0001144204-12-014284.txt : 20120312 0001144204-12-014284.hdr.sgml : 20120310 20120312163610 ACCESSION NUMBER: 0001144204-12-014284 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 24 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120312 DATE AS OF CHANGE: 20120312 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTER PARFUMS INC CENTRAL INDEX KEY: 0000822663 STANDARD INDUSTRIAL CLASSIFICATION: PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844] IRS NUMBER: 133275609 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16469 FILM NUMBER: 12684383 BUSINESS ADDRESS: STREET 1: 551 FIFTH AVE STREET 2: STE 1500 CITY: NEW YORK STATE: NY ZIP: 10176 BUSINESS PHONE: 2129832640 MAIL ADDRESS: STREET 1: 551 FIFTH AVENUE STREET 2: STE 1500 CITY: NEW YORK STATE: NY ZIP: 10176 FORMER COMPANY: FORMER CONFORMED NAME: JEAN PHILIPPE FRAGRANCES INC DATE OF NAME CHANGE: 19920703 10-K 1 v303460_10k.htm FORM 10-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

(Mark one)

 

x Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2011 or

 

¨ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ______ to _______.

 

Commission file no. 0-16469

 

Inter Parfums, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   13-3275609
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)
     
551 Fifth Avenue, New York, New York   10176
(Address of Principal Executive Offices)   (Zip Code)
     
Registrant's telephone number, including area code:   212.983.2640

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Name of exchange on which registered
     
Common Stock, $.001 par value per share   The Nasdaq Stock Market

 

Securities registered pursuant to Section 12(g) of the Act:

 

Title of each class   Name of exchange on which registered
     
None   None

 

Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No x

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ¨ No x

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes x No ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation SK is not contained herein and will not be contained, to the best of the registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10K or any other amendment to this Form 10K. x

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of “accelerated filer” and “large accelerated filer” in Rule 12b-2 of the Exchange Act).

 

Large accelerated filer ¨ Accelerated filer x
   
Non-accelerated filer ¨ Smaller Reporting Company¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes ¨ No x

 

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter. $375,824,083 of voting equity and $-0- of non-voting equity.

 

Indicate the number of shares outstanding of the registrant's $.001 par value common stock as of the close of business on the latest practicable date March 9, 2012: 30,554,711.

 

Documents Incorporated By Reference: None.

 

 
 

 

Table of Contents

 

  Page
Note on Forward Looking Statements iv
   
PART I    
Item 1. Business 1
     
Item 1A. Risk Factors 21
     
Item 1B. Unresolved Staff Comments 30
     
Item 2. Properties 31
     
Item 3. Legal Proceedings 32
     
PART II    
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33
     
Item 6. Selected Financial Data 36
     
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 37
     
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 54
     
Item 8. Financial Statements and Supplementary Data 55
     
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 56
     
Item 9A. Controls and Procedures 56
     
Item 9B. Other Information 59
     
PART III    
Item 10. Directors, Executive Officers and Corporate Governance 60
     
Item 11. Executive Compensation 65
     
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 82
     
Item 13. Certain Relationships and Related Transactions, and Director Independence 85
     
Item 14. Principal Accountant Fees and Services 87
     
PART IV    
Item 15. Exhibits and Financial Statement Schedules 90
   
FINANCIAL STATEMENTS F-1
   
SIGNATURES  

 

iii
 

 

FORWARD LOOKING STATEMENTS

 

This report includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, and if incorporated by reference into a registration statement under the Securities Act of 1933, as amended, within the meaning of Section 27A of such act. When used in this report, the words “anticipate,” “believe,” “estimate,” “will,” “should,” “could,” “may,” “intend,” “expect,” “plan,” “predict,” “potential,” or “continue” or similar expressions identify certain forward-looking statements. Although we believe that our plans, intentions and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved.

 

Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained in this report. Important factors that could cause actual results to differ materially from our forward-looking statements are set forth in this report, including under the heading “Risk Factors”. Such factors include: dependence upon Burberry for a significant portion of our sales; continuation and renewal of existing license agreements for the Burberry brand and others; continuation and renewal of existing specialty retail agreements as well as sales and marketing efforts of specialty market retailers, such as The Gap, Inc.; potential reduction in sales of our fragrance and fragrance related products due to reduced consumer confidence as the result of a prolonged economic downturn or recession in the United States, Europe or any of the other countries in which we do significant business; uncertainties and continued deterioration in global credit markets could negatively impact suppliers, customers and consumers; protection of our intellectual property rights; effectiveness of our sales and marketing efforts and product acceptance by consumers; dependence upon third party manufacturers and distributors; dependence upon management; competition; currency fluctuation and international tariff and trade barriers; governmental regulation; and possible liability for improper comparative advertising or “Trade Dress”.

 

These factors are not intended to represent a complete list of the general or specific factors that may affect us. It should be recognized that other factors, including general economic factors and business strategies, may be significant, presently or in the future, and the factors set forth herein may affect us to a greater extent than indicated. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth in this report. Except as may be required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

 

iv
 

 

PART I

 

Item 1.    Business

 

Introduction

 

We are Inter Parfums, Inc. We operate in the fragrance business, and manufacture, market and distribute a wide array of fragrances and fragrance related products. Organized under the laws of the State of Delaware in May 1985 as Jean Philippe Fragrances, Inc., we changed our name to Inter Parfums, Inc. in July 1999. We have also retained our brand name, Jean Philippe Fragrances, for some of our mass market products.

 

Our worldwide headquarters and the office of our three (3) wholly-owned United States subsidiaries, Jean Philippe Fragrances, LLC and Inter Parfums USA, LLC, both New York limited liability companies, and Nickel USA, Inc., a Delaware corporation, are located at 551 Fifth Avenue, New York, New York 10176, and our telephone number is 212.983.2640.

 

Our consolidated wholly-owned subsidiary, Inter Parfums Holdings, S.A., and its majority-owned subsidiary, Interparfums SA, maintain executive offices at 4, Rond Point des Champs Elysees, 75008 Paris, France. Our telephone number in Paris is 331.5377.0000. Interparfums SA is the majority owner of three (3) distribution subsidiaries, Inter Parfums Limited, Inter Parfums Gmbh and Inter Parfums srl, covering territories in The United Kingdom, Germany and Italy, respectively, and is the sole owner of two (2) distribution subsidiaries, Inter España Parfums et Cosmetiques, SL, covering the territory of Spain and Interparfums Luxury Brands, Inc., a Delaware corporation, for distribution of prestige brands in the United States. Interparfums SA is also the sole owner of Interparfums (Suisse) SARL, a company formed to hold and manage certain brand names, and Interparfums Singapore Pte., Ltd., an Asian sales and marketing office.

 

Our common stock is listed on The Nasdaq Global Select Market under the trading symbol “IPAR”. The common shares of our subsidiary, Interparfums SA, are traded on the Euronext Exchange.

 

We maintain our internet website at www.interparfumsinc.com which is linked to the SEC Edgar database. You can obtain through our website, free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) of the Securities Exchange Act of 1934 as soon as reasonably practicable after we have electronically filed them with or furnished them to the SEC.

 

Summary

 

The following summary is qualified in its entirety by and should be read together with the more detailed information and audited financial statements, including the related notes, contained or incorporated by reference in this report.

 

1
 

 

General

 

We operate in the fragrance business and manufacture, market and distribute a wide array of fragrances and fragrance related products. We manage our business in two segments, European based operations and United States based operations. Our prestige fragrance products are produced and marketed by our European operations through our 74% owned subsidiary in Paris, Interparfums SA, which is also a publicly traded company as 26% of Interparfums SA shares trade on the Euronext. Prestige cosmetics and prestige skin care products represent less than 1% of consolidated net sales.

 

Our business is not capital intensive, and it is important to note that we do not own any manufacturing facilities. We act as a general contractor and source our needed components from our suppliers. These components are received at one of our distribution centers and then, based upon production needs, the components are sent to one of several third party fillers which manufacture the finished product for us and deliver them back to one of our distribution centers.

 

As with any business, many aspects of our operations are subject to influences outside our control. We discuss in greater detail risk factors relating to our business in Item 1A of this Annual Report on Form 10-K for the fiscal year ended December 31, 2011, and the reports that we file from time to time with the Securities and Exchange Commission.

 

European Operations

 

We produce and distribute our prestige fragrance products primarily under license agreements with brand owners, and prestige product sales represented approximately 90% of net sales for 2011. We have built a portfolio of prestige brands, which include Burberry, Lanvin, Jimmy Choo, Van Cleef & Arpels, Montblanc, Paul Smith, Boucheron, S.T. Dupont, Balmain and Repetto, whose products are distributed in over 120 countries around the world. Shipments to our distribution subsidiaries are not recognized as sales until that merchandise is sold by our distribution subsidiary to their customers.

 

Burberry is our most significant license, as sales of Burberry products represented 50%, 53% and 57% of net sales for the years ended December 31, 2011, 2010 and 2009, respectively. In addition, we own the Lanvin brand name for our class of trade and sales of Lanvin product represented 13%, 15% and 14% of net sales for the years ended December 31, 2011, 2010 and 2009, respectively.

 

Our prestige products focus on niche brands with a devoted following. By concentrating in markets where the brands are best known, we have had many successful launches. We typically launch new fragrance families for our brands every year or two, with some frequent “seasonal” fragrances introduced as well.

 

The creation and marketing of each product family is intimately linked with the brand’s name, its past and present positioning, customer base and, more generally, the prevailing market atmosphere. Accordingly, we generally study the market for each proposed family of fragrance products for almost a full year before we introduce any new product into the market. This study is intended to define the general position of the fragrance family and more particularly its scent, bottle, packaging and appeal to the buyer. In our opinion, the unity of these four elements of the marketing mix makes for a successful product.

 

2
 

 

United States Operations

 

Our specialty retail and mass market fragrance and fragrance related products are marketed through our United States operations and represented 10%, of sales for the year ended December 31, 2011. These fragrance products are sold under trademarks owned by us or pursuant to license or other agreements with the owners of brands which include the Gap, Banana Republic, Anna Sui, Brooks Brothers, bebe, Betsey Johnson, Nine West, Lane Bryant and Jordache.

 

Recent Developments

 

Burberry

 

In December 2011, the Company and Burberry Group began to explore ways to work more closely together to realize the brand’s potential and we are currently in discussions regarding the potential establishment of a new operating structure for the Burberry fragrance and beauty business. As there can be no assurance that an agreement will be reached, Burberry has exercised its right to evaluate the purchase price for the unexpired term of the existing license. In this process, Burberry has until July 31, 2012 to determine whether it wishes to buy out the unexpired portion of the license as of December 31, 2012 or continue the existing contract which runs through December 31, 2017. As previously disclosed, if Burberry were to buy back the license, then the purchase price will be the greater of the fair market value of the unexpired term of the license or 70% of 2010 net wholesale sales of Burberry products. As of the date of this report, discussions are continuing.

 

Repetto

 

In December 2011 we entered into a thirteen-year exclusive worldwide license agreement to create, produce and distribute perfumes and ancillary products under the Repetto brand. Our rights under the agreement commenced on January 1, 2012. The agreement is subject to certain minimum advertising expenditures and royalty payments as are customary in our industry.

 

Pierre Balmain

 

In July 2011, we entered into a twelve-year exclusive worldwide license agreement to create, produce and distribute perfumes and ancillary products under the Balmain brand. Our rights under the agreement commenced on January 1, 2012 when we took over production and distribution of existing Balmain fragrances. The agreement is subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. We also paid an up front entry fee of €2.1 million (approximately $2.7 million) for this license.

 

3
 

 

The Gap Inc.

 

In July 2011, we renewed our exclusive agreement with The Gap, Inc. to develop, produce, manufacture and distribute fragrances for Gap and Banana Republic brand names to be sold in Gap and Banana Republic retail stores in the United States and Canada. In July 2011, we also renewed our license agreement with The Gap Inc. for international distribution of fragrances through Gap and Banana Republic stores as well as select specialty and department stores outside the United States, including duty-free and other travel related retailers.

 

These renewal agreements, which took effect on January 1, 2012 and run through December 31, 2014, contain terms and conditions similar to those of the original agreements.

 

Anna Sui

 

In June 2011, we entered into a ten-year exclusive worldwide fragrance license agreement, with two five-year renewal options, to create, produce and distribute perfumes and fragrance-related products under the Anna Sui brand. Our rights under the agreement commenced on January 1, 2012 when we took over production and distribution of the existing Anna Sui fragrance collections. The agreement is subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. We have paid an upfront entry fee of $2.0 million for this license and we agreed to purchase current inventory and certain other assets of the former licensee.

 

S. T. Dupont

 

In April 2011, we renewed our license agreement with S.T. Dupont for the creation, development and distribution of fragrance products through December 31, 2016. Our initial eleven-year license agreement with S.T. Dupont was signed in June 1997, and had previously been extended in 2006 for an additional three years until June 2011.

 

Lane Bryant

 

In March 2011, we entered into an exclusive agreement with a unit of Charming Shoppes, Inc. for its flagship brand, Lane Bryant. Under the agreement, Inter Parfums designs and manufactures personal care products for the Lane Bryant brand, while Lane Bryant is responsible for marketing, promoting and selling these products. The initial term of the contract, which may be extended by mutual consent, runs through December 31, 2015.

 

U.S. Distribution of Prestige Products

 

Beginning January 1, 2011, Interparfums Luxury Brands, Inc., a U.S. subsidiary of our French subsidiary Interparfums SA, assumed all U.S. prestige fragrance distribution responsibilities. In addition, under the terms of a four-year agreement, Interparfums Luxury Brands, Inc. and Clarins Fragrance Group USA (a Division of Clarins Group in the U.S. responsible for the Thierry Mugler, Azzaro, Porsche Design, David Yurman and Swarovski brands) share and manage an expanded sales force. Logistical and administrative support is provided by Clarins Group USA from its Park Avenue offices in New York and its warehouse in Orangeburg, New York.

 

4
 

 

Our Prestige Products

 

General

 

We produce and distribute our prestige fragrance products primarily under license agreements with brand owners. Under license agreements, we obtain the right to use the brand name, create new fragrances and packaging, determine positioning and distribution, and market and sell the licensed products, in exchange for the payment of royalties. Our rights under license agreements are also generally subject to certain minimum sales requirements and advertising expenditures.

 

We have built a portfolio of licensed prestige brands, which include Burberry, Jimmy Choo, Van Cleef & Arpels, Montblanc, Paul Smith, S.T. Dupont, Boucheron, Balmain and Repetto. In addition, we are the owner of the Lanvin and Nickel brand names and trademarks for our class of trade. Our exclusive world-wide licenses for these brands expire on the following dates:

 

Brand Name Expiration Date  
     
Burberry December 31, 2017, unless buyback option is exercised
Jimmy Choo December 31, 2021  
Van Cleef & Arpels December 31, 2018, plus a 5-year optional term if certain sales targets are met
Montblanc December 31, 2020  
Paul Smith December 31, 2017  
S.T. Dupont December 31, 2016  
Boucheron December 31, 2025, plus a 5-year optional term if certain sales targets are met
Balmain December 31, 2023  
Repetto December 31, 2024  

 

Prestige Fragrances

 

BURBERRY — Burberry is our leading prestige fragrance brand and we operate under an exclusive worldwide license with Burberry Group that was originally entered into in 1993 and replaced by a new agreement in 2004.

 

We have had significant success in introducing new fragrance families under the Burberry brand name. Lines currently in distribution include: Burberry (1995), Burberry Week End (1997), Burberry Touch (2000), Burberry Brit (2003/2004), Burberry London (2006), Burberry The Beat (2008), Burberry Sport (2010), a make-up line, Burberry Beauty (2010), and Burberry Body (2011). With sales for the first time surpassing the $300 million milestone, Burberry fragrances continued its trajectory of sustained growth. Current year growth is the result of a solid performance by the brands historic lines and the highly successful launch of Burberry Body.

 

5
 

 

In December 2011, the Company and Burberry Group began to explore ways to work more closely together to realize the brand’s potential and we are currently in discussions regarding the potential establishment of a new operating structure for the Burberry fragrance and beauty business. As there can be no assurance that an agreement will be reached, Burberry has exercised its right to evaluate the purchase price for the unexpired term of the existing license. In this process, Burberry has until July 31, 2012 to determine whether it wishes to buy out the unexpired portion of the license as of December 31, 2012 or continue the existing contract which runs through December 31, 2017.

 

LANVIN — In July 2007 we acquired the worldwide rights to the Lanvin brand names and international trademarks listed in Class 3 that we had previously licensed in June 2004. A synonym of luxury and elegance, the Lanvin fashion house, founded in 1889 by Jeanne Lanvin, expanded into fragrances in the 1920s.

 

Today, Lanvin fragrances occupy important positions in the selective distribution market in France, Europe and Asia. Current lines in distribution include: Arpège (1927), Lanvin L’Homme (1997), Eclat d’Arpège (2002), Arpège pour Homme (2005), Rumeur (2006), Rumeur 2 Rose (2007), Jeanne Lanvin (2008), Lanvin L’Homme Sport (2009), and Marry Me! (2010). With no new launches in 2011, sales of Lanvin fragrances continue to expand with steady contribution from its Eclat d’Arpège line combined with the continued growth in the Jeanne Lanvin and Marry Me! lines.

 

Jimmy Choo — In October 2009 we entered into an exclusive, worldwide license agreement that commenced on January 1, 2010 for the creation, development and distribution of fragrances under the Jimmy Choo brand.

 

With a heritage in luxury footwear, Jimmy Choo today encompasses a complete luxury lifestyle accessory brand with women's shoes, handbags, small leather goods, sunglasses and eyewear. Its products are available in the growing network of Jimmy Choo freestanding stores as well as in the most prestigious department, specialty and duty free stores worldwide.

 

We believe that this relationship with Jimmy Choo offers a perfect fit with our strategy of expanding our brand portfolio to include new universes and represents an important milestone in our development. This brand possesses the quintessential qualities to ensure the ambitious development of fragrance lines that will be supported by significant advertising commitments over the coming years.

 

In January 2011, our first fragrance under the Jimmy Choo brand was initially launched in select distribution in the United Kingdom and the United States, and this signature scent rolled out globally in Spring 2011. Throughout 2011, Jimmy Choo product sales exceeded our expectations with rapid reorders at the point of sale. Sales topped $40 million in 2011and we anticipate continued expansion in 2012.

 

6
 

 

VAN CLEEF & ARPELS — In September 2006, we entered into an exclusive, worldwide license agreement for the creation, development and distribution of fragrance and related bath and body products under the Van Cleef & Arpels brand and related trademarks.

 

Van Cleef & Arpels fragrances in current distribution include: First (1976), Van Cleef pour Homme (1978), Tsar (1989), Van Cleef (1994), First 1er Bouquet (2008), Féerie (2008), Collection Extraordinaire (2009), Oriens (2010), Midnight in Paris (2010).

 

For the past two years we have been fine tuning the product range and repositioning our Van Cleef & Arpels fragrances in the exclusive high-end segment. With two new product launches in 2010 and no new launches in 2011, we saw sales decline of approximately 21% in local currency in 2011. We hope to reverse that trend with a new line for Van Cleef & Arpels, which is under development with an expected launch in 2013.

 

Montblanc — In January 2010 we entered into an exclusive, worldwide license agreement, commencing on July 1, 2010, for the creation, development and distribution of fragrances and fragrance related products under the Montblanc brand.

 

Montblanc has achieved a world-renowned position in the luxury segment and has become a purveyor of exclusive products which reflect today’s exacting demands for timeless design, tradition and master craftsmanship. Through its leadership positions in writing instruments, watches and leather goods, promising growth outlook in women's jewelry, active presence in more than 70 countries, network of more than 350 boutiques worldwide and high standards of product design and quality, Montblanc offers our company growth potential for development in fragrances and ancillary products.

 

On July 1, 2010 we commenced distribution of Montblanc’s legacy fragrances, which include: Présence (2001) , Présence D’une Femme (2002), Individuel (2004), Femme Individuelle (2004), Starwalker (2005), Femme de Montblanc (2006) and Homme Exceptionnel (2006).

 

In the Spring 2011 we launched a new Montblanc fragrance, Legend, the success of which significantly exceeded our initial expectations. For 2011, Montblanc fragrance sales aggregated $42.5 million. For 2012, we are developing our first women’s fragrance under the Montblanc brand.

 

PAUL SMITH — We signed an exclusive license agreement with Paul Smith in December 1998, for the creation, development and worldwide distribution of Paul Smith perfumes and cosmetics. In July 2008 we extended this license for an additional seven years through December 31, 2017.

 

Paul Smith is an internationally renowned British designer who creates fashion with a clear identity. Paul Smith has a modern style which combines elegance, inventiveness and a sense of humor and enjoys a loyal following, especially in the UK and Japan. Fragrances include: Paul Smith (2000), Paul Smith Extrême (2002),Paul Smith Story (2006), Paul Smith Rose (2007) Paul Smith Man (2009), Paul Smith Man 2 (2010) and Optimistic (2011).

 

7
 

 

S.T. DUPONT — In June 1997 we signed an exclusive license agreement with S.T. Dupont for the creation, manufacture and worldwide distribution of S.T. Dupont perfumes. In 2011 the agreement was renewed and now runs through December 31, 2016. S.T. Dupont is a French luxury goods house founded in 1872, which is known for its fine writing instruments, lighters and leather goods.

 

S.T. Dupont fragrances include: S.T. Dupont (1998), S.T. Dupont Essence Pure (2002), L’Eau de S.T. Dupont (2004), S.T. Dupont Noir (2006), S.T. Dupont Blanc (2007), S.T. Dupont Passenger (2008), S.T. Dupont Rose (2009), S.T. Dupont Intense (2009), Miss Dupont (2010), S.T. Dupont Passenger Cruise (2011).

 

Boucheron – In December 2010, we entered into an exclusive, worldwide license agreement for the creation, development and distribution of fragrance and related bath and body products under the Boucheron brand.

 

Boucheron is the French jeweler "par excellence". Founded by Frederic Boucheron in 1858, the House has produced some of the world’s most beautiful and precious creations. Today Boucheron creates jewelry and timepieces and, under license from global brand leaders, fragrances and sunglasses. Currently Boucheron operates through over 40 boutiques worldwide as well as an e-commerce site.

 

The transfer of existing inventory from the former licensee was completed early in 2011, and we then commenced distribution of Boucheron’s legacy fragrances. We have completed development of our first new fragrance under the Boucheron brand, which is scheduled for a 2012 launch.

 

BALMAIN

 

In July 2011 we entered into a twelve-year exclusive worldwide license agreement to create, produce and distribute perfumes and ancillary products under the Balmain brand. Our rights under the agreement commenced on January 1, 2012 when we took over the production and distribution of existing Balmain fragrances for men and women.

 

The Balmain couture house was founded in 1945 by Pierre Balmain. In recent years, Balmain has undergone a significant transformation. With the redefinition of its image in ready-to-wear, the brand has become a reference for style, while retaining its distinctive design codes from the haute couture universe. On the strength of its creativity and know-how, the brand has become a major trendsetter.

 

REPETTO

 

In December 2011 we entered into a thirteen-year exclusive worldwide license agreement to create, produce and distribute perfumes and ancillary products under the Repetto brand. Our rights under the agreement commenced on January 1, 2012.

 

8
 

 

Created in 1947 by Rose Repetto at the request of her son, dancer and choreographer Roland Petit, Repetto is today a legendary name in the world of dance. For a number of years it has developed timeless and must-have collections with a fully modernized signature style ranging from dance shoes, ballet slippers, flat shoes, and sandals to more recently handbags and high-end accessories.

 

With an ambitious plan of international expansion (27 new stores opened in 2011, 22 new points of sale planned for 2012) focusing mainly on Europe, the brand is now branching out into Asia, notably South Korea and Japan where its mix of cross-generational appeal and French chic has met with unprecedented enthusiasm. We expect our first fragrance line to be launched in 2013.

 

Prestige Skin Care & Cosmetics

 

BURBERRY — In July 2010, Burberry Beauty, the nearly 100 SKU color cosmetic collection, began its rollout to approximately 30 major retail locations globally, including Harrods in London and five Nordstrom locations in the U.S., Holt Renfrew in Canada, Galeries Lafayette in France and Lane Crawford in Hong Kong. The launch of this cosmetics line required a significant investment in its first year to develop the product, build cosmetic counters, hire and train personnel. We believe the Burberry Beauty line is an important step to reach new customers and increase brand exposure worldwide.

 

We rolled out additional products throughout 2011 and distribution was expanded by approximately sixty additional retail outlets for a current total of approximately ninety. We are currently reviewing Burberry Beauty results as well as the anticipated financial commitment which may be necessary in order to determine the appropriate level of distribution for Burberry Beauty in the years to come.

 

NICKEL — Established in 1996, Nickel has developed two innovative concepts in the world of cosmetics: spas exclusively for male customers and skin care products for men. The Nickel skin care products for the face and body are sold through prestige department and specialty stores primarily in Western Europe and the United States, as well as through our men’s spas in Paris and New York and our licensed spa in London.

 

Our current focus is on skin care products and we have launched several new skin care categories under the brand name. We intend to continue to develop new and innovative skincare products under the Nickel brand in an attempt to grow the business.

 

Specialty Retail and Designer Products

 

Specialty retail has become an important part of our overall business, and our United States operations are continuing to expand the global distribution of the specialty retail brands with which we have partnered. In addition, we have been approached by other specialty retailers to determine if there is interest in establishing a relationship whereby we would design, produce and manufacture fragrance and fragrance related products similar to our existing relationships. However, we cannot assure you that we will be able to enter into any similar future arrangements, or if we do, that any such arrangement would be on terms favorable to us or would be successful.

 

9
 

 

In connection with our specialty retail agreements in our United States operations, we design, produce and manufacture fragrance and fragrance related products for brand name specialty retailers, primarily for sale in their retail stores. This specialty retail business began in 2005 with the signing of an exclusive agreement with The Gap, Inc. covering the Gap and Banana Republic brands in the United States and Canada. We have expanded this business through the years and currently have agreements in place with Brooks Brothers, bebe Stores, Nine West, Betsey Johnson, Lane Bryant and Anna Sui. Our exclusive agreements for specialty retail brands and their expiration dates are as follows:

 

Brand Name Expiration Date  
     
The Gap Inc. December 31, 2014  
Brooks Brothers December 31, 2013, plus a 5-year optional term if certain sales targets are met
New York & Company October 8, 2012  
bebe Stores June 30, 2014, plus three, 3-year optional terms, if certain sales targets are met
Nine West December 31, 2016, plus two consecutive 3-year optional terms if certain conditions are met
Betsey Johnson December 31, 2015, plus a 5-year optional term if certain conditions are met
Lane Bryant December 31, 2015  
Anna Sui December 31, 2021, plus  two five-year  optional terms if certain conditions are met

 

In addition, our agreements for the Gap, Banana Republic, Brooks Brothers, bebe, Nine West, Betsey Johnson and Ana Sui brands include a license component for worldwide sales to select third party retailers and distributors, in return for royalty payments and certain advertising expenditures as are customary in our industry.

 

Gap and Banana Republic

 

In July 2005, we entered into an exclusive agreement with The Gap, Inc. to develop, produce, manufacture and distribute fragrance and fragrance related products for Gap and Banana Republic brand names to be sold in Gap and Banana Republic retail stores in the United States and Canada. In March 2006, the agreement was amended to include fragrance and fragrance related products for Gap Outlet and Banana Republic Factory Stores in the United States and Canada.

 

10
 

 

In 2008 we expanded our relationship with Gap Inc. to include a licensing agreement for international distribution of personal care products created for the Gap and Banana Republic brands. We entered into this license agreement to capitalize on cross-border brand awareness of Gap’s iconic American style and Banana Republic’s affordable luxury, which we have interpreted into a brand-specific assortment of fragrance and fragrance related products. In addition, our long-established relationships with distributors in over 120 countries, and our current infrastructure enabled us to rollout Gap and Banana Republic products to select department stores, perfumeries, travel retailers, military bases and other appropriate retail outlets around the world.

 

In July 2011, we renewed our exclusive agreement with The Gap, Inc. to develop, produce, manufacture and distribute fragrances for Gap and Banana Republic brand names to be sold in Gap and Banana Republic retail stores in the United States and Canada. In July 2011, we also renewed our license agreement with The Gap Inc. for international distribution of fragrances through Gap and Banana Republic stores as well as select specialty and department stores outside the United States, including duty-free and other travel related retailers. These renewal agreements, which became effective on January 1, 2012, run through December 31, 2014.

 

Gap scents in current distribution include: Close (2009), Stay (2010), Core (2010), Deep (2011) and Near (2011). International distribution began in the Fall of 2009, including an exclusive launch at 240 Sephora doors in Europe. Banana Republic products currently available include: Classic (1995), W (1995), Alabaster (2006), Jade (2006), Rosewood (2006), Slate (2006), Black Walnut (2006), Cordovan (2007), Malachite (2007), Republic of Women (2009), Republic of Men (2009) and Wildbloom (2011).

 

For 2012, we also have several new products and new product extensions in the works.

 

bebe Stores

 

In July 2008, we entered into an exclusive six-year worldwide agreement with bebe Stores, Inc., under which we design, manufacture and supply fragrance, bath and body products and color cosmetics for company-owned bebe stores in the United States and Canada, as well as select specialty and department stores worldwide. We have incorporated bebe’s signature look into fragrance and cosmetics for the brand’s strong, hip, sexy, and sophisticated clientele.

 

Our bebe signature fragrance was unveiled at more than 200 bebe stores in the U.S. in August 2009, which was followed by worldwide distribution shortly thereafter. Scents currently available for domestic and international markets include: bebe (2009), bebe Sheer (2010) and bebe gold (2011).

 

We are currently working on new products and new product extensions for the bebe brand.

 

Nine West

 

In July 2010, we entered into an exclusive worldwide license agreement with Nine West Development Corporation for the creation, production, marketing and global distribution of women’s fragrances under the Nine West brand. The agreement provides for direct sales to Nine West retail stores in the United States, as well as a licensing component, enabling us to sell women's fragrances to better department stores and specialty retailers worldwide.

 

11
 

 

Under the agreement, the initial Nine West signature fragrance will be marketed and sold globally in better department stores, specialty retailers and Nine West retail stores. Nine West is currently sold in 59 countries with flagship stores in leading cities, including New York, Toronto, London, Paris, Tokyo, Hong Kong, Shanghai and Beijing.

 

Nine West is a subsidiary of Jones Apparel Group, Inc., and a leading designer, marketer and wholesaler of branded apparel, footwear and accessories. Our first fragrance for Nine West Love Fury launched in the first quarter of 2012.

 

Betsey Johnson

 

In July 2010, we entered into an exclusive worldwide agreement for the Betsey Johnson brand, under which we design, manufacture and sell fragrance, color cosmetics as well as other personal care products across a broad retail spectrum. The agreement encompasses both direct sales to global Betsey Johnson stores and e-commerce site, as well as a licensing component, enabling us to sell these fragrance and beauty products to specialty and department stores as well as other retail outlets worldwide.

 

New York designer Betsey Johnson joined forces with Chantal Bacon in 1978 and started the Betsey Johnson label, as it is known today. Beginning in 2004, the Betsey Johnson label expanded as a lifestyle brand with the introduction of intimates, handbags and leather goods, footwear, watches, jewelry, eyewear, swimwear, legwear and outerwear. Today there are over sixty-five Betsey Johnson stores worldwide as well as an established wholesale business in international markets.

 

We believe Betsey Johnson fashion is forever feminine, sometimes whimsical but always recognizable. We envision building an upscale fragrance and beauty enterprise around the qualities that have defined and redefined the Betsey Johnson label for over 30 years. Our first product launch under the Betsey Johnson brand occurred in the second half of 2010 with a new take on the designer’s vintage fragrance exclusively for Betsey Johnson. In the second half of the 2011, we launched of our first new Betsey Johnson scent, Too Too, with initial distribution in the designer’s stores as well as Sephora stores in the U.S. In 2012, we plan to continue to roll-out distribution of Betsey Johnson Too Too.

 

Lane Bryant

 

In March 2011, we entered into an exclusive agreement with a unit of Charming Shoppes, Inc. for its flagship brand, Lane Bryant. Under the agreement, Inter Parfums designs and manufactures personal care products for the Lane Bryant brand to be sold in Lane Bryant stores. Lane Bryant is responsible for marketing, promoting and selling these products.

 

12
 

 

In Spring 2011, we commenced shipments of a line of performance-based bath, body and specialty products, to be sold under Lane Bryant’s Cacique® brand at approximately 130 Lane Bryant stores. Chain wide rollout is anticipated in early 2012. In addition, a signature fragrance was launched in time for the 2011 holiday season.

 

Anna Sui

 

In June 2011, we entered into a ten-year exclusive worldwide fragrance license agreement to produce and distribute perfumes and fragrance-related products under the Anna Sui brand. Our rights under the agreement commenced on January 1, 2012 when we took over production and distribution of the existing Anna Sui fragrance collections.

 

We will work in partnership with American designer, Anna Sui, and her creative team to build upon the brand’s growing customer appeal, and develop new fragrances that capture the brand’s very sweet feminine girly aspect, combined with touch of nostalgia, hipness and rock-and-roll. Anna Sui’s devoted customer base, which spans the world, is especially strong in Asia.We have high expectations for growing the Anna Sui fragrance franchise by developing new products and expanding the brand’s fragrance presence in North America, Europe and the Middle East.

 

Our first new women’s scent for Anna Sui is planned for Fall 2012.

 

Brooks Brothers

 

In November 2007, we entered into an exclusive agreement with Retail Brand Alliance, Inc. covering the design, manufacture and supply of personal care products for men and women to be sold at Brooks Brothers locations in the United States as well as a licensing agreement covering Brooks Brothers stores and specialty and department stores outside the United States and duty free and other travel-related retailers.

 

Brooks Brothers product lines currently available include: Brooks Brothers New York (2008), Black Fleece (2009), Brooks Brothers Madison (2010), and a trio of scents Black Fleece Red, White, & Blue (2010).

 

New York & Company

 

In April 2007 we signed an exclusive agreement with New York & Company, Inc. under which we design and manufacture a personal care products sold at the New York & Company retail locations and on their website. Pursuant to the agreement, we are responsible for product development, formula creation, packaging and manufacturing while New York & Company is responsible for marketing and selling in its stores.

 

We developed products designed for the target New York & Company customer, the fashion-conscious, value-sensitive women. Unfortunately the line was not successful and was subsequently discontinued. We have also launched a fragrance for New York & Company and supplied their stores with color cosmetic products. However, with no new product development in process, we anticipate that this agreement will end at its expiration in October 2012.

 

13
 

 

Other Specialty Retail

 

During 2010, we also developed two programs for Anthropologie stores, Happ & Stahns and the LeLabo collection, both of which have made their debut in 2010. In July 2011 Happ + Stahns 1842 Rosa Alba won the 2011 HBA International Packaging Design Award in the Prestige Fragrance category. The winner in this category was voted on by 100 industry professionals.

 

Mass Market Products

 

Our mass market products are comprised of fragrances and fragrance related products. We produce a variety of alternative designer fragrances and personal care products that sell at a substantial discount from their brand name counterparts. Our alternative designer fragrances are similar in scent to highly advertised designer fragrances that are marketed at a higher retail price. Our mass market fragrance brands include several proprietary brand names as well as a license for the Jordache brand. We also market our Aziza line of low priced eye shadow kits, mascara, and pencils, focusing on the young teen market and a line of health and beauty aids under our Intimate and Johnson Parker brands, including shampoo, conditioner, hand lotion and baby oil. All of these products are distributed to the same mass market retailers and discount chains.

 

Business Strategy

 

Focus on prestige beauty brands. Prestige beauty brands are expected to contribute significantly to our growth as it represented 90% of total business in 2011. We focus on developing and launching quality fragrances utilizing internationally renowned brand names. By identifying and concentrating in the most receptive market segments and territories where our brands are known, and executing highly targeted launches that capture the essence of the brand, we have had a history of successful launches. Certain fashion designers and other licensors choose Inter Parfums as a partner because our Company’s size enables us to work more closely with them in the product development process as well as our successful track record.

 

Grow portfolio brands through new product development and marketing. We grow through the creation of fragrance family extensions within the existing brands in our portfolio. Every year or two we create a new family of fragrances for each brand in our portfolio. We frequently introduce “seasonal” fragrances as well. With new introductions, we leverage our ability and experience to gauge trends in the market and further leverage the brand name into different product families in order to maximize sales and profit potential. We have had success in introducing new fragrance families (sub-brands, or flanker brands) within our brand franchises. Furthermore, we promote the smooth and consistent performance of our prestige perfume operations through knowledge of the market, detailed analysis of the image and potential of each brand name, a “good dose” of creativity and a highly professional approach to international distribution channels.

 

14
 

 

Continue to add new brands to our portfolio, through new licenses or acquisitions. Prestige brands are the core of our business and we intend to add new prestige beauty brands to our portfolio. Over the past twenty years, we have built our portfolio of well-known prestige brands through acquisitions and new license agreements. We intend to further build on our success in prestige fragrances and pursue new licenses and acquire new brands to strengthen our position in the prestige beauty market. We identify prestige brands that can be developed and marketed into a full and varied product families and, with our technical knowledge and practical experience gained over time, take licensed brand names through all phases of concept, development, manufacturing, marketing and distribution.

 

Expand existing portfolio into new categories. We intend to continue to broaden our product offering beyond the fragrance category and offer other fragrance related products and personal care products such as skin care, cosmetics and hair care under some of our existing brands. We believe such product offerings meet customer needs and further strengthen customer loyalty. We also plan to draw upon the skin care product expertise that the Nickel team brings, as we explore other opportunities in the treatment side of the beauty business beyond the Nickel brand.

 

Continue to build global distribution footprint. Our business is a global business and we intend to continue to build our global distribution footprint. In order to adapt to changes in the environment and our business, we have modified our distribution model and have formed and are operating joint ventures or distribution subsidiaries in the major markets of the United States, United Kingdom, Italy, Spain and Germany for distribution of prestige fragrances.

 

We might enter into future joint ventures arrangements or acquire distribution companies within other key markets to distribute certain of our prestige brands. However, we cannot assure you that we will be able to enter into any future joint venture arrangements or acquire distribution companies on terms favorable to us, or if we do, that any such transaction will be successful. We believe that in certain markets vertical integration of our distribution network is one of the keys to future growth of our company, and ownership of such distribution should enable us to better serve our customers’ needs in local markets and adapt more quickly as situations may determine.

 

Build specialty retail business. We believe the beauty industry has experienced a significant growth in specialty retail, and we now have agreements in place for the following brands, Gap and Banana Republic, New York & Company, Brooks Brothers, bebe, Nine West, Betsey Johnson, Lane Bryant and Anna Sui. We are responsible for product development, formula creation, packaging and manufacturing under all of those brands. We also develop product and supply fragrances for Anthropologie stores, catalog and its internet business on an as needed and when ordered basis. Gap, Banana Republic, New York & Company, Retail Brand Alliance (for Brooks Brothers), bebe Stores, Inc., Anthropologie, Nine West, Betsey Johnson, Lane Bryant and Anna Sui are innovative specialty retailers which offer a variety of lifestyle merchandise to highly defined customer niches.

 

In addition, we have been approached by other specialty retailers to determine if there is interest in establishing a relationship whereby we would design, produce and manufacture fragrance and fragrance related products similar to our existing relationships with specialty retailers. However, we cannot assure you that we will be able to enter into any similar future arrangements on terms favorable to us, or if we do, that any such arrangements will be successful.

 

15
 

 

Production and Supply

 

The stages of the development and production process for all fragrances are as follows:

 

·Simultaneous discussions with perfume designers and creators (includes analysis of esthetic and olfactory trends, target clientele and market communication approach);

 

·Concept choice;

 

·Produce mock-ups for final acceptance of bottles and packaging;

 

·Receive bids from component suppliers (glass makers, plastic processors, printers, etc.) and packaging companies;

 

·Choose our suppliers;

 

·Schedule production and packaging;

 

·Issue component purchase orders;

 

·Follow quality control procedures for incoming components; and

 

·Follow packaging and inventory control procedures.

 

Suppliers who assist us with product development include:

 

·Independent perfumery design companies (Federico Restrepo, Fabien Baron, Aesthete, Ateliers Dinand);

 

·Perfumers (IFF, Firmenich, Robertet, Givaudan, Takasago) which create a fragrance consistent with our expectations and, that of the fragrance designers and creators;

 

·Contract manufacturers of components such as glassware (Saint Gobain, Saverglass, Pochet, Nouvelles Verreries de Momignie), caps (MT Packaging, Codiplas, Risdon, Newburgh) or boxes (Printor Packaging, Draeger);

 

·Production specialists who carry out packaging (MF Production, Brand, CCI, IKI Manufacturing) or logistics (SAGA for storage, order preparation and shipment).

 

16
 

 

For our prestige products, approximately 80% of component and production needs are purchased from approximately 50 suppliers out of a total of over 180 active suppliers. The suppliers' accounts for our European operations are primarily settled in euro and for our United States operations, suppliers' accounts are primarily settled in U.S. dollars. The components for our specialty retail products are sourced and our specialty retail products are primarily produced and filled in the United States, and our mass market products are manufactured, produced or filled in the United States or China.

 

Marketing and Distribution

 

Prestige Products

 

Our prestige products are distributed in over 120 countries around the world through a selective distribution network. For the majority of our international distribution of prestige products, we contract with independent distribution companies specializing in luxury goods. In each country, we designate anywhere from one to three distributors on an exclusive basis for one or more of our name brands. We also distribute our prestige products through a variety of duty-free operators, such as airports and airlines and select vacation destinations.

 

As our business is a global business, we intend to continue to build our global distribution footprint. We presently operate through our distribution subsidiaries in the major markets of the United Kingdom, Italy, Spain and Germany for distribution of prestige fragrances. In addition, during 2010 we formed Interparfums Luxury Brands, Inc., a Delaware corporation and subsidiary of our French subsidiary Interparfums SA, for distribution of prestige brands in the United States. It has also entered into an agreement with Clarins Fragrance Group US (a Division of Clarins Group) effective January 1, 2011. Shipments to these subsidiaries are not recognized as sales until that merchandise is sold by our distribution subsidiary to its customers.

 

Further, we may enter into future joint ventures arrangements or acquire distribution companies within other key markets to distribute certain of our licensed prestige brands. However, we cannot assure you that we will be able to enter into any future joint venture arrangements or acquire distribution companies on terms favorable to us, or if we do, that any such transaction will be successful. We believe that in certain markets vertical integration of our distribution network is one of the keys to future growth of our company, and ownership of such distribution should enable us to better serve our customers’ needs in local markets and adapt more quickly as situations may determine.

 

Our third party distributors vary in size depending on the number of competing brands they represent. This extensive and diverse network together with our own distribution subsidiaries provides us with a significant presence in over 120 countries around the world.

 

Approximately 40% of our prestige fragrance net sales are denominated in U.S. dollars. We address certain financial exposures through a controlled program of risk management that includes the use of derivative financial instruments.  We primarily enter into foreign currency forward exchange contracts to reduce the effects of fluctuating foreign currency exchange rates. 

 

The business of our European operations has become increasingly seasonal due to the timing of shipments by our majority-owned distribution subsidiaries to their customers, which are weighted to the second half of the year.

 

17
 

 

Specialty Retail and Mass Market Products

 

We do not presently market and distribute Gap, Banana Republic, New York & Company, Brooks Brothers or Lane Bryant specialty retail products to third parties in the United States. Marketing and distribution for such brands are the responsibility of the brand owners which market and sell the products we produce in their own retail locations. However, with respect to our agreements with bebe Stores, Inc., Nine West, Betsey Johnson and Anna Sui, we distribute or plan to distribute product to their stores as well as to other retail outlets and department stores within the United States.

 

With respect to Gap, Banana Republic, Brooks Brothers, bebe brands, Nine West, Betsey Johnson and Anna Sui, we also distribute or plan to distribute product to specialty retailers and department stores outside the United States including duty free and other travel-related retailers. We utilize our in house sales team to reach our distributors and customers outside the United States.

 

In addition, the business of our United States operations has become increasingly seasonal as shipments to our specialty retail customers are weighted toward the second half of the year.

 

Mass merchandisers are the target customers for our mass market products. In addition, our mass market products are sold to wholesale distributors, specialty store chains, and to multiple locations of accessory, jewelry and clothing outlets. These products are sold through a highly efficient and dedicated in-house sales team and reach approximately 10,000 retail outlets throughout the United States and abroad.

 

Geographic Areas

 

United States export sales were approximately $24.9 million, $25.7 million and $14.0 million in 2011, 2010 and 2009, respectively. Consolidated net sales to customers by region are as follows:

 

(in thousands)  Year ended December 31, 
   2011   2010   2009 
North America  $150,000   $91,200   $96,800 
Europe   246,000    211,800    184,900 
Central and South America   61,000    41,900    29,300 
Middle East   57,000    45,500    42,300 
Asia   95,000    66,500    53,600 
Other   6,200    3,500    2,600 
                
   $615,200   $460,400   $409,500 

 

18
 

 

Consolidated net sales to customers in major countries are as follows:

 

(in thousands)  Year Ended December 31, 
   2011   2010   2009 
United States  $138,000   $86,000   $88,000 
United Kingdom  $45,000   $35,000   $31,000 
France  $48,000   $37,000   $37,000 

 

Competition

 

The market for fragrances and fragrance related products is highly competitive and sensitive to changing preferences and demands. The prestige fragrance industry is highly concentrated around certain major players with resources far greater than ours. We compete with an original strategy, regular and methodical development of quality fragrances for a growing portfolio of internationally renowned brand names.

 

In the specialty retail market in the U.S., we primarily sell products or plan to sell products directly to select specialty retailers such as Gap and Banana Republic, New York & Company, Brooks Brothers, bebe, Nine West, Betsey Johnson and Lane Bryant, so we do not have any direct competition, other than third parties who may also have the knowhow and capacity to develop, manufacture and ship product to specialty retailers. However, such special retail stores compete directly with other specialty retail stores such as Abercrombie & Fitch, American Eagle and Victoria’s Secret, which thereby indirectly compete with us.

 

We compete in the mass market for fragrances, color cosmetics and health and beauty aids primarily on the basis of price. At the present time, we are aware of approximately four established companies which market alternative designer fragrances similar to ours. Many of our competitors of both mass market color cosmetics (such as L’Oreal and Revlon) and health and beauty aids (such as Procter & Gamble) have substantial financial resources as well as national and international marketing campaigns. However, we believe that consumer recognition of our two brands, Aziza for mass market color cosmetics, and Intimate for health and beauty aids, together with competitive pricing of our products, helps us compete in those markets.

 

Inventory

 

We purchase raw materials and component parts from suppliers based on internal estimates of anticipated need for finished goods, which enables us to meet production requirements for finished goods. We generally deliver product to customers within 72 hours of the receipt of their orders. Our business is not capital intensive, and it is important to note that we do not own manufacturing facilities. We act as a general contractor and source our needed components from our suppliers. These components are received at one of our distribution centers and then, based upon production needs, the components are sent to one of several third party fillers which manufacture the finished product for us and then deliver them to one of our distribution centers.

 

19
 

 

Product Liability

 

We maintain product liability coverage in an amount of $5,000,000. Based upon our experience, we believe this coverage is adequate and covers substantially all of the exposure we may have with respect to our products. We have never been the subject of any material product liability claims.

 

Government Regulation

 

A fragrance is defined as a “cosmetic” under the Federal Food, Drug and Cosmetics Act. A fragrance must comply with the labeling requirements of this FDC Act as well as the Fair Packaging and Labeling Act and its regulations. Some of our color cosmetic products may contain menthol and are also classified as a “drug”. Under U.S. law, a product may be classified as both a cosmetic and a drug. Additional regulatory requirements for products which are “drugs” include additional labeling requirements, registration of the manufacturer and the semi-annual update of a drug list.

 

Our fragrances are subject to the approval of the Bureau of Alcohol, Tobacco and Firearms as a result of the use of specially denatured alcohol. So far we have not experienced any difficulties in obtaining the required approvals.

 

Our fragrances that are manufactured in France are subject to certain regulatory requirements of the European Union, but as of the date of this report, we have not experienced any material difficulties in complying with such requirements.

 

Trademarks

 

The market for our products depends to a significant extent upon the value associated with our trademarks and brand names. We own, or have licenses or other rights to use, the material trademark and brand name rights used in connection with the packaging, marketing and distribution of our major products both in the United States and in other countries where such products are principally sold. Therefore, trademark and brand name protection is important to our business. Although most of the brand names we license, use or own are registered in the United States and in certain foreign countries in which we operate, we may not be successful in asserting trademark or brand name protection. In addition, the laws of certain foreign countries may not protect our intellectual property rights to the same extent as the laws of the United States. The costs required to protect our trademarks and brand names may be substantial.

 

20
 

 

Under various license and other agreements we have the right to use certain registered trademarks throughout the world (except as otherwise noted) for fragrances and fragrance related products. These registered trademarks include:

 

·Burberry
·Van Cleef & Arpels
·Jimmy Choo
·Montblanc
·Boucheron
·Balmain
·Repetto
·Gap
·Banana Republic
·New York & Company (U.S. only)
·Brooks Brothers
·bebe
·Nine West
·Betsey Johnson
·Lane Bryant (U.S. only)
·Anna Sui
·S.T. Dupont
·Paul Smith
·Jordache

 

In addition, we are the registered trademark owner of several trademarks for fragrances and fragrance related products, including:

 

·Lanvin
·Intimate
·Aziza
·Nickel
·Tristar, Regal Collections, Royal Selections and Apple

 

Employees

 

As of March 1, 2012 we had 283 full-time employees world-wide. Of these, 180 are full-time employees of our European operations, with 71 employees engaged in sales activities and 109 in administrative, production and marketing activities. Our United States operations have 103 employees, and of these, 41 were engaged in sales activities and 62 in administrative, production and marketing activities. We believe that our relationship with our employees is good.

 

Item 1A.   Risk Factors.

 

You should carefully consider these risk factors before you decide to purchase or sell shares of our common stock. These factors could cause our future results to differ materially from those expressed or implied in forward-looking statements made by us. The trading price of our common stock could decline due to any of these risks, and you may lose all or part of your investment.

 

21
 

 

We are dependent upon Burberry for a significant portion of our sales, and Burberry has the right to purchase the unexpired term of its license from us. The loss of this license will have a material adverse effect on us.

 

Burberry is our most significant license, as sales of Burberry products represented 50%, 53% and 57% of net sales for the years ended December 31, 2011, 2010 and 2009, respectively. Our Paris-based subsidiary, Interparfums SA, has been the worldwide, exclusive licensee for Burberry fragrances since our initial license agreement in 1993. Such license agreement was superseded by our subsequent license agreement dated October 12, 2004.

 

In December 2011, Interparfums SA and Burberry Group commenced discussions regarding the establishment of a new operating structure for the Burberry fragrance and beauty business. As of the date of this report, those discussions are continuing. We cannot assure you that any agreement will be reached, or if we reach an agreement, that it will be on terms favorable to us.

 

As there can be no assurance that an agreement will be reached, Burberry has exercised its right to evaluate the purchase price for the unexpired term of the existing license. In this process, Burberry has until July 31, 2012 to determine whether it wishes to buy out the unexpired portion of the license as of December 31, 2012, or continue the existing contract which runs through December 31, 2017.

 

As previously disclosed, if Burberry were to buy back the license, then the purchase price will be the greater of the fair market value of the unexpired term of the license or 70% of 2010 net wholesale sales of Burberry product.  

 

This license is subject to Interparfums SA making required royalty payments (which are subject to certain minimums), minimum advertising and promotional expenditures and meeting minimum sales requirements. This license agreement provides for termination on a change in control of either, Interparfums SA, the licensee, or Inter Parfums, Inc., the guarantor.

 

The loss of this license will have a material adverse effect on our business and operating results. Further, as the market price of our stock is related to current and estimated future operating results, the loss of this license would most likely cause a significant decline in the market price of our common stock.

 

22
 

 

We are dependent upon the continuation and renewal of various licenses and other agreements for a significant portion of our sales, and the loss of one or more licenses or agreements could have a material adverse effect on us.

 

All of our rights relating to prestige fragrance brands, other than Lanvin, as well as all of our specialty retail brands, are derived from licenses or other agreements from unaffiliated third parties and our business is dependent upon the continuation and renewal of such licenses and other agreements on terms favorable to us. Each license or agreement is for a specific term and may have additional optional terms. In addition, each license is subject to us making required royalty payments (which are subject to certain minimums), minimum advertising and promotional expenditures and meeting minimum sales requirements. Other agreements are generally subject to meeting minimum sales requirements. Just as the loss of a license or other significant agreement may have a material adverse effect on us, a renewal on less favorable terms may also negatively impact us.

 

Our business could be adversely affected by a prolonged downturn or recession in the United States, Europe or other countries in which we conduct business.

 

A prolonged economic downturn or recession in the United States, Europe or any of the other countries in which we do significant business could materially and adversely affect our business, financial condition and results of operations. In particular, such a downturn or recession could adversely impact (i) the level of spending by our ultimate consumers, (ii) our ability to collect accounts receivable on a timely basis from certain customers, (iii) our ability of certain suppliers to fill our orders for raw materials, packaging or co-packed finished goods on a timely basis, and (iv) the mix of our product sales.

 

Consumers may reduce discretionary purchases of our products as a result of a general economic downturn.

 

We believe that the high degree of global economic uncertainty could have a negative effect on consumer confidence, demand and spending. In addition, we believe that consumer spending on beauty products is influenced by general economic conditions and the availability of discretionary income. Accordingly, we may experience sustained periods of declines in sales during periods of economic downturn as it may affect customers’ purchasing patterns. In addition, a general economic downturn may result in reduced traffic in our customers’ stores which may, in turn, result in reduced net sales to our customers. Any resulting material reduction in our sales could have a material adverse effect on our business, financial condition and operating results.

 

Uncertainties and continued deterioration in global credit markets, as evidenced by reductions in sovereign credit ratings in the United States and Europe, could negatively impact suppliers, customers and consumers, which could have an adverse impact on our business as a whole.

 

Uncertainties and continued deterioration in the global credit markets as evidenced by reductions in sovereign credit ratings in the United States and Europe, could negatively impact our suppliers, customers and consumers which, in turn, could have an adverse impact on our business. While, thus far, uncertainties in global credit markets have not significantly affected our access to credit due to our strong credit rating, a further deterioration in global financial markets could make future financing difficult or more expensive. Such lack of credit or lack of credit on favorable terms could have a material adverse effect on our business, financial condition and operating results.

 

23
 

 

If our intangible assets, such as trademarks and goodwill, become impaired we may be required to record a significant non-cash charge to earnings which would negatively impact our results of operations.

 

Under United States generally accepted accounting principles, we review our intangible assets, including our trademarks licenses and goodwill, for impairment annually in the fourth quarter of each fiscal year, or more frequently if events or changes in circumstances indicate the carrying value of our intangible assets may not be fully recoverable. The carrying value of our intangible assets may not be recoverable due to factors such as reduced estimates of future cash flows, including those associated with the specific brands to which intangibles relate, or slower growth rates in our industry. Estimates of future cash flows are based on a long-term financial outlook of our operations and the specific brands to which the intangible assets relate. However, actual performance in the near-term or long-term could be materially different from these forecasts, which could impact future estimates and the recorded value of the intangibles. Any significant impairment to our intangible assets would result in a significant charge to earnings in our financial statements during the period in which the impairment is determined to exist.

 

If we are unable to protect our intellectual property rights, specifically trademarks and brand names, our ability to compete could be negatively impacted.

 

The market for our products depends to a significant extent upon the value associated with trademarks and brand names that we license, use or own. We own, or have licenses or other rights to use, the material trademark and brand name rights used in connection with the packaging, marketing and distribution of our major products both in the United States and in other countries where such products are principally sold. Therefore, trademark and brand name protection is important to our business. Although most of the brand names we license, use or own are registered in the United States and in certain foreign countries in which we operate, we may not be successful in asserting trademark or brand name protection. In addition, the laws of certain foreign countries may not protect our intellectual property rights to the same extent as the laws of the United States. The costs required to protect our trademarks and brand names may be substantial.

 

The success of our products is dependent on public taste.

 

Our revenues are substantially dependent on the success of our products, which depends upon, among other matters, pronounced and rapidly changing public tastes, factors which are difficult to predict and over which we have little, if any, control. In addition, we have to develop successful marketing, promotional and sales programs in order to sell our fragrances and fragrance related products. If we are not able to develop successful marketing, promotional and sales programs, then such failure will have a material adverse effect on our business, financial condition and operating results.

 

24
 

 

We are subject to extreme competition in the fragrance industry.

 

The market for fragrances and fragrance related products is highly competitive and sensitive to changing market preferences and demands. Many of our competitors in this market are larger than we are and have greater financial resources than are available to us, potentially allowing them greater operational flexibility. Our success in the prestige fragrance industry is dependent upon our ability to continue to generate original strategies and develop quality products that are in accord with ongoing changes in the market.

 

In the specialty retail market in the U.S. we primarily sell products or plan to sell products directly to select specialty retailers such as Gap and Banana Republic, New York & Company, Brooks Brothers, bebe, Nine West, Betsey Johnson and Lane Bryant, so we do not have any direct competition, other than third parties who may also have the knowhow and capacity to develop, manufacture and ship product to specialty retailers. However, such special retail stores compete directly with other specialty retail stores such as Abercrombie & Fitch, American Eagle and Victoria’s Secret, which thereby indirectly compete with us.

 

Our success with mass market fragrance and fragrance related products is dependent upon our ability to competitively price quality products and to quickly and efficiently develop and distribute new products.

 

If there is insufficient demand for our existing fragrances and fragrance related products, or if we do not develop future strategies and products that withstand competition or we are unsuccessful in competing on price terms, then we could experience a material adverse effect on our business, financial condition and operating results.

 

We are dependent upon specialty retailers to sell products that we develop for their retail stores.

 

We have agreements in place for specialty retail brands, Gap and Banana Republic, New York & Company, Brooks Brothers, bebe, Nine West, Betsey Johnson and Lane Bryant. We are responsible for product development, formula creation, packaging and manufacturing under all of those brands. We also develop and supply fragrances for Anthropologie stores, catalog and its internet business on an as needed and when ordered basis. These specialty retailers are responsible for marketing and selling fragrance and fragrance related products we produced in their respective stores in North America. If the sales and marketing efforts of those specialty retailers are not successful for the products that we have developed, then such unsuccessful sales and marketing efforts could have a material adverse effect on our operating results.

 

If we are unable to acquire or license additional brands, or obtain the required financing for these agreements and arrangements, then the growth of our business could be impaired.

 

Our future expansion through acquisitions or new product license or distribution arrangements, if any, will depend upon the capital resources and working capital available to us. Further, in view of the global banking crisis, we may be unable to obtain financing or credit that we may require for additional licenses, acquisitions or other transactions. We may be unsuccessful in identifying, negotiating, financing and consummating such acquisitions or arrangements on terms acceptable to us, or at all, which could hinder our ability to increase revenues and build our business.

 

25
 

 

We may engage in future acquisitions that we may not be able to successfully integrate or manage. These acquisitions may dilute our stockholders and cause us to incur debt and assume contingent liabilities.

 

We continuously review acquisition prospects that would complement our current product offerings, increase our size and geographic scope of operations or otherwise offer growth and operating efficiency opportunities. The financing, if available, for any of these acquisitions could significantly dilute our stockholders and/or result in an increase in our indebtedness. We may acquire or make investments in businesses or products in the future, and such acquisitions may entail numerous integration risks and impose costs on us, including:

 

·difficulties in assimilating acquired operations or products, including the loss of key employees from acquired businesses;
·diversion of management’s attention from our core business;
·adverse effects on existing business relationships with suppliers and customers;
·risks of entering markets in which we have no or limited prior experience;
·dilutive issuances of equity securities;
·incurrence of substantial debt;
·assumption of contingent liabilities;
·incurrence of significant amortization expenses related to intangible assets and the potential impairment of acquired assets; and
·incurrence of significant immediate write-offs.

 

Our failure to successfully complete the integration of any acquired business could have a material adverse effect on our business, financial condition and operating results.

 

We are dependent upon Messrs. Jean Madar and Philippe Benacin, and the loss of their services could harm our business.

 

Jean Madar, our Chief Executive Officer, and Philippe Benacin, our President and Chief Executive Officer of Interparfums SA, are responsible for day-to-day operations as well as major decisions. Termination of their relationships with us, whether through death, incapacity or otherwise, could have a material adverse effect on our operations, and we cannot assure you that qualified replacements can be found. We maintain key man insurance on the life of Mr. Benacin ($20.0 million). However, we cannot assure you that we would be able to retain suitable replacements for either Mr. Madar or Mr. Benacin.

 

Our reliance on third party manufacturers could have a material adverse effect on us.

 

We rely on outside sources to manufacture our fragrances and cosmetics. The failure of such third party manufacturers to deliver either components or finished goods on a timely basis could have a material adverse effect on our business. Although we believe there are alternate manufacturers available to supply our requirements, we cannot assure you that current or alternative sources will be able to supply all of our demands on a timely basis. We do not intend to develop our own manufacturing capacity. As these are third parties over whom we have little or no control, the failure of such third parties to provide components or finished goods on a timely basis could have a material adverse effect on our business, financial condition and operating results.

26
 

 

Our reliance on third party distributors could have a material adverse effect on us.

 

We sell a substantial percentage of our prestige fragrances through independent distributors specializing in luxury goods. Given the growing importance of distribution, we have modified our distribution model by owning a controlling interest in certain of our distributors within key markets. However, we have little or no control over third party distributors and the failure of such third parties to provide services on a timely basis could have a material adverse effect on our business, financial condition and operating results. In addition, if we replace existing third party distributors with new third party distributors or with our own distribution arrangements, then transition issues could have a material adverse effect on our business, financial condition and operating results.

 

The loss of or disruption in our distribution facilities could have a material adverse effect on our business, financial condition and operating results.

 

We currently have one distribution facility in Paris and one in New Jersey.  The loss of one or both of those facilities, as well as the inventory stored in those facilities, would require us to find replacement facilities and assets. In addition, terrorist attacks, weather conditions, or natural disasters, could disrupt our distribution operations. If we cannot replace our distribution capacity and inventory in a timely, cost-efficient manner, it could have a material adverse effect on our business, financial condition and operating results.

 

Changes in laws, regulations and policies that affect our business could adversely affect our financial results.

 

Our business is subject to numerous laws, regulations and policies.  Changes in the laws, regulations and policies, including the interpretation or enforcement thereof, that affect, or will affect, our business, including changes in accounting standards, tax laws and regulations, environmental or climate change laws, regulations or accords, trade rules and customs regulations, and the outcome and expense of legal or regulatory proceedings, and any action we may take as a result could adversely affect our financial results.

 

Our success depends, in part, on the quality and safety of our products.

 

Our success depends, in part, on the quality and safety of our products.  If our products are found to be defective or unsafe, or if they otherwise fail to meet our consumers’ standards, our relationships with customers or consumers could suffer, the appeal of one or more of our brands could be diminished, and we could lose sales and/or become subject to liability claims, any of which could result in a material adverse effect on our business, results of operations and financial condition.

 

27
 

 

The international character of our business renders us subject to fluctuation in foreign currency exchange rates and international trade tariffs, barriers and other restrictions.

 

A substantial portion of our European operations’ net sales (approximately 40% in 2011) are sold in U.S. dollars. In an effort to reduce our exposure to foreign currency exchange fluctuations, we engage in a controlled program of risk management that includes the use of derivative financial instruments. Despite such actions, fluctuations in foreign currency exchange rates for the U.S. dollar, particularly with respect to the euro, could have a material adverse effect on our operating results. Possible import, export, tariff and other trade barriers, which could be imposed by the United States, other countries or the European Union might also have a material adverse effect on our operating results.

 

Our business is subject to governmental regulation, which could impact our operations.

 

Fragrances and fragrance related products must comply with the labeling requirements of the Federal Food, Drug and Cosmetics Act as well as the Fair Packaging and Labeling Act and their regulations. Some of our color cosmetic products may also be classified as a “drug”. Additional regulatory requirements for products which are “drugs” include additional labeling requirements, registration of the manufacturer and the semi-annual update of a drug list.

 

Our fragrances are subject to the approval of the Bureau of Alcohol, Tobacco and Firearms as a result of the use of specially denatured alcohol. So far we have not experienced any difficulties in obtaining the required approvals.

 

Our fragrances and fragrance related products that are manufactured in France are subject to certain regulatory requirements of the European Union, but as of the date of this report, we have not experienced any material difficulties in complying with such requirements.

 

However, we cannot assure you that, should we develop or market fragrances and fragrance related products with different ingredients, or should existing regulations or requirements be revised, we would not in the future experience difficulty in complying with such requirements, which could have a material adverse effect on our results of operations.

 

Our information systems and websites may be susceptible to outages and other risks.

 

We have information systems that support our business processes, including product development, marketing, sales, order processing, production, distribution, finance and intra-company communications. We have Internet websites in the United States and Europe. These systems may be susceptible to outages due to fire, floods, power loss, telecommunications failures, break-ins and similar events. Despite the implementation of network security measures, our systems may be vulnerable to computer viruses, break-ins and similar disruptions from unauthorized tampering. The occurrence of these or other events could disrupt or damage our information systems and adversely affect our business and results of operations.

 

28
 

 

The trading prices of our securities periodically may rise or fall based on the accuracy of predictions of our earnings or other financial performance.

 

Our business planning process is designed to maximize our long-term strength, growth and profitability, not to achieve an earnings target in any particular fiscal quarter. We believe that this longer-term focus is in the best interests of our Company and our stockholders. At the same time, however, we recognize that it may be helpful to provide investors with guidance as to our forecast of net sales and earnings per share. Accordingly, we provided guidance as to our expected net sales and earnings per share for the year ending December 31, 2012. While we generally expect to provide updates to our guidance when we report our results each fiscal quarter, we assume no responsibility to update any of our forward-looking statements at such times or otherwise. In addition, the longer-term guidance we provide is based on goals that we believe, at the time guidance is given, are reasonably attainable for growth and performance over a number of years.  Such targets are more difficult to predict than our current quarter and fiscal year expectations.

 

In all of our public statements when we make, or update, a forward-looking statement about our sales and/or earnings expectations or expectations regarding other initiatives, we accompany such statements directly, or by reference to a public document, with a list of factors that could cause our actual results to differ materially from those we expect.  Such a list is included, among other places, in our earnings press release and in our periodic filings with the Securities and Exchange Commission (e.g., in our reports on Form 10-K and Form 10-Q).  These and other factors may make it difficult for outside observers, such as research analysts, to predict what our earnings will be in any given fiscal quarter or year.

 

Outside analysts and investors have the right to make their own predictions of our financial results for any future period. Outside analysts, however, have access to no more material information about our results or plans than any other public investor, and we do not endorse their predictions as to our future performance. Nor do we assume any responsibility to correct the predictions of outside analysts or others when they differ from our own internal expectations. If and when we announce actual results that differ from those that outside analysts or others have been predicting, the market price of our securities could be affected. Investors who rely on the predictions of outside analysts or others when making investment decisions with respect to our securities do so at their own risk. We take no responsibility for any losses suffered as a result of such changes in the prices of our securities.

 

We may become subject to possible liability for improper comparative advertising or “Trade Dress”.

 

Brand name manufacturers and sellers of brand name products may make claims of improper comparative advertising or trade dress (packaging) with respect to the likelihood of confusion between some of our mass market products and those of brand name manufacturers and sellers. They may seek damages for loss of business or injunctive relief to seek to have the use of the improper comparative advertising or trade dress halted. However, we believe that our displays and packaging constitute fair competitive advertising and are not likely to cause confusion between our products and others. Further, we have not experienced to any material degree, any of such problems to date.

 

29
 

 

Item 1B.   Unresolved Staff Comments.

 

None. 

 

30
 

Item 2. Properties

 

United States Operations

 

Use   Location   Approximate
Size		   Term Expires   Other Information

Office Space-Corporate headquarters and United States operations

 

   551 Fifth Avenue, New York, NY.   15,000 square feet   February 28, 2013    

Distribution center

 

 

  

60 Stults Road

Dayton, NJ

   140,000 square feet   October 31, 2018    
 Men’s Spa   Unit C2, 300 West 14th Street, New York, N.Y.   4,500 square feet  

October 31, 2014

 

    

 

European Operations

 

Use   Location   Approximate
Size		   Term Expires   Other Information

Office Space-Paris corporate headquarters and European operations

 

  

4 Rond Point Des Champs Elysees Ground and 1st Fl. Paris, France

   571 square meters   March 2013   Lessee has early termination right every 3 years on 6 months notice

Office Space-Paris corporate headquarters and European operations

 

  

4 Rond Point Des Champs Elysees 4th Fl.

Paris, France

   540 square meters   June 2014   Lessee has early termination right every 3 years on 6 months notice

Office Space-Paris corporate headquarters and European operations

 

  

4 Rond Point Des Champs Elysees 5th Fl- left Paris, France

   155 square meters   March 2013   Lessee has early termination right on 3 months notice

Office Space-Paris corporate headquarters and European operations

 

  

4 Rond Point Des Champs Elysees 6th Fl-Right

Paris, France

   157 square meters   March 2013   Lessee has early termination right every 3 years on 6 months notice

Office Space-Paris corporate headquarters and European operations

 

  

4 Rond Point Des Champs Elysees 2nd Fl

Paris, France

   544 square meters   September 2017   Lessee has early termination right every 3 years on 6 months notice

Office Space-Paris corporate headquarters and European operations

 

  

4 Rond Point Des Champs Elysees 6th Fl

Paris, France

   60 square meters   September 2017   Lessee has early termination right every 3 years on 6 months notice

Men’s Spa

 

 

  

48 Rue des Francs Bourgeois, Paris, France

   116 square meters   June 2020   Lessee has early termination right every 3 years on 6 months notice
                 
European Distribution Center   Criquebeuf sur Seine (27340), the "Le Bosc Hetrel" business park   31,000 square meters   May 2017  and May 2020   Lease for portion of space expires May 2017

 

31
 

 

Interparfums SA has had an agreement with Sagatrans, S.A. for warehousing and distribution services for several years, and its last agreement expired in September 2011. However, we anticipate signing a new agreement with Sagatrans for warehousing and distribution services shortly. Service fees payable to Sagatrans are calculated based upon a percentage of sales, which is customary in the industry. Service fees actually paid in 2011 were €5.5 million (inclusive of €1.2 of rent). Service fees for 2012 will not include any rent and are estimated to be €4.7 million.

 

We believe our office and warehouse facilities are satisfactory for our present needs and those for the foreseeable future.

 

Item 3. Legal Proceedings

 

We are not a party to any material lawsuits.

 

32
 

 

PART II

 

Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

The Market for Our Common Stock

 

Our Company's common stock, $.001 par value per share, is traded on The Nasdaq Global Select Market under the symbol “IPAR”. The following table sets forth in dollars, the range of high and low closing prices for the past two fiscal years for our common stock.

 

Fiscal 2011  High Closing Price   Low Closing Price 
         
Fourth Quarter   19.89    13.90 
           
Third Quarter   24.80    13.75 
           
Second Quarter   23.34    17.60 
           
First Quarter   19.30    17.35 

 

Fiscal 2010  High Closing Price   Low Closing Price 
         
Fourth Quarter   19.84    16.66 
           
Third Quarter   19.00    13.74 
           
Second Quarter   17.77    13.74 
           
First Quarter   16.00    11.37 

 

As of February 10, 2012, the number of record holders, which include brokers and broker's nominees, etc., of our common stock was 50. We believe there are approximately 3,100 beneficial owners of our common stock.

 

Corporate Performance Graph

 

The following graph compares the performance for the periods indicated in the graph of our common stock with the performance of the Nasdaq Market Index and the average performance of a group of the Company’s peer corporations consisting of: Avon Products Inc., Blyth Inc., CCA Industries, Inc., Colgate-Palmolive Co., Elizabeth Arden, Inc., Estee Lauder Cosmetics, Inc., Inter Parfums, Inc., Kimberly Clark Corp., Natural Health Trends, Parlux Fragrances Inc., Physicians Formula Holdings, Revlon, Inc., Spectrum Brands, Inc., Stephan Company, Summer Infant, Inc., The Procter & Gamble Company and United Guardian, Inc. The graph assumes that the value of the investment in our common stock and each index was $100 at the beginning of the period indicated in the graph, and that all dividends were reinvested.

 

33
 

 

 

Below is the list of the data points for each year that corresponds to the lines on the above graph.

 

   12/06   12/07   12/08   12/09   12/10   12/11 
                         
Inter Parfums, Inc.   100.00    94.50    61.31    98.72    155.31    130.60 
NASDAQ Composite   100.00    110.38    65.58    95.27    112.22    110.58 
Peer Group   100.00    115.82    97.48    106.53    115.06    125.71 

 

Dividends

 

In January 2010, our board of directors authorized a 97% increase in the Company’s quarterly cash dividend from 2009 to $.065 per share, or $.26 per share on an annual basis. In January 2011 our board of directors further increased the cash dividend from $.26 per share on an annual basis to $.32 per share on an annual basis. In December 2011, our board of directors authorized the continuation of our cash dividend on an annual basis to $.32 per share for 2012. The first quarterly cash dividend for 2012 of $.08 per share is payable on April 16, 2012 to shareholders of record on March 30, 2012.

 

34
 

 

Sales of Unregistered Securities

 

The following sets forth certain information as to the sales of securities, which were not registered under the Securities Act, including options granted to purchase our common stock, during the last quarter of the last fiscal year and through the date of this report.

 

On February 1, 2012, we granted options to purchase an aggregate of 4,500 shares for a five-year period at the exercise price of $17.07 per share, the fair market value of our common stock on the date of grant, to our five non-employee directors, who are all deemed our affiliates, under our 2004 Non-Employee Director Stock Option Plan. Such options vest 25% each year over a four-year period on a cumulative basis. This transaction was exempt from the registration requirements of Section 5 of the Securities Act under Sections 4(2) and 4(6) of the Securities Act. Each option holder agreed that, if the option is exercised, the option holder would purchase his common stock for investment and not for resale to the public. Also, we provide all option holders with all reports we file with the SEC and press releases issued by us. In addition, in January 2012, our five non-employee directors exercised stock options which were expiring on January 31, 2012 to purchase an aggregate of 6,750 shares of restricted common stock. Such transactions were also exempt from the registration requirements of Section 5 of the Securities Act under Sections 4(2) and 4(6) of the Securities Act.

 

Repurchases of Our Common Stock

 

We did not repurchase any of our Common Stock during the fourth quarter of 2011.

 

35
 

 

Item 6. Selected Financial Data

 

The following selected financial data have been derived from our financial statements, and should be read in conjunction with those financial statements, including the related footnotes.

 

   Years Ended December 31, 
(In thousands except per share data)  2011   2010   2009   2008   2007 
                     
Income statement data:                         
                          
Net sales  $615,220   $460,411   $409,464   $446,124   $389,560 
                          
Cost of sales   228,446    186,401    175,296    191,915    160,137 
                          
Selling, general and administrative expenses   318,998    217,574    187,690    202,264    181,224 
                          
Operating income   66,939    56,436    44,801    51,009    47,331 
                          
Income before taxes   67,393    53,840    46,348    46,434    47,276 
                          
Net income attributable to the noncontrolling interest   10,646    9,082    7,791    6,357    6,784 
                          
Net income attributable to Inter Parfums, Inc.   32,303    26,593    22,367    23,765    23,817 
                          
Net income attributable to Inter Parfums, Inc. common shareholders’ per share:                         
Basic  $1.06   $.88   $.74   $.78   $.78 
Diluted  $1.05   $.87   $.74   $.77   $.76 
Average common shares outstanding:                         
Basic   30,515    30,361    30,100    30,621    30,666 
Diluted   30,678    30,482    30,121    30,778    31,004 
                          
Depreciation and amortization  $13,073   $9,188   $10,963   $9,925   $8,031 

 

   As at December 31, 
(In thousands except per share data)  2011   2010   2009   2008   2007 
     
Balance sheet and other data:                         
                          
Cash and cash equivalents  $35,856   $37,548   $100,467   $42,404   $90,034 
                          
Working capital   205,730    183,594    197,663    174,126    178,560 
                          
Total assets   516,034    438,105    419,088    425,137    446,052 
                          
Short-term bank debt   11,826    5,250    5,021    13,981    7,217 
                          
Long-term debt (including current portion)   4,480    16,129    29,594    41,043    59,733 
                          
Inter Parfums, Inc. shareholders’ equity   252,674    234,976    226,746    204,201    192,660 
                          
Dividends declared per share  $0.32   $0.26   $0.133   $0.133   $0.133 

 

36
 

 

 

Item 7. Management's Discussion And Analysis Of Financial Condition And Results Of Operation

 

Overview

 

We operate in the fragrance business and manufacture, market and distribute a wide array of fragrances and fragrance related products. We manage our business in two segments, European based operations and United States based operations. Certain prestige fragrance products are produced and marketed by our European operations through our 74% owned subsidiary in Paris, Interparfums SA (formerly Inter Parfums, S.A.), which is also a publicly traded company as 26% of Interparfums SA shares trade on the Euronext. Prestige cosmetics and prestige skin care products represent less than 1% of consolidated net sales.

 

We produce and distribute our European based prestige fragrance products primarily under license agreements with brand owners, and European based prestige product sales represented approximately 90% of net sales in 2011 and 88% of net sales for both 2010 and 2009. We have built a portfolio of prestige brands, which include Burberry, Lanvin, Jimmy Choo, Van Cleef & Arpels, Montblanc, Paul Smith, Boucheron, S.T. Dupont, Balmain and Repetto, whose products are distributed in over 120 countries around the world. Shipments to our distribution subsidiaries are not recognized as sales until that merchandise is sold by our distribution subsidiary to their customers.

 

Burberry is our most significant license, as sales of Burberry products represented 50%, 53% and 57% of net sales for the years ended December 31, 2011, 2010 and 2009, respectively. In addition, we own the Lanvin brand name for our class of trade and sales of Lanvin product represented 13%, 15% and 14% of net sales for the years ended December 31, 2011, 2010 and 2009, respectively.

 

Through our United States operations we market specialty retail and mass market fragrance and fragrance related products, which represented 10% of net sales in 2011 and 12% of net sales for both 2010 and 2009. These fragrance products are sold under trademarks owned by us or pursuant to license or other agreements with the owners of the Gap, Banana Republic, Anna Sui, Brooks Brothers, bebe, Betsey Johnson, Nine West, Lane Bryant and Jordache brands.

 

Historically, seasonality has not been a major factor for our Company as quarterly sales fluctuations were more influenced by the timing of new product launches than by the third and fourth quarter holiday season. However, in certain markets where we now sell direct to retailers, seasonality is more evident. In 2007 we commenced operations of our European distribution subsidiaries in Italy, Germany, Spain and the United Kingdom, and in January 2011 we commenced operations of our U. S. distribution subsidiary. In addition, our specialty retail product lines sold to U. S. retailers is also concentrated in the second half of the year.

 

37
 

 

We grow our business in two distinct ways. First, we grow by adding new brands to our portfolio, either through new licenses or other arrangements or out-right acquisitions of brands. Second, we grow through the introduction of new products and supporting new and established products through advertising, merchandising and sampling as well as phasing out existing products that no longer meet the needs of our consumers. The economics of developing, producing, launching and supporting products influence our sales and operating performance each year.  Our introduction of new products may have some cannibalizing effect on sales of existing products, which we take into account in our business planning.

 

Our business is not capital intensive, and it is important to note that we do not own manufacturing facilities. We act as a general contractor and source our needed components from our suppliers. These components are received at one of our distribution centers and then, based upon production needs, the components are sent to one of several third party fillers which manufacture the finished product for us and then deliver them to one of our distribution centers.

 

As with any business, many aspects of our operations are subject to influences outside our control. We believe we have a strong brand portfolio with global reach and potential. As part of our strategy, we plan to continue to make investments behind fast-growing markets and channels to grow market share. 

 

At this time, we do not believe the recent economic uncertainty and financial market volatility taking place in certain European countries will have a significant impact on our business. This is due in part to our belief that we are well positioned as a result of our strategy to manage our business effectively and efficiently. However, if the degree of uncertainty or volatility worsens or is prolonged, then there will likely be a negative effect on ongoing consumer confidence, demand and spending and as a result, our business. Currently, we believe general economic and other uncertainties still exist in select markets in which we do business. We continue to monitor global economic uncertainties and other risks that may affect our business.

 

Our reported net sales are impacted by changes in foreign currency exchange rates. A weak U.S. dollar has a positive impact on our net sales. However, earnings are negatively affected by a weak dollar because almost 40% of net sales of our European operations are denominated in U.S. dollars, while all costs of our European operations are incurred in euro. Our Company addresses certain financial exposures through a controlled program of risk management that includes the use of derivative financial instruments.  We primarily enter into foreign currency forward exchange contracts to reduce the effects of fluctuating foreign currency exchange rates. 

 

Recent Important Events

 

Burberry

 

In December 2011, the Company and Burberry began to explore ways to work more closely together to realize the brand’s potential and we are currently in discussions regarding the potential establishment of a new operating structure for the Burberry fragrance and beauty business. As there can be no assurance that an agreement will be reached, Burberry has exercised its right to evaluate the purchase price for the unexpired term of the existing license. In this process, Burberry has until July 31, 2012 to determine whether it wishes to buy out the unexpired portion of the license as of December 31, 2012 or continue the existing contract which runs through December 31, 2017. As previously disclosed, if Burberry were to buy back the license, then the purchase price will be the greater of the fair market value of the unexpired term of the license or 70% of 2010 net wholesale sales of Burberry products.

 

38
 

 

 

Repetto

 

In December 2011, we entered into a thirteen-year exclusive worldwide license agreement to create, produce and distribute perfumes and ancillary products under the Repetto brand. Our rights under the agreement commenced on January 1, 2012. The agreement is subject to certain minimum advertising expenditures and royalty payments as are customary in our industry.

 

The Gap Inc.

 

In July 2011, we renewed our exclusive agreement with The Gap, Inc. to develop, produce, manufacture and distribute fragrances for Gap and Banana Republic brand names to be sold in Gap and Banana Republic retail stores in the United States and Canada. In July 2011, we also renewed our license agreement with The Gap Inc. for international distribution of fragrances through Gap and Banana Republic stores as well as select specialty and department stores outside the United States, including duty-free and other travel related retailers.

 

These renewal agreements, which took effect on January 1, 2012 and run through December 31, 2014, contain terms and conditions similar to those of the original agreements.

 

Pierre Balmain

 

In July 2011, we entered into a twelve-year exclusive worldwide license agreement to create, produce and distribute perfumes and ancillary products under the Balmain brand. Our rights under the agreement commenced on January 1, 2012 when we took over production and distribution of existing Balmain fragrances. The agreement is subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. The Company paid an up front entry fee of €2.1 million (approximately $2.7 million) for this license.

 

Anna Sui

 

In June 2011, we entered into a ten-year exclusive worldwide fragrance license agreement, with two five-year renewal options, to create, produce and distribute perfumes and fragrance-related products under the Anna Sui brand. Our rights under the agreement commenced on January 1, 2012 when we took over production and distribution of the existing Anna Sui fragrance collections. The agreement is subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. The Company agreed to pay an upfront entry fee of $2.0 million for this license which was paid in 2012 and we agreed to purchase current inventory and certain other assets of the former licensee. As of December 31, 2011, approximately $2.8 million of current inventory was purchased.

 

39
 

 

 

S. T. Dupont

 

In April 2011, we renewed our license agreement with S.T. Dupont for the creation, development and distribution of fragrance products through December 31, 2016. Our initial eleven-year license agreement with S.T. Dupont was signed in June 1997, and had previously been extended in 2006 for an additional three years until June 2011.

 

Lane Bryant

 

In March 2011, we entered into an exclusive agreement with a unit of Charming Shoppes, Inc. for its flagship brand, Lane Bryant. Under the agreement, Inter Parfums designs and manufactures personal care products for the Lane Bryant brand for sale in their stores. Lane Bryant is responsible for marketing, promoting and selling these products. The initial term of the contract, which may be extended by mutual consent, runs through December 31, 2015.

 

U.S. Distribution of Prestige Products

 

Beginning January 1, 2011, Interparfums Luxury Brands, Inc., a U.S. subsidiary of our French subsidiary Interparfums SA, assumed all U.S. prestige fragrance distribution responsibilities. In addition, under the terms of a four-year agreement, Interparfums Luxury Brands, Inc. and Clarins Fragrance Group USA (a Division of Clarins Group in the U.S. responsible for the Thierry Mugler, Azzaro, Porsche Design, David Yurman and Swarovski brands) share and manage an expanded sales force. Logistical and administrative support is provided by Clarins Group USA from its Park Avenue offices in New York and its warehouse in Orangeburg, New York.

 

Discussion of Critical Accounting Policies

 

We make estimates and assumptions in the preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ significantly from those estimates under different assumptions and conditions. We believe the following discussion addresses our most critical accounting policies, which are those that are most important to the portrayal of our financial condition and results of operations. These accounting policies generally require our management’s most difficult and subjective judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Management of the Company has discussed the selection of significant accounting policies and the effect of estimates with the Audit Committee of the Board of Directors.

 

Revenue Recognition

 

We sell our products to department stores, perfumeries, specialty retailers, mass-market retailers, supermarkets and domestic and international wholesalers and distributors. Sales of such products by our domestic subsidiaries are denominated in U.S. dollars and sales of such products by our foreign subsidiaries are primarily denominated in either euro or U.S. dollars. We recognize revenues when merchandise is shipped and the risk of loss passes to the customer. Net sales are comprised of gross revenues less returns, trade discounts and allowances.

 

40
 

 

 Accounts Receivable

 

Accounts receivable represent payments due to the Company for previously recognized net sales, reduced by allowances for sales returns and doubtful accounts. Accounts receivable balances are written-off against the allowance for doubtful accounts when they become uncollectible. Recoveries of accounts receivable previously recorded against the allowance are recorded in the consolidated statement of income when received. We generally grant credit based upon our analysis of the customer’s financial position as well as previously established buying patterns.

 

Sales Returns

 

Generally, we do not permit customers to return their unsold products. However, commencing in January 2011 we took over U.S. distribution of our European based prestige products and for U.S. based customers we allow customer returns if properly requested, authorized and approved. We regularly review and revise, as deemed necessary, our estimate of reserves for future sales returns based primarily upon historic trends and relevant current data including information provided by retailers regarding their inventory levels. In addition, as necessary, specific accruals may be established for significant future known or anticipated events. The types of known or anticipated events that we have considered, and will continue to consider, include, but are not limited to, the financial condition of our customers, store closings by retailers, changes in the retail environment and our decision to continue to support new and existing products. We record estimated reserves for sales returns as a reduction of sales, cost of sales and accounts receivable. Returned products are recorded as inventories and are valued based upon estimated realizable value. The physical condition and marketability of returned products are the major factors we consider in estimating realizable value. Actual returns, as well as estimated realizable values of returned products, may differ significantly, either favorably or unfavorably, from our estimates, if factors such as economic conditions, inventory levels or competitive conditions differ from our expectations.

 

Promotional Allowances

 

We have various performance-based arrangements with certain retailers. These arrangements primarily allow customers to take deductions against amounts owed to us for product purchases. The costs that our Company incurs for performance-based arrangements, shelf replacement costs and slotting fees are netted against revenues on our Company’s consolidated statement of income. Estimated accruals for promotions and advertising programs are recorded in the period in which the related revenue is recognized. We review and revise the estimated accruals for the projected costs for these promotions. Actual costs incurred may differ significantly, either favorably or unfavorably, from estimates if factors such as the level and success of the retailers’ programs or other conditions differ from our expectations.

 

41
 

 

Inventories

 

Inventories are stated at the lower of cost or market value. Cost is principally determined by the first-in, first-out method. We record adjustments to the cost of inventories based upon our sales forecast and the physical condition of the inventories. These adjustments are estimates, which could vary significantly, either favorably or unfavorably, from actual requirements if future economic conditions or competitive conditions differ from our expectations.

 

Equipment and Other Long-Lived Assets

 

Equipment, which includes tools and molds, is recorded at cost and is depreciated on a straight-line basis over the estimated useful lives of such assets. Changes in circumstances such as technological advances, changes to our business model or changes in our capital spending strategy can result in the actual useful lives differing from our estimates. In those cases where we determine that the useful life of equipment should be shortened, we would depreciate the net book value in excess of the salvage value, over its revised remaining useful life, thereby increasing depreciation expense. Factors such as changes in the planned use of equipment, or market acceptance of products, could result in shortened useful lives.

 

We evaluate goodwill and indefinite-lived intangible assets for impairment at least annually during the fourth quarter, or more frequently when events occur or circumstances change, such as an unexpected decline in sales, that would more likely than not (i) reduce the fair value of the reporting unit below its fair value or (ii) indicate that the carrying value of an indefinite-lived intangible asset may not be recoverable. Impairment of goodwill is evaluated using a two-step process. The first step involves a comparison of the estimated fair value of the reporting unit to the carrying value of that unit to determine if there is an indication of impairment. If the carrying value of the reporting unit exceeds the fair value of the reporting unit, the second step of the process involves comparison of the implied fair value of goodwill (based on industry purchase and sale transaction data) with its carrying value. If the carrying value of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized as an amount equal to the excess. For indefinite-lived intangible assets, the evaluation requires a comparison of the estimated fair value of the asset to the carrying value of the asset. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, impairment is recorded.

 

Goodwill relates to our Nickel skin care business, which is primarily a component of our European operations. Testing goodwill for impairment requires us to estimate the fair value of the reporting unit using significant estimates and assumptions. The assumptions we make will impact the outcome and ultimate results of the testing. In making our assumptions and estimates, we use industry accepted valuation models and set criteria that are reviewed and approved by management. We have determined that we may be inclined to sell the Nickel business within the next few years and therefore, we engaged a third party valuation specialist to advise us and assist in a potential transaction. As a result, the Company has determined that as of December 31, 2011, the carrying amount of the goodwill exceeded fair value resulting in an impairment loss of $0.8 million. A similar evaluation is performed every year and in 2009, the Company recorded an impairment loss of $1.7 million. We expect Nickel brand sales to remain steady over the next few years as the result of new product initiatives. In estimating future sales, we use our internal budgets developed from recent sales data for existing products and planned timing of new product launches. If sales for the reporting unit decreased 10%, we could incur an additional goodwill impairment charge of $0.5 million.

 

42
 

 

To determine fair value of indefinite-lived intangible assets, we use an income approach, including the relief-from-royalty method. This method assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to obtain the rights to use the comparable asset. The relief-from-royalty calculations require us to make a number of assumptions and estimates concerning future sales levels, market royalty rates, future tax rates and discount rates. We use this method to determine if an impairment charge is required relating to our Nickel brand trademarks. No impairment charges were required in 2011 and 2010, and in 2009 an impairment charge aggregating $0.54 million was recorded. We assumed a market royalty rate of 6% and a discount rate of 7.7%.

 

The following table presents the impact a change in the following significant assumptions would have had on the calculated fair value in 2011 assuming all other assumptions remained constant:

 

In thousands      Increase (decrease) 
   Change   to fair value 
         
Weighted average cost of capital   +10%   $(272)
Weighted average cost of capital   -10%  $365 
Future sales levels   +10%   $273 
Future sales levels   -10%  $(273)

 

The fair values used in our evaluations are also estimated based upon discounted future cash flow projections using a weighted average cost of capital of 7.7%. The cash flow projections are based upon a number of assumptions, including, future sales levels and future cost of goods and operating expense levels, as well as economic conditions, changes to our business model or changes in consumer acceptance of our products which are more subjective in nature. We believe that the assumptions that we have made in projecting future cash flows for the evaluations described above are reasonable and currently no impairment indicators exist for our indefinite-lived assets other than the Nickel trademarks referred to above. However, if future actual results do not meet our expectations, we may be required to record an impairment charge, the amount of which could be material to our results of operations.

 

43
 

 

Intangible assets subject to amortization are evaluated for impairment testing whenever events or changes in circumstances indicate that the carrying amount of an amortizable intangible asset may not be recoverable. If impairment indicators exist for an amortizable intangible asset, the undiscounted future cash flows associated with the expected service potential of the asset are compared to the carrying value of the asset. If our projection of undiscounted future cash flows is in excess of the carrying value of the intangible asset, no impairment charge is recorded. If our projection of undiscounted future cash flows is less than the carrying value of the intangible asset, an impairment charge would be recorded to reduce the intangible asset to its fair value. The cash flow projections are based upon a number of assumptions, including future sales levels and future cost of goods and operating expense levels, as well as economic conditions, changes to our business model or changes in consumer acceptance of our products which are more subjective in nature. We believe that the assumptions we have made in projecting future cash flows for the evaluations described above are reasonable and currently no impairment indicators exist for our intangible assets subject to amortization. In those cases where we determine that the useful life of long-lived assets should be shortened, we would depreciate the net book value in excess of the salvage value (after testing for impairment as described above), over the revised remaining useful life of such asset thereby increasing amortization expense.

 

In determining the useful life of our Lanvin brand names and trademarks, we applied the provisions of ASC topic 350-30-35-3. The only factor that prevented us from determining that the Lanvin brand names and trademarks were indefinite life intangible assets was Item c. “Any legal, regulatory, or contractual provisions that may limit the useful life”. The existence of a repurchase option in 2025 may limit the useful life of the Lanvin brand names and trademarks to the Company. However, this limitation would only take effect if the repurchase option were to be exercised and the repurchase price was paid. If the repurchase option is not exercised, then the Lanvin brand names and trademarks are expected to continue to contribute directly to the future cash flows of our Company and their useful life would be considered to be indefinite.

 

With respect to the application of ASC topic 350-30-35-8, the Lanvin brand names and trademarks would only have a finite life to our Company if the repurchase option were exercised, and in applying ASC topic 350-30-35-8 we assumed that the repurchase option is exercised. When exercised, Lanvin has an obligation to pay the exercise price and the Company would be required to convey the Lanvin brand names and trademarks back to Lanvin. The exercise price to be received (Residual Value) is well in excess of the carrying value of the Lanvin brand names and trademarks, therefore no amortization is required.

 

Derivatives

 

We account for derivative financial instruments in accordance with ASC topic 815, which establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. This topic also requires the recognition of all derivative instruments as either assets or liabilities on the balance sheet and that they are measured at fair value.

 

We currently use derivative financial instruments to hedge certain anticipated transactions and interest rates, as well as receivables denominated in foreign currencies. We do not utilize derivatives for trading or speculative purposes. Hedge effectiveness is documented, assessed and monitored by employees who are qualified to make such assessments and monitor the instruments. Variables that are external to us such as social, political and economic risks may have an impact on our hedging program and the results thereof. 

 

44
 

 

Income Taxes

 

The Company accounts for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in its financial statements or tax returns. The net deferred tax assets assume sufficient future earnings for their realization, as well as the continued application of currently anticipated tax rates. Included in net deferred tax assets is a valuation allowance for deferred tax assets, where management believes it is more-likely-than-not that the deferred tax assets will not be realized in the relevant jurisdiction. If the Company determines that a deferred tax asset will not be realizable, an adjustment to the deferred tax asset will result in a reduction of net earnings at that time. In addition, the Company follows the provisions of uncertain tax positions as addressed in ASC topic 740-10-65-1.

 

Quantitative Analysis

 

During the three-year period ended December 31, 2011 we have not made any material changes in our assumptions underlying these critical accounting policies or to the related significant estimates. The results of our business underlying these assumptions have not differed significantly from our expectations.

 

While we believe the estimates we have made are proper and the related results of operations for the period are presented fairly in all material respects, other assumptions could reasonably be justified that would change the amount of reported net sales, cost of sales, and selling, general and administrative expenses as they relate to the provisions for anticipated sales returns, allowance for doubtful accounts and inventory obsolescence reserves. For 2011, had these estimates been changed simultaneously by 5% in either direction, our reported gross profit would have increased or decreased by approximately $0.4 million and selling, general and administrative expenses would have changed by approximately $0.14 million. The collective impact of these changes on operating income, net earnings attributable to Inter Parfums, Inc., and net earnings attributable to Inter Parfums, Inc. per diluted common share would be an increase or decrease of approximately $0.54 million, $0.26 million and $0.01, respectively.

 

Results of Operations

 

Net Sales     
   Years ended December 31, 
   2011%   Change    2010   % Change    2009 
   (in millions) 
     
European based product sales  $552.4    36%  $404.9    12%  $361.7 
United States based product sales   62.8    13%   55.5    16%   47.8 
Total net sales  $615.2    34%  $460.4    12%  $409.5 

 

After increasing 12% in 2010, net sales for the year ended December 31, 2011 increased 34% to $615.2 million. At comparable foreign currency exchange rates, net sales were up 28% in 2011 and 18% in 2010. A strong U.S. dollar relative to the euro in 2010 was followed by a relatively weak U.S. dollar in 2011. Throughout 2011 and 2010, our business continued to rebound from the global economic uncertainties that had an impact on our business in early 2009.

 

45
 

 

European based prestige product sales increased 36% in 2011 and 12% in 2010. Sales for 2011 were augmented by a major launch of a new Burberry fragrance, Burberry Body. Burberry product sales in 2011 increased 26% to $307.7 million, as compared to $244.9 million in 2010. Other factors contributing to the sales increase include the continued strong momentum of the Jimmy Choo and Montblanc fragrance launches. The Jimmy Choo signature fragrance was first introduced in 2011 and product sales aggregated $40.8 million. Montblanc product sales aggregated $42.5 million in 2011, as compared to $9.3 million in 2010. In addition, 2011 sales results reflect the commencement in January 2011 of European based product distribution in the U.S. by Interparfums Luxury Brands, Inc., a subsidiary of Interparfums SA.

 

Sales growth in 2010 was due in great part to the launch and global rollout of Burberry Sport fragrances for men and women, as well as the continued strong performance of established Burberry scents. Burberry fragrance sales registered an increase of 6% in 2010 to $242.1 million, as compared to $232.1 million in 2009. All of our other major prestige fragrance brands contributed to sales growth in 2010. Lanvin, our second largest prestige brand, performed extremely well in 2010 with sales aggregating $70.3 million, 24% ahead of 2009 lead by Eclat d’Arpège and Jeanne Lanvin and the launch of Marry Me!. The 2010 launch of Oriens and Midnight in Paris by Van Cleef & Arpels boosted that brand’s 2010 sales by 22% to $34.3 million as compared to $28.1 million in 2009.

 

In addition to the Burberry Body fragrance launched in 2011, we continue to commit capital to further grow our largest brand with a cosmetics line for women currently in approximately 75 shops around the world. The Burberry Beauty collection includes over 100 products for skin, lips and eyes. We are reviewing Burberry Beauty results, as well as the anticipated financial commitment which may be necessary, in order to determine the appropriate level of distribution for the Burberry Beauty in the years to come.

 

Our growth expectations for 2012 for our European based product lines reflect our plans to continue to build upon the strength of our brands and worldwide distribution network. While we are not expecting any significant contributions in 2012 from our newest lines, Balmain and Repetto, where we are just beginning the product development process, we do expect continued strong performances from Jimmy Choo and Montblanc. In addition, the recent launch of Burberry Body will enjoy a full year of sales supported by a very aggressive marketing campaign. We also have new products for Lanvin, Montblanc and Boucheron planned for a 2012 debut.

 

With respect to our United States specialty retail and mass market products, after increasing 16% in 2010, our U.S. based product sales increased 13% in 2011. Sales growth was driven by a strong performance in international distribution of specialty retail products; Banana Republic, Gap and bebe product lines are performing especially well with further expansion of new products into new territories. New product launches in domestic markets for the Betsy Johnson and bebe brands are also contributing to sales growth.

 

46
 

 

For the Banana Republic brand, a new women’s scent, Wildbloom, was launched early 2011 and brand extensions are being planned for 2012. Building upon the success of the Gap brand’s fragrances, a third women’s signature scent launched in 2011 and a new men’s scent has also been added to build the brand’s fragrance portfolio. For 2012, we are currently launching a new fragrance concept for Gap in an effort to capture the heritage of the brand. The new scents for men and women, Gap Established 1969, launched in March 2012 at over 650 Gap stores in the U. S. International distribution is planned for later in the year.

 

In January 2012, Love Fury, a women’s fragrance created for Nine West launched at over 650 Macy’s stores and 282 Nine West stores in the U.S. and internationally. We are also in the development stage for several new fragrance concepts and line extensions for our other specialty retail brands. In March 2011, we entered into an exclusive agreement with Lane Bryant and developed a line of performance-based bath, body and specialty products, which is sold under Lane Bryant’s Cacique® brand. The initial line of products was launched at 130 Lane Bryant stores and at www.lanebryant.com in late Spring 2011. Chain wide rollout is anticipated in early 2012. In addition, a signature fine fragrance was launched in time for the 2011 holiday season.

 

In June 2011, through our United States based operations we entered into a ten-year exclusive worldwide fragrance license agreement to create, produce and distribute perfumes and fragrance-related products under the Anna Sui brand. Our rights under the agreement commenced on January 1, 2012 when we took over production and distribution of the existing Anna Sui fragrance collections.

 

Sales of mass market fragrance products have stabilized as a result of special programs done for select mass market retailers. We have no plans to discontinue sales to this market, which aggregated approximately $21 million in both 2011 and 2010 and $17 million in 2009.

 

We continue to see strong sales growth in many geographical markets for both our European based and U.S. based businesses, and we are actively pursuing other new business opportunities. However, we cannot assure you that any new licenses, acquisitions or specialty retail agreements will be consummated.

 

Consolidated Net Sales to Customers by Region

 

   Years ended December 31, 
   2011   2010   2009 
   (in millions) 
     
North America  $150.0   $91.2   $96.8 
Western Europe   194.0    168.1    156.9 
Eastern Europe   52.0    43.7    28.0 
Central and South America   61.0    41.9    29.3 
Middle East   57.0    45.5    42.3 
Asia   95.0    66.5    53.6 
Other   6.2    3.5    2.6 
   $615.2   $460.4   $409.5 

 

47
 

 

Interparfums Luxury Brands, Inc., a wholly-owned U.S. distribution subsidiary of Interparfums SA, assumed all U.S. prestige fragrance distribution responsibilities on January 1, 2011. As of December 31, 2010, we reacquired, or set up a liability to reacquire, the remaining inventory of our former U.S. distributor aggregating approximately $5.7 million. Such reacquisition was accounted for as a sales return in the accompanying consolidated financial statements. As a result of the reacquisition of inventory in 2010 and change of distributor in 2011, North American sales are not comparable for the periods presented.

 

Gross Profit Margins

 

   Years ended December 31, 
   2011   2010   2009 
   (in millions) 
     
Net sales  $615.2   $460.4   $409.5 
Cost of sales   228.4    186.4    175.3 
Gross margin  $386.8   $274.0   $234.2 
Gross margin as a  percent of net sales   62.9%   59.5%   57.2%

 

As a percentage of sales, gross profit margins were 62.9%, 59.5%, and 57.2% in 2011, 2010 and 2009, respectively. In 2011, approximately 260 basis points of the gross margin improvement is the result of us taking over, as of January 1, 2011, European based product distribution in the United States by Interparfums Luxury Brands, Inc., a subsidiary of Interparfums SA. We now sell our European prestige products in the U.S. directly to retailers rather than through a third party distributor, which generates higher gross margins on our product sales. Product mix, promotional sales and changes in foreign currency exchange rates accounted for the remaining fluctuations in gross margin.

 

Costs relating to purchase with purchase and gift with purchase promotions are reflected in cost of sales and aggregated $48.4 million, $30.2 million and $29.8 million in 2011, 2010 and 2009, respectively, and represented 7.9%, 6.6% and 7.3% of net sales, respectively.

 

The gross margin improvement in 2010 was primarily the result of product mix within our European based brand assortment. Fluctuations in gross margin results from product sales mix within individual lines and types of Company products. In 2010, increased sales of higher margin product lines, larger sizes and reduced promotional sales due to the improving economic environment all contributed to the gross margin improvements.

 

We carefully watch movements in foreign currency exchange rates as almost 40% of our European operations sales are denominated in dollars, while our costs are incurred in euro. Therefore, a stronger U.S. dollar has a positive impact on our gross margin and a weaker U.S. dollar has the opposite effect. The average conversion rates used to convert euro to dollars for the years ended December 31, 2011, 2010 and 2009 were 1.39, 1.33 and 1.40, respectively.

 

Generally, we do not bill customers for shipping and handling costs and such costs, which aggregated $8.8 million, $5.3 million and $5.0 million in 2011, 2010 and 2009, respectively, and are included in selling, general and administrative expenses in the consolidated statements of income. As such, our Company’s gross profit may not be comparable to other companies, which may include these expenses as a component of cost of goods sold.

 

48
 

 

Selling, General & Administrative Expenses

 

   Years ended December 31, 
   2011   2010   2009 
   (in millions) 
     
Selling, general & administrative expenses  $319.0   $217.6   $187.7 
Selling, general & administrative expenses as a percent of net sales   52%   47%   46%

 

Selling, general and administrative expenses increased 47% for the year ended December 31, 2011, as compared to 2010 and increased 16% for the year ended December 31, 2010, as compared to 2009. As a percentage of sales selling, general and administrative expenses was 52%, 47% and 46% for the years ended December 31, 2011, 2010 and 2009, respectively.

 

Promotion and advertising included in selling, general and administrative expenses aggregated $127.8 million, $69.2 million and $55.8 million for the years ended December 31, 2011, 2010 and 2009, respectively. Promotion and advertising as a percentage of sales represented 20.8%, 15.0% and 13.6% of net sales for the years ended December 31, 2011, 2010 and 2009, respectively. With the commencement in January 2011 of European based product distribution in the United States by Interparfums Luxury Brands, Inc., a subsidiary of Interparfums SA, we are now responsible for 100% of the cost of advertising support for our European based fragrance brands distributed in the United States as opposed to sharing such expenditures with our former U.S. distributor. In addition, the 2011 global launch of Burberry Body was supported by strong visuals on a scale without precedent. We significantly increased our advertising spending in the third and fourth quarters of 2011 as well as full year advertising budgets for other brands, which we believe will contribute to sustained growth in market share.

 

As a percentage of sales, advertising expenditures was also higher in 2010 than 2009 to support other new product launches. We consistently adjust our advertising and promotional budgets to align our spending with anticipated sales.

 

Royalty expense included in selling, general and administrative expenses aggregated $51.3 million, $40.2 million and $35.5 million for the years ended December 31, 2011, 2010 and 2009, respectively. Royalty expense as a percentage of sales represented 8.3%, 8.7% and 8.7% of net sales for the years ended December 31, 2011, 2010 and 2009, respectively. In addition service fees, which are fees paid to third parties relating to the activities of our distribution subsidiaries, aggregated $25.3 million, $13.7 million and $13.2 million for the years ended December 31, 2011, 2010 and 2009, respectively. The increase in 2011 is primarily the effect of the commencement in January 2011 of European based product distribution in the United States by Interparfums Luxury Brands, Inc.

 

49
 

 

We review goodwill for impairment at least annually, and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The goodwill relates to our Nickel skin care business which is primarily a component of our European operations. The Company measures fair value of goodwill to equal the approximate average value of purchase price indications received from several potential purchasers of the Nickel business together with the opinions of business valuation experts. As a result, the Company has determined that as of December 31, 2011, carrying amount of the goodwill exceeded fair value resulting in an impairment loss of $0.8 million. A similar evaluation is performed every year and in 2009, the Company recorded an impairment loss of $1.7 million. Accumulated impairment losses relating to goodwill aggregated $4.3 million as of December 31, 2011.

 

As a result of the above analysis, income from operations increased 19% to $66.9 million in 2011 and income from operations increased 26% to $56.4 million in 2010, as compared to $44.8 million in 2009. Operating margins aggregated 10.9%, 12.3% and 10.9% for the years ended December 31, 2011, 2010 and 2009, respectively.

 

Interest expense aggregated $2.2 million, $2.1 million and $2.6 million for the years ended December 31, 2011, 2010 and 2009, respectively. We use the credit lines available to us, as needed, to finance our working capital needs as well as our financing needs for acquisitions. Loans payable – banks and long-term debt including current maturities aggregated $16.3 million, $21.4 million and $34.6 million as of December 31, 2011, 2010 and 2009, respectively.

 

Foreign currency gains or (losses) aggregated $1.5 million, ($2.1) million and $3.2 million for the years ended December 31, 2011, 2010 and 2009, respectively. We enter into foreign currency forward exchange contracts to manage exposure related to receivables denominated in a foreign currency and occasionally to manage risks related to future sales expected to be denominated in a foreign currency. Hedge effectiveness excludes the portion of the fair value of the foreign currency forward exchange contract attributable to the change in spot-forward difference which is reported in current period earnings and resulted in most of the gains and losses referred to above.

 

Our effective income tax rate was 36.3%, 33.7% and 34.9% for the years ended December 31, 2011, 2010 and 2009, respectively. Our effective tax rates differ from statutory rates due to the effect of state and local taxes and tax rates in foreign jurisdictions. Our foreign tax rate had been declining as a result of the 2008 formation of Interparfums (Suisse) SARL, which receives a favorable tax rate on a portion of Interparfums SA taxable income. The higher rate in 2011 is the result of a tax rate increase enacted by the French Government retroactive to 2011. The tax rate for our French operations increased from 34.4% to 36.1%. In addition, the high effective tax rate for 2011 is the result of an agreement in principle with the French Tax Authority on the consequences of the tax audit, which covered income tax and non-income tax items. As a result, the Company increased its income tax expense by $1.7 million in 2011 and reduced its reserve for contingency related to non-income tax items recorded in 2010 by $1.3 million. Also in 2011, approximately $1.1 million of valuation allowances on certain foreign net operating loss carry-forwards were realized as we were able to utilize certain of those foreign net operating loss carry-forwards. Other than as discussed above, we did not experience any significant changes in tax rates, and none were expected in jurisdictions where we operate.

 

50
 

 

Net Income and Earnings per Share

 

   Year ended December 31, 
   2011   2010   2009 
   (In thousands except share and per share data) 
             
Net income  $42,949   $35,675   $30,158 
Less: Net income attributable to the noncontrolling interest   10,646    9,082    7,791 
Net income attributable to Inter Parfums, Inc.  $32,303   $26,593   $22,367 
Net income attributable to Inter Parfums, Inc. common shareholders’:               
Basic  $1.06   $0.88   $0.74 
Diluted   1.05    0.87    0.74 
Weighted average number of shares outstanding:               
Basic   30,514,529    30,360,602    30,099,998 
Diluted   30,677,825    30,481,991    30,121,077 

 

Net income increased 20% to $42.9 million in 2011, as compared to $35.7 million in 2010. Net income increased 18% to $35.7 million in 2010, as compared to $30.2 million in 2009. Net income attributable to the noncontrolling interest aggregated 24.8%, 25.5% and 25.8% of net income in 2011, 2010 and 2009, respectively. Net income attributable to Inter Parfums, Inc. increased 21% to $32.3 million in 2011, as compared to $26.6 million in 2010. Net income attributable to Inter Parfums, Inc. increased 19% to $26.6 million in 2010, as compared to $22.4 million in 2009. Net margins attributable to Inter Parfums, Inc. aggregated 5.3%, 5.8% and 5.5% for the years ended December 31, 2011, 2010 and 2009, respectively.

 

Diluted earnings per share aggregated $1.05, $0.87 and $0.74 in 2011, 2010 and 2009, respectively. Weighted average shares outstanding aggregated 30.5 million, 30.4 million and 30.1 million for the years ended December 31, 2011, 2010 and 2009, respectively. On a diluted basis, average shares outstanding were 30.7 million, 30.5 million and 30.1 million for the years ended December 31, 2011, 2010 and 2009, respectively. The increases in 2011 and 2010 are primarily the result of shares issued pursuant to the exercise of stock options and warrants.

 

Liquidity and Capital Resources

 

Our financial position remains strong. At December 31, 2011, working capital aggregated $206 million and we had a working capital ratio of 2.1 to 1. Cash and cash equivalents aggregated $36 million.

 

Cash provided by (used in) operating activities aggregated ($23.7) million, $37.8 million and $84.6 million for the years ended December 31, 2011, 2010 and 2009, respectively. In 2011, working capital items used $83.6 million in cash from operating activities as compared to $6.1 million in 2010. Although the $88.9 million increase in accounts receivable in 2011 represents a 91%% increase from December 31, 2010, it is reflective of the 68% increase in sales achieved for the three month period ended December 31, 2011, as compared to the corresponding period of the prior year. In 2010 the increase in accounts receivable was only $5.9 million as shown on the statement of cash flows. The accounts receivable balances in both 2011 and 2010 reflect favorable collection activity as days sales outstanding declined from 98 days sales in 2009 to 83 days in 2010 and 84 days in 2011.

 

51
 

 

The $60.5 million increase in inventories for the year ended December 31, 2011, as shown on the statement of cash flows, represents a 55% increase from December 31, 2010 and the $29.1 million increase in inventories for 2010 represents a 34% increase from December 31, 2009. This inventory build is needed to support our sales growth and new licensing activities in both European operations and U.S. operations.

 

Working capital items provided $42.9 million in cash from operations in 2009. In terms of cash flows, for the year ended December 31, 2009, inventories decreased $40.6 million. The global economic crisis resulted in lower sales levels, especially in the first half of 2009. Our inventory levels declined steadily throughout 2009 as we made modifications to our sales projections to take into account the then difficult environment. In terms of cash flow, accounts receivable decreased $20.9 million for the year ended December 31, 2009, as we began to tighten extended payment terms offered to certain international distributors.

 

Cash flows used in investing activities reflects net sales of short-term investments in 2011 of $51.3 million and net purchases of $49.0 million in 2010. Short-term investments are certificates of deposit with maturities greater than three months. Purchases of equipment and leasehold improvements aggregated $9.9 million, $6.1 million and $5.5 million in 2011, 2010 and 2009, respectively. Our business is not capital intensive as we do not own any manufacturing facilities. We typically spend between $3 million and $4 million per year on tools and molds, depending on our new product development calendar. The balance of capital expenditures is for office fixtures, computer equipment and industrial equipment needed at our distribution centers. Payments for intangible assets aggregated $4.6 million, $22.2 million and $0.8 million in 2011, 2010 and 2009, respectively. When acquiring new licenses for brands that have current distribution we may pay an entry fee in connection with securing the license rights.

 

Our short-term financing requirements are expected to be met by available cash on hand at December 31, 2011, cash generated by operations and short-term credit lines provided by domestic and foreign banks. The principal credit facilities for 2012 consist of a $15.0 million unsecured revolving line of credit provided by a domestic commercial bank and approximately $25.0 million in credit lines provided by a consortium of international financial institutions. As of December 31, 2011 and 2010, short-term borrowings aggregated $11.8 million and $5.2 million, respectively. Our long-term credit facilities provides for principal and interest to be repaid in 20 quarterly installments. As of December 31, 2011, the long-term portion of long-term debt has been repaid and current maturities of long-term debt aggregated $4.5 million.

 

Proceeds from sale of stock of subsidiary reflect the proceeds from shares issued by our French subsidiary Interparfums SA pursuant to options exercised and payment for acquisition of minority interests represents repurchases of shares of Interparfums SA in an effort to offset the dilution from options exercised.

 

52
 

 

In December 2008, our Board of Directors authorized a continuation of our cash dividend of $0.133 per share. In January 2010, the Board of Directors authorized a 97% increase in the annual dividend to $0.26 per share and in January 2011, the Board of Directors authorized a 31% increase in the annual dividend to $0.32 per share. In December 2011, our board of directors authorized the continuation of our cash dividend on an annual basis to $.32 per share for 2012. The next quarterly dividend of $0.08 per share will be paid on April 16, 2012 to shareholders of record on March 30, 2012. Dividends paid, including dividends paid once per year to noncontrolling stockholders of Interparfums SA, aggregated $12.5 million, $9.0 million and $5.7 million for the years ended December 31, 2011, 2010 and 2009, respectively. The cash dividends paid in 2011 and the dividends to be paid in 2012 are not expected to have any significant impact on our financial position.

 

We believe that funds provided by or used in operations can be supplemented by our present cash position and available credit facilities, so that they will provide us with sufficient resources to meet all present and reasonably foreseeable future operating needs.

 

Inflation rates in the U.S. and foreign countries in which we operate did not have a significant impact on operating results for the year ended December 31, 2011.

 

Contractual Obligations

 

The following table sets for a schedule of our contractual obligations over the periods indicated in the table, as well as our total contractual obligations ($ in thousands).

 

   Payments due by period 
Contractual Obligations  Total   Less than
1 year		   Years
 2-3		   Years
4-5		   More than
5 years		 
Long-Term Debt (1)  $4,600   $4,600                
Capital Lease Obligations                         
Operating Leases  $22,900   $4,600   $6,600   $5,100   $6,600 
Purchase obligations(2)  $1,268,700   $155,800   $343,800   $344,100   $425,000 
Other Long-Term Liabilities Reflected on the Registrant's Balance Sheet under GAAP                         
Total  $1,296,200   $165,000   $350,400   $348,500   $432,300 

 

(1)Includes long-term debt and related interest costs including interest rate swap amounts. Interest due as the result of interest rate swaps is all at a fixed rate and is payable $0.08 million in 2012.

 

(2)Consists of purchase commitments for advertising and promotional items, minimum royalty guarantees, including fixed or minimum obligations, and estimates of such obligations subject to variable price provisions. Future advertising commitments were estimated based on planned future sales for the license terms that were in effect at December 31, 2011, without consideration for potential renewal periods and do not reflect the fact that our distributors share our advertising obligations.

 

53
 

 

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

 

General

 

We address certain financial exposures through a controlled program of risk management that primarily consists of the use of derivative financial instruments. We primarily enter into foreign currency forward exchange contracts in order to reduce the effects of fluctuating foreign currency exchange rates. We do not engage in the trading of foreign currency forward exchange contracts or interest rate swaps.

 

Foreign Exchange Risk Management

 

We periodically enter into foreign currency forward exchange contracts to hedge exposure related to receivables denominated in a foreign currency and to manage risks related to future sales expected to be denominated in a currency other than our functional currency. We enter into these exchange contracts for periods consistent with our identified exposures. The purpose of the hedging activities is to minimize the effect of foreign exchange rate movements on the receivables and cash flows of Interparfums SA, our French subsidiary, whose functional currency is the euro. All foreign currency contracts are denominated in currencies of major industrial countries and are with large financial institutions, which are rated as strong investment grade.

 

All derivative instruments are required to be reflected as either assets or liabilities in the balance sheet measured at fair value. Generally, increases or decreases in fair value of derivative instruments will be recognized as gains or losses in earnings in the period of change. If the derivative is designated and qualifies as a cash flow hedge, then the changes in fair value of the derivative instrument will be recorded in other comprehensive income.

 

Before entering into a derivative transaction for hedging purposes, we determine that the change in the value of the derivative will effectively offset the change in the fair value of the hedged item from a movement in foreign currency rates. Then, we measure the effectiveness of each hedge throughout the hedged period. Any hedge ineffectiveness is recognized in the income statement.

 

At December 31, 2011, we had foreign currency contracts in the form of forward exchange contracts in the amount of approximately U.S. $67.3 million and GB £10.0 million which all have maturities of less than one year. We believe that our risk of loss as the result of nonperformance by any of such financial institutions is remote.

 

Interest Rate Risk Management

 

We mitigate interest rate risk by monitoring interest rates, and then determining whether fixed interest rates should be swapped for floating rate debt, or if floating rate debt should be swapped for fixed rate debt. We entered into an interest rate swap in September 2007 on €22 million of debt, effectively exchanging the variable interest rate of 0.6% above the three month EURIBOR to a fixed rate of 4.42%. The remaining balance owed pursuant to this facility as of December 31, 2011 was €3.3 million. This derivative instrument is recorded at fair value and changes in fair value are reflected in the accompanying consolidated statements of income.

 

54
 

 

Item 8. Financial Statements and Supplementary Data

 

The required financial statements commence on page F-1.

 

Supplementary Data

 

Quarterly Data (Unaudited)

For the Year Ended December 31, 2011

(In Thousands Except Per Share Data)

   1st Quarter   2nd Quarter   3rd Quarter   4th Quarter   Full Year 
Net sales  $133,363   $121,063   $171,706   $189,088   $615,220 
Gross margin   86,591    74,986    108,583    116,615    386,774 
                          
Net income   17,340    6,428    13,284    5,897    42,949 
                          
Net income attributable to Inter Parfums, Inc.   12,759    4,993    10,433    4,118    32,303 
Net income attributable to Inter Parfums, Inc. per share:                         
Basic  $0.42   $0.16   $0.34   $0.13   $1.06 
Diluted  $0.41   $0.16   $0.34   $0.13   $1.05 
Average common sharesoutstanding:                         
Basic   30,474    30,506    30,539    30,540    30,515 
Diluted   30,634    30,695    30,698    30,685    30,678 

 

Quarterly Data (Unaudited)

For the Year Ended December 31, 2010

(In Thousands Except Per Share Data)

   1st Quarter   2nd Quarter   3rd Quarter   4th Quarter   Full Year 
Net sales  $119,373   $107,765   $120,853   $112,420   $460,411 
Gross margin   71,721    64,724    71,275    66,290    274,010 
                          
Net income   8,950    6,983    11,409    8,333    35,675 
                          
Net income attributable to Inter Parfums, Inc.   6,550    5,356    8,448    6,239    26,593 
Net income attributable to Inter Parfums, Inc. per share:                         
Basic  $0.22   $0.18   $0.28   $0.20   $0.88 
Diluted  $0.22   $0.18   $0.28   $0.20   $0.87 
Average common sharesoutstanding:                         
Basic   30,192    30,361    30,443    30,446    30,361 
Diluted   30,291    30,467    30,564    30,605    30,482 

 

55
 

 

We review goodwill for impairment at least annually during the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The goodwill relates to our Nickel skin care business which is primarily a component of our European operations. The Company has determined that as of December 31, 2011, carrying amount of the goodwill exceeded fair value resulting in an impairment loss of $0.8 million.

 

Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

 

None.

 

Item 9A. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

Our Chief Executive Officer and Chief Financial Officer have reviewed and evaluated the effectiveness of our disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rule 13a-15(e)) as of the end of the period covered by this annual report on Form 10-K (the “Evaluation Date”). Based on their review and evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of the Evaluation Date our Company's disclosure controls and procedures were effective.

 

Management’s Annual Report on Internal Control over Financial Reporting

 

The management of Inter Parfums, Inc. is responsible for establishing and maintaining adequate internal control over financial reporting for the company. With the participation of the Chief Executive Officer and the Chief Financial Officer, our management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework and criteria established in Internal Control – Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management has concluded that our internal control over financial reporting was effective as of December 31, 2011.

 

Our independent auditor, WeiserMazars LLP, a registered public accounting firm, has issued its report on its audit of our internal control over financial reporting. This report appears below.

 

56
 

 

Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting

 

To the Board of Directors and Stockholders of Inter Parfums, Inc.

 

We have audited Inter Parfums, Inc.’s internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Inter Parfums, Inc.’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the company’s internal control over financial reporting based on our audit.

 

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

 

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of the changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

In our opinion, Inter Parfums, Inc. maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

 

57
 

 

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of Inter Parfums, Inc. as of December 31, 2011 and the related consolidated statements of income, changes in shareholders’ equity, comprehensive income, and cash flows for the year ended December 31, 2011 and our report dated March 12, 2012 expressed an unqualified opinion thereon.

 

WeiserMazars LLP

 

New York, New York

March 12, 2012

 

58
 

 

Changes in Internal Control Over Financial Reporting

 

During the 2nd quarter of 2011, our French subsidiary, Interparfums SA implemented SAP, a new accounting software system for its operations (“SAP System”). The implementation was completed and the SAP System went “live” in May 2011. The SAP System is a fully-integrated set of programs and databases that incorporate order processing, production planning and scheduling, purchasing, accounts receivable, inventory management and accounting. This implementation was subject to various testing and review procedures prior to going “live”. In connection with this SAP System implementation, we updated our internal control over financial reporting, as necessary, to accommodate modifications to our business processes and accounting procedures. Other than described above, there has been no change in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934) that occurred during the fourth quarter of 2011 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

 

Item 9B.Other Information.

 

None.

 

59
 

 

PART III

 

Item 10. Directors, Executive Officers and Corporate Governance

 

Executive Officers and Directors

 

As of the date of this report, our executive officers and directors were as follows:

 

Name   Position
Jean Madar  

Chairman of the Board, Chief Executive Officer of Inter Parfums, Inc. and

Director General of Interparfums SA

Philippe Benacin  

Vice Chairman of the Board, President of Inter Parfums, Inc. and

Chief Executive Officer of Interparfums SA

Russell Greenberg   Director, Executive Vice President and Chief Financial Officer
Philippe Santi   Director, Executive Vice President and Chief Financial Officer, Interparfums SA
Francois Heilbronn   Director
Jean Levy   Director
Robert Bensoussan-Torres   Director
Serge Rosinoer   Director
Patrick Choël   Director
Hugues de la Chevasnerie   Director of Burberry Fragrances, Interparfums SA
Frederic Garcia-Pelayo   Director of the Luxury and Fashion division of Interparfums SA
Axel Marot   Director of Production & Logistics, Interparfums SA
Henry B. (“Andy”) Clarke   President of Inter Parfums USA, LLC

 

Our directors will serve until the next annual meeting of stockholders and thereafter until their successors shall have been elected and qualified. Messrs. Jean Madar and Philippe Benacin have a verbal agreement or understanding to vote their shares in a like manner.

 

With the exception of Mr. Benacin, the officers are elected annually by the directors and serve at the discretion of the board of directors. There are no family relationships between executive officers or directors of our Company.

 

Board of Directors

 

Our board of directors has the responsibility for establishing broad corporate policies and for the overall performance of our Company. Although certain directors are not involved in day-to-day operating details, members of the board of directors are kept informed of our business by various reports and documents made available to them. Our board of directors held 16 meetings (or executed consents in lieu thereof), including meetings of committees of the full board of directors during 2011 (with excluding the last regular board meeting of 2010 held during the first week of January 2011), and all of the directors attended at least 75% of the meetings (or executed consents in lieu thereof) of the full board of directors and committees of which they were a member. Our board of directors presently consists of nine (9) directors, with a majority of independent directors.

 

60
 

 

We have adopted a Code of Business Conduct that applies to our principal executive officer, principal financial officer, principal accounting officer or controller, as well as other persons performing similar functions, and we agree to provide to any person without charge, upon request, a copy of our Code of Business Conduct. Any person who requests a copy of our Code of Business Conduct should provide their name and address in writing to: Inter Parfums, Inc., 551 Fifth Avenue, New York, NY 10176, Att.: Shareholder Relations. In addition, our Code of Conduct is also maintained on our website, at www.interparfumsinc.com.

 

During 2011 our board of directors had the following standing committees:

 

·Audit Committee – The Audit Committee has the sole authority and is directly responsible for, the appointment, compensation and oversight of the work of the independent accountants employed by our company which prepare or issue an audit report for our company. During 2011, the Audit Committee consisted of Messrs. Heilbronn, Levy and Choël.

 

The Company does not have an “audit committee financial expert” within the definition of the applicable Securities and Exchange Commission rules. First, finding qualified nominees to serve as a director of a public company without substantial financial resources has been challenging. Second, despite the applicable Securities and Exchange Commission rule which states that being named as the audit committee financial expert does not impose any greater duty, obligation or liability, the Company has been met with resistance from both present and former directors to being named as such primarily due to potential additional personal liability.

 

However, as the result of the background, education and experience of the members of the Audit Committee, our board of directors believes that such committee members are fully qualified to fulfill their obligations as members of the Audit Committee.

 

·Executive Compensation and Stock Option Committee – The Executive Compensation and Stock Option Committee oversees the compensation of our company’s executives and administers our company’s stock option plans. During 2011, the members of such committee consisted of Messrs. Heilbronn, Levy and Choël. We presently do not have a separate charter for our Executive Compensation and Stock Option Committee.

 

·Nominating Committee – The Nominating Committee was formed in January 2011, and the members of such committee consist of Messrs. Heilbronn, Levy and Choël. The purpose of the Nominating Committee is to determine and recommend qualified persons to the Board of Directors who will be put forth as management's slate of directors for vote of the Corporation's stockholders, as well as to fill vacancies in the Board of Directors. The charter of the Nominating Committee is posted on our company’s website.

 

61
 

 

Business Experience

 

The following sets forth biographical information as to the business experience of each executive officer and director of our company for at least the past five years.

 

Jean Madar

 

Jean Madar, age 51, a Director, has been the Chairman of the Board since our company’s inception, and is a co-founder of our company with Mr. Philippe Benacin. From inception until December 1993 he was the President of our company; in January 1994 he became Director General of Interparfums SA, our company’s subsidiary; and in January 1997 he became Chief Executive Officer of our company. Mr. Madar was previously the managing director of Interparfums SA, from September 1983 until June 1985. At such subsidiary, he had the responsibility of overseeing the marketing operations of its foreign distribution, including market research analysis and actual marketing campaigns. Mr. Madar graduated from The French University for Economic and Commercial Sciences (ESSEC) in 1983.

 

Philippe Benacin

 

Mr. Benacin, age 53, a Director, is President of our Company and the Chief Executive Officer of Interparfums SA, has been the Vice Chairman of the Board since September 1991, and is a co-founder of our company with Mr. Madar. He was elected the Executive Vice President in September 1991, Senior Vice President in April 1993, and President of the Company in January 1994. In addition, he has been the Chief Executive Officer of Interparfums SA for more than the past five years. Mr. Benacin graduated from The French University for Economic and Commercial Sciences (ESSEC) in 1983.

 

Russell Greenberg

 

Mr. Greenberg, age 55, the Chief Financial Officer, was Vice-President, Finance when he joined the Company in June 1992; became Executive Vice President in April 1993; and was appointed to our board of directors in February 1995. He is a certified public accountant licensed in the State of New York, and is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants. After graduating from The Ohio State University in 1980, he was employed in public accounting until he joined our company in June 1992.

 

Philippe Santi

 

Philippe Santi, age 50 and a Director since December 1999, is the Executive Vice President and Chief Financial Officer of Interparfums SA Mr. Santi, who is a Certified Accountant and Statutory Auditor in France, has been the Chief Financial Officer of Interparfums SA since February 1995. Prior to February 1995, Mr. Santi was the Chief Financial Officer for Stryker France and an Audit Manager for Ernst and Young.

 

62
 

 

Francois Heilbronn

 

Mr. Heilbronn, age 51, a Director since 1988, an independent director and a member of the Audit Committee, Nominating Committee and the Executive Compensation and Stock Option Committee, is a graduate of Harvard Business School with a Master of Business Administration degree and is currently the managing partner of the consulting firm of M.M. Friedrich, Heilbronn & Fiszer. He was formerly employed by The Boston Consulting Group, Inc. from 1988 through 1992 as a manager. Mr. Heilbronn graduated from Institut d' Etudes Politiques de Paris in June 1983. From 1984 to 1986, he worked as a financial analyst for Lazard Freres & Co. In addition, during 2009 Mr. Heilbronn became an Associate Professor in Business Strategy at Sciences Po, Paris, France.

 

Jean Levy

 

Jean Levy, age 79, a Director since August 1996, an independent director and a member of the Audit Committee, Nominating Committee and the Executive Compensation and Stock Option Committee, worked for twenty-seven years at L'Oreal, and was the President and Chief Executive Officer of Cosmair, the exclusive United States licensee of L'Oreal, from 1983 through June 1987. In addition, he is the former President and Chief Executive Officer of Sanofi Beaute (France). For the more than the past five years, Mr. Levy has been an independent advisor as well as a consultant for economic development to local governments in France. A graduate of l'Institut d'Etudes Politiques de Paris, he also attended Yale Graduate School and was a recipient of a Fulbright Scholarship. He was also a Professor at l'Institut d'Etudes Politiques de Paris. He was formerly a director of Zannier Group and Escada Beaute Worldwide and Rallye, S.A. In addition, Mr. Levy was also a director (Chairman of the Board until October 2001) of Financière d'Or, and its subsidiary, Histoire d'Or which is in the retail jewelry business. Mr. Levy was formerly a consultant to Ernst & Young, Paris through 2004. He is currently a board member of Price Minister, an internet based retailer located in Paris.

 

Robert Bensoussan-Torres

 

Robert Bensoussan-Torres, age 54, has been a Director since March 1997, and also is an independent director. Mr. Bensoussan is a director of J. Choo Limited, is the co-founder of Sirius Equity, a retail and branded luxury goods investment company. In November 2001, he became the Chief Executive Officer of Jimmy Choo Ltd., a luxury shoe and ready to wear accessory company. In 2007 Jimmy Choo Ltd. was sold to a private equity firm. From 1999 to December 2000, he was the Managing Director of Gianfranco Ferre fashion group, based in Milano, Italy. Previously Mr. Bensoussan-Torres was a Director of Towers Consulting Europe, Ltd. Towers Consulting Europe, Ltd. is a consulting company based in London, which specialized in strategic advice in connection with mergers and acquisitions in the luxury goods business. Mr. Bensoussan-Torres was the Chief Executive Officer of Christian Lacroix, Paris, a subsidiary of LVMH Group, from February 1993 until May 1998. Christian Lacroix was a French Haute Couture House and has activities in the field of apparel, accessories and fragrances. From December 1990 through January 1993 he was based in Munich, Germany, as the International Sales Director of The Escada Group.

 

63
 

 

Serge Rosinoer

 

Mr. Rosinoer, age 80, was appointed to our board of directors in December 2000 as an independent director. Mr. Rosinoer has devoted most of his career to the personal care, cosmetics and fragrance industry. Mr. Serge Rosinoer is presently the Vice Chairman of the Supervisory Board of Clarins SA. In 1978, Mr. Rosinoer joined the Clarins Group as Vice President and Chief Operating Officer where he was largely responsible for its rapid international expansion. As COO, then CEO since 1978, Mr. Rosinoer oversaw the transformation of Clarins into a major force in cosmetics, skin care and fragrance, with annual sales of approximately 850 million Euro and more than 4,500 employees. He retired from active duty in May of 2000, but continues to serve on the board of directors of Clarins. Earlier in his career he was President of Parfums Corday. He also held senior level executive positions at Max Factor, where he had full supervision of that cosmetics company’s European production and sales. Mr. Rosinoer has served several terms as President of the French Prestige Cosmetics Association.

 

Patrick Choël

 

Mr. Choël, age 68, was appointed to the board of directors in June 2006 as an independent director, and is a member of the Audit Committee, Nominating Committee and the Executive Compensation and Stock Option Committee. Mr. Choël is a director of our majority-owned subsidiary, Interparfums SA, and Modellabs, both publicly held companies, and Christian Dior and Guerlain, both privately held companies. He is also the manager of Université 82, a business consultant and advisor. For approximately 10 years, through March 2004, Mr. Choël worked as the President and CEO of two divisions of LVMH, first Parfums Christian Dior, a leading world-wide prestige beauty/fragrances business, and later, the LVMH Perfumes and Cosmetics Division, which included such well known brands as Parfums Christian Dior, Guerlain, and Parfums Givenchy, among others. Prior to such time, for approximately 30 years, he worked at various executive positions at Unilever, including President and CEO of Elida Fabergé France and President and CEO of Chesebrough Pond’s USA.

 

Hugues de la Chevasnerie

 

Hugues de la Chevasnerie, age 43, became the Director of Burberry Fragrances in December 2006. Prior to joining Burberry Fragrances, Mr. Chevasnerie was from February 2002 the Vice President of International Marketing, Davidoff & Chloé, at Coty Inc. From 1994 to 2002, he held various positions at LVMH- Parfums Christian Dior, including Group Head for Men’s Perfumes from 1999 to 2002.

 

Frederic Garcia-Pelayo

 

Frederic Garcia-Pelayo, age 53, became the Director of the Luxury and Fashion division of Interparfums SA in March 2005. He was previously the Director of Marketing and Distribution for Perfume and Cosmetics for Interparfums SA and was named Executive Vice President in 2004. Previously Mr. Garcia-Pelayo was the Director of Export Sales of Interparfums SA from September 1994. Prior to September 1994, Mr. Garcia-Pelayo was the Export Manager for Benetton Perfumes for seven (7) years.

 

64
 

 

Axel Marot

 

Axel Marot, age 38, was the Supply Chain Manager when he joined Interparfums SA in 2003 and has been the Director of Operations for Interparfums SA since January 2005. Prior to joining Interparfums SA, Mr. Marot was a Supply Chain Manager for Nestlé.

 

Andy Clarke

 

Henry B. “Andy” Clarke, age 51, was appointed as President of Inter Parfums USA, LLC in 2009, following his appointment as President of Inter Parfums USA, LLC – Specialty Retail Division in January 2008, which presently encompasses fragrance and personal care products produced for Gap, Banana Republic, New York & Company, Brooks Brothers, bebe, Nine West, Betsey Johnson, Lane Bryant and Anna Sui. Mr. Clarke has been employed by our company since 2001. Prior to joining the Company Mr. Clarke had spent seventeen years in the beauty business in various capacities.

 

Section 16(a) Beneficial Ownership Reporting Compliance

 

Based solely upon a review of Forms 3, 4 and 5 and any amendments to such forms furnished to us, and written representations from various reporting persons furnished to us, we are not aware of any reporting person who has failed to file the reports required to be filed under Section 16(a) of the Securities Exchange Act of 1934 on a timely basis.

 

Item 11. Executive Compensation

 

Compensation Discussion and Analysis

 

General

 

The executive compensation and stock option committee of our board of directors is comprised entirely of independent directors and oversee all elements of compensation (base salary, annual bonus, long-term incentives and perquisites) of our company’s executive officers and administers our company’s stock option plans, other than the non-employee directors stock option plan, which is self-executing.

 

The objectives of our compensation program are designed to strike a balance between offering sufficient compensation to either retain existing or attract new executives on the one hand, and maintaining compensation at reasonable levels on the other hand. We do not have the resources comparable to the cosmetic giants in our industry, and accordingly cannot afford to pay excessive executive compensation. In furtherance of these objectives, our executive compensation packages generally include a base salary, as well as annual incentives tied to individual performance and long-term incentives tied to our operating performance.

 

65
 

 

Mr. Madar, the Chairman and Chief Executive Officer, takes the initiative after discussions with Mr. Russell Greenberg, an Executive Vice President, Chief Financial Officer and a Director, and recommends executive compensation levels for executives in the United States. Mr. Benacin, the Chief Executive Officer of Interparfums SA, takes the initiative after discussions with Philippe Santi, the Chief Financial Officer of Interparfums SA, and recommends executive compensation levels for executives in Europe. The recommendations are presented to the compensation committee for its consideration, and the compensation committee makes a final determination regarding salary adjustments and annual award amounts to executives, including Jean Madar and Philippe Benacin. Further, Messrs. Madar and Benacin, in addition to being executive officers and directors, are our largest shareholders, and therefore, their interests are aligned with our shareholder base in keeping executive compensation at a reasonable level.

 

The compensation committee believes that individual executive compensation is at a level comparable with executives in other companies of similar size and stage of development that operate in the fragrance industry and takes into account our company’s performance as well as our own strategic goals. Further, the compensation committee believes that its present policies to date, with its emphasis on rewarding performance, has served to focus the efforts of our executives, which in turn permitted our company to weather the storm of this recession and put our company on track for a continued high rate of growth and profitability, which management believes will result in a substantial increase in value to our shareholders.

 

Elements of Compensation

 

General

 

The compensation of our executive officers is generally comprised of base salaries, annual cash bonuses and long-term equity incentive awards. In determining specific components of compensation, the compensation committee considers individual performance, level of responsibility, skills and experience, other compensation awards or arrangements and overall company performance. The compensation committee reviews and approves all elements of compensation for all of our executive officers taking into consideration recommendations from the Chief Executive Officer of our company and the Chief Executive Officer of Interparfums SA, as well as information regarding compensation levels at competitors in our industry.

 

Our named executive officers have all been with the company for more than the past ten (10) years, with Messrs. Madar and Benacin being founders of the company in 1985. As Messrs. Madar and Greenberg for United States operations, and Benacin and Santi for European operations, are most familiar with the individual performance, level of responsibility, skills and experience of each executive officer in their respective segments, the compensation committee relies upon the information provided by such executive officers in determining individual performance, level of responsibility, skills and experience of each executive officer.

 

The compensation committee views the competitive market place very broadly, which would include executive officers from both public and privately held companies in general, including fashion and beauty companies, but not limited to the “peer companies” contained in the corporate performance graph contained in our annual report. Rather than tie the compensation committee’s determination of compensation proposals to any specific peer companies, the members of our committee have used their business experience, judgment and knowledge to review the executive compensation proposals recommended to them by Mr. Madar for United States operations and Benacin for European operations. As such, compensation committee did not determine the need to “benchmark” of any material item of compensation or overall compensation.

 

66
 

 

The members of the compensation committee have extensive experience and business acumen and are well qualified in determining the appropriateness of executive compensation levels. Mr. Heilbronn is a managing partner of a business consulting firm in the area of mergers and acquisitions of large international companies in retail, consumer goods and consumer services throughout the world. Mr. Levy has over thirty years’ experience as an executive officer, including more than ten years as President and Chief Executive Officer of well-known cosmetic companies such as Cosmair and Sanofi Beaute (France). Mr. Choël, the final committee member, is presently a business consultant and advisor, who previously worked as President and Chief Executive Officer of two divisions of LVMH Moet Hennessy Louis Vuitton S.A., which included such well-known brands as Parfums Christian Dior, Guerlain, and Parfums Givenchy. Mr. Choël has also been President and CEO of both Elida Fabergé France and Chesebrough Pond’s USA.

 

Base Salary

 

Base salaries for executive officers are initially determined by evaluating the responsibilities of the position held and the experience of the individual, and by reference to the competitive market place for executive talent. Base salaries for executive officers are reviewed on an annual basis, and adjustments are determined by evaluating our operating performance, the performance of each executive officer, as well as whether the nature of the responsibilities of the executive has changed.

 

As stated above, as Messrs. Madar and Greenberg for United States operations, and Benacin and Santi for European operations, are most familiar with the individual performance, level of responsibility, skills and experience of each executive officer in their respective segments, the committee relies upon the information provided by such executive officers in determining individual performance, level of responsibility, skills and experience of each executive officer.

 

For executive officers of United States operations, the bulk of their annual compensation is in base salary. However, for executive officers of European operations base salary comprises a smaller percentage of overall compensation. We have paid a lower percentage of overall compensation in the form of base salary to executive officers of European operations for several years, principally because European operations historically have had higher profitability than United States operations and European operations are run differently by the Chief Executive Officer of European operations, Mr. Benacin, than United States operations. As the result of this historically higher profitability, European operations have had the ability to pay higher bonus compensation in addition to base salary. As bonus compensation is and has historically been discretionary, no targets were set in order to maintain flexibility. Further, if results of operations for European operations were not satisfactory (again, no target amounts were set to maintain flexibility), then bonus compensation, as well as overall compensation could be lowered without otherwise affecting base salary. Finally, by keeping annual bonus compensation at a higher percentage of overall compensation and base salary at a lower percentage, our company benefits because the base amount for annual salary adjustments would be smaller.

 

67
 

 

For 2010, each of Messrs. Benacin, Santi and Garcia-Pelayo received a base salary of 260,400 euro. Upon the recommendation of Mr. Benacin, the base salaries of Mr. Philippe Santi, the Chief Financial Officer of Interparfums SA, and Mr. Frederic Garcia-Pelayo, Director of the Luxury and Fashion division, were each increased by 4% in 2011 over their salaries in 2010, which is the same percentage increase afforded these officers in 2010. In addition, commencing in 2011, the base salary of Mr. Benacin was increased first by 4%, and then he received an increase of 120,000 euro per year to 391,200 euro. Commencing in 2011, Mr. Benacin no longer received a lodging expense that he had received for the past 10 years. For 2010 Mr. Benacin had received approximately 60,000 euro in lodging expenses. The executive compensation committee believes that the results of European operations warranted the increase in base salary for Mr. Benacin.

 

A different approach is taken for United States operations as that segment is much smaller and profitability is much more volatile. A more significant base salary is paid in order to attract and retain employees with the skills and talents needed to run the operation with a lesser emphasis placed on bonuses. None of the executive officers for United States operations have employment agreements, as we believe that having flexibility in structuring annual base salary is a benefit, which permits us to act quickly to meet a changing economic environment.

 

For 2011, the base salaries for Mr. Greenberg and Mr. Clarke were increased by $22,000 to $457,000 and $20,000 to $320,000, respectively. For 2010, no salary increases were afforded to executives of United States operations. The executive compensation committee believes these increases in salary were merited by the hard work and responsibility undertaken by these executive officers, as well as the increase in profitability of our company. These increases essentially restored cuts in pay for these two executive officers in 2009. For 2011 and 2010, Mr. Madar, the Chief Executive Officer, did not receive any increase in his base salary, which remained at $380,000.

 

Bonus Compensation/Annual Incentives

 

We have paid a higher percentage of overall compensation in the form of bonus compensation to executive officers of European operations for several years, principally because European operations historically have had higher profitability than United States operations. As the result of this historically higher profitability, European operations have had the ability to pay higher bonus compensation in addition to base salary. As bonus compensation is discretionary no targets were set in order to maintain flexibility. Further, if results of operations for European operations were not satisfactory (again, no target amounts were set to maintain flexibility), then bonus compensation, as well as overall compensation could be lowered without otherwise affecting base salary.

 

68
 

 

For 2011, Mr. Benacin, the chief decision maker for European operations, proposed and the committee concurred in the payment of bonus compensation of 188,000 euro to each of Messrs. Benacin, Santi and Garcia- Pelayo. This bonus was approximately equal to 72% of 2010 base salaries for Messrs. Santi and Garcia- Pelayo, which is in line with bonus compensation paid to Messrs. Santi and Garcia- Pelayo of approximately 72% and 70% in 2010 and 2009, respectively. For Mr. Benacin, the bonus accounted for approximately 48% of 2011 base salary, a lesser percentage as the result of the increase in his 2011 base salary. This is compared to bonus compensation as a percentage of annual salary of 72% and 58% for Mr. Benacin in 2010 and 2009.

 

A different approach is taken for United States operations as that segment is much smaller and profitability is much more volatile. A more significant base salary is paid in order to attract and retain employees with the skills and talents needed to run the operation with a lesser emphasis placed on bonuses. Based upon the recommendation of the Chief Executive Officer, for 2011 Mr. Greenberg received a discretionary cash bonus of $35,000, and Mr. Clarke is expected to receive a cash bonus based in part upon a sales target as well as the number of new brand licenses his division acquired. However, such amount has not yet been determined.

 

For 2010, Mr. Greenberg received a discretionary cash bonus of $17,500, and Mr. Clarke received a discretionary cash bonus of $47,500. No cash bonus compensation was paid to executive officers of United States operations for 2009 due to the global recession.

 

In order for Mr. Madar, the Chief Executive Officer to receive a cash bonus, United States operations has to achieve an after tax profit target. In 2011, 2010 and 2009, based upon such targets, our Chief Executive Officer did not earn any cash bonus. The Executive Compensation Committee has determined to use the same after tax profit target for our company’s United States operations to calculate Mr. Madar’s bonus for 2012.

 

As required by French law, Interparfums SA maintains its own profit sharing plan for all French employees who have completed three months of service, including executive officers of our European operations other than Mr. Benacin, the Chief Executive Officer of Interparfums SA. Benefits are calculated based upon a percentage of taxable income of Interparfums SA and allocated to employees based upon salary. The maximum amount payable per year per employee is 25,000 euros, or approximately $35,000.

 

Calculation of the total annual benefits contribution is made according to the following formula:

 

50% of (Interparfums SA net income, less 5% of shareholders’ equity without net income for the year) times a fraction, the numerator of which is wages, and the denominator of which is net income before tax + wages + taxes (other than income tax) + valuation allowances + amortization expenses + interest expenses.

 

Contribution to individual employees is then made pro rata based upon their individual salaries for the year.

 

69
 

 

Long-Term Incentives

 

Stock Options. We link long-term incentives with corporate performance through the grant of stock options. All options are granted with an exercise price equal to the fair market value of the underlying shares of our common stock on the date of grant, and terminate on or shortly after severance of the executive’s relationship with us. Unless the market price of our common stock increases, corporate executives will have no tangible benefit. Thus, they are provided with the additional incentive to increase individual performance with the ultimate goal of increasing our overall performance. We believe that enhanced executive incentives which result in increased corporate performance tend to build company loyalty. As a general rule, the number of options granted is determined by several factors, but most importantly, both individual and company operating results for the past year, as well as past option grants to such executives.

 

For executive officers of United States operations and European operations, we typically grant nonqualified stock options with a term of 6 years that vest ratably of a 5-year period on a cumulative basis, so that the option will become fully exercisable at the beginning of the sixth year from the date of grant. In addition, option grants to purchase shares of our majority-owned, French subsidiary, Interparfums SA were also granted to Messrs. Benacin, Santi and Garcia-Pelayo under the Interparfums SA option plan, which have a term of 6 years and vest 4 years after the date of grant.

 

We believe that the vesting period of these options serve a dual purpose: 1. executives will not receive any benefit if they leave prior to such portion of the option vesting; and 2. having a vesting period, matches the service period with the potential benefits of the option. Pursuant to our stock option plan, non-qualified stock options granted to executives terminate immediately upon the executive’s termination of association with our company. This termination provision coupled with a vesting period reduces benefits afforded to an executive when an executive officer leaves our employ.

 

Over the past several years, as our company has grown and the market price or our common stock has increased, Messrs. Madar and Benacin have realized substantial compensation as the result of the exercise of their options. As the two executives most responsible for continued growth and success of our company, the Committee believes the granting of options is an appropriate tool to tie a substantial portion of their compensation to the success of our company and is completely warranted.

 

The actual compensation realized as the result of the exercise of options in the past, as well as the future potential of such rewards, are powerful incentives for increased individual performance and ultimately increased company performance. In view of the fact that the executive officers named above contribute significantly to our profitable operations, the compensation committee believes the option grants are valid incentives for these executive officers and are fair to our shareholders. Generally we grant options to executive officers in December of each year.

 

70
 

 

In each of December for 2011, 2010 and 2009, upon the recommendation of the company’s Chief Executive Officer, the compensation committee granted options to purchase a total of 19,000 shares of our common stock to each of Jean Madar and Philippe Benacin at the fair market value on the date of grant. Option grants to Messrs. Madar and Benacin were identical as each is the Chief Executive Officer of their respective operating segments. Also in each of December for 2011, 2010 and 2009, the compensation committee granted options to purchase 25,000 shares to Mr. Greenberg, the Chief Financial Officer, at the fair market value on the date of grant.

 

In each of December 2011 and December 2010, options to purchase 3,000 shares were granted to Messrs. Santi and Garcia-Pelayo, as additional compensation for their contribution to the efforts of the United States based operations. No options were granted to Messrs. Santi and Garcia-Pelayo from our company in 2009.

 

In December 2009 Interparfums SA authorized a stock option plan which provides for a maximum of 3% of the outstanding shares of Interparfums SA to be available for grant, as Messrs. Benacin and Santi had determined it was more beneficial for the employees of European operations to have a direct stake in Interparfums SA. Under the Inter Parfums S.A. stock option plan, options are granted at the fair market value at the time of grant for a term of 6 years and vest 4 years after the date of grant. For 2011, no options were granted by Interparfums SA. In October 2010, Interparfums SA granted of options to purchase 7,000 shares for each of Messrs. Madar, Benacin, Santi and Garcia-Pelayo and 1,500 shares for Mr. Greenberg. In December 2009, Interparfums SA authorized grants of options to employees of Interparfums SA for an aggregate of 0.5% of outstanding shares, including options to purchase 6,000 shares for each of Messrs. Madar, Benacin, Santi and Garcia-Pelayo and 1,200 shares for Mr. Greenberg.

 

Stock Appreciation Rights. Our 2004 stock option plan authorizes us to grant stock appreciation rights, or SARs. An SAR represents a right to receive the appreciation in value, if any, of our common stock over the base value of the SAR. To date, we have not granted any SARs under the 2004 plan. While the compensation committee currently does not plan to grant any SARs under our 2004 plan, it may choose to do so in the future as part of a review of the executive compensation strategy. The Interparfums SA stock option plan does not have stock appreciate rights.

 

Restricted Stock. We have not in the past, and we do not have any future plans to grant restricted stock to our executive officers. However, while the compensation committee currently does not plan to authorize any restricted stock plans, the compensation committee may choose to do so in the future as part of a review of the executive compensation strategy.

 

Other Compensation

 

Mr. Benacin is the Chief Executive Officer of Interparfums SA (European operations), as well as a founder of our company, and we believe we should recognize his responsibility, skills and experience, as well as the results of the company. In view of his service to the company, Mr. Benacin had received a housing and automobile allowance for more than the past ten (10) years through 2010. As discussed above, in 2011 Mr. Benacin received an increase in base salary of 120,000 euro, in lieu of the 60,000 euro housing allowance he received in 2010. This is a way we have differentiated him from other executive officers of European operations, and acknowledged his responsibility, skills and experience, as well as the company’s operating results.

 

71
 

 

No Stock Ownership Guidelines

 

We do not require any minimum level of stock ownership by any of our executive officers. As stated above, Messrs. Madar and Benacin, are our largest shareholders, which aligns their interests with our shareholder base in keeping executive compensation at a reasonable level.

 

Retirement and Pension Plans

 

We maintain a 401(k) plan for United States operations. However, we do not match any contributions to such plan, as we have determined that base compensation together with annual bonuses and stock option awards, are sufficient incentives to retain talented employees. Our European operations maintains a pension plan for its employees as required by French law.

 

Compensation Committee Report

 

We have reviewed and discussed with management the Compensation Discussion and Analysis provisions to be included in this Annual Report on Form 10-K for fiscal year ended December 31, 2011 and the proxy statement for the upcoming annual meeting of shareholders. Based on this review and discussion, we recommend to the board of directors that the Compensation Discussion and Analysis referred to above be included in this Annual Report on Form 10-K as well as the proxy statement for the upcoming annual meeting of shareholders.

 

Francois Heilbronn, Jean Levy and Patrick Choël

 

The following table sets forth a summary of all compensation awarded to, earned by or paid to our “named executive officers,” who are our principal executive officer, our principal financial officer, and each of the 3 most highly compensated executive officers of our company. This table covers all such compensation during fiscal years ended December 31, 2011, December 31, 2010 and December 31, 2009. For all compensation related matters disclosed in this Item 11, all amounts paid in euro have been converted to U.S. dollars at the average rate of exchange in each year.

 

72
 

 

 

SUMMARY COMPENSATION TABLE
Name and Principal Position  Year   Salary ($)   Bonus ($)   Stock
Awards ($)		   Option
Awards
($)(1)		   Non-Equity
Incentive Plan
Compensation
($)(2)		   Change in Pension
Value and
Nonqualified
Deferred
Compensation
Earnings ($)		   All Other
Compensation ($)(3)		   Total ($) 
Jean Madar,   2011    380,000    -0-    -0-    87,000    -0-    -0-    -0-    467,000 
Chairman and   2010    380,000    -0-    -0-    107,000    -0-    -0-    -0-    487,000 
Chief Executive Officer   2009    380,000    -0-    -0-    115,000    -0-    -0-    -0-    495,000 
                                              
Russell Greenberg,   2011    457,000    35,000    -0-    114,000    -0-    -0-    -0-    606,000 
Chief Financial Officer and   2010    435,000    17,500    -0-    140,000    -0-    -0-    2,850    595,350 
Executive Vice President   2009    435,000    -0-    -0-    118,000    -0-    -0-    -0-    553,000 
                                              
Philippe Benacin, President Inter   2011    542,790    253,913    -0-    87,000    -0-    14,846    14,985    913,534 
Parfums, Inc., Chief Executive   2010    345,082    249,138    -0-    107,000    -0-    10,999    40,816    753,035 
Officer of Interparfums SA   2009    348,492    201,052    -0-    115,000    -0-    11,496    98,850    774,890 
                                              
Philippe Santi, Executive Vice   2011    376,290    274,725    -0-    14,000    24,906    14,846    -0-    704,767 
President and Chief Financial   2010    345,082    249,138    -0-    17,000    34,323    10,999    -0-    656,542 
Officer, Interparfums SA   2009    348,492    238,750    -0-    30,000    29,599    11,496    -0-    658,337 
                                              
Frédéric Garcia-Pelayo,   2011    376,290    274,725    -0-    14,000    24,906    14,846    9,435    714,202 
Director Export Sales,   2010    345,082    249,138    -0-    17,000    34,323    10,999    9,011    665,553 
Interparfums SA   2009    348,492    238,750    -0-    30,000    29,599    11,496    9,550    667,887 

 

73
 

 

 

1 Amounts reflected under Option Awards represent the grant date fair values in 2011, 2010 and 2009 based on the fair value of stock option awards using a Black-Scholes option pricing model. The assumptions used in this model are detailed in Footnote 12 to the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2011 and filed with the SEC.

 

2 As required by French law, Interparfums SA maintains its own profit sharing plan for all French employees who have completed three months of service, including executive officers of our European operations other than Mr. Benacin, the Chief Executive Officer of Interparfums SA Benefits are calculated based upon a percentage of taxable income of Interparfums SA and are allocated to employees based upon salary. The maximum amount payable per year is 25,000 euro, or approximately $35,000.

 

Calculation of total annual benefits contribution is made according to the following formula:

 

50% of (Interparfums SA net income, less 5% of shareholders’ equity without net income for the year) times a fraction, the numerator of which is wages, and the denominator of which is net income before taxes, + wages + taxes (other than income tax) + valuation allowances + amortization expenses + interest expenses.

 

Contribution to individual employees is then made pro rata based upon their individual salaries for the year.

 

3 The following table identifies (i) perquisites and other personal benefits provided to our named executive officers in fiscal 2011 and quantifies those required by SEC rules to be quantified and (ii) all other compensation that is required by SEC rules to be separately identified and quantified.

 

Name and Principal Position  Perquisites
and other
Personal
Benefits ($)		   Personal
Automobile
Expense($)		   Lodging
Expense($)		   Total ($) 
                 
Jean Madar,    -0-    -0-    -0-    -0- 
Chief Executive Officer                    
                     
Russell Greenberg, Chief Financial   -0-    -0-    -0-    -0- 
Officer                    
                     
Philippe Benacin, President of Inter   -0-    14,985    -0-    14,985 
Parfums, Inc. and Chief Executive                    
Officer of Interparfums SA                    
                     
Philippe Santi,   -0-    -0-    -0-    -0- 
Executive Vice President and                    
Director General Delegue,                    
Interparfums SA                    
                     
Frédéric Garcia-Pelayo,   -0-    9,435    -0-    9,435 
Director Export Sales,                    
Interparfums SA                    

 

74
 

 

Plan Based Awards

 

The following table sets certain information relating to each grant of an award made to our executive officers of our company listed in the Summary Compensation Table during the past fiscal year. 

 

       Grants of Plan-Based Awards                  
 Name   Grant Date   Estimated Future Payouts Under
Non-Equity Incentive Plan
Awards		   Estimated Future Payouts 
Under Equity Incentive Plan 
Awards		   All Other
Stock
Awards:		   All Other
Option
Awards:		   Exercise 
or Base
Price of		   Closing
Price		  
       Threshold
($)		   Target
($)		   Maximum
($)		   Threshold
($)		   Target
($)		   Maximum
($)		   Number of
Shares of
Stock or
Units (#)		   Number of
Securities
Underlying
Options (#)		   Option
Awards
($/Sh)		    
Jean Madar   12/30/11    -0-    -0-    -0-    -0-    -0-    -0-    -0-    19,000    15.59   15.56  
Russell Greenberg   12/30/11    -0-    -0-    -0-    -0-    -0-    -0-    -0-    25,000    15.59   15.56  
Philippe Benacin   12/30/11    -0-    -0-    -0-    -0-    -0-    -0-    -0-    19,000    15.59   15.56  
Philippe Santi   12/30/11    -0-    -0-    -0-    -0-    -0-    -0-    -0-    3,000    15.59   15.56  
Frédéric Garcia-Pelayo   12/30/11    -0-    -0-    -0-    -0-    -0-    -0-    -0-    3,000    15.59   15.56  

   

Options

 

As discussed above, we typically grant nonqualified stock options with a term of 6 years that vest ratably of a 5-year period on a cumulative basis, so that the option will become fully exercisable at the beginning of the sixth year from the date of grant. As reported above, options granted to French employees under the French Addendum to our stock option plan have a term of 6 years, and vest 4 years after the date of grant. Further, options granted to French employees under the stock option plan of Interparfums SA likewise vest 4 years after the date of grant.

 

We believe that the vesting period of these options serves a dual purpose: 1. executives will not receive any benefit if they leave prior to such portion of the option vesting; and 2. having a vesting period matches the service period with the potential benefits of the option.

 

Under our stock option plans, the fair market value is determined by the average of the high and low price on the date of grant, not the closing price as reported by The Nasdaq Stock Market.

 

We also note that the Summary Compensation Table does not include income realized by the named executive officers as the result of the exercise of stock options, but rather reflects the dollar amount recognized for financial statement reporting purposes for options granted in accordance with SFAS 123R. However, value realized as the result of stock option exercises is set forth in the table entitled “Option Exercises and Stock Vested”.

 

75
 

 

Interparfums SA Profit Sharing Plan

 

As required by French law, Inter Parfums, SA maintains its own profit sharing plan for all French employees who have completed three months of service, including executive officers of our European operations other than Mr. Benacin, the Chief Executive Officer of Inter Parfums, SA. Benefits are calculated based upon a percentage of taxable income of Interparfums SA and allocated to employees based upon salary. The maximum amount payable per year per employee is 25,000 euros, or approximately $35,000.

 

Calculation of total annual benefits contribution is made according to the following formula:

 

50% of (Interparfums SA net income, less 5% of shareholders equity without net income for the year) times a fraction, the numerator of which is wages, and the denominator of which is net income before tax + wages + taxes (other than income tax) + valuation allowances + amortization expenses + interest expenses.

 

Contribution to individual employees is then made pro rata based upon their individual salaries for the year.

 

Outstanding Equity Awards at Fiscal Year-End

 

The following table sets certain information relating to outstanding equity awards in our company held by the executive officers of our company listed in the Summary Compensation Table as of the end of the past fiscal year.

 

76
 

 

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

 

   Option Awards 
Name  Number of
Securities 
Underlying
Unexercised
Options (#)
Exercisable		   Number of
Securities 
Underlying
Unexercised
Options (#)
Unexercisable		   Equity Incentive Plan
Awards: Number of
Securities
Underlying
Unexercised
Unearned Options
(#)		   Option Exercise
Price ($)		   Option
Expiration
Date		 
                     
Jean Madar   60,000    0    -0-    13.103    12/14/12 
    22,800    5,700    -0-    12.577    12/26/13 
    8,325    5,550    -0-    11.297    2/13/14 
    11,400    7,600    -0-    6.925    12/30/14 
    7,600    11,600    -0-    12.14    12/30/15 
    3,800    15,200    -0-    19.025    12/30/16 
    -0-    19,000    -0-    15.59    12/29/17 
                          
Russell Greenberg   7,500    -0-    -0-    13.103    12/14/12 
    18,000    4,500    -0-    12.577    12/26/13 
    9,000    6,000    -0-    6.925    12/30/14 
    10,000    15,000    -0-    12.14    12/30/15 
    5,000    20,000    -0-    19.025    12/30/16 
    -0-    25,000    -0-    15.59    12/29/17 
                          
Philippe Benacin   60,000    0    -0-    13.103    12/14/12 
    22,800    5,700    -0-    12.577    12/26/13 
    8,325    5,550    -0-    11.297    2/13/14 
    11,400    7,600    -0-    6.925    12/30/14 
    7,600    11,600    -0-    12.14    12/30/15 
    3,800    15,200    -0-    19.025    12/30/16 
    -0-    19,000    -0-    15.59    12/29/17 
                          
Philippe Santi   1,500    -0-    -0-    13.103    12/14/12 
    12,750(2)   -0-    -0-    11.297    2/13/14 
    1,200    1,800    -0-    15.62    3/28/16 
    600    2,400    -0-    19.025    12/30/16 
    -0-    3,000    -0-    15.59    12/29/17 
                          
Frédéric Garcia-Pelayo   1,500    -0-    -0-    13.103    12/14/12 
    12,750(2)   -0-    -0-    11.297    2/13/14 
    1,200    1,800    -0-    15.62    3/28/16 
    600    2,400    -0-    19.025    12/30/16 
    -0-    3,000    -0-    15.59    12/29/17 

 

[Footnotes from table above]

 

1 Except as otherwise noted, all options expire 6 years from the date of grant, and vest 20% each year commencing one year after the date of grant.

2 Options vested 100% on 2/14/2012.

 

The following table sets certain information relating to outstanding equity awards granted by Interparfums SA, our majority-owned French subsidiary which has its shares traded on the Euronext, held by the executive officers of our company listed in the Summary Compensation Table as of the end of the past fiscal year.

 

77
 

 

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

OF INTERPARFUMS SA

 

       Option Awards         
Name  Number of Securities
Underlying
Unexercised Options
(#) Exercisable		   Number of Securities
Underlying
Unexercised Options
(#) Unexercisable (1)		   Option
Exercise Price
(euro)(2)		   Option Expiration
Date		 
Jean Madar   19,327         18.10    06/01/2012 
    7,260         15.10    12/16/2015 
         7,700    20.90    10/09/2016 
                     
Russell Greenberg   1,547         18.10    06/01/2012 
    1,452         15.10    12/16/2015 
         1,650    20.90    10/09/2016 
                     
Philippe Benacin   19,327         18.10    06/01/2012 
    7,260         15.10    12/16/2015 
         7,700    20.90    10/09/2016 
                     
Philippe Santi   7,260         15.10    12/16/2015 
         7,700    20.90    10/09/2016 
                     
Frédéric Garcia-Pelayo   19,327         18.10    06/01/2012 
    7,260         15.10    12/16/2015 
         7,700    20.90    10/09/2016 

 

[Footnotes from table above]

 

1 All options fully vest 4 years after the date of grant.

2 As of December 31, 2011 the closing price of Interparfums SA as reported by Euronext was 16.38 euro, and the exchange rate was 1.2939 U.S. dollars to 1 euro.

 

Option Exercises and Stock Vested

 

The following table sets forth certain information relating to each option exercise effected during the past fiscal year, and each vesting of stock, including restricted stock, restricted stock units and similar instruments of our company during the past fiscal year, for the executive officers of our company listed in the Summary Compensation Table.

 

78
 

 

OPTION EXERCISES AND STOCK VESTED
   Option Awards   Stock Awards 
Name  Number of Shares
Acquired on
Exercise 
(#)		  

Value Realized on

Exercise 

($)1

   Number of Shares
Acquired on Vesting
(#)		   Value Realized
On Vesting 
($)		 
                 
Jean Madar   -0-    -0-    -0-    -0- 
                     
Russell Greenberg   30,000    258,202    -0-    -0- 
                     
Philippe Benacin   -0-    -0-    -0-    -0- 
                     
Philippe Santi   6,000    43,211    -0-    -0- 
                     
Frédéric Garcia-Pelayo   -0-    -0-    -0-    -0- 

 

[Footnotes from table above]

 

1Total value realized on exercise of options in dollars is based upon the difference between the fair market value of the common stock on the date of exercise, and the exercise price of the option.

 

The following table sets forth certain information relating to each option exercise effected during the past fiscal year, and each vesting of stock, including restricted stock, restricted stock units and similar instruments during the past fiscal year, of Interparfums SA, our majority-owned French subsidiary which has its shares traded on the Euronext, for the executive officers of our company listed in the Summary Compensation Table.

 

OPTION EXERCISES AND STOCK VESTED
   Option Awards   Stock Awards 
Name  Number of Shares
Acquired on
Exercise (#)		  

Value Realized on

Exercise 

(euro)1

   Number of Shares
Acquired on Vesting
(#)		   Value Realized
On Vesting 
($)		 
                 
Jean Madar   19,327    302,467    -0-    -0- 
                     
Philippe Benacin   19,327    302,467    -0-    -0- 
                     
Russell Greenberg   1,934    30,267    -0-    -0- 
                     
Philippe Santi   16,128    278,186    -0-    -0- 
                     
Frédéric Garcia-Pelayo   11,597    181,493    -0-    -0- 

 

[Footnotes from table above]

 

1Total value realized on exercise of options in dollars is based upon the difference between the fair market value of the common stock on the date of exercise, and the exercise price of the option.

 

79
 

 

Pension Benefits

 

The following table sets forth certain information relating to payment of benefits following or in connection with retirement during the past fiscal year, for the executive officers of our company listed in the Summary Compensation Table.

 

PENSION BENEFITS

 

Name  Plan Name   Number of Years
Credited Service 
(#)		   Present Value of
Accumulated Benefit
($)		   Payments During
Last Fiscal Year 
($)		 
Jean Madar   NA    NA    -0-    -0- 
Russell Greenberg   NA    NA    -0-    -0- 
Philippe Benacin   Inter Parfums SA Pension Plan    NA    193,140    14,846 
Philippe Santi   Inter Parfums SA Pension Plan    NA    193,140    14,846 
Frédéric Garcia-Pelayo   Inter Parfums SA Pension Plan    NA    193,140    14,846 

  

 

Interparfums SA maintains a pension plan for all of its employees, including all executive officers. The calculation of commitments for severance benefits involves estimating the probable present value of projected benefit obligations. This projected benefit obligations is then prorated to take into account seniority of the employees of Interparfums SA on the calculation date.

 

In calculating benefits, the following assumptions were applied:

 

- voluntary retirement at age 65;

- a rate of 45% for employer payroll contributions for all employees;

- a 5% average annual salary increase;

- an annual rate of turnover for all employees under 55 years of age and nil above;

- the TH 00-02 mortality table for men and the TF 00-02 mortality table for women;

- a discount rate of 3.96%.

 

The normal retirement age is 65 years, but employees, including Messrs. Benacin, Santi and Garcia-Pelayo, can collect reduced benefits if they retire at age 60.

 

Nonqualified Deferred Compensation

 

We do not maintain any nonqualified deferred compensation plans.

 

80
 

 

Employment Agreements

 

As part of our acquisition in 1991 of the controlling interest in Interparfums SA, now a subsidiary, we entered into an employment agreement with Philippe Benacin. The agreement provides that Mr. Benacin will be employed as Vice Chairman of the Board and President and Chief Executive Officer of Inter Parfums Holdings and its subsidiary, Interparfums SA. The initial term expired on September 2, 1992, and has subsequently been automatically renewed for additional annual periods. The agreement provides for automatic annual renewal terms, unless either party terminates the agreement upon 120 days’ notice. For 2012, Mr. Benacin presently receives an annual salary of €391,200 (approximately $543,000), and automobile expenses of €10,800 (approximately $15,000), which are subject to increase in the discretion of the board of directors. The agreement also provides for indemnification and a covenant not to compete for one year after termination of employment.

 

Compensation of Directors

 

The following table sets forth certain information relating to the compensation for each of our directors who is not an executive officer of our Company named in the Summary Compensation Table for the past fiscal year.

 

           DIRECTOR COMPENSATION         
Name  Fees
Earned
or Paid
in Cash
($)		   Stock
Awards
($)		   Option
Awards
($)		   Non-Equity
Incentive Plan
Compensation
 ($)		   Change in
Pension
Value and
Nonqualified
Deferred
Compensation
Earnings		   All Other
Compensation 
($)		   Total ($) 
Francois Heilbronn1   10,000    -0-    5,275    -0-    -0-    9,663    24,938 
Jean Levy2   10,000    -0-    5,275    -0-    -0-    9,251    24,526 
Robert Bensoussan- Torres3   8,000    -0-    -0-    -0-    -0-    9,663    17,663 
Serge Rosinoer4   8,000    -0-    5,275    -0-    -0-    9,101    22,376 
Patrick Choël5   8,000    -0-    2,637    -0-    -0-    13,377    24,014 

 

[Footnotes from table above]

 

1.As of the end of the last fiscal year, Mr. Heilbronn held options to purchase an aggregate of 5,000 shares of our common stock.
2.As of the end of the last fiscal year, Mr. Levy held options to purchase an aggregate of 6,000 shares of our common stock.
3.As of the end of the last fiscal year, Mr. Bensoussan-Torres held options to purchase an aggregate of 5,500 shares of our common stock.
4.As of the end of the last fiscal year, Mr. Rosinoer held options to purchase an aggregate of 3,500 shares of our common stock.
5.As of the end of the last fiscal year, Mr. Choël held options to purchase an aggregate of 3,875 shares of our common stock.

 

For 2011, all nonemployee directors received $2,000 for each board meeting at which they participate. In addition, all members of the Audit Committee receive an additional annual fee of $4,000 on January 1 of each year in which they serve on the Audit Committee. Commencing on January 1, 2012, all nonemployee directors will receive $4,000 for each board meeting at which they participate in person, and $2,000 for each meeting held by conference telephone. In addition, commencing January 2012, the annual fee for membership on the audit committee was increased to $6,000 for all members.

 

81
 

 

We maintain stock option plans for our nonemployee directors. The purpose of these plans is to assist us in attracting and retaining key directors who are responsible for continuing the growth and success of our company. Under such plans, options to purchase 1,000 shares are granted on each February 1st to all nonemployee directors for as long as each is a nonemployee director on such date. However, if a nonemployee director does not attend certain of the board meetings, then such option grants are reduced according to a schedule. In addition, options to purchase 2,000 shares are granted to each nonemployee director upon his initial election or appointment to our board.

 

On February 1, 2012, options to purchase 1,000 shares were granted to each of Jean Levy, Robert Bensoussan-Torres, Serge Rosinoer and Patrick Choël, and an option to purchase 500 shares was granted to Francois Heilbronn, all at the exercise price of $17.07 per share under the 2004 plan. Such options vest ratably over a 4 year period.

 

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

The following table sets forth information with respect to the beneficial ownership of our common stock by (a) each person we know to be the beneficial owner of more than 5% of our outstanding common stock, (b) our executive officers and directors and (c) all of our directors and officers as a group. Each of Messrs. Madar and Benacin own 99.99% of their respective personal holding companies. As of February 14, 2012 we had 30,552,101 shares of common stock outstanding.

 

Name and Address
of Beneficial Owner		  Amount of Beneficial Ownership1   Approximate Percent of Class  
Jean Madar   7,336,2662    23.9%
c/o Interparfums SA          
4, Rond Point Des Champs Elysees          
75008 Paris, France          
           
Philippe Benacin   7,036,5853    22.9%
c/o Interparfums SA          
4, Rond Point Des Champs Elysees          
75008 Paris, France          

 

 

1All shares of common stock are directly held with sole voting power and sole power to dispose, unless otherwise stated. Options which are exercisable within 60 days are included in beneficial ownership calculations. Jean Madar, the Chairman of the Board and Chief Executive Officer of the Company and Philippe Benacin, the Vice Chairman of the Board and President of the Company, have a verbal agreement or understanding to vote their shares in a like manner.

2Consists of 200,000 shares held directly, 7,022,341 shares held indirectly through Jean Madar Holding SAS, a personal holding company, and options to purchase 113,925 shares.

3Consists of 200,000 shares held directly, 6,722,660 shares held indirectly through Philippe Benacin Holding SAS, a personal holding company, and options to purchase 113,925 shares.

 

82
 

  

Name and Address
of Beneficial Owner		   Amount of Beneficial Ownership1       Approximate Percent of Class  
Russell Greenberg   49,5004    Less than 1% 
c/o Inter Parfums, Inc.          
551 Fifth Avenue          
New York, NY 10176          
           
Philippe Santi   16,0505    Less than 1 %
Interparfums SA          
4, Rond Point Des Champs Elysees          
75008, Paris France          
           
Francois Heilbronn   36,5636    Less than 1 %
60 Avenue de Breteuil          
75007 Paris, France          
           
Jean Levy   4,5007    Less than 1 %
Chez Axcess Groupe          
8 rue de Berri          
75008 Paris, France          
           
Robert Bensoussan-Torres   14,5008    Less than 1 %
c/o Sirius Equity LLP          
52 Brook Street          
W1K 5DS London          
           
Serge Rosinoer   15,6779    Less than 1 %
14 rue LeSueur          
75116 Paris, France          
           
Patrick Choël   12,82510    Less than 1 %
Universite -82          
7 rue de Talleyrand          
75007, Paris, France          
           
Frederic Garcia-Pelayo   16,05011    Less than 1 %
Interparfums SA          
4, Rond Point Des Champs Elysees          
75008, Paris France          
           
Axel Marot   -0-    NA 
Interparfums SA          
4, Rond Point Des Champs Elysees          
75008, Paris France          

   

 

 4 Consists of shares of common stock underlying options.

5 Consists of shares of common stock underlying options.

6 Consists of 33,563 shares held directly and options to purchase 3,000 shares.

7 Consists of 1,500 shares held directly and options to purchase 3,300 shares.

8 Consists of 12,000 shares held directly and options to purchase 2,500 shares.

9 Consists of 13,800 shares held directly and options to purchase 1,877 shares.

10 Consists of 11,575 shares held directly and options to purchase 1,250 shares.

11 Consists of shares of common stock underlying options.

 

83
 

 

Name and Address
of Beneficial Owner		  Amount of Beneficial Ownership1   Approximate Percent of Class 
Hugues de la Chevasnerie   -0-    NA 
Interparfums SA          
4, Rond Point Des Champs Elysees          
75008, Paris France          
           
Henry B. (Andy) Clarke   18,12512    Less than 1% 
c/o Inter Parfums, Inc.          
551 Fifth Avenue          
New York, NY 10176          
           
Royce & Associates, LLC13   3,817,296    12.5%
1414 Avenue of the Americas          
New York, NY 10019          
           
Fidelity Management & Research   2,192,073    7.2%
Company 14          
82 Devonshire Street, Boston,          
Massachusetts 02109          
           
All Directors and Officers   14,556,64115    47.1%
(As a Group 13 Persons)          

 

 

12Consists of 1,625 shares held directly and options to purchase 16,500 shares.

13Information derived from an Amendment to Schedule 13G filed January 13, 2012.

14Information derived from Nasdaq Online.

15Consists of 14,219,064 shares held directly or indirectly, and options to purchase 337,577 shares.

 

84
 

 

The following table sets forth certain information as of the end of our last fiscal year regarding all equity compensation plans that provide for the award of equity securities or the grant of options, warrants or rights to purchase our equity securities.

 

Equity Compensation Plan Information

Plan category  Number of
securities to
be issued
upon
exercise of
outstanding
options,
warrants and
rights
(a)		   Weighted-average
exercise price of
outstanding
options, warrants
and rights
(b)		   Number of securities
remaining
available for
future issuance
under equity
compensation
plans
(excluding
securities
reflected in
column (a))
(c)		 
Equity compensation plans approved by security holders   823,275   $13.20    771,795 
Equity compensation plans not approved by security holders   -0-    N/A    -0- 
Total   823,275   $13.20    771,795 

 

Item 13. Certain Relationships And Related Transactions, and Director Independence

 

Transactions with European Subsidiaries

 

We have guaranteed the obligations of our majority-owned, French subsidiary, Interparfums SA under the Burberry license and Paul Smith license agreements. We also provide (or had provided on our behalf) certain financial, accounting and legal services for Interparfums SA, and during 2011 fees for such services were $125,500. In January 2012, Inter Parfums USA, LLC, a United States subsidiary, signed a five year license agreement with Interparfums Suisse (SARL), a Swiss subsidiary of Interparfums SA, for the right to sell amenities under the Lanvin brand name to luxury hotels, cruise lines and airlines in return for royalty payments as are customary in our industry.

 

Distribution and Support Arrangements with Clarins

 

During 2010, we formed Interparfums Luxury Brands, Inc., a Delaware corporation and subsidiary of our majority-owned French subsidiary Interparfums SA, for distribution of prestige brands in the United States. Interparfums Luxury Brands has also entered into an agreement with Clarins Fragrance Group US (a Division of Clarins Group) effective January 1, 2011, to share and manage an expanded sales force. Logistical and administrative support is provided by Clarins Group USA from its Park Avenue offices in New York and its warehouse in Orangeburg, New York. In addition, in 2011 our Spanish distribution subsidiary also entered into a similar service agreement with a Clarins subsidiary relating to distribution of prestige fragrances in Spain. Mr. Serge Rosinoer, a director of our Company, is the Vice Chairman of the Supervisory Board of Clarins SA, the parent company of both the Clarins Fragrance Group US and the Clarins subsidiary.

 

85
 

 

Jimmy Choo

 

Interparfums SA and J Choo Limited entered into an exclusive, worldwide license agreement commencing on January 1, 2010 and expiring on December 31, 2021, for the creation, development and distribution of fragrances under the Jimmy Choo brand. Mr. Robert Bensoussan-Torres, a director of the Corporation, is a director of J Choo Limited and has an indirect ownership interest in J Choo Limited.

 

Yelo and Nickel USA

 

Nickel USA, Inc., a wholly-owned subsidiary of our company and Yelo, LLC, a related party by virtue of the 3% equity interest in Yelo owned by Mr. Jean Madar, the Chairman of the Board and Chief Executive Officer, have entered into an agreement to have Yelo perform management services at the spa owned and operated by Nickel in New York City for a one (1) year period, subject to subsequent annual renewals upon agreement of the parties, and Nickel is to pay Yelo a monthly base fee of $5,000, plus a monthly performance fee based upon a percentage of increased monthly revenues above a baseline.

 

Procedures for Approval of Related Person Transactions

 

Transactions between related persons, such as between an executive officer or director and our company, or any company or person controlled by such officer or director, are required to be approved by our Audit Committee of our board of directors. Our Audit Committee Charter contains such explicit authority, as required by the applicable rules of The Nasdaq Stock Market.

 

Director Independence

 

The following are our directors who are “independent directors” within the applicable rules of The Nasdaq Stock Market:

 

Francois Heilbronn

Jean Levy

Robert Bensoussan-Torres

Serge Rosinoer

Patrick Choël

 

We follow and comply with the independent director definitions as provided by The Nasdaq Stock Market rules in determining the independence of our directors, which are posted on our company’s website. In addition, such rules are also available on The Nasdaq Stock Market’s website. In addition, The Nasdaq Stock Market maintains more stringent rules relating to director independence for the members of our Audit Committee, and the members of our Audit Committee, Messrs. Heilbronn, Levy and Choël, are independent within the meaning of those rules.

 

86
 

 

Board Leadership Structure and Risk Management

 

For more than the past ten (10) years, Jean Madar has held the positions of Chairman of the Board of Directors and Chief Executive Officer of our company. Almost since inception, Mr. Madar has been allocated the responsibility of overseeing our United States operations and the operation of Inter Parfums, Inc., as a public company. Philippe Benacin, as Chief Executive Officer of Interparfums SA, has been allocated the responsibility of overseeing our European operations and its operation as a public company in France. In addition, Mr. Benacin is also the Vice Chairman of the Board of Directors of our company. Our board of directors is comfortable with this approach, as the two largest stockholders of our company are also directly responsible for the operations of our company’s two operating segments. Accordingly, our board of directors does not have a “Lead Director,” a non-management director who controls the meetings of our board of directors.

 

Our board of directors manages risk by (i) review of period operating reports and discussions with management; (ii) approval of executive compensation incentive plans through its committee, the Executive Compensation and Stock Option Committee; (iii) approval of related party transactions through its committee, the Audit Committee; and (iv) approval of material transactions not in the ordinary course of business. Since our inception, we have never been the subject of any material product liability claims, and we have had no recent material property damage claims.

 

Further, we periodically enter into foreign currency forward exchange contracts to hedge exposure related to receivables denominated in a foreign currency and to manage risks related to future sales expected to be denominated in a foreign currency. We enter into these exchange contracts for periods consistent with our identified exposures. The purpose of the hedging activities is to minimize the effect of foreign exchange rate movements on the receivables and cash flows of Interparfums SA, our French subsidiary, whose functional currency is the Euro. All foreign currency contracts are denominated in currencies of major industrial countries and are with large financial institutions, which are rated as strong investment grade.

 

In addition, we mitigate interest rate risk by continually monitoring interest rates, and then determining whether fixed interest rates should be swapped for floating rate debt, or if floating rate debt should be swapped for fixed rate debt.

 

Item 14. Principal Accountant Fees and Services

 

Fees

 

The following sets forth the fees billed to us by WeiserMazars LLP, as well as discusses the services provided for the past two fiscal years, fiscal years ended December 31, 2011 and December 31, 2010.

 

87
 

 

Audit Fees

 

During 2011, the fees billed by WeiserMazars LLP and its affiliate, Mazars S.A. for audit services and review of the financial statements contained in our Quarterly Reports on Form 10-Q were $1.1 million. During 2010, the fees billed by WeiserMazars LLP and its affiliate, Mazars S.A. for audit services and review of the financial statements contained in our Quarterly Reports on Form 10-Q were $608,000. Also, during 2010, the fees billed by Mazars LLP and its affiliate, Mazars S.A. for audit services and review of the financial statements contained in our Quarterly Reports on Form 10-Q were $301,000.

 

Audit-Related Fees

 

WeiserMazars LLP did not bill us for any audit-related services during 2011 or 2010.

 

Tax Fees

 

WeiserMazars LLP did not bill us for tax services during 2011 or 2010.

 

All Other Fees

 

WeiserMazars LLP did not bill us for any other services during 2011 or 2010.

 

Audit Committee Pre Approval Policies and Procedures

 

The Audit Committee has the sole authority for the appointment, compensation and oversight of the work of our independent accountants, who prepare or issue an audit report for us.

 

During the first quarter of 2011, the audit committee authorized the following non-audit services to be performed by WeiserMazars LLP.

 

·We authorized the engagement of WeiserMazars LLP if deemed necessary to provide tax consultation in the ordinary course of business for fiscal year ended December 31, 2011.

 

·We authorized the engagement of WeiserMazars LLP if deemed necessary to provide tax consultation as may be required on a project by project basis that would not be considered in the ordinary course of business, of up to a $5,000 fee limit per project, subject to an aggregate fee limit of $25,000 for fiscal year ending December 31, 2011. If we require further tax services from WeiserMazars LLP, then the approval of the audit committee must be obtained.

 

·If we require other services by WeiserMazars LLP on an expedited basis such that obtaining pre-approval of the audit committee is not practicable, then the Chairman of the Committee has authority to grant the required pre-approvals for all such services.

 

88
 

 

·We imposed a cap of $100,000 on the fees that WeiserMazars LLP can charge for services on an expedited basis that are approved by the Chairman without obtaining full audit committee approval.

 

·None of the non-audit services of either of the Company’s auditors had the pre-approval requirement waived in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X.

 

In the first quarter of 2012, the audit committee authorized the same non-audit services to be performed by WeiserMazars LLP during 2012 as disclosed above.

 

89
 

 

PART IV

 

Item 15. Exhibits, Financial Statement Schedules

 

  Page
(a)(1) Financial Statements annexed hereto  
   
Reports of Independent Registered Public Accounting Firms F-2
   
Audited Financial Statements:  
   
Consolidated Balance Sheets as of December 31, 2011 and 2010 F-4
   
Consolidated Statements of Income for each of the years in the three-year period ended December 31, 2011 F-5
   
Consolidated Statements of Changes in Shareholders’ Equity for each of the years in the three-year period ended December 31, 2011 F-6
   
Consolidated Statements of Comprehensive Income for each of the years in the three-year period ended December 31, 2011 F-7
   
Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, 2011 F-8
   
Notes to Consolidated Financial Statements F-9
   
(a)(2) Financial Statement Schedule:  
   
Schedule II – Valuation and Qualifying Accounts F-33
   
(a)(3) Exhibits – The list of exhibits is contained in the Exhibit Index, which follows the signature page of this report.  

 

90
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

Consolidated Financial Statements and Schedule

 

Index

 

  Page
Report of Independent Registered Public Accounting Firms F-2
   
Audited Financial Statements:  
   
Consolidated Balance Sheets as of December 31, 2011 and 2010 F-4
   
Consolidated Statements of Income for each of the years in the three-year period ended December 31, 2011 F-5
   
Consolidated Statements of Changes in Shareholders’ Equity for each of the years in the three-year period ended December 31, 2011 F-6
   
Consolidated Statements of Comprehensive Income for each of the years in the three-year period ended December 31, 2011 F-7
   
Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, 2011 F-8
   
Notes to Consolidated Financial Statements F-9
   
Financial Statement Schedule:  
   
Schedule II – Valuation and Qualifying Accounts F-33

 

F-1
 

 

Report of Independent Registered Public Accounting Firm

 

Board of Directors and Shareholders

Inter Parfums, Inc.

New York, New York

 

We have audited the accompanying consolidated balance sheets of Inter Parfums, Inc. and subsidiaries as of December 31, 2011 and 2010, and the related consolidated statements of income, changes in shareholders’ equity, comprehensive income and cash flows for each of the years in the two-year period ended December 31, 2011. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Inter Parfums, Inc. and subsidiaries as of December 31, 2011 and 2010, and the results of their operations and their cash flows for each of the years in the two-year period ended December 31, 2011 in conformity with U.S. generally accepted accounting principles.

 

In connection with our audits of the consolidated financial statements enumerated above, we audited schedule II for each of the years in the two-year period ended December 31, 2011. In our opinion, schedule II, when considered in relation to the financial statements taken as a whole, presents fairly, in all material respects, the information stated therein.

 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Inter Parfums, Inc.’s internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated March 12, 2012 expressed an unqualified opinion thereon.

 

WeiserMazars LLP

 

New York, New York

March 12, 2012

 

F-2
 

 

Report of Independent Registered Public Accounting Firm

 

Board of Directors and Shareholders

Inter Parfums, Inc.

New York, New York

 

We have audited the accompanying consolidated statements of income, changes in shareholders’ equity, comprehensive income, and cash flows of Inter Parfums, Inc. and subsidiaries for the year ended December 31, 2009. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

 

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

 

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the results of operations and cash flows of Inter Parfums, Inc. and subsidiaries for the year ended December 31, 2009 in conformity with U.S. generally accepted accounting principles.

 

In connection with our audits of the consolidated financial statements enumerated above, we audited schedule II for the year ended December 31, 2009. In our opinion, schedule II, when considered in relation to the financial statements taken as a whole, presents fairly, in all material respects, the information stated therein.

 

Mazars LLP

 

New York, New York

March 10, 2010

 

F-3
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

December 31, 2011 and 2010

(In thousands except share and per share data)

 

  2011   2010 
 Assets          
Current assets:          
Cash and cash equivalents  $35,856   $37,548 
Short-term investments   —    49,391 
Accounts receivable, net   175,223    97,593 
Inventories   164,077    109,840 
Receivables, other   3,258    3,688 
Other current assets   4,258    4,635 
Income taxes receivable   1,404    — 
Deferred tax assets   7,270    7,230 
Total current assets   391,346    309,925 
Equipment and leasehold improvements, net   14,525    11,207 
Trademarks, licenses and other intangible assets, net   105,750    111,402 
Goodwill   2,763    3,654 
Other assets   1,650    1,917 
Total assets  $516,034   $438,105 
Liabilities and Equity          
Current liabilities:          
Loans payable - banks  $11,826   $5,250 
Current portion of long-term debt   4,480    11,090 
Accounts payable - trade   112,726    52,694 
Accrued expenses   52,042    47,413 
Income taxes payable   2,099    7,905 
Dividends payable   2,443    1,979 
Total current liabilities   185,616    126,331 
Deferred tax liability   6,068    6,789 
Long-term debt, less current portion   —    5,039 
Commitments and contingencies          
Equity:          
Inter Parfums, Inc. shareholders’ equity:          
Preferred stock, $0.001 par value. Authorized 1,000,000 shares; none issued          
Common stock, $0.001 par value. Authorized 100,000,000 shares; outstanding, 30,541,506 and 30,445,881 shares at December 31, 2011 and 2010, respectively   31    30 
Additional paid-in capital   50,883    48,887 
Retained earnings   228,164    205,453 
Accumulated other comprehensive income   7,747    14,757 
Treasury stock, at cost, 10,009,492 common shares at December 31, 2011 and 2010   (34,151)   (34,151)
Total Inter Parfums, Inc. shareholders’ equity   252,674    234,976 
Noncontrolling interest   71,676    64,970 
Total equity   324,350    299,946 
Total liabilities and equity  $516,034   $438,105 

 

See accompanying notes to consolidated financial statements.

 

F-4
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

Consolidated Statements of Income

Years ended December 31, 2011, 2010, and 2009

(In thousands except share and per share data)

 

   2011   2010   2009 
Net sales  $615,220   $460,411   $409,464 
Cost of sales   228,446    186,401    175,296 
Gross margin   386,774    274,010    234,168 
Selling, general, and administrative expenses   318,998    217,574    187,690 
Impairment of goodwill   837    —    1,677 
Income from operations   66,939    56,436    44,801 
Other expenses (income):               
Interest expense   2,197    2,116    2,647 
(Gain) loss on foreign currency   (1,546)   2,132    (3,212)
Interest and dividend income   (1,105)   (1,652)   (982)
    (454)   2,596    (1,547)
                
Income before income taxes   67,393    53,840    46,348 
Income taxes   24,444    18,165    16,190 
Net income   42,949    35,675    30,158 
Less: Net income attributable to the noncontrolling interest   10,646    9,082    7,791 
Net income attributable to Inter Parfums, Inc.  $32,303   $26,593   $22,367 
Net income attributable to Inter Parfums, Inc. common shareholders’:               
Basic  $1.06   $0.88   $0.74 
Diluted   1.05    0.87    0.74 
                
Weighted average number of shares outstanding:               
Basic   30,514,529    30,360,602    30,099,998 
Diluted   30,677,825    30,481,991    30,121,077 
                
Dividends declared per share  $0.32   $0.26   $0.13 

 

See accompanying notes to consolidated financial statements.

 

F-5
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Shareholders’ Equity

Years ended December 31, 2011, 2010, and 2009

(In thousands except share data)

 

   Inter Parfums, Inc. shareholders         
               Accumulated             
   Common stock   Additional       other             
   outstanding   paid-in   Retained   comprehensive   Treasury stock   Noncontrolling     
   Shares   Amount   capital   earnings   income   Shares   Amount   interest   Total 
Balance – January 1, 2009   30,168,939   $30   $41,950   $168,025   $25,515    9,966,379   $(31,319)  $51,308   $255,509 
Net income   —    —    —    22,367    —    —    —    7,791    30,158 
Foreign currency translation adjustments   —    —    —    —    6,789    —    —    1,978    8,767 
Reclassification from OCI into earnings, net   —    —    —    —    (4,423)   —    —    (1,499)   (5,922)
Net derivative instrument gain, net of tax   —    —    —    —    141    —    —    32    173 
Dividends   —    —    —    (3,974)   —    —    —    (1,716)   (5,690)
Shares issued upon exercise of stock options including income tax benefit of $692   243,600    —    2,711    —    —    (150,000)   476    —    3,187 
Stock compensation   —    —    510    193    —    —    —    102    805 
Sale of subsidiary shares to noncontrolling interest   —    —    (45)   —    —    —    —    2,671    2,626 
Purchased treasury shares   (108,100)   —    —    —    —    108,100    (631)   —    (631)
Shares received as proceeds of option exercises   (132,487)   —    —    —    —    132,487    (1,569)   —    (1,569)
                                              
Balance – December 31, 2009   30,171,952    30    45,126    186,611    28,022    10,056,966    (33,043)   60,667    287,413 
Net income   —    —    —    26,593    —    —    —    9,082    35,675 
Foreign currency translation adjustments   —    —    —    —    (13,348)   —    —    (4,436)   (17,784)
Net derivative instrument gain, net of tax   —    —    —    —    83    —    —    74    157 
Dividends   —    —    —    (7,901)   —    —    —    (2,048)   (9,949)
Shares issued upon exercise of stock options and warrants including income tax benefit of $520   376,455    —    4,012    —    —    (150,000)   493    —    4,505 
Stock compensation   —    —    597    150    —    —    —    52    799 
Purchase of subsidiary shares from noncontrolling interest   —    —    (2,087)   —    —    —    —    (2,508)   (4,595)
Sale of subsidiary shares to noncontrolling interest   —    —    1,239    —    —    —    —    4,087    5,326 
Shares received as proceeds of option exercises   (102,526)   —    —    —    —    102,526    (1,601)   —    (1,601)
                                              
Balance – December 31, 2010   30,445,881    30    48,887    205,453    14,757    10,009,492    (34,151)   64,970    299,946 
Net income   —    —    —    32,303    —    —    —    10,646    42,949 
Foreign currency translation adjustments   —    —    —    —    (7,021)   —    —    (2,659)   (9,680)
Net derivative instrument gain, net of tax   —    —    —    —    11    —    —    7    18 
Dividends   —    —    —    (9,768)   —    —    —    (3,149)   (12,917)
Shares issued upon exercise of stock options including income tax benefit of $110   95,625    1    1,092    —    —    —    —    —    1,093 
Stock compensation   —    —    695    176    —    —    —    64    935 
Purchase of subsidiary shares from noncontrolling interest   —    —    (417)   —    —    —    —    (333)   (750)
Sale of subsidiary shares to noncontrolling interest   —    —    626    —    —    —    —    2,130    2,756 
                                              
Balance – December 31, 2011   30,541,506   $31   $50,883   $228,164   $7,747    10,009,492   $(34,151)  $71,676   $324,350 

 

See accompanying notes to consolidated financial statements.

 

F-6
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

Years ended December 31, 2011, 2010, and 2009

(In thousands except share and per share data)

 

   2011   2010   2009 
             
Net income  $42,949   $35,675   $30,158 
                
Other comprehensive income:               
Net derivative instrument gain, net of tax   18    157    173 
Reclassification from OCI into earnings, net   —    —    (5,922)
Translation adjustments, net of tax   (9,680)   (17,784)   8,767 
    (9,662)   (17,627)   3,018 
Comprehensive income   33,287    18,048    33,176 
                
Comprehensive income attributable to noncontrolling interests:               
Net income   10,646    9,082    7,791 
Net derivative instrument gain, net of tax   7    74    32 
Reclassification from OCI into earnings, net   —    —    (1,499)
Translation adjustments, net of tax   (2,659)   (4,436)   1,978 
    7,994    4,720    8,302 
Comprehensive income attributable to Inter Parfums Inc.:  $25,293   $13,328   $24,874 

 

See accompanying notes to consolidated financial statements.

 

F-7
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

Years ended December 31, 2011, 2010, and 2009

(In thousands)

 

   2011   2010   2009 
Cash flows from operating activities:               
Net income  $42,949   $35,675   $30,158 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:               
Depreciation and amortization   13,073    9,188    10,963 
Impairment of goodwill and trademark   837    —    2,213 
Provision for doubtful accounts   2,838    3,127    1,394 
Noncash stock compensation   1,060    895    947 
Excess tax benefits from stock-based compensation arrangements   (110)   —    — 
Deferred tax (benefit)   (1,009)   (4,558)   (3,079)
Change in fair value of derivatives   (272)   (362)   (861)
Changes in:               
Accounts receivable   (88,915)   (5,915)   20,912 
Inventories   (60,494)   (29,110)   40,628 
Other assets   993    2,127    (4,841)
Accounts payable and accrued expenses   72,664    20,804    (18,900)
Income taxes, net   (7,335)   5,974    5,106 
Net cash provided by (used in) operating activities   (23,721)   37,845    84,640 
Cash flows from investing activities:               
Purchases of short-term investments   (10,823)   (112,495)   — 
Proceeds from sale of short-term investments   62,111    63,510    — 
Purchase of equipment and leasehold improvements   (9,946)   (6,085)   (5,526)
Payment for intangible assets acquired   (4,605)   (22,209)   (775)
Net cash provided by (used in) investing activities   36,737    (77,279)   (6,301)
Cash flows from financing activities:               
Proceeds from (repayment of) loans payable – banks   7,230    254    (9,005)
Repayment of long-term debt   (11,673)   (10,865)   (12,408)
Purchase of treasury stock   —    (106)   (660)
Proceeds from exercise of options and warrants including tax benefits   983    3,009    1,648 
Excess tax benefits from stock-based compensation arrangements   110    —    — 
Proceeds from sale of stock of subsidiary   2,756    5,326    2,658 
Payment for acquisition of noncontrolling interests   (750)   (4,595)   — 
Dividends paid   (9,304)   (6,918)   (3,974)
Dividends paid to noncontrolling interests   (3,149)   (2,048)   (1,716)
Net cash used in financing activities   (13,797)   (15,943)   (23,457)
Effect of exchange rate changes on cash   (911)   (7,542)   3,181 
Net increase (decrease) in cash and cash equivalents   (1,692)   (62,919)   58,063 
Cash and cash equivalents – beginning of year   37,548    100,467    42,404 
Cash and cash equivalents – end of year  $35,856   $37,548   $100,467 
Supplemental disclosures of cash flow information:               
Cash paid for:               
Interest  $1,972   $2,297   $2,633 
Income taxes   32,716    14,944    13,085 

 

See accompanying notes to consolidated financial statements.

 

F-8
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

(1)          The Company and its Significant Accounting Policies

 

Business of the Company

 

Inter Parfums, Inc. and its subsidiaries (the “Company”) are in the fragrance business, and manufacture and distribute a wide array of fragrances and fragrance related products.

 

Substantially all of our prestige fragrance brands are licensed from unaffiliated third parties and our business is dependent upon the continuation and renewal of such licenses. Revenues generated from one such license represented 50%, 53% and 57% of net sales in 2011, 2010 and 2009, respectively.

 

Basis of Preparation

 

The consolidated financial statements include the accounts of the Company, including 74% owned Interparfums, S.A. (“IPSA”), a subsidiary whose stock is publicly traded in France. In 2010, IPSA formed two wholly-owned subsidiaries, Interparfums Singapore Pte. Ltd., and Interparfums Luxury Brands, Inc., an Asian sales and marketing office and a U.S. distribution company, respectively. All material intercompany balances and transactions have been eliminated.

 

Management Estimates

 

Management makes assumptions and estimates to prepare financial statements in conformity with accounting principles generally accepted in the United States of America. Those assumptions and estimates directly affect the amounts reported and disclosures included in the consolidated financial statements. Actual results could differ from those assumptions and estimates. Significant estimates for which changes in the near term are considered reasonably possible and that may have a material impact on the financial statements are disclosed in these notes to the consolidated financial statements.

 

Foreign Currency Translation

 

For foreign subsidiaries with operations denominated in a foreign currency, assets and liabilities are translated to U.S. dollars at year-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the year. Gains and losses from translation adjustments are accumulated in a separate component of shareholders’ equity.

 

Cash and Cash Equivalents

 

All highly liquid investments purchased with a maturity of three months or less are considered to be cash equivalents.

 

Short-Term Investments

 

From time to time, the Company has short-term investments which consist of certificates of deposit with maturities greater than three months. The Company monitors concentrations of credit risk associated with financial institutions with which the Company conducts significant business. The Company believes our credit risk is minimal, as the Company primarily conducts business with large, well-established financial institutions.

 

F-9
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

Accounts Receivable

 

Accounts receivable represent payments due to the Company for previously recognized net sales, reduced by allowances for sales returns and doubtful accounts or balances which are estimated to be uncollectible which aggregated $9.5 million and $5.9 million as of December 31, 2011 and 2010, respectively. Accounts receivable balances are written-off against the allowance for doubtful accounts when they become uncollectible. Recoveries of accounts receivable previously recorded against the allowance are recorded in the consolidated statement of income when received. We generally grant credit based upon our analysis of the customer’s financial position as well as previously established buying patterns.

 

Inventories

 

Inventories, including promotional merchandise, only include inventory considered saleable or usable in future periods, and is stated at the lower of cost or market, with cost being determined on the first-in, first-out method. Cost components include raw materials, components, direct labor and overhead (e.g., indirect labor, utilities, depreciation, purchasing, receiving, inspection and warehousing) as well as inbound freight. Promotional merchandise is charged to cost of sales at the time the merchandise is shipped to the Company’s customers. Overhead included in inventory aggregated, $4.4 million, $3.0 million and $2.3 million as of December 31, 2011, 2010 and 2009, respectively.

 

Derivatives

 

All derivative instruments are recorded as either assets or liabilities and measured at fair value. The Company uses derivative instruments to principally manage a variety of market risks. For derivatives designated as hedges of the exposure to changes in fair value of the recognized asset or liability or a firm commitment (referred to as fair value hedges), the gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. The effect of that accounting is to include in earnings the extent to which the hedge is not effective in achieving offsetting changes in fair value. For our cash flow hedges, the effective portion of the derivative’s gain or loss is initially reported in equity (as a component of accumulated other comprehensive income) and is subsequently reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The ineffective portion of the gain or loss of a cash flow hedge is reported in earnings immediately. The Company also holds certain instruments for economic purposes that are not designated for hedge accounting treatment. For these derivative instruments, the changes in their fair value are recorded in earnings immediately.

 

Equipment and Leasehold Improvements

 

Equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided using the straight-line method over the estimated useful lives for equipment, which range between three and ten years and the shorter of the lease term or estimated useful asset lives for leasehold improvements.

 

Goodwill and Other Long-Lived Assets

 

Goodwill is calculated as the excess of the cost of purchased businesses over the fair value of their underlying net assets.  Other indefinite-lived intangible assets principally consist of trademarks. Goodwill and other indefinite-lived intangible assets are not amortized.

 

F-10
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

The Company evaluates goodwill and indefinite-lived intangible assets for impairment at least annually during the fourth quarter, or more frequently when events occur or circumstances change, such as an unexpected decline in sales, that would more likely than not (i) reduce the fair value of the reporting unit below its fair value or (ii) indicate that the carrying value of an indefinite-lived intangible asset may not be recoverable. Impairment of goodwill is evaluated using a two step process. The first step involves a comparison of the estimated fair value of the reporting unit to the carrying value of that unit. If the carrying value of the reporting unit exceeds the fair value of the reporting unit, the second step of the process involves comparison of the implied fair value of goodwill (based on industry purchase and sale transaction data) with its carrying value. If the carrying value of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized as an amount equal to the excess.

 

Testing goodwill for impairment requires us to estimate the fair value of the reporting unit using significant estimates and assumptions. The assumptions the Company makes will impact the outcome and ultimate results of the testing. In making our assumptions and estimates, the Company uses industry accepted valuation models and set criteria that are reviewed and approved by management and, in certain instances, the Company engages third party valuation specialists to advise us.

 

For indefinite-lived intangible assets, the evaluation requires a comparison of the estimated fair value of the asset to the carrying value of the asset. To determine fair value of indefinite-lived intangible assets, the Company uses an income approach, including the relief-from-royalty method. This method assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to obtain the rights to use the comparable asset. The relief-from-royalty calculations require us to make a number of assumptions and estimates concerning future sales levels, market royalty rates, future tax rates and discount rates. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, impairment is recorded.

 

Intangible assets subject to amortization are evaluated for impairment testing whenever events or changes in circumstances indicate that the carrying amount of an amortizable intangible asset may not be recoverable. If impairment indicators exist for an amortizable intangible asset, the undiscounted future cash flows associated with the expected service potential of the asset are compared to the carrying value of the asset. If our projection of undiscounted future cash flows is in excess of the carrying value of the intangible asset, no impairment charge is recorded. If our projection of undiscounted future cash flows is less than the carrying value of the intangible asset, an impairment charge would be recorded to reduce the intangible asset to its fair value.

 

Concentration of Credit Risk

 

The Company is a worldwide manufacturer, marketer and distributor of fragrance and fragrance related products, and sells its products to department stores, perfumeries, specialty retailers, mass-market retailers, supermarkets and domestic and international wholesalers and distributors. The Company grants credit to all qualified customers and does not believe it is exposed significantly to any undue concentration of credit risk.

 

The Company’s largest customer was its former U.S. prestige fragrance distributor which accounted for 8% and 11% of consolidated net sales in 2010 and 2009, respectively. In 2010, the Company formed a U.S. subsidiary which took over U.S. prestige fragrance distribution on January 1, 2011. No one customer represented 10% or more of net sales in 2011.

 

F-11
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

Revenue Recognition

 

The Company sells its products to department stores, perfumeries, specialty retailers, mass-market retailers, supermarkets and domestic and international wholesalers and distributors. Sales of such products by our domestic subsidiaries are denominated in U.S. dollars and sales of such products by our foreign subsidiaries are primarily denominated in either euro or U.S. dollars. The Company recognizes revenues when merchandise is shipped and the risk of loss passes to the customer. Net sales are comprised of gross revenues less returns, trade discounts and allowances. The Company does not bill its customer’s freight and handling charges. All shipping and handling costs, which aggregated $8.8 million, $5.3 million and $5.0 million in 2011, 2010 and 2009, respectively, are included in selling, general and administrative expenses in the consolidated statements of income.

 

Sales Returns

 

Generally, the Company does not permit customers to return their unsold products. However, commencing in January 2011 we took over U.S. distribution of our European based prestige products and for U.S. based customers we allow customer returns if properly requested, authorized and approved. The Company regularly reviews and revises, as deemed necessary, its estimate of reserves for future sales returns based primarily upon historic trends and relevant current data including information provided by retailers regarding their inventory levels. In addition, as necessary, specific accruals may be established for significant future known or anticipated events. The types of known or anticipated events that we have considered, and will continue to consider, include, but are not limited to, the financial condition of our customers, store closings by retailers, changes in the retail environment and our decision to continue to support new and existing products. The Company records estimated reserves for sales returns as a reduction of sales, cost of sales and accounts receivable. Returned products are recorded as inventories and are valued based upon estimated realizable value. The physical condition and marketability of returned products are the major factors we consider in estimating realizable value. Actual returns, as well as estimated realizable values of returned products, may differ significantly, either favorably or unfavorably, from our estimates, if factors such as economic conditions, inventory levels or competitive conditions differ from our expectations.

 

Payments to Customers

 

The Company records revenues generated from purchase with purchase and gift with purchase promotions as sales and the costs of its purchase with purchase and gift with purchase promotions as cost of sales. Certain other incentive arrangements require the payment of a fee to customers based on their attainment of pre-established sales levels. These fees have been recorded as a reduction of net sales.

 

Advertising and Promotion

 

Advertising and promotional costs are expensed as incurred and recorded as a component of cost of goods sold (in the case of free goods given to customers) or selling, general and administrative expenses. Advertising and promotional costs included in selling, general and administrative expenses were $127.8 million, $69.2 million and $55.8 million for 2011, 2010 and 2009, respectively. Costs relating to purchase with purchase and gift with purchase promotions that are reflected in cost of sales aggregated $48.4 million, $30.2 million and $29.8 million in 2011, 2010 and 2009, respectively. Accrued expenses include approximately $16.4 million and $14.7 million in advertising liabilities as of December 31, 2011 and 2010, respectively.

 

F-12
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

Package Development Costs

 

Package development costs associated with new products and redesigns of existing product packaging are expensed as incurred.

 

Operating Leases

 

The Company recognizes rent expense from operating leases with various step rent provisions, rent concessions and escalation clauses on a straight-line basis over the applicable lease term. The Company considers lease renewals in the useful life of its leasehold improvements when such renewals are reasonably assured. In the event the Company receives capital improvement funding from its landlord, these amounts are recorded as deferred liabilities and amortized over the remaining lease term as a reduction of rent expense.

 

License Agreements

 

The Company’s license agreements provide the Company with worldwide rights to manufacture, market and sell fragrance and fragrance related products using the licensors’ trademarks. The licenses typically have an initial term of approximately 5 years to 15 years, and are potentially renewable subject to the Company’s compliance with the license agreement provisions. The remaining terms, including the potential renewal periods, range from approximately 2 years to 15 years.  Under each license, the Company is required to pay royalties in the range of 5% to 10% to the licensor, at least annually, based on net sales to third parties.

 

Most of the Company’s licenses were entered into to create additional sales.  In some cases, the Company may pay an entry fee to acquire, or enter into, a license where the licensor or another licensee was operating a pre-existing fragrance business.  In those cases, the entry fee is capitalized as an intangible asset and amortized over its useful life.

 

Certain license agreements may require minimum royalty payments, incremental royalties based on net sales levels and minimum spending on advertising and promotional activities.  Royalty expenses are accrued in the period in which net sales are recognized while advertising and promotional expenses are accrued at the time these costs are incurred.

 

In addition, the Company is exposed to certain concentration risk. Substantially all of our prestige fragrance brands are licensed from unaffiliated third parties and our business is dependent upon the continuation and renewal of such licenses.

 

Income Taxes

 

The Company accounts for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in its financial statements or tax returns. The net deferred tax assets assume sufficient future earnings for their realization, as well as the continued application of currently anticipated tax rates. Included in net deferred tax assets is a valuation allowance for deferred tax assets, where management believes it is more-likely-than-not that the deferred tax assets will not be realized in the relevant jurisdiction. If the Company determines that a deferred tax asset will not be realizable, an adjustment to the deferred tax asset will result in a reduction of net earnings at that time.

 

Issuance of Common Stock by Consolidated Subsidiary

 

The difference between the Company’s share of the proceeds received by the subsidiary and the carrying amount of the portion of the Company’s investment deemed sold, is reflected as an equity adjustment in the consolidated balance sheets.

 

F-13
 

 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

Treasury Stock

 

The Board of Directors may authorize share repurchases of the Company’s common stock (Share Repurchase Authorizations). Share repurchases under Share Repurchase Authorizations may be made through open market transactions, negotiated purchase or otherwise, at times and in such amounts within the parameters authorized by the Board. Shares repurchased under Share Repurchase Authorizations are held in treasury for general corporate purposes, including issuances under various employee stock option plans. Treasury shares are accounted for under the cost method and reported as a reduction of equity. Share Repurchase Authorizations may be suspended, limited or terminated at any time without notice.

 

Recent Accounting Pronouncements

 

In May 2011, new accounting guidance on fair value measurements was issued, which requires updates to fair value measurement disclosures to conform US GAAP to International Financial Reporting Standards. This guidance includes additional disclosure requirements about Level 3 fair value measurements and is effective for interim and annual periods beginning after December 15, 2011. The adoption of the new guidance will not affect the Company’s financial position, results of operations and cash flows, but will require additional disclosure.

 

In June and December 2011, new accounting guidance on comprehensive income was issued, which revises the presentation of comprehensive income in financial statements. The Company has adopted the new guidance which has no affect the Company’s financial position, results of operations or cash flows, but requires the Company to disclose the total of comprehensive income, the components of net income and the components of other comprehensive income in either (i) a continuous statement of comprehensive income or (ii) as two separate but consecutive statements.

 

In September 2011, new accounting guidance on testing goodwill for impairment was issued, which allows an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in ASC Topic 350. This guidance is effective for interim and annual goodwill impairment tests for interim and annual periods beginning after December 15, 2011. The adoption of the new guidance will not affect the Company’s financial position, results of operations and cash flows.

 

There are no other new accounting pronouncements issued but not yet adopted that would have a material effect on our consolidated financial statements.

 

(2)Recent Agreements

 

Burberry

 

In December 2011, the Company and Burberry began to explore ways in which we can work more closely together to realize the brand’s potential and are currently in discussion regarding the potential establishment of a new operating structure for the Burberry fragrance and beauty business. As there can be no assurance that an agreement will be reached, Burberry exercised its right to evaluate the purchase price for the unexpired term of the existing license. In this process, Burberry has until July 31, 2012 to determine whether it wishes to buy out the unexpired portion of the license as of December 31, 2012 or continue the existing contract which runs through December 31, 2017. As previously disclosed, if Burberry were to buy back the license, then the purchase price will be the greater of the fair market value of the unexpired term of the license or 70% of 2010 net wholesale sales of Burberry products.

 

F-14
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

Repetto

 

In December 2011, we entered into a thirteen-year exclusive worldwide license agreement to create, produce and distribute perfumes and ancillary products under the Repetto brand. Our rights under the agreement commenced on January 1, 2012. The agreement is subject to certain minimum advertising expenditures and royalty payments as are customary in our industry.

 

The Gap Inc.

 

In July 2011, we renewed our exclusive agreement with The Gap, Inc. to develop, produce, manufacture and distribute fragrances for Gap and Banana Republic brand names to be sold in Gap and Banana Republic retail stores in the United States and Canada. In July 2011, we also renewed our license agreement with The Gap Inc. for international distribution of fragrances through Gap and Banana Republic stores as well as select specialty and department stores outside the United States, including duty-free and other travel related retailers.

 

These renewal agreements, which took effect on January 1, 2012 and run through December 31, 2014, contain terms and conditions similar to those of the original agreements.

 

Pierre Balmain

 

In July 2011, we entered into a twelve-year exclusive worldwide license agreement to create, produce and distribute perfumes and ancillary products under the Balmain brand. Our rights under the agreement commenced on January 1, 2012 when we took over the production and distribution of existing Balmain fragrances. The agreement is subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. The Company paid an up front entry fee of €2.1 million (approximately $2.7 million) for this license.

 

Anna Sui

 

In June 2011, we entered into a ten-year exclusive worldwide fragrance license agreement, with two five-year renewal options, to create, produce and distribute perfumes and fragrance-related products under the Anna Sui brand. Our rights under the agreement commenced on January 1, 2012 when we took over production and distribution of the existing Anna Sui fragrance collections. The agreement is subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. The Company agreed to pay an upfront entry fee of $2.0 million for this license which was recorded and paid for in 2012 and agreed to purchase current inventory and certain other assets of the existing licensee. As of December 31, 2011, approximately $2.8 million of current inventory was purchased.

 

S. T. Dupont

 

In April 2011, we renewed our license agreement with S.T. Dupont for the creation, development and distribution of fragrance products through December 31, 2016. Our initial eleven-year license agreement with S.T. Dupont was signed in June 1997, and had previously been extended in 2006 for an additional three years until June 2011.

 

Lane Bryant

 

In March 2011, we entered into an exclusive agreement with a unit of Charming Shoppes, Inc. for its flagship brand, Lane Bryant. Under the agreement, Inter Parfums designs and manufactures personal care products for the Lane Bryant brand, while Lane Bryant is responsible for marketing, promoting and selling these products. The initial term of the contract, which may be extended by mutual consent, runs through December 31, 2015.

 

F-15
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

Boucheron

 

In December 2010, the Company entered into an exclusive worldwide license agreement with Boucheron Parfums SAS to create, produce and distribute perfumes and ancillary products under the Boucheron brand. Our rights under such license agreement, which took effect on January 1, 2011 and runs through December 31, 2025, are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. The Company paid an upfront entry fee of €15 million (approximately $20 million) for this license, and purchased the inventory of the former licensee for €1.7 million (approximately $2.3 million).

 

Nine West

 

In July 2010, the Company entered into an exclusive worldwide license agreement with Nine West Development Corporation for the creation, production, marketing and global distribution of women’s fragrances under the Nine West brand. The agreement, which runs through December 31, 2016, contains a provision for further renewal if certain conditions are met. The agreement also provides for direct sales to Nine West retail stores in the United States, as well as a licensing component, enabling us to sell women's fragrances to better department stores and specialty retailers worldwide. Our rights under such license agreement are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry.

 

Betsey Johnson

 

In July 2010, the Company entered into an exclusive worldwide agreement with Betsey Johnson LLC under which the Company will design, manufacture and sell fragrance, color cosmetics as well as other personal care products across a broad retail spectrum. The agreement, which runs through December 31, 2015 with a five year optional term if certain conditions are met, encompasses both direct sales to global Betsey Johnson stores and e-commerce site, as well as a licensing component, enabling us to sell these fragrance and beauty products to specialty and department stores as well as other retail outlets worldwide. Our rights under such license agreement are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry.

 

Montblanc

 

In January 2010, the Company entered into an exclusive worldwide license agreement with Montblanc International GmbH to create, produce and distribute perfumes and ancillary products under the Montblanc brand. Our rights under this license agreement, which took effect on July 1, 2010 and runs through December 31, 2020, are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. The Company paid an upfront entry fee of €1 million (approximately $1.4 million) for this license and purchased inventory of the former licensee for €4 million (approximately $5.7 million).

 

Jimmy Choo

 

In October 2009, the Company entered into an exclusive worldwide license agreement with J Choo Limited, which commenced on January 1, 2010, for the creation, development and distribution of fragrances under the Jimmy Choo brand. Our rights under such license agreement, which runs through 2022, are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. A member of the Company’s Board of Directors is also a member of the Board of Directors of J Choo Limited.

 

F-16
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

(3)Inventories

 

   December 31, 
   2011   2010 
         
Raw materials and component parts  $64,411   $40,809 
Finished goods   99,666    69,031 
           
   $164,077   $109,840 

 

(4)Fair Value of Financial Instruments

 

The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value.

 

       Fair Value Measurements at December 31, 2011 
       Quoted Prices in   Significant Other   Significant 
       Active Markets for   Observable   Unobservable 
       Identical Assets   Inputs   Inputs 
    Total    (Level 1)    (Level 2)    (Level 3) 
Assets:                    
Short-term investments  $—   $—   $—   $— 
Liabilities:                    
Foreign currency forward exchange contracts not accounted for using hedge accounting  $3,532   $—   $3,532   $— 
Interest rate swaps   69    —    69    — 
                     
   $3,601   $—   $3,601   $— 

 

       Fair Value Measurements at December 31,2010 
       Quoted Prices in   Significant Other   Significant 
       Active Markets for   Observable   Unobservable 
       Identical Assets   Inputs   Inputs 
    Total    (Level 1)    (Level 2)    (Level 3) 
Assets:                    
Short-term investments  $49,391   $—   $49,391   $— 
Foreign currency forward exchange contracts not accounted for using hedge accounting   1,024    —    1,024    — 
                     
   $50,415   $—   $50,415   $— 
Liabilities:                    
Interest rate swaps  $333   $—   $333   $— 

 

The carrying amount of cash and cash equivalents, short-term investments, accounts receivable, other receivables, accounts payable and accrued expenses approximates fair value due to the short terms to maturity of these instruments. The carrying amount of loans payable approximates fair value as the interest rates on the Company’s indebtedness approximate current market rates. The fair value of the Company’s long-term debt was estimated based on the current rates offered to companies for debts with the same remaining maturities and is approximately equal to its carrying value.

 

F-17
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

Foreign currency forward exchange contracts are valued based on quotations from financial institutions and the value of interest rate swaps are the discounted net present value of the swaps using third party quotes obtained from financial institutions.

 

(5)Derivative Financial Instruments

 

The Company enters into foreign currency forward exchange contracts to hedge exposure related to receivables denominated in a foreign currency. Before entering into a derivative transaction for hedging purposes, it is determined that a high degree of initial effectiveness exists between the change in value of the hedged item and the change in the value of the derivative instrument from movement in exchange rates. High effectiveness means that the change in the cash flows of the derivative instrument will effectively offset the change in the cash flows of the hedged item. The effectiveness of each hedged item is measured throughout the hedged period and is based on the dollar offset methodology and excludes the portion of the fair value of the foreign currency forward exchange contract attributable to the change in spot-forward difference which is reported in current period earnings. Any hedge ineffectiveness is also recognized as a gain or loss on foreign currency in the income statement. For hedge contracts that are no longer deemed highly effective, hedge accounting is discontinued and gains and losses accumulated in other comprehensive income are reclassified to earnings. If it is probable that the forecasted transaction will no longer occur, then any gains or losses accumulated in other comprehensive income are reclassified to current-period earnings. Cash-flow hedges were highly effective, in all material respects.

 

The following table presents gains and losses in derivatives designated as hedges and the location of those gains and losses in the financial statements (in thousands):

 

                Location of Gain    
                (Loss)   Amount of Gain
    Amount of Gain   Location of Gain   Amount of Gain   Recognized in   (Loss) Recognized
Derivatives in   (Loss) Recognized   (Loss) Reclassified   (Loss) Reclassified   Income on   in Income on
Cash Flow   in OCI on   from Accumulated   from Accumulated   Derivative   Derivative
Hedging   Derivative   OCI into Income   OCI into Income   (Effective   (Effective Portion)
Relationships   (Effective Portion)   (Effective Portion)   (Effective Portion)   Portion)   (A)
    Year ended       Year ended       Year ended
    December 31,       December 31,       December 31,
      2011     2010         2011     2010         2011     2010  
Foreign exchange               Gain (loss) on               Gain (loss) on              
contracts   $ —     —   foreign currency   $ —     —   foreign currency   $  —     (2,638 )

 

(A) The amount of gain (loss) recognized in income represents the amount excluded from the assessment of hedge effectiveness.

 

The following table presents gains and losses in derivatives not designated as hedges and the location of those gains and losses in the financial statements (in thousands):

 

F-18
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

Derivatives not   Location of Gain (Loss)          
Designated as Hedging   recognized in Income on   December 31,    December 31, 
Instruments   Derivative   2011    2010 
               
Interest rate swaps   Interest expense  $272   $362 
Foreign exchange contracts   Gain (loss) on foreign currency  $(108)  $(86)

 

All derivative instruments are reported as either assets or liabilities on the balance sheet measured at fair value. The valuation of interest rate swaps resulted in a liability which is included in long-term debt on the accompanying balance sheets. The valuation of foreign currency forward exchange contracts not accounted for using hedge accounting in 2011 resulted in a liability and is included in accrued expenses and in 2010 such valuation resulted in an asset and is included in other current assets on the accompanying balance sheets. Generally, increases or decreases in the fair value of derivative instruments will be recognized as gains or losses in earnings in the period of change. If the derivative instrument is designated and qualifies as a cash flow hedge, the changes in fair value of the derivative instrument will be recorded as a separate component of shareholders’ equity.

 

At December 31, 2011, the Company had foreign currency contracts in the form of forward exchange contracts in the amount of approximately U.S. $67.3 million and GB £10.0 million which all have maturities of less than one year.

 

(6)Equipment and Leasehold Improvements

 

   December 31, 
   2011   2010 
         
Equipment  $35,160   $26,778 
Leasehold improvements   2,265    2,107 
    37,425    28,885 
Less accumulated depreciation and amortization   22,900    17,678 
   $14,525   $11,207 

 

Depreciation and amortization expense was $6.0 million, $3.5 million and $4.3 million for 2011, 2010 and 2009, respectively.

 

F-19
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

(7)Trademarks, Licenses and Other Intangible Assets

 

2011  Gross   Accumulated   Net Book 
   Amount   Amortization   Value 
Trademarks (indefinite lives)  $6,590   $—   $6,590 
Trademarks (finite lives)   50,127    151    49,976 
Licenses (finite lives)   70,109    23,289    46,820 
Other intangible assets (finite lives)   13,953    11,589    2,364 
Subtotal   134,189    35,029    99,160 
Total  $140,779   $35,029   $105,750 

 

2010  Gross   Accumulated   Net Book 
   Amount   Amortization   Value 
Trademarks (indefinite lives)  $6,671   $—   $6,671 
Trademarks (finite lives)   51,680    134    51,546 
Licenses (finite lives)   70,250    18,881    51,369 
Other intangible assets (finite lives)   13,220    11,404    1,816 
Subtotal   135,150    30,419    104,731 
Total  $141,821   $30,419   $111,402 

 

In 2009, an impairment charge relating to the Nickel trademark in the amount of $0.54 million was recorded. No other impairment charges for trademarks with indefinite useful lives were required in 2011, 2010 and 2009. Amortization expense was $7.9 million, $5.7 million and $6.7 million for 2011, 2010 and 2009, respectively. Amortization expense is expected to approximate $6.8 million in 2012 and 2013, $6.4 million in 2014 and $5.9 million in 2015 and 2016. The weighted average amortization period for trademarks, licenses and other intangible assets with finite lives are 18 years, 12 years and 2 years, respectively, and 13 years in the aggregate.

 

Trademarks (finite lives) primarily represents Lanvin brand names and trademarks and in connection with their purchase, Lanvin was granted the right to repurchase the brand names and trademarks in 2025 for the greater of €70 million (approximately $91 million) or one times the average of the annual sales for the years ending December 31, 2023 and 2024 (residual value). Because the residual value of the intangible asset exceeds its carrying value, the asset is not amortized.

 

F-20
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

(8)Goodwill and Other Intangible Assets

 

The following tables present our assets and liabilities that are measured at fair value on a nonrecurring basis, and are categorized using the fair value hierarchy.

  

       Fair Value Measurements at December 31, 2011 
         Quoted Prices in    Significant Other    Significant 
         Active Markets for    Observable    Unobservable 
         Identical Assets    Inputs    Inputs 
    Total    (Level 1)    (Level 2)    (Level 3) 
                     
Description                    
Trademark - Nickel  $2,263   $—   $—   $2,263 
                     
Goodwill  $2,763   $—   $—   $2,763 

 

       Fair Value Measurements at December 31, 2010 
       Quoted Prices in   Significant Other   Significant 
       Active Markets for   Observable   Unobservable 
       Identical Assets   Inputs   Inputs 
   Total   (Level 1)   (Level 2)   (Level 3) 
                 
Description                    
Trademark - Nickel  $2,337   $—   $—   $2,337 
                     
Goodwill  $3,654   $—   $—   $3,654 

 

The goodwill and trademarks referred to above, relates to the Company’s Nickel skin care business which is primarily a component of our European operations. The Company has determined that it may be inclined to sell the Nickel business within the next few years and therefore, the Company engages a third party valuation specialist to advise us and assist in a potential transaction. As a result, the Company has determined that as of December 31, 2011, the carrying amount of the goodwill exceeded fair value resulting in an impairment loss of $0.8 million. A similar evaluation is performed every year and in 2009, the Company recorded an impairment loss of $1.7 million. Accumulated impairment losses relating to goodwill aggregated $4.3 million as of December 31, 2011.

 

To determine fair value of indefinite-lived intangible assets, the Company uses an income approach, including the relief-from-royalty method. This method assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to obtain the rights to use the comparable asset. The relief-from-royalty calculations require us to make a number of assumptions and estimates concerning future sales levels, market royalty rates, future tax rates and discount rates. The Company uses this method to determine if an impairment charge is required relating to our Nickel brand trademarks. In 2009, an impairment charge relating to the Nickel trademark in the amount of $0.54 million was recorded. No impairment charge was required in 2011 or 2010. The Company assumed a market royalty rate of 6% and a discount rate of 7.7%.

 

F-21
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

The fair values used in our evaluations are also estimated based upon discounted future cash flow projections using a weighted average cost of capital of 7.7%. The cash flow projections are based upon a number of assumptions, including, future sales levels and future cost of goods and operating expense levels, as well as economic conditions, changes to our business model or changes in consumer acceptance of our products which are more subjective in nature. The Company believes that the assumptions the Company has made in projecting future cash flows for the evaluations described above are reasonable and currently no impairment indicators exist for our indefinite-lived assets other than the Nickel trademarks referred to above. However, if future actual results do not meet our expectations, the Company may be required to record an impairment charge, the amount of which could be material to our results of operations.

 

The cost of trademarks, licenses and other intangible assets with finite lives is being amortized by the straight-line method over the term of the respective license or the intangible assets estimated useful life which range from three to seventeen years. If the residual value of a finite life intangible asset exceeds its carrying value, then the asset is not amortized. The Company reviews intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

Activity relating to the goodwill is as follows:

 

   December 31, 
   2011   2010 
         
Balance - beginning of year  $3,654   $3,927 
Effect of changes in foreign currency translation rates   (54)   (273)
Impairment loss   (837)   — 
           
Balance - end of year  $2,763   $3,654 

 

(9)Loans Payable – Banks

 

Loans payable – banks consist of the following:

 

The Company’s foreign subsidiaries have available credit lines, including several bank overdraft facilities totaling approximately $25 million. These credit lines bear interest at EURIBOR plus 0.6%, 0.7% or 0.8% (EURIBOR was 1.024% at December 31, 2011). Outstanding amounts totaled $11.8 million and $5.2 million at December 31, 2011 and 2010, respectively.

 

The Company and its domestic subsidiaries have available a $15 million unsecured revolving line of credit due on demand, which bears interest at the prime rate minus 0.5% (the prime rate was 3.25% as of December 31, 2011). The line of credit which has a maturity date of March 31, 2012 is expected to be renewed on an annual basis. There were no borrowings outstanding pursuant to this line of credit as of December 31, 2011 and 2010.

 

The weighted average interest rate on short-term borrowings was 1.7% and 1.8% as of December 31, 2011 and 2010, respectively.

 

F-22
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

(10)Long-Term Debt

 

Long-term debt consists of the following:

   December 31, 
   2011   2010 
18 million euro fixed rate facility at 4.1%, payable in 20 quarterly installments  $—   $5,211 
           
22 million euro variable rate facility at three month EURIBOR plus 0.40%, payable in 20 equal quarterly installments   4,339    10,621 
Other   141    297 
    4,480    16,129 
Less current maturities   4,480    11,090 
           
Total  $—   $5,039 

 

In connection with the 22 million euro variable rate facility, the Company entered into a swap transaction effectively exchanging the variable interest rate to a fixed rate of 4.42%. This derivative instrument is recorded at fair value and changes in fair value which resulted in gains of $0.3 million in 2011 and $0.4 million in 2010 are reflected in interest expense on the consolidated statements of income.

 

Some of the Company’s long-term debt facilities require the maintenance of certain financial covenants including a debt to equity ratio of less than one and a debt to adjusted net income ratio of less than three. One facility contains cross default provisions by permitting acceleration of the debt if any affiliated company of the debtor defaults in any other debt facility, and the creditor of such other debt facility accelerates such debt and such affiliated debtor does not in good faith contest such default and acceleration. The Company is in compliance with all of the covenants and other restrictions of its debt agreements.

 

(11)Commitments

 

Leases

 

The Company leases its office and warehouse facilities under operating leases which are subject to various step rent provisions, rent concessions and escalation clauses expiring at various dates through 2020. Escalation clauses are not material and have been excluded from minimum future annual rental payments. Rental expense, which is calculated on a straight-line basis, amounted to $12.7 million, $10.6 million and $9.9 million in 2011, 2010 and 2009, respectively. Minimum future annual rental payments are as follows:

 

2012  $4,623 
2013   3,574 
2014   2,977 
2015   2,526 
2016   2,559 
Thereafter   6,672 
      
   $22,931 

 

F-23
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

License Agreements

 

The Company is party to a number of license and other agreements for the use of trademarks and rights in connection with the manufacture and sale of its products expiring at various dates through 2025. In connection with certain of these license agreements, the Company is subject to minimum annual advertising commitments, minimum annual royalties and other commitments as follows:

 

2012  $155,815 
2013   170,566 
2014   173,234 
2015   165,803 
2016   178,354 
Thereafter   424,939 
      
   $1,268,711 

 

Future advertising commitments are estimated based on planned future sales for the license terms that were in effect at December 31, 2011, without consideration for potential renewal periods. The above figures do not reflect the fact that our distributors share our advertising obligations. Royalty expense included in selling, general, and administrative expenses, aggregated $51.3 million, $40.2 million and $35.5 million, in 2011, 2010 and 2009, respectively and represented 8.3%, 8.8% and 8.7% of net sales for the years ended December 31, 2011, 2010 and 2009.

 

(12)Equity

 

Share-Based Payments:

 

The Company maintains a stock option program for key employees, executives and directors. The plans, all of which have been approved by shareholder vote, provide for the granting of both nonqualified and incentive options. Options granted under the plans typically have a six-year term and vest over a four to five-year period. The fair value of shares vested in 2011 and 2010 aggregated $0.6 million and $0.5 million, respectively. Compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. It is generally the Company’s policy to issue new shares upon exercise of stock options.

 

The following table sets forth information with respect to nonvested options for 2011:

 

   Number of Shares   Weighted Average Grant
Date Fair Value		 
Nonvested options – beginning of year   480,843   $4.32 
Nonvested options granted   118,900   $4.59 
Nonvested options vested or forfeited   (142,820)  $4.29 
Nonvested options – end of year   456,923   $4.40 

 

Share-based payment expenses decreased income before income taxes by $1.1 million in 2011 and $0.9 million in both 2010 and 2009, decreased net income attributable to Inter Parfums, Inc. by $0.60 million, $0.55 million and $0.54 million in 2011, 2010 and 2009, respectively, and reduced diluted earnings per share by $0.02 in 2011, 2010 and 2009.

 

F-24
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

The following table summarizes stock option activity and related information for the years ended December 31, 2011, 2010 and 2009 and does not include information relating to options of IPSA granted by IPSA, our majority-owned subsidiary:

 

   Year ended December 31, 
   2011   2010   2009 
   Options   Weighted
Average
exercise
price		   Options   Weighted
Average
exercise
price		   Options   Weighted
Average
exercise
price		 
Shares under option - beginning of year   807,620   $12.78    920,825   $11.32    1,138,375   $11.23 
Options granted   118,900    15.66    120,200    18.64    100,550    11.90 
Options exercised   (95,625)   12.66    (226,455)   10.00    (243,600)   10.24 
Options cancelled   (7,620)   14.37    (6,950)   11.27    (74,500)   14.20 
Shares under options - end of year   823,275    13.20    807,620    12.78    920,825    11.32 

 

At December 31, 2011, options for 771,795 shares were available for future grant under the plans. The aggregate intrinsic value of options outstanding is $2.3 million as of December 31, 2011 and unrecognized compensation cost related to stock options outstanding on Inter Parfums, Inc. common stock aggregated $1.4 million, which will be recognized over the next five years. The amount of unrecognized compensation cost related to stock options outstanding of our majority-owned subsidiary, IPSA, was €0.7 million (approximately $0.9 million). Options under IPSA plans vest four years after grant.

 

The weighted average fair values of options granted by Inter Parfums, Inc. during 2011, 2010 and 2009 were $4.59, $5.59 and $4.40 per share, respectively, on the date of grant using the Black-Scholes option pricing model to calculate the fair value. The assumptions used in the Black-Scholes pricing model for the years ended December 31, 2011, 2010 and 2009 are set forth in the following table:

 

   Year Ended December 31, 
   2011   2010   2009 
Weighted-average expected stock-price volatility   40%   39%   49%
Weighted-average expected option life   4.5 years    4.5 years    4.5 years 
Weighted-average risk-free interest rate   0.9%   2.1%   2.6%
Weighted-average dividend yield   1.7%   1.7%   2.0%

 

Expected volatility is estimated based on historic volatility of the Company’s common stock. In 2011, the expected term of the option is estimated based on historic data. In 2010 and 2009, the Company used the simplified method as historic data regarding employee exercise behavior was incomplete. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant of the option and the dividend yield reflects the assumption that the dividend payout as authorized by the Board of Directors would increase as the earnings of the Company and its stock price continue to increase.

 

Stock-based employee compensation determined under the fair value based method, net of related tax effects, includes compensation incurred by IPSA, our majority-owned subsidiary whose stock is publicly traded in France. No options were granted by IPSA in 2011. The weighted average fair values of the options granted by IPSA during 2010 and 2009 were €6.55 per share and €4.27 per share, respectively, on the date of grant using the Black-Scholes option pricing model.

 

F-25
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

Cash proceeds, tax benefits and intrinsic value related to stock options exercised were as follows: 

 

   Year Ended December 31, 
   2011   2010   2009 
Cash proceeds from stock options exercised  $1,210   $771   $956 
Tax benefits  $—   $520   $692 
Intrinsic value of stock options exercised  $720   $1,195   $407 

 

The following table summarizes additional stock option information as of December 31, 2010:

 

       Options outstanding     
   Number   weighted average remaining   Options 
Exercise prices  outstanding   contractual life   exercisable 
$ 6.15 – $ 6.93   75,220    2.96 years    42,860 
$ 11.30 – $ 11.41   154,650    2.09 years    20,588 
$ 12.14 – $ 12.64   194,380    2.94 years    116,635 
$ 13.10 – $ 13.45   164,775    0.98 years    161,399 
$ 15.59 - $ 15.62   121,400    5.91 years    1,200 
$17.94   3,500    4.09 years    — 
$18.01   3,000    1.41 years    2,400 
$19.03   106,350    5.00 years    21,270 
Totals   823,275    3.09 Years    366,352 

 

As of December 31, 2011, the weighted average exercise price of options exercisable was $12.45 and the weighted average remaining contractual life of options exercisable is 2.27 years. The aggregate intrinsic value of options exercisable at December 31, 2011 is $1.2 million.

 

The Chief Executive Officer and the President each exercised 75,000 outstanding stock options of the Company’s common stock in both 2010 and 2009. The aggregate exercise prices of $1.5 million in both 2010 and 2009 were paid by them tendering to the Company in 2010 and 2009 an aggregate of 95,744 and 129,984 shares, respectively, of the Company’s common stock, previously owned by them, valued at fair market value on the dates of exercise. All shares issued pursuant to these option exercises were issued from treasury stock of the Company. In addition, the Chief Executive Officer tendered in 2010 and 2009 an additional 6,782 and 2,503 shares, respectively, for payment of certain withholding taxes resulting from his option exercises.

 

Treasury Stock

 

As of December 31, 2008, the Board of Directors of the Company authorized the repurchase of up to 1,031,863 shares of the Company’s common stock. During 2009, the Company repurchased 108,100 shares of its common stock at an average price of $5.84 per common share.

 

Dividends

 

The quarterly dividend of $2.4 million ($0.08 per share) declared in December 2011 was paid in January 2012. Furthermore, in December 2011 the Board of Directors of the Company authorized the continuation of the annual dividend of $0.32 per share. The next quarterly dividend of $0.08 per share will be paid on April 16, 2012 to shareholders of record on March 30, 2012.

 

F-26
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

(13)Net Income Attributable to Inter Parfums, Inc. Common Shareholders

 

Net income attributable to Inter Parfums, Inc. per common share (“basic EPS”) is computed by dividing net income attributable to Inter Parfums, Inc. by the weighted-average number of shares outstanding. Net income attributable to Inter Parfums, Inc. per share assuming dilution (“diluted EPS”), is computed using the weighted average number of shares outstanding, plus the incremental shares outstanding assuming the exercise of dilutive stock options and warrants using the treasury stock method. The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows:

 

   Year ended December 31, 
   2011   2010   2009 
             
Numerator:               
Net income attributable to Inter Parfums, Inc.  $32,303   $26,593   $22,367 
Effect of dilutive securities of consolidated subsidiary   (82)   (86)   (18)
Numerator for diluted earnings per share  $32,221   $26,507   $22,349 
                
Denominator:               
Weighted average shares   30,514,529    30,360,602    30,099,998 
Effect of dilutive securities:               
Stock options and warrants   163,296    121,389    21,079 
Denominator for diluted earnings per share   30,677,825    30,481,991    30,121,077 
                
Earnings per share:               
Net income attributable to Inter Parfums, Inc.               
common shareholders:               
Basic  $1.06   $0.88   $0.74 
Diluted   1.05    0.87    0.74 

 

Not included in the above computations is the effect of anti-dilutive potential common shares which consist of outstanding options to purchase 118,000, 154,000, and 889,000 shares of common stock for 2011, 2010, and 2009, respectively, and outstanding warrants to purchase 81,000 and 300,000 shares of common stock for 2010 and 2009, respectively.

 

(14)Segments and Geographic Areas

 

The Company manufactures and distributes one product line, fragrances and fragrance related products. The Company manages its business in two segments, European based operations and United States based operations. The European assets are located, and operations are primarily conducted, in France. European operations primarily represent the sales of the prestige brand name fragrances and United States operations primarily represent the sale of specialty retail and mass market fragrances.

 

F-27
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

Information on the Company’s operations by segments is as follows:

 

   Year ended December 31, 
   2011   2010   2009 
Net sales:               
United States  $62,976   $55,535   $47,810 
Europe   552,415    404,876    361,662 
Eliminations of intercompany sales   (171)   —    (8)
   $615,220   $460,411   $409,464 
Net income attributable to Inter Parfums, Inc.:               
United States  $2,108   $769   $(178)
Europe   30,217    25,803    22,482 
Eliminations   (22)   21    63 
   $32,303   $26,593   $22,367 
Depreciation and amortization expense:               
United States  $507   $582   $1,116 
Europe   12,566    8,606    9,847 
   $13,073   $9,188   $10,963 
Interest and dividend income:               
United States  $10   $2   $— 
Europe   1,095    1,650    982 
   $1,105   $1,652   $982 
Interest expense:               
United States  $11   $71   $177 
Europe   2,186    2,045    2,470 
   $2,197   $2,116   $2,647 
Income tax expense (benefit):               
United States  $1,405   $596   $148 
Europe   23,053    17,554    15,996 
Eliminations   (14)   15    46 
   $24,444   $18,165   $16,190 

 

   December 31, 
   2011   2010   2009 
Total assets:               
United States  $59,841   $40,896   $45,580 
Europe   465,747    398,547    382,628 
Eliminations of investment in subsidiary   (9,554)   (1,338)   (9,120)
   $516,034   $438,105   $419,088 
Additions to long-lived assets:               
United States  $572   $305   $190 
Europe   13,979    27,990    6,111 
   $14,551   $28,295   $6,301 
Total long-lived assets:               
United States  $5,400   $5,335   $5,612 
Europe   117,638    120,929    109,305 
   $123,038   $126,264   $114,917 
Deferred tax assets:               
United States  $1,505   $1,580   $1,399 
Europe   5,748    5,650    2,689 
Eliminations   17    —    — 
   $7,270   $7,230   $4,088 

 

F-28
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

United States export sales were approximately $24.9 million, $25.7 million and $14.0 million in 2011, 2010 and 2009, respectively. Consolidated net sales to customers by region are as follows:

 

   Year ended December 31, 
   2011   2010   2009 
North America  $150,000   $91,200   $96,800 
Europe   246,000    211,800    184,900 
Central and South America   61,000    41,900    29,300 
Middle East   57,000    45,500    42,300 
Asia   95,000    66,500    53,600 
Other   6,200    3,500    2,600 
                
   $615,200   $460,400   $409,500 

 

Consolidated net sales to customers in major countries are as follows:

 

   Year Ended December 31, 
   2011   2010   2009 
United States  $138,000   $86,000   $88,000 
United Kingdom  $45,000   $35,000   $31,000 
France  $48,000   $37,000   $37,000 

 

(15)Income Taxes

 

The Company or its subsidiaries file income tax returns in the U.S. federal, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state, and local or non-U.S. income tax examinations by tax authorities for years before 2007. In 2010, the French Tax Authorities commenced an examination of the French subsidiary’s income tax returns for 2006 through 2008. In October 2011, the Company agreed in principle with the French tax authority on the consequences of the audit, which covered income tax and non-income tax items. As a result, the Company increased income tax expense by $1.7 million and reduces its reserve for contingency related to non-income tax items recorded in 2010 by $1.3 million.

 

The Company follows the provisions of uncertain tax positions as addressed in FASB Accounting Standards Codification 740-10-65-1. The Company did not recognize any increase in the liability for unrecognized tax benefits and has no uncertain tax position at December 31, 2011. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties as a component of the provision for income taxes. No interest or penalties were recognized during the periods presented and there is no accrual for interest and penalties at December 31, 2011.

 

The components of income before income taxes consist of the following:

 

   Year ended December 31, 
   2011   2010   2009 
U.S. operations  $3,478   $1,364   $(30)
Foreign operations   63,915    52,476    46,378 
                
   $67,393   $53,840   $46,348 

 

F-29
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

The provision for current and deferred income tax expense (benefit) consists of the following:

 

   Year ended December 31, 
   2011   2010   2009 
Current:               
Federal  $1,269   $515   $280 
State and local   286    112    119 
Foreign   23,898    22,096    18,870 
    25,453    22,723    19,269 
Deferred:               
Federal   (170)   22    (260)
State and local   3    (53)   9 
Foreign   (842)   (4,527)   (2,828)
    (1,009)   (4,558)   (3,079)
Total income tax expense  $24,444   $18,165   $16,190 

 

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

 

   December 31, 
   2011   2010 
Deferred tax assets:          
State net operating loss carry forwards  $—   $433 
Foreign net operating loss carry forwards   629    1,725 
Alternative minimum tax credit carry forwards   514    514 
Inventory and accounts receivable   392    372 
Profit sharing   1,806    1,575 
Stock option compensation   682    610 
Effect of inventory profit elimination   3,424    3,605 
Other   452    514 
Total gross deferred tax assets   7,899    9,348 
Valuation allowance   (629)   (2,118)
Net deferred tax assets   7,270    7,230 
Deferred tax liabilities (long-term):          
Property, plant, and equipment   —    (8)
Trademarks and licenses   (5,975)   (6,473)
Other   (93)   (308)
Total deferred tax liabilities   (6,068)   (6,789)
Net deferred tax assets (liabilities)  $1,202   $441 

 

In 2011, all remaining state net operating loss carry-forwards were written off against the valuation allowance, as they are no longer available for utilization. Valuation allowances had been provided on the potential benefit of state net operating loss carry-forwards as it was determined that future tax benefits from option compensation deductions might prevent the net operating loss carry-forwards from being fully utilized. In 2010 and 2009, $0.2 million and $0.6 million, respectively, of such valuation allowances were realized which was equal to the benefits realized from the utilization of net operating loss carry-forwards. The amounts realized were credited to additional paid-in capital in the respective periods.

 

In addition, valuation allowances of $0.9 million and $0.8 million had been provided in 2010 and 2009, respectively, against certain foreign net operating loss carry-forwards, as it was determined that future profitable operations from certain foreign subsidiaries might not be sufficient to realize the full amount of net operating loss carry-forwards. In 2011, approximately $1.1 million of such valuation allowances was realized as the Company was able to utilize certain foreign net operating loss carry-forwards for which a valuation allowance had been established.

 

F-30
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

No further valuation allowances have been provided as management believes that it is more likely than not that the asset will be realized in the reduction of future taxable income.

 

The Company has not provided for U.S. deferred income taxes on $202 million of undistributed earnings of its non-U.S. subsidiaries as of December 31, 2011 since the Company intends to reinvest most of these earnings in its foreign operations indefinitely and the Company believes it has sufficient foreign tax credits available to offset any potential tax on amounts that have been and are planned to be repatriated.

 

Differences between the United States Federal statutory income tax rate and the effective income tax rate were as follows:

 

   Year ended December 31, 
   2011   2010   2009 
             
Statutory rates   34.0%   34.0%   34.0%
State and local taxes, net of Federal benefit   0.3    0.1    0.2 
Effect of foreign taxes greater than (less than) U.S. statutory rates   2.0    (0.5)   0.6 
Other   —    0.1    0.1 
                
Effective rates   36.3%   33.7%   34.9%

 

(16)Accumulated Other Comprehensive Income

 

The components of accumulated other comprehensive income consists of the following:

 

   Year ended December 31, 
   2011   2010   2009 
             
Net derivative instruments, beginning of year  $213   $130   $4,412 
Reclassification adjustment for gains included in net income   —    —    (4,423)
Gain on derivative instruments   11    83    141 
Net derivative instruments, end of year   224    213    130 
                
                
Cumulative translation adjustments, beginning of year   14,544    27,892    21,103 
Translation adjustments   (7,021)   (13,348)   6,789 
Cumulative translation adjustments, end of year   7,523    14,544    27,892 
                
Accumulated other comprehensive income  $7,747   $14,757   $28,022 

 

F-31
 

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

December 31, 2011, 2010 and 2009

(In thousands except share and per share data)

 

(17)Net Income Attributable to Inter Parfums, Inc. and Transfers from the Noncontrolling Interest

 

   Year ended December 31, 
   2011   2010   2009 
             
Net income attributable to Inter Parfums, Inc.  $32,303   $26,593   $22,367 
Increase (decrease) in Inter Parfums, Inc.'s additional paid-in capital for subsidiary share transactions   209    (848)   (45)
Change from net income attributable to Inter Parfums, Inc. and transfers from noncontrolling interest  $32,512   $25,745   $22,322 

 

F-32
 

 

Schedule II

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Valuation and Qualifying Accounts

 

(In thousands)

 

Column A  Column B   Column C   Column D   Column E 
       Additions         
       (1)   (2)         
           Charged to         
   Balance at   Charged to   other         
   beginning of   costs and   accounts –   Deductions –   Balance at 
Description  period   expenses   describe   describe   end of period 
Allowance for doubtful accounts:                         
Year ended December 31, 2011  $4,367    2,838    (211)(d)   1,674(a)   5,320 
Year ended December 31, 2010  $2,096    3,147    (106)(d)   770(a)   4,367 
Year ended December 31, 2009  $1,185    1,295    57(d)   441(a)   2,096 
                          
Sales return accrual:                         
Year ended December 31, 2011  $1,560    4,129    -    1,517(b)   4,172 
Year ended December 31, 2010  $296    1,496    -    232(b)   1,560 
Year ended December 31, 2009  $118    385    -    207(b)   296 
                          
Inventory Reserve:                         
Year ended December 31, 2011  $6,242    3,880    (272)(d)   2,390(c)   7,460 
Year ended December 31, 2010  $7,150    1,766    (405)(d)   2,269(c)   6,242 
Year ended December 31, 2009  $7,394    2,237    195(d)   2,676(c)   7,150 

 

(a)Write-off of bad debts.
(b)Write-off of sales returns.
(c)Disposal of inventory
(d)Foreign currency translation adjustment

 

See accompanying reports of independent registered public accounting firms

 

F-33
 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15 (d) 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.

 

  Inter Parfums, Inc.
   
  By: /s/ Jean Madar
  Jean Madar, Chief Executive Officer
  Date: March 12, 2012

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:

 

Signature   Title   Date
         
/s/ Jean Madar   Chairman of the Board of Directors   March 12, 2012
Jean Madar   and Chief Executive Officer    
         
/s/ Russell Greenberg   Chief Financial and Accounting Officer   March 12, 2012
Russell Greenberg   and  Director    
         
/s/ Philippe Benacin   Director   March 1, 2012
Philippe Benacin        
         
/s/ Philippe Santi   Director   March 5, 2012
Philippe Santi        
         
/s/ Francois Heilbronn   Director   March 5, 2012
Francois Heilbronn        
         
  Director   March _, 2012
Jean Levy        
         
  Director   March _, 2012
Robert Bensoussan-Torres        
         
  Director   March _, 2012
Serge Rosinoer        
         
/s/ Patrick Choël   Director   March 1, 2012
Patrick Choël        

 

1
 

 

Exhibit Index

 

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period ended June 30, 2007:

 

Exhibit No. Description
   
10.130

Agreement for Technical Assistance between Jeanne Lanvin, S.A and Interparfums SA dated 30 July 2007 - French Original

(Certain confidential information in this Exhibit 10.130 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).

   
10.130.1

Agreement for Technical Assistance between Jeanne Lanvin, S.A and Interparfums SA dated 30 July 2007 - English Translation

(Certain confidential information in this Exhibit 10.130.1 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).

   
10.131 Coexistence Agreement between Jeanne Lanvin, S.A and Interparfums SA dated 30 July 2007- French Original
   
10.131.1 Coexistence Agreement between Jeanne Lanvin, S.A and Interparfums SA dated 30 July 2007- English Translation

 

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended 31 December 2007:

 

Exhibit No. Description
   
10.132

Manufacturing and License Agreement Between Retail Brand Alliance, Inc., D/B/A Brooks Brothers – Licensor and Inter Parfums USA, LLL. – Licensee

Dated November 2007 (Certain confidential information in this Exhibit 10.132 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).

   
4.26 Addendum [France] to 2004 Stock Option Plan
   
4.28 Form of Option Agreement for Options Granted to Executive Officers on February 14, 2008 with Schedule Option Holders and Number of Options Granted
   
4.29 Form of Option Agreement for Options Granted to Executive Officers on February 14, 2008 under French Addendum to Stock Option Plan with Schedule Option Holders and Number of Options Granted

 

2
 

 

The following document heretofore filed with the Commission is incorporated by reference to the Company's Quarterly Report for the quarterly period ended March 31, 2008:

 

Exhibit No. Description
   
10.133 License Agreement by and among The Gap, Inc., Banana Republic LLC, Gap (Apparel) LLC, Gap (ITM), Inc., Banana Republic (Apparel) LLC, and Banana Republic (ITM), Inc. and Inter Parfums, Inc. and Inter Parfums USA, LLC (signed April 2008 but effective as of July 1, 2007) (Certain confidential information in this Exhibit 10.133 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).

 

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period ended June 30, 2008:

 

Exhibit No. Description
   
10.134 Licence Agreement among Paul Smith Limited, Interparfums SA and Inter Parfums, Inc. dated July 3, 2008, but signed on July 17, 2008 (Certain confidential information in this Exhibit 10.134 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.)

 

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008:

 

Exhibit No. Description
   
10.135 Bail Commercial situé au 2ème étage, 4/6 rond point des Champs Elysees, Paris, France, entre Dauchez Administrateur De Biens et Interparfums SA [dated] le 21 janvier 2009 – [French original] (Certain confidential information in this Exhibit 10.135 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
   
10.135.1 Commercial Lease for portion of the 2nd Floor, at 4/6 rond point des Champs Elysees, Paris, France, between Dauchez Property Administrators and Interparfums SA dated January 21, 2009 -English translation] (Certain confidential information in this Exhibit 10.135.1 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).

 

3
 

 

10.136 Bail Commercial situé au 6ème étage, 4/6 rond point des Champs Elysees, Paris, France, entre Dauchez Administrateur De Biens et Interparfums SA [dated] le 21 janvier 2009 – [French original] (Certain confidential information in this Exhibit 10.136 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
   
10.136.1 Commercial Lease for portion of the 6th Floor, at 4/6 rond point des Champs Elysees, Paris, France, between Dauchez Property Administrators and Interparfums SA dated January 21, 2009 – [English translation] (Certain confidential information in this Exhibit 10.136.1 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).
   
4.30 Form of Option Agreement for Options Granted to Executive Officers on December 31, 2008 with Schedule of Option Holders and Options Granted

 

The following document heretofore filed with the Commission is incorporated by reference to the Company's Quarterly Report for the quarterly period ended June 30, 2009:

 

Exhibit No. Description
   
10.137 Lease Extension Agreement between 14th Street Development, LLC and Nickel USA, Inc. dated June 8, 2009

 

The following document heretofore filed with the Commission is incorporated by reference to the Company's Quarterly Report for the quarterly period ended September 30, 2009:

 

Exhibit

No.

 Description
   
10.138 Licence Agreement between J Choo Limited and Interparfums SA signed on September 29, 2009 (Certain confidential information in this Exhibit 10.138 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).

 

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009:

 

Exhibit No. Description
   
3.1.1 Restated Certificate of Incorporation dated September 3, 1987

 

4
 

 

3.1.2 Amendment to Restated Certificate of Incorporation dated July 31, 1992
   
3.1.3 Amendment to Restated Certificate of Incorporation dated July 9, 1993
   
3.1.4 Amendment to Restated Certificate of Incorporation, as amended, dated July 13, 1999
   
3.1.5 Amendment to Restated Certificate of Incorporation, as amended, dated July 12, 2000
   
3.1.6 Amendment to Restated Certificate of Incorporation dated August 6, 2004
   
3.2 Amended and Restated By-laws
   
4.20 1999 Stock Option Plan, as amended
   
4.22 2004 Stock Option Plan
   
10.25 Employment Agreement between the Company and Philippe Benacin dated July 29, 1991
   
10.26 Lease for portion of 15th Floor, 551 Fifth Avenue, New York, New York
   
10.26.1 Third Modification of Lease dated June 17, 2002 between Metropolitan Life Insurance Company, and Jean Philippe Fragrances, LLC (previously erroneously filed as exhibit no. 19.92 )
   
10.61 Lease for 60 Stults Road, South Brunswick, NJ between Forsgate Industrial Complex, a limited partnership, and Jean Philippe Fragrances, Inc. dated July 10, 1995
   
10.104 Lease dated as of 1 March 2001 for 300 West 14th Street, New York, NY
   
10.106 Lease effective as of 1 April 2004 for 4-6 Rond Point des Champs Elysees, Ground and 1st Floor, Paris, France (French Original)
   
10.106.1 Lease effective as of 1 April 2004 for 4-6 Rond Point des Champs Elysees, Ground and 1st Floor, Paris, France (English Translation)
   
10.107 Lease effective as of 1 April 2004 for 4-6 Rond Point des Champs Elysees, 5th Floor-Left, Paris, France (French Original)
   
10.107.1 Lease effective as of 1 April 2004 for 4-6 Rond Point des Champs Elysees, 5th Floor-Left, Paris, France(English Translation)
   
10.110 Lease For 48 Rue Des Francs-Bourgeois, In Paris, 3rd District (French Original)  

 

5
 

 

10.110.1 Lease For 48 Rue Des Francs-Bourgeois, In Paris,, 3rd District (English Translation)
   
10.112 Confidential Treatment Agreement among Burberry Ltd., Interparfums SA, Inter Parfums, Inc. and LV Capital USA, Inc., et al., dated October 12, 2004
   
10.113 Indemnity Agreement among Burberry Ltd., Interparfums SA and Inter Parfums, Inc. dated October 12, 2004

 

The following additional documents heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009:

 

Exhibit No. Description
   
3.3 Articles of Incorporation of Inter Parfums Holdings, S.A.
   
3.3.1 Articles of Incorporation of Inter Parfums Holdings, S.A. (English translation)
   
3.4 Articles of Incorporation of Interparfums SA
   
3.4.1 Articles of Incorporation of Interparfums SA (English translation)
   
4.21.3 2004 Nonemployee Director Stock Option Plan, as amended
   
4.30 Form of Option Agreement for Options Granted to Executive Officers on December 31, 2009 with Schedule of Option Holders and Options Granted
   
10.139 License Agreement between Montblanc-Simplo Gmbh and Interparfums SA (Certain confidential information in this Exhibit 10.139 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).
   
21 List of Subsidiaries
   
23 Consent of Mazars LLP
   
31.1 Certification Required by Rule 13a-14 of Chief Executive Officer
   
31.2 Certification Required by Rule 13a-14 of Chief Financial Officer
   
32.1 Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer

 

6
 

 

32.2 Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer

 

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period ended June 30, 2010:

 

Exhibit No. Description
   
3.1 Interparfums Singapore Pte. Ltd  Memorandum and Articles of Association
   
3.2 Interparfums Luxury Brands, Inc. Certificate of Incorporation
   
10.141 License Agreement with Betsey Johnson LLC (Certain confidential information in this Exhibit 10.141 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).
   
10.142 License Agreement with Nine West Development Corporation (Certain confidential information in this Exhibit 10.142 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).

 

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period ended September 30, 2010:

 

Exhibit No. Description
   
10.143 Collaboration Agreement between Clarins U.S.A., Inc., and Interparfums Luxury Brands Inc. (Certain confidential information in this Exhibit 10.143 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).
   
10.144 Contrat de Bail Commercial et GEMFI and Interparfums SA - French original - (Certain confidential information in this Exhibit 10.144 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).
   
10.144.1 Commercial Lease Agreement between GEMFI and Interparfums SA - English translation- (Certain confidential information in this Exhibit 10.144.1 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).

 

7
 

 

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2010:

 

Exhibit No. Description
   
4.31 Form of Option Agreement for Options Granted to Executive Officers on December 31, 2010 with Schedule of Option Holders and Options Granted
   
10.111 Licence Agreement among Burberry Ltd., Interparfums SA and Inter Parfums, Inc. dated 12 October 2004 (Certain confidential information in Exhibit 10.111 has been omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).
   
10.119 Renouvellement de Bail Commercial entre Civile Immobiliere du 4/6 Rond Point des Champs Elysees et Interparfums SA, 30 Jun 2005, Locaux 4 eme etage droite (French original)
   
10.119.1 Renouvellement de Bail Commercial entre Civile Immobiliere du 4/6 Rond Point des Champs Elysees et Interparfums SA, 30 Jun 2005, Locaux 4 eme etage droite (English translation)
   
10.120 Renouvellement de Bail Commercial entre Civile Immobiliere du 4/6 Rond Point des Champs Elysees et Interparfums SA, 30 Jun 2005, Locaux 4 eme etage gauche (French original)
   
10.120.1 Renouvellement de Bail Commercial entre Civile Immobiliere du 4/6 Rond Point des Champs Elysees et Interparfums SA, 30 Jun 2005, Locaux 4 eme etage gauche (English translation)

 

10.145 Amendment Number 2 to Licence Agreement between Burberry Limited, Interparfums SA, and Inter Parfums, Inc. dated December 21, 2010 (Certain confidential information in this Exhibit 10.145 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).
   
10.146 License Agreement between Boucheron Parfums, SAS and Interparfums SA dated December 17, 2010 (Certain confidential information in this Exhibit 10.146 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).
   
10.147 $ 15 Million Master Promissory Note Dated as of February 1, 2011 in favor of Capital One, NA
   
21 List of Subsidiaries

 

8
 

 

23.1 Consent of WeiserMazars LLP
   
23.2 2009 Consent of Mazars LLP
   
31.1 Certification Required by Rule 13a-14 of Chief Executive Officer
   
31.2 Certification Required by Rule 13a-14 of Chief Financial Officer
   
32.1 Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer
   
32.2 Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer

 

9
 

 

The following documents are filed with this report:

 

Exhibit No. Description   Page
No.
       
3.5 Articles of Incorporation of Inter Parfums, Limited   137 
       
3.6 Organizational Document of Inter Parfums (Suisse) Sarl (French original)   154 
       
3.6.1 Organizational Document of Inter Parfums (Suisse) Sarl (English translation)   156 
       
4.32 Form of Option Agreement for Options Granted to Executive Officers on December 30, 2011 with Schedule of Option Holders and Options Granted   158 
       
10.124 Fourth Modification of Lease, portion of 15th Floor, 551 Fifth Avenue, New York, New York   161 
       
10.128 License Agreement Between Van Cleef & Arpels Logistics SA, and Interparfums SA, entered into on June 19, 2006 (Certain confidential information in this Exhibit 10.128 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).   167 
       
21 List of Subsidiaries   216 
       
23.1 Consent of WeiserMazars LLP   217 
       
23.2 2009 Consent of Mazars LLP   218 
       
31.1 Certification Required by Rule 13a-14 of Chief Executive Officer   219 
       
31.2 Certification Required by Rule 13a-14 of Chief Financial Officer   221 
       
32.1 Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer   223 
       
32.2 Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer   224 

 

10

 EX-3.5 2 v303460_ex3-5.htm EXHIBIT 3.5

 

Exhibit 3.5

 

THE COMPANIES ACTS 1985 AND 1989

 

A PRIVATE COMPANY LIMITED BY SHARES

 

Articles of Association

 

of

 

Inter Parfums Limited

(adopted by Special Resolution dated 26 February 2007)

 

 
 

 

THE COMPANIES ACT 1985

 

PRIVATE COMPANY LIMITED BY SHARES

 

Articles of Association

 

of

 

INTER PARFUMS LIMITED

(the "Company")

 

(adopted by Special Resolution dated 26 February 2007)

 

1DEFINITIONS AND INTERPRETATION

 

1.1In these Articles, unless the context requires otherwise:

 

"Act" means the Companies Act 1985 as amended and construed at the date of adoption of these Articles;

 

""A" Directors" means the directors from time to time appointed by the "A" Shareholders pursuant to these Articles and holding office for the time being and, unless otherwise stated, includes their duly appointed alternates;

 

""A" Shares" means the "A" Ordinary Shares of £100 each in the capital of the Company having the rights and restrictions set out in these Articles;

 

""A" Shareholder" means in respect of any "A" Share, the person or persons for the time being registered as the holder(s) of any "A" Shares;

 

"Articles" means the articles of association of the Company;

 

"associate" means in relation to a corporate entity a subsidiary or holding company of such entity or a subsidiary of such holding company;

 

""B" Directors" means the directors from time to time appointed by the "B" Shareholders pursuant to these Articles and holding office for the time being and, unless otherwise stated, includes their duly appointed alternates;

 

"Board" means the board of directors of the Company from time to time or as the context may require, any duly authorised committee thereof;

 

""B" Shares" means the "B" Ordinary Shares of £100 each in the capital of the Company having the rights and restrictions set out in these Articles;

 

""B" Shareholder" means in respect of any "B" Share, the person or persons for the time being registered as the holder(s) of any "B" Shares;

 

"business day" means a day, other than a Saturday or a Sunday, on which clearing banks are open for commercial business in London;

 

"clear days" means in relation to the period of a notice that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect;

 

1
 

 

"communication" means the same as in the Electronic Communications Act 2000;

 

"directors" means the directors for the time being of the Company or (as the context shall require) any of them acting as the board of directors of the Company;

 

"electronic communication" means the same as in the Electronic Communications Act 2000;

 

"executed" includes any mode of execution;

 

“Group” means, in relation to a Shareholder any company which is a holding company of that company or a subsidiary of that company or a subsidiary of such holding company;

 

"holder" means in relation to shares the member whose name is entered in the register of members as the holder of the shares;

 

"Majority Approval" means the approval of a majority of the Shareholders by reference to the number of Shares held of any class;

 

"Ordinary Shares" means the "A" Shares and the "B" Shares;

 

"Shareholders" means the "A" Shareholders, the "B" Shareholders and any other person registered in the register of members as the holder of a Share from time to time (and the expression "Shareholder" shall be construed accordingly);

 

"Statutes" means the Act, the Electronic Communications Act 2000 and every other statute or subordinate legislation at the time being in force concerning companies and affecting the Company;

 

"Relevant Securities" means

 

(a)Shares in the Company other than Shares shown in the memorandum to have been taken by the subscribers to it; and

 

(b)any right to subscribe for or convert any security into shares in the Company.

 

"Share" means any share in the capital of the Company of whatever class and includes any interest in any such share; and

 

"Table A" means Table A in the Companies (Tables A to F) Regulations 1985 as amended by the Companies (Tables A to F) (Amendment) Regulations 1985 and as further amended by The Companies Act 1985 (Electronic Communications) Order 2000.

 

1.2The regulations of Table A shall apply to the Company save insofar as they are inconsistent with these Articles or are excluded or varied hereby or are duplicated in these Articles and such regulations (save as aforesaid) and the Articles hereafter contained shall be the regulations of the Company.

 

1.3Unless the context otherwise requires, words or expressions contained in these Articles and in Table A bear the same meaning as in the Act but excluding any statutory modification thereof not in force when these Articles become binding on the Company Regulation 1 of Table A shall not apply to the Company.

 

1.4References in these Articles to an Article by number are to a particular Article of these Articles.

 

1.5These Articles shall take effect subject to the requirements of the Act and of every other statute for the time being in force affecting the Company.

 

1.6In these Articles where the context so permits:

 

2
 

 

(a)words importing the singular number only shall include the plural number, and vice versa;

 

(b)words importing the masculine gender only shall include the feminine gender;

 

(c)words importing persons shall include bodies corporate, unincorporated associations and partnerships;

 

(d)the expression "paid up" shall include credited as paid up; and

 

(e)the word "writing" shall include using electronic communications.

 

1.7Words and expressions defined in or for the purposes of the Act shall, unless these Articles provide otherwise, have the same meaning in these Articles.

 

1.8Words and expressions defined elsewhere in these Articles shall bear the meanings thereby ascribed to them.

 

1.9Headings used in these Articles shall not affect their construction or interpretation.

 

1.10References to any statute or section of any statute shall include reference to any statutory amendment, extension, modification or re-enactment thereof for the time being in force.

 

SHARE CAPITAL

 

2The Company is a private Company as defined by Section 1 of the Act and accordingly any offer to the public (whether for cash or otherwise) of any shares in or debentures of the Company or any allotment of or agreement to allot (whether for cash or otherwise) any shares in or debentures of the Company with a view to all or any of these shares or debentures being offered for sale to the public shall be prohibited.

 

3The authorised share capital of the Company at the time of adoption of these Articles is
£10,000 divided into 51 "A" Shares of £100 each and 49 "B" Shares of £100 each. The "A" Shares and the "B" Shares shall be separate classes of Ordinary Shares but, save as hereinafter expressly provided, shall rank pari passu in all respects.

 

4Subject to the provisions of the Act and without prejudice to any rights attached to any existing Shares, any Share may be issued with such rights or restrictions as the Company may by special resolution determine. Regulation 2 of Table A shall not apply to the Company.

 

5Subject to the provisions of the Act, Shares may be issued which are to be redeemed or are to be liable to be redeemed at the option of the Company or the holder on such terms and in such manner as may be provided by the Articles provided that any Shares purchased or redeemed by the Company shall be treated as cancelled. Regulation 3 of Table A shall not apply to the Company.

 

6The Company may exercise the powers of paying commissions conferred by the Act. Subject to the provisions of the Act, any such commission may be satisfied by the payment of cash or by the allotment of fully or partly paid Shares or partly in one way and partly in the other.

 

7Except as required by law, no person shall be recognised by the Company as holding any Share upon any trust and (except as otherwise provided by the Articles or by law) the Company shall not be bound by or recognise any interest in any share except an absolute right to the entirety thereof in the holder. Regulation 5 of Table A shall not apply to the Company.

 

3
 

 

SHARE CERTIFICATES

 

8Every member, upon becoming the holder of any Shares, shall be entitled without payment to one certificate for all the Shares of each class held by him (and, upon transferring a part of his holding of shares of any class, to a certificate for the balance of such holding) or several certificates each for one or more of his Shares upon payment for every certificate after the first of such reasonable sum as the directors may determine. Every certificate shall be signed under the hand of two directors or any one director and the secretary of the Company and shall specify the number, class and distinguishing numbers (if any) of the Shares to which it relates and the amount or respective amounts paid up thereon. The Company shall not be bound to issue more than one certificate for shares held jointly by several persons and delivery of a certificate to one joint holder shall be a sufficient delivery to all of them. Regulations 6 and 7 of Table A shall not apply to the Company.

 

9If a share certificate is defaced, worn out, lost or destroyed, it may be renewed on such terms (if any) as to evidence and indemnity and payment of the expenses reasonably incurred by the Company in investigating evidence as the directors may determine but otherwise free of charge, and (in the case of defacement or wearing-out) on delivery up of the old certificate.

 

ISSUE OF SHARES AND ALTERATION OF SHARE CAPITAL

 

10The Company may by special resolution:-

 

(a)increase its share capital by creating new Shares of such amount as the resolution prescribes;

 

(b)consolidate and divide all or any of its share capital into Shares of larger amount than its existing Shares but so that any such consolidation and/or division shall not result in any member becoming entitled to fractions of a Share;

 

(c)designate or redesignate any Shares;

 

(d)subject to the provisions of the Act, sub-divide its Shares, or any of them into Shares of smaller amount and the resolution may determine that, as between the Shares resulting from the sub-division, any of them may have any preference or advantage as compared with the others; and

 

(e)cancel Shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled. Regulation 32 of Table A shall not apply to the Company.

 

11Save as may be provided by Regulation 110 of Table A as amended by these Articles, the directors are authorised to allot Relevant Securities on such terms and at such time or times as they may in their discretion think fit; provided that:

 

(a)they obtain prior sanction of the Company by special resolution;

 

(b)the maximum nominal amount of Relevant Securities to be allotted in pursuance of such authority shall be the aggregate nominal amount of the authorised and unissued share capital of the Company from time to time; and

 

(c)this authority shall expire, unless sooner revoked or altered by the Company in general meeting, on the expiry of the period of five years from the date of the adoption of these Articles provided that the Company may before such expiry make one or more offers or agreements which would or might require Relevant Securities to be allotted after such expiry and the directors may allot Relevant Securities after such authority has expired in pursuance of every such offer or agreement as if the power conferred hereby had not expired.

 

4
 

 

12The provisions of Articles 10 and 11 shall have effect subject to section 80 of the Act.

 

13Regulation 4 of Table A and, in accordance with section 91(1) of the Act, section 89(1) and sections 90(1) to (6) of the Act shall not apply to the Company.

 

14Subject to the provisions of the Act, the Company may by special resolution reduce its share capital, any capital redemption reserve and any share premium account in any way. Regulation 34 of Table A shall not apply to the Company.

 

TRUSTS AND LIEN

 

15For the avoidance of doubt (but without limitation), Regulation 8 of Table A shall apply without amendment.

 

CALLS ON SHARES AND FORFEITURE

 

16There shall be added at the end of the first sentence of Regulation 18 of Table A, so as to increase the liability of any member in default in respect of a call, the words "and all expenses that may have been incurred by the Company by reason of such non-payment".

 

VARIATION OF CLASS RIGHTS

 

17If at any time the share capital of the Company is divided into different classes of Shares, the rights attached to any class (unless otherwise provided by the terms of the issue of the Shares for that class) may not, whether or not the Company is being wound up, be varied without (i) the consent in writing of the holders of three-fourths in number of the issued Shares of that class, or with the sanction of an extraordinary resolution passed at a separate general meeting of the holders of the Shares of that class and (ii) the sanction of the Company by special resolution. To every such separate general meeting of a class of Shareholders the provisions of the regulations of the Company relating to general meetings shall apply, but so that the necessary quorum shall be one persons at least holding Shares of the class and that any holder of Shares of the class present in person or by proxy may demand a poll. If any such separate general meeting shall be adjourned owing to the absence of a quorum and if at the adjourned meeting a quorum shall not be present within half an hour from the time appointed for such adjourned meeting the holder or holders of Shares of the class concerned who are present shall constitute a quorum and shall have power to decide upon all matters which could properly have been disposed of at the meeting from which the adjournment took place.

 

TRANSFER OF SHARES

 

18An instrument of transfer of fully paid shares need not be signed by or on behalf of the transferee but shall be executed by or on behalf of the transferor who shall be deemed to remain a holder of the share until the name of the transferee is entered in the register of members in respect thereof. Regulation 23 of Table A shall be modified accordingly. Regulation 24 of Table A is hereby excluded.

 

19Without limitation, the following shall be deemed to be a transfer or purported transfer of a Share for the purposes of Articles 18 to 22 (the "Transfer Articles"):

 

5
 

 

(a)any direction (by way of renunciation or otherwise) by a holder entitled to an allotment or transfer of a Share to the effect that a Share be allotted or issued or transferred to some person other than itself; or

 

(b)any sale or other disposition of any legal or beneficial interest in a Share, whether or not for consideration and whether or not effected by an instrument in writing.

 

20Other than in accordance with (i) Articles 21 and 22 or (ii) pursuant to any shareholders' agreement entered into between the Shareholders, no transfer of any Share shall be made or registered without the sanction of the Company by Majority Approval.

 

21Any Shareholder (the “transferor”) may transfer, for any consideration whatsoever, any or all of the Shares registered in its name to any member of its own Group (the “transferee”) (whether directly or indirectly by a series of transactions), provided that if at any time the transferee ceases to be a member of that Shareholder's Group:

 

(a)the transferee shall forthwith transfer back to the transferor the Shares registered in its name and which were so transferred to it; and

 

(b)if the transferee has not so transferred those Shares within a period of 14 days after being required to do so by notice in writing given to it by the transferor, Article 22 shall apply.

 

22If the transferee under Article 21 defaults in such obligation as referred to in that Article:

 

(a)the Company may receive the purchase money (if any) or other consideration due to the transferee and shall initially hold that purchase money or other consideration in trust for the purchaser;

 

(b)the transferee shall be deemed to have appointed any one Director or the Secretary of the Company as its duly appointed agent with full power to complete, sign and deliver on its behalf any stock transfer form and/or other document which needs to be completed and signed in order to vest in the transferor legal title to the Shares which the transferee is required to transfer pursuant to these Articles;

 

(c)the transferee shall forthwith pay to the Company such amount as may be required to enable the Company to pay all stamp duties payable on such stock transfer form;

 

(d)upon execution of such stock transfer form and/or other document, the Company shall hold the relevant purchase money (if any) in trust for the transferee;

 

(e)the receipt by the Company (or such person who the Directors may authorise) of the purchase money or other consideration due to the transferee shall be a good discharge to the transferor from the transferee and, after the transferor has been entered in the Register of Members of the Company, the validity of the transfer shall not be questioned by any person; and

 

(f)the purchase money shall be paid to the transferee upon delivery to the Company of its certificate or certificates in respect of the Shares transferred.

 

PURCHASE OF OWN SHARES

 

23Subject to the provisions of the Act and the sanction of the Company by special resolution, the Company may purchase its own shares (including any redeemable shares) and, make a payment in respect of the redemption or purchase of its own shares otherwise than out of distributable profits of the Company or the proceeds of a fresh issue of shares. Regulation 35 of Table A shall not apply to the Company.

 

6
 

 

GENERAL MEETINGS

 

24All general meetings other than annual general meetings shall be called extraordinary general meetings.

 

25The directors may call general meetings and, on the requisition of members pursuant to the provisions of the Act, shall forthwith proceed to convene an extraordinary general meeting for a date not later than eight weeks after receipt of the requisition. Regulations 36 and 37 of Table A shall not apply to the Company.

 

NOTICE OF GENERAL MEETINGS

 

26An annual general meeting and an extraordinary general meeting called for the passing of a special resolution or a resolution appointing a person as a director shall be called by at least twenty-one clear days' notice. All other extraordinary general meetings shall be called by at least fourteen clear days' notice but a general meeting may be called by shorter notice if it is so agreed in accordance with section 369(3) of the Act:-

 

The notice shall specify the time and place of the meeting and the general nature of the business to be transacted only in the case of special business and, in the case of an annual general meeting, shall specify the meeting as such. Regulation 38 shall not apply to the Company.

 

Subject to the provisions of the Articles and to any restrictions imposed on any shares, the notice shall be given to all the members, to all persons entitled to a Share in consequence of the death or bankruptcy of a member and to the directors and auditors.

 

PROCEEDINGS AT GENERAL MEETINGS

 

27No business shall be transacted at any meeting unless a quorum is present. Two persons entitled to vote upon the business to be transacted, each being a member or a proxy for a member or a duly authorised representative of a corporation where (only for so long as there shall be "A" Shares and "B" Shares in issue) one shall be an "A" Shareholder and one shall be a "B" Shareholder, shall be a quorum provided that if the Company shall have only one member, one member present in person or by proxy shall be a quorum and these Articles shall be construed accordingly.

 

28If such a quorum is not present within half an hour from the time appointed for the meeting, or if during a meeting such a quorum ceases to be present (other than by reason of the temporary absence of any person), the meeting shall stand adjourned to the same day in the next week at the same time and place. If at the adjourned meeting a quorum is not present within 30 minutes from the time appointed for the meeting, the members present shall form a quorum. Regulations 40, 41 and 50 of Table A shall not apply to the Company.

 

29The chairman, if any, of the board of directors or in his absence some other director nominated by the directors shall preside as chairman of the meeting. The chairman may, with the consent of all members present and entitled to vote at a meeting at which a quorum is present (and shall if so directed by the meeting), adjourn the meeting from time to time and from place to place, but no business shall be transacted at an adjourned meeting other than business which might properly have been transacted at the meeting had the adjournment not taken place. When a meeting is adjourned for fourteen days or more, at least seven clear days’ notice shall be given specifying the time and place of the adjourned meeting and the general nature of the business to be transacted. Otherwise it shall not be necessary to give any such notice. Regulation 45 of Table A shall not apply to the Company.

 

7
 

 

30A poll may be demanded by the chairman or by any person present entitled to vote upon the business to be transacted and a demand by a person as proxy for a member shall be the same as a demand by the member. Regulation 46 of Table A shall be altered accordingly.

 

VOTES OF MEMBERS

 

31Regulation 54 shall not apply to the Company. Subject to any rights or restrictions attached to any shares, on a show of hands every member who (being an individual) is present in person or by proxy or (being a corporation) is present by a duly authorised representative, not being himself a member entitled to vote, shall have one vote and on a poll every member shall have one vote for every fully paid share of which he is the holder.

 

32The words "be entitled to" shall be inserted between the words "shall" and "vote" in Regulation 57 of Table A.

 

33On a poll, votes may be given either personally or by proxy. A member may not appoint more than one proxy to attend on the same occasion and the last sentence of Regulation 59 of Table A shall not apply to the Company.

 

34A resolution in writing signed by all the members for the time being entitled to receive notice of and attend and vote at general meetings shall be as effective as if the same had been passed at a general meeting of the Company duly convened and held and may consist of several documents in the like form each signed by one or more persons but a resolution so signed shall not be effective to remove a director or auditor before the expiration of his term of office or to do anything else which the Companies Acts from time to time do not allow to be done by written resolution. In the case of a corporation holding a Share the resolution may be signed on its behalf by a Director or the Secretary thereof or by its duly appointed attorney or duly authorised representative. Regulation 53 of Table A shall not apply to the Company.

 

NUMBER OF DIRECTORS

 

35The number of directors shall not be less than one and there shall be no maximum number. In the event of there being a sole director these Articles shall be construed accordingly. Regulation 64 of Table A shall not apply to the Company.

 

ALTERNATE DIRECTORS

 

36Any director (other than an alternate director) may appoint (a) any other director, or (b) any other person approved by resolution of the directors and willing to act, to be an alternate director and may remove from office an alternate director so appointed by him.

 

37An alternate director shall (subject to his giving the Company an address which notice may be served upon him) be entitled to receive notice of all meetings of directors and of all meetings of committees of directors of which his appointor is a member, to attend and vote at any such meeting at which the director appointing him is not personally present, and generally to perform all the functions of his appointor as a director in his absence but shall not be entitled to receive any remuneration from the Company for his services as an alternate director.

 

38An alternate director shall cease to be an alternate director if his appointor ceases to be a director.

 

8
 

 

39A person who holds office only as an alternate director shall, if his appointor is not present, be counted in the quorum.

 

40If an alternate director is himself a director or attends any meeting as an alternate director for more than one director, his voting rights shall be cumulative but he shall only be counted once in deciding whether a quorum is present.

 

41Any appointment or removal of an alternate director shall be by notice to the Company signed by the director making or revoking the appointment or in any other manner approved by the directors.

 

42Save as otherwise provided in the Articles, an alternate director shall be deemed for all purposes to be a director and shall alone be responsible for his own acts and defaults and he shall not be deemed to be the agent of the director appointing him. Regulations 65 to 69 of Table A shall not apply to the Company.

 

POWERS OF DIRECTORS

 

43Subject to the provisions of the Act, the memorandum and the Articles and to any directions given by or agreed between the Shareholders from time to time, the business of the Company shall be managed by the directors who may exercise all the powers of the Company. No alteration of the memorandum or Articles and no such direction shall invalidate any prior act of the directors which would have been valid if that alteration had not been made or that direction had not been given. The powers given by this Article shall not be limited by any special power given to the directors by the Articles and a meeting of directors at which a quorum is present may exercise all powers exercisable by the directors. Regulation 70 of Table A shall not apply to the Company.

 

APPOINTMENT AND RETIREMENT OF DIRECTORS

 

44The "A" Shareholders shall have right to appoint and remove three "A" Directors, and shall have the right to appoint (from the Board) and remove the Chairman of the Company. Regulations 84 and 91 of Table A shall not apply to the Company. The "B" Shareholders shall have the right to appoint and remove two "B" Directors.

 

45Neither the “A” Shareholders nor the “B” Shareholders shall have any right to appoint or remove the directors appointed by the other class of Shareholder.

 

46If for any reason the "B" Shareholder transfers all the "B" Shares to the "A" Shareholder or any member of the "A" Shareholder's group, the "B" Shareholder shall procure that all "B" Directors shall resign and the quorum for any meeting of the Board or any meeting of the board of any subsidiary of the Company shall cease to require a "B" Director to be present and any requirement that any resolution shall require the approval of any "B" Director shall cease (if any). The "A" Shareholder shall be entitled to appoint additional "A" Directors up to the same number of "B" Directors as are required to resign pursuant to this Article.

 

47All such appointments and removals under Articles 44, 45 and 46 shall be by notice in writing and shall take effect upon lodgement at the registered office of the Company. The directors shall not be required to retire by rotation and Regulations 73 to 80 (inclusive) of Table A shall not apply to the Company.

 

9
 

 

REMUNERATION OF DIRECTORS

 

48Except with the sanction of a special resolution of the Company, the directors shall not be entitled to remuneration, gratuities or pensions . Regulations 82 and 87 of Table A shall not apply to the Company.

 

DISQUALIFICATION AND REMOVAL OF DIRECTORS

 

49. (Notwithstanding the provisions of Articles 44 to 47) the office of a director shall be vacated if:-

 

(a)he ceases to be a director by virtue of any provision of the Act or he becomes prohibited by law from being a director; or

 

(b)being an executive director of the Company or any subsidiary he ceases to hold office as an employee of the Company and a majority of the Board so requires; or

 

(c)he becomes bankrupt or makes any arrangement or composition with his creditors generally; or

 

(d)he is, or may be, suffering from mental disorder and either:-

 

(i)he is admitted to hospital in pursuance of an application for admission for treatment under the Mental Health Act 1983 or, in Scotland, an application for admission under the Mental Health (Scotland) Act 1960, or

 

(ii)an order is made by a court having jurisdiction (whether in the United Kingdom or elsewhere) in matters concerning mental disorder for his detention or for the appointment of a receiver, curator bonis or other person to exercise powers with respect to his property or affairs; or

 

(e)he resigns his office by notice to the Company; or

 

(f)he shall for more than six consecutive months have been absent without permission of the directors from meetings of directors held during that period and the directors resolve that his office be vacated; or

 

(g)he is named in a removal notice in accordance with Article 47.

 

Regulation 81 of Table A shall not apply.

 

DIRECTORS' APPOINTMENTS AND INTERESTS

 

50.           Subject to the provisions of the Act, and provided that he has disclosed to the directors the nature and extent of any material interest of his, a director notwithstanding his office:-

 

(a)may be a party to, or otherwise interested in, any transaction or arrangement with the Company or in which the Company is otherwise interested;

 

(b)may be a director or other officer of, or employed by, or a party to any transaction or arrangement with, or otherwise interested in, any body corporate promoted by the Company or in which the Company is otherwise interested; and

 

(c)shall subject to the terms of any contract of employment between the Company and the director, not by reason of his office, be accountable to the Company for any benefit which he derives from any such office or employment or from any such transaction or arrangement or from any interest in any such body corporate and no such transaction or arrangement shall be liable to be avoided on the ground of any such interest or benefit.

 

10
 

 

51.For the purposes of Article 50:-

 

(a)a general notice given to the directors that a director is to be regarded as having an interest of the nature and extent specified in the notice in any transaction or arrangement in which a specified person or class of persons is interested shall be deemed to be a disclosure that the director has an interest in any such transaction of the nature and extent so specified; and

 

(b)an interest of which a director has no knowledge and of which it is unreasonable to expect him to have knowledge shall not be treated as an interest of his.

 

52.Regulations 84 to 86 and 94 to 98 (inclusive) of Table A shall not apply to the Company.

 

PROCEEDINGS OF DIRECTORS

 

53.Subject to the provisions of the Articles, the directors may regulate their proceedings as they think fit. A director may, and the secretary at the request of a director shall, call a meeting of the directors. Questions arising at any meeting shall be decided by a majority of votes provided that any one director may act in dealing with the procedure set out in Article 22. A director who is also an alternate director shall be entitled in the absence of his appointor to a separate vote on behalf of his appointor in addition to his own vote. Notice of every meeting of the directors shall be given to each director and his alternate director, including directors and alternate directors who may for the time being be absent from the United Kingdom and have given the Company an address within the United Kingdom for service. Regulation 88 of Table A shall not apply to the Company.

 

54.The quorum for the transaction of business of the Board shall be two directors and for as long as there shall be "A" Shares and "B" Shares in issue this shall be comprised of at least one "A" Director and at least one "B" Director or their respective alternatives unless there is only one director appointed in which case the quorum shall be one and these Articles shall be construed accordingly. Regulation 89 of Table A shall not apply to the Company.

 

55.Save as the Shareholders may from time to time agree otherwise, the directors may meet together for the dispatch of business, adjourn and otherwise regulate their meetings as they think fit. Unless at least one "A" Director and at least one "B" Director indicate their willingness to accept shorter notice of a meeting of the directors, at least seven clear days' prior notice of the time and place of each meeting of the directors shall be given. Questions arising at any meeting shall be determined by a majority. In the case of an equality of votes, the chairman of the meeting shall not have a second or casting vote.

 

56.A director may, and the secretary on the requisition of a director shall, at any time summon a meeting of the directors upon not less than seven days' notice. Notice of every meeting of the directors shall be given to every director in accordance with the provisions referred to in Articles 66 to 73 (inclusive) but the non-receipt of notice by any director shall not of itself invalidate the proceedings at any meeting of the directors.

 

57.Any director including an alternate director may participate in a meeting of the directors or a committee of the directors of which he is a member by means of a conference telephone or similar communications equipment whereby all persons participating in the meeting can hear and speak to each other and any director, or alternate director or member of a committee participating in this manner shall be deemed to be present in person at such meeting and, subject to these Articles and the Act, he shall be entitled to vote and be counted in a quorum accordingly. Such a meeting shall be deemed to take place where the largest group of those participating is assembled or, if there is no such group, where the chairman of the meeting then is.

 

11
 

 

58.At any meeting of the directors:

 

(h)any "A" Directors or their alternates present at such meeting shall collectively be entitled to as many votes as would be permitted to be cast if all the "A" Directors were present;

 

(i)any "B" Director or their alternates present at such meeting shall collectively be entitled to as many votes as would be permitted to be cast if all the "B" Directors were present.

 

59.The words "of filling vacancies, or" shall be omitted from Regulation 90 of Table A.

 

DELEGATION OF DIRECTORS’ POWERS

 

60.A committee of the Board must include at least one “A” Director and one “B” Director and the quorum for a meeting of any such committee shall throughout the meeting be at least one “A” Director and one “B” Director. Regulation 72 of Table A shall be modified accordingly. Regulation 72 of Table A insofar as it applies to Managing Directors shall not apply.

 

SECRETARY

 

61.Subject to the provisions of the Act, the secretary shall be appointed by the directors for such term and upon such conditions as they may think fit and any secretary so appointed may be removed by them. Except with the approval of a special resolution of the Company, the secretary shall not be entitled to remuneration. Regulation 99 of Table A shall not apply to the Company.

 

DIVIDENDS

 

62.No dividends shall be declared by the Company unless approved by the "A" Shareholder. Regulations 102 to 108 (inclusive) of Table A shall be amended accordingly. The "A" Shares and the "B" Shares shall rank for dividends pari passu in all respects on the basis that the amount of any dividend declared or paid shall be the same for each share of whatever class.

 

THE SEAL

 

63.If the Company has a seal it shall only be used with the authority of the Board. The Board may determine who shall sign any instrument to which the seal is affixed and unless otherwise so determined every instrument to which the seal is affixed shall be signed by one director and by the secretary or another director. The obligation under Regulation 6 in Table A relating to the sealing of share certificates shall apply only if the Company has a seal. Regulation 101 of Table A shall not apply to the Company.

 

ACCOUNTS

 

64.No member shall (as such) have any right of inspecting any accounting records or other book or document of the Company except as conferred by statute or authorised by special resolution of the Company. Regulation 109 of Table A shall not apply to the Company.

 

CAPITALISATION OF PROFITS

 

65.For so long as there are "A" Shares and "B" Shares in issue, on any occasion when shares are allotted and distributed credited as fully paid pursuant to the provisions of Regulation 110 of Table A as amended by this Article, the Shares allotted to "A" Shareholders shall forthwith on allotment automatically stand designated as "A" Shares and the Shares allotted to "B" Shareholders shall forthwith on allotment automatically stand designated as "B" Shares.

  

12
 

 

NOTICES

 

66.Any notice to be given to or by any person pursuant to the Articles (other than a notice calling a meeting of the directors) shall be in writing or shall be given using electronic communications to an address for the time being notified for that purpose to the person giving the notice.In this Article, "address", in relation to electronic communications, includes any number or address used for the purposes of such communications. Regulation 111 of Table A shall not apply to the Company.

 

67.The Company may give any notice to a member either personally or by sending it by first class post in a prepaid envelope addressed to the member at his registered address or by leaving it at that address or by giving it using electronic communications to an address for the time being notified to the Company by the member. In the case of joint holders of a Share, all notices shall be given to the joint holder whose name stands first in the register of members in respect of the joint holding and notice so given shall be sufficient notice to all the joint holders. A member whose registered address is not within the United Kingdom and who gives to the Company an address within the United Kingdom at which notices may be given to him, or an address to which notices may be sent using electronic communications, shall be entitled to have notices given to him at that address, but otherwise no such member shall be entitled to receive any notice from the Company. Regulation 112 of Table A shall not apply to the Company. In this Article and the next, "address", in relation to electronic communications, includes any number or address used for the purpose of such communications.

 

68.A member present, either in person or by proxy, at any meeting of the Company or of the holders of any class of Shares shall be deemed to have received notice of the meeting and, where requisite, of the purposes for which it was called. Regulation 113 of Table A shall not apply to the Company.

 

69.Every person who becomes entitled to a Share shall be bound by any notice in respect of that Share which, before his name is entered in the register of members, has been duly given to a person from whom he derives his title. Regulation 114 of Table A shall not apply to the Company.

 

70.Any notice to be given to the Company pursuant to these Articles shall be sent to the registered office of the Company or presented at a meeting of the Board or shall be sent to any number or address used for the purpose of electronic communications and identified for that purpose by the Company.

 

71.Any notice to be given pursuant to these Articles may be given by facsimile transmission to the facsimile number maintained at the relevant address of the addressee. Such a notice shall be conclusively deemed to have been properly given at the time shown on the transmission report received by the sender.

 

72.Proof that an envelope containing a notice was properly addressed, prepaid and posted shall be conclusive evidence that the notice was given by post. Proof of who was telephoned and the date and time of the call shall be conclusive evidence that notice was given by telephone. A comprehensive transaction report or log generated by a fax machine, suitably certified by or on behalf of the Company, shall be conclusive evidence that notice was given by fax. A copy of a record of the total number of recipients sent to or each recipient to whom an e-mail message was sent together with any notices of failed transmissions and copies of records of subsequent re-sending, suitably certified by or on behalf of the Company, shall be conclusive evidence that notice was given by e-mail. A notice shall be deemed to have been given at the expiration of 24 hours after the envelope containing it was posted or in the case of a notice contained in an electronic communication (other than notices transmitted by telephone call which shall be deemed to have been given immediately after the time the telephone call was made), at the expiration of 24 hours after the time it was sent. Regulation 115 of Table A shall not apply to the Company.

 

13
 

 

73.A notice may be given by the Company to the persons entitled to a Share in consequence of the death or bankruptcy of a member by sending or delivering it, in any manner authorised by the Articles for the giving of notice to a member, addressed to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt or by any like description at the address, if any, within the United Kingdom supplied for that purpose by the persons claiming to be so entitled. Until such an address has been supplied, a notice may be given in any manner in which it might have been given if the death or bankruptcy had not occurred.

 

WINDING UP

 

74.If the Company is wound up, the liquidator may, with the sanction of an extraordinary resolution of the Company and any other sanction required by the Act, divide among the members in specie the whole or any part of the assets of the Company and may, for that purpose, value any assets and with the like sanction, determine how the division shall be carried out as between the members or different classes of members. The liquidator may, with the like sanction, vest the whole or any part of the assets in trustees upon such trusts for the benefit of the members as he with the like sanction determines, but no member shall be compelled to accept any assets upon which there is a liability. Regulation 117 of Table A shall not apply to the Company.

 

INDEMNITY

 

75.Subject to the provisions of the Statutes but without prejudice to any indemnity to which the person concerned may be otherwise entitled and protection from liability which may otherwise apply, every person who is or was at any time a director or other officer of the Company (excluding the auditors) may be indemnified out of the assets of the Company against all costs, charges, expenses, losses or liabilities (together "Liabilities" and each a "Liability") which he may sustain or incur in or about the actual or purported execution and/or discharge of the duties of his office and/or in the exercise or purported exercise of his powers or discretions and/or otherwise in relation thereto or in connection therewith, (together his "Role") including (without prejudice to the generality of the foregoing) any Liability suffered or incurred by him in disputing defending investigating or providing evidence in connection with any actual or threatened or alleged claims, demands, investigations, or proceedings, whether civil or criminal or in connection with any application under section 144(3) or (4) or section 727 of the Act.

 

76.This indemnity shall not apply to the extent that:

 

(a)the Liability is recoverable from any other person;

 

(b)where the consent of the Company's insurers is required, unless and until such consent is granted;

 

(c)a Liability arises from an act or omission of the director or other officer which is shown to have been in bad faith (including one involving fraud or fraudulent concealment by such director or other officer;

 

(d)the director or other officer has received a financial benefit to which he is not entitled; or

  

(e)it relates to tax or National Insurance Contributions payable on remuneration or other benefits received by such director or other officer.

 

77.The Company may also, subject to the provisions of the Statutes, provide funds to any director or other officer of the Company (excluding the auditors) or do anything to enable a director or other officer of the Company (excluding the auditors) to avoid incurring expenditure of the nature described in section 337A of the Act.

 

14
 

 

78.The directors shall have the power to purchase and maintain insurance for the benefit of (a) every person who is or was at any time a director or other officer (excluding the auditors) of the Company or any Associated Company (as defined in section 309(A)(6) of the Act), (b) every person who is or was at any time an auditor of the Company or (c) any person who is or was at any time a trustee of any pension fund or employees' share scheme in which employees of the Company or any Associated Company (as defined in section 309(A)(6) of the Act) are interested including (without prejudice to the generality of the foregoing) insurance against Liabilities in respect of his Role.

 

79.Regulation 118 of Table A shall not apply to the Company.

 

15
 

 

 

Inter Parfums Société Anonyme

 

  

Subscribed for and on behalf of the said    
Inter Parfums Société Anonyme    
     
/s/ Philippe Benacin     Director  
Philippe Benacin    

 

16

 

 EX-3.6 3 v303460_ex3-6.htm EXHIBIT 3.6

REGISTRE DU COMMERCE DU CANTON DE FRIBOURG

  EXTRAIT DU REGISTRE
Extrait avec éventuelles radiations Report du 17 septembre 2008
  No réf. 02350/2008
  N° féd. CH-217-3540398-2

INTER PARFUMS (SUISSE) Sàrl

inscrite le 18 juin 2008

Société à responsabilité limitée

 

Réf Raison Sociale
1 INTER PARFUMS (SUISSE) Sàrl
  Siège
1 Fribourg
  Adresse
1 Boulevard de Pérolles 21, c/o Tax Alliance SA, 1700 Fribourg
  Dates des Statuts
1 08.09.2008
  But, Observations

1

 

 

1

1

But:

acquisition, gestion et exploitation de droits immatériels, notamment de brevets, de marques, de procédés de fabrication, de savoir-faire, ainsi que la gestion et l'exploitation de licences portant sur des droits immatériels (cf. statuts pour but complet).

Prestations accessoires, droits de préférence, de préemption ou d'emption: selon statuts.

Selon déclaration du 16.06.2008, la société n'est pas soumise à un contrôle ordinaire et renonce à un contrôle restreint.

  Transformations (LFus)  
1 La société anonyme est transformée en société à responsabilité limitée conformément au projet de transformation du 04.09.2008 et bilan au 28.08.2008, présentant des actifs de CHF 55'880' 120.10 et des passifs envers les tiers de CHF 85'478.75, soit un actif net de CHF 55'794'641.35, contre attribution à l'actionnaire unique de 27'450 parts sociales de CHF 1'000—.
  Organe de publication  

1

1

Communication aux associés: par écrit ou par courriel

FOSC

 

Réf Capital social  
  Nominal Libéré  
  CHF 27'450'000 CHF 27'450'000  
  Apports en nature, reprises de biens, compensation de créances, avant. partic., resp., vers. suppl.
1.

Apport en nature

Selon contrat du 04.06.2008, INTER PARFUMS, société anonyme à Paris (F), fait apport à la société des marques LANVIN d'une valeur de EUR 34'712'000.—, accepté pour le prix de CHF 54'900'000.—, et imputé à concurrence de CHF 27'450'000.— à la libération du capital-actions. En contrepartie il a été remis 27'450 actions de CHF 1'000.—, nominatives, à l'apporteur.

 

Réf Associés, gérants et personnes ayant qualité pour signer  
Inscr. Mod. Rad. Nom et Prénoms, Origine, Domicile, Part sociale Fonctions Mode Signature
   

 

 
 

 

Réf Associés, gérants et personnes ayant qualité pour signer
Inscr. Mod. Rad. Nom et Prénoms, Origine, Domicile, Part sociale Fonctions Mode Signature

1

 

1

1

    

INTER PARFUMS , société anonyme, à Paris (F),

27'450 parts de CHF 1'000.—

Benacin Philippe, de France, à Paris (F)

Rubeli Guy-Philippe, de Gampelen, à Gy

associée

 

gérant président

gérant

(sans signature)

 

signature individuelle

signature individuelle

 

Réf JOURNAL PUBLICATION FOSC Réf JOURNAL PUBLICATION FOSC

 

0

 Numéro Date Date Page/Id   Numéro Date Date Page/Id
  report     1 3688 18.09.2008 24.09.2008 7/4663490

 

Fribourg, le 25 septembre 2008

 

 

Fin de l’extrait
 
Seul un extrait certifié conforme, signé et muni du sceau du registre, a une valeur légale.

 

INTER PARFUMS (SUISSE) Sàrl Page 2/2

 

 

 

 EX-3.6(1) 4 v303460_ex3-6x1.htm EXHIBIT 3.6(1)

REGISTRY OF COMMERCE OF THE CANTON OF FRIBOURG

  REGISTRY EXTRACT
Extract with possible deletions Report of September 17, 2008
  Ref. No. 02350/2008
  Fed. No. CH-217-3540398-2

INTER PARFUMS (SWITZERLAND) Sarl

Registered on June 18, 2008

Limited Liability Company

 

Ref: Company Name
1 INTER PARFUMS (SWITZERLAND) Sarl
  Corporate Headquarters
1 Fribourg
  Address
1 Boulevard de Pérolles 21, c/o Tax Alliance SA, 1700 Fribourg
  Date of the Statutes
1 09/08/2008
  Purpose, Observations

1

 

 

1

1

Purpose

Acquisition, management and exploitation of intangible property, including patents, trademarks, manufacturing processes, know-how, as well as the management and operation of licensing of intangible property (see statutes for the complete purpose).

Ancillary services, preferential, pre-purchase or purchase rights: According to the Statutes.

According to the Financial Statement dated 06/16/2008, the corporation is not subject to regular monitoring and relinquished limited supervision.

  Conversions (LFus)  
1 The corporation was converted into a limited liability company in accordance with the conversion project dated 09/04/2008, and the balance sheet of 08/28/2008, presenting assets of CHF 55,880,120.10 and third party liabilities of CHF 85,478.75, with net assets of CHF 55,794,641.35, the sole shareholder holding 27,450 corporate shares of CHF 1,000.00 each.
  Publication Agency  

1

1

Communication with associates: in writing or by email

FOSC

       

 

Ref: Social Capital  
  Nominal Paid In  
  CHF 27,450,000 CHF 27,450,000  
  In-kind contributions, recovery of goods, offset indebtedness, profit on holdings, paid in part, resp., suppl. vers.
1

In-kind contributions

In accordance with the Contract dated 06/04/2008, INTER PARFUMS, a joint-stock company (F) in Paris, contributed to the company the brands LANVIN with a value of EUR 34,712,000.00, accepted for the price of CHF 54,900,000.00, and the amount of CHF 27,450,000.00 paid by the release of capital stock. In return, 27,450 nominative shares with a value of CHF 1'000.00 each, were given to the contributor.

         

 

Ref: Shareholders, managers, and persons having the power to sign
Reg. Mod. Rad. First and Last Name, Origin, Domicile, Capital Share Functions Signature
   

 

 
 

 

Ref: Shareholders, managers, and persons having the power to sign
Reg. Mod. Rad. First and Last Name, Origin, Domicile, Capital Share Functions Signature

1

 

1

1

    

INTER PARFUMS, joint-stock company in Paris (F),

27,450 shares with a value of CHF 1,000.00 each

Benacin Philippe, INTER PARFUMS, in Paris (F),

Rubeli Guy-Philippe, of Gampelen, in Gy

Shareholder

 

Managing President

Director

(no signature)

 

Individual Signature

Individual Signature

 

Ref: JOURNAL FOSC PUBLICATION Ref: JOURNAL FOSC PUBLICATION

 

0

 Number Date Date Page/Id   Number Date Date Page/Id
  Deferred     1 3688 09/18/2008 09/24/2008 7/4663490

 

Fribourg, on September 25, 2008

 

Certified extract
                 2                  Pages
Fribourg, on
 
         September 25, 2008      
The Employee
P-A JENNY
(Illegible Signature)

 

End of Extract
 
Only a certified extract, signed and stamped with the Seal of the Registry, has a legal value.

 

(Text in Seal on front page and this page: REGISTRY OF COMMERCE OF FRIBOURG)

 

INTER PARFUMS (SWITZERLAND) Sarl Page 2/2

 

 

 

 EX-4.32 5 v303460_ex4-32.htm EXHIBIT 4.32

 

Exhibit 4.32

 

This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933.

 

Nonqualified Stock Option Contract

 

THIS NONQUALIFIED STOCK OPTION CONTRACT is entered into effective as of the 31st day of December, 2011, by and between INTER PARFUMS, INC., a Delaware corporation (the “Company”) and ___________ (“Option Holder”).

 

WITNESSETH:

 

1.              The Company, in accordance with the resolutions adopted by the Company’s Executive Compensation and Stock Option Committee (the “Committee”), and the terms and subject to the conditions of the Company’s 2004 Stock Option Plan (the “2004 Plan”), hereby grants to the Option Holder as of December 31, 2010, a nonqualified stock option to purchase an aggregate of ______ shares (the “Shares”) of the common stock, $.001 par value per share, of the Company (the “Common Stock”), at the exercise price of $15.59 per share.

 

2.              Subject to earlier termination as provided in the 2004 Plan, the term of this option shall be six (6) years from the date hereof; provided that, such option shall vest and become exercisable to purchase shares of Common Stock as follows: 20% one year after the date of grant, and then 20% on each of the second, third, fourth and fifth consecutive years from the date of grant on a cumulative basis, so that each option shall become fully vested and exercisable on the fifth year from the date of grant.

 

3.              (a)            Subject to the provisions contained in Section 2 hereof, this option may be exercised from time to time in whole or in part prior to the end of the term of the option (but not with respect to less than 100 Shares (unless less than 100 Shares remain to be purchased, then such amount remaining), or fractional Shares), by giving written notice to the Company at its principal office, presently 551 Fifth Avenue, New York, New York 10176, stating that the Option Holder is exercising this option, specifying the number of Shares purchased and accompanied by payment in full of the aggregate purchase price therefor (i) in cash or certified check or (ii) with previously acquired shares of Common Stock or a combination of the foregoing if permitted in the sole discretion of the Company’s Executive Compensation and Stock Option Committee (the “Committee”).

 

(b)             In addition, upon the exercise of this option, the Company may withhold cash and/or Shares to be issued with respect thereto, having an aggregate fair market value equal to the amount which it determines is necessary to satisfy its obligation to withhold federal, state and local income taxes or other taxes incurred by reason of such exercise. Alternatively, the Company may require the holder to pay to the Company such amount, in cash, promptly upon demand. The Company shall not be required to issue any Shares pursuant to this option until all required payments have been made.

 

4.             This option is not transferable otherwise than by will or the laws of descent and distribution and may be exercised, during the lifetime of the Option Holder, only by the Option Holder or his legal representatives.

 

 
 

 

5.            Nothing in the 2004 Plan or herein shall confer upon the Option Holder any right to continue in the employ of, or be associated with, the Company, its Parent or any of its Subsidiaries, or interfere in any way with the right to employment or association of the Option Holder with the Company, its Parent or any of its Subsidiaries.

 

6.            The Option Holder understands that the Shares have been registered for issuance to the Option Holder in Registration Statement No. 333-136988 under the Securities Act of 1933, as amended (the “Act”). Resale to the public by the Option Holder is to be made under Rule 144 under the Act in accordance with the procedure for resale of “affiliate shares” in the absence of a subsequent effective registration statement for the resale of the Shares. Notwithstanding registration under the Act, the Option Holder understands that in accordance with the provisions of the Company’s Code of Business Conduct, (i) the Option Holder must obtain permission from the Company’s Chief Financial Officer prior to any sale of the Shares; and (ii) the use of material non-public information in connection with the sale of the Company’s shares (“Insider Trading”) or the communication of such information to others who use it in trading the Company’s shares (“Tipping”) is strictly prohibited.

 

7.          (a)           The Option Holder understands that the Company maintains its internet website at www.interparfumsinc.com which is linked to the SEC Edgar database. The Option Holder can obtain through the Company’s website, free of charge, its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange as soon as reasonably practicable after the Company has electronically filed with or furnished them to the SEC.

 

            (b)            In addition, the Company will cause to be delivered to the Option Holder, upon request to the Company directed to either the Chief Financial Officer or the Controller, without charge to the Option Holder, a copy of the documents incorporated by reference into the Registration Statement, other than exhibits (unless such exhibits are specifically incorporated by reference into the Registration Statement).

 

8.            Notwithstanding anything to the contrary, if at any time the Chief Executive Officer, Board of Directors of the Company or the Committee shall determine it its discretion that the listing or qualification of the Shares on any securities exchange, with national securities association or under any applicable law, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of an option, or the issue of Shares thereunder, or the sale of the Shares, then this option may not be exercised in whole or in part unless such listing, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Chief Executive Officer, Board of Directors or the Committee.

 

9.            (a)            The Company and the Option Holder further agree that they will both be subject to and bound by all of the terms and conditions of the 2004 Plan, which is incorporated by reference herein and made a part hereof as if fully set forth herein.

 

2
 

 

(b)            In the event the Option Holder's employment by, or association with, the Company, its Parent or any of its Subsidiaries terminates, or in the event of the death or disability of the Option Holder, the rights hereunder shall be governed by, and made subject to, the provisions of the 2004 Plan.

 

(c)            In the event of a conflict between the terms of this Contract and the terms of the 2004 Plan, then in such event, the terms of 2004 Plan shall govern.

 

(d)            Except as otherwise provided herein, all capitalized terms used herein shall have the same meaning ascribed to them in the 2004 Plan.

 

(e)            The Option Holder agrees that the Company may amend the 2004 Plan and the options granted to the Option Holder under the 2004 Plan, subject to the limitations contained in the 2004 Plan.

 

10.            This Contract shall be binding upon and inure to the benefit of any successor or assign of the Company and to any executor, administrator or legal representative entitled by law to the Option Holder's right hereunder.

 

11.            This Contract shall be governed by and construed in accordance with the laws of the State of New York, without regard to the principles of conflicts of laws.

 

IN WITNESS WHEREOF, the parties hereto have entered into this Contract effective as of the date first above written.

 

  INTER PARFUMS, INC.
   
  By:  
  [Name and Title] 
   
   

 

Schedule of Executive Officers and Number of Shares Underlying Option

 

Executive Officer   Number of  Shares
     
Jean Madar   19,000
Philippe Benacin   19,000
Russell Greenberg   25,000
Philippe Santi   3,000
Frederic Garcia-Pelayo   3,000
Henry B. “Andy” Clarke   7,500

 

3

 EX-10.124 6 v303460_ex10-124.htm EXHIBIT 10.124

 

Exhibit 10.124

 

FOURTH MODIFICATION OF LEASE

 

This Fourth Modification of Lease made as of this _ day of January. 2006 by and between JEFFREY MANAGEMENT CORP. AS MANAGER FOR FRENCH PARTNERS LLC AND NEW YORK FRENCH BUILDING CO-INVESTORS, LLC, TENANTS-IN-COMMON, having an address at 7 Penn Plaza, New York, New York, 10001 (hereinafter referred to as the "Landlord") and JEAN PHILIPPE FRAGRANCES, LLC, having an address at 551 Fifth Avenue, New York, New York, 10176, (hereinafter referred to as the “Tenant”).

 

WITNESSETH

 

WHEREAS, Landlord's predecessor in interest and Tenant's predecessor in interest have entered into a certain lease dated January 13, 1992,as amended by Modification of Lease dated June 17, 1994. Second Modification of Lease dated April 30, 1997 and Third Modification of Lease dated June 17, 2002 (hereinafter collectively referred to as the "Lease”) for a portion of the fifteenth (15th) floor (hereinafter referred to as the "Current Demised Premises") in the building known as 551 Fifth Avenue, collectively known as Suite 1522, New York, New York 10176 (hereinafter referred to as the "Building").

 

WHEREAS, Tenant wishes to lease additional space on the fifteenth (15th) floor, known as Suite 1502, as more fully indicated on the attached Exhibit "A", from the Landlord (hereinafter referred to as the "Additional Space") and Landlord is willing to lease said Additional Space to Tenant.

 

NOW THEREFORE. in consideration of these promises, mutual covenants and agreements contained herein and other good and valuable: consideration, receipt of which is hereby acknowledged the parties hereby agree as follows:

 

 
 

 

I.                          Commencing March 1, 2006

 

A.                     The Additional Space and the Current Demised Premises shall be together known as the Demised Premises (hereinafter referred to as the "Demised Premises").

 

B.                     The billing for the Additional Space shall be separate and apart from the billing for the Current Demised Premises and accordingly the annual rent rate for the Additional Space only shall be as more fully indicated on the attached Exhibit "B".

 

II.                         Article 35A of the Lease shall be amended in connection with the Additional Space only so that Tenant shall pay .30 percent of any increase in any of the items included in the "Real Estate Taxes" and on the sixth (6th) line carrying over to the seventh (7th) line the Base Tax Year in connection with the Additional Space only shall be "July 1, 2006 through June 30, 2007.

 

III.                        With regard to the Additional Space only, landlord shall provide electric energy to the Tenant on a "rent inclusion" basis in accordance with Article 378 of the lease. The Annual Rent set forth in Exhibit "B”, includes the annual amount of $3,900..00 for electric energy on a rent inclusion basis for the Additional Space only. All of the terms of Article 37 of the Lease, including but not limited to the purchase of electric energy and the increase in the cost of the purchase of Building electricity above $3,900.00, shall be applicable for the Additional Space.

 

IV.                         Tenant agrees to accept the Additional Space in its "as is" condition except landlord agrees to demolish the Additional Space.

 

V.                           Article 36 of the lease shall be amended in connection with the Additional Space only so that in subparagraph (b) the term "Base Operating Period", as it applies to the Additional Space only shall mean the calendar year commencing January 1, 2006. Subparagraph (e) shall be amended so that the term “Tenant's Proportionate Share" In connection with the Additional Space only shall mean 30%.

 

VI.                         Tenant represents that it has dealt with no broker other than Jeffrey Management Corp. Tenant agrees to indemnify and hold Landlord harmless (including attorneys' fees) from and against any and all claims for brokerage commissions made by any other party claiming to act for or on behalf of Tenant concerning this transaction.

 

 
 

 

VII.                      The Limited Guaranty, attached hereto and marked Exhibit"C" is incorporated into and made a part of the Lease.

 

VIII.                    This Fourth Modification of Lease shall be binding upon and Inure to the benefit of the parties hereto, their respective heirs, legal representatives, successors and permitted assigns.

 

IX.                       Except as herein expressly modified, all terms, convenants and conditions of the Lease are hereby ratified and certified in all respects thereto.

 

IN WITNESS WHEREOF the parties hereto have executed this instrument as of the day first above written.

 

JEFFREY MANAGEMENT CORP. AS

MANAGER FOR FRENCH PARTNERS LLC

AND NEW YORK FRENCH BUILDING CO-

INVESTORS, LLC, TENANTS-IN-COMMON

 

By: [/s/_________]

 

JEAN PHILIPPE FRAGRANCES LLC

 

INTER PARFUMS, INC., SOLE MEMBER

 

By: /s/  RUSSELL GREENBERG  

 

RUSSELL GREENBERG

 

EXECUTIVE VICE PRESIDENT

 

EXHIBIT “A”

 

[Floor Plan Omitted]

 

EXHIBIT “B”

 

Jean Philippe Fragrances, L.L.C.

 

Term:  Monthly:   Annual Rent: 
           
3/1/2006 - 2/28/2013  $4,241.67   $50,900.00 

 

 
 

 

EXHIBIT “C”

 

LIMITED GUARANTY

 

The undersigned Inter Parfums, Inc., a Delaware corporation, (“Guarantor”) as additional consideration for JEFFREY MANAGEMENT CORP. AS MANAGER FOR FRENCH PARTNERS LLC AND NEW YORK FRENCH BUILDING CO-INVESTORS, L.L.C., TENANTS-IN-COMMON, Landlord, entering into a Fourth Modification of Lease that modifies the Lease dated January 13, 1992, Modification of Lease dated June 17, 1994, Second Modification of Lease dated April 30, 1997, and Third Modification of Lease dated June 17, 2002 (collectively the original lease and all four (4) modification agreements are hereinafter referred to as the “Lease”) with JEAN PHILIPPE FRAGRANCES, LLC, as Tenant, with respect to premises located in 551 FIFTH AVENUE, NEW YORK, NEW YORK, 10176, more fully described in the Fourth Modification of Lease of eve date herewith, hereby personally guarantees to Landlord the payment of all Annual Rent and additional rent and other charges due to Landlord under the Lease or otherwise, which accrues up to and until the date on which the Demised Premises are vacated and the keys and possession of the Demised Premises are turned over to Landlord and are available for re-renting provided, however, that Tenant has given Landlord thirty (30) days prior written notice of the date on which the Demised Premises will be so vacated and that all items of repair and maintenance of the Demised Premises under the Lease to be performed by the Tenant have been performed. Guarantor hereby agrees that any repair and maintenance necessary to be performed to the Demised Premises due to the willful misconduct or gross negligence of Tenant, shall be performed by the Guarantor, prior to the vacating of the Demised Premises.

 

I addition, should the term of the Lease end by virtue of the Tenant’s default, the Tenant’s property, fixtures and installations and any and all property fixtures and installations which the Tenant has permitted to be brought upon the premises or installed in the premises, which may be required to be removed at the expiration or termination of Tenant’s occupancy in accordance with the terms of the Lease, shall be removed by the Tenant at or prior to such termination and, if not so removed, the undersigned Guarantor agrees to reimburse Landlord for any and all expenses in connection therewith, and to hold the Landlord harmless from any claims or liability in connection with such removal. This Guaranty shall not include a guarantee of the obligation of the Tenant to replace any item beyond repair other than plate glass, but shall include such guarantee or replacement in the event that such replacement is necessitated by the acts or omissions of the Tenant, its agents, employees, or invitees, or by failure of the Tenant to make timely repairs.

 

 
 

 

The Guarantor executes this Guaranty knowing that the Landlord will rely upon the same in entering into said Agreement of Lease.

 

Guarantor further understands and agrees that:

 

1.                  Landlord may (but is not obligated to) first look to the Guarantor for any Annual Rent, additional rent, or other guaranteed obligations of Tenant, before applying any security monies held under this Lease. In such event, Guarantors would be obligated to pay to Landlord any Annual rent and/or additional rent, and perform any of the above obligations prior to Landlord’s applying any security held.

 

2.                  The Guarantor may, at Landlord’s option, be joined in any action or proceeding commenced by Landlord against Tenant in connection with and based upon any covenants and obligations in said Lease, which have been guaranteed by guarantor, and that the undersigned hereby waives any demand by Landlord and/or prior action by Landlord of any nature whatsoever against Tenant.

 

3.                  This Guaranty shall remain and continue in full force and effect notwithstanding the alteration of the said Lease by the parties thereto whether prior to or subsequent to the execution hereof and as to any renewal, extension, modification or amendment of said Lease and as to any assignment of Tenant’s interest in said lease, and the Guarantors do hereby waive notice of any of the foregoing and agree that the liability of the Guarantors hereunder shall not be discharged, in whole or in part thereby, and shall be based upon the obligations set forth in said Lease as the same may be altered, renewed, extended, modified, amended, or assigned.

 

4.                  Guarantor’s obligations hereunder shall remain fully binding although Landlord may have waived one or more defaults by Tenant, extended the time of performance by Tenant, released, returned or misapplied other collateral given later an additional security (including other guarantees) and released Tenant from the performance of its obligations under such Lease.

 

 
 

 

5.                  This Guaranty shall remain in full force and effect notwithstanding the institution by or against Tenant of bankruptcy, reorganization, readjustment, receivership or insolvency proceedings of any nature, or the disaffirmance of said Lease in an such proceedings or otherwise.

 

6.                  If this Guaranty is signed by more than one party, their obligations shall be joint and several and of the release of one of such guarantors shall not release any other of such guarantors.

 

7.                  This Guaranty shall be applicable to and binding upon the heirs, representatives, successors and assigns of Landlord, Tenant and Guarantors.

 

8.                  This Guaranty shall be interpreted in accordance with the laws of the state of New York. Guarantors agree to submit to the jurisdiction of the State of New York.

 

Signed by Guarantor this ______ day of February, 2006

 

INTER PARFUMS, INC. a Delaware

Corporation

 

By: /s/ Russell Greenberg  

 

Russell Greenberg, Executive VP

Tax Pay ID No.:      13-3275609

 

551 Fifth Avenue

 

New York, NY 10176

 

/s/  

 

Witness

 

 

 

 EX-10.128 7 v303460_ex10-128.htm EXHIBIT 10.128

 

Exhibit 10.128: Certain confidential information in this Exhibit 10.128 was omitted and filed separately with the Securities and Exchange Commission (“SEC”) with a request for confidential treatment by Inter Parfums, Inc.

  

LICENSE AGREEMENT

 

VAN CLEEF & ARPELS

  

AND

 

INTER PARFUMS

 

 
 

 

Exhibit 10.128: Certain confidential information in this Exhibit 10.128 was omitted and filed separately with the Securities and Exchange Commission (“SEC”) with a request for confidential treatment by Inter Parfums, Inc.

 

CONTENTS PAGE
     
1. DEFINITIONS 3
2. LICENSE 6
3. COMPENSATION TO LICENSOR 7
4. PRODUCTS AND QUALITY CONTROL 10
5. MARKETING AND LAUNCH PLANS, ADVERTISING, MARKETING AND SALES PROMOTION 14
6. DISTRIBUTION 18
7. TERM AND TERMINATION 19
8. TRADEMARKS AND OTHER INTELLECTUAL PROPERTY RIGHTS 23
9. EXCLUSIVITY 28
10. PRODUCT LIABILITY 28
11. CONFIDENTIALITY 29
12. NOTICES 32
13. ASSIGNMENT 32
14. ENTIRE AGREEMENT, MODIFICATION 33
15. APPLICABLE LAW, JURISDICTION 34
16. REMEDIES, NO WAIVER 34
17. SEVERABILITY 35
18. SECTION HEADINGS 35
19. FORCE MAJEURE 35

 

Annex A Trademarks
Annex B Quality Criteria
Annex C Form of Royalty Report
Annex D Marketing Activities
Annex E Selective Distribution Criteria
Annex F Annual Marketing Plan
Annex G KEY MARKETS

 

 
 

 

LICENSE AGREEMENT

  

between

  

VAN CLEEF & ARPELS LOGISTICS sA,

a company incorporated under the laws of Switzerland, having its registered office at 8, route de Chandolan, 1752 Villars-sur-Glâne, Switzerland

 

hereinafter referred to as “LICENSOR”

  

and

 

INTER PARFUMS SA,

a company incorporated under the laws of France RCS Paris B 350 219 382 , having its registered office at 4 rond-point des Champs Elysée 75008 PARIS, France

hereafter referred to as “LICENSEE”

  

WHEREAS, LICENSOR and/or its RELATED COMPANIES (as hereinafter defined) are the owners of the TRADEMARKS (as hereinafter defined), the tradename “Van Cleef & Arpels” (hereinafter “TRADENAME”), and the goodwill and reputation associated with them and manufactures or has manufactured for it and sells under the TRADEMARKS luxury goods, in particular high quality jewellery and watches.

 

WHEREAS, LICENSOR has the right to grant the exclusive right to use the TRADEMARKS and the TRADENAME in connection with the marketing of luxury fragrance and cosmetic products throughout the world in accordance with the terms and conditions of this AGREEMENT and to grant a license for the use of the TRADEMARKS as provided herein.

 

WHEREAS, LICENSEE desires to obtain the right to use the TRADEMARKS and the TRADENAME on and in connection with the development, manufacture and sale of the PRODUCTS (as hereinafter defined) throughout the world in accordance with the terms and conditions of this AGREEMENT.

 

- 2 -
 

 

WHEREAS, LICENSOR is willing to grant LICENSEE the right to use the TRADEMARKS and the TRADENAME on and/or in connection with the manufacture and sale of the PRODUCTS (as hereinafter defined) throughout the TERRITORY on the terms and conditions hereinafter provided.

 

LICENSEE is informed of the current licence agreement for Products under the Trademarks (both as hereinafter defined) with YSL Beauté and the parties agree that this Agreement shall only enter into force if and when the current licence agreement with YSL Beauté will have been terminated and the terms of Section 3.1, 7.1 and 20 has been agreed on in writing. It is further agreed by the parties that this Agreement shall not enter into force and be nul and void if no termination Agreement is reached with the current licensee with effect as per September 30, 2006.

THEREFORE, in consideration of the said premises and the mutual promises and covenants contained herein, the parties agree as follows:

 

1.DEFINITIONS

 

Unless the context otherwise requires, the following terms shall have the following meanings:

 

1.1“AGREEMENT” shall mean this License Agreement including all Annexes and Exhibits hereto, as the same may be amended, supplemented or modified in accordance with Section 14 hereof;

 

1.2“COMMENCEMENT DATE” shall mean the date on which the termination of LICENSOR’S current licence agreement for PRODUCTS under the TRADEMARKS is effective, which has to be a date on or prior to September 30, 2006.

 

1.3“CONTRACTUAL YEAR” shall mean the period commencing on the COMMENCEMENT DATE and ending December 31, 2007 and thereafter any subsequent period of twelve months commencing on January 1 and ending on the following December 31;

 

1.4“TRADEMARKS” shall mean the trademark “Van Cleef & Arpels” and other trademarks as represented and listed in Annex A Part 1 and 2 hereto, together with any further names, symbols or marks which the parties may agree to introduce in accordance with the provisions of this AGREEMENT for the purpose of applying to the PRODUCTS, and shall include (but not be limited to) the various registrations thereof which have been obtained, which are pending, or which may be obtained, as are relevant to the PRODUCTS;

 

- 3 -
 

 

1.5“BOTTLES” shall mean the bottles or other containers (including, but without limitation, tubes, vials, jars, etc.) for the PRODUCTS in which the PRODUCTS are sold;

 

1.6“FORMULAE” shall mean the formulae relevant to the PRODUCTS, including but not limited the formula of the scent of the PRODUCTS;

 

1.7“PRESENTATION” shall mean all trademarks, get-up, designs, advertising, merchandising, point of sale, promotional and packaging (including labelling) material appearing upon or used in relation to the PRODUCTS;

 

1.8“PRODUCTS” shall mean such luxury fragrance (women’s and men’s fragrance and home fragrance) and cosmetic products (limited to bath and body products, to the exclusion of skin care and make up products) as shall be launched in accordance with the provisions of this AGREEMENT, that LICENSEE may market, distribute and sell in connection with the TRADEMARKS and/or the TRADENAME pursuant to the terms and conditions of this AGREEMENT;

 

1.9“TECHNICAL INFORMATION” shall mean any and all know-how and retail information in connection with, for example, creative and technical input with respect to design, image, corporate identity, brand direction, advertising, marketing and promotion (including LICENSOR’S global marketing policy) relating to the PRODUCTS;

 

1.10“QUALITY CRITERIA” shall mean the quality criteria as outlined in Annex B attached hereto which may be amended with both parties’ written agreement (Section 14.2 below) and shall be consistent with the prestige of the TRADEMARKS, the TRADENAME and the goodwill and reputation associated with them;

 

1.11“BEST LOCAL WHOLESALE PRICE” shall, for the purpose of Section 6.5 below mean the lowest price of the first sale of the PRODUCTS from LICENSEE or a RELATED COMPANY of LICENSEE to any third party which is not a RELATED COMPANY of LICENSEE, may that be a distributor or a retailer, in each relevant market;

 

1.12“LICENSOR’S OUTLETS” shall mean those shop-in-shops, corners, concessions and free standing boutiques which are owned, operated or managed by LICENSOR, by any of its RELATED COMPANIES and/or by a third party under the TRADENAME;

 

1.13“TERRITORY” shall mean all countries and territories throughout the world, including duty free zones;

 

- 4 -
 

 

1.14“NET SALES” shall mean the invoice prices invoiced by LICENSEE and any of its RELATED COMPANIES on the first sale of PRODUCTS in the ordinary course of business to a non-RELATED COMPANY, after deduction of any sales taxes imposed on LICENSEE directly in respect of the PRODUCTS, credits, product returns, trade or cash discounts (including year-end discounts), provided that the aggregate of such deductions shall not exceed such amount as would be normal business practice in relation to the sale of luxury fragrance and grooming products of comparable prestige and price to the PRODUCTS. For the avoidance of any doubt, NET SALES shall not include sales of point of sales and/or promotional materials, including but not limited to testers, minis, samples, show cards and windows.

 

1.15“RELATED COMPANIES” shall mean any parent or subsidiary of any of the parties or any company affiliated with or related to any of them or a party or any company under common control with any of them;

 

1.16“KEY MARKETS” shall mean the territories listed in Annex G .

 

1.17“PROJECTED NET SALES” shall mean the projected net sales figure for the PRODUCTS in any calendar year as contained in the annual marketing plan relevant for that calendar year;

 

- 5 -
 

 

2.LICENSE

 

2.1LICENSOR hereby grants LICENSEE an exclusive license to use the TRADEMARKS and/or the TRADENAME in connection with the development, manufacture, sale, distribution, advertising, merchandising, promotion and marketing of the PRODUCTS in the TERRITORY for the term of the AGREEMENT in accordance with the conditions set out below. LICENSEE shall be entitled to use the TRADEMARKS set forth in Annex A Part 1 hereto and/or the TRADENAME in connection with other trademarks and/or other distinctive or descriptive attributes (words, logos, devices, etc.) but only as LICENSOR shall first approve in accordance with Section 4.2 (in particular Section 4.2.2) and as set forth below. The goodwill generated through the sale of the PRODUCTS shall vest exclusively in LICENSOR.

 

2.2During the term of this AGREEMENT and subject to prior written approval by LICENSOR, LICENSEE shall also be authorised to use the TRADENAME as a branch or division name as “Parfums Van Cleef & Arpels”, especially on stationery etc., or, to incorporate the TRADENAME into the company name of a RELATED COMPANY (as “Parfums Van Cleef & Arpels”). The approval shall be deemed to have been given if LICENSOR does not give written notice of disapproval within one (1) month after LICENSOR has received LICENSEE’S written request for approval together with details of the planned incorporation of the TRADENAME.

 

2.3LICENSEE will inform LICENSOR about the planned incorporation of the TRADENAME into the company name of a RELATED COMPANY in good time at the latest four weeks before the respective entry in the Commercial Register.
2.4LICENSOR will, at the request of LICENSEE, co-operate as required in the incorporation of the TRADENAME into the company name of a RELATED COMPANY of LICENSEE, and supply all necessary declarations or take the necessary actions, the costs of such declarations or actions to be reimbursed by LICENSEE.

 

2.5Promptly after the expiration or termination of the AGREEMENT, or if there is a sell-off period (Section 7.5 below) promptly after the end of such sell-off period, LICENSEE agrees to procure the change of the name of a branch, division or RELATED COMPANY referred to in Sections 2.2 to 2.4 by deleting the TRADENAME and ceasing to use and destroying all relevant headed stationary, correspondence or other printed material bearing the TRADENAME.

 

- 6 -
 

 

2.6LICENSEE warrants that any use of the TRADENAME by a branch, division or RELATED COMPANY in accordance with the provisions of Section 2.2 above will only be permitted in order to enable LICENSEE to perform its obligations in relation to the marketing, sale, development and manufacturing of the PRODUCTS under this AGREEMENT, to the exclusion of any other activities, and will be subject to that branch, division or RELATED COMPANY complying in all other respects with the terms of this AGREEMENT and all applicable local legal requirements relating to its incorporation and the conduct of its business.

 

2.7LICENSOR may only with LICENSEE’s prior written approval (which will be in LICENSEE’S exclusive discretion) and subject to the warranties given in Sections 10.2 to 10.4, be entitled to sell other products which are not PRODUCTS together with PRODUCTS, especially in combination packages, marketed under the TRADEMARK, or to give away other products as “gift with purchase” together with the PRODUCTS (hereinafter collectively called “OTHER PRODUCTS”).

 

3.COMPENSATION TO LICENSOR

 

3.1In consideration of the rights granted and the services to be performed by LICENSOR hereunder, LICENSEE shall pay to LICENSOR a lump sum entrance fee of EUR _____* Mio. Further, in consideration of the rights granted and the services to be performed by LICENSOR during each CONTRACTUAL YEAR or part thereof a royalty which shall be equal to [—————]1NET SALES of all PRODUCTS sold in any CONTRACTUAL YEAR , and which shall in any CONTRACTUAL YEAR be a minimum amount as specified in Section 3.2 below.

 

 

*Left blank in original.

 

 

1 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:1.

 

- 7 -
 

 

3.2LICENSEE agrees to pay the following guaranteed minimum royalties to LICENSOR to be paid in (4) equal amounts in each CONTRACTUAL YEAR (“CY”) in accordance with Section 3.3 below:

 

MINIMUM GUARANTEED ROYALTIES

 

Contractual Year   Minimum Guaranteed
Royalty
CY 1 Commencement Date to Dec 31 2007   [—————]
CY 2 Jan 1 to Dec 31 2008   [—————]
CY 3 Jan 1 to Dec 31 2009   [—————]
CY 4 Jan 1 to Dec 31 2010   [—————]
CY 5 Jan 1 to Dec 31 2011   [—————]
CY 6 Jan 1 to Dec 31 2012   [—————]
CY 7 Jan 1 to Dec 31 2013   [—————]
CY 8 Jan 1 to Dec 31 2014   [—————]
CY 9 Jan 1 to Dec 31 2015   [—————]
CY 10 Jan 1 to Dec 31 2016   [—————]
CY 11 Jan 1 to Dec 31 2017   [—————]
CY 12 Jan 1 to Dec 31 2018   [—————]2

  

For the avoidance of doubt, the parties confirm that the minimum guaranteed royalties shall be non-cumulative on a year-to-year (CONTRACTUAL YEARS) basis.

 

3.3LICENSEE shall, for each quarter of each CONTRACTUAL YEAR, pay to LICENSOR the greater of the cumulative amount of royalties payable under Section 3.1 above or the cumulative minimum royalties due in that CONTRACTUAL YEAR up to that date less any royalties, whether payable under Section 3.1 or guaranteed minimum royalty payments, already paid in that CONTRACTUAL YEAR. These payments will be made within [—————]3after the end of each calendar quarter, such quarters ending on 31 March, 30 June, 30 September and 31 December in each CONTRACTUAL YEAR. Each payment shall be accompanied by a quarterly royalty report in the form as attached as Annex C.

 

 

2 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:2.

3 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:3.

 

- 8 -
 

 

3.4In addition to the quarterly royalty reports referred to in Section 3.3 above, LICENSEE shall – if requested by LICENSOR promptly after the end of a calendar year – provide to LICENSOR within [—————]4of the end of each calendar year a global certificate from its internal auditors certifying that the volume and value of sales of the PRODUCTS for that calendar year and that the figures contained in the quarterly royalty reports for the same calendar year correspond with the entries in the books of LICENSEE and where appropriate, any RELATED COMPANY of LICENSEE or any other entity under its control and certifying the global deductions from gross sales made to calculate the NET SALES figure for the relevant calendar year. The certificate shall also certify that the figures set out in the year-end rebate referred to in Section 6.5 are true and accurate. Additionally, upon requested by, LICENSEE shall provide a certificate from its external auditors confirming that the volume and value of sales of the PRODUCTS for that calendar year and that the figures contained in the quarterly royalty reports correspond with the entries in the books of LICENSEE and, where appropriate, any RELATED COMPANY of LICENSEE or any other entity under its control and certifying the global deductions from gross sales made to calculate the NET SALES figure for the relevant calendar.

 

3.5Failure by LICENSEE to make payment of any royalties within [—————]5after their due date shall thereafter incur accrued interest at the basic bank interest rate of BNP, Banque Nationale de Paris, plus [—————]]6per annum. Payment shall be applied first against any interest which may have been accrued to the date of the payment and any balance against the amount of royalties outstanding.

 

3.6All taxes required by law to be withheld or assessed on or with respect to the remittance of royalties by LICENSEE or any RELATED COMPANY hereunder shall, if paid by LICENSEE or any related party, be deducted from the amount of royalties payable to LICENSOR. LICENSEE shall furnish LICENSOR with documentation reflecting the amount and proof of such tax payments.

 

 

4 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:4.

5 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:5.

6 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:6.

 

- 9 -
 

 

3.7All royalties shall be paid in Euro. The exchange rate of the royalties from foreign currencies to Euro shall be calculated according to the average rate of exchange during the last month of the quarter being reported as published in the Financial Times under the heading “Exchange Cross Rate” or, in the event that the relevant calculations cannot be made as aforesaid, by such other exchange rate calculation formula as may be agreed by the parties.

 

3.8LICENSEE shall not be obliged to pay royalties on any compensation received from its customers as a participation on advertising and sales promotion, such as payments for decoration, testers and samples.

 

3.9LICENSEE agrees to keep full and accurate books and records relating to the marketing and the sale of the PRODUCTS. LICENSEE agrees that LICENSOR shall have the right to inspect, audit or make copies of the books and records of LICENSEE and/or any RELATED COMPANIES of LICENSEE relating to the computation and the payment of the royalties due and owing to LICENSOR within [—————]7after the quarter in question up to [—————]8a year at reasonable times and upon no less than one month’s prior notice. This right terminates [—————]9after the expiration of this AGREEMENT.

 

3.10If a shortfall in the ROYALTIES paid is verified, LICENSEE shall promptly pay to LICENSOR all additional ROYALTIES due. If the shortfall is greater than [[—————]10of the cumulative amount of ROYALTIES paid by LICENSEE for the relevant period, then the LICENSEE shall also pay to LICENSOR an amount equal to the reasonable costs and expenses of LICENSOR’S examination together with interest calculated in accordance with Section 3.5 above.

 

4.PRODUCTS AND QUALITY CONTROL

 

4.1The parties shall collaborate in the development process of the PRODUCTS so that the PRODUCTS brought to the market will be consistent with the image of LICENSOR and the TRADEMARKS, and in conformity with the QUALITY CRITERIA.

 

 

7 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:7.

8 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:8.

9 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:9.

10 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:10.

 

- 10 -
 

 

LICENSEE expressly agrees to take LICENSOR’S image and reputation into consideration in the development and the manufacturing of the PRODUCTS and ensure that the PRODUCTS will be in accordance with LICENSOR’S image and reputation and will not harm or diminish LICENSOR’S image and reputation and the goodwill LICENSOR has built up with its other products.

 

4.2The parties agree that LICENSOR shall have approval rights with regard to the PRODUCTS over:

 

the concept

the scent

the name

the inner and outer packaging (including but not limited to the bottles, the folding boxes, any other packagings, tubes, vials and jars)

 

and any changes made thereto. As far advertising and marketing, it is referred to Section 5.5 below.

 

4.2.1If LICENSOR does not give its approval of any of LICENSEE’S proposals with regard to the concept, the scent or the packaging, it shall give its reasons for such withholding and agrees to submit its ideas, input, advice, and suggestions with regard thereto to LICENSEE within [—————]11after having received such proposal.

 

 

4.2.2Within [—————]12of receipt of LICENSEE’S request for approval of any name in accordance with this Section 4.2, or any trademark and/or any other attribute in accordance with Section 2.1 as well as the submission of a completed availability search by LICENSEE in accordance with Section 8.16 below, LICENSOR shall notify LICENSEE which names, trademarks or attributes it approves or disapproves and shall give its reason for any disapproval.

 

 

11 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:11. 

12 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:12.

 

- 11 -
 

 

4.2.3In the event of non-approval pursuant to Sub-Sections 4.2.1 and/or 4.2.2 above, LICENSEE agrees to take LICENSOR’S comments, ideas, input and advice into consideration and to amend or revise its proposal and/or implement LICENSOR’S suggestions and submit the revised proposal to LICENSOR for its approval, it being understood that LICENSOR and LICENSEE shall use their best endeavours to closely cooperate in order to have finally a satisfactory common project.

 

4.2.4Any proposal submitted to LICENSOR for approval and not disapproved within [—————]13after LICENSOR having received such proposal shall be deemed to have been approved.

 

4.3LICENSEE shall be responsible for ensuring that the PRODUCTS, the BOTTLES, the FORMULAE and the PRESENTATION comply with the agreed designs, models and prototypes and with all relevant laws, regulations, specifications and standards in force with respect thereto and with all LICENSOR’S reasonable instructions relating to the PRODUCTS, in particular, their quality and presentation. LICENSEE will withdraw from the course of manufacture and/or storage and not place upon the market any goods found not in accordance with the QUALITY CRITERIA, whether fully or partly manufactured.

LICENSEE agrees and undertakes to maintain the quality of the PRODUCTS existing at the date of signing of this AGREEMENT at minimum at their then current level .

 

4.4LICENSEE agrees to use commercially reasonable efforts to develop the sales of the PRODUCTS and to launch new PRODUCT lines at least in KEY MARKETS, as follows:

 

-March 2008 : launch of new fragrance for women
-September 2008 : launch of new fragrance for men
-Between [—————]14: launch of the 2nd new fragrance for women
-[—————]15: animate and support of all PRODUCT lines

 

 

13 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:13. 

14 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:14.

15 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:15.

 

- 12 -
 

 

4.5LICENSOR agrees to use its best efforts to ensure that the reputation, image and the goodwill of the TRADEMARKS as represented in Annex A Part 1 and/or of the TRADENAME shall retain its present standing (as of signing of this AGREEMENT), particularly in connection with other products manufactured and/or distributed under the TRADEMARKS and/or the TRADENAME by LICENSOR, RELATED COMPANIES of LICENSOR or other licensees, sub-licensees and franchisees of LICENSOR.

 

4.6LICENSEE will permit LICENSOR or its authorised representative at all reasonable times to enter the LICENSEE’S premises where the PRODUCTS are made, stored, distributed or sold, for the purpose of inspection thereof. In order to enable LICENSOR to control the quality of the PRODUCTS, LICENSEE agrees to submit to LICENSOR after reasonable request random samples (up to 4 items per range of PRODUCTS) free of cost for inspection.

 

4.7If LICENSEE uses sub-manufacturers or sub-licensees, in accordance with the terms of this AGREEMENT for the manufacture of the PRODUCTS, LICENSEE shall remain liable for ensuring that the quality of the PRODUCTS remains in accordance with the QUALITY CRITERIA. LICENSEE shall permit or procure that the sub-manufacturer or sub-licensee shall permit the LICENSOR or its representative during normal business hours to enter any place of manufacture or storage occupied by or used by the sub-manufacturer or the sub-licensee for the purpose of inspection of the PRODUCTS and to ensure that the QUALITY CRITERIA are being adhered to. PROVISIONS for this purpose shall be incorporated into any sub-manufacturing contract or sub-license granted hereunder. LICENSEE undertakes to have executed by any of such sub-manufacturer and sub-licenses a declaration acknowledging LICENSOR’s intellectual property rights as provided by LICENSOR.

  

LICENSEE will use its best efforts to ensure that such suppliers which are branding any of the components of the PRODUCTS with any of the TRADEMARKS permit the LICENSOR or its representative either alone or together with LICENSEE or its representative within reasonable intervals and after reasonable notice during normal business hours to enter any place of manufacture or storage occupied or used by such suppliers for the purpose of inspection of the PRODUCTS and to ensure that the QUALITY CRITERIA are being adhered to.

 

- 13 -
 

 

4.8The Parties agree that it is essential that the Products be marked “Made in France”. For that purpose, LICENSEE undertakes that any and all Products shall be manufactured in such a manner as to permit such marking in accordance with country of origin markings and regulations and any other relevant regulation in force during the term of this AGREEMENT in the Territory.

 

4.9LICENSEE is informed that LICENSOR and the Richemont Group are engaged in respecting international treaties and guidlines in relation to, inter alia, protection of environment, labour conditions (no child labour) and testing of products (no tests on animals), and LICENSEE undertakes to carry out this AGREEMENT in full respect of aforesaid.

  

5.MARKETING AND LAUNCH PLANS, ADVERTISING, MARKETING AND SALES PROMOTION

 

5.1LICENSEE shall, on a [—————]16, and in each calendar year, communicate in writing to LICENSOR and follow such communication within [—————]17, or within such other period as the parties may agree, with a presentation for discussion purposes at LICENSOR’S premises, or at such other location as may be agreed, the following:

 

(a)its marketing plan for the following [—————]18period to include the information set out in Annex F hereto;

 

(b)[—————]19per calendar year, than its indicative Strategic Plan for the following [[—————]20, such Strategic Plan to include a market overview, LICENSEE’S strategy and marketing objectives, a marketing calendar and summary of planned advertising and promotional expenditure, brand positioning and pricing; and

 

(c)any new PRODUCT launch plans, if relevant, in accordance with Section 5.3 below.

 

 

16 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:16.  

17 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:17.

18 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:18.

19 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:19.

20 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:20.

  

- 14 -
 

  

5.2At the time LICENSEE presents its marketing plan in accordance with Section 5.1 (a) above, LICENSOR shall present its PRODUCT marketing plan for the following [—————]21.

 

5.3The launch plan for each new line of PRODUCTS shall be presented at the relevant marketing proposal presentation referred to in Section 5.1 above, or at a separate presentation if agreed by the parties.

 

5.4LICENSEE shall be responsible for producing and circulating all advertising and promotional materials in the TERRITORY at its costs. LICENSEE agrees to take LICENSOR’S image into consideration in its advertising and promotion for the PRODUCTS and to ensure that the advertising and promotion for the PRODUCTS will be in accordance with LICENSOR’S image and reputation and will not harm or diminish LICENSOR’S image and reputation and the goodwill LICENSOR has built up with its other products. LICENSEE further agrees to consult with LICENSOR with regard to advertising and sales promotion and to take LICENSOR’S advice into due consideration in order to develop advertising which is consistent with the image and reputation of LICENSOR.

 

5.5The parties agree that LICENSOR shall have approval rights with regard to the advertising and marketing for the PRODUCTS over

 

the “central” marketing materials

the “central” PR releases

the “central” advertising material

major public relation events

 

(“central” means the initial core materials that will be sent by LICENSEE to international markets for translation and adaptation to local markets. It is thereby understood, that there will be no “local” marketing, PR and advertising material other than the translated or to the local needs adapted “central” marketing, PR and advertising material).

 

 

 21 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:21.

 

- 15 -
 

 

If LICENSOR does not consent to any of LICENSEE’S proposals with regard to the advertising and marketing for the PRODUCTS, it shall give its reasons for such withholding and agrees to submit its ideas, input and advice with regard thereto to LICENSEE within [—————]22after having received such proposal. LICENSEE agrees to take LICENSOR’S comments, ideas, input and advice into consideration and amend or revise its proposal and/or implement LICENSOR’S suggestions and submit the revised proposal to LICENSOR for approval-it being understood that LICENSOR and LICENSEE shall use their best endeavours to closely cooperate in order to have finally a satisfactory common project.

 

5.6LICENSEE undertakes to spend jointly with its distributors in each calendar year a minimum percentage of its PROJECTED NET SALES on advertising and marketing of the PRODUCTS (hereinafter called “Advertising and Marketing Expenditure”) as follows:

 

- First Contractual Year (or part thereof) [—————]23
- Second and third Contractual Year [—————]24
- Fourth and any subsequent Contractual Year [—————]25

 

The term Advertising and Marketing Expenditure shall cover all expenditure for the activities listed in Annex D. Product development costs for new PRODUCTS actually launched (excluding line extensions which are not new PRODUCTS), and pre-launch costs, shall in the first year of their launch be included in the Advertising and Marketing Expenditure.

 

It is expressly agreed that LICENSEE undertakes to spend jointly with its distributors at least [—————]26of the Advertising and Marketing Expenditure on Media Advertising (point 1 of Annex D).

 

5.7The range of measures making up advertising and marketing activities for the purpose of this Section 5 shall be as defined in Annex D attached to this AGREEMENT.

 

 

22 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:22.

23 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:23.

24 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:24.

25 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:25.

26 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:26. 

 

- 16 -
 

 

5.8Subject to compliance with the provisions of this AGREEMENT, LICENSEE shall be free to decide whether and to what extent the advertising and marketing activities and methods specified in Annex D to this AGREEMENT are to be employed.

 

5.9Any information about LICENSOR as well as any pictures and photos of LICENSOR or LICENSOR’S OUTLETS shall be subject to LICENSOR’S prior written approval.

 

LICENSOR agrees to sell to LICENSEE a reasonable number of samples of other products of LICENSOR at wholesale price and provide LICENSEE with a reasonable number of photos, drawings, etc. of LICENSOR’S shops or products for LICENSEE’S use in advertising, promotion or any other way.

 

5.10In case LICENSOR and LICENSEE intend to arrange for public relation statements referring to their co-operation they will beforehand consult with each other and harmonise words, pictures and further details of the public relation actions and each shall confirm in writing to the other its approval of the final format of such statement prior to public release.

 

5.11LICENSOR undertakes to provide LICENSEE with information about and reasonable quantities of representative samples of advertising and promotional material used by LICENSOR.

 

5.12If requested by LICENSEE, LICENSOR agrees to inform LICENSEE about its actual marketing strategies and communication concepts by providing LICENSOR with relevant TECHNICAL INFORMATION. LICENSEE shall take these strategies into reasonable consideration for the development of the advertising and promotion for the PRODUCTS.

 

5.13If requested by either party, the parties shall consult with each other from time to time on advertising and promotion activities to be implemented jointly and/or together with other licensees, sub-licensees or franchisees of LICENSOR.

 

5.14LICENSEE shall make available to LICENSOR:

 

a quarterly report on the status of its expenditure for advertising, merchandising and promotions, including Advertising and Marketing Expenditure; and

 

regular evidence of expenditure in relation to advertising, merchandising and promotion for the PRODUCTS by providing representative samples of its advertising, public relation releases, etc.

 

- 17 -
 

 

5.15LICENSOR shall be free to use for LICENSOR’S OUTLETS LICENSEE’S advertising and marketing materials for the PRODUCTS, subject to the limitations of rights granted by third parties in relation to such advertising and marketing materials for the PRODUCTS. To this end, LICENSEE will supply to LICENSOR reasonable quantities of aforesaid material, upon request by LICENSOR at BEST WHOLESALE PRICE.

 

6.DISTRIBUTION

 

6.1LICENSEE agrees to distribute the PRODUCTS or have them distributed by its RELATED COMPANIES or third party distributors only through selected distribution channels (speciality department stores, qualified independent perfumeries, select perfumery chains and travel retail outlets) of high standing and compatible with the high quality and high luxury image of the TRADEMARKS. Upon request by LICENSOR, LICENSEE will provide LICENSOR with information about the names and addresses of its distributors and authorised outlets, and in particular with confirmation (respectively, information) in the case of individual outlets that they are (respectively, whether they are) supplied by LICENSEE or its authorised distributors.

 

6.2LICENSEE shall use its best efforts to ensure that such outlets conform with LICENSOR’S selective distribution criteria as set out in Annex E hereto. LICENSOR reserves the right for its representatives to visit all outlets supplied by LICENSEE or its authorised distributors in order to ensure that they do so conform and, in the event they do not and after being requested by LICENSOR, LICENSEE shall, subject to compliance with local laws, use its best efforts that such outlets will no longer be supplied with the PRODUCTS.

 

6.3LICENSEE agrees to use its best endeavours that all material of whatever nature relevant to the TRADENAME or the TRADEMARKS will be promptly removed from any outlet which ceases to sell the PRODUCTS.

 

6.4LICENSEE agrees not to distribute or sell the PRODUCTS though correspondence (including mail order / catalogue sales) without first obtaining LICENSOR’S written consent. LICENSEE further agrees that the marketing, distribution or sale of the PRODUCTS through any electronic means such as the Internet shall only be authorised for approved retailers provided they have a physical outlet fulfilling the criteria as set out in Section 6.2/Annex E , and provided that the use of the Internet is consistent with the high quality and high luxury image of the PRODUCTS and criteria as LICENSOR may reasonably communicate from time to time.

 

- 18 -
 

 

6.5LICENSOR shall be free, in its exclusive discretion, to market and sell the PRODUCTS through LICENSOR’S OUTLETS in the TERRITORY. It is agreed that LICENSOR, and any of its RELATED COMPANIES or franchisees, shall order the PRODUCTS from LICENSEE, and LICENSEE shall accept, or procure the acceptance of such orders, and shall deliver the PRODUCTS to LiCENSOR at BEST LOCAL WHOLESALE PRICE minus [—————]27. Royalties shall be paid in accordance with the provisions of Section 3 above on sales to LICENSOR, any of its RELATED COMPANIES or franchisees in accordance with this Section.

 

LICENSOR shall remain free in the TERRITORY to distribute the PRODUCTS in reasonable quantities for sales of personnel of the Richemont Group, for business gift purposes (free of charge), and/or for promotional purposes.

 

6.6LICENSEE shall use all commercially reasonable efforts to supply PRODUCTS to LICENSOR by such dates as LICENSOR shall reasonably notify to LICENSEE in order to meet LICENSOR’S time-table for preparation of brochures, promotional activities, etc.

 

7.TERM AND TERMINATION

 

7.1The initial term of this AGREEMENT shall commence on the COMMENCEMENT DATE and shall have a duration of twelve (12) Contractual Years, and thus expire on December 31, 2018 (Initial Term), unless renewed or sooner terminated as provided below.

The parties expressly agree and confirm that the effectiveness of this Agreement and its entry into force shall be subject to the license agreement between LICENSOR and YSL Beauté being terminated by mutual understanding between the parties thereto (with effect no later than September 30, 2006 the latest as per the COMMENCEMENT DATE of this Agreement) and that an agreement between LICENSOR, LICENSEE and YSL regarding the transition and the intellectual property rights relating to the then existing PRODUCTS has been duly executed no later than September 30, 2006. In case no agreement is reached with YSL Beauté for the termination of the licence agreement between such company and LICENSOR, and no agreement be reached by the parties on the termination (see Section 20) on the date of September 30, 2006, the latest, this AGREEMENT shall not become effective and shall be nul and void.

 

 

 27 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:27.

 

- 19 -
 

  

7.2Each party shall be entitled to renew the AGREEMENT for a further term of five (5) Contractual Years up to and including December 31, 2023, upon written notice to the other, such notice to be given on or before June 1, 2018, in the event the global net sales as reflected in LICENSEE’S books for the Contractual Year 11 (2017) were above [—————]28.

 

7.3The parties agree that they shall no later than 31 December 2017 ( end of CONTRACTUAL YEAR 11) consult together with a view to agreeing by June 1, 2018 the terms and conditions upon which they may further extend the AGREEMENT with effect from January 1, 2019.

 

7.4Each party shall be entitled to terminate the AGREEMENT upon written notice to the other party upon the occurrence of any of the following events:

 

7.4.1the other party shall default or fail to make when due any payment due hereunder, and such default or failure shall continue for a period of [—————]29after receipt of notice thereof from the other party;

 

7.4.2a material breach of any provision of this AGREEMENT which is not remedied within [—————]30of written notice thereof;

 

7.4.3liquidation, insolvency or bankruptcy, suspension of payments, heavy indebtedness or discontinuance of business of the other party;

 

7.4.4any of the circumstances referred to in Section 19 below persist for a period of at least [—————]31.

 

 

28 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:28.

29 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:39.

30 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:30.

31 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:31.

 

- 20 -
 

 

7.5Each party shall be entitled to terminate the AGREEMENT with [———-]32written notice in the event of the other party coming under the direct or indirect control (control means to control more than fifty per cent of the voting rights which enables this party to exercise effective control) of a direct competitor of the party becoming entitled to terminate. For the purpose of the AGREEMENT, competitor of LICENSOR or LICENSEE shall mean [——————————]33 and/or any company within one of the aforesaid group of companies from time to time. For the avoidance of doubt, in the event of termination pursuant to this Section, LICENSEE shall not be entitled to any sell-out period after the expiration of the [—————]34notice period. In the event that either party should give notice of termination in accordance with this Section 7.5, it is acknowledged that LICENSEE shall not be obliged to pay minimum royalties in accordance with Section 3.2 above from the date notice has been given.

 

This right of termination has to be executed by a party within [————]35 after that party having been informed about any of the aforementioned events.

 

7.6Any notice of termination must be given by means of a registered letter sent to the relevant party’s address in accordance with the provisions of Section 12 below.

 

7.7Upon the expiration or termination of the AGREEMENT:

 

7.7.1LICENSEE shall cease to manufacture the PRODUCTS, the BOTTLES and the PRESENTATION;

 

 

32 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:32.

33 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:33. 

34 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:34.

35 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:35.

 

- 21 -
 

 

7.7.2provided the termination has not been a result of default of LICENSEE or of notice having been given by either party under Sections 7.2 or 7.5 above, LICENSEE shall be entitled to sell off the existing stock of PRODUCTS for a period up to [—————]36following the date of termination and to use up the existing materials for the manufacture of the PRODUCTS and to sell off the so-produced PRODUCTS within the sell-off period. During the sell-off period LICENSEE shall continue to provide quarterly reports and pay royalties on NET SALES, but shall not be obliged to pay any minimum royalties. PRODUCTS will not be sold at a discount (other than ordinary discounts in the normal course of business) unless LICENSOR’S prior written approval has been obtained;

 

7.7.3LICENSEE shall either at the end of the sell-off period referred to in Section 7.5 above or, if there is no sell-off period, upon expiration or termination of the AGREEMENT, promptly supply to LICENSOR an inventory of the PRODUCTS, BOTTLES and PRESENTATION and all other materials relevant to manufacture, marketing and distribution of the PRODUCTS, including but not limited to bottles, folding-boxes or other containers then in stock, and an inventory of all relevant tooling. LICENSOR shall have the right to purchase the inventory at production cost or, in case of tooling, at its depreciated value (based on depreciation over five years in accordance with normal accounting principles) within [—————]37after receipt of the inventory; If not otherwise agreed between the parties, LICENSOR, if using its option, has to acquire any and all of the PRODUCTS, bottles, packaging, semi-finished PRODUCTS and materials, unless obsolete, damaged or otherwise unsaleable;

 

7.7.4LICENSEE will return all material relating to the PRODUCTS which is the property of LICENSOR promptly following termination or, if relevant, at the end of the sell-off period;

 

7.7.5all rights granted to LICENSEE to use the TRADEMARKS, the TRADENAME, the BOTTLES, the PRESENTATION and the FORMULAE shall cease.

 

 

36 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:36.

37 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:37.

 

- 22 -
 

 

7.8Stocks of PRODUCTS, BOTTLES and PRESENTATION which display the TRADEMARKS and any relevant tooling not purchased by LICENSOR and not disposed of during the sell-off period may be disposed of in such manner as shall be mutually agreed by the parties or, failing agreement shall be destroyed under the supervision of LICENSOR.

 

7.9Expiration or termination of this AGREEMENT for any reason shall not affect the rights and obligations of the parties accrued up to the date of expiration or termination, but the LICENSEE shall have no right to any compensation for the cessation of its rights on expiration or termination hereof in accordance with the terms of this AGREEMENT and LICENSEE shall hold the LICENSOR harmless from any such claims for compensation or damages which may be made by any distributors or agents or persons, firms or companies performing a similar function.

  

8.TRADEMARKS AND OTHER INTELLECTUAL PROPERTY RIGHTS

 

8.1LICENSOR guarantees and warrants that it is, respectively, will be, the owner of the TRADEMARKS set forth in Annex A Part 1 hereto and the TRADENAME for the PRODUCTS and to grant this exclusive license to use the TRADEMARKS set forth in Annex A Part 1 hereto and the TRADENAME for the PRODUCTS for the purpose of this AGREEMENT.

 

8.2Subject to this Section 8.and in general information with respect to the TRADEMARKS supplied to LICENSEE during the term of this AGREEMENT, LICENSOR undertakes to (i) defend LICENSEE against any and all claims by third parties based on the use by LICENSEE in accordance with this AGREEMENT of the TRADEMARKS and/or the TRADENAME and (ii) to indemnify, reimburse and hold LICENSEE harmless from any and all liability, damages, cost and expenses, including reasonable attorneys’ fees incurred by LICENSEE, arising from any such claims made by third parties against LICENSEE with respect to LICENSEE’S use of the TRADEMARKS and/or the TRADENAME in accordance with this AGREEMENT.

 

- 23 -
 

 

LICENSOR represents and warrants that attached hereto as Annex A Part 2 is a true and accurate list updated as of ________* which indicates with respect to each of the TRADEMARKS set forth in Part 1 of Annex A the existing and/or pending applications and/or registration for a specific country or territory. LICENSEE acknowledges that it has received a copy of such trademark list and that it is aware of the status of registration of the TRADEMARKS as it appears on such trademark list (Annex A Part 2).

 

 

*Left blank in original.

 

8.3LICENSEE acknowledges that LICENSOR and/or its RELATED COMPANIES are the exclusive owners of all rights, title and interests in the TRADEMARKS and/or the TRADENAME and any part thereof and any other element, whether or not capable of being registered as a trademark together with all rights in the designs, copyright, including sketches and technical drawings or other intellectual property or materials relating to the PRODUCTS, the PRESENTATION, the BOTTLES, the FORMULAE, whether produced by LICENSOR or by LICENSEE or by any sub-contractor or third party appointed by LICENSEE, and of all goodwill attached thereto and agrees not to attack these rights or to induce or support any such attacks. The parties agree that any rights in the TRADEMARKS and the TRADENAME arising from the use of the TRADEMARKS and/or the TRADENAME or any part thereof by LICENSEE shall inure solely to the benefit of LICENSOR and/or its RELATED COMPANIES. LICENSEE irrevocably agrees that any rights which it and/or any of its RELATED COMPANIES may acquire by virtue of this AGREEMENT in respect of the TRADEMARKS, the TRADENAME, the PRESENTATION, the BOTTLES and the FORMULAE shall vest in and promptly upon request be assigned for nominal consideration to the LICENSOR and/or its RELATED COMPANIES absolutely.

 

8.4The parties agree to inform each other about any and each substantial violation or infringement of the TRADEMARKS in relation to the PRODUCTS, the PRESENTATION, the BOTTLES and other trademarks to be used in conjunction with the TRADEMARKS and/or the TRADENAME by third parties which come to their knowledge.

 

- 24 -
 

8.5LICENSOR agrees to use its best endeavours to keep the registrations of the TRADEMARKS and other trademarks to be used in conjunction with the TRADEMARKS (in accordance with this AGREEMENT) in full force and effect for the term of this AGREEMENT and to keep LICENSEE informed on the legal status of the applications and registrations of the TRADEMARKS and the other trademarks to be used in conjunction with the TRADEMARKS in international class of goods 3. LICENSOR agrees to provide LICENSEE with a report in January of each year, including all applications and registrations of the TRADEMARKS relating to the PRODUCTS and the other trademarks to be used in conjunction with the TRADEMARKS and containing at least the application and/or registration number as well as the application and/or registration dates and the goods these applications and/or registrations have been applied or registered for.

 

With respect to PRODUCTS launched since the signing of this AGREEMENT LICENSEE agrees to carry all costs in relation to the registration and administrative procedures (including, but not limited to opposition procedures and alike) and undertakes to reimburse LICENSOR for such costs.

 

8.6LICENSOR shall at its reasonable business discretion defend the TRADEMARKS, the TRADENAME and the PRODUCTS as well as any other trademarks used in relation to the PRODUCTS in accordance with the terms of this AGREEMENT, at its own cost and in co-ordination with LICENSEE against any and all violations or infringements which, according to LICENSOR’S reasonable business discretion, may have a materially adverse impact on this AGREEMENT, especially against confusingly similar trademarks, trademark applications or use by third parties for any goods and/or services identical with or similar to the PRODUCTS. If requested by LICENSOR, LICENSEE undertakes to assist or support LICENSOR in its measures of defence within its ability.

 

8.7Any cost and expenses reasonably and properly incurred arising from a necessary or requested participation of LICENSEE in the measures of defence of the TRADEMARKS will be refunded by LICENSOR.

 

8.8If LICENSEE, in its reasonable business discretion, identifies a violation or infringement of the TRADEMARKS and/or the TRADENAME which in its reasonable opinion may have a materially adverse impact on this AGREEMENT, it shall promptly inform LICENSOR and LICENSOR agrees to enter into discussions with LICENSEE as to the best course of action to adopt to deal with such violation / infringement.

 

- 25 -
 

 

LICENSOR undertakes to take full account of LICENSEE’S recommendations but shall not be bound to institute legal proceedings in respect of such violation / infringement. LICENSEE acknowledges that it will not take any action on its own account to defend the TRADEMARKS and/or the TRADENAME.

 

8.9The parties agree, at the request of either party, to the registration of the AGREEMENT or of LICENSEE as “Registered User” or “licensee” of the TRADEMARKS for the PRODUCTS in those countries where this is mandatory under national law and LICENSOR agrees to take at its own cost and expenses all action necessary for the registration of the AGREEMENT or of LICENSEE as Registered User in those countries. LICENSOR further agrees to reimburse LICENSEE any costs and expenses reasonably and properly incurred by LICENSEE in connection with the registration of the AGREEMENT or of LICENSEE as “Registered User”.

 

8.10LICENSEE undertakes at the request of LICENSOR to sign any document necessary for the registration and/or maintenance of the validity of the TRADEMARKS including the recordal (and cancellation of such recordal upon termination) of this AGREEMENT and of LICENSEE as a Registered User or licensee. In addition, to the extend that LICENSOR should deem it advisable to protect the TRADEMARKS, LICENSEE agrees to provide a statement to the effect that LICENSEE is producing, selling and promoting the PRODUCTS under LICENSOR’S control, together with such other assistance (at LICENSOR’S cost) as LICENSOR reasonably deems necessary for this purpose.

 

8.11LICENSEE agrees that it shall not, at any time, directly or indirectly contest the validity of the registration of the TRADEMARKS or LICENSOR’S other intellectual property rights (including those in the PRESENTATION, the FORMULAE and the BOTTLES) to the extent that such rights relate to the subject matter of this AGREEMENT, or their ownership by LICENSOR, its RELATED COMPANIES, successors and/or assignees.

 

8.12LICENSEE agrees not to use the TRADEMARKS or LICENSOR’S other intellectual property rights in respect of the PRESENTATION, the FORMULAE and the BOTTLES in connection with the sale of any products other than the PRODUCTS, nor to use, other than under the terms of this AGREEMENT, the TRADEMARKS and/or the TRADENAME as a part of its trading name and shall not use in its business any other trade or service mark, other than under the terms of this AGREEMENT, so resembling the TRADEMARKS as to be likely to cause confusion.

 

- 26 -
 

 

8.13LICENSEE shall use the TRADEMARKS and all designs, sketches, models, prototypes/maquettes and other material directly related to the PRODUCTS as well as the PRESENTATION, the FORMULAE and the BOTTLES, solely in connection with the production, marketing, merchandising, distribution, advertising, promotion, and sale in the TERRITORY of the PRODUCTS and any OTHER PRODUCTS which LICENSOR has agreed may be sold or given away with the PRODUCTS.

 

8.14LICENSEE shall, upon LICENSOR’S reasonable request, mark all labels, cartons, price lists, promotional and advertising, merchandising and promotional material and other printed or duplicated material for or relating to the PRODUCTS with a notice in a form as is normal practice in the industry to the effect that the TRADEMARKS are registered trademarks and/or the property of LICENSOR.

 

8.15LICENSEE agrees to use the TRADEMARKS set forth in Annex A Part 1 only in the form as represented in ANNEX A Part 1 or as may be provided by LICENSOR from time to time on the PRODUCTS and for the advertising and promotion for the PRODUCTS. This obligation shall not apply where a TRADEMARK is used within continuous, flowing text (e. g. in press releases and descriptive texts) where it could be impracticable to use the TRADEMARKS in the form represented in ANNEX A Part 1, provided that such representation of the TRADEMARKS shall be as close to the form represented in ANNEX A Part 1 as is practicable in the circumstances.

 

8.16LICENSEE shall be responsible for identifying appropriate names for all new ranges of the PRODUCTS, together with, if appropriate, new BOTTLES and PRESENTATION for such new ranges and, to that end, LICENSEE agrees that:

 

(i)it shall use reasonable endeavours to ensure the availability of all proposed names, designs for new BOTTLES and PRESENTATION; and

 

(ii)it shall assist LICENSOR, at LICENSOR’S reasonable request and cost, in applying to register, registering or otherwise protecting in LICENSOR’S name any new names, BOTTLE design and/or PRESENTATION approved by LICENSOR in accordance with this AGREEMENT.

 

(iii)LICENSOR shall have the right to file, to register and/or to use the name with respect to any other category of products it (and/or its RELATED COMPANIES) presently markets and distributes under the TRADENAME.

 

- 27 -
 

 

9.EXCLUSIVITY

 

9.1LICENSOR agrees, during the term of this AGREEMENT:

 

9.1.1not to manufacture, advertise or promote, distribute or in any other way market products, which are identical to the PRODUCTS except as may be permitted in this AGREEMENT;

 

9.1.2not to consent to the use of the TRADEMARKS and/or the TRADENAME in connection with the manufacture, distribution, marketing and/or advertising of products which are identical to the PRODUCTS, alone or in conjunction with any additions.

 

10.PRODUCT LIABILITY

 

10.1LICENSEE shall manufacture or have manufactured the PRODUCTS at its own responsibility and shall enter into or maintain a sufficient product liability insurance, such insurance to cover the costs of undertaking a product recall.

 

10.2LICENSEE agrees that the manufacture, marketing and distribution of the PRODUCTS, and any OTHER PRODUCTS (Section 2.7 above) distributed or sold with the PRODUCTS will be in compliance with all applicable health and safety laws or regulations and with any relevant national and international cosmetic labelling, packaging, recycling or other relevant regulations in the countries of manufacture and distribution.

 

10.3LICENSEE further agrees that it will organise and effect, at its own expense, all registrations as are necessary for compliance with local product registration and health or similar registration requirements. LICENSOR agrees to assist LICENSEE with regard to such registrations within its best abilities. LICENSEE agrees to reimburse LICENSOR any costs and expenses reasonably and properly incurred by LICENSOR in connection with such registrations.

 

- 28 -
 

 

10.4LICENSEE agrees to defend, indemnify and hold LICENSOR harmless from and against any and all liability, damages, reasonable legal fees, reasonable cost and expenses incurred by LICENSOR in connection with any claims or legal actions made by third parties against LICENSOR arising out of a breach of the provisions of Section 10.2 and/or 10.3 above, or arising out of the use of the TRADENAME by LICENSEE in accordance with Sections 2.2 to 2.6 above or arising out of any damage or injury caused by any OTHER PRODUCT (Section 2.7 above) sold with the PRODUCTS, the infringement of the intellectual property rights or other similar rights of any third party or any applicable national or international laws or regulations or any other acts or omissions of LICENSEE or any of its agents, employees or sub-contractors in connection with the performance of its obligations hereunder. This indemnity shall not extend to claims for compensation against LICENSOR which are due to LICENSOR’S own action or failure to act.

 

11.CONFIDENTIALITY

 

11.1The parties agree to keep confidential and secret the provisions of this AGREEMENT and all non-public information and knowledge each party may acquire about the other including, without limitation, information concerning the marketing of their products, even if such information and knowledge have not expressly been referred to as secret or confidential. Such information and knowledge may only be used for the purpose of this AGREEMENT.

 

11.2Notwithstanding anything to the contrary, the information and knowledge as identified hereinabove shall not be deemed confidential if:

 

11.2.1at the time of disclosure such information is in the public domain;

 

11.2.2after disclosure such information becomes a part of the public domain, except by breach of this AGREEMENT;

 

11.2.3such information must be disclosed as required by applicable law; or

 

11.2.4such information is known to the other party at the time of disclosure.

  

- 29 -
 

 

11.3The confidentiality provision will remain in force after the termination of the AGREEMENT, and upon termination, the parties agree to return to each other, or to destroy, as the other may request, all materials containing confidential and non-public information and knowledge.

 

11.4The parties agree to impose this obligation of confidentiality upon all persons acting on their behalf, including but not limited to their employees, agents, consultants, sub-contractors, sub-licensees, managers and representatives.

 

11.5Notwithstanding anything to the contrary contained in this AGREEMENT,

 

LICENSOR acknowledges that LICENSEE, has its ordinary shares traded on Euronext, and is subject to various reporting obligations as a public company. LICENSOR further a acknowledges that Inter Parfums, Inc., the parent company of LICENSEE (the “PARENT COMPANY”), is a publicly held company with its Common Stock traded on The Nasdaq Stock Market, National Market System and is subject to reporting requirements of the United States federal securities laws. Nothing in the AGREEMENT shall prohibit the disclosure as may be required of either PARENT COMPANY or LICENSEE under such securities laws. LICENSEE agrees to discuss in advance with LICENSOR any such public disclosure that may be required by of either PARENT COMPANY or LICENSEE.

 

LICENSOR acknowledges that, upon satisfaction of the condition precedent to set forth in Section 7.1 of this AGREEMENT, PARENT COMPANY is required by the United States securities laws to file

 

(a)      a description of this AGREEMENT with the United States Securities and Exchange Commission within four (4) business days of the satisfaction of such condition; accordingly, PARENT COMPANY shall provide LICENSOR the opportunity to review and comment on that description at least two (2) business days prior to filing; and

 

(b)      a copy of this AGREEMENT with the United States Securities and Exchange Commission with the next periodic report due to be filed.

 

In connection with the filing of this AGREEMENT with the United States Securities and Exchange Commission, PARENT COMPANY shall seek confidential treatment of financial and commercial terms to the extent permitted by the applicable securities laws. At least five (5) days prior to filing this AGREEMENT, PARENT COMPANY shall deliver to LICENSOR a copy of the filing that it plans to submit to the Securities and Exchange Commission, together with any requests for confidential treatment, for LICENSOR’s review.

 

- 30 -
 

 

PARENT COMPANY shall provide LICENSOR with a copy of the final filing within two (2) business days after filing. If the United States Securities and Exchange Commission indicates it may not grant confidential treatment as requested in the filing, PARENT COMPANY shall promptly notify LICENSOR and shall consult with LICENSOR through the process of obtaining whatever confidential treatment is available. PARENT COMPANY shall notify LICENSOR promptly upon notification to PARENT COMPANY that anyone has sought under the Freedom of Information Act to obtain Confidential Information or the provisions of this AGREEMENT redacted in the confidential treatment filing with the Securities and Exchange Commission and shall cooperate with LICENSOR in any effort by LICENSOR to contest the disclosure.

 

- 31 -
 

 

12.NOTICES

 

12.1All reports, communications, requests, approvals and notices required or permitted by this AGREEMENT to be given to a party shall be in writing and shall be deemed to be duly given when sent by certified or registered mail, return receipt requested, addressed to the party concerned or by facsimile where the sender is able to demonstrate successful transmission by producing a properly addressed fax transmission report, as follows:

 

To LICENSOR:

Van Cleef & Arpels Logistics

8, route de Chandolan

CH-1752 VILLARS-SUR-GLANE (Suisse)

Attn: M. Jörg SCHAUFELBERGER

 

To LICENSEE:

Inter-Parfums

4 rond-point des Champs Elysées

75008 PARIS

Attn: M. Philippe BENACIN

 

or any other address a party may communicate to the other party in writing.

 

13.ASSIGNMENT

 

13.1Except as otherwise provided for in accordance with the terms of this AGREEMENT, neither party shall be entitled to assign its rights or obligations hereunder without the prior written consent of the other. Notwithstanding the foregoing, LICENSOR may assign this Agreement and/or any right and obligation hereunder to any (current and/or future) entity within the Richemont Group without LICENSEE’s prior consent.

 

13.2LICENSEE shall have the right to assign the rights under the AGREEMENT to any RELATED COMPANY without LICENSOR’S consent. LICENSEE further will be entitled to grant sub-licenses to RELATED COMPANIES.

 

13.3Any such assignment or sub-license under Section 13.1 or 13.2 does in no way affect any of the assignor’s obligations under the AGREEMENT. The assignor agrees to remain liable for and guaranty the full performance of this AGREEMENT by the assignee.

 

- 32 -
 

 

14.ENTIRE AGREEMENT, MODIFICATION AND CONCILIATION OF DISPUTES

 

14.1This AGREEMENT and its Annexes contain a complete statement of all arrangements between the parties with respect to the subject matter and supersede all existing arrangements between them concerning this subject matter.

 

14.2Modifications and/or supplements to this AGREEMENT are only valid if made in writing. This shall also apply to the modification or cancellation of this in-writing cause.

 

14.3CONCILIATION OF DISPUTES

 

In the event of a disagreement between LICENSOR and LICENSEE as to the validity, construction, performance, or rescission of any provision hereof, the parties agree to follow the following conciliation procedure before filing any litigation:

 

-First, a meeting between operational managers shall be called by the promptest party to resolve the disagreement as quickly as possible after the disagreement arises. The purpose of this meeting shall be to find an out-of-court solution to the disagreement in question. Minutes of said meeting shall be drawn up.

 

-Second, if the meeting between operational managers does not result in an out-of-court solution, the chief executive officers of each of the parties shall meet and strive to resolve said disagreement amicably. Said meeting must be held in a timely manner and no later than [—————] 38 as of the meeting between operational managers.

 

Should for a further period of [—————] 39 a dispute subsist as to the validity, construction, performance, and/or rescission hereof in spite of the conciliation procedure or should one of the parties refuse to follow the aforementioned procedure promptly, carefully and in good faith, the said dispute shall be subject to the arbitration procedure as set out below in article 15.

 

 

38 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:38.

 

39 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:39.

 

 

- 33 -
 

 

15.APPLICABLE LAW, JURISDICTION

 

15.1The parties agree that this Agreement shall exclusively be governed by and interpreted in accordance with Swiss law, to the exclusion of the United Nations Convention on Contracts for the International Sale of Goods (CISG).

 

15.2Any dispute, controversy or claim arising out of or in relation to this Agreement, including the validity, invalidity, breach or termination thereof, shall be resolved by arbitration in accordance with the Swiss Rules of International Arbitration of the Swiss Chambers of Commerce (“the Rules”) in force on the date when the notice of arbitration is submitted in accordance with these Rules.

 

The arbitration will take place in Geneva, Switzerland and the language of the procedure shall be English. The arbitral tribunal will be composed of one (1) or three (3) arbitrator who will be designated in accordance with the Rules.

 

The expenses and fees of arbitration shall be determined in accordance with the Rules.

 

The arbitration award shall be appealable before any competent court.

 

The arbitration award may be enforced by action before any court of competent jurisdiction.

 

16.REMEDIES, NO WAIVER

 

The specific remedies to which either party may resort under the terms hereof are cumulative and are not intended to be exclusive of the remedies to which either party is entitled. No waiver by either party, whether express or implied, of any provision of this AGREEMENT or any breach or default of any one or more instances, nor any delay by either party in exercising its rights hereunder, except as provided for in this AGREEMENT, shall constitute or be deemed a continuing waiver of such provision or of any other provision of this AGREEMENT.

 

- 34 -
 

 

17.SEVERABILITY

 

The provisions of this AGREEMENT are independent of and severable from each other and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other provision or provisions may be in whole or in part invalid or unenforceable. The parties hereby agree to substitute any invalid provision by another valid provision in such a way that the purpose of the invalid provision is reached as far as possible. The same shall apply accordingly in case of an omission or an indefinite provision.

 

18.SECTION HEADINGS

 

Section headings as used herein are for identification purposes only, and shall not affect the meaning or construction of this AGREEMENT.

 

19.FORCE MAJEURE

 

The parties hereto shall not be responsible for any loss, damage, consequential or otherwise, detention or delay caused by fire, law, regulation, civil or military authority, insurrection or riot, national labour strike or wartime embargoes, tempest, act of God, shortages or by any other cause whatsoever, which is unavoidable or beyond the relevant party’s reasonable control; provided however, that any such force majeure shall not release LICENSEE from its obligations to make payment of amounts due and owing to LICENSOR in accordance with the terms of this AGREEMENT. It is agreed that LICENSEE’S obligations to make payments of amounts due and owing up to, and during, an event of such force majeure shall not apply during the continuance of that force majeure in the event that the force majeure itself renders LICENSEE unable to make such payments. In such circumstances, LICENSEE undertakes to make payment of amounts owing to and accrued to LICENSOR before and during such force majeure, promptly upon its cessation.

 

- 35 -
 

 

20.TRANSITION

 

The parties will separately agree (the Section 7.1 above, no later than as per September 30, 2006) on the terms and conditions of the transition following the termination of the licence agreement between YSL Beauté and LICENSOR (in particular, then current stock of PRODUCT, after sales service for the PRODUCTS sold under aforesaid agreement).

 

IN WITNESS whereof the parties have executed this AGREEMENT

 

For and on behalf of   For and on behalf of
LICENSOR   LICENSEE
     
Paris 19 June 2006   Paris 19 June 2006
place and date   place and date
     
/s/ Stanislas de QUERCIZE   /s/ Philippe BENACIN
Name: Stanislas de QUERCIZE   Name: Philippe BENACIN
Title: President   Title: President
     
/s/ Jörg SCHAUFELBERGER    
Name: Jörg SCHAUFELBERGER    
Title: General Manager    

 

- 36 -
 

 

ANNEX A

 

THE TRADEMARKS

PART 1

 

(Clause 1.4)

 

The trademarks

-Van Cleef & Arpels
-First de Van Cleef & Arpels
-Tsar de Van Cleef & Arpels
-First
-Tsar

as represented and set forth on the attached.

 

For and on behalf of   For and on behalf of
LICENSOR   LICENSEE
     
     
Name: Stanislas de QUERCIZE   Name: Philippe BENACIN
Title: President   Title: President
     
     
Name: Jörg SCHAUFELBERGER    
Title: General Manager    

 

- 37 -
 

 

ANNEX A

 

THE TRADEMARKS

PART 2

 

trademark list

 

(Clause 1.4)

 

A list as at the date of ____________________ of all current registrations and pending applications for registrations of the TRADEMARKS pursuant to Part 1 above in the TERRITORY is attached.

 

For and on behalf of   For and on behalf of
LICENSOR   LICENSEE
     
     
Name: Stanislas de QUERCIZE   Name: Philippe BENACIN
Title: President   Title: President
     
     
Name: Jörg SCHAUFELBERGER    
Title: General Manager    

 

- 38 -
 

 

ANNEX B

 

QUALITY CRITERIA

 

(Clause 1.10)

 

The PRODUCTS (including the BOTTLES and the PRESENTATION) shall be manufactured to high standards of quality, utilising only high quality ingredients and materials, such that the standard of quality of the finished PRODUCTS and PRESENTATION is commensurate with that to be expected of luxury fragrance products of similar price and prestige to the PRODUCTS and in any event is of a standard no less than the standard of quality currently utilised for the EXISTING PRODUCTS.

 

For and on behalf of   For and on behalf of
LICENSOR   LICENSEE
     
     
Name: Stanislas de QUERCIZE   Name: Philippe BENACIN
Title: President   Title: President
     
     
Name: Jörg SCHAUFELBERGER    
Title: General Manager    

 

- 39 -
 

 

ANNEX C

 

FORM OF ROYALTY REPORT

 

(Clause 3.3)

 

At the end of each quarter LICENSEE will provide the following reports which have been approved by LICENSOR:

 

-Quarterly sales by zone, country and client (“Ventes trimestrielles par zone, pays et client”)

 

-Quarterly Statement allowing to isolate any sales being excluded from the NET SALES definition as per Clause 1.14

 

For and on behalf of   For and on behalf of
LICENSOR   LICENSEE
     
     
Name: Stanislas de QUERCIZE   Name: Philippe BENACIN
Title: President   Title: President
     
     
Name: Jörg SCHAUFELBERGER    
Title: General Manager    

 

- 40 -
 

 

ANNEX D

 

MARKETING ACTIVITIES

 

DEFINITION OF “ADVERTISING AND MARKETING”

 

(Clauses 5.6, 5.7 and 5.8)

 

1.Media Advertising

 

-Print or press
-Cinema
-Television

 

2.Co-operative Advertising

 

-Co-operative advertising (means advertising of the PRODUCTS by the LICENSEE in magazines and store catalogues produced by or on behalf of retailers as such DOUGLAS, MARIONNAUD, SAKS ….)

 

3.Display, Testers, Samples

 

-Show cards
-Windows and dummies
-Displays, testers, demonstration

 

4.Other Sell-Thru

 

-Direct mail
-Consumer meetings (including cost of independent beauty consultant incurred in respect of selling or presenting the PRODUCTS in shops)
-Stands in department stores
-Public relations (including trade shows…)

 

- 41 -
 

 

For and on behalf of   For and on behalf of
LICENSOR   LICENSEE
     
     
Name: Stanislas de QUERCIZE   Name: Philippe BENACIN
Title: President   Title: President
     
     
Name: Jörg SCHAUFELBERGER    
Title: General Manager    

 

- 42 -
 

 

ANNEX E

 

SELECTIVE DISTRIBUTION CRITERIA

 

(Clause 6.2)

 

Products may only be sold in outlets which

exude an aura of luxury and exclusivity

 

Such outlets must, at a minimum have:

 

-A solid reputation for selling luxury perfumes
-A reputation and image compatible with the high quality and reputation of the TRADEMARK Van Cleef & Arpels
-Clean, well maintained shop fittings
-Appropriate space devoted to luxury perfumes
-Staff knowledgeable about luxury fragrances.

 

Based on the above criteria at this time, according to the parties’ opinion, there exist the following number of selective distribution outlets (points of sale) in:

 

Germany [—————]
USA [—————]
France [—————]
Japan [—————]
Italy [—————]
UK [—————]
Spain [—————]40

 

 

40 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:40.

 

- 43 -
 

 

For and on behalf of   For and on behalf of
LICENSOR   LICENSEE
     
     
Name: Stanislas de QUERCIZE   Name: Philippe BENACIN
Title: President   Title: President
     
     
Name: Jörg SCHAUFELBERGER    
Title: General Manager    

 

- 44 -
 

ANNEX F

 

ANNUAL MARKETING PLAN

 

Information to be included in each Annual Marketing Plan

 

(Clause 5.1 (a))

(draft - list subject to modification & amendment by VCA)

 

[——————————————————————————————]41

 

 

41 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:41.

 

- 45 -
 

 

For and on behalf of   For and on behalf of
LICENSOR   LICENSEE
     
     
Name: Stanislas de QUERCIZE   Name: Philippe BENACIN
Title: President   Title: President
     
     
Name: Jörg SCHAUFELBERGER    
Title: General Manager    

 

- 46 -
 

 

ANNEX G

 

KEY MARKETS

 

(Clause 1.16)

(draft - list subject to amendment by VCA)

 

[——————————————————————————————]42

 

 

42 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:42.

 

 

- 47 -
 

 

For and on behalf of   For and on behalf of
LICENSOR   LICENSEE
     
     
Name: Stanislas de QUERCIZE   Name: Philippe BENACIN
Title: President   Title: President
     
     
Name: Jörg SCHAUFELBERGER    
Title: General Manager    

 

- 48 -

 

 EX-21 8 v303460_ex21.htm EXHIBIT 21

Exhibit 21

 

LIST OF SUBSIDIARIES

 

Name Jurisdiction
   
Inter Parfums Holdings, S.A. France
Interparfums SA France
Jean Philippe Fragrances, LLC New York
Inter Parfums USA, LLC New York
Nickel USA, Inc. Delaware
Inter Parfums Limited United Kingdom
Inter Parfums Gmbh Germany
Inter Parfums srl Italy
Inter España Parfums et Cosmetiques, SL Spain
Inter Parfums (Suisse) Sarl Switzerland
Interparfums Luxury Brands, Inc. Delaware
Interparfums Singapore Pte. Republic of Singapore

 

 

 

 EX-23.1 9 v303460_ex23-1.htm EXHIBIT 23.1

Exhibit 23.1

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-136988) under the Securities Act of 1933 of Inter Parfums, Inc. and subsidiaries of (i) our report dated March 12, 2012 on the consolidated financial statements and schedule of Inter Parfums, Inc. and subsidiaries for the years ended December 31, 2011 and December 31, 2010, and (ii) to our report dated March 12, 2012 on the effectiveness of the Inter Parfums, Inc. maintenance of internal controls over financial reporting as of December 31, 2011. Each report appears in the December 31, 2011 Annual Report on Form 10-K of Inter Parfums, Inc.

 

/s/ WeiserMazars LLP

 

WeiserMazars LLP

 

New York, New York

 

March 12, 2012

 

 

 

 EX-23.2 10 v303460_ex23-2.htm EXHIBIT 23.2

Exhibit 23.2

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-136988) under the Securities Act of 1933 of Inter Parfums, Inc. and subsidiaries of our report dated March 10, 2010 on the consolidated financial statements and schedule of Inter Parfums, Inc. and subsidiaries for the year ended December 31, 2009. Such report appears in the December 31, 2011 Annual Report on Form 10-K of Inter Parfums, Inc.

 

/s/Mazars LLP

Mazars LLP

 

New York, New York

 

March 8, 2011

 

 

 EX-31.1 11 v303460_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATIONS

 

I, Jean Madar, certify that:

 

1. I have reviewed this annual report on Form 10-K of Inter Parfums, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based upon such evaluation; and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

 

 
 

 

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: March 12, 2012

 

/s/ Jean Madar  
Jean Madar, Chief Executive Officer  

  

 

 EX-31.2 12 v303460_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

 

I, Russell Greenberg, certify that:

 

1. I have reviewed this annual report on Form 10-K of Inter Parfums, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based upon such evaluation; and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

 

 
 

 

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: March 12, 2012

 

/s/ Russell Greenberg  
Russell Greenberg  
Chief Financial Officer and  
Principal Accounting Officer  

 

 

 EX-32.1 13 v303460_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

 

CERTIFICATION

 

The undersigned hereby certifies, in accordance with 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in his capacity as an officer of Inter Parfums, Inc., that the Annual Report of Inter Parfums, Inc. on Form 10-K for the year ended December 31, 2011, fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in such report fairly presents, in all material respects, the financial condition and results of operation of Inter Parfums, Inc.

 

Date: March 12, 2012 By: /s/ Jean Madar  
    Jean Madar,  
    Chief Executive Officer  

 

A signed original of this written statement required by Section 906 has been provided to Inter Parfums, Inc. and will be retained by Inter Parfums, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

 EX-32.2 14 v303460_ex32-2.htm EXHIBIT 32.2

Exhibit 32.2

 

CERTIFICATION

 

The undersigned hereby certifies, in accordance with 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in his capacity as an officer of Inter Parfums, Inc., that the Annual Report of Inter Parfums, Inc. on Form 10-K for the year ended December 31, 2011, fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in such report fairly presents, in all material respects, the financial condition and results of operation of Inter Parfums, Inc.

 

Date: March 12, 2012 By: /s/ Russell Greenberg  
    Russell Greenberg,  
    Executive Vice President,  
    Chief Financial Officer and  
    Principal Accounting Officer  

 

A signed original of this written statement required by Section 906 has been provided to Inter Parfums, Inc. and will be retained by Inter Parfums, Inc. and furnished to the Securities and Exchange Commission or its staff upon request. 

 

 

 

 

 EX-101.INS 15 ipar-20111231.xml XBRL INSTANCE DOCUMENT 30554711 375824083 42404000 255509000 168025000 51308000 25515000 30168939 30000 9966379 -31319000 41950000 100467000 287413000 186611000 60667000 28022000 30171952 30000 10056966 -33043000 45126000 1917000 7230000 14757000 34151000 126331000 5039000 205453000 47413000 97593000 438105000 3688000 7905000 30000 109840000 64970000 30445881 1000000 309925000 3654000 37548000 0.001 48887000 6789000 1979000 438105000 5250000 234976000 49391000 0.001 11207000 11090000 100000000 10009492 4635000 52694000 299946000 111402000 205453000 64970000 14757000 30445881 30000 10009492 -34151000 48887000 1650000 7270000 7747000 34151000 185616000 228164000 52042000 175223000 516034000 3258000 2099000 31000 164077000 71676000 30541506 1000000 391346000 2763000 35856000 0.001 50883000 6068000 2443000 516034000 11826000 252674000 0.001 14525000 4480000 100000000 10009492 1404000 4258000 112726000 324350000 105750000 228164000 71676000 7747000 30541506 31000 10009492 -34151000 50883000 234168000 660000 7791000 -6301000 8302000 -20912000 175296000 982000 13085000 8767000 84640000 24874000 46348000 1978000 947000 0.74 3018000 1569000 -18900000 2626000 2647000 -3079000 173000 1716000 12408000 22367000 1547000 1677000 5106000 5690000 2213000 0.13 5526000 0.74 10963000 409464000 775000 44801000 33176000 3212000 2658000 187690000 16190000 58063000 30099998 3181000 2633000 5922000 -40628000 805000 3974000 861000 -9005000 631000 32000 30121077 -23457000 4841000 30158000 692000 3187000 1648000 1499000 -1394000 3974000 193000 22367000 1978000 2671000 32000 1716000 1499000 102000 7791000 6789000 141000 4423000 -108100 -132487 243600 108100 1569000 132487 631000 476000 -150000 -45000 510000 2711000 274010000 106000 9082000 4595000 -77279000 4720000 5915000 186401000 63510000 1652000 14944000 -17784000 37845000 13328000 53840000 -4436000 895000 0.87 -17627000 4595000 1601000 20804000 5326000 2116000 -4558000 157000 2048000 10865000 26593000 -2596000 5974000 9949000 0.26 6085000 0.88 9188000 460411000 22209000 56436000 18048000 112495000 -2132000 5326000 217574000 18165000 -62919000 30360602 -7542000 2297000 29110000 799000 6918000 362000 254000 74000 30481991 -15943000 -2127000 35675000 520000 4505000 3009000 -3127000 7901000 150000 26593000 2508000 -4436000 4087000 74000 2048000 52000 9082000 -13348000 83000 -102526 376455 1601000 102526 493000 -150000 2087000 1239000 597000 4012000 FY No IPAR INTER PARFUMS INC Yes false Accelerated Filer 2011 10-K 2011-12-31 0000822663 No --12-31 386774000 <div> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><font style="color: Black"><b>(12)</b></font></td> <td><font style="color: Black"><b>Equity</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black"><b><i>&#xA0;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black"><b><i>Share-Based Payments:</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The Company maintains a stock option program for key employees, executives and directors. The plans, all of which have been approved by shareholder vote, provide for the granting of both nonqualified and incentive options. Options granted under the plans typically have a six-year term and vest over a four to five-year period. The fair value of shares vested in 2011 and 2010 aggregated $0.6 million and $0.5 million, respectively. <font style="font-family: Times New Roman, Times, Serif">Compensation cost is recognized on a straight-line basis over the requisite service period for the entire award.</font> It is generally the Company&#x2019;s policy to issue new shares upon exercise of stock options.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The following table sets forth information with respect to nonvested options for 2011:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: justify"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center"><font style="color: Black">Number&#xA0;of&#xA0;Shares</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center"><font style="color: Black">Weighted&#xA0;Average&#xA0;Grant<br /> Date&#xA0;Fair&#xA0;Value</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 74%; text-align: left"><font style="color: Black">Nonvested options &#x2013; beginning of year</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">480,843</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">4.32</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="color: Black">Nonvested options granted</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">118,900</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">4.59</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">Nonvested options vested or forfeited</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(142,820</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">4.29</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">Nonvested options &#x2013; end of year</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">456,923</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">4.40</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">Share-based payment expenses decreased income before income taxes by $1.1 million in 2011 and $0.9 million in both 2010 and 2009, decreased net income attributable to Inter Parfums, Inc. by $0.60 million, $0.55 million and $0.54 million in 2011, 2010 and 2009, respectively, and reduced diluted earnings per share by $0.02 in 2011, 2010 and 2009.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The following table summarizes stock option activity and related information for the years ended December 31, 2011, 2010 and 2009 and does not include information relating to options of IPSA granted by IPSA, our majority-owned subsidiary:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td colspan="22" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Year&#xA0;ended&#xA0;December&#xA0;31,</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> <font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2011</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2010</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2009</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> <font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Options</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"> <font style="color: Black">Weighted<br /> Average<br /> exercise<br /> price</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Options</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"> <font style="color: Black">Weighted<br /> Average<br /> exercise<br /> price</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Options</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"> <font style="color: Black">Weighted<br /> Average<br /> exercise<br /> price</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 22%; text-align: left; text-indent: -0.1in; padding-left: 0.1in"> <font style="color: Black">Shares under option - beginning of year</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">807,620</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">12.78</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">920,825</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">11.32</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">1,138,375</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">11.23</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="color: Black">Options granted</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">118,900</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">15.66</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">120,200</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">18.64</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">100,550</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">11.90</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="color: Black">Options exercised</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">(95,625</font></td> <td style="text-align: left"><font style="color: Black">)</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">12.66</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">(226,455</font></td> <td style="text-align: left"><font style="color: Black">)</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">10.00</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">(243,600</font></td> <td style="text-align: left"><font style="color: Black">)</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">10.24</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">Options cancelled</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(7,620</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">14.37</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(6,950</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">11.27</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(74,500</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">14.20</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in"> <font style="color: Black">Shares under options - end of year</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">823,275</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">13.20</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">807,620</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">12.78</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">920,825</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">11.32</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">At December 31, 2011, options for 771,795 shares were available for future grant under the plans. The aggregate intrinsic value of options outstanding is $2.3 million as of December 31, 2011 and unrecognized compensation cost related to stock options outstanding on Inter Parfums, Inc. common stock aggregated $1.4 million, which will be recognized over the next five years. The amount of unrecognized compensation cost related to stock options outstanding of our majority-owned subsidiary, IPSA, was &#x20AC;0.7 million (approximately $0.9 million). Options under IPSA plans vest four years after grant.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The weighted average fair values of options granted by Inter Parfums, Inc. during 2011, 2010 and 2009 were $4.59, $5.59 and $4.40 per share, respectively, on the date of grant using the Black-Scholes option pricing model to calculate the fair value.&#xA0;The assumptions used in the Black-Scholes pricing model for the years ended December 31, 2011, 2010 and 2009 are set forth in the following table:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Year&#xA0;Ended&#xA0;December&#xA0;31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2011</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2010</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2009</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 61%; text-align: left"><font style="color: Black">Weighted-average expected stock-price volatility</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">40</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">%</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">39</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">%</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">49</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">%</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="color: Black">Weighted-average expected option life</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">4.5 years</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">4.5 years</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">4.5 years</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="color: Black">Weighted-average risk-free interest rate</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">0.9</font></td> <td style="text-align: left"><font style="color: Black">%</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">2.1</font></td> <td style="text-align: left"><font style="color: Black">%</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">2.6</font></td> <td style="text-align: left"><font style="color: Black">%</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="color: Black">Weighted-average dividend yield</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">1.7</font></td> <td style="text-align: left"><font style="color: Black">%</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">1.7</font></td> <td style="text-align: left"><font style="color: Black">%</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">2.0</font></td> <td style="text-align: left"><font style="color: Black">%</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">Expected volatility is estimated based on historic volatility of the Company&#x2019;s common stock. In 2011, the expected term of the option is estimated based on historic data. In 2010 and 2009, the Company used the simplified method as historic data regarding employee exercise behavior was incomplete. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant of the option and the dividend yield reflects the assumption that the dividend payout as authorized by the Board of Directors would increase as the earnings of the Company and its stock price continue to increase.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">Stock-based employee compensation determined under the fair value based method, net of related tax effects, includes compensation incurred by IPSA, our majority-owned subsidiary whose stock is publicly traded in France. No options were granted by IPSA in 2011. The weighted average fair values of the options granted by IPSA during 2010 and 2009 were &#x20AC;6.55 per share and &#x20AC;4.27 per share, respectively, on the date of grant using the Black-Scholes option pricing model.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;Cash proceeds, tax benefits and intrinsic value related to stock options exercised were as follows:&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Year&#xA0;Ended&#xA0;December&#xA0;31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2011</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2010</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2009</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 61%; text-align: left"><font style="color: Black">Cash proceeds from stock options exercised</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">1,210</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">771</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">956</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="color: Black">Tax benefits</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">&#x2014;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">520</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">692</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="color: Black">Intrinsic value of stock options exercised</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">720</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">1,195</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">407</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The following table summarizes additional stock option information as of December&#xA0;31, 2010:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">Options outstanding</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">Number</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">weighted average remaining</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">Options</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Exercise prices</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">outstanding</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">contractual life</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">exercisable</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> <font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 46%; text-align: center"><font style="color: Black">$ 6.15 &#x2013; $ 6.93</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 15%; text-align: right"><font style="color: Black">75,220</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 15%; text-align: center"><font style="color: Black">2.96 years</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 15%; text-align: right"><font style="color: Black">42,860</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"><font style="color: Black">$ 11.30 &#x2013; $ 11.41</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">154,650</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: center"><font style="color: Black">2.09 years</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">20,588</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: center"><font style="color: Black">$ 12.14 &#x2013; $ 12.64</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">194,380</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: center"><font style="color: Black">2.94 years</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">116,635</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"><font style="color: Black">$ 13.10 &#x2013; $ 13.45</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">164,775</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: center"><font style="color: Black">0.98 years</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">161,399</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: center"><font style="color: Black">$ 15.59 - $ 15.62</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">121,400</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: center"><font style="color: Black">5.91 years</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">1,200</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"><font style="color: Black">$17.94</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">3,500</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: center"><font style="color: Black">4.09 years</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#x2014;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: center"><font style="color: Black">$18.01</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">3,000</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: center"><font style="color: Black">1.41 years</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">2,400</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt"><font style="color: Black">$19.03</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">106,350</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: center"><font style="color: Black">5.00 years</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">21,270</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: center; padding-bottom: 2.5pt"><font style="color: Black">Totals</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">823,275</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: center"><font style="color: Black">3.09 Years</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">366,352</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">As of December 31, 2011, the weighted average exercise price of options exercisable was $12.45 and the weighted average remaining contractual life of options exercisable is 2.27 years. The aggregate intrinsic value of options exercisable at December 31, 2011 is $1.2 million.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The Chief Executive Officer and the President each exercised 75,000 outstanding stock options of the Company&#x2019;s common stock in both 2010 and 2009. The aggregate exercise prices of $1.5 million in both 2010 and 2009 were paid by them tendering to the Company in 2010 and 2009 an aggregate of 95,744 and 129,984 shares, respectively, of the Company&#x2019;s common stock, previously owned by them, valued at fair market value on the dates of exercise. All shares issued pursuant to these option exercises were issued from treasury stock of the Company. In addition, the Chief Executive Officer tendered in 2010 and 2009 an additional 6,782 and 2,503 shares, respectively, for payment of certain withholding taxes resulting from his option exercises.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black"><b><i>&#xA0;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black"><b><i>Treasury Stock</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">As of December 31, 2008, the Board of Directors of the Company authorized the repurchase of up to 1,031,863 shares of the Company&#x2019;s common stock. During 2009, the Company repurchased 108,100 shares of its common stock at an average price of $5.84 per common share.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black"><b><i>&#xA0;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black"><b><i>Dividends</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The quarterly dividend of $2.4 million ($0.08 per share) declared in December&#xA0;2011 was paid in January&#xA0;2012. Furthermore, in December 2011 the Board of Directors of the Company authorized the continuation of the annual dividend of $0.32 per share. The next quarterly dividend of $0.08 per share will be paid on April 16, 2012 to shareholders of record on March 30, 2012.</font></p> </div> <div> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><font style="color: Black"><b>(11)</b></font></td> <td><font style="color: Black"><b>Commitments</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black"><b><i>&#xA0;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black"><b><i>Leases</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The Company leases its office and warehouse facilities under operating leases which are subject to various step rent provisions, rent concessions and escalation clauses expiring at various dates through 2020. Escalation clauses are not material and have been excluded from minimum future annual rental payments. Rental expense, which is calculated on a straight-line basis, amounted to $12.7 million, $10.6 million and $9.9 million in 2011, 2010 and 2009, respectively. Minimum future annual rental payments are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" align="center" style="width: 60%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 77%; text-align: left"><font style="color: Black">2012</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 20%; text-align: right"><font style="color: Black">4,623</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="color: Black">2013</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">3,574</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="color: Black">2014</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">2,977</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="color: Black">2015</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">2,526</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="color: Black">2016</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">2,559</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><font style="color: Black">Thereafter</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">6,672</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">22,931</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: center"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black"><b><i>License Agreements</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The Company is party to a number of license and other agreements for the use of trademarks and rights in connection with the manufacture and sale of its products expiring at various dates through 2025. In connection with certain of these license agreements, the Company is subject to minimum annual advertising commitments, minimum annual royalties and other commitments as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" align="center" style="width: 60%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 77%; text-align: left"><font style="color: Black">2012</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 20%; text-align: right"><font style="color: Black">155,815</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="color: Black">2013</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">170,566</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="color: Black">2014</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">173,234</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="color: Black">2015</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">165,803</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="color: Black">2016</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">178,354</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><font style="color: Black">Thereafter</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">424,939</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">1,268,711</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: center"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="font-size: 10pt; color: Black">Future advertising commitments are estimated based on planned future sales for the license terms that were in effect at December 31, 2011, without consideration for potential renewal periods. The above figures do not reflect the fact that our distributors share our advertising obligations.</font> <font style="font-size: 10pt">Royalty expense included in selling, general, and administrative expenses, aggregated $51.3 million, $40.2 million and $35.5 million, in 2011, 2010 and 2009, respectively and represented 8.3%, 8.8% and 8.7% of net sales for the years ended December 31, 2011, 2010 and 2009.</font></p> </div> 10646000 750000 36737000 7994000 88915000 228446000 62111000 1105000 32716000 -9680000 <div> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><font style="color: Black"><b>(17)</b></font></td> <td><font style="color: Black"><b>Net Income Attributable to Inter Parfums, Inc. and Transfers from the Noncontrolling Interest</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="color: Black">&#xA0;</td> <td style="color: Black; font-weight: bold; padding-bottom: 1pt"> &#xA0;</td> <td colspan="10" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Year ended December 31,</td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold"> &#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="color: Black">&#xA0;</td> <td style="color: Black; font-weight: bold; padding-bottom: 1pt"> &#xA0;</td> <td colspan="2" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2011</td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold"> &#xA0;</td> <td style="color: Black; font-weight: bold; padding-bottom: 1pt"> &#xA0;</td> <td colspan="2" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2010</td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold"> &#xA0;</td> <td style="color: Black; font-weight: bold; padding-bottom: 1pt"> &#xA0;</td> <td colspan="2" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2009</td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold"> &#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="color: Black">&#xA0;</td> <td style="color: Black">&#xA0;</td> <td colspan="2" style="color: Black; text-align: center"> &#xA0;</td> <td style="color: Black">&#xA0;</td> <td style="color: Black">&#xA0;</td> <td colspan="2" style="color: Black; text-align: center"> &#xA0;</td> <td style="color: Black">&#xA0;</td> <td style="color: Black">&#xA0;</td> <td colspan="2" style="color: Black; text-align: center"> &#xA0;</td> <td style="color: Black">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 61%; color: Black; text-align: left">Net income attributable to Inter Parfums, Inc.</td> <td style="width: 1%; color: Black">&#xA0;</td> <td style="width: 1%; color: Black; text-align: left">$</td> <td style="width: 10%; color: Black; text-align: right">32,303</td> <td style="width: 1%; color: Black; text-align: left">&#xA0;</td> <td style="width: 1%; color: Black">&#xA0;</td> <td style="width: 1%; color: Black; text-align: left">$</td> <td style="width: 10%; color: Black; text-align: right">26,593</td> <td style="width: 1%; color: Black; text-align: left">&#xA0;</td> <td style="width: 1%; color: Black">&#xA0;</td> <td style="width: 1%; color: Black; text-align: left">$</td> <td style="width: 10%; color: Black; text-align: right">22,367</td> <td style="width: 1%; color: Black; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"> Increase (decrease) in Inter Parfums, Inc.'s additional paid-in capital for subsidiary share transactions</td> <td style="color: Black; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: right"> 209</td> <td style="padding-bottom: 1pt; color: Black; text-align: left"> &#xA0;</td> <td style="color: Black; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: right"> (848</td> <td style="padding-bottom: 1pt; color: Black; text-align: left"> )</td> <td style="color: Black; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: right"> (45</td> <td style="padding-bottom: 1pt; color: Black; text-align: left"> )</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="color: Black; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in"> Change from net income attributable to Inter Parfums, Inc. and transfers from noncontrolling interest</td> <td style="color: Black; padding-bottom: 2.5pt">&#xA0;</td> <td style="border-bottom: Black 2.5pt double; color: Black; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; color: Black; text-align: right"> 32,512</td> <td style="padding-bottom: 2.5pt; color: Black; text-align: left"> &#xA0;</td> <td style="color: Black; padding-bottom: 2.5pt">&#xA0;</td> <td style="border-bottom: Black 2.5pt double; color: Black; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; color: Black; text-align: right"> 25,745</td> <td style="padding-bottom: 2.5pt; color: Black; text-align: left"> &#xA0;</td> <td style="color: Black; padding-bottom: 2.5pt">&#xA0;</td> <td style="border-bottom: Black 2.5pt double; color: Black; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; color: Black; text-align: right"> 22,322</td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><font style="color: Black"><b>(14)</b></font></td> <td style="text-align: justify"><font style="color: Black"><b>Segments and Geographic Areas</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The Company <font style="font-family: Times New Roman, Times, Serif">manufactures and distributes one product line, fragrances and fragrance related products. The Company</font> manages its business in two segments, European based operations and United States based operations. The European assets are located, and operations are primarily conducted, in France. European operations primarily represent the sales of the prestige brand name fragrances and United States operations primarily represent the sale of specialty retail and mass market fragrances.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;Information on the Company&#x2019;s operations by segments is as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Year ended December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2011</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2010</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2009</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="color: Black">Net sales:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left; padding-left: 9pt"> <font style="color: Black">United States</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">62,976</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">55,535</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">47,810</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-left: 9pt"><font style="color: Black">Europe</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">552,415</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">404,876</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">361,662</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt"> <font style="color: Black">Eliminations of intercompany sales</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(171</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(8</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">615,220</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">460,411</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">409,464</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="color: Black">Net income attributable to Inter Parfums, Inc.:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">United States</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">2,108</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">769</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">(178</font></td> <td style="text-align: left"><font style="color: Black">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 9pt"><font style="color: Black">Europe</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">30,217</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">25,803</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">22,482</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Eliminations</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(22</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">21</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">63</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">32,303</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">26,593</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">22,367</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="color: Black">Depreciation and amortization expense:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">United States</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">507</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">582</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">1,116</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Europe</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">12,566</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">8,606</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">9,847</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">13,073</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">9,188</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">10,963</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="color: Black">Interest and dividend income:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">United States</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">10</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">2</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">&#x2014;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Europe</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">1,095</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">1,650</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">982</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">1,105</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">1,652</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">982</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="color: Black">Interest expense:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">United States</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">11</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">71</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">177</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Europe</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">2,186</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">2,045</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">2,470</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">2,197</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">2,116</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">2,647</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="color: Black">Income tax expense (benefit):</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">United States</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">1,405</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">596</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">148</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-left: 9pt"><font style="color: Black">Europe</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">23,053</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">17,554</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">15,996</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Eliminations</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(14</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">15</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">46</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">24,444</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">18,165</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">16,190</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2011</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2010</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2009</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="color: Black">Total assets:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left; padding-left: 9pt"> <font style="color: Black">United States</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">59,841</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">40,896</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">45,580</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-left: 9pt"><font style="color: Black">Europe</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">465,747</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">398,547</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">382,628</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt"> <font style="color: Black">Eliminations of investment in subsidiary</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(9,554</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(1,338</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(9,120</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">516,034</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">438,105</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">419,088</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="color: Black">Additions to long-lived assets:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">United States</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">572</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">305</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">190</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Europe</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">13,979</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">27,990</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">6,111</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">14,551</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">28,295</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">6,301</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="color: Black">Total long-lived assets:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">United States</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">5,400</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">5,335</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">5,612</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Europe</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">117,638</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">120,929</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">109,305</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">123,038</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">126,264</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">114,917</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="color: Black">Deferred tax assets:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">United States</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">1,505</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">1,580</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">1,399</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 9pt"><font style="color: Black">Europe</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">5,748</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">5,650</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">2,689</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Eliminations</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">17</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">7,270</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">7,230</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">4,088</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">United States export sales were approximately $24.9 million, $25.7 million and $14.0 million in 2011, 2010 and 2009, respectively. Consolidated net sales to customers by region are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Year ended December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2011</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2010</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2009</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 61%; text-align: left"><font style="color: Black">North America</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">150,000</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">91,200</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">96,800</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="color: Black">Europe</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">246,000</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">211,800</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">184,900</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="color: Black">Central and South America</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">61,000</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">41,900</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">29,300</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="color: Black">Middle East</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">57,000</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">45,500</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">42,300</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="color: Black">Asia</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">95,000</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">66,500</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">53,600</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><font style="color: Black">Other</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">6,200</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">3,500</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">2,600</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">615,200</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">460,400</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">409,500</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black">Consolidated net sales to customers in major countries are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Year Ended December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2011</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2010</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2009</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 61%; text-align: left"><font style="color: Black">United States</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">138,000</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">86,000</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">88,000</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="color: Black">United Kingdom</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">45,000</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">35,000</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">31,000</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="color: Black">France</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">48,000</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">37,000</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">37,000</font></td> </tr> </table> </div> <div> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.5in"><font style="COLOR: black"><b>(10)</b></font></td> <td><font style="COLOR: black"><b>Long-Term Debt</b></font></td> </tr> </table> <p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">Long-term debt consists of the following:</font></p> <table style="WIDTH: 92%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td><font style="COLOR: black">&#xA0;</font></td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><font style="COLOR: black">&#xA0;</font></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"><font style="COLOR: black">December 31,</font></td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><font style="COLOR: black">&#xA0;</font></td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td><font style="COLOR: black">&#xA0;</font></td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><font style="COLOR: black">&#xA0;</font></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"><font style="COLOR: black">2011</font></td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><font style="COLOR: black">&#xA0;</font></td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><font style="COLOR: black">&#xA0;</font></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"><font style="COLOR: black">2010</font></td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><font style="COLOR: black">&#xA0;</font></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in; WIDTH: 74%"> <font style="COLOR: black">18 million euro fixed rate facility at 4.1%, payable in 20 quarterly installments</font></td> <td style="WIDTH: 1%"><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: left; WIDTH: 1%"><font style="COLOR: black">$</font></td> <td style="TEXT-ALIGN: right; WIDTH: 10%"><font style="COLOR: black">&#x2014;</font></td> <td style="TEXT-ALIGN: left; WIDTH: 1%"><font style="COLOR: black">&#xA0;</font></td> <td style="WIDTH: 1%"><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: left; WIDTH: 1%"><font style="COLOR: black">$</font></td> <td style="TEXT-ALIGN: right; WIDTH: 10%"><font style="COLOR: black">5,211</font></td> <td style="TEXT-ALIGN: left; WIDTH: 1%"><font style="COLOR: black">&#xA0;</font></td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td><font style="COLOR: black">&#xA0;</font></td> <td><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: right"><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td> <td><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: right"><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"> <font style="COLOR: black">22 million euro variable rate facility at three month EURIBOR plus 0.40%, payable in 20 equal quarterly installments</font></td> <td><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: right"><font style="COLOR: black">4,339</font></td> <td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td> <td><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: right"><font style="COLOR: black">10,621</font></td> <td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"><font style="COLOR: black">Other</font></td> <td style="PADDING-BOTTOM: 1pt"><font style="COLOR: black">&#xA0;</font></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <font style="COLOR: black">&#xA0;</font></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <font style="COLOR: black">141</font></td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="COLOR: black">&#xA0;</font></td> <td style="PADDING-BOTTOM: 1pt"><font style="COLOR: black">&#xA0;</font></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <font style="COLOR: black">&#xA0;</font></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <font style="COLOR: black">297</font></td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="COLOR: black">&#xA0;</font></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td><font style="COLOR: black">&#xA0;</font></td> <td><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: right"><font style="COLOR: black">4,480</font></td> <td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td> <td><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: right"><font style="COLOR: black">16,129</font></td> <td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0.25in"> <font style="COLOR: black">Less current maturities</font></td> <td style="PADDING-BOTTOM: 1pt"><font style="COLOR: black">&#xA0;</font></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <font style="COLOR: black">&#xA0;</font></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <font style="COLOR: black">4,480</font></td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="COLOR: black">&#xA0;</font></td> <td style="PADDING-BOTTOM: 1pt"><font style="COLOR: black">&#xA0;</font></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <font style="COLOR: black">&#xA0;</font></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <font style="COLOR: black">11,090</font></td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="COLOR: black">&#xA0;</font></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td><font style="COLOR: black">&#xA0;</font></td> <td><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: right"><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td> <td><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: right"><font style="COLOR: black">&#xA0;</font></td> <td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 27pt"><font style="COLOR: black">Total</font></td> <td style="PADDING-BOTTOM: 2.5pt"><font style="COLOR: black">&#xA0;</font></td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <font style="COLOR: black">$</font></td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <font style="COLOR: black">&#x2014;</font></td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"><font style="COLOR: black">&#xA0;</font></td> <td style="PADDING-BOTTOM: 2.5pt"><font style="COLOR: black">&#xA0;</font></td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <font style="COLOR: black">$</font></td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <font style="COLOR: black">5,039</font></td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"><font style="COLOR: black">&#xA0;</font></td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">&#xA0;</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">In connection with the 22 million euro variable rate facility, the Company entered into a swap transaction effectively exchanging the variable interest rate to a fixed rate of 4.42%. This derivative instrument is recorded at fair value and changes in fair value which resulted in gains of $0.3 million in 2011 and $0.4 million in 2010 are reflected in interest expense on the consolidated statements of income.</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">&#xA0;</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">Some of the Company&#x2019;s long-term debt facilities require the maintenance of certain financial covenants including a debt to equity ratio of less than one and a debt to adjusted net income ratio of less than three. One facility contains cross default provisions by permitting acceleration of the debt if any affiliated company of the debtor defaults in any other debt facility, and the creditor of such other debt facility accelerates such debt and such affiliated debtor does not in good faith contest such default and acceleration. The Company is in compliance with all of the covenants and other restrictions of its debt agreements.</font></p> </div> <div> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.5in"><font style="COLOR: black"><b>(9)</b></font></td> <td><font style="COLOR: black"><b>Loans Payable &#x2013; Banks</b></font></td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">&#xA0;</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">Loans payable &#x2013; banks consist of the following:</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">&#xA0;</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The Company&#x2019;s foreign subsidiaries have available credit lines, including several bank overdraft facilities totaling approximately $25 million. These credit lines bear interest at EURIBOR plus 0.6%, 0.7% or 0.8% (EURIBOR was 1.024% at December&#xA0;31, 2011). Outstanding amounts totaled $11.8 million and $5.2 million at December&#xA0;31, 2011 and 2010, respectively.</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">&#xA0;</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The Company and its domestic subsidiaries have available a $15 million unsecured revolving line of credit due on demand, which bears interest at the prime rate minus 0.5% (the prime rate was 3.25% as of December 31, 2011). The line of credit which has a maturity date of March 31, 2012 is expected to be renewed on an annual basis. There were no borrowings outstanding pursuant to this line of credit as of December 31, 2011 and 2010.</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">&#xA0;</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The weighted average interest rate on short-term borrowings was 1.7% and 1.8% as of December&#xA0;31, 2011 and 2010, respectively.</font></p> </div> -23721000 25293000 <div> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><font style="color: Black"><b>(13)</b></font></td> <td style="text-align: justify"><font style="color: Black"><b>Net Income Attributable to Inter Parfums, Inc. Common Shareholders</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">Net income attributable to Inter Parfums, Inc. per common share (&#x201C;basic EPS&#x201D;) is computed by dividing net income attributable to Inter Parfums, Inc. by the weighted-average number of shares outstanding.&#xA0;Net income attributable to Inter Parfums, Inc. per share assuming dilution (&#x201C;diluted EPS&#x201D;), is computed using the weighted average number of shares outstanding, plus the incremental shares outstanding assuming the exercise of dilutive stock options and warrants using the treasury stock method. The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Year ended December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2011</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2010</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2009</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="color: Black">Numerator:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left; padding-left: 9pt"> <font style="color: Black">Net income attributable to Inter Parfums, Inc.</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">32,303</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">26,593</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">22,367</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.24in; text-indent: -0.12in"> <font style="color: Black">Effect of dilutive securities of</font> <font style="color: Black">consolidated subsidiary</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(82</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(86</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(18</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 34.2pt"> <font style="color: Black">Numerator for diluted earnings per share</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">32,221</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">26,507</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">22,349</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="color: Black">Denominator:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-left: 9pt"><font style="color: Black">Weighted average shares</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">30,514,529</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">30,360,602</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">30,099,998</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">Effect of dilutive securities:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in"> <font style="color: Black">Stock options and warrants</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">163,296</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">121,389</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">21,079</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 34.2pt"> <font style="color: Black">Denominator for diluted earnings per share</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">30,677,825</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">30,481,991</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">30,121,077</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="color: Black">Earnings per share:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">Net income attributable to Inter Parfums, Inc.</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.25in"><font style="color: Black">common shareholders:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-left: 0.36in"><font style="color: Black">Basic</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">1.06</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">0.88</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">0.74</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.36in"><font style="color: Black">Diluted</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">1.05</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">0.87</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">0.74</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">Not included in the above computations is the effect of anti-dilutive potential common shares which consist of outstanding options to purchase 118,000, 154,000, and 889,000 shares of common stock for 2011, 2010, and 2009, respectively, and outstanding warrants to purchase 81,000 and 300,000 shares of common stock for 2010 and 2009, respectively.</font></p> </div> 67393000 -2659000 1060000 1.05 -9662000 750000 72664000 2756000 2197000 -1009000 18000 3149000 11673000 <div> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><font style="color: Black"><b>(16)</b></font></td> <td><font style="color: Black"><b>Accumulated Other Comprehensive Income</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"></td> <td><font style="color: Black">The components of accumulated other comprehensive income consists of the following:</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="color: Black">&#xA0;</td> <td style="color: Black; font-weight: bold; padding-bottom: 1pt"> &#xA0;</td> <td colspan="10" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Year ended December 31,</td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold"> &#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="color: Black">&#xA0;</td> <td style="color: Black; font-weight: bold; padding-bottom: 1pt"> &#xA0;</td> <td colspan="2" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2011</td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold"> &#xA0;</td> <td style="color: Black; font-weight: bold; padding-bottom: 1pt"> &#xA0;</td> <td colspan="2" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2010</td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold"> &#xA0;</td> <td style="color: Black; font-weight: bold; padding-bottom: 1pt"> &#xA0;</td> <td colspan="2" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2009</td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold"> &#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="color: Black">&#xA0;</td> <td style="color: Black">&#xA0;</td> <td colspan="2" style="color: Black; text-align: center"> &#xA0;</td> <td style="color: Black">&#xA0;</td> <td style="color: Black">&#xA0;</td> <td colspan="2" style="color: Black; text-align: center"> &#xA0;</td> <td style="color: Black">&#xA0;</td> <td style="color: Black">&#xA0;</td> <td colspan="2" style="color: Black; text-align: center"> &#xA0;</td> <td style="color: Black">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 61%; color: Black; text-align: left">Net derivative instruments, beginning of year</td> <td style="width: 1%; color: Black">&#xA0;</td> <td style="width: 1%; color: Black; text-align: left">$</td> <td style="width: 10%; color: Black; text-align: right">213</td> <td style="width: 1%; color: Black; text-align: left">&#xA0;</td> <td style="width: 1%; color: Black">&#xA0;</td> <td style="width: 1%; color: Black; text-align: left">$</td> <td style="width: 10%; color: Black; text-align: right">130</td> <td style="width: 1%; color: Black; text-align: left">&#xA0;</td> <td style="width: 1%; color: Black">&#xA0;</td> <td style="width: 1%; color: Black; text-align: left">$</td> <td style="width: 10%; color: Black; text-align: right">4,412</td> <td style="width: 1%; color: Black; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">Reclassification adjustment for gains included in net income</td> <td style="color: Black">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black; text-align: right">&#x2014;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black; text-align: right">&#x2014;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black; text-align: right">(4,423</td> <td style="color: Black; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="color: Black; text-align: left; padding-bottom: 1pt"> Gain on derivative instruments</td> <td style="color: Black; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: right"> 11</td> <td style="padding-bottom: 1pt; color: Black; text-align: left"> &#xA0;</td> <td style="color: Black; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: right"> 83</td> <td style="padding-bottom: 1pt; color: Black; text-align: left"> &#xA0;</td> <td style="color: Black; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: right"> 141</td> <td style="padding-bottom: 1pt; color: Black; text-align: left"> &#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left; padding-bottom: 1pt">Net derivative instruments, end of year</td> <td style="color: Black; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: right"> 224</td> <td style="padding-bottom: 1pt; color: Black; text-align: left"> &#xA0;</td> <td style="color: Black; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: right"> 213</td> <td style="padding-bottom: 1pt; color: Black; text-align: left"> &#xA0;</td> <td style="color: Black; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: right"> 130</td> <td style="padding-bottom: 1pt; color: Black; text-align: left"> &#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="color: Black">&#xA0;</td> <td style="color: Black">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black; text-align: right">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black; text-align: right">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black; text-align: right">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black">&#xA0;</td> <td style="color: Black">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black; text-align: right">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black; text-align: right">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black; text-align: right">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="color: Black; text-align: left">Cumulative translation adjustments, beginning of year</td> <td style="color: Black">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black; text-align: right">14,544</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black; text-align: right">27,892</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black; text-align: right">21,103</td> <td style="color: Black; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left; padding-bottom: 1pt"> Translation adjustments</td> <td style="color: Black; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: right"> (7,021</td> <td style="padding-bottom: 1pt; color: Black; text-align: left"> )</td> <td style="color: Black; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: right"> (13,348</td> <td style="padding-bottom: 1pt; color: Black; text-align: left"> )</td> <td style="color: Black; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: right"> 6,789</td> <td style="padding-bottom: 1pt; color: Black; text-align: left"> &#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="color: Black; text-align: left; padding-bottom: 1pt"> Cumulative translation adjustments, end of year</td> <td style="color: Black; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: right"> 7,523</td> <td style="padding-bottom: 1pt; color: Black; text-align: left"> &#xA0;</td> <td style="color: Black; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: right"> 14,544</td> <td style="padding-bottom: 1pt; color: Black; text-align: left"> &#xA0;</td> <td style="color: Black; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: right"> 27,892</td> <td style="padding-bottom: 1pt; color: Black; text-align: left"> &#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black">&#xA0;</td> <td style="color: Black">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black; text-align: right">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black; text-align: right">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> <td style="color: Black; text-align: right">&#xA0;</td> <td style="color: Black; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="color: Black; text-align: left; padding-bottom: 2.5pt"> Accumulated other comprehensive income</td> <td style="color: Black; padding-bottom: 2.5pt">&#xA0;</td> <td style="border-bottom: Black 2.5pt double; color: Black; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; color: Black; text-align: right"> 7,747</td> <td style="padding-bottom: 2.5pt; color: Black; text-align: left"> &#xA0;</td> <td style="color: Black; padding-bottom: 2.5pt">&#xA0;</td> <td style="border-bottom: Black 2.5pt double; color: Black; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; color: Black; text-align: right"> 14,757</td> <td style="padding-bottom: 2.5pt; color: Black; text-align: left"> &#xA0;</td> <td style="color: Black; padding-bottom: 2.5pt">&#xA0;</td> <td style="border-bottom: Black 2.5pt double; color: Black; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; color: Black; text-align: right"> 28,022</td> </tr> </table> </div> 32303000 454000 110000 837000 -7335000 12917000 837000 <div> <p style="TEXT-ALIGN: right; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black"><b>Schedule II</b></font></p> <p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black"><b>&#xA0;</b></font></p> <p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black"><b>INTER PARFUMS, INC. AND SUBSIDIARIES</b></font></p> <p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">&#xA0;</font></p> <p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">Valuation and Qualifying Accounts</font></p> <p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">&#xA0;</font></p> <p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">(In thousands)</font></p> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">&#xA0;</font></p> <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">Column A</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Column B</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">Column C</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Column D</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Column E</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="COLOR: black" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">Additions</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="COLOR: black" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">(1)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">(2)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="COLOR: black" nowrap="nowrap">&#xA0;</td> <td style="COLOR: black" nowrap="nowrap">&#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td> <td style="COLOR: black" nowrap="nowrap">&#xA0;</td> <td style="COLOR: black" nowrap="nowrap">&#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td> <td style="COLOR: black" nowrap="nowrap">&#xA0;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Charged to</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &#xA0;</td> <td style="COLOR: black" nowrap="nowrap">&#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td> <td style="COLOR: black" nowrap="nowrap">&#xA0;</td> <td style="COLOR: black" nowrap="nowrap">&#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td> <td style="COLOR: black" nowrap="nowrap">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="COLOR: black" nowrap="nowrap">&#xA0;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Balance at</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &#xA0;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Charged to</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &#xA0;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">other</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &#xA0;</td> <td style="COLOR: black" nowrap="nowrap">&#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td> <td style="COLOR: black" nowrap="nowrap">&#xA0;</td> <td style="COLOR: black" nowrap="nowrap">&#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td> <td style="COLOR: black" nowrap="nowrap">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="COLOR: black" nowrap="nowrap">&#xA0;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">beginning of</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &#xA0;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">costs and</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &#xA0;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">accounts &#x2013;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &#xA0;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Deductions &#x2013;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &#xA0;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &#xA0;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Balance at</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">Description</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">period</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">expenses</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">describe</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">describe</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">end of period</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Allowance for doubtful accounts:</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.25in; WIDTH: 35%; COLOR: black">Year ended December 31, 2011</td> <td style="WIDTH: 1%; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">4,367</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&#xA0;</td> <td style="WIDTH: 1%; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">2,838</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&#xA0;</td> <td style="WIDTH: 1%; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">(211</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black" nowrap="nowrap">)(d)</td> <td style="WIDTH: 1%; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">1,674</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black" nowrap="nowrap">(a)</td> <td style="WIDTH: 1%; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">5,320</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.25in; COLOR: black">Year ended December 31, 2010</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">$</td> <td style="TEXT-ALIGN: right; COLOR: black">2,096</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,147</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">(106</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"> )(d)</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">770</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(a)</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">4,367</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.25in; COLOR: black">Year ended December 31, 2009</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">$</td> <td style="TEXT-ALIGN: right; COLOR: black">1,185</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,295</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">57</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(d)</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">441</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(a)</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,096</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Sales return accrual:</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.25in; COLOR: black">Year ended December 31, 2011</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">$</td> <td style="TEXT-ALIGN: right; COLOR: black">1,560</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">4,129</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,517</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(b)</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">4,172</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.25in; COLOR: black">Year ended December 31, 2010</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">$</td> <td style="TEXT-ALIGN: right; COLOR: black">296</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,496</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">232</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(b)</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,560</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.25in; COLOR: black">Year ended December 31, 2009</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">$</td> <td style="TEXT-ALIGN: right; COLOR: black">118</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">385</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">207</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(b)</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">296</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Inventory Reserve:</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"> &#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.25in; COLOR: black">Year ended December 31, 2011</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">$</td> <td style="TEXT-ALIGN: right; COLOR: black">6,242</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,880</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">(272</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"> )(d)</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,390</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(c)</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">7,460</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.25in; COLOR: black">Year ended December 31, 2010</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">$</td> <td style="TEXT-ALIGN: right; COLOR: black">7,150</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,766</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">(405</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"> )(d)</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,269</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(c)</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">6,242</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.25in; COLOR: black">Year ended December 31, 2009</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">$</td> <td style="TEXT-ALIGN: right; COLOR: black">7,394</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,237</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">195</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(d)</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,676</td> <td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(c)</td> <td style="COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> <td style="TEXT-ALIGN: right; COLOR: black">7,150</td> <td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td> </tr> </table> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">&#xA0;</font></p> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.35in"><font style="COLOR: black">(a)</font></td> <td><font style="COLOR: black">Write-off of bad debts.</font></td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.35in"><font style="COLOR: black">(b)</font></td> <td><font style="COLOR: black">Write-off of sales returns.</font></td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.35in"><font style="COLOR: black">(c)</font></td> <td><font style="COLOR: black">Disposal of inventory</font></td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.35in"><font style="COLOR: black">(d)</font></td> <td><font style="COLOR: black">Foreign currency translation adjustment</font></td> </tr> </table> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">&#xA0;</font></p> <p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">See accompanying reports of independent registered public accounting firms</font></p> </div> 110000 0.32 9946000 <div> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><font style="color: Black"><b>(5)</b></font></td> <td><font style="color: Black"><b>Derivative Financial Instruments</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The Company enters into foreign currency forward exchange contracts to hedge exposure related to receivables denominated in a foreign currency. Before entering into a derivative transaction for hedging purposes, it is determined that a high degree of initial effectiveness exists between the change in value of the hedged item and the change in the value of the derivative instrument from movement in exchange rates. High effectiveness means that the change in the cash flows of the derivative instrument will effectively offset the change in the cash flows of the hedged item. The effectiveness of each hedged item is measured throughout the hedged period and is based on the dollar offset methodology and excludes the portion of the fair value of the foreign currency forward exchange contract attributable to the change in spot-forward difference which is reported in current period earnings. Any hedge ineffectiveness is also recognized as a gain or loss on foreign currency in the income statement. For hedge contracts that are no longer deemed highly effective, hedge accounting is discontinued and gains and losses accumulated in other comprehensive income are reclassified to earnings.&#xA0;If it is probable that the forecasted transaction will no longer occur, then any gains or losses accumulated in other comprehensive income are reclassified to current-period earnings.&#xA0;Cash-flow hedges were highly effective, in all material respects.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black">The following table presents gains and losses in derivatives designated as hedges and the location of those gains and losses in the financial statements (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black">&#xA0;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 92%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: top"> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td colspan="5" nowrap="nowrap" style="text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td colspan="5" nowrap="nowrap" style="text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">Location of Gain</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="6" nowrap="nowrap" style="text-align: center"> <font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: top"> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td colspan="5" nowrap="nowrap" style="text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td colspan="5" nowrap="nowrap" style="text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">(Loss)</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">Amount of Gain</font></td> </tr> <tr style="vertical-align: top"> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">Amount of Gain</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">Location of Gain</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">Amount of Gain</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">Recognized in</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">(Loss) Recognized</font></td> </tr> <tr style="vertical-align: top"> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">Derivatives in</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">(Loss) Recognized</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">(Loss) Reclassified</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">(Loss) Reclassified</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">Income on</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">in Income on</font></td> </tr> <tr style="vertical-align: top"> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">Cash Flow</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">in OCI on</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">from Accumulated</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">from Accumulated</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">Derivative</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">Derivative</font></td> </tr> <tr style="vertical-align: top"> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">Hedging</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">Derivative</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">OCI into Income</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">OCI into Income</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">(Effective</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">(Effective Portion)</font></td> </tr> <tr style="vertical-align: top"> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">Relationships</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">(Effective Portion)</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">(Effective Portion)</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">(Effective Portion)</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">Portion)</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">(A)</font></td> </tr> <tr style="vertical-align: top"> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td colspan="5" nowrap="nowrap" style="text-align: center"> <font style="color: Black">Year ended</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td colspan="5" nowrap="nowrap" style="text-align: center"> <font style="color: Black">Year ended</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td colspan="6" nowrap="nowrap" style="text-align: center"> <font style="color: Black">Year ended</font></td> </tr> <tr style="vertical-align: top"> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td colspan="5" nowrap="nowrap" style="text-align: center"> <font style="color: Black">December 31,</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td colspan="5" nowrap="nowrap" style="text-align: center"> <font style="color: Black">December 31,</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td colspan="6" nowrap="nowrap" style="text-align: center"> <font style="color: Black">December 31,</font></td> </tr> <tr style="vertical-align: top"> <td nowrap="nowrap" style="width: 19%; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="width: 1%; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="width: 1%; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="width: 5%; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2011</font></td> <td nowrap="nowrap" style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="width: 5%; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2010</font></td> <td nowrap="nowrap" style="width: 1%; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="width: 18%; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="width: 1%; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 5%"> <font style="color: Black">2011</font></td> <td nowrap="nowrap" style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 5%"> <font style="color: Black">2010</font></td> <td nowrap="nowrap" style="width: 1%; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="width: 18%; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="width: 1%; text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 5%"> <font style="color: Black">2011</font></td> <td nowrap="nowrap" style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 5%"> <font style="color: Black">2010</font></td> <td nowrap="nowrap" style="width: 1%; text-align: center"> <font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: top; background-color: rgb(204,255,204)"> <td nowrap="nowrap"><font style="color: Black">Foreign exchange</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">Gain (loss) on</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">Gain (loss) on</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: top; background-color: rgb(204,255,204)"> <td><font style="color: Black">contracts</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left; vertical-align: bottom"><font style="color: Black">$</font></td> <td style="text-align: right; vertical-align: bottom"><font style="color: Black">&#x2014;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: right; vertical-align: bottom"><font style="color: Black">&#x2014;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">foreign currency</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left; vertical-align: bottom"><font style="color: Black">$</font></td> <td style="text-align: right; vertical-align: bottom"><font style="color: Black">&#x2014;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: right; vertical-align: bottom"><font style="color: Black">&#x2014;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">foreign currency</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left; vertical-align: bottom"><font style="color: Black">$</font></td> <td style="text-align: right; vertical-align: bottom"><font style="color: Black">&#xA0;&#x2014;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: right; vertical-align: bottom"><font style="color: Black">(2,638</font></td> <td style="text-align: left; vertical-align: bottom"><font style="color: Black">)</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">(A) The amount of gain (loss) recognized in income represents the amount excluded from the assessment of hedge effectiveness.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The following table presents gains and losses in derivatives not designated as hedges and the location of those gains and losses in the financial statements (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 34%; font-weight: bold; text-align: center"> <font style="color: Black">Derivatives not</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 33%; text-align: center"><font style="color: Black"><b>Location of Gain (Loss)</b></font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 13%; text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 13%; text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: center"><font style="color: Black">Designated as Hedging</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: center"><font style="color: Black"><b>recognized in Income on</b></font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: center"><font style="color: Black">December 31,</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: center"><font style="color: Black">December 31,</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: center"> <font style="color: Black"><b>Instruments</b></font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: center"> <font style="color: Black"><b>Derivative</b></font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: center"> <font style="color: Black">2011</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: center"> <font style="color: Black">2010</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="color: Black">Interest rate swaps</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">Interest expense</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">272</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">362</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="color: Black">Foreign exchange contracts</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">Gain (loss) on foreign currency</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">(108</font></td> <td style="text-align: left"><font style="color: Black">)</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">$</font></td> <td style="text-align: right"><font style="color: Black">(86</font></td> <td style="text-align: left"><font style="color: Black">)</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">All derivative instruments are reported as either assets or liabilities on the balance sheet measured at fair value. The valuation of interest rate swaps resulted in a liability which is included in long-term debt on the accompanying balance sheets. The valuation of foreign currency forward exchange contracts not accounted for using hedge accounting in 2011 resulted in a liability and is included in accrued expenses and in 2010 such valuation resulted in an asset and is included in other current assets on the accompanying balance sheets. Generally, increases or decreases in the fair value of derivative instruments will be recognized as gains or losses in earnings in the period of change. If the derivative instrument is designated and qualifies as a cash flow hedge, the changes in fair value of the derivative instrument will be recorded as a separate component of shareholders&#x2019; equity.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">At December&#xA0;31, 2011, the Company had foreign currency contracts in the form of forward exchange contracts in the amount of approximately U.S. $67.3&#xA0;million and GB &#xA3;10.0&#xA0;million which all have maturities of less than one year.</font></p> </div> 1.06 13073000 615220000 <div> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><b>(8)</b></td> <td><b>Goodwill and Other Intangible Assets</b></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"> &#xA0;</p> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"></td> <td style="text-align: justify"><font style="font-size: 10pt">The following tables present our assets and liabilities that are measured at fair value on a nonrecurring basis, and are categorized using the fair value hierarchy.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td colspan="10" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Fair Value Measurements at December 31, 2011</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> <font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: right"> <font style="color: Black">Quoted Prices in</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: right"> <font style="color: Black">Significant Other</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: right"> <font style="color: Black">Significant</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: right"> <font style="color: Black">Active Markets for</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: right"> <font style="color: Black">Observable</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: right"> <font style="color: Black">Unobservable</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: right"> <font style="color: Black">Identical Assets</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: right"> <font style="color: Black">Inputs</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: right"> <font style="color: Black">Inputs</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> <font style="color: Black">Total</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> <font style="color: Black">(Level 1)</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> <font style="color: Black">(Level 2)</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> <font style="color: Black">(Level 3)</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="color: Black">Description</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 46%; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt"> <font style="color: Black">Trademark - Nickel</font></td> <td style="width: 1%; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">2,263</font></td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="width: 1%; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="width: 1%; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="width: 1%; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">2,263</font></td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> <font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-left: 9pt"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 9pt"><font style="color: Black">Goodwill</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">2,763</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">2,763</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: right"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Fair Value Measurements at December 31, 2010</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: right"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Quoted Prices in</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Significant Other</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Significant</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: right"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Active Markets for</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Observable</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Unobservable</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: right"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Identical Assets</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Inputs</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Inputs</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> <font style="color: Black">Total</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> <font style="color: Black">(Level 1)</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> <font style="color: Black">(Level 2)</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> <font style="color: Black">(Level 3)</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> <font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: right"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: right"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: right"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: right"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="color: Black">Description</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 46%; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt"> <font style="color: Black">Trademark - Nickel</font></td> <td style="width: 1%; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">2,337</font></td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="width: 1%; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="width: 1%; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="width: 1%; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">2,337</font></td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> <font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-left: 9pt"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 9pt"><font style="color: Black">Goodwill</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">3,654</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">3,654</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The goodwill and trademarks referred to above, relates to the Company&#x2019;s Nickel skin care business which is primarily a component of our European operations. The Company has determined that it may be inclined to sell the Nickel business within the next few years and therefore, the Company engages a third party valuation specialist to advise us and assist in a potential transaction. As a result, the Company has determined that as of December 31, 2011, the carrying amount of the goodwill exceeded fair value resulting in an impairment loss of $0.8 million. A similar evaluation is performed every year and in 2009, the Company recorded an impairment loss of $1.7 million. Accumulated impairment losses relating to goodwill aggregated $4.3 million as of December 31, 2011.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">To determine fair value of indefinite-lived intangible assets, the Company uses an income approach, including the relief-from-royalty method. This method assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to obtain the rights to use the comparable asset. The relief-from-royalty calculations require us to make a number of assumptions and estimates concerning future sales levels, market royalty rates, future tax rates and discount rates. The Company uses this method to determine if an impairment charge is required relating to our Nickel brand trademarks. In 2009, an impairment charge relating to the Nickel trademark in the amount of $0.54 million was recorded. No impairment charge was required in 2011 or 2010. The Company assumed a market royalty rate of 6% and a discount rate of 7.7%.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The fair values used in our evaluations are also estimated based upon discounted future cash flow projections using a weighted average cost of capital of 7.7%. The cash flow projections are based upon a number of assumptions, including, future sales levels and future cost of goods and operating expense levels, as well as economic conditions, changes to our business model or changes in consumer acceptance of our products which are more subjective in nature. The Company believes that the assumptions the Company has made in projecting future cash flows for the evaluations described above are reasonable and currently no impairment indicators exist for our indefinite-lived assets other than the Nickel trademarks referred to above. However, if future actual results do not meet our expectations, the Company may be required to record an impairment charge, the amount of which could be material to our results of operations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The cost of trademarks, licenses and other intangible assets with finite lives is being amortized by the straight-line method over the term of the respective license or the intangible assets estimated useful life which range from three to seventeen years. If the residual value of a finite life intangible asset exceeds its carrying value, then the asset is not amortized. The Company reviews intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">Activity relating to the goodwill is as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2011</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2010</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 74%; text-align: left"><font style="color: Black">Balance - beginning of year</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">3,654</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">3,927</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.12in"><font style="color: Black">Effect of changes in foreign currency translation rates</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">(54</font></td> <td style="text-align: left"><font style="color: Black">)</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">(273</font></td> <td style="text-align: left"><font style="color: Black">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.12in"> <font style="color: Black">Impairment loss</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(837</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">Balance - end of year</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">2,763</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">3,654</font></td> </tr> </table> </div> 4605000 66939000 33287000 10823000 1546000 <div> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><font style="color: Black"><b>(3)</b></font></td> <td><font style="color: Black"><b>Inventories</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2011</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2010</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 70%; text-align: left"><font style="color: Black">Raw materials and component parts</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 12%; text-align: right"><font style="color: Black">64,411</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 12%; text-align: right"><font style="color: Black">40,809</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">Finished goods</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">99,666</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">69,031</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">164,077</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">109,840</font></td> </tr> </table> </div> 2756000 318998000 24444000 -1692000 30514529 -911000 <div> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><font style="color: Black"><b>(4)</b></font></td> <td><font style="color: Black"><b>Fair Value of Financial Instruments</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td colspan="10" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Fair Value Measurements at December 31, 2011</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> <font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: right"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Quoted Prices in</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Significant Other</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Significant</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: right"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Active Markets for</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Observable</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Unobservable</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: right"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Identical Assets</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Inputs</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Inputs</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> <font style="color: Black">Total</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> <font style="color: Black">(Level 1)</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> <font style="color: Black">(Level 2)</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> <font style="color: Black">(Level 3)</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="color: Black">Assets:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 9pt"><font style="color: Black">Short-term investments</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="color: Black">Liabilities:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 48%; text-align: left; text-indent: -0.1in; padding-left: 16.2pt"> <font style="color: Black">Foreign currency forward exchange contracts not accounted for using hedge accounting</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">3,532</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">&#x2014;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">3,532</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">&#x2014;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt"> <font style="color: Black">Interest rate swaps</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">69</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">69</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">3,601</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">3,601</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: center"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="10" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Fair Value Measurements at December 31,2010</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: right"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Quoted Prices in</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Significant Other</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Significant</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: right"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Active Markets for</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Observable</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Unobservable</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: right"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Identical Assets</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Inputs</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Inputs</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> <font style="color: Black">Total</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> <font style="color: Black">(Level 1)</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> <font style="color: Black">(Level 2)</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> <font style="color: Black">&#xA0;</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> <font style="color: Black">(Level 3)</font></td> <td nowrap="nowrap" style="font-weight: bold; text-align: left"> <font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="color: Black">Assets:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 48%; padding-left: 0.12in"><font style="color: Black">Short-term investments</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">49,391</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">&#x2014;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">49,391</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">&#x2014;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; text-indent: -0.12in; padding-left: 0.24in; padding-bottom: 1pt"> <font style="color: Black">Foreign currency forward</font> <font style="color: Black">exchange contracts</font> <font style="color: Black">not accounted for using</font> <font style="color: Black">hedge accounting</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left; border-bottom: Black 1pt solid"> <font style="color: Black">&#xA0;</font></td> <td style="text-align: right; border-bottom: Black 1pt solid"> <font style="color: Black">1,024</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left; border-bottom: Black 1pt solid"> <font style="color: Black">&#xA0;</font></td> <td style="text-align: right; border-bottom: Black 1pt solid"> <font style="color: Black">&#x2014;</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left; border-bottom: Black 1pt solid"> <font style="color: Black">&#xA0;</font></td> <td style="text-align: right; border-bottom: Black 1pt solid"> <font style="color: Black">1,024</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left; border-bottom: Black 1pt solid"> <font style="color: Black">&#xA0;</font></td> <td style="text-align: right; border-bottom: Black 1pt solid"> <font style="color: Black">&#x2014;</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left; border-bottom: Black 2.5pt double"> <font style="color: Black">$</font></td> <td style="text-align: right; border-bottom: Black 2.5pt double"> <font style="color: Black">50,415</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left; border-bottom: Black 2.5pt double"> <font style="color: Black">$</font></td> <td style="text-align: right; border-bottom: Black 2.5pt double"> <font style="color: Black">&#x2014;</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left; border-bottom: Black 2.5pt double"> <font style="color: Black">$</font></td> <td style="text-align: right; border-bottom: Black 2.5pt double"> <font style="color: Black">50,415</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left; border-bottom: Black 2.5pt double"> <font style="color: Black">$</font></td> <td style="text-align: right; border-bottom: Black 2.5pt double"> <font style="color: Black">&#x2014;</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="color: Black">Liabilities:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-left: 0.12in; padding-bottom: 2.5pt"> <font style="color: Black">Interest rate swaps</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left; border-bottom: Black 2.5pt double"> <font style="color: Black">$</font></td> <td style="text-align: right; border-bottom: Black 2.5pt double"> <font style="color: Black">333</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left; border-bottom: Black 2.5pt double"> <font style="color: Black">$</font></td> <td style="text-align: right; border-bottom: Black 2.5pt double"> <font style="color: Black">&#x2014;</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left; border-bottom: Black 2.5pt double"> <font style="color: Black">$</font></td> <td style="text-align: right; border-bottom: Black 2.5pt double"> <font style="color: Black">333</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left; border-bottom: Black 2.5pt double"> <font style="color: Black">$</font></td> <td style="text-align: right; border-bottom: Black 2.5pt double"> <font style="color: Black">&#x2014;</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The carrying amount of cash and cash equivalents, short-term investments, accounts receivable, other receivables, accounts payable and accrued expenses approximates fair value due to the short terms to maturity of these instruments. The carrying amount of loans payable approximates fair value as the interest rates on the Company&#x2019;s indebtedness approximate current market rates. The fair value of the Company&#x2019;s long-term debt was estimated based on the current rates offered to companies for debts with the same remaining maturities and is approximately equal to its carrying value.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">Foreign currency forward exchange contracts are valued based on quotations from financial institutions and the value of interest rate swaps are the discounted net present value of the swaps using third party quotes obtained from financial institutions.</font></p> </div> <div> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><font style="color: Black"><b>(15)</b></font></td> <td><font style="color: Black"><b>Income Taxes</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The Company or its subsidiaries file income tax returns in the U.S. federal, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state, and local or non-U.S. income tax examinations by tax authorities for years before 2007. In 2010, the French Tax Authorities commenced an examination of the French subsidiary&#x2019;s income tax returns for 2006 through 2008. In October 2011, the Company agreed in principle with the French tax authority on the consequences of the audit, which covered income tax and non-income tax items. As a result, the Company increased income tax expense by $1.7 million and reduces its reserve for contingency related to non-income tax items recorded in 2010 by $1.3 million.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The Company follows the provisions of uncertain tax positions as addressed in FASB Accounting Standards Codification 740-10-65-1. The Company did not recognize any increase in the liability for unrecognized tax benefits and has no uncertain tax position at December 31, 2011. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties as a component of the provision for income taxes. No interest or penalties were recognized during the periods presented and there is no accrual for interest and penalties at December&#xA0;31, 2011.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The components of income before income taxes consist of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Year ended December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2011</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2010</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2009</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 61%; text-align: left"><font style="color: Black">U.S. operations</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">3,478</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">1,364</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">(30</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">Foreign operations</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">63,915</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">52,476</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">46,378</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">67,393</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">53,840</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">46,348</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The provision for current and deferred income tax expense (benefit) consists of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Year ended December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2011</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2010</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2009</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="color: Black">Current:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; padding-left: 9pt"><font style="color: Black">Federal</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">1,269</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">515</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">280</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">State and local</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">286</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">112</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">119</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Foreign</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">23,898</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">22,096</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">18,870</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">25,453</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">22,723</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">19,269</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="color: Black">Deferred:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-left: 9pt"><font style="color: Black">Federal</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">(170</font></td> <td style="text-align: left"><font style="color: Black">)</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">22</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">(260</font></td> <td style="text-align: left"><font style="color: Black">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">State and local</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">3</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">(53</font></td> <td style="text-align: left"><font style="color: Black">)</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">9</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Foreign</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(842</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(4,527</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(2,828</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(1,009</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(4,558</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(3,079</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in"> <font style="color: Black">Total income tax expense</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">24,444</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">18,165</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">16,190</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="6" style="font-weight: bold; text-align: center"> <font style="color: Black">December 31,</font></td> <td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2011</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2010</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="color: Black">Deferred tax assets:</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 74%; text-align: left; padding-left: 9pt"> <font style="color: Black">State net operating loss carry forwards</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">&#x2014;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">433</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">Foreign net operating loss carry forwards</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">629</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">1,725</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">Alternative minimum tax credit carry forwards</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">514</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">514</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">Inventory and accounts receivable</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">392</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">372</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">Profit sharing</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">1,806</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">1,575</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">Stock option compensation</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">682</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">610</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">Effect of inventory profit elimination</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">3,424</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">3,605</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Other</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">452</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">514</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.25in"><font style="color: Black">Total gross deferred tax assets</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">7,899</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">9,348</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in"> <font style="color: Black">Valuation allowance</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(629</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(2,118</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in"> <font style="color: Black">Net deferred tax assets</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">7,270</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">7,230</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="color: Black">Deferred tax liabilities (long-term):</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">Property, plant, and equipment</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#x2014;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">(8</font></td> <td style="text-align: left"><font style="color: Black">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-left: 9pt"><font style="color: Black">Trademarks and licenses</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">(5,975</font></td> <td style="text-align: left"><font style="color: Black">)</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">(6,473</font></td> <td style="text-align: left"><font style="color: Black">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Other</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(93</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(308</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in"> <font style="color: Black">Total deferred tax liabilities</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(6,068</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">(6,789</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in"> <font style="color: Black">Net deferred tax assets (liabilities)</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">1,202</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">441</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">In 2011, all remaining state net operating loss carry-forwards were written off against the valuation allowance, as they are no longer available for utilization. Valuation allowances had been provided on the potential benefit of state net operating loss carry-forwards as it was determined that future tax benefits from option compensation deductions might prevent the net operating loss carry-forwards from being fully utilized. In 2010 and 2009, $0.2 million and $0.6 million, respectively, of such valuation allowances were realized which was equal to the benefits realized from the utilization of net operating loss carry-forwards. The amounts realized were credited to additional paid-in capital in the respective periods.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">In addition, valuation allowances of $0.9 million and $0.8 million had been provided in 2010 and 2009, respectively, against certain foreign net operating loss carry-forwards, as it was determined that future profitable operations from certain foreign subsidiaries might not be sufficient to realize the full amount of net operating loss carry-forwards. In 2011, approximately $1.1 million of such valuation allowances was realized as the Company was able to utilize certain foreign net operating loss carry-forwards for which a valuation allowance had been established.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">No further valuation allowances have been provided as management believes that it is more likely than not that the asset will be realized in the reduction of future taxable income.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The&#xA0;Company has not provided for U.S. deferred income taxes on $202 million of undistributed earnings of its non-U.S. subsidiaries as of December&#xA0;31, 2011 since the&#xA0;Company intends to reinvest most of these earnings in its foreign operations indefinitely and the Company believes it has sufficient foreign tax credits available to offset any potential tax on amounts that have been and are planned to be repatriated.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">Differences between the United States Federal statutory income tax rate and the effective income tax rate were as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Year ended December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2011</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2010</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2009</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 61%; text-align: left"><font style="color: Black">Statutory rates</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">34.0</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">%</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">34.0</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">%</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 10%; text-align: right"><font style="color: Black">34.0</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">%</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="color: Black">State and local taxes, net of Federal benefit</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">0.3</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">0.1</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">0.2</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in"> <font style="color: Black">Effect of foreign taxes greater than (less than) U.S. statutory rates</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">2.0</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="color: red"><font style="color: Black">&#xA0;</font></td> <td style="color: red; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="color: red; text-align: right"><font style="color: Black">(0.5</font></td> <td style="color: red; text-align: left"><font style="color: Black">)</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">0.6</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><font style="color: Black">Other</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">0.1</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">0.1</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in"> <font style="color: Black">Effective rates</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">36.3</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">%</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">33.7</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">%</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">34.9</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">%</font></td> </tr> </table> </div> 1972000 60494000 <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> <b>(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The Company and its Significant Accounting Policies</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>&#xA0;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>Business of the Company</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> Inter Parfums, Inc. and its subsidiaries (the &#x201C;Company&#x201D;) are in the fragrance business, and manufacture and distribute a wide array of fragrances and fragrance related products.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> Substantially all of our prestige fragrance brands are licensed from unaffiliated third parties and our business is dependent upon the continuation and renewal of such licenses. Revenues generated from one such license represented 50%, 53% and 57% of net sales in 2011, 2010 and 2009, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>&#xA0;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>Basis of Preparation</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> The consolidated financial statements include the accounts of the Company, including 74% owned Interparfums, S.A. (&#x201C;IPSA&#x201D;), a subsidiary whose stock is publicly traded in France. In 2010, IPSA formed two wholly-owned subsidiaries, Interparfums Singapore Pte. Ltd., and Interparfums Luxury Brands, Inc., an Asian sales and marketing office and a U.S. distribution company, respectively. All material intercompany balances and transactions have been eliminated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <b><i>Management Estimates</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> Management makes assumptions and estimates to prepare financial statements in conformity with accounting principles generally accepted in the United States of America. Those assumptions and estimates directly affect the amounts reported and disclosures included in the consolidated financial statements. Actual results could differ from those assumptions and estimates. Significant estimates for which changes in the near term are considered reasonably possible and that may have a material impact on the financial statements are disclosed in these notes to the consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>&#xA0;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>Foreign Currency Translation</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> For foreign subsidiaries with operations denominated in a foreign currency, assets and liabilities are translated to U.S. dollars at year-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the year. Gains and losses from translation adjustments are accumulated in a separate component of shareholders&#x2019; equity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>&#xA0;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>Cash and Cash Equivalents</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> All highly liquid investments purchased with a maturity of three months or less are considered to be cash equivalents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>&#xA0;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>Short-Term Investments</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> From time to time, the Company has short-term investments which consist of certificates of deposit with maturities greater than three months. The Company monitors concentrations of credit risk associated with financial institutions with which the Company conducts significant business. The Company believes our credit risk is minimal, as the Company primarily conducts business with large, well-established financial institutions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>Accounts Receivable</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> Accounts receivable represent payments due to the Company for previously recognized net sales, reduced by allowances for sales returns and doubtful accounts or balances which are estimated to be uncollectible which aggregated $9.5 million and $5.9 million as of December 31, 2011 and 2010, respectively. Accounts receivable balances are written-off against the allowance for doubtful accounts when they become uncollectible. Recoveries of accounts receivable previously recorded against the allowance are recorded in the consolidated statement of income when received. We generally grant credit based upon our analysis of the customer&#x2019;s financial position as well as previously established buying patterns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>&#xA0;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>Inventories</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> Inventories, including promotional merchandise, only include inventory considered saleable or usable in future periods, and is stated at the lower of cost or market, with cost being determined on the first-in, first-out method.&#xA0;Cost components include raw materials, components, direct labor and overhead (e.g., indirect labor, utilities, depreciation, purchasing, receiving, inspection and warehousing) as well as inbound freight.&#xA0;Promotional merchandise is charged to cost of sales at the time the merchandise is shipped to the Company&#x2019;s customers. Overhead included in inventory aggregated, $4.4 million, $3.0 million and $2.3 million as of December 31, 2011, 2010 and 2009, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>&#xA0;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <b><i>Derivatives</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">All derivative instruments are recorded as either assets or liabilities and measured at fair value. The Company uses derivative instruments to principally manage a variety of market risks. For derivatives designated as hedges of the exposure to changes in fair value of the recognized asset or liability or a firm commitment (referred to as fair value hedges), the gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. The effect of that accounting is to include in earnings the extent to which the hedge is not effective in achieving offsetting changes in fair value. For our cash flow hedges, the effective portion of the derivative&#x2019;s gain or loss is initially reported in equity (as a component of accumulated other comprehensive income) and is subsequently reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The ineffective portion of the gain or loss of a cash flow hedge is reported in earnings immediately. The Company also holds certain instruments for economic purposes that are not designated for hedge accounting treatment. For these derivative instruments, the changes in their fair value are recorded in earnings immediately.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>Equipment and Leasehold Improvements</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> Equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided using the straight-line method over the estimated useful lives for equipment, which range between three and ten&#xA0;years and the shorter of the lease term or estimated useful asset lives for leasehold improvements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>&#xA0;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>Goodwill and Other Long-Lived Assets</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> Goodwill is calculated as the excess of the cost of purchased businesses over the fair value of their underlying net assets.&#xA0; Other indefinite-lived intangible assets principally consist of trademarks.&#xA0;Goodwill and other indefinite-lived intangible assets are not amortized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;&#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> The Company evaluates goodwill and indefinite-lived intangible assets for impairment at least annually during the fourth quarter, or more frequently when events occur or circumstances change, such as an unexpected decline in sales, that would more likely than not (i) reduce the fair value of the reporting unit below its fair value or (ii) indicate that the carrying value of an indefinite-lived intangible asset may not be recoverable. Impairment of goodwill is evaluated using a two step process. The first step involves a comparison of the estimated fair value of the reporting unit to the carrying value of that unit. If the carrying value of the reporting unit exceeds the fair value of the reporting unit, the second step of the process involves comparison of the implied fair value of goodwill (based on industry purchase and sale transaction data) with its carrying value. If the carrying value of the reporting unit&#x2019;s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized as an amount equal to the excess.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> Testing goodwill for impairment requires us to estimate the fair value of the reporting unit using significant estimates and assumptions. The assumptions the Company makes will impact the outcome and ultimate results of the testing. In making our assumptions and estimates, the Company uses industry accepted valuation models and set criteria that are reviewed and approved by management and, in certain instances, the Company engages third party valuation specialists to advise us.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> For indefinite-lived intangible assets, the evaluation requires a comparison of the estimated fair value of the asset to the carrying value of the asset. To determine fair value of indefinite-lived intangible assets, the Company uses an income approach, including the relief-from-royalty method. This method assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to obtain the rights to use the comparable asset. The relief-from-royalty calculations require us to make a number of assumptions and estimates concerning future sales levels, market royalty rates, future tax rates and discount rates. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, impairment is recorded.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> Intangible assets subject to amortization are evaluated for impairment testing whenever events or changes in circumstances indicate that the carrying amount of an amortizable intangible asset may not be recoverable. If impairment indicators exist for an amortizable intangible asset, the undiscounted future cash flows associated with the expected service potential of the asset are compared to the carrying value of the asset. If our projection of undiscounted future cash flows is in excess of the carrying value of the intangible asset, no impairment charge is recorded. If our projection of undiscounted future cash flows is less than the carrying value of the intangible asset, an impairment charge would be recorded to reduce the intangible asset to its fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>&#xA0;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>Concentration of Credit Risk</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> The Company is a worldwide manufacturer, marketer and distributor of fragrance and fragrance related products, and sells its products to department stores, perfumeries, specialty retailers, mass-market retailers, supermarkets and domestic and international wholesalers and distributors. The Company grants credit to all qualified customers and does not believe it is exposed significantly to any undue concentration of credit risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> The Company&#x2019;s largest customer was its former U.S. prestige fragrance distributor which accounted for 8% and 11% of consolidated net sales in 2010 and 2009, respectively. In 2010, the Company formed a U.S. subsidiary which took over U.S. prestige fragrance distribution on January&#xA0;1, 2011. No one customer represented 10% or more of net sales in 2011.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <b><i>&#xA0;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>Revenue Recognition</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> The Company sells its products to department stores, perfumeries, specialty retailers, mass-market retailers, supermarkets and domestic and international wholesalers and distributors. Sales of such products by our domestic subsidiaries are denominated in U.S. dollars and sales of such products by our foreign subsidiaries are primarily denominated in either euro or U.S. dollars. The Company recognizes revenues when merchandise is shipped and the risk of loss passes to the customer. Net sales are comprised of gross revenues less returns, trade discounts and allowances. The Company does not bill its customer&#x2019;s freight and handling charges. All shipping and handling costs, which aggregated $8.8 million, $5.3 million and $5.0 million in 2011, 2010 and 2009, respectively, are included in selling, general and administrative expenses in the consolidated statements of income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <b><i>&#xA0;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <b><i>Sales Returns</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> Generally, the Company does not permit customers to return their unsold products. However, commencing in January 2011 we took over U.S. distribution of our European based prestige products and for U.S. based customers we allow customer returns if properly requested, authorized and approved. The Company regularly reviews and revises, as deemed necessary, its estimate of reserves for future sales returns based primarily upon historic trends and relevant current data including information provided by retailers regarding their inventory levels. In addition, as necessary, specific accruals may be established for significant future known or anticipated events. The types of known or anticipated events that we have considered, and will continue to consider, include, but are not limited to, the financial condition of our customers, store closings by retailers, changes in the retail environment and our decision to continue to support new and existing products. The Company records estimated reserves for sales returns as a reduction of sales, cost of sales and accounts receivable. Returned products are recorded as inventories and are valued based upon estimated realizable value. The physical condition and marketability of returned products are the major factors we consider in estimating realizable value. Actual returns, as well as estimated realizable values of returned products, may differ significantly, either favorably or unfavorably, from our estimates, if factors such as economic conditions, inventory levels or competitive conditions differ from our expectations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>&#xA0;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>Payments to Customers</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> The Company records revenues generated from purchase with purchase and gift with purchase promotions as sales and the costs of its purchase with purchase and gift with purchase promotions as cost of sales. Certain other incentive arrangements require the payment of a fee to customers based on their attainment of pre-established sales levels.&#xA0;These fees have been recorded as a reduction of net sales.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>&#xA0;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>Advertising and Promotion</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> Advertising and promotional costs are expensed as incurred and recorded as a component of cost of goods sold (in the case of free goods given to customers) or selling, general and administrative expenses. Advertising and promotional costs included in selling, general and administrative expenses were $127.8 million, $69.2 million and $55.8 million for 2011, 2010 and 2009, respectively. Costs relating to purchase with purchase and gift with purchase promotions that are reflected in cost of sales aggregated $48.4 million, $30.2 million and $29.8 million in 2011, 2010 and 2009, respectively. Accrued expenses include approximately $16.4 million and $14.7 million in advertising liabilities as of December 31, 2011 and 2010, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>Package Development Costs</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> Package development costs associated with new products and redesigns of existing product packaging are expensed as incurred.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>&#xA0;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>Operating Leases</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> The Company recognizes rent expense from operating leases with various step rent provisions, rent concessions and escalation clauses on a straight-line basis over the applicable lease term.&#xA0;The Company considers lease renewals in the useful life of its leasehold improvements when such renewals are reasonably assured.&#xA0;In the event the Company receives capital improvement funding from its landlord, these amounts are recorded as deferred liabilities and amortized over the remaining lease term as a reduction of rent expense.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>&#xA0;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>License Agreements</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> The Company&#x2019;s license agreements provide the Company with worldwide rights to manufacture, market and sell fragrance and fragrance related products using the licensors&#x2019; trademarks.&#xA0;The licenses typically have an initial term of approximately 5 years to 15 years, and are potentially renewable subject to the Company&#x2019;s compliance with the license agreement provisions.&#xA0;The remaining terms, including the potential renewal periods, range from approximately 2 years to 15 years.&#xA0; Under each license, the Company is required to pay royalties in the range of 5% to 10% to the licensor, at least annually, based on net sales to third parties.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> Most of the Company&#x2019;s licenses were entered into to create additional sales.&#xA0; In some cases, the Company may pay an entry fee to acquire, or enter into, a license where the licensor or another licensee was operating a pre-existing fragrance business.&#xA0; In those cases, the entry fee is capitalized as an intangible asset and amortized over its useful life.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> Certain license agreements may require minimum royalty payments, incremental royalties based on net sales levels and minimum spending on advertising and promotional activities.&#xA0; Royalty expenses are accrued in the period in which net sales are recognized while advertising and promotional expenses are accrued at the time these costs are incurred.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">In addition, the Company is exposed to certain concentration risk. Substantially all of our prestige fragrance brands are licensed from unaffiliated third parties and our business is dependent upon the continuation and renewal of such licenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>Income Taxes</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> The Company accounts for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in its financial statements or tax returns.&#xA0;The net deferred tax assets assume sufficient future earnings for their realization, as well as the continued application of currently anticipated tax rates.&#xA0;Included in net deferred tax assets is a valuation allowance for deferred tax assets, where management believes it is more-likely-than-not that the deferred tax assets will not be realized in the relevant jurisdiction.&#xA0;If the Company determines that a deferred tax asset will not be realizable, an adjustment to the deferred tax asset will result in a reduction of net earnings at that time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>&#xA0;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <b><i>Issuance of Common Stock by Consolidated Subsidiary</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> The difference between the Company&#x2019;s share of the proceeds received by the subsidiary and the carrying amount of the portion of the Company&#x2019;s investment deemed sold, is reflected as an equity adjustment in the consolidated balance sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black"><b><i>Treasury Stock</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">The Board of Directors may authorize share repurchases of the Company&#x2019;s common stock (Share Repurchase Authorizations). Share repurchases under Share Repurchase Authorizations may be made through open market transactions, negotiated purchase or otherwise, at times and in such amounts within the parameters authorized by the Board. Shares repurchased under Share Repurchase Authorizations are held in treasury for general corporate purposes, including issuances under various employee stock option plans. Treasury shares are accounted for under the cost method and reported as a reduction of equity. Share Repurchase Authorizations may be suspended, limited or terminated at any time without notice.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black"><b><i>&#xA0;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black"><b><i>Recent Accounting Pronouncements</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">In May 2011, new accounting guidance on fair value measurements was issued, which requires updates to fair value measurement disclosures to conform US GAAP to International Financial Reporting Standards. This guidance includes additional disclosure requirements about Level 3 fair value measurements and is effective for interim and annual periods beginning after December&#xA0;15, 2011. The adoption of the new guidance will not affect the Company&#x2019;s financial position, results of operations and cash flows, but will require additional disclosure.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">In June&#xA0;and December 2011, new accounting guidance on comprehensive income was issued, which revises the presentation of comprehensive income in financial statements. The Company has adopted the new guidance which has no affect the Company&#x2019;s financial position, results of operations or cash flows, but requires the Company to disclose the total of comprehensive income, the components of net income and the components of other comprehensive income in either (i) a continuous statement of comprehensive income or (ii) as two separate but consecutive statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">In September 2011, new accounting guidance on testing goodwill for impairment was issued, which allows an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in ASC Topic 350. This guidance is effective for interim and annual goodwill impairment tests for interim and annual periods beginning after December&#xA0;15, 2011. The adoption of the new guidance will not affect the Company&#x2019;s financial position, results of operations and cash flows.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">There are no other new accounting pronouncements issued but not yet adopted that would have a material effect on our consolidated financial statements.</font></p> </div> 935000 9304000 272000 7230000 <div> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><font style="color: Black"><b>(7)</b></font></td> <td><font style="color: Black"><b>Trademarks, Licenses and Other Intangible Assets</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"> <font style="color: Black"><b>&#xA0;</b></font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><font style="color: Black">2011</font></td> <td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"> <font style="color: Black">Gross</font></td> <td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"> <font style="color: Black">Accumulated</font></td> <td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"> <font style="color: Black">Net Book</font></td> <td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Amount</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Amortization</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 55%; text-align: left; padding-bottom: 1pt"> <font style="color: Black">Trademarks (indefinite lives)</font></td> <td style="width: 1%; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">$</font></td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">6,590</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="width: 1%; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">$</font></td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="width: 1%; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">$</font></td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">6,590</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> <font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="color: Black">Trademarks (finite lives)</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">50,127</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">151</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">49,976</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="color: Black">Licenses (finite lives)</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">70,109</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">23,289</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">46,820</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">Other intangible assets (finite lives)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">13,953</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">11,589</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">2,364</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Subtotal</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">134,189</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">35,029</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">99,160</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 0.25in"> <font style="color: Black">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">140,779</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">35,029</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">105,750</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="margin: 0"><font style="color: Black">&#xA0;</font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><font style="color: Black">2010</font></td> <td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"> <font style="color: Black">Gross</font></td> <td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"> <font style="color: Black">Accumulated</font></td> <td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"> <font style="color: Black">Net Book</font></td> <td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Amount</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Amortization</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 55%; text-align: left; padding-bottom: 1pt"> <font style="color: Black">Trademarks (indefinite lives)</font></td> <td style="width: 1%; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">$</font></td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">6,671</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="width: 1%; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">$</font></td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">&#x2014;</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="width: 1%; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">$</font></td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">6,671</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> <font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="color: Black">Trademarks (finite lives)</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">51,680</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">134</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">51,546</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="color: Black">Licenses (finite lives)</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">70,250</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">18,881</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">51,369</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">Other intangible assets (finite lives)</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">13,220</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">11,404</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">1,816</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Subtotal</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">135,150</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">30,419</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">104,731</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 0.25in"> <font style="color: Black">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">141,821</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">30,419</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">111,402</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">In 2009, an impairment charge relating to the Nickel trademark in the amount of $0.54 million was recorded. No other impairment charges for trademarks with indefinite useful lives were required in 2011, 2010 and 2009. Amortization expense was $7.9 million, $5.7 million and $6.7 million for 2011, 2010 and 2009, respectively. Amortization expense is expected to approximate $6.8 million in 2012 and 2013, $6.4 million in 2014 and $5.9 million in 2015 and 2016. The weighted average amortization period for trademarks, licenses and other intangible assets with finite lives are 18 years, 12 years and 2 years, respectively, and 13 years in the aggregate.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="font-size: 10pt; color: Black">Trademarks (finite lives) primarily represents Lanvin brand names and trademarks and in connection with their purchase, Lanvin was granted the right to repurchase the brand names and trademarks in 2025 for the greater of</font> &#x20AC;<font style="font-size: 10pt">70 million (approximately $91 million) or one times the average of the annual sales for the years ending December 31, 2023 and 2024 (residual value). Because the residual value of the intangible asset exceeds its carrying value, the asset is not amortized.</font></p> </div> 7000 30677825 -13797000 -993000 42949000 110000 1093000 983000 <div> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><font style="color: Black"><b>(2)</b></font></td> <td><font style="color: Black"><b>Recent Agreements</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black"><b><i>&#xA0;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black"><b><i>Burberry</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">In December 2011, the Company and Burberry began to explore ways in which we can work more closely together to realize the brand&#x2019;s potential and are currently in discussion regarding the potential establishment of a new operating structure for the Burberry fragrance and beauty business. As there can be no assurance that an agreement will be reached, Burberry exercised its right to evaluate the purchase price for the unexpired term of the existing license. In this process, Burberry has until July 31, 2012 to determine whether it wishes to buy out the unexpired portion of the license as of December 31, 2012 or continue the existing contract which runs through December 31, 2017. As previously disclosed, if Burberry were to buy back the license, then the purchase price will be the greater of the fair market value of the unexpired term of the license or 70% of 2010 net wholesale sales of Burberry products.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black"><b><i>&#xA0;&#xA0;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black"><b><i>Repetto</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">In December 2011, we entered into a thirteen-year exclusive worldwide license agreement to create, produce and distribute perfumes and ancillary products under the Repetto brand. Our rights under the agreement commenced on January 1, 2012. The agreement is subject to certain minimum advertising expenditures and royalty payments as are customary in our industry.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black"><b><i>&#xA0;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black"><b><i>The Gap Inc.</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">In July 2011, we renewed our exclusive agreement with The Gap, Inc. to develop, produce, manufacture and distribute fragrances for Gap and Banana Republic brand names to be sold in Gap and Banana Republic retail stores in the United States and Canada. In July 2011, we also renewed our license agreement with The Gap Inc. for international distribution of fragrances through Gap and Banana Republic stores as well as select specialty and department stores outside the United States, including duty-free and other travel related retailers.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">These renewal agreements, which took effect on January 1, 2012 and run through December 31, 2014, contain terms and conditions similar to those of the original agreements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black"><b><i>&#xA0;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black"><b><i>Pierre Balmain</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">In July 2011, we entered into a twelve-year exclusive worldwide license agreement to create, produce and distribute perfumes and ancillary products under the Balmain brand. Our rights under the agreement commenced on January 1, 2012 when we took over the production and distribution of existing Balmain fragrances. The agreement is subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. The Company paid an up front entry fee of &#x20AC;2.1 million (approximately $2.7 million) for this license.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black"><b><i>&#xA0;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black"><b><i>Anna Sui</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">In June 2011, we entered into a ten-year exclusive worldwide fragrance license agreement, with two five-year renewal options, to create, produce and distribute perfumes and fragrance-related products under the Anna Sui brand. Our rights under the agreement commenced on January 1, 2012 when we took over production and distribution of the existing Anna Sui fragrance collections. The agreement is subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. The Company agreed to pay an upfront entry fee of $2.0 million for this license which was recorded and paid for in 2012 and agreed to purchase current inventory and certain other assets of the existing licensee. As of December 31, 2011, approximately $2.8 million of current inventory was purchased.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black"><b><i>&#xA0;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black"><b><i>S. T. Dupont</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">In April 2011, we renewed our license agreement with S.T. Dupont for the creation, development and distribution of fragrance products through December 31, 2016. Our initial eleven-year license agreement with S.T. Dupont was signed in June 1997, and had previously been extended in 2006 for an additional three years until June 2011.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black"><b><i>&#xA0;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black"><b><i>Lane Bryant</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">In March 2011, we entered into an exclusive agreement with a unit of Charming Shoppes, Inc. for its flagship brand, Lane Bryant.&#xA0;Under the agreement, Inter Parfums designs and manufactures personal care products for the Lane Bryant brand, while Lane Bryant is responsible for marketing, promoting and selling these products. The initial term of the contract, which may be extended by mutual consent, runs through December 31, 2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black"><b><i>Boucheron</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">In December 2010, the Company entered into an exclusive worldwide license agreement with Boucheron Parfums SAS to create, produce and distribute perfumes and ancillary products under the Boucheron brand. Our rights under such license agreement, which took effect on January 1, 2011 and runs through December 31, 2025, are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. The Company paid an upfront entry fee of &#x20AC;15 million (approximately $20 million) for this license, and purchased the inventory of the former licensee for &#x20AC;1.7 million (approximately $2.3 million).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black"><b><i>&#xA0;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <font style="color: Black"><b><i>Nine West</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">In July 2010, the Company entered into an exclusive worldwide license agreement with Nine West Development Corporation for the creation, production, marketing and global distribution of women&#x2019;s fragrances under the Nine West brand. The agreement, which runs through December&#xA0;31, 2016, contains a provision for further renewal if certain conditions are met. The agreement also provides for direct sales to Nine West retail stores in the United States, as well as a licensing component, enabling us to sell women's fragrances to better department stores and specialty retailers worldwide. Our rights under such license agreement are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black"><b><i>&#xA0;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black"><b><i>Betsey Johnson</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">In July 2010, the Company entered into an exclusive worldwide agreement with Betsey Johnson LLC under which the Company will design, manufacture and sell fragrance, color cosmetics as well as other personal care products across a broad retail spectrum. The agreement, which runs through December 31, 2015 with a five year optional term if certain conditions are met, encompasses both direct sales to global Betsey Johnson stores and e-commerce site, as well as a licensing component, enabling us to sell these fragrance and beauty products to specialty and department stores as well as other retail outlets worldwide. Our rights under such license agreement are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black"><b><i>&#xA0;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black"><b><i>Montblanc</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">In January 2010, the Company entered into an exclusive worldwide license agreement with Montblanc International GmbH to create, produce and distribute perfumes and ancillary products under the Montblanc brand. Our rights under this license agreement, which took effect on July 1, 2010 and runs through December 31, 2020, are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. The Company paid an upfront entry fee of &#x20AC;1 million (approximately $1.4 million) for this license and purchased inventory of the former licensee for &#x20AC;4 million (approximately $5.7 million).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black"><b><i>&#xA0;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black"><b><i>Jimmy Choo</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">In October 2009, the Company entered into an exclusive worldwide license agreement with J Choo Limited, which commenced on January 1, 2010, for the creation, development and distribution of fragrances under the Jimmy Choo brand. Our rights under such license agreement, which runs through 2022, are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. A member of the Company&#x2019;s Board of Directors is also a member of the Board of Directors of J Choo Limited.</font></p> </div> -2838000 <div> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><font style="color: Black"><b>(6)</b></font></td> <td><font style="color: Black"><b>Equipment and Leasehold Improvements</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"> <font style="color: Black"><b>&#xA0;</b></font></p> <table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2011</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <font style="color: Black">2010</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom"> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td colspan="2" style="text-align: center"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 70%"><font style="color: Black">Equipment</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 12%; text-align: right"><font style="color: Black">35,160</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%"><font style="color: Black">&#xA0;</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">$</font></td> <td style="width: 12%; text-align: right"><font style="color: Black">26,778</font></td> <td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">Leasehold improvements</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">2,265</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">2,107</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">37,425</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td><font style="color: Black">&#xA0;</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="text-align: right"><font style="color: Black">28,885</font></td> <td style="text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">Less accumulated depreciation and amortization</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">22,900</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"> <font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <font style="color: Black">17,678</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">14,525</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> <td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> <font style="color: Black">$</font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"> <font style="color: Black">11,207</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <font style="color: Black">Depreciation and amortization expense was $6.0 million, $3.5 million and $4.3 million for 2011, 2010 and 2009, respectively.</font></p> </div> 9768000 176000 32303000 333000 -2659000 2130000 7000 3149000 64000 10646000 -7021000 11000 1000 95625 417000 626000 695000 1092000 0000822663 us-gaap:AdditionalPaidInCapitalMember 2011-01-01 2011-12-31 0000822663 us-gaap:CommonStockMember 2011-01-01 2011-12-31 0000822663 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2011-01-01 2011-12-31 0000822663 us-gaap:NoncontrollingInterestMember 2011-01-01 2011-12-31 0000822663 us-gaap:RetainedEarningsMember 2011-01-01 2011-12-31 0000822663 2011-01-01 2011-12-31 0000822663 us-gaap:AdditionalPaidInCapitalMember 2010-01-01 2010-12-31 0000822663 us-gaap:TreasuryStockMember 2010-01-01 2010-12-31 0000822663 us-gaap:CommonStockMember 2010-01-01 2010-12-31 0000822663 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-01-01 2010-12-31 0000822663 us-gaap:NoncontrollingInterestMember 2010-01-01 2010-12-31 0000822663 us-gaap:RetainedEarningsMember 2010-01-01 2010-12-31 0000822663 2010-01-01 2010-12-31 0000822663 us-gaap:AdditionalPaidInCapitalMember 2009-01-01 2009-12-31 0000822663 us-gaap:TreasuryStockMember 2009-01-01 2009-12-31 0000822663 us-gaap:CommonStockMember 2009-01-01 2009-12-31 0000822663 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-01-01 2009-12-31 0000822663 us-gaap:NoncontrollingInterestMember 2009-01-01 2009-12-31 0000822663 us-gaap:RetainedEarningsMember 2009-01-01 2009-12-31 0000822663 2009-01-01 2009-12-31 0000822663 us-gaap:AdditionalPaidInCapitalMember 2011-12-31 0000822663 us-gaap:TreasuryStockMember 2011-12-31 0000822663 us-gaap:CommonStockMember 2011-12-31 0000822663 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2011-12-31 0000822663 us-gaap:NoncontrollingInterestMember 2011-12-31 0000822663 us-gaap:RetainedEarningsMember 2011-12-31 0000822663 2011-12-31 0000822663 us-gaap:AdditionalPaidInCapitalMember 2010-12-31 0000822663 us-gaap:TreasuryStockMember 2010-12-31 0000822663 us-gaap:CommonStockMember 2010-12-31 0000822663 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-12-31 0000822663 us-gaap:NoncontrollingInterestMember 2010-12-31 0000822663 us-gaap:RetainedEarningsMember 2010-12-31 0000822663 2010-12-31 0000822663 us-gaap:AdditionalPaidInCapitalMember 2009-12-31 0000822663 us-gaap:TreasuryStockMember 2009-12-31 0000822663 us-gaap:CommonStockMember 2009-12-31 0000822663 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-12-31 0000822663 us-gaap:NoncontrollingInterestMember 2009-12-31 0000822663 us-gaap:RetainedEarningsMember 2009-12-31 0000822663 2009-12-31 0000822663 us-gaap:AdditionalPaidInCapitalMember 2008-12-31 0000822663 us-gaap:TreasuryStockMember 2008-12-31 0000822663 us-gaap:CommonStockMember 2008-12-31 0000822663 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2008-12-31 0000822663 us-gaap:NoncontrollingInterestMember 2008-12-31 0000822663 us-gaap:RetainedEarningsMember 2008-12-31 0000822663 2008-12-31 0000822663 2011-06-30 0000822663 2012-03-09 shares iso4217:USD iso4217:USD shares EX-101.SCH 16 ipar-20111231.xsd XBRL TAXONOMY EXTENSION SCHEMA 101 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink 103 - Statement - Consolidated Balance Sheets link:calculationLink link:presentationLink link:definitionLink 104 - Statement - Consolidated Balance Sheets (Parenthetical) link:calculationLink link:presentationLink link:definitionLink 105 - Statement - Consolidated Statements of Income link:calculationLink link:presentationLink link:definitionLink 106 - Statement - Consolidated Statements of Changes in Shareholders' Equity link:calculationLink link:presentationLink link:definitionLink 107 - Statement - Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) link:calculationLink link:presentationLink link:definitionLink 108 - Statement - Consolidated Statements of Comprehensive Income link:calculationLink link:presentationLink link:definitionLink 109 - Statement - Consolidated Statements of Cash Flows link:calculationLink link:presentationLink link:definitionLink 110 - Disclosure - The Company and its Significant Accounting Policies link:calculationLink link:presentationLink link:definitionLink 111 - Disclosure - Recent Agreements link:calculationLink link:presentationLink link:definitionLink 112 - Disclosure - Inventories link:calculationLink link:presentationLink link:definitionLink 113 - Disclosure - Fair Value of Financial Instruments link:calculationLink link:presentationLink link:definitionLink 114 - Disclosure - Derivative Financial Instruments link:calculationLink link:presentationLink link:definitionLink 115 - Disclosure - Equipment and Leasehold Improvements link:calculationLink link:presentationLink link:definitionLink 116 - Disclosure - Trademarks, Licenses and Other Intangible Assets link:calculationLink link:presentationLink link:definitionLink 117 - Disclosure - Goodwill and Other Intangible Assets link:calculationLink link:presentationLink link:definitionLink 118 - Disclosure - Loans Payable - Banks link:calculationLink link:presentationLink link:definitionLink 119 - Disclosure - Long-Term Debt link:calculationLink link:presentationLink link:definitionLink 120 - Disclosure - Commitments link:calculationLink link:presentationLink link:definitionLink 121 - Disclosure - Equity link:calculationLink link:presentationLink link:definitionLink 122 - Disclosure - Net Income Attributable to Inter Parfums, Inc. Common Shareholders link:calculationLink link:presentationLink link:definitionLink 123 - Disclosure - Segments and Geographic Areas link:calculationLink link:presentationLink link:definitionLink 124 - Disclosure - Income Taxes link:calculationLink link:presentationLink link:definitionLink 125 - Disclosure - Accumulated Other Comprehensive Income link:calculationLink link:presentationLink link:definitionLink 126 - Disclosure - Net Income Attributable to Inter Parfums, Inc. and Transfers from the Noncontrolling Interest link:calculationLink link:presentationLink link:definitionLink 127 - Disclosure - Valuation and Qualifying Accounts link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 17 ipar-20111231_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 18 ipar-20111231_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 19 ipar-20111231_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 20 ipar-20111231_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE GRAPHIC 21 logo.jpg GRAPHIC begin 644 logo.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@`D0"H`P$1``(1`0,1`?_$`-$````&`P$!`0`````` M```````&!P@)"@(#!`4!"P$``00#`0$```````````````$%!@<#!`@""1`` M``8"`0,"`@0("`4/#0```0(#!`4&!P@1`!()(1,Q%"(5%QA!43(6UI=8"G$C MU98G5]<989&QV%FA0C-#)"4UM396-W.![C<`M[<\UR&.Q&4O2!;VTKLT MIJ"1[_8I$`H.K$T)`(&H9_O>*^F=,3:S7-G$27D%5':-JJ*$G?S`J*^6GPZE M>133_=F,<.=?,TU>S6*,*"=DQE,K+5/+5.D"`<'T5:\;V-./LL:\C'*2B"YT MT5FH+)'*58W;SU$.6<)Y9PJ6-.16,T,$HJDP!>&13^$QNM0P.Q^GC34CQ>>Q M.4A'Y26DXZI)Z&&Y\"=P:5!%01I[I52F'CD`'CG@1]>.>/P]152S;D$+]>OW M:>0P.U03]-Q]^L^0_&'^/KUKUK[T:-#HT:'1HT.C1H=&C0Z-&AT:-(^EL)@1 MP82-\WX@<'`HF$B.2Z6H8"AQR82DFC#V@(AZ]&BH'770.><(!\I,G"30TE(9#KSQ9V^6(H=&-BX MJ(=R4S,22Q$C&(W:MUE3%*(]O`"(.&+PN6Y!>)C<)$)K]^BEQ&OVEF(4#_F( M&M+(7]OC(/S%V2J>5&9C]@4$G[M161?EVSAMV[?--`<%8WJ^+U#.4(S;7>7* ML5B'&TR*2*Z97U%PW`OGN7;HR62)(%`QE#*`''(AV;6'Y'Q9A:ZE;M62^N3<4)'CW]JJ1 M2O=78;5TQ*J]0N;^P)%9@@[333[S MD4[P0,!QD$/R!\L6W)$X=CYL?BKN23M8P1P*H[A4$S+W>GM/<3W'MZ=136FO M&.$Q\?&>]B\N+:):JK.Z2-OZJQCM!W\"#5=^F^GE8F\J?CKUH\6"6W>OF&J] MB_%4)-R$)%ZP5"1QE6LAN;VM?!H3E)XG%3LA&/'$A((_.*2ZRSI11@4JAA,( M`4(O<<(Y'RGY$;AF7R=O+F97H;F68-`0%[P3(Q*T--O`'RU*;'DV'L>*KF,9 M:31V4CA3$$*MO_$RT+4^I!/TTTW:7!/@(SO@..\H>29>7P>ZR_%U:_OY[`V4 M'U1R\]N5X419HLU\75J2G(A3(:DT90DFJVCD@67;K.G"IB@HL,LXUSWY8QV2 M;X^Q]Q;7T-J7C6.Z$,L2QQ$A^R64T$1`/;1NA`45H-->:Q'%9\8O)+Q9XE:/ M_P"4OJW\T[34@_04^FG'TS!#=[J;CV3\=OF2VL8&R766KU.-':_3C*E3OD3'LSH*&),Y7P*U<1F2(^-(H MW'YF9KL.X:MO<#W6")`%7K#RG#_'.1E%Y\:7]VD9%7L[]55ZFFT,ZED85-0K M,K4\#39WM\GG\03%R&$S6+,`)XE6JGR=5-:?4**;]=2XXXV^U;RW1JQDO'>P MF';12+E$MYJMSS+(5;0;R,\'<"/VRXGX#XC]HU/X#^'_?CHT5'F-#[>\'? M'[9<3\?'_I'I_P`/CS_PQ^+HT5'F-8_;]@O^NC$OZR*=_+/1H[E\QK$=@,$E M_*S3B,/X0$/B`_[]_$!Z-+I M$>P^?[?WZR'P5^($>?\`^=NL``8Q#CQCUH`]R?(%X$KD.T@@/TBAZ&_UW/2: M.P^?[?WZZ#>#;Q#C[O\`_.O58/>1^7/_`$81(=J?=W]R0%,7V%^?]M)VJ<>G M=QT:.SZ_M_?KD4\&7A_2*('\=^KI2#V^IL=LP$/;(?@?=^8[B%XY$WX_P\\` M/2-WT(C'=)X#S/EI&"HI>1@J`5))(_SU`UL3@OQB9MR[*:8>)GQ=Z@[#[`(M M02R%LA)T5DXU=UKCUS.(YW.V:Q1[AVWN=FAUD#^TR2(=L=X3V@*^6*LU"W^. M_'MKBK&+F'R.[6F$K_3M5(_,W)'\*QL11"1NQ%>W<4%#JN\CRN3*W,N"XN#- M*%_JW'>RI#5:U4[U/UJ`#79J:[="_&A^[O8MR"TP=EW*^N&W^X5G(%D*;B"KI-V&.1=IRB9FK<%'TC+*F)[:?M"84"KRZSY90N%FEY MR-FC+G4F*J\?.U#HG66*X:M$Q1;HC[DISRX'XSX'@[VVQMM?<@RL!GFGE3O" M*S5"*O39"!7:A%:::\;<9/F&>OHHOAX$S"'C9 MU5PQ=?+SH!GG6G$&7K_KSK3D[8?7/89_1V$1D-A`Q5);2,!'_`##* MR0S]HF`'39R*#Y,@F(<@%<\YB,)F#Q+GF$MH;:TR5S';30BC+[GN=A(!4=Q( M[OX1X::\=E,W:_Z]Q:\GD>_M8C)%,:U(I7;?8]/$[==1+8_P?0%L"1>O3[4/ M$EKV'W*L^#[MJ?D=2&CS9)2J]ANEAI3^"K"V+'VZP5=./,5\=`L:HD\% M8O8LF=OS*TCB7CV$]R*[1E':9%7TLRTI7>O0^`!U5MKS3Y`A@' M%4@N9I+LAH[A3O&!^,*"?4":U\J:7NRZO:QU_P`.E<"DBZ(TE7[:/(S1!?WSB3V_50!ZU-6^(CNR62,1=LBH``I7MJ:G<>%2=36[Y#R:'@%J\;3#-M,OM4L(9!LGYLTFN9; MM1HQ![$0U97MC%;,94]EO6X+#N+&JAJ&@"]/"HK6NU)FO M+1A#2'!&IN@NHV(]/L`--I+7@+&6<=E M+_Q0Z,V*UQ>SF`[[I%MCHHW:.7&S^-=S==:SUB"4*\%TO"/C MDFF2*97"9&"R:2Y(OR7XXYA\;,EWR['^[AI$C]XQE6,8JWHJ2"0.A\`:^*]1UT8,`ZW>**NYF;::^2CQ8Z7:G[2 M%AQE*)?6%A!`E^_N+O#\;@?[N[6+@OH']'R)?AQSW`+@O(^GX0 M'JM@>[<`@4WKU!^S3\[@#TDD_II]]==*?@P\0A3`JEX\M94C<]Y3H4-!`Q1Y MY^B9-T42?P!P'2Z]*ODT&.O^#^_3R8'4#52MP<-78K7#"2<7 M`1,="QJ;W&50EWA(^*9HL69'TVPHAR4PC1K/[Q>Q_^C\S MS^M[4'_.%Z-&A]XS8_\`T?F>?UO:@_YPO2$@==&FI[8^6..TBHK7(6SFK>5, M7PZI\`=,V9SN*P4`GRR2./:M?)BL.P;E MMU13M\]QJL[W)YGY#7\IQF86^"?\;O%<)(1X@,T8`K MOM4$^9\'/[,T3)VC7B2V0POI=H#G#!"T1B=8\SEE'*&L4E=Y)LBZCD;]?[I) MT',%BN]DL3JGC(%,=HT.9FBJ)6P-D$B>VR\>Y)=9=U[2ZI'"77L4 M;^W&OO,L:1ANT$$A2-CUU(LWAK3CW"[BUQ+"V`11+(H(8]`[,4!TM+\4[?)2.$L7Q^9F><[AEK5=N]?YIHD*E*24O>IDN>$; MB59ED6,^A$/&*JK)4B1$&!5RII];.?Y/\B9#F-QQC(W5Y''SNI0 M`5ZIUKH/DRO.4H3RT:6:0LAL>W.,%XC8/#MORUAJ`Q78++!3:5>6N=#?/LM1 M]\?QTH]J02"`2K5D[9NE7`D5=MG/JX9CD.#?&K\?_VE`#=I,;&HH?Q:CEGAN57.0'R!P6ZM/R&23NFAG2:17H:*\2L.]`U`[@ MBO=7J-].KTJU@W[JVQNX^VV^&G5IROE';&BL<-K4;%V4]6D\=UC#A6R"$M55 MUK'FZ&EG17K)BSCT2$*(D9ME#JJJK.!%-@Y3SRRN<-AN/\1@FM,?B&,H:1@9 M'N.XD2JRU[0`21T(/AJ><8XCD+62\O\`E%Q'<9.]!5_;V55/4+7IL`*#H-M/ M9JNN&-:8MK8[KOAXR$QD=06+R-UREC9?U4>2V-&3Y9Z[S/=(R+ MAX7ZS.]]I\L9PGVK#W]1.XYCRJYAO;::^N&@R#J]PI=J2L*4+C^(BE*GPU+X M^/86.XANXX5]ZW6BM0>9-2>I-237SWTL$?"-XDL(6,\/\PS_`#:RK-9UKAD) MW14AX#-%C466GLJPQOMQ$T;?Y=5P`X;)[NNKDF2)8 MF)D;>)/PQMONBT`"'TCP&MTV>/[5'M0D(Q91VKLQZD;;$^)TW&(1S6<777&-:G0C M3F=..YN/OJ=SVO/N;C(6V3DR-PUU9VQMX=^X1Q%>SM0MNH[=J`?3?3.O$L"T M$L#Q`I-(';8=0:@#R%:[#4;F?-1?*OB_R'6_R1Z4:N3-GD[S4VU5O6!]A[OJ MU)1B%(C*M6:\YQ[0).KYRD7B5?E&U4;J-4VYHITQ6**?>[0.=(UF8KY(XMFO MCNS^->765Q"+"662WN[7VE;W9G[B\W>5)"U(KN>AVIJ*9+B69LN0/R+#R0S6 M_;1H)@[52E**`&K0;`?HT@6V4IM/G"@4'2'4SQ%V[0G-^_1+'E+;:/C)##L) M7[+CK#LD\AEF#JYP-G@8:)A92;D1#C6&S!FA9U:0A@51Y225!J#'W4858CMV;^0XJ\R-@./<:$-CTJ6V*H**R"SA-X,LM*.#R#X.2IMC+/S*67>YO'X7$9 M3EMV,GJ2^S8L^R)L3HKB>2K#K(U+V8N^`Y;(]= MQLI;HF"&(I4M4\T9"G&TRNA+$:HJMW)VC<3`?Y$2$X*YVU]\<_+EV<)9X&XQ M_-[M)!`]I-'';F:-&>CQR-&H!["#T)Z;U%=6VQG)N),;^YR<4^#3M7LD]QZ$ ML!XAC4DTV\_*NK,=#W!S3DBDT_(5+T0SC-TZ]U>!N-4F6V7]1`0EJ[9HMK,P ML@B1;8)-8A'D<]34`IBE,7NX$`'KGZ>WFLYWM+D%;F)V1P>H=20P_001JTK> M>*Y@2XA(,3J&%.E"*C_%!HV_>,V/_P!'YGG];VH/^<+UBUFU\^\;L=\/[OW/ M'/\`UOZ@?YPW1HU]^\9L?_H_,\_K>U!_SA>C1IQ&30RN,"T^QX^/$[,$NU%Z M.2B68\$:"!!U\Z1J%561D"RQG'L^T)Q%$"=_<`CV]&C2"F-OGW`!3:B"7@>1 M,&:"CW?ZWC@3`(?C]>C1K:0=[/7W3ZE<<>GMIYE$>[D?CW*>A>/]7KRRAA0] M-&H$MKL>[-Y@\WN@=5R5!ZS726QKKCF?*$%"R->R#/XC8,UWEBCG-$[^P-6 MH%220#O7?:FJKR\GY[Y(M<9*$>".S,G:WX:^JA/T\3M39?KI]NY+_P`RU':8 MERWJP;5S(-9QV]D/M3U_I=6^Y#>2@"&<`D1M7^($C8CK7;;J/%UY3>,(EW!!7OMX0@[Q0]&)\#L`N^N72_?S-N_-?NE;AV>K=0R33VJS#+VN^38 M'-C&]4YG*'5B0"4C)3Y5.R5E\H"S91T5L@`*#[+AN@<2D/KUF/K4[JW=3^$[T\:>`U M'/+?NX&3GN29&M1""#1@Q2,K*>\JLFU2$!4.+L8<98(B6L$:HB^J@"B@T;RH;TD%7N=ZF+%%TX,@(,,S MH"5F;M^425`99UWN4PY!10!*0P^I2%]0ZQ5UM>S=_P`L7WMK<=/>,R:P)KZH MIJ"(`V,9OF54A2]R8F%1Z-*%D`%!0IA+L$(I*'$3=I MOI`7TY`WKUY9$<4<5'VTUDJX_`:'[*_YC7&I7-VBG.HWR'JAQ[BQR>YA+,!3 M]@@04BG,38`0[P$OTS`7@>`X`.D]F`LC,&]'3U&F_7;H?I77GM.Y]/>00#2G M7Z]?MWU3]\D6DV:_'5K*.)GF<*/9(KR/[Q<[2[7*4>[5[(,=4I9Z6R5?']YG M'E^GV#S'4>^7?2#IL"S522%NJ0>2&4#KKOXZYC=_(7)),]-;V_YCCF!*XZU) M]`>,=H=4*CNDKZJ=*D?;JD>68K_0\='9H[*,AL.I.,_'WF&YXPH<1:<;!A.7?R>PIL\ZU0QRRO%`6R!9K!L/#6&A15.L#20M=;93IT M'+\T]$,F\B\4$6:HN#N.\R1BB9FX[G+[AG/;?Y(M+9Y>/QY&9HY?:D2!XW9T MHK$;45B:$`B@!`WU([A;/*X`X.693D%A4,E1W]RT)VK4':G0T/ZB_P"#/:W; M7)VL2NJ3U+!]9S9HU(%PCDO'^8_M/9Y2CX2/>OT*;+R#*&;DCC1C9NV5A4SH M`5!_3+O1I8RPJ*K4D=":C;KK6 MX-DY[S%'&*JK>VA[*.:$K6M3L:4&PZ]!7KJ<91;=XK9I[33559Z!_P#=X*2. M8&K4R?>?D&ABQ3M4AP3[?RP,'=S^#TZJ#4TI>^47_J/[M>H,GN$D98`I>M+\ MOSA?EU!R;E2(,+#V#B;WDOLCFP*\^8`H!P<2=@B/Q``$T4O?%8O_`%']VG&1 M1Y)2,CE)I!BUF#L&9Y9M%NW#^-;R1FZ9GR$<^=LHUV]8HNA.5%55NW443`#& M3((B4#6<5IOUTSS[O&SP_'?_`"Y^I#5G^Q_HTNOGW=]G?V_\M_J/U9_L?Z-& MO"LV&]@Z?`35ILOD2RC"UZMP\I8)Z8?81U9(RBX6$8.).6D7:OV0?Q39A'M5 M%5#>O!"#U[CBEGD6"`%II&"J!N26-``/&IVUBGN(+:)IK@]L:JS$^`"@DD_0 M`?3[=0(:MK-\COLV^6+9WR*7'"%,S2_LVL^M=NRACW7F%DYW7BHOS-'B\-7) M6@O8Y@^NMAC%W(EA6#=P!&JRBW=[@F"U<[B\[`;3@>$$EQ-:4FF1%3M6X<=W M]1E`#%0>T&1B0**"!MJE<#E,&\=[SKECPVPO&>"%BTID,*U3^FK=Q0D4)$2C MD$,_R7XP]TK3OAX_I.PQHWRHT*+Q'D#+6'7;5LY1E3MJE,4" MS%K_`+R2(+F=QT.4KS@HO6)0`'O3G-B\9RC_`-NY?(<1S*&.BAX8X8)J$`#T M(M7\:NWG1CJ,6F9RO"$?(\'C3-\&K[DB)//-=I7J!'-(Q0U/\H%/`=-+/H1@ M7;#JAN MVM3VZ=?C.<\TCP[8RT,(7N8/&\LE>TAXZA&8#O51^E5+;``;_9KH"A`JE!_G]/#]>VH=LY^4G% M&OF3LAXCO'D=VK?6_%MC=5.ZDJVHFM4QG&MD$"+`*1OF#H'%4!`A3%^ETX)\,G+A:?!7-[U#+$]B(@_:>YV M!!I6E"-]M]M-]O\`W*<"N8)+B"WONV(D-6.-0#X#=Z[_`$!^E3INMR_>#+-6 MX2/DHZY;U23Q^V3D00F<:Z'U^-)$N9%XU9O$Y)IC"QN%U'+1D=3L%JF!%N4A M,(![HR3&?VX\CR,WM-D;&-2/23WGN/E3M%/'Q\->[?\`N)XY>DK%;N0#2I.U M?+H>FBDY_>,;2TCTWJUQW*3,Y46,R!2K:+`V48IF)[;I9PEA599NM[9^3I>T M8I!`0!0P`)@=1_:_R-Y7BARMDQ3KZ7'A7:M`?T:V5^?,4SM!#9RF51T[@!6F MV]*4/TK]^B?+?O%V?"-GCB"MN=G0%.V-'*R26HB;=9LHD*SA=T5IK69PQLY*JP MCQFZ9GP%".(EZS>E(HD("L19!3Z78A&]=_IJT/CSY#'-UF62%(+B)>XJK,PI6G4@>>I8<]^/>_;.8LM.%LY M;BY$R!C>Y-T49RO2F"]7"@*S-8CN-E(Y\WQ&@^B9J(?(D7:.VZA%D%B`)1XY M`:UPN;RO',BF7PDSV^1C)*NIH=Q0@^!!&Q!V(U/H(U4HV#UFS!XE_(#C;57QDY5S(WV"VGPX2E!DS+\+@48:?C;A/++1M M@X2RQLC1Q,YF'BR@HN#I(D2)W"J?IK"_ZA\F\!N.7_(^4$F!PUXO M]&"&/W5[A3NE/8>Y&)[5&X`J30:H/)6;<%S3X7A%E+)?W%ML9)Y:L6:I5&,G MI(--Z@UZ';3.,":Z;242D99W&UTS'GD?)'HGL78WFT^()VCU:R7![0[4XDZ^ M>]UXAZK*RMT/(R;&7C;3'OE90CI`3N"I$2(D96:\E>/(7EMP7E622/XYR^*] MS&RQQVWM!E2H20+$%C8M0=RA6+>)KIMQ$$L/=R6SM2>56MPJW47OW!,:L=B> MYRK4->[KM3KN-3D[>X'SWJ3G'4WS#8YV,RM2V6PC[#.(=X7MGP[@>L6&B8RS M0G48Z`M5SJ,;C]I55IBF/%T&,NO(,%UVC]DQ-W\%.`T=Q%[GFG%2$M[T0D=3(E8U9U[75"*[=-6IETCQ&1M>5VD`47/8LW6%D%2%4162PAJP=)5,X`8BB2A<0 M"51,Y1`2F#T,`\AZ=46&!Z>9'Z1L?UZL6/LD`9:%"-C04/U&M_W=MG?V_LM_ MJ/U9_L?Z763M7R&OOW>-G_\`2`9<_4AJU_8_T:]:M;_E+I&J`2.M-&H=?-=M%!MM3XK6K$61JBYR_NWE"F:Q5 M$\-;(%TM#U^Z2;KECXAA4$56KAP<`(B#XIA$.K(^+K.V&>EY+D2 MBV>&M7N=R*F7M[8E53^)O<8$#R4G5<_)4TTV'CP%N)"^0N(XW[!4^SW!I"?Y M00`M3L02*ZAARSE+2JI^5J@8+W8C$JQI#J?@>KX:U;KTVJG-8EM/QL6\I) M&)EH['M7N(=2`!M2NY*]1JELNF%@^1E@YO!(O$\]J ML=R*D>6G#YL>Z?:E;]^/W+'CGS92H)Y-U'-W\\ M]A6,H]CZVQ(E)*'(T.*3-JJT%=JDW415$T?L+_*)&^MVYX]@.,?)>)R7`99TCOQ_W,*,QB9"P/#]+_GM6@]!]/_6?KUE8T4D_AIOI&%5IX$C] MNOS-]X$KEF,$#&-S0Z#]BX6&/,_BVZOLS+T7)#_[F,G,H\-`OY7/_ M`)N/:4=\!>+M([6J"02VY(K3R%"-ZY)^.S6T-O.MK[TRN%([7W%/';8?YTUD M6R$Q9!U^1>NJY-BO$VF+JBELH5A:,K+(4W(T6*C9,[Z5C4G"LD1%9@[4`A18 MLE%6JY0.BO2KXG:KO5V)F3)H9U=*XG*(U^&@[:>/!Y8CJG8 MLZI8I5A&RI$UI#VT8YPX(@Y`A&ZJA2B8XY\G8XS%XZXN+>\MG,4+O#[CJIQ@#X5J!UI^_7<_J\_3:!,WFW0YHZ-OT)1 MK]CZ8C$Z',%DJ5*7ZUTKZ[FCJ6<9NFM99[#N4F[)-J;YU5#M732;E14.YP93 MC>4RMICL=D;/MA:XCF#,5H\4<4@*L?Q%C*1N0!VCKO23W/&;@P0RHLH2)6]/ M:=SUW(%:AJT^@ULQSE&4H],F)V#G8B$GH7(6,+!52N&>,K!`'EV3.YK-EY8] ME5=V=#VFJA^UFS:K1+H>1D"@HDSY;;^PX]B0VPNW$W,6RN0`' MPSC%BW-/6&(9+/CO+?+O9!<%GCU`AA%VVY[$R@!$CI@;UX$>:?[FWB;'X>&" M9'1)9%`5E:BK0+6A/\/Z3J_?@6*XCR.0]V)HU]A:5!`W<=*@>`&KK/VNXG_K M/QY_/6M_REUR5KIS407EXTXH._.(J//89SIB/&^W.O-SC,CZZY.EKY#1K.*F MV3Y@\D:Y.2\6Y?R;*&E5(YLZ153;.1;2+)!3VS)BL4UF_&7R+_L:_O+3*1?F MN+9*T:"X@)%#4,%<5_B4G;Z5WK34,Y9Q9\Y[5Y8R>SE(&!5J#U"M2*^'T\!X MZ?-B"H:SX\L4[GF1<:[PFR>4:'18387*=-G*O%GOLU48A`'+AX[^L6_O1;>6 M%PHW.JDFN*`I@J(B0H%@.0REWDHQC3+*V%AD<6T;$ED1B2`&!J/\'3Y:6-K9 M%KQXT&0F53,010D``G>@Z^/Z])!MQ8=-M\]:MG-/V.R.!K1,W'%LW&R\15\P MX^E)JI39_=>4B?DFT?/.EF!(N[P[17E4H%$Z(D-QW=/W$,ED^([52AH8@OC.9M<*T='N.'U1H,M((B\?)*NVQ,ONPLC!E,VG7;2\4N)+C`PB8, M+B/N1NX4/H-`:'S6AU)O]KN)_P"L_'G\]:W_`"GU`]2+0^UW$_\`6?CS^>M; M_E+HT:2_[F>G_P"REK9^HS%_Z+=&C6)]-=/R@(_=2UL_49B_\0__`"MT4KL. MIT;>/34'N1L9:CW7S15S&,SA?6J@80T/TCNVR>4AD,88KKM4E;MF&5;TJ-D+ MHJO66L<,'0:")I(%'BWL-E77N\`(=W5KV^"-I\.KF8XQ)F,SEU@C4)W2+'`C M$E#0GU/4$+UH`?#4%N)&NN:++))V6-A;L6'<0I+@4+`'?9Q2H-/"F^I?D-1] M`\QT!LXC]:=3+[C7(%:3?1DK!X?Q3+URTU>PL2+-Y"&F8BOG;O(Z48N2J(NF MJWTBF`Z9^>!ZJR,S65VRA6BNT M;EHU"/E34/P?!<;B,PV=L[N[FC8,%BEF>54W]0'/ MIZ_CJW7F0D*3X4-?NTAZ;>8_:-?F6>1NO8OKGD8WPCVF+Z0G!L,UY7J]?JL# M78:JPU=%J48:%EXQM!1S=!(L,L@FY%K[::#LQ!*KR0YA'Z4<#XE8W?QO@V6T ML?S#6<;L9((F,P_$5+]I;U#TU)J*ZX?YUF]F.RT.PZZCRD!)\OQTZ?3Q^S1HLJV!TU$6T5AC M#;=A\MDI@A9"5Z_2A7:UKMT9(UR<8,W]@1?L1QK!E4:1)7`*BX;`J60(Y661 M53:,5P>-XYR(88RKH63\G:$`+#0^LI7UMN:'8]*:W;3E.:N99+:6>X0H*U]Z M3<4K39Z?X^W1*KE,8&RX][T6/Q\F0CQKBC11*Q=E`&Z1^I MZ^50-SMI5R^5_,QS/>W82E:^]+OMT'JZ?HTITQA:Q7J'QXTKF/<>/(%C1X.O MIS+FC88QVY:)3&<9RJ1\A+S?ULWD)E5:V/",CR\J:O%;NN;I'B)[:2R# MO!!-31MZ5VKOI"YN'KL-&2-=CH*ONDWL;"-K(N^H].54:R]>D9$2IU^=:L7K M]M%@H4`]U)=N>0)_LY3%*0.I7C>*\4FN8;V3&V4<;*6`>"'M92-C3MIN?,:U M8,UF#(/^\NNVIZSR>7U;5E[]V`PQAC(NSFR\1>L1XJR!"M-?:E),T+ECRG61 M)C*_GVQ14.T9R\0^)'K@FZ4(H(?3.':`CP4`ZY1_N;Q=C88_&/;6EO;2M7TU='P=?W]QE;NWO;B:5ORQ(5W9P*2@`@L2.AIMX:NM_ M\+ZY4376I5*+0H<6 MW>3L1C-)Y"R+*.2EHV(0]A)=M%J'>+IR8^XQ`]SUHQ6,GJ*BGCMJBN7<&Y--#>9FVR=PSH_N")7F%`#ND84A M1MY`C;PTT72?1>A84S7X8MRJEJF>[8+VDQVZPQLO`S^*5KQ!UC--C6L]!<9` MEH:;@YDE%CIAD=1,C%)",<+)F2`X%Z?>=YCCV3,=>V_QM%OL(T:0C(/".=JA6V) M8&)=/JVY:1'YK7N#>(*1R1DDBE MM)#;=Y7M`8LY2_:C[+T6,D9%&'CY.Z633NJQSZ8)9OI[;2/:.9-PV9 MK*$0(<53II',!1`IA`UY9E058T&DQ#RGXC5%VF3%603'8+)(/BES7H2)F2[A M0R+=)V`;FB+D-0"1UII5(<57<:I^[C;SUF=MGGYR:2E MW!M84AS%0-UUSQ"^2REX#C1:SB*TBNKQB?RP]UR6[6C$LZH0I85]PQMXA3JDQ@3S0:NT#<+QQVN,2SE"8&TKT`L. M!K=7&X4".;V3,TS5PCIHS.`3RJRK4I75G<:V50?K*)JJK-TO;1[NWIJSG#-A&&,B+1G/MNZ_U/Q?BK]!J5_'\LO^CR/=S"1GG9ALXH&`)V=$;K M7PU/(IY7<,I)`NKC&^)H&='9%64S9H21$SQ)8S95J54=S0(9PFX**9B`/J5U.O>B_F&N?^]BPDJL+](N;]!A4)W)`N7N+]\[D.Y$>__ M`-'UZ\.O[)3>_;^[C3E2K$\BPMNPF4IQA%GG M<=RZZ*4RFZMEA/04N:5K_^ MM^BNLDYVL.478-"7:5D(QE*2H18Q%118%8QB<6X:O7+@]_)V(.%7*Q7!4RG4 M1!!,0*I[@@GL?[WO$D2.?#WD4;HP)5K4ENHKO=4J-;B\9NRO='/9]AV+?]SW M;U'3\OUITUSMLL-X-S;HR1I29265-"*DR+?F@_>0!&TTUEQ4J2ZML$(=\8S; MY45.Y4#,E541]#B;I9^404M;H6&066S;N1F_*$D]I7U*+SI0^(I76RG$KFY@ MC$-Q;DHNQ[;@`_7>WWT;GH(3$%CH]<@I=R_N44W3D"V&VX<:HN9B4R!*T>O! M7R?:.639Q??%HD>EEBME&QP474!-@**YV"W^2\7:R7&A M!<-6YV(!-`G<*>-=M;5OPG(0^KWHB#O4>^!OX_\`X_[.NN.KV*4;7.NPK&&$ M]B<6-HQ:E?VK&!8)>72F5(AB1U*OKLC`MXT'Z1@47<+IM`1X5$XHF`PX&>$O7MZ7"E?&HK;[G4^ MW[NONCCK7G:;8&:N-?MCQ"V820C6K-C;=?:HBZE&%_@GLBX6?Y-S/CR`7,T, MH)&Z35XNY435,;VA(43$YT_N-S"9?!8JY@M;F"SCF*]\OM=K,4Z#VYI"#7S` M^W5P_#N!EP.:G:XEA)6S"]J>Z3^-?4Q>)!O3P)H?#5P)'S`Z].#@FC2+:H<1 M$`*3.F@PB(E-V&``^^=ZB4X<#^(?3X](E5T&B>*<@& M=.VZSMJW^VG0H%G#9N1L==RBF;(B8P`(%!4O/Y0=%#X=='NJ?PD: MA\\FOD[\E\?)L[1X_:5C^KX@J^/74S?5KO?])+WE1S9V[U^O**0M3C]G;T>5 MA8RLMD5FJ4>S,[6<&7`Z:H`D'5K_`!7:_$5W<-9?(UODY\G+*/9%NR(H;:A+ M/)'N"=JGMZ;ZA'*YN9Q7"SX.2W7$K&2_=4GNI]$<4_7J#S'OGO\`+G"4FI[- MV7)<3=M?8;-D!C^V0:L1J=$S-B?J`TM<]4$Z5%R+#),9"/*H@L@SETFB;)L< MX$!R*H7/&;S,F:H7%.2%:GFOQ MXXQ4F8`I>4OJF,?GF%-FTJ7!,$X=,S]:J+F%0[($^%0I;( M9,7OPOC,_O[E;Q[`I4CU5VU:4*C_>#7GN1B%K55 M"BO>2W:U6J*`404WKJ:AGY$JZ_4(A'ZZYM?K'_(199(T?=JGY`I^2)M]PE#F M#M.`^@#Z"'X^JIH=2L30^##J?VZ4=';#(#A%)PWT8W"<-UTR+(.$!U360715 M*!TED5DMIS)JI*D,!BF*(E,`\@/'2:S`U%1TT[B5A8>=03:S45&R[9)RJ1TG6'S]VW;H=RZ29DDS=P M`KUU9DN#/\@WO!L);R"VMVXWW22@4,?LL[3L.E7"%:GHU1UI35/191\TRYXW:WGY0%XU-6!JT2KZJ*PJ11*4-20=0N^R?(<[.,+)AH(LA)%WJ\: MNIHRU4@@A=@:DGI3KJUGX?--;%K!X^\%X>V$PYC6HYFA/S]F+U#Q$?5K$*3Z MSY"LT]$JRL['DD6$E/#6GK%-V9!PLDF=($B&$J8='$\5/C,!!:7ZDW:KZBY#-^D[U^\ZDV'&^/!`" MC1*8)0$1`HU:"$`$3"81`!8<`(F,(_PCU!JZD?MQ_P`J_<-:SXUQUR4WY@TH M3=Q`Y&JP(CQS^`?J_D..>@GJ/$@TUX=$4`A17N'@/,:_*NWJMSG'GDJWELT` M@VBE2;'9U@FQ&#-U5E%X]W9;'`NF#,L,+)W&M#12QD52I'3(X;B('Y34,`_4 M_A6)PN3^,2F@<@ M#UGPJ!]=],5D52RRQ))_\Q+F=)-RHS;EG[K@2MHTG[[IV9,6Z**1$"`'/ M:FF4"@`%[>K`A7C%K;I&LMB%#?A#14&W6E:::$ENH(Q%)/+WC^$NQI^O1B;0 M5EDX)G%QN-Y%Y)-9F0DCV*%B)5W,/FKUDS;C#NBM0X7'DI+VYN[+L[11&9"B46E0""%KU)V\]>8VNWG+>Y,0:#;O(J. ME"-OM^NCI!ZQ;!V>!0L$-@/,T]%_."167A<2W>2:*G.E\V@":Z%952.`-4_= MY`XI]GX>.F67DWQ]#>.6R&*20#PDBWWZ&G4>.^VMHIR+WB+>.\>/MZ`2$#[M MA^W2D5+1'GCUUZ2TY/+(M8,A4L!LDW[ M:=-.'C_$MY+G[M-!/0O/7S@**+KIR%(+&10D!,ZB;0CB1?-8X$DO9,'8*P]P M&*3\H0YBEY\L_$;VK)+D[*04%`H.WW)K--Q/FD\K!K>_$=?*6E?/>F_UZZEC M_=WL09+P-Y8\A8ASCC":Q[D!746W24]1[M%LV,[`LW]MQA/5]^ZC%_FS(A+, M%BJ)D*)#ID4^F`>I>JB_N)O^.<@^,<;G..RQS8R3)E`RC8LD9##H-P0?IMMJ MS?B;'Y/%\BDL\FLJ.(3L]:[@,*AM_KN/J-7PEJ-2W(B+BHU=<1Y$16K\0J(B M/J(B)V9A]1'KB'7111&Z@']&N%QC?'2WTW%!I;@P%$H"M58)40+V\<`)X\P\ MO^N%@W"L.FN-W6$[!9,MQ>,<(3 M]S:RKBRW)G'UA6;B:6\K'UW]?0$;))"*BKI%@BR$JB7+P`'IKX+P4]S@[[D- MGQN#.Y*.Y18#/*D82B$L55CWG>@H0`:]:C5*?(TT#7]M87=S<6]D8"7]KN"D MEMNX`JK;;^)V'A73$-:/&YX2-4,1W3)5U: MN2MX>%934ZA#I1$99#.A9MU$XY9V=-<[9!T"BG(3OE_R)\K.7)TNA*"\1>9=38,Y=NR,S^M5I=. MY15<;IJ*D.4&970%]#*&ZYY@AP,?PC/K9KJ[Y5\?1\#D MG<2CFAI*[X\AJ-CO*<[@BTW"PV*ZFMK9](K8[;Q-3NPJG]A)XS67>F37$@%] MTO6N3Y4WQIG^*6.8N97:TP;QS)':H\L0O$]$05I`)2VWJ?M(ZC5*8O'Q\AXW M>7,<`C::^EDC!E*JX+'U]W;Z`>ZM!4"H%>FG/POBC_>#L@9;QMMHL_. M_C&QPAXBPOWQ"WOYEXY+*,N)R.UUK[XV`V[-J?32?[>YS+>+DH4B]SVU0,EZ MX`55"[`1TZ#?K4[DD[ZL+:I:X>4JFX5J=9V3\AU'N&76`ROUY,P&M%3L3/Y) M2044AV#BRR,O3GMAD6D><@+.SQ;/O,/;VG[/=4HG.W&'NLM-<8&.2+%NU4#H M(VIYE`6"_9W'5M8A+N*R2&_<->*/51R]#Y=Q"D_I%=.0^Q7=3]N:"_\`"E1_ MT\Z:=.>L385W3]/^W+!#Z@/_`'4J,/P]?PWP.D8T!/T/[-(0#UZ5'[=5O?&Y M@S,,QYME@UDHMP;V-S-2=K6?.8N#F+)\K31(>P=J MB;590KPB@&-^0'70'R;'E+7XRX;>O>N\$ME)VHJ!.P!^T`L&)DV'XF`*TH-5 MGQ5U:54=HK_""1JP,33S81%L1FEL[B5)HF)13; M)Z18D(W()!,8@D0+:@2*)#',(EI_S']^I^<7BRW<;6W) M_P#IK^[1J9Z];=QR::,?NC4&*2/JDFSU#QXU32$?3E,B%V3*3T_$`=8FFN'/ MKD>O+)&PHRJ1] MF@=PZ,?U?NU@;!VZ(!Z[Q0`@/Q#[J%#$!_A#\^PZ!'$.B*/T:#WL0"S'[OW: MKTXAQ=L3)_O'6U,6QVK@TLDU[2ZE#)Y"6P'4'*;J-<-\2=M>CZ4I:QCXY9LB M[1.LZ([!4P%X,3@X\7]GH+Z'^WC!2-/7'R9NY[81$H[6'>"WN]W=4'JR]8&PKNF!1'[\L$/`"/\`W4J,/P`1YX&^`'2$T%=`%33SU3CW%VO\ MG^5]I]_F52DM4=E,$>.N(=0^4!SKJSKM-PY7!.Q! M)9>I\M4IR#-75U>WLT6/BO;"T]#=[H`!7MV#(P!J0/2>[[-](GHCD>3SQL/J M!5,^:>:PX)B-G;X,WJIGC$NE55@X^6N6-I8RC.;0CI;)#0\Y5(.SQ0(.CH*F M0(Y]D3-5TP,8'WY)XAR3C^$RTG'>77N4M,\!=O(>2/ MF^7+H#?;(;`M6C3593($1=+1BMRE3BW!:+L$98;6U49.E%'""K1V5HJ#8_;4$$#KJ:\N$]U/@&\L%^'_\4J,'X?\`Z\XZJU&[U[O` M]/L\//\`QY:EW3;67V);J_MRP7_A3HWZ>=>M&G&Y,@;%'Q]99!RQ11=)K0RC#(5;MD(1H\47(H=5-L1R442@10I3'`QHTSW-^N M>S%TQ#EJHTW>S(*=GMV-KM6:P$MCS7*-BT9RV./SEE>9*%I\='=(TJJ17VU(+;$@'IL-P3L1335F M[>]N\7!E6OBQVI6HI4;5Z#K6NJW?CD*YA\-Y$\)&Q^4LE:?;%3M5 MS56T,>*4/`S[%V?FN1&LL<)FJ91?4R9LLE:K!&/^52FDA^?;LN^.="(?+H7] M\B6%Z>50_,_'[E,IQ#\S;.&.\UN$I2">/P"4I505!VZ'>J^*YJSGQ,_";A&M M^IG?'9I9C+3G*^3\30'FBM^3=L;ZC#M,I8Z^O\ M%6`6TG5EG\F8D7CO)$=DVQ-;.V+-*`Y6.]%^9N8?<2*4"^W0G/,UG.4PP98X MD6''H`P1D@"U#FJEI$0`B@/:#M2E-6+QBUP>"E;%PWJS9AMW!=VK_P#<8[]- MP=_+KJ9P^%\Y'$!)O5E1(.TQ![,7ZMB)N0X`XBIATX=Y#!R'``7\8#U6=014 M=-3A>\[@FE?(?OUD;"^<>/7>C*(\C\/LPU=X#U_PX>#GTZ\M4@@>((_5KW(K M,M%-#W`^'@1Y_P"/+5:[7W%V4\)_O&6V6-E-F[A4WFQ.O2>0F.0"TK#CB9R( MJ@SQW/)L_JJ3I#FC-3,58>6X.RCD7`DCS`)@[E.>E>6S6^>_MXX_DTWN<;?O M:,`/PU[F`)\*BAZTJ=CMJIL)V`@^O(^O7-NK7I)] M?N'[];_L?S7[@'#=K)G:!DS"E]FNLW8($!0#%[OLF!0`4$X"(]W(=H<<9^X?OT`P[FGN1,;=[*G:ES[B9,<:OE(XY'_;>[#BAR]O^M[#$_P`//1HI M)]?N'[]<3G!^:'!R*$WQS>S$J)4A(TH&I?M',4P&%`W8BL<0X'@P$[1X M`H?'HTG:_FWZOWZS/@S+9R*@.]F?06562%)1.GZF%*@0.\#HIH_=X.F8%C'` M1,?N.7M`"B`<\XY&[1_Q=K4\JT\3T%/"OCI?;=E*U/4&OE0U--_+K]-5P/&U MCW(F>_-/Y33]L=QLS%P)HF5:N\3*TI`WR6-% M%"'B8A@H")">\6K(7V+9I(8XI;SY@,04_;(1UCO55<4 MQ`1$%BG2P@U,940'@>[DHAQ]$!]1YTKJTPKCS^X?OT1,E5V]8EHUJR9D?R)7 MJBT*C0;ZQ6VTSV-]7&\3"P\>M6]OH,;:O>WL@CMHQ4L1M]PJ2?H`3 MY:HV7?4O23R)[@VR5U6\KZ.+[!LO99*2R11MCL526,GEZOC^0D'[I6E&H<54 M\1V6.LTJJ#IK!2`L7Z#E8YD_>54]LO;.+YI\I_%7$;.UY9A$O+C&IVV=R%AE M_+Q4H4:C,ZL!X^!WVU14T^"Y1DY8L))'`7D[FCN5D0/(3^->U66A_A!*D5I3 M;4TFG_AQW'ULRIB?/VWV]]%0Q3H+AK(]8UV;8M@ZY8G5+J3B+F%IR3E8W(>/ M$:PR01K[U\NZ750D995=-L3YH$VY1&F^8_)^'Y5C9^-<.L;BWOM*_N M-/<`CM"&K%5[OX6V!\-]3;!<;RN,O1E\]^5-M:PL(PKR-VBA/I!HHZU`KN=S MI&/&GB/:OS"[(RODGV.V0O4%B+7[(KN'TEA'%>K,JXZ$A5`.K)8`QLJHL)C%%,Y@C)^(2*9,`$/HE`!Y^'7,2@*H4" M@``^[;_`U:!$E:[_`'#]^G51+@6D5&-96=92\HVCV;>2E2)M8XDF_1;)IO)` ML>BX728%>N"F4!$ISE2`W:!A`.>EUE'3?KIL/W`M&OV/=9OU(8X_1WHTNA]P M'1G]CW6;]2&./T=Z-&H?/-)X<=;,O:BV_*NNV"L8XIV*URB)+*V/)C&]`K-: M5LL?5BIV"QTZ98Q$8W:3AG<=%G7C/?34,W?I%*3A-=42^QTYG2_9\P^GD.(B+HSBZO6[Y M#P[>3\FG0 MZA/=:9:UTC3?="WW6O(DW2P9OU5<.8WL]K&HDIT[J"O MZ?/ZZ54=`=&N/^Y[K-^I''(?Y*Z'6GITU`7YO?$]58>LXKWLTHUWQ)%95U+> MGG[SBJMXLJBE;R=C!F_1GI%Q-4=G'(QEO&K@@Y^>:&14]ND7JZ_ MAS)\5OKJ[X#S!(!C\JM(KB11_P!O/2B-[E.Y*FE!4"M*C?58?(%MR"TD@Y'@ M6=H[0UFA!:LB]:@#8A1^+Z;^&GZ>.Q[XM_(?K[6\P8[U-U4B;@DT1996Q0IB M?&;VSXOMZ?\`%O(N4;_FXBY7A7YB_,1D@"0-WC10H@8%2JID@?..%Y;@O()L M'D0'B4UCF7_IRIX%37<^8\-P?"LGXWRJQY+CEN[1E_,@?U(Z[J?/P/:?`_6F MG_AH)HP(>NGNLWZD,<_H[U$#J3(2RUUE]P+1K]CW6;]2&./T=Z->M:S:"Z,A MR/W/-9N`_P#LACG_`"?F[U@:4K)V4VT:B:\FU\\;NF5':ZD,'031@/0=/=9OU(8Y_1WJ&:D>J]_P"\CZBX-QCH?4K9B/5[#U1K338S M%R.:+)CS%=*KMB8XU=%FF_RXS,7%,7S-A*V=9BU,)5"IF_]O6. MPF4YI<6616WDR,F-N!9I,H=&NNST"A!%0*E?J-5O\DS7MOCX)[5I5MTD_JE6 M*_\`+N"*_6NFT^1RB?N].5/&C<<@:[1FI%1RW5J&P^P)IBZ%K5-SH%SCSQR; M&GW*DH#&6V:1`8":6Y`8= MT;E2WLQ$'T$.ZBJ_0@#<:VKK/9*'B6.M2LK9>];LJQ(=1W4!:F^]5'_*:]17 M5F'!WBVT7PUB+&F*"ZMZ^6HV/*/7*HXM-@PWC]_/VB0AHQLSD[+-OG,"JNZE M9V135=+'.83"=40Y]`ZH')WTF4R5QD754]Z=W[0```QJ`````.@`VIJS,99? MZ?816A9G=4'E8160615(9-1)5(V?`*HFH0X@8!]!`>.O2NR'N7\8( M(Z;$$$$5\01MK%-#'4.87RY*55I`RM>.WDFS19T0KH MK82_+F<`17J\XOD'--CXN9X=';,V\(L\D'421SQG_HRR`DL:"BERI`84+^&N M?UX%B[:]GX+F;D"TN)FN,=(&<3H6K[D5""C!:]0P&RGM#;Z\-796IZ=)63QP M^+#3?8O,.Z60+TI>LO7?8.#Q+=+1C>?A6O>PN3\\=<)*FH6NE-7?N1BKM1FP MA5#BJY^9=..Q39][*+G?R0+V'C<5N8[=+8)&MPO\B$1GQ[%8M04`& M^L1M\?Q['S\(X#-;W'(O<+237`[S#(HW:BQ,.]:]205J3UZ-6T,\G>;]$,ZY MREUZ?L[N/K/(3T-9-RLJK4HUDG:+E,8J5BYB>I4R?+,S5HZ&9V]VG'*.'SU- M.?:LO<130."10>N7\=L.98JS6TQ_^D\H-%M(56"-'C.ZA^^9&D=TH>Y@>TL1 MJ*<+YCF>)YRYM\AE;+(8555I?^MW1L:!F+^P5]4A:E6`(I3;5N+#OD>@<^8W MJ67\/ZI[>W[&]ZBBS%6M4)4<,F82;(5U6RO\6ZSLW>LGC-VW41<-G"2+ANLF M8BA"F*(=N!#@>M&@^_6X55MF`( MI2GF#U'Z=5]=H_'E:76:Y7;OQR8?WPT>V>>E?N9-K!43"KC#EU=2)B'EF[^O ML,\J*U9.?,03/$T6S^)67`J@L`4[E1NWCGR\IQD?&OD7'PYOC\8[48^BXA7P M*2?B9P.A8_Y`55D_C9[>]?+*2^["0\.DV2=77%*5487=XW2>B#R2E('&=QR)'NEU6!B@F#>$8%!0!. MH`!R`8;[C_P_FYF/%\GE;2=^D=Q%"5!\%JTZ5'A6I\Z:UH,E\E89`F:M[&YA M4CUJ9^XCSK%"Z5^T#])KI<5?/#MA*LO9J7@R\BLA8U8Y"09L):M*Q<2H"P>V M85)(E6SLX:&JNI%QT(PY.12BY+3`U_%>9 MLS,3*,?XAD\0GHJBFLL1=S)NDQ$JSHR8^V#)S'Y*SG+8UQB!;+C$0[8K*#T0JHZ=_:`96I MU:3N\^N^G[C/`,9QU%F=VNVLA>`TAW3``Y M'Z--PF'Q$1^`9ZZKHMO0UU/22QJ>NFB;W^3?)&L^I&<\YU;2W:..M%!IJCRM M260Z?C%.AQ=AE9&/KT+*VXU>^;"XG`<0A?==14]L?>R*6:E!5@#6N_BR,H=RJBCEAVBG<$4H>@VT[O4O$WA0V7CW.TV&_%]LW*H8TFW:V2Z4]4 M@7V/,6WN&9(V.:@K90+?L3&POR59*?WD4U(\D8H@0!!#@IDR1#E7R/\`-6(K MQ7,9"][[@`1MVI[LD46^:@;'6_!F$F=DP/X_:C2:!C5U$P\,A)* MC=KM!-`[8:"3D.9/(;QHWL+4]ENL9-`0*$L"H M/<*[T\3O0`:L`!MY;`'D-(=T^>./^1^$OA\?Z^NJ7\:^.K`&PH.FLOO?VW]B M'=/^9^$_[>NC1H?>_MO[$.Z?\S\)_P!O71HTZJW7>F4&,2F;S;JO2XA9XE'H MRMMGXFN1JK]=-99%DD^F';)JH\62;J&*D!Q.8I#"`<%'@T:3W[R6O0>OV\X6 MXX`W_2E1O@/P'_A[X#T:-:U-E]=$4_=5S]A)-(3`0%%,K40A!.(@`$`YI\"] MXB8/3X^O2C7EB5%1IBV]\3JEN%AA;'\=M=@ZA9GJM@CLGZZY+CLUT-C.8US= M205=4JVL3-;`H\=,&\F4$)!N5-4%VBBA!*)N!"4<0Y&W&LF]S./>Q$\?LW41 M_#)`Q]49I2F_K!J&[J;TVU#>7UE)'I;JP\=FZ&OA]FH< M,F;S4:_^-W?B3Q1+8-UG\GU-:0\-M:_QG4K4Q7TK!F7&5XK\@WD[ MI4[Q36#IPP6:*G5:G,NV]%0246LK%8RVBYYB;;)7/YOAC%FM/==F@B#@LL)O1_7G)&W.+MLXNVP6QFJ]*IUUT4G+O5+;)6?.K1I]42MCF*A-R@VYA-R- MB4?-GYW0)1B+5R[=IK';JMR$V\]<U0^P M([`/;&Y-`.NFVSMN%<3XO=WEN\L_^HV2I):>V97]PIZNZBFA1JFFW;]:`@[: M'[#9Q\0/W22A&K(B,RB)%B_&&,=9&;M<`J5(J12 M9#2OR^Z3[LT@DY4LMT[&U[CFBKJW8@R?3\-S/%+S\MD5#P.*QRQGNC<4ZJPU:_&>98GD]C^: M@+6\_C',.UA]H-/LT]!/:#6E=0R:.PV"5E2>UWII9;H"BA/?.":'<4M@$Q?> M4$"DY_*,/`=134I]Z+^8?>-=)MB]=>XQASUA MO`0=YP8H+DY`W`AWE_&'7J@)W52?L&D[H1T=A_Y_P#QUYSK;G4^*%-- M_L[KLP.H@9VD5[FK&K4ZK8#!RY3!>S)B=`!.`=X?1]0]>BE/_A37L2P@4[OO M8']===#O;35B/%\#[9?7QB:-*V4D@=YEQRW&/(\12F-[K^875 M?3G$U'S6VLE:V'H%IR17J-/R."LG8RMKJD0LT20,ZN\@Q;6A=Y,1T>,8JD1N MR2546<<)F.ER!AEG%^!9+E64FQ3/':WT=L956>L8E*[=BAMZML!7J=1W-\KL M\,D-Q&IN8&>C^V:LGD2!4@$>8'VC5;[>+R2:F8T\D[#/VN.>VVV&O^T&'6-" MWQU_D9Z0=XG?T)O'1]?CRTP9]W#133('YJ+K.D&*/)V$BBHD M&9F_^+VQO((K?%\HQM\3C;OT)(TN[K"_;U5FH*GKX=`32_*N3XW&FL;9M!MC,*VG0C8BN;2>*#;%3YV6PW< M,WXYK]GU.>VB02<'NZ;3(%KC)AHTJQCK?/%00(_>BW68OT#/P;.U(?SKD7&> M=<9NX^;6@Q_RWCV"&1*JMX$':_=XAR``O:1X,"032;S=6 MEJ51(N79K.XUHZPU7[*B^B#WC)]_19F++O&_S21DTD6[A_X]Z?ATZWABO,FW'./1>S#(YDN9 M`**YZ,1M1B2*&FQ/F`:V"L89&U#Q!CVDXNQMEG`]8HF/ZQ$4^GU^*R506[** MK]>8(L(]F@1";*4XI-6X&4/^4H<3'-](PCU2E]/<9*^DR=^[29&5RS.2226- M3U^[4YMX+>PMUL[-%6!!0#;?S)^M:D_7?2CI["8%6,!4LW8?4,80*4J>2Z6< MQA$>``H%FQ$1$1XZQ$>6M@2@?C(`^T:]IEF+$DB)2L,I8Y?',90A2LKO671C M'1[A5(4$)101,D!![@^)>!Y^'10Z7WHOYA]XTH2"Z+E%%RV62<-W"2:Z"Z"A M%45T52`HDLBJF)B*)*$,!BF*(@(#R'2:]@@BHZ:8C8M>MO[>Q)%VW:G`]HC4 MG*;Q..L6DD?-L4W:1%4DG1&DGL`Y;D.`+Q_=^U3CM#X!Q]N7P#HT:`:;9_`O:&;M5RE`PG`H>/ZJ`7O'CDP`& M<^.X>/CT:*`]=;"Z=;!$."I,Y:LD5`>XJA-`*L50#<<=P'#.8&`W'X>@T(*G M\)ZCSUY**W4#[M,NVV\4VR.61IF9\7[(X$I>T&`6T[*8.M=:TUJ]-83!G[0Y MY#%F0OFXVQ,E$ODC(>TZ2,Y(IQ\LHD[6G7+./`W[*(;IF(A`[NT"? MM9O:]LU%'W(4G>E-1O`+QN[D:_>Q2WY"G=W(W=W,XW)13VHS5_E78TVW&HI] M@$GVL+(P]7B)*UW2FR M4S-M)'YYY'.VZ2KM1!8YD"D)\V-D\:X!R6&&+B%]%B\CPC(R'_W"$"98WH7[ MFE$T;(M`17N`W'CTK+DG(,$E[+RBR>]MN3PNL8MI':%)S2@=2D3*=NO>`.IZ M]?+V>U0RE@?QTU#,VQ&8,6(YX\CN?J+D;(52L>!H)OFJCXL:GLMHAIZJJL[T MTD8>/8?,L)&3B6<8@@DL_:LU%2F;II]:N)DRG(N9W>,Q1AEQ.%LI;:!EMNZW MD:G;VA7D*EV-:2%F/<-JZT,^N.X[QNVOJA\1U&K3M>>X[+YZQP'&V2Y66(M*]0IC"@&C*R5)I4FA7>FYKI^^Z M4+DO3?"2F8KMFO5(D2[O-"QTTEY/Q\U8*G69[)=D:56$M607;?.Q9"-Q_`R+ M\CB7U%%?50@F@\=4[!\JW<>;NL?EC MCX+:V#$.L_?[H7^0?EZN#44IL3M4;D3H:?US-NX6LN'MEJSE'`-*@U8YTDFYBU#-U4Q("CR\BK[77R%V23RU@VOQK"_P"K^*]?M2JY]59YG;7&Q]>K[6>H$#F6CV"R M.6$@PE&0J+V%\X8O6I$RD(@Y!,W07!.+/+P`9[@-[8VW(*2+>O<1@-`J5?OC MD:1E-:"E(U%#XG?5)L[J:T0CVEBF[?=J0%94C12#0FH[R^WCT M#B2:897\=&]^G$3AVT8_J&OWDUAS8IR!AB[:X1;ZG4"]+P2,HM"6'$D_F*X$ M/-1;24:$/[,Z!`6^L&Q1%$PE/&TO6MS[JRRL]*CM[3&RL1V]RU/,:E3*^;`<3%VI/E;'93"6#9@,^;L'1HHTM20TPHJM M(R7`$AKO4H=]Z'39;?'5]@\G.F-MQ%AY*CW1>$$15KVE7B+*:4.S5_XR.IQP M=B^U6&-4\8?BTS)CC-%/J[JT MB]JEA*07!J5(-#(,9W-2JP.U/K>\:,5.U7.QR;]TL\>SMKL:F:FIYF8T[B"2Q9C5B3YL=S].M-.'#33/H``!FW54`*`@`!X_:H``!@$I@``SEP')1 MX'_!TRBM-^NG*@\AK`VF&>3B!CYJU2,8!*8#&\?=2,(&*(&*8!'.(B`E$H"` M_@$.ETA1#U`^[1<>:`9,D.[Y_(.E[[O7S0?N7 M='5,*AQ^D<3")A'D>C2>W'_*/NTM4;A/=:&CF$/#[>X9BHF*9-8V+BXW3)%C M'1L2;@@Z0,=55J@NHLT]MU^WH5I4@5VKJ+Y[CL64C]^(EI`Z'4'FG%SBL^[-P'CD\[.O5%LVY^*EH:UZU;`6QHPC9'-<-5G0/8VF M/;S6#0*&2R._JU>1CC*=S&?:I.6[YF1^@H5Q;/-,7-B.-S<^^'KRY_\`Y[D` M5N[5#W"T9_5[3+3T@$`!OQ=!6AU`\?!:9?,C%6%Q>S++%?1, M2(R*$*Z+ZE!(H6W\SL-9N:\5S\V=@Y+A?RLPMU"BWE0%6%"#4;$FA(2AVJ=O M'2=>$?63.,AM'NIO7L3JVRU%G,CGK^-,:X@88[?X[B6[$",)K(%LK];L(#,Q MS.3?1,`I6IWUI?&/%[N#*W_`"C)VR6MY,SHL2H$6*IJ0FU:`#I4]?ND-\TN MN66=HO'7FS$>%8,EGO;E[0K:VKOS1&S^18EN3V4P:1(V'MS0EJNJ@U;N&S"G6FN4,9Q.WERUU-E,1?31M"\,, MA!K&31HP:`(4#@#=:[DBIH=7E?&UKG=]3M&=<=>,CNHEY><94=6+LRL$\6?Q M9).3L,Y8E&C5ZX:,3N18)S)4%#@D1,RJ9O;Y)VB/'_-LU!R/E=_FK8-^7N+A MF7NZD;"IIYTK^G787$,?=8GC=E8W@"WD=NH<#<*W4J/LK3]NB=Y$]$G.Z-$Q M\XH&5977_8+"-_C\FX4SG785I)S-6GV#&19N8.3$#LY12I3J+T/FT4'!/XU) M)0Q%2D,D?6HO<'=PF&>WJP#*=ZCM.S`]-:/,.*_[BMTN;&2. MUS=LW?#.1^`]":]>F_D.M-1.8:Q[@K7S;K&F:O)]Y=\7[&[/8I:66IX8QE+V M.EU2C8GE9]@:+D+*[A6ZRCUE=74**R9UWY(TA#K&,;WC$0%*;YB[R&6XXV-X M-QF[L,+*0TLO;(TDU-PC$^DJ#^&@U!<-#C<;EX\IRS.VUYEK=2NS`A:^=.E/ MH!OUKHX^53R,0FPF,*!H?XVLK8KS_L7O7-2N)'$ECFTQ5XCL6X=5C'`9/NUD M?PCE_%UY`T#[[8RKPQ5$V(NUD2"LDGUO?&/"),#?7//N?0367'\)V2(DB%6N M;DT]F%0X]7KHS`?PCKJ1\IS?^M0)A.-O'.;G_J,":JGFI!&Y/VT%:C4RNDVH MN-M(M;<8:YXRC&+:(H=[F+1O^=-\G`2[SJ2EEER*+]ICF^7 M0%-`G":1"A4/*>193E_(+CD.5E9KJ:5F[1^%5)]*`>`1:*/LU,,+A;'"8];* MTC530%F\6;JS$]22?/3M.F/3QH=&C0Z-&AT:-#HT:C]O_C$TUN$*C%UO"V-\ M5OTI%!XI8Z/BC#LC+N6J2+A-2)60R-CR^P16+HZQ5#F39D<@=(O8J4HG*(75Y/M[S+.." M"4?=PQJ(7O,*@'`YO8UK1X,!?H\!P'`\_'@0-&N-'P^ZRD40.=Z\5!)NJBQRJH)A*[6!/65UB0.#ZB::R)X?]9RE*47SE M02F,8QU,(:?B/2=.FLNH\?(%^[FX_P!DJC0I MS7S*L=BW/&)[:G9J58[5BC"$-5)%F<"*N8&>4PWAZBSHE1?M4'+-9T67;-SE M5(+,X.#G+8?QOS/#<3NKFSY1BURG'+R)EDC[@K*W\+QDGTN#X@5IXZC6=Q64 MO9$N\5.L-U&*`-W=K#Z]OC6G737,3?NIC6P1DW8-N]Z4K1E%-TB%`A$^![@?KOY(XQ:]L/&^-8N.W6 M@)N8Q,[#Q#$[';:IJ3IOMN.Y>?U9:\<2=0(G<*#]3W`D5\*?IKHORG[MQNA@ MZ/<>6%R\<(+*NR1R=NF*YE%5HB_,<$5!!!)/@/@ M!>`+ECYA\69>8/R+CGY9OYK&3VQ]GMFB@>.V]?IKQ-C^:62N,=<6DT?51(9> MXFOB6+>'U_3HG-?%[YN*E+M9&9Q+XWLPP:+=%P\K-?QQKU1)!TH!R+*LVL]) MX(:`U>^VB9#W#$,ARL!P'Z/(.0V=T2.UOZ.74Q27DD6B3-VRRWJ8A7J\N M<.QVYLD8[U@?R\BT2.8%`38.550`IB@8_)>H_+QSX8$@:/D&56-36BXU"6_X M:M,`H^O^6MI+_P"1&)5K2S*'QJ@IY&@F/=]A(^W715O$IY7,@332.M,;X[]= MJP*0*R=C:88PQFBP)J`U(G\O%0#?`%58O#J/D14_CGK,B:*_;WJ&3#NR74OP MOCX*V:9G(S4_B]NW)/GVAF44\*-OXZTX(/E*>Y/YB7'QVY(IZ34#[%9M_OTH MM>_=E/M-M86_;_=C(5D,=%!NXH6KV/,?:[44S9`$DP*1")B'K9N=XF4_S'LQ MJ2B@B`BJ(AZMZ\WXYC+8V^"P-FU=Q)>#WIE/U((6@\AX^&GB+CN>O9O?SE^H M[30+;F101_Q`GMZ;?AK]=/AQC^[H>-W$T8C#URB2LVP!Z^D7ILD4_7?*\O*N MWZ()**25FR1@FSV=5%$Q>])$CTB*9^>"<"(=0W*7457VSKNY3MX[2]D9X M8]Q6GJ/2K$;L1X5Z>&L]IB;6T-8#,#2@[G+`#_A%:`_4:5$/#WK6`"`2CX?X MSO\`I80TS]"=PF]H.-82CV=H\<_EFO6Z4D!H"2/\?76D/#QK>!.WZ[ MDC&[^[W#8.TN[@+QP*?`:N@42B/KR(";_#T5&D[9?,_X_3KN/X@-9C<"F]FL" M_AZ]'6-.NL^O.LNL`_+'^#_S=&C6?1HT.C1H=&C0Z-&AT:-#HT:'1HT.C1K_ !V3\_ ` end GRAPHIC 22 logo1.jpg GRAPHIC begin 644 logo1.jpg M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_ MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`"/`:`#`2(``A$!`Q$!_\0` M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4% M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D* M%A<8&1HE)B7J#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#^_BBBB@`H MH)`ZD#ZT4`%%)D>H_.EH`****`"BBB@`HHHH`****`"BBB@`HHR/44F1ZC\Q M0`M%)D>H_.ER/4?Y_P#U'\J5TMVOO`****+KNOO`****8!1110`4444`%%%% M`!1110`4444`%%%%`!1110`4444`%%&1ZT477?;?R`**K$@=2!]2*X7QU\3/ MAW\-M*_MGXC?$#P5X"TG;DZMXT\4Z%X4TXG.,+/X@N8HE/L&/J3TPXQE*RBG M*[25DW=RLE:V]VU;O==R7.$;\THJV]VE8[T9(X4?EG^>?\_6@Y'51]<8_EC_ M`#^%?C%\9/\`@N)^Q-X-\3Z9\*?@5XFUG]LGX]>*I9+'P9\&_P!F&U_X6!JF MO:NH`,4_C>&0>"=`@6#S&>:;46\M\XB*LS+Z5\/_`/@J7\$H_'L?P9_:JT76 M_P!AGX\1Z'-KR>!/VB/$O@;2?#/B[3F8P2ZO\.OC!H'B:X^$WQ"@@\M5DDL[ MZ.XBE4QBS41L:]I\,9\L,L7+*I1?+*HHR5JKA#EYZGL6UB'3CS14ZGLO9QNEDY6Y;M]+WTV/U9HKC/"?C'PCXWTBVU_P9XK\. M^--%O`5L]<\+:YI'B+1I#C.V#5]">:!P1P6$C`9YYKLLCU'YBO%E&4;J2<6M MTTU;9ZWMI9IW[-/J>S&49*\9*2M>Z:>G?3U%HI,CU'YTM*Z[[[%!1110`4=* M*\X^*FO7'ACX;?$/Q%8&?[?H'@GQ?XBLA;_ZSSM"T.YG`7L6\R-"JX)SDKRH MJH1YYQBMY2C%?-I?J3)\L92_EBW]RN=P"KY*-D@XQGL>.!QQCL>G..E6"`V` MW!4C!Y]>A'M_+CCK7\6O[`W[;VG_`+0?QS_9V\(?$"Q_X*UWWQUUR/X<>,== MU4_'?7=1^!UZGB)@\GC[Q)X`\,R^!XE^`)\3%P1Y(4>!&#L2JE&_1CP;_P`% M<_VB/BY\`?V??CCXK_:._:7^+_P*^%_BOQCX@\1:'J*?$/P_X]T/ M_A)="\3Z!X8(A\.>%/!__"P="?P.O+/X#A@DN`3#;E>[^.G_``7G_;/^!?C_ M`.)'PQ^(6B_LC>)/AAX?C^,?Q&G^.FIW*)-XAUWP)XXT)+?P[ M\+?#_@_.^XB^(<*WJ2F2.Y".IC7M_P"(4<73Q[P--4*E6,)2Y8UJ+O^%1>#K#PG_P3D\>W=\WB?7-6^(/AW1/B3X!_P"$B(^'VXOX1\-NWB7Q M%X=3XB,QQ+X"WL0"P4?T'?M8_MJ?&O\`8X_X)L>$_C_XWTGX??$[]I35M"^# M_A1E\+VVLZ7\*M5^+WQ7FM=`AUH!XRR_'K-I0O MRY*E*4K64UIK%W2>EGMUM:VK_87Y1W`SSUZU$Z@]5/48P20<\#&!^7IGTK^7 M7]H?_@I-_P`%'/\`@FEX8U.U_;(L/V2?CKJ7C_P2;_X*ZS\,/%$G@'Q3H?Q' MD+>;X>\3_!V8/XK\6?#+PBRG[5XT\&AKO!`G=9'#+\J1?\%SOVP_AE_PLWP1 MXONM"^*'B?5/V9O&7Q@\$>)_$_[+OCO]G%_A;\1O#OA]_$9\.^(O`?BOQ;+/ M\1_A:OALK./&EO+!-YT4+>8T8*MI@/##B;,L%_:&7JC4H2:4*L*T)QJ1O%2E M&T9*T&I*?-9IP:C">B?FXOQ)X=P>,^HXR52,]&URW2;LTGYM-6:?5+1G]F&] M>0Q7CMGK]`??BH9KRV@YGNK>+/`+,!GMQSV^E?Q]_$_XA_\`!6/7_B#_`,$H MO'FO?M=_#?PMXF_:Y\::YXA\)>#O!/@3^Q_A?X`T7Q-\//#WB@^'_B#I)O$N M/C3L\*>(V6V:6>T%KX[V&V>&!(W7\M;C0/VE?C?I_P"Q?\*_$_Q\\#Z]X1O? MB+_P4'_%OP4\1>*/B3\0==^(I_X2O=\35\7F63PE\/5) MV_#_`,R0J,LV?;R;PAGF$(U)\6X9*S=11C4J*+3S]249RA2YDGD$XIN$5)U4 MTERI8CEQOB1'!VME,VG:VJ5XM0EJHM]&G;R2O>_+_H;:WXE\/^'='O=-KSX:?!'_AI+Q5\0/B) M\.-<'_"FT^('P\!`'P%++X=E^('!>1R%9BB(B_U/?LG?\%(_'WQ>_P""37B7 M]O3QQ\.M-;XB_#OX5?&3Q9J_AGPU-,OACQIXI^#4?B>WDUKP]++)+)I/A7Q= M<>'1++EXS9K-KB@$)$Q\SBCPSSOAC"T_;>S:JXET(2A/FTJ5%'#3ELDZT??E M!.7LU*$9?::]3(>/,HSG$M0YHR4+ZQEO%)RMTTO:]V]WU5_VE(']T_E]?\/U M]S2$*/X>G],_X?K[FOY/K']OC_@H#^SW^R_\"/\`@H#\9OVL?V9?CGX'_:!\ M"^+O%U_^R9K/AK1_A3J=EJL_A^+Q/\/O#O[/?C[X=>%/'/BKQEXG\(QH8OB% MX7\;Q3E#]I2"XANHY"G1:?\`MN?MS_!GX8?\$]?VL?%_[57P^_:4\-_MU_$_ MP9\/_&_[--E\*O`_A;3?AVGQ,T+Q'XES\&O%'AD_\)D6^#4ELGA+XA_\)K+X M]D9X5DD*N%->;'P^SB?LN7,J;=?$3PE#6KRU<5153VU#F>%2BZ;H5USSY:,N M1JT/ZEI-SN@0?*,,<9QSC.[C@7W8M M*S5FK)R:W>BLG=W1_?+NF)P40#)]!TR/7/ZN.>AP._I7\6'C M[_@HW_P42T/]H^/_`()Y?"_]IZT\4R:?^VU\./@/!^W"/A7X'\3:G?\`A?XF M^`?.G\!^)?#3+#X.D\8>#O%8\0[[CPE!%<'_`(1MDD2,M(AL:E\0?^"G%S?_ M`/!5W2+;_@IG\5%TK_@FEIVD>(/#0'PI^#W_``E7Q2U=_"WBCQ65\4E?"Y70 M?"S#PYY1$/GAMQ?F%6<8?\0LQ\?9+&YWPS2]O&A5HQE'%*;IXBO1PU!S3I2= M.4ZM:DI0J*,J2GJ>U)O!.`R]O7/OZ_P`_RK^+:\_;T_X*,_LU_"?_`()V_MH: M_P#M(ZM^UAJ7[;NB_$1O$W[+NK_#OP/X6\!V$DWAX>*?`+?#R3X:^$?^$RW^ M#\JMPYDE:X61Q<$AV#;'["/_``4\_;.^*7Q;_9&U?7/'UY\0KK]I7XZOX,\? MZ-KWQX_9M/@2+PF:3H MNG*!G-QK6O2PP(,!@K2LJD!54*[+'347-\L4VWHE'5W?:W74F4HP3E)J*2;N MVEMZG3%N`2H(!/MQGG'.#T_QYXK\O?VK?^"GGPM^!GC[_AGKX.^"?&W[7/[7 M-W8R7UE^SE\"[0ZIK7AV)DV+KOQ@\3ASX7^%WACY_FO/&4\$C-'\ML-Z2I\; M?&/]K_X[?\%'_B3X@_9)_P"":WCR3P)\'_"S_P!G?M1_MWZ?:-/I?AW2_$*S M;/A_^SL[83Q#\46BS)+XKW"PLF\UXWV+)._BU^U)\8/#+QM\0_$WQB\1P^&O^$Q MUZ3Q5*VNLMY!+X#F@E$2DJ-"$?:U&TY3H)KF^"S7B>6)48Y,W9OEC4Y?B<=9N%VHNRW MDG;2ZYK76[^T9^V9\;_!WCWP[IW_``4L_;]E_8GN-5LH_&6G_L>?\$_?!&M^ M/OBEHOA(!XF?XN_'T>%O',Z&)H@7'@RTLK682K+:/*C%U^N?%3Q:?A+X?\12^9X@ M\.>'_%<4G@S_`(2=!KBA53P7X'90[B4#,+GI-,_;;_9N_9&_X*R?M7_M2?'2 M[?XE_LW_`+6'PXTCPE\,?C_X9\(2^.O!]EXP^&L'A_PKX_\`A!HSQI(\T*>* M="U_PN\>R0&2'P(O^"D M?Q&^-_P>\+?$G3]:TS6?#_[.'B70)?#FM:YX?\/LZK")G70D@\)SR10&7PRR M&=78;OUW!Y'DN587+,3GU3_5_(K<-3KNG".'I8AXVCB)5E0I4HQQ$*G#]9QJ M5'6JU*]G>%XK>UD\-L@\-^&9?"4MHSK=,3'MC@MHH?!?"'_``5O M_9E_;:_96_;:\=?M[?LU_`GXF^'_`-G3Q[I5C\&?AY+X:;6=6\9Z-\2M>\2> M'OAYI"'Q7%-/X?\`&`\4>&X[7QSXK\'7$-I;V\ID6-_LT%M)T7[&7_!O+\6O MV?O$OPP^*/BKXY^`7^+/PV^-WQ$U^]N=&TSQ!J'AKQ=\(7^$?BCX*,R3&/=\6^/O\`@V$_:/T33;9?`/Q9\!^.3:?` M#4M1UNTDFN/"">(?VD=$/B%?#'AKP^\D*HOPWD>:(+XG\:N+I=PW0@,0"A'P M6GCJE&/%]=1?^K$:?$K]M3Y9T9U)<15(.+C)2FY)*?/9J,'"2O=W;Q+PF$5\ MFIRNVVHJZ2;2]FHRUM9+EO=J_O7?-;[L\.>'/^"77PH_8%^"7[>-_P"$OB;_ M`,$\=9^.MAI7AOPOJG[*7Q>^*>D>.-!\6>*-9\0:"L>AZ$OB%/"?B;P\[:(_ MBD?\)=X&NK9+-5DN8FNG19?L_P#9B_:9_;)AL/"?B#X/_%3X,?\`!7/]ES4+ MO3M`USXM^!=>\._`G]J;X4_NH4:;QUX#D$_@;XC^7'%O%J#\//'LC_:+FYL9 M07E/X)?M;^`?B#X"^-W[&G[*O[4'Q7U[]A+X:?L9?LU?#*P_9A_:!UGX=?\` M"T?@MXQ_:K_X1CPEXEU_7/%&O.!X3B\-IK_A_7/"0@F6-POAT,53S!GT3]HC M]MF?]FG5_AC^RK\`_B'^Q[^RG^UY\:M8\'^(_P!O7]M']F;08S\$M-D37O$D MOP:PLGAA(&N/&GAG7D\7>/99O!.(3XD8I/&DLK-YN.X.AFE", M^)]7\%^.O#NGZD5\3>#O%^A2&'6]!\0>'I%3Q%H%U"WE$1W-NF[>!!OVLC>V M.95!**&=F'(.<#'Z]_ZFOY+?V:_A[\5/^"H_P7G_`&X_ACXQT']G'_@IQ^R[ M\1?%OP-T;]J/X+;)O@K^UEI'PX\/:#+%I'Q%\.%AX:\6?"SQT^M&!$B6ZN/` MEP$DBC2.*Z\#I[7\/O\`@OQ=_!`Z=\+_`/@J)^RK\>?V2OBW:_Z#<>--'^'W MB'Q3\)?&1((;7/#MPA>>.W(",(K1O&3!E8>=MD(7\RQOAQFD\94P&24GFN;9 M1[2E7X=ISBL12J4DDZE)#O&GA;Q]X6\->./!^N6/B3PG MXJT;2/$/AS6](<3:7K>C>(4@GT75H&8*S1RP[9%.`55O,9%8+''V]?#N,HMQ MG%PG%M2C)6<9+1Q:[IZ,^L34DI+522:?1IJZ_!H*YCQ+X;TSQ7H&N>&=8A6Z MTSQ!H^LZ'J<>0"=-UV*:"91D<_NF*CG"D;N0,'IZ*$W%J2=FFFGV:=T_O!I- M-/9II^CT/YK];_X-S?A#J7BGPMXAM/VT?VT-'M?A]HNE^$/AC9KX^\/-JOPY M\&>')FUWPKX$\-^(!X3$WA_PSX9*@VL<<3%\^6S+)Y:R=3\/O^#>+]F?X?:! M\,+[3/C'\?=#_:'\`?%K6?BS=?M/^"/%/_",_%?Q7<:]K)FGT/Q*UPGBWPO) M:D-';L19%YA<>(+A5$5U<"'^B3(_O?Y.??MN'_?/M2%AZG_]>??MN'_?-?8O MQ!XRE&,'G53DC9*/)32:Y>5QDE2M.+3;E&?-%R7-:]F?'_ZA\+MM_P!DQO)W M?O=6T[KWM'KNM;72T>O\\_P)_P"#>+]FGX#_`!^\$_'/3_CE^T?XG'PJ^+)^ M+_PO^'_B/Q;H#^$M!\6LC!SK7E^%_.\2*P3P]MD;R7(\.Q@,7:14Z'XQ_P#! MOO\`LG?&'XX?&+XU#XG_`+0OP_?X_MK5Y\4?`/PV\&FE9+B]26;;'O$`_?I))]<'TSCJP]M%Q51TDU[LONXO`?@E'N5\#QX)^'G@,1B:&+];/A)^PG^SIK/[!?A[]DK MQ+KOQ!^/OP%\5^!8;BS\1?&CQ1/XL\?7^D>()!XE\-:U!K\ASH,W@YY-&/@% MX+.%_!B:!I\$19[;S)+?QW\*7OPVLOCX]MJKZEXG_;>^*GPC^$'@D6.DM_:/ MA!/$WP^\,_#7Q!(V&_>#P5X6\._$7XOH[Y"LLRX)R1]Y:'HMAX>T?2]$TF$6 MFFZ)8:7HNGVW01Z;H:);P(H&"=D2["3RQS.9<3YWCL+E\L=F]:;]LIP< MJDG:I&E12E3U7LU'X$H63E&;E>5B\+D.2X-/!8+*HI.*4F^J;7Q-[WTU?H?C MAX-_X(-_L2:='XY/QCO?C/\`M2:UXQ\%CX9VGBC]HGXIZOXM\6>!?AS"9HM( M\+>`-=\/0>#9O#,$3LDADM`MP\JJBRK&)%FZ#P3_`,$./V)?#&G_`!.@\3/\ M;OB_J/Q4^%NL_!+4/$_QH^+VO>/?%OA'X::\&6?P[\/]+K-?VYBHQERIJ- M:K!6C9))0:4?-1MS:^R/SJ^/O_``35 M_9=_:3^&WP,^%?CK1O&>CZ%^S1%H<'P=U/P'X^U_P'XH\%V'A_0M`\-Q:7%K M_AF>VG$,GA[0=#BFB<[IUMT>%K=0\DO.^"?^"3G["GP_3X<2:!\(;D#X47WQ MSO\`P+]L\;>/=1%@W[1V@#PU\9?-\SQ-(VLCQOX=!MYEE69XT^96CF#`?IKN M`&0<=1T&>W7)/X?3&11N!'4'TR!_,8``]_?UQ7''/LYAA/J5/-*T(,6MY3G)Z[S;ZZ]#R')GB?K"Y_A-X@\)6'PB\'#X=>$]:\`_$;Q[X/\`%%Q\-TUFZ\0_ M\(+X@U[P]XCMY_%7A6:YUK6XVMO&$EY,LEPS1N80K'[T^$/[/'P8^`_P?T/X M#?"KP+X<\-?"/PWH$GAW3_!MIIXO=+?1M9:9M;CU:*:>7^W3XF\Z?[6\\,C3 MM+)N#1[8H_H$$H"6..3T[\X]\8/MG]:@)$F-K=".",9__7P.G.*C$YWG.,PL M,'CLXK553FYP4JDY*,Y.[:4Y74K-I:^[&3C'E3:*PV59=@I/$X/*J4'))2:C M%.SLFVFFK=[IWM=N77\LO@Y_P1O_`.">WP#^+3?&7X:_`LVOBVQ_M@^%](\0 M>+O&OBKP#X*_X2!@VNIX!^'WB7Q'<^$O#/VP#:[6]EE%9_)VLJO77?"/_@E' M_P`$_O@=\4;;XP_"W]F[POX?^(&CZAJNH^%M3U#7?&?B33/!NH^)07UU_`7A MKQ)XEN_"?A(W"J1*?"5E9!?W@41,B@^D3_\`!1']A>#Q_;_"V7]K/X"Q>/[G MQ1>^"X_"@^('AT:K_P`)=%KR^'9?#PA%T%77O^$B(M!;G;()1*X4H4E?4^*G M[>G[''P0\&?$WB6WTG5+,:_NCT!_$/F,4\-Q M7GWX9/%*VT3H5EW%'!;U:V8\88GW)2XHG*I22LG7E*I2A9)V\KN3HIJ6E[MR:N[;:=6MB6P_8>_97T[X8?"OX):5\#_! M5O\`"GX(?$71?B]\+/!*G41I/@;XD:#K^N^)]!\8Z%']H\Q+VV\0>(-?NHWE MD:)C>2-L>,1H.7\3?\$ZOV)/'7PO\4?![Q-^SE\-=4^&WBSXFZU\:-;\.36< MZ1O\7?$;+)K7Q`BU1)5US1_%LVYFEN[6XMW0.L0*(6B3L?C1^W)^R7^SIXDT M+PA\;_VA/AI\-O$WBK37U[0-#\3:[';ZCJ&CJ[@ZW%&9#C0U9=OG$1P?-A95 M^;'DGQ2_X*A?L"_!GP-\./B'\1_VFO`.C^#OBYI^K:M\+;^S/B#Q5JGC;2_# MT\FB:SKOA[0?"'AWQ3XHF\,P29:?Q1Y#P#S0JW)5F#X89\78A1EA(\4-5:KJ M0=.-23JUI0E.4DDFYSE3C4G*2BY(U\1M;2,CWKW;.3&%9Y1'$#Z_#^S=\!;:Y^,][;?" M3X>)=?M$,H^.]TGA?1@WQ6$?AT>&%7X@'RE_X2$'P\PLV%S]Z#?G`D(;Y=^+ MG_!5+]@'X->"OAM\0/'_`.U#\/[#P7\8-&7Q#\/M?\,KKGCS_A*M$=,R:W9: M3X0T#Q;>1Z`%*[KR:*-%D)C7<5D9?L_X4?%;X;_''P!X:^*?PG\:>'OB!\// M&>G1ZEX6\7^&;Q=3T?7])DWA9K>9%(96*NI#!9,CYD7=L/)F$>(Z26/S%<20 M4I."GB%)1E-2C-QYII7:E!R2YKJ4+K6*MV8)Y(V\%@'2;M>2A;I;L[VM>^ED MM.NN!9?L]?!'3]/^$^E:?\)O`-IIWP&*Q_!.R7PKH1C^%JKH)\-)_P`*_4VQ M'AMQX?+VK&V6*5X60N2\*>7A^"?V5?V:OAKXTU7XF?#;X!?!KP)\1_$,0L=9 M\?>$/AKX)\,>+=2A"XVW.NZ!X=AN9BP!#^;(N\Y$I))KZ-R!QGI['M[_`('_ M`"#DS[_^.G_/8_Y!SP_6L6U9RGRO5IRE:S;D[VE9W;]Y-MWN;K"8&Z?LZ M=]+.R3OLM>7_`(8=1116)W;!1110`4444`%%%%`!1110`4444`%%%%`!1110 M!7()(;/&#GG@X&,_XY^M?SK?&#X'_#[]OG_@K9\6/@3^T;HOB'Q]\%/V;/V6 M_AEXP\.^!#XJU[PQX!N?&GQ"\;IK\EQXEMO#=U9_\))-+;VJ1Q--<;8?^$:A M602HFT_OSXQ\7:%X"\'^*O&WB:^M]*\.>$=#UKQ7KMY/C&G:'H6ER:UK5RV6 MPWDPP23R#)X)"Y)4#^5KXE?M)_L@^'_@_P#&VU_:YT[XZ7'QN_X*5+I7Q;^( M_@[X!Z'K>L_%SX)?LZQZ[;C]G8ZXT,I'A2'P1X5.C^)Y_.C2=;SQ!XM98'MT M'G_6<)8+'2JYEB,"INIR1ITY4XISI.;@I5$[KDY(*7-)3C\4()N??M+_`/!,S]MK1OVC/BO^TC_P3(_:I\(_`"']J.UTN_\`CSX"\;:8 MNK>%;_QFL;QCXP>&MWA'QGY?BV2!RK,L<:.LKHC-$XKX"T7P/_P4"_:]_8DN M_P!E3X->(_@_^W?^S/\`%GQ)HWASX?\`[9OC7Q:VB_$[X)^$-&\16NMZWHOQ MK^'?B<+XINOB[X(-M!;V[JQGCCFBA=0);=!_5=\#?AM#\&_@U\*OA%#K.J^) MH_A3\/\`P?X!B\2:P0VK:Y'X8\/VOA]=7N",XFG$/FNHSY:N45G""23VZ?E9! M'_6M5,-CH*=8^)'B;Q;XV\+Z+>Q:O\1_$KA_$/B#0]$DBGB\/DNJI; M)"'EA268B4FXD2/]$U@6+B6>H^);7Q]HGA73-4/B/P]X;\21C1EN?#=T[M'%X M@@23,N\R0N_F*'")\;:W_P`'5>C6=U;6NG_L4>+1"0?MDFJ_%_08W3/9`GA( M_P#CV0>:J/A[XF<2JGG7]BUJM//&Z]&K*=)0DZKYN:,?:>[SMZ7IQA?K9-FT MO$?P_P"')2R.6;PC/(_W52*BW+FV:;44GJW=7;TLM$K_`->FXCH/Q`6CJ?\'5WB:WU"=;#]ABUMK-!C;K'Q^":F>.A1/A0%(R,[<8'IDUY]J__ M``=0_'U[))]#_8R^')M[BZV?;[SXL:]?Z8SD8;2"T'A*$^>ZCYF4JF&.U%S7 M9_Q`3Q-2TR:I'1/E>)R;2ZC=651K2]G9Z]]FK_XC%P"]?[7@U9?8G]V_D[7Z M-=FC^R'XB_#+X>?%GPOJG@GXG>!O"OQ$\(:S&$U#PEX\\.Z)XL\,ZCL!`\_0 MO$$,]K(RY;8)%"IN.S&[-?B'^V!_P1Z\*W7[(WQ=^`W[!_P[^$'PE\5_M%_& M'X:Z[\:/$/B#3Y6B3PAH.O$^()/`#1!6\//X-A;?X&\(^$5\$6$1/B:.V,=Q MXLNKBZ_(ZT_X.DOVD6O=*;6/V4/A-9:7A/''C(:GJ&E$8\WP^AMRKR^ MAD#KG)"9R3_2E_P2Z_;6UK_@H)^R=H7[0?BCP/IOP[UJ^\:?$#P?JGA32-8_ MMK3(Y?">OSZ$S^>V6D\Z.-('AOA*6#./,5+`X&U6:A+5P<6]+:-I6OMH MK;KK9_S/?LM_LFV'_!2;2/CF/B;\=/B9^S1^S1^R!XP\4_LF?LM?LM_!/Q5H MO@35=)\7^`M/M[8_$#XD>'QYLWB;XG^+?$UWH5VV(_\`A-?&OC36IC--;((M MWVQ\%/!_[47[:G_!"3XL_LU?M%6-_'^U/<>'_B_X4^">D?%G3Y])^*?Q#TSX M-^(?[;^'&M3:'XFD_P"$H_X2:0:$OA,>*/+RLJI=LZYW/B_\%VO^"?W[/OPD M^&/C'_@HK\)?@KK@^/OASXA_#OQAXOO?"&NSZ=X(M]6;Q"LL7Q:^(G@:14M_ M%+V'B(:!!>'-)24Y6 MYG)JU[*T8VU;WO&S_I__`."$_P`?-'^-?_!.CX+^&;JK_`_X@^% M[YEBUGPUJ_P]U9K70;?6-(4K);R-X4_X1^8-N!+.ZHXWGR_VC!RK,O?:,$$X M[]OIGIC)/T'\M_C.W\4?\$\O^"C'[(/[8%QX3E^%?PL_X*>6.B?"+]LOX5?; MUU#PW\+?VJ/$?ASP]K_AOQ`)F4*LL_B(SVLMS&J;?^$>\9O"T4OC4&/^HM&& MTX!QM4@I'4G!/7'''IQ^&<9X:+S:&=8&+>5<02KXJ',U/DKNNUC*2J1L MI.EB9N+Y;Q5.=)QT:M^I<,8G%2P4L#CHM5,FY:;E9WDG!25F[M*RW=W:R\WT/IF[)O:R;^X_/C0/^"G'[)_BJ']F^ MZT#Q9XWN8?VJOB=XR^$OP>=OA=XXTV/5?&'P_P!=E\/^([76_P#A(/#EE+X= MB@GC`\V^C@$BOA#D2.GG.A?\%A/V,O$>E^&-:TG4/BG):>+?VL_^&,-%9OA9 MKZM+\9L6X.Y1D1>$2-7BSXM0F)]QW1-M&[PKX??\%@_`/B#3KKXV_'7X/>$_ M@%^R/8>&='\7>&/CGXL^/'PN^)7CL:UXHUN+0?A[H.M?`#X81>,/%_P^\1^+ MTFU_8PN+K:T4MHUPLT=P$\=\`?\`!?[]D/4M:\/ZA\3_``8WPU^!7C;Q;\>E M\$?':`:KXKTW4+WX-_$*#PYH>IZ]X%\,^"7\9>&O$7C7PMK4?C*19TG;P:J> M5=2$NL\'Z#3X+Q3562X1XFJJG%S;I9\Y15JE5."E3I24ZD8J,'0A&5:$H+GC M^]BCXJ7%.`3L\WC&[<;M-6^'NE;NG>UGOI<^S]?_`."P?[)?A[2OBCX@OM)^ M.-Q8_"+]J_2_V,?%$EG\(?$4CM\8==:98/[$C5HS>>#5;2I#)XJ=XHHV9!&A M$BLC/B5_P5O_`&&V\$1:_XJ M\,,9X(YO%_FO%"(C`"0DG1>)O^"FW[#W@[P/X9^(FK?&W2T\'>.?AYI_Q?\` M#&NZ-X6\::RNN_#R3QQX9^'2>)8QX=\+3-]F?Q=XBT#PH(WS.LLR*T1@#XX7 ME-3FBEPCQ,N>RA&4JGO-J,M)?V+JN6%:2DKZ.,FG&$O::/-J+3:XMI6MLO9_ MEILY+YZ7;;/@O]L[]M_1+WQQ\2_&7@1OCAX0US_@F-?Z/XO^(ND:O^REXB^) M^G_$3_AHWPXOPY\/^(/@YHD7Q6\!'Q'XK\&>&_$/B90WBM852'Q)XH1(E5#C MT#P#^VMI_P`"M2_:4'C+_AX'^TCXN^$O[._PV_:,\27WC#X-^"=)\,ZWI7Q! MAT+6=#\#_!S1/"_AKP4F@^+#;^(%B\<^#98E-NWA?Q:93,W@D1Q>\_#3_@K1 M^PG\4OB-X0^%'@KXK:[J/C?XA:]HOA/PO9ZE\,?BSI^E:EXS\1:1_P`)"?`< MGB77?!/W+]L+]JI?V7K'X`7LG@^ M/Q1IGQC_`&E/A[\#M>NCJL>G1^!?#OBG1?%FO:SX_F=E*2P>%8/"YDE@&`XE M!RF%-.I3G_PEY+B^%JG/)N4(2<:=6HI3A/V<9?5XU7=JLH1]Z,9579)TX6M8 MN"4L=_;$$H64G=N*32WU:3VNW:Z3[N_D1_X*1Z1+XAM?#-I^S#^U3VWPL%F^[>+]GZ+]D7_@I9^R9^VSXM\=>!_@/XRUCQ!XG^'UEI&O M7VG>(?!7B'P7)XA\&^(-6?1M#^(/@=/$D-NWB7P?+/"T`\36BO',7A55C$WE MQ?HB(\]ACL<$=/\`'/H,_AQXV9_5)BG@3XDQF16B\2 M^-3X<`\#B*6WCN3XB\-MMC\]BC?A)^W_`/';XF6O[)][=_\`!/S]HSP/:?M# M^,OB/X8^)%SXPW:5+^SEH_@,S)H'B3XAV8\-.6MO'+1R+81W,?@[R9(I%62X M\L(OZH^6G]T4>6G]T5SO,LKY6EE<(MWLW6KOE3YDE963Y4X+^\XMRNY^[7U/ M.+J^:KITIOM_=];=NFB5_P`POAQ^W!^T+XX\/_"W6]8_X)^_'WP)<_$+]I3Q M+\$?%.D^)-7\-+J?PP^'6ANJQ_'WQ`V&5O"-W(72.&)C(S:-*(YB98-GU[\% M?BKX_P#B9'\31X[^"7BWX/-X(^+7C#X?^%)/$^K:+J/_``LWP?X:DA.A?%K0 M#H+LL'AOQBDZO:6ET#+%Y4BL757"^_C9G"C![9!(_#GV]J0E@<$@_E^OID&N M>OB\+6]ZAED*>M[J.IX(F^(7B+Q#=6_BSPTWP:ET./Y?"]OJ,1;78UM([6X9YW^@OVG MOV+_`/@H!XSU;]J#X8Z1X#\?ZD?C!X5\'>']&U?X-Z+^S9I/PK^.1^'WPD\- M^&8_'O[1?Q@^)A/Q>'BE_%7AXB+P@"4D3#1/)&P8_P!47A;P/X,\`66LV/@C MPUH7A>VUCQ!K7B[6K+PYHMOIPU+Q9XAN'UGQ-K,D$0B\W7?$4LPFN)92TX.7 M>5BB+7=-NR%R".,C'TP.@'-?;+Q%QE/&SQN"RNC!2;ERU?:5+S2I)2_>5+)1 M5&%J=-4XQL^3E;N?GT_"_"8W"+!XW-:DI)NS@E%K6^FSNW.3;DV[;WV?\=WC M7]I#2?V*OCM^U9_PNW]G'3_$'C+]I[]D;X`>.#HWQ&\>?"K1M6^#Z^%?A2OP M7\2?#GQ/XA^)++X0\4^$)?$_AMO%4T?P9/CU&5VW?#AB`*^:_@I^P;^UKJ'P MW_8K_:P\!>!?VI_$7AGQ+^Q=#\/[W2/V7/B)\)OA5\:-$U2;XM>)/$_AN36Y M/CBQ1OA=XS\,:_H?BMXO!S)<1/#YKP""6VEG_M>\9?"KX7_$.33;CQY\./!' MCBZT=B^C3>+_``IX?\3FQ>1=TATE]>MIV@8GYS+"4W$EBS=1Z+#!!!$L-M$M MO!"/E`7`P.6(YSQU).3U]!7;AO$Z>"PSEEF50A5K2B\4ZDJU2%6,*,J*C33F MO8V;A-SI\K;B^?F&W+BE]>S:=2$5:FHJ*EO%ZZ)O1-6;=OO/XA-&_X M)!?MH_!KX7?LZ+;?`+XBW'CW2/"OQW&M^/OV7?VA_A;H?QM^'NL?$7X@7'B/ MP]\/_B#_`,+1CC^$?Q/^&'_"+6VAET\%$NOCGQ#XLGVK#+'))_2O_P`$I_V? M?B_^RU^PC\#?@9\=+7PMIOQ(\%67BIM=TGP;*SZ1I;>(?'WBKQ)HVER:QI"K M;:[KT,&I0MXMO+=C!/>O<2M&T3F:Y_2]2K=.<#&6&1Q^6/QZ=,]*<0#@9P.> M`/SZ<#'3FO#XGX\SOB;!4\%F*IODG*K&4$[J3NER\TI_R36FE]KZCZ***^+6R3WM_PY]@%%%%,`HHH MH`****`"BBB@`HHHH`****`"BBB@`I&Z'Z'^5+01D$>HQ0'IH^C['Y=?\%); MG5?''@KX#?LI:"&^V?M>?'[P?\+_`!-$/`$ MOA`[EQCQ,I'S#(^2O'7P`_;;_8M_:/\`VB/VOOV>?"G@+]LOP5^T3KWA[4OB ME\&M;L5\"?M!>#_"OAF-=`\,>#/@Q\0&>?PIX@\)>#/#JN+?P?JL5O.]Q%F- M&D$4K>:_\%4OVH/%GP,_:J\2?$3P!JNEVNO_`+'7_!,?X\?&WPO::S;MJ>EG MXF_M!?&#X;?!;X<22Z(K1LX+>%=?5]Y*R*?*E5HRRGSOQ3_P6?\`B#X,^#_[ M6>KV$_P5\9:]^RW^PQ^RU\0D\;+J(U33?'W[4GQJ\/P-XE\/KH_A;Q/'X9;P MOX3EU2&YG\*^$I9;LSNZB[,0BC3]0RO(^(YY7E,\MR[V^'SGVM+$TN5S!_'1T3]L/]H[Q?\)=:_9[\+?M-_M/:QXP\ M`?`CQ'X?'A?5?!^C>&H1X9G\2W.C0Q10PW/C;Q")6E"K"G_$B#J@C90?W+P/ M2O)?@WXFO_'?PF^%WCO5K:VM-8\:?#WPAXNUBSLV+:?9ZIXC\.Z'K\D8).\) M!),%B)Z(,@G(8^MYPS_3`]\GG_/M7Y]G>8SS/-LTQ52/)*ZC**;FDX+D2YY) M.IRQ@ES.*;*QX_X1``_P#"1:^< M_CQ@'&<'O7^DW`[OP9PBUTX4X9EIW;CJ_-KWKZ77WG\)\6X:'^L_%UG=_P"M M5G?7F;=[)=(I22:6MTY)INRPIUUB"TU/4-0@TK[+:7W]G_Z%>Z'QJQY'3).? M^$?Y`QGU.:UQ-8:7IMKI]_J'B*V8%=?71+'^Q=5\*Z@?[!.#X@`\5#&2<<@D M^!#G'S51N/[/@ANK>#3[2[MC?'4+*]LK['_$HY_YE\GVZY'I[FW8SV_V*Y-] M]ENM+M++-E9WM[S?ZM_8/B/!/A\>*>;% M)/X59/YV5MKW5XZ-O>*UTL99U2_,WVC5S=6UI]LU@V.C67&EZ>23QX?!R/\` MA&!TP#C`R-Q!-?Z"7_!M+.TW_!-'2G.#LG_"1PGCZC:!]*_P`] MKQ'??VWJ)N/(^RVEW?:L;&SP?^)=I)UUMHSGMDC_``K^_'_@U^N?._X)T^*) MS%.!_P`--?%SAB,G&@_#HD#GO_#V!#=Z_!?I+89+P^I8S=2XKM9;M.E)^G*[ M:=-=[GZ_X+)?ZX-I)7I37*DK:::.[O?9MZM7NW>Y^_OC+P-X3^)7@WQ1X%\; M:#::[X6\9Z'J_A?Q+HM\QDL-6T?7X);36-+E4%69)X&D0C)8@X!#*V/Y_+K] MOC_@G'_P1#\*V?["VF>*OCQ\3O&'PR?6=?L/!%SIZ?$+Q=X7A^(A_P"%CQZ/ M<>.[FU\$^%;/PV?[?$MO"L[20++LN=\J;%_I#0NORNY))/N,$\?AVQSC]*_" M#_@L)^U/^PS^R[X.U/P[^U+^SYXS\;']J/X>^,?`/B#XB?#7X4>"=9US3?"& M@PQZ`L?B/X@>(Y+?[#.A\3!O`T,XOU>1F9$M_E+?QWP1*&,S6ED6/ROB3B') MLXK0G+AOARHHSG648P=6SI2YOW4JJF]).+Y>:,+S7]'<4WPN"EC\%4IY-4A_ MR^E%2YK648I:WO)*UT[7YOLW7Y*?M%?\%*O!G_!:W]CO]M;X(>%O@3X@^%GQ M%_9K^%^D?ME?!;4/%'C&'4M8\1:7\'/$C/K.NPF/PNA\+>((?#3O!##)]JE9 M?%41-P62627^E_\`X)P?M)0?M>_L/_LV_'O_`(F5YJ'CCX;:):^*+K5[-M-N M+SQMX5>;P%\0IC">JGQAX;U\(H)W%`O'`'\KW_!,;XT_\$V-;_:I_8V\)_#Z MW_;5M_B?9_`CXA_LB^'?$7Q,\)?"S2/A/\:/XBMX;G;S[CP6=> MG\)6[^#?)B#2>"XITD2.6:?]<_\`@VU\5ZK+^PC\0OA-K-X)I?@%^U9\'@^>I*K4E.,GPY3J)R]^%2K457WY-0^:X*S3&8W&?7,;FL M9N?/32BG%5; MV_B1XF65IO'9;7Y%,D\L<(/^".?[1?@/XLZ]\4OV<_BY^S MK;7NN^*_VT+BS\*_%CX:^,-0\+^'/!?[5FO^&IXM(T#_`(1:\B<>(/!WA_PN M;,[L1W$NZ)DDLVDDK^E(#&3G(Y/7KZ]\?GG\._Y0?%#X[_&OQWH_QD\>_"+X MU?";X.>%_@_XE^)7@OX8^'O$NB>&_'7B[]H'XD_!V\U?P[XKC\1_\)%XC@;P M]X1N_BEX=\4?"OP9X.\%B+QQ-O$'AFUGGNOL,WC2P\Z>WAO9\3&7I_#'_! M&?XEP0Z/X<\6?M#>"]7\"_#;X?>$/A'\(-"T?X9:WIC6'PZ\,_M9?#+]HY3X M\$GC%X/$?B>2#X\7?'/XR? ML?Z4?$.L_`_X/_"=/AQX;T75/B?\0/AY)XH?XA_$'0/B#\<_@%XU\)>)U\6Q M$+\/O!O@;QM+)-X#\,CXBA!O=D_2+Q5XRT/X`?"#6/&WQ4^(&K7WA?X8^%M5 M\0>-/B+XJL]+.I/I7A]))IM;\1V_A'PQ;JY,:!C_`,(MX-RK*72V;[TO3F7% M7&&'Q:>-S3WY2C4;E"-^?V<(*:ERN$I**]FYP;5E:,K'F8;@+A"UUE;3L_>Y MIV2O%W:O?1WE9WLTNNB_GO\`$'[)W[?$G[;NF?#WP%X*&C_LI:1_P4%;]M&# MQ_K]IX)OP\^O^'CXE\4:Q#KC^,AXNB9O%?B'Q)X2B\(MX*#"`I-]H:#$U?J- M\6OV//B)^V-^RY\$OA+^U/XVT&P^*7A#QGX2\??%/6_AEI`3POXCU;04\2:) MK>A^'UN'63P_#=>'?$,T`N!YDB7(*B-HVFDC],UW]JO4_`6E^&OB7XV^%&H> M'OV>_$-QX?TJ/XMM\0O`^KW6G/XY\1>&/#?PXUZ7P3X?GNOM/A7QA-K^@E)? M"WC"YOX9)IB?!+R-OKT5_P!J/P!I$^MV7CO1_&?PF;2_"7C'QUI\OQ#T".PM M/$?A'X?K'+XGUO0)_#MQXOB:?P[&UM+)X0N#:^/8EG\^3P0(3YU>=B,[S?%5 M,KQ="$:,\FOR3I4H<\JB][VDGR6JR3Y9-24GI=WOITY9P=E&!P>:X+&U)9W# M/9W<92?NT^D8\LO=2VNM;)))'P)_P3R_X)->$?V#/C'XV^+=AXQ\.^+]7\0? M"C0_@KX>A\-_"X^`-1LO!WAO7CX@N];\?^)'\7>+G\7_`!&\62/X82[OEMO! MML8=`C,=M.TK"W_:1,;"1G'''<#/J?Q'X>E?DQ^U9^T!X/\`B7^SA\:?`'Q- M^$/QQ^%=KXT^`OQD\>_#Y_&4FC?#\?$$?!7P[)\2;?0I=>\.^,AXL^'?B<0Z M"WB9_"WC%?!5Q+X*7Q*T@802&W^_?%_QA\$_#SX9#XB^.-9M_#/AMM-TV\BN MG@N)GDFUZ*9=!T;1=(CBDN-=UZ9S;Q1>'K2*:X:5B\:.B*Q\S.\7F^=XS^T< MYDZN;3:3G[C4DK1BDZ:49:)Q:Y;J2:U<6E[N583*,FPBP&!3A&.\&G\.F]]K M-[+5Z.^I[3D?W1^9_P`:0A"\9Z)\4_A= MXB3POXJ\=:+8_$/X7>(?#P\:^%?!6B#Q!XEF\`ZJD5QX;\0Z[X6T29;BZ\&F M['CR""![JY\')#%<2IXMX/\`^"FOP*\20>!;3QAH7Q$^&7C;Q[KGA&RT[PKX MFT)-6_L+PC\0M`T3Q%\._BOXE\0^$YO%'A+0/AAXR'BCP[X+@\8W5V88?B)X M@A\"/BZC-Q7'#+,=B=L#.=O)S>EE=;Z)W3>R:2;3/3^LX5;-+OHWT6RO:_;J MU8_2_GN/SK\S[GX[?%KP=^UM^T;\+O"?PQU; MXH_V/\(O@=\9=-TR+Q;H/A71/#FB>)+CXG>$M:,6M^)!)GQ/XOU_X=8A\+,( M[1H?#K7EQXT@CV6]KS/PD_;;\=_%+]G[1O&6JZ#X-^'_`,2OB#\1/"OPG\*> M((IM:O?`N@^,/B-K1A\-P^(?#WB*2S\4^'O$:>%#X>\6VO@V]9D\:2>)O!OE M30IXSB\FEEF+LFN5JT'HX72FDXZ)MJZ>FCO:ZNM2?K^%VN[][2U>B[VWT^[M MK^KE%?'4NM^-/A!\5/A#HWB/Q]JOQ"\(_&:^U_X=6LGB.TT.W\2^'_B'X>\# M^*/B>VNZ#_PC'AP1R>&_%7A7X>>(PWAEB?LUX?#IMG3S+F%OL3(]1^8KA.K1 M]+W\O3_)%?IGGU//^>,5\V?##]I_X$?&G7O$/AKX4_$K1/&.N^&"NHWMAIZZ MY$FIZ3%JTV@#7M`UB>"*+QYX1'B5)?#TWC3P9<>+?!4=U%':_:V)CC=/VJ-" MO?$_[.WQBT2S7Q&_VOP5J;:E8^#_`#&\6:GX9A!F\2:#X;CTE#<+XA\5^'$U MKPK9O"Y`FF1EP%9F_+;XD>)/$'[1G[<'PG^#?P.\37/P0^%'@7]GGXA>&-`^ M*OAW0]!T[Q/KUU;^(/@7XE^+GP_^"W_"06^[P\/!.@Q?!?PUXZD:V>9+I_%? M@.*WBE\">-X8O5P&7_68RE=1C&,Y2FVE&G&"4VY.[W7PJUVTY:I'GXK$O"NU MFVW&*TNW=I:)_*_GIYG[P$?*OISGZ]O_`-=4KBZM[98?M$T$`N'\A/M#!3(V M"=@+$;CZ@\'(.<\'X)^+%CX\_9/^&5CX^\!>+?%?BSX7_"ZZ?7_C!X'^(GB7 M7?B1XKU+X:.WF>(M:^'GQ"\27,GBY?&/A"*W?Q;%X5\2SW7A#QF@E\#PS:8\ ML,M>8_LW?#K7_P!J/0?AE^T_^T/XIT#XEZ#XX\!>,[_PE\(M7\.:(_A/X92_ M$CQKX?U'04\-I-&9IO%7@KPMX;T+P<_BGQ.C>-+/Q:GC'[+/;#Q4]K:8+"R] M@\3S1Y/:,]%P:[@ M@,!@_0C_`#^'M7X!?%&WU?X"0?M,_$G3-`L?VD/']_\`$P?LTZ%\%_%NCIXI M\1_'G6!X"C^)G[/#>'-?\32L6^)WP>\*?$7Q%X4\>21M/'X_^'WPTD$LB_$? MP3&9_P!8_P!E1M$N?V=/@]<>&/B3JWQDTFX^'VG`_$_Q#>:_J>M>--11F?7= M9UU/$MQ/XEAGD\0RZRA\(W<\+>"R'\%&"VBL8XH#,LN6%PD<8KM:1O9[N"FU MMK:.J>L9:VE>+BLL+B?K;2LUTNT^RUZ=?*^Q]1T4F1ZC\Z6N!=+Z-J]OZ]3T M;I[.X4444P"BBB@`HHHH`****`"BBB@`HHHH`*#T/?CIZT4C<*QSC@\^G'6A M:M+N)[.^UG?^GI]Y_*#_`,%`_C)\$?@5^V5_P4V\7?'OX,:5\<_`*_\`!/W] MD&SO_AG?LVD:9XLU/Q'\?_%?ASP]X>U[6YHIPJ-XH/ASQ,/$S^6;2V\/,L3I M+;1JWY!Q?LE>*OVK_BMXH_9<^#7_``26\$?L[?&+X47_`,._%WQNUG0_VIO' M,WA;P?X1^(4?A_Q-H,<7AGQ#XH;PG/-XR\*12,(H4DE^1BJADQ7ZF_&WX/\` MP[_;\^-/_!:OX[_%+Q+X_P#`_P"RY\'?A3\-OV;=(^*'@[0GU35M8UC]G#6C M\:_C6_AK05ROB.7P;XM\/#PJ%8'?'XBF"+PSQ_.6F_L\_P#!-WX5^%?!_P"T M]XL_X+A?M0^'M7^,G@OP%XPN]&-#\/?\`")Z)XJT+PW;^ M,/&J/X6\)^7X2DC\66UV+:221&ED\L/)_4>3X[`Y/DLE@IU'GT<+P]!J4.+* MM"-1<-\/_P#1/..&C)6K>TA6<:\I*"\FS^V#2M-L]*T[3["PMEM;73[..RMK2W"E+-515VKDXP MH4#D'!R>=QK8;;R,<^PYR??BO'/@;\7?A[\>OA/X!^+WPG\3CQA\.OB!X9TG MQ)X,\2QV.KZ=_;VC3(S1W!BUU$NF,A5D8R`2%UE(=XU64^QL%SD]>OU_#T_S MFOY:JN7-4>*LY.I-OFYM7S-N_-:3;=V[VE??4_?X)*G!1T2A%1VT222VTV[: M'^<-_P`%K=$\:^,_^"L/[6$/@WP/XM\>W6E+\';"\L_#7A3Q!XH;3E_X5!X7 M*[T\.CS%."20^'#$JW((/YG'X,?M`0NNOGX`?&[.J$WXO/\`A3OCO']KDDGG M_A%>N3TQS7]Y/[*$LNE?\%O_`/@J=HDA%K!XK^$'[(/C6/37`S>R>'_"%WX8 M.N'H,E97A88`.[&,<']T8HHF"2E$,F&`.W'(+`9QQT[5_4L_'',N#<)E&28# M):,Z4>%N%U&<\0X-R?#]-Z05&:M[\KI5-.6/6;;?\`9W_:/U32^/[<_L7X M.^._^)CSXE[>&?"G_4P^(A@@CDUT]C^RC^W[;6=UH_@G]EC]KBUTO5K[^T+Z MRT;X/>/!_:.=`\2>'`D/_?'U]O;^?IR> M4GI#_P!\?7V]OY^G/)+Z3>:N#BN$,,I.+2D\14DDVK7:6&BW;5VYE?NKZ=*\ M`,$FK\48AV>SI)K>-_\`EYKNU=WT7W?Y;+_\$]?^"E7C74FUC7/V//VJM1N@ MNL?8O[;^'FM)M'B%/$K$G_A)B.1XFU\LS-U!9SW:OZUO^#89;BR_8=^+WA>? M3KO2QX4_:R^)6@R65^!_:-CK$'@7X8MK*R-@X(GDW)CMO'(8BOZ1;EXX8+F6 M=5VQ#.`N.%0,3^'?/0GGJ M?/X63K_P`=\9]#7C<5^*.:==%(^@X?\/L%P=Q+E4L#FLIMTY\\9J/-/W4M;/=R;M>]K+T7]#Q!8YP M<^O/7H>>WTX`_"OYE?\`@X1_;2\>_`:V_9G^!/@CXF^#/A-HOQSU#QM>_%WQ M3\0_A5+\3/"]CX-\,CPU!H330GP?XNR9?$VN1DIX/C?QJ/+AFM@JA)#_`$U$ M'!)(SR<=_P`O?]>O`Z?PB?\`!:W]N3XSV7[??QE^$OA_]IS1/!7@GX'?!_1] M1\-^"I/!VE>,?"/C'QGKB>&=:\1_"36_#UPGC/PBOQ&9-8$T/B_Q9;VL,O\` MPCY\#BW22YF9_AO"#)/[9XVPL(X%3=%.N[2U:II*%1)1<;TJTZ%M8T*>'Q'B77XY#$?#$$OC[7_A.Y21PWCOPMA' M4.Q/Z_QUAL=4P7B5@,QG*%/ MCY\!?"7PI^,'CGQ;^W]\1)]4^)_@6'P?:>$?#_B,_$1_$/AS5Y[D/$/C!\?- M?\/>-)!Y\J3P^&OBU);3.\AA3[6^&WP&_8'^-VB^%_B]\-/A'\!O&>A>%]<^ M/5AX4\5:)X)T`Z9INL_$GQ'XE\.?M#10G[*L1D\8>)CX@C\;K*N;N7(F"D;G MP/!O[,7_``3.\?:WKWACP%\&_P!D#QUKW@7X??\`"D_$_AGPOHOPK\4ZGX/^ M&8UV3Q`_@+7_``Y;))VZ: M2K*E&*Y)-RLYZRY6DX\L9Q5W?96/!Q6*Q.*M%.FFVN2[NG;E25M6UI=Z^>KM M;\T_VBO^"DGPZ^-'A[X[?"#4+;PTFI_#7XP_LKZE^SS\8_A_KMKX\\!^+?B/ MX@^.7AWQ%\-?#$_B2!U7X=?$6"31-'9H/&;>$1X[\(W/B>6V>*UB8+^MOCW] MLKX#:;X1\6IX*^(_PL^*/CRUOOB[X&\-_#'2OB!X/CU7Q_\`$KX.>'[GQ)\1 MOA3#]INKJ(^)_"'AZ&*7QQI[!I]+@=?M,<321(,37]#_`.">&G?$6X\">);; M]DBT^*?C/QM\/;V[\':K-\+D\?>(_B%\/Y8I/AK+-X62R2)9;1*S2<_XA\8_\$Y?A;>>.-:N[O\`98L?%7PBF^,'QU\5Z)HMO\,9 M/B!X0U/7X[O0?C+X_;0(';Q/:>(_'$1/A3QU>R&WE\<3""QN9IKB1;9NK%0R MG%X?+,+@,HXI=Y.3;:;DI4Z,4W)4XRC>I2?-K)2BWK=*$./Z[C,&G]=S;A>- MEU=FENK^]V:OYIZ;L_([XI_M5?LY>&_#_P"R5\8OA)\4/A3X@U#3?$/PT_:Q M_:C^$/P:T+XH:9^S?K/[+GA[7?$'PY^)7QWT7P'K_AR:'PW+^S+\5)/#GBU? M%EHG@SQLK^#Y)?B7X)E$\$46G^WM_P`%#_V8OCCX"^)^JZ=\7/AI;?#O]GKX M>ZYXDT7PK>_%7P9X7^*?Q^^*_P"T+\.O$7PS^"R^&O#X6;Q/X6^&)\+_`!!U MSQBWBH20>/':7PW/%\/9O(??][_"W]I7_@F;XD_99^%7[1OBG0OV;_@#\*_B M1\)]3\+>&/#/Q4L_@WX?OM.^'-?C!_P3(\*^`O`WQ?\`B!XR_8ST3X<_%=O"O_"NOB%XDE^% M<>C_`!$_X5^RR>'!X>UV6/^ MQ>*)U*59PO)QE*3BXNI15L/&TO91=-QC>45*7-=PBS'Z]]:PJ2SCA5)KF7*U M&R=K/63TN^9+9Z=T?EKX0_:2^$'_``4+^&G[)>E>#_VC='\`:=8>"-4^"6@> M.+=)/$VK_%3]K/XB?LU0^'?B-\(?#_A[Q#;F/Q#X7\!?"SQ+XL'C?Q-XNB,5 MUX[\0>#6\"W0N_"EW`_#'A7QU\-_V5M"7PW^U7H'AS;X52;7_`!;X);7?$OA'P*OC3QLR-X[\ M/V)KKPI<^%M6BECEDB;PWX@?P5X*\21`O>^`?#J6;W5U:1 MN6VYOVU_V0-"_;-\&_L'Z0/AWDF9=JJ5W'%MX3)L1+*81J5HJK1ASSI MP?-.4ZLL/&482&M1^+>I^,?V=_A5\%I=$^*%UX`^(7PC^+/BSXV> M.K?XT?#[Q/\`#SX/:YK^@_#7PIXS\(_#[X7^-/#WQ"\2>*+0_P#"9^,/'?C> M.?PC,T/@0PR077DW[,GC?X&WU_\`LT^"OC%/XAMVLOV7-4_X)*?�_&/@SQ MQH^KZ!^T9X;U[X9^)?`'AT>'WC>/PVWCCPIX>\3>+E\7N54_\([X/(G@8"6/ M^FJ#PMX=MWD:+0M-'VFTTVQN`MCIW[W3]%,QT>.1<`/%`6(M5<.L.T!$@V*! M8'AOP\7\X:7I8N!?_P!N?:/LD1;^UMF#JQ;=D2^C^86[[\_-7G_ZR97AL-/! MX;+:RYN1Q7M8M4YP@TY0_^[_`)K;K]J;Q!-\=KOXG^`/CGHOCCP]^U3^Q(O%?@+PAX6B0>-O'T$ MW@,+!#';WR=WXJ^(GPH\8^./BW\(O#%Q-X%_8\\0?L(_LV_M(>#_`(X?#GP] M\4[[QU\.O%/P\\<^%?"_[/WC[6_#^M>$7>;Q&D?AW1;J"+PW').W@WX:,OQ* M:VM_L\D']$D>B:3;B`6^GZ?!]F&+3;:1J8OE(^3:$((_V3DX!SD\W_LT$8Q' M`#[`8'?N?T_#M7/+B+!-IQRN<;04$N9)74H-2E^[::?&87Q/XJ\)>,%^)OC7PS--%_PEWB[P M8GPY^&/@3Q6W@&#Q[<`_$#QO+]M>"O\`@H_\!_%%WX)TZ^T'XS>%?$7Q`O?V MA;'0_#'B#X7^,3JL4G[->'?#PG)/_"%275ZTGC:'RVT]VG,@ MK]&_LL7]U?\`OGW/O[_H*#!&`>`./0\?EG']*\[$YE@L4_\`D5\CM&*4)J$4 MDHIJ,%%12DVY/W79[:)(Z<-@\XPRL\TYEK\2;OJK7;:V5ENM%=[GXN?M*?\` M!2C2]<_9M^*&H?LN^'OC!JOQ5U7]EI?V@O!5W>_!SQ_I9LOA[K7Q!@^'FI3P MR'0)"/BE;0KXC\3>"?"4T23WTT$.-"_:='BOP/XID"'7_$'_ M``OOQL?`+7$*^))E^(_@-!=7(N/Z/EMHVSQ^G^?_`*_-,*(IXC0=<$@>_OZ? MB/Q%=6$SO!8/3^R/:-24TY56I+11:O"#W@YKR`M M8\=7GQ!\;?!;1="\53>*?C'\0%7P1./@/<^++AV\"^#?!_@^2/Q\?"XD^(RQ M_#R6Z\#3^3Z/^VG^U!X`T+6M4_91_9,_;G\$?#_X@?#CXN_'ZR^#WQ+_`&9M M$^)?A;X?^-$\>^)F\1Z'\.=>B\7>!O%_A63QOXG+>,7\&>,&\=`IXF=?AM\. MQ$S1C^HWRT_YYKV_A_W?\3^7L:F\I/\`GD/S/M[_`.?P-:_ZRY5>+_L2E)62 M=.5:K*#;=Y2<'3UG)M>_K-*-E*SDB?[#S96OF\T^_*KZ66EK6]-O+2Z_DS\; M?M!_M4P>'OA]XC^$O_!/O]NC5_CI\'/'WPZ_:CTGXK_%GPUH7B=/BM\2?V@? M#MQ\./C9X6^(?P\\-W'@N.?0?`_PO\=ZAX3\$?\`""Q1/\/X/"GA&":/P*+% MY7^OOV*/$&8/"#S?#EE>*1/'R.69OZ!\#T3_OE M?\/I^?L<(0N0#L[<8`S^0]OP^N:Z<1Q;E>(P:P?^J^'BDTW4E4S]R;BV]7[5 M1<>:=22A;DBYMQ2U,8Y!G*:_XRFH^R4(KLNJ=W9)7=WU/A+]DKX\_M4_&6$O M^T+^QAXA_9:M1I_BF1+O6?C%X!\?S:AK.C^*YM"T/01H_AL'Q1Y>H^&HU\5) MXG*Q6Q:(0KM65`GWRI;/0`'\/4\>OKW_``%,QLR!@?3@_P#UL\=#]>E)QCJ< MYZ`>X[^_T^N*^2Q>*6(Q-\/EZI06C<924()M/1U92DWKKJE?9)+3Z;"X?ZMA MN5R.3P=X9C;PSKC^*)%5(I`C/-! M<*XC-?VZ?$CX<>%_BSX`\;_#'QOI]KKGA#XA^&-<\'^*=(N0/+U'0O$&DRZ' MK-NZD8`>VN)$W#[A((.X+7\=>J_\$T_C1\1KCXT_`;6?VC_!_P`%_C'^R_\` M!%OV7OB]XH^*F@+K/P^^.?\`P3F&MR?$K]G?XN:$2RKX4\3^$!X<;P7X^F=A M`)OAOLFFB#1[_P!MX!XDPN+P2R_/\XK4Z<,1AI<1.C4Q-.MQ-AJ;I2I4:\Z; MG*7)/VM.JM(UJ52A2JRTG57Y!Q5D6+PN,^OY;E49:2WLX1EK=J,KQ3MRN+NF MG%MJ]C]9O^"2W_!27XV_M(^./$G[+G[5/@/X;^!?C3X=^"OPU_:"^&.K_":7 M'P^\>_`;XA:/X>N=#DBT%O$%W<>'/$_A637_``Y97%IN\HVC@6IM3$?-_?=B M,;E`)!`(STZ8!'3Z]AT]Z_@&N_VP?#?['7CD?M+?\$[?`P\8_#WX::#\!_V< MOC'^U_\`M$O)_P`93?\`"M]`\-^'#\(OV5?`?B38?#8\8^%?#W_"8>/W\%K' MRGA)P/`94'QS_87^P]^WS\`_V^?AF?B#\&M=V:MH?V'3OB5\.-<:2T\>?##Q M8ZPO+X=\4:`T9:%XW,QAUV-VMKF*%9(Y`%FCM/GO$+A#%X-K/\NR>4.'Z_*X M1Y%'V-3EBE&K3O-X;VGNRITZDIN$VZ=1PFU3?M\&\48/%K^P\?F:>>0O>+7Q M+W;1B]$W%.TGU232:NU^6G[7OBJ#]@K_`(+&_`#]L;Q4[:9^S_\`MA?"&+]E M;XO^-+I@^C>$OB-X=\0Q7GP\UG6YI!$GAZVF1_#]HDQ"IY9\7YPT;$?T3VP@ MN(Y)[=B4G`(`/W6!!(P3C'ICDYY]*^?/VF?V9OA+^UY\'?&/P)^->@+XF\!> M-;":SOH5`BU;2]4$G_$HU_0-75FDT/Q+X9E0SVEY$C3138W>9')/!/\`B?X; MO?\`@K#_`,$N-+MO`$GPZM_^"EG[)?A&SCM/!?B7P5=IX6_:6\!>$M`MWCBT M+Q'H$D17Q:I0*PGM9/&MULA2%YHD$D)^>G'!\48+*8PG"GG>34HX5TYR4(UZ M-._L%3E)QC[:E";I>SE)^TI1BTTH*#Z_:XOAW,,SJ8V+EDN;S]M&<(WE2FTH MS;4;VC):WW3:UU3/Z1P5``SVQT'^'N?R]^3?8=\^WN?R]^?Y^K'_`(.( M_P!C/3#>:3\6_AY^TI\$O&6DWAL-8\$^-_@[I#A8O$?B6[DF$ M:$V]^Y]W_`/!2O]KKPE^Q=^QY\9_C%KVHVUKKL?AC M6?"_PTTN7`U#Q)\1_$6B7J>&M$LRH),TES&+AT.U5@TIW>21BD8\1_X(B?LS M^(/V7_\`@G)\#_!WC6VN=*\?>,TUKXM>--,OK.*PO],USXC:[+XA71WC#D@P M>'AHMLZ-A@T<@;C!7Y5^"G_!.+]J;]KKX^>`OVO_`/@JWXN\/ZI+X`O!KOP* M_8R^'H&H?"'X4:N\!U_H=C1 M%5E&<]&ZC1:4_ M:1@G5J3GHYU)RY;PM%;Y3#%YIFJSO%0<*=.'+1C9I\MTTW>W*WHNOWV:^;_V MJ?CA9_LR?LY_&OX^7NF_V[!\)OAQXO\`&R:.I`;4]3T+1S=:1HP`)RMY.!'( M2,[E?$%G\,[C3O^ M$6^*_A7P=XDUY/#?AM?#GB/PYX0\&^)O$DBJR.L'C;QQX\8Q,DABV$&OT:_X M*2?MX?M=_M$?%C]I_P#9C_9*_932/#7[4MI>R>(D\?>--7\3 M:+XE36/#/A>/0?&'@L+X>\'0+K4=QY">-1>W,9G,$8*11^#?L>_L-_$O]J[] MF_4?@I^SO_P5'\1:-^P/K8$?Q:_9^^(/@70(OV@?A!I;:Y<>)M>^'>OW$F!X M;?9%.\GBV'_A#/`_C2`R7$OPX%NS2M^H<$99_J9DU/.\W="-;$5J3K1=2M4J MOAJO2@G&-7(7[?(L3-SC*A*K&$JD+0:BFF?G?%.>+B#./[.P2O0IQ?))J*@N M)*;25^:T72C!O?"7PU\)7,_BOQ#XG\=6W@_Q8\GB#QSX&T$^)O%I;P_X9A@CN/!DUKX0)@C MG\41W(CD=+2:#^C#_@FY^P!\+OV`/V?O"GPY\$^&]-C\?ZEX=T*]^+?CM(B^ MM>+/&!BBCUY6U\VTSCPUX:FN;N'P3X;9A;6MA$B11)*]W=G\,_V)/V:O#_[: M?[?_`("^,7@72+JU_P"";7_!,3PIH_P/_9)6XU`:MI7Q6^)GAXX\1>.;;?&! M//\`\)41XI\9^*O+$E[<>&O!D95`\LD?]>)"HA!&$VALJ"._/'U([>H^OSOB M/Q']3RVAPO3S6M-U[<2<4>TKRJSH(_2K-(>A^ MAK\EO;5:M:H_2FKIKNFOO/YY/@W^SW^W'\$/V7OB7^P'X.^`K6>@_$GQ+^V% MIWA?]L#1?C]X-T;2?ASIGQF\>_$[Q+\//&]U\/EE7XJF>V'B30R]EX5B>:VD MW2@0LC9^.O\`@E;_`,$5_P!H/]CO]LSX8_''Q(]SX,\(>`?A'XN\%?%223XA M^"O$T7Q@\:^(=`7P^K?#[0/"_AJTF7X6^:T/BB-_B]+_`,+"BN]!M5V[B:_K M8_=X3*D]<>G4YXZ\\C)Z=>E0(8\R!5.>-PYP>>G;C/\`C]?M:7B)GE/!9Y@( M1PZI\0I//I*+/C-_P5=\':!^QE\.]:\4_&_\`:0\' M-\)?VROB5XHT'PGJ'P=A?PW\-O$"^)/``?PK+XVUZ'P48Y/&$)\&3J&\>B6- MS,RDKV7C#_@@%X[_`.&8CX=M[_X?>/\`]HW2_P!M?4?V@M<^(%C._A+QA\7? MA*TDP_X0*?XA^*/#/C=O#GBBY5H_%T<#'?J>>W7N?I3B6/\7<'O_C_`"`]*NEXE<1T%36`G&E&G*E**3G9NE1I MT%&TY2BJE^+^C_';1%_9&\0^,I=,^'O[ M+^)?$?@^?P?XCAG`:V^(:>$_`GP^FO%\[[&LBM%,W]9H M'L,]\5/M(!P0/PQZ]3R>_7L!73C?%/B/'2-]>T=O$2^(?$NA:%^SY_P`(L8_# M7Q.\6;O^$4N/&\?CR5!$C21M*-F_^GKXO_&SX:?!/1K'5/B-XKM]"E\17W]@ M^%-#M;'6_$?B[QCKA1BF@>!?!'AF*[\6>*/$30R`+:^%;&ZNE,L^T_3E^(_CSX;6VG>"-(;7=8CT#0Y/$D?A MWQ-XH\5>%-$EO6AAD\2>,?">GZ?$)EGEN8E<6Z]L_%'CS-L'[.UK^K2[=?NM1M M51Z*!^0Q3J0$8&2,X&>1Z49'J/S].M?F/KN_Q?7U/TM))**VBDK=E;06BC(Z M9Y]*\W^(5M\0KWPEJEK\+M=\)>%O'+0[M!UCQIX6UWQAX3LIE4-,-;\/^&_% M_@>XG51@*J^*X>C,N[>%5I7&>BJOJ,'ZGUSV/;BG$@=?Z_TKX\&@_MR6>EGR MOBM^R[K.K]3<7OP.^*NFZ>!Z[+?]H.8D?[I/KGI7NGPX_P"%E?\`"+V?_"U/ M^$+_`.$[^UZW_:?_``@?]L?\(KY7]K2_V%]G_P"$@_XG_P!H_L/[/YWG?N]_ MVC/[KR*NKAE:SG%[;=&];;_FM7LFM^7ZQKK'\_PT?ZGIFS/4^OO^O&::48]O MU_\`KU\X>'/VG/@GXF\(?&WQWI'C>SF\*?LZ>,?B/X#^,.K$1Q1^"_%'P;B? M6OB);:QA\K]BM@LLI$:^8I/E@-*RIU/PB^,/@OX[>";?Q[X`O[^?2Y;QK"[L MM9T^;2_$N@:WHDFS5_#WB#P[K`C?0/$5N2T=Q!*BE%=9G;:(Y6/J^)H)J2=D MU?F5K72:U=]TTU\NC1M]8CT;^Y=-/PV/;!P`/2BBBLS0****!679?U_PR^X, M`]1FC`]!QT]J**!A1110`4444`%%%%`!1110`4444`%%%%`!1110!$<[1G). M2?<#@8]>N.*_*?\`X*0?LL_$;XN>'])^-O[.^B^&O%/QV^$VB^+_``CJ_P`* M?&S_`/%O/VHOV>/B!%"GQC_9E\?DS%;:+QI!;QW7@+Q0T93P1X[T>.Z"&*:Z MW?J[_G_/Y54?;C+#/!]?RXKLR[,,3EN+6+PR3:NW'5IJ:Y9QDDXWC*%XM73U MNM3DQ6&>+PLL)?5I:[V:VWVU6GKL]G_%W^TKX:_9A^+'Q$^'WB#XI>"OCC\' M/^"?7@C]G9/A?\%[7]G[P)XA_M+]@?\`;2\,_$+_`(2/XD:#\8OAUX7\,>-) M/A;\5)(CX=*>+O&O@J9?&SR%"]R%\V3VSX/>,/V@;?X\_MC?\%#/@K\/OA+\ M!-4^/W@[X=?`O]D'X>?M?Z_H?P;UK]K?5_A_XDT&?QY\6?$GAY!X)N8_$7BW MPWH(_L\0E)4&M0!7*0R9_7W]KW]F;XW^%/B98_MD_L-S:%I?Q[TV#2].^,_P M8UJ].E^`/VKOAS:R;4T7Q-

'Y9C\3/#8\3)$@G\(,C2,(8()2&%O7ZUE>:/.,/2IR]G#) MJ=-4L1[>O[3V,:LZ%2I3E1E)>TGB:M*G-XB52/M>6HN98F:4OQ#/,$\FQ6:5 M8)_VW-\U"<(64VDE'EJ)7T3MRV?(VG;E;9^I_P"Q3_P5G\$?';6?'?PE_:9\ M!#]D+]I3X0Z]HOA/X@>!/B#XKT.3PC?ZOXGUZ+P[X(XT MM[;PRX:\B2.'Y[O,DK_LEA6&<`@]_4?YX(_`U_"5XY^!VN_L\3_L9_\`!/\` M\!:/X0\9_M5>'_%?@O\`;]_:-O/C%\1M$\#^%?B/\0_#0_XM]\#&\1>)$)\2 MGPGX<=O!Z1QM+$+:*&Y\Q&GEBA_=;_@D'\4OC/\`M=^*_P!K']LWXMZKKVA: M!\0?B!H'P<^&'P6MO&^H^*/A]X"T3X-:)Y>OZUHMN8HK=_$FH>*=XG&XQY#GL8RSJ"3MRN45&RDTV^L+I-V7,VVEK=_M]J_ MAWP]JB@:OH>D:@O8:CI4.HCKV$D;8!_R!6I;VUG;P+#!;VT4$"';!;QH`H&3 MA0$7&>PQR>-W45_#=_P59_:T^*]Q^UU^TCI7AWXG?M9>#?&?P"^-GP>\#?#Z M_P#A/XU\1>$/@M8_"3Q1\/5;Q'X$\2^&O#VZ6/XI>,O$_B#Q$OP^\5OSXWC1 M(%V)X$55_:?_`((L?M(_$W]H?P=^U7\/_'$'Q5\&:%\#?BCH_P`+?A_X:^+V MOZYXK^/?@+1]6\.RW6N1_$'QUXK\/IXJ\1^+SXG-Q,MUXM@GN$6W0S2&W@`K M@S3P_P`ZROABEQ!4K+V%3V3C%RN_WKHQ@TW.4I)NK&.E-13OJO=YN_*_$7+L MVXFGPO@\G3G'GO-QBDYP5W?W4KMJZ>LN]FVS].?VG/VW/V5_V0]*T[4?VB/C M7X4^&)UUWAT#1=7DFO?$OB`IPR^'_#GAZ.Y\2W1W?*95M'175U!5U('X"_\` M!1/_`(*U_!KXL^#_`(_?LJG4O%7@WX1?%+X'Z-XN_9[_`&J?@7XK_P"$LUGX MC^*UUG0_$4?AXZ%H0\*7/PV>.32#X0W^,KQ99&\UY)3&[12_G-^V+\(O%G[` M'_!3D:O\8/&'PXU7X-?M0VNHR^%?V@OVN]'G^.FK^#M*@:&Z^(0\-2P^&8QX M?^.9957P+&O@N6UGC\2>%K2X\Z,SQ'V+_@FY_P`$X_@O_P`%`?A#^VKH%NOB M+PW\$7^,?PZOOV6OC^FA:&WQ$\-^+O#GAJ6;XAOX4L?*C;8Y'VN4\&\+Y#E^4<59GG#KQ<\-4<:4>=W]K%-TBJDHVO%)6]]-)73UT71WTNO"O MV./&/[0'Q:^*US^T'^REXGL_"W_!3#P9\._"&N?&/X-^,[]]*^'G[?/PA7PY MX>8?$$SQD+;?%$*GAX^/?"[21A9S#\08I1-(BM^BO[0OCFS_`&G/V@]9_8X_ M8C^$&G?#;]K#]HG0/!VB_P#!33XQ_#^[N=2\/_!KPCX=\/W/_"1_"6]^(?AF M4>%;SQ,NOW&M^"/&WB?PG:^:LUNW@BYFO+Z6#[!\O?"7X=W7P=_:#^(O_!/' M_@DI+;?$7]I1-.UG3/VM_P#@HG\6EBGUCX-:.[IX9UWP%\'OLT4C^';KP405 M5())4;Q_*5)G81NG]/W["7[!WP?_`&#_`(1+\/?AS%+KOBG7A_;OQ/\`BGKE M@R>+/BCXME7$WB#Q&T4I,;G+HF@QR>3`DC)'R97FZ>->(LGRK$O'J,Y*I!/A M;#U*3I5G!^PDI<34YJ,X9%3C"I/(L/7I*M*3C&2I%LXS7!_V/C);3 M;XJK-Z.?5<.RBK*4MIU%)6B[V=XQ7M7[-W[/7P__`&6_@SX'^"GPRT:TTSPQ MX-T.WL5^RZ=!8/KNKJ(/[;\0:T(BOF:]XGNGDN[F:5I&\YW"R>1'%>6>5Y MYRV#GN,=*;\C8//&?<=>QR/2I0H*]^N<_7\,X]?SZ5^#8G$O%2EBZMYSG)SG M-\OO7W6BM:ST5DNR2T/Z#P>$PN!PD,%A(\D*<4EU=DHKNM=%J]===1]%%%9' M8&!Z#CI[4F!Z#\A2T4`%%%%`KKNOZ_X=?>0I]X?C_(UX?\>?B]X?^`GPM\6? M$_Q-;3ZK%X>AM;31/#.D%1JOC'Q;XCUN#PQX"\#>'%99"?%'C/Q3KF@^$[," M,H;[7(6D/DAG7V\9!Z<\]O;^@YKX?^(9L_BK^V%\%?A7<0-/HOP&\%ZI^T]X MIMF@7^S7\5^(I/$OP9^#$.=QW;8I?C/XG).TI<>&?"\@!W5I0IJM>3T4(N3Z M;)ORWMI?K9.Q-96BUOK'RO=K1'D$7C+X,?L=6FF?M"?MX?&GX6>!/VB?C#!= MV.H^*?%GBFSTK3/".B/+'X@D^`?P;:ZGA\KX7>`U$^+4?XA^.#+ MJ4L"6V%^V/\`M+_!#]H#_@G9\?M7^!?Q#\*_OC-X6UW]F+X;WO@+68/$X M\1_&'XS(OPP\,>![4P22*GB!_$WB;1@89V\]"^61!@OX#_P5H_9`^//[4OQB M_8&O/@EX;\`:H_@?XB?&(>--<^,OP[B^)_PM\&Z+KO@/0M9AUWQU\/'E5/$= MK>-X4;PQ8>9/&@\>7'A/?)"`2OYJ_LG_`+#'[87[-_[57C?P]^S7KW[/'[2/ MACX!?%[2_BC\;#X_TKQ_\%O`6F_M'?&;P!_8#>'_`(-^'_"D?COP?&_P:^`? MB`%8I3YG@;_A=PA",P,:_H679%DF)RS+\W_MN%+/:;=14*LXPI1C2Q#ITXN3 MC&-)590IN,ISDWS-J"M=_`8KB#.\%G?U-9-[3)=G**%T/C$$>.F;P#A68#_A"ES^T__!3'0O&=G^S1 M\8OV$_A!^Q_\3?%WP^^+'[)?C+P[\(/B#\(+.'Q/HVF?':378X]`\`>.M`D# MMX5M[E_L'C%_BYXMN6MS-!XG9]UY]H>?+,.&,CP6;Y5A<'G$,Z5:-%XBO%PY M*%7W%GCE.IRJ<:4I7I:/F2O*R2C/JP>>YCC<%F^,QF45,C<;^SO=N:L^6RC= M^]:UDTK-*+M9GG?CC]IK_@DCHGB'^Q/VK?V]!\<_B79+H@N[SQI\2_&^E^%K M!M;TIO$&@#1/!'P1'A+X2>'([NU\N:%4L1.C)(D]U$[KL]F_8;_:S_9^@O\` M]OJS\#?M&^'O&O[)O[*7B3PKJ>C>(-:\>^(_&TGPHTX_#]_$?Q?\--XDUNZO M?$GB+X9>"_$&B31>!RLEY&EQ_P`)7X)M9)TL(@?QG^'7['/[1O[)OQ*^/]]X MEN_VH/#=K=^-_@7K_@GX>_!7]B;X4_M(:7\=M6\-?"7X;1OH0^,/B+PGXX\( M?#9H_%P\2>#&+GP$8W4_$$MG*CC_`(7_`/!-O]J63X+?M\?'#X!G2O\`AJCX MK?$[]J7X$-(^(/P%^,VA:!XCT#1?#^A^*"GBKX+27\;>`[BW-PBPW<3K];6X7X*CAJF$AQA)Z\/Q@W)SHQ=91J5) M27L8J*HQ4J5.O"5:$.>2Q$H\TD>%@\_XG:7US)]]4U>[2T6\FWS/76S=KK2U MOZGOA!^WW^Q_\>OB1J7PE^$?QU\%^.?B-I?P[T'XLW_A;0I-2?4X_AWXFT7P MYX@\/^)<21+FWG\.^)_#=R^V19BNN6I\A'>:!?-_@K_P5/\`V%/VA]4^(_A_ MX)_M`>'?'?B7X5^"M:^('B_1%TSQ)X&_@U\=?@G\)/V/(_@+K' MCR__`+8^%>O2?#O]FB'X=_M1_"7XRA,D?##Q>FA1>&6\9922*!?M:'$.3^7/ MA7_@E5JGB?\`X(^ZY^UQH&J7?@7XT>#/C-\>-4^*6N^"=8;3%US]D5/$;?#7 MXR^'IWW$#PMX4\)Z!XB\8P!D"?\`""6LRLSF2.*JH3Q>"(N?"AD+,D35_0%^S)/;: M[\6?VU/$6BON\,S_`+1^D>$M.\L`V/\`;?P_^`7P2\)>/I44X`V^)-$E\)2_ M(0&\,9C4!2A_)&WT'P1^PK\%_P#@GO\`&/X=?"+5_!/@C6/C9\7+WPG\#HW4 MZO+XN_:'^`?Q)\/?L]^!]=UJ0RB/Q3XQET3X>^"V#JY_X3[Q+'O9P4%?MW^S MO\-F^"OP;\,^&O$^HZ4WB M>+M=UZ>)V8$QE4<+M;9\/Q?B,+BJ\\9@?@J3DHK[4IT9?5VY1225J>'H-M)P ME*LW3O'WG]+D6'ERWQSM/1J[=ES6EUL]Y2WL_=2>NA](;1[_`)G_`!]A^5&T M?Y)]O?V'Y5YE-\7?A=;BX^T?$?X?6_V89N\^,=!!CR./,W72D\=<8(Z4R#XP M?"N686UM\2_A]<74Z_:5MAXST!FV'`W)MNF<+P"-R;A@'')S\2J&(WY)6[\K MMW[=G?<^F/4:*R=/U/3M3MS<:?>V6I6V.6L;U=14\_WD+<^Q[=JO4FFM&FFM MTUL*Z[K^O^'7WF%XD\2^'_!^CW7B#Q/K&E:#H>EIOOM6U>]CTS3K)!A5+22G MR\<\`L,C(#$`@=("#T-?GY_P4%UA5^&/P<\,-)&^G>/OVSOV/?`VLP_:LF]T M67]H#X?^(-SZ6@HZIWU3H^E]+:=>_]+[R6BBBH`****`"BBB@`HHHH`****`" MBBB@`HHHH`*,`]1FB@\`GTH`A*@8SA@3TQP0,=NAZG_)K\*/^"IO['WB_P`/ M'1/^"@G[%W@_5[+]M'X'^*/"OB/6=/\``UC,9?VA/AVKIX>\3?#OXAZ'H!63 MQ8G_``C$A>UP$>W2$A&9!&(/W8W!CR!QGU[=?Y'_`#U"PQC&1TZ=^F<<\8QU M_&N[*\RQ>5XOZU%*4?AJ4V_#9O&FH?\$/7\1>&?!UO MK%AX8\2_&?XR2?!CX^2:8T>WR_A]YGA3P;XJM3/)(LR(LGC3P+(=?\0ZZ_B(KX+F\5P-XG#R'Q?!X-@2;S26R`C+_`%&["RXD.0/3W&H4>(L]IN MDVN522J3J47)2<*&<.*@YRX=R%N45;W6 MXPC.*Y4E=5'*RW=TE_&!^T]\8?\`@WZ_:_\`BKXB^+OQ2_:'_:>^"NL_$`Z% MK_C_`,%Z#X6^*_A+PQX@\6^'/#RKH/CKQ/X-A" M8%:(S3_4GP"_X+#_`/!'?]C?P=?^%/@;K_[4/QW\;>,M:DUWQ/XG7X5^,_B) M\;OBGJN@NOA_PV?$/B3Q7;^"6\1L/#4%IX;\`#/[KP98VH#`1R-+_3)KOPQ^ M&_BD$>)/`/@O7>>NN>%]'U,\]>;F"4$>_IS6EHO@?P5X=&_P_P"$?#&B9`)? M1M"TG2S@^]M!#^6>N`:]#$<8\,8G`QP&*ROC"I2C&,:=&?%,/JR=-WCI_J^Y M;.>8*?":J.5W.'#JC5UW?-&2]Z3OJG9^]=-6M_ M,%\:?^"AG[6W_!030!\/_P!ES_@C%XD^)VA)>L=%^)O[?'@GP_HWPYT/52HQ MX@T7PSXE'E/(A4;9XO&L$NU4CR4!5L:\_9T_X.:?"OP\$W@C]HO]DBW5=)CL M=.^#7@3P'\+_``TWA/3E0>7HGAEIOA1X,\+:(8E(V3+XXD5-HV."@(_JY3:I M.51<-UR6[X'`)[?3CKWJT03TD`!`X`(X[=`/\\5C2\0<'@U&ADO"?#%'#TY\ M_)C:5;B&LI/E3O4Q]"-FDG%^O4X5EBI+0?#P\12QQW'B.'PE"\DLUP-T1\8>(?%-Q:[H[H2M^R@`)D.."`1^8 MZ4I'KW_'N1_2I"-F#USP0?Z?EWKXC.\TQO$6;YGG&83A*KF\N9Q@N2%/F4GR M0@VW&$(R4*4&_MMW@` M=!BEH'(!]:*XDK)+LDON.T****8#`,H!_GK7YG?\%"?VD;KX,Z=\#_AGX?;X MI3^,/CY\4'\%1Z?\$;#0M5^*VJ^%?#6C2^(_$.C>`AXI\5>"/#N@^)_%K+X> M\'Q>-);UH?!;>*'O`GF+;7*_I97Y]_M$?LU_$SXJ_M;_`+%_Q1_%6F1GPX[^`5\`G;L1?%WBF/1I/B`&92UMX2\+E%<6TS#MR M[ZK'%7Q7PQC)V6EY*+Y$WKI?>UM5NUH^;$WNEKIIIWYDK_O%&O0"#P^/$OB25_"7 MQ&\5.NA>(XOG\7>/I?`J^*4:%O'4?@E5NO=_V6_#'Q/\'7_Q8U3Q/K/Q3C^% MWCCXCZ1??`OP7\9M>\0_$'XB^$M%AT+/B*/#/AOQ?XA2Y'@7P3 MXU\4W,W@[R;:$S6K>*X/!5M]T]*L42S!--DY-]4VT_=:72RMY=[RNOJ[ MT=[::736@5\]^`/`D5K\6?CM\4+WPI=Z#XJ\5W_@#P#%KEWK/]K1^+?AW\._ M#EQK_AV71H?.3^PXX/%/Q'^(436W!:;]ZX5E5H/H2BN*]M?Z[G4?F5XK_:_U M#]GSX:?MK_M!?M02:5\.?AU\*?BEXMT'X%:+XQ6T\`3^-_"/@3X1^%=/SX*"([7$,=K':M*8#`U3]@3Q-\#_`(5?LZ^$M&U' M]H+X(^,/BOX_O]2^,/QX\3Z#\5O`FJ+XC^.GQGE/Q#^(&J*T>O!OLO\`PD>N M_P#"->!TD\YD\#:)X4@1V@B1A!_P4]L]"\9?#[]G3X"^(;#1M:LOVAOVQ/V; M?`&J:3K&E?;K.\\(^$/&'_"XOB=!-(ZB&(WOPZ^'7BC2[,R.LLESK/V>!)9) M=@^Q5_9A_9FW`?\`#._P+W9ZGX2>`=Q/U_X1T]/7=_\`6][$/#1RBDW&HO[5 ME.2Y;1@X48JG%2Y^&OQ*3Q#8:GX@VEO[;F3XM>%O%=U M:^$$1``TT_P]\:Q[U#3JA9,R>"_VF]+^)G[+.G?M._#GX?\`CKQ9)XB\%7_B MCPY\-=#M9+SQ3KOBM99?#Y\$Z,^[[/*LGB6V%D/%R0GP4]MCQS,YL6DGB[2_ M_9(_90O?MXOOV;?@)`&.M87C^U#_`,(SFX/(.9"QR<].![CH M^BZ-HFGZ?HND6%CIFFZ;8"VTS2M,LX[*PLM,1$BBL8K=!Y*1J0H`18P2I8JF M<-YWUC"K#QLG>,K.5[+E:LTWKS7E9MN*=MW)V2WMC+6:A;L]K73NU:UK;[ZG ME'P.TCXG:7\/_"\OQOUO3M8^+.JPW.L^-4T*SETSPOX,CH;>.[E+>\OY(%^9_VR([SX&ZGX5_;;\)W0L?^%0R: M1H'[26B,\:Z9\0/V7]:UTP^*]4UUU^SL]4T75+#4+'7-(U"T2\LM1TG6 M5F@N-/FC?`,4B,8V&U@4&W`R&7FHUO8XEXB5G&=HRCTE"2M*.MEJF^7:S?,F MMBU;W;I73N^EFK6MOM;MY)7U/`?CK\!/"G[3.C>#O"WC'7=7G^&-KXJTSQCX MS\`:3%"?#GQCTS02&\/>&O'4CJR7?PV773'XJN_"B7$]IXS^RQ"4R1),*\?T MS]@GX967Q&USQ1)XS^*\OPN\1^.=3^)=]^R[)XKT*7]G.;X@>([;'B/7Y_#= MMX/A\5^(-"\6:DTWBVX\$^*?'EU\-E\9+]MA\$1O<>3;X_['OB'6/@YX[\?_ M`+!WC6^U?6)_@CX<\(>/?@#XHU2\&LW?B3]EKQWJ?BG0O`?A_P`3ZFES/=CQ MU\(?$'@GQ?\`"_4I]56!?$/A?PUX'\66$E[>ZUK<-A^C"E7X!Z#`!!/OG/'O MP>*Z*V*QF7.6&PF8]CXC\*_L"?LC^$X[BWL?@S9>(K.[\"-\,18>/O%/CSXI:;IWP M\5;4?\(SX>T;XG>*O&-MX:\-LVB:((HO"D=JTC+$?+01RN.G\+_L0_LN>%=% MU'P[#\&M!U_0-5N_MM]I7Q$O=>^*5A+(`,N\/Q,\0>,$4\;B8PD?/^K48Q]8 MEAGK^G_UO\Y^F'\>I_+_`.O6#Q^-_P"AA.7-O:4M?AW]_6^WIY70OJV$^RHO MOT_K7[CP:S_9=_9KLQFR_9Z^!=H)LY-G\*O`D8?CKF/PT@(]SQG@C-)>?LM? MLT:GYZW_`.SQ\#M1^T$BY^W_``D\"3&0$?QF7PRYD/H7)(ZAJ]^##^]^A]O_ M`*_^1R;A_>_('_/K^GIRO;8F_7U;E]]^:^GD+V.%Z)>6O_`[?UT/CN\_8+_8 M_NXOW'[./PIT9\YSX6\+6_@88]/^*82Q'Z?0]:LP_L7_``2TBQMK+PO+\8_! M,5HI6U/@S]HCX\>'39JXQ@I!\2UC((.&78P8<;0>:^M-R^OZ?_6_SGZ8?QZG M\A_C5/'XS1?7Y23T<6VTT^56:<[-.UK6VU[C^KX1KW4GWM=6VMY].G9=C\4O MVV/@KX@\*ZC^QCX4T?X_?'W65\;_`+=7P0M+;2?&.N>!/'QTV3PUH?Q$^)9U M[1&\1>$)/%"OX57P(;G!NFDV@,5E(D:/]"?A]\(?CSX8UZWU+QA^UKXV^(7A MVW0@^&=5^%GP2\-F[9E.PR:]X9\)6EWC/\*)&[#/S)D./G_X_HOCG]OO]@SX M>,D5[8?#K2?VEOVD=:M`A@6'7=(\!^%O@EX$U&;S?)AOI(X?CAXYF\JTEFF@ M_LZWDGCB$T(?])FP-P`]!U/N?\_C7IYABI+"97AI6;Y)S7N1C93J246IWF2T445XQZ(4457H`L457JQ M0`457JQ0`4444`%%%%`!1110`4444`&`.@Q1@'J,T57H`L444466UM.P"8'H E/R%&`.@`_"EHH`3`]!^0I:**5DMDE\@"C`/49HHI@%%%%`'_V3\_ ` end GRAPHIC 23 logo2.jpg GRAPHIC begin 644 logo2.jpg M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_ MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`"'`(P#`2(``A$!`Q$!_\0` M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4% M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D* M%A<8&1HE)B7J#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#^_'R_]I_^ M^KC_`..T>7_M/_WUE4_/AVL_G1;%5V9O,7:JQG$C,')P%/#8I2`!^/E;]Y@-DKP0&RP'U M8[01;5>0J78A06ERQ`+$`&7+$*-V,9`!.<"O@']M[_@HU^S9^PCX;TZY^*?B M$8]]N;7Q)J"M(/`5^);A+*6*\AMDFEN+>VD^'TSNH'TF6\+XW, MX8>M4DJ&&QDJ,,'AZ_+'%8VI5E&%.&!P*:Q.,JSE94X4:3C.:<(S<[I?/9IQ M#0RV$HTH2K487YZT$Y4(-6;]I5C>G&*MJY2NM6D]S]]/C#^U9^S?\!-!U_Q% M\:_CE\*?A[HN@VR3:I#XA\7^'[>\MY))FMX8ET.XD75IKB:XVP10)"[RSNL2 MQ[@Q3\W=>_X+J?LGZRFJ1_LX?#O]JW]K^YTN:*UGNOV=_P!G_P`;>(O"UO>3 M&4PVUQXD\26O@G2HIIA#/Y<+W?FR>5*$!V/C^?+X9_'[_@@II.C:_P"";S]G M/X[^)M=\>P^(-$\.?MJ?M9:'8>,VU'XMR6YLX]0U#Q?K.K^+M`\(ZIHNH;M7 MN==\.^!+C0[*V07MQ$D0?=]]?MK_`/!6+X@?L!?\%#_@Q\!O`#_#;2?V*M`\ M'?#B]^)?@;PQX4\+6;Z;IWC$:[?>+O$6D:C:11:C$^D6#:=JUM!X6EU&W6WN M%-TI6Y8R_<8/PYPD<;'+Z61\19UF:>(M/.L13RG#3^J*F\3"#POM9.I2G-1J M49U:4J*D_;1A*.OQ6+XSQSP7UBOG&39-*4HQ_P"$?"3S&K'F>\OK<8?L`>(OV2/"OBB6>TUCX_?M5:)J,3 M>#+*'Q`-)N=?M--O5L-(NM5AL(FN9/#M[X-\\>+O#W_``5A M_P"">^A^%_B'X0^*^N_\%2?AY'=%_C9\'O$7@W3O"GQVL[ZY*0:AX@_9^UGP MC]L@N/#&DRN5N?!^IVVHW]FN"LDF+J.#X-^(O_!6/XS:[_P7'^&'P-^%OQ:, M?[*-O\5OAQ\$]0\'^'K32-3\(?$1/'7AJW%]XE76+))G:Z@^(7B:TLFNHYF* MZ5I,X8B."1!H?L]_\%#=>]_9O"WDKU$W!1TNK.WV_\.?\` M@XN_8HUK5+W2/C3\-_VF?V8];TV6'3]1N/B[\&/$+:=IJW#$0+>:KX<2]U>T M^T2*1$MSIT9D<-L#,*_7WX)?M4_LY?M(Z'9:_P#`3XR_#GXK:5>VLU^D/@_Q M9HFHWD$4-Q]FGDOM"M'DU?3Q!=_N)S>VD313CRW&X@'\2/\`@F;_`,%9?'__ M``4/_;L_:1^&T'A#PEI_[+WA+X87OC7X3Z:GAX7/C8):_$'PYX=M=<\9ZU=7 M#V-CJ/Q'L=7U.ZTWPYVWF=?D?]HO\`:L_X(;_'7]K7Q;X/ M^)NC^/OV4_BU\'O&4G@GPK^W+^S=K=Y\*H?%GB#1HGUKQ%%=>,OA)+J+:E8) M>PW5G*?B=H7B:WFN;9XFGA>.0U\OF/!-.IF.*RW"<+9UD=;"T85\71RC%2SG MZI&I'FA[:%;EJ^^X2_=NLY-\Z@GH?39;Q7.."IXVKQ/E4J=>;A0<\%.DZW*U M?V4K-2>WO1OW;3/[`@\?`\P_,$(_>39*N0J'`EYW,0JXX+$*#FG'R]VWC27$^VOT-_9I_;!_9T_:U\'OXK^!7Q,\/>+K>QDN=.\0>%F"Z/XX\$:U9$" MZT3QO\/M0,'BSPGK%LS#[3I.M:;9W4'1D#,=OP&-RG%X1598=_6(8>,9XB=% M2G[!2J>RC]9BH\V&;G'E_?*/OODBW+1_>8?,<)65-U'&#JV]FYN,/:NT6G3Y MDE-:.W*]5=W6E_J7R_\`:?\`[ZN/_CM'E_[3_P#?5Q_\=IRSPOG9+&^':,[' M5L.C%70E20'1@5=3RI!#`$4JS1,659$9D^\H()7/3('(_&O,C.,U+EE&7)I4 MY6GR/M*S?+\['?9V;L[+=VT6V_WK[T,\O_:?_OJX_P#CM91FU.`+';6=K+&1 MYC/`>!U/'`'N>WO0M;6UOM83:2;>R3;LKM)*[T6NVMBHUW&F69T M0*KL8V*[\)L$C8SD;?-CW'`"^8A.`ZY_#7_@H!_P4N\?Z!X_TO\`8F_X)W>$ MX/CQ^W)XQE87WDB&^\(?`[PO=2VMKJ7C/QMXEO&_X1_2&TR6[L8;C3-8NK6* MTEO;2.XC26:!#\D>*M+_`&K?^"MW[3W[9GP8^'G[8&L?LQ?LI_LT>._!7PFO M_"_@'PU6&,&2.%&2%HU^T? M^"=7@;_@F-^R_P#&+XR?LI_LV>,]-UK]J_P7JK:5\7]5^(LOF_%;Q=>WUEHG MB'4H;#Q1K>BVDOBW1[3[?IAOXO#_`-MMK2XLG\\8LS,/N<'D6"R3_A1S&$\Q MS7"45B'D,*%26!RV,E"4:V=5(Q]CB*;YHMP4K6E%-I/7\TQ6>XW.\7##Y=.& M"X7Q6(^J_P!N5:RAC'OA38>,+P MZ)\/_#&CSZ=XGUBZU?4X+#3XM)\/V]]=>9X>@T?P;X%]]_;RT[_@I3X]_P"" M0W[4WA+]N>R^%N@_%KPSXI^&OC'X?ZM\)O$^GW]U\8/AOX&\4:-XP\:Z1<>& M=-D:[FE\&>']+O\`Q'JJ103'5M$L;[5[I!9075R/HW_@KG^SY^T-\(/VF_V; M?^"I_P"R'\/]0^+GQ.^!>F:[\._B[\)].TF]U/4/$_P[\1K>VTVK)IFB6EWJ M6K?V3X6U?Q%X8U,V4,EQ81W'@WQ/(WV#2[ZY;XF^&7Q7_:R_X+-_\%#OV.?C M7#^RSXQ_9\_9Z_8S\0^*/$?B+7_<NJV&J7FK0)'XKT5]2\2>#=#BU>3XB6 M\.C^&;?P_P"'+;5I]#T-]4DG*1QW,]?I>48MYA@>'>(:E/)XX;)$^*,RSRM4 MH4\]R7-,AG)8;AW`*6(A4IX&O&5*&$A"C4C[[Y;Z7^_&?LW3F[*\W&>KNKZ,\I_:*_;>_8&^+/_``0`\(_">+Q+ MX`M/C9X3^$WPJ\&^"O@X+&UC\&-*U'4M/TJ"$?9]%\06&EZS>Z MUXJN9QI4MAJ;W=_=NTBLOEWQ*_X)$_MZ?MP^"_\`@F_XK3PYI]BEI^P#I'@# MQUXW\9>(;/1[3X'/AU)=OX!T^)LL?L$OA8P%_F%O&@VM^H\=JL*)%&)+<*EH MT,:K$;>S\O;']CBBMD14MXU0`X++DYW;$!'C_P#$9(Y!653@FE6O'B;B+,.? MB24&'KT:=-7DZ2A[[U)I;?2DU!FE MT2?2I4W1MQY+^U%_P;__`+>'B+4/'_QJ\+^'O!GBCXK?$[]M+XK75QX&\+>( M-"@TK1/@?\2O$-KJ7AOXECQ%KFH630V5MJ=SK4?BCP0Q34K;0-1\R<>6EP(O M[UE7U"\?[(Y/0D>GK[YI=B]E4'CG"\<^_P#GZ5R1\=N/HYLLR=;)W4VL\N@O M=YI2C3:4%:$7-_/AGXSTWQ+/-\/_P!F?]G+XDZCX7OKOX?^ M,]%U;4/%.M>,?CIYD/B,0^#M%T6TL[#Q787FK746F0^*KNS\)BX.HW$-N=O_ M`()Q?LF?'C1?`_PYU+X::M^R9_P4>_8O_:5O?AQJ7[9GPN\<7N@:=X@_9W\8 MW"1CQ;XQU+_A(KR+Q8?&GPT35M0&M>+I!:^([TVLMS=:-%)!%.O]S&O^%O#O MBO1[W0/%&AZ9XET'40PU/2==TZTU33+O_9>QOXYH903@C_$=W\0/%/['WC+XH_LA?$3XPZ5:^"/&H^%OC.]M/A!:^$KLXUWS_@] M+-"]_H]TB#=X+\+^-?`NE2NY9;VW`*/Z6&\4J><0S6GGG+EF:<05*4L7CL/0 MA4HU(T5!134)T:M&K2E!5J$Z=5^SJ^\GI3A'Q\7P#7RN6656Y)&3HX M;%2?/S.W,U%IJ:NVGH^9:63NS\D_%7_!17]I[Q_^T%JGP@_X(W7GPJ^$O[*7 M[`_PM\4:SX1^&6KR>%K#P]^T/X4\+WYNO&%[H=EXCOAXAU;PHVG2-J'AY-(: MXU"XL6D\46\S>*I#I0^M]#^`NJ?\%,/A!\._^"O?_!.22X_8O_X*&1V6LZ3X MXL-,U0+\*?CWJW@J^-GK?@/XA6:F.'Q0OB.=#'X7\5ZWI^F2ZF7M[;XB1V6R M7[-^>7_!2W_@F/\`LV?`/XS?L`?L4_`OP5XJ\,>-_$'PY\8>(_VA?VL/%$.H M&PUWX:>%HIM9^)GQ,\57-W>Z=IVI^-=&AL/%?CK7-,LIAI.E6D^BZ1?QQ6UU M:!O;/V;?BG_P4D_:NT#6?AO_`,$7O#_A;]E+]A#]FR76?"O@7Q+X^73$UKXV M>+-#BDUZY_X2#Q7XJ\*>,-8OO'OC:\N6@\5:=HUK+X.\*LT4.J:LDQB!^SQF M79/5R'),SX/G@\BHX64ZU'$Y]5P]:&)R":=/'U,USK_:-S+#YE7R_-X5:\IQ;<*<)SEC'>,H?V7%1?]GQIM6GS25W M9)M137WG^R=_P<:?`G4-0E^#G_!0/P;KW[*?[2/@J[F\)>+9KK2-4U[X?7VN MZ1N?5[<:A:VQ\3^#[FYELYG?1O$.E1Z''Y$NW5G6%HQ_0S\$OCO\(?VB?`FF M_$[X'^/_``I\2O`>K"YM[7Q/X.U2TU?2!J-L(6NM.NELYI)K;4[830M<:=.8 M[F!98R\2^="[_@!_P37\?_!3_@M%^S)\1?`W[>?[.WPR\=?M%?LY>*8?A)\7 M-1U/PI;RWMY+,MY-X=\6^']<-E87WA?7-2G\.WR:G!I-Y=-`WAN[5_W-VD$? MRA_P:^>-I?AYX^_;K_9)UW4+ZUUKPIXXB\1:%X1U:2[CELAX"\7>*/A7\09X M-'NREUI;3:G_`,(E<7\8MD,(GM)+E521"WYOQ1PKD6*P?&6*R["U,DXHX1EA M:^?Y+AZE*OE>+I8NK&E[?!UHSE+V/O\`M4IV@JWH?I%GV?W$@Q@<8_#&*Y#Q=XIT7P;X;U_Q3X@O[>QT+POH=_KVL:E=7,- MM;66GZ1;3W6I7UYW,\D<-M"DLT[I%$[#JBX``+`$F3TP$M+N9"MO+)J]W:"?>7C?KRG#+$XQ8= MJ]*G*,IS5^507)*:O%63<'?6VLE:]U?Q<\S)Y9@)8A2Y*DERP5ES7DK747[W MNMWT3VL^Z_.K]CZX_:)_93_8J_;!_P""A'PH_9WO/C3\3_VKOVCI?CUX>^$+ M:C=VVHWG[/L&H6FFZ5XKTZPLX7U.ZO+K3K_Q?XQL;2QAE6\T*ZTC6+8O8213 MOY_\2]&_X)_?\%?O@/XT_;5^&?B63]E#]L'X%^'HO%GC37I-//"NH^$ M9GFLQX[M+"YL$\3:)>6^C0:%X.\?11'7]/EF@@U&W$ZKISWO#/C;_@J=_P`% M";CQE\2?V`?C!\,?V5/V2/@WXYU3X6?`KPS?0V\#_%K3?`%BNB?V_>B3P9X^ M35_#&KQ>2+"QUP6=E<11PR)YB(9:X;]E7]D']GG_`(*7>-?VA_AW^V7\#-6_ M9S_;<^!7B6PT?]HN]_9W\93_``RT+X[6_C2`60:O;R0_M22RR>;9SF%3^R\PPN)CB*G]A3>8YGEF1 M25"DLMSK*L3;"8WFA[.#C"4Y4YJ,ZD&U4/PB.(J9IALKX;RZE4S;!8B@\(WG ME-X#+,?FJDYOB7)\QPG^UX3%PDY2C%N,I)N*?O(_5[_@B)^U1\5OVNOV%/#_ M`(Y^-1N]6\7>$_'/C/X5Q^-;RT>-OB7X=\,RZ/=:%XIN;&2)U6:^TW6CHNN/ M%&!#J&AZC'=2)/;7`A_7U#;HK@F%?-9G4!T=Y9$V&2::$0P`[6>)V9?E)>,G M:&0UYQ\'/@YX`^`_PV\'?"7X4>&+?P?X!\#Z'8Z!X?T.P5$^QV6EK!'"MS($ M9KZ[U$!YM3U&3,DLS3/*Q=S(/S*_X+L_$3QC\*?^":7QP\3>`?%?B3P3XEFU M_P"%>D6NM>$+I-/UD6NI_$SPI::Q#!J0PU@NH:"MU9F821D@^2`PDRWY?0PT M.*.**6"RY1P_]OXSV47-LDUHI:R:LVM;'[#?;K?./,'7`&.?I][K3?MEN7*" MY0L,%D!!8`]R`^0#VXQ7^4JG[0G[0\T2W,G[0/[0]M=27?8@@R#N(VX*D$Y%?NN'^C9F,E[W%F6)M1WP-5-7Y>RC?MIY6>Q M^,KZ0E&]EDJ=GK[]]-$_L:?/37ST_P!:1M5TY98X&U"T6>5G2*%I4$LCQ@&1 M(XRV]V0(?$. MIV^J:AIW_(3\)FXMK%HI]1OSOQXH1CHC[3^\.>.^/T7LSNN;/XNZ7PT)Q5[I MWUKR]VUE:ZUYO>]Y)4O'^,MLC=DUO*6S<%UBF[MO9;.]K)M?ZV+?%[X4J[(W MQ-\!AXX4N73_`(2[P\'2WDA^T1SLO]HY6&2W_?I*P$;P_O58I\U6=/\`BE\- M=4^S/IGC[P5J!O-1BT:T:R\4:)=-=:M._E0:5;M!>R&?49I,QQ6,6^YD?Y$B M+`BO\C'3_"^D-"]UJLE_86]]#:-X:U&^34;2S\5:IITXT;4+71+JXLXX-&L+ M*R;SKS[?)LMH,23E(R#76>!M7N-/\4?#Z;0;PV#Z/\1_!_B>QM]&DE,,M[_; M\>8[GS;5E63]]"-K?-^]BXS(F8QWT9*]*C4J2SUM0A*>M)I>[%22TJ*RTZOJ MQ4_'NO/,(8)9*N6C:>A_JT_''X)^%_CQ\+_B%\,/ M%ELHL?B!\.O'GP[;7DL+274]#L_B-X4UCPYXCU30+E_.U#3YKNVO56:UMYX3 M(1!&X*'*?Q]>!_B=_P`%7_\`@BY\';W]EG4OV6_A?X[_`&*EOO%%_?W>A^)/L7@^.PL+N'1]&TKQ)>V^M37$]O;QK) M(T*'^W2VQ/:VS9)W*'![[3CG'IVSC\.U?D1_P6J_8L\ZE)IRR0R6_$'6/VA/V@OBU\5[OXC^.O"M]IUO M+HT/B6#P-H?]LV^L^$?A)I":G`MCXS\5R+KT5UXAOT6SEB>&?'1N)-'\26\DN3_P2S_97\/?M+/\`LM_MD?L3 M:=X#^'?B/X;WE]^R?_P4I^`'CMM>N?"OQ&\&R>'KRW\=^.-%M;J#_BJ-<\?: M5J=E*?A!^U-KWC[4]5T/QSJL6K6?@"P\;^%H?#UKX=\'KL5+>#2B6UM=2C`>7 M6&^T;4EBC9OU'/N(^$N'1KOQ7@J]J.,^OJ%27*LJ M@H5!<5>\OM4[MM-32? M5WMI^CGPG^*_@KXU_#CP-\6/AWK$/B'P=\0_"^B^*/#&L6LT3QWFCZ^L^AWN]I<++;S,)0^?3XAC?_O@_^.)7\SW_``;E?'/7]-^%/Q__ M`&`/BA>WB?%C]B#XN^)?"0TW4VD4OX,NO$WB"SMK2Q:XVSNFC>+M(U:6<*A6 MTT#6_"US-Y=KJUC)/_2_&ZC>"P!W`]>QC3'Z?I7XIQ#D<>',_P`QRN"_=ODQ M.&FM57PM91J8?$0>BJ0J4IP_>03ISDFXO6R_7^&LRGFF5T\14355+V=2+34H MSBXQ::>JN]KI??<6=.'`YRHQCZJ?7!Z1D7$&FO>6EUL0,%_8G5-1M].L;N]NIX88;2"::2666.*..*"%IYW>21E5%A MACDEE=CMBCC>1R%1F'\6W[//[7'[1/@3PA_P3YF^%'Q&LO"5U_P4=_X*G?M+ M?%GXIWZ6&@>(;T_!S2?BGI/@=?`KMXEN[9S87&DIJ%Q:ZRN8WAT_3Y8Y3&T3 M'T>%,GQF983.*N`DJ=23I8=S?,ES1IUL74:E&\E)4,EDH:QJ?BW]G?QL;,LUZ;;3KI+V_\/ZS>H0JR0N/,996 M#Q@;1Z!_P1Y_9+_:6^'&M?M4?M:?MH^'X_#?[3O[4?Q$MX-4T9)?#LO]A_#G MP1#)9:'!:S>%)[K30;WQ+>ZS=6CAU27P_::+>0M);R0/7R+\5/\`@M-\8]*_ M9"_X*7?M$^#+#X:Z3=?L\_M4:=^SW^RSJFI0W6JV7C&QLM<\.VVKWGBR*">2 M/6[W4=&M-?UF"+1GE8:9,M[$!91HZ_T=_!_Q7J7CSX3_``Q\:ZS"EKK'C3P! MX)\5:E:V[-]EMM5U_P`,VNMWUM"XSBUAGEE1",KM5!DDUZF6KAY2;34GS07O*\?$R#*^&\7GDLQ MRS'UOKF3*2CD=.?_``GQ`%P/NCS)$3YL?O&"_>.#^WY!W=. MQ_4CZ^AZ$XK\6_\`@O\`Z>^H_P#!*O\`:>1&V_8K+X6:BYZ"18/BYX)$BCCG M!.\\8`&>@KP/#UI<;\(M[/BC")/7>=1J%EUYFU9];Z;W/IN-M>%LY2U?U=[> M4(-_=ROYIKN?YVEK.NJB:/4;[3M$B&I:+97T&HLUPUO%JF?[1:!(6!"VAP;H M@8@'^M*<@7=+M=%N8[JT_P"$JTC2-6AUP2P:U);^*+,Z/;"#Q)='5_#%GX9M M;LW$'D:=ID__``DUZDOB;R;RSD&G%)XG?`F2R31[*V#1VVIVG^D"0,MP]U<\ M_N;H9+"7Y6_=L-_!XXK6L=)TG6;/PUK+7=O/X;@MK6\\;7Q\):Y?^&_"VMW< M_P#9%E9:\NGPO<:O:75D!<6RV4@$T),D6^/+5_IXHRC&,G&5K)W::BTK7UM; ML?P!A8SO4?)))26JC=I[JU[/H]+]M>_#V.GQVFB:IX@M-=M9989(K.'2'TN^ M:]>+6-$\2PWKQZOL.G,EO+I^FQ7#(Y5)+VS1MK31+)LZ8#%X?06VFZ+XF:[T MWQ?8"PU.U\5W-KX>@DB\-R:'XQM+^TM3'J=_I$5_J;Z!IB/))X MUN-0:VM])@MKU_.\6S"_EOXM/O/LS>'Y9!8-JK2)I?G-#;W$BP!C(Z02L%VQ MN1Z'UB=KYX7UT6^M>$UF6"SL-)\1>$KN\N=RQLUK'KGA^62Y9R5`MXXX9 MY7F)\M(XI79@L;$6_$>O:9>M'I>AVOA@Z?9ZMKU[:7&F>&X]&DUK3M;&D&35 M+PW%POF'0#H$?]HZ221I^"+F.(!B.`BDMS$CM;K]DEFTVRC'G@7,J0.(YRB9 MWL(9"$E*J1&YVN%;@]-3`RQN5XAJ$IFR1W.G6$UM(C13Z?#)!)&RO'*DT M2O%)'(I*NDB?O$="0Z$.I*X-:$J(Z>7(F]2.A4D9'3..G\OPKC?A^ZMX'\%N M/,#_`/")>%PRSAD96&B0C#!PI#^()-'UJ777\#>$-7\4^+_'=EIF MDK=7MY=6%K':VFM:3-?7DD%[:;_Y_/''_!Q9_P`%,-=\2ZU\1_#7AGP)X'^# M?PO^(^@:'X[TG2?`D6J6EK]JU?5=6M/AYXU\"W:2SO=G]D'[='[H/$\^B:MXHL/`FAVG@[0 M)?$6OR:UK\%_>.(8KC48M,T[2S9^'I+N::;4(88X(/,/F()67^-+Q/\`M??\ M$2O%/BK]N76-;\-_MRGPU^W/-X93Q'X1T_P7\%+'0?AEXH\/^*=4\5P^(/AB MB?$%8M,U1O&3WFJQMHZOX;PVRYA7^A?"O#Y/CLDQ&,SCPPQO$>!TC5 MXCJO$U\92G>$)7A*NE",(6<)-I.2<>6\;R_$..ZD\#F$(PXLQ>4.4H_N\(Y; M74E&3I2O[UFFKNR=V]FOT&D\67/[,?\`PJ0W7@/PWK\[6[7$RVGBPWLF(;^*67 M^PM(MY9A@_ZL=!V@B]2*_A@_X*$_$WX2:7^S%_P0P_:>_9.\0_$74/AO\(?B MWJ'PV\&:G\6+BTO/B-<6W@6;0%LM-\>&S9?#K^(3K?@>^M?M@OHM+?2]4$T) M>UF`3^Z*PDB>`/N1@Y1U99%*LC0Q,K*=V"K*0RD9!!!!-?%^)%&I+"<'YS5I MSA7CE&*X5E1G3Y*U*GPSC5AJ4:U*[E"3I5:5E))W4M-;'VW!6-FL9FF%C+VB M2H8A23YE*%6$7"HFEM4Y6U+:6Z\_!_VI?//[-_Q]FA>\AN(O@I\3W@-I<"VN M+:YC\"Z\1-;78*E77,=+^$?C[_A5>F?LY77A:\^(-YH/BSQ_),=%\$?LB?M.^*]9NH8M,\/_`+/OQ4O@7Q`BY+LH422XA5F(S(65_\` M"?CZTU[2_P"U(X4O=3OIY8$F_P"$?E,7K>%F75<3ELW3Q4<%'_6JFJ=26(I8 M652M'A_B&7L:=7$2C3C*3<* M&LU"\H[-+F:>GR?R5XY\,_L->*KSX4_!3]D_X\_MA?$#P]X^^,'PG3Q!\*O& M?PAT>R\.W5WXE\56]L?&-RN@>*&TO5?$FSP1=RNEM*%ERDB1_P"F M;X>T33_#VCZ'X?TN!K;3-`L+/3=.MA$0L%AI>GKI5I;#@?*ENBF(`89!N4%3 MS_$-_P`$X/&?_!1?]B+5/'NE^%?^"._Q)\?)\ M&?$^K9C\$:9X@U3P_+IFCZ'X/M]TNEZE--'I\*2-+CY8V3^X^WG5HQ(Y57)$ M>S.&$J]4V'!#@`G:1D`$X%;6[;Q\*L#3PN#S3%UL+4P]2I5LZ=:C5HNRNKTU62E M*^DKVNKV>Y8;ED^C?S-?B]_P7\O6LO\`@E5^TX1P;NT^&UACN1-\6O!P4`?[ M150H'+$@#)(S^T+=4]@V?;K7XI?\'!5E/??\$H/VHFMPQDL+'X6:D0@+,BP_ M&'P6K,P7+*HW'+,`!@Y((KX+@*2I\;<)3FO=I\29%.;O9*,:E*\F^BT:N[*[ M[GVO%D7/AK.8K[=-I/UBU?\`KLS_`#MSR3:?Y'\S8;P'XMDHU/[0H*%2THMU8I.ZOH^NDM M5%NVEW=*W^=S<^)+.*'3;*QT/PD+Y[7PA9S:R?#\5UK\2:5HOB:#5S(ZSO8( M+J;5K)#O1`[Z'X)3Y7T?5@,VSU;2?!DEW>:7#X?\02S:!XLT">U\9:%9W420 M^*_!,7A/Q!J-H+&[4-?6FB:M=W&@,F9'UVWFCMA)=0NE?Z/FE?\`!"W_`()< M:5;""3]DWPGK7<2Z_P"*/B#KEQ^+ZGXJ`].@S[BNAM?^")O_``2VL0?LW[&O MPP!.,>;-XNN/_1OB9^.G;UKC?TC.#5>W#G$$K=L='6UEI%U(O1]U?7KHSLPO M@3Q)'E[962\M3_-FU'XI:M?6>L6%XG@BTN?$#W]IK MEUIOPW\"Z,MY#K8\+_:7L9O#^AW*Z:B'P79B1T**GVF^+$#Q]XL^Q\+J>FV4 M&E0VTVKVB75G!K%\#$\)8-_:PN4Y#G^%CG4OJU:53'PBO:U$E%/][: M][-QERSTE:+LSHS/P@SG+<%_:&+QM&:I3A*I*,KQC:4;7;24;6=KV6J5K6/Z MI/@_JZZ]\+?AGKBJ575O`7A#4@A'S,ESX?M)=ZCJR.9D*,!M970@D,,^I-T/ MX?S%>2_!G3+C1/@Y\*-+NQY=QHWPX\`:;<<%<&S\/:%!.Q!P513;2A\C`",3 M@`@>M,1@\CMT(SP>WOZ5_$F.:^OU[635>L[7YK+GDE?JU9*[ZN_4_I[!1<<% M2CJVH035GTA35[;[W5_(_)G_`(*_?M.:!^RC^Q/XW^+.N_";X>?'H3>)_!O@ MW1/AU\3HK.\\*ZSJ7B^X^P+?:I;7,3SO-INC+K]\!HZQW<-E'<7A*VT,DJ_Q MC>#OV6_^"B%AXL^)W[2'P,_X)*/@IIWPMT+PO:^(/"'AO M1_'?P]M]"N/''@GPE=>*+GQ)X872Y-/U#6-%\77L,5GS>(+?6M4LFT#2(KZ\T06SS7`M/LKO=?SE?!_0_V M'M2U?0;WX8_\%*OVT?V._$]O''I\C_$OX83:YI6B2ZLD4FB;O&/P>^(6AR6F MC01SV\JSR6L5MMFA=75)59_Z;\)*./R?@F.94L#B/:YY.I&MCJN3X_%Y7*BE MHOJ%'&TIJ:87&<9?495;0HPBIVS##PC3EHVIWP MTE"VW+*2M=:IW1]O_P#!07]G3QY^QK_P0_\`V#/@O\<;&WTOXWV/[6NH_$6P M\.6K/KM]HMMJ/AGXE0WVASZY:JUG:W=IHWB'0;F\B;8R:]'#:OF[C$2?W$_! MC6T\4?!_X5>*H6DN(_%/PX\$>(A.S`M+_;'AK3+[S-V"'#B8.CJ2KHRLI*D$ M_P`?G_!=OX5?$S0/^"8?_!/+Q6?BUXF_:J\-?#'Q)=ZA\2?V@[BV*3>,[+XH M^"'N_!?CO4]?L_M-_I6@ZGJTD=EI>LS)';WD]UIUL]PMU/;V]?U)?\$^_CE\ M/OV@/V,?V=/BG\.[Y;CPUK?PP\,Z2D$S1BXTK5?!MA%X+US1[FWC9C97.FZO MX?O+>:SEVSP.I\Z..1FC7X7Q`JYEF/`F3\2J/UFKCN,N*Z>.EAZT&VV_>?W_!]2GEG%>8X:I4ITJ4^%^'?92JU%3C5 M]E3DIQC.7)&I*FVN;EO:]K+9?!7_``7OT3XT>*?^">7C#PC\*O#/CGQ/HGBG MQCX,L_CK#X!TJTU_Q7:?L]6]R9_'FHZ'I5V(YI-3NTM=+C&F01/++!+JQ*&. M.9W^`OV\/VQ;+X:?\$Q_V4/CO_P2K^.QO?@W^R?\7/@_X-\=Z/X:O[9=4NO! M]AX=AT2R\$_%;0]1@GNK2[;4;O3-4\5:3J%M9W"K?K/+;F'+K_5;MDN8\/'- MF1"L@\E/-"L"6MF>XC:WN;=A(P*D,%)QN\P!E_D+_;V_8?\`!_[)G[9GARST M77=>\`?L*_\`!5OQ1J7[/7[3OA#2+'0X/#'PW^+6K"YUOX2>,_#<5P!IGA?5 M8?B3=Z/XG\&7,,$?]FZ;!\0-(OHY(;W2K>/R.`,P\?KN"DZ?\` M;"C#$23LZ.S3;;2C'F:3OHMU9ZJ[X6_;R_X+X?M\P:1KO[*'[-?@3]E[X+^* M[>#5-!^*_CRTTJZ35O#EW'(]IKO]O?$9-=/B#2;N&.7[)J?AKX>36ES&CB&: M0*U?TU_LN:?\8M+^`'PPT3]H3XC>#?BY\:K#PJ--^)7Q"\#6"Z3X/\6^)[6\ MDL[V^TK3-V^W2*8)93(D<9BNHYXGC20J!_'C^W/^W)\6=`_9/_:]_P"">_[, MWPL^(?A3X`_L`R?!KX`^,_VC]0^(=U-X[UW1+/Q?!X3\2Z5XCCTBPCOK*#XC MM`]I!KME-:QZ4UA);RNS:U8Q0]!_P1S^(WB/]DC_`(*#?`3]E/X>_%+QK\6O M@E^V'^R3\//C?XQ\":]97>HZK\&?&^N?#W7OB3HTHM=,N-7T7P]:7ZQPW.NR M7-]:(L?Q'TEYF\N*S=_K.*>"99SPC5S'"X#*<@HX&5;$8/+L!!U,YS;#4;2J M5LUS&G*;I3A1G3DX58TW%W@KJ2G'Y?A[B>EEV=K+?[1QF=<[C%RQ2:C"4GRM M04E914G;236E^5-6/[@QP3TZ'Z=#7Y2_\%KO"MQXS_X);_MH:380W%Q=6WPJ M;7-MO$\[K;^$O$GA_P`77-V4B1F%M96UA-=74^!%;6T$MQ,R11NR_JG'-'(2 M$D1\*C,%=6*J^XHS`$D"15RC'Y6P2I.*XWQ]X(T#XC>!?&?@'Q18P:IX9\;^ M&]>\+:_ITL:R1W>CZ_I58J.7YKE.*OK0KX M>I*SNTJ%6E5:W>K<4O-]C]5S3#K%Y7FF#EHYTIJ$=KMQ336U^NRMKN[(^)O^ M"4OQ(TWXL?\`!.K]CGQ7ITL#02?`;X?Z"88)HI?LMWX*TS_A$;^PF\MG\J\T M^ZT(V][;/MFM)T>"X2.1&4?HF"`G_P!<]SVK^3S_`()!_&C7O^"? M'[17Q!_X)%?M37]SI+W/CS7O%?[*?C?7I9HM"\907M[_`&ZOA^PU**;S6_"=NLNI6\EFO]6XN(2A/F(,G(&X`D9`R!QQD=0,9] M.*]CB_+(Y5GN:8F,X3PV(E*MA\3!KV%6C6G[6+IU%[DHQ4U!M2:NKWU2/(X5 MS19EE66T)^[B*2Y*E&3M6@Z?N^_3E[T6^6^J6FG1FEUH/0XZ]J9YB9QO7/7& M1G'(SCKU'^&]OB6_;?< M@=!@[CA64ANQ')'4_3OT]^E?RR_\'1_BUJ;Q'H%M8;]^E7E MWXH^)ND>'#1\/QSC(U,%1X?IM5*N=2A&=*FU*<4 MIP;E*$=8I)--R5O2Q_7CX5L)=*\*^&](NMSS:;H6D6%TS*07>UTJ*"08(SGS M$V$8)W<'YC6Z\D2@;W09P%RR@DL"RA>>2P4E0.H!(R!03B-<\<+G/';O^(XK MXF_X*"_&/4_@7^QU^T+\0O"WB#3_``YXXT3X3>.QX`EFU/3=.EO?'%OX4U'4 M="T_2/[1EB^VZO#::?=ZC#8V@DO#::?>720F*V>6/XG#X?\`M#,4M(RQ%:*3 MN^6+K5$N;_#S2T=^R36Y]7C,5_9^6?6]O94HNTK)>[&]M;*SMU>SN?S&_P#! M+++ M6==\4:CJGBOX-^*+B-+FVO=;DL].ATK1[+4Y[C0/L\K1>6P:OPLO/V$OVWI/ M$]W^S]XI_80^)NF_'3X]>,O#/B'1_'[^$]0LO#7@RSUSQ%=WFOIX?N/#%A=? M#K1="U?5I[2+5KG4]52U\'>']%NIKQK2UM9I(_U;_P""=_\`P1]_9I_;Z_8E M\4_M1>*OC#\%]%U7P[XGTJTC\2: M]K"VKC2O$_B>\M--U,R>;;LMM!)*WW/_`,$*?^"C/Q-T_P"`'[9G@[]LWQ?J M.K>%OV(]'MO'#_$WQ/K(\0:_8>$]=QQ-&=&OF-3&5'3P MJPW-4;Q:=6K-TZ=-<\XN M&=YSJQBY.,(QBG4G)**=E--,\9_X*T_M8^(;3P3\.O\`@A)^R/X%N/B1XMA^ M&?P;^%OQ6\7Z7:R:MK6F3:+I7A_4?#OP\\`:9;17D\'B;6+/P_I^H^+O&]U$ MVC^!=-O;V\U,V7DW$\/[U?\`!(?]AGQ=^PG^QOX?^#?Q+\0/JOCO6/%NM?$3 MQ-H5ED>'=.F\$^$M0A::*_T&R&@+K+7D;*L^M:[K#`,FR>(_BO\2_$/AGP!J+IYLYUCQ$\'C+Q M'>:;;7H8V,?AOP;>>$?#=GY./+A77+0@-#<1C^NJ./!D`5L!EZ8_YXQ>M?CO M'>?/)\/A>`1R"# MGZ\''XBOA;_@H'^QUH/[&/V\_AS\2OC[\6OVH?$W['?QL\& M7=Y\%O\`@J/X*AL-*U'PSXH^('P"<6UE\2+[2I?&]M;QZ7XUT?P_H7C?P_K6 MOIXPL]=:^O[W29+WYW;Y$^-O[2EAXBL/&.H_\$N/`EE^R]\%OV9/@[X,^$OQ M;_X*1>*9%\%?&#XJ^%OAS;:1:^`OAUX%UZ^C75;?5OB9K_AT*G@JRM%\8_$& MXC7Q-XJT_3_"H,A_?G_@JG\#_%'PD\6:Y^V%X-^$EW\=O@)\6/AQHWP+_P"" MD/[.>E0WU]>_$GX)#4%L_!OQA\&V$Q:;=V$,-PGA7[1_&S_@GI^RE8>--!^!'_``29^,'P#\;?$#X5>(O! M[V&F?"CQ'^T=<#78_!&O:QXPED2*[\=>#X9HKB;3?$6LW":<]XD&I1V;.RQ? MT)PQQ)/$U<++&SGBLGHIRP>%7(X9;3HJ%?/J6(P])*MG=;$4G[/!TL9&HI4; M5;5*D)17XGG>3QPD)4\%%8?-E)/ZW-C?#S]GK]H;4H/`_P"U:NBII6A/K5FR>'_CY:Z+I;6\WQ%\ M*:BR0V^G^)/$L\=\=3\)W-U]NUF\AN7\,V]W;_:4M_Z+MX"E%"KCY2>,Y`)( M[X(`)(QD#)((K^'W]HKP%X!UKQ__`,$N_P#@GA^SEXTT3]K']J?]G3XI>%=< M\<_M3?#7PSH5O:^`?@IIOC2#6M"\,>(M9\$W5Y93O9^&K&TM_%5S<70338M` MBN]5>WN?%$D9_8K4_P#@N=X4^!G[4?C']G3]MO\`9J^,/[+.@V/C+4]$^%WQ MRU>*3Q3\/O&/AJ/7)]+A\;^(3::?9P^&/#ILXGOSK&E7GCK25MH[BX2[@@C< M5\-QAPHL=F+SCA?+Z>'P6(5:O3RQS@L:J$<0Z<:U+".4<2Z5:WM*<8TI*"?( MG911]1PMQ7+"4/J7$E55\93<5/,8M3PE[)\D\1=T8N]HOFG%RWLKL^UO^"A' M_!,_X'_\%`_!&@:7XUBO_`_Q/\%WUAJ?PU^-'A"RTV+QIX'OM,DEGCMA>WC0 MSZAX:GFDS-H_VF*X=V,L,J$S;OR.LOB)_P`%RO\`@FLD/@WQY\,=*_X*-?L] MZ+?1:9H7Q`\*6^K7?QBTK08PVS4==AT.VO?'%_?CS"777-&\=:D[$>;X\']8TO7M!U>SLK_2-:T?4;/4](U2QU*"&ZTV^T[4[.:> MRO;34+:XM[FRN+:>6&ZAGBE@=XY49M!A"WF+(4`)"SP2Q+,C%MB[=K#.YM\8 M"C.=Z<.P$E.G53LTN:"<*B>^DG?JK;?S2:5_P< MM_LZZ3#?:/\`&?\`9T_:+^%'C;2;S[-KW@^XTW2]6O+*/)_TATUV?1)H[<@] M'MXAU/F\BM:3_@XA\#_%Q[OP[^QU^QY^T-^T?XQ4_9M/TY=(CTG2&&0?.NK; MPPGQ!U!8`OR\VL>>#YBC*'^AG5/`7@;69)I]8\(^%M;NI]Z7$VI^'-'N[J^= M`3LFGGL&:1E4'(4C:!DX7-6]$\*^&_#EH=/\-^'O#WAS2(E._3M#TW2]-M(9 M%^8J^GV%C':*0.2QE!`/(`-=SSS@[E4H<'X_GTM"6;2]BF^5]$VX1U:BHQC) M:2Y6TUYCR'Q!;:?'$+;.2X?P3FXNR;%H;IIM9U@/EWOO&5W M8^%N&9/A[)+A#_0E^R'^R+\%?V)_@[H'P3^!/A,^'/"FFF>ZU2[ED@OM<\8> M);LK'J?C/QAK(CM[K6/%7B!X!-=RQE;/3OF58;2VAMH8_J69H2H+W`2/>L8R MR*N]P"B#D`NP92J#YF!!'!&?(/'_`,;OAS\.M`\<:OJFO1ZMJGP]\&ZWXV\0 M>#?"TD7B+Q])X?\`#JWLLMSIW@K3)9=(V\& M(RS+&YD\PS?>>*S.M&E4:T;454<5&R;:ZZ[V>GK=W?K#;O.K(4C+K(S8VH\1 M82!FY52A5@X.-A4AL$_C!^PGH5GXB_9E_9D\ M=P>%+;X3KX:^&_B76_$Z1:5K9U/5;[0/%ND3W_BZZUGPW'>V^GVVBB\9[;6+ M2.U,D4T)?W3_`(*'?\%-](_:P_9O^`O[5G[(?[1>M_L^?$#]G_\`:(U5]:^! MGB#QI'X>\??$'Q([Z#H/A^PUKP!H%AJ^D MWDD.O1RB/Y$^`'BOXL?!'6OB!_P4G_X)H:5=>(?A]K'B)KG]M']B0G4-1U3X M6:[')+K'BRZM/#VFBXU;Q1\*O$#ZKK'C'P!XYL-,;Q/X+34M0\.ZS;>7X8T^593551 M1H5?'/AG_P`$.O\`@G-IK^(?B-\9?&_A+XJ?M;^/-6U82^)- M2T:">"Y\-CXG7]M+->201):0^+_$>B$0+IGA[0K+4KJT@M=?>[N?NC]JK]JC M]B;X#>"_@U_P4^M/A)_PBW_!0/XJ_")]'^!7P1\2S:KX6\5V^J>/([KPYK?C M;XE_#BPL[&\FTSPCH"ZT^B^.-8T-/$'BWPK:6VB:38R:I):0V/U7_P`$?/V$ M?$_P6T/QE^U=^TE:_P#"2?M3_M$ROXGUWQ%KUG=R>-O".B>)[V/6M6\+:K?7 M;E4O=:\0>9KFH:9#:PS>&K%XO#K?9H[>X@,U^)\SP$*G$V.E5>#I.I0PN78F M2C/_`%D=+]YB73BU6Q.%R::%96-SJ3P-;W.OZ]=7(O$E^V(]]WJ?B"ZU#5B9>_^+_VJ_P!CB\\-6GB)?@YX MIN3))??M-_`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`(;M%TJY5I//60_R9?$G]@W]OCX5_!WPK^Q1XQ_8<^%WC.^ MUWXK747PU_:W^%OA:_\`'7C.VFUSQLVH2GQQXYT%-1O=*TH6DIN)[KXH6^A1 M-;!7GASCS69IDRI%>R]NW4I5'".&=.E2J M.=->[/-93YL;"HHR512C)12T]CPOJ<4SQ]?#YG*<,GR.,UAZ$HRA.<8I-1<+Z6=WJC^>7]NW_@KU^U_\(O'WQX\3?LS^!?@/J?P#_95^*_AGX'? M&RR^)^H:O+\;9_&=Q_9VN2>(M'T+3O%UM.WPJ\0+XFL-`T>\:S%[>ZKI^H6> MF77F1W%M#]:_\$__`/@J%XW^/WQKT#]G/X\VOP3O_BG\0/A/)\>/!LW[/'B7 M4O%.@_#/P2[6"?\`"L?B_-K,P71_BQ;17]L9AH+SV[07UJ#!"DL+O_,Y_P`% M+OV5_C;X0_:__;/U#6/V=OVA_%/C?XW_`!-OOB-^SUXF^'.CS>)/@L/AGJFM M3/XHU[QI?^'X+_5-1\>:PFD6ITKPU+!+>^'%DA:*&-6C9OT8_P""(7['/BC3 M/VPM!_:@\$?"'XU?!GX9>$_V;=4^'7QE\+?M")JEEXAE^.7BU]"DO3\(FO[& MVN_&'PM\46.A6_C"[7Q!'%>>$_$O_%-R&WNE-H/J,UX0X-PW`4,WIUL&\=+# MJ4:<*U)U55]E3]FIQ=651\U5O5TU&7*H2LW&,_#RKB'CW%>(CA46+AP_[1QE M"5&HJ7(Y-75X6322V;OS-II1=_LS_@N]^UO^WE^RS\.8-6^!ESX+^'/P?UZ: MY\(ZC\2M+UGP_P")/C!XGD\1:#XF77[33?#?B/P[%)X)@\*2V6F36WB/PZNK M&TN[VS+W4#R6L2?SBQ_#_P"&6J?`_3_VIOV-?B1^TQXC^.GP'MKOXD?'SXS_ M`!2^(OASP5I6G>+!X3E\2^*/#_P7\-SZ4WQ!^)FH:2M]KCZQXBL]8U/5M'7P M98R7UBT>OP[?]`WX\_`WX;_M%_"OQ=\)OB5X?TW6_"OC7P_JGA[4%U#2=/OI M[73];B>*Z33;B5W.FW2IAAJ"%%1MDJR;U5A_%G\4?^";WQ)_9'TO2?V;?VOO M^"MG[._PA_9$A\5Z_KO@WPR(M2D^*_BQ/&=XUOJ"-\.(8+;Q''JT&AV^FZ=- MJ]UXROM)A%]JK>6T0N'KF\,\]R+%Y(L']4KX#/,-7J5J-3*L-7Q#X@R)P7-A M,:L/2JRJ5;N*5.3BH0DW9^Q43T_$7AK.:^<+,:.-H9GEE"5)W5U M&%244E9=5%KW4G:[/#?B3_P2_P#VC?BM\$_V9_VQ?V0_AUXE_:$T3]H_X?B^ M^+7@;6+OPUJ&O_#[XB6,TUHE],CS06VL^#[&ZMKJST&PT^$:KX>N+::#Q&5> M-U7[`_9\U7PA_P`$5]2\=?M(_M9^/+KQ-^W[\=_!$^C>%OV-/A5J6GRZ5X>T M#7;I+KP==?%^3PQ+?:#=746M65M:6-Y,BKX=T5->7P%;>(88KY[7]2O$7_!9 MS_@EU^R/^Q=?>&_V6_V@/`OQ<\3_``-^$L/@WX/_``DM9O$D7BKQEX@L;.#2 MO#]CJLFK^%;5X4U#4_LFJ>(]9N(1!!"^J7ET(Q"TB_*G_!"3]B/Q+\?M0\0_ M\%4OVR@/BE\7?C/KMUJ/PI@\4VZ:N-"M4F:SU;Q_]CN)7M;!K^]L(O"W@#PV M]K%_PA/A?08/$$P#Z\+F+V\1G^;XKAC-X\;0Q&2*.%56/:(\A M50;$Y&.%Z<#@`Y`[#IB<*$3"H<'&01R.>#GCU/XYSUS7\_YQG.*SS$N=1N%. M'+&G"*2A2I145"G!+E2Y8I)>>FUD?N/#G#F#X?P:I4X1EF,TY5L1UJ3E9M-M MZQWW^>KUL#H.W%1Q_P`?^\O_`**CJ2HX_P"/_>7_`-%1UYA]$24444`%!Y!' MK110!DSQP2Q&V;#J8FMVCF02),H3D2@JP=2,J0QPP9L@YK^6SQI_P0>_:#3X MS_%P?`7]MG5?@3^RW\8OBG/\4]?^%W@5/'/AGQ?H6J:K?37+Z;H^M:)XD2P& MFV>EZGKECX9"M&=.CU"P_M&&Y.D6\=%%?091YO=C).TH< MKLT]8N3E%JUFET5CX_B7*MD7'N<5\%"68X/),W524X.&:950Q,5%. MF[)Q=.>\F_>G):Z6LCYS,N$LMR_$*>"Q&:8>2@I7IYCB-U9;-M=.B6OR.IUS M]HW_`(.-/AS:17&O?LM?L8^/UM=Q:_TCQO;V-UK-KP3$%N?BQX/73W!(;(4* M6`/6N7O?V@O^#F+Q_:74O@[]E[]D[P"FKP:7=Z=_;?BSP)?GPX7(=PXB^-OC M(:D24#982;2,H0:**^SGFF`CED,>N%N%W7NU9Y;6=.T:B@O<^N=FWOOY.Q^> MT,YS99O+#?VCBW236CJOF=XQ;N[:_=^;OR\W[#'_``<2?M&AD^.G_!0[X9_` M+P]JD[#6M(^#UJ\.K6FG#)-KIUWX'\(>%M1!)SC'CI5R!H4*CC3O*G!1?O2A%[>MUYI>=_7AR! 7]!2T45Q'8%1Q_P`?^\O_`**CHHH`_]D_ ` end GRAPHIC 24 pg38.jpg GRAPHIC begin 644 pg38.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@!L@')`P$1``(1`0,1`?_$`)(``0`"`@,!`0$````` M```````'"`8)`P0%"@$"`0$`````````````````````$```!@,``0(#!`8# M#`4)"0`"`P0%!@<``0@)$1(3%!4A%A?7(C4VEC=8,2,T03(S8U1E9W>W&#@* M45,D9%5A0E)B)29F)Y=QPM565V@9.1H1`0````````````````````#_V@`, M`P$``A$#$0`_`/OXP&`P&`P&!JW\UM]6_P`Q^*_M*[Z%O;H0-A&=[]<6IP;Y.?*AVCMPDR5K MNN.3CC-+"@G.#DWQ7J*7\%4E?_,J5&A+^-M(N<+,BSPS;,"'6]`-'O[/T][" MJM?4*I@_._)_(]KU=#J!\EG?<&K'G> MG;'M-RZ,NOD'AYI;HH^=96"8]0Y78[RJ2.J5LV2DCR<]R5(]O?\`6>X1XU)H M1_/^E4G9/A\\;]"%M\DZ[?\`FOS&5-PS+8,PS=[I63=2UM&(A<15))$\NDJR M(R"`)[FI=8SIBW-U,0F$+DJDP[91A0M`#!GIB>(_XV_/>_5+`IEQ11M>CY+I M13P1.NC9Q>-OT]T!%.B:\53FV'M5*-C50..V0Q.)2=I&W+UZ"1$)3CRSQ%)2 M]:"W_DPYV7/G5?=7:LYK!_[GI6G"Z\TFO[DCM3\*NQO$(=3E9L#_`#J.Q^C9 M,Y$UX_+TZI*9(C`"3'FKDZD8SS"CA'_#"]+#3_/?F?\`)5>-9=BOT]NWF3G? MB+B"V..:?>YO+ZJ:K";.HJY6SBP>HY%&JZ>(4N>I\A=!-K.)1H6D;28:$CX( M!_!]`U)V*Y]BV_7'&U`\O=!O\ELODSS2>0>@^$KCG\A62$^R:SY4I(%I4Q%9 MK+!*"BIVSNCBWJH8)P5#.1FHO:`S0DY8@8&[?P6]A-G=G=OEHZ19FV0Q4B:0 MSQLHI/6TC"ZIE]56M$:(LB%W%72AO="DQA"N)6-'5Z(9P22OFP$`.%K6Q>T( M156_%W.'EDZ;\N-L>0J2SIVGO(G6/:'KB`QN25_=,`9(O M(X^U,T@GC@M<)"<]NI*U*L-0#WH.RP'AV&G MO5RR0UYTEJCJ5=6L&O9]LE9(8N6XN:V#L:%8H),4;.=CW3:G>A^F M]X'V#F5D\<\^(.95I2%5M?*\VCW']G)H%4MD7ZWR)GI&T9K#),ZIH[*^BI7( M%K,XH8I84F%\9^/<=HO87[RQ@)T#00U9>"*MB>/^E+8XIN2F%T'ZTUQS0-_2 M&U(MV#:W5-5W/6;D_NL)52(3?8:1J:*JL+5BIU9ZE&RD&-BQ,J_[(9M*F*-4 M!"O:W,70=;][N/B[Y^L0,)X_\X4Y>.A[%<@2)P2SCG3=%D()/W5&:B(^$J`0 MCZ:A^V$";8S`D(%JM62426FT,6PIY;/$".\/+3Y0J^AGBZ,[Z@5`(^%8%!F1 M/Y`9%Q:T\^QK?*,>0MD9:6Q.YAU/R9:BCI9@SQ[$-")L_3$(:H0MADG_`#`W M2,-B\IX]X&C%S//'JCBGD2;I/Q==`H^,+*[VKRU_%_<%Z/O,50 MWNX4A(V>2L4\BA$W<$LA:Y+'U\H=:LDQ;DRC941JA>XJO0)!)PP!!L-YG_+B MI)"H\MZT&K3G#E+E3L_F.^_+)W7TW:?/78<0[+NI$?URVW8 M^PQVX<;J9Z#45U6M(PR)N2]55<>BA<83-B92VO#$N,<-/WO/V,9A8\"X]/24 MS5^_\T=\S)##"6>*4T^(#E#I\$#>T.'CU6N"9_2EB.`4U-[ILD:D)Q>BB1;" M(0=_H_8&@)-:TMY\O;PA=GK9=)VZ#\<^'S@BW[T2@5.BQ.XT;='4K35\X^7R_K'E(#M= M60N>%R=/!XMTYWK/[!BC4C&-0`+2TI:S=&8`_38"_ABT'?Z'MUH/H+\SCVXD M=W7HC;'A<0%%_P`N-Y+GXU(@'Y\.] M`%ZAWZ!NCY+N.)T3XC.7[[LYV&CAE3>.RC;3G#NJ/^(ITQPWF^*R9\4;.4F> MY2O/3(#/9H0MC..%K7VB%]H?()X;.@Z8ZQZFMOESJ2X7*^HIYHZDFG05[U(8 M=;==)Z2ZNKBYYU9S)2L-E^T,%6&L#ASL:WJ-J6!S/+,7L/RFA[3Z)T,,MI+A MSFZJ_%7YZ>F(/$Y0U712]R^3GDRM)@JM.T7K<8H2%O$<:HS"R&1YF"Z/+#VM MO+T6%T4)#78?VB&I$+>]X$U6_P!6SOQ=N?9<)CZUW4N?DY\;'*MZ<6M0#E2@ M0NTWF+03CRPHE"RC31F+)6ZN$T8YTK3Z%H&B$1@];UKUU@1%=WCJ5-7D7IKB MQNX:7^1M%S3X=^8FUUA!G:[]QVF9)JFN>T$,VN,V8)%Q(I>X2Z5."W0T`O[P M*[XFO0)0=:#Z[*$Y,K1?X]X7R#8O/2JD*RDU-KX!/>;B+OD]HJX&V3#;BKE< M%)OEL=T.(7Y]>P^;Z[DR/HO MQS6_U5`>/']=9=K3!-5413DKBH]0Z_K/0L M'M"1I]R%SYP!RGXSO)=QY9-BK>V[OOOB1HL.W%MTSJI'4#FP$7%`+$C# M_)'>+21(^MSTO<4($*!.J9]-^MECT:7\3024/Q%?\=(&51*BZJ+\=`NT M#(R.]+R`C!T6#L/<=%80UHK%TX!("PZ^!MKV?]'UK]+Y;W?;@4+Y=\K=?/OG M&0=I:Z-6.D7Z\ZLL_P`?*^@CF2:IXO#>6&IB@,0Y#O=NE*Z.):[`NFU\Q%4H M=R2G0]2D1O/OUH/Q5/M#Z,_`XK<5=,=[?4U:U6,8BDZ;TV$)8?0(/M]-:P*7_P#,9PC=HWWXB*R4\\3'K=GF5T=2D.W, MT'N'\"'VW"F:A4K\F;4UF&2",)8^..J6X+O_`%BTCYH"`28(MB/T'8:)U\;? MY-XHNH'6NX7)8ESU9/ERY`J*G?'%*.EIW++3YXD\*DZ:O+SIBS+4EQ*"3U8] M7?+%"50%&889IC1&E*=#%[]#&'T*\,^(&A)?6O2=0]*^)MQXFK^RSJ@.6,S? MY([,Z>/MP<$>Y3(FP07F+RMC>ZU^XSL<29O1*@O3OIP]@_&];RJOBS?DR@29H>5/RY?A4\GS\>G;G$WX)8!L3$ M4TO1I"4[V!"-0`04RC>OM&'>@"]=;]`T/^*^L%3;TYX76&K>9;&X)O.Q(9#> ME)YU;9G8-#MZF;0V^+HD_(4U1G/BE;5/2?/G?;`R7!1+\Z M%C.-:V^SJJBA$G9S!&D)=J$:TDLL1AJHP(?FI<4A$;V3O?P=[+V$, M,_A\\0QO5SU/V6D:^5WO#)4P=&OE,I+6FRV`P^;2YR>@1>Z%W+@9V;5S`YR! MVC3A]/-=3VWVFSO.IG/#?E>DKSCQ<6M"PQ(3Y,8W*-R5C)"3]-,*$TI=A MT-.F*'^E@33)^8*1F?1-7]62B&_6KTI>$S>OJMEZQ\D(DT*C=D"2:G`6:,`= M014MWD:9"4F4.(T0U^T@/@:-T5ZAP*T/OCSX`MGI2:W\MKQCD/0<>O/GBZ[# M7,=DS5,-GOKGV!K"*#F$M@S'+T\;;Y7'ZXGN]D@4H`:SJU;I]'X;+FAN!*X MNJ:FM0W.HTY+R!JV6F"HVA-^$,(ZZ,\+OC9ZBMY]ON[:`$\3V6)(P19RIBM& MVH!%[:1P5,E3Q;5PPV#3F.1&R/H2%O*)`:[HU)HTY02S1#+"$.@P*R^4O#MY M49#%-DNE,W%8%(00N*QQ[YGO]V@-AQ&HE0]MQ4/4NO/\^BS^JJD9JC9*="KV M5>J/4-1"4#BI6&*#_BFC MV/`@WJ3PZ^._LFUUEVWS0IKW9+\S-4:GC]#[,MBJR[5C+'\N%IC]MM583>(- M%EMB!.D+3EZ>"%9NDA8$_O\`@``6$+,L?&?-$6MFG[MBM5,<6G]!4J[<[T^J MC2EU88]!*:>E3,L6P9FA;6O2P\#:$Y@2:)&-",].`KV%&`!L6MA)LC:*?Z(K M^R:SD9$+MJMY&3,JAM.)'G-TECZ[W$*(].(%*4A!IY12U.4I,3+4AOL/($+T M%H(M:]`K=QQXXN/^"A393S-5ZV)/-A)HTU2F4RJ?6):[T%@2Y8W/5!2R\*/ZEL6/(!6_SLBGL1IR M=N,F>&9/%"+Y3L4+E[2%K*>$,:>EDSTD0(4^ER94<$\0`)?8:9^D%#;>\.GB M^[0MB<]63.MGB-Q)C:#6S.VCY+9".@%G6,AL. M)3624R;T"[L#/8ENB;44AALJG/-+=8K;74]L-T:W-.O),<&!4K=2SRU!H5'Q M-#$$Q=.^+3Q<=P]'2J3W=7[%*^C&V`0DJX&."WC8U:RB6U8N6.B*OR[R@M6V M'%0S"(N)D26HFU0^(CM*$[>8F+-$4GT66'<2)KM%SLEJAR.BKF4HN567A M:>QBIK9,6-T5YA:)H"91>LR8Q7LQ(;HDT-#.,>@E_(,^G-41NPE/&B]AF?)\E#(I`I304Q&@BHH^Z-BQJ?BT4P;- MDQ!G5$Z<]N"8TY"0?K0AZ]^P@GISQ9>-[O&_7VU[P@JV=WY`X7$JKE;G!N@; MFKB0QR(@,=9O$(U*&2IK,B1"0"O4G/<$WSB?1RDH\!FA#`$O80N93%5T7QS4 M=6T!79X()7+,YJH36+',Y_(I4\N;Y(W&1S0R/(I38LA?I;*GM9(W3Z=2"/MD5>G M-5(^R0PPY[>:FJN831]KFNW18><(8#VML3&)![]4VR?37H M%NICQYSY/+JE71$DA*H^Y9IS8^]:+4@"$.M!%LSX8X>/Y-KCQ]RVNXTTKJ\-?2G2[8U.=IN4L^_#E*G"(M]N)H@L.]^/BV^L:%:[(M6EWCKGEN;2I;2D'/N1`T6)"YU9M>!99$ MWZK]!*D!K\]2"O'4!A:!P1*S`I30J22@[V$S`Q2YO$AP%?JOH)99E'&N.^I9 M?5EA7HD8;'M&%MLVL"ER%B6O)WIMATS8D,=F#2G<#@J'%K`B5.6Q^Y8-0/6A M:#*^/_&9QYPC)9C+N:()-HD^SUC01V3J95>%X6N0L:6Q>-S1DI6^U[#FC>TG M`6#V(1R0H@X8?T1"V'[,#`HE4?BXKFKW?Q2-CE0@H3+RYTWO/)W1T?U+VD(`B*V!4CT2424,`=7G;PW^/+EL-I&U M-2#B6[7%4SM0LTD\ZM6W+1EWX)O:02)QJN,2FQ9Q)GR$PH\G>M[2,YZ+6S"R MQ[WL116P!-+QX\>1'RL>5*B6U3H$.XCDE=2[ES:"7S=LDU2/U5MI;/#E++-6 M^1IYDI@B=AL)` M`)8`%@UZ``$(`Z^W?H$.M!#KUW]N_36L#^L!@,!@,!@,!@,!@,!@,!@,#YQ' M?FOR#-,YM/M5AC[4EGO3(^L(`_U=$(ZVOY1[I@A\A>:0FO3NY^V2V`M=7KK0Z0G M=@0A"V3CA:5H+=>9-'9Q-Y''WMM.ZL-;%ZHQQ0K1-CTG*.:RDZ()A8PY:\YV MZ4LZ9PN-G,_>M6;?U=QY6UOS[H!VZ?W=7-,?LM&T]#M MIM<,]0)O'2&6V96%NT0QV?K:^P?QU3.DF=G$R(GZ4#5(5P'K:'1:,L+K61RU M=]@=:6^8*T=9G3XYI*7NJK9DM1G36%L'C4@=;1,YWD5<3",S8QA;K[8] M)R4P#R1?5F\HT8!)@[V,*`'%46ZB;G2R)9SI8W5KQ&GJQIQ);(? MM>/:EJZ:W%@9ZVZQYZ?SE4'Z5ALL3RI(P2!J"F5',2M0E<6=*1\D&VGBFENA M(ZINZ:=)2&YI;8J^OJ,KR)*;`G)^HZXMC;R[2^K(<&NJXM8$NJB.2UWO%$^? M67%(-8I.<0*-$+SD9FAFA3F$\2=+U=PQ4MCR646S;?2]2<2P*@*WI&+(X52S MO2\>GRJA#+U9&Z55"IC=A3^511DJU.`H),J0+G(AI/3-RE$Y.07`D($B/(G: MEPT/?M?WLR]0*HVDYR\AK/1\&<[GLF$)G^26&Z08WF]E?V5/T=9,L>]_=5S? M$;.U3&6R/Z4C4*$2\T(@`))"7[0@W>4>B]B<[TY!NK$A<RME;N2UX5`59?3CF=(]_& M:=%&*BUY'M-T#86>YM07O!^A)](;;K'L&0SA3);@(G\^.M5$]6OG;L>`FV8Y1,3!+HHL>"PQ2#/#FS!`X%#6A+3'I M]!5Z(]@:P5G)O<=64VK*H+\?HX_V#$^BGVY8X*TY)(22B!^0VM)U'6:JX2=< M4&:H-8#[RG(YR2S%Q5YB2IP(.^$>YIW3Y166%@5O-][6YXMK+H6THQ9=O*[! MO*!!8ZVN1B''Y:/GLOHZI'E]B+LVRZ]KYF88JAAC2^*DISE;=T>F+W:8E>$3: MIK#9Q(;`7/TMB=8R8L)Z<$E1`6/!AGPUAY&!WW:@^L*]@U<1>3U/T*LM*C*F MO#D:&]!E;$YODL5L2#-<,2;.DT*D38@Y[L2JGM0P-Z)L4.YIS$A*1!'\%'PV6'25KIM. MEH!B65J]/R%#"(*^1,]U;7)9LIC<]MJ7Z68)0(WN M\'VQ^]'CIB.WF]?<'\#`PB66ZTV-&[:E,ZDK3:=DI>C(T[3^ M; MU7)EL"34]7]HH6OI"9/MF2%2G\G=1KF4._KPC#%8=6JJ3[Q679DNC$C?&)WC'4K!+F`YM3]`6;#72.E)I+%C!RR!:A3*N*"U%`CR18@-$F M#$>4Z)[NAEI/FQH240[2:N)=&9YJ,H+W$R)QIB#R#!N9"A)P#%@ M4F:*([]DC]S*LL>%]-2/I6'26H9NP6O*+.3.G-4!A++P5)8"8CM&$ZL$^..E MNM/7#DN7/JH$97/BPQP(7%KS6OWIR@\"'T[Y44]%R5'5[SU.R]"K':FA1A;: M3D=%(7%['883;.NI9#(WFS^I.KC;!9+&A[HF8V@Q(WM,-W8!T>>VEN3E('12 M0&[!RE1'#FP M=RU*C5R':TXP,@3JA:/V,O1^PTW5%S3W5/T\VBUAF]?Q*HT[[TE,ZM0-]SW/ M43N,;QRSSZCJ=&<-WZFNF[$34GZ(;)PG&JZ@Z MP?NON5)M>=?=-OLXA%Q!L"9VQ3YT4SR72.I M9'2B_FM^*J]V(3NE[AK1.VKKH1MYQ+%'ZR3OC"Y`-.';;L2 M[NJY'9-DR>&TLY=Z0CI&O*9(AE;&-5COE1U1S*\5W/EUD'-CW8C5&-6W680K M4"(UM5*2V8Q-\0*52:$\-:<:I?RK$5F^E/\`(NG1N?U&GR>KX^>QS=6*=.Z& M1R8RT9!03HB[^,F,P2G*AH#5Y%>K:J9G:'?#2I4OSQ'TC0;/_'U271[+8*Z> M]*R3H!Z)C-!5?&JB(LR9/[`V)3'VT>EG27I915+1=EN,+M8C/7*B"MZEUDCM M(W\*-*CT.]S/U\3.TI15-+6'SW=L+ MEW5P;AW>T@L^33]KF-:6O`ZP4MZ9*A(4-A292((X=+F/UHI6]TJ=-&T[02F; M3B7N&H6I`^I`-7SCF1I6'D=.RGMR-5HM87^,=>19!6,SO2+3NR(38S+$]VN* M]/)]RDLH!@H^5$6,%Z7/;GSF\O;.QJEI385'R51S4,],;LT`0W"<'1^SX[3T MG36$W6E'XZNN"QG:CHA>$I6S2XH71:YP2#A4G&46%UL!@,!@,!@,!@,!@,!@,!@,!@,!@,#'ONC%/O/N;?=B M/??/;3I@W+OHK;]Y]L6E'S>F7;_\M]5VTZ5_UORWQ?@_$_2]OK]N!D.`P&`P M&`P&`P&`P&`P&`P&`P&`P&`P.JK1(EX"BUR1*L+(5)5I):M.4H`2M0GEJD2L MH)P!A+5(U103"C->@RS`Z$'>MZUO`[6`P&`P&`P&`P&`P&`P&`P&!U5B)$X$ M?++TB5XLP`1!WH6M;T':P M&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P M&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P M&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P M&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P M&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P M&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P M&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P M&`P&`P&`P&`P&`P&`P&`P&`P&`P->C%Y6?'Y(*SO.YDO2L.0U3SI(6^-6A/G MQNE+#'$S@]'*4D=.AZUV84F[,;)4Y(%*1H51L+J0ZJTQI201PP^FPSF;>1'B MVM[,LRH)Y?D6BD_IV$2&PK(:WEME21KC4>B<-CUB2=,9+1Q_[GN:P%_5/C-SHZ@*JL96WRY* MMZ5BE;39WFQW/LQFC?,@H5[!$#]HT8D!IY)YFE(`E!E/5'A@N_HCJ/I^Z6RZ M*NBK!=$5DYD3>EC;/'.9E.9]34+#8'3\S@Y:M/61-8Q:Q:*(DBV6M6BIP\)% MWT90/Y(@.S`VP=;G)ZY;Z,Z^0`*4+3`?%V66$R6KY=>>:EMWI>JGF%VB_%\I5ZX2RT9C% M/PT=F\,Q2,%;R)!5+1#S;&1V@9(Y*3;D?0-CPJ8DL35/:PQN^K`4ICP`"Y/+ M?2D:ZGJY38C%%)?7CM'9]8U36+6M@`CX9G7%HU-,'6#3V&OZB)/TIB;D:UOC M0,:=:V.2Y"N1&DJ"3=A,UK02+`A!&]6J(`@C#NQ@^@@BT(.__E]`=;]-ZWO7 MV;P)(P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P M&`P&`P&`P&`P&`P&`P&`P&`P&!I1@/A;@L<@_D$BDVZ,MZRW_ON.;KJ668]L MU=-,\C];-Z=]U&BWY;&XHT-]IV:TFRI<2?*GXA0N6H"DA&P%Z*.$>'J7SX3N M?.@;TNBZI/8UC,`;F:I>[+(M$V>M&Q1&;GF565W3RVWFNP#82IL-V*;(K5#$ ML115T<5T6(?TPW':,1AGL"%_N5>9&;F&J'6NQ3)_M6136Q;1N"UK'F3='6UX ML>SKDF+O-I[(5L>BS6T11A;E3D[B3(VU`D*2(V\@DG6A["(8PSJH8Q&H>99L M?B,>8XLPH[(,&D9(ZTH&1I2C4P2"*5(DS][ MP)BP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&` MP&!2#N?MBA./Z9L)WLF_*UJ:R%E;SA=5$?DC^U'362RY)&G8V/"BE>@TX2>7 M?`>2"MF!2MZHH(0[V;Z`T+>!H42=3=9--$\^7O3S=YA;=DZR8<9_>Y[OQ!RM M0W-(:+Q0198@#K0M?$\@M2I'<8?M]0!0;J@YLT?K7I]FU^@>OK^GZ:UO8< MIG?/4<(2IEMV>)[LM@0#&(*QTHZ9\O=,)FX`=ZUM08P0:[VFR%I&M;WOVI(^ MH/WK7Z)0A>@=A(5=^4WA6?RQLKAPO)!3-L.QA:9#3W3<6FG,%IK'`P7P_IC5 M"K[CU?.TC6Z,W[=::PKBQ[_O!BU@;!@B",(1!%H01:T((@[UL(@[UZZ$'>O7 M6];UO[-X'[@,!@,!@,!@,!@,!@1S!/UW:W^L8'^SZ`8$C8#`8#`8#`8#`8#` M8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`AJ^^A:2Y=K)[N/H*RX MO5-;1\:5.OE$J7;3$'N3@9\!J865O3EJ7>2RA\5>A#>U-R=4Y."C>BDQ!IF] M!V%!4$I[A[U2?-P8N8^.SD]X!_V&.`^C;MXG=D_O.25JVOZ^]^3W(X9FQ MF)7GF>XG9\8HTV'@_J]Z@[I"U98/39:@.PZP/.,[=ZDY;-T@\@G+2TVO4F]` M4=C<6(Y9==(I4@->\U\M:CC$2GHVCD1!6]"4G)T,U8D?Z0C7<)8=CT&QRJ[< MJV\H,R6;3-B0RTZ]DA'S+%-(#)&F51MR+UK7Q0)G9F5*T>U*80O8<3L6C2#- M;`8$(];UH)#P&`P&`P&!\VS1YJ^FDG,OD!MR7\EP8J\.0IGI.#F)+/I)$K%J MJN5":4*A3WI#\0X\PM[G#VY#%1J$#]`3G]-*CU04:-(F^$)68$U=B>;.*\Y= M'69SS`(%&+-6RW@UO4H?/ELM\'=W9^K\^: M43/WJ%.\E@SJ_-K2_GQ.2HFTAQ3%+DQ:M)I0).;[QD[,&$QTW+(W-_Q+DD3> M$KZQ+K',"DXA22,`OT?3W!WZ>NOMP)GP&`P&`P M&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P*6=8=JP_FM=# MZQC$1?[\ZJMTE;JC.7*Y5(03V=_)&!3+YA*79=[F6IZ7BRDP(GZ9ONR6EM+U MLLKYM<,A$>$9TEQ`_/UC1GJGNR41[H+J:/F'.=:1YJ1+B^<.2/J).@JF+FV! MO?O,42T!.])W&PWPLZ7/.B_0D34@$%L*#8_@,!@,!@,!@,"@-K>/2LG^9O-T M\ZS"8\8]&O)VESQ;?/VFAK9;#<"MFF%:O>E7E"X4_>20TXST.4/32)^+*U[4 M;HC%Z#T$1J>U.C.1/_9OD-I(;E62$6B0=P2A(%=')O`)*SRZ M*O:07V?&;7UB5KFU7H`OT1Z`9O8!ZV$6M"UO6!GF`P&`P-*#ANJ*^Z/J MN+5.X#@/5"-7'[3C[U/9T\%DP%1]0-359!%ZN0"=*[K-H<'MQ5HFEG/2$IE+ M@<(&_3X02@D:W_'/P]?,T7V-:O,U52B>N\%LFN7N8ZCA#))WZ,6RW1UJFNGR M01X34[NK^H;XLC+0/!YPW=GUHW;>I3;//V8$YT/0E7V.DD MD!OU:122921_E$SD+E+9E+Y?-)D[/TNF$MEDG>52]P]!A"$^6KL0A"WJQ2PZV+>][T$->0`(0Z]?Z`A#KTUK^YK`D3`8#`8#`8#`8 M#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8&N/JCL&>H[,(XSXK8( MY:'9LB84$@E#G)@K5=+\AUN^"-)07-T2_3!25O8-H MVPI4Y$!*_)O%]?\`+*252@;_`".Y>B[9,0.E_P#4-GB1N%LW$_(2Q!2$+%"0 MDELA5?3[@CH20+!.\@GO-XFA#6]E//IK855Z3KT$\W'R8H M/?[XK,XM,2)0L41,RP6@O>]B$:C+UH.@D0CRK<82C4,)I*>2/J5VFS)+I&GC M/*\!EE\RV+,D%0,LIIUZ]I>R*-K[E MRPKN!R9T%84SGO\`OCG<836KH>P65S,LC]_RNW:5D$7M68M:1I5N36PH/J6D MRO:Y8;L6TR=2$0;,/%[).@YO:W=\OZCJR$TK=BNPN>625U]7]H?B_%?@L7-4 M#$SS*.S3;6V'JF"9-CF6<0G5:-6I%!*@DTP[0`*#@W`X'QR5UY,N[WKC'RG2 MV*]9UG9%^\WG)[C06DDB%7%K2:R% MT64%GK#C'?0AE["T'D(\C/0E#=4]+PR@.QZZ?%-/=I MB^6#8!-VJ*[Z1Z;I:&7B@;HBV:O6N:>N.60J#V/LJ#(V:OE;D[,[4!&J5LR= M(U+5B(U0264$SVA"VU6N![HLM!:H:'5B.-L?>AMCS],^H)_AP&!`ULWZ0YNZ M#8#=!]X-@/%O8-Z]V@B]0Z"6,!@,!@,!@,!@,""+MZ?Y[YO(8#KTM^#5B*5& MK2XVCE#T0E=7PIKTF$\KVQF*^.[*V=@`M(&XK@$[1MP#BQ*32@C#O82['))' M9C'V261%^995%9*U('V.2:..B%\C\@9'5,6M;'ED>6P]4W.K4Y(S@'$*"##" M3BAZ$`6P[UO`]K`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`U2]%='W5TA:, MJXCX"?RHW*XNJ)9.M.T1MB600;DEN7IP*%==UPF5_$9K*[`>6E0`Q$RB^*V0 MU.>4XOGH,2-O6!=KF3F.G^1:C8Z8I2/J&>,-BMQ?'MY>7%5(9S8DYD!VELPL MZSYFY"->YY94W=?88I5'"UK6P%`**`%@,!@,!@,#!FFSZU?IF_URQV M'!GFPHHF)6RB"-,M8'&9QM&H^!HA6_Q=&X'/;.F.VJ*]AB@@L`OB!]-[]VO4 M,YP/X--+)+,..,`424`1AIIHPEEEE@UL0QF#'O00`"'7KO>]^FM8$!69UAR_ M3#7-'FVNB:2KAMKDMH-GRB9VA"X_N&!D"DI&P:DQ#D\D*&4Q]6'@*1`4``)6 M:,("M#%O6L"))!Y">9FLZTVV+N]F6_):<8X5(IG$:-HFZ[>D(VRQ/H(H<.,% MP>!.[;,CG9+)D2H1;6I5B2(C=J5.B4Y9A@`XWWK:U%FK#05/PMU/83Y#X=") M5%SI4"G:1AMFK)H3%5IL3C,CM*U&9Z:Y+#&V2G&/93LS(0)#FE8E+&>K"22< M'7#NE;2.V;]FTS>#[0>0Q!=.8K/H#6E3)VYLC< M)3+GM$0O;92N&[+F]*8`!"94,:<.5UJCO"7KIEMQZ[JRJF*051$&"*(*AYH2 MO$KKZWR@Q%7/K!33&W['G,`)20.2Q.E3ITQH20!VP^/'CY6H<%TOJ`FUG![J%OHB2+KNF$^NTV5U8W$M MA6HS*2+5E,N0O_U$3,F-7JU))BUP4$A-4FFF?I8'\V#P51$A#6+O4K8/E:QZ M30[9:CM+FV.U[!I-#(B8U;9%=S M,2$EMCC"WM38V-+>VL[2U-Z9(C2$E%:#L)YP(R8Z5I^-)+!;X_5M?L[?;$A< M9;9Z!OB#"F0V%)W=(D0.K],T9:'2:2.CDC0E%GG*PFC-"#7NWO[?4"BE:;5R MQRGJJI:R4SIY1K6]WFBB!Q8Z6.J!R:OH3BA%R->R?]C/*-.$`U+_5 M"ULO]'`S*-QF-PUA:HM$(^R12,,2,IO9(Y&VI`QL+.@)]=$H6IH:TZ5O;T96 MM_HE$E@`'^YK`Q2"?KNUO]8P/]GT`P)&P&`P&!XDBDLY.SQ\=;M+W&U#6ZJD[`9HELV,)J56HT(7Q4(0XZ5O$ M/7#O?C35?E6EI^V>K8(K/;H)R?!*F446:VZCNI?9[4ZW_5LN^OAG#A'7?6TC MIMR2,R!V$`L.SDR=9@:SNF^OJKYZO&6]3P3N^U>PX?=_*M6\QM\JXGG'`UL] M!<_3FE%4HMFPK+,K:310IF00.?P=C=Y/(5Y`=M+0K2N(5Z`)&X^8T!LCX9X@ M[>H[G)O9_P#?G=(J\RB*66^QZJ7NE^?+8K*GII:MP.MKLL@1O-?QJIG&8+&& M./Q[:O6GFLZ=(@(0DA"WIW_`/(_!#5QQ0^2.BF)CI1!IN;_`)>S M^<;!G?0"`M(!T-5N8UUYP6(5G)!;/,(+"F5+VP00%C&J",1A8?VI[,E%=)3E M'1W*=_5(V,%-I[6G5B0AH:NB:DCKHFVC+DU;M+I4"UXMR3RQA/6AV7L$(3)W M!.`TX@6PE&:"$_53T;1-X)VHRJK6A4R6O$/8K`31Q`])TLU30R3$`4L$B>8& MY[0S2.MKL29K9(G!`FV+>_3T]?LP)JP&`P&`P&`P&`P&`P&`P&`P&`P&`P-2 M=A]`6QW=8LQYCX=FKC7E(P!^60SK'O:,_+*#6%Y0CV1)>=>/%ZHA6SRF^@`V M)-(IGH"IDKK0]EE!62#V)D`;%*/HVJ>;ZOBM-TK#&R"5W#D9J9F8FW:E08:H M5J3E[N^/;LX'JWF2RF1NRDYBRBP[%O6MF&&"T$.M?:+>_36!!DAZEYDB*AG22OHNBHRJD4 MU*K:/I9!;D`9U+Y8AP&XTJ!,Y#A($YKG,S"GA(/363H:[8%10OA>A@-["&-^ M1[BPY&F<&.[T$W1JKDWS^$ZLX;8]I_`MX`2!*8W#92TQ=8*%5;: MBM6]WJ!J&@&4=(T9RA"8:(L*?9WQ"]B#A?>F.JSRY(5`.`IRK<&"V@PA$5:W M05`5HAE=:IAOY+Q>L=.B\IMIV+AZ4]L1:3-SD@;GI4!T*%M,5\(_18:\+O\` M+&Y&,EKPZLNL_%1!+"-L,^,TZX-G0]E]9/RJLCDLK;S)A+JUI*N6%TCMI@_J9Z;MY\=?,BWI5TICSXPT$YDUYRO;Z5#%BUCF&'\UIX8354C3QF3?>#Y M9R.?93\\J^0*+TJ+&5L1H1E$(-6'0-CRB(7'X<>Z38;T=+8HLMF:=6VQ3-G5 M,SJ(C\VL87YTK9X[8LT^*LK4M.,&--&8X'XYA^]B3FZ^S061FMBIN>+DL1AJ M/PWWC8*9S,BY$AOBCHKPU'V*U"FMA9S6E2J5S/H6O+(D&HG\,MO+V\MQ)I)J M'?P=;)"48(+22SJ.4PNAHG=*WC[K)[?9$Z!:G#G^%1BI);>,,!\5Y*TZ25I: M;E'`1,_PV@!GQ&Z0N!N@+DVMEZ'LT!(>+SSV>'H&8J(4HY2[3H=>F8EK\)YZ M&H^GB6:&2E"IV,XHHP8/4(-[P([=O*+S/%G)S M;)S#^Q($8TKEJ!4MDW`G:^F8PQ">808H1OK)0SRSK6\X1?N)4E'B(-+WH81; M#O6\"5[[[YY!Y6M'IMVK..5#81IF10E^ MKI]&)UXDJ@&S/38-;"+6@R&J>UN0[R@\]LRH>EJ2L*O*K0[<[.FL:L>+KHS7 M3:!N7/!CA.GC3D%#$T134V*5(S5XTX`$)S!BWH(!;T'##^X^*;#'UP1-+(TP_H&II,YO#HY*`)6YM:D#++5JIP<%ZHP)9))(!F&F"T$.M[WK M6!U^H.PJBY>K>?S"0/31+IS$4+.GCU(QN514FTK#G4S<&V/UI7D;8G9V1#3O MMARI\0($1RK124K2K2@T84X!C"$PTU;$0O:J*\N2!*QK8?9<18Y@Q&'A"6M3 MI'I"4K$VNB<(Q[0O30>,:1`8 M/?898P>X.P^X`J^@/M&'UUKW`%Z?9O7V;P)#P*[W7UKS7SJR3!]N6Z(+"B8$ MT-#[+6T9:/%/-U.3P;%+F:BK$ MEUY5-*M*B#K68BX_)X>_PFSC5H"%"5L<]$Q,*=$I)4!"%84,.P]%N\1S';5+ M7)!.[KTF'4EFWR\093-[*:2)'"8]'XS6RN(.T.A]9U#8<\O*N*_^3?8P>J6N M[4A1.;D:YJ!"$2+8-A"QU$^,;CGGFPXU<,*@4RD5PQ%"M;X_:5M73<]R2]I3 MN3"=%U^F@VS)[)FAA^9C9XT&PMZ1(6!'OX(`A+UH.@MRQ5!4T7=7U]C-7UW' M7R4/*V1R5Y8H3&FAUD4A5ZDP1ARI0,P\T8MB$+>]^N! M(F!^;UK>MZWK6];UO6];UZZWK?V;UO6_LWK>L#27V7XJQ=&=1(+T:Z@\?E@P MQMI45;-T"Z/Y^?Y`X-DN?9D.1SNPA2&!/D?.?'60,[&P-:+:P(C6A*A6`3CT M%S5Z&&3UAPGWI3-2TZ76??P6>V:C@0:R/K"95H&T>.9[`HE(G\RJV5RB#V[L M][P^81VOU38P+Y4SS0I4Y_30JU2%08(18@N8CZ>U2555@_\`?CM2G-5A3V?B MJXD%CL>6PZ![8BI\TLNU*)(^)D)I"L\+=HY2IV4(\+@ MA$$80B"+0@BUH01!WK81!WKUT(.]>NMZWK?V;P("MOEGGJ\@28VS*GB;V_2Z M(&0%ZGC:E/B-J;AICFUO8HZU6W#5$?LV/-NGAD1J@@;W9+[3TI0];T(`=Z"% MW#G;HVK"7]SYGZ;?7+1;2VGIUQ=I!% MVM>F=#7.5/NE#DX!<-E"V1\L<'7=.L[4IDF8*NHN8K$C<)KZNH%*7F]*`)6= M&5Q*9,\[BC//8[$ZT@C:HZ;2$PR2OZHX*A9"_E3H^VG.!IY`@[3Z"RM;7O3- MP&JT=96="ID\-C+&)`_1AG?T!DRBK5,V!LE,6.F<*..)EL+4/<>>4BLE.ZHD M:C9*@&]EZ]VL"6:[WNEIM"&S>+M"7%I@9\K0.:1TL!U@K)!(F^.SS#E*%J1O#DWG.:@]((C0R5BW27 M2UGW#T=R=6DZJSJ+FR@K5I.^+&TPR/H6O>-I4^W+7ST4T1Z'6C8L"M5QF0DR M>.#3.;9%HN]&+E9#^)U=$9J=B4D)@[G`O2_C-==`,$:=]+6ARG3BMCQ3NC91J?>L.$)Q M5A@]6./D6\KD#3-,OLV$RIT=9% M#T&YL!8T:JLVE(+SW7I?8UC(8=0:YYT"O M*8I;FNC*HGD54;9=1FO7^&-562EV8XA#RVU2$GZ,\-[FM$Y'F*UAQNB1EAE+ M)Q97D#:X6]6%TCUW/@U-/WFUTDJM/K.S&A&H<7#<<-VVV`AA#W7D)E]?L8XR M4)$RO"!2TI?FEFM$["K/T,*U0*I_$@KKR62ZDXG6O5[=QW9#O=JMLJZ5RGM: MQX#=K@ULCUM9&T099:DO66>X)HI9-(6T MTMX7I+S[32NP54R?[6NV,\LVP[39Q3HB2S#%S8P MKE(``">H+]F@Z"=;QJQ)_E88K+"FT3\30S/B;V$I2_D!BMJF*\IR]KGZ(M$$+=- M/4AG;-;LEY\FMJK]DO)`DMBK>73Z40N,:T6\^@6E*0D0;VE3#&68:5\00WB4V'(&$:Q,X&,SW8$S=)%,W9K-7HB3Q MD'KC"QG%`&+6Q!UO06'9H'#8PQJ(Y$(TR0IH4)#D>DD+;$,4`E*.*,*]Z'Z$ M0ATB4$Z,V(LPOVB+'Z"#O6]>N!K^K_Q74+70Z/2-=K=:/,4YTEL+FM25[*NE M;"?H'&7JOR%"*,_^[ZA4`"]$G;5BA(H)/,&%I;TAZ)U3*21)U"=R2FDB(7$'D#V`8#0B"( M&]ZWK>M^F!#)?*W,!+NT2`GG"A2GY@TL M;7-M7E!/(4$C`:2<'0P"T+6MX%).V_%[5765STU>R>KN.5LVKEUDSS-SK]Y0 M8KE46XN50PF#0'4ODK3+Z[ES@U5JT*G`Q"VK5JY`-6:C/^$`QN3[P+.<><^V M#SG$;,C$YG\*F*.:W3.[9B03^Q7(;,X64>]R M$&A+"RTISX:F)*`025K06YP/B:IZ,=B2CB+S&0&OI3WLVR^)R978;1=;HW73 M$>@;IGZ---37WG)]JV>CG;1#+$2@`QF2)^IYP^4D;&<@))-0@&45@6$[C1=Y MF=4=G#I%)V/NQ!H[D",^$_C:&J%'`0^4>;@0=%28TIFJDW??X_@G/T@$>]+" M"^_4A;WH@1&]A8^?.TXBG@6\@+[)UM\QZMV@[L=SY[5SU?8[-?S9R&3;TC/J M'W+[=-+MAM<_PYT+4?%)Q:=2V@2#2K[->F!\Q%,,_3E7]_\`(K5XIK\XYM>Z MN@V:V+)@2);V':]]1ZM@J.9%3U95771#E;PJ;D45BC<_[3PI:ZEN+JIE$77' MJCM`.VC*#Z'9ASKYF;JA2V.=8UMT+9KA*$C(CGS?S!Y.:0Y8JUW0L:D"C3+% MH3'>7V^=19H?%*4@YU,,F"US6Z"85I66C.-;]A/_`"+2%J<:2^36/3O@XE$? MMN<1Y)$IW=G]S7]&!W==B]DD_P!M\373^MB_P?TSH'@QQ#Z:_OOC;,ZB0[*W]NO;Z:%[ MOM_H],#@4]R=,MQ(CG'Q/=P#"7K>C2V2><*OI_Q`Z^T)!*?KX@2@O>];]!A_ MI_Z/MP/')\E,P)&(M_\`&/Y.X_L`O:8;JEJ6EB?6O4>O<6*`]%2P\\.@@]=^ MPO>_MUZ:WZZ]0]@KRA5*A!\:;\W>0RMTP?3XRV3\`]1O#>G^S>]_&<*ZKF=( MM:#K7V["8+7_`$>N!_:'R^^-TU<%LD/4\/J]P$/1?R5[QNQ.>E(1[WH/L,)O M.'5X,H6M[^WW:UZ?W<"YU97W1=UI/GZ;NBIK:0Z!\3:VLK&A\\2:+]/7W_,Q M5X=2?9Z?;Z^[TP(BN?NSDSGN=_AC;]SL,1GX8XT2X^)Z:95('A'&G]<]-K&\ M.*>+L#W],2/"Z.KRTNU&RMG[1F^S6]`%O03+3ETU9T%`&NTJ:FK1/X"\KGUL M02-EVJ"F&Z1=\<8S(VM0F7)T:]`YL<@:5*-4G4$E'$*"!@&'6]8&33B"PJS8 MC(:_L:(QJ>P67-:EDE,-F3&V26+R-G6!]BIK?&%X3+&MT0*`_P!^4>4,`O3[ M=8%):UYY#X\JLNUPH7_>*ONJ6MK02FI.-02J+3%96.V?3@*30;G.364O8Y*1 M'9`C4E'-T7?),J;&PY#I,T?*%J-)\"PG-G4-)]:5R59M'S`N2,R=R61R4L+B M@<(W/:VFS2+14@KRTX`_IV^65U8$<4[^&N:'9(F5D[]H]!$4,LP86`P&!6RY M^0>SCD$U:F-DD%C0I:\U?<"EKB[V@DT:1)[DK1RB5HH$C#(FM, MM2DD.Q91:D@`O;OT],"+9!SYU'!B;(>.-N#<26` MHS:L6R<#';9\C%+T9"[WG%M5[TM`6CGVNFZQY8I)5EA1)/U_8G'4'@1A6M7ZFR:D574ML-H:HY8T.E"`*1D6OC.G8A-C^Z(`?(*$I MYRA*&Q=T\C7"#(=*4SMUG13>HA-80^Z9:2IG[(6;'ZGL#42%";`=`;4>Y-&) M0&>LNT2G?Z!_U1-[?7XH/4/.6^2?B%(M>VU+?C%(W./4VQ=`N;9!HU/+"<@T M[)]Q_P"[LX0H(+%)$L=V]Z+E2`Q,2C`>L.)4:-"3LL(Q!#T1]U5@X)U!\%J[ MJJS0[IL-WLXX?RK>:)ODT;/3`5MT89)#.87#(OJSW4D?]3&5BY(\:%K832"Q M:],#K:Z:Z&DNT`JZX.NH:)ZIMPL5K>K@L2CJC;4$^^&MVP4K,&A)/;!L".RE MS-2@TK<"6)P:FX*@O8C3=_$"6`3CY$9B8TC1Q;DFBFIWJ*1">=/4MM3H*7PJ M\5B:1IXH4B0-$8HR*S*MV-4!I5+QB<&Y>X!,5)B@I?A%*3@X&CG#J1^''U%N M=W3Y46"GI#`)K&**J"IJ;BTAG\C^]";=OL+G(VFW+0A[_&6QY0!:42>2&("5 MS26J.+/T>F)I0[;&Q<\NZM8>23L!9RM4<S(5SW2=7<]6C*KDN%VN:31$I0]([] MH^X8M'6-C;&U`$+LYJ&%I;AGB&)28<:64(.O1=6'2JLK5N7S,WZ4\4=R%>;2 MPP+F69/]:N'.U=G*(54,ZKIPN5WJ>IZ?CO5U@LRVRF]N8$2B.EQ5M<`Z`U-: MT_:5?@;;J+[HCO1=AM42J'G+K)15ZMM<5X^CK`HYVHRE"DR%`<>V%,9%UKJ^ MMB8!?E)0$R,YFBJY#K8]&&'EDZV/01Q+J9\G-R362%/78%,\FTT4_O"6+,7, M=*%6I>3]#MKE!30ODUQ=&?4Z_BLE5-.BQGIVNOE9:)0,8"EA^@`.$$TW/P/R MKTR&IS.HJM;.E5M-L>V>+G7.H52=D8K5L M`_@&B,TE`G*,$7L+)P.N:]JN.(X?6$#AE<1%N#H+?%H'%V2(1Q"'00@T%&R1 MY"W-B8.@!UKT`4'[-:U@9G@,!@,!@,!@,!@,!@,!@,!@,!@,#\T$(?=L(=:V M+?N%O6M:]PO30?<+T_IWZ!UKU_Z-8'[@<"I*E7)SD:U,0L2*2QDJ$JHDM0G4 M$F:]HRCB#0C*-+&'?IL(M;UO6!$%;1*)M4EM%[?KZ^N!,V`P&`P&`P&!UEB)&XICD3@D3+D: M@&RU"1804I3'E[_I+.(/`,HT&_\`H%K>L"EUF^-C@"X5)CE8/''.CP_FF;.^ M]R"JHE&)T2?O?K\PDGD4;6.9(E&A?;HPE<`>M_;K>MX&FJRN([%Y3Z[N60\L MR#RI55!9;47//X;2+FR307K*ME&TAI>S3=!"6N*9!Y:^8:F?GVQ^5HCU!5\SO/I.T5K-&WUBYP[C:$=@ M7O8$U-EL@I.6R:4\ZRE5,D;KMV1,;9/&!4WIUA*/85!Y>]C#:3SIWSS/TS(W M&N(=+W:$7I'D6ETOYLNR+/M-=$1(@(1"/5.53SY&SR-V94VP;UMX:`.;&;]F MREI@1!WL+F8%<%7+]1M%[2/K�-I8ND'VLE];/')M<7AD0GJ2$1@"3C"1A$7*';;9>&EP3B_1/1. M3ILZRAU;VU>IT2HTH/.4&!>7;:W;$,6V]%L1 MA):_A^HB2M@#[0[_`$0^FO37V8'=P&`P&`P&!Y+Z_,<6 M97:2R9Y:8Y'&!N6/#Z_OKBC:&5E:&Y.8K<'1V=7`Y.A;FY"E*$:<><8`HHL. MQ"%K6M[P/GJN_P`I/7W9,@-I;PK\ZO\`;,4&ZC9)_P"12RB45>_$9C$;`C;3,H'*8Y-H@_IMK&*51 M%\;))&WI'HTPC:II?&94M;'%-H\D8/>2:,/O!O7KZZW@8Y!/UW:W^L8'^SZ` M8$C8#`8#`8#`8#`8#`8%:NEN/^<.O8RV1GH&K6.<_=Q;MWA$K+.0"IF,O8C#11>;K!1JM^MVAL3`%[43Z*-3,S6PA"Y/!_H6(+ MS\V]7T/UG$W.64A."9".,N>X]/X8\-;O#[/JN6EA$)5"[8K"6(6>=5Q+DFRQ M^Y"[(4II@`_%*^(2(!@@D*84Y54_F59V)-:]B4FGM-/3Q(:IF;NR(E4HKYWD M+`OBT@4Q5]&5]2:`/L?@X2-V*YIZ:0JE:Q9'8`WNLC6+W&I>DVYE"$E;#'Q69I].(,5Q M]8X%#,3)`V58#`8#`8#`8#`8#`8&HWHGS'JYZQ*2P#T MKEAR]@0JM#^42'Z"0I"&[-*E2H4R=$B3$(T:0DI,E2)22TZ9,G(`$LDA.04$ M!1)))8=!"`.M!"'6M:UZ8'/@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,#4 M'YM><[$Z7XT;HC5--2:ZY[$KOK&PX\QPR60)AE496,HWMGW-&R,6NQ/E66PC M;$\B,2N<7D/RK>N:%JI1H\)Z4@!@:89[XEO(98UBWH_.]25"P3*R>3IQ!W"4 MP>4UI$>>7-VD?$G-5*$U]7D3:4Y-RPRQ)18U/N<:>=KP"K%!`3"3&U&4X&&" MV&__`,:=$671]&6PDL&N6^A%MN=/="WC":+:G6(2!/14%LZ7#<(M"##X&K<: M\"Y:TG,>5B5E4*6Q.L=32@&F"",>PMM3K:^-.[*02.3&3!W)L87S+^:RM(^0:EVIX#S')# M#C`)&\OH>'+ECY*N19>XFF%!,5N:IU@9ZDP6B7U*+8$80V>+VJ$V/'VHQS;8 MM/(LN.CTM9!KT;3*(^L4-JQ#)(G)FH2@M2/0@A% MH-=EQW[U/Q?:J70LS2-/+&XL'QPVS\(>-OD;QR5T;`>8ZQ;8ZX/):8 M4]LUY)0NMJ68X)@AT!=-9<4A0F'I21ZWM*UHB43*W:%L*)&G!O8<"]V`P&`P M&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&!',$_7=K?ZQ@?[/H!@2-@,! M@,!@,!@,!@,!@,!@,#J.#>@=D"UJ=421S;'-(I;W%N<$Q*Q`X(%A(TRQ$M1J M0&)U:16G,$6868$0#`"V$6MZWO6!K$<.'+1Y@<5TV\:U@1^L&-2L4NTCXDMT M;TZ\>R]0J.,4+MU@)G*7S/DJ3+C#S!A/BA2Z)B/]!J8RH'L1V@SJE?(Q6,RL MINYTZ$A\LXWZO7ECTU49>QS8C;[-VG$$M2Y\Z7"V'&UAT(P?%WO80L2WZXF+ MUZN#4@'H180]7IGG3IATL-#T7QWT>NKFWF>-H8P_T9IF6`UG2[_VC^'7'EI6] M(E,`1US-+BA\@CQUE)]ORA'%8E9H-,4?E1LG8X^-S:2Q%(7!0F.`28E)6!,3 M`"V`1!&$(P""(`@Z$$0=Z$$01:]0B"+7KK8=ZW]F\#HI75K7*W-O1.3>L7LB MA.D>4258G4*VA4K1)W)*F][WO6M:U@55BW>I3,V.NG(Z>M5>,N MB"C-A%Z!I#G'7?=G=TUDM=\MR!C416+2T]J/C?$]C_.0PH#4[!^34=/^3N6P M0RNJ^1*24Q:E?`Z1BTRGH23!I3WA%H0QA#8=`O&H;9\Y;KW\C-CM?75NHW)K MD4=J=KB8('QM4;RS"$='S8=2`E;HJM>3Q`P\T#?*K%7R5W3[W\5O*:O=\$(; M6@A"$.@AUH(0ZT$(0ZUH(0ZUZ:UK6OLUK6L#]P&`P&`P&`P&`P&`P&`P&`P& M`P&`P&`P&`P&`P&`P*V]4=:4=QE6)%MWY)'6/Q-?*V&#,B>.Q*4SR52672/Y MPYLC\8AL+:'V32!SVW-BQ::4E2FB*0HE!XO0!0MZ"+'#R3<5-,FF,5=+M1MR MROJA7WE,WA=#;$2PR/5^U02.6BZB<)X=$00P$S;*WF+2^J(OI=N3%-3FF4"0 M:+.!O83]0?052]-URBM6EY,?)X>J>9'&E(W*.R>&2)AE,/>ED=E<4EL+F[-' M9E$)1'7M`:G5M[F@2*B1AUO8/8(`A!D,$_7=K?ZQ@?[/H!@2-@,!@,!@,!@, M!@,!@,!@,!@,"'[SY^I'IFOG.JN@:K@]OUX[C+/5Q6>1]`_MQ2]/H?R3PV;6 M%#4LK^VC'L:1P1F)UR,WT,)-+'K0M!0!-QGV'RT+YCA3K)9.:Y2A]J;D_O5Q MEURP1L2`W[2FNK^FVXY7T=6B1*F`$I.0_&6"W$!UZ%I"@ZUK08G97=#&CACM M6'DW\=%ZUW!WQ,:@FCVV5&3WOR,]MVA:UI6ME%*1V9RY`RF[UL?_`+V06/#) MUK6Q`UO7K@5>KWK[PY\:4#U;;7#G74#&K::4GK.0H MND[JFS85V'/[.KNRFLN-R)G8)I8$7ETC7S+?/=;,_P!U8T@%7"-4C>!%(6_Z M.G"C<"T0#M!]`_1WD%A5L640FY)\K)>HJ2U(4>ZCX@X;%WE;;X_D'J=.*A+9 MT=17#`V@+@$18"25J1+VAV1-B+E/CYD!))##VMQ:"ST<>>A0<@>QC+5'#"(>M!/E: M>("MEC"QL?6MBG]$0V/K`N3!R]7]?Q?EC@B*K`'!4D;1NY\E-VC5$/,; ML6RGA%9KE9]I7$Y\ZT[2K?JTHDIL0VIWRJF&?TVDGY1Y2($N4.BLQ`:X;(") M2<&Y#B'FN>\\UA9R2WY7%)3;=\7YRU4FDK_`"YY M'\>"00\>E+])W%V>58`#,WHL)IX]%%ZT`'H$.M:"8\!@,!@,!@,!@,!@,!@, M!@,!@,!@,"I?7_'E4=>4;<-32Z(UV"1V965*P*BP%+$AHA%:T`XH7H8$*,QWQJ6IYC-#6.-R9E01U5+76]IZU(F0]=(`*E(1-"@0_E0A!\/>]#"&XMK M:FMD0)FME;4#0V(R]$I&YK1IT"!*4'^]*3(TA92<@O7]P(0ZU@=_`8#`8#`8 M#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`CF"?KNUO]8P/]GT` MP)&P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&` MP&`P&`P&`P&`P&`P&`P&`P&!0WR+=TLOCWH!NO%XKAUM`Q]M&"50RQ]++8S7 M;`D?)VI7`1N\XLJ9F%1.OHL04V&$Z<7#84HW-0C2"&7M5HT`0;>/E]H*B)VX MUU)(19+O)8IQK.NQ;'31TN+/22`H(J@KE M\[:I(T!E,47.$8DS0H2G)5Z)P1F_"4(EA8A!+,T,L`2O6S@WNCC:2UL7HG)$ M=8VOA+&Y6G7)3-@@$!`/0%"4PTD0BQAV$6M"]0BUO6_3>MZP)1P&`P&`P&`P M&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P M&`P&`P&`P&!4#N'DA-VO0[C1ZJW[+I0I?(X^_F2JM#F-2E04ZO0/C)2MZ"B[GX!_'(J4-"IH@=AQ-0AHFQ*& M=U$7>8(ERW6CW7[-*IK9CM-K!GULV?9-GJ(\NFMFV59KR:\R^4R4J+1Z*1%)M M5L121.B;6M"A2H$I)("OT-B$&>56QL<;56>SQUE:(^T);&W\LU,38A9VU/LV M!0,XX1*!N(3)2QGG#$,8M`UL8Q;$+>][WO`EK`8#`8#`8#`8#`8#`8#`8#`8 M#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8 M#`CF"?KNUO\`6,#_`&?0#`D;`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8# M`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8&MORJ=1]`\A6[HZH'%VG,6A/+MXTH;Q$LZD9M55)[8<9/&D2^KH@YU MG;%HRY\8F*-Q"H[DO.0+8K&X\%>C;(Z`K&U!W M6S09IMF@^B+GYRL9PJXF0IZXE3U4[X221,82TRA>]29F:GV/NJ,PQ`K6KSTB MX)Y.CS0A"+86$JMY;7]79[JTGF*4*BQMZ*--2+4(]B*@4#)-"),X)DBH'L-! MO7J(&M"]/76]ZWK>PEK`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8 M#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8%<.IN2Z$[/J_5/=$PS-A:.BZ$J+FFN&JI*/A2"!0%G7OCLF9D:UW=E* MMZD[RMD,C?GR02)P=Y))9"_/;B@>U!=[V]VMZ[WO M_P"8I>OMWZ_9JO8!K6O_`+-:P)%P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&` MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P(Y@GZ[M; M_6,#_9]`,"1L!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@, M!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,#Y/>P_)#U#0/=OD;A$.Z$4S`F"\ MDR.1<^U-!&JLY=#*+?H74B2M)"X:&-2RF.K.D1-C@_RWV_\`O#0/YV8#\49[_+?;_P"\-`_G9@/Q1GO\M]O_`+PT#^=F M`_%&>_RWV_\`O#0/YV8#\49[_+?;_P"\-`_G9@/Q1GO\M]O_`+PT#^=F`_%& M>_RWV_\`O#0/YV8#\49[_+?;_P"\-`_G9@>2]VC:_P`B'Z!S?:6W'Z@S^[3A M(J$TF^F?5T/USTV7=GN^:^B?,?`_N?']GK]GK@>M^*,]_EOM_P#>&@?SLP'X MHSW^6^W_`-X:!_.S`?BC/?Y;[?\`WAH'\[,!^*,]_EOM_P#>&@?SLP'XHSW^ M6^W_`-X:!_.S`?BC/?Y;[?\`WAH'\[,!^*,]_EOM_P#>&@?SLP'XHSW^6^W_ M`-X:!_.S`?BC/?Y;[?\`WAH'\[,!^*,]_EOM_P#>&@?SLP/(06C;'U%\^H\W MVE]+^;2?=_Y:14)\U\G],2?._4="NSVZ.^J_']GM^SX7M]?M]<#U_P`49[_+ M?;_[PT#^=F`_%&>_RWV_^\-`_G9@/Q1GO\M]O_O#0/YV8#\49[_+?;_[PT#^ M=F`_%&>_RWV_^\-`_G9@/Q1GO\M]O_O#0/YV8#\49[_+?;_[PT#^=F`_%&>_ MRWV_^\-`_G9@/Q1GO\M]O_O#0/YV8'CO]HVU])5_=OF^T/K7]1\E]3D5"Z0_ MVDGYGXVRKLV/^R?$]OI_Y_I@>Q^*,]_EOM_]X:!_.S`?BC/?Y;[?_>&@?SLP M'XHSW^6^W_WAH'\[,!^*,]_EOM_]X:!_.S`?BC/?Y;[?_>&@?SLP'XHSW^6^ MW_WAH'\[,!^*,]_EOM_]X:!_.S`?BC/?Y;[?_>&@?SLP'XHSW^6^W_WAH'\[ M,!^*,]_EOM_]X:!_.S`\E/:-K_6W/YGF^TOH'T]H^D?"D5"?4-N?QG?ZW\YK M=V?#TE^!\E\#V_;[OB^O]S`];\49[_+?;_[PT#^=F`_%&>_RWV_^\-`_G9@/ MQ1GO\M]O_O#0/YV8#\49[_+?;_[PT#^=F`_%&>_RWV_^\-`_G9@/Q1GO\M]O M_O#0/YV8#\49[_+?;_[PT#^=F`_%&>_RWV_^\-`_G9@/Q1GO\M]O_O#0/YV8 M'@RFS[A'&9$"&\YV25+QL;L"*FOTAHGZ$5(QH%`60UZTCNDU9MH+<]E"4_"" M(WX.A>S6Q>FL"PI7Q/A%_&]OQOA@^+[/7V?$]NO?[/7[?;[O7T_\F!R8#`Q` M%?P0N7O-@`AL7#.9%&FV&/\`,=,39]YGF(LRQT<6J,.CW\M]17,+>N>E9Q20 MPP1`#%`Q:#ZBW@:HD'E)B3?S?T#;5&<<7.[0WEB_)I1#Q!5Z*`\]ELL*K6E& M*^I;>$A2VBZPUMJ:J`PYZV!J*=2D[HY+#T(-)"=+PB)#';$\U]80I:9MFYXN MR8,3+&6NTIVYEGPJ,.=?T>VU'S?;EN6(_P`N)[ MK7\2F+M9-4JCGZNUBQM329K0#=6)4D7$B]334Y`;$\!@,!@,!@,"G'9_9T.X MMA]4-ORHI]S!<46<:N@VI[5CJZOUVY4UU-%(#>9;*X6K1$,73+D:V!6\W5CT/'U4DG"=&)5+I13+BUE0K>QROYI M:@T6F-VI]H`W/5Y(GN80&$2V2PUWKJ1RB(QR0OU?2!6V.#]!GEZ9T;DYP][7 M,JE8SK'>-+5(T:DU(<:F,.)$(L8@;"+89A@,!@,!@,!@:LA>3LB3)NP":@Y: MO6QY'R7<$"I]8PO8(S38)J*8QE%*W.UCG>W'.*(J^HR),QJA6?)GCX9"UO3: M6(RCTRA,,T*_R_SFU$\WW;8>IA2-?]`_=M(XP",2%AKUVYZFG5-L_ M5RY+(T39N0TY2$=:7`Q"G5'B?UDH;$R`6PF&'@"R/+'E#K'K#K>\N4H37',B$@Y4X/+L>F0IRRM%!$8J/3)S@KQD#PB2MKU(B MU:,KV[)*$H"N;GYU*U;&J9J5'.5FH',@(RWAM2O24)IS2ZZ;E;@VB-*H4)1F%"$2:87L(Q!. MV`P&`P&`P&!K=/\`(F2^V/V?4=3L8$Z0%6:]3%<(EFVA3JU*+:PI+H1X5D??.'4C)S4^],%<\WS(8 M_&^=X'>3Q&8BW,LM>$3G85C777;-%%+M'%KG%D<3+#S_`"1_%-5"TF-&QHM& MM).-$O2$FA:.#>1R$3CM60\?$U?.6M&@DEE5I%[O5N,5.A$TNJE:[JNUK;K) M!'DKL9-6H<5@]O-IQ#JL1EM[DK1.*?%/ M2]BM+-$"I-N?J8?$($G"VKI6-O*9R96I3-(M_$4$FC#AB7E1@+^\]$L#SS_T MA'GGF3G"B+[G+&36C[(9++76\1S%$GK6GXVUH?JUG*XI(H@:SJGY$6&/G.7Q MP@4Z3HE*@`:&O_\`9=S=_([T5_\`4*F__P`?P/LRP&!JZZ"\5=77[";>@HKP MZ`J]KO#KN,]E6&97KK6IVGZ?PZOJ\@D;A+JS3VLYO%W^IT"BK65[&R.:!<6J M>48##S#2`A3Z#&YYX?:+LF.1YGE5Q=#J7S4FNQSM>.*C^3;KL^[J[?[" M='6?,\CB<9B,F<(N.&U#!)E<$TOV6PFOTL>B<>>UK.]6Y8#FYA.D*Y\7HB!E M(DJ@E(5\(0;`!(R5P/A?$,1&&@+&48()@`I.Q^*N!MW05O7Z_=( M=+3G=VW]6?14UK"6NU3+($;+J4E#)**:C21P1U,ALC5<5<;'$29E83G\Y`D( M+,&$'S*E2H.#RJU\/O.]:Q9ZA:>Q;SE4;<9SRX\-#9+Y/$G$F*5-QQ<;K>M# M\V,NT4';1*:8C<^?W`Q2!?M:_N*95\)0YCT23LL-L6`P&`P&`P&`P-:'2OC` MJSI1BZL87*X;VK0CL>=4A-;D/K=Z@B<:]+1,*CT'8(*D22V`2QJ4U_+&^+(C M)"V."=<4[^TQ.;_V(\Y,8$>S_P`/5-V?7AD3FE]=*N,Y=9K,91+[S1R"KF>T MIHQ69SK%N4;/KEY"V50F@*&$3:C(>A;!E-K&A5MBL@M:W*$AY8=Z"7^=/&A1 MG,?0DGZ`KZ3V8J/<6NUVB#5H_NT:45]4Z.]YK";$N`J(C;8HUSA[*ETNKMH/ M(+D3R]ELA*<:9L"D3FC+P-B6`P&`P&`P&!`_3W/4-ZNH2S>=[!W@UZF)C0^S>]>GKZ;T%*9-XJH#,^E M;KZ.E?1G2#]N_G>FUE@5$Y.-1JJS'':%F<2G-;UXPJ#JD,LB/UTVO46,&I9T ML@+1KC7ES4'@,5JQGZ#&]^'.B$B.]D\?M^_&$RXAE(8N/;C5,E;:+A1_04HZ MCDE95Q&)I5$CB@ MZ"7\!@,!@,!@,#7OTCXZ:XZ13=;`7VS>%7./9E54;3%J/U522,LCRVU]1K_8 MCTB98@J>8A(`-I5@(K/=&J1Z4@6`7-1OP"@D>XP1@8RS>+^I4_.?1W.LLM2Y M+`1]05W&*IL2QWXZL6.=-\!A$$(KV%QJ&(8#6D.KR+M,69`GB1IB&+Y/"FX1V!(^Q6Z4V:LDST[3J9M56.3VP&U'#;5M:#UI6EJ6Q&& MI-&$LM!+9W!:C94*@E8\*VI+OYT]*D(.7'CV%]L!@,!@,!@,")K[IV-=#T;< ME!3-<]-D0NZK9]4DJ<8VI2HY`ACEBQ5UB+VK8U:Y$XHDSLG;74`W M0=C+&'6P[#7E9/B0KJT+GL.W'WI?J!(VVAS_`!3EV550WO=2G5]JC(PS$MJB M`QY0\U&[3V),\O=?F'A]+:WM(!W=5/Q5(3`)TA2<+N:YG@H;XM;H,#G)@3"W MJ%KGGB0M8%C<&-MT*K*2VW*6%>QHM->EJ20*%]RN8%)IB@Y.(HA-H!(-@,$8 M'SD__P"/?QM__K/V-_\`4&K/R;P/K`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&` MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&` MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&` MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&` MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&` MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&` MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&` MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&` MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&` MP&`P&`P&`P&`P&`P&!XC_)8Y%$'U64/[)&VOXQ:;ZD_NJ%G0?,':'LHCYQQ/ M3)_C&Z+%L(/=[A>W?IK[,#G97QDDC<0\1UX:GYI5?$^5=&5P2.CF.^$:`01>T6_:+6];^W6!ZF!@U>6;7]LL"J55I+V*;QQ%*)E"E;S'5Q M3@WIY97DK>(-.(^:H)WL`72+3"/K6Y:5_?$JTI@-_:'>![<#FV3SG;L#N:#)GM?&ELD@$@1/Z!LD;66F/< M&!VTE,VH:7I(G6D&C2J0%'Z)/*,]OL,`(0>O:=YU%20J_+M>?QV#J+6L)CJB MMD;TJ$6OG%C2,A>K9XA&F\@L]:ZO"I"UJE(@%%BT2E3&G&[`46,>@E?`8&"6 M;9]>TQ!)'9]K3!A@%>Q!(4OD\PDZ\IL86-$>L3-Y*ER7G;T4F)-7+"BM;W_2 M,P.O[N!G>`P&`P&`P&`P&`P.()Y(S32`'%#.(T7L\D)@!&DZ-T+96S2];V,O M1N@[V'UUKW:UOTP.7`BZ6W94<"L"NJIFEBQ*+V1;J*=.-7PE[>4B"1SY%630 MB?[`.BK:>,"AY^Z#&XDK%X2="$0F'\06O9H6]!AC'UCS1)E_/S4PWC6KJY]6 M1B033FUN22AM&NNV*16.()?)'^N4NS0GR5L9(PZ)UZDU.$6BDQH1[^S>!&JC MR*<+)9==,"4=6T@7,>=8U*9C=L>W.F@3C748@IZ9).GI^*"<(.D<%7+24[WL MG9VVA2<`E7HDT80;#V()WIQC9U,V-T/`.FJ3N]ND:AJV(6T MG*6UF_2V9-3>BG+68VHGDQ\C>_C&&N<=0L[DF5JW$L.T*),H*-/-+`8`6PSR MV^EN?Z'J@N\[AN*O:^J!0!B&W6)().V)XN][E`2S(P1''$H\X$E620LT(V\A M!I2H2*/@*B#"3@:%\0@\H91@0F`$'09_@,#C--+)*,.-%H!118S3!B_O0% MEAV(8M_^0(=;W@1S7-QU7;K>B!S)5294(91Y!Y0]"`,.]A$'>MZWO6\#GP*F5'W?QM? M5KRRBJF;FII;$)`SE"@\P!1)0-B$+6M;W@0OSIUIS3UQ''V6`1^ M3+('($CN;''@]&4XI$#\WAV6Y,YKBVG`5)-J"2PJTPPG$[,+WH6!8?`8#`8# M`8#`8%(+4Y.N:PY](IE&?(1US3K$]G)#6^MJZ8^3U4,BX$S>D1&IV-18',TW MF!A*P],)29M:ZK#-''#T$02_8`(4'Z]\6_2]PQRJ2F[N&]>B2X!;R6>.=:]" MH>+V>'JV_5;V5"M.[*J3\$V(R#EK2NFA`B"W=C)O/D`Z&I0]\MJWK"2UE0;=Q\[5U%FN?SUYDS8D2K9!Q)&@&/BA(N" M>YA;FEI:`+C30HT9)&@ZV&P6E^7K(IA+^[^J+Z9$K>YHSJXM5FY@10UP M/7I_@IW)6?5_.E=2\*QI,_K4^B70HK9G^%`8#U!L-$^O#_V<6_S*6HY,R,\@ MC\V.L.BA1N^;$C+5%YF_^8JYNNIA*%C`PIVZ/J'MZY$L0IG-.6)5NS%BA2U_ M81L1XPP:%^'+N6O;Z@*Z!*V>NJ6B'5MW6(T_A[TO(V-7&D4T[A4=$-=[DQIZ M@$L2.+K+>:UJ"MG6-^GS"C<>&0H5;0/*Q6`+M#\7=UE^)+I'E5*Y)CNLND9Y M-9K-)>_7!-I:RJ%ZWI8V7090T228!D*>)$Q2DFQJ2(T#[NAN@;_?8O?2KH))&Z/B%,2I$XP*( M,M;`C#!754J&$(6^-)79N$)+\HH3$JG4\T/7DOAW*3>$J-;EMG.W=_?= MTJIT^WM;CR.#T5<%,="Q/E-MA$;+=`,4760*PY[''%P:V=,CT4%,?O9ZH&O@ MF!'4/\6_D,M$NOV_I/<;:8?'YU=SQ))(X/#(RP MA;\>P.A;#B,A4-X#!:5HB/CKCSU"410PBV?^&_R(:H'<`B]D^)[N-8Y6O,JPL4#%-+=D'D-/L\2 MKI*X$"*T:OM/MBE[QYEI@1J?;BFKAJ<*"B\OBBA>R(TQT4,DAVBOF2SC1:#< MGQ)";MJ"OX=4LRH>$T_7;5&9M(VQN8.EK#Z`NE2I$D3KB#HZ>3;=\D8M%B`&F.C/&KY-&KLVV[PG'75HU&PWZ[V`9=T^K&Z**L!WE M4=A3ZN1\@L<*JN=<)IV&&%5O6RXYI>AFN"DU M#DP_L[I"A#(DQ&-#TIJEIYU6'6&N&6A!J1R[5GT/8A*=Y+$D&+06D#8B]5!G M]1Z>S0`UQ>1_QF7AUU->.Y-7-NJVN>\C4GT@KKSH24/#>T6$T=4NQ7/RRC9^ M^QZ'15IBTCC4L6UL^-\U1)D2)`8T.Z@DE'Z&@"4&O2-^'/R(H]<.GG_A"KZ"JT:5QE9%A/=+B2RGJ726X_FF4RCVVXCY$YQ`\1+#(/K3"U(=J M-)`[_1#W;H\4/>TZD?:$7KN,TS6=8V_6G>K6VM9%^RZ=5/:DQZA<%#U73[6% M-6+73]*.,)PX/9A#A9RQ@EJN/R-R(.V0V&$J2M(PF*Y_'+WQU\\7%(YPP\Y< MO$]7S;AZ$7)"D4G<.FV%KH+ATVY+:"\SQ";%*207%*KUN"61^-+F(L;:E20= MN&6>XG"'M.$/%KW@7R?#0U?SW_O"M M-@4?R4U@@A['OG:WK4IZL^#+/0=ANIR1_B?`_)A.K<-NW!S^FAZ4HY()( M<2,YI"023ZJ!!`G)7CO\AEC<^*YRF:Y#6;)+8M#4EJ4W9O3%[QZ9]OIH5W2Y MVM(H]87UUA->^635W.32L@J4]!I7IQ1O84YNPLX`BT%@X=XM_(W%K_X[M9%) MV$MEK"6NZU9#I-U-:,^@//5*//1EJ60EHMC:U47CL\GO_-OCJB5[R!/T9+&]]NA=RXHM M)EO:BGQV?8\Z)G)LL3`@)Y MQ>C1C]0LO@,!@,!@,"I\ZYSM&7/ULO#)VCTG72*QVR-((O'(>T\XGLU+J&)< MQJW%UKG7:D*M]*"2XJ/E@$&:3C("CG=_CBZ&Z2@3.VPWL MJUI@&.R>H)$JH^X$?/*"G)Y^&S2%J>5[NN;^5IL<7,)&Z>DD+"^,\HBA[QKX[+^Y\I5X@1!,3_#4HT<6^,XK-M\>:TFD*-$%Y(#15APZ>QZ8/G5U]V4Q MLE<-D'7UO-&VB4\-E$@0)DY"FTGP^&TQ$Y@7.78PD1IY:%U1LNC#!:+0%@]H M-!HX3^%F]2^8+U462_ZKDV(UZR3B M*2BXZGVC:7MU7*WTYC5NJTQ``'M#ZA#$6\3WD@0S7DQ[.M.0LM?5_+W1]3UZ MFZD-,V5KA$WA/3@F*Q6*5T\VCCHX^0B]B`L8V0"X3,K.4$!>"&> M+&SBO$G9_'[O)6='T_<3^LM*>RN=V%8MMU]+K,C5UM-D0J-2APD2UR=4-52* M'P1CB[LW-*,E,F9S%.BTAYVS-GA!+MX[N_\`J&T'>;=/!C%?U!8G9?,=GS&A MH?T.!PF312U0UITNQ67&SKSI6C.=9=,*_D,ELR*I(Y%798ZJT3.UJ=J'``SA M$["+V#Q@>3"-M=IKD$P8MSAMW!7V2/QG5=L.6N]K-@?>U9]-Q^QY,@>8ZH;> M:U;304)=H,4D2EKR!BD0FXP(V1"G$,(%G_!'DFL3IA=!%#`[,MA2N#7E=L0M ME!TS=R*I>3)=;/DWE]RU]+XO)FF*MT=N2Q:II9P^G!BRE(W&";S`IR@EMIQX M=!]D&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&` MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&` MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&` MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&` MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&` MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&` MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&` MP&`P&`P&`P&`P&`P&`P&`P&`P&!TECDW-VT87!>B0B<%I3<@"L5$)MKG`\!A MA"!'HXP&U*TXLD8@%`]PQ:!O>M?9O`PYCM:KI.W21XC5DP&0M$,?5T6F#JQS M&/.S=%),V&$DN4=DBY`XJ$S$^MYR@L)Z14(I04(P.A`UL6O4.=99E;MSK*&) MPL&$(7N#Q\$LFK.LE;"F=8?%C"3%)>O`KC\?,3DC,"L5@)3;`'8M#]- M;W@>BBFL-%.H(/$E/VE5!)-+-$F4A++-$G/T`0MDGA*.` M+8!>@M!'K?IZ;U@=;;LU:=0,6W-OT]F-YCL6S[6)M.HVHE24C.A@=%)S7$M;:%M;]`Q9ILRMW[[P?0K!A#U]TY(1#93])E; M"X_=J7JEJ9M3160?)KSOHTD4.*TE.!"I^&J&<<`&@;$(.MARL=C5[)V'[TQJ M=PV0QC;QJ/:D;'*&1V8?K^W8E@TQ_5T"Y0W_`%C;ZH+1?+?$^-\V8$GV_$%H M.P_'"QJ]:)`U1-UGD,;)2^NQ["R1IPE#(BD#R^)FA&_J69J9E*XIQ<'9.PN* M=:-.26,X"0\L[8=%C"+8?K58M?/Q,M4,<[AKR1`7%Q9YT2J2*B2E*54F-`>G M4ISP!-)/(.*$(LXDXL6A!$'>PB#O6];],`:I3DF)RCCR2C59HB$A1IH"S%1P M"#5(R4X!"T(XT"9.89L(=;WH`!"_HUO>!S8'0:W5K?&Y$[LKD@>&EQ3EJV]T M:UB=P;EZ4X/N*4HEJ0PY,J3FAWZA&`0@BU_1O`[^!Y[6[-3VC"XLKFWN[>,] M8F`N:UB9>C&I;EBAN<$X520PT@1Z%P2&D'`T+W%'%C`+6A!WK0?J5U:URQS; MT3D@6+V4Y.F>$*58G4+&E0L1D."0AS3%&#.0'*D"DL\L!H0"&28$>M;"+6]A MW\#H(G5L]:P/QK=6M\0)G5EV:@O8,(O3T%K>PYL#A-4IR!IRCU!!)B MP[:=(6::66-4H"09(9%'XBQ.THE MCZS1B-,"!2ZOLBD+FB96)E:T10CECD[.[D>F;VY`D)#L9IQQ@"RPZWL6]:P" MN1QYO:4[^O?F9$Q*_INDKTK=$*9I4[>3TZ5HTG<3CP(SOJJE826F]H]_'&:` M(/=L0=;#\W)([IK:WS;\RZ97LQF*97?;HATUNYLC/2I8\6UN&S_E'`Q^4KB" MT6BACVJ,.`$KW;&'6P[9+JV*'%[-B="K@=_`Z+_>2H*&6/6AA%K0=[`8#`8#`8#`8#`8#`8# M`8#`8#`8#`A&Z.=Z@OX5;J;6A#=-%E/6&S6U6OU!>ZMQ;#84<*4ELKR(QI5) MQ+""M*AA,3*0J$9NMZV809L`/:&B.F.!K?>.8.MJB?.7MUZTF6C4LHH"$3U_ MJA7/CIG6LSWK#=6B@D\E2,%ZV)?;Y/1R.KB">HZJEU@3.+Z;85=7%6\E3,2( MHT)I`Y;I\EW;,YA7+IT'&QJ9LJY$XM+NA&H* M$/<37D*T:@D+4MD%OV5;<>L6K)+;?Y;:RK@R?O$6(D5IT+=,#FLQ=U3TD3!B3:MK&61ZS7MO0: M<4[`X.:IU<"$GQ$I!RS290:!/L)!A^A!0ZF^:;LF,Z MK#VX3Q5/99!)RM>.<]U=K760 M*MZ^KEP;X0(]..1*6Y&-0H!M2V5)YJ.G0NTSZ'FK`]IK.U) M*X5J^5W:O>R$MA,,OEW,\0B2=/N+%NBH][BQ*)6`@DPD\L,PX]Y M5Z1IBE^F84*'22-2ASY1AE411^F*^B-2V<]"Q*-7&DD$IK^65.4B/(I-T=Y6 MU+F+[XC*?"71.2*-ZGKJUXU-K8E=HN[7)F#J-OLQDEURJ9 MQ"VDT%JU"JY?)B$%,D#A'HI\C79$J#\5F2$&:`>,MR&,>T@2PH$UY$ MNSHFN5?,*[M2X'ZFK*L"^$:IZ89C9',72U=L\OD$52758$$>*TBE@/4-]BIL M;F$E84X'##!6\"9=I4$MQFGNW$TU9W13".R_P)^\:H=252Z]FQQ/WLV]%$(B'X(R5CGC''V!DB'W10MH:.KED`\O$0*7Z7;+V<)Y;"B_XQ1K%$)>31%76KT(KL*017[R352$#?<9 M+#8DT06-+DK(%2J:%+NYR/3&T."5&%9M8EWH@*[H^:/(TG2H:%^C M0AVY>>>VY3>]SS:(2NV&2'-;V\3*CVJ&WE]R8V[R@"KBXID^]$3:I,UI9(TE ML\(L%/MM?R3VLPA8K"<0(2Q*+`A24\W=YR9`>L:HW=R:YHFXL\ M0N2VU(:%ZWA4)F?.$1^\KLKIB'KU=A1=O(T'4="A*4IDY[1H38M M=-L>2&R<+8X`7E:2D*W1.X`#KR.BO(%750SNV%]I6Q#Y]%"I2GT:KO!P>*ZC M--I>*[&+?'DJN8^NDD;')/\`>1+9U)+H6S.#VB6EEK"M;0`5`-"4>81VGT=R M/?R2K9'T6WQ*2]T5<@J]SE'3"B:V>V\S1^2\IFW8WPKHEDL*7#61XUH;)X26 M-IE#H>6,U4B3K!*]>P`1RQ\]^3A+8-D'N$SM9S1%V<_K4.UTX8@U\\Q@BRI> MMJEZKAPD'0,^?D"F,5.>W('(DN*07XYX]?.%NZQ/I?H,Z;N;?(E"8ZUQF"V+ M<+HGD[_45=35TL'H8Z9OT5KZX*.K1AZ?NV-/TFDSDZAL"G;9A:IUCB%,:6`" MAW;HW,EZ646R8^6M2-#G4@TOP4)@FEU,:UZ%<&=N/'W;KDKZ`FJ$2:O[);QIW=H;6,\("QGHST MRA('090]\\>1QDNRMFZ,6%=NZ/AUN2;<&5)[-(G[PSQ+?29\M"NNEZG'1,(= MIM#GBB%);2WA>6NQG%$C3*40&]$L-2JC`]:L>1NK8];G&4VM!;?=C,<`>::L M6U?O#TDXS!5&KJ>ZD[6K6W)$0@=[#2IU$*:Q3:NTZ]H;-&M9S=LT2-"H,^I_ M%#'^A^3>PKYD5[0-^:[K=89,)G+7&1.JWHI*V4[85:@Z$I29@55UJ\51T`LG5Z.5S5\_S5A-LES?X].T+Y MZ)J&5NC:5_6)W1+/])&[XIB#6@A4IQY/\EX%3U*88V=.P91)XK3,;MM:@5B3#5(C32@F&)%(T:A6C$H3"%L`]E&F%[$'?M&(/IO M8=G`8#`8#`8#`8#`8#`8#`8#`8#`8&M7R'R:\$;UR#7]&NL_2NEK7O,H]*66 MM+`AE6R>31R-\Y75/RF\N=SB'S9K9T2!_BB)<<66CT>JTFT5HP(1#T(*NRSR M#V3SG:D8J-\;6Q[B2&]VJJ)_*K'FP)Y:1"$BNN-P;`QQB(IXJ_O*I6_7POVJ M=F9DD:4IV)3!5(T21TVM0A&EL^8JQ*VH8ZU25?)#],WF*N-LLM51R7SF0RJ` MQ)IKJ:3MVIZXC51T5AT8MUA51DAM<%AKZC4$J1K-)XZJ&D**6!:A#W3**HYD MM/JBQB]RNLH#UM/F*PSSQ!$\5W02V0"8V(^,D,C<2&0*H4^OK.29H\OW'-FU M1PA^\`=X%>'+RU7I$YG9L1LBF*NKU57,9%''XA[FB=0Y1BWT\"JB2"=5<902 MQ19DJK9XEEF!946DT9;TX-?)+5#T4D5J#$`64X.[NN'L27M[#V M$YV&YM"YWKO*5TM>Y_;22"P=98J:TI,B?RD!IIH0E'*`]F<=4/5TU-XN[$FE\#Y)AW5B!_F=JR2MK#B$99`G M:YPE-AL$=9;"M",KDQ\;'*$I1R80TJ92O)*![PA#L9>!!-;^5^_(\[P&"/U: MH[K:&J+K'51/SG&$0*R>CX0\2J_D536U54242R,Z=S9;7]2-3LH2,,8=4SRI M=%>T>FTI.02>&02#RX7%&S*P:&QBY7N1UE;:LG\@D=06NG)KT$=(1THM+I=' M*;0E\`:6Z[-DVX(W1R57(?5"G1*3&8C;B-.@"0XIY#NI9`^(E;Y`*%;*[=7: MH%&],+S81]B)(?>74EI0H,:RR=#+"Y&! M62&^7[H.-4%2!:YKY^NVP9E5M)2]=];P.]@,!@,!@,!@,!@-:]/LU]FM?9K M6O[F`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P/"=/UK&OU M#^LEWZT_6OZD<_V:_P`Y?]?_`-Q^-@1+-?VK@W\"/XK$_MK^U?[*)?V&_P!* MW_H?YJ]F!'[I_9G;_A(_XD57ZT_LWZE-_6W_`.Y'_K?^Y>[`@KR%_P#!\Z?V M7^-="?L'_#G^-D`_C?\`Z$O_`,Y?YG]^!9F=?M?:G_#9_!,W]NOVO_M2_P#B MI_H3_P#2_P`;\7`S^M/[(1_"O]2-W\-/[)_AU?\`@/\`,G^3_P",^)@8U$?V MXGW\!?XD-W[(_MQ^RBW]OO\`21_DW^:?B8'B+/VT;/\`AK_A2S?VS]M/[^0? MJS_13_D7_K?-X%(?*-_P]Q7^)/\`%IB_X2_XO_VN<_V;_P"#_P#QO_OWNP)$ MI/\`_K_XR_X8/X,TM_%K^''\/&S]EO\`XC_^_P#&P+DO'\5ZM_@S^S,L_7'\ M5_[$A_A;_P##/_BW^)^%@1@@_9RN?^$O^/*W^P?LY^NGO^'/^GG_`*[_`+[\ MS@3"3_@B_P"%G^#C_P#@?\%^V#G_`(/_`!?_`(?_`)X^-@0JJ_A1+O\`A!_B MHW_VK^%']NC7[7?Z5/\`)_\`'_)X%@EW[)SG]@_[R7?V[]D_[.I_;G_U/_%_ M\7[\#R8/^Q%4_P`+O[`T_L/^Q'[+.7\*?^X?Y)_FKXV!F<5_9F/_`*@_4S=^ MRO[,_P!D*_9__,W^3?XKVX'O8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#` 38#`8#`8#`8#`8#`8#`8#`8'_V3\_ ` end XML 25 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 26 R25.htm IDEA: XBRL DOCUMENT v2.4.0.6
Net Income Attributable to Inter Parfums, Inc. and Transfers from the Noncontrolling Interest
 12 Months Ended
Dec. 31, 2011
Net Income Attributable to Inter Parfums, Inc. and Transfers from the Noncontrolling Interest
(17) Net Income Attributable to Inter Parfums, Inc. and Transfers from the Noncontrolling Interest

 

    Year ended December 31,  
    2011     2010     2009  
                   
Net income attributable to Inter Parfums, Inc.   $ 32,303     $ 26,593     $ 22,367  
Increase (decrease) in Inter Parfums, Inc.'s additional paid-in capital for subsidiary share transactions     209       (848 )     (45 )
Change from net income attributable to Inter Parfums, Inc. and transfers from noncontrolling interest   $ 32,512     $ 25,745     $ 22,322
XML 27 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
The Company and its Significant Accounting Policies
 12 Months Ended
Dec. 31, 2011
The Company and its Significant Accounting Policies

(1)          The Company and its Significant Accounting Policies

 

Business of the Company

 

Inter Parfums, Inc. and its subsidiaries (the “Company”) are in the fragrance business, and manufacture and distribute a wide array of fragrances and fragrance related products.

 

Substantially all of our prestige fragrance brands are licensed from unaffiliated third parties and our business is dependent upon the continuation and renewal of such licenses. Revenues generated from one such license represented 50%, 53% and 57% of net sales in 2011, 2010 and 2009, respectively.

 

Basis of Preparation

 

The consolidated financial statements include the accounts of the Company, including 74% owned Interparfums, S.A. (“IPSA”), a subsidiary whose stock is publicly traded in France. In 2010, IPSA formed two wholly-owned subsidiaries, Interparfums Singapore Pte. Ltd., and Interparfums Luxury Brands, Inc., an Asian sales and marketing office and a U.S. distribution company, respectively. All material intercompany balances and transactions have been eliminated.

 

Management Estimates

 

Management makes assumptions and estimates to prepare financial statements in conformity with accounting principles generally accepted in the United States of America. Those assumptions and estimates directly affect the amounts reported and disclosures included in the consolidated financial statements. Actual results could differ from those assumptions and estimates. Significant estimates for which changes in the near term are considered reasonably possible and that may have a material impact on the financial statements are disclosed in these notes to the consolidated financial statements.

 

Foreign Currency Translation

 

For foreign subsidiaries with operations denominated in a foreign currency, assets and liabilities are translated to U.S. dollars at year-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the year. Gains and losses from translation adjustments are accumulated in a separate component of shareholders’ equity.

 

Cash and Cash Equivalents

 

All highly liquid investments purchased with a maturity of three months or less are considered to be cash equivalents.

 

Short-Term Investments

 

From time to time, the Company has short-term investments which consist of certificates of deposit with maturities greater than three months. The Company monitors concentrations of credit risk associated with financial institutions with which the Company conducts significant business. The Company believes our credit risk is minimal, as the Company primarily conducts business with large, well-established financial institutions.

 

Accounts Receivable

 

Accounts receivable represent payments due to the Company for previously recognized net sales, reduced by allowances for sales returns and doubtful accounts or balances which are estimated to be uncollectible which aggregated $9.5 million and $5.9 million as of December 31, 2011 and 2010, respectively. Accounts receivable balances are written-off against the allowance for doubtful accounts when they become uncollectible. Recoveries of accounts receivable previously recorded against the allowance are recorded in the consolidated statement of income when received. We generally grant credit based upon our analysis of the customer’s financial position as well as previously established buying patterns.

 

Inventories

 

Inventories, including promotional merchandise, only include inventory considered saleable or usable in future periods, and is stated at the lower of cost or market, with cost being determined on the first-in, first-out method. Cost components include raw materials, components, direct labor and overhead (e.g., indirect labor, utilities, depreciation, purchasing, receiving, inspection and warehousing) as well as inbound freight. Promotional merchandise is charged to cost of sales at the time the merchandise is shipped to the Company’s customers. Overhead included in inventory aggregated, $4.4 million, $3.0 million and $2.3 million as of December 31, 2011, 2010 and 2009, respectively.

 

Derivatives

 

All derivative instruments are recorded as either assets or liabilities and measured at fair value. The Company uses derivative instruments to principally manage a variety of market risks. For derivatives designated as hedges of the exposure to changes in fair value of the recognized asset or liability or a firm commitment (referred to as fair value hedges), the gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. The effect of that accounting is to include in earnings the extent to which the hedge is not effective in achieving offsetting changes in fair value. For our cash flow hedges, the effective portion of the derivative’s gain or loss is initially reported in equity (as a component of accumulated other comprehensive income) and is subsequently reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The ineffective portion of the gain or loss of a cash flow hedge is reported in earnings immediately. The Company also holds certain instruments for economic purposes that are not designated for hedge accounting treatment. For these derivative instruments, the changes in their fair value are recorded in earnings immediately.

 

Equipment and Leasehold Improvements

 

Equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided using the straight-line method over the estimated useful lives for equipment, which range between three and ten years and the shorter of the lease term or estimated useful asset lives for leasehold improvements.

 

Goodwill and Other Long-Lived Assets

 

Goodwill is calculated as the excess of the cost of purchased businesses over the fair value of their underlying net assets.  Other indefinite-lived intangible assets principally consist of trademarks. Goodwill and other indefinite-lived intangible assets are not amortized.

  

The Company evaluates goodwill and indefinite-lived intangible assets for impairment at least annually during the fourth quarter, or more frequently when events occur or circumstances change, such as an unexpected decline in sales, that would more likely than not (i) reduce the fair value of the reporting unit below its fair value or (ii) indicate that the carrying value of an indefinite-lived intangible asset may not be recoverable. Impairment of goodwill is evaluated using a two step process. The first step involves a comparison of the estimated fair value of the reporting unit to the carrying value of that unit. If the carrying value of the reporting unit exceeds the fair value of the reporting unit, the second step of the process involves comparison of the implied fair value of goodwill (based on industry purchase and sale transaction data) with its carrying value. If the carrying value of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized as an amount equal to the excess.

 

Testing goodwill for impairment requires us to estimate the fair value of the reporting unit using significant estimates and assumptions. The assumptions the Company makes will impact the outcome and ultimate results of the testing. In making our assumptions and estimates, the Company uses industry accepted valuation models and set criteria that are reviewed and approved by management and, in certain instances, the Company engages third party valuation specialists to advise us.

 

For indefinite-lived intangible assets, the evaluation requires a comparison of the estimated fair value of the asset to the carrying value of the asset. To determine fair value of indefinite-lived intangible assets, the Company uses an income approach, including the relief-from-royalty method. This method assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to obtain the rights to use the comparable asset. The relief-from-royalty calculations require us to make a number of assumptions and estimates concerning future sales levels, market royalty rates, future tax rates and discount rates. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, impairment is recorded.

 

Intangible assets subject to amortization are evaluated for impairment testing whenever events or changes in circumstances indicate that the carrying amount of an amortizable intangible asset may not be recoverable. If impairment indicators exist for an amortizable intangible asset, the undiscounted future cash flows associated with the expected service potential of the asset are compared to the carrying value of the asset. If our projection of undiscounted future cash flows is in excess of the carrying value of the intangible asset, no impairment charge is recorded. If our projection of undiscounted future cash flows is less than the carrying value of the intangible asset, an impairment charge would be recorded to reduce the intangible asset to its fair value.

 

Concentration of Credit Risk

 

The Company is a worldwide manufacturer, marketer and distributor of fragrance and fragrance related products, and sells its products to department stores, perfumeries, specialty retailers, mass-market retailers, supermarkets and domestic and international wholesalers and distributors. The Company grants credit to all qualified customers and does not believe it is exposed significantly to any undue concentration of credit risk.

 

The Company’s largest customer was its former U.S. prestige fragrance distributor which accounted for 8% and 11% of consolidated net sales in 2010 and 2009, respectively. In 2010, the Company formed a U.S. subsidiary which took over U.S. prestige fragrance distribution on January 1, 2011. No one customer represented 10% or more of net sales in 2011.

 

Revenue Recognition

 

The Company sells its products to department stores, perfumeries, specialty retailers, mass-market retailers, supermarkets and domestic and international wholesalers and distributors. Sales of such products by our domestic subsidiaries are denominated in U.S. dollars and sales of such products by our foreign subsidiaries are primarily denominated in either euro or U.S. dollars. The Company recognizes revenues when merchandise is shipped and the risk of loss passes to the customer. Net sales are comprised of gross revenues less returns, trade discounts and allowances. The Company does not bill its customer’s freight and handling charges. All shipping and handling costs, which aggregated $8.8 million, $5.3 million and $5.0 million in 2011, 2010 and 2009, respectively, are included in selling, general and administrative expenses in the consolidated statements of income.

 

Sales Returns

 

Generally, the Company does not permit customers to return their unsold products. However, commencing in January 2011 we took over U.S. distribution of our European based prestige products and for U.S. based customers we allow customer returns if properly requested, authorized and approved. The Company regularly reviews and revises, as deemed necessary, its estimate of reserves for future sales returns based primarily upon historic trends and relevant current data including information provided by retailers regarding their inventory levels. In addition, as necessary, specific accruals may be established for significant future known or anticipated events. The types of known or anticipated events that we have considered, and will continue to consider, include, but are not limited to, the financial condition of our customers, store closings by retailers, changes in the retail environment and our decision to continue to support new and existing products. The Company records estimated reserves for sales returns as a reduction of sales, cost of sales and accounts receivable. Returned products are recorded as inventories and are valued based upon estimated realizable value. The physical condition and marketability of returned products are the major factors we consider in estimating realizable value. Actual returns, as well as estimated realizable values of returned products, may differ significantly, either favorably or unfavorably, from our estimates, if factors such as economic conditions, inventory levels or competitive conditions differ from our expectations.

 

Payments to Customers

 

The Company records revenues generated from purchase with purchase and gift with purchase promotions as sales and the costs of its purchase with purchase and gift with purchase promotions as cost of sales. Certain other incentive arrangements require the payment of a fee to customers based on their attainment of pre-established sales levels. These fees have been recorded as a reduction of net sales.

 

Advertising and Promotion

 

Advertising and promotional costs are expensed as incurred and recorded as a component of cost of goods sold (in the case of free goods given to customers) or selling, general and administrative expenses. Advertising and promotional costs included in selling, general and administrative expenses were $127.8 million, $69.2 million and $55.8 million for 2011, 2010 and 2009, respectively. Costs relating to purchase with purchase and gift with purchase promotions that are reflected in cost of sales aggregated $48.4 million, $30.2 million and $29.8 million in 2011, 2010 and 2009, respectively. Accrued expenses include approximately $16.4 million and $14.7 million in advertising liabilities as of December 31, 2011 and 2010, respectively.

 

Package Development Costs

 

Package development costs associated with new products and redesigns of existing product packaging are expensed as incurred.

 

Operating Leases

 

The Company recognizes rent expense from operating leases with various step rent provisions, rent concessions and escalation clauses on a straight-line basis over the applicable lease term. The Company considers lease renewals in the useful life of its leasehold improvements when such renewals are reasonably assured. In the event the Company receives capital improvement funding from its landlord, these amounts are recorded as deferred liabilities and amortized over the remaining lease term as a reduction of rent expense.

 

License Agreements

 

The Company’s license agreements provide the Company with worldwide rights to manufacture, market and sell fragrance and fragrance related products using the licensors’ trademarks. The licenses typically have an initial term of approximately 5 years to 15 years, and are potentially renewable subject to the Company’s compliance with the license agreement provisions. The remaining terms, including the potential renewal periods, range from approximately 2 years to 15 years.  Under each license, the Company is required to pay royalties in the range of 5% to 10% to the licensor, at least annually, based on net sales to third parties.

 

Most of the Company’s licenses were entered into to create additional sales.  In some cases, the Company may pay an entry fee to acquire, or enter into, a license where the licensor or another licensee was operating a pre-existing fragrance business.  In those cases, the entry fee is capitalized as an intangible asset and amortized over its useful life.

 

Certain license agreements may require minimum royalty payments, incremental royalties based on net sales levels and minimum spending on advertising and promotional activities.  Royalty expenses are accrued in the period in which net sales are recognized while advertising and promotional expenses are accrued at the time these costs are incurred.

 

In addition, the Company is exposed to certain concentration risk. Substantially all of our prestige fragrance brands are licensed from unaffiliated third parties and our business is dependent upon the continuation and renewal of such licenses.

 

Income Taxes

 

The Company accounts for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in its financial statements or tax returns. The net deferred tax assets assume sufficient future earnings for their realization, as well as the continued application of currently anticipated tax rates. Included in net deferred tax assets is a valuation allowance for deferred tax assets, where management believes it is more-likely-than-not that the deferred tax assets will not be realized in the relevant jurisdiction. If the Company determines that a deferred tax asset will not be realizable, an adjustment to the deferred tax asset will result in a reduction of net earnings at that time.

 

Issuance of Common Stock by Consolidated Subsidiary

 

The difference between the Company’s share of the proceeds received by the subsidiary and the carrying amount of the portion of the Company’s investment deemed sold, is reflected as an equity adjustment in the consolidated balance sheets.

 

Treasury Stock

 

The Board of Directors may authorize share repurchases of the Company’s common stock (Share Repurchase Authorizations). Share repurchases under Share Repurchase Authorizations may be made through open market transactions, negotiated purchase or otherwise, at times and in such amounts within the parameters authorized by the Board. Shares repurchased under Share Repurchase Authorizations are held in treasury for general corporate purposes, including issuances under various employee stock option plans. Treasury shares are accounted for under the cost method and reported as a reduction of equity. Share Repurchase Authorizations may be suspended, limited or terminated at any time without notice.

 

Recent Accounting Pronouncements

 

In May 2011, new accounting guidance on fair value measurements was issued, which requires updates to fair value measurement disclosures to conform US GAAP to International Financial Reporting Standards. This guidance includes additional disclosure requirements about Level 3 fair value measurements and is effective for interim and annual periods beginning after December 15, 2011. The adoption of the new guidance will not affect the Company’s financial position, results of operations and cash flows, but will require additional disclosure.

 

In June and December 2011, new accounting guidance on comprehensive income was issued, which revises the presentation of comprehensive income in financial statements. The Company has adopted the new guidance which has no affect the Company’s financial position, results of operations or cash flows, but requires the Company to disclose the total of comprehensive income, the components of net income and the components of other comprehensive income in either (i) a continuous statement of comprehensive income or (ii) as two separate but consecutive statements.

 

In September 2011, new accounting guidance on testing goodwill for impairment was issued, which allows an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in ASC Topic 350. This guidance is effective for interim and annual goodwill impairment tests for interim and annual periods beginning after December 15, 2011. The adoption of the new guidance will not affect the Company’s financial position, results of operations and cash flows.

 

There are no other new accounting pronouncements issued but not yet adopted that would have a material effect on our consolidated financial statements.
EXCEL 28 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%\Y-S=C9#'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-O;G-O;&ED871E9%]3=&%T96UE;G1S7V]F7T-O M;3PO>#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E1H95]#;VUP86YY7V%N9%]I='-?4VEG;FEF M:6-A;CPO>#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E)E M8V5N=%]!9W)E96UE;G1S/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U M#I%>&-E;%=O#I7;W)K#I7;W)K#I7;W)K M#I7;W)K#I7 M;W)K#I7;W)K#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O M#I%>&-E;%=O#I.86UE/D-O;6UI=&UE;G1S/"]X.DYA;64^#0H@("`@ M/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O#I%>&-E;%=O#I%>&-E M;%=O#I7;W)K#I7;W)K#I%>&-E;%=O#I%>&-E;%=O#I!8W1I=F53:&5E=#XP/"]X.D%C=&EV95-H965T/@T* M("`\>#I0#I%>&-E;%=O7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X- M"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP M92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6UB;VP\+W1D/@T*("`@("`@("`\=&0@8VQA2!296=I'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M"!+97D\+W1D/@T*("`@("`@("`\=&0@8VQA2!796QL+6MN;W=N(%-E87-O;F5D($ES'0^3F\\2!#=7)R96YT(%)E<&]R=&EN M9R!3=&%T=7,\+W1D/@T*("`@("`@("`\=&0@8VQA2!&:6QE'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M2!0=6)L M:6,@1FQO870\+W1D/@T*("`@("`@("`\=&0@8VQA'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$"!A'0^)FYB'0^)FYB M'0^)FYB'0^)FYB M3PO=&0^#0H@("`@("`@(#QT M9"!C;&%S3PO=&0^#0H@("`@("`@(#QT9"!C;&%S3PO=&0^#0H@ M("`@("`@(#QT9"!C;&%S3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y-S=C9#'0O:'1M;#L@8VAA2!S=&]C:RP@7!E.B!T97AT+VAT M;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@ M("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$ M)W1E>'0O:'1M;#L@8VAA'!E;G-E'!E;G-E3X-"CPO:'1M;#X-"@T* M+2TM+2TM/5].97AT4&%R=%\Y-S=C9#'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C M:&%R2`H55-$("0I/&)R/DEN(%1H;W5S86YD'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S&5R8VES97,@*&EN('-H87)E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S&5R8VES97,\+W1D/@T*("`@("`@ M("`\=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$2!T M#PO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S&5R8VES92!O9B!S=&]C:R!O<'1I;VYS(&%N9"!W M87)R86YT"!B96YE9FET(&]F("0Q,3`@ M9F]R(#(P,3$L("0U,C`@9F]R(#(P,3`@86YD("0V.3(@9F]R(#(P,#DL(')E M2`H:6X@'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S2!T'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S&5R8VES92!O9B!S=&]C:R!O<'1I;VYS(&%N9"!W87)R86YT"!B96YE9FET(&]F("0Q,3`@9F]R(#(P,3$L("0U M,C`@9F]R(#(P,3`@86YD("0V.3(@9F]R(#(P,#DL(')E2`H M:6X@'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S2!S:&%R97,@=&\@;F]N8V]N=')O M;&QI;F<@:6YT97)E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'1087)T M7SDW-V-D-S4W7S@P9F9?-#,U9%]B-#@X7S%A,C8Q9C)A-S9D,`T*0V]N=&5N M="U,;V-A=&EO;CH@9FEL93HO+R]#.B\Y-S=C9#'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R M=%\Y-S=C9#'0O:'1M;#L@8VAA#PO=&0^#0H@("`@("`@(#QT9"!C;&%S#PO=&0^#0H@("`@("`@(#QT9"!C;&%S M"P@071T7!E.B!T97AT+VAT;6P[ M(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@ M/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E M>'0O:'1M;#L@8VAA"!B96YE M9FET"`H8F5N969I="D\+W1D/@T*("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6%B;&4@86YD(&%C8W)U960@97AP96YS97,\+W1D M/@T*("`@("`@("`\=&0@8VQA6UE;G0@9F]R(&EN=&%N9VEB;&4@87-S971S(&%C<75I&5R8VES92!O9B!O<'1I;VYS(&%N9"!W87)R86YT&-E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$3PO=&0^#0H@("`@("`@(#QT9"!C;&%S3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y-S=C M9#'0O:'1M;#L@8VAA$$P.R8C>$$P.R8C>$$P.R8C>$$P.R8C>$$P.R8C>$$P M.R8C>$$P.R8C>$$P.R8C>$$P.R8C>$$P.U1H90T*0V]M<&%N>2!A;F0@:71S M(%-I9VYI9FEC86YT($%C8V]U;G1I;F<@4&]L:6-I97,\+V(^/"]P/@T*/'`@ M6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0I);G1E6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0I3=6)S=&%N=&EA;&QY(&%L;"!O M9B!O=7(@<')E6QE/3-$)V9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE$$P.SPO<#X-"CQP('-T>6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0HF(WA! M,#L\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA M;BP@5&EM97,L(%-E$$P.SPO<#X-"CQP('-T>6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2!A9F9E8W0@=&AE(&%M;W5N=',@ M2!H879E(&$@;6%T97)I86P@:6UP M86-T(&]N('1H90T*9FEN86YC:6%L('-T871E;65N=',@87)E(&1I$$P.SPO:3X\+V(^/"]P/@T*/'`@$$P.SPO<#X-"CQP M('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU65A&-H86YG92!P65A#(P,3D[(&5Q=6ET>2X\+W`^#0H\<"!S='EL93TS1"=F;VYT M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E$$P.SPO:3X\+V(^/"]P/@T*/'`@ M$$P.SPO M<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE'0M86QI9VXZ M(&IU2!L:7%U:60@:6YV97-T;65N=',@<'5R M8VAA2!O9B!T:')E90T*;6]N=&AS(&]R(&QE M$$P M.SPO:3X\+V(^/"]P/@T*/'`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`D-"XT(&UI;&QI;VXL("0S+C`@;6EL M;&EO;B!A;F0@)#(N,R!M:6QL:6]N#0IA6QE M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE$$P.SPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE2!O M9B!M87)K970@2<^#0HF(WA!,#L\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE$$P.SPO<#X-"CQP('-T>6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0HF(WA!,#LF(WA!,#L\+W`^#0H\ M<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L M(%-E2!W:&5N(&5V96YT'!E8W1E9"!D M96-L:6YE(&EN('-A;&5S+"!T:&%T('=O=6QD(&UO6EN9R!V86QU92!O9B!A;@T*:6YD969I;FET92UL M:79E9"!I;G1A;F=I8FQE(&%S2!N;W0@8F4@&-E961S('1H92!I;7!L:65D(&9A:7(@ M=F%L=64-"F]F('1H870@9V]O9'=I;&PL(&%N(&EM<&%IF5D(&%S(&%N(&%M;W5N=`T*97%U86P@=&\@=&AE(&5X8V5S M$$P.SPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2!U2<^#0HF M(WA!,#L\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`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`^ M#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM M97,L(%-E2<^#0H\8CX\:3XF(WA!,#L\+VD^/"]B/CPO M<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE'0M86QI9VXZ M(&IU2<^#0HF(WA!,#L\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E2P@=&AE($-O M;7!A;GD@9&]E0T*F5D(&%N9"!A M<'!R;W9E9"X@5&AE($-O;7!A;GD@2!L979E;',N($EN M(&%D9&ET:6]N+"!AF%B;&4-"G9A;'5E2!O M2P@9G)O;2!O=7(@97-T:6UA=&5S+"!I9B!F86-T;W)S M('-U8V@@87,-"F5C;VYO;6EC(&-O;F1I=&EO;G,L(&EN=F5N=&]R>2!L979E M;',@;W(@8V]M<&5T:71I=F4@8V]N9&ET:6]N$$P.SPO:3X\+V(^/"]P/@T*/'`@6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0I4 M:&4@0V]M<&%N>2!R96-O6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0I!9'9E M'!E;G-E2X@06-C'!E;G-E&EM871E;'D@)#$V+C0@;6EL;&EO;@T*86YD("0Q-"XW(&UI;&QI;VX@:6X@ M861V97)T:7-I;F<@;&EA8FEL:71I97,@87,@;V8@1&5C96UB97(@,S$L#0HR M,#$Q(&%N9"`R,#$P+"!R97-P96-T:79E;'DN/"]P/@T*/'`@2<^#0HF(WA! M,#L\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA M;BP@5&EM97,L(%-E'0M86QI9VXZ(&-E;G1E M6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0I086-K86=E(&1E=F5L;W!M96YT M(&-O$$P.SPO:3X\+V(^/"]P/@T*/'`@$$P.SPO<#X-"CQP('-T>6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU$$P.TEN('1H92!E=F5N="!T:&4@0V]M<&%N>2!R96-E M:79E'!E;G-E M+CPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE2<^#0HF(WA!,#L\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E2!H879E(&%N(&EN:71I86P@ M=&5R;2!O9@T*87!P2`U('EE87)S('1O(#$U('EE87)S+"!A M;F0@87)E('!O=&5N=&EA;&QY(')E;F5W86)L90T*28C>#(P,3D[2`R('EE87)S('1O(#$U#0IY96%R M2!I6%L=&EE$$P.SPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2!P87D@86X@96YT2!F964@:7,@8V%P:71A;&EZ960@87,@86X-"FEN=&%N9VEB;&4@ M87-S970@86YD(&%M;W)T:7IE9"!O=F5R(&ET$$P.SPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU6UE M;G1S+`T*:6YC$$P.R!2;WEA;'1Y#0IE M>'!E;G-E2<^#0HF(WA! M,#L\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA M;BP@5&EM97,L(%-E6QE/3-$)V9O;G0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0I4:&4@0V]M<&%N>2!A8V-O=6YT&5S('5S:6YG(&%N(&%S"!A$$P.TEN8VQU9&5D(&EN#0IN970@9&5F97)R960@=&%X(&%S M`T*87-S971S+"!W:&5R92!M86YA9V5M96YT(&)E;&EE=F5S(&ET(&ES(&UO MF5D(&EN('1H92!R96QE=F%N=`T*:G5R M:7-D:6-T:6]N+B8C>$$P.TEF('1H92!#;VUP86YY(&1E=&5R;6EN97,@=&AA M="!A(&1E9F5R`T*87-S970@=VEL;"!N;W0@8F4@6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE2!#;VYS;VQI9&%T960-"E-U8G-I9&EA6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0I4:&4@9&EF9F5R96YC92!B971W M965N('1H92!#;VUP86YY)B-X,C`Q.3MS('-H87)E(&]F('1H92!P6EN M9R!A;6]U;G0@;V8@=&AE('!O$$P.SPO<#X-"CQP('-T>6QE M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0H\9F]N="!S='EL93TS1"=C;VQO2<^ M#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\ M+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@ M5&EM97,L(%-E6QE/3-$)V-O;&]R.B!";&%C:R<^5&AE M($)O87)D(&]F($1I28C>#(P,3D[2!B92!S=7-P96YD960L(&QI;6ET960@;W(- M"G1E6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE6QE/3-$)V-O;&]R.B!";&%C:R<^/&(^/&D^4F5C96YT($%C8V]U M;G1I;F<-"E!R;VYO=6YC96UE;G1S/"]I/CPO8CX\+V9O;G0^/"]P/@T*/'`@ M2<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N M=#X\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA M;BP@5&EM97,L(%-E6QE/3-$)V-O;&]R.B!";&%C:R<^ M26X@36%Y(#(P,3$L(&YE=R!A8V-O=6YT:6YG(&=U:61A;F-E(&]N#0IF86ER M('9A;'5E(&UE87-U6QE M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0H\9F]N="!S='EL93TS1"=C;VQO2!H87,@861O<'1E9"!T:&4@;F5W(&=U:61A;F-E('=H:6-H(&AA6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU6EN9R!A;6]U;G0L(&%S(&$@8F%S:7,@9F]R#0ID971E2!T;R!P97)F;W)M('1H92!T=V\M2<^#0H\9F]N="!S M='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W`^#0H\<"!S M='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E M6QE/3-$)V-O;&]R.B!";&%C:R<^5&AE'0O:F%V87-C M3X-"B`@("`\=&%B;&4@ M8VQA6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$ M)W9E6QE/3-$)W=I9'1H.B`P M)SX\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`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`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@ M5&EM97,L(%-E6QE/3-$)V-O;&]R.B!";&%C:R<^/&(^/&D^)B-X03`[/"]I/CPO8CX\+V9O M;G0^/"]P/@T*/'`@6QE/3-$)V9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0H\9F]N="!S M='EL93TS1"=C;VQO6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`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`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO<#X-"CQP('-T>6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU&-L=7-I=F4@=V]R;&1W:61E(&9R86=R M86YC92!L:6-E;G-E(&%G2`Q+"`R,#$R('=H M96X@=V4@=&]O:R!O=F5R#0IP2`D,BXX(&UI;&QI;VX@ M;V8@8W5R6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE'0M86QI9VXZ M(&IU6QE/3-$)V-O;&]R.B!";&%C:R<^/&(^/&D^4RX@5"X@1'5P;VYT/"]I/CPO M8CX\+V9O;G0^/"]P/@T*/'`@2<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q M,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE M/3-$)V-O;&]R.B!";&%C:R<^26X@07!R:6P@,C`Q,2P@=V4@65A65A6QE/3-$)V-O;&]R.B!";&%C:R<^/&(^/&D^)B-X03`[/"]I/CPO8CX\ M+V9O;G0^/"]P/@T*/'`@2<^#0H\9F]N="!S='EL93TS1"=C M;VQO$$P.SPO9F]N=#X\+W`^#0H\<"!S='EL93TS1"=F M;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V-O;&]R.B!";&%C:R<^26X@36%R8V@@,C`Q,2P@=V4@96YT M97)E9"!I;G1O(&%N#0IE>&-L=7-I=F4@86=R965M96YT('=I=&@@82!U;FET M(&]F($-H87)M:6YG(%-H;W!P97,L($EN8RX@9F]R(&ET$$P.U5N9&5R('1H92!A9W)E96UE;G0L M($EN=&5R#0I087)F=6US(&1E6%N="!I2!B M92!E>'1E;F1E9"!B>2!M=71U86P@8V]N2<^#0H\9F]N="!S M='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W`^#0H\<"!S M='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E M6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE'0M M86QI9VXZ(&IU6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE'0M86QI9VXZ M(&IU2!E;G1E2!P87EM96YT2!F964@;V8@)B-X,C!!0SLQ-0T*;6EL M;&EO;B`H87!P2`D,C`@;6EL;&EO;BD@9F]R('1H:7,@;&EC M96YS92P@86YD('!U2!O9B!T:&4@9F]R M;65R(&QI8V5N2`D,BXS(&UI;&QI;VXI+CPO9F]N=#X\+W`^#0H\<"!S='EL93TS M1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V-O;&]R.B!" M;&%C:R<^/&(^/&D^)B-X03`[/"]I/CPO8CX\+V9O;G0^/"]P/@T*/'`@6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M'0M86QI9VXZ(&IU M&-L=7-I=F4@=V]R;&1W:61E(&QI8V5N$$P.S,Q+"`R,#$V+"!C;VYT86EN'!E;F1I='5R97,@86YD M(')O>6%L='D@<&%Y;65N=',@87,@87)E(&-U2!I;B!O=7(-"FEN M9'5S=')Y+CPO9F]N=#X\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V-O M;&]R.B!";&%C:R<^/&(^/&D^)B-X03`[/"]I/CPO8CX\+V9O;G0^/"]P/@T* M/'`@2<^#0H\9F]N="!S='EL93TS1"=C;VQO2<^#0H\9F]N M="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W`^#0H\ M<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L M(%-E6QE/3-$)V-O;&]R.B!";&%C:R<^26X@2G5L>2`R M,#$P+"!T:&4@0V]M<&%N>2!E;G1E2!W:6QL(&1E2!P'!E;F1I='5R M97,@86YD(')O>6%L='D@<&%Y;65N=',@87,@87)E#0IC=7-T;VUA6QE M/3-$)V-O;&]R.B!";&%C:R<^/&(^/&D^)B-X03`[/"]I/CPO8CX\+V9O;G0^ M/"]P/@T*/'`@2<^#0H\9F]N="!S='EL93TS1"=C;VQO6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0H\9F]N="!S='EL93TS1"=C;VQO&-L=7-I M=F4@=V]R;&1W:61E(&QI8V5N6UE;G1S(&%S M(&%R92!C=7-T;VUA2X@5&AE($-O;7!A;GD@ M<&%I9"!A;B!U<&9R;VYT(&5N=')Y(&9E92!O9B`F(W@R,$%#.S$-"FUI;&QI M;VX@*&%P<')O>&EM871E;'D@)#$N-"!M:6QL:6]N*2!F;W(@=&AI2!O9B!T:&4@9F]R;65R(&QI M8V5N&EM871E;'D@ M)#4N-R!M:6QL:6]N*2X\+V9O;G0^/"]P/@T*/'`@2<^#0H\9F]N="!S='EL M93TS1"=C;VQO$$P.SPO:3X\+V(^/"]F;VYT M/CPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE'0M86QI M9VXZ(&IU2!#:&]O/"]I/CPO8CX\+V9O;G0^/"]P/@T*/'`@2<^#0H\ M9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W`^ M#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM M97,L(%-E6QE/3-$)V-O;&]R.B!";&%C:R<^26X@3V-T M;V)E2!E;G1E'!E;F1I='5R97,@86YD M#0IR;WEA;'1Y('!A>6UE;G1S(&%S(&%R92!C=7-T;VUA7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\ M:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E M;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO<#X-"CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L;'-P M86-I;F<],T0P('-T>6QE/3-$)W=I9'1H.B`Y,B4[(&9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@8V]L'0M86QI9VXZ(&-E;G1E6QE/3-$)V-O;&]R.B!" M;&%C:R<^,C`Q,#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F$$P.SPO9F]N=#X\+W1D/@T*/"]T$$P.SPO9F]N=#X\+W1D/@T* M/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@8V]L$$P.SPO M9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H M.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^/&9O;G0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^-#`L.#`Y/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)W!A9&1I M;F6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G M/@T*/&9O;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^-CDL,#,Q/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I M;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W!A9&1I;F'0M86QI9VXZ M(&QE9G0G/@T*/&9O;G0@3X-"CPO:'1M;#X-"@T*+2TM+2TM M/5].97AT4&%R=%\Y-S=C9#'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'0^/&1I=CX-"CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<] M,T0P('=I9'1H/3-$,3`P)2!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE M=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V-O;&]R.B!";&%C:R<^ M/&(^*#0I/"]B/CPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^/&(^1F%I6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE'0M86QI M9VXZ(&IU2<^#0H\9F]N="!S='EL M93TS1"=C;VQO$$P.SPO9F]N=#X\+W`^#0H\=&%B;&4@ M8V5L;'!A9&1I;F<],T0P(&-E;&QS<&%C:6YG/3-$,"!S='EL93TS1"=W:61T M:#H@.3(E.R!F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E M6QE/3-$)W9E$$P.SPO9F]N=#X\+W1D/@T* M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@ M,7!T)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N M=#X\+W1D/@T*/'1D(&-O;'-P86X],T0R(&YO=W)A<#TS1&YO=W)A<"!S='EL M93TS1"=T97AT+6%L:6=N.B!C96YT97(G/@T*/&9O;G0@6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT M+6%L:6=N.B!C96YT97([(&)O$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`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`[/"]F;VYT/CPO M=&0^#0H\=&0@8V]L6QE/3-$ M)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!R:6=H="<^/&9O;G0@ M6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$ M)V9O;G0M=V5I9VAT.B!B;VQD)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0R(&YO=W)A M<#TS1&YO=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA M;&EG;CH@6QE/3-$)V-O;&]R.B!";&%C:R<^3V)S M97)V86)L93PO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL M93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^/&9O;G0@6QE/3-$)V9O;G0M=V5I9VAT.B!B M;VQD.R!T97AT+6%L:6=N.B!R:6=H="<^/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R M/@T*/'1R('-T>6QE/3-$)W9E$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<#X\9F]N M="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T* M/'1D(&-O;'-P86X],T0R(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=T97AT M+6%L:6=N.B!R:6=H="<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<#X\9F]N M="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T* M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L M9"<^/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`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`Q<'0@6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE M/3-$)V)O'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^5&]T86P\+V9O;G0^/"]T9#X-"CQT9"!N;W=R87`] M,T1N;W=R87`@'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A M<#TS1&YO=W)A<"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@ M$$P.SPO M9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=F;VYT M+7=E:6=H=#H@8F]L9#L@<&%D9&EN9RUB;W1T;VTZ(#%P="<^#0H\9F]N="!S M='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D M(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C M:R`Q<'0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V)O'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^*$QE=F5L(#(I/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)W!A9&1I;F6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!P861D:6YG+6)O M='1O;3H@,7!T)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$ M)V)O'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(&QE9G0G M/@T*/&9O;G0@$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S M='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N M="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@ M$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)V)O6QE/3-$)W!A9&1I M;F6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)V-O M;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)V)O6QE/3-$)W!A9&1I M;F$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$ M)W=I9'1H.B`T."4[('1E>'0M86QI9VXZ(&QE9G0[('1E>'0M:6YD96YT.B`M M,"XQ:6X[('!A9&1I;F6QE/3-$ M)V-O;&]R.B!";&%C:R<^1F]R96EG;B!C=7)R96YC>2!F;W)W87)D(&5X8VAA M;F=E#0IC;VYT6QE/3-$)W=I9'1H.B`Q M)2<^/&9O;G0@'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q,"4[('1E>'0M86QI9VXZ(')I9VAT M)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)2<^/&9O;G0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I M9'1H.B`Q,"4[('1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C M;VQO#(P,30[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W=I9'1H.B`Q)2<^/&9O;G0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q,"4[('1E>'0M M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)2<^/&9O M;G0@'0M86QI9VXZ(&QE9G0G/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W=I9'1H.B`Q,"4[('1E>'0M86QI9VXZ(')I9VAT)SX\9F]N M="!S='EL93TS1"=C;VQO#(P,30[/"]F;VYT/CPO=&0^ M#0H\=&0@$$P.SPO9F]N=#X\+W1D M/@T*/"]T$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)V)O6QE/3-$)V)O6QE/3-$ M)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@'0M86QI M9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X,C`Q-#L\+V9O;G0^/"]T9#X-"CQT M9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,7!T.R!T97AT+6%L:6=N.B!L M969T)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O M6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E M$$P.SPO M9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P M.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(')I9VAT)SX- M"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^,RPV,#$\+V9O;G0^/"]T M9#X-"CQT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,BXU<'0[('1E>'0M M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M86QI M9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M,C`Q-#L\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=P861D:6YG+6)O='1O M;3H@,BXU<'0[('1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^,RPV,#$\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=P M861D:6YG+6)O='1O;3H@,BXU<'0[('1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)V)O'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X,C`Q-#L\+V9O;G0^/"]T9#X- M"CQT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,BXU<'0[('1E>'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\+W1R/@T*/"]T86)L93X-"CQP('-T>6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@;F]W6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SX\9F]N="!S='EL93TS M1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P M86X],T0Q,"!N;W=R87`],T1N;W=R87`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`[/"]F;VYT/CPO=&0^#0H\=&0@ M;F]W6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SX\ M9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D M/@T*/'1D(&-O;'-P86X],T0R(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=F M;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@6QE/3-$)V-O;&]R.B!";&%C:R<^4VEG;FEF:6-A;G0@3W1H97(\+V9O;G0^ M/"]T9#X-"CQT9"!N;W=R87`],T1N;W=R87`@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V9O M;G0M=V5I9VAT.B!B;VQD)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0R(&YO=W)A<#TS M1&YO=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG M;CH@6QE/3-$)V-O;&]R.B!";&%C:R<^4VEG;FEF M:6-A;G0\+V9O;G0^/"]T9#X-"CQT9"!N;W=R87`],T1N;W=R87`@6QE/3-$ M)W9E$$P.SPO9F]N=#X\ M+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<#X\9F]N="!S='EL93TS1"=C;VQO M$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0R M(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=T97AT+6%L:6=N.B!R:6=H="<^ M#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\ M+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<#X\9F]N="!S='EL93TS1"=C;VQO M$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO M=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^/&9O;G0@'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO M6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!R:6=H="<^ M/&9O;G0@6QE/3-$)V9O;G0M=V5I M9VAT.B!B;VQD)SX\9F]N="!S='EL93TS1"=C;VQO$$P M.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=F M;VYT+7=E:6=H=#H@8F]L9"<^/&9O;G0@'0M86QI M9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@;F]W6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@;F]W6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SX\9F]N="!S='EL M93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O M;'-P86X],T0R(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H M=#H@8F]L9#L@=&5X="UA;&EG;CH@6QE/3-$)V-O M;&]R.B!";&%C:R<^261E;G1I8V%L($%S6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!R:6=H="<^ M/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V9O;G0M M=V5I9VAT.B!B;VQD)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0R(&YO=W)A<#TS1&YO M=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@ M6QE/3-$)V-O;&]R.B!";&%C:R<^26YP=71S/"]F M;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V9O;G0M M=V5I9VAT.B!B;VQD)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SX\9F]N="!S='EL93TS1"=C;VQO M$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO M=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@ M;&5F=#L@8F]R9&5R+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED)SX-"CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@;F]W6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD M.R!T97AT+6%L:6=N.B!R:6=H=#L@8F]R9&5R+6)O='1O;3H@0FQA8VL@,7!T M('-O;&ED)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^5&]T86P\ M+V9O;G0^/"]T9#X-"CQT9"!N;W=R87`],T1N;W=R87`@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@;F]W6QE/3-$)V9O;G0M=V5I9VAT.B!B M;VQD.R!T97AT+6%L:6=N.B!L969T.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q M<'0@'0M86QI M9VXZ(&QE9G0G/@T*/&9O;G0@6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!L969T.R!B M;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@'0M M86QI9VXZ(')I9VAT.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@;F]W6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD M.R!T97AT+6%L:6=N.B!L969T.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@ M'0M86QI9VXZ M(&QE9G0G/@T*/&9O;G0@$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\ M9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O M;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^ M/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO M$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F M="<^/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^-#DL,SDQ/"]F;VYT/CPO M=&0^#0H\=&0@$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)2<^/&9O;G0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I M9'1H.B`Q,"4[('1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C M;VQO#(P,30[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W=I9'1H.B`Q)2<^/&9O;G0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q,"4[('1E>'0M M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO6QE/3-$)W=I9'1H.B`Q)3L@=&5X M="UA;&EG;CH@;&5F="<^/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^ M/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^1F]R96EG;B!C=7)R M96YC>2!F;W)W87)D/"]F;VYT/@T*/&9O;G0@&-H86YG92!C;VYT6QE/3-$ M)V-O;&]R.B!";&%C:R<^;F]T(&%C8V]U;G1E9"!F;W(@=7-I;F<\+V9O;G0^ M(#QF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^:&5D9V4@86-C;W5N=&EN M9SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M(&)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!B;W)D97(M8F]T=&]M.B!";&%C M:R`Q<'0@6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[('!A9&1I;F6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R M.B!";&%C:R<^,2PP,C0\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=T97AT M+6%L:6=N.B!L969T.R!P861D:6YG+6)O='1O;3H@,7!T)SX\9F]N="!S='EL M93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W!A9&1I;F6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@#(P,30[/"]F;VYT/CPO=&0^#0H\=&0@6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O M;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^ M/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO M$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I M9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE M/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!B;W)D97(M8F]T M=&]M.B!";&%C:R`R+C5P="!D;W5B;&4G/@T*/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[(&)O6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X,C`Q-#L\+V9O;G0^/"]T9#X- M"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!P861D:6YG+6)O='1O M;3H@,BXU<'0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[(&)O6QE/3-$)V-O;&]R.B!";&%C:R<^-3`L-#$U M/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I M;F#(P,30[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!B M;W)D97(M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4G/@T*/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[(&)O6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X,C`Q-#L\+V9O;G0^ M/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!P861D:6YG M+6)O='1O;3H@,BXU<'0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M(&)O6QE/3-$)V-O;&]R.B!";&%C:R<^ M,S,S/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A M9&1I;F#(P,30[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T* M/"]T6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU6%B;&4@86YD(&%C8W)U960@97AP96YS97,@87!P6%B;&4@87!P28C>#(P M,3D[28C>#(P,3D[ M2<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0H\9F]N="!S='EL93TS1"=C;VQO&-H86YG90T*8V]N=')A8W1S(&%R92!V86QU M960@8F%S960@;VX@<75O=&%T:6]N2!Q=6]T97,-"F]B=&%I;F5D(&9R;VT@ M9FEN86YC:6%L(&EN3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y-S=C9#'0O:'1M;#L@8VAA'0^/&1I=CX-"CQT86)L92!C96QL<&%D M9&EN9STS1#`@8V5L;'-P86-I;F<],T0P('=I9'1H/3-$,3`P)2!S='EL93TS M1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V-O;&]R.B!";&%C:R<^/&(^*#4I/"]B/CPO9F]N=#X\+W1D/@T* M/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^/&(^1&5R:79A=&EV M92!&:6YA;F-I86P-"DEN6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2!E;G1E'!OF5D(&%S(&$@9V%I;B!O$$P.SPO M9F]N=#X\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2 M;VUA;BP@5&EM97,L(%-E6QE/3-$)V-O;&]R.B!";&%C:R<^5&AE(&9O;&QO=VEN9R!T86)L M92!P6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A M<#TS1&YO=W)A<"!S='EL93TS1"=T97AT+6%L:6=N.B!C96YT97(G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@8V]L6QE/3-$)W1E>'0M M86QI9VXZ(&-E;G1E$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL M93TS1"=T97AT+6%L:6=N.B!C96YT97(G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E$$P.SPO9F]N=#X\+W1D/@T* M/'1D(&-O;'-P86X],T0U(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=T97AT M+6%L:6=N.B!C96YT97(G/@T*/&9O;G0@6QE/3-$ M)V-O;&]R.B!";&%C:R<^3&]C871I;VX@;V8@1V%I;CPO9F]N=#X\+W1D/@T* M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L M9#L@=&5X="UA;&EG;CH@8V5N=&5R)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E$$P.SPO9F]N=#X\ M+W1D/@T*/"]T$$P.SPO M9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=T97AT M+6%L:6=N.B!C96YT97(G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@;F]W6QE/3-$)W1E>'0M86QI9VXZ M(&-E;G1E'0M86QI9VXZ(&-E;G1E$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A M<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@8V5N M=&5R)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^*$QO6QE/3-$)V9O;G0M M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97(G/@T*/&9O;G0@'0M86QI9VXZ(&-E;G1E$$P.SPO9F]N=#X\+W1D M/@T*/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=T97AT+6%L:6=N.B!C M96YT97(G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97(G M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^06UO=6YT(&]F($=A:6X\ M+V9O;G0^/"]T9#X-"CQT9"!N;W=R87`],T1N;W=R87`@6QE/3-$)V-O;&]R.B!" M;&%C:R<^3&]C871I;VX@;V8@1V%I;CPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A M<#TS1&YO=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA M;&EG;CH@8V5N=&5R)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N M.B!C96YT97(G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^06UO=6YT M(&]F($=A:6X\+V9O;G0^/"]T9#X-"CQT9"!N;W=R87`],T1N;W=R87`@6QE/3-$ M)V-O;&]R.B!";&%C:R<^4F5C;V=N:7IE9"!I;CPO9F]N=#X\+W1D/@T*/'1D M(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@ M=&5X="UA;&EG;CH@8V5N=&5R)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT M+6%L:6=N.B!C96YT97(G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M*$QO6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C M96YT97(G/@T*/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@8V]L6QE/3-$ M)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97(G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^*$QO'0M86QI9VXZ(&-E;G1E$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO M=W)A<#TS1&YO=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X M="UA;&EG;CH@8V5N=&5R)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^*$QO6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N M.B!C96YT97(G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^*$QO6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V9O;G0M M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97(G/@T*/&9O;G0@'0M86QI9VXZ(&-E;G1E$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0V(&YO M=W)A<#TS1&YO=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X M="UA;&EG;CH@8V5N=&5R)SX\9F]N="!S='EL93TS1"=C;VQO6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`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`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`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`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N M.B!C96YT97(G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^*$5F9F5C M=&EV92!0;W)T:6]N*3PO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A M<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@8V5N M=&5R)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V9O;G0M M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97(G/@T*/&9O;G0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT M+6%L:6=N.B!C96YT97(G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M*$$I/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)V-O;&]R.B!";&%C:R<^665A6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE M/3-$)W1E>'0M86QI9VXZ(&-E;G1E$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P M86X],T0U(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=T97AT+6%L:6=N.B!C M96YT97(G/@T*/&9O;G0@6QE/3-$ M)W1E>'0M86QI9VXZ(&-E;G1E$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS M1&YO=W)A<"!S='EL93TS1"=T97AT+6%L:6=N.B!C96YT97(G/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M8V]L6QE/3-$)W1E>'0M86QI M9VXZ(&-E;G1E6QE M/3-$)W1E>'0M86QI9VXZ(&-E;G1E$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P M86X],T0U(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=T97AT+6%L:6=N.B!C M96YT97(G/@T*/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A M<"!S='EL93TS1"=T97AT+6%L:6=N.B!C96YT97(G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)V-O;&]R.B!";&%C:R<^ M1&5C96UB97(@,S$L/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@8V]L6QE/3-$ M)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@;F]W6QE/3-$)W=I9'1H.B`Q M)3L@=&5X="UA;&EG;CH@8V5N=&5R)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@8V5N=&5R.R!B M;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@'0M86QI9VXZ(&-E;G1E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@;F]W6QE/3-$)W=I9'1H.B`U)3L@ M=&5X="UA;&EG;CH@8V5N=&5R.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@ M6QE/3-$)W=I9'1H M.B`Q)3L@=&5X="UA;&EG;CH@8V5N=&5R)SX-"CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)W=I9'1H.B`Q."4[('1E>'0M86QI9VXZ(&-E;G1E M$$P.SPO9F]N M=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=W:61T:#H@ M,24[('1E>'0M86QI9VXZ(&-E;G1E$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO M=W)A<"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@'0M86QI9VXZ(&-E;G1E6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W M6QE/3-$)V)O6QE/3-$)W=I9'1H.B`Q)2<^/&9O;G0@ M$$P.SPO9F]N=#X\ M+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B;W)D97(M8F]T M=&]M.B!";&%C:R`Q<'0@'0M86QI9VXZ(&-E;G1E6QE/3-$)V-O;&]R.B!";&%C:R<^,C`Q,#PO M9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=W:61T M:#H@,24[('1E>'0M86QI9VXZ(&-E;G1E$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS M1&YO=W)A<"!S='EL93TS1"=W:61T:#H@,3@E.R!T97AT+6%L:6=N.B!C96YT M97(G/@T*/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO M=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q M<'0@'0M86QI9VXZ(&-E;G1E6QE/3-$)V-O;&]R.B!";&%C:R<^,C`Q,3PO9F]N=#X\+W1D/@T* M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=W:61T:#H@,24G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@;F]W6QE/3-$)V)O6QE/3-$)V-O;&]R.B!";&%C:R<^1F]R96EG;@T*97AC:&%N9V4\ M+V9O;G0^/"]T9#X-"CQT9#X\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T* M/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^1V%I;B`H;&]S$$P.SPO9F]N=#X\+W1D M/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@ M$$P.SPO9F]N=#X\ M+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^1V%I;B`H M;&]S$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O M;G0@$$P.SPO9F]N M=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X,C`Q-#L\+V9O;G0^/"]T9#X-"CQT9#X\9F]N="!S='EL93TS1"=C;VQO M$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X,C`Q-#L\+V9O M;G0^/"]T9#X-"CQT9#X\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^9F]R96EG;B!C=7)R96YC>3PO9F]N=#X\+W1D/@T*/'1D/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X,C`Q-#L\+V9O;G0^/"]T9#X-"CQT9#X\9F]N="!S='EL93TS1"=C M;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X,C`Q-#L\ M+V9O;G0^/"]T9#X-"CQT9#X\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^9F]R96EG;B!C=7)R96YC>3PO9F]N=#X\+W1D/@T*/'1D/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[)B-X,C`Q-#L\+V9O;G0^/"]T9#X-"CQT9#X\9F]N="!S M='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^ M*#(L-C,X/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M'0M86QI9VXZ(&IU M2<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V-O M;&]R.B!";&%C:R<^5&AE(&9O;&QO=VEN9R!T86)L92!P6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO<#X-"CQP('-T>6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU'0M86QI9VXZ(&-E;G1E6QE/3-$)W=I9'1H.B`Q)2<^/&9O;G0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^/&(^3&]C871I;VX@;V8@1V%I;B`H3&]S$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^/&9O;G0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@ M=&5X="UA;&EG;CH@;&5F="<^/&9O;G0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$ M)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^1&5C96UB97(-"C,Q+#PO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)V)O6QE M/3-$)V-O;&]R.B!";&%C:R<^/&(^26YS=')U;65N=',\+V(^/"]F;VYT/CPO M=&0^#0H\=&0^/&9O;G0@'0M86QI9VXZ(&-E;G1E'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(&-E;G1E$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E$$P.SPO9F]N=#X\+W1D/@T* M/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S M='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`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`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D M/@T*/"]T&-H86YG92!C;VYT$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^1V%I;B`H;&]S$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\ M9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^*3PO9F]N=#X\+W1D/@T*/"]T M6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU6EN9PT*8F%L86YC92!S:&5E=',N M(%1H92!V86QU871I;VX@;V8@9F]R96EG;B!C=7)R96YC>2!F;W)W87)D(&5X M8VAA;F=E#0IC;VYT2!A;F0@:7,@:6YC;'5D960@:6X@86-C'!E;G-E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU0T* M:&%D(&9O&EM871E;'D@52Y3+B`D-C$$P.VUI;&QI;VX-"F%N9"!' M0B`F(WA!,SLQ,"XP)B-X03`[;6EL;&EO;B!W:&EC:"!A;&P@:&%V92!M871U M7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/&1I=CX- M"CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P('=I9'1H M/3-$,3`P)2!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@ M5&EM97,L(%-E6QE/3-$)V-O;&]R.B!";&%C:R<^/&(^*#8I/"]B M/CPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^/&(^17%U:7!M96YT(&%N9"!,96%S96AO;&0-"DEM<')O=F5M96YT$$P.SPO8CX\+V9O;G0^ M/"]P/@T*/'1A8FQE(&-E;&QP861D:6YG/3-$,"!C96QL$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!P861D:6YG+6)O='1O;3H@ M,7!T)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N M=#X\+W1D/@T*/'1D(&-O;'-P86X],T0V('-T>6QE/3-$)V9O;G0M=V5I9VAT M.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97([(&)O6QE/3-$)W!A9&1I M;F$$P.SPO9F]N=#X\+W1D/@T*/"]T$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!P861D:6YG+6)O M='1O;3H@,7!T)SX\9F]N="!S='EL93TS1"=C;VQO$$P M.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V9O;G0M M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97([(&)O6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$ M)W9E6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@ M6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)W1E M>'0M86QI9VXZ(&-E;G1E$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)W=I9'1H.B`Q)2<^/&9O;G0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)W=I9'1H.B`Q,B4[('1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS M1"=C;VQO6QE M/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G M/@T*/&9O;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^,BPQ,#<\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=P M861D:6YG+6)O='1O;3H@,7!T.R!T97AT+6%L:6=N.B!L969T)SX\9F]N="!S M='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/"]T M6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T* M/"]T6QE/3-$ M)W!A9&1I;F6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)W!A M9&1I;F'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M'0M86QI9VXZ M(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^,3$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W!A9&1I;F'0M86QI9VXZ M(&QE9G0G/@T*/&9O;G0@6QE M/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/"]T86)L93X-"CQP('-T>6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0H\9F]N="!S='EL93TS1"=C;VQOF%T:6]N(&5X<&5N'1087)T7SDW M-V-D-S4W7S@P9F9?-#,U9%]B-#@X7S%A,C8Q9C)A-S9D,`T*0V]N=&5N="U, M;V-A=&EO;CH@9FEL93HO+R]#.B\Y-S=C9#'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6QE/3-$)V9O;G0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M:6YD96YT.B`M,"XU:6XG/@T*/&9O;G0@6QE/3-$)W=I M9'1H.B`Y,B4[(&9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V-O;&]R.B!";&%C:R<^,C`Q,3PO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SX\ M9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D M/@T*/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD M.R!T97AT+6%L:6=N.B!C96YT97(G/@T*/&9O;G0@6QE/3-$)V9O;G0M M=V5I9VAT.B!B;VQD)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B M;VQD)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N M=#X\+W1D/@T*/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V9O;G0M=V5I9VAT M.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97(G/@T*/&9O;G0@6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SX\9F]N="!S='EL93TS1"=C;VQO M$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V9O M;G0M=V5I9VAT.B!B;VQD)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0R('-T>6QE/3-$ M)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97(G/@T*/&9O M;G0@6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SX\9F]N="!S='EL M93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/"]T$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!P861D:6YG+6)O M='1O;3H@,7!T)SX\9F]N="!S='EL93TS1"=C;VQO$$P M.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V9O;G0M M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97([(&)O6QE/3-$)W!A9&1I M;F$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!P861D:6YG+6)O='1O;3H@,7!T M)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\ M+W1D/@T*/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B M;VQD.R!T97AT+6%L:6=N.B!C96YT97([(&)O6QE/3-$)W!A9&1I;F$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!P861D:6YG+6)O='1O;3H@,7!T)SX\ M9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D M/@T*/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD M.R!T97AT+6%L:6=N.B!C96YT97([(&)O6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$ M)W9E6QE/3-$)W=I9'1H.B`U-24[('1E M>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI M9VXZ(&QE9G0G/@T*/&9O;G0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I M9'1H.B`Q)3L@8F]R9&5R+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED.R!T97AT M+6%L:6=N.B!L969T)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q,B4[(&)O6QE/3-$)W=I9'1H.B`Q)3L@<&%D9&EN9RUB;W1T M;VTZ(#%P=#L@=&5X="UA;&EG;CH@;&5F="<^#0H\9F]N="!S='EL93TS1"=C M;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)W=I9'1H.B`Q)3L@<&%D9&EN9RUB;W1T;VTZ(#%P="<^/&9O;G0@'0M86QI9VXZ M(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^-BPU.3`\ M+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[('!A9&1I;F'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^5')A9&5M87)K$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^-3`L M,3(W/"]F;VYT/CPO=&0^#0H\=&0@$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,34Q/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^-#DL M.3$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^-S`L,3`Y/"]F;VYT/CPO=&0^#0H\=&0@ M$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^-#8L.#(P/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M('!A9&1I;F6QE/3-$)V-O;&]R.B!" M;&%C:R<^3W1H97(@:6YT86YG:6)L92!A$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O M$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T*/&9O M;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^,BPS-C0\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=P861D:6YG M+6)O='1O;3H@,7!T.R!T97AT+6%L:6=N.B!L969T)SX\9F]N="!S='EL93TS M1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)W!A9&1I;F6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(')I M9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^.3DL,38P/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@ M'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O M6QE/3-$ M)V-O;&]R.B!";&%C:R<^,S4L,#(Y/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/"]T86)L93X-"CQP('-T>6QE/3-$ M)VUA6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M8V]L'0M M86QI9VXZ(&-E;G1E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V-O;&]R.B!";&%C:R<^06UO=6YT/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE M/3-$)V-O;&]R.B!";&%C:R<^06UOF%T:6]N/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$ M)V-O;&]R.B!";&%C:R<^5F%L=64\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS M1"=P861D:6YG+6)O='1O;3H@,7!T.R!F;VYT+7=E:6=H=#H@8F]L9"<^/&9O M;G0@6QE/3-$)W=I9'1H.B`Q)3L@<&%D9&EN9RUB;W1T;VTZ(#%P="<^/&9O M;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^-BPV-S$\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[ M('!A9&1I;F'0M86QI9VXZ(&QE9G0G/@T*/&9O M;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@#(P,30[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F]R9&5R+6)O M='1O;3H@0FQA8VL@,7!T('-O;&ED.R!T97AT+6%L:6=N.B!L969T)SX-"CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W=I9'1H.B`Q,B4[(&)O6QE/3-$ M)W=I9'1H.B`Q)3L@<&%D9&EN9RUB;W1T;VTZ(#%P=#L@=&5X="UA;&EG;CH@ M;&5F="<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO M9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\ M+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N M=#X\+W1D/@T*/"]T6QE/3-$ M)W!A9&1I;F6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)W!A M9&1I;F'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M'0M86QI9VXZ M(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^,3$L-#`T/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)W!A9&1I;F'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ M(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^,3,U+#$U M,#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@ M'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^,S`L-#$Y/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F'0M M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(')I M9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^,S`L-#$Y/"]F M;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/@T*/&9O M;G0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T* M/"]T86)L93X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE'0M M86QI9VXZ(&IU2<^#0H\9F]N="!S='EL93TS1"=C M;VQO'!E;G-E('=A65A6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU6QE/3-$)V9O;G0M&EM871E;'D@)#DQ(&UI;&QI;VXI(&]R(&]N92!T:6UE3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y-S=C M9#'0O:'1M;#L@8VAA6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6QE/3-$)W9E6QE M/3-$)W=I9'1H.B`P)SX\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`P+C5I M;B<^/&(^*#@I/"]B/CPO=&0^#0H\=&0^/&(^1V]O9'=I;&P@86YD($]T:&5R M($EN=&%N9VEB;&4@07-S971S/"]B/CPO=&0^#0H\+W1R/@T*/"]T86)L93X- M"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M'0M86QI9VXZ(&IU M'0M:6YD96YT.B`M,"XU:6XG/@T*)B-X03`[/"]P/@T*/'1A M8FQE(&-E;&QP861D:6YG/3-$,"!C96QL6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6QE/3-$)W9E6QE M/3-$)W=I9'1H.B`P)SX\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`P+C5I M;B<^/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!J=7-T:69Y)SX\ M9F]N="!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0G/E1H90T*9F]L;&]W:6YG M('1A8FQEF5D#0IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE'0M86QI9VXZ M(&IU6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)W!A M9&1I;F6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!P861D:6YG+6)O='1O;3H@,7!T M)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@8V]L$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<#X\9F]N M="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T* M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T M)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\ M+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=T97AT+6%L:6=N M.B!R:6=H="<^/&9O;G0@6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!L969T M)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@;F]W6QE/3-$)V9O;G0M=V5I M9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!R:6=H="<^#0H\9F]N="!S='EL93TS M1"=C;VQO'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L M:6=N.B!L969T)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$ M)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!R:6=H="<^#0H\9F]N M="!S='EL93TS1"=C;VQO6QE/3-$)V9O;G0M M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!L969T)SX-"CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W M6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SX\9F]N M="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T* M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L M9#L@=&5X="UA;&EG;CH@;&5F="<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A M<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@;F]W6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`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`[/"]F M;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V9O;G0M M=V5I9VAT.B!B;VQD)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS M1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@;&5F="<^#0H\9F]N M="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T* M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L M9#L@=&5X="UA;&EG;CH@6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N M.B!L969T)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`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`[/"]F M;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V9O;G0M M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!R:6=H="<^#0H\9F]N="!S='EL M93TS1"=C;VQO'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W M6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT M+6%L:6=N.B!L969T)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE M/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!R:6=H="<^#0H\ M9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO M=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9"<^/&9O;G0@'0M M86QI9VXZ(&QE9G0G/@T*/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^26YP=71S/"]F;VYT/CPO=&0^ M#0H\=&0@;F]W6QE/3-$)V9O;G0M=V5I9VAT.B!B M;VQD.R!T97AT+6%L:6=N.B!L969T)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE M/3-$)W9E6QE/3-$)W!A9&1I;F6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!P861D:6YG M+6)O='1O;3H@,7!T)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE M/3-$)V)O'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(&QE M9G0G/@T*/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO M=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@<&%D9&EN9RUB;W1T M;VTZ(#%P="<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P M.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B M;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V)O6QE/3-$)V-O;&]R.B!";&%C:R<^*$QE=F5L(#,I/"]F;VYT/CPO=&0^ M#0H\=&0@;F]W6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T* M/"]T$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL M93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S M='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE M/3-$)V-O;&]R.B!";&%C:R<^5')A9&5M87)K("T@3FEC:V5L/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T* M/&9O;G0@'0M M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(')I9VAT M)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X,C`Q-#L\+V9O M;G0^/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[('!A9&1I;F$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W=I9'1H.B`Q)3L@<&%D9&EN9RUB;W1T;VTZ(#(N-7!T)SX\9F]N="!S M='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F]R9&5R+6)O='1O;3H@0FQA8VL@,BXU M<'0@9&]U8FQE.R!T97AT+6%L:6=N.B!L969T)SX-"CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I M9'1H.B`Q,"4[(&)O6QE/3-$)W=I9'1H M.B`Q)3L@<&%D9&EN9RUB;W1T;VTZ(#(N-7!T.R!T97AT+6%L:6=N.B!L969T M)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G M/@T*/&9O;G0@'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL M93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S M='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(')I9VAT M)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^,BPW-C,\+V9O;G0^ M/"]T9#X-"CQT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,BXU<'0[('1E M>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X,C`Q-#L\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=P861D:6YG+6)O M='1O;3H@,BXU<'0[('1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O M6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X,C`Q-#L\+V9O;G0^/"]T9#X-"CQT9"!S='EL M93TS1"=P861D:6YG+6)O='1O;3H@,BXU<'0[('1E>'0M86QI9VXZ(&QE9G0G M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(')I9VAT)SX- M"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^,BPW-C,\+V9O;G0^/"]T M9#X-"CQT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,BXU<'0[('1E>'0M M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/"]T86)L93X-"CQP('-T>6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE$$P M.SPO9F]N=#X\+W`^#0H\=&%B;&4@8V5L;'!A9&1I;F<],T0P(&-E;&QS<&%C M:6YG/3-$,"!S='EL93TS1"=W:61T:#H@.3(E.R!F;VYT.B`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`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L M6QE/3-$)V9O;G0M=V5I9VAT M.B!B;VQD.R!T97AT+6%L:6=N.B!R:6=H="<^/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`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`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`[/"]F;VYT/CPO=&0^#0H\ M=&0@;F]W6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD M.R!P861D:6YG+6)O='1O;3H@,7!T)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T M97AT+6%L:6=N.B!R:6=H=#L@8F]R9&5R+6)O='1O;3H@0FQA8VL@,7!T('-O M;&ED)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^5&]T86P\+V9O M;G0^/"]T9#X-"CQT9"!N;W=R87`],T1N;W=R87`@'0M M86QI9VXZ(')I9VAT.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@'0M M86QI9VXZ(')I9VAT.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@'0M M86QI9VXZ(')I9VAT.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@8V]L6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@;F]W6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@;F]W6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@8V]L6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@;F]W6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX-"CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@;F]W6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$ M)W9E6QE/3-$)V-O;&]R.B!" M;&%C:R<^1&5S8W)I<'1I;VX\+V9O;G0^/"]T9#X-"CQT9#X\9F]N="!S='EL M93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)W=I9'1H.B`T-B4[('1E M>'0M86QI9VXZ(&QE9G0[('!A9&1I;F'0M M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M,BPS,S<\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[('!A M9&1I;F$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@<&%D9&EN9RUB;W1T;VTZ(#(N-7!T M)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F]R9&5R+6)O='1O;3H@ M0FQA8VL@,BXU<'0@9&]U8FQE.R!T97AT+6%L:6=N.B!L969T)SX-"CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W=I9'1H.B`Q,"4[(&)O6QE M/3-$)W=I9'1H.B`Q)3L@<&%D9&EN9RUB;W1T;VTZ(#(N-7!T.R!T97AT+6%L M:6=N.B!L969T)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI M9VXZ(&QE9G0G/@T*/&9O;G0@#(P,30[/"]F;VYT M/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^,BPS,S<\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[ M('!A9&1I;F$$P.SPO9F]N=#X\+W1D M/@T*/"]T$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)W!A9&1I;F6QE/3-$)V-O M;&]R.B!";&%C:R<^1V]O9'=I;&P\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS M1"=P861D:6YG+6)O='1O;3H@,BXU<'0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$ M)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M6QE/3-$)V-O;&]R.B!";&%C M:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE M/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)V)O6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)W!A M9&1I;F2<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q M,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE M/3-$)V-O;&]R.B!";&%C:R<^5&AE(&=O;V1W:6QL(&%N9"!T28C M>#(P,3D[2!H87,@9&5T97)M:6YE9"!T:&%T(&ET(&UA>2!B M92!I;F-L:6YE9"!T;R!S96QL('1H92!.:6-K96P-"F)U2!V86QU871I;VX@2!H87,@9&5T97)M M:6YE9`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`@2<^#0H\9F]N M="!S='EL93TS1"=C;VQO2<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N M=#X\+W`^#0H\=&%B;&4@8V5L;'!A9&1I;F<],T0P(&-E;&QS<&%C:6YG/3-$ M,"!S='EL93TS1"=W:61T:#H@.3(E.R!F;VYT.B`Q,'!T(%1I;65S($YE=R!2 M;VUA;BP@5&EM97,L(%-E6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@8V]L'0M86QI9VXZ(&-E;G1E6QE/3-$)V-O;&]R.B!";&%C M:R<^1&5C96UB97(@,S$L/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R M/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V-O;&]R M.B!";&%C:R<^,C`Q,3PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I M;F$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!P861D:6YG+6)O='1O;3H@,7!T M)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\ M+W1D/@T*/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B M;VQD.R!T97AT+6%L:6=N.B!C96YT97([(&)O$$P.SPO9F]N=#X\+W1D/@T* M/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E$$P.SPO M9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T M>6QE/3-$)W9E6QE/3-$)W=I9'1H.B`W M-"4[('1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^0F%L86YC92`M(&)E9VEN;FEN9R!O9B!Y96%R/"]F;VYT/CPO=&0^ M#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I M9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^/&9O;G0@6QE/3-$)V-O;&]R M.B!";&%C:R<^,RPV-30\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=W:61T M:#H@,24[('1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG M;CH@;&5F="<^/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^,RPY,C<\+V9O M;G0^/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^*#(W,SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^*3PO9F]N=#X\+W1D/@T*/"]T M6QE/3-$ M)W!A9&1I;F6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V)O6QE/3-$ M)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M+W1R/@T*/'1R('-T>6QE/3-$)W9E$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M$$P.SPO M9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^0F%L86YC92`M(&5N9"!O9B!Y96%R/"]F M;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(')I M9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^,BPW-C,\+V9O M;G0^/"]T9#X-"CQT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,BXU<'0[ M('1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^,RPV-30\+V9O;G0^/"]T9#X-"CPO='(^#0H\+W1A8FQE/@T*/"]D:78^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^ M#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y-S=C M9#'0O:'1M;#L@8VAA6%B;&4@+2!"86YK M6QE/3-$)TU!4D=)3BU43U`Z(#!P>#L@ M1D].5#H@,3!P="!4:6UE6QE/3-$)U=)1%1(.B`P+C5I;B<^/&9O;G0@#(P,3,[ M#0I"86YK3L@34%21TE..B`P<'@@,'!X M(#!P>"`P+C5I;CL@1D].5#H@,3!P="!4:6UE$$P M.SPO9F]N=#X\+W`^#0H\<"!S='EL93TS1"=415A4+4%,24=..B!J=7-T:69Y M.R!-05)'24XZ(#!P>"`P<'@@,'!X(#`N-6EN.R!&3TY4.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)T-/ M3$]2.B!B;&%C:R<^3&]A;G,@<&%Y86)L92`F(W@R,#$S.R!B86YK"`P<'@@,'!X(#`N M-6EN.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]F;VYT M/CPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&IU"`P<'@@,"XU:6X[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE28C>#(P,3D[2X\+V9O;G0^/"]P/@T*/'`@3L@34%21TE..B`P<'@@,'!X(#!P M>"`P+C5I;CL@1D].5#H@,3!P="!4:6UE$$P.SPO M9F]N=#X\+W`^#0H\<"!S='EL93TS1"=415A4+4%,24=..B!J=7-T:69Y.R!- M05)'24XZ(#!P>"`P<'@@,'!X(#`N-6EN.R!&3TY4.B`Q,'!T(%1I;65S($YE M=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)T-/3$]2 M.B!B;&%C:R<^5&AE($-O;7!A;GD@86YD(&ET6QE/3-$)U1%6%0M04Q)1TXZ(&IU"`P<'@@,"XU:6X[($9/3E0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE3L@34%21TE..B`P<'@@,'!X(#!P>"`P+C5I;CL@ M1D].5#H@,3!P="!4:6UE$$P.S,Q+`T*,C`Q M,2!A;F0@,C`Q,"P@'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6QE/3-$)TU!4D=)3BU43U`Z(#!P>#L@1D].5#H@,3!P="!4:6UE M6QE/3-$)U=)1%1( M.B`P+C5I;B<^/&9O;G0@6QE/3-$)T-/3$]2.B!B M;&%C:R<^/&(^3&]N9RU497)M($1E8G0\+V(^/"]F;VYT/CPO=&0^#0H\+W1R M/@T*/"]T86)L93X-"CQP('-T>6QE/3-$)TU!4D=)3CH@,'!X(#!P>"`P<'@@ M,"XU:6X[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE"`P+C5I;CL@1D].5#H@,3!P="!4:6UE6QE/3-$)U9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D/CQF;VYT('-T M>6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)U!!1$1)3D$$P.SPO9F]N=#X\+W1D/@T*/"]T$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)U!!1$1)3D$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K M(#%P="!S;VQI9#L@5$585"U!3$E'3CH@8V5N=&5R.R!&3TY4+5=%24=(5#H@ M8F]L9"<@8V]L6QE/3-$)T-/ M3$]2.B!B;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@2!I;G-T86QL;65N=',\+V9O;G0^/"]T9#X-"CQT M9"!S='EL93TS1"=724142#H@,24G/CQF;VYT('-T>6QE/3-$)T-/3$]2.B!B M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0[(%=)1%1(.B`Q)2<^/&9O;G0@6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=)1%1( M.B`Q)2<^/&9O;G0@6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=# M3TQ/4CH@8FQA8VLG/B8C>$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)T-/3$]2.B!B;&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(')I9VAT)SX\9F]N="!S='EL93TS1"=#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/CQF M;VYT('-T>6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z(')G8B@R M,#0L,C4U+#(P-"D[(%9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%1%6%0M24Y$14Y4.B`M,"XQ:6X[ M(%!!1$1)3D0T*870@=&AR964@;6]N=&@@155224)/4B!P;'5S(#`N-#`E+"!P87EA8FQE M(&EN(#(P(&5Q=6%L('%U87)T97)L>0T*:6YS=&%L;&UE;G1S/"]F;VYT/CPO M=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SX\9F]N="!S='EL M93TS1"=#3TQ/4CH@8FQA8VLG/C0L,S,Y/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)T-/3$]2.B!B M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)T-/3$]2.B!B;&%C:R<^,3`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`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0[(%!!1$1)3D6QE/3-$ M)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R M('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z(')G8B@R,#0L,C4U+#(P-"D[ M(%9%4E1)0T%,+4%,24=..B!B;W1T;VTG/@T*/'1D/CQF;VYT('-T>6QE/3-$ M)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@ M$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=#3TQ/4CH@8FQA M8VLG/C0L-#@P/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$)T-/3$]2.B!B;&%C:R<^,38L,3(Y/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0[(%!!1$1)3D6QE/3-$)T-/3$]2.B!B;&%C:R<^3&5S$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)T)/4D1%4BU"3U143TTZ M(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E'3CH@;&5F="<^#0H\9F]N="!S M='EL93TS1"=#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$58 M5"U!3$E'3CH@6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0[(%!!1$1)3D6QE/3-$)T-/ M3$]2.B!B;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)T-/3$]2 M.B!B;&%C:R<^,3$L,#DP/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)T-/3$]2 M.B!B;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)U!!1$1)3D$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)T)/4D1%4BU"3U143TTZ(&)L86-K(#(N-7!T(&1O=6)L93L@5$585"U!3$E' M3CH@;&5F="<^#0H\9F]N="!S='EL93TS1"=#3TQ/4CH@8FQA8VLG/B0\+V9O M;G0^/"]T9#X-"CQT9"!S='EL93TS1"="3U)$15(M0D]45$]-.B!B;&%C:R`R M+C5P="!D;W5B;&4[(%1%6%0M04Q)1TXZ(')I9VAT)SX-"CQF;VYT('-T>6QE M/3-$)T-/3$]2.B!B;&%C:R<^)B-X,C`Q-#L\+V9O;G0^/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!L969T.R!0041$24Y'+4)/5%1/33H@,BXU M<'0G/CQF;VYT('-T>6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#(N-7!T(&1O M=6)L93L@5$585"U!3$E'3CH@;&5F="<^#0H\9F]N="!S='EL93TS1"=#3TQ/ M4CH@8FQA8VLG/B0\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"="3U)$15(M M0D]45$]-.B!B;&%C:R`R+C5P="!D;W5B;&4[(%1%6%0M04Q)1TXZ(')I9VAT M)SX-"CQF;VYT('-T>6QE/3-$)T-/3$]2.B!B;&%C:R<^-2PP,SD\+V9O;G0^ M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!0041$24Y' M+4)/5%1/33H@,BXU<'0G/CQF;VYT('-T>6QE/3-$)T-/3$]2.B!B;&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/"]T86)L93X-"CQP('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(&IU"`P<'@@ M,"XU:6X[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@34%2 M1TE..B`P<'@@,'!X(#!P>"`P+C5I;CL@1D].5#H@,3!P="!4:6UE2!E;G1E2!E>&-H86YG M:6YG('1H92!V87)I86)L92!I;G1E6QE/3-$)U1% M6%0M04Q)1TXZ(&IU"`P<'@@,"XU:6X[ M($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3L@34%21TE..B`P M<'@@,'!X(#!P>"`P+C5I;CL@1D].5#H@,3!P="!4:6UE2!R871I;R!O9B!L97-S('1H86X@;VYE(&%N9"!A#0ID96)T('1O(&%D M:G5S=&5D(&YE="!I;F-O;64@2!P97)M:71T:6YG(&%C8V5L97)A=&EO;B!O9B!T:&4-"F1E8G0@:68@ M86YY(&%F9FEL:6%T960@8V]M<&%N>2!O9B!T:&4@9&5B=&]R(&1E9F%U;'1S M(&EN(&%N>2!O=&AE<@T*9&5B="!F86-I;&ET>2P@86YD('1H92!C7!E.B!T M97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE M860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT M96YT/3-$)W1E>'0O:'1M;#L@8VAA$$P.SPO:3X\+V(^/"]F;VYT/CPO<#X-"CQP M('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2!L96%S97,@:71S(&]F9FEC92!A;F0-"G=A2<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W`^#0H\=&%B;&4@8V5L;'!A9&1I;F<],T0P(&-E M;&QS<&%C:6YG/3-$,"!A;&EG;CTS1&-E;G1E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA M;&EG;CH@;&5F="<^/&9O;G0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^,C`Q,SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^,C`Q-#PO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,BPU,C8\ M+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SX\ M9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D M/@T*/"]T$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`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`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P M.SPO9F]N=#X\+W1D/@T*/"]T$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W!A9&1I;F'0M86QI9VXZ M(&QE9G0G/@T*/&9O;G0@6QE M/3-$)W!A9&1I;F'0M86QI9VXZ(&-E;G1E6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V-O;&]R M.B!";&%C:R<^5&AE($-O;7!A;GD@:7,@<&%R='D@=&\@82!N=6UB97(@;V8- M"FQI8V5N6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO<#X-"CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L;'-P M86-I;F<],T0P(&%L:6=N/3-$8V5N=&5R('-T>6QE/3-$)W=I9'1H.B`V,"4[ M(&9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)W9E6QE/3-$)W=I M9'1H.B`W-R4[('1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^,C`Q,CPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I M9'1H.B`Q)2<^/&9O;G0@'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`R,"4[('1E>'0M86QI9VXZ M(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,3

6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^,C`Q-#PO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^,C`Q-3PO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO M9F]N=#X\+W1D/@T*/"]T'0M86QI9VXZ(&QE9G0G M/@T*/&9O;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^-#(T+#DS.3PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C M;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E M6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)V)O'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^,2PR-C@L-S$Q/"]F;VYT/CPO=&0^ M#0H\=&0@$$P M.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO<#X-"CQP M('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU6QE/3-$)V9O;G0M2!E>'!E;G-E#0II M;F-L=61E9"!I;B!S96QL:6YG+"!G96YE3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT M4&%R=%\Y-S=C9#'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R3QB6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)W9E6QE/3-$)W=I M9'1H.B`P)SX\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`P+C5I;B<^/&9O M;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^/&(^17%U M:71Y/"]B/CPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R M.B!";&%C:R<^/&(^/&D^)B-X03`[/"]I/CPO8CX\+V9O;G0^/"]P/@T*/'`@ M6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2!M86EN=&%I;G,@82!S M=&]C:R!O<'1I;VX-"G!R;V=R86T@9F]R(&ME>2!E;7!L;WEE97,L(&5X96-U M=&EV97,@86YD(&1I2!S:&%R96AO;&1E6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0H\9F]N="!S='EL93TS1"=C;VQO6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO<#X-"CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<] M,T0P('-T>6QE/3-$)W=I9'1H.B`Y,B4[(&9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@;F]W6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V)O$$P.V]F)B-X03`[4VAA6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@;F]W6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V)O$$P.T=R86YT/&)R("\^#0I$871E)B-X M03`[1F%I$$P.U9A;'5E/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R M/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$ M)W=I9'1H.B`W-"4[('1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^3F]N=F5S=&5D(&]P=&EO;G,@)B-X,C`Q,SL@8F5G M:6YN:6YG(&]F#0IY96%R/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG M;CH@;&5F="<^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)2<^/&9O M;G0@'0M86QI9VXZ(&QE9G0G/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W=I9'1H.B`Q,"4[('1E>'0M86QI9VXZ(')I9VAT)SX\9F]N M="!S='EL93TS1"=C;VQO'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M+W1R/@T*/'1R('-T>6QE/3-$)W9E$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P M.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^-"XU.3PO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T M>6QE/3-$)W9E6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[('!A9&1I;F6QE/3-$ M)V-O;&]R.B!";&%C:R<^3F]N=F5S=&5D(&]P=&EO;G,@=F5S=&5D(&]R(&9O M6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[('!A9&1I;F65A6QE/3-$)W!A M9&1I;F'0M86QI9VXZ(&QE9G0G M/@T*/&9O;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^-#4V+#DR,SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$)W!A9&1I;F2<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P M.SPO9F]N=#X\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE M=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V-O;&]R.B!" M;&%C:R<^4VAA'!E;G-E&5S(&)Y("0Q+C$@;6EL;&EO;B!I M;B`R,#$Q(&%N9"`D,"XY(&UI;&QI;VX-"FEN(&)O=&@@,C`Q,"!A;F0@,C`P M.2P@9&5C2P@86YD(')E9'5C960@9&EL=71E9"!E87)N:6YG6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE'0M M86QI9VXZ(&IU2<^#0H\9F]N="!S='EL M93TS1"=C;VQO65A2!) M4%-!+"!O=7(@;6%J;W)I='DM;W=N960-"G-U8G-I9&EA6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE'0M86QI9VXZ M(&IU6QE M/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97([(&)O M$$P.T1E8V5M8F5R M)B-X03`[,S$L/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS M1&YO=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@<&%D9&EN9RUB M;W1T;VTZ(#%P="<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0V(&YO=W)A<#TS1&YO M=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@ M8V5N=&5R.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!P861D:6YG+6)O='1O M;3H@,7!T)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT M97([(&)O6QE M/3-$)V-O;&]R.B!";&%C:R<^,C`P.3PO9F]N=#X\+W1D/@T*/'1D(&YO=W)A M<#TS1&YO=W)A<"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,7!T.R!F;VYT M+7=E:6=H=#H@8F]L9"<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/"]T$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO M=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@<&%D9&EN9RUB;W1T M;VTZ(#%P=#L@=&5X="UA;&EG;CH@8V5N=&5R)SX-"CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V9O;G0M=V5I9VAT.B!B M;VQD.R!T97AT+6%L:6=N.B!C96YT97([(&)O'0M86QI9VXZ(&-E;G1E$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<"!S M='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@<&%D9&EN9RUB;W1T;VTZ(#%P M=#L@=&5X="UA;&EG;CH@8V5N=&5R)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!B M;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@'0M86QI9VXZ(&-E M;G1E&5R8VES93QB'0M86QI M9VXZ(&-E;G1E$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS M1"=F;VYT+7=E:6=H=#H@8F]L9#L@<&%D9&EN9RUB;W1T;VTZ(#%P=#L@=&5X M="UA;&EG;CH@8V5N=&5R)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L M:6=N.B!C96YT97([(&)O'0M86QI9VXZ(&-E M;G1E$$P.SPO M9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=F;VYT M+7=E:6=H=#H@8F]L9#L@<&%D9&EN9RUB;W1T;VTZ(#%P=#L@=&5X="UA;&EG M;CH@8V5N=&5R)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!B;W)D97(M8F]T=&]M M.B!";&%C:R`Q<'0@'0M86QI9VXZ(&-E;G1E&5R8VES93QB'0M86QI9VXZ(&-E;G1E$$P.SPO9F]N=#X\ M+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=F;VYT+7=E:6=H M=#H@8F]L9#L@<&%D9&EN9RUB;W1T;VTZ(#%P=#L@=&5X="UA;&EG;CH@8V5N M=&5R)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97([ M(&)O6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@8V]L6QE/3-$ M)V9O;G0M=V5I9VAT.B!B;VQD.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@ M'0M86QI9VXZ(&-E;G1E&5R8VES93QB'0M86QI9VXZ(&-E;G1E$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O M;&]R.B!";&%C:R<^4VAA65A6QE/3-$)W=I9'1H.B`Q)2<^ M/&9O;G0@'0M86QI9VXZ(&QE9G0G M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^.#`W+#8R,#PO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@ M;&5F="<^/&9O;G0@6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE M/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q,"4[ M('1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@ M;&5F="<^/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^,3$N,S(\+V9O;G0^ M/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^/&9O;G0@'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H M.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^/&9O;G0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^,3$N,C,\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@ M,24[('1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$ M)W9E$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,3$X+#DP,#PO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,3(P+#(P,#PO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@ M$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,3`P+#4U,#PO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O M;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO&5R8VES960\+V9O M;G0^/"]T9#X-"CQT9#X\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^*#DU+#8R-3PO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^*3PO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S M='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^*#(T,RPV,#`\+V9O;G0^/"]T9#X-"CQT M9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SX\9F]N="!S='EL93TS1"=C M;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,3`N M,C0\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T M)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\ M+W1D/@T*/"]T6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F'0M M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^*3PO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)W!A M9&1I;F'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M'0M86QI9VXZ M(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^*#8L.34P/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V)O$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M)SX\9F]N="!S='EL93TS1"=C;VQO6QE/3-$)V-O;&]R.B!";&%C:R<^ M4VAA6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,3,N,C`\+V9O;G0^/"]T9#X-"CQT M9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,BXU<'0[('1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)V)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A M9&1I;F$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^.3(P+#@R-3PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F2<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N M=#X\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA M;BP@5&EM97,L(%-E6QE/3-$)V-O;&]R.B!";&%C:R<^ M070@1&5C96UB97(@,S$L(#(P,3$L(&]P=&EO;G,@9F]R#0HW-S$L-SDU('-H M87)EF5D(&-O;7!E;G-A=&EO;B!C M;W-T(')E;&%T960@=&\-"G-T;V-K(&]P=&EO;G,@;W5T2P@25!302P-"G=A6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE'0M86QI M9VXZ(&IU2P@;VX@=&AE(&1A=&4@;V8-"F=R86YT('5S M:6YG('1H92!";&%C:RU38VAO;&5S(&]P=&EO;B!P6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO<#X-"CQT86)L92!C96QL<&%D9&EN9STS M1#`@8V5L;'-P86-I;F<],T0P('-T>6QE/3-$)W=I9'1H.B`Y,B4[(&9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&-E;G1E M6QE/3-$)V-O;&]R.B!";&%C:R<^665A$$P.T5N9&5D)B-X03`[1&5C M96UB97(F(WA!,#LS,2P\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=P861D M:6YG+6)O='1O;3H@,7!T.R!F;VYT+7=E:6=H=#H@8F]L9"<^/&9O;G0@6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&-E;G1E6QE/3-$)V-O;&]R.B!";&%C:R<^,C`Q M,#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M M=V5I9VAT.B!B;VQD.R!P861D:6YG+6)O='1O;3H@,7!T)SX\9F]N="!S='EL M93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O M;'-P86X],T0R('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L M:6=N.B!C96YT97([(&)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^/&9O;G0@6QE M/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^/&9O;G0@$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA M;&EG;CH@;&5F="<^/&9O;G0@6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA M;&EG;CH@;&5F="<^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^/&9O;G0@6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^/&9O;G0@6QE/3-$)W9E$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^-"XU#0IY96%R6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I M9VAT)SX\9F]N="!S='EL93TS1"=C;VQO65A$$P.SPO9F]N=#X\+W1D M/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS M1"=C;VQO6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)3PO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C M:R<^,BXV/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W9E6EE;&0\+V9O;G0^/"]T9#X- M"CQT9#X\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$ M)V-O;&]R.B!";&%C:R<^,2XW/"]F;VYT/CPO=&0^#0H\=&0@$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M)SX\9F]N="!S='EL93TS1"=C;VQO6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)3PO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M2<^#0H\9F]N="!S='EL93TS1"=C M;VQO$$P.SPO9F]N=#X\+W`^#0H\<"!S='EL93TS1"=F M;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V-O;&]R.B!";&%C:R<^17AP96-T960@=F]L871I;&ET>2!I M&5R8VES92!B96AA=FEO M2!Y:65L9`T*8W5R=F4@:6X@969F96-T M(&%T('1H92!T:6UE(&]F('1H92!G6]U="!A2!T:&4@ M0F]A2<^#0H\9F]N="!S M='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W`^#0H\<"!S M='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E M6QE/3-$)V-O;&]R.B!";&%C:R<^4W1O8VLM8F%S960@ M96UP;&]Y964@8V]M<&5N2!)4%-!(&EN(#(P,3$N(%1H92!W96EG:'1E9"!A=F5R M86=E(&9A:7(@=F%L=65S(&]F#0IT:&4@;W!T:6]N6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.T-A"!B96YE9FET6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!P861D:6YG+6)O='1O;3H@,7!T)SX\ M9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D M/@T*/'1D(&-O;'-P86X],T0Q,"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L M9#L@=&5X="UA;&EG;CH@8V5N=&5R.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q M<'0@$$P.S,Q+#PO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W!A9&1I;F$$P M.SPO9F]N=#X\+W1D/@T*/"]T$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I M9VAT.B!B;VQD.R!P861D:6YG+6)O='1O;3H@,7!T)SX\9F]N="!S='EL93TS M1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P M86X],T0R('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N M.B!C96YT97([(&)O6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@8V]L'0M86QI9VXZ(&-E;G1E6QE/3-$)V-O;&]R.B!" M;&%C:R<^,C`P.3PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F$$P.SPO9F]N=#X\+W1D/@T*/"]T&5R8VES960\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24G M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^ M/&9O;G0@6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG M;CH@;&5F="<^/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^.34V/"]F;VYT M/CPO=&0^#0H\=&0@$$P.SPO9F]N M=#X\+W1D/@T*/"]T6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^-CDR/"]F;VYT/CPO M=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,2PQ.34\ M+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SX\ M9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D M/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O M;&]R.B!";&%C:R<^-#`W/"]F;VYT/CPO=&0^#0H\=&0@2<^#0H\ M9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W`^ M#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM M97,L(%-E6QE/3-$)V-O;&]R.B!";&%C:R<^5&AE(&9O M;&QO=VEN9R!T86)L92!S=6UM87)I>F5S#0IA9&1I=&EO;F%L('-T;V-K(&]P M=&EO;B!I;F9O$$P.S,Q+`T*,C`Q M,#H\+V9O;G0^/"]P/@T*/'`@'0M86QI9VXZ(&IU$$P.SPO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<#X\9F]N="!S M='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D M(&-O;'-P86X],T0R(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=T97AT+6%L M:6=N.B!C96YT97(G/@T*/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@8V]L6QE/3-$ M)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97(G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^3W!T:6]N6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@;F]W6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@;F]W6QE/3-$)V9O;G0M=V5I M9VAT.B!B;VQD)SX\9F]N="!S='EL93TS1"=C;VQO$$P M.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0R(&YO=W)A<#TS1&YO=W)A M<"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@8V5N M=&5R)SX\9F]N="!S='EL93TS1"=C;VQO6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L M:6=N.B!C96YT97(G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^=V5I M9VAT960@879E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@;F]W6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD M)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\ M+W1D/@T*/'1D(&-O;'-P86X],T0R(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS M1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@8V5N=&5R)SX\9F]N M="!S='EL93TS1"=C;VQO6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`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`Q<'0@ M&5R8VES M86)L93PO9F]N=#X\+W1D/@T*/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS M1"=P861D:6YG+6)O='1O;3H@,7!T.R!F;VYT+7=E:6=H=#H@8F]L9"<^#0H\ M9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D M/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^)"`V+C$U("8C>#(P,3,[("0@-BXY M,SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)2<^/&9O;G0@ M'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^-S4L,C(P/"]F;VYT/CPO=&0^ M#0H\=&0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)2<^/&9O;G0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@65A'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q M)3L@=&5X="UA;&EG;CH@;&5F="<^/&9O;G0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE M/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^)"`Q,2XS,`T*)B-X,C`Q,SL@ M)"`Q,2XT,3PO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@#(P,3,[("0@,3(N-C0\ M+V9O;G0^/"]T9#X-"CQT9#X\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,3DT+#,X,#PO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O M;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D M/@T*/"]T$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R M.B!";&%C:R<^,38T+#6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&-E M;G1E6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL M93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^)"`Q-2XU M.2`M#0HD(#$U+C8R/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\ M+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^-2XY,0T*>65A$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)V-O M;&]R.B!";&%C:R<^)#$W+CDT/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X,C`Q-#L\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!L969T)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^)#$X+C`Q/"]F;VYT/CPO M=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL M93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,BPT,#`\+V9O;G0^/"]T9#X- M"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SX\9F]N="!S='EL93TS M1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)W!A M9&1I;F6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W!A9&1I;F6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^-2XP,`T* M>65A$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A M9&1I;F6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)W!A9&1I M;F'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T* M/'1R('-T>6QE/3-$)W9E6QE/3-$)W1E M>'0M86QI9VXZ(&-E;G1E6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(')I9VAT)SX- M"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^.#(S+#(W-3PO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,RXP.0T*665A'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0H\9F]N="!S M='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W`^#0H\<"!S M='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E M6QE/3-$)V-O;&]R.B!";&%C:R<^5&AE($-H:65F($5X M96-U=&EV92!/9F9I8V5R(&%N9"!T:&4-"E!R97-I9&5N="!E86-H(&5X97)C M:7-E9"`W-2PP,#`@;W5T2!I;B`R,#$P(&%N9"`R M,#`Y(&%N(&%G9W)E9V%T92!O9@T*.34L-S0T(&%N9"`Q,CDL.3@T('-H87)E M28C>#(P,3D[&5C=71I M=F4@3V9F:6-E2P@ M9F]R('!A>6UE;G0@;V8-"F-E6QE M/3-$)V-O;&]R.B!";&%C:R<^/&(^/&D^)B-X03`[/"]I/CPO8CX\+V9O;G0^ M/"]P/@T*/'`@2<^#0H\9F]N="!S='EL93TS1"=C;VQO M$$P.SPO9F]N=#X\+W`^#0H\<"!S='EL93TS1"=F;VYT M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V-O;&]R.B!";&%C:R<^07,@;V8@1&5C96UB97(@,S$L(#(P,#@L M('1H92!";V%R9"!O9@T*1&ER96-T;W)S(&]F('1H92!#;VUP86YY(&%U=&AO M$$P.SPO:3X\+V(^/"]F;VYT/CPO<#X-"CQP M('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU'0@<75A'10 M87)T7SDW-V-D-S4W7S@P9F9?-#,U9%]B-#@X7S%A,C8Q9C)A-S9D,`T*0V]N M=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\Y-S=C9#'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2<^/&9O;G0@2<^#0H\9F]N="!S='EL93TS M1"=C;VQO$$P.SPO9F]N=#X\+W`^#0H\<"!S='EL93TS M1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V-O;&]R.B!";&%C:R<^3F5T(&EN8V]M92!A='1R:6)U M=&%B;&4@=&\@26YT97(-"E!A#(P,40[*2P@ M:7,@8V]M<'5T960@=7-I;F<@=&AE#0IW96EG:'1E9"!A=F5R86=E(&YU;6)E M2<^#0H\9F]N="!S='EL93TS1"=C M;VQO$$P.SPO9F]N=#X\+W`^#0H\=&%B;&4@8V5L;'!A M9&1I;F<],T0P(&-E;&QS<&%C:6YG/3-$,"!S='EL93TS1"=W:61T:#H@.3(E M.R!F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N M.B!C96YT97([(&)O6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T M>6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@8V]L'0M86QI9VXZ(&-E;G1E6QE/3-$)V-O;&]R.B!";&%C:R<^ M,C`Q,3PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V9O M;G0M=V5I9VAT.B!B;VQD.R!P861D:6YG+6)O='1O;3H@,7!T)SX\9F]N="!S M='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D M(&-O;'-P86X],T0R('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT M+6%L:6=N.B!C96YT97([(&)O6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@8V]L6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE M/3-$)W9E6QE/3-$)V-O;&]R M.B!";&%C:R<^3G5M97)A=&]R.CPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M$$P.SPO M9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P M.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)W=I9'1H.B`Q)2<^/&9O;G0@ M'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W=I9'1H.B`Q,"4[('1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S M='EL93TS1"=C;VQO6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^/&9O;G0@ M6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`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`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)V-O;&]R M.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M,C(L,S0Y/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/"]T$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M$$P.SPO M9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P M.SPO9F]N=#X\+W1D/@T*/"]T$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^ M5V5I9VAT960-"F%V97)A9V4@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE M/3-$)V-O;&]R.B!";&%C:R<^,S`L,#DY+#DY.#PO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T M>6QE/3-$)W9E$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A M9&1I;F6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W!A9&1I;F6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E'0M:6YD96YT.B`M,"XQ:6X[('!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^1&5N;VUI;F%T;W(@9F]R M(&1I;'5T960@96%R;FEN9W,@<&5R#0IS:&%R93PO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W!A9&1I;F'0M M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^,S`L-C6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)V)O6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/"]T$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T* M/"]T$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS M1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL M93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE M/3-$)W9E6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[('!A9&1I;F$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL M93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,2XP-CPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N M="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^1&EL=71E9#PO9F]N M=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S M='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE6QE/3-$)W9E6QE/3-$)W=I9'1H.B`P)SX\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`P M+C5I;B<^/&9O;G0@6QE/3-$)W1E>'0M86QI9VXZ(&IU6QE/3-$)V-O;&]R.B!";&%C:R<^/&(^4V5G;65N=',@ M86YD($=E;V=R87!H:6,@07)E87,\+V(^/"]F;VYT/CPO=&0^#0H\+W1R/@T* M/"]T86)L93X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE'0M M86QI9VXZ(&IU2<^#0H\9F]N="!S='EL93TS1"=C M;VQO6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE3PO9F]N=#X@;6%N86=E0T* M8V]N9'5C=&5D+"!I;B!&2<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[26YF;W)M871I;VX@;VX@=&AE($-O;7!A;GDF(W@R M,#$Y.W,-"F]P97)A=&EO;G,@8GD@6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97([ M(&)O6QE/3-$)W9E M6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&-E;G1E6QE/3-$)V-O;&]R.B!";&%C:R<^,C`Q,3PO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT M.B!B;VQD.R!P861D:6YG+6)O='1O;3H@,7!T)SX\9F]N="!S='EL93TS1"=C M;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X] M,T0R('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C M96YT97([(&)O6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^3F5T#0IS86QE$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`V,24[('1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^56YI M=&5D(%-T871E6QE/3-$)W=I9'1H.B`Q M)2<^/&9O;G0@'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q,"4[('1E>'0M86QI9VXZ(')I9VAT M)SX\9F]N="!S='EL93TS1"=C;VQO6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F M="<^/&9O;G0@6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X M="UA;&EG;CH@;&5F="<^/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^-#$$P.SPO9F]N=#X\+W1D/@T*/"]T$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$ M)V-O;&]R.B!";&%C:R<^-34R+#0Q-3PO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\ M+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A M9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^16QI;6EN871I;VYS(&]F(&EN=&5R M8V]M<&%N>0T*$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V)O'0M86QI9VXZ(&QE9G0G/@T*/&9O M;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X,C`Q-#L\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=P861D M:6YG+6)O='1O;3H@,7!T.R!T97AT+6%L:6=N.B!L969T)SX\9F]N="!S='EL M93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W!A9&1I;F6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$)W9E6QE/3-$)W!A M9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W!A9&1I;F'0M86QI M9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(')I9VAT M)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^-#`Y+#0V-#PO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^3F5T(&EN8V]M90T*871T$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\ M9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O M;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`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`[ M/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@6QE/3-$ M)W9E$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M6QE/3-$)V-O M;&]R.B!";&%C:R<^,S`L,C$W/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,C4L.#`S/"]F M;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`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`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)V)O'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^,C8L-3DS/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@6QE/3-$)W!A9&1I;F6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\ M+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N M=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^56YI=&5D(%-T871E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$ M)V-O;&]R.B!";&%C:R<^-3`W/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M)SX\9F]N="!S='EL93TS1"=C;VQO6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O M;G0@6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M."PV,#8\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=P861D:6YG+6)O='1O M;3H@,7!T.R!T97AT+6%L:6=N.B!L969T)SX\9F]N="!S='EL93TS1"=C;VQO M$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A M9&1I;F6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$ M)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O M'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^.2PQ.#@\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=P861D:6YG M+6)O='1O;3H@,BXU<'0[('1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)V)O6QE M/3-$)V-O;&]R.B!";&%C:R<^,3`L.38S/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\ M+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P M.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R M.B!";&%C:R<^56YI=&5D(%-T871E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P.SPO9F]N=#X\ M+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$ M)V-O;&]R.B!";&%C:R<^,CPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R M/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$ M)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)W!A9&1I;F'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(')I M9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^.3@R/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)V-O;&]R M.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)V)O'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE M/3-$)W9E6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^26YT97)E$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS M1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D M/@T*/"]T$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)W!A9&1I;F'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(')I M9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^,BPP-#4\+V9O M;G0^/"]T9#X-"CQT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,7!T.R!T M97AT+6%L:6=N.B!L969T)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE M/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)V)O6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)V)O6QE/3-$)W!A9&1I M;F'!E;G-E("AB96YE9FET*3H\+V9O;G0^/"]T9#X- M"CQT9#X\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`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`[ M/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/"]T$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,C,L,#4S/"]F;VYT/CPO=&0^ M#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^,3$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,34L.3DV/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$ M)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^*3PO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W!A9&1I;F6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)V)O6QE/3-$)V)O6QE M/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(&QE9G0G/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)V)O'0M86QI9VXZ(')I9VAT)SX-"CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^,3@L,38U/"]F;VYT/CPO=&0^ M#0H\=&0@$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO<#X-"CQT86)L92!C96QL<&%D9&EN9STS M1#`@8V5L;'-P86-I;F<],T0P('-T>6QE/3-$)W=I9'1H.B`Y,B4[(&9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&-E;G1E M6QE/3-$)V-O;&]R.B!";&%C:R<^1&5C96UB97(@,S$L/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V-O;&]R.B!";&%C:R<^,C`Q,3PO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W!A9&1I;F$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!P M861D:6YG+6)O='1O;3H@,7!T)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0R('-T>6QE M/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97([(&)O M6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R M('-T>6QE/3-$)W9E6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^5&]T M86P-"F%S$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$ M)W=I9'1H.B`V,24[('1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^56YI=&5D(%-T M871E6QE/3-$)W=I9'1H.B`Q)2<^/&9O M;G0@'0M86QI9VXZ(&QE9G0G/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W=I9'1H.B`Q,"4[('1E>'0M86QI9VXZ(')I9VAT)SX\9F]N M="!S='EL93TS1"=C;VQO6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^/&9O M;G0@6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG M;CH@;&5F="<^/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^-#4L-3@P/"]F M;VYT/CPO=&0^#0H\=&0@$$P.SPO M9F]N=#X\+W1D/@T*/"]T$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R M.B!";&%C:R<^-#8U+#6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I M9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T* M/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE M/3-$)V-O;&]R.B!";&%C:R<^16QI;6EN871I;VYS(&]F(&EN=F5S=&UE;G0@ M:6X-"G-U8G-I9&EA$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/@T*/&9O M;G0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)V)O6QE M/3-$)V-O;&]R.B!";&%C:R<^-#,X+#$P-3PO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)V-O;&]R M.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T* M/"]T$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,S`U/"]F;VYT/CPO M=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI M9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^-BPQ M,3$\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@ M,7!T.R!T97AT+6%L:6=N.B!L969T)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ M(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^,30L-34Q M/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I M;F'0M86QI9VXZ(&QE9G0G/@T* M/&9O;G0@6QE/3-$)W!A9&1I M;F6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)W!A9&1I;F6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^5&]T86P-"FQO;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T* M/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0^/&9O;G0@6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R M/@T*/'1R('-T>6QE/3-$)W9E$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)V)O6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M86QI M9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^,3(V M+#(V-#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T* M/"]T$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^56YI=&5D M(%-T871E6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,2PU,#4\+V9O;G0^/"]T M9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SX\9F]N="!S='EL M93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C M:R<^,2PU.#`\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N M.B!L969T)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO M9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,2PS.3D\+V9O;G0^/"]T9#X-"CQT9"!S M='EL93TS1"=T97AT+6%L:6=N.B!L969T)SX\9F]N="!S='EL93TS1"=C;VQO M$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^175R;W!E/"]F;VYT/CPO=&0^ M#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS M1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^-2PV-3`\ M+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SX\ M9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D M/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$ M)W9E6QE/3-$)W!A9&1I;F6QE M/3-$)W!A9&1I;F6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)V)O6QE/3-$)V)O6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X,C`Q-#L\+V9O;G0^/"]T M9#X-"CQT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,7!T.R!T97AT+6%L M:6=N.B!L969T)SX\9F]N="!S='EL93TS1"=C;VQO$$P M.SPO9F]N=#X\+W1D/@T*/"]T$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W!A9&1I;F'0M86QI9VXZ M(&QE9G0G/@T*/&9O;G0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE'0M M86QI9VXZ(&IU2<^#0H\9F]N="!S='EL M93TS1"=C;VQO&EM871E;'D@)#(T+CD@;6EL;&EO;BP@)#(U+C<@;6EL M;&EO;B!A;F0@)#$T+C`@;6EL;&EO;B!I;@T*,C`Q,2P@,C`Q,"!A;F0@,C`P M.2P@'0M86QI9VXZ M(&IU$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!P861D:6YG M+6)O='1O;3H@,7!T)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0Q,"!S='EL93TS1"=F M;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@8V5N=&5R.R!B;W)D97(M M8F]T=&]M.B!";&%C:R`Q<'0@6QE/3-$)W!A9&1I;F$$P M.SPO9F]N=#X\+W1D/@T*/"]T$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I M9VAT.B!B;VQD.R!P861D:6YG+6)O='1O;3H@,7!T)SX\9F]N="!S='EL93TS M1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P M86X],T0R('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N M.B!C96YT97([(&)O6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@8V]L'0M86QI9VXZ(&-E;G1E6QE/3-$)V-O;&]R.B!" M;&%C:R<^,C`P.3PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)2<^ M/&9O;G0@'0M86QI9VXZ(&QE9G0G M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W=I9'1H.B`Q,"4[('1E>'0M86QI9VXZ(')I9VAT)SX\ M9F]N="!S='EL93TS1"=C;VQO6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^ M/&9O;G0@6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T M>6QE/3-$)W9E6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$ M)V-O;&]R.B!";&%C:R<^,C$Q+#@P,#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\ M+W1D/@T*/"]T$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S M='EL93TS1"=C;VQO6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N M="!S='EL93TS1"=C;VQO6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R M('-T>6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P M.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/"]T$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^.34L,#`P/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^-C8L-3`P/"]F;VYT/CPO M=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R M.B!";&%C:R<^-3,L-C`P/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F6QE M/3-$)V-O;&]R.B!";&%C:R<^3W1H97(\+V9O;G0^/"]T9#X-"CQT9"!S='EL M93TS1"=P861D:6YG+6)O='1O;3H@,7!T)SX\9F]N="!S='EL93TS1"=C;VQO M$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O M6QE/3-$)V)O6QE/3-$ M)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@'0M86QI M9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^,RPU,#`\+V9O;G0^/"]T9#X-"CQT9"!S M='EL93TS1"=P861D:6YG+6)O='1O;3H@,7!T.R!T97AT+6%L:6=N.B!L969T M)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE M/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)V)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A M9&1I;F'0M86QI9VXZ(&QE9G0G M/@T*/&9O;G0@'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)V)O'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^-#`Y+#4P,#PO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W!A9&1I;F$$P.SPO9F]N=#X\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V-O;&]R.B!";&%C:R<^0V]N$$P.SPO9F]N=#X\+W`^#0H\=&%B;&4@8V5L;'!A9&1I;F<],T0P(&-E M;&QS<&%C:6YG/3-$,"!S='EL93TS1"=W:61T:#H@.3(E.R!F;VYT.B`Q,'!T M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE M/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97([(&)O M6QE/3-$)W9E6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,C`Q,3PO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B M;VQD.R!P861D:6YG+6)O='1O;3H@,7!T)SX\9F]N="!S='EL93TS1"=C;VQO M$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0R M('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT M97([(&)O6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R M/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$ M)W=I9'1H.B`V,24[('1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^56YI=&5D(%-T871E6QE/3-$)W=I9'1H.B`Q)2<^/&9O;G0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q,"4[ M('1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@ M;&5F="<^/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^.#8L,#`P/"]F;VYT M/CPO=&0^#0H\=&0@$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)2<^/&9O;G0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)W=I9'1H.B`Q,"4[('1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS M1"=C;VQO6QE M/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^/&9O;G0@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^56YI=&5D#0I+:6YG M9&]M/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL M93TS1"=C;VQO6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE M/3-$)W9E6QE/3-$)V-O;&]R M.B!";&%C:R<^1G)A;F-E/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O M;&]R.B!";&%C:R<^,S$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M)SX\9F]N="!S='EL93TS1"=C;VQO'0O:F%V M87-C3X-"B`@("`\=&%B M;&4@8VQA6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0H\9F]N="!S='EL93TS1"=C;VQO"!R971U"!E>&%M:6YA=&EO;G,@8GD@=&%X(&%U=&AO&%M:6YA=&EO;B!O9B!T:&4@1G)E;F-H#0IS M=6)S:61I87)Y)B-X,C`Q.3MS(&EN8V]M92!T87@@`T*875T M:&]R:71Y(&]N('1H92!C;VYS97%U96YC97,@;V8@=&AE(&%U9&ET+"!W:&EC M:"!C;W9E"!I=&5M M"!E>'!E;G-E(&)Y("0Q+C<@;6EL;&EO;B!A;F0@0T*)#$N,R!M:6QL:6]N M+CPO9F]N=#X\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE M=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2!F;VQL;W=S('1H92!P2!D:60@;F]T(')E8V]G;FEZ92!A M;GD-"FEN8W)E87-E(&EN('1H92!L:6%B:6QI='D@9F]R('5N"!P;W-I M=&EO;B!A="!$96-E;6)E&5S+B!.;R!I;G1EF5D(&1U$$P.S,Q+"`R,#$Q+CPO9F]N=#X\+W`^#0H\<"!S='EL M93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE'0M86QI9VXZ M(&IU6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO<#X- M"CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P('-T>6QE M/3-$)W=I9'1H.B`Y,B4[(&9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE'0M86QI9VXZ(&-E;G1E6QE/3-$)V-O;&]R.B!";&%C:R<^665A M6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@8V]L'0M86QI9VXZ(&-E;G1E6QE/3-$)V-O;&]R.B!";&%C M:R<^,C`Q,#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)V9O;G0M=V5I9VAT.B!B;VQD.R!P861D:6YG+6)O='1O;3H@,7!T)SX\9F]N M="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T* M/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T M97AT+6%L:6=N.B!C96YT97([(&)O6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F M="<^/&9O;G0@6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$ M)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^*3PO9F]N M=#X\+W1D/@T*/"]T$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O M$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T*/&9O M;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^-#8L,S$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(')I9VAT M)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^-3,L.#0P/"]F;VYT M/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@ M6QE/3-$)W!A9&1I;F2<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU"!E>'!E;G-E("AB96YE9FET M*2!C;VYS:7-T6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO<#X-"CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P M('-T>6QE/3-$)W=I9'1H.B`Y,B4[(&9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE'0M86QI9VXZ(&-E;G1E6QE/3-$)V-O;&]R.B!";&%C M:R<^665A6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V-O;&]R M.B!";&%C:R<^,C`Q,#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I M;F$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!P861D:6YG+6)O='1O;3H@,7!T M)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\ M+W1D/@T*/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B M;VQD.R!T97AT+6%L:6=N.B!C96YT97([(&)O6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N M=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M$$P.SPO M9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^1F5D97)A;#PO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W=I9'1H.B`Q)2<^/&9O;G0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q,"4[ M('1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q M)2<^/&9O;G0@'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q,"4[('1E>'0M86QI9VXZ(')I9VAT M)SX\9F]N="!S='EL93TS1"=C;VQO6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^ M/&9O;G0@6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE M/3-$)W9E6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[('!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@$$P M.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P.SPO M9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^1F]R96EG;CPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(')I M9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^,C(L,#DV/"]F M;VYT/CPO=&0^#0H\=&0@$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/"]T$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M,C(L-S(S/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/"]T$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^1F5D97)A;#PO9F]N=#X\+W1D/@T*/'1D M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\ M9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C M:R<^*#(V,#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^*3PO9F]N=#X\ M+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^4W1A=&4@86YD(&QO8V%L/"]F;VYT/CPO M=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL M93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R M.B!";&%C:R<^.3PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)W!A9&1I;F$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE M/3-$)V)O'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI M9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^*#0L M-3(W/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M*#(L.#(X/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$ M)W9E$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W!A9&1I;F6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^*3PO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^*3PO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^*3PO9F]N M=#X\+W1D/@T*/"]T6QE M/3-$)V-O;&]R.B!";&%C:R<^5&]T86P@:6YC;VUE('1A>"!E>'!E;G-E/"]F M;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(')I M9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^,C0L-#0T/"]F M;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/@T*/&9O M;G0@6QE/3-$)W!A9&1I;F6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(&QE9G0G M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\+W1R/@T*/"]T86)L93X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^#0H\9F]N="!S='EL93TS M1"=C;VQO$$P.SPO9F]N=#X\+W`^#0H\<"!S='EL93TS M1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V-O;&]R.B!";&%C:R<^5&AE('1A>"!E9F9E8W1S(&]F M('1E;7!O2!D:69F97)E;F-E"!A6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE2<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W`^#0H\=&%B;&4@8V5L;'!A9&1I;F<] M,T0P(&-E;&QS<&%C:6YG/3-$,"!S='EL93TS1"=W:61T:#H@.3(E.R!F;VYT M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@8V]L'0M86QI9VXZ(&-E;G1E6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD)SX\9F]N="!S='EL93TS1"=C;VQO M$$P.SPO9F]N=#X\+W1D/@T*/"]T$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!P861D:6YG+6)O='1O;3H@,7!T M)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\ M+W1D/@T*/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B M;VQD.R!T97AT+6%L:6=N.B!C96YT97([(&)O6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^1&5F97)R960-"G1A>"!A$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\ M9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O M;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A M9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E"!C$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO M6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M)SX\9F]N="!S='EL93TS1"=C;VQO6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T* M/'1R('-T>6QE/3-$)W9E6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[('!A9&1I;F2!A;F0@86-C;W5N=',@6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^4')O9FET('-H87)I M;F<\+V9O;G0^/"]T9#X-"CQT9#X\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,2PX,#8\+V9O;G0^/"]T M9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SX\9F]N="!S='EL M93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I M;F$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^-C@R/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^-C$P/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M('!A9&1I;F$$P.SPO9F]N M=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N M="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C M:R<^,RPV,#4\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N M.B!L969T)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO M9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T*/&9O;G0@'0M86QI M9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^-3$T M/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F"!A$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M6QE/3-$)V-O M;&]R.B!";&%C:R<^-RPX.3D\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!L969T)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT M('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)V-O;&]R.B!" M;&%C:R<^5F%L=6%T:6]N(&%L;&]W86YC93PO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W!A9&1I;F6QE/3-$)V-O M;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)V)O6QE/3-$)V)O6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^3F5T(&1E M9F5R"!A$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)W!A9&1I M;F'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ(&QE M9G0G/@T*/&9O;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^-RPR,S`\+V9O;G0^/"]T9#X-"CQT9"!S='EL93TS M1"=P861D:6YG+6)O='1O;3H@,7!T.R!T97AT+6%L:6=N.B!L969T)SX\9F]N M="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T* M/"]T$$P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\ M9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O M;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO M9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O M;&]R.B!";&%C:R<^*3PO9F]N=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^*#8L-#6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^*3PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W!A M9&1I;F6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@'0M86QI9VXZ(&QE M9G0G/@T*/&9O;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^*#8L,#8X/"]F;VYT/CPO=&0^#0H\=&0@'0M86QI9VXZ M(&QE9G0G/@T*/&9O;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^*#8L-S@Y/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^3F5T M(&1E9F5R"!A6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$)V-O;&]R.B!" M;&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@6QE M/3-$)V-O;&]R.B!";&%C:R<^)#PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)V)O'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/"]T86)L93X-"CQP M('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0H\9F]N="!S='EL93TS1"=C;VQO2UF;W)W87)D2UF;W)W M87)D2!U=&EL:7IE9"X@26X@,C`Q,"!A;F0@ M,C`P.2P@)#`N,B!M:6QL:6]N(&%N9"`D,"XV#0IM:6QL:6]N+"!R97-P96-T M:79E;'DL(&]F('-U8V@@=F%L=6%T:6]N(&%L;&]W86YC97,@=V5R92!R96%L M:7IE9`T*=VAI8V@@=V%S(&5Q=6%L('1O('1H92!B96YE9FET2<^#0H\9F]N M="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W`^#0H\ M<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L M(%-E6QE/3-$)V-O;&]R.B!";&%C:R<^26X@861D:71I M;VXL('9A;'5A=&EO;B!A;&QO=V%N8V5S(&]F#0HD,"XY(&UI;&QI;VX@86YD M("0P+C@@;6EL;&EO;B!H860@8F5E;B!P2UF;W)W87)D2`D,2XQ(&UI;&QI;VX@;V8@F5D(&%S('1H92!#;VUP86YY('=A6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.R8C>$$P.SPO9F]N=#X\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q M,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE M/3-$)V-O;&]R.B!";&%C:R<^3F\@9G5R=&AE2!T:&%N#0IN;W0@=&AA="!T:&4@ M87-S970@=VEL;"!B92!R96%L:7IE9"!I;B!T:&4@6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P M.T-O;7!A;GD@:&%S(&YO="!P&5S(&]N("0R,#(@;6EL;&EO;B!O9B!U;F1I$$P.T-O;7!A M;GD@:6YT96YD6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE'0M86QI9VXZ M(&IU2!I;F-O;64@=&%X(')A=&4@86YD('1H92!E9F9E8W1I=F4@:6YC M;VUE('1A>"!R871E#0IW97)E(&%S(&9O;&QO=W,Z/"]F;VYT/CPO<#X-"CQP M('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^#0H\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N M=#X\+W`^#0H\=&%B;&4@8V5L;'!A9&1I;F<],T0P(&-E;&QS<&%C:6YG/3-$ M,"!S='EL93TS1"=W:61T:#H@.3(E.R!F;VYT.B`Q,'!T(%1I;65S($YE=R!2 M;VUA;BP@5&EM97,L(%-E6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F M;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V9O;G0M=V5I M9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97([(&)O6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@8V]L6QE/3-$)V-O;&]R.B!";&%C:R<^,C`Q,3PO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W!A9&1I;F$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!P861D:6YG M+6)O='1O;3H@,7!T)SX\9F]N="!S='EL93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V9O M;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97([(&)O6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE M/3-$)W9E6QE M/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O M;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D(&-O;'-P86X],T0R('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&-E;G1E$$P.SPO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M8V]L$$P.SPO9F]N=#X\+W1D/@T* M/'1D/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)W=I9'1H.B`V,24[('1E>'0M86QI9VXZ(&QE9G0G/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^4W1A='5T;W)Y(')A=&5S/"]F M;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^/&9O;G0@6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q,"4[ M('1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C M:R<^)3PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)2<^/&9O M;G0@'0M86QI9VXZ(&QE9G0G/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,S0N,#PO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^ M/&9O;G0@6QE/3-$)W9E$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT M/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,"XS/"]F;VYT/CPO=&0^#0H\=&0@ M$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,"XR/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^,BXP M/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)V-O;&]R.B!R960[('1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE M/3-$)V-O;&]R.B!";&%C:R<^*#`N-3PO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)V-O;&]R.B!R960[('1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^*3PO9F]N=#X\+W1D/@T*/'1D/CQF;VYT('-T M>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@ M$$P.SPO9F]N M=#X\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@#(P,30[/"]F;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O M6QE/3-$)V)O6QE/3-$)W!A9&1I;F6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[ M/"]F;VYT/CPO=&0^#0H\=&0@6QE M/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0G/CQF M;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^ M#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS M1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=C;VQO$$P M.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/CQF;VYT('-T>6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO M=&0^#0H\=&0^/&9O;G0@$$P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL M93TS1"=C;VQO$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\+W1R/@T*/'1R('-T>6QE M/3-$)W9E6QE/3-$)V-O;&]R.B!";&%C:R<^169F96-T:79E(')A=&5S/"]F M;VYT/CPO=&0^#0H\=&0@$$P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)V)O$$P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)V)O6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]F;VYT/CPO=&0^#0H\ M=&0@'0M86QI9VXZ(&QE9G0G/CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^)3PO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)W!A9&1I;F'0M86QI9VXZ(&QE M9G0G/@T*/&9O;G0@'0M86QI9VXZ(')I9VAT)SX-"CQF;VYT('-T>6QE M/3-$)V-O;&]R.B!";&%C:R<^,S0N.3PO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)W!A9&1I;F7!E.B!T97AT+VAT;6P[(&-H87)S970] M(G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T M<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@ M8VAA6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE'0M:6YD96YT.B`M,"XU:6XG/@T*/&9O;G0@6QE/3-$)V9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)W9E6QE/3-$)W=I9'1H.B`P)SX\+W1D M/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`P+C5I;B<^/"]T9#X-"CQT9#X\9F]N M="!S='EL93TS1"=C;VQO6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]F;VYT/CPO<#X-"CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L;'-P M86-I;F<],T0P('-T>6QE/3-$)W=I9'1H.B`Y,B4[(&9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V-O;&]R.B!";&%C:SL@9F]N="UW96EG:'0Z(&)O;&0[('!A9&1I M;F6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R M.B!";&%C:SL@9F]N="UW96EG:'0Z(&)O;&0[('!A9&1I;F$$P.SPO=&0^#0H\ M=&0@6QE/3-$)W!A9&1I;F$$P M.SPO=&0^#0H\=&0@8V]L$$P.SPO=&0^#0H\=&0@6QE M/3-$)V-O;&]R.B!";&%C:SL@=&5X="UA;&EG;CH@8V5N=&5R)SX-"B8C>$$P M.SPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]T9#X-"CQT M9"!C;VQS<&%N/3-$,B!S='EL93TS1"=C;VQO'0M86QI M9VXZ(&-E;G1E6QE/3-$)V-O;&]R M.B!";&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=C;VQO$$P.SPO=&0^#0H\=&0@8V]L6QE/3-$)W9E6QE/3-$ M)W=I9'1H.B`V,24[(&-O;&]R.B!";&%C:SL@=&5X="UA;&EG;CH@;&5F="<^ M3F5T#0ID97)I=F%T:79E(&EN65A M$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/B0\+W1D/@T*/'1D('-T>6QE/3-$ M)W=I9'1H.B`Q,"4[(&-O;&]R.B!";&%C:SL@=&5X="UA;&EG;CH@'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@ M'0M86QI9VXZ M(&QE9G0G/B0\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q,"4[(&-O;&]R M.B!";&%C:SL@=&5X="UA;&EG;CH@'0M86QI9VXZ(&QE M9G0G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/B0\+W1D/@T*/'1D M('-T>6QE/3-$)W=I9'1H.B`Q,"4[(&-O;&]R.B!";&%C:SL@=&5X="UA;&EG M;CH@6QE/3-$)V-O;&]R M.B!";&%C:SL@=&5X="UA;&EG;CH@;&5F="<^4F5C;&%S6QE/3-$)V-O;&]R.B!";&%C:SL@=&5X="UA;&EG;CH@;&5F="<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=C;VQO'0M M86QI9VXZ(')I9VAT)SXF(W@R,#$T.SPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=C;VQO'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO M=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C M:SL@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=C;VQO$$P.SPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:SL@=&5X="UA;&EG;CH@6QE/3-$)V)O$$P.SPO=&0^#0H\ M=&0@'0M86QI9VXZ(')I9VAT)SX-"C$Q/"]T9#X-"CQT M9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,7!T.R!C;VQO'0M86QI9VXZ(&QE9G0G/@T*)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=C;VQO$$P.SPO M=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T*)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@ M6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:SL@<&%D9&EN9RUB;W1T;VTZ(#%P="<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C M:R`Q<'0@6QE/3-$)V)O6QE/3-$)W!A9&1I;F$$P.SPO=&0^#0H\=&0@'0M M86QI9VXZ(&QE9G0G/@T*)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=B;W)D M97(M8F]T=&]M.B!";&%C:R`Q<'0@'0M86QI9VXZ(&QE M9G0G/@T*)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=C;VQO$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T*)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@'0M M86QI9VXZ(&QE9G0G/@T*)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=C;VQO M$$P.SPO=&0^#0H\ M=&0@'0M86QI9VXZ(&QE9G0G/@T*)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@'0M86QI9VXZ(&QE9G0G/@T*)B-X03`[/"]T9#X-"CPO='(^#0H\ M='(@6QE/3-$)V-O;&]R.B!" M;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=C;VQO'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G M/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:SL@=&5X="UA;&EG M;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=C;VQO'0M86QI9VXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)V-O;&]R.B!";&%C:SL@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=C;VQO$$P.SPO=&0^#0H\ M=&0@6QE/3-$)V-O;&]R.B!";&%C:SL@=&5X="UA M;&EG;CH@$$P.SPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X M03`[/"]T9#X-"CQT9"!S='EL93TS1"=C;VQO'0M86QI M9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO M=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:SL@=&5X="UA;&EG;CH@;&5F="<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=C;VQO'0M M86QI9VXZ(')I9VAT)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)V-O;&]R M.B!";&%C:SL@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=C;VQO$$P.SPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:SL@=&5X="UA;&EG;CH@$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/D-U;75L871I=F4@=')A;G-L871I;VX- M"F%D:G5S=&UE;G1S+"!B96=I;FYI;F<@;V8@>65A6QE/3-$ M)V-O;&]R.B!";&%C:SL@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=C;VQO'0M86QI9VXZ(')I9VAT M)SXQ-"PU-#0\+W1D/@T*/'1D('-T>6QE/3-$)V-O;&]R.B!";&%C:SL@=&5X M="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=C;VQO M$$P.SPO=&0^#0H\=&0@6QE M/3-$)V-O;&]R.B!";&%C:SL@=&5X="UA;&EG;CH@6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=C;VQO'0M M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/B8C>$$P M.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:SL@<&%D9&EN9RUB;W1T;VTZ(#%P="<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C M:R`Q<'0@6QE/3-$)V)O6QE/3-$)W!A9&1I;F$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ M(&QE9G0G/@T*)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=B;W)D97(M8F]T M=&]M.B!";&%C:R`Q<'0@6QE/3-$)V-O;&]R.B!";&%C:SL@<&%D9&EN M9RUB;W1T;VTZ(#%P="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=B;W)D M97(M8F]T=&]M.B!";&%C:R`Q<'0@6QE/3-$)V)O M$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)W9E M6QE/3-$)V-O;&]R.B!";&%C:SL@=&5X M="UA;&EG;CH@;&5F=#L@<&%D9&EN9RUB;W1T;VTZ(#%P="<^#0I#=6UU;&%T M:79E('1R86YS;&%T:6]N(&%D:G5S=&UE;G1S+"!E;F0@;V8@>65A6QE/3-$)V)O$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ M(')I9VAT)SX-"C'0M86QI9VXZ(&QE9G0G/@T* M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=C;VQO$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T*)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=B M;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@'0M86QI M9VXZ(&QE9G0G/@T*)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=C;VQO$$P.SPO=&0^#0H\=&0@ M'0M86QI9VXZ(&QE9G0G/@T*)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@'0M86QI9VXZ(&QE9G0G/@T*)B-X03`[/"]T9#X-"CPO='(^#0H\ M='(@6QE/3-$)V-O;&]R.B!";&%C:R<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=C;VQO$$P M.SPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C M:SL@=&5X="UA;&EG;CH@$$P.SPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=C;VQO'0M86QI9VXZ(&QE9G0G/B8C M>$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$ M)V-O;&]R.B!";&%C:SL@=&5X="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=C;VQO'0M86QI9VXZ(')I9VAT M)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)V-O;&]R.B!";&%C:SL@=&5X M="UA;&EG;CH@;&5F="<^)B-X03`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)V-O;&]R.B!";&%C:SL@<&%D9&EN9RUB;W1T;VTZ(#(N M-7!T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V)O'0M86QI9VXZ(&QE9G0G M/@T*)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=C;VQO6QE/3-$ M)V-O;&]R.B!";&%C:SL@<&%D9&EN9RUB;W1T;VTZ(#(N-7!T)SXF(WA!,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V)O'0O:F%V87-C3X-"B`@ M("`\=&%B;&4@8VQA6QE/3-$)V-O;&]R.B!";&%C M:R<^)B-X03`[/"]F;VYT/CPO<#X-"CQT86)L92!C96QL<&%D9&EN9STS1#`@ M8V5L;'-P86-I;F<],T0P('-T>6QE/3-$)W=I9'1H.B`Y,B4[(&9O;G0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V-O;&]R.B!";&%C:SL@9F]N="UW96EG:'0Z(&)O;&0[ M('!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$ M)V-O;&]R.B!";&%C:SL@9F]N="UW96EG:'0Z(&)O;&0[('!A9&1I;F$$P.SPO M=&0^#0H\=&0@6QE/3-$)W!A M9&1I;F$$P.SPO=&0^#0H\=&0@8V]L$$P.SPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:SL@=&5X="UA;&EG;CH@8V5N=&5R)SX- M"B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)V-O;&]R.B!";&%C:R<^)B-X03`[/"]T M9#X-"CQT9"!C;VQS<&%N/3-$,B!S='EL93TS1"=C;VQO'0M86QI9VXZ(&-E;G1E6QE/3-$ M)V-O;&]R.B!";&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=C;VQO M$$P.SPO=&0^#0H\=&0@8V]L6QE/3-$)W9E6QE/3-$)W=I9'1H.B`V,24[(&-O;&]R.B!";&%C:SL@=&5X="UA;&EG;CH@ M;&5F="<^3F5T(&EN8V]M90T*871T6QE/3-$)W=I9'1H.B`Q)3L@8V]L;W(Z M($)L86-K)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@ M8V]L;W(Z($)L86-K.R!T97AT+6%L:6=N.B!L969T)SXD/"]T9#X-"CQT9"!S M='EL93TS1"=W:61T:#H@,3`E.R!C;VQO'0M86QI9VXZ M(')I9VAT)SXS,BPS,#,\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@ M8V]L;W(Z($)L86-K.R!T97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T* M/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8V]L;W(Z($)L86-K)SXF(WA!,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8V]L;W(Z($)L86-K.R!T M97AT+6%L:6=N.B!L969T)SXD/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@ M,3`E.R!C;VQO'0M86QI9VXZ(')I9VAT)SXR-BPU.3,\ M+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8V]L;W(Z($)L86-K.R!T M97AT+6%L:6=N.B!L969T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)W=I M9'1H.B`Q)3L@8V]L;W(Z($)L86-K)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W=I9'1H.B`Q)3L@8V]L;W(Z($)L86-K.R!T97AT+6%L:6=N.B!L969T M)SXD/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,3`E.R!C;VQO'0M86QI9VXZ(')I9VAT)SXR,BPS-C<\+W1D/@T*/'1D('-T>6QE M/3-$)W=I9'1H.B`Q)3L@8V]L;W(Z($)L86-K.R!T97AT+6%L:6=N.B!L969T M)SXF(WA!,#L\+W1D/@T*/"]T6QE/3-$)V-O;&]R.B!";&%C:SL@<&%D9&EN9RUB;W1T;VTZ(#%P="<^)B-X M03`[/"]T9#X-"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q M<'0@6QE/3-$)V)O6QE/3-$)W!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:SL@<&%D9&EN9RUB;W1T;VTZ M(#%P="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M M.B!";&%C:R`Q<'0@'0M86QI9VXZ(&QE9G0G/@T* M*3PO=&0^#0H\=&0@6QE/3-$)V)O$$P.SPO=&0^#0H\=&0@'0M M86QI9VXZ(')I9VAT)SX-"B@T-3PO=&0^#0H\=&0@'0M86QI9VXZ(&QE M9G0[('!A9&1I;F6QE/3-$)V-O;&]R.B!";&%C:SL@<&%D9&EN9RUB;W1T;VTZ(#(N M-7!T)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)W!A9&1I;F$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0G/@T*)#PO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT)SX-"C(U+#'0M86QI9VXZ(&QE9G0G/@T*)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=C;VQO3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y-S=C9#'0O M:'1M;#L@8VAA6EN9R!!8V-O M=6YT6QE/3-$)T-/3$]2 M.B!B;&%C:R<^/&(^4V-H961U;&4@24D\+V(^/"]F;VYT/CPO<#X-"CQP('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]F;VYT/CPO<#X- M"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E6QE/3-$)U1% M6%0M04Q)1TXZ(&-E;G1E#L@1D].5#H@,3!P="!4 M:6UE6QE/3-$)TU!4D=)3CH@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2 M;VUA;BP@5&EM97,L(%-E6QE/3-$)T-/3$]2.B!B M;&%C:R<^)B-X03`[/"]F;VYT/CPO<#X-"CQT86)L92!S='EL93TS1"=72414 M2#H@,3`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`],T1N;W=R87`^*#(I/"]T9#X-"CQT9"!S='EL93TS1"=0041$24Y'+4)/ M5%1/33H@,7!T.R!#3TQ/4CH@8FQA8VL[($9/3E0M5T5)1TA4.B!B;VQD)R!N M;W=R87`],T1N;W=R87`^)B-X03`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`],T1N;W=R M87`^#0HF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)T-/3$]2.B!B;&%C:SL@ M1D].5"U714E'2%0Z(&)O;&0G(&YO=W)A<#TS1&YO=W)A<#X-"B8C>$$P.SPO M=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U!!1$1)3D6QE/3-$)U!!1$1) M3D6QE/3-$ M)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E'3CH@ M8V5N=&5R.R!#3TQ/4CH@8FQA8VL[($9/3E0M5T5)1TA4.B!B;VQD)R!C;VQS M<&%N/3-$,B!N;W=R87`],T1N;W=R87`^97AP96YS97,\+W1D/@T*/'1D('-T M>6QE/3-$)U!!1$1)3D6QE/3-$)U!!1$1)3D6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S M;VQI9#L@5$585"U!3$E'3CH@8V5N=&5R.R!#3TQ/4CH@8FQA8VL[($9/3E0M M5T5)1TA4.B!B;VQD)R!C;VQS<&%N/3-$,B!N;W=R87`],T1N;W=R87`^9&5S M8W)I8F4\+W1D/@T*/'1D('-T>6QE/3-$)U!!1$1)3D6QE/3-$)U!!1$1)3D6QE/3-$)T)/4D1%4BU" M3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$585"U!3$E'3CH@8V5N=&5R.R!# M3TQ/4CH@8FQA8VL[($9/3E0M5T5)1TA4.B!B;VQD)R!C;VQS<&%N/3-$,B!N M;W=R87`],T1N;W=R87`^9&5S8W)I8F4\+W1D/@T*/'1D('-T>6QE/3-$)U!! M1$1)3D6QE M/3-$)U!!1$1)3D6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#%P="!S;VQI9#L@5$58 M5"U!3$E'3CH@8V5N=&5R.R!#3TQ/4CH@8FQA8VL[($9/3E0M5T5)1TA4.B!B M;VQD)R!C;VQS<&%N/3-$,B!N;W=R87`],T1N;W=R87`^96YD(&]F('!E$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M M0T],3U(Z(')G8B@R,#0L,C4U+#(P-"D[(%9%4E1)0T%,+4%,24=..B!B;W1T M;VTG/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($-/3$]2.B!B M;&%C:R<^06QL;W=A;F-E(&9O6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!#3TQ/ M4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE M/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=4 M15A4+4%,24=..B!L969T.R!#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\ M=&0@6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0[($-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=415A4+4%,24=..B!R:6=H=#L@0T],3U(Z(&)L86-K)SXF(WA!,#L\+W1D M/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($-/3$]2.B!B;&%C M:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=#3TQ/4CH@8FQA8VLG/B8C M>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(')I9VAT.R!#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@8FQA8VLG M/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z('=H:71E.R!615)4 M24-!3"U!3$E'3CH@8F]T=&]M)SX-"CQT9"!S='EL93TS1"=0041$24Y'+4Q% M1E0Z(#`N,C5I;CL@5TE$5$@Z(#,U)3L@0T],3U(Z(&)L86-K)SY996%R#0IE M;F1E9"!$96-E;6)E$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!72414 M2#H@,3`E.R!#3TQ/4CH@8FQA8VLG/C0L,S8W/"]T9#X-"CQT9"!S='EL93TS M1"=415A4+4%,24=..B!L969T.R!724142#H@,24[($-/3$]2.B!B;&%C:R<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=724142#H@,24[($-/3$]2.B!B M;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L M969T.R!724142#H@,24[($-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H=#L@5TE$5$@Z(#$P)3L@0T], M3U(Z(&)L86-K)SXR+#@S.#PO=&0^#0H\=&0@$$P.SPO=&0^ M#0H\=&0@$$P M.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)U=)1%1(.B`Q)3L@0T],3U(Z(&)L86-K)SXF M(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%=) M1%1(.B`Q)3L@0T],3U(Z(&)L86-K)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!724142#H@,3`E.R!#3TQ/4CH@8FQA M8VLG/C4L,S(P/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T M.R!724142#H@,24[($-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CPO='(^ M#0H\='(@6QE/3-$)T-/3$]2 M.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=. M.B!L969T.R!#3TQ/4CH@8FQA8VLG/B0\+W1D/@T*/'1D('-T>6QE/3-$)U1% M6%0M04Q)1TXZ(')I9VAT.R!#3TQ/4CH@8FQA8VLG/C(L,#DV/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@8FQA8VLG/B8C M>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($-/3$]2.B!B M;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!R M:6=H=#L@0T],3U(Z(&)L86-K)SXS+#$T-SPO=&0^#0H\=&0@6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@8FQA8VLG/B8C>$$P M.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!# M3TQ/4CH@8FQA8VLG/C6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!# M3TQ/4CH@8FQA8VLG/C0L,S8W/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!L969T.R!#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\+W1R/@T* M/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z('=H:71E.R!615)424-! M3"U!3$E'3CH@8F]T=&]M)SX-"CQT9"!S='EL93TS1"=0041$24Y'+4Q%1E0Z M(#`N,C5I;CL@0T],3U(Z(&)L86-K)SY996%R(&5N9&5D($1E8V5M8F5R#0HS M,2P@,C`P.3PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($-/3$]2 M.B!B;&%C:R<^)#PO=&0^#0H\=&0@6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0[($-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!#3TQ/4CH@ M8FQA8VLG/C$L,CDU/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L M969T.R!#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0[($-/3$]2.B!B;&%C:R<^)B-X03`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`[ M/"]T9#X-"CQT9"!S='EL93TS1"=#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^ M#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT M.R!#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO M=&0^#0H\=&0@6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0[($-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!R:6=H=#L@0T],3U(Z(&)L86-K)SXF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($-/3$]2 M.B!B;&%C:R<@;F]W6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!#3TQ/4CH@8FQA M8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@8FQA8VLG/B8C M>$$P.SPO=&0^#0H\=&0@6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z('=H:71E.R!615)424-! M3"U!3$E'3CH@8F]T=&]M)SX-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L M969T.R!#3TQ/4CH@8FQA8VLG/E-A;&5S(')E='5R;@T*86-C6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@8FQA8VLG/B8C M>$$P.SPO=&0^#0H\=&0@6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0[($-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H=#L@0T],3U(Z(&)L86-K M)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[ M($-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=#3TQ/ M4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO M=&0^#0H\=&0@6QE M/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=4 M15A4+4%,24=..B!L969T.R!#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\ M=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($-/3$]2.B!B;&%C:R<^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H=#L@0T],3U(Z M(&)L86-K)SXF(WA!,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0[($-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CPO='(^#0H\='(@ M6QE/3-$)T-/3$]2.B!B;&%C M:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T M.R!#3TQ/4CH@8FQA8VLG/B0\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(')I9VAT.R!#3TQ/4CH@8FQA8VLG/C$L-38P/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO M=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($-/3$]2.B!B;&%C:R<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H=#L@ M0T],3U(Z(&)L86-K)SXT+#$R.3PO=&0^#0H\=&0@6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^ M#0H\=&0@6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO M=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0[($-/3$]2.B!B;&%C:R<@;F]W6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($-/3$]2.B!B;&%C:R<^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!R:6=H=#L@0T],3U(Z M(&)L86-K)SXT+#$W,CPO=&0^#0H\=&0@6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@8FQA M8VLG/B0\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!# M3TQ/4CH@8FQA8VLG/C(Y-CPO=&0^#0H\=&0@6QE M/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=4 M15A4+4%,24=..B!L969T.R!#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\ M=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($-/ M3$]2.B!B;&%C:R<^)B-X03`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`[/"]T9#X-"CQT9"!S='EL93TS1"=# M3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!#3TQ/4CH@8FQA8VLG/C,X-3PO M=&0^#0H\=&0@6QE/3-$)T-/3$]2.B!B;&%C:R<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!# M3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)T-/3$]2.B!B;&%C M:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T M.R!#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)T-/3$]2.B!B;&%C M:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T M.R!#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z M('=H:71E.R!615)424-!3"U!3$E'3CH@8F]T=&]M)SX-"CQT9"!S='EL93TS M1"=#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0[($-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!R:6=H=#L@0T],3U(Z(&)L86-K)SXF(WA!,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($-/3$]2.B!B M;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=#3TQ/4CH@8FQA8VLG M/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M M04Q)1TXZ(')I9VAT.R!#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@ M6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]T M9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@8FQA M8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($-/ M3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%, M24=..B!R:6=H=#L@0T],3U(Z(&)L86-K)SXF(WA!,#L\+W1D/@T*/'1D('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($-/3$]2.B!B;&%C:R<@;F]W6QE/3-$ M)U1%6%0M04Q)1TXZ(')I9VAT.R!#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^ M#0H\=&0@2!297-E6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0[($-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S M='EL93TS1"=415A4+4%,24=..B!R:6=H=#L@0T],3U(Z(&)L86-K)SXF(WA! M,#L\+W1D/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($-/3$]2 M.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=#3TQ/4CH@8FQA M8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1% M6%0M04Q)1TXZ(')I9VAT.R!#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\ M=&0@6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@ M8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[ M($-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4 M+4%,24=..B!R:6=H=#L@0T],3U(Z(&)L86-K)SXF(WA!,#L\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($-/3$]2.B!B;&%C:R<@;F]W M6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO M=&0^#0H\=&0@6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@8FQA8VLG/B0\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!#3TQ/4CH@8FQA8VLG/C8L M,C0R/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!#3TQ/ M4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0[($-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=4 M15A4+4%,24=..B!R:6=H=#L@0T],3U(Z(&)L86-K)SXS+#@X,#PO=&0^#0H\ M=&0@6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@ M8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(')I9VAT.R!#3TQ/4CH@8FQA8VLG/C(L,SDP/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@8FQA8VLG(&YO=W)A<#TS M1&YO=W)A<#XH8RD\+W1D/@T*/'1D('-T>6QE/3-$)T-/3$]2.B!B;&%C:R<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!# M3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($-/3$]2.B!B;&%C:R<^)B-X03`[ M/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS M1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@8FQA8VLG/B0\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!#3TQ/4CH@8FQA8VLG/C6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0[($-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=4 M15A4+4%,24=..B!R:6=H=#L@0T],3U(Z(&)L86-K)SXQ+#6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@ M8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(')I9VAT.R!#3TQ/4CH@8FQA8VLG/C(L,C8Y/"]T9#X-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@8FQA8VLG(&YO=W)A<#TS M1&YO=W)A<#XH8RD\+W1D/@T*/'1D('-T>6QE/3-$)T-/3$]2.B!B;&%C:R<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!# M3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($-/3$]2.B!B;&%C:R<^)B-X03`[ M/"]T9#X-"CPO='(^#0H\='(@6QE/3-$ M)U!!1$1)3D6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[ M/"]T9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@ M8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0[($-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X- M"CQT9"!S='EL93TS1"=#3TQ/4CH@8FQA8VLG/B8C>$$P.SPO=&0^#0H\=&0@ M6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!#3TQ/ M4CH@8FQA8VLG/C$Y-3PO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!#3TQ/ M4CH@8FQA8VLG/C(L-C6QE/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!#3TQ/4CH@8FQA8VLG/B8C M>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0[($-/3$]2.B!B;&%C:R<^)B-X03`[/"]T9#X-"CPO='(^#0H\ M+W1A8FQE/@T*/'`@6QE/3-$)TU!4D=)3BU43U`Z(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)U=)1%1(.B`P+C,U M:6XG/CQF;VYT('-T>6QE/3-$)T-/3$]2.B!B;&%C:R<^*&$I/"]F;VYT/CPO M=&0^#0H\=&0^/&9O;G0@6QE/3-$)U9%4E1)0T%,+4%,24=..B!T;W`G/@T* M/'1D('-T>6QE/3-$)U=)1%1(.B`P<'@G/CPO=&0^#0H\=&0@6QE/3-$)TU!4D=)3BU43U`Z M(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)U=)1%1(.B`P+C,U:6XG/CQF;VYT('-T>6QE/3-$ M)T-/3$]2.B!B;&%C:R<^*&,I/"]F;VYT/CPO=&0^#0H\=&0^/&9O;G0@6QE/3-$)TU! M4D=)3BU43U`Z(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)U=)1%1(.B`P+C,U:6XG/CQF;VYT M('-T>6QE/3-$)T-/3$]2.B!B;&%C:R<^*&0I/"]F;VYT/CPO=&0^#0H\=&0^ M/&9O;G0@6QE/3-$)TU!4D=)3CH@,'!X.R!&3TY4.B`Q,'!T M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE M/3-$)T-/3$]2.B!B;&%C:R<^)B-X03`[/"]F;VYT/CPO<#X-"CQP('-T>6QE M/3-$)TU!4D=)3CH@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@ M5&EM97,L(%-E6QE/3-$)T-/3$]2.B!B;&%C:R<^ M4V5E(&%C8V]M<&%N>6EN9R!R97!O7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\>&UL M('AM;&YS.F\],T0B=7)N.G-C:&5M87,M;6EC'1087)T7SDW-V-D-S4W7S@P9F9?-#,U9%]B-#@X7S%A,C8Q +9C)A-S9D,"TM#0H` ` end XML 29 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities:      
Net income $ 42,949 $ 35,675 $ 30,158
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 13,073 9,188 10,963
Impairment of goodwill and trademark 837   2,213
Provision for doubtful accounts 2,838 3,127 1,394
Noncash stock compensation 1,060 895 947
Excess tax benefits from stock-based compensation arrangements (110)    
Deferred tax (benefit) (1,009) (4,558) (3,079)
Change in fair value of derivatives (272) (362) (861)
Changes in:      
Accounts receivable (88,915) (5,915) 20,912
Inventories (60,494) (29,110) 40,628
Other assets 993 2,127 (4,841)
Accounts payable and accrued expenses 72,664 20,804 (18,900)
Income taxes, net (7,335) 5,974 5,106
Net cash provided by (used in) operating activities (23,721) 37,845 84,640
Cash flows from investing activities:      
Purchases of short-term investments (10,823) (112,495)  
Proceeds from sale of short-term investments 62,111 63,510  
Purchase of equipment and leasehold improvements (9,946) (6,085) (5,526)
Payment for intangible assets acquired (4,605) (22,209) (775)
Net cash provided by (used in) investing activities 36,737 (77,279) (6,301)
Cash flows from financing activities:      
Proceeds from (repayment of) loans payable - banks 7,230 254 (9,005)
Repayment of long-term debt (11,673) (10,865) (12,408)
Purchase of treasury stock   (106) (660)
Proceeds from exercise of options and warrants including tax benefits 983 3,009 1,648
Excess tax benefits from stock-based compensation arrangements 110    
Proceeds from sale of stock of subsidiary 2,756 5,326 2,658
Payment for acquisition of noncontrolling interests (750) (4,595)  
Dividends paid (9,304) (6,918) (3,974)
Dividends paid to noncontrolling interests (3,149) (2,048) (1,716)
Net cash used in financing activities (13,797) (15,943) (23,457)
Effect of exchange rate changes on cash (911) (7,542) 3,181
Net increase (decrease) in cash and cash equivalents (1,692) (62,919) 58,063
Cash and cash equivalents - beginning of year 37,548 100,467 42,404
Cash and cash equivalents - end of year 35,856 37,548 100,467
Cash paid for:      
Interest 1,972 2,297 2,633
Income taxes $ 32,716 $ 14,944 $ 13,085

XML 30 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Current assets:    
Cash and cash equivalents $ 35,856 $ 37,548
Short-term investments   49,391
Accounts receivable, net 175,223 97,593
Inventories 164,077 109,840
Receivables, other 3,258 3,688
Other current assets 4,258 4,635
Income taxes receivable 1,404  
Deferred tax assets 7,270 7,230
Total current assets 391,346 309,925
Equipment and leasehold improvements, net 14,525 11,207
Trademarks, licenses and other intangible assets, net 105,750 111,402
Goodwill 2,763 3,654
Other assets 1,650 1,917
Total assets 516,034 438,105
Current liabilities:    
Loans payable - banks 11,826 5,250
Current portion of long-term debt 4,480 11,090
Accounts payable - trade 112,726 52,694
Accrued expenses 52,042 47,413
Income taxes payable 2,099 7,905
Dividends payable 2,443 1,979
Total current liabilities 185,616 126,331
Deferred tax liability 6,068 6,789
Long-term debt, less current portion   5,039
Commitments and contingencies      
Inter Parfums, Inc. shareholders' equity:    
Preferred stock, $0.001 par value. Authorized 1,000,000 shares; none issued      
Common stock, $0.001 par value. Authorized 100,000,000 shares; outstanding, 30,541,506 and 30,445,881 shares at December 31, 2011 and 2010, respectively 31 30
Additional paid-in capital 50,883 48,887
Retained earnings 228,164 205,453
Accumulated other comprehensive income 7,747 14,757
Treasury stock, at cost, 10,009,492 common shares at December 31, 2011 and 2010 (34,151) (34,151)
Total Inter Parfums, Inc. shareholders' equity 252,674 234,976
Noncontrolling interest 71,676 64,970
Total equity 324,350 299,946
Total liabilities and equity $ 516,034 $ 438,105
XML 31 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Shares issued upon exercise of stock options and warrants, income tax benefit $ 110 $ 520 $ 692
XML 32 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segments and Geographic Areas
 12 Months Ended
Dec. 31, 2011
Segments and Geographic Areas
(14) Segments and Geographic Areas

 

The Company manufactures and distributes one product line, fragrances and fragrance related products. The Company manages its business in two segments, European based operations and United States based operations. The European assets are located, and operations are primarily conducted, in France. European operations primarily represent the sales of the prestige brand name fragrances and United States operations primarily represent the sale of specialty retail and mass market fragrances.

 

 Information on the Company’s operations by segments is as follows:

 

    Year ended December 31,  
    2011     2010     2009  
Net sales:                        
United States   $ 62,976     $ 55,535     $ 47,810  
Europe     552,415       404,876       361,662  
Eliminations of intercompany sales     (171 )     —       (8 )
    $ 615,220     $ 460,411     $ 409,464  
Net income attributable to Inter Parfums, Inc.:                        
United States   $ 2,108     $ 769     $ (178 )
Europe     30,217       25,803       22,482  
Eliminations     (22 )     21       63  
    $ 32,303     $ 26,593     $ 22,367  
Depreciation and amortization expense:                        
United States   $ 507     $ 582     $ 1,116  
Europe     12,566       8,606       9,847  
    $ 13,073     $ 9,188     $ 10,963  
Interest and dividend income:                        
United States   $ 10     $ 2     $ —  
Europe     1,095       1,650       982  
    $ 1,105     $ 1,652     $ 982  
Interest expense:                        
United States   $ 11     $ 71     $ 177  
Europe     2,186       2,045       2,470  
    $ 2,197     $ 2,116     $ 2,647  
Income tax expense (benefit):                        
United States   $ 1,405     $ 596     $ 148  
Europe     23,053       17,554       15,996  
Eliminations     (14 )     15       46  
    $ 24,444     $ 18,165     $ 16,190  

 

    December 31,  
    2011     2010     2009  
Total assets:                        
United States   $ 59,841     $ 40,896     $ 45,580  
Europe     465,747       398,547       382,628  
Eliminations of investment in subsidiary     (9,554 )     (1,338 )     (9,120 )
    $ 516,034     $ 438,105     $ 419,088  
Additions to long-lived assets:                        
United States   $ 572     $ 305     $ 190  
Europe     13,979       27,990       6,111  
    $ 14,551     $ 28,295     $ 6,301  
Total long-lived assets:                        
United States   $ 5,400     $ 5,335     $ 5,612  
Europe     117,638       120,929       109,305  
    $ 123,038     $ 126,264     $ 114,917  
Deferred tax assets:                        
United States   $ 1,505     $ 1,580     $ 1,399  
Europe     5,748       5,650       2,689  
Eliminations     17       —       —  
    $ 7,270     $ 7,230     $ 4,088  

 

  

United States export sales were approximately $24.9 million, $25.7 million and $14.0 million in 2011, 2010 and 2009, respectively. Consolidated net sales to customers by region are as follows:

 

    Year ended December 31,  
    2011     2010     2009  
North America   $ 150,000     $ 91,200     $ 96,800  
Europe     246,000       211,800       184,900  
Central and South America     61,000       41,900       29,300  
Middle East     57,000       45,500       42,300  
Asia     95,000       66,500       53,600  
Other     6,200       3,500       2,600  
                         
    $ 615,200     $ 460,400     $ 409,500  

 

Consolidated net sales to customers in major countries are as follows:

 

    Year Ended December 31,  
    2011     2010     2009  
United States   $ 138,000     $ 86,000     $ 88,000  
United Kingdom   $ 45,000     $ 35,000     $ 31,000  
France   $ 48,000     $ 37,000     $ 37,000
XML 33 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2011
Accumulated Other Comprehensive Income
(16) Accumulated Other Comprehensive Income

 

The components of accumulated other comprehensive income consists of the following:

 

    Year ended December 31,  
    2011     2010     2009  
                   
Net derivative instruments, beginning of year   $ 213     $ 130     $ 4,412  
Reclassification adjustment for gains included in net income     —       —       (4,423 )
Gain on derivative instruments     11       83       141  
Net derivative instruments, end of year     224       213       130  
                         
                         
Cumulative translation adjustments, beginning of year     14,544       27,892       21,103  
Translation adjustments     (7,021 )     (13,348 )     6,789  
Cumulative translation adjustments, end of year     7,523       14,544       27,892  
                         
Accumulated other comprehensive income   $ 7,747     $ 14,757     $ 28,022
XML 34 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } ZIP 35 0001144204-12-014284-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001144204-12-014284-xbrl.zip M4$L#!!0````(`(V$;$`O4+';FK@``(R;"@`1`!P`:7!A7D]*7EY/=7@+``$$)0X```0Y`0``[%WK5?T_L+D[ M6S-5<8)XDYZ>K70>?5,ST\E-,J_[I8N`;',;@Q=P$N]?OT>`'P@P"%L8=]^9 M#QW;0OH=Z>B\='3X\9^O$T]XQF'D!O[[(W0B'@G8MP/']4?OCV;1P(ILUST2 MHMCR'7DZP M,[+"09!T>&('DU-A,%@,]GN*\TP0M!,DGQAK/]T',]\Y$^2UKRY";,707'`` MR)D@B4@:B/(`B8_(.)/0F6S\[WKK8#H/W=$X%KZW?X#&HCJ`)U".P&,@QSX1 MSCU/N"=-(^$>1SA\QLY)UM/K4^@),*5^]/YHC2CR]4D0CDZA7_G4S>;D*&UY M1G[U-K2'H;^025NV)U_DVK_(26MDFN9I\NNBJ1L%BH3T36#2%LN^([>L9VB* M3O_\]9<'>XPGUH"FP(;9C\/Y\LEDB`C;)Z/@^33[\91,YT!$`QDM'G.P6_X( M_%#2W/6?<127/Y'^5O;0U`IS%+E^C$/X_/)N6S MYL3A:3R?XE-H-(!6.'3MY7/U#^4?@!TVLJSI\J&A%3TE#V0_E!`$OY">HM)G MDE]*'B)`'&JRLW753M,?YDZA'^2+ZS0CL,/-R,QY,GQB$>OC\BBS=8+,[):^2TV`+-=]=I2A8PW]F5 M'[OQ_"*83`+_(0[L+P]C*\31[2Q.)"%(1\$.@)%>XWN"$P?>Y[LK4S6U`?P' M<,7!S[!CQ,\/CY>?Q<]$](BR:'X&Z3KSW?29*.GQ2'"P[4XL#];SYM/UT4^R MJ*J*CM"/I\UPT)CO9D^>:U][@14S0D2B)HLYB)EL^/S;P^4Z3A%0ZJHA*:(A MK\-<&SI%E3'QV845C<]]A_QS]:^9^VQYH`BB\_C""L,YT/"[Y`[:P)N11;@+0J)ISF/0?D^S MV'KR\&/P*?`)2<#XP&*C&R)V0$3Q)%-2554T;%A7)HO&MS(II2(WW$.J`5[93)T4"%=5`390+[`53 M-M>(*]+A[=TIJ8;]4MGFIHFZX>VOPVIJ6Y MA::)&K4ION)9:6ZA@34O]5[-%PAL;*'I(/*E?NOY.N(.VT(K4-?,0@/YI6I@ MI1W8TK&8:+*H?"/*B\5$4Y&D<9^5VWB,P_,HPG%$FL_"$,PAQ@B?R&22F2BO M>TH1Y$%>XB&&KYU'ZS5KB.,+_E!UB9(J&W#D`9_;]FPR\ZP8.PEY%\%D&N(Q M]B/W&<.B!1/\2Q"1QV^'T!G7^59T-3_AC.#RE#V&V(IFX3SAQ1;V.QMX64%J MWGXKCI_']XMK/;F>&[LXZH!#8(?*8]CR_6QXMLL5LB2J("ISH.L!%;9@.,-.M_R@%-RP M2A@%M.0X,[K'-@:?%,1W-R+.U%6S`+@2"84Y$8%V(W_#&"# M<`[3S%7$BZ:AY(&M#YT']:OK!V%BE[6Q%MF`:8JIYW'1HQ=7THTG2;3+=RX` M&(A1[-L@DG8+\S5RSWS7>W\4`X,MC[]+5G7;P^\BCDKOEWB2!BKEK1IOZB[, MC+ZUQN>S>`PS_6_L\$),;(KA@\QL8:2AGYH)(NK*D;6UP913$,@W*+RD%4>J)K)ETW M=KRF&V:5.UH*AH+N/KL.]IWHSIH3^Z0+]\C4*<3E&"I=.-@0Q:!'QQ9G'9QZ M=7$31;,=JHK-^C4/@(,@VSS\+X'E+U;W,?A@^5\ZX#-5H@XS*U'4A02Y.K4R M6&QU$3TZY!R$,7'5;Y(\U,1XX\K^IFQ2YV4E"#8Q7*\443-H-#D!=!_/[SS+ MCV'#DV69$K)Y^QE($G7*Y*M&4AU3ZD*LHR0;L"*B5.=&=FQ"5WB4FRWH7)0Q M;2RK.SM#E30S;_:78]C_@1"CQC!- M4^%_!@3?6O[(A?;+4XVKUZS3+IPVZ$`1)2K$4@^I/ZO9)C>E),3]M9QZ%J>% M(3>E$-7ZBF>E<6Y*\1"OAPD.10*;YJ;0T;D>)CC4$G?0N2E%ZAKGIE#&RT$L M'4MN2N$$^JN51RRY*87H65]S4Q"3(:)1<81.-E0-Y7V'NB2$G>=\,`&6)`-I>2]N7SD?3+A5250DFHL[SOE@ MXPQ=E:1.DS[8YA.X5J:\>9Y)'VR[7E+WF_3!MJ5$TRSC3,Y)'VPSBJI"=+M- M^F`T!!11UZF(!*>D#S:-B33J"*&KI(\:F)TE?11Q5%<\`!4M:AO"O]TD?31& MO+>D#[8-:R*9"DKN/NF#3V%N>>DCZJ507OI(^MU/NNDC[8 M;#1D4/>CNLKZ8-L.JJ3I2DVLK(.,BMU(^3UG5+`QB*)2R:E=9E0P05629-#] M)%2PFJ=[2JA@@LF84+'F#Z]<>;ZL2=4-*T6PXZP/-HXL#73PSOI@5`"23FF` MWJ9],`:9%+F#ZBPV#V+IOJ:LCSKBOM&L#WI:&+(^ MBN$S'K/R,0RB"#RU(SKS99'ULO_E`RD@T7&`;=`6 MO''BL.-+G/Y[XQ?3$S@OHT3:TPYZ+2AZ!2.8`>*U1`\@(?DB)CD=)G6VE!^_ M>)">WN9*5VNQ$N>^LPC7\P4,-G#A>+T&4&7,AAS=<)Y>6334JH`-&;XD5%.R M)T!:8W?DIV$)>_X86GYDV8F:])WDDY>\6N3<^;]9.AF+772'0S=P:";DO,MU MK:125P=D-9+MMU/R)I@.9;NA:%0=D.;(&LMVSA:/8E!'$1N@E&TWHIVOPV"2 M)I+,@,:,V,"//N`A\,':OJ`S4X`9\KVD%N.O.!X3'FAQP;7-'"B:3%5>Z)`T M[F*"A]O02F":>DGX>%^TEGC-'\C;H@@>`).^SHFONJ,#.:48\C@76:^+4[5+ MUYO%+,<[38!6G/Q)Y.1/5U:`*\`T8^CUG.U]:#(PRIMQ8SW0.@\^Z9GSWE*U MNH+V"8JF5G5V6`+[K9BXS-G.1DE%DV9V]B:8FQ,R%WT2P9S,%QU?; M:M+F5,U*7(5SFJ3YU2L1%-Q!*W3>:V[T\LRHI6K,6GW`/N8>OQG((EU>9C.< M9L+J-Q\6Q2-'V!\MUR<2X=:_!%GP#"(:%/EYZ$8@""]G(0ER)3*B&^,-Z7(C M&=8>?WG(ZW:X3.!JG^G@W,;C-(05V;?<68452I7 M(_7`-OMCX+ZY=C^\L00*;9J!86"[5N9*GT^(N_SO#EQ=))K4=8P-4"AWRO)( M_MLS]F>8*3FT52!(-!4Z$R<_?@T_T\E*O(_,U,U<3,.AK-V\YN2O$DE*:_XH MK`1"X[@HWX/Q5C$%&>GT@?GICI.MK#RTR`E=S=$EJB3,09DA;QP&V,G MB9BO&M7SY# MG"46,O**B`5:>2B._XDS>;%,:1RN^6GS/3'+H\@=NC9UA)(+"*6ZB?AVRQA` M-P$MU:3>M\>/D#K'>W&YGW_$6Q$UJ7#\6(VFY+@AO5BX'K]+[E[MXU3+$$M> M:`F"/,2:Z"KG^=;R@JP&3+6YM1Z0Y!\0'8">+US$J\12 M5]0I9J>:X^MG@*_)GV*^ZE7EDG'"FN-F"UM_@/0FTC)BK#UAMX\ M+SV[$3R77"1Q9DG<#M16,'N*AS-OD7O#.PU(SLKWLV#B!G>(<,ZE3R]UJH-IXU19&: MI5WO6JB6%"U;Q)FWI[]9B98!$LG)Z<9":@M,C>[%L!9^VQ:^3"X\UMZ36:\( MMRE.D[;C%5!BH$XD-SEEK2ZNU`QOAUS7M+K,;IENY[AW?C6+\VYI..WLFZ6+ M,[HVJ]#^Q&YOX>0V9"I9_N$N8\M[%GVUK"H2L9X5#=RU[.LN:,%0S!16,I+(5*JEVV<-'VOWT9B)9TA':Y?Y=7C]K7SV)\.ZVNB-3"=5@_B_$5 MLV+Y'9#>U,]B(\<4J?(Y6];/HJ7*PO]-\W,IZ\H'4`F-<-5TJU`3O=RTPQG>+FZA0^:G;2F",DL[0%)%^I]:&2F"Y M8WO+(SD7XR",R17E+6KRL&'69-H":(:*>TTSQJG7U/T6-6.$JYA*917ZPREJ MQBB6D:X;2@^"R?S*FK%-B`S3H3914UV6-6-D9%FF,;4(,RF3OL*[99J";;M*OASE[5M>,69EI4K,:G:R5S5;7 MRQ="(9F>+"#_MY)LC$$=T2B^FJB_%=E8E60O*K(Q MK@A"='6>[BJRL:I'52U_6^6!5&1CW/5J,]G;XXILK,*!*IV[MXILK-%?0\MK ME`XJLC%.K:92Z===5&1CW-Z22M68;UB2C6.E,]9@GMY`N7&O=,88[#<5JLQE M=28KCP)B[0UMJ?SEZWLO(,88G:1K_^^U@-@6;H]1[?;P+2#&R._(H(V(;NJ' M,7HIFJ@@RNKOM'X8HX*1)-'04QUI,:VISB6D&LL-S= MG_,@)"F5KOT&5)V50F.UAQ!UFZ8_M="V=(Q[40N-U4_65?I%Z_NKA<8J"I!6 M\7ZA?=5"8]P*FF2BO'KI:3&T$KHJ2GR`\M'$M9=<]K08&FM:BJKD9=9^JJ&Q M&B]F^5L)BL?4.RWNQ8C21*AP!M>?VEYLQ.AF22;[?FM[,;IM)JH-5G&M[<5X M#J_EM^7>:GLQ\KRJ5!H.FRM[];4J%N,V:99+I`' M4A:+D65%<:W@4[NR6)SJ,C%*"GDA*?94EVD!MTT=(-VD4C+V6I=I&TH6]]UV M9HEO+;I;U64J''!65;#@?!FE5>D@E7JC5ZNK*7W/H&XS,YUD1.ZSXM0VDZ.( MAKZ1;0ZFXM0VL]#01>I%Q:FMA`1]G-,SC=.<$K4O%9.V(:)P1_+0*B:5$-^X M;,T`R?1KSK_5FDG;3*/1[2M7=UH(I$AWXZH_DKJ>N=/+LCDMJ",1*EU35'7W MI2-VG'3>JO1,JQ1TSAS7M.+/3AF.:X"C5:&6S/$YV$(M+1:VRT(MO!Q$EF(> M=99^(P>Q.R>&@31XTMR%$[,'DY>E!`UUP'PP)6BV(5H14<,7-#3;H`YVSRX# M>T:,Q&LWLBTO[>(:OF/?CBB+5?YT_=>/IQN[7HU^Y?+M9IS0]"0TB=!1AS2HXL`6ALQ=NL\%\X6A^\ MO/L5B'/@`B?A!,]B/\U[IT?_`GO>S M'[SX#Z!%`Q\[B0QF=QXJI%9%]RL4V6Y;\<'6BS!87X&J[G=7M6PQ;K/3.4/3 MJ8AD9=6RHB/R*8CQ)5#B!=$LQ(^`\H/7)CMW.57_\.)WCOO\CU'\[NT;\B%. M;T'!HDTMAR@!8DLGGZ.I92\^O[A./'Y_!![?=T="%,\]_/YH"!C.!"1.8^'1 MG8#[]@F_"/?!Q/*/TR^.A0?8!<-WPL0*1ZX_B(/IF2`N/SX%<1Q,X)NC-33A MHO=G#*(85G!@>>[(/Q/@X?5VSJ)=@FS1"?GI-'8VM3M177_9EI"P:&`'7A"> M"1\\R_ZR;/!$_O@>23\D/3\MQR`/5@S(UG>ZS$U[/XW#]0]DZ5:?IVT7!F8E M_7\Y-VF'S2@@?[C)']9D^NZ_7L_%%+>[I*""L&E_H"<6]B`QL=^^6>3MG>V) MC'<"V=H+OB=!4'VH#T1<$%B^[]] M,PV#46A-A&$0"E]`58(CZP5S3'#A5VS/TDQ)RW<$QPVQ'0=A="*0KJ58 ML#SO[9M@*+R,77LLC*UG+#QA[`O6%'I^!LOH:2Y$J^(.PC,(W&-AFB9:):/& M8_SVS8A8IB25#;H"N346_,#_5Y)8YT(?9'@7'%"?H,F@`XS,?\F>AG8SGPP1 M+]`)\7Q*1)PW3X$![>[K8`XJ"^8UG"3=DCLI0`!(0_AY&,S@IT`8PC!INVEB M9J04#RT7\!/OB:!,0R3)\YB@>_N&J(&D3^+$"=9H%.)18AS^73S1A(GK><0' M)@W@"W7QQ?';-]#/%),,,^S-3P1Z8=GFWDH67;*X8YBP8W($'8P M\DE$6R`8!.(*D%2^@>?ZL&)6Y$9",@ED\D(,0C-RP6*(:\_)?+O$@A%\ MH"J;U=D44.+,&4UFFS`MK%.V]'W?>XEQDJ2LPA+'8_?OG%] M^&.2*JFJ:M)HDR`BN&SF9M:8JB:;SSH>%9 M6`R?7(JN@O$4A*`8EBB280@6(0(1Y.09B6@9'#9#F>8_K[`&P]7?:2"\SQ/W M;:[9(H5]A39+9E]]\9&8$XD1&PJG*6[BX*X:7(,EL/J4!%1[.]LYEZ9.GKP# M4\#^,@H#L*0&V9#AZ.E[252.)54]AG]_V.0EZLIW^94A8JWA7BHHDY6U(`,N M#%+23RW$MV^(;58[XWEHZ+N=;#:H8XK&AR`=`9'\7 M[N]=KM>)+/5NL;86+G^,PD>K9C\FOAL;@:;AG=#:^"D:"XN/(?%!A]AML..[-'A;&+7+ M9=[2G=T>R8JG&T#Y'BG2L2$U%BDEL]]6:_W0PQ7OJ^B1&HN>'2Y0#\V*HA"2 M3M3V8BCGLY`75`1#@<59V0+,CF1`,J+@!+,G#^]=(%6#89))BJH=FU)C7Z=T M$;KS>_[#WK7_]VCRY(7$>`D`2SER2`--/3W=/3T]>#\D!=Y9.^]0%R$&H= MP%%\(@Z(R#7\@*YA$I<7(32JD>5CJ`<+11VA(P(S,\@#J[=&XD\!UG-%%^-; MI:.D+C;+(:DO[JW<&20_X""1=S'RT#%7G3R09M,0AP;)V&:F;`=Z.UAX+'JO MO7$X`7Q<.\,.FUKN&'+JS6.^O>Z"MT_/`!=Y"J5Y(+)>0(E][V%2-D7/:]10 M@<9%/M$KV6XQ5UD,@*PFBYX;MDF>LL:P[%*?63B!::S_`APY7R4QH](AKS%% M;3-R%\^\:HE/%=4$'W4&Y/9+.J3H6R!:1-%YND8>>1=F3=13T`;N?[^XSRQB2#WX&>)H.-[8OZ+Q8&?N2\.PN"'#[XULDSO5;CS M:N#.V[<"L,(AP<(-7IB3!,&R1ZNOZ?O5`V<^H=5.H27`+?J!X$*P]G++"SO& M-L[@9QMS]C'9H+-O8*=NB_.E5ZR%M>X;YX5N68(UD36->G`F'@C-XC5!5!ZB M;K[S"*(VC:CR9D-;K8BZOU-AF0V@2*3&H=AP92Q)6?I-/5@SCIXMESL/A-OC MI?^685`!4'8VT"D)ALI]F43BYK^=>M9PGW%/@GV$^!#T%^)#L$]MV$>( MC].FOQ`?99/FH.'9JKHD(C3^QG)&%(W<9W)'06M\@J+$DJWPYW_&U::B;+S8 M#7(F(KB73KE#1'!?[DD&?Z"5B."N.();43N]OJ!6T[;90)6EOMIMP"+K2[B# M;C.ECID23:)6)=M,D12M+VD]L=$:M-'X8RI/-R5IODK%)HR5Q%HB$:G(:DZ4 M"-V.8=1E+2=*`M`V5;$/*B9"OV/H=5G+B9)`EJ5N5^R#B@_ESJ`F)*@F1;6@ MAI=8JH6.MW2B]X.N9/!;4DI*`CU-W"NJ4.VJ9G]5-22]*_B_&GVB([3JJOE? MUR2C;"H(_E_%_VI-KC259O=SEWJX39K.8.<3VQ;E1/8&2;%R(H5\W**82*4R M1N]HO0I(M7N)!;%'=]JCAC3@-]6(/5JQ24<5>_0$]VA/E[K\NK?8I!4?I)7H M//4VQJXHU760^%6?G,7EO(J%KHIZ7F74\^JKFJ3R1PJ)>E[UD6S:#I+MF.EV M.GNW6-3Z*?%`W?=ND?CU4Z+;R>S=@J'PI\0#==^[18+B147-@NNH5S&\\X`L M*1^8:='5;O5ZBM0;=)-V:R\4F[D]FY:-:&<5"<=A$,*7+&9YOJ\>:X?7;J4= M[HCE!)[E^-9PUAXOK3@8!GY@.LA/V!?NK=K19L4Q?=8Z<`%85MPP=#(]ZX8+ M3>V22HJ!VVYE.QKF9X2G6=E.DJ_:"<--X*>X4&.V4Y_2T6>E/*.>AB_PD3Q@ M5[Q9"[VD4YX#5&JWL%U@5+XQ:A1H3N"N&R`6]K.(\9+RC&16G5&*:CBV6R]F MI@#U^<5'N=-+-63\94U@0OLU5Q;U0]I),2)TN\5J1$8M%+&^==07,:I/ M:8X1G8PMFE1;M.:0(M>\Q!G1L!%9$G2FWZ3/[`YS#4U8\2:)45# M@4-PH[_%QA,2>=N%OZ("M5AN&8O*1O)@OA0M<`_R^@AW.L(1RP2?U1:%']@R MSGX,GUP;(8WR?3$]&Q^8N"-J8PG2H6D/0V3WJ"/D;'&=&9G8YO']<)*PH\]J MI2Z9)1Z^W8K&7U)#=9D,G"NAZK%6AP`+MCI,YIDK["I*GQ9)% M>OWSO2M)U>?OS;+S^MX)4NU$*HU;P`A25;VK:D.JVI506"W@8VN#;8TWUH(K MB?(U-_SKG6X4L;*YU.*!%B3H4(\%"3K484%USFM>$+N>Y?_[;.Q1YO&A'KH& M/#,0DG?I1'*GY.[.&Q6NT\2[VN$V2PF\[Q7O)>>7-UYK'5G/U@BCB%\M:HL: M$T`Z55BDYC9F3'B"91D%G0S(@]1 M(V/7(4^6'[@>ADO-'G7'+/S@PIU,3>-1!A_]7+Q2AURG'83QA=04`@KY M)!DE-HLL3D^P,VPZ_<@,3!QOOA5Q!I`H!@._\*W)U+;&%JYA0H,G=T1,G^3& M(AA'Y;&@)0H/NZ\4X8MJ(I$'^F0^6ZY'7C#NBS59GMHTH%',U.QJX;&(,C^% METW^9^<'/(=-FD/O-3H_VZUAZ#WC5830\1AP0,R`/0L+I@DBHEB5/%9PG2P& M)7\>`_!C&X;QV;.S,!3X&`^`S36`3KJ'1WMQ8R3:;#/Y"R/-PL\RH59LSFQHHM'I=MNM-.2, M/9G]7>^HO3(CTL36*0'2"]-_`C2[0TI',!_P/`A]AXY1E@&!4>CGXX1G\:\D M'_Z:%M*+0Y-]#-+#N#S_MR8B9BVD(C*O^@`0$9EW<%OV*;"5B,P3!%I!(!&9 M5V\"B2'XI;;10P?MP2*I_*)$=,RIF%J]'O>Y M+&A5,:T&76YWYNGV-KI'LU9RQ]^$KI*XJF16VI)]9@9\O3:NJI,B0)>_QHS` M^Q[Q;@RXZTS47%B6&%EWG1A"VZVT8L(*"ZA@KJP")39U)7A7)&50O/HQ+2<)DG&8R5-?%K5%!W[EZU73:>K4M^HWZ8[4*!0,;F//2AD&"XO^>%;?6-47$D, M4//<<*6K2P9_8]63\KON-D\Q\8R5\VM4,NJH*%&D5((L=?O<#:AJ+F`+!Q<5 ME+5J1]$79:W:,73!7$ME[4"7M+Z0M57+VH$N9&T=MH-B2(96DY"O>FJS6D=9 MHLUJ'7TCUDZ4I0Q=ZO$W[17[NA0)*W<&?2%A:[$=%$D;E%PB]&C46=:K[*S= M8O\T-F88G"A+J8JDRT*'K5;"=CL#14C8.FP'D$0UV0QUU&"5'ERV!.K16"51:"M6+!BOY6(5AKL!G4 M^ES6#JJ?[E!"[*TRZ,C<@6*'J%06#[$^_'!%N,=^8RFW@&3&K!R@*+(A:?S1 M"$OC(`^U(P](^;J+^VY'E@N*^U,AW0EL6E61U%Z=]VQ5NOSB(:1VNKRL=N\& MIKWU=BHPT9XXB[`O2\US)&J(I$IEU,4JRK]NM68OG M;%XJOCI7&@U)@;V$R%M%[>C=65N?U9G<9#Z!;\6P[9;E`WNIO2@M(^J*8CX^ M8GNC@#4_S;6Q6#6(&2PN%QNUO%4Z*IE8M@VOB$8D>ZVK=/%DT3&Y^D6'(3:+ M(;?C,7"/-V..[Q[UL8E30*@Y?,HT&NEUT3:9K8A"\A7YHB9-[=;&#EW83`=D MU%.^!\X<$\TJ7\>)US@^,$8W88SEHT3]4*:FA0UW6".>":`,VQ&Q6E)NKH^4 M-=?8"_Z1X6)LG#/H2CU=9P\HZD`:]/6HX8Z_T'%G=7>R=BN[>`F60Y\M-_3M M5\):%L5]L292M%M&V*:+-10"^O^;!M&WK"U:TM.'X2)!3X>'T>8 MAIX?8LN?:,$^OA[5R$K>\B-$Q<^SPN-!TCTL)FMN15%7M:3R5MP!;04O1?B. M&BS-XS=7OGTU^E7JRMH*U(Y=#QN*39`GD28P10#BBKQ8P=.3:X^B(F&_ M8$GP7F@'^)DMZ,E*>AO-F,D_A#SA%AWPP$/R#VN),+%2&-/':@MZVGR.M0JK M"/P3D>1+506Y+^7ZZ[5;LP9[\PWT9DWY\&N/@L`8/F'K/7@PG(+8:+<4289Q M^T:R+0LT8+Q,6IS)`REJAI9,/)L)!"H`K,"),AL>^V#E#@J0A$QDQ'I*JNF\ M[79`$F/[L^1Q'$-L[9)`OXS[.OIB5Y>MG_TG-+V`>J`;I,TTD=]!@4_TGG;K M_5NY(_=GW?\^D!$=VF9\XB[6O&1J-5X$F%IDP0C_8SHPSVON$;5#/H<>;%9O MXF)'P//#5?T(K>+UQ`WII^4/;A2.1WL,R/MGPS!_M M%B%_35X#C$VL`/4:?\FS#'/PX8Z.?W]#7?OG]ZM!=V"76J?CM'`Y%4_KT\=GTHY?UKU7E`_K9-HV_OAD[`R=>:^^/%D@FE'"^^'#O["--6JGSZ:'=V@`@DY!D`,X4\]]MGRT1$C1 M%R`_A]1GW[`[)O5!U,2]BN&X#'%P^FMJ,5W5Q'MV-&1TPPZ>/#=\1.N"*G?( M5?HNB5\%K11`;$#9VX8RR:_7J)UB#!1[ECI,831H:W@\X@:TZ)S(USO3PF3N;#+E`Y6VN0W,_):MZO:UK MKJ#&Q.NBJ'^5G*(MM-0=6FCIDJ$6K^I5^XB#?3?1PMSA_6ADC?`4%\O#Z&U, M46E(A&2)W80P-%\PT/(0VT&OCOU3:B)V1*6"%5S35;F;/]:<:\H5.QNQ=+(, MU#V6S/[58F?K2%VX07O4'`<<70]VG4H$!2\!Q9",WM915XV/"=XSWYRFA*O; M@@XHYDJ-_3R60%-N,T.9\:4JJ/\:=\?UHPPO7>S2E^]?E0>S3$]&K=PDUA#- MS^W6^:-'Z$8PWZ]:'3?M&D2 MD#/UW%$XQ)>YG"5=C!1&8\0O"22&<%,))L78N!0C3WVP)$VX* MX:98R4(]6>H:PF+(PT+"4;&"A31)U8[%UR5<%8>K(@NG%W]%E)KSC7!65")Z M^I+6/7[1(]P5#757Z*HN#31N?YIP6`@I5_\%"8>%<%@L'L62:O2EGB)\%NM\ M%KNLHU*3)_[[S+?^2Z/9/I(%T#_'X?,S\^^<.1=^I##%A`7*/[`\4]9DK'U&&+FZ\AMMS"1P*-CF]F[GUA> M1!"!XH8>&5E^X%D/(=I6.EDE" MT.59:0\VRENM.ZOI(*59".W6FC2$R*5!I_`=9=D._8[V3H(_^^_83_U.[QWS MF#@TR!,[JE="L$#!:!E)DTEQ>GE0-`]P?4)?/OGOA@;7#K`N_>KZ_GD0D1=% MQ;U[XSJL#HO+L'Z-6QMX>NM\0!(Z5O26Y;NZJO1^_OGC\@WFC,(VL?W?WYQI M;_Y09$,W9%F>+:8P@/GU?;,/(DX M(5M(/(6]\P3;%;931&08ZG9\;_ZJGA-[@X&>6^6.T.:7#N\SBB>4OW;.AT/, MF?+O0!I8SY'SK,SU]?L#I9M;(`],\P3T`0%?7#A0?KCVJ%R`5;6OS\F&N?GS MP`$[#BD=^;BI?H#PO1W_>'*]X!Y.UX@SHZ.Z5)@-%0?)@LP'U3RS)#]$;)>P MU+DS2DHBE"R5%7F>539"M,#O\-@]EL?YCHGQY4HHM:<8\ZR=G3X/VRVZXY?L M[L^N1T%;O`@]4)Z&K_>>Z?@F"R:`9;)/42KF^0C5241&(@^^,R5K?C^5N^BS M@='/GS*'6M>&`U>4%*BZI$"OM)("P!@D8BJ2/0,Q5(;1O]WZ;GKC<`+(A,=-7>_%V]RHB9/$,,U`(A,BGOHJWA MMX7@O$W6K:4,O&FQR]DY^U8$_UE4#1+GLD>K.P\LA$+.C0\#`[(F\` MG*3PX'AK(R%X@^?W`HU80PW6<)@XEB08&4-)5Z\T==^@2FPQE1@+2R_1B4E. M)=ZL\\_/RT_9%0.L`/PMQTCRVJ%F/C1-E;0XVFD?H.VRVB:@2S6D[D"@BQM= MP%U&[Q#H*M'[OQZPI0I+_)CE8%WTW\B9W%'0L9D\F=SJE/16EUAJR/M1;*OY M@)ZM96+(G+K^1Y]DJF)C`1=O/E(TF4'?5Z799P@GC_7U?[Y>"^`\"WTOQK7684%)[<;9>(6BM@XEG8\9]RHV-"DB+P3N]X=[ M4)_51;Y?ZT19##+B\//E'8,_Z"/Z$N_HU/4P*D0X!BMW#.H%'(/+PJVS?C#^ M>6-&B'+AOU#WT3.G3]:0G.,-A1<@T>^MC)H/\P\S<_+8G%CVZV\9^@U^ MI)ZD$:/86<6A214'@L6B)5!93"`^EL=FO)!^)!YE):;;K:3J0Q2OFO1\R6(4 MBT:8CW%Q[X?0AX%]'V^YP8M+_)C5I';K*O3<*36=)!IW&L?)1E/_Z5@8P/DC M8'4DYA]ALV>&,'V?QE&^(+80TB@4-3NHQ_K$`+$`=RPT%]>!#P)HG]DJ.R0= M,/-B^M(LLC0*#XX"2./6%?A+8('B^.#AQ(XYH?/8S"T)&V]MFB(MMX$1KA8+ MP_5H8%IV1,H)K#KI!3:;2O3%*P'2:V?L>I.X5XFSIJ-;AJ@/KRFW8]&24RTH M4I/P"+X3L7!B30''YCYG7Q95L4^_YT98UP5:;)MJN-Q5NC>T;>]6/5+>4:MA MG32ZHZ9\(@B41(X(`M650/)N2=UUDK0'+F=Q0X-8D_K\5Y[F%#+E4J.7B_6-BX@LY4)E6+[]54GG MKXPK]+8RB*`#X_?YSTQ!A#*(H!F*9!C6H6^LJV)Y<2. M):R_C^:D8>2!BLT9O#@6)18W0%*H\-A[I;>;,7L[EO\@J%T%M6?.7IT;F`JJ M:@KRE[39^_7;ZH>])(C*F$VKC&DH0%9U:W_>0>IB"M*70GK=D.$:6N^2J(+T MY9!>'DBZP5V:OOIJN'5HEE$P45SXCQNRH(:"+>A0#["/C`[5!.>LLGUM7%8A MYW&M",*M"&S)6*JDR-P7TI/:VV5COF=PA]\)O.\1[^^57LD,7[:Q97/O$>&& MW9_S2994I5>7Q9PF#=0:==D[61JHDMX_%A_L5N;J-<[7S1(VXWKEQ:%PN^S5 M[:)R,Z]PL3:=V&H5[G3A6*V6Z`:WAM#$'I6BX>#Q.5@R]53KZE\1E"^%\IG2 ML(+RIT7Y697;NE*^SIFWEUC:9FA%1518G\@)UAW[;_1%W"52.%4;LJ"&@BWH M4`^PCXP.E:06"$_JGKBI*PLO025XKXM5^L3PKDB*4I/$N`;Z`[@\KL).6(:= M4%&EKL'-N<)`?#2$[TN&+.A^>G0?2'U]:XN+\`T(.V$5=D)%D^2>L!"?(.4' MDM+?.D=4$+ZYA%=D:;"]$_OD70-)RY)V"_T"(^O9&E'X1Y2,)5P"#5E00\$6 M=*@'V$=&!^$2:+2)E+MBPDGMYM)SV@36*\#Z-F6-:BX\A5O@A*R$BB0/N*MM M"NOP$='=Z.[6J430O8ET'_#'#0B?@#`0E@1#05&ER%L?4<(RW&3"&]VMI94@ M?',)O\,A)?P!J3]`I`4T:T$-!5O0H1Y@'QD=A`^@R691_M*Y)[6;2Z^N)M!> M";?W:I($(VS_PA98("E;4OHB,OP4Z2[KPN=SBG37>W7V^0CKO[`%+CND!O4N M'"((7Q;A^3-M!>&/B?#&]HEKPO[/`O])8/Y*/0#D_0-UZ-@*/@A?0$,6U%"P M!1WJ`?:1T4'X`AIM'95T_OB=D]K0I1<)&M2D5,V)X5W1:])D37ZQPV44T0D/"H-L:_HDNZ7N_^]H+RY214]27%$*ETITAY0U(& M6\?^'-ZI^I?`A`7//D^3X?%U.$5E0,J]-:$^N:$OY,Z=F(X4?2&1']2SQA_) MQ/0>+8!4WH=^,3O%BCX`DN;^J[CZ0H MZ/'%3^YT+2=[!&\XT7.G=4G;!1\Y>Z'(@3BM/9K=5LM4,.%=P+'S^QMEAN$E MH&3Y=$@Q'PZTG+6J("^+7-(AG3Q0CVB*M),&N`!UA2K@*3",6@V_J#)_(DP5 M?"(()/-7*Q,$JH1`\J#.!*IS*-B]&YAVNV7Z/@U\$?K5D`4U%&Q!AWJ`?61T M*-'I%M_-#.7=XM5VE?>-X\0J%`@V!XORKBPJI1-L>XWG-F,D,\GO5MDK-L[5 MQ=XEW(KSSDO;`9N"7/"`+DM]?B>](%?5Y.I*W3[WK>=@Y!*Q:@U5&72C*_7X M,W:$WE8&$;1!7^H*(E1,A+XJ&>JQQ/YNDS3!$<#&H4)G0]B(.R:6\TS]8$+A M%BJ1I6_=F$_1N'+T'DJ)6 M42AD`[U%8)L(2*I.$-2=DQCJ?FA)?P"1VTA5'2IV]V:@85MN+F45_N2NGU[D#2YWEN^ M=CZ!.%U,.`.::?P4=*C+@AH*]I'103@#CL0XVI5TN2;FT9/#O*8)AT`UF#>4 MFKC`A$M`&`@W&5B4GF14$B$N3,,54UZ5I8$JO$$G2'EY(!4(%Q!N`6$BK)F) M4,$F&]N?6L(ZW&32&Y)JB$R14R2]HDL#Y@R* M*BOZ+A00Y!?DK_-QQA\D)!RL37&U]"2U5^^>@X+P91%>$X0_0<+KS:K$ML\N MH]%_L5=G?@G_"OW`&K_N0_68UA72QL"<\Z80^FOJ>O"P:<.'%^K1=LN<3CWW MES6!W^U7\E;5.P,RL6P;+KT2?.QV>LE'8CHC\E;1.W+Z#=8FQXZ/$L&V@NP! M;%\G$8_Z4SH,K&<8M$,NX`*-6J&)H#@T`2!PVZTA+,>=4,\G#Z_PUB.;QZ/$ M],G8M6WW99G7?9\H5GL=;6$7EL/"HH]N]4T=J^JC^W_4]`AU1K`!1$O=AO*. M:*DK"+2"0**E;KT))%KJKN_^R+>>&U`>G\@YJ&L`%B]"12NZG$>C*TLR?W*O M:!U8,;T&"FPH0:[&D,N0^C4D5PG.`B[X1(#0&J5`-XI(8A&?4@H1%*7(AA5$ M*(,(2E^7!G4A0C71ZGQKN(!;B6?::.=LMWZX(;\R?)J,92A"PE9-`UVIS]X^ M51JH6#B@)C2H7:;E-VLTLFF[=67Z@6"?91-U>T*,5DT#O2MU!0TJIH%Z1&)T MK9K*!>JY;PF]<[D5J"L$9M4T,`PA,*NF05>3C+K0X+!%%?E@OPV>J,>+'A'E MO\\H?Z.(6T5D=QP-W;4BIX*@^]'072UR$C4QG6=W?5YH,TU;4$/!%G2H!]A' M1@>1$2GRHY:X`+N[:/HB-:ZYI-<-N4@?$T'Z(R*]/-CEGG9'[N*?M/9V0 M%ZB527MDEK.'^7\3\U^N1X9PD`>>!0\<-'NO##2+-+WJ$T4J3=.[$FEZ3>8= MD:8G"+2"0")-K]X$$FEZ^TC3*U1!>VY:D4?$'E"TODC3:Q"]^H5R>02YJB97 M/7=7[6*C(TG>;OT=CKJ1.]F$L))8JYZ5X741Y%<5ZC6!^LI07Z.4JAK$3'SV M3&?8K`3GTN5BH;-5;,Y];DZ1J%-GU*_U^/QE9#WCI[_^)?3/'DUS^ML/^CBA M3G!'L68B*&"7EC^T73_TZ#W`^,EVA__^H]TBY*_)"U]=Y_&>>I-+^A"DCY`A M@`,?[NCX]S?4M7]^OQIT!\89_$=1%/GL[[*LR#]_W%_^U(SN3S0B*JJF_)3? M_(%0Q4!E'1,Q!KZ=WWVYOCF[O_W^&Y&GOSZ2S[A_C53[?W][??V-N+ M[HUY]P?3P=$N+[];ZJKXQ]7=_?7%^=>S\Z_77VY^(X$[7:H'__/Z\OYOT9P; M&"%Y,O6.S//`Q>W7VSLX7F:\#`\\X#_>*_('-O)#.D?!?;)Z;"3R&5*9()EY M9^%S-D:$8=B9_3\J`!FAF:##]!M7'%5(&J%0BRX93_R;ZYO+*SS+SN2.@B=Q@H#DP&)?QD=? M3W_'>P`K_;1D-PT]EXRM7W1$/#.@9`P'GVT%K\0,VBV]H[R3R-1\92>MY1!5 M)O\)30]H;[_"9S\P;1N58FZW4@SK"KOW'KAX$9$%I^2^F61G8C>3V51RL>45 MZFVS\P*+XU00+3L7[&[^`^5@U.(64R_HD^"237LF]H%XYQ`\NMH0T8`%-13L M(Z-#W=4*7E5"5?.JQ+/I64Q;R&D3[989P-W>HY1,8+0G@8%1<.>:1OM5A%UHY$LL3./ZY*F<4=,"3%3!@D463+4K;6#VJL$:RYB M?+`7*K&Q]2SE7G[7I-\<&))U23B+K*GOH+4>D!2"ZONDNCK@[IE<`=7+U8+$ MB;87I4+O7"+( MQ`Q"SPHL_J!X<33M\VC:2;((E:2Q=%<421[4F?!"*ZG]D5B_!344[".CPP%M M'G%5BKPZHO9XA=&]&YCVM@?0ZFHD90G^?"60;4\A;C]=01@*G3_[\;H>E"2" M_GND?U>2MS>3'X3P?.&A6=#B#N5)1.-!PCB+EJFI&MYK!T--'>Q#[SKDQ0J> M,-R4S'FPVJWE+BR)/7SA3J:F\TI8_!,=$*T6^Z8Z!U=?==>?)P3LL9NA/::087-8WK?P!JX\CJA'MG!^#@HT_L)!J[ MW6+AV#'#8^TFC_XGM(#"^.[$1-(ZF%^%PPVI%YC(519^99DV\)K[C+\'R&U# M.\2`:>!H-B;P-@X5O")K6RX.8*,I)@#V!`YAS$K,&`#<""-$55QH*F*/96\R MCW*'W#I93S,F6#!N'GJNC]MF;`*;DZGG/EL^\*Y/'E[)%-9K!0$#<3BD-F6C M.VD(.@/$&A/LD4;)>Q7]')E<WPQYV9I"DT^RP9_6I**(_)L)],Y]\^[\1"M2HGHP?),UU"'O*`U$ER?$`N1-H`9XI/;1;8-(+< MKSKMQZY'K4<'CH,'WQI9)M9H;+>>3-`JS6?3LJ-BA^R((K;EX,2ST]RGSQ0; MGB)-"1P!WL@SQP&>-*G*$*!9@QVK4SAQ?UD3.*-`!7ZK=A/=D9TU?GZ2=NL! M*^VERB-HLG,18L8["?[LO2-PU,F=_COR/GG@Q837E8ZLZN_PO20Y:$8Q39%0 M654^@*80!J!Z.I%J,L$:E3'$6%7CK:)T9H'Q3.7M=F:7@[5CL\=1(Y;:+5C! M--']A5);-GLSS(.N`0H0C!-8PW8KR]MDCK5-\E9)69&$<$,9AGB1\^BS:S\C M7R!#LLM7S*"C$"\QH#H!M",IOCLAN_HY?D6I-O6L2%&%`2:6PQBW"ZR:_PTY MEF@=%7XQF::4S6=+./4>M5`$A__3IZ-JYG;*KB_-XCI-'9\^V*C^(`2MZR_)=755Z/__\Q+LS/1C4C9R M>7KW?`6;59>LN#"9O.F*E3RW\HJU6)8CO6(I6H$[5C)>MHA&+)\*S@M,T6Y% M_$'.`[CG/X01M>`DN$9!`WKVA%29XK M$9ZO')=%R:*TK;8\^TZ0WLRL9^8RHK5;>:J!X$(3%U".^$@X\GYV>;CXB*K" MD%Q]_S'[\O+C!Z9IH*DHQ,/G`102D'E,6W`VS)YG&;@"O#(E*CG(SI*#S`F9 M-H'F,@0*#J>92M*9$8.Q*/]\;+'1*DW?#T%=>VRW1I8=,CM@;N'L6UC<_-(E MM)2E2P_]V,#?;BVN6($57'%PZ0.\Q0QF:4Q>?3`%E#]-?U!M:/M._(KB? MT4J%(MF=,BM]F)['3'4I@"3PJ`E'[FO\^(0&3^XHL@&B,\$9,MLB\V,\ MT."%4H>]!JO`D\WU(K/?B#HN0!-]$1L&(QYAOT9(:[<`:S&2S,@V"$@[;$.` M0^QVT26@^CK5E78)H*)+0)-Y1W0)$`1:02#1):#>!#JB+@%E2MH#$+[TSI7U M'DZ@Y`A14H.JQC?)O6O)9:E\I?,72/O(N&8PPB@(4 MW'$..1SCY;,FDKBF5UZR'L(`%`^QWIJS?0/SZ(0MJ*-B"#O4`^\CH/90.\KTF`@HJU.G`T4=F#6._1*!.`(FX*@0T,7U%"PCXP. M507@7&4N`)%S6#@I&K*@AH(MZ%`/L(^,#E4[*0KZB3>5D$BKT;*ZRAM+2#22 M9$?'@X(.=5E00\$^,CI4&+"3<0QO7$ZVIGEHPLQ)8U4MS],^H#*@_FNAY'/V1!2)N096'H*VPN-K$&(&R>6%XU8]'6HRO; M6>:[7D8=#[^ZOO_9W.(3D/J)8D?MZ+E[\Q?UOUF.BXUYK^/V MJ^?.*#_*U7]"^/D;Z[EV[3S#(]CQK>3NI49/F^O\><"EY7%Z"PSN+>D[^CGJ M3'X1>AYUAJ_WP"^^.41(8![VR69PG8]P[^'`2:?2[Z['?LBX6>[=&]=!C'JN MC>W($Y#+[A%K=`ZV#S>&9_#_9R.$!X`ADU0+D(4V9!S^%@.Q/I6L['" MO%](?P*;_XR$319H%6`&%72UH(B!X6-IW!!@P5TQQ-Z+]))&?Y?,CP/# M4+GX<3.D^15_-U_9UKYW$Z&0[?1:[JIZW3Q/K8=E0:#G5G7MG`^'<.,+?!@% M]Q)L/_C&"^GHJV4^6/8!.DOW5,/0YV7S%E#F5SHOK),Q44ZS-+EK'WNY#TMF M0;77-7)KXX9KGG#1XU>_4&J4#;0RZ,T1)#=['K1+.J8@QD?I21D_]8DZ=&R5 M?>0HH`SE8-T`#I_D^M,!HMC6?^GHBVDY*!UNG4N0"\\FZEO^N6=A,]G+T(,_ M(WEQF`[F2I]+G&T/_G(Q=SN^Q*[&U!DM*$'EKE=3],%28;<&HOP2[N@T?>6K MZSS>4V]R21]*AEM10./,`;X*CCRTR_K1PYTG5<]%M_GTZG^0;O-&@6[SQ<:& M\RNY:C"<5UV"4: M+289QG*1L:+V]"EG)5%YL;$D;5T>-20'%&\(#3DI3LN3J[*&Y;R+76 M]'M=W2<7!EH[_G!)Y_&-DV6MB(5:X:YK,UX@N7H#@)L7OGU'V[J343T`%=.. MWX?L4Q,>'&]M),0BUK=E(+&&9JSA,*%WV8:FJU>:NGIO M:-!NC5++!NBV?N"%[)HMD0<*ZI?#/(!C\@K:PV:%?'Y:?L*N&&`%W&\Y1I+7 M#C5SJ*N*MC>X=EEJ$W"E:.O.38&K+*YT25?40V"KQ#`U#L#NZ-`V?=\:PUSH MC&NWS-3IR/SNCR9(E5ST@I/FMI5Z/NS"=SP$C@<"95(_-$@"(8U`R'N0`>JZ MTX4#F`\5:1+K05MW1T&?"7$=LEROX,;&RK)Z/-395)Z.`_&<.N#V,V4K_>QZ MJ=]E!2>,]OZZS2G07AJWZP=G]\J4I-6D77OYHA@!N?':=<(\I*JZV+M5X'WM M=5G@O329N?;J74^965C1/";EOS*`!#H$.@ZH\@BJ""85Z*C+GMV#;8>]&]))CEDV2-NP4]1/4G+[;VT]==*DZ'T]6>U!^L6YH(/F;4@_+3ZPK<5X)[M2_)ZJ+VLS8S=K$&UZ9<_WQE@!L:S$K5 ME%QT0=7D?/&"W.1S<+F.&Y7,PL)+^,Q!2I3HW7S)F)5@S-56^C6DOG]O_HJK M@;"J*TMK,GVV'-/!/.!S++%V@#(X,$)N13N!FE_U%]<=O5BV?3V9FI:'%_OR MF:BOY4O(+(>!HSH15OG)%&&+*P"57%6FIVG=S26)EH,V5QTG*5-R8?I/)7.0 M.E#R2,]-GH?KW/=A4Z?$N`#.>BR;Q>=Y8CD,2X(%<7[/CY"'Y=7/9 MSRS,28;L88">._H;`?/US?W5'?E^?O?YSV\_)')]<]$AYS>7[=://S_]N+Z\ M/K^[OOI1_^44+`U[<`#3WS4A8^S.2VKT;"I]H@X9A0;JQ# M^45MD'!,*%_+Y9>U0<+)H/RJ8B2L,(P7.(YR!VUY!%\Z-*>-]K@P7!DP(_Q9<@)&J=J7.<$G4YCM\KZ\(P:R9+FX]MM4'8 M%GM?X*>V)]=^1CD,&<2*=Q^%5_3M:?_]?_:N];=M6XM_-^#_@0A6H`-LSX_$ M:;JU0-JT7;%'>YOLWH\!+=$V5UG42"E.]M??+@C;QQ7YX.FX#.62.RPBZ%7#(=]31QR91?_\.60%QE0F_*B`N MO0%W_Y(Z9-P[/HX-TF_DB\GJ"/MWR0H(S!)XG@YU;2.M#-*BT3X?$E'0;7=Z M>V*O8I*[8G9@A6=:&]E5(GW=/@(5M??HBBE+FDF5?SI8S%+(X+# M%S@+O]>HT")TY45N:U\?K/JVT8CR1JZ0E&+X_?.C/=F7>-BG3H3PB!/\_-$?!DZ]%B?EK[,.Q3>: M)GB"J+7;B;[`V2]!1AQ&'$8<1AS9V\DK+_B5ZG7U`M*RMTT:O MOZIVPGJ496*V8&EMZ@XKQ=9MO.JMJEIHQ+94;"^[*_TH.X7+DLT?7]JK=K\= M@OPZC?[YJC)OVPGP)3UT^9TU>MU59V_LC,1B1C?+0]S2L+9P7'R]%H6U5=+( M+2%8,X`M0=_V1=^D:/!.K]%967;J>"3QLM/>PB26+V,\$U'*+Y3S\_70;LL0 M47Z!K)_NEGHTLP[4MU<5?2XMU'<:G5=G!N"T)+H71A(ZB]O"@Y>"6L51_G3E M&9Q'B/+YYH?%Y/:'ZKQFCM6((U]Q[&KCLQ'0L0IH?VE^!L*NJ<,4D

4KG5U/D`VJ/1\$3G.^ZHBNT@X'CG:!URSO1KY\:B1AT'Z5I_2V`+9# MQ/I\4\6JI/D57>SMK+>G\E#!KF>6O`WHKP+]MDGP"\L79 MKC8"*K.`2I'H9Z#QLWO'7%_(!_*-*2;OF%GJ-5AHQ&&0SPBH[*%A+_/]E5S? M[3>ZI_DMT%3)?GN-5Z_,2K>>D^ANLV9WH!]T=1N]BUU_TF556R3GC5,SX5_1 M==[S1N?,H!V^TVF<]\U*K\:CT_86JQ\'B_O=_A;;O@X1]_/-&4N=Y%=S=?<< M7BG' M^+/UE`#3K6=JYW\20GI3#(=8+'=`;6*S@:]:J]M>:4=&=<^I;I"#ZA1^*5FO MA9]*&OWEJC]K-_J[XLH3H#=4'X]7/HWBE"L;%$'/-&,$ZY!./N@]X_)1DGI"^"MW#9AZ. M#UT?,6[$E<\D#!:]8.!PBT3ER_&E(9<3M9*;GVQ^A[]^^2E0S1&EWNMK:\SL MP&%?AO^E3J#5>.G:_PFHPX=(R654'1TZT;Z]OKFY[_;-;7/WJ='N=6W"^ MP.7A6UR)TV[G_/:OZZL3".06GU!'O3EI]D[>0@OP9\[S5J2FN8:')\*]]D$< M5_``*,E67YG4K<%HWJ&HJ9TR=PLDW2IL7R7Y[)Z\!3CHSIG,0EF:EZ_T`3U7 MW8A+ZY^`2_95"NC,?_CJ4-<'J_@`5SU\)%]U75R<]E/ZRDY8FJ$K<,$[4-\= M^^PJ7P:Z$7C\5V:/4CI=8MP;L_@6_2QRLV1L6HP:BU$E&45BG$`WSA:W)E0" M2TT(+8!0LY_AY!1<61J7[D"$W*).$WQ]Y#X=ES1E<2,KHE+\7.NIH&0)1\C7 MY-T<@^&!@8Y.9V%T&LRZ6#-./=WTW`C(1^Y2U^+4J=<2!I&UXVPQ:UV5@;S" M_UIZ=A!-+M8'AE(`X2=BR&..UPQH^Z/T9LS(^S#6$7WBB8(@YPL\ER.56]1K M<&5*I4W8O36F[HAIKY34@L@(ST/D@DOLWM.N"S$3TA!][BS\TV*@]8$>%P#T MB0FH'N]QE]!'_;3(.X;70F(PDFIR*+XZ,QZ=YU!]!IT^0&0<@@B$80G]H[2X M3[@"+(,VH#LD9$PA9%,RYJ,Q7!])B/(ZH`/H0.K+AD.&$`1!2"E@@^-1B@/F M3QESX5U@-N290V)U!\%9OXS7-=_`B\\F>/1B^EG]*_EXB@L^LWLRA*A')N*. MZ5_PXDS($/*8:I%?@>QZ+4WEA($4-&-+>K6H&I.A(Z;JF:ZGW$FP[SS`XT/% MEC19KSUJ,\E]BZ`II2F$IQBUQM%C]9J6$M>4HY6@M*0(1F,1^,GFPK-RM#CA MX0$F`D1$--C"@7`9$SEA_EC`)3%ZT(^#V)S`9DJWAED;6DA$ZY!RN:"\1>,C M3]HXF([O2SX(P@`"%IF6#XR@_&;\MLU!"M@@PY4*X)_K$3'2$YI]V)\?,\JH MQ'-.0CE1-:+ M/@?Q6^"O@(4J1`+UL:2:1`0!>"&8!$X,`OK098()MV1CR/9"`T5J-2$2$R2E M^)!K/`$"8G'-4?;S,/)X3XI!J*'8+5`>8+@:C.:P4:]INY\S*8`FV<`W`)5` M"R'5D5S!H);1#!Z1D>A8X\U0XTMY>`_>U43O"L6JR!1L*)(Z20@=8=.!L#FA M")"`79!]>G!SV63+SF--*0/@.K%N*/#H*;35T)-!?0HSC[F9UFN1RD'0<\C$ M8*+`K[0!@.-%.HHA'])4&H%-O0:8I-@CNX\=<1AG/F3FBHJ\Q,`"[P4*7E`_ MOBZ1U-::*7]N?F9MPJ-$]J+[XF,L$*#X;+F%2OD-U"XKZ_GF<'V)T]6LIZAHHMK:G;1G";N1\#A?!1'4QJI#0Q%V245)ECDJX9DD^.F):6647`AV@["_O M/U?0)XH@1^]]N9POKY>"J-*:4M6E56RN7`IR2AN#LLJIS!$HVC]<6447`AK5 M=8@BR,'0K#>9A@E9*6@JK2E57%B%C*P_Q)OU2D%.:/H$5"R.5%9.QJQ+:555E4W!PNBPV&!W[ MEH3-36A>LZO$$CC&GHW6C['G7#<'9]6Z`>>2N&E<19'T.HT2R^`8>S9Z/\Z> MO2D+'GLFHB'5O0>999C(-+)6*S+449V#) MP-+A6K>!I?*0>8"PE'WD!XDD-#Z2(G#M9M3?XIE/*T>'FZ_V8Q[K[&`UARAL0>G+RQ]U]7LZ*UXT2@RLYA7; MZS6X&E4)EVQ6>MJ?OQH5L+?#$P'T#:P=K72I?JPM'9VSD*P-7T3=[R-1Y'85 MPEWA'UR5\"-1_-I%SE<='Y2>5->ER]?E;.U*YF%<6#:@_A\>EGVR+-I$!/9. M(P)S*58%3I$U^N6W?+3`<._I=8[G>W6BPXP6Z_J11-'/P8R0$K&]N+J#)I9W MEXN2UAG5`?)I=%<5/C/.3FZ"I]DQ-`.")M.(C$4N"A@1;824,EFQBW++OJ"F#*Z*(LNL9$ZT8U#8X-3'W(RO`'87 M2O"LE2!&8XT9?4!97NZQCB1F%KW;/52YZR33#K>G15]<(F;TOFN]/[]!;G]Z MSQ'.\_^J[*B:VV?.DNL@S.2.QZ"'K8%F]1;>$M&MAZ>K:YV7/)^U=^KN,U.EUU1>NDX MB2T/A,\G\:)C[STA?=SH0A5AW!\SJ3>PP&TAB%T&##O666>XI21LJ$U48(WKM3GE*4FYH8:6-2JT`D/F?-1IJ,G' MHB*+DOK$7":IXSPTL$$)>D6=RWK-9O&O>*/+3,THT"=L:\K![@8@S<12$HUW MY*!ES?;.,"I=(&C6O`<-"AN;#A72JM<^#_6=I5VA!));>$`F_P3@*D.T6>B1 M$HLJD.70$=-0<0W=6-BX[C7-T),]U6L14WI_F+1#CBA1S*/:J%&ZP@WW?8%< MP;W&PH&FU'S/Y06X+/LG`),P>\!V!W$^B1=[YD3W.@WMDZ&VWX>&7Z^-J?T8 M`^8>'YNX`)0)T>))<(@>G>\@I)XGQ3V?@"DX#^2OUG6+_-`_;_7F-$W`?L"; MP2_!2C^](_&=WL^==JO]Z+D(!L$IR9B"*4++@8S`>`BQ5BG<6P9P`$9''L"/ M5MO43S:_PU^__!2HYHA2[_5\B2.QMG/IVM'J]25N6-3]77%E@<<"TM^`FMXY MPOK^MEXCY)>XI0^1$W]E\AH-_QU5W-)RA>>_L>&;$R:]_MDM*JO3[75NVRY4Z M`0>U0-".>G/2/7G;:;7[SG!`KO_ADB[4YJ3A#9[ M0&FO?=YKM]M)%3Q)2IKF:PH*_\;NF!NP/P'\)WM?7JKRIN33KO]XF13N&KZP@/( MFOV,UQG:R:%M]J)HZ4TT[9-GDNSXN=GN0KP]"#/UQ0ULRXIM;=^'JAM9!BL):/L8HS5&Z,49&VA M&/0SD$M#&I7>:ZWBS=9$!+.!@]X;G1@Y0(SR<;!1KR6&"ZFL"Y-E5[B`A!"2 MP^Q4<9`RMH2C%`MBZDC(<$=^F(,O9*)C#MFKM,;+\JHRF/`&6==A;'!.F_8F MU3ZVK^92Q+*\%1?I[.90I+,:(LA>X_\I:G8KBIE*.NWM#B#857G$CXA7_]5X M]4>(A-%$S'P`@V58Z[5M2CHMW0CQB,U=BSN/98)BP:(@;\A]Z3M#O_DLA9>, MX>4FOQ^\*V`SUF;$S"TA`S7_"01.L7V5W,KS3/L]"\B8R99F<@VO\"&@/CRC MQYB'*2%C)[NSDPK)QB0Z)8_[)M$QR+0E,EV&9Q+^0>5WG,\:"A/"C*$LH^;+ M0#%YIR<1#U(TQD"V-)"_7%%%$S%)3LECODER##1M"4V?<3$5O3FY[GMP`C)F MLJV9N%Y@C,,8QV$81P&)S3&ON&YXFDJI_&-+8M?RGQOA4V=30K,M])8,:HP= MEM$.7_[.[IA#.L]^!&5LL23J/7A;[!I;K(IZ#]X6>Y6WQ1SRWAWGLKM.C8N: MKRIL0JX@ABI*MM%#.<@V>B@'V0>FAWPK(&4B]8HI2W(/O\PS-E,-ABI*MM%# M.<@V>B@'V0>FAQPK:D7?]YWVEQ3E?SS'T&V=>8G+X?=]%]DG'FXDM=F$RN^D M2?[DUG?V_%1VFDX\.V`I47DI-M'OTFD$W3FQ13!PV.:#\LS%F6)RNNO3L]8T M1K?1[?=VI9LB2PL;.TF1T\[93N9U:DYWIB)C+L96\QL]E(6ABI)M]%`.L@],#SG.1:PUV_`L0W'ELJQB*S2A*T,6EV_F=IX] MQ[A&?T;_1O]'X;^RP_\N=5SW,5T@BG3N-Q@6J\4XR:( M6`(N]_:1FY4LJ_A4KV4IH_C\^9'[D>-:`R_CG,8Y=R?>9WQUC=F,W`H"&GUL MI(_\*N\9A6RKD))*Q,0A$XQJ`KB`LDGYAUFCU#3E M!=4@,HK=DV+S+NAC%+LGQ>9='6?7@JQ,V#?#S1(V;X1HA%B.YH]`B*;L"S.? M-)A/2RK*4$7)-GHH!]D'I@=3]L5\<)\F)_^R+[W>^:YT8PHS'&QA!E/'PYB+ M,1=C+B8*[2)-,V5?3,YO]%`VABI*MM%#.<@^,#V8LB^[T%$9LK@\,[=>HW]V MNI7D3=F'2BK>E/TP^C?Z/U[]EQ_X, MBY]5M"I$U'?N$HM*1@:!XBY3JEZ;CKDU)EP13W+HA#L/A!(+&A$N`RK%D(A` MD@^!%!ZC+H'_2XI[+U2+`*7U6M0?&5-%;.8S.8&&@<`Q]0GW03H/9,`(=RTG MO"Z(8L`8DAI25:_%Q)`I]\=`(=YS08!D"#)_8%2J4`YC!OP+"3PG&*W7F#NB M(Q``AHM<8M.2J<#Q4STOL%RO:9[A&L@L6?:$@!(ZX9L@>_D`ODGH M!))W+5T_H6[@Y=YBS`8Y#;&DRITNJ1)VC6\AE2[AT#N76&&%.$+I[GYHMU[5 M:Q-H(J28*`X_J"1L+@94,9,@OPDTSV!D\:!EJ\4`#7?;[8L&\C#G3S(+,0`5SZQZ-)!OI-WXX;?5F'#PEQ%;9 M?;="*"/FIILT-C%$9[#9D+LPH&PZ_`[5Z?K4'7$LF$7UMW1I/PA0P6@C+N`& M0`+U/"FH-6YHMP]LK?8Q&K+#V;`YE&+2E.*!.N"F$^:/A8U8`O89_H`&E`I0 M&NA0V`B!]P(-15.7237F7F/!VZ>&SZ'0,%#;1T&T)UV+213D-`S^00(.B#MQP<#\W2'NB/Z2?L2+Q MK4;T+/'I?7A%MVIS92&VU&OZ6DA[2E/^7-3(]MP,^##MZ2"),9@=0^B(F+-3 MCHR1(0HM`YD.52WRV<5Z3P`J"_`1M9EL9QX,YBV04#]@##.H!)0[.XT1ATRI MFB%4B_PIEO0!CX`88LHUR'4Z8`7X=SLMF=#D`.J6R;I>@][[+\*(,9.POH5T MG;?.7Y0!FDH&,14"PW$2`Q6ZB387M.]Y!`5;PM2).DK,?!@3&,^1(@HPV[ICLB`P,U/H&.$"8]P'9[-YC M+D!EC$W@AE/,Z.!O\$973+B%@&;SL%_T11?2,XV)*-!9MC<1-C@\>&/T!$H< M7D0_A*S$LI@'4<=B40JJ)6@'%F!UF+(BWQ.!7`0#+8P[3#.)2Y&%M',/$+KO M-`V8HB'<),%X,:>;``1A4[&49["L]5FOH0IT41/]9L)``$MQ;_(`-8K)N:91 M,JJ$&T83E*050`;O^I!GNRG,@JC++>H+R';9/2:KV`$*;#$&IEB&'"'8]G-T$D_D;O.%.#>`C/1U_7P%E@$GR`0BH3P@`D MF0L!Z)/8FF,YF#(T=&#/95BX87#9HZD+MXQX[!\"="H,PS6X.^!XF7@4NA M7]"@YKT"DZ6;I6G6H^!/8:8N!I\`_;`PK"=X$]HSD^T*GWM3$<"<+)1N-$P< M#$]YP>?S4;1G%%7:]`#Q0;^EOZ-^@8 M.8P+6OK%2S+6_N[S[?-:KVXYE+OIM9&\"\,_J.XM9EV8]$76!I:A+SCSU5E/ M"*`LU-ADR/OW"RN`?XFRYEE7U"<[J6ONK.$XINJU5]1Y9>N>]XXK%SD:$'-# MH"77@&'V@;.3K-Y@GJ)=E$=.Y8#G:V2N%/BM]JCB/:%# MCR;52`D^S^XV\K5D(RO3B?:[W&@2TBR1=+^8B&#>\-MES"H6&"O]?VZGQ%+P)=5)?+#,HU7 M0_&(G]Z\FH:->\>9O$ZJ/=]YPZMY=H(Z3N-2A`.894P#?@/ROG?]P;>W]1IC M;Y)[OS@S>0KHC?]N(-.#GC\!D[VPK7_PT2]GW'=OOWSH=_K=!ORQ+,ML_&:: MEGE[?7-YV^IV;G$#R[);UJUYQJ:>4'>)T&_;5N_VZ_7E&1OR@1@[;OC+6:-U M]K;=-3NF:2[:LE&>9?$_)PEO5S*K^7=,>B]4X&ZWW^HO2;Q"A&49,8,DX`_< M"\4C5Q=]XM'GT8WS_2I)]ON"22>^]RZ*`G$WE8C?^)]\#]L2^#)9^@I7\WD8 M%=N^5LN^Z"VU;\_B;U"_ZP=XU`T/QE?>(URM3J@MM,66>6&W?JR#JX1:;L=' MM9[W:[R<=[.H3/FG(SS4B?>R*`8ZK>#6=,"DTHW90K+E)F%;O<@/9BM\2.XV MO$4/%CNP;;)CY*(R'IUL_F-IXW>K])C(G[QFYOQCXMW39Y:OC^+@YA]M+IEG M&X:4Y+IY+TYPRN.I(:0LK+*3^*@ MK*S]S2]/05\H*XL`6@,09651!I(6CSN"/CEL5M;SO)3L"UE_.$_S:B15&;=@ M1,""X\Q[JT>8[6/GS_;IMHUV]@&/DK-*AJMM&A=F7SNX2LG.VCK(^2@\$3[P MH2JBW2&&H-WYW`OB_;[1[79WBM_*V@@AX'P6VWBV8VIB]W(F?E'518>C-OG'1WK!*N&7>Q8]V2)]M M

^Y*'X&/CCJS"<8@[6Y]&O_GCL>]?1+ANJF3:%[5YG>5-XHSS+XE]SN87_ M3^[QP,$TDW?#,4Z<(DQ\>.0?8JZA8A,3K(M^_V*I%=G$>KZKC0D,-\[W^-?W M*ABG M/CPC#=,VHCW+:'%$\"<2Y2R<6TCY'^7D?[0+R_]`E-F?"9O21^'!2"`2ZQE9]D8)4@D)%>Y^N,*Y M$ZZ(1$S*JLCWP`-/D?4-/J<99+UZ#?F2L0`57W(';BTF6Y8,>A&_]P-)#J9H M$*,E\L5Z[4&`FPP&#S/%X9=Z\OP7R=*G2+UB\D)%@.C'E*%(U:H$GB6T8L*; M@*=5S([1:NY;[6FNCC'_J-#3ZE\^_I#+K>GMVC5BK-F^W>]B:XE=L.;56R23 M[+:SB5#)N4,&Z?9D5Z7F++'[LZ?FG)@ MGU"RW>>I-]6@E5FMIXSNW6#"6RP^___41W;1+X%0#)KZ=LMIX'$--X@1^`^X MYC,2T^K;+R<'B*8]0N,0C4.5-[-WBA'[7_)L"DD#K6_'G`8BG^]"'CS*I2AM M.^0TD/CJ^;IC06,0C4&5M[.K(9Z.!^K*5+V\OMUR(GC()6U].X-0*+TSBLA5 MH^7D3?)L2FO>H'P%Y5P7(^Q6(_:-'SEN7D&SK6*7V96DAQ71P_/?<=>869M) M,TD7]8#WZ'71)EVL"KQ'KXNMRNNB!N55:HZ\XJ0YJNG1L4$5%9MPT$-LPD$/ ML8\,AT/7&CX_?Z*?=1%'\E@VY#F^8L%DF;43J1YMC_5H^SB2@.H1"7_"G_`G M_`E_?8.;W2?IOR_JFFBF7I$&551LPD$/L0D'/<0^,AP*G*G')9KMBQ7,BO$W MPL/L838M+#)=GL5;W::=?7_EX_,#9$=^\.0$0\;C2O]Z31Z^X0RBD'E^ MQ)S!`!J"93)P95S4^\"']SSY!;[("M(1$G#N=#IRIV4?K&5$E[H;6GD";P*- M3(S0.@X3T^70QA7G2/>S#__SP\#PJ'@6/CD3(B_>ER1;Q M>$?P5Q9^LOD3!+TB-D]GR--*&.%0I0955&S"00^QCPR'PTS/B<*_JGD3+:-K MYCXRAA)FJ@M\91)F"'\R?`+^!`W_2/C/B9CZ<(\?Z$D^77`OIDWA0!PS%6*2 MKM=:EI'I1/,*L-6NW>#J1)C=&7Q(,9H?0'1M$=H'*)QJ/)F1HS1 MNB%"C-&Z($&,T?IZ9QJ#CL?.B#%:,SQTYBHF%'3HC`,P1A^-UN33%%6TL9]% MW\*%E6J]+VEWHG_.T*LE]AKI5LFZM3.E,^D7Z==F_,+@48V=@1P:6UC9;$JO>!5M%\2*YI-NYW^-L=I M5NO8%I(3JFT;8Z^PO`"/FJ(%],`$[X5P5_LOQ31;XR MEE_6Y)M.6*Q>@RHJ-N&@A]B$@QYB'QD.91^OE$[;^]&0G2%JV.,92Q2][2!$ MJ]72.F@CV$\[:"?\R>P)]I,S^R.A>]9`TIL'S@9.$,SP3&IGC$F)S!_!5^$# M<[RA_$N]QO^:BD?'Q9H*@X4K:RV,)*$^G0-&2^ M)R7YU1]/'&^VL*#^_R&WZ9#?17SH\7"I/?6:2F:-$,YO/'Y4DZ%\J3>J5JQ\ M=+WF^F!B$@1\!WL"\4`H^?@AA/8A_#<6+7E7+.]H!.(/H;OPE')\LN"2_$X^ M)V1/(GI0?>N,.4`Y=H2'W17W+5Z,<`D0(=4B=\9`1QP741#PE'DORY8T=;<" MK>R5^B:GI.LRQ5F2^HT:'^=^,R?@2CE3UO+7U(^<2/C@#4:!/V8CX3G>0#@N M6CV($DW5CV@`:")S,Q4OIZOR!=)A#$68)(U[8.L3N!#-<'#'WSTRQGWW=LO M'_J=?KL6_/L+8H52Q5'%4Z6XP]D M8072RIO_.,NK=(W(GX#BS3\FL8J97O)8NX("-Z]<&HE+/LRSE4'+R^OFIR]L M-D*XX`[_$KB*-B'_E?&,S#H1@HS\'^C:/^")H*KI)/Y)=&.OB`\9YYOHHZ>(""_9#KX!'!2TQ/.]AKQ*R5ZOH?#\NS,&+Z;\Z=U,-LB91A#/J1@# M`Y(9=P+XD:/,S#;-7I-=>0R/9S#@(2#<1W3S#ZBP[%WJ7G@+1'P#\):.EWY1 MXFS5;?7:O'M?A&TO^AC%`0FZ<'_@3^\?\,,%BE.O?1Y$_AW'GRUKN<^<^X"# M$(#/)(!GB@DXMWEX%`_ MRB@NW:78Z=C7*?%%Q,>`[CL`'YH23MWH&:K>(.`X^BTI5AR"(RP_6&PO7 MQ>[#%\!+IY*V7\;Y2!'+L7/4R`H>6HZ[`7=E&`KJL4H@G"#@E%5V#<();ZK7 MX%6MY%44,!;B5D:^Z_I/O9M7K['K"+0"8BR(47[UAY*U7II:KVTV8/#O=AJ6FM#>$W_C[&\FU4]J8N+-W'A7?*8*[;SYY4,IX!WW^`AU$'7RP5'.:74; MTN>[L!:8*!KJLDSSAX>IZ5TR(4TI\WHQX)W)C3!;CNT'98._.:Z:-:$1XHS+ M][B:=R[!(-N9,F><#W[R%Y$E_+IXUA-\QU*R#,&;R\@1'@AJY",<<9PIO:`, M5^$6Z<55R\`WJS]I[O25\L\YTH1JKF$]);QL+>D$7)< M$.%<>90]`_(K$D?T:F9&0"IU_EE!B\QXR3.:LD,4@PW2QW6M%Z6XX[G^`]$> MXQZ&!6EWG7+7.?P(097*QM9NY38=I:R#XQV[^)@+2-NI-W0LHQ6-S.G`J%5 M,EKGKV=^@$I/'X1P"?I_`=VP(![H$_,D!W^X:K>QQ8`G`:\#N3R4Z56M01<4F'/00 M^\AP*'`.<+QE"!OS_?,/_YFGHEO*L%VHWS-:_%0_/FN,J=RF2BNGSD%1U679NTJ2OA:3L^SNYD' M;TK/*QFM3O84)\*J9*SLB\.E4NH1":\;C')[]FND"UBP!5"PL%K/,F>_4;16 M!`"69>O2DE,%(',$H[E[S9ZN(M=-\@;,*F<]:Y]1VNH^TU;MEG'1USEME8`O M"'C;,/N4J'YZP%L7QD5OMQT,S8>M7.?R'@OW;':'=RYUN2XZHN\+;1 MLPGXTP/>ZF^S*ES%$2OG86R7<:H=[>-6I$$5%9MPT$/L(\/AL(%^,=NXE>SX MG37IW,H^@RR$C>-4.]ZFM?UR%=_NEJOXI=#0T#[I_C4I]Y%E9,A[,>3L2T@T M@.VQWX]E:S3O&C/MDE9Q!>K\HITY\-KC^M-&'T)H%X)VV^C8/<+[9/"VC0N[ MC!R(\F)]VOVLJJY:QJ[E;>2;JH0WC$4=#7T3X5T0WBW#[&EHWV6GZC_CSEF> M1)E->YG[XH1;I?.*94^S>\W6BT;HQTJV1[HP.0XQF6(;Q0'M,)SX<[HO@$4,D8EA"-J=-XPY!'\(@T M`YG\(3F:4YX3&7`\V#(^6+1@HK$#@DQ48RLH9O;NG0<)KTUW.UZ;K&#G80HK MN-5$"O8,>B(%(X#6`*0U*5@YT_=L;;B<$X8N!G+*:*Y(@RHJ]I'A4#PC4J^] M@@UD73)#!H>I'*"(9U)N8M^PJC4/EP# MB:%G-]#:KG;F-7'-3?\` MF>;O7)C#>6#ECYR-A2?&T[%<]!O`=$)$9/-97M2Q,F^_DY8T/JMJKPI$\U9.4"T-,$@"J,\%\"?P0C>?C@ M!'`W*=3JH/'")-+-DB'H](XE;C\TJ:X_^`:3==S:9P-_C*EX#GX@15LY0[_0 M9/`X60"R;_1I;N<'&+T_R)0?3-@1\V!]HD9T[@J8L9.EKP\3C;:MR<3P="'H MFBMBL4_--QIW*" MPAPL&'"\0>X:01K9=BJ*W2(O@4J@*X^V;5B6AB7OI40P>W-FGWB4)Z`A%2]" MQ7N&K?41'(1[8;BW=,:].F4BZ;+.<]>';HIX,/Z9ZD8JTJ"*BGUD.%1A#^E+ M@)G_&_IF(RYM`LTK,]U7^0Q1>!Q'G!BS*:TS9M:>LW@3/D M8R?X%BKZ<#%`8B9:=5VM6AVC7W32$;%8KUF0,MJ]<@G$*W*X+^T"E[>.UB_C ML#Q:-"T'[)9YC$NFNFP%J6WA]/IIO99:@B"=+T7GNX;9U5#K">_"\.Y=:+@1 M6.K&T!X(<==L#=5KYRD7EUOGB2IS%ZI,&/5RY_(11VIU@6^W\ MM\E6I$*%[,$9LCL.;YT$_J,8PN`!O\NW3GP0)A(0,M]QCV.YAS]:M&@E-^"SKB0<"5V!W\KRET M:>3+!LP[(+E2]03^E((.WE2O;6QKDR%)KS-.*NCC!Z(@]9HBTT`(?(:N!A\+ M8DP<,6P(Z'-G(A2AOGSWHIV@!F`Q/CQ==Q.LE+-((#!6*P_B#:K7?ZZ+%_,O M7IJM>*[-]=JRNB8N90`A+?P-'<0:GB50ER7-,I0YLQ]8LRH(0\*6/#66#YX:D'"[[%=R3X\WD;]+11G[B9WF& MOGWAH/R`2>=0KSFKE&&!-`^Q?T7X`+Y+=Q6OCC&F)*V,S)]\,(<`%^57NX\' M!QWWLGL`;07)G'N.&^Z@4*Z`8314-@RF+>!GT%GFBF]H(_`UC+UHE?("U'LY MGV1/8#=P]\(JYB-&/$RC12F?('-\I(6H8UI(:??)QK\0-G%(#P`Q(C:'7$:` M7YO7S<7"P.+`'!QE//83S$S3OG#J#448!>)N&F'4PIT`XUC)UH]1BN=[#?G` M)1?NR-\3YO.%8"UPO>B`P:T+]&31*JF%!U$F^$'I[K'`&$:HL1]&\0$!(6>) M$/4:Z)H,%F/GFAIGA`=-A)A;.G@<`=.>>J[L&)%B+Z5&F>19"\*Q,!5#@U`0 MC*/>PW/2$3%>CC87!UO22-#JE*>65$8X*+J.YZF8"P>W@$\QK\4]`=.L^"`%H# MD-;G61!`NYX"?"J>]@#`OT1YW^JF]^.H3XZR3PZ3O!5/"KKYSS*XGD_+<*9U M1">&Y'_E#J=0M-K-S"/_SBW\!X%%8!%8AP?K@"EKV9VX7$>KUUQ_H)9)<1%( M[H*-6+($%V]Z'WHPWZEI!ZM*,9L%EZ10L=\F`#*O:A``Q0"@"3MR684/\AO< MT<+5]0;H(^Z0/,\-MK*G!B\(?%.[73QD]P$'?QW$F[WG+@_E3I;W,U-[?-N% MY*>IK';V<.!0+4F4CQ>V7+=XP^%BMW7OW*;@TVQFKK3=O8E4=;O&NVMRRL5A M:V^SR4Z%MJ75)>5AVR!2KZ.!?XNHGU`GU(^`R&W/6G.:T8Q^#:JHV(2#'F(? M&0Y5K^K^,,]%W6I;]%BJ>`L79JMHH=7-OC:_UWK>S)MVA'LAN+>:/<+]!'%O M-W.GYQ6)^P_+]E\-Q2-^>O-J&C;N'6?R^DI6,=PXWR]%.'#]L/ MOKVMUQA[L[@RX@$/HR^.P-PG#Z7_@X]^.>.^>_OE0[_3[S;@CV599N,WT[3, MV^N;R]M6MW.+N<"6W;)NS3,V]82Z2X1^V[9ZMU^O+\_8D`_$V''#7\X:K;.W M5K]GFZ:9%G+QZN="#?[7WI?VMHTE[7X7H/]`!`F0`+0BR9:7W@#'Z>G7_:8[ MN7'ZSL<&+5$RIRE2PR6.[J^_]52=C5IL>9$M19P93"R)/*=.U3FUG5JR,,C# M]Z'\>Y[HGN'(/5HKE(?M@Y.#&3!O`*8*]\=L%"0J@?LL3=A4Y0_O@CS*/PX_ MT7+I3?FJS*,DS//W8=[/(DZ#/TT&I](-G;;5)WJY3S,8NMU[W;]@CZ@M(AOF M(6DJSDFZQ)^O.V\6YE,^\E]?4)Y`9W@[3+"KP1[2`IT4&A.<`1F\TE5VG4^2>#K(;\YFJF'K2N9G_>)^";%B. M:1`ZYRVSLRK)CJ^Y-H;U%I_I3$;[U?L?WW#ZGTJ-'6;!*.-4[DN%?5]B9`CJ M<]G42R_PKJ,!_9-EP90O;O484E/7?$1288R$0F1](@-7U6G8&;I= M$&V*@),RD?D9Q\!66F8H$T+/C2KHIW]0FH33G+DH,1&!*Q2423`<1C&G9A+- MHHSP&63[W]5SQX[^B5KH*0!S%2 M6PD,*78P4]+$K0&QIKVQ):P/8A=(^X0\W,PV+=YIOO=%MJ[23I`T'B5T6"*5 M*T/:^1^LQ\=:+9ZD7KM-5LO':Y MY_FGB],*ZR3F:#GNU+N^2ND@Y-Q@GN@W(9T^ZJ-"`:J,#S@G_%]\O$T]'^+> M-"9B7<8XS=`M%T$/60E(DG`N7#R2ZQC![KG+4USBL'%?O ME/@9JI9D$=?FH3_Z.J<]B(TX(`9$H.2!*I-D\]!U>VZ=;[XSNWK^]/]A:U_\ M2D^.C3=MIT^_@Y5Q\`^7RBZQ[@(823GD M+DHP0M,DN*1U3](\CY#(+W4,`I!T*LP@<)@(L0_$`JH:;PNY/2916#*8R5%D M3NT#?O-V3.VRLO$O%6AY5F8H33'UOH!#Q[72P;,0=A87`V.NX91U(1T[51(, M^S#0;]'V4XCU59U;U6K$]A/#)BX4TJ4$BXA=T@2"C'ZFDS>E8[47XFA^DP,G MERQ0)+CN!Y_:;Q/6Q(DOC><&Q2!TOLC`4*^"99G!4*@P('"(^PW*#/_@+&/2 MEO<;2K'I3`E:@*J45MA=X@4#(,V>2.*5Y;B,+2YR46-#T1[(=I#*:/D5/4T* M#W&(W"I6)S]RNZ5BMVV`LR"_8K+R'[\20KZ2LI84M2K0@*IY%8VN2)+$$2$& MFPS%F&0#3LJ,=C7$@0AV"!3:T\54K(`LI%TX)M"NZ`AD'D>25T65U$#R^L![ M:/&^T[OQXHJTDKTOD.OG%M>[L16U)&"N%XVYU!;^]2N5N[A8%V.)M1]W1ZJ: MB;S#I%H8:B^R5J48\8"TOAQ5*[%CU7Z-YM(>>/-ZLG>E@JJ>G+Z+BC3C.P9D M>FNAA*FX4IB71?D_)`'R/.V+ZXBGLLH0RFU&12FO\6^BWCE+Y!6PX\[+'0>V M]C95(3*%S."0JL"`\GU1@JL+?[9.)6G>A/^(SK69R?BR&":2AZ/01W&K.-YS MBDPN6?PWY(7!!W=SMQX&^4/1HIF4&*=7UZ MDV`J1WY0AKINLM[<7.(0BE:4ECEM<1H@I5.$PI3&-^I+<4KZZG+J5LF$N<4/ MP(PB[J#L-%P;%\,R=AQ=F76WR`&&;--VFRGO5Y+6&,=PW@!^]>"(N,V(GWIY MTNI5Z_GVW`*_4O37K<'%M1.5)Q=>K1G7T#S.F@WK%;+EQ/=FRHD[I66!`;U< M-L9EQ.LK*:$'AL.*<&5E\%_W4])Z(V&S^C5@T5!OAB095R!="$/`9;+E$?;F MS9GAQJ3D*I2BFC.(,A\J>?\[=+T*LM8"/SUSS2`)XJER!/-,M!%I MP,S5E'/7+F89HB@$#HE_G=6Y_/*RG)*63_LQ(+QG:^>4FZW<./?B-8-SD.&Z MR2>D_:2J$COM0=B-@R@G'2A-XJEVNN-0R-M35Y\&Y^*C1F>XS`,ILVNJ<4O- M=O%=1[GRT\%@Y4U/9X]8#/08+K2:*4>U+_H`?RD5\VVQ[V8C5;>9498C.]57 M?Z5E0;`75^F@Y19W19UQ;97:^X,LN,:UI_BB"#S[B*\<>*2-7*:9W+H1C[D* M@X'W.FR-6L";/$(F,Y[QI4)^P3@=0%I`">.:ZLI:H17XBDGPG\1]F('"X8X) MKME0ABXT>N,>[RBY1`@HF>1<68\4MOXHF$WG1O9)W&9)A4Z00?M1H<7R7[AZQ(L?W7AZT#CS3O>#E M?JM=E4#=UK[^`GJL6\;72*"=OU&\VT7#>QKG:P#L[`C?XVE.XQBM.O32V6#( M2NN\LDI`[H415RY7?CNX"ZS;3@[F.`S@GV=^-0PBJ7(>5FVA$DZSQ3.249?J M"P<."Y#"YQ[JZQ,+%J>%L#PVG^A0P2-I!\NQ%IACPC1SCZ3[*#0Z0_AMPO<' M?-2MI]Y"RJJ<5$4WZJB43W=6.\6'`%QT##XXCMBP]5YGIHE7RF?2&5;`>",V M,K0I'B^5H`1G+OJA4C0;CXM(8*8O[LDB'85,"&;Z>$1*7=M.!30X)C&LGZ=6*.+[!"T='+`5G@MI!*'; MIQ@@\")*G;NEFFG<*[*.U6VK7HBE#REUSE8"P=F*AD-J2`)1(=>?*0&-BR-5 M&YVO/>PFJ3+H66J@%KG$I)C+)RR/7;#>ZP`;W:NX;5WW;LITP<\DH$(2^:86 M]1LKT2-(0E&*LB!NMDE!,Q#,YE\SI(,J"/QZ3"<]..ZMDGW8'V M!'SFXX7(WP@.Q%Q[+3+AA M3]MPS`$7W2SC-IW33, MC#[([E%NDT@;CT1#!C;9CS(2$HB6AH=8M!5?=3]#+[.$MB'"'?HB1/K,Z:-$ M.]%9?;KF8*?93E&B4;V.WBA/^^)]KI0\K`/)-[C-(A60&_K0H]*!C=U9KR,: M"=X>7.79!E3<.`UOFT$#=GS<`+9V-<7<_`39WDA/T3)US2&P!'%GBS-W&K!5C[.H87[`KEX4=;4 M_'(9$WBDY9T/*\\8Y"U$--A4.,AOHPIN,*)"=-D4PNWZYQ;)1%C M/(FCN44:S+X69WP*;7U`YRB;&F;)1P4[K1+,Z@V"(G@C%BHV2A4G;=[><4/?RW$94BGIK`S%5BU0G,M.]3)006.$! M$B;)FSHM"Q,.5L8*-A7^J6$J9(D<@T[#L!.BS"IS5X-`JW$.[,PR9T)'Q;I- M*$6N%TA4PXEBSVS MVP,5]K^JH%#B;$8\S!P.?H:V>6KO;F9&6D'!6[`YP?145"3V5M"_X8REL2"Y/NVTM^S,#0$%[L\DNNASE/]3>\E<+T@$`_@Z MS>(!9[`[.>Z9EG1A5DUW![=T<]RK*>[>;(:[K[3@.!:YI;_G:]\!DB+D)C6G M@;&F28BTS5"";Y3N"BD;DI(0D[X!L/)\STAA^WU>TKORO8X-'(.5]Y5C!U%> M@8K?08YI"+F>J4ML9WDS8;P29N><=$N8/_JB.`HY\1K:20[ET'N>XR MC8^<-:2+"2!/7V]+A[XZV+-O^#E]=RR9^IW.*Y9!E9!&-V__QO`:F]/LIEKK MW&:52ES)EN9[W#3]1QS.MT//.R/Q?J=S2@-8$JGHGY;W9\IU"31^V%UEBA)T MVJ\\[7^41'4*XJS(FAL^IIQ*XF5G-);3:8$:P`8*A]2N5]S M4Z]D=N"%"9NLH=L,DYDI5*176&8IN(2;@%F1B!PZ+MY3*,ZJ.@I?8LP$6>I8 M27TOS"%'P`6[827Z[!2'@Q+BU6<$N102Q+Q>)ELZ56>27-H M/_.9!<>M8Q/EV6R\[-FH3IUH8.,^%6.^,:J3!I'Z138Y'F>$@VA5G+V@8H"D MHYP5C*^ASI75$3`S,L]),#=Q_,\D'IZ?6=\-0CGRGV57;@B0SWDIKU,]JGY* M<_[`:B.KT>5BZ@)Y7]3WH-QPQ'I-,>[7-PHM&*)!/G.K2* M5;,Q5\1%%Y[ZE;C=)"0K7"Z[3!TJPT_9NDGU$/*4A?5:)<=8A50G)T5#C#%! MH``8UG^)77&0=U`65VDF-T^.[[]J.L,40HR`;J(OQ*/-L$+RX5EE]1F%. M20N@-=K%*?D]A`3N]S.ROG)VEEV&E9P>3A)S[I;4HO])TFOV.'NH/89X"[`X M<>L)XHOI1(0I/^HM?!)^:#0=$0+WQ4.Z#(Q(O*PK-3"D2^<4+DZ]1EB;Z M4@F79!D7S\PQAX!JP";E!S=VA/QK55,ARE51&'W^OKC6C;BH!HS.?,M11;=?P+(OSU,X(^^VJO[9YA M=4L`X&N`>0A,W1JEVS@)+RZB]6OJ)B"72.TC*7`?-(IM70ZSS0GJ!6+JL`4)I3-%6N4_60"5_A6 M0W\2J3J*AD7U>YOJQQS+LB0=."A*,9C/XH&]E<95+(]8.B9H>6?JGE^']L$; MB$."NJ+)2&GC^F*3@WQD8\B%IC<,1>P8Y<3$[XB\#0J,K@.H2--QRPO5@X7W\^* M>:HD.FN=`ZV*NINODI:CE0C$+N4>6PVO=9(ZSA_?6Z#ZC3PPHM.55,[,&PBH M%:QG$G?*?"91?>MZ%IGF!,,*MODUZ9?>RT[WR/$9>"\/3UK=9J/J-.C9)UCO MNCT9%"IM`[,&9+NV M6]V9=-<39TE+'"'8#3-U%C(H>HYS0[+5V,[ZQOH+Z3@O.XO( MG2YPR%HI53:7>"NU?)?5?OA>#O?F5&7Y%/3_08;H>\BJ5-)P>"O7O%6C9N"@ M1O'4F<@.F'>NDP,G2;+L5%V\JM5'N@9&9AY7Y'9SYTH M/C+8`U6D.0XX%C+EZHN5A+A+*2ZNUOPAT)68)"E79Z*1J0),;?#$;T>3DV0I$:;5T*^?$S&?O?3'/X])S M.H%O,=8EGQ-=@D"ER<*@KVBL/4]2;&D5'?6W;[R;)B"3+PS`2M@EZ(2_+B]5 MDR*+AM=I`CX5E`2"1K3#>6=69$\\`*_42^)+11LKJCMLF&I'DEG,#*FZUJZ[ M5BG\6\FN_`OYEUX8V-8;U:NER'A)!BKT7$=K1XYKG&1I3@)O1S9###B9_(=X-KFY(($(V=$:N4'"_J\!7S..>=^09@1 MN0J:CY#\58XT37(NMA$DXH!3CX4<8V9UE$!<9UH_=IK[F#*@5&X[M(T:;2JIM@UON#M,BOD;`$NR4^"S36A:0+AK/G MHEH`B#Y)`$GB!L4X$3@#_(Z-<@,8B^:A;5XM=):'CO-MS1;=LQ?`.D\LOYF3 M'3I6%[Q)[;-J:"X'Y&YE,ZOU:K?/5;)&-0#X$GRKS>ZJV6VNT#F'5]!4`$TZ M4SYQ)(PI=:9TSX!K3`5.QF]ABZ1I2VY@ZI\%WYSF#E5K<2@EF6PFD9,L!WN: M*R'TY?9:)5MAXF:C>N-DZZ5QQ/>B9BB8*/AF2@3/**M@H@L!YAQ'.BOH^Q2% M)G#$*?RDEA!E^M+=!*GH:WGG)#)[%:>"B>67L!DP"B>PQ&0+5@Q\IU#D,H@Y M;\-FJT$4K?*7M..G%ICZYI"@@*GQ/RD3L(8]I#S$J0@8L;1$4'/)B M\M64$F-"3R1@J-GX3TD,^NLZ(QV@18?96P:!D+9H2IPVE4M@.'5N27 M#B#IX-*7H^*7`+H-R8-")?-%:PM]W`XGQ3D=#]Y+N<>F=. MT*B(1,EMJ/DP&(Z$M(2L`9@*6DNL).X$4RG?$0Y,F6X)IN-:'S9]Q$0DS&>: M\AA2VL]D0RZ;>]JD-LQP&[6+.T'''#K\0407!;6?HD/D=DK,!80"GT< MH#OIH(Q^FA'_1"2UKDCJNC8C)1$5(NU=53B>Q.DTU"U0TXD$1!-'1-BLGHC) M;5L?3I=@X-M.MT5<3;D2K<*(_%[R[(5.?.2'1@(7-8QR/![ MB?ZERU5")V/?`(B"LO&D=9$9V7J"`W=_SK:"VK2IH*/##+UP:FK:-AN?LC2A M#_U;+H8VF/MM#Y\^3[P_@JF*,>+0=UM<>%22:L/Z;Z4LM2Y\KBYS$:=&;`&G M2E5.-86R)@/=E-4MD.6\[K8Y5?'X2*?P_KKP?CL]_82OSMVDPV;C7\;Z_6P* M;%T4Q"B(,^:J@H^!6P5!Y9[UL2/<6D^I(555:R]QVC_`[>GM>\N6RS8^G&6F MDK2X&%#G:BP.:[XRT=<]Q'>(7GQ1%`P+L$P=0>4D,?=T%C/7_1HH[JE$(8AB M5J3M0#+K;`/9A<)ROC>,[Y0#(^78]J\$U+:HA^\A64/9B^)/7HR^IV")NW,* M?R^3T`(,DIA0.W,X3?>CF=.YL`C[_,GD!-(H5PXME1YO/36+QD##@$5]E*MI M6VB`Q]LV'"S8LLP4\$B2/NJV3;.Y75OQV&GHD"6M^@3+W6R1%N(D7K1DWY3? M4EUAE'LDLMU65=:H^\3R6OA.AC%*CP;:5T9:DX/0I030A4;A:$-Q3]5-%:N5 MS-6P7S(;FFUIO,&[?:O.Y06*'%:/H2,CFPWW&!:WE)!<<"+9@YFK6UQX&2`L MN5PK9XGG4G&ED/!HG7M4.'7ST'5".F18=^9LU5M;G*M:9"^8J^I:*>A4J64J MMHHO:K@$DG%^I09$50YS(#%9C!R,$&8LV?GJ[3K=0W";A*.;2I9.&3):7M[/ MHDMQJYY>G'E?TDG4]_9[[1D9OYHP7C:/6L/JXMN[07J+ZVLE\>VT?S<)A7?A M@]X"Z2W-*NK3_Z@^C"Q4::N*P\^>_DG%5%&'FT41J#S%#9.1BZ8PM80^V19C MGFX](\W_%O>LKTC?&S'W=A!]Q:>?WI;YWB@()C]\S$9!HJQAZ[BF#^]PCC\. M/SFJP#MUZ?J>3R!OY=-D8,VS3_1R/PKS+X37=S$9^[\T&Y[WDYZ*76OGC(;W M7`W\$Q^D_PN6PV;Z.[@KL.5)SHGN`8%(@WT.AS^_"-/X[T^_GO1.#O?H/YU. MI[WWO^UVI_WWQ9?W?^\?]O[&2>MT]SM_MU\PQ^*WHCP]Z':._O[KXOT+SN\= M!W'^\XN]_1>_G!#+:+0'M@\H*%D!0!?&O M1-])H7_[AS3//R9.OZ_U@ML]ZE:@O068&>0J[S_Z+9-Y9Q<:7A;K!?NHN]^N M8OD&4*I`V_*;TH[BO3&0S!&Y-^R_X#RKXRR'6UI9]<,XGL`J2T8_OZ`EXG,^ M"?KZ\W4T**Y^?M%IMU^]N"\?W2O2":>_J(^7:5&D8_K&89]%ID?G*)Q^$&M6 M2R^[SPWT.7+Y%94,OW*68>^^:"R#AN7BPVA;$R;UMPSUPBINTIYF)Z%U" MDMQV(RB_H2C5YBSWN\'KJ>V2M3F+_FZPBRIK[]+TGPU9<87Q MWXE7/16%?_04XS8:0&=2;`S9?Z1?4%#?`,>S`T2/S9R5#QV[-U9%T@*,B,!Z MGD.X,R0RI>QK0FTPH=B8WF0*W8GI$E9H_%&&9NM[:LIL=/FZVS[PN[V>3_^^ MN59$-/77Y1EC%+V6L$%3YT,TS$'I,%O6;51&OP.N\>II-.3_KS9MM M'F>KHN?E76'IWA$83JQ<%9I#OW?2?AR:W!\E#Z)3O3O6MSNLT__@D4A3;Y+O M;I-L%0MYL&S]]Q4)LX4"=2'H=Y"6S<9K$97>:I)R3?OW?LMXV#QVO]TZ4:_M M=[I'F[*8W:1!I[>R'[$FP#H(<'#BGQP=;L9BGL9:N=\:]"5(S5I7F>B(6&O[ M9%,6LYLTZ.[[W>.:!L_+70_]X^[*&NV&<]?5]=4'6$D?56GDV4Z?=^.Z-_C< MUK5#UF6AK1>2.YEGG7W_I+?_`-POP<(:<%`3_E$)W_%[JXN2FO#?#>&[_O[A MP0;3_6DLAH4+TU]*,,[)JMOLHKSDK(QZ/S^/!#OP.S4GVT'*[_?\=KX?XV"\/$5X\_Y/N99[1&Z0EF9)/ M<$MV1QCN)KL.VO[1T;U9F*+]A+2KY;2 M81(U'C[Y[B9=K+P1[CG%!H6OUTD7==+%]F&W3KJXXWIW(U"\3KK8!A+521?; M0*@ZZ<)59NNDBQV/F#X\6CF"\KDCINO=42==U)MDTS;)5K&0.NEBRR,B>QW_ M\'A#(B)WE0:=_95C>FH"K.D0]`[JI(M;UU`G7=PQZ:*[^E51?;+7PEJ/_>/C M.J7MN;GK_N&&)+[421=U_-J#DRZZJZ<0U8&+WP_A._Y!>Y.#[VO"KXGP_G%G M9>-@&P-6ZZ2+W=K/^SV_<_\8MIJ3;2WE]]O^0:=.NM@]PG>(NQ_MKVP';Z,0 MJ[,NEF^A[RD`^X#4L>Z]=W(=>[^]I'^8]*HIO[V4[[#MW=UHTC]=(PVUA.^V M^]5YXG7;[1,?O>F[4@C6UF@TWKM4+OZ';DW3,?'G4.M%`^M[+7NO( M@(S77QZVCIH-_0T@6S`^MVJ;2$NZ>-KR%DTFC>N^X2ET!TN]8#+)TF\1FH)A MEF,SK:RAJT;O[/OX^<`"(;\?"'@]"[WZH:=?/)2FG1+AB<;;`:EUP8A)9,&3 MQGU'[\80UVIXJS?):&-F43Q%/W;I M%I=['X+D*]'G,@/%DD"WMW>.JG1+YA9O22A]VWF+$$FCS-/MVGT]$L[?B$;3 M?619.M'9<%O=\P\W3,F;OMN3#4R/TKX)N.]R.JP0Q#-1@*=G<^)G!E?J'ED? MK&;CM7-8"20ESZT^IBIAI#28++9R(-8\S;Z5G9[F$!B MVLZ_^\Q9NOOJ"'$_&C``W`;SSX M_X-^J$/`>YK_3S@@^?!G6'P#\T0U MA2?T08A$1;3N+H=[G?VCDRJ95P=MMGU@GSA43MM!_CU/>,-\E`:OV!$L6=>[ MG).3_@)/"`KVT)Z,?@C6F`=168%2Q;V MZ!;3_4%_5V:DJ6339P+\^S1*%WF=C/4CGA68(U"?@V0J]J0FA'<9CH($KI/P MVX2&@?]FR@;@]574O_*NB7G1[]=I]H\WQL_@E62NP64U"MG91.^J]M36K+39 M82<_YMXD+>CPH4D[3#!X,_IEEM%7&(>F&A`++O,OPH'O8#,TDAY&H3:]O1!6 M(7Q2O"AMA$^RJ&^@;3;*A$C`#C>R1<;:[`R_13FO3SF/6MXYO#ED54X@`W/: M17KV9H.&]=!A/O9^+\FD%LNWTP4(@Q"CTHJ)L$*W""O)KV!@IX2-J9>6!9&5 MYK203,1TTL`H&`@[^&;&PJ9YTJS9@.R,DC*L0L^V5M`OU+;*R@0XS])R=%49 MI]F@@8Y:WBG6%WZ-TC*GA0Q$1A.NO6AHZ M#;W`81#1$N`$(N)NDSW/+H4=>V>=P$I+.M)6+V6+91"*&BSCP30-\^&!"45:$8;(' MCQX<;7$)GP_$4#P@5=/A1(8KTYM]/LS$0^1X";LGWB%^GQ!N^6&IW9WP*,1Q MX!Q&.N.#4#%CM1=$FK6\CV4FW-QYR)F[GX[IWSZM@'CE[T%2!N#&BBO*C8%] MF%AW7E[^)^P+S*2(!R0#B35'XW+L!0-6S7.^%N)KCD$$J29`9^DTB$EX38(I MZ[/@Q")/X70&J$0I+;"SM,6``NI,EFHV_,-NR\6`D0>%&D1:_0-23EX M([T\&D$PDW*OX?,IS6H7/(;2#"]%@C6"X7CI5_6VFE4'$LT(,"C,RM^@ M0;$B;24U'`%!HH>SS>Z[ZKBWJC9.'&Y&'?>,-LY`:$_<)(B`4J^<$)R@/`T" M=U48(M*B$ES1;9GH"&\V<*)KPZO>*'=2E!L_2,TDGWT]IPEI3A=EM)6KV2[V MF(3+V",-+?X$<(EYWFA]Q'-I-XP4?T4TE>A(J5RC^@XO]59@I>I\)AO!I3]9;R5,WTES'4J@_7P&(@ARX7QQ*4MAJ#]:K\ ME;2Y>S#8BKN#6.52!LO`<&`HC2"<=H;1LM0@#FKBT@P#-?M`7830U#K2EF%C MYBTV%3NM1?=U9M1.9W770<]]I7_2;"HJK\*'"@-5L9]+G/XA.\07N-SA,)^3 M!C;JE=Z8GYV#AC5TMX2C;<"Q_O[%PP5MVI;WOIRDJH[SMJUHFT3$Z22+XL6N M)'78YAQ)%RU#'G.WR)R>H]N55XD?K_J09KTJEK\OLXX/F<'#>1O)K6=,@RLO M^+SR/@<<>%1.>`DE8)BE8>?DY$C"P:^"@7NG=AF&B*,GJ3C0,?[M0UY?D(`M MBT%.0!"PH8ZMU9>+2LS6SN4U@?XA(`R_RZ9!S1'6SA'^"$@4+M,:$U=;G#EZ M`<>MX8B?706X6Q]Y%U?I9`)PK<<5FMHP#D;Y5301+8Y#]35Y6Q97?\WKZQRZ9<['M0\%R7`:$UW@3*FA(,4F#EU8H+(AC824 M.8YSQ\MR%TYK$P_!.&6]!-/G(8=.8_C,`7,CR MH,NI-RX+!-[3DSFOWHT3:#9FV65O\Y6733H(FX:;.:[W+BW[I`VGM1_Q*:_@ MV]7P,,7_.#,-#'!%3R)S1$-`R[`N3B_N;!G?Y&6TS$?K=>A9R*HV,[5 MEJ+$AED[4H=,I=DX-.JI"(W*[-8[.9_SU6WMF_EK97)-H/^)J+]_AWFM2C[5 M]5J`8]=&-]I2:G-7=]3=\&(>`#47Z-I7DM4:]T:Q_5HNN M4,[[\.%,SGBSH1189WR.91>GP%PXFW`@PW0X\H8`)YZ5$\N,^I7H+8FP6N)% M"/KHF(H0@\LL#0:&8Z+@1%:.9VY^;A0"S88VWK43!7=J[%Y45VG:;;"4X9,V M&S*_!?/%Q4F.6FI79-TL.C6;!X+"/;XOR\@@R2.8)_?D\N("69AF8GV^ MJ0V-4X[B>"M*@!4"87'#W38]"/[_0N`/^CQ MRYCVXU8N9ZMXOW(A/*XSQ="OV3BOA.W^-K[\G\?UJ9BI;@C=I0!BZ M!9UN=JBTM\VALMR?TFD=+'>HS/I3[NQ+.5CN27%J;#V))Z5FOC>NY_=H/)YZ M9U=IG4ZV;N[[L5^DXLI&T;C'XKZ_,_&\#]$8;@!?Z]XWQ%<1%[LQ.D#E0RS- MN7#XL=T]#D->2=U;J'L3B^WZHK#=R14PQV()A!5=`0Z+/?7&PNWU/:`B3]7; M]"X-L@&'.+$6GZ)L72YNG*`Z@'FTV;#/TD]5BJU:9NM.A4&J=5'$6?6O-/L< M*F_;Q^'[M+PLAF5\VN^C9..Z:PYUC_>/*U515H')6<4Y2:"<39#SY-?_EA%O MU--D\`$%B_*Z(,KS%$0Y7%M!%$-C5D68RE=I3.?Z?`QGZ<8525&R`75*, M/6]"JN+L=A&\VB:M4OH$G73OO$=UQ?;JLFXK&O_B[CO@SH68\4BED_W3M$JF M=PG'R<\O#E_<`(FK,?19S-_6Q7C53>/:)JNB:F&/@3FH'Q=5=VHRL`O[I?L\ M^P7";I/W24T@4DTVF4`; MN^I)5Q-T5AS_[MS63'#?9@TK=ZO0,W5GIKI#6UMT43M&D/P&9-+HBT M0__HZ'CCR+4=#8F-T8LN&56;]WX:PKJVY`[T@Y2SNH??=M*]TS[: M8+JO5\G99/7NJ9K7+Y[G+BK+D7_079EWK'LQNTF#[K%_?+PA--@6Y0-A=/U^ M.2ZEY,,`G8#Z4:`K,#0;;B.I6CH]BW3J^B?MNJ?T[A&^<^0?KFY7?7=ZR;*% MK;7?9]U<]&88[MA1V.^MKA35;66_(\IWZ#S?VZ2JN\K>LH[-"GI[/Z,T5IN/ MFMZHW(GUT):V\KV7^ZU>M1/K@4W`7="(%86MYCJQWHB=F<"J%>.+JDW0WD?( MVDL&.7K!W3?TZ.^#7O>DW?MV<-`^Z:[:8NKH\+C2%*T"217(&]MKH0'?.\3X M(M2-B"&$><*5=(X.*PNY.[2/W9?N/JO8[^ZW]V_L4J>__R-*TBPJIKJ/H^ZY MA_Y@G\-!.)8B?0\'?O_HX&A%X/>KH*\(XFJ]//^59B%QCC,N[M:??LD"(EM? MM4#C3S%3\70`UH)#9YIA,N%G>Q,^)6+VNH>]DY6Z>S[V*F_>,_IITU,.YX73 MN9X0.=W.?OO&;;,4RM4VSE^)ZM4T^"V($ARDCXG31/4TX\!?ET=HE#XE%E9K M_GK_M:Q5WMR!171FFG!NF+Q9?26'!QLK;E9?1*=]>'"XDKC9(K9\`^CZ+;VS\\.5ZQEW3GZ.&*[M,I8W=8V6'W\#%TL6<0W7=9Y$GO M463W\[.D.RRZ`R/T$;F2`MV+!@\!G<>BT=#SM)BJ3T`MLE^B882LO_Y5.`Y_ M?G%5%),?WKZ]OKYNY6&_-4J_OCT[_]\7O\!X..YV#P_W:6WF-3M4'HX@D'_Y MZ=ME%@^B']#U->I'Q1^2]#"(QA!3:?+S"[L?@H)CI."_*:9GNA1&?OHMRE_\ MHA\[-06#/P41B?BS8!(502SC_O1VX72__/16PZ-6_K:R])\F3`<'^B+(BO<$ MSR_`X5X;_Z,QS+?F0=*A[6.=[MY^!T,/G(=^>NL,_M-;1<#'H:8(B&VF)GT_ M3A/>^[M)0=;XMIF"IS;(8)D2NJ.4A3VXS93],TVXDG+*Y9>U+K*;Q&1?\C83 M\S,*/"7AX-<@2XB:^2Z1<>V$VU+TM&OE\,&;O;T:-=M/3\V#D\.C[:;F%QB] M939=MWJXP32L%?QMIV"MX'^WE*T5_.^'F+6"O\5DW"P%?V/0TSZI%?R';O;V MR4K4I,>>G)JU@O\=T+!6\+>=@K6"_]U2ME;POQ]BU@K^%I-QHQ3\34!/NP[N MN/=6CQ*B&SWM7K+H[]9-HEIGWU3"U(KX1I*EUJZWBURURKSA%*KUX$VCS;,K MMT^YYCKFY*';LOW4)*IUUDTE3*VS;B19:IUUN\A5ZZP;3J%:9]TTVFR2SKKN M-==A%`_=EM85_E0DJG76325,K;-N)%EJG76[R%7KK!M.H5IGW33:;)#.NOXU M']5,+7.NI%DJ776[2)7K;-N.(5JG773:+-).NNZUTS? M'.ZW-VK-*-9QN+??7M^:N^W]]LEFK;F[U][?:Y_<9.]/\MQF`5% M:CG5*K,+;A:_S\.^#Y-T'"7+!EZ$&SOF_,L_O75@-TL7'D=__']02P,$%``` M``@`C81L0,B5!F.P#@``0M0``!4`'`!I<&%R+3(P,3$Q,C,Q7V-A;"YX;6Q5 M5`D``TI>7D]*7EY/=7@+``$$)0X```0Y`0``[5U;<^.V%7[/3/X#J[RT,Y%E MV4V:]:R3D65[JQGORI6]::8O&9J$)#04H`"D;>VO[P%%B:1$D*!)"H2V+Y9% MX7*^@T/@W`"\_^5UX5G/B'%,R66G?W+:L1!QJ(O)[++S^:$[>!B.1IU??O[V MF_=_Z7:MF^L/@XDU)AXFR!IU/R*?X5?K-P=YB-D^LA[M5TKH8F4-;<\)/-N' M9JT[3/YXLCGZWA)_70L>_78UN;/.3OJ6-??]Y46O]_+RS_=''6OSA_]Y]D:;I<,3R;^]9?G;]!X=,?NE"CG\+ZO34BSHDU\#QK(HIR M:X(X8L_(/8E:\B*0%C"4\,M.`M?K$_-.*)OUH.WSWJ9@Y]MOK'7ABU>.4Q5> MSC?%^[W?/MX].'.TL+N8<-\F3JJB:"RK:O_=NW>]\-=U:8XO>-C*'75"UB@0 M:$E+B&_=3;&N>-0%#I_W3UZYV_E9=/B>40]-T-0*:;CP5TMTV>%XL?10)WHV M9VAZV<%+&'+![O[9NOYWU]0)%HCXFT^;N#?$Q_YJ1*:4+4+J.Y9H__-DE(*! MB8\8M#<-%AS#<`D1\B.![(D*/:6V>U413*#F[P\^R)[H8SR]Q03&#=O>/>58 M=#'T;,[Q%"/WK4`46S\DE'N;H3;CZ3T#K0"6E?!1``@0Y]>(.PPOQ2.0H8'C@+[B@WIU M#Y4=#!VA5__*H\X?;^6(+G*;9O8#GA&8]AV;^(,90^N'UY@['N4!0PWR3;GG MIEDP(L_P0=GJ(+!S>VL:ZJV-V:^V%Z"X\R9?C?SNF@9[C1A^AM=.S+?<9Z$N MRN%U^R>80/"N#1SX"70?=!AQKT3-(5X![HM_1T2LQ$OQ+Q!WA\#V:%)"5#MN MG@%@ILSPDX<&G*,#S8`JG38-_`.E[@OV/."Y%AZ4[+_Y.>/)/]!TD-U1TP#O M*)D](K80_3<(+[N;IL&!DKW`_N%4F(+^&M?=?.@E93^)LH=1WI2[;IH)-S8C ML'[R>\1">[)!T/*N&A]I-!.?$[2D3-@)AQECA4Z;7Y>%I?QHOQYH0<[I[0"3 MUZZ'0!1N=OK*[[%IR!\QH2QT#`,(T`,/,L@JG3;^/CMSY`8>&D^%>61'?H!_ M!;:'IZO0&@@]`@1[@ER$)C-0,TG MY*M1GUE%$P86('>[J"!>"$!27B/U=]A^PE[HF%"B/J.\)NJ#A7CCD32@<$09F'!N#\`SM)?9M3X9(4EH+Y:&5+R-T_:,^N@JD M/55&!Y4B+@/+M/@0!MBS[84.17]H,R96[=#O*J%>K:X65&!14Q):E[D`=HOI MH/4:31&,OPMO_EH<"I>HO!J:$23F[4^4.*HPLJMIP8*?L0N*G)JJ(RNM@_*- M"U1"ZO9G';0EE)%8KY(0FEU6#]5I3S*\9C>OCA>(A+L";BM5U8,IBAL"15+: M$T5TT)B8#6!YV?<12N@NK*892_Y4TA*-]X[:9#.;/=(KF_Q10+:TO![JXWA! M$=W[)7537+AB2@KKH'O7_26A>*^8#EI#HTM%'<\HJ)G>0I'(+JN-ZGC%+E9C M1?IHH=F055(/Q72)F+^Z]^PPVV&;^2!?VW.KZ,`P0;Z-"7(W0;&$ MKP3L`^Q@&1*%BCKP/,PI\\4<':>DR'P3F46UT*RJ8;5$I]HG`VR&M6Y]+V*, ME`Q\G^&GP%]K)6)BI,1GU`-29@4K5DV-Z^#+(T,V#]BJ<`++*+BE-Q'C&+`T MZ39S-@W"OWL!CO2^DZA$CP>+=62EBWVTV-2?,KK8\])M.J,R!YE%&0Q+N/7I MW>EIQWI!8G]/^!V^+1D.=8W+SEG'"C@01Y=K)V5;T>5/X%NP_=-C`*MF3<>@ M^\<`.@O8V3$`D^BH,&6*H]_7A$2"6QA1CL/XX(;&ZP,(;\DSF0 M59W]22YD.=6WX,\,TI;?`KXXVAJSPB`]Y$UR('&>QPPP2#EY"P/J\H1L&79N MIL3DS)@Y`:W86#%(UU%%G1$(B_$:I.FHX94EJ,:0#5)YE"'+,BMCU`;I/J50 M9V7#QJC-5'_RU#Y95E*,V2"'J-K:EAF/BU=V@TQP-;S[.8LQ6(/6)S6PTG3C M&+-!:Y0:9I509PS?H/5*<#GN\9G4ISK)(E]&T;$`RZA1EU2,7A9@',B>.E.,$6!"`:^80U MN#LEA@?")%M9S\`?D3^G;G&.UB$IT+HQX^9U"9H8ND($R>5!5EK3YHR0O1$I M4HK3I71MN=@<3B7XEQ",C5TOI;ZXI@Y$H*/'(BVA/5U&.Y45,@++MZ,%+:@H MZTE)$"+(S7\SY.6U)(^G2K+(3110$N2K.V)@/@S(@&2YX/O MEM)"*0K?G@^PF#!;G.`V88.ZS\)S#?#%6K*S5`,Q0M%*&[NY(&9E'5@!R MSV"1))"UW-VA02--9?5D39-&IO5H9F3.:FEDVG6F1K:3:KY=KHQ,TBU$^`9U M3Y(`T/(YJ%#3V\FZ3YM)DKRX8\)H;SYIQ3FU=!TAIN,G@K.W*JMMHP3-6Y\ MK[N7_[O\#W+B2L:PQ7?$\,3QRUQ<$8.V^575!>9@W;>)MW+;$A:K\%NDX+C_ M#=::TQ8QL$5H5([(_0(FK3]+\K;V[H^$MXT)\V%H:M,H)),P:Y%9A0;;A'^" MG"CIS-D9V3%)3&WK-5'L1-@N%@4*5H,=EN/?_CT#XDE5^II8:MI#5YLD]#.! MM\;#7Y"[\6>F``\8YN*>E8`)C2U\X=XHF14Z,B8DK\,IH6"<[>P,J5?_-S)B M6!_3R@:'^@;Y"VNRFNL*K)ET^$(#K#NAM'RR$8O$E_"I%(:^A`\'-=`IOZ'AZ M\^K,;3)#$WB-QR1;A"202C6A!>.K@S@'B8E$120RA?DD5_`&N&)*!SD*AR#: M8B[NHX5%,3QX1P:Z4IOMYL(VEZY&+F2UJ6E/:VH"')&=T\'$2[EW>)8$_AL; M:Q=NE3O7BJNV!M/.`6#10)2!)FFA'0@W!S*7$$K(NZ15L;*F MA"*QO-TS*A+EW:O59RXD1WT1*=%`B_"M\WXKX,MJH$7XU)>_$@UH"7G:JS`[ M&RS4"5H&#-0SCL`^B\^2DX5"BROJQ#.>;H\\+`"0+-D2BA7OQE.IJ1/1(QTX MH-:+W0/IFUL*\,CKM0*-]-(=55CR!EJ!K\0-9&IU]:+:O!+)W0&%<#(K:4I) M<1!RPXTU(\X#6/35IN?">KK1P*H1SU_H*>?"07D5W1C$R0MBWXGZ"Z-6N99T MO%1?8LC'R\BC]&^;,9AZA&7.',SW=)?2U8U)UJK(SV?,A;=&J#QN$/KO01!I M\.1/`V]C\$IXJ515SP6:\4N5//5=PE5I<3V796;YD2242PKKH+L@C"D!4%1+ M;TS]#4&)G20Q94/+R'L7&F)0IJ5MY*GN#3$HT]5BY#G`51E4+HY3[21@?8>\ ME'2W[20VY:BG1EX058TA=V<2:5/2_:`?V4LR<[%-O.` MDZ9>I/R](9+S@+\Z5LFV7E2[4D+/?M9/U$=@`V_O'-WN;^5C-K-)9/L,*>'4 MPV[X!509S,?3>X8XE%L_"J!Y4'RN$7<8W@1/(JD*#R+PL`,L?@2*KSSA_FXE MY`<\(^'^<>(/9@RM'UYC[GB4!PRUG/K-G+\RAN);,"O#BY]CBMLN(K$6-B+< M9T'X$&1=')63FDV,&83DS1A;GR`@NA/S7=N'8]=I9PS7-Q3TI>7D]U>`L``00E#@``!#D!``#M75MS MX[BQ?D]5_H..\W).562/[=UDQ[63E'R;=<4S]MK>RSDO6S`)R3A+@0I(>JS] M]6GP(HH20((228`Z!6S@/CTP\'QX;N#$::. M[Q(Z^W#PT^-X\GAQQAAD(\>D)O/O7GR]$EGA)*0AAU=$OH[\\HP'\=\?]W1_#3K^"'`$_:?#A M8`W7VS/S#GTV.X*Q3X^RA@=__M,H:7SV%I!"AR^G6?/CHU\_W3XZ+WB.QH0& M(:).H2,?3-3U^/W[]T?QOZZW!CK<<-5\G:QOCY)_3%H'Y"R(Y[SUG9B1"G!& MTA;\;^.LV9C_-(;U.#T^?`O<@W_P";]GOH--H'A!87+[APG3W'O$.1TIC'^V+X`%Z_O88PD[E<]Q-KPF%52;( MN_>#^/NY\%`0D"G![JY`%$?O$LH]8GCGA:DQ1?B"0^(@KWEP<"#X<]P`A'2@ M9@ATR'AMZ,<7X,&+[[EP>E[].X*M.Z'N'?"$7?CS!?P3I@%YQ8U!J3>?=L1- M;<+ZD[:W+5M MFC@.:#9N?1OET;8.]Q(R\ MPF?'S]L@9+$N&L#G]@,83/"M31SX)]!]<#?;?2]JNO@$@I#_YPWEDGC!_Q.( MN\5@>[2Y0U0G;I\!8*;,R+.')T&`.SH!529M&_A'WW>_$,\#GFOA0(49"?P3UFL3W9(FCY5*VO-)[Q/Q_PPF?<3NAFC14F;5\N26Y[\AN4OA%Q[\0XOTP%3\2_'IV,53%'EA/>JVNW=#JS]'A.Y, M:M*[34KC&<9S/'_&K":9A:XMTO@"0S`G>L;C%6?J42H:(*777=WW\NO>`LWP MD6'J\NNKY%<^5!M7<3$A0`I\T(7Y/7Z+Z3,ATV*H`78.9_[KD8O)$3_]^'_$ MQ^#XW7%Z4?D7^.FW"4SM\NFO/33+AO/0,_8^'&S_^U'K]%Q$C-\E7,-YAKS_ MQ8A=4?<23D,!:=*F[5.9K5DR-^BOX;=`0*:\;==T_H67`K+$[3JC#XQOG\:&:&R- M!7=1R",]>`B.G-BR3IU1GAPJ*\.*JV+"#Z:T>5?47J8:A(2ZRW45H7UJKHF' MV05\E3.?R?=DL557M-U'SQYQKCT?A5+*UMMT1=<#GI$`OE$:?D9ST?DB;-85 M=3_['E@7B"6+)O\,-MMU1=\OV//^1?TO]!&CP*?8O0F""#,IG;+V[=-[BV?( M2XB8O!$1)S=;[$[3%`7/L:X;!>,90HN$,.R%0?;+)H7ISWF\`BB\^`;^X*5+O[[BI[MX.! M5_`1Y`#_UF.`&V(N!_7W'H,2:^4YMN]ZCVW+=Y"#>]]C<'+'X0K?L2;5I<'% MDQH\."G9Q4ZB8ZZ;!_Y*%']RC)>=V>G!+_#"2 MQCK\1ADI#]C!Y)53\QF':M0+NVC"P")0`+*X*!Q4`I"TUTC]+4'/Q(MCZY6H M%[371'TTCSSX+*4Y<;=^$,`.N9L"J^68:HVB!:GKDN0`O$<$-L\%6I`0;7HU MJUIKH3P.5)<1FORC/KHFS]R^=*3;O=A('YT57V6AC78JE9BZV58'U3QQ/T'Y%'@_VFX07B#$>UA<$^G':)*8\:5*&I:2'+@2I M=E^Z!)O-=-!ZB:<8=K(+DB'9V)4J3%D/S0C6Y/IGGSJJ,,3=M&`AK\0%15]- M%9:U'DK MWB9#G?LFZ..W/J*9+'[RSQ']O8+MTO9ZJ,\3>JOHWFZIF^)*?4_26`?=F_EI M$HJWFNF@-78IJ1CQ@H::Z:W<$N*VVJC.-;QJ(ZRD@P[Z[UEJ354:O:*6>BCV M%YB%RWL/Q>5(5J5)Y+I@:1<=&!YP"`86=K.L]35/,"\RZA`9$H6.6N)P7WP6 M\C,ZKQDCC1P6-;6QSJ;%.N]#IZ)588@=4=MR,,Q6V";GAJ8V^CV/G_'I)`P9 M>8["1%OE`M.G(?,](&56HK-P)*^%=:J[C7P^O*575OV(2MZ'^S5P5=] M2*'>:_4EEY!]R*[>!W=IF&8?3%FF6A_2;FLCE656]2$1=R>PHB2X/N3BU@,KC3'7 MGIW;_*E4NGLU"1I;@JJ9''.9ISU?8',=/6K(U#6N'+,FQX\IB?5Z%K..*BP, ME'*6Y.O&^_IQUE.:JP^U$IY5S1N2U,EG3:IM#V]D<_2B%U_W.V2VB MM&[A/7-K*Q4?.-=;F`!HN6,QV6Y\JF\ MJOSL0_S7+HBW)6L?XKQV1YK)WCY$=:FA5+(%^Q#'51MNV=XUV=6W$TQQ87&# M@ZS4<`KU(.W^2%-N036[P)*;$FT M\/':9YC,:!(DYBR?&*(![$0X*C\"2?R.]QQ/H8V\"GN=$7161+V9+Q!AL7P% MFB1@)(VUT,U@YGOF3Z7%C-9;Z*OGRAET#3(^282(X#.[`UT`\0V0KOQ:=.GF ME>&$NL51DONR3QA45+>Z&%*7%&BMF'OUM@"M"I]CBN7[0=9:4]7VU2\*KSSC,/S,)/XMMM%.Y1]FG^N-H00M& M3')05?J[R]4=17*-_5_;34P2R25/*5B%IJJB,)PJ6$T+4&6BZVD,=K M!+QB&F%Y:2(^).RO'K*XJBK%MNU%LLFKQ]R/O9"6DMIV$?4H)V M7&\%QT$?4H-V0E]B/&K/!;(Q/\W>.6^94D,*!MFX8QQ.X$?A`F$X@1ZJUO)P M0CYD-UC:HSX:0RCT?O4CF4P%GH*`K9OK92[83F\%^U!/J@[;!%=]?:@EI1I> MFGN,^U`W2O'CKG]GU(5%K+1$:ZM M4%_G4V$/;%STJ/?7<94E*0]5CJBTC^;Z!*64;[?30>U*BO$7:"24%MO8X.?D M:.#?CD_AW!`26MZVEU3;:A#2!ZE!]>/Y59@['1ZPB^>Q6)/%K:CV-@$9"(45 M;?%9Q1,[$75D<2[J_34%_PDLZ])CNK2+EI`_B>"6WZZ"$A/_S8O]:!/W_Z/$ M$9:5X0,#AG`'6;)2V6Z4Q1%V-;U)O'W@IEUL/,(<%6!G4#`VI;F6V*XR(O610Q=OEA"TI'K)B5+5>]@=IYI90 M;3SM]=Y*U1512^T4IZ5V'/C"Y94WRGIH1Q!OC8P<'B:7A%^H0)%UU1B)7^8S MD]P+9INN#T]4*..K<,WW(61=&:O,Z.E#1+KZ@JK?)/4A%ET9MU`^:(\\;Q)A MN8]3_U,40TL+*J_E6LO&+T02B=?;)+R"]6L6KJT$.\2LD+(RB^9*5M75;O@- MCP$4AQ5$[_8^_Z>[2[CA)!:U>;DVG#RE-J[0AI/3M!&NU/]4IB8\K_W/>&K` M=SF<3*A=G-##26A2#JT:3H)3C9BKX>0_E;J]AY/II.8;'TX"5,7=YG"RH*37 MS]J3G0:;_-,`,$7_5`KUI"?O!]3*6VGH44VS@OF'%5YN0ZD:"'=(,^'O/12; M#)FI`%^+V);8#C9M90I[K6*][B99UCM])MH=]J;H.)H%OTFYJ0(R*H+XRWIH MRMR4T;-'B.V^H_:0$Q5U=9L:W3#.-!B6W?0L0\G9'9::_W4]&R&356N76#]& MR"/3):]"$?R`W1D.5K>C>W]2G4UO$F]M3JB1O&UM,W=#DTFKP(^\1O>LPH#] MPE^AC#4PL$G\&'ZFML05MB=];8A><^@R:8?:7/A^YL)_54[YSKV8#7LV#WK@K[ MH3E3M+.X=X-#1+OE9J.Y%@;'H';+U1:S?@P.@.V6QRJ./NUAM#9JI8ODP;XG M,37QX?0_\ZFU&_7^IT,UKGD/)SFJ-,I(>Q:4#4N+P])X8$A"(#HU7N!%R^(S:0E"26-M41E`6]!U>9_\/R'5^3%N1SA!6*, M>\CB2%=9K)527W-0U;KEKC5$(_>0\39'I!!H#/:1Y`M2ZJ+E70P\Q6#-N=+W M]83LKNJE!PD(3(>@U!R=S+DN]4=9\KIA.08;<3:_>G!=$9_@!!,T= M%6]M":1:0PPE6G(/CK\Y.."A_NG&C3.1A:GGUX0BD';K$DRV!'N-:387!')\ M;RZ(QM3!A;4'5_DA+<&UV4H3I06!=D,GCN-'7."A)=>S^6'F."S"[BU!S\0K M6Z@=!S,+-^BB&(XU^?V_4E=C,'%F%S;:LBXTR0AF(.1/%%.8K70VJ M,8#9^"J^ZQT&,@AO\EK\'NLI&L!L?+NM9]E`!N%55]!K#&`VOMW6TS2/)&AH ML5_UVF!$Q,-]YDM#*-XL6*:.8*NG M3D1/?EJ+"ZA!=$:X45>FSE7W,P(-?-+P$8=+7M(AY"4=X-=%$@J@!DL^@!'X M'E]\%CYA-D]DS[S$[:?65R^J[)-8+^)4"4?825/6AH.Q&W`_5E:F4.EXKNRG M&PU(C?S\PL_2KZ>LBVX,C\CCE5QJ?#!JG1NY*2K,E1>;R6O-<%]I7(QFD]K: MW8>5SR3GYROA(0>QRN-&<0`B;$0_>@ZGD9F,[\62 M[U':7-L[I,IOQC7Q+IS-=3/Z+<]HL4CB,Y&7!^J+1VHP>*A2T+[N=SQ]K,K=:;E>,DH4FY3PR-RRX;1[5$_\YQ\P- M'>YJ5U76TS\Q-X:X*Q[M&0:Q8N6IN;''W9WV%5%E.;/,?<>A*V95JA0YL\Q- M[^N*677NX7.^F9?`5R>&M(A__3Y[A?`;\W;&[@@WXK!RD.8MX^[A(>6;6A38 MU(=4J*;Y4`@5ZD/"4],,$$?A]"'/J:U/HCS&47MJE![.R"(&]5<&^/KJ1NP> M6K21$EQR1=.'V@3-\$'N%N]#[8"&]H)"<(CVF@"MJY!X_9X:Y>G:SYXHL."/GA+D*=[.<*(2KY<[1P2L;*K%O.3O,5:V; M84>=X/><*^:Y8/8/CA:?%J4!:GTH==D00Q0CD/I0>K*E+5(2H]F'DI`M<64[ M#E=_?<>NF%$G$:4/I;!V3U2H+`!VTKL#M&ZL0RN71CG_>G?G5RZF]PP'G&?Q M3Q$,CX/@$@<.(]E-3GK3']?#]8@#4NP)*#[WN'=^("7+AE4LI-TE+V+N9DZ; MC-2OA[<&%F5B;>6&*]&W>T!I?T;-%#7,+$WDD7RNXK>"V@KOW@KOF@6$%L)$".,O>6`Y8Z.Y3FK2$ M.^)#N;1+_Q4'*XZM.+;BV$!QK'9D62ELI!2^1H3%5V3YH@W/H;[[\5O.'O%I M7-['"F(KB*T@MH*X14%<<6A926RD),ZKNMS0`/9H_..$NC]@=U:(VFK47M[G M2;4]Z!4?GWL-.90'RZR8MV+>BGDKYBL9LM\!;+4`([6`/#?PAJ[RX6!1;WG< M[C`L<\D-L"KR(BVUNEJA;(6R%VYMI\:.9E4P2 MG]`J/:V(MB+:BF@KHEN]IU8XP*R$-E)"?_1]]POQ/%"JK+!6.)9K\DM\;-<< MQ(IP*\*M"+U@9*WD0+"2UDA)RU\- M(4GY8D-,W`J*Q$=?12=K\)JH.E@A;(6P%<+ME)NM.$2M-#92&L>O=Z5/5_'( MO'#)VP[XRM@*M-X*M$[I5/TL9!!4^UMQ;<6UCF+IZAO<2FXC)?<58I30&7_) M('Y_4JL)+2=&?#[*VUO#V>H9UG"VDOBKD<0E1Z>5O$9*WL=DUSW@A<]X;7-K M+?=%BBDLG$14*/2T)3 ML+*;=5M;B6PELI7(7XU$KCY(K50V4BI_(C0F]X:/@8-F\XRM,&M/.*@LG%AB MJ/2TXMF*9RN>!R.>E0X+*Z&-E-"/S@MV(P_?3?EC)?'SVA/J_A@ACTR7<0'S M^%7M(1?V&I;DWF=!)4)FCQ&MI+>2WDKZP4CZO0X7JP'(-8#OC_@4SRC`\)?_ M`%!+`P04````"`"-A&Q`AWZ&5H4K``#+<0(`%0`<`&EP87(M,C`Q,3$R,S%? M;&%B+GAM;%54"0`#2EY>3TI>7D]U>`L``00E#@``!#D!``#E?6MSW#AV]O=4 MY3_@=:8J=E7K-M[9FG%V-B5+]D05CZ58FME-7*DMBD2WF&&3O21;EN;7OS@` M>&WB0C8;!TX^[(XEG0.<`SS/`8C+P9_^]6F=D$>:%W&6_OCB[/CT!:%IF$5Q MNOKQQ2^W1^>W%U=7+_[US__X#W_Z?T='Y-WE3^>?R'6:Q"DE5T<_TS*/G\A? M0YK0/"@IN0N>LC1;/Y,/P3U-"O(A3G^[#PJZ(/#_$WGSZ0;X_/"'DH MR\V;DY,O7[X/50 MDI?A*R9\^MT1TSCKN+D@5VEX3,Z3A'P"T8)\H@7-'VET+$M*I).$M65:_/BB MY=?3?9X<9_GJA)7]^J02?/&/_T"$\)NG(NXH?'E=B9^=_/7G#[?A`UT'1W%: ME$$:=A2AL"'5LQ]^^.&$_U5(%_&;@I?R(0MYTU@82)02\--1)78$OSIB+?SZ M[/BIB%[\&2K\4YXE]!-=$F[#F_)Y0W]\4<3K34)?R-\]Y'0Y;$62YR>@?Y+2 M%>O`"&KX'CI0U/!/\M+$F7EW M61DD4VP4BM)0_A<@4,=4^E32-((F$+^%0C0]*NH`,/!"H=@L[!28`"RR?-!Y M7M8R*.YY@97=0)$3FI2U)YPT1Z=G53/(7__M/`P90\OB)G@.[A-ZL=Y%RU!'E8FL'\:;)<2)V'& M8M>F/.HT_C+/UL;>K^K.K%P]0<3X)QK2^!$L^DA+.Z0/JB#@?<@.$W0:'<*4 M_`#_%#_R6F=!4CKH@&L*Z)`T1`2EVTATR+?>H MWS7"@/J6@A>@'^T`?=K0M*"%!X!7(V8`\`I'D0"_76\3^&:Y+A]H?I&M-SE] M8,T:/U)!S`]94;`!Z7K)&*KNP%&EN"7'&-/4B*M*(;P8TBFG&D"@)#Z-NE[" M8(+&IID]SKC'8$S+PIT.WQ<713>%.I%40R+K4%R$\1LJGH1;&*^*#CCM\R\%+&Y<;V!+-4Y7YV$9/_*OOO/[HLR#4+FJ<(BJG!)Q?ON5D*^K M(G<9J2OC7V'MKS+V1ZB15%62M\\$*@7&U]62IE[RN:H9+0"@-&*9P5*Z;,24 M-6(L5Q@S_E,(;;BIVO#^F;S<0B/&Z2N2U:T8U!6_P0T\AV-L-UX=J*>FA[F" MAL>K[/$DHK&(<.P?_<#&?O6W'A5T.;X,6J$``PJ21 M)E(<:5`98WK+Z&Q)5ED6?8F3A`1I)(X9K(/\-]3XKH5-)T*KW4;#NQ;?[O&L MQ>^!T`J'I(QH51G&CUB10&F>4Q2J48>-,M.G1E?(.>I,,U,NA#\7M[<5'XK: MJ>JN(WC0-&RM=V2<`].P`RUP>=!=<[OHJ+=3!,E0R'@3+'4[Y#M.H>/3*H+V M9;'P:A=/I;`G<=7.](L.B'$7%G3P4*(9/>K"$L1Y&L%_WOU]&S\&"2Q9G)<7 M09X_Q^GJUR#94D5/V>DZ1+V502HHP2(64Q8K@BUU$??##Y]PS#?(#.G=;!GF)X=X]7<5I"OUW2">- MD>T@[F'&O%'!HQT#[5O"GYAXPS%\E88Y#0IZ2<5_1W6UH@CT"#ELU^A`*8HA M53FD*@AG*CR#JQ_%5H?PYF4DA5\1OH?ZU?!1#UPS+35--HZ=\2;(.>?.OI6, M@]_P6F%3]W*;,^J+VMYGN6**;:4R,Z.B+-S"&B&_83G!'AV3^`D#H5<1B&D> M>A8^%".^3D^4H^Z^[L!I";+,H0K(BTU[>N-)US0`$E!!Y6W M6(S(TMN2V7`9PU&8-((IY^U#D,-D,V'_B33]9U1US`Z3/1I492GANJ16AGD4 MX>JDTL=CRD3/&F/JET4!'J8\*8@C+8-D"G$#2G.M^5#EL>_ MV\R>=C1P*-,WPX8J0H%I(7>?@1>J$"DX,.@TU[PX'I;0GX]2'IH MVW=M%4PFM.P80866EB=X#&A@$H:>G0]QN9#]JS''TQ'-QKM\#; M6#_<08PQ\+8P5T+ZF]/CT].S9O9SW(KXY.ST='$J_B>^BXM_:7-@05Z?+K[[ MP]GBN],_\@59]N,?_O#=XOOOSZ0X"4I8(."3>/+Z;$%XHE,09?\X71`FLJ%P MGX@FSYXP2GTV8*AYD9C3SSM@2'FCTW#+)Y49:JSN)LDX=,X:XP;^GF[(2XI! M6>;Q_;;DZ0S+C'G'&`Y?6,OMNN#I?U'/#5J@K,<.;:-X1I3S5N/?91]99NX63JG3OR#MWD[R$R[2O%KQI M,MXTBV[;E,JV61!^&-Y3_H\ACV6,L&[[KS".&,[DSU7ZUQ-73*=#3DPM&T9Q72F MZ,H]S:Z44V9TJE82H>## M&YFMKV3=U$238)W\'>[^+W%V/#I\L2][C?1\789#\)PWR=VETR6)" MK]FUHHY2:*GJ-]RM%O($%`C3(*#B/K?6@8UWD73+!)4J_Y;658S0>TGO2_O# MZBIIAZ%888+J@"J3]NM<^CC[/V1!VKQ4=D3>!NEOJ,':@)=VT-9YB@/U)67L M:YZ?>2>>$WE+4[J,51_Z)BVGT->:HJ2`T&H]>D2D(I&:6$S8RYV2^?'R7LB^ MPJ6$%:ZZU#"[CDD16.OCJ4R,3^+I-!"H,6"&"4=\.5RDR4%_$&\/-X`.^/F> M+``TQ`.5O\@<:+W;!*M-MD085L-APZ`M-I1H/Q;6:*+38I(_P(U$*J*>D;+% MEH(C:N=QB++):1CSQ`GG:72^AE7:WX?R*-AH.*6'T@PEDAH-?O>[K8/%B;V< M@/.#@<$)=ZPP`JE+"+WG.%S(X\>@Y.NJ19EOJXOI_T:C52??^YAO[3V*=,JF MZ78JD5H525IE7_(UG@?IT'*H)^TVP67NOOCOLOM/9L/A?S5 M56%(TJ+"14?&)3W;%1NO<8/0?L3AYFWK-FL9>)+2%>RHS6$H*N:'NKL#XAU/ M4%$I5P\-W_$*:0RD=DTP8K9:'<7]!N`,HCL`2]GR1=W*;.Q5?]E MT]1W:OTLHXV^)4& MF*`E=\GKI(U,Q?T._Z&M=['%;X1+M<>O=]8UKN&0@1VJ&TD43-?56V*"G_OP M`L_S6NX>RSL0&49RUTUW.+ZILN3N.N@.MW>L6$W;\S\[1BG4:>IFD,%#Y#X6ND1?NW/[H*M]P%CV>1?D\!I& MG;;0<'-2*>YPX4=E@P('E7@K@2;V-<61'GQLGEG69C!8\!0&))391J#DARR) MF#7_C'K[T(2Q]I*1MFE\(,C;H(A#RWX5LHC4X`;8\X*+^T$)G>5*,[$`W<&$ M#LV-5SY`^3).MNH-%I4T(IRE"?:`E@I^0%IOO<94+%CW\*$#=MLW'Z!M.BVA MED>$MVEG?V@F@WZ"8:P3,)F11\O[F5F&)C-5IK?69,8GBFA/)^B;!H4FRR4- MR^OENZ?P@74*_<0^>5/T]I@B79!IAEXI?O`BXDED50J`46-\8EG.T_#-8N0I&8N]1"A,N39BX^R6A0UGM8IE("XMJO4CMH#/'],EL')9 MU*GO^\]"R/$W\WPVNL-CMX.[^&MYX0IO[^.$YA=L(K_*_V;KA#ND&('41K_,<99_Q[UNQ*+=AQL`MGH%%`KVLRYW# M(0-4H.&RI!9&6D@XN.G.MOAT0.GLY2D]1<'W4TB+XBYXDAG8WC.GJ@->-`(K M:5KP2VHR!4,[%X&J+_)L\D)4LE4&QS+I%%Y7;)I"ZZE=H# MB8.':PY(1"53%A8$B".>$#RZY^T1MMLCR'/8XD;/\#$+,SK$W[MY_0X0UQN: M!^6\`6*H3"\#Q("A*NWE8*K\.`$ZY[.9$O_\FQ9@:O-(7,;H'`D MRVF\2L4V=_A\QP)8$83`Y)_8[!_>>GQ+ETQ&_0SOF!)<\L?>+!4`10FD*H*T MRB!0"(%2B"AF_X=[)X]]^WOZ$@1?D03<8;XMI>.A+!&59N/QV2'=R+;!H"`\ MHO(E3E1`KO_LD#Q5G0J\5'_&&4SV,,X5:OM=VH9DQWQ,O)VGT16D_5G%]PD5 MR;[MLB2\LXW<;I2BYB9:G\.J@?!:+%SW&:Y3Q)HGQ<.XVZI8A= MM)]I^9"QOSPRD;7FJJ=+"QPRR:%;JG@M[C_S+W2^BMT801HKJH_WYB$N6I#* MDOI]:SD)[!4H-WN%0:1E$4Y@\*;)[T63RFPZ)52$&880.-X.GG9,T..Z%D?/;750\]WR4@F:70X-^XN'=\95^^42K8ISY`_; MH<RQERL^C$EZ`.T20.,J*@MH<1/$JLV)OA0&UD75%I@@((>,9AMC M/9E4[?3](&9;#B'#]!,-:?P(J9#,G="2Q8%L8X`-]/K#8_@NW;X]?,GIP&!;VDXK]7 MZ7D89EOVK2M?.X+')L,PW]*H]1"KNO>F%.:6'1,L5,./%T*JTLA52JKRZA>Z M^,NIHLCV^\)H_)K/_]I5^9Z7>%]5NDH%OK%YN0>X>[2=VFY^L=IF@F96]8*Q M-K,@#3_GFL]-/E2VAV>U$][,[:SA9L5+CTB#W5A'ZPGF@J04)2?''H`TDDW3&GYP#C9?4E;;F$EG6P>5 M5RU#QC"II>;-T&3CBM9J/)8,0$C/B[ZO?C"AOO9S$6SB,DC,>X"V!:!R1&75 M&,(TM^1D(3[L'^[GYX5,8!VGJ(_>C(>AGEK:5O"$9W`RM[ECQT^OVO?RD#(N MOP8L&L4M?E"Y=0]5>4X995P:X9[P)$`_9ST.<@8^J=S'X=+4JPZ>W6^8?L;? M\WL,TQV[RX.(KH/\-_8=]"$.^=*>KQ<9)MY>\/G*0M^VC[1\]Q0F6\@,;KC< M9J6*2*XA>ZS9!>_PU-H$]]+<'HZUV96TV95Q=L6-WV+X\F`MPAZ/.HXIVPB) M9/PTJ-R:4W=S1\HM==I5JUDBSE1+,30VC+&5JFUUB.FA[N_!=\3Z=+%IB'$LBC=!SKEQ]JUD!ORF4QE<\=OPRTYI]`%64Y6) MZT:ISLR-*`MY(C9^D7$/N\PDB5-2ZW-LB1(./[<9HO^\KEVU73MWZ)IRV)O! MOX'.@J>E(?%'GCWB9G/G^*AQSOZ$HX>/.A5 MJT`(ER+RA8#/((CP4MRLIKIXN$#1Z=53!4/^8,SP6L>,&3_XFZ'R97EQ=UTQ M[S"J.9S;F6Q18:51X\&\K2A31N#DAYCHSQV42Y*65Q#0J=(15Q,Z6X2U9W-6 M3>`C70RGJ:S5/:*/X821!8W0CU'-Z")P2AT8C&4A/))Z$1_VPP!\SU8*-#=]M$/'-N/#GT%5%R/"(_5 M,^(>17P[)RYVP8YZ8M8,'CWJ\:-X%J3519"[[&V0_F8(YDIYE]A7&:&"/LC7 M5W3O,@(JAPWR1N1/GM$[ID&;IPW`:<#?*VW.+A/5W\]M;,"; M3B(-RR+!W;3ETT,[_JFCL<8?U<;[`FSM42.U>QBP[B>M5?3)CIA#,/?K5D!A M)_TS#GHMK86(EJ4E*S.!2P:Q!^="55!H@W?0.Q]P6]U>@SS+GVA$UQN>I-FR MDU3:B"A7F&0+_N:Z)4]ZWBH!Z6S2?O[=,(,>P!LV;R^V]T4QH0Q2%>('/!LD MBM&0T?0K&`N-0-4Q4-]8&#QD,?,B*!YN\@R.%T=OGW\I(`F6?/[8X@G[$04X M9**]59JQ!$H@51'D[3.!0N#\;%W,;`_13]T,G\7/$/S<@F]Q2I:U;X'6-U?\ M&P_0-@%'MH_?##1LO$\HR$M&&O:X1S,3?1M_-M>YV\LD^R*GJT-<1=WOGX[E M::1%/Q^@,%6JEK+;SY.&TQU!7G)SWT&TR&>^CJ8CG>]/Y@.<=7'P=0"R]-( MZ^M@VF3TFSB8#A6`3]8!JZ:0M)6,TL_!=)R?FL$TJSWU>C#5P-6"EZK6\IN/ MTP9374%>\G.?P72(I[X.IN-=[P^F0USU<3"UP/(TTOHPF#:O.*N[OR7CEG)- MQ>;=/)!"&].L#)6OCP?F;4=D$NQBHH?OGKOHT&WOY-YEW5@4<#& M.#N:='>^[[(QV]E.QIM9G/Y`B^(-T1`/-O)';";N[?DCS>\S-[XW7GL32L9P M5!ENK)L$)20-FO,S7=_37-7?.A67@49CA]TAS_HTPF>AA359W=L1'\X3V""I MPQ&3UTATJ&?X@L'Z--%J>;=$ "#9[F,T8.L;-DD3:?1>57UP_HQDNI\@J9 M"7H0]6B@\=HK#I@60XQZ/G#"M-2AY@;^HL9$G\3C'=53O>2EF&2]PEVVL`69 M%5?V6)10Y)#\F)6TN,ODUGR0W)8L?/%L>PH6V&JYSAQI-DG)A%*<7:Q52:-[ M:"X,47L.=^YPW-%GB$3I(B<)(NU95.>&M&P,C('QNAM[-.N/0Y(.![^!ZE5# M0W^LPUN1M#=:FMI>CU=W M01$7U\L;ULG5N/)V6\0I+8I+6H1YS"\ZG:>1?,6;N7/#E,-8G5K939TN"79( M1U14;=5).I427BNY7I)VO:2JF+1JYCD`F[I)5;D'UZ,PVO3N@;*F7&^"])G? MFHK9L'D;K])X&8;2G4,.."LYV`=?`^00E]\#TD7B;3IP`:$'099'9J MUW[?R;?R4-/_C#2Y2H."_UJK&A(=.@R[AXQA8[:?85D<)!OSY73`C)WI9[SA M7D%9G\]'[1P:H&$LSND#38OXD8I)\B7-XT_<]6O,E2>\V:)HOZK]&/),#LU7L0 M/^?V:7S\E!:0R@32LH%_XK>L((T9G;#*36GR,%3&^!4_'35UU9YAU9YEJ_V" MNNS#K(Q:'+%";IZ[X=;P?5PY5.BS&5<.TC/_2\:5@TW6W=CT=8]`AYS6SS$L M?"N#WV*YK`5.>N\WZ)`#^*HVN$Z?^O:91.ID%*4.V_. MG3;C9PRO+Z[@AE5&:)"G;!8O/JI\C%?ST=,FCLW4#;.RM]W6?N=J? M^9[Q^XP9MI$/O%TO&:_76KR0O,J'>KUM1$`-'#(FZ>1*]ONLO/P M[]LX9Q]')>N8F$W[Q/4[0U>K]1#XI#3&Q*:[C$A-TJC*BY[(7)KH$UFR>6+< M^"+N?I)`E.7%R&.$W!"'],WA!8-N%V#*N_IH%'/ MB%4M!_5-Y049;Q^RO+RC^5J\OI02/"2X#=6L$Q MG*V>F?SCJ]@+LF$./H(B*I5&(;!#*?O&P*<6MZ4XWY9LV(2-7:L.WE%"HU+? M$DL*"372Z/E`F]&^2+KHO<#ABPI6:IX,>N\+/ZZ*8CN*&U(!F1?"BG&<$#K^ M\,'2!\F%6&D])@^Z\#%QH.4Q/O[YF&7574(2#?&\>DNH_ZJ:7+B&N)W1$MO? MG!Z?GIXULZ/C5N0G9XO3TU/X'_NX!Q#]"WR?4._XT(&3F@A-N^`P(`LIC8KW MS!$@8\"!`E?>>:TXO_8 MWA=Q%`?Y,RY1+%'7I8U-BV"3Z!/=-/NY]%ZYJZ-30:).WPXKUC1*_-`!4\/G MRUA'.%5>YI46X\DKDF1!"L<-GOG]FB-R'Z2_X:YW68!,19?!!L%FRBV+3=?+ M,3LP=LI([%%;9,4C4`<&'6(79@Y.37>O.Q#YMQTS"I(JAAF:9Y:+PIWZ8,"[ MKIXJ^$N0YT%:OGL*:1[&!>TS:+2ZZVNW(VS3O(<1PHOW<0IOWL.)EBR,^;+Q ME[A\X*\/!VMXT('D_.@Z^P-'IES^)_2)5P#[&TPVSJLY$S>DX#OV7X0MQ>"# MX0<)-#,U3B_4<,>NFU=59#&D*0?A*;$9O>3]*ON31YVA3H3D+@OUKX_O M;Z`I,=N>!CH0&#)\7HJUG[KIU2IN6:2T0\TKY6$_N-"'1K:Q MCKRS.-6'GG;'!EL].NC;8:X9[2.;A7X=>TC"5S>0=GIZ+*H4#C MD*LIY1AZM:>3UJV!,5"VE[,^9.D*OK@U:ZU*<8<#I,H&Y?7P]JHJ*(@EH?W7 M5R>?*9SJ`7Q_)4Q>+/I$"@=)M!I ME^SC-8S5##`J.N6"R1HEIH0BJ31)2Y5(79QYX_X^5:FG<-EA"[`N3ZQ\]X$Q M/]/U/E6.D#Y-7$9%V&2%=N<[KSKW>^G/4ITB?WI9JIX(DN$;X*Z3+YRUDX: M*HLE3;GD,Y1,>-%(@\/\C=$T0##<`*C\W!_T'2[OV7HHO*"WA:9+'IO-4?%5:)):U3-.[NN8V%#]B6:K/-@\Q"$YAQQ=J+RS!UV'7Y8M M@<,C?NGR)YK2/$@8[<^C=9S&\,H&9*)\][2AJ?*-*TMEIVRRL4B).W$!56KS MH:^K3V0!6(S:W[D%60GU!6=7T'6/BB*0238&D5V>6;'Z71D906]C\CO^1<3'A MUTU>QJF\R/3J@+;?ED%>SF']6[J*TW2$`TX).83K'2[N>(E#0^N#[]C'W$>< M^O;I^/I8L[TZEFY["/VP1\YOXU7*7_9(R_-53L5A)O.7_#A=UT=T;`U38:51 M)XV^TT][Y2F=K]\U_2'Q/?V#I/4=U]".YHPE5GTV9U0+H(QKD/\%K((C@^4S M3'FS%(P\?XJ5`YQ6Q^5(IS-$19I*AP@ETFB1SZ"'M;RWCR^+4&\[4RJ32]HD[TUW+)KB&P"4C#!6< MTC<,,K?$8WWG:33PA)\]S:Q*P6&"SF1XQ<1:7L]KE8)K+ M"`P=`V8%6:W;#IFW_):Z3+T@OLWLV:K1Q>&HVB`;9K:UJZ]NC]BXAW-9U[E_ MMO,.@7AF-"KH9F@<5)+=0>8J4_\*(0S:\)K-W^9<#)L%>]OJ'-.=SA\$;^,3 M#DK[Q%'VP8Z@4[3V:U>B8">(XR3CL+;X#DH23P)"FOWE=ETL8&9T+/;RZYA- MEEZ6>7R_+6%8NLL^=EZ<,;S?.E/AJ%2;8O$(6M;%$UD^:5<`[Q=U MJYCIK=B]CM,=LHVZ9_!0S]T=TLV=PWJ^3$IF]%%,9'RA!#_.<\[EI7JQ!8^E!O#I":ASWP]N79?+4&'AR3B">'.9S09Q%I1IM\4TC MIRU1O=C9;8=S=^U@N)9TB,80'HM7#D/"Q8[BPT-(4%#\HP='^<+0LV-JKT[ M[Y"1E3\/^59T'B1C!RNJVN7YDUWS[H*G$3"=7(4GT7>J_9J7A(`Q,M4*>2FI M\ZJAG21E)$(4/"TD%OL9540NVC*K";^8,CE]FNM[U[Z[4"9&V\TFX>?6@Z2ZY'N5LFY:!S8W:BVU74Z![$Q2\:.EW5S@ M)JT"\,]HS.=@5.^&\C5[G@R2/_(;-^7AGM,8A\[.K&=$,TTG7D'#XU7V>!+1 M6'"._:-/-?:KO]WE`<3.V^?U?=;OV-V_.Z#+3J6J"8>0(4+(+>+GL_'0>%5V M,2!RV`V,8'\':<2W^3,?C;1/]@Q).@SB`]4K^UY(RCD<[DL]$\SF,R[,$*O! M1#NOLI%3\!\'OY] M&^?*@TPZ#5QP5V:,`3FIE+Q!N\&+&V;#`U_W+&O\"T\\.>)B@2@#&3HM@$X* M_@%MTWU"$(L"O'8[Y'-1I&.0XVV6T3TH29@5Y8*/;#N.W^D>;"B'[B+L$1-^]F]OI0#J="J=A#U\XG35EH6[A306R M!6GUC>8S:]\&11SNB1!1AH=\Y8;-0E9>DM\\U3FK--\W[G7@.(5X32L(/$JG M/[#RV,_L)_:/>_:YRW[X_U!+`P04````"`"-A&Q`HC\?Y1`;``!):@(`%0`< M`&EP87(M,C`Q,3$R,S%?<')E+GAM;%54"0`#2EY>3TI>7D]U>`L``00E#@`` M!#D!``#M75ESXSB2?I^(^0]:S\MNQ-@NNWIFNRNZ9D*^NAWC*KMM]['[4@&3 MD(QMBM0`I,ON7[\`*8FB!(#@"0K*?NBJLG%D?L3Q(9&9^/Z?K[-@]((I(U'X M\>#DZ-W!"(=>Y)-P^O'@YX?#\CTZ&0T>H[C^8?CXZ]?OQYA?XKH892V?N1%L^/1X>&RYU\R&3^, M_GYT\O[HV[7?W$=)Z'\8O5_[T3G%6<\^%^K#Z/3=R>GAN_>')^\>3[[]<'KR MX?UW_[M>.IJ_43)]CD?_Z?T7+_SN;X>\QDE!V;^.KD/O:#0.@M&]*,I&]UQ! M^H+]HT5+P4+)$4,9.B0ABU'H%2J*QF153[[[[KOC]+=9:48^L+25F\A+H3$0 M<*0L(?YUN"QV*'YTR!%^?W+TROR#?X@.OZ=1@._Q9)3*\"%^F^./!XS,Y@$^ M6/SLF>+)QP,RYY]BPK%1V\=--;CG-;\\\,&/11^WDRL2 M\N]&4'`7,2*Z.`\08V1"L%]7$W(+TVVVV(_;G*,;L M,5HM1*LNV2V=HI#\D>X3YU'(HH#XZ3_.$"/L=K).>\X2K@%F[`(SCY*Y^!$? M0V//XWPEYOSJCE?V".\(O\9G0>3]7A<16^)V#?8#F89\V?=0&(^G%&<_O"#, M"R*64-PA;L8]=PW!=?C"_XCH6R]J:WOK6M4K1.@O*$APWGF74T/?7=?*7F!* M7OBT$^LMBVG*11F?;C_R(Q"?:V./_XIS']S/<&\D31]3@,7BK]>AV(GGXJ]< MN!O,SQY=CA#3CKL'@!]3IN0IP&/&<$\KH$FG72O^0Q3Y7TD0<,RM8%"Q_^[7 MC*>XI^5`WE'7"MY$X?01TYGHOT/UY-UTK1PGV3,2]T=A2OKKG+O%O)?"^4F4 M[8>\&7?=-0B7B(9\_V1WF*;GR0Z55G?5^9?&4_'G/9Y'5)P3^OG&!IUVOR^+ MD_(C>NUI0];TUL/BM6DA$(6[7;[T/7:M\B<21C0U#',E.`_LY2.;=-KY?/:> ML9\$^'8BCD=H80?X*4$!F;REIX'4(M#30;R!,`N@YFLV#G$154",%\:A+\SP MV4^%.%U<*:2B<&&X8(7^`W$;$]'B)UMTGUZY,.P=3:.78Q^38_$5Q5_2SWGX M[F1QX?(7_J,O8]ZU+[J_"M!TV5R`GG#P\6#[]\>=RW.>4&$3O>+?!07_@Q&] M#/T+_E4EHBF+5I-R>Z"+GWPQ^3SC)W[J1<(D61"N>OWN<5V*D:'%=WL2^5?\ M9TP"K+ILWW**KVHF95ZR/QDS9-0#5%ZN/_D>>;,:L=)?=R]--NK/>8<4!==\ MT7S]%WZ3B"4OUYM\_-@3A>D1(.7![#:)Q:VY<&A0"ZNKU)ODV3*XHK1B$Y1. M&&WQOJ2]B&:(A$KI%K_N2YHK$F!ZSF?E-*+J,5DLU9=L=\E30+RK($*;^XN\ M3%]RW>,I$=M6&']&,]GZ(BW6EW2_1`'G=8AF'TT]#3;+]27?KS@(_A5&7\,' MC%@48O^:L013I9RJ\MW+>X.G*,B$&+\2&9*;)>K+-$'L*?422MCA%*%Y)A@. M8K;\R::$BQ_G-\6LB'^UZWS4=$O;%'B>)XZ1!QZSR18':TF-)K5X=1+ M:2(EKJ.(^IBFWHO\OX,15V>"^>[HWV2:*\5-9>7G.X;3DJ(F2<_?'P].#T8) MXZI&Z44XL@.69OH*.+9W8U>!*%\EEG@4.7..Q^F>XK%A%\@!>;^G@"@.?3DP MW^PY,%LG]AR:OP$TFT:7')R_[RDX&YPC!^2_]Q00^?$JQ^7;O<9ERX"4`_/= MG@*CMI6OL#G95SY74TAV5?:;#) M-4*.TKXR8HEI.P?%<29^QA\B*D^8QC,^FE52SI0!-. M7)=N?)B5*J`H;U'Z&X*>2)"&@AA)+REO2?IDE@1\6BI#.&\BQO@(N9UPJ-4Z M56K%BJ:^3[)%\`X1/GC.T9S$:/,JJ*RT%4"B_4-(Y0H85972M:Y1$B M0L`HC?+%H8CQ5>FBJ6%+@\4I3?L)-HO9D/5BP7/YSI`-[%(*HZMA68.U??US M%'JF:LBK6=&%O!"?$WTS*JPJ[8JS77TU( M78PTY9/^\M4+$F%Y*D';J*H=G19Y!;A$2MG7BH!37`;*VGK)]]OMN$8%EJ75 MAJA+"1DTKFY9-_U&,I#S\+88YN@/@8_?1"A<[L6/T1D*?R^!75G>CO1Y_'F9 MW-LE;4MUIK4.<,K/X1I M*MB0_VYY75)ZZ)65M"-Q-,?+<9)@\=Y-A[MR+!1'\AP8-WWD35?A=23J>,-' M,0IV`0F%27<=$$.'AAPO-YWDC?&2'YAS>-QTEC>&1^^?F\,4S%:]`< M%C?]Y8UAT=EDJ9LCYF=)X4KB>?:8);N2^IZYEJ&HTZA3^& MZTELFF"F]79W/<5-$^#:OL1P/6-.2]N)PN&S67J=X;(2<]?$XD*H=`1T/3-( M5:`D/H>N)P>I!I$J.-KU3"&545(%`KN>.Z064+)X;]?3AU0#2AF*Y7I"D8HK MN';&N4D&]'EH5/=_.2INFD7-4#&GH3E>;II)JWAB[F.6:;UW)R0X&FR"(UNX M5#G12@,6\#+J=\*JM&#SS8[KV1P1FNY/7":%,HK"5N2FO.<[&DV4Z7;72]A[ M<40`=,6I0A9CFO!I=CO'--UM%U]^+2AD\[9]'/K%5K+KXD^8'^?\\G2]?4I@ M#^$5P2C95E2EK;Y&<_DZQR'#9SC$ZI&L*FWI19IT8"Q$44I<+&7KG9EL=&;X MK0WI)9%32E]>$VY@,ZP^XSA?(!1X%LM8E[)!^N'J[5C1EA^_LB5>""+$U<]6 M=?E!25^ROI?7L_+&1%$DS2R1E;3T1@/?7#2"KA6PXV47*VW\>K-W#7VA@CQB>%C;<4B@8,U^-K:Z%4R?!M%GJ[ MPW%^-0>:@?W)+`9WWZ#3&##,HF[+`7N,TJCQ@:)FYJ"S=1(&3T'IQ3AX!6[= MF#7S`MR%N&.C"61HH`%_0-U5\=ZX!&K1D1IZFP5+NS+-##A`LUAF5\90KRX# MS7+BNC(VE3?QKN?#-8U+R2^#FN6^=67`U+A*=CT7;@W@FN:]=64TJ6W!KB>\ M-<.G^D51LS2XKN!FYO"^-\EQ(4A%#X=N<+F?Q+3N;72=A6KSCM/1-,L=0JIV MA^@OD^P`@JE2_8MY[T)EYDH;,5<&"34_8?%)%3X/YO5M>'4H\M#J-=+6L9PE M2ROY=CD;TJZ8C'BJ6B%IL0Q$,&5+@Y@[4I5N$RA72M/80-..+ZTJV=,Z+3"0H]%2ND^;U+?F32ZPRVN5.6\6* M%[EB`U2[:7`RD/XKR%B?_W])9OA=YJ_FAT$B#,+9EUJ.1I5K>E_=#PG;>W%, M3E.,>AM*W(877/R7](Z09;E;Q=M.*P-7GB.\$IHM=#@D_'X.^3<-1-*9IIL.A)FX-.H+XBFWY-I\.T*Z4BL)6O/P-_>.'X0%?6]HO MIW9C*#9((I,P-K,Z$+E2*9]G^5L#ZH2>FKH0CZ.3LYU$[0K]6FD<<)$V;FV5 MW!0^)2W&JF:E!R2Y-H^MODXU+<@)S1KSWIF:"V=EI6T+O$BAZC'9[@Z39JNAG4-TJ&Q%$>XAV?N<":J MJ*I:#2#4V7057@#+8>?Z:XO&V)1%6:,D\HT_47%XTQ MD^Z(KC^H:(R._L;"[%7%W8,)PIM5[EHZDUO!F50^P/8&IRVC7L&U39?FO<86 M-L_.C3&BL1/PM/TH89V\%(YA*@V>V.O0W/[NL2'FM^N[;;,0XAU.7=`,XB;7 MWQ!O+''W,PLS=G:\M6$.=__MYKH(&AJC(4RY[HU$LVAC5Y`S]B$UBSYV=K&K MX9G:+#K9E0&FO;B!.&3SFR&S\&3G)V")6P`$*6N]/LQBD=T?1!(?QF:QQYFA MZ#+TW1P^-3V>FD65[AJF)BZ1^Y@F5N]E"<'OY<'O\ON6!4"G`-`>/V%9*>KZ M+L7\&^IGQ(4D,F;2"#(?L3^ M%+.5/V#C*=5;]T/"%A()#1+;S@9S/S(-Z2N():_5,6O0X&[I7T+&6FAX2'BX MG]Y+8?-L*%\76^]PY!K2"(4$:KN90&V'[Y2R\<`I@&24F-\N&;6R<_=,%DR; M+5M7VGK&ILX%Q`NF3]'032TPR_7^$+%U?=LP?-B8Q"V9][H+8C7T03=)BT MH4Z`VDZ<,/K]0B8V;WB'<].F!-D7VAJI\#)\)YX@\*I\J\<12.I0ZI6W-V_% M5S.!@Q"&#%[*Y%[)(Y'051%_Y,?F;B1'D[QY2C%$['_)#S0F*"64%!&L\;GR-*A:D^C<91N=8:U752 M*TNOI\AEJ^2L5:F)5MQITNF+2"'(ZRJBBI7!J(J5MW47^TZV,G'2=_DJLGR83OC;>3RU?O&853?,\W MT-M0/K05*E5JPA6G_P:(OWJ8B3#+Q>A/'$+&8>1Y-^'&" MH"<2Z#Y4S<:&I3?GV)@O:VKG+J.J@]%)@%T8:&]555.T,`P-K\,7OO_P4VN% M0;E>9QA:K-:MQ0M")6?""@T,1#]Q$9`OSN)P9_ZYI)7MZ)69?;5+^EH1"#U< M^8G*#!3F-*A"`\/6KV1>UVAH0/J*9949$;H*#0Q;OWK?4]?0@/0U)^@5&ABV M?O6^Y]`LK9RAI?;BJXC>XWE"^?%=)`8ZSU]R5`6]E%>TJ<_M9/6<0XD"ZR4' M(O%F&G)S#;9JVM3H,5IDNN;2H'!*Q*%.1^?*ZPU"&SZE^22.WT0ZK5BDT^(_ MG8LBIFJI&QB$?@_/$8T?,9UE>\],8_8SJVM7J^646$^E6:J.M)*EX$,/8Y\) M.];R\0&CY;FTGFUM^*Z1KU_X23E[=%5LZ_"``I%%K\*$,:O MYT_82M-$@)O25J[N5EBN&L\7PH3]7%`>/TE=C_E`C)*G>)($2\.>`DNCJC9P M7)]4-U$X%6-1,Q^5Q:T$V"I>_Y%*KB@,(=N50K97/C7F\=G;578N&+M/.9/Y M/$AE0,$2N>MP$M%9=F%<`KMA;1N:E40W*30JJV73"Z]+WZ["TX0Z'X/\@6XW M'\7I"V25TUF.KYOQ&5WC6XT\Y6@[^NQF7\.Y]&7$4SP+WX;>*ZO/\%[G MB`WCW&!O+/$DS)%V\RG0OH`NI6\YT(X^(MH7TE6`MN%L>#>G-_H.'KTZPR[;4?K'$O=>6_OL:P2II5#6N?<-_QD M7O5#@.0+I-8-VRS;OGOCLRJ:ADZZ9NGOG=N\FXY-30B$659Z&*#E,3)F.>;W M'LDJ$:;-4NWN[%94\?I9FISX=*_L;%5=!SMQ#,BQWZO-J2+V52*2^S,D7/3#FR&7+7L?#EF;IIU#9.+5\KL MF6-6QX+KRJY@F.4U!ZN&^_@\_0)<'AKO#61?3M>][&K<^&>@78:^"Y`91[?E MD+GI>&,24@GY_C'D^R^#0S?_^LSW;PF7:M&R*X>$4M_I1J\/[\1#"9^C&+/' M:$'!4;`:0.R63E&XB"\]CT(6!<1/_W&&&&&WD[LUR1<5V2K47U>7*MZ@EHW(\6X'9!&'?OJ$ MK!,=9VP`!V!+44GF"P_0V[+34L?K7G\<9VBD&6F&/%=0@8(#!` M8(!:!KA,5O#F,.MK\LZ-!AWYOJNM`LQU%^RQP`>!#P(?'-B>KK4DZM=IH(%` M`X$&:FG@%2(T]>?*)Y![=]KU=U@]//(-5U\'F"`P06""P`2!";;+!$M6:J"" M0`6!"FJI8)[T^CKDJT^2+42A_R/VIX50IE8MAO7WO$;RRG?(1DUVS^S@KAQX M)O!,X)G`,^WQS&:[#M!0H*%`0TLOIK.D(]?A*@$3GV`W(JK9#=ND@MF8:BZA M-Z95@14"*P16"*P06&&+?HG&ZS:P/V!_P/Y*V%\Q7R1X)TJ]$\M!DF_")C6! M(P)'!(X('!$X8MN^B@:K-E!$H(A`$;44\80;G:HT^"$"$P0F M"$QP4#L4,,'6_1`5>P50/J!\0/FTE.\F"J?BS4PQAYPS%`Z%-K6STD+UA052-["E60:!Z0/6`ZFFIWGDTFY'L"=N!&/E*))+O;B65 MP.0')C]@@<`"![5M`0ML^UW.DIT#Z"#00:"#^G=/8CY3GJ.`8\!$J%;\)LHZ M[#8(C`H852>,JEM2@73^L`7@2\.&:)J?+'"O`'J"-01J*.6.EXB&I)P MRNXP?7A&EHV(:F'D6Z"Z/)@.@>@"T073X:#V*:""+5-!S7X!U`^H'U`_O=40 M3\6?]W@>4?'F.-@+@4:U04L,AI6"JQC4!&((Q-"Y70R(8=LV0I,U""@B4$2@ MB"5Y"WEI_(A>'>:&31(6:M"1[[K:*L!O=X+?`AL$-@AL<%A[NI8-ZM=IH(%` M`X$&EH6;\,Z?<#F&"@A4$*@A(/:O(`2MA]T M4K)[`"T$6@BT4$L+/Y$P%?E:M(%9N_D&@4UUM_^;?#@Y*3"I"?P0^"'P0^"' MPX*H&C\T6B&!(@)%!(JH]S'TGK&?!/AV\@L*DNQKA?Y/"0K(Y"U]6-R+DK:S MV`!UW%NBU6"X*5A.@Q:!:@+5=&XW!*K9MJ]BDS4+*"A0T.%3T.^/A9Q/B&'^ MC_\'4$L#!!0````(`(V$;$!U.R7>!`D``#-,```1`!P`:7!A7D]*7EY/=7@+``$$)0X```0Y`0``[5QM;]LX$OZ^P/X' MGK_<+E!9<;+I-D;2A?/6-9#&/L>[5]R7@I;&-J\2Z26IQ+E??T-*LF5;420K MP:4X?6DL:>;AS#PCOHG3T]^684#N02HF^%FKTSYH$>">\!F?G;7^N'-Z=Q?] M?NNWCS_^-`^LYGT)(MR1`B?"1WWAQ" M^HY,J`*?"$Z^G(]NR&&[0\A'MK@SZATA(5K>R)TB>.D3?T9&]4E M[]N=H_:'S).1B+C?)4>96Q<2J$9IXJ,577)XT#ET#HZG?PK M*RT6CY+-YIK\Y/V,P@?'#FIT-KQ[1_K<:Y->$)"1$55D!`KD/?CM!$E9%PD& MD*NS5L:KAZ.VD#,7<3ONE\\W<2A:/_Y`8MGNFTAG&]E12G4:@8AMVD@M'L'&[H<<%Y%.;'P=?2-4VZ M*.2@%$CF956?U]O1,3*^7JEE0W[LQ@\STAYFI9:/F^(*O/9,W+O)P_QP^,#R MM?#!$P'D]Z!TOE+\;%M/4SD#?4M#4`OJ0;7HX]L=`M?70H:7,*51@$W_%=&` M31GX+4(U]@*32,.&0,37(A\-RBGE7&C[FMIKQ8'PJDDN\8=*R*T4`8Z2$ MF!]_C/K/&JN37L%%C%&[Q.E!.) M(L6%Q*Z*ZSTTUY8]K9?<35EZ6?+NT&J;;(/I->/8"S(:#(6R)ET$5*DDYPQ] M(U3X6E*AF$4<2L@*B)@!@BL1,#.8^.2#0'5"+ZB:7P?B0?6YSR1X.I_)7;%B"D\J4(C0Q&(WQ#U'W*W0H,9B-?]= M1W(@9Y2S_UBGUL'&BW.JF!I,AQFGSR.$!Z4N07F2+!\+YE[XF:8:W=LQG&- MX%',R'53)&VKR;[]LR\3VMY,0GQS34BU1"H-5IP3G>V<&(%G.J,U9L/X_HSW M^3W^$?)Q7Y8+`8J9/=QF-L5JWN):G%Y3)O^D003KX%8<`XH1BED]VF;5@!&+ M9J8)J]:0;:5EU+S!-=F^!,GNT24S*5\%%$?AW\&?X;C8\_`16@Y[]^.U&BC. ME5^VQ9,+/J M)WU<'8K[9K2OGP*:\AF;!-!3"O:?VI7!*:;^_80$[W_ M]"!?MYCB#]L4WPC*%1G21VHH=<@YY=\:3FMP>B/X;`SFO,9$5V,T7[.8SY-= M/OG,,2C$P#1$[D_DA0A#IFMMQ3P#44CMX^^V ME48K9GMGNZWY$%N7Z"LJ.2Z4U1"D_9!9C=BGM8N)W-E=NP6=?%DCO>1`GQUK MM3"3*9Q2#6/WDH.QYBT7FY]>FR2H\;;#S/P=P4)(\[UB[_>\!$YQ8NQLT"60 M\7+K$XB9I(LY\TA/X@*\X;S.>D!6#%).[LW'6\[PH-!Q!NCYN3E2\+.V?&1?2GAQ'#%![+Y?+X!23 MO[-U5G%@-[W\6.)J>XI#.IE*$1+,&'(K$()K#$-@/J>G]C4Y4V/,]^;@1P$, MIN;S%TV.1_S#5DT\VD\G]O3"_E_8:^`7Y]C.#MRJ`9L^ZR;2$QC_#T.*^<<4 M88U@2FQ]5=?4%9VU%`L7`;22>U1Z1K^X,LM=2+$`:;Z:N2EL"K"CO5D*9G-N M*WZ)52G"7,+TK&6*L)RTS.J.HD<>'HC?`L4(&*N7)2/-2S146GS[5K&TRM]K5A4"K%9:SQJH>_9T: MTU)!V-8RD3@QX>^\KV-"ICRVHAF"W^YG25$U<0UBS)VJO#Q7E5MH3IY>>E'+ MD*U"WU)&I#KF1ZW&=PN&2[6?44M^/V%%4CULS3!3"C4?4N9?1M*<`,9T$OZU MD+V)TI*FY])-U_WU6G]_,\G=)`O;ZK3Z^O<@@M(_R&:'RJ M@*_/X*G,4E*9XWZ@;D$/IF.Z')K=9]3+[#>,Q>860KJ#D(G>VS`GRT\H.&@J M'_=,O_C9)*XU/FMY$GRF7X2YH10>@*^NI0CMM[U!6E[Q3RHEY?IJZ8'T&+Y; MF0!7TGJ]./@P>;DPW#/SW\3@P#`"/_*,[F!Z*:*)GD9!NONP&8)R&M]%&E2K MR+`!**_RUGIBF[%]I2+8F!/83Y`JD\YJG<_J:AGGLY^-0#V))Z,)@^X2+VD\\':7_D[Z$[*7*Z?H*5A'F+'<^I&R\)\.=_ M`5!+`0(>`Q0````(`(V$;$`O4+';FK@``(R;"@`1`!@```````$```"D@0`` M``!I<&%R+3(P,3$Q,C,Q+GAM;%54!0`#2EY>3W5X"P`!!"4.```$.0$``%!+ M`0(>`Q0````(`(V$;$#(E09CL`X``$+4```5`!@```````$```"D@>6X``!I M<&%R+3(P,3$Q,C,Q7V-A;"YX;6Q55`4``TI>7D]U>`L``00E#@``!#D!``!0 M2P$"'@,4````"`"-A&Q`5['&I8(9``#``@(`%0`8```````!````I('DQP`` M:7!A&UL550%``-*7EY/=7@+``$$)0X```0Y`0`` M4$L!`AX#%`````@`C81L0(=^AE:%*P``RW$"`!4`&````````0```*2!M>$` M`&EP87(M,C`Q,3$R,S%?;&%B+GAM;%54!0`#2EY>3W5X"P`!!"4.```$.0$` M`%!+`0(>`Q0````(`(V$;$"B/Q_E$!L``$EJ`@`5`!@```````$```"D@8D- M`0!I<&%R+3(P,3$Q,C,Q7W!R92YX;6Q55`4``TI>7D]U>`L``00E#@``!#D! M``!02P$"'@,4````"`"-A&Q`=3LEW@0)```S3```$0`8```````!````I('H M*`$`:7!A7D]U>`L``00E#@``!#D!``!0 52P4&``````8`!@`:`@``-S(!```` ` end XML 36 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Comprehensive Income (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Net income $ 42,949 $ 35,675 $ 30,158
Other comprehensive income:      
Net derivative instrument gain, net of tax 18 157 173
Reclassification from OCI into earnings, net     (5,922)
Translation adjustments, net of tax (9,680) (17,784) 8,767
Other Comprehensive Income (Loss), Net of Tax, Total (9,662) (17,627) 3,018
Comprehensive income 33,287 18,048 33,176
Comprehensive income attributable to noncontrolling interests:      
Net income 10,646 9,082 7,791
Net derivative instrument gain, net of tax 7 74 32
Reclassification from OCI into earnings, net     (1,499)
Translation adjustments, net of tax (2,659) (4,436) 1,978
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest, Total 7,994 4,720 8,302
Comprehensive income attributable to Inter Parfums Inc.: $ 25,293 $ 13,328 $ 24,874

XML 37 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (Parenthetical) (USD $)
Dec. 31, 2011
Dec. 31, 2010
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, Authorized 1,000,000 1,000,000
Preferred stock, issued      
Common stock, par value $ 0.001 $ 0.001
Common stock, Authorized 100,000,000 100,000,000
Common stock, outstanding 30,541,506 30,445,881
Treasury stock, shares 10,009,492 10,009,492
XML 38 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Loans Payable - Banks
 12 Months Ended
Dec. 31, 2011
Loans Payable - Banks
(9) Loans Payable – Banks

 

Loans payable – banks consist of the following:

 

The Company’s foreign subsidiaries have available credit lines, including several bank overdraft facilities totaling approximately $25 million. These credit lines bear interest at EURIBOR plus 0.6%, 0.7% or 0.8% (EURIBOR was 1.024% at December 31, 2011). Outstanding amounts totaled $11.8 million and $5.2 million at December 31, 2011 and 2010, respectively.

 

The Company and its domestic subsidiaries have available a $15 million unsecured revolving line of credit due on demand, which bears interest at the prime rate minus 0.5% (the prime rate was 3.25% as of December 31, 2011). The line of credit which has a maturity date of March 31, 2012 is expected to be renewed on an annual basis. There were no borrowings outstanding pursuant to this line of credit as of December 31, 2011 and 2010.

 

The weighted average interest rate on short-term borrowings was 1.7% and 1.8% as of December 31, 2011 and 2010, respectively.
XML 39 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information (USD $)
 12 Months Ended
Dec. 31, 2011
Mar. 09, 2012
Jun. 30, 2011
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2011    
Document Fiscal Year Focus 2011    
Document Fiscal Period Focus FY    
Trading Symbol IPAR    
Entity Registrant Name INTER PARFUMS INC    
Entity Central Index Key 0000822663    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer No    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Filer Category Accelerated Filer    
Entity Common Stock, Shares Outstanding   30,554,711  
Entity Public Float     $ 375,824,083
XML 40 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Long-Term Debt
 12 Months Ended
Dec. 31, 2011
Long-Term Debt
(10) Long-Term Debt

 

Long-term debt consists of the following:

    December 31,  
    2011     2010  
18 million euro fixed rate facility at 4.1%, payable in 20 quarterly installments   $ —     $ 5,211  
                 
22 million euro variable rate facility at three month EURIBOR plus 0.40%, payable in 20 equal quarterly installments     4,339       10,621  
Other     141       297  
      4,480       16,129  
Less current maturities     4,480       11,090  
                 
Total   $ —     $ 5,039  

 

In connection with the 22 million euro variable rate facility, the Company entered into a swap transaction effectively exchanging the variable interest rate to a fixed rate of 4.42%. This derivative instrument is recorded at fair value and changes in fair value which resulted in gains of $0.3 million in 2011 and $0.4 million in 2010 are reflected in interest expense on the consolidated statements of income.

 

Some of the Company’s long-term debt facilities require the maintenance of certain financial covenants including a debt to equity ratio of less than one and a debt to adjusted net income ratio of less than three. One facility contains cross default provisions by permitting acceleration of the debt if any affiliated company of the debtor defaults in any other debt facility, and the creditor of such other debt facility accelerates such debt and such affiliated debtor does not in good faith contest such default and acceleration. The Company is in compliance with all of the covenants and other restrictions of its debt agreements.
XML 41 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Income (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Net sales $ 615,220 $ 460,411 $ 409,464
Cost of sales 228,446 186,401 175,296
Gross margin 386,774 274,010 234,168
Selling, general, and administrative expenses 318,998 217,574 187,690
Impairment of goodwill 837   1,677
Income from operations 66,939 56,436 44,801
Other expenses (income):      
Interest expense 2,197 2,116 2,647
(Gain) loss on foreign currency (1,546) 2,132 (3,212)
Interest and dividend income (1,105) (1,652) (982)
Nonoperating Income (Expense) (454) 2,596 (1,547)
Income before income taxes 67,393 53,840 46,348
Income taxes 24,444 18,165 16,190
Net income 42,949 35,675 30,158
Less: Net income attributable to the noncontrolling interest 10,646 9,082 7,791
Net income attributable to Inter Parfums, Inc. $ 32,303 $ 26,593 $ 22,367
Net income attributable to Inter Parfums, Inc. common shareholders':      
Basic $ 1.06 $ 0.88 $ 0.74
Diluted $ 1.05 $ 0.87 $ 0.74
Weighted average number of shares outstanding:      
Basic 30,514,529 30,360,602 30,099,998
Diluted 30,677,825 30,481,991 30,121,077
Dividends declared per share $ 0.32 $ 0.26 $ 0.13
XML 42 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2011
Fair Value of Financial Instruments
(4) Fair Value of Financial Instruments

 

The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value.

 

          Fair Value Measurements at December 31, 2011  
          Quoted Prices in     Significant Other     Significant  
          Active Markets for     Observable     Unobservable  
          Identical Assets     Inputs     Inputs  
      Total       (Level 1)       (Level 2)       (Level 3)  
Assets:                                
Short-term investments   $ —     $ —     $ —     $ —  
Liabilities:                                
Foreign currency forward exchange contracts not accounted for using hedge accounting   $ 3,532     $ —     $ 3,532     $ —  
Interest rate swaps     69       —       69       —  
                                 
    $ 3,601     $ —     $ 3,601     $ —  

 

          Fair Value Measurements at December 31,2010  
          Quoted Prices in     Significant Other     Significant  
          Active Markets for     Observable     Unobservable  
          Identical Assets     Inputs     Inputs  
      Total       (Level 1)       (Level 2)       (Level 3)  
Assets:                                
Short-term investments   $ 49,391     $ —     $ 49,391     $ —  
Foreign currency forward exchange contracts not accounted for using hedge accounting     1,024       —       1,024       —  
                                 
    $ 50,415     $ —     $ 50,415     $ —  
Liabilities:                                
Interest rate swaps   $ 333     $ —     $ 333     $ —  

 

The carrying amount of cash and cash equivalents, short-term investments, accounts receivable, other receivables, accounts payable and accrued expenses approximates fair value due to the short terms to maturity of these instruments. The carrying amount of loans payable approximates fair value as the interest rates on the Company’s indebtedness approximate current market rates. The fair value of the Company’s long-term debt was estimated based on the current rates offered to companies for debts with the same remaining maturities and is approximately equal to its carrying value.

 

 

Foreign currency forward exchange contracts are valued based on quotations from financial institutions and the value of interest rate swaps are the discounted net present value of the swaps using third party quotes obtained from financial institutions.
XML 43 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories
 12 Months Ended
Dec. 31, 2011
Inventories
(3) Inventories

 

    December 31,  
    2011     2010  
             
Raw materials and component parts   $ 64,411     $ 40,809  
Finished goods     99,666       69,031  
                 
    $ 164,077     $ 109,840
XML 44 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
 12 Months Ended
Dec. 31, 2011
Income Taxes
(15) Income Taxes

 

The Company or its subsidiaries file income tax returns in the U.S. federal, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state, and local or non-U.S. income tax examinations by tax authorities for years before 2007. In 2010, the French Tax Authorities commenced an examination of the French subsidiary’s income tax returns for 2006 through 2008. In October 2011, the Company agreed in principle with the French tax authority on the consequences of the audit, which covered income tax and non-income tax items. As a result, the Company increased income tax expense by $1.7 million and reduces its reserve for contingency related to non-income tax items recorded in 2010 by $1.3 million.

 

The Company follows the provisions of uncertain tax positions as addressed in FASB Accounting Standards Codification 740-10-65-1. The Company did not recognize any increase in the liability for unrecognized tax benefits and has no uncertain tax position at December 31, 2011. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties as a component of the provision for income taxes. No interest or penalties were recognized during the periods presented and there is no accrual for interest and penalties at December 31, 2011.

 

The components of income before income taxes consist of the following:

 

    Year ended December 31,  
    2011     2010     2009  
U.S. operations   $ 3,478     $ 1,364     $ (30 )
Foreign operations     63,915       52,476       46,378  
                         
    $ 67,393     $ 53,840     $ 46,348  

 

 

The provision for current and deferred income tax expense (benefit) consists of the following:

 

    Year ended December 31,  
    2011     2010     2009  
Current:                        
Federal   $ 1,269     $ 515     $ 280  
State and local     286       112       119  
Foreign     23,898       22,096       18,870  
      25,453       22,723       19,269  
Deferred:                        
Federal     (170 )     22       (260 )
State and local     3       (53 )     9  
Foreign     (842 )     (4,527 )     (2,828 )
      (1,009 )     (4,558 )     (3,079 )
Total income tax expense   $ 24,444     $ 18,165     $ 16,190  

 

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

 

    December 31,  
    2011     2010  
Deferred tax assets:                
State net operating loss carry forwards   $ —     $ 433  
Foreign net operating loss carry forwards     629       1,725  
Alternative minimum tax credit carry forwards     514       514  
Inventory and accounts receivable     392       372  
Profit sharing     1,806       1,575  
Stock option compensation     682       610  
Effect of inventory profit elimination     3,424       3,605  
Other     452       514  
Total gross deferred tax assets     7,899       9,348  
Valuation allowance     (629 )     (2,118 )
Net deferred tax assets     7,270       7,230  
Deferred tax liabilities (long-term):                
Property, plant, and equipment     —       (8 )
Trademarks and licenses     (5,975 )     (6,473 )
Other     (93 )     (308 )
Total deferred tax liabilities     (6,068 )     (6,789 )
Net deferred tax assets (liabilities)   $ 1,202     $ 441  

 

In 2011, all remaining state net operating loss carry-forwards were written off against the valuation allowance, as they are no longer available for utilization. Valuation allowances had been provided on the potential benefit of state net operating loss carry-forwards as it was determined that future tax benefits from option compensation deductions might prevent the net operating loss carry-forwards from being fully utilized. In 2010 and 2009, $0.2 million and $0.6 million, respectively, of such valuation allowances were realized which was equal to the benefits realized from the utilization of net operating loss carry-forwards. The amounts realized were credited to additional paid-in capital in the respective periods.

 

In addition, valuation allowances of $0.9 million and $0.8 million had been provided in 2010 and 2009, respectively, against certain foreign net operating loss carry-forwards, as it was determined that future profitable operations from certain foreign subsidiaries might not be sufficient to realize the full amount of net operating loss carry-forwards. In 2011, approximately $1.1 million of such valuation allowances was realized as the Company was able to utilize certain foreign net operating loss carry-forwards for which a valuation allowance had been established.

 

  

No further valuation allowances have been provided as management believes that it is more likely than not that the asset will be realized in the reduction of future taxable income.

 

The Company has not provided for U.S. deferred income taxes on $202 million of undistributed earnings of its non-U.S. subsidiaries as of December 31, 2011 since the Company intends to reinvest most of these earnings in its foreign operations indefinitely and the Company believes it has sufficient foreign tax credits available to offset any potential tax on amounts that have been and are planned to be repatriated.

 

Differences between the United States Federal statutory income tax rate and the effective income tax rate were as follows:

 

    Year ended December 31,  
    2011     2010     2009  
                   
Statutory rates     34.0 %     34.0 %     34.0 %
State and local taxes, net of Federal benefit     0.3       0.1       0.2  
Effect of foreign taxes greater than (less than) U.S. statutory rates     2.0       (0.5 )     0.6  
Other     —       0.1       0.1  
                         
Effective rates     36.3 %     33.7 %     34.9 %
XML 45 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments
 12 Months Ended
Dec. 31, 2011
Commitments
(11) Commitments

 

Leases

 

The Company leases its office and warehouse facilities under operating leases which are subject to various step rent provisions, rent concessions and escalation clauses expiring at various dates through 2020. Escalation clauses are not material and have been excluded from minimum future annual rental payments. Rental expense, which is calculated on a straight-line basis, amounted to $12.7 million, $10.6 million and $9.9 million in 2011, 2010 and 2009, respectively. Minimum future annual rental payments are as follows:

 

2012   $ 4,623  
2013     3,574  
2014     2,977  
2015     2,526  
2016     2,559  
Thereafter     6,672  
         
    $ 22,931  

 

License Agreements

 

The Company is party to a number of license and other agreements for the use of trademarks and rights in connection with the manufacture and sale of its products expiring at various dates through 2025. In connection with certain of these license agreements, the Company is subject to minimum annual advertising commitments, minimum annual royalties and other commitments as follows:

 

2012   $ 155,815  
2013     170,566  
2014     173,234  
2015     165,803  
2016     178,354  
Thereafter     424,939  
         
    $ 1,268,711  

 

Future advertising commitments are estimated based on planned future sales for the license terms that were in effect at December 31, 2011, without consideration for potential renewal periods. The above figures do not reflect the fact that our distributors share our advertising obligations. Royalty expense included in selling, general, and administrative expenses, aggregated $51.3 million, $40.2 million and $35.5 million, in 2011, 2010 and 2009, respectively and represented 8.3%, 8.8% and 8.7% of net sales for the years ended December 31, 2011, 2010 and 2009.
XML 46 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Trademarks, Licenses and Other Intangible Assets
 12 Months Ended
Dec. 31, 2011
Trademarks, Licenses and Other Intangible Assets
(7) Trademarks, Licenses and Other Intangible Assets

 

2011   Gross     Accumulated     Net Book  
    Amount     Amortization     Value  
Trademarks (indefinite lives)   $ 6,590     $ —     $ 6,590  
Trademarks (finite lives)     50,127       151       49,976  
Licenses (finite lives)     70,109       23,289       46,820  
Other intangible assets (finite lives)     13,953       11,589       2,364  
Subtotal     134,189       35,029       99,160  
Total   $ 140,779     $ 35,029     $ 105,750  

 

2010   Gross     Accumulated     Net Book  
    Amount     Amortization     Value  
Trademarks (indefinite lives)   $ 6,671     $ —     $ 6,671  
Trademarks (finite lives)     51,680       134       51,546  
Licenses (finite lives)     70,250       18,881       51,369  
Other intangible assets (finite lives)     13,220       11,404       1,816  
Subtotal     135,150       30,419       104,731  
Total   $ 141,821     $ 30,419     $ 111,402  

 

In 2009, an impairment charge relating to the Nickel trademark in the amount of $0.54 million was recorded. No other impairment charges for trademarks with indefinite useful lives were required in 2011, 2010 and 2009. Amortization expense was $7.9 million, $5.7 million and $6.7 million for 2011, 2010 and 2009, respectively. Amortization expense is expected to approximate $6.8 million in 2012 and 2013, $6.4 million in 2014 and $5.9 million in 2015 and 2016. The weighted average amortization period for trademarks, licenses and other intangible assets with finite lives are 18 years, 12 years and 2 years, respectively, and 13 years in the aggregate.

 

Trademarks (finite lives) primarily represents Lanvin brand names and trademarks and in connection with their purchase, Lanvin was granted the right to repurchase the brand names and trademarks in 2025 for the greater of €70 million (approximately $91 million) or one times the average of the annual sales for the years ending December 31, 2023 and 2024 (residual value). Because the residual value of the intangible asset exceeds its carrying value, the asset is not amortized.
XML 47 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2011
Derivative Financial Instruments
(5) Derivative Financial Instruments

 

The Company enters into foreign currency forward exchange contracts to hedge exposure related to receivables denominated in a foreign currency. Before entering into a derivative transaction for hedging purposes, it is determined that a high degree of initial effectiveness exists between the change in value of the hedged item and the change in the value of the derivative instrument from movement in exchange rates. High effectiveness means that the change in the cash flows of the derivative instrument will effectively offset the change in the cash flows of the hedged item. The effectiveness of each hedged item is measured throughout the hedged period and is based on the dollar offset methodology and excludes the portion of the fair value of the foreign currency forward exchange contract attributable to the change in spot-forward difference which is reported in current period earnings. Any hedge ineffectiveness is also recognized as a gain or loss on foreign currency in the income statement. For hedge contracts that are no longer deemed highly effective, hedge accounting is discontinued and gains and losses accumulated in other comprehensive income are reclassified to earnings. If it is probable that the forecasted transaction will no longer occur, then any gains or losses accumulated in other comprehensive income are reclassified to current-period earnings. Cash-flow hedges were highly effective, in all material respects.

 

The following table presents gains and losses in derivatives designated as hedges and the location of those gains and losses in the financial statements (in thousands):

 

                Location of Gain    
                (Loss)   Amount of Gain
    Amount of Gain   Location of Gain   Amount of Gain   Recognized in   (Loss) Recognized
Derivatives in   (Loss) Recognized   (Loss) Reclassified   (Loss) Reclassified   Income on   in Income on
Cash Flow   in OCI on   from Accumulated   from Accumulated   Derivative   Derivative
Hedging   Derivative   OCI into Income   OCI into Income   (Effective   (Effective Portion)
Relationships   (Effective Portion)   (Effective Portion)   (Effective Portion)   Portion)   (A)
    Year ended       Year ended       Year ended
    December 31,       December 31,       December 31,
      2011     2010         2011     2010         2011     2010  
Foreign exchange               Gain (loss) on               Gain (loss) on              
contracts   $ —     —   foreign currency   $ —     —   foreign currency   $  —     (2,638 )

 

(A) The amount of gain (loss) recognized in income represents the amount excluded from the assessment of hedge effectiveness.

 

The following table presents gains and losses in derivatives not designated as hedges and the location of those gains and losses in the financial statements (in thousands):

 

 

Derivatives not   Location of Gain (Loss)                
Designated as Hedging   recognized in Income on     December 31,       December 31,  
Instruments   Derivative     2011       2010  
                     
Interest rate swaps   Interest expense   $ 272     $ 362  
Foreign exchange contracts   Gain (loss) on foreign currency   $ (108 )   $ (86 )

 

All derivative instruments are reported as either assets or liabilities on the balance sheet measured at fair value. The valuation of interest rate swaps resulted in a liability which is included in long-term debt on the accompanying balance sheets. The valuation of foreign currency forward exchange contracts not accounted for using hedge accounting in 2011 resulted in a liability and is included in accrued expenses and in 2010 such valuation resulted in an asset and is included in other current assets on the accompanying balance sheets. Generally, increases or decreases in the fair value of derivative instruments will be recognized as gains or losses in earnings in the period of change. If the derivative instrument is designated and qualifies as a cash flow hedge, the changes in fair value of the derivative instrument will be recorded as a separate component of shareholders’ equity.

 

At December 31, 2011, the Company had foreign currency contracts in the form of forward exchange contracts in the amount of approximately U.S. $67.3 million and GB £10.0 million which all have maturities of less than one year.
XML 48 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Equipment and Leasehold Improvements
 12 Months Ended
Dec. 31, 2011
Equipment and Leasehold Improvements
(6) Equipment and Leasehold Improvements

 

    December 31,  
    2011     2010  
             
Equipment   $ 35,160     $ 26,778  
Leasehold improvements     2,265       2,107  
      37,425       28,885  
Less accumulated depreciation and amortization     22,900       17,678  
    $ 14,525     $ 11,207  

 

Depreciation and amortization expense was $6.0 million, $3.5 million and $4.3 million for 2011, 2010 and 2009, respectively.
XML 49 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2011
Goodwill and Other Intangible Assets
(8) Goodwill and Other Intangible Assets

 

The following tables present our assets and liabilities that are measured at fair value on a nonrecurring basis, and are categorized using the fair value hierarchy.

  

          Fair Value Measurements at December 31, 2011  
              Quoted Prices in       Significant Other       Significant  
              Active Markets for       Observable       Unobservable  
              Identical Assets       Inputs       Inputs  
      Total       (Level 1)       (Level 2)       (Level 3)  
                                 
Description                                
Trademark - Nickel   $ 2,263     $ —     $ —     $ 2,263  
                                 
Goodwill   $ 2,763     $ —     $ —     $ 2,763  

 

          Fair Value Measurements at December 31, 2010  
          Quoted Prices in     Significant Other     Significant  
          Active Markets for     Observable     Unobservable  
          Identical Assets     Inputs     Inputs  
    Total     (Level 1)     (Level 2)     (Level 3)  
                         
Description                                
Trademark - Nickel   $ 2,337     $ —     $ —     $ 2,337  
                                 
Goodwill   $ 3,654     $ —     $ —     $ 3,654  

 

The goodwill and trademarks referred to above, relates to the Company’s Nickel skin care business which is primarily a component of our European operations. The Company has determined that it may be inclined to sell the Nickel business within the next few years and therefore, the Company engages a third party valuation specialist to advise us and assist in a potential transaction. As a result, the Company has determined that as of December 31, 2011, the carrying amount of the goodwill exceeded fair value resulting in an impairment loss of $0.8 million. A similar evaluation is performed every year and in 2009, the Company recorded an impairment loss of $1.7 million. Accumulated impairment losses relating to goodwill aggregated $4.3 million as of December 31, 2011.

 

To determine fair value of indefinite-lived intangible assets, the Company uses an income approach, including the relief-from-royalty method. This method assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to obtain the rights to use the comparable asset. The relief-from-royalty calculations require us to make a number of assumptions and estimates concerning future sales levels, market royalty rates, future tax rates and discount rates. The Company uses this method to determine if an impairment charge is required relating to our Nickel brand trademarks. In 2009, an impairment charge relating to the Nickel trademark in the amount of $0.54 million was recorded. No impairment charge was required in 2011 or 2010. The Company assumed a market royalty rate of 6% and a discount rate of 7.7%.

 

The fair values used in our evaluations are also estimated based upon discounted future cash flow projections using a weighted average cost of capital of 7.7%. The cash flow projections are based upon a number of assumptions, including, future sales levels and future cost of goods and operating expense levels, as well as economic conditions, changes to our business model or changes in consumer acceptance of our products which are more subjective in nature. The Company believes that the assumptions the Company has made in projecting future cash flows for the evaluations described above are reasonable and currently no impairment indicators exist for our indefinite-lived assets other than the Nickel trademarks referred to above. However, if future actual results do not meet our expectations, the Company may be required to record an impairment charge, the amount of which could be material to our results of operations.

 

The cost of trademarks, licenses and other intangible assets with finite lives is being amortized by the straight-line method over the term of the respective license or the intangible assets estimated useful life which range from three to seventeen years. If the residual value of a finite life intangible asset exceeds its carrying value, then the asset is not amortized. The Company reviews intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

Activity relating to the goodwill is as follows:

 

    December 31,  
    2011     2010  
             
Balance - beginning of year   $ 3,654     $ 3,927  
Effect of changes in foreign currency translation rates     (54 )     (273 )
Impairment loss     (837 )     —  
                 
Balance - end of year   $ 2,763     $ 3,654
XML 50 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Net Income Attributable to Inter Parfums, Inc. Common Shareholders
 12 Months Ended
Dec. 31, 2011
Net Income Attributable to Inter Parfums, Inc. Common Shareholders
(13) Net Income Attributable to Inter Parfums, Inc. Common Shareholders

 

Net income attributable to Inter Parfums, Inc. per common share (“basic EPS”) is computed by dividing net income attributable to Inter Parfums, Inc. by the weighted-average number of shares outstanding. Net income attributable to Inter Parfums, Inc. per share assuming dilution (“diluted EPS”), is computed using the weighted average number of shares outstanding, plus the incremental shares outstanding assuming the exercise of dilutive stock options and warrants using the treasury stock method. The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows:

 

    Year ended December 31,  
    2011     2010     2009  
                   
Numerator:                        
Net income attributable to Inter Parfums, Inc.   $ 32,303     $ 26,593     $ 22,367  
Effect of dilutive securities of consolidated subsidiary     (82 )     (86 )     (18 )
Numerator for diluted earnings per share   $ 32,221     $ 26,507     $ 22,349  
                         
Denominator:                        
Weighted average shares     30,514,529       30,360,602       30,099,998  
Effect of dilutive securities:                        
Stock options and warrants     163,296       121,389       21,079  
Denominator for diluted earnings per share     30,677,825       30,481,991       30,121,077  
                         
Earnings per share:                        
Net income attributable to Inter Parfums, Inc.                        
common shareholders:                        
Basic   $ 1.06     $ 0.88     $ 0.74  
Diluted     1.05       0.87       0.74  

 

Not included in the above computations is the effect of anti-dilutive potential common shares which consist of outstanding options to purchase 118,000, 154,000, and 889,000 shares of common stock for 2011, 2010, and 2009, respectively, and outstanding warrants to purchase 81,000 and 300,000 shares of common stock for 2010 and 2009, respectively.
XML 51 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2011
Valuation and Qualifying Accounts

Schedule II

 

INTER PARFUMS, INC. AND SUBSIDIARIES

 

Valuation and Qualifying Accounts

 

(In thousands)

 

Column A   Column B     Column C     Column D     Column E  
          Additions              
          (1)     (2)              
                Charged to              
    Balance at     Charged to     other              
    beginning of     costs and     accounts –     Deductions –     Balance at  
Description   period     expenses     describe     describe     end of period  
Allowance for doubtful accounts:                                        
Year ended December 31, 2011   $ 4,367       2,838       (211 )(d)     1,674 (a)     5,320  
Year ended December 31, 2010   $ 2,096       3,147       (106 )(d)     770 (a)     4,367  
Year ended December 31, 2009   $ 1,185       1,295       57 (d)     441 (a)     2,096  
                                         
Sales return accrual:                                        
Year ended December 31, 2011   $ 1,560       4,129       -       1,517 (b)     4,172  
Year ended December 31, 2010   $ 296       1,496       -       232 (b)     1,560  
Year ended December 31, 2009   $ 118       385       -       207 (b)     296  
                                         
Inventory Reserve:                                        
Year ended December 31, 2011   $ 6,242       3,880       (272 )(d)     2,390 (c)     7,460  
Year ended December 31, 2010   $ 7,150       1,766       (405 )(d)     2,269 (c)     6,242  
Year ended December 31, 2009   $ 7,394       2,237       195 (d)     2,676 (c)     7,150  

 

(a) Write-off of bad debts.
(b) Write-off of sales returns.
(c) Disposal of inventory
(d) Foreign currency translation adjustment

 

See accompanying reports of independent registered public accounting firms
XML 52 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Changes in Shareholders' Equity (USD $)
In Thousands, except Share data
Total
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income
Treasury stock
Noncontrolling interest
Beginning Balance at Dec. 31, 2008 $ 255,509 $ 30 $ 41,950 $ 168,025 $ 25,515 $ (31,319) $ 51,308
Beginning Balance (in shares) at Dec. 31, 2008   30,168,939       9,966,379  
Net income 30,158     22,367     7,791
Foreign currency translation adjustments 8,767       6,789   1,978
Reclassification from OCI into earnings, net (5,922)       (4,423)   (1,499)
Net derivative instrument gain, net of tax 173       141   32
Dividends (5,690)     (3,974)     (1,716)
Shares issued upon exercise of stock options and warrants including income tax benefit of $110 for 2011, $520 for 2010 and $692 for 2009, respectively (in shares)   243,600       (150,000)  
Shares issued upon exercise of stock options and warrants including income tax benefit of $110 for 2011, $520 for 2010 and $692 for 2009, respectively 3,187   2,711     476  
Stock compensation 805   510 193     102
Sale of subsidiary shares to noncontrolling interest 2,626   (45)       2,671
Purchased treasury shares (in shares)   (108,100)       108,100  
Purchased treasury shares (631)         (631)  
Shares received as proceeds of option exercises (in shares)   (132,487)       132,487  
Shares received as proceeds of option exercises (1,569)         (1,569)  
Ending Balance at Dec. 31, 2009 287,413 30 45,126 186,611 28,022 (33,043) 60,667
Ending Balance (in shares) at Dec. 31, 2009   30,171,952       10,056,966  
Net income 35,675     26,593     9,082
Foreign currency translation adjustments (17,784)       (13,348)   (4,436)
Net derivative instrument gain, net of tax 157       83   74
Dividends (9,949)     (7,901)     (2,048)
Shares issued upon exercise of stock options and warrants including income tax benefit of $110 for 2011, $520 for 2010 and $692 for 2009, respectively (in shares)   376,455       (150,000)  
Shares issued upon exercise of stock options and warrants including income tax benefit of $110 for 2011, $520 for 2010 and $692 for 2009, respectively 4,505   4,012     493  
Stock compensation 799   597 150     52
Purchase of subsidiary shares from noncontrolling interest (4,595)   (2,087)       (2,508)
Sale of subsidiary shares to noncontrolling interest 5,326   1,239       4,087
Shares received as proceeds of option exercises (in shares)   (102,526)       102,526  
Shares received as proceeds of option exercises (1,601)         (1,601)  
Ending Balance at Dec. 31, 2010 299,946 30 48,887 205,453 14,757 (34,151) 64,970
Ending Balance (in shares) at Dec. 31, 2010   30,445,881       10,009,492  
Net income 42,949     32,303     10,646
Foreign currency translation adjustments (9,680)       (7,021)   (2,659)
Net derivative instrument gain, net of tax 18       11   7
Dividends (12,917)     (9,768)     (3,149)
Shares issued upon exercise of stock options and warrants including income tax benefit of $110 for 2011, $520 for 2010 and $692 for 2009, respectively (in shares)   95,625          
Shares issued upon exercise of stock options and warrants including income tax benefit of $110 for 2011, $520 for 2010 and $692 for 2009, respectively 1,093 1 1,092        
Stock compensation 935   695 176     64
Purchase of subsidiary shares from noncontrolling interest (750)   (417)       (333)
Sale of subsidiary shares to noncontrolling interest 2,756   626       2,130
Ending Balance at Dec. 31, 2011 $ 324,350 $ 31 $ 50,883 $ 228,164 $ 7,747 $ (34,151) $ 71,676
Ending Balance (in shares) at Dec. 31, 2011   30,541,506       10,009,492  
XML 53 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Recent Agreements
 12 Months Ended
Dec. 31, 2011
Recent Agreements
(2) Recent Agreements

 

Burberry

 

In December 2011, the Company and Burberry began to explore ways in which we can work more closely together to realize the brand’s potential and are currently in discussion regarding the potential establishment of a new operating structure for the Burberry fragrance and beauty business. As there can be no assurance that an agreement will be reached, Burberry exercised its right to evaluate the purchase price for the unexpired term of the existing license. In this process, Burberry has until July 31, 2012 to determine whether it wishes to buy out the unexpired portion of the license as of December 31, 2012 or continue the existing contract which runs through December 31, 2017. As previously disclosed, if Burberry were to buy back the license, then the purchase price will be the greater of the fair market value of the unexpired term of the license or 70% of 2010 net wholesale sales of Burberry products.

  

Repetto

 

In December 2011, we entered into a thirteen-year exclusive worldwide license agreement to create, produce and distribute perfumes and ancillary products under the Repetto brand. Our rights under the agreement commenced on January 1, 2012. The agreement is subject to certain minimum advertising expenditures and royalty payments as are customary in our industry.

 

The Gap Inc.

 

In July 2011, we renewed our exclusive agreement with The Gap, Inc. to develop, produce, manufacture and distribute fragrances for Gap and Banana Republic brand names to be sold in Gap and Banana Republic retail stores in the United States and Canada. In July 2011, we also renewed our license agreement with The Gap Inc. for international distribution of fragrances through Gap and Banana Republic stores as well as select specialty and department stores outside the United States, including duty-free and other travel related retailers.

 

These renewal agreements, which took effect on January 1, 2012 and run through December 31, 2014, contain terms and conditions similar to those of the original agreements.

 

Pierre Balmain

 

In July 2011, we entered into a twelve-year exclusive worldwide license agreement to create, produce and distribute perfumes and ancillary products under the Balmain brand. Our rights under the agreement commenced on January 1, 2012 when we took over the production and distribution of existing Balmain fragrances. The agreement is subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. The Company paid an up front entry fee of €2.1 million (approximately $2.7 million) for this license.

 

Anna Sui

 

In June 2011, we entered into a ten-year exclusive worldwide fragrance license agreement, with two five-year renewal options, to create, produce and distribute perfumes and fragrance-related products under the Anna Sui brand. Our rights under the agreement commenced on January 1, 2012 when we took over production and distribution of the existing Anna Sui fragrance collections. The agreement is subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. The Company agreed to pay an upfront entry fee of $2.0 million for this license which was recorded and paid for in 2012 and agreed to purchase current inventory and certain other assets of the existing licensee. As of December 31, 2011, approximately $2.8 million of current inventory was purchased.

 

S. T. Dupont

 

In April 2011, we renewed our license agreement with S.T. Dupont for the creation, development and distribution of fragrance products through December 31, 2016. Our initial eleven-year license agreement with S.T. Dupont was signed in June 1997, and had previously been extended in 2006 for an additional three years until June 2011.

 

Lane Bryant

 

In March 2011, we entered into an exclusive agreement with a unit of Charming Shoppes, Inc. for its flagship brand, Lane Bryant. Under the agreement, Inter Parfums designs and manufactures personal care products for the Lane Bryant brand, while Lane Bryant is responsible for marketing, promoting and selling these products. The initial term of the contract, which may be extended by mutual consent, runs through December 31, 2015.

 

Boucheron

 

In December 2010, the Company entered into an exclusive worldwide license agreement with Boucheron Parfums SAS to create, produce and distribute perfumes and ancillary products under the Boucheron brand. Our rights under such license agreement, which took effect on January 1, 2011 and runs through December 31, 2025, are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. The Company paid an upfront entry fee of €15 million (approximately $20 million) for this license, and purchased the inventory of the former licensee for €1.7 million (approximately $2.3 million).

 

Nine West

 

In July 2010, the Company entered into an exclusive worldwide license agreement with Nine West Development Corporation for the creation, production, marketing and global distribution of women’s fragrances under the Nine West brand. The agreement, which runs through December 31, 2016, contains a provision for further renewal if certain conditions are met. The agreement also provides for direct sales to Nine West retail stores in the United States, as well as a licensing component, enabling us to sell women's fragrances to better department stores and specialty retailers worldwide. Our rights under such license agreement are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry.

 

Betsey Johnson

 

In July 2010, the Company entered into an exclusive worldwide agreement with Betsey Johnson LLC under which the Company will design, manufacture and sell fragrance, color cosmetics as well as other personal care products across a broad retail spectrum. The agreement, which runs through December 31, 2015 with a five year optional term if certain conditions are met, encompasses both direct sales to global Betsey Johnson stores and e-commerce site, as well as a licensing component, enabling us to sell these fragrance and beauty products to specialty and department stores as well as other retail outlets worldwide. Our rights under such license agreement are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry.

 

Montblanc

 

In January 2010, the Company entered into an exclusive worldwide license agreement with Montblanc International GmbH to create, produce and distribute perfumes and ancillary products under the Montblanc brand. Our rights under this license agreement, which took effect on July 1, 2010 and runs through December 31, 2020, are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. The Company paid an upfront entry fee of €1 million (approximately $1.4 million) for this license and purchased inventory of the former licensee for €4 million (approximately $5.7 million).

 

Jimmy Choo

 

In October 2009, the Company entered into an exclusive worldwide license agreement with J Choo Limited, which commenced on January 1, 2010, for the creation, development and distribution of fragrances under the Jimmy Choo brand. Our rights under such license agreement, which runs through 2022, are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. A member of the Company’s Board of Directors is also a member of the Board of Directors of J Choo Limited.
XML 54 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 50 148 1 false 6 0 false 3 false false R1.htm 101 - Document - Document and Entity Information Sheet http://www.interparfumsinc.com/taxonomy/role/DocumentDocumentandEntityInformation Document and Entity Information true false R2.htm 103 - Statement - Consolidated Balance Sheets Sheet http://www.interparfumsinc.com/taxonomy/role/StatementOfFinancialPositionClassified Consolidated Balance Sheets false false R3.htm 104 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://www.interparfumsinc.com/taxonomy/role/StatementOfFinancialPositionClassifiedParenthetical Consolidated Balance Sheets (Parenthetical) false false R4.htm 105 - Statement - Consolidated Statements of Income Sheet http://www.interparfumsinc.com/taxonomy/role/StatementOfIncome Consolidated Statements of Income false false R5.htm 106 - Statement - Consolidated Statements of Changes in Shareholders' Equity Sheet http://www.interparfumsinc.com/taxonomy/role/StatementOfShareholdersEquityAndOtherComprehensiveIncome Consolidated Statements of Changes in Shareholders' Equity false false R6.htm 107 - Statement - Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) Sheet http://www.interparfumsinc.com/taxonomy/role/StatementOfShareholdersEquityAndOtherComprehensiveIncomeParenthetical Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) false false R7.htm 108 - Statement - Consolidated Statements of Comprehensive Income Sheet http://www.interparfumsinc.com/taxonomy/role/StatementOfOtherComprehensiveIncome Consolidated Statements of Comprehensive Income false false R8.htm 109 - Statement - Consolidated Statements of Cash Flows Sheet http://www.interparfumsinc.com/taxonomy/role/StatementOfCashFlowsIndirect Consolidated Statements of Cash Flows false false R9.htm 110 - Disclosure - The Company and its Significant Accounting Policies Sheet http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsOrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock The Company and its Significant Accounting Policies false false R10.htm 111 - Disclosure - Recent Agreements Sheet http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsSignificantAgreementsDisclosureTextBlock Recent Agreements false false R11.htm 112 - Disclosure - Inventories Sheet http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsInventoryDisclosureTextBlock Inventories false false R12.htm 113 - Disclosure - Fair Value of Financial Instruments Sheet http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlock Fair Value of Financial Instruments false false R13.htm 114 - Disclosure - Derivative Financial Instruments Sheet http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsDerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock Derivative Financial Instruments false false R14.htm 115 - Disclosure - Equipment and Leasehold Improvements Sheet http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsInvestmentInEquipmentAndLeasesTextBlock Equipment and Leasehold Improvements false false R15.htm 116 - Disclosure - Trademarks, Licenses and Other Intangible Assets Sheet http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsIntangibleAssetsDisclosureTextBlock Trademarks, Licenses and Other Intangible Assets false false R16.htm 117 - Disclosure - Goodwill and Other Intangible Assets Sheet http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsGoodwillAndIntangibleAssetsDisclosureTextBlock Goodwill and Other Intangible Assets false false R17.htm 118 - Disclosure - Loans Payable - Banks Sheet http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlock Loans Payable - Banks false false R18.htm 119 - Disclosure - Long-Term Debt Sheet http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsLongTermDebtTextBlock Long-Term Debt false false R19.htm 120 - Disclosure - Commitments Sheet http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsCommitmentsDisclosureTextBlock Commitments false false R20.htm 121 - Disclosure - Equity Sheet http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock Equity false false R21.htm 122 - Disclosure - Net Income Attributable to Inter Parfums, Inc. Common Shareholders Sheet http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlock Net Income Attributable to Inter Parfums, Inc. Common Shareholders false false R22.htm 123 - Disclosure - Segments and Geographic Areas Sheet http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsSegmentReportingDisclosureTextBlock Segments and Geographic Areas false false R23.htm 124 - Disclosure - Income Taxes Sheet http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlock Income Taxes false false R24.htm 125 - Disclosure - Accumulated Other Comprehensive Income Sheet http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsComprehensiveIncomeNoteTextBlock Accumulated Other Comprehensive Income false false R25.htm 126 - Disclosure - Net Income Attributable to Inter Parfums, Inc. and Transfers from the Noncontrolling Interest Sheet http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsMinorityInterestDisclosureTextBlock Net Income Attributable to Inter Parfums, Inc. and Transfers from the Noncontrolling Interest false false R26.htm 127 - Disclosure - Valuation and Qualifying Accounts Sheet http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock Valuation and Qualifying Accounts false false All Reports Book All Reports Process Flow-Through: 103 - Statement - Consolidated Balance Sheets Process Flow-Through: Removing column 'Dec. 31, 2009' Process Flow-Through: Removing column 'Dec. 31, 2008' Process Flow-Through: 104 - Statement - Consolidated Balance Sheets (Parenthetical) Process Flow-Through: 105 - Statement - Consolidated Statements of Income Process Flow-Through: 107 - Statement - Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) Process Flow-Through: 108 - Statement - Consolidated Statements of Comprehensive Income Process Flow-Through: 109 - Statement - Consolidated Statements of Cash Flows ipar-20111231.xml ipar-20111231.xsd ipar-20111231_cal.xml ipar-20111231_def.xml ipar-20111231_lab.xml ipar-20111231_pre.xml true true XML 55 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Equity
 12 Months Ended
Dec. 31, 2011
Equity
(12) Equity

 

Share-Based Payments:

 

The Company maintains a stock option program for key employees, executives and directors. The plans, all of which have been approved by shareholder vote, provide for the granting of both nonqualified and incentive options. Options granted under the plans typically have a six-year term and vest over a four to five-year period. The fair value of shares vested in 2011 and 2010 aggregated $0.6 million and $0.5 million, respectively. Compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. It is generally the Company’s policy to issue new shares upon exercise of stock options.

 

The following table sets forth information with respect to nonvested options for 2011:

 

    Number of Shares     Weighted Average Grant
Date Fair Value		  
Nonvested options – beginning of year     480,843     $ 4.32  
Nonvested options granted     118,900     $ 4.59  
Nonvested options vested or forfeited     (142,820 )   $ 4.29  
Nonvested options – end of year     456,923     $ 4.40  

 

Share-based payment expenses decreased income before income taxes by $1.1 million in 2011 and $0.9 million in both 2010 and 2009, decreased net income attributable to Inter Parfums, Inc. by $0.60 million, $0.55 million and $0.54 million in 2011, 2010 and 2009, respectively, and reduced diluted earnings per share by $0.02 in 2011, 2010 and 2009.

  

The following table summarizes stock option activity and related information for the years ended December 31, 2011, 2010 and 2009 and does not include information relating to options of IPSA granted by IPSA, our majority-owned subsidiary:

 

    Year ended December 31,  
    2011     2010     2009  
    Options     Weighted
Average
exercise
price		     Options     Weighted
Average
exercise
price		     Options     Weighted
Average
exercise
price		  
Shares under option - beginning of year     807,620     $ 12.78       920,825     $ 11.32       1,138,375     $ 11.23  
Options granted     118,900       15.66       120,200       18.64       100,550       11.90  
Options exercised     (95,625 )     12.66       (226,455 )     10.00       (243,600 )     10.24  
Options cancelled     (7,620 )     14.37       (6,950 )     11.27       (74,500 )     14.20  
Shares under options - end of year     823,275       13.20       807,620       12.78       920,825       11.32  

 

At December 31, 2011, options for 771,795 shares were available for future grant under the plans. The aggregate intrinsic value of options outstanding is $2.3 million as of December 31, 2011 and unrecognized compensation cost related to stock options outstanding on Inter Parfums, Inc. common stock aggregated $1.4 million, which will be recognized over the next five years. The amount of unrecognized compensation cost related to stock options outstanding of our majority-owned subsidiary, IPSA, was €0.7 million (approximately $0.9 million). Options under IPSA plans vest four years after grant.

 

The weighted average fair values of options granted by Inter Parfums, Inc. during 2011, 2010 and 2009 were $4.59, $5.59 and $4.40 per share, respectively, on the date of grant using the Black-Scholes option pricing model to calculate the fair value. The assumptions used in the Black-Scholes pricing model for the years ended December 31, 2011, 2010 and 2009 are set forth in the following table:

 

    Year Ended December 31,  
    2011     2010     2009  
Weighted-average expected stock-price volatility     40 %     39 %     49 %
Weighted-average expected option life     4.5 years       4.5 years       4.5 years  
Weighted-average risk-free interest rate     0.9 %     2.1 %     2.6 %
Weighted-average dividend yield     1.7 %     1.7 %     2.0 %

 

Expected volatility is estimated based on historic volatility of the Company’s common stock. In 2011, the expected term of the option is estimated based on historic data. In 2010 and 2009, the Company used the simplified method as historic data regarding employee exercise behavior was incomplete. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant of the option and the dividend yield reflects the assumption that the dividend payout as authorized by the Board of Directors would increase as the earnings of the Company and its stock price continue to increase.

 

Stock-based employee compensation determined under the fair value based method, net of related tax effects, includes compensation incurred by IPSA, our majority-owned subsidiary whose stock is publicly traded in France. No options were granted by IPSA in 2011. The weighted average fair values of the options granted by IPSA during 2010 and 2009 were €6.55 per share and €4.27 per share, respectively, on the date of grant using the Black-Scholes option pricing model.

 

 Cash proceeds, tax benefits and intrinsic value related to stock options exercised were as follows: 

 

    Year Ended December 31,  
    2011     2010     2009  
Cash proceeds from stock options exercised   $ 1,210     $ 771     $ 956  
Tax benefits   $ —     $ 520     $ 692  
Intrinsic value of stock options exercised   $ 720     $ 1,195     $ 407  

 

The following table summarizes additional stock option information as of December 31, 2010:

 

          Options outstanding        
    Number     weighted average remaining     Options  
Exercise prices   outstanding     contractual life     exercisable  
$ 6.15 – $ 6.93     75,220       2.96 years       42,860  
$ 11.30 – $ 11.41     154,650       2.09 years       20,588  
$ 12.14 – $ 12.64     194,380       2.94 years       116,635  
$ 13.10 – $ 13.45     164,775       0.98 years       161,399  
$ 15.59 - $ 15.62     121,400       5.91 years       1,200  
$17.94     3,500       4.09 years       —  
$18.01     3,000       1.41 years       2,400  
$19.03     106,350       5.00 years       21,270  
Totals     823,275       3.09 Years       366,352  

 

As of December 31, 2011, the weighted average exercise price of options exercisable was $12.45 and the weighted average remaining contractual life of options exercisable is 2.27 years. The aggregate intrinsic value of options exercisable at December 31, 2011 is $1.2 million.

 

The Chief Executive Officer and the President each exercised 75,000 outstanding stock options of the Company’s common stock in both 2010 and 2009. The aggregate exercise prices of $1.5 million in both 2010 and 2009 were paid by them tendering to the Company in 2010 and 2009 an aggregate of 95,744 and 129,984 shares, respectively, of the Company’s common stock, previously owned by them, valued at fair market value on the dates of exercise. All shares issued pursuant to these option exercises were issued from treasury stock of the Company. In addition, the Chief Executive Officer tendered in 2010 and 2009 an additional 6,782 and 2,503 shares, respectively, for payment of certain withholding taxes resulting from his option exercises.

 

Treasury Stock

 

As of December 31, 2008, the Board of Directors of the Company authorized the repurchase of up to 1,031,863 shares of the Company’s common stock. During 2009, the Company repurchased 108,100 shares of its common stock at an average price of $5.84 per common share.

 

Dividends

 

The quarterly dividend of $2.4 million ($0.08 per share) declared in December 2011 was paid in January 2012. Furthermore, in December 2011 the Board of Directors of the Company authorized the continuation of the annual dividend of $0.32 per share. The next quarterly dividend of $0.08 per share will be paid on April 16, 2012 to shareholders of record on March 30, 2012.