-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 QQxPGAKfYml4Ol/kHHEyxRibx6gCX/fXqziZHY9hepPAG4qoIWkvkR0Cahd7zFSk
 SgKQPnlkjPZJk0XrGwKpnQ==

<SEC-DOCUMENT>0000950135-06-005274.txt : 20060818
<SEC-HEADER>0000950135-06-005274.hdr.sgml : 20060818
<ACCEPTANCE-DATETIME>20060818151043
ACCESSION NUMBER:		0000950135-06-005274
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20060701
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060818
DATE AS OF CHANGE:		20060818

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA FUND INC
		CENTRAL INDEX KEY:			0000845379
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05749
		FILM NUMBER:		061043425

	BUSINESS ADDRESS:	
		STREET 1:		225 FRANKLIN ST
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6176622965

	MAIL ADDRESS:	
		STREET 1:		225 FRANKLIN ST
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>b62069cfe8vk.htm
<DESCRIPTION>THE CHINA FUND, INC.
<TEXT>
<HTML>
<HEAD>
<TITLE>The China Fund, Inc.</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>July&nbsp;1, 2006<BR>
Date of Report (Date of Earliest Event Reported)</B>

</DIV>
<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>The China Fund, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Maryland</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>811-05749</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap"><B>000000000</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of Incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification Number)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>c/o State Street Bank and Trust Company</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap"><B>02206-5049</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>2 Avenue de Lafayette, 6</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</b></SUP><b> Floor,</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>P.O. Box 5049, Boston, Massachusetts</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>1(888) 246-2255</B><BR>
(Registrant&#146;s Telephone Number, Including Area Code)

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communication pursuant to Rule&nbsp;425 under the Securities Act</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">Item&nbsp;7 01 Regulation FD Disclosure</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">Item&nbsp;9 01 Financial Statements and Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="b62069cfexv99.htm">Monthly Insight Newsletter</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 "Item&nbsp;7 01 Regulation FD Disclosure" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7.01. Regulation&nbsp;FD Disclosure.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Regulation&nbsp;FD Rules&nbsp;100-103, The China Fund, Inc. (the &#147;Fund&#148;) furnishes the
monthly Insight report of the Fund&#146;s Listed Investment Manager.
</DIV>
<!-- link1 "Item&nbsp;9 01 Financial Statements and Exhibits" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;Exhibits

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monthly Insight Report of the Fund&#146;s Listed Investment Manager</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated: August&nbsp;18, 2006
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD colspan="3"  valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:&nbsp;/s/ Thomas J. Reyes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1px">


    <TD colspan="3" ><DIV style="border-bottom: 1px solid #000000">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas J. Reyes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monthly Insight Report of the Fund&#146;s Listed Investment Manager</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>b62069cfexv99.htm
<DESCRIPTION>MONTHLY INSIGHT NEWSLETTER
<TEXT>
<HTML>
<HEAD>
<TITLE>Monthly Insight Newsletter</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b62069cfb6206901.gif" alt="(MARTIN CURRIE LOGO)">
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>THE CHINA FUND, INC. (CHN)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="b62069cfb6206902.gif" alt="(ASIAN DIRECT LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>IN BRIEF</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net asset value per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">US$</TD>
    <TD align="right">29.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Market price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">US$</TD>
    <TD align="right">29.16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premium/(discount)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.98</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fund size</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">US$</TD>
    <TD align="right">426.9</TD>
    <TD align="left">m</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Source: State Street Corporation
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">US$ returns</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">China Fund NAV</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">MSCI Golden Dragon*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #ffffff">At 31 July 2006</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">%</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">One month</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.5</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Year to date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">One year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Three years %pa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.5</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Past performance is not a guide to future returns.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Source: State Street Corporation. NAV-NAV performance.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Source for index data: MSCI.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MANAGER&#146;S COMMENTARY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In a relatively quiet month, the Hang Seng was the best performing Chinese index, led by Hong Kong
property and banks, which were heartened by the indications of a peaking in US interest rates. The
A-share markets fell, the Shanghai 180 by 6%, as a heavy schedule of Initial Public Offerings
(IPOs) sucked liquidity from the market. Taiwan was also soft on weak data from the US technology
sector.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the wake of the announcement of Gross Domestic Product (GDP)&nbsp;growth of 11.3% in quarter 2, there
was apprehension about the nature of the &#147;forceful measures&#148; promised by premier Wen to control
such run-away Chinese growth. But the 0.5% rise in the bank&#146;s reserve requirements, the second in
successive months, indicates that the government is still keen to find means other than interest
rate hikes. The property market continued to be a target for cooling measures. A likely reduction
in Value Added Tax (VAT)&nbsp;rebates for exports, and a slight acceleration in the pace of Renminbi
(RMB)&nbsp;appreciation, have been well trailed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund was weighed down in July by its 21% exposure to A-shares and its growing 21% weighting to
Taiwan. However, we remain optimistic about the possibility of another leg to the A-share bull
market, based on strong domestic liquidity and structural reform. There is also plenty of value in
Taiwan, which we believe will be highlighted once the would-be successors to president Chen force
the pace on direct links with China.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund was also negatively affected by two stock specific developments in Hong Kong. One small
holding, the electro-plating company Ocean Grand Chemical, has been suspended following evidence of
fraud at its parent company. We have marked down the stock to half its book value pending the
result of investigations by Deloitte &#038; Touche.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A larger holding, the vegetable grower Chaoda Modern Agriculture, decided to invest in a Hong
Kong-listed company planning to open a titanium mine. Although it was a small investment (5%
of cash-on-hand) and supposedly short-term, the stock was marked down by nearly 20% by
investors upset at the company straying from its area of competence. The chastened chairman
has promised not to do it again. Both fraud and the misallocation of resources are
part-and-parcel of investment in the booming but immature Chinese stockmarkets. We will
continue to work hard to avoid such events, by regular factory visits and meetings with
management.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><I>Chris Ruffle, Martin Currie Inc*</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>INVESTMENT STRATEGY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund is 94.0% invested with holdings in 72 companies. We did not buy any new companies in July,
but added to a number of stocks which we think unduly cheap. In Hong Kong such positions included
the textile company Fountain Set (selling prices improving), digital camera component maker Yorkey
(strong revenue growth) and China Travel (beneficiary of coming Chinese tourism boom). We gradually
increased our Taiwan weighting with additions to the DRAM testing and packaging company Powertech,
the electrical distributor Synnex and Fubon Financial. We funded these purchases by selling Premier
and reducing the recent strong performers China Life and BYD.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><I>Chris Ruffle, Martin Currie Inc*</I>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Martin Currie Ltd and Heartland Capital Management Ltd (HCML)&nbsp;have established Martin Currie
China Ltd (MCCL), as a joint venture company, to provide investment management or investment
advisory services to the range of China investment products managed by Martin Currie.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>MCCL has appointed Martin Currie Investment Management Ltd (MCIM), or its affiliates, as
investment manager of Martin Currie&#146;s China investment products.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>HMCL has seconded both Chris Ruffle and Shifeng Ke to MCIM or its affiliates on a full time
basis with the same roles and responsibilities as if they were full time employees.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>DIRECT INVESTMENT MANAGER&#146;S COMMENTARY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Chinese economy continues to grow rapidly, recording GDP growth in excess of 11.3% in the first
half, a widening bi-lateral trade deficit with the US and continuing foreign reserve accumulation.
Though some of this growth is partly explained by technical changes in the GDP deflator, there is
rising concern that the economy could overheat and that the measures taken by the People&#146;s Bank to
tighten liquidity and prevent excess investment are inadequate. It is interesting to note that this
investment and export boom has been accompanied by falling profitability in manufacturing. We also
think that the central government will take measures to boost domestic consumption to facilitate a
re-balancing of the economy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Consequently, we are rebalancing the direct investment portfolio by focusing new deal origination
on the domestic service sector where growth is high, non-cyclical, margins stable and capital
availability restricted. This creates the opportunities to build substantial holdings in attractive
companies at attractive valuations. But these industries are highly regulated and can make deal
closures unusually complicated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are currently negotiating a number of transactions and will update shareholders when they are
closed. In addition we continue to look for opportunities to realise value from the existing Direct
Investment Portfolio.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><I>KOH Kuek Chiang, Asian Direct Capital Management</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>31 JULY 2006</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>FUND DETAILS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Market cap<BR>
Shares outstanding<BR>
Exchange listed<BR>
Listing date<BR>
Investment adviser<BR>
Direct investment manager
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">US$411.1m<BR>
14,496,220<BR>
NYSE<BR>
July&nbsp;10, 1992<BR>
Martin Currie Inc<BR>
Asian Direct Capital Management</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Source: State Street Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ASSET ALLOCATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="b62069cfb6206903.gif" alt="(PIE CHART)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Source: State Street Corporation
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>SECTOR ALLOCATION</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">The China</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">MSCI Golden</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Fund, Inc</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Dragon</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Industrials</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Information technology</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">24.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer discretionary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financials</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">31.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Energy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Materials</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer staples</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Utilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Healthcare</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Telecommunications</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Index fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets &#038; liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100.0</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100.0</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Source: State Street Corporation. Source for index data: MSCI
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>PERFORMANCE</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>(US$ RETURNS)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">NAV</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Market price</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">%</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">One month</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Year to date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Three years %pa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.0</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Past performance is not a guide to future returns.<BR>
Source: State Street Corporation

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>DIRECT INVESTMENTS (3.0%)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CDW Holdings Ltd</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Information technology</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Captive Finance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financials</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">teco Optronics</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Information technology</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15 LARGEST LISTED INVESTMENTS (40.1%)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chaoda Modern Agriculture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consumer staples</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shanghai Zhenhua Port Machinery</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Industrials</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shanghai International Airport</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Industrials</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">China Life Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financials</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cathay Financial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financials</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Xinao Gas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Utilities</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Merry Electronics</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consumer discretionary</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Zijin Mining</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Materials</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tripod Technology</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Information technology</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TPV Technology</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Industrials</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Huaneng Power International</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Energy</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Golden Meditech</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Healthcare</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">China Petroleum &#038; Chemical</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Energy</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Anhui Expressway</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Utilities</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shangri-La Asia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consumer discretionary</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Source: State Street Corporation
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>FUND PERFORMANCE (BASED ON NET ASSET VALUE)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>(US$ RETURNS)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">One</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Three</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Calendar</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">One</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Three</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Five</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Since</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">month</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">months</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">year to date</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">launch</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">% pa</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">% pa</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">% pa</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>The China Fund, Inc.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1.9</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(3.7</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>28.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9.4</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MSCI Golden Dragon</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6.5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hang Seng Chinese Enterprise</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shanghai Stock Exchange 180</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Past performance is not a guide to future returns.
</DIV>


<DIV align="left" style="font-size: 10pt">Source: State Street Corporation. Launch date 10 July&nbsp;1992. Three year, five year and since launch returns are all annualised.</DIV>



<DIV align="left" style="font-size: 10pt">Source for index data: MSCI for the MSCI Golden Dragon and Copyright 2006 Bloomberg LP for the Hang Seng Chinese Enterprise and the
Shanghai Stock Exchange 180. For a full description of each Index please see the final page of this
document.</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PERFORMANCE IN PERSPECTIVE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="b62069cfb6206904.gif" alt="(PERFORMANCE GRAPH)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Past performance is not a guide to future returns.<BR>
Source: Martin Currie Inc as at 31 July&nbsp;2006.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>THE CHINA FUND INC. PREMIUM/DISCOUNT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="b62069cfb6206905.gif" alt="(PERFORMANCE GRAPH)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Past performance is not a guide to future returns.<BR>
Source: Martin Currie Inc as at 31 July&nbsp;2006.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>DIVIDEND HISTORY CHART</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="b62069cfb6206906.gif" alt="(BAR CHART)">
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-weight: bold">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Short-term capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Past performance is not a guide to future returns.<BR>
Source: State Street Corporation.

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>THE PORTFOLIO &#151; IN FULL</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>AT 31 JULY 2006</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Sector</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="3">Company (BBG ticker)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="3">Price</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Holding</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Value $</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">% of portfolio</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Hong Kong</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>38.1</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chaoda Modern Agriculture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">682 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">4.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,089,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,425,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">China Life Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">2628 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">13.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,635,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,851,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Xinao Gas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">2688 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">7.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,560,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,068,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Zijin Mining</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">2899 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,418,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,345,338</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TPV Technology</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">903 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">7.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,968,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,877,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Golden Meditech</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">8180 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">2.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,040,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,469,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shangri-La Asia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">0069 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">16.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,318,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,979,742</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">China Netcom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">906 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">14.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,078,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,431,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Zhejiang Expressway</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">576 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">4.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,304,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,325,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">China Fire Safety</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">8201 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK</TD>
    <TD colspan="2" nowrap align="right">0.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,380,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,899,829</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">China Shineway Pharmaceutical</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">2877 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">5.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,615,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,585,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lenovo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">992 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">2.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,858,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,142,672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Solomon Systech</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">2878 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">1.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,892,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,863,757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comba Telecom Systems</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">2342 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">2.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,118,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,335,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">China Travel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">0308 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">1.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,148,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,157,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ports Design</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">589 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">11.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,678,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,067,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Li Ning</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">2331 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">7.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,726,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,701,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Parkson Retail</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">3368 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">25.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,080,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,580,485</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">China Insurance International</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">966 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">4.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,502,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,490,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Digital China</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">861 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">2.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,692,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,412,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">China Ting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">3398 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,148,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,876,395</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shimao Property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">813 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">6.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,346,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,773,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">China Rare Earth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">769 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,254,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,767,851</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Natural Beauty Bio-Technology</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">157 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">0.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,780,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,573,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fountain Set</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">420 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">2.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,204,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,354,347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sinochem Hong Kong</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">297 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">2.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,853,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beiren Printing Machinery</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">187 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,549,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ocean Grand Chemicals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">2882 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,379,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,386,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asia Zirconium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">395 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,916,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,130,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Arcontech</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">8097 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,386,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">236,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Yorkey Optical International</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">2788 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">2.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Hong Kong &#145;H&#146; shares</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>8.2</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Anhui Expressway</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">995 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">5.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,406,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,100,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">China Shenhua Energy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">1088 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">14.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,536,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,161,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">China Oilfield Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">2883 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">4.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,650,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,869,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BYD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">1211 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">18.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,708,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,566,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lianhua Supermarket</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">980 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">8.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,859,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,127,324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sinotrans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">598 HK</TD>
    <TD>&nbsp;</TD>
    <TD>HK$</TD>
    <TD colspan="2" nowrap align="right">2.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,399,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,335,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Taiwan</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>20.5</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cathay Financial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">2882 TT</TD>
    <TD>&nbsp;</TD>
    <TD>NT$</TD>
    <TD colspan="2" nowrap align="right">70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,438,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,623,561</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Merry Electronics</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">2439 TT</TD>
    <TD>&nbsp;</TD>
    <TD>NT$</TD>
    <TD colspan="2" nowrap align="right">105.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,260,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,503,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tripod Technology</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">3044 TT</TD>
    <TD>&nbsp;</TD>
    <TD>NT$</TD>
    <TD colspan="2" nowrap align="right">100.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,334,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,231,657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advanced Semiconductor Engineering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">2311 TT</TD>
    <TD>&nbsp;</TD>
    <TD>NT$</TD>
    <TD colspan="2" nowrap align="right">28.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,838,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,868,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Yuanta Core Pacific Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">6004 TT</TD>
    <TD>&nbsp;</TD>
    <TD>NT$</TD>
    <TD colspan="2" nowrap align="right">20.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,983,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,719,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Uni-President Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">1216 TT</TD>
    <TD>&nbsp;</TD>
    <TD>NT$</TD>
    <TD colspan="2" nowrap align="right">25.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,729,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,301,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">China Metal Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">1532 TT</TD>
    <TD>&nbsp;</TD>
    <TD>NT$</TD>
    <TD colspan="2" nowrap align="right">46.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,584,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,045,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Novatek Microelectronics</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">3034 TT</TD>
    <TD>&nbsp;</TD>
    <TD>NT$</TD>
    <TD colspan="2" nowrap align="right">161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,021,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,019,887</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Powertech Technology</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">6239 TT</TD>
    <TD>&nbsp;</TD>
    <TD>NT$</TD>
    <TD colspan="2" nowrap align="right">86.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,522,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,006,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Data Systems Consulting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">2447 TT</TD>
    <TD>&nbsp;</TD>
    <TD>NT$</TD>
    <TD colspan="2" nowrap align="right">28.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,362,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,836,051</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ShenMao Technology</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">3305 TT</TD>
    <TD>&nbsp;</TD>
    <TD>NT$</TD>
    <TD colspan="2" nowrap align="right">126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">948,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,647,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cheng Shin Rubber</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">2105 TT</TD>
    <TD>&nbsp;</TD>
    <TD>NT$</TD>
    <TD colspan="2" nowrap align="right">26.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,129,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,391,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Yieh United Steel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">9957 TT</TD>
    <TD>&nbsp;</TD>
    <TD>NT$</TD>
    <TD colspan="2" nowrap align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,483,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,185,227</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Taiwan Green Point</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">3007 TT</TD>
    <TD>&nbsp;</TD>
    <TD>NT$</TD>
    <TD colspan="2" nowrap align="right">72.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,348,524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,997,727</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Taiwan FamilyMart</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">5903 TT</TD>
    <TD>&nbsp;</TD>
    <TD>NT$</TD>
    <TD colspan="2" nowrap align="right">51.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,648,592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,592,522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fubon Financial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">2881 TT</TD>
    <TD>&nbsp;</TD>
    <TD>NT$</TD>
    <TD colspan="2" nowrap align="right">25.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,059,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,419,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Synnex Technology</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">2347 TT</TD>
    <TD>&nbsp;</TD>
    <TD>NT$</TD>
    <TD colspan="2" nowrap align="right">28.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,078,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">948,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Singapore</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>1.7</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bio-Treat Technology</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">BIOT SP</TD>
    <TD>&nbsp;</TD>
    <TD>SG$</TD>
    <TD colspan="2" nowrap align="right">1.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,799,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,321,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>United States &#145;N&#146; shares</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>1.9</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">The9</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">NCTY US</TD>
    <TD>&nbsp;</TD>
    <TD align="left">US$</TD>
    <TD colspan="2" align="right">24.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184,861</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,523,549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">China Techfaith Wireless</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">CNFT US</TD>
    <TD>&nbsp;</TD>
    <TD align="left">US$</TD>
    <TD colspan="2" align="right">10.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">290,316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,949,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chindex International</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="right">CHDX US</TD>
    <TD>&nbsp;</TD>
    <TD align="left">US$</TD>
    <TD colspan="2" align="right">8.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">622,884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Sector</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Company (BBG ticker)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Holding</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Value $</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">% of portfolio</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>&#145;A&#146; share access products</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>20.6</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shanghai Zhenhua Port Machinery</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">US$</TD>
    <TD align="right">1.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,219,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,863,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shanghai International Airport</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">US$</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,624,267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,810,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Huaneng Power International</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">US$</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,819,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,553,494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">China Petroleum &#038; Chemical</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">US$</TD>
    <TD align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,555,997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,103,098</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Xinjiang Tebian Electric</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">US$</TD>
    <TD align="right">1.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,676,642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,832,574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Qinghai Salt Lake Potash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">US$</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,642,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,308,319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">China Yangtze Power</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">US$</TD>
    <TD align="right">0.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,714,399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,289,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">iShares Asia Trust-FTSE/Xinhua</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">HK$</TD>
    <TD align="right">57.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">780,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,751,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Youngor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">US$</TD>
    <TD align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,562,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,188,033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">China Merchants Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">US$</TD>
    <TD align="right">0.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,290,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,888,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Baoding Tianwei Babian Electric</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">US$</TD>
    <TD align="right">2.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,761,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,688,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Direct</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>3.0</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CDW Holdings Ltd</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,497,879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Captive Finance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,045,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">teco Optronics</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,861,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other assets &#038; liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,462,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>6.0</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>OBJECTIVE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The investment objective of the Fund is to achieve long term capital appreciation through
investment in companies and other entities with significant assets, investments, production
activities, trading or other business interests in China or which derive a significant part of
their revenue from China.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors of the Fund has adopted an operating policy of the Fund, effective June&nbsp;30,
2001, that the Fund will invest at least 80% of its assets in China companies. For this purpose,
&#147;China companies&#148; are (i)&nbsp;companies for which the principal securities trading market is in China;
(ii)&nbsp;companies for which the principal securities trading market is outside of China or in
companies organised outside of China, that in both cases derive at least 50% of their revenues from
goods or services sold or produced, or have a least 50% of their assets in China; or (iii)
companies organised in China. Under the policy, China will mean the People&#146;s Republic of China,
including Hong Kong, and Taiwan. The Fund will provide its stockholders with at least 60&nbsp;days&#146;
prior notice of any change to the policy described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The fundamental policy, which applies to not less than 65% of the Fund&#146;s assets as set out in the
Fund&#146;s prospectus dated July&nbsp;10, 1992, remains in place. The fundamental policy is the same as the
operating policy set out above, except that China only includes the People&#146;s Republic of China.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund is subject to the Investment Company Act of 1940 which limits the means in which it can
access the &#145;A&#146; share market. The Fund will continue to seek the most efficient way in which
to increase its &#145;A&#146; share exposure ensuring ongoing compliance with its legal and regulatory
obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CONTACTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The China Fund, Inc.<BR>
c/o State Street Bank and Trust Company<BR>
2 Avenue de Lafayette, 6th Floor<BR>
PO Box 5049<BR>
Boston, MA 02206-5049<BR>
Tel: (1)&nbsp;888 CHN-CALL (246 2255)<BR>
www.chinafundinc.com

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MSCI Golden Dragon Index</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The MSCI Golden Dragon is a free float-adjusted market capitalisation index that is designed to
measure equity market performance in the China region. As of May&nbsp;2005 the MSCI Golden Dragon Index
consisted of the following country indices: China, Hong Kong and Taiwan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Hang Seng China Enterprise Index</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Hang Seng China Enterprise Index is a capitalisation-weighted index comprised of state-owned
Chinese companies (H-shares) listed on the Hong Kong Stock Exchange and included in HSMLCI index.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shanghai Stock Exchange 180 Index</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Shanghai Stock Exchange 180 &#145;A&#146; Share Index is a capitalisation-weighted index. The index
tracks the daily price performance of the 180 most representative &#145;A&#146; share stocks listed on the
Shanghai Stock Exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Important information</B>: This document is issued and approved by Martin Currie Inc (MC Inc), as
investment adviser of the listed equity portfolio of the China Fund Inc (the Fund). MC Inc is
authorised and regulated by the Financial Services Authority (FSA)&nbsp;and incorporated under limited
liability in New York, USA. Registered in Scotland (No BR2575), registered address Saltire Court,
20 Castle Terrace, Edinburgh, EH1 2ES. Information herein is believed to be reliable but has not
been verified by MC Inc. MC Inc makes no representation or warranty and does not accept any
responsibility in relation to such information or for opinion or conclusion which the reader may
draw from the newsletter. It explicitly does not accept responsibility for the views and opinions
expressed by Asia Direct Capital Management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Martin Currie Ltd and Heartland Capital Management Ltd (HCML)&nbsp;have established Martin Currie China
Ltd (MCCL), as a joint venture company, to provide investment management or investment advisory
services to our China product. MCCL has appointed Martin Currie Investment Management Ltd (MCIM),
or its affiliates, as investment manager of our China funds. HMCL has seconded both Chris Ruffle
and Shifeng Ke to MCIM or its affiliates on a full time basis with the same roles and
responsibilities as if they were full time employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund is classified as a &#145;non-diversified&#146; investment company under the US Investment Company
Act of 1940. It meets the criteria of a closed ended US mutual fund and its shares are listed on
the New York Stock Exchange. MC Inc has been appointed investment adviser to the listed equity
portfolio of the Fund. Asian Direct Capital Management is the direct investment manager to the
Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Investors are advised that they will not generally benefit from the rules and regulations of the
United Kingdom Financial Services and Markets Act 2000 and the FSA for the protection of investors,
nor benefit from the United Kingdom Financial Services Compensation Scheme, nor have access to the
Financial Services Ombudsman in the event of a dispute. Investors will also have no rights of
cancellation under the FSA&#146;s Conduct of Business Sourcebook of the United Kingdom.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This newsletter does not constitute an offer of shares. MC Inc, its ultimate and intermediate
holding companies, subsidiaries, affiliates, clients, directors or staff may, at any time, have a
position in the market referred to herein, and may buy or sell securities, currencies, or any other
financial instruments in such markets. The information or opinion expressed in this newsletter
should not be construed to be a recommendation to buy or sell the securities, commodities,
currencies or financial instruments referred to herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The information provided in this report should not be considered a recommendation to purchase or
sell any particular security. There is no assurance that any securities discussed herein will
remain in an account&#146;s portfolio at the time you receive this report or that securities sold have
not been repurchased.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It should not be assumed that any of the securities transactions or holdings discussed here were or
will prove to be profitable, or that the investment recommendations or decisions we make in the
future will be profitable or will equal the investment performance of the securities discussed
herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Investing in the Fund involves certain considerations in addition to the risks normally associated
with making investments in securities. The value of the shares issued by the Fund, and the income
from them, may go down as well as up and there can be no assurance that upon sale, or otherwise,
investors will receive back the amount originally invested. There can be no assurance that you will
receive comparable performance returns, or that investments will reflect the performance of the
stock examples contained in this document. Movements in foreign exchange rates may have a separate
effect, unfavorable as well as favorable, on the gain or loss otherwise experienced on an
investment. Past performance is not a guide to future returns. Accordingly, the Fund is only
suitable for investment by investors who are able and willing to withstand the total loss of their
investment. In particular, prospective investors should consider the following risks:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: symbol">&#174;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The companies quoted on Greater Chinese stock exchanges are exposed to the risks of
political, social and religious instability, expropriation of assets or nationalisation,
rapid rates of inflation, high interest rates, currency depreciation and fluctuations and
changes in taxation, which may affect income and the value of investments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: symbol">&#174;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At present, the securities market and the regulatory framework for the securities industry
in China is at an early stage of development. The CSRC is responsible for supervising the
national securities markets and producing relevant regulations. The Investment Regulations,
under which the Fund invests in the People&#146;s Republic of China (&#145;PRC&#146;) and which regulate
repatriation and currency conversion, are new. The Investment Regulations give CSRC and SAFE
wide discretions and there is no precedent or certainty as to how these discretions might be
exercised, either now or in the future. The Fund may, from time to time, obtain access to
the securities markets in China via Access Products. Such products carry additional risk and
may be less liquid than the underlying securities which they represent.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: symbol">&#174;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the past 15&nbsp;years, the PRC government has been reforming the economic and political
systems of the PRC, and these reforms are expected to continue, as evidenced by the recently
announced changes. The fund&#146;s operations and financial results could be adversely affected
by adjustments in the PRC&#146;s state plans, political, economic and social conditions, changes
in the policies of the PRC government such as changes in laws and regulations (or the
interpretation thereof), measures which may be introduced to control inflation, changes in
the rate or method of taxation, imposition of additional restrictions on currency conversion
and the imposition of additional import restrictions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: symbol">&#174;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PRC&#146;s disclosure and regulatory standards are in many respects less stringent than standards
in certain OECD countries, and there may be less publicly available or less reliable
information about PRC companies than is regularly published by or about companies from OECD
countries.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: symbol">&#174;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Shanghai Stock Exchange and Shenzhen Stock Exchange have lower trading volumes than most
OECD exchanges and the market capitalisations of listed companies are small compared to
those on more developed exchanges in developed markets. The listed equity securities of many
companies in the PRC are accordingly materially less liquid, subject to greater dealing
spreads and experience materially greater volatility than those of OECD countries. These
factors could negatively affect the Fund&#146;s NAV.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: symbol">&#174;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund invests primarily in securities denominated in other currencies but its NAV will be
quoted in US dollars. Accordingly, a change in the value of such securities against US
dollars will result in a corresponding change in the US dollar NAV.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: symbol">&#174;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The marketability of quoted shares may be limited due to foreign investment restrictions,
wide dealing spreads, exchange controls, foreign ownership restrictions, the restricted
opening of stock exchanges and a narrow range of investors. Trading volume may be lower than
on more developed stockmarkets, and equities are less liquid. Volatility of prices can also
be greater than in more developed stockmarkets. The infrastructure for clearing, settlement
and registration on the primary and secondary markets may be underdeveloped. Under certain
circumstances, there may be delays in settling transactions in some of the markets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: symbol">&#174;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The value of the fund&#146;s investment in any Quota will be affected by taxation levied against
the relevant QFIIs or in respect of investments held in the relevant Quotas. The PRC
taxation regime that will apply to QFIIs and investments made in or through QFII quotas is
not clear. The Investment Regulations are new and do not currently expressly contemplate the
treatment of QFIIs and investment made through QFII Quotas.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: symbol">&#174;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It should be noted that the position with regard to PRC taxation of the Company and its
gains and profits remains unclear. Until such time as the PRC taxation position of the
Company is clarified, the Company will process all subscription and redemption requests
based upon provisional Net Asset Value calculations, determined without making any provision
for PRC capital gains taxation, but with a provision for withholding tax of 10% on all
dividend income received. The number of Ordinary shares allotted to any investor, and the
final redemption price per share, will be recalculated upon the taxation position being
clarified. The Company will require an indemnity in respect of such amount of any redemption
proceeds as they consider prudent to allow for potential PRC taxation liabilities that may
be included in the final Net Asset Value calculation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: symbol">&#174;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In practice this means that, should any tax be payable retrospectively, the Company&#146;s Net Asset
Value will be adjusted to the extent that existing shareholders are liable. All shareholders will
be required to sign an indemnity prior to being permitted to redeem all or part of their
shareholding to protect the Company and the existing shareholders. Any change to the withholding
tax rate which is applied to the Company on an retrospective basis will result in an adjustment of
the Net Asset Value of the Company for the benefit of, or if charged at a higher rate than the
existing provision, detriment of existing shareholders.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Martin Currie Inc, registered in Scotland (no BR2575)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Registered office: Saltire Court, 20 Castle Terrace, Edinburgh EH11 2ES Tel: (44)&nbsp;131 229 5252 Fax: (44)&nbsp;131 222 2532 www.martincurrie.com/china
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">North American office: 1350 Avenue of the Americas, Suite&nbsp;3010, New York, NY 10019, USA Tel: (1)&nbsp;212 258 1900 Fax: (1)&nbsp;212 258 1919
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Authorised and registered by the Financial Services Authority and incorporated with limited
liability in New York, USA.
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>b62069cfb6206901.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 b62069cfb6206901.gif
M1TE&.#EAO0)A`.9_`/]`0/^`@*_)-<G(R.J3*B,@($%P+YJI.LG#,?_`P'.+
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M_OC\[O?^_)AX+UQ[-G>`-F2A1O];64E;*+W/,("E7[U)(_OY]%^;.]W>34%[
M8_+R\K[2R>_T\?_?WW"<BE.&:\V980)/+_^XL?\``/_______R'Y!`$``'\`
M+`````"]`F$```?_@`!]@X2%AH>(B8J+C(V.CY"1DI.4E9:7F)F:FYR=GI^@
MH:*CI*6C`&L)JJNLK:ZOL+&RL[2UMK>XN:LUJ;J^O\#!PL/$Q<;'R,G*R\D9
MSL_0SPLT-&=G#P]1VMO8#WI\T7P+X!E\?$U-!.KK['I)XM36\ECT]5AG).31
MS\A=E``!_@@<2+"@P8,($RI<R+"APX<0(PX$*+&BQ8L8,VK<R+&CQX\@/_H9
M2;*DR9,H4ZI<N9*!RY<N/7CPXN5"B@-#ADR8D&:#AI\_T:`YLT!*C#(7+D3@
MPN2%"2U,F"31@:"J501MVIPH80(."Q\VPJI1$R?.#!A$T!HPX&-*!"0]_WK`
M=,ER),0,_P*&W,NW[T:*?@,+'DRXL.'#>^LJ7LR8Y5P&'GIXN'`%CA0'U28\
M>>(3Z,\-:*)4J*"'!!<N)9(T27T$@0,55%T[<%#5@8`4)ACTV`+6QEBR<3"<
MA4&<>(@I8WJ$D0Q3,<0$>1%+GZX1,/7KV+-KWXZ]L??OBQ\SN(%D,A02!*@]
ML(;%LP8T/Q^,'DT`G8K[.O*[KCV[/X\A0(QQ`QEE@!""#64!]X%P:!5G@!MN
M+2>7!PPL]EQTW&6HG74:=NCAAR"""-Z()+:$Q`7E0:&''@2P2$,V&K#AG@8;
M/$!`!3?B2(`*.\*F'P(".'#``2B@0$$<"H!0AO\92)011`AEE?5!'!]\,%QQ
M,,P`X05Q349771=.PF&(9/(U9IEHIJGFFA>5Z.:;?O1PQ04,7,'"`?)00X`2
M6+#!A@$_`8H%#?/A2`,[/=Y7&Y$'A%!E"$%<8(879CCA:'!59CK#E<09\($/
M8T3F985@/@2=F'JQJ>I%9Z[JZJNP?@CGK.#%Q64$*QR01I]1G*%'-GYZ1H]\
M;XSVQ`2'ZLC.?;,-H4"F$,)Q@Q<W3&'%@AA@D*F5G*;E:1!EP"$3A<Z9BF&L
MZ";4:KKLMNMN8K3&&YY+/4`!Q!`^^:F$$C0\<086VVCSP!L$+_'`!FD4BN/"
MZJCPQ+.9^@!%9#W<L(7_&]@*MRFWG*)%Q'$1P-$#$J2R%*8DZ[[[:LHJM^SR
MRPK)*S-+-]3<PQ3W*F``&SC@D$4!2D21[,`$%_W&P=?,AVC##D!<Y0KA+G?%
M%CM@N^G55V/I,1J@1D9RN0Z=BG*J,*],=MEHI_WRS&RC=(,9+@F!@@TZ\^SS
MSP7D'?02?!=ML#6'UM=$$A9P$<,5$9!PP`9Y?*#`$%M<\#82?I3QA<988ZUU
M@Q\$$4$8,GTY4G-VF8NJVJZRC/KJK*O9]NLDU:R;W'3OW',6N.>MMQ)+&/T`
M#0L`$9447)@00\AQX>KLHT"\53.%3F9^EN;%<0KA%7*)[@?I?IP<B>JM:PA^
M__CDEZ\=[+#+#D>N=,=X>P&XYYY%%$_\JL<")$CQP@L1)'6!!TC`7@_($(,5
M3,!1!UK!_V+"`#-,@6-9RU($-U4<-(#@<R\I"?>\!XGQF0\['OR@"$<8&/2]
M[FU>@,--:L>S^+DP"VSX0@1B8($[Q$`I24&"&<Q0,R_$98`QF,(!XV`#'VB!
M.2_QP!C<,`/A:*QZ6(K@@Z;@A0R29(.F&QL)/Q3"+7KQBQDQ8=M0J,(#M,\`
M=X,?_+*`@P9LH0P^W.$.;]"E<;F$6C?PP,6@9`,@F"`,5_"A7)KT!>E=B5,4
M1,L,@+#`DFW/BMW+XO?.!D804K*2F,RD1<3(MA[2`?\(9E0`?-@0OS7"D`1E
MN$&<?DBJ\=2,/"0;5QEV$((#2:`,<:'7(*>0ATUE*Y&;DZ(:H/`_"M$%BV$[
MER:IT\5E.G.9G)Q9S9`0`P@T2I2V>R$.9&`$#XQD7.!TY/9>R0`D?.%`?KR"
M;NCE$C-8[FJ_[%CU*$B$&2B)9`RHXB-%Q\%'-/.9'_DG0`>ZQ6C*['E;`&4(
M1.D^%_;,!W:@DQ_>)L?RA/,E-H.#@;8D&0K!Y25(>*`$?[DYXF2-"`\:`SZ]
M,#I(]M,1`B5H=2XITYIBTJ#R>IL>41!*--CN;FQD`PC@0"U7[A`)2$UJ<^A%
MAB#8``0FP-[_D`J3*Y3!!]/_BR>6TB+!1,:A#C+Q`TOW6;*7-B*F-K4(6M/*
M5K21]4NB@VM<']-2\8B'7"C1GDETN@6>.DLH?KI;SS3@A"M,\S&O3&S)Y#2%
M+[C%5@!$@NSD=($@J,&7F"NIYCX@0]U4<2XD,2LCUMK6AY"VM*AUUUO#.I?0
M)?&BB4UL4B4+&=VP$H>./*8X-7@#!K#`FD-8J$_MUC,9=7.WBG$)'8Q`$PW"
M1"YPB,`7T)`EK39HGA2<`0>@H!P4D8=.995D!VF*$!I:X+SH3:]ZU\O>]KKW
MO?"-KWSG2U\I1.2TJ<UOK+QTQ59FKV2@G4Q2C-D#+UPAG!/R'[ED9U?D7K&W
M+/#K_P08&MCB;F`+8?W.7,;:TM'YT`MEN-A(&71=[&YL"G``)#E-(MI%=/$'
M*XJQC&=,XQK;^,8XSK&.=\SC'J^(!/<EKWZ'#+/)>+.ND"$P74[42-O^\,!V
M_.%R7$*>V/:VP2H9CV_]2C>A[,Q/,@J!'?#Z'9I`\I%U)<-D@I"'$5^)JR;5
MV`>4I.*:G:3%BGBQC_?,YS[[^<\X!C)$_NF$`0S`"0LQ@J$'T)`!-.#1(C!"
MH@TM:830P=!T&,BB-\WI12-:()<>0*4/$NI1:_K0DT9U0A;-$$4/(-,%875"
M"OUI4HO@T0UX]4$,76N%..'6D&;T00HM;(00>R"A[K2R3?^=G=KJEH$Q"=U%
MZZ04$^Q/`MB6P/[V9P(3],\#B3UJ@QT\DBI&>$A=AL^7V8`&-XB+W"VYHDDR
M^!(O>*`,ED,#9AE$A+1PU9<S^-06L$=;[>$Y$7H&M,(7SO"&"]JT0D;("/*6
MA85,/&\*,8(,\*:[`HR@V`9I0-YP`&N##"!OQ>ZXRE<^`DWGK0&K?KE!\M9R
MA=`!;\P>B,@+`/.%[!SD`M%=SP\R\9H7A`XR6#G/9^[QC#<`!TK/PM`'<G&%
M5%T@)U>ZTJ>>G;?"1'8R*2;VDJP4*$A`"$<XP@D@T`8(0.`$)TC[$82@;6__
M;W(^Q')*7G+N(="-H8%ZCQO*`V__E;"TBOJ\(KG8Z84340V>).ZWY*LK'`CA
MDJJU#:UX_1GQ@L"XX:#O\P(L$(/0[_GA#ODGQT4PZXXG1`1X&P&NH2[S@^Q\
MZ;M&^4"TKG2C9YWK!/D]TXV>D)W+@-1X*WGQ=5\0W65!^00IND'H0'N/C^#B
MP*=Y\3F>A>N/@/;`O[K$,8YUWJ\<^-=!\_9&4F`\TI%:`DZ*"<Y^!+9G10#X
MS[_^M7("(91`"Q'@`600!F3P2C3!)$F592X1!%PF7.H6%#Z`(H6G88LG.G-B
M+91'8AZ3%DTD''%P02.#3V1V<(B0<*9W@CKV`R.!@CR&>@WQ3R-7`,>'$")'
M>P@A`A0'_W0#@#?H=WL%T&LN5P!`1Q`_%W.XEWM'N'M-QQ"TEW,[MP,-483-
MISLS:!#25Q#85W)T(`)`^`?:=Q!)]W)`N(5=*'Y$1W[C5P!D,CHR<648U5L7
M8&T24`(ED`-I=P+ZEW\\(``\L(=]B']94059$7<EP#]T0D=RT6$*Z`$,2`%^
MMU!I`!]"@08;X`/&)"_/UE*V$@16DBW94AR2QX&>*#%:YA)?4SK)=#H/\7DL
MV(HTIH)^X(HYYH(,`8,RF#?0-Q!0)X4$800X1VJZ,X0B]WU+&&O,9WO':'*U
MAX395XP*@8,R>'0_0WP*P8M*&(:L9X7.^`=.D#=5N!!?6!`[-_\".6=U:'B&
M:I@09N@A?F!'=P0'2!&']+=V?.B'?7B/^&>/]XB/6=$&5?"/<I`#A>AM89<4
M/Y1ED<&`9A0"$]83D[@!"F")>@4G#38M(/8%G:A5H9B!$%**Y11>J:A%J^AC
M^%-C)<EC^$,"?*:2-@:+H9>2+1AD$I$WT)B-!5&3R2@083B$08@#(5<`.`"-
MP)=U/"D0UFB,28B4S4B-ZI@WIG:4RR>$3"<"4$=RVDB-4(D0X1B$(Y"+%G>.
MVIB.:;B&KA43$?`"9Y<"$*!_^[B/?*B']>B6>=B/50`&`5D"V89M3G$!".D%
M"FD#M:0`"M`3H)$&"@`$`H2)XC%.<'/_`6.P`QU(4L0Q>1T8`B``;C%QBI$4
MDI,$$:Q88Q;P`S!&>B3Q`PNP(A8`!Z5YFC96%*I)$C'`DC2V`*))`K1)$K*I
M!RKQF3(F!;P98Q8P$B1``C%0$E*@8[2X$,U$E!/WC0.1=#)`E`5A!%N)CD"W
M<W\`=5G`;-))@SD9?,NHC$GIA=MHA%5X<]'H$%#Y<D)YE>)(DPY1G7]P<5W(
M$.N(A6")GV+Y(3`Q&6?)`O77!D"BASQ``08JE_48EVV9AX#HC__(?W`7=W07
M@/_5GU>P`D8"F(+9D&G0H8>98A6ZF.,VHDOU-I)1!E/@!IXHF929+7$`*B*H
MF21X""988[`H_P4G`0<+4)PFH:,VIA*Y&6,D,!)2\)K"*6.[66,\:F/!Z0>P
M:!*E%V@R"1%$N7/01P<TV9TZ!Y_/&)Y_@)U91XU:^I-2B1#"9Z9>2IY,F1!A
M6&D[5X[>6:8$(7,7!W17.!#0Z)P)49W4F9X1<9_1EY^!NI\>8EMP,']"<`)M
MP(<HT)844*`&>J!_Z(=OV99[R*`"T(_WMZB:"@%"8`)DT'@7D$IR41-'P%,:
MJ@`,.9BLBI@%AE3Q6'!&YF3C@7EVE64],%'N5`<A$)EGT6\>0WEJP`*XY!(2
MA8H-(3:=.9(W]J1^8`'#R:.J"0?02@*O>9PUY@<T-)PD`(MP4&-#6O\2T&H!
MK(F:Y\6CZ!6D*T(23&J<PYF:(V$!4CIHG8>43M"-20F-E^:E8>B5!(&EVXB=
M?X"-X"FG9%J4?W"FS#A\#]&GQ]>GZ!>50RAS^$J-=ZJ+WNBO<QJP7/JG@DIU
M'RL0@)HA'G"6B>J/B]JHEAJI+%N@EMJ'CWJ@C_JR^=>/F>J/8/"@)R`!H4(&
M!>@_+R`'0I*J#+D3&^H#)E`&`C1`/\1D`,1@%6),W.,8%3(Y$0`"O80!P3$<
M&^F)`;).([AY,%6O`_&;,O:DLAFN1_IC(_&MX$IC/*JN:NNC..:2.,:NH$D2
M\BJD(Q&E-I:<"M%,T"@04&>QZ>FE$^>33`C_/^^9CKX(/R4WIHV+L&&*:Y;[
M:&&XE!#QIC6HL<AHL$&'>SLW=1<K$$Z`-U('IZ&+E4Y9$=AWN99K@TU)J!T"
M&1$`H">`%?GXAP0*LR[KJ"QKH!PPO,,;O))ZJ0WZCSE;!?TG`;DQ,@P0`24`
M!@(02ALZ`3HQ81.``EJ@!5``!=[V;;0Z'G*D2Z"U3PKX2DTR!B#0B5L+BJ*(
M`1R`87$AHV)[5F0K$&8;8[#(FSR*K3&&MSO6I'LK8VI;P,VZ@G>KP#36I'X;
MP`P,KE/Z$`+[I@/1I]GHI?*)CHV[I7XJN43XG4%H?D+'L`\!L`2[N=]9>P!;
M`*-6NJ9;?3((I]4)_ZBNMFG,=G$D'++SR</G4V`1,'\ED'9JZ79KF8<ONX\L
M.[PV0+Q.W+)R&8C*"P94+`>%2!D7\`(Y(`;52[0YD;T3<`!`,,9```)!P`):
M,`;]<P7J5*MSM$Z@-;7SYDHQ40:/625QH`8:V&^5&2EQT5N:QYGCY9EU&Z\S
M!HM!:K=_FUZPB,!L.Q+EFL"QN,"3W,"&/&-+>F.`JR[Y:Y3DUYZ>7'&ARW4;
M')8=C+%E"L(>3+DCYWVN['UI6LI169X,L9Y'"(U&!\.@]G0=AWXU+*@^B+@T
M]\JNC#?F2+L:\DC*,2=!;&W[4P)H=\28FJF["[-+3+P&:@,&:B3XF+S_*/\&
MX`S.`>F\)E`"+B`&;;"0@JD`88P3.Y$34%(68>$&/@`":`P%_8,B.J18>K=W
M#-9X2#`&&/D!'*#'B22*<Z:T%0.2R:I,#+&_*X+(A[RV_!O!,@:O*.'(I=&W
M.Z;(/VK1P$G1%5W)$DRO$2&PV5F,4%>%U2G+@2K*'ERPBJO*G@RZ!1NQ"1O+
MM&QSM%>?/K?"27AQV:C+!"$".JRY@WH01@W+23FR(LO#3KT=Z^=DV3,NU79V
M:\F[G&JSU0RIQMNHC0H!O)NI_UB7X=P":(W6`9D#.>`"+=`&#I"J[#PD./'%
M"!(E\JS-%``$*S`%)M!(;^.&BYEEDY5+`0T";A#_!P5-4L`:<#X0`=@#-X'<
MT*KH$!"M!Q)]MB*-V2"M!SA:FJ*)KC06KI<]TCDFP#/6I.KJT:,]P0Z1N!XL
M:?B:<MLX<3"M$-6)TCHI<S3]I2)<?N,9A$@-$5$ML4PW=7WZ?#V\I@8!>WD#
MA+G]V\#-=5%=W3[<=1629*UD6V3PJA<`!5,@!$7<H%R]J--<LU)<UG4)!F(`
M!BU@EW:9UBT@!BW@`O;M`B?P'\+%SD,P&W5-`</[&\"!UQQ``3ZP`BR`S_02
M.HD8'G9F6\8Z!E/@`[^!+=7S`6XP!E<0!H",K`RAK(/,K"VYV9EMVC-VP`9\
MR2GNI!W=V4CJXJK]BB[^_V.NW1!WBJ\P5X.!2HUAZ-,#@:_.J=M_@)[/U]M9
M.=U&.-P/4=QQ.K%).;K+K9X:O(V@C*9-#=58CLP9LCTR@510BU04`G]S,@9:
M`*`!6M[4K*EM=[,.JKSK+0=V*0<NP-;0S-9M/=_U?=]@@`+!)4IHP,ZSP5-#
M$N!._!M4DL<%[@,I,`7XC!1V5%<M065S41D18%EC@2F'%`(:'@:2[>$+`>*<
M1\B2G,@D#M($G-HJSK<LGH(SOJXPOMF<3=*M;=+$[8PKW<.D2^5IVK@V6=/-
M[8WDB;!'GM/!C>13R-S'7!&V''Y..8P.`;#46)T`J[A63MU9GNPALCWE(5E?
M+O_8#."S91`!XKX_`"K-^^>@68$5@QAW<R<$[NY_>%EWW69M="@'8G#?]@T&
M#M#G0C'7_HUN`E[0:D"\`Z[8'*#H">X_;2S'SC42_$R`<,"^EUXEB11P6D!P
M#/WA#KT0EUWB$5WJLJX'IZ[9SSK:(U':'Q_R,X;:%PWKK'WB-;ZXQ/>FK0NR
MA`JPRFUI%$>FZ-BGPB[="BN>2O[:U_VY3CZ4WNCL\;F-\IFY2:Z?V#Z6V>X'
M7L[/_"Q7@Q3$]&?$:_EV<"<'1T#GVN84X2ON:]RT2&!O$2`!K>'>]_W><>V`
M_O[O=YW'O^'$A*X&8:'-0!`$^$P9N338I//PR^&8(`#_')XX/1^@!2)SK)M)
MV2)IV87L!Z1.^1,=\@[<FWIK\JN>8XU,R>UJ^9<_KQ`7$<#^X]Y8V_EI?&R:
MID(N$(^[D\9=[4]_[!+!Y$9_W)^;=,BNE+:/E#9M[#8?]1P\]6X2;4APEGF9
M;2\`!6J<S]Y$;PN4=P#$0U"0J-^<Y_.M`W$MF)/X.$_0'W.#QRXZ%GB/]^;/
M`4#``C$0!NY_5^9+;S#A_F,N\5JKM8H_!;A4!I0#"'Y^?X2%AH=_"7V+C(V.
MC0`!B).%/WJ7F)D_@B29>IM^G9J"GGH+@GYP/U(QJ'X6I22"EJ6E%J@Q/W"U
MJ+5ZMZ&EH+Z7))3'D<>4!04-_X<XS`4BAS+,B'0CS,Z(#<PCD]T%E.',`\?A
MYI0#VL?KS8C>RI39XO+@Y?#OU]$%WX9&Z0QA8V;D4#QNT1K00>1N6R%ZRB`>
MDVBOHL6+AEQIW,@1%8./'WM<\>#A@LD+'GJ<1.E!$,B7#$Q^]')!2PH(;:J`
M$=/"A8L6.A`XL!'B`YJC:2;0<*!"J(,#'SY@F!HUCAH.6+-2H)"50QP;0%B8
MN."%3`\&-Y"4/'GE2H^S+V_<0!G22YDI7XC&^3`#QHP@%WIX8(`*HZ)'B!TE
MNTC+%RA1F!Y[V@0KUD8XLEY9]M.8V*56KGAIK@4,<N31OHQA7'R1G2%R"U];
M0^0DB_\W$0OIB*`W(O:A<!.C!4188/BAANU<&V*&HX'SY\ZGS9N-\0^Z?`X/
MB8CFKU"W$0T&B">7G=!!1-6899$A0OR`!O3*4YPT'U']ZOCS_^G(OR/,MP"V
M%2!))!'F!TP@$<A`!#8Y@$`5.HBA@PX_-2'4`4,4A88&:&RP5!--$*!"$PZ$
M4%14&*`8AU57:;655B@(\4($%YA@P@LO2"!!"3SVJ.,+-M+H@1=>A'3%!1%`
M,04(;A0%@P$@E/&6@8-<=%AB6+)646>Q6&#!`IZ0X"68F9!@FB<+6/##FI5Y
M>:8I;GH6YIH_5.;)E\2(B6>8;X99G9;V.*$<(48P(P-QQA'_0D=Z_$0C@V^_
M44>;<.?@H\Z@QV'Z1Z.<=F>?I!==9Y`^DZ3GZ1_T<$KJ<OT<(P(TJB9TR'V&
MT/H0J/KE:E%_O/+'`(!P`8@@83`=>!822-J$TX,3JN#LB"0Z,(0"&U0[P1,@
M-D'#`P00\(0--JBQ5U12K;BB&BURL-6Z%!P`P1$\YB"O'#[5:Z^\.?`H`9`F
MT-B6!U<@&T$0/FCXQ1AP%68EE@P#*@^7<D8L\<045VSQQ:I=Y+`R3HPP@G2O
M->`$(KN-,#(E3L#'70,%N>JQ,O"9[++,*'L,,FTVV^?QSCR#=\[+^)5\<JT?
M'V.$Q^7](8(,J8+7LLY):\<T/R/(_R`R-T"/DS4X6^OJM3R]AJT1`P2676!(
M";LTV*]O>6`""T`((("#""#PK+/9TD##$T^8HL>V2RSQ1@5_GS$$5QR@BZZY
MC,>!U;H\"-`&&)2+L9,8F&>N.>8Z4([`"4V<D`(33'#1KUMRP<$@"#:@X0,4
M/2!!I6$,9RD)8Q?GKOONGI')>VI_WO[U\,07;_SQR">O_/+,ZR?V\P>63;:"
M"'HT6`]F>3#&"A#('7G=0MV=;8@T1!&%$N@O\4`%%6Q[Q@2'(]X55HK7;P,%
M/.2TTX019L[__^`+8-V"(A0$D"`(7(@``\A@%B1-`0@@B(%=6B((VM4.,1L[
M!L1^Q\$.^O]B`7!(A>\\J(>,622#S4NA"E?(PA:Z\(7#@Y[80#*V85'I(]E[
M6PKDQD,'.(`'!\"0`TZ0!`+HH5L54`(;EOB`]56@B6=0`/P.IRYUO8@K[()<
M3JK`1?Y]K@UU`R/X?/B4()KQ*4]PP!."^!0'C"Z!5PA#&&@"AS"080P4K))%
MKG1!2`AO2R0,I"`_@XH-_LZ$%4$A#!?)R$8Z\I&05(8,P\8`)"!!+IBT))4V
M<A8/1$`"1^B>`'C@`!28D@<4`%<(@*"%"$@!3V=0H@9FB07S82$-21G"$`Z0
M12M"C@?`E-P)P*"#*HBQ;J*<6RE1$,0A3"`$"E``+J>)RVA*4XK_$YC``1S`
M!`F,!7LW.$L99K>P/BKFC_:HPQ[6R<YVNO.=\(RG/.=)SWK&TPZH4*<]][G.
M.00OD@`-J$`'2E#B3;)7E;PD)M.BR4UZY`J?/`(/1VE*9F((7%^8`APV"@<H
M6.`)6#C*AF:I@0VD08J[/``JL\BN8.:D;DU!IC)_:,9F.I-:(R6I3F>Y`9&>
M%'X'2(&,%,HV<N[1G.?$B#[YR=2F.M6I.T#%#IY*3W^N!IT%S:I6M\K51AZ4
M5S8LUH$84*0%UB29/#"E&75I@P.L8`QP(%)<:[2";&:SIP8XB@)"`-0?KA1_
M^`-FY"37!C&2T8<UU:4N[9J&#<QRB9#%_P$.($M9-LQ2I`K8Y0H26`8BG45A
M1T4J(Q2)B*52];2H/2T>1("'U,;3JAK#:E=G2]O:VM9Y7\VM2XI4))%`806C
M3"L*4'D`&RC6!T$P04K20A<O3,$'VWS"&7K:H9^FU`'!#:Q@!8"3-LC-*:5<
MJV(SE,TS3!<+2Y2L>K.@WO:R8;*6S2L:4)J"!)K!#%<P:D7XB%32'L*TK@VP
M@`?,3]B>4+:W3;""%UQ;W>KV5S/QPL!0,#>+8FB\8>G71^2RMAN4804.TL,#
M0MHA;.[2APB`@(I1@!,>(L![P"SCA9UI5[Y*<P-80*]DL\#C'ON8O>V%KP$X
MM`$%/`$(":1A!?_+*=H^^-<0`*[J'.9`8'H28<K[O#*5`ZSE?1HXD0AFL)C'
M3&9'.GB2'S$6&6(2@1)``+MKO7`I@P`%LL`%+6--"Q10X,,1F]2Z)Z8;O$J0
M@[K)S:]IW0I;[9I-*4:SL>A][X\G36GU+M$`>94BDB]@!OW:@[_F?'(AH@Q/
M(HA`(Z1>)RK@60=!;!F>@J@#$5KMZGC&>M:H>+4[36V'>NX`GZAP@J[A^65[
MB+K,R$ZVLF-X9NB]!'L2M@F?FWD`4T(@!2R846``=`.T@.0&-&&"#]_WZ&SJ
MDHT"J%N^"DU3E8J7*,_<JS5/VE@-I)?2!;"-OBO-WDOG=0,3(,$8.@W_VOTV
M>1''_D.JVVD%CBQ\U>^D];#;*0@C`+O6L/:#$R[NAXFOTPB"H*<3.F*%>19;
M'@E?MLI7SO))--O9+_$"$DRP`F;JT@<@R+:-^A4!MP#H0)><'EJ\(($4/&4(
M-IB`B:^;;@0T(0E)@``O>4D!Q1+%1-"<]S0=:V\<]#C?^\ZWV"GM8_B6-`U/
M^`'!EQS:)B=\X?T,=A[V,`<K3-76(8\XQC,N"#OL8`YY(`+>I0IXP?-]GK0V
M0LGG0.M>R_/DRDAYRR=/>62_?(8PN4(9@@`$4Z9@!5.`0K\\@`2S`"O-&R8;
M7<@0`2:H=;'9-.XN^2P4`CP=`FP%ERI-)&]K_TH3EUQ_K]=Y//:QD[W22RSI
M!*2P=CT:_.!OIR?(_0!W=T+<G1*7)RKL8/AYNJ+[VL\[L?N.?4&T]K7_K+SZ
MU]_RRU.26!_1'@M8,(4MC,$D9SO]6@9SH!OX82T+Y`%08'0"T$R,QD8^I#<$
MD`1-@'2[EW6^IW6-Y5CI-7S'9WS'QV/PA05G8`$A5'"?=G!.%F:3`'=$0'[\
M='WME'V#=W?TA`HB8$\JZ$ZGY@?GQTXG2'V/EW[LUX,^.&;NAU!4LA9(<@'@
M]FS<EA8E01)CY1$+=!97T"!E!'O7Y0!Z<P9-D`,.,`%I<`;3-%_7]'M;5RWV
M)FD9^&,8.&GJI01GP/\$_,=VS^=V)%A:\Q15?A"#*2A^*[AW[X0*X!=^'2>#
M>EA^-CAEAC@',]A.D(<,<_B#COB(`Q6$8(4@`$-Z1!(2";)0LE,](#$E#&`"
M0M`]4SA>9!1$U_)T>D,#YE4M:$!-KE@M%$A907:&^@9V/R992D`#29!?("@/
MH-9'T2=/-7B#@N@'K,:'UC>(@+A/B<A.8;.#5P6)TCB-!26)_1%6/5!68Y4@
M:"$7P^(2\/<1-2($8#2*NN0@1S<!9V![W4(`-(`%'%)=?_:*\TA-9%B&PD>+
ME!8%-*`'/=>+RO"+%Q2,\41K<Y>'QJAW@8AW3L",RCAX@-@?T!A;U%B1%FG_
M9M:8D=!3$E!P`MYU=.>F3,5E`^O8CNP3!?'(BJZ8%`<`!)_'!/,W?Z2S`D#P
M!!-0+15H@6CH8P7`AGK#!1<`$A8DATI5AX+@@L7(=QZG:CJ8E$YYC'[PA_:T
MB)0@>1=YE5B)6QJYE;Q"$CU0`B<P-S,F.>%%%&=``^U(`!40!9;5(;`X34.`
M`-T$!4(B(&?A!5<`!S$P!9S'A?"8CSSY=3V)!>KX!$R@0!\QE*)%D/#4<!K'
M5'ZX:[D6?M7GC`]Y>`5I?DY%E9-@E5GYF:`I25PYFAT!,"H!2F(Y!`[@705(
M`2&0!EC01!6@EA7P!FQ)4M62!D'%!7($!Q>@4`LE_Q=(("5^8`9(,`9,``1<
M6(8ZR0]*0)CP,P%-8`)CI9C]U8A01D_`=I#V1&LEMX?(2'%-64_-B)F-B8),
MQ9F(X)FAV9[N29KP64."\4E&MTTMADHV0"TY%IOL4YOG@YL;X`,L4&?9:!*6
MY(T)94DI@19PX`%PP`4K8),4N&/1@#ZWA$W88@)"R62+B9VC1D]XT'?$N)1[
M8(=&T'TU&)Z669E,F9#D>9D?)PC"QG!&8'(\Z)XXFJ-@$Y\\^BLD42,L\&:2
M\V+XJ0#[B5Y1P#YOL`1*9%D;,`3>%`&RPU##0A(^AQ9OH3I<('5>J`'H\Z51
M<$LGQ5?7X@!0L#;6&6H>2O\(E9FB1E`'=6`'CE=J%P>GP`9L)!IK#NFB+PBC
M=.<*3@"GY=E/-ZJCAGJH^\&C/1J4,?$V)V!,<Y-*-@";.?984?`&2XH^2W0&
M$%`",T)Z2&`&W8:$,B<L;!,#4I`")/($JCAB#V!>7EA-?.5,3R`%!9*FP+BF
M"F=/=J@1\Y0''.<'=F`%+)AQ++H'@YJ,WRE/1#!]&C&GQ%:HB#JM[:FH/=J)
MGI0#D,I,24>I\#A+YK.D3(H^3S!,1\`"7$"7=/$2UM,2#-`6,2`"VG18K'J%
M23%-T61N3S`%+(&K`ZFKQ[H'JP6G.\"=\C2P=7!^7?9X<R"5KX5E]F0%#@M/
M>;#_`W!:!P5;5=)*K1R+E=8:GPDB&"8@!\942DCW>[#X6.D3..9S!@_"13HA
M!SD@!#K"!5K`!2\`!3CR`ERP(SPR`26U2S&&CD_@3-!432BU2_P*AR$(?0!;
M95`;M5&KGH?`GAU[M9/WL?"9("6A!6!`I!ARM*QXCVSPI5`T`:M96%M$.91S
M`FXK!W`;MW+@MD_0EO<S7*14-T\!@7O%5\9U`&?*M+XH@HPIM89[N)NYL5B[
MN(^HM:/Y$H-A`D>PK6&K`"+5(1NB8UG@D]>R3825$UL$L\:DMJ.;;F?`!O-U
MM\&DMQCB>UF732@P!@;BK[53N(A[N[B+?M'(N+PKC8[+_Y7>Y@?(H@4DBP!`
M=%/2A+ED*UEWE4LJ-5B2\[EJ6U@3Y4/P^`$AH%V1LRS2$H'Y.@$I$`$`>0P"
M6;M/F[OHF[[L1+6&``"1$`#P&[_R.[_T6[_V>[_XF[_ZN[_\V[_^^[\`',`"
M/,`$7,`&?,`(G,`*+,#]69NUB:F!$\$2','B*CB8.C@-G,$:W,"!@ZD.O,$7
M',(7W`$"O`:$>[[JF\*WR[Z%``!44`,P',,R/,,T7,,V?,,XG,,ZO,,\W,,^
M_,-`',1"/,1$7,1&?,1(G,0SW`=44`1._,10',52/,547,52[+Y6',58G,59
M#`!<_,5@_,0U<,)%J<)F;+@L3/\(`+`&?-#&;OS&<!S'<CS'=%S'=GS'>)S'
M>KS'?-S'?OS'@!S(@CS(A%S(A@S'-1``O[O('UN^#8/"9QS)`Y;&?[#&AWS)
MF)S)FKS)G-S)GOS)H/S'B<S(I!R?CFP[O:L\EAS*K-S*KOS*L!S+LNS*HUS*
MMKR5IYP85IO*R,#&L_S+P!S,PCS,Q*S)M7S+R!R$N8Q!NLK+)^3+Q1S-TCS-
MU%S-M*S(R9S-+[?,C[#+SKR>T&S-XCS.Y%S.YHS(V*S-ZIQ;W)Q4WUP\JWS.
M\CS/]%S/K7S,Z[P1"9``^=P1[>Q'[PS/X6S/!%W0!GW0>8S/DL@'5``:=\#/
MJ!``:[#_!JT0`UU0!!M1!!#M"O#;$5TPT7?@!S$PT1#-!T60S@G0`5U@RF0<
MT,,3SP@=TS(]T_6LT$&X!BHMTB"-"B$MT7YP!QG0!QF=`#$`T?P,OPGP@1O-
M!WZ0`#7@!T7`!W=0`T5=!#'0T1VP!B'-TD[KTB\]T#0=UF(]UL-LT^Y7!'>P
M!C_MQ2O-T>DLU!JAT0D``((@U/#;!1W0U&JM$53@!T_M!QW`!P'`U#%0`W=0
M!%W0!:!!FO\\6LWLU9T)UF0]V91=V9ULUB\GV'[="AV-"G--!1L-UZX@UQCM
M!W8=`#'0USGM"ET0`!E0VO"KT77=!53`![3-U40)V;H"TY;=_]N^_=N`C-G-
MM@9>3`4KW=FN<`=]7==#G0"E?=I^L`9.K1'.'0,Q`-MX#=%4T-D`L-%<V=@(
M]]BZW;Z2#=SF?=[HW<;"?69_G0!JC=P\O=RFO1%4<`?*_=/0;=)[+0AS#1KU
M[0?U_=%^\-&'+0A4#9_@/8+CG2N\G=X._N"5O=ZZQ0=Y+0@-K=P5/M)%T-VH
M(-K1C=B"T`$UT`$8W=F@'=\UX,0/700UT-8D#@"M\-%1C=L=NN#ZT>`0GN,Z
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0T![MTC[MU%[MUO[L@0``.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>b62069cfb6206902.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 b62069cfb6206902.gif
M1TE&.#EA=@`D`.8``.%G4YN7EO[T\?O@V.!;3&MG93(N+5M75O"UI/GX^/KQ
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MZ/;CWX5_?3\]/,?!P&5A7^Z]KOOEW^AV9::AH/O5T>)E3"`>':VGI>9C2?[\
M^]K7U_C)P.VQHN)-25924>9X8>[LZ_;8UMYF6_.PH..$?O___R'Y!```````
M+`````!V`"0```?_@'^"@X2%AH>(B8J+C(V.CX\ED).4E9:7A6L/(IB=GI^6
M:SI`1IR@IZBI?P-"0!-`,4FJL[23K`T-$QL7L;6^OX8#11,3!!=`;QM&*,#-
MM2+#Q!-Y+*^PS,[9H$<Q$\<3;`\1Q,@9V-KHE3D9!*_@=C@]0$`-&PT9"XYT
M+X8?=(HOMGP8R$'"'PP.,*1K]$7)A0I`-A11@^!+G2:Z&A"XMV#.HA]P0!@:
M406@`P-<'%"846,+'@Z+.CPQF&U,DR8$VL6HHX9!#P98-E)I<.?>GD4W#+08
ME"#!0:=_2!#JH/`/!`,U_G3`,R-!%GY:._R!.C;!#QA9L@W(4.'",2PV_Q!T
ML9,#P3`@%S8:B[%&D94`<,2.:%/`1($6'63,./`C39H6<%98-<!#D`L#<6:L
M`(/'"Y06,JY`>#+B#!,857XT&]`D+\X'"AC8D%TDQXX+KP``T(&#1HI$'+2<
M@`'ECX$T'CI$&?+'B08X?PI02'#&Q1\3E`59,<#AS`<7!S!$N>+!0!0#?TY(
M@$'6EP@`KEFX*<%@P6P:#>S8V0"`Q9$0C<A0PPD%G)&>"W"$$444%LSP`7H%
M6/&"%US\L0568WD1`!EGT.$"$7^TD`8)"00`@U1.P%"5+TG`1\`4;OPAP!(+
M*+!$"BP`$0$*#W0A2`@JT)"#&CD<T1<A/'BAQ_\?<<!P0Q0GI,'!`0=P`0<%
M<'`P0V%G@)%`#7`\$4<+`71PD@9:S$`&F$0$X``<9U!@`@PR_+(`?&WA\$<9
M4I110@1E,&`/`W^LH<84N!B3"STQJ$!(`A@X!2F)9'30`0DD=.!$!Y!B$"D&
M)+PP::B">(HIB5IM*H@3"DD@52T+L.,6`4>HL4,*)=A11PI&[+"'#2](0<`\
M&STT:P-8.+H0.CVXU=8%&?2A500]=+!$71D((8`*332`FRO#VD-`#&,40L8*
M%D"@"*J&0*#!DCY\L*(>(*BV[!%4N/:;`%+0\$<*#.2Q`1`9^+G#!$,!T=8K
MXRHK2`<4N"`!&2VL:`C_$V)T$,2K#U^Q150&W"#("U<@EDT"%H@UR`(5-,'&
M'TGD4<8?"DAQP2ZOY(,"`,6`"U^CA83QQ"!+FK`"!AUL(8$#/OPQ,0D'.&$A
M#TX18<)8%(SXQP=@C/!'%C60\8($$(#PSQ]T5'902X*8D%`"6T!P`MH@B$4&
M#UE@$/<)"9B0ALJ#U+&;%$+\IH(.&M5S01-Z_K&$L<00D*PA0T@VB!-HU'"`
M!'BTX<`9/&@1Q.<NH.%`&V#\D<;5"7B@Q0TO,.$!&!*$P0,>HUVAN>D<4!``
M"5I@,`,8-T`AP14@G%$#:"<0<4,8-T!0`!,SH`&&%9]KT-X?=40K2!DQ;#`P
M_Q#M`#&%)/S>#)\1`QQ210"/0N'``7\,T70-5=Q@`0E7Z*%'$%``$1'4E8`;
M<,`+-7``$T9@)C048`L.0,(?@L`%/3!!`_:CGQ;TX`4-6*\#:?A#!/\`!2L<
MP`46>,('"O`"#E2!#"P\A,KNY(I=P&<70,"&`!YP,_8AP@1GN)H@`H"&#LS@
M#U&`B08^H#_^Z4$&/.``"PM`0)%IH0`D@`(85D"!#A3`!Q;0`@D],"(0@,@*
M*U!7&K*BE1".L(1$8$+;TM!".?TM$6IPT1N.03X`V.,!DA!$'7;0OD28(`I6
M:(,'B>"`%D!@"`588HD"@`$\6,$%6A"#<(:0E1,\@=$,8,1`&\S@@`*(X0EA
M0!T)+$`!*\@@C"3PP@BT\`3#<,$"=/AB',SP`RY^8`BELT`+3+"%*CPR#H`K
MA!N:(`>,`($*K]C`&PB@A'-TPG[.L(`<D>@+;FFD?!>HQSQT(`!/8.`*%G`&
M#\#P`PMHX!<#X$,X<4,%_C3`%8#L1`(D8*]F2.`#'/-%"'+TK!K>DP4*6)9"
M)Q$"'=R,6.3304(72E%'",`/\QA*`W0`H(IZE!$"N,U#$/K1DBXBI$T@J4E7
2B@@!(*"C+(VI3&=*TY4&`@`[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>b62069cfb6206903.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 b62069cfb6206903.gif
M1TE&.#EAY`!<`.9_`/GV^>/T_*_H^O[UZO+Z_K7?N.SB[^[Y_KJ0P.+0Y?G\
M_M&UU<WK^IS$Y/WJU)#/E?/L],NJS[73Z]KOV\?GRFJFUM7O^_S5J_O`@,WA
M\?#I\^G>[,#`P.#@X/#P\*"@H`"X\'!P<)"0D-#0T,?I^K"PL&!@8-?%WCB(
MR$!`0/FK5O^_O__O[_\O+_]?7U!04.C:ZG7#>O\_/_\/#^/SY/_/S_]O;_^?
MG_^/CX?+C.'4YO_?WZETL>SW[?7[]O]_?P^\\+6&NZ]]MO\?'_^`@'['@_]`
M0/]/3X_?^/FU:ZS;K]S'W]_V_9_D^=>^VL_Q_,"9Q=S,XC_)\X#<^$#*]#`P
M,&_7]E_2]4_.]/S[_-G(X.;P^*/7IE"6SO^OK]'KTL#M^[[CP7FOVO+W^]CO
M^_[Y]/7P]OO*E9G3GOFP8"_%\MSQ^_^@H/WOWX^\X/SAP^/7Z-W(X$2/R^KV
M_>WE\,#9[=_R_.;U_*?*YMGH]*1KK&R_<H"`@/\``/_______R'Y!`$``'\`
M+`````#D`%P```?_@'^"@X2%AH>(B8J+C(V.CY"1DI.4E9:,?IF:FY>=B1V#
MH)*B':*>IY(<(X,CJX6F'ARAJ(>;MK>WM)9\@[R2O",ANL.,'QP?(G\B'\B$
M'"F#(27)'Z:HM@H'`186)-X!*WWB+3(V."NVQ(<V1NULA+Y_OL@>?\<B]1[+
MLKW!@QQ\0'$`*`H@!VOJ=LD3%,]>/%Y\/#3TI$G!G#4,O&G4"$Z<QX\R<.S@
ME/"/$8]$"(48R$%80`_"7HR`^2>$AQ'0!IDP,<B8O`Y\/OSA.2+9"WXE*7$0
M4>+/"#Y\7/6*-@W?J4T$R&S<RC'<QZ_C<+#0E/"DN)316+H4--`71(8J_U.(
M>NAVH3VD25,U"RHB&;Q!L?25"#$QDJ8L=.@HX,JX(]C'?5S4(#O,;!^T<.'Z
M*O%4LR!AO3R8J.=+7UVK)?#F_65WHFN)=B=ERF)`RXDH?K0RWN@8\F,9DS/I
M8D.D^(J_<)F5>+N03XD//*>*CB6B)>R%'5::4+VZ477G\DHLMS<UE%"FH`UG
MTF#[A'L(!W;S]NH;LHNQ?E:;(N6*E*`10!$BRDU_Q"*(?P5RP%EWD71P$"O]
MS2*A/?6HYP<`[F5X`AQ^9"0?";W5]]@,.%#&H"*I,35)!ZE%=^*+CF@21@Y^
M&*"A>P#<\2&(](D(V1'XP8A(8)6T(N21BF3B`_\:>^Q1@!]1W&C`8A^&Z..(
MP2&IY98)94)##DTV28,9-^*V1I4]7@G9#<)QN25";DKB90QA-DGC!C="0`":
M:OIH0YNZ""6(H)$(&I`D0AGIU"J$(K=:,"%(!11X?WP0Z1\.-C)GG6$6D$64
M&7+H(0-D!'```;?LL`(.-K30YU<N`"K)$V#4RH2CA37"RZ6L#<26++GFJDY=
M@E18UZZ:^D$#G9R&V0.9&@(PAQVHXF+M#C?(\*HXL>8W"14@A#L%K@X%51-A
M37W`1P@NRL/KI!!!E0Q,?!PUBZ]W80H884"IF\Q3)H"20KQ"#=8H)"*4XA=R
M$.&;I++,-MOD`W[`D*'_#@!8J[$M.]@PPZL_R/H(N.(28@)4?/`T3P?1K344
M(2^\4%X'ZH(B3#65JL;!R2FKUME/L2W$$\U_<!8"G(_@)%<A/UOZE$12U;*L
MQ)R&D846.IBQ\=:VL/##JVQZ"PG)((Q;7G._'IL90\W$!I5G^3K#C\/_'%W7
M4F_SLC-4'4AT\"/"T`183O\`)'@M/H!)=9TQ])`QUY!OLH.V:F8Y=KAED^L+
M/G4%+O-4S"A33UMPI2:/SG-S5^#;:`?(RW714`):/-,5LI:PF3"Y>)T/^!#Y
M[YO@H.808YU"J%"3RB)HHGR(T-#R')@FU/*".%\=TZXH&@I4'E#?4NB"3L.+
M_[I-3?(4'\H73=BA]H`2S-]_9$+![G4^"?S]F=3PL8]'B-P=[).(2)Q6XX<>
M1&QQ,:``_A;H!Q:XRD=>\%])_%6A!C6O?`,L228>0+\]Q(`&#&2@`WTT@^)E
M\(1<\L,7.KB'"80PA",4T9_$AL(:GB@31>B@`E\(P_W59R3$0)H-A^B'^=%/
M"3SD80U\U*U*`&5@C5+=$$_AO*,Y)02\$L3`#K6NIM`M?G[(X>YHE$0>"D]$
M0&1$!!#`QC@4PA>9PE3?"@0*#PB$/T*<XB*051-'H2T]@RAB!WM0QB12SC<S
M9`0"],#(!;RQ0!^8QNF$TKRB*<@Z?ZC"<J2H1T0HJ/\UA!@8/VP2%(1LD'[V
M*^0+EUB?$M(0$8MLY"/9LA:7\+$#UYM=)QTAFLPTI!X^>5I40D"H`M*O"+Y3
M)0]=("(V*9*1>G#D7Y;2DH4<33S^<,[UB+7+19C`%=QT5,*8$[\PT&^'RGSA
M#D34OU<:8HUM?&3".B`S7I1@-$-IBC!6`LIN*B(JO2@%+P8$M`(E(R*@R83B
MJ!:#9*;SA<RLCPDG(0O!R((?U+-'=03"%G_^$RJ"ZDM'E<$^I^0#H/'KP1$?
MFD16^L:9'HTI)`2Y.T*RE(</M(\[9<K36G!AC#=-XADA,P0)]O2H"MT=$H.Z
M2A%-]*A0%40FZ.="IKYP"/7_00<E1B"+4D15%]9PT$#JB!11*(M^#K7J`H]0
MGY!-@BD'\4`%OWH)TPBH+4*1!C7,.H'=%4&M+_P:(G<Z"`RHX+`7<%0I'(0^
MMJ`/%.H:W5,*<BB65`I^G;Q)KJ(#$=CYH0"[HQA@&>B%^LB`L((P+&()$=F[
M[.PG1?G#4>P(&W.-QB<!,9<(9K*PF!8F0#6I2@4_J]31,C!-7SFM(E2K@L0*
MZ&@LN2A`?N64E-F%=`SQ!<_:Y='"6#%!@B%,_$"[N%0:%WCK]$U14<M<Y[XQ
MNG=!S3&`)8]Z<*8TSEM;3R?22WC4=KR[,^]Y?R<BH_ZA#0Y(\`!8VQ*Q^FJL
MVCD&_S/J61V>4).4@IC&%_WI"XSBA6CH`7!Y!XR_`J/V$]$KD%SSD0\%K6(F
MH(@(4@RDKV)QLI,(BEJ-*21BJ@F8Q%PS,5A;9`AAT=42Q!TQD`E<'P,72<<'
M.K(NDDPU+BPY<L@%B9.E/$6:4DVT5]Y:ECVB7"[SU`]]7=Q?P[RU&]2G?Q3]
MAR$PZT=U01D27>6'5U5GY$[0^!\H?5J!7&',W:65S;<0+&3<F@@)-.#1&2#7
M(39\MH05*&AG2X3>JC`Z^A99'9-R1C(LC6&K@/&`S:HJHG%QR,>42!$50(&L
M&T`N=0&T&COIP%/"YYR'5.@9XS,7'U(@B[XPJK$=59#>+O\*C]P"I"E`L8D\
M[-G8]_&R(?AM#BX#Z0<.+@Z=J[:%B+2:B%C/FEPOJ,=:?"4,F@5HNL4R0?E*
M`TK3\;$0;1$KON=-WWPD`QJPJ08@=<7:54RWBWJK$)7#%`,N4.#0X<[$F#WB
M9'.C@-9G8\Y;?+5%8_!C(DNQ"S)R$B_KWA,AOMH.=[A7%USFS1XGB]0(MO.(
MB5AO830+<?Q6V*0B*.$+F:B#&[JPA8AOP@;U:8&3W5"!IDM`<Y[Q53R(!MR_
M`$.?R4$(R&6QR4/8%6W_)9H?]W@(2W\&;6#,00%`.`8)B$$.LKZXT37AP\?\
MB1+PBK%G6#8"9'`Q*/%0UZ4&PS+_$>1$WA(1MKGDID751/MGXPM!?MV27UO7
M?%#577R^!N,+36P!#Q:/NQ@R,'<_N+D^$30S5/U0A[C'70YB*'J"Y]YJL,Q@
MRZKO\AA<WX4&C,$/;TB""I)@](ES"_>YMV$FQ(""+DC`#V6X0!H.FP0'&#VG
MD"%W\L^<!](/X`R'54$:+N`'"$#A<6P>*E&1[XD\9E"N6\J$`YBK@C.4`0`1
M8"04$*V_9IZX&/^P,/#39P-$:1/2;'X!$]+&"GQ3*9<21X0`?.&'`6W@!T[`
M`]"D!PD09C&D7LA'`040@A.`*PL8++MD@/H%&$6S"J"1'H?S1[7@!TF0!&]0
M,4*0@8S$_P,&<&4151\PQ0C>YB0"4BS5(2BF$`R[XCQ-`3`"@U`J,@C.\SJ$
M$3U3&`R[12^Z)EZTM"ZQ8`*4Q#?TLA(/!BQ!\0$I@%DXPTW5D&+-88!^T`9E
M8'XXF(%!@'[GA70BLEZ.$(0%4':@P%W*P`^<]1<\D8:?9FJFYA8_<SW_@#Q%
M6"ES86D>)UT+DH*`,8AN@SZ'XC01@5(1Z`=+,(=S6(<#=GKC]G^$P(>'4`50
M405P8BF@A#=O@3+89GANHQ,@90]6!(O4=3J>-FV_,H;8A@@O,!=K(T"QT18O
M&$@0@(&B2(=VJ%:*YAOM]`BJB&]&F"NIH3:N8TGX)@L\L5O5`_].<W4=IN,0
M]I`:TF50]J8*E#00A)(K6=2"K"`+?1<[Y/2)3O",.!@$$`!85W`%?M"#(_)4
ME]!;(%=)WD-,TS,HFE<3(A`XSA,]$VD:!\$]`+$P>/,OKD!!RK`,JV`]QS8]
MO84I/%-16`1,#JF1[D-,B)`)L<2/.0@#3,4$:A`N5C"0OH$.J,AE**A'%^*,
M,LE($1"-A80$0(`Y(-`$.@D6(=.37*8],94),#"4&2@$-*E*3R`%2HDY3(E]
MD<%^VR=3F1"*5@E-")"5+\0$5]"57=D$'=@"!CF67)8)"W"65^D$1LDU!]`$
M7.F6;@D&(R274)DTJB!G=.D(ATD(1)+_(`>8")F0?WA)APN@EM8"`#N(!8"Y
MF2``!$_``O<AEHZP$O>T"N[7$W1I#&U3("LA;7H%B3'B!Y(YF3@H!&P4`0NP
M`/#DC'Z@F9P)F)YI(I*P`3I0G!I`+A=5#?J@9\YAAG3&9?&P("/0%)U%@(50
MEK29G3"`!+\)F%=P`*)I"#J0(08`=3)1$[%P$(&#:;FW%!CT$,'5%W.5+`D@
ME-DYE`OP!-W9E3E9F(DPGNY1GAF'=EM429F6?/<PH(&!'M;YB1`0!/=IE0C@
M!TFYGT`@`.&)"`!Z`@*:&32A<5!800U*5]'Y8N_Y7S-EEQ$ZE+VYGU+`!!F*
M",1IG"IQ#-*F_W'BT3='(0O\M'W?X46LB4F8<AZ#(1LU`J$K*HK;^9M`@`3"
MJ0Y<54&@L!]2\2`$LGT.@B"-N6-L*"=E>8-)FH'YR9E6`)[^F9B)J0E+`*9A
M.J$5BCE`8`4P&J-H2I>:D`!0$*9ZT*+AH@9-8*9G6J>""D;EYP0QJ9U((`5(
M,*=T.JB"N@D`D``+@`#V^8RVN0#_2!)(LFMS]9/#0!!R(Y5!0TF5PEJ7\!08
M5%W9(T!7.@RX``.PFIL+X`2PNH.YP"`$D*L$H`"$($DL`Q>>&D"(4!0O2&F%
M,8R7($E2"A$V`QNFEA21@R3=\`TJ\0_/<89+(5(?R2@^X9")XI)@V/T\L3`P
ME8)L!K5MA6,DZ[(*O98N"T%)Q"84$F$5ZG)C!PJ;1,.L)>FH@S"M(.)'&V=/
MTTE?YGII?/1)]85V`]<!*6!AA3,0QG(Z/S&+GB%`]\8(+P`5[SD5",=C_$H(
M_AH`CJ(/"R&,4*$RA3!R3D%SW,,SS'%R.E$3L16,T:,N*'L7%(LV+ELT`=,(
MF'B+!X(,1?JQ_<H1*F$L>C>&.*-?T]E''II?F0:?0Y$>T645+@%9W:@VQ^H=
M:_-)Y]A'^4BT0[(^AE(=TI5XI'J)MFAKCW<^7$=*FF=K]?)KT25Y*F-Y.2MO
:P``59/B<@&8NAL(ZFZ>%8ENXAGNX9A8(`#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>b62069cfb6206904.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 b62069cfb6206904.gif
M1TE&.#EA(0+*`.9_`%935/\@(*W"K_]`0,2$9:+$DLG(R/^`@/^PL-':TJZJ
M?LZICM"4DM-:1^Y_@-KNVK:==N<T*--X;=J,>M6HI^GFVN!!,./#M/@-">.S
MI.542N5E9];'R.63BOG\^>=S:.AE63PX.?E\>K:ZE?B<FOD[.]/3U>?TY[7=
MM<[ISKR]P)&/D/\``/+R\N3DY-#>T=;6UH2!@O\0$*VLK+NZNO_P\)^=GO_0
MT/^@H/\P,/]@8'9S=/]P</_@X-;CU__`P*_7K_^0D/]04*G2JK?2N<73Q\/=
MP]+6U/(:$^WW[:BWB//Z\\UI3FAE9ME..KN0;,=V5^TG'L?FQ^[?X-+:PN_O
M\-[>X*&\H[O0J[3-I?(Z,^:$=O):4^YO<.CLZ?/*P_)03]W`O^RYN-VNL/>L
MJ,W.T,*SM>BLJ=T^0/-E9?-J8_/:T\'`G^G)RN;4Q^[/T-J_JM*SM;NPB^ZO
ML-UP7^"AD?.:D^XO,/E:6O0T->F)BOEJ:_-Z<^GIZIS2G/___R'Y!`$``'\`
M+``````A`LH```?_@'^"@X2%AH>(B8J+C(V.CY"1DI.4E9:7F)F:FYR=GI^@
MH3`K,X,V-HE]JJNLK:ZOL+&RL[2UMK>XN;J[O+V^O\#!PL/$Q<:U588TI((S
M*RL&H7_1,*4K+BXKB";<W=[?X.'BX^3EYN?HZ>KK[.WN[_#Q\O/T]?;W^.=6
MAC#3UM*%6J#2]H<@P(,($RI<R+"APX<0(QX26%#AM8H8)6K<R+&CQX\@0X+*
MUJ3%'QLK8O23MDP008,B8\J<2;.FS9N0:)0:!-,3C!B#@/X1BK.HT:-(DRK%
M1)&G-`#/2OU4N;2JU80&LD;;N0B&`9-<IS5RD=5%(Q@K_YC%Y,+DH)4M_PRL
M_>/5Y-Q!60^%#9LH[M>B;07-#1Q84-I"+F*LV`'VV=VKD"-O3$&YLF7+#P@9
M.!6MIZ'$-/+"?(P(FMQ&>5UF>C;(10BZ-O*"%JUYAU9#,#T?VFR`]4W?!E/"
M#BJYN'&;?I(K7[X<1:'4I'8*C.:4$#0;)J-EO2@0576Q8LE"$]0[M%,#,[`W
M6^%64%Q!-%JLH,&3O4N@ZE5;W__\(L'T_^U$@PUAI48##&25XHQ)`LU`76]F
M;4>:(S]4:.&%%QZR@@W]$.3"##L(T@1Y?!UGXHD:,:>B<LYI1AT`+50SE%^F
M%-($#/)5Q$R(;<GH4E8Y5F1`B-=L]H=M3MW8`O]0*_33GB!`5<->>^RALJ0V
M+2!Y4B$&>?5'7/TX6%`V!<%0!0`GX8@*C.CA15U!0W[9EC8QQ(BFF-?L2`D+
M?/;IIY\:'HD1>S309X-91*&HZ*(-K;ABBV[JIPU4OFW)GS:8ZK=,<$"^-(UV
MO9'W9J85>6=(G77.4*=3VAQJ4'J6?N=E7$S6-^B1SQ"IWZ<\I3:*KCK:FE%"
MVAC0TE""\(A*HHPVZRPHCJH(J:B2#@LEEZJ1BJE9P54'5%Y9J6=>MN0>`L.Q
M2SKE%;"J,9L;J^ZAA%&MU1F4&H=YX3DO1@)YNA!!.VA#0\`KP#C4@<\F7`D*
M#"M\"739%CI8#*%U1J[_I_-5:N]\:((K5PQ#CGHK9]C<U01]686H7Q/_9-72
M;!;C!7*<O-4IL`TTH#D@;1G5C/)6,\PPXGP@3A.;S;L2*]AK1,&`BM`.1PV)
M<E)3TH);:V5]F&'49:W6UV!',Q@A+B#X)8,,XMB>65ZK%<W5A*Q$%MF"U3W-
M85Z"[>(@[X%=LGM=V_VE`6G!35<+:R%(4-]M*S17/WC+6?7DBE!-^>60A88S
MYIPC97GGH!L5UY.AEQ[3YZ:GKOKJK!.">NNPQRZ[PZ_/;OOMN$-6>^Z\]^Z[
M3+O_+OSPQ#,4?/'()Z\\)L<O[_SST!_2?/345X_\]-9G#]$-`QR`0`\T^>@,
M_S/68Z_]^0OI($,.?`9P0`V-/+/J3[IQXH*\UAJBPO[\]^___P`,H``'2,`"
M&O"`"!R@<A+(P`8Z\($0C*`$)TC!"EKP@AA$H!ED((']$:`!&)#!!LS0OS(@
M@B)`N=]!7D(X[9D/?3"4!@Y8`+]!U.``,I`!`AA1C7,E#10$\<JQJO?"&!JQ
M$T(0PB%JP`,6Z*"&GRD8C?+GB9[4;WE%A,P#*'."(R:L!RS8(2(0((,`_"`1
M]_,A%3MAQ>QE\2HH2$X*O/BL(,A@$348``L2(:,4FBH4.^G-1<J7G(3%T0]S
M=-X9.Y<#'31BD6133!`50T>`O-$JATRD\F;H2,S=@/\%-ZBD)J3`L,Q`JY#/
MRJ3S`L`^'&".!P$0I294>4H_G&B+*5@"(6B9/`2PH`<'"./EW"?+3/#2$Y?$
MR2&[.(AC%F\``Q"$^D)9-5^"KYB7<"8GDGF39>Y2CLK[`0L@F0,90-%A.HCF
M[U*0G&E!1)N;X*9-O-E,<"8OG82H`0M<&34P\M-W[/2#.Q\"3TW(LR;T%$1!
M>^?/0B11:C@<7D`'ZI"%,@^5QTGH'RR:.QW$LA`XN&/4`L`#B;9S(QRUQ$%I
MHM&4VDZ?_QP$&,68,&N:5*`HM><G5CJ3ENIT>$+XJ"%R4%).X"`(-7GH32G:
M$)=2@J<R\2DB7QJ$=+)`!M3_%$00QHF(`P@U$[X4J4QF2KR)YG2JM3R15#49
M.Q[(H'L(*"<U>R"#HA[BD]?$Q`W>"LI$-/$`$H%E\<RJ$:=.`JHQ6:OM`H!4
M0=0@!SF`WP`BJP@9-/82=(TF8Q'!21;D(*L-D0%@RWK2POZT$XCUR`E6ZP'%
MRNZ3H'TL4?NJ"'Q>0K;PLVTA/EG2&[!OM`S9:EZ%1UB)&%82J>V(<D[@VK9^
M51![90%P$^%+*()V$7KLDSD%,4-#U."MA`AF)Q4R0[O2+CG,U$1Q(W+<2"27
M(\MM+NQ(>M?I)@*F@OAK([:*``OE59\T_0-N0>I$A033O.?U0WHSL=YWGG:;
M&-4=_WKERSHP7E<20GBB$%B@Q^$>@J[V)011PXO50W`2(3K8)^66RXD&$_3!
M\8SP5>*+WF^B%79!>.XD["C7/P1`B8J8K"(.D`,;BC81)S;$#<YIB6#&5"G'
MFLK6%L'B3;BXHC`VJ(RM0F,%VYBMK!LQ9CU;0W%"TA!;O3`AQ'E-)F"@``LF
ML&AKB`/V]2D`3XX$?3VA&*$0[$V?<,&QA,*L08A#.46P!Q&2,X1\L&,(R2&"
MHTV@G$E;NAR(AK0?$MT-34OZTJ`.=3?"P((.S(,"W[A##L01!A&:`P-Z,`$'
M,,"$39,C#B"4@?I8@`8&^)H!&F"!"-PQ!A:@.A[[V$W,$/_BK_K!0CD^((81
MD@.$8^@"",DQ@K7[H)QM>WL6T,:V'Z*]"G%K^]OH3O<J'"`#:[^!!0YPA1BB
MD(-:"`$,?>C"F\=-BRD$H7M3<`4)6(#O5;3!%FD(0#"2H2&3!*Q$GVCVU&IL
MY=(:-\N9>.]&NKS@]E9M`./U!`[_&\P!>!@1=OQNK;U\B9`*(0A!E6XC]OR)
M4;AG.`"1^".JK%Z+LQ?C%[6E9#C^9=@!.!3?94$`=)!CRSX"C&XM`,4OL=<?
M!\&M3%8R;3W1@I)@*^<NP<85I3=U!OO<P3=&YI:K0O1ZIEUU6SW(#PX@!!D(
MX>2+"(`3>;Z)[X:X$((%!6/XYH__@[SI%.XM.R:NW%2@7T+C*9IPV3VN,.[)
M7"8I[@'?-X'#K!."YIW(QC.BL0Q`3V)\@U0[RWN.4].^'<)"CTS;%>IXAR'@
M``>H4!-S<&:1W&"'F]>$WVTH!+O"]B9BLJ3B+\%XAE#>$9"7R.PW6GN%Y8"5
M?))!GF<2?$UT7L#E+/`?`F^3_$BC^Y5H_D*>WXCH1V3Z[#>1A96"?DSX_;%8
M/3'H:9*S9Z0>M<MG"2E``!#`5,Y7?4^U=DL!?PCH+':T@`'H?>M38G_066I6
M-?4G"3B@=QB`!6<%9K!7'`SX>H:P!*N5!(R281"X>I[P713(74I7%.87"AGX
M""'%`AJ@_P`8``(?2(,*2'^2QX(II7Z1H6)`R(*>\`,GAP/;)Q/]YQBU%&>3
M`'4UP$X$L'5H!X(Q%GL2IF`4=@A$>!75M8)2B#XUV`@#\%$!%0'J]',DJ&5<
M.&-!V'&U%X8088>+H`-%1H:L(TA0N%,1^`AF)@@!)0=&F(4^&(=<-H=%MPAX
MZ!"/F`B;Q8>P(Q^DLX5E"`D_-@@3A75NJ(5P*()SF$E#>'8>$8EWA86>$XBE
MDQJJEXF.$$QY-5'?A6`'^(89]X-)P7&D6(>FV!&HB&8Z=A1G2#E^J#*`B(20
M,'R<>%('T(98AHM!)XI>&(0I4(JM%Q+!6`B-M(C*J#J7B(F,@/]+<>91YV16
MOO2)B1@*#U!*QC.*<H2-!J@1VVA#PL1VK(@Y!C$NK\@(QR1.`?8'9H57B)A6
MH!!0H)B(S&6-\A@3D9@$#-,BW>6-L(@Y,T`I&Z*0_JA3-;")A4!87/5BTOAX
MNLA\#0B'"UF-B-20(A&))V`Y.@!D^/B-">.'B_$:FH$09\A+GOB1I94#?Y<0
M\4=E)2F`)YF+*IF2U^B+V0@2+DDU#461JN5^BR`?,R@(-A`BI@=[%4E[:"5.
MVT=8(%>0R1@*"/F.2=F+(RF0OZA2^=@(Z\5X+UE('M6%7<D0<QF'JW4"'B`-
MJC(A,Y`CK@B`-%ET'0F-A$!8STB6JF?_EEE6CXG`B_'(E/-X6&_)"''9EGGY
M74U(C)>I$'E9",4X"3^QE8,P`S9WE1H2%1-7F&XW1R.'"(054HQ)F([YAA.U
M!)1A2B29EI.YEI")"*.I")G9E(20E]\GAZ[9$*'I.I_99_`1`ZN""#99*:80
M,/3!"&/W!\^6'.0F"^8V!?`6"]/F!]76!W/``@&G;JU@;MO6;=96GN?F"N4)
M!#Y`;<$0;MYI;NXY"_59#-`&#/^Y"@/J"O?I!P4@`UW`GND6H`PZ"P?J!ZW@
MH*W`<(:0%T`1)!/Q"&:S",^@FH)P:,G!:>3@:1L@`^2P:'[0:-S``@QP!5<@
M`*+6:9$V:97F_V@J^FG@H*)#4`2,M@XP>@4&X`V9-J*>YFGFP*/W@&CRH*3=
MX*3@X*-^P`0RP`$S&FI,>J7E(*5^\`U9^@W)AAM3=$5#`J*21`--`*(!\26%
M5CEOF4E'E@C%%0!;T):A,)1NJH@5AYOM-)>5:0A\)YDK29F$>9>8Z7-RB:`8
M$)2[^)D)T9R#,)PV!S&*()WC@1?TX0R2L)VB^:;)<86>UXS9.``@8*>)21G&
M=)2M>9N@.%%^FG@L**A+"9RF:IG+"9>(JIE^0``8$*J->JL+`:F",)I=9Q<[
ML9T$D3.1,IA5J1:<ZIRW>DA($')@:'$\$`&U.JQ%V0AX&IG;2@EG.?\()G@"
M2>"JV=JIL0J/@TJKQAET=YD$JZ5+U=J4B8H$3D"-A@J:KS.:@P<E+5`H'DH#
M,;`#:2%Z_O=_B#`*$)>G=QE'3_!+CFAQ08`!YPI5W3H('K"7?^!^X4J([62N
M[4J4Z>J;ZYJ0HOJGL-JPCYFK(?L')Z`$+*``^#J5,E:,!OLV\Z$(B;$#"YL0
M.^D';'BHV2A.%?NMBW"Q@A":'/M3$P6R*`NM"R:K+*D(PNJMT;JR`C6NY:J9
M4$"Q,]L153N<D="A`C$BC?*F"L`"&2"TD*)/$-"RZ)JJ:PD)2FNTDM"Q;"E0
M3INR4+M,:@F*)[";85BUPNFI?*JW'ZN9%F#_`0I&E0LAMIP`D0TS"&'KJ*<G
MG5/FLV_J!$A@LA[;E#)``'`+K7+KN9%0MWK*>FS5M'UZKE#;MPR)M2@PN.;S
MLX<[NXG;LB?``J)+N*L(K)\@K)4+O)(`(IF+%]HP(2C)"&S`NZ:[7@-0:RAK
ML:I:@I6!NJR:F+F+`J_:FE&KKK/:JMO+"+X+J(8KOHB;ODPE3DK0N'8+/);+
M"<*[K_'["/T2F,HF,,>;@.Y[JUR`!.PZ+3J`K=/[OHB`IWF)O0?)M-O;O8(@
MN2@`P>CZO20;OK(YOHN0EQF[6E:KLK?+NBW+`U&`7E3CN,I'O)TPOS5;OV,K
MG=EI"CE"`\K+OPEL_V/I]5VB^[P^=P``7,"I&PD(O%PE;,"/@+<@S+T^E\#T
M.[(IJ90%=<3D*\0_:+OHB[OJBP@YT``D7$@F?'XLG`DJ'(>06PDO[!XQ0"F%
MRG<)=0#[IL--2;0^G`@1B8)'6[V%H,1<3,2.8,0-G,12+,9E)[6R2[M;_,-4
M?,'J>V5@]+;]N[$_.,?PRI<?P7>D%,$'$<83_!`=^HIJ3'$J1ZB#L`8Q&\>%
M>[5SF\%_[,@_O'@,K+X.[+*I_+J1"KY/C,%4&\MD9\I5#,6&@`,46\BJW,$:
MM7&3]\5TBSK#FZ^><#\\&XYNV;\=IP`LAT-9`,I)RP)/0,K-Q#!)<,B7@/_'
MMK2T:7?$KPS.F3S+%5S+5XS*P%S*'KS+MDP(0L"XP'P\TT?,0FC,[(S$$9;,
MTN`5,_P')@``^VNK-3P($\`"$?`%#T`%,B`"?XO(TW("$<`$VJRMT+R1IWS+
M]:S'N#K.?=R4YBS+&-W$$3VO5ORG(RT]!/`$!_W`\:K.LPNS?J(%)R<#'9#*
M]LR(BS"N\GK"=(C"QRQ0&KR7_OP)*!$:Z<$7S'PH:3QU,\0$$8"#74L%)VT(
MZW4"BWO1JOS2<FS'QZG3'BVTJQO2$XW+)0V[*FG!*$W(C6QB2,`G)-#))2O1
M*<"Y"Y`!$/`$4>!$>25.;B#6ALS3AI!)>#O4JXS_SD&MS*?;NH5\U)WP%V2#
M-P']S`<]0Z+K!QT@`RS@!.$KT\<)!4C`U7_\SIA@SN)<UJ[LQ^VLV&KMQ(.<
MK2L]"#^@1TZ@!%#``EJ<SW6-TAF`S2F]@1P6!#?``SF`VE-,V(5@V#\5N"G`
MFXE0ON?LE8P]U/P,S4M<W9!@L)4B%S99V2DKQ%=(`LN$!5!0`)\MN\<)LQ/0
M?BN<T76\T=$MV)%0R71,G*V<TN6,UEW]VE?MD^O,T6\]""5W`\K1`9W-VVS]
MN9313@-`P+.Y:RS``\@]V$EYP'+$QZ.;M+5;S$+]"'X*SI`=>F,W&,Y,PWZ@
M!`3`!1C`NR;]FPL.X&=M_P$EX-Z`#-^*$,0=G=B%_98:KM^L/>!IK=A^"^-V
M+=NXG$<L``41O%Q7Z`05\&7'A)`!!0$L\+8IO5M!T`,5+LP1R-P@O>&PO*UT
MK=V.$.*EG=U`I`@P8!O;4=#(A5Y6C@%@``7M^^(E"]J4ZP=6CG=Q"[7>;`E=
M#@G#/*^J#>0BS=^!2LM/8`%KV]9(WLXW$``R(,W8K8.4Y94Q3N7)$0'8JKX;
M?-]CWL@[?>&'`.:''L5D[N%FW@AH_MAJ_@DS,,-MKA5P'N<*YNG07.1YKMY[
M[@?3R@C9'>AWO)NJ3NKO6^A8G=].N\&KI>B!3,M(T.(#D&>\+."AN54#4`-I
M[O\'"A`%%/C?G&[E"V#68;WC7DZ3J*Z]B=[N/-[?;M?JJG[=LPWO$7>P/0'>
ME:`<O_VV"<SKZ7V[YPX%VY6G$TSL[*[2]$WH/L[LCDWOT,[$`)_02K``*;:'
M)^O6<UD`&S9:W>X'%:`%EM5:1LZ)2M``'_`!!(`$8$#.0:[`N=S$&(Y(/W[N
M9YT<NHFJ[FS#IVWLOP[QK3WD#2$?`=,$^HX6-J[KNQZ[O;WL[9X%VB>R!W^^
M$GWL,.\(R@[@A^ZT(DXU$6GO70WP`>`$B)0$%W"(>9OE&5P`4,`$?/`$3X`$
M,@!)'\]<#:!T$B!U,4X%48`$6J`%+<X&+N_N5S_!6;__[B=K\^<NY---?1_N
M]#</](P_G(;C%:=!G6NQ#%O#'MJ`OXL0-$$C['Q^Y8\-\/^=\#9?EP8/Z%2/
MTE8_Q._.\Q$;YH@N^=B[Z"1[A>V[E$[P5=>>"&(P[1%@9Q9P3G4?1TJ@!C*`
M`0T0XSGP9@V>R`^_^(7_VC,?_:G^\]1?ZHO-RNUN^['.""Z@)3,SPT%$*J=9
M-NAQZ_[BIFQ8VJ9?\I!O\Y_4>W^NV`B?^.S<R#`+"$]_@X2%AH,H?GXGAX<I
MBBF%CWXHDR@GBI>*BYN8BG^;H(J,A)V)BZ=13I")2BPXA):6C80U/"P6!9R?
MA9V^HZ<G6$PL(J>1@SH8"GXI_[*9EIXHA9Z[?J+7M*:CM,>3R(.SA-+4O]F-
MG87!M.R-XH/2U?*A]-SMA#`T!H,K]W\S,/[$X'>HQ;\9_O[T4TBKC\,^?B"P
M.+/)1T4@BGQ@]&-D8T=%1AZ*[&-$$1"1%OV<S"-DY,A-?4[(]%*QHDN7'F^2
M-*D394U%?9ZP0#)%I\P37D1N]-'S84F.(I\"D9H22$H_5Z]"!&KSX<6,&"5"
M`+G120"G)J7VG)(#PX2??EYFA*L1K!\"+`B`=+B'Q5B.4@.;K.IS+E>@.K]B
MU>GQ:4BT*@N??)@59N*,2C$W'?G`V8.H/"D/I@NSM.:1'AH9V"=PQ0J#[&RL
M"/B']?\?&*MS&X#=;N'"0YM,O(A0XLB+X\:1)U!^/,'R%\Z;$U%$9+J?(<\3
M6!^2/$&1)QB0,-A4)/CQ%\*1GT_^XL@0147>^XE//;OUZO6E*QI2_GI_[NN=
M9\('.<BP07#DK2=?$<^Y1YU\1$!HWW[99=<=>Q@*J"%R"3+7WG+$57A<&'GY
M082(T&WW7Q$18*!$AL>98)YZ-'[H(1X84`#="$ZP,$%W*$8'77?]^0$C>@*2
MUZ&-[4$H87,37A<E@-`5>:2,BF#I1WKMD=?@@DY2=]^4V?UW88`U<LGE$4K:
M8\AJA;3P6T+XZ+8:;^SXILTG"+#P`YWW?//.'X-BHD0$+#C_H4LU@"("S*/-
M2`+)-Y)2$D\F[`S`0Q`L*/%).H2L$RHKI$8:A!"$8MIHHZ`V\H.?M.@00:3N
M9"+-`2PPPTXHJQ(R@`PWW(+$$^"LF@0*R"9D#BF''',,+8,6RBLZG_)2BIM_
M!./LI)!4.LTXJO9JR+*JV480+3.X,$@,*]A0D+GWS"`O0M1>$X`.XM;:3+3A
M_E$-&4@@8<T?-1S00T+:0EJLH-W&8NO#E+`C`RPYS'I-J]EBNVTSQ_0@`PLW
M#&H(#BSDP,.?O6)<2`TY#,#.!7X5ZZTG$D%A+7`WK\HR"S+H16N^@)+;R,8R
M.QRQT=_",RW.%^>,<<(<<_MSJD<K_UTUT-C(4^X@J]D`+R$N`.#:#F(#8*X+
M-NSPC[K^P$!;O20?C+71*2PA4Q+>EC.*`KDR2K(,!]1P#]0G/$LWI4A?>G4A
M/8#\QZM/-+V(.MBR`8$2*1`M1`#WBDS(#3((P4,./-^PJLJ#L)R#X-!&$`4<
MT#ZL!`8:+#UNSCH'48/A<_LC=+.E%AU.O]+B?JWDMT\^*BK!(S[\U>3T_GN<
ML+FP6SL&V-!"$^<2TD\_!KP-M"(%R,!#[W3'#KTO2$#!J`Y"'"##Q.T0SCO5
MSC3\O":6]EM(GX1P`A*8((06,8%9&9M<$'[%@@9R@0VE6H"?<"`#*O@O=0'(
M`2%Z,``-LO\*6ZG+P>K:D0(%1($%`T"`(VQ5@"CDH`*VZX7Q>G4_].UI$4=)
MS=""I[ZD4<V'C+HAH9R1/`1"+7-26UB_HC>WZ0%M!MH;!-O`MH,=T$!MTO,#
M$V3`.O0YSQ#%XX03+,"H``2!8+<X8S<@53C]X>^+T8"8#PMQ`)<-HH41$`(3
M&L`"?"WO!#?H(PX6<!<D8(`)!4"B'Y"`JAKT[()_^%47_^"Q`WQ0>;40X23U
MM0`AE&R2T;``!M@0Q'JAKX8V9!H"UQBUJ>4-:7H[!]-VI3&%><.-Q9MCOIS8
MJ^L5P@7BXUHPQU<`#%@RE2=PQBIA":Y1W(4%U0BDZ0:!JVD"CWG_V%3BOG`I
M1R8:0E/'$P5X1IC`$[3,4<V@`P8P\($L:%$&<M-!%"YX"VL2HII!PQ8"9$!.
M$G;+8^=#FC(4P#]9)N^4;DRE*OU!M!Z^TFH&E6%$CV=$6R;QH?Z")`V1E034
M]6H&*]`'2.G%M16HZXK#3%D#,+!)A>H+B)LX%AM8D(%-!"$`W^PGY;#9QJDQ
MS*?=U"C]!E$//UR`GZ8[Q18<]P<I(.L!*"@`$]:Y4A%\SB^+ZQ,L&G%..H&J
M!IX40DOUA8P^H:P0`Z7$$IPA/*+.<%6H=*E;,<F.AKX4HZ6<)2URN-.>*C)_
M0%W?XGK'5AWV#C=3E&(_=M`$DL[-%020_VN@ECBM`'Q@$T+PXP9EH-F^'K%2
M@-4F_T;;"&F&LQ,L`U8BBGE,0YR""G0(6+%RL`H?>JRSA@BD&GW'C7W*0(5T
M<M[F)JD#%G1`HP?M75SEZE%#)$$F2U@NOP0[T;G"U:+;#"Q,!RM9N<()3C94
M@`6JV]T?QI(0/+"8'UYQ"*U>LZ=^!2T<@\I=DDDT:P0KKEXL$("QVG40=F!!
M`7RHR7;(SYZT7`2G=#!6=CBODH/@X"N\F6"$NK*[S65E6Z>[7?+&<'#8#2U>
MD5M>]!E@!RNHHFL2N\NW=C>,A.B3(B0B-T/P`)ZN9>/]?BI:Q>GR#SRPHW5;
M=0L+L(`,&KX?%?\P`(6DW1C!7)7!61.L`1;L%E!?Y-0-@H#4C')7KW-;KDLS
MO,,+[V_$;_UP_136F10DTXUV.P'>FOGC$MNYB2Z6+(Q3QX+(-<"#AZA!`(2,
M3OCN.*&)DV,CP'E:;$T`%\M$YU\EX00,T,%T[DU(<;>ZJP)$8*BK^F(D/\8#
MUE%8B,I%M&3)?(@V1]J\S(1HA1OUV?3=X]1WSG6+R?MBRMXL!PWP0Q0"ZBKV
M_K'6S]LP?7]L;'C(!+^A4D`!7OU?0A6@`4A@00`XVZA;$)N.`Q@`HC#PA7R)
M^@8#F#*NP8PU,2N4U:M*9@H>@&8/Y_F]AS:S(=:MZWY[]=XNW?,@>!#_A0*P
M`+BTN'$7[<=-?<>Q?X,U;;TJ2M>=3AIIP1+KJDB&V^+RX`!,>((27NT/43>"
MW_?U-_K@35A?VYO798ZOK=N!<I7;G-VY%OCC\L*">P@:585&-OYZZ.-#4##!
M%*<V#V,MKGUJ_`^;GBO))ZMOO=4YN3<?'PCU[/)9`TKH)C_$6N>=]532H%TK
M![A"=7Z"H43`'Z\"+N&<B@)ZSQR,<AR[W0L19*3W-<D-OSJ=0+>ZJ$O=W*K>
M-XG#6?9=3]V&.L<ZG<">^,:[E#<#T4<682Y7MB,*"@D1`A?+*:H5.ES1A4!W
MX"+9VH7^$?#:[1WH/L9I:/<J[(K_LN53R?*Y_PUJ[&W%QG470?>]#WWW)983
M#12R@AC@:=<J9SLQ%)`01UJ2<.I3-L3G>../%1?AKB\T[$6+OAX(H?:V#W7E
MZ8S\\O8>:YZ[AYKKNO5DM]_.!EC!U[3.^8!W?1Q*,%YT(C^[PT;91W3^(P-G
MA`.D4V/A5TZT4'SY)GAX5G%8MGY60X'WYWAW%G_M,'^L]&JXMX&]DW^K$0,L
M!GW^QG8@N#*`@WUDA8!7$S?M5G\Y%GL89H,EAX%>IH$D>#HZF$H>Z'639X,C
M^(/Y`@/N8@,!D2Z;%WW_)VMTPF4C8(#NH`!,4`<_\`,.^$/>)`1`!S2E1W]3
M`U4H(`7N%X3^5'7LA_^$-O1^0#.$J/9U1LB#;@@H+A`#!H"">+@:*25\*QB%
M7M9_A!``J\!3M'`!&'!"#=1'-?9P2=,XZ$=#:MA43Z5R<`A:_E!S=_AO%BA7
M9HB&E[0J;;8$M&"&QK>!+<`;!I""@-("OD0G^A<^<ZAK+*AV@T`RG@)?C<`R
M\X0,.!``CNB%X<)EJ?:)[9>)A!!GIGAKB]>)RE*)9=>"T-@K+K`#K!%2L]%O
M<^(.1!2(U'5>C6*(B'@(RN`IQ1*,_06)A8A;XC*&)*B,O<*)U?B!TIAU;%6/
MJ90/^]`"[L(0NB8;V]@()E"0!GF0")F0"KF0"[D=!UDD#QD<#*F0>*$$]#'_
M'PGI`%AE(@C)`1C0!0Z)D&/``A0PD29ID`MRDBJYDBQID.31DC!ID/\1DS19
MDS9YD"]YDSJYDSS9DS5I!5L#7MTH62M&"`/1")N1E$JI$VHA&HCA$%JQE`X!
M!$A@`76Q&"(A!L7@&"[!*1`4&2,!!CD@E4VQ%&1YEFCI$EV1EE))&&SYEG")
MEFL9EW19EW9YETI9!4&9C38WE(UWBX08*A)!!O"8`Z@2=A5S00IH88_7>/(8
M;\^HCS?4F))9F=C3C__HE]V%&_*R@8!Y7?SE3G1E6F$'.8M37`TV?)29=8_9
M*/1HF1*UFK`YFUR3C6?WAY(%BZ[XEX*85PCC![/#_P38P@,X=7SFB`$#AE;-
M%F;W>'.M"2C'<H:TZ8FR.9V6N8J$T(K6"7F]28TWN%2[6`@!$%"XMV1.@`6$
M8'B,>8?/N9UCUISN&9_R:4-YY9L,-0J)R2RO(C>XEP($@`$E$P0Z\%L*!8\;
MV)[SN7G5F:`,VJ`)49_>V5<2]`3,H@.`UI^*\`0ZL&U0QIS(B'P(ZJ#B$J(B
M6J+R":&X&'0K50&$L)CV=U?=9:#W1Z(F2ITU>J,XNE=+8Y\@A@H%@`1VU">/
MF'ARZ*$+ZF\TFJ-^IZ1,>J,H&IA!%Q%6]@=@J(DP*EDRFHSPV:1`^*%<^J76
M^:2J>0H@`"S+B:&Z=XQ'VO]O20JFA^>F<.J>8DIK;%0@+`!*1!J9^9*E(+JE
M<6J/7OJG@GJ'<TJ'/!5(N(6F/KBG?LJFC3JH102IDEJ/A5J$B(@`"(9[<39G
M6/JHN=:F;@JJDSJJR+2C$7IL=<B&=L:GNR>J7^JJI!JK0%.IO[D(I7B`6<>J
ME@>K3<JKLOJK@$*K_G"K5!=\=Z:KCNFID^JKP-JL-&>J*:I^JEIBR#J-RBJI
MS.JLVII[LL2CW#FMY56MK'FMD)JMVWJNPBJ$=ABCY)J&@;JMYGJNVIJNWVJL
MJ]JN.?BNVAJO\NIOL$@(-O"/T$BO7K2NDO5<)V!8/\BO)LJPP`I2^M=O+N`:
M_.#_`A-;C03;<N`:JOCZIWS5K^6EF78F)^<BLO>7L;YGL*_:L2#;LHUBLB6F
M)P!Y"'A)EU$)E991LP[!E3K;LSZ;E'/YLT([M$1;M$9[M)NAEX8@&S&`FZE4
ME``ILX?@DSP)D3(ID51KD/>1M5S;M2V9DUX;MF([MF1;MF;[DWFB<@MQE$?9
MB2@+?RK+I0[KLG0+LW*U$#`0`TV+L=`*I=)JKW$ZMW0KKQ"[FY(:G1U67D?X
MIX([N(Z[K=Y:L!L+IHW[N);[JY&KL8`+IY5[N9[[N0FQN('+LJ!;NJ8+MY/[
MI6S5C*?;NJ[;;Z+[NK([NZT;N[1[N[CKN+:;N[S;N]JZ_[N^&[S"*ZFH.+S&
M>[S(F[S*N[S,V[S.^[S0&[W2.[W46[W6>[W8F[W:N[W<V[W>^[W@&[[B6U[_
M6ANNX5CCF[Z]JWS^-K%2J[[PV[O.1P/+UV\D.[/QF[^TZP+T8K<NM1!GMP+H
MJ[\$#+I">6=0VXV:J0(,W,`._,`0',$2/,$47,$6?,$8G,$:O,$<W,$>_,$@
M',(B/,(D7,(F?,(H?,%E\"9\Z6\*7,`P;+H#<;_<6%(1&\,X?+DTH+?/E\,^
M_,-9!Q"6)\2-U[9E9\19A\0V!P,#K'),/,1.FVM*;'-3+*@W7'97G'4`L'M;
M;'E=7';Y9WEAW'A9?'-?7'9G+/^I9=R7^^=O:6S&7"S&_EMB8XS%;=QO;VQS
M>6S%=ZQK:ZQR>^S&<=QX=9QUA7QS?RS(7ARK1%QVC9S$NU?%_B;)NO;$C6?)
MCAS%=T;)NL;)0/S)H!S*HCS*I%S*IGS*J)S*JKS*#=H"[-(/[KL"W-.^(:58
M3=Q=KN%\_]!\FCPW,.`:_[C#NBS,!D',=V;,`M''<I6W>\NTABM7KAP#R^>^
M6.3'%,LULZQKQHQBB1RRUURX<6H#ZI(/A#`#]:MK+:`V!K!\SF<`M^Q2EMP/
M1SG'O;.V?T"R,RS/]TS/0)//?T`#,Z#,+L6VA<#/<_,:`E$(X'5GZ_S/K"$;
MD[S/^-O_;PVM#V@SJ`M!P]6L:P<,R^^L4.`U$/8LQ;61C4)YP'3<P@N=:U+;
MT'Y<FX/@RCV,R][S!]ICT%ASP"CVT43I/4S8S4J:AR>&MP*K:Q>]/?_<!-E\
M9]@HRPH!T"&0:^9<TOQPTBU<7BB]T@A\+NGLPC"=?Y[\M-[SQ#@--`=L$$KH
MU?R`=IH7I[I9OSLPTW86P*\QOT6-?_XX"#!PT78&`UC$OQ7;OX`]T7(UV`NA
MU78FLSO0RV*]-H30UG?FA/S+S0#`TZEDV`7M;Y(-134-IP9QC3&]T4X,$/5;
MUN*RBGQH$#9PSMV5AX4PO^S<`O0K$++-VMT%VS#-C1;[/8QM:G8TX,I_X`*H
M+=>%_3U39-KY@ML&X<ZTK!`6BQ`!':<3.P.PL=<W]\IK#=0*U2YL`U*];=:N
M85+[7+_L.]ZY5M[!_<R2%;#9;=D*=7:?#;65/)!<XZ^U_,_:+5F_3!LFR,K^
*_=\`'N"6&P@`.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>b62069cfb6206905.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 b62069cfb6206905.gif
M1TE&.#EA?P'(`.97`+R]P-/3U>GIZO\``/^`@/]`0/_`P)&/D,G(R/\0$/\@
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M:^G)RO___P``````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````````````````````````````````"'Y!`$``%<`
M+`````!_`<@```?_@%>"@X2%AH>(B8J+C(V.CY"1DI.4E9:7F)F:FYR=GI^@
MH:*CI*6FG1D'!X('$QJGL+&RL[2UMJ((&(,;%U<3M\#!PL/$Q9@'$0BL@AFO
MB@#0T=+3U-76U]C9VMO<W=[?X.'BX^3EYN?HUH,=&PB_JU<(RL;T]?;W^*&_
M\0CPS?D``PH<*!!#A"N\>/DBR+"APX>P5&5@Y0JBQ8L8,VK<R+&CQX\@0XH<
M2;*D25@5))S$%^%@I`N]>JV<Z:D``9J9+G3HL*R0AU8N&\%T-,&EO'B8YN&D
M.>#FTD$<HDJ=2I70*GD9E`Y:%>'`A0@Q95[0T`O!P98MKZ!-UE+IKV1'_V/.
M8ZMVGM@K7^=IZ.#LZ<FF?@51'3R5$`8-O.`56J4!@ZH+&39DF%@DPX0)[O@=
ME8?`@[L)D:],OH"Y@S*O!Q",Q:P!0;NB\%:I0L!S;]_`)`'CGB09PP6@A'[*
M/H@Y\]73FI5Q1GYEU;N#69OK[+5AJZ`(&V(W/ZA]=TG=WB-UU9`!NU7KON2]
M.MX\N?O8$=X).LJUG>+[VKLK#A]R``7^D6P`U@:-G=<3@7BU1Q\_OUUAVH+-
M'78%8@Z>=A!B&.@2`0:G7<!A!$2T)^(^`((T0`$E/C)/:(0HI50J9>$5XU#]
MJ$;C?!/-1V!97>D2SP&O]",3!I(A922%*7IT8O^23#89T`)+.BGEE,08$"65
M6&8IBY4H:NGEEZ)P">:89&IBY0!EIJEF)&>NZ>:;B+0)YYQP6C``FG3FJ28!
M=^KI)YE\XOGGH%D2D,``#Q"JZ)0$%#"``8M&RF2CCTIJ*8"40GKIIK@Q0$&E
MG(:ZE$V@BFKJ2:1JVE`&/K9RVZFP&F*3`A8XM.$J"I$(C*JQAF>330X)*!LS
MKQJ23C8C#)##L<PVZ^RST$8+;0HD4"LMLX,L",]1NY;:ZVZ_.D50"_)TT*!H
MQ<YB):_?!M9`H^(.Q)FYN0IC)03M>O<HL`^U6E$P5L:;[U/[5@!GP`/C]F@%
M7;II9\,)+_5HHW#R"7'_Q$P90/&;?#:`,<$:7QR)!`+C%NC'$H=LR<;AG8SR
M3%8ZP/(D!22`Z:&)OGR2E5=8H(`ECF+J*+LZB\0SSY4H(*AWF19MTM%+2W+G
M`OQ1P`"M3I<$=24.W$FT7^%F3=+6E)SY]5._&BRVT6@B/8F56/M*`,-KB^3S
M%6Y+XC._WMDT\R`,,%`W1A0_,`#5DS3*-[@$W"VKR(,/=/C&WD+"0`&7\V=3
MWH,4`'GD`!D.`>5G,^+WYZ,2P+D@-8/>4,"D4W(Z?PE`8#CBA"CM.D-64A#[
M)`-(($'4@57:@`*X"]+G[@-Q^;O4!JSN5Z4.-)!`SLH?SKQ`9UJMO$J20+F`
M__0@"^)`[81XO7U`@2K@U.*/\-QUZ1EW+J[AE:]?#Z6ZP>_(\,JCWTQ*Y:E!
M6.E=^LM'HY3VOI(U@G0.P)?"5,4RYR40'XKKGP,9L;%WV6DWI0*@("PHB`?\
MYX+$\%0%=%-`27CO"K/2GE^LA+V8"0("":#;#8F'0EOX33<XI-G[/I4_F$4-
M5/!J&)^2UT,?JFX`M;K"[22!P"NL\'A1?`KGT'<%>'E,$`PH8A-E81/#J<I]
MT!,$GRS@/U"DX@`3B0]H`!8U?C7*;8X"WQAM@4`"HBX12!R``UIXBN$LI%N%
M:*&GW':H#>[Q%)5*G@@?(;X2XNMOH^B*B+B5B&L!(/]9TR"!#J!!K60U`1IW
M(H$G5\G*5KHR6@,8`35R,(`H>`.4TX`""Z15B`GT8EM:H07G1`BL2)[HA(^D
M11$;H#9'K(Y\G]A`JP3A&T02@H8PO$FE`O;'9(ZBB(9RP",(\$5"3)$4K!K$
M9.(3#'(:HE)80Y_/W.E-64`)>X0X7S,Y"#DQ=L(QJF`&,MHI,JQ5"EAWY&$]
M1P%-""#*$83,719Q@LD"&.R@-[$:-!<*BHTJ0'#71$0;^89/DV"2;I7R7AG]
MR5%/;'1FPRLIZQR8.>5)\"28M,#UM.=.]+&TI9?`8<Z"F(A)6G$`$DP>%PNQ
ML:[MLR28M)((A[>N*RP5J)W_N*(X,7G-I2E-;0,`Z16*Z-`1#J"<&2F`'A&!
MR:[QJ7-W2E0;L8J)`E`@`2CBZB#N*0@H>>X*PX/B%>9W"*0Y5)#T\)T$+$`!
M`0["<`D09R*XFH!//?90,Z6K)VHW/)EU$XD*`&`%WG4X\A&64FM5!`$D2XH#
M#D`!"7!D(:R40T58]!`%@"TAZ$DWQTI"`MU,(&$G]EGP,?-VS(1A8Q5JU5I9
M+;F,Z)I81^$X&#YUL@V@:B+:N,+/-4J[G'AK/9'FOMLJ`H%FM"J?(.70"MA,
MI`:SB0X7<28F@N*%70PN&/_S5Y$Z\&&(\-FA;JH)\7J3`#^[@M7F:C_`XBFW
M@E(:_^HHAE2C)H)+^L5$W+J(UO/>!)NX=:"8"OO:*NY6MHM8X4);2$X&[S>_
M:KR2Q1*!P_D1=A$.K:HHTFM61P1/$!_U[R&ZALQ"0,D`\QU$`M`J@?<V8FCU
MY-?P7`SC%R+,?`.XK@&1BM@&3)>M*-HP*(RZT;T^]`H.92TAYAK;1&PUP8,X
M+"'"*%.1_E1_/Y;B`*YZ"'=6L6O)(T!J"Y%E/#FTSKM%$94QD>0;*\*H;9;5
M!GU'WSI^ZHQW9EVFF5=)01Q*@#S+\R0:<*4@*Z*`^`6%>0=QYYD9"HP-,[$D
MSJEG":#Q"E#B<R*4-M$Q&A7*BJ"A#"?Q*62"5\@;DX!],_\A:D'(6J33%1W^
M--5LJ>D1P5=HX=Y0S&KP['%F*Q2@X3Y8"3[%"[K([M*J-\'7-7-;S-GVL@*\
M'$"@B>NVCL-<1!5Q)VYO+]4Y9L2).LPFI"9:$5@3X95&L>]#5`Y*P4OS6'V;
M"/P:G(9=(UF&7UOD,<H:2HU(@`(Z'@D>W]#)#H<4TEYK"KUN6<VL0]'Y:K5I
M,&.9VA)(,U$K/5]:)_#A3_;V)"2@9ALBHE*WDQ,I=AXG'CI`LA7X6<T/(4*C
M0UAP938KR\*-PG9'PE$$UH08V_VHP"[;I<P51'6;;O*W/;2L@G"O!!U]82C"
M^5"]WIZ%'\'U3HBYAH)":M-(X?7_/@>7RQ0')*18Y@!\5IOJCS+T6?V]-I<O
MPL"<6#4#(MOCF5[NV:%@::I%>NE+H)$")&_PY0N`-"\ONFZC?\3:-[&Q,$:Z
MNN%:MR@,OEUNN\P2F6.P[@T?LR,G>7V@OT40[32Z!&\]MQ:P?.:UK.2PDSCM
MC@CBXP<A?1@_*HC=K]O42T'#-HL.QFH<&K9+8:BS3[P1R[.$&?TY^T-X;V%Y
MA?/Z"B^,$W$^VS^S:CB$*%FW"0U`<'TU;+:%?8Y066D'8KTW5L!E,`4H-GL7
M#`ST6,'#-VW2:807:;/%@#&6"12@6XGP`$K#`.)T/F$'+*2"+Q68-?14##6C
M9IC#@2SW_WZF8"?VQ72*8$*9`&`XMF0.X"@"@T!VI3T^QSRH1P\&D%J'M591
M`F^'($<Y8@D-(#+AQPE6\F6(L``)<"CTECZ0`F&LEGA%0X7U<#[>DF69M0@#
MI2N((`!T6(=V2(<[,`!)<(<JL`)W^(>`&(B""(@#8`*#:(<[P`(U8`(A<(<#
M4`("\`(#T(AT.`!`<(B8F(F:N(F<V(F>^(F@"(HS\(BA6(J@R`.D6(<V\`1T
M^`*42(>(`$R+$`"T6(NV6(L]\`&W^`$B<(N^^(O`&(R_2`,P((R_*`)'<(L#
M``(!(`(#T`.UR(O&.(W46(W6>(W8F(W:N(W;"`(#P(W@R(T^\/^-MN@"*$"+
M03``)Q``,B`#L3@?P31T47-K^)`W4\0G-_5Z+P,!5#.#%Y%Q5X!NBT%-,F$)
M'JB#];@TAC5LL3<*#X!H:1)6"N:%$'%<VR<:Y2&'E2!J=&</CH8T8'APL*"/
M6@)Q#J"&#X%@.J4(J1`4EV!B%U@/I4(^6VB`J9<F#I4`=H*&^7!`%`D*A#1:
M`D&/_D@(,1EZ&:8E#+-Y(D@0AS)HH3"#`HD/_#)(GQ.#8I>466)1PX.`%F%9
MIX`T`!D036@G0O=RI]`U3:DE!F=J&T$RL#!%G240%$./1\>3EJ!T;E))RA:1
M^"*4=*D`2_A.#6`!,-=1\><F1_DEP#+_E0FYDHNP`)N7=Y\06'CI)#4Y)9<S
ME@'!)3=I"`WW"8/G)L-')F:)6)+#>XP`F:.`6G"B:V42/>YG#W'E"/SW"9Y"
MDE-RFRUU/)!PD9D'+V]2?T!5FMM%?<'9D&.BG)K5",?W";22F5("F\W9"")4
MA`UPF)A`7'MY9M59<H^R`-9#A`\PFY'P?2AG9A"9).OWG9*@`$J3G6!X*&L9
MF03(0_<R0Y*`.>Z9.`R`.PM```YEGL[4-CQD)Y])$F'TD_D$/EUC??VYD9=I
M"/*3/WR2GB<11BN$G&IW(DV6G1&J"2@9"8Z3/PQ`:A,*$46(/@&7"%DH8=H9
MHD*4"90S:#;A_Y@B(9X)@#MC>`B&0W10*:.4\)R)HVXE\RZ`61)@"*)QAJ&#
M0)Q"NC)>^74@Y3_!`X$Y2H2%P)F%@*-16@E8&8$3^4Z0,GX$\9!@I`#:V9`'
M^:67@*620)].,7M\9:;YD%W.]C,/B@@^&'?ZYZ;;F:)0(@$&(%D^1UZ4.1`.
M8)A;]C/X,SI.BF6#I@`<"JB10)V-T*>4BFOX0E2Z>0L5\%35<R<JJ&!*@V24
M*G(<JGMP:JF5`"R,F@@U10C/*92.XEEO"!#PF4@[BD,4(#J8$UMLN)Y%>:*N
MJ@F>PGRRFIBYNF6!(@$Z%'M/9PP0AST#FH"[>EB)8@$,:E:),CH/@/^IQPH)
MY!2&-[EYQ_8]AW`H)\HP3O$W!H!7QN`SJMFC:*8;(_>;^*(T=Q*C-/%&<709
M5[@FPT,K*$<`-S$\*H$^*%B>WCEGD=5B[PHQ?/(I87=`HT,!!-H)-Z@V;5JH
M([2>LL(`PQ.@E+<2AJ21AF"*+-NR+LN))3``2H`$EDB'4D"J">"'`A`"52``
M3#``*D`#+!"(5F`$`A"S`Q`#=&@"#6"'#?`"`L`#"G"'"O`!-S``.O`#";`$
M+XN)HQ@#3$N'*F`#76L""N`$.MNU:KNVAU@(FB2+BA".<CNW=(N-Q1@`5DN+
M*1`"0Q"&Y]B,ND@%AR($NFB,=\*,`>"-MKC_C`'@`@.``[6(`P/@`K6(`@WP
M`^M8M\(X!0.``MYX`B<P`#6@N>,X`$&@N:B;NM38&C+A2YL4CVNRDE6%IB=W
M!;22@8OP*8CC-NT63H,%@N9S@/[*"345/)LWO),@<OS!N@@Q35=0371B.,<#
M.4=V.`X5I(1`;G@C*)-T/H)S5X>YI,B;";<VGMA;"160J(&13LR0D7X2?:MU
M=)NG1N/[`%ET8S/C4&%T=DNJ*A"0H)/`8^ZUL6X"4/XP4)Q":@"\"*#2A&NF
MFCX:1@7@`&`(P9@`=^,J$I^BOO"G*<^V`!QL0$MV@%>3"0T`*:&9P1RQ1)80
M-\#)"//YD!8</DLR_Z(JG!$A:6^XIH"SACA7([*+H%/!P\,W#"#`$J8_"%L5
M@+!X^5PF6,1)XCU%>0DR@U>D5JJ/@%0.M<!0_!04D\*9T&3=&H*)8L-=[!<4
MDWR;4&,TUEAJ]*=G7"+D]*.B<#X.M`#Q&58+8)QQ[!U6PII1^7^!XVP-D"@2
M0&HOW,>!P25CG`GG0P$R<R<6P(/F%+^*G")G<K[L)G)0=*&5>LG\T361^@D/
M,(8U",I8(I&ST'BHC"4)H,FM',NR/,NT7,NV?,NXG,NZO,N\W,N^_,O`',S"
M/,S$7,S&W"[9H18">\QT`ADIRPBJ&\W2/,W47,W6?,W8G,VV>![#P@^+P/^V
MX!S.XCS.Y%S.YGS.Z&R'K*L0W<Q)S$PFK"L<G@$/T/O.;[(*ZZ2R]EPF*X+`
MP%`@P"`AP*#/L0#0MR#0MT#0L&#0&=$/P9`:P>`!P>#0P`#1P"#1P$#1&J'1
MMF#1MX#1M\#1M>#1M@#2MB#2%X'2LT#2M6#2M:#2LL#2M.#2M`#3#\'0M8#0
MMJ#0IX#3M*#3M<#3IN#3^US41GW4EGH!6@$6-4T(2MW4V3(+<G06E^&2IC#5
MSZL*5DT*6,T*Z4(*CN$C72'3`1$9+((0^V$*.H$!'<`=!U#/:MT!;`T6<NT!
M!6D*^_`+>2T+>WT6U0$+>STA9#T*!2(A10$1^U#_3?*0UJ4P4*Q"U(T-'1FB
M#),1"_G1$Q&!V1YBV3V1&K`["@*B%KQP&'=-$/1L%M7!V*3@%:*A"MDAU)[`
MVBTY`1L`VYUPV2*2V;G=UIS='@+BSJ9P'[3!*@,[$!HP`0=`+@.EVIDT`1V@
M"F\=#W]]"O'QW$""&?]22,O0';H=&\7=V*R@$ZX1VK`0VMB!`#G"W`)1'=;M
M&3^="\J@2;/`(?`@WZ>PUX$-V(+P"QDR"WD-%QM`WCVM"Q)2'?9-$*T1W>@!
M"TJ-`6_A&=FMUKGP"QE`+AWPW<U]V%T-"UAMW3Y"W54]"!KPU:,0UO.AU0ZA
<U%9=VJ60#'V1#"S.U0C0"A=*'>-(?>,>$0@`.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>b62069cfb6206906.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 b62069cfb6206906.gif
M1TE&.#EAS0'%`.9,`-/3U>GIZKR]P)&/D,G(R/+R\N?TYY^=GN3DY(2!@M;6
MUJVLK+NZNL[ISK7=M?]`0.@I*O^`@/_`P+68O<RNTG9S=+.BN>[D\-W)X6AE
M9K2==<UI3EI76*/"I9['G^8T)ZNRK]U)8?^@H/_@X/_0T.FYNNA96M;CU\73
MQ^F)BL*LR-S5W_]P<+?2N3\[//?R^+3"M\/=P\_!T_/Z\TQ)2O_P\.SH[MG1
MW/.:D\>VF*_7K_G\^?G-RKN>PL#%PZG2JKK1O+'/LMJ/>N9WB>SGW:S'KOOY
M^Z3,I=;AU[N3PYS2G/\``/___P``````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````````````````````````````````"'Y!`$``$P`
M+`````#-`<4```?_@$R"@X2%AH>(B8J+C(V.CY"1DI.4E9:7F)F:FYR=GI`*
M!(0%`PR?IZBIJJNLK:ZOL+&.!P.$"04,IK*[O+V^O\#!PIH+"+6""`N"QX("
MSL_0T=+3U-76U]C9VMO<W=[?X.'BX^3EYN?HX9+)3,P$HNW#\O/T]?;W^(4)
MRX/O_/D``PH<2+#@H0$(.<!CLH^4P8<0(TJ<J*J6`@5,&"2X1;&CQX\@0XH<
M2;*DR8\C)*A<6:,0@I,P8\J<&2G"DILX)11B1K.GSY\E;>*\J9-0K7<#7C(Q
M9LJ8*`0$!H0:4(!)@0,+@6K=RO65T*%%!]4:H*S"TH;&F!!80,!L@@4._V_Y
MZTJW;J>+A$+!4Z"4Y-><.^/%.R!6K+]CM3@@Y&FWL6-("'(1%I3@,(,#ND;^
M)1H8,9,#53^''G"8'^/'J%,SVO>O70$%ROP.Y6Q4<*T"&=X5J(RU=+Q2#/JJ
M'DY\0>Y!M/:UK2`\I(0(T*./<+D463^E!*H6J*JT.T;BX,$S1MHZO/GSX=\M
M,"6*_('UD]'+G_^80/>E"_'2W\^_/\49!@0HX`X!-3<(`@8>DJ!_#/+7@!(0
M1FA`8)5DU<E3S<VUB(4-=DC?@Q%".&%MA&1G50$F6I5=:$PH4,%W\"!0`((H
M+O7=("A6I1^"W\EX`&AJO:1ABP@*LJ.-"WJHI/\A(CS@Y)-01ODD"2*!&.*(
MA0FR&P&]Y5;!C)4I-(B+&%4053M)#9```Q7\F%]E%UTF2@7KC745:`P0(-="
MI1R008MRQD,#`Z0M:6@BF\VF*&T@62DAA:(M0P![7%:5)U08640:5E39UEI\
M*M;"VCY'Q=@;GY1I>::HY1WJ*A.)+CI;6!\Y*B*DS)#6WIEJV4=`IFKUYI"G
M@A6[`%MCF=9K.W)JZ-FQJQ+[ZJNQR@I82+8J@65K::WESSL*$&:F+8*8]9)G
MTAYK%56$,I&!`KO%,RE##+VST"T*_,ENLNA.ZVJUUBY!JT<&-&#PP3,4$E6A
M3BWU4I%1Y9D780B\IY;_(/!D7*)4QH3"+)#P'!`*5@CV=56[';=W\<K^'@JP
MM0,WMAT39J%R&B,OA=ORSH>\+&O,=MV99"8<,A(QST@3XO.B0"?M]-.4X/#!
MU%17;375/(CTP@5<=VV$(D7S,O,A85,'M9+9AJCVHR%AD,3;<%]0B`((B7*S
M2\(5^0G$AMRM\-EHKRVXVMMZY#;<;\M-XC*O'=@C@C^&=B=WWB&I%HM&8I3C
MB29N1R9^K6;WTN8/UPAX?VD/SC9(AR.N^"#ME@L?$\>VVV;%0%H5^66Y,#$H
M$RYH5!EKE/7.EG)F)@#5KR\6,#M/R==R_&^DU7SZAZJK7GA'K<=MB`()8,1:
M_[(9@8_QKBB*4IF>],IK]X&9M6C6O*3XIA:I8YHRK(N_5>7W]<1)7?:V1Y'N
M)0X1Y",?>9:E&W^L#UCN*]9<MC0_>.A*7EC!W_D85QFS)!"`V,N>X`@X$0,F
MX776T9EGDA*O8\RK'Z80674\8S]W>0XN'%"+643FP,\@2%^$,,L"I(+#W[0*
MA.$1H/9$<@$,./&)+U`863!&1=J!##DW^@Q&""4D*O(-1S^BW7K40B@,M0@T
MF%'9@:0BO3&JL6Q(3(T2!T?"I`W)$2^181P[-,<1`E!OD!AB%O?HGSZNK8Z$
M3.2T#$DX13H2:8R\TB,GZ:](KHZ2F`R<"`])CZ@D`/]4PL-<)D<I#TO>RAX\
M:<C_2,E*69A26_9``/'FLLI6VK(5KT1D+Q;PEGY8\);`Y$4N[T$\=A2+"0%(
MIC*7R<QF.O.9T(RF-*=)S6I:\YK8S*8VM\G-;GKSF^`,IS9CL,FUG4"<T90$
M1F1Y(H;@(GX`B*<\YTG/>MKSGOC,IS[WR<]^^O.?``VH0`=*T((:]*`(3:A`
M6U!.M:%`H?F41%2`5"12Q"^8&,5E0R69T8X^9I@>#6E=0"K2DFJ%I"9-*4U0
MJM*6GH2E+HUIE39ZR5:D2*8X305,*T*RV.3TIYS8:2*&^*5!*"8V0P2;O3X#
MU*9J0JA*S9)5Z+:("@S@`,S_<:I6+0'51!#/7:60ZB$\!\>MFE4173W(((OU
MOXJ=]:V22&LA&'"CT5U%K(9`0`424#>X^A6M-#VE(Q;3Q<CUXZ^(Y6I@8?F*
MA14JL9!E@EPY$:YWT#6RD)WL)A3``.<-"[-_G6P-5D+:TIJ62H?`R!"'!MJF
M3E8"`9/5`UI+VT*\-K:+FNTA^-K7VK[UMKB=C6X55E;?`A6XP<7)<`N1.^/^
M=K&Z%`1LDZM<*2ZFM\[5*G*INUQ""`E4V74M=!LQ7>HNH;OGJQALPJO=\3*B
MO-Q5T`"*6DOVFG2[R44O,NQJ7_$&-KI,(((&!DS@`AN8P#GH;V;=NP@#+-8!
M"D[L_V0='%@(YY6U$4[IA!\\UDYE^*<;KK!\%U/<#V<TQ#2U,-E$:6*5HGBC
M*MY)3UOLTA<W-,:^]`=X:2Q2&Y<3QX.P*E8QS.-;^GB30!Y367&'.8L6>9)'
M%F&2EX*0M>9E.ZE\YY,=&>7L)7DW5<$*(YAA3)Y`],QH3K.:U\SF-KOYS7"V
M)T,#^]!]HF"Q/YBG+_%JB+7L^9CH#+2@!TWH0AOZT(A.M**=2<[`GG.:)UBL
M#I:)HPKDR=+V000"_O3G^FZ9.`C(X2"&^$GP31$275;=E^UEKP05H*CD^NRG
M]\,K0J#1?Y%(]>"F[(B](J1%6]P(BV<MG]/<A@/ARS6#%?]!X103VY&,D=@"
MX/751NA:<+Q^]NF.H136L*5]C[CVVJ:,55]IVVD:,QWMDJ+L_S:BV3!.[5(]
M?6XN+SL1\+[Q6-?$)2O7>Y3B5MN4*R:5?[=,!-%)N,(7[HB`ARC)^F&JP5_U
M`//>I.'W1D2^?]SG"EA53?Z>>(,J;G&,NYL1&T=R:D,N<@\)80,PC[G,9QYS
MD],4P"F7,B+2E^F6&\H!B[7Y1G'.X;Q^\@"5\?G/@V[MC!\BYUXFFWUBJ/0E
M`3VP0F\HT45\"%.HJ<15/\_5:9KU<F[=V6%'VM@W6O9-GCW>+BF4BRZ:=OZL
MO:%M%^';]5V('6;`PW5GT-W+F??_`;Z[Z"2B=^#!,_A-%GZ)*$>\41."W<7O
MI_$B?#P=#\]UR[\*\]G3O!\CWWG/'PKTJA,])TF/=M.?GNF,<'B$LNWZ_J!^
M<*IO).OA7GNKPWX1LH<0[7M/G]L++O<<;;#DB=\@XZ\-^375^/*9[Q_GJPWZ
M@F7V]*EO]]\#]N3*+SWW;>_]1`1?"<,??WBL'R+L,S;\K5=_]['>=/!K7_SR
MGP_[(^3^O7-\%\8@'.HB"'27?_2P?Q#2?YP7?[#@%F*!(,I@'`:8#PBH!`JX
M>WP7"Q[S*_\P/A.(#Q5X@?#'>[#P+?!`*/-U1!\X#"%8?S>W@"3X"LY#.TT6
M&XJW@K#0_X*QYW2&`'6JQ@NT0!C*@(*C@8/UH(/`QX.%X(.[=@G\0PBA9(0B
M`00=4(56>(58:(4B>'\,*`FTH`_K(H4A00&(4X9F"#=;B&_;%PD\04N$D`YP
M&(=R.(=T6(=V>(=XZ`P]<(9\"#?:4`2+!0/9``.+=0300`EM^$MB^!%DV(=\
MF(;2AW^2P!-EMHB,Z(B/Z()#!X,96`G',#.WT#N6V!&-B(EE"(E/MX:0$".C
M$U:(0'+F-8J^4(JFB(::J'6<^'^O`(O4)8N]0(NUF`2HV(.JB`J\F%R^R`O`
M6(O#N(3%>`K'&%SKT!P(4%?)V`C+:(K-2`A,B&VQ@(2-<!EBMO\,O4,*-VB)
MV8B)VS@(W3ANL>`#(!"/\CB/]"B/D3`9D^$\*2)KUX@(Z>B(ZR@([2APL?"/
M?<B&_T``N4$\Y[B(!IF).VA_:BB)JO"09WB/@C`9&ZB(_9@(%FF&`<D$`_EP
M!1F,B!,)7")FZJ,G17@2N^&*-/-KX*,\/_61IWB+9I>+*@<+-GF2D:`WHY,5
M1#81P2%QQ8*/-6F2MAB1+XB!NN@*/;F4Z-$O?$48_2)34?DV(3F2LU>22BF,
M\X&44*@S1HF57PF63+F)3KF3KY"5:(D>%>,0HR,:T[9>.>666_F,GX"7Y+5P
M?JEPTU$2E7(Q7"0(`WB79YF7%)D*?)G_EKC8D8;0F$DHD9'8A:L@F=_7E)!)
M")AI?DK(C7KI"9V)")J%CHF)DVZGDSK'DZ?IF#FYF9S9FI.IF5P8@ZPPFH=0
MF@3!`E+2FU&"6BZ%FX9P?NG7"<)I6Y\9$=&(6TTC4L=)",3IE4H9D@:QG+'5
MG&?3.#AR4T,Y",\Y"-')FE])G05AG0&#G4\C2Y>!'&V1D=;C"-\I".'9EK*9
MF6H9$N8),WL$%V4I&/S("/$I6<DID*%IG/7IF939$?GY,WMTE61Y3-AXH*0Y
MH")9H)P0H#=@`1JZH1S:H1MJ`R.QH$Q#'[201=.F%@@Q;(S`G_$1+WRV"`$Z
MGU`IH8=@0J:(_T(?(:**@IZN<!46DAD%R`LZU@_CJ#N3L!OKF1UF@BJ0$*,4
MRI7")YTFZ0@VBHDXR@@SV1<(01A$*`FDAB-\U5F\!0DZ.BL_F2']H**K<15:
MZFV<%@Q7.1=1P7**H)TRLE36T:0T.IQ/:J&;$*!5ZHA7N@AB.8-PT1`^]0@4
MHPM%*3)>1Z86)S"0((X+D3PTHR?=:6L9N3@-:3/E(:=%.HM[BIP)2HR+B0J`
M>I:#J@CH8H+[$#N0@"Z>L5>)R@AE"A:0():1D1'L=`"9FB4\D2O#X#&@HB%W
M!0Q.6JK.>*JGD*I?N:J)()8;R!>E4*N-();XZ%;LY@BW>BV#E9"[@O]T'.&%
M2Q$_PCH,)4H[F;-N.Z:,HPJ=?<JL>_FN@Q"H?0BMB%"7<%$5^]`0[C2);/HP
MH)$F/O0(W<HHU[JIY<JKM]&NC$`H^^!3YUH2IE6QI06<,$JO\AFOEEF1&LL$
M]LJ'^)JORE`D`6A%OZHE*HDQ(/-8W!JI/%HB;E(DP\,0@2(/A)(9YJBFLA"I
M^G4(R4J;$]FQC/FQ(7N&(PL1!RNID,%?+--S\E`+\0$:,R@,/@N?'RNCK>"L
M2IFT#[&T,2L1)O@/G7H*(7"V:)NV:HNV0X"UXXF:>J>:42>>T]D(1VN&7EN=
M,'L28RLMC]`DOAFX(N`(9TD!;ENWKIF::[G_FO3YMHQPMV68M^6YM[T0N('+
M`I-`&/&QK];*"$NC*!%`N%]IN!'JN(N0H1Z:NAP*HHL[MXV+N(L`N:Y#7E?;
M"']YN]#QLA87LR.`NW\9MK4;"3FKKCLK"9\[&Z';"(5[N%-JMZHJMS]H"832
M9#`9F4;[O.\5O(L0J4N@N^85L_"57,G+"-HK"\<[%..[",M;NK"K"++K/:T;
MO920"RY*&5H&M-?[K+1K<3]K"-SKO=0%OI&:OHI0OK%POCA!P(FPO@":OUT+
MO4WHB8;9'39(",ND`A.0P1J\P1RLP=4D`QT<PAR\`M14`A!PPBB<PBJ,PB90
M32O\PBM<328`PS0,_P$E4,(U#,,IX,(YO,(MO&C.E`(]O,([3$TB?,03H`+5
MA,%(',(?W,0A3,+3A`0>4,56?,58;,5!0&D(N2Q>;&9Q%L9B/,9D7,9F?,9H
M'&>3N$%?#)LEU2E?I4IN+%*[L2;`EA'"-L=ZO,=\W,=^_,>`',B"/,@=0CRT
M$!N'O`QJPK-@2("_EA&/+`AOV@C#0@K)9LG?\7'=:9=TPQ&8[,CT5LD@MR[)
MMC"]Y`@G"LG'@(($F,>.8,BGELBJ_`A;JB5Y7,?:X<HX@Q"Z,$1(=6JT0Z>$
M,$2=@LM6D<?$S,C]4&7+D&SK5K*+@4>\;)BGYLL'4FVL>E5&PE>VS!'$W/^Y
M%>%MHD!7WW99*CM8K)$6;-JPAHG-BL#-_RHJN`:A./.%-,,/''$4X.Q5QY#/
M\6P40UE&5*8[ZFR51MH(:F*8XPP;"UW0CF`IXI,JH](^[CQ6_+!>^AK,D`QV
M5F&D$SW1VN&PAE"$ODHO&'TCYKP(17C2)YV1H5P^].)6$UVVF=`OD<P,=HG0
M;'Q!\9`,-]BJO.(/9J+,%+)"YT,5'$VV1\W&]_P(?<O3=B(QW\I6N>*&CU`,
MGF+4]+P(4AO20'*L=X0SRJ#59+;/""08=/754YNI7:T[:ET^-U@,G*4LO\&!
MLN!"8TT:>4UE'$#4_Q`O!-#7RI%#Y$/+&0DON2'_,K@QSI@:J_:+`"Z@18O=
M)NQCV)*=V(@-#V/DU*(`V(*M%CED'!G@UX+A9W63UY[]"*^FU&0-"H5]TTS=
M:_/\0>5"VI_Q/KTBK'KRGECZVKER5XJWVF[H&:$`JZ_@#GJ-HGZ&#"+=-VNT
MGDSQ'E@Q+I9M126]`#\B'(KWB>]Q#-CMJZP1UHG`#-_]$N5=+B@9(WU"99?A
M5FDQU<JM#%'A9]']"!F@%*U]E2HM:FK]UEX\6+K0VLRRBAY8/OZMT93,WUX=
MTOSV(O:=,P'NMS0MP;;`(N/:(F8-*0H]:K[2%DG-$_5;O_^MTV/2HA$;9MT)
MXL3CHE2UBEGQ;0KM5EM]N]85/@@7#N.K<2,?+=&I0LFPQM(1"",<?9@[3B^'
MV0CFDY$OL0\MK>0^'AI`'LQZX>"-X,PQ31@3_:*K$!MT4W!=ODYC>M4V[HIA
M.LR1$!M=VJ5HDN&&@,C:K,JC4;TK"LJ6DJ(9:=MWS!!D[HHHV)U<SLQ?3AER
MG@AZU5?&?.BZO`@:@1#F7<W`''&,\''*@.@<(>F#%<WMX,S6K"=V'(Z\U>B_
9G*ALC@P?)PJFULU5L3`I2\BLWNJM$`@`.S\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
