-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KGDq3ZI1wPTKryzPpp+OtoTYC8Hbqlt5CesWV7Plxyxl80nL35Ru/yykcchFXESp PB6m/aYs3Zo/ilOEKUA/KA== 0000950123-10-037261.txt : 20100423 0000950123-10-037261.hdr.sgml : 20100423 20100422183538 ACCESSION NUMBER: 0000950123-10-037261 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20100422 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100423 DATE AS OF CHANGE: 20100422 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEVELOPERS DIVERSIFIED REALTY CORP CENTRAL INDEX KEY: 0000894315 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 341723097 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11690 FILM NUMBER: 10765443 BUSINESS ADDRESS: STREET 1: 3300 ENTERPRISE PARKWAY CITY: BEACHWOOD STATE: OH ZIP: 44122 BUSINESS PHONE: 2167555500 MAIL ADDRESS: STREET 1: 3300 ENTERPRISE PARKWAY CITY: BEACHWOOD STATE: OH ZIP: 44122 8-K 1 l39435e8vk.htm FORM 8-K e8vk
Table of Contents

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 22, 2010
DEVELOPERS DIVERSIFIED REALTY CORPORATION
 
(Exact name of registrant as specified in its charter)
         
Ohio   1-11690   34-1723097
         
(State or other jurisdiction   (Commission   (IRS Employer
of incorporation)   File Number)   Identification No.)
     
3300 Enterprise Parkway, Beachwood, Ohio   44122
     
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code (216) 755-5500
 
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


TABLE OF CONTENTS

Item 2.02 Results of Operations and Financial Condition
Item 7.01 Regulation FD Disclosure
Item 9.01 Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX
EX-99.1
EX-99.2
EX-99.3


Table of Contents

Item 2.02 Results of Operations and Financial Condition.
On April 22, 2010, Developers Diversified Realty Corporation (the “Company”) issued a News Release containing financial results of the Company (the “News Release”) and a quarterly financial supplement containing financial and property information of the Company (“Quarterly Supplement”) for the three months ended March 31, 2010. Among other things, the News Release reports a net loss of $0.16 per diluted share for the three months ended March 31, 2010 as compared to net income of $0.59 per diluted share for the three months ended March 31, 2009. A copy of the News Release is attached hereto as Exhibit 99.1 and a copy of the Quarterly Financial Supplement is attached hereto as Exhibit 99.2 and are each incorporated herein by reference. This information shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as shall be set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
     The Company is furnishing a copy of the Company’s Property List as of March 31, 2010, which is attached hereto as Exhibit 99.3 and incorporated herein by reference. This information shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act or the Exchange Act, except as shall be set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
     (d) Exhibits.
     
Exhibit    
No.   Description
99.1
  News release dated as of April 22, 2010.
99.2
  Quarterly financial supplement dated as of March 31, 2010.
99.3
  Property list as of March 31, 2010.

 


Table of Contents

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
 
  Developers Diversified Realty Corporation    
 
 
 
(Registrant)
   
 
       
Date April 22, 2010
  /S/ Christa A. Vesy    
 
       
 
  Christa A. Vesy    
 
  Senior Vice President and Chief Accounting Officer    

 


Table of Contents

EXHIBIT INDEX
     
Exhibit    
No.   Description
99.1
  News release dated as of April 22, 2010.
99.2
  Quarterly financial supplement dated as of March 31, 2010.
99.3
  Property list as of March 31, 2010.

 

EX-99.1 2 l39435exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
DEVELOPERS DIVERSIFIED REALTY CORPORATION
For Immediate Release:
     
Media Contact:
  Investor Contact:
Scott Schroeder
  Kate Deck
216-755-5500
  216-755-5500
sschroeder@ddr.com
  kdeck@ddr.com
DEVELOPERS DIVERSIFIED REALTY REPORTS FFO PER
DILUTED SHARE OF $0.28 FOR THE QUARTER ENDED
MARCH 31, 2010 BEFORE NON-OPERATING ITEMS
CLEVELAND, OHIO, April 22, 2010 - Developers Diversified Realty (NYSE: DDR) today announced operating results for the first quarter ended March 31, 2010.
    The Company’s first quarter operating Funds From Operations (“FFO”) was $65.2 million, or $0.28 per diluted share, before $36.8 million of net charges.
 
      The net charges, primarily non-cash, for the three months ended March 31, 2010 are summarized as follows (in millions):
         
Non-cash loss on equity derivative instruments related to Otto investment
  $ 24.9  
Executive separation charge
    2.1  
Non-cash impairment charges – consolidated assets
    2.1  
Consolidated impairment charges and loss on sales included in discontinued operations
    2.4  
Debt extinguishment costs and other expenses
    3.1  
FFO associated with Mervyns joint venture, net of non-controlling interest
    2.0  
Loss on asset sales – equity method investments
    1.3  
Gain on repurchases of senior notes
    (1.1 )
 
     
 
  $ 36.8  
 
     
    The Company reported operating FFO for the three-month period ended March 31, 2009 of $85.0 million, or $0.66 per diluted share, before $55.0 million of net gains.
 
      The net gains for the three months ended March 31, 2009 are summarized as follows (in millions):
         
Gain on repurchases of senior notes
  $ 72.6  
Non-cash impairment charges – consolidated assets
    (10.9 )
Loss on disposition of joint venture investment
    (5.8 )
Non-cash impairment charge on equity method investment
    (0.9 )
 
     
 
  $ 55.0  
 
     

1


 

    FFO applicable to common shareholders for the three-month period ended March 31, 2010, including the above net charges, was $28.4 million, or $0.12 per diluted share, which compares to FFO of $140.0 million, or $1.08 per diluted share, for the prior-year comparable period. Net loss applicable to common shareholders for the three-month period ended March 31, 2010 was $34.8 million, or a loss of $0.15 per diluted share, which compares to net income of $76.8 million, or $0.59 per diluted share, for the prior-year comparable period.
 
    Executed leases during the first quarter of 2010 totaled a Company record of approximately 2.6 million square feet, including 180 new leases and 242 renewals, which includes 0.3 million square feet of leases executed for managed assets.
 
    On a cash basis, leasing spreads on new leases and renewals on a combined basis decreased 2.9% for the first quarter, an improvement over fourth quarter results.
 
    Core portfolio leased percentage at March 31, 2010 was 91.3% compared to 91.2% at December 31, 2009.
 
    Same store net operating income (“NOI”) for the quarter decreased 2.6% over the prior-year comparable period.
“We are very pleased with the results from operations and the overall performance of our platform. Leasing velocity continues to improve as tenant sales advance, quality space becomes increasingly scarce and newly constructed opportunities are relatively non-existent. Moreover, in the first quarter, we continued to enhance the strength of our balance sheet, meaningfully improve liquidity and extend our debt maturities. This progress was achieved through our continued focus on long-term capital market strategies consistent with our stated goals,” commented Developers Diversified’s president and chief executive officer, Daniel B. Hurwitz.
Financial Results:
Net loss applicable to common shareholders was $34.8 million, or a loss of $0.15 per share (diluted and basic), for the three-month period ended March 31, 2010, as compared to net income of $76.8 million, or $0.59 per share (diluted and basic), for the prior-year comparable period.
FFO applicable to common shareholders was $28.4 million, or $0.12 per share (diluted and basic), for the three-month period ended March 31, 2010, as compared to FFO of $140.0 million, or $1.08 per share (diluted and basic) for the three-month period ended March 31, 2009. The decrease in FFO for the three-month period ended March 31, 2010, is primarily the result of a decrease in the gain recognized on the repurchases of senior notes, the loss on equity derivative instruments and the impact of 2009 asset sales.

2


 

FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry and a widely accepted measure of real estate investment trust (“REIT”) performance. Management believes that FFO and operating FFO provide additional indicators of the financial performance of a REIT. The Company also believes that FFO and operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group. Neither FFO nor operating FFO represents cash generated from operating activities in accordance with generally accepted accounting principles (“GAAP”), is necessarily indicative of cash available to fund cash needs and should be considered as an alternative to net income computed in accordance with GAAP as an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of liquidity. FFO is defined and calculated by the Company as net income, adjusted to exclude: (i) preferred share dividends, (ii) gains from disposition of depreciable real estate property, except for those sold through the Company’s merchant building program, which are presented net of taxes, and those gains that represent the recapture of a previously recognized impairment charge, (iii) extraordinary items and (iv) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income from joint ventures and equity income from non-controlling interests and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. The Company calculates operating FFO by excluding the non-operating net charges and gains described above. Other real estate companies may calculate FFO and operating FFO in a different manner. FFO excluding the net non-operating items detailed above is useful to investors as the Company removes these charges and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. A reconciliation of net (loss) income to FFO is presented in the financial highlights section.
Leasing:
The following results for the three-month period ended March 31, 2010, highlight continued strong leasing activity throughout the portfolio including a Company record for executed deals despite the current economic environment:
    Executed 180 new leases aggregating approximately 1.2 million square feet and 242 renewals aggregating approximately 1.4 million square feet, which includes 0.3 million square feet of leases executed for managed assets.
 
    Total portfolio average annualized base rent per occupied square foot, excluding assets in Brazil, as of March 31, 2010 was $12.37, as compared to $12.29 at March 31, 2009.
 
    Core portfolio leased rate was 91.3% as of March 31, 2010, as compared to 90.7% at March 31, 2009.
 
    On a cash basis, leasing spreads for new leases decreased by 5.9% and renewals decreased by 1.9%. This marks an improvement from the decrease of 15.3% for new leases reported in the fourth quarter of 2009.
Overall, the Company remains encouraged by the leasing activity achieved during the first quarter. While the resulting rental spreads and core occupancy levels are much less favorable than what the Company has historically achieved, the Company is continuing to make strides in retenanting the bankruptcy driven vacancies that have impacted the retail sector.

3


 

Dispositions:
The Company sold five consolidated shopping center properties, aggregating 0.9 million square feet, in the first quarter of 2010, generating gross proceeds of approximately $30.9 million. The Company recorded an aggregate net gain on sale of approximately $0.6 million related to these assets in the first quarter.
In March 2010, the DDRTC Core Retail Fund LLC, an unconsolidated investment in which the Company has an approximate 15% ownership interest, sold 16 shopping center assets for $424.3 million. This transaction resulted in a loss of $8.7 million for the three months ended March 31, 2010, of which the Company’s proportionate share was $1.3 million.
Wholly-Owned and Consolidated Joint Venture Development:
The Company currently has the following wholly-owned and consolidated joint venture shopping center projects under construction:
                                 
            Expected              
            Remaining     Initial        
            Cost     Anchor        
               Location   Owned GLA     ($ Millions)     Opening *   Description
Boise (Nampa), Idaho
    431.7     $ 17.1       2H 07     Community Center
Austin (Kyle), Texas **
    443.1       16.5       2H 09     Community Center
 
                           
Total
    874.8     $ 33.6                  
 
                           
 
*   2H = Second Half
 
**   Consolidated 50% Joint Venture
In addition to these projects, which will be developed in phases, the Company and its joint venture partners intend to commence construction on various other developments only after substantial tenant leasing has occurred and acceptable construction financing is available, including several international projects.
Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions:
The Company is currently expanding/redeveloping a wholly-owned shopping center in Miami (Plantation), Florida, at a projected aggregate net cost of approximately $48.1 million. At March 31, 2010, approximately $24.0 million of costs had been incurred in relation to the redevelopment of this project.
Financings:
In March 2010, the Company issued $300 million, 7.5% senior unsecured notes due April 2017. The notes were offered at 99.995% of par with a yield to maturity of 7.5%. Proceeds from the offering were used to repay debt with shorter-term maturities and to repay amounts outstanding on the Company’s unsecured credit facilities.
In the first quarter of 2010, the Company purchased approximately $155.9 million aggregate principal amount of its outstanding senior unsecured notes at a discount to par, resulting in a gross gain of approximately $4.1 million prior to the write-off of unamortized deferred financing costs. Included in the first quarter purchases was $83.1 million principal amount of near-term outstanding senior unsecured notes repurchased through a cash tender offer at par in March 2010. The first quarter purchases primarily included debt maturing in 2010 and 2011.

4


 

The Company also prepaid $130 million of near-term secured debt as well as reduced the amounts outstanding under its revolving credit facilities by nearly $430 million during the first quarter of 2010.
Through the above financing activities, the Company continued to extend the weighted average term of its debt maturities.
Equity Issuances:
In February 2010, the Company issued approximately 42.9 million of its common shares in an underwritten offering for net proceeds of approximately $338.1 million. In January 2010, the Company also sold approximately 5.0 million of its common shares through its continuous equity program, generating gross proceeds of approximately $46.1 million. Substantially all net proceeds from equity issuances were used to repay debt.
Guidance:
The Company has revised guidance to reflect the effects of capital raising activities completed in the first quarter. The Company estimates operating FFO for the year of $1.00-$1.05 per diluted share. The change in guidance is entirely attributed to capital raising activities in the first quarter that were larger than expected and occurred earlier in the year than budgeted. Operational and asset sale assumptions provided in a press release on January 12, 2010 remain the same.
Developers Diversified owns and manages approximately 640 retail operating and development properties in 44 states, Brazil, Canada and Puerto Rico. Totaling more than 140 million square feet, the Company’s shopping center portfolio features open-air, value-oriented neighborhood and community centers, mixed-use centers and lifestyle centers located in prime markets with stable populations and high-growth potential. Developers Diversified is the largest landlord in Puerto Rico and owns a premier portfolio of regional malls in and around Sao Paulo, Brazil. Developers Diversified is a self-administered and self-managed REIT operating as a fully integrated real estate company. Additional information about the Company is available on the Company’s website at www.ddr.com.
A copy of the Company’s Supplemental Financial/Operational package is available to all interested parties upon request at the Company’s corporate office to Kate Deck, Investor Relations Director, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, Ohio 44122 or on the Company’s Web site at www.ddr.com.
Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area; competition from other available space; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant; constructing properties or expansions that produce a desired yield on investment; our ability to

5


 

sell assets on commercially reasonable terms; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements; and the finalization of the financial statements for the three-month period ended March 31, 2010. For additional factors that could cause the results of the Company to differ materially from these indicated in the forward-looking statements, please refer to the Company’s Form 10-K as of December 31, 2009. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

6


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
                 
    Three-Month Period  
    Ended March 31,  
    2010     2009  
Revenues:
               
Minimum rents (A)
  $ 136,889     $ 136,130  
Percentage and overage rents (A)
    2,119       2,429  
Recoveries from tenants
    47,434       46,476  
Ancillary and other property income
    4,973       4,922  
Management, development and other fee income
    14,016       14,461  
Other (B)
    1,270       3,248  
 
           
 
    206,701       207,666  
 
           
Expenses:
               
Operating and maintenance (C)
    36,101       34,320  
Real estate taxes
    28,940       27,275  
Impairment charges (D)
    2,050       7,305  
General and administrative (E)
    23,275       19,171  
Depreciation and amortization
    57,069       59,605  
 
           
 
    147,435       147,676  
 
           
Other income (expense):
               
Interest income
    1,330       3,029  
Interest expense (F)
    (59,909 )     (57,750 )
Gain on repurchases of senior notes (F)
    1,091       72,579  
Loss on equity derivative instruments (G)
    (24,868 )      
Other expenses (H)
    (3,079 )     (4,507 )
 
           
 
    (85,435 )     13,351  
 
           
(Loss) income before equity in net income of joint ventures, tax (expense) benefit of taxable REIT subsidiaries and state franchise and income taxes, discontinued operations and (loss) gain on disposition of real estate, net of tax
    (26,169 )     73,341  
Equity in net income of joint ventures (I)
    1,647       351  
Tax (expense) benefit of taxable REIT subsidiaries and state franchise and income taxes
    (1,017 )     1,036  
 
           
(Loss) income from continuing operations
    (25,539 )     74,728  
(Loss) income from discontinued operations (J)
    (370 )     9,603  
 
           
(Loss) income before gain on disposition of real estate
    (25,909 )     84,331  
(Loss) gain on disposition of real estate, net of tax
    (675 )     445  
 
           
Net (loss) income
    (26,584 )     84,776  
Loss attributable to non-controlling interests
    2,337       2,625  
 
           
Net (loss) income attributable to DDR
  $ (24,247 )   $ 87,401  
 
           
Net (loss) income applicable to common shareholders
  $ (34,814 )   $ 76,834  
 
           
Funds From Operations (“FFO”):
               
Net (loss) income applicable to common shareholders
  $ (34,814 )   $ 76,834  
Depreciation and amortization of real estate investments
    54,594       61,036  
Equity in net income of joint ventures (I)
    (1,647 )     (778 )
Joint ventures’ FFO (I)
    11,555       15,159  
Non-controlling interests (OP Units)
    8       79  
Gain on disposition of depreciable real estate
    (1,267 )     (12,334 )
 
           
FFO applicable to common shareholders
    28,429       139,996  
Preferred dividends
    10,567       10,567  
 
           
FFO
  $ 38,996     $ 150,563  
 
           
Per share data:
               
Earnings per common share
               
Basic
  $ (0.15 )   $ 0.59  
 
           
Diluted
  $ (0.15 )   $ 0.59  
 
           
Dividends Declared
  $ 0.02     $ 0.20  
 
           
Funds From Operations – Basic (K)
  $ 0.12     $ 1.08  
 
           
Funds From Operations – Diluted (K)
  $ 0.12     $ 1.08  
 
           
Basic – average shares outstanding
    227,133       128,485  
 
           
Diluted – average shares outstanding
    227,133       129,684  
 
           

7


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
 
(A)   Base and percentage rental revenues for the three-month period ended March 31, 2010, as compared to the prior-year comparable period, increased $0.5 million primarily due to the acquisition of three shopping centers and the completion of certain developments in 2009 aggregating $3.5 million. This increase was partially offset by store closings related to major tenant bankruptcies in the first quarter of 2009, which approximated $3.0 million. Also included in rental revenues for both the three-month periods ended March 31, 2010 and 2009 is approximately $1.0 million resulting from the recognition of straight-line rents, including discontinued operations.
 
(B)   Other revenues were comprised of the following (in millions):
                 
    Three Months Ended  
    March 31,  
    2010     2009  
Lease termination fees
  $ 0.6     $ 1.5  
Financing fees
    0.2       0.3  
Other miscellaneous
    0.5       1.4  
 
           
 
  $ 1.3     $ 3.2  
 
           
(C)   Operating and maintenance expense, including discontinued operations, includes the following expenses (in millions):
                 
    Three Months Ended
    March 31,
    2010   2009
Bad debt expense
  $ 3.2     $ 2.8  
Ground rent expense (a)
  $ 1.3     $ 1.1  
(a)   Includes non-cash expense for the three-month periods ended March 31, 2010 and 2009 of approximately $0.5 million and $0.4 million, respectively, related to straight-line ground rent expense.
 
(D)   The Company recorded impairment charges during the three-month period ended March 31, 2010, on consolidated assets that are either under contract or being marketed for sale, as the book basis of the assets was in excess of the estimated fair market value. An additional $1.0 million in impairment charges were reported for the three-month period ended March 31, 2010, as part of discontinued operations (see footnote J).
 
(E)   General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the releasing of space, which are charged to operations as incurred. For the three-month periods ended March 31, 2010 and 2009, general and administrative expenses were approximately 5.5% and 4.3% of total revenues, respectively, including joint venture and managed property revenues. During the three months ended March 31, 2010, the Company incurred a $2.1 million separation charge relating to the departure of an executive officer. Excluding this charge, general and administrative expenses were 5.0% of total revenues for the three months ended March 31, 2010.

8


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
(F)   The Company recorded non-cash interest expense of approximately $2.0 million and $3.9 million for the three-month periods ended March 31, 2010 and 2009, respectively, related to amortization of the debt discount on its convertible debt outstanding. In addition, the gain on the repurchases of senior notes was reduced by $2.6 million and $7.5 million for the three-month periods ended March 31, 2010 and 2009, respectively, related to the adjustment required for the convertible debt.
 
(G)   Represents the non-cash impact of the valuation adjustments of the equity derivative instruments issued as part of the Otto Transaction completed in 2009.
 
(H)   Other (expenses) income for the three months ended March 31, 2010, primarily related to debt extinguishment costs of $1.1 million, litigation-related expenditures of $1.7 million and the write off of costs related to abandoned development projects and other transactions of $0.7 million. Other (expenses) income for the three months ended March 31, 2009, primarily related to the write-off of costs associated with abandoned development projects and other transactions as well as litigation-related expenditures aggregating $3.6 million and a $0.9 million loss on the sale of Macquarie DDR Trust units.
 
(I)   The following is a summary of the combined operating results of the Company’s unconsolidated joint ventures. The results for the three month-period ended March 31, 2009 include the MDT US LLC joint venture. The Company had its interest in this joint venture redeemed in October 2009.
                 
    Three Months Ended  
    March 31,  
    2010     2009  
Revenues from operations (a)
  $ 172,225     $ 214,154  
 
           
 
               
Operating expenses
    66,887       82,081  
Depreciation and amortization of real estate investments
    48,058       58,727  
Interest expense
    59,995       64,500  
 
           
 
    174,940       205,308  
 
           
 
               
(Loss) income from operations before tax expense and discontinued operations
    (2,715 )     8,846  
Income tax expense
    (4,799 )     (1,990 )
Loss from discontinued operations, net of tax
    (584 )     (246 )
Loss on disposition of discontinued operations, net of tax (b)
    (8,752 )     (29 )
Loss on disposition of assets (c)
          (26,741 )
Other, net
          11,678  
 
           
Net loss
  $ (16,850 )   $ (8,482 )
 
           
DDR ownership interests (d)
  $ 1,660     $ 791  
 
           
     FFO from joint ventures are summarized as follows:
                 
Net loss
  $ (16,850 )   $ (8,482 )
Depreciation and amortization of real estate investments
    50,314       64,041  
 
           
 
  $ 33,464     $ 55,559  
 
           
DDR ownership interests
  $ 11,555     $ 15,159  
 
           
DDR joint venture distributions received, net
  $ 10,799     $ 8,675  
 
           

9


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
 
(a)   Revenues for the three-month periods ended March 31, 2010 and 2009 reflect an approximate $1.2 million reduction and $0.7 million increase, respectively, resulting from the recognition of straight-line rents, of which the Company’s proportionate share was $0.2 million in 2010 and de minimis in 2009.
 
(b)   Loss on disposition of discontinued operations includes the sale of 16 properties by one of the Company’s unconsolidated joint ventures in the first quarter of 2010. This disposition of assets resulted in a loss of $8.7 million for the three months ended March 31, 2010 in addition to the $145.0 million impairment charge recorded by this joint venture in the fourth quarter of 2009.
 
(c)   An unconsolidated joint venture in the first quarter of 2009 disposed of a property resulting in a loss of $26.7 million, of which the Company’s proportionate share was $5.8 million.
 
(d)   The Company’s share of joint venture equity in net loss was decreased by $0.4 million for the three-month period ended March 31, 2009. This adjustment related primarily to basis differences impacting amortization and depreciation, impairment charges and (loss) gain on dispositions.
 
    At March 31, 2010 and 2009, the Company owned joint venture interests, excluding consolidated joint ventures, in 258 and 327 shopping center properties, respectively.
 
(J)   The operating results relating to assets classified as discontinued operations are summarized as follows:
                 
    Three Months Ended  
    March 31,  
    2010     2009  
Revenues from operations
  $ 657     $ 12,241  
 
           
 
               
Operating expenses
    379       4,039  
Impairment charges
    1,022       3,600  
Interest, net
    90       3,133  
Depreciation and amortization of real estate investments
    102       3,475  
 
           
Total expenses
    1,593       14,247  
 
           
Loss before gain on disposition of real estate
    (936 )     (2,006 )
Gain on disposition of real estate, net
    566       11,609  
 
           
Net (loss) income
  $ (370 )   $ 9,603  
 
           

10


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
(K)   For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the assumed conversion of approximately 0.4 million Operating Partnership Units (“OP Units”) outstanding at March 31, 2010 and 2009, into 0.4 million common shares for the three-month periods ended March 31, 2010 and 2009, on a weighted-average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing both FFO and operating FFO, were approximately 236.2 million and 129.7 million for the three-month periods ended March 31, 2010 and 2009, respectively.

11


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)
                 
Selected Balance Sheet Data (A):   March 31, 2010     December 31, 2009  
Assets:
               
Real estate and rental property:
               
Land
  $ 1,963,032     $ 1,971,782  
Buildings
    5,674,571       5,694,659  
Fixtures and tenant improvements
    297,114       287,143  
 
           
 
    7,934,717       7,953,584  
Less: Accumulated depreciation
    (1,358,870 )     (1,332,534 )
 
           
 
    6,575,847       6,621,050  
Land held for development and construction in progress
    848,552       858,900  
Assets held for sale
    2,430       10,453  
 
           
Real estate, net
    7,426,829       7,490,403  
 
               
Investments in and advances to joint ventures
    409,639       420,541  
Cash
    25,748       26,172  
Restricted cash (B)
    57,782       95,673  
Notes receivable
    59,234       74,997  
Receivables, including straight-line rent, net
    137,955       146,809  
Other assets, net
    170,816       172,011  
 
           
 
  $ 8,288,003     $ 8,426,606  
 
           
 
               
Liabilities:
               
Indebtedness:
               
Revolving credit facilities
  $ 346,015     $ 775,028  
Unsecured debt
    1,840,275       1,689,841  
Mortgage and other secured debt
    2,544,611       2,713,794  
 
           
 
    4,730,901       5,178,663  
Dividends payable
    11,968       10,985  
Other liabilities (C)
    280,226       283,995  
 
           
 
    5,023,095       5,473,643  
Redeemable operating partnership units
    627       627  
Equity
    3,264,281       2,952,336  
 
           
 
  $ 8,288,003     $ 8,426,606  
 
           

12


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)
 
(A)   Amounts include the consolidation of a 50% owned joint venture, DDR MDT MV LLC (“MV LLC”), that owns 30 sites formerly occupied by Mervyns at March 31, 2010, which includes the following (in millions):
                 
    March 31, 2010   December 31, 2009
Real estate, net
  $ 214.2     $ 218.7  
Restricted cash
    43.3       50.5  
Mortgage debt
    220.6       225.4  
Non-controlling interests
    20.0       22.4  
    In addition, included in the Company’s balance sheet as of December 31, 2009, was $28.5 million of assets owned by a consolidated joint venture that was deconsolidated in accordance with the adoption of Accounting Standard Codification No. 810, “Amendments to FASB Interpretation No. 46(R)” (“ASC 810”) as of January 1, 2010.
 
(B)   Included in restricted cash are amounts held by a lender on behalf of MV LLC as noted above. Also included in restricted cash is $14.5 million and $45.2 million at March 31, 2010 and December 31, 2009, respectively, relating to the terms of a bond issue for one of the Company’s projects in Mississippi.
 
(C)   Includes an $81.0 million and $56.1 million non-cash liability relating to the warrants issued in connection with the Otto Transaction as of March 31, 2010 and December 31, 2009, respectively. The liability will be reclassified into equity upon ultimate exercise or expiration of the warrants.

13


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)
Selected Balance Sheet Data (continued):
Combined condensed balance sheets relating to the Company’s joint ventures are as follows:
                 
    March 31, 2010     December 31, 2009  
Land
  $ 1,645,455     $ 1,782,431  
Buildings
    4,879,556       5,207,234  
Fixtures and tenant improvements
    144,493       146,716  
 
           
 
    6,669,504       7,136,381  
Less: Accumulated depreciation
    (637,662 )     (636,897 )
 
           
 
    6,031,842       6,499,484  
Land held for development and construction in progress (A)
    159,249       130,410  
 
           
Real estate, net
    6,191,091       6,629,894  
Receivables, including straight-line rent, net
    114,758       113,630  
Leasehold interests
    11,166       11,455  
Other assets
    328,014       342,192  
 
           
 
  $ 6,645,029     $ 7,097,171  
 
           
 
               
Mortgage debt (B)
  $ 4,151,864     $ 4,547,711  
Notes and accrued interest payable to DDR
    74,724       73,477  
Other liabilities
    195,498       194,065  
 
           
 
    4,422,086       4,815,253  
Accumulated equity
    2,222,943       2,281,918  
 
           
 
  $ 6,645,029     $ 7,097,171  
 
           
 
(A)   The Company’s proportionate share of joint venture land held for development and construction in progress aggregated approximately $51.5 million and $37.6 million at March 31, 2010 and December 31, 2009, respectively.
 
    The combined condensed balance sheet at March 31, 2010 included a joint venture under development with assets of approximately $24.9 million that was deconsolidated by the Company as of January 1, 2010 due to the adoption of ASC 810.
 
(B)   The Company’s proportionate share of joint venture debt aggregated approximately $855.3 million and $917.0 million at March 31, 2010 and December 31, 2009, respectively.

14

EX-99.2 3 l39435exv99w2.htm EX-99.2 exv99w2
Exhibit 99.2

• Quarterly Financial Supplement INVESTOR RELATIONS DEPARTMENT • 3300 ENTERPRISE PARKWAY BEACHWOOD, OHIO 44122 • p. (216) 755-5500 f. (216) 755-1500 • WWW.DDR.COM For the three months ended March 31, 2010


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
Table of Contents
         
Section   Page  
 
Earnings Release & Financial Statements
    1 – 14  
 
       
Financial Summary
    2.0  
Financial Highlights
    2.1  
Market Capitalization and Financial Ratios
    2.2a – 2.2b  
Total Market Capitalization Summary
    2.3  
Debt to EBITDA Calculation
    2.4  
Significant Accounting Policies
    2.5a – 2.5b  
Other Real Estate Information
    2.6  
Reconciliation of Non-GAAP Financial Measures
    2.7a – 2.7d  
 
       
Joint Venture Financial Summary
    3.0  
Joint Venture Investment Summary
    3.1  
Joint Venture Combining Financial Statements
    3.2  
 
       
Investment Summary
    4.0  
Acquisitions and Dispositions
    4.1  
Developments and Redevelopments
    4.2  
Projects Primarily on Hold
    4.3  
 
       
Portfolio Summary
    5.0  
Portfolio Characteristics
    5.1  
Leased Rate and Average Annualized Base Rental Rates
    5.2  
Leasing Summary
    5.3  
Leasing Summary of Formerly Vacant Spaces
    5.4  
Lease Expirations
    5.5  
Largest Tenants by Owned and Managed GLA
    5.6  
Largest Tenants by GLA and Base Rental Revenues
    5.7  
 
       
Debt Summary
    6.0  
Summary of Consolidated Debt
    6.1  
Summary of Joint Venture Debt
    6.2  
Consolidated Debt Detail
    6.3 – 6.6  
Joint Venture Debt Detail
    6.7 – 6.9  
 
       
Investor Contact Information
    7.0  
Property list available online at www.ddr.com
Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property, the loss of, significant downsizing of or bankruptcy of a major tenant; constructing properties or expansions that produce a desired yield on investment; ability to sell assets on commercially reasonable terms; ability to secure equity or debt financing on commercially acceptable terms or at all; or ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements; and the finalization of the financial statements for the three-month period ended March 31, 2010. For additional factors that could cause the results of the Company to differ materially from these indicated in the forward-looking statements, please refer to the Company’s Form 10-K as of December 31, 2009. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

 


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
For Immediate Release:
     
Media Contact:
  Investor Contact:
Scott Schroeder
  Kate Deck
216-755-5500
  216-755-5500
sschroeder@ddr.com
  kdeck@ddr.com
DEVELOPERS DIVERSIFIED REALTY REPORTS FFO PER
DILUTED SHARE OF $0.28 FOR THE QUARTER ENDED
MARCH 31, 2010 BEFORE NON-OPERATING ITEMS
CLEVELAND, OHIO, April 22, 2010 - Developers Diversified Realty (NYSE: DDR) today announced operating results for the first quarter ended March 31, 2010.
    The Company’s first quarter operating Funds From Operations (“FFO”) was $65.2 million, or $0.28 per diluted share, before $36.8 million of net charges.
 
      The net charges, primarily non-cash, for the three months ended March 31, 2010 are summarized as follows (in millions):
         
Non-cash loss on equity derivative instruments related to Otto investment
  $ 24.9  
Executive separation charge
    2.1  
Non-cash impairment charges – consolidated assets
    2.1  
Consolidated impairment charges and loss on sales included in discontinued operations
    2.4  
Debt extinguishment costs and other expenses
    3.1  
FFO associated with Mervyns joint venture, net of non-controlling interest
    2.0  
Loss on asset sales – equity method investments
    1.3  
Gain on repurchases of senior notes
    (1.1 )
 
     
 
  $ 36.8  
 
     
    The Company reported operating FFO for the three-month period ended March 31, 2009 of $85.0 million, or $0.66 per diluted share, before $55.0 million of net gains.
 
      The net gains for the three months ended March 31, 2009 are summarized as follows (in millions):
         
Gain on repurchases of senior notes
  $ 72.6  
Non-cash impairment charges – consolidated assets
    (10.9 )
Loss on disposition of joint venture investment
    (5.8 )
Non-cash impairment charge on equity method investment
    (0.9 )
 
     
 
  $ 55.0  
 
     

1


 

    FFO applicable to common shareholders for the three-month period ended March 31, 2010, including the above net charges, was $28.4 million, or $0.12 per diluted share, which compares to FFO of $140.0 million, or $1.08 per diluted share, for the prior-year comparable period. Net loss applicable to common shareholders for the three-month period ended March 31, 2010 was $34.8 million, or a loss of $0.15 per diluted share, which compares to net income of $76.8 million, or $0.59 per diluted share, for the prior-year comparable period.
 
    Executed leases during the first quarter of 2010 totaled a Company record of approximately 2.6 million square feet, including 180 new leases and 242 renewals, which includes 0.3 million square feet of leases executed for managed assets.
 
    On a cash basis, leasing spreads on new leases and renewals on a combined basis decreased 2.9% for the first quarter, an improvement over fourth quarter results.
 
    Core portfolio leased percentage at March 31, 2010 was 91.3% compared to 91.2% at December 31, 2009.
 
    Same store net operating income (“NOI”) for the quarter decreased 2.6% over the prior-year comparable period.
“We are very pleased with the results from operations and the overall performance of our platform. Leasing velocity continues to improve as tenant sales advance, quality space becomes increasingly scarce and newly constructed opportunities are relatively non-existent. Moreover, in the first quarter, we continued to enhance the strength of our balance sheet, meaningfully improve liquidity and extend our debt maturities. This progress was achieved through our continued focus on long-term capital market strategies consistent with our stated goals,” commented Developers Diversified’s president and chief executive officer, Daniel B. Hurwitz.
Financial Results:
Net loss applicable to common shareholders was $34.8 million, or a loss of $0.15 per share (diluted and basic), for the three-month period ended March 31, 2010, as compared to net income of $76.8 million, or $0.59 per share (diluted and basic), for the prior-year comparable period.
FFO applicable to common shareholders was $28.4 million, or $0.12 per share (diluted and basic), for the three-month period ended March 31, 2010, as compared to FFO of $140.0 million, or $1.08 per share (diluted and basic) for the three-month period ended March 31, 2009. The decrease in FFO for the three-month period ended March 31, 2010, is primarily the result of a decrease in the gain recognized on the repurchases of senior notes, the loss on equity derivative instruments and the impact of 2009 asset sales.

2


 

FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry and a widely accepted measure of real estate investment trust (“REIT”) performance. Management believes that FFO and operating FFO provide additional indicators of the financial performance of a REIT. The Company also believes that FFO and operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group. Neither FFO nor operating FFO represents cash generated from operating activities in accordance with generally accepted accounting principles (“GAAP”), is necessarily indicative of cash available to fund cash needs and should be considered as an alternative to net income computed in accordance with GAAP as an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of liquidity. FFO is defined and calculated by the Company as net income, adjusted to exclude: (i) preferred share dividends, (ii) gains from disposition of depreciable real estate property, except for those sold through the Company’s merchant building program, which are presented net of taxes, and those gains that represent the recapture of a previously recognized impairment charge, (iii) extraordinary items and (iv) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income from joint ventures and equity income from non-controlling interests and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. The Company calculates operating FFO by excluding the non-operating net charges and gains described above. Other real estate companies may calculate FFO and operating FFO in a different manner. FFO excluding the net non-operating items detailed above is useful to investors as the Company removes these charges and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. A reconciliation of net (loss) income to FFO is presented in the financial highlights section.
Leasing:
The following results for the three-month period ended March 31, 2010, highlight continued strong leasing activity throughout the portfolio including a Company record for executed deals despite the current economic environment:
    Executed 180 new leases aggregating approximately 1.2 million square feet and 242 renewals aggregating approximately 1.4 million square feet, which includes 0.3 million square feet of leases executed for managed assets.
 
    Total portfolio average annualized base rent per occupied square foot, excluding assets in Brazil, as of March 31, 2010 was $12.37, as compared to $12.29 at March 31, 2009.
 
    Core portfolio leased rate was 91.3% as of March 31, 2010, as compared to 90.7% at March 31, 2009.
 
    On a cash basis, leasing spreads for new leases decreased by 5.9% and renewals decreased by 1.9%. This marks an improvement from the decrease of 15.3% for new leases reported in the fourth quarter of 2009.
Overall, the Company remains encouraged by the leasing activity achieved during the first quarter. While the resulting rental spreads and core occupancy levels are much less favorable than what the Company has historically achieved, the Company is continuing to make strides in retenanting the bankruptcy driven vacancies that have impacted the retail sector.

3


 

Dispositions:
The Company sold five consolidated shopping center properties, aggregating 0.9 million square feet, in the first quarter of 2010, generating gross proceeds of approximately $30.9 million. The Company recorded an aggregate net gain on sale of approximately $0.6 million related to these assets in the first quarter.
In March 2010, the DDRTC Core Retail Fund LLC, an unconsolidated investment in which the Company has an approximate 15% ownership interest, sold 16 shopping center assets for $424.3 million. This transaction resulted in a loss of $8.7 million for the three months ended March 31, 2010, of which the Company’s proportionate share was $1.3 million.
Wholly-Owned and Consolidated Joint Venture Development:
The Company currently has the following wholly-owned and consolidated joint venture shopping center projects under construction:
                                 
            Expected              
            Remaining     Initial        
            Cost     Anchor        
               Location   Owned GLA     ($ Millions)     Opening *   Description
Boise (Nampa), Idaho
    431.7     $ 17.1       2H 07     Community Center
Austin (Kyle), Texas **
    443.1       16.5       2H 09     Community Center
 
                           
Total
    874.8     $ 33.6                  
 
                           
 
*   2H = Second Half
 
**   Consolidated 50% Joint Venture
In addition to these projects, which will be developed in phases, the Company and its joint venture partners intend to commence construction on various other developments only after substantial tenant leasing has occurred and acceptable construction financing is available, including several international projects.
Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions:
The Company is currently expanding/redeveloping a wholly-owned shopping center in Miami (Plantation), Florida, at a projected aggregate net cost of approximately $48.1 million. At March 31, 2010, approximately $24.0 million of costs had been incurred in relation to the redevelopment of this project.
Financings:
In March 2010, the Company issued $300 million, 7.5% senior unsecured notes due April 2017. The notes were offered at 99.995% of par with a yield to maturity of 7.5%. Proceeds from the offering were used to repay debt with shorter-term maturities and to repay amounts outstanding on the Company’s unsecured credit facilities.
In the first quarter of 2010, the Company purchased approximately $155.9 million aggregate principal amount of its outstanding senior unsecured notes at a discount to par, resulting in a gross gain of approximately $4.1 million prior to the write-off of unamortized deferred financing costs. Included in the first quarter purchases was $83.1 million principal amount of near-term outstanding senior unsecured notes repurchased through a cash tender offer at par in March 2010. The first quarter purchases primarily included debt maturing in 2010 and 2011.

4


 

The Company also prepaid $130 million of near-term secured debt as well as reduced the amounts outstanding under its revolving credit facilities by nearly $430 million during the first quarter of 2010.
Through the above financing activities, the Company continued to extend the weighted average term of its debt maturities.
Equity Issuances:
In February 2010, the Company issued approximately 42.9 million of its common shares in an underwritten offering for net proceeds of approximately $338.1 million. In January 2010, the Company also sold approximately 5.0 million of its common shares through its continuous equity program, generating gross proceeds of approximately $46.1 million. Substantially all net proceeds from equity issuances were used to repay debt.
Guidance:
The Company has revised guidance to reflect the effects of capital raising activities completed in the first quarter. The Company estimates operating FFO for the year of $1.00-$1.05 per diluted share. The change in guidance is entirely attributed to capital raising activities in the first quarter that were larger than expected and occurred earlier in the year than budgeted. Operational and asset sale assumptions provided in a press release on January 12, 2010 remain the same.
Developers Diversified owns and manages approximately 640 retail operating and development properties in 44 states, Brazil, Canada and Puerto Rico. Totaling more than 140 million square feet, the Company’s shopping center portfolio features open-air, value-oriented neighborhood and community centers, mixed-use centers and lifestyle centers located in prime markets with stable populations and high-growth potential. Developers Diversified is the largest landlord in Puerto Rico and owns a premier portfolio of regional malls in and around Sao Paulo, Brazil. Developers Diversified is a self-administered and self-managed REIT operating as a fully integrated real estate company. Additional information about the Company is available on the Company’s website at www.ddr.com.
A copy of the Company’s Supplemental Financial/Operational package is available to all interested parties upon request at the Company’s corporate office to Kate Deck, Investor Relations Director, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, Ohio 44122 or on the Company’s Web site at www.ddr.com.
Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area; competition from other available space; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant; constructing properties or expansions that produce a desired yield on investment; our ability to

5


 

sell assets on commercially reasonable terms; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements; and the finalization of the financial statements for the three-month period ended March 31, 2010. For additional factors that could cause the results of the Company to differ materially from these indicated in the forward-looking statements, please refer to the Company’s Form 10-K as of December 31, 2009. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

6


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
                 
    Three-Month Period  
    Ended March 31,  
    2010     2009  
Revenues:
               
Minimum rents (A)
  $ 136,889     $ 136,130  
Percentage and overage rents (A)
    2,119       2,429  
Recoveries from tenants
    47,434       46,476  
Ancillary and other property income
    4,973       4,922  
Management, development and other fee income
    14,016       14,461  
Other (B)
    1,270       3,248  
 
           
 
    206,701       207,666  
 
           
Expenses:
               
Operating and maintenance (C)
    36,101       34,320  
Real estate taxes
    28,940       27,275  
Impairment charges (D)
    2,050       7,305  
General and administrative (E)
    23,275       19,171  
Depreciation and amortization
    57,069       59,605  
 
           
 
    147,435       147,676  
 
           
Other income (expense):
               
Interest income
    1,330       3,029  
Interest expense (F)
    (59,909 )     (57,750 )
Gain on repurchases of senior notes (F)
    1,091       72,579  
Loss on equity derivative instruments (G)
    (24,868 )      
Other expenses (H)
    (3,079 )     (4,507 )
 
           
 
    (85,435 )     13,351  
 
           
(Loss) income before equity in net income of joint ventures, tax (expense) benefit of taxable REIT subsidiaries and state franchise and income taxes, discontinued operations and (loss) gain on disposition of real estate, net of tax
    (26,169 )     73,341  
Equity in net income of joint ventures (I)
    1,647       351  
Tax (expense) benefit of taxable REIT subsidiaries and state franchise and income taxes
    (1,017 )     1,036  
 
           
(Loss) income from continuing operations
    (25,539 )     74,728  
(Loss) income from discontinued operations (J)
    (370 )     9,603  
 
           
(Loss) income before gain on disposition of real estate
    (25,909 )     84,331  
(Loss) gain on disposition of real estate, net of tax
    (675 )     445  
 
           
Net (loss) income
    (26,584 )     84,776  
Loss attributable to non-controlling interests
    2,337       2,625  
 
           
Net (loss) income attributable to DDR
  $ (24,247 )   $ 87,401  
 
           
Net (loss) income applicable to common shareholders
  $ (34,814 )   $ 76,834  
 
           
Funds From Operations (“FFO”):
               
Net (loss) income applicable to common shareholders
  $ (34,814 )   $ 76,834  
Depreciation and amortization of real estate investments
    54,594       61,036  
Equity in net income of joint ventures (I)
    (1,647 )     (778 )
Joint ventures’ FFO (I)
    11,555       15,159  
Non-controlling interests (OP Units)
    8       79  
Gain on disposition of depreciable real estate
    (1,267 )     (12,334 )
 
           
FFO applicable to common shareholders
    28,429       139,996  
Preferred dividends
    10,567       10,567  
 
           
FFO
  $ 38,996     $ 150,563  
 
           
Per share data:
               
Earnings per common share
               
Basic
  $ (0.15 )   $ 0.59  
 
           
Diluted
  $ (0.15 )   $ 0.59  
 
           
Dividends Declared
  $ 0.02     $ 0.20  
 
           
Funds From Operations – Basic (K)
  $ 0.12     $ 1.08  
 
           
Funds From Operations – Diluted (K)
  $ 0.12     $ 1.08  
 
           
Basic – average shares outstanding
    227,133       128,485  
 
           
Diluted – average shares outstanding
    227,133       129,684  
 
           

7


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
 
(A)   Base and percentage rental revenues for the three-month period ended March 31, 2010, as compared to the prior-year comparable period, increased $0.5 million primarily due to the acquisition of three shopping centers and the completion of certain developments in 2009 aggregating $3.5 million. This increase was partially offset by store closings related to major tenant bankruptcies in the first quarter of 2009, which approximated $3.0 million. Also included in rental revenues for both the three-month periods ended March 31, 2010 and 2009 is approximately $1.0 million resulting from the recognition of straight-line rents, including discontinued operations.
 
(B)   Other revenues were comprised of the following (in millions):
                 
    Three Months Ended  
    March 31,  
    2010     2009  
Lease termination fees
  $ 0.6     $ 1.5  
Financing fees
    0.2       0.3  
Other miscellaneous
    0.5       1.4  
 
           
 
  $ 1.3     $ 3.2  
 
           
(C)   Operating and maintenance expense, including discontinued operations, includes the following expenses (in millions):
                 
    Three Months Ended
    March 31,
    2010   2009
Bad debt expense
  $ 3.2     $ 2.8  
Ground rent expense (a)
  $ 1.3     $ 1.1  
(a)   Includes non-cash expense for the three-month periods ended March 31, 2010 and 2009 of approximately $0.5 million and $0.4 million, respectively, related to straight-line ground rent expense.
 
(D)   The Company recorded impairment charges during the three-month period ended March 31, 2010, on consolidated assets that are either under contract or being marketed for sale, as the book basis of the assets was in excess of the estimated fair market value. An additional $1.0 million in impairment charges were reported for the three-month period ended March 31, 2010, as part of discontinued operations (see footnote J).
 
(E)   General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the releasing of space, which are charged to operations as incurred. For the three-month periods ended March 31, 2010 and 2009, general and administrative expenses were approximately 5.5% and 4.3% of total revenues, respectively, including joint venture and managed property revenues. During the three months ended March 31, 2010, the Company incurred a $2.1 million separation charge relating to the departure of an executive officer. Excluding this charge, general and administrative expenses were 5.0% of total revenues for the three months ended March 31, 2010.

8


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
(F)   The Company recorded non-cash interest expense of approximately $2.0 million and $3.9 million for the three-month periods ended March 31, 2010 and 2009, respectively, related to amortization of the debt discount on its convertible debt outstanding. In addition, the gain on the repurchases of senior notes was reduced by $2.6 million and $7.5 million for the three-month periods ended March 31, 2010 and 2009, respectively, related to the adjustment required for the convertible debt.
 
(G)   Represents the non-cash impact of the valuation adjustments of the equity derivative instruments issued as part of the Otto Transaction completed in 2009.
 
(H)   Other (expenses) income for the three months ended March 31, 2010, primarily related to debt extinguishment costs of $1.1 million, litigation-related expenditures of $1.7 million and the write off of costs related to abandoned development projects and other transactions of $0.7 million. Other (expenses) income for the three months ended March 31, 2009, primarily related to the write-off of costs associated with abandoned development projects and other transactions as well as litigation-related expenditures aggregating $3.6 million and a $0.9 million loss on the sale of Macquarie DDR Trust units.
 
(I)   The following is a summary of the combined operating results of the Company’s unconsolidated joint ventures. The results for the three month-period ended March 31, 2009 include the MDT US LLC joint venture. The Company had its interest in this joint venture redeemed in October 2009.
                 
    Three Months Ended  
    March 31,  
    2010     2009  
Revenues from operations (a)
  $ 172,225     $ 214,154  
 
           
 
               
Operating expenses
    66,887       82,081  
Depreciation and amortization of real estate investments
    48,058       58,727  
Interest expense
    59,995       64,500  
 
           
 
    174,940       205,308  
 
           
 
               
(Loss) income from operations before tax expense and discontinued operations
    (2,715 )     8,846  
Income tax expense
    (4,799 )     (1,990 )
Loss from discontinued operations, net of tax
    (584 )     (246 )
Loss on disposition of discontinued operations, net of tax (b)
    (8,752 )     (29 )
Loss on disposition of assets (c)
          (26,741 )
Other, net
          11,678  
 
           
Net loss
  $ (16,850 )   $ (8,482 )
 
           
DDR ownership interests (d)
  $ 1,660     $ 791  
 
           
     FFO from joint ventures are summarized as follows:
                 
Net loss
  $ (16,850 )   $ (8,482 )
Depreciation and amortization of real estate investments
    50,314       64,041  
 
           
 
  $ 33,464     $ 55,559  
 
           
DDR ownership interests
  $ 11,555     $ 15,159  
 
           
DDR joint venture distributions received, net
  $ 10,799     $ 8,675  
 
           

9


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
 
(a)   Revenues for the three-month periods ended March 31, 2010 and 2009 reflect an approximate $1.2 million reduction and $0.7 million increase, respectively, resulting from the recognition of straight-line rents, of which the Company’s proportionate share was $0.2 million in 2010 and de minimis in 2009.
 
(b)   Loss on disposition of discontinued operations includes the sale of 16 properties by one of the Company’s unconsolidated joint ventures in the first quarter of 2010. This disposition of assets resulted in a loss of $8.7 million for the three months ended March 31, 2010 in addition to the $145.0 million impairment charge recorded by this joint venture in the fourth quarter of 2009.
 
(c)   An unconsolidated joint venture in the first quarter of 2009 disposed of a property resulting in a loss of $26.7 million, of which the Company’s proportionate share was $5.8 million.
 
(d)   The Company’s share of joint venture equity in net loss was decreased by $0.4 million for the three-month period ended March 31, 2009. This adjustment related primarily to basis differences impacting amortization and depreciation, impairment charges and (loss) gain on dispositions.
 
    At March 31, 2010 and 2009, the Company owned joint venture interests, excluding consolidated joint ventures, in 258 and 327 shopping center properties, respectively.
 
(J)   The operating results relating to assets classified as discontinued operations are summarized as follows:
                 
    Three Months Ended  
    March 31,  
    2010     2009  
Revenues from operations
  $ 657     $ 12,241  
 
           
 
               
Operating expenses
    379       4,039  
Impairment charges
    1,022       3,600  
Interest, net
    90       3,133  
Depreciation and amortization of real estate investments
    102       3,475  
 
           
Total expenses
    1,593       14,247  
 
           
Loss before gain on disposition of real estate
    (936 )     (2,006 )
Gain on disposition of real estate, net
    566       11,609  
 
           
Net (loss) income
  $ (370 )   $ 9,603  
 
           

10


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
(K)   For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the assumed conversion of approximately 0.4 million Operating Partnership Units (“OP Units”) outstanding at March 31, 2010 and 2009, into 0.4 million common shares for the three-month periods ended March 31, 2010 and 2009, on a weighted-average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing both FFO and operating FFO, were approximately 236.2 million and 129.7 million for the three-month periods ended March 31, 2010 and 2009, respectively.

11


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)
                 
Selected Balance Sheet Data (A):   March 31, 2010     December 31, 2009  
Assets:
               
Real estate and rental property:
               
Land
  $ 1,963,032     $ 1,971,782  
Buildings
    5,674,571       5,694,659  
Fixtures and tenant improvements
    297,114       287,143  
 
           
 
    7,934,717       7,953,584  
Less: Accumulated depreciation
    (1,358,870 )     (1,332,534 )
 
           
 
    6,575,847       6,621,050  
Land held for development and construction in progress
    848,552       858,900  
Assets held for sale
    2,430       10,453  
 
           
Real estate, net
    7,426,829       7,490,403  
 
               
Investments in and advances to joint ventures
    409,639       420,541  
Cash
    25,748       26,172  
Restricted cash (B)
    57,782       95,673  
Notes receivable
    59,234       74,997  
Receivables, including straight-line rent, net
    137,955       146,809  
Other assets, net
    170,816       172,011  
 
           
 
  $ 8,288,003     $ 8,426,606  
 
           
 
               
Liabilities:
               
Indebtedness:
               
Revolving credit facilities
  $ 346,015     $ 775,028  
Unsecured debt
    1,840,275       1,689,841  
Mortgage and other secured debt
    2,544,611       2,713,794  
 
           
 
    4,730,901       5,178,663  
Dividends payable
    11,968       10,985  
Other liabilities (C)
    280,226       283,995  
 
           
 
    5,023,095       5,473,643  
Redeemable operating partnership units
    627       627  
Equity
    3,264,281       2,952,336  
 
           
 
  $ 8,288,003     $ 8,426,606  
 
           

12


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)
 
(A)   Amounts include the consolidation of a 50% owned joint venture, DDR MDT MV LLC (“MV LLC”), that owns 30 sites formerly occupied by Mervyns at March 31, 2010, which includes the following (in millions):
                 
    March 31, 2010   December 31, 2009
Real estate, net
  $ 214.2     $ 218.7  
Restricted cash
    43.3       50.5  
Mortgage debt
    220.6       225.4  
Non-controlling interests
    20.0       22.4  
    In addition, included in the Company’s balance sheet as of December 31, 2009, was $28.5 million of assets owned by a consolidated joint venture that was deconsolidated in accordance with the adoption of Accounting Standard Codification No. 810, “Amendments to FASB Interpretation No. 46(R)” (“ASC 810”) as of January 1, 2010.
 
(B)   Included in restricted cash are amounts held by a lender on behalf of MV LLC as noted above. Also included in restricted cash is $14.5 million and $45.2 million at March 31, 2010 and December 31, 2009, respectively, relating to the terms of a bond issue for one of the Company’s projects in Mississippi.
 
(C)   Includes an $81.0 million and $56.1 million non-cash liability relating to the warrants issued in connection with the Otto Transaction as of March 31, 2010 and December 31, 2009, respectively. The liability will be reclassified into equity upon ultimate exercise or expiration of the warrants.

13


 

DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)
Selected Balance Sheet Data (continued):
Combined condensed balance sheets relating to the Company’s joint ventures are as follows:
                 
    March 31, 2010     December 31, 2009  
Land
  $ 1,645,455     $ 1,782,431  
Buildings
    4,879,556       5,207,234  
Fixtures and tenant improvements
    144,493       146,716  
 
           
 
    6,669,504       7,136,381  
Less: Accumulated depreciation
    (637,662 )     (636,897 )
 
           
 
    6,031,842       6,499,484  
Land held for development and construction in progress (A)
    159,249       130,410  
 
           
Real estate, net
    6,191,091       6,629,894  
Receivables, including straight-line rent, net
    114,758       113,630  
Leasehold interests
    11,166       11,455  
Other assets
    328,014       342,192  
 
           
 
  $ 6,645,029     $ 7,097,171  
 
           
 
               
Mortgage debt (B)
  $ 4,151,864     $ 4,547,711  
Notes and accrued interest payable to DDR
    74,724       73,477  
Other liabilities
    195,498       194,065  
 
           
 
    4,422,086       4,815,253  
Accumulated equity
    2,222,943       2,281,918  
 
           
 
  $ 6,645,029     $ 7,097,171  
 
           
 
(A)   The Company’s proportionate share of joint venture land held for development and construction in progress aggregated approximately $51.5 million and $37.6 million at March 31, 2010 and December 31, 2009, respectively.
 
    The combined condensed balance sheet at March 31, 2010 included a joint venture under development with assets of approximately $24.9 million that was deconsolidated by the Company as of January 1, 2010 due to the adoption of ASC 810.
 
(B)   The Company’s proportionate share of joint venture debt aggregated approximately $855.3 million and $917.0 million at March 31, 2010 and December 31, 2009, respectively.

14


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
FINANCIAL HIGHLIGHTS
(In Millions Except Per Share Information)
                         
    Three Months        
    Ended        
    March 31,     Year Ended December 31,  
    2010     2009     2008  
FUNDS FROM OPERATIONS:
                       
Net (Loss) Income Applicable to Common Shareholders
  $ (34.8 )   $ (398.9 )   $ (114.2 )
Depreciation and Amortization of Real Estate Investments
    54.5       224.2       236.3  
Equity in Net (Income) Loss From Joint Ventures
    (1.6 )     9.3       (17.7 )
Joint Venture Funds From Operations
    11.6       43.7       68.4  
Non-Controlling Interests (OP Units)
          0.2       1.1  
Gain on Disposition of Real Estate
    (1.3 )     (23.1 )     (4.2 )
 
                 
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS
    28.4       (144.6 )     169.7  
PREFERRED DIVIDENDS
    10.6       42.3       42.3  
 
                 
FUNDS FROM OPERATIONS
  $ 39.0     $ (102.3 )   $ 212.0  
 
                 
 
                       
RECONCILIATION TO OPERATING FFO:
                       
Non-cash loss on equity derivative instruments
  $ 24.9     $ 199.8     $  
Non-cash impairment charges — consolidated and equity method, net of non-controlling interests
    2.1       230.0       163.5  
Consolidated impairment charges and loss on sales included in discontinued operations
    2.4       117.6       15.3  
Executive separation charge, change in control charge and termination of equity award plan
    2.1       15.4       15.8  
FFO associated with Mervyns joint venture, net of non-controlling interests
    2.0                  
Debt extinguishment costs, net loan loss reserve and other
    3.1       30.0       27.1  
Impairment charges, derivative gains/losses and losses on asset sales — equity method investments
    1.3       19.0       6.6  
Gain on redemption of joint venture interests
          (23.9 )      
Gain on repurchases of senior notes
    (1.1 )     (145.1 )     (10.5 )
 
                 
OPERATING FFO
  $ 65.2     $ 298.2     $ 387.5  
 
                 
 
                       
PER SHARE INFORMATION:
                       
Funds From Operations — Diluted
  $ 0.12     $ (0.90 )   $ 1.40  
Operating FFO — Diluted
  $ 0.28     $ 1.83     $ 3.20  
Net (Loss) Income — Diluted
  $ (0.15 )   $ (2.51 )   $ (0.96 )
Dividends
  $ 0.02     $ 0.44     $ 2.07  
 
                       
COMMON SHARES & OP UNITS:
                       
Outstanding
    250.4       202.0       129.0  
Weighted average — diluted (FFO)
    236.2       160.1       121.0  
Weighted average — diluted (Operarting FFO)
    236.2       163.2       121.0  
 
                       
GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (1)
    5.5 %     5.4 %     5.2 %
 
                       
REVENUES:
                       
DDR Revenues
  $ 207.4     $ 843.3     $ 943.7  
Joint Venture & Managed Revenues
    216.7       902.0       946.3  
 
                 
TOTAL REVENUES (2)
  $ 424.1     $ 1,745.3     $ 1,890.0  
 
                 
 
                       
NET OPERATING INCOME:
                       
DDR Net Operating Income
  $ 141.9     $ 581.6     $ 682.6  
Joint Venture Net Operating Income
    110.7       532.3       617.5  
 
                 
TOTAL NET OPERATING INCOME (3)
  $ 252.6     $ 1,113.9     $ 1,300.1  
 
                 
 
                       
REAL ESTATE AT COST:
                       
DDR Real Estate at Cost
  $ 8,785.8     $ 8,823.7     $ 9,109.6  
Joint Venture Real Estate at Cost (4)
    6,828.8       7,266.8       9,276.0  
 
                 
TOTAL REAL ESTATE AT COST
  $ 15,614.6     $ 16,090.5     $ 18,385.6  
 
                 
 
(1)   The 2010 results include an executive separation charge of $2.1 million. Excluding this charge, general and administrative expenses were approximately 5.0% of total revenues for the three months ended March 31, 2010. The 2009 results include $15.4 million relating to a non-cash change in control charge. Excluding this charge, general and administrative expenses were approximately 4.5% of total revenues. The 2008 results include $15.8 million for a non-cash charge relating to the termination of an equity award plan. Excluding this charge, general and administrative expenses were approximately 4.3% of total revenues.
 
(2)   Includes all revenues from discontinued operations as well as joint venture and managed revenues.
 
(3)   Includes activities from discontinued operations.
 
(4)   Periods after October 2009 include the impact of the redemption of the Company’s interest in the MDT US LLC joint venture which reduced the joint venture real estate at cost by $1.6 billion. DDR’s consolidated real estate at cost increased by $113.3 million related to the three assets transferred to the Company in connection with the redemption.
Financial Highlights 2.1

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
MARKET CAPITALIZATION & FINANCIAL RATIOS
(In Millions Except Ratios)
                         
    Three Months        
    Ended        
    March 31,     Year Ended December 31,  
    2010     2009     2008  
DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE
    50.4 %     54.5 %     58.8 %
 
                       
DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE
    53.5 %     57.4 %     62.2 %
 
                       
INTEREST COVERAGE RATIO:
                       
Interest Expense
  $ 56.4     $ 226.0     $ 241.1  
FFO Before Interest and Preferred Dividends
  $ 132.2     $ 578.7     $ 684.0  
 
                 
 
    2.34       2.56       2.84  
DEBT SERVICE COVERAGE RATIO:
                       
Debt Service
  $ 63.8     $ 249.2     $ 268.2  
FFO Before Interest and Preferred Dividends
  $ 132.2     $ 578.7     $ 684.0  
 
                 
 
    2.07       2.32       2.55  
FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO:
                       
Fixed Charges
  $ 74.4     $ 291.5     $ 310.5  
FFO Before Interest and Preferred Dividends
  $ 132.2     $ 578.7     $ 684.0  
 
                 
 
    1.78       1.99       2.20  
DIVIDEND PAYOUT RATIO:
                       
Common Share Dividends and Operating Partnership Interests
  $ 5.0     $ 64.7 (1)   $ 249.8  
FFO less preferred dividends
  $ 64.3     $ 443.2     $ 398.0  
 
                 
 
    7.8 %     14.6 %(1)     62.8 %
 
(1)   Includes issuance of common shares with an aggregate value of $50.8 million resulting in an actual cash payout ratio of 3.1% in 2009.
         
    Rating   Outlook
CREDIT RATINGS
       
Moody’s
  Baa3   negative
S&P
  BB   negative
Fitch
  BB   negative
Market Capitalization and Financial Ratios 2.2.a

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
MARKET CAPITALIZATION & FINANCIAL RATIOS CONTINUED
(In Millions)
                         
    Three Months        
    Ended        
    March 31,     Year Ended December 31,  
    2010     2009     2008  
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS AND NOTES RECEIVABLE
                       
Undepreciated Real Estate Assets
  $ 8,785.8     $ 8,823.7     $ 9,109.6  
Undepreciated Real Estate Intangible Assets
    57.1       59.4       64.7  
Cash and Cash Equivalents, including Restricted Cash
    75.4       121.8       141.3  
Notes Receivable
    59.2       75.0       75.8  
Investments in and Advances to Joint Ventures
    409.6       420.5 (3)     583.8  
 
                 
 
  $ 9,387.1     $ 9,500.4     $ 9,975.2  
 
                 
DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS AND NOTES RECEIVABLE
                       
Undepreciated Real Estate Assets
  $ 8,785.8     $ 8,823.7     $ 9,109.6  
Undepreciated Real Estate Intangible Assets
    57.1       59.4       64.7  
Cash and Cash Equivalents, including Restricted Cash
    75.4       121.8       141.3  
Notes Receivable or Proportionate Share Thereof
    62.2       76.5       141.3  
Proportionate Share of JV Undepreciated Real Estate Assets
    1,468.4       1,529.1       1,930.0  
 
                 
 
  $ 10,448.9     $ 10,610.5     $ 11,386.9  
 
                 
FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS
                       
FFO
  $ 28.4     $ (144.6 )   $ 169.7  
Impairments and Other Non-Operating Adjustments (1)
    35.9       587.9       228.3  
Adjustment for Impact of Gains on Early Extinguishment of Debt
    (1.1 )     (145.1 )     (10.5 )
Interest Expense
    60.0       245.0       259.6  
Adjustment to Interest Expense for Consolidated Joint Ventures
    (1.6 )     (6.8 )     (5.4 )
Preferred Dividends, Including Preferred Operating Partnership Interests & Non-Cash Dividends
    10.6       42.3       42.3  
 
                 
 
  $ 132.1     $ 578.7     $ 684.0  
 
                 
DEBT SERVICE
                       
Interest Expense
  $ 60.0     $ 245.0     $ 259.6  
Adjustment to Interest Expense for Consolidated Joint Ventures
    (1.6 )     (6.8 )     (5.4 )
Non-cash Adjustment to Interest Expense due to Accounting for Convertible Debt (2)
    (2.0 )     (12.2 )     (13.1 )
Recurring Principal Amortization
    7.4       23.2       27.1  
 
                 
 
  $ 63.8     $ 249.2     $ 268.2  
 
                 
FIXED CHARGES
                       
Debt Service
  $ 63.8     $ 249.2     $ 268.2  
Preferred Dividends, Including Preferred Operating Partnership Interests
    10.6       42.3       42.3  
 
                 
 
  $ 74.4     $ 291.5     $ 310.5  
 
                 
 
(1)   Impairments and Other Non-Operating Adjustments:
                         
    YTD              
    2010     2009     2008  
Non-cash loss on equity derivative instruments
  $ 24.9     $ 199.8     $  
Non-cash impairment charges — consolidated and equity method, net of non-controlling interests
    2.1       230.0       163.5  
Consolidated impairment charges and loss on sales included in discontinued operations
    2.4       117.6       15.3  
Executive separation charge, change in control charge and termination of equity award plan
    2.1       15.4       15.8  
Impairment charges, derivative gains/losses and losses on asset sales — equity method investments
    1.3       19.0       6.6  
Debt extinguishment costs, net loan loss reserve and other
    3.1       30.0       27.1  
Gain on redemption of joint venture interests
          (23.9 )      
 
                 
 
  $ 35.9     $ 587.9     $ 228.3  
 
                 
 
(2)   Adjusted to eliminate the non-cash impact of the accounting for convertible debt.
 
(3)   Includes the impact of the redemption of the Company’s interest in the MDT US LLC joint venture in October 2009 which reduced the Company’s investment by $23.7 million as well as aggregate joint venture impairment charges of $184.6 million.
Market Capitalization and Financial Ratios 2.2.b

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
Total Market Capitalization as of March 31, 2010 (In Millions) (1) (2) (3)
(PIE CHART)
                                 
    March 31, 2010     December 31, 2009  
            Percentage of             Percentage of  
    Amount     Total     Amount     Total  
Common Shares Equity
  $ 3,047.8       36 %   $ 1,870.9       25 %
Perpetual Preferred Stock
    555.0       7 %     555.0       7 %
Senior Convertible Notes
    356.5       4 %     410.7       5 %
Fixed-Rate Unsecured Debt
    1,483.8       18 %     1,279.2       17 %
Mortgage Debt
    1,654.8       20 %     1,722.2       23 %
Variable-Rate Revolving Credit and Term Debt
    746.0       9 %     1,175.0       15 %
Fixed-Rate Revolving Credit and Term Debt
    400.0       5 %     400.0       5 %
Construction Financing
    89.8       1 %     191.6       3 %
 
                               
 
                       
Total
  $ 8,333.7       100 %   $ 7,604.6       100 %
 
                       
 
                               
Debt to Market Capitalization
            56.8 %             68.1 %
 
Notes:
 
(1)   Market value ($12.17 per share as of March 31, 2010 and $9.26 per share as of December 31, 2009) includes common shares outstanding (250.0 million as of March 31, 2010 and 201.6 million as of December 31, 2009) and operating partnership units equivalent to approximately 0.4 million of the Company’s common shares in each year.
 
(2)   Does not include proportionate share of unconsolidated joint venture debt aggregating $855.3 million and $917.0 million at March 31, 2010 and December 31, 2009, respectively.
 
(3)   Consolidated debt includes 100% of consolidated joint venture debt of which the joint venture partners’ share is $146.8 million and $151.7 million at March 31, 2010 and December 31, 2009, respectively.
Market Capitalization Summary 2.3

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
                 
    Quarter ended     Year ended  
(In Millions)   March 31, 2010     December 31, 2009  
Debt to EBITDA — consolidated
               
EBITDA:
               
Net loss attributable to DDR
  $ (24.2 )   $ (356.6 )
 
               
Adjustments:
               
Impairment charges
    2.1       80.6  
Executive separation charge and non-cash change in control charge
    2.1       15.4  
Depreciation and amortization
    57.1       227.2  
Depreciation attributable to non-controlling interests
    (0.6 )     (2.6 )
Interest expense
    59.9       237.9  
Interest expense attributable to non-controlling interests
    (1.7 )     (6.4 )
Gain on redemption of joint venture interests
          (23.9 )
Loss on equity derivative instruments
    24.9       199.8  
Other expenses, net
    3.1       29.4  
Equity in net (income) loss of joint ventures
    (1.6 )     9.7  
Impairment of joint venture investments
          184.6  
Gain on repurchases of senior notes
    (1.1 )     (145.1 )
Income tax expense (benefit)
    1.0       (0.7 )
EBITDA adjustments from discontinued operations (1)
    0.6       112.4  
Loss (gain) on disposition of real estate, net
    0.7       (9.1 )
Impairment charges applicable to non-controlling interests
          (35.2 )
 
           
EBITDA before JVs
    122.3       517.5  
Pro rata share of JV FFO
    11.6       43.7  
Pro rata share of JV impairments, loss on disposition and derivative gains/losses
    1.3       19.0  
 
           
 
               
EBITDA Consolidated
  $ 135.2     $ 580.1  
EBITDA Consolidated — annualized
  $ 540.8       n/a  
 
               
Consolidated indebtedness
  $ 4,730.9     $ 5,178.7  
Non-controlling interests’ share of consolidated debt
    (146.8 )     (142.3 )
 
           
Total consolidated indebtedness
  $ 4,584.1     $ 5,036.4  
 
               
 
           
Gross Debt/EBITDA — consolidated
    8.48       8.68  
 
           
 
               
Ratio reflects Company’s consolidated EBITDA and pro rata share of JV FFO. The JV FFO, which is net of interest expense, reflects the earnings available to the Company to service consolidated debt. In addition, the JV debt is generally non-recourse to the Company.
 
               
Debt to EBITDA — pro rata
               
 
               
EBITDA before JVs
  $ 122.3     $ 517.5  
Pro rata share of JV EBITDA
    26.8       125.8  
 
           
 
               
EBITDA including pro rata share of JVs
  $ 149.1     $ 643.3  
EBITDA including pro rata share of JVs — annualized
  $ 596.4       n/a  
 
               
Total consolidated indebtedness
  $ 4,584.1     $ 5,036.4  
Pro rata share of JV debt (2)
    855.3       917.0  
 
           
Total pro rata indebtedness
  $ 5,439.4     $ 5,953.4  
 
               
 
           
Gross Debt/EBITDA — pro rata
    9.12       9.25  
 
           
 
               
Ratio includes Company’s pro rata share of JV EBITDA and the Company’s pro rata share of JV debt outstanding.
 
Notes:
               
 
(1)  Discontinued operations includes the following EBITDA adjustments:
               
Impairment charges
  $ 1.0     $ 74.1  
Interest expense, net
    0.1       7.5  
Depreciation and amortization
    0.1       6.8  
(Gain) loss on disposition of real estate, net
    (0.6 )     24.0  
 
           
 
  $ 0.6     $ 112.4  
 
           
 
(2) Includes $33.9 million representing the Company’s proportionate share of non recourse debt associated with joint ventures for which the Company has written its investment down to zero and is receiving no allocation of income.
Debt to EBITDA Calculation 2.4

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
Significant Accounting Policies
     Revenues
    Percentage and overage rents are recognized after the tenants reported sales have exceeded the applicable sales breakpoint.
 
    Revenues associated with tenant reimbursements are recognized in the period in which the expenses are incurred based upon the provisions of tenants’ leases.
 
    Lease termination fees are included in other income and recognized upon termination of a tenant’s lease, which generally coincides with the receipt of cash.
     General and Administrative Expenses
    General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the leasing of space which are charged to operations as incurred. For the three months ended March 31, 2010, the Company expensed $2.0 million in internal leasing costs. All internal and external costs associated with acquisitions are expensed as incurred. The Company does not capitalize any executive officer compensation.
     Deferred Financing Costs
    Costs incurred in obtaining long-term financing are included in deferred charges and are amortized over the terms of the related debt agreements; such amortization is reflected as interest expense in the consolidated statements of operations.
     Real Estate
    Real estate assets are stated at cost less accumulated depreciation, which, in the opinion of management, is not in excess of the individual property’s estimated undiscounted future cash flows, including estimated proceeds from disposition.
 
    Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows:
     
Buildings
  15 to 31 years
Furniture/Fixtures and Tenant Improvements
  Useful lives, which approximate lease terms, where applicable
Significant Accounting Policies 2.5.a

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
Significant Accounting Policies (Continued)
    Expenditures for maintenance and repairs are charged to operations as incurred. Renovations that improve or extend the life of the asset are capitalized.
 
    Construction in progress includes shopping center developments and significant expansions and redevelopments.
     Capitalization
    The Company capitalizes interest on funds used for the construction or expansion of shopping centers and certain construction administration costs. Capitalization of interest and administration costs ceases when construction activities are completed or suspended and the property is available for occupancy by tenants.
 
    Interest and real estate taxes incurred during the construction period are capitalized and depreciated over the building life.
                         
    Three Months    
    Ended    
    March 31,   Year Ended December 31,
Capitalized Costs (In Millions)   2010   2009   2008
Interest expense
  $   3.1   $   21.8   $   41.1
Construction Administration Costs
  $   2.4   $   10.9   $   13.9
    For the three months ended March 31, 2010, the Company expensed $1.6 million for operating costs relating to development projects that have been suspended.
     Gain on Sales of Real Estate
    Gain on sales of real estate generally related to the sale of outlots and land adjacent to existing shopping centers is recognized at closing when the earnings process is deemed to be complete.
 
    Gains or losses on the sale of operating shopping centers are reflected as discontinued operations.
Significant Accounting Policies 2.5.b

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
Other Real Estate Information
     Total Capital Expenditures
    The Company (wholly-owned assets) incurred the following leasing and maintenance capital expenditures including costs associated with anchor store re-tenanting related to major tenant bankruptcies.
         
    Three Months  
    Ended  
Capital Expenditures (In Millions)   March 31, 2010  
Leasing
  $ 11.2  
Maintenance
    0.9  
 
     
Total Capital Expenditures
  $ 12.1  
 
     
 
       
Per Square Foot of Owned GLA
       
Leasing
  $ 0.22  
Maintenance
  $ 0.02  
     Undeveloped Land
    Included in Land is undeveloped real estate, comprised primarily of outlots or expansion pads adjacent to the shopping centers owned by the Company.
 
    At December 31, 2009, the Company estimated the value of its consolidated and proportionate share of joint venture undeveloped land adjacent to existing shopping centers to be approximately $40 million. This value has not been adjusted to reflect changes in market activity subsequent to December 31, 2009.
     Non-Income Producing Assets
    There are 11 consolidated shopping centers, excluding the Mervyns portfolio, and the Company’s corporate headquarters totaling 0.7 million square feet with a land and building cost basis of approximately $100 million considered non-incoming producing at March 31, 2010.
Other Real Estate Information 2.6

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
Same Store NOI
(In Millions)
Same Store Net Operating Income (NOI) represents shopping center assets owned in comparable periods, excluding those under redevelopment. NOI generally includes revenues and expenses for each comparable asset, but excludes straight-line rent, lease termination income and provisions for uncollectible amounts and/or recoveries thereof. Reconciliation of Same Store NOI to Total Revenues and Certain Expenses is as follows:
                         
    Three Months Ended          
    March 31,          
    2010     2009          
Total Same Store NOI
  $ 212.0     $ 217.6 (1)     (2.6 )%
Property NOI from other operating segments
    35.0       60.6          
 
                   
 
                       
Combined NOI — DDR & Joint Ventures
  $ 247.0     $ 278.2          
 
                   
Reconciliation to Income Statement
                 
    Three Months Ended  
    March 31,  
    2010     2009  
Total Revenues — DDR
  $ 206.7     $ 207.7  
Total Revenues — Combined Joint Ventures
    172.2       214.2 (1)
Operating and Maintenance — DDR
    (36.1 )     (34.3 )
Real Estate Taxes — DDR
    (28.9 )     (27.3 )
Operating and Maintenance and Real Estate Taxes- Combined Joint Ventures
    (66.9 )     (82.1 )(1)
 
           
 
               
Combined NOI — DDR & Joint Ventures
  $ 247.0     $ 278.2  
 
           
 
(1)   The actual combined joint venture results for the three months ended March 31, 2009 include the activity of the MDT US LLC joint venture. However, for purposes of calculating the Same Store NOI, the results of the assets within the MDT US LLC joint venture not retained by the Company after the redemption were excluded for 2009.
Reconciliation of Supplemental Non-GAAP Financial Measures 2.7.a

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
(In Millions)
                 
    Three Months Ended  
    March 31,  
    2010     2009  
 
               
FUNDS FROM OPERATIONS:
               
Net (Loss) Income Applicable to Common Shareholders
  $ (34.8 )   $ 76.8  
Depreciation and Amortization of Real Estate Investments
    54.5       61.0  
Equity in Net Income From Joint Ventures
    (1.6 )     (0.8 )
Joint Venture Funds From Operations
    11.6       15.2  
Non-Controlling Interests (OP Units)
          0.1  
Gain on Sales of Real Estate
    (1.3 )     (12.3 )
 
           
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS
  $ 28.4     $ 140.0  
 
           
 
               
Preferred Dividends
    10.6       10.6  
 
           
FUNDS FROM OPERATIONS
  $ 39.0     $ 150.6  
 
           
 
               
OPERATING FFO:
               
Non-cash loss on equity derivative instruments related to Otto investment
  $ 24.9     $  
Executive separation charge
    2.1        
Non-cash impairment charges — consolidated assets
    2.1       10.9  
Consolidated impairment charges and loss on sales included in discontinued operations
    2.4        
Debt extinguishment costs and other expenses
    3.1        
FFO associated with Mervyns joint venture, net of non-controlling interest
    2.0        
Loss on asset sales — equity method investments
    1.3        
Loss on disposition of joint venture investment
          5.8  
Non-cash impairment charge on equity method investment
          0.9  
Gain on repurchases of senior notes
    (1.1 )     (72.6 )
 
           
TOTAL NON-OPERATING ITEMS
  $ 36.8     $ (55.0 )
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS
    28.4       140.0  
 
           
OPERATING FFO
  $ 65.2     $ 85.0  
 
           
                 
    Three Months Ended
    March 31,
    2010   2009
    (Income)/Expense
ADDITIONAL NON-CASH DISCLOSURES:
               
Below Market Rent Revenue*
  $ (0.1 )   $ (0.2 )
Debt Premium Amortization Revenue*
    (0.8 )     (1.0 )
Convertible Debt Accretion Expense
    2.0       3.9  
Straight Line Rent Revenue
    (1.0 )     (1.0 )
Straight Line Ground Rent Expense
    1.3       0.5  
 
*   Prorata share of joint venture is deminis
Reconciliation of Supplemental Non-GAAP Financial Measures 2.7.b

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
Consolidated Transactional Income
(In Thousands)
                     
    Three Months Ended      
    March 31,      
    2010     2009      
Included in FFO:
                   
Gain (Loss) on Dispositions, Net of Tax
  $ (690 )   $ 76      
Loss on Sales from Discontinued Operations
    (686 )     (345 )    
Land Sale Gain (Loss)
          (11 )    
 
               
 
  $ (1,376 )   $ (280 )    
 
               
NOT Included in FFO:
                   
Gain (Loss) on Dispositions, Net of Tax
  $ 15     $ 380      
Gain on Sales from Discontinued Operations
    1,252       11,954      
 
               
 
  $ 1,267     $ 12,334     FFO Reconciliation
 
               
 
                   
Reconciliation to Income Statement
                   
 
                   
Gain on Disposition of Real Estate, Net of Tax
                   
Gain (Loss) on Dispositions, Net of Tax
  $ (690 )   $ 76      
Land Sale Gain (Loss)
          (11 )    
Gain (Loss) on Dispositions, Net of Tax
    15       380      
 
               
 
  $ (675 )   $ 445     Consolidated Income Statement
 
               
 
                   
Gain (Loss) on Disposition of Real Estate From Discontinued Operations, Net of Tax
                   
Gain (Loss) on Sales from Discontinued Operations
  $ 566     $ 11,609     (Footnote J to the Press Release)
 
               
Reconciliation of Supplemental Non-GAAP Financial Measures 2.7.c

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
Joint Venture Transactional Income
(In Thousands)
                         
    Three Months Ended          
    March 31,          
    2010     2009          
 
                   
Included in FFO:
                       
Gains (loss) on Dispositions, Net of Tax
  $     $          
Loss on Sales from Discontinued Operations
    (8,752 )              
Land Sale Gain (Loss)
          (26,770 )(1)        
 
                   
 
  $ (8,752 )   $ (26,770 )        
 
                   
DDR’s Proportionate Share
  $ (1,312 )   $ (5,351 )        
 
                   
 
                       
NOT Included in FFO:
                       
Gains (loss) on Dispositions, Net of Tax
  $     $          
Gain on Sales from Discontinued Operations
                   
 
                   
 
  $     $          
 
                   
DDR’s Proportionate Share (1)
  $     $          
 
                   
 
                       
Reconciliation to Income Statement
                       
 
                       
Gain on Sales of Real Estate, Net of Tax
                       
Land Sale Gain (Loss)
  $     $ (26,770 )(1)        
Gains (loss) on Dispositions, Net of Tax
                   
 
                   
 
  $     $ (26,770 )   Loss on Disposition of Assets
 
                   
 
                       
Gain (Loss) on Disposition of Real Estate From Discontinued Operations, Net of Tax
                       
Gain (Loss) on Sales from Discontinued Operations
  $ (8,752 )   $     Loss on Disposition of Discontinued Operations, Net of Tax
 
                   
 
(1)   Included in loss of disposition of assets for the three months ended March 31, 2009 is the Company’s transfer of its interest in a Coventry II Fund asset.
Reconciliation of Supplemental Non-GAAP Financial Measures 2.7.d

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
Joint Venture Investment Summary (1)
(In Millions)
                                         
        DDR Ownership     Consolidated   Number of     Gross Asset        
Legal Name   Partner(s)   %     (Yes/No)   Properties     Value at 100%     Debt  
DDRTC Core Retail Fund, LLC
  An Affiliate of TIAA-CREF     15 %   No     50     $ 2,358.2     $ 1,330.5  
 
DDR Domestic Retail Fund I
  DDR Domestic Retail Fund I     20 %   No     63       1,467.1       966.4  
 
Sonae Sierra Brazil BV Sarl
  Sonae Sierra, SGPS, SA     50 %   No     10       562.9       92.4  
 
DDRA Community Centers Five, L.P.
  DRA Advisors     50 %   No     5       240.9       280.0  
 
Coventry II Joint Ventures
  Coventry II Fund     10% — 20 %   No     51       860.8       627.0  
 
RVIP Structures/DPG Realty Holdings LLC
  Prudential RE Advisors/Prudential Insurance     10% — 25.75 %   No     13       324.4       156.2  
 
DDR-SAU Retail Fund, LLC
  Special Account — U, L.P. (State of Utah )     20 %   No     29       309.9       226.2  
 
DDR Markaz II LLC (KFC)
  Kuwait Financial Centre     20 %   No     13       206.1       150.5  
 
TRT DDR Venture I General Partnership
  TRT-DDR Joint Venture I Owner LLC     10 %   No     3       160.2       110.0  
 
Other Unconsolidated JV Interests
  Various   Various     No     22       338.3       212.7  
 
DDR MDT MV LLC (Mervyns)
  Macquarie DDR Trust (MDT)     50 %   Yes     30       240.3       220.6  
 
                               
 
TOTALS
                    289     $ 7,069.1     $ 4,372.5  
 
                               
 
(1)   DDR’s investment in joint ventures may be recorded at different amounts than the proportionate equity on the joint ventures’ balance sheet.
Joint Venture Investment Summary 3.1

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
Joint Venture Combining Financial Statements
(In Millions)
Combining Balance Sheets
                         
    Total     DDR’s Proportionate     DDR MDT MV LLC  
    Unconsolidated JVs     Share     at 100%  
Real estate assets
  $ 6,828.8     $ 1,468.4     $ 240.3  
Accumulated depreciation
    (637.7 )     (161.4 )     (26.1 )
 
                 
Real estate, net
    6,191.1       1,307.0       214.2  
 
                 
Receivables, net
    114.8       32.5       1.3  
Other assets
    339.1       93.1       46.2  
Disproportionate share of equity
          (39.6 )(1)      
 
                 
 
  $ 6,645.0     $ 1,393.0     $ 261.7  
 
                 
 
                       
Mortgage debt (2)
  $ 4,151.9     $ 855.3     $ 220.6  
Amounts payable to DDR
    74.7       9.4        
Other liabilities
    195.5       50.3       1.4  
 
                 
 
    4,422.1       914.9       222.0  
Accumulated equity (deficit)
    2,222.9       517.6       39.7  
Disproportionate share of equity
          (39.6 )(1)      
 
                 
 
  $ 6,645.0     $ 1,393.0     $ 261.7  
 
                 
Combining Statements of Operations
                         
    Total     DDR’s Proportionate     DDR MDT MV LLC  
    Unconsolidated JVs     Share     at 100%  
Revenues from operations
  $ 172.2     $ 37.7     $ 0.8  
Rental operation expenses
    (66.9 )     (13.6 )     (1.9 )
Impairment charges
                 
 
                 
Net operating income
    105.3       24.1       (1.1 )
Depreciation and amortization expense
    (48.0 )     (9.5 )     (0.9 )
Interest expense
    (60.0 )     (11.1 )     (3.0 )
 
                 
Income (loss) before gain on sale of real estate
    (2.7 )     3.5       (5.0 )
Income tax expense
    (4.8 )     (1.8 )     0.0  
Discontinued operations
    (0.6 )     0.0       0.0  
Gain on disposition of discontinued operations
    (8.8 )     (1.3 )     0.0  
Gain (loss) on sale of real estate
    0.0       0.0       0.0  
Other gain, net
    0.0       0.0       0.0  
Disproportionate share of income
          1.3 (1)     0.0  
 
                 
Net income (loss)
  $ (16.9 )   $ 1.7     $ (5.0 )
 
                       
DDR ownership interests
  $ 1.7     $ 1.7     $ 0.0  
Amortization of basis differential
                 
 
                 
 
  $ 1.7     $ 1.7     $ 0.0  
 
                 
 
                       
Funds From Operations (“FFO”):
                       
 
                       
Net income (loss)
  $ (16.9 )   $ 1.7     $ (5.0 )
Depreciation of real property
    50.3       9.8       0.9  
(Gain) loss on sale of real estate
    0.0       0.0       0.0  
Disproportionate share of income
          0.1 (1)      
 
                 
 
  $ 33.4     $ 11.6     $ (4.1 )
 
                 
 
                       
DDR ownership interests
  $ 11.6                  
 
                     
 
(1)   Adjustments represent the effect of promoted equity structures and minority interests.
 
(2)   Includes approximately $214.4 million of non recourse debt to the Company of which the Company’s proportionate share is $33.9 million associated with joint ventures for which the Company has written its investment down to zero and is receiving no allocation of income.
Joint Venture Financial Summary 3.2

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
(dollars in millions) (GLA in thousands)
Operating Property Acquisitions
There were no significant third party acquisitions for the three months ended March 31, 2010.
Operating Property Dispositions
                                             
            DDR’s                        
Disposition           Effective         Total     Gross     Relinquished  
Date   Location   Property Name   Ownership     JV Partner   GLA     Sales Price     Debt  
01/10
  Carson City, NV   Eagle Station     50 %   MDT MV     60.5     $ 4.0     $ 4.4  
01/10
  Lynchburg, VA   Candlers Station     100 %   N/A     270.8       16.2        
01/10
  Tampa, FL   Town ‘N Country Promenade     100 %   N/A     134.5       7.8        
02/10
  Covington, LA   Covington Corners     100 %   N/A     15.6       2.4        
03/10
  Detroit, MI   Bel-Air Centre     100 %   N/A     445.3       0.6        
03/10
  Various   Portfolio of 16 Assets     15 %   TIAA-CREF     3,588.7       424.3       386.4  
Various
  Various   Outparcels     100 %   N/A     0.0       1.2        
 
                                     
Total Dispositions
                    4,515.4     $ 456.5     $ 390.8  
 
                                     
Acquisitions and Dispositions 4.1

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
(dollars in millions) (GLA in thousands)
Summary of Land Held for Development and Construction in Progress
                                         
    As of March 31, 2010     Projected 2010 Activity  
                            Net     Placed  
    Land     CIP     Total     Expenditures     In Service  
Ground up Development Projects in Progress
  $ 46.4     $ 69.8     $ 116.2     $ 22.8     $ 19.4  
Ground up Development Projects Primarily on Hold
    375.4       228.0       603.4       (2.4 )     0.0  
Substantially Completed Projects Pending Lease up
    37.1       63.4       100.5       9.0       14.0  
Expansion and Redevelopment Projects
    2.0       26.4       28.4       59.2       75.9  
 
                                       
 
                             
Total
  $ 460.9     $ 387.6     $ 848.5     $ 88.6     $ 109.3  
 
                             
Summary of Significant Wholly-Owned and Consolidated Development Projects in Progress
                                                     
                                Cost     Assets     Initial    
        Total     Owned     Estimated     Incurred     Placed in     Anchor    
Location   Project Name   GLA     GLA     Net Cost     To Date     Service     Opening (1)   Major Anchors
Boise (Nampa), ID
  Nampa Gateway Center     921.2       431.7     $ 126.7     $ 109.6     $ 44.8     2H 07   JC Penney, Macy’s, The Sports Authority, Idaho Athletic Club, Regal Cinemas
Austin (Kyle), TX (2)
  Kyle Marketplace     805.6       443.1       77.3       60.8       9.4     2H 09   Target, Kohl’s
 
                                         
 
        1,726.8       874.8     $ 204.0     $ 170.4     $ 54.2          
 
                                         
 
                                                   
Total amount included in Land Held for Development and CIP at March 31, 2010:       $ 116.2          
 
                                                 
 
(1)   2H = Second Half; either actual or anticipated
 
(2)   Consolidated 50% Joint Venture
Summary of Significant Wholly-Owned and Consolidated Redevelopment or Expansion Projects
                                                     
                                Cost     Assets     Initial    
        Total     Owned     Estimated     Incurred     Placed in     Anchor    
Location   Project Name   GLA     GLA     Net Cost     To Date     Service     Opening   Major Anchors
Miami (Plantation), FL
  The Fountains     273.4       273.4     $ 48.1     $ 24.0     $ 16.9     2H 09   Kohl’s, Dick’s
 
                                                   
CIP for Plantation, FL:
                                      $ 8.2          
CIP for other expansions and redevelopment projects:                             20.2          
 
                                                 
Total amount included in CIP at March 31, 2010 for expansion and redevelopment projects:       $ 28.4          
 
                                                 
There were no Significant Joint Venture Development, Redevelopment or Expansion Projects in progress at March 31, 2010.
Developments and Redevelopments 4.2

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
Ground up Development Projects Primarily on Hold
                 
    DDR’s        
    Effective     Total  
Location   Ownership     Acreage  
Ukiah (Mendocino), CA
    50 %     75.7  
New Haven (Guilford), CT
    100 %     26.0  
Orlando (Lee Vista), FL
    100 %     74.3  
Tampa (Brandon), FL
    100 %     46.3  
Tampa (Wesley Chapel), FL
    100 %     10.0  
Atlanta (Douglasville), GA
    100 %     28.5  
Chicago (Grayslake), IL
    50 %     106.0  
Kansas City (Merriam), KS
    100 %     35.1  
Boston, MA (Seabrook, NH)
    100 %     50.9  
Gulfport, MS
    100 %     86.2  
Raleigh (Apex), NC
    100 %     52.6  
San Antonio (Schertz), TX
    100 %     85.0  
Isabela, Puerto Rico
    80 %     11.1  
Toronto (Brampton), CAN
    50 %     43.0  
Toronto (East Gwillimbury — Bayview/Greenlane), CAN
    50 %     39.0  
Toronto (East Gwillimbury — Hwy 404/Greenlane East), CAN
    50 %     44.0  
Toronto (East Gwillimbury — Hwy 404/Greenlane West), CAN
    50 %     29.0  
Toronto (Richmond Hill), CAN
    50 %     52.0  
Togliatti, Russia
    75 %     61.2  
Yaroslavl, Russia
    75 %     8.0  
Other Misc. Land (9 sites)
    100 %   Various  
 
             
 
            963.9  
 
             
 
               
Total amount included in Land Held for Development and CIP at March 31, 2010 (in millions):   $ 603.4 (1)
 
             
 
(1)   Includes partners’ ownership interest of $132.5 million.
Projects Primarily on Hold 4.3

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
Total Portfolio Characteristics
         
Shopping Centers and Interests in Retail Assets
    643  
 
Business Centers
    6  
 
Million Square Feet Owned and Managed (Total)
    140  
 
Million Square Feet Owned (Total)
    98  
 
Million Square Feet Owned (Pro Rata)
    61  
 
Core Portfolio % Leased
    91.3 %
Prime Portfolio Characteristics
Our Prime portfolio is comprised of market dominant shopping centers with high quality tenants located in attractive markets with strong demographic profiles. It is a subset of the total portfolio.
         
Shopping Centers
    265  
 
Million Square Feet Owned (Total)
    81  
 
% of Total Portfolio NOI
    81.6 %
 
Prime Portfolio % Leased
    92.9 %
Total Portfolio GLA Concentration
                         
            GLA   Percentage of
            (in Millions)   Total GLA
  1.    
Georgia
    13.8       9.9 %
  2.    
Florida
    12.7       9.0 %
  3.    
New York
    10.4       7.4 %
  4.    
Ohio
    9.4       6.7 %
  5.    
North Carolina
    8.5       6.0 %
  6.    
Texas
    7.1       5.1 %
  7.    
New Jersey
    5.7       4.1 %
  8.    
California
    5.2       3.7 %
  9.    
Puerto Rico
    5.0       3.6 %
  10.    
South Carolina
    4.8       3.4 %
Portfolio Summary 5.1

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
Leased Rate and Average Annualized Base Rental Rates PSF (1)
                                         
    Number of                 Total Annualized Base Rent / S.F.  
Period Ending   Properties         Leased Rate     Total         Shop Space  
Q1 2010
    515           91.3 %   $ 12.37         $ 18.49  
YE 2009
    534           91.2 %   $ 12.27         $ 18.26  
YE 2008
    611           92.6 %   $ 12.34         $ 18.24  
YE 2007
    619           95.8 %   $ 12.22         $ 17.92  
YE 2006
    370           96.2 %   $ 11.57         $ 17.20  
YE 2005
    379           96.3 %   $ 11.30         $ 16.63  
YE 2004
    373           95.4 %   $ 11.13         $ 16.14  
YE 2003
    274           95.1 %   $ 10.82         $ 15.55  
YE 2002
    189           95.9 %   $ 10.58         $ 15.18  
YE 2001
    192           95.4 %   $ 10.03         $ 14.02  
YE 2000
    190           96.9 %   $ 9.66         $ 13.66  
YE 1999
    186           95.7 %   $ 9.20         $ 12.69  
YE 1998
    159           96.5 %   $ 8.99         $ 12.39  
YE 1997
    123           96.1 %   $ 8.49         $ 11.69  
YE 1996
    112           94.8 %   $ 7.85         $ 10.87  
YE 1995
    106           96.3 %   $ 7.60         $ 10.54  
YE 1994
    84           97.1 %   $ 5.89         $ 9.02  
YE 1993
    69           96.2 %   $ 5.60         $ 8.56  
YE 1992
    53           95.4 %   $ 5.37         $ 8.37  
 
(1)   Figures exclude Brazilian portfolio, Mervyns, Service Merchandise portfolio, development properties and managed properties.
Portfolio Summary 5.2

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
(GLA and Total Rent in Thousands)
Leasing Summary for Full Year 2009 (1)
                                                                         
                                                    Change in Base   Weighted    
                                                    Rent Over   Average   Tenant
    Number           New Rent   New Rent Year   Prior Rent           Prior Rent in   Lease Term   Improvements
    of Leases   GLA   Year One psf   One Total   psf   Prior Rent Total   Comp Space   (in years)*   psf
New leases
                                                                       
New leases replacing bankrupt tenants vacant less than one year
    36       1,185     $ 9.84     $ 11,660     $ 12.88     $ 15,263       -23.6 %     8.3     $ 18.97  
New leases for spaces vacant less than one year
    304       1,108     $ 15.41     $ 17,074     $ 16.47     $ 18,249       -6.4 %     5.1     $ 9.84  
New leases for spaces vacant more than one year
    234       925     $ 15.04     $ 13,912     $ 0.00       N/A       N/A       5.4     $ 21.69  
Total new leases
    574       3,218     $ 13.25     $ 42,647     $ 10.41     $ 33,499       -14.3 %     8.4     $ 16.61  
 
                                                                       
Renewals
    1,079       7,253     $ 11.50     $ 83,410     $ 11.40     $ 82,684       0.9 %     4.0     $ 0.00  
 
                                                                       
Total / Average (new leases + renewals)
    1,653       10,471     $ 12.04     $ 126,056     $ 11.10     $ 116,184       -3.4 %     5.5     $ 5.10  
 
*   Excludes renewal options
 
(1)   Excludes Brazil
Leasing Summary for First Quarter 2010 (2)
                                                                         
                                                    Change in Base   Weighted    
    Number           New Rent   New Rent                   Rent Over   Average   Tenant
    of           Year One   Year One   Prior Rent           Prior Rent in   Lease Term   Improvements
    Leases   GLA   psf   Total   psf   Prior Rent Total   Comp Space   (in years)*   psf
New leases
                                                                       
New leases replacing bankrupt tenants (All)
    10       446     $ 7.74     $ 3,452     $ 11.38     $ 5,075       -32.0 %     11.2     $ 5.56  
New leases for spaces vacant less than one year
    68       238     $ 16.84     $ 4,008     $ 18.14     $ 4,317       -7.2 %     7.7     $ 15.39  
New leases for spaces vacant more than one year
    94       417     $ 13.58     $ 5,663     $ 0.00     $ 0       N/A       7.7     $ 5.58  
Total new leases
    172       1,101     $ 11.92     $ 13,123     $ 13.73     $ 9,393       -5.9 %     9.1     $ 7.69  
 
                                                                       
Renewals
    217       1,073     $ 12.98     $ 13,928     $ 13.23     $ 14,196       -1.9 %     4.1     $ 0.00  
 
                                                                       
Total / Average (new leases + renewals)
    389       2,174     $ 72.44     $ 27,050     $ 10.85     $ 23,589       -2.9 %     6.6     $ 3.90  
 
*   Excludes renewal options
 
(2)   Excludes Brazil and managed assets
Portfolio Summary 5.3

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
Leasing Summary of Formerly Vacant Spaces Over 20,000 Square Feet
                         
                    Lease term
Location   New tenant   Former tenant   GLA   (years)(1)
Leased in 2008
            186,688       8.9  
 
                       
Leased in 2009
            1,439,662       9.4  
 
                       
Leased Q1 2010
                       
Columbus, GA
  The Fresh Market   Goody’s     22,697       10.0  
Birmingham, AL
  Big Lots   Goody’s     30,000       5.0  
Columbia, SC
  buybuy Baby   Circuit City     28,382       10.0  
Chino, CA
  Burlington Coat Factory   Mervyn’s     81,269       10.0  
Fairfield, CA
  Forever 21   Mervyn’s     45,022       10.0  
Clovis, CA
  Kohls   Mervyn’s     75,080       19.0  
Santa Rosa, CA
  Forever 21   Mervyn’s     42,648       10.0  
Casselbury, FL
  T.J. Maxx   Publix     42,648       10.0  
Birmingham, AL
  NAOS Entertainment   Regal Cinemas     55,398       10.0  
Fayetteville, GA
  Hobby Lobby   Rooms To Go     57,000       10.0  
McHenry, IL
  T.J. Maxx   Various     24,000       10.0  
Plantation, FL
  Jo-Ann Fabrics   Various     20,000       10.0  
 
                       
 
            524,144       11.0  
 
                       
Total Leased 2008 — Q1 2010
            2,150,494       9.3  
 
(1)   Excludes renewal options
Status of Re-Tenanting Spaces Formerly Occupied by Bankrupt Tenants (2)
                         
    September 30, 2009   December 31, 2009   March 31, 2010
Sold/Leased
    19 %     24 %     31 %
At-Lease
    9 %     6 %     11 %
At-LOI
    27 %     28 %     21 %
 
                       
Total Activity
    55 %     58 %     63 %
 
(2)   Includes Linens ‘N Things, Circuit City, Goody’s, Mervyn’s and Steve & Barry’s
Portfolio Summary 5.4

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
Lease Expirations by Year as of March 31, 2010 (1)
                                                                 
    Anchor Base Rent   Shop Space Base Rent
            Revenues                           Revenues        
Year   Leases   ($M)   Avg. PSF   % of Revenue   Leases   ($M)   Avg. PSF   % of Revenue
 
2010
    50     $ 14.4     $ 8.70       3.1 %     1,444     $ 67.3     $ 19.58       12.3 %
2011
    123     $ 36.9     $ 8.72       8.0 %     1,614     $ 91.8     $ 19.51       16.8 %
2012
    132     $ 47.7     $ 8.51       10.4 %     1,488     $ 91.6     $ 21.99       16.8 %
2013
    114     $ 37.2     $ 7.95       8.1 %     1,303     $ 78.3     $ 20.00       14.3 %
2014
    153     $ 53.0     $ 8.47       11.5 %     1,255     $ 71.2     $ 21.83       13.0 %
2015
    116     $ 46.0     $ 9.12       10.0 %     465     $ 34.0     $ 17.80       6.2 %
2016
    82     $ 36.6     $ 9.47       8.0 %     209     $ 22.1     $ 19.36       4.0 %
2017
    76     $ 37.5     $ 9.75       8.2 %     171     $ 18.2     $ 20.80       3.3 %
2018
    52     $ 22.8     $ 8.65       5.0 %     205     $ 24.2     $ 18.68       4.4 %
2019
    60     $ 32.8     $ 10.54       7.1 %     158     $ 21.5     $ 16.84       3.9 %
 
2010 - 2019
   
Subtotal
    958     $ 364.9     $ 8.99       79.5 %     8,312     $ 520.2     $ 19.64       95.1 %
Total Rent Roll
    1,104     $ 458.9     $ 9.12       100.0 %     8,503     $ 546.8     $ 19.96       100.0 %
 
 
(1)   Excludes Brazil
Portfolio Summary 5.5

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
Largest Tenants by Owned and Managed GLA (1) (2)
                                                 
            Total GLA     Owned GLA   Unowned   Unowned
    Total Units   (msf)   Owned Units   (msf)   Units   GLA (msf)
 
1. Wal-Mart / Sam’s Club
    86       13.6       35       5.3       51       8.3  
2. Target
    53       6.7       7       0.9       46       5.8  
3. Lowe’s Home Improvement
    31       4.2       13       1.7       18       2.5  
4. Home Depot
    34       3.8       8       0.9       26       2.9  
5. Kohl’s
    35       3.1       28       2.5       7       0.6  
6. Kmart / Sears
    34       3.0       33       2.8       1       0.2  
7. Publix Supermarkets
    54       2.5       51       2.3       3       0.2  
8. TJX Companies
    71       2.2       71       2.2       0       0.0  
9. Kroger
    37       2.1       36       2.0       1       0.1  
10. PetSmart
    76       1.7       76       1.7       0       0.0  
 
(1)   Based on 100% ownership of joint venture properties.
 
(2)   Excludes Brazil
Portfolio Summary 5.6

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the three months ended March 31, 2010
Largest Tenants by GLA and Base Rental Revenues (1)
                         
            % of    
    Owned   Total   Credit Ratings
     Major Tenant (units)   GLA   GLA   (S&P/Moody’s)
 
1. Wal-Mart / Sam’s Club (35)
    4.5       7.5 %   AA / Aa2
2. Kmart / Sears (33)
    1.8       3.0 %   BB- / Ba2
3. Lowe’s Home Improvement (13)
    1.6       2.7 %   A / A1
4. TJX Companies (71)
    1.4       2.3 %   A / A3
5. Kohl’s (28)
    1.3       2.2 %   BBB+ / Baa1
6. PetSmart (76)
    0.9       1.5 %   BB / NR
7. Kroger (36)
    0.9       1.5 %   BBB / Baa2
8. J.C. Penney (20)
    0.9       1.5 %   BB+ / Ba1
9. Target (7)
    0.9       1.5 %   A+ / A2
10. Bed Bath & Beyond (49)
    0.9       1.5 %   BBB / NR
11. Michael’s (63)
    0.8       1.3 %   B- / Caa1
12. Home Depot (8)
    0.8       1.3 %   BBB+ / Baa1
13. Toys R Us (26)
    0.7       1.2 %   B / B2
14. Dick’s Sporting Goods (33)
    0.7       1.2 %   NR / NR
15. Publix Supermarkets (51)
    0.7       1.2 %   NR / NR
16. Tops Markets (24) (2)
    0.7       1.2 %   B / NR
17. Ross Stores (46)
    0.6       1.0 %   BBB / NR
18. OfficeMax (41)
    0.6       1.0 %   B / B1
19. Dollar Tree Stores (89)
    0.5       0.8 %   NR / NR
20. Hobby Lobby (15)
    0.5       0.8 %   NR / NR
 
Subtotal 1-20
    21.7       36.2 %        
 
                       
Total Portfolio
    60.0       100.0 %        
 
                         
               
    Base Rental   % of Total   Credit Ratings
     Major Tenant (units)   Rev. ($M)   Base Rent   (S&P/Moody’s)
 
1. Wal-Mart / Sam’s Club (35)
  $ 28.4       4.6 %   AA / Aa2
2. TJX Companies (71)
  $ 12.1       1.9 %   A / A3
3. Petsmart (76)
  $ 11.2       1.8 %   BB / NR
4. Bed Bath and Beyond (49)
  $ 10.4       1.7 %   BBB / NR
5. Lowe’s Home Improvement (13)
  $ 9.9       1.6 %   A / A1
6. Kohl’s (28)
  $ 9.9       1.6 %   BBB+ / Baa1
7. Rite Aid (40)
  $ 9.9       1.6 %   B- / Caa2
8. Michael’s (63)
  $ 9.5       1.5 %   B- / Caa1
9. Tops Markets (24) (2)
  $ 7.8       1.3 %   B / NR
10. OfficeMax (41)
  $ 7.8       1.3 %   B / B2
11. GAP / Banana Republic / Old Navy (48)
  $ 7.6       1.2 %   BB+ / NR
12. Kroger (36)
  $ 7.3       1.2 %   BBB / Baa2
13. Kmart / Sears (33)
  $ 7.1       1.1 %   BB- / Ba2
14. Ross Stores (46)
  $ 7.0       1.1 %   BBB / NR
15. Dick’s Sporting Goods (33)
  $ 6.9       1.1 %   NR / NR
16. Regal Cinemas (11)
  $ 6.9       1.1 %   B+ / Ba2
17. Cinemark Theatre (15)
  $ 6.8       1.1 %   B+ / NR
18. Best Buy (21)
  $ 6.7       1.1 %   BBB- / Baa2
19. Barnes & Noble (26)
  $ 6.6       1.1 %   NR / NR
20. Home Depot (8)
  $ 6.1       1.0 %   BBB+ / Baa1
 
Subtotal 1-20
  $ 185.9       29.8 %        
 
                       
Total Portfolio
  $ 622.9       100.0 %        
 
 
(1)   Based on pro rata ownership of joint venture properties.
 
(2)   22 leases are guaranteed by Koninklijke Ahold NV, rated BBB / Baa3
Portfolio Summary 5.7

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2010
Summary of Consolidated Debt
(In Millions)
                                 
            December 31, 2009             March 31, 2010  
    December 31, 2009     DDR Pro Rata     March 31, 2010     DDR Pro Rata  
Total Debt Outstanding   Aggregate     Share     Aggregate     Share  
Mortgage Loans Payable:
                               
Fixed rate secured loans
  $ 1,594.2     $ 1,479.9     $ 1,558.3     $ 1,436.6  
Variable rate secured loans
    319.7       291.6       186.3       161.2  
Secured term loan
    800.0       800.0       800.0       800.0  
Unsecured Public Debt
    1,689.8       1,689.8       1,840.3       1,840.3  
Unsecured Credit Facilities
    775.0       775.0       346.0       346.0  
 
                       
Total
  $ 5,178.6     $ 5,036.3     $ 4,730.9     $ 4,584.1  
 
                       
                                         
    Scheduled     Secured     Unsecured              
    Principal     Debt     Debt     Aggregate     DDR Pro Rata  
Schedule of Maturities by Year   Payments     Maturities     Maturities     Total     Share  
2010
  $ 22.2     $ 240.7     $ 298.9     $ 561.8     $ 447.1  
2011
    28.9       172.6       577.4       778.9       778.9  
2012
    28.6       913.6       460.0       1,402.2       1,379.5  
2013
    24.0       467.3             491.3       491.3  
2014
    15.6       430.6             446.2       446.2  
2015
    15.3       10.8       169.4       195.5       195.5  
2016
    12.9       3.6       298.4       314.8       314.8  
2017
    12.6             300.0       312.5       312.5  
2018
    8.7             82.2       90.9       90.9  
2019
    3.8       74.8             78.6       78.6  
2020 and beyond
    3.1       55.0             58.1       48.8  
 
                             
 
  $ 175.6     $ 2,369.0     $ 2,186.3     $ 4,730.9     $ 4,584.1  
 
                             
                 
Percentage of Total Debt   December 31, 2009     March 31, 2010  
Fixed
    71.1 %     80.3 %
Variable
    28.9 %     19.7 %
                 
Percentage of Total Debt   December 31, 2009     March 31, 2010  
Recourse to DDR
    69.5 %     66.0 %
Non-recourse to DDR
    30.5 %     34.0 %
Assumes borrower extension options are exercised.
Summary of Consolidated Debt 6.1

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2010
Summary of Joint Venture Debt
(In Millions)
                                 
            December 31, 2009             March 31, 2010  
    December 31, 2009     DDR Pro Rata     March 31, 2010     DDR Pro Rata  
Total Debt Outstanding   Aggregate     Share     Aggregate     Share  
Mortgage Loans Payable:
                               
Fixed rate secured loans
  $ 3,807.2     $ 785.4     $ 3,395.6     $ 722.9  
Variable rate secured loans
    740.5       131.6       756.3       132.4  
 
                       
Total
  $ 4,547.7     $ 917.0     $ 4,151.9     $ 855.3  
 
                       
                                 
    Scheduled     Mortgage              
    Principal     Loan     Aggregate     DDR Pro Rata  
Schedule of Maturities by Year   Payments     Maturities     Total     Share  
2010
  $ 6.5     $ 755.9     $ 762.3     $ 231.7  
2011
    7.2       319.5       326.7       88.4  
2012
    5.9       1,075.2       1,081.2       161.6  
2013
    5.8       169.0       174.8       17.6  
2014
    5.7       150.5       156.2       31.1  
2015
    3.0       151.3       154.3       30.7  
2016
    3.2             3.2       0.4  
2017
    2.9       1,372.2       1,375.1       254.5  
2018
    1.9             1.9       0.3  
2019
    0.8       34.1       34.9       5.1  
2020 and beyond
          81.3       81.3       34.0  
 
                       
 
  $ 43.0     $ 4,108.9     $ 4,151.9     $ 855.3  
 
                       
                 
Percentage of Total Debt   December 31, 2009   March 31, 2010
Fixed
    83.7 %     81.8 %
Variable
    16.3 %     18.2 %
                 
Percentage of Total Debt   December 31, 2009   March 31, 2010
Recourse to DDR
    4.8 %     5.2 %
Non-recourse to DDR
    95.2 %     94.8 %
Assumes borrower extension options are exercised.
Summary of Joint Venture Debt 6.2

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2010
Summary of Consolidated Debt
(In Millions)
                                 
    Loan     DDR     Final Maturity     Interest  
    Balance     Proportionate Share     Date (1)     Rate (2)  
SENIOR DEBT
                               
Unsecured Credit Facilities:
                               
$1.25 Billion Revolving Credit Facility
  $ 346.0     $ 346.0       06/11     LIBOR + 75  
$75 Million Revolving Credit Facility
                06/11     LIBOR + 100  
Secured Credit Facility:
                               
$800 Million Term Loan
    800.0       800.0       02/12     LIBOR + 120  
 
                           
Total Term and Credit Facility Debt
  $ 1,146.0     $ 1,146.0                  
 
                               
PUBLIC DEBT
                               
Medium Term Notes
  $ 147.3     $ 147.3       05/10       5.00  
Medium Term Notes
    151.6       151.6       08/10       4.63  
Medium Term Notes
    124.8       124.8       04/11       5.25  
Convertible Notes
    106.6 (3)     106.6       08/11       3.50  
Convertible Notes
    236.9 (4)     236.9       03/12       3.00  
Medium Term Notes
    223.1       223.1       10/12       5.38  
Medium Term Notes
    169.4       169.4       05/15       5.50  
Medium Term Notes
    298.4       298.4       03/16       9.63  
Medium Term Notes
    300.0       300.0       04/17       7.50  
Medium Term Notes
    82.2       82.2       07/18       7.50  
 
                           
Total Public Debt
  $ 1,840.3     $ 1,840.3                  
 
                               
MORTGAGE DEBT
                               
DDR MDT MV, LLC
  $ 15.6     $ 7.8       10/10     LIBOR + 72  
DDR MDT MV, LLC
    205.0       102.5       10/10       5.21  
Shops on the Circle, Dothan, AL
    11.2       11.2       11/10       7.92  
Terrell Plaza, Terrell, TX
    8.8 (5)     4.4       11/10     LIBOR + 400  
Lee Vista, Orlando, FL
    16.4       16.4       01/11       7.00  
Peach Street Square I, Erie, PA
    21.5       21.5       04/11       6.88  
Peach Street Square II, Erie, PA
    2.5       2.5       04/11       6.88  
Southland Crossings, Boardman, OH
    22.3       22.3       04/11       6.88  
The Promenade at Brentwood, St. Louis, MO
    21.5       21.5       04/11       6.88  
Centennial Promenade, Denver, CO
    32.3       32.3       04/11       6.88  
Merriam Village, Merriam, KS
    16.2 (5)     16.2       05/11     LIBOR + 400  
Cibolo Creek Center, Schertz, TX
    5.5       5.5       07/11     LIBOR + 350  
Union Town Center, Indian Train, NC
    6.5       6.5       10/11       7.00  
Westgate Plaza, Gates, NY
    23.3       23.3       10/11       7.24  
Ashtabula Commons, Ashtabula, OH
    6.4       6.4       12/11       7.00  
Kyle Crossing, Kyle, TX
    25.8 (5)     12.9       01/12     LIBOR + 350  
Paradise Village Gateway, Phoenix, AZ
    30.0       20.1       03/12       5.39  
University Hills, Denver, CO
    25.7       25.7       07/12       7.30  
N. Charleston Center, N. Charleston, SC
    9.7       9.7       07/12       7.37  
Cortez Plaza, Bradenton, FL
    11.6       11.6       07/12       7.15  
Duvall Village, Bowie, MD
    8.1       8.1       10/12       7.04  
Walgreen’s, Dearborn Hts, MI
    3.5       3.5       11/12       4.86  
Walgreen’s, Livonia, MI
    2.5       2.5       11/12       4.86  
Walgreen’s, Westland, MI
    2.6       2.6       03/13       4.86  
DDRC Headquarters, Beachwood, OH
    33.5       33.5       04/13     LIBOR + 110  
Perimeter Pointe, Atlanta, GA
    28.1 (5)     28.1       04/13     LIBOR + 350  
Town Center Prado, Marietta, GA
    19.7 (5)     19.7       04/13     LIBOR + 350  
Summary of Consolidated Debt 6.3

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2010
Summary of Consolidated Debt (con’t)
(In Millions)
                                 
    Loan     DDR     Final Maturity     Interest  
    Balance     Proportionate Share     Date (1)     Rate (2)  
Plaza Escorial, Carolina, PR
    57.5       57.5       04/13       5.00  
Plaza Rio Hondo, Bayamon, PR
    109.5       109.5       04/13       5.00  
Paseo Colorado, Pasadena, CA
    79.1       79.1       04/13       5.00  
Family Center at Meridian, Meridian, ID
    7.4       7.4       04/13       5.00  
Meridian Crossroads, Meridian, ID
    29.8       29.8       04/13       5.00  
University Center, Wilmington, NC
    24.5       24.5       04/13       5.00  
Aspen Grove, Littleton, CO
    42.2       42.2       04/13       5.00  
Victor Square, Victor, NY
    6.2       6.2       04/13       5.80  
Wrangleboro Consumer Sq. I & II, Mays Landing, NJ
    40.2       40.2       05/13       6.99  
Monmouth Consumer Sq., W. Long Branch, NJ
    7.3       7.3       07/13       8.57  
Rotonda Plaza, Englewood, FL
    1.0       1.0       07/13       5.80  
Nassau Park Pavilion, Princeton, NJ
    39.6       39.6       05/14       9.00  
Presidential Commons, Snellville GA
    20.4       20.4       05/14       9.00  
Crossroads Center, Gulfport, MS
    26.2       26.2       10/14       4.23  
The Commons, Salisbury, MD
    9.3       9.3       10/14       4.23  
Chillicothe Place, Chillicothe, OH
    4.6       4.6       10/14       4.23  
Deer Valley Towne Center, Phoenix, AZ
    18.8       18.8       10/14       4.23  
Plaza at Sunset Hills, Sunset Hills, MO
    29.8       29.8       10/14       4.23  
North Pointe Plaza, North Charleston, SC
    11.7       11.7       10/14       4.23  
Wando Crossing, Mount Pleasant, SC
    12.8       12.8       10/14       4.23  
Brook Highland Plaza, Birmingham, AL
    26.3       26.3       10/14       4.23  
Mooresville Consumer Sq., Mooresville, NC
    19.4       19.4       10/14       4.23  
Town Center Plaza, Leawood, KS
    54.0       54.0       10/14       4.23  
Warner Robins Place, Warner Robins, GA
    7.2       7.2       10/14       4.23  
Cross Pointe Center, Fayetteville, NC
    10.6       10.6       10/14       4.23  
Overlook at Hamilton Place, Chattanooga, TN
    10.6       10.6       10/14       4.23  
Bermuda Square, Chester, VA
    8.0       8.0       10/14       4.23  
Home Depot Center, Orlando Park, IL
    7.1       7.1       10/14       4.23  
Delaware Consumer Square, Buffalo, NY
    10.9       10.9       10/14       4.23  
Hamilton Marketplace, Hamilton, NJ
    44.2       44.2       10/14       4.23  
Marketplace at Delta Twp, Lansing, MI
    7.1       7.1       10/14       4.23  
Clearwater Collection, Clearwater, FL
    7.6       7.6       10/14       4.23  
Wendover Village, Greensboro, NC
    5.1       5.1       10/14       4.23  
Lexington Place, Lexington, SC
    4.6       4.6       10/14       4.23  
Downtown Short Pump, Richmond, VA
    13.4       13.4       10/14       4.23  
Loisdale Center, Springfield, VA
    11.8       11.8       10/14       4.23  
Windsor Court, Windsor, CT
    7.8       7.8       10/14       4.23  
Abernathy Square, Atlanta, GA
    12.9       12.9       10/14       4.23  
Sam’s Club, Worcester, MA
    5.8       5.8       10/14       4.23  
Wal-Mart Supercenter, Alliance, OH
    7.7       7.7       10/14       4.23  
Kroger, Allentown, PA
    2.8       2.8       10/14       4.23  
Reno Riverside, Reno, NV
    3.1 (5)     3.1       02/15     Prime + 170  
Hamilton Commons, Mays Landing, NJ
    9.5       9.5       09/15       4.70  
Consumer Square West, Columbus, OH
    11.8       11.8       11/15       10.19  
Tops Plaza, Lockport, NY
    8.7       8.7       01/16       8.00  
Merriam Town Center, Merriam, KS (TIF)
    3.6       3.6       02/16       6.90  
Freedom Plaza, Rome, NY
    3.1       3.1       09/16       7.85  
Wal-Mart, Winston-Salem, NC
    8.2       8.2       09/17       6.00  
Thruway Plaza (Wal-Mart), Cheektowaga, NY
    3.6       3.6       10/17       6.78  
Summary of Consolidated Debt 6.4

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2010
Summary of Consolidated Debt (con’t)
(In Millions)
                                 
    Loan     DDR     Final Maturity     Interest  
    Balance     Proportionate Share     Date (1)     Rate (2)  
Tops Plaza, Ithaca, NY
    14.3       14.3       01/18       7.05  
Wal-Mart, Greenville, SC
    7.8       7.8       02/18       6.00  
Mohawk Commons, Niskayuna, NY
    18.8       18.8       12/18       5.75  
Lowes, Hendersonville, TN
    7.1       7.1       01/19       7.66  
Plaza Isabela, Isabela, PR
    23.3       23.3       06/19       7.59  
Plaza Cayey, Cayey, PR
    22.1       22.1       06/19       7.59  
Plaza Wal-Mart, Guayama, PR
    12.4       12.4       06/19       7.59  
Plaza Fajardo, Fajardo, PR
    26.6       26.6       06/19       7.59  
Mariner Square, Spring Hill, FL
    4.2       4.2       09/19       9.75  
Northland Square, Cedar Rapids, IA
    8.0       8.0       01/20       9.38  
Connecticut Commons, Plainville, CT (TIF)
    6.5       6.5       04/21       7.13  
West Valley Marketplace, Allentown, PA
    14.9       14.9       07/21       6.95  
Liberty Fair Mall, Martinsville, VA
    18.6       9.3       12/29       10.46  
Gulfport Promenade, Gulfport, MS
    30.0       30.0       12/37     SIFMA + 5bp  
 
                           
Total Mortgage Debt
  $ 1,744.6     $ 1,597.8                  
 
                               
Total Consolidated Debt
  $ 4,730.9     $ 4,584.1                  
 
                           
                                 
                    Wtd. Avg.     Wtd. Avg.  
                    Maturity     Interest Rate  
Fixed Rate
  $ 3,798.6     $ 3,676.9     3.6 years     5.90 %
Variable Rate
    932.3       907.2     2.6 years     1.71 %
 
                       
 
  $ 4,730.9     $ 4,584.1     3.4 years     5.08 %
 
                       
         
CUMULATIVE REDEEMABLE PREFERRED SHARES   Outstanding Amount
Class G - 8.0%
  $ 180.0  
Class H - 7.375%
  $ 205.0  
Class I - 7.5%
  $ 170.0  
DERIVATIVE INSTRUMENTS
                     
    Notional Amount   Underlying Debt Hedged   Rate Hedged   Fixed Rate   Termination Date
Interest Rate Swap
  $200.0   Secured Credit Facility   3 mo. LIBOR   5.149%   June 28, 2010
Interest Rate Swap
  $100.0   $1.25 Billion Revolving Credit Facility   1 mo. LIBOR   4.942%   September 29, 2010
Interest Rate Swap
  $100.0   Secured Credit Facility   1 mo. LIBOR   4.815%   February 21, 2012
Summary of Consolidated Debt 6.5

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2010
Summary of Consolidated Debt (con’t)
(In Millions)
Notes:
(1)   Assumes borrower extension options are exercised.
 
(2)   Interest rate figures reflect coupon rates of interest and do not include discounts or premiums. Deferred finance cost amortization of approximately $13.4 million net is offset by approximately $3.2 million of fair market value adjustments.
 
(3)   The convertible notes may be net settled with DDR’s common stock once the stock price rises above $64.23 per share. The principal balance on these notes is to be settled in cash. Included in this amount is $3.1 million recorded at March 31, 2010 for the accretion of the convertible debt to comply with accounting standards.
 
(4)   The convertible notes may be net settled with DDR’s common stock once the stock price rises above $74.56 per share. The principal balance on these notes is to be settled in cash. Included in this amount is $9.8 million recorded at March 31, 2010 for the accretion of the convertible debt to comply with accounting standards.
 
(5)   The following loans have floor interest rates:
     
Loan   Floor
Kyle Crossing, Kyle, TX
  1 month LIBOR of 2.00%
Terrell Plaza, Terrell, TX
  1 month LIBOR of 1.00%
Merriam Village, Merriam, KS
  1 month LIBOR of 1.00%
Perimeter Pointe, Atlanta, GA
  1 month LIBOR of 2.00%
Town Center Prado, Marietta, GA
  1 month LIBOR of 2.00%
Reno Riverside, Reno, NV
  5.95%
Summary of Consolidated Debt 6.6

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2010
Summary of Joint Venture Debt
(In Millions)
                                 
    Loan     DDR     Final Maturity     Interest  
    Balance     Proportionate Share     Date (1)     Rate  
DDRTC Core Retail Fund, LLC
                               
DDRTC Holdings Pool 5, LLC (12 assets)
  $ 168.3     $ 25.2       02/12     LIBOR + 65  
DDRTC Holdings Pool 3, LLC (17 assets)
    555.0       83.3       03/12       5.48  
DDRTC Holdings Pool 1, LLC (9 assets)
    350.2       52.5       03/17       5.45  
DDRTC Holdings Pool 6, LLC
                               
Aiken Exchange, Aiken, SC
    7.4       1.1       05/10       4.37  
Walks at Highwood Preserve I & II, Tampa, FL
    3.7       0.6       05/10       4.37  
Oak Summit, Winston Salem, NC
    8.2       1.2       06/10       4.27  
Warwick Center, Warwick, RI
    16.9       2.5       06/10       4.13  
Wytheville Commons, Wytheville, VA
    5.6       0.8       06/10       4.30  
Columbiana Station, Columbia, SC
    25.9       3.9       06/10       4.04  
Fayette Pavilion I & II, Fayetteville, GA
    53.3       8.0       07/10       5.62  
North Hill Commons, Anderson, SC
    2.5       0.4       11/10       5.24  
Cox Creek Shopping Center, Florence, AL
    13.9       2.1       03/12       7.09  
Cypress Trace, Fort Myers, FL
    16.0       2.4       04/12       5.00  
Waterfront Marketplace, Homestead, PA
    28.4       4.3       08/12       6.35  
Waterfront Town Center, Homestead, PA
    37.4       5.6       08/12       6.35  
Creeks at Virginia Center, Glen Allen, VA
    25.2       3.8       08/12       6.37  
Willoughby Hills Shop Ctr, Willoughby Hills, OH
    12.7       1.9       07/18       6.98  
 
                           
Total DDRTC Core Retail Fund LLC
  $ 1,330.5     $ 199.6                  
 
                               
DDR Domestic Retail Fund I
                               
Village Ctr, Racine, WI
  $ 13.2     $ 2.6       04/10       4.44  
Paradise Promenade, Davie, FL
    6.0       1.2       06/10       4.32  
West Falls Plaza, West Patterson, NJ
    11.1       2.2       06/10       4.69  
Southampton Village, Tyrone, GA
    6.7       1.3       05/11       4.66  
Village Center Outlot, Racine, WI
    2.1       0.4       07/11       5.17  
Center Pointe Plaza, Easley, SC
    4.3       0.9       08/11       5.32  
Shoppes on the Ridge, Lake Wales, FL
    9.6       1.9       12/11       4.74  
Publix Brooker Creek, Palm Harbor, FL
    5.0       1.0       12/11       4.61  
Watercolor Crossing, Santa Rosa, FL
    4.4       0.9       01/12       4.76  
Heather Island Plaza, Ocala, FL
    6.2       1.2       12/12       5.00  
Hilliard Rome, Columbus, OH
    10.8       2.2       01/13       5.87  
Meadows Square, Boynton Beach, FL
    2.2       0.4       07/13       6.72  
DDR Domestic Retail Fund I (25 assets)
    885.0       177.0       07/17       5.60  
 
                           
Total DDR Domestic Retail Fund I
  $ 966.4     $ 193.3                  
 
                               
Coventry II
                               
Bloomfield Park, Bloomfield Hills, MI
  $ 39.3     $       12/08     LIBOR + 250  
Fairplain Plaza, Benton Harbor, MI
    16.0       3.2       09/09     LIBOR + 275  
Totem Lake Mall, Kirkland, WA
    29.5       5.9       09/09     LIBOR + 275  
Coventry II DDR SM (51 assets)
    70.2       14.0       03/10     LIBOR + 80  
Coventry II DDR SM
    32.7       6.5       03/10     LIBOR + 223.65  
Buena Park, Buena Park, CA
    61.0       12.2       05/10       6.00  
Christown Spectrum Mall, Phoenix, AZ
    46.0       9.2       01/11     LIBOR + 70  
Westover Marketplace, San Antonio, TX
    20.8 (2)     4.2       11/11     LIBOR + 350  
Watters Creek, Allen, TX
    115.9 (2)     11.6       07/12     LIBOR + 300  
Watters Creek, Allen, TX
    20.5 (2)     2.0       07/12     LIBOR + 600  
Marley Creek Square, Orland Park, IL
    10.8       1.1       07/12     LIBOR + 125  
Summary of Joint Venture Debt 6.7

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2010
Summary of Joint Venture Debt (con’t)
(In Millions)
                                 
    Loan     DDR     Final Maturity     Interest  
    Balance     Proportionate Share     Date (1)     Rate  
Tri County Mall, Cincinnati, OH
    11.7       2.3       02/15       10.30  
Tri County Mall, Cincinnati, OH
    152.7       30.5       02/15       5.66  
 
                           
Total Coventry II
  $ 627.0     $ 102.8                  
 
                               
DDR SAU Retail Fund, LLC
                               
Blockbuster, Marietta, GA
  $ 1.0     $ 0.2       10/10       4.89  
Cascade Crossing, Atlanta, GA
    5.0       1.0       10/10       4.89  
Hickory Flat Village, Canton, GA
    8.7       1.7       10/10       4.89  
Flat Shoals Crossing, Decatur, GA
    6.1       1.2       10/10       4.76  
Deshon Plaza, Stone Mountain, GA
    6.0       1.2       10/10       4.76  
Shops at John’s Creek, Suwanee, GA
    2.8       0.6       10/10       4.89  
Waynesboro Commons, Waynesboro, VA
    3.2       0.6       10/10       4.89  
Brookhaven, Atlanta, GA
    10.4       2.1       12/10       4.89  
Lewandowski Commons, Lyndhurst, NJ
    12.5       2.5       03/11       5.77  
South Square, Durham, NC
    12.6       2.5       10/12       5.06  
Shoppes at Wendover II, Greensboro, NC
    14.4       2.9       10/12       5.06  
North Hampton Market (Phase I & II), Taylors, SC
    10.5       2.1       10/12       5.08  
Oakland Market Place, Oakland, TN
    3.6       0.7       10/12       5.04  
Crossroads Square, Morristown, TN
    4.9       1.0       12/12       5.31  
Cascade Corners, Atlanta, GA
    4.0       0.8       12/12       5.42  
Hilander Village, Roscoe, IL
    9.4       1.9       12/12       5.41  
Glenlake Plaza, Indianapolis, IN
    8.2       1.6       12/12       5.44  
Broadmoor Plaza, South Bend, IN
    11.0       2.2       12/12       5.44  
Milan Plaza, Milan, MI
    2.2       0.4       12/12       5.49  
West Towne Commons, Jackson, TN
    4.8       1.0       12/12       5.44  
American Way, Memphis, TN
    6.7       1.3       12/12       5.44  
Kroger Junction, Pasadena, TX
    3.8       0.8       12/12       5.44  
Kroger Plaza, Virginia Beach, VA
    1.8       0.4       12/12       5.44  
Willowbrook Commons, Nashville, TN
    7.0       1.4       03/13       5.41  
Harper Hill Commons, Winston Salem, NC
    10.4       2.1       04/13       5.79  
The Point, Greenville, SC
    15.8       3.2       04/13       5.64  
Plaza at Carolina Forest, Myrtle Beach, SC
    14.2       2.8       05/13       5.97  
Alexander Pointe, Salisbury, NC
    5.1       1.0       08/13       5.92  
Patterson Place, Durham, NC
    20.3       4.1       12/13       5.67  
 
                           
Total DDR SAU Retail Fund LLC
  $ 226.2     $ 45.2                  
 
                               
Sonae Sierra Brazil Limitadas
    2.2       1.1       06/10     CDI + 366  
Sonae Sierra Brazil Limitadas
    27.8       13.9       08/10     CDI + 500  
DDRA Community Centers Five (5 assets)
    280.0       140.0       08/10       5.30  
RVIP VIII, Austin, TX
    23.4       6.0       01/11     LIBOR + 100  
RVIP VII (2 assets)
    68.5       14.4       04/11     LIBOR + 400  
Sun Center Limited, Columbus, OH
    12.1       9.6       04/11       8.48  
Sun Center Limited, Columbus, OH
    5.8       4.6       05/11       5.42  
RO & SW Realty LLC
    23.2       5.8       06/11       5.96  
DOTRS LLC, Macedonia, OH
    21.0       10.5       08/11       6.05  
RVIP IIIB, Deer Park, IL
    60.0       15.5       10/11       5.59  
Jefferson County Plaza LLC, Arnold, MO
    3.6       1.8       08/12     LIBOR + 200  
DDR MDT PS, LLC (7 assets)
    86.0             07/13       6.00  
DDR Markaz II (13 assets)
    150.5       30.1       11/14       5.15  
Summary of Joint Venture Debt 6.8

 


 

Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the three months ended March 31, 2010
Summary of Joint Venture Debt (con’t)
(In Millions)
                                 
    Loan     DDR     Final Maturity     Interest  
    Balance     Proportionate Share     Date (1)     Rate  
DPG Realty Holdings LLC, Tonawanda, NY
    4.4       0.4       05/17       7.63  
TRT DDR Holdings I LLC (3 assets)
    110.0       11.0       05/17       5.51  
Lennox Town Center Limited, Columbus, OH
    1.0       0.5       06/17       6.44  
Lennox Town Center Limited, Columbus, OH
    26.0       13.0       06/17       5.64  
Cole DDR MT Independence, Independence, MO
    34.1       5.0       01/19       5.95  
Sonae Sierra Brazil Limitadas
    62.4       31.2       12/20       8.50  
 
                           
Total
  $ 4,151.9     $ 855.3                  
 
                           
                                 
                    Wtd. Avg.     Wtd. Avg.  
                    Maturity     Interest Rate  
Total Joint Venture Debt:
                               
Fixed Rate
  $ 3,456.6     $ 735.1     4.6 years       6.01 %
Variable Rate
    695.3       120.2     1.4 years       3.00 %
 
                       
 
  $ 4,151.9     $ 855.3     4.0 years       5.51 %
 
                       
 
Notes:
 
(1)   Assumes borrower extension options are exercised.
 
(2)   The following loans have floor interest rates:
     
Loan   Floor
Westover Marketplace, San Antonio, TX
  1 month LIBOR of 1.50%
Watters Creek, Allen, TX
  1 month LIBOR of 1.50%
Summary of Joint Venture Debt 6.9

 


 

Developers Diversified Realty
Quarterly Financial Supplement
For the year ended December 31, 2009
         
Corporate Headquarters
  Investor Relations    
 
       
3300 Enterprise Parkway
  Kate Deck    
Beachwood, Ohio 44122
  Toll Free: (877) 225-5337    
Main: (216) 755-5500
  Direct: (216) 755-6408    
Website: www.ddr.com
  Email: kdeck@ddr.com    
 
       
Equity Research Coverage
       
 
       
Cowen & Company
       
Jim Sullivan
  james.sullivan@cowen.com   (646) 562-1380
 
       
Citigroup
       
Michael Bilerman
  michael.bilerman@citi.com   (212) 816-1383
Quentin Velleley
  quentin.velleley@citi.com   (212) 816-6981
 
       
Deutsche Bank
       
John Perry
  john.perry@db.com   (212) 250-4912
Vincent Chao
  vincent.chao@db.com   (212) 250-6799
 
       
Goldman Sachs
       
Jay Habermann
  jonathan.habermann@gs.com   (917) 343-4260
Jehan Mahmood
  jehan.mahmood@gs.com   (212) 902-2646
 
       
Green Street Advisors
       
Jim Sullivan
  jsullivan@greenstreetadvisors.com   (949) 640-8780
Nick Vedder
  nvedder@greenstreetadvisors.com   (949) 640-8780
 
       
Hilliard Lyons
       
Carol Kemple
  ckemple@hilliard.com   (502) 588-1142
 
       
Macquarie
       
David Wigginton
  dave.wigginton@macquarie.com   (212) 231-6380
 
       
Banc of America / Merrill Lynch
       
Craig Schmidt
  craig_schmidt@ml.com   (212) 449-1944
Lindsay Schroll
  lindsay_schroll@ml.com   (212) 449-6246
 
       
J.P. Morgan
       
Michael Mueller
  michael.w.mueller@jpmorgan.com   (212) 622-6689
Joe Dazio
  joseph.c.dazio@jpmorgan.com   (212) 622-6416
 
       
RBC Capital Markets
       
Rich Moore
  rich.moore@rbccm.com   (440) 715-2646
Wes Golladay
  wes.golladay@rbccm.com   (440) 715-2650
 
       
Sandler O’Neill
       
Alex Goldfarb
  agoldfarb@sandleroneill.com   (212) 466-7937
James Milam
  jmilam@sandleroneill.com   (212) 466-8066
 
       
UBS
       
Ross Nussbaum
  ross.nussbaum@ubs.com   (212) 713-2484
Christy McElroy
  christy.mcelroy@ubs.com   (203) 719-7831
 
       
Wells Fargo
       
Jeff Donnelly
  jeff.donnelly@wachovia.com   (617) 603-4262
Robert Laquaglia
  robert.laquaglia@wachovia.com   (617) 603-4280
 
       
Fixed Income Research Coverage
       
 
       
Citigroup
       
Tom Cook
  thomas.n.cook@citigroup.com   (212) 723-1112
 
       
J.P. Morgan
       
Mark Streeter
  mark.streeter@jpmorgan.com   (212) 834-5086
 
       
Wells Fargo
       
Thierry Perrein
  thierry.perrein@wachovia.com   (704) 715-8455
Investor Contact Information 7.0

 

EX-99.3 4 l39435exv99w3.htm EX-99.3 exv99w3
Exhibit 99.3
()

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
Alabama
                                                           
 
                                                           
1 BIRMINGHAM, AL (BROOK)
  BROOK HIGHLAND PLAZA
5291 HWY 280 SOUTH
  BIRMINGHAM     1994/2003       1994       100.00 %     424,711       551,628       4,074,185     DICK’S SPORTING GOODS, LOWE’S, STEIN MART, OFFICE MAX, MICHAEL’S, HOMEGOODS, BOOKS-A-MILLION, ROSS DRESS FOR LESS, BIG LOTS
2 BIRMINGHAM, AL (EASTWOOD)
  EASTWOOD FESTIVAL CENTRE
7001 CRESTWOOD BLVD
  BIRMINGHAM     1989/1999       1995       100.00 %     300,280       463,560       995,765     DOLLAR TREE, BURLINGTON COAT FACTORY, NAOS THEATERS, FOOD SMART(NOT OWNED), HOME DEPOT(NOT OWNED)
3 BIRMINGHAM, AL (RIVER RIDGE)
  RIVER RIDGE
US HIGHWAY 280
  BIRMINGHAM     2001       2007       15.00 %     172,304       349,804       2,171,385     STAPLES, BEST BUY, SUPER TARGET(NOT OWNED)
4 DOTHAN, AL
  DOTHAN
2821 MONTGOMERY HWY
  DOTHAN     2004       2007       100.00 %     33,906       33,906       0      
5 DOTHAN, AL(SHOPS)
  SHOPS ON THE CIRCLE
3500 ROSS CLARK CIRCLE
  DOTHAN     2000       2007       100.00 %     149,085       149,085       1,607,329     OLD NAVY, T.J. MAXX, OFFICE MAX
6 FLORENCE, AL
  COX CREEK SHOPPING CENTER
374-398 COX CREEK PARKWAY
  FLORENCE     2001       2007       15.00 %     173,989       304,870       1,529,933     BEST BUY, MICHAEL’S, DICK’S SPORTING GOODS, TARGET(NOT OWNED)
7 HUNTSVILLE, AL (WEST)
  WESTSIDE CENTRE
6275 UNIVERSITY DR
  HUNTSVILLE     2002       2007       15.00 %     476,146       665,377       4,431,773     BABIES R US, MARSHALLS, BED BATH & BEYOND, MICHAEL’S, DICK’S SPORTING GOODS, STEIN MART, ROSS DRESS FOR LESS, TARGET(NOT OWNED)
8 OPELIKA, AL
  PEPPERELL CORNERS (I)
2300-2600 PEPPERELL PARKWAY OP
  OPELIKA     1995       2003       100.00 %     306,224       306,224       470,802      
9 SCOTTSBORO, AL
  SCOTTSBORO MARKETPLACE
24833 JOHN P REID PARKWAY
  SCOTTSBORO     1999       2003       100.00 %     40,560       223,750       354,000     BURKE’S OUTLET, WALMART SUPERCENTER(NOT OWNED)
10 TUSCALOOSA, AL
  MCFARLAND PLAZA
2600 MCFARLAND BLD E
  TUSCALOOSA     1999       2007       15.00 %     229,296       229,296       1,039,655     STEIN MART, OFFICE MAX, TOYS R US
 
                                                           
Arizona
                                                           
 
                                                           
11 AHWATUKEE, AZ
  AHWATUKEE FOOTHILLS TC (II)
4711 EAST RAY ROAD
  PHOENIX     1996/1997/1999       1997       50.00 %     647,883       686,414       9,791,988     JO-ANN STORES, BEST BUY, AMC THEATRE, BASSETT FURNITURE, ASHLEY FURNITURE HOMESTORE, BARNES & NOBLE, BABIES R US, STEIN MART, ROSS DRESS FOR LESS, OFFICE MAX
12 CHANDLER, AZ
  CHANDLER
2992 NORTH ALMA SCHOOL ROAD
  PHOENIX     1985       2005       50.00 %     74,862       74,862       0      
13 MESA, AZ (SUPERS)
  SUPERSTITION SPRINGS
6505 E SOUTHERN AVENUE
  PHOENIX     1990       2005       50.00 %     86,858       86,858       0      
14 PHOENIX, AZ (DV)
  DEER VALLEY
4255 W. THUNDERBIRD ROAD
  PHOENIX     1979       2005       50.00 %     81,009       81,009       0      
15 PHOENIX, AZ (PEORIA)
  ARROWHEAD CROSSING
7553 WEST BELL ROAD
  PHOENIX     1995       1996       50.00 %     346,428       416,606       3,643,674     STAPLES, HOMEGOODS, MAC FRUGAL’S, BARNES & NOBLE, T.J. MAXX, HOBBY LOBBY, DSW SHOE WAREHOUSE, BASSETT FURNITURE, FRY’S(NOT OWNED)
16 PHOENIX, AZ (SILVER)
  SILVER CREEK PLAZA
4710 E. RAY ROAD
  PHOENIX     1994       2005       50.00 %     76,006       76,006       589,047     HOBBY LOBBY
17 PHOENIX, AZ (SPE)
  CHRISTOWN SPECTRUM MALL
1703 W BETHANY HOME RD
  PHOENIX     1961       2004       20.00 %     452,865       1,035,337       7,170,100     WALMART SUPERCENTER, COSTCO WHOLESALE, ROSS DRESS FOR LESS, PETSMART, J.C. PENNEY, HARKINS THEATRE, TARGET(NOT OWNED)
18 PHOENIX, AZ(DEER VALLEY)
  DEER VALLEY TOWNE CENTER
2805 WEST AQUA FRIA FREEWAY
  PHOENIX     1996       1999       100.00 %     194,009       459,939       3,405,271     ROSS DRESS FOR LESS, OFFICE MAX, PETSMART, MICHAEL’S, TARGET(NOT OWNED), AMC THEATRES(NOT OWNED)
19 PHOENIX, AZ(PARADISE)
  PARADISE VILLAGE GATEWAY
TATUM & SHEA BLVDS
  PHOENIX     1997/2004       2003       67.00 %     223,658       295,317       4,533,649     BED BATH & BEYOND, ROSS DRESS FOR LESS, PETSMART, STAPLES, ALBERTSON’S
20 TUCSON, AZ
  SANTA CRUZ PLAZA
3660 SOUTH 16TH AVENUE
  TUCSON     1982       2005       50.00 %     76,126       76,126       0      

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
Arkansas
                                                           
 
                                                           
21 NORTH LITTLE ROCK, AR
  MCCAIN PLAZA
4124 EAST MCCAIN BOULEVARD
  LITTLE ROCK     1991/2004       1994       100.00 %     295,013       295,013       1,602,988     BED BATH & BEYOND, T.J. MAXX, CINEMARK, BURLINGTON COAT FACTORY, MICHAEL’S
22 RUSSELLVILLE, AR
  VALLEY PARK CENTRE
3093 EAST MAIN STREET
  RUSSELLVILLE     1992       1994       100.00 %     266,539       266,539       1,400,148     HOBBY LOBBY, J.C. PENNEY, BELK, T.J. MAXX
 
                                                           
Brazil
                                                           
 
                                                           
23 BRASILIA (FEDERAL DISTRICT)
  PATIO BRASIL SHOPPING
SCS QUADRA 07 BL A
  BRASILIA     1997/2001       2006       5.00 %     332,249       364,434       14,010,574     LOJAS AMERICANAS, OTOCH, RIACHUELO, RENNER, CENTAURO
24 CAMPINAS (SAO PAULO)
  PARQUE DOM PEDRO
AV. GUILHERME CAMPOS, 500
  CAMPINAS     2001       2006       37.30 %     1,246,853       1,276,376       28,911,081     LOJAS AMERICANAS, CASAS BAHIA, CENTAURO, PET CENTER MARGINAL, MARISA, STAR BOWLING, WAL-MART SUPERCENTER, ETNA, ALPINI VEICULOS, PERNAMBUCANAS, FORMULA ACADEMIA, RIACHUELO, ZARA, RENNER, FNAC, MULTIPLEX P.D.PEDRO
25 FRANCA (SAO PAULO)
  FRANCA SHOPPING
AV. RIO NEGRO, 1100
  FRANCA     1993       2006       32.25 %     176,890       176,890       2,299,345     C&C CASA E CONSTRUCAO, C&A, CASAS BAHIA, MAGAZINE LUIZA, LOJAS AMERICANAS
26 MANAURA
  MANAUARA SHOPPING
AV.MARIO YPIRANGA, 1300
  MANAUS     2007       2007       47.80 %     503,890       503,890       12,465,387     MARISA, CENTAURO, SARAIVA MEGA STORE, HITECH IMPORTS, C&A, RENNER, RIACHUELO, BEMOL, LOJAS RENNER
27 SAO BERNARDO DO CAMPO (SAO PAULO)
  SHOPPING METROPOLE
PRACA SAMUEL SABATINE, 200
  SAO PAULO     1980/95/97       2006       47.80 %     212,985       212,985       8,710,556     RENNER, LOJAS AMERICANAS, MARISA
28 SAO PAULO BOAVISTA (SAO PAULO)
  BOAVISTA SHOPPING
RUA BORBA GATO, 59
  SAO PAULO     2004       2006       47.80 %     279,956       279,956       3,140,043     C&A, MARISA & FAMILIA, AMERICANAS EXPRESS, SONDA
29 SAO PAULO CAMPO LIMPO (SAO PAULO)
  CAMPO LIMPO SHOPPING
ESTRADA DO CAMPO LIMPO 459
  SAO PAULO     2005       2006       9.60 %     214,745       214,745       4,387,379     C&A, MARISA, COMPRE BEM, CASAS BAHIA
30 SAO PAULO PENHA (SAO PAULO)
  SHOPPING PENHA
RUA DR JOAO RIBEIRO, 304
  SAO PAULO     1992/2004       2006       35.00 %     325,902       325,902       7,426,734     MARISA, MAGAZINE LUIZA, SONDA, LOJAS AMERICANAS, KALUNGA, C&A
31 SAO PAULO PLAZA (SAO PAULO)
  PLAZA SUL
PRACA LEONOR KAUPA
  SAO PAULO     1994       2006       14.35 %     248,267       290,705       10,703,251     LOJAS AMERICANAS, LUIGI BERTOLLI, CAMICADO, MONDAY ACADEMIA, RENNER
32 SAO PAULO TIVOLI (SAO PAULO)
  TIVOLI SHOPPING
AV. SANTA BARBARA, 777
  SAO PAULO     1993/2006       2006       14.35 %     238,448       238,448       4,074,797     LOJAS AMERICANAS, UNIMED, MAGAZINE LUIZA, C&A, C&C, PAULISTAO
 
                                                           
California
                                                           
 
                                                           
33 ANAHEIM, CA
  ANAHEIM HILLS FESTIVAL
8100 E SANTA CANYON ROAD
  LOS ANGELES     1992       2005       50.00 %     77,883       77,883       0      
34 ANTIOCH, CA
  SOMERSVILLE TOWNE CENTER
2602 SOMERSVILLE ROAD
  SACREMENTO     1970       2005       50.00 %     75,339       75,339       0      
35 BUENA PARK, CA (MALL & ENT)
  BUENA PARK DOWNTOWN (ENTRTNMT)
100 BUENA PARK
  LOS ANGELES     1965       2004       20.00 %     734,757       1,142,420       8,839,820     DSW SHOE WAREHOUSE, ROSS DRESS FOR LESS, BED BATH & BEYOND, 24 HOUR FITNESS, KOHL’S, KRIKORIAN THEATRES, JOHN’S INCREDIBLE PIZZA COMPANY, MICHAEL’S, SEARS(NOT OWNED), WALMART(NOT OWNED)
36 BURBANK, CA
  BURBANK TOWN CENTER
245 E MAGNOLIA BLVD
  LOS ANGELES     1991       2005       50.00 %     89,182       89,182       638,000     BURLINGTON COAT FACTORY
37 CHINO, CA
  CHINO TOWN SQUARE SC
5517 PHILADELPHIA
  LOS ANGELES     1986       2005       50.00 %     81,282       81,282       0      
38 CLOVIS, CA
  SIERRA VISTA MALL
1000 SHAW AVENUE
  FRESMP     1988       2005       50.00 %     75,088       75,088       525,000     KOHL’S
39 CULVER CITY, CA
  CULVER CITY
5660 SEPULVEDA BLVD
  LOS ANGELES     1998       2007       100.00 %     32,873       32,873       756,080     SPROUTS
40 EL CAJON, CA
  WESTFIELD PARKWAY
565 FLETCHER PARKWAY
  SAN DIEGO     1989       2005       50.00 %     85,744       85,744       0      
41 FAIRFIELD, CA
  WESTFIELD SOLANO
1451 GATEWAY BLVD.
  SAN FRANCISCO     1981       2005       50.00 %     89,223       89,223       584,400     FOREVER 21

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
42 FOLSOM, CA
  FOLSOM SQUARE
1010 E. BIDWELL STREET
  SACREMENTO     2003       2005       50.00 %     79,080       79,080       0      
43 FOOTHILL RANCH, CA
  FOOTHILL RANCH TC
26732 PORTOLA PARKWAY
  LOS ANGELES     1993       2005       50.00 %     77,934       77,934       0      
44 GARDEN GROVE, CA
  GARDEN GROVE CENTER
13092 HARBOR BLVD.
  LOS ANGELES     1982       2005       50.00 %     83,746       83,746       0      
45 LANCASTER, CA (DISCOUNT)
  VALLEY CENTRAL (DISCOUNT)
44707-44765 VALLEY CENTRAL WAY
  LOS ANGELES     1990       2001       21.00 %     351,022       483,816       2,884,868     MARSHALL’S, STAPLES, CINEMARK, 99 CENTS ONLY, MICHAEL’S, WALMART SUPERCENTER(NOT OWNED)
46 LOMPAC, CA
  MISSION PLAZA
1600 N H STREET
  LOS ANGELES     1992       2005       50.00 %     62,523       62,523       0      
47 LONG BEACH, CA (PIKE)
  THE PIKE AT RAINBOW HARBOR
95 SOUTH PINE AVE
  LOS ANGELES     2005       1 *     100.00 %     288,283       321,822       6,083,371     CINEMARK, BORDERS
48 MADERA, CA
  MADERA
1467 COUNTRY CLUB DRIVE
  FRESNO     1990       2005       50.00 %     59,720       59,720       0      
49 NORTH FULLERTON, CA
  CROSSROADS SC
200 IMPERIAL HIGHWAY
  LOS ANGELES     1991       2005       50.00 %     76,360       76,360       0      
50 OCEANSIDE, CA.
  OCEAN PLACE CINEMAS
401-409 MISSION AVENUE
  SAN DIEGO     2000       2000       100.00 %     79,884       79,884       1,409,036     REGAL CINEMAS
51 PALMDALE, CA
  ANTELOPE VALLEY MALL 1305 W RANCHO VISTA BLVD.   LOS ANGELES     1992       2005       50.00 %     76,550       76,550       688,500     FOREVER 21
52 PASADENA, CA
  PASEO COLORADO
280 E COLORADO BLVD
  LOS ANGELES     2001       2003       100.00 %     556,271       556,271       11,131,361     GELSON’S MARKET, LOEHMANN’S, EQUINOX, MACY’S, PACIFIC THEATRES EXHIB. CORP, DSW SHOE WAREHOUSE
53 PLEASANT HILL, CA.
  DOWNTOWN PLEASANT HILL
55 CRESCENT DRIVE
  SAN FRANCISCO     1999/2000       2001       21.00 %     345,761       345,761       6,488,624     LUCKY SUPERMARKET, MICHAEL’S, BORDERS, ROSS DRESS FOR LESS, BED BATH & BEYOND, CENTURY THEATRE
54 REDDING, CA
  SHASTA CENTER
1755 HILLTOP DRIVE
  SAN FRANCISCO     1984       2005       50.00 %     61,363       61,363       0      
55 RICHMOND, CA(HILLTOP)
  HILLTOP PLAZA
3401 BLUME DRIVE
  SAN FRANCISCO     1996/2000       2002       20.00 %     245,774       245,774       2,619,159     99 CENTS ONLY STORES, PETSMART, ROSS DRESS FOR LESS, CENTURY THEATRE
56 SAN DIEGO, CA
  SOUTHLAND PLAZA SC 575 SATURN BLVD.   SAN DIEGO     1982       2005       50.00 %     75,207       75,207       0      
57 SAN FRANCISCO, CA (RETAILS)
  VAN NESS PLAZA
1000 VAN NESS AVENUE
  SAN FRANCISCO     1998               100.00 %     123,755       123,755       3,371,412     AMC THEATRE
58 SANTA MARIA, CA
  TOWN CENTER WEST SC
201 TOWN CENTER WEST
  LOS ANGELES     1988       2005       50.00 %     84,886       84,886       568,500     FOREVER 21
59 SANTA ROSA, CA
  SANTA ROSA PLAZA
600 SANTA ROSA PLAZA
  SAN FRANCISCO     1981       2005       50.00 %     90,348       90,348       0      
60 SLATTEN RANCH, CA
  SLATTEN RANCH SC
5849 LONE TREE WAY
  SAN FRANCISCO     2002       2005       50.00 %     78,819       78,819       0      
61 SONORA, CA
  SONORA CROSSROADS
1151 SANGUINETTI ROAD
  SAN FRANCISCO     1993       2005       50.00 %     62,214       62,214       0      
62 TULARE, CA
  TULARE PAVILION SC
1675 HILLMAN STREET
  FRESNO     1991       2005       50.00 %     62,947       62,947       0      
63 VALENCIA, CA
  RIVER OAKS SC
24235 MAGIC MOUNTAIN PKWY
  LOS ANGELES     1986       2006       100.00 %     75,590       75,590       0      
64 WEST COVINA, CA
  WESTFIELD EASTLAND SC 2753 E. EASTLAND CTR DR   LOS ANGELES     1979       2005       50.00 %     79,800       79,800       0      

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
Colorado
                                                           
 
                                                           
65 BROOMFIELD, CO (FLATIRON GARD)
  FLATIRON MARKETPLACE (GARDEN)
1 WEST FLATIRON CIRCLE
  DENVER     2001       2003       100.00 %     252,035       421,447       3,553,692     NORDSTROM RACK, BEST BUY, OFFICE DEPOT, GREAT INDOORS(NOT OWNED)
66 DENVER, CO (CENTENNIAL)
  CENTENNIAL PROMENADE
9555 E COUNTY LINE ROAD
  DENVER     1997/2002       1997       100.00 %     408,337       529,488       6,256,906     GOLFSMITH GOLF CENTER, SOUNDTRACK, ROSS DRESS FOR LESS, OFFICE MAX, MICHAEL’S, TOYS R US, LOEHMANN’S, RECREATIONAL EQUIPMENT(NOT OWNED), HOME DEPOT(NOT OWNED)
67 DENVER, CO (TAMARAC)
  TAMARAC SQUARE 7777 E. HAMPDEN   DENVER     1976       2001       100.00 %     188,411       196,411       1,385,637     REGENCY THEATRES TAMARAC SQ.
68 DENVER, CO (UNIVERSITY)
  UNIVERSITY HILLS
2730 SOUTH COLORADO BOULEVARD
  DENVER     1997       2003       100.00 %     244,383       244,383       4,159,965     PIER 1 IMPORTS, OFFICE MAX, 24 HOUR FITNESS, KING SOOPERS, MICHAEL’S
69 FORT COLLINS, CO
  MULBERRY AND LEMAY CROSSING MULBERRY ST. & S. LEMAY AVE.   FORT COLLINS     2004       2003       100.00 %     18,988       316,420       408,258     HOME DEPOT(NOT OWNED), WALMART SUPERCENTER(NOT OWNED)
70 HIGHLAND RANCH, CO
  HIGHLAND RANCH
8575 SOUTH QUEBEC ST
  DENVER     1998       2007       100.00 %     43,480       43,480       0      
71 LITTLETON, CO
  ASPEN GROVE
7301 SOUTH SANTA FE
  DENVER     2002       1 *       100.00 %     232,488       256,222       5,914,871      
72 PARKER, CO (FLATACRES)
  FLATACRES MARKETCENTER (I)
SOUTH PARKER ROAD
  DENVER     2003       2003       0.01 %     116,644       221,520       1,996,339     BED BATH & BEYOND, GART SPORTS, MICHAEL’S, KOHL’S(NOT OWNED), HOME DEPOT(NOT OWNED), WALMART SUPERCENTER(NOT OWNED)
 
                                                           
Connecticut
                                                           
 
                                                           
73 WATERBURY, CT
  NAUGATUCK VALLEY SC
950 WOLCOTT STREET
  HARTFORD     2003       2007       15.00 %     231,584       382,831       3,774,985     WALMART, BOB’S STORES, STOP & SHOP, STAPLES
74 WINDSOR, CT
  WINDSOR COURT SHOPPING CENTER
1095 KENNEDY ROAD
  HARTFORD     1993       2007       100.00 %     78,480       78,480       1,397,409     STOP & SHOP
 
                                                           
Delaware
                                                           
 
                                                           
75 DOVER, DE
  KMART SHOPPING CENTER
515 N DUPONT HIGHWAY
  DOVER     1973       2008       25.25 %     84,180       88,980       301,000     K MART
 
                                                           
Florida
                                                           
 
                                                           
76 BAYONET POINT, FL
  POINT PLAZA
US 19 & SR 52
  TAMPA     1985/2003       1/2 *       100.00 %     209,714       209,714       1,332,212     BEALL’S, T.J. MAXX
77 BOYNTON BEACH, FL
  MEADOWS SQUARE HYPOLUXO RD N. CONGRESS AVE.   MIAMI     1986       2004       20.00 %     106,224       106,224       1,086,927     PUBLIX SUPER MARKETS
78 BOYNTON BEACH, FL(ABERDEEN)
  ABERDEEN SQUARE
4966 LE CHALET BLVD
  MIAMI     1990       2007       20.00 %     70,555       70,555       632,611     PUBLIX SUPER MARKETS
79 BOYNTON BEACH, FL(VILLAGE)
  VILLAGE SQUARE AT GOLF
3775 W WOOLBRIGHT RD
  MIAMI     1983/2002       2007       20.00 %     131,466       131,466       1,484,319     PUBLIX SUPER MARKETS
80 BRADENTON, FL (LAKEWOOD)
  LAKEWOOD RANCH PLAZA
1755 LAKEWOOD RANCH BLVD
  BRADENTON     2001       2007       20.00 %     69,484       69,484       984,411     PUBLIX SUPER MARKETS
81 BRADENTON, FL(CORTEZ)
  CORTEZ PLAZA
CORTEZ ROAD WEST AND US HIGHWAY 41
  BRADENTON     1966/1988       2007       100.00 %     288,540       288,540       2,532,938     BURLINGTON COAT FACTORY, PETSMART, H.H. GREGG APPLIANCES
82 BRADENTON, FL(CREEKWOOD)
  CREEKWOOD CROSSING
7395 52ND PLACE EAST
  BRADENTON     2001       2007       20.00 %     189,120       292,459       1,825,542     BEALL’S, BEALL’S OUTLET, LIFESTYLE FAMILY FITNESS, MACYS FURNITURE & MATRESS CLEARANCE CNTR, LOWE’S(NOT OWNED)
83 BRANDON, FL (KMART)
  KMART SHOPPING CENTER
1602 BRANDON BL
  TAMPA     1972/1997/2003       2 *       100.00 %     161,900       228,022       795,017     CHUCK E CHEESE, KANE FURNITURE
84 BRANDON, FL (PLAZA)
  LAKE BRANDON PLAZA
CAUSEWAY BOULEVARD
  TAMPA     1999       2003       100.00 %     148,267       196,801       1,951,211     COMPUSA, JO-ANN STORES, BABIES R US, PUBLIX SUPER MARKETS
85 CASSELBERRY, FL
  CASSELBERRY COMMONS 1455 S. SEMORAN BLVD   ORLANDO     1973/1998       2007       20.00 %     242,367       257,367       1,956,765     PUBLIX SUPER MARKETS, ROSS DRESS FOR LESS, T.J. MAXX, STEIN MART

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
86 CLEARWATER, FL
  CLEARWATER COLLECTION
21688-21800 US HWY19 NORTH
  TAMPA     1995/2005       2007       100.00 %     132,023       132,023       1,447,273     LA FITNESS INTERNATIONAL, FLOOR & DECOR
87 CRYSTAL RIVER, FL
  CRYSTAL SPRINGS
6760 W GULF TO LAKE
  OCALA     2001       2007       20.00 %     66,986       66,986       710,227     PUBLIX SUPER MARKETS
88 CRYSTAL RIVER, FL (RIVER)
  CRYSTAL RIVER PLAZA
420 SUN COAST HWY
  OCALA     1986/2001       1/2 *       100.00 %     169,101       169,101       877,378     BEALL’S, BEALL’S OUTLET
89 DANIA BEACH, FL
  BASS PRO OUTDOOR WORLD
200 GULF STREAM WAY
  MIAMI     1999       2007       100.00 %     165,000       165,000       1,600,000     BASS PRO OUTDOOR WORLD
90 DANIA, FL
  SHERIDAN SQUARE 401-435 E. SHERIDAN STREET   MIAMI     1991       2007       20.00 %     67,475       67,475       651,498     PUBLIX SUPER MARKETS
91 DAVIE, FL
  PARADISE PROMENADE
5949-6029 STIRLING ROAD
  MIAMI     2004       2007       20.00 %     74,493       74,493       1,031,065     PUBLIX SUPER MARKETS
92 DAYTONA BEACH, FL
  VOLUSIA POINT SHOPPING CENTER 1808 W. INTERNATIONAL SPEEDWAY   DAYTONA BEACH     1984       2001       100.00 %     76,087       76,087       864,765     MARSHALLS
93 DEERFIELD BEACH, FL
  HILLSBORO SQUARE
HILLSBORO BLVD & HIGHWAY ONE
  MIAMI     1978/2002       2007       15.00 %     145,385       154,145       2,235,073     PUBLIX SUPER MARKETS, OFFICE DEPOT
94 ENGLEWOOD, FL
  ROTONDA PLAZA
5855 PLACIDA ROAD
  SARASOTA     1991       2004       100.00 %     46,835       46,835       441,361      
95 FORT MYERS, FL
  MARKET SQUARE
13300 SOUTH CLEVELAND AVENUE
  FORT YERS     2004       2007       15.00 %     107,179       243,945       1,737,891     AMERICAN SIGNATURE, TOTAL WINE & MORE, DSW SHOE WAREHOUSE, TARGET(NOT OWNED), BARNES & NOBLE(NOT OWNED)
96 FORT MYERS, FL (CYPRESS)
  CYPRESS TRACE
CYPRESS LAKE DRIVE & US 41
  FORT MYERS     2004       2007       15.00 %     276,288       276,288       2,372,870     BEALL’S, STEIN MART, BEALL’S OUTLET, ROSS DRESS FOR LESS
97 FORT WALTON BEACH, FL
  SHOPPES AT PARADISE POINTE
US HWY 98 AND PERRY AVE
  DESTON     1987/2000       2007       20.00 %     83,936       83,936       907,747     PUBLIX SUPER MARKETS
98 GULF BREEZE, FL
  GULF BREEZE MARKETPLACE
3749-3767 GULF BREEZE PARKWAY
  PENSACOLA     1998       2003       100.00 %     29,827       333,654       489,064     WALMART SUPERCENTER(NOT OWNED), LOWE’S(NOT OWNED)
99 HERNANDO, FL
  SHOPPES OF CITRUS HILLS
2601 FOREST RIDGE BLVD
  OCALA     1994/2003       2007       20.00 %     68,927       68,927       652,277     PUBLIX SUPER MARKETS
100 HIALEAH, FL
  PARAISO PLAZA 3300-3350 W. 80TH ST   MIAMI     1997       2007       20.00 %     60,712       60,712       882,697     PUBLIX SUPER MARKETS
101 HOMESTEAD, FL
  HOMESTEAD PAVILION   MIAMI     2009       1*       100.00 %     177,750       202,250       3,428,635     BED BATH & BEYOND, STAPLES, MICHAEL’S, ROSS DRESS FOR LESS, SPORTS AUTHORITY
102 JACKSONVILLE, FL
  JACKSONVILLE REGIONAL
3000 DUNN AVENUE
  JACKSONVILLE     1988       1995       100.00 %     219,735       295,752       1,245,782     J.C. PENNEY, WINN DIXIE STORES
103 JACKSONVILLE, FL(ARLINGTON RD)
  ARLINGTON PLAZA
926 ARLINGTON ROAD
  JACKSONVILLE     1990/1999       2004       100.00 %     182,098       182,098       556,807      
104 LAKE MARY, FL
  SHOPPES OF LAKE MARY
4155 WEST LAKE MARY BLVD
  ORLANDO     2001       2007       15.00 %     73,343       74,331       1,392,456     STAPLES, TARGET(NOT OWNED), PUBLIX SUPER MARKETS(NOT OWNED), WALMART(NOT OWNED)
105 LAKE WALES, FL
  SHOPPES ON THE RIDGE
HIGHWAY 27 & CHALET SUZANNE ROAD
  ORLANDO     2003       2007       20.00 %     115,578       115,578       1,067,386     PUBLIX SUPER MARKETS
106 LAKELAND, FL
  LAKELAND MARKETPLACE
FL LAKELAND
  LAKELAND     2006       2003       100.00 %     77,582       77,582       581,865     LOWE’S(NOT OWNED)
107 LAKELAND, FL (HIGHLANDS)
  HIGHLANDS PLAZA
2228 LAKELANDS HIGHLAND ROAD
  LAKELAND     1990       2004       100.00 %     102,572       102,572       793,794     WINN DIXIE STORES
108 LARGO, FL
  BARDMOOR PROMENADE
10801 STARKEY ROAD
  TAMPA     1991       2007       20.00 %     152,667       165,607       1,900,771     PUBLIX SUPER MARKETS
109 LARGO, FL(KMART)
  KMART SHOPPING CENTER
1000 MISSOURI AVENUE
  TAMPA     1969       2008       25.25 %     116,805       116,805       214,921     K MART
110 MELBOURNE, FL
  MELBOURNE SHOPPING CENTER
1301-1441 S BABCOCK
  MELBOURNE     1960/1999       2007       20.00 %     204,202       229,102       1,350,062     BIG LOTS, PUBLIX SUPER MARKETS

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
111 MIAMI, FL
  THE SHOPS AT MIDTOWN MIAMI 3401 N. MIAMI AVENUE   MIAMI     2006       1 *       100.00 %     253,341       394,455       3,094,827     LOEHMANN’S, MARSHALLS, ROSS DRESS FOR LESS, TARGET, WEST ELM
112 MIAMI, FL(PARAISO)
  PLAZA DEL PARAISO
12100 SW 127TH AVE
  MIAMI     2003       2007       20.00 %     82,441       82,441       1,177,003     PUBLIX SUPER MARKETS
113 MIRAMAR, FL
  RIVER RUN
MIRAMAR PARKWAY AND PALM AVENUE
  MIAMI     1989       2007       20.00 %     93,643       106,828       1,044,809     PUBLIX SUPER MARKETS
114 NAPLES, FL (COUNTRY)
  COUNTRYSIDE SHOPPES
4025 SANTA BARBARA
  NAPLES     1997       2007       20.00 %     73,986       73,986       864,142     SWEETBAY SUPERMARKETS
115 NEWPORT RICHEY, FL
  SHOPPES AT GOLDEN ACRES
9750 LITTLE ROAD
  TAMPA     2002       2007       20.00 %     130,643       130,643       975,019     PUBLIX SUPER MARKETS
116 OCALA, FL
  HEATHER ISLAND
7878 SE MARICAMP
  OCALA     2005       2007       20.00 %     70,970       70,970       720,742     PUBLIX SUPER MARKETS
117 OCALA, FL(STEEPLECHASE)
  STEEPLECHASE PLAZA
8585 STATE ROAD 200
  OCALA     1993       2007       100.00 %     92,180       92,180       821,074     PUBLIX SUPER MARKETS
118 OCALA, FL(WEST)
  OCALA WEST
2400 SW COLLEGE ROAD
  OCALA     1991       2003       100.00 %     105,276       105,276       811,514     SPORTS AUTHORITY, HOBBY LOBBY, BLOCKER’S FURNITURE(NOT OWNED)
119 OCOEE, FL (WEST OAKS)
  WEST OAKS TOWN CENTER 9537-49 W. COLONIAL   ORLANDO     2000       2007       20.00 %     66,539       111,623       1,088,920     MICHAEL’S
120 ORLANDO, FL (CHICKASAW)
  CHICKASAW TRAIL 2300 S. CHICKASAW TR   ORLANDO     1994       2007       20.00 %     75,492       76,067       821,297     PUBLIX SUPER MARKETS
121 ORLANDO, FL (GOOD HOMES)
  WEST COLONIAL CENTER
GOOD HOMES ROAD AND COLONIAL DRIVE
  ORLANDO     1999       2007       15.00 %     78,625       78,625       179,364     STAPLES
122 ORLANDO, FL(CONWAY)
  CONWAY PLAZA
4400 CURRY FORD ROAD
  ORLANDO     1985/1999       2007       20.00 %     117,723       117,723       864,906     PUBLIX SUPER MARKETS
123 ORLANDO, FL(SKYVIEW)
  SKYVIEW PLAZA
7801 ORANGE BLOSSOM TRAIL
  ORLANDO     1994/1998       2007       20.00 %     281,260       281,260       2,047,573     PUBLIX SUPER MARKETS, OFFICE DEPOT, K MART, BEST BUY(NOT OWNED)
124 OVIEDO, FL
  OVIEDO PARK CROSSING
RTE 417 & RED BUG LAKE ROAD
  ORLANDO     1999       1 *       20.00 %     186,177       321,214       1,884,602     OFFICE MAX, ROSS DRESS FOR LESS, MICHAEL’S, T.J. MAXX, BED BATH & BEYOND, LOWE’S(NOT OWNED), BORDER’S(NOT OWNED)
125 PALM BEACH GARDEN, FL
  NORTHLAKE COMMONS
NORTHLAKE BLVD
  MIAMI     1987/2003       2007       20.00 %     146,825       264,667       1,683,696     ROSS DRESS FOR LESS, TIGER DIRECT, HOME DEPOT(NOT OWNED)
126 PALM HARBOR, FL
  THE SHOPPES OF BOOT RANCH
300 EAST LAKEROAD
  TAMPA     1990       1995       100.00 %     52,395       229,188       909,349     TARGET(NOT OWNED), PUBLIX SUPER MARKETS(NOT OWNED)
127 PALM HARBOR, FL (BROOKER)
  BROOKER CREEK 36301 E.LAKE ROAD   TAMPA     1994       2007       20.00 %     77,596       77,596       948,732     PUBLIX SUPER MARKETS
128 PEMBROKE PINES, FL
  FLAMINGO FALLS 2000-2216 N.FLAMINGO ROAD   MIAMI     2001       2007       20.00 %     108,565       108,565       2,127,130     LA FITNESS(NOT OWNED)
129 PLANTATION, FL (FOUNTAINS)
  THE FOUNTAINS
801 SOUTH UNIVERSITY DRIVE
  MIAMI     1989       2007       100.00 %     183,989       365,268       2,927,729     MARSHALLS, KOHL’S, DICK’S SPORTING GOODS, JO-ANN FABRICS, FOUNTAINS PROFESSIONAL CENTER(NOT OWNED)
130 PLANTATION, FL (VISION)
  VISION WORKS
801 SOUTH UNIVERSITY DRIVE
  MIAMI     1989       2007       100.00 %     6,891       6,891       175,087      
131 SANTA ROSA BEACH, FL
  WATERCOLOR CROSSING
110 WATERCOLOR WAY
  PENSACOLA     2003       2007       20.00 %     43,207       43,207       551,099     PUBLIX SUPER MARKETS
132 SPRING HILL, FL
  MARINER SQUARE 13050 CORTEZ BLVD.   TAMPA     1988/1997       1/2 *       100.00 %     188,347       392,423       1,485,263     BEALL’S, ROSS DRESS FOR LESS, WALMART(NOT OWNED), SAM’S CLUB(NOT OWNED)
133 ST. PETERSBURG, FL
  KMART PLAZA
3951 34TH STREET SOUTH
  TAMPA     1973       2008       25.25 %     94,500       94,500       277,400     K MART
134 TALLAHASSEE, FL
  CAPITAL WEST
4330 WEST TENNESSEE STREET
  TALLAHASSEE     1994/2004       2003       100.00 %     83,551       256,200       643,806     BEALL’S OUTLET, OFFICE DEPOT, WALMART SUPERCENTER(NOT OWNED)

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
135 TALLAHASSEE, FL (KILLEARN)
  KILLEARN SHOPPING CENTER
3479-99 THOMASVILLE ROAD
  TALLAHASSEE     1980       2007       20.00 %     95,229       95,229       1,072,950     PUBLIX SUPER MARKETS
136 TALLAHASSEE, FL (SOUTHWOOD)
  SOUTHWOOD VILLAGE
NWC CAPITAL CIRCLE & BLAIRSTONE ROAD
  TALLAHASSEE     2003       2007       20.00 %     62,840       62,840       699,792     PUBLIX SUPER MARKETS
137 TAMARAC, FL
  MIDWAY PLAZA
UNIVERSITY DR & COMMERCIAL BLVD
  MIAMI     1985       2007       20.00 %     227,209       227,209       2,426,341     ROSS DRESS FOR LESS, PUBLIX SUPER MARKETS
138 TAMPA, FL
  NEW TAMPA COMMONS
BRUCE B DOWNS & DONNA MICHELLE
  TAMPA     2005       2007       100.00 %     10,000       10,000       343,345      
139 TAMPA, FL (DALE)
  NORTH POINTE PLAZA
15001-15233 NORTH DALE MABRY
  TAMPA     1990       1/2 *       20.00 %     104,460       222,388       1,129,686     PUBLIX SUPER MARKETS, WALMART(NOT OWNED)
140 TAMPA, FL (WALKS)
  WALK AT HIGHWOOD PRESERVE(I)
18001 HIGHWOODS PRESERVE PARKWAY
  TAMPA     2001       2007       15.00 %     169,081       178,981       2,032,848     MICHAEL’S, BEST BUY
141 TARPON SPRINGS, FL
  TARPON SQUARE 41232 U.S. 19, NORTH   TAMPA     1974/1998       1/2 *       100.00 %     198,797       199,447       859,559     BIG LOTS, STAPLES
142 TEQUESTA, FL
  TEQUESTA SHOPPES
105 N US HWY 1
  MIAMI     1986       2007       100.00 %     109,760       109,760       1,129,668     STEIN MART
143 VALRICO, FL
  BRANDON BOULEVARD SHOPPES 1930 SR 60 E.   TAMPA     1994       2007       100.00 %     85,377       85,377       879,687     PUBLIX SUPER MARKETS
144 VALRICO, FL (LITHIA)
  SHOPPES AT LITHIA
3461 LITHIA PINECRES T ROAD
  TAMPA     2003       2007       20.00 %     71,430       71,430       979,693     PUBLIX SUPER MARKETS
145 VENICE, FL
  JACARANDA PLAZA
1687 SOUTH BYPASS
  SARASOTA     1974       2008       25.25 %     84,180       84,180       0      
146 VERO BEACH, FL
  VERO BEACH
6560 20TH STREET
  VERO BEACH     2001       2007       100.00 %     33,243       33,243       0      
147 WESLEY CHAPEL, FL
  THE SHOPPES AT NEW TAMPA
1920 CR 581
  TAMPA     2002       2007       20.00 %     158,602       158,602       1,724,547     PUBLIX SUPER MARKETS, BEALL’S
 
                                                           
Georgia
                                                           
 
                                                           
148 ATHENS, GA
  ATHENS EAST
4375 LEXINGTON ROAD
  ATLANTA     2000       2003       100.00 %     24,000       218,879       352,344     WALMART SUPERCENTER(NOT OWNED)
149 ATLANTA, GA (BROOKHAVEN)
  BROOKHAVEN PLAZA
3974 PEACHTREE RD NE
  ATLANTA     1993       2007       20.00 %     65,320       71,320       1,192,128     KROGER
150 ATLANTA, GA (CORNERS)
  CASCADE CORNERS
3425 CASCADE ROAD
  ATLANTA     1993       2007       20.00 %     66,844       66,844       488,554     KROGER
151 ATLANTA, GA (DULUTH)
  PLEASANT HILL PLAZA
1630 PLEASANT HILL ROAD
  ATLANTA     1990       1994       100.00 %     99,025       219,025       802,703     WALMART(NOT OWNED), ASSI SUPERMARKET(NOT OWNED)
152 ATLANTA, GA (PERIMETER)
  PERIMETER POINTE 1155 MT. VERNON HIGHWAY   ATLANTA     1995/2002       1995       100.00 %     349,955       352,755       5,244,620     STEIN MART, BABIES R US, SPORTS AUTHORITY, L.A. FITNESS, HOMEGOODS, OFFICE DEPOT, UNITED ARTISTS THEATRE
153 ATLANTA, GA(ABERNATHY)
  ABERNATHY SQUARE
6500 ROSWELL RD
  ATLANTA     1983/1994       2007       100.00 %     127,615       131,515       2,254,289     PUBLIX SUPER MARKETS
154 ATLANTA, GA(CROSSING)
  CASCADE CROSSING
3695 CASCADE RD SW
  ATLANTA     1994       2007       20.00 %     63,346       63,346       609,039     PUBLIX SUPER MARKETS
155 AUGUSTA, GA
  AUGUSTA SHOPPING CENTER
2360 GEORGETOWN ROAD
  ATLANTA     1999       2007       15.00 %     22,560       232,560       0     WALMART SUPERCENTER(NOT OWNED)
156 AUSTELL, GA
  BURLINGTON PLAZA
3753-3823 AUSTELL ROAD SW
  ATLANTA     1973       2008       25.25 %     146,950       146,950       486,437     BURLINGTON COAT FACTORY, TOPPS FASHION(NOT OWNED)
157 BUFORD, GA (MILLCREEK)
  MARKETPLACE AT MILLCREEK (I)
MALL OF GEORGIA BLVD
  ATLANTA     2003       2007       15.00 %     402,941       402,941       4,752,680     R.E.I., BORDERS, OFFICE MAX, PETSMART, MICHAEL’S, DSW SHOE WAREHOUSE, ROSS DRESS FOR LESS, MARSHALLS, BED BATH & BEYOND, COSTCO(NOT OWNED)

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
158 CANTON, GA
  HICKORY FLAT VILLAGE
6175 HICKORY FLAT HY
  ATLANTA     2000       2007       20.00 %     74,020       74,020       970,151     PUBLIX SUPER MARKETS
159 CANTON, GA (RIVER)
  RIVERSTONE PLAZA
1451 RIVERSTONE PARKWAY
  ATLANTA     1998       2007       20.00 %     302,131       331,820       3,257,295     MICHAEL’S, ROSS DRESS FOR LESS, BELK, PUBLIX SUPER MARKETS
160 CHAMBLEE, GA
  CHAMBLEE PLAZA
PEACHTREE INDUSTRIAL BOULEVARD
  ATLANTA     1976       2003       100.00 %     147,016       147,016       525,732      
161 COLUMBUS, GA
  BRADLEY PARK CROSSING
1591 BRADLEY PARK DRIVE COLUMB
  COLUMBUS     1999       2003       100.00 %     119,786       242,786       988,901     PETSMART, FRESH MARKET, MICHAEL’S, TARGET(NOT OWNED)
162 CUMMING, GA
  SHARON GREENS
1595 PEACHTREE PKWY
  ATLANTA     2001       2007       20.00 %     98,301       101,301       1,036,951     KROGER
163 CUMMING, GA (MARKETPLACE)
  CUMMING MARKETPLACE
MARKETPLACE BOULEVARD
  ATLANTA     1997/1999       2003       100.00 %     316,557       652,642       3,487,354     LOWE’S, MICHAEL’S, APPLIANCEMART, OFFICE MAX, WALMART SUPERCENTER(NOT OWNED), HOME DEPOT(NOT OWNED)
164 DECATUR, GA(FLAT SHOALS)
  FLAT SHOALS CROSSING
3649 FLAKES MILL RD
  ATLANTA     1994       2007       20.00 %     69,699       69,699       717,487     PUBLIX SUPER MARKETS
165 DECATUR, GA(HAIRSTON)
  HAIRSTON CROSSING
2075 S HAIRSTON ROAD
  ATLANTA     2002       2007       20.00 %     57,884       57,884       714,422     PUBLIX SUPER MARKETS
166 DOUGLASVILLE, GA
  DOUGLASVILLE MARKETPLACE
6875 DOUGLAS BOULEVARD
  ATLANTA     1999       2003       100.00 %     86,158       261,353       1,398,772     BEST BUY, BABIES R US, LOWES(NOT OWNED)
167 DOUGLASVILLE, GA (PAVILION)
  DOUGLASVILLE PAVILION
2900 CHAPEL HILL RD
  ATLANTA     1998       2007       15.00 %     267,010       370,010       2,237,283     PETSMART, OFFICE MAX, MARSHALLS, ROSS DRESS FOR LESS, TARGET(NOT OWNED)
168 DOUGLASVILLE, GA(MARKET)
  MARKET SQUARE
9503-9579 HIGHWAY 5
  ATLANTA     1974/1990       2007       20.00 %     121,766       128,266       1,309,400     OFFICE DEPOT
169 DULUTH, GA(BRIDAL)
  SO GOOD BEAUTY & BRIDAL
3480 STEVE REYNOLDS BLVD
  ATLANTA     2004       2007       100.00 %     20,000       20,000       160,000     SO GOOD BRIDAL & BEAUTY
170 ELLENWOOD, GA
  PARADISE SHOPPES OF ELLENWOOD
EAST ATLANTA ROAD & FAIRVIEW ROAD
  ATLANTA     2003       2007       20.00 %     67,721       67,721       734,140      
171 FAYETTEVILLE, GA (PAVILION)
  FAYETTE PAVILION (I)
NEW HOPE ROAD & GA HWY 85
  ATLANTA     1995/2002       2007       15.00 %     1,279,810       1,528,307       10,644,281     H.H. GREGG APPLIANCES, WALMART, BED BATH & BEYOND, SPORTS AUTHORITY, T.J. MAXX, PUBLIX SUPER MARKETS, BELK, BEST BUY, OLD NAVY, ROSS DRESS FOR LESS, TOYS R US, CINEMARK, MARSHALLS, PETSMART, KOHL’S, JO-ANN STORES, DICK’S SPORTING GOODS, HOBBY LOBBY, HOME DEPOT(NOT OWNED), TARGET(NOT OWNED), WALMART SUPERCENTER(NOT OWNED)
172 FLOWERY BRANCH, GA
  CLEARWATER CROSSING
7380 SPOUT SPRINGS ROAD
  ATLANTA     2003       2007       20.00 %     90,566       90,566       977,028     KROGER
173 GAINESVILLE, GA
  RITE AID 599 S. ENOTA DRIVE   ATLANTA     1997       2007       100.00 %     10,594       10,594       178,016      
174 GRIFFIN, GA
  ELLIS CROSSING
649-687 NORTH EXPRESSWAY
  ATLANTA     1986       2003       100.00 %     9,200       116,975       19,200      
175 KENNESAW, GA (BARRETT)
  BARRETT PAVILION (I)
740 BARRETT PARKWAY
  ATLANTA     1998       2007       15.00 %     439,784       585,184       6,816,526     AMC THEATRE, HOMEGOODS, GOLFSMITH GOLF CENTER, H.H. GREGG APPLIANCES, HOBBY LOBBY, JO-ANN STORES, TOTAL WINE & MORE, R.E.I., OLD NAVY, TARGET(NOT OWNED)
176 KENNESAW, GA(TOWN)
  TOWN CENTER COMMONS
725 EARNEST BARRETT PARKWAY
  ATLANTA     1998       2007       100.00 %     72,108       159,758       917,012     J.C. PENNEY, DICK’S SPORTING GOODS(NOT OWNED)
177 LAWRENCEVILLE, GA (RITE AID)
  RITE AID
1545 LAWRENCEVILLE HIGHWAY
  ATLANTA     1997       2007       100.00 %     9,504       9,504       184,328      
178 LAWRENCEVILLE, GA(SPRINGFIELD)
  SPRINGFIELD PARK
665 DULUTH HIGHWAY
  ATLANTA     1992/2000       2007       100.00 %     105,321       105,321       853,786     HOBBY LOBBY
179 LITHONIA, GA (THE SHOPS AT TURNER HILL)
  SHOPS AT TURNER HILL
8200 MALL PARKWAY
  ATLANTA     2004       2003       0.01 %     113,675       293,670       1,454,939     BEST BUY, BED BATH & BEYOND, TOYS R US, SAM’S CLUB(NOT OWNED)

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
180 LOGANVILLE, GA
  MIDWAY PLAZA   ATLANTA     1995       2003       20.00 %     91,196       91,196       991,955     KROGER
 
  910 ATHENS HWY                                                        
181 MACON, GA
  EISENHOWER ANNEX
4685 PRESIDENTIAL PARKWAY
  MACON     2002       2007       100.00 %     59,305       59,305       641,878     H.H. GREGG APPLIANCES, PETSMART
182 MACON, GA (DAVID’S)
  DAVID’S BRIDAL CENTER 4685 PRESIDENTIAL PARKWAY   MACON     2004       2007       15.00 %     14,000       14,000       247,665      
183 MACON, GA (EISENHOWER)
  EISENHOWER CROSSING (I)
4685 PRESIDENTIAL PARKWAY
  MACON     2002       2007       15.00 %     400,653       578,249       4,378,219     KROGER, STAPLES, MICHAEL’S, ROSS DRESS FOR LESS, BED BATH & BEYOND, OLD NAVY, MARSHALLS, DICK’S SPORTING GOODS, TARGET(NOT OWNED), BEST BUY(NOT OWNED)
184 MARIETTA, GA
  TOWNE CENTER PRADO
2609 BELLS FERRY ROAD
  ATLANTA     1995/2002       1995       100.00 %     316,786       326,683       3,198,305     STEIN MART, ROSS DRESS FOR LESS, PUBLIX SUPER MARKETS
185 MARIETTA, GA (RITE AID)
  RITE AID
731 WHITLOCK AVE
  ATLANTA     1997       2007       100.00 %     10,880       10,880       183,507      
186 MARIETTA, GA(BLOCKBUSTER)
  BLOCKBUSTER
1748 POWDER SPRINGS
  ATLANTA     1994       2007       20.00 %     6,500       6,500       128,960      
187 MCDONOUGH, GA(DOW)
  SHOPPES AT LAKE DOW
900-938 HIGHWAY 81 E
  ATLANTA     2002       2007       20.00 %     72,727       72,727       863,499     PUBLIX SUPER MARKETS
188 MORROW, GA (SOUTHLAKE)
  SOUTHLAKE PAVILION (II & III)
1912 MT ZION ROAD
  ATLANTA     1996/2001       2007       15.00 %     527,866       644,614       4,393,248     ROSS DRESS FOR LESS, BARNES & NOBLE, ASHLEY FURNITURE HOMESTORE, L.A. FITNESS, STAPLES, OLD NAVY, H.H. GREGG APPLIANCES, SEARS, TARGET(NOT OWNED)
189 NEWNAN, GA
  NEWNAN CROSSING
955-1063 BULLSBORO DRIVE NEWNA
  ATLANTA     1995       2003       100.00 %     156,497       426,723       1,266,951     LOWE’S, WALMART(NOT OWNED)
190 NEWNAN, GA (PAVILION)
  NEWNAN PAVILION
1074 BULLSBORO DR
  ATLANTA     1998       2007       15.00 %     263,635       459,508       2,557,317     OFFICE MAX, PETSMART, HOME DEPOT, ROSS DRESS FOR LESS, KOHL’S
191 NORCROSS, GA
  JONES BRIDGE SQUARE
5075 PEACHTREE PKWY
  ATLANTA     1999       2007       100.00 %     83,363       83,363       842,188     INGLES
192 ROME, GA
  ROME
2700 MARTHA BERRY HIGHWAY NE
  ROME     2001       2007       100.00 %     33,056       33,056       0      
193 ROSWELL, GA (SANDY)
  SANDY PLAINS VILLAGE (I)
GEORGIA HWY 92 AND SANDY PLAINS ROAD
  ATLANTA     1978/1995       2007       100.00 %     177,529       177,529       1,107,632      
194 ROSWELL, GA (STONEBRIDGE)
  STONEBRIDGE SQUARE
610-20 CROSSVILLE RD
  ATLANTA     2002       2007       15.00 %     160,104       162,832       1,714,137     KOHL’S
195 SMYRNA, GA
  HERITAGE PAVILION
2540 CUMBERLAND BLVD
  ATLANTA     1995       2007       15.00 %     262,971       262,971       3,230,431     PETSMART, ROSS DRESS FOR LESS, AMERICAN SIGNATURE, T.J. MAXX, MARSHALLS
196 SNELLVILLE, GA (RITE AID)
  RITE AID
3295 CENTERVILLE HWY
  ATLANTA     1997       2007       100.00 %     10,594       10,594       199,601      
197 SNELLVILLE, GA(COMMONS)
  PRESIDENTIAL COMMONS
1630-1708 SCENIC HWY
  ATLANTA     2000       2007       100.00 %     371,586       371,586       3,861,916     JO-ANN STORES, KROGER, STEIN MART, HOME DEPOT
198 STONE MOUNTAIN, GA (DESHON)
  DESHON PLAZA 380 N. DESHON ROAD   ATLANTA     1994       2007       20.00 %     64,055       64,055       712,155     PUBLIX SUPER MARKETS
199 SUWANEE, GA (CROSS)
  SUWANEE CROSSROADS
LAWRENCEVILLE ROAD & SATELLITE BLVD
  ATLANTA     2002       2007       15.00 %     69,600       279,600       624,910     WALMART(NOT OWNED)
200 SUWANEE, GA (JOHNS)
  JOHNS CREEK TOWN CENTER
3630 PEACHTREE PARKWAY SUWANEE
  ATLANTA     2001/2004       2003       100.00 %     285,336       285,336       3,721,809     BORDERS, PETSMART, KOHL’S, MICHAEL’S, STAPLES, SHOE GALLERY
201 SUWANEE, GA (SHOPS)
  SHOPS AT JOHNS CREEK
4090 JOHNS CREEK PKY
  ATLANTA     1997       2007       20.00 %     18,200       18,200       203,557      
202 SYLVANIA, GA
  BI-LO
1129 W OGEECHEE ST
  ATLANTA     2002       2007       100.00 %     36,000       36,000       378,000     BI-LO
203 TUCKER, GA
  COFER CROSSING
4349-4375 LAWRENCEVILLE HWY
  ATLANTA     1998/2003       2003       20.00 %     130,832       272,400       799,269     KROGER, WALMART(NOT OWNED)

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
204 TYRONE, GA
  SOUTHAMPTON VILLAGE
NWC OF HIGHWAY 74 & SWANSON ROAD
  ATLANTA     2003       2007       20.00 %     77,956       77,956       828,407     PUBLIX SUPER MARKETS
205 UNION CITY, GA
  SHANNON SQUARE
4720 JONESBORO ROAD
  ATLANTA     1986       2003       100.00 %     100,002       100,002       516,736     FARMERS HOME FURNITURE
206 WARNER ROBINS, GA
  WARNER ROBINS PLACE
2724 WATSON BOULEVARD
  WARNER ROBINS     1997       2003       100.00 %     107,941       459,700       1,305,618     T.J. MAXX, STAPLES, LOWES(NOT OWNED), WALMART SUPERCENTER(NOT OWNED)
207 WOODSTOCK, GA
  WOODSTOCK PLACE
10029 HIGHWAY 928
  ATLANTA     1995       2003       100.00 %     44,691       44,691       431,307      
208 WOODSTOCK, GA (SQUARE)
  WOODSTOCK SQUARE
120-142 WOODSTOCK SQ
  ATLANTA     2001       2007       15.00 %     218,859       392,859       2,899,338     OFFICE MAX, OLD NAVY, KOHL’S, SUPER TARGET(NOT OWNED)
 
                                                           
Idaho
                                                           
 
                                                           
209 IDAHO FALLS, ID (DDRC)
  COUNTRY CLUB MALL
1515 NORTHGATE MILE
  IDAHO FALLS     1976/1992/1997       1998       100.00 %     138,495       296,103       605,445     OFFICE MAX, FRED MEYER, INC.(NOT OWNED)
210 MERIDIAN, ID
  MERIDIAN CROSSROADS
EAGLE AND FAIRVIEW ROAD
  BOISE     1999/2001/2002/2003/
2004
      1 *       100.00 %     461,023       731,482       6,548,369     BED BATH & BEYOND, OLD NAVY, SHOPKO, OFFICE DEPOT, ROSS DRESS FOR LESS, MARSHALLS, SPORTSMAN’S WAREHOUSE, BABIES R US, CRAFT WAREHOUSE, WALMART SUPERCENTER(NOT OWNED)
211 NAMPA, ID
  NAMPA GATEWAY CENTER 1200 N. HAPPY VALLEY RD.   BOISE     2008       1 *       100.00 %     174,319       277,319       1,227,778     IDAHO ATHLETIC CLUB, SPORTS AUTHORITY, MACY’S, J.C. PENNEY
 
                                                           
Illinois
                                                           
 
                                                           
212 DEER PARK, IL
  DEER PARK TOWN CENTER (I)
20530 NORTH RAND RD SUITE 133
  CHICAGO     2000/2004       1 *       25.75 %     302,039       406,234       8,853,955     GAP, CRATE & BARREL, CENTURY THEATRE, BARNES & NOBLE(NOT OWNED)
213 MCHENRY, IL
  THE SHOPS AT FOX RIVER
3340 SHOPPERS DRIVE
  CHICAGO     2006       1 *       100.00 %     226,552       233,951       2,154,350     DICK’S SPORTING GOODS, PETSMART, BED BATH & BEYOND, T.J. MAXX, BEST BUY, J.C. PENNEY(NOT OWNED)
214 MOUNT VERNON, IL
  TIMES SQUARE MALL
42ND AND BROADWAY
  MOUNT VERNON     1974/1998/2000       1993       100.00 %     269,328       269,328       789,484     SEARS, J.C. PENNEY
215 ORLAND PARK, IL
  MARLEY CREEK SQUARE 179TH ST. & WOLF ROAD   CHICAGO     2006       2006       20.00 %     57,499       62,399       760,872      
216 ORLAND PARK, IL (HOME DEPOT)
  HOME DEPOT CENTER
15800 HARLEM AVENUE
  CHICAGO     1987/1993       2004       100.00 %     149,498       149,498       1,394,219     HOME DEPOT
217 ROSCOE, IL
  HILANDER VILLAGE
4860 HONONEGAH ROAD
  CHICAGO     1994       2007       20.00 %     125,712       125,712       991,864     KROGER
218 SKOKIE, IL
  VILLAGE CROSSING 5507 W. TOUHY AVE   CHICAGO     1989       2007       15.00 %     437,249       443,239       7,717,248     MICHAEL’S, BED BATH & BEYOND, OFFICE MAX, BEST BUY, CROWN THEATRES, BARNES & NOBLE, PETSMART
 
                                                           
Indiana
                                                           
 
                                                           
219 BEDFORD, IN
  TOWN FAIR CENTER
1320 JAMES AVENUE
  BEDFORD     1993/1997       2 *       100.00 %     223,431       223,431       901,646     K MART, J.C. PENNEY
220 EVANSVILLE, IN(EAST)
  EAST LLOYD COMMONS 6300 E. LLOYD EXPWY   EVANSVILLE     2005       2007       100.00 %     159,682       159,682       2,125,109     GORDMAN’S, MICHAEL’S, BEST BUY
221 HIGHLAND, IN
  HIGHLAND GROVE SHOPPING CENTER
HIGHWAY 41 & MAIN STREET
  CHICAGO     1995/2001       1996       20.00 %     312,546       524,410       2,906,032     MARSHALLS, KOHL’S, OFFICE MAX, DICK’S SPORTING GOODS, TARGET(NOT OWNED), BEST BUY(NOT OWNED), BORDER’S(NOT OWNED)
222 INDIANAPOLIS, IN
  GLENLAKE PLAZA 2629 E. 65TH STREET   INDIANAPOLIS     1980       2007       20.00 %     102,549       102,549       758,638     KROGER
223 LAFAYETTE, IN
  PARK EAST MARKETPLACE 4205 — 4315 COMMERCE DRIVE   LAFAYETTE     2000       2003       100.00 %     35,100       243,850       232,355     WALMART SUPERCENTER(NOT OWNED)
224 SOUTH BEND, IN
  BROADMOOR PLAZA 1217 E. IRELAND ROAD   SOUTH BEND     1987       2007       20.00 %     114,968       114,968       1,194,871     KROGER
 
                                                           
Iowa
                                                           
 
                                                           
225 CEDAR RAPIDS, IA
  NORTHLAND SQUARE
303 -367 COLLINS ROAD, NE
  CEDAR RAPIDS     1984       1998       100.00 %     187,068       207,405       1,991,431     T.J. MAXX, OFFICE MAX, BARNES & NOBLE, KOHL’S

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
226 OTTUMWA, IA
  QUINCY PLACE MALL (I)
1110 QUINCY AVENUE
  OTTUMWA     1990/1999/2002       1/2 *       100.00 %     241,427       426,599       1,120,328     HERBERGER’S, J. C. PENNEY, TARGET(NOT OWNED)
 
                                                           
Kansas
                                                           
 
                                                           
227 LEAWOOD, KS
  TOWN CENTER PLAZA
5000 W 119TH STREET
  KANSAS CITY     1996/2002       1998       100.00 %     309,500       491,871       8,332,634     BARNES & NOBLE, MACY’S(NOT OWNED), DICK’S SPORTING GOODS(NOT OWNED), AMC THEATRES(NOT OWNED)
228 OVERLAND PARK, KS(POINTE)
  OVERLAND POINTE MARKETPLACE
INTER 135 & ANTIOCH ROAD
  KANSAS CITY     2001/2004       2003       0.01 %     42,632       361,759       889,765     BABIES R US, SAM’S CLUB(NOT OWNED), HOME DEPOT(NOT OWNED)
 
                                                           
Kentucky
                                                           
 
                                                           
229 LEXINGTON, KY (SOUTH)
  SOUTH FARM MARKETPLACE
MAN-O-WAR BOULEVARD AND NICHOL
  LEXINGTON     1998       2003       100.00 %     9,800       334,471       311,844     WALMART SUPERCENTER(NOT OWNED), LOWE’S(NOT OWNED)
230 LOUISVILLE, KY (OUTER LOOP)
  OUTER LOOP PLAZA
7505 OUTER LOOP HIGHWAY
  LOUISVILLE     1973/1989/1998       2004       100.00 %     120,777       120,777       614,218     VALU DISCOUNT, OUTER LOOP BINGO
231 RICHMOND, KY
  CARRIAGE GATE
833-847 EASTERN BY-PASS
  LEXINGTON     1992       2003       100.00 %     134,701       205,973       673,549     DUNHAM’S SPORTING GOODS, HOBBY LOBBY, OFFICE DEPOT, BALLARD’S(NOT OWNED)
 
                                                           
Maine
                                                           
 
                                                           
232 BRUNSWICK, ME
  COOK’S CORNERS 172 BATH ROAD   AUGUSTA     1965       1997       100.00 %     301,853       309,290       2,098,722     HOYTS CINEMAS, BIG LOTS, T.J. MAXX, SEARS
 
                                                           
Maryland
                                                           
 
                                                           
233 BOWIE, MD
  DUVALL VILLAGE
4825 GLENN DALE ROAD
  WASHINGTON DC     1998       2007       100.00 %     88,022       88,022       1,426,172      
234 GLEN BURNIE, MD
  HARUNDALE PLAZA
7440 RITCHIE HIGHWAY
  WASHINGTON DC     1999       2007       20.00 %     217,619       217,619       2,392,309     A & P, A.J. WRIGHT, BURLINGTON COAT FACTORY
235 HAGERSTOWN, MD
  VALLEY PARK COMMONS 1520 WESEL BLVD.   HAGERSTOWN     1993/2006       2007       100.00 %     88,893       88,893       1,095,697      
236 SALISBURY, MD
  THE COMMONS (I) E. NORTH POINT DRIVE   SALISBURY     2000       2006       100.00 %     126,135       350,012       1,765,109     BEST BUY, MICHAEL’S, HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
237 UPPER MARLBORO, MD
  LARGO TOWNE CENTER
950 LARGO CENTER DR
  WASHINGTON DC     1991       2007       20.00 %     260,797       277,634       3,921,361     SHOPPERS FOOD WAREHOUSE, MARSHALLS, REGENCY FURNITURE
238 WHITE MARSH, MD
  COSTCO PLAZA
9919 PULASKI HWY
  WASHINGTON DC     1987/1992       2007       15.00 %     187,331       250,311       1,644,190     COSTCO WHOLESALE, PETSMART, PEP BOYS, SPORTS AUTHORITY, HOME DEPOT(NOT OWNED)
 
                                                           
Massachusetts
                                                           
 
                                                           
239 EVERETT, MA
  GATEWAY CENTER
1 MYSTIC VIEW ROAD
  BOSTON     2001       1 *       100.00 %     222,236       639,756       4,760,812     HOME DEPOT, BED BATH & BEYOND, OLD NAVY, OFFICE MAX, BABIES R US, MICHAEL’S, COSTCO(NOT OWNED), TARGET(NOT OWNED)
240 WEST SPRINGFIELD, MA
  RIVERDALE SHOPS
935 RIVERDALE STREET
  SPRINGFIELD     1985/2003       2007       20.00 %     273,532       273,532       3,376,974     KOHL’S, STOP & SHOP
241 WORCESTER, MA
  SAM’S CLUB 301 BARBER AVE   WORCESTER     1998       2007       100.00 %     107,929       107,929       1,116,581     SAM’S CLUB
 
                                                           
Michigan
                                                           
 
                                                           
242 BAD AXE, MI
  HURON CREST PLAZA
850 NORTH VAN DYKE ROAD
  BAD AXE     1991       1993       100.00 %     63,415       134,574       143,225     WALMART(NOT OWNED)
243 BENTON HARBOR, MI
  FAIRPLAIN PLAZA
1000 NAPIER AVE
  BENTON HARBOR     1998       2006       20.00 %     280,216       470,876       2,169,915     OFFICE DEPOT, T.J. MAXX, PETSMART, TARGET(NOT OWNED), KOHL’S(NOT OWNED)
244 CHEBOYGAN, MI
  KMART SHOPPING PLAZA
1109 EAST STATE
  CHEBOYGAN     1988       1994       100.00 %     70,076       70,076       249,764     K MART
245 DEARBORN HEIGHTS, MI
  WALGREENS 8706 N. TELEGRAPH RD   DETROIT     1998/1999       2007       100.00 %     13,905       13,905       385,510      

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
246 GAYLORD, MI
  PINE RIDGE SQUARE
1401 WEST MAIN STREET
  GAYLORD     1991/2004       1993       100.00 %     188,386       188,386       607,352     DUNHAM’S SPORTING GOODS, BIG LOTS, BOSMAN’S MERCANTILE
247 GRAND RAPIDS, MI
  GREEN RIDGE SQUARE (I)
3390-B ALPINE AVE NW
  GRAND RAPIDS     1989       1995       100.00 %     133,538       303,447       1,363,271     T.J. MAXX, OFFICE DEPOT, BEST BUY, TARGET(NOT OWNED), TOYS R US(NOT OWNED)
248 GRAND RAPIDS, MI (ALPINE AVE)
  GREEN RIDGE SQUARE (II)
3410 ALPINE AVENUE
  GRAND RAPIDS     1991/1995       2004       100.00 %     85,254       85,254       481,831     BED BATH & BEYOND
249 HOUGHTON, MI
  COPPER COUNTRY MALL
HIGHWAY M26
  HOUGHTON     1981/1999       1/2 *       100.00 %     257,863       257,863       262,215     J. C. PENNEY, OFFICE MAX
250 HOWELL, MI
  GRAND RIVER PLAZA
3599 EAST GRAND RIVER
  HOWELL     1991       1993       100.00 %     214,501       214,501       1,329,613     ELDER-BEERMAN, DUNHAM’S SPORTING GOODS, OFFICE MAX, T.J. MAXX
251 LANSING, MI
  MARKETPLACE AT DELTA TOWNSHIP
8305 WEST SAGINAW HWY 196 RAMP
  LANSING     2000/2001       2003       100.00 %     135,697       489,104       1,462,464     MICHAEL’S, GANDER MOUNTAIN, STAPLES, PETSMART, LOWE’S(NOT OWNED), WALMART SUPERCENTER(NOT OWNED)
252 LIVONIA, MI
  WALGREENS
29200 6 MILE ROAD
  DETROIT     1998/1999       2007       100.00 %     13,905       13,905       269,061      
253 MILAN, MI
  MILAN PLAZA 531 W. MAIN STREET   DETROIT     1955       2007       20.00 %     65,764       68,964       264,025     KROGER
254 MT. PLEASANT, MI
  INDIAN HILLS PLAZA
4208 E BLUE GRASS ROAD
  MT. PLEASANT     1990       2 *       100.00 %     249,680       249,680       760,897     T.J. MAXX, KROGER, JO-ANN STORES
255 PORT HURON, MI
  WALGREENS
NWC 10TH STREET & OAK STREET
  DETROIT     2000       2007       100.00 %     15,120       15,120       359,856      
256 SAULT ST. MARIE, MI
  CASCADE CROSSING
4516 I-75 BUSINESS SPUR
  SAULT ST. MARIE     1993/1998       1994       100.00 %     270,761       270,761       1,683,482     J.C. PENNEY, DUNHAM’S SPORTING GOODS, GLEN’S MARKET
257 WESTLAND, MI
  WALGREENS 7210 N. MIDDLEBELT   DETROIT     2005       2007       100.00 %     13,905       13,905       285,053      
 
                                                           
Minnesota
                                                           
 
                                                           
258 BEMIDJI, MN
  PAUL BUNYAN MALL
1201 PAUL BUNYAN DRIVE
  BEMIDJI     1977/1998       2 *       100.00 %     297,803       297,803       1,713,358     K MART, HERBERGER’S, J.C. PENNEY
259 BRAINERD, MN
  WESTGATE MALL
1200 HIGHWAY
  BRAINERD     1985/1998       1/2 *       100.00 %     260,319       260,319       1,196,732     HERBERGER’S, MOVIES 10
260 EAGAN, MN
  EAGAN PROMENADE
1299 PROMENADE PLACE
  MINNEAPOLIS     1997/2001       1997       50.00 %     278,211       336,449       3,767,283     BYERLY’S, PETSMART, BARNES & NOBLE, OFFICE MAX, T.J. MAXX, BED BATH & BEYOND, ETHAN ALLEN FURNITURE(NOT OWNED)
261 MAPLE GROVE, MN
  MAPLE GROVE CROSSING
WEAVER LAKE ROAD & I-94
  MINNEAPOLIS     1995/2002       1996       50.00 %     265,957       354,321       3,059,883     KOHL’S, BARNES & NOBLE, GANDER MOUNTAIN, MICHAEL’S, BED BATH & BEYOND, CUB FOODS(NOT OWNED)
 
                                                           
Mississippi
                                                           
 
                                                           
262 GULFPORT, MS
  CROSSROADS CENTER
CROSSROADS PARKWAY
  GULFPORT     1999       2003       100.00 %     423,507       545,820       5,224,380     ACADEMY SPORTS, BED BATH & BEYOND, ROSS DRESS FOR LESS, T.J. MAXX, CINEMARK, OFFICE DEPOT, BELK, BARNES & NOBLE, BURKE’S OUTLET
263 JACKSON, MS(JUNCTION)
  THE JUNCTION
6351 I-55 NORTH3
  JACKSON     1996       2003       100.00 %     107,780       326,319       1,224,074     PETSMART, OFFICE DEPOT, HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
264 OXFORD, MS
  OXFORD PLACE
2015-2035 UNIVERSITY AVE
  OXFORD     2000       2003       20.00 %     13,200       71,866       350,384     KROGER
265 STARKVILLE, MS
  STARKVILLE CROSSINGS
882 HIGHWAY 12 WEST
  STARKVILLE     1999/2004       1994       100.00 %     133,691       268,254       876,009     J.C. PENNEY, KROGER, LOWE’S(NOT OWNED)
266 TUPELO, MS
  BIG OAKS CROSSING
3850 N GLOSTER ST
  TUPELO     1992       1994       100.00 %     348,236       348,236       1,862,519     SAM’S CLUB, WALMART SUPERCENTER
 
                                                           
Missouri
                                                           
 
                                                           
267 ARNOLD, MO
  JEFFERSON COUNTY PLAZA
VOGEL ROAD
  ST. LOUIS     2002       1 *       50.00 %     42,091       290,147       523,978     HOME DEPOT(NOT OWNED), TARGET(NOT OWNED)
268 BRENTWOOD,MO
  THE PROMENADE AT BRENTWOOD
1 BRENTWOOD PROMENADE COURT
  ST. LOUIS     1998       1998       100.00 %     299,584       299,584       4,307,411     TARGET, BED BATH & BEYOND, PETSMART, MICRO CENTER

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
269 DES PERES, MO
  OLYMPIC OAKS VILLAGE
12109 MANCHESTER ROAD
  ST. LOUIS     1985       1998       100.00 %     92,372       92,372       1,458,795     T.J. MAXX
270 FENTON, MO
  FENTON PLAZA
GRAVOIS & HIGHWAY 141
  ST. LOUIS     1970/1997       1/2 *       100.00 %     93,420       100,420       1,036,835      
271 HIGH RIDGE, MO
  GRAVOIS VILLAGE PLAZA
4523 GRAVOIS VILLAGE PLAZA
  ST. LOUIS     1983       1998       100.00 %     114,992       114,992       542,912     K MART
272 INDEPENDENCE, MO
  INDEPENDENCE COMMONS
900 EAST 39TH STREET
  ST. LOUIS     1995/1999       1995       14.50 %     386,066       403,166       5,125,573     KOHL’S, BED BATH & BEYOND, MARSHALLS, BEST BUY, BARNES & NOBLE, AMC THEATRE
273 SPRINGFIELD,MO (MORRIS)
  MORRIS CORNERS
1425 EAST BATTLEFIELD
  ST. LOUIS     1989       1998       100.00 %     56,033       56,033       548,416     TOYS R US
274 ST. JOHN, MO
  ST. JOHN CROSSINGS 9000-9070 ST. CHARLES ROCK ROA   ST. LOUIS     2003       2003       100.00 %     89,110       94,173       1,123,542     SHOP ‘N SAVE
275 ST. LOUIS, MO (PLZ SUNSET)
  PLAZA AT SUNSET HILLS
10980 SUNSET PLAZA
  ST. LOUIS     1997       1998       100.00 %     415,435       450,938       5,237,181     TOYS R US, BED BATH & BEYOND, MARSHALLS, HOME DEPOT, PETSMART, BORDERS
276 ST. LOUIS, MO (SOUTHTOWNE)
  SOUTHTOWNE CENTRE
KINGS HIGHWAY & CHIPPEWA
  ST. LOUIS     2004       1998       100.00 %     86,764       86,764       1,371,776     OFFICE MAX
 
                                                           
Nevada
                                                           
 
                                                           
277 LAS VEGAS, NV (LOMA)
  LOMA VISTA SHOPPING CTR
4700 MEADOWS LANE
  LAS VEGAS     1979       2005       50.00 %     75,687       75,687       0      
278 RENO, NV (SIERRA)
  SIERRA TOWN CENTER
6895 SIERRA CENTER PARKWAY
  RENO     2002       2005       50.00 %     79,239       79,239       0      
279 RENO, NV.
  RENO RIVERSIDE
EAST FIRST STREET AND SIERRA
  RENO     2000       2000       100.00 %     52,474       52,474       748,417     CENTURY THEATRE
 
                                                           
New Jersey
                                                           
 
                                                           
280 EAST HANOVER, NJ(PLAZA)
  EAST HANOVER PLAZA
154 STATE ROUTE 10
  NEW YORK CITY     1994       2007       100.00 %     97,500       97,500       1,650,097     BRANCH BROOK POOL & PATIO, SPORTS AUTHORITY
281 EAST HANOVER, NJ(SONY)
  LOEWS THEATRE COMPLEX
145 STATE ROUTE 10
  NEW YORK CITY     1993       2007       100.00 %     20,737       70,789       1,060,126     LOEWS EAST HANOVER CINEMAS
282 EDGEWATER, NJ
  EDGEWATER TOWNE CENTER (I)
905 RIVER ROAD
  NEW YORK CITY     2000       2007       100.00 %     77,508       77,508       1,758,167     WHOLE FOODS
283 FREEHOLD, NJ
  FREEHOLD MARKETPLACE NJ HWY 33 & W. MAIN ST(RT537)   FREEHOLD     2005       1 *       100.00 %     7,619       20,743       430,000     WALMART(NOT OWNED), SAM’S CLUB(NOT OWNED)
284 HAMILTON, NJ
  HAMILTON MARKETPLACE
NJ STATE HWY 130 & KLOCKNER RD
  TRENTON     2004       2003       100.00 %     468,236       956,916       8,316,757     STAPLES, KOHL’S, BED BATH & BEYOND, MICHAEL’S, ROSS DRESS FOR LESS, SHOPRITE, BARNES & NOBLE, WALMART(NOT OWNED), BJ’S WHOLESALE(NOT OWNED), LOWE’S(NOT OWNED)
285 LUMBERTON, NJ
  CROSSROADS PLAZA
1520 ROUTE 38
  PHILADELPHIA     2003       2007       20.00 %     89,627       204,627       1,627,542     SHOPRITE, LOWE’S(NOT OWNED)
286 LYNDHURST, NJ
  LEWANDOWSKI COMMONS
434 LEWANDOWSKI STREET
  NEW YORK CITY     1998       2007       20.00 %     78,097       78,097       1,692,318     STOP & SHOP
287 MAYS LANDING, NJ (HAMILTON)
  HAMILTON COMMONS
4215 BLACK HORSE PIKE
  MAYS LANDING     2001       2004       100.00 %     398,770       398,770       5,565,979     REGAL CINEMAS, ROSS DRESS FOR LESS, BED BATH & BEYOND, MARSHALLS, SPORTS AUTHORITY, H.H. GREGG APPLIANCES
288 MAYS LANDING, NJ (WRANGLEBORO)
  WRANGLEBORO CONS SQ (I & II)
2300 WRANGLEBORO ROAD
  MAYS LANDING     1997       2004       100.00 %     841,433       841,433       9,839,626     BORDERS, BEST BUY, KOHL’S, STAPLES, BABIES R US, BJ’S WHOLESALE CLUB, DICK’S SPORTING GOODS, JUST CABINETS, CHRISTMAS TREE SHOPS, MICHAEL’S, TARGET, PETSMART
289 MOUNT LAUREL, NJ
  CENTERTON SQUARE
CENTERTON ROAD & MARTER AVE
  PHILADELPHIA     2005       1 *       10.00 %     280,067       709,863       6,836,064     WEGMAN’S FOOD MARKETS, BED BATH & BEYOND, PETSMART, DSW SHOE WAREHOUSE, JO-ANN STORES, T.J. MAXX, SPORTS AUTHORITY, COSTCO(NOT OWNED), TARGET(NOT OWNED)
290 PRINCETON, NJ
  NASSAU PARK PAVILION
ROUTE 1 & QUAKER BRIDGE ROAD
  TRENTON     1995       1997       100.00 %     491,997       1,234,571       8,987,679     BORDERS, BEST BUY, PETSMART, DICK’S SPORTING GOODS, MICHAEL’S, WEGMAN’S FOOD MARKETS, KOHL’S, HOMEGOODS, BABIES R US, TARGET(NOT OWNED), SAM’S CLUB(NOT OWNED), HOME DEPOT(NOT OWNED), WALMART(NOT OWNED)

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
291 UNION, NJ
  ROUTE 22 RETAIL CENTER
2700 US HWY 22 E
  NEW YORK CITY     1997       2007       100.00 %     107,348       232,348       1,122,268     BABIES R US, TARGET(NOT OWNED)
292 WEST LONG BRANCH, NJ
  CONSUMER CENTRE
310 STATE HIGHWAY #36
  W. LONG BRANCH     1993       2004       100.00 %     292,999       292,999       3,729,012     SPORTS AUTHORITY, PETSMART, HOME DEPOT
293 WOODLAND PARK, NJ
  WEST FALLS PLAZA
1730 ROUTE 46
  NEW YORK CITY     1995       2007       20.00 %     81,261       88,913       1,917,571     A & P
 
                                                           
New York
                                                           
 
                                                           
294 AMHERST, NY (BURLINGTON/JOANN)
  BURLINGTON PLAZA
1551 NIAGARA FALLS BOULEVARD
  BUFFALO     1978/1982/1990/1998       2004       100.00 %     199,504       199,504       2,019,810     BURLINGTON COAT FACTORY, JO-ANN STORES
295 AMHERST, NY (TOPS ROBINSON)
  TOPS PLAZA (TOPS)
3035 NIAGARA FALLS BLVD
  BUFFALO     1986       2004       20.00 %     145,642       145,642       1,166,964     TOPS MARKETS
296 AMHERST, NY(RITE AID)
  RITE AID
2545 MILLERSPORT HWY
  BUFFALO     2000       2007       100.00 %     10,908       10,908       250,489      
297 ARCADE, NY (TOPS)
  TOPS PLAZA (TOPS)
ROUTE 39
  BUFFALO     1995       2004       10.00 %     65,915       65,915       642,404     TOPS MARKETS
298 AVON, NY (TOPS)
  TOPS PLAZA (TOPS) 270 E. MAIN STREET   ROCHESTER     1997/2002       2004       10.00 %     63,288       63,288       426,347     TOPS MARKETS
299 BIG FLATS, NY (BIG FLATS I)
  BIG FLATS CONSUMER SQ (I)
830 COUNTY ROUTE 64
  ELMIRA     1993/2001       2004       100.00 %     641,264       641,264       5,182,917     SAM’S CLUB, TOPS MARKETS, BED BATH & BEYOND, MICHAEL’S, OLD NAVY, STAPLES, BARNES & NOBLE, T.J. MAXX, HOBBY LOBBY
300 BUFFALO, NY (ELMWOOD)
  ELMWOOD REGAL CENTER 1951 — 2023 ELMWOOD AVENUE   BUFFALO     1997       2004       100.00 %     133,940       133,940       1,678,061     REGAL CINEMAS, OFFICE DEPOT
301 BUFFALO, NY (RITE AID)
  RITE AID
1625 BROADWAY STREET
  BUFFALO     2000       2007       100.00 %     12,739       12,739       280,861      
302 BUFFALO, NY(DELAWARE-TARGET)
  DELAWARE CONSUMER SQUARE (I)
2636-2658 DELAWARE AVENUE
  BUFFALO     1995       2004       100.00 %     238,531       238,531       1,963,590     A.J. WRIGHT, OFFICE MAX, TARGET
303 CHEEKTOWAGA, NY (RITE AID)
  RITE AID
2401 GENNESEE STREET
  BUFFALO     2000       2007       100.00 %     10,908       10,908       335,592      
304 CHEEKTOWAGA, NY (THRUWAY)
  THRUWAY PLAZA
2195 HARLEM ROAD
  BUFFALO     1965/1995/1997/2004       2004       100.00 %     374,962       507,294       2,854,650     WALMART, MOVIELAND 8 THEATRES, TOPS MARKETS, A.J. WRIGHT, VALUE CITY FURNITURE, HOME DEPOT(NOT OWNED)
305 CHEEKTOWAGA, NY (TOPS UNION)
  TOPS PLAZA
3825-3875 UNION ROAD
  BUFFALO     1978/1989/1995/2004       2004       20.00 %     151,357       151,357       1,554,586     TOPS MARKETS
306 CHILI, NY (KMART)
  KMART PLAZA
800 PAUL ROAD
  ROCHESTER     1998       2004       100.00 %     116,868       120,016       763,623     SEARS
307 DANSVILLE, NY (TOPS)
  TOPS PLAZA
23-65 FRANKLIN STREET
  DANSVILLE     2001       2004       100.00 %     71,040       71,040       665,719     TOPS MARKETS
308 DEWITT, NY (MICHAELS)
  MICHAELS
3133 ERIE BOULEVARD
  SYRACUSE     2002       2004       100.00 %     38,413       38,413       448,543     MICHAEL’S
309 DUNKIRK, NY
  RITE AID
1166 CENTRAL AVENUE
  DUNKIRK     2000       2007       100.00 %     10,908       10,908       210,569      
310 ELMIRA, NY
  TOPS PLAZA (TOPS)
HUDSON STREET
  ELMIRA     1997       2004       10.00 %     98,330       98,330       1,116,990     TOPS MARKETS
311 GATES, NY (WALMART SUPERCENTER)
  WESTGATE PLAZA
2000 CHILI AVENUE
  ROCHESTER     1998       2004       100.00 %     330,312       330,312       3,253,187     WALMART SUPERCENTER, STAPLES
312 GREECE, NY
  JO-ANN/PETSMART PLAZA
3042 WEST RIDGE ROAD
  ROCHESTER     1993/1999       2004       100.00 %     75,916       75,916       867,920     PETSMART, JO-ANN STORES
313 HAMBURG, NY (BJS)
  BJ’S PLAZA 4408 MILESTRIP ROAD   BUFFALO     1990/1997       2004       100.00 %     175,965       175,965       1,722,877     OFFICE MAX, BJ’S WHOLESALE CLUB

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
314 HAMBURG, NY (DICKS-PIER 1)
  MCKINLEY MALL OP (PIER 1)
3701 MCKINLEY PARKWAY
  BUFFALO     1990/2001       2004       100.00 %     128,944       128,944       1,539,257     DICK’S SPORTING GOODS, ROSA’S HOME STORE
315 HAMBURG, NY (HOME DEPOT)
  MCKINLEY MILESTRIP (HOMEDEPOT)
4405 MILESTRIP ROAD
  BUFFALO     1999/2000       2004       100.00 %     139,413       139,413       1,328,528     HOME DEPOT
316 HAMBURG, NY (MILESTRIP)
  MCKINLEY MILESTRIP
3540 MCKINLEY PARKWAY
  BUFFALO     1999       2004       100.00 %     106,774       106,774       1,312,571     OLD NAVY, JO-ANN STORES
317 HAMLIN, NY (TOPS)
  TOPS PLAZA (TOPS)
1800 LAKE ROAD
  ROCHESTER     1997       2004       10.00 %     60,488       60,488       431,055     TOPS MARKETS
318 HORSEHEADS, NY
  SOUTHERN TIER CROSSING
ANN PAGE ROAD & I86
  ELMIRA     2008       1 *       100.00 %     133,158       451,767       1,636,066     JO-ANN STORES, DICK’S SPORTING GOODS, WALMART SUPERCENTER(NOT OWNED), KOHLS(NOT OWNED)
319 IRONDEQUOIT, NY (CULVER RIDGE)
  CULVER RIDGE PLAZA
2255 RIDGE ROAD EAST
  ROCHESTER     1972/1984/1997       2004       20.00 %     226,768       226,768       2,257,201     REGAL CINEMAS, A.J. WRIGHT
320 ITHACA, NY (TOPS)
  TOPS PLAZA (TOPS) 614 — 722 SOUTH MEADOW   ITHACA     1990/1999/2003       2004       100.00 %     229,320       229,320       3,342,823     TOPS MARKETS, MICHAEL’S, BARNES & NOBLE
321 JAMESTOWN, NY (PROGRESSIVE)
  TOPS PLAZA (OUTBUILDING)
75 WASHINGTON ST
  JAMESTOWN     1997       2004       20.00 %     98,001       98,001       928,300     TOPS MARKETS
322 LEROY, NY (TOPS)
  TOPS PLAZA (TOPS)
128 WEST MAIN STREET
  ROCHESTER     1997       2004       20.00 %     62,747       62,747       560,730     TOPS MARKETS
323 LOCKPORT, NY
  TOPS PLAZA 5789 & 5839 TRANSIT RD. & HAMM   BUFFALO     1993       2004       100.00 %     296,582       296,582       2,739,337     WALMART, TOPS MARKETS, SEARS
324 N. TONAWANDA, NY (SEARS)
  MID-CITY PLAZA
955-987 PAYNE AVENUE
  BUFFALO     2004       2004       100.00 %     219,972       222,107       2,464,806     GROSSMAN’S BARGAIN OUTLET, TOPS MARKETS
325 NEW HARTFORD, NY (TOPS)
  HANNAFORD PLAZA
40 KELLOGG ROAD
  UTICA     1998       2004       100.00 %     110,732       110,732       1,071,530     HANNAFORD BROTHERS
326 NIAGARA FALLS, NY (REGAL CINE)
  REGAL CINEMAS
720 & 750 BUILDERS WAY
  BUFFALO     1994/2000       2004       100.00 %     43,170       43,170       618,194     REGAL CINEMAS
327 NISKAYUNA, NY
  MOHAWK COMMONS 402 — 442 BALLTOWN ROAD   ALBANY     2002       2004       100.00 %     399,901       530,375       4,802,036     PRICE CHOPPER, LOWE’S, MARSHALLS, BARNES & NOBLE, BED BATH & BEYOND, TARGET(NOT OWNED)
328 NORWICH, NY (TOPS)
  P & C PLAZA
54 EAST MAIN STREET
  NORWICH     1997       2004       10.00 %     85,453       85,453       1,080,490     TOPS MARKETS
329 OLEAN, NY (WALMART SUPER)
  WALMART PLAZA
3142 WEST STATE STREET
  OLEAN     1993/2004       2004       100.00 %     353,326       469,332       2,353,252     WALMART SUPERCENTER, EASTWYNN THEATRES, BJ’S WHOLESALE CLUB, HOME DEPOT(NOT OWNED)
330 ONTARIO, NY (TOPS-BLOCKBUSTER)
  TOPS PLAZA
6254-6272 FURNACE RD
  ROCHESTER     1998       2004       20.00 %     77,040       77,040       664,807     TOPS MARKETS
331 ORCHARD PARK, NY (BLOCKBUSTER)
  CROSSROADS CENTRE
3245 SOUTHWESTERN BLVD
  BUFFALO     2000       2004       20.00 %     167,805       167,805       1,756,024     TOPS MARKETS, STEIN MART, LOWE’S(NOT OWNED)
332 PENFIELD, NY (PANORAMA)
  PANORAMA PLAZA
1601 PENFIELD RD
  ROCHESTER     1959/1965/1972/1980/
1986/1994
      2004       20.00 %     279,219       279,219       3,179,380     STAPLES, TOPS MARKETS
333 ROME, NY (FREEDOM)
  FREEDOM PLAZA
205-211 ERIE BOULEVARD WEST
  ROME     1978/2000/2001       2004       100.00 %     194,467       197,397       1,371,016     STAPLES, J. C. PENNEY, TOPS MARKETS, MARSHALLS
334 TONAWANDA, NY (BIG LOTS)
  YOUNGMANN PLAZA (BIGLOTS)
750 YOUNG STREET
  BUFFALO     1985/2003       2004       10.00 %     306,421       318,166       2,398,950     BJ’S WHOLESALE CLUB, BIG LOTS, GANDER MOUNTAIN, TOPS MARKETS
335 TONAWANDA, NY (OFFICE DEPOT)
  OFFICE DEPOT PLAZA
2309 EGGERT ROAD
  BUFFALO     1976/1985/1996       2004       100.00 %     121,846       121,846       838,196     BEST FITNESS, OFFICE DEPOT
336 TONAWANDA, NY (TOPS)
  TOPS PLAZA (TOPS)
150 NIAGARA STREET
  BUFFALO     1997       2004       10.00 %     97,014       97,014       1,062,347     TOPS MARKETS
337 VICTOR, NY
  VICTOR SQUARE
2-10 COMMERCE DRIVE
  ROCHESTER     2000       2004       100.00 %     56,134       56,134       500,776      
338 WARSAW, NY (TOPS)
  TOPS PLAZA (TOPS)
2382 ROUTE 19
  WARSAW     1998       2004       20.00 %     74,105       74,105       537,343     TOPS MARKETS, WALMART(NOT OWNED)

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
339 WEST SENECA, NY (HOME DEPOT)
  HOME DEPOT PLAZA
1881 RIDGE ROAD
  BUFFALO     1975/1983/1987/1995       2004       100.00 %     139,453       139,453       1,299,637     HOME DEPOT
340 WEST SENECA, NY (SENECA RIDGE)
  SENECA RIDGE PLAZA
3531 SENECA STREET
  BUFFALO     1980/1996/2004       2004       100.00 %     62,403       62,403       248,602     PLANET FITNESS WEST SENECA
341 WILLIAMSVILLE, NY
  WILLIAMSVILLE PLACE
5395 SHERIDAN DRIVE
  BUFFALO     1986/1995/2003       2004       100.00 %     102,917       102,917       1,306,422      
 
                                                           
North Carolina
                                                           
 
                                                           
342 APEX, NC (SOUTH)
  BEAVER CREEK CROSSINGS (SOUTH)
1335 W WILLIAMS STREET
  RALEIGH     2006       1 *       100.00 %     285,292       297,532       4,356,419     DICK’S SPORTING GOODS, CONSOLIDATED THEATRES, T.J. MAXX, BORDERS
343 APEX, NC(COMMONS)
  BEAVER CREEK COMMONS
1335 W WILLIAMS STREET
  RALEIGH     2005       1 *       10.00 %     107,743       450,914       2,559,999     OFFICE MAX, A.C. MOORE, LOWES(NOT OWNED), TARGET(NOT OWNED)
344 ASHEVILLE, NC(OAKLEY)
  OAKLEY PLAZA
FAIRVIEW RD AT INTERSTATE 240
  ASHEVILLE     1988       2007       100.00 %     118,699       118,699       922,314     BABIES R US, BI-LO
345 CARY, NC(HH GREGG)
  HHGREGG
1401 PINEY PLAINS RD
  RALEIGH     2000       2007       100.00 %     29,235       29,235       292,350     H.H. GREGG APPLIANCES
346 CARY, NC(MILL POND)
  MILL POND VILLAGE
3434-3490 KILDAIRE FARM ROAD
  RALEIGH     2004       2007       100.00 %     84,364       149,051       1,122,110     LOWE’S FOODS
347 CHAPEL HILL, NC
  MEADOWMONT VILLAGE W. BARBEE CHAPEL RD   DURHAM     2002       2007       20.00 %     132,745       132,745       2,206,388     HARRIS TEETER SUPERMARKETS
348 CHARLOTTE, NC(CAMFIELD)
  CAMFIELD CORNERS
8620 CAMFIELD STREET
  CHARLOTTE     1994       2007       100.00 %     69,857       69,857       872,582     BI-LO
349 CLAYTON, NC
  CLAYTON CORNERS
US HIGHWAY 70 WEST
  RALEIGH     1999       2007       20.00 %     125,653       125,653       1,360,124     LOWE’S FOODS
350 CONCORD, NC(RITE AID)
  RITE AID
HIGHWAY #29 @ PITTS SCHOOL
  CHARLOTTE     2002       2007       100.00 %     10,908       10,908       227,814      
351 CORNELIUS, NC
  THE SHOPS AT THE FRESH MARKET
20601 TORRENCE CHAPE L ROAD
  CHARLOTTE     2001       2007       100.00 %     131,242       131,242       882,616     STEIN MART, FRESH MARKET
352 DURHAM, NC
  PATTERSON PLACE 3616 WITHERSPOON BLVD.   DURHAM     2004       2007       20.00 %     160,942       160,942       2,157,194     DSW SHOE WAREHOUSE, A.C. MOORE, BED BATH & BEYOND, HOME DEPOT(NOT OWNED), KOHL’S(NOT OWNED), KROGER(NOT OWNED)
353 DURHAM, NC(OXFORD)
  OXFORD COMMONS
3500 OXFORD ROAD
  DURHAM     1990/2001       1/2 *       100.00 %     208,014       326,280       1,410,938     FOOD LION, BURLINGTON COAT FACTORY, WALMART(NOT OWNED)
354 DURHAM, NC(SOUTH)
  SOUTH SQUARE
4001 DURHAM CHAPEL
  DURHAM     2005       2007       20.00 %     107,812       258,747       1,612,591     OFFICE DEPOT, ROSS DRESS FOR LESS, SUPER TARGET(NOT OWNED), SAM’S CLUB(NOT OWNED)
355 FAYETTEVILLE, NC
  CROSS POINTE CENTRE
5075 MORGANTON ROAD
  FAYETTEVILLE     1985/2003       2003       100.00 %     121,934       226,089       1,919,168     T.J. MAXX, BED BATH & BEYOND
356 FAYETTEVILLE, NC(PAVILION)
  FAYETTEVILLE PAVILION
2061 SKIBO ROAD
  FAYETTEVILLE     1998/2001       2007       20.00 %     273,969       273,969       2,834,219     DICK’S SPORTING GOODS, PETSMART, FOOD LION, MARSHALLS, MICHAEL’S
357 FUQUAY VARINA, NC
  SEXTON COMMONS
1420 N MAIN ST
  FUQUAY VARINA     2002       2007       20.00 %     49,097       49,097       783,160     HARRIS TEETER SUPERMARKETS
358 GREENSBORO, NC(ADAMS)
  ADAM’S FARM 5710 HIGH POINT ROAD   GREENSBORO     2004       2007       100.00 %     112,010       112,010       968,005     HARRIS TEETER SUPERMARKETS
359 GREENSBORO, NC(GOLDEN)
  GOLDEN GATE
EAST CORNWALLIS DR
  GREENSBORO     1962/2002       2007       100.00 %     153,113       153,113       1,147,810     HARRIS TEETER SUPERMARKETS, STAPLES, FOOD LION
360 GREENSBORO, NC(WENDOVER I)
  WENDOVER VILLAGE (I)
4203-4205 WEST WENDOVER AVENUE
  GREENSBORO     2004       2007       100.00 %     35,895       170,895       936,386     COSTCO(NOT OWNED)
361 GREENSBORO, NC(WENDOVER II)
  WENDOVER VILLAGE (II)
WEST WENDOVER AVE
  GRENSBORO     2004       2007       20.00 %     134,810       134,810       1,184,640     A.C. MOORE, KLAUSSNER FURNITURE

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
362 HUNTERSVILLE, NC
  BIRKDALE VILLAGE (RETAIL) 8712 LINDHOLM DR., SUITE 206   CHARLOTTE     2003       2007       15.00 %     303,571       303,571       6,199,902     BARNES & NOBLE, DICK’S SPORTING GOODS, REGAL CINEMAS(NOT OWNED)
363 HUNTERSVILLE, NC(ROSEDALE)
  ROSEDALE SHOPPING CENTER
9911 ROSE COMMONS DR
  CHARLOTTE     2000       2007       20.00 %     119,197       119,197       1,727,298     HARRIS TEETER SUPERMARKETS
364 INDIAN TRAIL, NC
  UNION TOWN CENTER
INDEPENDENCE & FAITH CHURCH RD
  INDIAN TRAIL     1999       2004       100.00 %     96,160       96,160       731,070     FOOD LION
365 MOORESVILLE, NC
  MOORESVILLE CONSUMER SQ (I)
355 WEST PLAZA DRIVE
  CHARLOTTE     1999       2004       100.00 %     472,182       472,182       3,452,040     WALMART SUPERCENTER, GANDER MOUNTAIN, OLLIE’S BARGAIN OUTLET
366 MOORESVILLE, NC(WINSLOW)
  WINSLOW BAY COMMONS
BLUEFIELD ROAD AND HIGHWAY 150
  CHARLOTTE     2003       2007       15.00 %     255,798       429,798       3,262,293     ROSS DRESS FOR LESS, DICK’S SPORTING GOODS, T.J. MAXX, MICHAEL’S, SUPER TARGET(NOT OWNED)
367 NEW BERN, NC
  RIVERTOWNE SQUARE
3003 CLAREDON BLVD
  NEW BERN     1989/1999       1/2 *       100.00 %     68,130       252,130       407,726     PETSMART, WALMART SUPERCENTER(NOT OWNED)
368 RALEIGH, NC(ALEXANDER)
  ALEXANDER PLACE
GLENWOOD AVE & BRIER CREEK PKWY
  RALEIGH     2004       2007       15.00 %     188,254       398,254       2,679,555     KOHL’S, H.H. GREGG APPLIANCES, WALMART SUPERCENTER(NOT OWNED)
369 RALEIGH, NC(CAPITAL)
  CAPITAL CROSSING
2900-2950 EAST MILL BROOK ROAD
  RALEIGH     1995       2007       100.00 %     83,248       83,248       913,920     LOWE’S FOODS, STAPLES
370 RALEIGH, NC(RITE AID)
  RITE AID
US HIGHWAY 401 AND PERRY CREEK ROAD
  RALEIGH     2003       2007       100.00 %     10,908       10,908       284,571      
371 RALEIGH, NC(WAKEFIELD)
  WAKEFIELD CROSSING
WAKEFIELD PINES DR & NEW FALLS OF NEUSE
  RALEIGH     2001       2007       100.00 %     75,927       75,927       775,310     FOOD LION
372 SALISBURY, NC
  ALEXANDER POINTE
850 JAKE ALEXANDER BLVD
  SALISBURY     1997       2007       20.00 %     57,710       57,710       665,594     HARRIS TEETER SUPERMARKETS
373 SILER CITY, NC
  CHATHAM CROSSING
US HIGHWAY 64 WEST
  DURHAM     2002       2007       15.00 %     31,979       266,979       438,848     WALMART SUPERCENTER(NOT OWNED)
374 SOUTHERN PINES, NC
  SOUTHERN PINES MARKETPLACE
US HWY 15-501
  SOUTHERN PINE     2002       2007       15.00 %     57,404       57,404       516,759     STEIN MART
375 WAKE FOREST, NC
  CAPITAL PLAZA
11825 RETAIL DRIVE
  RALEIGH     2004       2007       15.00 %     46,793       336,793       577,326     HOME DEPOT(NOT OWNED), SUPER TARGET(NOT OWNED)
376 WASHINGTON, NC
  PAMLICO PLAZA
536 PAMLICO PLAZA
  WASHINGTON     1990/1999       1/2 *       100.00 %     80,644       265,428       522,647     BURKE’S OUTLET, OFFICE DEPOT, WALMART SUPERCENTER(NOT OWNED)
377 WILMINGTON, NC
  UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR.   WILMINGTON     1989/2001       1/2 *       100.00 %     411,887       518,735       2,849,176     LOWE’S, OLD NAVY, BED BATH & BEYOND, ROSS DRESS FOR LESS, SAM’S CLUB(NOT OWNED)
378 WILMINGTON, NC(OLEANDER)
  OLEANDER SHOPPING CENTER
3804 OLEANDER DRIVE
  WILMINGTON     1989       2007       100.00 %     51,888       51,888       578,641     LOWE’S FOODS
379 WILSON, NC
  FOREST HILLS CENTRE
1700 RALEIGH RD NW
  WILSON     1989       2007       100.00 %     73,020       73,020       327,955      
380 WINSTON SALEM, NC(HARPER)
  HARPER HILL COMMONS
5049 COUNTRY CLUB RD
  WINSTON SALEM     2004       2007       20.00 %     55,394       96,914       913,993     HARRIS TEETER SUPERMARKETS
381 WINSTON SALEM, NC(OAK)
  OAK SUMMIT
EAST HANES MILL ROAD
  WINSTON SALEM     2003       2007       15.00 %     142,394       352,394       1,427,583     STAPLES, PETSMART, WALMART SUPERCENTER(NOT OWNED)
382 WINSTON SALEM, NC(OLIVER)
  SHOPS AT OLIVER CROSSING
PETERS CREEK PKWY OLIVER CROSSING
  WINSTON SALEM     2003       2007       20.00 %     76,512       76,512       822,500     LOWE’S FOODS
383 WINSTON SALEM, NC(WALMART SUPERCENTER)
  WALMART SUPERCENTER
4550 KESTER MILL RD
  WINSTON SALEM     1998       2007       100.00 %     204,931       204,931       1,403,777     WALMART SUPERCENTER
 
                                                           
North Dakota
                                                           
 
                                                           
384 DICKINSON, ND
  PRAIRIE HILLS MALL
1681 THIRD AVENUE
  DICKINSON     1978       1/2 *       100.00 %     267,506       267,506       1,035,532     K MART, HERBERGER’S, J.C. PENNEY

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
Ohio
                                                           
385 ALLIANCE, OH
  WALMART SUPERCENTER
2700 WEST STATE ST
  CANTON     1998       2007       100.00 %     200,084       200,084       1,190,500     WALMART SUPERCENTER
386 ASHTABULA, OH (TOPS)
  ASHTABULA COMMONS
1144 WEST PROSPECT ROAD
  ASHTABULA     2000       2004       100.00 %     57,874       57,874       854,920      
387 AURORA, OH
  BARRINGTON TOWN CENTER
70-130 BARRINGTON TOWN SQUARE
  CLEVELAND     1996/2004       1 *       100.00 %     102,683       159,982       1,030,503     CINEMARK, HEINEN’S(NOT OWNED)
388 BOARDMAN, OH
  SOUTHLAND CROSSINGs
I-680 & US ROUTE 224
  YOUNGSTOWN     1997       1 *       100.00 %     506,254       511,654       4,158,603     LOWE’S, BABIES R US, STAPLES, DICK’S SPORTING GOODS, WALMART, PETSMART, GIANT EAGLE
389 CHILLICOTHE, OH
  CHILLICOTHE PLACE
867 N BRIDGE ST
  CHILLICOTHE     1974/1998       1/2 *       20.00 %     106,262       106,262       1,106,630     KROGER, OFFICE MAX
390 CHILLICOTHE, OH(LOWES)
  CHILLICOTHE PLACE (LOWES)
867 N BRIDGE STREET
  CHILLICOTHE     1998       1981       100.00 %     130,497       130,497       822,132     LOWE’S
391 CINCINNATI, OH
  GLENWAY CROSSING
5100 GLENCROSSING WAY
  CINCINNATI     1990       1993       100.00 %     235,433       235,433       1,208,707     MICHAEL’S
392 CINCINNATI, OH(KROGER)
  KROGER
6401 COLERAIN AVE
  CINCINNATI     1998       2007       100.00 %     56,634       56,634       556,486     KROGER
393 CINCINNATI, OH(TRI COUNTY)
  TRI-COUNTY MALL
11700 PRINCETON PIKE
  CINCINNATI     1960/1990/1992       2005       20.00 %     758,031       1,270,511       11,239,215     DILLARD’S, SEARS, MACY’S(NOT OWNED)
394 CLEVELAND, OH
  KMART PLAZA
14901-14651 LORAIN AVE
  CLEVELAND     1982       2008       25.25 %     109,350       109,350       746,929     K MART
395 COLUMBUS, OH (CONSUMER SQUARE)
  CONSUMER SQUARE WEST 3630 SOLDANO BLVD.   COLUMBUS     1989/2003       2004       100.00 %     356,515       356,515       2,009,987     KROGER, TARGET
396 COLUMBUS, OH (EASTON MARKET)
  EASTON MARKET
3740 EASTON MARKET
  COLUMBUS     1998       1998       100.00 %     506,883       506,883       6,216,605     STAPLES, PETSMART, GOLFSMITH GOLF CENTER, MICHAEL’S, DICK’S SPORTING GOODS, DSW SHOE WAREHOUSE, KITTLE’S HOME FURNISHINGS, BED BATH & BEYOND, T.J. MAXX, BUY BUY BABY
397 COLUMBUS, OH (LENNOX)
  LENNOX TOWN CENTER
1647 OLENTANGY RIVER ROAD
  COLUMBUS     1997       1998       50.00 %     352,913       352,913       3,647,127     TARGET, BARNES & NOBLE, STAPLES, AMC THEATRE
398 COLUMBUS, OH (SUN)
  SUN CENTER
3622-3860 DUBLIN GRANVILLE RD
  COLUMBUS     1995       1998       79.45 %     315,828       315,828       3,767,790     BABIES R US, MICHAEL’S, ASHLEY FURNITURE HOMESTORE, STEIN MART, WHOLE FOODS, STAPLES
399 COLUMBUS, OH(HILLIARD)
  HILLIARD ROME COMMONS
1710-60 HILLIARD ROME ROAD
  COLUMBUS     2001       2007       20.00 %     110,871       110,871       1,487,078     GIANT EAGLE
400 DUBLIN, OH (PERIMETER CENTER)
  PERIMETER CENTER
6644-6804 PERIMETER LOOP ROAD
  COLUMBUS     1996       1998       100.00 %     137,556       137,556       1,495,159     GIANT EAGLE
401 ELYRIA, OH
  ELYRIA SHOPPING CENTER
841 CLEVELAND
  CLEVELAND     1977       2 *       100.00 %     92,125       92,125       693,270     GIANT EAGLE
402 GROVE CITY, OH(DERBY SQUARE)
  DERBY SQUARE
2161-2263 STRINGTOWN ROAD
  COLUMBUS     1992       1998       20.00 %     128,250       128,250       1,182,538     GIANT EAGLE
403 HUBER HTS., OH
  NORTH HEIGHTS PLAZA
8280 OLD TROY PIKE
  DAYTON     1990       1993       100.00 %     182,749       182,749       1,642,082     H.H. GREGG APPLIANCES, DICK’S SPORTING GOODS, HOBBY LOBBY(NOT OWNED), BED BATH & BEYOND(NOT OWNED)
404 LEBANON, OH
  COUNTRYSIDE PLACE
1879 DEERFIELD ROAD
  LEBANON     1990/2002       1993       100.00 %     17,000       110,480       0     WALMART(NOT OWNED), ERB LUMBER(NOT OWNED), HOME DEPOT(NOT OWNED)
405 MACEDONIA, OH
  MACEDONIA COMMONS (I)
MACEDONIA COMMONS BLVD
  CLEVELAND     1994       1994       50.00 %     236,556       375,723       2,931,192     HOBBY LOBBY, KOHL’S, WALMART(NOT OWNED), HOME DEPOT(NOT OWNED)
406 MACEDONIA, OH (PHASE II)
  MACEDONIA COMMONS (II)
8210 MACEDONIA COMMONS
  CLEVELAND     1999       1/2 *       100.00 %     57,658       169,481       915,609     CINEMARK
407 SOLON, OH
  UPTOWN SOLON
KRUSE DRIVE
  CLEVELAND     1998       1 *       100.00 %     183,255       183,255       2,948,027     MUSTARD SEED MARKET & CAFE, BED BATH & BEYOND, BORDERS

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
408 SOLON, OH(SEARS)
  SEARS SOLON
6221 SOM CENTER
  CLEVELAND     1977       2008       25.25 %     84,180       84,180       299,819     K MART
409 STEUBENVILLE, OH
  LOWE’S HOME IMPROVEMENT 4115 MALL DRIVE   PITTSBURGH     1998       2007       100.00 %     130,497       130,497       871,236     LOWE’S
410 STOW, OH
  STOW COMMUNITY CENTER (I)
KENT ROAD
  AKRON     1997/2000       1 *       100.00 %     371,057       473,140       3,615,273     BED BATH & BEYOND, GIANT EAGLE, KOHL’S, OFFICE MAX, TARGET(NOT OWNED)
411 TIFFIN, OH
  TIFFIN MALL
870 WEST MARKET STREET
  TIFFIN     1980/2004       1/2 *       100.00 %     170,868       170,868       530,341     CINEMARK, J. C. PENNEY
412 TOLEDO, OH
  SPRINGFIELD COMMONS S. HOLLAND-SYLVANIA ROAD   TOLEDO     1999       1 *       20.00 %     241,129       271,729       2,848,661     KOHL’S, GANDER MOUNTAIN, BABIES R US, BED BATH & BEYOND, OLD NAVY
413 TOLEDO, OH (DICKS)
  NORTH TOWNE COMMONS (DICK’S) 851 W. ALEXIS ROAD   TOLEDO     1995       2004       100.00 %     80,160       80,160       501,000     DICK’S SPORTING GOODS
414 WESTLAKE, OH
  WEST BAY PLAZA
30100 DETROIT ROAD
  CLEVELAND     1974/1997/2000       1/2 *       100.00 %     162,330       162,330       1,358,080     MARC’S, K MART
415 WILLOUGHBY HILLS, OH
  SHOPPES AT WILLOUGHBY HILLS
CHARDON ROAD
  CLEVELAND     1985       2007       15.00 %     376,977       381,508       3,197,367     GIANT EAGLE, CINEMARK, A.J. WRIGHT, OFFICE MAX, NATIONAL COLLEGE
416 XENIA, OH
  WEST PARK SQUARE
1700 WEST PARK SQUARE
  XENIA     1994/1997/2001       1 *       100.00 %     112,361       203,282       534,672     KROGER, WALMART(NOT OWNED)
417 ZANESVILLE, OH
  KMART SHOPPING CENTER 3515 N. MAPLE AVENUE   SANDUSKY     1973       2008       25.25 %     84,180       84,180       223,160     K MART
 
                                                           
Oklahoma
                                                           
 
                                                           
418 ENID, OK
  KMART PLAZA
4010 WEST OWEN GARRIOT RD
  ENID     1983       2008       25.25 %     84,000       114,000       196,206     K MART, UNITED SUPERMARKETS(NOT OWNED)
419 OKLAHOMA CITY, OK
  CVS PHARMACY
2323 NORTH MARTIN LUTHER KING BLVD
  OKLAHOMA CITY     1997       2007       100.00 %     9,504       9,504       159,358      
 
                                                           
Oregon
                                                           
 
                                                           
420 PORTLAND, OR
  TANASBOURNE TOWN CENTER (I)   PORTLAND     1995/2001       1996       50.00 %     309,617       566,457       4,625,437     ROSS DRESS FOR LESS, MICHAEL’S, BARNES & NOBLE, OFFICE DEPOT, HAGGAN’S, NORDSTROM(NOT OWNED), TARGET(NOT OWNED)
 
  NW EVERGREEN PKWY & NW RING RD                                                        
 
                                                           
Pennsylvania
                                                           
 
                                                           
421 ALLENTOWN, PA (BJS)
  BJ’S WHOLESALE CLUB 1785 AIRPORT ROAD SOUTH   ALLENTOWN     1991       2004       100.00 %     112,230       112,230       863,266     BJ’S WHOLESALE CLUB
422 ALLENTOWN, PA(WEST)
  WEST VALLEY MARKETPLACE
1091 MILL CREEK ROAD
  ALLENTOWN     2001/2004       2003       100.00 %     259,239       259,239       2,688,379     WALMART SUPERCENTER
423 CAMP HILL, PA
  CAMP HILL CENTER
3414 SIMPSON FERRY ROAD
  HARRISBURG     1978/2002       2007       100.00 %     62,888       62,888       288,000     MICHAEL’S
424 CARLISLE, PA
  CARLISLE COMMONS SHOPPING CTR
RIDGE STREET & NOBLE BLVD
  HARRISBURG     2001       2007       15.00 %     393,033       393,033       3,332,111     WALMART SUPERCENTER, T.J. MAXX, ROSS DRESS FOR LESS, REGAL CINEMAS
425 CHESWICK, PA
  RITE AID 1200 PITTSBURGH ST.   PITTSBURGH     2000       2007       100.00 %     10,908       10,908       248,609      
426 CONNELLSVILLE, PA
  RITE AID
100 MEMORIAL BLVD
  PITTSBURGH     1999       2007       100.00 %     10,908       10,908       312,181      
427 E. NORRITON, PA
  DEKALB PLAZA
2692 DEKALB PIKE
  PHILADELPHIA     1975/1997       1/2 *       100.00 %     173,876       179,376       1,195,116     BIG LOTS
428 ERIE, PA (PEACH)
  PEACH STREET SQUARE (I)
1902 KEYSTONE DRIVE
  ERIE     1995/1998/2003       1999       100.00 %     557,769       679,074       4,610,213     LOWE’S, PETSMART, KOHL’S, WALMART, CINEMARK, HOME DEPOT(NOT OWNED)
429 ERIE, PA(BUFFALO RD)
  RITE AID (BUFFALO ROAD)
4145 BUFFALO ROAD
  ERIE     1999       2007       100.00 %     10,908       10,908       235,940      
430 ERIE, PA(EAST 26TH ST)
  RITE AID (EAST 26TH ST)
404 EAST 26TH STREET
  ERIE     1999       2007       100.00 %     10,908       10,908       260,047      

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
431 ERIE, PA(EAST 6TH)
  RITE AID (EAST 6TH ST)
353 EAST 6TH STREET
  ERIE     1999       2007       100.00 %     10,908       10,908       266,969      
432 ERIE, PA(PEACH ST)
  RITE AID (PEACH ST) 5440 PEACH ST.   ERIE     2000       2007       100.00 %     10,908       10,908       354,691      
433 ERIE, PA(RITE AID)
  RITE AID (WEST 26TH ST) 2923 WEST 26TH ST.   ERIE     1999       2007       100.00 %     10,908       10,908       332,311      
434 ERIE, PA(WEST 12TH)
  RITE AID (WEST 12TH ST)
2184 WEST 12TH ST
  ERIE     1999       2007       100.00 %     10,908       10,908       373,661      
435 HOMESTEAD, PA
  WATERFRONT MARKET AMITY 149 W. BRIDGE STREET   PITTSBURGH                     15.00 %     764,824       967,964       10,753,717     DICK’S SPORTING GOODS, LOEW’S CINEMA, BEST BUY, MICHAEL’S, OFFICE DEPOT, T.J. MAXX, OLD NAVY, DSW SHOE WAREHOUSE, BED BATH & BEYOND, MARSHALLS, BARNES & NOBLE, DAVE & BUSTER’S, TARGET(NOT OWNED), MACY’S(NOT OWNED)
436 IRWIN, PA
  RITE AID
3550 ROUTE 130
  PITTSBURGH     1999       2007       100.00 %     10,908       10,908       262,741      
437 KING OF PRUSSIA, PA
  OVERLOOK AT KING OF PRUSSIA
301 GODDARD BLVD
  PHILADELPHIA     2002       2007       15.00 %     105,615       186,980       4,855,050     UNITED ARTISTS THEATRE, NORDSTROM RACK, BEST BUY
438 MONROEVILLE, PA
  RITE AID (WM PENN HWY)
4111 WILLIAM PENN HWY
  PITTSBURGH     1998       2007       100.00 %     12,738       12,738       484,028      
439 MONROEVILLE, PA(RITE AID)
  RITE AID (MONROEVILLE BLVD)
2604 MONROEVILLE BLVD
  PITTSBURGH     1999       2007       100.00 %     10,908       10,908       295,339      
440 MT. NEBO, PA
  MT. NEBO POINTE MT NEBO ROAD & LOWRIES RUN ROAD   PITTSBURGH     2005       1 *       10.00 %     60,308       320,043       690,845     SAM’S CLUB(NOT OWNED), TARGET(NOT OWNED)
441 NEW CASTLE, PA
  RITE AID
31 NORTH JEFFERSON STREET
  NEW CASTLE     1999       2007       100.00 %     10,908       10,908       267,194      
442 PITTSBURGH, PA
  RITE AID (GOLDEN MILE HWY)
1804 GOLDEN MILE HWY
  PITTSBURGH     1999       2007       100.00 %     10,908       10,908       326,940      
443 PITTSBURGH, PA (SAW MILL)
  RITE AID (SAW MILL RUN BLVD)
2501 SAW MILL RUN BLVD
  PITTSBURGH     1999       2007       100.00 %     10,908       10,908       342,233      
444 POTTSTOWN, PA
  KMART SHOPPING CENTER
2200 EAST HIGH STREET
  PITTSBURGH     1973       2008       25.25 %     84,180       84,180       275,000     K MART
445 WILLOW GROVE, PA
  KMART SHOPPING CENTER
2620 MORELAND ROAD
  PHILADELPHIA     1973       2008       25.25 %     94,500       94,500       341,125     K MART
 
                                                           
Puerto Rico
                                                           
 
                                                           
446 ARECIBO, PR (ATLANTICO)
  PLAZA DEL ATLANTICO PR # KM 80.3   ARECIBO     1980/1993       2005       100.00 %     215,391       224,890       2,919,491     K MART, CAPRI DEL ATLANTICO
447 BAYAMON, PR (PLAZA DEL SOL)
  PLAZA DEL SOL
RD PR#29 & PR#167, HATO TEJAS
  SAN JUAN     1998/2003/2004       2005       100.00 %     532,433       673,654       16,649,374     WALMART, OLD NAVY, SCIENCE PARK CINEMA, BED BATH & BEYOND, HOME DEPOT(NOT OWNED)
448 BAYAMON, PR (REXVILLE PLAZA)
  REXVILLE PLAZA PR #167, KM 18.8   SAN JUAN     1980/2002       2005       100.00 %     126,023       132,309       1,624,809     PUEBLO XTRA, TIENDAS CAPRI
449 BAYAMON, PR (RIO HONDO)
  PLAZA RIO HONDO
PR#22, PR#167
  SAN JUAN     1982/2001       2005       100.00 %     484,651       549,953       13,403,717     TIENDAS CAPRI, BEST BUY, K MART, PUEBLO XTRA, RIO HONDO CINEMAS, MARSHALLS
450 CAROLINA, PR (PLAZA ESCORIAL)
  PLAZA ESCORIAL CARRETERA #3, KM 6.1   SAN JUAN     1997       2005       100.00 %     420,470       636,340       8,030,463     OFFICE MAX, WALMART SUPERCENTER, PLAZA ESCORIAL CINEMAS, BORDERS, OLD NAVY, SAM’S CLUB, HOME DEPOT(NOT OWNED)
451 CAYEY, PR (PLAZA CAYEY)
  PLAZA CAYEY
STATE ROAD #1 & PR #735
  CAYEY     1999/2004       2005       100.00 %     261,126       339,840       3,002,849     WALMART SUPERCENTER, CAYEY CINEMA CORP.(NOT OWNED)
452 FAJARDO, PR (PLAZA FAJARDO)
  PLAZA FAJARDO
ROAD PR #3 INT PR #940
  FAJARDO     1992       2005       100.00 %     245,319       251,319       4,226,546     WALMART, PUEBLO XTRA
453 GUAYAMA, PR (PLAZA WAL-MART)
  PLAZA WAL-MART ROAD PR #3 KM 135.0   FUAYAMA     1994       2005       100.00 %     163,598       163,598       1,739,672     WALMART

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
454 HATILLO, PR (PLAZA DEL NORTE)
  PLAZA DEL NORTE ROAD#2 KM 81.9   ARECIBO     1992       2005       100.00 %     511,027       673,261       10,316,981     SEARS, TOYS R US, J.C. PENNEY, OFFICE MAX, WALMART
455 HUMACAO, PR (PALMA REAL)
  PLAZA PALMA REAL STATE ROAD #3, KM 78.20   HUMACAO     1995       2005       100.00 %     345,489       441,495       6,991,487     PEP BOYS, J.C. PENNEY, CAPRI STORES, MARSHALLS, WALMART, OFFICE MAX
456 ISABELA, PR (PLAZA ISABELA)
  PLAZA ISABELA
STATE ROAD #2 & # 454
  ISABELA     1994       2005       100.00 %     238,410       259,016       3,842,879     WALMART, SUPER SELECTOS SUPERMARKET
457 SAN GERMAN, PR (CAMINO REAL)
  CAMINO REAL
STATE ROAD PR #122
  SAN GERMAN     1991       2005       100.00 %     0       49,172       339,950      
458 SAN GERMAN, PR (DEL OESTE)
  PLAZA DEL OESTE
ROAD PR #2 INT PR #122
  SAN GERMAN     1991       2005       100.00 %     174,172       184,746       2,440,632     K MART, ECONO SAN GERMAN, PEP BOY’S
459 SAN JUAN, PR (SENORIAL PLAZA)
  SENORIAL PLAZA
PR #53 & PR #177
  SAN JUAN   1978/Mutiple     2005       100.00 %     159,026       199,486       2,480,399     K MART, PUEBLO XTRA
460 VEGA BAJA, PR (PLZ VEGA BAJA)
  PLAZA VEGA BAJA
ROAD PR #2 INT PR #155
  VEGA BAJA     1990       2005       100.00 %     180,488       184,938       1,881,635     K MART, PUEBLO XTRA
 
                                                           
Rhode Island
                                                           
 
                                                           
461 MIDDLETOWN, RI
  MIDDLETOWN VILLAGE
1315 WEST MAIN ST
  PROVIDENCE     2003       2007       100.00 %     98,161       98,161       925,230     BARNES & NOBLE, MICHAEL’S
462 WARWICK, RI
  WARWICK CENTER
1324 BALD HILL ROAD
  PROVIDENCE     2004       2007       15.00 %     159,958       159,958       2,171,965     DICK’S SPORTING GOODS, BARNES & NOBLE, DSW SHOE WAREHOUSE
 
                                                           
South Carolina
                                                           
 
                                                           
463 AIKEN, SC (EXCHANGE)
  AIKEN EXCHANGE
WHISKEY ROAD & BROOK HAVEN DRIVE
  GREENVILLE     2004       2007       15.00 %     101,558       226,558       457,370     PETSMART, TARGET(NOT OWNED)
464 ANDERSON, SC (NORTH HILL)
  NORTH HILL COMMONS
3521 CLEMSON BLVD
  GREENVILLE     2000       2007       15.00 %     43,149       168,149       441,619     MICHAEL’S, TARGET(NOT OWNED), LOWE’S(NOT OWNED)
465 CAMDEN, SC
  SPRINGDALE PLAZA
1671 SPRINGDALE DRIVE
  CAMDEN     1990/2000       1993       100.00 %     180,127       363,405       979,481     BELK, WALMART(NOT OWNED)
466 CHARLESTON, SC
  ASHLEY CROSSING (I)
2245 ASHLEY CROSSING DRIVE
  CHARLESTON     1991       2003       100.00 %     188,883       196,048       681,350     FOOD LION
467 COLUMBIA, SC (STATION)
  COLUMBIANA STATION OEA
HARBISON BLVD & BOWE R PARKWAY
  COLUMBIA     2003       2007       15.00 %     375,902       558,669       3,087,614     DICK’S SPORTING GOODS, MICHAEL’S, PETSMART, H.H. GREGG APPLIANCES, BUY BUY BABY
468 COLUMBIA, SC (TARGET)
  TARGET CENTER (I) 10204 TWO NOTCH RD.   COLUMBIA     2002       2007       15.00 %     83,400       208,400       138,875     MICHAEL’S, TARGET(NOT OWNED)
469 CONWAY, SC
  GATEWAY PLAZA
2701 CHURCH STREET
  MYRTLE BEACH     2002       2007       100.00 %     62,428       62,428       363,591      
470 EASLEY, SC
  CENTER POINTE PLAZA (II)
CALHOUN MEMORIAL HWY & BRUSHY CREEK ROAD
  GREENVILLE     2004       2007       20.00 %     72,287       187,287       676,107     PUBLIX SUPER MARKETS, HOME DEPOT(NOT OWNED)
471 FORT MILL, SC
  RITE AID
2907 W HWY 160
  GAFFNEY     2002       2007       100.00 %     13,824       13,824       309,853      
472 GAFFNEY, SC
  RITE AID
1320 W FLOYD BAKER BLVD
  GREENVILLE     2003       2007       100.00 %     13,818       13,818       291,984      
473 GREENVILLE, SC (RITE AID)
  RITE AID
3679 AUGUSTA ROAD
  GREENVILLE     2001       2007       100.00 %     10,908       10,908       283,423      
474 GREENVILLE, SC(THE POINT)
  THE POINT
1140 WOODRUFF ROAD
  GREENVILLE     2005       2007       20.00 %     104,641       104,641       1,164,685     WHOLE FOODS
475 GREENVILLE, SC(WALMART SUPERCENTER)
  WALMART SUPERCENTER
1451 WOODRUFF ROAD
  GREENVILLE     1998       2007       100.00 %     200,084       200,084       1,272,534     WALMART SUPERCENTER
476 GREENWOOD, SC
  NORTHSIDE PLAZA (BI-LO)
US HIGHWAY 25 & NORTHSIDE DRIVE
  GREENWOOD     1999       2007       100.00 %     41,581       41,581       334,437     BI-LO

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
477 LEXINGTON, SC
  LEXINGTON PLACE
US HWY 378 AND OLD CHEROKEE ROAD
  COLUMBIA     2003       2007       100.00 %     83,167       215,167       864,189     ROSS DRESS FOR LESS, T.J. MAXX, PUBLIX SUPER MARKETS(NOT OWNED), KOHL’S(NOT OWNED)
478 MT. PLEASANT, SC
  WANDO CROSSING
1500 HIGHWAY 17 NORTH
  CHARLESTON     1992/2000       1995       100.00 %     209,810       325,907       2,032,716     OFFICE DEPOT, T.J. MAXX, MARSHALLS, WALMART(NOT OWNED)
479 MT. PLEASANT, SC (BI-LO)
  BI-LO AT SHELMORE
672 HWY 17 BY-PASS
  CHARLESTON     2002       2007       100.00 %     64,368       64,368       920,894     BI-LO
480 MYRTLE BEACH, SC
  THE PLAZA AT CAROLINA FOREST
3735 RENEE DRIVE
  MYRTLE BEACH     1999       2007       20.00 %     116,657       116,657       1,421,687     KROGER
481 N. CHARLESTON, SC
  NORTH POINTE PLAZA
7400 RIVERS AVENUE
  CHARLESTON     1989/2001       2 *       100.00 %     294,471       344,471       2,103,664     WALMART SUPERCENTER, OFFICE MAX
482 N. CHARLESTON, SC(N CHARL CTR)
  NORTH CHARLESTON CENTER
5900 RIVERS AVE
  CHARLESTON     1980/1993       2004       100.00 %     236,437       236,437       1,350,105     NORTHERN TOOL, BIG LOTS, HOME DECOR LIQUIDATORS
483 ORANGEBURG, SC
  NORTH ROAD PLAZA
2795 NORTH ROAD
  COLUMBIA     1994/1999       1995       100.00 %     50,760       247,434       374,650     WALMART SUPERCENTER(NOT OWNED)
484 PIEDMONT, SC
  RITE AID
915 ANDERSON STREET
  GREENVILLE     2000       2007       100.00 %     10,908       10,908       181,052      
485 SIMPSONVILLE, SC
  FAIRVIEW STATION
621 FAIRVIEW ROAD
  GREENVILLE     1990       1994       100.00 %     142,086       142,086       872,030     INGLES, KOHL’S
486 SPARTANBURG, SC (BLACKSTOCK)
  RITE AID (W O EZELL BLVD) 1510 W.O. EZELL BLVD   SPARTANBURG     2001       2007       100.00 %     10,908       10,908       271,599      
487 SPARTANBURG, SC (NORTHPOINT)
  NORTHPOINT MARKETPLACE
8642-8760 ASHEVILLE HIGHWAY
  SPARTANBURG     2001       2007       100.00 %     102,252       102,252       555,150     INGLES
488 SPARTANBURG, SC (RITE AID)
  RITE AID (N PINE ST) 780 N. PINE STREET   SPARTANBURG     2002       2007       100.00 %     10,908       10,908       283,656      
489 TAYLORS, SC
  NORTH HAMPTON MARKET
6019 WADE HAMPTON (AKA GREER, SC)
  GREENVILLE     2004       2007       20.00 %     114,935       171,545       1,182,260     HOBBY LOBBY, TARGET(NOT OWNED)
490 TAYLORS, SC (HAMPTON)
  HAMPTON POINT
3033 WADE HAMPTON BL
  GREENVILLE     1993       2007       100.00 %     58,316       58,316       435,042     BI-LO
491 WOODRUFF, SC
  RITE AID
121 N MAIN STREET
  CHARLESTON     2002       2007       100.00 %     13,824       13,824       288,178      
 
                                                           
South Dakota
                                                           
 
                                                           
492 WATERTOWN, SD
  WATERTOWN MALL
1300 9TH AVENUE
  WATERTOWN     1977       1/2 *       100.00 %     240,262       282,262       1,255,032     DUNHAM’S SPORTING GOODS, HERBERGER’S, J.C. PENNEY, HY VEE SUPERMARKET(NOT OWNED)
 
                                                           
Tennessee
                                                           
 
                                                           
493 CHATTANOOGA, TN
  OVERLOOK AT HAMILTON PLACE
2288 GUNBARREL ROAD
  CHATTANOOGA     1992/2004       2003       100.00 %     213,105       213,105       1,937,557     BEST BUY, HOBBY LOBBY, FRESH MARKET
494 COLUMBIA, TN
  COLUMBIA SQUARE
845 NASHVILLE HWY
  COLUMBIA     1993       2003       10.00 %     68,948       68,948       425,417     KROGER
495 FARRAGUT, TN
  FARRAGUT POINTE
11132 KINGSTON PIKE
  KNOXVILLE     1991       2003       10.00 %     71,311       71,311       470,589      
496 GOODLETTSVILLE, TN
  NORTHCREEK COMMONS
101-139 NORTHCREEK BLVD
  NASHVILLE     1987       2003       20.00 %     84,441       84,441       657,411     KROGER
497 HENDERSONVILLE, TN
  LOWES HOME IMPROVEMENT
TN HENDERSONVILLE
  NASHVILLE     1999       2003       100.00 %     133,144       133,144       1,230,689     LOWE’S
498 JACKSON, TN
  WEST TOWNE COMMONS
41 STONEBROOK PLACE
  JACKSON     1992       2007       20.00 %     62,925       62,925       525,816     KROGER
499 JOHNSON CITY, TN
  JOHNSON CITY MARKETPLACE
FRANKLIN & KNOB CREEK ROADS
  JOHNSON CITY     2005       2003       100.00 %     11,749       99,997       534,609     KOHL’S, LOWE’S(NOT OWNED)

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
500 KNOXVILLE, TN
  PAVILION OF TURKEY CREEK (I)
10936 PARKSIDE DRIVE
  KNOXVILLE     2001       2007       15.00 %     280,776       478,814       3,153,962     ROSS DRESS FOR LESS, OFFICE MAX, OLD NAVY, HOBBY LOBBY, TARGET(NOT OWNED), WALMART SUPERCENTER(NOT OWNED)
501 KNOXVILLE, TN (TOWN)
  TOWN & COUNTRY COMMONS (I)
NORTH PETERS ROAD & TOWN & COUNTRY CIRCL
  KNOXVILLE     1985/1997       2007       15.00 %     638,334       638,334       5,785,953     JO-ANN STORES, STAPLES, BEST BUY, FOOD CITY, LOWE’S, CARMIKE CINEMAS, DICK’S SPORTING GOODS
502 MEMPHIS, TN(AMERICAN)
  AMERICAN WAY
4075 AMERICAN WAY
  MEMPHIS     1988       2007       20.00 %     121,222       121,222       777,112     KROGER
503 MORRISTOWN, TN
  CROSSROADS SQUARE
130 TERRACE LANE
  MORRISTOWN     2004       2007       20.00 %     68,500       70,000       638,000     T.J. MAXX, OFFICE MAX(NOT OWNED)
504 NASHVILLE, TN
  WILLOWBROOK COMMONS
61 EAST THOMPSON LN
  NASHVILLE     2005       2007       20.00 %     93,600       93,600       753,755     KROGER
505 NASHVILLE, TN (BELLEVUE)
  BELLEVUE PLACE
7625 HIGHWAY 70 S
  NASHVILLE     2003       2007       15.00 %     77,180       192,180       863,550     MICHAEL’S, BED BATH & BEYOND, HOME DEPOT(NOT OWNED)
506 OAKLAND, TN
  OAKLAND MARKET PLACE
7265 US HWY 64
  MEMPHIS     2004       2007       20.00 %     64,600       64,600       381,367     KROGER
 
                                                           
Texas
                                                           
 
                                                           
507 ALLEN, TX
  WATTERS CREEK
BETHANY ROAD
  DALLAS     2008       1 *       10.00 %     350,259       360,669       5,842,077     UNITED MARKET STREET
508 AUSTIN, TX (TECH RIDGE)
  THE SHOPS AT TECH RIDGE
CENTER RIDGE DRIVE
  AUSTIN     2003       2003       25.75 %     282,845       530,481       3,358,799     ROSS DRESS FOR LESS, TOYS R US, HOBBY LOBBY, BEST BUY, SUPER TARGET(NOT OWNED)
509 FORT WORTH, TX (CVS 6794)
  CVS PHARMACY (JACKSBORO HWY)
2706 JACKSBORO HWY
  DALLAS     1997       2007       100.00 %     10,908       10,908       239,784      
510 FORT WORTH, TX (CVS 7785)
  CVS PHARMACY (SYCAMORE SCHOOL)
4551 SYCAMORE SCHOOL ROAD
  DALLAS     1997       2007       100.00 %     9,504       9,504       149,248      
511 FRISCO, TX
  FRISCO MARKETPLACE
7010 PRESTON ROAD
  DALLAS     2003       2003       0.01 %     20,959       107,543       709,502     KOHL’S
512 GARLAND, TX
  GARLAND PLAZA
3265 BROADWAY BLVD
  DALLAS     1994       2007       100.00 %     70,576       70,576       0      
513 GRAND PRAIRIE, TX
  KROGER
2525 WEST INTERSTATE 20
  DALLAS     1998       2007       100.00 %     60,835       60,835       433,615     KROGER
514 HOUSTON, TX
  LOWE’S HOME IMPROVEMENT 19935 KATY FREEWAY   HOUSTON     1998       2007       100.00 %     131,644       131,644       917,000     LOWE’S
515 MCKINNEY, TX
  MCKINNEY MARKETPLACE
US HWY 75 & EL DORADO PKWY
  DALLAS     2000       2003       0.01 %     118,967       183,810       1,221,665     KOHL’S, ALBERTSON’S(NOT OWNED)
516 MESQUITE, TX
  MARKETPLACE AT TOWNE CENTER
SOUTHBOUND FRONTAGE RD I 635
  DALLAS     2001       2003       0.01 %     170,645       378,795       1,813,721     PETSMART, MICHAEL’S, ROSS DRESS FOR LESS, KOHL’S(NOT OWNED), HOME DEPOT(NOT OWNED)
517 PASADENA, TX
  KROGER JUNCTION
2619 RED BLUFF ROAD
  DALLAS     1984       2007       20.00 %     81,161       81,161       456,848     KROGER
518 RICHARDSON, TX
  CVS PHARMACY (ARAPAHO BLVD) 2090 ARAPAHOE BLVD.   DALLAS     1997       2007       100.00 %     10,560       10,560       206,585      
519 ROWLETT, TX
  ROWLETT PLAZA
8800 LAKEVIEW PKWY
  DALLAS     1995/2001       2007       100.00 %     63,117       63,117       0      
520 SAN ANTONIO, TX (INGRAM)
  INGRAM PARK
6157 NW LOOP 410
  SAN ANTONIO     1985       2005       50.00 %     76,597       76,597       0      
521 SAN ANTONIO, TX (N. BANDERA)
  BANDERA POINTE (NORTH)
STATE LOOP 1604/BANDERA ROAD
  SAN ANTONIO     2001/2002       1 *       100.00 %     278,815       888,005       3,683,379     LOWE’S, T.J. MAXX, OLD NAVY, ROSS DRESS FOR LESS, CONN’S APPLIANCES, LAS PALAPAS, BARNES & NOBLE, RAQUETBALL & FITNESS(NOT OWNED), CHUCK E CHEESE(NOT OWNED), KOHL’S(NOT OWNED), CREDIT UNION(NOT OWNED), TARGET(NOT OWNED), LACK’S FURNITURE(NOT OWNED)
522 SAN ANTONIO, TX (STONE OAK)
  VILLAGE AT STONE OAK
22610 US HWY 281 NORTH, SUITE 211
  SAN ANTONIO     2007       1 *       100.00 %     360,508       543,295       5,451,432     HOBBY LOBBY, T.J. MAXX, TARGET(NOT OWNED)
523 SAN ANTONIO, TX (WESTOVER)
  WESTOVER MARKETPLACE
SH 151 @ LOOP 410
  SAN ANTONIO     2005       1 *       20.00 %     225,164       531,364       2,498,043     PETSMART, OFFICE DEPOT, ROSS DRESS FOR LESS, TARGET(NOT OWNED), LOWES(NOT OWNED)

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
524 SAN ANTONIO, TX(TERRELL)
  TERRELL PLAZA
1201 AUSTIN HWY, SUITE 139
  SAN ANTONIO     1958/1986       2007       50.00 %     171,083       171,083       845,882     BIG LOTS
 
                                                           
Utah
                                                           
 
                                                           
525 MIDVALE, UT (FT. UNION I & II)
  FC AT FORT UNION (I & II)
900 EAST FT UNION BLVD
  SALT LAKE CITY     1973/2000       1998       100.00 %     647,491       647,491       8,227,050     BABIES R US, OFFICE MAX, SMITH’S FOOD & DRUG, F.Y.E., BED BATH & BEYOND, WALMART, ROSS DRESS FOR LESS, MICHAEL’S
526 OGDEN, UT
  FC AT OGDEN 5-POINTS
21-129 HARRISVILLE ROAD
  SALT LAKE CITY     1977       1998       100.00 %     162,316       162,316       691,395     HARMONS
527 OREM, UT
  FC AT OREM
1300 SOUTH STREET
  SALT LAKE CITY     1991       1998       100.00 %     150,667       281,931       1,347,849     BABIES R US, JO-ANN STORES, F.Y.E., R.C. WILLEY(NOT OWNED), TOYS R US(NOT OWNED)
528 RIVERDALE, UT (NORTH)
  FC AT RIVERDALE (NORTH)
1050 WEST RIVERDALE ROAD
  SALT LAKE CITY     1995/2003       1998       100.00 %     593,398       596,198       4,191,259     OFFICE MAX, GART SPORTS, SPORTSMAN’S WAREHOUSE, TARGET, F.Y.E.
529 RIVERDALE, UT (WEBER)
  FC AT RIVERDALE (EAST)
1050 WEST RIVERDALE ROAD
  SALT LAKE CITY     2005       1 *       100.00 %     46,597       397,360       510,001     JO-ANN STORES, SAM’S CLUB(NOT OWNED), WALMART SUPERCENTER(NOT OWNED)
530 SALT LAKE CITY, UT (33RD)
  THE FAMILY PLACE AT 3300 SOUTH
3300 SOUTH STREET
  SALT LAKE CITY     1978       1998       100.00 %     34,209       34,209       248,329      
531 TAYLORSVILLE, UT (NORTH)
  FC AT TAYLORSVILLE (NORTH)
5600 SOUTH REDWOOD
  SALT LAKE CITY     1982/2003       1998       100.00 %     703,630       778,130       6,219,301     SHOPKO, JO-ANN STORES, GART SPORTS, 24 HOUR FITNESS, PETSMART, BED BATH & BEYOND, ROSS DRESS FOR LESS, F.Y.E., HARMONS SUPERSTORE(NOT OWNED)
 
                                                           
Vermont
                                                           
 
                                                           
532 BERLIN, VT
  BERLIN MALL 282 BERLIN MALL RD., UNIT #28   BERLIN     1986/1999       2 *       100.00 %     174,624       174,624       1,440,794     WALMART, J.C. PENNEY
 
                                                           
Virginia
                                                           
 
                                                           
533 CHESTER, VA
  BERMUDA SQUARE
12607-12649 JEFFERSON DAVIS
  RICHMOND     1978       2003       100.00 %     114,589       116,339       1,492,280     MARTIN’S FOOD STORES
534 GLEN ALLEN, VA
  CREEKS AT VIRGINIA CENTER
9830-9992 BROOK ROAD
  RICHMOND     2002       2007       15.00 %     266,308       266,308       2,822,539     BARNES & NOBLE, BED BATH & BEYOND, MICHAEL’S, DICK’S SPORTING GOODS
535 MARTINSVILLE, VA
  LIBERTY FAIR MALL
240 COMMONWEALTH BOULEVARD
  MARTINSVILLE     1989/1997       1/2 *       50.00 %     434,417       434,417       2,400,302     BELK, J.C. PENNEY, SEARS, OFFICE MAX, KROGER
536 MIDLOTHIAN, VA (CHESTERFIELD)
  CHESTERFIELD CROSSINGS
HIGHWAY 360 & WARBRO ROAD
  MIDLOTHIAN     2000       2007       15.00 %     79,802       319,802       1,128,297     BEN FRANKLIN CRAFTS, WALMART SUPERCENTER(NOT OWNED), HOME DEPOT(NOT OWNED)
537 MIDLOTHIAN, VA (COMMONWEALTH)
  COMMONWEALTH CENTER
4600-5000 COMMONWEALTH CENTER PARKWAY
  MIDLOTHIAN     2002       2007       15.00 %     165,413       165,413       2,169,407     STEIN MART, MICHAEL’S, BARNES & NOBLE
538 NEWPORT NEWS, VA (DENBIGH)
  DENBIGH VILLAGE
WARWICK BLVD AND DENBIGH BLVD
  NORFOLK     1998/2006       2007       100.00 %     324,450       340,950       2,369,750     BURLINGTON COAT FACTORY, WORLD FRESH MARKET
539 NEWPORT NEWS, VA (JEFFERSON)
  JEFFERSON PLAZA
121 JEFFERSON AVENUE
  NORFOLK     1999       2007       15.00 %     47,341       182,341       792,687     FRESH MARKET, COSTCO(NOT OWNED)
540 RICHMOND, VA(DOWNTOWN)
  DOWNTOWN SHORT PUMP
11500-900 WEST BROAD STREET
  RICHMOND     2000       2007       100.00 %     126,055       239,873       2,577,152     BARNES & NOBLE, REGAL CINEMAS
541 SPRINGFIELD, VA(LOISDALE)
  LOISDALE CENTER
6646 LOISDALE ROAD
  WASHINGTON     1999       2007       100.00 %     120,742       120,742       1,913,625     BARNES & NOBLE, DSW SHOE WAREHOUSE, BED BATH & BEYOND, H.H. GREGG APPLIANCES
542 SPRINGFIELD, VA(SPRING MALL)
  SPRING MALL CENTER
6717 SPRING MALL RD
  WASHINGTON     1995/2001       2007       100.00 %     56,511       56,511       998,611     MICHAEL’S, THE TILE SHOP
543 STERLING, VA
  PARK PLACE AT CASCADES MKTPL
NEC OF CASCADES PKWY & ROUTE 7
  WASHINGTON     1998       2007       100.00 %     101,606       101,606       1,541,515     STAPLES, SPORTS AUTHORITY
544 VIRGINIA BEACH, VA
  KROGER PLAZA
1800 REPUBLIC DRIVE
  NORFOLK     1997       2007       20.00 %     63,324       81,574       241,688     KROGER

 


 

Developers Diversified Realty
Quarterly Financial Supplement
As of March 31, 2010
Retail Property List
                                                             
            Year           DDR                   Total    
            Developed/   Year   Ownership   Owned   Owned/Unowned   Annualized    
Location   Center Name/Address   MSA   Redeveloped   Acquired   Interest   GLA   GLA   Rent   Anchor Tenants
545 WAYNESBORO, VA
  WAYNESBORO COMMONS
109 LEE DEWITT BLVD
  LYNCHBURG     1993       2007       20.00 %     52,415       52,415       456,468     KROGER
546 WINCHESTER, VA
  APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY   WINCHESTER     1990/1997       2 *       20.00 %     240,560       242,686       2,524,674     MARTIN’S FOOD STORE, KOHL’S, OFFICE MAX, BOOKS-A-MILLION
547 WYTHEVILLE, VA
  WYTHEVILLE COMMONS
215-295 COMMONWEALTH DRIVE
  WYTHEVILLE     2004       2007       15.00 %     90,239       415,239       785,310     LOWES(NOT OWNED), WALMART SUPERCENTER(NOT OWNED)
 
                                                           
Washington
                                                           
 
                                                           
548 KIRKLAND, WA (TOTEM LKS UPPER)
  TOTEM LAKE MALLS (UPPER)
TOTEM LAKES BOULEVARD
  SEATTLE     1999/2004       2004       20.00 %     253,867       279,221       2,203,584     GUITAR CENTER, ROSS DRESS FOR LESS
549 OLYMPIA, WA
  OLYMPIA
2815 CAPITAL MALL DR SW
  OLYMPIA     1998       2007       100.00 %     35,776       35,776       0      
 
                                                           
West Virginia
                                                           
 
                                                           
550 BARBOURSVILLE, WV
  BARBOURSVILLE CENTER
5-13 MALL ROAD
  HUNTINGTON     1985       1998       100.00 %     70,900       133,396       164,950     DISCOUNT EMPORIUM, HOBBY LOBBY(NOT OWNED)
551 MORGANTOWN, WV
  GLENMARK CENTRE
INTERSTATE 68 AND PIERPONT ROAD
  MORGANTOWN     1999/2000       2007       100.00 %     111,278       383,725       1,259,864     SHOP ‘N SAVE, MICHAEL’S, LOWE’S(NOT OWNED)
552 WEIRTON, WV
  RITE AID
1360 COVE ROAD
  PITTSBURGH     2000       2007       100.00 %     10,908       10,908       221,870      
 
                                                           
Wisconsin
                                                           
 
                                                           
553 MILWAUKEE, WI
  POINT LOOMIS
SOUTH 27TH STREET
  MILWAUKEE     1962       2003       100.00 %     160,533       160,533       707,569     KOHL’S, PICK ‘N SAVE
554 RACINE, WI
  VILLAGE CENTER (OP) WASHINGTON AVE. VILLAGE CENTER DR.   RACINE     2003       2007       20.00 %     228,252       228,252       2,397,336     JEWEL, KOHL’S
555 WEST ALLIS, WI(WEST)
  WEST ALLIS CENTER WEST CLEVELAND AVE. AND S. 108   MILWAUKEE     1968       2003       100.00 %     246,081       259,981       1,494,112     KOHL’S, MARSHALLS MEGA STORE, PICK ‘N SAVE
 
          Grand Total:                     90,060,899       117,805,603       1,034,118,857      
                                                 
 
         
*1. Property Developed by the Company
  *SC — Shopping Center   *FO — Fee Owned
*2.. Original IPO Property
  *MM — Mall   *LH — Leasehold
 
  *LC — Lifestyle Center
*GL — Ground Lease
 
Does Not Include Service Merchandise Interests
Appendix — Property Listing 1.0

 

GRAPHIC 5 l39435l39435z0000.gif GRAPHIC begin 644 l39435l39435z0000.gif M1TE&.#EAM0*$`^8``!@4%$8W9-?4V//Q]O[^^,G&QW)FA]>N"BP@2V]L:T], M2^WHG.;::V=8A&%2?IB0I[NTP_;TQ%)$:$8V6"P>3+JWMHN'AC$C4/S\\C`B M1NWKZZJGIOOZ^EQ,>H-XDRD<2?KZXZ&9K9F6E>3BXU)#<#LM6:RDMLO&TMO8 MWEE)=N'=X[.LO<*\RBT@3XN"G-+-UY.)GY"-C!P5@2X<4%1+D%Y/>C@I4Q8/ M>#,K?#\P7MN],/'P\>?DZ?W[^TT^:N_M[_'OZW5OIBH>2Y^KFZ_7T]>?FY"P>2<_-S*^MK/?Z\EQ85R@:13`>4CLW M-GQW>/W[_?CW]?O]_:2AH"\>3/?Z^F9B8I62D?O[_=S(1R$:(B8J+C(V.CY"1DI.4E9:7F)F:FYR=GI^@ MH:*CI*6FIZBIJJNLK:ZOL+&RL[2UMK>XN;J[O+V^O\#!PL/$Q<;'R,G*?G9V M@LW.R]+3U-76U]BYS;HZ>KK[.WN[_#Q\O/T]?;W^/GZ M^_S]_O\``PH<2+"@P8/U$D&[//JW1.@08##D"-+GDRYLN7+@.G, M\('VD!T"!'K@R;"EM.G3J%.K7LVZM>O7L&/+GDV[MNW;N'/KWLV[-VX?#N3X M'DZ\N/'CR),KOTVA-&?/S^Q:89):)GQ"-!?!!F6RVZ>8?7*9H")AOUFGGG17"1T(# MW(Z*68]D>HBLT@FNFG MH+(IQ`<<:FA?J*BF6MZFZBN1P#8K[;3M*2N'`R15@!@5G<%CNNVR":^B*K\)K+[4[DN%`"4)("=^]`&,I+S/B!FSPKA2T\,&U M];4PY0>4'BPQD`4*R2G_@Q-GC&JQ%.10@P_+:BPRC`/3.?+)BUY@*[\AH^SR MAR47_/+,;5*@;Q)3_DGSSA+&3"_/0"]Y9G4,WQ?TT0_ZW&F]2#?=HH=_F#&? M#U6V[/35ZRF-,=9WKVV@!62B78-23Q1ZX1LVTW M>&DS???>[.%W1@D-@)RKU7P77EW>AB>>GK+IYN>NXI##67&7%ZL=^>7=44#" MOL5633CF9R,.^NC7G9'?M620?KGHJH\^91(.3-HZY*S/'GFN/C2`J]&V%UY[ M[WR[#5P)"7\.?->_'V]WKG-(>JKROD\NYZ\_0[\W!9%F2Z7U?"?/O=./WI=F M_\)"//_]VMZ??S0%$.`7>VIOFH:8%!:\&.!C`#"'A.JQ0H1(,)08+5N8`#.A`?Z^BOBN6"6@5'^$('-"") M-(Q/L5H@N0)=@')37!H8#T8K(T#?YH#!I%(!A+D0&Z/ MLEK_^-BM*4G-,?=AE_$8*2U`SB$)MHJA(;MHAOM42?];VEDD):D%G/<]BE)[ M'&6J=,2Q2G&LB!FL00U($``3PB^1&$(A=D2I2E[EJGPDP%\OF14^^^0*`2[, MX!8W"9E-5\'', M+\_)JV0B$8\YH-29E*6C])B3G9D:7`D,$("RX5-1'-O>NHIUP088((`F=-`] M_[DH#P5@7VMB**,JM:8+!,!6#OC8-=D'H85*5%#YV=/[=/G10+'O@AU`XB:3 MI;`O`LBC):U3LFHDNR#&-$O;I">&+B`''Z1`ACXH@2V+-26'L9&<68-F'+=V MTWQB+X!F(&E3M?2!`G'+HF3_B*$/9@#EB,9):,"]T051:O:B)J=RDD78AEUKKQB6B9N#M>"\$5 M.&Z=&X[:&R'\S*$$FYME/#O4H>?RB+WT?9"C+K`G&JUI:`'>3SVSF`-]!6YL MR3V3_W][!.`$"^A1'W@2&>1FX?[D4@@(^$,WCZC$9DYX217N\'\\=-M4JGA+ M]@W`3^DCSRPZ3%`I?K&"TTH?#I55Q^FY`'X;@$,IH\=#[I.OE\%35&5!K+HS=&MG/]7E,9>'?61( M@3%/K.(K4DJ06H5P0KNHJC:[63Q3LM%;_WPAH@:41@'H@*2N:S2=TOE-?B9T MYIH;.$ECQW,LQ.09?0#A'^\JTI;>3I1]L+U0DVUP%S0C&8S<)&F!VM0ZPFMK M7?SB;1X9LUGM0`"2X%@K\[59KPZUA\#KY@G^TD,]16)0`?\6;$O#)P`U,.&C M)9LLC@E97VF>Y[V:+6D*Y&X.$=NME_-3@DP&5UFMG#:JN.UD_%`6;'+^=8!S MZ<=(RF%S*>"T=BNE[CXO>5YU-35[+M#)7&V12N).L/ZT5:7<&8`$GIROQM@- M9-,IES[WR:Z%OY96X-#GA\E=<\`HOO%340IV)+`R_*#KJ*/V:SX!1"2M3"LQ MDBN\!6>H$E['*N;VZJ\%(XY="1!0[YW9W,+VV3F.^BU1^_!4@RG@:B=3"[2C MTS<_:')`_G3%='Q20*U;K.5.KQS!?R*W'7^J:UHC MS>HLCU@*.O!:EC=)D"DE`8039C;_O!\7/W+XV+_"=WA,IE3?50LH\LR>P[1_ MITE)Z``9,-QU(8;/UO`Y+QG$OF]/-\WPH"W?'QC6>3X*`;;ER\$11U]JPZ%^ ML6>Z5@`DCOOJ5"G1F\TX[2@O,\MG9VAI*I_ISUE/6ULT\/Z:FW@3=WNP/I%2 M#VTM6%F9^SW=*CZMYUGUI^HW:(\M_`5LTIHP&?;\N5ODMB=^DXU_G=%R,9'D MQY$@'?#P'Y+*=)]$.N-74O"!'W%V33$U*I9"`?<6=C7F1;F%?C,S@!^E++=% M=@18@&BB5=)G=ZI#@1(%'[/D@C8%/"#(3AY2`O11)>K52T?E M=$UR1PV`_X)SXTIN`STM>$X0,P?TL7RC=&PX(GOT03P+](/9E"%Y)7G9A$(= M,WNL)H%[PX32%&7]Q&?LA#.)%D`_Q#[R1C]82$D[DCOYPTX2%'I9=6Y$2(;R MAW9_EE-HHFOPIT.&AG5_X%/8D@0W9H7#=R+3DUAR6&S)0F!:MW)F"#4E<$3+ M=H<05(9@-$+?!A\0TTO-E0,IM6N)-#B,)(DI5%53`C<21G/^TT65)0?ZLFK% MXT6`B#F@"$&O)WV:ET6O"#D#A2.-`4D*>$ZQ&$(+,TO2]X8%)&3XABMQ-RK9 M](O[(V$7D`+:DT7$"#Q'9AWE\X4!\%:8=HNMPXSQDQ]LI$6D5O]T"R1/:\B` M)"`IV._`,I M/31#\L1O-^6.UK--,-A:IMB0<>'RM(A)"A1)SD[!%(\V3>0ZH-+M(*$@F](!O*:'X^64HU,I+=!#V/61 M-*,_.@)X>`1^.QB3=J65L"A!'W!$!$(@W*,PRD)@1#98+Z:6F`,?!Y@P<*D\ M%'1M'S,VN7670PE"VG`-4/!:S5$395Q#C),+8.T!Y M']V41,(U2LFY8LSYG10@B#A4?+CW`XQW.6?B M)]GI0Q8:H78S_Z'A$7=`^0&`1$&3R7U?,P>7E`1R4`(ED`-(&@!*Z@-,Z@,D M$&=[EU)(-*5(%$-6>J58:J4I4&[C.7_YAZ#N24=L&)C)V$H*"I_>07@C>DE% MF@-*>E$D$$QQIFBRE%&R=%OW0P:%%*=-^J9*F@-&:J1),*B$*J0F>J@EZ@0J M"G#^.%6.-3?+M:#!HWH\*GWSX9O,":$N\Y]B-)D[:!TY$J(ADTLXHBUS(`=N MZJ0:E*4QE$2%M%5(6@)RD`2&VE_SA``OFIR.LBSG&!YP^4:+>G:-.E7Q,1_O M`Z.>>H]*]*E-\Y^N)5VVMH,[.B6G>J1P2@:*]DY0R.JO@QO]?]::*.!H@KWDU0H`NND.99B.=&_!(UGK@^W+$L8ED^UNH#86-06IH"9.`# M`7!(VV*K%:I0NVE7\O&@?6DXVW1OL_0^&QFF=N*PVN$A M1[6`.)($^QI,4(*/&06-`HNDM#IHI]9J%LHMY[J1<)*C#RL@Z1HT$@9?D-.+ M:;6);F>CY**3">MN496'-%("<)I25EI-)+"R+6MLGQ:Q-Y5(C0%AB:,S^,6> M$XDR.44K))NJ<_I.`+NR<@!N.9*;1W4X4SN@=#6L)55*C1D\]ZAK0\-&Z"FF M%Q"VWB2E[_2T2R0'QN2)N!2RRRFS'!LC.1O_ELKB0(G;+/BW(]"F:R;4JRNX M2OU5@V_5BB1U7VX:3"C+K68+;DV"L+:Z@&))>/W5ML_YMM')3L"D=4*[/J@& M',$UNQN3;N]W2F'KI-AZIX`K5#EB93FWCP>SN&'Y4,?ZN,UBD%L$D44:\*J&Y58T!J);OJK"*#O$/T*(VA?6OC2LJU)R2`@(DRH?5$LR": M1?@+U*R-W6XK&2C*#@*EX/#1D6$02CKM`/K M5AA&61]&OMVBP2*#_R8UT%I!N3-?9T8!0*KN.B8,/(J?.\%$%E0.LT[:>Z(7 MO+:K\[W#E$O05L"=E%[5P.:MU6"ZXI85*^X:SM\?"\#J2_\=<6,HE,-F#KCI,8PHI/2Q2U`V2]* MFXYG]#%BK)E_@IMBI)"1:,:,1`'K8BM^B#6/`G3`(T(7/TP(?N.,`$`TH MLDQ6\J@[CSM/%:HM%Y15!Z5$/_0X;D;3TL(N?P!9T?PNSJ>)5;R#CUNQ>VM$ M*05/Q#-/=S3`^54"-C:[*G1$_=*,YU17/YN<>R63#-W.IAVK%2+)#UHA(#-3SZ4*L& M@=4R09_D33%TV&\DRD`DWNA!WNCT!]--*B+S-;(G6/($5X'=SVB6;R7@PKO, MROB=W[K-/92R.=+FR5!=//?(BCU(X>-*6#PHV[(4L/N%N/6LT`U^'?H-*HWU M4%8L,F]UTI#T=NI143VU_U9*Q&BC7>+\<>*AXL?9+2T6M44K7EGFX=9*F\A* MQ$2CN-8:CN/LH>.7@G4Y8`!8*Z:G(TM2$]_TN-, M_AU.WE#YD<82\P%ZI(D=@,,E@F&^7#Y#K<@@_L%E+B)G3L).:,5DWDYR\%,] M[-X?"X[RA6MF!$_IQ4)Y'B)[KBC&NKX!X\^<124@'7JF;)J'Q*"ZZ]NX_>AW M(DX<^80`$W?QJ$$]W#*X^4LM<%XR1$,DWN@]\^"S8YY5C-3V4BQ(N(ZZQ%*G M--0I=>0OZ^FR+CG.77G*D^9YA=[P\M40G7%3F&T#HOR M%?\I+!/K;"9\Z(@M`\[J%N13=AY.-4KLV6X=H.XF!R9KE.UO!#+%>U(?Y0/- M+M1#K\Y9]=KNV[7MF+,PZE0NC%E5N;-A"GE!-F*:V>A[E@+8`!];`F^Q-3NQ M%CSOH,*55`!T]][M@T3;3)1:TSOQZU7QB?-$0N@#?XXI,ON9@LQ3WH2/2J2^ MC&WR5_+N9%(L)VW%[.XBM/*9NJ9,1CU4O7SS.*\D.B\F;OTQ5R3Q=]TQ_'=0 M.9@#TXM6#(KT25]<*'^C?/DDS[SDF4)1?/GK,$0?U\4Q-.N3-[OU8[+T.=\" M)QI`<*PJ5E955,`&VE("'6``!H"I[4+/;J\H<(]BVH+_1ZT8+.$SU%5J``@I MKNU)P%PQ)^GNY*?*)3_(R2O>0D) M]1W[82K'4WQHU-IR[PI\^NO6]>\J@IO'!O"+*1Y251=T+#,DW"H3.!3`!IJ/ M^YB2^JK_I%_Y^PTUBEL+3B-EM;$C!Q*T]LS/9KH//I:2CHO2ESS:.9"R)T16 M2[J$V@T0W-W/NG#DN@7*-E@G!!+^\WW3G*LGP88$"'\4%$)"@Q]_.1TU`8-_ MCY"1DI.4E9:7F)F:FYR=GI^@H:*CI*6FIZB6+2T(K1(#?K&R?G:Q=G97&:F[ MO+V^F8,7/F1R%+_'HH-R`60U_RD^.1>%AH:/0A;G MR*NM"*^SLK6TN+KH]/6DAX0!#G*(W_:G@P(*I'!A6;-G/J-2Y@N6.EBUY(%-J))BH@QR5R?Y<:/'(89(`*1QT M@(:`$H4/-`G-(>,@@,*`,),J70OX$J"$GZU5,@QI^ MN-EL9\*`7B,1:JC508JN83]D_$JWKMV[Y42R(^D.WJVJ>`-;$F@H1XT2-+\B M70B18!(?.7>6^"/W3XN'`QE>\U&#A(VL`5O,%4RZM.G3D_2V*^D7)6K2A((E M:?"R[O]/:H\(+7/@-L"<:H,)4U"T3=#KX\B3XU7-=U9KP,KKBA8DI^CHKS3G MX'3FHT02:VDKA192(D6'`,8=15_/OOU&YE*?SW/OE*&@DRZ45@$Y4!&`Y))LZ!`H!SB:E&*`IKKL]`F5:M\T?(B%Z$U M7/2'G_\41M1.T0ABR*0=)ML6,8V)6NVZ[(8S[:;MED(!"2GD1L^J%_3700-D M1*-N)[$!ZE\*OZ$8[\$(IP/57O'!F_`GV-#&;3TWY92";Q]<"^4H80DA1PH) MRH3LPR27?,J[5.%JLB;^G2E$8N8(D82P.OEPUH\$HD+!&26\BEY6!*ZZ\M!$ MT[CP:C:F7/0E$-WWDGX;ZTR!KX.T_U"0?Q25(+1Q7$,,FHKZD)%$GE]NO?39 M1:-\*]H^#=<`B8XPT@U2LDU$3I\+60X:)S?;?@$NBMFN!4X0@VH+'M"!7"0WL`]2_A6<>[^`5LFU,=3D\U+4I;XJ;+V>=1=-AWE)_(,PD@9S/?QB, MU=000`$?S/^!>G4:X-!^)!$2X,83F2D$`N3@@XD03UP,P1SIWO28HM`M@SAL MUP;O\\$=-$R$)@.40_Q#OZFA4"ZAF0/-:I`#N/UI4F%+`O-R2$59\2@/+?R` M!)CPP[41[67&&$;!$B@>:US-/-U9R,ON10U%].L:,JRB'*?$P1Y=((!)\^(( M\^&`L?5I$J/YT35H=C$IONA^OT"*S/Q3$1?-\9&RXN"GA#"]YH10CROCCP/R M0\8_V(`H_+(!91YCJ!1,9HT:*=4??+`[N,5Q$P%PP0D:`,E:OH:'+:AD%PF7 M2N`.%KB@225PB$(060Z%W,?W(=QKI$F M4]0``A"0Q36S25"[5(<",_"F)<&)R8==0T,!H)I<+I.Q$,2"!1-0!+\0DX03 M7#0]]SR9O5CIOD`Y,A7H],-`"\I2IGS@-XA"1%0$V-"')8%+.;.7!`/J!Q34 MX%!-O$PU5A"+%4RF'HBX1A2%$``5A(.G*VVI5%52F`;,1`@SS2,O27:QQBL?JU?1@ M%"!#"L"($:_DH`%<](,+&(,6?SP@%G>H_\'QWF0(.2CO*(GXP5R14=>[>I8C M%,@?0:*75;]N58=".`,9R/"',R0I8XD@@P$<((!87.&HEVAJ+$X@/AX]@I&4 M@<0%7N"'S1ZCLY]-KCTV.9.C+=16IVV7$%H&FLGYATMS\($L7K`)$\2B!Y)- M'('DX(QD=LV[Q7VJ-97+7G3X9VKKBU>??-"!%@WG51?#[&-C$8)->$`6+/C# M!$)`8`+3\A$2*#"!HXK@$*``"7ZX@PI,4"]DS<$`+.B!`9S0``'T``7L]&@L M=E!@#TBB!B90P1W\\`,6&,!XD"B!!UYPAT>X8`0]>`%Z'H'.`+LB@SC]?[B!G/P@0OCH0!>$IA M(YL:+!\(`*A>%E]VV<`%)HAU"B9"D;-L[`<"W<0$9C$!2*!7TY$@ZIHCX68_ M\!82^Q6`0LX`:V'[P0,_,$%*O?P'`\3"N,CV0Z0AT0"2:-D#'N"I'VHP@A#P M@+^00&Y:B1L+44["VA`XM;S+F`0'%-$R2Z9I=',5`&?WM*S?\4=&+C#_"P=L MP@:SJ-TDJ$GD>:*'BVR3R)AU/\#[\^D=.?72;]4/K8[[[V)+Q+Y`;(8MLR MR;0EU/T(BT(\$CX8`01@[/.?$Z1'X#/&T"_UI%[)8>0ET;(EMNX'J&."X+(P M^,)CT7`;3SP2#=C!#W9,@=]DF42PQ;)**S%R;/O@W&20@.A'#_BV0D(6=)<$ MV_\@@5@,`'P.WWS=?7Z&%IB!!':.Q-XM]1,*_["P!F38;TFN3HD+J-D/!\Y$ M"691\\5371)6EX1%(I&#_\;"`8\SAN9[7FVQB]H//1"`^,=/?@%<71:76/T? M"O#X2*#@!RF?O:E_TH+JC&[W,VK40`CE@%9>P/K#EPGG=G.8H%VRX&Y_P'!5 MUWXN`A$^@&4J(`L-@`C:LGV))PD62`F= M)PGHQ0V;P(&5H'X7(&+]U78#$%XD>&H?H`C3IWOYIE5--B,"<@@]4SFAXQ!9 M02@-D%*S,``(:`D2Q_^`F/!P(ZB`T.>&$5%;*E!69H!X?J!XD%"$84=R*E># M2UAI'2A[DU`#(V8\/&!Z57AJ9N``H7-_6VA:79A_+-0!.W$!!/(04$8;#S@+ M*,`[F=!Z.)A^L<`$HNA\C1=6#!A8M24`H#(U%#"$D>"'DG"$D>!V8!=,N/4' M3$@)ZO<([%9F8I5\C5AD%%`H!,$M*=@@P?`3P5,4Q9`6&)$#??0--0!N5L4) MXM9\EU`#B45\B!'PB(G099J7B+\79ZA-B$[@@) MUM<#$\`#/'",[146%H$?P/15DWA)^^:,!%$"1-$O,"0)/W$?C4`*.8!KSW?_ M">B%!//X!VVXBE9W&;.Q6Y/`CH]@B]\'CZPG:'Y0CY-P`HMECWY@BH8X"4E@ MD0$5A0"97(U1*,S3C.XQ'-_B+XRA'Y`0$9LT19W0`,3$!-R'8-7$!#(8CRM) M=SZ04BM@AM:';4E`DG]@DN](;:PW&6YG;+T&"7-@`@)0EH_PBY,0C(]P@['@ MC3GY6:)!7@J!"*EQD`R5D,GQ#2^U'3;#6*H$+#(Q:P4Y"@]`3"J@A#2I>2Z0 M>C$W5@>6C"?`;@+@/7)`BE\@>"7@;-?D`>Y&!+$0E>]X!^A1`J&X2F/F!P+@ M`0Y0`QAV!S*HA_&G>J-Y"1<0@7X08'.I7*)!`B30_P^4X).GT1`!H1V8&)B( M-`AG(`T[P0L-$$\JX`&IUP!O-@*D"0FZB00K$`(GT`,>`( ML%`0H)82X`)(QP0/4%:08`/J*0L]L$X,^@@;-P(:BJ`M)02(0BG$>148H7]? M5BB,#Q``U0$#$.`!G`0H$K`" M=+IC$@`!QJ003!)GAMI.:AD)-0`#+B"79B:BXQD"?(A@AEJI3/H(?V>I<3:E M?Y`"VH:E"2HNAH&4^+8.W_2@M[,?FN$(^3(L'="+F\`CA&"-X@"'1:4)_>`( M)$6JR&%1C@JJ!.4LC(`XP^F@U%(:'A*1^.6"KT0JAU4;X=`!`QAAQN@3.:,/ MY<.KQW$!&D"@P$I0HO$!&$D?UJ9PW\I2RPB)$&20IOI"L*PH@!ML:`! M)HK_%BM2$94!5LIQ`360+:S'!-SUKRVEB2WT(Y=0KC"A'Q9Q6`EB+!!K#1H2 MG/`*/XF93B]9E!]P!M7Q-B?%'NBE`1#`1=4JLM@4$?2T"2@+$]CP*L33)VM1 M"MN$`)B%#K'T@R[92+^U(1;$'CDPKQ&VBD1K2Q1P'NQ:"4G[*_8B$;V1!-GW M(@!C021P0`313_1@`PT@H@*0`]8(*I?S1^TQEAS0E&%;1:`Q3MJB"6>+#AUC M+S0#(!>D)J&1C#4P-C.;.*)Q`$`C)^$S"= M]+:#0#FA4SK_\#D&Q$G6D+N[.[U_PK$YL(R_6[!,EJKUH$I9D0-,6SP6^K)M M,QO%(+W'XR+2T!]:RRCH2[WP*SXXFAME6ZS:JV\0RD:#Y$*X=;P&\,'FTAB'-5B/<*4AO,._(#D% M85729,+R8AFXL2RF%"KB(PB0\;CB4"H>TP'HPDP\/,6[P!#D),5Y>;]B.<6T$12=!WZ"#` M&@*K@"P($R2PB?S)O9`G+33&6JC%E,C%.J-,G'$>TO!`Z%"&YT&WX^"]UD@P M;`P)#K!..EP785:OGG`!0!(LP&8C@;)10`@;P9@3J40+`SG41`#X4`MAL"?0#@"M] M"<2E`C]:`N*&TQMA$1=`:?W_,"?\%7L&T7W#=$6U8UQL+MK6$ M$]5`R@1;6@6-R@JTC-GE%K'#6#2L)#11"-8H1;><#.D26H?B_T<_`H"7@*2Q M,@&ZF=:4X`/$1)^20%2?S1'6)]K)H:/!&A$-X$<3?;)\S=J5X+T@PDK;<+@> M(1`0I<")D8P^8H1L*0E5.=S%O0DC1]J=^FQ-\=SMD0-_EDV@$<-`<=?9'1/: M\9H_X[9!TA`]6H)[L0")W`"'SK9CR!C+*!E`1`" M;&X"8!USC8;F#^#+N6P"L&>6:-;F+`!J&GKC.:ZHLH`$+C"E$I!\#E"IQMA. ME5J=*Z!I/O``;0YJE)`$H_:2*>"=-2WFD4#?E%!]?HKF'@"MD=`!(<"(#>"G M+``#L`?,:O5=^`D!L`!IDM``FB<`DUT"'J4"!*:; M+P#GB,X)[';_40]."3#``B3Q`[D(`:OI;L#,;O%&!F[:<'/@`2K)9@[`<5E6 MH!DN"62@`4C0YB0Q`H;G`#SE5',@;K$P=S+A;R\]I2W_\B=`$CM@>#4@;"HP M`7*`7K*`DPC?G\I-1;I3R"?3WY8P(.>BA$39%(0>,D-AZ"">`>">"L MXRR`=`-E`RR@\;'PU0*``B80[[&`!,C^!\25FH_0AI#M`&R^]"X`A"%0[)`- M"9^'!()7E2N_`A"@D@9/?>=6`."3!,(FV@^O:_$D"Q[ZHY1P@Q@_\`>X2FL_ M9A#@`#N`!"K0'(=&!FLO"^G)!(J&HG=`9*9.CDQ@`K61]"/&.W,0_P*+?VT( M/V%VSOHY<`)+$/B2,[@X07*HD0A@Z)(89)=XDEC)5^`CP!A0:> M?CZ,+WZ;AB&)/7.&CJ,VABZ*AC6)/(Q_$Z(3P,6%9$B)RD@FM,8EB3_%3(FX MA;I^+#\0M'.VB36&K7X03"87?TDFRCVKM9J,`3THP.,0Z(0&OB,PAA")2$YP MNY8(!:A"/GH(`";`ER%]?I8(>$4(12(6C/\R^3EAK*/'CR!#BAQ)LJ3)DW\H M4#C4X$*+E2B!M6B!H*:$`F1`*L$5J7UA`T/W>`"4M$C&0`OF1'N,#'R$:T8C^J M/92UV=`#92L,K4C$X>UB910)V8K]9YT'8-B0-"B$R(];1@8X)'+!2$X//SUV M%[(-+&XBY7]\L+;[IY>?$1D3<<3*O;OW[^`+P40J)*7WF341W"3+DZ=/H(0H M?/@@9`Z)!F1*(&C_^K)I^/_Q4>"`7V&%U]0<'70@QP=@E326`Q`ZT(`!)]1E M3&B-&=+;0L!]5@A;?D!'2$-^Z.4//(PP=ALA221C`C!SF'!$/VLAIE@CR!EF MB#*2#7.2`3RP]\)!AGCFAS3`8'BC1A@Q,H=%1QK"6&K%)>,'/73%EL(`2[@S M6B)F32`7,`$$Z4=EAICYU@74>'F*,F'*A2:+LF2W$8!XYJDG>!0($0`935V% M%7HVX<3>3G[T]),A0LA!0@WYI;12"UH%NB=60UW@`Z`J"67@2W]\8)0/#0HE M*$AC`:,.=85@Z%HPB`'3@(>%U"#B(7B5R,@_K@`3BQ\K_C$KL".!F!@C_PVD MP`B(?O1(&4HYA("A,CRX^8>12#*BY&'D%/,-FHR]"`QC/22192[([?##NNP: MZH>XL/HQ%R.3G0F,*&^ED(BZ[*[K+KQBRCLG(3QRN]VE"">LL"'^7>"`N?&= M1U.A["7JWD]:75`"A`$D\<'"_[60D@\U])DG?5NEX(`<4*4*C`.L$N(JO;': MF:VW#5EI8B&\TO;'K\$Z]ZI'QM[(2`DN\&!EL_3Z&%,)J^6D`F?7TFK(MH5H M=`DP.2CCP'*)P&L(&] M,2VWTT\U8&8B-!*"+6BB!=[M-(E\_=J[Q22AS.UG\QR1M1WU[:R]H:B.S6`? M]?UW(G8>G/G[\)>D4@DM`=CX>H=&G@,9YTI4BY])+I"$!LRA/(L#D!P2 MQ+("_0AP(IF9W&KF.D9<``9,T,!;;+%1`)#*T0.>.4;SCPO2=$CA-:,(0H5UB9L%TJ$V3SXAPIE""3B:R'Y#&$W M0ISFB.F3$S`@^`>-N$__@%C,HG@(48,<;"5D$W-2)![/A4PT'YA$HKXILE!Z5V2C,-\WN0Y<@"E@3`_^R$+&]UAJ MF"79W`52$`!D@J<\3%E@!TK@J>[\,2027!T%I7>S)_IP1'GI8",_2*Q\*".& MU=D:(2Q)"+XP@90K--[J.ND1`^Q`DNA*!"EOF#I4C!#ES5P)C`L()VZR M_R'BKS0`,6`8H'FVW"I&"='1XA&G&"'`*TEW]$NDWJFFB$68$$C@`Z+LE#OW>YPR MFOF39R:V&$T1@@]2H!3S\&D.*5#04&B*E6\`M"-%C5?KR"E#UH1TD=Z3*R&@ M^H=Q^.&ON1@!U>BID=7FA'W.T*0#3F#\88R:-$`B,U-++LT!E^0,#`S MV<4!/Q".*KBUA&+P90E48PR6)JF!;``#N^Z$C5]\P!QQR@NX]PKD-UQA(A^< M!JYP6]]6-8(=W.&3OV`>"8,$5,W'2DR9DFV/3!<59F!0P`PY:(!ROT.!.9"! MI6;($V/\`%:0E&#"(X;(/Z__.\I"&%$#+O`!A51@)@BX0`5^(1%U_Z!A2"Y# M!2H0S@L"")%J%6(..Y"+`6"(@A.D(@0/$``^'&"E<_93JK?[0PY4-"Y9/,`` M!H#`"'R`(1:X8$4:\4/S"!&7)9".K>T,H;SF_(>H31HSR]#Q":AF'22$M`:& MZO,?YF`HZD1M&5::-K>8X.KBH:\$.H:`!U@@MC:[NR,K,0/)+A79,4;NW>)9 MR8"V8N:8W#&/=6P0>$K`Y`G[Q@`=\\@<`O!M#:0`%!M#BQ]60*H_E"`%HK2$ M#\PU%F7<@X9,(%4`$-P#`Q#C`A.`P83=@L]OYX0%5"M!#43AAP+XP!E/S`D, M+I`K_WF9RP82L.T+R&"T8NB#!X92`0QP;8)D<&#$A`@`E)0Q@%5@"`D0T)%& MJ&'SA9^&";'^H1^0T`,(),4'?/D!^BZ0`Y)[8$[JJ-@+!EJ#GA=``NA(@@^$ M3O0_3&[/.^@BLG/"`R+)@0Q"]P$N;)`"FI]``A5U.0HJBN_*,VS;+>XFGNJM MW_>\NT\ON4`'W.%`DP@%'4)(`@DZD`/'AF<.(8B][&T:0`+BAR0TM3B]VJ9`PSPP@0( MJ,4#3&#""OSB@=]WUZ+;24$(7J#C.Z`@!.#C#0N2P8,0'/_D!R]P@7*U]DEJ M(`$%,/!EUV,"'G`"R<`$^4=YT0%]HRL)YS'1O[K8Y'Q-:_782 M3"$$>&1@UM2"0!@>%P!@:W-:,;%#(L%00;B$3`@><6:$X"&#D+-F\-%F0X%' M"$!G=48"#M!ZZ)"#31B&682$(:&$8GB&:`@2%]!%?;1Y8;1,4[A?_!4H'Q-G MW`2&(<%'H8)'JS`4:?B';$2&(&&&@%B(9R@4/J`X"2.%DT6#\64I2="%`@85 M6D$(]R&`AIB)A2.('T&(FOB)EC?_7RNC>3'XAFEF,50(9H$B!UU$`6#1AB?! MAT`%BK0(,L,R59T(1+6XB^ZV$AT0`/^#,(RH9G+XB$*!`"F0`C#Q@S85('(T M.0.21KPXC7D"$5DE$KR"B]2XC<)$%!]P<>:!A]TQC*A8C/#U/YORA2?A'R^Q M0"F@A]P8C]VQ,1Z0<7?P`'#4$?2H8T]'%?+XC_%C*G-0`W(@CM]!CI15A?#U M$@%07Q_C;WTB*G"49P!9D2CA`!"0D1J9D>>W7!NYD;=BD2*Y)T-!!C5`BO1F MBO:6BF#6.<&XCBF1`Z.3!)T"BR-YDSB9DW/X;P*G,`CIB(GU,0-)2@8I'I7" M@S5`*D)1_QY%J9-.^910.3C3U'J@XI,JV7ELEE@JL8:-]9`FX8H?(`>A%4M! M%95F>99H"3*+I2R$\Y,L"5\XY8I-R3`2&0!:82HBDY9ZN9=\Z1WTI8!6B68K M:8[#I$9U%``J9)-N5B`7P(4E,%JDU9>2.9F4R0A]4AYD8)=S>68P-8-O"4TF M(P3T`Y@?010()`<^M3F5N9JLR9I;\0%X!(.#XY:$V8U]D@0U<(4QD MT%A^MYGCN)QQZ'F%>3@X]85Y69KAV)"F8"K@J9WP&9]H.!0;X_\?[SDHXMF( MGZE%_'8('9"<_55',JE'R'2?\GF@",J"'[,5<&2@X2F86*F06K02L.D`MDE?W'0&!KD2H*4@DL*4(#JC-+J$ M0B%SFP+"%P3R^C@@_``L%%C;Y9D_##HQ(J0"N!F#GJAVX6,0,66@ M(2H`YXQA5K8FQ@B2"JL&P!G>8`!R\``/0$D7=`<:=+I_P+'^&@*WXZ2F*TDM MX`$:P`1+!PH@NX`FP):RY@&JR[JT\$8A8`+ZIR$N8`(A0+P)(P$C$+>Z@A)Y M:@(P,!AY6@(E``,F\"IM%P)+MTYS8`"F2WDCAVJ.P+(GH`]7Y`,0(/\F$.4# MOA<"KN$`(4!@MNL\KPI\A0"XK^H"I+FWYZ>V)U&WS18BAL`$O_`.^-2^AL`7 M\?>T%^`P_:.:`I2Y\+,2+$H&RFA9AM`"'Z,I)1(6`*RAMK^DL\O+`( M#0!_A)`#>)$">B&W2>`!#Z`8=_P`MF(,#P`!!#<"')!3J1HB+W`"/W`';R$! M2Q`.#6`$C20'*F``-N`(!R.PNQ'#%F)T'%'_9+=S:_0;P$Q`.G%Q&_+K"1X0 M&I<@`0+P-;KP"C9K`B]@$1G+""D`=3)3N!\Q*\K1"K=3"2#H!_@4"^BU#E`* MBA20B,JZL%6;D,#JL,94B<:@1KCYCBWX#^QF`GPQP6:!N,YS)34@`2Y0=)AV M-1H442826-X30]+RL3M0&OI`(_J02>)^P7#A1R6QYP`6QAT"'``RC`,A<``0^' M@L4@`:"D#TWR#P]@&/*P'26@`6;A"*]`@(;&P`&0?]7EOG,%5XB'$0)P50GH4PD1 M+,QH(UWBBLP\6%_"Q,'O,S]DK<'%H!4^0!61^6[_\'834`/9\E5VY0=^LN@`Z0 MB]G"ACMPY0$]L"([\`(L(R:O$`O6*\^-D0('$S,A<`*-'0L]@`[K@";E_`P-"U\<&>.@J$*UQ1 M%7).^K`B^GTO?.W?<_7<5VW@]10W8J+@>BTF,6,"5ETU:I'A5;,)LX)>&C`O M'MY>XA+BE33B&0(#2,`!+``^-C`1QC#;'#4OE0#_X[V2"5E*"$5FXV]^"BP] M`(+Q:T85-TG@V!U01$.N&+.JJ5][1)C^$3;`!,'4Y'FX`K>R&JT^"1%!:%V- M7JU0P88XUCIUWA#*G%<+,O]#!F0PM<[X`0C0UCKBH,.$Y86P&JYAUW\PZDP4 MYR*^"/HR8O'7S@>.YXFMUYX1OW_P`,DU29_N&8'>2!D>W$S$(8E.,(N>8'*+ M5&_1`!6R:19T`K[E#K5>-_/2$,]=MVPQ;-'Q!W@Q&#?^$$/^`">@(S]>&QWM MTZ]>7:B3`X:!Y`GO$2?0N+/[YXX$=?B-V+A8Y8:@+[&A`H-6B^61E(;)1EZ. M,('R9JN'>OGV!R_!@QV@_T(("[X?@H]L-L3P@*W00G9\*0/@/*`?O;JWVQ(L&1+ MP/^6;@_B9R+R_XY6B^``P=+(P.`#9`<((0T&)BY_?R9^`8=_*BJ'#G<_$G\7 M!GXKAR%^*AX-'@4Y?P9,/"F'+GXF%XRM!B^M*P,-C`%^(X>V+ZP&/"]SE!!^ M)8P7*)@.-0\AAVI^!HR)BZV'#92''BA)U'\[*-0-`B&LW!X"!N@&'BS3V>0K MVM2I/M2D[2K$W/K[_/W^_P`#4J/P)TF-.4(H$!3(L*&^%BT02)0PP(_%BW[L M6+1CYTH&AR`?_J$@IX& M_"QI,">5"@=_:HP8\4!"HA42)%!EXF%!YV,``7-``#FP`E08@'(47)*)2>C'GD MI2@2%$`-%]R(Z82@D$([HJKK MKKSVZNNOP`;[:8?"%FLL-6G*(>NQ_(3:XJ@8EVL(?`3AP@4L+_2&$ M$'*DX$`2L#)K[KGHIJONNI^Z8">[\&9:@P_=QNNLBR]*>RJOMX+K0`G?XLJ( M5/0D%/_OP0@GK/#"NEK#\,,"9;MMPO=">Y&^U/*;T!P.Y,"*0M=J2IE"ED)L M\LDHIZSRRNK>^D<#24R,<,4O9A1CQKL*F>,?GNZ89@<(7/".JUOJ@XTLC"L%G`"W5F_378(0%P@A M]-^45V[YY4K"A4=[.*JPUC;20GS22]#FF*>N^NJL,WMC#F)Z/;/:S[+] M^:??UD"&M]XF04(*V\K>^O#$%V^\3(%SK"S$G5]\.Z8?\)G_Q!F]=T!&$L(? MK_WVW'=/@=4V/MP\C*;B?"D%4NET(JVV"IE]]_#'+[_>M[J4[1\M.$TX[?@: M7K[;1>K1CSS6(S*L)&#S2Z`"%PBV^I$H`.][&O\L1KYI`3!%N.J`#Q)2`MTA M('(&8Z`(1TA"B)GA6R38(,K&9[/_?2H`'1"9LH1PPLB5\(8XS.&Y;I2MEIR, MA6T+8'0H="&H6P`0%(0@-O&+ M(5)("B.8-A;USW-5I!%!.A``/HD"=6",HQSGR",8L@R(ST,>1$8BKF3,`5=D MI*,@!SG"6\VA5OHS&1[3^*%.*01V_Y#+&R$G2E2K)+9RBE%C M9$@"=H&2D(`"^=.E,I>YNJ[5!HZ;!*;_.AD3"B#`)9",Y2V9RB` MS.XH3312$R:D_`,9#&"2&4AN]*(855CT.H`T?5Y0(-\;%Y]( MMLV,FO2DP=+BX/)93N<)TQ^`O(!*%$<+0*+TIC@5%B`UF$B&KBV8$%6:MTI" MCT,&@'HY3?^J4C46-W$FS:,.V=I+-+?4JEKU2->2"O8D.32H,J0&XGP)6FYD MT:N:]:P@_9$*R_K+AE(QJ-00@J])_WMM\A[V&F^4DARF!>5/M`"'YRBI_`-<#S_L>L`5HIM MLS=ZW`8W1Y#%;6NA`HYP-WND1;R=H61'LZYG7<)@[G(-9!(.,3<5DLGO1K.^ MYI01*2]@-PD1)&04*'%A14SC2N)*"/[UH8F%BV*76K!'NGM5MV[E`W'NN,9( M9N*M5/K1=$HG3%-SF>$E`YKY#-+QW) M!TK""M(&^M$+)-EO;?DW/>\Y,RHT-*0WO3K[7473//ZI??>Y(P,>U]&<3C7W MZ%:#Y:&:M3UV+:G1)T["JOK6"43`&$OI_S?KWKEC-T(FJ'%-[`8RHL@C<6^O M$7U.7+$7P,6.-NM#]`:G2#G?K9'NW$V([U+5#K/E@ M]X<:BOO=K<-M)9K,-X_:]D?:A;>^,??K/U_.H\XVT;X'3KDEYW5U4*6`Q-)) M\(;OC14U(`$^4P?5Q>GUW`[/.+MP/-@/O)IL'IV#Z#1.\K"1JCF[=5U"DFM="7KC!P M(=+H1T_WJ#_*]*JS"YD[@WK4S^CCXEK]Z^8:46!3<.'B`1WL:-UP]Y7'1]GVX?^]/>YX/]+I7C)&K?M4ZDFG>MX'7Z1T;NKCEKL[X1`@^=/>#-?[W>`"!AW M0D`&P$,!X*9]#OB`7XAP:M5S(V3_@B>X M;P119-Q2@$YV@2T((W8*&`) MU8QUUXVXF&C?V(@C009<-$E[A'1=IWGG*&$*5P,]$HE6B`!.X`1<)VND%X_P M)028-7_.2''7<@%.X`,.]7_^*&`]XBU0I$2_B$Q%9`,(^59>MY#A]2TL!D$# MJ3H0$2XDD`$5J6[]B)&F=3IV\P$QR8\T&6``Z6>JTI&6LUY^]A).()()F8M!65HN@6^Q(D@-F5]D(`?) MY(Y`^930=2)"D%`^M))#&0#\=8Q9;,E(>IQY9] MTY!S@%O8\Q*Q5(YP)?^7:(4U:9(#\#1'K*!%'=<*<0F8N<0Q439)==(7BNF- MC)E1-T8!OS.%5P8R(L.1@PA;E%F9!U64W^-4;/%,:^09@KLF;7^0RRE2A:'K=:,U2A"`J-P`>4MV_2>\*E#K\(Q.<":370ZLP4\8\B?_8E#I)1] M$"9HX)(CP=,0")J@]@DR*>`J491#N)(_FA)08HY M@JL%$UWJI<-S.GF(E4(::5'T*FXDBPT)*E*JIDST$F=@3TM4/[DW!VJX4B&2 MIGBJ.D[XEOYI2']0)TUC)(1:J/Q&2FB6DR0DG=F%/S?WJ)!J.4)P!D5&+OR7 M0.ET(H`:5MJ)IG>ZJ9:D50R(0\CD+>%$!M>D=9JJJG]3`AW0.+960EC#8AT0 MG:<:$[5JJ_13#?3BG9:D*BW@J]BS([2:JL0Z/PE1_T1-HZ0KPZ'H$U#;0JE% M,JS1*C816`,(Y*H)02O$,*ZHXJW?^DTV@A8Z(8B5RC-R(($G85.ZHJ[K6C2O M\@=2D5DW1#*/HR/!@J_Y.C0*84^M6JG;`IW.2+`%NS(*41O6RC+K%3L3]RL. M^[`F`B,BEK%DK$:RS`M(00DX`!G:F:J<@@MZZ\G"ZTI MJSKMZF=0NCVXPC%7^2TWFB(H>[/QXCX?P)-"<$UP.H5Q@T6R:"Y#2[17!S(7 M4`,?%JS&@UH7P+"AZBM1*[7K,EJ`FJ182SRH52=7TV[H\K5@BRX<]CLQ6+9F MFUV"^*8#:[-MNS?](EA)E/^A\4,2*9`"F'B?4'MO3&F1\)BW:[IGL.-B(*LP M!/$X_P4O=H:K23"24Z>XW9,XC],^C\LPT"FF[()7OSH%^[AM,ZFYNY0=M4$] MR8')."T,'FZ"JFZQ?,2$1>S=48W:>E^2@HW':2M!*&5 MJ.N[VA.!&U2G\W,C6ZN'HZ,NX$(&#;!!L023/]F\SKNXL\)1_>(]Y+>L#$Q-LNIFXX?LWIR,QKPN[1%8K'!BT:E0_2FX4WDN))&[)``=\%3`!HPI);&>K_JW1]L`)'!A'`K!6PLD"R%7 M>6/_P1=,(]2K07OVN6Y;E"Q&2](I+&TG!'/@`Q$'JL2)MRE\,B0#EBZ<+H`U ME/!;N[_"H^+B`RQ!1BC1^[*0@` MK\<3PGOJ`&1@)3#):-F=0`@),`DN,/Q+*PX9E<<8/QH8RL:L5" MB\D''2S*_$SY_"JQVJP0[<6`-:_*ZRTAXZ@6?=%'C&D\P]"DE+N8F#.R$I6; M\JL$C2+@7,_^I9]2K%,UBD2\DA`M8&XED`)6^\#I>M(HW2O^]3$?/3:!1=/T M=BD<>KD.D`+GFIWG=].93#V-RX'?63DLJ1!IZ]( MG=0'7"=R0"0[K7.'P+`[*R*75O\"=C/!MQ)L/ZC5-4^O'V7-X*KWC;9(2)7O@,DS?HM$/&YXIVW0C9=5WN40F+# M1E0"9'7_O2`BG:2T*58;//?IPAO>MD(F4_3BVMQB$`ZLSB<^K9LRP-G&O+V; MX,4RK4#2GJ[MJSE@2W)EX-N%PU<)X.GRXC=+WZURW/8+8B11`X*[*DUM+:U` M$#=L/5Y6E#W^O3\.Y"D]OKOD(\:,PXD<1JK2C'&3Q+LLX9QSWV;^#_DC,>>= M;(=DFD7"SE*!1:_M0"?FXTYYYXBSJ.]RE'DIPQU((W,PTYX;*W2^/PB.Z.FZ MD[Y8Y?_<017U(>\MB-6;`DM,WS-#S#8H76(W(&2#V2 M`Y-\$C6-ZKRKZJN.0:^B19Y9.1^`F#9$0X;6J8H^P#C.?':^_^I=HU:QW$"Q MRRK*VX$?YS("&8,W7-6US-Y@`^7?ZETQYG)Z:\/;(A5!$A+]@EH4E@(-`#Q4 MKC?B3JR7])7>=I>Z1RL0)'R'W"^W+L!*?".`W867_NL8="VM@A!YEBWPZTL@ M9>KHR^0>8^(@1N_/CN@*D2V"_.IZG=PXO`@W"C>O@KL=(-\Q[3[UEO%W'CTP MD\;@6MR0,\YC=F'9UY9$L;^92$0!(3LS?-"L>2DJ.M6.:4@,!E?,>+]4[ M_]L)T;DJ_S4KJ^/Z%?4PQ::X(LDE,N<9OO18U?2I36A1!O1$(R2-;G[_+E=N M-M3Y29]N!_9P;1#,#=Y(XSX.#_$U$O\P7YX"'E/@7N_6!X_P(/T>Q[2R82-V M`(40']/@?=LO;#_!_-6_+TMS<'_0D;.,C/TU+G/WF:TT!1[I'6"U!!X_]>ZE M8H098BSU/@)0#U92WQ(XN2NX9O#HI%_Y];PI$U/?"3/"TP#S_B!86W^9OF\\ MI>^B^TL.E>[#`J/>R)\]][DQ`IS%U]OBM1_X@@]2C_,DTLQAD9Z?$<0MO8KK M.0(PDR^)MI_)6O,O3_M4U+,IH;PCI#4B>8GE.5!;?[\NQ6^:J2_6RY\^@0V_#_SCMPEZ. M0CZ4:-#APAE"J=G].3/'@2@YED5CEB629,E\G74+'TZ\>*%PEFW36>=DD0D\37@9-?-'_DMG1@;BKFMS=H%^BTX MB8_,(>;=LPH"3@JV&0`M&T/U/;C:4P]8]>28&RB$>FXQ_)$F07$*#ED^A)/P MOF9G3OD\)_]XN>JP#U>*$+4%0'=`W6RL&CI'>0JMSK$C`[B]P1=_F2EG!H"M MUQ^8\4<.^6U8-D;C>I.Z\EK#9)#$N([`\\M>Y5`6L0`:\":F.(BREM>JBN6@_P,- MF!!'+L`@,B0A*``\8#'BI\$.HN0;*:C4[?R1*X0@94GFT)`<8H&^$7HP+`-T M70%?2,.76(P"9.@`8_BQ&$-XJGQ)^("#*N:#=9EF,1RKH3`XJ,0F;B,2'R"# MH`8R"4/5P'[1XEA?BHMM/KD,"KOD3%L@&@4J+D(^7-JE,(7*#)\;- M9Q!!.:DWXP1.9>I4B?]1T36(@:0=S0%ZK+E?*F`"'W`P,EH_A:@8J1;.J+Z0 M@NI@XR)$&0#&B4RFY+B;>E(@A]?`S*K'G&I/`X=6#6YG-4YBH"LTU8!+#,Q* MB^C+'/)3@OYH%:W];.O_^\JQ&DR$)2?U-`SY0-6*A&)C+>(0K"O52D"?2G:P M@PB3[59AF8J%(X(2T=TK)O$!AL[ADY?=:>O\:-G4&@]N=^354C=14.?P M=N3*"F]<)P6WK-A[T_K-RK)UP'XSS/[,\+1#9#0C.)H.-O"JBFAHC0P2?$1/ MJ(M@H+2WJAV.&I(J%MF*L>,;:SHH*:#+B+O=IU\G#'%P/]Q:&0H!`EF M_WJ!@O:+#%/JQC&&\@V&XHR_-C[$=9-,,F_,X9WLX"TI(WRWG+!X$:,C0W(4 M=^7W+IG)]WJ+]TR3JP;$$7P#Y8HYS#PR,*MVC,D\L)OQU>`_0)AQHTB"-^BK M#$KF22.*FC.!>6I@X@E:7H_840J6)K*!/4.(XUO7'%C$X4/CE,9RMC2ID`L4 M!^[$`&0-57(=S5)"+&:4%O1)$C6=5TP;FM61(B\E'F@`<1S48MK8(_6:J#IO:;GH@=B+\E4!1 M$LG',$,2R/*_3/@:VX;X,KH-)*J[L6C"')T./ ME(UTK&5`:$%U,N.[FJJ!1"I2Z8"KF^.?Z6S.:">V=#"6,-,&BB!@Q95TNHH_ ML="41K)!89@7XN5&/PUIL?%@$Y[6>H=@T6("D-Z&N&>^N> M(1CTK@C3=BA.O3-%0&1@PN`ANRJ;FR4ZV#%.:(V_>NZ8F:G$K9.?_:V8HRA, M!.TDXR=9-_:7".@)>J/5++Q;U]6.AXLZ(UGS#I!`J:SX``:%D()Q=5GO&L[9 M'ZCGW,BSM^MQOKOI6U*QTH3_5Q0;89'A4Z&03J87W+-%Q7:J(2:@XW[U2%_] MYYI^^2UKV.*<_0:L.GUNW2XI5^*`Q!:%3_?5>GWCU'_'QIH)R0E;!(Y'N8`9 M/A^KVHMK4.2O9F%>?+CLSQCU$G4_[D2%?H]!ABR-G)W6R1')SI,K_8M!,.[$ M76@G?XD0?`9X1Q8$`WS M%9-P5/<7;QD#$X#'4I$D13$%79VU?1A!!N>D$!]8?7`6?S6H#'[R%8>1#C.! M&_!Q2(0@$^G5?.20">-76DPC!Q"7@P?H@4[8$`R6!&)#%D"&&Y*P?S@Q@220 M`A;2_V6B(G0K%H75ME:J1X8Y)W.L=&R,1#:X51GIIPA0TASX9&_.YPGAT!99 M&(?"AX!.J&:)1D%=-64.B#OMH$;)`5W;`26?L!,$B(;OEW'_=H9HN`FB5'.? M$@#R9H?]8&4'43W^X0H$!1'*\WN0>'10>(J)T&,'8Q27=V20%!2FB%&30`+? M8U^MD!JC1`)E,XNJR'62>'V4Z'B_%(O5U&,^T`%&X0-CJ$_ZQ`]<(3[UEEB; M9&\$8PF3D34%^(N/!W\FY7[=<`87DAI.968A%TTIX1_CYSW\L0IS9`;7D6HY MQXUE6&@UJ!0%EXQ79#[[A7P?03O1T7`:]D4=0PGQJ&<-YO^+W.B'V,88OM(K M%(``XU,#!Y<$6Q8;:L@0NA>0][,G&VANZ!0?&<&$K)1;]#AHUI=ZPO==Y$5! M]]>&IZ45'Y`$^W,M"J4)F;(KK'22DQ6,*FEZ+H:,9K8_UO*`LW<30B0^,K)A M-YE`*M(`*[>3/"E5/HF#>'=4.U%7M[5G5J85]U$^OT5[TD**$U8Q?*B*#"EC M%L)G-H%4$40*IS%AWW`K4"-J;,=[&S&5QY"6"&9R.05>!V,;(31>"KD48C43 M7$E+%O,!TL5=_JB7P<"7`_8UUD%($$8VU<0.1PD6]*0IRC..^O)=TQ)^W5%) MD$F5=3>)3`8ZWF435-B%(*>)T@'_$P]IFE=AECNB(K8S$3F0)K;I&:$C+5!):IY`7]*%%%HXG/5H=ZNY">#E`Q`1 M,LRH'0-CA,>3F_9CFJY"/50RC]I)#)(Y2QTE*X63`Y!Q14!F2MUW"F?)$JZB M->HP4\J!/(Z8%)SVGAN4BE:UAX/`E-]0`H/X*?`..)9`M&R3L]9'$2F-7+#)]^%#I-!G1XJ/`H:5=^%E0VP M-+?%&._2?1T:=H]`&I7T&$SCBMZ2K4Y7?.$Z&<"TL\AC4@ATAEVA=5*B/JJ=-^G6#15.U!R94IRN! M$@#)!BP_NA.,=P&HMA&.FJJJ&JE..C^6N!T70(7@F0XAE&RSZ0U-""F#MV-. MAC`(&8J^.B][:D`7\IJ:*AG*"J0)E0E2_L(`5WF)V/C%NYAA$ M[NFR[H"Q?R"S9A@TL@@W+"(^]FFB[\2,#LB)W)"EW=()X\<@3-.>2OL/&.L$ M`;L#,SN,W1*TSP-';$H*;"L$#+:B15,?&.@#S;,O+3NVJO"OGY`!:K"Q MDNHE2F$EWPJO]NE.5F@^\509-&B@CL"UJ^(>%3,M-8,)RM&P?HL,-5$E0F`# M'J`"=Y"VDJ(C.<$Q:/:@5$>1VU:KQ0%0`H,Z;[&CF=*2#@%P'5&)N^\0 MLQFP!5LP`V]`!R7@`BK0`W=``*7[M,I+"?%*/F0Q$[7Z2YW&N6U39&315T5$ M&1_)OW8CMDDGHW M.:A$0>FP8C824GWKOXJP!;KK!!,0`AI0NNN;P*;K(4N2E-\E!Q`*&52:K`[8 M(O:K.NWV!T9:&@4H&-'(QDG^4\`T:XA-M]L7(L`5_(,`4,+PAL`,]H`<) M?`=HC`=J'*)LS)\Q;)]=Z!P:3*D0;^BDED'C-M!9:9L6&3`CA MN[L7T`!/@`7H6\E+/+#AW]D(9XY@*+ZMR/7,[DY3%P2%@G5 M<"N7:"[&3`!3\`!";P'O8"\*LV=9Y/,B3!R5)RXN510 M:E'!90C1ZMY$4\VABUY'6^FS7@T`% M20`#*L#7@?W-PY)<;AK4TS$[AM"\5.=.FJK_(9)!JR7PR3V-I1.1F`)X5%UU18VS-('"V-C@+A4+7&90(7@+04BQ@Z')Q0U0K\6="E2@N]6,R/-- M!UO@`RQP!^B[!]-=T.*1HTEPL#;M`W*L*^DPE']QUIQ:G>V0Q]>RV6W5HL&$ M14C2U=\%$;@6WZGPRO\LO@,\`3"@`3W0`Z+]W]0M(@QB%!*RX++]R;/9E=)G M9==TS!TF%)"PJ[,#NE?:3/BQ8]O(X8GPRKJ+S24`VAS0"Y',P"A^RR)2K!9) M*&EXH`^-XTE"N1VV_Z7C(TP=XSG/6)85$QF%+.2,`+Y;X`2(W``0X-R]T,VW MP.1-#LX<^#1)P#@XPD8FIIL2WLIGSKN""P%,P`$F'>>!?=#N!PIQ5(AAN4GC MMF/.1N:-8,(NP`-WH`3HRP%D1.B5;.ASQV<98C]S>L\4D1[:A+.0/@BS`,#? M^P?@>P&\*^([H,`+O`<,#-B:+N?9YU21]>A;%11*?>J(X+T90`>_:[8C301( M(.NV?NLI7KA@UV,[(8.AGGDB68C`WH%!`;X!;0!/P`3H6[IMSNQ9S>D-B>,\ M&`JIUGB.,#!%Q(2;">FQ0-^^*P%0(-JU+.ZC3>[H]EO2\4!T*0QWXTG7KO]D M#9IX`;L"/T#)5XWO_ZWOQ/;&TG$=7>I]\/,'RIBTUPZP(OT``W#`^;#P#%_H M'(MN,'$8(8.%L\&6NH6O"4&M`V]J+1#5'J`!2L#?/?#QX1[R*NWP@H8L@I"3 MP-DPN5UAU%`^S\79?1.S"/#/!,/J%R#B/,`!>F`'_JWS<<[S`6[)#<1*6;'-.LTUSV M`JR[?FX``B#H"'P+5=_V;C_RW4E,+5`"$.&SVR>THU6N`6J!'*X8??\&VJX& M@-X#2D``ZDOXAM_D;X]@&^,?6ZX104X,XUI(>F__UV0_#S9@`"?``8-_U M^B+O[$Q69,HX#J;0^L+`.),VYL4]`QHOQDA`^WV=#[BOZ:,OHMQ`0;H28=N4 M3B)(A#8QT_&](P*,`$G0!67`!'>`P`Q,R(B8J+C(V.AG:%=G97&7^7F)F:FYR= MGI^@H:*CI*6FIZBIJA]))`TI.:JB0K1"<@T!?T(4%+*^O\#!PL/$Q<;'IBW* MRRU4,S-;?UM;:BL#5W<]>H_D7Z3EY(_$:Q8L5PXRP5W,BQ(S%> M?RY@FN.CAH-C>/"*MMN47.73E!-G:M6@0PDANE32.D8!MM4.9`P;'HNZM^_? MI1`@H(F8RLP9%#)(*,!$"0$EA$"/GFZQ]%/@V'&J7"FD!!D'9$H$["4D20H? M9/^SJU_O6_C"#,_>O*$R7_F*)=G"4=^OU#K[_QNUQ`MC#3@0TP>P_5-+"0WX M\`%-`$8H85_/;"'2%&2%$QFH`<$.=W#PT%$@%@F.7J;=J.0ILL4V!PDUI!!`>IG0 M6`PM-/G@@!Q6+NGEE\,@UD(&)7CP`A,2$6`4D4:VV8B(8,;9B4CWM.(`3(]] MT.4Y0C!6PQQ[RBGHH)U`F-E""4#P`X?BU.7FHTPA>1VAH^MC%,CA2@U< M7C(66:0.D](?23A`@AGY%(OKL]@I\P>$E_#ZAW$4.%&""RI\D<4D:A8B:ZWD M(G(KM/_-4QM7?M:`GK-\\E+"8`FB:^^$S&"R!1U.3#.-!"&,$)$?VY1KL*V2 MW@M@;3.6`!8LN\%K#BT!X**2PABSMY,R%$S#XP0/C'#'%=C'!*(N3<,;` M74S!I1U(F<2FN^C6$6,.O'8QRSQ+MIVN,RGS3'(9-+""!B6;_&K*3*O<:)(] M2S:C8;O(T0$\.N?4SG?R1.VU7S]C(@^"AA7]`A:S%G5RTP>?^S5:LB41P)T! MS+RS36.10(8<;_<-]W:7N+>0_PT>,$?`%6I/PC;;;OLMU047!`8/U1^8L55. M,V2@P`,JV-&AFFJSWGK*KP^/XRZ/P0;6[7/4FQ.G MO)BA90Z<6F_^/PBE/P._&4S10`%`(C7]_.:N?+Y`ZGKG`"R/"5N6]EN2R?T& MB`SU/8,*6["!`2KP@PT-C'X0=%I&"/BB2R1H%RBBFV%H,IN<;,`=X;E`9,PBDPN`!U`UHZ$0?8%` M'JGP`?\"^$P,ER@)^PUQ&(!)@;)*\`$3,>PL+=I'`(1PAM@\\8NG6,@$#,"" M`7```TJ8"!-C.$,PED)N)L$=+S@%&RI%A8MS*\$50>+&/H)"@883TE'DMT8( MMM&/%I1)+^36@0[X@&^J00P?/?@'/3$F!>()'B(IF)GA\,1?TM@"+XRHG(`- M:9!J+*0AG;A)3O0"0G(`2P=PYSV^#(@"[YA6*X6X$`1,JP4*L00=Y.,6&TA@ M`V9\%:Q46>CR`B\!#Y>JB;>+T6)\'/5GU+:SEK9T3($K M:`Y2$DF;6$G`2>JN%W+XCI3D(1NO@DTE[DA! M3XMZ/D4>9Y%J"($*-G24B$25H:CL`0>84`8Q:.$(0_+#TK2JB)KZ#3$S^L`9 M].0K!TAS-]A1R;Q\X!6V?BXA*4Q)3Q#($`]HZ"$I8P(1`"O(.V0A2!M0@!6* M@(4A/9"PAS!LWVI#$TL%P"0D6!$F_X@*%2'$*!?9M*SCU/?-%&8@`$B4"YL. MQ@$@%$$+3\#"9R3"@298H`I=*(*00`O;V')U@+QHK+N"-9.[`0=G0[VB;\LRQY<- MIFL=%IX3C#B!P@VE0VI[%$11*:0C0$$$!6BM7JE[!#%@MP@:\$Q$1)L```!` M"EH(\""%_/_=V<[D`PC(P3M.$A*JK8L]@/I#"=PENRA_;DQJ:4LOHA$K:RY4ML&5;)QC`45R8N$@7Z2A& MJ(#`ZOH0#A2A"PH0@09@ZAEKZ[@*8J@QI_F;6C?#(;MT3:5%\"`19^]GR(+2 M2N4@@R(#X,*.(^+%!TC@FDK^^ED;FT$HI4$'*M2A0BH,@1%MCO/< M%/,XP49R!EJK/6HI(0I,5B62%+JI>LD3%"HDG-5HX!5.*:3IW0$+]C5"%^`@ M!JP?94-`B(&;JR`"(#EP!V)P\XZAH`&L2E[T;NX""B!_$4<5J>X2(*.4>^C-H`<<<`7H=P1` M4']U-B@,$V&VEP2Z$UQ+`CDIT`&C8H#0T@)L0`&984PA\`+I9C*34##,M`<. MU%^F=F!/0%=8@`5E\&FGIFT/@050<(*BIP!#T!E,``5EAWIPD`!AE@CG=$Y* M@`0:L`(0P`-80(.LYB7X-#5SI"<5LU.1L3/JHB1FT!T&0%F!)X1*\AZ*>$)# M0U`7H"TNP`-,2/\D6*9@:S012L`%12!Z55`!<)=&UG:&;B8%1X!59HB""2`` M>(`$0V!RY*<%!!`%61`1&!`%4<`%:Q`$!K`&'.!"=CA!2_)!]S`;'@)O=A1Y9$#*>)( MD-02S$(I%_`=.AA$S:@D[:4^CT@FU,@##L0AT(>-A^`9(+``"P`$K2AZ<-8$ M>N61HNA]1;`#&C".*`AN`E!FKN@&0S`"::`"+C`&-+`":*"/3Q4K_0C_-;J7 M&'/4)P[32$D&$AS#=S>"3V%%!@4(?`UY5L[P7M"@0BX@:L^A)JB$D8O`:"`` M!CJP`!%`!.,7AEJ@<0(PEN3W?3M`!!R(>N!&!`6@!BC6H'LTR+;P@-XY%`G7S&-1"*;JB#X/!3T^9E"GA+PLA7R]P91"H ME8V0!4H``CIP``>@`Q$``D30?>:679YQEBAXNMXA>6&_X)N((^EAGIB4``@0)NV>0,T M4$:].`G0P04\P`(\@`0]V6K_`1C?X2[BT62!YYQQHB?FD0*0A(S/R1[DD0-= M8`(\@`W.@0&H$P[C@IV-0(_;V9T,L`"A"9[7AH)NQU?CB7H*L`%:D`!EL`,[ MP`)!$`8W(`,T<`),T%I8\&@$T`80X`(IQ0%1T)^^D6LU,R`!8'/CE4U`XQ5. M.:2U51[*TC7FU:"4X5[O%0U4()6()@$Q(`!(P`<3`2Z.DJ$:N@BGTP,,T)T< M"9HZ``8@D`854)*I1P1`(`+PF`!8]P,G$)\W@`,A@`:J2Z$'&'`%(,JJ$>"J"_"9#!`!2E`!\`@`E?<$MX@"#1`& M,B`#-Q`&>LF9M8@!.P`!MDD#*,`%4:`'RGI.I2H:]J<.`Z)D+=(K)3&I?+,+ MM050Z+(2[@"$$;,IWXH:%'!`,X!`.U("!@`!2U!B6+ESBV"YH1@`6YBP6K*IJK>@`,H`)\*K`#^Z>,A@%M$`2'ZZM!,%>MU51Z M50`-X`%SQ9F$\)O`B#=%2@&``24QDYB!=S=3:B\N8PLU0`9K9;XY\9#I$PT/ M>4+O80-=\``HP'Q[8!3PRQ_90`!Z>P`1T*$^BP3Y&P$YRP`"<,`S2K`O$`4< M,``"8,#$.P8I9:%8@`0$S`(-X,14NZQ0]VZ!^0^RH2<`ZE@RHT.\(3R000%@ M$1/A:\+$$*Z4.3C4.%?X5<,@(BMWL+LZS,,Z<`4_',0H@`,!&P8&(`!<\`4_ M8`)C(*.^.@80@`1($!%?H/\$:_``.(`#*Y`&LHBU@P4B%?L+GH)1T40&=1,; ML($8PT,S.44^4*;&)\S&@R,!#W`F)1/'&`'/!P!!,"=/ML#[RJ:03S$ M?2H4!&P"-%"\,_J\K7*U:Q`"AQP$1PP"5XNUTIN]QL`+B)4@$%8"+U$@/A`+ MI(O-UF.RK``>O`(\JEP3*D$?5,`&R)$<$V`%)K`$+X04KQ*[L[P?+G<'MTP` MJPH&'-#+$="S#'`$1I,%:`"CB2NP..`">VF+2I`&,!H&8=``)U"Y&`"D'/`% M3,!B64#-^``^.H>V`BD8W$-2%/08CS$O4\*0YVP3+*)T])%`-?#*Y-0AYK(V M]SS_'=]R!_Q,OTK0SSVPLZ(IT&FP!@=M`(@EES89!-EV%4U`2+)K:TNA\"6+D`2O``\UA M!W1ASSE=)-^B!VCJT^\*!DH@U`'-MPR@`2'@QXD[L#0``4R`JARP!H:LT"X0 M!U'@'.>*!+1I!8J-!5S`N13LCZHP0B[3"W/@,#7`O;96"Q],QB([@'.@)[[& MU@$A)J\D+,?6`%?G0A;J0M!CUW?](5GP''K"^JX14-R?"0:-^YFBR<,,T,>( MZ[P4&058\`),++"*/`!*<$:UR`0A0`/SR07Z!2EU-RR+17-':@`&0`:QH`O4 MTD7IO0LD8`#=D\;M[0EL[`1SP",7,`$P<#9BAM/Z;3#\G07^W9D!CL,$;J^Z M?."&W0!K<-%6W0#$*P/+O2$7?05H(,EA\``WV@,7^=W^:0J1`R6VT\WR,!ME MM4E)0`8I0!XN_N*3S:3IQ2`/$.[!(S@7;1?\`*D#E#=`&7$"//5`KC<-'"-)!(#':KM`: M))`$9.%@P2/J-.0I#,,@)*`[BZGFU4P+9X!"0"%7/5#+1B&Q?I#E=DXN>%Z[ MH0D"2,R=8&#+@`X"/*W#``(P#B[N^4=`&)@"P.``!C`MI+[?5 MP%DE>VA1H^T#9-!(YU$"H!06'[3 M[YOONO[_:'K0[[K+X&G*`)S6NR#@XX,>!\.;\`2[!E^@5U8]O/))\5&0.B;C M*I:>,."["TF0`XW1`36`F+.F"PSY[NF-Z503(^_RO2AO"@@H#;^7#_".`!>@ M!G`>LU@%//]N_1J7\PWXAF3!X` M`=O&TQB/]]-#`*?E&3J@N^R6IF`@$2"JNWLPO\@-P(J,!`Y;M(DK\0/0!Y-` MIFTC*8'1`230]2U")VG^3QXU!P,XUM-OPIU:1,IA!7$M)!PB_\NP'T&R[W+; MJ;O:"*(,X$*[3^QZV[^'2[`4J01,X.`R*K"&_P47JOP&`PAV?GYV=E<9%W]" M%(P4?XJ.C(^3E)66EYB9FIN#"`@!(E40H5\L;PFB!" MAC+82O7(42J+M#)JW,CQ4Z,_/ASDF!2IH\F3*%.J)$6A!:,/+=B\V9)D0@)B M.ZXTNZ.PT)Z&0(,*'4JT*#1PS0B0`_]Q!UV].QS$ M!B%>#&C6P\Z=GQ`7LIU,N;)E;G;"\22'04D6=PRR9`'Q#D06/5:C<&AC8@Q8 M@#?&L!C``>T=/+C]I+VLS6U$P,"#RS45@()=X\90FBJ#>FD@X`CXVL4.#DB.Z5%BAT`A M/8^%9XUO<"UGX(&:V&4G-9J@R/!A*`@&)7J/6$&LP20!/=0Z8*6_B>IL1\9]D$0--21" MP1G'/:OMA*2<>FJ:3M@@P0/%-$;5603\5*>R[+8;U$X&(0&&$GA$_RHH'UAD MP9E!H!DYA@`'X8BLN])4N>W!L!AG5PX-^*#E(@A'O-PJBSBAZB\2>+""`$BL M"`V+!(\===VI)R%RPO@%X6.M2%4#Q=<(-%=?VAE<37=@/O\D0\-Y!")19*4 M[CISB7BXRJH^>!""`#_T8)L?>SCFV&-[R/_=^/`Y]]=U#POL<46PH671`PA@ M7&$X`8)FL7QWP4!(!%D`$8.%! M*2#@0*3`P`#<+%!_W+O@LX20"!*(I'46%*+/,L@F#Z6J,&X2EP=,H!@47H$9 MVFFA%O.W!ST4XH:9B4`$FJ0$!F``A5%@``.VHP0&!E&)98J$$$I0`Q\DH2*M M@V/2&H$J#VZ!%X;_Z<(#BJ"!8X0#+8[AG:RVR,CAQ>IF(#`"!ER$!S/JL(P, M4%&R@`@1GNFQ0BT10@M"4IQ/EJXE?P#1M^@@0OAI3`4=HY+BLMC(6A:/EE\T MV23QL)\%G+%M"V``@$3'24N9$DM"D$,'4C"')!XS8A\I3#`,\``6J(`)4&G, M(K>#A\79\IMSDPRS?'B=.RAA#[[\$3HR"0XW=K)[ST20!`.P"+[$`<,`&@_1E@`5;;)N`9^U"^,6$0)#."#,/GMJ,#)@$AQX:$,[H(*'9J!3-YP M@8M-`&I+0(9.H!&\X.7TK`@M:T^!(,D?6M234*6+$,XP!]2IKB5YC.M?<)$+ M)^HBJZA*E;@,`(,BJ(`#5[@"8E?D5K0Z]JPZB0*P:%G4-^IU)7V;HP-(P*6/ M./.R&9D(!=CPH0_]54T;RH`:8`"!(P#!-NC"GA?%^=C:'I0GZ*)LUHP*6F@9 M!R2IZ^U?)C+2-Q"-:19;50FZX(*-:2`99^G)661)6]M:UY;>'!YOA:L11N2@ M!B38"W<#\Y&^)2(#4W!:QE9PA,4P8T6SS.YUY_]+WY%M=[RTR($#FOI9_&Z$ MN`A`0`[4X`((X.Z,_:G.6FZSFX+6]\'?Q%G^[NO?4/SV#V?0;PH246%/A)2J MJ*+#J4IZH0LXH:N.$)&;2B"!!#R@`DU@QB#*>C\(VSA/.WDO>7(LXT$PX[V: M@4HS.(#"G7#@QSO6C;K(H^-8,=G)1QX/E-.RXW41A<(=]@27'J%?SE(DRYL( M\$C[NB:+H#;R MGV,5:,8T^_9*%@&\R@^0`%E=H##$)-T)OCZUU2MJ52[V,(% M@D%@*O*@?KC%0*SJS.K_6B'#"S&(M1>@8(1$%R'6L7X"$+R@!620!PM#$``* M+(!K$?0`"QN`0I&/C(4"B,$*%BB#!J#"!"C$P`NS'L$Q-H#K&!2!`P6X-J^) M<&0.-$$$8A!!`9C!`;9$6M.5^(@I2+`*2C\5WJ30JA.SZBU>?*@$PF!MS5S4 MGYI:S`@QNPH,D>:`$`8CB"%N#0!6,800%PL(`5(HZ%'D`,$-),$;RGHP!VM7HM&\!4!SQ$"B-A`AQ(X M_\`#6C@!#\H6JVX6G*`*CSNM?A)Q9&"A`A9G1A<`0(1?_@ M"#]VMV6Y7HL(-HP"E&;])4@18#>I&75#6$-^4+B']]JAQG(/_JR"5_>=N`$` M1[C#WI^`PB.C``!NH#8<"L"!D8NA\\U(O(HXL/,@8P'B.YB\&X!PAS(`H`!W MP'F,D3%T`*"`R(R_@Q=@C@6HM'OJ0:EZA3V;BFEI_=X5U@OK,Q&)$&`($"X2 M8``N0$7WX2*'DSW=(6'=T+D@$[2<` M6!`#"F`$=X`"54!R6C`"B*9Z[R1[E2`$'W`!%(`Z`"@"CZ%R+G('3:``,3AD='AST.<&"3`"Y-%T"H"'0DAT(E`%5K`# M6$!D3;!WT)<&"$=UJ\=Z"M,"24`&XR-*]O11:O:%J'(A@*4+%*!FI&8[UO0# M6$``/?=>:PA\;CB,..8'&FC_?``P`A_(=[[V8Q6G!57@A'=@>$U19(G7#$`@ M!32H9YN7@T1@#'"V>>QV!T17!!RG="B$!5B``L?W!,@`A<8DA15Q`5B(:7KE MA;_P1YVFCR*B7@D0`D^@`K3A9*"S&\1XD`0#APJP$T<0?W9(;L?`D````%H` M9R-G`4^6!8@X9*579*(G!1QP3S91^5;VER)B%B,2,2`&I@.P6``HNQ8.:42,ZP$*6(D%`Y M*KV7AP`<4=`9--H<5HP!$+'`7``!UJ@!5XP`DW0 M@]JV_P-[%Y9-0'F%I)1-)P(;,`050([(!VST9P%24``\Z(.;5!3ZQUV.(`3S M!(`]631U4`\%PKR'$3 M>7C-=P0)<`Y0H0&B.)&ZD9(3B7D<``0[AW1=$)9WH`%XB(3M-@@5H)I%=P:QB`Y*0?"=0%;QF(-0$T5(`!)N2*:H1LU%8&Y MH5NAF9Y2:7=EPP&.MV-X=@Z)IHCOE6@]L&1_Y@?LIT-8<`1I$`X_AGW0<`?U MEV?NJ6=,X(188`2H:9!7=HKXM2`7T2`B@4>90HN[<`E8M?^A(H(`!9@A6D5: M9^((:49J+O``$/`"/+`#NN-D\$5EY&)H$:9C1&:?$:D;TPE/_B6A?Y`#RW1'CGDE5O63)<6A6,4+ M;'(F=.`A,W$FP=!B,+`!17`$1M!S/T%C-OJF+)1CC>:B22HK/RIE2UJ#]N>5 MY29D54`!T=P!%#`<8!X!QM`D3W0=&4@*WXH!G>`=$,P!%:@ M=,N'!2EI`M&!`"P`//'FC(&_P`6BW=B@`SEIG+/8`0JQ[+=6K/"Q3"^DQ)<)W& MT0(4(K@^>P%)`'`):+00<`)JR@2#IA`\(6746YXS6H&6N[U9@[GW2K``,`2< MJP6]!WF`.`)P((0<<'P8IP`Q5G$%``1BT`5-X'D3Z0;*Q@$<.P1^,'\MV`7B M:XP,"WDMJ`"$UP.[JY^:"+Q\>T\4P"5\@85%\PBBQ%><5JE=2/]B&90AEI!! MC/!';'"II1*&NA#",[`A410,4B`&*_"I/\`!B4BG995(O:-;.W%3W)O#C>.] M4($%(M"Q'/!R'GMDQP<$)J<95RER&W`?>R<&<&`%)TED/#B1&T``L.L'R2D% ML+9N6'"[`N!T19!L*`1]S\`!*:D%#!R%EZ4P?U`"'4`&'>4W%LQ7&ES'=FRN ME6HJ>MP+794AME<"(:&`1WL"`K`$1/8%,ZO#B@QA/$R@%==W!8NU!'IY!5L& M9>4&"PD5X5!Q7:N2CG9L+'D'^^L'/SP$@P:WH@QSB):!,;@'I@L`'KBW:JQ7 M1',!*7!$1S/'QBNT^7A27-I!'WPFOTS_!7,@(EX(!R6@!E:`H@70N%/SF2]$ M`-4AC(M)R>2!39\8<02@M1Z; MG!X+/$QPNR`G!FJU!]`7)?-<)702'B055L`%8L`,) MH-A50&XIB,D*8`'22-4\8]5U,[@L\0CTN%]SH`A>W0CN8X"UQR89<&(V`'`3 MX`-JT``>$`,A8`(M+`!QO0-,\`54DT)_%E\/L89Y7=TV9F0:P*"?:#](T`1, MD`5JY9MEM:!-8`3>W0,[4+_VIP&//0(HD)50T03UE][85%8A*;WHW03ES7E8 MP`3Z;01`D)^R[,^NO4=)Y1S.<>",N5E;EFF40`HV$``2X`#=6=PA`/\%$%`` M+R``(\"+!Z0[0_5V2DFG4^=@U1!=VFO=*FY+3O:]=:*TNA&1:F6?&^BC=%N@ MH@J;.W:?P<-HS""H.V`#(*P+%Q!8&R2&@?4M7'BN'&*I(3SE5%[E M5D[E@=6E#,T+N\`(&-QINK!*E[H%XM(``9`$;S(!*3#1I9HY1:?S;?= M/;?CY?;COD9DV\WH,+I@C#[D+R0`+W`"++`")A`"#_``+N`!5M#FPZT&$N#J M$C`!LEX"M)[6MG[KN)[KL?C;P2#K$O#K:A#_[`W`9F[N`2X``P]PW"90!G2. M`DO``X6D$S_6F7O`!]AA/V9UZ-J^[0/Z!`HP>*?Y!"&8`*9,9%8@O8_'TS]` MK1>7`"(`!5VPID20`/D'R3+_;9@?G4+!0U M#/?1L/F>'_S";PU[8'ZG6_H%`.#`9L!16_KCG7-&%@/;2&AWCR>8?_W80/;: MO_UDGPUU73#7[_O#/_[6/)9$T`4*H`%X!WI$Y@9/T&RPC'>M#_T[X05PH&/; M=PSDO__\#PA^@H.$A8:'B(F*BXR-CH^0A7L5<$=,4@E%<&X*%@4*/7=85O\) M!0!2G4QN,1R#(E4[O\/'R\_3UB#TP@3*ES(L*'#AQ`C,CI'\9R?/17]9*QX4*-%B2!#BAQ)LJ3) MDRA3JES)LJ7+ES!CRIQ)LZ;-FSASZMS)LZ?/GT"#"AU*M*C1HTB3*EW*M*G3 MIU"C2IU*M:K5JUBS:MW*M:O7KV##BAU+MJS9LVC3JEW+MJW;MW#CRIU+MZ[= MNWCSZMW+MZ_?OX`#"QY,N+#APX@3*U[,N+'CQY#_(TN>3+FRYS+FS MY\^@0XL>3;JTZ=.H4]O=QH'((`$_4`P:8>1)@=NR.52H\,./@-NW6XV`4D!0 M$^!&!G$`[MHW\"=^F@_2,$+0".`%=CQA(J@(E":"MH?'XJ<)E"*$CA<@T@H+ M]B8[;C]!,DB\\]OD?P./S]V/>S^VW2:`=H(P\41\P%5GRQT5H.?'#A4((`@6 M4,CFAQ$;*!@>$(X+4F"`K@W5&<=>"5)^"&P`FR@X6"'`%%'B8XVXZB%#4Y8A(>%'%&& MI8+LR<25@Z!@X0@;H+FD($8\"AX*F;:6YSB#[.G'ED2@B:&"/WR'RX$?+CG" M$PIZJ)V"C.[0'!/RY0C@;0KV>-N.@S!11@6XCMGD$S,*4@":MQ0A1A,`A*O` M"&X,(@44<``@;Q=^=%$%)QQT(:^\1@A0A0)P>.%'#/M6D26Z^T+AAP+[M@M' M(3'0ZX<7^P)0`!S%B;!)%:X!H(4@`,#FAAM5##$(P?(FX%O%(A2QKQ0_`J#P MPO_[JBQ%Q2[K6@8`?L0KKQ0N@W>Q*?O&<(L6)*.7P,BN6>$&'-6AHD!'/I_B M!P!"5T'TSQ94;,3-/W-`\;Q,,/RS'Q?[`:\"58P@`,O&[:M`]L`D"U#$[H)H`,?U/'MQ_>Y27/^J`-?#H0'X<"C@ M1P555(%>#.F_RGL"V$;G!A(*`%S<'0KLO@,GLW%7IVO?%=3P'D M$A?DQ'`]DTF-`\1CV_]HH8`R^&%GO4F``@;X`P#T1@0*H-EY6TV"B"9W3B0@(TEQVI^0`$`+%>N<2YL;SV<%(NC13BH-$="E.&C9?#=PK#P@]D- ML0@`Y5$5FC2(+A"A".:#`KVZ)S`1*"R8%1CH(+"@@",D=!`I-401$+DP(`CB MC7X0@P6@H#(+?,P64+";%4BH"C.>KPH?"]W?T#=`*[`2;4>$)AQ<)N M%DR!PD"'ZH0UV@SL0>>@@47-6X]X):(;1@N5-BM,8/JT`"-J`K]]JH$MT4P1": M484:$R(&O8,..6,`'LFY89]&@-P@\*;2S>U*-@H>6!=VMV$1@$>WA8#"[)[0 M"2W/F*;GL_&'1:"%.VS@N5*PP)X*$%Q#/$$$N#+$"&87:`L\P0TC`&(=S0<` M(\!!`!:P@`(X((4L/6\'&!7QPO+I2P!_,4271.ZE&R>A+H"WA\JD\V#S*<0R MH'-?Q3FH&RQP$,;^L<&=6&/YPH6N\.W)#363[GMC(`!OEA)C;A"CRTP!3M

]1)PAQBX00PU/`+#%HY6'@$L M`5OJMG$:-SHH<-H(2:WA]:2`!)H%OTF'GE_$;A"1F\J*I;@)J)^"-3Q_1#MDH(RA[!3=P(!`'5/.#(+D$IO/N]J1!#U MC$7N>'G2=A"S)9PF"N`%3K_ZK^Z'(I'V'I8PUN`X2T$TLS_:?@+'7-L\*\R($J<=8+N> MD"[@=R?!<&1IR@93_14#\E9HAK`!`$!ZB`!JTH(^#G4I@/0Q%:!2T-*U4"*/G+F*G M?3U3'`D`':DT"(AX98:X`9LU(YM7/?E#@:`G>@Q8"`PC'8>@``*@?U8@,!8` M;STC7P,C!H?8!7K88%^4+J+V>!)&@Q[V8X2P`1)3!GS$6.BR(U*P2BK37P<#/+L#?I\T&VZP`1O0BAQX?A`7-QW4 M!$B`.D2P=YL35]H6`R)@7GLT3\M%=I)3_P$?=5N1-CL/DUGM8@H'R`@H<"B( MX#LM1(29HU#*Q4H^%8X[]SOR1DH=F&H;0&*K1`C@A4EH!4ZMH`KVB$N$(`92 M0(Y5H`%O!3XE9S>!APX`PQVX-3&OM`'@R%A#J&'#-U1@144)T(Y*)(Q-V`3X M\S#^HC)#<$(%A@)6X#N6MG99%#]"U"3EJ'/[Y$1#X#L%YBY2D#Z6U#U5(!N; M9P%=0![X`W")P`%UDH"S0P0\EG`STDP:LG8FED/T`DW^ET,F0U0HL"?\>%-$ M(`(2(FB0M#"JH!$(-#7@8P@E=23T4%,XU]EXUQD#7C!01G!"SU8EMP=5_LN=-7[9T,"5$`Q20[;D!"4IN]X@+T08%5=!? M19!VH/9H97`Z")9`UHF=M/4T&QA5,W:=+>4:AU.!:/EJ^9,V;F!3RI5[`6H< M]M9A=%1%ON2@U6A!74DXK.2&`(1%.$E'V?B?<%"B-99A=^!6"O`$7>#_4A`F M1%BT0_X!>N]H/AE=3P39D50 M!$3`86^*BK.@@&ZY`3_`6:'7,UKPIO0!E9=I!1^3:1Q9)?@5`Y(D<:^2=IJP M`VN6H$LV!';C!D.@7(S9A\V!/^<#`'-Z-[M3!%+05NB`42>C,RT'!SO0BC`U M05NG5TPY!#L0EFX@*&XD:K:@@#/B<,*1.;\S#G!@,OR''E"@*``0`U;`J3US M=\WS7CF*`KLS!!:3D5FTG56@,`]380OSG+-P!$6P`U4!TC MH*X\9`$Y8J_@40928%.]M5D6X!I&<*YCQ*W3H5(%``4_5@`\=%6DB3;0L3OF MNEE:\+$`,E`6BPM'(&-H4@1=8`$L`EOHP+"G-[*$>%7A625792[G:@10D!R^ MH2@=J`5?,@0C(#!88)+!-+'GZB#>2@A>0"Y',`1T4B50D+*L$E!Q!042,K#6 M,5#MJD@0ZQI8=ZX5`"I:``1,<$46T!L_AK!JDR5:T"2I*@6>Z1L)@$=7L`-E MRT/0%8TR5APC$%<^ZP=ANXH7UA%/]2I%L"0[8#2$MEG$<:ZG5ZZ*2([4K"8!]>!NZA6`R`H@>1^!:"G('5]2Z>5M5,(C5L//_"6BH"``QS! 6$CS!%%S!%GS!&)S!&KS!'&P6@0``.S\_ ` end GRAPHIC 6 l39435l3943501.gif GRAPHIC begin 644 l39435l3943501.gif M1TE&.#EAT`+4`>8``).-ASLT-.WLZ5M55'-L:,&]M8)[=M31RLC%O>7DX<;" MN?KZ^;*LI!D5%IB2BZFCF\+`P*.=ETM#0KFTK.+AW4$Z.F);6=/0R#(K+%), M2GAQ;-;4S=#-R]C6T-W;VO;V]-73T2DC)+ZZL6QE8HJ&@M'.QGQU<VHN)B.KIYHF!>K2PK-S:U-?5SFA@70@&!_'P[H2"@LS(P)62 MDIN6D<[*PKVZN?+R\-[WU[>KFVM'YX_N[,W*PL[*Q8R%?]G8UT=`/\_+R-+.Q_W]_8J#?=O9T_/S M\4]'1M'/SC8O+[RWKRPF)\S)PL[+PR0>'\O(P,K(QPX,##0P+\S)P<2_M]#- MQ;6OI\O'ORLG)A,0$2,@'T8_/\W)P4I'1O?W]OO[^]+/Q____R'Y!``````` M+`````#0`M0!``?_@'^"@X2%AH>(B8J+C(V.CY"1DI.4E9:7F)F:FYR=GI^@ MH:*CI*6FIZBIJJNLK:ZOL+&RL[2UMK>XN;J[O+V^O\#!PL/$Q<;'R,G*R\S- MSL^$1#?33UUAK$4_`R"#.T'3-T0GCUD`5184F%E$20*&;C5*1$%(DEE/[=#Z M^_S]_L\#&IC1<6`+AVMD(+YX.@F,GBZ`?'OI`F0+"=A@WU0@E M(,(XZPX0@,$J7\Z\N3&Q?Y*\Z<)GA`X(#5AT<(('BQT6;+Q8@#+C1LH1)YZ\ M@<`$PP`?'I(,^.-A#Q3Z%4[@8/-!,=#&0_W!P@P0^/`&%`-@4!T*3Z@``04& MDH!1$D&X80<69G`W@ATX:,@&@T^<`(4%._0Q0!`=6"&;($PT\,82('E@@0KP M[3#`#Q#DD41%39!PPAY7_)%5"Q7X@)!S2":IY/^2-+UQ0Q4AF!?$'L@Y,86` M#53TAQ5750#''U4L@=P=03HAV1\WS!?=?4P$^<<;2BT65)17J!"!(%%@(<@3 M8H+@1!Z"P/G'"7`@=\4;?;"0I2"*5K1"!<@5]8,2]_T!P8J/A3##'6XP&H4@ M!%@@"`@SO)!`!6,-Y90'`S#&Y*NPQBHK)=`-L@04$.1Z&0N?"F)%$GO.\$<% M2NAJQA]F"I*F($E4^L<+!,P0YW^#.%9(%.8-6ZRN@2IU0P6Z0G`$KX.0^P<1 M<(2;0`!+/(:I(&$\L6D0`O9JQYE_-%`%"6H.@H(*<-#["P=]_+$#)!"X*LD. M=15Q2A<"T\"$(2!,/.O_Q1@'4ZL@501H<+V#_'K6&W_`@>_!R:*I9K-_M#`` M$6$(*B>`AF`KB,F#)"8H"W8,4D08YH+\QQ,-N,;'#BJ8)22FEXUZQWSFL@$L MGDV8`*@@._"!@AT:J(#2+B1<<8,)&4CUR`#]/A+"0<$,-6)AP2@TA"*G" MU(/H<+<+B6"P@5K/X$Z*)`>7#@SH)BQNBDXQVR M__B(7#&#$J8KDBWB[+?OR`=6O)&8(`($P(8%&1Q510,T^`I'%CNH@$Y0@`@@7^B'!S9< MP0K<\,`,'G<$)S0`?R0`$_\X-L,P+&$&4+C"$A:`G1'\8`1WB*'I+``"'@:@ M4T1X`PL@T(4H%<$'%CA"&/*@+PN\X%PJX$`6[)"!^=V"""%`2;P(X<7^D$%X M'QM$"RXGB/[P@1`OB!TA^G`G0?3!BV&HB!<1P0?;#((,8=A!"S+@JC>&CS0% M\Q7>CK!'9NUA!@+[0^U(0X9!N`$#<_0B#?BP.O=Y,O]C-0AE#7[W@21D8("B M#*$5K&"!`7!@$%U`VVBZ8(+`_&$)`^@"#NZ4A0%$*`Y`=!439J3^8P`I'^4$H6=`";=8`>S7(0!42"0$H),$-,"H$ M$=IDA1&`I`]*L-@*KI`![&6A"E`X"@A"20(D;%,7"7@#'IJV/0@H,``"F&<& M?'`'%;BCG&JB@`P2A)$5D(T%;[BB(,R'1D+H(`,9@,,X@@`'*);%4A*(PN-T M$(`[`6``<*C"#LHY`BO<(0-OR(,!6H"%X^7PAE%8@2+'HL`![#$)$*A``YK6 M*QI0"@Y8^``2[/"&#-`K"##_M8([B#">GGWRJV`]A,C"RHL78&`&%9#='W[X MAS[DX0H+L$`4W.#!GAS!"O/)0A8G@[LC5&&@3RA<`&QR"";8@2E$:$`+6C"# M)0C@=F]TPPS&(8`,_,$'&.%#`PAP5PR``Z*DQC`.1#JI!"D($=?"H+ MZQ%$_Q!4T`7@"@(`%I@&_LS0@"50X)7-#?'A?L`"%H!8Q+-0)@@:NJ7A3B6[ M?PBE(+J+T4'<8"@`@#$A!C"#3A+"">K]PQ[FX]XW@80%>+BE()Q0S4$@F+_^ M%5J`_Y``]XK,"CI!A(+_8(89R/4/DFU:EPM$6"@\CA`H<)&>4,SF-KNY$TP< MQ`^$=84`N`8%?4@"C&7\A^X6I2XW"%*.#5&42#ZFS\<3\A/^4.0W@.0(>/!! MMO+KKSY/K;^,*=[42"54D5VA`G<.2]/$.P.246`&B^;R%%9@X5L.8'4%H(`' MLH`3B[WYUKC.]2(@D(3+O6`H9*G""G30$SW?A+OSH<$;A/^X!]D-VA!8B+"$ MCT(6;O0A!!5IM%::,`.$R*N?-3#/`$90&`PPX97%([=XU20RLBQA.-@3Q`A& M;4UA#>LJ1&A7$.X0!C-(]@H4",(5(*"T$!A:UPAO;@C;3($]..'A$'>"TBQU M!2R0P`2Y_,-O\7`'$E%@/"C@P+@Y<`*T"54'>PB3>2AP!2AHE!!AP$$>,C"" M):@5:'M8`A8NXP,SK2`"3KC!]D!@6;M40079^4#)!S`.-`4@""VH0K,MM8<1 MA)(I9A@1!8#&<0)L3Q`GL._7X">(+EC@"B2H0B5UDW&>W>&Z*"`6"ZI@R(3; M/:P[8((%F/!U2^5J-(K15?\$H2O_P/N,"$\0*G,`,(,01.'QD)?MW2=/^4\& MT`TL^`')SC*#SD?RK#/8P^H6XGE#0&J0AO\*%1-9^=:[_I,`N(]YU-N')?C8 M4F<>1!^<<'M;!8@(>Y">5[KPAHV\_OC(-]P-&H`$\PS^!0T`>&,J"$=]_6X0 M>!CN"69P8J^8;^')#[_XEU2$P5:!C0)G@Y,$<003/!(.(`G"C-YP%$(<80:@ MJ_+!M]*'!EQM_``8@,M!`7DP`W!5".9S+(/`!'O3%0L1 M;P*8@1HH$U!@!QB`1P&`@2<0`D>B<7`0;Q\P@?1A%&!1!3.@>,>0`#_@!L)W M',CA,(.P_P`1<0A(@!Q?LX%`:'YAR8-T``JH$PK8''TYF1=B"I!>(:XA@,581YV4(&DTW2# MD``$8`A[`(<;I29$,`5LQ!4W($?(4`4.@P7GA3K(43@_T`!+"$LL@!S7AX:. M&&(`T!,W8`:W]0?U!`)OHRP6X`8Z('V62`1F``#9X@'@0F4(M0.X`A8VU7O# MH"40D&A-<`5VB`13D&J'4`$``(./N(LA)@!+8`48,`*5M$P!``4G1@%6$``W MP'HD@`$64#A(4`$*F``#``59YA4[,`-IDPQ58#%]H`*=%V06`/\'PQ&!EG0' MG6>+O+B.RC6&9$46&*$,75`%;R`W:K1\E=(`%2`-*N"&96<";V`V[#B0!-D/ M3@!_RR``!C4#/RA>;[`#-(!_@M`$=S!XA1`&IU60&KF1S+!]^,(,3C"'A+`` MTT$&*K@0358($,`&'-F2+CD,2L!]SW`%\3@('Z`"3)%]CS$#RE0(.M`]+QF4 M0FD+<)!DRV`&%7$$>5`P'A`!3,$"9T8"Q\4G&E<%(<0$EQ$&%@`^0]F57JD* M*S`#]I@,+?!!22`F9V$'<$``UQAC5P``MM-D<61`N30,! M./"#'_!R2#("\I.7AGF8D=`$&/!P>=#_,SZ0!T3R3EA0.,ZQ`V^PC8B9F9I) M"/TD8>1V=J0C,"_@8D@".^JXF:B9F=*S!Q,38`-P)Q^P9DIB/HV4FK9IF#=Y M,"R0`;QE#5=PE\QQ!"K@!;=9G)D)`8H"!0PAS\0/83D'`&`!\+'#U\C`"?`>H)`F=:YGOL@`"J`GC,V#M/E:LW! M6)*W#SK@533PEE$U"!`@1.P9H-#`5880!!8#33&F8\K!.+;&#P)@!X25B7!0 M?S;"B@)ZH<AA:H\80_V1&:'@X8`$">3N=]Z,_6IOZH`,JV`\W``"MQ@(Q5`&/0P3H M8Z-0&A-DX`8H4*56ZH*-N`]8T&W^0`%+<`2M1@$N!YGW=$8G8*%1FJ9&.@-9 MJ@\AD&C[L`!YX`ZM]@<"8#%5X`$?<()V(*1J^J?/T(=M^@P+X8_/\`11L$IP M\`968(Y/L&A/$"0#0)J`6JF!RJ8N`04-T'?Z@`(EQ@(6<`%A-UNF2*]P2B8@%/JJJXF@RLZ@^%%A.Q00BZ,PA9$``>JHNY M>JS#L*O],`!O8)%;D8C&BJS2"@R,DXC/T`)D,JW:^HC5Y@\XD9W;NO\*+7`# M2<`".V`&SNH*1Z`$5`)*(!9](I9D>`&4,"I@-JM_:"6X>H*\;(' M1&`950`''1`+9A``.L`!2G`'2+`"I36HEC!-D8%93Q``>\@(*``%?N1'^\J0 M_=`%,V!\_[H*`/`&X-=G*=D*%J!N?]`$]9`5H+`0KB(7E4"R?\JO^S`@)5JR MHK``*K"-$(`2%/`"$)!(#50$.C!:6#D()Y`%*_`#[M`%IJ)&3*`#@]<'**`U M#3IC4X`0;A!"68$"MG8$.A`$MA0&$)`%-BLQ?$<_%=*0-$L_'KL#.L`$">`! M10`"!RL`R,%^#0%,>>`7R)$.6?"W&*JST)#_!14`:CZK"MN'@0OH!$_`2C0` M`2K@!"/@!"N4`05(6R8P`Q&P!QB`!R_0F'9P#5VP!Q%@/#2P+G:@!'O0`%OX M+#.@`D\@/5LCN_JR%"=X`RK0`D@P`C,`1",P2$_@<'UP!`,``03@,83W'T&@ M%'^`C#C0!-G1`@"9$N;S!UE`'G^@`Q6`!Q12`1SD`5YPJP*JN,\0!"SXN*D@ M+S4I''A0$0LP!KV!G?"6(LFLARP`PW0$'&57?_2$"QP M)87@!G`P`Q@@,`TL(%?2!0U025-@'EWV`C30`DG`!""P?4H0`7E0$0`:O3JT M!':@%&%@!UG6A(JQ_WD+(0A$>F$PID*RTP*H&J#LZPP6T*SPFPKN6T>%P#-. MADG&UF=JLINNPVB7L1@+84N,@P0RNWR'X*5OT`"=DL4V$09^`;SF02K<(`!P M``XU$`0@T`"XHJ+1RQA$H!0B6Q?E6L/1F\?BI6-6$"1.:J-!S`S?^']%;`IA M*9*%@`4J,`@UP))-W%T"4G2"(L7^@0+N.QH+T05@7`@(`$L-@$F;_`<$@`4+ M8#-F/!D-D'H@<%9"^Q\?4!$+@1!WC`0V;&\WO,=Q.!TR0*/L"3MVZ`R%6LBI ML`;/="`*07E58H[B=D`;8VZ[7B>?T"#2`3^!Z MH<6M#`/2?(M8I`!V\=P0[P\WL;@5]2M M`T\`GS;Y!-8:`1Z["`EP`TVMWD(2A;+_PU,4`-:<@5M^0>+C#P]:]T=W@Q0\`8;'N+"X`89 M91Y(D)UPH%:#,`1W,!O#%098X+YG/`A39`AW/+8)F82>3"T`?F MHZ"#(-;HA4F"8!\2]@*G3`@G(-6"L*4O4`5%&.)>K@QQ=.=B3@RQR:B4233I M4@A6X#&%+B1!\N;5PN0V:0$SP)M]GN?(L-`!4-]]7@S[(XW=\`,J4'2#D`$> MLP<&00#NH.A_H%GZR@0R4`-O<`7CR>'\C0RDLL^7GJP.9N:*4@A54#L(W8=O M\.NE-FH_`)2"@`?]$4?[-]Y=ENS%\*VU7@Q=(#OF40.K313$">*!X<)#?XGWNRU!E#LCNP(`$2W`K2O`$_7&Q%N`C;>0$&-`0 M]V0.UT>-RO0#8ZDR9S'/))#C^FWPRA!M$JOPO/`$>[@#G/H!2@!XZ8H(9-!W MRTL(:W3I)H\,"]``PZWRS9`HY@WTD;#SQP`[($[TS``72I\)1F\,6[K@33_U M8/'TQ:`"A$SU6N\5'?"^QS`$L;[U8B\3/V&HPD!%8Y\,*X`#.-!(73"P&N<# M3S",8$?P"E_VR!#5:7\,2+#1'?=U)9X$('Q938`/5C[_`L"I\G@?X!RT]\40 M!&^D0B]7C83P!EL[`PK(&EN_^,:@J4/N^,$07Z/A`R%@D:[:$.[E!C^L])Q/ M#!!P!V8/^L#`!!H5!@U(JTVCL#\10E<`WZQ?I,3@@EPN^[WP`0,RN(-2%F:@ M!!$VCTN@$TMP&4&``RE_Z:T_#"%0[<0O#`*01'H21Z]4!'N@7BT0&"`0)#KP MX`$`QT!__<$@LK2^_<#0,1%^$X/(A`6C`K+3`!`."'^"@X2%AH>(B8J+C(V. MCY"1DI.4E9:+?#,LEYR72PTGG:*CI*6FIZBIJJN6-5=_"3,_@B06A$M,@C,0 M?PU/K,#!PL/$PIK%HUEW%F'(_\[/T-'2TZ(Z%'\+3FZ"5Z]'&2"#9B2#5T1A M;V;4Z^SM[HK'[XT^,T'R]_CY^ODD<%@U'@8M6%*CACU!.Y0<&82D"8L;@V[, MF$AQ(APD^S)JW'@H'D=!%M[L^$BRI,F3PO8%&1 MF?+F6MBS);5F[#(4K=NW##S][4 M^,C'25?$D"/SM*!7LN55BC\&F>'CLN?/^[($>+,-M.E+F3EBF8'QM.O7T"B\ MP<,!MO_M1JDW-G!RN[=O53_>5.#SN[B@W!E1S(!HO+GS22\)/.^-?!\6/"NF M:]^.Z,-JYMQ-5\]'84:5\.C#?U#Q)F!ZS^/Q/9FAX[W]YUWP-'!_'W(#Z1HY MH4(?_17X&Q$S#&`@8@TDH=$.;]BRX(2PK08@A7%10XHJ6>=!`".&P&-:)^IA1F8PX"@;"'7;0D*-7-.;S$G\_%OE6=`0: M^520^`00@I)0HA7&2XM%>123\NA0CY5<>D5#%'>4UF5/*AB6SP!W%#'FFD^U MT,`;";!94Q0*YK/`&W7*J>=/3,RP1VM[ED2G/B]P%NBA/+W_9":B&PV:3Q)O M",#HI"=!L26E&3EZ#P@--('IIQRM4,$;38'Z1Q@?I*KJ!SNTX.JKL&:QZ@?$ ME:*I/"S,T*&IO.+#UA0+07G$!ZZNT`4($[SP`@Y&`&"$`2,D,0`4TU9+[0`# MR$"`!2/(T*T,WLJ0![9[E%L&MAED<,4(W5S1!`D]T$''%B!XX(&K-*1ZR*WO MY(''6RTX(?#``BO1:W@^O.'$!S*V$`,"!?B`PPU*-`%N!F7L0:T%&BBAA`D. M/("&'!=TX`<%NN<\60'%&`PW,<$<2:*"1A3M*O$'B65J")[9] M1U@QPR_AA6&L&1#\`,`(912=@0DN1&!R!W,(@<`&<0@1@Q`\M`&#'\N/`0,2 M0I20@LD7"+&!'S#($4,;'1P`1!PEQ*!%"6V`P8,6,`R1P>;PQX_YM@-4P%4` M9PP`@`]N=-#"Z\ M`!"`X`<]E"`'\,:.!YI,GSQ1A`BQ(`K@&((8(X(`!"JB#'3=P@`Z4H`/_,*!`"C8` M@Q+`X`!26`$0QA"#(A:Q#0?@I!84`,DQQ&%[0NC`&E*@!_,=H`U"\(,-#E"' M0/H!".7S0P?D((0YQ&`#D03"`/(`RX8V5`D&:(()"#"M,BA-"1$X@%TX$8(\ MN*4OJQ-F?P8PN\CT(0%=@``.+)`!&6C`"'20PP0.@``A7*"F8+$$<@-"!.L1@#8/D81WFH(`2(*"G0@0E.OU0,B)J80,ET$+,_*`%/RA@ M`Y:L0QVBZ8Z`A_.&I0]%6($. M;E`%_VH``%JX0`SJ,(82H#8&)AL#BVN:SJ*6$X7X4YA M8`,8O#,&0B1H"?^$L`88KL":+].MBD\F2`58TP]CN,`*8E:'KB(`!A5H(G7' M#,O^ZD<%:%8!=AN0!P+R#JR6`P\*((6:+F\%=[.>$%(F!SB( MF1!FJ02@#3'_Z$+G MRJ^%&,!-%.%H0D":&IPFA*4)08(1'2+BFRXFCH1"%*P(``=7R,`('(`&&#`R M!CF]@/6XN8;G"L&F$(%6L`!+/S7`P.P M2AA>P`(+5$%-+6`!!E40Z((+8C4.=`,6:J&.&RAL"7\0``N48`4`1V0&C_8! M'W"0`3=<`0X'"0(`:E"G$Y"``%<(1T)J8(%?_Q!A`$S(`@X&`((66)H(%?@! M$DBP!"@`&`)+J$6&)7YI07A@!E@XU0U(``4`_$$Y0=A#'GZ!@BA@8`D>9M'= MR]:3/B#`!S)@:1-Z0++JJ9BY%[#!')X[!H-*P9HS9`/&,T0KMD\GDP/,$P/? MU`&HU3+,-0?)8P/ATP$H9UPUDUP*,`=UP&3(Q4W>)%!`@$G$E3RXI0#ZAUL; MZ#<]15/,!0=HIW8PR#-ET'9O5X/PU@!L$``R\`9*\$5?X00-T&_^-@-0D`10 MD'U'T"<8X08ST%V@]P=$>``'2!J4$$8 MIN<(RD$$((`">Q%Q1(`'5U!`5;025K`$'J`"'2`(@HA?2(`$=C%H>T`V^QC_ M!$B0`!80!6.X"2?0`"O1!$Y`)&QX8)V!`F^`$9P2#@U0!100$(*W$E>P!UG0 M`(+P`4&@)@/W![OP!S=@DW_P`8)X`S7@!$QP!=GW?=,W")0X"&]@AW=0`]MG M!4'`:5E0`;9P`Z*((Q#0`'BP42C1!Q0``49@`08``&C@`#V@2EDU!Y;D0P>U M/1M0,C?%9!M@`\R%@@D'42%_72.(#C$>%5:$T1-?4!A=P M1S9U`5.U/"6C4P8U3T(@@,534^]4/4(&!%)@1Q>@!W60:NRH=A:0!FQ`@_'8 MFJ`3`@%@-!(``$Q``>1E%'P@=Y+@=^J@E(!B!QDP_P@8X&E_\`-1T!H#%SHS MP)&6MP>#-PA90`)8@`4<^0=D^`=!\"^((!&*I0/V@)(JV0#A0`1O<`H`,1,`!FV0.BM`&XQ4,E4$]7M09!UT)`4'5"X$=NR4^/>0$QXVH(!4DJ M1S[$E0-:L`9=54A^Q&IUT$C)`U4MI`4:.*$N5$)Q8#[`6$TF0UP'$`=ZL%,C M5%,(B%8(('86&@=KX`"7/WJD M:[!4%LH#Q9-U';!-&V!/-+,!L2A0UZ@%-E`"&2I6RA,'"+!E8X!4%+`!*U!- M+F1)R%5U*GI4R9,]A20'D\29*U`\+T=U8W`\YW-<8&`##VI40<1DO0A0QAH' M,%``3QJE9`8%JWFE_@J/.%@&$X`$73H376`'G0JF^^B;?^`&#A(!=Z`.2_`& M/D#_`3]`!"WP!GKV`7@0:`E@!WKV!T]P!_:0!3,0)U5@!Y*"`4K0!1O6>EW0 M!+4R"'0B$UT`!PQSJ(FZ&&$0`#YP`N9!6:`'!P%``5F0!-D1`";0L!9WJ7\` M!W#``1XP`AY``@V0"WWB0(.P!-7'!"H0-E9@!TRP`C=@!LH1)QYP$7_`>K$: M)205:?H@`$&@!%>0!!'P5,MC0D&'3RF&0U4G!<53/,,*9,!H4TWV#/L9E0N4TK`)51`7UQ*4`9:/ M\`,B4@&,AJB6<@40H`(&HR5X0`0?T`03,0)%000\8@%3D`&U`7`DU0#>]P>Y ML@<44`$-``5D2L@.68@$00%(*\@9)L`1. M0!PO\`8SD`?9T06A$[%K.`,8L!E78`8!@'UQT@4A(#K;$`8D-2XS\*JB>@=W M4`%6$``$$"-!Z00S\`;DD`49``?N51JRD0=J`B44H`)L8,+XD`2TRP`WE'5` MT%S_1$1>=[FB!8XJ>D_:HSS%4W5;M8'V.I?5XW7(,T2$R[ MMNM6(:"[O/O'\M@`<&`!&X`2LJ%IJP`".(P$)\`'!@8)-.`&?,`'W_L'(R$( M67`"`'0(7>`&1(((.Z#(A)``C3P(?'`"O@2?=J&UA7#*Y]4'7>`!9$!IC+`` M'!!P\TNJA+`#!5LD'O!&/K@."_`"0\"@+E``L$5"8!!$*:9557>D6J`%4M!5 M.^1"P&@R*+0&0!#-U(15X@.B*K=48L5#U%8".<5#Q4@\5`6!*18'6I`#2EH" M[@H$2;I)*@J[Z]QDU22D6;6A,1,'W<95;DFC2R4'`-5"+;2@>^Q0&H!=@/S0 M-=AN9[#_+1;0!#R@=QPQ`%/PR2*5(X1Q!3-,#18K!ASC`.<#=3!$0D1D3B,T M!S8@!3LT!SCT:B2D/:`5`R0$FEEWHR"DC/GDET(E/H#K6:X%3T(\1'&07$AT MT-D30C$'NQ8*N%GU3RTTEW-)59P%="V3I'XP5*X6TS(=`!;^3`OUD5"U$ M0F.0`QV`@$JMC`KPHUCEU@1LXC"9D8QG(21O@-]+8 M!K!+,T\5!QT`NS3Z:VT02I/45'R"P'*?"KQ`+=I"/HR"!]`WGU`WH6@5[ZN"A(Q`#6/"F[0!+?^ M`"H4QE"'@4^)S58!+30Y%I4,5#N)8[N?V- M7"G:TE*@@'RN/3"P/"@W0^3<]2\7097,9QD0`G3@`R1@`@#0D--@!GC@!5'A`4MP![1<9U/`_QPTH#\1 M<`6E00+KM@<<;090\`0`<`6I_/.E8"EP>PI($`06``.R:S_ MI&)F#@AQ,0=Q%WH'0HE^%T!^:R5K;6L*D4)Q:Q=M)0<'0&MS&VMK?G,';75` MI4(=CW,77-#W@T`\EA`^<.A88([2__L#3@A+P-$@B!#BAQ)LJ3)DRA% M9JG0($C*>@(*7+$``,<+1HWFU-D0PX_/$AU*Q7$T9H.04IP.&`5R8$X)/UI2 MO;*QX8`>/T*`;*AZ8$VJ#D"$;+A`5JP?!$+\E-A0(M4A&&7G)!(R)E$<(:-* M7"@AUBBI;Z3:SLFAY56JHQV$<-J`BNV%#4"`U+F`8`X"(*^#W^46/C39]Z>C_2L M9/R3YPGW^_CSZ]__C[++'3LT:+?"$`-8,,$!'=@0@QPKO'+!`10(P8,?,5"@ M``]U3`A#!RG`Q0,0*0Q"5@P(I"!'!SQUT`8%!Z30X@H4L'A<#&)U$,.'RS5W M02$I*`!#'4*4T$8*&_#0`0Q"I+""$##XP4J0=&DQQH,=."D76C8(,0@/;32) MXA@P)!!DB(N8!<.);0P"A!9K:3&')CP@,(!H=-9YBPQW!*/:GGPVT$`:!@@1 MRQ$+K!&;.I0<\0$0"+30C0@P%"$``G+L<$0'G'`?_JLJGN!0XCS-P:0MA0BC5\ M*9(((D`]%8>Z3:W)W%Y;)8:P8D#R)3N-3&*R"!`E;'8``F4AG%@'"*;U^@6* M#9(6@K@OLL@LK"`!&B!`D4H0@D0 M0(8/4"!CZLC!!5KP`PMH``(TB,=^*J""'12.56VKQQ/(([D40)%3`"+&+0!K8$90T=0``,UL"3 MA&TH*!O2`@^0V!0A#`?_B7%`A%'F(+(>.6(.*=@)4%ZWEBRRS$DE6&(*`$,\ M??GA1TI$UQHJU($5Q``&&P"+6,!U+RVD8`XV>XPFV(6M#:QH+3QI$`5*Q+G) M"$%["D*`S.8@+E!1+@9$C$$%QL?)6A`@"F]`GRB%<8P(4$$8#@"&?I5#@H48`R(DD(1/M`!$11` M"0/H`77RMQ@!O:HPA#^@#867/.= M\(2G`.#P!HZ$Q`U*,`$#.`$&1+"I,EGQ0Q8W094Q^"$%6DI!(4HP!B#@44M/ M_\,*)*HW!QM(BO$%7'ZPF5'8DA:VG(4L;<`+)!R!Q^#Q!!$) M>V18F$(ZZT4F!UXI03^=`AFQP``&$7(>PGBS%WP=P&2X*\4:W*2'5,@A"IT< MWPCP`+11"NT.&*B"#F)0@!1\H`4(\(,`CK`!.22`#PD8B@"*L($"(!`)=9C# M#HJ0@SBLH`@)*``,W.<'.1`P!AX@@[^<`4BR(,(=Z@'"MA@CRGXXP\C**=D5\O:M3%A!DZ(UD!: M``$L0&$G*4B!#8*2EKT`!4AA@4P,0+&!%/B!!P<`@__Q:-04@P9E`U(@7ADO M@#U2"$$*;-D2BF2V`0D.(@9Y=-)C6J:'Q&P@#@IR*%/`NY4.%8QXUEO#&')@ MWH()00L=$$0))F,RN3R&!QM(0!YY(KFU-$4/:'%>!S!$.;(@H`X8B"K/"(`! M/5EU3W[:PPW4$8<-T.`(%RB``.R'`*A]0`L*&"L2T"),/6@A;!1@4!'`VBD^ M"(H;6IO#,@^@@!8<(0%RF,8.=%*'*E@``"@\88I0DZ!$#"=M+`%*IZX=6\`0\6 M/8?'@"`!8A0`)`JI;><(AI8J8R!U> MQF(]B8KK08L@7E4XYW,FYJ`3-M=#5HZB"5`D?7)SY!Q3LM@4ZV4"D$_'2U/( M,H>G0ELT3<@`&ZA=;64T(`J=I8,0CM`"SV7A`V.0@Z/2>H`/%*%=8Z7\!SYP M`"T\'@E;$T`,@%"$!8RA47R@0<,L[RT"PG4,?"`#85P?AS$DP`$RJ$*74W*% M-^R>Y2@!`9KU`8(33#,,Q<]"KPJ^@!-T`/C0C_Y`BH"!8>GC!WF0P0/3A;T- MK>&!YV6ZB6#@ULU`9HD)<&@S&=-Y1VQ@:>G:@-OG,`8TE/_UH8&&@10?TR$M MB)'["(5J/T)4U+4!$U!JF+83=8`D*[`!/_4(DX$)CY`">H5>U(4Y,(`&-L`N MKB'^9$`PE!P]1`!%M`#?E`'%#`PX/53<%$71J$86G(5)4`C%S`& M!P!419$`:^$D=W0`1:$4=;$2`F1`!F`@`EEP!-'0`:DD!VN`!&0``Q-P5FG% M0`N@!07P#@)@?[J$8OHF`A<@6/WB*`YP!A,`-R31!R-P!UW`AR)Q!`]'DBB9 MDBA!!&]@!T5@#SA0!A/0+M0U=3[!%M:SC4;Q&'<15DOU/1 M(/+W/$^A_R(2$R2)]@ASY!/-43`HLHUWT29)F0C'@1=^X#F6(2BDX`HY9T07 M@%U6=TEIP46!YB!-81D\A3E;<13G=U%H5P>[@S!O1!9MH0P1P9R4%CPJ`#<(`!R<`#_Z$K\LP,B,`0F8``G M*1(OP!`J.9S$69SX\00S<`7SL`!=P`)8\`!:T)>\`W4;@%\I(`55LHVZ=E!V M>2^/X7YYB5Q[5S"CMQ;A,C#,,3EC,`IQI19+YW9&$B)6)S,EU?\Q-&(QF(-G MD/$]9!$YBN$\1,(73U,"<9!?]C46>R8QHU<9:)%GH7.+H8!J"%,],6,-GK!V M^@(*NS,"7A"8N4``XFB8Y!@`2R`"[68.O%$$5H,`_Y@%"-`!`30&<^`I"4`S MFTE)_Z@QC%D$UF,I2)!BJ0<*BD(!+X@HE5D$IVK24T9Q1WIA%]ZY"6T04JC& M*'&05)]0`F70H1YJ"R/`!N-X@\N``4,``J4VFP]6!'R0CPL`>G-@6&U%0$LC M!.QH`]\&D`H03$5@`VM`!MD@`CS0#7X`!GRP`#S6HK7)CCQ&!O.H`(RY`PI@ M`^1J(:"Y!IUB-2)@`#+P`R$!`3-0`U^:K_JZK\L9`#/@`P`P`A'P"$?A1U)B M8`JFDSY'%CXQBDQA,11")'>6.PB%(`@"7^GR%-(E:"6@!U+0%%524@LV(YO@ M"F,1(ELQ%J4`"J(`4R!"?VN!)&MJ(V.!%9CA"LS1%`@:&3:0.W=1H/?2"/>U M`6`0"GZ0`T=Q_W9,9*%AX3Q`(A=$5`'A4ZLN\$FY6FU^P@8C@`)D$&->J'HY M@`0`Z59X=0IS)04(0`%\\*,>E@4+U`(?`'H'0`-9(`7MQH.A4@19@"TT,*RL M:3^O208[8(W<$&,Q\`%NBP`_&`U:4`3#5`=P"V0PT`(X(`%$$"`"D04JL`T,GD",\?A!CUJAK#-6_<6`9A=!Q5&L"`2"B5N4G*I`!#L`-8*5C?#`' M(E:LO+9Y"H"9J*M7%NP'!+0!(B"VBU18S"0"_/.C(&`!.'`%TY0>/M#$8%PX1X`G2F`H/3()2","=5``>\87 M.S&[YFHR*-96*[`M"2,"50(&E%`NK(D]ZU)J>GQ?8Q`']S(O!;`N==`&%JDO M^Y5@"@`$DZ8`>@!8/3(&%[(&1-)5;3`_2*/_$VQLGR6V%>8ZG;,[NUE44OK" M:T&H!W)@(F.`/8`5!\.A`#F``*^L`#1,+[`0BBN`A+^HPW:0!+4J`PQ,CG?P M!A6@`%MS!`5P`5C33.N&!CD0#A2P!F&C2HZR``B@`-T*>C_8AG50>D`6-EG` MQNF&!I,W`6-`*'5PA>J`!II2!!/PF`M`@3^8!1*Y`!V`!@1T!"*``(2RS2W0 M`A7P`EV<#SN`!Q@0QO)@$)3U!P4M#U7`9%3\!W=09G^0`//!T!R=+$@P`$TP MNWO1@D^S=@%(%L\C,U"A$TI5B'S'%]E(/+H%=%W)1ISF%+7/`)HAF7V*1 M`@7C"GM!25H2)%52_P)N,AD+E!5+4=-,L@I585*40HQD`)C8#QU=-[+C1G'F`AU85R#`/\6 M6C%43[$"+9(`8W!I*9``,`""VP@N;+&*F!9>EN$5;5#5D],!J%@Q+<"^#HA( MD;@7;5!B2#2)[[()]!L"31"87F"#6*L"9P``SP#",%"&X4E``Y%IJR,1N>D"N\R,$`UD"?.!`"5E`0!(.%%R1R$0&DQ`.9W+/ M!$DHC_:#1P/0-M9+YH`&]=@$9S"2^$`!;[`>M?W0-]``1/`"4(`>4&`?=]!8 M+$"OQ-WF^;$"%N``;@()C7!>)9`#D*P'GR`*?O`_CD`\&<5%\@=(4C#G49$\ M$OK()1!=W\!%ZY54;0JJ:N$]:G$O+?(@>ED(IY/_.Y2T"9`!O#L-R9#`/)SC MB,AUU*\PH,]X`-&5"*.^)GI`"?WD:UN!%4J1.WO!",N(.8^A+ED!2"*`!^"( MP'$M-`U@!R.``W+0MY.PCL)1!WV[(+;4`GA,V?0[5L?V`8,U0$7@2CP0MW+@ M!SNP`V>R`GRPFG/P>#0LPI?1K`K3PFC@[!L8-FVEMC\:`^4@!)EB/\T\[H#U M#/3RUZ&9!!7`-_?`#W?SY<#R!TLP`WN`N1Z0`3A@`\=7A`9V! M%YF1.S`05M\S+I_@"`=`%==5/&CD!^O9%D7%/)AC/7^$.6['=+R1%MS%10C5 ML5R4.YB@5$2RDY3379CS_U&*,1:3I'^9(8%M@.,_P$[WIB$ M-;JNI+8?@S_;)IMH%61DL+NT%60]C+]$H\*4`#C$.YX+`"[+S,W.S\\:46\JU=;7V-G5#0$1"Q0B2`M\=3`?WPH\XP4;'T>N M60LT@@M'*V#Q60H"XPAU?$<2*&BQH(BE(D.GQQ^-N1%(`3,@3DQ M.OB1'(.''R$Y8JR!L>%`AS4Q-L0X<$'+!B%S8+@6(F3.`;Z* M-\RAU0'!)KL'X.X%XG>#<1B#1\/XY2?QY=<'A%P`4D**']^7@0#94"NZ$`I" M-G3X"Z0#;1AM_+2)42<6D-%SYOBAPP::_?LN#(P(<:>!MO_7--``!E!H<,`' M*P!!01$"=/8!#10H6$0+,<20Q0X\:)'``@D85P0-8ZR111$4M#'&!P*$1@:" M<]B$A'P"%+'"!A0<@41X-!3!_T,),;:PP1A'"##&`4CP04$."7R010<;T$`& M#SFLP$<"!QQ`PPXKE&!3"P>D0`8-/`C10D):K+!#BA$TH4$*8>STPPPLK"7G MG&LY!=5.,Z"P4PT6!,5$G%[=\(<3-=!IZ*&()JKHHF(9,<(!>L!P00HQ"`&$ M8+H(,48'>D""6@HTKN!'"D*\MF-D0L0@1Z6=]:6I'S`@`40*-M!6P@&"K5%J M"BF,H=L&92I0&Y,E``$&J4(@D<`80O`*@Z:BC>$'!9/"``,%F,:@QZ9ZV(*: MKPE0RZQHMM!U`9,_2M]'>!0[P/5A\KP2\ M*)7G6O&8W0DA#NJ1CQXN<$ M`]ZM:%/(.5Q`5XZ[C2K;4`(M]'%]@.Q.)&M1FUJR+@ZFC`,?'1>?QM4!"#;P M7./:<$H^EDHQFI2=*S?G!]O90'AW49XL@/"`,LSO/@;(@X#NEPW_#.`)("A% M%@9H@Q3P@08(F`-%:E8$,FR"(&-`@)2TE@,:\&$#R(0!(XP`8XM$F.0%5*$3C@ M@9^2<05":?_!"?H0U*8Z]:EJV0$<3)"#.G0+-%IHA70HJ;W8K:L$,0`,*7M7 MFS7(IQ6LRX$0]$`[R)RF!(.)G7PD=9K&Z*8#VL'KY@Z@BSE4I+<4LP96` MT0*38!.=Z1!6=K*K5.:>0QW&\M6OK?C=D"H%RKPX+C1\](Q>]!"?7."%-J0U M#R0KNX;JY6`.ZMMC"HP9,#D0P`*W=88,SI`_WJJ@`6R`@@$<`*3B%F"<,%!` M.]`Y!SZ0J&93:R@-[#&1`4KAA'P0@@+&B03\GG,0+3`2=B M``-F7>`TG-&+I9[SFAAH@3.DB@$%3@,8O)I'4I'LC*;J8#U@W>4T<5@#NORP M@C!52#3F816NC,L#\9A;%.B.@;K'PP-FF<>XC09V9H(`W^\7,#\"`#`\M!)1I7Q\W\L`-# M4Z0`%RC"#NH0CB"MMIUQ*`!"$C#1L,4A1F-`0Y$$4H?JQL&C4T*#.8M0`@5( M"0DX6]H%8+@`3_]`^QA\^$`*@C:U`G"-#\;804`>49`+H"$>`MG``CX`LRQ\ MH"*^;MKB=YP`)D2A*]O.O.8WS_FT4``##Z@#[=J`EW,]:PR>U?&Z4Y``XYYK M!9R9#"OX;;TY_*4S)>!!"CI`J1@DP#S@83BIPF3[5/USSN')EVXJGI<.E"!< M=(G.[L03G@WXA3V*T4N%H#R:UO-^#/^B"^\[4=DN78`'E;J`X][#:EG4)C21 M1!<%I%"I%.2@$]'9P.)VP=`1$N4E12!"B"<"9?5[XA6`(AAR``71P2AN@`#:` M"V/P;H>U`<3$&&9%+1$25M;')$J6%W&A.1T0!RO0"BD`*ZVQ`H-!`0E"`;6P M`KS'7;<0JC78VL03WJA?VL`;H;X'1TP M(W]Q%Q%@`9SX%T#Q1!U8`,( M`33$!74J80,%0#(=\1`T(`<+`80G&`S\D`(4LT^3(#..8!-9,`$Y0P,0%$,H MP0?B=6#/Q4-D$`P@(U`1U1!`,&DQ,`&()P<7`!$*T!(V$@%00`)AF)$:N9$9 M-F$6`$AYT1YQL`$Y``.>XWRN($HVP`/GLF9TF`.?0S/EP1AJ-0=MH!?2`@/; M\4^^`QFO80NQ(!EG-7=K@`"Z82DEP"QA-1Z2,1EM%AZCP3S#8BGCI7[,HWZ$L7V/V!REIAOI\QCR(3K!$4P( M(`$#D&=*``5_=C_;%/\`39`"%81/*D$!J[)>.5`"D]9I&Z(/&W!JYT406&D8,7@107O5-BD<4XK$-BE[$;Q@$7KX%NFU,L M;:8KIN1Z!Y`@M=&5B7%8J>)ZNE$L;=!+I;$YW"%GXP&)J5("SX)8=%$J[]8Y MFG-*H:!BDN$:&X!^,)!8(D9:S4(;EQ$7LL!8?K!2C2,^D40;OU(E*.9:?F7_ M7.;!H'.@`GAV34W@$T$'(`*2`2SP`PJ0`OL$!A=04OL5:@*@!G[P`44@$9<9 M4QO$;'JP(@L4`T2:%_P@$#:Q`YMS0#(D#@UX`:>V'/'0`G7`,SN`"Y=)0!3P M(/`2#SQ@`\U%I0="(G%P@IWH7'5!$$A0!RL@=;J&A)LQF#;`I&M`G)`Q3H9Y MF330"D2J!)B'G8JZJ(R*%GE@`-M1#CUFE/]W.P`K6X1UKP_ZO3]2.5I1<4$`>)MAWA M(8SUV0&ZYP?1LP)ZH9/?!0F+I"#GYU>#H#_7I`$5,*,T>@<9@`2=UJ<+<`#Y MM``=05U46@!2`PZ*=U\VD)HK4``?T6D(('@KT((,@0K5!33CE``(H`6+-PGZ ME`!@0VP*0#)GR#$Y4``0`4'B4`0BD`/E51($44(;1%,XR"&Q>03B-0?E!0-\ M)UY:X$`W-#5W`1%S<(X#9$(@T78(Q@,X<`6-FK1*N[1$L0`R0`6]\QZD9PBP MZ7S181OCM34RQ1T+A!K3$2^FX$&:LPF>J#Y:L`;GU0&140YKE0!991E"4$XS MN5;QHCX%X`NMA``9DCZ`I?]5",`('9JC_*)_ZP$$*P`7?ZAKI\$2 MCU@E"N`+NX0X!U`UBK9#7`1=8H`]1`)^G0S[?`SF[8`2#0&2R,'<_`_,1`.1D() M&R506R(""+!>(H.$#M%"<2`'XW2PBK>."#!I"+DT-K`11\`#=RM13?(!':"\ M"D&S19`X2/!X_N4RC"4U)6$317"]X[0!8*,/;?`_%R`"^H0$QKL`5"H"*XL& M,%`%/L"T#-S`BFH&#=`#!]`&0#,IOX"P:6@;=1%`<\9[<4!KX*$7LI%[Y1$O MJT7_OIPZ&+WSI^)J`S`0.IJQP9$!FP?PB*62&*X@$?MV+IN1+BG``^3ZB.4Q M%YR1:+7!.5FU8YUKK`2G!7]8H;"'JTK6.'K0+3YD;[WXB[U1!U*@<`RW'JE2 MH:6X`7%@?#4<5A?D?,2Q'I$%3/SSN@>3!+.K,'`">"@.C$@/06EEP.21Z>`LIT*M,*03I89*HYQJTHR]"X!=[E$[CHAMS M,"_M0]!,I(J$0N$&@Y$RA?TA0"=20,&6I@*\+X`=@!(U[&FF9M%\,(D MX[9EN@!MT%U3@D$LG-,IE19M.!9`K<:G?&+5:(9<(D:C(6?MO&) MTL$9T?$7B?4:E'*'N-!DUN.UVB-OBH5^D7$!EAUFH3`>>U30NZ,=K;`[CV%< MGA$]+>E\A-1*P"*7N,!+%T`',X`?32`!?=E-`X(#2.`)H?8!==`&&R6$Q%G& MJ=D;XT1`!R"SD!?A)+L2DBL9Z MS^-C7'1!6KHTP9MC"S#0.;EA7"MP6)O1B;:!;^\6M25V+H4@+'K!1[CP&=PE M&7-1"W%`'.>2&*4'&%^:3B)6)J,2'KWJS5^ISN_6'(PAKD(PK9>!2ZM2"O86 MH(@EBS!0QC-V&13,#L,R%[_`/1Q`S1STXK704`0(S:[LKH` M,FP3\0Q!1H`,Q'N[B[D8O,`#?9/M,0BXH!>:8QR1)#E_>V1G^"NJTQMQP$I9 ME5BP8Q[B<2Z;HFQQ<0$4W`J*9@.,(WJ\(%I^```-8!]-D`')&"`!``!@(UQS MH!(3TS(O(P?U8,J^-@$Q`)"J(C4P@+`2I04QP5D$KA!JF4"S4]><.O*$?-`""4?J="=0!#X`@#+NFK_YBR(#35!9D<0+0*`'6O"( ME!,'K',+K_6-1;DZF^-7D:4^"M<>N$J2@,1JJD-P>Z2M?E4(B45B@`XL/%G# MZ0,,9QL'B6,+TX2'MG%D$[S8M=3O@HXXLB-3O<\7,_;.Y1$^.'](K7`K<"$? MI!4Y;0?TJX.478E+T>%)EO)+`?_"PS,$0_\,!,!GV.!-)Y`)!"%=)P0("WIR M%`L":$)%1V-R`@L)(F,+9`@*10LM:"L+.R)U"T<;<@D+-&@=H#!H2(\*%WQ\ M<04M"TAH8WS_"Y4?"SPB,`M9!2F7&Q..%')MEW-HM`*>H#ER.[6GA@I`-`MC M:!1\`G(*"Q]^"JSA"+!".TKAS4&Y(L0+O`1AW#URX&N>"T!5A_=A5_W+&A>G3 M(QHT4,&ZP9T&2D`E8T5#Q*8//`JPRE+G6Z\"EUHH0,5G38DLI8YQ*B$DUPH% MR&G4V73D^38R6H2``E)@02D1A8JD^+2`0AQ6NCI\.$*A>[`Z'7(%=$2C`'$> M"*(KH%Y'G:$"/$RBP#U'U$,+&1/$X=T*(K#R`0(\K,>@=P(4(,D"&\3AB"WT M(>`'$GO\\-&())9HXHDHIJCBBBPN5,`>0!P@FA`YG`1$'5JHI9(0):RAEE=F M,M')F(=`I%#"`54>T(%-/BK@AY=JW562*&N(YI(8$IQF&@&OL:;"'6](8$`U MD(QQQ`(*%%!--X[P@0`"O"2`1H`T(+#&!WRD`!TV?BQ0A!`BY$H(.0H@@`\2 M"@"CRP:LSF.L`GJ\V@$:VP2TP:MN!O>+L3.188AR-`AA`R\PS,(L<0G4@5Q` M`2X@A!_;0-O"$1^L44FLL"`"U6;/'% M&&>L\<8?^2"#36W4\6@<<0BA!5(Q1D:5'VWXH4<)0+3I!PR7`H%2FU.VH45C M:RC9J4U"F)12!V7_\JB%HXURE923;4BA9!PVM,%F27+9I62@.<(\1QM'!MI2 MCFM(A<`&"*CD1Z=.0M445G.T25/)6XXYYV9SK`2$*UO7/88?,1ME$Y?9U8%4 M&^RXM*46;JZ!0&1S&##`:09`8>JI42B!PRI'M&!?$0+TQP\,"D@BP!IQT.++ M"N`@4,@)38+1`E!AH068'D*$"#E,"(VV@#D)`(I<>=4,AM.$J)N&A M28Q4)N9M($=;.PQ1A!"6*Z)E`S90RDR&B,(#H"0[`QI;"5PA0I1)RB1@L=G. MA#"V(?I!"Q>H0X9B,*:@->%Q+C"`!4YE*CC<@`+@P80:@*"\#33H$7)(1!%B MT"`^)``!-C#6&A20`#YD(@8?R(*@:#$&`/U'#P(@PP9F<81+:D$`11B#"`36 M@IK(3@^Z::4*R"8@Q,FA8:-B',Y&$K3$ M`"=FL]F?<(*51\WDAQ*=0PX69\8?'0H&/-(,!O%X%:HP( M?"B`'O)EFR,4H27>LU;_0$J0BQ@,+QCS,Y8-M(`<76UB=G+81@?DL,WZ2,%< MWQ/8!T0P5V'1`A(K6`\8@+.(]N5"'-M@T&,5D`->@+,0";"/N>Z7A2.TJP3\ MT\8"`2JRAL;;Y0#B6<80+C.((9!#!!617`A'04P0\R(()6A#0ZEKWNMB% MX!@LD)8ZN!0E.(>**FD.M[+4ULHD,^8<],,P>V*FJ,JDR#C&!GI8@QP> M_V<"";PF"@/`;2L50(M>$4A_S_"&L5(@!UK4LI,8D@,OA`.,#]C`F>=R1!;6 MD()<@&X;R"/%$?37,!N@X@AZ&(&=--"XFY@!CN&D)5G`8K5Q@HQL@6TD>$X?L"#@Q*;AI"L;`@[/$ M@&9^$D(,>""GL$`T.RR;-08W`Y@8\(0",1C#5DBF7_^9H)"+DL+@5%*FQV43 M32N3H8!,]"M?KK#$44YL3!VFY:(#^+MY@/KQKUJ$TSN> M854C_%J'=;9B7[`JV"/RPXGIN%8$EU@Y!?S:)EX@00:@+K7>]\[WOC^!#3WZ M$YN,(X1JEUAD<0'"3,&(D@ISS;M3LHNY"842KJPA!U_I&=9:(E$8S)1K:HD# M#>URKRVQJ6[&N:_H"PPING#_\5$V2U,;H!(HE#!'9&2!GY,J;"W^8M'Z:QX0W4P?"HA;>Y5#^528U(5<(H`4V M4(>5\$$(H`>7>#=W0S8VL!*N5@<18`(5X!I>8`$#``4#```]0`<70`.CXP>F M\X1DT#E^X`CO%5H)$#+8M`%Z``SWM`$"(``Q,`I\4%)C@!R8V`(?D(PK0`,M M$`=`4%LE(`440(N=@DW"%EH4X"&PQ#<)\`$K`"$[T`)`8`.HTP%M0`PM@8M'"./+"0 M"(`$?.!$\&@#&S"/PK()GA<#`O`!-.&-"``#,@`!0%B2)GF2&>,#(:`8:%(E M9;-&=:-?6Z%KDE(`9B04B1$#,PE@;+(56Q(#HC="8R`TGJ&3EU$"J683NB9@ M:.&.P(8E;8,5(C,V3B4$2!5M,)!J&/0G&8056N%\QR=#'>1\4B(35($EH)$6 M0<,<4?DFHM%KCV(<,-,I^A5MT?9MMW8I)B,C:1$'>O`6*A$'#C``4<`:;V`! M2I`$(V`!)A``%7`&%5`!93`"`*`#$!`!(@"-2K(>X;@O18`&8*`(R2`P9"`R M9%`@(F`N[W0!KR(%JY,Y&;<#8]+_<3;7@'5@+NQP/"(`2@729)-P"^000\_5 M21_@B7R`FA*X`!1H6VRV`P6P7`MP-[2`2"MP"09\;C22*@#D<@//3!67Q`"990'=!U!%C@!BA9G_9YGQW#!AVE$G%!-GCD M72W1%24`;&U@`S;#'+V&%GFR&6U28BN!$C81%VRI:TVA%RIA*&7"`T)Q`3D@ M(SWB,EZ"`#E@,XQQ*9K1?/LIH2YQ4S-Q`#%B,V.11)%1)F8T%39$;OK%(T%C M'"7F*RXQ)?>R$O-E)'K0$CS1$F8A*3.Q:FT3.$>"`&@0`4U``&_@!'EP!B'0 M`$9``"9@_U9-H`$C\*468`%ED`=E8`428`$:0`(:<`-!P`01@`!=X`%J8$"8 M<$U^!0:X8DD)60J.J#R00`.9TP82.$EZP"H(`&DIT`9VE0,!4@2"XQVQA0Y; M`@HI``3T$3JRPT>@T`)S``/`D@+>Y$G[<00T0!*(>B"+PR^7Y'X/4P1@A!R' MH!T?,$*9VDED$`.?,&2;0`91Q0_MT2TAF3X#0)_X>:S(FJP.X0,J@`1"D&OR ME@)C8SLQ<@#=%A84T`$I,`&7HFO:.FXPD&T"L`)`T0$P,`;2.@?/`0,FP44= ML`(4,`8"L`$)@`1SD&W;A@0P``,K8`/GFJUCL`9`<3YP:)5:@?^O/)```I`` MY)JMH$&N#!L#%!"NVMH4!Y!T..F&$@L#2+`!N6`R)391!WKP M4&1C,G-`,#>B$IMA;EL"`RM6*9/2`3^DJW04B''!66.S-39S0UC"KFT`!#GB M4-DA(Q7F)7FT$\8A,HB31PQZ)5IP4%.B!3V@!`%@!W!``'`P`PUP!@$0`A6@ M`E'`!28PI0R0!!&@`5PP`B8@`TMK`08P`HD)`$TP!$D``$F@`7G@!5.@M1@P M`":@!"8``&K0#0A0#*NP9N/P`1?[#!-P#UD0A;PS``=<2( M"!YH#`W95:?E_YL8AUM6%EG6@`I9D(D",(![QK;DT#KT,0&H(!TB0"&WTV;* M\1R=*PYTYG3A0!Y^T`CR4P&S:[N`',@^R*P,(!BD7H!6(`1,CA14VH:3_!3-@/`ADP`:/W0!FE0`2'@!2$P`RP,I@S0!!-@M`:@`1I``$80*E`0`1;`PE+ZI0;P M1R7\`%"@!*%BM$W``#A@`5(Z!!+`!650`6^@`NL=```P`?_`+/"'!/']`8[+ M"R6@9&3`:`M"@`MPQ-XA+-M@N-X!!!,0X/']WY^[6Y:[63G@'0C@.H[%"S90 M`+QP3KBU`VC0=95[#V10`#8PX!-P/')PX`O@N,CQWT`P"0A@XOX@;Q+`@U<] MXS0>4!"0`7L@)$E5!S>U<--V+XSQ*$PH!7?$'&D!$WX`;/=R*1FT,S$$,WP3 M*!ATE+#,'#X"%F@2_VR!,B6^*T,[L1E)I0?:NC?,81?W%6U)_B@,IA<.=2EK M8`-%91*7H10ID!1M3`#.307/ M?;16;K04@BZD`+5X''=TCQ'\`11(.,U'O`"W_]` M$#``&`"'-G1>0L$267(5/-$F`W(3)Q,6OLP#%#\9V58W,:`&,2`%>`$?7+0" M5\&N.=$C,>`'V<9#P+PG:7$R:H`36V+,*&_Q0W&C&21@/!%M8_!LKN=0D$)' M+7EM*R`3=$%NQC%K%GF7^ZD21<+(,:,7S/L"33"F7A``#&`%A]D$,R`!.!`` M0)O!><`&P0Z9;]#I5&`"(Z"T71K"0Z`!,#RELZX!M`X`!$"U[0P`S>W<,J`! M1B`#@M3.8!H!!C#K5"O.9B4#40L`)IP$^DRF$B#L`0`%2>``.-`#*-`%$6XN M6=`^DW#?[*'N=0L&_,(@I-`"CGBO0J.B;_J-!0"#L`;!5("SNP[9?` M/"\W1.OA69/PG.3P',B!!`A`G`<@`L>9`$0V"3Z2/E7P[P/__-"/,3I@`E-@ M!"4Q%57(-8$B%16&03_E*3'2!JK-')OA$BY5OHJC-6W3,E6($YS'5*0#O6\A M%46D1S=R`00S4SF0A/8%"!U".4(E?G$7%T`70A<;B8N(?A=^0$((!VN:?G5^ M:Y8ID"6??AL*(0$`E6@PF#P@5&0`8,R-7*E94`0T9&"%G MR\S-;Q9&&DHC`",X+M$.(TT&W4U&36($."-<,E0$)AH&3=P&1B8F20#I+@9) M8AH$W0;[2DT:P+G0P*6)_[IV`"UDR``G0`8C`R9$>,%N28TE31YTB"%GQ8X$ ME(D/6!R0//JWFHCR#&GQ`'90E(4&KZ!]V3*%U0W.B#SU2$A=9JW[LS[P`88 MG?\-E1`"9$UK(`C6)%HC1(B?GUK:3#J`0,00>AG(L$0438QPAQ<`O)$!$0', MD$8:4YR!00`2L%%&"!7D@8$$=UB@A!)<#%`-`!H,H4$/%G"AA#`B%$01@@<\W&LR3A!$6T,.%!4/(T`0!8N3SCP$R\%A-/^TD M,5`2&8Q0@00!E)$!`2.8,!$.#G0Q1G\I+"#`!$+0D$4''2W0@APQ[$#&`04( M<)4J1Y"!``)(?$"!"##(J48;612Q`1I(J*5*$1_P($("?+3PIU2I\'!$"Q/$ M0$86&\C1P@)GPL`'#0C4,5('34Q1@5R,Q2KKK+36:NO_K;CFJFM=.F@`P``K MC#%&#$O-,88<]M670@ICK'#``1.DL,$&?@C1`04\=/!L"]G&$`,,;72`"0]R M=*#%&+<%MP(/`I3``P5KP'!!"EHDD`*V:%U+;!S2*N#*&.8-ET`'Z%*`1`+" MP1`#!>;"!M!=> MI#-`#P,\D.(`2@S@0!(R:"`B%/:@V(,,.,@@@P5)X%`&%R8<20QC!#LR ML#/$BV7T`(4!&KS-A1$K2A!!_SE),!#0"$,H802/Y$20P1!00$Z.#"-H`(4% M4"03`-,:.."#`Q&T($`,:#2UP`1Q%(&2"'K2($)4"R!00*,K3,K'`C;(4<0" M%Q20INLED+'`HCPLL(,")>RP``]HC"I``0@LP(?L-"Q`!AI1[2!'`0LBGKSYB$(@Q1`;2S>&'%BLH<$`=FD#U6AQSY(`(`A>P@0U8 M@;_*,$(Z;>A-!_AUG][80#,7.$`;UK`1:E&@#<^R30(O,(?AJ.8`CM#"*U+U MB=4P#/.2Y0ACM`H0(5@$(#\L"E M,K!!:61L@`D(X``OX.`,#U""&$S@`!.,@`XG@L(#"```*.`@;18PP(Q"]``- M&"X:&BB#`:A@`04`87%.D@OAJ`!$#RQ/ M!-7C@_V&>9;J92%.?*B$\M:4I@5PI7H+$&819+&`/5EE`7+@P>YJ5STDR*$. M;`B`%\:WOG:Z\YWPC*<\^:(#`DP@`Q.P1"DZ<8%.K"<'HR'_CQ`*T)M"U,$S MGKE/*"XP!DMH@179T5\'YC<)0:2`@F/I0!W8,YR-U"$S`//.`>20B1C(KR03 M'5D'.A`*2UCB`F`XC4D[H)D-N,(2"AA+(S8*FF>5(`6TB(%,#J"%$N#4IK@! M0@P4H(2SD4`-5I/`#$+0@Q#,``TF:(`8(C"#*VC@#0T80!INF08J#J`"1#L& MA="J@H=8PYY=`X<1DN"`#+B@#!&P@`OH.I`HA4@,:N( M9.`"&&I$>958Y$.8I`+"7)626X0`EK-$$O!E"V)JC20R*:[&,` MD`0"["T`%DB#!,[0)\Z$V,8WI@ M!!5,8`UCN$`)$*";.?"@#6-80\6&`Y4(-H<'0$C`#[70&R!TH`0;:`,EXK`& M/Q!U!8XX,`RBPS#WK,`/*]`,!;Q5+?W&`836B@,L$O#0:BEL#%I(P;60`$\H*]^GQ,3&7<`9$\Y\`8^6A_^T!1C,PHD!`1P`SC< M@0T)@H,C,<"$#+Q!!R.8P0`&,`->-*`,1,N#EQV"`2BPH0(A<,@;DC`/*`"@ M`HDS2#=D8/\XO46``!#)AS9*1(`C/<`$/9`&0`;0-L0ULL](&L<`N+!7,-%# M'([SI"63T`\'$'H&$$4++"E#"2A!T3P3050MP-H M6('QY("`W96`V7(2P1RD(@11.25:9H`#&,6;WG*;^]SHEF'(01'5L8]U;)JR"1\`-T2TST9"TID(H@8&F-"G;2SQ&XC_/0M@"WTH M#!0@`@?<"`#._D$&H/`&/)!@#W=X@@'>4(47O*$"!`C!&[QP!Z9%P0NT]<(4 M`O!T,&?@C%[HDL[6U@\7S#'68E(E8X=D$`UTS@)F'Y$)E)`.)9E#"4F8K`8. MS:-V[(,@U!A!7N$>#4^S+4ITA88T".""/B\)E4:005-)38_"(X0=(5*"'PF@ M@6TT50,F@)(1#`VE?#R&`+:$0@;*``4O60`'/R`"`'1`@2\4P%1D&&@+^$"! MG!HO/H%:P00H\`$DK"$.U?L)!2I%4#+@(&E>('>ZE\_\YCM_,1!0`@/0T(0! M!.%A)7"Q%E##&PJ>AJ@V6$]1?R^O#5"F_S-"<+'Y>[,>^AD'_3@AI*Q4&3X&`P-!D' M<#(19BWF@@!HX`/W0`(^@`1FL`1P\`8D``5WD`1!$%8.$`4-``!1`&4!\`8J M<`=3``5E50%G8&9E4`$!4`%.PP9Y$``AH#09@`<2$"3:P"/F8`!:0VDFT`XC M\"%E8VJD!B609"6,)@.N1`!4@`V8)PUSI0UE`VG4($>5ETD&<6>)9R*L9``N M4&@YXD@.L`\R`%@`L6HCX$E0B%>(`,9H/\!+$`$#L`%Y<(!=``$6;``2Z4G">`[4I$JNX,$!5`\65`` M:W`562+LCB+M`@!&C`!$\```8`%N1$>,1`',Z6`&*@M(H`Q$'<> M*N,M)3`QI&$(!J8'![`4NF&`CK`L*9``^J4;&`-2]@54GM$(OJ$:!2`_&.,' M^.<9[[)2EM`:N2$$Z+*,1U9#U@(5Z[$1]2$(,+`!"?`L&+,(3%4T#^`!.P`" MKF4!;Y`'$X!+$1`"<"`"<-``3>`%,[!*=]``:4`T7%0&*B`!;W!+%:"1LR5F M(5`ALW5TG0-G9Q`!.')JE?-G>?4`Y8!76C,`8C`WGF1J5"@#)E`!+E#_?51` M#=PP`*@V!&4P(R:`-0$MB`%E#>0#@1I'S(C)C`BZ``VV#9XLC22<2 M2(RF`50`6$:0`0\0.45Y(T.227,5`5[`!3LR`I&DDF:G=Y0G)A70!!A@`%Y@ M`FP0!6>0=2+R`F;P`"F0!2U0!V#0/2L0!XU2!"*P`GS`!RD@!\+S`D;H!:XX M7K2XF9S9F>CE&'30`W1@``@Y"CD`@9/1&R#$04>Q!JM9?S"`&>Y!'PY6`G4P M&0S6'!!4+8XP":>A7VO0!C!@"-)Q'_MA`R(D?OZ7"366&QUF']S!'N%7!_U6 M4/H5'G.``,MU0J_``UIP8!MC&IHA!Z:F>">P_P(T\&J.8-T=@"4FE MQD=,XBM*\@\ND(=S@R2G%G.:=T6J?DHP-)(`*A^0*N!6WY19U0H0`=H``J5`(P,`$P M\%!:H``O!@/P)9S(0?]QTR4$.=4!!0`G_;0&".!O"E8'CLJH!3`&]F,;@PH> M,.!B"*!4(C!=,.!0.":<+A8=E9"H%!`'.9!]H0(#>N"HKT%?KX,)&U``H4)$ M\'$!=)`$4'`#(%`]/]`$`0`%)M!E01```0`!*C`#.L""1SD#1'`#=T``(/`& M$F`'%6`!:24!8M1%7Q1&8U1&9P2$'&(';.1&<"1'=&1'>*0W>]1'?V2D@D00 M56-(`6%VBL1(<@A)DD1);G9);:-)&L!)D@9*OV)V.%!*IV0-J\9*KD0-FU5( M*!*BBK.2.*!'I08%EVAV!F`BY/``>^``.Z(!A[6B27"4Q[I)5F`$%3`C!:+_ M=Q+@27,(:ZB&.$]H`2YB`5&0`0$07A)`!0`T`%.`F9@I/G8ZM51;M8P!`5PP M`6CP`'3P`!4```E`7W70<&,@<`TF+N!A?@<@!&TP"HFZ`1T``RGP0T#@G?/7 M?X7@&0T%!/8Q8+>A,OE(025@N"GP M,/A8'N1Q8/9!8.9(00I``B/@1]VT`]$W`S,0``7`D`K@1#VP!S-0?6]P!0H0 M5B[X!EBP5GG@!2H`!6O%!O^)M%/GNQ+0`&*4`16`F6'%!FRG#1,0)@#0!"7J M:FM8#E%R#R*R>=FP#30I#V*@(C\Z27OX=D!"1YVC_WAQEP0/T`0X$"0DXK*P MUE0P.4F?]6M,`@UZMPWGRW8`0`(6(`8/07DFVUJOU@_/"Q%0TD>P]@#=H`[L M``YE26IP-X>%Q$=<@$H]4*2_-K1*0`_T@$KB8"0#,'<2H`)1\`9G(`%E0$92 M:[4LW,(NO!?KA0;3QP"#Y9KS(U^#4!T.]BQR4!VH06#TP0@LMQX=M`B:P;;, MZ1L--`??Z![IQWZVL1I`8'X">`"JL![K\7Z\,<6J(3_48K@OY0GL(1F9L%Q& M]2S(^0`X(`87`0$T0`-N\`10<`71Z@1$D`*3*T*6O\T/!@"&3"29Q`%:-:?*O"'^O`W2;!X1>(KG

*9*VX`C>`:&0Y(V M4)HD1M!I]V`/:U1(2?(A)(!Y`/`A8,E&-AJBZ4"^ZFL`DW58TQ!H<[5V9J96[+"+US/]FRUZ]8#$T`' M#,``$R`#1*``,=`)&_`PWF(M)F4_%!@'U0*N:$:&T$! M&#,R);`"0[0Q%9-_A^`(]J$`L2I?YQ'2[H@R]A&!JI$"Z(&!BY`9^8<(%Z`` M/J#_`Q-@`%B``]8#`CK`!*X;`$'`NP"0($D`159``@T0`.$&!T-P!7=0`TT0 M-%$0``3*)7F0`7:0!R,I`6G@U1EPPF"=!V<`1E&0!V%=R4(C!CE;:DH0`90T M:^EK!"Y@(DU%E'P3#?D@(DUPPT02T>]5SPR!/,``.8`.!9@1Q&0!QS\HBTRA^.L M#:HF!B:+!3*`9S2L#SCP$&1S!7L$EMT`LS!*:G_]`(`S-P:@:7$T.%G5U%`3 M7K!XS]`=W9S9*VA`!W20BS+,!E0@"VP[!G60`L"H+2F`_ZC+>`CQ57_Y-6$/ M!U\"70`*2%\"O0:H(`2.FMZ5,60:]6(<4P(M6I-4!`9$3E5$X5"N6COD"./5CCV%".?+0,3T`0C MD@0H@LIQA&?-_+"YT$A#PI4F@O\XA'=J%C`V/*($8+GF=]-X%C`!BX8/RVL$ M5?@&(:`")ZS"SRW=IG[JR]<^:"`1_BP"/<``&,``0(`(=*(*LYX#.)93\5$' MY3)OJ4H?5LQ1^J4%'[514"%B]],;_80>0*`%!-8(-D"=2H46\G$_D\D?S:X) M!`85-A!QMND'JO!B)64#1.4)^-,#!E`!2K`%>B(G!:`$5G552Z"\)*!E.3,% M"F`,+Y`'=Z`-6B8#,Y`!*"N:LUT%G!F:MWC_WD&5]?C M%,)&&&!G!!"_&<`%5/BP^$"6.0L%;+.B&;"^3= M"'&0`-]R`?67?W/@J#Q`J"(@^?2E8ZU1T$#@J$2T$YZ*%I*O^''@J&S+"&@` M+AKS"'7``QT4+YAQH`Q%"`7LWT5830=[\,\D(FF'%2(PPEIC`P@1$A$$(R,$/5!& M)D,#$1H]&DT.DU=B&@X#/1:)7%Q#)BX`)EQ0=$F/$4T&K&(&`!8/`W09L@X9 MCP-))@"[D'``91&O34-)(QHC$;%E#Q8FC`Z\8@X5#"83)C@:$5!47%0X33@. M!F4](PQ).$I#!A83J!H/>3@5Y1I*``8R&E<1S48`"'!'A0HV`;SDD:#0S)^' M$"-*G$BQHL6+&#-JW,BQH\>/($.*'$FRI,F3$W68>$"'`0,Z=`J@D45`P9P. M!W(*$>('B!\_!RX(22$$AM`2%TIL`/]RH$0<(!?:S&EZ88X?H7YB[!R3-,8: M("F2ICBPX8`?(1>`K)E3@F<;/4TWG.VP\^P&GF6!E%AS0:O(F2QTN%W*_AE(D2`,/K$*_%C*`B`P"5)H(-*"/@0*`) M)02@&U&BP0@!,,)>@01P8X)WKAB1A!(F2*.$"Z0(I($Q$CHPX3[7*2$# M%2/T0`!W$BK_$:`!&@@(@`Q&C"#&>-]H@`DWRSW87!,O-G`0&RH$(,%"0SJ$ MTI%()JGDDDPVZ>234$:D`P%H,(#&!'2((,(0:/1P1043K%&''W5`!800(ARP ME@T(Q%"'$&L($0=1)?@Q!PQ/(5#"`0KP.<=3?PJA10EU;+!!GPILD,-7%QR` M0%Q`1*I'"6TJ(`14;`IZ01P7;$!7IUH(,8=4:SQ@`A0C"(#8JAQ4$4(#51#Q MQA`$W#%%!#-@`,``(:SAQ!L()#&#!#[,P`8"&<#QP&6TY7%'&0T,4$$#9=QA MP1E03"M#%->R84$:(Z0!1P7>!H"'%RI`49NY%JB0QP@3$##!`+PT_Z&$`4-D M```N`P!``"A4#*"?!=[1`842^I)G`!5*#"#&`++`PH4%.,A`:X68R%"=`U"@ M8Z(!1DPRPA!B``#%,ILLTD1V$QLQP`068"%#!!-"@8,1![/WWV3@`@VX MH&DJ`@`#,7$U#1G!`$K@PBK8T[,%(`,=MB@`12$#2&(PJO.L)"WY8$#>XNC'.=(QSK:<2,J M&1P#"A`X!I2@!R+_*,`#X`"%"?A!#FJQP1@*,(9":4%/!3A4#/14!P2DP%)R M\(--+H#)0\4!`76X@!P4D*@"*."00E"`'`JP%@4`00$=4$`,%!#*`O"@`!U@ MRB/Y=`!6NK(.=>@`&G2@@3(TX3"K6@`23D"`&>SA`E.`@P^@,(,GJ.`.57C! M##@!!R4$808-V,(;5'"O-]S@`3.HP&3`"84&2"!;`VB`NMX9+0Q`83<9B%8% MW*8"&;AKGS*X@PS84`%>!50"&0B!M`PW!`U,8`1TL,(0GDBB1P2L!P$`VQ$U M8`$-.D`##"B#$0+0T$(XX%X:H%K'')$$PQ5-";NHSS9V12N8O2,^&G)`_QD8 MP(DKG%2)7%@$/)0Q`AST3`(.H`(63""#!YQ!I^L!4,7&\Y\!4"$)0X"1!-!A M(P?L0P8K@<(0+)")"4#!%2!;!3P080%JT$%CU*`"%`CPABE,005I.,,4&L#& M(0T)CG<,K&`'2]C"DD0.C"B<2_:(ABM%@`[+@H(08K"!&'"R!:%DRAABT`(@ MC*$-GVW#!MK@E9_XX2L4J`,%@$#9`_#@`C`0PF?CX!48,"4!L54`#]I`I@T@ MP`\IL`&:4CL'IN!D#'&(;1W:T(8):"``2H`!$I*)&!.$I@$!V,)>4;"'&=AP M!C>(P!NLL(`W1&$$;'@#!#+@&`C,8`!!N$,`'/_0@!GZ0`2\DF%K8E8`\J94'@TA@`GN8@`QP<`4J9*`< M21`#T$#35C(`&A@`#K,8V85H((!7.``,>``%$N6P2D>\0".Q@L4/4B# M$3!`,J8]0@97@((%TI:&-(1@"J]"B`3\^D;#6OK2F,ZT'8GI$BP-K@`,$`$= M)N!I7,AA=VTIU)[\H(7_#ABJ+7XH2UOFX*94*B54<3C`'+1PIM==:@-I.<#J M]!"#. M0(`K-"`#:)C"AZW0@!Y$H0'^4,$ZWL`9/$0!!QAH0,AF0$`'GR$#9Y!`&H3T M[]`0IPPAR$-HO!`"+[!!`K-A>`5\X^`\Y&\W$B[#V`@&0@)!D('-R<<(*EB? M)HC0"#"Z$7>B(Y^/7\)?`G*%!JC,'>R@'.44DH0%_?,BE'_4/*P@!0,#Y`GK MS*<[&J!"BW#*A0TRK0GOJ<]'8U3BA:U,SDF0C@U9)"%^=(T\W[&`BKC#PQ.R M_X<7(Q!1!NX0`C8T^M$_"CBE`:OINMO][G@W"02DS(`(,&`"?'R)'D6-T0'( MP0:[!F8)M#`J3O'Z*UIA=5*NTA.UF&X-K.:+[RQ;`CQ-;E"^F_7BE@(5/^QE M#3G0PEJT0+D(DOD%U$6,#O8`!1+<@0UH<-8`FCFA-R2!`=C=0KZ5$(`9,,`` M#1A!`>Z0!Q+@`?=Y>$.VJ#6`-V@@"F7(>`,L4`$52%@&]M16%,`_A6\18`H! MJ$#YSR";*<0&"NP?`!KA,($KS&N&+*)S1T_6KR-"$`H1E!^_=U8$PQY4L`_4 MT1WYH3180#-+!`U*L#(&LF'_00`,`QT5X@(HAT0XT/^`$!1R8[0A29!2."!2 M)$953T1D%K-A)],/5Z2!#'1C%1@C41,.!=(<`!`U#$``ZA`R9T8Q&R(T7%`& M0R`AY($P=G`'#=``46`0:;`V\C5I<2,!_<2/7`E52(X(D!J MY(6 M1Q$'4L`70(!XMV,6,`=:4,0[X,!!"8!]!,;K1$P`LFU.F,"!'ZH!1=PDWMRB#G``\;5*;%&%\D%`ZIU)J[& M%CP!`P@@.4(1)XE2*(0@`R/P`[&W`#0``.V3!S.@!&*@`G@``6^`!SYP!2K@ M#`U`_P18,`-Y\`3;]`0!8`<+D(15,`!E"0`S,`(=\`:Y$@!LT$[W%`)[X$[# MJ`(!Q!"'B0$9(#]E<)CI5P%XT"ZS40&+YD]Y``7<\@;99RN?`0`5!&.;X(TR M@B$I530FT"_K0&1(@PS=X#(.T%9)X``P8@$C-S(?Z`PILXRA\`H&`("_APLF M1X\\%`N?H0A8U519UYH6N2M&4`$-A04CAP,#T#(0%`L9D`RL<'59($ M6J`&&B7$U`-TT`,34`=64@"#0VH/$(:#HP`:$`)AZ)1"@/\`(K`"=>"48X`` M,+`6O@4#(G`!!1!K!1`#!9!*M+0&:R`'=:``3IDH:!`#,BH'G:*C",`#=;`& M"D`Y(D`!+WD&%M`!7XD856`0+/`"2K@`3C`#"'`&=_`"5P!>.C`#5]`9>FD' M,V`&2M``(9W0=_#%!(`%@&8C`%51,R1N`,*S,! M9\!39@4`$L`(!5*$%]8$##`R$?`B#WED\G)A'>4"$U`/)G`)W4%55:,$$@`* MPTDS1I`!9E4T&D8`[.$")')$*@#_"[W@7/&BCQ$`)GDP+[NB81'@`CQ42$:P M#3#C5-%(-?CB,GTV+]TP`1E@!,(Z9Q,@`2Z099)0!O85!1B05V?`?F<0!6<0 M`D_H-GE0!GD@H`>ZK_S:KRA!3`70`Q$`2`4@`EW(H#T@$U9";2U1!AF@H\P& M;$1A%L"V:CDQE,65$V-R`&]R`6,@!#B!%J2%`(VB%2G`%&FQ`2D0*@70#5#` M`DE*`V;0+B@@+$VGA#IPGT$P`NV&J&(P`TY@!'=@"BH0!6!0`=9"3746+4+0 M`';0`\U#`$*2!!.6`5"0+NX$3_(D).TT`/:$3_K$3YX)4`)%4`9U!PC%!@05 M`4;0=*7*_P`:4R#741_)D&0N``72(`[7837SL`@:@`*SX`H"?P0LS,UQ%]TP.=UH5^!$AR@`9U(`)6\A(.*@))4*QW00&5!0-A,5D@ M*VN6A0#%95DK4!8P0!<\D`(\H!4QP`,ED+XQ`+ZV%0,',`9^H`<38!Q/,%U) M:@+J-P-,P%Y30`+VQ005,`-6.@,V\EZ=40$TP`88T`/JRCS;9/\&;.H'3D`` M3CH#5E,&=-`$50,`0W!5 M)\(%)192;Y4@%AQ!W-$SY%%E#/-AY5%!$=`,"(G0(TN,R_O(( M.RB;0^`%8<8`VTDUN2EG"#,!+K`-F["L'U0?9W8SFE!E%C!68P9%<]9F97"N M!'`&XZ17:J,"2_B$^\G);!-P;B0WRUO*IIR\+Z`,+?%WHS9J,S%J#""3@#>] M>R3``%``!Q`#HS,59P*C0I`#S3`!"S@!3&2*YT1`#J`!RKP!$HP*TMP!QCP`Y31"%/`!%[0`#ZP M:!:`P%4@/0'0!2&`!R:0`6\@`WF``660?A(0`E!@!^EG3ZS!?F6@/@,'/V6` M?@L=&NCG!5.0!VR0!Q&'?K:(/Q5`'`+7SWFEG:-P0J/01&/50`23FR-7#A/3 M4/[R(DW`-13R4?-Q5;IYFTT'NH)!9:P+(RY((2/("X\\,O3!'E<$=0;H`M.! MNPM#(O;"(V.31!KS02S"Q#`U5DA]"=ZA06,TG\`*02'65MDQ@EE%(B*F001@ M!SZRG^T:O&FD_[9VY6A\!3=_=A=B6%\]1U#[A"Y>X#;=5ZWC02L>`G/T`1U$5F+),!_U<4(IQ2/+.#;+ M6$(QDAW=`45'])S2<0DS$H!W_,C8"!UB8`+SN8R)B](R1F4/HG,M@_^W5$9T M+S0A2F,Q9#8A+=(B5&`V0]T+L*`B+D`A!PA3+](+[TD`1X4!!K&*YCP%;Z=& M(=!V_.F?Y)Z-TFRT`%#9`'32`;_!$"$;`' MZ5(%VV0`Q3<#!#T_"3T;&)#>MH@!_;P^`B0;`I3=QB%`Q;'=\K/1\C-`K,Y^ MX[U/LI$&_44S[Z$!+?8@(/-1,Z>=)R0A+AW_0NIX(G*\,$/@+]E1'B`$0>:1 M9OEA(Q;4!!@"0C=]+Q:X"JQ`QH+A'?!!G%@P9QFP"NT]U`"O0!(TWP',B0;W@U!?]E5QN9XVB4XQ[9=D+B5Q5P M`D.^\`QO:0C@4"XQ:J)6`@]@V-;;`PI`:F$H!P]0!S/16%XP`&VR)P?0`;FD M:V?Q%(K3%YES`1V0`O6+%HX=:VLL=DF*&#O``'M0+7@0!,7W`.-\!0K@>P#` M!G?P!`W@>R8P`S5@EU;@`^8\`G:`!QP@81&P!%I*!6^P!QIL!\CR!G<@4"%@ M`7G0`#(0`AD@J("#$WD*VX)Q9!6-,XW\NT#.?89T:@)V%O)T%B&3?:36K_PT9P(RT M8IYB)S#?6#)))%8YT@1>`/:.9E<>V820YG9-^'9[91`'SS\5,*`-?_W8KS<( M(`,]\`!<2#B!,VH*T%BD1@=:`!-C"$@RV0/J%@$Y8!9:L2>Y5A685Q4\2$9&!A0GQ42$G-:)!A@`".$4DLX)#`I8R1)A5Q&-!@P,(0 MH5`($FAB@(L)!QPS,-"`@X!`(P.NFC!BP0@`LEUYF01@8``.*'E^-4@W)0V; M-&?8A`@QI6^(-&FB3&D0Y!F0X(_CQY#_(TN>3+FRYS+FS MY\^@0XL>3;JT:!'`9H"M"9T$-$CQX*>M!!,$&$"#DB)LA!0X<. MF@$83,B9(^1"#"USVI20X^="FQAS-I2(<^!`##\Q7M#)4(9`BT7H%ZQ`@>'- MC"A/WDB(T``#A`!OM@R886+/FRM=O+''%U$T8,8`;UCPQ`P:D-#``!#<@0$3 M^"&`H`\`S(`%"A(&D$$`(-.!%!0'L&.099>"A8I`\JG#&'4:<,80)333!U@A#)-&#%SAHX,`` M&SV0SQ!*.%#&`TU$H(%5_Q5-Y%02`#EPE98.&2!!13H904`/,G`!A1$F\,02 M%"80T%`$`]`Q@@DNB"&&$@^,@(,7(^$@PP0:]*"!128`,((11C3D``$,R#"2 M!DH,,,0(*]%AA1%0&$"%3D-0`45'#R1!!:H\5>!`$R8$VD,%=]RQ5QKIW-6` MDE.$H((O*J2Q;`AZ%1:`%\Q(8$$6IV6K[;;<=NOMM^"&*VYDJ;46!QJLR?$` M`CV@(0(=0!0G@KL%%``$;G3T(%P$=#@@004/=+`!$!MHP4,)6@!10@:=B1I3+8FP84%6_:`N0Q*=-YJX&1A1<"L`"31 MJP8#L,I`!AD!P.4(IX>5A*8F$XJ53@:8D"65,O00Q1N^L-%`7FQ$$4(4WMOU M5[)LI-_L&8,%D`>U$HRPP+CTUV___?CGKW]I?1#!6G'_[D(#NT2@`.,P`%\3 M<)<<>H``=>VF-FLH0`2VI`(LR&$#>DB!=9H#@S7P0`AS*(`1*I`$"JR``@+0 MV`*RT(4D0$$#;TC#`UJ&`PPT(`)60!D4[F```]S!"F@81@1.`0`,W*$"`$C0 M`W+6`V5%XX8#N,.K&F"%!_CB1]+PPAGRX+8!\"@`4<#1`*:`@0!,009L",?: M)!`"#)0A"F4H1QK8`,U`O#",VR$5"X9`1<< M)0$^*:]S3^(L MP^1!`GDPP?[F2<]ZVO.>^.0,$Y30`P;DZUW^?-<$>)/`"4R@#K-!P+M$4``& MB*`.Z-)7#Y0`SP?,`0$;J$,)UE""BV9I(`A8`1]4J!XB6,`.`5C"%/"@`Q41 MX0H-"`(6WH"Y(P9A&9J8@0_@H((K9&`&4&`"&_8P!&`180\SJ`$)WK"$(?24 M!1B8P1.F,(,9F*T!4#!'CP:0AJSB`0IVR`"0QF$,(,&QC.2L0!HJ@`&T/2T* M0$(;7/_/\+1KP-4+*I"`(/.(5RU*`$<5X%,E^20&"S1A!/BH'BQ-L!1\4*%P MPMN<+:DPEJD0P$X].:P)J+"4)F!E(RX@P&/MQ%D"*,$$BV3+XY82O,UIP`3/ MS!0!S`1;)51O<_VXU5)Z0@47O%8#32!5GI!F6E=9Y+"\HH)H.5(XR/%##!?! MPR_^0BP,3*%`SDH?L935E^M&005[F8+Z8J28?U4AG^A-KWK7RU[3)"`#Q7'H M;`R*AG8Q@`&Y$8YO1,`;.@`G@2)X0+O0\`#;B*$"`W```A10@CKLC2<_``%) M$]&!'IA@/RH`0`#NX("E`D`).7-`B-D`AU_=T`(S*$2"7C#_MP?@J`!72)`2 MWB`#,01@#SH@<2I0@6*K0H$-4\.`6@>`TF,,P$AF-$8&U*'D50\'2MBNQI4`RP@6F0(FQO#H=*O$1J&=>BB-T/MUA!0); MQMZ#L5KB"JD,$"6O;,K1TU,"%Q(K!@U\6@D8:0(^/,FGS9&G`1)2DI+N0L:Y M=$-9,4I67U10EV&EKT#3>B<&B-#>8AO[V,A.+\#:@`8Y&(<.LF$H;E@3&]\H MH`X]D`UL$!`!=-F@V=EF``"$H8$)_SB@E55(X807(``4 M`P?>*^(;(K`$%93Z#14@@0KL,`@5@&\QD4" M6L6C^Z:@(DQ,P>9E6)J=V+(2%SBR+#*@@D8*:A98< M*5Y`;IF/S=W938O,'$QR20`"6`^7>PNN$49P7`,D05$"F8#I-FM;I`6W=?\@ M@`.HP%E:"L\I/)$!GP3R@$4J(7<6&('IV/<+)=EPR`IQO\.$$BVZ$=/^M)OR[`/8$`!T!`;X]"&-:Y!EVN*LV!_LDL.(4<)L2,,.Z%^"!$03`BW?87"V,P-0>!&L"X'V`%]X0A"B:8*DRP,$, M]K`%\$$+7F1%VG0`(,Q&'FA`N)#/A*B%VG@%WNA%WF1,X@1`%>`+:87AW(X MAW0(&5U@`*M1&_,5'+R'!B\@>UI`!_Q5``FD`*ZA`+)18`I07\W&`!%P0!8` M-@4P4NB!!#BP"3K5!*OP`C3E`V]@!SA0&"C@!+M@`G=`)D`5`3-@!V;@!!5` M!)N``O@Q`/NQ!P]"07 M(6=E%Q(CH'A9\BEL\5J/PQ%G$A!1*'>[P@^W9&@`H!%0L#<.8`11V&:E0A!< M,``#.3MBH'0#Z0!I,`/"`DY[H0+>8T-I&#Z>(#X8<(;0,CY44Q>!44[I)1(F93M503\M!JN9U`/,`$'Q"[05E#NHGJRIP`1$)5H$`'S4@+ZP@!U MD`(\H`!<4"(<`T;E@%W``50XP5W M,#5/$S6?235>=/\U60,-#<`UW&@C83,V3T,-9Y,V:],V;U,&<3,WF&`W-)(W M*O``B*(3+I@!;4$(8B!:2M`$%L`4DR`JH!02+A!U4I)TM(.2/`$%AZ`E MH)4G;L$\G'9GLP,F8'$10P`HO()8A?8I#+"09-$XGI1-PL-VWMD$H$0`@4<] M%/E*)"@#P$4`S%,W)','*G<'@J&37NAXY.,)E]0#_`,IR M`T84`02`!R1@,TY@`"2&!M4`%@'P`B1P!U5@`'B0!PP0`A7@`TX0`#WP4W=P M-B$P-6!5(G&J@&?@1<1(2-6P5GFPO`/AEP#6=@![TP`I0E.06I=[(UD,'U6DTPD*5V%.P8**7&A">1 M#Q;1284&):5R6+9D$L!I=J5&:(HW`G>V:L'S$CJ16JW"6)M3$M63)11A6\59 M6YS%)S]AJL]T69I#2K!E`0'@A;$V1V1$+-_S/;-F%Q!Z:VHH3N*E%WLQ/MY3 M&%L4``2@H>S:KNZJ+4'@`+#1&SVP0+N'4+T1_U`,P!L0-:^KH0"O(0=Q$&"] M40`/X$$UR@,=$`%08$0S,&Q9]00HQG9W``=*<`=>X`,S,P1Y,`-&H)D*(@D1 M8`=[T`,KI01V$`(W8`(EXT,:0`0\]0++@@,7^P1-@%49\K!L-8[F0"0^"P`K1PQ48)&`#DA*?7,`!1X$?NTT?3D`9!(DAXQ'-B`V8]9PYJM;7GX`[O MHP**Q!%28BNGA4J+]CRBXA7Y^#BD]%BZE2=J5H^_11-KYUM(49R[=!2)=2C% M!5N<W,0^T,(LY+.Y8F@8?2H'[QJ[LCN[F;$"H%B5 MAH@NO,<:A+@;LZ&BQ"$;L5$'M,%?^=*(#T`'-)JP/``#$Z`*,X`'T_`$&V8` M,S9;1@(!>(`'#F`%;W`#2?`&K/`&F7)$1.`+!X(!`!!CY7E$53!^!6`'4U!- MJ[`?UP>3#?LO\$8C.^E%,C!.:F4!PS!.7L1'XL"_AY&->21D4BMEYW`&4DM. MY[!E=(4U=&5=\6=.[,-&961FR5DJ3:$I1!BY@RWR&U(9'+AA&V@0!P(&&P]` MO`A%8`5`ELSKO-`[`]R3!F\P`CFFF.;0`W#P!B/T!H+BR4/`%PH@7EQ@0YK2 M`#(Q?B8@(#W`:T^@`3/P`#,F`9$9``#@F0V+-E/P8XE:J3_FG=856=L_Y2_F(6I+#_Y\>J%QFUQ4;01**Q'9' MX79P-RG,H\*F1A43@2IYMW=]UP1_-P0R@'(P^0M/)C[C)(;+(AC"HBS*<@9S MD894,Q?C5"""02R`,2Q_T0TQ$GQVW-(NW:ZT=%_U$ANY(0<%,"\*$!PYL$!2 MJ7IU$`&R@0"L-P3#(0(1H`4B@+`)"\E5554MTP!6I0)((`$J`9=AHTQPM=!DIIL,(YGY`P_4G$$``V>"8#=((`AP`W5``Y[8;0>`R)L!,%K M]8!H4PW8,``2$'5+<4M&(/\!+A`5!;$I45(&G!86,M`0^/!*9B$E96$J1*%( MM%PFZ^PE9)$\'YE]44<%`,``45$2\_$/C90/;G$4K\0`(V`!!='9E%062($T MI=T$C=20/7$4T_0`FR"@2M)6I?M='BW&;(`!8?QD=Q$8T4*3X70L##H%-/F@ MX)6ZOZ`7-?#2]GW?2$D$DQ)@AI@O`V50#95MB3Q0"U4>C<@T`!U^`W[`>ZZ1'`6X24#U-B`#F>O4Z+[XQ&Q`E4`\U M7[3!`!CSR*GS8Q+^F!:`.6Y7`6\`!<9`/"%``%>@`AIP!?%C`NR0!%O6%GN0 M!$#Z@5%@!0-P8SY5`3L1+.'35NOP__7M90:M,J\/@"X/D%_S0E^T`1RPX0>WX4]G/P&YVP-M M``/,V[P`T0$-D>S\$0-TD`?N4578P$-)1`(&@"*V$`5T'0`/D$,B@&)YX)A8 M0!]Y(`+5>AQ='!CN`,%WF@9'"_\%=RHV9:"G9Y,'<00%9@-&>C4C%9R`K,^T MFY]'RVQ&NBP,YK!6@E1&;D-76U0.`#P%[^9RL/8IC65J7$`%A+*>U71G/W$6 M;FXE!#`!&B&X8N!92+$1A$+S_V!J4^%;UML#C5009`1LJ,1NDH% M;YY@D+8W=%`\HZIJ`.``6V($G,5&S-)62@((#5-1*F#*E-LEVQ3*E&0H@*<:^O?OW\./+GT^_/J\C1J!$H_-@@H()!11`1P]R M$#B!'"*@@0`V=""(30XB]#`!`B(\X("((+(=VQ4)P,9]M5K[[WXYJOOOO::`04! M$]!!1QUH,%!`P`A(@P8UVH!3@![AH%$'`STD^,`##*"#(3MPZ!A'"BDHD<\, M(Y,<@`)SB)"'//-@D(07C!`PPQYBW,$&#Q($X(`%,Z`10$L#F`BB%T)Y,86? M;F(@P4I'9]"`2AEX88?3`P0@`8,\3*$"#5R!#1&XPAT"(++;J$"$*H#;FI;BII'`9"1'_S%;&;)" MM#(T*2MFJV$9XO22*/DP"D.,4E2H4B>A/(4I67E)#7L$%4`]0B1+A`H3`P"G M*!#`5;4:`;)<,"DE-,%40\"<#!KC`@,02@.?VU7MC&`"+JRF+K,:@@$8IP03 MN,`".#`!JYKPN=7@X':RL9T;76""U83&,XX:4T%&:@H%#K"!BXZ)20= M)5M(?)(4&IXA!&[B8IO:Y).33/0J)%%-Y8ZED`%$@%)YT5VME("#)OQ-`X.K M76#LPKBRF(`RP>.+JOYB%Q,0@`M#R,"DN,`[P!3&&B MB\:7G%!"AQ*B@$Z>).$(01#BI+>LWB%T"1WJ10$2I@C!]93#B4V8@I.'V(0H M0I$(768`!\1,K&(7R]C&SB()26```R"F(`8TB`%K,!@U1!"A9Q2@!Q)#PP,4 M!,(+;>P!\IS''1C_T('66F$&(3#`!A10AI(]30$*L`#+2%8!W#K`.B3S0A/N M8(8KS&`Y'O$"2H]2-Y%,]`YE:``48+8T"P3`#C"[9,[8,`"=$&4`4\B`48(B MMCPHY20><=.?E-*5$"Q))$9!SU"*PQ6M?`4#=SL:3[RRM':&SHYX,4`&>E"& MP0#N,6)PJAAD,QD)#.%4A*(-`58E`2.483$[:POMC%"YUR@!"A/XE07HJT\5:LXVDK$%##P2:'< MN!+3&4YP[GI+0W3G67D:Q;@\<@`%#`0`2`X``,EXO,8164$H)&OX)AU>"VY?D!C:CG:$,X5U)80CPJE+M[@&A ML8`&N,!'(RB!"TE8#`,DU\@F*&$V=[G+7I)].AD0H#(:,"-IJ("8,WY1<4XU MPFA2Q9@1#$`#1A;A%'A,9"95YUFIEHXA;CFM[K3R.7>(7O6$8YY3F(LCX2*% M>__<&/#,P!#D0(<`57,9$@H' M'3KPY@;UH`X-`M`#%``#;FH("B6:)QS$4(<-B(!G=@9`">)0!D8W00L*4$+. MSR`#&S#`#HSXS7$]G3WFLM!I:V-)=\Y`XRH0G7IB`3LK/!;#,)&TJ9 M`I*!EA2E7*1BW.(K$J&$P`M1_(I#^>$GA=K-1;?9XPC:084,/``*@\%!8Q9I MF+P,P,(X2`(!+A>;PB3&"!)8C%:5;02H/AY&`V"`B"5)A=KU(`E^20P`CB-" M%R5B6I5('E/><*5$&"(JQ]/.=NXZK4YT)]7."]_TJC>^2FSG%,C+7B:Z\QQ) M<(<4DKB2PS<10P-,P)?_'\^^]K?O\0Y8H`P"*@!NT>`'@9E?_*`U8#@4P+^* MH6&;I[5`!'+.H@?$X`'EI(<=T'"`#S':!0H`!$:`!R5B!0]@`S9P00^A5YGD M(B)T'1CU)QB`!QH0`AN%:56B'6;2:5!Q!EUR$I^&$FWB!6E0!AU1`0B5!F#A M4.&E%/R0-W'#!JY6'"8H7NBA$]H!"9T&*!L5:A4P`";`%HAG&,=B`%1``!8@ M>CNC%P!P5$]%*$*R,S@@>`X0;1:@!!$@*KW"&&70`X9!*4E@`K"";$HP`%&% M`V6`%;VQAH_&).1Q4JY4/9'`)*,$A]A!?.6S+B?%$=-"9-T3"MCCAG/(2MI! M_QX0=U*R1F7=P7R8P`9)T`+<%XF2.(F*=0Q?)`(*0`T"`D!F=B#Y`UH`Q$P1 MXHD18%ITU@XE\`!8`%STH`$14`&VI00'T`->L%M<@P`V8`)14")1T`-Q(`LQ1+D3,5 M`!088&K-F#-.$39Q`U%3836_=B968P=Y<#<2<#;44P$.4!:(02F31P7'4D>` M-`(.T`3(9FT&P$B3]"J4\1J3X@))0`5-\!A)T%3)`2$C`\(.(2TH42):4"4(`E20$%:="9)9@&BPD5I)D5=9,U4)`4`V`3_-": M/VB$!L`Z(W`HI&%@C509M?$:Q8)YAJ./C*011Y4!5&!3C2<9G-%Y!*"/!@!B M4)`$<,`DO9&,S@,=ZC5D&##_/7_X"`''")502ARA')50G=EC/-TC>W/H"4&V M"970/26I+7]('.3#9*+@?)%0'*?@DYX@?TG9G_[YG_(A`JJ#`]0P`6=F69\X M0`)C#@=S31$B!PMT6O38(2F``ZSH(JIU!D,`!!,@F?3@!0;P9GL`:#H'`&C0 M!!DPF"S2'>=3GBW:4>\(B_,$'`^129S@EVN"%5CQ$UKA:.\%:_C%17KC:`NE M-$$Z$D;J44'A:$ZQ-A/E%'5"I%&1:B"Z*O?8D&]D;?G1!`-@*JRB`1,Y*RY` M;'!A`:HS*I-4C\KFD"9P-=<%!W80!5"0/I`@$(]0"$16")S0)-5Q?-\9"=SA MAT0V_R[5@3PTZ1R`*"7$(1R*,)_D<5>#>@FE8(P.5QS8T3V8,"Z(<%*$@%$R M,`0`&JJB.JJ^H``$X`5&0'[0)#`!`@XIUP,S1W*@)0R80,I4`]H) MU*,=["D=RU,M)T4)SW%7X$(])U6(L8>2Z9.GMM0]VH.?V%$(7&`&I/JT4!NU ML)`%^!`FAN8;"P@2,L`&4``'(;`1VU6Y9N)*4,`3^WEVW%&-(`(E*F``_M`)R1HF M<*`!*C!<&6$`J-<7D04%#*`!%*$!!DI&J3<`$R`#$\`6LTDK%@`2.:=)PQ$` M>0`)"X4)*$@D8#,#`H>OU_$S7+3_/&E@(D$+A]M1/2H)M*!D5\NC2T@F:TO6 M;R[+I]NSDX105TSA/`*7:D[&"CO!XQQ?,:;HCQ;E!P*.YV!4E0)"01 M`%9`%%7T$'C0P]71P[DV+0O5`-+8'1,U/E!Q"/_P'#T20P'P''>:%7V*O,;Q MLHD@"L\Q_ZBA9#Q,D2=*E@8_IAT/\5:#*U=ZI1V]-PF(@`GNN8#.%QS6$@6[ MD;_\V\F>?)0[P"I3,`0E-P%6*P30Y$R@I0UA&Z&G*);>9`&MY1)ML`%&P`8E M4@$9TP,A$*U&0)4(42)V@`,6_!V!VT4*]S.'@*V(&PIX.0-PX`5YX+BA4#)V M$`!E``4HV,LL,E$9(#8]S*W/80?C(W7']08%@8QOH`*P%2UX$"TVTP^"P@G7 M$2T]C`?Y,!S0T2*9-)V2"ZW:(61KC!YE8`=?`18\D0?<@16%X&B:M!35DR3^ M,!QU0CU1P5;)FYUU@F_.012;NL[4@U;8,W!ZBJ=`G#T0F#UY$O]D@N"'RN-* M)Y5DR1%P?;4=#J=7I#!B`,#)G]S3/JU]"Y``-2`!%D`'#*`@X'#4$Y`_4"DA M!5"KIP7+WF0`RR`'0H`#)#)/`_``0(``9S"7&.``<8`&'31/AV4#1N`<\W8( M@1LOD@I1WKH3&/H;Z!'#U9C#_H#-JPD'-$PR9^`%&2!>W"QO7V,VY@Q%+Y&, M)),^3=+#@"D0A.`;)-,B=2I"/M$D/S02*=78GV901F$V!(TD0:$44.%>21(2 M0&(4[0LV,00V;7+'>N*R-K-OJ09[WCEOU',E[:N20NP)0G$(@A*TW5,M`9$NFX;`3:`!MFI28R0 M2].J2QB%N$V2#Y"&4`.0AE^-X%,0F5!0F0YX7-@A`5@AHY,]43[T+"S"QFEX MQ_.4=18.)&PY%&],#\[C4?G0:`OE49KMXG`B`1F@T%9S$BGQ$DJ3)/A%/0AU M>Q[Q)__@:;N'@IY6'(40`!(QGM'3AYC0),D1">^;/.M2+7NJLZ``DM*!;\AG M',2!'<;SDK4D5Z8@<4/F/8A\4JVD%!J``-C=YF[>93WP$R_P`&:69M50,&B@ M!0-2MNS@#@BP_XLYERR+AN(/<``O4(MLZ05SD`,`@,'2.P&_6'13![B^(:GA MY1.[)8W3#`49D-YFZ26 M,=>2((T8"EM.X5"IUB,HE4KFFA)-4@8G`5$J\17*Y6E+$1*^BE]`HKRMY!0A M@`<##39O<#;WJ='\T%'!K<^T;1SXIF1`^U;#(1W5HU?'<7N8[+U\T@@I21[. MPRZ.8!Z>,"WL(G)%^>;ZON^)M0"2,04N,"$%@XD4Y3C))H`5R8`1X^1`6)[B#^R>[=5<2X*U9(O]U]#29 MB#L\Z>T;9P`%,E\3+*-+,BZO*(Z"ZHH)(1(M[J4WV2G.7X.">+G.6-$D\Z3K M>[/9(G$W5-%J\[9U/_-IMS?#WXCD11I#*^/LHB`25P(5,P`5Q=?+7+2GUNL5 MA6`=J78E)VD(`-?NW1O2C\#"I/2^;I\MR"-7./L(=S4(TB$)A>!\IH#(.B M^4-V-_NP0]*1,W:`'M2C4(8@C=W3V$:Q'3&$8_RP#V\%5TH.DY508T;^5Q<- M"%$8*E-3#8(A&&XN;J[O+V^O\#!PL/$Q<;'LBE)4Q83#'(]:-$](CU^/-C8 M,`]P,U8=*1T&,^3E,W!#0G46YE,1.2(F=^5W%@HY$2'F#9PA_O^%`M[)8Z'@ MF0`-RJE@DV<`E`Q>RKW!HR+/PS()R;UA@Z%,ACP5WBC,("'#I@8B[QPJDR=` M%(UO`D@`><9<")`5_U28JU`A`)XI/"7P'(HA@-&>`=*4-%6A3,BF>>Q@D(`A M31XO%1I4R+,H0(4[0`,X2CKE3(40#8RR21/@S)TSBU0$"/$&`X:W9SI=>G-& MDB)-;A.%2(.A0=D&C#05QA"E[ILHDLY0NA2E$X;#4>Y43D3XT1T,@U6H:,($ MF>G3J%.K7LVZM>O7L%N9L2#4R`0@:!Z(*$'GP;5L/+9UPW`A7($F&^X]D+!/QBD5_/H90@QT@`6O\\BIJ"!A@'L)=]*#A4(? MBB&1;_AY>9CACL@9:560@4LZE=-4&1*P(9%1>4B@0GPSU'50'B&D=P@&//^A M=`=6%1S$4P`F?9B@1SG)5`8;[)41A5(21"$30AB`9%@>:915@2,\L8%'A@?! M&`!89Q1&F&9!`O;&8)RXE<89A5RBPB5OJ:`()ABPH4DD#8`6@F1/S@!9(GQQ M-,B8;)@RBC^7\0,%`!3$YN:;<,8IYYQTUHG+#AP,X,4`#_0P@0AT],#``<`% MQ\UU3ACAQP8(B%#!#!+T<`$=50&!F_\1U@`K(X"TQD2E/'K?Y_) ME&!&;Q#F11Z5S'/'EEOQ0XXE1IE5%&A)!6F44T7_(LLIT<.`!`L@#T0`<="*10J'#[ MO-#!S@4I(`0`:9B3!QHE]&#==4J@(4<2RT,DV#@10"F M[)H(M8YLRVM/<'EE%JM'<40A&QE4`)D79=PK`5I_=](3O'F(S=6\ZUVBE2$N MII$60BX69I1AB_#[Y&*C_YS[V"`*6\+Z9)R,N<@F'/"!MCP0!YB!AE"JVRI"K""!08TJ_U$!'M+@$*&` MYSH-V(^R-F$M1[R-6A%ZPY,.U`ARW.%)+)&,1MXRDZ1(Q"H]@9;8A,<>LPS% M*%[QRE;N]:L&3#`MK+*$!`P1@#P4!B20X(EH>C*)L[P%(9:X1`"?M(DI<20S M09I$7K*$F#3UY1"?J)*4*F&7+/UK$I*@Q&%&\:1#,`**6:I5D@9``@B0;'IP MC/^C'.=(QV-T(0)MH8(#YG"S!W@!`]`!$`&`<`$\FL,.#/##!`9@*3:X``%H M:$)ZR%&&(=A`#BK(SY8@\0\7"20`^[%`2Y*#F(8,@"3!BA!X+)*!#*`E(U*Z MH*4`XQ3(I.0.:2@#5EZB$9GDH26-E"%=#,03C?'$*4,Y2T]Z\C>@9*!*9W#* M#)J"KQ!(8"YGT!M/5)<'T1QD+(N(PEGD,I>RG$%"5DJ*A!JP)$,PB2^=6!)@ M'E&)+=WA8EE:RR=6Y!A!6*(3E:#$(S@BI7-M;$DCR%0=%\K0ACJ4H31P`!3, M(H(^%B207A)!!(!5C@8`X`!H*(.EWE`!!-B`"]TH!QS_>A`'!(:83X.&':%;5EDD*(@`.*4.%++2JH):! M(K=D:E#ODIXR88`D8CE6!:1Z_Q?\N(ANG>@H&Z9U&:QR8H8926(,%5&95B6N M*1+HBZS018CQLDMR%7E7&GCREL^9Q6`]*=-9'N.2+&W"19B88I$&YLW*7-$N MUUJ$7:1TE[5H8F-5N5A5\EG8$6_B$@.+SU8>P+S1NOC%,(ZQ,1;@!A.,8*)) M2,$VRM"&,8R!#GDPQT@K(`0A1`!LD'K`'.@0@)'"000*2,+1`/2/*@>D$,,D MQQGRT#62'.U(*G#/`/+P!@NEI3Y9^0]C/')-L*U7JABYFR9`F9,"Q4<%6/$' M5L'B0W]X,%I]*0I27H2X1&3`$!#91%/6,E[,O56(9NE<#\^"H49X)0TDC>=< MJOJO)O^OSA*-#1*_V!F7QMBE3(--TF!:]XDE8:QW8=3$0ARQD'H800I`$C!*`'/HX!`!H3R`!$0`AR>%0Y,!"!-4Q`!K/$`AIR M@(.F#4\19B$,:`:OIT`M!"P'E:5Q4'O]D)F@!B" M&8:NB(UM2P/P`)='$*A(<#&%7?C"I"69+C,0ZXMF)M:(+S$FGU3[7:LKX1;A M@=J;,A@!$_C@ZZ(;_>BCS4(>&A"YG&"@"C[00@=Z0(`I+`C_`'-0GSE4`(`2 M3&`$"KJ.!7)0APCLP1P8D,$FJVP7@_T.EP&`@BBS`B%^5,`A0=55?K22+).@ MY3I*@'_`^@>(B0]D_#*)_[S7.&%%2M'<1%<7+B>`0W, M*3'1I1VL"3B_967+F_"**0XBO+8PH@*F.XAAW9)RN6!:$820,%HJDR0F+J02 M'!$L)BH!65OZ]3*,>00CT)(&&0"@`%U`NO2G3WTX+N!'3"@"`)(@&G(`8&=J M:'*$*O#L%^3V;$:X`!HR`)T,("`'$Y#`+-$@-7\XXA186\C`,F"!5NHT+6*V M0P.G0?4Q49_@00/!'RJA$8=`$F>Q_Q/*$$&H_P211=',UX4\;`P4FP`'5%X52.(4ETP(YI0.ND`4= M,`+\0``&$`%R0`TQ*7<39L@5]PD!D``'0U`&Y@`%=#`'!1`^ZH$#-J``36`I,^`%#F`#/8`'G&`*`&$* MI\(VRH$L>)=E[E8?9*94?!%4D9,"`)"5=YV4ZO^06.;*-G>-"M2(YVVA"L&<8FV84 M4G1.JU,6=+%A<#&$X-$82\)SCA`\DL&#'$,U940(=W!*4*``'M#_`D=`CF9Y MEFCY"S4P`P!@"Q2@`TU`!2&0`1$P;%"E``?0`P%@#E$0`7'``-AF#B,P`39@ M`_.PC?X@"D9A,';Q(^30%%`P`#BUE^JQ%F+F!0_R9Q81;W?S!K^S!ZUD$OQA M)>.%$$"DB4,$@S=R.H3@>BYB+WW!P-Q7=Y"T!LGKCY'H=%QESD40%VGK5B961P7RFPX,E5RL1EB2.4(VM MEB]38*%-(`1=T`?H^:5@BI9$,`-8P`LT\`(O@`$&0(1-4```\&\14@8,T`9# M0)%W(`$,H`4.0)E4]@^B<66B408%X16S))$(\B@)%`6X`@69-&]S(Q3RUU%% M,2#I%38YB:+T0#=TTVXQ$6E9Y`<;T"7PE4IY<`&,L`]4K8/]X=< MRX4\K,(V(I$(=R$"2WZ5+F9$1>+`E(:03979$5U$8&K$E MZ/6I&S$%HXA5&]1-%[B*RR1YMHD@$"$(".*+^084CU-,*.(%AY!"/70)E=9Q M8M%Q%4(U5O(71;$0$E88%/8D%N:,K19.?B&S[B07!9U1JT0HMT+]`` M4-!BPI`%!L!]7,4&0Y`#+_!2'44`]V`$3<,/5>8/5Y:+R9$&>+`G#H'_:[Q+M9Q<&A6K_QP5A1R;R:R6'%S.'\C?B@Y+:NC$14!0S;ABB-J%MED%'9Q M:$QW33F9$U%`(T9U34855SV4%@(W8#@`;]#`!DP M2T:0`_@`2.6J`:?@#V?@2@$1!3OT'T"[9=R:1 M0.52!DO22`A2-J^R%?W6#CS1399R!A310R[:+8S3$FQ0._,%UQ`1XL`=9D`7M"0L[ MH`-+X`0B80=)0`0)`,*8G,DJXP$@\T:FP0).\`?K^`4,8`$&@`$.X%0#5PX! M(`(%(`/+%U-NARI3@/]3%G`0D\0&R7*9J00@4U"`L14VH[`?K60I`38@#V0V M!^(@],`34H42^'$4>9`OZN$AHKI+?1%HO[+&9A4Y%5%`#'J#)#-W0;\(!=^`$*Y`:H*R."0`"'7`#8/=!(E$!1F`#P_9!HG%/ MI@+%S+4)7HPADJDB]2H*#>(11!4VL40W)T$.`1M-'0(V;U!`R0*11S(5Z\*P M`;LVG+@1&,(_%Y@WBG-XXN2^`N)#';%#Z(()P9EP3"%@*>2WYP)[$`HXY(;_ M2\`*UKEG.A@VL_S,"6TA`TH``&JP`A30R+[`!RA0`[UKKU?P!-'GT'J]U\>` M!)V`!*I1T;0@!TM@`F6@,="%'%1F)>(A/.21%>G6'@[!SR,$EI?#4>00!91# M$DN,@&?E!6(+(&E@![()!X,0(1_$'D915-.2(0J!$])V-FWA%$?A(3!D%!D@ M"?66DZB37UE"HMND"=TD@Z)0HQCR$AV"K'V\F`S#:053%X7A89`1`!J@!"^0 M:Z;1K>D!!S?0`7S]W>"]"RW`"*T;V*&,"PLP`GY37KSR.X.Q6`'A#PGT;F(& M!R6J06(6DU.VF==;"8Q7$JW49!J(+K]D*;4L`7^C_YH(+KQGXYI(AG#LX2++ M))LPI$R4L9L1^!8LX0CKLA[Y]0:_!,_3G'!#A!9$A,>_8Q0!XV`-`RQIDA]) M(`$C8`2NT0<<\*;7,0!/$-X\WN.N0`%[H`(HP!J"K0M\P`1HL'14QAY5\:E!8S M425K'B.MDA'\`#@,\2LATF^WW4/=!"(T$K^7TW&/(Q1E@N"5<7B.NP@=-P@E MAR+A=,]Y3(KM%19FPP9)X`-F<,EN$@9F<`,#D!!,!P`GX..B[M#7]P9YO1I% MO@L+D`4M@`0M(`!K8`%PX/\`YW0=[=%_%J!3[PK,N``(U`&38`$]-X"10#7F<6`LOD0E8$?GJDL M)H$8E1G5^()V)K()&C$P=-/QIED17'&`9`ZRVS)H%?X_,`3R5&%-ZS+5*+(N M6G&4X\5./?06R8TA7ML6C6!$RS4#9R`#6_Z%!=`!2$`#2*LR7?`$%G`_;[`' M2@#_`18\\&`/INQ0&@A_WL=P!`E`!$\@408!'H'6(7^'VCP!!=)5ZW+30U"@ M<7:6N#3-5==R$[^R"*CMX9M##VTA1*ET.JM=#E9Q%4/!%14!\M@+%KF$3)AM5\JB MKQY4%BP!&C`A3AVRRC.PSD7B\56"(EPA0S1O7UFAV9-/7B@2DSID"%LA"2`A M/)"!$O*\=#CE`#*@`3C``"P`"#UR-'^%AH>(B8J+C(V._XY(1%AV,S-Y54Q9 MCYNHJ:JKK(HU,RRMC2Q.LHL?2"`<'3Y*3W1)`0UY7BIW M,PT8415>9U$JE6]3$AD2>0W8,W=39V5Y9V?';V\A9=9G;Y4S4Q@!><+'R-P5 M(7?I,R%I`5-L%14!_OY5T!>@78`S*@)DH(>A3(4[`0(,*'4KT M)989-X;2*KJHPXL1U-`82?-FF[%Q_?S9B]8@335ZZF94*&,NQ#UR(2I(N`@- M6;(\&-BDNX/-7[T[9P+HP^"LH?]!9R&\5&.3QDN9*&?\35$!#EL(%7C>L$EB M`(T&*``>Z&'*F9&`(%?4!<"R(N@/)PT@(,J2T$?G/T$PJ*@@(T^&'XL\0)F! MY+7OW\"#HPH#8`8!HDN%%UJ0A8(;"$S0&"A#%0X`J&S4O5&A(HV*>S,V2B@3 MX/N,-PU42)!0`9VZ.U[RR,]^_N.W*.FF(&XF$`,&@15D\,X9;-S!70-5,0;% M````4($*`VC```0H=+%"%A\H)QP-+S010#H8C!`$!3O=,,,5?1R"PXF=Z.`2 M";7\<001#5RQ"`J\)>*BACSVZ.-0Q541!G(Q_IC(#O\\P`4623R`1A(6I)$& M?1ED$,#_0=C$@TTVVN$Q10CU=,G&F&%Y=.`=;%WI3I49I-.`#$EH@,:330#P M`AH\\)"3D4;N0$0>]T110VFVW%#%&TP8(@`<#23!2196N)1<(<6]H`B.O1W" M1`U\=NKIIZ`\<>*01()JB`4!'-)"`@@4X(,/1-R`0PXY.```"198,(`3O/8* MQZ_`X@$F'F...06PR`+;ZP"YDM#@`[3F@,,-$4"`@!L))&"JJ7QL"B@^%A#1 M!2LWH!`"%(:P0*.C?Q"WQ!5-?-#"#1;X$,`2>4RQ!`A_/-$@%BP\T<<-)%11 M11%_+'##$#4`',0?3+!@`18[(#+I'RW`D>H'+)``A6LX!@%%_P5/_/&""GDL MT=*V++=LI`YO6)%A41=_NH0*J2"1[ M;?GE1#$!T`!0W M.$'E/%&N/Y#@#1Z`0TZR1C\4%()^%(I"IH)7"";,0%M0P$(A0*`$'"BO7W=` M6`!BL0?!+>)B62@(_5A7"/']H7CF0Q_^9DC#3;A!!5/84_P\YRD*S(`(-0QB M9\)P@A&<#AD#0,$"".A``8BE"87(6@=FX)H_@&`&($"!!`M!P4(0H`(CJ$+% M=("'#'TP#%?8P\26:`7H;1![AHC`#()PQ=R%H7E.#*M#@EHF,INB0``<\.-`W\O/4'30HS6[R)`@6P$,E[E"% M\YGS?%%S`Q0LP"\/.*H%09@!'%R$A!!<@0D#L.42WL`"A"7@#G;H`LS4$8(N M[,X"5V@`'BBP.]%0X`,CJ`0<-&$('0BC"BP80`"`6(@N0.,-G*+`]'Z0@2J^ MX`U.8*$W5PJJ1:E@7+_)9J=6``(S*#20Y"! M#W\@P@L2``(0Z"`#?Z!`:3QP2Q;H@`)-)8*-_M`%,X"B"">`9D=/_R#)0NQ@ M@#=-*X]V@!I+`4>F?-K#]=1*UY9%X02&0,$0$O$!-L`4-E6LJV"%V(+O`36F M//04%.PPV,9V2@DSL(,3X+!7180&#DZP`VXH+V=,D)1/ M>.`)'XXU$$&P!T6?(EPNH;99&,`(ZPDG5@$)2#A!\UK03U8\ M`;NMZ,(=MNBI)6N("#/H@+#-2^S;E4QW=QB@!Q@+@5?Y8``8"'$A*L!1(KQA MMA:(0G<+D0>Q?M4+HRC"5DL!4D-LUE1F$`:/Z^UK'X'NFOMN+BP]3KL7;K4& ML4"!`X]``G*;+T9]>`+"JF!BV:4JM2V8P1(0\8/?F2$(^HVJ&6CP@[]6V0Q= MV$$50@`"\NI@!SKH``A*P]2B>>`%>`U#%1H`@IQ0`-Y=0#KK!&`&/OQ@Y(;H M^!]&V0<((/4(#H2.(3Z@`RL;`@("`,$/RMJ"\!G"`S"EP$J",,H_9($)_SCY MQ`XP<`RJ'?QU,>7!KL;@"CY+-7/[!1(D`A14DX$13^?8A`0V`&#D0" MR2!@`5LW=G%800L,,,`*@#6X"^A!@U(>B'> M@`40G.`X11B^SIR`A_?#(2EA,$],@`!GVX,$11!H M5N`H.F`'0\("-G(##6`(>^`H*'`'/]$%4^`:&6`%A&`%ZA5W`0`E-24^`*`" M),("S?,!C/4')115Q!5/CM<`)!($"VK4"36"#AK8BB[AP[/('4V`C3QA%2;%;>9`[2%@(/O!P MA>"$CK($D7((5F@(G[@$24@\%?`'4,`N`[")\X<^)B0^I?@'O_@'9C`)@H,$ M;Y!WH:,YB1`%?F@%5=0`K@%DA;`'A]@(?5`!E,8RC1@8CXXB*H0R`B7CCY6DBW\@=WF5([]8BB\P5POY!\:(C%9T6Q"C+13Y M!\X81:XA`$U@!B`@78J@/2;4,ML('$XP5R;9EL#5!580`#Z013>@&I.7!#L` M`1E0!'T0`.BR`W<0.P,`1%1H,F^07R8R2J>(`RRP$:U5'E6`:R?%`DS0EW]) M_SX"``%6P)<5``4?T`=.D`&5Q``!P<`5)4`5/0"IFP%K.R5J#!D5& MDY:_`06SZ);8Z5M/,``94`5_A018D`%#!XSG`P%_5@,0\`15,`"1N`2,9TZ_ MLP06X`9*P%$[$)Z!1002=@/E^0=]8`)6L`2W]`/G0P3GF3MN8$X<]0<[<#XD ML"DU0`)*4P-`5`50T`5/,`)?=CXH<#Y^2`)6T'+GB0+\B9[P^7Q70#T!L%E6 M$!9AL7$N0YV^@06/EIW`U0>N=0C)AC&)(`!D::.)Y/\!`,Q"#0,I92H`@=@!41$``.#``MX0$`_`"4&`_)P"C42I-*-``6!`$ M$(`#38`P-"2CKW&;8RI;"8`%;L`$Y;%$YE(QH-8OS9,$AT@`.QJGB02>>P`% M.@"EZ>.FG3$&UR6HJ+4Z%41\%C!7'G!:6!`I@48""^JHG#H*BMH9,R""G2TD"*U`!'K`'9E`$ M6)`A`H"HM8HQ@2JHL840`H7X MB)M*`4J@/W!@0*UHK\?6!#K`0>RR!T"4`(LC.Z*)!`$`;C3`AKI3BT\FKT1A M`3=IL#&`38( M`2HP).US9AH[%%3CL39U?@`@Q1&MD$A*G^%MG25`/+W!Q[`IH70 M!V'%_[BD-`,?:3YO``=Z%DY9T`KCR MRR,AX$84W,(L10%FIJPIK"%RY<(V?,.6\\`[(3TXW,,^S/^(,ZP<-U"C/US$ M1AP<.JP3KW?$3-S$A'0T9C`#".#$5%S%.I'$+Y$%,\!Z5MS%+$.BAA`&3T`" M<$<#FRIL6/P2,T"K7MS&1A(&$3"2AO`$2D`#;X"N%6!Q:!S$RE$C;OS'GG(% M+3:8M5-%3Y![^Y;&+J$0@-S(/Y($+?8QM0-$+5"-*:?(MD"OCKS)&@+)<]P$ M67`'"7`$H.>-F"P+X<3)J@P"'>WPYHE)HQUS-+Y',^X5=2;!' M,'?)?"P>,\SZN``JPE?^DK M.U>`D`%`BJ0N5=0UJ)`;&_`U8Y0`Z@8-[I*UIKD"%@)6I8("EU$ MUY#]$G:-_PI7M*E+<`?0I&F&P`0`H`3ZJ@,```$"2I^%\`%/P`(LD"FPY,$A M%MB%X`8%\\Z$_=KDY+Z@K00.U`7^<0/:X@8LT`0YB)56(#>%4`1!8'Q(0`'3 M8BD>@`,2%@9$H`0L`%,4I`,?IF],<`,>X`$UT!L@0`(*4P5ZQ@<^4&(4@LZ1 MG=Y#%M'!$71GJ6Q;7`A/<$T0X%=/H`)(T`'\-P(P.0"H:`)70`%64#Y+N4X! M<`?8Y=H<<`4GT)@@K+E_\`'@IU]VZ@%BLP-=L`=PX`.K0@"^;;&'<%MN<`<$ M;D#IYP1>D`7/Y1K9YB)-H`1F,`)P0`@4U`5.H`(#:@4)T`181/\#P\<"2I`' M['(#8L@";P`%AJO>23W9J+#&B'`E?T`#&*L[Z)(`L/<'+*`"K*.34/`PC3E_ M0,0'ZS=_-#T`0_`JT)4(KR`#]%O M?P"&!B"0`],),B'Y`RP!,CH$,B=G*543,#&0(!(CVS27$[FZ?D MD$78 M!XD!BRL`-S!HYU7H^B8RL]ZRH`;SM`Y#\%X7TULLKFJW$>PJT(/H:@Q[=E(M@%`0'@6@AS!'<` M`N,YVT-&<$4"``&0`/]6\'K>0ELT@2@@,>.NY!Q`RRRS!U-N""8BG?]H(U:. M`O9^G?%(`[AC0%'0!V%08R;@AZX]`%%P2^:IYJB([*UF!=(6YT@`GN09![/[5MT`SYP`ME;\FS/ M,@,P!?;5]<03`D$`64G0`F.79"8B`'QP!]NZ!PU`!&&@`E@@`#I@!3D1=*YA M00$P`@,PUD=@_UNC9.1/\`$(]P/#1P`)4`-LP`(0G8`6:$-*-=P4"C]?%MCVPH0(;E@?KG@1+(.YM/_P_4G"* M@,AM'01%@`/8PEHH4`0)P%IN<`1F4+04``"$<`1!0)D9DC2L53$4<`-/$%M_ MYYRW%`;2WP)/X`,?<`.CIP.CM`)/\`06MUJL%34K\/UA,/(I#0A!?X.#3"Q! M-'\)$!`HA%U=A(P0BXPKDW\D+T\W-Q4[A*&BHZ2EIJ>HJ:JKK*VNK["QLK.T MM;:WN+E_2!ZQ78FZP:59(*8?D<+)RLO,S7]!%J$L?,[5UM?8V=K;W/^W.`$J M`17@`']0`:](`S,0HCY[#785<$IAM`X!#1@!`42U`'<&F%J"IYO!@PA5D9B1 MX<6/#/X22IQ(L:+%B[:(-"CVA\*-7;U>'6$W"@5)%'@$FH(@(-6-&4C^_'BS MI!84E:2.8=S),]@)`#5N4.A)M*C1HTAI^=A(:`4MDJ),MOMS98934F2@Q$3U M+`"`4[\888%*CR!PA1*X'9')%;8,>)T..:HXXX\]CC(4B^`<(,C M?R31W2!Y8!`C;G"(M4X5-13X1QCM#6*2$E!$,=0@.Y1SA`JWH?!&3$S8(18< M,X0TR$LW\&//($J8.0`<>'C0APKKN?%'%.7\`<(,@LSV1Q49X-;$(!"D2%L4 ML@G$7A]_`*!"3T_L_Y$!%!&0T,H-&-0P"!Y+UH*"%V/5Y:23-]IB@I,65$$$ MI*1P8$$#/M9JZZT8M?5'%E<928@.=PCRQPEWP#H(%$?^05(4S([PAU1(-'!% M*`E88PXZ5RE=F?31(*V.0D`%85A@SPS?4GF;H"W<`4($$25*(J-_S-;% M#(XTD:Q%6=S44A]/S&!L*A1T.L@3)PR"1&RR".#$6"P0@8(/,]2`PA/1X`)' M!5U0`($54>@Y2A8L@#4*,KBFK/+*PN@:BJ^#+&'!&T.!T`"18;AQ#B$D=7+# M"\_V/`.#'3702Q38QD3")X.TX-B:,!790!:#C"#E'QZ`8A(1A_Y!$R%O^/\C MZ!][6+`$U7_(NVBC<#J!0P8<700%'*(,L-4J3G@JRA)QQS+VLX/\&1AMN7`7 MBA5O,.R.R=3JS?+CD$?.BD9]%WFD#TR$X40%1X1QA1TZ4*#$"3C,\,.N,]`7 MU0Q[A:%$`QQ$JL(".[#!P@INW.=!`F]8X($9`[P)=0+'VA%3$&_4X,$)++P) M1Q1'#&)"%!]@C4=+8R.?JMHLT#M;`B&`@`02`U/DP0R:AK)P"RQ`4$-@'MQ0 MQ>#/C!>`IS0\L9<),RQQ.B$>J<$3%H`U%F3A"55`V4]8D(>Q$$)PH2C"$YIP M@QV$@0E/@,#9?H"#+M1`"2VHUA*>1@C#2:)_@_C_@1)J,)3J>&`)).@%!%20 M@1M43W(XS*'D3K".&BB.`@&P`PI^H()>&&8$+3"#"NY@AYH(8``-D,L,K@", MP/$/"PP2@`K@0(0?S&`$2[`#'((@@#PX(3`F>`,>,#`5T4!A!BP8"@?>8(4@ M%(%_>%@0(7S@K$'0H`(68`(!]F(&.,#A*EEHP)82P"(F=`$*=W##"@RY@B[< M007,VD,;*4(Q844P8`/8@Q7XL)H7J$`00 MH^@#![8DF$CP@"!XI@"HBJP@T^ M[`((X'D166XR%&_PYA^(<`4?^``<]X)H!?2&-#_-H&\)J``![<"<-SA%B1WX M0P6F"H-9C``,[SAK2VHSB#X MD/^'$74UK*`-K6BALQ`\)&E:%[E73401O;4.X@JKW94L"?B'S[;4KA$<`-!: MZC6^;F0,,\BI8'U*OQHT53&)551R!]'8-4&VA/MZP0P0-@.4D4&S@P!,;1TW MVNYZ][M$:0$*('"WBPQ`!7V[`?%<.U(5[(4&>@'4(&Q;UY<^#0<%^0--(96M MOOX!#[X9[BB0*1/Y$DZQ266L8Y\[WV11``Y.^,`'[G`%>P0!+R;K@!UBXX0E MA(&BX`VQB$?\U0S]WRK+N#@ M$"TYPB0"*X"\(F,!1```"'[0"S,P@G@48`(]IZ0#H4`@"()FA,<8,0@=`(`) M+Q!91"?!SS`$`0".J`0$CM`%1H!@TV[8--$0]58W&'00S`-:X#K!F07\(+!\ M#K:PNP'1#U31%A:U2!%N/>QF._O9:+E@`+S@!24\`=BIZ`(&%$6:6W2A`LKU MDQ/&36[BX.()&1BW%:!0`SR'H@IO(!*TYTWO>E_D"!G8$*X#,.M4A*$*BNI" MPOBR%UG@-=P0P`(%HF4!)(`@_V.WB,`,$B:`)Z@@"<(+Q?GD30BRVOOC(`]Y M,IY0IU`P@>.I0'`H$DT+M06.$`U(@FAR0;&X`<#`HD`"DD/1@N.*_.=`#SHK MD/"&;1&B#^.[`0Z><(454```)FC"52!`@AJD>Q) M\`0HI$]%50=X*6(>"AJP8`E-7\`+DN"@&Q#!!`E(P@!`T(4K#`#E?Z@Y(3[@ MA`9$SPQ!Q;08`\C\H$*]@"4ZOZ!`WM(/837+G-" M+$$'3_^$`@5&0!,H7,$**B`!$?;@!.GOX6I[?.F[7ZH#)7S`Q@N?@05\^08W M)*`*4T`!&2[/_O:#G&(_%H7S"Y&W&N1A!CN`PN"6H"@6%+_(>],2US1?>N-: M4+`M3!!NH8$]D`$XD%A048&'?0-2XG"@PX M4@VPB"W0A"]C`3BA!'!0 M/H4P`^OW!PW@<8$8C/,&`6\0*F'P`KV`B"K"2T?0`C$",M6S!'F@A-E5`_\Q M"!Y0+']@`DM`45$84/2^0![2EB5?X`0TP`C1P!$JP`J#8AJ(8>*3X(QU( M`WD0!53##[WP`TS0BG]@2W^``U.@"&`%0X0``$2@=_6Q5A]0CH10!16")*@E MC!0);3<@+3^@`_.C"!O#$6;X!K_H_TH,\5AKE0`#X`1&%$6#=P=64`7D``)X M``59P`$S8`)9H`,-P'L5\`9GYT0(14(P!!<`(MH":$0`-:&%$O$`D?4(000H0=0`Q\ M-YH@8"=-H86<00@"P`000%MA@`(O\)H@H#CXA`08$$Y80%$*62\!0%%8\`9H MDUW*9055>/^7S-F]%F?]6D&TS@*P1D$=Y`((,`&L2$` ML6$&;!`3B?11]IF@"GJ70D@*P?D'&'`;56!6$%HH`6D!"Z`;"[JA'$J1H4D* M&G5TIQ8[G::=;G`#VMFA*KJB+-JB+CIO`Y`J3`!;L04@6%(Y)%(%28"@+]JC M/LIG$7`'WP("=Q`;4,`<(_`1)Q!FHO`$`?!AZ?>C4CJE(U8$21`%WX(%BA($ MDV(2R)`'L34(4:`W`P!Q5'JF:/I5?)`!2("E@P`'!F`AU75S99C_GTW#.DD5 MD6FZIWR*0_JS)]_2B%"%`E7`.-(4"C0)42_1IXS:J"D#`A3JIE[31I>5!+0R M"):*&#/0&9LJC">0!#40?(,0!$U0@J&0!Y3GJ*JJ0Q*R'`V@?W\0EW_0!Q-7 M`XPS)Q$U`Q!EJ\*X`BK0$E50E_9!`R2U1ZNXJLA:3P,`!<)S/HDO4PFBP MV49'()L5Z0'2P@0+T0Y%0`3T@0+3\@(F@`4C6[)`&[1)0:A*4*@@1@A8(*`! MX#$J8+%"^[10:Q'.)`I8T`[]^B?"%;5:N[4($08W``7'=@)Z8S,[8`8S@+)< MF[9JZPPM8`$8UW8C(#Q+<&KSN;9V>[>XT&K)AHU]TP=,D*)X&[AGX0$#2P:Z M*;B(F[BM4#HS(%\XT`1+$(-0<+B*6[F66X,#P`A\^0=PL#P9>S`B=;FB.[H\ M^T]C@ELM<(6CN[J*VP=-<`?CM!4!('!WP`<+``78QKJZB[@W\`8#$#U$@`50 M4D[MT`)&N+O(&W6X1*IK`A`3.G`H98<#=9F\U+NV%9`J`=L+G45Z`UN]WBNT M&4"B@X`#`Z<"@>$$//J]ZKNJ(&![@<>$.DL(1=9SN;N^]NNH,W0']R,*YJH# HU::Z]QO`CKJW4Z)0?:!0`IS`"KS`#-S`#OS`$!S!$CS!%'P0@0``.S\_ ` end GRAPHIC 7 l39435l39435z0002.gif GRAPHIC begin 644 l39435l39435z0002.gif M1TE&.#EAM0*$`^8``.CFYA@4%$8W9=G6U_[^^//Q]LG&QM>N"BP@2V]L:T], M2^WHFN;::V=8A')EAF%2?O?UQ+NTQ%)$:"P>3$8V5YF0J+JWMHN'AC$C4/S\ M\C`B1JJGIEQ,>?O[^BD<2?KZXX1YDYF6E5)#<#LM6J*9K=N],$T^ M:UY.>RH>2^_N[?W[^W5PID`Q7O'O\3@J5^SJ[9^W?;T]OK] M^34G5"P>2<_-S/GX^*^MK/?Z\EQ85S`>4B@:13LW-GQW>/W[_??W]?O]_:2A MH/O[_2\>3/?Z^V9B8I62D=S(1R$:GEN2D73R861K^^U-'/R____RX@3B'Y!``````` M+`````"U`H0#``?_@'Z"@X2%AH>(B8J+C(V.CY"1DI.4E9:7F)F:FYR=GI^@ MH:*CI*6FIZBIJJNLK:ZOL+&RL[2UMK>XN;J[O+V^O\#!PL/$Q<;'R,G*?G!P M@LW.R]+3U-76U]BYS;HZ>KK[.WN[_#Q\O/T]?;W^/GZ M^_S]_O\``PH<2+"@P8/U$D&+$T>)G(<0(TJ<2+&BQ8L8,VK//JW7+F#-K MWLQ9<9L8-]0>@D.`P`XY&JZH7LVZM>O7L&/+GDV[MNW;N'/KWLV[M^_?P(,+ M'Q[;29L>#VZP(*>:89(;79(Q/#A*EA66VZ>:;<+8WX`0_/"!"G'CFF>29 M,AJRIIZ`!BKHDA-X($`#`H0QY*",-KH@GVD^HYV4CE9JZ:7V[:??$2D\\(.) M16(JZJCK03IC,Y22JNJJH^80Q@0EUBD"`HNR:JNMIOHY*9NW]NHKGBAZ@%R7 M`OYJ[*6Y3KCKLA"FL]C"F2R4RV;K[;<>POKE"!R(4*N1 MX*8[YK9J=JONN_#B5^NA`GB0`Q@>Q*OODNQ*2B.O^P8L\'F%8H`&#C_D:V*M M`S>\8K_,N.OPQ`%KVD/_`S>`220&8%#L,9,..GEJA1^7_&Z^?PB07,_32@_*G\`2'=LGT MU/(EC2K`5&?=YA$";MF#M45K+?9X5I,\]ME6ZN?!$0^@42*1:,O'JS)$?VW\3FGSOSSW^4;QL4W&+D\]#,[C_WS;!P\`AC7;R^S M__;B%\^!9/8V7K[/Y*\O>99$(C>ZQNX;W7[]CGL0AHD7UQL^_B:['P#O!JH) MB.`!1SC1`.T7O$A%C'@+=)R7'I`"!%3K;1'$F0`SJ#4?66L$#AB=C_['P8EM ML(13&Q`8#C4"_9`0A0X[(0R/YB/_4,MT<)NARV2H0YSEZP:_SCNUCH0C\*,EV! M/"2S`D1$-#0``VPPI"+!9:02#>TZ29SDOD)%)`Z@(?^!1=0DQ=B``OX@``D" M<&#,1/DN(X&!#6TKD@=\Q\J&3:`,1<)`[;YXM5J"JTC`I!E"0[*S5"$W7L!P(0P?F"*(`1?%,_(N.EV>9YK!RPH0%H4)AW MM$E07\&J!R)H@`,:(`)_AFJ6&!T0`OX0FDPV]%99&@$.YO=14@UQF$W\83X? MT``.W*`';#A/(DL*J"'V[P\,I:FEO.1-`4BKI2^-Z74$_GG`'H4T M)^N!J8BA))L7A[?.L3IJ`B%J&^/LBB=052M`1W#F`^PD`*XQ#E_TV2I?K82! MB_4`K[1<;)E,A$\T#-:E6E*GO4:QJ<51(_FR)#43=+9)VER^LL@&BD4%#88<47`7I M5K@M@JLCCU!6Z.XH5$/#9PK(B881W"M]N-699Z<)6NM>:8BRPF!JS:L@#/S@ M!N=S*5NMUU9B7NBY[.40K%"`2S=@+$#KS6]\BN:E`0D@!1/M9QQ9A%\!K[8, M&$!!_^(&U%P'8PBKH8+J,T7`UD*-T$8-MO""/(""-20N!QY@F8A7B^(_]$!: M=HH=+SJ'.B*;T3,!MU!,F5``=P"O./\L':,@4T!#H*8663F\)@W MIJ,J>5;D%AD)!2D`:QE(7&4"%;"2/7`DQF+'VBJ%N,OU\2#;[I"#+>=`R&@F M4&`MNT=_CC#%6>71F>,,'Q1!C4OV:E"#^$PPG)9YR'^`Z@$QN]=&!\M*>R:T M[A3E8D1)NCW5XN2`%#W8&R103Y&^='I05,8?$'G'36PT6A]0KMA]Z=0X"K6H M"0:&`V*`BW<6JJ*A=;1>+3MC5'N)Q+>M2ZKH56I@B=[$G MT#_^P(K0Z#KI=QK+`0>(;FAFU6)Q83TE>5^Z6@R2&W+LXB/5"@V1!11.C]6S7>.(B=25%$B=W!]83M8$=`VXXT:NH6'V-@' M?'S!16XLNY=[(ER#2^KL;9R1'/M6`5OUK1A@>G(^7G0%(A+'#RQON8^WT"T1 M+>G"!6:`7HQ0`1`MAG!?Y=SIC@#_#VPIBUJ$>C6Q&]&U%XMB8,\[>/3(`72! M*K2]C:/6U>KWLL=58)'?[7Y0;#D!8QC%+.\TXL<7>"H/?CR[(Y<`V@I=N#*] MSAC,7NNI^?KQK`U11O+1IX7+GXMAS)(HGGG)0B]9_E3ZL2=5?!7%[1VP/1P- M;.VCGS6X>[GW?J\"NE@+0RL@>`\(B`C]&LL^W[SNZ_C[)[HU%K$^5A1M'@<= M1JGTO<5\KH8J!VK51SKE(S;65N.$?>="88?&0%+F4?`'3%^U?TOT-K3'PERJ,X7;5"3P]2G% M-$1BYW#^T6Z-HTRKPX;5Y`$VA%.^I'=_$`:O%H@AXHYJ(*9N(-5MA]L MTS>7)TH^M79Y$WS$6(R8^%F:F(S?%#42ET9-:"]#$XEV,GPEA/^+?V1TT)>+ MHY5D&'-#TP@XY,B-)E)&545_8<0?SM1J(@B*`/2.2Q1]>Y,"7;)]>!18(^)I M/"=6',2/4H0B$05<L-QEB,DDP23'$1A/T"3 MM=6.[^-B-(AX-BE%/IE!QV8G"IB4^(-75<Y224`D] MH^="P$A!`>DWFI25^!-D:W!02ZA#L%(BPD).,`5O,8B5JNA@03@L06A$*P*3.$%8F@.$8HW5*0:I@)]I MC-:(C/6G-Q>Y>O537]ZQ:MB'@SKEFL:#5?"4F=^QAF5]2Y.L.4`R.RC=@#<,V)`=+B=&!#?9(5GJMC22G@-D3) M-++T08[D:8<(7?"I.HM#DU&(/7G3<;,7)O7)1?WY/E2'!N;B)<]32-^1>@`Y M9$=F70DJ.36&`7L4=+(3)D%I:>UYH':IF^1UC3252^7R=^>)4^"H'-'WE7QU MH9'#-J-SE53\X8(WH)D=JBG5)Z'"2#^1*6`R>C8IQFDQ')IRVI3=N1Z%$-31^^J=#PP9'<`1L4*B&>JB%B@%' ML$O'"(:LE$Q.9(4B.C%-]"6!U5)95%R%$Z?NL8`^DF]^&(OH)H`FP@9O`TF" M.J@CT`,_T`,"(`"N>@,"<`-H4*NV6JM9E@(CLF2#Q5+D]*O`"JP(DTYQ9Z*U MU%O#4BVYPS]HX%+_Q)IWPZE]5JEXN#ML\`.KZJJO>@,WX!^\RJMJM?^(XNI) M(B`"LLJMKPJK/;"N(S`"/_"N[CJH\DJH@%JO?\HU';6"C@J+:M,_Z8,[1<)W M?/1EM@BG`:H>^>)>J[JM%SE8$N4`$U5.:C6?Z#H"7`-PP1>D916+=NJIX74] MF(D$J#1EO.=+SO=B4N,Y152J9<0!26I%!ZMK-_BI;45?BKDP@HJMVMJMS7H^ M#DM!#"JKL!JO$;:79O:C;9@#CI5RFN-"B[,E'/`IDUHI=1JS^0%>1-4X0W,$ MK3JK!^2KO\IJ(C"TAD5A)U);"#FU2(.TU;0W8]B+36N&!S1;S68R=?JIHX93 MJKJM(I!ENQHT:""T1`N9>7I&/!I7/1IEU5C_HKQY2,=46E*;N$M3(AF;FG[G M6FI[772:MWN:I^%Q,]>ZJK3*4H,5&2D@J^OZ`V7+L<;66P+);+`KK50RID=# M8.+O/H[MCU@L6'Y>K??Y[1"2: M8XV+1X92OQB,,_I!_X)WT$+0^BL="R:5Q+7&^TR`*ZL6:ZH>=K@KO'P4?$CZ M='>.$XE;^&29.UR%Y%Y1]4PE>;I#&U.02E_#VUI+([\NDXV/%,7'\DWJ-82( M,L-C`BKM.;QFNU"N:EEARV&KJ<94`\8M8W$D0L;'(L+HPIC[:\=B4DDA)W'B M%,EIKMQ0[GF1I7C:5+6(TZSVBGEM$<"H+IGA%,T MJRE'[(Z1S$5&4D8.28\]8[-?0D8X,(D@W";ZIF]&G&CX-+ZLAL46JX9NI7_2 M)L&:@\<4$WQ;XH=C@U5#HI._AK=Y`C_#I#"*&F;`.K;^1"0A>LK08\S'[/]3 M,16F1D-A:[,E:/`#BQ*8TC0")K*;FE`C'AK5&-5(]AI;S70O%5]67)^M$I.%$15A%LHG\C- M.@31`0-?;R.=>6PMP'A\FZ73-E+-%[E/@>M/VN=HL&?4+TG2)91+:`!'>)C! M3N9BC7EKFFG/`X9,HQ<>N[Q=K/92JGM5/'=H`PS5*,33K60H"./*+M-V3B0M M^HF0T?5_:A-.S41G-$E5#1)U@;4'I/_2\@APY3CU:SS':TZNFH% MTEX<;V-+(9]K=+#_R M`*1-PVUU,1P`2K4M)[#[5M835438=T.CSN6VWL9B8!-=W_'B5V+XEZ^=']9S M:VX458F<`N<+/_#W!P!N++;FWR83(%N2`M1RU;T-*YQ63MAG6%_"VM]7X2#% M43C0X7PL*,0$R"+$T!$<_[,&^HI@TEB\3),]P#40K']I^GHHOBH,Z=YS+4OZ MX9?H"Y7?ZT(`9FCL+%@U#5,9Z<$3_AU!OBI[L^*-]MDWPY@<,'MD>#P!&I:) MYN"6L]2@Q%HH1N"]=^68MJD^*/%OL MZ\>?FM%53AYN?BFD94:)K38;0RZ8;.BM"U'#A^);BGZH3+H MF]C[]F(I8&K=K6NI)K["K5S9S$@)7N6=7BF&`CO@0^7J8B2A`SLMZ1XK%U7; MQ=]Z0\B2ONFOU;##/=J8ZS>O/N&QSBA* MV_\`G\+FS>*-8'"F7#+EL&=6[+L_^+3?7TY=^)+MQ&X>VRXH<`UL^>Q"R/$? M[ZVB^>&'&G99',9<%:;L@S?OT4PD4;-7X/Z[<1JI:(K6(+EO+K1N-+UH\M/=B;2&@\R+5RL+[RL]&9U]E8Q M`C>+CT6AFI5V/Y<<.UZ)C]SR#\/QIT,G-,\XMLXL1>(&STE$3@,W:.6S')99 M&3N4ERWT!6+P;F)OCK7PK-(Q"V,B^4FS5S6"!U1._>396*\D6F_+B18D\"XH M][+@!V0N:)UV!NWSE+M4:W\E;3]9R/%QO'TL*/(# M][%&](0CFEJ:,:EVW$151"KC=(FO9$$$4\*KZ9"/)'^?-MP6.H\U^"F^]QS5 M`*?[M1"^VJH_^K,K^8"S.VT3I>GRJ7OW`!'[^1W.[+2/)Z4_):+)-CE/\'A3 M-+(HQRZ%PR]:M\/_)L6O)!R3:'L4]V0R3+B$8A*V7?[F=X\__=IB^W"JH3%N M3#CE!@+P8VKE`"Y;2EY/_GYO_FC#'T$T<,XR\N0$""DC;BD-`A-@$W]_$XJ+ MCY"1DI.4E9:7F)F:FYR=GI^@H:*CI*6FHB@H"*L2!7ZOL'YPKW!P4AJGN;J[ MO*$Y&(L<(HN*CKW'HXW%RCD3_Q@]-S@/'`(C*!@I#S;( MJ:L(K;&PL[*VN.?S],<8'A,<*1[`]?[*QIYQ:,#AQ@]O?VXXN.$D!SY_$"-* MG$BQXJYTK%RUDT4KGL6/(!EA$)%BPL.0X9K]Z"%"&IH>P'+D^(/AQH,[;E#@ M:X:RI\^?0(-VPKA.8[MWM6X)77ILPLP_.=#<8&2,:2:GQO!A_<.FQ\`'(D8` M`R/3:4UM?U)Y0V&UK=NW<,$19;<1J<>X>#EAS=$20]6\DAK);,;SAX`[#[2) M?82U48\4*7K\!4RYLN7*?H! M)9@`#_P`AFG0_3'"#1PH)\`1SYGT'DW1W'"$?0%FJ.&&BW!WE'<`Y^%F(/9($3=LN=&`9#K^ M=!I4#RFRX`,-I"``<=5YP%@Q3WDSP6,/T.8(AD*&*69B MV)-S,V%PQ(U1&D2:,I?P]$>)D37F)IJ`!HI2F;2<*:@Y&*S_860/J;3EE`%8R4PYL%"(`5'\@D.FAI)9:$:&])16BJ4TQXL$/AB3YSZ@Z M-@),(W-F4]`/?YS$2(Q)`D3,$=)-N8RPK":KK#FH_K?L,;\XPUHJ;$F$+)." M,1)&3:KA`--,UUI2%DT."="`".91^>RZ[&['7U'^&=JN*3(=P5H9U$X4+C'/ MV`36MU3YN0E6!)8'G77S)JQP*5I9:>7#**>L2<.^K:KRP'^D@(8B8-9CC#-";3;3 M3M]U]GM^"2`"=38O`Y6<`DA'WXL=U^Q),_@0B,8]:P>N=-K?"?Z(0RS&]`_' M*AJM#4Q5[;NW23;];:6LAF>^+N$NGZWE>"EX#;8ISD72R(+SO02AE@%_PKHC M/[!H+%6:U]XNY[4+%@WG$8PJ"'0N0[".O=ASG4\DH)A"&ICB#$2(P!`9H:,,JH@F'.HQ7 M#YFVE5]H(VFE@),B>B"=Y?#J<&7[GM7^X#<(K=&*3Z#E`?O3X10[8%#I\4#&.B-S1!C&@`3KR\&E0P]/4W!?&F6QM9\9*(SEP MU:!/,2:1H.Q1*LKP-D<6RHXJ`P@;1$`UO<$F6*"AB6$:U)J`R^`PK)1-B*3(]#`"7@HJJ!>`E*5HB;'35NC1"'Q$#PTC2-`W]YDA MD]@+`^4$H3)5%BUS733`-4A1$_SL-4-&C`59TR/GQ@%CP?N(`(/ M!+2.`WV86;;T@-6Y:4G>6!`'<(!/LU`E1N7(EC-L<@-;O::;('&`"5H@@8SZ M%!,H,-(1^F/.D"I,$<2)7HZ:<8*F.O6I)R"!"QY`MP:]I%9"ZUTOQ_,`-%SH M(RZ`*E0=H(D6O.($/TWK>^[P*:(*5&TB=0J;%J,,]3@`"+#8P4Y-H(17%&`% M1VI._VQY-8=L:3XG>N-$[(K75Q3!!2\Y_^0D2O`*$JCULI`PDI7<"E*XMLN= M*NK28$%3`5B0U48/H.PK=%!"[UD3IZ+XTA&,=@A@=`\4[4-&:2OK"0F8H`1G M#$5N,?N_GKW+E*GR[&>K)K$;$"]@"'``+$`@#1'`A`6P@,$A*/(+`J$+*J[< MQ!%6``X0F'8>:+`L<<\WQ@:PX;@[/*51/SN3@MBO*F61[BMHP8U0??21REV7-[`Q#/H9HX]HP.XK M'+`D\[X""!/9I9=B&0H!`*$%"SZO.1XP!?5&F'DE@A1\DYGA9RD"`6@8'W$0 M9J.!X)/!)-81&O]BT=IS1-`F4P)7Z4*Q`C_`^!M(-L<(\&KC&S^/)MZBECJ0 MZZR'[:XZ,TDA#JAQT"Q'0@"QH$`DCC`C.E?B""_"Q!&&^X/<3O"J8,)`GR]A MYT7DF28N>,65D>%F3TSQSKGE8B&OT( M'.2U?1AP0`24X((_H,&L10!!)"1P`AC`@@@DF$HD,-``%2@!K4>H@*W]```2 M')%7FQ(."8;M!S.0P)./2/6JR=H`LQ8`!"D`L!]TX%06.$"L)^``)$``U4R0 M.A-'<,`*IB#K2/2`!$#8P0Y\$`$6`*"U=X6%"9SJX$I'4B88H.H$Q,S_60P7 M;EEL(>E!D+-FYOSJ*3DX]Q],[`<3_.$(((C`#O8K``#``@@]7<0#S%!C!X!@ M!1LGPF@,K>J-^P&MNXU%">B,LS_X5@<5``$)/&[EUO[@Y%08\3&SNX(6F,"Q M+4BZ"B1`@CC`H@0.:++-0>!TJ)M;QIGX@;K[ZH=V/^(')2@`"Q(#`IZW-ND\ M?W'26^WO2$+%;539-*M.QX((1$`%/)N&`"KXP#](?`#3G3H(IO`*%K3@!)/V M`\@7D6@S2+T!'?!#K!`H`AG5<$45$""$KC<#^2%1`.`L(+@8J#*?H!! M"=$``A!$ONLF($'B83`5"BA:$BYXO=0>"4:T'J-[/X/)&@P M)'IP=*F;N,MMAUHS)NC&@>^XJ#TF51EN@/I7F"'JZG(M),Y-\19(7;4MB,#% M*U""=@L`F6R'A`I6>WY%^\`!NQP\+,3]B!;L8'R0\`"P$']_<'16AE8_T'D. M9GM6)@D_@'K0MPA+AE::('R7@'K'9VL`^`@-X`?.1VG1=S91D0(\87UC%E_) M=7!"T@VMPPALP&RP4`0"("H(41H,I@(.T`!DT`")!WK`]P$D#-8.!&@) M#`8#.V0"@;@(0>@'+#`)#=!79D`)B0@$S?$'B>8'*K`:[$039O`*,/`(R1&?J`$#Q`))#"$4#B' M=)@R.","NM8TU_=6*M@CX.,4B3!;RA%S[:"$P7=>(R`!$F`AE9"(AXA\JB@) M#`8"D)(#E;@"1SAQL'!&9F4&)9".ZKB.,Z>%:3@)7T@)(&`%DB=UI96+L8AU MFT"+D:!M)4!5\NB+ORA2,415&**'R&@K$Z!`-W`/%/>,%:B/EX"-DX!Z53C_ M"3<`"^J5`[MU`O-$>;#@2:Y0`9N0>/T6"?$X"4>@6KL'`RC&";)8"?PX?NU0 M`L,HAWX0@0.I,(^V/6^$D/WD2[I4-SSS`SE`1!''&VR(ALJG"10I"8#7@"H) M"VA5(FM(@56!`;#04[8(BYE@DI20DHSH??T@@#HIB!*9"3,Y?C"X`RMPD^28 MDSN92N.!`XI#C"?(8\?83^ZQ)4;#`2<"0U9"(-KV<5U8"3$9"4_9CYQ("3E` ME5`R`I4(C9"@`Z]00C_P"EGXE>\H"6(Y"(`$.X`!D$)YI>8W[-0EKZ`>Y M^#47YUC-@0'.*0FVN&@`1I*44`(S`I;PN(V3\`.6Z0>6YP>D69I-.8O_Z8FH M&0G']X!8MY[LR2[&`$0G(BOPF1L<\PCR`1:N41J-<(?C^`G$^0C&R8%<)Z&; MPBD=Z`?@R7AG-0E+Y@<2"H3<>8;C=I&+8*&>J9F78&(F``"=Z`F).0)$4#[E M^0=;NGP`YG4JNJ(^Y@AN@_\B,1J?P#!;VM,#;#`!U10)3W$DUD,*/8J(`SH) MB0@`O<(3YK);(XJD1CH)NP5M*1"#A;H(D+=[5(J2C:DUAXD!Z+F(7!J@T;8" M7KD(8>H'_$>3(6IB2K@8:)HLNL0^;%J,G;67US$GM`0AX*))U<$&K.$7DL4) M%)>:E/";9WD#F*>(C#!!.("B*U`5E0@`-"0`K@!]JB5Y.-@`#J`"1=`"P(=Z MV:@@K[`#4W%ZU;D(,0>7FD!QV?H'/S!_Q[>&@6AEO.BH?A`'PZA?)O`I`A!Z MIVHJRH`&(G`@I=&F<:$ELA4\NW)3U^1`?U`0O#,*W6>OEX`!P\9:E-``&D$" M'`#_F",P?RIPA)4(>DW6`V;5J8M0KTH9AX]P!#QG!F2X"`"F!"4`!)AJGIAW MI)QP>K"`BX`I:/V M>G&@`BD[I7Z@N)C0`%_K=$JY$1:W"".0<9;[:UZ7715@P(.4#X3)+S1VP.M]Z&2X(I@J`G2(;SD MFQBD&;R^^P@@,$$LX+QC&[V"MZ.K&RA>T7<=PJH&USE4FRG/049_=`0/\5R5 M`!#K0Q-"I"])TPQ1M%V](CF4F*0](8#E.K^7I0QLT"4'8@FP*Q34P1(LY1JW MI;7502#*61&-0"`60A8._`@-BA*^)K\47,&,$#SAA9<%)U_9%[N_4"+;PRM? MXD(FS#`" MU[LR^(O#KAH2W=`,7$(I,0%3GV`ES;`<'S$8SF`T/4"KFP!@X0L1!:J9CUO) M&<4,4U/#D)#'$2$3;(`&4<)`,+(D$(,!=\`!&6P16DQ1U@%1FD`&G2=S),"V M](`&GU)1Q3S$`5\`3" ME,0)_-F?]MR?A6P...`"+H`#VAQA9O$2SJS!X%QF*.%./Y`Q8E$1QI<=VP8D+3G]"84-,1[S`ZJ!+G>=_Q(*)\"%15,# M+=O$W0MUV1A#T=GG-`[P!)C-(93EP"8_8#(0,4'H@M'%G=VQ56#Y-%H[?6&< M+,ZD`$N@C`,.\#:;LKMBW10GPVO(%E&$,1*S"7";K=WV[3K-T3-/@0"><-LA M,S_T20TA3`]^D="MC-V\H"?>]57WW>#T(^K@DS02"*'0HL?L>Z!,QSC>#A0"43P"+U#0XP=`056\NE`!.F(&=Y M@>7E\`R`#1VL)M`8$='X#"]D\`! M*V`"*T#G?_``*\"TE]`#*K!3NP@)(U`!+$`"G$X3#B"ECW`#)%#JH1I,H,,P MRCU?$(,&X)9]@"8VH5PU@! M.K#E$L"DFI!J(0H)9E7LR>?G)XY=DAX)#7`"T@H#.T":;*!NUUX)&%`"+``" M\]<"_=`#9B!K/QM_6K>);P8`9'4$)N#/WL0F'F[;LY[#EG`SYCI1KFU36/+F MXRT8!4;5#*__"55#'L[UU52X?&>I"4=@8]*5[)1P`UY9`LV^%"-@8R`0[>5@ M>X..EIC^!Q$`!$#0A2-@!D4P\J%@7M\^;F=$=<2(*AK\#=WP,OTIK"*3?RA$I.3S@=\0/31UU%'/B0F:KN M'J%0:X_0\9^P[D9:)`@`##`\08*2O2#/0BP]95@U3KC+<7AZ[V<#X_M]=4> M,W@*<63/@6UXW^#AXN/DY>;GA1,>1QP"8'\>Z)8H*`CV$@5^^OM^S1`@:%6L18@&C0`@"J(Q$8 M"=`AL]$1"CY64.!4`D`%!PZ`D/@C@=H*%RT(J4#SYT8+F0W&8E"AA*TE'"?\ M@%A:HH,+ODHX_0&Q`L.?!SZPH:G@YX2+!BLZ,*)@PL31P064-C#CZ4\#:0ZD M68(JX`^.'2?^M/(*5NS,$L[^3)+FV%$)'Z5[P+"YHM@O3+=B>W8&JI&)U$>` M"+O!.(*+$MQ4C/W3H@"G6R26F@G5C>`@0CW@\$!I_N%G MX1\4%20`!X9=:$E(*6$@PH3Q_,)2`264,(`2C8!@@B@[R!3!#J494P)WJOG! MR&!^].*`<"KH^(L.F!12`A`=GE""813X4:1J3PHB`1L`4%#("/(-XT>-X@&C MS!\][#`>"3YP$%]L75+70HM%"#4))RR<8!@&W/A2P7P1%&'8D4DNJ1H1SPSR MAP!^\H@-"P,TDJ8OF(R@!'?.+0]$I\XZGWY!_N-<+8>)FFYN&NO/9:WT$48?#`"!71%^`]__D4 MV,\_"7KC@4H_C(A&+2D5ZZL\!8TDP`,_6.NA?AYLRQ9%QK#4&:V-`#%K"SM$ ME$@WEWHI%#&CJA`!"_C>*<&03\8K6PNH-"E:!+#E2\(#VN"++PEU6N/'O+YU M>8M=G@F:*7C:@-?"FK;H8*L?5C;0TC*_#+""PG?6XB\)`&?"7GJ"@M`"RB14 M`H-PBUY22%ZO.%#DI&!BT(,#,'"7*7I_5%"5);?LFS3(WH1UKI?CB7-G(S?` M=P,`+Q=2J]?P<9#EM627;78W&*!Q0TCU'3M@L@4>")!`WWCP0PH-H'&$1O!D M>+8\=@_+=J\%B=C`WA25Z(NYHA3"TM)!6OGN,?_^$@/QJ-"!0V0C*[GB9SOX),,9K3O,ZS@V&-D]S4H1$<`)=D#$ M1L!@:CV(2.=^@*6J?&[_?$XKA`"8(;J<-:\1).A`G!HQJ2.$KH;Q01H)@)#% M0?'(:;3[!D_*-XX'G"`BEIC%\JH&OZT)1U01#*0@T5$1DUBP;0!\FP#EUJP' M4N0(-VA`"CCA`7(-TAP3$-8-1O*?"QW$`QA(00I^4$D,.-!$'S1&!.+@PA+( MR(B_J-S#O#0J%XBI$2QP(1G[)<.`T?!I2`-!#X1'Q!\@+84[[)+81/<`'?0B MB!DK!.PZ]C$K(8T8NOQ#D$;EM3WU\@\E4$*-/B>V)PF@$@/HP.Z\6`ASZH-B MDR+&J[*WOAQU#03[:AKX:ET0'!(X`>EN4`L6%`"/)#CH>WQ!@JJ<`$F7 M_XRH1(^AH8Z<\B-N(Y"R&%E`B42+`R+X@2D-HY&+3K0;-Q#!!#MY(9(TX`;] MZQ\XB&F,'JC+,#T@`C=7H*=CY$D"(,#`+01SBU<(H`!3J!D)_.E$$P`5G&8` MHPDXD8SY_,`$J`'!&'O8@KVLH$8.$TR:TI2(&I$@-BE8G\C0%IDO0:>&T2%CF`$@/G: M(5H7W72XD9T`D=X0/]$1M)!=&04;OS@J`9" MTH,&-&"+U6*0<;L!RC^D``>F])M]"E>BG>``CWR#H"^L5YF#_<(MQUD!(X0Z M@..TL1$I(,(`H0!-($T"!)SL- M?0!`5>%9@7_1`!D3K``-:-#P"L##`B5$X"RP>+`!'D`&6:R`#(=4!$"DBC<6.60(Y0$ASTH$.7%H=&1H`#3J!ZO-G"4`\>P(CF6D0` M,"7'J[]Q`WX:8]?D$$`V_S`""0#[',7^[3>.[0N`/2@6,$/6"J.&X@F%:5.]7P-IM!1L`M6UODN8L4 MM09Z$-)JQ1L<.:!WMSB9'[[]@`,<:*`I_\WPACOJ;PYF_-\3G!"P/CZ.`U)DUC#-",57SO*6G^/++H]Y<0O"'YE>:..A)J"" M9+Z0_PFP(045-.E%1C*2@^.`E#Q/NM*7SO2FERUPYK80SJ.K;Z4K)`5H"`-+ M[P.&H=T`E"1UNMC'3O:RF_T/8``ZR36>2%!37>=)IWD*2+IV^^_WOEAX!A^I^CJD;J.HN'SF]9:I>O'-(R`?CD^^0.' M$,N`R@^_^,?/=)48\I"?EWZ^J]]R,(@@M?6Q/1A(#]/3D____OC/_[\SI#_^ MD0WWTM5RZK`M6W<1R(4&W&)_^K>`#-B`@J008"`LWW" M.KB#.Z@0`F#3QB&8BA^$Q`A"?%_59ASNN>"A?,.)Z@.6UAR#.(!LR8" M'[B$8YB'>CA^S])\&BB#*1A`5KB&(%<0\;`M,:5]W3`2AC$B0?<.>QB)DDA^ MY((&*:`X91.$A!AO^B%P&@&(&+'_$()GAQBBB)-XBJCH=^K0`PF'AX&H2(/8 M2)S8>Z;FBL$G$678`"J%(:"8BK[XBV1'@QQ`+:9X'YHHBPQ':[88?`?!#G,' MAL`8C=*X18CI:67-UB/\?84?`V M`3<@-GHC\AH7!4A<`0G#L^72>]8"P79D"`9DI?4>PW0`T=X-NNX M>]OE2<)A!/)@O\X46PC`KM8CY9`@X-R M7>!GDTJY_Y2\PD'T-D@IN9)\4XW[V`B5PANP`$I MT$!O69B&*8=FZ'GW,Y83Q5P8L$!Q&(IEJ&D-5)>'>9D,F4GM<'T1Q)@1]2P4 MP0$4@Q$')`*F!BR8F9JJ"0_O*%&>>4DCQ1_P,&X8PFHRR9:KF9LUV0!&>4FO M.4@Y$"XXH('A`"SOV'D5H8"ZN9PUF4G>I9,1]9N"A`'-=X-^.1-X$W;,N9U: M:4K;@@"XZ2O2&4B/:9+,!1*#0FM:QW_!/J$[OAUG"E(XXEI&U((VC45JF(^@W$_*D*(FE%HAIIEE\!!&< M=4B49EJG3I@2'I!29,J3&3JD*ODW=G,X(/A`X4)K$;BG=IJH#>@?.V%SQK6@ MOG(0S;=<%H*`:?7VJC:1Z M+>_8/Y!H0#"8`@B0+*K"ZJK$1*."LQ+!7"076HK0]TK>BZ M@`S2FAQD:;:*'RG1?'WY0.H02:97J>F:K_<7G!AP"`@!;^^:'U&X-KM&;W;8 MHZZJKPJ;>[:7IS9$Y[7):K)_>B$_`%[^T;(*$08CB[9X&W/N^`!WZYM? MNZST,4%>F$EH<%[)B0$EFK>*J[=WEJ:HR7!0BTEL$(,88+"+>[EEYQ\'BK7\ MN(+U>;*!"P:RV7\C\""8>[I-IRT-P+F=BY>`:X#[PP9L4+B,A[JV:W5'BG$4 M%[D:J1"'LQ/@=KO"ZW(6*VX.Q[L21(,+M"U@:;;#^[PK%[(/>U+(&P[?A7"& ML9/0N[W_MA-=NW+5"Z+J$'`.('D]-[W^!+$&1]H`;(`"$Q"@^IO`9'D(KE:M\-NVHRJ_JJ82 MU74#]#NH"IS!6AJ:%91>+`?`#KH0^\,_](`"&GS"GSEKB/JH\?NVYG`$>$/" M)8S"-'P_^2.O._N_+?P1.\%A(U#"]%##0OPW.3","?K!.WP.=8NT4ZNT0_S$ MD9HA#:ITU7L0^T-J_9O#4+S%\`HMI<>ZF9C$+RR8E?L`VLG%:'P?(?&8R$G% M8NP-8)"IZ4!O6X0!#O"K[9K&>FR`!\R*31>PL:8_+3D!7+K'AOPKU96]2Q>P M1!>%SM<6ULBKASS)Z.`!DM>W`/O&!(%`]>O_@2,Q:Q&!R92\Q\*'!M.:26", MAA#\N2Z<#N'%I%[)+:,\R^.0.(FD8SN$\OKZ'R_7SFP61`LI%J]ZUB^Y,S1.@=1Z@-F:7DI]X MD1Y8.!.14AF[S]1\B/TKR>?G8IV0,C\,RO)H$8@,!.+=35 MF,=E1\\".@$@!?^'?H/&O$R=B'?`?"K-)^ MB]A7**^83=E+.Y?%TMF=*<89XH&>K<FTFF5DFQ M3;)"ZJT[1X?*1=:RC<(<>8E9?=NCK=F$2(,B!]B_G<#9`LH;2-P0:]P)4A$I M0"W+_<3E56^OQ](-*I_7?<(!F9\K[,;2+1"!:GH<_=TG'`;OU]3D7;(1//\0 MU:W>4'QW&2A[4[V6]&W2H'1=T!V=+2Q2[KW?BQL/KXV^APW?K.S5!,[:XV?C/ZZPS.5[[[O=/E[D MBOL."-`.SMOB2\[DBLL?1XQ\1$[EZ"J0:$U^6:[EUXJD^/?E8+ZI^D%K-)YJ M9%[FB=H@):'%XK?F;&ZG`FG&#I+F[CKE<_ZQF?2IZ2WEY=W*>_ZQSS>US(7G M>1[H@YZUP0D&V_+A@*[@N[SH.)Z+>P/I6*[GE![_K..<`R6)N(BNYIJ^Z:_: M/Y6D-DD>YZ-.ZIMZJ,TZWIDGYZS.G9ET"&<9@K(^Z\PIC#V0HPZ8Z[J^G.UM MMZD>?L`>[*LI`'H3D")X[,ANF,^77*M=[)&>VV[[[-9*@TB)X#VNZ-@.JP`: MS)^D@\[^[5K)(-OBE:'.MI*>V.8>I:8$!O+:A.7^[DIIE*8&ZYGN[?9NIBQK MC=2>?_7>[PVI=VUQW^N^NZM.\*L9=H?`XSPX\`R/C^K0KTBI[\DG\1-_CP=A MZ!B?\0N_\9=9$*R8U6*H\2)/CKEH>D[ZA"B?\M,(Y3CM\B$/\UQ9.#K^\<9> M\S:_E;1GYSI?[:+*RCV__YT0*LL)+W,O7_1[N,:EUW-)[W)+S_1Z*(PJ%?5* MS_-4+Y*.3F88OH-3O_5A*,B$B?7+K/5BSY#>JQ)F+_5HG_;F&!)`!_5MK\/\ M#O=;67P5Y6/B&KZX%`<-)ZXN,W_CZ MU_'9]XN33_EDR/9O?M&H6,)WK_D+.="$K?A-3P\T:.WQ+?HBJ>U].>"'/P%K MD#88,/23SOKW&)RS*P`(6_=QAP)L`%+4YKFWC_OF^"P(F$FKWZL^$0*>]3;\024T1F0\(?X*#A(6&AXB)BHN,C8Z/D)&2DY25 MEI>8F9J;G)V<$SEH''^@GJ:GJ)$Y-P\]'H(H*`BS$@5^M[A^<+=P<%(:J<'" MP\3%QL?(R[O M\/'R\_3)U3D8#R,3UO7^EOSX_<#A+2"_<;1LG=/%:]V_AQ`C2IQ(L2(C?FP> MW,A1S:)'01,\@)H@H%6XCK!D)5S(4-VOCS!CRIQ)LR:B'![0H`EGOULJ?3IU"C2O5D\(\`'-;X38U7S0/_FQ1HV%0E=-3B`=' MNF-:A:,'*<>*KJ/++KZ]^_>>.&84`#^T8AP<\`:TKA)I9O;U!2C@@(GDE<(- M"/1%("+.#(0&`EI!HAXO`"YHX87N=1,0>AA*5IJ"CTS8$E/'=6CBB:<%U-P1 M)UWXC#8WX/##BQ'R1XY9Q;E4_R**//9X6$E$F:C-!#\\(,(T-48BHF8^-NDD M6_PL)L!('9;BP734)*ED?SABI^.38(99DS9_I$"?:P0:!!0.^X#$88A<`K;> MEV+6:2=%$SP'5`I:IOE*-1S@P,8F2U9XYZ&(RA-.C&R(9")'5YU):)S_T9GH MI9@R$\YW=`GI05"-]9-)H99F:NJIJ#4H5&L"TAAE"OGQU"U)I6KL@F"\D]:(C@ZZ\PEB?2LY88.YNRV&9+RGX3L(+D M@)&=A`$:.`B'IB;6[JCMNK?V%4YS/UQX%U[1B'!>*NFRJV^RSL`[ZZ_5J!9O M-?^.2O]I;*7NJ_"EI>0SI8MYB2(6D@5CDN_"&"?ZDYE=60@-#C?HMVTP%V=L M\IVB^.:QL#T\9TS))\?L9`X"Y/?'MP)Z\`.L/U!["LPR!XUB24<017!]X7@P M0@,[\>-SL0?G:*O05&,H$`X"/+U=E#'V7#$J0%RH0] M]MM;DS*N"&2Z!VPT(6?Y]<]1>SDUW(!K]].G..R]G&4QND$--FX'[GAM3A-M M.'*@4,8&!RD<\=SD8/<]Y]^/AVX;-/IPCIQ(P@H`QJ!:"].XZ+`7)AHH&?7@ MM-V#K.EU1Z:;\GKLP$/Y!QAZF8**@9!W[P/JDM ML($@_$@XBE<=\30,/Q2[8#M`T8,48"T'2-#`#>1$H82%\(8/:0T_0':V[?R/ M9@_(&IGJ!AEPA$0Z@1(`!LIP(QJ.Z(,XC"(]=(B&&XAJ:WC!`*Q8$[X5HF1G MC!$-`9M8J?A)\8SQ*,4-\J-"Z(2D2"$;2>]0,9(?B,**]\@>&O=H#P.*!21S M-$PX\((&H9P-@,*(D%9RD)%A944<_WKDHR03F8.EZ6]Q@B.%'='0*6QHI3(_ M"(H204(6S]70C)-,93&()!0,.&IK-!O6_]XQ$O/Q3Q`<*8513/G$:ZGREW3D M!P8X0)]M!=(MW#H"&O1QM&Q8YI-'4,V13M*]4I(1?E`$IC:C,TPK:H"D2$=:Y#$U@1-E!M&5;E(G+YD4T(I.XEUSR0KEA.FA\RS4$C\D2C3Y MET5C#F>BAK*H2@OT1O#\H824>ZD6V?1171$I!7L)0RZW=$T/^G*E0#7$SOI7 MT[:PT$A$*?_J)3@"%*8-ZF:(3`]*;1C4E99BA\[2Y>A^E?AG8%/Y+GCRE3,"-!\\W;0,G2W36?XSHL%ZZK=L M3G:;6B%=IY1*O^XUYP9RO*PF=(B!G8&LB[+M:P=+"]C3`C,@1K(D4`2!LC@8P3+C.-+C]L)R4H7 MA!$BJT9NER+>C4L?VRHH:@B&@9)PP#P;PJ5S_>I3=9V7CU>=0!7_A0.YOO0` M<^$):V*C41X"$\.\_V4@VT0`ONM")9K$K.>>4L=C9F`X$("U9WHF(%J4QB';')*N$`D'9LOM M@YE1WB-G1CUO%3D!\FF$^X`>A)8;] M&L"!-G41'I\&]=NTXBWV(N9%.7@MVQ3]_PA@B<;#(W#E6##(:%F'$`S-B6!G MR+1,*:-&$%QV0,@>"Z+E%=O8#"1=SSY3"CA'KXV=`$59$XI63$_*SKUL-+8? MM]A6+,[<_Z`1+I79:EQ_5-[;JB]^1JGB?\1ZW3'C2'7W>D4HX?H/(^"`"&9D M3%YG^K'[.7`KDCHRAR\9W10%./"$J1'YUN493%6-\:B2R[EZ.%Y$G,B_-8XQ M#(!!!-$K^,?!X:"B:=6FOV;:".9<;95?F^7L?H9.'HD;<,Q5-SNW^"(B@X$6 MWA+-'UDYT-]UN) MQ"OT/(Q!6#'R3.P4RCB]@5@H+1'&-]Y4]9,2O"5"/*;=[!,>",/26@$&EVW% M\Y_'%%PZ_D?#8$`U-99>)O(2E%9C4E92@7WL[_0,KU1Q]/XH1:[-JO1!#)(: MXF1^;%D5%>$/OT[[$85A="GRX072,CBQ"GYND$YP3\7ZUP_32;H!4<)4HR0( M,NE%M8)DIJ%\K.8/_L_3KZ\7U??%R"FL#_!FMT M7_T0@)VW?R&8+?A0)(T!@_`@&I'2:9+P9BYT`_?'61\H@S.8+28A!0E!W$93Q`QP@;=\PA;RAAFL8(/C0+%L(%?B0.H`$ M"?[S`R71"C02?LCAAW]H0N$R9!/0*#@80!QQ3E7G>H9@$%H%1O`$!@[F@&X! MB9'('2@A`)RT%2$1&2*`-:3&4J;1=.'52=UABJ9*( M@1=&0HKS,#Y+DP+])'-QD0(.<"0Z]8R(R9A*9:L"&)! MD50^"0\"AQ^Y]V,3@/\`0+!8F7_6B8[W%!T8!R4@D1K/(<<)8"25=RDC9W:"``M;>8ME&8F#DF(+B-:R!*@`AH1'$>.4XF=@C".-[.@(K"`*:81^(R# M`GSQ?@[@`,740URJ+5[ZI?=T'I*C85/T#.P3`RA@C0V@#Q!%DN5F,F\*I]E@ M/])0D?4@'$NT!F_9``Z@#WSX-H$JJ,>@--(2I/3`83'R``W`/XJ3E]D2J9+: M#+!)30\Q8_QC7VX0`VAIH$\"JJ%*1QP61DIJ5[+B/XRE-CV`9$'4A,#H.*[Z MJJ<`92[XD__3="XF`ATH9-(8/+\*K)W`2!W7FJ""@(<1])745W%$LD8'@HU(5HS)Q:IWXJW?6@E=@0$$P0SA8F,(5T@+ M5PT;*1T-(`)\,8'.`Z_Q2@GXD&']B@RI]5BT2!`=Z)+?P759XHC-0[`%.PE, M4ZYAA4NY5ION]B>%ID4'5$YHR*P[>K$6.4C-HK!)R@_[>9KF8G1`858W6346 MB[)+]P<(`!;N":N"$`;$PPH/-8K;\AV9TYSR<[,X6R!_P`K&%595J3;76FAU M,XR,6'(AI+1+NZ6#\(K#]@FV=HZLL)T)HH$-,V3T`2'N"J`GN[4^,3Q..WJ5 MNVGND_PM)=NQEW%^@`*3`CQ3=EBP,&17)J M]=.FVJ.U.&L:WSBK]J$EHK&>:(!?YS%E+#:S>8.DF+L]E(NR+D<],J)4(`=M M1%(S(!-L4?J.DD%^)7M&IXNR.%$2PL50$<(&UKAU`I!@;7F0MH6M:\NB?PNX M==H<.R>MJL""<8:L1F-$/J-,9@-Q/8M#N>NL5V5`X!@)+EDY38=H^Y26LDB5 M)$%2[=2]W@MEDY&!N"0:'18HU(NDP>B@)<%)8\5.[ONJ1!$-`FFPY7,5.G>5 M9U:.Q3E_H22U/[!KLL)7?QDQD6=1$=RDK4A6 M!U3_N(;P6*^@J_^ZP4B;LY2A9IJS4B,,IXOAN8S`D%#VBNE(8',4&=%P7QRE M4C7LHHHAJXZ`>7MJ/2!',.C;:Y?3P#))P\O+O,H@*W*QIKZ&5DWWBB`3+P!! MFDV5-X%5Q/'I-"0DDT9'#:)HP&8R&BB,"6\E56W:+K$\5;H,`?]_@J9+$R9B9%XXD-SWPBF8"9GXZ6TW[KU@VG)/% MRO[8LG=113<#7LLUO$ZSD85VH*GU9@\`3TF3-/_%R^W8_[_"\0`'XD*GR2*I MT,S";#UY!LW+.&FII4Q82DP(\*BF\`HL^*\U"U#>O(S5.&0.L$^NY"CTB0IK M0GY8:JWFHE\3L))TE&]-59!YQ],]G0-N8+<* MUYZ5Z5$*QZWAIJ#4G'N-Q]2GI4A;*A#!&\A@/(#C4PT/K"O?7IH'7 MD8$Y>]TBZ$AP:+W+-P-S!TW3T;BOQ1M[7(U:;I)< MN?3'RZ79%M39SV2.@H`Y(@,0GK@X,>(-P#?9B5S93>H;HL$&>'$7-<-JPPM\ MDD!K,;=[^T$O6?H#.J734W?:[/0_E[U,&I&L8JC).7PSD#:;RLPFHA+'9T?= M4I2D9[,IK,#1'<@[^'=F21PNVE=39,)(&QU!XF+.PV?>473,?5%;:X0#!U)C M^CT)R=PLY!T)&.!02K3.V,;?.+1(M+BI0NTRB06N&ZDVTNT(;2=+^76*$'Y# M;R:TI^G_P@T8'65"-QLNBTUK)/$RR;D8XK$C0,D%M*&TJ;"H/MI0KP9>UHO2 MP@X.=#(..UOV!QJ]S)W[#4$>C-3`!C#WP+TF0"-Q%-"ISV5XL`B_=JY!!2@1Q3"8R>OZ%^Z+QF&9I%?NC=FIY^*P(T:7TA M3!^):-D=L(KB-'CH38;..*GYZV`$NZ!M<:/<@_X#4,!#`OBR% MJ$\]`]AB>>RG0K\?J:FQ>Q=PX5$K7@S54#O8OM(=EJ6;?>XZJ>T2Z"J)I15U MJQOZ9-X\`FX=`=19"H1&AX!RO@D; M.5`1:O`H\B(B45L]L$9;)]2@V[]_>JA93+'!^-,X4!YM+:D: M'R!#/#+?LI^LIME#JE$K7)( M@HQX4C]PMJ8WX7V']E`ZG_&^/5WY]6:J&&<#+AS(71,N5SU1M1]PYGMM7>P/ MGO64%24,G:7(JN1S]M4U44EA9-5J[/_DS)?6SFKTD&..[:KL+C;I;F%@*ICS MUH"8Y"+U*#L+XZ`!"71G309@^.OV-T`N+FUS[.Y`@I!LFNLFFDYN6^OXL@#Y M3I1QJ&76'S_JS`YB^5[XGL\@"'E;J6Z8I(\`IE]&>+9Q'6EOHG4$W;ZGQ-3L M(XE6K(B5FPGV,);NT4,^3N^LI/\'N?]7ZC;CO5]QT@'RI&YS&.\6^E'06GVD MT?Y9>#_Z"!`+,13YZ89>%S1678F9J;G)V>GZ"AGA.D$Y*EIJ5_J3FF/SUH M*0\/:`(_JZW_IZRBO+V^GZD".#\>E#D8(@\W;)&FO\_0T=+3U-76U]B:"*NK M$SD_($1QB8B+BHZ0V>KK[.V4J)(8SCE_&#D>KC&@B(2DBDJ=2K6J100: M-%RY$B--FQ$N8.R(0V`<.46,T%E=RQ:3S#]L1@C@,$L9T'OX%+YMBW$"LA1L M2H$Y@D;9MFZ1Z/%=S+CQXJQ7G,3X0TB(%"EQXL`QJS)M2\>@)Z;R_]9*L3<, M.45P6(WFYY%FJ*+J"CVPU82=&!(WQ7&YNS6@+'TZ<760G2"@$`3+.;.:S M:,]]+D[]%VF&N2*]NH$&!ZT;(U[?@:`BDAP$8/]S@W@_T MY$+>A""&.-P59)PP10=&P"''BO^5XUDZ(E(7WRHH_($"&ZG)@D-K/3`CVX][ MQ5B-;#^D(`(&(R3SGC-Y`2?DDU"^=,4?]TU`$@D^[#!'9G&L*$>+C+P897%1 MW=2#`'?0Y9,M\,TX9DRK8(!#"AGNR"%#0_^]J>>>[1QW!08-)#'%6&#^%^!T M?+YD2BMM(H:!&SW<0%=/-]@R251!)BH-"IRBX$&-$_S0@`BRO(2U$KVW7'$X_VI((L8N9:TRD* MI`C`SPW`UA218O'VFRQ777$[@@,F[+!#(_Z-"Z"8_EJ2Z6G=U,0L0V#08Z8` M#_"#@PA`R2/3C-0VW$LIG6*P!@;MX1N;DR*WO"<;;TBF`05)=)!9'8VDI'`B MY;JLBYM.1J4O!JC_Z9143R+\!%"^(?M\#2GMCI!"L2-([/35?+HZ\PDZ*'$S MSCKO[*)TO+J1&BFI,\:VV!@'49T*M%8$Y38"+.TUP,*N?%;]]\Q.G%$ M6#9S)C:Y#%\K,QD;[A8/85&;5Q!P0IQC%4'[N/J;NWBN40N@#X+\G@+ M/:<^;GT[/]KK3PXHW(`#&WF=/O__13D.]IR0!B?\@0(L`$('=E`X\N7*_WSU MR=P[AC(4#+#A"".X`:F\8R2E8:XFCEN4_P!HG3P=04,B<,,$.)6"%!Q!7WXC MH0P#&(.-!&P$+(!!!QK!)<,Y<&%D"Q%I5"$_V!!-?2+H#N7N8#FZ=<,9J7HB MT&8X,G>Q01AHV!LI4""".S"#&R.DHA@'HCTD3*D!$2C"#A?AG!_F+G$#@D=! M2X``!Q,,)8K!"F2A;JDA7)7&Q"*$54E0*#9_\B%0?NZ+Z`($9^IYLB+:&! MIWKT@"X">*$W@#4!-Z3RF8J@`TG`2-*#G-V0:0 M($$#`Q."UW(VS\,!DR+W)$T]CH!,[L2"A`WL+I5$YR2#'Y(H@*OC8-0 M2?7H4L]6"6%&[*;#-`7_!M>W0+X&A><7=)OD[P'D^0E,R$.J!8W_G';PJB/'E,"[-L M0:T(1D6T*2ZO>;_!K7!M]`>LS(P%!;C,.40[VIV5MH\.\\L%^4G8%/`DH0_H M9!X!,DI]#A$76QVN5490F!N\<'%]#<-!WB=>W-9H9B!08/ALE3.D-M>YB?,0 ML"(TQV.\HKH)==XA4SJZ$?P@**@JIE]A\[/V9N08QY@`6==JO/C$337PTH`B8L6^*?[BK:U+.>8A-+$G_ M4+'-*>1!V3ER<7)PQ7Y$=I1N.49*#2KF6I*>,'+YT$_,@J`):!>HP<-A`"CN"`$G2@SO7M="4_^NHX MHF(\@=R8-EU]"7JH]0;CZ;6D:V3<$A5!"9@9GY1U[>D@*AM$HUD4!H1!4YNB MURVE(!VSKNW'^\PZ"U\H0!PPPYDO47O7GR9W>;`3"?^,43@4P6J>6>5]O,]1 M!@$"#%A'R$""(MC!".^^+Z_Y+1QF52R0HWI?JAWV!_W]($(,1]V\XIHM=))( M!%9QPT4&./>\)+BMMZ(@<:XC-$3VZN28.X(]TB@=<,QB62C];D M-*\*D/QR32`+)@43EAA M#";060,4(=-&0#B7W+WXDC?_OO/!Q`4&R`KDQ?:"WFIM->S-5RL M"IBSP]936^N[C\EJT>"`87SU&:3X@0-ZT.7D]^L^?_K#$]!0`B4D7I[&;R[R MK;^.NZ,!U8NR?"B@9J^$2(C\K.I4Z)E,!A6TG?RG&?PLX,I)0)RE@5D(V,O#S!TEQ M!*-V@:I2(QV6%0D0`4!@5,L%?A0H=]9&@D]C3C[8"2QG9%_7:K91&CAX":7@`6R@#%Q5#%78 MA(Q1_R,F&`D>\P>A9R5@`0-60`4(8PY)J(3[QX1>J`EXH1V%\103!WTY-7G4 M$X?U,2^2<`45I3U7(`$D(!;C,')NZ',6R(>7<@Q2HU"+(Q'6P#P-$%E>Q8@# MLG&:$QR[D47P44V=PU#;A@.KE!BG2!Q> MMD*;.'I9T0##QVZ:<3.DB'6+>('QD1L>$$@.@`;NIPYS%`F[%5RU*"-O80\2 M07J!H@3N!G?!*(QPV(2/4QI7Y!T\R`[:1BK.%(W2.!2]IP'@8'H$(`7U-6W; M2'+#>(''0!@-H!1I$Q'NL%J4PQ#H6!V`A@'L&`0E9@090/\`:Z0B\]AZ]=AY M@$4/P9-*4-&%O,`04O,>`4D=6V%`DN`!]Z$!"E`!,,`E<%`[]<5Z#:F(W0A_ M1$,T6+@/-,4T`@$&&!`&K':'&VD5(&9#3E!1&O`$#6``[>1#*TF!#PF12)(, MJL0TVQ03LU>)T+63?#%`DI$MM&8!.K!`>'642IB4_)9M'I(#1Y`,'#"`8J63 MT%<*R8!J4$65C)$&V!=4GF@"-J-I+.B57]F26S<:L%&6V>4@?5$/JL$A<#D< M''%1,U,!`\!S>CF/8!F6.'40#\"!+K%:''`DT'B8H)$5%.``*U``2I`!1H`K MCTF*D2EOK9`D^<@AS&*1TW!L`='_@9S9%M)G>G&`?Q-XFFZ8FFUV4_1P0IPD M`#X"3N<2$:SFBK6)$5B!`)NH/1Y'"HK96868>#UDE+R)E'S);PN1&S^P6S-) M2B]169RWG!B1%=O`*3CW!VV0!FE`D$<@`1M0`(53!W>6G9"YG>0F#ZATEK\! M0K!9#<(@'N5IGA7Q>392(X*H?2,``D0U7W9VG_@9C+[94T%R&KE!C7@S2-R` M#SMV+OKR![+P:,1FH#&1)\?0.F6`6<)G!P55#W]`&$]!FR9ZHEO$;"`Q`5<@?6U7FBTXBO>E!`#@?5R)G3=* M3Z;X:GM1_Q.K=1#^B1\`2$:`*U@B+Q*(^=%@

V@%V105QH`0;H`!1,`2U,J-\FITY"E.C9FI9!&EU M)X8:@FKZ!*OJ(*O9(H@LRIC0MIMQUP$Z,`15D`3>EW@=```7``59,`239#.A M.C8L43:O!@N'%%G)5A"JF@W'N#&P40S6VDC8FCT7=0,@T`)*L/\9#+2GX7>$ M.R"L"1`".A0^8]$!!?`":J`&42`$REHX#;L#0!`%"J`%N"2QMB($ M61``:G`!2;"G=9!X.\"Q?QI1H^8-5V1=O3&&B^$7H`-V*\NRGO`1G@D"!D"? MF1&/[P9/USE)1+`$(4`K"U0X'4`$7:"N0[""/%<$`Y```1``35`%$9M_I]FQ M8_0;1X`Q.O6A6SL!E85Q8-LG%T4!(``#4M"NM5,[*EFG7+)`>SJC29``3*M& M\U4K!M`$`:``0Z`#4/L%9]"W9P"QB2?_M:/J4S?%4*C$&^@''"4;>UNE&J6# MIH^;"?Z&BDP:`\5P!6G7H"6@;IFA:?&8N7C&)0!@`40`M5[3`4.0!0H0`@K$ M0`:#O4D+!5V`2U2P0%,PK'VK!NO*N:9)/A"H>*48KXQ5)A4C,3VP#R[DEZ"! M6CQQCL$+"IKH<>C4!D[P!M@W,R3`'%ZCA&K;`5K0!410*V-A,+7R!6H0`"]P M>!UP(MZW`1<<``D@#G)[`1\<`&=@`5RIF[CSOM`K?E,K1BM#KQO8+L#+%M[` M'OCBO__K"8P9`V5P41)0L.7JK>%7!^5+I1>0!1M08C9C,SLP!570 MNNA&=>&C!$40_P10T+<*L`15>B(ZT`4EC+$#H`3`2CX\M(2S:Z$9Y#S9=(!4 M*!R)6L,[C`GHZ<.?`8;4)(T"B::T:Z:$;\",D:H7&CT<$WY M&%FW];5]$09)L32US`NR1AEJ5VM%X$YSJI=JJP1)8+IJ$`1Z.LQQL/^WF'P& M7W`B##0`VNS%IN=]0J``GJRT%R`6#`0FK1\BI#%E8/W]`>_D## M3$<;]((_=J=3S\32DV!.;"V75;*B&(`$8`&*M=-S9[L9$_H<'8`%0X#)4&`! M)U*:V,O4?=L$XC`62SW1"3``O.BK)"9>`!]F)6J,W_F6RM/5>)3K/G`,-G,Y;ZKGXP M21DP!A:;OEHP9PT[!5H`V0I@`0KD`[_MR5E@`440M)"=OB]`!`1PV6(0`3SP M`"J`!FW\-_'ARH]MI2D0O'%GJ?TN:7XA?P27`F MH&XUOL\W_A^IEP%;L.<'D-\+\`$6\-.8W-P\C;X3?0;3O02MB\E=8``?H`.2 MS@4U0`.A682-D'J:O0):ONG5(P@"`.*)QB_J1Q_(@`-N4`9FO:@[O"@]D`4G M8`:8D6D9D)!LF.&O?@C5+>NTS@`+P.=Y\`'9.]%FK*FZ[LD*L`%5D`!?X/\# M/K`"/*#L,D`#)3`%M7*PF@8$$>`";:<$3$#M/E,*LU5O:C)Y;WGFL"`&J;<#ZVX$5HT#+J!`1C`'7LYX&]XRH7+MD$6B M4")J1[`C=IRFVBJ(W>-(\>D"29`E[1OSN$,%&4`'-;_G/D[K/;X%$#`&PF[H M4!`$??#;DOSH+5`!7H#T28\'`+#N.X#91<`'+D"P<$H%5#`'E&_Q/I/.&9," M#@*0H-X6.:!OT]+Y<5CV;_X$,$Y45N`U[^OV/S3_!QD@!?5.]Q!@]PN@YPP` M`1U@P8O>!6/0!TR@!";0`%P@`S)0`UR0Y;'.!!E0`!$PZ31@`E@P!7,@^?8I MRO"6]:HB-`#YX0RBM>/V)+9Q$&S5\?_J.CZY%7+M`%B-&-5Y\14Q&CU16 M5G54?J*CI*6FIZ=PHG!P4AI_L+&RL[2UMK>XN;J[O+$Y$SD>P1X]#PXX(Q,8 MO&(`!4C':8H&2($B[Z7JU:U>A6NIDUG.3#\$,#A`8<>&"8(O4FTZ!\, M'%)<,\JTJ=.G4)MIT$#!`0DS'7;LH!*OJSR88,.*';N#0(9_`0<6_+"E(`0& M"046*<"'QR&+,D3ZV)&!"8`(AFIP<6&B@V$JB)7`(%$%B!(F8^_)8^4JJN5N M(T0T>'#CB-`<.?X`6W:Y-"X!#03\^37!M.O7L&//^A%E"(P.CS*8)1!O%+S( MP(,+)U76'T((4Q#:8`(WX5N`!Q@0H7%7QD4N>(#PS0"$1\6+/&`H4;)#2=8. M!O\:@("!Y:21X:@FSY1M>FAK8*UUWDCQ0,0(-D(%",M0]$45VB]_"/#`"']X M0&"!$$8HX2Q7Q!"#$TY8>,4?%<:01@Q3:7!$%A4,4(0[=;`2!WPLM@A?'&6I M=0`$&;1UP!9%-&?0`M`Q,,!WB'#!0PD?*%%`"]Y=)(,7ZSPR'G=\-,!D$>W- MX8Z+I,A7V81-X??++T<(P!\:`ARQ&H) M_(!&"@#>Y^NQR-ITY[)3'2%!!4D4X2>,?PIJ[;7VQ"$''#4B2H"-6^SPZ(X] M_EB#2`5PAP=U>!%&GED=F*&ID(U\D`%B5B`62J"N)NL,?J*!)N`(-_24@@!! M&2M::_[&^IF"-S@H8,,45[Q+@$[HD;$30E$5Q0E`$`"J'RBR@NW)*)>B;1S= MSKA#!_Q$P=X"6034S,(89.SM0G74T1$!%;F*48->Y M%8BQ409:*8%%"R=8VD&K,FW9]BT8L-$#&CZ5J;79I]L$VA%HH!&VV+'G[B_# M4U$`@@H`%-$!'#OTUO?Q*7,UQ\N(&O'H%D8<3C-"#.B`1P_6];Q(!$5,'J^F MUOT,@"8BCT=(%-Q/@85+_);^JL4"!BC@K&@TT,`-"2,HS,2Z:T/@!#]XP!W8 M$)J%C:U_"(R-L5`P(`0@800-V$#(S*(;?A@/>1BT%A4(8`1&.2<#SZ."]&3D M(R!99S":>P005%")BWBA!%08V@YP,X8(.(`'9K`"%I1@A*EAJ6I6PT^`L)&9 M!_0G;?\))$IK0J.@'B3QB:8)D10MA*$T.$%N2)``"%8`@.'5H0X9#"/RY,"7 M1T%`A`39`D<(8I"616I2@@':8Z9@.3AZ(0(%,,)VF%"$=3U`(W$`([:`:+%E M@,%!/<#!9A`6C&7D``P'A*(X?J$9,T52DI@DRK+LA`0V($$#&*``"^XV!!]*30 M`,8C,U2GJ9"!!##8P;94],45+?.=.`64'`@P!WE^@`E*:,L6N'7/?#:'`7\I MP`<(\9WLS:`$F^L+$/"0B!E$8".\(91#FQDGH7A`8G\X`L'8A`:P!:6`*`4' M$U,CFK2Z%1?RHT5^)O!)JCC@!":0%JA^D].^7FM;O/F`ZV'6@9@L<":,&8E M@@?@H*QF8LTVVRK;9@R%-0%$PS(45E]N(N"_')J%5[>)`01@@`SFU`ZU>-/; M*\F$%18DKH0CP]/Q9B`A/WUN=#*@X>A.5U(6N4CDE$``+'2@!2[XCDB*L(D. M4,$=_/CB5H-K.M,X\D"MV0GK'E!6K?4W'!'%P`T>T(,!_[B;"`C1)O\@MRM\ MTED@B``0.@`X\D[XRH$R"8QV8`-\%@HN6W`'C_!9AX-$1U+9N^/ZF$`(7UZG M`CZ0`BNTFO]!\T8EKCH1`.MNY40T`:NV1T[I4(9LH!LXT!F# M=O9&1PU(WUGMQR>X"IC\Y'MH;H0A@"+06FBPT>O^Q?4/*$"!A33TAV95)71% MT,KP(NT.*UOZVL'1,LL88`/.2?=&6?'I)MKR1A[<+0,`4(%`(5N!`G#0"$H0 M[O%B+6L!:>\:B5>(!BM(>7/\ZI'I;-ZXG0$C1"\Z5'@EAJDP!W(S01*:"K$E^%"`#HQ76UJM>9VY M>I.)*D,`&&W`UR;Z2%A\%31(_\9M.<"!UKPI\`C<=0X0\(,$J&`*NH'1M$PF M"D+)`>N8#X[(832'!73;Q?]@0`\OC,^4,[>&0`H2"((9[1W,09T,MA(=PDCO M7$R,84$1AEAOC8.?`X@UEU0XXGD148CQ=_B^LA,LZK3\##G?BE<0LE7R*O5W MF&QEE/>#Y3//?;%46S=Y4*-)!,N`?Q*@_\OY)%QTS)4]I+4`-P2P_#KCX8[9 MSYW&H[4OX(?Q@R%OQC^ZAGPZ]P>:\0/$)H#(4P)`X'$WUWT4 M.!SN,`>Z,0;B-SDVP``S5$NAUFFDA@BGTCT9<&6U!U?YD6^UXEXW`!1N`W`( M6!.T8SN&-H.P\C8>`DXQT%(B0@$?(P0^\$\94&T36(%(.!;?1P`:R`_TU($S M1`=;$((\0FI"8@8ET5`31DCR4U*R0"`8@'?VPP&N@R:@L5ZQA8/_TH40)`(3 M0$W"IX:P(3\?LFP]B`ZY-0`%4#PIQP\$`$8.EH2"J'DP9@1%`#URP($,0`=* MD%C=QD$D9P)NX/\%+>!UCR`R*$AW!`)X`_)5ML8?O=<#/S!1I"&'-Z$PA!:' MIB@;V/`+2"!.4Z%%*C``>*,W?#6(N*AY=9!I\.:!B5@C"S!#6,``&QAZ`$`" M.A!(\/!JQ`5$]P$:O^`!86@,#G`PEL0:7[**IS@[/A&`VI@FGI%D4(`^0*`B M6+``6^!V1D!^:S8*A!)(F8A_LI`3(T`K M_,%C`K!1`B,P6"-TW\@-CV1\&/!O#3DA/>``YJ0$=C`'?L@/ZN05IZ2.(*D/ M[,B+<."+5#","]`!CP$!X<)!3!`=ZZ,$E[=.X^5#P^4J&$`P:&`K:/#_@D>P M#`C0A0QC'ZHXD1"#>-T`R#P=-KQ=GZ0(N^`(C(6 MDEXY%NODC@M0!U+`00O07&''%E*@D>?77&5Y>345!_8G8:ZB("G@DP*7ETUY MBG\`!B.0`B(0-G"RE[\R`0SD=P[X`V0``E^05Y+6E5\9F2P2EETG!WD`(P0P M!7FP`#S%:>$".&T9!V7)<:ZR>(1I8V?3`#T0!D5YFKRP+#K8@QQS!>10!HM6 M%15@``!`8@0@F;YY+8`#!TRP4^N4!WF03SO%`$42CPQ`*+VY<:ZR6J[I%#GQ M)C>@FG[7FM.)"W?2@-]4)QB@`4^F1:&SAZ*Y_U>_F9Z`4@=S,&>\$3UYH!MR M0#B0$`?,P0#:]Q[027?;^10CT!\#PFO]:5]"D2$7,@%UTH.]4TY#H`-:\6+C MU5M9>83J6:%@883+^`%CP!O:P@"0,&0(HYTF*E>P M<$4?X@1MX&2*^3OB42T>::$Z&AS9)Q.$\@B$\GH+D$[UR`!68I.5EH(MF@V? M@4VVJ+_>0-'<5]QR@QO&$I9L`%$4`2Z44&[,5Z6-ZA@6JAA(::N M9GF@XG4TL@E&L)E.^/^F.7>GXO"4A$9?\]604X$`R,9`2[8L'E*'GQ2>C/8Q M+0`$H\">\_<;[C"HVV>HL)IUKAH'5H)RM-H!8Q"?XR6I\T&IVY`?2?$#+(J# M&L"IR78A"DA%&!(#$!<#&`"+0"AE4C"MG_5%D!FKV(HRULHR8S`&NG%U2NJK MN1"&#D"G#K*=R:9L%_)-!KILX70%SF*10T`$'2`%6C%YSYFM^II!?O(!G`6N M)2JN*KA_Z<`!PJH,F*J-QS8!99`A*.`$#TM%&[(A+L4"$4`$.O!V?@B7[=FC M^_JQ*0-C$<:K-2:P*MA6(]![U\"0"LL_RO95$^!`L"AQ6>`"LZ@#\69!\,#_ M#[Z!CB#[LR?CL]<6KB8K/]=99-.YL%FC`4^@`2,@BR90`).&<1[IL4![M5A+ MM`(++&Y0#<+Z"V%PFL?V!_]5#"X0`5&CDNL4>213*`Y&J%@;MRG#C/L)IR:+ M"SD!,4BWJ9WJKFWP(9L4?4CPK*VA:)_TM`E0`1;01?)@K1HGMY!+#]4F:=3B M6R,C"J`B:1)(99/&N>Z0%=0R,OYHN49HA%I1NJ`K@=7FN21#N?"AM70))$#P89Q9&J+S\BP\SI`4O$,!:L`0`(&U#$,`!W`K``!H`#)&`<)$`!-D`5-L`%%H`8! M``!Q0!Y"H`9#,`0!``4)T`0*H!5J<`9*(*):404!T`4#L`%JD`71!@`*H`87 M$`5;/`4[H,5B?`8OL`,7$/\`4:`%9Z`&`Q`'1=`$`9`%:@`%)T*A+\'#24L: M@Y<"$CEP2I=L"+!X.7!%9=`&_PD"55`"N^FYV@)AK7IY5)S+]@!&6SQ#2F`! M8`PJ61``0@`CI?3(05!M49``OQP`+U"Z=>R/Z!$`S#Q#20#).P``9W`&VA$$ M`9`$#&74#.[A#-(MH!ABR!2J#%/J#-9Y",7Q``!A`'@YS"66'.AD'-<:`%>SP% MG4O_,O$\J44K%&S``3CP`Z$Q:R"U(8:Y=!,#E/R,6P[@`N4I9QOYAR)Z>X@ MR&H`NC/TQ?>K`%```$(`!9SLTIG\UD+@R`%`BR^@`"(\`%#PQE5P&UJQT[TJ MKA)C0 M`#``(YBL`+;=!X0=`N/H`Z74`0`PS!;M`U(,'*!,F%M3_PTC<(;#VC"_JP$5 MXGR8W;XQ,`$A,K^+20(K8`(XNTNG&TBIS=K\#1.NS=4,'0`P$-;$[,`P\L55 M``7T&@?`_,QA%]?5I@--4-?.*\Z"#`4FXL#BG,-Q\,A#8,:53&7C,0`-3=TZ M+!SAW90&UQ]#'7`(M-E3T2'+>@7L[;02D``DD`0P$$RE2Y-RU]]`?J%^L,75 M1@0T3=L2G=]Q8.0!4`54M@-N?`':2P7%_;GLS+GIW`3:K0#<7+HO#2.&T06% M#Y,\3(:B<7\HHB(@#S;0!1>R7N MH$XK4#PTRO**U@)!,'F!P"&Q`$%M#A#@W!-WT!36``?>#7 M)[+F/-KFTSD,.>`&+)Z&B2<,;V`.&(`$3SO87+B)[M M8`$J7_SI9Z`%.F`8#&[&`>#,4]L!1)``6S%I.L#=Y4XR8E[N`2#1.F#(DYP% M"PX$MEV.)VX!Y`[)!@#J!J#%F?S0DP;9)3N@#B)DJ?$9^1P[$1D: M3]L`PZN'&.IQK0YWVJ=57JKM(E\/,#(>YI$2!HXW,$(%W5O`EIL5@)C&G.L' MT^MB2D#_!#[P8IGKT:20QN&KDLY;!/0Z!0#@&*R[P\"^EQ%E<+W'=\<'%>UM M(;60V>%D8&2[?,S:L';2&K"H`?(-`A40`2T``$/(8#W>8(-^RQ\_DU<]\FZ/ M"I:KY-I;N>!+'E,+YN(;O9P[O=1BU^"+(J1;O:&[NEE1'M2FTT@OSZ[Y9ZT! M,79')WBN(8E&]8;[BG72!A?29'4B<1)@D54PK[LY,LC[]J0/*.%;N=GK6]0B M"GGO<8;!]SE\O:\_THJ:JKK*VNK["QLK.TM:<3 M'C<-`F`3.1/`ML*U5\5.Q\A.Q=+VHTGCE3J,.^!!T[Z-`I6@WG.):E[#[]_#CRY]//YUAQ'&4*`$]9,?C M*ODI$``0!E%BT&;CX<:1$/P$D,`..@PT@!*>Q9$$2W6\I`6%.U`AVTVUX3:> M;IET`)H%OXG_0HIPSK7HXHO!C)#"`UTU]^)5844G'09'C."6`W%%4`(1`$QQ MB5WHQ2$.%=DDF8UZ>J&'7GU45FGEE5A6>1\YV2`4A'\)U;'#A2%T0(0:#'9P M!DQ-*/`(:`;HT$46X2EQ05%G+%'(:GZX!H4D7\HVT4I_*I#`)23ZL<.=(:3( MGE,W1BJI+"A4:BD*3J21!EJZ]%"&$VDQ(RIVV:W"##!7Q%!&&6BE<Q2W%B%Y19-NOLL]!&&\^6J$T1 M`DN.L03;FCHDT`23%$$QQ!`;-,91%VI$L4]G0D!15$L7;N#'2TUH__%"2E.\ M-@!,Y.H91P!G:-(!2%4X&MRD"">LRJ653@`K&RFD,$(Q2(QJ,3/)G!6#IAQ? M\0<&'L_JS`@W/``D"4(.$%X'5B`E[Q9%D/\-*8YBG8TP=&,5CSPKR'N%P2D_ M/,#!#\6TD2FL,2"#UC'.T,H66SZ2$0T(+*"DZ.X80`!1RC9"%:5/5!M;'O?8PL4*-"`*,1%!4,X'P!TL$+%24F& MHW"<_K;(Q2YZD1U%^\+0FI"`(!"A=A8X@P5J5P<=-$$\FM@`%.8(!8=<``I$ MT(\!FE`%'5Q@('G_\LP`H+!&.?9'$U.`P@:4X(,$T#$H'8C"9A2@@`O`P#/" M8]'R;!@IZ91%AS5D7E@00$H$C.`!.!@!!KK'(Q]1`!H.`,$+2'""7;4`!@#P M01&LH(TXS*%J2KKB*#(1-&)]\9C(3*;^[-(!(`!!!U.H"[&4`(`5[HX(G@F: M$H``@&X680<^"`]J1(--)<"`2.-1S!3B$,[6!4TQ*P1G-[O9`24489XZ.-)# M8JBBX6V2DS!"3@X&^@OEX5"4P/B!`-#@@`JX(`JS7$($#-`"E>E`/(K;07D( MH"2.WD58PNH$E/1R#BM*29DH3:E*Z2,L+M6O&R_M!M=V5QE]'@DWZ^K`_SKW MP=/*@`L;EB'6>.R"#2H,]:CC`F(2I##EAFSO\IYT(WN]WITJU<>]RWB:T`T\`H"%[#` MMRBP#;L4,VB7C:]\Y_]+W\4F00%12(`6=)`$,I:Q M$$J(P@H[T-\I=,M;C0C!$NBD!"$DH#$`>$$5@,#`*A'UBN-44C;FP&$#ZT`' M`#CG`(30!P-88%Q#B,!NPQM>%KCXQ3".L8QA7`%:LKB64!R7!0S0ASX(@0CG MG*(.?*"$]\%A#ML0QQPTW"3TF,<;BC-IUV);WRI;^L7S<'@.HP"T MDYK,X<..]-"(3C1(FRP.)2VYT1H6QY&==#AANF]^4@JFHVL74RQ[^M.@AIR6 M`T"$`@1@"3D9`A",M!__!9Q!!SOXLEV*H(8+=,8":GA!$PJ`&PL8"A&22[2E M+?V780M3$R,-M;*7S6R54K`A%RA(3J"@@`(NIH)?^G+0:'V!=15A30:@D&(N MH(4S!AO1P30V'+3(%V0-&[*/;;:\YTUOR5T&)CE30DX,\,PI!,%0AW%:`((V MA5HS\P5J$&TVZO(L=3M<'8F.N,0G3M)T$+L3%\?+%>O-\8Y[/!]G%D(6%`"$ MG`S`M6?HPQ0D8^*!$XO;P=)"Z-P+&QA^_.8XS[G.I54'7!.A"$W(PA!,4TD# M*``;4\BO9-IT@6^_@($AT)S-=T[UJEO]ZNXQ;1X[4`0B3`$`1!C`,X%@N0(4 M_PD@1+AHVAFH@S-J%NMPC[OI7S_K6N_[UL(^][&=/^]K;_O:XS[WN=\_[WOO^]\`/OO"'3_SB&__X MR$^^\I?/_.8[__G0C[[TIT_]ZEO_^MC/OO:WS_WN>__[X`^_^,=/_O*;__SH M3[_ZU\_^]KO__?+UP26%H`DAZ&``FL!E$M9L`/QWX($ZX`<#P']'X0`/K!F'J$)2>"!$#)+AR)#2Q"%`+`!#9@)^[=F^%>$?E``0I"$:R8$ M&LA_+$2#2H""-(@4`[AFP7.$6+@!1`"#!-B`'="#FC```>@'1,!_`2A_"B@$ M7(A+?M`!$*@RW9"`"MB`+1B%)<9_1AB%F1`0$`B!)1A`F8"'F0"!20"'`C,$ M7Q"`JK%F0/`)`/`%0W""!1"',(A_)S>(2?`%2[@)`&`"]0>)*.('1:"""K@! MD-@7`Z`1)72&'U@B@R.`/B#_,&$69GZ@`V$VBC`09B0XB"809H409K3H!R>6 M"5,019Y`!%\0C9F`(KE(B280A3"P`:.(B)D00&'F&]-H"80H!"908=BXCLV( M@E:8"3H0@O70@5V(B#"0!"*8"438@`/@@3X`@05`@\<8A`;0@'NX9GFH"07P M!1;`0)XH@JKH!_Q6#T/0!0!`:IG@)@&3"4T@$$4!$WZ0!8>A`&&3DEQ&;6J@ M!?.2DE!`A2EY:GX@('CR$YSP`EF0":Z1DFR6@"%@&D$A&P4C&WBX&5`0!)KP M$D61``*8DR'P9471!'VHDSN9DE3)$"GY9;=803^1DB04`+Y1E#GY`O10!?XS M-@FP_QGT)TEJ@(%M0C2:,!!9*1MIB1(YV01W`I-@.1D=,)0P400\.1D2=#AH/"O`% M?E!!`9@`^+6,`1"`(:``0:D#==28MIF=1:$``:B7!.0'G`DP)YB!KI:9@Y@` M2.D;BND')L`2'@F2F3,Z#12`!A`4C&F#`>`A=C:2OG$["9A(&]`3F7`!SUF9 M"@@%"[J"F?"D!#DT8MH%*SB?8H04N*8$H'.&2A,%$=H!4*`)%\"6&[$$`K0) M'SDZC;(!"M"E)8F:JEB20]><[N*3FO!E05F>?M"G]4`(1``%']$!0=`$?5"G M%M`%51"A:)J7G``[CCH$)?FIFM`$]*<$9V``+W`!F:!("B`O.UD%Y9DSV!@% M>\H)`!"C^26`"O"D"8"("6"*73#_!6?@JFI0A`S1`1OPG+N:<".J!D5PJ78J M+T"0H@>Z"6V"B-_IHFIRFR&93YLQ+PF@GQZ8-4!0!5TJ1HL1C@$@C*>*(I$4 M!`;0G'OJ)G1VKK+YJ#,9CKGF!W*DG3I@FP,@=)H9`D$Y#^%D`!N9?U3)&:_C M`W+$F(C)D4NPDYV`$2MYC7Y0IYSP!3$ZHMBYDP;VG*]&JIPPJ5>8"5D@!$-@ MFPNVH?VJ8'[0!?I&DYLP!0I@`@.K"5\PLHN:J#N9AWW@J1>P!%1Y`4LI#TN@ MF5%01]\F1M@(!05#2`'P?U`0H5'@JHN9"=2*)GK(F,&ZF2)JDE"YDT00`H>" MC4V0&]#J_QJR.@\?V0_)VD!^$`7\V;)D6I6^`4!46H)DVA-:.B]="@/:Z0>& M40!G(*:*^H%GT`6:B:%IND*?AV+)=^H&1FP5L6:Z< M8;>CLX2&>@;/Z0/MV;B/Z@][^*20>@X%\`(<>PXQVPT)$`7-BKADU"A+8)U[ MV[$$-*JERKBH.H@*P*I12RB999D`0# M`!(%$!-RJ@F'<`9EV[%GDI>4.*8/T0=-4*^9^)QN$@4)K$*:D'/M`( M;/D".8&+^-<'6WJMG``:0(NQ7+:]00F4C7(( M(>`;KLL)2_"<]W4!2*S$*_M`APL%(0`@&R"\@(DB!A"YGY`$97(.1/"<@"G& M9S"I\5O$?)D9%W`!+MD$4>BH/A``K@N!S?N]Y0JJF>@#F+I8F2$1^#=R<2L/ M:H`B:S*5L*O$+:0)ICJ? MBRO+7R89ADM_Z%)M=HJ=N=/)16$`I-K_!:"!?P%S`:RLRA&JI(]Z!@E@`L/+ MF#FI!:0:!"A!NW#\":X1LMJLH>^IGLT9J/(R!%PK&RE)DVJTJK1;JC8IL^V9 M`"[QN$!*!`+RSEU+SVT60#F)B(O1!<&I)TT`!#^+HZK\1E_6FAQI9VJ[HB*: M!7NXS)B3S8&IF'JIDDD\&CL@P9O0RD5QCB%@9PJ`:P*$LWUR+938!+DIN9P@ MFQ0A&68)G!L1V[`+AJ@+1:$`+CK`!=D(`.A@[N@M6? M$#!-L*M!$)2'K0:C068;VJP&L*K[2Z8Y`[8XFL0%#:_[VD`,M+CSN4!M4LGQ M<,D-)`0!\SJ*ZX7%FPE]D"=_"[*:X&L]T4C6B3E^$`2G6\N,_*JCJ08-.,N1 MGX-B<1&C`7PK&KVZE1T*Y[2ZH1@7"B MFPX(\=2V:\CAB,9!V0&!6C`6,++%&S`*('..J]*G^F-00(O]V;N^$:N#1'^. MRL&+<+TLZ"!C>R'^'###?28B.G2#-(J(&<%@G<=G`KEDK0`-*[]Z2/]JV3J2 M?DU`28#"2-&_`"`$3PL#$*6=I!N5XLF%.]G?P\T)9,V;&GVO6ZWB%#XZ?7`! M40`#J]J[)[C3+)NP!;`3Z2`@*MX)8(V"S;VA#=BD+,B86O" MBZH`3;NT+Y#`"A#DHQ.S^=()9)V)3[W6FI``:9V`"5"$JZH)/L#-\\+E&P"Y M<>CCZYB@ZNW7"=@'XMT)`M+`?CX`TWW3\6O-/S&^\](%79X%3T[*E'TF$+C6 M!ZX&"=RQ`M-`.-BQ;-8!39`$12S:\$#:N%:2^*69N;,)&Y"P7Q"Y;E*9>=@$ MK4J5!8>3P-DHNCVF^9=!4XVSP$W,"IBB:*G_!.XB!%@^DF6KW"\0`@!>NQOJ MNT1=DKZ6P8X+`U#PG(RYW=0-.M^=#A."#MA)0/*".=&N"%OK!S2+ZQM=@MK> MS/(MTP"K!BY1SCLIPW7*9B&)%-\&X`K(S5W0!!L@1T`PMF2F!'UZ$MSPJ\'# MNGT2JQN@VZU>K2P[=.J82#'<$\+N(9@.XG'PJP((!53Y;YE`:X*.G;S1KJZ^ MT@TXU3%.P0`0!-A):Z?:!'-TJ0.4FCY^`3.!H/+^"8J!#K\K+B+H;]*G.P_8?HOH`4X MNZOR?:!HG`19RYUL38 M;`^+V\(%-P218&JJ_P7]@$&C.*:Z+R_:']\U>_LOX$;TAYKK+>^>GZ#E>08M MV[NYH_O\#`@*?H-^9U^#%Q<)!H,)&T-=@PJ'35"#9Q=^"E6#(4V2`(1^%_]- M+UD!/FH)+ZP648-Q:GX)"DE9GV>$`:%GGWX!&WY3"EU]"H(=P`9J+P#,%VI9 M?D$6A$M00T&[!@F#0I\*`,E=!F\!0T-"%F?T0NC[_*(; M`4*R;-`1:1`Y/VJJT%/R3I8?*$FB<$HD2I`?(FJ$M","A8@"1H.B9!FBQD>6 M$$-R.0H2Z4R0!*_06=J@ST\<01;FU6NT;D@3C'%^^2#THIJ?+UDP^HBB)>50 M0O#\=%!C(DJ0`E`&G!DP`&#&?F#W_2/BY\69#O*J&0B`%F$0/TGF^5GR9>V+ M*'+51.D"I=NB1AL&K--F8(,L>"&20%F"T$^7>`K_@H6=?'%(`4Y^8&#NT"4H MD!==0G,:D*`)9C]5"A`*TB0*$#\&#ODAR+!`0=1)JH1N5W;W!K*#M`P:`EP+ MC'>E)5]0[:-+J"]-LM2$'?J"/B"[NQ`?0N@S(0-+3A<>A)D()P-)_*P#+=K\ MH"3"*U.F3"1+@M=#LEQ`.R#+BZ#0,4;4;IQ@!M\@[OD!R6Y`+/&:'P/4!1)Y M-?41!`S"3=%%$UU,@=UNW/EQF2A:/$A$$%\<=]$21(0(0S!#R+;$`'YH$!\_&QPAG]QC#B( M!>=DIUH!70;4!5I-W"BB9+!E$<44Z33Q5G<79%$-$`ED02.F"9B9P*'[O$4< M(0HH4:>`=077!'=$^#*$)"FB&`(8MJTA'TF>).I9.L,P`E-OY9K[KGHIJON MNNRVZ^Z[\,8K[[SO7B`DO?CVLX&KZ,31!*3S3<%OON5J4>Q\+X1(\,(,-^SP MPQ!'+/'$%%<<<5L6OVL`LON@A*>;&>^C@S1XWA;RR2BGK/+*++?L\LLPQRSS JS"8TUVSSS3CGK//.//?L\\]`!RWTT$07;?312">M]-),-^WTT_0&`@`[ ` end -----END PRIVACY-ENHANCED MESSAGE-----