dean 1V� �rv<s t / ! _ , i • \ v` _ ))., t •-\ �' �irestor=�Ii�vestor�Relatiol%s� , >"• �,/• _,+ _ ,� r � ,- ��.. ;'To ellnunate`•cku'nnli to ma�lirip�sof Annual; �Ti�{t��. �•�, �•�:' ��,a ' 7� t` - y \ ). _ y ..r !'...�•1 � ea T_�`�`• .•'• �,"� x=�J,�`r �•-�4 .•(_ r,.;. � .:�N�,.., , ori % , �' Re nci' e u st o transfe ',OL a t l dic t ,�3) '.�•7,��55 , �t.� ,_ - >r t. 'r-t ':�•Y-, P°� J9 er, }�• ,��• ��.� j$j�.','-.��•` ,} .�..{.a..,,.x � 'l.b, \. /: , .�.' Y'\ " �•:� e `� 'i` • �., 't;. , j�- r/ �.�:1;a ;,. ,,�.. ,•,. r .. '� ♦'jt �i T-•i,,.� .t•f ..'.,';f - ' � �; cb'` • s. ho •1 b '. r ov `d;fr ]''t -� tt ti ,+ ' �Y�:,,;_ - ' � ,:t<p :, x;^v�.- •, 1.• ! �.; �. !, * �r r.; .; F(: r y ,' i F + Whl 'Ital':�je. $ �,t C�; �, _,eir� � O 5 al -�tst, �- int �` � .. r ti. ., �`. !y V ,i• r 1 :\` �!� �,,:' a, v ,,J.r ,• r ,• J y�.i:;:rN. 1 �' r r�f.�. 7/. ,t yl' ld' t 1L •,k '! \ � F ,� �; �- ”; s. -hot�affect` •� ,�- ,CSS s � t a - - � 1 � �'h� v�d�n, o p oxy r�allinp�st , �,. i �.`�, ; r , • �c / w?:.` �'•!` \x.. :a!/ 1 ,-r ,,,,. l i' ..: t'x: ••SJ.+T ;3. Sf•:;!t.r,. .c. Ar. _�� .Coj"'�orat�� C. �•y�yy U�11cAtiOnS ` .., � -, . Y>, � _ : ,'.� -, ; �• � .f. N"'. C•. .Q.iaa'. \.. /':" it-' r S•(" �1i -� �,iF�� tt.{`,.•�i,,�f�. •_,,. j'%+,r r �•s��j� .,Charitable �oittt`ibuxions �, �•�� L.•�Vti -r (; i r � . l� r,�.,. f..f„e r. •i ..,.. >,: x if:- )\.-. ',� I k�' -� ,. �. I, �.. r: 1 .1,. ) _t%, ,,. ',s'..r ,t-•.�"t:`" z',::',.\� j �` y�-1, j..• _ 'i. - �: T. ,, t,- �' ,�, t ;�.:.,, rri/ :�'• }i� ...� i. ��.a r'0.. � .ph -p.y � .F �Ant�tcal �Vlyp�ptJ'�p" ;��{ :,�,� y •� fYnfo� h 'on. Z`yy e� D�lrror. az�d.TlleTi r�3Vr1 (i]-j-' t t:F ,, a �:s �..Y ti �,.. v r.'. -, •<' _., � - ".� C � .i''�t. .. ..., t`i � :t., _ ,.. - +-!'�:�L._.. t�:,�s•,i- x�l'••r, !'G, eiu. ,!`�. , -t.'. t F�`>.•� . �. •j... '• t\" �l 'i- 1 .,.1\_. (. '.` r ,/ - •r i. r,. .l t• -'f.� ,, ,'�':t�.r '•:ii '! t: �` F'oun, :chari}}}} ble vire c ivi'th�s riiaV ` ipp';obt -eco: •� .,;,.,�,j.:., ",;,h �i3:= / � . �' � ,- v ' �' r `r - ,_-. •t.� t; ..r t�. • Lam`►- .s -- r�,;;�..,, The.�an�ual��Jee#.ul•=;ofish• �lolders�`ivij�,(:be`held�zrl 1U�je.�� r� wr.-i �to:the`manatCY�r+':co brate ,coil �loris';gt�.th ;�-•� r`�.,�: �r- ,.\•-'(r. 7. r�.. 'J � y.' .i:�V I-i rr -,�hari er.Audrto• t� 'Times-1VIirror'`S� uare'Flrst � �: ,dS�' eS' ddI' Zra ' >�� r4i's:.�= 'r�•�t:�i,s �:?'�' *% �`�t;�:.�•> -• ,l •' � , r �� ;� 7 � j i �I% 7j =�.T i , •?!;��.t+s '*a-..�i� ° }S:� 'lr - ' �nd�:Sbr�n..Stit'ee♦{,,�, iri Lo"s`An -eles on`A � ril�.Q{�.,_i • Q 'at' _ . \ r +�'� : :.��. :. � _.;� r ,.s ( �::.� -, -, �J� �� . ti •�•h��F l' .,.� * ` : :.:,• •y-' .�•..,P,- .-�.7i/�.99. ) .,y,. ,�:-� •�.' - fir,. �J .r�•K_ a,, •- y ,i-�:... t - q. % `;,'� 'a+•: '1' ..tt y { � :I. _ i f�• � F � .•��r J tt r ,� x�+,•i1\�:•t� x � p, t ,Y. ; s �) i,":. • �. '+ - i.- 1 1/ , \ :.:t �. • rj Y.�\ �J Ott'"' � '`-/,lv�!}. f`.'frt; . . i ,r •t,, .l. _c� \ `.•, •:i, r Qan,'-the: I'i�101'Xlli� ,, . t '� , ..-,_ rZ , .. r r/ t .;� � - r . ,/ 1 , '{�. , t �, .?� ,,t, . , r "x�. {:1•; /i;t.l. '%'/ t , . �/ ,.. _ L • +` � %r, • �S t � :+,, tl �. r �r� J}x- w •;,4. _ ,'r xi . `'t q _ � �_"` . !/ _ r� 1 • r a } , 1 t 4 * / .,1' .y, ' � •, /: 1.: ; idr : ,t.°,•,. ^'l ; F; •) ;la r 'r ✓ `` _+`.� .y, �* T, ` % �r• \'�l 1.-' •>~., ,� i. ',a � f � ]j :�° - 11��::I:�� t. C .l, \. f;.Y- .:^� -! ^•r '` r .V i .r �7 .,�., ;:� ^.. ..:/ {� �/ � ci :+, � / _�..7 4T^ l :r �, } t,3. �'•,"y •` 1.. �,. n rrff � •r � .1, .-iR-, -k,�r1 i. K ` .It,• - 1 :x r;, .lr r. `. -t� �- a- -X` `!r /.� t. .�; J 1� r �x• ;L;• � �1\ r• , �. ,r a'�)';� •{ 7, r l., , 'r • �;s ti- ..y>;' isl t:� > : ta:. .l- \ r: , `t . '�r, :r._' ;,�. ;f -, � �. �: � :.-\, -r :.R:. ], 'r jY., :i1 .,,•I ~ Y1 n J., y) f, •r / r,' �. a•./. r l: J ',�.� -•i• 'r: .>•f \fl •:1-. j, ../-1!.' Af , . :+•'.r �• ,�\ \ - , � - ,... r �.t ry i. , � r J« r� • t� i w\« � - ',..' 1 1 r } \ _� /�. ! i- �'3? 'k� :.,, r,X� 1.hf. ire• . .YC„ .l '�� `!. �� \- .i`-=�• (•.;.,- r 4- \ . ,).,t /Ft t r _ ,ti, !F .r.` Y9tl: 1'' Y_ .K �;',' i �I l ,� t. i '•� :y1. _ - - �r.ii ,t :/ � -`''.. !- _a. '1.tf .�s :� '1 ,r. - r;': � al `tf �i _ P' ,j, .I� .w_. /: %I ��',:-, 4s';.•s.+l 1 s: ��n�: .c St. �1 i :�� _..� ".� •, _ r r •i• t• r/x r: '.j'f ` f' �.tir, Ai.,., �:� _��;.r, , �� •,�, •r r t r : r✓ , � 4: :\' ..; f ,i' ') x i., V '�:� 'a. �� / r:it�'• +,. -./. ,). 'rli '�• ,,.. .•\ �;`� ;1•, ��`�°"j- t4, `l:;i-•�i::.,.•f. ,y r:Y;1F! r �. / t� "r 1. : t.r !� ;h f :a �\ (s•' , X�;T T = .i,. .I .�� x ,'"4,:. -% ..s,M -.�\ ::;� 14\�S"=� �. � ��\ :,� �, .-; /� .�• �. 1 / r �,. _ \ lti�; y.�,. � �-?,:. ,r r �F�.' •sus 3' ,_, l , t:";'+l'r1 ,: -,'t. ' � \ ,�•r •,' � / Y . yJ. \ ' , ,v \. :'�.. 4,. ♦r i,�, yin +'\'•`t : t , 1. f �Ir( . � ; /. \- .{ � t ! \ 7:'4 _ �-, �1_,y .;••-., ..V n �`" f9 F �,. r �:: •.�( r Wit. '..s.t•-••.l.'ti � . 1L - /•..t 'ti' r .� ? ..r, r f,.. -2. w:.y:etr�: ..r IS �/� t" , r 4 '! :•` - • 1' rJ � .\ ' f S �jr . \ - f 'I- �'r:�%:-a..l. x1. T'.',�- , :t'• .� •r`,i J r.,r.^ �% ,.. t J'- /'• .',. t = _ -, F'_ ,�••1 /. r�,. �: •r ::./ _\ .•r `. �7J ,F-:r. {� .r'C :f, `.,. :L i) :',. �. t.�� \1 ,-/. _!1 \ � `.,.:, x.✓'` "ia. i ,.�- r��, y:� 4 � ,'_ f � i:'1� t '';\+ � l' n �� 1 /' t, ! ! , •: y, r i" r Mti� ,►� ; a.'w' ��♦♦.c j�.�.11 , - � Q r� -' 't:C -J•✓ 't t..�: - 1, -'t :Y .+ s(. I \ ,-'r,J a r•I. r„,�' :/�, LI .i :•+•,C 'rl •r �• rl:.�.�. •'7'. - X- r%.'.'!`� ��:: �'�. ,:✓" ,.1 �,1 .r\.iI t .'v �i •'r. \ :�.\` :� ,\ 'S''\L'' - l -a _ d ,, .,J. .. y.:.Y•t �:r �j' .I.. J',ej. i;-• ti .ri.. t'j' ,f. 1/� ;j`�'•:�t:, .s' :m" _.t� .:a`.. 7 �t � r/ \ _t.,V. �: I �`•�5�� 1, '!�-4.'hr•.-r a �-i'��,. 4-'I `E 't• .111 j :.� �-?' t: ^ /.: rr.' 1 --I-_ r �,. a :r ; /.., r.. ��. r_ :�,r „° i J. t:l,. -.� •-?•'• t, >'�l °.(.• /: r ��_, 3-� •- t , , �^l:y, ,. � 7 1 . L..:,.."'�`,1r •tx'';='�IY`�. .,5,:' t „ \ t r .`:� ,, � ;T>.., �.';;�•.r. �.{{�k f r s.,:•; • ,1, -;:,•, •v,'•1Ct `�. l.'. ,�. ,•`rSr ,w, 1 �' -- [' t... :_�. 1 ,,.I.� ° va$. Y.,,-�:�,r.'f••. •i �7 _ r., r\ 'F/. s\ i\ '/: ' /,� . � ,sr, �f' 1 I `/• �• ,�',y �`' � i `-r 1 �:':S.' •v�, .4�+' +L� .. {A .H \ .'�' .� ;'{.•�.•� .:1-. .i' -�-� 't.- -r r G"'.s � I' �. -,\, 'l ai.. +'�i..4 ttl .s..f 'tt , ° - .r..-� � 4 :'> 7• :! r-e. •t :t' h - i••. t'Z - 1 ) •`r �,. '1 1 l�r JJ. �S.Zii°f -� . x o .�.:- j'(�I -tzt- ;!'.• /\ x /-•` r-:� .t .♦ �W -:. �r,,- �:1•; � .•�i,.. �r e.. .ix`-., /' t • 1 + �. x s a i�_„r. i_ r. ,�� r !` .( 4 �. - :.E>• ;�.r' 1 .r l'`,.�' � .,��, � Y.. y i- ,r : < �: I .��. .\ t� 1 . 4 1 - � � i. �I 1 �\ , i':. 'S. ♦ i �� .^7.: -¢ ^r yi q .'LY�*.s:. 1: ',•M \�; '� .I ,.y '� / _ ! ,a � / �J_ Ti \ _ ti < t - iJ t ti., irlr' •^•r,'. • r ` "J s �' ,,r ,a. (i, 1 ( -,.. ,.�. jt-'r. '� ff ', 1 1[t, '1' ! a 1�� •/ < , � •?••�.'.� 1. �,,. ' I � ';- ?w' � �k, "1. � l )' : l fl }-' 'r � ., - i +� ✓z;-;f'1.. • r a' T -L: r.. i'i. �,.`• t '•.'�. . y'r- _ ' y, a. S f / (. \ z. I' I :', :i4' uta, .A•t.,r• Tt %r r 5. , I I r , ll r'r 1 �� 'ax J' ,� i �:: h �, }b .; t�•,,y -,,y . ,� ! �.:y .� Wit, C,y. -1•. ��' n M ., - , . r -.: `�'.. ''� -,�' - -/�:` -� .J'.. r 1 ,\: `'I 4!•r?l:. .�'� . 'i,t 's ��- ;-. -i' k .�•; ,!', ` '1. Y, ,'a f \ ' � Y .R F -r: \ T 'tom . °.� k •-c � ; •• �'\, .•y • , •. { .l: •:tj tj •�M,r` G' !. f� \ `i, �'' .. / 3 p � �' �t.rJ r �1 '�, N .,+',"'trc`rr- /'- )� � <- i:� r- <', t Il. 't t ``a- .�� .�.`+k t; , •i` 1'r, � •:(� �' � �r / x..'.S 1- , , y( t .� 4• __.\./� , r l � `_ �� J .` \ ,. -1, _, 1. '1, \_ ,�\ / .1 r, ,•t, r\' \: "v. i••-. +,� .,-/��t.., ti•- ySti-.. / A ,_ r I � ,•� .t >:�. !� - "} /�.• • liar xy - y ' \x. ':11 �. � \.' .I' f ` } . ` ' \ b :. 1 t v �\�: .! � _E �' �t � 1 � �, :J_: , � .,,�� yK •) Z� f�;.� � r1%r�, • _ �/! .* •f, K 1' 1. ' ! +_ ` ,\ '� -l/ j , � r > i I;'�• 1. } ,� t v, 7"r t f •i+r :Des' Fti•in-•Morgva OliLle►' Kerte . -, `. � .•� ��. `�. ®';�94�:77�cTimes'Miriror Gonipany:•„ • • `r ! �' j, E� , _ '~ ; - ' t� - 1 lrlr i • - %2UthnFQ,,p�=�.IC -�01' In � - � 1 , V , r. .- _ + ��\�\ •t l .� S- ,y -ry p ."O !'LJ•'� ,rt/� .�V � _l .I� s.� � r /! .l - _ '' ' �i,'/!'3 �.f.• 1. 1' `�t ,.a �•; >[I{61:,1.tjl7Ag!'pJfi7:%IInC. ,-�: r t �-. 1 r ,1 r \ --, J j' ( •t _�';�'. • �,,�' '� ,� s ✓ ` ' T 1 O a hYSJ Central Typeseltifig r` T / • j4J� f - / - Editor:((Mart7za %i. Goldstein -I + 'l, F - n` li , r •� i `\ 5, j r 1.. �./ .. - r e`y 1T`'.l t ' v.�T.q / � � •b . ;•' 1•