<html xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns="http://www.w3.org/TR/REC-html40">
<head>
<META HTTP-EQUIV="Content-Type" CONTENT="text/html; charset=us-ascii">
<meta name=ProgId content=Word.Document>
<meta name=Generator content="Microsoft Word 11">
<meta name=Originator content="Microsoft Word 11">
<link rel=File-List href="cid:filelist.xml@01C8CA0C.BAC155B0">
<!--[if gte mso 9]><xml>
<o:OfficeDocumentSettings>
<o:DoNotRelyOnCSS/>
</o:OfficeDocumentSettings>
</xml><![endif]--><!--[if gte mso 9]><xml>
<w:WordDocument>
<w:Zoom>TextFit</w:Zoom>
<w:DontDisplayPageBoundaries/>
<w:GrammarState>Clean</w:GrammarState>
<w:DocumentKind>DocumentEmail</w:DocumentKind>
<w:EnvelopeVis/>
<w:ValidateAgainstSchemas/>
<w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid>
<w:IgnoreMixedContent>false</w:IgnoreMixedContent>
<w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText>
<w:Compatibility>
<w:UseFELayout/>
</w:Compatibility>
</w:WordDocument>
</xml><![endif]--><!--[if gte mso 9]><xml>
<w:LatentStyles DefLockedState="false" LatentStyleCount="156">
</w:LatentStyles>
</xml><![endif]-->
<style>
<!--
/* Font Definitions */
@font-face
{font-family:Helvetica;
panose-1:2 11 6 4 2 2 2 2 2 4;
mso-font-charset:0;
mso-generic-font-family:swiss;
mso-font-pitch:variable;
mso-font-signature:536902279 -2147483648 8 0 511 0;}
@font-face
{font-family:Wingdings;
panose-1:5 0 0 0 0 0 0 0 0 0;
mso-font-charset:2;
mso-generic-font-family:auto;
mso-font-pitch:variable;
mso-font-signature:0 268435456 0 0 -2147483648 0;}
@font-face
{font-family:SimSun;
panose-1:2 1 6 0 3 1 1 1 1 1;
mso-font-alt:\5B8B\4F53;
mso-font-charset:134;
mso-generic-font-family:auto;
mso-font-pitch:variable;
mso-font-signature:3 135135232 16 0 262145 0;}
@font-face
{font-family:Times;
panose-1:2 2 6 3 5 4 5 2 3 4;
mso-font-charset:0;
mso-generic-font-family:roman;
mso-font-pitch:variable;
mso-font-signature:536902279 -2147483648 8 0 511 0;}
@font-face
{font-family:Georgia;
panose-1:2 4 5 2 5 4 5 2 3 3;
mso-font-charset:0;
mso-generic-font-family:roman;
mso-font-pitch:variable;
mso-font-signature:647 0 0 0 159 0;}
@font-face
{font-family:Tahoma;
panose-1:2 11 6 4 3 5 4 4 2 4;
mso-font-charset:0;
mso-generic-font-family:swiss;
mso-font-pitch:variable;
mso-font-signature:1627421319 -2147483648 8 0 66047 0;}
@font-face
{font-family:Palatino;
panose-1:0 0 0 0 0 0 0 0 0 0;
mso-font-alt:"Book Antiqua";
mso-font-charset:0;
mso-generic-font-family:roman;
mso-font-format:other;
mso-font-pitch:variable;
mso-font-signature:3 0 0 0 1 0;}
@font-face
{font-family:Verdana;
panose-1:2 11 6 4 3 5 4 4 2 4;
mso-font-charset:0;
mso-generic-font-family:swiss;
mso-font-pitch:variable;
mso-font-signature:536871559 0 0 0 415 0;}
@font-face
{font-family:"\@SimSun";
panose-1:2 1 6 0 3 1 1 1 1 1;
mso-font-charset:134;
mso-generic-font-family:auto;
mso-font-pitch:variable;
mso-font-signature:3 135135232 16 0 262145 0;}
@font-face
{font-family:AGBookBQ-Medium;
panose-1:0 0 0 0 0 0 0 0 0 0;
mso-font-charset:0;
mso-generic-font-family:swiss;
mso-font-format:other;
mso-font-pitch:auto;
mso-font-signature:3 0 0 0 1 0;}
@font-face
{font-family:AGBookBQ-Light;
panose-1:0 0 0 0 0 0 0 0 0 0;
mso-font-charset:0;
mso-generic-font-family:swiss;
mso-font-format:other;
mso-font-pitch:auto;
mso-font-signature:3 0 0 0 1 0;}
@font-face
{font-family:AGBookBQ-Bold;
panose-1:0 0 0 0 0 0 0 0 0 0;
mso-font-charset:0;
mso-generic-font-family:auto;
mso-font-format:other;
mso-font-pitch:auto;
mso-font-signature:3 0 0 0 1 0;}
@font-face
{font-family:AGBookBQ-LightItalic;
panose-1:0 0 0 0 0 0 0 0 0 0;
mso-font-charset:0;
mso-generic-font-family:swiss;
mso-font-format:other;
mso-font-pitch:auto;
mso-font-signature:3 0 0 0 1 0;}
@font-face
{font-family:AGBookBQ-MediumItalic;
panose-1:0 0 0 0 0 0 0 0 0 0;
mso-font-charset:0;
mso-generic-font-family:swiss;
mso-font-format:other;
mso-font-pitch:auto;
mso-font-signature:3 0 0 0 1 0;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-parent:"";
margin:0cm;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;}
h1
{mso-style-next:Normal;
margin-top:37.5pt;
margin-right:0cm;
margin-bottom:18.0pt;
margin-left:0cm;
text-align:center;
line-height:150%;
mso-pagination:widow-orphan;
page-break-after:avoid;
mso-outline-level:1;
font-size:14.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:Times;
color:blue;
mso-font-kerning:0pt;
font-weight:bold;
mso-bidi-font-weight:normal;}
h2
{mso-style-next:Normal;
margin-top:12.0pt;
margin-right:0cm;
margin-bottom:6.0pt;
margin-left:0cm;
line-height:110%;
mso-pagination:widow-orphan;
page-break-after:avoid;
mso-outline-level:2;
font-size:14.0pt;
mso-bidi-font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:Times;
color:maroon;
font-weight:bold;
mso-bidi-font-weight:normal;}
h3
{mso-style-link:" Char Char";
mso-style-next:Normal;
margin-top:18.0pt;
margin-right:0cm;
margin-bottom:12.0pt;
margin-left:15.0pt;
line-height:120%;
mso-pagination:widow-orphan;
page-break-after:avoid;
mso-outline-level:3;
layout-grid-mode:char;
font-size:12.0pt;
font-family:Georgia;
mso-fareast-font-family:Times;
color:red;
font-weight:bold;
mso-bidi-font-weight:normal;
font-style:italic;
mso-bidi-font-style:normal;}
h4
{mso-style-next:Normal;
margin-top:18.0pt;
margin-right:0cm;
margin-bottom:3.0pt;
margin-left:1.0cm;
mso-pagination:widow-orphan;
page-break-after:avoid;
mso-outline-level:4;
font-size:12.0pt;
font-family:Helvetica;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";
color:fuchsia;
mso-fareast-language:EN-US;
font-weight:bold;
mso-bidi-font-weight:normal;}
h5
{mso-style-next:Normal;
margin-top:6.75pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:30.0pt;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
page-break-after:avoid;
mso-outline-level:5;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-language:EN-US;
font-weight:normal;
font-style:italic;}
h6
{mso-style-next:Normal;
margin-top:12.0pt;
margin-right:0cm;
margin-bottom:3.0pt;
margin-left:0cm;
text-indent:21.6pt;
line-height:120%;
mso-pagination:widow-orphan;
mso-outline-level:6;
font-size:12.0pt;
font-family:Times;
mso-bidi-font-family:"Times New Roman";
font-weight:normal;
font-style:italic;
mso-bidi-font-style:normal;}
p.MsoHeading7, li.MsoHeading7, div.MsoHeading7
{mso-style-next:Normal;
margin:0cm;
margin-bottom:.0001pt;
text-align:center;
text-indent:2.85pt;
mso-pagination:widow-orphan;
page-break-after:avoid;
mso-outline-level:7;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
font-weight:bold;
mso-bidi-font-weight:normal;}
p.MsoToc1, li.MsoToc1, div.MsoToc1
{mso-style-noshow:yes;
mso-style-next:Normal;
margin-top:3.0pt;
margin-right:0cm;
margin-bottom:.75pt;
margin-left:0cm;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:Georgia;
mso-fareast-font-family:Times;
mso-bidi-font-family:"Times New Roman";}
p.MsoToc2, li.MsoToc2, div.MsoToc2
{mso-style-update:auto;
mso-style-noshow:yes;
mso-style-next:Normal;
margin-top:0cm;
margin-right:0cm;
margin-bottom:0cm;
margin-left:14.2pt;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
mso-layout-grid-align:none;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
mso-no-proof:yes;}
p.MsoToc3, li.MsoToc3, div.MsoToc3
{mso-style-update:auto;
mso-style-noshow:yes;
mso-style-next:Normal;
margin-top:0cm;
margin-right:0cm;
margin-bottom:0cm;
margin-left:24.1pt;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;}
p.MsoFootnoteText, li.MsoFootnoteText, div.MsoFootnoteText
{mso-style-noshow:yes;
margin-top:0cm;
margin-right:0cm;
margin-bottom:3.75pt;
margin-left:0cm;
mso-pagination:widow-orphan;
font-size:10.0pt;
mso-bidi-font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;}
p.MsoCommentText, li.MsoCommentText, div.MsoCommentText
{mso-style-noshow:yes;
margin-top:3.6pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-indent:21.6pt;
line-height:120%;
mso-pagination:widow-orphan;
font-size:11.0pt;
mso-bidi-font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;}
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%;
mso-pagination:none;
font-size:9.0pt;
mso-bidi-font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;}
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%;
mso-pagination:widow-orphan;
tab-stops:center 207.65pt right 415.3pt;
font-size:10.0pt;
mso-bidi-font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
font-style:italic;
mso-bidi-font-style:normal;}
p.MsoCaption, li.MsoCaption, div.MsoCaption
{mso-style-noshow:yes;
mso-style-next:Normal;
margin-top:15.0pt;
margin-right:0cm;
margin-bottom:7.5pt;
margin-left:0cm;
text-align:center;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:Times;
mso-fareast-font-family:Times;
mso-bidi-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-pagination:widow-orphan;
mso-element:frame;
mso-element-frame-width:396.0pt;
mso-element-frame-height:99.0pt;
mso-element-frame-hspace:9.0pt;
mso-element-wrap:auto;
mso-element-anchor-horizontal:page;
mso-element-left:center;
mso-element-top:bottom;
mso-height-rule:exactly;
font-size:11.0pt;
mso-bidi-font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;}
span.MsoFootnoteReference
{mso-style-noshow:yes;
mso-ansi-font-size:10.0pt;
mso-bidi-font-size:10.0pt;
vertical-align:super;}
span.MsoPageNumber
{mso-ansi-font-size:10.0pt;}
span.MsoEndnoteReference
{mso-style-noshow:yes;
vertical-align:super;}
p.MsoEndnoteText, li.MsoEndnoteText, div.MsoEndnoteText
{mso-style-noshow:yes;
margin-top:3.6pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-indent:21.6pt;
line-height:120%;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;}
p.MsoTitle, li.MsoTitle, div.MsoTitle
{margin-top:12.0pt;
margin-right:0cm;
margin-bottom:9.0pt;
margin-left:0cm;
text-align:center;
mso-pagination:widow-orphan;
mso-outline-level:1;
font-size:16.0pt;
mso-bidi-font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
color:blue;
mso-font-kerning:14.0pt;
font-weight:bold;
mso-bidi-font-weight:normal;}
p.MsoBodyText, li.MsoBodyText, div.MsoBodyText
{margin-top:11.25pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-indent:14.25pt;
line-height:150%;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:Georgia;
mso-fareast-font-family:Times;
mso-bidi-font-family:"Times New Roman";}
p.MsoBodyTextIndent, li.MsoBodyTextIndent, div.MsoBodyTextIndent
{margin:0cm;
margin-bottom:.0001pt;
text-indent:4.25pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;}
p.MsoSalutation, li.MsoSalutation, div.MsoSalutation
{mso-style-parent:Address;
margin-top:18.0pt;
margin-right:0cm;
margin-bottom:6.0pt;
margin-left:0cm;
mso-pagination:widow-orphan;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
mso-ansi-language:EN-GB;
mso-fareast-language:EN-US;}
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%;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;}
p.MsoBodyText2, li.MsoBodyText2, div.MsoBodyText2
{margin-top:0cm;
margin-right:0cm;
margin-bottom:13.5pt;
margin-left:0cm;
line-height:120%;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-fareast-language:EN-US;
font-weight:bold;}
p.MsoBodyTextIndent2, li.MsoBodyTextIndent2, div.MsoBodyTextIndent2
{margin:0cm;
margin-bottom:.0001pt;
text-indent:4.25pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;}
p.MsoBlockText, li.MsoBlockText, div.MsoBlockText
{margin-top:0cm;
margin-right:72.0pt;
margin-bottom:6.0pt;
margin-left:72.0pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;}
a:link, span.MsoHyperlink
{color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{color:purple;
text-decoration:underline;
text-underline:single;}
p.MsoPlainText, li.MsoPlainText, div.MsoPlainText
{margin:0cm;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:10.0pt;
mso-bidi-font-size:12.0pt;
font-family:"Courier New";
mso-fareast-font-family:SimSun;}
p
{mso-margin-top-alt:auto;
margin-right:0cm;
mso-margin-bottom-alt:auto;
margin-left:0cm;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;}
p.MsoAcetate, li.MsoAcetate, div.MsoAcetate
{mso-style-noshow:yes;
margin:0cm;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:8.0pt;
font-family:Tahoma;
mso-fareast-font-family:SimSun;}
span.CharChar
{mso-style-name:" Char Char";
mso-style-locked:yes;
mso-style-link:"Heading 3";
mso-ansi-font-size:12.0pt;
mso-bidi-font-size:12.0pt;
font-family:Georgia;
mso-ascii-font-family:Georgia;
mso-fareast-font-family:Times;
mso-hansi-font-family:Georgia;
color:red;
mso-ansi-language:EN-AU;
mso-fareast-language:ZH-CN;
mso-bidi-language:AR-SA;
font-weight:bold;
mso-bidi-font-weight:normal;
font-style:italic;
mso-bidi-font-style:normal;}
p.Firstpara, li.Firstpara, div.Firstpara
{mso-style-name:"First para";
mso-style-update:auto;
mso-style-parent:"";
margin-top:6.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
line-height:110%;
mso-pagination:widow-orphan;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
mso-ansi-language:EN-GB;
mso-fareast-language:EN-US;}
p.Address, li.Address, div.Address
{mso-style-name:Address;
mso-style-parent:"First para";
margin:0cm;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
mso-ansi-language:EN-GB;
mso-fareast-language:EN-US;}
p.BaseBullet, li.BaseBullet, div.BaseBullet
{mso-style-name:BaseBullet;
margin-top:0cm;
margin-right:0cm;
margin-bottom:0cm;
margin-left:16.2pt;
margin-bottom:.0001pt;
text-indent:0cm;
mso-pagination:widow-orphan;
mso-list:l0 level1 lfo1;
tab-stops:list 34.2pt;
font-size:11.0pt;
mso-bidi-font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";}
p.BD, li.BD, div.BD
{mso-style-name:BD;
margin-top:4.5pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
text-autospace:none;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-fareast-language:EN-US;
font-weight:bold;
mso-bidi-font-weight:normal;}
p.Bodytext, li.Bodytext, div.Bodytext
{mso-style-name:"Body text";
mso-style-parent:"";
mso-style-link:"Body text Char Char";
margin-top:6.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-indent:14.2pt;
line-height:140%;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;}
p.BodytextChar, li.BodytextChar, div.BodytextChar
{mso-style-name:"Body text Char";
mso-style-parent:"";
margin-top:6.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-indent:14.2pt;
line-height:110%;
mso-pagination:widow-orphan;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;}
span.BodytextCharChar
{mso-style-name:"Body text Char Char";
mso-style-locked:yes;
mso-style-link:"Body text";
mso-ansi-font-size:12.0pt;
mso-bidi-font-size:12.0pt;
font-family:SimSun;
mso-fareast-font-family:SimSun;
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;
mso-bidi-language:AR-SA;}
p.StyleLeft8pxRight-14pxBefore12pxAfter8px, li.StyleLeft8pxRight-14pxBefore12pxAfter8px, div.StyleLeft8pxRight-14pxBefore12pxAfter8px
{mso-style-name:"Style Left\: 8 px Right\: -14 px Before\: 12 px After\: 8 px";
margin-top:4.5pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-indent:18.0pt;
mso-pagination:widow-orphan;
text-autospace:none;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-fareast-language:EN-US;}
p.BT, li.BT, div.BT
{mso-style-name:BT;
mso-style-parent:"Style Left\: 8 px Right\: -14 px Before\: 12 px After\: 8 px";
margin-top:2.25pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-indent:18.0pt;
mso-pagination:widow-orphan;
text-autospace:none;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-fareast-language:EN-US;}
p.BX, li.BX, div.BX
{mso-style-name:BX;
mso-style-parent:"";
margin:0cm;
margin-bottom:.0001pt;
text-align:center;
text-indent:5.65pt;
line-height:110%;
mso-pagination:widow-orphan lines-together;
border:none;
mso-border-alt:solid windowtext 1.0pt;
padding:0cm;
mso-padding-alt:1.0pt 4.0pt 1.0pt 4.0pt;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:Arial;
mso-fareast-font-family:SimSun;
mso-bidi-font-family:"Times New Roman";
color:maroon;
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;}
p.C1, li.C1, div.C1
{mso-style-name:C1;
mso-style-parent:"";
margin-top:0cm;
margin-right:326.05pt;
margin-bottom:0cm;
margin-left:1.0cm;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
page-break-after:avoid;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:Palatino;
mso-fareast-font-family:SimSun;
mso-bidi-font-family:"Times New Roman";
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;}
p.C2, li.C2, div.C2
{mso-style-name:C2;
mso-style-parent:"";
margin-top:0cm;
margin-right:0cm;
margin-bottom:0cm;
margin-left:6.0cm;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:Palatino;
mso-fareast-font-family:SimSun;
mso-bidi-font-family:"Times New Roman";
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;}
p.C3, li.C3, div.C3
{mso-style-name:C3;
mso-style-parent:"";
margin-top:0cm;
margin-right:6.0cm;
margin-bottom:0cm;
margin-left:7.0cm;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:Palatino;
mso-fareast-font-family:SimSun;
mso-bidi-font-family:"Times New Roman";
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;}
p.C4, li.C4, div.C4
{mso-style-name:C4;
mso-style-parent:"";
margin-top:0cm;
margin-right:0cm;
margin-bottom:0cm;
margin-left:13.0cm;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:Palatino;
mso-fareast-font-family:SimSun;
mso-bidi-font-family:"Times New Roman";
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;}
p.Cell, li.Cell, div.Cell
{mso-style-name:Cell;
mso-style-parent:"Body text";
margin-top:0cm;
margin-right:.55pt;
margin-bottom:0cm;
margin-left:.55pt;
margin-bottom:.0001pt;
line-height:140%;
mso-pagination:widow-orphan;
page-break-after:avoid;
font-size:10.0pt;
mso-bidi-font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;}
p.Chapterheading, li.Chapterheading, div.Chapterheading
{mso-style-name:"Chapter heading";
mso-style-update:auto;
mso-style-parent:"";
margin-top:24.0pt;
margin-right:0cm;
margin-bottom:12.0pt;
margin-left:0cm;
text-align:center;
line-height:24.0pt;
mso-line-height-rule:exactly;
mso-pagination:widow-orphan;
font-size:14.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
color:maroon;
text-transform:uppercase;
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;
font-weight:bold;
mso-bidi-font-weight:normal;}
span.data1
{mso-style-name:data1;
mso-ansi-font-size:8.5pt;
mso-bidi-font-size:8.5pt;
font-family:Verdana;
mso-ascii-font-family:Verdana;
mso-hansi-font-family:Verdana;
color:black;
font-weight:normal;}
p.DavidLegge, li.DavidLegge, div.DavidLegge
{mso-style-name:"David Legge";
mso-style-parent:"First para";
margin-top:12.0pt;
margin-right:0cm;
margin-bottom:12.0pt;
margin-left:0cm;
text-align:right;
line-height:110%;
mso-pagination:widow-orphan;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
mso-ansi-language:EN-GB;
mso-fareast-language:EN-US;}
p.DepartmentalHeading2, li.DepartmentalHeading2, div.DepartmentalHeading2
{mso-style-name:"Departmental Heading 2";
mso-style-parent:"Heading 2";
margin-top:12.0pt;
margin-right:0cm;
margin-bottom:12.0pt;
margin-left:0cm;
line-height:110%;
mso-pagination:widow-orphan;
page-break-after:avoid;
mso-outline-level:2;
font-size:14.0pt;
mso-bidi-font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:Times;
color:maroon;
font-weight:bold;
font-style:italic;}
p.Factorheading, li.Factorheading, div.Factorheading
{mso-style-name:"Factor heading";
margin-top:6.0pt;
margin-right:0cm;
margin-bottom:6.0pt;
margin-left:0cm;
mso-pagination:widow-orphan;
page-break-after:avoid;
mso-layout-grid-align:none;
punctuation-wrap:simple;
text-autospace:none;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
font-weight:bold;
mso-bidi-font-weight:normal;}
p.Firstfooter, li.Firstfooter, div.Firstfooter
{mso-style-name:"First footer";
mso-style-parent:Footer;
margin-top:3.75pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-align:right;
line-height:110%;
mso-pagination:widow-orphan;
tab-stops:center 207.65pt right 415.3pt;
font-size:10.0pt;
mso-bidi-font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
text-transform:uppercase;
font-style:italic;
mso-bidi-font-style:normal;}
p.FirstPara0, li.FirstPara0, div.FirstPara0
{mso-style-name:FirstPara;
margin-top:4.5pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:11.0pt;
mso-bidi-font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
mso-fareast-language:EN-US;}
p.Footnoteendnote, li.Footnoteendnote, div.Footnoteendnote
{mso-style-name:"Footnote \/ endnote";
mso-style-parent:"";
margin-top:4.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
line-height:110%;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;}
p.H1, li.H1, div.H1
{mso-style-name:H1;
mso-style-parent:"";
margin-top:36.0pt;
margin-right:0cm;
margin-bottom:24.0pt;
margin-left:0cm;
text-align:center;
mso-pagination:widow-orphan;
font-size:16.0pt;
mso-bidi-font-size:10.0pt;
font-family:Palatino;
mso-fareast-font-family:SimSun;
mso-bidi-font-family:"Times New Roman";
text-transform:uppercase;
mso-fareast-language:EN-US;
font-weight:bold;
mso-bidi-font-weight:normal;}
p.indentedindentedlist, li.indentedindentedlist, div.indentedindentedlist
{mso-style-name:"indented indented list";
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;
mso-line-height-rule:exactly;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;}
p.Indentedlist, li.Indentedlist, div.Indentedlist
{mso-style-name:"Indented list";
mso-style-parent:"";
margin-top:4.5pt;
margin-right:18.0pt;
margin-bottom:0cm;
margin-left:36.0pt;
margin-bottom:.0001pt;
text-indent:-18.0pt;
line-height:110%;
mso-pagination:widow-orphan;
mso-list:l4 level1 lfo13;
tab-stops:list 36.0pt;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;}
p.IndentedPara, li.IndentedPara, div.IndentedPara
{mso-style-name:"Indented Para";
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%;
mso-pagination:widow-orphan;
tab-stops:45.35pt 70.9pt;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
font-style:italic;}
p.Indentedparagraph, li.Indentedparagraph, div.Indentedparagraph
{mso-style-name:"Indented paragraph";
mso-style-parent:"Body Text";
margin-top:7.5pt;
margin-right:30.0pt;
margin-bottom:0cm;
margin-left:36.0pt;
margin-bottom:.0001pt;
text-indent:14.25pt;
line-height:120%;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:Times;
mso-bidi-font-weight:bold;
font-style:italic;
mso-bidi-font-style:normal;}
p.Leftcol, li.Leftcol, div.Leftcol
{mso-style-name:"Left col";
mso-style-parent:"";
margin-top:2.4pt;
margin-right:11.0cm;
margin-bottom:12.0pt;
margin-left:0cm;
line-height:12.0pt;
mso-line-height-rule:exactly;
mso-pagination:widow-orphan lines-together;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:Palatino;
mso-fareast-font-family:SimSun;
mso-bidi-font-family:"Times New Roman";
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;}
p.Levelfourheading, li.Levelfourheading, div.Levelfourheading
{mso-style-name:"Level four heading";
mso-style-parent:"";
margin-top:12.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
line-height:12.0pt;
mso-line-height-rule:exactly;
mso-pagination:widow-orphan lines-together;
page-break-after:avoid;
font-size:10.0pt;
font-family:Palatino;
mso-fareast-font-family:SimSun;
mso-bidi-font-family:"Times New Roman";
font-variant:small-caps;
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;}
p.notsxs, li.notsxs, div.notsxs
{mso-style-name:"not sxs";
mso-style-parent:"";
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;
mso-line-height-rule:exactly;
mso-pagination:widow-orphan;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:Palatino;
mso-fareast-font-family:SimSun;
mso-bidi-font-family:"Times New Roman";
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;}
p.Numberedlist, li.Numberedlist, div.Numberedlist
{mso-style-name:"Numbered list";
mso-style-parent:"Indented list";
margin-top:4.5pt;
margin-right:18.0pt;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
line-height:110%;
mso-pagination:widow-orphan;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;}
p.RedFP, li.RedFP, div.RedFP
{mso-style-name:RedFP;
mso-style-parent:"First para";
margin-top:6.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
line-height:110%;
mso-pagination:widow-orphan;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
color:red;
mso-ansi-language:EN-GB;
mso-fareast-language:EN-US;
font-weight:bold;
mso-bidi-font-weight:normal;}
span.Referencesuperscript
{mso-style-name:"Reference superscript";
mso-style-parent:"";
mso-ansi-font-size:8.0pt;
font-family:Palatino;
mso-ascii-font-family:Palatino;
mso-hansi-font-family:Palatino;
position:relative;
top:-3.0pt;
mso-text-raise:3.0pt;}
span.Referencesuperscript1
{mso-style-name:"Reference superscript1";
mso-style-parent:"";
mso-ansi-font-size:8.0pt;
font-family:Palatino;
mso-ascii-font-family:Palatino;
mso-hansi-font-family:Palatino;
position:relative;
top:-3.0pt;
mso-text-raise:3.0pt;}
p.Rightcol, li.Rightcol, div.Rightcol
{mso-style-name:"Right col";
mso-style-parent:"";
margin-top:2.4pt;
margin-right:0cm;
margin-bottom:12.0pt;
margin-left:144.0pt;
line-height:12.0pt;
mso-line-height-rule:exactly;
mso-pagination:widow-orphan lines-together;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:Palatino;
mso-fareast-font-family:SimSun;
mso-bidi-font-family:"Times New Roman";
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;}
p.Sectionheading, li.Sectionheading, div.Sectionheading
{mso-style-name:"Section heading";
mso-style-parent:"";
margin-top:36.0pt;
margin-right:0cm;
margin-bottom:12.0pt;
margin-left:0cm;
text-align:center;
line-height:12.0pt;
mso-line-height-rule:exactly;
mso-pagination:widow-orphan lines-together;
page-break-after:avoid;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:Palatino;
mso-fareast-font-family:SimSun;
mso-bidi-font-family:"Times New Roman";
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;
font-weight:bold;
mso-bidi-font-weight:normal;}
p.StyleBodyText11pt, li.StyleBodyText11pt, div.StyleBodyText11pt
{mso-style-name:"Style Body Text + 11 pt";
mso-style-parent:"Body Text";
margin-top:3.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:11.0pt;
mso-bidi-font-size:12.0pt;
font-family:Georgia;
mso-fareast-font-family:Times;
mso-bidi-font-family:"Times New Roman";
color:black;}
p.StyleHeading1, li.StyleHeading1, div.StyleHeading1
{mso-style-name:"Style Heading 1";
mso-style-parent:"Heading 1";
margin:0cm;
margin-bottom:.0001pt;
text-align:center;
line-height:150%;
mso-pagination:widow-orphan;
page-break-after:avoid;
mso-outline-level:1;
font-size:14.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:Times;
color:blue;
mso-fareast-language:EN-US;
mso-bidi-font-weight:bold;}
p.StyleHeading1Before18pxAfter12px, li.StyleHeading1Before18pxAfter12px, div.StyleHeading1Before18pxAfter12px
{mso-style-name:"Style Heading 1 + Before\: 18 px After\: 12 px";
mso-style-parent:"Heading 1";
margin-top:13.5pt;
margin-right:0cm;
margin-bottom:9.0pt;
margin-left:0cm;
line-height:150%;
mso-pagination:widow-orphan;
page-break-after:avoid;
mso-outline-level:1;
font-size:14.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:Times;
font-weight:bold;}
p.StyleHeading514ptNotBold, li.StyleHeading514ptNotBold, div.StyleHeading514ptNotBold
{mso-style-name:"Style Heading 5 + 14 pt Not Bold";
mso-style-parent:"Heading 5";
margin-top:9.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
page-break-after:avoid;
mso-outline-level:5;
font-size:14.0pt;
mso-bidi-font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-fareast-language:EN-US;
font-style:italic;}
p.StyleindentedlistTimesNewRoman11pt, li.StyleindentedlistTimesNewRoman11pt, div.StyleindentedlistTimesNewRoman11pt
{mso-style-name:"Style indented list + Times New Roman 11 pt";
mso-style-parent:"Indented list";
margin-top:4.5pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:11.0pt;
mso-bidi-font-size:10.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
mso-fareast-language:EN-US;}
p.StyleLeft12pxRight12pxBefore4pxAfter4px, li.StyleLeft12pxRight12pxBefore4pxAfter4px, div.StyleLeft12pxRight12pxBefore4pxAfter4px
{mso-style-name:"Style Left\: 12 px Right\: 12 px Before\: 4 px After\: 4 px";
margin-top:3.75pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
text-indent:18.0pt;
mso-pagination:widow-orphan;
text-autospace:none;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-fareast-language:EN-US;}
p.Style1, li.Style1, div.Style1
{mso-style-name:Style1;
mso-style-parent:"Indented list";
margin-top:4.5pt;
margin-right:18.0pt;
margin-bottom:0cm;
margin-left:18.0pt;
margin-bottom:.0001pt;
text-indent:-18.0pt;
line-height:110%;
mso-pagination:widow-orphan;
mso-list:l3 level1 lfo11;
tab-stops:list 18.0pt;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;}
p.Sub-sectionheading, li.Sub-sectionheading, div.Sub-sectionheading
{mso-style-name:"Sub-section heading";
mso-style-parent:"";
margin-top:12.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
line-height:12.0pt;
mso-line-height-rule:exactly;
mso-pagination:widow-orphan lines-together;
page-break-after:avoid;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:Palatino;
mso-fareast-font-family:SimSun;
mso-bidi-font-family:"Times New Roman";
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;
font-weight:bold;
mso-bidi-font-weight:normal;
font-style:italic;
mso-bidi-font-style:normal;}
p.Table, li.Table, div.Table
{mso-style-name:Table;
mso-style-parent:"First para";
margin-top:2.0pt;
margin-right:2.85pt;
margin-bottom:1.0pt;
margin-left:2.85pt;
line-height:110%;
mso-pagination:lines-together;
page-break-after:avoid;
font-size:9.0pt;
mso-bidi-font-size:10.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
mso-ansi-language:EN-GB;
mso-fareast-language:EN-US;}
p.texttomargin, li.texttomargin, div.texttomargin
{mso-style-name:"text to margin";
mso-style-parent:"";
margin-top:12.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:2.0cm;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:Palatino;
mso-fareast-font-family:SimSun;
mso-bidi-font-family:"Times New Roman";
mso-fareast-language:EN-US;}
span.textdarkgreymedium1
{mso-style-name:textdarkgreymedium1;
mso-ansi-font-size:6.0pt;
mso-bidi-font-size:6.0pt;
font-family:Verdana;
mso-ascii-font-family:Verdana;
mso-hansi-font-family:Verdana;
color:#333333;
font-style:normal;}
p.vignettes, li.vignettes, div.vignettes
{mso-style-name:vignettes;
mso-style-parent:"";
margin-top:12.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
line-height:14.4pt;
mso-line-height-rule:exactly;
mso-pagination:widow-orphan lines-together;
tab-stops:64.8pt 71.75pt right 432.0pt;
font-size:12.0pt;
mso-bidi-font-size:10.0pt;
font-family:Palatino;
mso-fareast-font-family:SimSun;
mso-bidi-font-family:"Times New Roman";
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;}
p.Reference, li.Reference, div.Reference
{mso-style-name:Reference;
mso-style-parent:"Footnote \/ endnote";
margin-top:2.25pt;
margin-right:0cm;
margin-bottom:2.25pt;
margin-left:0cm;
line-height:110%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:SimSun;
mso-ansi-language:EN-AU;
mso-fareast-language:EN-US;
mso-bidi-font-weight:bold;}
p.StyleCaptionCentered, li.StyleCaptionCentered, div.StyleCaptionCentered
{mso-style-name:"Style Caption + Centered";
mso-style-parent:Caption;
margin-top:2.25pt;
margin-right:0cm;
margin-bottom:9.0pt;
margin-left:0cm;
text-align:center;
mso-pagination:lines-together;
font-size:11.0pt;
font-family:Times;
mso-fareast-font-family:Times;
mso-bidi-font-family:"Times New Roman";
mso-bidi-font-weight:bold;}
p.StyleCaption, li.StyleCaption, div.StyleCaption
{mso-style-name:"Style Caption";
mso-style-parent:Caption;
margin-top:4.5pt;
margin-right:0cm;
margin-bottom:9.0pt;
margin-left:0cm;
text-align:center;
mso-pagination:lines-together;
font-size:11.0pt;
font-family:Times;
mso-fareast-font-family:Times;
mso-bidi-font-family:"Times New Roman";
mso-bidi-font-weight:bold;}
p.H2-5, li.H2-5, div.H2-5
{mso-style-name:H2-5;
mso-style-parent:H2-4;
mso-style-next:"Body Text";
margin-top:13.5pt;
margin-right:0cm;
margin-bottom:9.0pt;
margin-left:60.0pt;
text-indent:-24.0pt;
line-height:12.0pt;
mso-line-height-rule:exactly;
mso-pagination:widow-orphan;
mso-list:l10 level1 lfo5;
tab-stops:list 60.0pt left 70.9pt;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
font-weight:bold;
mso-bidi-font-weight:normal;}
p.H2-6, li.H2-6, div.H2-6
{mso-style-name:H2-6;
mso-style-parent:H2-2;
mso-style-next:"Body Text";
margin-top:13.5pt;
margin-right:0cm;
margin-bottom:9.0pt;
margin-left:61.5pt;
text-indent:-24.0pt;
line-height:12.0pt;
mso-line-height-rule:exactly;
mso-pagination:widow-orphan;
mso-list:l8 level1 lfo6;
tab-stops:list 61.5pt;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
font-weight:bold;
mso-bidi-font-weight:normal;}
p.H2, li.H2, div.H2
{mso-style-name:H2;
mso-style-next:"Body Text";
margin-top:13.5pt;
margin-right:0cm;
margin-bottom:9.0pt;
margin-left:0cm;
line-height:12.0pt;
mso-line-height-rule:exactly;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
font-weight:bold;
mso-bidi-font-weight:normal;}
p.H2-4, li.H2-4, div.H2-4
{mso-style-name:H2-4;
mso-style-next:"Body Text";
margin-top:13.5pt;
margin-right:0cm;
margin-bottom:9.0pt;
margin-left:0cm;
line-height:12.0pt;
mso-line-height-rule:exactly;
mso-pagination:widow-orphan;
tab-stops:70.9pt;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
font-weight:bold;
mso-bidi-font-weight:normal;}
p.H3, li.H3, div.H3
{mso-style-name:H3;
mso-style-next:"Body Text";
margin-top:9.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
line-height:110%;
mso-pagination:widow-orphan;
tab-stops:99.25pt;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";}
p.H2-2, li.H2-2, div.H2-2
{mso-style-name:H2-2;
mso-style-next:"Body Text";
margin-top:13.5pt;
margin-right:0cm;
margin-bottom:9.0pt;
margin-left:60.0pt;
text-indent:-24.0pt;
line-height:12.0pt;
mso-line-height-rule:exactly;
mso-pagination:widow-orphan;
mso-list:l9 level1 lfo4;
tab-stops:list 60.0pt;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
font-weight:bold;
mso-bidi-font-weight:normal;}
p.IndentedParagraph0, li.IndentedParagraph0, div.IndentedParagraph0
{mso-style-name:"Indented Paragraph";
mso-style-parent:"Body Text Indent";
margin-top:0cm;
margin-right:15.0pt;
margin-bottom:0cm;
margin-left:15.0pt;
margin-bottom:.0001pt;
text-indent:36.0pt;
line-height:120%;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:Georgia;
mso-fareast-font-family:Times;
mso-bidi-font-family:"Times New Roman";
font-style:italic;
mso-bidi-font-style:normal;}
p.References, li.References, div.References
{mso-style-name:References;
mso-style-parent:"Body Text";
margin-top:22.5pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
line-height:150%;
mso-pagination:widow-orphan;
layout-grid-mode:char;
font-size:12.0pt;
font-family:Georgia;
mso-fareast-font-family:Times;
mso-bidi-font-family:"Times New Roman";}
p.NumberedList0, li.NumberedList0, div.NumberedList0
{mso-style-name:"Numbered List";
mso-style-parent:"Body Text";
margin-top:9.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
line-height:120%;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:Georgia;
mso-fareast-font-family:Times;
mso-bidi-font-family:"Times New Roman";}
p.StyleCaptionGeorgia, li.StyleCaptionGeorgia, div.StyleCaptionGeorgia
{mso-style-name:"Style Caption + Georgia";
mso-style-parent:Caption;
margin-top:15.0pt;
margin-right:0cm;
margin-bottom:7.5pt;
margin-left:0cm;
text-align:center;
mso-pagination:widow-orphan;
page-break-after:avoid;
font-size:12.0pt;
font-family:Georgia;
mso-fareast-font-family:Times;
mso-bidi-font-family:"Times New Roman";
font-weight:bold;}
p.IndentedList0, li.IndentedList0, div.IndentedList0
{mso-style-name:"Indented List";
mso-style-parent:"Numbered List";
margin-top:9.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:50.25pt;
margin-bottom:.0001pt;
text-indent:-18.0pt;
line-height:120%;
mso-pagination:widow-orphan;
mso-list:l2 level1 lfo12;
tab-stops:list 50.25pt;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:Times;}
p.BulletedinTable, li.BulletedinTable, div.BulletedinTable
{mso-style-name:"Bulleted in Table";
margin-top:6.0pt;
margin-right:0cm;
margin-bottom:6.0pt;
margin-left:35.85pt;
text-indent:-18.0pt;
line-height:120%;
mso-pagination:widow-orphan;
mso-list:l7 level1 lfo14;
tab-stops:1.0cm list 35.85pt;
font-size:12.0pt;
font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-fareast-language:EN-AU;}
span.EmailStyle114
{mso-style-type:personal-reply;
mso-style-noshow:yes;
mso-ansi-font-size:10.0pt;
mso-bidi-font-size:10.0pt;
font-family:Arial;
mso-ascii-font-family:Arial;
mso-hansi-font-family:Arial;
mso-bidi-font-family:Arial;
color:navy;}
span.GramE
{mso-style-name:"";
mso-gram-e:yes;}
@page Section1
{size:612.0pt 792.0pt;
margin:72.0pt 90.0pt 72.0pt 90.0pt;
mso-header-margin:36.0pt;
mso-footer-margin:36.0pt;
mso-paper-source:0;}
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:687603724;
mso-list-type:hybrid;
mso-list-template-ids:289564792 680951782 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l2:level1
{mso-level-number-format:bullet;
mso-level-style-link:"Indented List";
mso-level-text:\F0B7;
mso-level-tab-stop:50.25pt;
mso-level-number-position:left;
margin-left:50.25pt;
text-indent:-18.0pt;
font-family:Symbol;}
@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:886380313;
mso-list-type:hybrid;
mso-list-template-ids:-1124050076 1089756578 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l4:level1
{mso-level-number-format:bullet;
mso-level-style-link:"Indented list";
mso-level-text:\F0B7;
mso-level-tab-stop:36.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
font-family:Symbol;}
@list l5
{mso-list-id:896088080;
mso-list-template-ids:1987758146;
mso-list-style-name:"Style Bulleted";}
@list l5: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 l5: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 l5: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 l5: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 l5: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 l5: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 l5: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 l5: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 l5: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 l6
{mso-list-id:897325843;
mso-list-type:hybrid;
mso-list-template-ids:1563991732 -466967810 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l6:level1
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:54.0pt;
mso-level-number-position:left;
margin-left:54.0pt;
text-indent:-18.0pt;
font-family:Symbol;
mso-ansi-language:EN-US;}
@list l6:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:90.0pt;
mso-level-number-position:left;
margin-left:90.0pt;
text-indent:-18.0pt;
font-family:"Courier New";}
@list l6:level3
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:126.0pt;
mso-level-number-position:left;
margin-left:126.0pt;
text-indent:-18.0pt;
font-family:Wingdings;}
@list l7
{mso-list-id:1064525002;
mso-list-type:hybrid;
mso-list-template-ids:936030296 -1434658248 201916419 201916421 201916417 201916419 201916421 201916417 201916419 201916421;}
@list l7:level1
{mso-level-number-format:bullet;
mso-level-style-link:"Bulleted in Table";
mso-level-text:\F0B7;
mso-level-tab-stop:35.85pt;
mso-level-number-position:left;
margin-left:35.85pt;
text-indent:-18.0pt;
font-family:Symbol;}
@list l8
{mso-list-id:1145509825;
mso-list-type:hybrid;
mso-list-template-ids:1615482064 -1493771578 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l8: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 l9
{mso-list-id:1585337655;
mso-list-type:hybrid;
mso-list-template-ids:-1231128942 142247954 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l9: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 l10
{mso-list-id:1857815168;
mso-list-type:hybrid;
mso-list-template-ids:1557979678 482608568 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l10: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 l11
{mso-list-id:2036493469;
mso-list-template-ids:-252179754;
mso-list-style-name:"Bullet 2";}
@list l11: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 l11: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 l11: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 l11: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 l11: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 l11: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 l11: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 l11: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 l11: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 10]>
<style>
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-parent:"";
mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
mso-para-margin:0cm;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:"Times New Roman";
mso-ansi-language:#0400;
mso-fareast-language:#0400;
mso-bidi-language:#0400;}
table.MsoTableClassic1
{mso-style-name:"Table Classic 1";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
border-top:solid black 1.5pt;
border-left:none;
border-bottom:solid black 1.5pt;
border-right:none;
mso-padding-alt:0cm 6.0pt 0cm 6.0pt;
mso-para-margin:0cm;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:11.0pt;
mso-bidi-font-size:10.0pt;
font-family:Georgia;
mso-ansi-language:#0400;
mso-fareast-language:#0400;
mso-bidi-language:#0400;}
table.MsoTableClassic1FirstRow
{mso-style-name:"Table Classic 1";
mso-table-condition:first-row;
mso-tstyle-border-bottom:.75pt solid black;
mso-tstyle-diagonal-down:0cm none windowtext;
mso-tstyle-diagonal-up:0cm none windowtext;
mso-ansi-font-style:italic;
mso-bidi-font-style:italic;}
table.MsoTableClassic1LastRow
{mso-style-name:"Table Classic 1";
mso-table-condition:last-row;
mso-tstyle-border-top:.75pt solid black;
mso-tstyle-diagonal-down:0cm none windowtext;
mso-tstyle-diagonal-up:0cm none windowtext;
color:windowtext;}
table.MsoTableClassic1FirstCol
{mso-style-name:"Table Classic 1";
mso-table-condition:first-column;
mso-tstyle-border-right:.75pt solid black;
mso-tstyle-diagonal-down:0cm none windowtext;
mso-tstyle-diagonal-up:0cm none windowtext;}
table.MsoTableClassic1NECell
{mso-style-name:"Table Classic 1";
mso-table-condition:ne-cell;
mso-tstyle-diagonal-down:0cm none windowtext;
mso-tstyle-diagonal-up:0cm none windowtext;
mso-ansi-font-weight:bold;
mso-bidi-font-weight:bold;
mso-ansi-font-style:normal;
mso-bidi-font-style:normal;}
table.MsoTableClassic1SWCell
{mso-style-name:"Table Classic 1";
mso-table-condition:sw-cell;
mso-tstyle-diagonal-down:0cm none windowtext;
mso-tstyle-diagonal-up:0cm none windowtext;
mso-ansi-font-weight:bold;
mso-bidi-font-weight:bold;}
table.MsoTableGrid
{mso-style-name:"Table Grid";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
mso-para-margin:0cm;
mso-para-margin-bottom:.0001pt;
line-height:110%;
mso-pagination:widow-orphan;
font-size:11.0pt;
mso-bidi-font-size:10.0pt;
font-family:Georgia;
mso-ansi-language:#0400;
mso-fareast-language:#0400;
mso-bidi-language:#0400;}
</style>
<![endif]-->
<meta name=from content="JubileResearch <smandel@mokoro.co.uk>">
<meta name=subject content="Debt relief as if justice mattered">
</head>
<body lang=EN-US link=blue vlink=purple style='tab-interval:36.0pt'>
<div class=Section1>
<p class=MsoNormal><font size=6 color="#0065a7" face=AGBookBQ-Medium><span
style='font-size:22.0pt;font-family:AGBookBQ-Medium;mso-bidi-font-family:AGBookBQ-Medium;
color:#0065A7'>Debt relief as if Justice mattered. <span
style='mso-spacerun:yes'> </span>New report from the New Economics Foundation<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=6 color="#0065a7" face=AGBookBQ-Medium><span
style='font-size:22.0pt;font-family:AGBookBQ-Medium;mso-bidi-font-family:AGBookBQ-Medium;
color:#0065A7'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=5 color="#0065a7" face=AGBookBQ-Light><span
style='font-size:16.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light;
color:#0065A7'><a
href="http://www.jubileeresearch.org/news/debt%20relief%20as%20if%20justice%20mattered.pdf">http://www.jubileeresearch.org/news/debt%20relief%20as%20if%20justice%20mattered.pdf</a>
<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=5 color="#0065a7" face=AGBookBQ-Light><span
style='font-size:16.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light;
color:#0065A7'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=5 color="#0065a7" face=AGBookBQ-Light><span
style='font-size:16.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light;
color:#0065A7'>This report is the last in a series from the Jubilee research
programme – one of the official successors to the Jubilee 2000 debt
campaign – at </span></font><font size=5 color="#0065a7"
face=AGBookBQ-Medium><span style='font-size:16.0pt;font-family:AGBookBQ-Medium;
mso-bidi-font-family:AGBookBQ-Medium;color:#0065A7'>nef </span></font><font
size=5 color="#0065a7" face=AGBookBQ-Light><span style='font-size:16.0pt;
font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light;color:#0065A7'>(the
new economics foundation) designed to stimulate progress towards a comprehensive
and fair treatment of the crisis of sovereign debt of some of the world’s
poorest nations.</span></font><font size=2 color=black face=AGBookBQ-Light><span
style='font-size:10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light;
color:black'><o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=AGBookBQ-Light><span
style='font-size:10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light;
color:black'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=AGBookBQ-Light><span
style='font-size:10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light;
color:black'>With concern growing about the stability of the global financial
system, and the endof an unprecedented period of low interest rates now in
sight, this is needed morethan ever.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=AGBookBQ-Light><span
style='font-size:10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light;
color:black'><o:p> </o:p></span></font></p>
<p class=MsoNormal><b style='mso-bidi-font-weight:normal'><font size=2
color=black face=AGBookBQ-Light><span style='font-size:10.0pt;font-family:AGBookBQ-Light;
mso-bidi-font-family:AGBookBQ-Light;color:black;font-weight:bold;mso-bidi-font-weight:
normal'>As this report shows:<o:p></o:p></span></font></b></p>
<p class=MsoNormal><b style='mso-bidi-font-weight:normal'><font size=2
color=black face=AGBookBQ-Light><span style='font-size:10.0pt;font-family:AGBookBQ-Light;
mso-bidi-font-family:AGBookBQ-Light;color:black;font-weight:bold;mso-bidi-font-weight:
normal'><o:p> </o:p></span></font></b></p>
<p class=MsoNormal><b><font size=2 color="#0065a7" face=AGBookBQ-Bold><span
style='font-size:10.0pt;font-family:AGBookBQ-Bold;mso-bidi-font-family:AGBookBQ-Bold;
color:#0065A7;font-weight:bold'>• </span></font></b><font size=2
color=black face=AGBookBQ-Light><span style='font-size:10.0pt;font-family:AGBookBQ-Light;
mso-bidi-font-family:AGBookBQ-Light;color:black'>Some countries are spending
more than twice their education and healthbudgets on debt service. For example,
Lebanon spends 52 per cent of itsgovernment budget on debt service compared to
23 per cent on health andeducation combined.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=AGBookBQ-Light><span
style='font-size:10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light;
color:black'><o:p> </o:p></span></font></p>
<p class=MsoNormal><b><font size=2 color="#0065a7" face=AGBookBQ-Bold><span
style='font-size:10.0pt;font-family:AGBookBQ-Bold;mso-bidi-font-family:AGBookBQ-Bold;
color:#0065A7;font-weight:bold'>• </span></font></b><font size=2
color=black face=AGBookBQ-Light><span style='font-size:10.0pt;font-family:AGBookBQ-Light;
mso-bidi-font-family:AGBookBQ-Light;color:black'>Six times the level of debt
relief currently available under global initiatives toreduce the debt of the
Heavily Indebted Poor Countries (HIPC) is needed ifall countries are to achieve
debt sustainability – a level of debt that protectsgovernment spending
needed to meet basic human development needs as wellas not taxing those people
who already live below the poverty line.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=AGBookBQ-Light><span
style='font-size:10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light;
color:black'><o:p> </o:p></span></font></p>
<p class=MsoNormal><b><font size=2 color="#0065a7" face=AGBookBQ-Bold><span
style='font-size:10.0pt;font-family:AGBookBQ-Bold;mso-bidi-font-family:AGBookBQ-Bold;
color:#0065A7;font-weight:bold'>• </span></font></b><font size=2
color=black face=AGBookBQ-Light><span style='font-size:10.0pt;font-family:AGBookBQ-Light;
mso-bidi-font-family:AGBookBQ-Light;color:black'>The level of debt relief
required to achieve debt sustainability for all lower andmiddle income
countries is estimated at $501 billion.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=AGBookBQ-Light><span
style='font-size:10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light;
color:black'><o:p> </o:p></span></font></p>
<p class=MsoNormal><b><font size=2 color="#0065a7" face=AGBookBQ-Bold><span
style='font-size:10.0pt;font-family:AGBookBQ-Bold;mso-bidi-font-family:AGBookBQ-Bold;
color:#0065A7;font-weight:bold'>• </span></font></b><font size=2
color=black face=AGBookBQ-Light><span style='font-size:10.0pt;font-family:AGBookBQ-Light;
mso-bidi-font-family:AGBookBQ-Light;color:black'>The total available debt
relief envisaged under both HIPC and the MultilateralDebt Relief Initiative
(MDRI) is $95 billion, of which $54 billion has been allocatedto the 22
countries that have completed the HIPC process.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=AGBookBQ-Light><span
style='font-size:10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light;
color:black'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=AGBookBQ-Light><span
style='font-size:10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light;
color:black'>This is before ‘Odious’ lending - lending made to
corrupt and dictatorial regimes –currently not considered in debt relief
programmes is taken into account.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=AGBookBQ-Light><span
style='font-size:10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light;
color:black'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=AGBookBQ-Light><span
style='font-size:10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light;
color:black'>This report gathers together, and <span class=GramE>updates,
research previously published by theJubilee Research programme at <font
face=AGBookBQ-Medium><span style='font-family:AGBookBQ-Medium;mso-bidi-font-family:
AGBookBQ-Medium'>nef</span></font>, and makes</span> the case for a
comprehensive newapproach for debt relief for the world’s most indebted
nations. There is a clear needfor a new approach to resolving sovereign debt
problems which is comprehensive<span class=GramE>,systematic</span>, fair and
transparent and above all, just. Responses so far to suchcriticisms from the
creditors have been grossly inadequate.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=AGBookBQ-Light><span
style='font-size:10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light;
color:black'><o:p> </o:p></span></font></p>
<p class=MsoNormal><b style='mso-bidi-font-weight:normal'><font size=2
color=black face=AGBookBQ-Medium><span style='font-size:10.0pt;font-family:
AGBookBQ-Medium;mso-bidi-font-family:AGBookBQ-Medium;color:black;font-weight:
bold;mso-bidi-font-weight:normal'>Debt relief isn’t working:</span></font></b><font
size=2 color=black face=AGBookBQ-Medium><span style='font-size:10.0pt;
font-family:AGBookBQ-Medium;mso-bidi-font-family:AGBookBQ-Medium;color:black'> </span></font><font
size=2 color=black face=AGBookBQ-Light><span style='font-size:10.0pt;
font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light;color:black'>Current
approaches to debt relief (HIPC and MDRIfor poor countries. and Paris and
London Club renegotiations for middle incomecountries) are not solving the
problems of Third World indebtedness. HIPC andMDRI are reducing debt burdens
but only for a small range of countries andafter long delays, and at a high
cost in terms of loss of policy space. While non-HIPC poor countries continue
to have major debt problems and middle-incomecountry indebtedness continues to
grow. The present approach is marred by theinvolvement of creditors as judge,
prosecution and jury in direct conflict with naturaljustice and by the failure
to take into account either the human rights of the peopleof debtor nations or
the moral obscenity of odious debt. It is all too little and too late.</span></font><font
size=2 color=black face=AGBookBQ-Medium><span style='font-size:10.0pt;
font-family:AGBookBQ-Medium;mso-bidi-font-family:AGBookBQ-Medium;color:black'><o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=AGBookBQ-Medium><span
style='font-size:10.0pt;font-family:AGBookBQ-Medium;mso-bidi-font-family:AGBookBQ-Medium;
color:black'><o:p> </o:p></span></font></p>
<p class=MsoNormal><b style='mso-bidi-font-weight:normal'><font size=2
face=AGBookBQ-Medium><span style='font-size:10.0pt;font-family:AGBookBQ-Medium;
mso-bidi-font-family:AGBookBQ-Medium;font-weight:bold;mso-bidi-font-weight:
normal'>Human rights:</span></font></b><font size=2 face=AGBookBQ-Medium><span
style='font-size:10.0pt;font-family:AGBookBQ-Medium;mso-bidi-font-family:AGBookBQ-Medium'>
</span></font><font size=2 face=AGBookBQ-Light><span style='font-size:10.0pt;
font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light'>This report
updates the calculations of debt sustainability takinghuman rights into account
for 136 countries, first carried out in our report </span></font><i><font
size=2 face=AGBookBQ-LightItalic><span style='font-size:10.0pt;font-family:
AGBookBQ-LightItalic;mso-bidi-font-family:AGBookBQ-LightItalic;font-style:italic'>Debtrelief
as if people mattered</span></font></i><font size=2 face=AGBookBQ-Light><span
style='font-size:10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light'>,
using the latest figures available and taking MDRIinto account. Even after the
debt relief already granted under HIPC and MDRI, 47countries need 100% debt
cancellation on this basis and a further 34 to 58 needpartial cancellation,
amounting to $334 to $501 billion in net present value terms<span class=GramE>,if</span>
they are to get to a point where debt service does not seriously affect basichuman
rights. None of the countries needing debt relief can afford to take out anyextra
debt and so a marked increase in grant aid is also needed if poverty is to bereduced
and the Millennium Development goals achieved.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=AGBookBQ-Light><span style='font-size:
10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 face=AGBookBQ-Light><span style='font-size:
10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light'>This is
before the problem of domestic debt is taken into account. With increasingrelaxation
of capital controls on foreign exchange transactions and growinginvolvement of
financial corporations in Third World domestic debt, the boundarybetween
domestic and foreign debt is becoming increasingly blurred. Data is scarcebut
we make a first attempt to quantify the problem.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=AGBookBQ-Light><span style='font-size:
10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light'><o:p> </o:p></span></font></p>
<p class=MsoNormal><b style='mso-bidi-font-weight:normal'><font size=2
face=AGBookBQ-Medium><span style='font-size:10.0pt;font-family:AGBookBQ-Medium;
mso-bidi-font-family:AGBookBQ-Medium;font-weight:bold;mso-bidi-font-weight:
normal'>Odious debt:</span></font></b><font size=2 face=AGBookBQ-Medium><span
style='font-size:10.0pt;font-family:AGBookBQ-Medium;mso-bidi-font-family:AGBookBQ-Medium'>
</span></font><font size=2 face=AGBookBQ-Light><span style='font-size:10.0pt;
font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light'>It seems
inherently unfair if a blatantly corrupt and dictatorial regimecan take out
loans in the name of its country, but without the consent of the people<span
class=GramE>,steal</span> the proceeds and then leave the unfortunate
inhabitants and their children topay back the creditors, without those
creditors taking any responsibility for knowinglylending to these odious
regime. Our report, </span></font><i><font size=2 face=AGBookBQ-LightItalic><span
style='font-size:10.0pt;font-family:AGBookBQ-LightItalic;mso-bidi-font-family:
AGBookBQ-LightItalic;font-style:italic'>Debt relief as if morals mattered</span></font></i><span
class=GramE><font size=2 face=AGBookBQ-Light><span style='font-size:10.0pt;
font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light'>,calculated</span></font></span><font
size=2 face=AGBookBQ-Light><span style='font-size:10.0pt;font-family:AGBookBQ-Light;
mso-bidi-font-family:AGBookBQ-Light'> the cost of odious lending to 13 case
study countries and showed that10 of them had odious debt greater than their
current outstanding debt and that 5of them have odious debt greater than their
national income. Lenders must be heldto account for irresponsible <span
class=GramE>lending,</span> including lending that sustains regimes thatviolate
human rights.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=AGBookBQ-Light><span style='font-size:
10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light'><o:p> </o:p></span></font></p>
<p class=MsoNormal><b style='mso-bidi-font-weight:normal'><font size=2
face=AGBookBQ-Medium><span style='font-size:10.0pt;font-family:AGBookBQ-Medium;
mso-bidi-font-family:AGBookBQ-Medium;font-weight:bold;mso-bidi-font-weight:
normal'>Mechanisms needed:</span></font></b><font size=2 face=AGBookBQ-Medium><span
style='font-size:10.0pt;font-family:AGBookBQ-Medium;mso-bidi-font-family:AGBookBQ-Medium'>
</span></font><font size=2 face=AGBookBQ-Light><span style='font-size:10.0pt;
font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light'>We conclude
that there needs to be a quasi-judicial processwhereby regimes can be declared
odious and mechanisms put in place for anorderly work-out of both odious and
unsustainable debt. As soon as there is such aworking mechanism there is going
to be a need for the inclusion of existing regimesif there is not to be the
unintended consequence that finance becomes a lot moreexpensive or even
impossible for any regime which might be considered odious infuture.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=AGBookBQ-Light><span style='font-size:
10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 face=AGBookBQ-Light><span style='font-size:
10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light'>We
recommend the creation of a panel of adjudicators chosen on a regional basisby
all legislatures. These adjudicators would sit in panels of three to assess thelegitimacy
of all regimes at the point of regime change. Present regimes could askfor a
review of the legitimacy of past governments. Where a regime was declaredodious,
loan agreements would cease to be enforceable in court.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=AGBookBQ-Light><span style='font-size:
10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 face=AGBookBQ-Light><span style='font-size:
10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light'>Whether
on grounds of the odious nature of their debts or their unsustainability,governments
should be able to call for a “Fair and Transparent Arbitration Procedure”(FTAP)
in which equal nominees of creditor and debtor would sit with a mutuallyagreed
chair to determine an orderly debt work-out. All creditors would be bound bysuch
a work-out, thus outlawing the behaviour of vulture funds.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=AGBookBQ-Light><span style='font-size:
10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 face=AGBookBQ-Light><span style='font-size:
10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light'>Loans
declared odious should be cancelled and compensation payable by thecreditor for
any debt service paid. Odious loans “laundered” by being repaid
(oftenby taking out new loans) should be compensated for by a rolling fund,
which woulditself seek recompense from the original odious lender and the
direct beneficiariesof the loan (ie the corrupt rulers and their associates).<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=AGBookBQ-Light><span style='font-size:
10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 face=AGBookBQ-Light><span style='font-size:
10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light'>Only in
this way can there be debt relief </span></font><i><font size=2
face=AGBookBQ-MediumItalic><span style='font-size:10.0pt;font-family:AGBookBQ-MediumItalic;
mso-bidi-font-family:AGBookBQ-MediumItalic;font-style:italic'>as if justice
mattered</span></font></i><font size=2 face=AGBookBQ-Light><span
style='font-size:10.0pt;font-family:AGBookBQ-Light;mso-bidi-font-family:AGBookBQ-Light'>.</span></font><font
size=2 face=AGBookBQ-Medium><span style='font-size:10.0pt;font-family:AGBookBQ-Medium;
mso-bidi-font-family:AGBookBQ-Medium'><o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=AGBookBQ-Medium><span style='font-size:
10.0pt;font-family:AGBookBQ-Medium;mso-bidi-font-family:AGBookBQ-Medium'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
</div>
</body>
</html>