0001140361-12-006417.txt : 20120209 0001140361-12-006417.hdr.sgml : 20120209 20120209074700 ACCESSION NUMBER: 0001140361-12-006417 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20120209 FILED AS OF DATE: 20120209 DATE AS OF CHANGE: 20120209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: THOMSON REUTERS CORP /CAN/ CENTRAL INDEX KEY: 0001075124 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS PUBLISHING [2741] IRS NUMBER: 980176673 STATE OF INCORPORATION: A6 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31349 FILM NUMBER: 12584256 BUSINESS ADDRESS: STREET 1: 3 TIMES SQUARE CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 6462234000 MAIL ADDRESS: STREET 1: 3 TIMES SQUARE CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: THOMSON CORP /CAN/ DATE OF NAME CHANGE: 19981211 6-K 1 form6k.htm THOMSON REUTERS CORP 6-K 2-9-2012 form6k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of February 2012
Commission File Number:  1-31349

THOMSON REUTERS CORPORATION
(Translation of registrant's name into English)

3 Times Square
New York, New York 10036, United States
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
Form 20-F  o     Form 40-F  x
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):    o
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):    o
 
 
 
 
 
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, thereunto duly authorized.
 
 
THOMSON REUTERS CORPORATION
 
(Registrant)
  
 
 
 
 
       
 
By:
/s/ Marc E. Gold
  
   
Name:  Marc E. Gold
  
   
Title:   Assistant Secretary
  
       
Date: February 9, 2012
      
 
 
 
 

EXHIBIT INDEX
 
Exhibit Number
Description
 
News release dated February 9, 2012 – Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
 
 
 EX-99.1 2 ex99_1.htm EXHIBIT 99.1 - EARNINGS RELEASE ex99_1.htm
EXHIBIT 99.1
 
Graphic
 
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
 
·
Revenues grew 5% for full year and fourth quarter, before currency
·
Adjusted EBITDA and underlying operating profit margins expanded for full year and fourth quarter
·
Full-year adjusted EPS was $1.98 and $0.54 in fourth quarter
·
$3.0 billion non-cash goodwill impairment charge incurred
·
Board approved $0.04 annual dividend increase to $1.28 per share
·
2012 Outlook provided

NEW YORK, February 9, 2012  – Thomson Reuters (TSX / NYSE: TRI), the world’s leading source of intelligent information for businesses and professionals, today reported results for the full year and fourth quarter ended December 31, 2011. Results include a $50 million charge primarily related to a reorganization of the former Markets division incurred in the fourth quarter. The company also announced it had taken a $3.0 billion non-cash goodwill impairment charge related to its financial services business. This charge is excluded from adjusted earnings, adjusted EBITDA and underlying operating profit.

The company reported full-year revenues from ongoing businesses of $12.9 billion, an increase of 5% before currency from the prior year. Adjusted EBITDA increased 20% from the prior year with the corresponding margin up 280 basis points to 26.4%. Underlying operating profit increased 9% from the prior year with the corresponding margin up 50 basis points to 20.0%. The reorganization charge had a 40 basis point negative impact on both the full-year adjusted EBITDA and underlying operating profit margins.

“Our results once again proved the resilience of our business,” said James C. Smith, chief executive officer of Thomson Reuters. “The units in the former Professional division continued to perform well and we made significant strides in kick-starting the growth engine in our former Markets division.”

“We have simplified our organization; we have strengthened our management team; and we are making progress toward improving our execution capability,” Mr. Smith said. “We are focused in 2012 on a series of product launches and service improvements across all our key customer groups.”
 
Graphic 2
 
 
 
 
 
Graphic 1
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
Page 2 of 20
 
Consolidated Financial Highlights – Full-Year Results
 
   
Twelve Months Ended December 31,
  
   
(Millions of U.S. dollars, except EPS and margins)
  
IFRS Financial Measures
  
2011
    
2010
    
Change
        
Revenues
   $ 13,807     $ 13,070       6 %      
Operating (loss) profit
   $ (705 )   $ 1,419    
nm
 1      
Diluted (loss) earnings per share (EPS)
   $ (1.67 )   $ 1.08    
nm
        
Cash flow from operations
   $ 2,597     $ 2,672       -3 %      
                               
Non-IFRS Financial Measures2
     2011       2010    
Change
    
Change Before
Currency
  
Revenues from ongoing businesses
   $ 12,916     $ 12,108       7 %     5 %
Adjusted EBITDA
   $ 3,412     $ 2,852       20 %     17 %
Adjusted EBITDA margin
     26.4 %     23.6 %     280 bp     280 bp
Underlying operating profit
   $ 2,579     $ 2,356       9 %     7 %
Underlying operating profit margin
     20.0 %     19.5 %     50 bp     40 bp
Adjusted earnings per share (EPS)
   $ 1.98     $ 1.56       27 %        
Free cash flow
   $ 1,602     $ 1,563       2 %        

·
Revenues from ongoing businesses were $12.9 billion, a 5% increase before currency. Strong growth across the Professional division, up 9%, and a 2% increase in Markets division revenues drove the overall increase.
·
Adjusted EBITDA increased 20% and the corresponding margin was 26.4% versus 23.6% in the prior year. Excluding the reorganization charge, adjusted EBITDA increased 21% and the corresponding margin increased 320 basis points to 26.8%.
·
Underlying operating profit increased 9% and the corresponding margin was 20.0% versus 19.5% in 2010. Excluding the reorganization charge, underlying operating profit increased 12% and the corresponding margin increased 90 basis points to 20.4%.
·
Adjusted EBITDA growth and underlying operating profit growth across both divisions was due to flow-through from higher revenues, integration savings and the benefit of currency. Adjusted EBITDA also benefited from lower integration expenses. Excluding currency, adjusted EBITDA increased 17% and underlying operating profit increased 7%.
·
Adjusted EPS was $1.98 compared to $1.56 in the prior year. The increase was largely attributable to higher underlying operating profit and lower integration expenses. Adjusted EPS excluding the reorganization charge was $2.03. Currency had a $0.06 favorable impact on adjusted EPS.
·
Free cash flow was $1.6 billion, up 2%. Corporate expenses were $273 million versus $249 million in the prior year.
·
The company incurred a $3.0 billion goodwill impairment charge in the fourth quarter. This non-cash charge was the result of the company’s annual goodwill impairment testing required under IFRS and related to the company’s financial services business. On an IFRS basis, EPS including the goodwill impairment charge was a diluted loss per share of $1.67 for the full year. This non-cash charge will not impact the company’s normal business operations, nor will it affect liquidity, cash flow from
 
1 nm – not meaningful
2 These and other non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the tables appended to this news release. Adjusted EBITDA, underlying operating profit and the related margins and adjusted EPS as disclosed in this news release exclude the impact of the company’s $3.0 billion non-cash goodwill impairment charge as the company believes removing this charge will assist investors in assessing its underlying operations. Additional information is provided in the explanatory note at the end of this news release.
 
Graphic 2
 
 
 
 
 
Graphic 1
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
Page 3 of 20
 
operations or financial covenants under the company’s outstanding public debt securities or syndicated credit facility.
 
Consolidated Financial Highlights – Fourth-Quarter Results
 
   
Three Months Ended December 31,
  
   
(Millions of U.S. dollars, except EPS and margins)
  
IFRS Financial Measures
  
2011
    
2010
    
Change
        
Revenues
   $ 3,577     $ 3,458       3 %      
Operating (loss) profit
   $ (2,593 )   $ 307    
nm
        
Diluted (loss) earnings per share (EPS)
   $ (3.11 )   $ 0.27    
nm
        
Cash flow from operations
   $ 942     $ 1,003       -6 %      
                               
Non-IFRS Financial Measures2
     2011       2010    
Change
    
Change Before
Currency
  
Revenues from ongoing businesses
   $ 3,355     $ 3,201       5 %     5 %
Adjusted EBITDA
   $ 864     $ 685       26 %     26 %
Adjusted EBITDA margin
     25.8 %     21.4 %     440 bp     420 bp
Underlying operating profit
   $ 657     $ 611       8 %     7 %
Underlying operating profit margin
     19.6 %     19.1 %     50 bp     40 bp
Adjusted earnings per share (EPS)
   $ 0.54     $ 0.37       46 %        
Free cash flow
   $ 669     $ 711       -6 %        

·
Revenues from ongoing businesses were $3.4 billion, a 5% increase before currency. Strong growth across the Professional division, up 9%, and a 2% increase in the Markets division revenues contributed to the overall increase.
·
Adjusted EBITDA increased 26%, and the corresponding margin was 25.8% versus 21.4% in the prior-year period primarily due to flow-through from higher revenues, integration savings and lower integration expenses. Excluding the reorganization charge, adjusted EBITDA increased 33% and the corresponding margin increased 580 basis points.
·
Underlying operating profit increased 8% and the corresponding margin was 19.6%, versus 19.1% in the prior-year period. Excluding the reorganization charge, underlying operating profit increased 16% and the corresponding margin increased 200 basis points.
·
Adjusted EPS was $0.54 compared to $0.37 in the prior-year period. The increase was largely attributable to higher underlying operating profit and lower integration expenses. Adjusted EPS excluding the reorganization charge was $0.59. On an IFRS basis, EPS including the goodwill impairment charge was a diluted loss per share of $3.11 for the fourth quarter.
 
Graphic 2
 
 
 
 
 
Graphic 1
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
Page 4 of 20
 
Full-Year and Fourth-Quarter Business Segment Highlights
Unless otherwise noted, all revenue growth comparisons in this news release are before the impact of foreign currency as Thomson Reuters believes this provides the best basis to measure the performance of its business. Results discussed in this news release reflect the company’s organizational structure through December 31, 2011. Effective January 1, 2012, Thomson Reuters eliminated its Professional and Markets divisions and future results will be reported for its Legal, Tax & Accounting, Intellectual Property & Science and Financial & Risk segments.

Professional Division – Full-Year Results

     Twelve Months Ended December 31,  
   
(Millions of U.S. dollars, except margins)
  
   
2011
    
2010
    
Change
    
Change Before
Currency
              
Revenues
                                    
Legal
   $ 3,434     $ 3,157       9 %     8 %            
Tax & Accounting
   $ 1,149     $ 1,006       14 %     14 %            
Intellectual Property & Science
   $ 852     $ 789       8 %     7 %            
Professional Division Total
   $ 5,435     $ 4,952       10 %     9 %            
                                   
Margin
  
Adjusted EBITDA
                                     2011       2010  
Legal
   $ 1,233     $ 1,161       6 %             35.9 %     36.8 %
Tax & Accounting
   $ 359     $ 307       17 %             31.2 %     30.5 %
Intellectual Property & Science
   $ 296     $ 263       13 %             34.7 %     33.3 %
Professional Division Total
   $ 1,888     $ 1,731       9 %     8 %                
Adjusted EBITDA Margin
     34.7 %     35.0 %     -30 bp     -20 bp                
                                                 
Operating profit
                                                
Legal
   $ 943     $ 892       6 %             27.5 %     28.3 %
Tax & Accounting
   $ 261     $ 223       17 %             22.7 %     22.2 %
Intellectual Property & Science
   $ 237     $ 209       13 %             27.8 %     26.5 %
Professional Division Total
   $ 1,441     $ 1,324       9 %     8 %                
Operating Profit Margin
     26.5 %     26.7 %     -20 bp     -10 bp                
 
Graphic 2
 
 
 
 
Graphic 1
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
Page 5 of 20
 
Professional Division – Fourth-Quarter Results
 
    Three Months Ended December 31,  
   
(Millions of U.S. dollars, except margins)
  
   
2011
    
2010
    
Change
    
Change Before
Currency
              
Revenues
                                    
Legal
   $ 907     $ 862       5 %     5 %            
Tax & Accounting
   $ 369     $ 310       19 %     19 %            
Intellectual Property & Science
   $ 225     $ 207       9 %     9 %            
Professional Division Total
   $ 1,501     $ 1,379       9 %     9 %            
                                   
Margin
  
Adjusted EBITDA
                                     2011       2010  
Legal
   $ 318     $ 307       4 %             35.1 %     35.6 %
Tax & Accounting
   $ 145     $ 132       10 %             39.3 %     42.6 %
Intellectual Property & Science
   $ 80     $ 65       23 %             35.6 %     31.4 %
Professional Division Total
   $ 543     $ 504       8 %     8 %                
Adjusted EBITDA Margin
     36.2 %     36.5 %     -30 bp     -40 bp                
                                                 
Operating profit
                                                
Legal
   $ 251     $ 238       5 %             27.7 %     27.6 %
Tax & Accounting
   $ 118     $ 110       7 %             32.0 %     35.5 %
Intellectual Property & Science
   $ 64     $ 53       21 %             28.4 %     25.6 %
Professional Division Total
   $ 433     $ 401       8 %     8 %                
Operating Profit Margin
     28.8 %     29.1 %     -30 bp     -20 bp                

·
Full-year revenues increased 9%, driven by solid growth across all businesses. Legal grew 8%, Tax & Accounting increased 14% and Intellectual Property & Science was up 7%.
·
Full-year EBITDA increased 9%. The corresponding margin was 34.7%, a decrease of 30 basis points as flow-through from higher revenues was offset by a change in business mix in the Legal segment and the dilutive effect of acquisitions.
·
Full-year operating profit increased 9% and the corresponding margin was 26.5%, 20 basis points lower than the prior year with acquisitions negatively impacting the margin by 80 basis points.
·
Fourth-quarter revenues increased 9%, driven by solid growth across all businesses. Legal grew 5%, Tax & Accounting increased 19% and Intellectual Property & Science was up 9%.
·
Fourth-quarter EBITDA increased 8%. The corresponding margin was 36.2%, a decrease of 30 basis points as flow-through from higher revenues was offset by the change in business mix in the Legal segment and the dilutive effect of acquisitions.
·
Fourth-quarter operating profit increased 8%. The corresponding margin was 28.8%, 30 basis points lower than the prior-year period.

Legal

·
Full-year revenues increased 8%. US Law Firm Solutions grew 3% as a 17% increase in Business of Law (FindLaw and Elite) was offset by a 2% decline in research-related revenues. Corporate, Government & Academic and Risk & Compliance revenues increased 13% (4% organic). Global businesses grew 13% (4% organic) with solid growth in Latin America.
·
Full-year EBITDA increased 6% and the corresponding margin was 35.9% compared to 36.8% in the prior year.
 
Graphic 2
 
 
 
 
 
Graphic 1
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
Page 6 of 20
 
·
Full-year operating profit increased 6% and the corresponding margin was 27.5% compared to 28.3% in the prior year. The decline in operating margin was primarily due to a change in business mix and the dilutive effect of acquisitions.
·
Fourth-quarter revenues increased 5%. US Law Firm Solutions grew 3% (1% organic) as 17% growth in Business of Law (FindLaw and Elite) was partly offset by a 3% decline in core legal research revenues. Corporate, Government & Academic and Risk & Compliance revenues increased 11% (2% organic). Global businesses grew 5% (1% organic) with strong growth in Latin America offsetting declines in the UK and Spain. US print revenues declined 3%.
·
Fourth-quarter EBITDA increased 4% and the associated margin declined 50 basis points to 35.1% due to a change in business mix.
·
Fourth-quarter operating profit increased 5% and the associated margin was 27.7% compared to 27.6% in the prior-year period.
·
WestlawNext has been sold to over 34,000 customers since its launch in February 2010 – representing 54% of Westlaw’s revenue base.

Tax & Accounting

·
Full-year revenues increased 14%, driven by growth in income tax software sales and electronic filing of tax returns and acquisitions.
·
Full-year EBITDA increased 17% and the corresponding margin increased 70 basis points to 31.2%.
·
Full-year operating profit increased 17% and the corresponding margin increased 50 basis points to 22.7% due to strong revenue flow-through and efficiency initiatives, partly offset by the dilutive effect of acquisitions.
·
Fourth-quarter revenues increased 19%, led by growth in income tax software sales, Checkpoint and acquisitions.
·
Fourth-quarter EBITDA increased 10% and the related margin decreased 330 basis points to 39.3%.
·
Fourth-quarter operating profit increased 7% and the related margin decreased 350 basis points to 32.0%. The decrease was primarily due to the timing of expenses.
·
Small movements in the timing of expenses can impact margins in any given quarter for the Tax & Accounting business.  Full-year margins are more reflective of underlying performance.

Intellectual Property & Science

·
Full-year revenues increased 7%. Growth was driven by IP Solutions businesses. Scientific & Scholarly Research grew 5% related to higher Web of Knowledge subscriptions. Life Sciences increased 12% due to continued demand for biology and disease analytics products and acquisitions.
·
Full-year EBITDA increased 13% with the corresponding margin increasing 140 basis points to 34.7%.
·
Full-year operating profit increased 13% with the corresponding margin increasing 130 basis points to 27.8%. Increases in EBITDA and operating profit margins were primarily due to revenue flow-through and expense management.
·
Fourth-quarter revenues increased 9% attributable to the same factors as the full year.
·
Fourth-quarter EBITDA increased 23% with the corresponding margin increasing 420 basis points to 35.6%.
·
Fourth-quarter operating profit increased 21% with the corresponding margin increasing 280 basis points to 28.4%. Increases in EBITDA and operating profit margins were primarily due to revenue flow-through and expense timing.
 
Graphic 2
 
 
 
 
 
Graphic 1
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
Page 7 of 20
 
·
Small movements in the timing of expenses can impact margins in any given quarter for the Intellectual Property & Science business.  Full-year margins are more reflective of underlying performance.

Markets Division – Full-Year Results 
 
   
Twelve Months Ended December 31,
  
   
(Millions of U.S. dollars, except margins)
  
   
2011
    
2010
    
Change
    
Change Before
Currency
  
Revenues
                        
Sales & Trading
   $ 3,715     $ 3,543       5 %     2 %
Investment & Advisory
   $ 2,208     $ 2,208       0 %     -2 %
Enterprise
   $ 1,235     $ 1,093       13 %     10 %
Media
   $ 336     $ 324       4 %     0 %
Markets Division Total
   $ 7,494     $ 7,168       5 %     2 %
                                 
Adjusted EBITDA
   $ 1,992     $ 1,808       10 %     6 %
Adjusted EBITDA Margin
     26.6 %     25.2 %     140 bp     110 bp
                                 
Operating Profit
   $ 1,411     $ 1,281       10 %     5 %
Operating Profit Margin
     18.8 %     17.9 %     90 bp     60 bp

 
Markets Division – Fourth-Quarter Results
 
    Three Months Ended December 31,  
   
(Millions of U.S. dollars, except margins)
  
   
2011
    
2010
    
Change
    
Change Before
Currency
  
Revenues
                        
Sales & Trading
   $ 912     $ 899       1 %     2 %
Investment & Advisory
   $ 540     $ 549       -2 %     -3 %
Enterprise
   $ 318     $ 292       9 %     10 %
Media
   $ 87     $ 86       1 %     1 %
Markets Division Total
   $ 1,857     $ 1,826       2 %     2 %
                                 
Adjusted EBITDA
   $ 464     $ 433       7 %     6 %
Adjusted EBITDA Margin
     25.0 %     23.7 %     130 bp     110 bp
                                 
Operating Profit
   $ 311     $ 298       4 %     3 %
Operating Profit Margin
     16.7 %     16.3 %     40 bp     30 bp
 
·
Full-year revenues increased 2%. Strong revenue growth in Enterprise and Tradeweb was partly offset by weakness in Investment Management and Exchange Traded Instruments.
·
Full-year and fourth-quarter EBITDA and operating profit margins include a reorganization charge of approximately $44 million (which is part of the previously mentioned $50 million reorganization charge).
·
Full-year EBITDA was $2.0 billion, an increase of 10% with a related margin of 26.6%.
·
Full-year operating profit was $1.4 billion, an increase of 10% with a related margin of 18.8%.
 
Graphic 2
 
 
 
 
 
Graphic 1
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
Page 8 of 20
 
·
Fourth-quarter recurring subscription-related revenues grew 1%. Transactions-related revenues increased 4% due to Tradeweb. Recoveries revenues declined 2% and Outright revenues rose 23%.
·
By geography, fourth-quarter revenues in Asia increased 3%; revenues in Europe, Middle East and Africa (EMEA) rose 3% while revenues in the Americas declined 1%.
·
Fourth-quarter EBITDA was $464 million, an increase of 7%, with a related margin of 25.0% and benefited from expense timing.
·
Fourth-quarter operating profit was $311 million, an increase of 4%, with a related margin of 16.7% and benefited from expense timing.
·
Eikon desktops now total 15,000, up from 8,000 on September 30, 2011.

Sales & Trading

·
Full-year revenues increased 2% driven by 8% organic growth at Tradeweb and acquisitions. Revenue growth was partly offset by an 8% decline in recoveries. Excluding recoveries, revenues grew 4%.
·
Fourth-quarter revenues increased 2% driven by 5% organic growth at Tradeweb and acquisitions. Revenue growth was partly offset by a 5% decline in recoveries. Excluding recoveries, revenues grew 3%.

Investment & Advisory
 
·
Full-year revenues declined 2%. A 2% increase in Corporates revenues was offset by flat Investment Banking-related revenues and negative performance in Investment Management which declined 6%.
·
Fourth-quarter revenues declined 3%. A 1% increase in Corporates revenues was offset by flat Investment Banking-related revenues and an improving but negative performance in Investment Management which declined 4%. Fourth-quarter results were an improvement from the 8% decline in the third quarter and were the best quarterly results for the business since the second quarter of 2009.
 
Enterprise

·
Full-year and fourth-quarter revenues increased 10% driven by a continuing trend among customers to invest in pricing and reference data, low-latency data feeds and hosting solutions.
·
The Enterprise Content business grew 17% in the fourth quarter, driven by growth in pricing and reference data. The Elektron Real-Time and Enterprise platform business grew 7% in the fourth quarter.
·
Thomson Reuters Elektron continued to gain momentum as customers in established and emerging markets adopted its combination of hosted and deployed information and trading solutions. In total, 14 hosting centers are up and running.

Media

·
Full-year revenues were flat. Fourth-quarter revenues increased 1%, with the News Agency business up 1% and the Consumer business up 9% due to strong online sales in the Americas.
 
Graphic 2
 
 
 
 
 
Graphic 1
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
Page 9 of 20
 
Integration Programs

At the end of 2011, the company completed the Reuters integration and achieved combined run-rate savings of $1.7 billion from the Reuters integration and legacy savings programs. An incremental $65 million in run-rate savings was achieved during the fourth quarter of 2011.

Integration-related costs totaled $64 million in the fourth quarter and $215 million for the full year.

Recent Developments
 
Today, the company announced its intention to sell three businesses which are expected to close by mid-year. Those businesses are: Tax & Accounting’s Property Tax Services; Legal’s Law School Publishing business; and, Financial & Risk’s eXimius business – part of the Retail Wealth Management organization. The three businesses collectively had approximately $155 million of revenues in 2011.

This news release includes the results of these disposals within ongoing businesses for comparability purposes since the company owned and managed the businesses for the entire reporting period.

Results for previously announced disposals and the Healthcare business are included within the “Other Businesses” line in the company’s financial statements.

Business Outlook (Before Currency)
 
Thomson Reuters expects its revenues to grow low single-digits in 2012.

Thomson Reuters expects its adjusted EBITDA margin to range between 27% and 28% in 2012.

The company forecasts its underlying operating profit margin to range between 18% and 19% in 2012 due to higher depreciation and amortization expense.

Thomson Reuters expects reported free cash flow to grow 5% to 10% and free cash flow from ongoing operations to grow 15% to 20% in 2012.

The information in this section is forward-looking and should be read in conjunction with the section below entitled “Special Note Regarding Forward-Looking Statements, Material Assumptions and Material Risks.”

Dividend and Share Repurchases

The board of directors approved a $0.04 per share increase in the annual dividend to $1.28 per share. A quarterly dividend of $0.32 per share is payable on March 15, 2012 to shareholders of record as of February 22, 2012. This dividend increase marks the 19th consecutive annual dividend increase by the company.

In 2011, the company repurchased 10.8 million shares for an aggregate purchase price of $326 million pursuant to its Normal Course Issuer Bid (NCIB).
 
Graphic 2

 
 
 
 
Graphic 1
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
Page 10 of 20
 
Thomson Reuters
 
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals.  We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world's most trusted news organization.  With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 55,000 people and operates in over 100 countries.  Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI).  For more information, go to www.thomsonreuters.com.

NON-IFRS FINANCIAL MEASURES
 
Thomson Reuters prepares its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB).
 
This news release includes certain non-IFRS financial measures. Thomson Reuters uses these non-IFRS financial measures as supplemental indicators of its operating performance and financial position. These measures do not have any standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the appended tables which include Appendix A.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS, MATERIAL ASSUMPTIONS AND MATERIAL RISKS
 
Certain statements in this news release, including, but not limited to, statements in the "Business Outlook (Before Currency)" section and Mr. Smith’s comments, are forward-looking. These forward-looking statements are based on certain assumptions and reflect our company’s current expectations. As a result, forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. There is no assurance that the events described in any forward-looking statement will materialize. A business outlook is provided for the purpose of presenting information about current expectations for 2012. This information may not be appropriate for other purposes. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.
 
The company's 2012 business outlook is based on various external and internal assumptions. Economic and market assumptions include, but are not limited to, positive GDP growth in the countries where Thomson Reuters operates led by rapidly developing economies and a continued increase in the number of professionals around the world and their demand for high quality information and services. Internal financial and operational assumptions include, but are not limited to, the successful execution of the company’s ongoing product release programs, globalization strategy, other growth initiatives and efficiency initiatives.
 
Some of the material risk factors that could cause actual results or events to differ materially from those expressed in or implied by forward-looking statements in this news release include, but are not limited to, changes in the general economy (including the current European Union debt crisis); actions of competitors; increased accessibility to free or relatively inexpensive information sources; failure to develop new products, services, applications and functionalities to meet customers' needs, attract new customers or expand into new geographic markets; failure to maintain a high renewal rate for subscription-based services; failures or disruptions of network systems or the Internet; detrimental reliance on third parties for information and other services; changes to law and regulations, including the impact of the Dodd-Frank legislation and similar financial services laws around the world; failure to meet the challenges involved in operating globally; failure to protect the reputation of Thomson Reuters; additional impairment of goodwill and identifiable intangible assets; inadequate protection of intellectual property rights; threat of legal actions and
 
Graphic 2
 
 
 
 
 
Graphic 1
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
Page 11 of 20
 
claims; downgrading of credit ratings and adverse conditions in the credit markets; fluctuations in foreign currency exchange and interest rates; failure to recruit and retain high quality management and key employees; the effect of factors outside of the control of Thomson Reuters on funding obligations in respect of pension and post-retirement benefit arrangements; actions or potential actions that could be taken by the company’s principal shareholder, The Woodbridge Company Limited; and failure to fully derive anticipated benefits from future or existing acquisitions, joint ventures, investments or dispositions. These and other factors are discussed in materials that Thomson Reuters from time to time files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. Thomson Reuters annual and quarterly reports are also available in the “Investor Relations” section of www.thomsonreuters.com.
 
CONTACT
 
MEDIA
 
Calvin Mitchell
Senior Vice President, Corporate Affairs
+1 646 223 5285
calvin.mitchell@thomsonreuters.com
INVESTORS
 
Frank J. Golden
Senior Vice President, Investor Relations
+1 646 223 5288
frank.golden@thomsonreuters.com
 
Thomson Reuters will webcast a discussion of its full-year and fourth-quarter 2011 results today beginning at 8:30 a.m. Eastern Standard Time (EST).  You can access the webcast by visiting the "Investor Relations" section of www.thomsonreuters.com.  An archive of the webcast will be available following the presentation.
 
Graphic 2
 
 
 
 
 
Graphic 1
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
Page 12 of 20
 
Thomson Reuters Corporation
Division and Business Segment Information
 (millions of U.S. dollars)
(unaudited)
 
   
Three Months Ended
                
Twelve Months Ended
              
   
December 31,
                
December 31,
              
   
2011
    
2010
    
Change
    
Organic
    
2011
    
2010
    
Change
    
Organic
  
Revenues
                                                
Legal (1)
   $ 907     $ 862       5 %     1 %   $ 3,434     $ 3,157       9 %     3 %
Tax & Accounting (1)
     369       310       19 %     6 %     1,149       1,006       14 %     6 %
Intellectual Property & Science (1)
     225       207       9 %     7 %     852       789       8 %     5 %
Professional Division
     1,501       1,379       9 %     3 %     5,435       4,952       10 %     4 %
Sales & Trading
     912       899       1 %     0 %     3,715       3,543       5 %     -1 %
Investment & Advisory
     540       549       -2 %     -3 %     2,208       2,208       0 %     -2 %
Enterprise
     318       292       9 %     10 %     1,235       1,093       13 %     10 %
Media
     87       86       1 %     1 %     336       324       4 %     0 %
Markets Division
     1,857       1,826       2 %     1 %     7,494       7,168       5 %     1 %
Eliminations
     (3 )     (4 )                     (13 )     (12 )                
Revenues from ongoing businesses (2)
     3,355       3,201       5 %     2 %     12,916       12,108       7 %     2 %
Before currency
                     5 %                             5 %        
Other businesses (3)
     222       257                       891       962                  
Revenues
   $ 3,577     $ 3,458       3 %           $ 13,807     $ 13,070       6 %        
                                                                 
Adjusted EBITDA (4)
                                                                
Legal (1)
   $ 318     $ 307       4 %           $ 1,233     $ 1,161       6 %        
Tax & Accounting (1)
     145       132       10 %             359       307       17 %        
Intellectual Property & Science (1)
     80       65       23 %             296       263       13 %        
Professional Division
     543       504       8 %             1,888       1,731       9 %        
Markets Division
     464       433       7 %             1,992       1,808       10 %        
Corporate expenses
     (79 )     (79 )                     (253 )     (224 )                
Integration programs expenses
     (64 )     (173 )                     (215 )     (463 )                
Adjusted EBITDA
   $ 864     $ 685       26 %           $ 3,412     $ 2,852       20 %        
                                                                 
Underlying Operating Profit (5)
                                                                
Legal (1)
   $ 251     $ 238       5 %           $ 943     $ 892       6 %        
Tax & Accounting (1)
     118       110       7 %             261       223       17 %        
Intellectual Property & Science (1)
     64       53       21 %             237       209       13 %        
Professional Division
     433       401       8 %             1,441       1,324       9 %        
Markets Division
     311       298       4 %             1,411       1,281       10 %        
Corporate expenses
     (87 )     (88 )                     (273 )     (249 )                
Underlying operating profit
   $ 657     $ 611       8 %           $ 2,579     $ 2,356       9 %        
 
Graphic 2
 
 
 
 
 
Graphic 1
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
Page 13 of 20
 
Thomson Reuters Corporation
Reconciliation of Operating (Loss) Profit to Underlying Operating Profit (5) and Adjusted EBITDA (4)
(millions of U.S. dollars)
(unaudited)
 
   
Three Months Ended
        
Twelve Months Ended
        
   
December 31,
        
December 31,
        
   
2011
    
2010
    
Change
    
2011
    
2010
    
Change
  
                                     
Operating (loss) profit
   $ (2,593 )   $ 307    
nm
     $ (705 )   $ 1,419    
nm
  
Adjustments:
                                            
Goodwill impairment
     3,010       -             3,010       -        
Amortization of other identifiable intangible assets
     166       146             612       545        
Integration programs expenses
     64       173             215       463        
Fair value adjustments
     (37 )     42             (149 )     117        
Other operating losses (gains), net
     98       1             (204 )     16        
Operating profit from Other businesses (3)
     (51 )     (58 )           (200 )     (204 )      
Underlying operating profit
   $ 657     $ 611       8 %   $ 2,579     $ 2,356       9 %
Adjustments:
                                                
Integration programs expenses
     (64 )     (173 )             (215 )     (463 )        
Depreciation and amortization of computer software (excluding Other businesses (3))
     271       247               1,048       959          
Adjusted EBITDA
   $ 864     $ 685       26 %   $ 3,412     $ 2,852       20 %
                                                 
Underlying operating profit margin
     19.6 %     19.1 %     50 bp     20.0 %     19.5 %     50 bp
Adjusted EBITDA margin
     25.8 %     21.4 %     440 bp     26.4 %     23.6 %     280 bp
 
Thomson Reuters Corporation
Reconciliation of (Loss) Earnings from Continuing Operations to Adjusted EBITDA (4)
 (millions of U.S. dollars)
(unaudited)
 
   
Three Months Ended
      
Twelve Months Ended
    
   
December 31,
      
December 31,
    
   
2011
    
2010
  
Change
  
2011
    
2010
  
Change
                             
(Loss) earnings from continuing operations
   $ (2,604 )   $ 225  
nm
   $ (1,396 )   $ 933  
nm
Adjustments:
                                    
Tax (benefit) expense
     (78 )     (4 )       293       139    
Other finance (income) costs
     (4 )     (8 )       15       (28 )  
Net interest expense
     95       96         396       383    
Amortization of other identifiable intangible assets
     166       146         612       545    
Amortization of computer software
     178       155         659       572    
Depreciation
     114       110         438       457    
EBITDA
   $ (2,133 )   $ 720       $ 1,017     $ 3,001    
Adjustments:
                                    
Share of post tax earnings in equity method investees
     (2 )     (2 )       (13 )     (8 )  
Other operating losses (gains), net
     98       1         (204 )     16    
Goodwill impairment
     3,010       -         3,010       -    
Fair value adjustments
     (37 )     42         (149 )     117    
EBITDA from Other businesses (3)
     (72 )     (76 )       (249 )     (274 )  
Adjusted EBITDA
   $ 864     $ 685  
26%
   $ 3,412     $ 2,852  
20%
Adjusted EBITDA margin
     25.8 %     21.4 %
440bp
     26.4 %     23.6 %
280bp
 
Graphic 2
 
 
 
 
 
Graphic 1
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
Page 14 of 20
 
Thomson Reuters Corporation
Reconciliation of Underlying Operating Profit(5) to Adjusted EBITDA (4) by Division and Business Segment
(millions of U.S. dollars)
(unaudited)

   
Three Months Ended
December 31, 2011
    
Three Months Ended
December 31, 2010
  
   
Underlying
Operating
Profit
    
Add:
Depreciation
and
Amortization
 of Computer
Software **
    
Adjusted
EBITDA
    
Underlying
 Operating Profit
    
Add:
Depreciation
and
Amortization
of Computer
Software **
    
Adjusted
EBITDA
  
                                     
Legal (1)
   $ 251     $ 67     $ 318     $ 238     $ 69     $ 307  
Tax & Accounting (1)
     118       27       145       110       22       132  
Intellectual Property & Science (1)
     64       16       80       53       12       65  
Professional Division
     433       110       543       401       103       504  
Markets Division
     311       153       464       298       135       433  
Corporate expenses
     (87 )     8       (79 )     (88 )     9       (79 )
Integration programs expenses
  
na
    
na
       (64 )  
na
    
na
       (173 )
    $ 657     $ 271     $ 864     $ 611     $ 247     $ 685  


   
Twelve Months Ended
December 31, 2011
    
Twelve Months Ended
December 31, 2010
  
   
Underlying
Operating Profit
    
Add:
Depreciation
and
Amortization
 of Computer
Software **
    
Adjusted
EBITDA
    
Underlying
 Operating Profit
    
Add:
Depreciation
and
Amortization
of Computer
Software **
    
Adjusted
EBITDA
  
                                     
Legal (1)
   $ 943     $ 290     $ 1,233     $ 892     $ 269     $ 1,161  
Tax & Accounting (1)
     261       98       359       223       84       307  
Intellectual Property & Science (1)
     237       59       296       209       54       263  
Professional Division
     1,441       447       1,888       1,324       407       1,731  
Markets Division
     1,411       581       1,992       1,281       527       1,808  
Corporate expenses
     (273 )     20       (253 )     (249 )     25       (224 )
Integration programs expenses
  
na
    
na
       (215 )  
na
    
na
       (463 )
    $ 2,579     $ 1,048     $ 3,412     $ 2,356     $ 959     $ 2,852  

** excludes Other businesses (3)
 
na = not applicable
 
Graphic 2
 
 
 
 
 
Graphic 1
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
Page 15 of 20
 
Thomson Reuters Corporation
Reconciliation of (Loss) Earnings Attributable to Common Shareholders
 to Adjusted Earnings from Continuing Operations (6)
(millions of U.S. dollars, except as otherwise indicated and except for per share data)
(unaudited)

   
Three Months Ended
    
Twelve Months Ended
  
   
December 31,
    
December 31,
  
   
2011
    
2010
    
2011
    
2010
  
(Loss) earnings attributable to common shareholders
   $ (2,572 )   $ 224     $ (1,390 )   $ 909  
Adjustments:
                                
Goodwill impairment
     3,010       -       3,010       -  
Goodwill impairment attributable to non-controlling interests
     (40 )     -       (40 )     -  
Operating profit from Other businesses (3)
     (51 )     (58 )     (200 )     (204 )
Fair value adjustments
     (37 )     42       (149 )     117  
Other operating losses (gains), net
     98       1       (204 )     16  
Other finance (income) costs
     (4 )     (8 )     15       (28 )
Share of post tax earnings in equity method investees
     (2 )     (2 )     (13 )     (8 )
Tax on above items
     (51 )     (11 )     129       9  
Interim period effective tax rate normalization (7)
     10       22       -       -  
Discrete tax items
     (72 )     (47 )     (105 )     (47 )
Amortization of other identifiable intangible assets
     166       146       612       545  
Discontinued operations
     (2 )     -       (4 )     -  
Dividends declared on preference shares
     (1 )     (1 )     (3 )     (3 )
Adjusted earnings from continuing operations
   $ 452     $ 308     $ 1,658     $ 1,306  
Adjusted earnings per share from continuing operations
   $ 0.54     $ 0.37     $ 1.98     $ 1.56  
                                 
Diluted weighted average common shares (in millions)
     829.7       837.7       835.8       836.4  
 
Thomson Reuters Corporation
Reconciliation of Net Cash Provided by Operating Activities
to Underlying Free Cash Flow (8), (9)
(millions of U.S. dollars)
(unaudited)

   
Three Months Ended
    
Twelve Months Ended
  
   
December 31,
    
December 31,
  
   
2011
    
2010
    
2011
    
2010
  
Net cash provided by operating activities
   $ 942     $ 1,003     $ 2,597     $ 2,672  
Capital expenditures, less proceeds from disposals
     (282 )     (297 )     (1,041 )     (1,114 )
Other investing activities
     10       6       49       8  
Dividends paid on preference shares
     (1 )     (1 )     (3 )     (3 )
Free cash flow
     669       711       1,602       1,563  
Integration programs costs
     88       129       286       450  
Underlying free cash flow
   $ 757     $ 840     $ 1,888     $ 2,013  
 
Graphic 2
 
 
 
 
 
Graphic 1
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
Page 16 of 20
 
Footnotes
(1)
Thomson Reuters reorganized its reportable segments in the second quarter of 2011. Prior-period amounts have been reclassified to reflect the current presentation.
(2)
Revenues from ongoing businesses are revenues from reportable segments (which excludes Other businesses (see note (3) below)) less eliminations.
(3)
Other businesses are businesses that have been or are expected to be exited through sale or closure that did not qualify for discontinued operations classification. Other businesses do not qualify as a component of the company’s four reportable segments, nor as a separate reportable segment. Other businesses include the Healthcare business, for which the divestiture process has been suspended until market conditions improve.
 
(millions of U.S. dollars)
  
Three Months Ended
    
Twelve Months Ended
  
   
December 31,
    
December 31,
  
Other businesses
  
2011
    
2010
    
2011
    
2010
  
                         
Revenues
   $ 222     $ 257     $ 891     $ 962  
                                 
Operating profit
   $ 51     $ 58     $ 200     $ 204  
Depreciation and amortization of computer software
     21       18       49       70  
EBITDA
   $ 72     $ 76     $ 249     $ 274  
 
(4)
Thomson Reuters defines adjusted EBITDA as underlying operating profit excluding the related depreciation and amortization of computer software but including integration programs expense. Adjusted EBITDA margin is adjusted EBITDA expressed as a percentage of revenues from ongoing businesses.
(5)
Underlying operating profit is operating profit from reportable segments and corporate expenses. Underlying operating profit margin is the underlying operating profit expressed as a percentage of revenues from ongoing businesses.
(6)
Adjusted earnings from continuing operations and adjusted earnings per share from continuing operations include dividends declared on preference shares and integration programs expense, but exclude the pre-tax impacts of amortization of other identifiable intangible assets as well as the post-tax impacts of fair value adjustments, other operating (gains) and losses, certain impairment charges, the results of Other businesses (see note (3) above), other finance (income) costs, Thomson Reuters share of post-tax (earnings) losses in equity method investees, discontinued operations and other items affecting comparability. Adjusted earnings per share from continuing operations is calculated using diluted weighted average shares and does not represent actual earnings or loss per share attributable to shareholders.

Because Thomson Reuters reported a “net loss from continuing operations” under IFRS for the fourth quarter and full year 2011, the weighted average common shares used to compute diluted EPS are the same as basic EPS, with no adjustment for potential common shares that would reduce the loss per share and therefore be anti-dilutive. Since adjusted earnings from continuing operations is a profit, as it excludes the $3.0 billion goodwill impairment charge, potential common shares are included, as they lower adjusted EPS and are therefore dilutive.

The following table reconciles IFRS and non-IFRS common share information:

(weighted average common shares)
  
Three Months Ended
    
Twelve Months Ended
  
   
December 31, 2011
  
IFRS: Basic and Diluted
     828,185,741       833,459,452  
Effect of stock options and other equity incentive awards
     1,489,159       2,297,510  
Non- IFRS
     829,674,900       835,756,962  
 
(7)
Adjustment to reflect income taxes based on estimated full-year effective tax rate. Reported earnings or loss for interim periods reflect income taxes based on the estimated effective tax rates of each of the jurisdictions in which Thomson Reuters operates. The adjustment reallocates estimated full-year income taxes between interim periods, but has no effect on full year income taxes.
(8)
Underlying free cash flow is free cash flow excluding one-time cash costs associated with integration programs. Free cash flow is net cash provided by operating activities less capital expenditures, other investing activities and dividends paid on the company’s preference shares. Thomson Reuters uses free cash flow as a performance measure because it represents cash available to repay debt, pay dividends and fund share repurchases and new acquisitions.
(9)
There was no impact on free cash flow or underlying free cash flow as a result of the revision of prior-period amounts for “net cash provided by operating activities” and “capital expenditures, less proceeds from disposals.” See the “Consolidated Statement of Cash Flow” in this news release for additional information.
 
Graphic 2
 
 
 
 
 
Graphic 1
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
Page 17 of 20
 
Thomson Reuters Corporation
Consolidated Income Statement
(millions of U.S. dollars, except per share data)
(unaudited)

   
Three Months Ended
    
Twelve Months Ended
  
   
December 31,
    
December 31,
  
   
2011
    
2010
    
2011
    
2010
  
                         
Revenues
   $ 3,577     $ 3,458     $ 13,807       13,070  
Operating expenses
     (2,604 )     (2,739 )     (9,997 )     (10,061 )
Depreciation
     (114 )     (110 )     (438 )     (457 )
Amortization of computer software
     (178 )     (155 )     (659 )     (572 )
Amortization of other identifiable intangible assets
     (166 )     (146 )     (612 )     (545 )
Goodwill impairment
     (3,010 )     -       (3,010 )     -  
Other operating (losses) gains, net
     (98 )     (1 )     204       (16 )
Operating (loss) profit
     (2,593 )     307       (705 )     1,419  
Finance costs, net:
                                
Net interest expense
     (95 )     (96 )     (396 )     (383 )
Other finance income (costs)
     4       8       (15 )     28  
(Loss) income before tax and equity method investees
     (2,684 )     219       (1,116 )     1,064  
Share of post tax earnings in equity method investees
     2       2       13       8  
Tax benefit (expense)
     78       4       (293 )     (139 )
(Loss) earnings from continuing operations
     (2,604 )     225       (1,396 )     933  
Earnings from discontinued operations, net of tax
     2       -       4       -  
Net (loss) earnings
   $ (2,602 )   $ 225     $ (1,392 )   $ 933  
                                 
(Loss) earnings attributable to:
                                
Common shareholders
     (2,572 )     224       (1,390 )     909  
Non-controlling interests
     (30 )     1       (2 )     24  
                                 
Basic (loss) earnings per share
   $ (3.11 )   $ 0.27     $ (1.67 )   $ 1.09  
Diluted (loss) earnings per share
   $ (3.11 )   $ 0.27     $ (1.67 )   $ 1.08  
                                 
Basic weighted average common shares
     828,185,741       833,535,077       833,459,452       832,307,705  
Diluted weighted average common shares
     828,185,741       837,745,433       833,459,452       836,447,414  
 
Graphic 2
 
 
 
 
 
Graphic 1
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
Page 18 of 20
 
Thomson Reuters Corporation
Consolidated Statement of Financial Position
(millions of U.S. dollars)
(unaudited)

   
December 31,
2011
    
December 31,
2010
  
Assets
            
Cash and cash equivalents
   $ 422     $ 864  
Trade and other receivables
     1,984       1,809  
Other financial assets
     100       74  
Prepaid expenses and other current assets
     641       912  
Current assets excluding assets held for sale
     3,147       3,659  
Assets held for sale
     767       -  
Current assets
     3,914       3,659  
                 
Computer hardware and other property, net
     1,509       1,567  
Computer software, net
     1,640       1,613  
Other identifiable intangible assets, net
     8,471       8,714  
Goodwill
     15,932       18,892  
Other financial assets
     425       460  
Other non-current assets
     535       558  
Deferred tax
     50       68  
Total assets
   $ 32,476     $ 35,531  
                 
Liabilities and equity
                
Liabilities
                
Current indebtedness
   $ 434     $ 645  
Payables, accruals and provisions
     2,675       2,924  
Deferred revenue
     1,379       1,300  
Other financial liabilities
     81       142  
Current liabilities excluding liabilities associated with assets held for sale
     4,569       5,011  
Liabilities associated with assets held for sale
     35       -  
Current liabilities
     4,604       5,011  
                 
Long-term indebtedness
     7,160       6,873  
Provisions and other non-current liabilities
     2,513       2,217  
Other financial liabilities
     27       71  
Deferred tax
     1,422       1,684  
Total liabilities
     15,726       15,856  
                 
Equity
                
Capital
     10,288       10,284  
Retained earnings
     7,633       10,518  
Accumulated other comprehensive loss
     (1,516 )     (1,480 )
Total shareholders’ equity
     16,405       19,322  
Non-controlling interests
     345       353  
Total equity
     16,750       19,675  
Total liabilities and equity
   $ 32,476     $ 35,531  
 
Graphic 2
 
 
 
 
 
Graphic 1
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
Page 19 of 20
 
Thomson Reuters Corporation
Consolidated Statement of Cash Flow
(millions of U.S. dollars)
(unaudited)

   
Three Months Ended
December 31,
    
Twelve Months Ended
December 31,
  
   
2011
    
2010
    
2011
    
2010
  
Cash provided by (used in):
                        
Operating activities
                        
Net (loss) earnings
   $ (2,602 )   $ 225     $ (1,392 )   $ 933  
Adjustments for:
                                
Depreciation
     114       110       438       457  
Amortization of computer software
     178       155       659       572  
Amortization of other identifiable intangible assets
     166       146       612       545  
Goodwill impairment
     3,010       -       3,010       -  
Net losses (gains) on disposals of businesses and investments
     1       -       (388 )     (26 )
Deferred tax
     27       (137 )     (202 )     (205 )
Other
     (22 )     109       139       440  
Changes in working capital and other items (1)
     70       395       (279 )     (38 )
Operating cash flows from continuing operations
     942       1,003       2,597       2,678  
Operating cash flows from discontinued operations
     -       -       -       (6 )
Net cash provided by operating activities (1)
     942       1,003       2,597       2,672  
                                 
Investing activities
                                
Acquisitions, net of cash acquired
     (172 )     (34 )     (1,286 )     (612 )
(Payments for) proceeds from other disposals, net of taxes paid
     (90 )     (4 )     415       26  
Capital expenditures, less proceeds from disposals (1)
     (282 )     (297 )     (1,041 )     (1,114 )
Other investing activities
     10       6       49       8  
Investing cash flows from continuing operations
     (534 )     (329 )     (1,863 )     (1,692 )
Investing cash flows from discontinued operations
     5       -       56       -  
Net cash used in investing activities (1)
     (529 )     (329 )     (1,807 )     (1,692 )
                                 
Financing activities
                                
Proceeds from debt
     349       -       349       1,367  
Repayments of debt
     (2 )     (765 )     (648 )     (1,683 )
Net (repayments) borrowings under short-term loan facilities
     (663 )     6       400       5  
Repurchases of common shares
     (7 )     -       (326 )     -  
Dividends paid on preference shares
     (1 )     (1 )     (3 )     (3 )
Dividends paid on common shares
     (248 )     (203 )     (960 )     (898 )
Other financing activities
     (8 )     (2 )     (39 )     (7 )
Net cash used in financing activities
     (580 )     (965 )     (1,227 )     (1,219 )
                                 
Translation adjustments on cash and cash equivalents
     -       (3 )     (5 )     (8 )
Decrease in cash and cash equivalents
     (167 )     (294 )     (442 )     (247 )
Cash and cash equivalents at beginning of period
     589       1,158       864       1,111  
Cash and cash equivalents at end of period
   $ 422     $ 864     $ 422     $ 864  
 
(1)
In the second quarter of 2011, Thomson Reuters revised certain prior-period amounts in the consolidated statement of cash flow. Specifically, capital expenditures include only cash payments, whereas prior to the revision they also included accruals relating to capital expenditures. The revision had no impact on prior-periods’ increase or decrease in cash and cash equivalents, financial position or results of operations.

 
Capital expenditures including accrued amounts were $377 million and $1,097 million for the three and twelve months ended December 31, 2010, respectively.
 
Graphic 2

 
 
 
 
Graphic 1
 
Thomson Reuters Reports Full-Year and Fourth-Quarter 2011 Results
Page 20 of 20
 
Appendix A
 
2011 Baseline for 2012 Business Outlook

Thomson Reuters Corporation
Reconciliation of Free Cash Flow to Free Cash Flow from Ongoing Operations (1)
(millions of U.S. dollars)
(unaudited)

   
Twelve Months Ended
  
   
December 31, 2011
  
Free cash flow
   $ 1,602  
Other businesses
     (215 )
Free cash flow from ongoing operations
   $ 1,387  


(1)
Thomson Reuters uses free cash flow from ongoing operations as a supplemental non-IFRS financial measure of its ability to create shareholder value because it represents free cash flow generated by its operations excluding businesses that have been or are expected to be exited through sale or closure.
 
Graphic 2
 
 
 GRAPHIC 3 graphic.jpg GRAPHIC begin 644 graphic.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_X0!F17AI9@``24DJ``@````$`!H!!0`! M````/@```!L!!0`!````1@```"@!`P`!`````@```#$!`@`0````3@`````` M``!@`````0```&`````!````4&%I;G0N3D54('8U+C`P`/_;`$,``0$!`0$! M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`?_;`$,!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`?_``!$(`%T" MF0,!(@`"$0$#$0'_Q``?```!!0$!`0$!`0```````````0(#!`4&!P@)"@O_ MQ`"U$``"`0,#`@0#!04$!````7T!`@,`!!$%$B$Q008346$'(G$4,H&1H0@C M0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I*C0U-CH.$A8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJ MLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:X>+CY.7FY^CIZO'R\_3U]O?X M^?K_Q``?`0`#`0$!`0$!`0$!`````````0(#!`4&!P@)"@O_Q`"U$0`"`0($ M!`,$!P4$!``!`G<``0(#$00%(3$&$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B M7J"@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>X MN;K"P\3%QL?(RKR\_3U]O?X^?K_V@`,`P$` M`A$#$0`_`/[^**K7M[::;9W>H:AWEU*D%M:6EK$\]S*OV4OCGX2;X?>#/%36OQ7L( M7F\^[3[3870CN;.XTF6XU*UN=)AO[6SLW;3K:::Y6^MKR8(T]I\;Q?QGA.%* M&'A3P.*XASW'5$\EQ.5_P"LF:866/P>$S',,NR[,'R/)<%3K/,.)LVP^9?V!EN(6#Q>*P& M"Q^.P&!QJPN+S>KA)8'+*56$7B<54C3A>TK?1?A;XT^`?'7BSXB>`O!NL+K' MC+X92K:>)=(DMKZPAM[Z43QQ01W]S:BVN(EO;>6RN9[8SK;SHV5==K/5TO4O MC=K_`,(KF^NO#G@[P%\9KJRU);#1-4U6Y\2^$=-OX]0FBTR74+_1P+FX@N=. M2*YECM&E:"XF".7"/&)+E5?5?BOI7A;PX_PT\0_V)IM\WQ>O/"N@RZ#KFIZA MIM\T&I"4W=O-XDE\(^0HU6#6C;0P"9(EG,3LU8]SKOA(_$WX007GB#QAKGBG M5O!?BF;P_?\`AI=4;X;:_91V&F7&L:OKRZ4UQX:6\N!!'<>'3<7,AB-P\5G( MYEMR_P`M+,LVE27]O\0-5JV*S?AEU(.-J?#F7UL+2S6>;<52X MMX9PN'P^&P&,PM7"9#F^.S*K+!U*\L;@YY=[RP.6^UE_8N27ITL-EF?JGF<: M_$N;499+PI+.\?3Q%3+H99P\N&\^Q-:OB<9AL32Q.;Y7@L#3AB8TEA<5'']1 MXNU?XJZ+H?@IO"GA+P_XS\0WFO>'-.\=(VMGP_IFDZ)<0L/$WB#1C?"2>[%E M<(#8:=(7NY()06CGDC9&9>?&;X=V'Q6TKX*76N&/XBZSH,_B/3]%%C>M'+IL M"W4K%M06`V,5P\%C>W,=M).LC06LKX!,:R?#DOCWX?77P2UAOAQ\;_B+^S[J MWQ-^/6KVND^(_B[8ZEJ>N7/B>/4;!]':&!Q^&XAQV/RW!8G(7D^?<-9GFF19-'-*G$O'N'H< M/4ZV*PTL*JM"GBE'[.KX7UH8?,*>)RBM6K99A.,I4Z-.EB^$\]K8K`8C(<#A M,?B:&(,#@,ZS=Y;3X?X+Q&(SV=/#8F.)5&K/#.7V[17PI\&/B'X@^! M>BPZ%^UK\?O!&M^*/B'XHFO?AK.FHBZ6Z\/W"6D$,\JIXVGA:^2YO2I4*F=<*9IBLKJ<1 M\-U<6JE7!X?/L%EF.Q\,!6QN%A''82%2M>O@ZM*M%*\HP_+N+>$\;PGF4\+4 MQ%+-LKJU*TTV^318IM$O].O+;69KG6YH9UM6^RM)!!%;0RW3RS(X,$:&9?G+X M.>$O@-X2\!^"/AEX!\)_'?4/#?[9&DS:IJ7C:.YC&H>#K/1[61K/2]3U_2;: MQM=+&F/)>1&>VMIQ<0S3WUS+>VES'"O)_P#!1K]H7Q+X*\9>%?A=-\(_`7C/ MP;/I>D>+5U#XA>&;[Q%:ZOK$FH:O92:3HLEO>6*:=-!!:QQSR6`_!'AN7X%Z+J>F_LT72RV]U\.=0D\#:3J"VE M]I*V.GZ/:V_A>\,^LWT\&KPZS)HK?9+C3;2PC-Q!_!/$W&&`XJ\?>)'F6X2OP1DN'S7A>/%JQ,^,Z?\`;W$N:953SG*N),ERK->'ZU+` MU\5FD*>-X:\$.'LQH83,7WP2U#P_K^BZGJ#Z_P"-HCIF@Z;I^JZYJ-F] M_+Y)BN+'4+P6EYI.KG5);NXO6%L-_P`CWNM>+?B-/??#;P;>_$*TTJ7P?X(\ M#Z[H_P"S[+X5TCX8_"C5M/\`%MU!XBUCP7\5=1CTR?5=4\-KI$6@>(_!T.GV MLT>F7DZVSN(08?H&W\8>)=1^$=OJD_B_3_&>MK\+/%E_J'Q'\"W;Z+\(M7U5 MKR#3)'@U;08/$7BK3->TZ-99])ET33;EK62WU2XDA%R+:TA^@/!OAC2O!_AK M2/#^CQ%+:QL[=);F8I+?ZG>&&,7FL:O>+;VLFI:SJDX>]U75+F!+O4;V::[N M0)I6`_#H9?+"X7$T:V'PF.Q^1QQ.'KXREA<=C,7A/K4<5A:&+R7'3Q6)S/%1GD^58NMC/K-;#U*-;$X/`YLZ%>GA:N)PN% MP^)R[$_GQ=^#_B/)XDM=9\:)'XL>^\;^!?&4/P[_`&A=,M/$2?#W0-!\-:WJ M?BNV^".L>%[N^MO&/Q`TVPTX7VKI86%E9>;'9M27-RGA%IX!\/>)-`T M/X(_$?Q'^T7\8M+_`&B=:O\`XV>!/$YT*Z\/W?@1_#MCKRVVE:M;>*+C6?LV MLZZIO;;6[)-2'FB?1M(O=:M)+=->D MFCN]'A;4K;$/A8KXCNH9)K2..[T_1BU]J=HT^GQ1S"Y,3_,/Q3L+RP\*7FI2 M_&/Q?\!=,UGXK>`_%2^/+S5)O$<'BNX\1Z78VMUX'T30=2N1JO@OP_+?K!:Q MZ)>PV]O'=VTMQ"?%7,LQ6'HQPM'):V(Q67X++JN4T)T*.!S/)Z5.GD>*RRCE&39EQ'4Q&69 MACLKS*IE^0PKYCGE#+\71XBEFN&Q^+S++OS6;5OAG\2O@U+\2OCI\$?B#X.T MK]F63P?\-/`FD^'-*=)>1;W0;VS2Z\1:SI7V)EM M]9>&&"WFEL[2OU\_9M^/.@_M%_#&S^(.@Z)J'AN--4U#P_J&B:C-#=R:?J6E M"W:2.WOK=8X;^T>VNK6:"Y6&!OWCPRP12PNM?GG\0YK7PQ\5OVP?$$GQ8LOC M[/PG)'K,-JVZ MYN-,N!*=(U#P%X3\&Z'X&UNRL/#USX'T&3P[X;U- M-6@NKW4+1+$SW44FJ:9-%%+J%Y%6;X/P'SVOPGXRY?P3B\ M[RN>+XGX>XHRK.*>"X6X;J9GQ=G7AWGV<9=E'$&;<1\&UL5E&2T\NX;PE;*, M-PY5Q2Q&72P'<\X:S+*YXOB M/B&GEO"V4\>9'E&89KD65Y#Q92P^:YO/'<0XRGFF)X@IX=T,P6+C4RS&2P&7 M8G`X7]%9)(X8Y)99$BBB1I)99&5(XXT4L\DCL0J(B@LS,0JJ"20`37F?_"[O M@Q_T5WX8?^%]X4_^6U>BW]C9ZG8WFFZA;Q7=AJ%I<6-]:3KOANK.[A>WN;>9 M#PT4T,CQR*?O(Q'>OY[/BI^PM^Q_H?\`P4]_9:^#6D_L\?#.P^%WC3X#_%KQ M+XJ\$6^AA-"UW7M$&K_V1JM_:^T\: M^#=0N=&LK#Q;X9O;SQ'8S:GX>M+37M*N;G7M-MPS3ZCHT$-V\NJ6,"HYFN[% M)[>,(Q>10IQ??Q!H,6MP^&I-;TB/Q'2`U8^ M&7Q3^*_Q4_X*W_#;Q=\7?V=]?_9W\4Z9^Q[X]TS2O!WB3Q5H'C'4=;T>V\4: MG>PZ_;ZKX?AAM(+2ZO[F\TM;)QYZ3Z;-*YVRH``?N5KWQ&^'OA;5++0_$_CS MP9X\4:'I&J7XD8I&;+3]0OK>[NA(X*(8(9-S`JN2"*V];\1>' M_#5G'J/B/7=&\/Z?+IV6E6YN2K""!7,LQ4B- M&(-?S^_\$]_V,OV=?VV?V?/B)^T)^U!X*B^+OQF^+OQ3^*-MK_C?Q)JVJ2Z_ MX.@TO57T[2=,\'S0W\:>&?[&BV7M@+>%6A#VML4;3+:VM5^._&NI>+?C-_P2 M!^$O@'Q3XFN]?GT7]NK2?@=X2\4:]+)J5VOABSU3Q%HWA>XN[R1WFOHM%BUG M[+:RB9FBL+"VM()52WC"@']:.I:EIVCV%WJNKW]EI6F6$$EU?:CJ5U!8V%E; M1#=+<7=Y=216]M!&OS22S2)&@Y9@*R[OQ=X4L-`3Q9?>)_#UEX6DMX+R/Q+= MZUIMMH#VER%-M=)K,URFG-;W`=3!.MR8I0R^6S9&?Y;[YXF_98^+?[0O[!7_!-GQ3\./!'AOXW>%_@UX.TWQ'X M_P#V:_%WBN?P=H/Q9TK4M%T^&RVZFLD&GR:EH*V%[#8VNI3QQ$:O(85N%^TV M%X`?T#^%_'G@?QO%-/X+\9^%/%\-ML-Q-X7\1:1K\5N)"0AFDTF\NTBWE6"; MRNX@XS@U7D^(_P`/(?$J>#)O'G@R+QA(Z1Q^$Y/%&AIXEDD<`I&FA-?#5'=P M045;4LP((!R*_#_X,?%7]E[X=_";]MB]_9V_98U7]B_]K_X5?L]>*M;\>?#? M6M#DT_6K.PT[1M1OO#_B+1KZSN[G0O$>B:5K,MEJ,.J06.GW$OVBPN&MY+&[ MBE;S[P1_P3[_`&5O$W_!+J?X_:]X/&J?'O5OV?\`Q-\>+KX]7/B#5Y/B-#\1 MK/0M4\8P7L?B-M3S':VFI6D6E36!'ES6R3-.#JLC7H`/Z%]8\4^&?#USI5GK M_B+0M#N]=NOL.B6NL:OI^F7.L7I:)!9Z5!>W$$NH71>>!/L]HLTVZ:)=F9$! ML7VO:'IE]I6EZEK.E:?J>NRW$&B:=?:C9VE]K,]K$)[J'2K2>:.XU"6VA99K MB.TCF>&(B20*A!K^6O\`:/\`"GQ%_;;^$W_!(C0=4\4W%C\6OB1\,/C+?:7X MRO69;V7QQX0\(>&=6\-ZM?7IVSP7.M:EX7TUM0UB(BYAEOI=30O(@#>O^#_V MH;K]J'XV?\$J[KQW;C2OCO\`"+XR_'CX6?'3PQ>PK;:MH_CWPWX`TBPFUB:R M?$EM!XI@M7U$;$2"'4TUC3(BRZ<20#^C;6=;T7PYIMSK/B'5]+T'2+,(UWJN MLZA::7IMJLDBQ1M+=`UZ\MXU(#236VE:A=SQ(I90SNBJ"0"1D5^>?_!9>-)? M^">/QN21$D1M0^&6Y)%#*1QD=:_)>VT/X$^/_V@_P!C?X;_ M`+&'[(?Q*_95_:4T#QQX,^)WC7QMXS\,1_!N*^^#.@VLDGCN>/3;GQ'=W?CK M2]:V22P/#8NUY;6UYIT<=Q'J%W';@'].?BGXI?#+P/>0:=XU^(O@3P?J%U$L M]M8^*?%WA_P_>7,#NT:306NK:A:3S1,Z.BR1HR,Z,H8E2!?A\>^!KFST+4+? MQGX3N+#Q1>?V=X9OH?$6CRV?B+4-[1_8-"N8[QH=7O/,1X_LNGO<3[T9-FY2 M!_-O\0M`T[QU_P`%*?VX)/$_[#%S^W6VB0?"#2]+TQ]<\):8OPRT]/!5CL:( M>,KJ&U>#7F5T2*P5I(9M.N)7$8NI#)[M^T7X>T;P_IG_``2.TS3/V?H?V8K. M#]M/3+B'X(-N)+30[#4-2LK*]UFZA19)K;2;6YFBGU&XBC99 M)(;..:1$9690I!KB7^-?P:1V1_BW\,D=&9'1_'OA571T)5T93JH*LK`JRD`J M000"*_-?_@H(D3?MG_\`!*@ND;2)\>_B&T195+KCPSX<5VCR"PQN0.RXQN4, M>1GY;_:D_8?_`&1?"W[?/[!/P\\/_L]_#32O!7Q8N_CC/\2/#=IHACTSQE-I M'ABTU'29-;@$_P#I#:;J$TU[:%#'MN)7,GF(0@`/W@U+XH?#31M!L/%.K_$3 MP-I7AC57>/2_$>I>+=`L=!U*2)G22.PU>ZU"+3[QXWCD5TM[B1D:-U8`HP#] M(^)?PXU_1]2\0Z%\0/!.MZ!HR+)K&N:1XJT+4M'TI&0R*^I:G9W\UE8HR*75 MKJ>(%`6!(!-?@#^WC\)?AYX&_;!_87^"'@K]E2S^/'PG\(_"#XU7WAK]EKP[ M>:1H.@7EU>WM[?7FJ62>(+B/1+=M(NF/B*Y%W)FY-CY2;F*(?0_BCX,\.^&/ M^";?[=AT;]A>/]A]]3\(:?'>^'I-4\&ZLWQ`CLY;%K;7))?"$T]O%%H[7=SI MRQ7VV4M-*\0:,M@`_;'P[\6/A9XPU,Z+X2^)?P_\4:PJ/*=)\.^,O#FMZF(X MT,DDAL-,U*ZN@B("[N8MJH"S$`9K4\4^/?`O@:.VE\:^-/"?@^*]9DLY/%/B M/1_#\=VZ%0Z6SZM>6BSLI=`RQ%RI900-PS_)/?Z'\!O'GA#]CGX/?LN_L@?$ MCX#_`+;7B>Z^$WB/PW\.]&\37/B0R>.]!U9+ M:ZUV(VNFEKF"6*:U07$T6FWOZ(_MH_LH_$&T_:^\7?M0^/?V3M,_;Y^`GB'X M?^%/#T'P[A\2B'QW\'+KP_86UKK%YX-\$:I*FG>(X-4NK6\UJ2VTZ.>[GEU: M[C!L+E6GO0#]Y-,U33-;L+;5=&U&PU;3+V/S;/4=,O+>_L+N+9;7EK)+; MSQ[U9=\4CKN5ESD$5?KY2_8E\2_LX^+/V:?AUK7[)^B0^&/@=.R MO-,G\-WS^(M5F\3:+?Z;?7=_/8:C:>))M4^V6RWEU:"60R:?/-826LC?5M`! M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444 M4`%%%%`!1110`4444`?"7[=7_#3`\'>%'_9YT^^O7A\013>(9/#>FZ=JGC"T MV07)L)].AU*"Y\BP6X$7VR[TZ(7T;F-9)$LGGW?)GB<>)_AS\:/V?_%WB[]G M2#QW\5OBQX%TW0OC+XN2ZUFZT4ZAJX?P5XKL[73M&E?PAI'BC3O"*)-XJU"^ MWZ8]M?S10V]I`MQ?G]?O&&AW'B?PGXG\-VFK7>@W7B#P_K.BVVMV!(OM'GU3 M3KBQAU.S(>,BYL))UNH-LD;>9$N)$.&'Y+6?P+\)?L^?"CQ5^S7\:/V@[O3- M?_:/\1:2OA"?PSI6OWFFZ)_8^HV,2WM]#<2'9;^)=0FL=.\0K=7%A:7<"06X MNI1!/=Q_Q)X_<%9YA.,:O%F&QN)>":7`O!/%_!]>A+A; M*LIR;C#`U,LEQ/"=+ MA?%8+**699=C,PRJMEG#_#W%\^,N,>%N+*-6/$>99KG'"F-I5\=E'`^%H_ZQ MULAJTI0S6GD^$PT9X+$4L-B:GKGAO6?$/@#4;?P4GPP^%'PHU7PCX]U3PS^S M;X4OOBMJ_AVP\??#GQ5J)'CWQ##8Z=JU\VO:XFEK9ZGHEWJ%HLDNK:G/:Z5# M%J5JT=W[AX"_:6\-ZMINCCPON\>>']3%S_PC1L[ZUT#QS:Z)IGBT>%+QM7\' M^.=;@\1:GI7A#3H)-8\3?$.6^6TOX89Y18)=+#OVH?%VH:G9>'X;V-SXLMM0UC2%*^';KPWHGB#4G3 MPWI$FM7UY82Z$;:X22![A8NXT/X)^./&7AGX2>)O%.F_"O\`:DU?QO)XB\&_ M$/XQQZM=^'9=)^!GB6>206WA>33+C0UU+4(5O=:(O1ILVJ6,TQT:&$P33WL7 ME<(Y_P"(.6U:V&X5U\KQ?".0YC@,QHY1PGE[Q4 MX$XDX6S'ACA7),=2S[(XY%CEGOH<4Y'P%F$*6*S[%-QQL< M+F&'S*IBZM#`YK2S3"<49S@<=@JF:\3X^-#^V<%EN&XCS'+,_P"->'>)\!Q' MQ/G&"EDN=?VS@Y9+Z/XC^(WBKXM:G:^'_%WA>7P#\+;>_P#!5UXH\*F:W\9_ M%'Q4->\0WNE:/H^K^'?`NK2:U\/-"_MBST7Q39^-H[V:SN]%0&4M;7%Q`OT? M8:=X@U"[T:U9/A-J;Q>(+N\^,UK:6^HWDZ:O#HUK)X6GT&UFGNOL&M01PZ!< M7;>(P9AIJ17%AL9K>2O,]&^'DW@71OB)>26_P^^`MAH,GA7PWX0^)V@O8ZQK M5W\(_`ZZ=_9=OXWO?%T)MH)C9Q7>BM]INY_LEO<>?%*T]O;W$WH/CK0M.\=0 M>-/`&O>%KS3/AIXK\$QZWKOQ.\/^)-/T:6^U!;J.&32T&G%=;6ZMM&L+6_.N M2F6PFTY5TXEXP8F_:LAP&>4*>89CQ!/'YMQ/C(8:JWC_`&N$GCI83,>(XY5E M>(K8/*:6(X?X?4\HAA:N8XS@K*.'J.5<0Y]B,+B\ZQV?9E*A^.9[CLFKU\!@ M,DAA,JX=PLJE-1P*I8F.$CBL#D,LRS&C1Q.:5J6=9XUF53$+!X?BS,LZJYAD MV3X:OA\GP>38"G/X]\=>'OCD/"/[0?Q-^'_P'\.?#+]H#4?%:>&/#GBCP]>Z M;K'B[QS\/+6\LWU#6-*BNI9;(:]<:?8PRYBMX;C4TA+Q6SWUC;[OH;]C>/XT MQ_`_1U^.]C+I_C/^U]8-K;WUCIVFZT?#QFB.FRZ]9:7#!:P:I)-]L+;X8[R2 MS%G+>@W3RLWR;XW^%'AK]MZ^^&7BWX!?'&^TGPS\%);3P7JUIJ=IXE35K!]. MGL[ZQ\2Z-)=/:7%QKU]I\,21ZE?JJ7JVUM,]XLD-S;G]6$4HB(69RJJI=\%W M*@`LQ``W-C+8`&2<`5\[X.<.8O,>/'P];$R6,P^,A+Z M3Q4X@PV!X'RG@_$8+(5Q/F.=2S7B#+\7PSQ-EW&?A[1R#+\+D61<+2S?B7-L MSQ5?)LSRZ*SG#Y=2JRH9;.O6I4(_5JV%E%U?+_B[]E[P_P"+OVK?A+^U;<^* MM"=+\)6M MMIKZ!K=IXSMK^VN;[4KJ:%M2ANK%=0E:V2TF2&1DC$RD!LR:Q^RYX>UC]KOP MG^UW+XJUV'Q+X3^#^J_!ZW\'1VNFMX>O-,U76[[6Y-:N+MX3JB:C#+?/;QPQ M3+:M$B,Z%R2?J*B@#\H/%'_!*[2X?$OQ"N/@9^U1^T/^SA\.?BWK.IZ_\2/A M#\-M8T9O!NJZGKN]->F\/MJ=C+?^%!J\+O!ZTP:?K&NZ]KGA#5-0UFX/B M.^U6W9+RX\3:CJ5U=:SJ$4,$RR,([".UM8X;>+[]HH`^3O&?[%WP+\3W_P"T M7XJTGPRGA#XD_M._#34?A?\`$CXAZ/+<7&KS:)?:&VAK,_`(\+I?^-[*.QMK.(>,M&U+2KO2[Q;5KQTV"6VFM9Q<74S2->2RL[.?(M?_P"":_PA MU3]MKPU^V[I'B3Q+X6\8Z1=PZSKG@C2+31O^$3\5^)X=#U+P\WB*_DFLVU*S MOKW3[RU.I+93*M]>6`O9&%Q>7CR_HO10!\X_M9?LX:'^UE\"?&'P(\1^)=9\ M(:1XPG\.SW.O^'[>PN]5LF\.^(]*\1P+;P:G%-9.+F?2X[:;S8R5AF=DQ(%- M<'\=?V-/"WQGUC]GKQK8>-/$GPY^*/[-GB'3-6\#?$7PS9Z1=:Q>Z-!9P66M M^#_$%KJ5O)::CX<\2Q6L']I6C;?+4W<5L4BO[Q)?LJB@#\U/BQ_P3TU[Q3\> M_B!^T'\%/VK_`(R?LU^*OBOIOABQ^(^F>`]*\':YI'B.?PEIR:3I-\(_$NFW M,MC*EC%&)(T>9/M+7-Q&8Q=RQ5Z!\0_V%]"^-'[.OA'X'_&KXP_%+XA^,?`O MB5?&_A/]H&6YT+P]\5]#\:V>I:C?:-K^GSZ)I5OHL#:3:ZA_8\=F-.:*XTVV MMVED&HPP7\/W710!^_X)YQ>#_C-X3^/7QQ_:.^,W[4OQ#^&UAJ>G_"V; MXH2>']/T#P&-9MWM-2U+3M"\.Z?:P7FN7%JYA_M.[E+!L7,D$MU!93VGO7Q5 M_9<\/_%;]H3]G;]H34?%>NZ1K7[.K^.7T3PY86NFRZ1XE_X3G2(-)NQK%Q

9(Q6;*XKZBHH`^&/VJ_V)HOVC?'_`,+/C!X1^-GQ%_9_ M^,'PCT_Q-HGAKQ]\/+;0=1NI-`\6PI!J^E7NF^(+2YM)%=//CBFC:,B&^O(I MHYP\+08D?[$7C3Q%^SW\SU?P'9VI M\RX3PQ8:-H]I8S#49UBFO!JQO1F"%8?*`#OM&FV7V.[U?1].UG2IKK1-0U@[KN]DM[Z8+=L)8-FU%7[RHH`\ M(_9J_9W^'_[*WP:\(_!#X9IJC>%_"4=_(NH:Y=I?:YK6K:QJ-UJ^M:WK%W%! M;02WVI:E>7$[K;VUO;6\9BMK:&.""-1[O110`4444`%%%%`!1110`4444`%% M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!7#>* MOAE\/O'&K>&==\7^#]!\1ZQX-OCJ7A?4=5L(;JZT6]+PR^=9R2`E?WUO;SB. M3?$+B"&<1B:*-U[FBN+'Y=E^:X:6"S3`8+,L'.I0K3PF/PM#&8:57"UZ>*PU M65#$4ZE*53#XFC2Q%";@Y4:]*G5IN-2$9+JP>.QN78B.+R_&8K`8J,*U*.)P M>(K87$1IXBC/#XBG&M0G"HH5Z%6K0K04N6K1J3I34H3E%_/6C>%_BQJ?B+XV M6'QFN_!WC'X->((C;>`_"6FZ09=43P_+;72ZGINLQ_8[=[R2YM6@MWBFNM0E MGOUDFLI;.!HX3P>E0?`J\^&7PQ^.-SX>\8_"GP1\#H/$>I>&-`O[/6_##:#9 MM+)H-^-9\):8]Y)JUOHVVF:9JGC M2QFN?%.F6]M8ZMJ&BZO<26VA>%UL+*W>]AAM88(I)$W6+32;5U]0T;XU/\:M M#NM/UOP?%\`(O!]Y8Z[X5FTU6\17/B-A=16TEO/]B?%HH>QVJM_#9+9P7MM+ M82SS0SCVP`````````#``'```X``Z"EKTO\`4WVE2$9YI5R[!8?,LES?"8+A MB@^'+8K+\5B\QS3!YCB<+B:U;-LDS_,\97Q6/RC%_N)1JUZ56>)E7JUGYZXH M=.$Y1P%/'8NO@,TRS$8K/ZBSQ_5\;AL-@$M#\(Z=J>I3ZOJ%IH=E'9Q7>HW" MHDEU/L&YW$:)%$A;RX(D6*!(XP%KN***^KR_+LORG!X?+LJP.#RS+\)#V>%P M.7X:A@\'AJ;E*;IX?"X:%.A1AS2E+EIPC'FE)VNVSY[&X[&YEBJV.S'&8K'X MW$S]IB,9C<15Q6*Q$[*//6Q%>=2M5GRQC'FG.3LDKV2"BBBNPY0HHHH`**** M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH` M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB MB@`HHHH`****`"BBB@`HHHH`****`"O'?CS\4[CX,_#+7_B#:Z)%XAFT58BF ME37KZ?'%QV"RS$XC"UU1Q-*MAZKI5J<)JG7I M5:4KBZ ME"I2K4U4ISE%SI5*=2-[PG&237MGP?\`BIH'QE\`Z+X[\/B2WCU!'MM6TBY( M^W^'M?LB(=7T'44*HZ7>G76Y,O'$;BV:WO$C6*XC%>&7'[46H1?L^>-OC;'X M+M9+SPEXSUCPG!X;;7)$@U`:9XVMO",5X^J?V<7MFN$N1>M$+.81,OD"1U/F M#GM>CE_9R^(&B_T:/X0?%=/#NB?&6QB4_9/"'C"XM[:Q\/?$^*&,;;>QU M"1XM'\6RJ@4M);ZC,9KB2,)\Z73";]@?XQ/;31N)?C!XH:WN(V6:%A)\9=+, M,R,I*2Q,"LBE6*R(05;!!K^=^+?%WCK*LFSC),1FD,JX[X0\'O&+.\^>$P&! M^KYMF?#^0<.8_@7CW*L-C*Q^+IX*+JX'"9S3SKA[&?7IY)*9^S M\/>'/">88_+)'AIE>4?6,7B_;9=@:\<19UC#@2,H4,`-O&7Q>\$ZGHD>AZM\ M+?%ECHZB.]:[&L:!KFDPZOX?U[8]O;M:M?P-<));#SXXY+<[+B3)"\!H/@7] MJ6WU+1KK6/CYX(U+18;S3Y]4TRV^$%M87%_ID0YID>>X#!XO*:OAY1<:"I<6XGAE8F6/Q%.K.#]E1C[*I6!*^>XS(<3B.':O`]3C^,5F^`S7*,7B/?B5X._P"$;;1+3PEH:];P&U@%I#;:YHDEJ(TEN0WG*#(K(=V%KW[4L6@_\+?NAX,N]9LO M`'Q$\+_";P?!IFI1C4/'WQ`U^TMGNM'3[3;)9Z/#IE]>0VTUW)/>?N4FG,0D M5+=_*GT*T_9K_P"&4O&.JNUGINF>#?$/PK^(UX[!%:[\3:`_CRUGN7;N?&^B MZEAI6.9-1.6,C`-U7P;^"NE?$_\`9@TVQ\;MJFG:Q\3_`!#J7QHN-9TFY-EK MNA>*?$6OS^(O#NN:9=,DGEWVFZ?_`&4D9GCECDB62%TV287YK)N,_&?.<-1X M!P^<86EXH9/D_&'%&^(DC/"<09W@^(,J*P*PU59?.AZ%IOCG]JF MWO\`3IO$/P+\!W&B7E[:07T/AGXJB77]%L[F>.*:]FBU?P_9:9J9TZ-VGN;> MRO(WG2)UM6=V0'Z2U*[-AIU_?!!*;*RNKL1EMHD-O!),$+`,5#E-I8*<9S@] M*^+/%/B?]HK]FS1QXO\`&OBOPS\?P_XB-I/=V_VN)X+6\N@2ZF(&66+[%UV1)O#>L31G='+HFH2(V",H]A M,RG!P1E2#@@$=Z_8_#S.Z]2'%.3YCFOB"^)LGP.6YECL@\1<+PC',\GPN94\ MUI9?F&69AP;EM')?YOQEE5&,^' M\RP67\&K(\SQ6,P6$S;@K$<22P&95\%/+IXS!X[!\3XZKFN78_+Z&88*?L^>,_C=I/A:^ MAU/P*-7T_P`1>!=;=[A)HKN&!UF@DA/ M9_'VB:K\2==\:0P+96OB77?&.HZ9J%YJ-C8HTGV"R$8M[:VLY':>&.W`N0EP M98T_G?A?Q-\0<1P=5S3#<5<;8_,Z/T=\X\1.)9\;9#P?E6$P.>8GAFCB^&8?LV>\"\'4N)*.`K M\/\`"V#P-7QGRS@O)(\+YOQ+C\3C,JH9Y4PV?99Q5+&YQF>%R_$0RNOE;I.C M4RS,ZN+JXAX*&(PU#&SP?JMA\3OVLM1L[+4+7]G;P&UI?VMM>6[M\:+9':WN MHDGB9D/A@E6,!SH_]G:# M.VFCX/VPG;3!;6DCV(O?^$C#+,UIFW%WY(*N1-Y0(V5:7_D^>7_LUZ+_`-6? M)7Z=E>>\;Y9@N$\5C2+@##SE M2HXEPPZQE3-)T\5!4\)]0=)O&N7P>8Y3PMCL3Q!A\)@^`ZL'FYXKZXIVPRC[C\7?'$?#][K::7)#:5\5/VK]9 MTS3=8L/V=O`VC=[2^MX[JW9XSX8)C=H94+(22K$J2<9KN MOVL?^3;?C1GD?\(%K61TS^Z7O7F?@+P)^U/)X3\%7-I\??`]OHS^'O#<]OIK M_!^VFGATQM-LI([%KT^(T:29+0BW-WY2%G'G>4I.P>AQ_G/&57Q17#>28SQ- M648?@/*,YGA/#BEX7*I2S''<1<08"MC,WK>(M%SE1J87+\-2PU+*JL^5T:\J M]%.<)3Y>#\LX9I\!?VWFN&X%>8UN+SJ8+!Y-DN,I8;+J7!-5 M156%?&5YXBIF%./-&K2C2J-0FH?17Q(^(4'PQ^&7B3XA:[9*TGAW0#J,FD07 M`;[9K,J16]AHEM=",[WO]8N+;3()UA8LTZ2")ON'&^"/Q1N?BOX-GUG5_#Y\ M(^*M#\0ZYX2\8^$WO!J$GA_Q#H5V8I[(W?D6QN$GLI;&_AE\B,-%=J%WJHD; MYZ_:R\=6">,_@I\,KS1_%7B32G\31?%/QYHW@OPYJ'BK6IO#7@B4-X?M9M(T MU6G?3-7\7R6:W4TFV*%=-)8LQ5&RO@_\5-*E_:A\::9I_AOQ[X2\._&OPO8^ M)K"T\>^#=5\'23_$/P/;#3M?32(-351>KJ?A9M/U&^G@8L+FPVRQ@LCOQ9CX MOO`^-F$X<_UFPJX:P69Y)X<9CD%6CA?K6(XJXAR?$Y]2XF^NPPRKRAA<=7X0 MX/H83#XBEA/K^>YW+$X>I7P6'^J[X+PY6+\+\1G7]AXAYWB<#FG&F"S>G4Q# MH4,AR?,J&4SR+ZNZ[HQG7PE+B/B2MB*U&KB%A,IRN-&O"EBJRK>A0?&_XQ_$ M+6/%0^"/PL\+:UX/\(>)M6\'W'BSQUXVF\/?\)!KF@S"WUE-!TG3-&U2Y33[ M2Y)MXM0OY8TNV!>.)0KHG0>,/C5\0/AY\"_%_P`4O'/PNM-`\4^$[JUM_P#A M$(_&%GK&FZO;W6K:/ID.J6?B#3[`M!:7']IRR1P76G)>1/:/'/$HD1ZP]2^` MGQ)\$Z_XE\2?L^_%6W\(6OBK6[SQ/K7PW\;^'H_$_@.Z\0ZDXEU/4--NK::U MU_PV=3F19;R/3Y+F,R%FCC5%CA3Q#XS_`!8U[XE?LI?M!Z-XR\.V?A;XA?#; MQ!H7@[QAIVE7LFIZ!-?KXF\+W]CJ^A7DRI"^&?$#$\6<1<=9/QW2X$\3!L=X;9OF>0Y#FN=Y?BN$\3 MEF28C-<'5R?`X2GC,)D_%F)R_,L7AL-CIYAA,\6&K8L]W*>'>$>)\ZX0H\.Y M+PGF/"<^*^!L!GKHXOBS"\;Y;@,WS;+LJQE#B*AC\UHY=B:>98O$SPF)S+AS M#8O`X?$5\)'"8C*7B*.'E[_I/Q`_:JN[_2TU+]G_`,#6.DW5Y8IJ&H0?&*UO M)[+39YXA=WD-HOAN,W4UM:O)/';+*GGN@B$B[PP^I*^9?"/@G]IFSU?P_>^) M/CIX+UOPU;W-A/J^B67PGMM*N]2TQ-C7%C;:HOB"9K&:>+,:78MI#$3O$)QM MKZ:K]U\-(Y\\OS"KGU7Q(E6J5\.J%/Q'_P"(`A'#N%27M9SJ64"BBBOTL^&"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHKB?B)X\TGX:>$K[QAK=GJ^HV5E?>']+CT[0;.._UC M4-3\4>(M*\*Z)86%K->:.&-W`!VU%>"7WQ^T M[3Y++3I_AK\69?%-WI^IZ[/X*L?#>CZCXGTSPOI5Q!9S^)]1@L/$ESID>F7= M[/\`8](L[?5;KQ#K=U;WL.D:)>M977E9UC^T_P##O5-7M[72]/\`&.H^&+G7 MO`GAB/XCVF@I)X#77_B7HGA;7O!>F2WQOUUN.36;7QKX5M?M#:"+&QU'6K6R MU&ZM)%N#"`?1E%>)ZM^T%\-="^(^C_"O5M1U"R\5:]XP'@/2Q-IEP-*N/$S^ M`8OB1!8-JBYMX!=^')D6SFG\N*YU=DTB)FO98(Y<3PU^U+\'/%GCK2_A[HNN MWT^OZWXP^*G@31I9-)O(=(U3Q/\`!NW\/77CG3[+563[-*+6'Q';MIMSN6VU MC[!JW]GRS"R!E`/H>BOF/PY^U=\._'&HZ=IWP]T3QUX^.HW'BV-+SPYHFG1: M?!9^"_'5U\/-7U>6Y\0:WH?G:3+X@L[A]+NK!+Q]3TI$U2UA>UF@:5X_:M^' M$&GZMK.KZ/X]\/\`A^QM_B'/I'B'6/"YCT7QA)\+D\03^+M/\,7EG?7OG:M! M9>%M?U'3=)U>/1M0UK3]*O;O2[>ZAM;AH@#Z9HKQN_\`CCX1MO%_B+P#ING^ M)_$GC'PYX.L/&MQH6@Z1'+-J-A>W5E#)IFDWNH7FFZ5=^(=,MM5T35M6T=[^ M">RTC7M&O6++?Q+7#^'OVH_#?BI/!7]@_#CXM7UUX]\*GQUH5@?#_ARTO!X+ M>ZT>SM/$M\M]XNMH;:QOY=;LS:6PGEU9HUN))M.@6,;P#Z*?&'B?1="@U#PSX0T'Q9JVNZ/I&H:Y<_VE#J31 MFX\-ZQ->1Z3I6JS65E:FZN(TC92:EI^T7X4NH];U!_"WCVR\-:)XRF\!-XNN M]&TH:#J7B:'XF6OPE>STQ+?7KG6Y8CXPN'B6[NM&L[9M.M+K4!)Y*PB<`^@* M*\GU/XN:;8_$D_"^R\*>-/$&MVVE>%M;UG4]$T_2'\/^'M+\8:IX@TK1[K5K M[4M=TRZ8&7PQK5Q=Q:78:E/;6EJLK1M)/#$_*WW[3'PRLK7QU/'+KM_<^`_' M>B_#>]TVUT@Q7>N>*?$.IIH.CP^')]2N+#2[[3+SQ(FJ>&O[=N]1T_1K?7/# MWB"RNKZ#^S))&`/H*BO&['XR07WB31O"C:SK-M=:5X>A3P9 MIVOZYXCT'2[GQ/,?%!CV7%UX3URY!\/'Q`%T^UCN\[;JU6;V2@`HHHH`**** M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH` M****`"BBB@`KS7XN?##1_C#X%U?P#KU_J6FZ9K`B%Q=Z2ULE]'Y1)7RFN[>Z M@&+YEDCV/%*%EA*.B,OS[8?LH^!],^`NK?L^6>O\`BI/" MFJZI)JIU=KC3'\06LKZ]9Z^D4$YTT631Q7-C#"K2V3R-`7+,92''U'17A9YP M#P;Q)7GBL\X>R_,<54X9SG@VIB:U.<<1/A?B&.'AG&23KTITZLL#C5A:+G3E M)NE*,IT)4IU:LI^ME7%W$N248X;*LYQF#P\,\RSB6%"G.+HQS[)I5I9;FD:5 M2,Z<<7A77JJ,U%*I%QC5C4C"FH_*EM^S9XMMY[>8_M0_M"3I!-#*;>;7_#+0 MSK%(KF"8#PP&,4H7RY`&5BC,`P/(]%^,7P,\'?&V+P5#XN?4(U\#^+]/\7:< M=/>V1KN6R!$VE7QN;:Y#Z9J($0O$A$,[>1%Y6YS#-(X3-,H^M?V=CZMU:14EM9?,@?-O<3*NURKKH>*?AMI_B3P18>!;+Q!XM\&66DQ:/% MI.K^"-:UNHU\N:)DXKT:BO;Q?!W M#&.Q^=9IBLFPE7,N(LEP?#N=8ZU2GBL?DN7ULPKX+`5:U*I"<*6'K9KCZE.= M%TZRE7NZC]E0]GY>'XESW"X/*\OH9GB88')TJ\_P`I?\,O3Z[=:=#\3OC5\4_BCX6TK4;+ M58/!7B&Y\/Z=H&HWFFW$=U8'Q(-!T73KO7[>VN(H[A;2ZN([:2:-'FCD`VGZ MCO;2.^LKNQD9DBN[6>T=H]H=([B)X69-P*AE5R5RI7(&01Q5JBL>'>".&.%8 MYBLERV=&KFZH0S/&XS,,SSC,\?2PL*U/"8?%9KG&,Q^95<+@H8C$K!826*>& MP?UG$O#4J3Q%9SUSKBG/>()8)YIC85(9(Q,J%!XK$QPZKXGV%#V]2HJ-/E\[^&/PUT7X7?#KP]\--+N+S5]#\/ M:?WM)0[7DL3(MNB-"`KJQ+%O,K+]F?PIIWP MF\>?!6T\1^*4\!^,[S5+BPT^2XT^:?P59:O>IJ%SHOABXDL&9-)BNT::TMM1 M6^:W::O.K&53!X3$JV*PU"M#6CQCQ/0QF/Q]+.,5'%Y MIGF#XEQ]9JC-XC/\OQM?,,%FSC.E*G3QV&Q>*Q52G7I1IR4,5B:#OAZ]6E/Y M*MOV8?%%I#;VUM^U#^T+#;6L44$$":_X8$<4$"+'%$@_X16/Q&TSXI?$GX?>)K3P;;>!IKSP5J&CV;:AHMMJMSK)6]>_ MT>_D>2>^N$FF"-'&6MH"L:E6+?1]%>(O![P\675LJEDN,JX&OBLMQSI8CB3B MG$SH8S*'B'EV(P6(Q&=5,3E]7#?6JZ4\#6P[J1FHU?:1A34?4?B3QB\;2S!9 MGA:>+HX?&X55*.1>X\&?$#P/XL^,7Q5\>Z5\0-"&@W$GBS4M$O+C0H"9C-U MMHEAMX(E_P"$8.V.&)$C0$DA5`)/6OKBBE7\'?#W$O!RJY/CW5P&"EEV&Q,. M)^*Z.,6!ECL5F7U6OC:.>4\7BZ-/&XW%5Z,<76K^P=><*'LZ=H)T?$KC*@L3 M&GF6#]GB\5'&UJ$\AX>JX7ZW'"X;!?6*.$JY5/#8:I/"X3#4JLL-2H^V5*,J MO/.\GY9X=^%.D:!\1_$_Q0EU;6=:\2^)?#7AKPENU66U>WTG1/#B.YMM-6"U MAE1M8U&1M6U9YY9A-?$/"L$8$=3_`!`^%VC?$'5/A]KE[?ZGI&L_#;Q?;^+M M`U'2GMDF>5;6>RU#1[T7-O<++I&LV7/&5)/IE%?4?ZF\,O M*,7D+RC#O*L?FM;/,7A7.N_;YQ7SA<03S*==UGB?KDM2HK# MNE3H4H0\#_67/5F.'S99C76883+Z658?$)4H^RRVCEKR>&"C25-4?JSRQRP= M6DZ;C6I5*OME4E5J2E\T:U^S]XGGU?5M2\*_M$?&GPC9ZUJ-]J=WH::IH'B+ M2[.;4;F6ZN8M"_X2'0KZ\T:T$DK"VM(+J2WM$VI;QQQJ$J:?]F#P)+\(/%OP MA35?%'V7QWJ*ZYXO\97FI0ZEXU\0^(#J6GZG/K6I:I>VDMM->3R:9:VX1;*. MU@M%\JW@C;+GZ1HKY]^$OA].69RK\/1QD/S'$83):69X:<\/C/[&HX"5:A)TI2]F^4]G_B(G&,88"%+.'AGEV-R M[,L/5P>`RO!8BICLHJQKY7BQQ^&HY'L[M( MS;W*1R1NT$CJDB,0P^HZ**^@X:X/R#A&EBJ.0X;%X:GC9TJF(6+SC./GG$F;\1SP]3-Z^&K3PL:D*+PV697 MEJ4:KA*?/'+,'@XUFW"+4JRJ2C9J+BI2N4445],>$%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!7G/Q8^&NC?%WP/?>`O$+A=%U/6?!^J:E"]I;WT-_; M>$_&6@>+VTF[M+H&":QUEM"72K]7!(LKV=XP9%2O1J*`/G>^^`%IH&KVFN?! M/7-,^#-\/#M[X3U6TT?P9H^LZ!J&CW>J2:U!=P:)+<:7!8>)-)U2YO[K3-6\ MVZL7_M*]BUG1=8B-LMMQ/A[]C3X;>$==T'Q1X*/$EC)K6K3:Y%%HAM-.U'0=83P'X<\%Z1 MK/A[6C%/<:=K?AV[\,Z=XJT743!/]GUF-$F@GLT,,G*-^Q1\.V#6M[?4]"\1)%<7EMJ^EK\(;;.HR0RRZFOB M?7X[]9%E7=]ET4`?%\/[''A_1_%F@>)O#6K>$X[?P]-XH72]"\7_``OT/QII M^BZ?XB\=1^-[>V\+/T@MIY8OM$`+6KS]DVYUS MPQJ'@?Q1\4]5U7P;;M\6+SP=HUCX6TC29M`USXK6OCC3;K7M9U+[7?7'B>\\ M-Z7\0?$=GH5L%T736>Z2]U.RO[NWM);?[&HH`^8M(_9AT/2/'MG\3X_&WC:X M\:)XZ\4>+M4GN=9OY/#FJ:9XH\/MX0E\+#PLWP;N+#Q#X:U";X/_#/3OAE8GQ]\,=#\>0WU MEIU[X?O8O$%A#=ZII?\`PCGB%I-`B3[98O<(B3G;$&AC)^P:*`/FCXE_LP^# M/B9XTU3XAZI=R6WC`Z;\,K?PIJ_]G6=\?"6I?##Q3XF\5Z?>Q6MV3:ZU8:[= M>)'L/$&AZI%)9W6GV<8MWM;UH[VVXB+]D-KSQ_;>( M;7X2:&GC6SUR;XR67QFL[77_`!4FNQW7B_0['6+/^QQIM[;V+SZ6+5C>17-F MDC_9U%`'RG-^SIK]]\3]/^+FL>-/`VN^,8/#OA3P]>:CK'P7T;4;BU7PAX@\ M9:UINH^#KV[\3S7_`(.OYX?&$EG>R6]SJ2RSZ79:@BQ.7MZR=`_9#T?P98R0 M^$_'&MW=WJO@5?!?B^'XF6TOQ3\+>,&C\3+XN35]3\(>(=6ATZP9M;U'QE=S M:9H[^--3>..&2TL7B^PJ*`/D+P3^RE;^!_$_A/Q-9^)?#>LW'AZ"WMW MA\1_#/2=7?1[:'QCXU\7'3OA=?3ZT+OX7Z/$/'%_H>G:;8R:VNGZ1IFBPI-, M;)C-]>T44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% )%%`!1110!__9 ` end GRAPHIC 4 graphic1.jpg GRAPHIC 1 begin 644 graphic1.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_X0!F17AI9@``24DJ``@````$`!H!!0`! M````/@```!L!!0`!````1@```"@!`P`!`````@```#$!`@`0````3@`````` M``!@`````0```&`````!````4&%I;G0N3D54('8U+C`P`/_;`$,``0$!`0$! M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`?_;`$,!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`?_``!$(`#L` M]0,!(@`"$0$#$0'_Q``?```!!0$!`0$!`0```````````0(#!`4&!P@)"@O_ MQ`"U$``"`0,#`@0#!04$!````7T!`@,`!!$%$B$Q008346$'(G$4,H&1H0@C M0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I*C0U-CH.$A8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJ MLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:X>+CY.7FY^CIZO'R\_3U]O?X M^?K_Q``?`0`#`0$!`0$!`0$!`````````0(#!`4&!P@)"@O_Q`"U$0`"`0($ M!`,$!P4$!``!`G<``0(#$00%(3$&$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B M7J"@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>X MN;K"P\3%QL?(RKR\_3U]O?X^?K_V@`,`P$` M`A$#$0`_`/[^**K7M[::;9W>H:AWEU*D%M:6EK$\]S*OV4OCGX2;X?>#/%36OQ7L( M7F\^[3[3870CN;.XTF6XU*UN=)AO[6SLW;3K:::Y6^MKR8(T]I\;Q?QGA.%* M&'A3P.*XASW'5$\EQ.5_P"LF:866/P>$S',,NR[,'R/)<%3K/,.)LVP^9?V!EN(6#Q>*P& M"Q^.P&!QJPN+S>KA)8'+*56$7B<54C3A>TK?1?A;XT^`?'7BSXB>`O!NL+K' MC+X92K:>)=(DMKZPAM[Z43QQ01W]S:BVN(EO;>6RN9[8SK;SHV5==K/5TO4O MC=K_`,(KF^NO#G@[P%\9KJRU);#1-4U6Y\2^$=-OX]0FBTR74+_1P+FX@N=. M2*YECM&E:"XF".7"/&)+E5?5?BOI7A;PX_PT\0_V)IM\WQ>O/"N@RZ#KFIZA MIM\T&I"4W=O-XDE\(^0HU6#6C;0P"9(EG,3LU8]SKOA(_$WX007GB#QAKGBG M5O!?BF;P_?\`AI=4;X;:_91V&F7&L:OKRZ4UQX:6\N!!'<>'3<7,AB-P\5G( MYEMR_P`M+,LVE27]O\0-5JV*S?AEU(.-J?#F7UL+2S6>;<52X MMX9PN'P^&P&,PM7"9#F^.S*K+!U*\L;@YY=[RP.6^UE_8N27ITL-EF?JGF<: M_$N;499+PI+.\?3Q%3+H99P\N&\^Q-:OB<9AL32Q.;Y7@L#3AB8TEA<5'']1 MXNU?XJZ+H?@IO"GA+P_XS\0WFO>'-.\=(VMGP_IFDZ)<0L/$WB#1C?"2>[%E M<(#8:=(7NY()06CGDC9&9>?&;X=V'Q6TKX*76N&/XBZSH,_B/3]%%C>M'+IL M"W4K%M06`V,5P\%C>W,=M).LC06LKX!,:R?#DOCWX?77P2UAOAQ\;_B+^S[J MWQ-^/6KVND^(_B[8ZEJ>N7/B>/4;!]':&!Q^&XAQV/RW!8G(7D^?<-9GFF19-'-*G$O'N'H< M/4ZV*PTL*JM"GBE'[.KX7UH8?,*>)RBM6K99A.,I4Z-.EB^$\]K8K`8C(<#A M,?B:&(,#@,ZS=Y;3X?X+Q&(SV=/#8F.)5&K/#.7V[17PI\&/B'X@^! M>BPZ%^UK\?O!&M^*/B'XHFO?AK.FHBZ6Z\/W"6D$,\JIXVGA:^2YO2I4*F=<*9IBLKJ<1 M\-U<6JE7!X?/L%EF.Q\,!6QN%A''82%2M>O@ZM*M%*\HP_+N+>$\;PGF4\+4 MQ%+-LKJU*T!O@3X%CT7QAX1U?QPGQ(M]3\,2^'M-ODT6*;1+ M_3KRVUF:YUN:&=;5OLK20016T,MT\LR.#!&AF7YR^#GA+X#>$O`?@CX9>`?" M?QWU#PW^V1I,VJ:EXVCN8QJ'@ZST>UD:STO4]?TFVL;72QICR7D1GMK:<7$, MT]]BZGIO[-%TLMO=?#G4)/`VDZ@MI?:2MCI^CVMOX7O#/K-] M/!J\.LR:*WV2XTVTL(S<0?P3Q-QA@.*O'WB7+<1B\MSFGPOF'"WAYEN$K\$9 M+A\UX7CQ:L3/C.G_`&]Q+FF54\YRKB3)&O!#A[,:&$S'*:G$F`XFX[S#%4.,,WQ&6<1_ZKO"PX2G+)>'< MMS.IE.8Y!F^9Y;G=*IC:.%RUU,J>$SO-(U<9@Z.!^L-/\1^$3I.GZ=H_BP:C MX1\.WE]\$M0\/Z_HNIZ@^O\`C:(Z9H.FZ?JNN:C9O?R^28KBQU"\%I>:3JYU M26[N+UA;#?\`(][K7BWXC3WWPV\&WOQ"M-*E\'^"/`^NZ/\`L^R^%=(^&/PH MU;3_`!;=0>(M8\%_%748],GU75/#:Z1%H'B/P=#I]K-'IEY.ML[B$&'Z!M_& M'B74?A';ZI/XOT_QGK:_"SQ9?ZA\1_`MV^B_"+5]5:\@TR1X-6T&#Q%XJTS7 MM.C66?29=$TVY:UDM]4N)(1;U,HR:'#V&QF;++,/7P6+Q&!S[+Z.$PN4X-_P!NYW@Z&7RPN%Q-&MA\)CL? MD<<3AZ^,I87'8S%X7-,+^*T<[PW`D,PQ=3*Z>:YN\[JX3*WCZU'%86AB\EQT M\5B)+ M76?&B1^+'OO&_@7QE#\._P!H73+3Q$GP]T#0?#6MZGXKMO@CK'A>[OK;QC\0 M--L-.%]JZ6%A967FQV;7-G?WDES`?#WB30-#^"/Q'\1_M%_&+2_P!H MG6K_`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`$UYG_PN[X,?]%=^&'_A?>%/_EM7 MHM_8V>IV-YINH6\5W8:A:7%C?6DZ[X;JSNX7M[FWF0\-%-#(\ MSXJ?L+?L?Z'_`,%/?V6O@UI/[/'PSL/A=XT^`_Q:\2^*O!%OH830M=U[1!J_ M]D:K?VOG'S;O3OLT7V:0.H3:-P;"X_T&/X8/WWM/&O@W4+G1K*P\6^&;V\\1 MV,VI^'K2TU[2KFYU[3;<,T^HZ-!#=O+JEC`J.9KNQ2>WC",7D4*<7W\0:#%K M#V_L.<: M_974.D:KK23:?IUIH=E^/=,TKP=XD\5:!XQU'6]'MO%&IWL.OV^J^'X8;2"TNK^ MYO-+6R<>>D^FS2N=LJ``'[E:]\1OA[X6U2RT/Q/X\\&>'-:U$(=/TC7O%&AZ M1JE^)&*1FRT_4+ZWN[H2."B&"&371(MK2.ZOYX('N;DJP@@5S+,5(C1B#7\_O_!/?]C+]G7]M MG]GSXB?M"?M0>"HOB[\9OB[\4_BC;:_XW\2:MJDNO^#H-+U5].TG3/!\T-_& MGAG^QHME[8"WA5H0]K;%&TRVMK5?COQKJ7BWXS?\$@?A+X!\4^)KO7Y]%_;J MTGX'>$O%&O2R:E=KX8L]4\1:-X7N+N\D=YKZ+18M9^RVLHF9HK"PMK2"54MX MPH!_6CJ6I:=H]A=ZKJ]_9:5IEA!)=7VHZE=06-A96T0W2W%W>74D5O;01K\T MDLTB1H.68"LN[\7>%+#0$\67WB?P]9>%I+>"\C\2W>M:;;:`]I)OV6/BW^T+^P5_P39\4_#CP1X;^-WA?X->#M-\1^/\`]FOQ=XKG\':#\6=* MU+1=/ALMNIK)!I\FI:"MA>PV-KJ4\<1&KR&%;A?M-A>`']`_A?QYX'\;Q33^ M"_&?A3Q?#;;#<3>%_$6D:_%;B0D(9I-)O+M(MY5@F\KN(.,X-5Y/B/\`#R'Q M*G@R;QYX,B\82.D)9)'`*1IH37PU1W<$%%6U+,""`^'?PF_;8O?V=OV6-5_8O_:_^%7[/7BK6_'GPWUK0Y-/UJSL-.T;4;[P_ MXBT:^L[NYT+Q'HFE:S+9:C#JD%CI]Q+]HL+AK>2QNXI6\^\$?\$^_P!E;Q-_ MP2ZG^/VO>#QJGQ[U;]G_`,3?'BZ^/5SX@U>3XC0_$:ST+5/&,%['XC;4\QVM MIJ5I%I4U@1YE07MQ!+J%T7G@3[/:+--NFB79F1`;%]KVAZ9?:5I>I:SI6G MZGKLMQ!HFG7VHV=I?:S/:Q">ZATJTGFCN-0EMH66:XCM(YGAB(DD"H0:_EK_ M`&C_``I\1?VV_A-_P2(T'5/%-Q8_%KXD?##XRWVE^,KUF6]E\<>$/"'AG5O# M>K7UZ=L\%SK6I>%]-;4-8B(N89;Z74T+R(`WK_@_]J&Z_:A^-G_!*NZ\=VXT MKX[_``B^,OQX^%GQT\,7L*VVK:/X]\-^`-(L)M8FLGQ);0>*8+5]1&Q$@AU- M-8TR(LNG$D`_HVUG6]%\.:;5TB0RRJ&D=47+,`>9\,?%#X:>-KR;3O!OQ$\"^+=0MD:6XL?#'BW0- M>O+>-2`TDUMI6H7<\2*64,[HJ@D`D9%?GG_P67C27_@GC\;DD1)$;4/AEN21 M0RG'Q/\`")P58$'D<9'6OR7MM#^!/C_]H/\`8W^&_P"QA^R'\2OV5?VE-`\< M>#/B=XU\;>,_#$?P;BOO@SH-K))X[GCTVY\1W=WXZTO6MDDL#PV+M>6UM>:= M''<1ZA=QVX!_3GXI^*7PR\#WD&G>-?B+X$\'ZA=1+/;6/BGQ=X?\/WES`[M& MDT%KJVH6D\T3.CHLD:,C.C*&)4@7X?'O@:YL]"U"W\9^$[BP\47G]G>&;Z'Q M%H\MGXBU#>T?V#0KF.\:'5[SS$>/[+I[W$^]&39N4@?S;_$+0-.\=?\`!2G] MN"3Q/^PQ<_MUMHD'P@TO2],?7/"6F+\,M/3P58[&B'C*ZAM7@UYE=$BL%:2& M;3KB5Q&+J0R>[?M%^'M&\/Z9_P`$CM,TS]GZ']F*S@_;3TRXA^"#7.@WY\#W M-UKUW-*OVWP])-H\DVMS2'7]UG)N!U41S!;A95`!^\^H>(-!TF]TG3=5UO2- M,U'7KB2TT.PU#4K*RO=9NH462:VTFUN9HI]1N(HV622&SCFD1&5F4*0:XE_C M7\&D=D?XM_#)'1F1T?Q[X55T="5=&4ZJ"K*P*LI`*D$$`BOS7_X*")$W[9__ M``2H+I&TB?'OXAM$652ZX\,^'%=H\@L,;D#LN,;E#'D9^6_VI/V'_P!D7PM^ MWS^P3\//#_[/?PTTKP5\6+OXXS_$CPW::(8],\93:1X8M-1TF36X!/\`Z0VF MZA-->VA0Q[;B5S)YB$(`#]X-2^*'PTT;0;#Q3J_Q$\#:5X8U5WCTOQ'J7BW0 M+'0=2DB9TDCL-7NM0BT^\>-XY%=+>XD9&C=6`*,`_2/B7\.-?T?4O$.A?$#P M3K>@:,BR:QKFD>*M"U+1]*1D,BOJ6IV=_-96*,BEU:ZGB!0%@2`37X`_MX_" M7X>>!OVP?V%_@AX*_94L_CQ\)_"/P@^-5]X:_9:\.WFD:#H%Y=7M[>WUYJED MGB"XCT2W;2+ICXBN1=R9N38^4FYBB'T/XH^#/#OAC_@FW^W8=&_87C_8??4_ M"&GQWOAZ35/!NK-\0([.6Q:VUR27PA-/;Q1:.UW,-3.B^$OB7\/_%&L*CRG2?#OC+PYK>IB.-#))(;#3-2NKH(B`N[F M+:J`LQ`&:U/%/CWP+X&CMI?&OC3PGX/BO69+.3Q3XCT?P_'=NA4.EL^K7EHL M[*70,L1>#?!&J2IIWB.#5+JUO-:DMM.CGNYY=6NXP;"Y5I[T`_>33-4TS M6["VU71M1L-6TR]C\VSU'3+RWO["[BW,GF6UY:R2V\\>]67?%(Z[E9O#X@BF\0R>&]-T[5/&%IL@N383Z=#J4%SY%@MP(OMEWIT0OHW,:R2)9//N^ M3/$X\3_#GXT?L_\`B[Q=^SI!X[^*WQ8\"Z;H7QE\7)=:S=:*=0UVOYHH;>T@6XOS^OWC#0[CQ/X3\3^&[35KO M0;KQ!X?UG1;;6[`D7VCSZIIUQ8PZG9D/&1%I?V#X(\99+B>$Z7"^*P644LRR[&9AE5;+.'^'N+Y\9<8\+<64: ML>(\RS7..%,;2KX[*.!\+1_UCK9#5I2AFM/)\)AHSP6(I8;$U/7/#>L^(?`& MHV_@I/AA\*/A1JOA'Q[JGAG]FWPI??%;5_#MAX^^'/BK42/'OB&&QT[5KYM> MUQ-+6SU/1+O4+19)=6U.>UTJ&+4K5H[OW#P%^TMX;U;3=''A?=X\\/ZF+G_A M&C9WUKH'CFUT33/%H\*7C:OX/\/OAQXCETS]ESX<7WB+P=^U#XNU#4[+P_#>QN M?%EMJ&L:0I7P[=>&]$\0:DZ>&](DUJ^O+"70C;7"20/<+%W&A_!/QQXR\,_" M3Q-XITWX5_M2:OXWD\1>#?B'\8X]6N_#LND_`SQ+/)(+;PO)IEQH:ZEJ$*WN MM$7HTV;5+&:8Z-#"8)I[V+RN$<_\0%3-;^,_BCXJ&O>(;W2M'T?5_#O@75I-:^'FA?VQ9Z+XIL_&T= M[-9W>BH#*6MKBX@7Z/L-.\0:A=Z-:LGPFU-XO$%W>?&:UM+?4;R=-7AT:UD\ M+3Z#:S3W7V#6H(X=`N+MO$8,PTU(KBPV,UO)7F>C?#R;P+HWQ$O)+?X??`6P MT&3PKX;\(?$[07L=8UJ[^$?@==._LNW\;WOBZ$VT$QLXKO16^TW<_P!DM[CS MXI6GM[>XF]!\=:%IWCJ#QIX`U[PM>:9\-/%?@F/6]=^)WA_Q)I^C2WVH+=1P MR:6@TXKK:W5MHUA:WYUR4RV$VG*NG$O&#$W[5D.`SRA3S#,>()X_-N)\9##5 M6\?[7"3QTL)F/$<40PM7,<9P5E'#U'*N(<^Q&%Q>=8 M[/LRE0_',]QV35Z^`P&20PF5<.X652FHX%4L3'"1Q6!R&699C1HXG-*U+.L\ M:S*IB%@\/Q9F6=5^.O#WQR'A']H/XF_#_P"`_ASX M9?M`:CXK3PQX<\4>'KW3=8\7>.?AY:WEF^H:QI45U++9#7KC3[&&7,5O#<:F MD)>*V>^L;?=]#?L;Q_&F/X'Z.OQWL9=/\9_VOK!M;>^L=.TW6CX>,T1TV77K M+2X8+6#5))OMA;?#'>268LY;T&Z>5F^3?&_PH\-?MO7WPR\6_`+XXWVD^&?@ MI+:>"]6M-3M/$J:M8/IT]G?6/B71I+I[2XN->OM/AB2/4K]52]6VMIGO%DAN M;<_JPBE$1"S.555+O@NY4`%F(`&YL9;``R3@"OG?!SAS%YCQ[G'&V'Q_$,N$ M\MR*.4<-YI@>+.$\UX$\2\1Q'F.+X@XAXMIY/PIDV4X.AG>4YF_[#Q&9U:,< M1FE/#X>MB9+&8?&0E])XJ<08;`\#Y3P?B,%D*XGS'.I9KQ!E^+X9XFR[C/P] MHY!E^%R+(N%I9OQ+FV9XJODV9Y=%9SA\NI594,MG7K4J$?JU;"RBZOE_Q=^R M]X?\7?M6_"7]JVY\5:Y9^(OA+\/O&/P^T[PC;VNFOH.L67C'[9]HU'4+N6%M M3AN['[;)]GCM9D@DV)YJGYL_4%%?U0?S:?+/C?\`98\.^-_VK/@S^U;=^*]> ML?$?P8\$^-/!.E^$K6VTU]`UNT\9VU_;7-]J5U-"VI0W5BNH2M;):3)#(R1B M92`V9-8_9<\/:Q^UWX3_`&NY?%6NP^)?"?P?U7X/6_@Z.UTUO#UYIFJZW?:W M)K5Q=O"=43489;Y[>.&*9;5HD1G0N23]144`?E!XH_X)7:7#XE^(5Q\#/VJ/ MVA_V#=5U/7=Z:]-X?;4[&6_\*#5X7>"Y6PE MGV0-]EA*6$5M9P>Q>,?^"=OP:UG]G7X/?LS>"]3\0_#OP#\&OB=X*^*6CW6F M#3]8UW7M<\(:IJ&LW!\1WVJV[)>7'B;4=2NKK6=0BA@F61A'81VMK'#;Q??M M%`'R=XS_`&+O@7XGO_VB_%6D^&4\(?$G]IWX::C\+_B1\0]'EN+C5YM$OM#; M0UN;#3-0N)]"L[U(DLKJ\>UT^W.L7>FV,VJM=20J]>=:Q^Q/XGM?@'\#/@=\ M*/VJOC=\$6^!^@)X>M/&?@$>%TO_`!O91V-M9Q#QEHVI:5=Z7>+:M;FYLH[0 M6BVTUQ`(K<6I\'V.A:+:6FG6.DW4*117R;IVFAM;."#[+%#(LWSA) M_P`$A-`BT:[^$^D?M)I] M,DUVW\.SWI:5].99MY8S3RSWI>[?]AZ*`/D7Q+^QS\/-7^(_[)OCK0-1U+P7 MI?[(=GXJTOP#X(T.UL9-!U+2/$GA73O"<.G:G/>QS:C#%H]CIL$MM-:SBXNI MFD:\EE9V<^1:_P#\$U_A#JG[;7AK]MW2/$GB7PMXQTB[AUG7/!&D6FC?\(GX MK\3PZ'J7AYO$5_)-9MJ5G?7NGWEJ=26RF5;Z\L!>R,+B\O'E_1>B@#YQ_:R_ M9PT/]K+X$^,/@1XC\2ZSX0TCQA/X=GN=?\/V]A=ZK9-X=\1Z5XC@6W@U.*:R M<7,^EQVTWFQDK#,[)B0*:X/XZ_L:>%OC/K'[/7C6P\:>)/AS\4?V;/$.F:MX M&^(OAFSTBZUB]T:"S@LM;\'^(+74K>2TU'PYXEBM8/[2M&V^6INXK8I%?WB2 M_95%`'YJ?%C_`()Z:]XI^/?Q`_:#^"G[5_QD_9K\5?%?3?#%C\1],\!Z5X.U MS2/$<_A+3DTG2;X1^)=-N9;&5+&*,21H\R?:6N;B,QB[EBKT#XA_L+Z%\:/V M=?"/P/\`C5\8?BE\0_&/@7Q*OC?PG^T#+^*^A^-;/4M1OM&U_3Y]$TJ MWT6!M)M=0_L>.S&G-%<:;;6[2R#488+^'[KHH`_./X/?\$\XO!_QF\)_'KXX M_M'?&;]J7XA_#:PU/3_A;-\4)/#^GZ!X#&LV[VFI:EIVA>'=/M8+S7+BU'_`(K?M"?L[?M":CXKUW2-:_9U?QR^B>'+ M"UTV72/$O_"G^)M$\->/OAY;:#J-U)H'BV%(-7TJ]T MWQ!:7-I(KIY\<4T;1D0WUY%-'.'A:#$C_8B\:>(OV>_CE\`OC+^UG\8OC9;? M&G2;+1E\8>,-%\#V>K^`[.U/F7">&+#1M'M+&8:C.L4UX-6-Z,P0K#Y0#E_T M"HH`^%?C!^PCX*^+/P9_9]^&2^.O%O@WQA^S)R6]],%NV$L&S:BK]Y44`>$?LU?L[_#_`/96^#7A'X(?#--4;POX2COY%U#7 M+M+[7-:U;6-1NM7UK6]8NXH+:"6^U+4KRXG=;>VM[:WC,5M;0QP01J"O=Z*` M"N&\5?#+X?>.-6\,Z[XO\'Z#XCUCP;?'4O"^HZK80W5UHMZ7AE\ZSDD!*_OK M>WG$'Q%.-:A.%10KT*M6A6@IM&\+_%C4 M_$7QLL/C-=^#O&/P:\01&V\!^$M-T@RZHGA^6VNEU/3=9C^QV[WDES:M!;O% M-=:A+/?K)-92V<#1PG@]*@^!5Y\,OAC\<;GP]XQ^%/@CX'0>(]2\,:!?V>M^ M&&T&S:630;\:SX2TQ[R35K>X>W%Q9+(EW)/]H,[LZW5TC_8-,DCCFC>*6-)8 MI%9)(Y%5XY$8$,CHP*LK`D,K`@@D$8KX.OX=T'#EIXS#YM.GA6_Z MUX_^V,5Q+@N+>'*U7-JV-P69_P!@\*YSA.?`\.8?%8>C.C#+XTL;@ZV64*TO ML:/&]=2O+#XC+8SKY5"K1X6QW^KF">6X?(,7PUGE.&6T<+BLO_MGB+*L2Z>- MSRMAZ]55)XUU<+BJ685Z2^?M>U/X<>`-('B.+PIXM\?&OAV/4;;3-,U M3QI8S7/BG3+>VL=6U#1=7N)+;0O"ZV%E;O>PPVL,$4DB;K%II-JZ^H:-\:G^ M-6AW6GZWX/B^`$7@^\L==\*S::K>(KGQ&PNHK:2WG^Q/BT4/8[56_ALELX+V MVEL)9YH9Q[8`````````!@`#@``<``=!2UZ7^IOM*D(SS2KEV"P^99+F^$P7 M#%!\.6Q67XK%YCFF#S'$X7$UJV;9)G^9XROBL?E&+_<2C5KTJL\3*O5K/SUQ M0Z<)RC@*>.Q=?`9IEF(Q6?U%GC^KXW#8;`X#$X&CB:%.GEN:Y/@,+1P^#S/# M?OH.G1G2C0C1ITUP_@3X:^`?ACI]]I/P^\):'X1T[4]2GU?4+30[*.SBN]1N M%1)+J?8-SN(T2*)"WEP1(L4"1Q@+7<445]7E^79?E.#P^795@<'EF7X2'L\+ M@H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJ MLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:X>+CY.7FY^CIZO'R\_3U]O?X M^?K_Q``?`0`#`0$!`0$!`0$!`````````0(#!`4&!P@)"@O_Q`"U$0`"`0($ M!`,$!P4$!``!`G<``0(#$00%(3$&$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B M7J"@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>X MN;K"P\3%QL?(RKR\_3U]O?X^?K_V@`,`P$` M`A$#$0`_`/ZD_P!M?]MSXS_`/XP:7X`\"^&_#=OH2:#HFO?VGXCTC4M3G\53 MZA<7T=S8:?+;ZA906]E`ULEBRVR2ZD+V.=Q(L30QG]#=>\9>)8_@;K/Q!T[2 M[?1O&$?PJU'QC9:+K:7,MKI7B-/"4VM6^F:M%"B7DL%CJ02UO8XD2YDCBD1% M24@#TJ\TO3-1>V?4-.L;Y[*=;FS>\M+>Z>TN4^Y<6S3QN8)U_AEB*2+V85=9 M5965E#*P*LK`%64C!5@<@@@D$$8(X-?EW!_!?&>0<:\?<19]XC9CQ5P]Q1B\ M)7X:X3Q674L+A.#J%"6(=3#83$QQ-9XB,X5:5!2IT,'[6%!5\7'$8F2J0_2. M*^+N$<\X0X'R').`,!PSGO#F%Q5'B+B?#9A4Q6)XLK5HX>-/$8K#RPU'ZO*, MZ56NXU*^,]E.NZ.%EA\-#V$=..D-#GUC3KF*SDUC5FU69=?"VZQP:+';W M^K+^U=\3)KRU\,:'X2^$OB3Q+);7OB"\\0:%\1=6U+X>V?AR#X=ZI\08[*+5 M+3PU-J%_XLB73(](O--BMX;>+3];T#Q?YRV>H#1T^Y[/0=#T^&"VL-&TFQM[ M5X);6"STZSMH;:2UM_LEM)!%#"B0O;VO^C0/&JM#;_N8RL?RU#I_ACPUI,`M M=*\/:'IEL)KRX%OI^DV%G`+C45V:A.(;:WCC$U^@"7DH7?=*-L[..*_43\W/ MAN7]KCX@:=X?AUCQ)X)\">'HHH?A[XP\2:M'XJUC7])\%_#;XB>$-:\3V5]J M5E;:)IWB#7M6T&ZT2;2?$-UX:TZ]L+.TNH/$@LSIMO?PVMJ^_:\\7F9X=`\% M^!M;NO$^NW6@^!='/CF^M=7T";3?CCX*^"=S-X:34KCQDGB;2H= M,AO[@+I-[X%/"VJ+;IJ?AK0-12SELY[1;[1M.NUM9].1X] M/FMUN+:002V"22)9R1!7M4=U@*!F!FB\.^'X+S4-0AT+1H;_`%>>RN=5OHM+ MLH[S4[G37633KC4+E(!->SZ?(BO92W+RR6KJK0-&P!`!\,:U^UY\0="L?$]Q M#P!ID5EXQN].\3ZU]TO0EN-)AL[R^47Z=%IG[7=Y:Z=/'XX\(:5X/\1)/\*]/TG3M6\21Z MP^S:58>);2REAEU6"755T358;22W6^N?L MQM&TAX[V)]*TUXM2@GMM1C:QM6CO[:ZEN9KJWO4,16Z@N9KV\FGBG$D&8D\/B8:"D6@Z5&NB"XF6YG&D*MH!IHGN$2>86 M0A\R9%E?_#/PMJO@+0O%OB37-*T37/&-[X/FU>VL) M-,\3_%3Q9\/(X_#(U&V^R0ZIX(L/#$WB#QE::S?1>WL#UWGA?] MIGQM=ZC\&[CQYX7\#>!/"WQ9TJSU:TU2/Q3J7B:2WN-?N+]?#7AB9K/2K%]' MU>\TVSAU1M:UJQA\*7EQ=76@6>KC4='DFO\`ZUD\(>$Y9K&XE\,>'9+C3-1N M]7TV>31=->;3]6OYEN;[5+&5K8O::C>7")/=WMNT=S<3*LLTKNH8/F\+>&+B M[L;^X\.:#/?:99S:?IM[-I&GRW>GV%Q')#/8V-R]NTUI9SPRRQ36UN\<,D/;O1[#X?'1/#7C7P]\,]&BUOQ;=6FLMKWB76?"& ME67CWQ:EII]Q:>'_`(9B+Q6FI65W"U_?:SIT>EW=M<6R:_`MGQ$?[5'Q5URY M:R\)^`OAM>?V)>>#/#OB/6+_`,=:V=&U/Q#XY^/7B;X`Z5J7@N33_#%P^I>$ M;;5M!7Q?3A1B];:'HMG!!:VFCZ7:VUK!86 MMK;VVGVD$%M:Z5.;K2[:"**%8X8--N2;BPAC58[.\^( MOP^T'Q;J6G6FE:G>MK&GZK8Z?>2W^G0ZMX=UW4_#>J/IMW/;VEQ-IUQJ&D7- MSI[75M!=+9S0)=1)<+(`5Z#!;V]K$(+:"&VA5I&6&")(8E:61I96$<:J@:25 ..WED(&7D=G8EF))0!_]D_ ` end