Citation
Research-based models and strategies in low socioeconomic kindergartens

Material Information

Title:
Research-based models and strategies in low socioeconomic kindergartens implementation and teacher perceptions
Creator:
Hopkins, Pamela Kay
Publication Date:
Language:
English
Physical Description:
x, 197 leaves : forms ; 28 cm

Subjects

Subjects / Keywords:
Children with social disabilities -- Education (Preschool) -- Case studies ( lcsh )
Children with social disabilities -- Education (Preschool) ( fast )
Genre:
Case studies. ( fast )
bibliography ( marcgt )
theses ( marcgt )
non-fiction ( marcgt )
Case studies ( fast )

Notes

Bibliography:
Includes bibliographical references.
General Note:
Submitted in partial fulfillment of the requirements for the degree, Doctor of Philosophy, School of Education and Human Development.
Statement of Responsibility:
by Pamela Kay Hopkins.

Record Information

Source Institution:
University of Colorado Denver
Holding Location:
Auraria Library
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
25678033 ( OCLC )
ocm25678033
Classification:
LD1190.E3 1991d .H66 ( lcc )

Downloads

This item has the following downloads:


Full Text
RESEARCH-BASED MODELS AND STRATEGIES
IN LOW SOCIOECONOMIC KINDERGARTENS:
IMPLEMENTATION AND TEACHER PERCEPTIONS
by
Pamela Kay Hopkins
B. A., University of Northern Colorado, 1967
M. Ed., University of Arizona, 1970
A thesis submitted to the
Faculty of the Graduate School of the
University of Colorado in partial fulfillment
of the requirements for the degree of
Doctor of Philosophy
School of Education
1991


This thesis for the Doctor of Philosophy degree by
Pamela Kay Hopkins
has been approved for the
School of
Education
by


LHarriet Boone^

David Melendez

f) Suzanne
LiC Wy
Helburn
Date / ~ Y~ ? /


Hopkins, Pamela Kay (Ph.D., Education)
Research-based Models and Strategies in Low Socioeconomic
Kindergartens: Implementation and Teacher Perceptions
Thesis directed by Associate Professor Russell Meyers
The study sought to determine the extent to which strategies
that research suggests are effective in increasing achievement of
disadvantaged children were present in kindergarten classrooms. The
study also examined reasons why teachers implemented or did not
implement these strategies. Data were gathered from two kindergarten
classrooms in each of three districts. One of these classrooms was
in a school that had a relatively high proportion of low SES children
and the other in a school with a similar proportion of high SES
children.
The strategies were identified through a review of the
literature on programs that have been implemented with young
disadvantaged children, particularly the research on Head Start and
Project Follow Through programs, that of the Consortium for
Longitudinal Studies, and that on specific programs aimed at
particular areas of the curriculum. Data were gathered primarily
through participant observation and interview methodologies.
Artifact/document analysis procedures were also used.
The study found that a limited number of the identified
strategies were used extensively in the six classrooms. Whole group
instruction and learning centers were most frequently used. The
extent to which strategies were used varied across classrooms and
districts. The identified strategies tended to be utilized somewhat


iv
less frequently in the low SES than in the high SES classrooms. In
general, teachers' explanations for choice of strategies did not
demonstrate the conceptual foundations associated with the
strategies. Their explanations primarily included that they were
preparing children for first grade and had greater confidence in
direct instruction than in developmental techniques to do this, that
they were following school or district emphases because of pilot
programs or principal/staff choice of direction, and that they were
influenced by report cards.
There was a gap between current knowledge of research-based
strategies for educating disadvantaged children and the
implementation of these strategies. Only one classroom in the study
demonstrated a clear instructional plan. Theoretical factors that
relate to teachers' classroom strategies and means of rationalizing
internal conflict in their work were explored. Implications for
administration, staff development, and policy and recommendations for
creating effective kindergarten classrooms were presented.


V
ACKNOWLEDGMENTS
The author expresses gratitude to Dr. Russell Meyers for his
guidance, his careful attention to detail, and his high level of
concern and support as he ended his own productive career that was
distinguished by a genuine commitment to students. The author also
thanks Dr. David Melendez, Dr. Harriet Boone, and Dr. Mike Martin for
their support and suggestions.
A special thank-you goes to the teachers who permitted the
author to observe their classrooms and talk to them about their work.
Their willingness to openly share their world of kindergarten with
the author was the key to this study's efforts at understanding that
world for at-risk children.
The greatest thank you is extended for my husband Tom's patience
and consistent support, and for the early and continuing personal
support of my parents and my children, Amy, Dustin, and Amanda, and
Michelle and Thomas Jr.


CONTENTS
CHAPTER
I. INTRODUCTION......................................... 1
Statement of the Problem............................ 6
Limitations of the Study............................ 7
Definition of Terms................................. 8
Significance of the Study........................... 8
II. REVIEW OF RELATED LITERATURE........................ 10
Organization of the Present Chapter................ 10
Head Start and Project Follow Through.............. 13
Project Follow Through Sponsored Instructional
Programs....................................... 16
The Two Instructional Modelr....................... 19
The Developmental Model.......................... 21
The Direct Instruction Model..................... 24
Comparison of Developmental and
Direct Instruction Models...................... 26
Studies of Model Effectiveness..................... 27
Head Start Planned Variation Study............... 27
Project Follow Through Planned Variation
Study.......................................... 29
Consortium for Longitudinal Studies.............. 30
Summary of Model Effectiveness Research.......... 35
Specific Effective Strategies...................... 36
Strategies in Effective Programs Developed
for At-Risk Children........................... 36
Other Strategies Derived from the
Literature..................................... 45
Summary of Strategy Research..................... 48
Kindergarten Research.............................. 50


VI 1
Comparative Kindergarten Studies................. 50
Teacher Perceptions.............................. 54
Summary............................................ 59
III. METHODOLOGY........................................ 60
Issues in Qualitative Research..................... 60
Subjectivity..................................... 61
Reliability and Validity......................... 62
Observer Role.................................... 64
Selection of Sites and Subjects.................... 66
Data Collection.................................... 67
Ethnographic Interviews.......................... 68
Participant Observation.......................... 69
Document/Artifact Analysis....................... 70
Data Recording..................................... 70
Data Analysis...................................... 72
Developmental Research Sequence.................. 74
Coding........................................... 77
Analysis of Trends................................. 79
IV. FINDINGS........................................... 81
Kindergarten Teachers and Their Strategies......... 82
Ms. A, School A1................................. 83
Ms. D, School A2................................. 89
Ms. A and Ms. D................................. 95
Ms. B, School B1................................. 96
Ms. E, School B2................................ 103
Ms. B and Ms. E................................ 109


V L 11
Ms. C, School Cl................................ Ill
Ms. F, School C2................................ 116
Ms. C and Ms. F................................. 121
Summary of Ethnographic Data...................... 123
Quantified Findings............................... 129
Research-Based Strategies by SES Category...... 130
Research-Based Strategies by Pairs of
Schools....................................... 137
Teacher Rationales.............................. 145
Other Direct Instruction and Developmental
Strategies...................................... 149
Final Summary of Findings......................... 156
V. CONCLUSIONS, IMPLICATIONS, AND
RECOMMENDATIONS FOR FURTHER STUDY............... 160
Study Methodology and Design...................... 160
Summary of Findings............................... 161
Research-Based Strategies....................... 161
Relationship of Strategies to Instructional
Plan.......................................... 163
Teacher Rationales.............................. 164
Effective Kindergarten Classrooms............... 166
Conclusions and Implications...................... 167
Theoretical Implications.......................... 171
Policy Implications............................... 173
Recommendations for Further Study................. 179
REFERENCES................................................... 183
APPENDICES
A. INTERVIEW QUESTIONS.................................. 190


IX
B. RESEARCH-BAS ED STRATEGIES.......................... 192
C. TAXONOMIC ANALYSIS.................................. 193
D. INFORMED CONSENT LETTER............................. 196


X
TABLES
Table
1. Synthesis of Stallings' Follow Through Categories and Programs 20
2. Effective Kindergarten Programs 39
3. Participating Schools' Free/Reduced Lunch Percentage 66
4. Number of Research-Based Strategies Observed by Classroom SES: Direct Instruction Model 133
5. Number of Research-Based Strategies Observed by Classroom SES: Developmental Model 134
6. Number of Research-Based Strategies Observed by Classroom SES: Not Model-Determined 135
7. Summary of Research-Based Strategies that Demonstrate Substantial Differences by Classroom SES 136
8. Number of Research-Based Strategies Observed by Classrooms in School Districts: Direct Instruction Model 138
9. Number of Research-Based Strategies Observed by Classrooms in School Districts: Developmental Model 139
10. Number of Research-Based Strategies Observed by Classrooms in School Districts: Not Model-Determined 141
11. Number of Research-Based Strategies from Interviews in School Districts: Not Model-Determined 142
12. Summary of Research-Based Strategies That Demonstrate Substantial Differences by School District 143
13. Number of Teacher Rationales by Classroom SES 146
14. Number of Teacher Rationales by Classroom in School Districts 147
15. Number of Other Direct Instruction and Developmental Strategies by Classroom SES 150
16. Number of Other Direct Instruction Strategies by Classroom in School Districts 152
17. Number of Other Developmental Strategies by Classroom in School Districts 154


CHAPTER I
INTRODUCTION
Early intervention is one of the strategies most consistently
suggested in the recent reports on the improvement of public
education for "at-risk" students (Committee for Economic Development,
1987; National Coalition of Advocates for Students, 1985; National
Governors' Association, 1986). Although a variety of conditions are
associated with a student being at-risk, coming from a low
socioeconomic family has been a chief factor identified in the
literature for years (Druian & Butler, 1987). The number of
children in poverty families is increasing nationally. The
proportion of children in poverty stayed at about 16% between 1969
and 1979, but it rose dramatically to 22% from 1979 to 1983. For
children under five, the poverty rate was more than 23% (Koretz &
Ventresca, 1984). Thus, young children from low socioeconomic
backgrounds and the political, economic, and sociological
implications of their plight are national concerns, and early
intervention with a view toward changing aspects of that plight is a
current educational concern.
This study is based upon two premises supported by recent
research on effective instructional practices for young at-risk
children. First, there must be a clear instructional plan in place
in the classroom, and, second, specific, systematic instructional
strategies which fit the context of that plan must
be used. These were illustrated by Karweit in Effective Kindergarten
Programs and Practices for Students at Risk (1987):


2
Thus, although different approaches may be effective,
effective kindergarten practices incorporate specific
materials, management plans, activities, and structures.
The teachers have an instructional plan which they follow
and specific activities which make sense in the context of
the plan. (p. 23)
Lysiak and Evans (1976) also found that lower SES students, in
particular, benefit from a structured curricular approach. Karweit
defined structure as a "systematic approach to instructional
delivery" (1987, p. 24).
The national concern about children in poverty has strong
parallels in the political agenda and economic and sociological
implications that were the norm in America 25 years ago. Head Start,
launched in 1965 as a product of the Civil Rights Era and the War on
Poverty, in 1986 had a budget of $1.2 million and served over 450,000
children per year, but was recently estimated to serve less than 20%
of the children who need it (U. S. Dep't. of Health and Human
Services, 1987). Head Start has been characterized by alternating
states of euphoria and pessimism, beginning with the euphoria of the
War on Poverty years, proceeding through the early reports that Head
Start did not make a lasting difference and the defensive posture of
the mid-1970s which followed, and, more recently, an increase again
in federal funding after the reports of the Consortium for
Longitudinal Studies in 1983. Head Start is enjoying a renewed place
in the spotlight with the current interest in early childhood
learning. It is the best known example of early intervention efforts
designed to improve the plight of poor children.
The most complete analyses of early childhood instructional
programs are those found in the various reports concerned with Head


3
Start evaluation and Project Follow Through Planned Variation. The
latter were federally funded projects designed to provide continuing
intervention to disadvantaged children and to assess longitudinally
the results of different programs as the early Head Start students
moved through public elementary schools enrolled in these Follow
Through Planned Variation programs. The hope of the Planned
Variation research was that the most effective approaches for
education of children in poverty would be identified. But, the
research was plagued with bureaucratic, budget, and design problems,
showed no clear superiority for any one program, and produced less
favorable evidence of effectiveness than was hoped for at the time.
Even so, much of our current knowledge about early childhood
instructional models and about the implementation of innovations in
the public schools derives from this research. Head Start has been
called a "national laboratory for intervention efforts" (Valentine,
Ross, & Zigler, 1980, p. 39).
Researchers with the Center for Childrens' Policy at the Bank
Street College of Education and the Center for Research on Women at
Wellesley College recently completed a major study on the
involvement of public schools in early childhood programs. The
researchers found that 28 of the 50 states and the District of
Columbia were supporting prekindergarten education; half of the 28
states contracted directly with private agencies and half permitted
only public schools to offer programs--either directly or through
subcontracts with nonprofit schools or Head Start (Strother, 1987).
The Bank Street/Wellesley researchers found that teaching


u
methods and curricula among the programs they studied varied greatly,
from open-ended and child-directed programs to highly skills-based,
structured programs (Strother, 1987). States were evenly divided
between those that mandated comprehensive developmental models and
those that prescribed no set curricular model or stressed cognitive
skills (Gold, 1987). In 1965, those who implemented Head Start also
found widely differing theories among researchers concerning why,
and in what way, poverty impacted children and how children learn,
and correspondingly different instructional programs as a result.
Agreement on the most effective early childhood model has not been
reached, as illustrated by the Bank Street/Wellesley study and others
which are discussed later. However, areas for which each of the two
major models were shown to be effective were derived from the Head
Start/Follow Through research, and more recent research is pointing
to strategies which seem to have a particular impact on the
achievement of at-risk students at the kindergarten and elementary
levels (Karweit, 1987; Slavin & Madden, 1989).
According to Grubb (1987), public school early childhood policy
is being created in many places from scratch without the
reconciliation of the conflict between the goals and methodology of
elementary educators and those of early childhood educators. Grubb
stated that most preschool programs rely on a developmental Piagetian
model, in which children learn through their own experimentation, but
that elementary schools follow a direct instruction behaviorist model
in which children learn through structured interaction with the
teacher and are graded on their performance. Kindergartens lie


5
between these two periods of education, and the debate over
instructional models at the kindergarten level also centers on these
two approaches.
Increasing public school involvement in preschool education has
also produced an intensified focus on kindergarten education. Boyer
cited the statistic that, in 1983, 53% of upper- and middle-income
families (annual incomes above $20,000) enrolled their children in
preschool programs, but only 29% of low-income families (annual
income below $10,000) did so (1987, p. 6). Thus, kindergarten is
the first early childhood experience for many children from low
income backgrounds. Further, for other children, it may be an
extension of Head Start or similar programs, and the quality,
consistency, and clarity of that extension are key issues for the
public schools.
In their discussion of High/Scope Research Foundation's long-
term effectiveness study of three preschool curriculum models,
Schweinhart and Weikart stated a concern about kindergarten programs
which underlies this writer's motivation for undertaking the present
study:
An additional area of concern that these data generate is
about the type of teaching and learning in today's
kindergarten. Traditionally, kindergartens have operated in
a developmental style that provides ample time for
child-initiated learning. Lately, as concerns for
achievement test scores in later grades have escalated,
kindergartens have become more teacher directed and
knowledge-focused. While the study did not look at
five- and six-year olds, we know that they typically
are in the same cognitive developmental stages as preschool
youngsters. Questions need to be asked about the
implications of this study for kindergarten practices.
(1986, p. 6)


6
Statement of the Problem
This study sought to determine the degree of implementation of
specific practices and strategies by kindergarten teachers and the
reasons for which teachers either implemented or did not implement
them. The specific practices and strategies are those which research
suggests may be particularly effective with young, lower
socioeconomic status children. Two specific research questions were
formulated to guide the study:
1. To what extent are the strategies which research
suggests are particularly effective with young, lower socioeconomic
status students being used in kindergartens containing a
preponderance of either lower or higher socioeconomic status
students?
2. For what reasons do teachers implement (or not
implement) these instructional strategies or other strategies which
are found in these kindergartens?
As the review of literature in Chapter Two indicates, research
has identified positive interactions between the achievement of at-
risk, lower socioeconomic students and areas of the two major
instructional models and specific strategies. These specific areas
and strategies may be effective with higher SES students as well as
with low SES students, but they have been emphasized in programs
developed for disadvantaged students. It is not possible to isolate
all of the individual strategies and test each one specifically for
interaction with SES (or any other variable), but the strategies do


/
have a research base that indicates significant achievement or other
beneficial gains for the children in programs which emphasized these
strategies.
The research literature also supports the importance of
following a structured instructional model or plan that is clearly
understood by the teacher. Thus, the second research question sought
to determine the extent to which practices in these kindergartens
were consistent with such a structured plan which also served as a
teacher's reason for implementing these practices.
Limitations of the Study
The qualitative study utilized triangulation of data from
participant observation, interviews, and artifact/document analysis.
As such, it did not attempt to generalize results based upon size of
sample, sampling procedures, or study design. Rather, it relied upon
depth and tying findings to related research for "comparability and
translatability" of results (Goetz & LeCompte, 1984).
The study was done in three school districts in a mid-sized
Colorado urban-suburban area, and generalizability of findings to
inner-city or rural areas, or to different geographic areas, may be
limited.


Definition of Terms
For the purposes of this study, low socioeconomic kindergartens
were defined as those in schools where 50% or more of the school
population qualify for free or reduced lunches on the basis of family
income. Higher socioeconomic kindergartens were defined as those
where less than 25% of the population qualify for free or reduced
lunches (Firestone & Wilson, 1986). Use of other definitions may
have produced different results.
Some terms for instructional models which appear in the
literature are used interchangeably. For the purposes of this study,
the term, "direct instruction models" is used to represent
"programmed", "behavioral", or "back to basics" models. The term,
"developmental models" is used to represent "experiential", "child-
centered", or "open education" models.
Significance of the Study
Currently, the national focus on early intervention in the
public schools is increasing. Effective programming for the at-risk
population is a major educational concern. Policy makers and
educators need to look further at what constitutes effective
programming as the public schools become more involved in early
childhood programs. This study was undertaken to add to the existing
body of research on such effectiveness.
A need for site-based research, particularly in the early
childhood realm and in public school classrooms, is increasingly


9
highlighted in the literature. An example of this view is found in
Volume 2 of the Research Monographs of the National Association for
the Education of Young Children, entitled Kindergarten Policies: What
Is Best for Children?:
...Most careful research on how 4- to 6-year-old children
learn has not compared these two approaches characteristic
of public school kindergartens in this country. Nor has
curriculum research usually been done in public schools.
Nonetheless, there is a growing body of research about
children in the age group with which we are concerned here,
and particularly with children from the socioeconomic group
most difficult for teachers to effectively educate. (Peck,
McCaig, & Sapp, 1988, p. 7)
Research which contributes to an understanding of classroom practice
and how theory operates in classrooms is important to the field of
education.
The specific strategies and patterns of strategies which are in
existence, as well as the reasons teachers give for implementing or
not implementing them, have implications for future implementation
and staff development.
Also, issues specific to public school early childhood
education, such as retention and promotion, delayed kindergarten
entry, and "transition rooms are directly related to what practices
are being implemented in kindergarten classrooms. They are larger
issues in schools where many of the children lack the background
experiences and other factors which contribute to being "ready" for
kindergarten. This study is not concerned with these issues, but a
view of the instructional strategies and their effectiveness and how
teachers think about them may contribute to designing modifications
in early childhood programs to make them more effective.


CHAPTER II
REVIEW OF RELATED LITERATURE
Organization of the Present Chapter
The literature on early childhood programs is abundant, and this
chapter does not present a review of all of that large body of
literature. The two research problems identified in Chapter One were
used to select relevant material from that literature. These are
reviewed below before the literature is presented.
The importance of a clear instructional plan in place in the
classroom is supported by current research on effective practices for
young at-risk children. Current research supports a second premise-
that specific, systematic instructional strategies that fit within
the context of the teacher's instructional plan are also important.
The first research problem of the study was to determine the extent
to which such strategies were present in the kindergarten classrooms
studied. Thus, the first part of the chapter is a systematic tracing
of strategies that have come to be advocated as having a research
base which suggests effectiveness with economically disadvantaged
young children.
First, the history of Head Start and Project Follow Through
programs is reviewed. The time frame of this review encompasses the
late 1960s through the mid-1970s. Head Start at the preschool level
and Follow Through at the kindergarten and early elementary level
were the major historical early childhood educational efforts for


11
children from low socioeconomic backgrounds. The history and the
evaluation studies associated with these efforts are reviewed because
(a) the two types of instructional plans, or models ("direct
instruction" and "developmental") that are at the center of debate
over kindergarten instruction emerged from the categorization of
programs that appeared in an evaluation study of Project Follow
Through Planned Variation; (b) Head Start Planned Variation and
Project Follow Through Planned Variation studies supported the areas
of effectiveness of each of these two types of instructional plans or
models; and, (c) many of the strategies that appear in this present
study were specifically identified originally as components of the
two types of models in the evaluation studies of Head Start Planned
Variation and Project Follow Through Planned Variation.
Following this, the work of the Consortium for Longitudinal
Studies is reviewed. This research has often been used as supporting
data for policy development and legislation in the field of early
childhood education. The time frame of this review encompases the
late 1970s and the early 1980s. Although the Consortium's work came
after the evaluation studies of Head Start and Follow Through, it
pooled research data on some of the same programs that had been
developed for economically disadvantaged young children, and it added
a second layer of research evidence for the areas of effectiveness of
the two instructional models, under which the Consortium programs
also fell. Again, the strategies that appear in this present study
can be isolated within the Consortium programs that showed positive
results in certain areas.


12
Finally, the work of Karweit and of Slavin and Madden, which
encompasses the late 1980s. is reviewed. This research moves to a
more specific level from the larger framework of total programs that
fell under the two instructional plans or models originally
synthesized from the evaluation study of Project Follow Through
Planned Variation. Karweit's and Slavin and Madden's research
studied specific packaged programs that target only segments of the
total program, such as math, reading, phonics, language skills, and
remedial approaches. These specific packaged programs have shown
effectiveness for academic achievement with the at-risk young
children for whom they were developed and with other children with
whom they have been used. The strategies that appear in this present
study are isolated from these specific packaged programs also, and
many of them are the same strategies that could be identified in the
programs that the Project Follow Through Planned Variation Study and
the Consortium for Longitudinal Studies evaluated.
The second research problem of the study was to explore
teachers' reasons for choosing particular strategies. In the second
part of the chapter, the limited literature about comparative
research done in kindergarten classrooms, including kindergarten
teachers' perceptions, is reviewed. The data gathered from the
kindergartens included in this study, including teachers' opinions
and reasons for choice of strategies, can be compared with this
literature.


13
Head Start and Project Follow Through
Legislation to form and fund Operation Head Start came about as
a result of the political and sociological era of the 1960s, which
saw a rising concern about the inequality of educational opportunity
for Black children in the United States and about the economic,
legal, and civil rights of minorities in general. President Lyndon
Johnson in his State of the Union message of January 4, 1965, called
for legislation to revise American education. His budget message to
Congress that month called for an expenditure of $150 million for
preschool programs; Head Start was implemented very rapidly the
following summer, initially as a program only for the summer prior to
a child's entry to kindergarten. Approaches to early childhood
education were not evaluated prior to implementation. Consequently,
systematic curriculum selection processes were not used. Many early
Head Start programs adopted the traditional normative-development
model of private preschools that were in existence at the time
(Miller & Dyer, 1975). Head Start was loosely based upon the beliefs
that the early years are the most rapid learning period and that
poverty level children enter kindergarten at a significant
disadvantage. Sociologically, Head Start served as a "bridge"
between the private preschools of the middle- and upper-class
families and the day care environments of the working poor (Zimiles,
1986).
During the mid-1960s, a few social scientists, primarily working
in universities and funded by private foundations, were conducting


14
research on the educational development of poor children and
conducting experimental programs intended to raise academic
achievement. However, little systematic effort had gone into devising
effective programs for young children based upon learning theory and
research until this new War on Poverty money stimulated a
professional response.
It soon became apparent from initial evaluations of Head Start,
which began to appear in 1966, that children who had only the one
summer Head Start experience did not maintain in kindergarten the
gains they had made during the summer before they entered. In 1967,
President Johnson proposed Project Follow Through as an attempt to
provide additional compensatory education for children from Head
Start programs in order to maintain their gains as they entered
kindergarten and proceeded through third grade. Some pilot projects
were begun during the 1967-68 school year. Meanwhile, it was becoming
apparent to government officials that little was really known about
effective methods of increasing the educational performance of
deprived children or about measuring that performance. Education
researchers had widely differing theories about why and how poor
children fell behind and correspondingly different views about what
should be done about this (Rivlin & Timpane, 1975). When funds for a
large-scale Follow Through program failed to materialize, the
possibility of using the Follow Through program as a planned
variation experiment on a smaller scale developed. Such an
experiment would both serve children and try out different ways of
serving them. The results of the most promising programs would be


15
made available later to communities looking at early intervention
program choices. Thus, the planned variation experiment was set up
quickly early in 1968, and implemented when school opened that fall.
Though many educational researchers did not have all of the
operational components of their theoretical models fully developed by
the spring of 1968, those with the most promising programs were
invited to describe their programs and to become sponsors, and
selected communities were then invited to participate and choose a
program they would like to implement. The Stanford Research
Institute was chosen to collect data about and develop the evaluation
of these planned variation efforts. Although Project Follow Through
involved nearly 170 different sites across the country by the mid-
1970s, only 70 sites using 17 different programs were included in the
Planned Variation study. Programs that were included were required
to have been implemented at several sites, thus eliminating atypical
programs with only one implementation site. Further, only schools
serving disadvantaged children were included in the study.
The major study of Head Start, the Westinghouse-Ohio Study
(Cicirelli, 1969) was released early in 1969, and it corroborated
findings from earlier studies of individual Head Start programs which
indicated that effects of the summer programs faded as children
entered elementary school. One of the recommendations of the
Westinghouse-Ohio Study was to make Head Start programs experimental.
Consequently, many of the communities where Project Follow Through
Planned Variation programs were in place also added these Head Start
experimental programs in the fall of 1969 to form Head Start Planned


16
Variation sites which used specific, defined instructional programs,
as opposed to other continuing Head Start sites with no defined
programs. The evaluation of Head Start Planned Variation was a
shorter, simpler study than the evaluation of Project Follow Through.
Data about the Head Start components were generated and analyzed by
1973, but reports on Project Follow Through Planned Variation
appeared later, between 1973 and January, 1977.
The importance to this present study of the Head Start and
Project Follow Through Planned Variation experiments lies in the
implementation knowledge gained, the discrimination of models, and
the identification of areas of effectiveness of these models. Follow
Through is beginning to be more appreciated in the field of
education, as Rhine stated in Making Schools More Effective: New
Directions from Follow Through (1981):
Follow Through ... represents an important advance in the
use of empirical and systematic methods to develop and
evaluate educational programs. The results and
implications are increasingly recognized as a timely
contribution to the national debate on contemporary
educational issues such as the purpose of education in our
society, accountability, return to basics, parent
participation, and both preservice and inservice education
of teachers. Furthermore, the project already has affected
educational policies at federal, state, and local levels,
as well as curriculum reform, evaluation research,
institutional change, and the teaching of large numbers of
children. (p. xix)
Project Follow Through Sponsored Instructional Programs
By the fall of 1968, 12 Project Follow Through sponsors were
working in one or more communities and the first cohort of
kindergarten and first grade children were enrolled. In the


17
following three years, 10 additional sponsors and communities were
added to represent different sources of sponsorship (state education
agencies, minority institutions, and profit-making firms), but the
earlier ones continued in the study, making 22 total programs. Only
17 programs were eventually included in the Project Follow Through
Planned Variation results. These were chosen originally to represent
the programs which were in place at multiple sites, but later
political pressures forced the inclusion of some programs with only
one or two sites. For various reasons related to situations in the
individual sites, extensive and adequate data were obtained for only
nine of the programs (Kennedy, 1978), all of which were among the 12
original programs. Seven of these nine programs had wide application
and dissemination through the National Diffusion Network or the
researchers themselves and were those which had components that could
be readily discriminated, as demonstrated by Stallings' research for
the Stanford Research Institute (1975). Only these seven programs
were considered in this present study because they were the clearly
differentiated programs from which generalized results emerged, as
well as from which the two major instructional model categories
evolved. These seven programs are summarized below, as adapted from
Rivlin and Timpane (1975, pp. 6-8).
PROGRAM SPONSOR GOALS AND METHODOLOGY
Responsive Educational
Program
(Far West Laboratory)
Developing problem solving skills,
sensory discrimination, expressiveness,
and self-confidence through children
working on equipment and games at their
own pace


18
EDC Open Education
Program
(Education Development
Center, Newton, Mass.)
Tucson Early Education
(University of Arizona)
Bank Street College of
Education Approach
(Bank Street College)
High/Scope
(High/Scope Educational
Research Foundation)
Englemann-Becker
(University of Oregon)
Behavior Analysis
Approach
(University of Kansas)
Developing self-respect, respect for
others, imagination, curiosity,
persistence, openess to change, and
ability to challenge ideas through
encouragement of diverse experimental
classroom practices
Developing language competence.broad
intellectual skills, positive attitude
toward learning, and skills in reading
and mathematics through positive rein-
forcement of children's interests
Building positive self-esteem through
teachers helping in development of plans
and choices and use of language to
formulate ideas and feelings
Devived from Piagetian theory, fostering
intellectual development through exper-
imentation, exploration, and constant
verbalization guided by teachers
Promoting skills and concepts essential
to reading, arithmetic, and language
achievement through rapid-fire drills,
use of positive reinforcement of correct
answers
Developing academic skills through
individualized programmed materials,
token system, and use of parents as
aides and tutors
When the Planned Variation research began, differences in
dimensions of the programs were not yet clearly specified, and each
of the programs was implemented locally in different ways. However,
Stallings' research (1975), mentioned earlier, did look at degree of
implementation as specified by program developers in relationship to
effects of the programs. Her research included five sites for each
of six programs listed above and six sites utilizing the Tucson Early
Education Model. Stallings used the Classroom Observation Instrument
to record on a structured observation schedule the classroom


19
arrangements and elements of events that were considered
educationally significant by the Follow Through sponsors. The
instrument used a coding system to identify key features that were
present consistently in each of the sponsors' sites for these seven
programs. By analyzing this, Stallings was able to place these seven
programs into four types of programs (Stallings, 1977; Stallings &
Stipek, 1986).
The Two Instructional Models
Later in her research report, Stallings grouped the
"Exploratory", "Group Process", and "Developmental Cognitive"
categories under the general heading of "Open Education", and the
"Programmed" category under the heading of "Back to Basics". Table 1
illustrates these programs grouped by categories and headings. The
"Open Education" program categories are synonymous with the
"developmental model" in this study, and the "Back to Basics" or
"Programmed" category with the "direct instruction model" in this
research. Thus, seven of the 12 original Project Follow Through
models were placed into these two opposing viewpoints which form the
basis of the continuing dispute over the most effective approach for
teaching young disadvantaged children.


20
Table 1
Synthesis of Stallings* Follow Through Categories and Programs
Open Education Programs (Developmental Model in this Study)
Category
"Exploratory"
"Group Process"
"Developmental
Cognitive"
Follow Through Programs
Responsive Educational Program
EDC Open Education Program
Tucson Early Education
Bank Street College of Education
High/Scope
Back to Basics Programs (Direct Instruction Model in this study)
Category Follow Through Programs
Programmed
Engelmann-Becker
Behavior Analysis Approach


21
The Developmental Model
The developmental model is based upon the assumption that
children are individuals who develop in unique ways and have unique
problems and styles of learning. It has its roots in clinical and
developmental psychology and a focus on developing individual
awareness and potential. Basic skills are not ignored; however, they
are conceived of as holistic activities involving cognitive growth
processes, emotions, awareness, creative experiences, and sense of
self. Goals emphasize maintenance and development of dispositions to
go on learning (Katz, Raths, & Torres, 1987). The developmental
model does not set arbitrary levels of achievement for the child at
fixed points. It assumes that all children are curious and that
environments that offer and encourage interesting choices produce
motivation for self-directed learning and cognitive development.
Learning is essentially an active process of selecting and organizing
by the child. Thus, goals include self-initiated learning, choice
and self-direction, evaluative skills, achievement of knowledge and
flexibility necessary for productive problem-solving, cooperation,
and self-reward. Linguistic competence is a primary goal as well, and
language experiences appropriate to each child's stage of literacy
development underlie the entire curriculum. Conversations among
children and between children and adults are viewed as important
(Egertson, 1987).
Common classroom components of the developmental model include
learning centers, areas of the room designated for the arts, multi-
use exploratory materials, and activities which involve all of the


22
senses, sorting, sequencing items or events, and labelling contrast
or similarity. The model may vary across settings in how much
freedom children have to choose activities or learning centers, from
nearly total free choice to assignment of learning centers and other
activities based upon diagnosed learning styles and needs. However,
children work mainly at their own pace regardless of the degree of
free choice present.
The description of the developmental model can be illustrated by
a more specific discussion of the Project Follow Through programs
which fall under that model (See Fig. 1). The discussion of program
specifics which follows is a composite of information drawn from
developers' descriptions found in Evans (1971), Maccoby and Zellner
(1970), Seefeldt (1987), and Spodek (1982).
The Responsive Educational Program highlighted the importance of
the environment. For instance, children were allowed to experiment
freely with a programmed typewriter. This reinforced self-discovered
reading and writing skills and problem-solving. This and other
activities in the environment were felt to be self-rewarding and not
dependent upon rewards or punishments that were unrelated to the
activities themselves. An extrinsic reinforcer such as a gold star
for one child was felt to be a differential punishment for another
child, and such extrinsic rewards were not used because of their
perceived effect on self concept. The teacher's role was to be
"responsive" to the child by helping the child find answers to
problems and teaching bits of knowledge by elaborating on areas in
which the child was showing interest. Sensory and perceptual acuity


23
were also stressed by setting up the environment in an orderly way to
facilitate differentiation of sensory experiences and stressing
verbal mediation of these experiences by the teacher. The EDC Open
Education Program was based upon the British Infant Schools' notion
of providing a variety of materials and interdisciplinary activities
in which children might be engaged, often in a cooperative learning
mode. Children functioned in a self-intitated manner, with the
teacher as a guide. This program highlighted the importance of
developing the classroom to meet local priorities and conditions.
The Tucson Early Education Program was originally developed to
meet the needs of Mexican-American children and remedy the
deficiencies they were perceived to have by the developers--weak
skills in both Spanish and English, little experience in manipulating
objects, and little sense of time as an ordered sequence of events,
all of which the program focused upon. Again the teacher functioned
as a guide, the importance of many objects and activities set up in
the environment was highlighted, and children were taught to work
cooperatively. Useful language was stressed in a labelling and
language experience approach.
The Bank Street College of Education Approach focused upon
affective development of the child as being equally important as
cognitive development. The enviroment was stable and ordered, but
the child was free to make choices of objects and media to explore.
The teacher observed diagnostically and provided individualized
follow-up, also pointing out and elaborating on the child's
experiences. There were some planned activities which began with


2U
classroom themes such as cooking and block buiding, and progressed to
community themes such as food shopping. Interpersonal communication,
practiced consistently, was the language development focus.
The High/Scope Program was directly Piagetian-based and focused
upon the children planning and verbalizing about their choices of
activities and the teacher functioning as a guide to extend their
play and activities through language to a representational level.
Each child was encouraged to evaluate his/her own activites. The
program utilized specific interactive learning centers and materials
which highlighted sensory reinforcement, sequencing, categorizing,
and classifying.
The Direct Instruction Model
The direct instruction model is based upon stimulus-response and
Skinnerian psychological theory. It assumes that basic skills are
composed of discrete, heirarchical bits of information that can be
developed in children at a set level through behavior modification
and reinforcement techniques applied consistently to all children in
much the same way. Basic skills in reading, math, and language that
are specifically needed for school success are the focus. The model
assumes that normal childhood experiences that are exploratory in
nature cannot be compressed into classroom time; the focus should be
on skills needed immediately. Emotional growth and self-esteem can
be facilitated through success in academics. Goals are in specific
academic skills and language concepts and skills. Common classroom
components include drill and practice activities, whole group
instruction and reinforcement, workbooks and other independent paper-


25
pencil activities, instruction presented by the teacher in a fairly
repetitive and rigid way, many single item answers, prevention of
incorrect answers, many examples given, and clear reinforcement as to
correctness of answers. Availability and independent use of concrete
materials are generally limited, as is conversation. As opposed to
the developmental model's focus on developing evaluative skills in
children, the direct instruction model provides both external
evaluation by the teacher and external testing. Evaluation focuses on
observable behaviors, not on indications of cognitive structures.
The Engelmann-Becker Program started with the premise that
disadvantaged children were academically behind middle-class children
and therefore had to learn academic skills at a faster rate. The
program included training for attention, reinforcement contingent
upon correct performance, and quick pacing moving through programmed
lessons utilizing questions with single-item responses. The language
training program taught the concepts used in logical thinking and
structural meanings such as "not", "between" and "under", rather than
concentrating on the social and expressive uses of language through
conversation.
The Behavior Analysis Approach used systematic reinforcement for
improved academic and social behavior. Rewards were extrinsic, such
as recess, snacks, art time, etc., and a token reward system was also
utilized frequently. The tokens were seen as a support to the
children's early learning efforts until they could reach a level of
mastery of a skill that would make the use of the skill reinforcing
in itself. The teacher functioned as a behavior modifier, and parents


26
were trained and present in the classroom to function in the same
manner. Programmed instructional materials were emphasized.
Comparison of Developmental and Direct Instruction Models
Hess and Croft (1981) pointed out some comparisons between the
two models as a part of their discussion of teaching young children.
Both models stress that education must begin at the level of the
children's abilities, teaching must be adapted to the individual
child, a child learns best when motivated, a child must learn certain
"pupil roles" in order to be successful in school, and disadvantaged
children can acquire school-related skills and concepts.
However, the models differ in five key dimensions:
1. Structure: Karweit defined structure as a "systematic approach
to instructional delivery" (1987, p. 24). The developmental model
stresses structure as a constant awareness in a teacher's mind of an
underlying design for the total curriculum, but the direct
instruction model stresses a prearranged sequencing of materials for
presentation to the child.
2. Cognitive skills versus affective skills: Neither model totally
ignores one dimension in favor of the other, but affective skills
assume a lesser place for instruction in a direct instruction
program.
3. Content versus process: As with the cognitive/affective skills
area, neither model ignores one in favor of the other. However,
developmental programs focus more clearly on process as a goal.


27
4. Planned instruction versus self-discoverv: Direct instruction
models determine specific behaviors desired and then build up the
child's repertoire of these behaviors sequentially. On the other
hand, the developmental models build underlying cognitive structures
by encouraging the child to construct reality through experience.
5. Extrinsic versus intrinsic motivation: Social reinforcement and
tangible rewards occur in direct instruction models, while the focus
in developmental programs is on new task mastery at a child's next
level as intrinsically satisfying.
Studies of Model Effectiveness
This section of the review of literature deals with
evaluation studies of programs for young disadvantaged children which
represent the direct instruction and the developmental models. This
body of research is the largest to date on the effects of early
childhood programs for the disadvantaged. Certain trends of
effectiveness were common among the direct instruction and the
developmental programs. Many of the effective strategies in this
present study were the key components in these early childhood
programs that have been found to be effective for low SES children in
certain academic and social-behavioral areas.
Head Start Planned Variation Study
The major evaluation of Head Start, the Westinghouse-Ohio Study,
was presented in 1969. This study reported achievement gains for


28
children who had completed Head Start, but no gains which persisted
after the first grade (Cicirelli, 1969). While numerous
methodological flaws in the study were identified (Datta, 1976; Smith
& Bissell, 1970), the Westinghouse-Ohio Study researchers defended it
as basically accurate (Cicirelli, Evans, & Schiller, 1970). One of
the recommendations of the Westinghouse-Ohio Study was to develop an
experimental component of Head Start so that various programs and
their effectiveness could be studied. This recommendation was
followed and the Head Start Planned Variation Study results were
released in 1973.
The Head Start Planned Variation Study found that children who
had been in the specifically defined Planned Variation programs
tended to have substantially better achievement scores than children
who had been in no preschool program at all, but not significantly
better scores than those of children in control Head Start sites
which did not use specific programs. Planned Variation sites which
used direct instruction models showed greater gains only on
assessment of knowledge of letters, numerals, and shapes. The
developmental High/Scope cognitive interaction model was the most
effective in raising Stanford Binet IQ scores. However, when several
output measures were considered, there were no overall winners or
losers (Novak, 1975; Smith, 1973).
A piece of the Head Start Planned Variation Study examined the
implementation of programs (Bissell, 1971). Primary dimensions of
programs were seen clearly in the first observations, although
secondary dimensions or those of lesser importance to them were not


29
distinctive. Programs that resembled "packages" having many
explicit, teachable components were more easily implemented than
those with highly flexible systems.
Project Follow Through Planned Variation Study
The Project Follow Through Planned Variation Study (Stallings,
1975) used data from the Metropolitan Achievement Test, the
Coopersmith Self Esteem Inventory, and the Intellectual Achievement
Responsibility Scale. The study did find that students in classroom
environments in which teachers used systematic instruction and high
rates of positive reinforcement (direct instruction approaches)
tended to score higher in reading and math, exhibit less verbal and
cooperative interaction with peers, and ask fewer questions than did
students in more flexible classroom environments. However, in
flexible environments which provided more exploratory materials and
allowed for more choice on the part of the child (developmental
approaches) students scored higher on tests of nonverbal reasoning,
had lower absence rates, and tended to greater willingness to work
independently. Sizeable effects did not occur on all outcome
measures for either program, however (Kennedy, 1978).
Numerous methodological shortcomings of the evaluation studies
of both Head Start Planned Variation and Project Follow Through
Planned Variation have been cited. These include lack of random
selection procedures, inconsistent implementation of programs, and
outcome measures inappropriate to the goals and objectives of some
programs (House, Glass, McLean, & Walker, 1977; Rivlin & Timpane).
However, these research studies give pieces of important data about


30
relative effectiveness in different areas of both direct instruction
and developmental models and the programs which fell under these
models.
This review has now traced the history of Head Start and Project
Follow Through and the Planned Variation studies which were
associated with these efforts, the development, categorization, and
description of the two models which emanated from the Planned
Variation studies, and the research on effectiveness of these two
models in specific areas. The review now moves to the second layer
of research evidence for areas of effectiveness of some of the Head
Start and Follow Through programs and the two models, the research
provided by the Consortium for Longitudinal Studies.
Consortium for Longitudinal Studies
The work of the Consortium, formed in 1975, is often cited and
used as supporting data for policy development and legislation. The
investigators in this study, who were developers and researchers
associated with many early childhood experimental programs, pooled
their original data in order to have a large enough sample to assess
the effects of various instructional programs on children who had
completed at least the sixth grade. As opposed to the original
purposes of Head Start and Follow Through, the Consortium programs
had been designed originally as research or demonstration projects to
serve disadvantaged children, and detailed pre- and post- data had
been collected. The Consortium data provided information on the
effectiveness of various programs at various points along a longer
time span than did the Planned Variation studies. Children in the


31
Consortium programs demonstrated several positive effects over those
in control groups, but it is the data on effectiveness of individual
programs with which this present study is concerned.
The effectiveness research on direct instruction programs is
reviewed first. The Consortium study of Miller and Bizzell (1983)
investigated the effectiveness of three programs which were not among
those traced through the Project Follow Through Planned Variation
studies and which fit within the direct instruction or developmental
models (Susan Gray's DARCEE, a Montessori, and a "traditional"
prekindergarten program). However, the Miller and Bizzell study also
investigated the effectiveness of the Bereiter and Engelmann Direct
Instruction program (based upon the Engelmann-Becker program). This
study took particular care to demonstrate that differences in
instructional programs could be reliably documented in instructional
settings. The achievement levels of the Bereiter and Engelmann Direct
Instruction children did not drop off when they entered school, but
they increased little beyond their comparative entry point. The
authors suggested that the tightly-structured, fast-paced didactic
nature of the Direct Instruction preschool was not present when the
children entered kindergarten, and thus the children did not progress
as quickly as they had in pre-kindergarten programs.
The Karnes, Schwedel, and Williams study (reported in Consortium
for Longitudinal Studies, 1983) compared the extent to which five
programs prepared young disadvantaged children for school. The
programs ranged from being loosely structured to being highly
structured, as was the Bereiter-Engelmann Direct Instruction program.


32
Children in the highly structured Direct Instruction program showed
higher number readiness skills. This was not found for reading
readiness skills, but higher tested reading achievement scores were
found early in the school careers of the children in the two most
structured programs, one of which was Bereiter-Engelmann. These
effects all levelled off by the high school followup phase of the
study. However, Bereiter and Engelmann countered the Schweinhart,
Weikart, and Lerner 1986 study to be reported upon next in this
review, which found greater long-term social effects for the
developmental High/Scope model, with their own evidence on post-high
school effects. They cited the 1984 report of Meyer on the effects of
the Direct Instruction Follow Through Program, one of two that has
operated continuously since its inception. This study compared the
Follow Through program group with a control group and showed higher
rates for the Follow Through group on graduating from high school,
applying for admission to college and being accepted, higher
achievement test scores, better attendance, and less grade retention
(Bereiter, 1986). If this study and that of Miller and Bizzell cited
earlier are valid, perhaps direct instruction programs require more
consistent application through the first few years of elementary
school.
The effectiveness research on the developmental model in the
Consortium is represented by the Cognitively Oriented Curriculum, or
High/Scope, instructional program. Working with the High/Scope
Research Foundation in Ypsilanti, Michigan, the researchers
associated with this program founded the Perry Preschool Project for


33
disadvantaged children in the late 1960s and published the results of
their longitudinal study of the effectiveness of their program
(Weikart, Epstein, Schweinhart, & Bond, 1978). This work and the
results of their more recent work comparing relative longitudinal
effectiveness of three preschool programs (Schweinhart, et al., 1986)
are cited frequently as policy and legislative support for the rash
of early childhood recommendations. These studies are included
briefly in this review of research literature because they point to
possible long-term effects of this particular developmental program.
The Perry Preschool Project study found consistently higher
achievement for children who had been in the experimental group, as
well as reduced rates of delinquency and arrest, reduced rates of
teenage pregnancy, increased employment at age 19, and decreased
welfare dependence at age 19. (Berreuta-Clement, Schweinhart,
Barnett, Epstein, & Weikart, 1984) The researchers felt that a
developmental approach enhances social, intellectual, and physical
development.
The same High/Scope researchers conducted a comparative
longitudinal study on social effects of their program, the Bereiter-
Engelmann Direct Instruction approach, and a "traditional"
nonspecific program (Schweinhart, et al., 1986). Although
longitudinal social effects are not the primary focus of the present
study, this study is included here because of the comparison of
High/Scope and Direct Instruction programs and associated
developmental and direct instruction models. The Direct Instruction
group in the study showed a small IQ advantage in the early grades,


34
but scored the lowest of all three program groups on the Adult
Performance Level Survey at age 15. More important, the study found
that the Direct Instruction group, at age 15, evidenced significantly
higher rates of self-reported juvenile delinquency, poor family
relationships, lack of participation in school sports, and failure to
seek help with school problems. The key to this finding, according
to the researchers, is the ability of the developmental model to
assist children in learning to develop their own initiative in
learning and social relationships and to plan their own experiences
within a structured framework rather than to receive only direct
transmission of knowledge from the teacher. Theoretically, then,
according to these researchers, direct instruction may reinforce the
experiences and perhaps felt need of disadvantaged children to be
controlled by others, which in turn has poor consequences when they
reach adolescence.
This review of literature has now considered the historical data
concerning instructional programs and the effectiveness in certain
areas of the two instructional models. This research is still
important when educators investigate effective instructional
approaches for disadvantaged young children. Egertson (1987) stated
that "...much new research about children's learning confirms some
historical beliefs about effective educational practices.
Unfortunately, this well-known and repected body of research
information is often ignored in the formulation of curriculum for
today's kindergarten" (p. 86). Similarly, Peck, et al. (1988)
stated:


35
Many kindergartens use a didactic approach, but not many use the
two thoroughly researched didactic models described...Bereiter-
Engelmann (DISTAR) and DARCEE. Many kindergartens consider
themselves cognitive developmental programs, but not many use
the thoroughly researched cognitive developmental model
described...the High/Scope program. It is important to remember
while reading [a] review of research that it is valuable for
kindergarten decision makers but does not describe today's
kindergartens, (p. 40)
Summary of Model Effectiveness Research
The findings of research comparing the effectiveness of direct
instruction are summarized in the following statements:
Direct Instruction Model. Children who experienced direct
instruction models:
1. Showed greater gains immediately after the preschool
experience on specific academic knowledge- letters, numerals, shapes,
2. Showed better scores immediately and shortly after the
preschool experience on standardized testing in reading and math,
3. Showed a greater effect on math readiness than on reading
readiness,
4. Did not demonstrate significant growth in reading skills
that lasted long-term through formal direct instruction in reading at
the preschool level, and
5. Perhaps need to have a continuation of the fast-paced,
didactic strategies into kindergarten and beyond if academic gains
are to be maintained long-term.
Developmental Model. Children who experienced developmental
models:
1. Showed higher scores on tests of nonverbal reasoning,


36
2. Showed lower absence rates,
3. Showed greater inclination to work independently,
4. Showed a higher level of "general information",
5. Showed increased appropriate social behavior on a long-term
basis, and
6. Tended to ask more questions, make more task-related
comments, cooperate more with peers, and take more responsibility for
success or failure.
It is important to note that results on immediate Stanford Binet
IQ tests were mixed, with both types of models having shown
superiority in different studies. In addition, tested differences in
achievement levelled off on a long-term basis.
Specific Effective Strategies
This section of the chapter deals with specific packaged
programs that have been used with disadvantaged children and that
target only segments of the total kindergarten program. It also
includes additional areas from the literature on proposed reasons why
disadvantaged children may be unsuccessful in the educational
setting, from which suggested alternative strategies were drawn.
Strategies in Effective Programs Developed for At-Risk Children
Karweit's 1987 study reviewed research on the effectiveness of
specific kindergarten programs used with disadvantaged children. Her
review emphasized kindergarten programs which could be replicated--
intact programs which included curriculum materials and inservice
training. (Karweit also dealt with alterable components of


37
kindergarten such as class size, length of day, and staffing
patterns. Her findings in these areas are not presented here.)
Slavin and Madden (1989) completed a broad-scale analysis of specific
programs that have been used with elementary children at all levels,
including kindergarten. They included Karweit's research, but
expanded to other programs that applied to both kindergarten and
grades one through eight.
Karweit Study. The two main sources for the programs which
Karweit reviewed were those approved by the U.S. Department of
Education's Joint Dissemination Review Panel (JDRP), and those listed
in the Office of Educational Research and Improvement's Effective
Compensatory Education Sourcebook (Griswold, Cotton, & Hansen, 1986).
She classified programs by adequacy of research design, with those
using random assignment to treatment and control groups weighted most
heavily, followed by studies which used a matched/experimental
control group design. Then cohort, or before and after
implementation designs were considered, and last were studies basing
their evidence of effectiveness on comparisons of expected fall to
spring growth. Problems Karweit enumerated included unclear goals of
kindergarten programs and few reliable measures or consensus on
measures to use to determine effectiveness. As was found with
Project Follow Through Planned Variation, the tests selected for
measurement may not have matched the goals of the program. The
evaluations also may have measured false positive effects if they
measured skills which improve test taking performance on narrow
educational goals but do not measure skills which lay the foundation


38
for future learning. Karweit's summary of her analysis is presented
in Table 2.
The specific strategies that were found in the programs Karweit
identified were also found in earlier Planned Variation descriptions
of direct instruction model programs and of developmental model
programs, and descriptions of programs evaluated by the Consortium
for Longitudinal Studies, which also fell within direct instruction
and developmental models. In addition, some strategies in the
programs were isolated that are observable in classrooms but are not
model-determined. Strategies which fall under a direct instruction
model that Karweit found in the effective programs include whole
group instruction paired with individual remediation, patterned and
task-analyzed instruction, and immediate correction and feedback.
Strategies that fall under a developmental model include small group
and individual instruction and learning centers with the opportunity
for indivdual child interaction. "Packaged" programs with specific
teacher directions generally fall more in the direct instruction
realm, but are not always model-determined. Other identified
strategies which are not model-determined include ongoing diagnosis
and prescription with the opportunity for frequent regrouping, a
specific management and record-keeping system to track child
progress, multisensory materials and instruction, individual
placement and pacing, early identification of potential learning
problems, and specific home reinforcement. The common feature of the


Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
Table 2
Effective Kindergarten Programs (Programs evaluated with random assignment or matched control grouD
design} NAME GRADE CONTENT INSTRUCTIONAL STRATEGY EVALUATION DESIGN MEASURES EFFECTS
Alpha Phonics K Reading Readiness phonics program post ANOVA on treatment sch. Metropolitan
Readiness focusing on sequential and remaining 12 in district Ach.
learning, immediate correction,
feedback and g&me-ilke presen- stated that IQ and background readiness .89
tation for about 1 hr/day. of T and C equivalent. ach. G1 1.14
Whole class, direct instruc- ach. G2 .90
tion model vith individual all students there for K-3. ach. G3 1.07
remediation.
Astra Math K Math Comprehensive, structured and pre-post random assignment to CTBS
Readiness sequenced curriculum with 22 treatment control 3 classes fall-spring .45 1.00
self-contained units. Uses each.
multisensory approach and behavior
modification and high interest .30
materials. Whole class, direct (not adj.)
Instruction model with individual
remediation.
MECCA K Development and implementation of pre-post random assignment to JANSKY .67 .57
early identification procedures treatment and [sic] Metropolitan .88
and prescriptive educational Monroe .96
programs for children entering K
with specific potential handicaps.
Utilizes task analysis of specific
learning activities.
Note. From Effective Kindergarten Programs and Practices for Students at Risk (pp. 34-38) by N. Karweit,
1987, Baltimore: Center for Research on Elementary and Middle Schools, The Johns Hopkins University.
Reprinted by permission.
oj
i£>


Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
Table 2 (continued)
(Programs evaluated bv c oraDarison with expected erowth. mational norms, or fall to sDrlne erowthl
INSTRUCTIONAL EVALUATION
NAME GRADE CONTENT STRATEGY DESIGN MEASURES EFFECTS
TALK K-3 Language Language specialist in class pre-post ANOVA on treatment and PPVT 75 .25
Instruction In listening skills matched local control, original 76 .42
4 weeks S hour for 6 months then (75-76) replication (76-77). Wise 75 .38
classroom teacher continues 76 .46
lessons. PPVT 75 .26 (K)
76 .74
(K) 75 .38 (K)
76 .55
MARC K-l Reading Continuous progress using multi* post ANOVA on treatment and SESAT (11) 11 12
sensory activities and systematic matched local control at end of letters 1.12 .55
Instruction. Diagnostic and K and end of 1st. pre ANOVA to word reading .88 n/a
recordkeeping instrument, skill insure equivalence. sent reading .25 n/a
sheets provided. BOEHM ns
KUHLMAN ns
ANDERSON SESAT (1) ns
INSTRUCT K-3 Reading Individual placement and progress ANOVA comparison of treatment and Metropolitan
through multi-unit model. comparable schools chosen on word know . 35**
similar SES, school organization reading .25* 2
and numbers compensatory students. spelling ns
PLAY K-l Motor/ Diagnostlc/prescrlptlve direct ANOVA on treatment and control. BOEHM
and Cognitive Instruction In perceptual/motor. Control were eiiglbles (score 75-76 1.77
3/4 Monthly home reinforcement and below cut off) not enrolled 76-77 .23
years activities. because positions filled. 77-78 1.33
CLIMB K-12 Reading Diagnostlc/prescriptlon approach Spring to Spring achievement CTBS -
Math in acquisition of reading and math compared to national norms and
skills providing a management design for coordinating and integrating classroom and support personnel. compensatory growth.
STAMM K-8 Math Continuous progress math with pre-post implementation scores CAT +
management system. for district and adoption site.
-C*
o


Table 2 (continued)
(Programs evaluated by comparison with expected growth, national norms, or fall to soring growth)
INSTRUCTIONAL EVALUATION
NAME___________GRADE CONTENT________STRATEGY_________________________DESIGN____________________________MEASURES______EFFECTS
Education K-10 Language
Assessment
and Instruc-
tion for the
Educationally
Deprived
Every Student
Every Day
Baptist Hill K
Early Preven-
tion of School
Failure
First Level
Hath
K-4 Math
K-6 Reading
K Reading
Math
4,5,6
year
olds
K or Math
1
Extended day K, 2-3 hours in
afternoon, additional time for
remedial instruction.
Daily diagnosis, evaluation and
prescription, computer scoring
for coordination. Pull-out
design using 40 wins each day.
Full day K, Learning Centers,
diagnoses individual learning
needs on continuous basis with
appropriate learning activities.
Early identification of develop-
mental needs and learning styles
of 4, 5, and 6 year olds.
Screening, planning and pull-out
20-30 minute instruction In
different modalities at Learning
Centers. Utilizes task analysis
of prerequisite skills.
Sequential curriculum and manage-
ment system vhlch Is diagnostic
prescriptive. Instructional
groups formed on basis of pre-
tests. Instruction in 3-4 groups
for about 20-30 minutes.
pre-post design,
fail to spring.
pre-post design,
changing Xtile
fall to spring
7 52 (76)
7 59 (77)
7 32 (82)
2 40 (83)
pre-post design,
fall to spring.
improvement per month on different
scales no comparison data either
with a control group or pre-
implementation.
pre-post design,
fall to spring.
PPVT +
TOBE +
(preschool
and K)
TOBE +
getting data +
CIRCUS +
not possible to
compute.


Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
Table 2 (continued)
(Programs evaluated bv comparison with expected growth, national norms, or fall to soring growth)
INSTRUCTIONAL EVALUATION
NAME_____________GRADE CONTENT__________STRATEGY______________________________DESIGN________________________________MEASURES_________EFFECTS
New Adventure in Learning K Individually determined instruc- tion with positive behavior management. pre-post national norm comparison using expected growth. PPVT mean improvement 1.67/math Gilmore oral reading test 10X on grade level at pre, 57X at post.
Strategies in Early Child- hood Education pre-K and K Screening Developmental and screening model. Self instructional, Individually paced, Learning Centers, develop- mentally sequenced materials. ad hoc comparison of treatment children with another group. no evidence of prior comparability.
Right to Read K-3 Reading Diagnostic, prescriptive, individual progress modeling upgraded. no control. 325 children pre*post. CRI Classroom Reading Inventory average gain 1.52 years
Project Catch Up K-6 Reading Math Remedial instruction in reading and math to underachieving students using diagnoses, prescription mean gain by grade on CTBS from fall to spring CTBS fall spring
Positive contacts with family no data on K
Amphitheater School District KIP K Parent involvement once a week training of parents in game or activity that gives practice in basic skills with followup practice with students who need practice in that skill and monitoring of student progress comparison to comparable school on percent scoring above 50th percentile 1 year after CAT 66X vs. 38X
VIP K Develop Skills Develop friendly feeling parents and school, provide training for parents in how to help children at home, to send home games which reinforce skills learned at [sic] Santa Clara Inv. gain 2.32 months in dev. age/month no control group Santa Clara Inv. note problems with fall spring
ro


43
effective programs Karweit identified is the extent of the
specificity of activities, planning, and goals.
Although data did not specifically address the interaction of
programs Karweit identified with SES, programs effective for one
group in a multi-group setting tend to be effective for others
(Slavin & Madden, 1989). Karweit summarized by stating:
We do not have data about the relative effectiveness of
these different approaches or their effectiveness for
different students. Is a program of screening and
instruction in specific modalities more effective than a
regular class-paced approach? What are the relative costs
and implementation difficulties of the different approaches?
These basic data are needed to make intelligent decisions
about approaches to the kindergarten year- to build on our
collective past experiences in a systematic way. Otherwise,
the present practice of individual districts building their
individual curriculum without benefitting from the successes
and failures of other locations seems likely to continue...
As kindergarten has become the first formal academic
experience for most students, the need to understand
effective practices for this critical stage in students'
schooling is great. (1987, p. 24)
Slavin and Madden Study. Slavin and Madden (1989) completed a
broad-scale analysis of instructional programs that (a) have a
research base indicating effectiveness with at-risk children at the
elementary level, and (b) can be replicated at sites other than where
they were developed. Slavin and Madden included the kindergarten
programs from Karweit's work in their analysis, but provided evidence
of further effective strategies as well. They discussed strategies
that can be replicated, were evaluated for at least a semester using
a control group or convincing year-to-year gains, and showed an
effect size of at least +.25. These programs fell in the areas of
prevention, classroom change, and remediation. Prevention programs


44
included preschool programs, the kindergarten programs reviewed by
Karweit, and first grade prevention programs. Under classroom change
programs, cooperative learning approaches (which are not adapted to
kindergarten but have potential) and continuous progress programs
were reviewed. Strategies identified in these effective continuous
progress programs, which were also identified in Project Follow
Through Planned Variation and Consortium for Longitudinal Studies
program research, include patterned task-analyzed instruction,
correction and feedback, small group or individual instruction with
teacher, packaged programs, ongoing diagnosis and prescription, and
individual placement and pacing. Cross-age grouping was also
identified, but was not present in earlier total programs.
Slavin and Madden presented common principles of effective
programs, derived from their analysis (1989, p. 12).
1. Effective programs are comprehensive. They almost always
include detailed teachers' manuals, and ususally include curriculum
materials, lesson guides, and other supportive materials. Effective
programs in the basic skills are not simply a series of workshops to
give teachers strategies to add to their repertoire; rather, they are
complete, systematic, carefully constructed alternatives to
traditional methods.
2. Effective preventive and remedial programs are intensive.
They use either one-to-one tutoring or individually adapted computer-
assisted instruction. Prevention and classroom change are
emphasized, and remediation used as a last resort.
3. Effective programs frequently assess student progress,


45
adapt instruction to individual needs, and modify grouping or
instructional content.
Other Strategies Derived from the Literature
This researcher completed an extensive review of the literature
which has appeared in the last five years on the reasons why at-risk
students may fail in the education system. Areas from this literature
which (a) appeared across a variety of sources, and (b) contained
suggestions for alternative strategies that could be observed in an
actual classroom were chosen. Three areas were chosen by these
criteria, and a discussion of these and the strategies they suggest
follows.
Language Development. Language development strategies are
important because low language levels have been identified by a
number of researchers to be a key deficit in young children from
poverty backgrounds (Becker, 1977). In 1974, Crowe completed a study
in two New York City kindergartens which analyzed kindergarten
activities for their potential for developing child language. Two
activities in these classrooms, Discussion and "Housekeeping", showed
the greatest potential for development of language. Both of these
activities fit into the developmental model which emphasizes the
value of conversation. Research on the value of conversation for
language development was also cited in Warger (1988). Conversations
with adults and other children support the child's fullest
development of all three basic functions of language--communication,
expression, and reasoning (Wells, 1983). The work of Bruner (1982)
and others suggests that conversations are most likely to take place


46
when children are in small groups of three or four, with or without
an adult. Using conversation or discussion with children in small
groups is a research-based strategy identified in the Project Follow
Through and Consortium for Longitudinal Studies developmental model
programs, as well as the specific literature cited in this paragraph.
The direct instruction model also highlights language as a key
component in the achievement of at-risk young children, but the model
targets logical and structural language skills rather than general
communicative competence. Sequential, task-analyzed language
development programs which have been a part of the direct instruction
approaches are not normally seen intact in kindergarten classrooms.
Research has shown language growth in disadvantaged children under
both developmental and direct instruction models, but no significant
long-term differences have been found. Research cited by Marzano
(1983) demonstrated that children entering school from low
socioeconomic backgrounds may fall as much as 2,000 words behind in
meaningful vocabulary as compared to their middle-class peers, so
strategies aimed at vocabulary concepts seem appropriate,
particularly in low SES kindergartens.
On-task Behavior. On-task behavior, or "time-on-task", has
received much attention in the effectiveness literature and Stallings
also considered this component in her research with Project Follow
Through. Day and Drake (1983) studied 18 kindergarten and first grade
classrooms organized into five different patterns of same-age and
multi-age grouping (five and six-year olds), various combinations of
one activity at a time and multiple activities, and various behavior


47
management strategies. In classrooms the researchers classified as
"developmental" (defined as using eight or more learning centers,
multi-age grouping, and behavior contracts) children had an on-task
behavior rate of 92%. Various organizations of classrooms without
these components generated rates from 78-82%. Stallings (1975) found
that task persistence was positively correlated with instructions
given to children individually by adults. Morrison and Oxford (1978)
examined a kindergarten class to see if continuous central signal
emission (such as a teacher reading or explaining a game to a few
children) or individual projects would produce more task-oriented
behavior than whole-class recitation. They found that students were
significantly more passive, distractible, and non-task involved in
class recitation than in the other two conditions. Thus, three
strategies aimed at increasing "time-on-task"--individual and small-
group instruction, learning centers, and cross-age grouping--can be
considered to have research-based support.
Motivational Issues. Motivation strategies have become
important as the theory of "learned helplessness" (Dweck & Elliott,
1983) has been applied to at-risk children. Locus of control and
attribution theory relate to this area. Presumably children with an
internal locus of control favor learning goals, while children with
an external locus of control favor performance goals. A teacher can
set learning goals with phrases like "Today I want to see how much
you can learn" or "How much can you find out about x?" or
performance goals by statements similar to "How many problems can you
get right?". Dweck (1986) found that children working following the


48
setting of learning goals showed more transfer of learning and active
attempts to apply what had been learned to new situations than did
those following performance goals.
A shift from more of an internal motivational system to an
external one is partly developmental as children enter school, but a
balance must be maintained, particularly in kindergarten (Moore,
1986). Attribution of academic success and failure can be related to
ability and effort (internal causes) or to task difficulty and luck
(external causes), as well as to the dimensions of stable factors
(ability and task difficulty) and unstable factors (effort and luck).
Dweck indicated that children who experience repeated failure and
attribute that failure to stable internal factors, such as ability,
may become victims of "learned helplessness", convinced that nothing
can be done about school failure (Dweck & Elliott, 1983). Harter
(1981) stressed the importance of rewarding children for effort as
well as success in order to build a higher level of "perceived
competence" that may develop in children the belief that they are not
victims who do not have the competence required to avoid school
failure.
Summary of Strategy Research
The researcher isolated instructional strategies from the
research on programs that have targeted specific areas of the
kindergarten curriculum and have evidence of effectiveness in these
specific areas. Many of these instructional strategies are the same
strategies that are part of larger programs found effective in
certain areas by the Head Start and Project Follow Through Planned


49
Variation Studies and the Consortium for Longitudinal Studies. The
strategy research findings are summarized below.
1. The research-based strategies which have consistently
appeared in total programs and specifically targeted programs which
fit within the description of the direct instruction model are whole
group instruction, if followed by individual remediation; patterned,
task-analyzed instruction; and immediate correction and feedback.
2. Other strategies which have consistently appeared in programs
which fit within the description of the developmental model include
individual and small-group instruction with verbal interaction from
the teacher; learning centers with the opportunity for individual
interaction by each child; and conversations with children in small
groups.
3. Another group of strategies have been found consistently in
the literature, but do not fit specifically within either of the two
instructional models. Those strategies are packaged programs with
specific teacher directions, on-going diagnosis and prescription, a
specific record-keeping/management system, multisensory materials and
instruction, individual placement and pacing of children in programs,
early screening for potential learning problems, and specific
suggestions for reinforcement at home.
4. A fourth group of strategies found in literature concerned
the reasons why at-risk students may fail to achieve. These
strategies include activities to develop specific vocabulary concepts
to assist in remediating language deficits, cross-age grouping to
facilitate on-task behavior, positive reinforcement for effort as


50
well as success to assist in preventing the syndrome of "learned
helplessness", and specific attention to teaching school-appropriate
and social behaviors that assist the at-risk child to have the
"cultural capital" behaviors that many middle class children possess
upon entering school.
Kindergarten Research
One of the purposes of choosing qualitative methodology to
complete this present study was the opportunity this methodology
would provide to compare the results of the study with previous
research on kindergarten strategies and teacher perceptions. The
final section of the review of literature in this chapter presents
some of that research that has particular meaning in relationship to
the present study.
Comparative Kindergarten Studies
Durkin (1987) used a combination of observation in 42
classes and teacher and principal interviews to examine practices in
teaching reading at the kindergarten level. She had previously
reviewed journals of university students who had observed extensively
in kindergartens and found that the major reading-related activities
were phonics instruction conducted in large groups and the use of
workbooks and ditto sheets. The journals contained few references to
language experience and composing. In general, one letter/sound
combination was presented per week. Most activities involved the
whole class but the class was split and rotated when an aide was
present. Even so, activities were not programmed in an


51
individualized way. All children were typically rotated through all
"centers". Although teachers had had a year to become familiar with
children's individual abilities, activities observed at the end of
the school year were the same as those seen at the beginning.
Commercial materials emphasizing phonics had a major and
encompassing effect on the kindergarten programs, and these materials
also directly affected what was on the report cards. The Alpha
Phonics Program, one of the research-based effective programs in
Karweit's analysis presented earlier, was used in 3 of the 42 classes
observed, but the readiness workbooks of the adopted basal series
were used in all others. Durkin surmised that topics dealt with in
the readiness workbooks were prerequisites for the first preprimer in
the basal series. Since the use of the preprimer marks the beginning
of the first grade instructional program, first grade teachers expect
students to know what the readiness workbooks teach. These
expectations are either assumed to exist by kindergarten teachers or
are communicated informally by first grade teachers rather than
through formal channels such as scheduled meetings (1987, p. 287).
The lack of vocabulary knowledge displayed by children from low
socioeconomic backgrounds was mentioned earlier. Durkin found that
time was not allotted to the categories of "provides word knowledge"
and "attends to word meanings" in any systematic way; primarily these
categories consisted of responding to childrens' questions or
spontaneous events. Reading to children did not include following up
with attending to relevant word knowledge.
Kessler (1986) conducted case studies of a kindergarten in a


52
low-income neighborhood and one in a middle-income neighborhood to
look at the child's effect on the curriculum. Kessler had previously
visited 32 of 37 kindergarten classrooms in the district where the
study was conducted and observed that the major differences among the
classrooms were in whether the teacher presented academic instruction
to the entire class in a direct manner or in small groups sometimes
called "learning centers", and whether the teacher's attitude toward
play was that it was recreational or that it was a way to teach
concepts and skills. Thus, four main activity structures were
identified: direct instruction, centers-for-instruction,
instructional play, and free play. Both classrooms in the study had
some direct instruction, centers-for-instruction, and instructional
play, but no specific times for free play.
Kessler's study used the theory of educational code, developed
by Bernstein, to describe the curriculum, pedagogy, and evaluation in
the classrooms. A collection code is characterized by strong
classification (boundaries between the subjects), and strong framing
(teacher control of organization and presentation of school
knowledge). An integrated code is characterized by weak
classification and relatively weak framing. Under the collection
code, content areas become more specialized as the individual moves
up in the educational system; the underlying principles and unifying
concepts of a subject are thus revealed late in one's educational
life and only the better educated have access to them. Children work
as isolated pupils, protecting what they know. In Kessler's study,
the middle-income classroom displayed a collection code. Under an


53
integrated code, the heart of the content area is arrived at sooner;
breadth rather than depth is stressed, and there is no specialization
of knowledge. The low-income classroom in this study was seen to be
operating under an integrated code.
Ability grouping was used in both classrooms, but was more rigid
at the middle-income school. More language experience was used in
the low-income school. The middle-income classroom curriculum focused
more on basic skills and learning to play the "student" role. More
affective activities took place in the low-income setting. In the
middle-income setting, the primary teaching methods were modeling,
direct instruction, and social reinforcement. In the low-income
setting, there was more questioning for thinking skills and
creativity and attention to children's interests in choice of an
activity, but in neither setting did children influence the
curriculum by asking directly for activities or bringing items to
school, for instance. In both classrooms, administrative structure,
such as the mission of the school and the behavior of the principal,
influenced processes, but it was the teacher with her background,
educational training, and philosophy that most influenced the
educational code. Kessler could not, therefore conclude that social
class alone determined what type of education students received. Her
study did highlight the concept of cultural capital (those behaviors
such as the ability to speak in culturally standard ways and to act
appropriately for a school type of setting) with which higher income
children come to kindergarten. These cultural capital behaviors were
not seen to be stressed in the low-income classroom in this study,


54
and the children in that classroom thus had no way for these
behaviors to be modeled for them.
Teacher Perceptions
A recent survey by the Oregon Department of Education targeted
all elementary principals and kindergarten teachers, plus 315
randomly selected first grade teachers. When given sets of six
statements that reflected an "academic" view and six that reflected a
"developmental" view, more teachers and principals favored the
developmental statements. Although a majority of both disagreed with
academic statements on workbook and seatwork activities, formal
reading instruction, and administering readiness tests early in the
school year, there was no consensus on use of tangible rewards and
requiring completion of all tasks and activities. Conversely, a
large majority supported developmental practices of open-ended
materials and experiences, encouraging dramatic play, and emphasis on
process of work and play rather than solely on product, but there was
not consensus on devoting at least half a day to child-chosen
activities and opposing tangible rewards. Total commitment to the
alternative developmental philosophy was not evident in this study
(Hitz & Wright, 1988).
Hatch and Freeman's Ohio Kindergarten Study (1988) used an
analysis of instructional materials and report cards, coupled with an
ethnographic interview technique with teachers, principals, district
administrators, and superintendents to look at the current
perceptions of kindergarten. The study detected a great deal of
stress on teachers and principals resulting from being asked to


55
implement a more academic focus, opposed to their personal
philosophies. Of the total pool of informants, 55.6% expressed that
what they were expected to do in the day was directly opposed to
their philosophy; 66.7% of teachers alone expressed this view. There
was not a clear perception that principals or district administrators
were actively exerting this pressure, however; it was more a result
of "accountability". All of the teachers interviewed reported that a
direct instruction model was appropriate. While 50% provided some
"free choice" time, usually before the opening of school, no teacher
reported using a "child-initiated" approach to delivering educational
experiences. Most instruction was delivered in large and small
groups, and learning centers were actually locations in the room
where teachers provided planned activities that children were
assigned to complete. In the 12 sites examined, 58.3% of the
teachers used readiness or prereading materials that were part of
district-adopted basal series and 83.3% had officially adopted
"commercial" reading materials. A "whole language" approach was
found in only 16.7% of the sites. The important rationale for
teaching skills, structuring tasks, and providing direct instruction
was a perceived need to prepare students for first grade work.
Bussis, Chittenden, and Amarel (1976) completed an in-depth
interview study of kindergarten/primary teachers who were associated
with an advisory program or a teacher center sponsoring an "open
education" approach. The study was an attempt to look at the
constraints, problems, and supports of teachers who were attempting
educational change in the earlier years of bringing developmental


56
models into the public schools. The researchers analyzed teachers'
understandings of curriculum and program through the coding schemes
they developed, and tied in the theory of "personal construct system"
proposed by Kelly in 1955. A personal construct system means a
personal construction or representation of some aspect of reality
that is the individual's interpretation of his world. In some
respects it may be likened to a concept in that it refers to objects
or events that a person categorizes in his mind as somehow similar in
meaning. However, its boundaries are personally defined on the basis
of the individual's past history. Personal constructs and the
heirarchical system under which they operate are the means by which
we predict and anticipate events. An example given by Bussis et al.
was that the teacher who construes block building as an exercise for
large muscle development will make different predictions about this
activity and act in a different way than will the one who construes
it as "play" or one who construes it as the child's concrete
representation of thought. Translating an idea into action and
experiencing its consequences leads to personal knowledge and
learning, as opposed to merely "academic" learning, and this points
to the need for personal exploration and reflection if change in
personal constructs is to occur for the implementation of new ideas.
The Bussis study was quite complex, and only results that apply
to this study are reviewed. Bussis et al. looked first at the
teachers' understandings of curriculum and of children- the surface
content of the curriculum (the perceptible form) and the organizing
content (the learning priorities and concerns that a teacher holds


57
for children). Seventeen organizing priorities were identified and
coded, ranging from narrow, conventional concerns to broad,
developmental concerns. The study carefully analyzed the connections
between the surface content and the organizing content, stressing the
need to help teachers learn to reflect upon these connections.
Important to the current study is the fact that the Bussis study
found little evidence of teacher initiative and effort to change or
develop school policies. The school and the principal were seen as
the "givens" of the teaching situation.
Summary
This chapter has reviewed literature that related to the two
research questions of this study. The history of Head Start and
Project Follow Through and the evolution of the two major
instructional models that evolved from these efforts were reviewed.
Also, the effectiveness research on the models from the Planned
Variation evaluation studies associated with these efforts was
included. The work of the Consortium for Longitudinal Studies was
also included because it provided more evidence for particular areas
of effectiveness of each of the two instructional models. Then,
studies that examined specific programs that have been used with
disadvantaged kindergarteners in targeted areas such as reading
readiness, phonics, and math were reviewed. The effective strategies
that were found in these specific programs matched many of those
found in the Head Start and Project Follow Through programs.
Literature that has addressed the suspected reasons why


58
disadvantaged children may fail to succeed in school was reviewed,
and promising strategies were identified in that literature.
Finally, comparative literature on kindergarten instruction and
kindergarten teacher perceptions, with which the findings relative to
the research questions of this study may be compared, was reviewed.
Thus, the literature review provided the knowledge base for this
study. Two clear instructional models evolved from the programs
associated with the pioneering efforts in early childhood education
for the disadvantaged, Head Start and Project Follow Through. Many
observable classroom strategies can be categorized within one of the
two models, and research on programs associated with Head Start and
Project Follow Through, as well as The Consortium for Longitudinal
Studies, has identified areas of particular effectiveness for each of
the models. Many of those strategies, as well as some additional
strategies, can be isolated from kindergarten programs targeted to
specific areas of instruction. Research on those programs has shown
high levels of achievement growth for the children with whom the
programs were used. The literature also provided reasons why
disadvantaged children may fail in school, and suggested some
strategies for counteracting those reasons. Thus, a set of
strategies that research has suggested as effective in increasing the
skills of young disadvantaged children was identified from the
literature review, and this study sought to determine the presence of
those strategies in a small sample of kindergarten classrooms in low
socioeconomic schools and high socioeconomic schools.
Literature that deals with kindergarten instruction and the


59
views of kindergarten teachers is limited, but that literature
suggests that kindergarten teachers are bound by discrete phonics
instruction and basal/commercial reading programs. It also suggests
that kindergarten instruction differs in low socioeconomic and high
socioeconomic classrooms. In addition, teachers are most confident
with the direct instruction model, and they are controlled by a
perceived need to prepare students for the expectations of first
grade. Their work is defined by a personal construct system, and
many teachers are troubled by a philosophical conflict between the
expectations that they feel are placed upon them and the dictates of
their own philosophies. In spite of this, they evidence little
impetus to change the "givens" of their teaching situation. This
present study also examined the motivations of kindergarten teachers,
and part of this was done in the light of the limited literature in
this area.


CHAPTER III
METHODOLOGY
This study was concerned with identifying and comparing the
presence of strategies that have a research base suggesting their
effectiveness with low socioeconomic kindergarten students in
classrooms that enrolled a relatively large or relatively small
proportion of low SES students. In addition, teachers' reasons for
using the strategies were investigated. The strategies were
identified from research on programs that represented the direct
instruction and the developmental model of instruction which evolved
from Head Start and Project Follow Through, as well as from programs
that target specific areas of the kindergarten curriculum and have
been either developed for or used extensively with low SES
kindergarteners. In addition, some strategies were identified in
literature that dealt with the reasons why low SES students fail to
achieve in the education system. A combination of interviews,
participant observation, and document/artifact analysis was chosen to
collect data from six kindergartens. Three of these were in schools
having a very large proportion of children from low-income homes, and
three were from schools enrolling mainly middle-class children.
Issues in Qualitative Research
Qualitative research data gathering procedures were appropriate
for this study. Several issues are prevalent in qualitative research,
including subjectivity, reliability and validity, and observer role.
The researcher has had training in the techniques of qualitative


61
methodologies and was aware of the issues. Consequently steps were
taken to deal with these issues throughout the study. The data
gathering methodologies used are generally associated with
ethnographic research, and it was necessary to deal with these issues
even though the researcher realized the distinction between "true"
ethnography and the research design that was developed for this study
that fell more in the realm of "quasi-ethnography" (Goetz & LeCompte,
1984, p. 237). Even though the study was not based upon months of
fieldwork and a pre-determined focus was present, ethnographic
techniques were adhered to carefully within the time and resources
available and the purpose of the research. Goetz and LeCompte
stated:
The problem to be addressed here is less the extent to
which a study matches some classical model of ethnographic
investigation, than it is whether the variant is appropriate
and sufficiently comprehensive to answer credibly and
convincingly the question posed by the researcher, (p. 237)
The researcher felt that the methodology chosen was appropriate to
gather data required to the answer the research questions.
Subjectivity
Subjectivity heads the list of issues and limitations of
qualitative research. Peshkin (1988) suggested that it is not enough
for researchers to acknowledge that subjectivity can be present in
their work; there also must be the "enhanced awareness that should
result from a formal, systematic monitoring of self" (p. 20). Peshkin
enumerated several "Subjective I's" of which he became aware while
monitoring his subjectivity. This researcher's "Subjective I's" were
headed by an interest in developmental teaching models after years of


62
work in the field of special education, and by a personal belief in
and implementation of highly behavioral models. It was necessary to
remain aware of the years of strong research supporting those
behavioral models and techniques while investigating the current
literature in early childhood that leans toward the developmental.
In addition, the researcher also believed that good teaching was
crucial, particularly for children whose circumstances may dictate
that they are dependent primarily upon the school for most of their
education. When encountering strict behavioral belief systems in
interviews and the techniques observed being implemented, and when
seeing practices that were not research-based or, in fact, were
contrary to research in some instances, it was necessary to keep in
mind that the purpose of the study was to present an objective view
of teachers' perceptions and implementation of models and strategies.
The researcher's affinity for teachers of young children required
care to avoid reading meaning into what was seen in these classrooms
based upon what the researcher knows about how teachers of young
children operate. The researcher was able to deal with these
"Subjective I's" by being aware of them in advance and by consciously
monitoring them as data were collected and analyzed. In addition,
participants were invited to review the data taken and the
interpretations made to guard futher against researcher subjectivity.
Reliability and Validity
Reliability and validity of qualitative research are issues
often discussed. Goetz and LeCompte (1984) stressed the importance of
a detailed description of the data collection methods and data


63
analysis strategies because replicability is not possible without
this. Bogdan and Biklin (1982) stated, "Qualitative researchers tend
to view reliability as a fit between what they record as data and
what actually occurs in the setting under study, rather than the
literal consistency across different observations" (p. 44). Many
qualitative researchers believe that such research and the closeness
of the researcher to the data source involve less representation or
assumption than quantitative research. Careful description of
activities, settings, events, and situations allows readers to
compare their situations with those described (Goetz & LeCompte,
1984). In addition, description of the theoretical frames,
definitions, and research techniques used are accessible to other
researchers and allow for translatability. Translatability is
another standard presented by Goetz and LeCompte to which this study
attempted to adhere.
In order to counteract a possible problem of researcher status
position, the researcher stressed her role to the participants in the
study as one of only gaining information about what was happening in
kindergarten classrooms, and not in any sense as one of evaluating
what was seen or heard.
The six schools were chosen to meet the income criteria stated
in the definition of terms on page 8, and participants were chosen by
the principals in the schools. During interactions and observations
the researcher attempted to acknowledge any unusual factors in the
school or in the experiences of the particular teacher or situation
that might affect the reliability of the work. The researcher worked


64
under the assumption that there are some research-based models and
strategies in the field, as described earlier, but was careful to be
open to collection and analysis of all that was told in interviews
and seen in the classroom. The researcher consciously attempted to
use careful description and low-inference descriptors in all cases.
The work was peer-reviewed by two central office administrators who
are knowledgeable in the area of curriculum and kindergarten
programming.
To deal with validity threats, the researcher collected data in
each classroom during the same general time span and functioned in
the roles of an observer and a teacher assistant doing no direct
presentation to children. The researcher was careful not to
generalize any unique beliefs expressed or practices seen in one site
to other sites, but to deal with these unique beliefs and practices
in a contained way, tying them together with only the teacher to whom
they applied.
Across-method triangulation of interviews, observation, and
analysis of lesson plans, materials, and report cards was employed as
a way to add strength to the findings. Both multiple data sources
and multiple data collection methods were used in this study.
Observer Role
Patton (1980) and others discussed the need for the observer to
assume a role which combines the roles of participant and observer.
The perspective of the observer is important in describing for others
what is happening, and the perspective of the participant is crucial
in developing an insider's view of what is happening. The researcher


65
adopted the role of observer as a limited participant for this study
by functioning as an assistant to the teacher when needed and
specifically directed to do so, but doing no independent or direct
teaching nor assuming authority over children. In this way it was
possible for the teachers to feel comfortable with the observer in
the room and data could be recorded more unobtrusively during times
when assistance was not needed. The researcher did not affect
directly what was presented to or expected of children in the larger
framework. The researcher consistently attempted to limit any effect
of presence on the teachers' planning, behavior, or statements, but
it is unlikely that zero effect was achieved. Part of the
researcher's attempt was to display in the interview and in informal
conversation an awareness of the special circumstances and
frustrations of kindergarten teachers. The researcher assured each
teacher that none of the information gained was used in the
researcher's professional position. There were no interactions
between the researcher and the teachers concerning administrative or
policy issues in their schools or district, other than what might
have been brought out by teachers during the interviews.
The researcher used the system for analyzing possible sources of
observational error found in Evertson and Green (1988). This included
looking for recency effects, logical errors, failure to acknowledge
self, classification of observations, generalization of unique
behavior, vested interests and values of the observer, reactions of
the observed, failure to account for situation or context, and lack
of consideration for the speed and simultaneity of action.


66
Selection of Sites and Subjects
A pair of schools in each of three different school districts
located along the front range in Colorado was selected for this
study. One school in each pair was to be a school enrolling a high
number of low SES students and the other was to be a school enrolling
few of these students. The districts were asked to select a school
where more than 50% of the families qualified for free or reduced
lunches under the federal program, and one where less than 25% of the
families qualified. The researcher approached the appropriate
central office administrator in each district to discuss this
selection of schools. In two of the districts the selection of
schools was made by an Assistant Superintendent in charge of
instruction. In the very large third district, it was difficult to
gain access in this manner. The researcher knew the schools in the
district and gained permission from two principals in that district
to observe in their schools. The researcher also gained permission
from the principals in the other two districts. Table 3 lists the
schools and their proportion of free and reduced lunch students.
Table 3
Participating Schools' Free/Reduced Lunch Percentage
High SES
Low SES
Al 24%
A2 69%
B1 24%
B2 85%
Cl 23%
C2 90%


67
After the researcher explained the purpose of the study to the
principals, all were asked to select a teacher to participate. The
researcher deliberately avoided a discussion with principals of
particular criteria for the selection of teachers. The researcher
then also explained the study to the selected teachers, and informed
consent forms were provided when teachers selected agreed to
participate. All of the teachers who were selected agreed to
participate. The researcher made clear with teachers that the intent
was to gain information about what was going on in kindergartens
today and that no evaluation or judgment, either of the teacher or
the classroom program, was involved. The researcher explained the
study focus and procedures clearly and honestly, but generally, as
advised by Bogdan and Biklin:
It is unwise to give details concerning your research
and the precision with which notes will be taken. If they
knew how closely they were being watched, most people would
feel self-conscious in your presence... or stage events for
his or her [the researcher's] benefit. (1982, p. 25)
The researcher assured teachers and principals of confidentiality for
themselves, their schools, and their school districts. They were
informed that they would be able to review the reports on the data
collected and the interpretations.
Data Collection
Interviews, participant observation, and document/artifact
analysis were used to collect data for the study. These procedures
are described briefly below.


68
Ethnographic Interviews
Bussis et al. stated:
In summary, the evidence indicates that an interview
methodology such as the one reported here is a
sensitive approach to the study of underlying
constructs about teaching and learning that have
visible counterparts in the classroom and that have
a traceable continuity over time. This and other
methodologies need to be refined for sustained and
programmatic research on the origins, nature, and
influence of teachers' thinking. Few areas are as
important for understanding the educational process
and few have been as seriously neglected. (1976, p.171)
Part of this study focused on the reasons teachers implement
particular models and strategies, and the interview portions were
designed to elicit these reasons, both directly and indirectly. This
required a great deal of breadth of information. For example, it was
necessary to determine the background of the teachers as a part of
the context in which they worked, how they said their classrooms were
organized and the tasks and experiences were provided and how they
were structured, their philosophies about how children learn and what
kindergarten should be, and knowledge of their goals and objectives.
Appointments for interviews were set at the initial meeting
with each teacher. The interview guide constructed by the researcher
consisted of semi-structured questions designed to elicit some
critical features of implementation and beliefs of teachers (See
Appendix A). However, a great deal of open-endedness was provided
in additional probe questions for elaboration, clarification, and
completion of detail (Patton, 1980), and in teacher responses, so
that other themes and information could emerge. The researcher
followed Spradley's (1980) advice to help informants be good


69
informants by continually encouraging them. Interviews were held
only after the researcher's first observation in a teacher's
classroom so that questions about what had been observed could be
clarified. The interviews were conducted in the teachers'
classrooms at non-school times.
Participant Observation
Bogdan and Biklin (1982) and Taylor and Bogdan (1984) defined
participant observation as research that involves a prolonged period
of social interaction between the researcher and subjects in the
milieu of the latter, during which time data, in the form of field
notes, are unobtrusively and systematically collectd.
Each half-day kindergarten class was observed the full time that
the class was in session for three different days. Each of the six
classrooms was observed for one full session in sequence. Then the
researcher returned to the first classroom and observed for two full
sessions, moving on to the next classroom to observe for two full
sessions, and so on. All of the observations were conducted over a
span of 29 school days. It is probable that basic instructional
strategies are essentially consistent across time; however, the
rotational system was used to minimize effects of differences in
classrooms, if any, over time. This system also provided some
consecutive time in the same classroom.


70
Document/Artifact Analysis
In addition, some documents and "artifacts" were examined.
Documents reviewed included lesson plans, worksheets, workbooks, and
kindergarten report cards from each of the districts. Lesson plans
were sketchy outlines, often did not match actual instruction
closely, and had limited usefulness. Worksheets and workbook pages
were reviewed for content, and this review was noted as a part of the
observation notes at the point where the worksheet or workbook was
used. Report cards were discussed by teachers in the interviews as
important guides to instruction in several of the classrooms, so they
were reviewed more closely. A separate section of notes was taken on
their content and copies of report cards were kept by the researcher.
Artifacts consisted of the toys and materials present in the
classroom, which were also noted in the observation notes in a
separate section. The researcher also drew a detailed map of each
classroom at the beginning of the observations.
Data Recording
Since teachers appeared to be uncomfortable with tape recording
interviews, the researcher used shorthand to record their answers
verbatim. The researcher also used shorthand to record a condensed
account of each observation session. Immediately after the interview,
interview notes were transcribed on a word processor and printed only
on the left side of pages, leaving the right half of the page free.
Within one day of an observation session, the condensed account of
that session was expanded and placed on the word processor in the
same format as the interview notes. A space was inserted after the
account of each teaching activity. Thus, the expanded notes


71
consisted of narrative on the left half of each page in blocks, each
block representing a teaching sequence. Certain codes were
developed, such as "T" for teacher language or action and "C" or "Cs"
for child or children speaking or acting. Quotation marks were used
for direct quotes. Since these notes were to be given to the
teachers to review after the observations, they were kept in clear
language and fully expanded, and not shortened into any form that
would be meaningful only to the researcher. All teachers in the
study agreed that the notes represented what had actually taken place
in their classrooms and that the interpretations, which were shared
with them in written form prior to writing the findings and
conclusions of this study, were reasonable and accurate.
The researcher took four types of field notes related to
observations, as discriminated by Corsaro (1981): descriptive notes
on what was happening; methodological notes on issues such as
placement of the observer, recording of information, etc.; personal
notes on personal reactions or elements to remember or consider; and
theoretical notes on possible ties to theory and to observed
patterns. The theoretical notes took the form of possible themes,
hunches, and theories represented, and these notes were written in
the margin of the condensed descriptive and methodological notes as
the researcher proceeded, as suggested by Taylor and Bogdan (1984).
The personal notes were written in a separate journal immediately
after each observation.
Goetz and LeCompte stated:
Neither recording everything or 'getting it all down' are
attainable goals for participant observers. The interactive


72
stream is too complex and too subtle to be captured
completely...Most ethnographers accept the more achievable
goal of recording phenomena salient to major aspects of
the topic they have defined. (1984, p. 112)
Thus, field notes were oriented toward the physical context of the
room, the use of materials, and the instructional strategies employed
by teachers. Less attention was given to childrens' reactions,
interpersonal interactions that were not instructionally related, or
behavior management, for instance, although some of these were
recorded in the personal journal. The researcher adhered to
Spradley's three principles for making an ethnographic record: the
language identification principle (identifying the language used for
each field note entry in order to reflect the same differences in
instructional language as were present in the actual situation); the
verbatim principle (reflecting instructional talk word-for-word); and
the concrete principle (using concrete descriptive language,
expanding and developing detail) (Spradley, 1980). Spradley's
Descriptive Question Matrix, which includes the dimensions of space,
object, act, activity, event, time, actor, goal, and feeling, was
used as a guide where appropriate (Spradley, 1980, p. 82).
Data Analysis
Data were analyzed during fieldwork in the recursive manner as
discussed by Goetz and LeCompte:
Rather than relegating analysis to a period following data
collection, ethnographers analyze data throughout the study.
...The strategies they use depend upon feedback from the
field. (1984, p. 165)
Field notes were reviewed daily to determine specific areas of


73
focus for the following observations, specific follow-up questions to
be clarified, and to be sure that research was not wandering from its
original purpose.
After interview notes were transcribed and observation notes
were expanded, the researcher went through these and made further
notes in the blank space on the right side of each page. Theoretical
notes taken during the observations were expanded and entered in pen
next to the teaching sequence to which a particular possible tie to
theory or an emerging theme applied. Then the researcher went
through all of the notes again and pencilled in relationships to the
literature reviewed for this study. Each observation and the
interview which matched it were reviewed twice at one time, word for
word, causing the researcher to immerse herself in each situation and
cement it in her mind. At the same time, the personal journal and
the separate section of notes on report cards and materials were
reviewed and similar margin notes made next to areas which related to
particular pieces of data.
A process of analytic induction was used in data analysis.
Categories and relationships among categories were sought and a
process of typological analysis completed, wherein data were divided
into groups. Both of these general strategies were recommended by
Goetz and LeCompte (1984). Observation data were consistently
compared to the theories that underlie the two major model categories
and the strategies, as well as to past research reviewed for this
study. Interview data were also compared to theory and past research
reviewed, particularly that on teacher perceptions.


1U
Developmental Research Sequence
The analysis of data for this study followed the first two steps
of Spradley's (1980) Developmental Research Sequence. This process
was used to transform the data into meaningful trends relative to the
research questions of the study and the other trends which emerged
naturally from the data. The first two steps of the process are
Domain Analysis and Taxonomic Analysis. The researcher did not use
the third step, Componential Analysis, in a formal manner, but did
search for themes using some of Spradley's suggestions, as will be
discussed later.
Domain Analysis. A domain is a category of cultural meaning
that includes other smaller categories. Domain analysis involves
searching in the data for semantic relationships and cover terms (the
name of a domain) and included terms (the names for all of the
smaller categories inside the domain) that fit the semantic
relationship to discover patterns. The semantic relationship is the
way by which the categories are linked together. Examples of sematic
relationships are spatial relationships ("x is a place in y") and
cause-effect relationships ("x is a result of y"). Three semantic
relationships emerged from the review of pen and pencil notes on the
right side of the interview transcriptions, observation notes, and
personal journal. These relationships were: (a) a strict inclusion
relationship ("x is a kind of y"), (b) a rationale relationship ("x
is a reason for doing y") and (c) a means-end relationship ("x is a
wav to do y"). Cover terms and included terms then emerged for each
relationship. Cover terms and included terms that fit within the


75
strict inclusion relationship were all of the strategies and
materials that were identified. For example, one cover term that
emerged within the strict inclusion semantic relationship was "kinds
of instructional techniques that fit within major model categories".
An included term within that cover term was "whole group
instruction". The reasons that teachers gave for implementing
strategies fit a rationale relationship and a means-end relationship.
The cover term that emerged within the rationale relationship was
"reasons for choosing a material or an activity", and an included
term was "theory of learning a subject".
Taxonomic Analysis. Taxonomic analysis is a process of grouping
semantic relationships into sets of categories, showing the
relationship among all the included terms in a domain. The taxonomic
analysis for this study was done by developing an outline of all of
the three semantic relationships, with their cover terms and included
terms.
Some strategies were apparent from participant observation and
others could not be directly observed but were apparent from
interviews. Whether strategies were derived from observation or from
interviews, they fit into the structure of the three semantic
relationships. The outline form of the taxonomic analysis was
divided to indicate the distinction between strategies derived from
observation and those derived from interviews.
The first domain of the taxonomic analysis was the strategies
and materials identified in the data that fell into those that were
distinctly associated with either the direct instruction model or the


76
developmental model. The researcher compared each of the strategies
and materials with the Project Follow Through research by Stallings
(reviewed in Chapter Two) that categorized and described programs
that fit within the two model categories. The descriptions of those
programs were used as the guide against which strategies were
compared in order to place them in a model category. Research
suggests that the models differ in their areas of effectiveness with
low socioeconomic children.
At this point, a finer level of discrimination became necessary,
that of the specific strategies that were identified by the research
base discussed in the review of literature. Most of these identified
strategies were present at least once in the researcher's notes
placed next to the interview transcriptions and interview notes.
Some of the strategies had already been included in the domain of
those that emerged from the notes as fitting either the direct
instruction or the developmental model. In that case, an asterisk
was placed next to the strategy in the first section of the taxonomic
analysis. Some other research-based strategies which evolved from
the data did not fit within one of the models, and these were placed
in a second domain of the taxonomic analysis--that of research-based
strategies that were not model-determined. All strategies included in
this second domain were checked against (a) those that appeared in
the effective programs identified by Karweit (1987) and Slavin and
Madden (1989) which had been used with low socioeconomic children;
and (b) those that appeared in the literature concerning reasons why
low socioeconomic children may fail to achieve in the educational


77
setting. In addition, the researcher added all of the effective
strategies that appeared in the research that was reviewed. These
were added either to the domain that included the instructional model
categories, if appropriate, or to the domain that included strategies
that were not model-determined. Since the presence of research-based
strategies was the focus of the first research question of the study,
it was important to reflect those that did not appear naturally from
the study data.
The third domain that evolved was under the "rationale" semantic
relationship--the teachers' reasons for choosing a material or an
activity. The researcher also added reasons which did not appear
naturally in the data, because it was again important to reflect what
was not present in these classrooms or with these teachers. The
"means-end" relationship was related to the "rationale" relationship
in that the domain that evolved was the ways that teachers feel new
teachers learn the "norms" of teaching kindergarten. However, no
research on this area was found in the review of the literature.
Coding
The Taxonomic Analysis which guided the coding of data for the
study was thus developed and can be found in Appendix C. The
researcher made an attempt to use computer software for data
reduction of some trial data, but following the sequence discussed
above and reducing data by hand turned out to be much more
productive. The notes made on the right side of the pages of data,
plus other strategies and reasons that the researcher gleaned from
the literature that was reviewed, led to the Domain/Taxonomic


78
Analysis, which was written out in outline form. Then the researcher
used the outline roman numerals, letters and numerals to code all
elements found in the data. This coding was done in pencil in the
left margin of the interview transcriptions, observation notes,
materials notes, and personal journal. An occasional new element or
term which surfaced was added to the appropriate domain in the
outline. (The entire "means-end" relationship actually evolved in
this way. When no way was found to reflect some data in the taxonomic
analysis, a new section had to be developed to preserve the data.)
The researcher coded every element in the taxonomic analysis
outline first by school to insure that the researcher was immersed in
the data for each site. Then the researcher reviewed the coding of
each term or element in the outline across all sites, to insure that
each term was considered and coded consistently across all sites.
The researcher reviewed the data a third time to be sure that no
element of an instructional sequence had been overlooked. The maps
and materials lists were reviewed again to be sure that no
document/artifact elements had been overlooked in the taxonomic
analysis.
The researcher next developed a blank form which listed all of
the sections of the taxonomic analysis outline in order to tally the
coded entries in each domain from all of the data. This made it
possible to quantify the relative presence of the research-based
strategies and rationales in low SES and high SES classrooms.


79
Analysis of Trends
The quantified findings of the study were based on the set of
trends which emerged from the coded results. The tally forms made it
possible to determine the number of instances when strategies and
materials were observed in each classroom and, on a total basis, in
low SES classrooms and high SES classrooms.
The minor differences between classrooms in the amount of time
that the researcher spent observing with children present in the room
were due to differences in classroom schedules and, in one district,
a difference in the length of kindergarten sessions. These
differences were adjusted by dividing the minutes spent in the
classroom where the researcher spent the most time by the minutes
spent in each other classroom. This gave a weighted number for each
classroom by which observed instances of strategies were multiplied
and rounded off to the nearest whole number. Strategies derived from
interview data were not observable in the classrooms. The number of
times that a particular strategy was discussed by teachers in
different contexts during interviews are presented separately from
observation data. Quantified results derived in this manner were
intended only to give a general comparison of the strategies and
rationales. Quantified data also served as a base for writing the
ethnographic description portion of the results. Consequently, the
final section of the results of the study is a presentation of the
quantitative data on strategies, materials, and rationales, and is
provided as additional support for the ethnographic presentation of
results.


80
The transcriptions of interviews and the personal journal were
also used in the ethnographic descriptions in order to delve into a
deeper level of meaning behind the strategies that were identified.
The focus of the results is on the description of each classroom and
the interface of the teacher with that classroom. Elements common to
all of the classrooms emerged as those descriptions were developed,
and it was these common elements that the researcher used to form the
written descriptions. These elements included a brief background
sketch of the teacher, a description of the room and the physical
setting of instruction, the way in which specific areas such as
reading readiness, math, and affective and social skills were
instructed, the mixture of direct instruction and developmental
strategies, and the evidence of an instructional plan and educational
code. Factors that were associated with the teacher herself also
emerged, including her goals, her organizing and surface content, and
her philosophical and personal construct system. Elements that were a
part of the research reviewed for the study were examined, but other
themes emerged as the writing proceeded. The researcher analyzed
each of these emerging themes as they appeared, comparing and
contrasting them with each subsequent classroom situation and
teacher. Immersion in the field notes for periods of uninterrupted
time was helpful in generating specific examples of emerging themes,
searching for elements of contrast among the descriptions, and making
rough schematic diagrams of each setting and the relationship of its
elements. The researcher reviewed maps of the classrooms and the
personal journal in order to "travel back" to the setting often.


CHAPTER IV
FINDINGS
The findings of this study were analyzed following the focus of
the two research questions--the extent to which strategies with a
research base that suggests their effectiveness with at-risk children
were present in the classrooms studied, and the reasons why teachers
implemented, or did not implement, certain strategies. The
observation data recorded and the interviews conducted in the study
were shaped by the focus on a particular set of strategies which are
inherent in either the direct instruction or the developmental model
of instruction, as well as some strategies which are not model-
determined. The strategies are listed in Appendix C. The research-
based strategies were identified from research literature on Head
Start and Project Follow Through programs that represented the direct
instruction and the developmental models of instruction and from
research on programs that target specific areas of the kindergarten
curriculum. These latter programs have been developed for or used
extensively with low SES kindergarteners, and have been found to be
effective in increasing achievement in these specific areas.
The trends which emerged from the data in this study were
initially identified by using quantified data regarding the
strategies observed in the six classrooms and from teacher
interviews. Instances of particular strategies observed in the
classrooms or described by teachers in interviews were quantified in
order to give some basis for comparison though this was basically a
qualitative study and was not intended to present statistically


82
verifiable data. The quantified data are presented as additional
support for the ethnographic case studies which form the major focus
of the presentation of findings.
Kindergarten Teachers and Their Strategies
The researcher spent approximately 55 hours with kindergarten
teachers during the course of the study, either during class or
interviewing or talking to teachers informally before and after
class. The findings are a "mini-view" of the culture of
kindergartens in three urban-suburban school districts in Colorado--
districts where children representing a microcosm of our society were
entering school as part of the class of 2002.
The study took place in late September through early November,
1989. Children had been in kindergarten for a while; they knew where
to go when they entered the classroom. They knew that key phrases
like "open them, shut them, put them in your lap" or "I'm waiting
..." meant to quiet down and sit still; they knew the cues for
changing activities, such as hearing chords on the piano, or seeing
the lights go off, and how to walk in lines, manage their materials,
and put away their belongings. Whether they had come from a poverty
level or a middle class home, they had learned these things, and they
had teachers who were equally committed to their success and were
reaching for that success earnestly, but, sometimes, without a plan
to achieve it.
The ethnographic case reports are organized by presenting a
description of the setting, a discussion of the teacher's goals and


83
beliefs as expressed to the researcher, a description of the
structure and methods of delivering instruction in the classroom, and
a brief researcher analysis of the interface of the classroom and the
teacher, including a discussion of theoretical concepts from previous
literature.
Ms. A. School A1
Ms. A, in her mid-forties, had taught for 17 years, 13 of them
in her current district. She had spent four years teaching art early
in her career. This was her first year teaching kindergarten. For
the past twelve years she had taught first grade in the district, the
last eight in the higher SES school to which she had transferred
from a low SES school when the school opened.
Setting. There were 15 students in Ms. A's classroom and no
aides or volunteers were present. Ms. A's classroom had many brightly
colored commercial decorations and charts, a quilt on the wall,
plants, and many materials. The floor was carpeted. The room
presented a bright, crisp, visually exciting atmosphere in a school
that seemed almost brand new. The surrounding neighborhood was also
orderly, well-landscaped, and a picture of suburban America. The
school was located in a housing development so the homes were similar
to each other, but the owners had added decorative touches to their
yards, and motor homes and fairly new cars to their driveways.
Bicycles and basketball hoops were evident as well. It seemed that
the classroom, with its neat, machine-made decorations and its
abundance of possessions, matched the neighborhood and homes from
which most of the children came. The items in the classroom were


84
items specifically for classrooms, and they were all in specific
places, just as the newly purchased young trees and redwood flower
boxes in the yards of the neighborhood were made to be placed in
yards in specific places.
Teacher's Goals and Beliefs. Ms. A had a separate goal for
children in each academic area. She was aware of future needs for
these children because of her first grade teaching experience in the
school. Her general goal for children was "to prepare them for first
grade, academically, socially, emotionally... especially to give them
confidence." Ms. A's classroom included a small group of children
who entered kindergarten without preschool or rich family
experiences, so she tried to bring in more enrichment and language-
related experiences with them in mind. Ms. A did no direct affective
education, but she did place school skills, such as how to use
materials, at a high level of importance. She felt that her emphasis
on teaching school-appropriate skills applied especially to the less
enriched group of children for whom
walking into a room with desks and chairs is like a whole
new world. We have to talk about how to use all the
equipment. We have Ms. A's rules. For instance, the Dos and
Don'ts for glue bottles. We do that so we are all on common
ground... It meets my needs; it's survival.
One of Ms. A's key beliefs was the value of reteaching. She
frequently looked for ways to slow down, take a different approach,
or "overteach", and she did not feel a great deal of pressure from
the first grade teachers to move children through the curriculum.
She did feel a responsibility to do so and had a clear awareness of
the really critical skills for first grade. "In first grade, I had


85
to finish the book....I had a lot of stress to push on to kids. I
felt more confined to the curriculum than I do in kindergarten." Ms.
A supported the district adopted basal materials and believed that a
new teacher could learn some of what was needed to teach kindergarten
from them. She also felt that the main way to learn about teaching
kindergarten was by watching one's peers.
Structures and Methods for Delivering Instruction. Children in
Ms. A's class received instruction in a wide variety of settings--
whole group instruction in a circle on a carpet area or on individual
pillows for "tummy time" (stories and the social studies kit
activities), at their desks for independent practice and group
worksheets, at assigned centers, and in free play centers.
Children moved around from one area to another rather than primarily
back and forth between the group area and tables. However, the
majority of instruction was whole group direct instruction. During
desk activities, Ms. A circulated and her comments to children
encouraged them to extend their work. ("What do you think you would
put in a night picture?...That's a good idea.") Instruction in Ms.
A's class moved at a rapid pace. Transitions were smooth and quick,
and there was little waiting for children without engaging children
who were already finished.
When children were assigned to instructional centers, Ms. A
interacted and extended the activity in the center at which she was
working, and kept track of what children in the others were doing.
She took children over to one "Math Their Way" instructional center
to reinforce the results of that group's work on their own. Her


86
interaction with the children in the center at which she was working
(a similar type of center) was specific and targeted to instruction
and to concept development.
Ms. A used the opening calendar, weather, and attendance work to
develop concepts through a "Math Their Way" approach. She also made
extensive use of multisensory reinforcement techniques throughout
each class session, along with traditional direct instruction
reinforcement techniques such as clapping the rhythm of answers and
repeating directions in unison. She brought in many "real" items for
instruction and frequently made reference to real world activities of
the children. Specific physical breaks--deep breathing, marching in
a circle, and similar activities--were provided between instruction.
These helped to keep up the pace. Except for one observed time
period when several workbook pages were completed at once, all
instructional sequences were brief and targeted one short activity or
discrete concept. Concepts were reinforced periodically later in the
sessions in ways other than that used initially, and they were
integrated into other areas of instruction, illustrating Ms. A's
commitment to "overteaching".
Ms. A taught phonics with the district-adopted basal materials.
Another structured "packaged" program begun later in the year offered
the opportunity for individual placement and pacing of children. She
did not teach one letter and sound per week. She taught the "high
frequency" sight words from the basal program, which the district
expected kindergarten teachers to do even if they did not use the
basal readiness materials. Ms. A stated, "I feel real comfortable


87
with the adopted academic focus; I enjoy it....The adopted reading
and math programs are fine. The publishers have done a lot of
research geared to kindergarten kids." She did not move any children
into the first preprimer because "first grade teachers don't want us
getting into that with high kids." She used labelling in the
classroom and "big books" in a language experience approach at
defined instructional times.
After time in instructional centers, children were allowed to
choose "play" centers. Ms. A believed that there should be both
academics and play.
There should be a nice balance of academics/play but also
of structured and unstructured. Hopefully the unstructured
part can be growing and learning also. They need to learn
there is not always a right answer, not everything is black and
white. I call it work, what we do in kindergarten. They need to
understand working versus playing.
During the one session in which children finished two worksheets, she
commented, "We can play now because we are finished with our work."
Ms. A used the Brigance screening instrument, adopted by the
district, at the beginning of the year for children whom she had
already identified as possibly having learning problems. She did not
use it for instructional planning, but "I will use it at conferences
for documentation so I won't be not objective about kids' problems.
I'll set up strategies for here and home first though, so hopefully
I'll see improvement before then."
The direct instruction strategies were employed at varying
levels. Ms. A used many techniques that have proven successful over
the years in gaining academic growth for children--fast-paced
instruction with a variety of reinforcement levels, and clear,


88
deliberate strategies. On the developmental side, she used a variety
of play centers, such as a play store, that were not observed in
other classrooms.
Researcher Analysis. The classroom's educational code was
analyzed. As described in Kessler's 1986 research discussed in
Chapter Two, a collection code is present when there is strong
delineation of time and strong framing of activities into separate
subjects or segments by the teacher. An integrated code is present
when this time delineation and activity framing is less strong. Ms.
A's classroom operated primarily under a collection code. Time
periods were defined and activities were strongly framed by the
teacher, but the degree of integration of topics and concepts in this
classroom led to an appearance of less strong framing. Ms. A's
organizing content, or basic goals and beliefs, matched her surface
content, or presentation of instruction, in most cases. She gave no
indication of philosophical conflict about an academic emphasis; this
was the direction she supported personally. She felt that the
principal and the district gave her the freedom to teach and, when
asked about guidelines for her teaching, responded, "Mine are
internal." Her personal construct system was based upon her years of
experience, her view that "everything is not black and white", and
her tolerance of ambiguity that allowed her to believe in academic
preparation strongly but not be pressured to move through it at the
expense of reteaching. This match of her personal philosophy with
the system, her confidence in her experience and her knowledge of
first grade that gave her personal validation, and her tolerance for


89
ambiguity caused her to have no desire to change the system.
Ms. D. School A2
Ms. D was a young teacher in her third year of teaching, all of
which had been in kindergarten at a low SES school in the district in
which Ms. A also taught.
Setting. The physical appearance of this setting was a school
in a neighborhood where most of the homes were small, some neat and
well-maintained, but many in a state of disrepair. There was little
planned landscaping and yard decorations, if present, tended toward
bright plastic pots or animals. There were few, if any, motor homes,
but a number of yards contained one or more vehicles that appeared to
be non-functioning. Basketball hoops in this neighborhood were on the
playground of the nearby community center and not on homes, and
bicycles were not left out. Couches set outside and kitchen tables on
patios were present in some yards.
There were 20 children in Ms. D's classroom, and no aide nor
volunteer was present. Ms. D's classroom did not have bright
commercial decorations on walls or hanging from the lights, and few
games, toys, and equipped learning centers were present. Decorations
in the room tended toward items the children had made, such as a
mobile hanging from a light that had cards with childrens' names,
addresses, and phone numbers. The school, the oldest in the
district, was very clean, but showing signs of age. The large
windows in Ms. D's classroom filled half of one wall, and these were
covered with Venetian blinds which did little to keep out the early


90
fall heat. The floor was tile, the furniture rather old. This room
seemed to match the neighborhood from which the children came, with
homemade items, little commercial "feel", and, in general, rather
drab and not visually stimulating. However, in many ways it was
interesting. While the cardboard cutouts and charts from commercial
companies that look alike and represent the same themes of shapes,
colors, "Fall", "Back to School", etc., were not present, graphs of
what children had worn on a particular day and a barnyard scene that
they had made were.
Teacher's Goals and Beliefs. Ms. D clearly articulated two goals
that she wanted to accomplish in her classroom. The first was to
implement "Math Their Way" and whole language, two developmentally-
oriented strategies to which she had been exposed by another more
experienced teacher in her building and by district staff
development. She stated that both observing a peer and using
teachers' manuals were ways that a new teacher could learn the norms
of teaching kindergarten. However, the goal that Ms. D highlighted
most was to improve childrens' self concept. She commented to
children who were in conflict with each other, "You're giving cold
pricklies; let's give warm fuzzies" referring to terms from
transactional analysis used with children. She also taught on a
regular basis a commercial self concept program that was being used
by the entire building because improvement of self concept was a
building emphasis for the year. One of the principal's evaluation
observations of each teacher was to be of a lesson using the program.
In addition to self concept being a building emphasis, Ms. D believed


Full Text

PAGE 1

!"# $$%&"!'(#!)*()+("(,%-./0 $,$%&"!'(#!)*(!1"%-.02 )+#!##3!)),))+ 453)*)+(,3)5+*)+ &"!'(#!)*(,!"()!*3*!") *)+(63!(")#*()+,7(* 5)(*+!#+ 5+*,35)!" -..88

PAGE 2

+!#)+#!#*()+5)(*+!#+,7( !"# +#"(',*()+ 5+* ,35)!" 3##(# 9:: !5+()!" ((!)"; '!,",1 31"" 3(" )<= <

PAGE 3

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

PAGE 4

##*(63")!")+@)+"!")++!7+5##(#$" 7"(%)5+(#CA")!"#*(5+!5*#)()7!#,!,") ,"#)())+5"5)3*3",)!"###5!),@!)+)+ #)()7!#$+!(A")!"#(!(!!"53,,)+))+@( ((!"75+!,("*(*!(#)7(,",+,7()(5"*!,"5!" ,!(5)!"#)(35)!")+"!",'"))5+"!63#),)+!#%)+) )+@(*@!"7#5+(,!#)(!5)+##53#*!) (7(#((!"5!<#)**5+!5*,!(5)!"%",)+))+@( !"*3"5,(()5(,#$ +(@#7)@"53((") "@,7*(#(5+#, #)()7!#*(,35)!"7,!#,'")7,5+!,("",)+ !"))!"*)+##)()7!#$""5##(!")+#)3, ,"#)(),5(!"#)(35)!""$+()!5*5)(#)+) ()))5+(#C5##(#)()7!#","#*()!"!1!"7 !")("5"*!5)!")+!(@( @(A(,$!5)!"#*( ,!"!#)()!"%#)**,'")%",!5",(5",)!"#*( 5()!"7**5)!' !",(7()"5##(#@((#"),$

PAGE 5

+3)+(A(###7()!)3,)($3##(#*(+!# 73!,"5%+!#5(*3))")!"),)!%",+!#+!7+'* 5"5("",#3()#+",,+!#@"(,35)!'5(()+)@# ,!#)!"73!#+,7"3!"5!)"))#)3,")#$+3)+(# )+" #($'!,",1%($((!)"%",($! ()!"*( )+!(#3()",#377#)!"#$ #5!)+" 37#))+)5+(#@+(!)),)+ 3)+()#(')+!(5##(#",) ))+3))+!(@( $ +!(@!!"7"##)"#+()+!(@(,* !",(7()"@!)+ )+3)+(@#)+ ))+!##)3,C#**()#)3",(#)",!"7)+) @(,*()(!# 5+!,("$ +7()#))+" 3!#A)",,*(+3#",C#)!"5 ",5"#!#)")#3()%",*()+(",5")!"3!"7(#" #3()*(")#",5+!,("%%3#)!"%",",%", !5+",+#D($

PAGE 6

$&$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$))")*)+($$$$$$$$$$$$$$$$$$$$$$$/ !!))!"#*)+)3,$$$$$$$$$$$$$$$$$$$$$$$0 *!"!)!"*(#$$$$$$$$$$$$$$$$$$$$$$$$$$$$E !7"!*!5"5*)+)3,$$$$$$$$$$$$$$$$$$$$$$E $F4&$$$$$$$$$$$$$$$$$$$-2 (7"!1)!"*)+(#")+)($$$$$$$$$$$$$-2 ,)()",(B5)4@+(37+$$$$$$$$$$$-G (B5)4@+(37+"#(,"#)(35)!" (7(#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$-/ +@"#)(35)!",($$$$$$$$$$$$$$$$$$$-. +'"),$$$$$$$$$$$$$$$$$$$$$H+!(5)"#)(35)!",$$$$$$$$$$$$$$$$$HI (!#"*'")", !(5)"#)(35)!",#$$$$$$$$$$$$$$$$$$H/ )3,!#*,**5)!'"##$$$$$$$$$$$$$$$$$H0 ,)()"",F(!)!")3,$$$$$$$$$$$H0 (B5)4@+(37+"",F(!)!" )3,$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H. "#()!3*("7!)3,!")3,!#$$$$$$$$$$G2 3(*,**5)!'"###(5+$$$$$$GJ 5!*!5**5)!')()7!#$$$$$$$$$$$$$$$$$$G/ )()7!#!"**5)!'(7(#', *()!# +!,("$$$$$$$$$$$$$$$$$$$$$$G/ )+()()7!#(!',*()+ !)()3($$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$IJ 3(*)()7#(5+$$$$$$$$$$$$$$$$$IE !",(7()"#(5+$$$$$$$$$$$$$$$$$$$$$$$$$J2

PAGE 7

'!! ()!'!",(7()")3,!#$$$$$$$$$$$$$J2 5+((5)!"#$$$$$$$$$$$$$$$$$$$$$$$$$JI 3($$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$J. $K$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$/2 ##3#!"L3!))!'#(5+$$$$$$$$$$$$$$$$/2 3B5)!'!)$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$/!!!)",F!,!)$$$$$$$$$$$$$$$$$$$$/H #('($$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$/I 5)!"*!)#",3B5)#$$$$$$$$$$$$$$$$// )5)!"$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$/0 )+"7(+!5")('!@#$$$$$$$$$$$$$$$$$$$$$/E ()!5!")#(')!"$$$$$$$$$$$$$$$$$$$$$/. 53")<()!*5)"#!#$$$$$$$$$$$$$$$$$$02 )5(,!"7$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$02 )"#!#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$0H '")#(5+63"5$$$$$$$$$$$$$$0I ,!"7$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$00 "#!#*(",#$$$$$$$$$$$$$$$$$$$$$$$$$$$$0. F$4$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$E!",(7()"5+(#",+!()()7!#$$$$$EH #$%5+-$$$$$$$$$$$$$$$$$$$$$$$$$$$$EG #$%5+H$$$$$$$$$$$$$$$$$$$$$$$$$$$$E. #$",#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$.J #$%5+-$$$$$$$$$$$$$$$$$$$$$$$$$$$$./ #$%5+H$$$$$$$$$$$$$$$$$$$$$$$$$$$$-2G #$",#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$-2.

PAGE 8

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

PAGE 9

$$$$$$$$$$$$$$$$$$$$$$$$$-.H $MK$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$-.G $4$$$$$$$$$$$$$$$$$$$$$$$$$$-./

PAGE 10

/ G I J 0 $ .$ $ -G$ -I$ -J$ -/$ -0$ ")+#!#*)!"7#C4@+(37+)7(!# ",(7(#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H2 **5)!'!",(7()"(7(#$$$$$$$$$$$$$$$$$$$$$$G. ()!5!)!"75+#C4(<,35,3"5+ (5")7$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$// 3(*#(5+#,)()7!##(',##( !(5)"#)(35)!",$$$$$$$$$$$$$$$$$$$$$-GG 3(*#(5+#,)()7!##(',##( '"),$$$$$$$$$$$$$$$$$$$$$$$$$$-GI 3(*#(5+#,)()7!##(',##( ),)(!",$$$$$$$$$$$$$$$$$$$$$$$$$-GJ 3(*#(5+#,)()7!#)+)"#)() 3#)")!!**("5###($$$$$$$$$$$-G/ 3(*#(5+#,)()7!##(',##(# !"5+!#)(!5)#!(5)"#)(35)!",$$$$$$-GE 3(*#(5+#,)()7!##(',##(# !"5+!#)(!5)#'"),$$$$$$$$$$$-G. 3(*#(5+#,)()7!##(',##(# !"5+!#)(!5)#),)(!",$$$$$$$$$$-I3(*#(5+#,)()7!#*(")('!@#!" 5+!#)(!5)#),)(!",$$$$$$$$$$$$$-IH 3(*#(5+#,)()7!#+)"#)() 3#)")!!**("5#5+!#)(!5)$$$$$$$$$-IG 3(*5+()!"###($$$$$$$$$-I/ 3(*5+()!"###(!"5+ !#)(!5)#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$-I0 3(*)+(!(5)"#)(35)!"",'") )()7!###($$$$$$$$$$$$$$$$$$$$$$$-J2 3(*)+(!(5)"#)(35)!")()7!# ##(!"5+!#)(!5)#$$$$$$$$$$$$$$$$$$$$$-JH 3(*)+('"))()7!###( !"5+!#)(!5)#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$-JI

PAGE 11

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

PAGE 12

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

PAGE 13

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

PAGE 14

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

PAGE 15

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

PAGE 16

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

PAGE 17

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

PAGE 18

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

PAGE 19

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

PAGE 20

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

PAGE 21

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

PAGE 22

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

PAGE 23

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

PAGE 24

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

PAGE 25

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

PAGE 26

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

PAGE 27

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

PAGE 28

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

PAGE 29

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

PAGE 30

H2 ")+#!#*)!"7#94@+(37+)7(!#",(7(# ",35)!"(7(#>'"),!")+!#)3,? )7( NA()(N N(3(5##N N'") 7"!)!'N 4@+(37+(7(# #"#!',35)!"(7( ",35)!"(7( 35#"(,35)!" )()7*,35)!" !7+<5 5 )#!5#(7(#>!(5)"#)(35)!",!")+!##)3,'? )7( N(7(,N 4@+(37+(7(# "7""5 ( +'!("#!#(5+

PAGE 31

H+'"), +,'"),!##,3")+##3)!")+) 5+!,("(!",!'!,3#@+,'!"3"!63@#",+'3"!63 (#",#)#*("!"7$)+#!)#()#!"5!"!5", ,'")#5+7",*53#",'!"7!",!'!,3 @("##",)")!$#!5# !#(")!7"(,%+@'(%)+ (5"5!',*#+!#)!55)!'!)!#!"''!"757"!)!'7(@)+ (5###%)!"#%@("##%5()!'A(!"5#%",#"#* #*$#+#!1!")""5",,'")*,!##!)!"#) 7"("!"7>)1%)+#%P((#%-.E0?$+,'") ,,#")#)(!)(('#*5+!'")*()+5+!,) *!A,!")#$)##3#)+)5+!,("(53(!3#",)+) "'!("")#)+)**(","53(7!")(#)!"75+!5#(,35 )!')!"*(#*,!(5),("!"7",57"!)!','")$ ("!"7!###")!"5)!'(5##*#5)!"7",(7"!1!"7 )+5+!,$+3#%7#!"53,#*!"!)!),("!"7%5+!5 ",#*,!(5)!"%'3)!'# !#%5+!'")* "@,7", *A!!!)"5##(*((,35)!'(#'!"7%5()!"% ",#*(@(,$!"73!#)!55)"5!#(!(7#@%", "737A(!"5#((!))5+5+!,C##)7*!)(5 ,'")3",(!)+")!(53((!533$"'(#)!"#"7 5+!,("",)@"5+!,("",,3)#('!@,#!()") >7()#"%-.E0?$ "5##(5"")#*)+,'"),!"53, ("!"75")(#%(#*)+(,#!7"),*()+()#%3)!T 3#A()()(!#%",5)!'!)!#@+!5+!"''*)+

PAGE 32

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

PAGE 33

HG @(##)(##,#))!"73)+"'!("")!""(,(@) *5!!)),!**(")!)!"*#"#(A(!"5#",#)(##!"7 '(,!)!"*)+#A(!"5#)+)5+($+" ,35)!"(7(@##,3")+(!)!#+"*")5+#C")!" *('!,!"7'(!)*)(!#",!")(,!#5!!"(5)!'!)!# !"@+!5+5+!,("!7+)"77,%*)"!"5()!'("!"7 ,$+!,("*3"5)!",!"#*!")!)),""(%@!)+)+ )5+(#73!,$+!#(7(+!7+!7+),)+!()"5* ,'!"7)+5##())5(!(!)!#",5",!)!"#$ +35#"(,35)!"(7(@#(!7!",',) ))+",#*A!5"(!5"5+!,("",(,)+ ,*!5!"5!#)+@((5!',)+')+,'(#@ # !#!")+"!#+","7!#+%!))A(!"5!""!3)!"7 B5)#%",!))#"#*)!#"(,(,#63"5*'")#% *@+!5+)+(7(*53#,3"$7!")+)5+(*3"5)!", #73!,%)+!()"5*"B5)#",5)!'!)!##)3!" )+"'!("")@#+!7+!7+),%",5+!,("@()37+))@( 5()!'$&#*3"737@##)(##,!"!"7", "737A(!"5(5+$ +" )()7*,35)!"(5+*53#,3" **5)!','")*)+5+!,#!"763!()")# 57"!)!','")$+"'!(")@##)",(,(,%3) )+5+!,@#*() 5+!5#*B5)#",,!)A($ +)5+(#(',,!7"#)!5",('!,,!",!'!,3!1, *@3%#!")!"73)",()!"7")+5+!,C# A(!"5#$+(@(#"",5)!'!)!#@+!5+7"@!)+

PAGE 34

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

PAGE 35

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

PAGE 36

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

PAGE 37

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

PAGE 38

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

PAGE 39

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

PAGE 40

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

PAGE 41

G"#()!3(7(#,"#)(),#'(#!)!'**5)#'()+# !"5")(7(3#%3)!)!#)+,)"**5)!'"##*!",!'!,3 (7(#@!)+@+!5+)+!#(#")#)3,!#5"5(",$ +**5)!'"##(#(5+",!(5)!"#)(35)!"(7(#!# ('!@,*!(#)$+"#()!3#)3,*!(",!11>-.EG? !"'#)!7),)+**5)!'"##*)+((7(#@+!5+@(")"7 )+#)(5,)+(37+)+(B5)4@+(37+"",F(!)!" #)3,!#",@+!5+*!)@!)+!")+,!(5)!"#)(35)!"(,'") ,#>3#"(C#%")##(!%",N)(,!)!"N ( !",(7()"(7(?$@'(%)+!(",!11#)3,# !"'#)!7),)+**5)!'"##*)+(!)(","7""!(5) "#)(35)!"(7(>#,3")+"7""5 ((7(?$+!# #)3,) ()!53(5(),"#)())+),!**("5#!" !"#)(35)!"(7(#53,(!,53"),!"!"#)(35)!" #))!"7#$+5+!'")'#*)+(!)(","7""!(5) "#)(35)!"5+!,(",!,"),(**@+")+")(,#5+%3) )+!"5(#,!))",)+!(5()!'")(!")$+ 3)+(##377#),)+))+)!7+)#)(35)3(,%*#)5,,!,5)!5 ")3(*)+!(5)"#)(35)!"(#5+@#")(#")@+")+ 5+!,("")(, !",(7()"%",)+3#)+5+!,(",!,")(7(## #63!5 #)++,!"( !",(7()"(7(#$ +("#%5+@,%",!!##)3,>((),!""#()!3 *("7!)3,!")3,!#%-.EG?5(,)+A)"))@+!5+*!' (7(#((,3"7,!#,'")7,5+!,("*(#5+$+ (7(#("7,*(!"7##)(35)3(,)!"7+!7+ #)(35)3(,%#@#)+(!)("7""!(5)"#)(35)!"(7($

PAGE 42

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

PAGE 43

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

PAGE 44

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

PAGE 45

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

PAGE 46

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

PAGE 47

G0 !",(7()"#35+#5###!1%"7)+*,%",#)**!"7 ))("#$(*!",!"7#!")+#(#(")(#"),+($? '!"",,,">-.E.?5),(,#5"#!#*#5!*!5 (7(#)+)+'"3#,@!)+")(5+!,(")'#% !"53,!"7 !",(7()"$+!"53,,(@!)C#(#(5+%3) A",,))+((7(#)+)!,))+ !",(7()"", 7(,#")+(37+!7+)$ (@!))3,$+)@!"#3(5#*()+(7(#@+!5+ (@!)('!@,@()+#(',)+&$$()")* ,35)!"C#D!")!##!")!"'!@">D?%",)+#!#), !")+**!5*,35)!"#(5+",('")C#**5)!' "#)(,35)!"3(5 >(!#@,%))"%P"#"%-.E/?$ +5##!*!,(7(#,635*(#(5+,#!7"%@!)+)+# 3#!"7(",##!7"")))()")",5")(7(3#@!7+),#) +'!%*@,#)3,!#@+!5+3#,)5+,
PAGE 48

GE *(*3)3(("!"7$(@!)C##3(*+("#!#!#(#"), !"H$ +#5!*!5#)()7!#)+)@(*3",!")+(7(#(@!) !,")!*!,@(#*3",!"(!("",F(!)!",#5(!)!"# *,!(5)!"#)(35)!",(7(#",*,'"), (7(#%",,#5(!)!"#*(7(#'3),)+"#()!3 *("7!)3,!")3,!#%@+!5+#*@!)+!",!(5)!"#)(35)!" ",,'"),#$",,!)!"%##)()7!#!")+ (7(#@(!#),)+)(#('!"5##(#3)(") ,,)(!",$)()7!#@+!5+*3",(,!(5)!"#)(35)!" ,)+)(@!)*3",!")+**5)!'(7(#!"53,@+ 7(3!"#)(35)!"!(,@!)+!",!'!,3(,!)!"%))(",", )# "1,!"#)(35)!"%",!,!)5((5)!"",*,5 $ )()7!#)+)*3",(,'"),!"53,#7(3 ",!",!'!,3!"#)(35)!"",("!"75")(#@!)+)+()3"!) *(!",!',35+!,!")(5)!"$N5 7,N(7(#@!)+#5!*!5 )5+(,!(5)!"#7"(*(!")+,!(5)!"#)(35)!" (%3)(")@#,,)(!",$)+(!,")!*!, #)()7!#@+!5+("),,)(!",!"53,"7!"7,!7"#!# ",(#5(!)!"@!)+)+()3"!)*(*(63")(7(3!"7% #5!*!5"7")",(5(, !"7##)))(5 5+!, (7(##%3)!#"#()(!#",!"#)(35)!"%!",!'!,3 5")",5!"7%(!,")!*!5)!"*)")!("!"7 (#%",#5!*!5+(!"*(5")$+5"*)3(*)+

PAGE 49

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

PAGE 50

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
PAGE 51

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

PAGE 52

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

PAGE 53

IG **5)!'(7(#(@!)!,")!*!,!#)+A)")*)+ #5!*!5!)*5)!'!)!#%""!"7%",7#$ )+37+,),!,")#5!*!5,,(##)+!")(5)!"* (7(#(@!)!,")!*!,@!)+%(7(#**5)!'*(" 7(3!"3)!7(3#))!"7)",)**5)!'*()+(# >'!" ,,"%-.E.?$(@!)#3(!1,#))!"7 ,")+',)3))+()!'**5)!'"##* )+#,!**(")(5+#()+!(**5)!'"##*( ,!**(")#)3,")#$#(7(*#5("!"7", !"#)(35)!"!"#5!*!5,!)!#(**5)!')+" (73(5##5,(5+U+)()+()!'5#)# ",!"))!",!**!53)!#*)+,!**(")(5+#U +##!5,)(",,) !")!7"),5!#!"# 3)(5+#))+ !",(7()"()3!,"3( 55)!'#)A(!"5#!"##))!5@$)+(@!#% )+(#")(5)!5*!",!'!,3,!#)(!5)#3!,!"7)+!( !",!'!,353((!533@!)+3)"*!))!"7*()+#355### ",*!3(#*)+(5)!"###! )5")!"3$$$ # !",(7()"+#5)+*!(#)*(5,!5 A(!"5*(#)#)3,")#%)+",)3",(#)", **5)!'(5)!5#*()+!#5(!)!5#)7!"#)3,")#C #5+!"7!#7()$>-.E0%$HI? '!"",,,")3,$'!"",,,">-.E.?5), (,#5"#!#*!"#)(35)!"(7(#)+)>?+' (#(5+#!",!5)!"7**5)!'"##@!)+)(!# 5+!,("))+ ")('%",>?5"(!5),)#!)#)+()+"@+( )+@(,',$'!"",,,"!"53,,)+ !",(7()" (7(#*((@!)C#@( !")+!("#!#%3)('!,,'!,"5 **3()+(**5)!'#)()7!##@$+,!#53##,#)()7!# )+)5"(!5),%@('3),*()#)##)(3#!"7 5")(7(3(5"'!"5!"7()(7!"#%",#+@," **5)#!1*)#)[$HJ$+#(7(#*!")+(#* ('")!"%5##(5+"7%",(,!)!"$('")!"(7(#

PAGE 54

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

PAGE 55

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

PAGE 56

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

PAGE 57

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

PAGE 58

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

PAGE 59

F(!)!")3,!#",)+"#()!3*("7!)3,!")3,!#$+ #)()7(#(5+*!",!"7#(#3(!1,@$ -$+(#(5+#,#)()7!#@+!5++'5"#!#)") (,!"))(7(#",#5!*!5)(7),(7(#@+!5+ *!)@!)+!")+,#5(!)!"*)+,!(5)!"#)(35)!",(@+ 7(3!"#)(35)!"%!**@,!",!'!,3(,!)!"O))(",% )# "1,!"#)(35)!"O",!,!)5((5)!"",*,5 $ H$)+(#)()7!#@+!5++'5"#!#)")(,!"(7(# @+!5+*!)@!)+!")+,#5(!)!"*)+,'"),!"53, !",!'!,3",#7(3!"#)(35)!"@!)+'(!")(5)!"*( )+)5+(O("!"75")(#@!)+)+()3"!)*(!",!'!,3 !")(5)!"5+5+!,O",5"'(#)!"#@!)+5+!,("!"# 7(3#$ G$")+(7(3*#)()7!#+'"*3",5"#!#)")!" )+!)()3(%3),")*!)#5!*!5@!)+!"!)+(*)+)@ !"#)(35)!",#$+##)()7!#(5 7,(7(#@!)+ #5!*!5)5+(,!(5)!"#%"7!"7,!7"#!#",(#5(!)!"% #5!*!5(5(, !"7<"7")##)%3)!#"#()(!#", !"#)(35)!"%!",!'!,35")",5!"7*5+!,("!"(7(#% (#5("!"7*()")!("!"7(#%",#5!*!5 #377#)!"#*((!"*(5"))+$ I$*3()+7(3*#)()7!#*3",!"!)()3(5"5(", )+(#"#@+)(!# #)3,")#*!)5+!'$+# #)()7!#!"53,5)!'!)!#),'#5!*!5'53(5"5)# )##!#)!"(,!)!"7"737,*!5!)#%5(##77(3!"7) *5!!))")# +'!(%#!)!'(!"*(5")*(**()#

PAGE 60

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

PAGE 61

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

PAGE 62

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

PAGE 63

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

PAGE 64

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

PAGE 65

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

PAGE 66

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

PAGE 67

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

PAGE 68

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

PAGE 69

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

PAGE 70

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

PAGE 71

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

PAGE 72

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

PAGE 73

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

PAGE 74

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

PAGE 75

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

PAGE 76

5)!"*!)#",3B5)# !(*#5+#!"5+*)+(,!**(")#5+,!#)(!5)# 5),"7)+*(")("7!"(,@##5),*()+!# #)3,$"#5+!"5+!(@#)#5+"(!"7+!7+ "3(*@#)3,")#",)+)+(@#)#5+"(!"7 *@*)+##)3,")#$+,!#)(!5)#@(# ,)#5)#5+ @+(()+"J2Q*)+*!!#63!*!,*(*(((,35, 3"5+#3",()+*,((7(%","@+(##)+"HJQ*)+ *!!#63!*!,$+(#(5+((5+,)+((!) 5")(**!5,!"!#)()(!"5+,!#)(!5)),!#53##)+!# #5)!"*#5+#$")@*)+,!#)(!5)#)+#5)!"* #5+#@#,"##!#)")3(!")",")!"5+(7* !"#)(35)!"$")+'((7)+!(,,!#)(!5)%!)@#,!**!53)) 7!"55##!")+!#""($+(#(5+( "@)+#5+#!")+ ,!#)(!5)",7!",(!##!"*()@(!"5!#!")+),!#)(!5) )#('!")+!(#5+#$+(#(5+(#7!",(!##!" *()+(!"5!#!")+)+()@,!#)(!5)#$G!#)#)+ #5+#",)+!((()!"**(",(,35,3"5+#)3,")#$ G ()!5!)!"75+#C4(<,35,3"5+(5")7 !7+ @ HIQH/.Q -HIQ HEJQ HGQH.2Q

PAGE 77

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

PAGE 78

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

PAGE 79

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

PAGE 80

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

PAGE 81

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

PAGE 82

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

PAGE 83

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

PAGE 84

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

PAGE 85

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

PAGE 86

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

PAGE 87

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
PAGE 88

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

PAGE 89

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

PAGE 90

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

PAGE 91

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

PAGE 92

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

PAGE 93

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

PAGE 94

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

PAGE 95

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

PAGE 96

!")(5)!"@!)+)+5+!,("!")+5")()@+!5+#+@#@( !"7 >#!!()*5")(?@##5!*!5",)(7),)!"#)(35)!" ",)5"5),'")$ #$3#,)+"!"75",(%@)+(%",))","5@( ) ,'5"5)#)+(37+N)++!(N(5+$+#, A)"#!'3#*3)!#"#((!"*(5"))5+"!63#)+(37+3) 5+5#####!"%"7@!)+)(,!)!",!(5)!"#)(35)!" (!"*(5"))5+"!63##35+#5!"7)+(+)+*"#@(#", ()!"7,!(5)!"#!"3"!#"$+(37+)!""N(N!)#*( !"#)(35)!"",*(63"),(*("5)(@(,5)!'!)!#* )+5+!,("$5!*!5+#!5( #,()+!"7%(5+!"7!" 5!(5%",#!!(5)!'!)!#@(('!,,)@"!"#)(35)!"$ +#+,) 3)+5$A5)*("#(',)! (!,@+"#'(@( 7#@(5),)"5% !"#)(35)!"#63"5#@((!*",)(7),"#+()5)!'!)( ,!#5()5"5)$"5)#@((!"*(5,(!,!5)(!")+ ###!"#!"@#)+()+")+)3#,!"!)!%",)+@( !")7(),!"))+((#*!"#)(35)!"%!3#)()!"7#$C# 5!)"))N'()5+!"7N$ #$)37+)+"!5#@!)+)+,!#)(!5),),#)(!#$ ")+(#)(35)3(,N5 7,N(7(73")(!")+(**(, )+()3"!)*(!",!'!,35")",5!"7*5+!,("$+ ,!,"))5+"))(",#3",(@ $+)37+))+N+!7+ *(63"5N#!7+)@(,#*()+#(7(%@+!5+)+,!#)(!5) A5), !",(7()")5+(#),'"!*)+,!,")3#)+ #(,!"##)(!#$#$#)),%N*(5*()

PAGE 97

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

PAGE 98

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

PAGE 99

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

PAGE 100

.2 *+)$+*(@#)!%)+*3("!)3(()+(,$+!#( #,))5+)+"!7+(+,*(@+!5+)+5+!,("5%@!)+ +,!)#%!))5(5!N*N%",%!"7"(%()+( ,(",")'!#3#)!3)!"7$@'(%!""@#!)@# !")(#)!"7$+!)+5(,(,53)3)#",5+()#*(5(5! 5"!#)+) ",((#"))+#)+#*#+#% 5(#%N4N%N5 )5+N%)5$%@(")(#")%7(+#* @+)5+!,("+,@(""()!53(,",("(,#5")+) )++,,@($ 5+(C##",!*#$#$5(()!53),)@7# )+)#+@"),)55!#+!"+(5##($+*!(#)@#) !")N)++!(N",@+"737%)@,'") (!"),#)()7!#)@+!5+#++,"A#,")+(( A(!"5,)5+(!"+(3!,!"7",,!#)(!5)#)** ,'")$+#)),)+))+#('!"7(",3#!"7 )5+(#C"3#@(@#)+)"@)5+(53,(")+"(# *)5+!"7 !",(7()"$@'(%)+7)+)#$+!7+!7+), #)@#)!('5+!,("#C#*5"5)$+5"),) 5+!,("@+@(!"5"*!5)@!)+5+)+(%NK3C(7!'!"75, (!5 !#O)C#7!'@(*311!#N(*((!"7))(#*( )("#5)!""#!#3#,@!)+5+!,("$+#)37+)" (73(#!#5(5!#*5"5)(7()+)@#!"73#, )+")!(3!,!"753#!('")*#*5"5)@# 3!,!"7+#!#*()+($"*)+(!"5!C#'3)!" #(')!"#*5+)5+(@#)*##"3#!"7)+(7($ ",,!)!")#*5"5)!"73!,!"7+#!#%#$!',

PAGE 101

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

PAGE 102

.H ##!")(,),@+)@#!"7A5),$ )(35)3(#",)+,#*(!'(!"7"#)(35)!"$+7(3 !"#)(35)!"(,!"),!"#$C#5##$+!,("(5!',)+!( !"#)(35)!"#!))!"7"# !"7)(@#")+)!*($4( )+!#5%)+@(#")5 ",*()+))##'()!# ,3(!"75+5#####!")5)@( #+)#(5)!'!)!##35+ #5(%53)%",#)()(B5)#)+)@((!"*(5")*()+ @+7(3!"#)(35)!"##"$3(!"7)+#)5)!'!)!#%#$ 5!(53),%!")!"73)(#)+)",,)*!"!#+,", 5")!"7%N,@( %888N(N! )+@888!#@( !"7N) #*)+5+!,("$A)"#!"(5((5)!'*,5 @# #(',$ #$)37+)+"!5#!")+)(,!)!"@*(#")!"7 ))(",#3",(@ ",3#!"7"(!"*(5")5)!'!)!#*( )+!#$+#,!,@+"737N!7 N5)!'!)!#3#!"7)+ (#5(!,N#+(, N)+,7$3)@+"#+(, # 5+!,("+,(37+)*(+%#+(,)+@+ ",# *@5(+"#!"63#)!"#))+",$()3"!)*(5+!,(" )()(,()!1)+#)(@#('!,,%",5+!,("C# 5")#,3(!"7)+#)(@(")(!"*(5,(A)",,$+! !")!"7@+"737@#7*(#$%!)@#!"), )(#5(!,)!#%!" ,))+)(!#)+)@(##5!), @!)+!)%",@#")!")7(),!"))+5##(,$ #$#)37+))+!",*!",(!,%3#!"7N)++!( N)+,7",!")(5)!"7@!)+)+#7(3##+5(), *()+!#$(!")(5)!"#@!)+)+N)++!(N7(3#@(

PAGE 103

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

PAGE 104

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

PAGE 105

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

PAGE 106

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

PAGE 107

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

PAGE 108

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

PAGE 109

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

PAGE 110

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

PAGE 111

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

PAGE 112

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

PAGE 113

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

PAGE 114

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

PAGE 115

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

PAGE 116

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

PAGE 117

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

PAGE 118

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

PAGE 119

-2. #$#+(,@!)+)+(#(5+()+)#++,#!',!"'( @!"5#))!"7)")!$ #$,!,"),"#)()5"*!5))@"+((#" +!#+",@+))+,!#)(!5)53((!533(*!(#)7(,)5+(# !7+)(#5(!$(+!#+@##)("7,*!",+( A)"#!'A(!"5",+(@"@(,'!@$+(!(!)!1, 5+!,("C#!",!'!,3,!**("5#",!")(5)!"#@!)+)+@(,% ",#+)37+))+")+!##!#$+'!@,("!"7#("!"7 3))+@(,)+@(,#3#,!")+@(,%)+#5!#!)3)!"# !")+@(,%",+@)+@(,@( #%()+()+"("!"75,!5 # !#$'")+37+'!"75+!,(")+(37+5,!5# !#,3 #*)+#3(*55")")*+(5##(%#$C#(7"!1!"7 5")")(,)#,##)("73"+(@"(#" 5"#)(35)##))+)#+,!,"),"#)()",)5+"7+( )5+!"7#!)3)!"$+@#*(3#)(),,",#3#)",(, )(!#",(()!"7##))+),!,")@+()((#") @+)#+@#3)%+@'($(()!"#5")(,")+ !",!'!,3!)*5+5+!,",+!#(+(()!"#+!))+@(,% #@#*@!"7@+)#++,(",*(+(A)"#!'#) )5+!"7A(!"5#%()!53(!"#5!,35)!"$ #$",#$ !)+()5+(!")+!#!(*5##(#*(,#5!*!57# *(5+!,("!")(#*(*("5(("!"7%3))+!( ,!#53##!"#*)+!(@"7#*(5+!,("5(!",!5), (*("5(!"))!"*(#$",("!"77#(!"))!" *(#$$#$(!"*(5,5+!,("C#**())+(37++(

PAGE 120

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

PAGE 121

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

PAGE 122

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

PAGE 123

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

PAGE 124

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

PAGE 125

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

PAGE 126

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

PAGE 127

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

PAGE 128

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

PAGE 129

--. #$4)37+)+"!5#3#!"7"))(",#3",(@ O#+ 3#,5(5!5)!'!)5 )*#)(!#3)))(#", (!"*(5")5)!'!)!#*()+##)(!#%53#)+,!#)(!5) NA5)#3#)7)(!,*@( #N$+!,("@()(!"7!)# *(+)+)#)(),@!)+)+))(*)+@ %",)+3#, )+#*(N#+@",)N$@*)+*3(N#))!"#N*53#," *@35)!'!)!#*()+))(*)+@ %#35+##)(35)3(, ()(B5)#>!$#)!"7"#(3",)+3)!"*)+))(%( !"75+(5)(@+#"#)(),@!)+)+))(*()+ #)(?$#$4#)),)+))+!7+<5(7(N##3,"C) +'),+"!5#%3)!)C#")+(()5(,%",* !,#", !)N$+3#,#)(!#@!)+5+!,("*((5%",#+"53(7, 5+!,(")@(!)#)(!#)+",!"53,,@(!)!"7N))(#N!" #*)+#7(3@( %3))+(@#!))5)3+#!#" @+"737!"")+(#"#!")+5##($+(@## N)++!(]5")(",5")(@+(5+!,("53,"77!" *(()5)!'!)$ #$4,!,")5"'(#@!)+5+!,("7(),,3(!"7!)+( N#))!"#N(N5")(#N$++,)+,"737'") !)!"+((%3)#+""7(3#,!)53#!)N) )35+ )!N$N("737)+("(*(5+)+($N+ ('!,,!)),!(5)(!"*(5")*(**()(*(@( %@+!5+ *!)#@!)+)+!7+<5+!#+$3(!"7"#(')!"###!"% )+#5+53"#(5!"))+(",)37+)5 7, **5)!',35)!"(7())+@+5##$ #$4,!,")3#,!#)(!5)5(!)(!"(*("5,)#)#

PAGE 130

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

PAGE 131

! (7!"7@!)+)+(7(53##+@#")5"'!5,)+)!) 53,('!,'()+!"7)+)+(#)3,")#",,$+,!,") '!,"5""#))()5+"7)+N7!'"#N*+(#!)3)!"% )#+53"!5),'73,!#63!)3)+(!"#)(35)!"(# #+N(#+3,N,,(##%",@+)+(+(!"#)(35)!"@# #"5+("!1,@!)+)+)*)+*!(#)7(,)5+(#!"+(3!,!"7$ ((#"5"#)(35)##),!5)),7"(!1,%""#5!*!5 (5+!,+,,*!"#)(35)!"%3))+(#,)( (63!(,*+(%!"+('!@%",#+,!,")53"!5))+)#+ +,*3",(#"'!,)!"!"+@#++,))+#,",#$5 *)!@#"*53##)@+#++,"))*)+%",)+ *5))+)#5)!'!)!#,",,()!","(7)+")+!( "*!)@(("),@#")+($(()!"#!"53,,!")!"7 )+ !",(7()"(7(!")+7"(,!(5)!")+))+,!#)(!5) @"),!))7%",!" !"73*(()3"!)!##+*)+( #)3,")#+,!##,%()!53()+()3"!))53"!5)@!)+ )+(#$ #$",#$4 )+*)+#)5+(#3#,#!!(3")*@+7(3 !"#)(35)!"","63'*,!(5)!"#)(35)!"", ,'")#)()7!#!"5+5##($)+,#5(!,)+!( 5##(##()!"7",'"),%)+37+)+3#, *!(+!7+'*,!(5)!"#)(35)!"#)()7!##$!"5#$ ",#$4@()+(5!'!"7)+#,!#)(!5))(!"!"7!")+ !7+<5(7(%)+(#(5+(A5),*!(+!7+'* #!!(!))@")+!(5##(#$7()(3")*,)!!#

PAGE 132

!! !"53,,!")+5#(()"#$)!3#)())+))+(@# 5)3")7(),*#!!(!))@")+5##(#$" #$C#5##(%(#(5+#,#)()7!#)+)*!)@!)+!")+ ,'"),@((*(63")#(',%#@()+ 5(!)!5))(!3)#*)+!7+<5(7($(,)#$4% #$7'(,!(5)!")5+!,("3)+'!(!")+5")(#% @#(!"'',@!)+5+!,("!")+5")(#*("7()! (!,#%A)",,5)!'!)!#(5)%",('!,,( 73!,"5)5+!,("!"@( !"73))+!(@"+'!(5"*!5)#$ !)+()5+(*(,7#*(5+!,("#5!*!5!" (*("5(("!"7""(%3)#$#,)+'(*" 3",(#)",!"7*)+(#"#*()+A()(%5+!,,!(5), 5)!'!)!#*)+!7+<5,",+@)+,)+@35+ 5+!,("53,*!",3)$#$5((!"*(5,5+!,("*( **()%@+(#)+!##)()7@#")#(',!"#$4C#5##($ !)+()5+(3#,**5)!',35)!"5)!'!)!##5!*!5$+ 53"#(@#(#"#!*()+!#(!"#$4C#5##($ "*(+#!#"#5+((!)",#5!# !#@#35+ +!7+(!"#$C#5##($ )+)5+(#3#,,'")(!"),!"#)(35)!" "$#$C#'*3",(#)",!"7*)+3",(!"7)+(@# ((")$#$,7()(3#*(#(5+#,#)()7!# 53#*+(#7(3",!",!'!,3!"#)(35)!"%#7(3 5"'(#)!"%3)!#"#()(!#",!"#)(35)!"%(!"*(5") *(**()%",))")!")#5+((!)# !#$ #$,!,")A(##5"*!5))@"+((#"+!#+

PAGE 133

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

PAGE 134

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

PAGE 135

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

PAGE 136

-H/ +!7+5##(#$+#!"53,,(#5("!"7)!,")!* )")!("!"7(#",#377#)!"#*(+(!"*(5")$ H$+#)+)@((+##(',!"#5##(#%3)") 5"#!#)")5(##!)+(@(+!7+5##(#$+# !"53,,)+3#*5 7,(7(#%!",!'!,35")", 5!"7!"(7(#%5)!'!)!#),'#5!*!5'53( 5"5)#%"7!"7,!7"#!#",(#5(!)!"%",#5!*!5"7") ",(5(, !"7##)#$ G$+#)+)@(#(',35+(*(63")!"+!7+ )+"!"@5##(#$+#!"53,,3)!#"#()(!# ",!"#)(35)!"%#!)!'(!"*(5")*(**()%",#5!*!5 ))")!")#5+((!)",#5!+'!(#$ 5+()!"#$5+(##,)!"),!(5) !"#)(35)!")5+"!63#3)**)",)((5+!,("*( *!(#)7(,,!(5))5+!"7)+)+# !#)+)*!(#)7(, )5+(#@3,NA5)N)+) "@$43(*)+#!A)5+(#!" )+#)3,+,)37+)*!(#)(#5",7(,",@(5"*!,"))+) )+ "@)+5(!)!5# !#)+)@3,",,5+!,("!" *!(#)7(,$+#*3()5+(#,!,")#)*(##3(*( )+*!(#)7(,)5+(#)+#'#%3)*)",)(#",) )+53((!533$+)+()@)5+(#A(##,((##3(*( )+*!(#)7(,)5+(#!")+!(3!,!"7$+")5+(@+5 5#)!'!"7)+))),'"),53,,')+ *!(#)7(,# !##)+(37+#)+,!(5)!"#)(35)!", 53,!"),",!(5)!"#)(35)!"(!"*(5"))5+"!63# #$

PAGE 137

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

PAGE 138

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

PAGE 139

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

PAGE 140

-G2 A)(5),*()+,)(#"),!")+)#$ #(5+#,)()7!#')(' ")+!#*!(#)#)!")+"#!#*63")!*!,,)%,)*( )+#!A#5+#@(5!",",(#"),#)+))"3(* !"#)"5#!"@+!5+#5!*!5(#(5+#,#)()7@##(',!" )+)+(@(+!7+5##(#(")!",!")5+( !")('!@#!"5+7(3$)""3(*!"#)"5#*#)()7!# !"!",!'!,3#5+#((#"),)($,)(!"@+)+(( "))++!7+",@5##(#,!**(,#3#)")!!" !"))!"*(#(5+#,#)()7!#(!")5+(()!"#% )+(#(5+(3#,"(!)((#3($"#)()7!##(', (")!",)#)*!*)")!#@+")+#!A#5+#C,)@( 5!",@3,3#,!",)(!"!"7!*,!**("5#,!,A!#)$ )!#*@)+!7+5##(#@()+",)(!",%3#!"7)+ @5##(###*-$3#)")!,!**("5#@3, 5"#!,(,)A!#)!*)+,!**("5)@")+))!"#)"5#!" )+@",+!7+ !",(7()"#@#)#)-$J)!#7()(!" ")+"!")+)+($*)+@5##(#,"#)(), #3#)")!*@(!"#)"5#*#)()7%)+()!*@)+!7+ 5##(#",,)--$J(7()($*)+@ 5##(#,"#)(),#3#)")!(!"#)"5#*#)()7% )+()!*@)+!7+5##(#",,)-##)+" 2$/$)!#@(")#)!#+,!*"*)+"3(#*!"#)"5# @#1($ +(#(5+(5 "@,7#)+)3#!"7,!**(")#3(@3, ,),!**(")*!",!"7#$@'(%)+(#(5+(*))+#3(

PAGE 141

-G3#,@3,(,355"#(')!'%,)#3(),*!",!"7#$ #I",J(#"))+))#(',!"#)"5#*(#(5+ #,#)()7!#)+)*@!)+!")+,!(5)!"#)(35)!"",)+ ,'"),#%(#5)!'$#,!#53##,(!(%"*)+ (#(5+#,#)()7!#*@!)+!"#)*#)()7!#)+)( ()*!)+()+,!(5)!"#)(35)!"()+,'"),$ +3#%)+(#(5+#,#)()7!#((#"),@!)+)+((), ,!(5)!"#)(35)!"(,'")#)()7!#!")+#)#$ +(()+(*()+((#(5+#,,!(5)!"#)(35)!" #)()7!#",)+((#(5+#,,'")#)()7!#$ #!",!5),!"I%"#3#)")!,!**("5#@(*3", !""3(*#(',!"#)"5#*!"))!"*)+)+( (#(5+#,,!(5)!"#)(35)!",#)()7!#!"@",+!7+ 5##(#$+#5!*!5(#(5+#,#)()7!#)+)* @!)+!")+,!(5)!"#)(35)!",@(")#)("7!"'!,"5!" !)+()++!7+()+@5##(##7(3#$ J!",!5)#)+)")+3#*("!"75")(#%!)+( !")(5)!'(""!")(5)!','"),#)()7@# #(',()+"-J)!#",#3#)")!(*(63")!")+ +!7+)+"!")+@5##(#$ /(#")#)+))!"#)"5#*#)()7!#)+)(") ,,)(!",$/!",!5)#)+))+((#(5+#, #)()7!#)+)("),,)(!",",@+!5+@(#(',) #)-J)!##@(#(',#3#)")!(*(63")!" )++!7+)+"!")+@5##(#$+##)()7!#@()+ 3#*3)!#"#()(!#",!"#)(35)!"%#!)!'(!"*(5")

PAGE 142

-GH *(**()%",#5!*!5))")!"))5+!"7#5+((!)", #5!+'!(#$ 0(#")#)+(#(5+#,#)()7!#@+( #3#)")!,!**("5)@"+!7+",@5##(#!")+ "3(*!"#)"5#*)+#)()7@##(',(")!",%3#!"7 )+#3(*#3#)")!,!**("5,*!",'$+!#) #3(!1#)+!"*()!"!"#I%J%",/,!#53##,'$ +3#%@+",)*()+#!A !",(7()"5##(#@( 7(3,+!7+(@5)7(5##(#%@!)+*)+ #)()7!#@+(#3#)")!7()(*(63"5*#(')!"@# *3",)+*(63"5@#7()(!")++!7+5##(#$

PAGE 143

-GG I 3(*#(5+#,)()7!##(','##( !(5)"#)(35)!", ##(# )!*@ )()7!7+@)!7+ -$+7(3!"#)(35)!"/-JE--$2J $*@,!",!'!,3 (,!)!"22>? H$))(",%)# "1, !"#)(35)!"HH-G$,!)5((5)!"", *,5 /0-2$E/

PAGE 144

-GI J 3(*#(5+#,)()7!##(',##( '"), ##(# )()7 !7+ -$7(3(!",!'!,3 !"#)(35)!"@!)+)5+( H$("!"7")(# $",!'!,3!")(5)!' 3# !"7 5 # \))(")(! 3)+)( )+(#!)3)!" !$$#)( 4(() )++!(N")( (!)!"75")( F .//0/1 $)!",!'!,3!")(T 5)!' <5##)) "(,35)()5)!'!) ( #+)<,!)) F .//0/1 G$"'(#)!"!"#7(3# J G G J I J G/ J -E JI -0 I I 2 G HI J 0 GHE )!*' )!7+ -2$0-2$/G -2$0J -H$HJ -G$22 234 --$GG -H$J2 ---$J2 -J$22 -H$J0 --$0I -2$0J

PAGE 145

-GJ / 3(*#(5+#,)()7!##(',##( ),)(!", )()7 -$5 7,(7(# H$3)!#"#()(! ",!"#)(35)!" G$",!'!,35") ",5!"7 I$5)!'!)!#),' #5!*!5'53(5"5)# G$(##77(3!"7 /$#!)!'(!"*(5") *(**() 0$5!*!5))")!") #5+((!)", #5!+'!(# E$"7!"7,!7"#!#", (#5(!)!" .$5!*!5"7")< (5(, !"7 -2$(!,")!*!5)!"* ("!"7(# --$(!"*(5") -H$5!*!57#", ""!"7#)()7!# ##(# )!*' !7+')!7+ 0I--$0J /I-0-G$0/ 2 234 -/-J--$20 2 2 234 -2J-H$22 -//-H$/0 2G>? -H-2$J2 GG-0-2-2$02 G--G$22

PAGE 146

-G/ 0 3(*#(5+#,)()7!#+)"#)()3#)")! !**("5###( )()7 &"$51 ""$ &""'!6" '+"'1 ""$ )("!"7")(# ",!'!,3")(5)!' ("!"7")(# ),)(!",)()7!# 3)!#"#()(!# ","#)(35)!" #!)!'(!"*(5") *(**() 5!*!5))")!") #5+((!)", #5!+'!(# ##(# !7+' G/ G-0 -2 -/ )!*@ )!7+ --$0I --$J2 -G$0/

PAGE 147

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

PAGE 148

E 3(*#(5+#,)()7!##(',##(#!"5+!#)(!5)#!(5)"#)(35)!", )()7 >!7+?>@? )!*@ )!7+ >!7+? >@? )!*@ )!7+>!7+? >@? )!*@ )!7+ -$+7(3"#)(35)!" -IH/-2$JI HJ -E--$G.HH-I--$J0 $*@,!",!'!,3 (,!)!"22 >? 2 2 >? 2 2 >? H$))(",%)# "1, !"#)(35)!" 22 _` -H-2$J22 >? G$,!)5((5)!"", *,5 I2 >? 0-2$-I2 >? 5

PAGE 149

. 3(*#(5+#,)()7!##(',##(#!"5+!#)(!5)#'"), )!*@)!*@)!*@ )()7>!7+?>@?)!7+>!7+?>@?)!7+>!7+?>@?)!7+ -$7(3( !",!'!,3!"#)(35T )!"@!)+)5+( H$("!"7")(# $",!'!,3 !")(5)!' 3# !"7 5 # ))(")(! 3)+)( )+(#!)3)!" !$$#)( 4(() N)++!(] ")( (!)!"75")( F 9` -2 H/-2$GG2/>?-2J-H$22 G -2$0J2H>?HH-----2->?HH-HH--22>?0H-G$J2 2 234 2 2 234 H 7 H$22 J2>?22>?22>? H2 _? 2>? HH -G--G$2222>?H--H22 _? >? 7 -0E-H$-G2I>?-.-H--$JE

PAGE 150

.>5")!"3,? )()7 >!7+?>@? )!*@ )!7+ $)!",!'!,3!")(T 5)!' <5##))G "(,35)() 5)!'!)H ( #+)<,!))H F 0 HI "'(#)!"!"# 7(3#J -G$22 >` >? -0$22 -H$/0 -)!*@ >!7+?>@?)!7+ 234 >? 234 2 2 2 I H>? -2$0J -2$GE )!*@ >!7+?>@?)!7+ H 2 >? /J--$H2 2 234 EJ--$/G H0-E--$J2 EH-I$22

PAGE 151

-2 3(*#(5+#,)()7!##(','##(#"5+!#)(!5)#),)(!", )()7 >!7+?>@? )!*@ )!7+ -$5 7,(7(# H$3)#"#()(!% ",!"#)(35)!" G$",!'!,35") ",5!"7 $5)!'!!)#),' #5!*!5'53(5"5)# J$(##77(3!"7 /$#!)!'(!"*(5") *(**() 0$5!*!5))")!") #5+((!)", #5!+'!(# HG >? -$/2 _? >? --$22 )!*@ >!7+?>@?)!7+ JH-H$J2 E-$J2 234 /--2$G 234 ( 234 )!*@ >!7+?>@?)!7+ HG H$EE >? >? >? >?

PAGE 152

-3(*#(5+#,)()7!#*(")('!@#!"5+!#)(!5)#),)(!", )!*@)!*@)!*@ )()7>!7+?>@?)!7+>!7+?>@?)!7+>!7+?>@?)!7+ E$"7!"7,!7"#!#", (#5(!)!"22>?2G>?22>? .$5!*!5"7")< (5(, !"72->?2->?-2>? -2$(,")!*!5)!"* ("!"7(#-------------$(!"*(5")IG--$GG-H-2$J2HJ-2$I2 -H$5!*!57#", ""!"7#)()7!#-----2>?-2>? I9 (

PAGE 153

-H 3(*#(5+#,)()7!#+)"#)()3#)")!!**("5#'5+!#)(!5) )()7 !(5)"#)(35)!")()7!# ,!)5((5)!"", *,5 '"))()7!# 7(3(!",!'!,3 !"#)(35)!"@!)+)5+( )("!"7")(# ",!'!,3 !")(5)!'5")(# )!*@ >!7+?>@?)!7+ HI -2$GG -H$/0 -H$-G )!*@ >!7+?>@?)!7+ -2$-I )!*@ >!7+?>@?)!7+ -2 H0 -. J H$22 -E--$J2 -H --$JE "'(#)!"#!" #7(3#EH--2$GEEH-I$22 ),)(!",)()7!# 3)!#"#()(!# ",!"#)(35)!"HGJ-I$/2-EI-I$J2HGE-H$EE 5)!'!)!#),' #5!*!5'53(5"5)#E--E$22/-I-2$IG 5!*!5))")!") #5+((!)", #5!+'!(#.--.$22 9

PAGE 154

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

PAGE 155

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

PAGE 156

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a? 2G>? 2->? JH-H$J2 GH--$J2 -G-2$GG ---234

PAGE 157

-I 3(*5+()!"###(!"5+!#)(!5)# G$3('!#(<,!#)(!5) 53((53 $(3#)!"(7(3!#+( (,'( )!">!7+? >@? )!*@ )!7+>!7+? >@? )!*@ )!7+ >!7+? >@? )!*@ )!7+ $+(*("!"7 #3B5) -$"5),'") (!()()# !E -H$22H2 >? J-2$E2 H$+"737)+(G -2$0J H /-2$GG E --E$22 $,),#)(!#0 H -G$J2 J G --$/02 >a? $!*!"",#*) *5+!,(" -$5,!5(()!" H /-2$GGG -G$22G H --$J2 H$"737,'") HH HH-G$"(!5+,A(!"5# 2 >? H -2$J22 >? $**5)!','") 2 >? H H -H2 >? $5+!#)(!5)+#!# -$!) H-H$22H H H$)**,'")*53# GH --$J22 2 >? >` b

PAGE 158

-I>5")!"3,? )!" 4$4!(#)7(,)5+(#C A5))!"# $()5(,# ((#"))!" $5("!"7()#)(#3)# $+!,")(#)<(63#) D$(")!")(#)<(63#) $,#*((# -$#)("N"(#N* )5+!"7 !",(7()" $#('!"7(# $!#)(!5)53((!533 73!,# 5$5+("3 ,$()5(,# $!#)(!5)#)** ,'")*( !",(7()" )!*@ >!7+?>@?)!7+ HH-2 234 234 22_? 2 234 ( 234 H--H$22 234 -234 234 )!*@ >!7+?>@?)!7+ -2 234 22>? 2G_? 234 234 2 234 2 H >=? 234 234 )!*@ >!7+?>@?)!7+ -HH-2 234 234 234 ---H H$22 7 234 -234-IE

PAGE 159

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

PAGE 160

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

PAGE 161

" 8'"925"+4 )()7 ##(# !7+@ )!*@ )!7+ &""'!6" -$"",,63#)!"!"7-G H$"737A(!"5 )+,7HG G$3!,!"7<5 !"7)(!#J I$()!"7%5##!*!"7% #63"5!"7)(!#-J$()",)(!#E /$())(!#*(*( )!G 0$D5+()#? ? -2%HG --%J2 -G$H2 -G$(5)!5!"") (5### -I$A)",,<((#"))!" -J$"!"75)!'!)!# 5"5),'") -H -0 --$HJ -G$22 -G$I2 )>J3#-J '")#)()7!#? H-2 )!*'"))!(5) "#)(35)!")()7!#--$J/ --$I

PAGE 162

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` 2 2 >? /$+()2 2 _? 2 2 _? 2 2 >` 3!

PAGE 163

-/>5")!"3,? )!*@)!*@)!*@ )()7>!7+?>@?)!7+>!7+?>@?)!7+>!7+?>@?)!7+ .$+"!5#<,!#5()# !#I0-2$J0-20-I$IGG-0-I$IG -2$)(35)3(,()!)!"*( "737,'")2->?22>?G2>? --$(!"!"7*())")!'"## $))(",'(< !"#)+)!55)!'!)!#22>?.2>?J2>? $+'!(53#I--I$22G--G$22G2>? 5$!(5)!")('")!"22>?E--E$222G>? -H$)"!"75)!'!)G-2-2$G2GH--$J2/G-H$22 )>E3#-/ !(5)"#)(35)!" )()7!#?-2H-2---$2--2/E---$G---EJ0-H$20 &

PAGE 164

-0 3(*)+('"))()7!###("5+!#)(!5)# )!*@ )!*@ )!*@ )()7 '") -$"",,63#)!"!"7 H$"737A(!"5 )+,7 G$3!,!"7<5 !"7 )(!# I$()!"7%5##!*!"7% #63"5!"7)(!# J$()",)(!# /$())(!#*(*( )! 0$D5+()#!7+? >@? )!7+ >!7+? >@? )!7+>!7+?>@? )!7+ -2 >? H 0-2$H. -2 2 >? G. -2$GGG -2-2$G2 -0 ---0$22 22 >? 2>? J -J$22 II 2 >? / G-H$22 J I--$HJ2 H >? G E-2$GE 22 >? 2>C? G H --$J2 -2 >? 2 2 _=` -22 >? 2 >? 2 2 _` 22 >=? 2 2 >C? 2 >? 2/ >? G /-2$J2 2 >? 22 >= 22 _=? G H --$J2

PAGE 165

-0>5")!"3,? )()7 -H$!"7!"^^(@(,%C(!)# -G$(5)!5!"") (5### -I$A)",,<((#"))!" -J$"!"75)!'!)!# 5"5),'") )>.3# -0 '") )()7!#? )!*'")) !(5)"#)(35)!")()7!# )!*@ >!7+?>@?)!7+ 02>? 2 234 234 -2 234 /IIG--$I. --$J.-H$GJ )!*@ >!7+?>@?)!7+ GH--$J2 2 -2 234 234 G2>? H/0--2$G0 -I$2E--$-I )!*@ >!7+?>@?)!7+ : -IH-0$22 G--G$22 GJ-2$/2 -H2JJ-H$-E -2$.E--$2I-JJ

PAGE 166

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

PAGE 167

"# 5##()+"!")+5((#",!"7@5##($+(( (#(5+#,#)()7!##@(#(',(*(63")!"" +!7+5##(@+"5(,@!)+)+5((#",!"7@ 5##(3))+!#@#"5,@5##(!"")+( ,!#)(!5)!(#+@!"7+!7+('*!"))!"*)+## #)()7!#)+")++!7+5##(!")+#!($"" #)()7@##(',#3#)")!(*(63")!"@ 5##()+")+5((#",!"7+!7+5##(@!)+"('(# 5#!"")+(!($+3#%)+(@##3#)")!,!**("5!" #(',*(63"5)@"+!7+",@5##(#* (A!)")+!(,*)+(#(5+#,#)()7!#%",)+!# ,!**("5*'(,)++!7+5##(#$")@*)+,!#)(!5) !(#%)++!7+5##()5+(!"),#5!")!"* (#(5+#,#)()7!#()+")@!5#*)"#)+@ 5##()5+(%",!")+)+!(,!(%)+@5##( )5+(!"),5!")!"*)+#)()7!#"",+* )!#(*)")+")++!7+5##()5+($ *)+!7+)"#)()7!#%)@@(!"),)*!( #)("7'5(##5##(#$!7+)#)()7!#@(#(', ")#(,!5'!""5##((@(""A!#)")5(## 5##(#$"#63")%(A!)+**)+#)()7!# )+)+'#(#(5+#***5)!'"##@!)+@#5!5"!5 3"7#)3,")##+@,!",!5)!"#*!"))!"!")+!##)3,% 3)!"))!"@##(',)@(%()#)63%)) '!")+@5##(#$+#)()7!#)+)@( !"),,!,")*!)@!)+!""!"#)(35)!""@+(!"

PAGE 168

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

PAGE 169

" +*!",!"7#")5+(()!"#(")#3((!#!"7)"" *!!(@!)+)+!**)5+(#",)+53)3(*)+3!5 #5+#$+!##)3,(!"*(5,",55),*!",!"7#*()+( ('!3##)3,!#$",)+)%!)A!",,!**(")#)* #)()7!#)+))(7)3"7,!#,'")7,#)3,")#%",)+#3) !")(!"7!"7*)+##)()7!#@!)+5+)+(",@!)+(!" ,)+'!@*)+@( *)+#)5+(#,#)#)* 5"53#!"#%!!5)!"#%",(5",)!"#)+))+(#(5+( *#53,!5))+,35)!"*)+!"5(#!"7"3(*3"7 5+!,("@+5*('()5 7(3",#$ Y

PAGE 170

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

PAGE 171

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

PAGE 172

! #)()7!#*(3"75+!,("%()!53(,!#,'")7,"#%", !"))!"*)+##)()7!#$"))!"*)+#)()7!# ,!**(,)@"#5+#!")+#,!#)(!5)",)@")++!7+ ",@#5+#!"))!)$@'(%"#'"*)+ #)()7!##+@,#3#)")!,!**("5#@+"!(#*#5+#!" 5+*)+)+(,!#)(!5)#@(5"#!,(,%","*3(#+@, #35+,!**("5#@+"+!7+",@#5+##7(3#@( 5"#!,(,$+(#(5+#,#)()7!#@(!"),## *(63")!")+@)+"!")++!7+5##(#$)+37+ @+7(3,!(5)!"#)(35)!"",("!"75")(#@()+#) A)"#!'3#,#)()7!#%#5!*!5(#(5+#,,!(5) !"#)(35)!"",,'")#)()7!#@(!"5"#!#)") !"),$+(@#5 *@("##*@+!5+*)+,!(5) !"#)(35)!"#)()7!#+,)+#)("7#)(#(5+#*( **5)!'"##%",*)+(@(*#*)+,'") #)()7!#$'"!"5##@+((#(5+#,#)()7!#@(!" 5(7!""!"7)!"),%""+!7+5##( )5+(53,()!53)@+;)+##)()7!#@(@(*3(+@ )+@((),),#!(,3)5#$ +(#(5+#,#)()7!#)+)*3",(")" !"#)(35)!"%(#)()7!#)+)5#(5+!",!'!,3 !"#)(35)!"%@((#")"'(#(,!5!""@ 5##($"7"(%)5+(#!")+#5##(#+,")*3", )+,#)!")7()!",!'!,3(,!)!"@!)+@+7(3 !"#)(35)!"%()(7"!1)+5##(,#)+)()3"!)!# *(!",!'!,3!"#)(35)!"53,('!,,%'")+37+)+!#7(3

PAGE 173

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

PAGE 174

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

PAGE 175

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

PAGE 176

*)!"7A)("A5))!"#",))+#)!)(!"7), #*@+))+@"),),$ **5)!'!",(7()"##(# ,#5(!)!"*##377#),")#***5)!' !",(7()"#*(,!#,'")7,#)3,")#(7,*()+!##)3,$ +)5+(#!"**5)!' !",(7()"5##(#*( ,!#,'")7,5+!,("()()!53))+7#)++,*( )+!((7(",*()+!(#)3,")#$+(#),#5(! )+!(!"#)(35)!""",)+""!"7)+,#)+3#) ()!"!1)+)"$+5",#5(!)+3(#",<( 5(!)!5))(!3)*5+*)+#)()7!#%5)!'!)!#%", )(!#)+))+3#",+@5+*!)#!"))+!(!"#)(35)!" "$+)5+(#(@(*)+(#(5+#*(5+*)+!( #)()7!#%5)!'!)!#%",)(!#$)!#")"5##()+))+ 5##(#((#")3(,!(5)!"#)(35)!",(3( ,'"),%3))+@)+)@,#(5!",3#) #"#!")+5")A)*)+3(##*(@+!5+)+5"")#* 5+(3#,$+,!(5)!"#)(35)!"#)()7!#5"*(" (7"!1!"7#)(35)3(*()5+!"7,!#5() "@,7",(!"*(5!"7 )+)!"#)(35)!"%",)+,'")#)()7!#5"!")(@'" *()+!(@"((!)3(##$+)5+(#(@(*)+ (#3)#)+)(##!@!)+5+,",+@)+#(#3)#*!) )+'(7#*)+(7($ 5+(#!"**5)!'5##(#3#"3(*5 7, (7(#)+)+'#!,(#(5+#*(**5)!'"##$+#

PAGE 177

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

PAGE 178

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

PAGE 179

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

PAGE 180

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

PAGE 181

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

PAGE 182

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

PAGE 183

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

PAGE 184

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

PAGE 185

#" (!#)+)*)(!"!"7)+)!",!'!,3!1#))+(5!',( (",#*5+)5+(!"(,(),'#)()7!#)' *!")7()!"",3))!5!)$",!'!,3!1)!"!"5(##)+ ",*((#3(5#$+(3#)"@("##")+()* ,!"!#)()(#@+"5!))!"7)"()!53), !",(7()"" *(,!#,'")7,5+!,(")+)!)@!(63!("!"'#)")* (#3(5#$ ")+((*!!5)!"#)+)()#))+N!",#)N* )5+(#",,!"!#)()(#@+(,'!"7"()!53),"!# )+)*@!!"7"##)) ((!)(!# #$+)","5*)+ (A(!"5,)5+(#!")+!##)3,)()!"!15"*!5) )@")+!(@"!*#",@+))+##)A5),)+),+# )@!")(())!"#$+(53,()!"!1)!")@(, '")3N7!'!"73N",55)!"7A)("A5))!"#%!"#!) *)5+(C#))( "@,7",!"#)!"5)#%#)+)(",!")+!# #)3,",3##!#)$C#>-.0/?#)3,*()5+(#")))))) 5+"7)+N7!'"#N*)+!(#!)3)!"53,!")((),$")+ )+(+",%)+5"*!,"5!")+!(@"!*#",A(!"5)+) (A(!"5,)5+(#,!#5"'(#!)!'!*)+# )5+(#5")!"3)!"#)(35)#,3")+#)**5)!' #)()7!#*()+#!*#",A(!"5#%(7(,##*A)(" A5))!"#$>*)+!#!#)+5#%!5!#)+)()!"A(!"5, )5+(#!"@#5+#",)A(,$?"!)+( 5#%)+(3#)#3()*((!# ) !"7!",!#)(!5)!* #3#)")!'5+"7#()553(!"5##(#%()!53(@+" #35+5+"7#+'!")+#)553((,##@$

PAGE 186

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

PAGE 187

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

PAGE 188

#$ 5(%#)+)+"7(+!5()!"#*)+!#(#")#)3, ,"#)(),$ 3((!533!"))!"(#(5+!##"!()") "@,7#*()+#@++)**5)5+"7!" !",(7()" #)()7!#$@#)()7!#+'"#355##*3!"),@+( )+(+#"(!"5!5!)")%#@+"(!"5!@( #@!)+ )+#)**),'5"#"#3##,#5++#!#)+)#3()# 5()!"**5)!'#)()7!#",)(!#%",)+"(5,#)+ )5+(#55##)+)(!#",# !#)+",$"))!" +#"#355##*3@+()+(@#5"#5!3#@("##* 5##((!)!#",)+#)()7!#)+)(3#,),@!)+ )+%#+#",!#53##,('!3#$ +@(*5(*3#)3,!"7)5+(#@++',',# *)+(#(5+#,#)()7!#)+!7+'!#*3)#) !()"5$(55+!"7",")()5+(#!)3)!"#5" ,!##!"))+#)5+(#C# !#",(,35)+!#)!"* )5+!"7)+)5")(!3)#)5 *5+"7!"#)()7!#$" ,,!)!"))+#)**,'"))")!*)+#)5+(#%)+ (#(5+)")!*,'!"7))(3",(#)",!"7***5)!' !",(7()"#)()7!#",+@,!**("))#*#)()7!# !")(()!#7()$!'!"7#35+)5+(#)+)!",,!(5)!") 5",35))+"7(+!5",5)!"(#(5+!"'#)!7)!"!#5(!)!5!* @()!"5(#)+ "@,7#$ "(#3))+)(#5"#!#)")5(###)3,!#!#)+@( *()!53(*(5!" !",(7()"5##(#%)+)*)+",) ((5+!,("*(*!(#)7(,",)+,!(5)!")+) !",(7()"

PAGE 189

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

PAGE 190

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

PAGE 191

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

PAGE 192

$! ,%'''()!$+(,))!"#*()!"#*!,#*( )+#)O)+(!#",(5+#)+)((5!",", ()!"!1,!""@@#$+(#(5+(+#)+))+@! 5")(!3)!"))+ "@,7#)+)@!@3#) !"5(#)+)")!*,!#,'")7,5+!,("$

PAGE 193

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

PAGE 194

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

PAGE 195

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

PAGE 196

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

PAGE 197

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

PAGE 198

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

PAGE 199

-E. ()%$%#)!"%$%5+@!"+()%$%P",%D$>-.0E?$ +K#!")!(#5+"#)()!"(B5)(#5+ (#","7!)3,!"(#3)#$K#!")!%!7+<5 ,35)!"#(5+43",)!"$ #%$>-.EG?$ !"7@!)+5+!,("+5")( (#*(")#",)5+(#$"$",#"%$(!'%P $())>,#$?%(5+!,+,,'")",,35)!"$ ","+3!*(,(##$ S!!#%$>-.E/?$+#5!5")A)*(5+!,+,!"" (*A",!"7(#5+,35)!"$"$, >,$?% ,C# !",(7()"A(!"7)+ "@,7#%A",!"7 )+53((!533>$--I?$@K( 5+(#7(##$

PAGE 200

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

PAGE 201

-.-G$@,3'3))+(7(##*!",!'!,35+!,("U@, 3 )(5 *)+!((7(##!"(,(),(()5(,#",<( (")5"*("5#%()"*(!"#)(35)!"U@,3'3) @+)+((")3+')3(7#*(3((7(*()+(U -I$#5(!)+""!"7(5##)+)33#$ -J$@@3,3,#5(!)+5+!,("@+5!")3( !",(7()"U)++'"()!53((#(#)("7)+#U -/$+),3##)+#)#!)!'#5)#*3( !",(7()"(7(U+#)#!)!'U*353, 5+"7#3@3,! >!"53,!"7)!%7(3!"7%(7(%)5$?@+) @3,)+U+)@3,)!5,!"3(5##( !*353,,")+!"73@"),U

PAGE 202

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

PAGE 203

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

PAGE 204

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

PAGE 205

" -$5,!5(()!" H$"737,'") G$"(!5+,A(!"5# I$**5)!','") $5+(,!#)(!5)+#!# -$!)(7( H$)**,'")*53# $(3#)!"(7(C#3!#+(%,'(%( (3))!" 4$4!(#)7(,)5+(#CA5))!"# $()5(,# !((#"), $5("!"7()#)(#3)# $+!,!")(#)((63#) D$(")!")(#)((63#) $,#*((# "#", $#)(")+N"(#N*)5+!"7 !",(7()" $#('!"7(C##)()7!# $!#)(!5)53((!53373!,# $5+(#C"3# $()5(,# $!#)(!5)('!,,#)**,'")

PAGE 206

) /&& 4 )(-H%-.E. (` @!5",35)!"7(#(5+(B5)*()+3(#* !"'#)!7)!"7)+3#*(#(5+#,!"#)(35)!"#)()7!#!" !",(7()"5##(#$K3(5##(+#"#377#),# ##!#!)*()+!#(#(5+$+3(#*)+!#))(!#) # 3)5!"'',!")+!##)3,%)*3A!")+#)3, )3%",))!")+(63!(,!"*(,5"#")*(3!*3 5+#)()!5!)$ +5##(#@+()+!##)3,) #5@!#(', *((A!))+(,#$+#(')!"#@!)(7))+ !"#)(35)!"#)()7!#)+)33#!")+5##(%)++#!5 #))!"7*)+(%",)+)(!#)+)33#$!",!'!,3 5+!,("@!)(7),*(#(')!"(",!")+#(')!" ")#$ B(!")")*)+(#(5+!#),!#5'(#5!*!5(#"# @+)5+(#!")()!53(#)()7!#$"#63")%" !")('!@@!)+3!##!"'',%@+!5+@3,#5+,3,)3( 5"'"!"5",#+3,) "()+""+3($ +!!"3(5##(%@3,7,)##!#)!""@!" @+!5+3,!(5)$53#,")@"))5+"7")+!"73) 3(5##()+)3@3,"(,%@3,")," !",",")(#"))!"*##"#(,!(5)!"*5+!,("%3) @3,+)*3"5)!"#"!,)3",##!#)3!"" @5"$ K3%)+(!"5!*3(#5+%)+"*3(#5+%", )+,!#)(!5)!"@+!5+3(#5+!#5),@!5) ""3#!")+(()*)+#)3,",!")+")#) "$ ,)@+!5+()!"#)3(5##(@!#+(,@!)+3(!( ))+5)!"*)+(()$()!5!)!"7!")+#)3,#+3, #","7()3)+()+") !"7#*3()!*( !")('!@!"7$ "63#)!"#3+'@!"#@(,$"63#)!"# 5"5("!"73((!7+)#!")+!##)3,,!(5),))+**!5* #(5+,!"!#)()!"%&"!'(#!)*(,)"'(%A-HG% "'(%$E2H2IO+"JJ/H002$K3(*()@!)+,(@3( 5"#"))")!@!)+3)(B3,!5$*3+'63#)!"#%# 5)/GJ.I.0$K3(()!5!)!"@3,7() (5!),X !"5(% "!7+)

PAGE 207

# 4D 7()()!5!)##3B5)!")+#)3,5"5("!"7 !"#)(35)!"#)()7!#!" !",(7()"5##(#$3",(#)", )+)@!!")('!@,",#(',)+(#(5+(",)+) !,")!)@!()5),$#3",(#)",)+)%!*7() ()!5!)%)+(#(5+(@!5")5))#)35"'"!") !")('!@",#(')!",)#$ !7")3( ) +" K3% "!7+)