-----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, NT2jzLGSrx4o6U8fwNiPog2kzE71oVK11aUdSVe65Th96A0qr7J0myqCnDJ80H8i 7loSZjGfUQTMM0fGaNnxkA== 0001193125-07-241348.txt : 20071109 0001193125-07-241348.hdr.sgml : 20071109 20071109080116 ACCESSION NUMBER: 0001193125-07-241348 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20071108 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071109 DATE AS OF CHANGE: 20071109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VENTAS INC CENTRAL INDEX KEY: 0000740260 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 611055020 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10989 FILM NUMBER: 071228316 BUSINESS ADDRESS: STREET 1: 10350 ORMSBY PARK PLACE STREET 2: SUITE 300 CITY: LOUISVILLE STATE: KY ZIP: 40223 BUSINESS PHONE: 5023579000 MAIL ADDRESS: STREET 1: 10350 ORMSBY PARK PLACE STREET 2: SUITE 300 CITY: LOUISVILLE STATE: KY ZIP: 40223 8-K 1 d8k.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): November 8, 2007

 


VENTAS, INC.

(Exact Name of Registrant as Specified in Its Charter)

 


 

Delaware   1-10989   61-1055020

(State or Other Jurisdiction

of Incorporation)

  (Commission File Number)  

(IRS Employer

Identification No.)

 

10350 Ormsby Park Place, Suite 300, Louisville, Kentucky   40223
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s Telephone Number, Including Area Code: (502) 357-9000

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:

 

¨ 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.

On November 8, 2007, Ventas, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter and nine months ended September 30, 2007.

A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated in this Item 2.02 by reference.

The press release states that the Company’s normalized funds from operations (“FFO”) for the quarter ended September 30, 2007 were $88.7 million, or $0.66 per diluted common share, as compared to $67.0 million, or $0.64 per diluted common share, for the quarter ended September 30, 2006. FFO per diluted common share, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), for the third quarter of 2007 was $0.73, as compared to $0.59 for the comparable 2006 period. The Company’s normalized funds available for distribution (“FAD”) for the quarter ended September 30, 2007 were $82.1 million, or $0.62 per diluted common share, as compared to $62.1 million, or $0.59 per diluted common share, for the quarter ended September 30, 2006. The Company’s net income available to common stockholders for the quarter ended September 30, 2007 was $28.0 million, or $0.21 per diluted common share, as compared to $32.2 million, or $0.31 per diluted common share (after discontinued operations of $1.3 million), for the comparable period in 2006.

For the nine months ended September 30, 2007, the Company’s normalized FFO was $242.9 million, or $2.03 per diluted common share, as compared to $184.0 million, or $1.76 per diluted common share, for the nine months ended September 30, 2006. For the first nine months of 2007, the Company’s net income available to common stockholders was $247.7 million, or $2.07 per diluted common share (after discontinued operations of $135.6 million), as compared to $90.6 million, or $0.87 per diluted common share (after discontinued operations of $4.4 million), for the comparable period in 2006.

The press release also states that the Company expects its normalized FFO for the year ending December 31, 2007 to be at the high end of its previously announced guidance range of $2.60 to $2.67 per diluted common share. The Company expects its net income available to common stockholders for 2007 to be between $2.26 and $2.33 per diluted common share.

FORWARD-LOOKING STATEMENTS

This Current Report on Form 8-K includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company’s and its subsidiaries’ expected future financial position, results of operations, cash flows, funds from operations, dividends and dividend plans, financing plans, business strategy, budgets, projected costs, capital expenditures, competitive positions, acquisitions, investment opportunities, merger integration, growth opportunities, expected lease income, continued qualification as a real estate investment trust (“REIT”), plans and objectives of management for future operations and statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will” and other similar expressions are forward-looking statements. These forward-looking statements are inherently uncertain, and security holders


must recognize that actual results may differ from the Company’s expectations. The Company does not undertake a duty to update these forward-looking statements, which speak only as of the date on which they are made.

The Company’s actual future results and trends may differ materially depending on a variety of factors discussed in the Company’s filings with the Securities and Exchange Commission. Factors that may affect the Company’s plans or results include without limitation: (a) the ability and willingness of the Company’s operators, tenants, borrowers, managers and other third parties, as applicable, to meet and/or perform the obligations under their various contractual arrangements with the Company; (b) the ability and willingness of Kindred Healthcare, Inc. (together with its subsidiaries, “Kindred”), Brookdale Living Communities, Inc. (together with its subsidiaries, “Brookdale”) and Alterra Healthcare Corporation (together with its subsidiaries, “Alterra”) to meet and/or perform their obligations to indemnify, defend and hold the Company harmless from and against various claims, litigation and liabilities under the Company’s respective contractual arrangements with Kindred, Brookdale and Alterra; (c) the ability of the Company’s operators, tenants, borrowers and managers, as applicable, to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including without limitation obligations under their existing credit facilities; (d) the Company’s success in implementing its business strategy and its ability to identify, underwrite, consummate, finance and integrate diversifying acquisitions or investments, including those in different asset types and outside the United States; (e) the nature and extent of future competition; (f) the extent of future or pending healthcare reform and regulation, including cost containment measures and changes in reimbursement policies, procedures and rates; (g) increases in the Company’s cost of borrowing; (h) the ability of the Company’s operators and managers, as applicable, to deliver high quality services, to attract and retain qualified personnel and to attract residents and patients; (i) the results of litigation affecting the Company; (j) changes in general economic conditions and/or economic conditions in the markets in which the Company may, from time to time, compete; (k) the Company’s ability to pay down, refinance, restructure and/or extend its indebtedness as it becomes due; (l) the movement of interest rates and the resulting impact on the value of and the accounting for the Company’s interest rate swap agreement; (m) the Company’s ability and willingness to maintain its qualification as a REIT due to economic, market, legal, tax or other considerations; (n) final determination of the Company’s taxable net income for the year ending December 31, 2007; (o) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration of the leases and the Company’s ability to relet its properties on the same or better terms in the event such leases expire and are not renewed by the existing tenants; (p) risks associated with the acquisition of Sunrise Senior Living REIT (“Sunrise REIT”), including the timely delivery of accurate property-level financial results for the Company’s properties and the Company’s ability to timely and fully realize the expected revenues and cost savings therefrom; (q) factors causing volatility in the Company’s revenues generated by the properties acquired in connection with the acquisition of Sunrise REIT, including without limitation national and regional economic conditions, costs of materials, energy, labor and services, employee benefit costs and professional and general liability claims; (r) the movement of U.S. and Canadian exchange rates; (s) year-over-year changes in the Consumer Price Index and the effect of those changes on the rent escalators, including the rent escalator for Master Lease 2 with Kindred, and the Company’s earnings; (t) the impact on the liquidity, financial condition and results of operations of the Company’s


operators, tenants, borrowers and managers, as applicable, resulting from increased operating costs and uninsured liabilities for professional liability claims, and the ability of the Company’s operators, tenants, borrowers and managers to accurately estimate the magnitude of such liabilities; and (u) the impact of the Sunrise Senior Living, Inc. strategic review process and accounting, legal and regulatory issues. Many of these factors are beyond the Company’s control and the control of its management.

 

Item 7.01. Regulation FD Disclosure.

Supplemental information regarding the Company’s portfolio of seniors housing and healthcare assets for the quarter ended September 30, 2007 is furnished herewith as Exhibit 99.2 and incorporated in this Item 7.01 by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

  (a) Financial Statements of Businesses Acquired.

Not applicable.

 

  (b) Pro Forma Financial Information.

Not applicable.

 

  (c) Shell Company Transactions.

Not applicable.

 

  (d) Exhibits:

 

Exhibit
Number
 

Description

99.1   Press release issued by the Company on November 8, 2007.
99.2   Ventas, Inc. Third Quarter 2007 Supplemental Data.


SIGNATURES

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

 

    VENTAS, INC.
Date: November 8, 2007   By:  

/s/ T. Richard Riney

    T. Richard Riney
    Executive Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary


EXHIBIT INDEX

 

Exhibit
Number
 

Description

99.1   Press release issued by the Company on November 8, 2007.
99.2   Ventas, Inc. Third Quarter 2007 Supplemental Data.
EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

LOGO

 

Contacts:   Debra A. Cafaro
  Chairman, President and CEO
  or
  Richard A. Schweinhart
  Executive Vice President and CFO
  (502) 357-9000

VENTAS REPORTS THIRD QUARTER NORMALIZED FFO PER COMMON SHARE OF $0.66

AND FAD PER COMMON SHARE OF $0.62

Ventas Completes Over $150 Million of MOB Investments Year-to-Date

Ventas Expects 2007 Normalized FFO Per Common Share At High End of Previously

Announced Guidance Range of $2.60 to $2.67

 


LOUISVILLE, KY (November 8, 2007) – Ventas, Inc. (NYSE: VTR) (“Ventas” or the “Company”) said today that third quarter 2007 normalized Funds from Operations (“FFO”) rose 32 percent to $88.7 million, compared with $67.0 million in the third quarter of 2006.

Normalized FFO per diluted common share in the third quarter of 2007 increased three percent to $0.66, from $0.64 per diluted common share for the comparable 2006 period. Weighted average diluted common shares outstanding in the third quarter of 2007 increased by 28.9 million shares to 133.5 million shares from 104.6 million shares for comparable period in 2006, and both periods reflect the $33.1 million increase in annual rent from the Company’s tenant Kindred Healthcare, Inc. (NYSE: KND) (“Kindred”) that became effective in the third quarter of 2006. The year-over-year increase in normalized FFO per diluted common share is primarily attributable to the Company’s acquisition program and its internal growth related to escalations on its triple-net lease portfolio.

FFO per diluted common share, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), in the third quarter of 2007 increased 24 percent to $0.73, from $0.59 per diluted common share for the comparable 2006 period.

Normalized Funds Available for Distribution (“FAD”) per diluted common share in the third quarter of 2007 increased five percent to $0.62, from $0.59 per diluted common share for the comparable 2006 period. Year-over-year normalized FAD growth benefited from a decrease in straight-lining of rental income per diluted common share, offset by higher capital expenditures per diluted common share. The Company’s total third quarter 2007 normalized FAD rose 32 percent to $82.1 million, compared with $62.1 million in the third quarter of 2006.

“Ventas had another excellent quarter, with all aspects of our business performing well and our liquidity position strong,” Ventas Chairman, President and Chief Executive Officer Debra A. Cafaro said. “We continue to gain traction in our important medical office building (“MOB”) strategic growth area, with year-to-date investments in that sector exceeding $150 million, bringing our MOB portfolio above one million square feet. The 78 Sunrise communities we acquired in the second quarter are fully integrated and delivering very positive results. And our core healthcare triple-net lease portfolio remains a strong, high performing foundation for our Company.

 

- MORE -


Ventas Reports Third Quarter Results

November 8, 2007

Page 2

 

“Our strategy of building a high-quality, diverse and productive portfolio of healthcare and seniors housing assets is producing excellent results,” Cafaro added. “Our sector has strong supply/demand fundamentals that are less correlated with economic business cycles. This should enable our portfolio to deliver superior long-term value.”

Normalized FFO for the nine months ended September 30, 2007 was $242.9 million, or $2.03 per diluted common share, a 32 percent increase from $184.0 million, or $1.76 per diluted common share, for the comparable 2006 period.

Normalized FFO for the three and nine months ended September 30, 2007 excludes the net benefit (totaling $8.5 million and $34.4 million, respectively) of gains from merger-related currency transactions and income taxes, as well as a gain on the sale of securities, offset by merger-related costs.

SUNRISE PORTFOLIO

Total Portfolio

The Company’s senior living portfolio acquired in the second quarter of 2007 from Sunrise Senior Living Real Estate Investment Trust (“Sunrise REIT”) and managed by Sunrise Senior Living, Inc. (NYSE: SRZ) (“Sunrise”) contains 78 communities. Ventas owns 100 percent of 18 of these communities and has a partnership share of between 75 percent and 85 percent in the remaining 60 communities.

Ventas’s partnership share of Net Operating Income after management fees (“NOI”) was $29.1 million for those 78 communities for the three months ended September 30, 2007. Total community NOI was $34.0 million for the same period.

72 Stabilized Communities

For the 72 stabilized Sunrise communities, Ventas’s share of NOI was $28.3 million for the three months ended September 30, 2007. Total community NOI for the stabilized assets was $33.0 million for the same period.

Average occupancy for these 72 stabilized communities was 93.3 percent during the third quarter, which improved from occupancy of 92.3 percent reported for May and June 2007, the first two full months of Ventas’s ownership of the assets. Average monthly sequential NOI at the stabilized Sunrise portfolio increased three percent over May and June results. Sunrise management continues to implement targeted programs to increase occupancy and control variable expenses at the Ventas communities. The quarterly occupancy rates and NOI across the communities were positively affected by these efforts.

Six Communities in Lease-up

Ventas’s Sunrise portfolio also contains six newly developed communities that are in lease-up. These properties are expected to deliver stabilized unlevered yields of between 9 percent and 9.5 percent. Ventas’s share of NOI at the development assets was $0.8 million for the three months ended September 30, 2007. These assets collectively are expected to become accretive to earnings by early 2008.

 

- MORE -


Ventas Reports Third Quarter Results

November 8, 2007

Page 3

 

GAAP NET INCOME

Net income available to common stockholders for the quarter ended September 30, 2007 was $28.0 million, or $0.21 per diluted common share, compared with net income for the quarter ended September 30, 2006 of $32.2 million, or $0.31 per diluted common share, after discontinued operations of $1.3 million.

Net income available to common stockholders for the nine months ended September 30, 2007 was $247.7 million, or $2.07 per diluted common share, after discontinued operations of $135.6 million, compared with net income for the nine months ended September 30, 2006 of $90.6 million, or $0.87 per diluted common share, after discontinued operations of $4.4 million.

THIRD QUARTER HIGHLIGHTS AND OTHER RECENT DEVELOPMENTS

Post July 1, 2007 Acquisitions: Over $130 Million of Acquisitions, Including Over $113 Million of MOB Investments

 

   

In August 2007, Ventas purchased a 76,300 square foot MOB located on the campus of an HCA hospital in Aurora, Colorado for $11.8 million. The MOB is currently 85 percent leased. The property was acquired in a joint venture with one of the Company’s existing partners, a national MOB developer, who will provide management and leasing services for the property. Ventas has a 98 percent ownership interest in the property.

 

   

In October 2007, Ventas purchased two additional MOBs, containing 284,000 square feet, in partnership with the same joint venture partner for an aggregate purchase price of $66.0 million. These MOBs are located in Colorado Springs, Colorado and are 100 percent leased. Memorial Health Systems, the largest area hospital system, leases 44 percent for a surgery center and out-patient care. The Company’s joint venture partner will provide management and leasing services and has an immaterial ownership interest in the properties.

 

   

In October 2007, Ventas also purchased two MOBs recently developed by a national MOB developer from whom the Company has previously acquired properties. The details are as follows:

 

  Ø Ventas purchased a 30,000 square foot MOB located on the campus of HCA University Hospital in Tamarac, Florida for $7.6 million. The MOB is currently 100 percent leased and occupied, with 28 percent leased to the hospital. The seller will continue to provide management and leasing services for the property.

 

  Ø Ventas purchased a 100,000 square foot MOB located on the campus of HCA Aventura Hospital and Medical Center in Aventura, Florida for $27.4 million. Currently, the MOB is in lease-up; 63 percent is leased, of which 27 percent is leased to the hospital. The property is encumbered with a $17.5 million construction loan. The MOB was acquired in a new joint venture with the developer, who will continue to provide management and leasing services for the property. Ventas has a 93 percent ownership interest in the property.

 

   

Ventas’s MOB investments are expected to generate at least a seven percent unlevered yield, plus annual escalations.

 

   

As previously announced, in July 2007, Ventas purchased two seniors housing communities, leased by Senior Care, Inc., for $18.5 million.

 

- MORE -


Ventas Reports Third Quarter Results

November 8, 2007

Page 4

 

Portfolio and Performance Highlights

 

   

With this acquisition and divestiture activity:

 

  Ø annualized revenue from Kindred represents approximately 28 percent of the Company’s annualized total revenues;

 

  Ø annualized revenue from private-pay, non-government-reimbursed assets represents 68 percent of the Company’s annualized total revenues, computed on the same pro forma basis;

 

  Ø annualized revenue from the Company’s operating assets, where rent is paid directly from residents of the Company’s operating seniors housing communities and MOB tenants, constitutes approximately 44 percent of its annualized total revenues, computed on the same pro forma basis;

 

  Ø assets leased to Kindred represent approximately 15 percent of the Company’s total real estate assets (measured on a gross book value basis) on its consolidated balance sheet; and

 

  Ø annualized revenue for the above computations is determined by excluding the Company’s partner’s share in revenue in the numerator and the denominator.

 

   

Ventas was ranked as one of the top ten best performing REITs in the MSCI US REIT Index for the five-year period ended September 30, 2007, with annual total shareholder return of 32.2 percent.

 

   

The 203 skilled nursing facilities and hospitals leased by the Company to Kindred produced EBITDARM (earnings before interest, taxes, depreciation, amortization, rent and management fees) to actual cash rent coverage of 2.2 times for the trailing twelve-month period ended June 30, 2007 (the latest date available).

 

   

Supplemental information regarding Ventas’s portfolio of 518 healthcare and seniors housing assets is available on the Company’s website under the “For Investors” section or at www.ventasreit.com/investors/supplemental.asp.

Development Pipeline

 

   

As previously announced, Ventas plans to acquire an 80 percent interest in Sunrise at Thorne Mills on Steeles senior living community in Vaughan, Ontario for Cdn $52.7 million. The acquisition is expected to be completed during the fourth quarter of 2007. The Steeles community contains 229 units, with capacity for 256 residents. Residents began moving in during September 2007, the community is home to 45 new residents and is approximately 19 percent occupied. It should produce positive NOI by late 2008. The expected unlevered yield on stabilization should approximate 8 percent to 8.5 percent, and the Company expects the acquisition to result in dilution of approximately ($0.01) per diluted common share during the fourth quarter of 2007, which will be included in the Company’s normalized FFO results. There can be no assurance regarding the timing, closing or performance of this proposed acquisition.

Balance Sheet, Financing & Capital Markets

 

   

As previously announced, in September 2007, Moody’s Investors Service upgraded Ventas’s unsecured debt rating to Ba1 from Ba2, with a stable outlook. Ventas’s unsecured debt is currently rated BBB- (stable) by Fitch, BB+ (positive) by Standard & Poor’s and Ba1 (stable) by Moody’s.

 

   

In August 2007, Ventas entered into a Cdn $90 million unsecured revolving credit facility (the “Canadian Credit Facility”) with Bank of Montreal. Pricing under the Canadian Credit Facility is

 

- MORE -


Ventas Reports Third Quarter Results

November 8, 2007

Page 5

 

 

currently at an all-in rate of 6.3 percent. Ventas used the proceeds of the Canadian Credit Facility to pay down its existing U.S. $600 million unsecured revolving credit facility. Borrowings outstanding under the U.S. unsecured revolving credit facility were $108 million at quarter end.

Additional News

 

   

As previously announced, Lisa M. Brush recently joined Ventas as Senior Vice President – Senior Housing Development and Operations. Ms. Brush previously was Chief Operating Officer of Sunrise REIT, which Ventas acquired in April 2007.

VENTAS EXPECTS 2007 NORMALIZED FFO AT HIGH END OF PREVIOUSLY ANNOUNCED RANGE

Ventas currently expects its 2007 normalized FFO to be at the high end of its previously announced guidance range of $2.60 to $2.67 per diluted common share. For 2006, Ventas reported normalized FFO per diluted common share of $2.44.

The Company’s normalized FFO guidance for all periods assumes that all of the Company’s tenants, borrowers and managers continue to meet all of their obligations to the Company. In addition, the Company’s normalized FFO guidance (and related U.S. generally accepted accounting principles (“GAAP”) earnings projections) excludes (a) gains and losses on the sales of assets, (b) the impact of future, unannounced acquisitions, divestitures (including pursuant to tenant options to purchase) and capital transactions, (c) merger-related benefits, costs and expenses that are not capitalized under GAAP, including transitional expenses, amortization of fees related to acquisition financing and costs, gains and losses for foreign currency hedge agreements, and expenses relating to the Company’s lawsuit against HCP, Inc., (d) the impact of any expenses related to asset impairment, the write-off of unamortized deferred financing fees, or additional costs, expenses or premiums incurred as a result of early debt retirement, (e) the non-cash effect of income tax benefits, and (f) dilution resulting from the Company’s convertible notes.

The Company’s guidance is based on a number of other assumptions, which are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company’s expectations may change. There can be no assurance that the Company will achieve these results.

A reconciliation of the Company’s guidance to the Company’s projected GAAP earnings is provided on a schedule attached to this press release. The Company may from time to time update its publicly announced guidance, but it is not obligated to do so.

THIRD QUARTER CONFERENCE CALL

Ventas will hold a conference call to discuss this earnings release on November 9, 2007, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). The conference call is being webcast live by CCBN and can be accessed at the Company’s website at www.ventasreit.com or www.earnings.com. An online replay of the webcast will be available at approximately 12:00 p.m. Eastern Time and will be archived for 30 days.

Ventas, Inc. is a leading healthcare real estate investment trust. At the date of this press release, Ventas owns 518 seniors housing and healthcare-related properties located in 43 states and two Canadian provinces. Its diverse portfolio includes 252 seniors housing communities, 197 skilled nursing facilities, 42 hospitals and 27 medical office and other properties. More information about Ventas can be found on its website at www.ventasreit.com.

 

- MORE -


Ventas Reports Third Quarter Results

November 8, 2007

Page 6

 

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding Ventas, Inc.’s (“Ventas” or the “Company”) and its subsidiaries’ expected future financial position, results of operations, cash flows, funds from operations, dividends and dividend plans, financing plans, business strategy, budgets, projected costs, capital expenditures, competitive positions, acquisitions, investment opportunities, merger integration, growth opportunities, expected lease income, continued qualification as a real estate investment trust (“REIT”), plans and objectives of management for future operations and statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will” and other similar expressions are forward-looking statements. These forward-looking statements are inherently uncertain, and security holders must recognize that actual results may differ from the Company’s expectations. The Company does not undertake a duty to update these forward-looking statements, which speak only as of the date on which they are made.

The Company’s actual future results and trends may differ materially depending on a variety of factors discussed in the Company’s filings with the Securities and Exchange Commission. Factors that may affect the Company’s plans or results include without limitation: (a) the ability and willingness of the Company’s operators, tenants, borrowers, managers and other third parties, as applicable, to meet and/or perform the obligations under their various contractual arrangements with the Company; (b) the ability and willingness of Kindred Healthcare, Inc. (together with its subsidiaries, “Kindred”), Brookdale Living Communities, Inc. (together with its subsidiaries, “Brookdale”) and Alterra Healthcare Corporation (together with its subsidiaries, “Alterra”) to meet and/or perform their obligations to indemnify, defend and hold the Company harmless from and against various claims, litigation and liabilities under the Company’s respective contractual arrangements with Kindred, Brookdale and Alterra; (c) the ability of the Company’s operators, tenants, borrowers and managers, as applicable, to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including without limitation obligations under their existing credit facilities; (d) the Company’s success in implementing its business strategy and the Company’s ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions or investments, including those in different asset types and outside the United States; (e) the nature and extent of future competition; (f) the extent of future or pending healthcare reform and regulation, including cost containment measures and changes in reimbursement policies, procedures and rates; (g) increases in the Company’s cost of borrowing; (h) the ability of the Company’s operators and managers, as applicable, to deliver high quality services, to attract and retain qualified personnel and to attract residents and patients; (i) the results of litigation affecting the Company; (j) changes in general economic conditions and/or economic conditions in the markets in which the Company may, from time to time, compete; (k) the Company’s ability to pay down, refinance, restructure and/or extend its indebtedness as it becomes due; (l) the movement of interest rates and the resulting impact on the value of and the accounting for the Company’s interest rate swap agreement; (m) the Company’s ability and willingness to maintain its qualification as a REIT due to economic, market, legal, tax or other considerations; (n) final determination of the Company’s taxable net income for the year ending December 31, 2007; (o) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration of the leases and the Company’s ability to relet its properties on the same or better terms in the event such leases expire and are not renewed by the existing tenants; (p) risks associated with the acquisition of Sunrise Senior Living REIT (“Sunrise REIT”), including the timely delivery of accurate property-level financial results for the Company’s properties and the Company’s ability to timely and fully realize the expected revenues and cost savings therefrom; (q) factors causing volatility in the Company’s revenues generated by the properties acquired in connection with the acquisition of Sunrise REIT, including without limitation national and regional economic conditions, costs of materials, energy, labor and services, employee benefit costs and professional and general liability claims; (r) the movement of U.S. and Canadian exchange rates; (s) year-over-year changes in the Consumer Price Index and the effect of those changes on the rent escalators, including the rent escalator for Master Lease 2 with Kindred, and the Company’s earnings; (t) the impact on the liquidity, financial condition and results of operations of the Company’s operators, tenants, borrowers and managers, as applicable, resulting from increased operating costs and uninsured liabilities for professional liability claims, and the ability of the Company’s operators, tenants, borrowers and managers to accurately estimate the magnitude of such liabilities; and (u) the impact of the Sunrise Senior Living, Inc. strategic review process and accounting, legal and regulatory issues. Many of these factors are beyond the control of the Company and its management.

 

- MORE -


Ventas Reports Third Quarter Results

November 8, 2007

Page 7

 

CONDENSED CONSOLIDATED BALANCE SHEETS

As of September 30, 2007, June 30, 2007, March 31, 2007, December 31, 2006 and September 30, 2006

(In thousands, except per share amounts)

 

     September 30,
2007
    June 30,
2007
    March 31,
2007
    December 31,
2006
    September 30,
2006
 
     (Unaudited)     (Unaudited)     (Unaudited)     (Audited)     (Unaudited)  

Assets

          

Real estate investments:

          

Land

   $ 564,462     $ 551,463     $ 359,104     $ 357,804     $ 300,384  

Buildings and improvements

     5,548,290       5,500,868       3,386,697       3,350,033       2,801,301  
                                        
     6,112,752       6,052,331       3,745,801       3,707,837       3,101,685  

Accumulated depreciation

     (765,598 )     (718,342 )     (692,402 )     (659,584 )     (627,800 )
                                        

Net real estate property

     5,347,154       5,333,989       3,053,399       3,048,253       2,473,885  

Loans receivable, net

     35,556       34,792       35,554       35,647       192,578  
                                        

Net real estate investments

     5,382,710       5,368,781       3,088,953       3,083,900       2,666,463  

Cash and cash equivalents

     28,573       30,138       —         1,246       1,935  

Escrow deposits and restricted cash

     89,807       99,058       80,039       80,039       52,818  

Deferred financing costs, net

     22,280       23,202       17,984       18,415       18,100  

Notes receivable-related parties

     2,144       2,126       2,484       2,466       2,518  

Other

     136,106       148,148       96,707       67,734       66,581  
                                        

Total assets

   $ 5,661,620     $ 5,671,453     $ 3,286,167     $ 3,253,800     $ 2,808,415  
                                        

Liabilities and stockholders’ equity

          

Liabilities:

          

Senior notes payable and other debt

   $ 3,267,705     $ 3,284,642     $ 2,370,418     $ 2,329,053     $ 2,007,128  

Deferred revenue

     9,665       10,219       7,607       8,194       8,780  

Accrued dividend

     —         —         —         41,949       —    

Accrued interest

     46,752       21,157       45,696       19,929       35,460  

Accounts payable and other accrued liabilities

     152,753       140,493       122,155       114,012       82,585  

Deferred income taxes

     313,987       309,215       30,394       30,394       30,394  
                                        

Total liabilities

     3,790,862       3,765,726       2,576,270       2,543,531       2,164,347  

Minority interest

     26,781       26,622       983       393       393  

Commitments and contingencies

          

Stockholders’ equity:

          

Preferred stock, 10,000 shares authorized, unissued

     —         —         —         —         —    

Common stock, $0.25 par value; 133,451, 133,366, 106,314, 106,137 and 104,101 shares issued at September 30, 2007, June 30, 2007, March 31, 2007, December 31, 2006 and September 30, 2006, respectively

     33,371       33,350       26,587       26,545       26,036  

Capital in excess of par value

     1,817,809       1,814,637       771,004       766,470       699,094  

Accumulated other comprehensive income

     6,652       9,482       914       1,037       1,569  

Retained earnings (deficit)

     (13,761 )     21,636       (89,591 )     (84,176 )     (83,024 )

Treasury stock, 3, 0, 0, 0 and 0 at September 30, 2007, June 30, 2007, March 31, 2007, December 31, 2006 and September 30, 2006, respectively

     (94 )     —         —         —         —    
                                        

Total stockholders’ equity

     1,843,977       1,879,105       708,914       709,876       643,675  
                                        

Total liabilities and stockholders’ equity

   $ 5,661,620     $ 5,671,453     $ 3,286,167     $ 3,253,800     $ 2,808,415  
                                        

 

- MORE -


Ventas Reports Third Quarter Results

November 8, 2007

Page 8

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the Three and Nine Months Ended September 30, 2007 and 2006

(In thousands, except per share amounts)

(Unaudited)

 

     For the Three Months
Ended September 30,
    For the Nine Months
Ended September 30,
 
     2007     2006     2007     2006  

Revenues:

        

Rental income

   $ 121,167     $ 104,004     $ 359,374     $ 292,544  

Resident fees and services

     103,938       —         175,338       —    

Interest income from loans receivable

     477       2,566       2,115       4,373  

Interest and other income

     712       285       2,411       998  
                                

Total revenues

     226,294       106,855       539,238       297,915  

Expenses:

        

Interest

     54,092       34,019       148,771       97,962  

Depreciation and amortization

     70,716       29,024       161,516       85,380  

Property-level operating expenses

     71,382       727       122,730       2,003  

General, administrative and professional fees (including non-cash stock-based compensation expense of $1,768 and $751 for the three months ended 2007 and 2006, respectively, and $5,602 and $2,236 for the nine months ended 2007 and 2006, respectively)

     9,315       6,539       24,919       19,457  

Foreign currency loss (gain)

     116       —         (24,245 )     —    

Merger-related expenses

     1,535       —         2,327       —    

Rent reset costs

     —         7,361       —         7,361  

Reversal of contingent liability

     —         (1,769 )     —         (1,769 )

(Gain) loss on extinguishment of debt

     (88 )     —         (88 )     1,273  
                                

Total expenses

     207,068       75,901       435,930       211,667  
                                

Income before income taxes, minority interest and discontinued operations

     19,226       30,954       103,308       86,248  

Income tax benefit

     9,463       —         15,074       —    
                                

Income before minority interest and discontinued operations

     28,689       30,954       118,382       86,248  

Minority interest, net of tax

     675       —         1,088       —    
                                

Income from continuing operations

     28,014       30,954       117,294       86,248  

Discontinued operations

     —         1,287       135,623       4,385  
                                

Net income

     28,014       32,241       252,917       90,633  

Preferred stock dividends and issuance costs

     —         —         5,199       —    
                                

Net income available to common stockholders

   $ 28,014     $ 32,241     $ 247,718     $ 90,633  
                                

Earnings per common share:

        

Basic:

        

Income from continuing operations applicable to common shares

   $ 0.21     $ 0.30     $ 0.94     $ 0.83  

Discontinued operations

     —         0.01       1.14       0.04  
                                

Net income available to common stockholders

   $ 0.21     $ 0.31     $ 2.08     $ 0.87  
                                

Diluted:

        

Income from continuing operations applicable to common shares

   $ 0.21     $ 0.30     $ 0.94     $ 0.83  

Discontinued operations

     —         0.01       1.13       0.04  
                                

Net income available to common stockholders

   $ 0.21     $ 0.31     $ 2.07     $ 0.87  
                                

Weighted average shares used in computing earnings per common share:

        

Basic

     133,205       104,021       118,989       103,886  

Diluted

     133,503       104,568       119,422       104,415  

Dividends declared per common share

   $ 0.475     $ 0.395     $ 1.425     $ 1.185  

 

- MORE -


Ventas Reports Third Quarter Results

November 8, 2007

Page 9

 

QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

(Unaudited)

 

     2007 Quarters     2006 Quarters  
     Third     Second     First     Fourth    Third  

Revenues:

           

Rental income

   $ 121,167     $ 120,057     $ 118,150     $ 113,408    $ 104,004  

Resident fees and services

     103,938       71,400       —         —        —    

Interest income from loans receivable

     477       815       823       2,641      2,566  

Interest and other income

     712       1,450       249       1,888      285  
                                       

Total revenues

     226,294       193,722       119,222       117,937      106,855  

Expenses:

           

Interest

     54,092       55,148       39,531       38,582      34,019  

Depreciation and amortization

     70,716       57,994       32,806       31,792      29,024  

Property-level operating expenses

     71,382       50,407       941       1,168      727  

General, administrative and professional fees (including non-cash stock-based compensation expense of $1,768, $1,820, $2,014, $810 and $751, respectively)

     9,315       8,023       7,581       6,679      6,539  

Foreign currency loss (gain)

     116       (18,575 )     (5,786 )     —        —    

Merger-related expenses

     1,535       792       —         —        —    

Rent reset costs

     —         —         —         —        7,361  

Reversal of contingent liability

     —         —         —         —        (1,769 )

Gain on extinguishment of debt

     (88 )     —         —         —        —    
                                       

Total expenses

     207,068       153,789       75,073       78,221      75,901  
                                       

Income before income taxes, minority interest and discontinued operations

     19,226       39,933       44,149       39,716      30,954  

Income tax benefit

     9,463       5,611       —         —        —    
                                       

Income before minority interest and discontinued operations

     28,689       45,544       44,149       39,716      30,954  

Minority interest, net of tax

     675       408       5       —        —    
                                       

Income from continuing operations

     28,014       45,136       44,144       39,716      30,954  

Discontinued operations

     —         134,661       962       1,081      1,287  
                                       

Net income

     28,014       179,797       45,106       40,797      32,241  

Preferred stock dividends and issuance costs

     —         5,199       —         —        —    
                                       

Net income available to common stockholders

   $ 28,014     $ 174,598     $ 45,106     $ 40,797    $ 32,241  
                                       

Earnings per common share:

           

Basic:

           

Income from continuing operations applicable to common shares

   $ 0.21     $ 0.34     $ 0.42     $ 0.38    $ 0.30  

Discontinued operations

     —         1.15       0.01       0.01      0.01  
                                       

Net income available to common stockholders

   $ 0.21     $ 1.49     $ 0.43     $ 0.39    $ 0.31  
                                       

Diluted:

           

Income from continuing operations applicable to common shares

   $ 0.21     $ 0.34     $ 0.41     $ 0.38    $ 0.30  

Discontinued operations

     —         1.14       0.01       0.01      0.01  
                                       

Net income available to common stockholders

   $ 0.21     $ 1.48     $ 0.42     $ 0.39    $ 0.31  
                                       

Shares used in computing earnings per common share:

           

Basic

     133,205       117,419       106,044       105,155      104,021  

Diluted

     133,503       117,825       106,775       105,667      104,568  

Dividends declared per common share

   $ 0.475     $ 0.475     $ 0.475     $ 0.395    $ 0.395  

 

- MORE -


Ventas Reports Third Quarter Results

November 8, 2007

Page 10

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30, 2007 and 2006

(In thousands)

(Unaudited)

 

     2007     2006  

Cash flows from operating activities:

    

Net income

   $ 252,917     $ 90,633  

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation and amortization (including amounts in discontinued operations)

     162,501       87,232  

Amortization of deferred revenue and lease intangibles, net

     (6,629 )     (1,809 )

Other amortization expenses

     1,981       2,320  

Stock-based compensation

     5,602       2,236  

Straight-lining of rental income

     (12,932 )     (14,735 )

Gain on sale of assets (including amounts in discontinued operations)

     (129,478 )     —    

Loss on extinguishment of debt

     —         1,273  

Reversal of contingent liability

     —         (1,769 )

Loss on bridge financing

     2,550       —    

Deferred tax benefit

     (15,074 )     —    

Other

     (378 )     764  

Changes in operating assets and liabilities:

    

Increase in other assets

     16,326       (18,958 )

Increase in accrued interest

     22,628       21,042  

Increase in other liabilities

     47,959       10,017  
                

Net cash provided by operating activities

     347,973       178,246  

Cash flows from investing activities:

    

Net investment in real estate property

     (1,310,186 )     (63,978 )

Investment in loans receivable

     —         (156,849 )

Proceeds from sale of assets

     157,400       —    

Proceeds from sale of securities

     7,773       —    

Proceeds from loans receivable

     23,764       4,244  

Capital expenditures

     (3,444 )     (334 )

Escrow funds returned from an Internal Revenue Code Section 1031 exchange

     9,000       —    

Other

     322       4,447  
                

Net cash used in investing activities

     (1,115,371 )     (212,470 )

Cash flows from financing activities:

    

Net change in borrowings under unsecured revolving credit facility

     46,400       72,300  

Net change in borrowings under secured revolving credit facility

     —         (89,200 )

Net change in borrowings under Canadian credit facility

     84,159       —    

Issuance of bridge financing

     1,230,000       —    

Repayment of bridge financing

     (1,230,000 )     —    

Proceeds from debt

     9,410       223,605  

Repayment of debt

     (143,775 )     (12,997 )

Debt and preferred stock issuance costs

     (4,300 )     —    

Payment of deferred financing costs

     (5,534 )     (3,754 )

Purchase of foreign currency hedge

     (8,489 )     —    

Issuance of common stock

     1,045,729       696  

Cash distribution to preferred stockholders

     (3,449 )     —    

Cash distribution to common stockholders

     (219,253 )     (160,598 )

Other

     8,194       4,466  
                

Net cash provided by financing activities

     809,092       34,518  
                

Net increase in cash and cash equivalents

     41,694       294  

Effect of foreign currency translation on cash and cash equivalents

     (14,367 )     —    

Cash and cash equivalents at beginning of period

     1,246       1,641  
                

Cash and cash equivalents at end of period

   $ 28,573     $ 1,935  
                

 

- MORE -


Ventas Reports Third Quarter Results

November 8, 2007

Page 11

 

QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

     2007 Quarters     2006 Quarters  
     Third     Second     First     Fourth     Third  

Cash flows from operating activities:

          

Net income

   $ 28,014     $ 179,797     $ 45,106     $ 40,797     $ 32,241  

Adjustments to reconcile net income to net cash provided by operating activities:

          

Depreciation and amortization (including amounts in discontinued operations)

     70,716       58,352       33,433       32,421       29,651  

Amortization of deferred revenue and lease intangibles, net

     (3,027 )     (2,998 )     (604 )     (603 )     (611 )

Other amortization expenses

     322       549       1,110       933       778  

Stock-based compensation

     1,768       1,820       2,014       768       751  

Straight-lining of rental income

     (4,326 )     (4,337 )     (4,269 )     (5,228 )     (4,871 )

Gain on sale of assets (including amounts in discontinued operations)

     —         (129,478 )     —         —         —    

Reversal of contingent liability

     —         —         —         —         (1,769 )

Loss on bridge financing

     —         2,550       —         —         —    

Deferred tax benefit

     (9,463 )     (5,611 )     —         —         —    

Realized gain on foreign currency hedge

     —         5,786       —         —         —    

Unrealized gain on foreign currency hedge

     —         —         (5,786 )     —         —    

Net gain on sale of securities

     —         (864 )     —         (1,379 )     —    

Other

     463       (11 )     34       (276 )     904  

Changes in operating assets and liabilities:

          

Decrease (increase) in other assets

     25,972       6,931       (16,577 )     (22,863 )     (15,747 )

Increase (decrease) in accrued interest

     25,125       (28,245 )     25,748       (15,531 )     20,999  

Increase (decrease) in other liabilities

     46,570       (6,542 )     7,931       31,445       10,485  
                                        

Net cash provided by operating activities

     182,134       77,699       88,140       60,484       72,811  

Cash flows from investing activities:

          

Net investment in real estate property

     (81,835 )     (1,198,000 )     (30,351 )     (426,278 )     —    

Investment in loans receivable

     —         —         —         (34,219 )     (156,849 )

Proceeds from sale of assets

     —         157,400       —         —         —    

Proceeds from sale of securities

     —         2,701       5,072       —         —    

Proceeds from loans receivable

     643       23,011       110       191,167       88  

Capital expenditures

     (2,242 )     (1,166 )     (36 )     (89 )     (101 )

Escrow funds returned from an Internal Revenue Code Section 1031 exchange

     9,000       —         —         —         —    

Other

     (18 )     358       (18 )     52       (17 )
                                        

Net cash used in investing activities

     (74,452 )     (1,015,696 )     (25,223 )     (269,367 )     (156,879 )

Cash flows from financing activities:

          

Net change in borrowings under unsecured revolving credit facility

     (109,800 )     4,700       151,500       (15,300 )     (94,700 )

Net change in borrowings under secured revolving credit facility

     —         —         —         —         —    

Net change in borrowings under Canadian credit facility

     84,159       —         —         —         —    

Issuance of bridge financing

     —         1,230,000       —         —         —    

Repayment of bridge financing

     —         (1,230,000 )     —         —         —    

Proceeds from debt

     1,095       8,315       —         225,400       221,531  

Repayment of debt

     (12,059 )     (14,446 )     (117,270 )     (3,087 )     (2,620 )

Debt and preferred stock issuance costs

     —         (4,300 )     —         —         —    

Payment of deferred financing costs

     (131 )     (4,991 )     (412 )     (1,122 )     (853 )

Purchase of foreign currency hedge

     —         —         (8,489 )     —         —    

Issuance of common stock

     (250 )     1,045,979       —         —         —    

Cash distributions to preferred stockholders

     —         (3,449 )     —         —         —    

Cash distributions to common stockholders

     (63,411 )     (63,371 )     (92,471 )     —         (41,141 )

Other

     2,099       3,116       2,979       2,303       1,854  
                                        

Net cash (used in) provided by financing activities

     (98,298 )     971,553       (64,163 )     208,194       84,071  
                                        

Net increase (decrease) in cash and cash equivalents

     9,384       33,556       (1,246 )     (689 )     3  

Effect of foreign currency translation on cash and cash equivalents

     (10,949 )     (3,418 )     —         —         —    

Cash and cash equivalents at beginning of period

     30,138       —         1,246       1,935       1,932  
                                        

Cash and cash equivalents at end of period

   $ 28,573     $ 30,138     $ —       $ 1,246     $ 1,935  
                                        

 

- MORE -


Ventas Reports Third Quarter Results

November 8, 2007

Page 12

 

FUNDS FROM OPERATIONS, NORMALIZED FFO AND FUNDS AVAILABLE

FOR DISTRIBUTION

(In thousands, except per share amounts)

 

     2007 Quarters     2006 Quarters  
     Third     Second     First     Fourth     Third  

Net income available to common stockholders

   $ 28,014     $ 174,598     $ 45,106     $ 40,797     $ 32,241  

Adjustments:

          

Depreciation and amortization on real estate assets

     70,549       57,827       32,209       31,172       28,544  

Depreciation on real estate assets related to minority interest

     (1,420 )     (938 )     —         —         —    

Discontinued operations:

          

Gain on sale of real estate assets

     —         (129,478 )     —         —         —    

Depreciation and amortization on real estate assets

     —         203       609       612       612  
                                        

FFO

     97,143       102,212       77,924       72,581       61,397  

Gain on foreign currency hedge

     —         (18,528 )     (5,786 )     —         —    

Preferred stock issuance costs

     —         1,750       —         —         —    

Bridge loan fee

     —         2,550       —         —         —    

Merger-related expenses

     1,535       792       —         —         —    

Gain on sale of securities

     —         (864 )     —         (1,379 )     —    

Deferred tax benefit

     (9,897 )     (5,856 )     —         —         —    

Rent reset costs

     —         —         —         —         7,361  

Reversal of contingent liability

     —         —         —         —         (1,769 )

Gain on extinguishment of debt

     (88 )     —         —         —         —    
                                        

Normalized FFO

     88,693       82,056       72,138       71,202       66,989  

Straight-lining of rental income

     (4,326 )     (4,337 )     (4,269 )     (5,228 )     (4,871 )

Capital expenditures

     (2,243 )     (1,166 )     (36 )     (89 )     (46 )
                                        

FAD

   $ 82,124     $ 76,553     $ 67,833     $ 65,885     $ 62,072  
                                        

Per diluted share:

          

Net income available to common stockholders

   $ 0.21     $ 1.48     $ 0.42     $ 0.39     $ 0.31  

Adjustments:

          

Depreciation and amortization on real estate assets

     0.53       0.49       0.31       0.30       0.27  

Depreciation on real estate assets related to minority interest

     (0.01 )     (0.01 )     —         —         —    

Discontinued operations:

          

Gain on sale of real estate assets

     —         (1.10 )     —         —         —    

Depreciation and amortization on real estate assets

     —         —         0.01       0.01       0.01  
                                        

FFO

     0.73       0.87       0.73       0.69       0.59  

Gain on foreign currency hedge

     —         (0.16 )     (0.05 )     —         —    

Preferred stock issuance costs

     —         0.01       —         —         —    

Bridge loan fee

     —         0.02       —         —         —    

Merger-related expenses

     0.01       0.01       —         —         —    

Gain on sale of securities

     —         (0.01 )     —         (0.01 )     —    

Deferred tax benefit

     (0.07 )     (0.05 )     —         —         —    

Rent reset costs

     —         —         —         —         0.07  

Reversal of contingent liability

     —         —         —         —         (0.02 )

Gain on extinguishment of debt

     —         —         —         —         —    
                                        

Normalized FFO

     0.66       0.70       0.68       0.67       0.64  

Straight-lining of rental income

     (0.03 )     (0.04 )     (0.04 )     (0.05 )     (0.05 )

Capital expenditures

     (0.02 )     (0.01 )     (0.00 )     (0.00 )     (0.00 )
                                        

FAD

   $ 0.62     $ 0.65     $ 0.64     $ 0.62     $ 0.59  
                                        

 

- MORE -


Ventas Reports Third Quarter Results

November 8, 2007

Page 13

 

Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. To overcome this problem, the Company considers FFO and FAD appropriate measures of performance of an equity REIT. The Company uses the NAREIT definition of FFO. NAREIT defines FFO as net income, computed in accordance with GAAP, excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. FAD represents normalized FFO excluding straight-line rental adjustments and capital expenditures.

FFO and FAD presented herein are not necessarily comparable to FFO and FAD presented by other real estate companies due to the fact that not all real estate companies use the same definitions. Neither FFO nor FAD should be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of the Company’s financial performance or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is FFO or FAD necessarily indicative of sufficient cash flow to fund all of the Company’s needs.

The Company believes that in order to facilitate a clear understanding of the consolidated historical operating results of the Company, FFO and FAD should be examined in conjunction with net income as presented elsewhere in this press release.

Normalized FFO Guidance for the Year Ending December 31, 2007

The following table illustrates the Company’s normalized FFO guidance per diluted common share for the year ending December 31, 2007:

 

    

GUIDANCE

For the Year

Ending

December 31, 2007

 

Net income available to common stockholders

   $ 2.26     -    $ 2.33  

Adjustments:

       

Depreciation and amortization on real estate assets, depreciation related to minority interest and gain on sale of real estate assets, net

     0.83     -      0.83  
                   

FFO

     3.09     -      3.16  

Merger-related items:

       

Gain on foreign currency hedge, gain on sale of securities, merger-related expenses and income tax benefit, net

     (0.49 )   -      (0.49 )
                   

Normalized FFO

     2.60     -      2.67  

Straight-lining of rental income and capital expenditures

     (0.18 )   -      (0.18 )
                   

FAD

   $ 2.42     -    $ 2.49  
                   

 

- MORE -


Ventas Reports Third Quarter Results

November 8, 2007

Page 14

 

Net Debt to Pro Forma EBITDA

The following pro forma information considers the effect on net income, interest and depreciation of the Company’s investments and other capital transactions that were completed during the three months ended September 30, 2007, as if the transactions had been consummated as of the beginning of the period. The following table illustrates net debt to pro forma earnings before interest, taxes, depreciation and amortization (“EBITDA”) (dollars in thousands):

 

Pro forma net income for trailing twelve months ended

  

September 30, 2007

   $ 240,631  

Add back:

  

Pro forma interest (including discontinued operations)

     244,975  

Pro forma depreciation and amortization (including discontinued operations)

     280,953  

Stock-based compensation

     6,412  

Gain on extinguishment of debt

     (88 )

Income tax benefit

     (37,852 )

Minority interest

     2,654  

Net gain on real estate disposals

     (129,478 )

Other taxes

     1,212  
        

Pro forma EBITDA

   $ 609,419  
        

As of September 30, 2007:

  

Debt

   $ 3,267,705  

Cash

     (43,212 )
        

Net debt

   $ 3,224,493  
        

Net debt to pro forma EBITDA

     5.3 x
        

The Company considers EBITDA a profitability measure which indicates the Company’s ability to service debt. The Company considers the net debt to pro forma EBITDA ratio a useful measure to evaluate the Company’s ability to pay its indebtedness. EBITDA presented herein is not necessarily comparable to EBITDA presented by other companies due to the fact that not all companies use the same definition. EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of the Company’s financial performance or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is EBITDA necessarily indicative of sufficient cash flow to fund all of the Company’s needs. The Company believes that in order to facilitate a clear understanding of the consolidated historical operating results of the Company, EBITDA should be examined in conjunction with net income as presented elsewhere in this press release.

 

- MORE -


Ventas Reports Third Quarter Results

November 8, 2007

Page 15

 

Scheduled Maturities of Borrowing Arrangements

The Company’s indebtedness has the following maturities (in thousands):

 

    

As of September

30, 2007

 

2007

   $ 23,869  

2008

     180,963  

2009

     531,691  

2010

     282,539  

2011

     303,591  

Thereafter

     1,931,399  
        

Total maturities

     3,254,052  

Unamortized fair value adjustment

     20,777  

Unamortized discounts

     (7,123 )
        

Senior notes payable and other debt

   $ 3,267,706  
        

Sunrise’s pro rata share of total maturities is approximately $151.8 million.

 

-MORE -


Ventas Reports Third Quarter Results

November 8, 2007

Page 16

 

Non-GAAP Financial Measures Reconciliation (In thousands, except per share amounts)

 

     For the Nine Months
Ended September 30,
 
     2007     2006  

Net income available to common stockholders

   $ 247,718     $ 90,633  

Adjustments:

    

Depreciation and amortization on real estate assets

     160,585       84,602  

Depreciation on real estate assets related to minority interest

     (2,358 )     —    

Discontinued operations:

    

Gain on sale of real estate assets

     (129,478 )     —    

Depreciation and amortization on real estate assets

     812       1,852  
                

FFO

     277,279       177,087  

Gain on foreign currency hedge

     (24,314 )     —    

Preferred stock issuance costs

     1,750       —    

Bridge loan fee

     2,550       —    

Merger-related expenses

     2,327       —    

Gain on sale of securities

     (864 )     —    

Deferred tax benefit

     (15,753 )     —    

Rent reset costs

     —         7,361  

Reversal of contingent liability

     —         (1,769 )

(Gain) loss on extinguishment of debt

     (88 )     1,273  
                

Normalized FFO

     242,887       183,952  

Straight-lining of rental income

     (12,932 )     (14,735 )

Capital expenditures

     (3,445 )     —    
                

FAD

   $ 226,510     $ 169,217  
                

Per diluted share:

    

Net income available to common stockholders

   $ 2.07     $ 0.87  

Adjustments:

    

Depreciation and amortization on real estate assets

     1.34       0.81  

Depreciation on real estate assets related to minority interest

     (0.02 )     —    

Discontinued operations:

    

Gain on sale of real estate assets

     (1.08 )     —    

Depreciation and amortization on real estate assets

     0.01       0.02  
                

FFO

     2.32       1.70  

Gain on foreign currency hedge

     (0.20 )     —    

Preferred stock issuance costs

     0.01       —    

Bridge loan fee

     0.02       —    

Merger-related expenses

     0.02       —    

Gain on sale of securities

     (0.01 )     —    

Deferred tax benefit

     (0.13 )     —    

Rent reset costs

     —         0.07  

Reversal of contingent liability

     —         (0.02 )

Loss on extinguishment of debt

     —         0.01  
                

Normalized FFO

     2.03       1.76  

Straight-lining of rental income

     (0.11 )     (0.15 )

Capital expenditures

     (0.03 )     —    
                

FAD

   $ 1.90     $ 1.61  
                

 

- END -

EX-99.2 3 dex992.htm VENTAS, INC. THIRD QUARTER 2007 SUPPLEMENTAL DATA Ventas, Inc. Third Quarter 2007 Supplemental Data

Exhibit 99.2

LOGO

Third Quarter 2007 Supplemental Data

LOGO

Sunrise of Aurora – Aurora, ON

All amounts shown in this report are unaudited and in U.S. dollars unless otherwise noted.


Ventas, Inc.

Third Quarter 2007 Supplemental Data

Triple-Net, Managed and Secured Loan Portfolio – Overview by Type (Dollars in Millions):1

 

Property Type

   Number of
Facilities
  

Number of

Beds/Units/Square Feet

   Number
of States /
Provinces
   Ventas
Investment
   Cash Flow
Coverage
   Occupancy2     Annualized
NNN
Revenue3
    Annualized
Operating
Property
Revenue4
    Total
Annualized
Revenue
     

Hospital – Stabilized Triple-Net

   42    3,844 Beds    18    $ 369    2.9x    61 %   $ 93     $ 0     $ 93    

Skilled Nursing – Stabilized Triple-Net

   197    24,687 Beds    29    $ 874    1.8x    88 %     176       0       176    

Senior Housing – Triple-Net & Loan

   178    17,912 Units    32    $ 2,368    1.3x    89 %     204       0       204    

Senior Housing – Operating

   78    6,284 Units    21    $ 1,960    N/A    93 %     0       354       354    

Medical Office – Stabilized

   17    841,040 Square Feet    8    $ 156    N/A    97 %     1       20       20    

Medical Office – Lease-Up

   2    181,903 Square Feet    2    $ 40    N/A    57 %     0       3       3    

Other – Stabilized Triple-Net

   8    122 Beds    1    $ 7    4.0x    N/A       1       0       1    
                                                          

Total

   522         45    $ 5,774    1.8x      $ 475     $ 376     $ 851       
                                                          
                        56 %     44 %     100 %     
                                                

Triple-Net, Managed and Secured Loan Portfolio – Overview by State/Province:1

 

      
     Totals     Hospital    Skilled Nursing    Senior Housing     Medical Office     Other

State/Province

   No.    %     No.    Beds    No.    Beds    No.     Units     No.     Sq. Feet     No.    Beds

California

   42    8 %   5    417      9    1,159    28       3,422       —         —       —      —  

Massachusetts

   38    7 %   2    109      26    2,811    10       1,255       —         —       —      —  

Ohio

   35    7 %   1    29      14    1,863    18       1,287       2       143,515     —      —  

Pennsylvania

   35    7 %   2    115      6    797    25       1,686       2       112,269     —      —  

Kentucky

   31    6 %   3    760      27    3,081    —         —         1       50,000     —      —  

Florida

   28    5 %   6    511      —      —      16       1,636       6       206,644     —      —  

Indiana

   23    4 %   1    59      13    1,968    9       1,002       —         —       —      —  

North Carolina

   23    4 %   1    124      16    1,836    6       437       —         —       —      —  

Illinois

   21    4 %   4    431      —      —      17       2,637       —         —       —      —  

Texas

   20    4 %   7    496      —      —      2       215       3       78,622     8    122

All Other

   226    43 %   10    793      86    11,172    125       10,619       5       431,893     —      —  
                                                                        

Total

   522    100 %   42    3,844      197    24,687    256       24,196       19       1,022,943     8    122
                                                                        

 

1

Totals may not foot due to rounding.

 

2

Occupancy shown for Senior Housing – Operating portfolio excludes communities in lease-up and those securing loans. Occupancy for triple-net properties is as of 2Q07 and occupancy for operating properties is as of 3Q07.

 

3

Annualized third quarter Ventas revenue assuming all events occurred at the beginning of the period.

 

4

Revenue reflects Ventas's portion only for joint venture assets.

 

1


Ventas, Inc.

Third Quarter 2007 Supplemental Data

Triple-Net Owned, Managed and Secured Loan Portfolio – Property Type Concentration (Dollars in Millions):1

 

 

Property Type

   Property
Count
   Ventas
Investment
   %     Annualized
Rent/Revenue2
   %  

Senior Housing

   256    $ 4,328    75 %   $ 558    66 %

Skilled Nursing

   197      874    15 %     176    21 %

Hospitals

   42      369    6 %     93    11 %

Medical Office

   19      196    3 %     23    3 %

Other

   8      7    NM       1    NM  
                               

Total

   522    $ 5,774    100 %   $ 851    100 %
                               

Triple-Net Owned, Managed and Secured Loan Portfolio – Operator Concentration (Dollars in Millions):1

 

Operator

   Property
Count
   Ventas
Investment
   %     Annualized
Rent/Revenue2
   %  

Sunrise Senior Living

   78    $ 1,960    34 %   $ 354    42 %

Brookdale Senior Living

   83      1,386    24 %     123    14 %

Kindred Healthcare

   203      935    16 %     237    28 %

Senior Care

   66      625    11 %     48    6 %

Summerville Senior Living

   16      196    3 %     19    2 %

Capital Senior Living

   10      153    3 %     13    1 %

NexCore

   4      92    2 %     10    1 %

Genesis Healthcare

   11      88    2 %     9    1 %

Benchmark Assisted Living

   4      55    1 %     5    1 %

Trans Healthcare

   7      53    1 %     7    1 %

All Other

   40      232    4 %     26    3 %
                               

Total

   522    $ 5,774    100 %   $ 851    100 %
                               

Triple-Net Owned, Managed and Secured Loan Portfolio – State/Province Concentration (Dollars in Millions):1

 

State/Province

   Property
Count
   Annualized
Rent/Revenue2
   %  

California

   42    $ 111    13 %

Illinois

   21      92    11 %

Massachusetts

   38      53    6 %

Pennsylvania

   35      48    6 %

Ontario

   8      44    5 %

New Jersey

   11      39    5 %

Florida

   28      37    4 %

Ohio

   35      30    3 %

Colorado

   14      29    3 %

New York

   14      28    3 %

All Other

   276      341    40 %
                  

Total

   522    $ 851    100 %
                  

 

 

1

Totals may not foot due to rounding.

 

 

2

Annualized third quarter Ventas revenue assuming all events occurred at the beginning of the period. Operating asset revenue reflects Ventas's portion only for joint venture assets.

 

2


Ventas, Inc.

Third Quarter 2007 Supplemental Data

Same-Store Triple-Net Portfolio Trend Data for Properties Owned as of April 1, 2006:

 

          Sequential Quarter Comparison     Year Over Year Comparison  

Property Type

   Number
of
Facilities
   1Q07
Cash
Flow
Coverage
   2Q07
Cash
Flow
Coverage
   1Q07
Occupancy
    2Q07
Occupancy
    2Q06
Cash
Flow
Coverage
   2Q07
Cash
Flow
Coverage
   2Q06
Occupancy
    2Q07
Occupancy
 

Hospitals

   40    3.2x    2.9x    63 %   61 %   3.7x    2.9x    58 %   61 %

Skilled Nursing

   179    1.8x    1.8x    88 %   88 %   1.9x    1.8x    88 %   88 %

Senior Housing

   125    1.3x    1.3x    91 %   91 %   1.2x    1.3x    91 %   91 %

Other

   8    3.7x    4.0x    N/A     N/A     2.6x    4.0x    N/A     N/A  
                                 

Total

   352    1.9x    1.9x        2.0x    1.9x     
                                 

Same-Store Triple-Net Portfolio Trend Data for Properties Owned as of January 1, 2007:

 

          Sequential Quarter Comparison  

Property Type

   Number
of
Facilities
   1Q07
Cash
Flow
Coverage
   2Q07
Cash
Flow
Coverage
   1Q07
Occupancy
    2Q07
Occupancy
 

Hospitals

   42    3.1x    2.9x    63 %   61 %

Skilled Nursing

   197    1.8x    1.8x    88 %   88 %

Senior Housing

   172    1.2x    1.3x    89 %   89 %

Other

   8    3.7x    4.0x    N/A     N/A  
                   

Total

   419    1.8x    1.8x     
                   

 

3


Ventas, Inc.

Third Quarter 2007 Supplemental Data

Medical Office Operating Portfolio Statistics:1

 

     Year Over Year Comparison  
     Stabilized2     Same-Store Stabilized2,3     Lease-Up  
     3Q07     3Q06     3Q07     3Q06     3Q07     3Q06  

Number of properties:

     10       8       8       8       1       —    

Number of square feet:

     391,287       259,185       259,185       259,185       81,286       —    

Occupancy:

     96 %     99 %     97 %     99 %     50 %     —    

Average annual rate per square foot:

   $ 28     $ 27     $ 29     $ 27     $ 23       —    

Operating revenue:

   $ 2.6     $ 1.8     $ 1.8     $ 1.8     $ 0.3       —    

Less expenses:

     1.2       0.7       0.7       0.7       0.1       —    

Total NOI:

     1.4       1.1       1.1       1.1       0.1       —    

Less joint venture share:

     0.0       0.0       0.0       0.0       0.0       —    

Ventas NOI:

   $ 1.4     $ 1.1     $ 1.1     $ 1.1     $ 0.1       —    
     Sequential Quarter Comparison  
     Stabilized2     Same-Store Stabilized2,3     Lease-Up  
     3Q07     2Q07     3Q07     2Q07     3Q07    

CORRECTED

2Q07

 

Number of properties:

     10       10       8       8       1       1  

Number of square feet:

     391,287       391,287       259,185       259,185       81,286       81,286  

Occupancy:

     96 %     97 %     97 %     98 %     50 %     50 %

Average annual rate per square foot:

   $ 28     $ 27     $ 29     $ 27     $ 23     $ 23  

Operating revenue:

   $ 2.6     $ 2.6     $ 1.8     $ 1.8     $ 0.3     $ 0.2  

Less expenses:

     1.2       1.2       0.7       0.7       0.1       0.1  

Total NOI:

     1.4       1.4       1.1       1.1       0.1       0.1  

Less joint venture share:

     0.0       0.0       0.0       0.0       0.0       0.0  

Ventas NOI:

   $ 1.4     $ 1.4     $ 1.1     $ 1.1     $ 0.1     $ 0.1  

 

1

Dollars in millions except for rate data.

 

2

Excludes one non-operating triple-net MOB classified as an operating MOB in prior Company disclosures.

 

3

Includes only those MOBs owned in both comparison periods.

 

4


Ventas, Inc.

Third Quarter 2007 Supplemental Data

Senior Housing Operating Portfolio Statistics:1

 

           CORRECTED  
     Stabilized
3Q07
    Lease-Up
3Q07
    Stabilized
2Q072
    Lease-Up
2Q072
 

Number of properties:

     72       6       72       6  

Number of units:

     5,831       453       5,831       453  

Resident day capacity:

     633,972       50,600       420,351       28,650  

Average resident occupancy:3

     93 %     61 %     92 %     48 %

Average daily rate / resident fees:3

   $ 167     $ 169     $ 163     $ 177  

Operating revenue:

   $ 98.7     $ 5.2     $ 63.7     $ 2.4  

Less expenses:

     65.7       4.2       42.6       2.6  

Total NOI:

     33.0       1.0       21.0       (0.2 )

Less joint venture share:

     4.7       0.2       3.0       0.0  

Ventas NOI:

   $ 28.3     $ 0.8     $ 18.0     ($ 0.2 )

 

1

Dollars in millions except for Average daily rate resident fees.

 

2

Results reflect May and June 2007 only.

 

3

2Q07 Average daily rate / resident fees and average resident occupancy for the lease-up communities have been revised based on the corrected occupancy and resident day capacity for the period.

 

5


Ventas, Inc.

Third Quarter 2007 Supplemental Data

Kindred Healthcare Same-Store TTM EBITDARM Coverage Ratios:1

 

    

Number of
Facilities

   Sequential Quarter
Comparison
   Year Over Year
Comparison

Ventas – Kindred
Master Lease

          1Q07            2Q07            2Q06            2Q07    

1

   83    2.3x    2.2x    2.5x    2.2x

2

   41    2.4x    2.2x    2.9x    2.2x

3

   38    2.1x    1.9x    2.5x    1.9x

4

   41    2.5x    2.3x    2.6x    2.3x
                        

Total

   203    2.3x    2.2x    2.6x    2.2x
                        

Property Type

   Number of
Facilities
   1Q07    2Q07    2Q06    2Q07

Hospitals

   38    3.2x    2.9x    3.7x    2.9x

Skilled Nursing Facilities

   165    1.8x    1.8x    1.9x    1.8x
                        

Total

   203    2.3x    2.2x    2.6x    2.2x
                        

 

1

Coverage reflects the ratio of Kindred's EBITDARM to rent. EBITDARM is defined as earnings before interest, income taxes, depreciation, amortization, rent and management fees. In the calculation of trailing twelve months EBITDARM, intercompany profit pertaining to services provided by Kindred's PeopleFirst Rehabilitation and Pharmacy Divisions for the twelve months ended June 30, 2007 has been eliminated from purchased ancillary expenses within the Ventas portfolio.

 

6


Ventas, Inc.

Third Quarter 2007 Supplemental Data

 

          Lease Rollover Year (Excluding Sunrise Operating Communities)1
     Totals    2007    2008    2009    2010    2011    Thereafter

Hospital - Stabilized Triple-Net:

                    

Annualized Revenue

   $ 92.9      —        —        —      $ 42.2      —      $ 50.6

Skilled Nursing - Stabilized Triple-Net:

                    

Annualized Revenue

   $ 176.5      —      $ 0.9      —      $ 79.2      —      $ 96.4

Senior Housing - Stabilized Triple-Net:

                    

Annualized Revenue

   $ 202.0      —        —        —        —        —      $ 202.0

Medical Office - Stabilized:

                    

Annualized Revenue

   $ 20.5    $ 0.7    $ 2.3    $ 2.0    $ 2.5    $ 2.3    $ 10.6

Medical Office - Lease-Up:

                    

Annualized Revenue

   $ 3.0    $ 0.0    $ 0.0    $ 0.0    $ 0.0    $ 0.2    $ 2.8

Other - Stabilized Triple-Net:

                    

Annualized Revenue

   $ 0.9      —        —        —      $ 0.9      —        —  

Total:

                    

Annualized Revenue

   $ 495.8    $ 0.7    $ 3.2    $ 2.0    $ 124.8    $ 2.4    $ 362.5

 

1

Annualized third quarter Ventas revenue assuming all events occurred at the beginning of the period. Dollars in millions. Totals may not foot due to rounding.

 

7


Ventas, Inc.

Third Quarter 2007 Supplemental Data

Company Development Data:

Properties in Lease-up:

 

Property Name

   Company
Ownership
%
  MSA    Property
Type
   Number of Residents or Beds/Units/
Square Feet
   Actual/Projected
Opening Date
  

Ventas
Estimated/Actual
Acquisition

Date

   Total
Development
Cost1
   Ventas Fixed
Purchase Price
(incl. FPAC)1
   Expected
Stabilized
Yield

Sunrise of Hillcrest

   80%   Dallas    AL/ALZ    90 Residents /77 Units /56,500 SF    June 2006    April 2007    $ 14.6    $ 12.3    10.0%

Sunrise of Bloomfield Hills

   80%   Detroit    AL/ALZ    92 Residents /76 Units /58,600 SF    July 2006    April 2007      21.3      17.9    10.5%

Sunrise of Staten Island

   80%   New York    AL/ALZ    100 Residents /78 Units /63,000 SF    November 2006    June 2007      29.7      25.0    9.5%-10.0%

Sunrise of Sandy

   80%   Salt Lake City    AL/ALZ    95 Residents /79 Units /58,000 SF    November 2006    April 2007      18.0      15.1    9.5%-10.0%

Sunrise of Scottsdale

   80%   Phoenix    AL/ALZ    95 Residents /79 Units /60,000 SF    March 2007    April 2007      20.2      17.0    9.5%-10.0%

Sunrise of Rocklin

   80%   Sacramento    AL/ALZ    78 Residents /64 Units /48,000 SF    April 2007    April 2007      18.6      15.7    8.25%-8.75%

Properties to be Acquired:

Sunrise of Thorne Mills on Steeles

   0%   Toronto    IL/AL/ALZ    256 Residents /229 Units /210,000 SF    August 2007    4Q07      62.8 Cdn      52.7 Cdn    8.0%-8.5%

Casper Wyoming Hospital & MOB

   0%   Casper, WY    Hosp/MOB    28 Beds / N/A Units / 50,132 SF    2Q08    2Q08      28.6      28.6    10.5%

 

1

Dollars in millions.

 

8

GRAPHIC 4 g3844938449image002.jpg GRAPHIC begin 644 g3844938449image002.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T- M#AT5%A$8(Q\E)"(?(B$F*S7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V2BBBD(** M**`"BBB@`ILDB11M)(P5$!9F/0`=Z=7$?$[7#8Z.FEPOB:^^_CJ(QU_,X'YT M$5)J$7)G-_\`"?S'QNNI[V&G#]P(O^F1/WL>N?F_2O64=9$5T8,K`%2.A![U M\Y5ZK\,_$/VW36T>X?,]F,Q$GEH_3\#Q],4(X<+7;DXRZG=4444'HA1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444AH M`6O#/&.JG6/%%Y.&S%$WDQ?[J\?JV:#1M)79JT5P'_"VK'_ M`*!5S_W\6C_A;5C_`-`JY_[^+08_6:7\QW]%::"*"2WFB4-LD8 M$NOJ,>E='0:QE&:O%Z!11104%%%%`!1110`45'<3QVMO)/,X2*)2[L>P'6N$ M_P"%M6&3C2[HCL=Z\T&4G+%UP@'4F@E8BDW9,[*BBB@V"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`KD/B)XD.C:1]CMI M-MY>`J".J)_$W]!_]:NIO+N"PLYKNY<)#"A=V/8"O!=?UB?7M4N-0GR#)PB? MW$'04')BJO)"RW9W6N_\2_X1:?;KQYZQ*1]3O/\`*O-J]:\0Z!?Z_P"#M&LM M.$9*+$[EVV@#R\9_6L:V^$MTP!NM6B3VBB+?J2*1S5J-2`S#;*G]QQU'^?6O&]5\*ZYHP+WFGR>4/^6L?S MI^8Z?C6M\._$0TC6?L<[XM+XA22>$D_A/X]/RIFF&FZ4^66S/8JCN+>*ZMI+ M>=`\4JE'4]P>M244'K'@?B#19=`UF?3Y,E5.Z)S_`!H>A_I^%9M>P?$3PZ=8 MT;[;;IF[L@7&!RZ?Q+_7\*\>!R.*3/#Q%+V<[="[I&J3Z-JL&H6_WX6R5_O+ MW4_45[SI]]!J=A!?6S;H9T#J?Z?6OGJN^^&/B+[/=-H5R_[N8E[=,37@Q%GJL8_Q//X"O/O#>BOK^NV]@N1&QW3,/X4'7_# M\:]-\7>+)?"#65K9V,,L/+KQ'K?]GS6$,"^2TF]')/!''/UK1\9^*9_"]M: MS06L=P9Y&4AV*XP,]J#55H.'/?0Z6BO+O^%M:A_T";;_`+^M_A1_PMK4/^@3 M;?\`?UO\*#+ZW1[GJ-%<#X>^)?\`:>KQV6HVD5HDWRQRHY(W]@<^M=]0;TZD M:BO%A11106%%>93_`!6OX;B6(:5;$1R,H/FMS@X]*C_X6UJ'_0)MO^_K?X4' M-];I=SU&BN/\&^-;KQ/J%Q;3645N(81(&1R23G&.:A\6^/+KPYK0L(;"&=?* M63>[D'G/''TH+]O#DY[Z';45Y=_PMJ__`.@3;?\`?UO\*/\`A;5__P!`FV_[ M^M_A01];I=SU&BO+O^%M7_\`T";;_OZW^%'_``MJ_P#^@3;?]_6_PH#ZW2[G MJ-%>7?\`"VK_`/Z!-M_W];_"C_A;5_\`]`FV_P"_K?X4!];I=SU&BO+O^%M7 M_P#T";;_`+^M_A5S1_B9>ZGK5G8/IL$:W,RQEUD8D`_A0"Q5)NR9Z+117&^+ M_';^'-2BL;6UCN9#'OEWN1LR>!Q^-!M.<8*\CLJ*\N_X6UJ'_0)MO^_K?X4? M\+:U#_H$VW_?UO\`"@P^MT>YZC17*^#?&1\3M_/H?YU MU5!T0G&:YHA11104%%%9^K:YINAV_G:C=)"I^ZO5G^@')H$VDKLT**\XU'XL M88KI>F;@.DER^,_\!'^-8DWQ,\2R,2DEK$/1(<_S)H.:6+I+K<]BHKQD?$?Q M0#_Q]PGV,"U:M_BEKT1_?069ZY17GUC\6;5R!J&F2Q>K0N M''Y'!KK]&\0:9KT3R:=F0:#:%:$](LTJ*YCQGXO_`.$8A@CA MMQ/=7.2@06\<:0&0&($'.0.Y]Z*"H5(U%S1 M.XHHHH+"BBLGQ+KD7A_19KY\-(!MA0_QN>@_K]!0*4E%79Q/Q/\`$7F3)H-L M_P`J8DNB#U/\*_U/X5YXPRI%23SRW,\D\[EY96+NQ[D\FH^U(\*K4=2;DSWO MPS,+CPQIDO\`>M4_08K4KE/AM>B[\(PQ;LM:R-$1[9R/T-=73/:I.\$PHHHH M-#D->\07VFZ^\5O(K0K&H:)QE2>I^E9%YHGA_P`6`M;`:3JAY`'^KD/T_P`, M'ZU7UFX%WK-W,#D-(0#[#@?RJE7E?691FWNCNGA:=6FE)'H?AN[O9+`6>JQE M-0M,1R]Q(/X7![@C].@:ZQB7%G=DR0XZ*?XE_`_H:]KK$\6:`OB'0Y;4`"=/WD#' MLX[?0]/QK0Y<12]I#3='AE.BED@F2:%RDD;!D8=5(Z&D9&C=HY%*NA*LIZ@C MJ*;2/$V/>/"^NQ^(=#AO1@2_B#[H_$\_ MA7=7UY#I]C/>7#;8H$+N?85X'JFHS:OJEQJ%Q_K)W+8_NCL/P&!0SCQ=7EAR MK=E6DI:V/">A-X@U^&T8'R$_>3GT0=OQZ?C2/*C%R:2/0_AMH']FZ*=1F3%Q M?`,,CE8_X1^/7\JQ?BW_`,?NF?\`7.3^8KTM%5%"JH55&`!T`KS3XM_\?NF? M]K7@H8=Q1Y[116OX3CCF\6:9%*BR(TX#*PR",'J*1Y45S-(Q]P]11 MN7U'YU]!_P!C:5_T#+/_`+\+_A1_8NE?]`RS_P"_"_X46.[ZB_YCY\W+ZC\Z M-R^H_.OH/^Q=*_Z!EG_WX7_"C^QM*_Z!EG_WX7_"BP?47_,>6?"\@^+S@_\` M+K)_-:W_`(M_\@_3?^NS_P#H-=Q!IUC:R>;;V5O"^,;HX@IQ]17#_%O_`)!^ MF_\`79__`$>-94G2P[BV>8T44M(\H2O7_`'BO^V]/^PWDF;^U7DGK*G9OK MV/\`]>O(:L:=J%SI6H0WUH^R:%MRGL?4'V/2@WH5G2E?H?0U'>LW0=:MM?TF M*_MCC=Q(F>8V[J:TN],]M--71\[WO_'_`'/_`%V?_P!"-05/>_\`'_<_]=G_ M`/0C4-(^>>YW7PG_`.0[??\`7J/_`$(53^*!`\7#)_Y=4_F:N?"?_D.WW_7J M/_0A7I<^G6-U)YEQ96\SXQNDB#''U-/H>E3I>UPZC<^>-R^HHW+ZBOH/^Q=* M_P"@99_]^%_PH_L;2O\`H&6?_?A?\*5B/J+[GSZ"#TYI:[;XHVEM::M8+;6\ M4"M`Q(C0*"=WM7$4'%4AR2<0R!UI-R^HKHO`D,5QXQLHIXDEC8/E'4,#\A[& MO8?[&TK_`*!EG_WX7_"BQO1PSJQYKGSYN'J*UO"C#_A+M)Y'_'TG\Z]M_L;2 MO^@99_\`?A?\*='I.FQ2+)'I]JCJ.UMY+B9@L M<2EW)[`#)KP#5]1DU?5KG4)<[KB0L!Z+V'X#%>G?$[6/L6@KIT38FOFPWM&. M3^9P/SKR6AD8VI>2@N@M%26UM->7,=M;QF2:5MJ(.I-1]#@\4'`:WA;6#H?B M&UO2<1;O+F]T;@_EU_"O=P00"#D'D$=Z^<2,C%>T^`-9_M?PS"LC;I[3]Q)G MJD87BWQ+'X:TKSPHDN93L@C/0MZGV%>*WU] M=:G>/=WL[3S.>6;^0]![5U/Q0NGF\4K;D_);VZ[1[MDG^GY5QU)GCXJJY3<> MB"K%K8WE\<6=G/<$?\\HRW\JT?".G6NK>)[.SO>8'+%ESC?@$A?QQ7N4$$5M M$L,$211J,*B*`!^%%@H8;VJNWH>$'PSKZKN.BWV/^N)JA/;SVK[;B"6%O21" MO\Z^BJCGMX;F,QW$,C/G3M7HWPC^]JO_;+_`-FK6USX M::3J"M+IV=/N.H"\QD^Z]OPIGP]\/:GH%QJ<>H0>6'*"-U8%7QGD?GWHL11P M\Z=57V)O'%UX<,UI8>(8ID616>*ZB'^K.<$<>OT-<'J<&EZ0T$OA;Q%=7-P[ MX$,:D,!ZY&,\]L5[1-!#<)LFB25?[KJ&'ZU'!I]C;/OM[.WA;^]'$%/Z4SJJ M4'-W_P"'/-OB-)=MX>T!]1PMV58S#IAMJYK0N_A_Z>.:YA#D M$L!R`.^3_P"A&N]FMH+@`3P1RXZ;T#8_.I,`=*`^KIR;EKM^!YGX'V+\1]81 M,`*)0%'8>8.**]'2UMXI6EC@C21NKJ@!/XT4&E*G[.-KDM%%%!J%>,^/O$7] MN:V88'S9V9*1XZ.W\3?T'TKNOB!XB_L713:V[XO+T%$P>43^)OZ#ZUXX!@8I M,\[&5O\`EVOF%%%+0>:=Q\+-5%MK-QILC82[3='_`+Z_XC/Y5ZM7SM:7 M0WENVV:!PZ'W%>]Z-JL&M:5;ZA;GY9ER5SRC=U/T--'JX*I>/)V+U4=9O1I^ ME7%QGY@I">['@5>KB/&.JBYNEL(FS'`XK>A5]G. M_0QJT^>/F>I45%;7$=W;1W$+;HY%W*:EKV5J>8>4_$SP]]BU!=9MTQ!=G;,` M/NR>OXC]17#U]!:MID&L:9/87(S',FW/]T]B/<'FO!=0L)]+U">QN1B:!RC> MA]"/8CFDSQ\72Y) ME1ZC?0:9I\]]<-MB@0NWOCM3/`2>E>Q_#W0/['T%;F9,75[B1 M\CE4_A7\N?QKSOP7H/\`;_B&**1FUYE\6O^/W3/^N>U>T74%TG6K34& MB,HMY-Y0'!;\:I4E(\9.SNCTS_A;EO\`]`6;_O\`K_A1_P`+;M_^@--_W_7_ M``KS/-&:+LZ?K=7N>F?\+;M_^@--_P!_U_PH_P"%N6__`$!IO^_Z_P"%>9T= MJ+B^MUNY[OX8\0)XETHWZ6S6X$K1[&8,>,L+:= M`\4UPB.I[@GFJ5:/AS_D9]+_`.OJ/^=(\J'Q(F\3^'YO#FL/:29:%LM!)_?3 M_$=#6/7NWBKP]#XCTA[5L).F7@D_N-_@>AKPZYMYK.YEMKF,QS1,5=#V(H9O MB:/LY:;,W/!WB9_#>J[I"393D+<)Z>C#W'\J]LBD26-)(V#HX#*P.00>AKYR MKT7X:^*MK+H%])P?^/1V/YI_4?E0C;"5[/DEMT.!O?\`D(77_79__0C4%3WO M_(0NO^NS_P#H1J"@X7N=W\)_^0[??]>H_P#0A7JE>5_";_D.WW_7J/\`T(5Z MI3/9PG\%!1110=)Y;\6O^0QIW_7NW_H5<'7>?%G_`)#&G?\`7NW_`*%7!TF> M)B?XLCH_A]_R.UC]'_\`0#7M=>*?#[_D=K'Z/_Z`:]KIH[L%_#?J%%%8'C76 M?[$\-7,Z-B>4>3#_`+S=_P`!D_A0=)!;2-B"^'E'T#]5/ M\Q^-U9-;T.UU!<;I4_>`=G'# M#\ZTJ9[Z::NCR;XIV+P>(8+W!\NY@"@_[2GD?D17%5[OXF\/P>(](>SD;RY% M.^&7&=C_`.'8UXIJND7VB7C6NH0-$X/RM_"X]5/<4F>3BJ3C-RZ,JQ220RI+ M$[1R(0RNIP5/J#78Z=\4-:M$"7D,%ZH_B;Y'_,D3]F^G MK7)T8S07";A+F1[SXBU.;3M),]LA=G.T2#D(#_%_A7G1)))8DDG))[U8\%>- M8[>)=$UM@UHPV0S2]<.+ISE[R MV/I\#B*GY=/PK*I'@RBXNS/2?AAXBW*^@W+\KF2V)/ M4?Q+_4?C3/BEKV6AT*!^!B6XQ_XZO]?RKS^TNIK&\AN[=]DL#AT/N*=?7LVH MW\][9-UK9XEE]&/\*_G MS^%!SP@YR44>B>!-`_L/0$,JXNKK$LWJ./E7\!^I-=+113/?A%1BHH*\R^+? M_'[IG_7.3^8KTVO,OBW_`,?NF?\`7.3^8H,,5_"9Y]6IX7MX;OQ/IUM<1++# M+,%=&&0PP:RJV?!__(X:5_U\#^1I'D4_C7J>N?\`"'>&_P#H#6O_`'Q1_P`( M=X;_`.@-:_\`?%;5%,]WV<.R,7_A#O#?_0&M?^^*/^$-\-_]`:U_[XK:HH#V M<.R*UAIUGI=O]GL;9+>+<6V(,#)ZFN'^+?\`R#]-_P"NS_\`H->@UY]\6_\` MD'Z;_P!=G_\`0:#+$*U%GF5:/AS_`)&?2_\`K[C_`)UFUI>'/^1GTO\`Z^H_ MYTCQH?$CWT]:X/XC>%3?6YUJQCS%?["U'[;:)BPNF.`.D3]U^AZBN3I'A3@ MX2Y6*[-)(SN M`SSRW5Q+<3,6EEM2>6G9W/5O^%KZ./^7"]_[Y7_`!J&\^)FA7UG-:3Z?>F*="CC:O0C'K7E M^11D>M.YTO&5!<`$@$D=L]:2C(I:#E/0?A7K&RYN=&E;Y9!YT.?4<,/RP?P- M>FU\]Z7J$NDZI;:A#]^WD#X]1W'XC->_VMS'>6L5S"VZ*9`Z'U!&131ZV#J< MT.5]"6J]Y86FHVYM[VVCN(C_``2+D5ROBKQK<^&?$%M:FV2>TDAWR`<2`Y(X M/3MTK?T;Q%I>O0"2PNE=L?-$W#K]5H.E5(2DX=3FM2^%FE7+%["YGLF/\!_> M)^O/ZUSEW\+=$7WA/7].#-#7=W/?WDU MY>7*MD)111 M0<@M)110`4M%)0`5UOA/QY=:"$L[T/=:?G`&6-UI\WE7<+1-VST/T/>N0TS5K_1KH7.G MW+P2=\?=8>A'0BO0M)^(VF:I"+/Q#:I`S<>8%W1-[^JURU<-&>JT9[F&S-?# M,Q:*ZNY\(VUY"+K1KQ&C?E5+;D/T85S]YI-_IY(N;61`/XP,J?Q%<$Z,X;H] MF%6$]F5*U_#6J_V9J8$C8@GPDGMZ&LC.>E!Z5G"3A)-%RBI*S/6Z*PO"NJ_; M].$$K9GM\*<]67L?Z5NU[D)J<5)'DRBXNS.4^('AW^VM$-Q`F;RS!>/`Y=?X ME_K]17C8YKZ/KQ_QGX/O+'7I)--LII[2YS(HAC+>6W\2\=.>1]:IGF8RBW[\ M3D*6K_\`8&M?]`B]_P"_#?X4?V!K7_0(O?\`OPW^%(\_DEV,_GL,D]`.]>X^ M#=!&@>'XH'4"YF_>SG_:/;\!Q7!>!?"5W:SNY["\BN[9_+FA;_]^&_PH+YZW=FG_P`)_P"*/^@G M_P"04_PH_P"$_P#%'_03_P#(*?X5F?V!K7_0(O?^_#?X4?V!K7_0(O?^_#?X M4!SUN[_$[;P'XJUO6?$9M-0O?.A^SN^WRU'((QT'O5CXM_\`(/TW_KL__H-9 M?PYTK4;/Q49;JPN8(_LSC?)$5&(B7*%F:!@%&>IXI'!",N9:'M]%%%,]\JZEIUMJVGS6-VF^&9<$=QZ$>X MKPK7-&N=`U:73[H9*TC=;H\3I*T3X?UL$@Z1>Y'_3!O\*3^P-:_P"@1>_]^&_PI'D6_%K_D,:=_U[M_Z%7!UZ+\3]-O[[5;![2RN+A5@8,8HRP!W>U<3_ M`&!K7_0(O?\`OPW^%)GBXF,G5EH:GP^_Y':Q^C_^@&O:Z\?\"Z/J=KXPLIKC M3KJ&)0^7DA95'RGN17K[,%4LI)P*]MM/!7A^WM(89-+MIGC0*TC)DN0.2 M:X?X>^&;P^(A?7]E-!%:)N3SHRNYSP,9]!D_E7JU-'9A**Y7*2,;_A$/#G_0 M&M/^_='_``B'AW_H#6G_`'[K9HH.SV<.QR/B?P7I4OAZ[_L[3H(+J-/,C:-< M$E>!R,U]'UXIXE\*:C8^(+N*STZYFMF?S(FBB+#:W.,CTY%(X<91V ME%'-UZQ\,-9^V:+)IDKYELF^3/>-NGY'(_*O-_[`UK_H$7O_`'X;_"MOP?!K M6A^);:Z?2KY8)#Y4W[AL;6[].QP?PH1S8=RIU$[%SXK?\C':_P#7H/\`T)JX MJ.1X9%EBD:.1?NNC$$?B*]?\8^"7\37$5W!>K!/%'Y85TRK#.>HY'6N`O_`? MB2P))L#<(/X[=@_Z=?TH+Q%*I[1R2T)-/^(7B/3PJ&Z6[0=KA-Q_[ZW%\ M6KL#]]I$+'U28C^8KA)[2YMFVW%M-"1VDC*_SJ#,]C)(S8_#BN0U;6M0UR[^U:A.97`PJXPJ#T`[50!#=.?I5^RT'5] M28+9Z;EHHH`2BBB@ M`H]***`%%)VHHI+<$>B_"/K?UZ2_^K;Z444/X6>YA?X43S36O^0E)5"BBO#E MN>_#X4=%X)_Y#,W_`%P/\Q7U`ZT44@9'<_ZH_2N3U#O]1111U,:NQ GRAPHIC 5 g3844938449image004.jpg GRAPHIC begin 644 g3844938449image004.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T- M#AT5%A$8(Q\E)"(?(B$F*S7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#TA3BK$1S5 M915F+CBNJ2.>++*GBE4\TU>E/Q6#-D.!YJ56J&GBI&39HS3`:6D,=1FDS29H M`1J0'%*>:8:``DTP]:&8BHB_O3`D8<4PFD,F:86IV$.)IC-32U-9J=@'$TE, MW&C=181(#BG=JB#4X-18!QIAI2:8QIH!&IAH)IN:I$MA1FDS29JR1^:3--S1 MNHL(=FCK3,TN:=@N.`I13`:<#18+CJ44@IPHY0YA1112XHY0YA*3-#4VDXC4 MAVZDW4AIN:FQ5QQ-(332U)FBP7%S29I":3-%@N+FES3:,T6"XZDHHHL%Q:6D MHI6'<=2BFBGKS2&.%*1Q2@4&IL,CI11CFG**`%I<4`4\)ZU(#.U(:E*BFE10 M!$>M&*?M&Y>)G#%<9*].E9RYEL:*SZGT2HJ9#BHP"#4BBNF6IS M1=B=234@J)&J45SR1O%W'"G9IHIU9EC@:=3*=2&+29II:DS0`ZD--S1F@!K# M(J(K4I-(:8B`J:-IJ8\TRGHI0M.`I#%%.)` M&:3!IAR:D`+C-,9NE4(0TE2;,T&,CJ*!$) M6FE*GV4A7%,5BN4-)MJ>1I?*)W M'KDC^M>YRQ)(A1AP:SO^$?T@?\N$/_?(J91OL4I)([`1]\4;`*E##%-)YJ[L MQY4-4E)M-`!UH(I0*7%,".D-.(YI#0(;32*<132*8##333R*8U-"&&F&G MFF&J`3)II-*:::$(0TF:=2'FJ1+&FDI:7::M$B8S2;:D5:7%.X#`E2(F3S3U M7BI$3FDV%A/*`Z5(B5*%XIRJ`:AR+Y1H3`H(YJ2@BIN.Q&3BHGR:G*TTKQ33 M%8K$4`5,8Z:4Q3YA,4]12XS4 MB)FD,7&%IG>IC]W%,5:0#0*=BG@9IP6DQD>#28J;%)LS18"LX.:B85;:/BH& M6D!7*9H"8-2XH"YH`;BC:2*F2(EJD:/CI2`J&,FF^7VJ\(?EI/*IW"Q3,&1T MH6T+'&*OK'D]*FV#K1S!8S_L6*0VOM6E@8J-EI7"Q1\@#J*8T8%7&'-0."QJ MDQ6*C)BHG%6W3BH3'5DLK\TPBK)CI&CJB2H0*0FF(C:HFJ1Z MB;FJ0$9-(:4CF@`50AE)BI=@I",4"(]M&*E`!%)@52$R/;3@*7.*0FJ)'`"C M;S30QIX;/6@!ZKQ3U0:GAJAE(G4Y%'2HU:G;JFQ1(#Q3LBH@U.!I`2`9I MWEYI$J=.E2QD1B]J8T8Q5JF.NZBXRF5`YI-H-22)@TT#%5<5B/93PN*<>E"\ M47"PX#BFD73U% M%%QV&A*>JX%&<4F:5P`TT4N:2F(7@U,S2\4P'CFE%-#"ER*0"$9%1LF:E MSBFMR>*0$0CS4B05*B\5*JTF,B6$`U(8P:>!ZTZD,B*#&,4W94])0!&%I#4A M-,-`#":833FJ-C0`UL5$W-/8U&S4T(8>E1M3V.:B8U:)#BF\4A-``)JA#MH- M)L'I4R(,4%#FBX6+&0:D"#:*I+(>]3";Y.#5M&8XC#8%`.::&R*:32%A3"U4) MDFX"FEZC+TTM32);)=U)NJ+=1NJT23;J7=4(:EW4,"8-3PU0!J>#4C)PU/#5 M`#3@:3*1.&J134`-2*U0RD65J9>!55&JPK9%9E$F:6FKP*6@"-TS4++S5KK4 ME,!0:<&J+.*<#Q2`E+<5$["@MQ43-30"C&:^DWU0B3=2[JAW4;J8$X:E#5`&IP:A MH5R<&E!%0AZ4/2L.Y95Z>'S54/3E>I:&BV&S2U75Z>'J1DM)3-])OH`>349- M!:HV:@`9JB9J&:HF)H`&:HRU!--:J0A":830>*@3BIE:H9:+"_=IU,1ABGU!044E+0`4444`%%)F@F@!K"H6J5C43&@!A MIK&E8U$S4`-8U$QI[&H6-4A#6:HRV*5CFHB:M$L<7IA:F%J:6JD2.+TFZF;J M0M5"'[J7=46:4&F(E#4[/-1`U(.:`)%IX--7'>ER!4L=A^<4X-49R:4<5):1 M.K5*O-0QJ35F-<#FH;*L/7(J5&IE/45`R4&E!IG2@&@"84'I3`U*6H`C=!FH MR"*E)%-8T`5VZT;L"G.!VJ(TP!FS33132>:`%HS3-U-+4Q$A:FE\5&S\]:8S M^].PB7?2>95])OIV"Y8WTGF57+TF_CK3L*Y9\REWU6W4N^JL260].#U6# M4[=0!9#*!$1%,85*QJ(\TP&[<"I,<4@P. M>].XA`F#BIX\+4!;!IP?`I;C)R],W^]0M+3#*,T6"Y`K$5*KU7!J1370V8%M M']ZLQ,#S5%3Z59ADK.1:+6!CBE4BH?,S0&J"RTK8IZO58/3@]246`U.W57#T MN^D!-NHW5%OI-]`$NZDW5'OI"]`#V:HV--+TQGH`&-1,U#/4+-3`&:HF:AFJ M-C5)$B,:C9J4FFD58F,)I#3R*815$C324ZB@0VE`HI13`M2B+(XI#$5J;CL21FIU:JJY':I58U+*)P>:D4U$ MN:>IJ0)NM-SS0#Q030`;L4NZF$TTM0`_=32],+U&ST`/+5&6IA>HV>F`]FIC M-43/3#)32%F%C56%_%!<%=-TPL>SW+X'_?*_XT@/0&/%1EL&O+;7 MQ-XEU_4%@_M`V\8Y<6R!`J_7D_K7::)J:7"-;^=YFPD(Q.2<=1GOBG81MF2D M+U`7IIDIV"Y.7%-,F*KM+3#+3Y17)FD]Z9YGO4!DS3!*K#(<$?6JL3J$3;L#BG*YJ(=*7.*3&BVC4_?519,4\2<5)5RR'IPDJIYE+YE2T, MMB2E\SWJGYM'F^]%@N7?,]Z/,'K5+S?>E\WWHY0N7/,I#)53S?>D\VGRAS%H MR4PO4'F4ADI\HN8E)J)C2>92$YHL%QC&F&GE MU"Q\U9C0"I;'8(XR3BK0A79TIJ+4N>*@9'Y"GC%(+8#I4NZE!XH`B\K:*-N* ME-,-`#.E)FE-,8T`#-3"V:1C3":`!FJ-FI&:HF:F`K-43/0S9XJ,]:I(0%LT MPM3L4PU1(9II-(33M!6F(8329IQ%&V@!N:6H;F[M;--US<1PC_ M`&V`K,;Q/8O)Y=HLETWJBX7\S2N@LS5N;D6MN\Q95VCC<"1GMP.M4]%U>*_B MD#W"F6,_,I380.QP>OUK#U&ZEGC>>4XW^ M@]_:A:@W;0]'AOK2=BL5U"[`X(60$U:`.,XXKQVZL##F1.F<<<8/^?PIL&K: ME9L!#?7$6.PD/\JEW6Y2L]CV=>M2`\5Y3;^.=>ML;KA)U':6(']1BM:V^)4V M`+K3D;WC4XF6XMS_M)N'Z4^[^(.CVXQ;K/=-C M^!-J_FW^%)@=<'IV_`SV%>8WGQ$U2?*V<%O:#LS#S&_7C]*YZ_U?4=2'^FW] MQ.#V9\+^0XI#/7+[Q/HNG$KN\K%)#9H>T"9;_OIL_TKGKFZN;V0R7=S M+<-ZS.6_G4)QGH:"#@X_*@89/3BE4;F`&6)X`'6F`X`'ZUTGA?3%8G4IU^2( MXB![GU_"F)LT;2P;2M),*\74ZYD(ZJ/3\*@T>Y?3[P(6VJQX/H>QK77,LNYN MIK-U.S*-YBCBFR3M(KD3Q!QQGJ/0TIDKG="U'?'L=OF7`;^A_I6V6K2.J(9( M7II:F%Z87JA$C,",'H:XW4_#ES+J,TD-U=A&;("KD#BNLW4M,:=BZ'J16J%1 M4BG%1<9*'I=U1YI-V*0$IDVJ6)X`R:Q!XX\/;MK:AY;`X(>)QCZ\5*\GUZ`0:U<[?N2'S%^C#=_6DV-*YZO#XHT*X.(M7M"?0R!?YXJ]'>6 M\PS%<129_NR`_P`J\*`S][G\*,*N"``?UI7*L>\[CZ&C?BO"XKRZB.8;J>/_ M`'96']:O1>(];@'R:O=C'K)N_GFBX6/9]U&^O)8/''B&'&;Y91Z2PJ?Y`5H0 M_$;5%_UMI:2_3E;Z-]<%#\2D/^NTIA[QS`_S%78OB+I+X\VWO M(O?8K?R-5="LSL-]9VNZA]ATN202,C]MF"?R-9Y\5VD]H);%9)';A1)&4Q[\ MUR^L74TL^V:4R2$[I3V'HH^E)M/1"U1V^@ZI%J6F1RI,9'7B3<`&4^X'2M,- M7E=I=7%A.+@D^Y[C]*5[#6IV5]X MTT33KO[--,_#MQ@#4T3/:1&7^E>/`DDX//6@$EN.#^ M53S,OE1[A#JNF7.##J%K)GTF7_&K:H'&4*L/]DYKP3'&>,YJ6*XFCYCEE0C^ MXQ'\J.8.4]T>(CL14>VO'(?$&LV_$6JW28_Z:DC]:O1>-O$,6,7QE'_36-6S M^E',%CU;%**\UC^(FKQ_ZR&UE]?D*_R-78?B5*!^_P!+0^NR4C^8HN%CO30* MX^+XD:>P'G6%RG^ZRM_A5Z'Q]X?D`#2W$1_VH3_3-%QV.F7K4Z5@0>+?#\V- MNJP+G^_E?YBM6VU33;C'D:A:R9[+,O\`C4L"\#S4T9J%1OY3##U'-/4%>HI# M+2D"G;JKA_>G;P*0$NZC=4!DIIE`ZD#ZT`6=U(6J`/1OI@2,:C)HW4PM2`&- M1,U*QJ-@30`QFS4;&I"C?W3^51LI]#5(1'FD)H9T7[SJ/JP%027UG']^[@7Z MRK_C5")2:835.76]*C^]J5J/^VHJL_B;1%ZZI!^!)_I3$:?6E"YK#N?&&CVX M_=S/<,>@B3^IQ6)=^.[N0E;*T2$=F<[S_A2Y@L=Q@`9K.OM?TJPR)[V,,/X$ M.YOR%>=7NMZE?Y%S>RN/[H.%_(50X'XT*2(I#%M@1L"/SWH.:<6 M)9D+@?(`!&,X;V]A^IIZ(EW9#J+M^[B.<$ESGK]3[U3C.#UVYX)]*EN8TDN? M,9V4JN%#,,CW.3S4/EVZK_KP"3EF#H,_K5*21#@V!4KE6`X&".HQ_A_*JEQI MZ2@[/E8=.>_I_G@U<\JWF#^7)\S#ED8'GUX-#V[C=MD`RF`&4@`^G3I_*KYX MLGDDCG98I(N&!P..F/SJ$GGI7236[S!QL63Y,@`@G/<'W]*R;S3)(I/DC8KC M<."./Z&H:[&JEW*+-GI3G2#U/;M29)`P&.[-(8H&<=OK2]!CK[TTD9]*.!Q0(7//3K2@ M8.3TII!Z8ZTY5:1U0*67;^ZOZ@$D1!% M9\]U;L2@=E!.?F4K5ZRF\Z`IO#E>^<\4`S"#-8W8<`XZ$>H]*ZBTN5GA!!SP M,'U%8VI6I.3MJ+2+PPR_9V/.ZF+=1<:L%EYW#Y3@Y]:;X\LYX)[:_1F(4XVC\ MZQHAX::)"][>HV!E8X,J/QK.;U-$M#UP-2[JK"2E$E,3+&Z@M4'F4%Z8C-\2 M3[=/$0/,C?H*X7Q%%NCL;K;RT9B8^ZGC]"*ZGQ%-ON$C_NK6;KUD&\*(^/FB MD$GX'Y3_`#%9O,#%)PI.1^=&>X_ M.@!>WN*,X//--)/?.:6.-YI`D:LS-V`I@.SE@`"?:MG3-&:1Q-<8"#L3Q^-. ML=(CMB)KE@S#MG"C_$_2M$7L2QO$&3N/O5][U)L"6.=U.!S$./UIC"P)`8,NT]XW`_3---(AQ; M*F>G/*]:&3=D#J!Q_A]*LF"R;U*I'K0,4$Y[`4!@QYX-)CCT%*,9R1F@`!X]J7MQ_.FG//.!2]0>!0`NX@Y] M*7*D]`*:,\D#BE7.[WH`FBNKB`YBGEC(_NR$5H0>*=>MCB'5[M0.QE+#]:RC MSGCI[T@))XX]*`.HA^(/B2'K>1S`?\]85/\`+%7X/BAJJC]_96DON-R?UKB@ M?PH!.<4`>BQ?%*-E/G:2X8#/R3#'ZBJUY\2UNHA&-'X#!AOG]#GTKA4_U@&? MO<'\:8I.,#'O0!WC?%._8_N]+ME_WI&-5G^)FML3LM[-/^`,?ZUQ@8]N:<"! M@DCKT]*`.J;XC>(FZ2VR?[L`_K5=_'?B23_F(A?]V%!_2N=))/PH`WF\4^*)86E_M.[\M?O.HP!]2!Q5-_$>M2?>U:[(_Z[-4T+WD.ER6", M1%-\S`2$`=/X<N M9#_C4(.3[FFD]LT`2;G8'+,WKDFF$.:-Q'`X]*0$8YH!`ST-(`SCCH?6C(]3]12-GZ M>U-W=AP/6@#6TZVM6C$KR9?.,$@`'MU[_2M*.>,A8X5>0*GE_(A(QWR3C\>* MYE9C"X*MR/4UUEIK>FQ6,M1#KC%/C!+84,3[#-( M!X;C`S2Y/8G\JFBTV]FY6W=1V+#:/UJU%HDH&9;B%/8$L?TH`HDCTKJ?"ND@ M#^T[A>!Q"#W_`-K_``K*33K"'!EG>7!Y`PH/\S6TVLO*8Q:S);I&NT1!%=?U M(-":$SHD4.27`)/K4GDQ_P!W'T.*P8];O(Q\\5M*/;?&?ZBK4?B%"<2V4H]X MW23^H-5<1I-;JPP6)'^T`:K2:9"W/DQY]0"I_2D76]//WY7A/_36)E_IBK,5 MY:S_`.JN89#Z*X)H`HR:>ZKB.2=/8/N'ZUC7D$UO,'W;9&*QN=K$?P^A_"N@BU%H M/DNSD#_EJO;_`'O\:J+Z$M&E.\31,DC(./XL5Y>ZS64CVPT]`(W8?.W/6ND\ M3317\$C64C/=6A5R$;C&<\^W&?RKF(M9#1*9;F0N>I:%6/YYYHE(<3U#?2[Z MBS1FK))=]+OJ#=36?:I.>@H`P]1YU#"$\D\CK72VEHMM&%QWR>^3[GO6-S3H>1GCOG%*>Q.*MZM9R6>K MW4(C;:DK!3C@C/%4>^,4P''GZ4#K@XII;CKTI,G!RQ-`QQ(RB!_E7./M0J4"..X+#FK<>G^?:B0N\>\D80#@#ZFFFQ-)&JMYH[N5,Z`^ MCQ,*7RM)EAJH#@GCKZUZ*]^D\[6LMI)Y M;@JVYG^R?>@1ECMD_EVI>2V,_B:CSW&.>PK? MT+P\=1?[5=$K:1GGMYA'8>WO0,Q,\NZ)#?P?:=/2,3PKC8G1U'; MZBN,)SU.#[B@!QW'@8Q[T$GCC\*0'.0/3/-;^D>%WOK)KJZ01V.:=/A)G`'6TN)()U*/&<$?X4R?D12=F3'Y<4`)D]CDGKF M@,>1FF9##WK5T_26N8A.)4<#@+R=I]#Q0!5M;:2X88R%]?6M>WM(X4P`,DU9 M2Q*UVD>?WRN#]W]*=T)1:.:E22!RDG!]?6F`\<\9K?OU MTM(6\YR.,C!(Y^N*YWJ317'Y))ZX]Z7Z$^X%1[@1@?GZUJ:#IQU M'4$1N(U^9SZ`=?\`/O0,@E@DLDC,Z-'YR!T+?Q+[5&LBGA7'T%=[?6=MX@L) M+(#9+"[&_P!",=QWJ;2DM](T_-T2LTPW.`"2!V'^?>A8 M5F;S4M"S8X+@$C\\U-P.6MK.XEPJ1R2D]2H)J['HMY(0&$<1]&;)_(9-;WE7 MTWR^6B#_`&B6_P#K?I4J:73K\4<:#RS%N5EZ'*FD MQHB^PB*-&BM"Y?/4E_\`ZU3QPS!X0[+"I8AEW!21D=A3K]V:PB+3$$L0<'K\ MO3BJ\#1A+4C+8N&'IS\M4(R=07S;G`)5@6`))]:KQ1'?P?8Y-6+PM]HE^\A$ MK@\^]0L[229(&<=QS^E9EEI(X6@??/L56`#[-V>#4L\3*Z^5J$:$QH0"[)_# MP?ZU#;QL]I(J1%_F4CCW(^M27T1W0EX'&8$!X(Q\I&*T6Q#W+[6CMM+R)(#& M202#SMZCOUK/LVNA"2H.,\Y)K7C16%JX!RT6!_WQBH="A5X)A\V0P'/THL+H M4G.\8FME?_>0'^E5I(;`'<;4(P.1MRO/YFM&?5[=+V>U-E*3"^TNK`@^^#4U MS8!N1@_A1J!BQV]JIW+:H6/.6^;^=6E,X&(\(/11C^57H;,`#)_2H+ZXDLW9 M(8(WVJ&RQ/\`*@"/RG:(J['<2#NJ2+3MX!(+5=TPM=Z=#/,BAW!)`&`.:OPQ M#:,46`SX=*4\>6N#ZTDNB1'K"1]*VXEPXX[U,R#T%.PKG+-H6.8G=#[&HFTR M]3[MP6]G&?YU8UM&@N;J6.4HWE%AR<`X'/Z5!!<7HMF=;EF.%(R<^M(9$8]0 MA_Y9HW^[E?Y5&\KG_76C-^`;^8KJ([=988W8,1R>6Q*Y^;G_"GQQ: M5>LBPLC-(,H,$%A_D4786*5Z+F^!/FP$^OED?R)J]87WITI'T&`?-L=0.3BHT&ERH52[0*>-K.R_SIB*&M0RQ2?:=/!B=QB4$;0>>. MO%5K.TL)[5)9+:)7;)(=SD'/TK;32/,4+;7+\GC9)D?SK=@\)VL4*I)+)(XZ ML%49_2BS8%O)I,FIS"?2F&(^E:W(L1$FJ]]-Y-I(Y/05:,9%96MN@MA%(Q52 M/+1_(C;C)^\?\`"L5+B2Y98+"' M>>@..!_GUK7L=!B@83WQ-Q-GA`,@&L34S8$U&<,ZH$C7IN)R?UIQBO!UB1OQ MKI6A&5+1A3@X7CBF&%#_``C\J:07.9:.7JUG&?P4_P!*@>&$\OI\>?\`<%=2 MUO'_`'15'4`MI:M,L0D((&W..M`CG7LK)A@V87Z9']:A.EV);/EO]-YQ6O!= MK<7*0-:%-V?FWY`Q5I[)*6HRG:Q0-;8P=N[A`..H]:K7I9;ICM;RL<@<]ZT8 M7M[2(F614'F8&>2>1T%9EU*)ISY?F88YSC)`I/8:W($$3$<8;/&2*W=/5QID M>U@O[Q^H!ST]:R%0$X*$X/#-WJZ^H'3M,MPL"RAF?J^W`X]J([A+8UF\S;'C M;@QJ3\O>E"L4SL3/F8Z'TK.N=92W,"M:,X>!&R)!QD9QTJ1=8MUL%N#!,%:= MEV@@D$*/>M""#5W"S0(?EW1$],C[QJ/3[07.WC>,9C!QQT]ZKE);,L:/*/N7%P/HYI&TVZ7_EZ?\`X$H/\Q6D M+2,AQLQACTXQP*T+:,?98O\`=%)JP)W.9:SNXBN'5\G'W`,?E5V&SN"`PF=3 MC^$D5KW,((3CO69/K'V*Z>!K0,$Z,&QGC-*PQLEM>B/:MRV`<@$`@'UQ5-[F M402V>I1K/#(,`XVX]ZT3K/)&85LML`&U5#=OIBK,%BL:[I`N!EN!TI( M-4T>9ECCOX2[?Y5E:WIL%^1?Z>RI))_K MH6(7GU';-=1YNGW(VQ7EO)G@!9`G2ICIR8Y3]*8&)JV MGP:Y;[H)$-["/E(8?./0XKCI586^&4AHY"K`\8S_`/J-=Q>:48G\^W^1AW'% M5'$SE>_%%P.*)]"/I4+O.KJT08X.<8X-=Z(;C_GG$OYTX170YS&/ MS_QI#)[73K>:VBF$"_O$#X(/&1]*G&F0CI$G_?-7HPZV"E<&01<#'?%4XY=4 M:)S(JH^!L_=XYSS^E.PAPT^/&-@'T6GBQ4=%'_?(IJ&_\P;YU*X.0`H[S6\-NBF-5+-E@.361!XIVS37"%9'4!.=IQWJI]@3^*X;\9?_KT@.6'AZ\`^9H@/9B?Z5NV`71; M1XH@LD[D;B0<8'0?G5EK&VQS,I^LN?ZU/!98N=Q09)Y)HN,DMEU"=%>:X*^B MH,8]O6GW<5SM:3>SN<8,\LK26TW!).<%3WH`]#BB@EC66,K(K..&$F-5. M-IP#GCFMSPRI'ANR4HR8C(VMU'S&N>\07>S6-4MOLZ,/LK.2Q)S\F<8]*!G, M1.9[*[,UQ)*1+$?NXKB[>^N/[)OWC*0LIB* M^5&%Q\Q[]>]==+-$E[I*'3FBGECS9K]R0CHS#M]*T(IW220-'%<))P8Y%W(1G/J.XI\L]I M<>6L^C6S"%=J&.9T"KDG`Z]R:M;$LLVM]=-?:2C3N8Y84W`G.3M/-:7AQ5%M M*`V3N&0!TK+BO;!7M;@Z=R<,,#/7(YZUH>&7+KPN;RYA^SPM)B(@D8P#FD,V/#SI)HD!3<5&X?,,'K6I M$/EK%\.QOI^C);W>$D5F.,YX)K42\B48PS'V%,1=0?,/K5G%9GV_!&V(`_[1 MJT+WL8P3WP1_C0F)G-Z]=O'K$ M?U..XKH]2TM+_41>F1XB(C&4*9!R",Y_&L>'PM+;VEQ!'=PR&5`JYRN""#S1 M8HZRP(DTZW=0<-$I&?I4Y6J^FQ^1IEM!*Z^9'&%;!XR/>K7!Z,#]#5(D\\U" MS=SJ2)Y#E+K<%#C/\7'UK2T.!T.FEH2I7WYT[0)-DVAD-C][(F,]>?\`Z]2UJ4V=\T>5(QU%<-)9P(S)F4?.5P>1D?EZ MUWY6N9OV>.1`IV\@?-@Y]_TJK$W,JRMXK/4K-VF`Q.F21@8S7I\HKR?Q$UPLL,L>`J;6!`'!]ZIM?WY8F&+]W_#\I/%1>S*W/;GM5_NU" M]HOI75&TB/\`#4,FFQ/[4*06.3:T'K5>;3R^"&`(Z97(_*NM?1D(X:JS:1(& MP*KF)Y3CH8',CQ(L4));F2WTUI)"P4.O09-7C=1=RP_ M"LO7HSJ.F&WMW7>7!^;@8%)@9NE7UO=:E&L;L6`)P5QVK?85S6BZ5<6&IK-. M8]@5AE6SS71^;'_ST7\Z11B7L$US.HBB+;9`6(Z`!^23VZ57='C3:"LK#^X< M_D>E3SA7F>-W9H]Y95W?*.?3UJ&0HTF`VPJ.%/'ZU#921"=RD1LC!,Y(///U M%6"+*ZT^&)K]('B9\B5&[GV%1':(Q*WRCI@XID4J2L5=P.?E[T1=M@>I=O(+ M6Z:(Q:K9$1PI&=TA7D#'<4X6!?2X[>.ZLY'6=G^6X7&"`!_*J9<'<$"+Z\"C M;!O_`'@5BP'8<_X57,+E+5[#Y26BF1"\4`5PC!L:P MEA=5`(`;!W;0.GX5HZ7?Q:=*0S.N\8&`#T_&DG=CZ&SXD+"V@VLR_.>58CM[ M5DRW%RD-KLN9D)@4G;(1D\U=N=;TFZ0+=MYBKR`\)./?BA;O1)E0;X@JJ%4% M&7`[#I5ID6*9O[U-/B=;N0,9)`6."3C&,Y%==8DOI]NQ.2T2D_E6`W]BM`(V MEC5`20-[+UZ]?I6E;ZO9QP)''<6Q1%"C]\.WXT7"QH3#@5QNM:K9Q:M/#*UR MCH<'8@(Z?6NI_M""8#YTQZHX;^5FRNKT]TETZ&1#N1ER#CK7&W6@7\M]%,@B9$A13^\&CWUMX@LI)K.5`LHR6C(Q^E($:?AFR=+Y#+:/&5 M:(@L.^3[5Z!(HW+_`+U>7>&[>>#6[8/#(F)T^\A'>O4Y1\R_[U`'/^,`8]), MJ2O"T:NRNA((.WVKF-.U&^DMK11J<^9+R2-FW')7RU('Y\UO^/IYK?2[=X96 MC)D8'!Z\5R,.HW:Z+:S"4&3[A:;YDMI*)Y6E(<@%SGC%/:W M01,RJ`0IQQTXJCX4N)KK2IWG8,XF(S@#L/2M:3BUD([(?Y4`[]^#'U;/]ZA`===K MD.,9_=G^M8%Q`B366R(@^>O0?SK?O.4E_P"N3?UKSVV\]M0L&;><7">O3(I, M#H=.B06CAH]K>8WWNO6NAVXD7Z_TKSV"VF$MQF)S^];'RGUKT1L!XR2!]?I2 M`P)[ZVCOKN`S#S-SDJJDD?*36CX9OXKT3^4'^3;DMCGK6)/I%U-KMW<@((9& M;:Q<';%M&CE$KB4R!>(P>,9[_C0!T4'\>?[YKS%M0O7O+R-KAPJ MPS[0IVXQG'3Z5Z`FH[0P`13N/WF_I6?%8Z=;R/)';1!Y,[VV9+9Z]:0RWX8E M$7AFQ^T2$2&/)W=3DDC],54U#18;_5;F],[[)X3"45.@*X)S6;=ZE>1WDL,, MICB&`BK&`1TJE<7$LX:&2X9V`&2S$\4KE69IP>']"LHI(&;S1+C>)9QS@Y'" MU0UN6VNIH1;.C)#$(U"J<``\#I5(1HAP%##T![^M6+*+?/'&3C>X4X&"/7%* M]QVL1Q;"@PI(0?,1_$?I35;>K=0H[%NOX=ZU8K)I4(6U0`,``0S>OX5.UC,D M.!,L)W=5VIV]J+"YC"&T;2Q)8`C&W&*8N`"SN?ES@8Z?X5;U!&-XZ!MV`,Y; M[W`YJ@6D8B-@-K#GY@*5ACE_?%EAC,D@(&W')'J*?Y$_W10!/#@2JKI\0D9' MQT^4XYJK?Z\8+7S()=[=U)S@UJ7%B+NS*&2)=X(`9PI/YURVI>&=6MHCY*&9 M-NX^6P;D4]1#[7Q-.]Y$9W5(#DDE0.?PKHGU.**#SFD3RR,ALD9_6N(BM3)" MUO+9LEU'\P!R,COQ3IM3\_35LKB-EDB8!>W'O[47861OZKKDL4EK/!(WVL*GRCE6,8)!]L&N9CN;1;&:!9R[8'R,N.?8UIZ0(X+-I+1& ME!&3E<$'T]Q1=BL=,-4(P"Z<_P!X8_I7*:WJ4\4MQY9_U4R`!U!`SNZ>U9>I M:Q+/I9L^8* M:90#65]I<\\@TOVE\C)H`XK5;.+5IEFDE(C65W..,DMG&?PJ9I\`!1NP,9;I M^7>JZ99WR2<.P'L,U*J%\XZ#J3T%.X%'4W9H"6.>G\ZQRQ[,?SK6U0@1'!!' M'([UCFD`&60=)'_,TPSR_P#/1OSH-!B3RO-DGCB7=M!1+:$*0H)'/?JW>LZ:4^:=S;B?[W.*8B-=\D/\`'M/8C//XUL6^ MG^9I\;+&FXH205Y)R:QDQ&0P)8=`,?UKH[6-7TB)B,8C;\.35(3>AF263QR_ M+8<87D*W4CGO4T5@]W`KO`RLK$8)(Z8Q3+\E;YB)648C'?\`NBK^F`RZ9&QD M8G<_))]:=A7,N\MC;RKY9"%D#,#SSS5!W!8;QQTQU^M:FK!3=J"^UA"O)[UF M[B?+;&Y>3C@9-2RD/<@*55!C&1U_*HD).1@DGL#D?E5](8?L/VEKZPV[(%CD^=%;[_3=^%%@N9\:D.6+87&!AJ17:4$LRC;VZ5?6PM93#(L< MNZ;=A=PXVU%>6:6DK*B[E`!)S@\CO2:!,=I;[;MS$2HV=5:MM9Y7Q_2FSQ&-`=Z.&!(*-D&C4-!PF=/E(0X]C_`(T[[4_3:/P)']:8J-++ ML098]!GVJ0V-SU$1/T(-.[%9!]L;N#_WV:#?2$@`OQD_>SV^E--EM%V%BQ:S6]C$\=LB1(Q+$!#R:F^WAHBC%,8VG@UG-T-.?K(?]O_ M`!I786(HM,TF"=)XX`)$8,K9;`C$Y#+GI2+;0H"%BC4'@@(!FH[1B+"-@`<1YQ5./4[V2)W^QJI5-RC)Y M.0,=*T(-(0Q+]U`/H`*!@=*H17U^\J*]K&J$X)PW%+9W-_+*!<<1_^/?_`%JEU5&D>%5!9CG@"H%L[G'^H?\`*H;= MRE8<;QO[@_[Z-1O.QP0JC'/<]\4_[%<_\\6J&5&CRC#:P'(_$5-V/0>)Y#_' MCZ`"G;BW4DGW.:9BWC?9-=Q(_P#<&6;\J(;JQNHW-I<-,8\;CL*CFBP(E3_6 M./-8]P!V;B<9QUI6`R-1B!O9#A`1A@ MQ;GH*BCLIYFBA12T28EC.!UX]:=%!Y>IP1K(-N]7^<`'&>GZ5I@( MENY;8I$8^\0.,BJ%U(&U"U:%HW!"\YR!\QZ462!-LT5WO'*'D+8<8R2< M)1`!@GYP?T-9K:M*JZD$BB4V\H`R"<_O-O/-0G5KR339I/-VLLD>-B@8!SFJ M)(]4W_;G(*``*,`_,?E':J06Y=2'$AC`Z$CBKVI2!TMY`,RO$A=]W)^6LU4* MGYWY!Z9_K4EFAI**;D#!8['`W9R.#VK66-?("LA'SMQ^58UL9/,9@K*/*<#! MX'R'FJPO+I=(@=9Y`?M,BDAS_=6J6Q$MS9E2,6L)(/RRG'YBLS5E1;VYYX\T M\<]:BDU.\72;207#Y,[JQ)SD#;CK]:FUGRQJ4^Y,KYO/..?6A@B..U8V`F6. M,G820RDD]>X-4[Q$AD"(I0,BL<'H2`:T(-3L4M#;OYJD`KE8]P_0UGWLJ7$R M)`VX+&J[G7:>![TGL-7N67Y\H^L:U<,ES'90_9YC$6=@Q`%26&BRWL,;^3\D?^[_`%--,YDFU&(@_NI5Y+$DYIVU2Y_P"$FFMF6$IYSJ#Y8!XSCD5:)-J*R672@ZL1.2Z> M;U..PYK$BTBYCESJ!S;QC>K<9&.,5;L_$02Q6.:``[V;*@@'ITS5Y-5M)8V, MI"*N,[NG/2I8T6L#$>N\=C[<4R'5KVP@=88X57C=E3SVZ9J M[K,]C;W45Q:(Q,\#!F0#!^\IX^E<[NCDE=BT@7'R?7WIL19>U,D;3K<)+D9. MT'.:I+))\^S(V]<5:AEECC(MP"S+@D+5:*90Q,@SD>G4TACK>Z,3#?R.WJ#6 MVOB*!U#&%XR>JB0FN_-4_,VNK@[E;IM./QIL=P5U1@V2PA4`>N6//Z55@N;/F"FF<=2:K-.<$`@! M?O,>U,1V;YBH`_A`[4K!=F`P<`DO?LR6T2Q!F8H"6/`R6]/I5-W=U%P=C M"15_AQM..<59=;.9H9)KMMT>TF.*,LV1NX).`/O5`_D*%VQL<#`!QG`]>V:; ML"`*V]5"+MQGKG-7[F]N;>QMQ#*4!A8D`#!.3V-4D;+G9$VW'`W#K4PU"VN( M(X[JPG+1KLW),H!Y],>]$0D5M>U2YMM3>)`F`$.6C4_PCV^M7K75;F/0[65? M*#2-)NQ&`#AO2H+LZ3J=TT\EM>^80,B*5#T`'2G1SZ7]BBM%BU!(XBVUF"9. MXY/>J31)/J,LDCQ.V`#`C''KBLZ88:-40'G/!Q^=6+J\CN)!'#%*(XXU3,BX M/`QV-59Y`OEY&W`^M2RD7)KR&'1XFF,@W3M]P`D':.O/O3KW4K&!X%EEN58P M1ME4R,8R.]5I;8ZCH\<,-S:JZ3,Q$DJIP0*;J6D7=U-$UO);2!+>.-L7$?4+ M@]35+8E[FG'J=G#%8R_:)/+82XW1G)YJ'5L/?R;>20I''^R*@.CWQT^QB5(V M:%90^)D."QX[U/J>4O6VLH;"@G/^R*3V&A--5QMS5426&5%"L^ M[IN`-8VGY,I9E`)QR.AJEXCA$EY>\<^83THB$CI+6)275X^0L?7_`':ENAMM MH0.,(?YFN3G!^W-R1B"'_P!`%='"-XCTZ)KJ5D9QD%L@]:%L M#W-_3X0GV%O/E))CSES\WUYK2F/^DR?5_P"MH7KWMBCW3LC3("#SD9KI MIO\`CYE^K_UI,$+(\RV2&"=X293DH<9^45`MUJ'DG_3Y"1)C)P>-O3IZU#JU MU-::9"\)`8SD6ZC/8U0TV[DO-*GDEV[EN,?*,?PU?M3_I3_5OY&D]QA'+=DIN ME3!(SB-1_2D>6[Q_Q\<9Z!5_PK(M]:N))H4*1!690<`^OUJ.76;L2,@\L*'( M^[[U0M3L0!Y8/M7/VUWYD%T3=S.5@+');Y>>HKH%YB'TKA=*U&]E35M\Q/EV MCLGRC@@_2F"-FPNXI+^!!<32$MC#;L=/>I-%GCDOW4-*Q5&^^#C[WO7,>'M4 MU&?7[2.:YD>-G^92!@\'VK1\+W=U-XBNHIII'C57VJQX&&%%PL=/>C$QQ_<'\A6!<7ERMS.!,^U9&'WCQS6[=')0GO"#_P".BI8T0S*@OI"P7^#4%];RR>*5=(79?W1R%)'04WPIIM]9+>O M=6DL".%"EUP#\U,#H8CB-?VRI)(S!1EC@@CM]:E`9$=XEZ&F>`@LN`JG=BKH=Q>Z0H9E4[@5#< M??[U4DM5TUS;1S>>$`.\)M)S]:?%JL\"Q(EM;.T9/ERRQ;F'42+C\A4?G332/+=QQ_2AL21=>+3%DU!WU5&6[?*U>W#WUP'VL2L:I]W MZFJRR>8I3<<$9(/.*3"[CLVA>V1DD^N*+A9#KN=9&_=Q21PHBJB/R3@8R2*K MA`J[1"#N'534A!`W)D*2-<<=0OZT13S6L,L4$LJK(07V\%L>_I4NYK#E2;>_0ZBRTA]/^T7 M=U="6X=6*@':JDCGCUKD;"PFO/,$152JCES@QI]9=I1>[-*:V^S7-[(TT9,XC*H#R,`9IH/[A/J:74.+I3ZQ(?_ M`!T4U6_T=?\`>/\`2FUT":WA MG^TRB3S4(0JPXZ5QL34+GG'EJB'^\.IQ^O6LJ/7EO M;4KO"SH5:/C&2/\`.#]:M66I),UY/GYF9!Z[?D'7\ZV3(L:>YYI#&N/*C/S< M_>/I^%6U1MN6POXU2BO+:UB6,GG'KG<:5+Y'8G<>>!AL#\*386.=DTY;U[>9 MI_+$))V[.W>I>:RN64M2(\GMU M'`&!WK*)%:>I\1_B/ZUEGK0P&'%`N9(TV+L*]<,H/-(U1-2&*]W+M8`1#<,$ MJ@!Q5%^M3M4#=:0T64522S#GKDG MO67*X61P,`D\#J:8;C5E;<&+`#'+8J-E"3;O+8[A][&,BIT4X`6-R1][YH0HHD&%\[:0,=",4Z""\=+0S7L!5EC+C)J2""615=$)4]PI;%2>1<[1^Z?TY0\T`5!!%(@`7G/+;<9J9 M8DC7$;#CDC/:I%@E==IA=6'(.#Q4`253(&!WC@G)X^M`R_:#$QP-HQQ@C%:Z MWET1_P`?#'Z@?X5AZ<2[9;:.!TK76-P/N-^1H$3_:[CO*I^J+_A3)I9)5 M_>,#M!`P`*38W=3^5-<84\=J-0)1(\4Q=,9&>HR*C`A619!8V0=#E6$`!7Z' MM0XRS?6FD478"JELC*ZZ=:!D(*D1D8(].:5G,DC.>"VXG%,('K2CJ?\`=/\` M*BX!(()H!#<6RS(K;QEB,'&.U0M9::T!A^PLJ%]_RSL#NQC-2'/J:KW27LB% M+1`21\SE\;?I0FPL-TXVD5C+#9Q[4,Q+?.2,CCO5^*40SNY4L`QX!Y[UC6.G MZAI\;YB1HF/($G.E_WO\`&A@1QV>FPLK):S94@C,WI^%-DM=.)+?8 MWR23S,>OY5+BHY.E%V%C434#Y:DD+N&:2?N94YPQ^]^'^-1*T>T8LK3'4?NA3;HYACP/XC_`.RT1JQ7H?RI78[( MG\XY)\BVR>2?*'--DD:4[G()P1P,#I2>6W]T_E36!&`P(/S=?I0`X7,^T+]H MD`'&`V*3>2WX?K4DT$<;12>6L;,I)V@D&G8 M5RR=/59+B..T5A'D*6W,6Y%106^HF\EB.GQQQ*GR2?9^^1W;V)K1E:0W%VOG MMM\LE1N/R_*#6-:G=K=[&T[./(/RG)QRAIDW)=4A>/RQ(AW[,LP"A3\Q]*J; M4BC&[RR&&0J\X^N:O:@WEB)!P@0GIR?F-9KD!BRAB0.];,<4?ES#!QN4_SJHDR*K6 MET('*NK,&&"=A[&J&J0+%*`0(\(I;`P,XYZ5IO#']CN%`(&5/3V-4=5PLJ8& M08$S^5-B1FO(YC"IMV9X8#-3P:>9HFFFECAC4?>=@I?V4=S4FGH)H7*%HP'Y MPW7BJ>IVWE+'-O+,Q8.6/H>/I0DNHI.6T222^@:-8HH"0O0OU%7((9)K53%$ M3\YR%'3I5&*.,V,+A!DNP)SDGI5R./?ILJJ2F)%.5.*N4TURI&,*4HRYI,T= M1MY0TZ_P"\?Z4W2:*)5QEI#@ M<^].\N(G`O+0G_KJ!67KN/[`NBV_EC6^MV+,,PPD<#^Z/> MJMH([MX"B%Q)$X'79(#BH2?>J]@BI>:B%&,@-T_VC4])@CF[[PYJMY?2SV:' MR9'&[81E1ZXJ>T\*QVUS'+<3><#\NPCAGJUKS%+:S82F/_2<'!(SP../I6#! M;^?K$]L9V4*9"H!.5(S@C\J=@-NZB_L]9X5F,;GD),3\H]!^M1;&+XC"X M!PG.*U3I%RZ1/+<%UFR(Y'8MM()SFJ&JI;QS16ML@,D9Q)*O\6?6D!D@+C'X M[J9D#C-/+$+R,#/>D)YZ9_"D!T45RZX&"&4YW>U:EKJX.GBWAW%1,\KD#[QS M\N/TKG%NF7(4@#TIL$[P\KD9]#57&=.FK/(VUFP]6U,'R,Y9L<'`'2JL22ZB^,2`R-P6(Q0@9/I=]>7]E++=2(P\LX"H!@_A4#9S3-!NDFM+J..(1HD?&"3 MWIQ/S#'K1(:-=,;(0>NT?RK/<-)*&V88$_PTZYNKA)H461U7IM!Q_P`LR?YT MP%F7`1B''.:&"$60[F20CYA\I4=ZFU>&1[>U"P/(/LX&4!Q]^JY"EPLB;<=^ MN?RJ#7VD6XT\1NZKY"?=O%8_B1[L:_>>7-*JA^`LA`Z#WJQ--=+INCDSS`F&4L?,/)WG MKSS5$FUJS-'#6GJ)D:=%`)S"F2>?X16:X`E3. M3@]5XQ4,LGU%0OAR.1F,965\%<]UK/U>9EU"(+=2I^XM^`3_`'1[UF::\(;]#:6[[96&6#9/'L:$-[FW/K^L#5H[9-298V6+ M(X)^9,GMZUT#R22V-J\TADD:'+,>YS7%:G?"WUI-EK"6$<)W'=G[@QW]Z[") MS-I5C(0%+P`D#H*;V$6;R-)`=X9R1C/(&:2!FUHOB#5]0N0DTD&P,F=L M2\@D@_RK7FQ]HE`]6_K6%I5A<:>3<26]M;Q[@27F8#@D]_K6DLUS?.TEM$\@ M8D[D38G/^TW]!3:$FBVTDT5F&@6(L9<$R)NXQ2Z?J:%I%O7MXV)"IYHPIP3]:KV31RW3`%7&2<=>QK*9VC/EWD+P@=`RY!K42UMYH4\IP7(^78V0 MO^'X8IVN3S-&3/XBO(;^.V^P6A#,@9MAX!./6H7\2:@VHM:+9V@42L@8Q\X# M8SUJS>>'%DNA<)O:2,J=P)(X.0".O\ZRY["2"\:]BM$=O,9V82L0"3D\=OQH ML.YUY`6\A"@`8'08K&L]7N)[J[B$B;8H97&%4$%3@5H0W]K<7D)BF4]!@\'] M:Y[2KA9-:U*#R(U$4$X!&ZO>+N3, M97S2N#&/6D@ZF_;7%[/>WJM?3!(I-J*#TJU>$DQ$DDF+N>>E<[0R6UI(_+-`"??@T/8.I7FC\R_3+M@11G;DX_*L[P\`;O46+ M,Q4$<]OF'^%)JUYG^[_6DEC`U&5BGWI`0?7I1GI]#6#J0_XJ]C_P!-8C^BTD,98!H49)8@,G[H M()_GS6K9W,5M;0-.YCW3,%&"<\+Z5SFDQ*L-QY@('FD#M_\`KK96SNKRSM_L M\+S^5AZ5570=3'B(79M2(!-(Q8LHX.<'K[TOV26PL((+E561B^`K!L<+SP:'L)&A M+J!35;JW$*'%J7W$G)_=9K'L-5DEU&];[/;HXM'<,$).1M]3[5J^58R7S7K: MK;H)+<1E"&+`F/;Z>M5+/2-,MKFXF.M"0O"T+*EL_P`NX=:8#Y+R6XLX)'*A MN"UOSYWS1N@4E1P-Q]JK+((RI.1R.5Z\'TJUY MFB[;E/.OQ]H(+?N0<8.>*N)#(8]5NVTR\XA6YO<3;2Q,`^7'X^],O9;5HXHX&E*P1"/?)'C."?P[T MV"17M-5%HKXM58$Y^_M_I3+S41,]< MU-RK%Z)@VFQ$=I6_D*F:X:WTFZE0`LFTX/3K5:`G[!\QR?-_I5F-([BQN+:2 M81>:``Q&>AS26XF6(9C*;%BBCS-,8D@<\.>/I0#_`*.W/(;/Z5.;2&TM;!_M M&_9:R1+A/O9;.?:H(\B'(Z;\?I38($??LVX]2?2MF'_CQA_X%_.L.WP6SCH, M8_$UKVTF;=5)Z,W'Y4@9%K$DD6@WSQMM=44@X!_B%I74^*2&TL;6ZN+J)IS+.FPA@,?YXIIE50S$ M'"@DX%)B10\0W$EOI<;QA"?M*@[USP0:P[>_W>([@1PVY4^:5<)R?E)'.:M7 MFH6VI.UK,)8XI"NUE&6!&1T_&LO4=/N=)E^THY*$D*V,'\J.8;1KZ9X@:=$M M'@160':5_B)/3%9ES=>9J313VXC=Y`-Y&._<5G6UTL+;_+W29!!)/%3?;/M5 MZKS'#%PQ8G`&*5Q%.XB!W8<90XVXJ2.U1T#*S`'VJS>:<]L7Q+!+YQX"2AB/ MK68"0`?:HHB2^&[\5*_3VH&2QR'CG`[@5?M9#)>P*# MP77CTYK+C8`=!]:OZ:^W487()VMF@9V3Z;++J%O=@QB.-`#E^2N6-))KERHSO0`<':@-.XK&IJ!'EICD9_I6J[,@("Y(4\_\`ZS5)K<`D$'Z9-,6WP?E8@'WIO0>U,G;3[Z7S)]&5G5%7(NG'`&`.GI6>8)5."T@/;# M$@TW$F/]8Y^C'BGJ+F1JF6P,,,)TD;(E*1C[4W`)R>WK4LTTEW.\S0^6"2W

T>ZN1<2&]#[% M4;67&%``_E4L\DL"PVEML%O!&$1G#;R/?C%\ M))'T7M^E6OL5W>_\?ER[K_<'RK^0K/BDO96E6&[D!CE9,9'/'R]N_2FF;52T MF+B8*5)B_>#)Y`YX[YHL8^V71&VFEVT"8"`8'84]],@;!``;U'!KG5FUB3(^ MU,1NP?WOTS^612[M58C;=MTR3YIX'//_`(Z:0>VTO9F\T-U$I59/-3^[(-PJ MF\%NK%S;26LG]^`\'\*SK::XFW++=REEG2,L)C@@YZ8^E1&WU"8EAY,CEFD?<<981`'CCKBJ3:= M>[B#=#`SD[VXZ?XBM/0YI[R.YBD$8-L%"G;DG(/7GVHU+A44W:UC.EBAG9W\ MZ0E1EF95`ZX]!ZU%#"(9&DM[A5=U*%MHR0>HZTE[X@:TU*XLOL\+B*0ISD$X MJQI]VFHE@;&)-O7YC_A0:V1#I&D6-K>12-;EWB;>LBR-U'3@C!K:@M-/MKZ: M^AMG%Q-G<[/GKUP.U*IOI^DW`)DLY&W'C-D9I&CAC'('/2BS0VTQY7F>R&]SEB9CS4LL\)C14VHL:[57=G``/K7&RE`IV*N>P(J..XG"E%@ M@7/.XIDB@$T=@[VDC))-:6TKHH42.W(`I$N;")G:*.QA=\[G3`8YZ\YKDG2: MU3'7[9>/ML.?9`3^>*Y M15BX^;)SC&:>$1EP`>O846#F-'5M6ANKB-O/:7:N,A,8Y^E43=6[$C$^T]@3 M2+`#@L&_[Y)IZP+Q^[D/_`#_`(46#F9&DZ%2/*9N>XX_/.:E218G5HH6SCGG M'Y5,MNY``MIX;EK:4*.V.OU-'*@YI%9YIV+?*G0@XS38V MN(_XHR#V*DXJVT$^S:ELX'/8#^M1FWN>/]&?`/J/\:=D*\BM(;@S%L1L2.@7 MC^=()+GRRB^2!W`4@_SJT+>YSG[,V1GX MNU)^1"#VYJ-GN@#E$(]Q6IY-TJ\0J3ZF11_6HS;73$$Q)R/^>B_XT6'>1EF2 MXQ@(N/I4#2W`)RN?QK;^RS\9CC]_WBTPV<_&4C/K\XI6'>1EC4YXHO+^S(4S MNZG.:='J\FX`0Q#_`'L_XU?^PR'K%%GVD%1MI3NP.V,>^\46!-EV_P!0E&B: M9*@C^82!N#QAJIK?W36,CJ4RL@&1'V(JY>Z5(VA62B1"T;2#&[CJ*RQ;7T<) M@_=,I<'_`%@SQQ_6@JY,E_=A2RR*-QYPHJU#J%Y'%O%S][MM'^%9V[: X/ M/-2HZ^5M3([Y/2D,T?[5U`*K->A00>J+_A33K&HEQLNUVD9XC4_TJN456WD? M*%)P,`M@=.U(>A=;5M3$@0S<'D-Y:_X5'_: MM^`0MT"2<-^Z%1^6&4;1MQ[TC1X!9@Q4<]<_A5I;=I+;IJ=9#"OE[TX_V9,C&W@U!' M+,[2I*9"RG#`GH:8&SC?#'-L9E/!8'`IZPM<0%HXV?YL`C/M6;8R,1MWD@C` M&>`HY]*0&HMJK,3F4^X3_`.M4JVL+N`#/@#)XX/Z5E7SS6][L25P# MCHV,BK-A&S:M)&&)780`3G/(H%8T?LD0``\]?0[1_A3C!$5Y21>*T++2+6XMQ-Y5XQ#$'$B*,CK@8K!T;09[UUEGWK".=O.YB-IQCT(/6O0+&W M$%H(`!MC!4#.<#)H5Q.R.9_LXLY,=G>[>H+#DCWXJK>-8Z:.1I$5V.]A@G!.5QZ#IFN:TR&VU.)Y;IHVO9)#M2?<%E4#[J M,.`P]_:DKMV!V2*DNN'>3;6JJ#_%*=[?T%0KJU\[!%,9)/"B(A%7R M(SYI&:YU2*`7%S8!HR!\P4J>?I38YTO9%6R!63_GB_))]CT-;LD(%S-YE[+_ M`*2\D++IQZ_C61JNFVME80R06^RX:$2-@N2AW$%L_=QQT]Z3 MA;8?-W-O3-.:5PU]I[(X(!W2%4(]>#D8],T_6-.LK.-/]!`W9PT4K9`'U-6? M#\T=_HL,LB1^:P96!7[Q`QQZ>IIGC&58[58R@_>6T@![@\8Q23T*M8YLQQE_ MW<<+'*?8.IIIAMUX8-Z\RH*J>#)&^TW,+#F* M!M#PER!W-`:'8:PDPAM&C<88A>GKBL+5((='OQ&Y7S"-XD5PI.?K703R>9!` MK!&1(@PRV""`"*X_QG(U]J5M(R[2(N?KZ4;#:-J.WF_LR+44O`R32#(P,@@G M!R.O-4Y+IX9/)\Q@1E%.X`D9_.KNF`'P)9(1]V4?^C#67>P[M3A(Q\K-Q[4- MLR]C#L6?M]F?4)'^R\ MJJ'@YZ\_0FL"P1&NDB,>0JN5(;!Y'6MK3I6@\)7%LJEWED?<['/0=#0@]E%* MR1!H5^=7U:.Q-Q)'YBMEE)R,#/?Z5OZ%"D.HZU;([GR6C&2 M`A%5F#D?+T&T\5TFF*!K&M,,?.R?^@FF-0C'9'+:O;Q'7[EI)$#-(=H(P2?K MWK1T>'9TX/(X[\53\1(/[;C./^7G_"M;34PO_`C_`"I=2CEKR>VC_>)Y1C)" M[P#C=CD=/7-53.&0,JJ5;H1GFEOHE3PY`^.&G)Q^+#^E3P6Z_9+?W!;]*`&0 MM+&,.ML,XX=^12O%.I#,+4*W();BJ>I)BY3C_EFO;VJS/DZ3&#T`&._:@+$\ M4=PS%(_L3,.2H.2/?I4J.WDF0FW*J?F,:[@*;HD*KJV_(R\)XV_2F6D?_$EU M```8,9:10!Z04]-:LAC-QC/?R/\`Z],71YK^U`MD#N8E.,@> MGK6%OOUHNK6SF\-1RW"(TD=H#&6.,';QCGU%8OA#_D8(AZQ-0,V[_5X-,D$ M5Q-<;_[JJI_&JH\46!SS>'_@*UG^+DQKK@G.5S^IK%0`!CG&!WH$=4?%%BN< MI=G\$H_X2BR`SY-T<'U2N7);2#&VWFD![B7']*@_X2RWQQ8S?]_\`_P"M6-,HDA!5@V#@XJ#R ML`'(^E`SH/\`A*XC_P`N$GXSG_"M/2]2M]4N1`L+1N>S2GGZ5QACZ8K;\/L% MU^U57PV\9`]#0!T/$DMVAA*K:L5)$A^;`S6!<^*5.S;8`JHPNZ4@X]\?6NGB M4?;-97).'.?QC%<"L"S?9QG*NVTD<=Z;$BZ?%![:=%_W]:D_X2A_^@=!_P!] MM6,$RQ%)MH`V?^$ID_Z!UM_WTW^-:VB:@NK[U-K%&\>,@9P<_C7&L.:Z;P6N M;R;/HO\`6@#6U^^DLM%MFCAB.VZDC*LIP#@'(YK$MKU[QWDD2*-X4W*5!QU` MK8\4KC1ASNV7[`@]LH*P].VLD_0'RS^610!*@+!LN1CM4UN7#?.3MQU(Q5=6 M7+#([E(9=@=SCRG"N,\E.:;%#MB=0I&#ZYJ7%(I2N4 MF1IY&:56CG/2M:=3>SW"!% M0AR`%X`YK+EMVBRF2[`/O"J))Y+=K?$A9"#P'1PRM^529[*.IZ5H6NF0K&6U`)ECD*DFU M5J%4M4\SH6#D)SVIL$;'A:)VCN@<]OYU4UZ6;2]2EM5N_/)3$GR\`GG%-[#9#;LZRD(2%YS@]\BM" M6>2,)M8@,W3\/_K5C1:L\,841QL-I!R@W'G/6K=IJ1E12]O!(`Q"AL[AGWI( M1)J('V[..6C4YSUX%5HB-Z@CY0PX]:W+O1+F[E6YAN+,1[!DM!6CHD&[6Y21E6@/..O(JU'*-0 MBE6U5F4O]X\`@]_R!J]8V3I(=SEL\;5^J]_HU58.AS_B.TFF\16PAA>4Q@,2 M!V!R?T'Z5OQZ9#=D&91+MF$BJ1\HPV#]>.U7IA%`DC.>-F2JGDX5OZ5#;2,H M"@_*9#Q_P/\`^M5(DE,J0*5A&7P`SD=,*@X_`BKMAG[,"%)_G0)F-J<8NM.FG:H%@BU:VADN%CQ+(P(5 M,8`[C'X5&J=T-QNBB=2<,J_VG$!#Q'^Z3CC`QQZ<5%'J/DB-8[R(!U<2((T4 M+D=,X[D#-23^&H6N3%:79/)!WKP#Z9JJGAZ621D6YB)0X/7KQ_C5O]2BUO8)?^)7)+;QX)+1QY`P>[=:3DWL-1[G8Z18'3M-2U!^XOSY' M))'8_P`ZQ_'<7'((WRRHP^4>N!T^E9DFL8*DQ*'E/\`>&`R16TEZL!DVJRF-6!;&>3CTYJC;ZJ+B,,C M1JY<`*[`?B?RIZ!U,_\`X1VY:1B[Q!3C&'SVK7UJS-_;V,:.BF"+9ECU_P`X MJ&6^8#8SQLP.,QME3^-0B^4RJ97(0=0.M8\SN;UI<4NIMV:+'=SR+C=C]1WJO#ZC\J;+=R*D@903(2FXG`6@&D0V4V=5CA1BZ\J6 M_O8'8^E:]J[)IUV!@\R;5_*L^QL#;WJW4[VR1ABQ83`XSV`'UJ!@_P"^:R;^^@N9A=1@[F/1NQ&.:;#JTD8RA`Y[U'/J7R-HY:_O M=]C%9*>(V=G^NXX%26>IC$44@PJ*1D=:BU@HVIND,"1^R9.XGG/ZT[3K:-+L M)U5?J3:[':N[K2IXJ2YF/]CQE6(Y7)!YZ&KU[;94R)(5VH M%&..!6%+,9%\O>-H.=O:DI)C<6C8T:=SXAVEV*&`'&>,[14VB;[G3]3BDE?_ M`%H`;/*\'I6#'/+%*9(Y55]NW<.N,8JY9:G/9VTD<$0)E<&1L9)ZU5R;'2&. M2/3P(9I498U7>&PW4NK^WD:%YKF)9)1R`"`#Z^PJ M.:>SA!!O[7=R`/,Z]_3VHT`Q'\+SL!B[@X7'W7_PJ3_A&KA97;[3!S[-_A6O M8SI?0ETFA7'W_P![@#\3UI+RZ%N"/,1CGG:X84-V0XQNQFCZ/)::Q8W+3PE8 MBVX#.3UZ<>]:Q@#?VL?-3%P8RO!R,<<_B*QDU!DMDFSQNQUJ['?%A<*&&3%D M9./>H4BG`QHM`81L/M0`=@.1U/X5/!;--%A)+<[%VMB=>"`H]?8U2U$U9V,[^PU&GEMVS_\ M2:NZ=I"VVNQ3_:E;:P.P1M[=Z'D@6X6$7M'6I8Y)HO*;YQ)YHXX`((Z]0:RY]3MX71)I0`Z\/NR/\_P"-&@&1<^'X MK6)[C[8S%>=OE8_7-2_\(S:XRUY,1[1`?UK0O&@NM+DDCN$P2`5((/7GM5R5 M;=(R%O(F;L-K8/Z4:"U,,^&+#^*XN3]%45J:)IEKIURS0-,S.`#YA']!50ZE M&&FCNY/L[!2:2SUR&TV?:=[,(=K=1\F/Z5S5I:-HW<@Y].*L_)-%YB2H=ZG",ZAOR- M5+:5EMO+:!`!*&VD9YZ8Y[5+:2'%798U&Q\FWMS]KMI##!Y;".3=D\]*A68; M0F#@Y.?6K%Q&UP[R>7M`7E$''IQ5(8#J!*Q&.F1Q2E(<8ER*6WDW0R-Y*R*1 MOZX_"FE+,W:%[J15A5`K+"2'*_R[52BD>><*6R><9(';UK8LY;FWM1$6AY)8 M[CN)_*J4A.)1GFMH[B2>UDDE#L68-'C'TJM]IA>8RN..A4CFM"XN+B*Z1]T; M-@@8''6LV8F>:61E7=(VXU+D-1(99_WJ(\B%1P1W%;]IH6G7%K',7"EQG&:P M?) M`.N<5!]FED1I(^0HR<&A;%=2\ES<).'3RY&7.W*#GJ,YJND#:C]1RPSP6J38(!'RGUJU96%XJ"2,.-PY/:FWH!.VD!(RW]F2+CG)+&DAM/W MFU;:2-3\V%4]*MQVE_MY[\?ZS']:9#'>QS*&D*CE/]9^-1J)'2Z=91?\(\UO MLVAHW4\8/.:I6N@VT#$+`F"WRL_)QE"/Y'\ZT;!G_L8[F+-L;G.:;&6:4J'( M"R9'X,O_`->MUL1U`+!$F=QE(&<*,#I(?ZG]*?\`:)0X5454\S;@=_G0?RS3 M$1@@4,V"HQ@?[!_QJR-X<8D?'F?^ST[B,Z=9)+68DM;6E.]X\5N= MT(\MSCGYB<`_RJ?5A?:7%)-3C/X<"J7V[5#,9LP(Z!@9`A.%! M!)_,UFD^A3DDM2Z66&<`,J"(_.IX&>15C280(GF8']\Q;KSCID_7G\*Q9SJ) MF99;N+?)(`Q6,=%OQ5!N6V3=A MCD[1P`.,5!ID[16PMWDCV]-N_M^=1I#>WLA2?47?!`4L`X(P#U/UJ%[4Q*Q\ M[.?QJYXRC666TW9X1L<_2I7NQU*>YR-I;W-]!]GA^=? M[F0/YU)-X!II;9ECC&6)(X'YU*+:,$$#GL:DE5YQMDFE8>C.2*CG0S)# M!O\`EXDP3CAJT(=+T^1`QO7&03CR_P#Z])_9T`!'EGGKS4J6<2C`0_G2YT!" M+2UE_=P7RJ4Z[D:F2:7M`VWT39..$:K,=E#$VY(V!/7YJE$(46(_A/%-_LMEQF]0DG&T($*@/G=EL=6J-K5&.6WG_@5-U%86 MA5730[@&ZP>VY/\`Z]*VD1"38+SY@,DA/K_.K1MT(Y!Q]:<; M:,P*NS(#$@'M0IH>AES06L<'F+-,[<8!/%2VT%I+%OF>7@8558#/U-7C;Q[< M>7QZ9J(0Q^:K=@SU;-E!G M=Y"Y]::UE`_WX@WXTN="T*J7$:Q;8EV]L`DBECN_+*JWRGN#5G[!!C&UE'H& MQ49TJ`L&(8D=RU+F1?.5;J(W=T9XWB4GC+-CIWIRVTFG-#<3M`R2$X\M]Q^M M6O[-@P1C`/7!IS6$+(%*C`I\Z)NB18Y]0#QV[QJ>.9&P,5KV&F64,*K>:;8R MR`#1&20Y.YMR6EBR#[-]FM".I$"/_ M`#J'^S;UC^[U\(/1(53^516]D+L[83+$WI,A`/\`P(4=)&_.GB:X_YZO_`-]& MBR#4QF\*ZPY!EM]^/[LJ_P"-1S>%M2*X.G2L>Q#@X_6N@%U=+TF?\Z<+Z['_ M`"V:BP:G,MHNL16Q@^QW(3G`"G^G6JZZ9>VR$&UN3GL8C79+J=X/^6F?J!4B MZO=CJ0?PH:!:'"+;7NX[K>8#W0TIANF`#*1SWXKOUUF7^),_B:F35XS]^/\` M0&E8=V>>RVTI*E3PN,Y[FEM[6>`.$F4"0888S7I,5[:R]4A)]&0`U8#6JGFV MC7W\L8HY60VSRV/1BQR7W#/\*U9F>:!@D\S!<#8&BX'TKU%6B`^6,+]`*Q=6 M\,1:NV^2]G9A]U93O5?H.,4K/N-'GUZT4MP9WF+.>I`X-1R7_F;(YW+HOW1G M@5TUUX(NX`6C2.X4?\\^OY&LPZ3!'D3+Y;=-I7!!J6[;CWV*,URRM)&K':3V M/%)]I=SG+G/>K*7[*H.&S^%3SA9FO'9>&8_#[P> M=*0[^;Y+-ABP&`,CIFL2+^QXIV9M"#Q8^4&<[@??M4WV2,#./QIODH.U/VC" MPTW]C'=))!HL4<2#YHB<[_QJTKV5_"3;VDUL'EV-&N"%[YJI(B(.5/'6I+>] MABC9%!W,RD8'H::J26J'RI[F%]LU.W^6.3858XD`&_IC&>N*$8O%ODD9IG)) M;TY[UKR2Q))@XS[TH*@?=S^`I.>FJ'L83R7C94R,$8\G-/2&*,92YW2#H"A% M;19>I4?B*;NC/(4?@*.<1SA6Z#$A6/N*T;=%\J,R3['5<8V$XYK2RG8`?A1N M7U_2CG\@,F[>5T`AJ9P2.2!6X6'M1O7'6CG\@,NYCF M<1F$RY12N,8`'M21QW2(%P_Y5J!AFC(]":.<+&7]I1L*P)!&,8S3&DC7,8!7 MZ5&H;(PJC!YI9$9GS@`=JTL);B//NA5.?E;]*O0W";0/,('?FLW)$H!]:E!9 M3R<`T.-RF;$4ZD<2G'UI&E(?>),]^M4(%)].O:G%@,[>_6HY0.[TZY5=#,CM M@)&Q)]!6>GB*U*F4SG&\D80_=W`L MA:XN24/RG(^7C'\JFM@EU>1Q?:KC=(0N[-4?(<_,%X'6IH)I+>=91A70@C(R M*=WW%RQ['1S>'K*UV>=>S,9.<%PM4KFVL(+J-%C+AOO,SDFJ=YJLE^4^T*N4 M&!@U69T.2G'U-)ZC44NAT%F;9/$\)CC7YP`&'/:NIUB5$:'>JGY>-PZ5YQIM MV;'48;J3YQ&V[:#UK0UWQ`=9GC9(S$D2X`W3/(Z<4:#>AT&8O^>, M7_?`I"(FZQ1CZ(*R8-:69-WD%>W)J4:FI_Y9'\ZEN*$7_*MN\*'\*?LM,6U'-`"X]O9.,?9HQ[@4@M;(?\NZ'ZBJXO4QG8 MU.%Y%WW#\*=X@3BWLU.3;Q8]UH1+!QN%M"1_NUGW]^B6Y,;'GCIBL^QOF9&5 M3P*EOL-)'0JEF6VBVAS_`+M((X%G),,6W:`!MXSDUE)<+"P<28"@YSZ]J#=E MXF=6^8\@4KLJR-AC:J0#;P\_[`JN!"NK$^3'L:#IL&,ANM4+K4(I8PT3DD#G MY2,'\::;XM'YFTDA"N?RIWLQ:&TCVS*UOE_Y[1_]]52:MJ+0E*PD8V*/RI/+@SS&IJ/Y,9\Z+_ONC`[21GZ. M*>@$P$0X\M?RIZR1J,"-/^^:A$,K?=0M_NG-(T4J?>C=?JIIV$6/M&.@`^BB ME^U-V8CZ"J>31DT[#+9N688+M3-Z^E5\GUHR?6BP7)RZGM3&6(G)C7\JCW'U MHW4!B`?A00OH*9N]Z-U`A^%]*:0II-U&Z@!0!2X4TW-&<4!<=L'K1M& M>M-WT;Z`'@#UK3MK^-8E20-D#KUS64&/]TTH5ST1ORH`VX+^)W,1CB3E2FV0=CWJ:WL+V.5 MFFC.-ORF-E.3VZGI6UY M*XQM-5VN8U172[C`N428CN_)_.JQB\/@Y-HA]OF-'LT/F. M/-^KD[F)P>*8LT:2;@OTR:[,-X?1LC3(2?7R\_SJ5=4TN+_5V"#Z1**?*+F. M3M1IURO^EW$\<@./DAWC'YUJ6VBZ=,!Y.K2^P>W<5M_\)%"G$=J0/P']*8WB M9\\6PQ_O_P#UJ?(@;*B^%/,Y345/UB:E/@^7H+V+_OV?\:E;Q'<,3B(+^.:A M_P"$@O0?NY_$?X4O9Q%=B-X0GZB^B^GEM3#X2NQTNH#_`,!:G_V]=GJ)!],5 M"VK3/R3+[C)_H:?)$`'A*]WN3_A3U\*3#[]]"/HIJM)="3[T"01M`^E/!3HV#QT` MH**^Y2ZD=?6I=_()P3V-!$0?)`/L*E"0-T'-)NP"K*P'!&?I0V&0@';GKB@0 M1`=6![RD`YI70^8KR7//`(^E,-Q@\Y(J\+639C8/SI5L)7!W*H^E',A79634'6$ MQ!05/>JS3R$]*T_[,..OZ4]=.0CEAGZ4.:#4REF)Y)Q^%.28EN<@5JG38T!R M,_05&ME&3@J^:MI%*Z8R1GO5D)&O&.E2"0CH*AR;&0Q0R(BH6+8&,FG[ M3T.:D6.=SE8I6SZ(34Z:;?R?=LK@_P#;,U-FQ%3)7C)S4@W_>=13Y7V`SA-A>&'UI-^[^(UL)X1U-OO+`H]Y/_K587P9? M,.;F!?ID_P!*?)(+G-/#O!P_7KN[U$EJR?<*"NN7P1/U:_C'T0U,O@GG+:B? MPB_^O5*,PYCCXX)DRQ?)//XTV1+DL"/+!'3'>NW7P7"#\U],WT0"I!X/LA]Z M>X./<#^E'+(?,<(XO)1AE4Y]Z1;:?;AL<=.:[]?#.D+]Z20D?WI13O[&\/(/ MF:,X_O7'_P!>GRR#F//T@E0Y5E0]R!BK*%B/F?/OR*[5K7PQ$<,;;/\`UT)_ MK0)/#$8R!;?]\$TG'NPNSC,\9+_K2B08Z@UV7]H^'H_N1Q'V6#/]*4:_I,0R ML&/I"!4\D>X:G%@L3PC$_P"R*MQ2:BG^I^V#V7=74'Q78J<+;R\>FT4UO%D& M#MM93Z98#-.T5U#4Q8+G60>;)[@>DL&?UK8-DMY`LL=I+:S8^>)P=OX&F-XK M7!(LOSD_^M58^+9`QQ:QCZN:I2BNHK,F&DW9_P"6)_$BFG2KD=4`^IJ.+Q)J M5Y*(K2W@,C<`88X]ZO:MJSV-NL9*/=;06P.!^'UJTT]@*9TR?_8'XT?V;)W= M1^!JM_;5TW_+0#/^R*8=0N7;/FFJ"Y<_L[UE'X+1_9\?>0_E5,WDY/\`KF_. ME$CGDN?SHL*Y<^PP#^-OS%(;:W7J<_5JIYYI":+`6]EH/3\33=UJ#P!^55A2 M9]L4`6_-B[1C/TH^T*!PE5,^]+N_.BP%K[5Z+3#=OV6HB?SI":8$OVN3T%(; MF7V_*HU)DCC%(!Q>0]7;\Z3D]6--)H!;T-,! M2A]]=0/`^I MLV6FMDS[D_TJS%X%G`&^\B!]E)K&S+YD<>%)!SDGO4J;AQC!KLU\#1C&^^_* M+_Z]3KX(L^-U[,?HJBBS#F.,7)`'.:=M8'-=RG@S3%^]+8'F M\5E<%QM@F//41FKC:7?7,S20V<[JQX94.#7;2:_IJ*5^W(QY^[DU4L/$&GVU MC%!)(X=%P0$)HY8VW#4YE-`U<\"PE_X$`*L)X9UAQ\UL%]C(!6_)XML%^[', MY^@']:B?Q?!QY=I(?7+`8I6AW'J9*>$-3;EC"/\`>DS_`$JQ'X-O"/GNH4_W MO93]%`JBWBW4'.(XX1_P'_P"O4+>)=58#]\BY]%%'-`+,VU\'Z(KA6FD;_63,3_O&D!!&<@T>T78= MCNP^A19`-BN/9::=;T:#A9HL_P#3.//\A7">8>A_.E5N^XFE[1]@LCN/^$IT MP#Y7E/TB-1OXMLE/$%PP]<#_`!KC@^#AMQI&D&WA6`^M+VD@LCK9/&-L,[+. M1O\`>8"H'\9G^"Q4?[TO^`KE3("V2JGZT$J.?E'T%'M)!8Z.7QC=8^6V@3ZY M-0-XLU-N%:$?2.L02+MV@`?48H#L?E5JN,+838]UQ2]X=QTFJ7LH^:]F/U=1_6E&@Z@#EWMX_K*#_*CED%RJ273CR+69_HA/ZUT M8.J``06,$(^B"AX=8F7$MPB#T\PX_(52I>8N8R1HMZL>Z[:&U7_IJX!_(4^* MRTR'YI[F2Y(_@B7:OYFK;:1(>9+R//?"_P"-,;2;?^.Y+?C5*G%"F3^-:",U4^@ MIX4^M:`CM!SLIX:V7I$*`*"H!3]OM5OSXQTC%)]I(/"J*`*Q5CP`?RI/+?\` MN-^563=/V`_*D-P]`$"P2'^`T[[+*?XPH%LX M/+"C>QZDTA8^M`#_`+/_`--`*#;KCF2H\TA)-`$ODPCJYI-D`[$U'24`2CR1 M_#1OC'1*BHQ[T`2^]&12$^E`!^%&#Z49-'.:8@P:,'UHI,4`&/>C'J:#1Q0`<4F1Z49 M%(:`%R/2C/M29I,XH`=NI,FFDTF['>F!J-XKM5'%O,?K@5$_BW_GG:`?[S_X M5RPDS@9%!D`;')^@KE]I(JR.B;Q9>$\00*/J339?%-\3\@A0`<_+FL!9(R1G M.X=J?E>Y%+GD.R--]?U*3)-YM!Z!%`J)M6OY.MY,?HV*HY`.2P/TIK.#SFIY MI`7'N[MOE:[G;/K(349\UB278_[QJNNXC@D^P%3):W5OHI-&K"X[CGH M0.]1F3GY>!5A=(U$C_CSE_$8IW_"/ZC@;H50?[4JC^M'*PN5!,NY06!I)9!Y MC`,,YK07PSJUU(T[2 M4`'V(MCN\A-2"*P3E;&V'U7/\S3]FPNCV:`H#PPH^_J,8/^S&QJ5?#MF``U_,?]V(?U-6"9#_ M`!H/H"::?,!YEX]EJN1"&C1-+C_CNG/?+!?Z4X:;I2CF"9_]Z;_`4'GK*Q_$ M4W"\YD)_&GRH8\6VEH/ET],_[;,?ZTH>S3[MG:*!_P!,P?YU%B$#[I8^^30/ M*'_+(9]A19`6A>1*/E2!?]V)?\*B&IS_`,,SXZ?*,?RJ+>,Y"XI?,;IBG8!9 M-0N'SEY]OXU#_:JDX)E)]"I'\ZE\Q\=A^%(2QZG]*`(SJN"-J-D\XR!4\5\D MA(D#K]%S48`]A^%+^-%@)_,C))$KX/;9B@NG_/63]!4&:,BBP$ZR1*0=KL?] MIZF&I,OW$5?I5'(HR*`+IU.<_P`7Z5&U[,?XS5;-&:`)C/(?XC^=-,CGJ3^= M1\T9]?SI-_/W11J&@I0]R!^-&T? MWA2;SVP/PI-S8^]1J&@[;]3^%&P@9.!^-,))[FBC4!6&#U!^AIN:6G"*1ONQ ML?H*8AF:*D\B;O$X^JT""0G&W\R!0!'26FB'_`LTP(, M4E/81KTDW?134984`+BCCTI-P-&>^*`%S2$TF3Z4A)IB'9]J3-)\QI-K=J`' M$TF?>DVDT;?6@`W4%J-H[T;10`A/%)O.@)I?)?_GDWY4YKB0G_6-^%1F5\_>)_&@"`:&@^]J*#V6,FI%TFQ48>[F; M_<0"A$N&_A5?J:D%M<-UD5?I67*A@FGZ8G\,[_5P/Z5*MMI@_P"70M_O2&H_ ML38YG/Y4\6L:_>E9OQQ3Y4!86.Q7E+"WS_M`M_.GBZ2,_+#`F/[L2_X57$5L MO&FX!C`/\`O4I\\GDJ/S-1^:Y_ MBI"S'^(T`3*K@\RX_P"`T'_KJ_Z"H.2>II<4`2_NOXG<_5_\*0BW_N9^I)J, M"C`H`D#0+TB3_OFE$J`Y6,#Z`5%1D4`3><>PQ2&5C46X>E+N^E`#_,?UHWMC M[QJ,M1N-`#^3W-&,]Z;1S0`[BC(IH!I=C>AI#%W"C<*/+/I^9H">Z_G1=!8- MX[4;J79GO^2T[RO9_P`L4KH+#,D]J"?6I/+4=5/XM2_(.R?]]&CF'8AW>U!) MJ7<@Z;/^^2:#+Z,/P2BX6(P"1T-*(G/.PT[S)"/OM^'%,)9NI;\31J&@[RR. MI`^IHVC/WQ^`S0IV_P`*GW(S3O-DQ]['TXHU#0!&/1S^&*7:H_A_-JC))ZG\ MS0`*+!PHL%P+#T)^IIZ12N,I%QZXJ:& M98R##:ESZMS5DRZK<<1VY7Z+_C3LA7*/V>Y;@(WX"G?8KDGE6&?4&KWV/67' MSR%1[R`5+##]G.Z]O82/[N_)H"YG'39@,G@^F*C-O&@_>2E3Z;#6E+=:8I^1 MW)_V0:B;5X`A187=>V\@XIB,\I;CI,Q^B4T^6/NLQ^HJ1[J%VW"W4'V-)]N? M&%C11]*`(Q'(?NHQ^@J1+6XW`SMD(^E,:ZN6ZS/_WU0!9&EW0& M60*/=J46"J/WMS$GXYJDS._WG8_4YI-HSUH`O^3IR??NG?\`W5IIDT]#\J2/ M[-Q5/;GL33A"[=(V(^E`%H7MLGW+%/JQ)IS:Q/C"1Q(/8566TG;^`@>]+]EV MGYY8U_&@!XU&XSD[6^JTR:]GF&UM@'L@%)Y<`ZSD^RBC=;`\([?4XH`KDN?X ML_C2?-GH:L^?&/NVZ_\``CFD-TX'RJB_1:`(%1B>A_*I%MICTC/UH-Q*?^6A M_#BF%B>6M(8 M[(I-PQ28SV)IP1O[I%(!-WM1DT[:1Z#\:-H[N/P%*XQN31\V*>$!Z;V_"G", M_P#/,_B:+A8CYH_&I=N/^>8_6C('_+0?@M%PL1A2?4T[RSZ?G2EE]7/XXHW) MV3\S1=@)Y?N!^-+M7^\/P%('(.0JC\*#(Y_B(^E&H:#@@_VC^%+M_P!@_B<5 M'N8]6-'U-%F%R3`']P?CFCN?ND_4TRES M1RH+CO,]$4?6E$C]L#Z"F9]J/PIV07'%W[N?SI,D]\TE`H$'%':C%+B@!,\4 MN?:BC(H`7)^E&329`I"X]10`[\:.*9N'UHW$]C0`_BER*CW#N102!_%0!('" MGH#]:L)?M$/EAB_%:J`\=C2D\=A0!:?4KENA"_05$;NY;/[YSG_:Q4'F+_>S M].:/,'HW_?-`#R[OU.YQ0`8]Z/PHR,44`+C'M1Q244 M`!XI:3I29H`=FDR.E)10`[<>F33UN)E7:)G"^F:BH-`#FD=CRS'ZFFY]*2DY M]:`'9IN>YHZ=Z*`%+4W/O2YIN,T`&:"U(1[T4P%S2!D^@H`<7-)O-'D2'D[A]:CD:.(DR7$:>W4TKC'%F[ M"F[G]JKOJ-LOW5EE/TVBF?VE_P!.Z?BQJ7-!8T`ISP*D5&/\-+N7O*Q^@HS% MW#-]31=CL&PCJ0/QI<*.KC\*3S$'2,?CS3O.;^$*/PH]X-!0JGC+'Z"GB,_\ M\F/U-1F60_Q'\Z0L3U-%F%T3[C\*7B@!*,8I>*,B@`Q1MH[T9'].`%`"9HY'0&G8I0I/04`,YHVL3U%3+ M;3/TC;\JD^Q2?QE$^IH`J["?XJ7R\=6-6?(@4?-<`G_9&:,VB]I'Q^%`%;RU M/6C[.K=!D^U6?M$:\);K]6.:#=R]MJ#_`&10!"ME+C"JWU(I6LICP9$4=\G% M#32N?G=C]33-U`$J06Z+^]F.?1%S43L@8A3\O8L,49.101^-`"9'M3)(T<8Q MCO3BBD\#'N*38V/E;\Q0`H;:O*C\#09%88*$_A3,L#\PY]1S1R3]Z@"3S.3P M:"QQ]W/UIF#BC![T`-V,&W!@/]GM2\Y_PH`R>G%.XS0`A;`I<@].:3`ZT$#' M2@!O^%)L8G>C\*5Y=/M1^]NM M[#JJ<_RJ)]9MT'[BT)]W-2Y(+$H1VZ*3^%2K9S,,[,#U-9$?OKJ),=@15235-,C.%D>4_[(K&6*,M@#.?6 ME4*#@`<>U+V@6-)]:09$-F3Z;S59M5O7R`$BS_<7^M0B,=<'\:999)#Z%N*:(,$G&!["K'S\`@9]C1G:-OZ=:GF8[$0BXZ4[RU'& M%H,@'!S[4FXGG^E*X[&L"*=GG@8IM+769#LFE&::*<.*8"T[^5-&/6ERHH`= MQ2C%-W"E!I`.IPIF3V%+@TP'4<4TD#JU)O%`#\BC/I3-Q_NTN).^*0Q^ZDW4 MT(>[4X(*0"&0#K@"D#YIVQ1P!2\=J8"98]J,/GK3N3GBCFD`A4]VHV#K3]IV MYJ>&&U9=TUSL/==N:`*P4=J7'H*N;M/C^ZLLI]^!2?;E3B.VC7W/-`%9897' MRQL?PIPM;A)0&0KO'&>^*E?4+INDFS_=`%4Y)Y&E4R2,V#U)H`O_`&$*,RSH MGXYHV62=7>0CT'%5>PXI<'/%`%K[5`O$=J/JYI#?3=$V(/\`9%5J,4`2/<3/ M]Z5S^-1X)YH..F:*`%^O%'XTF>#F@'(%`!R/QH)[4G>C=TH`4G%+TP3BF9_$ MT%QZ4`.)R*0=:86/:D#'OTH`DS@TF[\:3)ST`I"1TS0`[=QTIOW@@H`:']013@0:-_MQ055AD"@`S^5&:39CHQI/G! MZ9^E`#LTG6F>8._'UI0010`[@>M(<'J*3-+UY&:`#`Z@D4@)QS110`N:2CG' M%%``:3O3@I8X523[5,EE._\`RSVCWXHN!7PZTVW)`S( M1WZBE=#L0*K,<*I)]A4R6-PYSL"C_:J&77PORPP!?V-5B!]#DUG3WES,-DMPS#/*L>*KNV3QDFE)7GIGU%)M@-`;J#CVQ2^4S'). M,#)YQ2@*%)Y-.Y8#"G=WR:D+$31Y/)49I?*"\X!QZU,2JGE?RI-P5N1D>]`6 M(LG/:G[B.@%)OW8V@?4&FEP&/HR:<.M%%`#@!CI2,Q`XHHI M`,+'UIR\T44AD@1>.*=@#H***!#NG2D-%%`Q,Y%+_%110`O:CH.***`$).:7 MO110`&BBB@!>](.:**``=,^]0W!^7/<444#+$9)5<]Z?ZT44"&KR#F@]% M%``>M#=***`#H/PI#P#110`S)XI&)P.:**`%_@)I.E%%`#OX11112`7`S^5) MWQ113``*#110`I`V]*5@-AHHH`9D^M`/'X444``))'-*3R***`%(&",<5$Z* M,$#'THHH`8"<=>U/!XHHH`3)S2KSUHHH`>H&!5NUAC<99:**8$>T9SBD"KC.***`% GRAPHIC 6 g38449ex99_1.jpg GRAPHIC begin 644 g38449ex99_1.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@`.@(N`P$1``(1`0,1`?_$`+P``0`"`@,!`0$````` M```````("08'!`4*`P(!`0$``@(#`0$`````````````!@<$!0(#"`$)$``` M!00``@8%"08#!0D````#!`4&!P`!`@@U-A$2$S0W"3-C%&1E(3)35!55%F8* M,6$B8FW1T=-M?NN=';-NNYTNOMP;2]7V2_%T-#R?>[?'= MARMXG1NS:;BGVL>N]4.JK9=E@1,LLLK(I\R.BF.ITXA8E2U\NBXV/3H.(;U:SY3L\\7.GJW;&F]3?><)-N,OP;<7Z+3ZE^8I\B`)V M0YTH"+:UKW#%,`AB=&7S;]3/.V71E_L^3Y:EU4NY;#G"+HVD_JMAT]?'L\<[Y];'JWZ;='R=%?*HXJ<&]*:U?4Y= M?3D*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*` M4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H#R ME[*.1>\\#9#<;1F$)A;C(BC7U*AE,*NTV2/+B4YU-$D)6/S&X"*>GF2_VR,4 MJ45\.C M*'WJ[/R=O&X\8VW(A;P,2-J.IU:DU-N[))=VI*,8]4J*OZQ%IA>6-L)Y*.V. MONR;!GB/)I:;E6E%A/\`8)PD*`AAVSSSZEX;O.Y;3XRWC;KV][CCV?Z^[*S;5RMM7**+G'4ZPBU6+BYR MBFZ).K,CA_A+G?'-UER+B$?[IAXD$\JU;6F[[,W23A"3?N-).2C%ZJQ71DM/ MU*.GSBDJ#F/O3#)QW@K<3IA)O2P3;JNN).*E#:^,(?17>92BA@H)B;9#@4;6 M,"7PL-@14,\A.C`M;JS+F^V_U.+#=\9R?MJD]+:3MRZJ71_JMUKZ-^AU^9]@ MS,G:K?)]I=R.3CI*ZE55MMMQDXM53A)T::727W?E)[>11OX'NUIJWT-YKI8_ M/.OP2;&DGE4<:MPOS3W3%2MW%\6ETA-^NI*C M?[47ZDG/-/W03M$]+)9F@!1(EI#-I>;&AM-.7OGFKR@ZP1R+?N"6QZ$'QYM^S+H8*.!TE>I<8T3NJS!.;57*KN3ZU71K2NGK0\Y\(W/-XQL][R!N<)Y,97O8LPE-Q591E*+M.F%M,^M'G:T%E\;".^#PHN=[Y5&J MJE"#79*<[@7H$>6XY)FCA13$.YE<0;$L<,<@KY6%R^7&V7=YA>L[;#/NXI/O_1JXV MY.RIM+3H_7T4Z-TK\2)+G_4Z2^QDDNN/SRR9.8Z09'`)A*CP?#E;*6(?,!9C M!$`E%;=PV^/N9FS7;=K535* M1=MPC@7?;G.*U)MJC:5:J%&EW[F;M?E_=-SOV(6]FO+'O3BE/5-Q2DZ:O^51 MT^IEN]/ZD1I:C;12AKHS-=+S23BHZGM]=?)>4`FL`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`QD84.P6 M5NTQL'TY]7*]\;2FQI9>!D9>3;E/+LNQ-2HDY*551=:K] M%/D;,KN,\4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@ M%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0%.GG<;^%]%--G,*TUT M-.GF;0U"-89+!=40^G&CI7#%VOK$*][=D692`:R$#%O\F*B.4QZ+]:_1&^4[ MO_:MMDK3IF7OLM_+]J7\*Z_6A7/D[EL.*\;N3LST[GD)V[2^*KTE/^%/H_VG M$\6GDE[L-_2+>UG/62%S[&B25$93B:5%TY?(0NB$'(;**"`[E47^(3`BA.X@ M5&.C=&5PR8H^=[7Z*K3C6XPVG=H7KKIC3BX3?HFZJ3^2EW?HVSS%XKY7:XYR MR%_/GIPCCS9]@4N8IY1V"VC&1UIQ`@Y$,C=PLL M2BPYG:$26%)23L\[6L>2/L3$A@6,X6N"9M?,0++,/+'*_BK_`,M.=6>5>0(< M:P]3V_9;4K4M47'5D7M,[K2=&XJ"MQC*E)?BORJ[ M)/55?!78UDOWM7R/+9![F>_D,^;ZKL5]FE,O`ZTL_A!T*(H69P!WZVOQ4R-, M60`K87#]K56(="!&-7P_S,#*>>`Z+VSO;*WL6=WB?(G:NU_I:Z9?O69/[)?6 M#[_21^;VUW\KQ1Y%EB9;:VB[/3)_"5F;K&??O&BD_P!Z,HKXF]//9V0=WM;7@O5"VU&-.SN3[OZ1C_M-IY4WF]S/EF+Q+99*[CV MI*/VNL97)M:G5=XQ5(U7:DWV+`O/LU[9>J?DXZSZ\L`MB`V8KFB*6R7&M:_: MJJD$SI",KZ^;RO:V0AYPKQDR='ROT=(H^7R6MT6MM^6X5K;^.8V%9_Y=N]!? M7[95?XNK?U)CY7VG'V+QMC;3BK^38NPC7U>BXY2?SE)MOZD6M$WG^HC3]0H$ M)ZG1Q#*OKD78X(42*;@QB"ZV<:N*FI=D*I?;[X3ECVCVWMK?[P`%GU;6_A_V MWU^U7.9K;K*VR-EX&C[&U&NGYUDG_@:'BN7Y@AQ[%CLN/8EM:M_RVW8JXZGW MU34N]>Z.H\\M4W(5/+2TO/[X(S:0-DR8LMW45G^].NFE*4>GLVNWS.ORI+D M%[A6W/E,(0W9YL]2CIIIH]/Y&XUIWHR'+IB29O)^D'0WS(X!**AZ$)KB2*%1 MXE11Q#Y"SC=302%"7(@ MP][Q.N-=MP;]*R2VW]NBN[CUZ&1R]9%NOMW)7Y*O>DE55,GQOG6-S\ MJW-PQ:_T]ZYD3C7HZ25V2K\Z,O'_`%2-[_\`Y]1[CTWZ+[-,.][=/R7O9G2# MT7O;_;T=-ZE///\`XBW_`-Q#_*19_G?_`/(6O^[C_P"G<-_:0[%MS4SR%X3V M'=)@$$C&&KYU<3P!^C*RHYLE9=(-%###OF'<85:DO]-1LT3GK42:=&WRM#76(G"6AFF6Z MW44K0W*X)XJ?"(B97RMG9L.\X,9T7U:J^[MC\K'SNE;;+:)LZV[IP2T&)LF6!=C; MBF2VZUE-".DED!-$/O1@NI`=)@\X64M+9-$Z;6+"8%AA"E@1P<,^SRO(=@Y1 M/<,^.%NEF$IVI\7N*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%` M*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H M!0'B=\X+R]_-F\P;9/)7#>?\`,M_EDX^(_P"UVEHLIW;*^U=Y4=Q4U[7M>8H7O:]KVZ+VO:[\Z+VO:M)_\`4^0/H\=4_P".W_J*[7AO MR`G58:37_5L_^X6QZQZ&>:.FM--AW;K4Y?>[3;R4GH$63BSY?@I1EN(T@C>X M15MN-)4I&3P9CC0@5O8,FGFCI951P\>H2,Y`]4K:O^>^![/D3&;W7%>-O\+: MC9SKW3HNR4Y8MT%WLUCG)C2?'S00WL`UU?>-^`O.?C#G6'R3C^+CY M\,2^FYVL2>F[:E"_*W*/N6VU1J24J-2JJGL_6\=O;=N-V[C2 MOV^D;EJ4I6[E*PE6VIQ>F5*T?557Q-[>>-Y5#O\`,5C6*WW!26U4[9&,%3%+ M#Q>"O@WBKDC%QXY#KC64UTL`IE@SK;6[!'R76P$#ZE56M'U/!/E3Q]R2'.6G6Q[LV2V\3X]&<+6:.;?A5-:SMR>PA1PNBX MQ5V/$^8R3"`)$VGMT'[/*6OV@F5E`;*U\>I;IP.,<8S-OSI9VY*"E"-+:C+5 MU?YI/HOAT7U9&O&/BW<>,;QNM]M/6QSSP M]))WWTU):D.:]D6F?>J3-;2?)T)X.;%JIF+?1V^[4XZ($H9$%"PIRQI8`MB% MU+=;&^5^G^'HONN5;7F;MM\,?"47=C>C+[GI5$FGUH_4FWDSC&YR6(F6<#O+HW$T;;#+D/ M2#LHQ-EWN]#*E=W-9JM\O$:E'9-#;94`TU64D)9I5#<0INX@=RO;6"RMED)E M;HQMV;GLO)MUVFW9S/:N9\,B4OS**4'&BZJ*JZ_(S.2<*YWRGC6/@[O=L7=V MM9CFY5A%>WHBDOM4575J^=*?A=^!HDW)B\M6/=']D$9),FR,`L-@+IE,,8JV M#1D-I-8@237:U%7LRN>9]LN(IB8+#X6"[;#&X>5NS$SQO*UM,,G8H;5G)55F M,73KIDDJ-/U3ZIECKBUG<.&6N,;Q&+DL6$&U]RC;>7E*U_3P4U6,JMU5$]-%2OI7H51X^\6< MAXIRJ&ZYCLRP8:U6,NM'"451=^[7>G3OZ%OWGBZ1SQOKJ:T(>UZ(M,^]$>:F MN^3P3PB\CY5M>9NVW M0Q\)1=V-Z,ONEI5$G7K1^I8/D_BVY\NV&WMNU:/?CD*;U.BTJ$U^+K)?YE?N MU?EI>8=(GE/Z4:!Q0BQF&X(]*@'MBLU&3RZ2B&3#2-*9QG-Q&/W0AQ5X@85E MCVX?/J`AABD@K7ME?HO;2Y^Q[W![496E_/;FJ/2WHBO5?>$]FI>4KO`M(4H%2*N]36&1Q:#3P41W(B;]EIQD>Y0OD$5`L("#CG?'K97O M6RP.'[3##MQS[,;F8H+7+5+K+X]FE1=ET-GL?A_B.-M./9W?$C=W-6U[LE=N MI.;ZNE)I47942Z(@CJKY,NZVDWF3O.6(/(QW?4%V'Y/CW``:4319UEX4D=)- M8H81Y#-)9A0.JD>+N9$QACD:S',?9W3B)UA.FM/@<;W;;-]ED8JA_;9.W)=*QIWBZ?'K0C/'_`!GR#B_,+VX;4[?]ANNY#2Y_=[5RJ7?K6%8R]6X= M^M3^L+7W]3=JI0_J:MJ,>M9-4U-I)))=$E^+,OAGC?>['*)\QY;=MSW)RE*,(4_-)4U2 MTI12BFZ)5JZ/I3KZB:GI>(H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@ M%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4 M`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0" M@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*` M4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0 M"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`* M`4`H!0"@%`*`4!3W*$X3TR]CWIJ,GN9YK3@>,H-K;%@+J.2)'G0GZ7-!L6=< MSQRAB@I>).YV\ZQY@P0+C=FP M[)@<;(^S7*LKGXQ;6X0`6WJG0M)$3Q"Z$T;(1A,E?T!C'9)X(AI MP'Y%BI)6""U(#F-%B"JIJB><%L`>LG$%80OD0)@3"UN\SE5EG83!@R:7B"-H MZ05$JZH;8J*G,Y\64+,+!\2UO-JUKP4?BY]@!!N M4R.SVM*ZB,"7+F`L#-[=GE?'K]K@!KV/_,0E=Q2.AQX^#^LD8FFL\#3(>([S M/R"E&=@EDCN/-NJ*L%K.E%SBLJIIUMEHAY%%(R*>S*$15`[T!`AF2@5A^W`K8:6SKY6W.ZB,B;> M.E@8O5/V0#G],Q5F4F$M5'E'>[\?0GKHPD]5$8J^8@1/F2/5Y5;QA96`3.9@ M$O\`B(#/`<#(W<#7C#VVGT8[K>\WK/A-[`M@5I,=0@1FS8GMZ4IS%:48&(UUJDZ4 MG?DJ1ZW&V3=VLY&&)Z:J*RL0C&8(Q\!5R)G<5%4$`.A@2$=^\.\+6>KD8ETK M4TV?;TFNV&\UC%N3)B4'<[2T,2=Y3;LP3+O;$:[=&+&16F&G7,XFLA,\56YK M"P5TP<".$S>;!-KC9,OIS?-Q-#)_.)X_DF*EI/71'0I-P;(?61V.825G.DKB MT:9"0329842JN37&@W+XIF)-'"4P.CX9% MZ9;2QX^AK5U7CQ929@C]CP=%KT?KCF_)=43QB@P:X\EET@M* M+%Q;"P/G"N.*<>Q*7)&#%\#9(#> MS:\WR176^76RTPC`Q5#5S<2&V1,"X,L)+`BMK21-$AQ@<7IH1;R(:>`Q(@7: M!$$G=7`CD^8750V_KUFPM@6S&S/!#I-3;((K>-8B^U!WL5%`QH"/+6\U[9IALLX( MHAQ4^E%:$*/-!'?BXW&R1CICM_1?3V<4Z,76YGA*L7!K+PE=S32KGR"Z*,.> MR+HZR:+I"F&%B4)`6!>8U/CC9.OC7D1I3J>U^EW&'WK,#$BLP\6DTBS]<3=2 MF.I'2`K@<#`=I*5''&P*_G]GQZ4,)5GV;.V!%'!`!N:*`0HD/<2>$YRO-00I M]>*8LNI];'-6?V`=+LW`;36#(_V\@^)XSF,BU##>-GXR6RVO+V.K0IY;S.DU M<54$5<\1RZ:'V`%MVAL@.B0HA>IA<>JA*+<:,^SC'<52NJFDY44)*BEDOQ21 M6DXC3@1RI)*=>:?V)A'LL`!]"K@EV-9YBBBB#"`37H!0$)-OIO"@U\:6J:[) MR%%<=/+9Q;9LG+3J7V^UVJJ-B^K>R3K2D-?77(*6($2XSY:R08`MB.`**<+` MAXY9=:X>8$,II\SU],QZ2KC%Z/"TC-EI'WFUF!'BR2 M3FVUM$#Q1(\; M;H!;BX%+1%/BUR+9V&]/)#,9NY>,JZ:R3QELJ\\*!8CB87D0CVA4(L:42%S( MYPL!D`OF>RHN,)M)Q1E-0\[)CCR4%F.G(C%':TT?$?6ESS"F;>F%"]UEXE4@ MW'30:#;'0!DU86TI167,%@34E,D#@;'`B\@>8[LHP72L.C)6/2`E*Q8)NHS6 M=YQOW94?"OMTZ/H24^'8L*RU&H)Q&8)>45D/#,^X$4`^=5L`S!TK86PP(%X^ MG^Q1C8R%&:]'2&RD"1U5,7E%>:30>+<=12Z(DR"]H^0WXD9-]Q.D'!HOP9CF M3A#(,^HE@L^V*8'CF140?,"DB#_,,VG:$"H,O["XJHDK#ZO:TN'72+SCA:0L M93#&\LO6*XTEC;N57OB*QRJQ)$:/1V@*#I:EE-$2&0U32>)D'%5S*1&"F.\H'D)TJ(6UX!X-86U#_ZP#MS-?7R M[9$)NA3P2C0-D!/QQ"&&`L_@';=]S!LC)&O9QJM/#.#D]RN"4'HWAU0T@J+7 MD%5;*SJ$N,97SZO_`+P;P(*"`(`%GE@+CG8#1F\6U$V1IM3I MW%;*;TR-*+%78"'2$D/IL1&L/%K3(')8$CH.$2@O,LFJ"4ST=E?8H"XO"Y9` MJ!K,8@&7SP*@*5\P(%-G==;3(\#7IDW,DP%`>,0ZUOZ52+,7(D1Y!0-Q9.=D MTHJ[I?&[E<"4B(D,773+2`N=3U,P6,-9':1DV;.$"YT\H7`VLUME'_\`\T-> MF$I;_(;JG%!C%A/;8XDV73#BY!K0C`S%CO5#2:WFRBH0;JV5V#E%8"!5$P9M ME<`RY9-]ON53T\8NEK($U/+DEUR2"N;1-`W-I[89@Q^^XV-1)*F;K;$DDG`R M7U%B$NB&3LB-)J,9*">:NX"YQ75&C9-Z&>`J$RX)HP4,%L00+/J`4!%?=21W M9%>MSX<['4<4-U*2W%\=)+GR#"&_!F[ M\EV#W7#",(UW"AQVM*RZ5=)M:6$^ZN8P%L&?('`A2H''<6UKLS`;L=7) M22).!VV0`%:\8;>;`N!V,R-I'V/=K?AI MVBP);:'9UY/<*SL,`W8&38TUJR2&X12M@XP?.L3WD-U3J MI1^60"KD/*2V[D*5(I`CQ\ M8H]!6FHD(J33AR)?Y8 M`0!<$"T6@%`17W5DAV13K:^W2QU'%#=2@KQG'J0YL@@AOP8)+TK,B)C#\Q", M8"%1!&&2>PBQA8;'("^1&W:VN'UK7`INF7:.=(PEG9$BG["8N^ZTY)#::('& M\JV\[2FS-7CSD?$.(+"?D+L:7VFFK.Q>P3[<:86QEA MBLRYM38*2E)-\3[P4"6?LUACUS2RE@6/H,QJ)J"=O4V49R6(E1H3V9?$,D]A MB@24*M(S%6%J/70WS0RHMH#E04HRU4Z4\6>87SA$<%+LEYJ9N^.8`PN(%71# M;Z=RB5$;L=,_EUY$BEW30C'8A:L]%TF4ME\"FXI".(]O#CR+P,>;VW**R8]* M%T/$8N(V3K@531@(^7*##A'PP+%X%2]A%R9MHGO$\X.U]1ZQYJ9T`-QC;%N7 M)?98N33OI*>Y3#-:)`0V(F@*3;,#G;B!';9``5I1WM MYL4L/!LQO(.Q+K2(D=:C!X&T^R"?)T&*R'%LD.Q?V,*KB9$CQ99$Z3@V,I26 MXY;R0GI3K`3G*B%1<`Q"A`^;S-&@-F:_;?;(/=_Z^G'I-#A$DA9D#5=@MB$! M"#724N=]DFJ8V!G438 M5L*)8I![OE9P+J1VY;6!DQPHJXJ;?$P24G01+W+X]8J(=-``)YD#ZEO.&D(9 MO'W:)&46!-HKH9;=$NLW=3F^RSS^RU8(3>+IF"KYD`T;_GNFG#/XH,YXF,\[ M1Z:+#8IMS=QA`@+X\^-%N%\+/?/XUWM.[M\+^G];V-`8$SO2+?A=XD.OD[TG M#Q^-_P!2/O7W?K4!BZ_Q!-\!N^1?Q_B'_J3AOOG^E_\`C*`UW,W*DE_VX\CQ M[S7Z/F1.Y^_IY]U^LH"32KQ`KRY\PGQ7B''$SNO\GT/OW8T!BQ_FAB>&?&'W MW_FCNBAR)\8^_?4]K0&2?2=U3><_SS]=]5V-`8VE\URS MX1=T1N%\U\',^+/NGU+W/KT!F`_>AN4^(F?3]ZY7Q]-\1^D^%]%`8,#S0XO! MKDUJ^AYH[QES%^3?NKUG30$+GO\`WG^7GZ3D78'E_P#MD\-Q_#3_`*A/N?\` MI_\`BF@+(R_%5+AG=DWN_%?VGN)>[?5OW]K0&M$CF!T^$/-^/".8/G-KFG\W M_P"'[_8Z`S8GQ0GRO\YU]SXIQ8EW/^;[V][[.@/WARX5Y9_\%\SESOP/=?\` MN/7]6@-59\#D[P%[\^?G\#[Z4\3O?OOSUW9T!\WWZ-8\'O`YV\3YB[I?NO\` M2OZW_-U:`^!S^W=H>!?);`YE\#^'HW!?RY]S?R=A0&:K/.38\+N6SW&>-^F]$)Z7X[_`*6_DZ:`S]]_L9W(G/;=Y[_9 M\XUR=^>_N[]_7H#K[`)/)? M*'<0.5_@'U3U'5H#)J`4!K:5>5[>&O$BOBKROZ,?]GQ+Z+^7K4!US4YE;WA+ MX7$^5.9>+%^7OZ7?0^]]2@.G;?)`_@;P)UH[*@,39?C"I M>%7@%$G*O-G,\F=T_I3]S^]>TT!G"QP9,\.>6'!QC@W!<>&?EC[P]RZ*`^+= MY:0O#/E=IE7/2\,#YE_/7WQ[MT4!#?2'QSW^XSX],GG?G3P@:7*G_33_\` M'GJ?M*@+"E+]J=PSB9;B7[?F#<.^)_1_NZU`:27N!//^W[Q'/<>X%P8KSG_4 M?Z?W+J4!U*+S0S/[:?0)W!>:.ZX\F>H^K^JZ*`VW'7+XW(G'G%X="Y1\7?SC_`*A]9UZ`W65[O"_@YZ*W=>[\L">"_JO\/AG30&T$ MOT9OAG$U'A?H^]"=[^)_6?6]-`:@.\D2IX&\W+_?>2.\)GBI^;OK_K.QH#.3 M/B`A?$#B"1P+\J?7?>/9Z`_3`X*.'N^?F3[T]^[6@, MWH!0$6=X?[.]F^5O!"1N#GO%W MW3Z'_B:`P57X9'7]LG`$/B_#/GB>'7P#ZC^_IH##-1?`!]V/&^\>/+GYP^__`-_6H#=97NL,>#?H\>Z]UY9$\&/5_P"'PSIH#:"7Z,WPSB:CPOT? M>A.]_$_K/K>F@-1F^3)9\$.:'!WODST27XL_FC[P_E["@,S&Y];O(?*2UZ;G MWOR/R[^4OKOK_9Z`[X'N2[P'O2EZ'N7H,>.^]?6?Y.B@,7>_+*'X<\=:G._+ C/$"O`_COW3[QU*`XN7",/"[F._SN$ -----END PRIVACY-ENHANCED MESSAGE-----