0000950123-11-038900.txt : 20110426 0000950123-11-038900.hdr.sgml : 20110426 20110426060213 ACCESSION NUMBER: 0000950123-11-038900 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20110426 FILED AS OF DATE: 20110426 DATE AS OF CHANGE: 20110426 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHINA LIFE INSURANCE CO LTD CENTRAL INDEX KEY: 0001268896 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 000000000 STATE OF INCORPORATION: F4 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31914 FILM NUMBER: 11778662 BUSINESS ADDRESS: STREET 1: 16 FINANCIAL STREET STREET 2: XICHENG DISTRICT CITY: BEIJING STATE: F4 ZIP: 100033 BUSINESS PHONE: 861063633333 MAIL ADDRESS: STREET 1: 16 FINANCIAL STREET STREET 2: XICHENG DISTRICT CITY: BEIJING STATE: F4 ZIP: 100033 FORMER COMPANY: FORMER CONFORMED NAME: CHINE LIFE INSURANCE CO LTD DATE OF NAME CHANGE: 20031103 6-K 1 c15926e6vk.htm FORM 6-K Form 6-K
Commission File Number 001-31914
 
 
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
April 26, 2011
 
China Life Insurance Company Limited
(Translation of registrant’s name into English)
16 Financial Street
Xicheng District
Beijing 100033, China
Tel: (86-10) 6363-3333
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:
Form 20-F þ Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes o No þ
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_____
 
 

 

 

Commission File Number 001-31914
China Life Insurance Company Limited issued its 2011 first quarter report on April 26, 2011, a copy of which is attached as Exhibit 99.1 hereto.
EXHIBIT LIST
         
Exhibit   Description
       
 
  99.1    
2011 First Quarter Report, dated April 26, 2011

 

 

Commission File Number 001-31914
SIGNATURES
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, thereunto duly authorized.
         
 
China Life Insurance Company Limited
(Registrant)
 		  
  By:   /s/ Wan Feng    
    (Signature)   
April 26, 2011    Name:   Wan Feng   
    Title:   President and Executive Director   
 

 

EX-99.1 2 c15926exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
EXHIBIT 99.1
Commission File Number 001-31914
(CHINA LIFE INSURANCE COMPANY LOGO)
2011 First Quarter Report
This announcement is made by China Life Insurance Company Limited pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The financial data of the Company for the first quarter of 2011 have been prepared in accordance with the China Accounting Standards for Business Enterprises and are unaudited. Net profit attributable to shareholders of the Company and shareholders’ equity attributable to shareholders of the Company in the consolidated financial statements are identical to the relevant data under International Financial Reporting Standards.
1.  
Important Notice
1.1  
The Company’s Board of Directors, the Supervisory Committee, its Directors, Supervisors and Senior Management warrant that there are no false representations, misleading statements or material omissions in this report, and jointly and severally accept full responsibility for the authenticity, accuracy and completeness of the information contained in this report.
1.2  
All of the Directors of the Company attended the Board Meeting.
1.3  
The Company’s 2011 first quarter financial report is unaudited.
1.4  
Mr. Yang Chao, Chairman of the Company, Mr. Liu Jiade, Vice President in charge of financial affairs, Ms. Hwei-Chung Shao, Chief Actuary and Mr. Yang Zheng, Head of the Financial Department, confirm that the financial reports in this 2011 first quarter report are true and complete.

 

 

 

Commission File Number 001-31914
2.  
Basic Information of the Company
2.1  
Major accounting data and financial indicators
(Currency: RMB)
                         
                    Increase /(decrease)  
    As at     As at     compared to 31  
    31 March 2011     31 December 2010     December 2010  
Total assets (million)
     1,514,206       1,410,579       7.3 %
Shareholders’ equity attributable to shareholders of the Company (million)
     213,530       208,710       2.3 %
Net assets per share attributable to shareholders of the Company (RMB per share)
     7.55       7.38       2.3 %
                 
            Increase /(decrease)  
    For the three months ended     compared to the same  
    31 March 2011     period of 2010  
Net cash flows from operating activities (million)
     60,762       -22.7 %
Net cash flows per share from operating activities (RMB per share)
     2.15       -22.7 %
                         
                    Increase /(decrease)  
    For the reporting period     For the same period of     compared to the same  
    (from January to     2010 (from January to     period of 2010 (from  
    March)     March)     January to March)  
Net profit attributable to shareholders of the Company (million)
     7,971       10,214       -22.0 %
Basic earnings per share(RMB per share)
     0.28       0.36       -22.0 %
Basic earnings per share after deducting non-recurring items(RMB per share)
     0.28       0.36       -22.0 %
Diluted earnings per share(RMB per share)
     0.28       0.36       -22.0 %
Weighted average ROE (%)
     3.78       4.77     A decrease of 0.99 percentage points  
Weighted average ROE after deducting non-recurring items (%)
     3.77       4.77     A decrease of 1.00 percentage points  
     
Note:  
Shareholders’ equity refers to shareholders’ equity attributable to shareholders of the Company, while net profit refers to net profit attributable to shareholders of the Company.

 

2

 

Commission File Number 001-31914
As at 31 March 2011, investment assets of the Company were RMB1,426,565 million. For the three months ended 31 March 2011, the gross investment yield was 1.11% (or 4.50% if annualized, the simple annualized gross investment yield = (the gross investment yield for the three months ended 31 March 2011/90)×365), the surrender rate was 0.73%, and premiums earned reached RMB122,024 million, with a growth rate of 10.9%.
Deducting Non-recurring Items and Amount
RMB Million
         
    For the three months ended  
Non-recurring items   31 March 2011  
Gains on disposal of non-current assets
     10  
Net non-operating income and expenses other than those mentioned above
     (5 )
Effect of income tax expenses
     (1 )
Total
     4  
     
Note:  
As an insurance company, investment (utilization of insurance funds) is one of the main businesses of the Company. Therefore, the non-recurring items do not include fair-value gains/(losses) from held-for-trading financial assets and liabilities, as well as investment income from the disposal of held-for-trading financial assets and liabilities and available-for-sale financial assets.

 

3

 

Commission File Number 001-31914
2.2  
Total number of shareholders and the top ten shareholders not subject to selling restrictions as at the end of the reporting period
Unit: Share
     
The total number of shareholders as at the end of the reporting period
  Number of A shareholders: 280,947
 
  Number of H shareholders: 36,400
Particulars of the top ten shareholders of listed shares not subject to selling restrictions
                 
    Number of listed shares        
    not subject to selling        
    restrictions held as at        
    the end of the reporting        
Name of shareholders (Full name)   period     Type  
China Life Insurance (Group) Company
     19,323,530,000     A shares
HKSCC Nominees Limited
     7,257,488,884     H shares
State Development & Investment Corporation
     49,800,000     A shares
China National Investment & Guaranty Co., Ltd
     29,250,000     A shares
China Pacific Life Insurance Co., Ltd.-Tradition-Ordinary Insurance Products
     20,332,882     A shares
China National Nuclear Corporation
     20,000,000     A shares
Guotai Jun’an-China Construction Bank-The Hong Kong and Shanghai Banking Corporation Limited
     19,850,165     A shares
IFC-Standard Chartered- GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION PTE LTD
     19,636,445     A shares
China International Television Corporation
     18,452,300     A shares
National Social Security Fund —Portfolio 102
     18,050,373     A shares
3.  
Significant Events
3.1  
Particulars of, and reasons for, material changes in major accounting items and financial indicators of the Company
þ Applicable o Not applicable
(1) Changes in key financial indicators and their reasons
RMB million
                                 
Key Financial   As at     As at     Increase/        
Indicators   31 March 2011     31 December 2010     (decrease)     Main reasons
Total assets
     1,514,206       1,410,579       7.3 %   Accumulation of insurance business assets
Total liabilities
     1,298,870       1,200,104       8.2 %   Increase in insurance reserves
Shareholders’ equity attributable to shareholders of the Company
     213,530       208,710       2.3 %   Steady increase in business volume

 

4

 

Commission File Number 001-31914
RMB million
                                 
    For the three     For the three              
Key Financial   months ended     months ended     Increase/        
Indicators   31 March 2011     31 March 2010     (decrease)     Main reasons
Operating profit
     9,505       12,374       -23.2 %   Decrease in investment income
Net profit attributable to shareholders of the Company
     7,971       10,214       -22.0 %   Decrease in investment income
(2) Material changes in major accounting items and their reasons
RMB million
                                 
    As at     As at              
Key Financial   31 March     31 December     Increase/        
Indicators   2011     2010     (decrease)     Main reasons
Cash Fund
     82,566       47,839       72.6 %   Investment assets allocation and liquidity management demand
Held-for-trading financial assets
     16,465       9,693       69.9 %   Increase in volume of held-for-trading debt securities
Premiums receivables
     12,050       7,274       65.7 %   Accumulation of renewal premiums
Other receivables
     9,592       3,154       204.1 %   Increase in deposit receivable for investment
Financial assets sold under agreements to repurchase
     44,260       23,065       91.9 %   Liquidity management demand
Claims payable
     11,439       8,275       38.2 %   Increase in payable maturity benefits
RMB million
                                 
    For the three     For the three              
Key Financial   months ended     months ended     Increase/        
Indicators   31 March 2011     31 March 2010     (decrease)     Main reasons
Surrenders
     8,177       6,090       34.3 %   Increase in accumulative business volume
Claims expense
     28,038       14,921       87.9 %   Increase in maturity benefits
Policyholder dividends
     3,293       4,065       -19.0 %   Decrease in investment yield for participating products
Impairment losses
     1,565       13       11938.5 %   Increase in assets which meet the condition of impairment losses
Income tax expenses
     1,488       2,123       -29.9 %   Decrease in taxable income

 

5

 

Commission File Number 001-31914
3.2  
Explanation and analysis of significant events and their impacts and solutions
o Applicable þ Not applicable
3.3  
Implementation of undertakings by the Company, its shareholders and de facto controller
þ Applicable o Not applicable
Prior to the listing of the Company’s A Shares (30 November 2006), land use rights were injected by CLIC into the Company during its reorganization. Out of these, four pieces of land (with a total area of 10,421.12 square meters) had not had its formalities in relation to the change of ownership completed. Further, out of the properties injected into the Company, there were six properties (with a gross floor area of 8,639.76 square meters) in respect of which the formalities in relation to the change of ownership had not been completed. CLIC undertook to complete the abovementioned formalities within 1 year of the date of listing of the Company’s A Shares, and in the event such formalities could not be completed within such period, CLIC would bear any potential losses to the Company in relation thereto. CLIC strictly followed these commitments. As at the end of the Reporting Period, save for the two properties and related land of the Company’s Shenzhen Branch, all other formalities in relation to the change of land and property ownership had been completed. The Shenzhen Branch of the Company continues to use such properties and land, and no other parties have questioned or hindered the use of such properties and land by the Company.
3.4  
Warnings and explanation for any significant changes in net profit or cumulative losses from the beginning of the year to the end of the next reporting period as compared to the same period of last year
o Applicable þ Not applicable
3.5  
The implementation of cash dividend policy during the reporting period
o Applicable þ Not applicable
This announcement is published in both Chinese and English languages. The Chinese version announcement shall prevail.
By Order of the Board of
China Life Insurance Company Limited
Heng Kwoo Seng
Company Secretary

 

6

 

Commission File Number 001-31914
As at the date of this announcement, the Board of Directors of the Company comprises:
     
Executive Directors:
  Mr. Yang Chao, Mr. Wan Feng, Mr. Lin Dairen, Ms. Liu Yingqi
Non-executive Directors:
  Mr. Miao Jianmin, Mr. Shi Guoqing, Ms. Zhuang Zuojin
Independent non-executive Directors:
  Mr. Ma Yongwei, Mr. Sun Changji, Mr. Bruce Douglas Moore,
Mr. Anthony Francis Neoh
Hong Kong,
25 April 2011

 

7

 

Commission File Number 001-31914
4.  
Appendix
4.1  
Balance sheet as at 31 March 2011(unaudited)
RMB million (Unless otherwise stated)
                                 
            As at             As at  
    As at     31 December     As at     31 December  
    31 March 2011     2010     31 March 2011     2010  
ASSETS   Group     Group     Company     Company  
Assets
                                
Cash Fund
     82,566       47,839       82,265       47,530  
Held-for-trading financial assets
     16,465       9,693       16,359       9,607  
Interest receivables
     19,889       18,193       19,786       18,098  
Premiums receivables
     12,050       7,274       12,050       7,274  
Receivables from reinsurers
     26       22       26       22  
Unearned premium reserves receivable from reinsurers
     58       57       58       57  
Claim reserves receivable from reinsurers
     31       32       31       32  
Reserves for life insurance receivables from reinsurers
     11       13       11       13  
Reserves for long-term health insurance receivables from reinsurers
     705       706       705       706  
Policy loans
     26,159       23,977       26,159       23,977  
Debt plan investments
     14,180       12,566       13,990       12,376  
Other receivables
     9,592       3,154       9,599       3,142  
Term deposits
     490,385       441,585       489,017       440,217  
Available-for-sale financial assets
     544,433       548,121       541,250       544,744  
Held-to-maturity investments
     246,224       246,227       246,218       246,220  
Long-term equity investments
     21,254       20,892       25,119       24,757  
Statutory deposits
     6,153       6,153       5,653       5,653  
Constructions in progress
     2,314       2,080       2,314       2,080  
Fixed assets
     16,146       16,498       15,601       15,944  
Intangible assets
     3,728       3,726       3,693       3,690  
Other assets
     1,758       1,687       1,744       1,684  
Separate account assets
     79       84       79       84  
 
                        
Total Assets
     1,514,206       1,410,579       1,511,727       1,407,907  
 
                        
             
Yang Chao
Chairman
  Liu Jiade
Vice President in charge of
Accounting Affairs 		  Hwei-Chung Shao
Chief Actuary 		  Yang Zheng
Head of
Financial Department

 

8

 

Commission File Number 001-31914
4.1  
Balance sheet as at 31 March 2011 (unaudited) (continued)
RMB million (Unless otherwise stated)
                                 
    As at     As at     As at     As at  
    31 March 2011     31 December 2010     31 March 2011     31 December 2010  
LIABILITIES AND EQUITY   Group     Group     Company     Company  
Liabilities
                                
Financial assets sold under agreements to repurchase
     44,260       23,065       44,000       22,660  
Premiums received in advance
     1,974       1,880       1,974       1,880  
Brokerage and commission payable
     2,672       1,944       2,672       1,944  
Reinsurance payable
     60       36       60       36  
Salary and welfare payable
     4,058       4,972       3,774       4,720  
Taxes payable
     1,912       412       1,879       375  
Claims payable
     11,439       8,275       11,439       8,275  
Policyholder dividends payable
     51,086       52,828       51,086       52,828  
Other payable
     2,412       3,265       2,518       3,248  
Policyholder deposits
     70,156       70,087       70,156       70,087  
Unearned premium reserves
     6,833       5,935       6,833       5,935  
Claim reserves
     3,147       3,304       3,147       3,304  
Reserves for life insurance
     1,074,951       1,000,483       1,074,951       1,000,483  
Reserves for long-term health insurance
     9,128       8,413       9,128       8,413  
Deferred tax liabilities
     11,250       11,776       11,307       11,828  
Other liabilities
     3,453       3,345       3,453       3,345  
Separate account liabilities
     79       84       79       84  
 
                        
Total liabilities
     1,298,870       1,200,104       1,298,456       1,199,445  
 
                        
Shareholders’ equity
                                
Share capital
     28,265       28,265       28,265       28,265  
Capital reserve
     55,309       58,460       55,329       58,453  
Surplus reserve
     29,050       29,050       29,002       29,002  
General reserve
     13,004       13,004       13,004       13,004  
Retained earnings
     87,904       79,933       87,671       79,738  
Exchange differences from translating foreign currency financial statement
     (2 )     (2 )     —       —  
 
                        
Total equity attributable to shareholders of the Company
     213,530       208,710       213,271       208,462  
 
                        
Minority interests
     1,806       1,765       —       —  
 
                        
Total shareholders’ equity
     215,336       210,475       213,271       208,462  
 
                        
Total liabilities and shareholders’ equity
     1,514,206       1,410,579       1,511,727       1,407,907  
 
                        
             
Yang Chao
  Liu Jiade   Hwei-Chung Shao   Yang Zheng
Chairman   Vice President in charge of   Chief Actuary   Head of
    Accounting Affairs       Financial Department

 

9

 

Commission File Number 001-31914
4.2  
Income statement for the first quarter of 2011 (unaudited)
RMB million (Unless otherwise stated)
                                 
    For the three months ended     For the three months ended  
    31 March     31 March  
    2011     2010     2011     2010  
    Group     Group     Company     Company  
             
1. Operating income
     140,006       128,733       139,872       128,563  
Premiums earned
     122,024       109,990       122,024       109,990  
Premium income
     122,978       110,299       122,978       110,299  
Less: Premiums ceded to reinsurers
     (57 )     (28 )     (57 )     (28 )
Unearned premium reserves
     (897 )     (281 )     (897 )     (281 )
Investment income
     17,171       18,339       17,112       18,275  
Including: share of results of associates
     483       400       483       400  
Fair value gains/(losses)
     332       (340 )     330       (338 )
Foreign exchange gains/(losses)
     (124 )     16       (124 )     16  
Other operating income
     603       728       530       620  
2. Operating expenses
     (130,501 )     (116,359 )     (130,501 )     (116,311 )
Surrenders
     (8,177 )     (6,090 )     (8,177 )     (6,090 )
Claims expense
     (28,038 )     (14,921 )     (28,038 )     (14,921 )
Less: claims recoverable from reinsurers
     17       18       17       18  
Increase in insurance contracts reserve
     (75,026 )     (77,868 )     (75,026 )     (77,868 )
Less: insurance reserves recoverable from reinsurers
     (3 )     (13 )     (3 )     (13 )
 
    
Policyholder dividends
     (3,293 )     (4,065 )     (3,293 )     (4,065 )
Business tax and surcharges expense
     (326 )     (1,059 )     (314 )     (1,046 )
Underwriting and policy acquisition costs
     (8,657 )     (7,491 )     (8,657 )     (7,491 )
Administrative expenses
     (4,574 )     (4,141 )     (4,433 )     (4,013 )
Less: expenses recoverable from reinsurers
     4       5       4       5  
Other operating expenses
     (863 )     (721 )     (1,016 )     (814 )
Impairment losses
     (1,565 )     (13 )     (1,565 )     (13 )
 
                        
3. Operating profit
     9,505       12,374       9,371       12,252  
 
                        
Add: Non-operating income
     18       10       17       10  
Less: Non-operating expenses
     (13 )     (9 )     (12 )     (9 )
 
                        
4. Net profit before income tax expenses
     9,510       12,375       9,376       12,253  
 
                        
Less: Income tax expenses
     (1,488 )     (2,123 )     (1,443 )     (2,087 )
 
                        
5. Net profit
     8,022       10,252       7,933       10,166  
 
                        
6. Attributable to:
                                
- shareholders of the Company
     7,971       10,214                  
- minority interests
     51       38                  
7. Earnings per share
                                
Basic earnings per share
   RMB 0.28     RMB 0.36                  
Diluted earnings per share
   RMB 0.28     RMB 0.36                  
8. Other Comprehensive income/(losses)
     (3,161 )     (3,862 )     (3,124 )     (3,853 )
 
                        
9. Total Comprehensive income
     4,861       6,390       4,809       6,313  
 
                        
Attributable to shareholders of the Company
     4,820       6,352                  
Attributable to minority interests
     41       38                  
             
Yang Chao
  Liu Jiade   Hwei-Chung Shao   Yang Zheng
Chairman   Vice President in charge of   Chief Actuary   Head of
    Accounting Affairs       Financial Department

 

10

 

Commission File Number 001-31914
4.3    Cash flow statement for the first quarter of 2011 (unaudited)
RMB million (Unless otherwise stated)
                                 
    For the three months ended     For the three months ended  
    31 March     31 March  
    2011     2010     2011     2010  
    Group     Group     Company     Company  
 
    
1. Cash flows from operating activities
                                
Premiums received
     118,235       104,730       118,235       104,730  
Net increase in policyholder deposits
     48       2,181       48       2,181  
Net cash received from held-for-trading financial assets
     —       4,714       —       4,717  
Cash received from other operating activities
     678       1,212       551       1,012  
 
                        
Sub-total of cash inflows from operating activities
     118,961       112,837       118,834       112,640  
 
                        
Cash paid for claims
     (33,057 )     (19,210 )     (33,057 )     (19,210 )
Net cash paid for reinsurance business
     (17 )     (5 )     (17 )     (5 )
Cash paid for brokerage and commission fees
     (7,932 )     (6,781 )     (7,932 )     (6,781 )
Cash paid for policyholder dividends
     (2,515 )     (1,100 )     (2,515 )     (1,100 )
Cash paid to and for employees
     (2,821 )     (2,424 )     (2,771 )     (2,383 )
Net cash paid for held-for-trading financial assets
     (7,272 )     —       (7,257 )     —  
Cash paid for taxes and surcharges
     (414 )     (1,852 )     (354 )     (1,822 )
Cash paid for other operating activities
     (4,171 )     (2,868 )     (4,127 )     (2,782 )
 
                        
Sub-total of cash outflows from operating activities
     (58,199 )     (34,240 )     (58,030 )     (34,083 )
 
                        
Net cash flows from operating activities
     60,762       78,597       60,804       78,557  
 
                        
             
Yang Chao
  Liu Jiade   Hwei-Chung Shao   Yang Zheng
Chairman   Vice President in charge of   Chief Actuary   Head of
    Accounting Affairs       Financial Department

 

11

 

Commission File Number 001-31914
4.3    Cash flow statement for the first quarter of 2011 (unaudited) (continued)
RMB million (Unless otherwise stated)
                                 
    For the three months ended     For the three months ended  
    31 March     31 March  
    2011     2010     2011     2010  
    Group     Group     Company     Company  
 
                                
2. Cash flows from investing activities
                                
Cash received from sales and redemption of investments
     44,590       114,891       43,834       112,640  
Cash received from investment income
     12,212       10,829       12,145       10,776  
Net cash received from disposals of fixed assets, intangible assets and other long-term assets
     10       26       10       25  
 
                        
Sub-total of cash inflows from investing activities
     56,812       125,746       55,989       123,441  
 
                        
Cash paid for investments
     (99,782 )     (129,353 )     (99,152 )     (128,440 )
Net increase in policy loans
     (2,532 )     (2,264 )     (2,532 )     (2,264 )
Cash paid for acquisition of fixed assets, intangible assets and other long-term assets
     (1,558 )     (474 )     (1,549 )     (471 )
Net cash paid for financial assets purchased under agreements to resell
     —       (19,190 )     —       (19,190 )
 
                        
Sub-total of cash outflows from investing activities
     (103,872 )     (151,281 )     (103,233 )     (150,365 )
 
                        
Net cash flows from investing activities
     (47,060 )     (25,535 )     (47,244 )     (26,924 )
 
                        
 
    
3. Cash flows from financing activities
                                
Net cash received from financial assets sold under agreements to repurchase
     21,132       —       21,282       —  
 
                        
Sub-total of cash inflows from financing activities
     21,132       —       21,282       —  
 
                        
Net cash paid for financial assets sold under agreements to repurchase
     —       (33,605 )     —       (32,861 )
 
                        
Sub-total of cash outflows from financing activities
     —       (33,605 )     —       (32,861 )
 
                        
Net cash flows from financing activities
     21,132       (33,605 )     21,282       (32,861 )
 
                        
4. Effect of changes in foreign exchange rate on cash and cash equivalents
     (105 )     (5 )     (105 )     (5 )
 
                        
5. Net increase in cash and cash equivalents
     34,729       19,452       34,737       18,767  
 
                        
Add: Opening balance of cash and cash equivalents
     47,854       36,197       47,545       35,582  
 
                        
6. Closing balance of cash and cash equivalents
     82,583       55,649       82,282       54,349  
 
                        
             
Yang Chao
Chairman 		  Liu Jiade
Vice President in charge of 		  Hwei-Chung Shao
Chief Actuary 		  Yang Zheng
Head of
    Accounting Affairs       Financial Department

 

12

GRAPHIC 3 c15926c1592601.gif GRAPHIC begin 644 c15926c1592601.gif M1TE&.#EA*@*C`.8``(R'A!=2+:RGHYN6DY&,BNWLZ;&LJ'QV=.7CX5U65100 M$&F-=#-RM73T-O8U=/0S?[^_?;V]+JUL5%+2>OI MY^/AWBHE)>CFY,7#P):1CJW'L^#>V_O[^TIQ6/'P[O7T\H:!?OCX]_[\_255 M-\39R>;RZD`Z.?W^_OGY^._N['=Q;_+Q[_K\_/3Z^#=G2#`J*OWZ_/C\^O+Y M]O/R\6AA7[>SK[^[M[G1P?W^_?CV]AT8&?[]_:.]J?KX^-KKW_CX^':8?_OV M^OS\^^'NY%=13^OV\)BUGT9`/\O@T51.3F1>7?#V\OS]_O'W]=?7U%1^8?C[ M^O?Z^/OZ^X*AB?3S]O+R]/SX^^+?W38P,'9N;>;IZ"U=/_;T]^_M[R,>'B8A M(?W]_8J"@/S\_/W]_/W\_/S]_/O]_?W\_?S\_6!]9O[^_O___R'Y!``````` M+``````J`J,```?_@'^"@X2%AH>(B8J+C(V.CY"1DI.4E9:7F)F:FYR=GI^@ MH:*CI*6FIZ)^JG1/>7M^-GA[=$!%939/A*NJJG8%&QT3'AX-'2(%=GYT='YW M=*C0T=+3U-76U]C9C$_<3W16>&9E65(X+A`0%U-JA,EV=F8_(P,^$EU86%TG M)U@9+0T%S.11I:V@P8,($RI$JC,=Z*+/BPM$"1K2+.FS9LX<^:$!83+`HP:@P:(882)K@A),IA$ M@A*E%PE0329PJ2^!@Q(ZLVK=RK6K5T3*=NBQ`N/)GB)<(,2X(;1MC"!^_V;1 M@2$"`!(O2![HU9M!+Y*[7IXFP*?OP`@@8';X^/'D$.)39R'R,,<6M:V MW?S6#S<8&FC@Y9LA0QL?/MJ4WGL7ZE1]#T;`4!RYMNW;N!G[V5%(3Q$@.XCX MF>$"Z&;.0?;\>:+A0][2IWTK5?P/CRR>&S.+*#Z]('['_+KOS]===^F@YV0@!C/D&?@@0@FB`DL?^BQPQ-$ MV&"#&E]H\89[&+[%QQ%UM.$A?OG10$,==8BHWP?W7==78%Y@<8(/+_R!WG<* MUFCCC0@RJ`<8$MI`PA5GM(?A>T'`X$`&TQT0(O^)`#3I)(DBTI!??WW=A<54 M!-3P#8TX=NGEEXT1I`)U> M)N'#P3=@!BKHH#?M!@88?A!!!Q=CI*EF#A=(EQ^3H)I> M*WU0`AZ$EFKJJ=?XD<>8-NQA@7&.O@>"DA^,&&<+ES*@ZZZZ7EHG`4U*V=\# M=ZDDPAW?D8#JLLPVRXD?8(P)0PZPQLJ9`TK2X.2<`^QZ@0#@"G#!KI?>"8"P MG_Z5``,P"$*"LL[&*^^\B^Q0Q!,P2-&HM1@*<4:M`%3:[07?"F#`P0B+2S`# M`]0)0!U3IIN`#RLL]B[_O1AG/"\30-B0PQG\#OG&`B-RJ^NW!SO@0!(L)Z&R M`>".VS"P$-^WVDD@6`ROQCSW3.@3[V@A9,B;C=PDK@P0;/#*)GB@Q--*>.`R MS`HSX'#-/OPG01+N[NSSUV#;Z`<>%EQ(M'M&F_PMTTI,T,`$<,,=M0D.P+SP MU7H2*P$#.H?M]]\&[I#%OF3,`"!11PP$$''%#`PMM2VWW! MS.=.EP%3!/#PQ\6`EVYZ;4!`4+A0-\2P@!904!%P"TDOGH02#;#``0@@C!!" M"".`0#D%PB1A-\/`HOL7`5B1?OKST!>ZF!],/+'#%=42+005+E@01!Y!7%`I M_P,&)]$X!1V`\+L8&VP@AAC`=\#"!'3'/'/-JB'10O->1^___P;1@Q[^P`08 M$,$((%O=&ZBP!EW40'RX6MOY.C""$6C@!6O(X!I>X#X0<$`8)K`;Y_34E_V- MKG\`3*$*I;$#WNR`!SS@PM!"-@8N&*$,NK""``!`NPL8P'P-V%T(+H@`!*Q@ M!0A(`0=#(#]AU$UFR?M`:AXP@#N<<(58S&(TF&`%,JBN<&?(@@TL4P@_F"!Q MY/NA$EB@/A&\8`4H0$$`P`M!F*<=%!B`#QU`#`J,P(UK6$$)F$I*%0H7:-)$,'5,O0W8#+NQ@#V-4Q1@+D8P5C&MQ'07!!C`H MRCC\0)H]^*?P]MC2EVY320C_*)#S;LI51.I2%4"@`M'.4`9>3(^<'_%#!#A0 MN]NQ,00BV$`*5N"&`M21FM;D``N4$,(_.FQ*%^!!,;M*6)Q^QPB/Y-<;KL`E ML$RO!P7C:!!!(`8W&M$-J52B"%9*O,R-ZZ_Y>4&!"DM:+>I2$#GPY9`68(3! M)N)=BZ%#"-((1(_"]06XY>#[6-F`S+VT3A#[0!*L@-;2&A>`!-D!#E3KGAM8 M(`*N?:VR_&"&"?CPAQ,$Y?O@%[_+T<^E4'S8`2Z`@MTT]KCH/9TRZ``&*(3L M+;AHQ"+W((,D+*UICMN=[X`W`OG-KZ4P8]@`'O:!%J"`&<5-KX(!9Q9:?-%: M5.A8_W07P0T_H,`#X'(`?AL0N?1U8(\3B)H?-WF>`(8]Z$&L M_-("#&QP7D4L9@]X0($2%H?=QKF-!7M]&MTTITT"U&$`%4NPBI?L,QOH@0]` M0).UWK`$,N"AQC9>#AVF,(+%J8QE39N;"5P6,P$'S`0_4`4,L,SD-L_+!G8` M0QG.F28AX``,5KCH(\SJAQ5@6)Y?9EG=8C8NY#%``SR@`Q]80>,*+X?-;HXT MH>@@P,3&2@A<8`6D%X'@)JR``H,.5]5>R0`HB.$'92`#$%8-!#($H0QFH,.# M-BWI6GM)54^PM*,P;88)0^*L3.!!`4+``A-4#0`QZ,,8^O]`!71H`1W0CK84 M$N-H6UN[5'KH@V)Q0`<;5(($1CDA"6#`C$&,`\;68L$`Q^CM:[O[2PB6 MX((9T]JQ::VH()Z0!7G':@F*8?>[!]XE72;06F<@`PS"_0D;2$'7:7J#!78C M0#T3_.('TN6#8[6`,,#`(Z`@P1*8>QPA,-8/?'`0QE=N("9XQ@4A>T,6!"@9 M+=`P"P_"Q;U9SO.O4-0&,@S9$E9=4;/^FD;F]8,1M,VO/A@!.$]0><^G;ILG M>XSDQQE#&,R`*!H+T`_L>(2]S%,+)JAAY"'3PA/XT%"+4_WMC$'/$\@`<4=9 M0,\M_,/.#]'"(A0!W=;B-MOA3OC_R#S!#`>W5A^R(*.+BN77WN;-&,FPW)@7 MP`9`0'#A-_^5)]@`[?RZ`<"+"P;(RPCL'J.SHV(P`R*P_;2-V('P,%#$8ISMC$8H0C5 M2\S>Q\__:42KWX73!U*@=TJF"&+A!U8`!>@W95!@!D&@!YCG=OTW@=9@7I41 M!#97.&.``T'`!#3F&:=%/9K&!$S@('D`!F2`&0MH+6,@!1&H#/M'@3(H&=1& M!&3P<`JD_P57,`5V0`>6$0M^H`>9YQEV``-J0`=&@`/^1C1:4`0S^(3:`"U@ M`"%`$`3NM3H!(`10((04]01X(&M,P`R'5X460`4KR"\F)X%0N(:GH`H-E2B8 M-SA8F!$+M`178`1Z$(9ZX&IA(`69P7V.L@0HQH:$B`INN`-X@`LV``:@-X#:WEP?3N(VI(#A+>(UHN`1EL/][W%B.FN!" M+?0%3`>.:.@"9!!4YAB/EK`;,K(C?I`#5(")[)B%2[`'3Z![\AB0DY!T-*=T M&;B/&%)#@E"``MF0-N:&`C1&-;`$V8.0`7`#5"`%$6!)#MF11[<;0."!1!`$ M2FB100%,64!N,>B1`AF$8Q)U8P(&#S$#%F*1-S`&%@`#5<`#]\>2/ND(--)" ML!`!5Y"/["@!+%`&BF%T/]F4C1`M`;<'95"&9SB',>`"/S`F>N>47`F48A%P M1``#7Y`6FC&'0K``+I`#9G!E#-F5;CD(%;9>E00#99`#+D`%,5"5S24$8P`! M7+")1:!PFO>6A&D(^K9><>D;5[`$$/#_$V]P`Y"I$9`)F9!X!E`@!?>WE$(( M!J-5F)XI"%^WD,B(C$(5#JWV!3D@!5R``TN``UQ@`5>0!64`!$887Q]!&Y^9 MFW\`!%JI=TMI5B[W#HTF(7L`$69`!%\(5D#`!WPP/;"GF[HI=X>HB^UG!M23 MAW1@!\MI0&8``\GIADR0&`NIBX@"G;GI&=,IE)[W@:/90B28AX4PF.E=RZWD)KW'7P&H5S26'9`@%NI;P2XH$7W$E:\,)@@@:`>2@@)"J`SVJ$%"H,[ MZ@.J!F M"H/3!:+*0*`?*J05A:5-^@<(1@?(HJ'?0`<1(*-6>@=R2DX3BB/*8`41D&A# M^@Y6\`P1$*<1H*?-\(5@$)X]B&"7V@RS<0H9!/@.6S(()/"H=-"@?Q"N6!H!G]JO M&MJHO,`$UIJMO/&I>OH18LB@S,"9&JH,,%`#NTD''>JAC$HCY4H'9I"JI4I] M_9H,R`*E6!JNVWJA'AJQRT`J9D5N>MJ#=U"$R5"NP"JHY0H#SFH%>G<'-INN M>FJSZ!&&)-"H,#`3B2:B.-NL);`,=Z"2%@NE!)J<@]@E4!H!/3`!=8`!5#0! M.O8"[^0%;%`!;$!(&L``$E`!%:`#&>`!*$``)X"V%=`&'+`!!R"V%7`!!/L" M=;`%)W`!!X6O)9`$&CJUO/`#!(`%<.L#2<#_`T@'`C2@`VB+`320`ASP`9!; M`?MP`A@0M@S0`P9PMFCK(B<`N0F`K`MI!94+MUU``"M0``=PN2T0J7>0`GN+ M`0Q0`G<0`1H``">`!`:0`BS0`W0P`GL;N0!P+"-@N5AP`3W0`@D0MCJ@N5M` M`RQ0`HAZ22%A`MKJ@9W3P`FW`!FR@_P,&\*EV,`('L`5=X`$LD`!HRP82,`&16@)*,+H9@`"$ M\`0K,`!=@+;H2P&=JE9JU0&/*[880``H0`$9H`-A^P!4N@H<<+E=$!,3T`9P MFP#D)0`5P+=;`,5=@`%I&P$IT`)RG+8N`;X`0`<]P`!8$+:8BP%(<`$;P*II M>FL1,`$GX`2QL0(AL,,Z$`)K)@(*4,DKH*U6X`&5S`8OX*QV4`>5/`?^RP0E M<`*5/`0L\*@P4`('0`&$.P(JH`$H2H"/&K,.L,DR0*4.A`65_`$4>PZJ"4*X_4`&5'+OA^@,^4,ER8`(X'`$'P/\` M>F<'2:`#K&M4&*`#**!W//`!O8P5RG`$#Y`$_@L#!E#)%8!$+:``P%/3`(=)`"6U#)*I`S$6`']:S/(N$$3O`!/^`,A)`" M<]`!R#((S%H`PJP`%:`!ZLIQS0T;(<:R'P_P"Y2RI&3=/9/`2R8:NNZP6JD`(2`-858P=Y(`/4 MC`4HX`U^P`)MX`3ZK`3C*0#L7-P:(*<-X.1R`,P/4-H.8*K@!\`Z&+W0'+`"Z12MP)L*]>W8-^\-18H*<\8`<7<`"1N@-/ M[00#"@-)4,D^4%X,=R.[804(,`0*@`%%S=560`,;(`@KL-M6FN?W/`C$/0OH#=:#)5/[O6.YY^5[H3.L'"##A*B#89H4L;4``B9X!/[`# MA5W4)[WN!*\&$)($-!"IB)#G>PX6?]X"A```WJ%L&1_0`4A?@.9."`R0!%=>R6W`N/#^!QP@U$,@`#(0(0B`%8*0[_M. M"/W^[V]N!L9(P9(6$T5)9_'-B$($_&QZX\Q-0`Z4G1RITL&-'U,$*@\0A8^#@#H-!3@"H M\W"IA#2V)#21TO@P1L0^9G11<2'(8P M.\+A@QH\40=YL$(BXB56KOQTZ!CB"`8-3ZA:OE19`-@2[X:*LL)QT)JA?YIT M!(V(0?\-O&YAD`#`8?-)N9FP[>G19=-4&*)6M/&`4T3`H;)F'.AHPHXN7D]D M8`'EIX6`.W3L[#@8LAG"H`I:4&OR5<$6,V9,"(!!+MRX*Q;Y M@P4=&@QA1P01]`/6)7Y8P9Q[,CTDX8045DCA&IJ$`QL=R-FQ44===($%%EO@ M1-(E)J'$8!LBT%'"`XQX$--,EY@P0`';*3#`(3WA!-198B%3E`(G>#%$!959 M`8M3V&2`5P=^)(@05O9ME00=$;30$04$D'5)"A)T))((;*4"%W`^K1""#PH, MP0!RA#7110\/8I`"-"M@X0<>)J"B0`84?'#)"XHIP$)`S[S_HI%O"B10(FU6 M/7,3-I7!Y@<)B'6TPE!^$-&1$GX\D8@=IK7YPP@#F.%;)0RR`$P#2+2I1`U, M\7"'``#,@$$J`&+BC`\B1%!"F(0T<)TS.WE0BQ,3?-!#9K`IPTRTA)VE'C)U ME%#`-4X80$0;&\``CE:7U&<.)DR@R`XF.]#HSQ!(L.'$4@$N^`<=3(2D0PH[ M6>COOP!+^$*&`XSV!WA*?CB("!HT7.I()5%"&+!_D/!"B>[YL`(L`36!A`AX M.#!(%ROPA)!/R%BA)#J8`#G4D`E54R#"3ARA%G M5?"`ET_@L<(`5(JD%RQM`8`I,G&)_X+(("H@H8(3_"`$Z+@4>\_?C!!QR(*Z(!`00&GKW[`)%PB0X8$H,]@>.BWID#[ MEZ09\4DIB8")'1WPDQQD`(MVA>``!2C`"I9E`&I)2R2$:=`*-(*>(%UB2"TP M`P(^4(I0^?^!27,@P@RPT`'PU&!*/[/2I>@P`HS)P4L*C$($-```/]5A!ZV( M&HW\<(`0B,XG+\C1`"(``[%%`%`]0(&6&M6#UWDH3[T@0@\R`)8#^&$',KB& M`@Q@,$P`*"*,TD`3,A`"4?#`0\F@PP7`4H`NWB$/=)A!AD2`OS]@L2,I")7D M2)"\$_@`!7]8U>9.0H1MX($P-1@!#0H@@Q2@P@D>&(]%9/&*/%#`3W.HW26( MX(3!1F17``!W$0X;QH@""6L@A`R#@"_2082Z#6,\@`LH#`G00 M/*I]^D@PS9(!U+A.2+6```P.8(6T?Q)H9GD"` M$?B!!QQP()7(]0>NI,T*$R`')"_A`-L\H2X-P,L6$C8I`(RF!CYX069\@H<. M*&8(#2#%'=JE`0Q(H)P)`(<`GG`W*/I!#41``ZA/&>$`5B8:`) M.YEEN?#SC%L^0T!WB(`/1'&$,. M5@!!"9QAOVJ::'\JNH0V=\`$/!!`$S+YCQ@R`-A"KJ$6@>K]5O!,:#C!6,P`XP2`(J MO""E/^1!&KEUA:@8\(HC4'$(*RB((+.ZB5`1(91_6$,&D",^$:!"#B&@$;#$ M!@,:J)47VQ`5X__B.JV*;=,#7GA.*B]1AR;L`"LZH``>[+`"&J`M(!&8`$ZJ(H,A>>&>H<4`#YX`"SR( MH!:[@X&24M`%*^SD$!]4P61A80@01V:(,89J*D`K3!"<]ZQ8&>0#X%;*I= MQ[C(@;2M``Q\+;$;V`(!E'2'LQ"@%5@RGB@0@($A-$%1!(,%Q^L3T+N*@C_@ MT<\.Z%"J+ICA=3Q(0B%$42HG*.D(+1F"`R)`(SC[O;)1ZL`!MH`%&@B``1^X M0`E@$($4K#$P&T!!"-JB`@.DX`@AB-4F&K`"&8!`!Q\(P0D9E`(DK,`.*&"` M'`@@@J]%X`6YD\,%&"Z*U]4@!/F5`P`8P```_^S*GCWH`&XDT($9K&`"5$)" M9RZZ@24Z@0:\]X&\-*`:U$_`3QD8P0R:``)SBO9>X?G!`R:P`TCX\0,&L-P# M4'Z)"'2?#3IX``$^8((:P.`./,`](UB``CL0*BL%T'TJT`!M1%RM-#(CP`/- MIP(3L`N$T7N^0@=F,`)ML`4)8'@#4`=I80=`M40*T`:\=P`5(`<"4$?70P=' M8`*.(G\"0```T`$\X`Q,4`.]=0+01P-%0@&K$$=K<@(<,`-6T`,20'TEL`$F M(0<,L`8E(`9&A@T$*#ROT`,,X`1UL`$`8@4Z!A8,(`,R0`$Z4`>M%S:M4'H] MT`I4(0,TU!$&(`*K8/]AYX!Y^:4"=7`!#$`#)6(`=X`"+(`;7C`")8``%Z`# M!K`I$7`!DT4"*-``&<(B,X``20`.`"`&H_5/F;=>_&<%XC,#(M!,0[![#.`% M*J`">5`#&I`\Z3$`&;`%&=`!?-=W?_>*ZK--H[`&2M`"%U!\0E<"'#``!-`" M>=8`+^`!O$@`!,``'-`#2>"+Q,@`(K`"EM,"'G`$A&$'"'`$0\4`O:@$)9`' M,$`!PUB,/8`EZ3`#R4B,YFB.+4`F+_",Q&@`!2`"+6B.24!F-,$"WWB.>28# MG$('\(B.2=`#,N``OI@$!`0@@)8"!9@"&_!Z%]`"+-`#?$<8=U`"'="02N#_ M:%;1!#9BC@*P`:*0!,0X`!M@`L1X`2\@/BA0CL1X)=Y(`!=P)Y\E`QN`+DR1 M6"\P`2W``"'@"*\P`Q2`C?CHBTGHAJ0D//`P`@;0`@;P`E]W#!EA!4`E`+88 M+,C!%#]0BP0@`*L3`6L0@S)@C^;(`!0P`TKPC4NY`TK2>+S8`B$%8AP`E+VX M`L[8BPTP`\X03BE`*YA`!PBPD24Y`24P7VAT&05@`LJ(C[W8(AL0C[UH`#\` M`@S0`@/@3W9P!*'S07SCB]!8`",`E]#X`ZXP`QYPF`9@A:Y0`#(2E"4)`T=0 MENC8`DF``/?@BK!8FP`3)2K#=Z+S'.D`"V`0$7MR_RG((4UDE3:BD`?OT#/0 MD#:'`!XDP)N&(SP(\F<`$@&O@QE6\P?>PR%0^`IBEQEIDS?R<#W7"6@T10*M MB`R8\IPE5QGA`0NM\&?(D9R'UB!6<"#HV6\X]9T6L4W/^0K!(U]W(TTP\`CW MES8D<']A`QYV8"L""B>$<5?>3=YX$3O*3I6P'<`P@0\ MX9V4A0D=TBM6@3!II"B*PG?`>9\SBBGPB2@>]Y\&"2T?`9ZND#="AY[C@9RM M\)\SRA2BL`-5P01,P'=92O]OSY&>U&.;<%HA[1,MEA)RZ:`VT'*7)1<^>WDO MMA-!ON(*B>,K#.*GQM6?^$2B(VH[.UI^%I$X>5JG6HIU;UJ4CGHIA[27.]2? M=K1"&($_?4>BQW`XI'HOXG-S3"$V6">C>5JHJ6J"7W0WA/&F.Z00[6."%0.H M_4FG9V5,L[JIB=HNSC"G]^)DT<)-E\$@>_IIFJGHX$=$S=,H4'%JLD6H[ MLDJHX$FH7H01%I%IK4J;KHHO^,0Q#0(M9R4/=E"MW!JG[OJN\!JO\CJO]%JO M]GJO^)JO^KJO_-JO_OJO`!NP`CNP!%NP!GNP")NP"KNP^)JG2:=,A;H0=^JK M$93_G0\!HN$CK@I!(Z)@@A,;09GQ.I4B-H=S'OT)KG.UL7/*"H%*L8D2KBY[ M&>=*F^AJLA%+&C';KD"!IPS;LSY;K\O4H0C!!$G5*QLK=,R:*!F1LX,C.AC; M$#Q01!Z2)(-3LKXBK-CF"@7:BN-Y$'<:IB%K.`"R=EY[1=>*+QK[#'?`4G?@ M/2F7M(D2..%AM="B$0?Q#J(@/P=#5PG!(6F;#%A'E#\[N(3[BMM$M!GKJRZ7 M+@Q1E;AZ$&GS.A)"KFB)3PWAG2DG3093>VY[/:>$'.$1`;\Y`R6`0YB+66J# M$4IRIW`$A2:;IW?%M.GP9U:K$-QYG+H)N+4+#6FWCW]Z_QZ@!;?(L*-W(+F% M>[S(:UF@NY@$I)S/\#KJYK*N\$4,40(@H`$/>[FN(`+QDPX,80=X\`(.,`-G M)%^$T;INN$WW%W)5\:,S``!8@`*@ZT``2E-$A)YT`&]4T;7+*0H-X)&5L9Z" MZ[74^`$>H!\QVVGSE5BTBPSD5A5)FUF^-#^_BUE6P'C"VWXPP*[)V\$>3"'0 M@A$"H`(:!:JA>E<@B9@JG`3OP!`7LUC&!"TIT`$T7,,Z0P$U7,-V>Q"WX@0K MD`$2(`%>,,1#?`#!$ZI^X`%!+,1)$#P3H!@$8"N6^PQK\`!#+`%(P'<`(,1" MG&C9.XUYP`,GT`)6@`"0&9*\B?]9RJH$*L``F%&G!I$$2^P%-(``*MP"*_"X M`!$\68*/U!?#X,$`0DS$A$S(`!`!<,2T'[S('7PI[HD+W:0">70I!%:DR.`% M&3<'FJS)$$&'`"0X`!DU`!(=(%PNP$;880"'(@0[#)<^`$%1;#L#`` M)Q#0$BW_T!'=*(Q\T1C=MTFUI:?P&@,:'@?A!2=PQ#0%`&P```D08Q@097J+ M$"DP.R&W$'B``DB9?@;@`,%V`0)@TTH0+`DA`A60`'`.1RFM/@@`06``G/` M`.BP0`S0P!))`?4A)G+=$2/!%,E``#!6`EV0?5M$&!S@!/YT'G;P`W4`DW_` M`UC0!5]S'AD1/`AQU$[0#AD]V1GM!S"P;&Q0`9J-"IFMV9E])0L`4OD"#1(@,-X`$>D'`'`-_T7=\-L&<&TP*#-@(OY!0^ M4-JE_5H%S<,`I`!>\DNR%\.P`^`,SN`&8`>13=D2SLBO@,P`0`,```"8_`$9 MGN%;Y$#IG0'6->*<8UV.X@66G"B!)-5I.Z.PAP0G,"(1'2(C(B+DA`0!!;*6 M/QO^/1,UC@]-P#Z`#(#`#`4)#[BTP,1,G!.^I@95+T%TEBIOB(`G;SG)*X"$1#A$_[HR>L*7J`G M>``&>=#1),#=,+!%S"K2&X##'<`!C:$`',`":\C:+>YF2C`'):3'9R4*2<'% MA7S%0[PK.7X)*@-H)A#-SC`'.N`%2$#$%<`&Q=NUE8'D;3`$)R"(-=`;O;$! M^\8&4Z><6IT-N>S#R,P[>``"0W`D9S8_;1L!QK8%(^`%&$!F-&4'TJ<$]Q2A M5!%O2U[(6-P"/!(M!,`&(:`";8`'B_."-01T;:UR'=!1L@)KJG`#^`<2'` MVAN;5!=`@B1:MIA(!`5RVQWA!0,P!VL1H3F&"EO`!!XS(B6"`2&2`:/UL*Z` MY$B@=R,@T&$%`Q1]`A2@GU4N;%B@`]$\@(^!!S"0`A3``C\`#0AB;"*Q!?V, M`?L+#`[NB`B,2]^0T!_V!$/K]`D@@!Q2@`4[@`+C^!Q1`T#"0 M#).&!SQ``\^'("+(#W0@`U1D`M$TP'MY(%<4'G54\1>?^0OK"N/T''?0\?3V M!UO$N,_@Z<[T`1*`A`H@`A_`!E&@\K,-"V&"!;J-655!`C.P`0PP_P`M()F: M+9F2V5.Q-!1/8`4HD`%S(,PE@""P\-=0XJ'I6U!#(`(G\``4T'163P?ELP7O M;)2<`LW`R-N-@00/@`3DCP0,X+S;I`1#H`/+W@9)D``G<`TZ@`'<3Y+G0VMV M4`(M``A.3A(1>'Z'1$1="7Y_CH^.!&PH!1A>(`I.G9YS*(Y.";K&Q\C)RLO,S<[/T-'2T]35 MUM?*3%Y;%-TL`',&%"PL'`H&N9!>)QL*!`P9RH=V*'-#3C2D M@X3+CQT&*H8,20C0"<.%;$;8R.6'!P<=2O\R8`#!IH+'(0K8=/3(X$#J9X>?.U809$C"P\S:/R84T"!`69*"%<.*8=O,N;/GSZ!# MB[Z&QXL"A0M5G%:H@LTYG<:\=-F`>D@%CBI._'B2[Q`RIC,^J!A0X4&)'71\ M/Z)#)S$`"0FB2Y\>70(#)1&6UM!@I0V�<^',"@H#P;'P<.:$C^=<"D$3IH M.&%PBH[DH>B4/^+_V:4"0#\V?%#!"F8DP<8$=E!T2"-T2*`#"CF!`8`.*3PA MP!P:%`0)'4,A<006%:0G8GHJ)/`$,I*L\$0'0PQPCA\/G#`##P9XT<$Q/$1Q MQQUV),`&"!'P$,(:5D10@A7*)'&9;WYT<5EFHT4IY9145FGE-23@(<$6!AC@ M@`$'S#%`EUZ^>(QL)80`@A(7U/$"!G,(((`)EOA!@C&',%'#!4X<<(22#D20 M8#IT,&%'$JPEI.A""\VA@!Q#)%#",73XL`4)=#31`Q8`)5"!!B0P`0,)A#(P MA`$?L#&`''-`&H$2"Y'!T[S-"#`0.T MP$#-'FRP@0@;--R&"`B:R0A@`B3X@D3!U88H*L?,V0PA`\@4RUP/&-!@F`1=F,P$11$< M40)3"9B%5EJ,=`N`0P)HH$`2?HS`!D!M_,`#N_\R8+$%`G38844'Y2%TY)&=%70TO,:U?S#'Q#$28(#$$'48(((`Q&S1$0-U M1OW(G1$HH8(3'?@!@Q\O5,#&&IA"8D4>,"3X0";E*>`%!@PY*L=PC^7A`P9, MD&#`'`=0X,0(#,C11G)[0^*'J1OTP`,))6#P0;M6R,`)"L"M8PQ@#B^(G1.> M<`B>R*$+!;`"#/)`K"V@H!$7&(()#*([&?RA?B^S0[L2D)L3F/"$IVJ"``K,7 M/_2@!2JHP`C>]K8_L*!J+>A!R`Y!JB\"JP`]0`$;ZA"""K1A!"88P@%2X$%D M$*T`+9A#!A!@*Q#,('X)Z,`-'V&2H9@LW$DTG,,$\:W`4`'SC!!P!0AW4`8`A> M_QC('5`0#PP@")=W$`-0,@""57AQ%`]0`1(>@`1Z_*`.*F@!!X8`@!U\U!@U M()I8D#"[2M+ADG/8@D#:,PDS1"`$.NB"VBZ0`3;,\P$K@%T>F#-1%61@!2IQ M0II\,(<$P/$$2?C!\VCE(*@F8`@.:(`&0+"Q0AG/&'1(@!>80`=8R.`'1\#` MQ[IELCM$@`(*.$%K1J`$.>A@`DU`!@JPD(GQ;2$#'V!``^J@@!#8H3F/*<$( M<-'6".RL!S+H`3&N=59^>O:SH.4,"1*TOC6`3!5M#A`7U0`A@,*V1J\T$&2EH'*_A!"0\`RO\%<&D,C:#@`KVU`@=` M81`ZK&$"Q6S/$`BD!#98L`84P(*X:N"!<,!.)SN(0/Q`D(#RZ.`#M[H`+BBP M!05PP[AHC% MC`5),`P)'``".[`S"6W`#@R2$60OY,0*)BED"'*RU5@')$A``@0XPMM0?.-F.SNTK+-##>X@8EI]D0X^ M5=`?&$A'1C/W;8#&9\@25#MLZ6*T)AFSD>/)[.64H`38,L@,!L6Z@>"Y.5;` M;W(D>&9`8\H.?S`,DK`UK`4]@50^QE,)%)V=Y&2.#K]EKOTBD&L[?9%43&GW MK?G8UH?S(TL#9I*Y69YGN_SE,(^YS&=.\YK;_.8XS[G. M=\[S_Y[[_.=`#[K0=1%OY>3KZ'O4CYU`=MH9)WT9+4^QT:$^BD[32MQ/S%?5 MLVYOJ6O]M+2ZT]%G7'0F&0Q/N6`YF:N(=6;$.^GX=/K:OUAV@W\=[-5@N\C; M+O6O[./M5.2[@MIH]:>'["MD!UE.S-!6DQ3FZ,DQC)'[Z`@22+".(3,>/T!H M#"._%.T03Y!+B\Q4A^.=5'<@`:F>1WE=-,>N1$Y=V24.L">8/NKFIJSJ#4+N M?1AJV3MJ][7#S1PGGQ@:7"1\[9K\YQS"CD?&[;TS5.]Q(#.'F8VW^#.<5X.* MI_[$";+#';+7G,RE_FUCQD:\.\X#S2F%5J'_PV/Q7NZ]V?_AQ%8`)YZ8:G1, M[6#^EF<_F2-"B`!(!CD=%7R0#!E`'//!^7U0``O`!)7`',U`#5F8,14)E13(JCP%A M&]`"+R!%.A$!OM9Z`I,EQT)'%&%Y,T`!+2!!^_9NPK='12("EW!\5^<',N`` M2%`'`W`!")`3M'=R"```25!`NM`#7%@DR,`!&:"%`A!!?(%\?E``)N""#B<# M20``!:!#[1(-=M`$(:`$20`#S10!",`"!B``2N`!$:`!`#`!'<<$0"AWSJ`3 M#@@SH7<$%```C52&24`#?]-DF(?_)S709/)W?#O2`M:B@G]0`P20``DR`!R@@<=@!R,P`'3T`]ZX M(3W@`RG@@^C8`DIF.H=`<3,0;J.0$W:@!!_0BWX@``D#=;MH!PB@`!T@?>?V M@>_$`@5P`%="P2C!P M`1CP-V_#`PS0!C/@!P,P`C/8#'?@`(G#`(+"`QUP``:P`BC``$A@!27@!0ES M"'>P`G40_S;7L#Y ME4,<4`$],"C\@P47P`,R4`?.*$V:8P(GT"_;=@$-`'$TT`;M!P!S1)1'(DT9 M20$,^`XA@0,\%@38%K1,`,)H/\7(N0'('`" M(M`$/B4"22!^72`"YT4',Q-[U)`'3"`#;0D#*S``)_:2CT$"!R``>5`#$T`O M,R8"+(`+(3`!6T4I#B".RH$"6]`!-V4`,2F8T0@`O^4'#4"=)9```P!Q24"! M!_$P('AMGB@T*)``+]"1SD,!!+`%(B!;"&``DW4',F`"!E``$2`#2J`$38`" M2>`!5T@O%[%C3&4')6`"'!`")0`"P:`"`!2G@6Q20.!1G!8;X`E90`R!@`J\*F71@`EC0!*2" M`EUB87[0!`ER!R/@`!R`LJQC(!&@D1_0,@S:)26`K,7J`!W@@)1)!],*A`D0 MEHK8#W.P`6=D_P`U8`=XL*29NA16\`*G2G$<\``Z,$>'$0%=<`!F<&U>E@<- M\`&E)@)T<*0<^0("T`%HBX$P4`,-\*4C$"J'L`8>X%,((`-6X``]D`("L*;) M*6``K M,`$'T"X'``!V=0`M$&9,\`R`#'R``).`!`W"96Y!K7P0#+)`!/:!>2*`$+:`#N*8YP41.)5``0T`! M'J`##I"4+0`"O?1G;$4"E0"I';`%/K0"-'#_J1+P:@\``O)B86=Y`2E@D71` M`PR0.9C:`P?PGLYC$J=\4B-P19F3`@((8`44P`8,B@5-N@4"\`*S M$0$$8!P&/0$;X`4O``,T\`%@@04,L`(ZL*8(@)9TX`$F@QRFV06(H94@8&RN MF@`=)08A\"'R]2[OE@$\B`!-D`0Z4`!/\`%U\`,8D(P@,`1+FP`T@`(OX/_9 M(0".H68'/A#/+(`$47P`.G,"*W`0-%!O3(`7$<`$$G!(-6),?%$`6_#!%*!! M:Y``&C"P`K`"E"$H3&!7/S$!28"D-<`#@;P!'P!=W@UB0P`"L8,!2>4%\K4% M'44!#S`##7"\4)-ZR3T!+_`#(#8W.M")#_#'5E!.H/H`,F`*O-4#7H``&^#5 M&%".``"3//"Z=S``#TL"B659_0L#((`9(3,!7B"\#P``O38$(C!^A5+/U-D( M+J5#.C``&]`&Z+`&$B`"=G`$7)("DS"N+0`#2E`!\,9XP82['"`!#F`&]+H! M6R"J-9)O=^0`*2`5),!`;14>)'`$">``)%`#=9/_`D@``)Q.-B-\)%KH!S]` M`P:``N\@88J;!$A`98?0MMXRJ6SPHP;`ES.P!2S@!Q<@`27``Q^0BQDPHW<0 M[#EQ`@U@!2O0!?^=R@\[`@+Q`P?=""#@!3(P@$I@Z@]@'`O"(V)<`P*`!;4; M9S6``"J`.1I0`3S3ZL5)CT9S&"MP`@.0:Q?P`#40`EC``>W7!0(``@\"84:" M`9;29/5BZ0A=`D-@HBP@!QM01AIPA^RDRA1G4$S0`%C@`"90S`+,@00P:'QD M!P8%0%;P``PFDUB`L184`FR@`2.``49M`,NJ`VNP\0[8!;';`2<0`B&P!4W6 M`Q+00B/0%?Y$`/]H!3[@_X(LS@0.<`(7:P4:0$]VT`!SP`,IT.1H!@,?\#]6 M<-03P`8]``,&4`%FT+Y)0'$#0`-W0#<;6@)L0+8TX`43,`$I$!QMN0)>,"YT M]P==T``P($CQ3@,S2D=WT`$8T'T$H`,R(`!M4`-KP"4>P`$S$@N&DMM,FVM4 MJ0,>8`(CD,AS\,$IH`**Z@,``''<\`);T/7"Y0$-@``=>6*A8A7CW1C(00T`4CX^=T(-O!A`$C<`1(D.LQ.D7`"$]"3`*`SL4/!=@`(!RUT=`!8*0T)/$QY?GAW&$E^(!(( M)"M.)D*/SA\.[(07H M)&CP8T*"(W9,>%DA8,L,.C]^(*BP`0F%'E9(D+C3`8,(.@T>((A`X`.=`1G\ M9%!2XL@)#3-62!`Q@X&7C#UF^*`1`02&"R5VW(*18`#_C"89*WBX@^`$"SL` M/MP9X,,.PQ\%3FQ8R\",A`$E+FP)`8.&V@$#?MR198`##!)__N19@81#C1(G M1O2H$,)."PEVZ!2HT8!-C1D?"/A)XN6.MP(20-PQ0`/%!0P1"GAA0,?$ISL: M&=1(X@2%E1$85M1X0,M/#Q0895SH(B*"'SI^9+#14"+)%AE6)%"H`>-.OCH, M>JQ(8,+/`ZPA=*"(<.0(B1UT[/`XP>`6'28D#&`H@?+("SEFU$!`6R@@$0(/ M%]0QPP`/H'`$%@,T804*-=CRW`8=\("!`'9$0$@$#"0`'18"##:$!Q&`I4T& M=,AB`@P2&"`VH=(((?DQP_T`$(;"Q4P6%`"4@84,,%)T0@`@8.''$+ M"7Z0\(`/);3@!07.?7!!>QF$\,,?D5CAPY^9$;)!%QK`0,`!@B6!Q1$45-!$ M"P,8<<(%,IC# MP`\=Z$#!$2ML<8``)JRY!0&=,1N!:6YMH80`2%U`PQHM&`"*%R;@40$%/#S0 M!@(,(+%!$GA%\,$)`"SG@158R'M""RE$P,,''Y20SI$@L&$`#Q,@T<,(*IB0 M1P-#7&``"R6L@(4&20#`WP<`0'<'!WN)<$`/9KR`P087$,!=!@9`1X8##``R(@#RRTH``O.$$#>E"`+:3@=BW@!6[HX`!5\"`# M&>A`!+SP.@#0X'$T0(`&Y)"$(Q@`(B78`.\$(#0'L($&24B``&10`RL\YP`^ M>$$-,/"!%(1@"^!)``XU<((5@(`!_^`B0`77=`(.\(""G4)"'1#0H0FP805Y MH$/+-@"=/Q2@!3PP@P9>8@<4L(`#*]@!$YA@!19@8`=6N`,*Q/"DYZ"`E#S0 MP!'HP$,ZP``$,DB4\'XI@AIX2`,9@<$/&%B"",#`"CW@``)*P`0$K`$EI[!# M8HRC@8"A8`U>"T$$>-2L#1R!!YZ:PAUF($PFB+(#*S#-#$:`C@U@AR)^C(`& M.M"#;D0``6)`06;,()GA-4&4*V@"%BZ@`84>1@8AD($,-M"$.[SD#BDXB!UF M<(%CC"TQ):`.#U;0G":,@`>960$'#F(%.Q1`#`APIAE$L(((R*0%/A"#(`F! MAP*$8)OLXO\`N`A!SP+0DXD;+4$)>"""5I`@`C)`9@].D8[GE,!C<5P!=+X' MGU\=`*"! MP`(C!D+%%J##C@S!*"(X_=>\`.*W,([V>B//4BP`=#6((=^.`)>K=#=^%C3 M.")H0@E2T+5@OE,,!TF!;U):S1]H@`=Y@$$!.O!-8PZW">Y$(2'_Z+!<.]P6 M?SQ0HYMZ&@$4B&`--:A!EC90@SOT0`37_&5F4H``=U@A!`[(ASZN5DIB#!,? M]K`8=*R@`00,P`#7/:%SZ!!*WUH!2_B`3B..%]G,W,&/9O"M=^3!`Q[,F`FX MR24/!IR/.4T6A7:(L(>V6--[&+,=\3$#=)[SA!NS2QYW2!2/Z9!+=^3A9E*" M@8KQ@9MULF$#\IA)DN_@3#+CXGQT6!L(UF`'.AW)&Y/UK63M(:4!VX$)?[## MC>WL!RN@R0%LQDT):J!H&,"@0]X)\X"M>6DR>SD^H&:BJ$MY/`\QD01^O,\] MMN@W#Y7YTO9QSA^@0P)[PJ=.?DPR_"*0_X=)@L#43/1"AXB,QWZV%4[F.%]WDEU\"Z- M&\FBL`;/4?,3[''N6P#\WV2><68B\`QRAQ_D(4N8WBRT,,!#+?HHX"8T0`.J<30%4.2AKFZ@NO<(WBUV`(,+ M7,`#,$T'HNMT/.O:YPF..]XM9JWT>^S['L?;XCA7_?4G[+OJ^,"''Y^#=AZG M/7AVV('6N0QJ^__@H:OIV'(Z)F*?1./]%C(P`!OHEG0_V$)*6_>&%2CP@9M( MZ4AOE[?4K7C:=W/8PO>./7NN!IX`$YB@_W77S\V.GU=)K3^^\S_C=WR<9V:.?!;;Q=H M]T`ZUP5H?]`##T`!U41,(H`;%#ASYU-;8P<=4Q"`(%B")GB"*)B"*KC_@BS8 M@BY8@DEW=UJW@O;!!#7P@CBH8_!S;AR'@S[X@T`8A'/B#4'X@EZG%>97A$8H M9DK8A$[XA%`8A'2&>3<#@^E6@HCQ'LH4A5S8A5[H=8CA@G%W5:P7A6PG$TIS8 M#JJ7A)^8BDVH+ZBG@HV6=FV8>V>'@YA'!T]0=5GW>2R(:"CH9%:0&&%X@KC' M?#,(@[F7?Y!G709FBT=R&-(W$W/'@M=U>X[8_X7!(XFJF(V?>(T(J(W>^(W@ M^(/V$68^5H?>0&BUV?8"(B)T0[]YF)XCZY=`O' M9DS7Q43\%XX$69`&>9`(F9"4&&WVT%=V(`,=,`(:=0M3%HPHZ"DLT&%^.!@( MT`$@,`,]`#P;N4\3\`++6(T@V`0A("CWQH@?HP)R(`$_0$NH$$:@(`!LH``ZH`0HX04M MP`%8`&,=(``\*91^^?^7@!F8@NF$[N``&0`*%`1Q>TEI+?``R&A[H\@`"F`` MXP29)'`$"<`&'"`\1W``E`EV?^8.!""6*(1ZCL@$(^``$U`!3L``XE02%-`. M*W`!(_``"E`/)N`$`L`$-#`$TD`#`_!U@SF-J4` M/M`$'N`$9I$!-/`<%*`"Z(!"*'F<&KJA'-JA7^@`A&`!6*)?#F6-`]0`!G@F&O` M.SV`!`K0`G<@`'NR!2!@!RPP!UU0=%NW9`3@)'0PH&`$2?JH&7)@`.PA`4XP M!`G0+.2E`/4!FA[:IF[ZIG!*@Q\P!SV0;]:A`$YP`">A`$B`#PF``2G``0J0 MHR>`!20P`$I``I*I+C7T=B6P!6*Y=>UP!VLP!`1@!0"@``5@`')P`3PAE@]Q M`")0`0`0"TD``N^(&%DB`9YJ!PG@!!30`DY@`#]F!BWP+4SP0">`EAX04PJ0 M`%@6I\(ZK,3:H7[@!7,`/#RP'CRA`BIP%BHJ#W,0_QP=P*`<`*$P!0-Y()E( MX`0`<`0@%W82H```$!/45ZV7FJD:D*D"``,M()8K\*L"\`$,$$KG(VOC%`&O MD@]VT`6PN@%RL$0\\`)8T`.FP3`.8`)RH`*U$*\G`'$96JP2.[$4:Y!;.@>^ ML2:@LA8J$'U\>FE(`*B"R@!E(01:4=%EDO(!ZX@Q9. MT`,@2@`PD*F[P@88L$T9\0,,8`)F@!CV80(9,`$-8`)6\`%.,`$((`<`0!82 MT`D"0`<"H``-4`)8(`=]%*\9H(D5.[9D6[:JZ`<**P)1YA@;.`$<_"<++8%`,`!%<`!W$.Z MVO-N[OCN'%DBK9G!4']0!2M8!=0!G$;`! M#'`!!:!F$3`!$C`Z/0``=_$"-#!LUN1P*.``3"D"7O8E`T!T.DFO#@``$V`[ M2D`#'!0!)3"^!G8\-6``7N`Y2$`Y!W4!#+`>&O``7B`!LW%I+C8`%"!.7,0& M_V21O[O`#-S`+1A9%/``$.<.*5)I=+!D-3432)9JYD61]F0QE/9_9&8'=^<^ M4S9VPG5"!P]54V'F'-W1",`V5UHW8`(W;11I!98V<]";#VJ&93*`1W7B9PX\ MQ$1W]XBW^(=[9W?I"7=,5XQ50%7LQ?#C A`2,@@49