-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
CjFHchrvKisEeGiHvyoyceC/GxOpeWcLbwH3ovzH5vALcPZZSvbhlZGqxQEOnCOX
QL/xfX+ItG1a0IDSNV44Kg==
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report GENERAL MOTORS CORPORATION
Registrants telephone number, including area code (313) 556-5000
ITEM 9. Regulation Disclosure
General Motors Corporation (GM) issued the following press release and charts
in connection with a meeting with securities analysts and investors, held in
Detroit, Michigan on Monday, June 14, 2004.
# # #
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Safe Harbor
In the presentation that
follows and in related comments by General Motors management, our use
of the words expect, anticipate, estimate, forecast, objective, plan,
goal, project, priorities/targets and similar expressions is intended to identify forward looking statements.
While these statements represent our current judgment on what the future may
hold, and we believe these judgments are reasonable, actual results may differ materially due to numerous important
factors that are described In GMs most recent report on SEC
Form 10-K which may be revised or supplemented in subsequent reports
on SEC Forms 10-Q and 8-K. Such factors include, among
others, the following: changes in economic conditions, currency exchange rates or
political stability; shortages of and price increases for fuel, labor
strikes or work stoppages; market acceptance
of the corporations new products; significant changes in the competitive environment; changes in laws, regulations and
tax rates; and, the ability of the corporation to achieve reductions in cost and employment levels to realize
production efficiencies and implement capital expenditures at levels and times planned by management.
Global
Business Environment
Paul
Ballew
Global
Economy in 2004-2005
Global
economic recovery has accelerated, although some headwinds have
developed
U.S. economy
continues to grow briskly at 4-5%
European
economies are slowly improving
Asia-Pacific
region led by China continues to grow robustly
Latin America
and Middle East economies continue to recover
Economic
Environment: Not Ideal But Improving
Global Real GDP Growth Outlook
Automotive
Industry Outlook
Global
vehicle sales on pace for a record 61 million units
Sales on
calendar-year-to-date basis are up a brisk 7%
Pricing
remains challenging
But
in line with expectations and offset in part by mix
Sales outlook
unchanged
Global Industry
May CYTD
Global Industry
Outlook
Global and Regional
GM Share Performance May 2004 CYTD
Global New Vehicle
Sales
Global New Vehicle
Sales Revenue
U.S. Vehicle
Transaction Price Industry Average
Global
Industry Faces Some Headwinds
Legitimate
headwinds exist and are causing some uncertainty in the medium term
Need
to put these in context and critically view their impact
Key risks are
Higher
interest rates
Transitions
to more sustainable growth rates are occurring in the two most
important markets (U.S. & China)
Higher
fuel prices
Bottom
Line: Headwinds are Present but Should Not Derail the Global
Expansion
U.S. Fed Funds Rate
U.S. Vehicle Payment
as a Percentage of Monthly Household Income
U.S. Gasoline Prices
Change in the Price
of Gasoline and Other Consumer Items Between 1982-1984 and April 2004
U.S. Gasoline
Consumption as a Percentage of Disposable Personal Income
Summary
on Interest Rate and Fuel Price Situations
A shift in
monetary policy combined with higher energy prices will temper
growth, however no reason to assume will derail the global expansion
Oil and
gasoline markets have been hit by both supply and demand side
disturbances
Although fuel
prices have surged in the past few months, they remain low by
historical standards, especially after fuel economy improvements are
included
China:
Industry Development
Growth is
moderating after recent unsustainable surge
2003 vehicle
sales 4.6 Million units, up 35% y-o-y Largest sales
increases in 2003 were in Lower Medium and intermediate segments
Industry
structure will change radically in the near-term
Domestic automakers include more than 120 small companies
Government is encouraging consolidation
GM is well positioned as industry consolidates
GMs
Strategy
Focus remains
on getting the basics right
Cost, Quality, Product and Brands
Must continue
to take advantage of growth opportunities
Richer mix in U.S.
Emerging markets
Adjust to
current and future challenges
Best in industry fuel economy
New-term focus on improving internal combustion engine (e.g.,
Displacement on Demand)
Push into new frontiers (e.g., Fuel Cells)
Safe Harbor
In the presentation that
follows and in related comments by General Motors management, our use
of the words expect, anticipate, estimate, forecast, objective, plan,
goal, project, priorities/targets and similar expressions is intended to identify forward looking statements.
While these statements represent our current judgment on what the future may
hold, and we believe these judgments are reasonable, actual results may differ materially due to numerous important
factors that are described in GMs most recent report on SEC
Form 10-K which may be revised or supplemented in subsequent reports
on SEC Forms 10-Q and 8-K. Such factors include, among
others, the following: changes in economic conditions, currency exchange rates or
political stability; shortages of and price increases for fuel, labor
strikes or work stoppages; market acceptance
of the corporations new products; significant changes in the competitive environment; changes in laws, regulations and
tax rates; and, the ability of the corporation to achieve reductions in cost and employment levels to realize
production efficiencies and implement capital expenditures at levels and times planned by management.
Global
Business Update
John Devine
What
Has Happened Since January?
Strong global
market U.S. performing about as expected
On-track to
meet Q2 and CY net income targets
GMNA, GMAP
on-track, GMLAAM above target, GME below target
GME cost
reduction on-track, shortfall in revenue
GMAC set to
beat target by wide margin
Other
financial metrics, including cash flow and capital, are on-track
Agenda
Automotive
Update by Region
GMAC
Interest Rates
$10 EPS
Report Card
Cost
Reduction Status GMNA
Material cost
reduction on target at 3.5%
Structural
costs on target to decrease by $1.0 billion
Performance
improvements and decreased pension expense more than offset health
care and labor economic increases
Continued
strong reduction in non-scheduled manufacturing overtime
Continued
trend of 4-5% net attrition (hourly and salary)
6 Year
Average Hours Per Vehicle Improvement History
Status
GM Europe
First quarter
results not at acceptable level
Good material
cost performance, flat structural costs
Expected
growth in revenue has not been achieved
Price competition remains strong
Mix has been unfavorable
German Market challenges remain
Saab
turnaround continues to make progress, but F/X remains a challenge
Expect to be
in a net loss position in 2004 CY
New Astra
Most
important new vehicle for GME (over 25% of volume)
Initial
acceptance excellent
Positive press comments
Brillant
New Astra... Better to drive than a Focus, classier than a
Golf
What Car? April 2004 (UK)
Very strong
Astra demand
Approximately 10,000 new Astras sold in Q1 2004, projecting sales of
over 315,000 by the end of the year
Over 147,000 orders received by end of May (116K sold orders)
GMAP Strategy
Focus on broad-based growth in key markets (China, India, Korea, ASEAN, Australia)
Continue to build up our capability in China Production, Engineering/Design, People
Grow/Improve GM Daewoo product portfolio
Strong joint venture/alliance partners
Improve profitability in Thailand, India and Korea
GM China Strategy
Grow share
Leverage brands
Adding product in new segments
Increase capacity
Leverage local engineering with global capability
Leverage GMDAT
GMs Rapid Expansion in China
New investment to exceed $3B over three years
GM and its joint ventures to introduce nearly 20 new and upgraded products over the next three years
Will also introduce a range of new engines and transmissions
Vehicle assembly capacity in China will double to 1.3M units by 2007
Local engineering and design capability to be upgraded
GM Daewoo
Integral to GM overall product strategy
Tremendous growth opportunity
Currently sold in North America, South America, Europe and Asia
Strong capabilities in engineering
Low cost manufacturing
Improved profitability
GMLAAM
On-track to beat 2004 CY net income target of ($200M) ($100M)
Experiencing continued challenging economic conditions in Brazil, but have been able to reduce year-over-year losses
GM growing volume, share and profitability in Colombia, Venezuela, Ecuador and Chile
GM Argentina financially stable and gaining volume/share amid strong industry recovery
100% acquisition of Delta Motors will improve LAAM revenue and profitability
Agenda
Automotive Update by Region
GMAC
Interest Rates
$10 EPS
Report Card
GMAC Outlook
Diversified portfolio of profitable businesses
Positioned well to handle interest rate increases
Business fundamentals remain favorable
Increase in fee-based income at auto finance operations
Expansion of insurance and mortgage operations internationally
Agenda
Automotive Update by Region
GMAC
Interest Rates
$10 EPS
Report Card
Interest
Rates
Interest rate
increase linked to strong recovery of U.S. economy
Consensus
assumes interest rates will rise by 100 basis points or less, in both
2004 and 2005 CYs
Included in current 2004 EPS guidance of $7.00 EPS
Earnings
impact includes:
Sales Allowances/Inventory DOWN
Automotive Cash/Debt Portfolios DOWN
GMAC DOWN
Pension/OPEB UP
Agenda
Automotive
Update by Region
GMAC
Interest Rates
$10 EPS
Report Card
Agenda
Automotive
Update by Region
GMAC
Interest Rates
$10 EPS
Report Card
2004
Priorities/Targets
Priorities
$6.00 $6.50
EPS* G
$7.00 EPS*
Operating cash flow of $5.0B
G
Grow share in all regions
G
Regional/Sector
Income Targets
North America: $1,000 $1,400M
G
Europe: $0 $100M
R
LAAM: ($200M) ($100M)
G
Asia-Pacific: $700 $800M
G
GMAC: >$2,000M)
G
Other Metrics
Structural cost: >$500M reduction (Auto Ops.)
G
Capital spending of $7.0B
G
Material cost reduction: 3.5% GMNA & 3.0% GME
G
*EPS
excluding any special items; at current dilution levels
Summary
Global industry sales remain strong
GM affirms Q2 guidance of $2.00 $2.25 EPS and 2004 CY guidance of $7.00 EPS
Strength at GMAC offsets challenges at GME
Continued strong global cost performance
Impact of gas prices and interest rates appear manageable
Focus on $10 EPS by 2006 remains
Safe Harbor
In the presentation that
follows and in related comments by General Motors management, our use
of the words expect, anticipate, estimate, forecast, objective, plan,
goal, project, priorities/targets and similar expressions is intended to identify forward looking statements.
While these statements represent our current judgment on what the future may
hold, and we believe these judgments are reasonable, actual results may differ materially due to numerous important
factors that are described in GMs most recent report on SEC
Form 10-K which may be revised or supplemented in subsequent reports
on SEC Forms 10-Q and 8-K. Such factors include, among
others, the following: changes in economic conditions, currency exchange rates or
political stability; shortages of and price increases for fuel, labor
strikes or work stoppages; market acceptance
of the corporations new products; significant changes in the competitive environment; changes in laws, regulations and
tax rates; and, the ability of the corporation to achieve reductions in cost and employment levels to realize
production efficiencies and implement capital expenditures at levels and times planned by management.
Worlds Best Powertrains
Tom Stephens
Worlds Best Powertrains
Who we are
Why Powertrain
Competitive advantage
To the customer
To GMs bottom line
Advanced technology and sustainability
Worlds Best Powertrains
Who we are
Why Powertrain
Competitive advantage
To the customer
To GMs bottom line
Advanced technology and sustainability
Who We Are...
General Motors Powertrain
Global process leadership for:
91 facilities
14 countries
Over 72,000 people
43,000 engines/day
40,000 transmissions/day
Worlds Best Powertrains
Who we are
Why Powertrain
Competitive advantage
To the customer
To GMs bottom line
Advanced technology and sustainability
Why Powertrain...
Revenue
Option pricing
Key reason for vehicle purchase
Cost
20% of total vehicle material cost
Worlds Best Powertrains
Who we are
Why Powertrain
Competitive advantage
To the customer
To GMs bottom line
Advanced technology and sustainability
Powertrain Offers a Competitive Advantage
To the customer
Broad portfolio
Quality
Fuel economy
Performance
To GMs bottom line
Advantage
to the Customer... Feature
content and performance perceived as unchallenged by the competition
Customers
will aspire to buy GM vehicles, regardless of affordability, because
of these powertrains
1%
Image
Advantage
to the Customer... Feature
content will be equal to or better than any competition in segment
Functionality
and quality will be at benchmark levels
Cost will be
competitive
20-30%
High-Feature
Advantage
to the Customer... Performance,
fuel economy, NVH and packaging equal to or better than segment
competitive norms
Quality will
be at benchmark levels
Significant
cost advantage
70-80%
High-Value
Advantage to the
Customer...
Advantage to the
Customer... EPA reports:
GM trucks lead in 50 out of 75 models
GM cars lead in 40 out of 62 models
More
segment-leading vehicles than any other manufacturer
Advantage to the
Customer...
Advantage to the
Customer...
Powertrain Offers a Competitive Advantage
To the customer
To GMs bottom line
Revenue optimization
Core competencies
Productivity
Advantage
to GMs Bottom Line...
Advantage to GMs Bottom Line... Powertrain
Electronic Control System
System architecture specified in-house
Changes the balance of power with suppliers
Turns the electronic control system hardware into a commodity
Enables catalytic converter noble metal thrifting
Starting to leverage globally
Advantage to GMs Bottom Line... North
American Harbour Report 2004
5.2% improvement in engine productivity
Romulus most productive V-8 plant in N. America
Overtook Honda for 2nd place
Closed gap to Toyota by 26%
Parity to Toyota at comparable mix and volume
6.5% improvement in transmission productivity
Toledo most productive plant in N. America five consecutive years
Advantage
to GMs Bottom Line... Jointly
designed, engineered and tested
$720M total
investment
$350M GM, $370M Ford
Economies of
scale
Excellent
opportunity to provide a great product while cutting significant cost
Worlds Best Powertrains
Who we are
Why Powertrain
Competitive advantage
To the customer
To GMs bottom line
Advanced technology and sustainability
Advanced
Technology and Sustainability...
Advanced
Technology and Sustainability... Higher levels
of fuel economy, power and torque
Required
power density of 60 hp/liter-naturally aspirated and 100 hp/liter
turbocharged
Spark
ignition direct-injection (SIDI) gasoline engines
Cam phasers
and variable induction tuning
OHV
DOD for V-6/V-8 engines
Three valves per cylinder
DOHC 4V
Two-step valvetrain
Port deactivation
Turbo/supercharging
By 2006, GM
will have manufactured more than 1 million engines featuring port
deactivation
By 2007, GM
will equip more than 2.5 million engines a year with variable valve
timing
By 2008, GM
will equip up to 2 million vehicles annually with Displacement on
Demand
Advanced
Technology and Sustainability... Emission
reductions
Advanced
control system algorithms
Improved
combustion
Close couple
catalytic converters
Exhaust
manifold integrated in the cylinder head
Active intake
manifold on OHV engines
Turbocharger
integrated in the exhaust manifold
E85 alternative fuel
Since 1960,
GM has reduced NOx, CO and HC emissions by more than 96%
Driving a
Hummer H2 for 3,000 miles emits less NOx, HC than operating a
snowmobile for 1 hour
GM produces
more than one-third of all E85 flexible fuel vehicles on the road in
the U.S.
Advanced
Technology and Sustainability... Increased
power and torque with reduced emissions and NVH
Power density
> 80 hp/liter
Increased maximum cylinder pressure (P-max)
Reduced compression ratio
Common rail fuel system improvements
High pressure
Pilot/post injection
Advanced
turbocharging systems
GM produces
1.9M diesels annually on 25 models globally
GM heavy duty
diesel pickup market share increased from 2% to 29% with Duramax in
30 months
Starting in
2006, GM Daewoo will increase 1.5/2.0L diesel capacity by 250,000
units/year
Advanced
Technology and Sustainability... Emission
reductions especially particulates and NOx
Euro IV and
beyond
Low temperature combustion for NOx reduction
Diesel particulate filter
NOx aftertreatment (traps/catalyst)
First OEM to
meet Euro IV emissions requirements with 2003 Opel Astra 1.7L Circle L
The 2004
Duramax diesel emits 40% less NOx and 10% less particulate emissions
Advanced
Technology and Sustainability... Planetary
stepped gear automatics for improved performance and fuel economy
6-speed
families (FWD and RWD)
Stepped gear
manual transmissions for improved fuel economy
Manual
transmission automated (MTA)
Dual clutch
transmission (DCT)
GM will
produce nearly 1 Million 6-speed transmissions annually by 2008
Advanced
Technology and Sustainability...
Broadest
portfolio of hybrid systems in the industry
Advanced
Technology and Sustainability... 2003 GM
Allison Hybrid Bus System
2003/2004 FAS
Hybrid Full-Size Truck
2006 BAS/Hybrid
VUE
2007 BAS/Hybrid
Malibu
2007 AHS
II Full-Size SUV
2008 AHS
II Full-Size Truck
Advanced
Technology and Sustainability... GM Hybird Bus
Features
Two 100kW
Motors
588-volt NiMH
batteries
Benefits
Up to 60%
fuel economy
Reduces
emissions by more than 90%
Operation
sound levels equal to cars
50% faster
acceleration
Extended
brake, engine oil and transmission oil life
Advanced
Technology and Sustainability... PHT
Features
14 kW motor
42- and
12-volt lead-acid batteries
Benefits
10-12% fuel
economy improvement
Highest city
fuel economy of any 2004 full-size truck
Uncompromised
hauling/towing capability
First
production hybrid build in North America
First
120-volt AC outlets in cab and pickup bed
Assembled on
main line at Ft. Wayne Assembly
Advanced
Technology and Sustainability... BAS
Features
7kW motor
replaces alternator
42- and
12-volt batteries
Benefits
12-15% fuel
economy improvement
Lowest-cost
hybrid solution
Advanced
Technology and Sustainability... AHS II Features
Based on GM
hybrid system for buses
Two 30kW
motors
300-volt
battery
Benefits
25-35% fuel
economy improvement
Uncompromised
performance and trailering/towing capability
Scalable
architecture
Future
industry standard in hybrid architectures
Advanced
Technology and Sustainability...
Advanced
Technology and Sustainability... Best chance
to be competitive in high volume with todays internal
combustion engine
Substantial
reductions in vehicle exhaust and greenhouse gas emissions
Energy
security
Geopolitical
stability
Sustainable
economic growth
Goal is to be
the first company to profitably sell 1 million fuel cell vehicles
Worlds
Best Powertrains
Powertrain
provides GM a competitive advantage globally
Advantage is
sustainable through our:
In-house powertrain core competencies
Product strategy
Advanced technology strategy
,[Y(N2"Q`!+.BM`&@\@O@FA$B\Q6L("5"&;U$ZQ,$[LB.:^PB1ZG.!
M"Q`^#$P(LYL!CT@[U;N\P."!ZHN!IFL(++@0;NM!CX``N?B"WON]1#&!)T'!
MAM"!%3"!_U@("7Q[@:=QB!H`"0!$"!5D-1'X&0L8`PF@0LO;O1&1BP2\+1,0
M!5F8!"I`@V5@ADDX@35X`B1H"`:@@A/X'TE0G5C8@QU``@O``H1H!@8X@1-P
M`3O(Q`"H`A=`!B5@@1((B2&@O2,(@13H!=EX@B[XIC,(`V<(A1,P@5;``X0X
MA`H(@2/8@PKHD(+(@P)@@3UP@3DX@@:4`P,XA4M;H"VXLA/8`D"0,]JX#=BQ
M@#]XAB`P/].3"!%@``I@@1/8@0P2@0(X`"J0`0*@`!S$@AA``AF@@@*H`"$0
M`"58!0LH!!.0LKG0`#TP@3<2#%&8!!EPA4A0$3CH!6":A%X@+_^$(((>\,8`
M&`0QP`0\!`)(B!)#V(,CX($#.`"-4(@_\`)$V(`FR$9U,H$YD`M'^(,I.`$6
MJ*C_$(%B4(-OJL<^>(`+2`$-D(`=.X`T,8B%"`%>H`"$F``U((!?O($ZN!`O
MB($0.($!V(%IK,9K-)`AV`,E.`(DJ`!0G`LM:$@E<(2(/$@](`03`+Z?>(8_
M0`*=)`W`*0@Z:,83>,KYJL03V`,+V`*`%$B"G*!8)(19K$5](49C1,8.X8%>
MN`52A``'.`'1&(-O\B%(,0$MD(406,0N:$@9B$05$45+)(13%(!SLP!KG"#*
MY(!9?`$NT!<30$B%%(`32`%GV($3&('_`YC$*(F#.7B#G9!*`I`!$[!*K(R!
M1^Q*A!!,PMP""V$``V!',!``UQP#L#3(BPN4*%`&KMB#2/@#KE"")2B#$4FW
M^6*-+O"A#;"`Y5L6A&`".7BJ"#@`9.@B"8&"&]"(!`B!/Q"1%A`#T(@`,3A*
MA&@$M7&`%T@!>7*``XB%!9$"CV@"_)ROD[.(3P.-)EB%1L"0SXL.CH"&)!H<
M))$(`2@#Y$&(!BBZ!_``XFN(%(@!.,(""R"OG),Z6^$"KJ`"-9BD/^A/"[E+
M$F&$1'@"IWB")[@#A.@!#J/06*BH,["`(`"*+IBD3PN,!UN$7!F0!F@#QIC1
M:)R(,(@&)ZB`__HLB!?PB`38@V40D3EPA!+:@DP0@A@]!*%"B`Z]%Q&XJ?FL
M3Q.H`"`-`"&=)`=)DA)X`^/:2[W!"3DE3A;J0]6A#``54`+-.@*)@`B=T`H-
M@"S0@E&IEJ(KDKFH`&60)V0\5/6@NO#T"9QH"0_H&BBJ!-8PE<),
M-VZ[-P\`E"NP@">"D0!P@`EPF"GR`#H0EQ:0`A!H"'@E4<*H!.>9(I48EH*(
M@N`(C#]UB$>0`SYHB`&@`!`K49411BJI'8EH`DS(@V)K""6P@`_`5_]:R+<(
M,-01.8`IN%2EZ#A;P8D1C(,?P% 0
ML8Y0P5URR!RL?I<\`@&3/O=WB<",0H?PNHJT?H>\OD"4>H>0P2@\AS_B_H>0
M/Q6,`AD@#!+$Z$`(4-'@084*%!TT<6)CP@(F'$RE6
M/-CBBT6-&SEV]/@19$B1(TF6-'D294J+(AQ8M"#1Y((")S8V5+AB`<&-"1R(
M4/BE14B9-`NR3%!0QLR-)PHL4#GR0%"$)BR$A&!A14('+9\&L&DQ_V)7C1C%
MEC5[%FU:M6O9HFWA,("$-2NP:+%`R$B`+U\LE/BRIJ"10S$J$+I04,(7'#5>
MO"!T4((R"Q9>*"TXN/#A@A<(&:K@&6%B+3%D?8&)9 J-C/!
M$`O&(*H@U%1C+8"KLC+BAQ@.&ZJ@+U#AP86[?'(O!@LJ4&ZJW%[`(0`N2OCP
MBT("D(\^^_3ZH@*_=`ALL-4V3`R'U`X@^%QAXSZ(0Q+-`"P4*^."&%#TDT
MX8L##/E+@@`0Z.R%,R)H"\LLM=R2RRZU?*L@I@R(I9!"++ANK[[^*JB``\HX
MPX(9?#K!@D(,*<0`"Q`HB`47SEOA`,L`?3-.GR)88S488JD@M"]&*TVB"V)P
MX0R^#-FPMZ@*0K2+%>Q\S9!88$AMQN5<>'*%25DH[KCD2&3..>APT,$%%@I"
MP`(;#M*.N[U$<&/2]RJ`8<.^#"E!AQIJ+6@%"SZX,H`9+!`A2$)6N"$&70LZ
MH(0G9^34T_]:$_#0.WL,Z[9)*YW-)P #:+/,#-@\`7:6Q#IM.+:Y48#:H"YA1_P(O
M++MA\R\,F<0GOC0C"S$+:NB9_/+-/Q_]CWYFR@Y)]";J)8/6J*6#%NRW@(?>
MMRAHZJR@*`$$&Z+0RNIW/QXTH`UVR)37=!*!"@S`("(XP!2$%Q0KM(\\07%`
M!6Y@OQ9XP`)1:H$4BB<5>O$-)GXS2!+:EP!L82I,32G(!/X`P8+PH1$4K!<2
M,*4&6U1"`"^)00"W8($K1-`(K%##["K`PX) [N[)H)JX#T4;3$A:2\M("8=4]`'O=`1
MS]!=G++6[+*+';]+' O;
MOM<7&?SA+8`[ ":8_Z@!T`0@"%::==J7IDZ9FR
M:9L>:15LHYO**?^*KL`5S.6<&M<*Q&D`2`!(X>F?`FJ@"NJ@$FJA&NJA(FJB
M*NJB,FJC.NJC0FJD2NJD4FJE6NJE8FJF:NJF )##/D0/P.0JCAY@@) 8$(,;F* JMT)H@(>`$@
MS,$VN$$*Z-:IW8&:;H`#%`,%H, `&JL(^2R`VOF#7#L!;.H\DC0`EC*PG@"<`U-,"V#,P@A$+)$8+1NDI7H^!
MZ/(08F`^)T,$LO#(')(J`*Z,X0=.`TO@`5>``(R\)!2Z\"G$V)\$('ON`*
M%.\+JD+Q(@\ZRJ[T;N"_,N@Q>"#\8H!A"@$'5``D3@`!2L,%^I."Q'1(C.4+
M"D%)#XX@5D`68D#_"W@-ZT2`!V(A"=4#\/;N#XST0LK@"H[)$-P4)=I%%@KM
M/7MB!5!"US1&,&I`1^E3F\J@,W0@!4Q`!,RS!G*4Z39'"]*,A+C`!$[`V;Y`
MH%QO[/2K+7`@3U^`3V,KEQ+B.DT`2EDBG;)MH6Z/(^KB3!?O#\CC"PY@_&`&
M-&TH`#*T!P/E4]EL#"8C2ZL$:21`&7YE/@Z*!U[A];[@-0KA"TX@!<;/&'5@
M)RQ4*L_1*/IO!G+"(#Y.WVKB"V@`!BIM/MP)E\R3UYRM)XSB/5V`SNI"/DJ@
M#,K@`&3#!$1A)[Y@!T3`#T\ ,XY=Z`"_JL!V@#&;,<#R!(V+*-U+``+"B(*
MQD!"0N`/:D.[7"P`**`/\`MQ[`V:8@'K6A,^(N``8F&=:J:7C*(+>N)[OE0B
M(N`%3`"!'""%B^PYOV5:$O@31A%7$GB!'Z"!M^,)V."03&`1!B<_PHFHL,,*
MUN>/=T^0/&7+
M(9X`+D R2I[Q]$'>+X&B5=<#+$K("=?`0BY#-%S("#?$#&4#,
M2I,0A>#-$$*_S-R2"W$#A0`->T<+?M#!W@B>;A2&HID!#A(!,S#0!#W0VC2B
MU8P%6,H@!6W0#N()#O$#Y+P@`MW0[K<03Y#.#;("#4W0(]`%"]'.#3("'3W0
M*P`'\1S&VTC/]3P"NL,@2)"X^SR,[__Y3@EA!4PFT&EP`CS=TSP]`ZZ,I@JX
M(#-@#D0]`S[-TZO*(`KUSP&]TTD]`PXR`H6@$"W`9!SM!TG=T\:0"@O!RB1M
M#%O-TWY`S2E=$3!6"&J]UFH-#;7\T@M"TN<` OL4J$\T9)8P"!K2[]'JO+4VF(``;R(A083
M@'CJD:AW>^IEX58J7!9R8QA&K(!N#;=]A1)8Z2)S8;!L421.3+B6S JYIEY;<#F9E_8I?.KB[5Z
MRD!IUI[RA/?/HL5F0*8[)Z>:YA#;+K4*5I\)>02!UVY=U"?@%4'?E!]_=JZB
MQ3M"5@-`G]541V^]')'6!]P"Z*=_FFYBB$_KN@CBORN4N$B77Z.0++)>+;IWM^%5S$$U(F!UA-2[V(1/>>O+%[5F0SX8G(]&%(Q/
MIJC6FR@IL#>_.U/Q>O(WY7$'5\[;7-FDMZQ3"8F#L6F6#':F0J])#W\H+.#^
M2H`N$=PH=C[X(,](D$/A[5!D"&3@_W9%0K;=PGX`>QCR("@:[*PF;E8CG?L$
MH+=<64^*:\N3WABWN/_JM$:(L0'B\RZ$N@P>R']L])7W6N <^+WO2J=[WL;:][WZO5[C:NN$MI
M!G+EB]_\ZG>__%U'>(U+HIPMM;\$+K"!#PS4_]8W(7-EP8`1#.$(2WC""E-P
M40. "::+C>0-*HB@`1X!\5`/"!X!YB".!X:@WL`@[&0/!BI@_&B@
M#]C@\$1@]9C.]?!@#P:!\Q#@\]R."OZ@N4S*KTEA%;K*/4F?%6HAKE#A%GJA
MJ834%XHAK2S>&)KAIVC(29SA&J8*\STA&\)AI_S&&\9A'6:*WMAA'NKA'O)A
M'_KA'P)B(`I!V\V<);3=]`AB(D8)O>E$VPU3$)0A01`B(@9`VT&?(F*B)3"B
M=.V>5WG;&Q!B*(IB4[&/``@/`M3`Z67B*L+_B]D-8KDAQ"?NU_>P@P!HD3PH
MABJRXBZFC2LJ1!\]XIX]WB&,(B&N3W6=`6T4SE%=(B\ZXQ-LX@\80#`*HRPN
M85]<038I1B$^8S="HR]*0B0"`2E=6H'11C-ZX[-4H@#TA/,)@"NU71V$(BF,
M(O3M0BB>HB5Z!"'JP3H.DSL2XB#4`@+PX[8E`C;X@3*FXQB2C?B90-OIV0\0
M9/>QHQ"X`43BD'L$0%2@VRDX'_4)Y"HD0#.28SFV`&-TX4(V2T,&@PIP0R@9
M6PK(41:-'5!H%AYADDBQ#S,IT_'Y1"5E6QRTAKZ5@`/\T%&LP%"JI!>R)-!A
MGC'Q@(?$DSEQCY2E_\@8;5PR#5-J^!-"Q>+R^1\0!)(H^`Y2*.52;F%3^EU:
ME`$=>ATD=@06H@0Q1,R%]8PAG.72%261Y,--%4!>HJ45JB7.R8(UFIPP`H9$
ME($^V<=H9 K-4.4/>;CBFDHY8^KUT(_S)C^/7FY31U,9:U7$U2Y.'@L077B"
M99:N?E4OJ=*)!4]?`>/8N^C\8+C0!I9'SI&%9.+)!>ZET^RU0!DN0.L>R6OS
M1I^]H.O9H28J?H\4-J[_8.29SD -`F$``_'%*#[]J3^DR0IL5O1`_AND``^X
MP&/6!RPHO>`&_^/!FO\FR(2#]`)=V"H20%!%,T+KCT!,`]NZ<,=``.N/#@^$
M`=-`==XLD8X%L'K)#:B##\C8PP1^-K0TGBA^>)TC7Z _N!%'A;RA67X8Q7.X`887FO7
M`+ZC`>`@;C6PX(T9Z"TQ('#%$(B@"@+081O^P,%")N#=,^1"$*`P@S\@*\@Y
M7$$'E:`#-\21`BAT(J?_2(8TS(%A0PC!'Z!-S`+FX(]``($`/"B&/8H@KH0$
M(1XJ_VA`*`PA"&J\X`.R34@`$#*.2"`()XAC^@@-N/N.$+IO7B;^L2"RP@
M8R%H:($Q;+'95?CC&&?]1P0B!@"9_F,'8H!"*G#RCQN(P!_/R(!"_B"09M#`
M'^=MS`)2H0\Z_Z,-H!!%)MJ0D%A((!]E4.@$:N`/72P$"/Y@PRT2$H-L=&`/
M5DA(#EKA#&@<4!"B$,?&$(.":FR@T`F9P!DN``^%M,(?Y-#3/PQ0"VGX@P<*
M,8$]_+$+A'",`R&H`$03`@UVS#8AM""$/S"1&`/X``Q(4(@;J&`#'*CY'QK0
M,3[438%J.``/,DT`*210#(4PX-`\_`@"4I'+0)KY+B.0`/\(-FL*'5!A(4DH
M1!6JFY`=X&$56?S'$?QQB2SX,P^&D`0U;-%E1F,F#I<0Q7QCX0]"6!0##:@`
M,10R:B*@JGX(!HD1I%$("3]&V!U."`;\H8K52L+$\S7!+%I`;H6@@!46D'%(
MF.#MRGB@&19`L@4QN)`(E,("5,8AQ2?@93`OQ`V+&$$'C,')#MG"$'P(PC^$
M48U3:'8D]0#%#:XJE2]PHQ[W1`(8?.#/OB?C'Y/0A;6+0W"#+^`18MB"X>M\
MYUE&X!@JZ(9%`^T/;10Z"7!)R!86K9F1E_P?KXC)R@T(28@!/^&$4J[]`!
M4RL$U:IF= \+8\^X< ^*)`@8`-_
M&!G!*2*1P?O!!13PL$6\__E&,D)BR8XY"?&OLNP4423=AW&YA(K'V8;^PXU1L0^]CQCI`MKG]D,T7*&)L"S(#E$
M2Q=HP@UDC=\!WM.ER`XX`EJ4PN(A3>.AA1U0`MMI0+H@!G'\P^CY0^G]0Y$@
MA@3(P/0=G!SHD0"L0,A0``GX@-8)1`;H`>(PP0#@5@( Y[F>[SF?][F?_SF@![J@#SJA%[JA'SJB
M)[JB+SJC-[JC/SJD1[JD3SJE5[JE7SJF9[JF;SJG=[JG?SJHA[JHCSJIE[JI
MGSJJI[JJKSJKM[JKOSJLQ[JLSSJMU[JMWSJNY[JN[SJO][JO_SJP!SO3V(,F
MD.5`J,$F3$-.&H0A<$'([9FP7Y$M@('-24\;A^#I58X9X$,^^A1?9Y-K)T0U
MK$$(^$%:_%@S?D(@6`[F#,02W`/F-?^
M7[HHBHU&[*2IJ)M1@:0.*?SAV)N1(?Y8\=Y:"L3#2B"9(!&&")#Y0TE38X3@
MC_\0TQ4X$RS0T#$,.72PXP]K'$5`BC^<1(";/QTX!(@_LZ"`88PR,D6(/R?\
M4\5RS0W5T`U0X'+AC$(."=,NDQ`TQ7<=A3=>1E98X=XC[+E')$<,.#/.0!"H
M<%]^@OASC15VA`(@1@(26&5->13SP$`@2."@0P9%N%0.3NA@0PEI:I3#.@S]
M8YJ(&L5P2@A#D-=0#F14Z%`">/@!W)Z2"AF)&3;BZ$\]/S44%(\$^0CDI*+N
MF>15'"U@#0O@C,:1E.V-RM&676(42Q%[../$'F1J=":L-+T99T-S,C5AA0?X
MBE&@'9%H(HH7L;2B0PB4\1NRU@XW@A^ED/`/(0WHR*G_ !;)QDB08R8QT`J$2-,A,D3ZQ7%?QP"
M+WT\R"C".,;QF9$C:%0C1PRP`QN(PFE;@U]&7KB)"S1Q("RQQ`\<0@%=N`((
M@0S9#BO`B-AP00(!'`@@6WG$05ZDD!TYI+H2R01.K*(S7&B,-VC`AF#$9`RS
M8`$:)!FLC:3!&"%(!4=0``F*<-)BGL3(`33A#UF,\A\E\(T=!](B'.+26B2+
M!C/<<)%'U(9WMURG`G79D`A@X1*Y`!`@K"$.-"`@GM.#8@4YLL%_Z*$11%A!
M1F*0C0[L@8QEC"9%"+7ECR'P@0`#7*$2\4L*(+G2@<'+O_*3^3("*!`RF`
M-0;A#-ZQQ!5H^@<#HC"#4]A37213@_\:`L!GB*^>.SV;.C)!``),HP+^F`(Z
M!M&-B/U#"F0`0U+I4`,)`(`\.YB!/QJA%F)40Q($Z,8:_#$,,`B"&G%`U@*R
MH0L"&&(+%[C`%@P!AG:PRB$)78\_'CF0>30BJ=P``QLTable of Contents
(Date of earliest event reported) June 14, 2004
STATE OF DELAWARE
38-0572515
(State or other jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
300 Renaissance Center, Detroit, Michigan
48265-3000
(Address of Principal Executive Offices)
(Zip Code)
ITEM 9. Regulation Disclosure SIGNATURES Table of Contents
Table of Contents
GENERAL MOTORS CORPORATION
(Registrant)
Date: June 14, 2004
By:
/s/PETER R. BIBLE.
(Peter R. Bible, Chief Accounting Officer)
Table of Contents
2004 GM Global Securities
Analysts Conference
P. Ballew
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
1
Table of Contents
2004 GM Global Securities
Analysts Conference
P. Ballew
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
2
Executive Director,
Global Market and Industry Analysis
Table of Contents
2004 GM Global Securities
Analysts Conference
P. Ballew
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
3
Table of Contents
2004 GM Global Securities
Analysts Conference
P. Ballew
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
4
5%
4%
3%
2%
1%
0%
2.7
1.2
2.1
1.6
3.2
2.6
3.7
3.6
2.1
3.9
3.5
1.1
1.8
2.7
3.7
3.3
1990 2003 04 05
Table of Contents
2004 GM Global Securities
Analysts Conference
P. Ballew
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
5
Table of Contents
2004 GM Global Securities
Analysts Conference
P. Ballew
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
6
Units (000s)
% Change 2003 vs. 2004
N/A
Europe
LAAM
AP
Total Global
8,329
8,924
1,610
7,180
26,043
3.7%
7.3%
15.1%
9.4%
7.1%
Table of Contents
2004 GM Global Securities
Analysts Conference
P. Ballew
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
7
Units in Millions
2001
2002
2003
Forecast 2004
Global
NA
U.S.
Europe
LAAM
AP
57.1
20.3
17.5
19.7
3.9
13.1
57.6
20.1
17.1
19.3
3.6
14.5
58.6
19.8
17.0
19.5
3.6
15.7
61.1
20.2
17.2
20.2
3.8
17.0
Table of Contents
2004 GM Global Securities
Analysts Conference
P. Ballew
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
8
GM Volume
GM Share
2004 (000s)
$ Chg. vs. 03
2004 %
Pts. Chg. vs. 03
Global
NA
Europe
LAAM
AP
3,679
2,209
842
271
358
7.4
3.5
8.6
24.6
19.6
14.1
26.5
9.4
16.8
5.0
0.0
(0.1)
0.1
1.3
0.4
Table of Contents
2004 GM Global Securities
Analysts Conference
P. Ballew
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
9
Units in Millions
Annual Growth of 2.9% for 2003-2010
2003: 59 Million Units
80
70
60
50
40
30
20
10
0
2010: 71 Million Units
1945
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
Table of Contents
2004 GM Global Securities
Analysts Conference
P. Ballew
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
10
$U.S. Billions, Nominal
Industry
Growth:
CAGR
1980-2003
2003-2010
Revenue
Unit
Sales
6.3%
2.1%
6.4%
2.9%
2003: $1.3 Trillion
2010: $2.0 Trillion
2,000
1,500
1,000
500
0
1980
1985
1990
1995
2000
2005
2010
Table of Contents
2004 GM Global Securities
Analysts Conference
P. Ballew
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
11
$28,000
$26,000
$24,000
$22,000
$20,000
$20,876
$21,962
$22,982
$23,589
$24,949
$25,799
$26,249
$27,023
1995
1996
1997
1998
1999
2000
2001
2002
2003
Table of Contents
2004 GM Global Securities
Analysts Conference
P. Ballew
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
12
Table of Contents
2004 GM Global Securities
Analysts Conference
P. Ballew
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
13
History
Forecast
Outlook is for a Return to More Normal Levels
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
1990 2003 04 05
Table of Contents
2004 GM Global Securities
Analysts Conference
P. Ballew
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
14
Despite Increases in Interest Rates, Vehicle Affordability
is
Expected to Remain Close to Record Levels
9.0%
8.5%
8.0%
7.5%
7.0%
6.5%
6.0%
5.5%
5.0%
April 2004 = 6.26%
Aug 2000
Aug 2001
Aug 2002
Aug 2003
Aug 2004
Table of Contents
2004 GM Global Securities
Analysts Conference
P. Ballew
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
15
$ Per Gallon
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
0
Nominal $ Actual
Nominal $ Forecast
Real 2004 $ Actual
Real 2004 $ Forecast
Forecast$/Gallon
2004
2005
Nominal
Real
1.81
1.81
1.71
1.67
1919 2005
Sources: U.S. Energy Information Administration, General Motors
Table of Contents
2004 GM Global Securities
Analysts Conference
P. Ballew
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
16
New Vehicles 37%
Gasoline 52%
Personal Care Products 55%
Beer, Ale & Malt Beverages at Home 74%
Meats 79%
Food Away From Home 86%
All Items 88%
Fish & Seafood 93%
Airline Fare 132%
Physicians Services 178%
Dental Services 204%
Prescription Drugs & Medical Supplies 235%
College Tuition & Fees 335%
Tobacco & Smoking Products 373%
0%
50%
100%
150%
200%
250%
300%
350%
400%
Source: U.S. Bureau of Labor Statistics
Table of Contents
2004 GM Global Securities
Analysts Conference
P. Ballew
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
17
1980 Peak = 6.2%
History: 1977 - 2003
Forecast: 2004
7%
6%
5%
4%
3%
2%
1%
0%
1997 2004 Forecast
Source: U.S. Department of Energy, Oil and Gas Journal, Polk, U.S.
Bureau of Economic Analysis, General Motors
Table of Contents
2004 GM Global Securities
Analysts Conference
P.
Ballew
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
18
Table of Contents
2004 GM Global Securities
Analysts Conference
P. Ballew
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
19
2004 outlook 5.0 to 5.2 million units
Table of Contents
2004 GM Global Securities
Analysts Conference
P. Ballew
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
20
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
1
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
2
Vice Chairman & CFO
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
3
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
4
Table of Contents
2004 GM Global Securities
Analysts Conference
J.
Devine
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
5
Metric
Status
2004 Key GMNA Metrics
Market Share
Net Income
Material Cost
Structural Cost
Quality
G
G
G
G
G
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
6
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
7
Actual Hours Per Vehicle
GM
Toyota
Ford
Honda
DCX
Nissan
50
45
40
35
30
25
2003 vs. 2002
Harbour Study
GMNA Total Hours Per Unit
(Assembly, Powertrain, Stamping)
46.81 38.60 3.4%
46.52 37.42 7.8%
36.76 35.20 5.2%
31.90 32.09 7.1%
30.79 30.01 3.9%
30.25 28.09 4.4%
1998
1999
2000
2001
2002
2003
GM excludes medium duty. Honda, Nissan and Toyota data includes
partial reporting of North American plants.
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
8
Assembly
4.7% GM
(0.4)% Ford
4.6% DCX
0.4% Toyota
1.1% Honda
(0.4)% Nissan
Stamping
5.0% GM
0.0% Ford
4.0% DCX
(4.0)% Toyota
(5.0)% Honda
4.0% Nissan
Engine
6.2% GM
(4.5)% Ford
4.2% DCX
1.4% Toyota
2.2% Honda
Transmission
4.6% GM
1.1% Ford
3.0% DCX
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
9
GM: 33% Reduction
Problems Per Hundred
200
180
160
140
120
100
179
164
146
130
134
120
134 Toyota
Toyota 101
1999
2000
2001
2002
2003
2004
J.D. Power Initial Quality
Table of Contents
2004 GM Global Securities
Analysts Conference
J.
Devine
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
10
Metric
Status
2004 Key GME Metrics
Market Share
Net Income
Material Cost
Structural Cost
Quality
G
R
G
G
G
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
11
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
12
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
13
3,500
3,000
2,500
2,000
1,500
1,000
500
0
28% Reduction in Capacity
2,950 Dec 99
2,925 Dec 01
2,655 Mar 02
2,325 Jan 03
2,125 Dec 04
Manufacturing
Performance
Capacity Optimization
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
14
100%
50%
0%
1999
2000
2001
2002
61% Improvement
2003
2004 Target
Improvement of
Delivery Quality Warranty Claims after
12 Months of Ownership
Table of Contents
2004 GM Global Securities
Analysts Conference
J.
Devine
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
15
Metric
Status
Market Share
Net Income
G
G
2004 Key GMAP Metrics
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
16
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
17
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
18
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
19
Units (000s)
1,400
1,200
1,000
800
600
400
200
0
410
2003
2004
2005
2006
1,300
2007
Capacity on a 3 shift basis
GM Capacity China
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
20
Brand
Segment
Product Offerings
Cadillac
Buick
Chevrolet
Wuling
Saab
Opel
Luxury
Small/Medium
Upper
Medium/Large
Mini
Small/Medium
Mini
Luxury
Medium
CTS, STS, SRX, XLR
Sail, Excelle
Regal,
GL8
Spark
Aveo, Optra
Sunshine, Yangguang
City
Breeze
9-3, 9-5
Vectra
GM Product Portfolio China
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
21
Industry Volume (Millions)
5.0
4.0
3.0
2.0
1.0
0.0
China Industry GM
Share
1.7 0.4%
1.9 1.2%
2.2 1.5%
2.5 2.5%
3.4 4.6%
4.6 8.3%
GM Market Share
10%
8%
6%
4%
2%
0%
1998
1999
2000
2001
2002
2003
China Vehicle Sales
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
22
Table of Contents
2004 GM Global Securities
Analysts Conference
J.
Devine
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
23
Metric
Status
Market Share
Net Income
G
G
2004 Key GMLAAM Metrics
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
24
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
25
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
26
$ Millions
3,000
2500
2000
1500
1000
500
$1,325 1998
$1,527 1999
$1,602 2000
$1,786 2001
$1,870 2002
$2,753 2003
Expect to Beat Target by Wide Margin
>$2.0B Target
2004 Outlook
GMAC Net Income
Table of Contents
2004 GM Global Securities
Analysts Conference
J.
Devine
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
27
Credit Loss Trends
U.S. Off-Lease Residuals
International Auto Finance Growth
Insurance Loss Cost Trends
Increase in Residential Mortgage Market Share
G
G
G
G
G
GMAC Business Fundamentals
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
28
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
29
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
30
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
31
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
32
Challenges
Health care/pensions
Pricing
Strong competitive entries
GME turnaround
Opportunities
GM product portfolio
Growth in Asia-Pacific
Accelerated cost performance
Continued strong GMAC performance
$10 EPS by 2006 CY Remains the goal Requires 2.5% automotive margins
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
33
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
34
Table of Contents
2004 GM Global Securities
Analysts Conference
J. Devine
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
35
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
1
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
2
Group Vice President,
GM Powertrain
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
3
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
4
Table of Contents
2004 GM Global Securities
Analysts Conference
T.
Stephens
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
5
22 Engineering
34 Engine
10 Casting & Component
25 Transmission
Who We Are...
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
6
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
7
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
8
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
9
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
10
Table of Contents
2004 GM Global Securities
Analysts Conference
T.
Stephens
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
11
1%
Image
20-30%
High-Feature
70-80%
High-Value
Advantage to the
Customer...
Broad Global Product Portfolio
GM Powertrain Product Strategy
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
12
Broad Global Product Portfolio
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
13
Broad Global Product Portfolio
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
14
Broad Global Product Portfolio
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
15
Quality J.D. Power IQS2 Car Powertrains
Total PPH
35
30
25
20
15
10
5
0
1st Place Three Years in a Row
GMPT
Toyota
Ford
Chrysler
Honda
1998
1999
2000
2001
2002
2003
2004
Model Year
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
16
Total PPH
45
40
35
30
25
20
15
10
5
0
2nd Place and Reduced Gap to
Toyota by 58% in 2004
GMPT
Toyota
Ford
Chrysler
1998
1999
2000
2001
2002
2003
2004
Model Year
Advantage to the
Customer...
Quality J.D. Power IQS2 Truck Powertrains
Table of Contents
2004 GM Global Securities
Analysts Conference
T.
Stephens
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
17
Fuel Economy Leadership
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
18
Performance Gasoline Engine Trends
HP/L
70
65
60
55
50
45
40
35
30
Specific Horsepower Cars
1975
1980
1985
1990
1995
2000
2005
Model Year
Source: 2004 EPA Trend Report for Cars
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
19
Performance
Establish future capability of ALL existing global engine
families
Specific Power (HP/L)
130
120
110
100
90
80
70
60
50
40
30
20
V6 and V8s
Design Envelope
2V; OHV
LS6 V8
4V; OHC
4V; OHC, VVT/VVL
Auto Trans Guideline
2,500
3,500
4,500
5,500
6,500
7,500
8,500
Engine Speed @ Peak Power (rpm)
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
20
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
21
Revenue Option Pricing
Customer Performance Attribute
6.0L High Output
6.0L Mid-Level
6.0L Base ~340,000 Units/yr
5.3L ~860,000 Units/yr
4.8L ~180,000 Units/yr
Full Size Trucks & SUVs
Cost
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
22
Core Competencies Electronic Controls
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
23
Productivity
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
24
Partnership With Ford on 6-Speed FWD Transmission
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
25
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
26
GM Technology Strategy
Reduced Vehicle Emissions
Increased Vehicle Fuel Economy
Today
Incremental Internal Combustion Engine and Transmission Improvements
Near-Term
Hybrid Electric Vehicles
Mid-Term
Hydrogen Fuel Cell
Hydrogen Infrastructure
Long-Term
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
27
Gasoline Engine Technology
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
28
Gasoline Engine Technology
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
29
Diesel Engine Technology
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
30
Diesel Engine Technology
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
31
Transmission Technology
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
32
GM Technology Strategy
Reduced Vehicle Emissions
Increased Vehicle Fuel Economy
Today
Incremental Internal Combustion Engine and Transmission Improvements
Near-Term
Hybrid Electric Vehicles
Mid-Term
Hydrogen Infrastructure
Long-Term
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
33
GM Hybrid Portfolio Evolution
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
34
GM Allison EP 40/50
Hybird System
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
35
Flywheel Alternator Starter
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
36
Belt Alternator Starter
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
37
Advnaced Hybrid System (AHS) II
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All
Rights. Reserved
38
GM Technology Strategy
Reduced Vehicle Emissions
Increased Vehicle Fuel Economy
Today
Incremental Internal Combustion Engine and Transmission Improvements
Near-Term
Hybrid Electric Vehicles
Mid-Term
Hydrogen Fuel Cell
Hydrogen Infrastructure
Long-Term
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
39
Fuel Cells Reality, Not
Hype
Table of Contents
2004 GM Global Securities
Analysts Conference
T. Stephens
06/14/04
©2004 General Motors Corporation. All Rights. Reserved
40
7S`P,*>GIV1C9&)B8DI*2CDY.8!_
M@*BGJ'AW>!\?'Z&AH>KJZI^>GYN:FVYN;GM[>X6%A5)24F9F9B0D)#@X.+BW
MN$%!06-C8V=F9X&!@9Z>GKR[O%I:6J^OKXZ.CG-S<[:VMD9%1E-24TE)2<#`
MP!@7&"<0IU"ZA`IX
M)T!>5DE"Q%+*IQ!&SGK^60`8@@NP@5D\9TE@)194P1AT)6T\I$!$SE/FY_^L
MY^B4)1M9@"'P0#&9Q%_1DE\>I_>]Y2S8$%V61.T0@@QI4%ZBI?=!YP*4Z-Q8
MT8BN9=S\ITD4@(:23@Q8P`U0)GANY74>`'Z*SGJV_X],?FB\J,`![%M6GI%Y
MEL09I9#?"6'Z5$`A\"A-4%X`1$Z4IJ9))"=$'`%O.F,!R0$/M!Y16(`HY)Z<
M_M4G*B5_\J9^68`5K$$).$&&\H"<%IF*:&6!*$(80&3ZW$$'U(%$@BEM7">)
M`)`,B4**1"
EM8)@@.`Y?\R?X?+1.YR5L14XJ)T
MC[WEE=L,%/*!9>%@!3>3\K2I7>VG4-FN1%E!'I+@AX+XH1>BF,,KNE")I#;H
MM$W001=P\8H4.`(.C?1*N,==[K@XH@0%``4F[J`0"$1!#KQP0H/L`(@DR,(+
M^RJF5!Q!@4^D8`UGJ`/_/D"!)!2@!P7(,WT#0`H*M$(Y?SZ().PPB$S&$'%-
MD$;!"R`+).QSKP=)Q2`H$%,"",T@2IB#`6B`C#+XX9%.;OC#UW"'B9.N(`]@
M0"\>G()4()7@!D?XOAP4`!3<(0Q74C4QAW"`[LQ!&S8N"`[F\(4N)`-:0EA#
MH.2E
O(%L!-<-X*#F/1
MPI(S4WRXM1T"_%+9)DG&PVG%I7T,@)X@PMS=?YR[UQMY\$NYCKP@OOT[+0`'
M[ET!*B9D)JF.'&Q(M(#@%P*\>VV]';,A@%[F(1Z%?3+,#;[:,7MXF$+M85ZY
M'U[8P`].F`E="F$F.`#<:U$.M^`31`JMDP$7]F#E8:+ERS@`J$`-6E+OJ7PI
ML9C[F5`28L`AZJ#A%^("5B$/AH8L/WJ.J(+IY=0"RD`ASHKOJ0(#KW[E4]V.
M`&*'@348`A@,`&%!@8-4U#`Y"''%`@@&1<1XA-#"BH,;+)B`"%&$0((-*8(,
M4&"B084G#'YI<3+```M&_PX2L7`E@(D#!YU$66"PQ8&/)\=8<`!2*%$04F`&
MD&A2YP&G`9BHH1+3X\$O%@Q"T!@SX4*I5']"D&!!QL%7%BBV*''PR)R-9`WN
MI)J2XH$Z,4UT-7BB@%JQ+4$.L3#@H(A6&`-8^++U+T1)=C0B`(53`&OS7.6U6#"B#WTP;<$D`5::A
M"9R6%9D.`M!`#!`3(3Q5572>E*V`%EC`QE`-MU7BZ9U1@V73;BV$$=">(:#"
MW*G>KL3`5J(%6-;(!331?V%E!)X`8UK`&=3%O\E855`:P:7,#'4!#Z!"(?10
M#A267>P`#331'U3!?QG!&1R`!1C"%^S:_V16A5>"Y0%$VF7^0%P9UD)XP2P2
MPET9@7)40`E`QX&\0`S40`U,A5M(P%(VXZ[D#EK<2@QP0&-OU_O'VVH4,[,'T[D`'FX`$>,(49,$&
M0<`4['"L2<+P:J]*O)`0L$#Z)J<1U,'PUL&>"@$/,#(+9,0&_$8)F(`2G(5R
MF"L(V,!_)8`I3T$R)X4$&&]<-$'W_O&@SDB(KD`%F1?`<4<+Q,!QEL$!Z,D%
M&,)4&::4P8`A%`):+I(.F`\,W$J/U?.,<,=Z$,(*?`%H?H$LB,(8K`%4J,G_
M4T3%>"*8(1A"9Z&3%JQ`+(0T:!6`"RRF)]U*&9R!"P2<98'T&NC`&C#F#)"K
M;93!"L"`$"_$!2SE&>RS(;3%@JP4(:1`!7B!6]@&6\@Q"B>'K;(?"Z/%0(T!
M#,1";NW/4J)$!A&"(93!4ZZ`/A\`/\7S3N.F91QM5%2%!:R36_C3LG[!(T$`
M(?S!"A1"!9Q!.5GT&&Q6*-$J9ZV`\RWK#[3/$-P*C%:%
O0&9Q;]P)4DP;6IRD%#!'*`
M<=:<]K:G?BB^;E"'\P!>I!
$`/T.0`)T0)Z`*)&IYZ]D!:3T`M&DP;>
MN0>;,3@,0`%CL0.O(@`',!EKT18!`)S"R0*LYWJP%P(0^1,P(`%I">%5"J[UD0/3"?]@U$`C]$
M6Q"%N*KF-:AQ->N@/YXGD%ML4(HQI"*KK,B@`R31?PW<8D(X\46]35&,H"+C
M@LR8124.!`%J)%D;%?=&.&I*COYHQAGS>$="1FZ/F>NC'RDE1WA4K(YH7*(_
M*E`O1%;00XN<(?7HAL1!0@Z/+Z@D#.^7R3'N[!$.0L-!&"C)$!+$`1H)KH/QJ$L!B2+![(FQ)K(M1-+`A-XR(0UW>8-O?ZN6V>(VL+I]2"M2P-P4M`(FDACN&X+B@>8ZM[C'
M!51R'8*'!N$!)E2PK@>"<@'O8C>[A@JJ`8;+WM[:LXPPN42#+A"4M-$1+<9%
M;X3ZF0I"^-<"9`BP@`=,!O\:N"$PNF]+\&A'G]CWO/J%$CHU00AV"!@`%"(P
M@AND8)8P&)L.YC"$(YRD:#9!%V(@@]6*ND`1O^3#ANS)@].27Q*[J91-L(`"
M,.Q-G[G8)3#F8DYFC%\;2RJ3"8"&,WCL(&Y8XX(CEH
;8"9->)!J!'RQVH@H2OV193@E0LZ,*%#FZ(4HDQ4%@A
M:`V2EF$*U.W5'P\QCK":"/B=9R,*.*J4XA0KMM#B"K3
X%#9Q^+QXE,;8F'C9'*SL
M"OL?9PH+R$*^YHR_Z]EC'G&R+ZIL'+6,7H?RV*G)51T`K4J``028G+7PJ6=G
M"^`+.5/,-CCG$]))6*..<8P2WAX1)>-D!1!TIETLJAA9ACUX(O\:EGDI8@5K
M0X`^%Y'-/<8D<$`[.QH#YZAN3-T/K
\@A%T,2D+E9$=X#O%8QBCWU?>AQC]XU4HX5-]1?N-T<^JY!N,S&)^81$3
MU+B@//ZKBA6:KI.6X&KNV^W7KQ6>VD8&QH[MYP8(98#QT\^'-'Q.6^GJWN)[
MYKOU%)I*-R2(E2<^@MK;V+G1VOSMA&*FZ9AHH__:E!MX3IC@F=ZL_NH\L.JP
M/NLV(.NT?NLRZ.JXONO)INN\_NOO#>S"GF^^/NS&SLY$>NS*ONS,WNS._NS0
M'NVXP!=MT1@K*NT>X8]=L;8S7%:-H<\Z\29SJ<5=-
MC"C'\#W)@X$VL.?V5RK_9(P([\:UUQBGQX]B\`_+
C2!==P`]Q(TCUT[@-Q:TXB`79>
M("``1@JR`BN;`9L2(PVB1'%0!_(&!BNP`CJY:"2`#?D8)%>@#@*P10KA"PP/
MLJ>P8Q!P*&)$$$&0!XG$!,0@O`M1)XF4!-"0\,T4(FAP.6JD(6UTQ1Y@!(:`
M!ZN*!$B%`G*$!LIY$'FT1TS01PUQ`!D2(DG`\PPQ`"A22:08`R\R(8N@Q`F1
M!"A,[$@?!\D@"4C_O`FG(`"H0($'(4LHHB(A>BN&TD0ZB*345$TK@A!2P`QD
M8(I7T`EYD`>#7!`/``*"`!#^!/J3%XZ*B7\)%2H,8F2%``%,B'E82&$>$X@1
M(>18V-'C1Y`A18XD6=+D290I5:YDV=+E2Y@*F
SQ`]<.!$D
M01/T1#D[QQ;,#`A@@R[XA$M+11ID11S4053IP9IS!#O0!5O+O?^M`38B-,*.
M4``D7+9@9$*%($;#\P5G*`9#P`=O0`
UYRF0,M5():::\7AUQ=`=P*'Q[VA^J*]1R`4%\S6<7$\<
]>@Y&23LB.)3-I*%LS"P
M"Q5J&/)9K:XA-Y9);6Y9&1P<;7"Q)\!33A]Z!L\2)1UT:>ACW402$H:3M77_
MF)-R<&O-_4R(KRD`&64)20F'5(XZI_`:F;A56CPH5T[I8*WF@&HP^'#&=\ME
M:B*H:Q496..ON603@5[!$NW\4E;P^Y0?IE,=FOVH?E))[X@\:XK;?0HZ/$7P
MZ(SZEU]%UT[394MKC,M?7/J#M[6Y6^1^Z0>X)3!"5"H7";BS0/M1)2:"Z$1=
M-OP@!$1HNVRCX(W[T%X.Q[&0'A;1TT(\2W_85D]^P!B'%4WH_%UZ89E.^3CE,LDQAV;_S)S\[;%B<>URA3LJ`Q"
MZ7=JN4#YDAN66[=H##9F76>>;)I#+5"_Q:J8Q3/>5<5I:6EA>L^;5@]=(H-?
M@A&:7J-NAJ=0X#'[]A%C<*Z-]'Y+2H2P;PO\2C0K%P/GT?KLE9D^0:%@\!UB
M&^:"KVE'FMKE[",,KF8BHN"?M(:1P,'6^=LT(*QXH;NQUN-F6NJVN"B+]4643Q\D1UAG$?]8[C
MCFI(LD(N\HL'J471>.A<:?]R5B:S'-G_;'H='=S*HSM]ZB?*YB.E3O6LL\?J
MC,2ZUK^^&JXOTNM@+_M;Q*Y(LIM][6V$.BO5SO:X5P3MAX2[W.^.][SK?>]\
M[[O?_P[XP`M^\(0OO.$/C_C$*W[QC&^\XQ\/^QK?_O5?T`$
MO@_^\(M__.0OO_G/C_[TJW_][&^_^]\/__C+?_[TK[_][X___.M___SOO___
M#X#_`;A_WB>`!6B`!XB`":B`"\B`#>B`#PB!$2B!`$B`$VB!%XB!&:B!&\B!
M'>B!'PB"X5>!(4B")6B")XB"*:B"*\B"Y3>"+0B#,2B#,TB#-6B#*_B"-ZB#
M.\B#/>B#/PB$Y)>#04B$16B$1XB$26B`0ZB$3>B$3PB%45B$3"B%56B%5XB%
M68B!5*B%7>B%7PB&8?A^7"B&96B&9XB&4$B&:B&;PB#:PB'
GKQEN>F^
M.^]M._=V9L!7(7SLB-E@_`2U*]]]4/]J)CDHO?O.`S[RC8*"SG'E[;W[$-G;
M6#+D[VK^^:S=3#?HR+_?_SSQF689]`L/_L@@J:VM+A?\\Q\#NP%`TK2/$@,$
ME@`BJ$`+-C"#+C&-Z:HQ009R3X,BQ,0#0X-!2WS0?R$<(0O+!D%WI/`MYI!8
M/5;8PAMBH81]@D@,0]0,&GIG@3@ I#=.!2\1Y*MX)#/DXQ^6I(P<
M`P+%FF#5T4J&Y.2\9(QPGN71XD35I#3>9"2TY"_0""7P)!]@GAJQ45".3TYB
M)-E]U,U]ED]^$>$Q_^4G#*5J`(1O5-Q$%$`!;`W."8$.#9T5_9P);-)5"J53
M)I8\^N/"! J(B83)")X[?.]E1#9MM!'G>T):E )S4!E849XE`]TP1S82`;:.6$F22TGC:?)8B:AXL1A;\LDOKQF"I_C@D:V9
M2&XTT0GL:&`)XQF/=@ZY')<`IY$1C.1`[UA41W2@_XW-G$!^`*S+?S1B_.JQ
M3!Z2N1&01B%Z2GG%'D/#S9YF!2W1$^H3=\+.]ERB+"WMQ)`(<2C`>`;UXDCD
M#R,#EG]&I`T]?%%^ZF`9G>XCG"?M!31JTA\>;/4K-[V(9J!1V7K>]17;T0P:
M3KL-R[8VIJWQ`U%^A@[4-F6N'S)K=+JQF]5.LT/FHFY82MG76P::L,UHEG!W
M\M5R'EBY: DE0O3_8/2D@O3?*BO&`!`(_@TD6/!?!1/^_#51U8'@+24*/Q0HF(.30G_!
M#!"L<@"COQM]BO3ZZ"^)'X(%RF!44T[:,4@E&UT@J(-:(P)%0GW,09#!IH]"
MMG&3!F=@`S4*K60PV/15DY(`VC2E^F\,$H4C@#BL*HL$QE\#H\4J"61@B$LD
M%2I0YH,`@2?D@OR#0$"&0E/Q0A04`\I&P3'>W@8[@I$$FZH#>4!;E@X(@3Q:
M/"J4T^[$0#'(/I8I@N5)(HQ<=+D@>.600A,J"F:P@A$`A)3O!BG44G#._SB%
M7,:A)'C"1A\,B0?&&*'0#2&:31M@/."%X(0AYQ0VJ36GH`18?88-;),,XQ8-
M_\)Y*YF(X(*/7#0%,X>HI(Q+32NH56@'5(2!'$KZ@]3.(`51%-J`G():F*:^
M;PIB`"N%F"!MH`)*:B*/1CXH"0I:SC+$G+=`>02C)A80;D022S3Q1!119*`3
M1_9SD0&"E(%"H3IX*&@/)ES\*),IK"%(&CJRT!&C'"8H"`,6,!HA#2LBH>&C
M&@(Q\A\IC,#(&(&$VX8+A5C@@"`1QA'2GXDJND@AC90FNZBS:# ,/8Z#C`-WY3G@.I(`!H&<#F5F05-!S"#%09$&",(9H7,,1
MJ]##$#*@P8*TP0&4F-%'/`C"IEQ@`?+8WSC@L0)X-`(%45!!&YB)`1W0TP93
M<,*('%""`)0@$'A#@"10J@(Q$.T?#(C&$`)@@Q64U""H,`,C%$(('?R#"/-(
M10E2P;J"B"`0)6B`"^"GU!+8X`XZ/8@.;!H`*0KG!,!003U+\(=P_*,#N'@I
M*B!*%74(ZG`G"H$+&A``%;CB?U4I@!GHP2=B2,("IZ!'#`+0@_`T)03#>*L*
M'-#.ZSA`$HT0`D8.L88A_&S_(!KH03U[((P3)<`57:5G4_M9E2`8P@_DP8,+
MQC`%JDP`!S9(J22X\H\+H**K*@#&/2/P!Y0V8#NNO(,*#"'*M:###X$0@7`D
M4-24.D"FGS1$`(:@`\FZ4@-#>(/>&H0%7*1BBA98`#Z(*`=8B$$2^7!` (+H@Q)XC5;FT+$8I0O7@O*(3C$0;0Q"6,8. >2=.X`W<0"`40+[G6R9;`!J:0`@VO2$N`!@R[Q\\/1)XP!_X
M]A^FH#5K--55W1\*T<`%PM7S,CWH@`K&(`!PP1?_2(%QAM0?PJ`>="``_&`3
MNL!!:I<5;&`/C,`#6(3#,ZD2"B$*Q$`\$-8?.B$'_``:-J`2[@'%4]P?1B$0
M`D`,:BT)7.$CL`<2!&$!WB`6$A81:!R'82$`[D"L*&(:L2`($/<=R/=?P?
MVM0?9D`>4B$`8H``]($#(&`,AB``@.$=N``$3@$_;B0%_"``2'\&@D&1]_2C
M13ND=T(FB`$8LM\!B&`[::<)",`,UB"0/6`UK9RU$SZ`LP`0UF`().]*CL$%
M`"(`FGH?3OW[Y^=(*QT\]/E+AN_$01=E9$Q*Y2+$P8W_]#@:MR>`I%=*_)$Y
MF("8OU<<$Q`!4^+@E4V5_XJ@$A7&B#\`$#ARI.)/@)@``?ZP,?;/0A5_2WS>
ML0)&ST8XE$``">2`PK\8E>H4.-C#GZ:A`5+-F_9OW0AEP**HP.*&2Y6-0<21
MR'&P@"X6*SBV8>&/Q@<&/GTBF.3/GP)2'!G8.W#I((1%_C9XP15@3+Q''`XR
M<&8BQPB.&1(/VE8XM>K5K%N[?@T[MNS9M&O;OJWZAK\YA?D,\J=FRL$IS @!?MAOQFX%*]0`C5`(/Y0"KO]
M#U"<&$E0T!=`"$8"',1`!:RT!F[P"'T0'Z#P/]SUW,W@!7>]$;G`"G4L`S'$
M`&0B'U;P=!M1!/Y0!M20#_Y0#-:``8H@'P#0!AO!`PLJ_Q\P8"F64`7$UXGH
M<`G<[`"G@`CJ40L"FMKAM]H;T=KH]]J.L`S@``U]4`K^8`NS+261(`Y\K0G^
M<`QTQ`\@@`Y+P`T_8`=T@)=7IB:^D`-677_%MQ2K4`?C\`2C\**E0"N%`-9B
M3=9?<0'2\`!\0`U`<`Q9D`]'MP;1Y0^=\`-1(!$.``@"X`584`2AD*L'80AN
MH`MY(%=]G12`+=B$;=BI400@X@^/4`XV\`]]<`S40`!%,'D"?A"5?=F9O=GV
MX@304`?N$.6!F@@WT@;YH`E5P`T$8-JH?>&AIQLWI8L$$`QVT`O]G' 1@&Y+D,K>3J&P?YA%Y3B@@B$$0E,(
MP,40AB`)@5C`$.05R`4:0#9K6*($PX!``Z)`MBM$804X4,$8"F"-*XR!*B>0
MQ!_"L8#%_8%F#(V<.*-026IVRYH#*800\L$-//`"#3=8QB:NU01?7$H@NKF'
M/@"AJ%%0@&_PB,,FTM",)J'1%ORPA0FXP(1S,`(6K[$;^!8`"BLHBAH:.H(_
MGL&'392!!?@(00B`48]CI,$#7LCN0`*Q"$YX"AF\8$-#*N``:!PAR%70GD`8
M\`@%`($(@/"`'%XQ!'ULX@R/Z`;N.K`':ARA!O],H(4+HN,/`CPC$9A`P3]X
M(``EA.$,/J"30$(P#!2001&:8(6'T6`$7N#V'UWPQPW.4P`'%"$,FZA#`V#A
M`3'V0@"(",`_PJ&%)%CA$(J00R-VHD<^_F,!2&C%,VJ!C&0(`+W_B( )`%7JB5
MW2].TB/@8!MR9L37[QS\(JH+XHX7D".&0((B0<834`U0UB+V``#\HJO_(7,W
MH `*"U$`,R`H]B<"9D`-U7$0'F`#
M=T4D_H`%!7`\3+``<(`*HX<6U_1XR.=*IK-_<>@Z(N4TWB,[A?`/MO0F14!O
M(<`!\`!F!Q$*.5!M`SK`XO*&+"FA$=R`%)H`69W`/<%4]-:`#6"!2@"!P
M&Q(#G&$L*6`&*#9[T3B-=&B'&Z$'9#0.K?@/77`0==`-_U!/)'`*L^`,!T$'
MU6!F%Y`!OZ"#_A`+N2`&4H-$_I`._WER5?YP"(_S9MVP".J7._]P@>L':`Y0
M#62T1PHD$#UP$./P#]W@#CJT"&T)D2BGAU[WD*;Y#\,'B`-AD1C9*T4`!AN@
M"$=0!RF"!W`P$"+I"^E`)O#P#W%@-VZPAJ`Q>C#9B3/Y#_YGDUY8@\ %4#"J+"/=[S#V0I
MC;5!C6BY$=6`%D0PEZSP)A8QE_#3!.C0@S,4$H[!0O@S-X:I"_.P/'U@$Z`P
M&@\@F929@13`!N2'%J8P!`/1F9_R0.SB!:MYFDFXATL8HL'1FAL!F_Z@!,#P
M#T70*)WT2?\S$`B94PN< 2
M9*=V;B9W)IGG*53C3-1",51+\)--^.98V9UA(J*U'&)9HN>5?5G@[*8@L?^?
M!"V;?4)5VXF+80*=86[G?NY8?Q[58/+`\Y&1$I2GA,TG?=9D)C!<.VJE:<;:
M#8`3@=*<>L[2(O@G`KC31F7*3+JC8!DH?H[;Y)%G22PHA^%32'Q!U57:XH3>
M/FF9YY7>/XDHD,;!/W6A0\6G-E4H6_F=V9U+D#T#2>SH-!864_J!C$88C9YG
MA[W9/P8)J1&?99X3^Z73)X28@1(G$\P2&O4,`%Q%#.H2* 2)A"F9'F)I$#!;7$E1VE9<3 #$5@W"KX
MS@4L:K\2E4:0YL$ `3VYBR08?G;=J2'/Q!R0+ALS)H+#.L@HJ"[&X#\&JS.TWT
M.[>S;GX2Z(B//RWB`S+O>F[(`FN4JI#@`4O!-G=T>)@T%U#T E6
ML0&'<=.^K/Q^L@#+L=!:-"E;\..*M-@N\/:N\O8&=%$']$`;-2*#-.1VJPQS
M*]DF=51+-;8B]50G,E1/-25G]59S=;5Z0"F"=9UM24AX25B;]5FC=5JK]5JS
M-5I_=5O#=5S+]5S3=5W;]5VS]5OC]5[S=5_[]5\#=O]@M[5>"W9A&_9A(W9B
M*_9BUP!A,_9C0W9D2_9D4W;;.79E8W9F:_9F * @N($(AB1HO0<2BP@<
M"'7(@:T`N8$`*7]X%H,TL?U!*942C3Y$01,"HD:E`I6
MH<-#*B^P>C 2B+ZCDP'3B<9?+(GSDH$9$(=:6`T9R*:2>`0#6`MRBH53^)]T@HI#L"]N
M00>4Z#?AZ:^;,)Z5016#XP6$.[JFD$?_X3PH7A$->QR(!L@0?`R&01@+8M$X
MCY+`CM*H"OP'@WP6\ +/],E.225LHZ*ZVUVGHKKKE.F>FFO?K3*4%.9=0`,0.)UU:JJ_JH
MRP]/E+`>([I*.RVUU5I[+;9.\NJKIL`.I(@JAH`"S"4#54,+*N0.%`PJJ`RS
M+BJ2>%);MO7:>R^^^>H[[;; OV*>JG,?V"00C,(`,B$`P8<-2X$4.0`%B!<$-#-R!KBE",((GH(.=54,O
MC(DA=!$G&`)T"@0GL`(H5$4DW`DJP%DK3``B;$(W9$,B;((YW(DD=(,E2)$O
M0!E@9D,X@$(U<(*8_*26_`.:?*8R&$):PMDFJ((GI`HI>`(OT(F=Y$FJ88*7
ME`,P#$.Y^$(M),JB",0LH$(O*,(_9`*E6,,DN$*E^!X26NFF[%HR[! Q`O$0,D2Q'$6@T+DPMZJCO7^PRE8+O[HCU+X
M@S6DR).Q`+L5$,1RKZ]P[L^EC_.0;_D.P/FF;ULX'>N^_R_\RD4OF,@`2,,T
ME$`28`;(%0,%V`!F+`(OG*@(I`"<"01'*50+*$,`.RTCB,,&^`#_*-`-^$`N;"7@
M(0`S=`5+E$(!L``%B,`-!`$DI&\!.`$F3,`-S*4)(,(`J*8(P$(`T$!K$L$B
M`8@,+,%<9H,N0($1G"@D<*,)K+)`O`(0Y$`G8H`GP-\#4&)E5>\#_(`SN$)N
M\*4,1(%>8&_KN"#_Y8`-2` @/8VA#.7"+-H$.J?!T
M#_!R0A%S AG+B?9KHOU@7L\&>T>W?V#T`[84H\N$>@B:@%C50(CB%[<&;5_#(
MRO5/Y/E/C7#!_-U$#(W3^T7>ZGE%Z@7@B3HIP'RABG:;[ID>`J3>/*7?&HJ2
MY Y$1L0"$Z%D1SP
MG1'_H06J<)$'P0%_D`,U,`6E2!!_X`HRTP'&H`:%L0"P,`8'P0>(4%H=H0J*
M\)P&\0J$L(@-L0"[,`?900!_D`81L02=L`,9\03%P!)G8`9]`!0IP`%B$!=V
ML$I,HPB2D(D*40C^0*#_@`NQI1AKH`B8U!`P``(W0!"2$``QNA$\0`.(Y0H!
ML)(2`0HB0(T%40[+\!!IX`2:\P&9@)]BT0&88`0'40:"D)`?(0*.X)0)`043
M,)TG90=>D!T,\`E)$!'O$@46@0)(D`S*,`0#4`>08`9<`!0C$`!A8!`.X`1@
M8`4&D0"E]A`I,`&=9RX@4`$BFA`D:J(H2ALKVJ(,\:(U_RH0<8`,5GD1-YJC
M.SH1/@JD!"&D1&JD_X"D2AH63.JD!N$"E""*'4&E5HH06*JE"Q$!7.JE8"JF
M(4"F%.$`E*`"5/`+`^$`+L`*<"JG!A$!ET`K!7$`FP`"]<"G?MHT@3JH"%&H
M!G&HLY&H9@.C(S&I!*&C/!H1EYH0FNH017JD25H8H XC$'E0`I/)4(@P&!U`
M!B<`"H5!=O^``V@0`M&P`PLA!&]@A8F`"DE1`'8P!Y9P#M+@)PP@!:#`"L)P
M#%'&`$:`"=\0"T&R"VNP!-$0`FB``P)!"?K0_P[[@`XZT&`-$8H"L0"O0`H+
M,0A5MA"%H`-@T`3J`%F790,=`":+`0!U`(+:`+._1##;`$AH`,W:21_U`(]J`'O-4#LZ`).**(O<2(
M"(H$$!@#55`$_K=PA;`-TE`#FQ!%]B`,@:`&10`)8-!X;'`)8K`#,6`('K)<
MK+`#`_`"-\`N74`#+M`#)E`*L$"E'.,+#S,`/[`*&F`"1%`-=.`#4#$(>N`*
M13``.4`&J@`$*T`$]I`&.#`(UR4.1O`#=;`,0:"INY(/L"`'/2`$PX`)7E`#
M=1`)"$!)/\`+E%`$*\`%47`7&B`,Y$`*)A`#JF`(D_D$0C`*CC`')R!0OO#_
M!36P`R^0`\FU;>60#Z=0!%-P`"9(!Q*&6HHD)/ %
ML`Q<\`L+T0/DH`U.<`(YH`DJ<`0W(`;>,`]3,`3O=ZVVX`%JT%<+$93K$`1#
M8`*@H+H-\0`U4`5VL!";$`"4L!!:P`R72@"R0`O@,`0]8`D54`/_X`2>L`0#
ML`-:(`NE@"`_D`C>``6;@&P+H0"'T`.V``T6X`%!00"[X`_!(`0](`920`;;
M!@ZRD`-%,`?^*!`'@`$^<`K,0`J%`*C_0`+,H&__H`"2``V`?`)[()0G8!K_
M0`%0`%DL,`%WNP'^``R08`(IL`4OX`@>\,1(@*H+D0!LD`LZ$`/ZX@=GP`$F
ML`-88`CZ]@"6@`L>$#&(4/\""\`*G/"LE=`.B9Q#H`4'7Q!%VQH#\.`&.&($
M7^`2Y6J2E(`$6!!%N>`"N/M$\"@0US`*K"`34S`-;'D"TF`+(I,-R[`%^52E
M60`%X/$*(<"6#+$$"'"S#8&,_X`"BV!,KW`%?6./`M$'4G`"[$("OE`.
MOP`;Y9!3"_L\_X`%L?`&OGL)N^`G&I`)V0"WU!``'8B/_S`/5/"+VZ8.C2"%
MAY1(B]28_P`"",`:3"`+9-#.D>`(B@"W=8`$H$"#]K,T##$",F`$=R`0*E`!
M6>(-M[`#,H$!J7`J]*>/#R$`KL`%`]8%:V`#;M*Z>P*[3Y4*,\!6#:$%7&`)
M[_?_`\"[$,)+O#K@##'J`-AP#@.6`GT0"X%"!PCP88BP#W(0%!F0!E8`(/P(
MBG+<`>R[$._+ '17#BR"XM!`.T/\(NBTX")#``R`$4@`&=G(%P;`0=&W7-XC7
M#Z&^>]V^?BUH"S'8;#`#GXC85/H&9M!&%:`""S'9UK`K^F`*);L($X`$"U$#
M36#M`B':I%V*#S$'[B#EP]$-@#H"QD`(`%+;#H';LNX!H_`#4%#!X"G<_T"0
MR/T)%=@0SQW=`C'=W;B*`M&*5:K=>-$"OY`X=8`,!Z_.#"D0Y2T0YXWLZMU&
MC+P0CGRW&I`+"]$`B7`+*^#$E4`,DJ[?D<#@SNT'XL,?!/X0"L[@#'`&A;``
M6\`#R``%/*0(2#`"%#`&9R`3O7P`,>`/OKGA0=3A__#AFP$,^#"4;-H$[8KB
MTJSB\LC_XFRY!NH`!LBZ#4E (02-$DT)XRC0I!"ETW_4%3TD@&$7D`3U<
M7S6,82*$@_\_0,,?*`-=$($>[%\#A<0Q7!\P9(PZN4^)* $\W:%DW=FMWM<)!)H3!TG!",:P`
M5*4?@BC"":A:&&V0[<(F-8@`<0%"('A;.,!#$=@:[JJ`+7@;.^0!%PGXV50#
M*1PX+OAZ@CT!'`06(+UPM5W;0E!X`ER`-8!!#/8-4`AP$_V!(<2M$ )&`&3?J@/M8T@!2B,P3VWS(_!ZB`?L)!G_Z0]@9
MA"`8%Q0200\)(`$!&E#)&-!B"CR-0@)1@1?49AH0_$=K6$1!"[($@RG+4R(N
M,9M-<()E('39/T88LYG5S&FOS%EQ6/@/%_HLAC/ KA"/T-`V`KF%D$=],;G)7&'R&H@OX^
M\X^@#>TYT?$1TFBUM*91[8UPC./4K&807&@!;`7Y6EF,\(7BE`5M`RI(@4;4
M-@8YR""H:,*?ZJ*W@G3H0_\(T8C^`;A_H$A%)6'_D8O*8KB2)$XVBRO(C@#F
M'64H`V"4LYQ!,$>>S77N @,]\`*%$(9`$`<1L`(X
M8`!,L`E^P`_SJ"H?D`,^8+-)6A!,L, ,A_(`%O:`(:D(2"&(%/"`-K2(9W<@@4:">&;@%#4.DA&(5!D(9;
M,`-ATI=$:`<$2`)!8-B"D+LF$(3&KHD&6(9AZ(!B$(1$D/^!$H)$B%@6@`
M5KB%;<"%;1B%YNH"?3@#'8"UL2P#,)@`.#"FCP""=I@`-&@<,[F"*5"%)!!)
M]^H!%1``3-"!!0V,6D@"1TA)4Q4Q!B`$"^B#%M"&:0`!7="0`\@!C%&,/@`#
M!-`%N@R"G&)H,WB(7/;769B% `AY+B_P$=*`<6)X@&\`'2*BU4$.(!N`)-""PE8`1T\(@4R`)$>`06(HM@
M^/ES[P,#2`%CF(=2F'59V.D=\(Q.]*%0&\6*EC1:$*0703`-EBR3[C3[_,,BKN8^G.^VZS\S,\:"=VUM=Y
MS,/._N09SHS0W0387BC&&/4E$3ASS=SE$B=GZJ$1**,;BB`8_PS&%/_YPVRE
M08(2&AH"6V,EJY1-/<%B_SY)X%L"<%(R`1H3(=,"8E\
MEANSOK0X'G9,AVQJ`W`<"7\%C.ZI8X4AL/\0W+JOJQ1BDAJT=R?C:A62NA3\
M82/-X1B.YG&1/`E=RRT(H#`W6AONU[*FA`F9O):N/%V"-ZYM,TB-%*_:\R*]
M+`FK/`*A5S5M1L(XNU/(7,VJ^:W,7#[._#G07$C'J)FRK#*ED*'7)RI_BP""
MNRFK^LV%JQ1"ZDG-[$G/C%'1+`.I0
.<**N#&-3%-/6
MT'3YPB5^C6*.$AZ*[#F(W_^=:5QR'.+H;J#(3\AS)3LD*KW<8R<1SG(%#ADZ
MSGQEO&6^")IWEL8>%]"3Y!OTU(S]F=F@))U]C&5`K_T_$;YQTBVY=(\SN
PHP
MSXZZO>RQSH+K@5_YZX@]@\AW4HHW2O"<*CZ>\^PGQXVMLT4CO77RRG\B4T<-
M7"9GG',F<)EV%D%`0+0G-J?QQ'^7.0#1"+<[2N5(``TP5?9X4IG+^$]C!NR>
M1>HR`0,<(%)YRY-IQ->9#GXP*!GV4N""S+\&]1_CNA!`1X,[#I#FW.*]N^
M[D>3TT@.@=FA7_TNP4._`(:$;:$AU!)DI,"Q)8D#Q)O99F7$4HT@A7XA2[\R
M"#%!54:&R0FAR=H2%O]!Q3!?L)NBBD#TQ*DH\6OQJ]?K2``Z58GN6(@9HBB*
M:*#"!&`!`9@(`P#8$00TY(H(,.1LFB:_";3Q5`&
G&\H,42-+1\1V<$,R1,"&^`'9GW86L4;%
MIF)5\!0$R+!F&]+/9`%@U-7B9[.,!4Q_U@,*U%'&:```N"$2@QL
M[^CMI*XZLNP][FRWWN709>)+Z-W"MS
M,]!-JE?B'KR%#!L6D3?"X".$)!1*&V=$XB*"]OP1`3A+WPQ-`\'_T/NFRZ'*
ME2LABM"(B.((BT[RF=3%,:''(2!?B91!DE3.>;IDBJ#),JG29BXGP"QD=`+2
M($%!_72%$Z4M8`'Q9L]D;O:TU?SM8#/+Q*%PL;7I=>T'N1O/R]7#JMW6ZS_K
M&LU+R.ADG6OH^?(7V9WA[*3*5U\@F8/+_P`FL94ZC4"/V."_<7:[719KVK6R
MV[+%=[EM+#)BZ[DV#O8S)AY.E!)%^M\(CL.K;9UB66_\(H?V>)]S3>H)X]G7
MD?#Q=''>S2$5PX#&Q@G?W-B4(SOF7C0YVA_-\+K3>=%PYC9(=]WQ\F><,8]NMB/
M?7?1!4-T?V]IY`RGS,R3;'&^OT@)8N
$
MA$`/WK$,9D)B`1]`0@'@6)\I@Y$_>&@EDCXM(;F0`Q1F4(,:A&(3Q>"%2TN`B#3T-@SQ_,!,Q:(F+IC@Q``@
M,B`H:`9`^*,.:*!E4?V!"%DI%2$HP$1O!;`))3S5AO^80#>"M@LKG",="X0(
M`N9!'6U0HL!'F`=7O0I'A,A1K'0L@R/.<8A#(*$,U)AN6C6"@6WXPQ$L"`,@
M0J&+*LB5KJ0*"0<6*01%#)C"F(C%7N!`"LML8;\"4`0F1/$/7-CT`(FH@0=Z
M00CR/)9\%@%!&`"`C#H`8`F8C8TARN!;0(S`L]@-[;&$1SQFM?*5J)7!(3`!
M!3*D]+6R_3:X1?_"#!T$H-SF/O>Y&^"]O82+>M-X2!!<$8:6'B<%S+#&W9AK
MD6Z82IK4Q&YVGQ%3BQ@C/N+=%WW,^TWTAE.]>8BK/]!!$@S5U[Y(/DY.*6"&
M'>`'.9IH@`M%HL\%(Z3!.MI##G2''#O,0YL4T/!QZB`&=HAXB_]`@"[J7<6]
M^:-W*)0*"(RA$1B&S*,?51J.=>Q#(%(V'@2,A#$T4!:7PF+@%EF$`X3!FPG,
M01WY2(X1\*$2.%":#FQ8-U$5X`BD
F\U14@Z]X;Z4I`H;]0PM`
M0Q-LP#9$0CXL5F/-'D%3I`O\4J,FQ/98!T1(@W?T+T*,95UBP"+=)$*(0B&-
M=$)<0B7(0$K#3S;YQ`;+=`?W3TTK0Q'F&'TM3,-,]T\@V5$G!`J$S"J(7E,W
M@E[_@U3S!@.4#A1S-16O2(MX4$+4@D5T@5FC=4(D@#=4Q!HG!-RZ=1S3K4B-
ME*/VF%B(*'<.7&]#Q!+Y0R.#*J7Q@@U`!"H,T3+\@4\X]IQ`_X0@'(<7>:X_
M9':)A]!GXX2#[-T_#(%S`,#[_,-J[W)K]S)L$YIL\RYM:\(W]L!Q4`)$-``@
M[05QEXIWV(/?!()%)()"6(0"A/)S6X0,R`-$2))%5%)"O(YW?[=$AC
9=>S1>Y[4]
M!L$6$"`>]-7'^O5?_^$+_&$2ZHA@DZ4K#[8)G,%O
_W";(N1X,T(!!C`3H1MB$@9A'!2:H:/7HK&7AQQYVW@*4_9U/.>;,2"
M/Y[POX!*=*(49>1`?6)0VV1SF]W\9CC1Z%"(5G2D)"VI&R__6E!_X#.8(8VH
M25\*TYA"<1_!$!4KL)`"%KI3!$50!3NHQ!%@2.,93X"'2S?*S7^LX0FX^`
?^JNOVK,_T;4/=;?_]@#Q3^"_0@J.01!(_\2?%`0#_Y'R
MYT"@!W\+'%[\IZ'5B#88':;PE\>`P"K^@(P<6,-?`X<`[/@96*!.)8D>_ZT1
MXN6"0RS^O%BP.?#$GAQU_`$0(Q`"HT<8@OXKXL]7@H'J1J1P8*C`/S+^NCCD
M4<.1GH$=.BW;\_1?`3/TH`P2J5;N7+IU[=[%FU?O7KY]_?X%'%CP8,*%#=^]
MX6^.S0
'!"B#/("J;%`$('"(!`B&&LA'
M*`R&<5@Z@(CP"<^=?_\BW!!GT*"(,@"0>4K@+\["BA8O8LRH<2/'CAX_@@PI
M
!GNC]
M`[J57D6TFT$(@@<(@3NDPCDX@NM%@+S16^S=6[Y=!*/
0B"AY6F;05A".L2#0=SC
M0F0#$>3./E8ANT6+062"/_B`A1FDA2$D&
8@FOG,:=X4(]9L$;GFRLW['0"@YESG#MWY'\'H:NG@^H\^
M=^C/L`NTJP8M$,^V%+0"$6TC=_T/1\
`5J
MV\K%?S@`SFB%1N`"B_2')OF'T@@"-*"$K;@]4%LQ$$`%%:B:9B0):/2'#?B'
M*^"-`BR)>S(NY-(*@ZB!1-B".*@,"\")=/2(-&`#20"0D=G!D7C*J!0.8[@(
M]_J'P6*>`<`<_XND@!$H!+`,Q%N(!F1HA(;QB!D@!BL(0L=1*DYH2QSIA6/X
M!UCH`YFP@;I,K+L
TII2)5*956&O-`?9AE
M4B20`03X#4TQ&(4.%%407?*R$ZX"YEQD48%!1J60S5S/-=J03)LP%5F]U.W>U:Q#U3H1U5*3"6.-&66,QVCEU6JMU:;"U3KBU
M4L`U66.U,S>=7:.61^/U:.AU3O!U4OBU;LQU8`LV&Q6V8=<%8N.$8OL#8\LU
M8&
LR4^6LK6B/&4KCZK*5]9R:@1P@"@,@Q=11<@(O,P`
M,"R$`-(0@1P>O&4W,^D1$Y``$V"2!DXTXA]L,`&=_<&(/R0D&SC``:K:_&9#
MOVA'`Z@!T[RT`5K0@&^$@#0H'$9@"!\:T^CQ@PK\D09A$,,$_O@`)^@T4[Z)
MEK0%SO2JS[,C!"2(4J5FZC\D[0]EQ"+5EV;UKI/C:O]8=XE.CH:T,2(`Z5M#
MA`L3"$#\W#<(+W0Z`*!@]K2I76UK7QO;V=;VMKG=;6]_&]SA%O>XR5UN
6:0X*50D_@6"5G!5;B.<7"^@52`!9
M@>0UA7K]K1!>!>,=<)]MFYG'VEV(P=?6`O$-,5L:Q]VE"$G4^:<6-+*!
`\<`>L,Q"`A];B!^>E<9')B`]M<&RR>!T>&`*KB"U">#KT"!,*B"TY>!]"8Q
MV%=H#J0+,`AA\<].`14B")&B"0**!R'>$2#B#!C)_QO"![P>!G/8)4>A`
MO6<#.!A[^K>#-L4^^W!$07B`&NB#761_0Q2`-L6$4C"&+?@<^)11)`,P25@'
M#42$:1@%)L"%\.:%#Q-O8;@)<^!A)O;=AZ`&2`SW&(_1=!T;PH.,9,W)6"LGUM'E/BUTI9">@3LMW26,YN`0&(]NRF9KT[.F9X,%6F7(']
M3Z$UNC60">R3D&WA;W6VWHKQM6.\_0B[CAO86A(`U^#-4,I8$'*C,:(TG2"<
M7I(;IL[V
BZY*&J",$ZS12J#/3#8O/1^%EOC@Q&]Z4AM/"X1OCV*4Z1O%VPN:E#(%I
M0H^BC84$]IT9Z6I#_X-ND#3F9#9"^6
R'4\O
M%BMP&3^RY*;M'P-S,)MJ(!_K^*[L_Y:Q!H]J(C/N(H
`$WB!@_>`&WB"*[AT(_B"._B#"W>#0_B$4SAM2WB%8WB&H_:%:WB'>[AF
I<_B'B_B(,W:(D_B)HSA@FW@5BK-XB]/UBKMXC,NX6\]XC=LX8`
\#`P+&QL>_O[XN+B]'1T<3$Q-/3
MTW9V=MC8V-W=W8"`@.'AX<[.SL_/SWIZ>OW]_8J*BI>7E]#0T*NKJ]?7UY:6
MEKBXN.GIZ
MU);_P*6'
1:W51K0#8)`
M#(GBCE("`Y8@#JWP@^SU#ZF0#H)0"QMUA/AX`R'`"PC@/2+`,BKWCP$I$"]7
M/@3I`\XPR":+'I@#)
?`(_A"/#5<)O"``(!'W:*`M'?`/Z2=
M(U@#$-#V0"`#]H0*QO>J`C#!NP@ONC\`[_G`"53`B:ZTO%N%IE5P\TYP%"P2
MA82`*S3`-#S_D3\40"8/PQ(\@-*--VXJ`C2PP`QL`$:@&BN[LC]P`EM\`#5$
M`"^4QJ:9`'M91@$8`#<]`3KX0@-@!@L?Y/4.A0DQJ4#D_()OPEPO0_`'@#I,
M>(4/?0__8F`MQ88O?5B4[C]0@@C(P"Y8;?>L;NMR/<\XP@;P%Q/T0KDP0/K/
M$Z^V@(S/TR,$@Q/`0"+PPA.@RC\`Q#@E'QC]^T=N0P`,#2[\,]!`VR`6H%(9
M-+C#QB`?J_[UR/'JG[@6/;[]*S=RT2$5!E*!4I$1B(%,II*0R_3O0@,?N6[^
M^P!Q4`Y.!CN4&%1BAS=2*8#L$/?O60JC+/XDHJ6$`:E_N$X8]8%A_]._9$!0
MH?#'BP&008."B+L%)$@KBP9)$6%R]`2P?]9V^*CDS6`W)0@L_0,`!,$_!4IL
M!*%E,5H40?_^%.B5JH(*5K_4EFA1;&YH0S?\E39]&G5JU:M9MW9=FD*GT/^P
MJ:@2R2"P"FHWT!#QP(@$2ZD,^)MQT!^*?[+\C9K]''ITZ=.I5[=^'7MV[=NY
M=_?^'7QX\>/)0T^DH82F\NO99V?VZM(_`1%4M;??1K_?OY[Z?`;395:+@!
MM]E:66(%1?YAY!099+CE'W.P:*&<%_P!X+X,-=R0PPX]_!#$$*T;QP8?%A$1
M1>TN0`8591KXX),4Q\NOOQIM["^VT!`Y)?^(#O2:#9(>1D'DGW!6R.$/(A7+
M81`C0I`1RBBEG)+**J?DI`ALK+12@P*BR`&L+;6C\<8RS4SM/S'57)/--MU\
M$\XXG[O&ED3DE,Z0*AZP(8FU_/P3T$`%'9300@LM885P[ER4T48=?1322!LU
MY($*E)04TTPUW9333CU]E%)+/QV5U%)-/1755*,+]5)577T5UEAEG;5#5FF]
M%==<==UU5EMY_1788(4=EDU#"O#!F%/^6);99IU]%MIHI9V6VF49@,478K7=
MEMMN[R3SS'#%S=';
2H4I;"F1=.O90KR"NA*B3[4"_9S1=M2
MKB;OITRTLZ+3B5IT2%%*1P?+[V2A0\-`0S&)IB9,@;!3@8AT2NNK%6H4%I1T
M#)ATIKCA828H2HD(0ZDT[+`T2\?@2@>H8YX@1+\417D*\01T1K$`3<]@IZ3B
M1MF4@L#TD;8T(#!"%N6TI83!*N7T"8,4`%/"3+-`4(TA(PO54!'U*6312!7#
M3PNB&!\54B/5*2952^WT4EDF4^WO4#>5-OX/"[Y-^=R17]#3A/94W^Z+*L1Q
M0_OS*H?H56$U.%\F5<43*MCG5MVT5,\@E8(+.(_MM'`UXG[_#X>8TV$*$UF#
M55A5*#CG0C03P3US*UJEM0P@4CVQ%5I)=5O9XS2]-3')2UO%E0Q:["?-M;K0
M-5U?TV&*$L*2=?H.B![I]5WA%43W,#?"593J=5^%*V`%%K8(MF"S]5\1]LT.
M=F$9JV$=%HT\;`^3:P\#PQ&E,6)#[Y(J20$F5`]2,C\UMLP6,3
=\E5=;=!R,ROP[\1*7M3UF\A`H
MP3_[DZ'*_?QW?Q/=S;WTR]5.SA^=DU7N*#[F;XH.S,L:D@1\U$W]U%$]U55]
MU5F]U5W]U6$=@*2NH.8S*B"-K6,=6_X)=YN+J7/=6`H\*7`=&
^X[B](P7;HB]\,X2LS
M+GS."W4`(M"Y75MF<\C;X2AV3`$J8<=`01KF@!113`#2N9DWP;\/V"?FO=V/
MG9DIMG\!#Q!8R\[OH!!,C!5M@-X[B0%(-%%]G>!M9=<5>G*T'"5S(Y^F`($G
M=H/60GPM'N,+_B7Z-29V#P\Z?M$E[X!D@LJ4'>6W9>%:'A1?/@CA[IJ;^6"X
MI@YJWN:S9>$BKZU82.$I..3)%)UCHM2YC,2)OES>G:-[N)-4`I]GD\-X,(3?6]G_
M`--"[7FP=HBI7\3$9\0JX&9YQZM;YVQR/($<+WX-C.+3MK%$]D6Q0T]$SA:Y
MV*7Y71!QKHJBQZ`W.`;V@XHJE!<)M7@WI-$%>:A*"]TX1L/8926*(N-5`>07
M/2]=429UXJ%2@@5'"\)$CFO<81Y)B+)UF=[IC9H72>&,R%B@(`9<$/\F#%"S(-$^Q
M,$$(9Q?F@GJW(%"!@J.A0FQG@O`0.EZ0%N/&!$OD5"=&A5[XA6`8AF(XAF18
MAF9XAFB8AFJXAFS8AF[XAG`8AW(XAW18AW9XAWB8AWJXAWS8AW[XAX`8B((X
MB(18B(9XB(B8B(JXB(S8B([XB'F(8%T'B89X/%/H`GSF7=L@8GZP6%D065TH
M!):(#S5V`R?Q5YPX(PG`5TAV6?^C"`A9*`:AA$*WK1B3!T_TRHS.A(2WK2/?'SA=CX
M9]QHAM*<[K2G);&6@'UZU*0NM:E/C>I4JWK5K&ZUJU\-ZUC+>M:TKK6M;XWK
M7.MZU[SNM:]_#>Q@"WO8Q"ZVL8^-[&0K>]G,;K:SGPWM:$M[VM2NMK6OC>UL
M:WO;W.ZVM[\-[G"+>]SD+K>YSXWN=*M[W>QNM[O?#>]XRWO>]*ZWO>^-[WSK
M>]_\[K>__PWP@`M\X`0/]FHV7?"$(X(W+@AU'8Y#`R$1F0BRF43%\>QP,:Q%
MX
MJDVJ$:5H)2/$W1;Z$03?B'5WAH%5"'K)"*MJ*JJF*KX9C
MKKZ$KB_R)"84F`F:`@/`(3!(G!?B'_S#
V`?P\^YAN`!;RWSDC"
M+GT!H&!J*F$>^6TXYQ8_-Q$P-_>;33?MAPOB,>6VSL5/\()STWO4$K<8N!T/
M>@%`JJWDGN#NR.Q\:YQNYFM_9]E7,(-7L$_5=M:WUT(P)0!L8J45I,G9WZ_6
MGF_=!3=8\,"__W?KX=SK203Q[5@#J(*^M4S&L4/ZW
#)4$SDR*4!6TSA,0Y.*J%0"$HVWN#)L99-LY5.FTFI(
MF68!L%K_+%DRHF&41%F32%56)?632+.534D\#'F))>E0\'047;,U.L9EYZV`"+&_S.H1D"$)4[!2S?3$#45819K,M#U[Q&
M4P`&GR8`1.0&T6P927TBJ4/:Z&TJWG%?=]8!4+2<9D&%9U6[!'C'WS_O7;_U':RQ7$1?G/8X(MM&2W4FW`78IBAACP05]P^
MVD05&V`RL89@%9"Q00AYH-EPH&/R':2=9-U9IX]FCY&DEWNGQ."A?H"U-YML
MF=T0!B7TP0#@.S^2`$U!%CHGTD]LK&>D&*L)B91K-DPBC((SSM;A$?I):`-G
M4&Z8IIIK^B9F<3R@MM!VTS2(@B(?WK97"KJQ^%Z-SL`(J(RVT2C1C?*QN*-@
M<3W(S'PYDJ
@P`(-,$"#TT03*F2T>6(;D+;
2ZZ2S[QX(&P83'6>"\`8GU^Y7?X,G@=`H%/Y)J*W6E2:
MLW0O%!_YQX&+X#YGE@=.[&=R/:%UD[1]@L>!
MS51+/=A6Y<<.5O9^3>>`2[--CQ<+WD<:^>5A,E"!(G=>OX2$7=579X9F/AA!
M)E6#7]4[`C<8$)A:[S=8U7-"#55!,>A#X11@2G14P8$RE'=7=-?0"`5NB#
M1%B$?2*%E@<&[`=]Q+=-B&=Z)HASD12(!8B(K"*$5PAT&Z6%2QB'2.B$AP2&
MB]B(_(6(-/B"$7867J>$D'AA:.:&.EATD2B(
/CXWU]?3P\/-[>WM/3T]S-<#N(,5
M4#<'*`*9I)0#V(`8:``L*`0L5$
5?Z"8X00VD<(8ZW$`6U:AU2:1QDUH(
MY"XEDLDAA%.6\U3F0,6Y-W@.=/497>E619/4M80/YM#)ZV*7JZ+0#GN]PMVO
M=B730PHB%CYG05:G0"X7.[]G0HNC080317Q31[RG194Q/D6A18[R`
M(6C,=IG/^JS&&LW*&^5/_R3&'B50`VW&(36*(FW04Q*))3V=)C7*YU2"'1@`
M'\A+!^#3%R`@A(A2A"B"`X`;)K
M@"?X@2=X!AT8A`*L+$V@;_Z&P$>\`)8\*($8`H0<`.5P`0`T@`>D`$\4`,_0`0&<`!$\`-J
MP`,NV0"]?)U/`+6NX`='P`#)0`8ET5H&8<`(7!$`)S`&$V`,0G"N!O#1/S!5:S$"<5``.!`#''$`7:`&
M02S3-L&]X=8!)K``,%`#/?!8!W`$:O`"MFD8#+M10@`P#E`$AP,!6E`$+O`,
MJ$8SJ=P#2EL7!.`!C1S$P6L06X`!.?``-ET'@<$"->`#.6":!ķ"4!O$`
M(]`%%_`#`V`",J@`-5"Y/7"99;$%=3T`10`6_X#]`F+@#Z)0!QNBH!@K!#ZP
M`V-;$!'P`@/0`S81`6X6!P/PFQW0U3M`NE13!(8@1A,@`BX)!U^@?;10"6H1
M`^WP`F8`!IK``VH8`\<@1F?@"S("`V0`!V?P#.IG'58`!UKC"+T0!=H7"G
M;?!R`UG@?2'@`L=F`=N``X)P!C-P!3`P`HS@",S`#R&0LF4A"LG0"J.`"<']
M`=8`#&<0`J5P!./'`]R0!\\0`B(P!$2L`27@"&`@"!75*^WP!\:`#D#0!X!@
M#MP0`/,`LUWP"M$P-@)8%QB`"(XP`\`P!L]$"=]@!64`!@GX!)W[`Q40!35`
MEO(;RJ,\'J9<%BQP"O^"``:8(`LCD@*C\`=>V`H0<0'E4`&($`)ZP`N6H`:&
MH`$T`1PX`;_
MIM<`%B`-`=`"4XO4>@L#`?`+#;,.G7@`+$`*WU`%35`,Y%X0"H`%V``&CG`%
MD2TGZ/`.570&@F`!RZ8`=,`-/K`-$Z`+;]`#JM`$$Q`-;`!)"A`%`3`!9B`+
MF`1`4``+R*`'$P`(4;`@@!T)3<`U\D"G?_T!MC`#"&`&>;`!6V`"+0`&6VX&
M,^H/12`.$U`%Q[!Y!;$%3*`)]P<')G`@6Z`%_M`#95`%I'`'DC`V"``"+/U&
MTZ`&/LQLJ6T0JZT6A="T7F(&?B!6G`!\90$(@0`1<>`/B^0%?C!P-&`)R;W<
MV48BW%80;64*Q1H;XU9NY^8=DK`.S@#7_R`*`4"<_YW$`^/@#YOW"E<0;L9`
M!Q"A!+U09P5!#>%0#P%6$.S[#X9P"7M9%P&78QH0#B$F`@AP5Q`0C@#W=+DR#@#R7S`_C0"T\V"SIP
M$:DP,.$!Y
O@"*I@02I@%,J_QYO6'#\[F?\B",0<`)&@%Y5B#>EB&)'*/@I@"=`B"/JG#
M?0"&"@`J``B$YXT#,AAS,L`'0AP26Z@`X64#[Q`&,WATQY4"("`(<+@%**!S
M`"@!#Q"/.]B'2Y`&QZT`&1@0')#_AD>P@2OPAZ#V-5EPL1(P`>%P@%9H7,RB
M!/0EB#$VE&A0`557!+Y^B`'@`Q=3!/KZAU50A<95!`_A`6UWW$"H@21"@T8@
M`\=%A%*8RW\8@34P]A+`@OW(@!!P!"\@@P,2U,``
MQ(!*JW`$,(*1I+`)!$&=IK`*.%TT?_*G__Z`$(CEC]V`(DC#"M3`$JSJC_V`
M-`Q3480)JE4++NHB$UM`)_3`M5B`"M`C`6@"+&2S$L!!M/K8!=B!_U(T''R!
M4U>+%\P`+Q<$+0"3%;3`9EX$%(`6)S!L"S."".1UIGK"_ODQ.L3",K,P$'0#
MD&:J-32!\::P#EQ"3?>R`S2""*SP"9B!#*CP'(@#/09(`93!*%R+AWAP$A=!
M""`/M11!-IRA`/@!)F3S$G`"[6U<"DQ`FK&U6RM17,_U/\0":-UU7KN"%DA,
M7],P8`OV31(V)9_Q82?V"B]V8]\D"80!0:-;"!2__R96>V"F]V9Z?P9X?V
M;XQV:5O+:3>Q:O^S=H!T`37(26S/-C;7]FW_6&[O]D2W]5M3RV]?"W$'2'+/
M\'*OL',;-F+;,'53-+5\MV9SMF>#-K6@MVE_"'NO-E3--VW;-L?E-X,7!'_[
MMEP#.%X+N%^S<(&K\('K<70K.&-_^&\X>'A#.'E+N&B3=H6C=@^W=X;+]H;?
MMX]Y.#\WPC1040O\0RA(DAXX1R](4A.\:ES_0S7X`RM@=%T71(!G!A60P3I(
M4HM80#CX`\/L0BAH@U0#A3AP`A45`U'0B!6$N3]\*%U%DC_\0E+*`R00@S\<
MPPK@@R1=`@0HP3A(4C`\[MG:0Q7=\54,EC\4%E"$0!6E@GD#A0:@`Q7_90'-
M:$`Q2)(WK&=!N$$N2%*-OF@^"($W4-$H="N%^#D5[>]OI($MY,$XA(/+_D,D
M3``ET(`_J("T0C90:($Z^(,]V*%K!+L__&Q13#9<8$`J%,)B^@,"9#);L8,_
M7$/]_@,9M,$?)$,HF(TH<(.'N?H_(`.X5Q$XB&4@5%$3W/$74%$(B$I!D,*4
M^P,]H&)!;,(V2-(S;";-4E$;Q!$J90,DAP)WKAZ<4Q=P?'%)4$(2C'J)1+(V
M<'5!E/>$X_@_#`((2%(CD)>'/`.`J4-D`\4JF`$5/8,(V4`L](`_@`$VQD`^
M4%$OH$(,2%(O).0_[(`W](`@>$GXO#8.^3AC_^F`/WS![+B#/Y`#:UL`.511
MC-1%#E!1-_#P!ES!+M"!/X1`27S`,_C#-]BI(00#H(P#/9`"H5!1A2EH(]0!
M+/A#`MFW!%F],+1>%84#,IRM)%7#*M70IG/"!I7$`KB*-?C#/B!+'E2#`OA#
M.*10!D@2+4`D4!B`(E01.Y`(T%)1*`RJIC0!%>$"(&SQ-*A!+9=$B--U)6Q+
M(?B#Z&5!DML$'(A!%UWY/V2Y7O.U7Q-!R_T#*C2!H0-%-;!14>CY,6PFF$T!
M`EB6,72"7';8)`/%B@<=Z01``1-#+1"%)_AII,!!:]8)/=:@7MEQ01P#,41K
MBQ=%)SQ#M\X#%8!6"O]\@S_H[C]`0@CD0$D00C.LX(+_QBSX`PVD``4`1*8Q
M_PCB($?/!,%_UIK44$@%&PR%!)$`.T2PBJJ)"G5<*O`O@QE_=`CNZ21$(0`W
M$C:^\M=DB4(^4CK\Z_`-`,$W-%`2]&(GPC\)>JAL),CK"L$B54@&H>'`Z$0'
MC41,S,`%%4$Z"(HH].)O$H6H)\S(F"B$QAN%E)*\4&@$4\TG@,@0G",.2%2"
M!
$("N(TB
M$U0A#$:Q[3]PF^XWKKNW=(38/X)+L3Q"H-[W'B3(]%TY+!SCR?\XY&$4.7#N
M>O?@+"GAQ`M%%L`)TB"]AN8?0$F4+,Z]_,"44$F5/"Y%#"`6T.'D;BGE=@GV
M$JSEQH$"X*!K"$`&A.$(;BXX="Z=,LSG-HR:K`F;4&0#0L`6QJ;I?.[IO";J
MI@[&9.SJX*D_$L`:'"%SZ`G([JGL\@GM4N0`L,`1X@X*]6+NZBY&%((6*N&A
M^([,_&ZC_H%YCD3P_@&D"D^D-,_#B@TX'B_RR&?/*"^G+N\?`JVG](0@>"`4
M'`CT%@VI2"__TD[D]%)O(E9/(3@-K%ZO$YZAT_ZA]ESE]OZ!@]J*U?[!U7H/
MU@A"UH+OA88/UR9"U]I-+Y(/V-1$V)IO(XZ-())MV29B)WKB'ZYO([)O^[KO
M1+XO_,H-8,@/W=A(W=C-M]:O_>3M_>(O*O"-_D0&,`2#(/9/X+2+X+K+X*1%
M`!4N10P0`?5%O0B"`=MK:5XC-F:CXSX.12P0`R]#`W.)`Q&,Y:(B!D!0!+6C
M!$\0YU0PQECPYR8"<-;#F(!C!FN0Z;XI!RMG!ZDNG:R.QH#004#$0(R0[%3G
M[-(.19KP":-0(A5B"B&J"HD$"_^A$-)AS%JQS.!`#+K$"]/L>0C/__!ZZ@P5
M@GLP34H@CR`D[Q_09$BF``$`T1@ZP4CB,//PA`[_P0X+!!2J`1\:\!^(H18H
MH`O@P1^>0"%(``XD(E(FQ2C^T"AX@`:8\A^.@1@`T?6,XA`C:`.2P1^,X-36
MJH/^@1":80,B(`#\83(H44X^0"`4`A/Q:OC^`2*@4B$J8IJNI;!XZ-<2BQ55
M@MR.Z/ED@B;6)2?^814)(C'`X804(OOZ!RF4@BDV@A;%S]P4XBJRHJNX0B%X
M4?W@;7W\H1P4Z!_@0B[H@KD.XQDF82.>ZQ@)XA?\P1&R9!D;0P$CXRTK0R&D
ML0`/,`$ICBB3Y@&YT6D(HC9N@VJ,0APW0O\XB`/VCF,BT/%$/&`=%(T`7*(=
M)F([NN,?OB.WZO$\T@,?99`&;9"K[B,_]D.>I$X@!Z1`"G)!&N1!,,L._$$0
M*N1"$LX?V(%#_L%#0$1V#$HA(#)V"FHB$8H3_,%!6R!\_L$)<$$/(`40<,$?
M6F`'.C(+0L%!_8$51'(D`Z\D6^4?[,$?$L%[V"$/O&