0001104659-15-030834.txt : 20150428 0001104659-15-030834.hdr.sgml : 20150428 20150428104552 ACCESSION NUMBER: 0001104659-15-030834 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150428 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150428 DATE AS OF CHANGE: 20150428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AFFILIATED MANAGERS GROUP, INC. CENTRAL INDEX KEY: 0001004434 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 043218510 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13459 FILM NUMBER: 15797128 BUSINESS ADDRESS: STREET 1: 777 SOUTH FLAGLER DRIVE STREET 2: SUITE 1201 EAST TOWER CITY: WEST PALM BEACH STATE: FL ZIP: 33401 BUSINESS PHONE: (800) 345-1100 MAIL ADDRESS: STREET 1: 777 SOUTH FLAGLER DRIVE STREET 2: SUITE 1201 EAST TOWER CITY: WEST PALM BEACH STATE: FL ZIP: 33401 FORMER COMPANY: FORMER CONFORMED NAME: AFFILIATED MANAGERS GROUP INC DATE OF NAME CHANGE: 19970822 8-K 1 a15-9477_28k.htm 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): April 28, 2015

 

Affiliated Managers Group, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

(State or Other Jurisdiction of Incorporation)

 

001-13459

 

04-3218510

(Commission File Number)

 

(IRS Employer Identification No.)

 

777 South Flagler Drive

 

 

West Palm Beach, Florida

 

33401

(Address of Principal Executive Offices)

 

(Zip Code)

 

(800) 345-1100

 (Registrant’s Telephone Number, Including Area Code)

 

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

ITEM 2.02                                  Results of Operations and Financial Condition.

 

On April 28, 2015, Affiliated Managers Group, Inc. (the “Company”) issued a press release setting forth its financial and operating results for the quarter ended March 31, 2015.  A copy of this press release is furnished as Exhibit 99.1 hereto, except for such portions which are filed, as noted below under Item 9.01.

 

ITEM 9.01                                  Financial Statements and Exhibits.

 

(d)                                 Exhibits.

 

The financial statement tables set forth on pages 4 through 11 in Exhibit 99.1 hereto are “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall be deemed incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended.  The remaining information in Exhibit 99.1 is being “furnished” to the Securities and Exchange Commission as provided pursuant to General Instruction B.2 of Form 8-K.

 

Exhibit No.

 

Description

 

 

 

99.1

 

Earnings Press Release issued by the Company on April 28, 2015.

 

2



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

AFFILIATED MANAGERS GROUP, INC.

 

 

 

 

Date: April 28, 2015

By:

/s/ David M. Billings

 

 

Name:

David M. Billings

 

 

Title:

Executive Vice President,

 

 

 

General Counsel and Secretary

 

3



 

EXHIBIT INDEX

 

Exhibit No.

 

Description

 

 

 

99.1

 

Earnings Press Release issued by the Company on April 28, 2015.

 

4


EX-99.1 2 a15-9477_2ex99d1.htm EX-99.1

Exhibit 99.1

 

GRAPHIC

 

Investor Relations:

 

Alexandra Lynn
Selene Oh

 

 

(617) 747-3300

 

 

ir@amg.com

 

 

 

Media Relations:

 

Laura O’Brien

 

 

(617) 747-3300

 

 

pr@amg.com

 

AMG Reports Financial and Operating Results

for the First Quarter of 2015

 

Company Reports Economic EPS of $2.91; EPS of $2.28

 

BOSTON, April 28, 2015 — Affiliated Managers Group, Inc. (NYSE: AMG) today reported its financial and operating results for the quarter ended March 31, 2015.

 

For the first quarter of 2015, Economic earnings per share (“Economic EPS”) were $2.91, compared to $2.48 for the same period of 2014, while diluted earnings per share for the first quarter of 2015 were $2.28, compared to $1.40 for the same period of 2014.  For the first quarter of 2015, Economic net income was $162.1 million, compared to $137.9 million for the same period of 2014.  For the first quarter of 2015, Net income was $128.0 million, compared to $77.2 million for the same period of 2014.  For the first quarter of 2015, EBITDA was $221.0 million, compared to $191.9 million for the same period of 2014.   (Economic EPS, Economic net income, and EBITDA are defined in the attached tables, along with reconciliations to the most directly comparable GAAP measures.)

 

Net client cash flows for the first quarter of 2015 were $5.3 billion.  Aggregate assets under management of AMG’s affiliated investment management firms were approximately $638 billion at March 31, 2015, pro forma for the investment in Baker Street Advisors, which closed on April 1, 2015.

 

(more)

 



 

“AMG’s first quarter results marked a strong start to 2015, including Economic earnings per share of $2.91, a 17% increase over the first quarter of 2014, and record assets under management of $638 billion,” stated Sean M. Healey, Chairman and Chief Executive Officer of AMG.  “Our results reflect continued outstanding execution across AMG’s business, including strong organic growth, the long-term investment outperformance of our Affiliates, and the ongoing success of our strategy to partner with the highest-quality boutiques worldwide.”

 

“With $5.3 billion in net client cash flows in the quarter, AMG has now generated strong organic growth from net client flows for 20 consecutive quarters — over $130 billion in total net flows over this period,” Mr. Healey continued.  “Through our boutique Affiliates, AMG is one of the largest and fastest-growing providers of performance-oriented products globally. Sophisticated clients around the world increasingly recognize the advantages of boutiques in creating value in the alpha portion of their portfolios, and with our Affiliates’ outstanding long-term performance, especially in global and emerging markets equities and alternatives, we see ongoing opportunities for strong organic growth ahead.”

 

“Finally, the transaction environment remains highly favorable for us, and we have a growing pipeline of prospective new Affiliates, including a broad array of leading traditional and alternative firms around the world,” Mr. Healey concluded.  “Given our long-term track record of successful partnerships and proven global distribution capability, AMG is positioned as the partner of choice for the best boutique firms in the industry.  Looking ahead, we remain confident in our ability to generate meaningful earnings growth through additional accretive investments in outstanding new Affiliates.”

 

About AMG

 

AMG is a global asset management company with equity investments in leading boutique investment management firms.  AMG’s innovative partnership approach allows each Affiliate’s management team to own significant equity in their firm while maintaining operational autonomy.  AMG’s strategy is to generate growth through the internal growth of existing Affiliates, as well as through investments in new Affiliates.  In addition, AMG provides centralized assistance to its Affiliates in strategic matters, marketing, distribution, product development and operations.  As of March 31, 2015, the aggregate assets under management of AMG’s Affiliates were approximately $638 billion, pro forma for the investment in Baker Street Advisors, which closed on April 1, 2015, in more than 400 investment products across a broad range of investment styles, asset classes and distribution channels.  For more information, please visit the Company’s website at www.amg.com.

 

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws.  These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources and other non-historical statements.  You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words.  Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, the ability to close pending investments, the investment

 

2



 

performance and growth rates of our Affiliates and their ability to effectively market their investment strategies, the mix of Affiliate contributions to our earnings and other risks, uncertainties and assumptions, including those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov.  These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC.  We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

 

From time to time, AMG may use its website as a distribution channel of material Company information.  AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.

 

Financial Tables Follow

 

A teleconference will be held with AMG’s management at 11:00 a.m. Eastern time today.  Parties interested in listening to the teleconference should dial 1-877-407-9210 (domestic calls) or 1-201-689-8049 (international calls) starting at 10:45 a.m. Eastern time.  Those wishing to listen to the teleconference should dial the appropriate number at least ten minutes before the call begins.

 

The teleconference will also be available for replay beginning approximately one hour after the conclusion of the call.  To hear a replay of the call, please dial 1-877-660-6853 (domestic calls) or 1-201-612-7415 (international calls) and provide conference ID 13607385.  The live call and replay of the session, and additional financial information referenced during the teleconference, can also be accessed via the Web at http://www.amg.com/InvestorRelations/.

 

###

 

3



 

AMG

Financial Highlights

(in millions, except per share data)

 

 

 

Three Months

 

Three Months

 

 

 

Ended

 

Ended

 

 

 

3/31/14

 

3/31/15

 

 

 

 

 

 

 

Revenue

 

$

593.1

 

$

635.0

 

 

 

 

 

 

 

Net income (controlling interest)

 

$

77.2

 

$

128.0

 

 

 

 

 

 

 

Economic net income (controlling interest) (A)

 

$

137.9

 

$

162.1

 

 

 

 

 

 

 

EBITDA (controlling interest) (B)

 

$

191.9

 

$

221.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average shares outstanding - diluted

 

55.2

 

57.8

 

 

 

 

 

 

 

Earnings per share - diluted

 

$

1.40

 

$

2.28

 

 

 

 

 

 

 

Average shares outstanding - adjusted diluted (C)

 

55.6

 

55.7

 

 

 

 

 

 

 

Economic earnings per share (C)

 

$

2.48

 

$

2.91

 

 

 

 

 

December 31,
2014

 

March 31,
2015

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

550.6

 

$

438.2

 

 

 

 

 

 

 

Senior bank debt

 

$

855.0

 

$

535.0

 

 

 

 

 

 

 

Senior notes

 

$

736.8

 

$

1,084.2

 

 

 

 

 

 

 

Convertible securities

 

$

303.1

 

$

303.6

 

 

 

 

 

 

 

Stockholders’ equity

 

$

2,627.0

 

$

2,557.8

 

 

(more)

 

4



 

AMG

Reconciliations of Earnings Per Share Calculation

(in millions, except per share data)

 

 

 

Three Months

 

Three Months

 

 

 

Ended

 

Ended

 

 

 

3/31/14

 

3/31/15

 

 

 

 

 

 

 

Net income (controlling interest)

 

$

77.2

 

$

128.0

 

Convertible securities interest expense, net

 

 

3.8

 

Net income (controlling interest), as adjusted

 

$

77.2

 

$

131.8

 

 

 

 

 

 

 

Average shares outstanding - diluted

 

55.2

 

57.8

 

 

 

 

 

 

 

Earnings per share - diluted

 

$

1.40

 

$

2.28

 

 

 

Reconciliations of Average Shares Outstanding

(in millions)

 

 

 

Three Months

 

Three Months

 

 

 

Ended

 

Ended

 

 

 

3/31/14

 

3/31/15

 

 

 

 

 

 

 

Average shares outstanding - diluted

 

55.2

 

57.8

 

Assumed issuance of junior convertible securities shares

 

 

(2.2

)

Dilutive impact of junior convertible securities shares

 

0.4

 

0.1

 

Average shares outstanding - adjusted diluted (C)

 

55.6

 

55.7

 

 

(more)

 

5



 

AMG

Operating Results

 

Assets Under Management

(in millions)

 

Statement of Changes

 

 

 

Institutional

 

Mutual
Fund

 

High Net
Worth

 

Total

 

 

 

 

 

 

 

 

 

 

 

Assets under management, December 31, 2014

 

$

355,600

 

$

188,428

 

$

76,158

 

$

620,186

 

Client cash inflows

 

13,022

 

13,737

 

3,456

 

30,215

 

Client cash outflows

 

(10,093

)

(12,375

)

(2,415

)

(24,883

)

Net client cash flows

 

2,929

 

1,362

 

1,041

 

5,332

 

Market changes

 

1,528

 

3,932

 

1,229

 

6,689

 

Other (D)

 

(44

)

 

 

(44

)

Assets under management, March 31, 2015

 

$

360,013

 

$

193,722

 

$

78,428

 

$

632,163

 

 

 

Financial Results

(in millions)

 

 

 

Three

 

 

 

Three

 

 

 

 

 

Months

 

 

 

Months

 

 

 

 

 

Ended

 

Percent

 

Ended

 

Percent

 

 

 

3/31/14

 

of Total

 

3/31/15

 

of Total

 

Revenue

 

 

 

 

 

 

 

 

 

Institutional

 

$

244.9

 

41%

 

$

252.9

 

40%

 

Mutual Fund

 

291.9

 

49%

 

318.3

 

50%

 

High Net Worth

 

56.3

 

10%

 

63.8

 

10%

 

 

 

$

593.1

 

100%

 

$

635.0

 

100%

 

 

 

 

 

 

 

 

 

 

 

EBITDA (controlling interest) (B)

 

 

 

 

 

 

 

 

 

Institutional

 

$

98.6

 

51%

 

$

109.0

 

49%

 

Mutual Fund

 

74.6

 

39%

 

90.0

 

41%

 

High Net Worth

 

18.7

 

10%

 

22.0

 

10%

 

 

 

$

191.9

 

100%

 

$

221.0

 

100%

 

 

(more)

 

6



 

AMG

Reconciliations of Performance Measures

(in millions)

 

 

 

Three Months

 

Three Months

 

 

 

Ended

 

Ended

 

 

 

3/31/14

 

3/31/15

 

 

 

 

 

 

 

Net income (controlling interest)

 

$

77.2

 

$

128.0

 

Intangible amortization and impairments

 

27.3

 

29.8

 

Intangible-related deferred taxes

 

16.9

 

20.4

 

Other economic items (E)

 

16.5

 

(16.1

)

Economic net income (controlling interest) (A)

 

$

137.9

 

$

162.1

 

 

 

 

 

 

 

Net income (controlling interest)

 

$

77.2

 

$

128.0

 

Interest expense

 

17.6

 

22.2

 

Imputed interest and contingent payment arrangements (E)

 

22.5

 

(27.2

)

Income taxes

 

45.6

 

66.3

 

Depreciation and other amortization

 

1.7

 

1.9

 

Intangible amortization and impairments

 

27.3

 

29.8

 

EBITDA (controlling interest) (B)

 

$

191.9

 

$

221.0

 

 

(more)

 

7



 

AMG

Consolidated Statements of Income

(in millions, except per share data)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2014

 

2015

 

 

 

 

 

 

 

Revenue

 

$

593.1

 

$

635.0

 

Operating expenses:

 

 

 

 

 

Compensation and related expenses

 

235.7

 

252.8

 

Selling, general and administrative

 

122.3

 

108.7

 

Intangible amortization and impairments

 

27.4

 

27.8

 

Depreciation and other amortization

 

3.8

 

4.4

 

Other operating expenses

 

9.9

 

9.9

 

 

 

399.1

 

403.6

 

Operating income

 

194.0

 

231.4

 

 

 

 

 

 

 

Income from equity method investments

 

46.2

 

53.1

 

 

 

 

 

 

 

Other non-operating (income) and expenses:

 

 

 

 

 

Investment and other income

 

(8.2

)

(0.8

)

Interest expense

 

17.6

 

22.2

 

Imputed interest expense and contingent payment arrangements (E)

 

22.5

 

(27.2

)

 

 

31.9

 

(5.8

)

 

 

 

 

 

 

Income before income taxes

 

208.3

 

290.3

 

 

 

 

 

 

 

Income taxes (F)

 

48.9

 

69.6

 

Net income

 

159.4

 

220.7

 

 

 

 

 

 

 

Net income (non-controlling interests)

 

(82.2

)

(92.7

)

 

 

 

 

 

 

Net income (controlling interest)

 

$

77.2

 

$

128.0

 

 

 

 

 

 

 

Average shares outstanding - basic

 

53.7

 

54.8

 

Average shares outstanding - diluted

 

55.2

 

57.8

 

 

 

 

 

 

 

Earnings per share - basic

 

$

1.44

 

$

2.34

 

Earnings per share - diluted

 

$

1.40

 

$

2.28

 

 

(more)

 

8



 

AMG

Consolidated Balance Sheets

(in millions)

 

 

 

December 31,

 

March 31,

 

 

 

2014

 

2015

 

Assets

 

 

 

 

 

Cash and cash equivalents

 

$

550.6

 

$

438.2

 

Receivables

 

425.9

 

514.0

 

Investments in marketable securities

 

172.6

 

192.9

 

Other investments

 

167.2

 

158.0

 

Fixed assets, net

 

95.4

 

94.9

 

Goodwill

 

2,652.8

 

2,621.2

 

Acquired client relationships, net

 

1,778.4

 

1,724.7

 

Equity investments in Affiliates

 

1,783.5

 

1,678.0

 

Other assets

 

71.7

 

72.0

 

Total assets

 

$

7,698.1

 

$

7,493.9

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

Payables and accrued liabilities

 

$

808.3

 

$

577.2

 

Senior bank debt

 

855.0

 

535.0

 

Senior notes

 

736.8

 

1,084.2

 

Convertible securities

 

303.1

 

303.6

 

Deferred income taxes

 

491.7

 

524.6

 

Other liabilities

 

214.5

 

181.3

 

Total liabilities

 

3,409.4

 

3,205.9

 

 

 

 

 

 

 

Redeemable non-controlling interests

 

645.5

 

743.2

 

Equity:

 

 

 

 

 

Common stock

 

0.6

 

0.6

 

Additional paid-in capital

 

672.2

 

519.2

 

Accumulated other comprehensive income (loss)

 

31.8

 

(2.8

)

Retained earnings

 

2,163.3

 

2,291.3

 

 

 

2,867.9

 

2,808.3

 

Less: treasury stock, at cost

 

(240.9

)

(250.5

)

Total stockholders’ equity

 

2,627.0

 

2,557.8

 

Non-controlling interests

 

1,016.2

 

987.0

 

Total equity

 

3,643.2

 

3,544.8

 

Total liabilities and equity

 

$

7,698.1

 

$

7,493.9

 

 

(more)

 

9



 

AMG

Notes

(in millions, except per share data)

 

(A)                     Under our Economic net income (controlling interest) definition, we add to Net income (controlling interest) our share of intangible amortization (including equity method intangible amortization) and impairments, deferred taxes related to intangible assets, and other economic items which include non-cash imputed interest (principally related to the accounting for convertible securities and contingent payment arrangements) and certain Affiliate equity expenses.  We consider Economic net income (controlling interest) an important measure of our financial performance, as we believe it best represents operating performance before non-cash expenses relating to the acquisition of interests in our affiliated investment management firms, and it is therefore employed as our principal performance benchmark.  This non-GAAP performance measure is provided in addition to, but not as a substitute for, Net income (controlling interest) or any other GAAP measure of financial performance or liquidity.

 

We add back intangible amortization and impairments attributable to acquired client relationships because these expenses do not correspond to the changes in the value of these assets, which do not diminish predictably over time.  The portion of deferred taxes generally attributable to intangible assets (including goodwill) is added back because we believe it is unlikely these accruals will be used to settle material tax obligations.  We add back non-cash imputed interest and reductions or increases in contingent payment arrangements because it better reflects our contractual interest obligations.  We add back non-cash expenses relating to certain transfers of equity between Affiliate partners when these transfers have no dilutive effect to shareholders.

 

(B)                     EBITDA (controlling interest) represents our performance before our share of interest expense, income taxes, depreciation and amortization.  We believe that many investors use this information when comparing the financial performance of companies in the investment management industry.  EBITDA (controlling interest), as calculated by us, may not be consistent with computations of EBITDA by other companies.  This non-GAAP performance measure is provided in addition to, but not as a substitute for, Net income (controlling interest) or any other GAAP measure of financial performance or liquidity.

 

(C)                     Economic earnings per share represents Economic net income (controlling interest) divided by the adjusted diluted average shares outstanding.  In this calculation, the potential share issuance in connection with our convertible securities is measured using a “treasury stock” method.  Under this method, only the net number of shares of common stock equal to the value of the convertible securities in excess of par, if any, are deemed to be outstanding.  We believe the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in available capital resources (which could be used to repurchase shares of common stock) that occurs when these securities are converted and we are relieved of our debt obligation.  This method does not take into account any increase or decrease in our cost of capital in an assumed conversion.  Economic earnings per share is provided in addition to, but not as a substitute for, Earnings per share - diluted or any other GAAP measure of financial performance.

 

(more)

 

10



 

(D)                        Other primarily includes assets under management attributable to Affiliate product transitions, new investment client transitions and transfers of our interests in certain Affiliated investment management firms, the financial effects of which are not material to our ongoing results.

 

(E)                         In the first quarter of 2015, we adjusted our estimate of our contingent payment obligations and, accordingly, recorded a pre-tax gain attributable to the controlling interest of $29.8 ($18.5 net of tax).

 

(F)                          Our consolidated income tax provision includes taxes attributable to controlling interests, and to a lesser extent, taxes attributable to non-controlling interests, as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2014

 

2015

 

Current income taxes

 

$

30.3

 

$

32.0

 

Intangible-related deferred taxes

 

16.9

 

20.4

 

Other deferred taxes

 

(1.6

)

13.9

 

Taxes attributable to controlling interests

 

45.6

 

66.3

 

Taxes attributable to non-controlling interests

 

3.3

 

3.3

 

Total income taxes

 

$

48.9

 

$

69.6

 

 

 

 

 

 

 

Income before taxes (controlling interests)

 

$

122.8

 

$

194.3

 

 

 

 

 

 

 

Effective tax rate*

 

37.1

%

34.1

%

 

*  Taxes attributable to controlling interests divided by controlling interest share of the consolidated income before taxes.

 

11


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