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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_i1033" src=left-side.jpg alt="Description: K:\public_html\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 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K:\public_html\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_i1029" src=right2.jpg alt="Description: K:\public_html\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_i1028" src=left-bg.jpg alt="Description: K:\public_html\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> <p class=MsoNormal><span style='font-size:10.0pt;mso-fareast-font-family: "Times New Roman";display:none;mso-hide:all'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellpadding=0 width=546 style='width:409.5pt;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:1'> <td width=536 colspan=2 valign=top style='width:402.0pt;padding:.75pt .75pt .75pt .75pt'> <ul> <li> <p style="margin-top: 0; margin-bottom: 0"> <font size="3" face="Times New Roman">01/26/2012 | 5:30pm | GA008</font><ul> <li> <p style="margin-top: 0; margin-bottom: 0"> <font face="Times New Roman" size="3">Topic: Introductory Meeting</font></li> </ul> <p style="margin-top: 0; margin-bottom: 0">&nbsp;</li> <li> <p style="margin-top: 0; margin-bottom: 0"> <font face="Times New Roman" size="3">02/02/2012 | 5:30pm | GA008</font><ul> <li> <p style="margin-top: 0; margin-bottom: 0"> <font face="Times New Roman" size="3">Topic: Try Outs</font></li> </ul> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left: .5in;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l2 level1 lfo1; tab-stops:list .5in'>&nbsp;</p></li> </ul> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left: 1.0in;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l2 level2 lfo1; tab-stops:list 1.0in'><span style='font-size:12.0pt'> <o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=102 valign=top style='width:76.5pt;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"'>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 width=434 valign=top style='width:325.5pt;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'>&nbsp;<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3;height:19.5pt'> <td width=102 valign=top style='width:76.5pt;padding:.75pt .75pt .75pt .75pt; height:19.5pt'> <p class=MsoNormal><span style='font-size:10.0pt;mso-fareast-font-family: "Times New Roman"'>Team Members<o:p></o:p></span></p> </td> <td width=434 valign=top style='width:325.5pt;padding:.75pt .75pt .75pt .75pt; height:19.5pt'> <p class="MsoNormal"><u>Presentation Team</u>: <b>Ryan Delgado, Sam Grote, Russell Martin, Sean Myers, Nick Nohling, Andrew Owens (Captain)</b></p> <p class=MsoNormal>&nbsp;</p> <p class="MsoNormal"><u>Research Team</u>: <b>Sam Dawson, Sarah Eum, Blake Falk, Sam Gu, Dan Kearby, Yonghwa Kim, Zak May, Te Qi, Lissette Saca (Captain), Gabriel Tan, Stephen Wolf, Elizabeth Woodward</b></p> <p class=MsoNormal>&nbsp;</p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=102 valign=top style='width:76.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:10.0pt;mso-fareast-font-family: "Times New Roman"'>&nbsp;<o:p></o:p></span></p> </td> <td width=434 valign=top style='width:325.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:10.0pt;mso-fareast-font-family: "Times New Roman"'>&nbsp;<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=102 valign=top style='width:76.5pt;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'>Audience member <o:p></o:p></span></p> </td> <td width=434 valign=top style='width:325.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:9.0pt;mso-fareast-font-family: "Times New Roman";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. </span><span style='font-size:10.0pt;mso-fareast-font-family: "Times New Roman";color:black'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6;height:19.5pt'> <td width=102 valign=top style='width:76.5pt;padding:.75pt .75pt .75pt .75pt; height:19.5pt'> <p class=MsoNormal><span style='font-size:10.0pt;mso-fareast-font-family: "Times New Roman"'>&nbsp;<o:p></o:p></span></p> </td> <td width=434 valign=top style='width:325.5pt;padding:.75pt .75pt .75pt .75pt; height:19.5pt'> <p class=MsoNormal><span style='font-size:10.0pt;mso-fareast-font-family: "Times New Roman"'>&nbsp;<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:7;mso-yfti-lastrow:yes;height:19.5pt'> <td width=102 valign=top style='width:76.5pt;padding:.75pt .75pt .75pt .75pt; height:19.5pt'> <p class=MsoNormal><span style='font-size:10.0pt;mso-fareast-font-family: "Times New Roman"'>&nbsp;Credit Options<o:p></o:p></span></p> </td> <td width=434 valign=top style='width:325.5pt;padding:.75pt .75pt .75pt .75pt; height:19.5pt'> <p class=MsoNormal><span style='font-size:9.0pt;mso-fareast-font-family: "Times New Roman"'>T<span style='color:black'>eam 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.</span></span><span style='font-size:10.0pt;mso-fareast-font-family:"Times New Roman"; color:black'><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 style='width:542px;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'>&nbsp;</td> <td style='padding:.75pt .75pt .75pt .75pt' class="MsoChpDefault"> <font face="Tahoma">2011- National Competition - <a href="http://www.federalreserve.gov/newsevents/press/other/20111129a.htm">Honorable Mention</a> | <a href="https://college.unc.edu/news-and-media/news-archive/december2011/fedchallenge"> UNC Press Release</a></font></td> </tr> <tr style='mso-yfti-irow:2'> <td style='padding:.75pt .75pt .75pt .75pt'>&nbsp;</td> <td style='padding:.75pt .75pt .75pt .75pt' class="MsoChpDefault"> <font face="Tahoma" size="2">2011 - <a href="Fed/Richmond2011.pdf">Fifth District - Winner</a> (<a href="Fed/Richmond2011.jpg">Photo</a>)</font></td> </tr> <tr style='mso-yfti-irow:2'> <td style='padding:.75pt .75pt .75pt .75pt'>&nbsp;</td> <td style='padding:.75pt .75pt .75pt .75pt' class="MsoChpDefault"> <font face="Tahoma" size="2">2011 - <a href="Fed/Charlotte2011.pdf">Charlotte Branch - Winner</a></font></td> </tr> <tr style='mso-yfti-irow:2'> <td style='padding:.75pt .75pt .75pt .75pt'></td> <td style='padding:.75pt .75pt .75pt .75pt'> <p> <span style='font-family:"Tahoma"; mso-fareast-font-family:"Times New Roman";color:black'><font size="2">2010  <a href="Fed/2010CharlotteNotice.pdf">Charlotte Branch - Winner</a> (<a href="http://www.unc.edu/~maguilar/Fed/2010CharlottePhoto.jpg">Photo</a>)</font><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> <span style='font-family:"Tahoma"; mso-fareast-font-family:"Times New Roman";color:black'><font size="2">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>)</font><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> <span style='font-family:"Tahoma"; mso-fareast-font-family:"Times New Roman";color:black'><font size="2">2009 - <a href="Fed/2009CharlotteVictory.pdf">Charlotte Branch - Winner</a> </font> <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> <span style='font-family:"Tahoma"; mso-fareast-font-family:"Times New Roman";color:black'><font size="2">2009 - Fifth District - Finalist </font> <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> <span style='font-family:"Tahoma"; mso-fareast-font-family:"Times New Roman";color:black'><font size="2">2008 - </font> <a href="Fed/UNC-Chapel%20Hill%20Wins%20F08.pdf"><font size="2">Charlotte Branch - Winner</font></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> <span style='font-family:"Tahoma"; mso-fareast-font-family:"Times New Roman";color:black'><font size="2">2008 - Fifth District - Finalist </font> <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 style='width:467px;padding:.75pt'> <p> <span style='font-family:"Tahoma"; mso-fareast-font-family:"Times New Roman";color:black'><font size="2">2007 - Charlotte Branch - Winner </font> <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> <span style='font-family:"Tahoma"; mso-fareast-font-family:"Times New Roman";color:black'><font size="2">2007 - Fifth District&nbsp; - Finalist </font> <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_i1027" src=head-links.jpg alt="Description: K:\public_html\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-size:8.5pt;font-family:"Verdana","sans-serif"'><a href="FedChallenge.htm">Current Schedule</a></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <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"'><a href="FedAY20102011.htm">Schedule: AY 2010/2011</a></span><span style='font-size:10.0pt;mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4;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"'><a href="FedAY20092010.htm">Schedule: AY 2009/2010</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_i1026" src=right-bg.jpg alt="Description: K:\public_html\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_i1025" src=bottom.jpg alt="Description: K:\public_html\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>