<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML xmlns="http://www.w3.org/TR/REC-html40" xmlns:v =
"urn:schemas-microsoft-com:vml" xmlns:o =
"urn:schemas-microsoft-com:office:office" xmlns:w =
"urn:schemas-microsoft-com:office:word"><HEAD>
<META http-equiv=Content-Type content="text/html; charset=iso-8859-1">
<META content="MSHTML 6.00.2745.2800" name=GENERATOR><!--[if !mso]>
<STYLE>v\:* {
BEHAVIOR: url(#default#VML)
}
o\:* {
BEHAVIOR: url(#default#VML)
}
w\:* {
BEHAVIOR: url(#default#VML)
}
.shape {
BEHAVIOR: url(#default#VML)
}
</STYLE>
<![endif]-->
<STYLE>
<!--
/* Font Definitions */
@font-face
{font-family:Helvetica;
panose-1:2 11 6 4 2 2 2 2 2 4;}
@font-face
{font-family:Wingdings;
panose-1:5 0 0 0 0 0 0 0 0 0;}
@font-face
{font-family:SimSun;
panose-1:2 1 6 0 3 1 1 1 1 1;}
@font-face
{font-family:Times;
panose-1:2 2 6 3 5 4 5 2 3 4;}
@font-face
{font-family:Tahoma;
panose-1:2 11 6 4 3 5 4 4 2 4;}
@font-face
{font-family:Palatino;
panose-1:0 0 0 0 0 0 0 0 0 0;}
@font-face
{font-family:Verdana;
panose-1:2 11 6 4 3 5 4 4 2 4;}
@font-face
{font-family:"\@SimSun";
panose-1:2 1 6 0 3 1 1 1 1 1;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0cm;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:"Times New Roman";}
h1
{margin-top:45.0pt;
margin-right:0cm;
margin-bottom:30.0pt;
margin-left:0cm;
text-align:center;
page-break-after:avoid;
font-size:12.0pt;
font-family:"Times New Roman";
color:blue;
font-weight:bold;}
h2
{margin-top:18.0pt;
margin-right:0cm;
margin-bottom:6.0pt;
margin-left:0cm;
page-break-after:avoid;
font-size:12.0pt;
font-family:"Times New Roman";
color:#993366;
font-weight:bold;}
h3
{margin-top:15.0pt;
margin-right:0cm;
margin-bottom:11.25pt;
margin-left:0cm;
page-break-after:avoid;
font-size:12.0pt;
font-family:"Times New Roman";
color:red;
font-weight:bold;
font-style:italic;}
h4
{margin-top:18.0pt;
margin-right:0cm;
margin-bottom:3.0pt;
margin-left:1.0cm;
page-break-after:avoid;
font-size:12.0pt;
font-family:Helvetica;
color:fuchsia;
font-weight:bold;}
h5
{margin-top:6.75pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:30.0pt;
margin-bottom:.0001pt;
page-break-after:avoid;
font-size:12.0pt;
font-family:"Times New Roman";
font-weight:normal;
font-style:italic;}
h6
{margin-top:12.0pt;
margin-right:0cm;
margin-bottom:3.0pt;
margin-left:0cm;
text-indent:21.6pt;
line-height:120%;
font-size:12.0pt;
font-family:Times;
font-weight:normal;
font-style:italic;}
p.MsoHeading7, li.MsoHeading7, div.MsoHeading7
{margin:0cm;
margin-bottom:.0001pt;
text-align:center;
text-indent:2.85pt;
page-break-after:avoid;
font-size:12.0pt;
font-family:"Times New Roman";
font-weight:bold;}
p.MsoToc1, li.MsoToc1, div.MsoToc1
{margin-top:4.5pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:60.0pt;
margin-bottom:.0001pt;
text-indent:-22.5pt;
font-size:12.0pt;
font-family:"Times New Roman";
color:green;}
p.MsoToc2, li.MsoToc2, div.MsoToc2
{margin-top:0cm;
margin-right:0cm;
margin-bottom:0cm;
margin-left:14.2pt;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:"Times New Roman";}
p.MsoToc3, li.MsoToc3, div.MsoToc3
{margin-top:0cm;
margin-right:0cm;
margin-bottom:0cm;
margin-left:24.1pt;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:"Times New Roman";}
p.MsoFootnoteText, li.MsoFootnoteText, div.MsoFootnoteText
{margin-top:0cm;
margin-right:0cm;
margin-bottom:3.75pt;
margin-left:0cm;
font-size:10.0pt;
font-family:"Times New Roman";}
p.MsoCommentText, li.MsoCommentText, div.MsoCommentText
{margin-top:3.6pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-indent:21.6pt;
line-height:120%;
font-size:11.0pt;
font-family:"Times New Roman";}
p.MsoHeader, li.MsoHeader, div.MsoHeader
{margin-top:3.6pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-align:center;
text-indent:21.6pt;
line-height:120%;
font-size:9.0pt;
font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{margin-top:3.75pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-align:center;
line-height:110%;
font-size:10.0pt;
font-family:"Times New Roman";
font-style:italic;}
p.MsoCaption, li.MsoCaption, div.MsoCaption
{margin-top:12.0pt;
margin-right:0cm;
margin-bottom:12.0pt;
margin-left:0cm;
text-align:center;
page-break-after:avoid;
font-size:12.0pt;
font-family:"Times New Roman";
font-weight:bold;}
p.MsoEnvelopeAddress, li.MsoEnvelopeAddress, div.MsoEnvelopeAddress
{margin-top:3.6pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:144.0pt;
margin-bottom:.0001pt;
text-indent:21.6pt;
line-height:120%;
mso-element:frame;
font-size:11.0pt;
font-family:"Times New Roman";}
span.MsoFootnoteReference
{vertical-align:super;}
span.MsoEndnoteReference
{vertical-align:super;}
p.MsoEndnoteText, li.MsoEndnoteText, div.MsoEndnoteText
{margin-top:3.6pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-indent:21.6pt;
line-height:120%;
font-size:12.0pt;
font-family:"Times New Roman";}
p.MsoTitle, li.MsoTitle, div.MsoTitle
{margin-top:12.0pt;
margin-right:0cm;
margin-bottom:3.0pt;
margin-left:0cm;
text-align:center;
font-size:16.0pt;
font-family:"Times New Roman";
color:blue;
font-weight:bold;}
p.MsoBodyText, li.MsoBodyText, div.MsoBodyText
{margin-top:0cm;
margin-right:0cm;
margin-bottom:6.0pt;
margin-left:0cm;
text-indent:1.0cm;
line-height:120%;
font-size:12.0pt;
font-family:Times;}
p.MsoBodyTextIndent, li.MsoBodyTextIndent, div.MsoBodyTextIndent
{margin:0cm;
margin-bottom:.0001pt;
text-indent:4.25pt;
font-size:12.0pt;
font-family:"Times New Roman";}
p.MsoSalutation, li.MsoSalutation, div.MsoSalutation
{margin-top:18.0pt;
margin-right:0cm;
margin-bottom:6.0pt;
margin-left:0cm;
font-size:12.0pt;
font-family:"Times New Roman";}
p.MsoDate, li.MsoDate, div.MsoDate
{margin-top:108.0pt;
margin-right:0cm;
margin-bottom:12.0pt;
margin-left:0cm;
text-align:right;
text-indent:21.55pt;
line-height:120%;
font-size:12.0pt;
font-family:"Times New Roman";}
p.MsoBodyText2, li.MsoBodyText2, div.MsoBodyText2
{margin-top:0cm;
margin-right:0cm;
margin-bottom:13.5pt;
margin-left:0cm;
line-height:120%;
font-size:12.0pt;
font-family:"Times New Roman";
font-weight:bold;}
p.MsoBodyTextIndent2, li.MsoBodyTextIndent2, div.MsoBodyTextIndent2
{margin:0cm;
margin-bottom:.0001pt;
text-indent:4.25pt;
font-size:12.0pt;
font-family:"Times New Roman";}
p.MsoBlockText, li.MsoBlockText, div.MsoBlockText
{margin-top:0cm;
margin-right:72.0pt;
margin-bottom:6.0pt;
margin-left:72.0pt;
font-size:12.0pt;
font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{color:blue;
text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
{color:blue;
text-decoration:underline;}
p.MsoPlainText, li.MsoPlainText, div.MsoPlainText
{margin:0cm;
margin-bottom:.0001pt;
font-size:10.0pt;
font-family:"Courier New";}
p
{mso-margin-top-alt:auto;
margin-right:0cm;
mso-margin-bottom-alt:auto;
margin-left:0cm;
font-size:12.0pt;
font-family:"Times New Roman";}
p.MsoAcetate, li.MsoAcetate, div.MsoAcetate
{margin:0cm;
margin-bottom:.0001pt;
font-size:8.0pt;
font-family:Tahoma;}
span.CharChar
{color:red;
font-weight:bold;
font-style:italic;}
p.Firstpara, li.Firstpara, div.Firstpara
{margin-top:6.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
line-height:110%;
font-size:12.0pt;
font-family:"Times New Roman";}
p.Address, li.Address, div.Address
{margin:0cm;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:"Times New Roman";}
p.BaseBullet, li.BaseBullet, div.BaseBullet
{margin-top:0cm;
margin-right:0cm;
margin-bottom:0cm;
margin-left:16.2pt;
margin-bottom:.0001pt;
text-indent:0cm;
mso-list:l0 level1 lfo1;
font-size:11.0pt;
font-family:"Times New Roman";}
p.BD, li.BD, div.BD
{margin-top:4.5pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-autospace:none;
font-size:12.0pt;
font-family:"Times New Roman";
font-weight:bold;}
p.Bodytext, li.Bodytext, div.Bodytext
{margin-top:6.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-indent:14.2pt;
line-height:110%;
font-size:12.0pt;
font-family:"Times New Roman";}
p.BodytextChar, li.BodytextChar, div.BodytextChar
{margin-top:6.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-indent:14.2pt;
line-height:110%;
font-size:12.0pt;
font-family:"Times New Roman";}
span.BodytextCharChar
{font-family:SimSun;}
p.StyleLeft8pxRight-14pxBefore12pxAfter8px, li.StyleLeft8pxRight-14pxBefore12pxAfter8px, div.StyleLeft8pxRight-14pxBefore12pxAfter8px
{margin-top:4.5pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-indent:18.0pt;
text-autospace:none;
font-size:12.0pt;
font-family:"Times New Roman";}
p.BT, li.BT, div.BT
{margin-top:2.25pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-indent:18.0pt;
text-autospace:none;
font-size:12.0pt;
font-family:"Times New Roman";}
p.BX, li.BX, div.BX
{margin:0cm;
margin-bottom:.0001pt;
text-align:center;
text-indent:5.65pt;
line-height:110%;
border:none;
padding:0cm;
font-size:12.0pt;
font-family:"Times New Roman";}
p.C1, li.C1, div.C1
{margin-top:0cm;
margin-right:326.05pt;
margin-bottom:0cm;
margin-left:1.0cm;
margin-bottom:.0001pt;
page-break-after:avoid;
font-size:12.0pt;
font-family:Palatino;}
p.C2, li.C2, div.C2
{margin-top:0cm;
margin-right:0cm;
margin-bottom:0cm;
margin-left:6.0cm;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:Palatino;}
p.C3, li.C3, div.C3
{margin-top:0cm;
margin-right:6.0cm;
margin-bottom:0cm;
margin-left:7.0cm;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:Palatino;}
p.C4, li.C4, div.C4
{margin-top:0cm;
margin-right:0cm;
margin-bottom:0cm;
margin-left:13.0cm;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:Palatino;}
p.Cell, li.Cell, div.Cell
{margin-top:0cm;
margin-right:.55pt;
margin-bottom:0cm;
margin-left:.55pt;
margin-bottom:.0001pt;
line-height:110%;
page-break-after:avoid;
font-size:10.0pt;
font-family:"Times New Roman";}
p.Chapterheading, li.Chapterheading, div.Chapterheading
{margin-top:24.0pt;
margin-right:0cm;
margin-bottom:12.0pt;
margin-left:0cm;
text-align:center;
line-height:24.0pt;
font-size:14.0pt;
font-family:"Times New Roman";
color:maroon;
text-transform:uppercase;
font-weight:bold;}
span.data1
{font-family:Verdana;
color:black;
font-weight:normal;}
p.DavidLegge, li.DavidLegge, div.DavidLegge
{margin-top:12.0pt;
margin-right:0cm;
margin-bottom:12.0pt;
margin-left:0cm;
text-align:right;
line-height:110%;
font-size:12.0pt;
font-family:"Times New Roman";}
p.DepartmentalHeading2, li.DepartmentalHeading2, div.DepartmentalHeading2
{margin-top:18.0pt;
margin-right:0cm;
margin-bottom:12.0pt;
margin-left:0cm;
page-break-after:avoid;
font-size:12.0pt;
font-family:"Times New Roman";
color:#993366;
font-weight:bold;
font-style:italic;}
p.Factorheading, li.Factorheading, div.Factorheading
{margin-top:6.0pt;
margin-right:0cm;
margin-bottom:6.0pt;
margin-left:0cm;
page-break-after:avoid;
punctuation-wrap:simple;
text-autospace:none;
font-size:12.0pt;
font-family:"Times New Roman";
font-weight:bold;}
p.Firstfooter, li.Firstfooter, div.Firstfooter
{margin-top:3.75pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-align:right;
line-height:110%;
font-size:10.0pt;
font-family:"Times New Roman";
text-transform:uppercase;
font-style:italic;}
p.FirstPara0, li.FirstPara0, div.FirstPara0
{margin-top:4.5pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
font-size:11.0pt;
font-family:"Times New Roman";}
p.Footnoteendnote, li.Footnoteendnote, div.Footnoteendnote
{margin-top:4.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
line-height:110%;
font-size:10.0pt;
font-family:"Times New Roman";}
p.H1, li.H1, div.H1
{margin-top:36.0pt;
margin-right:0cm;
margin-bottom:24.0pt;
margin-left:0cm;
text-align:center;
font-size:16.0pt;
font-family:Palatino;
text-transform:uppercase;
font-weight:bold;}
p.indentedindentedlist, li.indentedindentedlist, div.indentedindentedlist
{margin-top:3.6pt;
margin-right:36.0pt;
margin-bottom:0cm;
margin-left:120.5pt;
margin-bottom:.0001pt;
text-indent:-21.25pt;
line-height:12.0pt;
font-size:12.0pt;
font-family:"Times New Roman";}
p.Indentedlist, li.Indentedlist, div.Indentedlist
{margin-top:3.0pt;
margin-right:18.0pt;
margin-bottom:0cm;
margin-left:18.0pt;
margin-bottom:.0001pt;
text-indent:-18.0pt;
line-height:110%;
mso-list:l7 level1 lfo4;
font-size:12.0pt;
font-family:"Times New Roman";}
p.IndentedPara, li.IndentedPara, div.IndentedPara
{margin-top:11.25pt;
margin-right:28.5pt;
margin-bottom:7.5pt;
margin-left:42.75pt;
text-align:justify;
text-justify:inter-ideograph;
line-height:120%;
font-size:12.0pt;
font-family:"Times New Roman";
font-style:italic;}
p.Indentedparagraph, li.Indentedparagraph, div.Indentedparagraph
{margin-top:6.0pt;
margin-right:28.5pt;
margin-bottom:0cm;
margin-left:28.5pt;
margin-bottom:.0001pt;
text-indent:11.25pt;
line-height:110%;
font-size:12.0pt;
font-family:"Times New Roman";
font-style:italic;}
p.Leftcol, li.Leftcol, div.Leftcol
{margin-top:2.4pt;
margin-right:11.0cm;
margin-bottom:12.0pt;
margin-left:0cm;
line-height:12.0pt;
font-size:12.0pt;
font-family:Palatino;}
p.Levelfourheading, li.Levelfourheading, div.Levelfourheading
{margin-top:12.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
line-height:12.0pt;
page-break-after:avoid;
font-size:10.0pt;
font-family:Palatino;
font-variant:small-caps;}
p.notsxs, li.notsxs, div.notsxs
{margin-top:12.0pt;
margin-right:5.0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-align:justify;
text-justify:inter-ideograph;
line-height:18.0pt;
font-size:12.0pt;
font-family:Palatino;}
p.Numberedlist, li.Numberedlist, div.Numberedlist
{margin-top:3.0pt;
margin-right:18.0pt;
margin-bottom:0cm;
margin-left:18.0pt;
margin-bottom:.0001pt;
text-indent:-18.0pt;
line-height:110%;
mso-list:l2 level1 lfo5;
font-size:12.0pt;
font-family:"Times New Roman";}
p.RedFP, li.RedFP, div.RedFP
{margin-top:6.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
line-height:110%;
font-size:12.0pt;
font-family:"Times New Roman";
color:red;
font-weight:bold;}
span.Referencesuperscript
{font-family:Palatino;
position:relative;
top:-3.0pt;
mso-text-raise:3.0pt;}
span.Referencesuperscript1
{font-family:Palatino;
position:relative;
top:-3.0pt;
mso-text-raise:3.0pt;}
p.Rightcol, li.Rightcol, div.Rightcol
{margin-top:2.4pt;
margin-right:0cm;
margin-bottom:12.0pt;
margin-left:144.0pt;
line-height:12.0pt;
font-size:12.0pt;
font-family:Palatino;}
p.Sectionheading, li.Sectionheading, div.Sectionheading
{margin-top:36.0pt;
margin-right:0cm;
margin-bottom:12.0pt;
margin-left:0cm;
text-align:center;
line-height:12.0pt;
page-break-after:avoid;
font-size:12.0pt;
font-family:Palatino;
font-weight:bold;}
p.StyleBodyText11pt, li.StyleBodyText11pt, div.StyleBodyText11pt
{margin-top:3.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
font-size:11.0pt;
font-family:Times;
color:black;}
p.StyleHeading1, li.StyleHeading1, div.StyleHeading1
{margin:0cm;
margin-bottom:.0001pt;
text-align:center;
page-break-after:avoid;
font-size:12.0pt;
font-family:"Times New Roman";
color:blue;}
p.StyleHeading1Before18pxAfter12px, li.StyleHeading1Before18pxAfter12px, div.StyleHeading1Before18pxAfter12px
{margin-top:13.5pt;
margin-right:0cm;
margin-bottom:9.0pt;
margin-left:0cm;
page-break-after:avoid;
font-size:12.0pt;
font-family:"Times New Roman";
font-weight:bold;}
p.StyleHeading514ptNotBold, li.StyleHeading514ptNotBold, div.StyleHeading514ptNotBold
{margin-top:9.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
page-break-after:avoid;
font-size:14.0pt;
font-family:"Times New Roman";
font-style:italic;}
p.StyleindentedlistTimesNewRoman11pt, li.StyleindentedlistTimesNewRoman11pt, div.StyleindentedlistTimesNewRoman11pt
{margin-top:3.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
font-size:11.0pt;
font-family:"Times New Roman";}
p.StyleLeft12pxRight12pxBefore4pxAfter4px, li.StyleLeft12pxRight12pxBefore4pxAfter4px, div.StyleLeft12pxRight12pxBefore4pxAfter4px
{margin-top:3.75pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-indent:18.0pt;
text-autospace:none;
font-size:12.0pt;
font-family:"Times New Roman";}
p.Style1, li.Style1, div.Style1
{margin-top:3.0pt;
margin-right:18.0pt;
margin-bottom:0cm;
margin-left:54.0pt;
margin-bottom:.0001pt;
text-indent:-18.0pt;
line-height:110%;
mso-list:l3 level1 lfo8;
font-size:12.0pt;
font-family:"Times New Roman";}
p.Sub-sectionheading, li.Sub-sectionheading, div.Sub-sectionheading
{margin-top:12.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
line-height:12.0pt;
page-break-after:avoid;
font-size:12.0pt;
font-family:Palatino;
font-weight:bold;
font-style:italic;}
p.Table, li.Table, div.Table
{margin-top:2.0pt;
margin-right:2.85pt;
margin-bottom:1.0pt;
margin-left:2.85pt;
line-height:110%;
page-break-after:avoid;
font-size:9.0pt;
font-family:"Times New Roman";}
p.texttomargin, li.texttomargin, div.texttomargin
{margin-top:12.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:2.0cm;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:Palatino;}
span.textdarkgreymedium1
{font-family:Verdana;
color:#333333;
font-style:normal;}
p.vignettes, li.vignettes, div.vignettes
{margin-top:12.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
line-height:14.4pt;
font-size:12.0pt;
font-family:Palatino;}
p.Reference, li.Reference, div.Reference
{margin-top:2.25pt;
margin-right:0cm;
margin-bottom:2.25pt;
margin-left:0cm;
line-height:110%;
font-size:11.0pt;
font-family:"Times New Roman";}
p.StyleCaptionCentered, li.StyleCaptionCentered, div.StyleCaptionCentered
{margin-top:2.25pt;
margin-right:0cm;
margin-bottom:9.0pt;
margin-left:0cm;
text-align:center;
font-size:11.0pt;
font-family:"Times New Roman";}
p.StyleCaption, li.StyleCaption, div.StyleCaption
{margin-top:4.5pt;
margin-right:0cm;
margin-bottom:9.0pt;
margin-left:0cm;
text-align:center;
font-size:11.0pt;
font-family:"Times New Roman";}
p.H2-5, li.H2-5, div.H2-5
{margin-top:13.5pt;
margin-right:0cm;
margin-bottom:9.0pt;
margin-left:60.0pt;
text-indent:-24.0pt;
line-height:12.0pt;
mso-list:l8 level1 lfo9;
font-size:12.0pt;
font-family:"Times New Roman";
font-weight:bold;}
p.H2-6, li.H2-6, div.H2-6
{margin-top:13.5pt;
margin-right:0cm;
margin-bottom:9.0pt;
margin-left:61.5pt;
text-indent:-24.0pt;
line-height:12.0pt;
mso-list:l5 level1 lfo10;
font-size:12.0pt;
font-family:"Times New Roman";
font-weight:bold;}
p.H2, li.H2, div.H2
{margin-top:13.5pt;
margin-right:0cm;
margin-bottom:9.0pt;
margin-left:0cm;
line-height:12.0pt;
font-size:12.0pt;
font-family:"Times New Roman";
font-weight:bold;}
p.H2-4, li.H2-4, div.H2-4
{margin-top:13.5pt;
margin-right:0cm;
margin-bottom:9.0pt;
margin-left:0cm;
line-height:12.0pt;
font-size:12.0pt;
font-family:"Times New Roman";
font-weight:bold;}
p.H3, li.H3, div.H3
{margin-top:9.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
line-height:110%;
font-size:12.0pt;
font-family:"Times New Roman";}
p.H2-2, li.H2-2, div.H2-2
{margin-top:13.5pt;
margin-right:0cm;
margin-bottom:9.0pt;
margin-left:60.0pt;
text-indent:-24.0pt;
line-height:12.0pt;
mso-list:l6 level1 lfo11;
font-size:12.0pt;
font-family:"Times New Roman";
font-weight:bold;}
span.EmailStyle107
{mso-style-type:personal;
font-family:Arial;
color:navy;}
span.EmailStyle108
{mso-style-type:personal-reply;
font-family:Arial;
color:navy;}
@page Section1
{size:612.0pt 792.0pt;
margin:72.0pt 90.0pt 72.0pt 90.0pt;}
div.Section1
{page:Section1;}
/* List Definitions */
@list l0
{mso-list-id:45644461;
mso-list-type:hybrid;
mso-list-template-ids:1554811686 -1090614300 -1 -1 -1 -1 -1 -1 -1 -1;}
@list l0:level1
{mso-level-number-format:bullet;
mso-level-style-link:BaseBullet;
mso-level-text:\F0B7;
mso-level-tab-stop:34.2pt;
mso-level-number-position:left;
margin-left:16.2pt;
text-indent:0cm;
font-family:Symbol;}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:88.2pt;
mso-level-number-position:left;
margin-left:88.2pt;
text-indent:-18.0pt;
font-family:"Courier New";
mso-bidi-font-family:"Times New Roman";}
@list l1
{mso-list-id:447431325;
mso-list-template-ids:-534480446;
mso-list-style-name:"Style Bulleted 11 pt";}
@list l1:level1
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:32.2pt;
mso-level-number-position:left;
margin-left:32.2pt;
text-indent:-18.0pt;
mso-ansi-font-size:11.0pt;
mso-ascii-font-family:Symbol;
mso-hansi-font-family:Symbol;}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:68.2pt;
mso-level-number-position:left;
margin-left:68.2pt;
text-indent:-18.0pt;
font-family:"Courier New";
mso-bidi-font-family:"Times New Roman";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:104.2pt;
mso-level-number-position:left;
margin-left:104.2pt;
text-indent:-18.0pt;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:140.2pt;
mso-level-number-position:left;
margin-left:140.2pt;
text-indent:-18.0pt;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:176.2pt;
mso-level-number-position:left;
margin-left:176.2pt;
text-indent:-18.0pt;
font-family:"Courier New";
mso-bidi-font-family:"Times New Roman";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:212.2pt;
mso-level-number-position:left;
margin-left:212.2pt;
text-indent:-18.0pt;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:248.2pt;
mso-level-number-position:left;
margin-left:248.2pt;
text-indent:-18.0pt;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:284.2pt;
mso-level-number-position:left;
margin-left:284.2pt;
text-indent:-18.0pt;
font-family:"Courier New";
mso-bidi-font-family:"Times New Roman";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:320.2pt;
mso-level-number-position:left;
margin-left:320.2pt;
text-indent:-18.0pt;
font-family:Wingdings;}
@list l2
{mso-list-id:472261232;
mso-list-type:simple;
mso-list-template-ids:1167365034;}
@list l2:level1
{mso-level-style-link:"Numbered list";
mso-level-tab-stop:18.0pt;
mso-level-number-position:left;
margin-left:18.0pt;
text-indent:-18.0pt;}
@list l3
{mso-list-id:722217969;
mso-list-type:simple;
mso-list-template-ids:1407058182;}
@list l3:level1
{mso-level-number-format:bullet;
mso-level-style-link:Style1;
mso-level-text:\F0B7;
mso-level-tab-stop:18.0pt;
mso-level-number-position:left;
margin-left:18.0pt;
text-indent:-18.0pt;
font-family:Symbol;}
@list l4
{mso-list-id:896088080;
mso-list-template-ids:1987758146;
mso-list-style-name:"Style Bulleted";}
@list l4:level1
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:18.0pt;
mso-level-number-position:left;
margin-left:18.0pt;
text-indent:-18.0pt;
mso-ansi-font-size:12.0pt;
mso-ascii-font-family:Symbol;
mso-fareast-font-family:SimSun;
mso-hansi-font-family:Symbol;
mso-font-kerning:1.0pt;}
@list l4:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:72.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
font-family:"Courier New";}
@list l4:level3
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:108.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
font-family:Wingdings;}
@list l4:level4
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:144.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
font-family:Symbol;}
@list l4:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:180.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
font-family:"Courier New";}
@list l4:level6
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:216.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
font-family:Wingdings;}
@list l4:level7
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:252.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
font-family:Symbol;}
@list l4:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:288.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
font-family:"Courier New";}
@list l4:level9
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:324.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
font-family:Wingdings;}
@list l5
{mso-list-id:1145509825;
mso-list-type:hybrid;
mso-list-template-ids:1615482064 -1493771578 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l5:level1
{mso-level-style-link:H2-6;
mso-level-text:"6\.%1";
mso-level-tab-stop:61.5pt;
mso-level-number-position:left;
margin-left:61.5pt;
text-indent:-24.0pt;}
@list l6
{mso-list-id:1585337655;
mso-list-type:hybrid;
mso-list-template-ids:-1231128942 142247954 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l6:level1
{mso-level-style-link:H2-2;
mso-level-text:"2\.%1";
mso-level-tab-stop:60.0pt;
mso-level-number-position:left;
margin-left:60.0pt;
text-indent:-24.0pt;}
@list l7
{mso-list-id:1587303369;
mso-list-type:simple;
mso-list-template-ids:801130772;}
@list l7:level1
{mso-level-number-format:bullet;
mso-level-style-link:"Indented list";
mso-level-text:\F0B7;
mso-level-tab-stop:18.0pt;
mso-level-number-position:left;
margin-left:18.0pt;
text-indent:-18.0pt;
mso-ansi-font-size:10.0pt;
font-family:Symbol;
mso-ansi-language:EN-AU;}
@list l8
{mso-list-id:1857815168;
mso-list-type:hybrid;
mso-list-template-ids:1557979678 482608568 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l8:level1
{mso-level-style-link:H2-5;
mso-level-text:"5\.%1";
mso-level-tab-stop:60.0pt;
mso-level-number-position:left;
margin-left:60.0pt;
text-indent:-24.0pt;}
@list l9
{mso-list-id:2036493469;
mso-list-template-ids:-252179754;
mso-list-style-name:"Bullet 2";}
@list l9:level1
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:18.0pt;
mso-level-number-position:left;
margin-left:54.0pt;
text-indent:-18.0pt;
mso-ansi-font-size:12.0pt;
mso-ascii-font-family:Symbol;
mso-hansi-font-family:Symbol;}
@list l9:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:54.0pt;
mso-level-number-position:left;
margin-left:54.0pt;
text-indent:-18.0pt;
font-family:"Times New Roman";}
@list l9:level3
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:90.0pt;
mso-level-number-position:left;
margin-left:90.0pt;
text-indent:-18.0pt;
font-family:Wingdings;}
@list l9:level4
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:126.0pt;
mso-level-number-position:left;
margin-left:126.0pt;
text-indent:-18.0pt;
font-family:Symbol;}
@list l9:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:162.0pt;
mso-level-number-position:left;
margin-left:162.0pt;
text-indent:-18.0pt;
font-family:"Courier New";
mso-bidi-font-family:"Times New Roman";}
@list l9:level6
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:198.0pt;
mso-level-number-position:left;
margin-left:198.0pt;
text-indent:-18.0pt;
font-family:Wingdings;}
@list l9:level7
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:234.0pt;
mso-level-number-position:left;
margin-left:234.0pt;
text-indent:-18.0pt;
font-family:Symbol;}
@list l9:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:270.0pt;
mso-level-number-position:left;
margin-left:270.0pt;
text-indent:-18.0pt;
font-family:"Courier New";
mso-bidi-font-family:"Times New Roman";}
@list l9:level9
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:306.0pt;
mso-level-number-position:left;
margin-left:306.0pt;
text-indent:-18.0pt;
font-family:Wingdings;}
ol
{margin-bottom:0cm;}
ul
{margin-bottom:0cm;}
-->
</STYLE>
<!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]--></HEAD>
<BODY lang=EN-US vLink=blue link=blue bgColor=white>
<DIV><B>From:</B> <A title=D.Legge@latrobe.edu.au
href="mailto:D.Legge@latrobe.edu.au">David Legge</A> </DIV>
<DIV style="FONT: 10pt arial"> </DIV>
<DIV class=Section1>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">Dr Navarro is
right and he is wrong. <o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">He is right to point
out that a simple globalised liberalisation would be disastrous for poor people
in poor countries. </SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">He is right to
emphasise that developing countries must be able to protect particular
industries at particular times (from competition from rich world product) if
they are to have any chance of industrialising.
<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">Samir Amin (1985,
<U>Delinking: towards a polycentric world</U>. London, Zed Books) has elaborated
very clearly the importance of national protection and cultivating South South
trading blocks protected from rich world competition. The logic of
comparative advantage applies where two countries are at comparable levels of
development. Free trade between rich and poor is much more likely to
exacerbate the inequality. </SPAN></FONT><FONT face=Arial><SPAN
style="FONT-FAMILY: Arial"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">I know that Claudio is
fully aware of these complexities although the polemic mode can sometimes
override the analytical as I believe Vicente would appreciate.
<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">However, Vicente is
wrong to dichotomise: national power relations <B><SPAN
style="FONT-WEIGHT: bold">rather than</SPAN></B> world trade; “It is an illusion
to think that the problems of underdevelopment are due to trade barriers” (not
quite what Claudio said!). Both are critically important and their
interdependence is one of the core dynamics of imperialism.
</SPAN></FONT></P>
<P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN
style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></FONT> </P></DIV></BODY></HTML>