In the independent auditors' report included with the annual report,management discusses the financial statements and provides the shareholders with explanations for certain amounts reported in the statements.

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The independent auditors' report is prepared by the external auditors, not management, and it provides an opinion on the fairness of the financial statements. Management's discussion and analysis of the financial statements is a separate section of the annual report.

In the Independent Auditors' Report Included with the Annual Report,management