Delaware
(State or other jurisdiction of incorporation)
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1-08323
(Commission File Number)
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06-1059331
(IRS Employer
Identification No.)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
[ ]
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Pre-commencement communication pursuant to Rule 13e-49(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition.
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Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits.
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Exhibit No.
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Description
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99.1
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Press release dated October 30, 2014.
|
Cigna Corporation
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|
Date: October 30, 2014
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By: /s/ Thomas A. McCarthy
|
|
Thomas A. McCarthy
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Executive Vice President and
|
|
Chief Financial Officer
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|
(Principal Financial Officer)
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Exhibit No.
|
Description
|
99.1
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Press release dated October 30, 2014.
|
NEWS RELEASE |
![]() |
Contact:
|
Will McDowell, Investor Relations – (215) 761-4198
|
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Matt Asensio, Media Relations – (860) 226-2599
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|
o
|
Consolidated revenues increased 9% to a total of $8.8 billion in the third quarter
|
|
o
|
Adjusted income from operations1 was $519 million, or $1.95 per share
|
|
o
|
Shareholders’ net income was $534 million, or $2.01 per share
|
|
o
|
Projected adjusted income from operations1,2 for 2014 has increased to $1.95 billion to $2.00 billion, or $7.25 to $7.45 per share3
|
Nine Months
|
||||||||||||||||
Three Months Ended
|
Ended
|
|||||||||||||||
September 30,
|
June 30,
|
September 30,
|
||||||||||||||
2014
|
2013
|
2014
|
2014
|
|||||||||||||
|
|
|
|
|
||||||||||||
Total Revenues
|
$ | 8,757 | $ | 8,066 | $ | 8,733 | $ | 25,986 | ||||||||
Consolidated Earnings
|
||||||||||||||||
Adjusted income from operations1
|
$ | 519 | $ | 536 | $ | 530 | $ | 1,550 | ||||||||
Net realized investment gains, net of taxes
|
15 | 17 | 43 |
|
85 | |||||||||||
Shareholders' net income
|
$ | 534 | $ | 553 | $ | 573 | $ | 1,635 | ||||||||
|
||||||||||||||||
Adjusted income from operations1, per share
|
$ | 1.95 | $ | 1.89 | $ | 1.96 | $ | 5.74 | ||||||||
Shareholders' net income, per share
|
$ | 2.01 | $ | 1.95 | $ | 2.12 | $ | 6.05 | ||||||||
As of the Periods Ended
|
||||||||||||||||
September 30,
|
June 30,
|
December 31,
|
||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Global Medical Customers (ex. Limited Benefits)4
|
14,346 | 14,138 | 14,247 | 14,078 |
·
|
Cash and short term investments at the parent company were approximately $425 million at September 30, 2014 and approximately $760 million at December 31, 2013.
|
·
|
During the period from July 31, 2014 through October 29, 2014, the Company repurchased approximately 2.8 million shares of stock for approximately $250 million.
|
·
|
Year to date, as of October 29, 2014, the Company repurchased approximately 16.3 million shares of stock for approximately $1.4 billion.
|
Financial Results (dollars in millions, customers in thousands):
|
||||||||||||||||
Nine Months
|
||||||||||||||||
Three Months Ended
|
Ended
|
|||||||||||||||
September 30,
|
June 30,
|
September 30,
|
||||||||||||||
2014
|
2013
|
2014
|
2014
|
|||||||||||||
|
|
|
||||||||||||||
Premiums and Fees
|
$ | 6,109 | $ | 5,699 | $ | 6,119 | $ | 18,222 | ||||||||
Adjusted Income from Operations1
|
$ | 434 | $ | 424 | $ | 402 | $ | 1,275 | ||||||||
Adjusted Margin, After-Tax5
|
6.3% | 6.7% | 5.9% | 6.3% | ||||||||||||
As of the Periods Ended
|
||||||||||||||||
September 30,
|
June 30,
|
December 31,
|
||||||||||||||
Customers:
|
2014 | 2013 | 2014 | 2013 | ||||||||||||
Commercial (ex. Limited Benefits)4
|
13,832 | 13,650 | 13,762 | 13,586 | ||||||||||||
Government
|
514 | 488 | 485 | 492 | ||||||||||||
Medical (ex. Limited Benefits)4
|
14,346 | 14,138 | 14,247 | 14,078 | ||||||||||||
Behavioral Care
|
23,494 | 22,564 | 23,055 | 22,515 | ||||||||||||
Dental6
|
12,837 | 12,248 | 12,608 | 12,234 | ||||||||||||
Pharmacy
|
7,445 | 7,000 | 7,368 | 7,095 | ||||||||||||
Medicare Part D
|
1,194 | 1,195 | 1,208 | 1,190 |
·
|
Global Health Care results reflect continued growth in the Company’s targeted customer segments.
|
·
|
Third quarter premiums and fees increased approximately 7% relative to third quarter 2013, driven by strong fundamentals, including rate actions and customer growth in our Commercial business, partially offset by the exit of the Limited Benefits business due to ACA regulation as well as rate pressure in our Medicare Advantage business.
|
·
|
Adjusted income from operations1 and adjusted margin, after-tax5 reflect medical and specialty business growth, disciplined operating expense management, continued effective medical cost management in our employer group business and improving results in our individual business.
|
·
|
Adjusted income from operations1 for third quarter 2014, third quarter 2013, and second quarter 2014 included favorable prior year reserve development on an after-tax basis of approximately $7 million, $9 million, and $16 million, respectively.
|
·
|
Global Health Care net medical claims payable7 was approximately $1.98 billion at September 30, 2014 and $1.86 billion at December 31, 2013.
|
Financial Results (dollars in millions, policies in thousands):
|
||||||||||||||||
Nine Months
|
||||||||||||||||
Three Months Ended
|
Ended
|
|||||||||||||||
September 30,
|
June 30,
|
September 30,
|
||||||||||||||
2014
|
2013
|
2014
|
2014
|
|||||||||||||
|
|
|
||||||||||||||
Premiums and Fees8
|
$ | 743 | $ | 634 | $ | 722 | $ | 2,145 | ||||||||
Adjusted Income from Operations1
|
$ | 83 | $ | 39 | $ | 61 | $ | 197 | ||||||||
Adjusted Margin, After-Tax5
|
10.7% | 5.9% | 8.1% | 8.8% | ||||||||||||
As of the Periods Ended
|
||||||||||||||||
September 30,
|
June 30,
|
December 31,
|
||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Policies8
|
12,324 | 11,823 | 12,270 | 11,869 |
·
|
Third quarter 2014 premiums and fees grew 17% relative to third quarter 2013, reflecting customer growth and increased sales of higher premium products.
|
·
|
Third quarter 2014 adjusted income from operations1 and adjusted margin, after-tax5 reflect the net favorable impact of tax items totaling $21 million, effective operating expense management, and business growth.
|
Financial Results (dollars in millions):
|
||||||||||||||||
Nine Months
|
||||||||||||||||
Three Months Ended
|
Ended
|
|||||||||||||||
September 30,
|
June 30,
|
September 30,
|
||||||||||||||
2014
|
2013
|
2014
|
2014
|
|||||||||||||
|
|
|
||||||||||||||
Premiums and Fees
|
$ | 909 | $ | 848 | $ | 890 | $ | 2,715 | ||||||||
Adjusted Income from Operations1
|
$ | 55 | $ | 92 | $ | 110 | $ | 232 | ||||||||
Adjusted Margin, After-Tax5
|
5.6% | 9.9% | 11.3% | 7.8% |
·
|
Third quarter 2014 results benefited from premium and fee growth of 7% relative to third quarter 2013, driven by business growth and strong retention in both our disability and life businesses.
|
·
|
Adjusted income from operations1 and adjusted margin, after-tax5 for the third quarter 2014 reflect unfavorable claims experience primarily in our disability business.
|
·
|
Third quarter 2013 and second quarter 2014 adjusted income from operations1 include favorable after-tax impacts related to reserve studies of $26 million and $35 million respectively.
|
Nine Months
|
||||||||||||||||
Three Months Ended
|
Ended
|
|||||||||||||||
September 30,
|
|
June 30,
|
September 30,
|
|||||||||||||
|
2014
|
|
2013
|
2014
|
2014
|
|||||||||||
|
|
|
|
|
||||||||||||
Corporate & Other Operations9
|
$
|
(53)
|
$
|
(19)
|
$
|
(43)
|
$
|
(154)
|
·
|
Third quarter 2014 results were impacted by unfavorable tax related items totaling $12 million after-tax while third quarter 2013 results include a $14 million after-tax benefit related to an IRS examination.
|
(Dollars in millions, except where noted and per share amounts)
|
Full-Year Ended
|
|||
December 31, 2014
|
||||
|
|
|||
Projected Adjusted Income (Loss) from Operations1,2
|
||||
Global Health Care
|
$
|
1,605 to 1,635
|
||
Global Supplemental Benefits
|
$
|
230 to 240
|
||
Group Disability and Life
|
$
|
310 to 320
|
||
Ongoing Businesses
|
$
|
2,145 to 2,195
|
||
Corporate & Other Operations
|
$
|
(195)
|
||
Consolidated Projected Adjusted Income (Loss) from Operations1,2
|
$
|
1,950 to 2,000
|
||
Consolidated Projected Adjusted Income (Loss) from Operations, per share1,2
|
$
|
7.25 to 7.45
|
||
Projected Global Medical Customer Growth (ex-Limited benefits)4
|
1% to 2%
|
|
1.
|
Adjusted income (loss) from operations is defined as segment earnings (loss) excluding (i) special items and (ii) the results of Cigna's Guaranteed Minimum Income Benefits (GMIB) business. Segment earnings (loss) is defined as shareholders’ net income (loss) before net realized investment results. Special items are included in shareholders’ net income and segment earnings (loss), but excluded from adjusted income (loss) from operations. Special items are identified in Exhibit 2 of this earnings release.
|
|
Adjusted income (loss) from operations is a measure of profitability used by Cigna’s management because it presents the underlying results of operations of Cigna’s businesses and permits analysis of trends in underlying revenue, expenses and shareholders’ net income. This measure is not determined in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be viewed as a substitute for the most directly comparable GAAP measures, which are segment earnings (loss) on a segment basis and shareholders’ net income on a consolidated basis; see Exhibit 2 for reconciliations of the non-GAAP measures to the most directly comparable GAAP measures.
|
|
2.
|
Management is unable to provide a forward-looking reconciliation of adjusted income (loss) from operations to shareholders’ net income for full year 2014 since future net realized investment results and special items cannot be identified or reasonably estimated at this time.
|
|
3.
|
The Company may repurchase shares of its common stock from time to time. The Company’s outlook excludes the potential effects of any share repurchases that may occur after the date of this earnings release.
|
|
4.
|
In connection with U.S. health care reform legislation, the Company ceased offering Limited Medical Benefits products effective December 31, 2013. Therefore, the Company’s medical customer growth expectations for 2014 exclude these products from the 2013 customer numbers. As of September 30, 2013 and December 31, 2013, there were 162,000 and 139,000 customers enrolled in these products, respectively.
|
|
5.
|
Adjusted margin, after-tax, is calculated by dividing segment earnings (loss) excluding special items by segment revenues. Segment margin is calculated by dividing segment earnings (loss) by segment revenue. For the three month periods ended September 30, 2014, June 30, 2014, and September 30, 2013, and the nine month period ended September 30, 2014, segment margins were equal to adjusted margins because there were no special items during these periods.
|
|
6.
|
Prior period dental membership has been revised to conform to current presentation.
|
|
7.
|
Global Health Care medical claims payable are presented net of reinsurance and other recoverables. The gross Global Health Care medical claims payable balance was $2.23 billion as of September 30, 2014 and $2.05 billion as of December 31, 2013.
|
|
8.
|
Cigna owns a 50% noncontrolling interest in its China joint venture. Cigna's 50% share of the joint venture’s earnings is reported in Other Revenues using the equity method of accounting under GAAP. As such, the premiums and fees and policy counts for the Global Supplemental Benefits segment do not include the China joint venture.
|
|
9.
|
The GMIB business and Guaranteed Minimum Death Benefits business, also known as Variable Annuity Death Benefits (VADBe), have been in run-off since 2000. Cigna entered into a definitive agreement with Berkshire Hathaway to exit the GMIB and VADBe businesses, effective February 4, 2013.
|
|
Prior to first quarter of 2014, the GMIB and VADBe businesses were reported within the Runoff Reinsurance segment. Beginning with the first quarter of 2014, Cigna reports its run-off reinsurance business in Other Operations. In addition, in this earnings release, Other Operations and Corporate have been combined under the heading “Corporate and Other Operations.” Prior year information has been conformed to the current presentation.
|
CIGNA CORPORATION
|
||||||||||||||||
COMPARATIVE SUMMARY OF FINANCIAL RESULTS (unaudited)
|
Exhibit 1
|
|||||||||||||||
(Dollars in millions, except per share amounts)
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
REVENUES
|
||||||||||||||||
Premiums and fees
|
$ | 7,793 | $ | 7,206 | $ | 23,167 | $ | 21,692 | ||||||||
Net investment income
|
292 | 297 | 863 | 873 | ||||||||||||
Mail order pharmacy revenues
|
583 | 471 | 1,625 | 1,333 | ||||||||||||
Other revenues (1)
|
66 | 65 | 201 | 139 | ||||||||||||
Total operating revenues
|
8,734 | 8,039 | 25,856 | 24,037 | ||||||||||||
Net realized investment gains
|
23 | 27 | 130 | 192 | ||||||||||||
Total
|
$ | 8,757 | $ | 8,066 | $ | 25,986 | $ | 24,229 | ||||||||
ADJUSTED INCOME (LOSS) FROM OPERATIONS (2)
|
||||||||||||||||
Global Health Care
|
$ | 434 | $ | 424 | $ | 1,275 | $ | 1,254 | ||||||||
Global Supplemental Benefits
|
83 | 39 | 197 | 143 | ||||||||||||
Group Disability and Life
|
55 | 92 | 232 | 245 | ||||||||||||
Ongoing Operations
|
572 | 555 | 1,704 | 1,642 | ||||||||||||
Corporate and Other
|
(53 | ) | (19 | ) | (154 | ) | (97 | ) | ||||||||
Total
|
$ | 519 | $ | 536 | $ | 1,550 | $ | 1,545 | ||||||||
SHAREHOLDERS' NET INCOME
|
||||||||||||||||
Segment Earnings (Loss)
|
||||||||||||||||
Global Health Care
|
$ | 434 | $ | 424 | $ | 1,275 | $ | 1,230 | ||||||||
Global Supplemental Benefits
|
83 | 39 | 197 | 143 | ||||||||||||
Group Disability and Life
|
55 | 92 | 232 | 194 | ||||||||||||
Ongoing Operations
|
572 | 555 | 1,704 | 1,567 | ||||||||||||
Corporate and Other
|
(53 | ) | (19 | ) | (154 | ) | (579 | ) | ||||||||
Total
|
519 | 536 | 1,550 | 988 | ||||||||||||
Net realized investment gains, net of taxes
|
15 | 17 | 85 | 127 | ||||||||||||
Shareholders' net income
|
$ | 534 | $ | 553 | $ | 1,635 | $ | 1,115 | ||||||||
DILUTED EARNINGS PER SHARE
|
||||||||||||||||
Adjusted income from operations (2)
|
$ | 1.95 | $ | 1.89 | $ | 5.74 | $ | 5.39 | ||||||||
Results of guaranteed minimum income benefits business, after-tax
|
- | - | - | 0.09 | ||||||||||||
Net realized investment gains, net of taxes
|
0.06 | 0.06 | 0.31 | 0.44 | ||||||||||||
Special items, after-tax
|
- | - | - | (2.03 | ) | |||||||||||
Shareholders' net income
|
$ | 2.01 | $ | 1.95 | $ | 6.05 | $ | 3.89 | ||||||||
Weighted average shares (in thousands)
|
265,891 | 283,563 | 270,061 | 286,615 | ||||||||||||
Common shares outstanding (in thousands)
|
262,805 | 277,086 | ||||||||||||||
SHAREHOLDERS' EQUITY at September 30
|
$ | 11,157 | $ | 9,874 | ||||||||||||
SHAREHOLDERS' EQUITY PER SHARE at September 30
|
$ | 42.45 | $ | 35.64 | ||||||||||||
Beginning with the first quarter of 2014, Cigna reports its run-off reinsurance business in Other Operations. In addition, Other Operations and Corporate have been combined under the heading "Corporate and Other." Prior year information has been conformed to the new format.
|
||||||||||||||||
(1) Includes pre-tax futures and swaps contracts associated with the dynamic hedge program that was terminated after February 4, 2013 as a result of Cigna's agreement with Berkshire Hathaway in which Cigna effectively exited the Run-off Reinsurance business.
|
||||||||||||||||
(2) Adjusted income (loss) from operations is defined as segment earnings excluding special items (identified and quantified on Exhibit 2) and results of Cigna's guaranteed minimum income benefits business. Segment earnings (loss) is defined as shareholders' net income (loss) before net realized investment gains (losses).
|
CIGNA CORPORATION
|
Exhibit 2 | |||||||||||||||||||||||||||||||||||
RECONCILIATION OF ADJUSTED INCOME (LOSS) FROM OPERATIONS TO SHAREHOLDERS' NET INCOME
|
||||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share amounts)
|
||||||||||||||||||||||||||||||||||||
Diluted
Earnings |
Global
|
|||||||||||||||||||||||||||||||||||
Per Share
|
Consolidated
|
Health Care | ||||||||||||||||||||||||||||||||||
Three Months Ended,
|
3Q14 | 3Q13 | 2Q14 | 3Q14 | 3Q13 | 2Q14 | 3Q14 | 3Q13 | 2Q14 | |||||||||||||||||||||||||||
Adjusted income (loss) from operations
|
$ | 1.95 | $ | 1.89 | $ | 1.96 | $ | 519 | $ | 536 | $ | 530 | $ | 434 | $ | 424 | $ | 402 | ||||||||||||||||||
Segment earnings (loss)
|
$ | 1.95 | $ | 1.89 | $ | 1.96 | $ | 519 | $ | 536 | $ | 530 | $ | 434 | $ | 424 | $ | 402 | ||||||||||||||||||
Net realized investment gains, net of taxes
|
0.06 | 0.06 | 0.16 | 15 | 17 | 43 | ||||||||||||||||||||||||||||||
Shareholders' net income
|
$ | 2.01 | $ | 1.95 | $ | 2.12 | $ | 534 | $ | 553 | $ | 573 |
|
Diluted
Earnings |
Global
|
|||||||||||||||||||||||||||||||||||
Per Share
|
Consolidated
|
Health Care
|
||||||||||||||||||||||||||||||||||
Nine Months Ended September 30,
|
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Adjusted income (loss) from operations
|
$ | 5.74 | $ | 5.39 | $ | 1,550 | $ | 1,545 | $ | 1,275 | $ | 1,254 | ||||||||||||||||||||||||
Results of guaranteed minimum income benefits business
|
- | 0.09 | - | 25 | - | - | ||||||||||||||||||||||||||||||
Special items, after-tax:
|
||||||||||||||||||||||||||||||||||||
Costs associated with PBM services agreement
|
- | (0.08 | ) | - | (24 | ) | - | (24 | ) | |||||||||||||||||||||||||||
Charge related to reinsurance transaction
|
- | (1.77 | ) | - | (507 | ) | - | - | ||||||||||||||||||||||||||||
Charge for disability claims regulatory matter
|
- | (0.18 | ) | - | (51 | ) | - | - | ||||||||||||||||||||||||||||
Segment earnings (loss)
|
5.74 | 3.45 | 1,550 | 988 | $ | 1,275 | $ | 1,230 | ||||||||||||||||||||||||||||
Net realized investment gains, net of taxes
|
0.31 | 0.44 | 85 | 127 | ||||||||||||||||||||||||||||||||
Shareholders' net income
|
$ | 6.05 | $ | 3.89 | $ | 1,635 | $ | 1,115 |
Special items, pre-tax:
|
||||||||||||||||||||||||||||||||||||
Costs associated with PBM services agreement
|
$ | - | $ | (37 | ) | $ | - | $ | (37 | ) | ||||||||||||||||||||||||||
Charge related to reinsurance transaction
|
- | (781 | ) | - | - | |||||||||||||||||||||||||||||||
Charge for disability claims regulatory matter
|
- | (77 | ) | - | - | |||||||||||||||||||||||||||||||
$ | - | $ | (895 | ) | $ | - | $ | (37 | ) |
CIGNA CORPORATION
|
Exhibit 2 | |||||||||||||||||||||||||||||||||||
RECONCILIATION OF ADJUSTED INCOME (LOSS) FROM OPERATIONS TO SHAREHOLDERS' NET INCOME
|
||||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share amounts)
|
||||||||||||||||||||||||||||||||||||
Global
Supplemental
|
Group Disability
|
Corporate
|
||||||||||||||||||||||||||||||||||
Benefits
|
and Life
|
and Other
|
||||||||||||||||||||||||||||||||||
Three Months Ended,
|
3Q14 | 3Q13 | 2Q14 | 3Q14 | 3Q13 | 2Q14 | 3Q14 | 3Q13 | 2Q14 | |||||||||||||||||||||||||||
Adjusted income (loss) from operations
|
$ | 83 | $ | 39 | $ | 61 | $ | 55 | $ | 92 | $ | 110 | $ | (53 | ) | $ | (19 | ) | $ | (43 | ) | |||||||||||||||
Segment earnings (loss)
|
$ | 83 | $ | 39 | $ | 61 | $ | 55 | $ | 92 | $ | 110 | $ | (53 | ) | $ | (19 | ) | $ | (43 | ) | |||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Global
Supplemental
|
Group Disability
|
Corporate
|
||||||||||||||||||||||||||||||||||
Benefits
|
and Life
|
and Other
|
||||||||||||||||||||||||||||||||||
Nine Months Ended September 30,
|
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Adjusted income (loss) from operations
|
$ | 197 | $ | 143 | $ | 232 | $ | 245 | $ | (154 | ) | $ | (97 | ) | ||||||||||||||||||||||
Results of guaranteed minimum income benefits business
|
- | - | - | - | - | 25 | ||||||||||||||||||||||||||||||
Special items, after-tax:
|
||||||||||||||||||||||||||||||||||||
Costs associated with PBM services agreement
|
- | - | - | - | - | - | ||||||||||||||||||||||||||||||
Charge related to reinsurance transaction
|
- | - | - | - | - | (507 | ) | |||||||||||||||||||||||||||||
Charge for disability claims regulatory matter
|
- | - | - | (51 | ) | - | - | |||||||||||||||||||||||||||||
Segment earnings (loss)
|
$ | 197 | $ | 143 | $ | 232 | $ | 194 | $ | (154 | ) | $ | (579 | ) |
|
||||||||||||||||||||||||||||||||||||
Special items, pre-tax:
|
||||||||||||||||||||||||||||||||||||
Costs associated with PBM services agreement
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
Charge related to reinsurance transaction
|
- | - | - | - | - | (781 | ) | |||||||||||||||||||||||||||||
Charge for disability claims regulatory matter
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- | - | - | (77 | ) | - | - | |||||||||||||||||||||||||||||
$ | - | $ | - | $ | - | $ | (77 | ) | $ | - | $ | (781 | ) |
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