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<![endif]--><!--[if gte mso 9]><xml> <o:shapelayout v:ext="edit"> <o:idmap v:ext="edit" data="1"/> </o:shapelayout></xml><![endif]--> </head> <body bgcolor="#97BEE5" lang=EN-US link="#0186C1" vlink="#0186C1" style='tab-interval:.5in'> <div class=WordSection1> <div align=center> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 style='mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td style='padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-no-proof:yes'> <img width=17 height=87 id="_x0000_i1058" src="left-side.jpg"></span><span style='font-size:8.5pt;font-family:"Verdana","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><o:p></o:p></span></p> </td> <td colspan=2 valign=top style='background:#0286C2;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-no-proof:yes'> <img width=780 height=87 id="_x0000_i1057" src="header.jpg"></span><span style='font-size:8.5pt;font-family:"Verdana","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-no-proof:yes'> <img width=17 height=87 id="_x0000_i1056" src="right-side.jpg"></span><span style='font-size:8.5pt;font-family:"Verdana","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td style='padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-no-proof:yes'> <img width=17 height=28 id="_x0000_i1055" src="left2.jpg"></span><span style='font-size:8.5pt;font-family:"Verdana","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><o:p></o:p></span></p> </td> <td colspan=2 style='background:#0286C2;padding:0in 0in 0in 0in'><!--/////////////////////// Start Top Navigation ////////////////////////////--> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:white'><a href="http://www.unc.edu/"><span style='color:white'>UNC at Chapel Hill </span></a>| <a href="http://www.unc.edu/depts/econ"><span style='color:white'>Dept. of Economics </span></a><o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'> <p class=MsoNormal><!--/////////////////////// End Top Navigation ////////////////////////////--><span style='font-size:8.5pt;font-family:"Verdana","sans-serif";mso-fareast-font-family: "Times New Roman";color:black;mso-no-proof:yes'> <img border=0 width=17 height=28 id="_x0000_i1054" src="right2.jpg"></span><span style='font-size:8.5pt;font-family:"Verdana","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2;height:676.5pt'> <td style='padding:0in 0in 0in 0in;height:676.5pt' background="left-bg.jpg"> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-no-proof:yes'> <img border=0 width=17 height=14 id="_x0000_i1053" src="left-bg.jpg"></span><span style='font-size:8.5pt;font-family:"Verdana","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><o:p></o:p></span></p> </td> <td width=557 valign=top style='width:417.75pt;background:white;padding:0in 0in 0in 0in; height:676.5pt'> <p><span style='color:black'><br> </span><span class=style11><!--/////////////////////// Start Body ////////////////////////////--><span style='font-size:13.5pt;color:black'>UNC-CH Fed Challenge</span></span><span style='color:black'> <o:p></o:p></span></p> <table class=MsoNormalTable border=0 cellpadding=0 width=548 style='width:411.0pt;mso-cellspacing:1.5pt;mso-yfti-tbllook:1184;mso-padding-alt: 0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td colspan=2 style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><!--/////////////////////// End Body ////////////////////////////--><dfn><span style='font-size:8.5pt;font-family:"Verdana","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'>The College Fed Challenge has been introduced to help students become more knowledgeable about the Fed and the decision making process used by the Federal Open Market Committee (FOMC), the Federal Reserve System's monetary-policy setting body. Research suggests that students acquire knowledge best through their active involvement in the learning experience. With that in mind, the College Fed Challenge asks economics and business students, represented by three to five-member teams, to undertake research, analyze data about current and near-term economic conditions and then decide upon a specific course for monetary policy. The teams then make presentations based upon their research and analysis and make interest rate recommendations before a panel of judges.</span></dfn><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=204 style='width:153.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>&nbsp;<o:p></o:p></span></p> </td> <td width=334 style='width:250.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>-The College Fed Challenge Handbook <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes'> <td colspan=2 style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>&nbsp;<o:p></o:p></span></p> </td> </tr> </table> <table class=MsoNormalTable border=0 cellpadding=0 style='width:546px;mso-cellspacing:1.5pt;mso-yfti-tbllook:1184;mso-padding-alt: 0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td colspan=2 style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span class=style71><span style='font-size:8.5pt; font-family:"Verdana","sans-serif";mso-fareast-font-family:"Times New Roman"'>SCHEDULE</span></span><span style='font-size:8.5pt;font-family:"Verdana","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:64'> <td valign=top style='padding:.75pt .75pt .75pt .75pt' width="536" colspan="2"> <ul> <li> <p style="margin-top: 0; margin-bottom: 0"><b><font size="3">4/17/2011 | 12:00pm | GA211</font></b><ul> <li> <p style="margin-top: 0; margin-bottom: 0"><font size="3">Triangle Fed Challenge</font></li> <li> <p style="margin-top: 0; margin-bottom: 0"><font size="3"> Competition between Duke &amp; UNC-CH </font><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>(<a href="http://www.unc.edu/~maguilar/Fed/TFCS11.gif">Photo</a>)<o:p></o:p></span></li> </ul> <p style="margin-top: 0; margin-bottom: 0">&nbsp;</li> <li> <p style="margin-top: 0; margin-bottom: 0"><font size="3"><b>4/14/2011 | 5:15pm&nbsp;&nbsp; | GA106</b></font></p> <p style="margin-top: 0; margin-bottom: 0">&nbsp;</li> <li> <p style="margin-top: 0; margin-bottom: 0"><font size="3"><b>4/07/2011 | 5:15pm&nbsp;&nbsp; | GA106</b></font></p> <p style="margin-top: 0; margin-bottom: 0">&nbsp;</li> <li> <p style="margin-top: 0; margin-bottom: 0"><font size="3"><b>3/31/2011 | 5:15pm&nbsp;&nbsp; | GA106</b></font></p> <p style="margin-top: 0; margin-bottom: 0">&nbsp;</li> <li> <p style="margin-top: 0; margin-bottom: 0"><font size="3"><b>3/24/2011 | 5:15pm&nbsp;&nbsp; | GA106</b></font></p> <p style="margin-top: 0; margin-bottom: 0">&nbsp;</li> <li> <p style="margin-top: 0; margin-bottom: 0"><b><font size="3">3/17/2011 | 7:00pm | GA08</font></b><ul> <li> <p style="margin-top: 0; margin-bottom: 0"><font size="3">Rick Kaglic - Economist, The Federal Reserve Bank of Charlotte</font></li> <li> <p style="margin-top: 0; margin-bottom: 0"><font size="3">&quot;Reflections on Four Years of Crisis: Tales From Two Fronts&quot; &nbsp;</font></li> </ul> <p style="margin-top: 0; margin-bottom: 0">&nbsp;</li> <li> <p style="margin-top: 0; margin-bottom: 0"><b><font size="3">2/24/2011 | 5:30pm | GA08</font></b><ul> <li> <p style="margin-top: 0; margin-bottom: 0"><font size="3">Intro to the Fed Challenge</font></li> <li> <p style="margin-top: 0; margin-bottom: 0"><font size="3">&quot;<a href="Fed/StateofEconomyS11.pptx" style="color: #0186C1; text-decoration: none; text-underline: none; text-line-through: none">State of the US Economy</a>&quot;, by Lissette Saca</font></li> <li> <p style="margin-top: 0; margin-bottom: 0"> <span style="font-size: 12.0pt; font-family: 'Times New Roman',serif">&quot;How did the Fed do? An empirical assessment of the Fed&#39;s new initiatives in the financial crisis&quot; -- Review my Michael Ayesh </span></li> <li> <p style="margin-top: 0; margin-bottom: 0"><font size="3">&quot;<a href="Fed/FC_CausesofCrisis.pptx" style="color: #0186C1; text-decoration: none; text-underline: none; text-line-through: none">Causes of the Financial Crisis</a>&quot;, by Andrew Owens (<a href="http://www.youtube.com/watch?v=cnN9Kr2K2M0" style="color: #0186C1; text-decoration: none; text-underline: none; text-line-through: none">YouTube Video</a>)</font></li> </ul> <p style="margin-top: 0; margin-bottom: 0">&nbsp;</li> <li> <p style="margin-top: 0; margin-bottom: 0"><b><font size="3">11/02/2010 </font></b> <ul> <li> <p style="margin-top: 0; margin-bottom: 0"><font size="3">Regional Branch Competition - Charlotte</font></li> </ul> <p style="margin-top: 0; margin-bottom: 0">&nbsp;</li> <li> <p style="margin-top: 0; margin-bottom: 0"><b><font size="3">11/19/2010</font></b><ul> <li> <p style="margin-top: 0; margin-bottom: 0"><font size="3">District Competition - Richmond</font></li> </ul> </li> </ul> <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td> </tr> <tr style='mso-yfti-irow:65'> <td valign=top style='padding:.75pt .75pt .75pt .75pt' width="102"> <p class=MsoNormal><span class=style71><span style='font-size:8.5pt; font-family:"Verdana","sans-serif";mso-fareast-font-family:"Times New Roman"'>PARTICIPATION</span></span><span style='font-size:8.5pt;font-family:"Verdana","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt' width="434"> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>&nbsp;<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:66'> <td valign=top style='padding:.75pt .75pt .75pt .75pt' width="102"> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>Audience member <o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt' width="434"> <p><span style='color:black'>You are welcome to attend any of our open meetings. We encourage your participation. Feel free to join our email list fed@listserv.unc.edu for announcements of dates / times of upcoming meetings. Simply send an email to &quot;owner-fed@listserv.unc.edu&quot; to request addition to the listserv. <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:67'> <td valign=top style='padding:.75pt .75pt .75pt .75pt' width="102"> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>&nbsp;<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt' width="434"> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>&nbsp;<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:68;mso-yfti-lastrow:yes;height:88.5pt'> <td valign=top style='padding:.75pt .75pt .75pt .75pt;height:88.5pt' width="102"> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>Team member <o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt;height: 88.5pt' width="434"> <p><span style='color:black'>We accept &quot;try-outs&quot; for prospective team members on a rolling basis. If you are interested, please fill out the attached <a href="Fed/2010-FedTeamApplication.rtf">form</a>. If you are accepted, you will have access to the Fed Challenge Blackboard site, take part in all open and closed meetings, and have the opportunity to participate in regional competitions. Moreover, team members may receive credit for participation. This <a href="Fed/Econ496_Fed_Fall2010_syllabus.pdf">document</a> provides further details of for credit options. Please contact the faculty advisor (Mike Aguilar: maguilar@email.unc.edu) if you are interested in joining the team.<o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;display:none; mso-hide:all'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellpadding=0 width=381 style='width:285.75pt;mso-cellspacing:1.5pt;mso-yfti-tbllook:1184; mso-padding-alt:0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td colspan=2 style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span class=style71><span style='font-size:8.5pt; font-family:"Verdana","sans-serif";mso-fareast-font-family:"Times New Roman"'>RESULTS</span></span><span style='font-size:8.5pt;font-family:"Verdana","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td style='padding:.75pt .75pt .75pt .75pt'></td> <td style='padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:2'> <td style='padding:.75pt .75pt .75pt .75pt'></td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>2010  <a href="Fed/2010CharlotteNotice.pdf">Charlotte Branch Winner</a> (<a href="http://www.unc.edu/~maguilar/Fed/2010CharlottePhoto.jpg">Photo</a>)<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td style='padding:.75pt .75pt .75pt .75pt'></td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>2010  <a href="http://www.unc.edu/~maguilar/Fed/2010RichmondNotice.pdf">Fifth District Finalist</a> (<a href="http://www.unc.edu/~maguilar/Fed/2010RichmondPhoto.jpg">Photo</a>)<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>&nbsp;<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>2009 - <a href="Fed/2009CharlotteVictory.pdf">Charlotte Branch Winner</a> <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>&nbsp;<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>2009 - Fifth District Finalist <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>&nbsp;<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>2008 - <a href="Fed/UNC-Chapel%20Hill%20Wins%20F08.pdf">Charlotte Branch Winner</a><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>&nbsp;<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>2008 - Fifth District Finalist <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=65 style='width:48.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>&nbsp;<o:p></o:p></span></p> </td> <td width=306 style='width:229.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>2007 - Charlotte Brach Winner <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:9;mso-yfti-lastrow:yes'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>&nbsp;<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>2007 - Fifth District Finalist <o:p></o:p></span></p> </td> </tr> </table> <p><span style='color:black'>&nbsp;<o:p></o:p></span></p> </td> <td width=223 valign=top style='width:167.25pt;background:#E5EFF8;padding: 0in 0in 0in 0in;height:676.5pt'> <p><span style='color:black;mso-no-proof:yes'> <img border=0 width=170 height=20 id="_x0000_i1052" src="head-links.jpg"></span><span style='color:black'><o:p></o:p></span></p> <table class=MsoNormalTable border=0 cellpadding=0 width=200 style='width:150.0pt;mso-cellspacing:1.5pt;mso-yfti-tbllook:1184;mso-padding-alt: 0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'><a href="http://www.richmondfed.org/education/for_teachers/academic_competitions/college_fed_challenge/index.cfm">College Fed Challenge-Richmond</a><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'><a href="http://studentorgs.unc.edu/econclub/">UNC-CH Economics Club </a><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal> <span style="font-family: Verdana,sans-serif; font-size: 8.5pt"> <a href="FedChallenge.htm">Current Schedule</a></span></p> </td> </tr> </table> </td> <td style='padding:0in 0in 0in 0in;height:676.5pt' background="right-bg.jpg"> <p><span style='color:black'>&nbsp;<o:p></o:p></span></p> <p><span style='color:black'>&nbsp;<o:p></o:p></span></p> <p><span style='color:black'>&nbsp;<o:p></o:p></span></p> <p><span style='color:black'>&nbsp;<o:p></o:p></span></p> <p><span style='color:black'>&nbsp;<o:p></o:p></span></p> <p><span style='color:black;mso-no-proof:yes'> <img border=0 width=17 height=9 id="_x0000_i1051" src="right-bg.jpg"></span><span style='color:black'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3;mso-yfti-lastrow:yes'> <td colspan=4 style='padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-no-proof:yes'> <img border=0 width=814 height=17 id="_x0000_i1050" src="bottom.jpg"></span><span style='font-size:8.5pt;font-family:"Verdana","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><o:p></o:p></span></p> </td> </tr> <![if !supportMisalignedColumns]> <tr height=0> <td width=17 style='border:none'></td> <td width=557 style='border:none'></td> <td width=223 style='border:none'></td> <td width=17 style='border:none'></td> </tr> <![endif]> </table> </div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </div> </body> </html>