<PAGE>
THE AMERICAN FRANKLIN LIFE INSURANCE COMPANY
SEPARATE ACCOUNT VUL-2
DECEMBER 31, 1997
ANNUAL REPORT
SEPARATE ACCOUNT VUL-2 FUNDING
EQUIBUILDER II-TM- AND EQUIBUILDER III-TM- FLEXIBLE PREMIUM VARIABLE
LIFE INSURANCE POLICIES
Principal office located at:
#1 Franklin Square
Springfield, Illinois 62713
Annual Report Dated December 31, 1997
- --------------------------------------------------------------------------------
DECEMBER 31, 1997
ANNUAL REPORT
VARIABLE INSURANCE PRODUCTS FUND
VARIABLE INSURANCE PRODUCTS FUND II
Principal office located at:
82 Devonshire Street
Boston, Massachusetts 02109
Annual Report Dated December 31, 1997
- --------------------------------------------------------------------------------
The Annual Report of Separate Account VUL-2 is prepared and provided by The
American Franklin Life Insurance Company. The Annual Reports of the Variable
Insurance Products Fund and the Variable Insurance Products
Fund II are prepared by Fidelity Investments.
- --------------------------------------------------------------------------------
This Annual Report is not to be construed as an offering for sale of any
American Franklin Life policy. No offering is made except in conjunction with a
prospectus which must precede or accompany this report.
<PAGE>
THE AMERICAN FRANKLIN LIFE INSURANCE COMPANY
SEPARATE ACCOUNT VUL-2
STATEMENT OF NET ASSETS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
MONEY EQUITY-
MARKET INCOME GROWTH OVERSEAS
DIVISION DIVISION DIVISION DIVISION
----------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS - Investments in Variable Insurance Products
Fund and Variable Insurance Products Fund II, at
fair value (Cost: See below) $3,120,690 $39,861,417 $51,757,864 $9,219,983
LIABILITIES - Due to General Account (10,526) (18,723) (39,825) (5,705)
----------------------------------------------------------------------
NET ASSETS $3,110,164 $39,842,694 $51,718,039 $9,214,278
----------------------------------------------------------------------
----------------------------------------------------------------------
Unit value, at December 31, 1997 $ 126.37 $ 291.45 $ 264.35 $ 170.08
----------------------------------------------------------------------
----------------------------------------------------------------------
Units outstanding, at December 31, 1997 24,611 136,705 195,644 54,175
----------------------------------------------------------------------
----------------------------------------------------------------------
Cost of Investments $3,135,250 $31,762,665 $39,803,529 $8,291,249
----------------------------------------------------------------------
----------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
1
<PAGE>
<TABLE>
<CAPTION>
HIGH INVESTMENT ASSET INDEX ASSET CONTRA-
INCOME GRADE BOND MANAGER 500 MANAGER: fUND
DIVISION DIVISION DIVISION DIVISION GROWTH DIVISION DIVISION
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$2,416,480 $2,011,512 $26,502,212 $17,361,588 $4,078,334 $13,184,894
(1,582) (1,002) (20,601) (11,188) (2,773) (8,442)
- ------------------------------------------------------------------------------------------------------------------------
$2,414,898 $2,010,510 $26,481,611 $17,350,400 $4,075,561 $13,176,452
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
$ 165.81 $ 146.29 $ 200.91 $ 226.02 $ 165.92 $ 174.12
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
14,564 13,744 131,808 76,766 24,563 75,672
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
$2,172,860 $1,877,304 $22,398,305 $14,359,056 $3,569,525 $11,294,540
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
THE AMERICAN FRANKLIN LIFE INSURANCE COMPANY
SEPARATE ACCOUNT VUL-2
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
MONEY EQUITY-
MARKET INCOME GROWTH OVERSEAS
DIVISION DIVISION DIVISION DIVISION
----------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET INVESTMENT INCOME
Income
Dividends from Variable Insurance Products Fund $182,030 $2,548,247 $ 1,307,633 $606,526
and Variable Insurance Products Fund II
Expenses
Mortality and expense risk charge 23,614 230,070 319,604 60,600
----------------------------------------------------------------------
Net investment income (expense) 158,416 2,318,177 988,029 545,926
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain - 241,758 381,365 61,268
Net unrealized appreciation (depreciation):
Beginning of year (8,346) 4,288,372 6,366,508 786,945
End of year (14,560) 8,098,752 11,954,335 928,734
----------------------------------------------------------------------
Net change in unrealized appreciation
(depreciation) during the year (6,214) 3,810,380 5,587,827 141,789
----------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (6,214) 4,052,138 5,969,192 203,057
----------------------------------------------------------------------
Net increase in net assets resulting from operations $152,202 $6,370,315 $6,957,221 $748,983
----------------------------------------------------------------------
----------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
3
<PAGE>
<TABLE>
<CAPTION>
HIGH INVESTMENT ASSET INDEX ASSET CONTRA-
INCOME GRADE BOND MANAGER 500 MANAGER: fUND
DIVISION DIVISION DIVISION DIVISION GROWTH DIVISION DIVISION
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$109,941 $100,671 $2,519,534 $247,126 $ 2,248 $174,269
12,988 13,529 173,975 81,823 17,644 62,797
- ------------------------------------------------------------------------------------------------------------------------
96,953 87,142 2,345,559 165,303 (15,396) 111,472
16,743 11,679 150,118 203,061 18,249 65,136
73,140 90,495 2,931,994 862,708 78,770 583,917
243,620 134,208 4,103,907 3,002,532 508,809 1,890,354
- ------------------------------------------------------------------------------------------------------------------------
170,480 43,713 1,171,913 2,139,824 430,039 1,306,437
- ------------------------------------------------------------------------------------------------------------------------
187,223 55,392 1,322,031 2,342,885 448,288 1,371,573
- ------------------------------------------------------------------------------------------------------------------------
$284,176 $142,534 $3,667,590 $2,508,188 $432,892 $1,483,045
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
4
<PAGE>
THE AMERICAN FRANKLIN LIFE INSURANCE COMPANY
SEPARATE ACCOUNT VUL-2
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONEY EQUITY-
MARKET INCOME GROWTH OVERSEAS
DIVISION DIVISION DIVISION DIVISION
FOR THE YEAR ENDED DECEMBER 31, 1997 ----------------------------------------------------------------------
<S> <C> <C> <C> <C>
CHANGE IN NET ASSETS
FROM OPERATIONS:
Net investment income (expense) $ 158,416 $ 2,318,177 $ 988,029 $ 545,926
Net realized gain on investments - 241,758 381,365 61,268
Net change in unrealized appreciation
(depreciation) on investments (6,214) 3,810,380 5,587,827 141,789
----------------------------------------------------------------------
Net increase in net assets from operations 152,202 6,370,315 6,957,221 748,983
FROM POLICY RELATED TRANSACTIONS:
Net contract purchase payments 15,768,314 12,119,616 14,879,501 2,855,311
Transfers for policy related transactions (1,274,078) (5,951,910) (7,325,640) (1,502,429)
Transfers between Separate Account VUL-2's
Divisions, net (14,692,099) 3,478,823 2,739,351 369,757
----------------------------------------------------------------------
Net increase (decrease) in net assets from policy
related transactions (197,863) 9,646,529 10,293,212 1,722,639
----------------------------------------------------------------------
Increase (decrease) in net assets (45,661) 16,016,844 17,250,433 2,471,622
Net assets, beginning of year 3,155,825 23,825,850 34,467,606 6,742,656
----------------------------------------------------------------------
Net assets, end of year $3,110,164 $39,842,694 $51,718,039 $9,214,278
----------------------------------------------------------------------
----------------------------------------------------------------------
<CAPTION>
MONEY EQUITY-
MARKET INCOME GROWTH OVERSEAS
DIVISION DIVISION DIVISION DIVISION
FOR THE YEAR ENDED DECEMBER 31, 1996 ----------------------------------------------------------------------
<S> <C> <C> <C> <C>
CHANGE IN NET ASSETS
FROM OPERATIONS:
Net investment income (expense) $ 90,006 $ 494,647 $ 1,305,736 $ 81,863
Net realized gain on investments - 119,363 217,472 72,428
Net change in unrealized appreciation
(depreciation) on investments 8,305 2,103,869 2,290,153 475,238
----------------------------------------------------------------------
Net increase in net assets from operations 98,311 2,717,879 3,813,361 629,529
FROM POLICY RELATED TRANSACTIONS:
Net contract purchase payments 14,105,404 8,358,063 11,727,262 2,440,157
Transfers for policy related transactions (745,614) (3,518,149) (5,082,906) (1,085,007)
Transfers between Separate Account VUL-2's
Divisions, net (12,247,504) 3,540,795 4,024,505 (158,617)
----------------------------------------------------------------------
Net increase in net assets from policy related
transactions 1,112,286 8,380,709 10,668,861 1,196,533
----------------------------------------------------------------------
Increase in net assets 1,210,597 11,098,588 14,482,222 1,826,062
Net assets, beginning of year 1,945,228 12,727,262 19,985,384 4,916,594
----------------------------------------------------------------------
Net assets, end of year $3,155,825 $23,825,850 $34,467,606 $6,742,656
----------------------------------------------------------------------
----------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
<TABLE>
<CAPTION>
HIGH INVESTMENT ASSET INDEX ASSET CONTRA-
INCOME GRADE BOND MANAGER 500 MANAGER: fUND
DIVISION DIVISION DIVISION DIVISION GROWTH DIVISION DIVISION
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 96,953 $ 87,142 $ 2,345,559 $ 165,303 $ (15,396) $ 111,472
16,743 11,679 150,118 203,061 18,249 65,136
170,480 43,713 1,171,913 2,139,824 430,039 1,306,437
- ------------------------------------------------------------------------------------------------------------------------
284,176 142,534 3,667,590 2,508,188 432,892 1,483,045
936,633 525,371 5,954,601 6,747,739 1,946,149 6,031,891
(374,337) (329,478) (3,858,162) (2,283,537) (707,474) (1,947,161)
339,645 (21,180) 109,203 3,935,049 1,105,963 2,638,620
- ------------------------------------------------------------------------------------------------------------------------
901,941 174,713 2,205,642 8,399,251 2,344,638 6,723,350
- ------------------------------------------------------------------------------------------------------------------------
1,186,117 317,247 5,873,232 10,907,439 2,777,530 8,206,395
1,228,781 1,693,263 20,608,379 6,442,961 1,298,031 4,970,057
- ------------------------------------------------------------------------------------------------------------------------
$2,414,898 $2,010,510 $26,481,611 $17,350,400 $4,075,561 $13,176,452
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
<CAPTION>
HIGH INVESTMENT ASSET INDEX ASSET CONTRA-
INCOME GRADE BOND MANAGER 500 MANAGER: fUND
DIVISION DIVISION DIVISION DIVISION GROWTH DIVISION DIVISION
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 39,298 $ 56,393 $ 950,642 $ 33,984 $ 56,162 $ (6,210)
8,967 3,089 212,679 55,003 3,633 14,914
39,105 (6,922) 1,427,096 753,837 83,858 580,665
- ------------------------------------------------------------------------------------------------------------------------
87,370 52,560 2,590,417 842,824 143,653 589,369
533,704 486,742 5,498,237 2,673,909 654,319 2,330,711
(192,712) (275,951) (3,080,444) (790,840) (178,249) (624,350)
360,417 107,298 (498,477) 2,664,359 437,562 1,823,964
- ------------------------------------------------------------------------------------------------------------------------
701,409 318,089 1,919,316 4,547,428 913,632 3,530,325
- ------------------------------------------------------------------------------------------------------------------------
788,779 370,649 4,509,733 5,390,252 1,057,285 4,119,694
440,002 1,322,614 16,098,646 1,052,709 240,746 850,363
- ------------------------------------------------------------------------------------------------------------------------
$1,228,781 $1,693,263 $20,608,379 $6,442,961 $1,298,031 $4,970,057
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
THE AMERICAN FRANKLIN LIFE INSURANCE COMPANY
SEPARATE ACCOUNT VUL-2
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997
1. NATURE OF OPERATIONS
The American Franklin Life Insurance Company (American Franklin) is a
wholly-owned subsidiary of The Franklin Life Insurance Company. American
Franklin established Separate Account VUL-2 (Account) as a unit investment
trust registered under the Investment Company Act of 1940. The Account,
which consists of ten investment divisions, was established on April 9,
1991 in conformity with Illinois Insurance Law. The assets in each
division are invested in units of beneficial interest (shares) of a
designated portfolio (Portfolio) of two mutual funds, sponsored by Fidelity
Investments, Variable Insurance Products Fund and Variable Insurance
Products Fund II (Funds). The Money Market, Equity-Income, Growth,
Overseas, and High Income Divisions of the Account are invested in shares
of a corresponding Portfolio of Variable Insurance Products Fund, while the
Investment Grade Bond, Asset Manager, Index 500, Asset Manager: Growth and
Contrafund Divisions of the Account are invested in shares of a
corresponding Portfolio of Variable Insurance Products Fund II. The
Account's financial statements should be read in conjunction with the
financial statements of the Funds. The Account commenced operations on
September 30, 1991.
The Account was established by American Franklin to support the operations
of American Franklin's EquiBuilder II-TM- Flexible Premium Variable Life
Insurance Policies (EquiBuilder II Policies). The Account also supports the
operations of American Franklin's EquiBuilder III-TM- Flexible Premium
Variable Life Insurance Policies (EquiBuilder III Policies) (the
EquiBuilder II Policies and the EquiBuilder III Policies are referred to
collectively as the Policies). At December 31, 1997, American Franklin
had obtained the necessary state insurance department approvals for the
sale of the EquiBuilder III Policies in 46 states.
Franklin Financial Services Corporation, a wholly-owned subsidiary of The
Franklin Life Insurance Company, acts as the principal underwriter, as
defined in the Investment Company Act of 1940, of the Policies. The assets
of the Account are the property of American Franklin. The portion of the
Account's assets applicable to the Policies is not chargeable with
liabilities arising out of any other business American Franklin may
conduct.
The net assets of the Account may not be less than the reserves applicable
to the Policies. Assets may also be set aside in American Franklin's
General Account based on the amounts allocated under the Policies to
American Franklin's Guaranteed Interest Division and for policy loans.
Additional assets are set aside in American Franklin's General Account to
provide for (i) the unearned portion of the monthly charges for mortality
and expense risk charges made under the Policies and (ii) other policy
benefits.
2. SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies of the Account are as follows:
Investments in shares of the Funds are carried at fair value. Investments
in shares of the Funds are valued at the net asset values of the respective
Portfolios of the Funds corresponding to the investment divisions of the
Account. Investment transactions are recorded on the trade date.
Dividends are recorded as received. Realized gains and losses on sales of
the Funds' shares are determined based on the specific identification
method.
7
<PAGE>
The operations of the Account are included in the federal income tax return
of American Franklin. Under the provisions of the Policies, American
Franklin has the right to charge the Account for federal income tax
attributable to the Account. No charge is currently being made against the
Account for such tax since, under current tax law, American Franklin pays
no tax on investment income and capital gains reflected in variable life
insurance policy reserves. However, American Franklin retains the right to
charge for any federal income tax incurred which is attributable to the
Account if the law is changed. Charges for state and local taxes, if any,
attributable to the Account may also be made.
3. SALES AND ADMINISTRATIVE CHARGES
Certain jurisdictions require that deductions be made from premium payments
for taxes. The amount of such deductions varies and may be up to 5% of the
premium. With respect to the EquiBuilder III Policies, American Franklin
makes a sales expense deduction equal to 5% of each premium paid during any
policy year up to a "target" premium, which is based on the annual premium
for a fixed whole life insurance policy on the life of the insured person
(no sales expense deduction is made for premiums in excess of the target
premium paid during that policy year). The balance remaining after any
such deduction, the net premium, is placed by American Franklin in a Policy
Account established for each policyowner. Each month American Franklin
makes a charge against each Policy Account for: administrative expenses
(currently $6 per month plus an additional charge of $24 per month for each
of the first 12 months a policy is in effect); and cost of insurance, which
is based on the insured person's age, sex, risk class, amount of insurance,
and additional benefits, if any. In addition, American Franklin will make
charges for the following: a partial withdrawal of net cash surrender
value (currently $25 or 2% of the amount withdrawn, whichever is less); an
increase in the face amount of insurance (currently a $1.50 administrative
charge for each $1,000 increase up to a maximum charge of $300); and a
transfer between investment divisions in any policy year in which four
transfers have already been made (up to $25 for each additional transfer in
a given policy year). Charges may also be made for providing more than one
illustration of policy benefits to a given policyholder. American Franklin
assumes mortality and expense risks related to the operations of the
Account and deducts a charge from the assets of the Account at an effective
annual rate of .75% of the Account's net assets to cover these risks. The
total charges paid by the Account to American Franklin were $18,890,000 and
$12,166,000 in 1997 and 1996, respectively.
During the first ten years a Policy is in effect, a surrender charge may be
deducted from a Policy Account by American Franklin if: the Policy is
surrendered for its net cash surrender value, the face amount of the Policy
is reduced or the Policy is permitted to lapse. The maximum total
surrender charge applicable to a particular Policy is specified in the
Policy and is equal to 50% of one target premium. This maximum will not
vary based on the amount of premiums paid or when they are paid. At the
end of the sixth policy year and at the end of each of the four succeeding
policy years, the maximum surrender charge is reduced by an amount equal to
20% of the initial maximum surrender charge until, after the end of the
tenth policy year, there is no surrender charge. Subject to the maximum
surrender charge, the surrender charge with respect to the EquiBuilder II
Policies will equal 30% of actual premiums paid during the first policy
year up to one target premium, plus 9% of all other premiums actually paid
during the first ten policy years, and the surrender charge with respect to
the EquiBuilder III Policies will equal 25% of actual premiums paid during
the first policy year up to one target premium, plus 9% of all other
premiums actually paid during the first ten policy years.
8
<PAGE>
THE AMERICAN FRANKLIN LIFE INSURANCE COMPANY
SEPARATE ACCOUNT VUL-2
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1997
4. SUMMARY OF UNIT VALUES AND CHANGES IN OUTSTANDING UNITS
Unit value information and a summary of changes in outstanding units is
shown below:
FOR THE YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
MONEY EQUITY- HIGH
MARKET INCOME GROWTH OVERSEAS INCOME
DIVISION DIVISION DIVISION DIVISION DIVISION
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Unit value, beginning of year $120.68 $236.34 $223.47 $152.96 $141.63
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Unit value, end of year $126.37 $291.45 $264.35 $170.08 $165.81
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Number of units outstanding,
beginning of year 26,149 100,813 154,236 44,082 8,676
Net contract purchase payments 127,542 45,380 60,016 16,843 6,070
Transfers for policy related transactions (10,304) (22,424) (29,564) (8,917) (2,437)
Transfers between Separate Account
VUL-2's Divisions, Net (118,776) 12,936 10,956 2,167 2,255
--------------------------------------------------------------------------------------
Number of units outstanding, end of year 24,611 136,705 195,644 54,175 14,564
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
<CAPTION>
INVESTMENT
GRADE ASSET INDEX ASSET MANAGER: CONTRA-
BOND MANAGER 500 GROWTH fUND
DIVISION DIVISION DIVISION DIVISION DIVISION
--------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
Unit value, beginning of year $135.81 $171.77 $178.33 $137.89 $145.66
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Unit value, end of year $146.29 $200.91 $226.02 $165.92 $174.12
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Number of units outstanding,
beginning of year 12,468 119,978 36,130 9,413 34,121
Net contract purchase payments 3,764 31,902 32,530 12,503 37,070
Transfers for policy related transactions (2,338) (20,496) (11,120) (4,526) (11,863)
Transfers between Separate Account
VUL-2's Divisions, Net (150) 424 19,226 7,173 16,344
--------------------------------------------------------------------------------------
Number of units outstanding, end of year 13,744 131,808 76,766 24,563 75,672
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
THE AMERICAN FRANKLIN LIFE INSURANCE COMPANY
SEPARATE ACCOUNT VUL-2
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1997
5. REMUNERATION OF MANAGEMENT
The Account incurs no liability or expense for remuneration to directors,
members of advisory boards, officers or any other person who might provide
a service for the Account, except as described in Note 3.
10
<PAGE>
REPORT OF INDEPENDENT AUDITORS
Board of Directors
The American Franklin Life Insurance Company
Policyowners of Separate Account VUL-2
We have audited the accompanying statement of net assets of Separate Account
VUL-2 (comprising, respectively, the Money Market, Equity-Income, Growth,
Overseas, High Income, Investment Grade Bond, Asset Manager, Index 500, Asset
Manager: Growth and Contrafund Divisions) as of December 31, 1997, and the
related statement of operations for the year then ended and the statement of
changes in net assets for each of the two years then ended. These financial
statements are the responsibility of Separate Account VUL-2 management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures
included confirmation of securities owned as of December 31, 1997 by
correspondence with the custodian. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of each of the respective
Divisions constituting Separate Account VUL-2 at December 31, 1997, and the
results of their operations for the year then ended and changes in net assets
for each of the two years then ended in conformity with generally accepted
accounting principles.
/s/ Ernst & Young LLP
Chicago, Illinois
January 30, 1998
11
