0001193125-13-194196.txt : 20130502 0001193125-13-194196.hdr.sgml : 20130502 20130502080550 ACCESSION NUMBER: 0001193125-13-194196 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130502 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130502 DATE AS OF CHANGE: 20130502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KELLOGG CO CENTRAL INDEX KEY: 0000055067 STANDARD INDUSTRIAL CLASSIFICATION: GRAIN MILL PRODUCTS [2040] IRS NUMBER: 380710690 STATE OF INCORPORATION: DE FISCAL YEAR END: 0103 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04171 FILM NUMBER: 13805448 BUSINESS ADDRESS: STREET 1: ONE KELLOGG SQ STREET 2: P O BOX 3599 CITY: BATTLE CREEK STATE: MI ZIP: 49016-3599 BUSINESS PHONE: 2699612000 MAIL ADDRESS: STREET 1: ONE KELLOGG SQUARE STREET 2: P O BOX 3599 CITY: BATTLE CREEK STATE: MI ZIP: 49016-3599 8-K 1 d529974d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): May 2, 2013

 

 

Kellogg Company

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-4171   38-0710690

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

One Kellogg Square

Battle Creek, Michigan 49016-3599

(Address of principal executive offices, including zip code)

(269) 961-2000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

 

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

 

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

 

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

 

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

 

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

 

 

 

Item 2.02. Results of Operations and Financial Condition.

The information in this Current Report, including the attached Exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

On May 2, 2013, Kellogg Company issued a press release announcing financial results for the period ended March 30, 2013, a copy of which is attached as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit 99.1   Press Release dated May 2, 2013

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.

 

  KELLOGG COMPANY
Date: May 2, 2013     /S/ RONALD L. DISSINGER        
  Name:   Ronald L. Dissinger
  Title:   Senior Vice President and Chief Financial Officer

EXHIBIT INDEX

 

99.1    Press Release dated May 2, 2013
 EX-99.1 2 d529974dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO    Kellogg Company News
   For release:    May 2, 2013
   Analyst Contact:   

Simon Burton, CFA

(269) 961-6636

   Media Contact:    Kris Charles (269) 961-3799

KELLOGG COMPANY REPORTS SOLID RESULTS, REAFFIRMS FULL-YEAR GUIDANCE

BATTLE CREEK, Mich. – Kellogg Company (NYSE: K) today announced solid results that were in-line with the company’s expectations. First quarter 2013 reported net sales increased by 12.2 percent to $3.9 billion. Internal net sales*, which exclude the effects of foreign currency translation, acquisitions, dispositions, and integration costs, rose by 2.2 percent over the same period. First quarter 2013 operating profit was $503 million, a reported decrease of 4.5 percent; underlying internal operating profit*, which excludes the effects of foreign currency translation, acquisitions, dispositions, mark-to-market accounting, and integration costs, decreased by 5.8 percent. As expected, the decline in underlying internal operating profit* was largely due to the recognition of considerable cost-of-goods-sold inflation in the quarter. Results in the first quarter included a majority of the inflation, net of cost savings, that the company expects to recognize for the full year.

Reported earnings for the first quarter 2013 were $311 million, or $0.85 per diluted share, a decline of 13 percent from the $0.98 per diluted share reported in the first quarter of last year. Comparable first quarter 2013 earnings*, which exclude the impact of mark-to-market accounting and integration costs associated with the acquisition of Pringles, were $0.99 per share, in-line with the company’s expectations. This result included a negative impact of $0.03 per share from the Venezuelan devaluation.

“Results in the first quarter were broadly as we expected, and we’re pleased to have a solid start to the year,” said John Bryant, Kellogg Company’s president and chief executive officer. “We saw good comparable revenue growth in many regions around the world and the Pringles business continued to post strong results. As a result, we’re also pleased to report that we’re on-track to meet our guidance for the full-year.”

 

* Internal sales growth, underlying internal operating profit growth, underlying internal operating profit, and comparable earnings are all non-GAAP financial measures. See the tables herein for important information regarding these measures and a full reconciliation to the most comparable GAAP measure.

 

- more -

North America

Kellogg North America net sales were $2.6 billion in the first quarter, a reported increase of 8.1 percent; internal net sales increased by 1.7 percent. The U.S. Morning Foods segment posted internal net sales growth of 1.6 percent. Internal net sales in the U.S. Snacks segment declined by 1.7 percent. The U.S. Specialty Channels segment posted 3.4 percent internal net sales growth in the quarter and the North America Other segment, which is comprised of the U.S. Frozen Foods and Canadian businesses, achieved 7.4 percent internal sales growth. Reported operating profit in North America increased by 1.2 percent; internal operating profit declined by 3.5 percent, largely as the result of the cost-of-goods-sold inflation.

International

Reported net sales increased by 28.7 percent in Europe in the quarter; internal net sales increased by 2.6 percent, primarily as the result of good growth in the United Kingdom. In Latin America, reported net sales increased by 13.7 percent and internal net sales increased by 7.4 percent. Reported net sales in Asia Pacific increased by 14.7 percent and internal net sales increased by 0.3 percent, although consumption increased at a faster rate.

Interest and Tax

Kellogg’s interest expense was $60 million in the first quarter. The company recognized a one-time, pre-tax benefit of $26 million in the first quarter of 2012 as the result of hedging activities associated with the acquisition of the Pringles business; this accounted for a majority of the year-over-year increase in interest expense. The reported effective tax rate in the first quarter of 2013 was 28.4 percent.

Cash flow

Cash flow, a non-GAAP measure, defined as cash from operating activities less capital expenditures, was $236 million for the quarter. This was lower than the $277 million posted in the first quarter of 2012; the decline was the result of differences in the timing of capital expenditures. Cash flow for the year is still anticipated to be in a range between $1.1 and $1.2 billion.

 

- more -

- 2 -

Kellogg repurchased $44 million of shares during the first quarter, less than option proceeds of $259 million.

Full-Year 2013 Guidance

The company reaffirmed its guidance for full-year reported net sales growth of approximately seven percent. Earnings per share growth, excluding the impact of mark-to-market accounting, is still expected to be between five and seven percent. Integration costs associated with the acquisition of the Pringles business are still expected to be in a range between $0.12 and $0.14 per share. As a result, earnings excluding the impact of mark-to-market accounting and integration costs are still anticipated to be between $3.82 and $3.91 per share.

Share Repurchase Authorization

The company also announced that the Board of Directors approved a share repurchase authorization of $1 billion, which expires in April of 2014. This authorization supersedes the existing authorization and is intended to allow the company to repurchase shares to offset the impact of proceeds from the exercise of options through the end of 2013, and to begin the company’s 2014 purchase plan.

Conference Call / Webcast

Kellogg will host a conference call to discuss these results on May 2, 2013 at 9:30 a.m. Eastern Time. The conference call and accompanying presentation slides will be broadcast live over the Internet at http://investor.kelloggs.com. Analysts and institutional investors may participate in the Q&A session by dialing (877) 270-2148 in the U.S., and (412) 902-6510 outside of the U.S. Members of the media and the public are invited to attend in a listen-only mode. Rebroadcast information is available at http://investor.kelloggs.com.

About Kellogg Company

At Kellogg Company (NYSE: K), we are driven to enrich and delight the world through foods and brands that matter. With 2012 sales of $14.2 billion, Kellogg is the world’s leading cereal

 

- more -

- 3 -

company; second largest producer of cookies and crackers; a leading producer of savory snacks; and a leading North American frozen foods company. Every day, our well-loved brands nourish families so they can flourish and thrive. These brands include Kellogg’s®, Keebler®, Special K®, Pringles®, Frosted Flakes®, Pop-Tarts®, Corn Flakes®, Rice Krispies®, Kashi®, Cheez-It®, Eggo®, Coco Pops®, Mini-Wheats®, and many more. To learn more about our responsible business leadership, foods that delight and how we strive to make a difference in our communities around the world, visit www.kelloggcompany.com.

Use of Non-GAAP Financial Measures

Certain financial measures have been provided on a non-GAAP (Generally Accepted Accounting Principles) basis. Management believes the use of such non-GAAP measures provides increased transparency and assists investors in understanding the underlying operating performance of the company and its segments and in the analysis of ongoing operating trends. All non-GAAP financial measures have been reconciled with the most directly comparable GAAP financial measures in the attachments provided with the release.

Forward-Looking Statements Disclosure

This news release contains, or incorporates by reference, “forward-looking statements” with projections concerning, among other things, the integration of the Pringles® business, the Company’s strategy, and the Company’s sales, earnings, margin, operating profit, costs and expenditures, interest expense, tax rate, capital expenditure, dividends, cash flow, debt reduction, share repurchases, costs, brand building, ROIC, working capital, growth, new products, innovation, cost reduction projects, and competitive pressures. Forward-looking statements include predictions of future results or activities and may contain the words “expects,” “believes,” “should,” “will,” “anticipates,” “projects,” “estimates,” “implies,” “can,” or words or phrases of similar meaning.

The Company’s actual results or activities may differ materially from these predictions. The Company’s future results could also be affected by a variety of factors, including the ability to realize the anticipated benefits and synergies from the Pringles acquisition in the amounts and at the times expected, the impact of competitive conditions; the effectiveness of pricing, advertising, and

 

- more -

- 4 -

promotional programs; the success of innovation, renovation and new product introductions; the recoverability of the carrying value of goodwill and other intangibles; the success of productivity improvements and business transitions; commodity and energy prices; labor costs; disruptions or inefficiencies in supply chain; the availability of and interest rates on short-term and long-term financing; actual market performance of benefit plan trust investments; the levels of spending on systems initiatives, properties, business opportunities, integration of acquired businesses, and other general and administrative costs; changes in consumer behavior and preferences; the effect of U.S. and foreign economic conditions on items such as interest rates, statutory tax rates, currency conversion and availability; legal and regulatory factors including changes in food safety, advertising and labeling laws and regulations; the ultimate impact of product recalls; business disruption or other losses from war, terrorist acts or political unrest; and other items.

Forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to update them publicly.

 

- more -

- 5 -

Kellogg Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

(millions, except per share data)

 

     Quarter ended  
     March 30,     March 31,  

(Results are unaudited)

    2013     2012  

Net sales

    $ 3,861      $ 3,440   

Cost of goods sold

      2,468      $ 2,087   

Selling, general and administrative expense

      890        826   
  

 

 

    

 

 

  

Operating profit

      503        527   

Interest expense

      60        33   

Other income (expense), net

      (7 )      13   
  

 

 

    

 

 

  

Income before income taxes

      436        507   

Income taxes

      124        156   

Earnings (loss) from joint ventures

      (1 )      —     
  

 

 

    

 

 

  

Net income

    $ 311      $ 351   
  

 

 

    

 

 

  

Net income (loss) attributable to noncontrolling interests

      —          —     
  

 

 

    

 

 

  

Net income attributable to Kellogg Company

    $ 311      $ 351   
  

 

 

    

 

 

  

Per share amounts:

     

Basic

    $ .86      $ .98   

Diluted

    $ .85      $ .98   

Dividends per share

    $ .4400      $ .4300   
  

 

 

    

 

 

  

Average shares outstanding:

     

Basic

      363        357   
  

 

 

    

 

 

  

Diluted

      366        359   
  

 

 

    

 

 

  

Actual shares outstanding at period end

      366        357   
  

 

 

    

 

 

  

 

- more -

- 6 -

Kellogg Company and Subsidiaries

SELECTED OPERATING SEGMENT DATA

 

(millions)

  
     Quarter ended  

(Results are unaudited)

    March 30,
2013		     March 31,
2012		  

Net sales

     

U.S. Morning Foods

    $ 911      $ 897   

U.S. Snacks

      901        786   

U.S. Specialty

      379        348   

North America Other

      403        368   

Europe

      692        538   

Latin America

      308        270   

Asia Pacific

      267        233   
  

 

 

    

 

 

  

Consolidated

    $ 3,861      $ 3,440   
  

 

 

    

 

 

  

Operating profit

     

U.S. Morning Foods

    $ 163      $ 153   

U.S. Snacks

      106        123   

U.S. Specialty

      78        71   

North America Other

      75        70   

Europe

      71        70   

Latin America

      48        51   

Asia Pacific

      21        33   
  

 

 

    

 

 

  

Total Reportable Segments

      562        571   

Corporate

      (59 )      (44 ) 
  

 

 

    

 

 

  

Consolidated

    $ 503      $ 527   
  

 

 

    

 

 

  

 

- more -

- 7 -

Kellogg Company and Subsidiaries

CONSOLIDATED STATEMENT OF CASH FLOWS

(millions)

 

     Quarter ended  
     March 30,     March 31,  

(unaudited)

    2013     2012  

Operating activities

     

Net income

    $ 311      $ 351   

Adjustments to reconcile net income to operating cash flows:

     

Depreciation and amortization

      113        95   

Postretirement benefit plan expense (benefit)

      (4 )      (5 ) 

Deferred income taxes

      11        (54 ) 

Other

      23        (1 ) 

Postretirement benefit plan contributions

      (31 )      (25 ) 

Changes in operating assets and liabilities, net of acquisitions

      (85 )      (21 ) 
  

 

 

    

 

 

  

Net cash provided by (used in) operating activities

      338        340   
  

 

 

    

 

 

  

Investing activities

     

Additions to properties

      (102 )      (63 ) 

Other

      —           6   
  

 

 

    

 

 

  

Net cash provided by (used in) investing activities

      (102 )      (57 ) 
  

 

 

    

 

 

  

Financing activities

     

Net reductions of notes payable

      (226 )      (178 ) 

Issuances of long-term debt

      645        —     

Reductions of long-term debt

      (749 )      —     

Net issuances of common stock

      265        41   

Common stock repurchases

      (44 )      (63 ) 

Cash dividends

      (160 )      (153 ) 

Other

      9        (2 ) 
  

 

 

    

 

 

  

Net cash provided by (used in) financing activities

      (260 )      (355 ) 
  

 

 

    

 

 

  

Effect of exchange rate changes on cash and cash equivalents

      (5 )      16   
  

 

 

    

 

 

  

Decrease in cash and cash equivalents

      (29 )      (56 ) 

Cash and cash equivalents at beginning of period

      281        460   
  

 

 

    

 

 

  

Cash and cash equivalents at end of period

    $ 252      $ 404   
  

 

 

    

 

 

  

Supplemental financial data:

     

Net cash provided by (used in) operating activities

    $ 338      $ 340   

Additions to properties

      (102 )      (63 ) 
  

 

 

    

 

 

  

Cash Flow (operating cash flow less property additions) (a)

    $ 236      $ 277   
  

 

 

    

 

 

  

 

(a) We use this non-GAAP measure of cash flow to focus management and investors on the amount of cash available for debt reduction, dividend distributions, acquisition opportunities, and share repurchase.

 

- more -

- 8 -

Kellogg Company and Subsidiaries

CONSOLIDATED BALANCE SHEET

(millions, except per share data)

     March 30,     December 29,  
     2013     2012  
     (unaudited)     *  

Current assets

     

Cash and cash equivalents

    $ 252      $ 281   

Accounts receivable, net

      1,588        1,454   

Inventories:

     

Raw materials and supplies

      312        300   

Finished goods and materials in process

      972        1,065   

Deferred income taxes

      168        152   

Other prepaid assets

      170        128   
  

 

 

    

 

 

  

Total current assets

      3,462        3,380   

Property, net of accumulated depreciation of $5,227 and $5,209

      3,745        3,782   

Goodwill

      5,058        5,053   

Other intangibles, net of accumulated amortization of $55 and $53

      2,346        2,359   

Pension

      163        145   

Other assets

      450        465   
  

 

 

    

 

 

  

Total assets

    $ 15,224      $ 15,184   
  

 

 

    

 

 

  

Current liabilities

     

Current maturities of long-term debt

    $ 1      $ 755   

Notes payable

      838        1,065   

Accounts payable

      1,447        1,402   

Accrued advertising and promotion

      459        517   

Accrued income taxes

      87        46   

Accrued salaries and wages

      201        266   

Other current liabilities

      535        472   
  

 

 

    

 

 

  

Total current liabilities

      3,568        4,523   

Long-term debt

      6,717        6,082   

Deferred income taxes

      563        523   

Pension liability

      873        886   

Nonpension postretirement benefits

      277        281   

Other liabilities

      384        409   

Commitments and contingencies

     

Equity

     

Common stock, $.25 par value

      105        105   

Capital in excess of par value

      583        573   

Retained earnings

      5,749        5,615   

Treasury stock, at cost

      (2,709 )      (2,943 ) 

Accumulated other comprehensive income (loss)

      (947 )      (931 ) 
  

 

 

    

 

 

  

Total Kellogg Company equity

      2,781        2,419   

Noncontrolling interests

      61        61   
  

 

 

    

 

 

  

Total equity

      2,842        2,480   
  

 

 

    

 

 

  

Total liabilities and equity

    $ 15,224      $ 15,184   
  

 

 

    

 

 

  

 

* Condensed from audited financial statements.

 

- more -

- 9 -

Kellogg Company and Subsidiaries

Reconciliation of Non-GAAP Amounts - Reported Operating Profit Growth to

Underlying Internal Operating Profit Growth

 

     Quarter ended  
     March 30,
2013		  

Reported Operating Profit Growth

      -4.5 % 

Acquisitions/Dispositions

      7.6 % 

Integration costs

      -3.8 % 

Foreign currency

      -1.4 % 
  

 

 

  

Internal Operating Profit Growth (a)

      -6.9 % 

Mark-to-market (b)

      -1.1 % 
  

 

 

  

Underlying Internal Operating Profit Growth (c)

      -5.8 % 
  

 

 

  

 

(a) Internal operating profit growth excludes the impact of foreign currency, and, if applicable, acquisitions, dispositions, and transaction and integration costs associated with the acquisition of Pringles. The Company believes the use of this non-GAAP measure provides increased transparency and assists in understanding underlying operating performance. This non-GAAP measure is reconciled to the directly comparable measure in accordance with U.S. GAAP within this table.
(b) Includes mark-to-market adjustments for pension plans and commodity contracts as reflected in cost of goods sold. Actuarial gains/losses for pension plans are recognized in the year they occur. In 2012, asset returns exceeded expectations but discount rates fell almost 100 basis points for pension plans resulting in a net loss. A portion of the 2012 pension mark-to-market adjustment was capitalized as an inventoriable cost at the end of 2012. This amount has been recorded in earnings in the current quarter. Mark-to-market adjustments for commodities reflect the changes in the fair value of contracts for the difference between contract and market prices for the underlying commodities. The resulting gains/losses are recognized in the quarter they occur.
(c) Underlying internal operating profit growth excludes the impact of foreign currency translation, pension and commodity mark-to-market adjustments, and, if applicable, acquisitions, dispositions, and transaction and integration costs associated with the acquisition of Pringles. The Company believes the use of this non-GAAP measure provides increased transparency and assists in understanding the underlying operating performance. This non-GAAP measure is reconciled to the directly comparable measure in accordance with U.S. GAAP within this table.

 

- more -

- 10 -

Kellogg Company and Subsidiaries

Analysis of net sales and operating profit performance

 

 

     First quarter of 2013 versus 2012                                                  

(dollars in millions)

   U.S.
Morning
Foods		     U.S.
Snacks		     U.S.
Specialty		     North
America
Other		     North
America		     Europe     Latin
America		     Asia
Pacific		     Corp-
orate		     Consoli-
dated		  

2013 net sales

   $ 911      $ 901      $ 379      $ 403      $ 2,594      $ 692      $ 308      $ 267      $ —        $ 3,861   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

2012 net sales

   $ 897      $ 786      $ 348      $ 368      $ 2,399      $ 538      $ 270      $ 233      $ —        $ 3,440   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

% change - 2013 vs. 2012:

                    

Volume (tonnage) (a)

             1.2 %      1.6 %      .2 %      5.0 %      —          1.4 % 

Pricing/mix

             .5 %      1.0 %      7.2 %      -4.7 %      —          .8 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal - internal business (b)

     1.6 %      -1.7 %      3.4 %      7.4 %      1.7 %      2.6 %      7.4 %      .3 %      —          2.2 % 

Acquisitions (c)

     —   %      16.3 %      5.3 %      3.2 %      6.6 %      27.3 %      8.6 %      20.8 %      —          11.0 % 

Dispositions (d)

     —   %      —   %        —   %        —   %      —   %        —   %        —   %        -1.7 %      —          -.1 % 

Integration impact (e)

     —   %      —   %        —   %        -.2 %      -.1 %      —   %        —   %        -.4 %      —          -.1 % 

Foreign currency impact

     —   %      —   %        —   %        -.6 %      -.1 %      -1.2 %      -2.3 %      -4.3 %      —          -.8 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total change

     1.6 %      14.6 %      8.7 %      9.8 %      8.1 %      28.7 %      13.7 %      14.7 %      —          12.2 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(dollars in millions)

   U.S.
Morning
Foods		     U.S.
Snacks		     U.S.
Specialty		     North
America
Other		     North
America		     Europe     Latin
America		     Asia
Pacific		     Corp-
orate		     Consoli-
dated		  

2013 operating profit

   $ 163      $ 106      $ 78      $ 75      $ 422      $ 71      $ 48      $ 21      $ (59 )    $ 503   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

2012 operating profit

   $ 153      $ 123      $ 71      $ 70      $ 417      $ 70      $ 51      $ 33      $ (44 )    $ 527   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

% change - 2013 vs. 2012:

                    

Internal business (b)

     5.9 %      -25.6 %      6.4 %      4.5 %      -3.5 %      .1 %      -5.6 %      -30.6 %      -19.7 %      -6.9 % 

Acquisitions (c)

     —   %      15.3 %      4.6 %      3.9 %      5.9 %      14.2 %      6.2 %      15.2 %      -3.1 %      7.9 % 

Dispositions (d)

     —   %      —   %        —   %        —   %      —   %        —   %        —   %        -4.7 %      —   %        -.3 % 

Integration impact (e)

     —   %      -3.0 %      —   %        -1.2 %      -1.1 %      -11.1 %      -.3 %      -14.2 %      -6.3 %      -3.8 % 

Foreign currency impact

     —   %      —   %        —   %        -.7 %      -.1 %      -2.0 %      -7.6 %      -1.7 %      -1.0 %      -1.4 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total change

     5.9 %      -13.3 %      11.0 %      6.5 %      1.2 %      1.2 %      -7.3 %      -36.0 %      -30.1 %      -4.5 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) The Company measures the volume impact (tonnage) on revenues based on the stated weight of product shipments.
(b) Internal net sales and operating profit growth for 2013 exclude the impact of acquisitions, divestitures, integration costs and the impact of currency. Internal net sales and operating profit growth are non-GAAP financial measures which are reconciled to the directly comparable measures in accordance with U.S. GAAP within these tables.
(c) Impact of results for the quarter ended March 30, 2013 from the acquisition of Pringles.
(d) Impact of results for the quarter ended March 30, 2013 from the divestiture of Navigable Foods.
(e) Includes impact of integration costs associated with the Pringles acquisition.

 

- more -

- 11 -

Kellogg Company and Subsidiaries

Up-Front Costs*

$ millions

 

     Quarter ended March 30, 2013  
     Cost of goods
sold		     Selling, general and
administrative
expense		     Total  

2013

       

U.S. Morning Foods

    $ 1      $ 2      $ 3   

U.S. Snacks

      1        2        3   

U.S. Specialty

      —          1        1   

North America Other

      —          —          —     

Europe

      —          —          —     

Latin America

      —          —          —     

Asia Pacific

      6        —          6   

Corporate

      —          —          —     
  

 

 

    

 

 

    

 

 

  

Total

    $ 8      $ 5      $ 13   
  

 

 

    

 

 

    

 

 

  
     Quarter ended March 31, 2012  
     Cost of goods
sold		     Selling, general and
administrative
expense		     Total  

2012

       

U.S. Morning Foods

    $ 2      $ 2      $ 4   

U.S. Snacks

      2        1        3   

U.S. Specialty

      —          —          —     

North America Other

      —          1        1   

Europe

      1        —          1   

Latin America

      —          —          —     

Asia Pacific

      —          —          —     

Corporate

      —          —          —     
  

 

 

    

 

 

    

 

 

  

Total

    $ 5      $ 4      $ 9   
  

 

 

    

 

 

    

 

 

  

2013 Variance - better(worse) than 2012

  

  

U.S. Morning Foods

    $ 1      $ —        $ 1   

U.S. Snacks

      1        (1 )      —     

U.S. Specialty

      —          (1 )      (1 ) 

North America Other

      —          1        1   

Europe

      1        —          1   

Latin America

      —          —          —     

Asia Pacific

      (6 )      —          (6 ) 

Corporate

      —          —          —     
  

 

 

    

 

 

    

 

 

  

Total

    $ (3 )    $ (1 )    $ (4 ) 
  

 

 

    

 

 

    

 

 

  

 

* Up-front costs are charges incurred by the Company which will result in future cash savings and/or reduced depreciation.

 

- more -

- 12 -

Kellogg Company and Subsidiaries

Transaction and Integration Costs*

$ millions

 

     Quarter ended March 30, 2013  
     Net Sales     Cost of goods
sold		     Selling, general and
administrative
expense		     Other
Income/Expense		      Total  

2013

            

U.S. Snacks

    $ —        $ —        $ 3      $ —         $ 3   

North America Other

      1        —          —          —           1   

Europe

      —          3        5        —           8   

Asia Pacific

      1        1        3        —           5   

Corporate

      —          —          3        —           3   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total

    $ 2      $ 4      $ 14      $ —         $ 20   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  
     Quarter ended March 31, 2012  
     Net Sales     Cost of goods
sold		     Selling, general and
administrative
expense		     Other
Income/Expense		      Total  

2012

            

U.S. Snacks

    $ —        $ —        $ —        $ —         $ —     

North America Other

      —          —          —          —           —     

Europe

      —          —          —          —           —     

Asia Pacific

      —          —          —          —           —     

Corporate

      —          —          —          —           —     
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total

    $ —        $ —        $ —        $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

2013 Variance - better(worse) than 2012

            

U.S. Snacks

    $ —        $ —        $ (3 )    $ —         $ (3 ) 

North America Other

      (1 )      —          —          —           (1 ) 

Europe

      —          (3 )      (5 )      —           (8 ) 

Asia Pacific

      (1 )      (1 )      (3 )      —           (5 ) 

Corporate

      —          —          (3 )      —           (3 ) 
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total

    $ (2 )    $ (4 )    $ (14 )    $ —         $ (20 ) 
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

 

* Transaction and integration costs are charges incurred by the Company as a direct result of the work performed for the acquisition of the Pringles business. No transaction costs were incurred during the quarter ended March 30, 2013.

 

- more -

- 13 -

Kellogg Company and Subsidiaries

RECAST SEGMENT DATA

 

2012 (millions)    Quarter ended     Year-to-date period ended  
     March 31,
2012		     June 30,
2012		     September 29,
2012		     December 29,
2012		     June 30,
2012		     September 29,
2012		     December 29,
2012		  

Net Sales (Recast*)

               

U.S. Morning Foods

    $ 897      $ 892      $ 903      $ 841      $ 1,789      $ 2,692      $ 3,533   

U.S. Snacks

      786        850        908        856        1,636        2,544        3,400   

U.S. Specialty

      348        252        264        257        600        864        1,121   

North America Other

      368        369        388        360        737        1,125        1,485   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

North America Total

      2,399        2,363        2,463        2,314        4,762        7,225        9,539   

Europe

      538        613        685        691        1,151        1,836        2,527   

Latin America

      270        274        292        285        544        836        1,121   

Asia Pacific

      233        224        280        273        457        737        1,010   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Consolidated

    $ 3,440      $ 3,474      $ 3,720      $ 3,563      $ 6,914      $ 10,634      $ 14,197   

Operating Profit (Recast*)

               

U.S. Morning Foods

    $ 153      $ 178      $ 134      $ 123      $ 331      $ 465      $ 588   

U.S. Snacks

      123        121        117        115        244        361        476   

U.S. Specialty

      71        56        62        52        127        189        241   

North America Other

      70        70        67        58        140        207        265   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

North America Total

      417        425        380        348        842        1,222        1,570   

Europe

      70        64        76        51        134        210        261   

Latin America

      51        48        36        32        99        135        167   

Asia Pacific

      33        17        29        6        50        79        85   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Reportable Segments

      571        554        521        437        1,125        1,646        2,083   

Corporate

      (44 )      (35 )      (8 )      (434 )      (79 )      (87 )      (521 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Consolidated

    $ 527      $ 519      $ 513      $ 3      $ 1,046      $ 1,559      $ 1,562   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

* During the first quarter of 2013, the Kashi operating segment was eliminated. The Kashi financial results have been recast between U.S. Morning Foods and U.S. Snacks.

 

2012 (millions)    Quarter ended     Year-to-date period ended  
     March 31,
2012		     June 30,
2012		     September 29,
2012		     December 29,
2012		     June 30,
2012		     September 29,
2012		     December 29,
2012		  

Net Sales (As originally reported)

               

U.S. Morning Foods & Kashi

    $ 941      $ 939      $ 946      $ 881      $ 1,880      $ 2,826      $ 3,707   

U.S. Snacks

      742        803        865        816        1,545        2,410        3,226   

U.S. Specialty

      348        252        264        257        600        864        1,121   

North America Other

      368        369        388        360        737        1,125        1,485   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

North America Total

      2,399        2,363        2,463        2,314        4,762        7,225        9,539   

Europe

      538        613        685        691        1,151        1,836        2,527   

Latin America

      270        274        292        285        544        836        1,121   

Asia Pacific

      233        224        280        273        457        737        1,010   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Consolidated

    $ 3,440      $ 3,474      $ 3,720      $ 3,563      $ 6,914      $ 10,634      $ 14,197   

Operating Profit (As originally reported)

               

U.S. Morning Foods & Kashi

    $ 157      $ 181      $ 135      $ 122      $ 338      $ 473      $ 595   

U.S. Snacks

      119        118        116        116        237        353        469   

U.S. Specialty

      71        56        62        52        127        189        241   

North America Other

      70        70        67        58        140        207        265   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

North America Total

      417        425        380        348        842        1,222        1,570   

Europe

      70        64        76        51        134        210        261   

Latin America

      51        48        36        32        99        135        167   

Asia Pacific

      33        17        29        6        50        79        85   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Reportable Segments

      571        554        521        437        1,125        1,646        2,083   

Corporate

      (44 )      (35 )      (8 )      (434 )      (79 )      (87 )      (521 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Consolidated

    $ 527      $ 519      $ 513      $ 3      $ 1,046      $ 1,559      $ 1,562   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

- more -

- 14 -

Kellogg Company and Subsidiaries

Reconciliation of Non-GAAP Amounts - Reported Operating Profit

to Comparable Operating Profit

 

     Quarter ended  
     March 30,
2013		     March 31,
2012		  

Reported Operating Profit

    $ 503.2      $ 526.7   

Mark-to-market (a)

      (53.7 )      (50.6 ) 
  

 

 

    

 

 

  

Underlying Operating Profit (b)

    $ 556.9      $ 577.3   

Pringles integration costs

      (20.1 )      —     
  

 

 

    

 

 

  

Comparable Operating Profit (c)

    $ 577.0      $ 577.3   
  

 

 

    

 

 

  

 

(a) Includes mark-to-market adjustments for pension plans and commodity contracts as reflected in cost of goods sold. Actuarial gains/losses for pension plans are recognized in the year they occur. In 2012, asset returns exceeded expectations but discount rates fell almost 100 basis points for pension plans resulting in a net loss. A portion of the 2012 pension mark-to-market adjustment was capitalized as an inventoriable cost at the end of 2012. This amount has been recorded in earnings in the current quarter. In 2011, asset returns were lower than expected and discount rates declined. A portion of the 2011 pension mark-to-market adjustment was capitalized as an inventoriable cost at the end of 2011. This amount was recorded in earnings in the first quarter of 2012. Mark-to-market adjustments for commodities reflect the changes in the fair value of contracts for the difference between contract and market prices for the underlying commodities. The resulting gains/losses are recognized in the quarter they occur.
(b) Underlying Operating Profit excludes the impact of mark-to-market adjustments on pension plans and commodity contracts. The Company believes the use of this non-GAAP measure provides increased transparency and assists in understanding underlying operating performance. This non-GAAP measure is reconciled to the directly comparable measure in accordance with U.S. GAAP within this table.
(c) Comparable Operating Profit is a non-GAAP measure that excludes the impact of mark-to-market adjustments on pension plans and commodity contracts, and the impact of integration costs related to the acquisition of the Pringles business.

 

- more -

- 15 -

Kellogg Company and Subsidiaries

Reconciliation of Non-GAAP Amounts - Reported EPS

to Comparable EPS

 

     Quarter ended  
     March 30,
2013		     March 31,
2012		  

Reported EPS

    $ 0.85      $ 0.98   

Mark-to-market (a)

      (0.10 )      (0.10 ) 
  

 

 

    

 

 

  

Underlying EPS (b)

    $ 0.95      $ 1.08   

Pringles Integration costs

      (0.04 )      —     
  

 

 

    

 

 

  

Comparable EPS (c)

    $ 0.99      $ 1.08   
  

 

 

    

 

 

  

 

(a) Includes mark-to-market adjustments for pension plans and commodity contracts as reflected in cost of goods sold. Actuarial gains/losses for pension plans are recognized in the year they occur. In 2012, asset returns exceeded expectations but discount rates fell almost 100 basis points for pension plans resulting in a net loss. A portion of the 2012 pension mark-to-market adjustment was capitalized as an inventoriable cost at the end of 2012. This amount has been recorded in earnings in the current quarter. In 2011, asset returns were lower than expected and discount rates declined. A portion of the 2011 pension mark-to-market adjustment was capitalized as an inventoriable cost at the end of 2011. This amount was recorded in earnings in the first quarter of 2012. Mark-to-market adjustments for commodities reflect the changes in fair value of contracts for the difference between contract and market prices for the underlying commodities. The resulting gains/losses are recognized in the quarter they occur.
(b) Underlying EPS is a non-GAAP measure that excludes the impact of pension and commodity mark-to-market adjustments.
(c) Comparable EPS is a non-GAAP measure that excludes the impact of mark-to-market adjustments on pension plans and commodity contracts, and the impact of integration costs related to the acquisition of the Pringles business.

 

###

- 16 -

GRAPHIC 3 g529974logo.jpg GRAPHIC begin 644 g529974logo.jpg M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$" M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,# M`P,#`P,#`P,#_\``$0@`2P#$`P$1``(1`0,1`?_$`*\```("`@,!`0`````` M```````)"`H&!P$%"P0#`0`"`@(#`0$`````````````"`<)!08!!`H"`Q`` M`00"`0,#`P,#`P('`0```P($!08!!P@`$0DA$A,Q411!82(C%0J!H19Q%Y&Q MP3)")"48$0`"`0,#`P,"!0$%!04)```!`@,1!`42!@<`(0@Q(A-!%%$R(Q4) M87&!0E(6\&(S)!>Q\7*")<'10U,T=#5%)O_:``P#`0`"$0,1`#\`O\='1T=' M1T='1T='1T='1T='1TJ_R,^4[57`J.85<41C9F\+'&KDX37K.3''LH**5\@F MUANTH@;DL8Q=.$9PU:C'ER]PA><9"/'S=13R3RMB>/XDM0GW6>F6J0AM(522 M!)*W%.]?*"\FS,MS^R<9V4HCGR#QF1I9>S-;V<6I M!+*B$-*[,L4(9`Q9F"'6GBR\J[[GU.;$UW?-?0E!V+2(5O<&*JL_D'5?GJH> M3;P[K/XLL5T_CY.)D'C?"N[@J'(S^Y*1_&I.<3Q/RT_(4]SC,MI_Q>X,I*U[D-JJ*4/6X>;7A%:>+=AA]U;7S%QEMHY2X>U<74<<=S!= M)'\H[Q$QRPS1ARA"HT9C*N#J4].;_P!.WU^WW^OIW^O4V=5[]'T_W_7.?KGO M^O1T>G1_IV^OV^_U]._UZ.CHZ.CK%IF\TFN2<9"V&XU:!F)HH@0\3,V")BY. M6.=:A@#&,'SL#I^4Q$92A(D+RI6,XQZXZZD]_8VTJPW,T4NWU MA^CHZ.C[?M^^?MV]?O\`7HZ.C/?MZ?7]._KCO_T[X[]']GKT&M.WKT='1T=\ M>G[^F/WSV[^G^F.CHJ.CHZ.CHZ.C[?M^^?MV]?O]>CHZ/MZ?^7IZ?7/1T=<8 MQV[^N<]\]_7U[=_TQ^O;OUP!3K@"G7/7/7/1T='1T='1T='6AN07)O1O%NE. M;[O+8<%1X08SYCVSYQ@T]8701*+_`&ZM5]M\DK-OEX3ZI`)2!8S[RJ&/"EXU M_<>Z<#M.P;)9^YCM[85I4^]R/\,:#W.Q_!0?Q-!WZD[BKAODOFST^,L3= M93+,1K,:TA@0FADN)WTQ01CU+R.H-*+J:@*=.+?FENG,/FC4-#ZBX]#:Z>F$ M3CJ9O\`<&5G MS65D,E]<.6=O0?2BJ.^E5%%4#L``!UZN=@;#VQQGL_'4R"K MI1NS)`M2E1]#(3K((J!I![UZH`_DM\EL5R]R':\8[*N$N-E;6DE$LZ,&CNLG M)1+AHV'9HK55^WC8$JSF=EJA1B^,A!A&0QB($(2%D*4BTH&,:$Y4LA%JSA*$ M(3C.H^4AM9'UT*R^@+"O:R3@C^,KF;E;$Q;GWQ M*EL,(DRQ/$1SA!0$!A0%B_]Z\*]-IXQ MY'AY%Q<]T+OX0EY?>*&3\4]VXW"2Y:', MX;,64EQ;3B$V\BF*3XY8IH3)*`R$HRLLA5U;T4@CJ!WE:\R#'CD>49CX\"LD93=[#V7\J"8(UBR)P,J2./E&WT#ECF MN';C2;#_\?5SR]!;2-(=0);KO\`"4C'RM4,G;ML_;=_18K+:[A?MD6N M;8B1,S4S)SMEEYQXZ2".2EVY=K=F.MR1"`I2I.$8PG"?:E./:G<]UD\UD1<7 M,LL^3FE7WLS,Y=B`M">]02`M"*>@IU?9A\+M#C_:YPV$LK#$;)L+9RUO!%'! M;16\:,9"\:`(4^,-J+ABWWNVUW<<$:NW^9U4! MC_>03UXW=V7N*R.ZWIW_3Z?KUW?Z]8#ZUZ.CHZ,=^WK]?U[>N._P#U[8[]']OKT"M._KT='1T= M'1T='1T9SC&.^?3&/7.<_3&.CT[GTZ"0!4^G1T='7'T^^>^<_KW[=^^?USW[ M=^N/3KCTZY^G^_ZYS]<]_P!>N>N?3HZ.CH_T[?7[??Z^G?Z]'1UB=XOE+UG5 MY:Z["M4#2ZE!-B/)>Q663:1$2Q`-"EY49X\*(7R+PG.$(QG*R*_BG&59QCKJ MWU]98VU>^R$L<%G&I9G=@JJ!]220!_[?0=9O;NV]P;OS5OMS:UE=9#/7<@CA MM[>-Y99'8T`5$!8_B32BBK,0`3U6RYG_`.0A`0A92A\+JL*U2:5.&!MQWM@< M%>;ERI(D.:935D!(S!.RE*$XE/QQI*C"5,RISG.%EWMY%VMM\ECLJ+Y95-/N M9E/Q]O4QQFC,/P9]*_72PZM]\>?XIXRRPVVX1J^*!0BDT-9IY"Q>9B!5I9G=SZL MWX7!?'EHO4OBDX73O);DX_CZALK940PL5O)(8`JR1D45JI_3-.59DX,-P\L; MW/=T\:B^+*GB\_DY0%A\HG'XTP.&XHV1)NW=+"#)W48>0L*.L?K%;HE-7R-^ M9U'`$L(T)]`!75* M_8N0*L:*O95'5S7C1XZ;,\7>-!M3$30S9:11<97)R!8ON)U4ZG8LP^*S@&I; M>-VHB5DD)E>1NGM>*3PO.()W6N2G,*NJ%*M"M9[6NCY<*,Y8'3E#F-M.RFV2 M$Q^6!>$F:0J\)R)7M4]3A2Y]ZQ`3J0T%JPKI(-1)./0GT*Q M'\I&IS7VBLSS?_D1CREO><.^/EX?VZ0/#DJE7EZ\EUXW;L1SP2XC/I.2AW$\&E;&L5+69S/;.N1G2F) M-:5-Q&FR8M79/3;8.SB\D)?XIGA)+S M2D@?!&5[Z5/9R/SMVKI!U7G^!GAWMKCS:!1!CK14,B MY.\63V_/(H$EJC`_#&5E(^=T$2>.:W"EWPGSIVEW;8<78]W7BHOKQLC7\*T$ M6/U:P?'9-:C#'L`Y,V9N8DB!D5N?_K@$+`!Y%DPR)+U"^^=D?Z$6SLI+N?<#15'M!6H->G_P#''R*3R3;<.XMLXBXLN-L;D([/ M&W]PS";)S`.UW+\!4+%!&&M_C'R.]92LNB161&>P^\9?Q/\`CG@-;5TV(;F5 MS'&YVH_3DGME=-ZNE60X6LS4DG"QNF5A<13O'1%90IFD2I5@SL MW#_&T>+A#)O;-ZIR:4-M"PT1NP/HX0>U?I(S$U"4*7WW&^.\ZO+J[W?E!]QX M[<>E,8GJ8\OD(G::X@AH?=;M.U;F4&C6R0(E3-NE+HI3MKM&YSZ70X"VW5@XG*G. MF.\0/&Z].-^%P=PYBS_3;'6=OI-Q:6(+$[H*_;]Y'9Y%7")RG5F@)(RLFD#@2).,>ON7CK\;B4PV[S*I9D1F M"CU-`30>G<^@ZRN!Q\&7SEEBKJ=+:VNKN&)YF_+$LDBHTC5(&F,$L>X[#U'7 MGNO?)OSIG-X.-M.]^["BK8NTE>MZDSF'D?1H$0Y3#452!1S/T06((.G(!3,LQ`$L;QR+$M:(H MC``]!NA3$Q8J-3+!88S,+/SE4KLQ.0^4K3F*EY.(9O9*-]I/ZB?P7IEB[*_E MCV^OKU8_A[JYOL1:WMXGQW$,HIEDJDAP_F)$H M6H/>I(_F,GW92GOG&*SF8L]O8>YS>0)%G:PM(U/4A1V`_P!YC15'U)`ZW;C? M8.>Y2W[B..]L(KY[,7T=M#J-%4N?=(Y^B1(&ED/J$1B`3VZ\^_FKSZWWSAO; MJ>V38',;2&$DZ/1=50SPXZ?3F2_D"VRAHG(<3,V5KVPYD'*%.3KSG&/C$D8A M5V[ZY#W!OS(&XRDA3&*U8K=21'&/Z_YY*=C(PKZZ0JG3UZH?'3Q=XP\;-M)B M=F6D<^ZYH56]RDJ`W=V]/=0DL8+;57X[:(JM*&3Y)*MTQWCKQNU=X^N*^.?/ M+*LQMCWA>H]2.(NA[4W$Y$TGW#5;J#V!:*^Z)D3\K))@R7L,G`8YBD64?6D9;2+B[?4Z*3WI''WFD[&H$<8 M'Z@/3>IU8#[ MFX!/V[`21>)\@_FEW,N1;QSN>K;-L!4>N:,TXQD58RMK\YC%"N0*W"DA M/=E[-/TB3G/R8&A(]GE;D?FW,AE4R6\;=@*I:VRM]2?J:>I]TKT["@H(GMV\ M4OXZN/?M)9DM\S=PAB"%GSN8:,T#%5TZ8/D_*/T+*!B:G5J)L.<:_'APP\5= M`<\D-^W*"LFP:PUP=]MB[`2*'J\B6Y16_P"-D[JB!HHP0SJWQ6<-:L&*K)U@L3_D M.<3I;:\52O\`MYM2+U_)2C:))M26'``#&J=ND,QRS^IM)!](C@1*5\I3)<*< MC;_R_'ROW#3C8_)#:,N72R%K>+C'<+]PP4`5H-1CJ6T`^IKJ`[Z3]-LR'\3_ M`#IC]BW&X_W?`3;MM[=I?VJ)YWDD"@L8H[HQ+`TQ441>T;O[!*/7J0OF'YS? M_P`B\9"0]%FT--R[T%)5/73MF;&7$!!(:MU7"]`*(PR")%1<@,#$HU86E\\$ M9&U`:1%X!^-D?/? M,HO=T6_R<=;9^.[R*./;/(686MDU:>V>6-FF'_R(95-&=3TDOQJ5'4O!KC?: M_*!R/:"D[5.*G:1Q6H;O(\3%BFA_W&+F;#$)+\R@GFG@CL,OO;C$;%MGI58) MDX$8@[BZRQ&P]LS(7,.$M/AO-S7PK\-O'[)(X9B"*QVL;1R_;C_CWDEM"I4PN5U3PWUI M+*V1B9M[;@O\`D_>_?;UD6GE)_++(@K';H#ZQQJ%!!J"-$?JWS7[!2-;I^K M>&OM1EAC.E-(&U.2NX=L>87F/1-$-:`^-LE./Q6HF[("2'SG),KN?-9?FG>5OMW;D?QX.!M$"THL48 M&E[F0"FD%0-*TJHTQCW,:Z9PWL+8W\?GC[D^3>6+F.YY&R:+<9.4.'GN[Q@T MD&(LY&):4K(S&26M))3+=2$1(@6T]7IGA[XL.-]$UI<-F5?7-1J\4O`7,\=) M+KL.P%PIS8[0*L0XGUAGY26D,+*7#1L83,7L#C*`B1A+76]QLOB?;5MBKVZA MM;*):`N?U)G]7DT+5W9FJ30$+V44`4=4F92PY^\V>7\IN_`8>^S6Y;Z;4R0* M?M;&W4:;>W,\K+!;P0Q`)'\LB:Z,_N=F)[#3_DIX7;MH.P-F5+=D!%T[5TC" MQEYD[N%[2<0CBS*?HK.5#L(&2GB;$N*48(G*>OK"\G[)SN.N MA/?^A[]0ENG8V]-CY"3%;RQ.2Q61C;2T=W;2V[`]_I*BU!H:$5! M'<$CK$=PQ1<`CZ\`IYZ4=9$A2_B; M-BD]B8W3MS`0FXS-[;6\0]=3BO]RBK'^X'K/\`'_#W*?*F2CQ/ M'6W\KF+V3T^WMW:,`&A+S$"&-0>Q>21$'U8=0ITOYC>"V\]E/]95;8DM`OFD M//SK:TW^#12Z5)QE98.Y68<-IN7D!F88:Q+$SGM(-V7N&-6,?U,>SK1\%S3L M+<&6;$6ES)',$9P\R&*-U0%FTLQ[44%O>%J!VKTQG(_\?_DSQ?LN'>^X,1;7 M%C+7<4MRRI"KP0AM6N1EC_`$6EHQ&J@[]2PX[-O+!5V1Q_V MC$;#)KR4;15L"R83<6XCRO?RL,'@F\]&19Y"(D%L3I`\;I*V(H*\87WQUM^V M]Z;8W=\XV[=QW)MV`DTAA2M=)&H+J5J&C+530BM1U!W+/C_S!P9^W?\`5;!W M.'_=87DM?D:%Q((](D4F&201RQZTUQ2%9$U#4HZV?M?<6K=&5!]?MOWVL:\I M\?[4'F[/)MXUN1POOD;)B,J_R9.1<=OZ39L,K@F<9]J%=93+YO$X"S;(YJYA MMK)?5Y&"C^P?5C3Z*"?Z=:5LC8.]>2MP1;5V#B[S+[AG_)!;1M(]!ZLQ'MCC M%1JDD*1KZLP'2:;C_D'\-H>SMZY1Z;NK9@3.@MDSD)68>)CWGS$RA&8AA-3K M>Q/"J3VSA!V+3/KVSG'97M@[*>1^S;2?X,9;7][[@`R(L8:II[!(P=C^`*K7 MT[>O5A>V_P"*;R&RF(?*[DR&VL(Z0F0PSW&2WB44]S_,X'-8R8F4JT(PE&8W[43I#628E_JLG[=)?88*OY"(G*< M^N.I^MI_N;:.YT/'\D:MI<:774`=+KWHPK1A7L:CJM"^M38WLUBTD4K0RO&7 MB8/&Y1BI:-QV="156'9A0_7JO)J+P_2L]S'VMS:YHR.MX"`1M6P[2K6J*1(H MS3_B8/,O86>O4N]91<>.':`:I>.AKQDCPR5+=9&GW)4N-APU=9/?=[O/>IM( M<3]TTR6\1U"0*XD0SNP51$"@9TTUD8$N0OMZM6W[Y]X_$^.N"\;/'R++W&3_ M`&"WQUYE;U`EV#*I2>VL(HI)7+NS-#'*2!%$5CMTU49,*YR?Y`%>HLQ)ZXX9 MP4'?Y6+65/PUCK9?&O^+3*[EQ\&[_(:ZN< M/CI%#Q8BU*K?%#W4WLS*Z6@8`_H(DDX!7686!4?7X>O([S;Y7;]L^O\`=K9I M?=9JJZD4(Z^//OQ&\;>"^+;/= M'',LN*WO^Y1VXLI;]KIKR)U^,>1=R<2; M_P`5R1M%HEW%B+M9X?E77$Q`*LDB54M'(C-&X#*Q5CI930BO%*^,#@5XP6KC ME'RAVM8]UMJP_P#GU;JJ6A86!#:K:'.7$5$IK@Y:4+=7[0F!E4LI&D:U0E1G M8U!QA&%PGXGX_P",(3NG=EW+?PQ-6"!T1!)**E4TJ296[>A(C'=G%.K6K;S1 M\G_,Z9>$N&,'8;:FOHB,ED8)IY6M[1SIEE:YD"BRA*U2B*]Q)7XH9-9Z05R< MY,;W\BW(Z-FYMLXD)^USL?1M0ZPA%D-%5*.F)%#."JT$V40:7#APX*DCQTK" M2.W&5E7[$X0@:^[LW5GN2-R)<7`K+(XAMH%J4C#,`L:"G=F:FMB*L?6BA0+1 M.&>'.,/$;B*;%V$B18FPMGOLMDI0$ENGAB9IKF8U-(U566V@[B)"$&J1G9I\ M>7;CKK;B!I7@=QNK^&;O955J&T+GLV=:9]JIR7NCRG">S+G&2#*=DYL$`]:1 MZEHPH;&.&//NRGNB0>8-MXS9>W]O[6MZ-E(XYY9F!_.TGQAF(_`NI5#_`)4I MVH:JWX$\L;SY\Y'Y1YDS.J+:5]>8VTL(6[BWCM5NS#`OUR<+%15WCCFLVA4T))I)-+H6G;4:>M.H"I:%UG M-N(W3K&XR%5UDR)\I82'K,*EVXN>Y;%'8=,\/Y!W#Q3A^D6G* M\Z#N[.Y?F/D&';N,D*899FCA]="QK4RW+KVJ2@+"HJ%"J"*FK4<*<=;+_C]\ M6\AR?O.VCFY%FQ\=SDF'::6XGT?9X:&0@Z(TE9(G:FEY_FG;V*BI'"^<9-/[ M7Y_U7B9PQ)8K12&MAK&MI&^2*O1R6KTPL-D_BD M;L\$#_$B4)UK(;5PN5Y$@VALO7+8?+'"TK,6ULG>XFJ*A4`#4TT'MJ!1A67- MMTN/_ M`!LQVX;M`-Q;IN9U4D9H[-2.U$%M&D@7TUS2,``:]?9QPT=R.\N6W]? M4MP7%$T#HBGU>DD>P[-]_P`!U+08-DT8*@ZPT.[5B6V)=B1^7!R%+^6_=J6X M.L;8"<-_K;.`W+S!F+6PD/V^W+"!8@4!^&VB4*NF.OYIY"-1))9B"6(10.OK MECDGB'P,X_RNXE_]5Y7W1D+F]$<[I]_EKV:1W^>[9.\.,LQ)HC50(XU`BA5I MI&;II_G#F:7Q+X:\=^$&D8Y%1I=LEG+V2C61$_D/*KK9,>^3F?.GXLR3VT7* M9%(NCK3[W#QDHGIVSVEKG>>SVELK';'P:B*RFD)91ZF.&C5:E*EYG5V8_F8$ MGI'_`.-K';AYQ\A-V^1_(T[7VX,?:A4ED%56[R1DC!B!K\<=M9P2P11J0L<< MJ*/0=5P./U2Y`[LG%<8]%#GI@VXYZLEGJE$%RSC98E7-)&B9BYOAJ'A%6JZI M([M>72\,FRTX.O'O&-8UGV[;;ASLO^DL#\C_`'TB%XU[!_CJ5:3T_3CJ7->P M(U4+!>K>.4,UQ5QOCO\`K;R>;:VBV[;SK!=RU>6$W6D20V<>HAKJ[^-(4$:F M9EJE5B^3JUR_@])>!?A6[L$4UB-D0,\.#B;B^1O(QNK M*``RG"@C6$SPJQX(L)'(\MVWD@P7`&R#<0JESNB\.@,U1\LH!:G^9;>$$M0> MYNW^-Q2CVVR?(W\GWD8F*OY)L+PS@4:8Q)1_L+`N%U-7V2Y._95CUM5$HVA3 M#`0U?KB_H;D'Y;^6TDO85_L,BD_OMFWMFR>#2(*?41N5C9Q$%'+<"CF#B1,I M+&'C6^!`%A*E)&@#TL5:PJ#]MBL6C:&O+H*#)/=2"LLJ(M)KNX6,"0OF1TMI3CEL30'$7C76"Q3:OT@5HMX!.74Q8KE=[K-N(BOR%N?*. M-4U8DL(?"P(R(0&@7V$MAA$3VIV/FC!8+;.2QVSMKQF-(X#)(`27DEE;0C2' M_')I4A:TH&HM`:=1/_'SR+R)RUM3=G/O,M\;B:YR/VMK(P6."RL;.$W%U%:) M33;VH>9?D"DF5X@TS2.FKK*.;WB7\K#7.4KX6L#JTM&*YL%S MO_\`;&I9>,K'<-L/!+E[G,NE M\Z`+#\0US34%5C*.I"#N2S`A!2I)(!PGCEYW[\\E^09MA8[8-K<[=MYV>;(_ M>D6]C8&1@DUQ'/;2+).ZJ!%#'(AFDUZ51`[QP;X"<"]L^0+;#JLP4H>NZ_JN M&DGL[9V*VQ(LKE(4N]S7 MVM,9BXF6$SO&!KEET`_%9PED^1PM68B./]1JKM[RBQG'#CW=XSAEQAJ46"(T M_AH_W-MB76*YR@K&/2T98DG!T$#E;8:AYWE6 M+:^W;M=C[6B3X[,@W4[4>::>GY&D^B1!N\:!4$A-15!U'?A;D.7^5=OS^1G- M&0G;*9X/'A\;%JM[#'8P2=YHK52`TEY+'[9IC+,8(E82:9FJT#QCOZ9XT?'_ M`+0YR;M0L=AWW(1C'5-$.;^WS=LBZRB:!48N.2XR1;95MFWKYZX-D&<`B68G M/\\92C,G\4M8\9\?WF_L]7[F_8+;Q=@\J1U$:I]?U'+NQ[A8UUFHZ2[S-ML_ MYA>56%\:^-3JQ>UHI3D[VA>"TEN/A>^FDI0%;2)(+=4#:I+MG@&D]PN'6U4Y M9>;KE@]_YK="156KX',[/22@O7%!TU2'#X0VD#4JW^:,!I66,)`F@LD_+?G$ ML[DN4",<4:8ZWWASINXB]GTVT?NVL<+C/WC?!;QU5;_,7B)JDGO;D`E+:($/(%7XH0T<4,>MD'4CO( MP;C;XU8R%XIU8FI^BTON8_&% MT)2G=P1#GB7%R[YC7=SS?Y"WDLW%5K>/%B<#"&@Q-S<(3\L]Q:JP^]M[0TBC M%RTXEN0^LD0LK,Y\0-O?<7?'=:>0/+'8[JK:]MU[G;U4W-YE)%PZ!6%,644W M)%M)`SB1=2-PF(QR1FR;"45TA""H2K!?21>$YCM3CVYW/NN[:+%W%P9(_E=F MHB+HU+J)),KAM*("7T@BNKI.O/O#6G-/EK9\6\&X:*[W3C\7!87*V$,:(]V) M)97$GQ*D:I9Q2QQS3246(AHW<"(45GRGYS\I_+EM]GQ?XGU:S5W3KJ0QD=>: MN"1[^R1[5QE"KUN&=:D0UAJTQ3G!11OS?B`)[?>IRYP)8XOWAOW=G,&8&U-G MQ2IA2U-`.EI5K3Y;E@:)$/7172/KK;2`[?"/C5PEX%;#/-G/%_9W?(D:=I]( MD2VE92?LL/`QU7-TP]K76E6(U%1!#J9E0R2V0R$^(I"YG@AFE:BKKE6+Y&1=2*6`!(%>O1JU77X6JZTH-=KT2Q@X:'IU;81\5& MM1,V3)LVAF8A@"W"@:$80E&,?3OG/KGUZL?P5M!:86TMK9`D*6T0"@4``10. MP_H.O))N_)Y#,[JR65RT\ESDKB^G>261B[R.TC$LS'N23]?^SK/?7M],=^WT M[^G?[=^W?MW_`&ZRG>G]>M<[T_K_`+?[>G4?N4?)'7O$O1]WWILQR5%>J#%& M6T8T4+$I99]\3#6"K4.DRD#5(2[]:4>]6?C`'!#DS@0EJQ@-T;EQNT<'/GLJ M2+6!:Z134['LL:`TJSGL/P]3V!/4H\-<1[LYRY&QO&>S$4YC(2D&1PWQ6\*` MO-8',+;_-';F:WSF&RV8?VBHBB7\D*$]D M04]?34Y]SGN?H!ZI^!.!=A>.NP8-C;%@`:@>\O'`^YOKBA#7%RP/Y:U$,(_3 M@2B(*ZF+R?\`'^X,DGI^4YK[(AEI@ZR9_5]&M'XE8%*6%8RM;5?!I63"'#." M:E_`8$]BQ9=F<*2I)FO9,Y>/6PEO+M]\91#\%NQ2V#`4:2A$DO>I_3'L4]O> M6/J@/5:O\IODLN,QK[]L_P`4Q+RMN1MT;ZOKU239Q2&"(?[D)*5'X:R"_P#YNGR\,N)X>&_' M#;>V9(_CSEW:#)7Q(`;[J_43,K]P2(8C%;BOI\7;MZ,3X:\@M)\-?%ER`79; MX"&Y`\M@[)8:SJL2U=25D>UV-@WVMX.?<_C?*U@XIC8B3F$.G1F_N6%>`86L M:D(D;8^XL+LGBK(3WE,\A>+. M1/(CS8VS%A,8USQ1L%L:_WJPCW=H'Q%YD+*[TXNH==L3K_`"$UUC=S9;+DH-3X"3/21GO= M2Q&X1*RR$A)<3_M[<6Q>'L5++CIH-6-NOECBOP%RM\Y!#73V.JOSE*QP+-IALU M=V#3NSJ:_%YNLAD)\ID)LIZ1I06DW6&(_&B+?_``TX M;ZYVQ#[OAY&K;4L-G5+,MBQ-7=V9]:J7B+C1L*.-PT.Y?12XN:8.'.`8&%HY MRZ2M9.X,8%,/"W(NRMDXR[AW`C196274LZQ&0O%I%(:J"5T."U#126K4T%$/ M_D%\5?(CR%WE@\AQG/%?[*M;(0MCYKR*V2UNS+)KO-$K(D@GB>--8+RQ_&4" MA6H=+^=G?3[5M99XPE MV+9SCM_'\)`U9RH6?;BN?\])F-X06REOL8+"%HU:H(,X^5CI/Y6(*!JBOMI7 MM3K??XR^,[;8'!.2R-PL!W+D-S7\-S+&RN*8QS91HLBD:X5D2>6/Z'YBX`KU MW?BN\FVC>`FD=_P=PUU<+1M:XV%A9JBYKP8G^U60,?#9BX:M6.7?2;9Y`L8> M4.X(I32^E*+&[%@4"MJ( M(5JZSVKZX_S;\->3O*/DG;.5V]EL98[&QMB]O=+5&>NSQCB,KR?R1)O'.#59VTPGD/?3K' M_P!/`E?HE%-/\B=_)4@1 M:T4JY[,S=;&XH^7&P<-N(,_Q\T[I^%9[5GK79;$XW')S`W3-MF?9LC+5/ M[=@LC/PS*.2%K\[M3)&!#4H2\?(//>V;S!=['VA+MW"V47[K)-))]RS$@:U` M!,6D%F32`*R!:4]I[]:GSAX'8GR#Y\@Y9Y#W#<'8=M8VT"XF*(K*WV[,[QB[ M^31%;3N[22%(OG!D<*RD*_44N(>DXOD?N.9V'R!O2*EH6@/?^Y'(S:UJE3I< M.F;Z2.Z168Y\4I7\U?=CROO;,FP,&>KQDYT#7@"_;JFSL%;[GS,E_N2Y$.!M MV$U[/(U"59B=`8^XRS,"BA=3]V8#V]3;S]R5>\05_&Q3_QV$CF(A)RM`Q,4^U6>_P#'?><]PQY? M(8FRQJ/%MZ/&136\94I[9J@'1]*(BH!3VA30]R.EJ_CF8W-);W? M)L^\KVPR5RDBSG78*A:/YP:2*;F>>9F%-3."?R]HG<+_`"5;IX*T/;M,T[7- M?N9';#R"D/\`EMIC'LC,5=_!M)-B-S&M@R+6-DDY:2"UB$]$<0BH[Y0I*EIQ MIVR.3,[L&SO+;"QVS2WFCWR*S-&R!PI4!E5OSU*L"*]_Q!G7R'\/>-O)C<^" MW'R%>Y:*VP44T?VMK)'''<132)(PDD96DAJR4+PD.RD*"A16$22;+5?MRHVG MOYW:ME)GKB&T;*6"6;M;3;6ZW>'$DR;S#Y!VL8M^$>`#)\)$-0]L#%V0E.-- MER+Y++_NF?:6Z,LX> MSQS6^-UQ,]K9MI98Y9(D8/*J$F4KJUS25,CDL[=23Y>\F>2O+&)K6R;Y7I*F M\=J]))H6FJ56F#Z)TW3,0D2+\:LUD1"X;3#;,#_!;1("MO'1:"..M/DD""C,=3`=NP[=1#P+Q!PYP/?7V MR=JWD.0Y=N[;[[+WERZ2Y>[664UN;FA8V]K)<$_%`I0,WO;Y7#2!K'B6\GW& M#BCH+;%*VI0ZWK^U56.:V:`GZ?'3LG=N04LY=CY6\R^&OI'MIX+QX(K/;\*Z")XE0QZK:7]1I"$DN MGF559Y-<814.GJY??(1SWKH)EH21L&]-TFN-URT2932#K!)HUEM+G.<$RH<7 M7ZRU*D2/4Y&W_&TB:KS(7VN2GHL1(+_7LL<0(KZ]@/4@ M=._R'F-L^*?BS>/8R_%C-L[<6RLM3`2379B^VM0/H9+FY<.P`HM7?T7M?V7N MZB1]R9:];XYR1H(C5<0EH`+!Z2'+!(E8$+Z>BG2Q`)!*H00S`$#23W"L5\M2;&S]UA9-QMI^ MW%"U1(6U.HD52PC,8D=&1T1I`S"2,4UR1J^ZNL[UI/2@O--Q5W1RNXJPE=T> MP+9;-0MD1=\D*,!V!J[M<.U@I^&.F+PZ*!N]F(@DNER%LI:5&1@F!^XOQH5$ M'-FU,UNW9ZVF!7Y+V"Z24Q`@&10KH54D@:AKU`'L:?C3I\_X\.;N.^#N<9\O MR5(MGA1;.5YH)E:4("ZPR_"8I'56*54L-&MEKR\+?"5RAWKL") M=;]I%ET)IJ+D!GM3^TC!$WN>:MRK4>"JE<<$)(-W,@E&$?GN@I:MD+RM."D3 M@65LV9P9NW/9)?W^WDQV&1_U&DH)'4?X8DKJJWIK8!5]?3D(DBQ_F%K$Q=VHKF-=16Y^VH,3JO2A M==:@@VU>:ZW-?;TW\=V;]NI+R]R. M46XOIY"2\GRS!IV-*4&DM15H%4!4```'F-R6'0WT@AVDHWHGCQ#H1\J483L9 MSH<(/\I<+]R#)RG*59QG&<=L]NWI5Q*)/E<2U$VMM5?757O7M6M?7T/]!Z=> MRRVDM)(8GM"IQYC0QE:!?BT^QA3MH*4TT![4-/PN@\8O&+PIY@\2.&VU+U7Y MZ1F(#1,!57!JC;WD)%RJV4O89&]V97"GN0[/\`4-W()].O/'R]YF^1?C_S MQR+LG:EY:0X^[W9=7.FZM(KAX]2110R0-(/:LEI%;4!#(556517NO'=_^.EO MIC?95>@-H:WL.MGS]P>!'L%_.5^VP3(Q/>!A-8C8*6C)7\)!FI=);UTBO38<<_RU<8 M7.UX%Y3P>:M=XQ0`3''I;SVMQ*`=3Q"6X@D@#TK\3B18RU!(RKU-3B/_`(]V MIM=OHVW\J[FG<\\Q.%Z#7M5Q)0.MPN0Y$1&)>2-EG9[4W09&7^SV+^(/2\<[?RL;^W7;2X#@[' M?Z:Q<@*F_N&6XR3*:U^$`?;6A]*,HGE6E4D0D4ZGGMX$V.Y-B/MJ\2+#KW4Y M[`)NJRZJL,<_@:&WDF;-#3,M3G-5BI3$,B32)"SQZF.`8<>\B#)23`Q?ER'P M`N MV/&M(;A;C=UZDT`H?AMPRAOZ-*P5M/XZ44D?XAUNG+W\M\EWBY<5P;MR6SOY M00+_`"SQR/%4_FBLH&>(O0FC37$B*0/TF'I,KR+^'BE<@-*:QK?%2`U]I^YZ M4+-!K<%EBN)K]PKEBPP7+Q4[-M!.I,T^W>1@W+1Z]RY^0A#(,M/RX,+=N2>& MK'<6`M;+:4=M97EAK^)*:4D1Z:D=P&;54:@S:JL3J(U%@O/B1Y];AXIY)S.; MYRNLQN+;VY%B-U/\@FN;:X@+_%-#%(R1?%HD:.2"(Q`((S$/TQ&RS>&W@"W@ MXVE7+9RV\6@BQ4+JQBC<2/-3OI)`TJA(`8U+%:@`$U#D>0G M\I/&D6Q[O`\"1Y.^WG?6[Q1WUS`;6WL?D!5IEC=S--<(K$PKH6%)-+LS!`CL M?\L7B2F.94Q`;IT3+UVO;>KE9:5*9JM@6N*KMWK\01V:$4SDVH3"B+'%(=J: MH^SQ9K`O''FH8A&8W]LM=17-O26XL;B5528M"[H)[>8(KLJN)4 ME!90_P`C!5%Z(_Q[^6]SM;)&])JC:;HS9^G^\N&%A:7FV/V`\X4O%=CZ\4L1 MDCO&?9A3QZUR!/\`+"5J[(Q#>"\=-X7EZ%SLEO9V`8:F5A,[#ZZ%'M!_`N1^ M)4^G3YKL MD8A(&$*1@$(:&_VWMK$;3Q$>%P<0BLX^_P"+,Q_,[G_$[4J3V_`4``%$_+G+ MF^^;]\7?(/(5X;O/W5%%!IA@A6OQ6]O'6D4$0-$0&I)9W9I&=V0=Y8:SX?9; M94A?MT;$O2-^?T&-NJ_&&=KTO9K&>-9A9-D7=K-L96F0$RT9MA-U%,Y8OOA3 M[EC+\>%(7_EVWX9GR+9+.7$QW%0*\=BZO(^D47Y5(:-"O9=3%&/8'504M!\& M\Q_(!:;*BVMQIB\8>*0SR6MUN2*6*TMA(Y=_LY$DBNYH7=FD^.))X=1;28ZD M&NAOS:ND+VTJNM^-/'_.J*;"RKIT28LMA5L3UP*$.+=ZK+,172 M&3UCC-?<6TR,#0*`=01;R\_D7V+L3$WFR.![NVS/),\,EN^4A"2VF-1_^)\% MQW^ZN0U-"1%K6.1?DD=VC$3-:\N3'Q8NH.L1_+*>D(O:%#@Q1-$K6AG\4#<; M6L+01XQK"H939W7(FJ%4)2VN)E#1N'NO+4J/>3W2[R]'Q,;:&'>+E,E`E(4M M2!C4:_J&+"B5=7:_P`Z._[N MN"FN'C:*:2=D;LH&MU>$S^7[\QL/'`P8J1_D'VK#[>P, M@8RSM\]W)I'8?(%5(DJ2Q2)!J)]S,``+T^/]B\E6>6&[>6]T_O&Y!:M$EGCX M/V[!V8?2TDB6S/+SLR(7$4,6IR7Z>/3P,@F6%/W3S/<$S'R+2.L M<'H.'<.&QC-'[1#QCC9LZ%;9ZQ)A)4J7%,%(.-6<),X&M*PX8'CKQ_2>*'-[ MU8F*15=+5"0=+#4/G<$$5%`T25/>C.#4=5>>57\G\UC=7W'OCB@$T4LL$V=F M"O[D9D2&"[L)-<$8`CC*Z2K1"@TI44*FE`5`-`20FOA5Y9P<&'*4U_D,%N6U M,&1NZM12SV)M75:#?5OY39$ MZGK-9:O'UR-0E7M,\/(_WI>7S<>%=TH:H,4O_P`$YQWRE4K3A7DN\N!;?MK0 MFI!>26)8Q3ZU#,2/2FD,3Z@4K2Z;._R"^(V"Q#9<;L2^H*K;VEI>2W+L02%^ M-X8D7UH3)(B(?5NW:U7XT/%]1.!%:D+',RC+8&_+C'#86N\@:%!$P$2HHG9: ME20/.[QO$$=!&MTZ)@9WZP#4H8DHP/#:\8<5V''UN]S,ZW.X)UTO*!143L?C MB![Z:C4S'W.:5`"@"D/S#\S]T>4.9AQ5C!)B>+,=*9+2Q+ZI992"OW=ZZG0\ MVDE8XTK';JSJC,69S,Q?'B"_YX*Z!-%_*+\YJ!X[AW+JT,:Y,2\[-SU*CYO$ MR%B*LS-7+4".9' MK[:@-I![*56\Q9/1%HM\FN;MD&"LBM]) ME)IV8II65CXI4W`/8`\H8N2F$$Y&_P`G?XQB3G&$P%O3@+`[GRDF8QMR^/NI MC615021%B:LX6JE"Q[D`T))-!7JSO@#^3SDGB/9UGL/>N'MMT8/&PB&TF>XD MM;V*!!IB@>94FCGCB4:(S)%\JH`ID8*M)Z>/_@13.`VLIRB5F^W+8DI;)5I, MV6=LCH[.(P[9`.%N"L4\3Y]%5EIW=%690UE/<6]C M:W$]S/,P:1W)"U`/:.,$KEJ59CW8FB@+%Y3>4&X_*/>=MNG-XO&XBSL;< MPV\%LNN30S!B;F[=5FN7[`+KTQQJ-,4:58M/7J0NEAZ/M^W[Y^W;U^_UZ.CH MZ.CHZ.CHZ.CHZ.CHZ.CHZ.CJIQY1/*1N+;^ZW'!OA5(3+`!;:/6%JN-0=+;V M_9=ZDG6(-S2*A*!8G3\43@^U`Q"E@06:H%%'NO$\+?"[C[8'',?DSY&1V\FFP.3M; M2Z77:XZQ1#,E_>0FOSSR1@2PP.K+$A0E&F91$M#EMQ7X[\(]<8UM=KXK>G-R MY@B75F@ZC-?C:UX\,%F0\D$33EHM$+QA/6 M3R$YG\@*UEOD0D/M!4B<:9_(^8O90]JR[%SCN'`1]\0(RH]V5+R^QA/L9DS+ M?!7%DL^=Q1Z>U;.)A0_\`W#*1V[?\$'O0_)_D/2._R1>9EK=V]SXZ<57G MR1%BN=O87]K4_P#U<3K^=:][YE.DD+:^X"=1,?S*^3B,X:"`LWM]Z@D1NW-G)]QLVS M3!8)PNX+I"QD[$P15(U@'L7<@JE?R@,U*Z>H"_CV\-L7S[F[CDGDJ)Y.+\-< MK$EJ"R')WND/\+.*,+6!2C7!0AI&=(58`R41"PXW:IXVZ.9Z;4'^$@AM%5U*0I)9@@LRO.9-\\Q\B MR>/WBK%;X+C#;3K:YO6D?E&0FIE(/\95X3C# M=36@7\OQ1-W:@(+J$'8/U M%O\`(QY7P\3[+_Z![`NI&W_EK(1W]Q\I>:QQ[($TO)75][?IJ!8G6D!DD(1Y M8CU5AZQJJ?M#YG:W3VM[8KELK\=#2V%29#,+6.QO+%'D@')_>EPH;I;9TW M5W]R4JQVP@5[POR5;YR2WM+-Y3\K,EPLJ*C`L2KZRX96(HQ!HP)].O3OA//O MQ"SG'-OE,SGK6RA:Q2.?$SV=S+/$1&$>V,"0217$2_D0H6CD4`D@5TNAX%>" M:!UE88S<_,J;BMI;!:2&)V+UE'&\!V^'NES>]9([O(*0Z0*2T*-75JE9@#*P/>E/CK4G7VI7C MY0?R;Y;>V'GX[\?[6?`[1>$P29&4)'>RP:=)BLX8B8["%EJNL,UQI/L-N:UL M:(0@2$#&A(QC2E`QH3A"$(1C"4H0E.,)2E*<=L8QZ8QTROIV'IU4H26)9B2Q M/<]5&O,QXX^7NU.64[OK4FO['N2BWVOT]@S:U-0)"9I3^N0;"NNH1W"*=!>H MCG#AJI^AR-&0]W2\*7W1G"$_YLXUWCF-X-N##6TE[C[B&):1Z2T3(`A4J2#I M/YPP!'=JTIWO;_CV\M^`]C\$P<7[]R]KMS=.+O;N4OD:,E5_+TW#KP3;XVS<(C8G..7DJ728K^VHQ0?^48L6Q[;'1@$`90 M[J69OY%G3:ZD`!BRGYE/D@'@:0!SG"Q]39_`&XLK=I>[YD-OC4H/B#B2XD5? MRKK4LL24[#W%U%0JIV;K+>0/\G/&.R=OS[0\:+>/([BE,A%^;7[7&VLDI)>> M.W:.-[VX8G6&>-8-1#.TI!3JVU3*95-=U2OT:C0$95JA58MI"UVO0S9#2-B8 MMD/`F[1J!'T2E..ZE9SE:UYRI69R\LLLC%G=V/W?[]\8[X_7&?7KCM7^O7'8G^HZ/3O M^G?&/]<8S_OC&