-----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, Hdq6T1A8y9Re4UbjhopFQ2A1bFY3AoObj/9ZHExE5FMSYLFAzXCZJGnnnw+r3GIw pEDnLK/nKa+E0nOewz+sUg== 0001193125-06-098593.txt : 20060503 0001193125-06-098593.hdr.sgml : 20060503 20060503170839 ACCESSION NUMBER: 0001193125-06-098593 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20060331 FILED AS OF DATE: 20060503 DATE AS OF CHANGE: 20060503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARD C R INC /NJ/ CENTRAL INDEX KEY: 0000009892 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 221454160 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1204 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-06926 FILM NUMBER: 06804762 BUSINESS ADDRESS: STREET 1: 730 CENTRAL AVE CITY: MURRAY HILL STATE: NJ ZIP: 07974 BUSINESS PHONE: 9082778000 MAIL ADDRESS: STREET 1: 730 CENTRAL AVENUE CITY: MURRAY HILL STATE: NJ ZIP: 07974 10-Q 1 d10q.htm FORM 10-Q Form 10-Q
Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 10-Q

 


 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarter ended March 31, 2006

 

Commission File Number 1-6926

 


 

C. R. BARD, INC.

(Exact name of registrant as specified in its charter)

 


 

New Jersey  

730 Central Avenue

Murray Hill, New Jersey 07974

  22-1454160
(State of incorporation)  

(Address of principal

executive offices)

 

(I.R.S. Employer

Identification No.)

 

Registrant’s telephone number, including area code: (908) 277-8000

 


 

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

 

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

 

Large accelerated filer  x

  Accelerated filer  ¨   Non-accelerated filer  ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class


 

Outstanding at March 31, 2006


Common Stock - $0.25 par value

  103,554,597

 



Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

INDEX

 

          PAGE NO.

PART I – FINANCIAL INFORMATION

    

Item 1.

  

Financial Statements (unaudited)

    
    

Condensed Consolidated Balance Sheets – March 31, 2006 and December 31, 2005

   3
    

Condensed Consolidated Statements of Income For the Three Months Ended March 31, 2006 and 2005

   4
    

Condensed Consolidated Statements of Shareholders’ Investment For the Three Months Ended March 31, 2006 and 2005

   5
    

Condensed Consolidated Statements of Cash Flows For the Three Months Ended March 31, 2006 and 2005

   6
    

Notes to Condensed Consolidated Financial Statements

   7

Item 2.

  

Management’s Discussion and Analysis of Financial Condition and Results of Operations

   26

Item 3.

  

Quantitative and Qualitative Disclosures About Market Risk

   39

Item 4.

  

Controls and Procedures

   39

PART II – OTHER INFORMATION

    

Item 1.

  

Legal Proceedings

   41

Item 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

   42

Item 4.

  

Submission of Matters to a Vote of Security Holders

   42

Item 5.

  

Other Information

   43

Item 6.

  

Exhibits

   43

SIGNATURES

   44

 

2


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands except par values, unaudited)

 

   

March 31,

2006


 

December 31,

2005


ASSETS

           

Current assets:

           

Cash and cash equivalents

  $ 596,400   $ 754,200

Short-term investments

    102,400     4,000

Accounts receivable, net

    275,500     267,700

Inventories

    184,400     169,600

Short-term deferred tax assets

    38,500     37,200

Other current assets

    24,700     31,400
   

 

Total current assets

    1,221,900     1,264,100
   

 

Net property, plant and equipment

    320,600     310,000

Patents, net of amortization

    138,600     135,500

Goodwill

    364,200     358,800

Other intangible assets, net of amortization

    95,700     97,000

Other assets

    98,200     100,200
   

 

Total noncurrent assets

    1,017,300     1,001,500
   

 

    $ 2,239,200   $ 2,265,600
   

 

LIABILITIES AND SHAREHOLDERS’ INVESTMENT

           

Current liabilities:

           

Short-term borrowings and current maturities of long-term debt

  $ 265,600   $ 300,600

Accounts payable

    48,900     52,500

Accrued expenses

    149,000     188,300

Federal and foreign income taxes

    88,700     99,200
   

 

Total current liabilities

    552,200     640,600
   

 

Long-term debt

    800     800

Other long-term liabilities

    83,500     81,200

Deferred income taxes

    4,000     6,900
   

 

Total noncurrent liabilities

    88,300     88,900
   

 

Total liabilities

    640,500     729,500
   

 

Shareholders’ investment:

           

Common stock, $0.25 par value, authorized 600,000,000 shares; issued and outstanding 103,554,597 at March 31, 2006 and 104,012,498 at December 31, 2005

    25,900     26,000

Capital in excess of par value

    548,900     521,500

Retained earnings

    1,019,500     986,000

Accumulated other comprehensive income

    4,400     2,600
   

 

Total shareholders’ investment

    1,598,700     1,536,100
   

 

    $ 2,239,200   $ 2,265,600
   

 

 

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.

 

3


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(shares and dollars in thousands except per share amounts, unaudited)

 

   

For the Three Months

Ended March 31,


 
    2006

    2005

 

Net sales

  $ 467,500     $ 428,600  

Costs and expenses:

               

Cost of goods sold

    179,400       164,900  

Marketing, selling and administrative expense

    142,600       128,600  

Research and development expense

    38,600       27,200  

Interest expense

    4,700       3,100  

Other (income) expense, net

    (7,700 )     (6,400 )
   


 


Total costs and expenses

    357,600       317,400  
   


 


Income before tax provision

    109,900       111,200  

Income tax provision

    28,800       29,900  
   


 


Net income

  $ 81,100     $ 81,300  
   


 


Basic earnings per share

  $ 0.78     $ 0.78  
   


 


Diluted earnings per share

  $ 0.76     $ 0.75  
   


 


Weighted average common shares outstanding - basic

    103,800       104,900  
   


 


Weighted average common shares outstanding - diluted

    107,000       108,200  
   


 


 

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.

 

4


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ INVESTMENT

(dollars in thousands except share and per share amounts, unaudited)

 

    Common Stock

   

Capital in

Excess of Par
Value


 

Retained

Earnings


   

Accumulated

Other Comp.

Inc/(Loss)


    Total

 
    Shares

    Amount

         

Balance at December 31, 2005

  104,012,498     $ 26,000     $ 521,500   $ 986,000     $ 2,600     $ 1,536,100  

Net income

                        81,100               81,100  

Available for sale securities (net of $900 taxes)

                                (1,700 )     (1,700 )

Change in derivative instruments designated as cash flow hedges (net of $400 taxes)

                                (800 )     (800 )

Foreign currency translation adjustment

                                4,300       4,300  
                       


 


 


Total Comprehensive Income

                        81,100       1,800       82,900  

Issuance of common stock

  295,099       100       25,200                     25,300  

Purchases of common stock for treasury

  (753,000 )     (200 )           (47,600 )             (47,800 )

Tax benefit relating to incentive stock options and employee stock purchase plans

                  2,200                     2,200  
   

 


 

 


 


 


Balance at March 31, 2006

  103,554,597     $ 25,900     $ 548,900   $ 1,019,500     $ 4,400     $ 1,598,700  
   

 


 

 


 


 


Balance at December 31, 2004

  104,672,310     $ 26,200     $ 429,600   $ 858,100     $ 46,200     $ 1,360,100  

Net income

                        81,300               81,300  

Available for sale securities (net of $600 taxes)

                                (1,000 )     (1,000 )

Change in derivative instruments designated as cash flow hedges (net of $100 taxes)

                                300       300  

Foreign currency translation adjustment

                                (400 )     (400 )
                       


 


 


Total Comprehensive Income

                        81,300       (1,100 )     80,200  

Cash dividends ($0.12 per share)

                        (12,600 )             (12,600 )

Issuance of common stock

  741,631       200       32,500                     32,700  

Purchases of common stock for treasury

  (300,000 )     (100 )           (20,500 )             (20,600 )

Tax benefit relating to incentive stock options and employee stock purchase plans

                  11,300                     11,300  

Amortization of deferred compensation

                  2,100                     2,100  
   

 


 

 


 


 


Balance at March 31, 2005

  105,113,941     $ 26,300     $ 475,500   $ 906,300     $ 45,100     $ 1,453,200  
   

 


 

 


 


 


 

 

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.

 

5


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands, unaudited)

 

     For the Three Months Ended
March 31,


 
           2006      

          2005      

 

Cash flows from operating activities:

                

Net income

   $ 81,100     $ 81,300  

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

                

Depreciation and amortization

     16,600       16,700  

Gain on investments

     —         (3,200 )

Purchased research and development

     10,400       —    

Deferred income taxes

     (5,500 )     (1,300 )

Expenses under stock plans

     9,500       2,100  

Inventory reserves and provision for doubtful accounts

     4,000       3,400  

Other noncash items

     —         (1,300 )

Changes in assets and liabilities, net of acquired businesses:

                

Accounts receivable

     (7,200 )     3,200  

Inventories

     (16,900 )     (17,800 )

Other operating assets

     5,600       2,400  

Current liabilities, excluding debt

     (33,400 )     5,600  

Pension contributions

     (400 )     (300 )

Other long-term liabilities

     2,200       2,900  
    


 


Net cash provided by operating activities

     66,000       93,700  
    


 


Cash flows from investing activities:

                

Capital expenditures

     (20,300 )     (23,300 )

Purchase of available for sale securities

     (98,300 )     —    

Proceeds from investments

     —         3,200  

Payments made for purchases of businesses

     (9,000 )     —    

Patents and other intangibles

     (12,100 )     (53,500 )
    


 


Net cash used in investing activities

     (139,700 )     (73,600 )
    


 


Cash flows from financing activities:

                

Repayments of short-term borrowings

     (35,000 )     —    

Common stock issued for options and benefit plans

     10,900       29,800  

Purchase of common stock

     (47,800 )     (20,600 )

Dividends paid

     (13,700 )     (12,600 )
    


 


Net cash used in financing activities

     (85,600 )     (3,400 )
    


 


Effect of exchange rate changes on cash and cash equivalents

     1,500       —    

Effect of variable interest entity deconsolidation

     —         (1,900 )

Increase (decrease) in cash and cash equivalents during the period

     (157,800 )     14,800  
    


 


Balance at January 1

     754,200       540,800  
    


 


Balance at March 31

   $ 596,400     $ 555,600  
    


 


(dollars in thousands)


            

Supplemental disclosures of cash flow information

                

Cash paid for:

                

Interest

   $ 2,100     $ 300  

Income taxes

   $ 41,600     $ 4,300  

 

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.

 

6


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

1. Significant Accounting Policies

 

Nature of Operations - C. R. Bard, Inc. (the “company” or “Bard”) is engaged in the design, manufacture, packaging, distribution and sale of medical, surgical, diagnostic and patient care devices. The company markets its products worldwide to hospitals, individual health care professionals, extended care facilities and alternate site facilities. Bard holds strong market positions in vascular, urology, oncology and surgical specialty products. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes to consolidated financial statements contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2005.

 

Consolidation - The consolidated financial statements include the accounts of the company and its majority-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. The accounts of most foreign subsidiaries are consolidated as of and for the three months ended February 28, 2006 and 2005 and as of November 30, 2005. No events occurred related to these foreign subsidiaries during the months of March 2006, March 2005 or December 2005 that materially affected the financial position or results of operations of the company. The company has no unconsolidated subsidiaries and no special purpose entities.

 

Basis of Presentation and Use of Estimates - The condensed financial statements have not been audited. These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our Annual Report on Form 10-K for the year ended December 31, 2005. In our opinion, these financial statements include all normal and recurring adjustments necessary for a fair presentation. The results for the three months ended March 31, 2006 are not necessarily indicative of the results expected for the year.

 

The preparation of these financial statements in conformity with accounting principles generally accepted in the United States of America requires the company to make estimates and judgments that affect reported amounts of assets, liabilities, revenues and expenses and the related disclosure of contingent assets and liabilities at the date of the financial statements. The company evaluates these estimates and judgments on an ongoing basis and bases its estimates on historical experience, current conditions and various other assumptions that are believed to be reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from these estimates under different assumptions or conditions.

 

Reclassifications - Certain prior-year amounts have been reclassified to conform to the current year presentation.

 

Revenue Recognition - Bard markets its products worldwide to hospitals, individual health care professionals, extended care facilities and alternate site facilities. The company sells directly to these end-users as well as to independent distributors.

 

The company’s net sales represent gross sales invoiced to both end-users and independent distributors, less certain related charges, including discounts, returns, rebates and other allowances. The company recognizes product revenue when persuasive evidence of a sales arrangement exists, title and risk of loss have transferred, the selling price is fixed or determinable, contractual obligations have been satisfied and collectibility is reasonably assured. Unless agreed otherwise, the company’s terms with domestic distributors provide that title and risk of loss pass F.O.B. origin. Certain sales to domestic and European distributors are F.O.B. destination. For arrangements where the company’s terms state F.O.B. destination, the company records sales on this basis.

 

In certain circumstances, end-users may require the company to maintain consignment inventory at the end-user’s location. In the case of consignment inventories, revenues and associated costs are recognized upon the notification of usage by the customer.

 

7


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

Charges for discounts, returns, rebates and other allowances are recognized as a deduction from revenue on an accrual basis in the period in which the revenue is recorded. The accrual for product returns, discounts and other allowances is based on the company’s history. The company allows customers to return defective or damaged products. Historically, product returns have not been material. The company grants sales rebates to independent distributors based upon the distributor’s reporting of end-user sales and pricing. Sales rebates are accrued by the company in the period in which the sale is recorded. The company’s rebate accrual is based on its history of actual rebates paid. In estimating rebate accruals, the company considers the lag time between the point of sale and the payment of the distributor’s rebate claim, distributor-specific trend analysis and contractual commitments including stated rebate rates. The company’s reserves for rebates are reviewed at each reporting period and adjusted to reflect data available at that time. The company adjusts reserves to reflect any differences between estimated and actual amounts. Such adjustments impact the amount of net product sales revenue recognized by the company in the period of adjustment.

 

Shipping and Handling Costs - Shipping and handling costs are included in cost of sales.

 

Research and Development - Research and development expenses are comprised of expenses related to internal research and development activities, milestone payments for third-party research and development activities and purchased research and development (“purchased R&D”) costs arising from the company’s business development activities. The components of internal research and development expense include: salary and benefits, allocated overhead and occupancy costs, clinical trial and related clinical manufacturing costs, contract services and other costs. All research and development costs are expensed as incurred.

 

Stock-Based Compensation - The company accounts for share-based compensation in accordance with Statement of Financial Accounting Standards No. 123 (revised 2004), Share-Based Payment (“FAS 123R”), as interpreted by SEC Staff Accounting Bulletin No. 107. Under the fair value recognition provisions of this statement, share-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the vesting period. Determining the fair value of share-based awards at the grant date requires judgment, including estimating the company’s stock price volatility and employee stock option exercise behaviors.

 

The company’s expected volatility is based upon weightings of the historical volatility of the company’s stock and the implied volatility from publicly traded options. The company reviews the trading volumes and option life of its publicly traded options in order to determine the appropriate weighting of implied volatility in its valuation calculations. The expected life of share-based awards is based on observed historical exercise patterns and estimates of the company’s achievement of performance milestones which can accelerate vesting.

 

As stock-based compensation expense recognized in the consolidated statement of income is based on awards ultimately expected to vest, the amount of expense has been reduced for estimated forfeitures. FAS 123R requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based on historical experience.

 

Defined Benefit Pension Plans - The company has tax-qualified plans as well as nonqualified, noncontributory defined benefit pension plans (“nonqualified plans”) that together cover substantially all domestic and certain foreign employees. These plans provide benefits based upon a participant’s compensation and years of service. The nonqualified plans are made up of the following arrangements: a nonqualified supplemental deferred compensation arrangement and a nonqualified excess pension deferred compensation arrangement. The nonqualified supplemental deferred compensation arrangement provides supplemental income to key executives of the company. The benefit is determined by the accumulation of an account balance that results from a percentage of pay credit and interest. No deferrals of pay are required from participants. The

 

8


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

balance is paid to a participant after retirement over a 15-year period. The nonqualified excess pension deferred compensation arrangement provides benefits to key employees that cannot be provided by the qualified plan due to Internal Revenue Service (“IRS”) limitations. The company uses a September 30 measurement date for all of its defined benefit pension plans. The components of net periodic benefit expense for the three months ended March 31, 2006 and 2005 are as follows:

 

     2006

    2005

 
     Tax
Qualified
Plans


    Nonqualified
Plans


       Total    

    Tax
Qualified
Plans


    Nonqualified
Plans


       Total    

 
     (dollars in millions)  

Service cost net of employee contributions

   $ 3.4     $ 0.5    $ 3.9     $ 3.0     $ 0.5    $ 3.5  

Interest cost

     3.0       0.5      3.5       2.7       0.5      3.2  

Expected return on plan assets

     (3.9 )     —        (3.9 )     (3.7 )     —        (3.7 )

Amortization/settlement/curtailment

     1.4       0.1      1.5       1.0       —        1.0  
    


 

  


 


 

  


Net periodic pension expense

   $ 3.9     $ 1.1    $ 5.0     $ 3.0     $ 1.0    $ 4.0  
    


 

  


 


 

  


 

Other Postretirement Benefit Plans - The company does not provide subsidized postretirement health care benefits and life insurance coverage except for a limited number of former employees. Approximately thirty of those former employees receive a limited prescription drug plan. The components of net periodic benefit expense for the three months ended March 31, 2006 and 2005 are as follows:

 

     2006

   2005

     (dollars in millions)

Service cost

     —        —  

Interest cost

     0.2      0.2

Expected return on plan assets

     —        —  

Amortization unrecognized

     —        —  

Net loss

     0.1      0.1

Prior service cost

     —        —  

Net transition obligation

     —        —  

Settlement/curtailment

     —        —  
    

  

Net periodic benefit cost

   $ 0.3    $ 0.3
    

  

 

Employer Contribution to Defined Benefit and Other Postretirement Plans - The company’s objective in funding its domestic tax-qualified plan is to accumulate funds sufficient to provide for all benefits and to satisfy the minimum contribution requirements of the Employee Retirement Income Security Act of 1974 (ERISA). Outside the United States, the company’s objective is to fund the international retirement costs over time within the limits of minimum requirements and allowable tax deductions. The company’s annual funding decisions also consider the relationship between each tax-qualified plan’s asset returns compared to the plan’s corresponding expense and consider the relationship between each tax-qualified plan’s accumulated benefit obligation and its corresponding funded status. For the three months ended March 31, 2006 and 2005, the company made no required or voluntary contributions to its U.S. tax-qualified plan, respectively. For the three months ended March 31, 2006 and 2005, the company made voluntary contributions of $0.4 million and $0.3 million to the company’s non-U.S. tax-qualified plans, respectively. The nonqualified plans include supplemental plans which are generally not funded.

 

9


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

Earnings Per Share - “Basic earnings per share” represents net income divided by the weighted average shares outstanding. “Diluted earnings per share” represents net income divided by weighted average shares outstanding adjusted for the incremental dilution of outstanding stock options and awards. Unless indicated otherwise, per share amounts are calculated on a diluted basis. A reconciliation of weighted average common shares outstanding to weighted average common shares outstanding assuming dilution for the three months ended March 31, 2006 and 2005 is as follows:

 

     2006

   2005

     (dollars and shares in
thousands except per
share amounts)

Net income

   $ 81,100    $ 81,300
    

  

Weighted average common shares outstanding

     103,800      104,900

Incremental common shares issuable: stock options and awards

     3,200      3,300
    

  

Weighted average common shares outstanding assuming dilution

     107,000      108,200
    

  

Basic earnings per share

   $ 0.78    $ 0.78
    

  

Diluted earnings per share

   $ 0.76    $ 0.75
    

  

 

For the quarter ended March 31, 2005, common stock equivalents from stock options and stock awards of approximately 14,900 shares were not included in the diluted earnings per share calculation because their effect is antidilutive. For the quarter ended March 31, 2006, no shares were antidilutive.

 

Income Taxes - All income tax amounts reflect the use of the liability method. Under this method, deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes. The company has filed tax returns with positions that may be challenged by the tax authorities. These positions relate to, among others, the allocation and/or recognition of income on intercompany transactions, the timing and amount of deductions and the tax treatment of acquisitions and divestitures. Although the outcome of tax audits is uncertain, in management’s opinion, adequate provisions for income taxes have been made for potential liabilities resulting from such matters. The company regularly assesses its tax position for such matters and includes reserves for those differences in position. The reserves are utilized or reversed once the statute of limitations has expired or the matter is otherwise resolved. The company believes that the ultimate outcome of these matters will not have a material impact on its financial position or liquidity but may be material to the income tax provision and net income in a future period.

 

The company operates in multiple taxing jurisdictions, both within the United States and outside the United States. The company faces audits from these various tax authorities regarding the amount of taxes due. Such audits can involve complex issues and may require an extended period of time to resolve. The company’s U.S. federal tax filings have been examined by the IRS for calendar years ending prior to 2000. The company believes all tax differences arising from those audits have been resolved and settled. The company has been notified that an audit of its U.S. federal tax filings for the 2003 and 2004 tax years will commence in the second quarter of 2006. The company’s U.K. affiliates’ tax filings have been examined by Inland Revenue in the United Kingdom for the tax years ending prior to 1999. The company believes all tax differences arising from those audits have been resolved and settled. As of March 31, 2006, the company’s U.K. affiliates’ tax filings for the 1999 through 2003 tax years were under examination by Inland Revenue in the United Kingdom.

 

10


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

Concentration Risks - The company is potentially subject to financial instrument concentration of credit risk through its cash investments and trade accounts receivable. To mitigate these risks the company maintains cash and cash equivalents, short-term investments and certain other financial instruments with various major financial institutions. The company performs periodic evaluations of the relative credit standing of these financial institutions and limits the amount of credit exposure with any one institution. Concentrations of risk with respect to trade accounts receivable are limited due to the large number of customers and their dispersion across many geographic areas. However, a significant amount of trade receivables is with national health care systems in several countries. Although the company does not currently foresee a credit risk associated with these receivables, repayment is dependent upon the financial stability of those countries’ national economies. Sales to distributors, which supply the company’s products to many end-users, accounted for approximately 33% of the company’s net sales in 2005, and the five largest distributors, including the company’s joint venture in Japan, Medicon, Inc., combined, accounted for approximately 69% of such sales.

 

Financial Instruments - Cash equivalents are highly liquid investments purchased with an original maturity of ninety days or less and amounted to $577.5 million and $726.2 million at March 31, 2006 and December 31, 2005, respectively.

 

The company accounts for short-term investments in accordance with SFAS No. 115, Accounting for Certain Investments in Debt and Equity Securities. The company determines the appropriate classification of all short-term investments as held-to-maturity, available-for-sale or trading at the time of purchase and re-evaluates such classifications as of each balance sheet date. There were no investments classified as trading at March 31, 2006 and December 31, 2005. All of the outstanding short-term investments at March 31, 2006 and December 31, 2005 mature within one year. Unrealized gains and losses, net of taxes, are reported as a component of accumulated other comprehensive income (loss) in shareholders’ investment. There were no realized gains or losses on short-term investments reported in the periods ended March 31, 2006 and December 31, 2005. The cost, gross unrealized gains (losses) and fair value for short-term debt investments by major security type at March 31, 2006 and December 31, 2005 were as follows:

 

     March 31, 2006

     Amortized
Cost


   Gross
Unrealized
Gains


   Gross
Unrealized
(Losses)


   Fair Value

     (in thousands)

Held-to-maturity:

                           

Time deposits

   $ 3,600    $ —      $ —      $ 3,600

Available-for-sale:

                           

Government securities and obligations

     27,100      100      —        27,200

Corporate debt securities

     71,200      400      —        71,600
    

  

  

  

Total available-for-sale

     98,300      500      —        98,800
    

  

  

  

Total short-term investments

   $ 101,900    $ 500    $ —      $ 102,400
    

  

  

  

                             
     December 31, 2005

     Amortized
Cost


   Gross
Unrealized
Gains


   Gross
Unrealized
(Losses)


   Fair Value

     (in thousands)

Held-to-maturity:

                           

Time deposits

   $ 4,000    $ —      $ —      $ 4,000

Available-for-sale:

                           

Government securities and obligations

     —        —        —        —  

Corporate debt securities

     —        —        —        —  
    

  

  

  

Total available-for-sale

     —        —        —        —  
    

  

  

  

Total short-term investments

   $ 4,000    $ —      $ —      $ 4,000
    

  

  

  

 

11


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

Investments in equity securities that have readily determinable fair market values are classified and accounted for as available-for-sale in “Other current assets.” Available-for-sale equity securities are recorded at fair market value, with the change in fair market value recorded, net of taxes, as a component of accumulated other comprehensive income (loss). There were no realized gains or losses on equity securities for the three months ended March 31, 2006. For the three months ended March 31, 2005, other (income) expense, net included pretax income of approximately $3.2 million resulting from a milestone payment related to the company’s sale of an investment during the second quarter of 2004. The fair market value of available-for-sale equity securities was approximately $7.3 million and $10.4 million at March 31, 2006 and December 31, 2005, respectively. At March 31, 2006, the company owned approximately 1.4 million shares of Endologix, Inc. (approximately 4% ownership).

 

Inventories - Inventories are stated at the lower of cost or market. Cost components include material, labor and manufacturing overhead. For most domestic divisions, cost is determined using the last-in-first-out (“LIFO”) method. Approximately 72% of the company’s inventory costs are determined using LIFO. For all other inventories, cost is determined using the first-in-first-out (“FIFO”) method. Due to changing technologies and cost containment, the difference between the valuation under the LIFO method and the FIFO method is not significant. The following is a summary of inventories:

 

     March 31,
2006


   December 31,
2005


     (dollars in thousands)

Finished goods

   $ 112,200    $ 101,700

Work in process

     27,300      23,500

Raw materials

     44,900      44,400
    

  

Total

   $ 184,400    $ 169,600
    

  

 

Property, Plant and Equipment - Property, plant and equipment are stated at cost. Major renewals and improvements are capitalized, while maintenance and repairs are expensed when incurred. Depreciation is computed over the estimated useful lives of depreciable assets using the straight-line method. The following is a summary of property, plant and equipment:

 

    

March 31,

2006


  

December 31,

2005


     (dollars in thousands)

Property, plant and equipment, at cost:

             

Land

   $ 14,300    $ 14,200

Buildings and improvements

     194,700      184,700

Machinery and equipment

     323,100      311,900
    

  

       532,100      510,800

Less - accumulated depreciation and amortization

     211,500      200,800
    

  

Net property, plant and equipment

   $ 320,600    $ 310,000
    

  

 

Useful lives for property and equipment are as follows:

 

Buildings and improvements

   5 to 50 years

Machinery and equipment

   1 to 10 years

 

Depreciation expense was approximately $10.7 million and $10.2 million for the three months ended March 31, 2006 and 2005, respectively.

 

Software Capitalization - Internally used software, whether purchased or developed, is capitalized and amortized using the straight-line method over an estimated useful life of five to seven years. Capitalized software costs are included in machinery and equipment. In accordance with Statement of Position 98-1, Accounting for the Costs of Computer Software Developed or Obtained for Internal Use, the company capitalizes certain costs associated with

 

12


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

internal-use software such as the payroll costs of employees devoting time to the projects and external direct costs for materials and services. Costs associated with internal-use software are expensed during the design phase until the point at which the project has reached the development stage. Subsequent additions, modifications or upgrades to internal- use software are capitalized only to the extent that they allow the software to perform a task it previously did not perform. Software maintenance and training costs are expensed in the period in which they are incurred. The capitalization of software requires judgment in determining when a project has reached the development stage and the period over which the company expects to benefit from the use of that software. The company capitalized $1.2 million and $5.9 million of internal-use software for the three months ended March 31, 2006 and 2005, respectively.

 

Product Warranty - The majority of the company’s products are intended for single use; therefore, the company requires limited product warranty accruals. Certain of the company’s products carry limited warranties that in general do not exceed one year from sale. The company accrues estimated product warranty costs at the time of sale and any additional amounts are recorded when such costs are probable and can be reasonably estimated.

 

    

Beginning

Balance
December 31, 2005


  

Charges to

Costs and

Expenses


   Deductions

   

Ending

Balance

March 31, 2006


     (dollars in thousands)

Product warranty accruals

   $ 1,700    $ 600    $ (500 )   $ 1,800

 

Environmental Remediation Policy - The company accrues for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Accruals for estimated losses from environmental remediation obligations generally are recognized no later than completion of the remedial feasibility study. Such accruals are adjusted as further information develops or circumstances change. Costs of future expenditures for environmental remediation obligations are not discounted to their present value. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable.

 

2. Acquisitions and Divestitures

 

The company spent approximately $21.1 million and $53.5 million for the three months ended March 31, 2006 and 2005, respectively, for the acquisition of businesses, patents, trademarks, purchase rights and other related items to augment its existing product lines. Unaudited pro forma financial information for the transactions described below has not been presented because the effects of these acquisitions were not material on either an individual or aggregate basis. Results of operations of these transactions are included in the company’s consolidated results from the respective dates of acquisition. Several of the company’s recent acquisitions and investments involve milestone payments associated with the achievement of certain targets associated with research and development, regulatory approval or the transfer of manufacturing capabilities. A summary of contingent milestone payments associated with these acquisitions is included below.

 

     Total

  

1

Year


   2-3
Years


   4-5
Years


   After 5
Years


     (dollars in millions)

Acquisition and investment milestones

   $ 19.9      $7.3    $ 12.6    —      —  
    

  

  

  
  

 

Genyx Medical, Inc. - On December 31, 2002, the company acquired the right, but not the obligation, to purchase substantially all of the assets of Genyx Medical, Inc. (“Genyx”), a privately held medical device company. Genyx developed and manufactured Uryx®, a proprietary injectable bulking agent for the treatment of stress urinary incontinence. Based upon the provisions of Financial Accounting Standards Board Interpretation No. 46, Consolidation of Variable Interest Entities (“FIN 46”), the company identified Genyx as a variable

 

13


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

interest entity for which the company was the primary beneficiary and, accordingly, consolidated the entity beginning March 31, 2004.

 

On January 10, 2005, Bard acquired the agreed-upon assets of Genyx for $53.5 million and is selling the product under the trade name Tegress. The company deconsolidated Genyx as a variable interest entity and recorded the majority of the purchase price as intangible assets, which are being amortized over 13 years.

 

Bridger Biomed, Inc. - On June 30, 2004, the company acquired all of the outstanding stock of Bridger Biomed, Inc., a supplier of components for the company’s soft tissue repair franchise. The acquisition agreement called for a cash payment of $8.1 million, the assumption of certain liabilities, and two anniversary payments of $8.1 million payable on the eighteenth and thirty-sixth month anniversaries of the transaction. The company recorded the anniversary payments in accrued expenses and other long-term liabilities. The company recorded approximately $21.2 million in patents which will be amortized over their useful lives of approximately 15 years. In addition, the company recorded approximately $9.1 million in non-tax deductible goodwill and approximately $0.7 million in purchased R&D and miscellaneous assets and liabilities, primarily consisting of a deferred tax liability. The company recorded the purchased R&D charge in research and development expense in its consolidated statements of income. The value assigned to purchased R&D was determined by identifying a specific purchased R&D project that would be continued and for which (a) technological feasibility had not been established at the acquisition date, (b) there was no alternative future use and (c) the fair market value was estimable with reasonable reliability. The company considered a variety of factors, including appraisals, comparable transactions, relief from royalty analysis and other discounted cash-flow approaches in determining purchase price allocations.

 

Venetec International, Inc.—On April 7, 2006 the company acquired Venetec International, Inc. (“Venetec”), for a purchase price of approximately $166 million, which was paid using cash on hand. Venetec, located in San Diego, California, markets the StatLock® line of catheter securement products.

 

3. Goodwill and Intangible Assets

 

Goodwill and intangible assets that have indefinite useful lives are not amortized but rather are tested for impairment annually or more frequently if impairment indicators arise. None of the company’s intangible assets have an indefinite life. Intangible assets with determinable lives are amortized on a straight-line basis over their useful lives. Goodwill and intangible assets have been recorded at either incurred or allocated cost. Allocated costs were based on respective fair market values at the date of acquisition. The company has generally assigned goodwill recorded in connection with an acquisition to its four reporting units, each of which is one level below the company’s single reporting segment, based on the reporting unit which sponsored the acquisition. An impairment loss is recognized to the extent that the carrying amount exceeds the reporting unit’s fair market value.

 

14


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

The balances of goodwill and intangible assets are as follows:

 

     March 31, 2006

    

Gross

Carrying

Value


  

Accumulated

Amortization


    Translation

   

Net

Carrying

Value


  

Wt. Avg.

Useful

Life


     (dollars in millions)

Patents

   $ 171.1    $ (32.5 )   $ —       $ 138.6    15

Distribution agreements

     20.3      (9.6 )     —         10.7    18

Licenses

     69.2      (9.8 )     —         59.4    13

Core technologies

     23.1      (5.4 )     0.2       17.9    13

Other intangibles

     21.6      (13.8 )     (0.1 )     7.7    9
    

  


 


 

    

Total other intangibles

   $ 305.3    $ (71.1 )   $ 0.1     $ 234.3     
    

  


 


 

    

 

     December 31, 2005

    

Gross

Carrying

Value


  

Accumulated

Amortization


    Translation

   

Net

Carrying

Value


  

Wt. Avg.

Useful

Life


     (dollars in millions)

Patents

   $ 170.5    $ (35.0 )   $ —       $ 135.5    14

Distribution agreements

     18.6      (9.3 )     —         9.3    24

Licenses

     69.3      (8.3 )     —         61.0    13

Core technologies

     23.1      (4.9 )     0.1       18.3    13

Other intangibles

     21.6      (13.1 )     (0.1 )     8.4    8
    

  


 


 

    

Total other intangibles

   $ 303.1    $ (70.6 )   $ —       $ 232.5     
    

  


 


 

    

 

    

Beginning

Balance


   Additions

   Translation

   

Ending

Balance


     (dollars in millions)

Goodwill (December 31, 2005 through March 31, 2006)

   $ 358.8    $ 4.8    $ 0.6     $ 364.2

Goodwill (December 31, 2004 through December 31, 2005)

   $ 365.7    $ 0.2    $ (7.1 )   $ 358.8

 

Amortization expense was approximately $5.9 million and $6.5 million for the three months ended March 31, 2006 and 2005, respectively.

 

Annual forecasted amortization expense for the years 2006 through 2011 is as follows based on the company’s intangible assets as of March 31, 2006:

 

     2006

   2007

   2008

   2009

   2010

   2011

     (dollars in millions)

Annual amortization expense

   $ 22.4    $ 21.3    $ 21.1    $ 21.0    $ 18.4    $ 17.2
    

  

  

  

  

  

 

Impairment of Long-Lived Assets - The company reviews long-lived assets, such as property, plant and equipment, and purchased intangibles subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The company evaluates the recoverability of assets to be held and used by comparing the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair market value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair market value less costs to sell, and would no longer be depreciated.

 

15


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

4. Short-Term Borrowings and Long-Term Debt

 

The company has in place a domestic syndicated bank credit facility totaling $400 million that supports the commercial paper program and can be used for other general corporate purposes. The credit facility expires in May 2009 and includes pricing based on the company’s long-term credit rating. There were no outstanding commercial paper borrowings at March 31, 2006 and December 31, 2005, respectively. In addition, on October 21, 2005, a wholly owned foreign subsidiary of the company entered into a $250 million syndicated bank credit facility to be used for general corporate needs, including in support of the company’s decision in 2005 to repatriate undistributed foreign earnings under the American Jobs Creation Act of 2004 (the “AJCA”). Loans under the facility bear interest at the company’s option at a fixed spread to LIBOR or the higher of prime rate and 0.50% over the federal funds rate. The facility expires in October 2008. At March 31, 2006, there were $115.0 million of outstanding borrowings under the facility.

 

At March 31, 2006, the company had $150 million of unsecured notes outstanding. The notes mature in 2026 and pay a semi-annual coupon of 6.70%. The coupon interest closely approximates the effective annual cost of the notes. The 6.70% notes due 2026 may be redeemed at the option of the note holders on December 1, 2006 at a redemption price equal to the principal amount. In accordance with FAS No. 78, Classification of Obligations that are Callable by the Creditor, the company has classified these notes as current. If the note holders do not exercise their option on December 1, 2006, the option will expire and the notes will revert to a long-term classification. Assuming the notes are held to maturity, the market value of the notes approximates $160.5 million at March 31, 2006.

 

Cash payments for interest equal $2.1 million and $0.3 million for the three months ended March 31, 2006 and 2005, respectively.

 

Certain of the company’s debt agreements contain customary representations, warranties and default provisions as well as restrictions that, among other things, require the maintenance of minimum net worth and operating cash flow levels and limit the amount of debt that the company may have outstanding. As of March 31, 2006, the company was in compliance with all such financial covenants.

 

5. Derivative Instruments

 

Bard’s objective in managing its exposures to foreign currency fluctuations is to minimize earnings and cash flow volatility associated with assets, liabilities and anticipated commitments denominated in foreign currencies. The company does not utilize derivative instruments for trading or speculation purposes. No derivative instruments extend beyond December 2006. The company has formally documented the relationships between hedging instruments and hedged items, as well as its risk management objectives. All derivative instruments are recognized on the balance sheet at fair market value. Hedge accounting is followed for derivatives that have been designated and qualify as fair market value and cash flow hedges. For derivatives that have been designated and qualify as fair market value hedges, the changes in the fair market value of highly effective derivatives, along with changes in the fair market value of the hedged assets that are attributable to the hedged risks, are recorded in current period earnings. For derivatives that have been designated and qualify as cash flow hedges, changes in the fair market value of the effective portion of the derivatives’ gains or losses are reported in other comprehensive income. At March 31, 2006, all derivative instruments utilized were highly effective hedging instruments because they were denominated in the same currency as the hedged item and because the maturities of the derivative instruments matched the timing of the hedged items. It is the company’s policy that when a derivative instrument settles, the associated amounts in accumulated other comprehensive income are reversed to cost of goods sold or other (income) expense, net as appropriate. It is the company’s policy that in the event that (1) an anticipated hedged transaction is determined to be not likely to occur or (2) it is determined that a derivative instrument is no longer effective in offsetting changes in the hedged item, the company would reverse the associated amounts in accumulated other comprehensive income to other (income) expense, net.

 

16


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

The company enters into readily marketable traded forward contracts and options with financial institutions to help reduce the exposure to fluctuations between certain currencies. These contracts create limited earnings volatility because gains and losses associated with exchange rate movements are generally offset by movements in the underlying hedged item.

 

     March 31, 2006

   December 31, 2005

     Notional
Value


   Fair Value

   Notional
Value


   Fair Value

     (dollars in thousands)

Forward currency agreements

   $ 23,000    $ 100    $ 23,500    $ 500

Option contracts

   $ 44,700    $ 1,600    $ 39,600    $ 2,100

 

A roll forward of the notional value of the company’s currency-related forward contracts and options for the three months ended March 31, 2006 is as follows:

 

     Forward
currency
agreements


    Option
contracts


 
     (dollars in thousands)  

December 31, 2005 notional value

   $ 23,500     $ 39,600  

New agreements

     7,100       18,300  

Expired/cancelled agreements

     (7,600 )     (13,200 )
    


 


March 31, 2006 notional value

   $ 23,000     $ 44,700  
    


 


 

The fair market value of financial instruments was estimated by discounting expected cash flows using quoted foreign exchange rates as of March 31, 2006 and December 31, 2005. Judgment was employed in developing estimates of fair market value; accordingly, the estimates presented herein are not necessarily indicative of the amounts that the company could realize in a current market exchange. The use of different market assumptions or valuation methodologies could have an effect on the estimated fair market value amounts. At March 31, 2006, the net fair market value of option contracts and the incremental mark-to-market of forward currency agreements are recorded in either other current assets or accrued expenses in the consolidated balance sheet. For the three months ended March 31, 2006, the company reclassified a loss of approximately $0.3 million from accumulated other comprehensive loss to other (income) expense, net or cost of goods sold in the consolidated statement of income as hedged intercompany balances were settled and as anticipated currency needs arose. This reclassification was net of $0.2 million of associated tax effects.

 

6. Commitments and Contingencies

 

Legal - In the ordinary course of business, the company is subject to various legal proceedings and claims, including product liability matters, environmental matters, employment disputes, disputes on agreements and other commercial disputes. In addition, the company operates in an industry susceptible to significant patent legal claims. At any given time, in the ordinary course of business, the company is involved as either a plaintiff or defendant in a number of patent infringement actions. If infringement of a third party’s patent were to be determined against the company, the company might be required to make significant royalty or other payments or might be subject to an injunction or other limitation on its ability to manufacture or distribute one or more products. If a patent owned by or licensed to the company were to be determined to be invalid or unenforceable, the company might be required to reduce the value of the patent on the company’s balance sheet and to record a corresponding charge, which could be significant in amount.

 

The company is subject to numerous federal, state, local and foreign environmental protection laws governing, among other things, the generation, storage, use and transportation of hazardous materials and

 

17


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

emissions or discharges into the ground, air or water. The company is or may become a party to proceedings brought under the Comprehensive Environmental Response, Compensation and Liability Act, commonly known as Superfund, the Resource Conservation and Recovery Act, the Clean Water Act, the Clean Air Act and similar state laws. These proceedings seek to require the owners or operators of contaminated sites, transporters of hazardous materials to the sites and generators of hazardous materials disposed of at the sites to clean up the sites or to reimburse the government for cleanup costs. In most cases, there are other potentially responsible parties that may be liable for any remediation costs. In these cases, the government alleges that the defendants are jointly and severally liable for the cleanup costs; however, these proceedings are frequently resolved so that the allocation of cleanup costs among the parties more closely reflects the relative contributions of the parties to the site contamination. The company’s potential liability varies greatly from site to site. For some sites, the potential liability is de minimis and for others the costs of cleanup have not yet been determined.

 

The company believes that the proceedings and claims described above will likely be resolved over an extended period of time. While it is not feasible to predict the outcome of these proceedings, based upon the company’s experience, current information and applicable law, the company does not expect these proceedings to have a material adverse effect on its financial position or liquidity. However, one or more of the proceedings could be material to the company’s business and results of operations for a future period.

 

On March 16, 2004, Rochester Medical Corporation, Inc. filed a complaint against the company, another manufacturer and two group purchasing organizations under the caption Rochester Medical Corporation, Inc. v. C. R. Bard, Inc., et al. (Civil Action No. 304 CV 060, United States District Court, Eastern District of Texas). The plaintiff alleges that the company and the other defendants conspired to exclude it from the market and to maintain the company’s market share by engaging in conduct in violation of state and federal antitrust laws. The plaintiff also has asserted claims for business disparagement, common law conspiracy and tortious interference with business relationships. The plaintiff seeks injunctive relief and money damages in an unspecified amount. The company intends to defend this matter vigorously. The parties are currently engaged in discovery. Because the litigation is in a preliminary stage, the company cannot assess the likelihood of an adverse outcome or determine an estimate, or a range of estimates, of potential damages. The company cannot give any assurances that this matter will not have a material adverse impact on the company’s results of operations in a future period or the company’s financial position or liquidity.

 

The company is a defendant in an action entitled Sakharam D. Mahurkar v. C. R. Bard, Inc., Bard Access Systems, Inc. and Bard Healthcare, Inc. (Civil Action No. 01 C 8452, United States District Court, Northern District of Illinois). The action commenced in November 2001. The plaintiff alleges that the company is infringing one or more of the claims of several of the plaintiff’s U. S. patents for dialysis catheters. The action seeks a permanent injunction, monetary damages for the period of alleged infringement, treble damages and attorneys’ fees. On December 9, 2004, the court stayed the trial date pending the outcome of the reexamination of one of the patents at issue. The company does not expect the matter to have a material adverse effect on its financial position or liquidity; however, the matter could be material to the company’s business and results of operations for a future period.

 

Medicon, Inc. - The Osaka Regional Taxation Bureau is currently auditing the fiscal 2001 - 2005 tax years of Medicon, Inc., the company’s Japanese joint venture. Because the audit is in the preliminary stages, the company cannot assess the likelihood of an adverse outcome at this time. The company believes that an adverse outcome would not have a material impact on the company’s financial position or liquidity but may be material to the amount of joint venture net income (loss) that may be recognized in a future period.

 

7. Stock Ownership Plans

 

The company may grant a variety of share-based payments under the 2003 Long Term Incentive Plan of C. R. Bard, Inc., (the “2003 Plan”), and the 2005 Directors’ Stock Award Plan of C. R. Bard, Inc., (the “Directors’

 

18


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

Plan”), to certain directors, officers and employees. The total number of remaining shares at March 31, 2006 that may be issued under the 2003 Plan is 2,690,342 and under the Directors’ Plan is 38,366. At the company’s Annual Meeting of Shareholders on April 19, 2006, the shareholders authorized an additional 2,500,000 shares for issuance under the 2003 Plan and 100,000 shares under the Directors’ Plan. Awards under the 2003 Plan may be in the form of stock options, stock appreciation rights, limited stock appreciation rights, restricted stock, unrestricted stock and other stock-based awards. Awards under the Directors’ Plan may be in the form of stock awards, stock options or stock appreciation rights. The company has two employee share purchase programs.

 

Effective January 1, 2006, the company began recording compensation expense associated with stock options in accordance with FAS 123R, as interpreted by SEC Staff Accounting Bulletin No. 107. Prior to the adoption of FAS 123R, the company accounted for share-based payments according to the provisions of Accounting Principles Board (“APB”) Opinion No. 25, Accounting for Stock Issued to Employees, and related interpretations, and therefore no related compensation expense was recorded for awards granted with no intrinsic value. The company adopted the modified prospective transition method provided for under FAS 123R and consequently has not retroactively adjusted results from prior periods. Under this transition method, compensation cost associated with share-based payments now includes (1) quarterly amortization related to the remaining unvested portion of all stock option awards granted prior to January 1, 2006, based on the grant-date fair value estimated in accordance with the original provisions of Statement of Financial Accounting Standards No. 123, Accounting for Stock-Based Compensation (“FAS 123”), and (2) quarterly amortization related to all share-based payments granted subsequent to January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of FAS 123R. In addition, the company records expense over the payroll withholding period and the requisite service period, respectively, in connection with (1) shares issued under its employee stock purchase plan and (2) other share-based payments under the 2003 Plan and Directors’ Plan. Prior to the adoption of FAS 123R, the company recorded forfeitures as incurred. Upon adoption of FAS 123R, compensation expense for all share-based payments includes an estimate for forfeitures and is recognized over the expected term of the share-based awards using the straight-line method. The impact of this change on prior period compensation cost was immaterial. Prior to the company’s adoption of FAS 123R, benefits for tax deductions in excess of recognized compensation costs were reported as operating cash flows. FAS 123R requires that they be recorded as a financing cash inflow rather than as a reduction of taxes paid.

 

Amounts recognized in the financial statements for equity-based compensation are as follows:

 

 

     For the Three
Months Ended
March 31, 2006


   For the Three
Months Ended
March 31, 2005


     (dollars in millions)

Total cost of share-based payment plans

   $ 9.9    $ 2.1

Amounts capitalized in inventory and fixed assets

     0.4     

Amounts recognized in income for amounts previously capitalized in inventory and fixed assets

         

Amounts charged against income before income tax benefit

   $ 9.5    $ 2.1

Amount of related income tax benefit recognized in income

   $ 3.3    $ 0.7

 

19


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

The following information illustrates the effect on net income and earnings per share if the company had applied the fair market value recognition provisions of FAS 123R for the three months ended March 31, 2005:

 

     For the Three
Months Ended
March 31, 2005


     (dollars in millions
except per share amounts)

Net income as reported

   $ 81.3

Pro forma after-tax impact of options at fair value

     4.2
    

Pro forma net income adjusted

   $ 77.1
    

Basic earnings per share as reported

   $ 0.78
    

Diluted earnings per share as reported

   $ 0.75
    

Pro forma basic earnings per share

   $ 0.73
    

Pro forma diluted earnings per share

   $ 0.71
    

 

Stock Options - The company grants stock options to directors and certain officers and employees with exercise prices no less than the fair market value of the company’s common stock on the date of grant. These stock option awards generally have requisite service periods between two and five years and ten-year contractual terms. Certain stock awards provide for accelerated vesting after a minimum of two years if certain performance conditions are met. The following table summarizes information regarding total stock option activity and amounts for the three months ended March 31, 2006:

 

     For the Three Months Ended March 31, 2006

Options


  

Number of

Shares


   

Wt. Avg.

Ex. Price


  

Weighted

Average

Remaining

Contractual

Term (years)


  

Aggregate

Intrinsic

Value

(millions)


Outstanding—Beginning of period

   8,832,396     $ 38.67            

Granted

   14,000     $ 60.81            

Exercised

   (185,578 )   $ 29.81            

Canceled

   (46,115 )   $ 54.63            
    

                 

Outstanding—End of period

   8,614,703     $ 38.81    6.9    $ 252.1
    

                 

Exercisable—End of period

   5,994,104     $ 31.71    6.2    $ 218.0
    

                 

 

Beginning in the third quarter of 2005, the company changed its methodology for calculating the fair value of stock option grants to a binomial-lattice option valuation model from the Black-Scholes option-pricing model. The binomial-lattice model considers characteristics of fair value option pricing that are not available under the Black-Scholes model. Similar to the Black-Scholes model, the binomial-lattice model takes into account variables such as volatility, dividend yield rate and risk-free interest rate. However, in addition, the binomial-lattice model considers the contractual term of the option, the probability that the option will be exercised prior to the end of its contractual life and the probability of termination or retirement of the optionholder in computing the value of the option. For these reasons, the company believes that the binomial-lattice model is more representative of fair value.

 

20


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

The fair market value of stock options granted for the three months ended March 31, 2005 was estimated on the date of grant using the Black-Scholes model. The following table outlines the assumptions used to estimate the fair market value of the company’s stock option grants for the three months ended March 31, 2006 and 2005:

 

 

    

For the Three Months Ended

March 31, 2006
(Binomial-Lattice model)


   

For the Three Months Ended

March 31, 2005
(Black-Scholes model)


 

Dividend yield

   0.7 %   0.8 %

Risk-free interest rate

   2.95%-4.00 %   4.13 %

Expected option life in years

   6.3     5.5  

Expected volatility

   25 %   27 %

 

The weighted average per share fair market value of stock options granted for the three months ended March 31, 2006 and 2005 was $17.42 and $21.00, respectively. Total compensation expense related to stock options was $6.2 million for the three months ended March 31, 2006. As of March 31, 2006, there was approximately $22.9 million of total unrecognized compensation costs related to nonvested stock options. These costs are expected to be recognized over a weighted-average period of approximately one year. During the three months ended March 31, 2006, 132,150 options vested with a weighted-average fair value of $9.35.

 

Cash received from option exercises under all share-based payment arrangements for the three months ended March 31, 2006 and 2005 was $6.1 million and $18.5 million, respectively. The actual tax benefit realized for the tax deductions from option exercise of share-based payment arrangements totaled $2.2 million and $11.3 million for the three months ended March 31, 2006 and 2005, respectively.

 

The company has no formal policy related to the repurchase of shares for the purpose of satisfying share-based compensation obligations. However, the company has a practice of repurchasing shares, from time to time, on the open market to satisfy such obligations. The company has sufficient treasury shares to satisfy expected share requirements for the next annual period.

 

Restricted Stock, Restricted Stock Units and Other Stock-Based Awards—The company may grant restricted stock, restricted stock units or stock awards to certain employees and directors.

 

Nonvested Restricted Stock Awards—Restricted stock is issued to the participants on the date of grant, entitling the participants to dividends and the right to vote their respective shares. Restrictions limit the sale or transfer of shares until vested. The fair market value of these restricted shares on the date of grant is amortized to expense ratably over the requisite service period. Currently, outstanding restricted stock grants have requisite service periods of between five and seven years. The company recorded compensation expense related to restricted stock of $0.9 million and $0.6 million for the three months ended March 31, 2006 and 2005 respectively. As of March 31, 2006, there was approximately $12.6 million of total unrecognized compensation costs related to nonvested restricted stock awards. These costs are expected to be recognized over a weighted-average period of approximately four years. The following table details the activity in the nonvested restricted stock awards for the three months ended March 31, 2006:

 

    

For the Three Months

Ended March 31, 2006


    

Number of

Shares


   

Wt. Avg.

Grant Date

Fair Value


Outstanding - Beginning of period

   366,796     $ 56.12

Granted

   900     $ 64.22

Vested

   (801 )   $ 65.74

Forfeited

   (2,010 )   $ 65.77
    

     

Outstanding - End of period

   364,885     $ 56.06
    

     

 

21


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

Nonvested Restricted Stock Unit Awards—The company may grant restricted stock units to certain executive officers and employees. Certain restricted stock units have performance features. Subsequent to meeting applicable performance criteria, restricted stock units have requisite service periods of between five and seven years. No voting or dividend rights are associated with these grants until the underlying shares are issued upon vesting. Dividend equivalents are paid on certain restricted stock units until the underlying shares are issued. Total compensation expense related to these awards was $0.7 million and $0.6 million for the three months ended March 31, 2006 and 2005, respectively. As of March 31, 2006, there was approximately $19.8 million of total unrecognized compensation costs related to nonvested restricted stock unit awards. These costs are expected to be recognized over a weighted-average period of approximately six years. The following table details the activity in the nonvested restricted stock unit awards for the three months ended March 31, 2006:

 

    

For the Three Months

Ended March 31, 2006


    

Number of

Shares


   

Wt. Avg.

Grant Date

Fair Value


Outstanding - Beginning of period

   386,202     $ 45.03

Granted

   154,947     $ 66.02

Vested

   (390 )   $ 65.35

Forfeited

   (25,615 )   $ 44.09
    

     

Outstanding - End of period

   515,144     $ 51.38
    

     

 

Nonvested Stock Awards—The company may grant stock awards to directors. Shares have been granted at no cost to the recipients and are generally distributed to a director in his or her year of election and vest on a pro rata basis in each year of his or her term, although such awards may be granted with other terms. The fair market value of these awards is charged to compensation expense over the directors’ terms. Restrictions limit the sale or transfer of stock awards until the awarded stock vests and until an additional two-year period lapses. Dividends are paid on these shares and recipients have the right to vote their respective shares when the shares are distributed. Total compensation expense related to these awards was $46,000 the three months ended March 31, 2006. As of March 31, 2006, there was approximately $0.1 million of total unrecognized compensation costs related to nonvested stock awards. These costs are expected to be recognized over a weighted-average period of approximately two years. The following table details the activity in the nonvested stock awards for the three months ended March 31, 2006:

 

    

For the Three Months 

Ended March 31, 2006


    

Number of

Shares


  

Wt. Avg.

Grant Date

Fair Value


Outstanding - Beginning of period

   2,800    $ 66.37

Granted

   —         

Vested

   —         

Forfeited

   —         
    
      

Outstanding - End of period

   2,800    $ 66.37
    
      

 

Stock Purchase Program and Plans

 

Management Stock Purchase Program—The company maintains a management stock purchase program under the 2003 Plan (together with a predecessor stock purchase plan, the “MSPP”). Under the MSPP, employees at a specified level and above may purchase, with their eligible annual bonus, common stock units at a 30% discount from the lower of the price of the common stock on July 1 of the previous year or on the date of

 

22


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

purchase, which occurs on the date bonuses are paid. The company’s predecessor plan provided for the purchase of shares of the company’s common stock. Employees are required to utilize at least 25% of their eligible annual bonuses to purchase common stock units under the MSPP to the extent they have not satisfied certain stock ownership guidelines. MSPP shares or units are restricted from sale or transfer for a requisite service period of four years from the purchase date or until retirement. Only shares or units valued in the amount of the 30% discount are forfeited if the employee’s employment terminates during the requisite service period. Dividends or dividend-equivalents are paid on MSPP shares or units, and the participant has the right to vote all MSPP shares. The difference between the market price and the purchase price at the purchase date is amortized ratably over the requisite service period. The following table details the activity in the MSPP for the three months ended March 31, 2006:

 

     For the Three Months
Ended March 31, 2006


    

Number of

Shares


    Wt. Avg. Grant
Date Fair Value


Outstanding - Beginning of period

   257,967     $ 47.53

Purchased

   65,300     $ 60.81

Vested

   (2,874 )   $ 42.32

Forfeited

   (3,770 )   $ 56.97
    

     

Outstanding - End of period

   316,623     $ 50.20
    

     

 

Prior to the adoption of FAS 123R, the company had a policy of recording compensation expense related to MSPP discounts over the four-year requisite service period. As a result of adopting FAS 123R, based on the company’s practice of fully vesting these discounts on retirement for certain officers and executives, the company has begun to expense immediately these discounts upon purchase for certain officers and executives. The company recorded approximately $0.5 million of compensation expense in the three months ended March 31, 2006 related to this policy change. In total, the company recognized approximately $1.4 million and $0.9 million of compensation expense for the three months ended March 31, 2006 and 2005, respectively. As of March 31, 2006, there was approximately $9.2 million of total unrecognized compensation costs related to nonvested MSPP shares and units. These costs are expected to be recognized over a weighted-average period of approximately three years.

 

Employee Stock Purchase Plan—Under the company’s 1998 Employee Stock Purchase Plan of C. R. Bard, Inc. (“ESPP”), domestic employees and certain foreign employees can purchase Bard stock at a 15% discount to the lesser of the market price on the beginning or ending date of the six-month periods ending June 30 and December 31 of each year. Employees may elect to make after-tax payroll deductions of 1% to 10% of compensation as defined by the plan up to a maximum of $25,000 per year. The ESPP is intended to meet the requirements of Section 423 of the Internal Revenue Code of 1986, as amended. At March 31, 2006, 88,691 shares remained available for purchase under the ESPP. At the company’s Annual Meeting of Shareholders on April 19, 2006, the shareholders authorized an additional 250,000 shares for issuance under the ESPP. Prior to the adoption of FAS 123R, the company recorded no compensation expense for the ESPP. Employee payroll deductions are for six-month periods beginning each January 1 and July 1. Shares of the company’s common stock are purchased on June 30 or December 31 or the following business day, unless either the purchase of such shares was delayed at the election of the participant or the participant’s employment was terminated. Purchased shares are restricted for sale or transfer for a six-month period. All participant funds received prior to the ESPP purchase dates are held as company liabilities without interest or other increment. No dividends are paid on employee contributions until shares are purchased. On January 3, 2006, 47,282 shares related to the July 1, 2005 through December 31, 2005 accumulation period were purchased under the ESPP at approximately $55.31 per share.

 

23


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

Beginning January 1, 2006 with the company’s adoption of FAS 123R, the company began to record compensation expense for the ESPP. The company valued the ESPP option utilizing the Black-Scholes model. The following table outlines the assumptions used:

 

     For the Three
Months Ended
March 31, 2006


 

Dividend yield

   0.35 %

Risk-free interest rate

   4.47 %

Expected option life in years

   0.5  

Expected volatility

   16 %

 

The value of the ESPP option calculated as of January 3, 2006 was $13.23. The requisite service period for the ESPP is the six-month period ending June 30, 2006. Total compensation expense related to these awards was $0.3 million for the three months ended March 31, 2006.

 

8. Segment Information

 

The company’s management considers its business to be a single segment entity—the manufacture and sale of medical devices. The company’s products generally share similar distribution channels and customers. The company designs, manufactures, packages, distributes and sells medical, surgical, diagnostic and patient care devices that are purchased by hospitals, physicians and nursing homes, many of which are used once and discarded. The company’s chief operating decision makers evaluate their various global product portfolios on a net sales basis. The company’s chief operating decision makers generally evaluate profitability and associated investment on an enterprise-wide basis due to shared infrastructures. The following table represents net sales by geographic region based on the location of the external customer.

 

    

Three Months Ended

March 31,


     2006

   2005

     (dollars in thousands)

Net sales:

             

United States

   $ 330,000    $ 300,400

Europe

     82,200      79,300

Japan

     25,000      22,500

Rest of world

     30,300      26,400
    

  

Total net sales

   $ 467,500    $ 428,600
    

  

Income before tax provision

   $ 109,900    $ 111,200
    

  

Long-lived assets

   $ 1,017,300    $ 988,900
    

  

Capital expenditures

   $ 20,300    $ 23,300
    

  

Depreciation and amortization

   $ 16,600    $ 16,700
    

  

 

24


Table of Contents

C. R. BARD, INC. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

The following table represents net sales by disease state management.

 

    

Three Months Ended

March 31,


     2006

   2005

     (dollars in thousands)

Net sales:

             

Vascular

   $ 113,700    $ 104,300

Urology

     134,300      127,400

Oncology

     111,000      93,200

Surgical Specialties

     88,100      85,600

Other products

     20,400      18,100
    

  

Total net sales

   $ 467,500    $ 428,600
    

  

 

25


Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Executive Overview

 

The company is engaged in the design, manufacture, packaging, distribution and sale of medical, surgical, diagnostic and patient care devices. The company sells a broad range of products to hospitals, individual health care professionals, extended care health facilities and alternate site facilities in the United States and abroad, principally in Europe and Japan. In general, the company’s products are intended to be used once and then discarded or implanted either temporarily or permanently.

 

The company reports its sales around the concept of disease state management in four major product group categories: vascular, urology, oncology and surgical specialties. The company also has a product group of other products. The company strives to have a leadership position in all of its markets. Approximately 81% of the company’s net sales in 2005 were derived from products in which the company had a number one or number two market leadership position. See the “Net Sales” discussion below for an explanation of net sales.

 

The company’s key growth initiatives include continued focus on research and development, the further expansion of its sales organization, business development activities and improved manufacturing efficiencies. The company’s margins and net income are driven by the company’s ability to generate sales of its products and improve operating efficiency. The company’s ability to improve sales over time depends in part upon its success in developing and marketing new products. In this regard, the company has strategically increased funding of research and development activities in recent years, with a focus on products and markets that are growing faster than 8% annually. In 2005, the company spent approximately $114.6 million on research and development, an increase of approximately 115% from research and development spending of approximately $53.4 million in 2001. For the quarter ended March 31, 2006, the company spent approximately $38.6 million on research and development, an increase of approximately 41.9% from research and development spending of approximately $27.2 million in the quarter ended March 31, 2005. The research and development expense for the three months ended March 31, 2006 included purchased R&D of $10.4 million. In light of the complexity of the process of developing and bringing new products to market, the company expects a lag of as much as several years before the results of increased research and development spending are reflected in increased net sales. In addition, there can be no assurance that research and development activities will successfully generate new products or that new products will be successful in the market.

 

In 2003, as part of its effort to generate increased sales, the company increased its U.S. sales force by approximately 50 sales positions. In 2004, the company implemented a further sales force expansion to increase its U.S. sales force by approximately 60 sales positions and to increase its international sales force, primarily in Europe, by approximately 40 sales positions. In the fourth quarter of 2005, the company added approximately 55 additional sales positions in the United States. The company believes that its sales force expansions enhance geographic coverage, increase focus on high-growth businesses, facilitate new product introductions and aid in the identification of new product opportunities at the call-point level.

 

The company also plans to generate increased sales through selective acquisitions of businesses, products and technologies. In general, the company focuses on small- to medium-size acquisitions of products and technologies that complement the company’s existing product portfolio. In addition, the company may from time to time selectively consider acquisitions of larger, established companies under appropriate circumstances. From time to time, the company may divest lines of business in which the company is not able to reasonably attain or maintain a leadership position or for other strategic reasons. The company has completed five transactions to date in 2006, including the acquisition of Venetec International, Inc.

 

The company has a comprehensive program aimed at improving manufacturing efficiencies. This program has built on the company’s past restructuring activities and has resulted in sustained improvement of both margins and cash flow. Gross margins as a percentage of net sales improved by 140 basis points in 2005 as compared to 2004. Gross margins as a percentage of net sales improved by 10 basis points in the quarter ended March 31, 2006 as compared to the quarter ended March 31, 2005 (see “Costs and Expenses” below for further discussion comparing cost of goods sold for these periods). The improved cash flow associated with these activities provides additional funding for the company’s research and development activities and other growth initiatives discussed above.

 

26


Table of Contents

Results of Operations

 

Net Sales

 

The company’s revenues are generated from sales of the company’s products, net of discounts, returns, rebates and other allowances. Bard reported consolidated net sales for the first quarter ended March 31, 2006 of $467.5 million, an increase of 9% on a reported basis over first quarter ended March 31, 2005 consolidated net sales of $428.6 million. For the first quarter ended March 31, 2006, net sales increased 11% on a constant currency basis over the prior year period (see “Management’s Use of Non-GAAP Measures” below).

 

The geographic breakdown of net sales by the location of the third-party customer for the three months ended March 31, 2006 and 2005, respectively, is set forth below.

 

     2006

    2005

 

United States

   71 %   70 %

Europe

   18 %   19 %

Japan

   5 %   5 %

Rest of world

   6 %   6 %
    

 

Total net sales

   100 %   100 %
    

 

 

Price reductions had the effect of decreasing consolidated net sales for the quarter ended March 31, 2006 by 0.1% compared to the same period in the prior year. Exchange rate fluctuations had the effect of decreasing consolidated net sales for the quarter ended March 31, 2006 by 1.7% as compared to the same period in the prior year. The primary exchange rate movement that impacts net sales is the movement of the Euro compared to the U.S. dollar. The impact of exchange rate movements on net sales is not indicative of the impact on net earnings due to the offsetting impact of exchange rate movements on operating costs and expenses, costs incurred in other currencies and the company’s hedging activities.

 

Bard’s first quarter ended March 31, 2006 U.S. net sales of $330.0 million increased 10% over the first quarter ended March 31, 2005 U.S. net sales of $300.4 million. Bard’s first quarter ended March 31, 2006 international net sales of $137.5 million increased 7% on a reported basis and 13% on a constant currency basis over first quarter ended March 31, 2005 international net sales of $128.2 million. Within the international category for the quarter ended March 31, 2006, European net sales grew 4% on a reported basis (14% on a constant currency basis) over the quarter ended March 31, 2005. Net sales on a constant currency basis is a non-GAAP measure and not a replacement for GAAP results (see “Management’s Use of Non-GAAP Measures” below).

 

Presented below is a discussion of consolidated net sales by disease state for the three months ended March 31, 2006 and 2005.

 

Product Group Summary of Net Sales

 

     For the Three Months Ended March 31,

 
     2006

   2005

   Change

    Constant
Currency


 
     (dollars in thousands)  

Vascular

   $ 113,700    $ 104,300    9 %   12 %

Urology

     134,300      127,400    5 %   7 %

Oncology

     111,000      93,200    19 %   21 %

Surgical Specialties

     88,100      85,600    3 %   4 %

Other

     20,400      18,100    13 %   13 %
    

  

            

Total net sales

   $ 467,500    $ 428,600    9 %   11 %
    

  

            

 

27


Table of Contents

Vascular Products - Bard markets a wide range of products for the peripheral vascular market, including endovascular products, electrophysiology products and surgical graft products. Consolidated net sales for the quarter ended March 31, 2006 of vascular products increased 9% on a reported basis (12% on a constant currency basis) compared to the prior year’s first quarter. U.S. net sales for the quarter ended March 31, 2006 of vascular products grew 9% compared to the prior year’s first quarter. International net sales for the quarter ended March 31, 2006 increased 9% on a reported basis (15% on a constant currency basis) compared to the prior year’s first quarter. The vascular group is the company’s most global business, with international net sales comprising 45% of consolidated net sales of vascular products for the quarter ended March 31, 2006.

 

Consolidated net sales for the quarter ended March 31, 2006 of endovascular products increased 13% on a reported basis (15% on a constant currency basis) compared to the prior year’s first quarter. The company’s percutaneous transluminal angioplasty (“PTA”) balloon catheter, stent graft and biopsy product lines contributed to the growth in this category.

 

Consolidated net sales for the quarter ended March 31, 2006 of electrophysiology products increased 13% on a reported basis (17% on a constant currency basis) compared to the prior year’s first quarter. Strong sales performance in the company’s electrophysiology laboratory systems, steerable diagnostic catheter lines and an emerging line of products for the diagnosis of atrial fibrillation have driven the growth in electrophysiology products for the quarter ended March 31, 2006.

 

Consolidated net sales for the quarter ended March 31, 2006 of surgical graft products decreased 2% on a reported basis and remained flat on a constant currency basis compared to the prior year’s first quarter. Declining sales in the company’s line of dialysis access grafts impacted growth for the quarter ended March 31, 2006.

 

Urology Products - Bard markets a wide range of products for the urology market, including basic drainage products, continence products, pelvic floor reconstruction products and urological specialty products. Consolidated net sales for the quarter ended March 31, 2006 of urology products were $134.3 million, an increase of 5% on a reported basis (7% on a constant currency basis) compared to the prior year’s first quarter. U.S. net sales of urology products represented 72% of consolidated net sales of urology products for the quarter ended March 31, 2006 and grew 6% compared to the prior year’s first quarter. International net sales for the quarter ended March 31, 2006 of urology products increased 4% on a reported basis (9% on a constant currency basis) compared to the prior year’s first quarter.

 

Basic drainage products, including Foley catheters, represent the foundation of the company’s urology business. Consolidated net sales for the quarter ended March 31, 2006 of basic drainage products increased 7% on a reported basis (8% on a constant currency basis) compared to the prior year’s first quarter. Consolidated net sales for the quarter ended March 31, 2006 of infection control Foley catheter products grew 19% on both a reported basis and constant currency basis compared to the prior year’s first quarter.

 

Consolidated net sales for the quarter ended March 31, 2006 of urological specialty products, which include brachytherapy products and services, decreased 5% on a reported basis (4% on a constant currency basis) compared to the prior year’s first quarter.

 

Consolidated net sales for the quarter ended March 31, 2006 of continence products increased 17% on a reported basis (20% on a constant currency basis) compared to the prior year’s first quarter. The company’s surgical continence, continence bulking and pelvic floor reconstruction product lines provided the growth in the continence category.

 

Oncology Products - The company’s oncology products include specialty access products used primarily for chemotherapy. Consolidated net sales for the quarter ended March 31, 2006 of oncology products grew 19% on a reported basis (21% on a constant currency basis) compared to the prior year’s first quarter. U.S. net sales for the quarter ended March 31, 2006 of oncology products grew 21% compared to the prior year’s first quarter. International net sales for the quarter ended March 31, 2006 of oncology products grew 14% on a reported basis

 

28


Table of Contents

(21% on a constant currency basis) compared to the prior year’s first quarter. The company’s specialty access ports, peripherally-inserted central catheters (“PICCs”), and vascular access ultrasound devices contributed to the strong net sales growth in the oncology category in the quarter ended March 31, 2006.

 

Surgical Specialty Products - Consolidated net sales for the quarter ended March 31, 2006 of surgical specialty products increased 3% on a reported basis (4% on a constant currency basis) compared to the prior year’s first quarter. Surgical specialty products include soft tissue repair, performance irrigation and hemostasis product lines. U.S. net sales for the quarter ended March 31, 2006 of surgical specialty products increased 3% compared to the prior year’s first quarter. International net sales for the quarter ended March 31, 2006 of surgical specialty products increased 4% on a reported basis (9% on a constant currency basis) compared to the prior year’s first quarter.

 

Consolidated net sales for the quarter ended March 31, 2006 of soft tissue repair products were flat on a reported basis and grew 1% on a constant currency basis compared to the prior year’s first quarter. Overall growth of the company’s soft tissue repair products has moderated in recent periods with the maturation of the ventral hernia repair market in the United States.

 

In the fourth quarter 2005, the company initiated a voluntary product recall of its Bard® Composix® Kugel® Mesh X-Large Patch intended for ventral hernia repair. Following the recall, the U.S. Food and Drug Administration (“FDA”) conducted a follow-up inspection and issued an FDA Form-483 identifying certain observations. The company is in the process of addressing these observations and cannot give any assurances that the FDA will be satisfied with the company’s response. In the first quarter of 2006, the company expanded the number of recalled products by three to include other large sizes of the Bard® Composix® Kugel® Mesh patch that could be subject to the same failure mode.

 

Other Products - The other product group includes irrigation, wound drainage and certain original equipment manufacturers’ (OEM) products. Consolidated net sales of other products for the quarter ended March 31, 2006 were $20.4 million, an increase of 13% on both a reported basis and constant currency basis compared to the prior year’s first quarter.

 

Costs and Expenses

 

The company’s costs and expenses consist of costs of goods sold, marketing, selling and administrative expense, research and development expense, interest expense and other (income) expense, net. Costs of goods sold consist principally of the manufacturing and distribution costs of the company’s products. Marketing, selling and administrative expense consists principally of the costs associated with the company’s sales and administrative organizations. Research and development expense consists principally of expenses incurred with respect to internal research and development activities, milestone payments for third-party research and development activities and purchased R&D costs arising from the company’s business development activities. Interest expense consists of interest charges on indebtedness. Other (income) expense, net consists principally of interest income, foreign exchange gains and losses and other items, some of which may impact the comparability of the company’s results of operations between periods. In January 2006, the company adopted FAS 123R, which impacts the comparability of cost of goods sold, marketing, selling and administrative expense, and research and development expense between periods. See Note 7 in the notes to condensed consolidated financial statements included in this Form 10-Q.

 

29


Table of Contents

The following is a summary of major costs and expenses as a percentage of net sales for the three months ended March 31, 2006 and 2005.

 

     Three Months Ended March 31,

 
         2006    

        2005    

 

Cost of goods sold

   38.4 %   38.5 %

Marketing, selling and administrative expense

   30.5 %   30.0 %

Research and development expense

   8.3 %   6.4 %

Interest expense

   1.0 %   0.7 %

Other (income) expense, net

   (1.7 )%   (1.5 )%
    

 

Total costs and expenses

   76.5 %   74.1 %
    

 

 

Cost of goods sold - The company’s cost of goods sold as a percentage of net sales for the quarter ended March 31, 2006 was 38.4%, a reduction of 10 basis points from the cost of goods sold as a percentage of net sales for the quarter ended March 31, 2005 of 38.5%. The adoption of FAS 123R increased cost of goods sold as a percentage of net sales by 10 basis points. Overall, the rate of improvement of cost of goods sold as a percentage of net sales due to manufacturing efficiencies has moderated in recent periods.

 

Marketing, selling and administrative expense - The company’s marketing, selling and administrative costs as a percentage of net sales for the quarter ended March 31, 2006 was 30.5%. Marketing, selling and administrative costs as a percentage of net sales for the quarter ended March 31, 2005 was 30.0%. The adoption of FAS 123R increased marketing, selling and administrative costs as a percentage of net sales for the quarter ended March 31, 2006 by 140 basis points, partially offset by tight spending controls in other marketing, selling, and administrative areas.

 

Research and development expense - Research and development expenses are comprised of expenses related to internal research and development activities, milestone payments for third-party research and development activities and purchased R&D costs arising from the company’s business development activities. The components of internal research and development expenses include: salary and benefits, allocated overhead and occupancy costs, clinical trial and related clinical manufacturing costs, contract services and milestone payments for third-party research and development. All research and development costs are expensed as incurred. Research and development expenditures for the quarter ended March 31, 2006 of $38.6 million represented a 42% increase from the prior year’s quarter expenditures of $27.2 million. Included in the research and development expenses in the first quarter ended March 31, 2006 was purchased R&D of approximately $10.4 million pretax. Additionally, the adoption of FAS 123R increased research and development expense by approximately $0.4 million in the first quarter ended March 31, 2006.

 

Interest expense - Interest expense for the quarter ended March 31, 2006 increased to $4.7 million from $3.1 million for the quarter ended March 31, 2005, due to increased borrowings.

 

Other (income) expense, net - The table below presents the components of other (income) expense, net for the three months ended March 31, 2006 and 2005.

 

               2006          

              2005          

 
     (dollars in thousands)  

Interest income

   $ (7,800 )   $ (3,500 )

Foreign exchange (gains) losses

     (300 )     —    

Investment gains

     —         (3,200 )

Other, net

     400       300  
    


 


Total other (income) expense, net

   $ (7,700 )   $ (6,400 )
    


 


 

30


Table of Contents

Interest income - For the three months ended March 31, 2006, interest income was approximately $7.8 million compared to approximately $3.5 million for the three months ended March 31, 2005. The increase in 2006 was due to higher interest rates and investment balances.

 

Investment gains - For the three months ended March 31, 2005, other (income) expense, net included pretax income of approximately $3.2 million resulting from a milestone payment related to the company’s sale of an investment during the second quarter of 2004.

 

Income tax provision - The following is a reconciliation between the effective tax rates and the statutory rates for the three months ended March 31, 2006 and 2005:

 

         2006    

       2005    

U.S. federal statutory rate

   35 %    35 %

State income taxes, net of federal benefit

   1 %    2 %

Operations taxed at less than U.S. rate

   (11)%    (9)%

Other, net

   1 %    (1)%
    
  

Effective tax rate

       26 %        27 %
    
  

 

The company’s effective tax rate for the three months of operations ended March 31, 2006, decreased to 26% compared to 27% for the same period in 2005. This is primarily due to the impact of FAS 123R expense as well as the purchased R&D charges.

 

Net Income and Earnings Per Share

 

Bard reported consolidated net income for the quarter ended March 31, 2006 of $81.1 million. Consolidated net income for the quarter ended March 31, 2005 was $81.3 million. Bard reported diluted earnings per share for the quarter ended March 31, 2006 of $0.76, an increase of 1% from diluted earnings per share for the quarter ended March 31, 2005 of $0.75.

 

As described above under “Costs and Expenses — Other (income) expense, net,” certain items in the three months ended March 31, 2006 and 2005 impact the comparability of the company’s results of operations between periods.

 

Liquidity and Capital Resources

 

The company assesses its liquidity in terms of its ability to generate cash to fund its operating, investing and financing activities. Significant factors affecting the management of liquidity are: cash flows generated from operating activities, capital expenditures, investments in businesses and technologies, cash dividends and common stock repurchases. Cash provided from operations continues to be the company’s primary source of funds. Should it be necessary, the company believes it could borrow adequate funds at competitive terms. The table below summarizes liquidity measures for Bard as of March 31, 2006 and 2005.

 

     2006

   2005

     (dollars in millions)

Cash and cash equivalents

   $ 596.4    $ 555.6

Short-term investments

     102.4      4.6
    

  

Subtotal

   $ 698.8    $ 560.2
    

  

Working capital

   $ 669.7    $ 698.3
    

  

Current ratio

     2.21/1      2.83/1
    

  

Total debt

   $ 266.4    $ 151.5
    

  

Net cash position

   $ 432.4    $ 408.7
    

  

 

31


Table of Contents

Short-term investments that have original maturities of ninety days or less are considered cash equivalents. Working capital is defined as current assets less current liabilities. Current ratio is defined as the ratio of current assets to current liabilities. Net cash position is defined as cash, cash equivalents and short-term investments less total debt. In October 2004, the AJCA was signed into law. The AJCA created a temporary incentive for the company to repatriate accumulated foreign earnings in the form of an elective 85% dividends received deduction for certain cash dividends from controlled foreign corporations. In the third quarter of 2005, the company approved a plan to repatriate $600 million of undistributed foreign earnings under the provisions of the AJCA. The repatriation was completed in the fourth quarter of 2005.

 

The following table provides cash flow data for the three months ended March 31, 2006 and 2005.

 

     2006

    2005

 
     (dollars in millions)  

Net cash provided by operating activities

   $ 66.0     $ 93.7  
    


 


Net cash used in investing activities

   $ (139.7 )   $ (73.6 )
    


 


Net cash used in financing activities

   $ (85.6 )   $ (3.4 )
    


 


 

Operating activities - For the three months ended March 31, 2006, the company generated $66.0 million cash flow from operations, $27.7 million less than the cash flow from operations reported for the three months ended March 31, 2005. This decrease is due primarily to a tax payment made in the first quarter of 2006 related to the company’s repatriation of foreign earnings in 2005. For the three months ended March 31, 2006, net income of $81.1 million decreased $0.2 million over net income reported for the three months ended March 31, 2005. Adjustments to reconcile net income to net cash provided by operating activities were $(15.1) million and $12.4 million for the three months ended March 31, 2006 and 2005, respectively. Depreciation expense was approximately $10.7 million for the three months ended March 31, 2006 and $10.2 million for the three months ended March 31, 2005. Amortization expense was approximately $5.9 million for the three months ended March 31, 2006 and $6.5 million for the three months ended March 31, 2005.

 

Investing activities - For the three months ended March 31, 2006, the company used $139.7 million in cash for investing activities, $66.1 million more than the $73.6 million used for investing activities reported for the three months ended March 31, 2005. Capital expenditures amounted to $20.3 million and $23.3 million for the three months ended March 31, 2006 and 2005, respectively. The company spent approximately $21.1 million for the three months ended March 31, 2006 and $53.5 million for the three months ended March 31, 2005 for the acquisition of businesses, patents, trademarks, purchase rights and other related items to augment its existing product lines. These cash expenditures were financed primarily with cash from operations and short-term borrowings.

 

On April 7, 2006 the company acquired Venetec International, Inc. (“Venetec”), for a purchase price of approximately $166 million, which was paid using cash on hand. Venetec, located in San Diego, California, markets the StatLock® line of catheter securement products.

 

Financing activities - For the three months ended March 31, 2006, the company used $85.6 million in cash for financing activities, $82.2 million more than the $3.4 million used in financing activities reported for the three months ended March 31, 2005. Cash flow related to financing activities included changes in borrowings, equity proceeds related to option exercises, purchases of company stock and dividend payments. Total debt was $266.4 million at March 31, 2006 and $151.5 million at March 31, 2005. Total debt to total capitalization was 14.3% and 9.4% at March 31, 2006 and 2005, respectively. For the three months ended March 31, 2006, the company spent approximately $47.8 million to purchase 753,000 shares of common stock of the company. For the three months ended March 31, 2005, the company spent approximately $20.6 million to purchase 300,000 shares of common stock of the company. At March 31, 2006, a total of $452.2 million remains under the company’s $500 million share purchase authorization approved by the Board of Directors in 2005. The company paid cash dividends of $0.13 per share in the three months ended March 31, 2006 and $0.12 per share in the three months ended March 31, 2005.

 

32


Table of Contents

The company has in place a domestic syndicated bank credit facility totaling $400 million that supports the commercial paper program and can be used for other general corporate purposes. The credit facility expires in May 2009 and includes pricing based on the company’s long-term credit rating. There were no outstanding commercial paper borrowings at March 31, 2006 and 2005, respectively. In addition, on October 21, 2005, a wholly owned foreign subsidiary of the company entered into a $250 million syndicated bank credit facility to be used for general corporate needs, including in support of the company’s decision in 2005 to repatriate undistributed foreign earnings under the AJCA. Loans under the facility bear interest at the company’s option at a fixed spread to LIBOR or the higher of prime rate and 0.50% over the federal funds rate. The facility expires in October 2008. At March 31, 2006, there were $115.0 million of outstanding borrowings under the facility.

 

At March 31, 2006, the company had $150 million of unsecured notes outstanding. The notes mature in 2026 and pay a semi-annual coupon of 6.70%. The coupon interest closely approximates the effective annual cost of the notes. The 6.70% notes due 2026 may be redeemed at the option of the note holders on December 1, 2006 at a redemption price equal to the principal amount. In accordance with FAS No. 78, Classification of Obligations that are Callable by the Creditor, the company has classified these notes as current. If the note holders do not exercise their option on December 1, 2006, the option will expire and the notes will revert to a long-term classification. Assuming the notes are held to maturity, the market value of the notes approximates $160.5 million at March 31, 2006.

 

At March 31, 2006, the company’s long-term debt was rated “A” by Standard and Poor’s and “Baa1” by Moody’s, and the company’s commercial paper ratings were “A-1” by Standard and Poor’s and “P-2” by Moody’s. The company believes that this overall financial strength gives Bard sufficient financing flexibility.

 

Commitments and Contingencies

 

Legal - On March 16, 2004, Rochester Medical Corporation, Inc. filed a complaint against the company, another manufacturer and two group purchasing organizations under the caption Rochester Medical Corporation, Inc. v. C. R. Bard, Inc., et al. (Civil Action No. 304 CV 060, United States District Court, Eastern District of Texas). The plaintiff alleges that the company and the other defendants conspired to exclude it from the market and to maintain the company’s market share by engaging in conduct in violation of state and federal antitrust laws. The plaintiff also has asserted claims for business disparagement, common law conspiracy and tortious interference with business relationships. The plaintiff seeks injunctive relief and money damages in an unspecified amount. The company intends to defend this matter vigorously. The parties are currently engaged in discovery. Because the litigation is in a preliminary stage, the company cannot assess the likelihood of an adverse outcome or determine an estimate, or a range of estimates, of potential damages. The company cannot give any assurances that this matter will not have a material adverse impact on the company’s results of operations in a future period or the company’s financial position or liquidity.

 

Medicon, Inc. - The Osaka Regional Taxation Bureau is currently auditing the fiscal 2001 - 2005 tax years of Medicon, Inc., the company’s Japanese joint venture. Because the audit is in the preliminary stages, the company cannot assess the likelihood of an adverse outcome at this time. The company believes that an adverse outcome would not have a material impact on the company’s financial position or liquidity, but may be material to the amount of joint venture net income (loss) that may be recognized in a future period.

 

Management’s Use of Non-GAAP Measures

 

“Net sales on a constant currency basis” is a non-GAAP financial measure. The company analyzes net sales on a constant currency basis to better measure the comparability of results between periods. Because changes in foreign currency exchange rates have a non-operating impact on net sales, the company believes that evaluating growth in net sales on a constant currency basis provides an additional and meaningful assessment of net sales. Constant currency growth rates are calculated by translating the prior year’s local currency sales by the current period’s exchange rate. Constant currency growth rates are not indicative of changes in corresponding cash flows. The limitation of non-GAAP measures is that they do not reflect results on a standardized reporting basis. Non-GAAP financial measures are intended to supplement the applicable GAAP disclosures and should not be viewed as a replacement of GAAP results.

 

Critical Accounting Policies

 

The preparation of financial statements requires the company’s management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and

 

33


Table of Contents

liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The SEC defines “critical accounting policies” as those that require application of management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. The following is not intended to be a comprehensive list of all of the company’s accounting policies. The company’s significant accounting policies are more fully described in the company’s notes to consolidated financial statements. In many cases, the accounting treatment of a particular transaction is specifically dictated by accounting principles generally accepted in the United States, with no need for management’s judgment in their application. The critical accounting policies described below are areas in which management’s judgment in selecting an available alternative might produce a materially different result.

 

Revenue recognition - The company recognizes product revenue, net of discounts and rebates, when persuasive evidence of a sales arrangement exists, title and risk of loss has transferred, the buyer’s price is fixed or determinable, contractual obligations have been satisfied and collectibility is reasonably assured. Unless agreed otherwise, the company’s terms with domestic distributors provide that title and risk of loss pass F.O.B. origin. Certain sales to domestic and European distributors are F.O.B. destination. For arrangements where the company’s terms state F.O.B. destination, the company records sales on this basis. In the case of consignment inventories, revenues and associated costs are recognized upon the notification of usage by the customer.

 

Inventories - Inventories are stated at the lower of cost or market. For most domestic divisions, cost is determined using the last-in-first-out (“LIFO”) method. For all other inventories, cost is determined using the first-in-first-out (“FIFO”) method. Due to changing technologies and cost containment, the difference between the inventory valuation under the LIFO method and the FIFO method is not significant.

 

Stock-Based Compensation - The company accounts for share-based compensation in accordance with Statement of Financial Accounting Standards No. 123 (revised 2004), Share-Based Payment (“FAS 123R”), as interpreted by SEC Staff Accounting Bulletin No. 107. Under the fair value recognition provisions of this statement, share-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the vesting period. Determining the fair value of share-based awards at the grant date requires judgment, including estimating the company’s stock price volatility and employee stock option exercise behaviors.

 

The company’s expected volatility is based upon weightings of the historical volatility of the company’s stock and the implied volatility from publicly traded options. The company reviews the trading volumes and option life of its publicly traded options in order to determine the appropriate weighting of implied volatility in its valuation calculations. The expected life of share-based awards is based on observed historical exercise patterns and estimates of the company’s achievement of performance milestones which can accelerate vesting.

 

As stock-based compensation expense recognized in the consolidated statement of income is based on awards ultimately expected to vest, the amount of expense has been reduced for estimated forfeitures. FAS 123R requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based on historical experience.

 

Legal reserve estimates - The company is at times involved in legal actions, the outcomes of which are not within the company’s complete control and may not be known for extended periods of time. In some cases, the claimants seek damages, as well as other relief, which, if granted, could require significant expenditures. A liability is recorded in the company’s consolidated financial statements for these actions when a loss is known or considered probable and the amount can be reasonably estimated. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in the consolidated financial statements.

 

Tax estimates - All income tax amounts reflect the use of the liability method. Under this method, deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes. The company has filed tax returns with positions that may be challenged by the tax authorities. These positions relate to, among others, the allocation and/or recognition of income on intercompany transactions, the timing and amount of deductions and the tax treatment of acquisitions and divestitures. Although the outcome of tax audits is uncertain, in management’s opinion, adequate provisions for income taxes have been made for potential liabilities resulting from such matters. The company regularly assesses its tax position for such matters and includes reserves for those differences in position. The reserves are utilized or reversed once the statute of

 

34


Table of Contents

limitations has expired or the matter is otherwise resolved. The company believes that the ultimate outcome of these matters will not have a material impact on its financial position or liquidity but may be material to the income tax provision and net income in a future period.

 

The company operates in multiple taxing jurisdictions, both within the United States and outside the United States. The company faces audits from these various tax authorities regarding the amount of taxes due. Such audits can involve complex issues and may require an extended period of time to resolve. The company’s U.S. federal tax filings have been examined by the IRS for calendar years ending prior to 2000. The company believes all tax differences arising from those audits have been resolved and settled. The company has been notified that an audit of its U.S. federal tax filings for the 2003 and 2004 tax years will commence in the second quarter of 2006. The company’s U.K. affiliates’ tax filings have been examined by Inland Revenue in the United Kingdom for the tax years ending prior to 1999. The company believes all tax differences arising from those audits have been resolved and settled. As of March 31, 2006, the company’s U.K. affiliates’ tax filings for the 1999 through 2003 tax years were under examination by Inland Revenue in the United Kingdom.

 

Allowance for doubtful accounts, customer rebates and inventory writedowns - Management makes estimates of the uncollectibility of the company’s accounts receivable, amounts that are rebated to specific customers in accordance with contractual requirements and inventory adjustments to reflect inventory valuation at the lower of cost or market. In estimating the reserves necessary for the allowance for doubtful accounts, management considers historical bad debt trends, customer concentrations, customer creditworthiness and current economic trends. The company establishes an allowance for doubtful accounts for estimated amounts that are uncollectible from customers. In estimating the allowance for customer rebates, management considers the lag time between the point of sale and the payment of the customer’s rebate claim, customer specific trend analysis and contractual commitments including the stated rebate rate. The company establishes an allowance for customer rebates and reduces sales for such rebate amounts. In estimating the adjustment for inventory writedowns, management considers product obsolescence, quantity on hand, future demand for the product and other market-related conditions. The company records an adjustment for inventory writedowns when such conditions cause the inventory market value to be below carrying value. The company records such adjustments to cost of sales in the period in which the condition exists.

 

It is possible that the underlying factors discussed above for the allowance for doubtful accounts, customer rebates and inventory writedowns could change. Depending on the extent and nature of the change to the underlying factors, the impact to the company’s financial position and results of operations could be material in the period of change.

 

Valuation of purchased R&D, goodwill and intangible assets - When the company acquires another company, the purchase price is allocated, as applicable, between purchased R&D, other identifiable intangible assets, tangible assets, and goodwill as required by generally accepted accounting principles in the United States. Purchased R&D is defined as the value assigned to those projects for which the related products have not received regulatory approval and have no alternative future use. Determining the portion of the purchase price allocated to purchased R&D and other intangible assets requires the company to make significant estimates. The amount of the purchase price allocated to purchased R&D and other intangible assets is determined by estimating the future cash flows of each project or technology and discounting the net cash flows back to their present values. The discount rate used is determined at the time of the acquisition in accordance with accepted valuation methods. For purchased R&D, these methodologies include consideration of the risk of the project not achieving commercial feasibility.

 

Goodwill represents the excess of the aggregate purchase price over the fair value of net assets, including purchased R&D, of the acquired businesses. Goodwill is tested for impairment annually, or more frequently if changes in circumstances or the occurrence of events suggest an impairment exists. The test for impairment requires the company to make several estimates about fair value, most of which are based on projected future cash flows. The company’s estimates associated with the goodwill impairment tests are considered critical due to the amount of goodwill recorded on the company’s consolidated balance sheets and the judgment required in determining fair value amounts, including projected future cash flows.

 

Intangible assets consist primarily of patents, distribution agreements and other intellectual property, which are amortized using the straight-line method over their estimated useful lives, ranging from 8 to 24 years. The

 

35


Table of Contents

company reviews these intangible assets for impairment annually or as changes in circumstances or the occurrence of events suggest the remaining value is not recoverable.

 

Pension plans - The company sponsors pension plans covering substantially all domestic employees and certain foreign employees who meet eligibility requirements. Several statistical and other factors that attempt to anticipate future events are used in calculating the expense and liability related to the plans. These factors include assumptions about the discount rate, expected return on plan assets and rate of future compensation increases as determined by the company, within certain guidelines. In addition, the company’s actuarial consultants also use subjective factors, such as withdrawal and mortality rates, to estimate these factors. The actuarial assumptions used by the company may differ materially from actual results due to changing market and economic conditions, higher or lower withdrawal rates or longer or shorter life spans of the participants. These differences may have a significant effect on the amount of pension expense recorded by the company.

 

Risks and Uncertainties; Cautionary Statement Regarding Forward-Looking Information

 

Certain statements contained herein or in other company documents and certain statements that may be made by management of the company orally may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historic or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “forecast,” “plan,” “believe” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. In particular, these include statements relating to product approvals, future performance of current and anticipated products, sales efforts, expenses, the outcome of contingencies, such as legal proceedings, and financial results.

 

In addition, there are substantial risks inherent in the medical device business. The company’s business involves the design, development, manufacture, packaging, distribution and sale of life-sustaining medical devices. These devices are often utilized on, or permanently or temporarily implanted in, seriously ill patients in clinically demanding circumstances, such as operating rooms, emergency units, intensive care and critical care settings, among others. These circumstances, among other factors, can cause the products to become associated with adverse clinical events, including patient mortality and injury, and could lead to product liability claims and other litigation, product withdrawals, recalls, field corrections or regulatory enforcement actions relating to one or more of the company’s products, any of which could have a material adverse effect on our business, financial position, liquidity and results of operations. For further discussion of risks applicable to our business, see “Risk Factors” in our annual report on Form 10-K.

 

Because actual results are affected by these and other risks and uncertainties, the company cautions investors that actual results may differ materially from those expressed or implied. It is not possible to predict or identify all risks and uncertainties, but the most significant factors, in addition to those addressed above, that could adversely affect our business or cause the actual results to differ materially from those expressed or implied include, but are not limited to:

 

Effective management of and reaction to risks involved in our business, including:

 

    the ability to achieve manufacturing or administrative efficiencies, including gross margin benefits from our manufacturing process and supply chain programs as a result of the company’s restructuring, or in connection with the integration of acquired businesses;

 

    the effects of negative publicity concerning our products, which could result in product withdrawals or decreased product demand and which could reduce market or governmental acceptance of our products;

 

    the ability to identify appropriate companies, businesses and technologies as potential acquisition candidates, to consummate and integrate such transactions or to obtain agreements with favorable terms;

 

    the reduction in the number of procedures using our devices caused by customers’ cost-containment pressures or preferences for alternate therapies;

 

    the ability to maintain or increase research and development expenditures;

 

36


Table of Contents
    the uncertainty of whether increased research and development expenditures and sales force expansion will result in increased sales;

 

    the ability to maintain our effective tax rate and uncertainty related to tax audits, appeals and litigation;

 

    the risk that the company may not successfully implement its new Enterprise Resource Planning (“ERP”) information system, which could adversely affect the company’s results of operations in future periods or its ability to meet the ongoing requirements of Section 404 of the Sarbanes-Oxley Act of 2002;

 

    internal factors, such as retention of key employees, including sales force employees;

 

    the ability to achieve earnings forecasts, which are generated based, among other things, on projected volumes and sales of many product types, some of which are more profitable than others;

 

    changes in factors and assumptions employed in the application of FAS 123R, or actual results that differ from our assumptions on stock valuation and employee option exercise patterns, which could cause compensation expense recorded in future periods to differ significantly from the compensation expense recorded in the current period and, as a result, materially impact the company’s results of operations;

 

    damage to a company facility, which could render the company unable to manufacture a particular product (as the company may utilize only one manufacturing facility for certain of its major products) and may require the company to reduce the output of products at the damaged facility thereby making it difficult to meet product shipping targets; and

 

    the potential impairment of goodwill and intangible assets of the company resulting from insufficient cash flow generated from such assets specifically, or our business more broadly, so as to not allow the company to justify the carrying value of the assets.

 

Competitive factors, including:

 

    the trend of consolidation in the medical device industry as well as among our customers, resulting in potentially greater pricing pressures and more significant and complex contracts than in the past, both in the United States and abroad;

 

    development of new products or technologies by competitors having superior performance compared to our current products or products under development;

 

    technological advances, patents and registrations obtained by competitors that would have the effect of excluding the company from new market segments or preventing the company from selling a product or including key features in the company’s products;

 

    attempts by competitors to gain market share through aggressive marketing programs; and

 

    reprocessing by third-party reprocessors of our products designed and labeled for single use.

 

Difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, including:

 

    the ability to complete planned clinical trials successfully, to develop and obtain regulatory approval for products on a timely basis and to launch products on a timely basis within cost estimates;

 

    lengthy and costly regulatory approval processes, which may result in lost market opportunities;

 

    delays or denials of, or grants of low levels of reimbursement for, procedures using newly developed products;

 

    the suspension or revocation of authority to manufacture, market or distribute existing products;

 

    the imposition of additional or different regulatory requirements, such as those affecting manufacturing and labeling;

 

    performance, efficacy or safety concerns for existing products, whether scientifically justified or not, that may lead to product recalls, withdrawals, litigation or declining sales, including adverse events relating to the company’s vena cava filters and hernia repair products;

 

 

37


Table of Contents
    FDA inspections resulting in FDA Form-483 observations and/or warning letters identifying deficiencies in the company’s current good manufacturing practices and/or quality systems; warning letters which identify violations of FDA regulations could result in product holds, recalls, restrictions on future clearances by the FDA for products to which the deficiencies are reasonably related and/or civil penalties;

 

    the failure to obtain, limitations on the use of, or the loss of, patent and other intellectual property rights, and the failure of efforts to protect our intellectual property rights against infringement and legal challenges that can increase our costs;

 

    difficulties obtaining necessary components or raw materials used in the company’s products and/or price increases from the company’s suppliers of critical components or raw materials or other interruptions of the supply chain; and

 

    customers that may limit the number of manufacturers or vendors from which they will purchase products, which can result in the company’s exclusion from large hospital systems, integrated delivery networks or group purchasing organization contracts.

 

Governmental action, including:

 

    the impact of continued health care cost containment;

 

    new laws and judicial decisions related to health care availability, payment for health care products and services or the marketing and distribution of products, including legislative or administrative reforms to the United States Medicare and Medicaid systems or other United States or international reimbursement systems in a manner that would significantly reduce reimbursements for procedures that use the company’s products;

 

    changes in the U.S. Food and Drug Administration and foreign regulatory approval processes that may delay or prevent the approval of new products and result in lost market opportunity;

 

    the impact of more vigorous compliance and enforcement activities affecting the industry in general or the company in particular;

 

    changes in the tax or environmental laws or standards affecting our business which could require facility upgrades or process changes and could affect production rates and output; and

 

    compliance costs and potential penalties and remediation obligations in connection with environmental laws, including, without limitation, regulations regarding air emissions, waste water discharges and solid waste.

 

Legal disputes, including:

 

    disputes over intellectual property rights;

 

    product liability claims;

 

    claims asserting securities law violations;

 

    claims asserting violations of federal law in connection with Medicare and/or Medicaid reimbursement;

 

    derivative shareholder actions;

 

    claims and subpeonas asserting antitrust violations;

 

    environmental claims, including risks relating to accidental contamination or injury from the use of hazardous materials in the company’s manufacturing, sterilization and research activities and the potential for the company to be held liable for any resulting damages; and

 

    commercial disputes, including disputes over distribution agreements, license agreements, manufacturing/supply agreements and acquisition or sale agreements.

 

General economic conditions, including:

 

    international and domestic business conditions;

 

38


Table of Contents
    political instability in foreign countries;

 

    interest rates;

 

    foreign currency exchange rates; and

 

    changes in the rate of inflation.

 

     Other factors beyond our control, including catastrophes, both natural and man-made, earthquakes, floods, fires, explosions, acts of terrorism or war.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

Bard operates on a global basis and therefore is subject to the exposures that arise from foreign exchange rate fluctuations. The company manages these exposures using operational and economic hedges as well as derivative financial instruments. The company’s foreign currency exposures may change over time as changes occur in the company’s international operations. The company’s objective in managing its exposures to foreign currency fluctuations is to minimize earnings and cash flow volatility associated with assets, liabilities, net investments and probable commitments denominated in foreign currencies. In order to reduce the risk of foreign currency exchange rate fluctuations, the company will from time to time enter into derivative financial instruments to hedge a portion of its expected foreign currency denominated cash flow from operations. The instruments that the company uses for hedging are forward contracts and options with major financial institutions. The company expects that the changes in fair market value of such contracts will have a high correlation to the price changes in the related hedged cash flow. The principal currencies the company hedges are the Euro, the British Pound, the Mexican Peso and the Japanese Yen. Any gains and losses on these hedge contracts are expected to offset changes in the value of the related exposure. Bard’s risk management guidelines prohibit entering into financial instruments for speculative purposes. The company enters into foreign currency transactions only to the extent that foreign currency exposure exists. A sensitivity analysis of changes in the fair value of all foreign exchange derivative contracts at March 31, 2006 indicates that if the U.S. dollar uniformly strengthened by 10% against all currencies, the fair value of these contracts would increase by $2.4 million, and if the U.S. dollar uniformly weakened by 10% against all currencies, the fair value of these contracts would increase by $1.1 million. Any gains and losses on the fair value of derivative contracts would be largely offset by gains and losses on the underlying transactions. These offsetting gains and losses are not reflected in the above analysis.

 

In December 1996, the company issued $150.0 million of 6.70% notes due 2026. These notes may be redeemed at the option of the note holders on December 1, 2006, at a redemption price equal to the principal amount. Assuming these notes are held to maturity, the market value of the notes approximates $160.5 million at March 31, 2006. Assuming a 100 basis point increase or decrease in U.S. interest rates and assuming that the notes are held to maturity, the market value of the notes would approximate $149.6 million or $180.5 million, respectively, on March 31, 2006.

 

Item 4. Controls and Procedures

 

The company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the company’s reports under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosures. Any controls and procedures, no matter how well defined and operated, can provide only reasonable assurance of achieving the desired control objectives.

 

The company’s management, with the participation of the company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of the company’s disclosure controls and procedures as of March 31, 2006. Based upon that evaluation, the company’s Chief Executive

 

39


Table of Contents

Officer and Chief Financial Officer have concluded that the design and operation of the company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) provide reasonable assurance that the disclosure controls and procedures are effective to accomplish their objectives.

 

The company is in the process of implementing a new ERP information system to manage its business operations. Although the transition has proceeded to date without material adverse effects, the possibility exists that our migration to the new ERP information system could adversely affect the company’s controls and procedures. The process of implementing new information systems could adversely impact our ability to do the following in a timely manner: accept and process customer orders, receive inventory and ship products, invoice and collect receivables, place purchase orders and pay invoices and perform all other business transactions related to the accounting, order entry, purchasing and supply chain processes within the ERP system.

 

40


Table of Contents

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

 

In the ordinary course of business, the company is subject to various legal proceedings and claims, including product liability matters, environmental matters, employment disputes, disputes on agreements and other commercial disputes. In addition, the company operates in an industry susceptible to significant patent legal claims. At any given time, in the ordinary course of business, the company is involved as either a plaintiff or defendant in a number of patent infringement actions. If infringement of a third party’s patent were to be determined against the company, the company might be required to make significant royalty or other payments or might be subject to an injunction or other limitation on its ability to manufacture or distribute one or more products. If a patent owned by or licensed to the company were to be determined to be invalid or unenforceable, the company might be required to reduce the value of the patent on the company’s balance sheet and to record a corresponding charge, which could be significant in amount.

 

The company is subject to numerous federal, state, local and foreign environmental protection laws governing, among other things, the generation, storage, use and transportation of hazardous materials and emissions or discharges into the ground, air or water. The company is or may become a party to proceedings brought under the Comprehensive Environmental Response, Compensation and Liability Act, commonly known as Superfund, the Resource Conservation and Recovery Act, the Clean Water Act, the Clean Air Act and similar state laws. These proceedings seek to require the owners or operators of contaminated sites, transporters of hazardous materials to the sites and generators of hazardous materials disposed of at the sites to clean up the sites or to reimburse the government for cleanup costs. In most cases, there are other potentially responsible parties that may be liable for any remediation costs. In these cases, the government alleges that the defendants are jointly and severally liable for the cleanup costs; however, these proceedings are frequently resolved so that the allocation of cleanup costs among the parties more closely reflects the relative contributions of the parties to the site contamination. The company’s potential liability varies greatly from site to site. For some sites, the potential liability is de minimis and for others the costs of cleanup have not yet been determined.

 

The company believes that the proceedings and claims described above will likely be resolved over an extended period of time. While it is not feasible to predict the outcome of these proceedings, based upon the company’s experience, current information and applicable law, the company does not expect these proceedings to have a material adverse effect on its financial position or liquidity. However, one or more of the proceedings could be material to the company’s business and results of operations for a future period.

 

On March 16, 2004, Rochester Medical Corporation, Inc. filed a complaint against the company, another manufacturer and two group purchasing organizations under the caption Rochester Medical Corporation, Inc. v. C. R. Bard, Inc., et al. (Civil Action No. 304 CV 060, United States District Court, Eastern District of Texas). The plaintiff alleges that the company and the other defendants conspired to exclude it from the market and to maintain the company’s market share by engaging in conduct in violation of state and federal antitrust laws. The plaintiff also has asserted claims for business disparagement, common law conspiracy and tortious interference with business relationships. The plaintiff seeks injunctive relief and money damages in an unspecified amount. The company intends to defend this matter vigorously. The parties are currently engaged in discovery. Because the litigation is in a preliminary stage, the company cannot assess the likelihood of an adverse outcome or determine an estimate, or a range of estimates, of potential damages. The company cannot give any assurances that this matter will not have a material adverse impact on the company’s results of operations in a future period or the company’s financial position or liquidity.

 

The company is a defendant in an action entitled Sakharam D. Mahurkar v. C. R. Bard, Inc., Bard Access Systems, Inc. and Bard Healthcare, Inc. (Civil Action No. 01 C 8452, United States District Court, Northern District of Illinois). The action commenced in November 2001. The plaintiff alleges that the company is infringing one or more of the claims of several of the plaintiff’s U. S. patents for dialysis catheters. The action

 

41


Table of Contents

seeks a permanent injunction, monetary damages for the period of alleged infringement, treble damages and attorneys’ fees. On December 9, 2004, the court stayed the trial date pending the outcome of the reexamination of one of the patents at issue. The company does not expect the matter to have a material adverse effect on its financial position or liquidity; however, the matter could be material to the company’s business and results of operations for a future period.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

(c)

 

     Issuer Purchases of Equity Securities

          Open Market Purchases

Period


  

Employee

Benefit Plan

Shares

Surrendered

For Taxes(1)


  

Total Number

of Shares

Purchased


  

Average Price

Paid Per Share


  

Total
Approximate
Dollar Value

Purchased as

Part of Publicly

Announced

Program(2)


  

Maximum

Approximate
Dollar Value

that May Yet
Be Purchased

Under Publicly
Announced

Program(2)


January 1 - January 31, 2006

   764    100,000    $ 64.31    $ 6,400,000    $ 493,600,000

February 1 - February 28, 2006

   26,708    653,000      63.40      41,400,000      452,200,000

March 1 - March 31, 2006

   2,798    —        —        —        452,200,000
    
  
  

  

  

Total

   30,270    753,000    $ 63.52    $ 47,800,000    $ 452,200,000
    
  
  

  

  


(1) Transactions represent the purchase of restricted shares from employees to satisfy tax withholding requirements on such equity-based transactions. None of these transactions were made in the open market.
(2) On December 14, 2005, the Board of Directors approved the repurchase from time to time of up to $500 million of the common stock of the company.

 

Item 4. Submission of Matters to a Vote of Security Holders

 

(a) The registrant held its Annual Meeting of Shareholders on April 19, 2006.

 

(b) Proxies for the meeting were solicited pursuant to Regulation 14A; there was no solicitation in opposition to management’s nominees for directors as listed in the Proxy Statement and all such nominees were elected. The results of voting for the four Class I Directors elected for a term of three years are set forth below:

 

Marc C. Breslawsky

 

For

Withheld

  86,665,915
1,621,415

Herbert L. Henkel

 

For

Withheld

  83,411,934
4,875,796

Timothy M. Ring

 

For

Withheld

  83,192,550
5,095,180

Tommy G. Thompson

 

For

Withheld

  86,631,044
1,656,686

 

(c) Described below are the other matters voted upon at the Annual Meeting and the number of affirmative votes, negative votes and abstentions and broker nonvotes.

 

I.       Approval of the 2003 Long-Term Incentive Plan, as amended and restated – approved.

   

For

Against

Abstain and broker non-votes

  63,928,397
14,830,959
9,528,374

 

42


Table of Contents

II.     Approval of the 2005 Directors’ Stock Award Plan, as amended and restated – approved.

     For    51,165,380
     Against    27,542,709
     Abstain and broker non-votes    9,579,641

III.    Approval of the 1998 Employee Stock Purchase Plan, as amended and restated – approved.

     For    76,617,559
     Against    2,213,013
     Abstain and broker non-votes    9,457,158

IV.   Ratification of the appointment of KPMG LLP as independent auditors for the year 2006 – approved.

     For    86,373,043
     Against    1,284,367
     Abstain    630,320

V.     Shareholder proposal relating to a workplace code of conduct based on International Labor Organization conventions – not approved.

     For    22,537,491
     Against    46,001,210
     Abstain and broker non-votes    19,749,029

 

Item 5. Other Information

 

Our policy governing transactions in our securities by our directors, executive officers and other specified employees permits such persons to adopt trading plans pursuant to Rule 10b5-1 of the Exchange Act. We anticipate that from time to time, the company’s executive officers may establish trading plans relating to our common stock under Rule 10b5-1. Our current intention is to disclose details regarding individual trading plans on our website.

 

Item 6. Exhibits

 

(a) Exhibit 10bi* – 2003 Long Term Incentive Plan of C. R. Bard, Inc. (as Amended and Restated)
(b) Exhibit 10bj* – 2005 Directors’ Stock Award Plan of C. R. Bard, Inc. (as Amended and Restated)
(c) Exhibit 10bk* – 1998 Employee Stock Purchase Plan of C. R. Bard, Inc. (as Amended and Restated)
(d) Exhibit 12.1 – Computation of Ratio of Earnings to Fixed Charges
(e) Exhibit 31.1 – Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer
(f) Exhibit 31.2 – Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer
(g) Exhibit 32.1 – Section 1350 Certification of Chief Executive Officer
(h) Exhibit 32.2 – Section 1350 Certification of Chief Financial Officer
* This exhibit constitutes a management contract or a compensatory plan or arrangement

 

43


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, thereunto duly authorized.

 

        C. R. BARD, INC.
       

      (Registrant)

       

/s/    TODD C. SCHERMERHORN        


       

Todd C. Schermerhorn

Senior Vice President and

Chief Financial Officer

Date: May 3, 2006

       

 

44

EX-10.(B)(I) 2 dex10bi.htm 2003 LONG TERM INCENTIVE PLAN OF C.R. BARD, INC. 2003 Long Term Incentive Plan of C.R. Bard, Inc.

Exhibit 10bi

2003 LONG TERM INCENTIVE PLAN

OF

C. R. BARD, INC.

(AS AMENDED AND RESTATED)

Effective as of April 19, 2006, the 2003 Long Term Incentive Plan of C. R. Bard, Inc. (the “Plan”) is hereby amended and restated by C. R. Bard, Inc., a New Jersey corporation (the “Corporation”), as set forth herein. The Plan was originally effective as of April 16, 2003.

SECTION 1. — Purpose of the Plan

The 2003 Long Term Incentive Plan of C. R. Bard, Inc. is designed to attract and retain the services of selected employees of the Corporation and its Subsidiaries and to motivate such employees to exert their best efforts on behalf of the Corporation and its Subsidiaries by providing incentives through the granting of Awards. The Corporation expects that it will benefit from the added interest that such employees will have in the welfare of the Corporation as a result of their proprietary interest in the Corporation’s success. The Plan may be used to grant equity-based awards under various compensation programs of the Corporation, as determined in the discretion of the Compensation Committee of the Board of Directors of the Corporation and in accordance with the terms hereof. The Committee shall have the full authority to establish the terms and conditions of any Award granted under the Plan, subject to the terms and limitations contained herein.

SECTION 2. — Definitions

The following capitalized terms used in the Plan have the respective meanings set forth in this Section:

(a) Act: The Securities Exchange Act of 1934, as amended (or any successor statute thereto).

(b) Award: An Option, Stock Appreciation Right or Other Stock-Based Award granted pursuant to the Plan.

(c) Board: The Board of Directors of the Corporation.

(d) Change of Control: A change of control of the nature that would be required to be reported in response to Item 1(a) of the Current Report on Form 8-K as in effect on April 16, 2003, pursuant to Section 13 or 15(d) of the Act (other than such a change of control involving a Permitted Holder); provided, that, without limitation, a Change of Control shall be deemed to have occurred if:

(i) any “person” (other than a Permitted Holder) shall become the “beneficial owner”, as those terms are defined below, of capital stock of the Corporation, the voting power of which constitutes 20% or more of the general voting power of all of the Corporation’s outstanding capital stock; or

(ii) individuals who, as of April 16, 2003, constituted the Board (the “Incumbent Board”) cease for any reasons to constitute at least a majority of the Board; provided, that any person becoming a Director subsequent to April 16, 2003, whose election, or nomination for election by the Corporation’s shareholders, was approved by a vote of at least three quarters of the Directors comprising the Incumbent Board (other than an election or nomination of an individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of the Directors of the Corporation, which is or would be subject to Rule 14a-11 of the Regulation 14A promulgated under the Act) shall be, for purposes of the Plan, considered as though such person were a member of the Incumbent Board.

For purposes of the definition of Change of Control, the following definitions shall be applicable:

(1) The term “person” shall mean any individual, group, corporation or other entity.

(2) For purposes of this definition only, any person shall be deemed to be the “beneficial owner” of any shares of capital stock of the Corporation:

(i) which that person owns directly, whether or not of record, or

(ii) which that person has the right to acquire pursuant to any agreement or understanding or upon exercise of conversion rights, warrants, or options, or otherwise, or

(iii) which are beneficially owned, directly or indirectly (including shares deemed owned through application of clause (ii) above), by an “affiliate” or “associate” (as defined in the rules of the Securities and Exchange Commission under the Securities Act of 1933, as amended) of that person, or

 

1


(iv) which are beneficially owned, directly or indirectly (including shares deemed owned through application of clause (ii) above), by any other person with which that person or such person’s “affiliate” or “associate” (defined as aforesaid) has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting or disposing of capital stock of the Corporation.

(3) The outstanding shares of capital stock of the Corporation shall include shares deemed owned through application of clauses (2)(ii), (iii) and (iv), above, but shall not include any other shares which may be issuable pursuant to any agreement or upon exercise of conversion rights, warrants or options, or otherwise, but which are not actually outstanding.

(e) Code: The Internal Revenue Code of 1986, as amended (or any successor statute thereto).

(f) Committee: The Compensation Committee of the Board, or such other committee as may be designated by the Board.

(g) Corporation: C. R. Bard, Inc., a New Jersey corporation.

(h) Director: A member of the Board.

(i) Disability: Inability of a Participant to perform in all material respects his duties and responsibilities to the Corporation, or any Subsidiary of the Corporation, by reason of a physical or mental disability or infirmity which inability is reasonably expected to be permanent and has continued (i) for a period of six consecutive months or (ii) such shorter period as the Committee may reasonably determine in good faith. The Disability determination shall be in the sole discretion of the Committee.

(j) Effective Date: April 19, 2006, provided that the Plan, as amended and restated, shall have been approved by the shareholders of the Corporation.

(k) Fair Market Value: On a given date, (i) if there should be a public market for the Shares on such date, the arithmetic mean of the high and low prices of the Shares as reported on such date on the Composite Tape of the principal national securities exchange on which such Shares are listed or admitted to trading, or, if the Shares are not listed or admitted on any national securities exchange, the arithmetic mean of the per Share closing bid price and per Share closing asked price on such date as quoted on the National Association of Securities Dealers Automated Quotation System (or such market in which such prices are regularly quoted) (the “NASDAQ”), or, if no sale of Shares shall have been reported on the Composite Tape of any national securities exchange or quoted on the NASDAQ on such date, then the immediately preceding date on which sales of the Shares have been so reported or quoted shall be used, and (ii) if there should not be a public market for the Shares on such date, the Fair Market Value shall be the value established by the Committee in good faith.

(l) ISO: An Option that is also an incentive stock option granted pursuant to Section 6(d) of the Plan.

(m) LSAR: A limited stock appreciation right granted pursuant to Section 7(d) of the Plan.

(n) Other Stock-Based Awards: Awards granted pursuant to Section 8 of the Plan.

(o) Option: A stock option granted pursuant to Section 6 of the Plan.

(p) Option Price: The purchase price per Share of an Option, as determined pursuant to Section 6(a) of the Plan.

(q) Participant: An employee of the Corporation or any of its Subsidiaries who is selected by the Committee to participate in the Plan.

(r) Permitted Holder means, as of the date of determination: (i) an employee benefit plan (or trust forming a part thereof) maintained by the Corporation or any corporation or other person of which a majority of its voting power of its voting equity securities or equity interest is owned, directly or indirectly, by the Corporation (a “Controlled Entity”); (ii) the Corporation or any Controlled Entity; (iii) any entity, which directly or indirectly through a majority-owned Subsidiary, following a transaction described in paragraph (d) above, owns the stock or assets of the Corporation, and in which a majority of the combined voting power of the voting securities of such entity is held by the shareholders of the Corporation who were shareholders of the Corporation immediately prior to such transaction, in substantially the same proportion to each other that they were prior to the transaction; or (iv) an underwriter in a public offering, or purchaser in a private placement, of capital stock by the Corporation.

(s) Performance-Based Awards: Certain Other Stock-Based Awards granted pursuant to Section 8(b) of the Plan.

(t) Plan: The 2003 Long Term Incentive Plan of C. R. Bard, Inc., as amended from time to time.

 

2


(u) Shares: Shares of common stock of the Corporation.

(v) Stock Appreciation Right: A stock appreciation right granted pursuant to Section 7 of the Plan.

(w) Subsidiary: A subsidiary corporation, as defined in Section 424(f) of the Code (or any successor section thereto).

SECTION 3. — Shares Subject to the Plan

Subject to adjustment as provided in Section 9, (i) the total number of Shares which may be issued under the Plan is 12,500,000 and (ii) the maximum number of Shares for which Options and Stock Appreciation Rights or Other Stock-Based Awards under Section 8(b) may be granted during a calendar year to any Participant shall not exceed 900,000. The maximum number of Shares that may be granted as Awards of restricted Shares, unrestricted Shares, restricted Share units, or other Performance-Based Awards shall not exceed 2,750,000 shares in the aggregate. The Shares may consist, in whole or in part, of unissued Shares or treasury Shares. The issuance of Shares or the payment of cash upon the exercise of an Award or in consideration of the cancellation or termination of an Award shall reduce the total number of Shares available under the Plan, as applicable. Shares subject to Awards which are forfeited, terminate or otherwise lapse will be added back to the aggregate number of Shares available under the Plan. Notwithstanding the foregoing, the following Shares shall not become available for issuance under the Plan: (i) Shares tendered by Participants as full or partial payment to the Corporation upon the exercise of Options granted under the Plan; (ii) Shares reserved for issuance upon the grant of Stock Appreciation Rights, to the extent the number of reserved Shares exceeds the number of Shares actually issued upon the exercise of the Stock Appreciation Rights; and (iii) Shares withheld by, or otherwise remitted to, the Corporation to satisfy a Participant’s tax withholding obligations upon the lapse of restrictions on restricted Shares or the exercise of Options or Stock Appreciation Rights granted under the Plan.

SECTION 4. — Administration

The Plan shall be administered by the Committee, which may delegate its duties and powers in whole or in part to any subcommittee thereof; it is expected that such subcommittee shall consist solely of at least two individuals who are intended to qualify as “Non-Employee Directors” within the meaning of Rule 16b-3 under the Act (or any successor rule thereto) and “outside directors” within the meaning of Section 162(m) of the Code (or any successor section thereto); provided, however, that the failure of the subcommittee to be so constituted shall not impair the validity of any Award made by such subcommittee. Subject to the provisions of the Plan, the Committee shall have exclusive power to select the Participants and to determine the amount of, or method of determining, the Awards to be made to Participants. All Awards granted to Participants under the Plan shall be evidenced by an Award agreement which specifies the type of Award granted pursuant to the Plan, the number of Shares underlying the Award and all terms governing the Award, including, without limitation, terms regarding vesting, exercisability and expiration of the Award. Awards may, in the discretion of the Committee, and to the extent permitted by Section 6(a), be made under the Plan to Participants in assumption of, or in substitution for, outstanding awards previously granted by the Corporation or its affiliates or an entity acquired by the Corporation or with which the Corporation combines. The number of Shares underlying such substitute awards shall be counted against the aggregate number of Shares available for Awards under the Plan. The Shares underlying such previously outstanding awards, if such awards were Awards under this Plan, shall be added back to the aggregate number of Shares available under the Plan. The Committee is authorized to interpret the Plan, to establish, amend or rescind any rules and regulations relating to the Plan and to make any other determinations that it deems necessary or desirable for the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent the Committee deems necessary or desirable. Any decision of the Committee in the interpretation and administration of the Plan, as described herein, shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned (including, but not limited to, Participants and their beneficiaries or successors). The Committee shall have the full power and authority, consistent with the provisions of the Plan, to establish the terms and conditions of any Award and to waive any such terms or conditions at any time (including, without limitation, accelerating or waiving any vesting conditions). The Committee shall require payment of any amount it may determine to be necessary to withhold for federal, state, local or other taxes as a result of the exercise, grant or vesting of an Award as a condition to such exercise, grant or vesting. Unless the Committee specifies otherwise, the Participant may elect to pay a portion or all of such withholding taxes by (a) delivery in Shares or (b) having Shares withheld by the Corporation from any Shares that would have otherwise been received by the Participant.

SECTION 5. — Limitations

No Award may be granted under the Plan after the tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that date.

 

3


SECTION 6. — Terms and Conditions of Options

Options granted under the Plan shall be, as determined by the Committee, non-qualified or incentive stock options for federal income tax purposes, as evidenced by the related Award agreements between the Corporation and the Option recipient, and shall be subject to the foregoing and the following terms and conditions and to such other terms and conditions, not inconsistent therewith, as the Committee shall determine:

 

4


(a) Option Price. The Option Price per Share shall be determined by the Committee, but shall not be less than 100% of the Fair Market Value of the Shares on the date an Option is granted. Notwithstanding any provision in this Plan to the contrary other than the last sentence of this Section 6(a), no Option may be amended to reduce the per Share Option Price of the Shares subject to such Option below the Option Price determined as of the date the Option is granted, nor may an Option be granted in exchange for, or in connection with, the cancellation or surrender of an Option or other Award having a higher Option Price or exercise price. The restrictions set forth in this Section 6 shall not apply to the assumption of, substitution for, or adjustment of outstanding Options that are assumed, substituted, or adjusted in connection with a transaction described in Section 9, provided that the aggregate Option Price times the number of shares underlying the Option immediately before the transaction equals or exceeds the aggregate Option Price times the number of Shares underlying the Option (or substituted Option) immediately following the transaction.

(b) Exercisability. Options granted under the Plan shall be vested and exercisable at such times and upon such terms and conditions as may be determined by the Committee, but in no event shall an Option be exercisable more than ten years after the date it is granted.

(c) Exercise of Options. Except as otherwise provided in the Plan or in an Award agreement, an Option may be exercised for all, or from time to time any part, of the Shares for which it is then vested and exercisable. For purposes of Section 6 of the Plan, the exercise date of an Option shall be the later of the date a notice of exercise is received by the Corporation and, if applicable, the date payment is received by the Corporation pursuant to clauses (i), (ii), (iii) or (iv) in the following sentence. The purchase price for the Shares as to which an Option is exercised shall be paid to the Corporation in full at the time of exercise at the election of the Participant (i) in cash or its equivalent (e.g., by check), (ii) to the extent permitted by the Committee, in Shares having a Fair Market Value equal to the aggregate Option Price for the Shares being purchased and satisfying such other requirements as may be imposed by the Committee; provided, that such Shares have been held by the Participant for no less than six months (or such other period as established from time to time by the Committee in order to avoid adverse accounting treatment applying generally accepted accounting principles), (iii) partly in cash and, to the extent permitted by the Committee, partly in such Shares or (iv) if there is a public market for the Shares at such time, subject to rules and limitations established by the Committee, through the delivery of irrevocable instructions to a broker to sell Shares obtained upon the exercise of the Option and to deliver promptly to the Corporation an amount out of the proceeds of such sale equal to the aggregate Option Price for the Shares being purchased. No Participant shall have any rights to dividends or other rights of a stockholder with respect to Shares subject to an Option until the Participant has given written notice of exercise of the Option, paid in full for such Shares, received such Shares from the Corporation and, if applicable, has satisfied any other conditions imposed by the Committee pursuant to the Plan.

(d) Incentive Stock Options. The Committee may grant Options under the Plan that are intended to be ISOs. Such ISOs shall comply with the requirements of Section 422 of the Code (or any successor section thereto). Except as otherwise permitted in Section 422 of the Code (or any successor section thereto), no ISO may be granted to any Participant who, at the time of such grant, owns more than ten percent of the total combined voting power of all classes of stock of the Corporation or of any Subsidiary, unless (i) the Option Price for such ISO is at least 110% of the Fair Market Value of a Share on the date the ISO is granted and (ii) the date on which such ISO terminates is a date not later than the day preceding the fifth anniversary of the date on which the ISO is granted. Any Participant who disposes of Shares acquired upon the exercise of an ISO either (i) within two years after the date of grant of such ISO or (ii) within one year after the transfer of such Shares to the Participant shall promptly notify the Corporation of such disposition and of the amount realized upon such disposition. All Options granted under the Plan are intended to be nonqualified stock options, unless the applicable Award agreement expressly states that the Option is intended to be an ISO. If an Option is intended to be an ISO, and if for any reason such Option (or portion thereof) shall not qualify as an ISO, then, to the extent of such failure to qualify, such Option (or portion thereof) shall be regarded as a nonqualified stock option granted under the Plan; provided, that such Option (or portion thereof) otherwise complies with the Plan’s requirements relating to nonqualified stock options. In no event shall any member of the Committee, the Corporation or any of its Affiliates (or their respective employees, officers or directors) have any liability to any Participant (or any other Person) due to the failure of an Option to qualify for any reason as an ISO.

(e) Attestation. Wherever in this Plan or any agreement evidencing an Award a Participant is permitted to pay the exercise price of an Option or taxes relating to the exercise of an Option by delivering Shares, the Participant may, subject to procedures satisfactory to the Committee, satisfy such delivery requirement by presenting proof that he or she is the beneficial owner (as such term is defined in Rule 13d-3 under the Act (or any successor rule thereto)) of such Shares, in which case the Corporation shall treat the Option as exercised without further payment and shall withhold such number of Shares from the Shares acquired by the exercise of the Option.

 

5


SECTION 7. — Terms and Conditions of Stock Appreciation Rights

(a) Grants. The Committee also may grant (i) a Stock Appreciation Right independent of an Option or (ii) a Stock Appreciation Right in connection with an Option, or a portion thereof. A Stock Appreciation Right granted pursuant to clause (ii) of the preceding sentence (A) may be granted at the time the related Option is granted or at any time prior to the exercise or cancellation of the related Option, (B) shall cover the same number of Shares covered by an Option (or such lesser number of Shares as the Committee may determine) and (C) shall be subject to the same terms and conditions as such Option except for such additional limitations as are contemplated by this Section 7 (or such additional limitations as may be included in an Award agreement).

(b) Terms. The exercise price per Share of a Stock Appreciation Right shall be an amount determined by the Committee but in no event shall such amount be less than the greater of (i) the Fair Market Value of a Share on the date the Stock Appreciation Right is granted or, in the case of a Stock Appreciation Right granted in conjunction with an Option, or a portion thereof, the Option Price of the related Option and (ii) the minimum amount permitted by applicable laws, rules, by-laws or policies of regulatory authorities or stock exchanges. Notwithstanding any provision in this Plan to the contrary other than the next sentence of this Section 7(b), no Stock Appreciation Right may be amended to reduce the exercise price per Share of the Shares subject to such Stock Appreciation Right below the exercise price determined as of the date the Stock Appreciation Right is granted, nor may a Stock Appreciation Right be granted in exchange for, or in connection with, the cancellation or surrender of a Stock Appreciation Right or other Award having a higher exercise price. The restrictions set forth in this Section 7(b) shall not apply to the assumption of, substitution for, or adjustment of outstanding Stock Appreciation Rights that are assumed, substituted, or adjusted in connection with a transaction described in Section 9, provided that the aggregate exercise price times the number of shares underlying the Stock Appreciation Right immediately before the transaction equals or exceeds the aggregate exercise price times the number of Shares underlying the Stock Appreciation Right (or substituted Stock Appreciation Right) immediately following the transaction. Each Stock Appreciation Right granted independent of an Option shall entitle a Participant upon exercise to an amount equal to (i) the excess of (A) the Fair Market Value on the exercise date of one Share over (B) the exercise price per Share, times (ii) the number of Shares covered by the Stock Appreciation Right and as to which the Stock Appreciation Right is exercised. Each Stock Appreciation Right granted in conjunction with an Option, or a portion thereof, shall entitle a Participant to surrender to the Corporation the unexercised Option, or any portion thereof, and to receive from the Corporation in exchange therefor an amount equal to (i) the excess of (A) the Fair Market Value on the exercise date of one Share over (B) the Option Price per Share, times (ii) the number of Shares covered by the Option, or portion thereof, which is surrendered. The date a notice of exercise is received by the Corporation shall be the exercise date. Payment shall be made in Shares or in cash, or partly in Shares and partly in cash (any such Shares valued at such Fair Market Value), all as shall be determined by the Committee. Stock Appreciation Rights may be exercised from time to time in whole or in part upon actual receipt by the Corporation of written notice of exercise stating the number of Shares with respect to which the Stock Appreciation Right is being exercised. No fractional Shares will be issued in payment for Stock Appreciation Rights, but instead cash will be paid for a fraction or, if the Committee should so determine, the number of Shares will be rounded downward to the next whole Share. In no event shall a Stock Appreciation Right be exercisable more than ten years after the date it is granted.

(c) Limitations. Subject to Section 12, the Committee may impose, in its discretion, such conditions upon the exercisability or transferability of Stock Appreciation Rights as it may deem fit.

(d) Limited Stock Appreciation Rights. The Committee may grant LSARs that are exercisable upon the occurrence of specified contingent events (including, without limitation, a Change of Control). Such LSARs may provide for a different method of determining appreciation, may specify that payment will be made only in cash and may provide that any related Awards are not exercisable while such LSARs are exercisable. Pursuant to Section 4, the Committee is authorized to amend the terms of an LSAR held by any employee subject to Section 16 of the Exchange Act, as may be necessary so that the holding and exercise of such LSAR will be exempt under such Section 16. Unless the context otherwise requires, whenever the term “Stock Appreciation Right” is used in the Plan, such term shall include LSARs.

SECTION 8. — Other Stock-Based Awards

(a) Generally. The Committee, in its sole discretion, may grant or sell Awards of Shares, Awards of restricted Shares and Awards that are valued in whole or in part by reference to, or are otherwise based on the Fair Market Value of, Shares (“Other Stock-Based Awards”). Such Other Stock-Based Awards shall be in such form, and dependent on such conditions, as the Committee shall determine, including, without limitation, the right to receive, or vest with respect to, one or more Shares (or the equivalent cash value of such Shares) upon the completion of a specified period of service, the occurrence of an event and/or the attainment of performance objectives; provided, however, that the

 

6


Committee may grant Awards of unrestricted Shares only if the Committee has determined that such Award is made in lieu of salary or cash bonus. Other Stock-Based Awards may be granted alone or in addition to any other Awards granted under the Plan. Subject to the provisions of the Plan, the Committee shall determine to whom and when Other Stock-Based Awards will be made, the number of Shares to be awarded under (or otherwise related to) such Other Stock-Based Awards; whether such Other Stock-Based Awards shall be settled in cash, Shares or a combination of cash and Shares; and all other terms and conditions of such Awards (including, without limitation, the vesting provisions thereof and provisions ensuring that all Shares so awarded and issued shall be fully paid and non-assessable); provided, however, that the restricted period specified in respect of any Award of restricted Shares shall not be less than three years, except that the Committee may (i) provide for the restricted period to terminate at any time after one year upon the attainment of performance-based objectives and (ii) the Committee may grant awards of up to 500,000 restricted Shares without regard to this limitation.

(b) Performance-Based Awards. Notwithstanding anything to the contrary herein, certain Other Stock-Based Awards granted under this Section 8 may be granted in a manner which is deductible by the Corporation under Section 162(m) of the Code (or any successor section thereto) (“Performance-Based Awards”). A Participant’s Performance-Based Awards shall be determined based on the attainment of written performance goals approved by the Committee for a performance period established by the Committee (i) while the outcome for that performance period is substantially uncertain and (ii) no more than 90 days after the commencement of the performance period to which the performance goal relates or, if less, the number of days which is equal to 25 percent of the relevant performance period, or as otherwise permitted pursuant to Section 162(m) of the Code (or any successor section thereto). The performance goals, which must be objective, shall be based upon one or more of the following criteria: (i) consolidated earnings before or after taxes (including earnings before interest, taxes, depreciation and amortization); (ii) net income; (iii) operating income; (iv) earnings per Share; (v) return on shareholders’ equity; (vi) attainment of strategic and operational initiatives; (vii) customer income; (viii) economic value-added models; (ix) maintenance or improvement of profit margins; (x) stock price, including, without limitation, as compared to one or more stock indices; (xi) market share; (xii) revenues, sales or net sales; (xiii) return on assets; (xiv) book value per Share; (xv) expense management; (xvi) improvements in capital structure; (xvii) costs and (xviii) cash flow. The foregoing criteria may relate to the Corporation, one or more of its Subsidiaries or one or more of its divisions or units, or any combination of the foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group companies or indices, or any combination thereof, all as the Committee shall determine. In addition, to the degree consistent with the Code, the performance goals may be calculated without regard to extraordinary, unusual and/or non-recurring items. The Committee shall determine whether, with respect to a performance period, the applicable performance goals have been met with respect to a given Participant and, if they have, so certify and ascertain the amount of the applicable Performance-Based Award. No Performance-Based Awards will be paid for such performance period until such certification is made by the Committee. The amount of the Performance-Based Award actually paid to a given Participant may be less than the amount determined by the applicable performance goal formula, at the discretion of the Committee. The amount of the Performance-Based Award determined by the Committee for a performance period shall be paid to the Participant at such time as determined by the Committee in its sole discretion after the end of such performance period; provided, however, that a Participant may, if and to the extent permitted by the Committee and consistent with the provisions of Section 162(m) of the Code, elect to defer payment of a Performance Based Award. To the extent Section 162(m) of the Code (or any successor section thereto) provides terms different from the requirements of this Section 8(b), this Section 8(b) shall be deemed amended thereby.

SECTION 9. — Adjustments Upon Certain Events

Notwithstanding any other provisions in the Plan to the contrary:

(a) Generally. In the event after the Effective Date there is any Share dividend or split, reorganization, recapitalization, merger, consolidation, spin-off, combination, combination or transaction or exchange of Shares or other corporate exchange, or any distribution to shareholders of Shares or other property or securities (other than regular cash dividends) or any transaction similar to the foregoing or other transaction that results in a change to the Corporation’s equity capitalization, the Committee in its sole discretion and without liability to any person may make such substitution or adjustment, if any, as it deems to be equitable or appropriate, as to (i) the number or kind of Shares or other securities issued or reserved for issuance pursuant to the Plan or pursuant to outstanding Awards, (ii) the maximum number of Shares for which Options and Stock Appreciation Rights and Other Stock-Based Awards under Section 8(b) may be granted during a calendar year to any Participant, (iii) the maximum number of Shares which may be granted as Awards of restricted Shares, unrestricted Shares and restricted Share units, (iv) the Option Price, exercise price of any Stock Appreciation Right or purchase price of any Award and/or (v) any other affected terms of an Award or the Plan.

 

7


(b) Change of Control. In the event of a Change of Control after the Effective Date, except to the extent the Committee has determined otherwise with respect to any Award at or prior to the time of grant, (i) any outstanding Awards then held by Participants which are unexercisable or otherwise unvested or subject to lapse restrictions shall automatically be deemed exercisable or otherwise vested or no longer subject to lapse restrictions, as the case may be, as of immediately prior to the effectiveness of such Change of Control and (ii) the Committee may, but shall not be obligated to, (A) cancel such Awards for fair value (as determined in the sole discretion of the Committee) which, in the case of Options and Stock Appreciation Rights, may equal the excess, if any, of value of the consideration to be paid in the Change of Control transaction to holders of the same number of Shares subject to such Options or Stock Appreciation Rights (or, if no consideration is paid in any such transaction, the Fair Market Value of the Shares subject to such Options or Stock Appreciation Rights) over the aggregate exercise price of such Options or Stock Appreciation Rights or (B) provide for the issuance of substitute Awards that will substantially preserve the otherwise applicable terms of any affected Awards previously granted hereunder as determined by the Committee in its sole discretion.

SECTION 10. — No Right to Employment or Awards; Excluded Compensation Under Other Plans

The granting of an Award under the Plan shall impose no obligation on the Corporation or any Subsidiary to continue the employment of a Participant and shall not lessen or affect the Corporation’s or Subsidiary’s right to terminate the employment of such Participant. No Participant or other Person shall have any claim to be granted any Award, and there is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be the same with respect to each Participant (whether or not such Participants are similarly situated). No award under the Plan shall be taken into account in determining a Participant’s compensation for purposes of any group life insurance or other employee benefit or pension plan of the Corporation.

SECTION 11. — Successors and Assigns

The Plan shall be binding on all successors and assigns of the Corporation and a Participant, including, without limitation, the estate of such Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant’s creditors.

SECTION 12. — Transferability of Awards

An Award shall not be transferable or assignable by the Participant for consideration. An Award may be transferred by will or by the laws of descent and distribution. An Award exercisable after the death of a Participant may be exercised by the legatees, personal representatives or distributees of the Participant. Upon the Disability of a Participant, an Award may be exercisable by his or her conservator or representative. At the Committee’s discretion, an Award agreement may provide that a Participant may transfer certain Awards to family members, or one or more trusts or other entities for the benefit of or owned by family members, consistent with applicable securities laws, provided that the Participant receives no consideration for the transfer of the Award and the transferred Award shall continue to be subject to the same terms and conditions as were applicable to the Award immediately before the transfer.

SECTION 13. — Share Issuance and Delivery in Compliance With Securities Laws

If in the opinion of counsel for the Corporation (who may be an employee of the Corporation or independent counsel employed by the Corporation), any issuance or delivery of Shares to a Participant will violate the requirements of any applicable federal or state laws, rules or regulations (including, without limitation, the provisions of the Securities Act of 1933, as amended, or the Act), such issuance or delivery may be postponed until the Corporation is satisfied that the distribution will not violate such laws, rules or regulations. Certificates delivered to Participants pursuant to the Plan may bear such legends as the Corporation may deem advisable.

SECTION 14. — Amendments or Termination

The Board may amend the Plan at any time, provided that no amendment shall be made without the approval of the Shareholders of the Corporation that would (a) increase the maximum number of Shares which may be acquired under the Plan, (b) extend the term during which Options may be granted under the Plan, (c) permit the Option Price or exercise price per Share to be less than 100% of the Fair Market Value of the Shares on the date an Option or Stock Appreciation Right is granted (other than as specifically provided in Sections 6(a) and 7(b)), (d) terminate restrictions applicable to Awards (except in connection with a Participant’s death, Disability or termination of employment or in connection with a Change of Control) or (e) provide for Awards not permitted pursuant to the terms of the Plan. The Board shall also have the right to terminate the Plan at any time. Without the consent of a Participant (except as otherwise provided in Section 9(a)), no amendment shall materially diminish any of the rights of such Participant under any Award theretofore granted to such Participant under the Plan; provided, however, that the Committee may amend the Plan in such manner as it deems necessary to permit the granting of Awards meeting the requirements of the Code or other applicable laws.

 

8


SECTION 15. — International Participants

With respect to Participants who reside or work outside the United States of America and who are not (and who are not expected to be) “covered employees” within the meaning of Section 162(m) of the Code, the Committee may, in its sole discretion, amend the terms of the Plan or Awards with respect to such Participants in order to conform such terms with the provisions of local law and practice or otherwise as deemed necessary or desirable by the Committee.

SECTION 16. — Choice of Law

The Plan shall be governed by and construed in accordance with the laws of the State of New Jersey without regard to conflicts of laws.

SECTION 17. — Effectiveness of the Plan

The Plan shall be effective as of the Effective Date.

 

9

EX-10.(B)(J) 3 dex10bj.htm 2005 DIRECTORS' STOCK AWARD PLAN OF C.R. BARD, INC 2005 Directors' Stock Award Plan of C.R. Bard, Inc

Exhibit 10bj

2005 DIRECTORS’ STOCK AWARD PLAN

OF

C. R. BARD, INC.

(AS AMENDED AND RESTATED)

Effective as of April 19, 2006, the 2005 Directors’ Stock Award Plan of C. R. Bard, Inc. (the “Plan”) is hereby amended and restated by C. R. Bard, Inc., a New Jersey corporation (the “Corporation”), as set forth herein.

The Corporation’s objectives in maintaining the Plan are (a) to attract and retain highly qualified individuals to serve on the Board of Directors of the Corporation, (b) to relate non-employee directors’ compensation more closely to the Corporation’s performance and its shareholders’ interests, and (c) to increase non-employee directors’ stock ownership in the Corporation.

SECTION 1. DEFINITIONS.

For purposes of the Plan, the following terms shall have the indicated meanings:

1.01 “Award” shall mean an Option, Stock Award, SAR or other stock-based award granted pursuant to the Plan.

1.02 “Board” shall mean the Board of Directors of the Corporation.

1.03 “Code” shall mean the Internal Revenue Code of 1986, as amended (or any successor statute thereto).

1.04 “Committee” shall mean the Governance Committee of the Board or such other committee as may be designated by the Board.

1.05 “Common Stock” shall mean the Common Stock of the Corporation, par value $0.25 per share.

1.06 “Corporation” shall mean C. R. Bard, Inc., a New Jersey corporation.

1.07 “Director” shall mean a member of the Board.

1.08 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

1.09 “Fair Market Value” shall mean on any given date, (a) the mean between the high and low sale price of the Common Stock on that day as reported on the New York Stock Exchange-Composite Transactions Tape or, if no sale of Common Stock shall have occurred on the New York Stock Exchange on that day, on the next preceding day on which there was a sale; or (b) in the case of a simultaneous exercise and sale, the actual price Optionee receives in the open market on the date of the exercise. If the Common Stock is not traded on the New York Stock Exchange, the Fair Market Value shall be the amount that is reasonably determined by the Committee.

1.10 “Option” shall mean a stock option granted pursuant to Section 5 of the Plan.

1.11 “Option Price” shall mean the purchase price per Share of an Option, as determined pursuant to Section 5.04 of the Plan.

1.12 “Option Period” shall mean the period from the date of the grant of an Option to the date of its expiration as provided in Section 5.

1.13 “Optionee” shall mean a Participant who has been granted an Option under the Plan.

1.14 “Participant” shall mean any non-employee Director who receives an Award.

1.15 “Permanent Disability” shall mean any disability which prevents a Director from performing all duties as a Director.

1.16 “Plan” shall mean the C. R. Bard, Inc. 2005 Directors’ Stock Award Plan.

1.17 “Retirement” shall mean the voluntary cessation of service as a director by a director who is 55 years of age or older and who has served on the Board for at least five years.

1.18 “SAR” shall mean stock appreciation right granted pursuant to Section 6 of the Plan.

1.19 “Stock Award” shall mean Common Stock awards granted pursuant to Section 4 of the Plan.

1.20 “Term” shall mean the number of years that the Participant is appointed or elected to serve as a Director.

1.21 “Transfer Restriction Period” shall mean the period of time during which a Stock Award will remain subject the transfer restrictions set forth in Section 4.04 of the Plan.

 

1


1.22 “Unrestricted Stock” shall mean Common Stock awarded to a Participant which Common Stock is not subject to a vesting period or installment delivery specified by the Committee.

1.23 “Vesting Restriction Period” shall mean the period of time during which a Stock Award will remain subject to vesting restrictions as described in Section 4.01(b) of the Plan.

SECTION 2. SHARES SUBJECT TO THE PLAN.

Subject to adjustment as provided in Section 10, the total number of shares of Common Stock which may be issued under the Plan is 350,000. The shares may consist, in whole or in part, of unissued shares or treasury shares. The issuance of shares or the payment of cash upon the exercise of an Award or in consideration of the cancellation or termination of an Award shall reduce the total number of shares available under the Plan, as applicable. Shares subject to Awards which are forfeited, terminate or otherwise lapse will be added back to the aggregate number of shares available under the Plan.

SECTION 3. ADMINISTRATION.

3.01 Determination of Awards. Subject to the provisions of the Plan, the Committee shall have exclusive power to select the Participants and to determine the amount of, or method of determining, the Awards to be made to Participants. All Awards granted to Participants under the Plan shall be evidenced by an Award agreement which specifies the type of Award granted pursuant to the Plan, the number of shares of Common Stock underlying the Award and all terms governing the Award, including, without limitation, terms regarding vesting, exercisability and expiration of the Award.

3.02 Interpretation of Plan. The Committee is authorized to interpret the Plan, to establish, amend or rescind any rules and regulations relating to the Plan and to make any other determinations that it deems necessary or desirable for the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent the Committee deems necessary or desirable. Any decision of the Committee in the interpretation and administration of the Plan, as described herein, shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned (including, but not limited to, Participants and their beneficiaries or successors). The Committee shall have the full power and authority, consistent with the provisions of the Plan, to establish the terms and conditions of any Award and to waive any such terms or conditions at any time (including, without limitation, accelerating or waiving any vesting conditions).

3.03 Tax Withholding. The Committee shall require payment of any amount it may determine to be necessary to withhold for federal, state, local or other taxes as a result of the exercise, grant or vesting of an Award as a condition to such exercise, grant or vesting. Unless the Committee specifies otherwise, the Participant may elect to pay a portion or all of such withholding taxes by (a) delivery in shares of Common Stock or (b) having shares of Common Stock withheld by the Corporation from any shares of Common Stock that would have otherwise been received by the Participant.

SECTION 4. STOCK AWARDS.

4.01 Formula Grant of Stock Award.

(a) Grant. On the first business day in October following the appointment or election of an individual as a Director (the “Grant Date”), each nonemployee Director shall receive a Stock Award of 400 shares of Common Stock for each year or partial year remaining in his or her Term (other than a partial year resulting from the appointment or election of a Director subsequent to the October 1st immediately preceding the annual meeting at which the term of office of such Director will expire).

(b) Formula Grant Vesting Restriction Period. Unless otherwise determined by the Committee, each Stock Award granted pursuant to Section 4.01 shall vest with respect to the first 400 shares of Common Stock on the Grant Date and, with respect to the remaining shares of Common Stock included in such Stock Award, on each October 1 following the date on which the Stock Award was granted. If for any reason, the Participant ceases to serve as a Director prior to the date on which he or she is fully vested in the Stock Award granted under this Section 4.01, he or she shall forfeit all of the unvested shares underlying such Stock Award.

(c) Formula Grant Transfer Restriction Period. The transfer restrictions set forth in Section 4.04 of this Plan shall apply to shares of Common Stock underlying grants of Stock Awards made pursuant to Section 4.01 of the Plan until the second anniversary of the end of the Vesting Restriction Period applicable to such shares. Notwithstanding the foregoing sentence, however, the Transfer Restriction Period shall end upon the death or Permanent Disability of the Participant.

4.02 Additional Stock Awards. The Committee may grant Stock Awards in addition to those provided in Section 4.01 of the Plan in such form, and dependent on such conditions and restrictions (or without conditions and restrictions), as the

 

2


Committee, in its sole discretion, shall determine and as set forth in the Stock Award agreement, including, without limitation, the right to receive, or vest with respect to the Stock Award upon the completion of a specified period of service as a Director, the occurrence of an event and/or the attainment of performance objectives, and all other terms and conditions of such Stock Award. Except as otherwise provided by the Committee, Stock Awards granted pursuant to this Section 4.02 shall not vest earlier than the third anniversary of the date on which they are granted. Restrictions on Stock Awards shall lapse over a period of time or according to such other criteria as set forth in the Stock Award agreement. Notwithstanding anything else to the contrary, a Stock Award that is not subject to vesting shall be made only in lieu of the payment of a cash retainer to the Director.

4.03 Termination of Director, Death, Permanent Disability, or Retirement.

(a) With respect to formula based Stock Awards (granted pursuant to Section 4.01) of the Plan, if for any reason, the Participant ceases to serve as a Director prior to the end of the Vesting Restriction Period applicable to such shares, he or she shall forfeit all unvested shares underlying such Stock Award.

(b) With respect to additional Stock Awards (granted pursuant to Section 4.02 of the Plan), except otherwise provided herein, in the event that a Participant ceases during the Vesting Restriction Period to be a Director for any reason other than death or Retirement, the Participant shall forfeit the Stock Award as to all shares of Common Stock covered by the award with respect to which such Vesting Restriction Period has not ended, and those shares of Common Stock must be immediately returned to the Corporation. The Committee may, however, provide for complete or partial exceptions to this requirement as it deems appropriate.

(c) With respect to additional Stock Awards (granted pursuant to Section 4.02 of the Plan), in the event the Participant ceases to be a Director during the Vesting Restriction Period due to death or Retirement, the Vesting Restriction Period shall terminate and all of the shares of Common Stock covered by the award shall be free of all restrictions.

4.04 Restrictions on Transfer and Legend on Stock Certificate.

(a) During the Transfer Restriction Period set forth in Section 4.01(c) or in the applicable grant Agreement governing a Stock Award granted pursuant to Section 4.02 of the Plan, a Participant may not sell, assign, transfer, pledge, or otherwise dispose of the shares of Common Stock of the Stock Award except as provided under Section 7. Each certificate for Stock Awards shall contain a legend giving appropriate notice of the restrictions in the Stock Award agreement. The Participant shall be entitled to have the legend removed from the stock certificate covering the shares of Common Stock subject to restrictions when all restrictions on such shares of Common Stock have lapsed.

(b) Each certificate representing a Stock Award subject to restrictions shall be registered in the name of the Participant to whom the Stock Award was granted and bear the following, or a substantially similar, legend:

“The transferability of this Certificate and the Common Stock represented hereby is subject to the terms and conditions, including forfeiture, contained in Section 4 of the C. R. Bard, Inc. 2005 Directors’ Stock Award Plan, as amended from time to time, and an agreement entered into between the registered owner and C. R. Bard, Inc. Copies of the Plan and Stock Award agreement are on file in the executive office of C. R. Bard, Inc., 730 Central Avenue, Murray Hill, New Jersey 07974.”

4.05 Right to Vote and to Receive Dividends. During the Restriction Period, the Participant shall have the right to vote shares of Common Stock subject to Stock Awards and to receive any dividends or other distributions paid on such shares of Common Stock.

4.06 Delivery of Certificates. When each of the Vesting Restriction Period and Transfer Restriction Period have lapsed with regard to shares of Common Stock related to a Stock Award, the Corporation shall deliver to the Participant holding such Stock Award, or the Participant’s legal representative, beneficiary or heir, a certificate or certificates, without the legend referred to above, for the number of shares of Common Stock deposited with the Corporation for all shares of Common Stock for which all vesting and transfer restrictions have expired or been satisfied.

SECTION 5. OPTIONS.

5.01 Grant of Options. At the same time that option grants are made to the Corporation’s officers in or about July, each nonemployee Director shall be granted an Option to purchase 1200 shares of Common Stock. Except as otherwise determined by the Committee, the Option granted to each such nonemployee Director at such time shall become exercisable with respect to 400 shares of Common Stock on each of the first three anniversaries of the grant date in accordance with the provisions of this Section. The Committee, in its sole discretion, may grant additional Options to any Director under the Plan.

 

3


5.02 Term of Option. The term of any Option shall not exceed ten years from the date of grant.

5.03 Conditions of Option. Except to the extent otherwise provided in the Plan, Options shall be in such form, and dependent on such conditions, as the Committee shall determine and as set forth in the Option agreement, including, without limitation, the right to receive, or vest with respect to the Option upon the completion of a specified period of service as a Director, the occurrence of an event and/or the attainment of performance objectives, and all other terms and conditions of such Option.

5.04 Option Price. The Option Price per share of Common Stock shall not be less than 100% of the Fair Market Value of a share of Common Stock on the date the Option is granted. Notwithstanding any provision in this Plan to the contrary other than the last sentence of this paragraph, no Option may be amended to reduce the per Share Option Price of any outstanding Option below the Option Price determined as of the date the Option is granted without the approval of the Corporation’s shareholders, nor may an Option or other Award be granted in exchange for, or in connection with, the cancellation or surrender of an Option or other Award having a higher Option Price or exercise price without the approval of the Corporation’s shareholders. The restrictions set forth in this Section 5.04 shall not apply to the assumption of, substitution for, or adjustment of outstanding Options that are assumed, substituted, or adjusted in connection with a transaction described in Section 10, provided that the aggregate Option Price times the number of shares underlying the Option immediately before the transaction equals or exceeds the aggregate Option Price times the number of Shares underlying the Option (or substituted Option) immediately following the transaction.

5.05 Exercisability. Except as set forth in Section 5.01 or as otherwise determined by the Committee and set forth in the Option agreement, an Option shall become exercisable with regard to twenty-five percent of the Option on the date of the four successive anniversary dates of the grant date. Further, all Options shall become immediately exercisable upon the death of a Participant if as of the date of the Participant’s death, the Participant had not otherwise ceased to be a Director. In no event shall an Option be exercisable at any time after the expiration of the term of the Option.

5.06 Exercise of Options. Except as otherwise provided in the Plan or in an Option agreement, an Option may be exercised for all, or from time to time any part, of the shares of Common Stock for which it is then vested and exercisable.

(a) The exercise date of an Option shall be the later of the date a notice of exercise is received by the Corporation and, if applicable, the date payment is received by the Corporation pursuant to (b) below.

(b) The purchase price for the shares of Common Stock as to which an Option is exercised shall be paid to the Corporation in full at the time of exercise at the election of the Participant (i) in cash or its equivalent (e.g., by check), (ii) to the extent permitted by the Committee, in shares of Common Stock having a Fair Market Value equal to the aggregate Option Price for the shares of Common Stock being purchased and satisfying such other requirements as may be imposed by the Committee; provided, that such shares of Common Stock have been held by the Participant for no less than six months (or such other period as established from time to time by the Committee in order to avoid adverse accounting treatment applying generally accepted accounting principles), (iii) partly in cash and, to the extent permitted by the Committee, partly in such shares of Common Stock or (iv) subject to rules and limitations established by the Committee, through the delivery of irrevocable instructions to a broker to sell shares of Common Stock obtained upon the exercise of the Option and to deliver promptly to the Corporation an amount out of the proceeds of such sale equal to the aggregate Option Price for the shares of Common Stock being purchased.

(c) No Participant shall have any rights to dividends or other rights of a stockholder with respect to shares of Common Stock subject to an Option until the Participant has given written notice of exercise of the Option, paid in full for such shares of Common Stock, received such shares of Common Stock from the Corporation and, if applicable, has satisfied any other conditions imposed by the Committee pursuant to the Plan.

(d) If a Participant pays the exercise price of an Option or taxes relating to the exercise of an Option by delivering shares of Common Stock, the Participant may, subject to procedures established by the Committee, satisfy such delivery requirement by presenting proof that he or she is the beneficial owner (as such term is defined in Rule 13d-3 under the Act (or any successor rule thereto)) of such shares of Common Stock, in which case the Corporation shall treat the Option as exercised without further payment and shall withhold such number of shares of Common Stock from the shares of Common Stock acquired by the exercise of the Option.

5.07 Cessation of Service as a Director.

(a) Except as provided below, an Option may be exercised at anytime during the term of the Option.

(b) Except as provided in Sections (c), (d) and (e) below, any of the Participant’s Options that are not otherwise exercisable as of the date on which the Participant ceases to be a Director for any reason shall terminate as of such date.

 

4


(c) Any of the Participant’s Options that are exercisable as of the date on which the Participant ceases to be a Director for any reason other than death or Retirement shall terminate sixty (60) days from the date the Participant ceases to be a Director; but in no event beyond the term of the Option.

(d) If a Participant ceases to be a Director by reason of his or her death, his or her personal representative shall be permitted to exercise his or her outstanding vested and unvested Option for a period of one (1) year from the date of the Director’s death, but in no event beyond the term of the Option.

(e) If a Participant ceases to be a Director by reason of his or her Retirement, his or her outstanding vested Option shall remain exercisable for the remaining term of the Option and the portion of his or her Option that was not vested on the date of his or her Retirement shall be forfeited. Notwithstanding the foregoing, if a Participant ceases to be a Director by reason of his or her Retirement, any of his or her outstanding vested Option issued on or prior to April 18, 2001 shall remain exercisable only for a period of three years from the last day of the month in which he or she retired and the portion of his or her Option that was not vested on the date of his or her Retirement shall be forfeited.

SECTION 6. STOCK APPRECIATION RIGHTS.

The Committee, in its sole discretion, may grant SARs in connection with an Option, or a portion thereof. An SAR represents a right to receive appreciation on the Corporation’s Common Stock in cash or stock as the Committee shall determine. An SAR may be granted at the time the related Option is granted or at any time prior to the exercise or cancellation of the related Option, shall cover the same number of shares of Common Stock covered by an Option (or such lesser number of shares of Common Stock as the Committee may determine), and shall be subject to the same terms and conditions as such Option except for such additional limitations as are contemplated by this Section 6 (or such additional limitations as may be included in an Award agreement). Notwithstanding any provision in this Plan to the contrary other than the last sentence of this Section 6, no Stock Appreciation Right may be amended to reduce the exercise price per share of the shares subject to such Stock Appreciation Right below the exercise price determined as of the date the Stock Appreciation Right is granted, nor may a Stock Appreciation Right be granted in exchange for, or in connection with, the cancellation or surrender of a Stock Appreciation Right or other Award having a higher exercise price. The restrictions set forth in this Section 6 shall not apply to the assumption of, substitution for, or adjustment of outstanding Stock Appreciation Rights that are assumed, substituted, or adjusted in connection with a transaction described in Section 10, provided that the aggregate exercise price times the number of shares underlying the Stock Appreciation Right immediately before the transaction equals or exceeds the aggregate exercise price times the number of shares underlying the Stock Appreciation Right (or substituted Stock Appreciation Right) immediately following the transaction.

SECTION 7. TRANSFERABILITY OF AWARDS.

7.01 Limits on Transferability. Except as otherwise provided, Options, SARs or Stock Awards may not, prior to the end of the Transfer Restriction Period, be assigned, alienated, attached, sold or transferred, pledged or otherwise disposed or encumbered by the Participant, other than by will or by the laws of descent and distribution. Any attempt to assign, transfer, pledge or otherwise dispose of an Award contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon the Award, shall be null, void and without effect; provided, however, that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. A Participant may designate a beneficiary, on a form supplied by the Committee, who may possess all rights with respect to an Award in the event of Employee’s death. No such permitted transfer of an Award to heirs or legatees of a Participant shall be effective to bind the Corporation unless the Committee shall have been furnished with written notice thereof and a copy of such evidence as the Committee may deem necessary to establish the validity of the transfer and the acceptance by the transferee or transferees of the terms and conditions hereof.

7.02 Transferability of Certain Awards. Notwithstanding the foregoing, an Award agreement may provide that a Participant may transfer certain Awards to family members, or one or more trusts or other entities for the benefit of or owned by family members, consistent with applicable securities laws, provided that the Participant receives no consideration for the transfer of the Award and the transferred Award shall continue to be subject to the same terms and conditions as were applicable to the Award immediately before the transfer.

SECTION 8. NO LIMITATION ON RIGHTS OF THE CORPORATION.

The granting of any Awards under this Plan shall not in any way affect the right or power of the Corporation to make adjustments, reclassification or changes in its capital or business structure, or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets.

 

5


SECTION 9. SHARE OF COMMON STOCK ISSUANCE AND DELIVERY IN COMPLIANCE WITH SECURITIES LAWS.

If in the opinion of counsel for the Corporation (who may be an employee of the Corporation or independent counsel employed by the Corporation), any issuance or delivery of shares of Common Stock to a Participant will violate the requirements of any applicable federal or state laws, rules or regulations (including, without limitation, the provisions of the Securities Act of 1933, as amended, or the Act), such issuance or delivery may be postponed until the Corporation is satisfied that the distribution will not violate such laws, rules or regulations. Certificates delivered to Participants pursuant to the Plan may bear such legends as the Corporation may deem advisable.

 

6


SECTION 10. ADJUSTMENT UPON CERTAIN EVENTS.

In the event after the Effective Date there is any share of Common Stock dividend or split, reorganization, recapitalization, merger, consolidation, spin-off, combination, combination or transaction or exchange of shares of Common Stock or other corporate exchange, or any distribution to shareholders of shares of Common Stock or other property or securities (other than regular cash dividends) or any transaction similar to the foregoing or other transaction that results in a change to the Corporation’s equity capitalization, the Committee in its sole discretion and without liability to any person may make such substitution or adjustment, if any, as it deems to be equitable or appropriate, as to (i) the number or kind of shares of Common Stock or other securities issued or reserved for issuance pursuant to the Plan or pursuant to outstanding Awards, (ii) the maximum number of shares of Common Stock for which Stock Awards, Options and Stock Appreciation Rights may be granted (ii) the Option Price, exercise price of any Stock Appreciation Right or purchase price of any Award and/or (iii) any other affected terms of an Award or the Plan.

SECTION 11. AMENDMENTS OR TERMINATION.

The Board may amend the Plan at any time, provided that no amendment shall be made without the approval of the shareholders of the Corporation that would (a) increase the maximum number of shares of Common Stock which may be acquired under the Plan, (b) extend the term during which Options may be granted under the Plan, (c) permit the Option Price or exercise price per share of Common Stock to be less than 100% of the Fair Market Value of the shares of Common Stock on the date an Option or Stock Appreciation Right is granted (other than as specifically provided in Sections 5.04 and 6), (d) terminate restrictions applicable to Awards (except in connection with a Participant’s death, Disability or termination of employment or in connection with a Change of Control) or (e) provide for Awards not permitted pursuant to the terms of the Plan. The Board shall also have the right to terminate the Plan at any time. Without the consent of a Participant (except as otherwise provided for in Section 10), no amendment shall materially diminish any of the rights of such Participant under any Award theretofore granted to such Participant under the Plan; provided, however, that the Committee may amend the Plan in such manner as it deems necessary to permit the granting of Awards meeting the requirements of the Code or other applicable laws.

SECTION 12. NO RIGHTS TO CONTINUED DIRECTORSHIP.

Nothing in this Agreement shall confer upon a Director any right to continue to service as a member of the Board of Directors or any committee of the Board of Directors, to be retained by the Corporation as a consultant or to be employed by the Corporation as an employee and shall not interfere in any way with the right of the Corporation to terminate the Director’s service as a member of the Board of Directors or any committee of the Board of Directors as set forth in the by-laws of the Corporation or the Director’s consulting or employment relationship with the Corporation, if any, at any time.

SECTION 13. CHOICE OF LAW.

The Plan shall be governed by and construed in accordance with the laws of the State of New Jersey without regard to conflicts of laws.

SECTION 14. EFFECTIVE DATE.

The Plan was originally effective as of July 13,1988, was subsequently amended from time to time, and was amended and restated as of June 8, 2005. The Plan was initially approved by the shareholders of the Corporation on April 19, 1989. The effective date of the Plan as amended and restated herein is April 19, 2006, contingent upon approval of the Plan by the shareholders at the Corporation’s 2006 Annual Meeting of Shareholders.

 

7

EX-10.(B)(K) 4 dex10bk.htm 1998 EMPLOYEE STOCK PURCHASE PLAN OF C.R. BARD, INC 1998 Employee Stock Purchase Plan of C.R. Bard, Inc

Exhibit 10bk

1998 EMPLOYEE STOCK PURCHASE PLAN

OF

C. R. BARD, INC.

(AS AMENDED AND RESTATED)

Effective as of April 19, 2006, the 1998 Employee Stock Purchase Plan of C. R. Bard, Inc. (the “Plan”) is hereby amended and restated by C. R. Bard, Inc., a New Jersey corporation (the “Corporation”), as set forth herein.

The Plan provides Eligible Employees of the Corporation and its Subsidiaries an opportunity to purchase shares of Common Stock of the Corporation on the terms and conditions set forth below. The Plan is intended to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986, as amended.

SECTION 1. DEFINITIONS

1.01 “Board” shall mean the Board of Directors of the Corporation.

1.02 “Business Day” shall mean any day the New York Stock Exchange is open for business.

1.03 “Code” shall mean the Internal Revenue Code of 1986, as amended.

1.04 “Committee” shall mean the Retirement Committee under the Corporation’s Retirement Plan, or such other committee as may be designated by the Board.

1.05 “Common Stock” shall mean the Corporation’s Common Stock, par value $.25 per share.

1.06 “Compensation” shall mean with respect to a Participant, the portion of the Participant’s “basic pay,” as defined in the Retirement Plan, paid to the Participant during the applicable payroll period.

1.07 “Eligible Employee” means each employee of the Corporation or any domestic Subsidiary, and each employee of a foreign Subsidiary to which the Plan is extended by the Committee, except: (i) an employee whose customary employment is fewer than 20 hours or less per week; or (ii) an employee whose customary employment is for fewer than five months in any calendar year.

1.08 “Fair Market Value” shall mean on a given date, (i) if there should be a public market for the Common Stock on such date, the arithmetic mean of the high and low prices of the Common Stock as reported on such date on the Composite Tape of the principal national securities exchange on which shares of Common Stock are listed or admitted to trading, or, if shares of Common Stock are not listed or admitted on any national securities exchange, the arithmetic mean of the per share closing bid price and per share closing asked price of the Common Stock on such date as quoted on the National Association of Securities Dealers Automated Quotation System (or such market in which such prices are regularly quoted) (the “NASDAQ”), or, if no sale of shares of Common Stock shall have been reported on the Composite Tape of any national securities exchange or quoted on the NASDAQ on such date, then the immediately preceding date on which sales of shares of Common Stock have been so reported or quoted shall be used, and (ii) if there should not be a public market for the Common Stock on such date, the Fair Market Value shall be the value established by the Committee in good faith.

1.09 “Grant Date” shall mean each January 1 and July 1.

1.10 “Option” shall mean an option to purchase shares of Common Stock under the Plan, pursuant to the terms and conditions hereof.

1.11 “Participant” shall mean an Eligible Employee who is participating in the Plan pursuant to Section 4.

1.12 “Purchase Date” shall mean, except as provided in Section 15, each June 30 and December 31 (or the following Business Day if such date is not a Business Day).

1.13 “Purchase Price” shall mean the lesser of 85% of the Fair Market Value of Common Stock on such Grant Date and 85% of the Fair Market Value of a share of Common Stock on such Purchase Date.

1.14 “Plan” shall mean the 1998 Employee Stock Purchase Plan of C. R. Bard, Inc., as amended from time to time.

1.15 “Plan Account” shall mean an account maintained by the Corporation or its designated recordkeeper for each Participant to which the Participant’s payroll deductions are credited, against which funds used to purchase shares of Common Stock are charged and to which shares of Common Stock purchased are credited.

1.16 “Purchase Period” shall mean the time period between the Grant Date of an Option and the Purchase Date for that Option.

1.17 “Retirement Plan” shall mean the Employees’ Retirement Plan of C. R. Bard, Inc., as amended and restated.

 

1


1.18 “Subsidiary” shall mean any corporation, other than the Corporation, in an unbroken chain of corporations beginning with the Corporation if, at the time of the granting of the Option, each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

SECTION 2. COMMON STOCK SUBJECT TO PLAN.

Subject to Section 12, the aggregate number of shares of Common Stock which may be sold under the Plan is 1,250,000. The Corporation may make open-market purchases to provide shares of Common Stock for purchase under the Plan or sell Treasury shares or issue authorized but unissued shares of Common Stock.

SECTION 3. PARTICIPATION IN THE PLAN.

3.01 Election to Participate. An Eligible Employee may participate in the Plan by completing and filing with the Corporation or its designated recordkeeper an election form which authorizes payroll deductions from the employee’s Compensation. Such deductions shall commence on the first Grant Date thereafter and shall continue until the Employee terminates participation in the Plan, becomes ineligible to participate in the Plan, or the Plan is terminated. An Eligible Employee may participate in the Plan only through payroll deductions. Other contributions will not be accepted.

3.02 Termination of Participation.

(a) A Participant may, at any time and for any reason, voluntarily terminate participation in the Plan by written notification of withdrawal delivered to the appropriate payroll office. Such Participant’s payroll deductions under the Plan shall cease as soon as practicable following delivery of such notice.

(b) A Participant’s participation in the Plan shall be terminated upon termination of such Participant’s employment with the Corporation and its Subsidiaries for any reason or when the Participant becomes ineligible to participate in the Plan.

If the former Participant remains employed by the Corporation or any of its Subsidiaries after termination of participation in the Plan, any payroll deductions credited to such Participant’s Plan Account shall be used to purchase shares of Common Stock on the next Purchase Date. If the former Participant is no longer employed by the Corporation or any of its Subsidiaries after termination of participation in the Plan, any payroll deductions credited to such Participant’s Plan Account shall be paid to such Participant in cash as soon as practicable following termination of employment. An Eligible Employee whose participation in the Plan is terminated may rejoin the Plan by filing a new election form in accordance with subsection (a).

3.03 Limitations for Certain Eligible Employees. Notwithstanding the foregoing, an Eligible Employee shall not be granted an Option on any Grant Date if such employee, immediately after the Option is granted, owns stock possessing 5% or more of the total combined voting power or value of all classes of stock of the Corporation or any Subsidiary. For purposes of this paragraph, the rules of Code Section 424(d) shall apply in determining the stock ownership of an individual, and stock which an employee may purchase under outstanding options shall be treated as stock owned by the employee.

SECTION 4. PAYROLL DEDUCTIONS.

4.01 General. Payroll deductions shall be made from the Compensation paid to each Participant for each payroll period in such whole percentage from 1% to 10% as the Participant shall authorize in such Participant’s election form. The Participant’s payroll deduction limitation shall remain in effect for consecutive purchase periods unless the Participant chooses to revoke or revise the election or becomes ineligible to participate in the Plan.

4.02 Changes in Payroll Deductions. Subject to the minimum and maximum deductions set forth above, a Participant may change the amount of such Participant’s payroll deductions as of the next Grant Date by filing a new election form with the Corporation or its designated recordkeeper no later than ten Business Days in advance of the next Grant Date. The change shall be effective until revoked in writing and filed with the Corporation or its designated recordkeeper no later then ten Business Days in advance of the next Grant Date.

SECTION 5. PURCHASE OF SHARES OF COMMON STOCK.

5.01 Option Grant. On each Grant Date, each Participant shall be deemed to have been granted an Option.

5.02 Limits on Purchase. No Eligible Employee may be granted an Option which permits such Eligible Employee to purchase Common Stock under the Plan, and any other stock purchase plan of the Corporation or any Subsidiary that is qualified under Section 423 of the Code, to accrue at a rate which exceeds $25,000 of Fair Market Value of such stock (determined at the time such Option is granted) for each calendar year in which the Option is outstanding at any time.

 

2


5.03 Purchase Period. Generally, the Purchase Period for any Option under the Plan shall be six (6) months. Pursuant to Code Section 423, in no event shall a Purchase Period be longer than twenty-seven (27) months.

5.04 Purchase. On each Purchase Date, each Participant shall be deemed, without any further action, to have purchased that number of whole shares of Common Stock determined by dividing the Purchase Price into the balance in the Participant’s Plan Account on the Purchase Date. Any amount remaining in the Participant’s Plan Account shall be carried forward to the next Purchase Date; provided, that in respect of any Purchase Date (other than a date deemed to be a Purchase Date resulting from the termination of a Purchase Period) any Participant may elect (a “Deferral Election”) by written notification delivered to the Corporation for its designated recordkeeper (or in such other manner as the Plan Administrator may determine, which other manner will be communicated to Eligible Employees) not less than 10 days prior to such Purchase Date (which election shall remain in effect until revoked in writing) to delay such purchase to the immediately following January 1, in the case of a Purchase Date on June 30, or July 1, in the case of a Purchase Date on December 31 (the “Delayed Purchase Date”), on which date such Participant shall be deemed, without any further action, to have purchased that number of shares of Common Stock determined by dividing the Purchase Price (determined as of the Purchase Date immediately following the date on which the Deferral Election was made) into the cash balance in the Participant’s Plan Account as of such Purchase Date; provided, further, that each Participant employed by a Subsidiary organized in Germany, the United Kingdom or Italy or any other country designated from time to time by the Plan Administrator (which designation the Plan Administrator shall promptly make known to affected Eligible Employees) shall be deemed to have made such election unless such Participant elects to the contrary by written notification delivered to the Corporation or its designation recordkeeper (or in such other manner as the Plan Administrator may determine, which other manner will be communicated to Eligible Employees) not less than 10 days prior to such Purchase Date (which election shall remain in effect until revoked in writing).

5.05 Participant Statements. As soon as practicable after each Purchase Date, a statement shall be delivered to each Participant which shall include (i) the number of shares of Common Stock purchased on the Purchase Date on behalf of such Participant under the Plan, (ii) the purchase price per share, (iii) the total amount of cash transferred to the Participant’s Plan Account pursuant to payroll deductions and (iv) the amount of cash in the Participant’s Plan Account that will be carried forward.

5.06 Stock Certificates. A stock certificate for whole shares of Common Stock in a Participant’s Plan Account shall be issued upon request of the Participant at any time after such shares have been held in such Participant’s Plan Account for a period of six months. Notwithstanding the preceding sentence, if the Participant’s employment with the Corporation and its Subsidiaries terminates, a stock certificate for whole shares of Common Stock in such Participant’s Plan Account shall be issued as soon as administratively feasible thereafter. Stock certificates under the Plan shall be issued, at the election of the Participant, in such Participant’s name or in such Participant’s name and the name of another person as joint tenants with right of survivorship or as tenants in common. A cash payment shall be made for any fraction of a share in such account, if necessary to close a Participant’s Plan Account.

SECTION 6. RIGHTS AS A SHAREHOLDER.

As of the Purchase Date or the Delayed Purchase Date, as the case may be, a Participant shall be treated as record owner of such Participant’s shares purchased pursuant to the Plan.

SECTION 7. RIGHTS NOT TRANSFERABLE.

Rights under the Plan are not transferable by a Participant other than by will or the laws of descent and distribution, and are exercisable during the Participant’s lifetime only by the Participant or by the Participant’s guardian or legal representative. No rights or payroll deductions of a Participant shall be subject to execution, attachment, levy, garnishment or similar process.

SECTION 8. SALE OF PURCHASED STOCK.

An Eligible Employee must promptly advise the Corporation of any disposition of any shares of Common Stock purchased by the Eligible Employee under the Plan if such disposition shall have occurred within two years after the Grant Date immediately preceding the Purchase Date on which the Eligible Employee purchased such shares.

SECTION 9. APPLICATION OF FUNDS.

All funds of Participants received or held by the Corporation under the Plan before purchase of the shares of Common Stock shall be held by the Corporation without liability for interest or other increment.

 

3


SECTION 10. ADJUSTMENTS IN CASE OF CHANGES AFFECTING SHARES.

In the event of a subdivision or consolidation of outstanding shares of Common Stock, or the payment of a stock dividend, the number of shares approved for the Plan shall be increased or decreased proportionately, and such other adjustment shall be made as may be deemed equitable by the Plan Administrator. In the event of any other change affecting the Common Stock, such adjustment shall be made as shall be deemed equitable by the Plan Administrator to give proper effect to such event.

SECTION 11. ADMINISTRATION OF THE PLAN.

The Plan shall be administered by the Committee. The Committee shall have authority to make rules and regulations for the administration of the Plan and its interpretations, and decisions with regard to the Plan and such rules and regulations shall be final and conclusive. It is intended that the Plan shall at all times meet the requirements of Code Section 423, if applicable, and the Committee shall, to the extent possible, interpret the provision of the Plan so as to carry out such intent.

SECTION 12. AMENDMENTS TO THE PLAN.

The Compensation Committee of the Board may amend the Plan at any time provided that no amendment shall be made without the approval of shareholders of the Corporation that would cause the Plan to fail to meet the applicable requirements of Code Section 423.

SECTION 13. TERMINATION OF PLAN.

The Plan shall terminate upon the earlier of (i) the termination of the Plan by the Board or (b) the date no more shares remain to be purchased under the Plan. If the Board terminates the Plan, the date of termination shall be deemed a Purchase Date. If on such Purchase Date Participants in the aggregate have Options to purchase more shares of Common Stock than are available for purchase under the Plan, each Participant shall be eligible to purchase a reduced number of shares of Common Stock on a pro rata basis, and any excess payroll deductions shall be returned to Participants, as determined by the Committee.

SECTION 14. COSTS.

All costs and expenses incurred in administering the Plan shall be paid by the Corporation. Any costs or expenses of selling shares of Common Stock acquired pursuant to the Plan shall be borne by the holder thereof.

SECTION 15. GOVERNMENTAL REGULATIONS.

The Corporation’s obligation to sell and deliver Common Stock pursuant to the Plan is subject to the approval of any governmental authority required in connection with the authorization, issuance or sale of such stock.

SECTION 16. APPLICABLE LAW.

The Plan shall be interpreted under the laws of the United States of America and, to the extent not inconsistent therewith, by the laws of the State of New Jersey. The Plan is not to be subject to the Employee Retirement Income Security Act of 1974, as amended, but is intended to comply with Code Section 423, if applicable. Any provisions required to be set forth in the Plan by such Code section are hereby included as fully as if set forth in the Plan in full.

SECTION 17. EFFECT ON EMPLOYMENT.

The provisions of the Plan and the participation of a Participant shall impose no obligation on the Corporation or any Subsidiary to continue the employment of a Participant and shall not lessen or affect the Corporation’s or Subsidiary’s right to terminate the employment of such Participant.

SECTION 18. WITHHOLDING.

The Corporation reserves the right to withhold from stock or cash distributed to a Participant any amounts which it is required by law to withhold.

SECTION 19. SALE OF CORPORATION.

In the event of a proposed sale of all or substantially all of the assets of the Corporation or a merger of the Corporation with or into another corporation, the Corporation shall require that each outstanding Option be assumed or an equivalent right to purchase stock of the successor or purchaser corporation be substituted by the successor or purchaser corporation, unless the Plan is terminated.

 

4


SECTION 20. EFFECTIVE DATE.

The Plan originally became effective as of July 1, 1998, and was approved by the shareholders of the Corporation on April 15, 1998. The Plan was previously amended and restated effective as of July 1, 2005. The Plan, as amended and restated herein, is effective as of April 19, 2006, contingent upon approval of the Plan by the shareholders at the Corporation’s 2006 Annual Meeting of Shareholders.

 

5

EX-12.1 5 dex121.htm COMPUTATION OF RATIO OF EARNING TO FIXED CHARGES Computation of Ratio of Earning to Fixed Charges

EXHIBIT 12.1

 

C. R. BARD, INC. AND SUBSIDIARIES

 

Exhibit 12.1 - Computation of Ratio of Earnings to Fixed Charges

 

    

Three

months

ended

March 31,

2006


    2005

    2004

    2003

    2002

    2001

 

Earnings before taxes

   $ 109,900     $ 449,600     $ 414,200     $ 223,200     $ 211,000     $ 204,900  

Add (Deduct):

                                                

Fixed charges

     6,000       17,300       17,700       17,900       17,400       19,100  

Undistributed earnings of less than 50% owned companies carried at equity

     (500 )     (3,600 )     (2,400 )     (2,000 )     (1,100 )     (2,000 )
    


 


 


 


 


 


Earnings available for fixed charges

   $ 115,400     $ 463,300     $ 429,500     $ 239,100     $ 227,300     $ 222,000  
    


 


 


 


 


 


Fixed charges:

                                                

Interest, including amounts capitalized

   $ 4,700     $ 12,200     $ 12,700     $ 12,500     $ 12,600     $ 14,200  

Proportion of rent expense deemed to represent interest factor

     1,300       5,100       5,000       5,400       4,800       4,900  
    


 


 


 


 


 


Fixed charges

   $ 6,000     $ 17,300     $ 17,700     $ 17,900     $ 17,400     $ 19,100  
    


 


 


 


 


 


Ratio of earnings to fixed charges

     19.23       26.78       24.27       13.36       13.06       11.62  
    


 


 


 


 


 


EX-31.1 6 dex311.htm RULE 13A-14(A) / 15D-14(A) CERTIFICATION OF CHIEF EXECUTIVE OFFICER Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer

EXHIBIT 31.1

Certification of Chief Executive Officer

 

I, Timothy M. Ring, certify that:

 

  1. I have reviewed this quarterly report on Form 10-Q of C. R. Bard, Inc.;

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:                 May 3, 2006                

/s/ Timothy M. Ring

Timothy M. Ring

Chief Executive Officer

EX-31.2 7 dex312.htm RULE 13A-14(A) / 15D-14(A) CERTIFICATION OF CHIEF FINANCIAL OFFICER Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer

EXHIBIT 31.2

Certification of Chief Financial Officer

 

I, Todd C. Schermerhorn, certify that:

 

  1. I have reviewed this quarterly report on Form 10-Q of C. R. Bard, Inc.;

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:         May 3, 2006                

 

/s/ Todd C. Schermerhorn

Todd C. Schermerhorn

Senior Vice President and Chief Financial Officer

EX-32.1 8 dex321.htm SECTION 1350 CERTIFICATION OF CHIEF EXECUTIVE OFFICER Section 1350 Certification of Chief Executive Officer

EXHIBIT 32.1

SECTION 1350 CERTIFICATIONS

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of C. R. Bard, Inc. on Form 10-Q for the period ended March 31, 2006, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Timothy M. Ring, Chairman and Chief Executive Officer of C. R. Bard, Inc., certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

  1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of C. R. Bard, Inc.

 

 

/s/ Timothy M. Ring

Name: Timothy M. Ring

Date: May 3, 2006

EX-32.2 9 dex322.htm SECTION 1350 CERTIFICATION OF CHIEF FINANCIAL OFFICER Section 1350 Certification of Chief Financial Officer

EXHIBIT 32.2

SECTION 1350 CERTIFICATIONS

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of C. R. Bard, Inc. on Form 10-Q for the period ended March 31, 2006, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Todd C. Schermerhorn, Senior Vice President and Chief Financial Officer of C. R. Bard, Inc., certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

  1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of C. R. Bard, Inc.

 

 

/s/ Todd C. Schermerhorn

Name: Todd C. Schermerhorn

Date: May 3, 2006

10-Q 10 d10q1.pdf PDF VERSION OF FORM 10-Q FOR THE PERIOD ENDING MARCH 31, 2006 begin 644 d10q1.pdf M)5!$1BTQ+C4-)>+CS],-"C$@,"!O8FH\/"]086=E7!E+T-A M=&%L;V<^/@IE;F1O8FH*,B`P(&]B:CP\+T-O=6YT(#0T+TMI9'-;-C`@,"!2 M(#$U-B`P(%(@,30P(#`@4B`Q,C0@,"!2(#$P."`P(%(@.3(@,"!2(#7!E+U1Y<&4Q+U1O56YI8V]D92`Q,2`P(%(O1F]N=$1E7!E+T9O;G1$97-C2]H+VLO M;2]R+W7!H96XO<75O=&5D8FQL969T+W%U;W1E9&)L7!E+U1Y<&4Q0SX^U!35Q[';P@WN5J-STBXD7OC MJV[;M>-4[=B1VFF+E"I6$:PO4`/A$">0!>1$@(8GE*254!'&U M&NNNT-9';75?XKC3VK$[5;?CG-!K9S;=_K,S^]_.F?//[_S.]WQ_O_.9Z1LHJY`J$4E5]Y::"2AZ/ M]?9[OV>Q!1R64,SB2B4LB:Q15%FL_F\>6IO-97`F+S2H1LSF5 M?+:XCB6L^A^95__;&T1*#PBF0(N70&L9T#O9$!>"A!`DA2`%!#5#4`""XA!4 MG"X.RH"HT"QI(N-T1HJ\G]R?F807P3B\$RZ!^^`YRKN4JQ2":D$RD1W(-PM* M%M@7/%Y8NO#1"Q4O7%E4M.B/B[F+G]!>IDF7Y"R1+9E?*EGZ];)]RWY:;EBQ M=47K2NI*+3V//K]*D\7,M_?.ZE]9-K;NZ[N%ZZ7KSAK(7WZ&Q6GM)M/2\>!V0 MQG^:(Z?>3#71`9E:.5#KS?4:[(P9;B%UCZ7>Q),@50(EIPP]$:H>K<'BXJAZ M6NAJZK#Z+`AQFEK4)NK@]POC#1'U+*(E5E$2DF%]PM)GZVPYTXQL'7E`_<8_ MX!V*(V.#W>.7T*1RO&(8D_;4]]3U-+C5G5(_`EJH%\PQ0TS<)^U0^@\CQ/L@ MATZHJ=N3BM@4>GEDY$8`._W\&1UT4\^(7-:("AD4^07EZ'O556]J,5JJOG44 MN$8[1X%1,39*^M,+;_SK1[`"9(5:/(UAS-P3:!Y@3L;&*@J/2C977$8KQ+6J6J8'&G\S-71[\Y^BL?"4?\I)BWUACZ96J$`^E'2 MF;D[<^#ERPX@(,\?2^VD$SRYDW+6&C0(T>.B0[NW80=N\:>//SC?Y_>:154CU9F5#ME`IDLG%2%VEAGT,?67VP+.I MLYV]X]A@,.1-G$;V7+M0GV3.7AJ_/8)KO7!YK;R!PSQTW?$-]P;PZ/]?N_Y M080F27WUA/07@).?I7;1/Q\Z=^T*^BDW458CD7+K^I1CF)/B:&VUM^,.A]W. M=-IAN\/>ZF!ZG(UFHTUOUN$ZL5;+E5BL#)ID?KN"-#U'!M-I-(HX6H-8JE`I M92HQ4OBZ8#.1@6Z,Y)Y_"QO;G]P[R?,T>BU!DZ^+<6!*%9(/:"/ZN&$($=\R MWGR*@N7=#Q(WL(^F(]&9"\AONJ!LCMP__SOZE;)N=9@?E/E%WCHDEM>9MP$E MEJFVZ)=,>0F?O]WX$,]+'LKT?O8)6?%5\[ M/FAV&=S:#H3V'UG+.!GX4TIZB#KYWQ*Q!,S9 MKJ;V)J^ET<80ZXQ6=:/.9FJ2V9!2D]8@0N4!?23D<<;[,*_/TQ$,=;@3\6QG M&]Q,=>A;;6949I/JJ[%F"]RH:=*;46E0$PZ'>J*N%J?5CS4[8=5'# MI@YK4.4!QGW='I.H7W:H$RO-_($F-FHT:C5#:9LB]7:I#,C-);]"2F99N(>L8;^ MQ=#43/+_9@)\F"0E@(N<`)WT0M`R0Z6Q#(!,N@E@,EAFH`_$8_V#HCB?+Q;Q M^#')`$[+U?7.OY:^F/$T1`440O5+/GR=0OLM&'T,G(_)H#V]E%_,^Z`*/UD@ MV_(22E1\2V"`"7*^!3F``\HW`YQ`L181_?XDD4G4$NSCK->WG7@&JD#-),BX MCZ>?YOGUZ2/JTJPN7`7Z@Q;*+KO*-X6F_DDU.XB"S;".ZG3`W>>#[.?+`JA1*N0QR],YF6W-S2W/VT3JMZ223 M,%-`+LB#__%P_.X=]&GNW;7[B\7L&HQ7:9"H=X6MC!\_&1F\Q;Q_^<"6"E.M MI!27E&DDO"J3T6PTF8A\HHA!TXVF'B5)X(NTP4W@'CU.N3&IY@SA89&_H@K= M5ERX4Z9P=]5CP^H)VLGX0ET?5OM+>P8C' MU=6%1..!D1'T;X7)S?N.R$Y683*Q4:$\%+0Q;H]/#5]C?CYYLK!4RBX7X`*Y MTG10B:1[!#8F4T?2;4JD/S`>T-`WI(I.4(@OGQ?!>\`(L>,NV/&42A3,T@D+ M!9C`]["#\JOO2_?^36FY!D5UGG$\F^VY1!.FIEV$L\Y9U*B5)MK6F73B/2** MCGTD#X+ MY[!(NCZO#.37Z&Q!\I9N8\(E,0^D ME][K9_.CV\,+_#J+AE-9:#PO_/A^<"D$IQY#&.O?,+I8M-Q45K-77V0H4A]4 MT"AIX4HT#DUE4.;GB,;#,^'3OT(:3%CR%R3<>4!_:`MKJG4/V(*>YM0CYSK/ MGSO=T]$9_,COY%Q<(T>CW:A;]-F%I>AU]/*>-9ES-GT)L_L<;7Z?)!R*>KK$ M2<8C_,.;`G[3:+HH3I+KT(R@T6+C+!R7VM+C]36[:*LG8`F)X1")G1&>/NIV1$#[?CW2?8QXO'9Z.7IZ7-7O]T;UW5[)M M97+5FFW2,FU1:K6R5BYG9C[,`@K&_?'COU^47=A]ACW<4FU?UT<7AT1S+N_M M_Y`9/M=S[>:YO.7[]0>49:Q*KC,42NGGK:-AF$\3[:'*3'JIAE45%U>5B!=MO0>O@K#[VLAGY]Y&"S`5 M,#2@`8/CSPEP3(*OGY/CH/09.1#ZR??0Q/0UV/&V1QAFW[^M.*X1?=S1=_4R M5W3\"<;P`6R4GRL]5"/@MF'2CVAU<(\),]OR0\)0ZI MCBE5&?+,K$%)(AT&)^YJ*]"HE4B":_A"=CX*%[''B!B88\)@,CPA8>87(_#R M^^5]^6V2XB-*UR8OS5$]C1Y;Q$=W-8>[WV=`^*LK:!&+.I1.\GZ-5YO!Q-=1 M&1KUNW4LQE4N?"6"2JK5R@W"ZU?S9LW?DI]N9M_<+;KO-IMZ)HF/=TG M;2K8R*2OV8$FKM`A+6_N/HO8$/)`-G?W_\NGCDZJ'L,Y*F$I<\D$TG:A[EGT0%W\3X M"3%A(!DZ$PB:@:^8^5"`IL-KR"Y!$27I,!.W38WZL60SM>KEM6RUF8`-PR+> M1K4W.OI!>.?PZB'VXGO-R^8P:&W:#+0]1^\XA3-SX#KW1B$8%7P5$_)?P@)1 M"2G;4:VK5.JU&KW*2%<4[JN9)_YM,>4+K,*&GXN18A;CT!0.G:F75RX4HVDXM)V*--AL+6*8 M]'^B9U+S=.JL&M:(HT-'V$AE657!$09**)A6_]`I`VM*%Z$Y,X"&5;#^;_`:I%\9 M5!1VLB>+O/)CJ^D(:81"0D8J3!7:)'%Q`5N3H]$2L#4[6IQ>F]-&NYUVFX6![=1EKW_0RMH;B*?. M&XK"D$+P70RNQ(3A9#@9)JL;B"R;QH]3V@5#:#.EHLPK-)J5M49SBA*O4\_7 M^774+8]GQ,$Z&H@P.JFD<)%&3!YM)H.RT1!D_]`J+N$+,9.D^#J1C/U(Q82A M9+@8-I+O6E3!6V/A`X%[5M891A>Q[1Z\8+O%"=LEM6NBHS_'.Y?&A)^,3A0Y MS<0=_,U2)KZ;VJ&3EVI,CA8CVZ77>DO$I;+RTIT]AX:__>@.3)#P)'7;X[UC M8YT);6>HL5*,B?AI#-:#7\C_&I\\2ALU6.\QR9A*DTXA8_<7R!6K-NXM*BHN ME:K4*9#_8HQ.)85_?[/&IUZ6R&^N3IU9^W1$3H2P6^7;.%P92D$:L,`&6'?V;.N19D=J MD\W6T&ZAP]28L49)16*0H1]K1*=_!;250:YY"*YPB4JR1Q MAG=K?!KKPM4GAAA^*DGS3Y[]A3PS)?YN`-1P3Y"#GH MB/K\K-?OMW=:70TI8UY-@/@4-NIB#&/\+H)U^%;S!FR'[1BW;Z"-^)F$O;8# M`UB,TB!'4AL5H8GOP#A8AV]) MJ9*G#&J*PH=102P&-1BZB0%+>.)&M5N[[)DG"O[-=)D&-W&><7P<(^UVDI#D M@ZBTV]FE:1HS$^J0)IP))%!"$PXG'L#F,L0.E^]+MB3K7AV6UI:LR^N5UKI] MR<:6L1&VP5QV3#C*$0HM4YIQTV;:)DR'!C+SRGV9:5^93L(G?=OW^?_U/+_G M_]C41J->K[:6VN:G+8.7C4Z-<(L`FUV8O3/.HLSSS(PP-DF/),/C:"TM6'(3 MKJ36PED)X#&$QP207MF[)"=_-_R)4MGJ4%%(&]P4GAOY4=Q#%9'C!X=IPXH0AK!P+..9I?5@X/E??\&B\`F`NQ_2OTKS4!E;3_<*"DV1F+8?!:!(DDUG?/<@$I+D<%`(JG$9G$V_P,EZF`Y8` MM_121]`S&,''>N+C,P1X)O<*7$[!OOD!N/Z4BYOUVBW6>?\23\_>;FS:`1AX M201/@?L2P&)]G.-_;:JK4HK#GLRBI[7W2#+=F@0&MB^WH6FH4 MUUN-1B5I,CH\372C5\255[MKR9?7;\PIY@]U5=.AABY%KXJS!)BP'@>R=Q)E M6XD/=A?]9D]1>+",.IK4A6NNXW)Q`AX51<7AU@Z^D_3R-HM`QTPBP^"`98`$ MSWU]]_L3ZE1M+UTZ?+AW_4F=Q^RRM\KY!J%!4/.Z#H;#]8(I'B4NI(Y?/CM9 M5Y2D8E7M"G\AWB7.8"&S*D$D9HB-*KX+? MAL?%%K!.]/B2V`+7B>)B_]7V:$C`0]$!SV7RPF.;N`FS?ZC3;9R'/38_%QG" M/GH`_IN9QTP>AQJE.&4+6C@M+B@]%3L(&,-^;2@N*Z=*C^Y1?4QNVA4;JZ&5 M_:835PEP&^T`_I;["2.3\XS\PMJ!$`U_A\%U7ZX`JQ[=3LRDJ+X4?_XO!/!C M__*';_DHWSP-#.&YGZ-0R(`#V7/;,B\7*UWB,[:@OI(P6.K-"LIF86TLP6)L M"\O2+"MB,9CS.!N^!OYN#HAJ+IG#/-'5X3[GI)S.5A<9@B$E-F@7S'X%KPK4 M^"L`^WA"&A"#NO1,XFX'=\8E6YB>??(HN`;"X$VP,_L_JS(/(_:Y6-'I9D%? M1:@L-<8:"KX$_P&EX!O6:6]CVV3*"?3CPUE'B]-)]$3;IUJI$`PKL13KM_@5 M/BW7P-4<6RU=#(?@*^GG1*:(K:.#B/A]*4=&:PC:E5C,QMDX4T3-RV,?W8'[ MI8_@*6&_")67FWZ[O?8\)))+>]^3\4?<:G\)'A#SJ<2W?5_UWI6-@6>[;GK" MB?N!WAZ."44CS9'&+ZCW95]AWJ+0%9\"TI?`/NU*C>7V&R M%%IE2J`-6;&"-I4O1@3\T>.G*?`L6/(M7"P:VB54:(@&G:7`1ADR+#X3P@ZZ MM*ZF@*Y#*V@C<`?HD8)7P>;1,WW=75Y9R.UQ]#E^+!I\\>`&J,J>VYZIN1K5 M/,$&&3EA:#8:U11"<"-<`NI$!L'2V4&$>?=I!]6>\?"8$DO:>'.LIKMBH&1@ M+_@IW"&%&S#4T;_5Z=G$L6Y>YO?X'%%T M]O[5.)U&!^3P+%B)CMZ\:Q)MD]ZJ(>5F?IP&A=@59K`^3G77'>9WD[GK]VRK M#RGB\4@XYFQQV#VTG6>];J*G/WIBLJ>R@,K#&IC7#I5J2N4R':,W&`VX0L[4 MEA-Y8P21FL'Q M$['!B6ZZ)^!S?A;%%Z(;FKH_-TS[R!6B_9M7E-0%.VFD",WTJ\JLKJ0'2^#99+:0U9K M@Q)7-)3IR\AE6^X!T?=3M^Z%@E:3E_:8G(RG%B_F`JINLCL2BD^_/[$*OK1T M,5P,%_TI%RSX[$+OY##=&?7P\7&D)6,U:%9D]O$1E94R?!C M=/HJEE%6K*DRY:MEC%VD=F"M7F>+AQS-B(++L(&#M=RG),1R41NC%^Z\!;(O MG`B/]=../'&;S><\&3@IG$3&B1`03DI@$Z9KDBN-%*-6697DJAU_1D%;/'GG M#U.G]Q70&9V@/`FP9%9Z*5@E>7?O)U5;R0]VCMUNI)D^FV"9QL%5,7/=V%>? MP(:`[;V5^T':Z+"V5C*S#&K5.KYQ6>$3M M-7*7G,S9L&EI7L_!:V6TP2CZ\".]IIYHX`PI!54N-YF5*KRN7ELK)W;>/7`? M_`R\>.]O5XI2[SDI*'&+=CCE'H'@?(%.@0H$VIR!-B_"GX?E6"G+<:R;_/K& MM:\Z[>'F`&WC[&Y3$(?Z?9+IWJ&)F?$-N=NKCAS8\NG5AY05WI<,FNVNM'KLZH'>S_5:,A;R$V'3&./@0!G& M$*=IFD`?(2EMHS;#I&'2-OR@_<2L.]-OY?[LC'ZN[IZ]Y]Q[SGVYY4G]Z)MJD&+H:@GP?M7^N"OQ,0X;P;]:KF[8>:AGYP'2"^

S,6'J*N#Q\;`LE-X!M'%O/EYX#E1L1D/E[95\7RO_P8$E51[9W M=#R;'1O39SLZ]7H=N>,_2ZJ@75+NJ)TA1PHE#PC<0;N[U=9J_:G>[E$Q01!( M1OP!Y$I!(HX-Q^EF2F;`%LY:@XC%*C?*'><>A.^5P8<+Y7_[?V^X)[]:):"* M^TR'K4V,!I6D@R"82?D3Q)!2;.$QL-73Y3"0+,\Z+`3KB&3-5,YHB]&$WFPQ M:*?T<_#A^<_@DY32TU>,,&(L^W,!EB.CC59#JX35!-GX>1QN0SF>E+<'!=&B M"@E^CQMW.'DKR6("`SLD3!?D@D;1(%KZC4/R,W"O>FSDPM3LVQ,Y33*:BO2% M*\+I9&",D.2#;!!,^$3!AKO<#J>+=`LVSFBF6?4S+WH#JN(+P!TP(:YH0=/E M-`BUC+W$5=*O0CTZ&4(MFHQ;&ZD%`Z@7W&]PI,_K\Q`*"P]6&\O^42@?K(:< MQ&.U0:MX%2_>1=7LGE:.%MJ4C6AR6P0[VHBHYVEE)4Z42G6!.H:I=2N$5A8W ME(15]M<"W*[\EJ_OKX;=DH"&BQ%_CL-)\/;9Z<%IXM*@]E5*/@'VVMA]Z)\, MU*.7U@>8@7D<+<^9\;.96>)ZINM%2CX&]CBX_\D%ZB2PQ\^([^*P!$D>4SC;;BS[8P'^I%">J8:M"&I3B!$G<3@!9BX.]^6)R[GV;91\ M%+0)>KN-='"<1^>I8.`1"32$;>(E')K!W>9KFWNZ7%8CV47SPL'#%;=+"(XC M01U&"#P*`C'FCR-%6?93LA_LMC'-BPVSGRKN-9:-%>`P6F&^XL$J>=ESJV1" M?N*KE7`97/;U?72^:9[]2E93Z86:JD.MV0MZ2G>%OGD3_^?L![\KS*]&SV+- M6U\A*^43I^";BJ>5W2I`8Z$\+)^H@D+&A;WFMXJ_Q.%:H#V7LT\3\-M?PD?@ M"KATRYWO[V[JKFNAD&Y^#W@$N,722/_,I@!&IALZV M5U`@PQ_`:27Q2YEL3B03F6QD@+AU^649D['&S3\^T2:>,E"VE"L5QQ@!]7N>$3*@YS\;Q;(`3>'[)3 M;%@5-9B")N*EG76OMB4[LSU4QGB:GNE^3ZN>-*9[VO'F-EW],:TT9"8-([QD M?:^"EI\3L40T%$@1B81/R%!IMTHX/>B1B,]_=>V3R_I\#07V9(T1"V)@]65&Y$,>&1(:<=F&1H4STJ2YI\/>31QLR[]#P=OR]UCPKD=BFG`Y M##9=JOOMU%3_R`@Y,Z-:#P+>>/#];-B?BVD2@40P&4P$U7T":.*2LU0E>ZKX M%HJQ7Z*3J=BEO(EBL+Q'LIMP&]]K:R?7R?JG8%S%2QZDN(%D9#)$2G(]`\ZY M8\Y<7;\6A6/YOA+]GRZ"L)B]&HV="6F48VRQK@2;[\.EY<4;J#0#`GZ?GQAW M)5P6G.%[.1VY5M:_!-M]`5_(&]2PDYZ$B)].QJ9*1Y@D-S-@T)L4XHX^)F8> MK`DSZK5RPV;XIJKWFOVLA/)T[*R"YG4&Y#P);J`!KEFH5HZDQV'^WW)>E<;@ MVB(5C(GY2'0@JI'`HH.4Y6#S/#J7TM5PA>3!NFV15#043Z:I<.PV?.Q/T/G$9OSN%N#\M"]XH>H:W<4-G0*&P03Q,9]DH/&70+#'B6]`CHCO9OD M;K4,8$3EZO.(B!8I-A-`Y5M8,"I(CI@9;EE8JN::>*.MF[>YK$Z4YUF6LQ*" MX`]Q%!U1A5E;P$YTF"R=VC/=%V[.SL$50 MJ#*'5#Z75_#@MMVP9LZW1V$3&(P6UR%:/H&>.1'51G,'XU[XFXC".,VSGM]YVU=EDP[.(($@- M>[FHC";$BF[2?`FQM(*(S(MLDV9QENWEG&W'G>W,DVMG8<=4(LL:V@N41J&2 MS0(O`H,N\J*;;HJN>LYZ+NHG47==^0=\X,OS^_'Y/H]DINW9&W>&Q;3:G\JJ MFDL;R>4>#/"[M2+>"JTS)DBN:C%B4\0:@688,CV"H1*8AR5VL7:NQEU7 M5^-^7?MA<6YND5X6QOOOIE%P?:'O,FMXV'?WGQ=F':_:)UK/^;K:.X:ZQSF% MD7N7C2[+B81365X'$KVR4U6$<#!Z-1QP!;P\W^Z+B*4@=*^(MQ;M?\/_Y&GX M8@EDJ(GIKZE>@/029*@20T4;^X)Y.-#=HKGTS_AUI\[(JOE)5A\8&.6 MD:>T5Q(I+=(]J#/^C][_'QI4,I[-/DUQ^F:"N["`VZ!@QO5^9BRN\S?/6U`F MQX,]IT7.#W:=G%*"-VCI7Y")U=@2R(--ATTZ'/'#QKQI?!H.+/Q8@*KIDN)9 M^,1"$SV7*K$>&[`"*[$)&Z$<*Z`1&F`KE$,3UVC#W6A##JMP.]JA#/;`7FH' M#G9`%;!8AM4<3N!!-A(X;@W9HGR#)CA,`O['I-G(YW-1[T=)ZE_->-8/[1I?0K##7H\GD._UJW6 MURRM-6(;H,C^!L_N3;M[VKE^!OX11K/'&;K>V8#3>`D&X83GWH&08'LS+Z>TFT%[X#%Y?YUF'':N M&T$IQC_CY32'*ZQ>Y'UQ!_P]6`R].\/J((Y?4=A?O/_!`=T,!30-6.P8;U^U M?],#`J>T/^UP]0@RG<5B/%J9GM8M]-J0?TQANS3.7 M$&)?TZQ2^ZAQO"]S979E;B]E:6=H="]N:6YE+V-O M;&]N+W-E;6EC;VQO;B`V-2]!+T(O0R]$+T4O1B]'+T@O22]*+TLO3"]-+TXO M3R]0+U$O4B]3+U0O52]6+U7!E+U1Y<&4Q+U1O56YI8V]D92`Q-B`P(%(O1F]N M=$1E%LM,38X("TR,3@@,3`P,"`Y,S5=+T9O;G1. M86UE+TQ)2T1&3"M4:6UE"]F+W`O=R]*+WDO7!E+U1Y<&4Q0SX^JQ(J(H:FOQ!4B!`"&`!$)>(`D0 M"#$$Y/W50(@Q$`@B"")%0.B+1:R=G7-GH^I67=6N76<[/3WU"?WAMLO9=L[. MZ?[:N?_=<[_/R^=^GR_&\?;B8!BV(#)B?UAXY-JH-+E4M3XT*R-Y]NT*CP#S M!'A[@GT"T3:4^5/^3UOP)9SY=+(O[/<#F7]OL%"V@..%84GR75D*G3)-EJH6 M1:9E9JEU"NGZO=*,#-'./>M$DLQD4992E*96B52:1%5:/LVP.9[TO)Y3D M1/IQLCB<,@YG+[L1QXM#KF_X*9R;W@?]<[' M_?"S^!UB$]'.^R7O(KF,G)@3-N?!W*2YSKE_GW=TWB.?W3ZMODM\Q_@'^$_\ MQ'Y3\[?/?^K?L6#5@M&%@0MS`K@!VH#[E"-0%*@(G%ZT:M'CQ<<7?Q#T9M`8 M'4@[Z8>"MP4]P7'!_UAR9LGC)<\8#G]F4[D;XZ/['B>$8/<@@OL$/-1XEZVI MTT6.#G5<_9C^3>+HH>CT])C8KHR1ZHKRBCJFEJBLP"N)IGJC(446'QHM9/73 M^W*Q$?#GPN3T/FJ[)$L3>Y#<_:IL*>+1*&`<\;_?M1WX]`T$!%@]_F+YGT'J4]XA*9Q1M4V`QV=;/^ M=&Z#QAY?GU@;1E9)*I-3Z(W%:PH.,I8\L]ZDSY.I%1DJX\G"XH)BDN50Q`(8 M8`%,H+W4&`O`S0*XW/'1!'WK7P"BQ2P`IKJ^HD9045E>7B&8)5![.KV'VD2@HA#G)C[;`%`EAE.SR@4,Q?T4I8!('? MPBI(@)C5L!8%H$7KT&J4S,`K"*-`Q_NQ;LQQCK$U6NM;!6..`^@E(=+Q-AO# M]7*FP)1OT@NBM==@M9!?[IY>Q?8\!D*NYV!@>S'OC4I]ZQ3M^;6>AVH0AF?S M:BOQULMG:T\+.IMR8H4S%"_ZI$93R.B*M);D4V2!BN"7`^4Y_AR#\=DB2I!1 M*J+47&8N*S'I3(;BXI,GC26%I:1%EUF6*D!K"7:5#?C=W_?=FJ*!L^-SA!V- MT22E,,F2`E76#M)--+MK&ZU6LJ.]V]HGN#46M>-0>GCH1F'S,I8@@U9[7 M>/R"8<^]*0SZV([7/`[JDXN];>."7PTD[X](35TG%^IYGVKLI@L:1S3P3+JV-VU8U03WEV;^7E9J-Y M:,.QL&,[@[*E!FU&#(EPJ$#+804L_Q2X/)08B*0$),$H>RE\TPV/$2C,0_R1 M"ZL](Q1T$T.P$$=3Q!KTW3VS[=2H,:C'W%W4E4=>E9\7'Z8[$Y]'Q&QXC?;UC7Y\/FZ[V*1.CV=6(Y)Z'M:1NIL..Y$4=2CE MPT?=-9T-+J;>7MO4ULM2=$#Y,+QP8QVPAJ6XA=MMH+YAK3EBOV#MM9]WDL"[ M-PE>(*!AY\N`(Q&:OW$5"D8^O]L&W+/M5=4M3&-5;:6U+G>_2:N3%ZCU.;FY MTA2)YG">L:RHU%!*0A>,4V:SKB17$*F9A)`;5>T-3N&9>GMCNZ#G;$Y\@[!! M4G,DDHZW'#%G,FRJL/$!Z]D(^8*=Y@O/8BJV/V5T]&+_E1'I1;$X)47,H-]Z M_SQ7T'TSJUO)ZAZP;/^G3CES\_^(N4GV'+8/>Z)R,0\&=[C3NP-=O`1#R[-X M8;$3J3QM>!:!E#/#)JTZRJC7%@85F4QE6@NIA'B7F7>T2FUUT?653=5-S,6G M.&B(WLUXO;9:9Z!51>:W2Y@RRZD2@9*'PJ"(^@M8GB(+SJ]F.]YV@]N-_]P;OT,\V3*"M#+JA)`9+ M;98F(VDUUFF5](R6IS3K"HL9@]%@D5K,IQ9#!3RE0,V[T-+_&QMAAIG?! M0DKN2H@O,BIR@^0)A[7'!0S__\&0W);!K`W,D/%4?&F/.R%E57 M).D"@X(H*\$S"PL+=0)38=4_&:_6V"BN,QJ7S-PAE=RJB<&>;609L M8K`))(2D4J+**%"D)`ZM$MUQ[E;JG054J6FE:O[-Z'[?N>>><^XW036[/T*D MY?6A-V5H%\[TY]!NM!NN14_!YLLSB>$_L\<'LZESLY3$__)#^9(O,14"[AY? M!:^2L!V'#@,;Y_2S7:=9]:BJ?\^P_&A+JCY"A9L:?`TR-,.1?IZ8L6LN!KK>+Q-YD!,"T0#C"Z>$C`S^Z#HBT5947UV)RG<98E-LD?Z+>3A> MI']%$CN:`_]):E>15&.O1*J5+^?$S\`D;,92Z-GIL.H4O4:306^DY#NWJ'XE MJU)'3[#0#B9Y/]]O/VP[K(^K,ER@)UA##<+;7:1YD[FKNX?C.BW5/`5U8"P6 M/CD[9S$.,U%[Q!(Q#RB2^T--'K-@]A@QD?5DZ;;O(PR`.4=&L^._88.%G`6\ MZ%7&S])0#XZY0GP6H^C'`TFR.W`P]#M<\S9'&JO,G$+1T]W1N^4!BND_3MFM MQYA1:[\QK>CO"BJ35=2`U!\"51[Z\N(C^9(QN`D>QR"6'=((\`47("\ZTM:0 MDO*9/08MO09L[U!L1!55L`2?&1;&P_^_,!IE:.=]8>S!PE@#V\]?"V<6V+%P MQ#>2IN"C8,P_$(DPT4C,.^:EW();D&%HF)NS4Y)YOL6*L4G0#F''VMQ$=5"3 M>(<656"Z+WW1QP1RZ`Z&>\F>U=31J`G98!,XF4U=*GZYQ9$3CGM';O*KNR5: M=VGUK_8R-I[@X*TY*%!.XNDJMR M5E#E4R9/2;U/]R6O>*4._\"]Y^U]N#>N7:?65=GNKWXFO]R8+Q$@NRBM[L:' MB[[A(N0U9U:[C2Z#3A/>&A@CGT=\Y/OO=`975ZPR9+D0[Q!BB% MQQX49L6-N/AWSZV2.-H1T`2M?17VN"O33XLUX&HR?=G+!-U$#OD`OA7WH5WB M/@+Y.3+`$PNVI&$[7>@$FW7ZC?>XA(8<<#H/N5WL>K^R[P-:W(,#3R@L$D,D M%,2[A*?@)CMM*J.9,9KUCCU.2>Z@=%:=7:8E;[#X_%DI/)4YTN(F-H;4V:NT M^*0'B)L+$T1>7"3?C25F0XQ?`M3.@8\L&>4&&IUW`?2U^!*!6CBRCT\83_S> M9R\O=(!:K:[:(N$J&F!Y3;YD%*M_"8>2^!@>9HLQ]BR2HV98B2KQ'-0$*_'3 M#)O1T_A-"^MK*X/$97Q[[T%--:@$48BJP;YH@BV7X4I(L$5?YZ7L+_D::_<7 M]X+_9H[$8ML0,D<^H&'-)(#`?2)XZ@@U.WKDS`(-J6?GI>"_4:1PSI90OT(7 M:D"+_:!!SYB,=K[12O'.0[R3A3Q<*(-]X'`J>O334?G:9JOVW(%6EMEYHK=#[U+*WMR=R+>Q7+\IJ3Q^-I4.YA+9 M:#:5R5#S5XXN?DW#)KS1GV.[-J)UF(AF!,Z@AQ9KF"%EG_F,*K,[K,L53PN15\)E,;KK9** MY5AH2I,_9F91/1R?3B0"@ZF*J>'#4S,T)"OG4'61FR!/S#L2FIGC6`9/Y/$_T`JHQW^"HDKL+(/[]P/>02AL%HM6UFOR^+5L3Y"(M+7Z M6V7HIR_\&CWV_+EJN+*6O=(^JAG4I0P5?9I8YSZZJJ[A-Z_O&)AJ95K_9!I4 M?TQUH$/#9,X?#"5DP9#+EF9S%L+XUIAM0@8K[R["'W\BO[[I*(LJKQ._G%3D MINFYX^,+YTYVU4TPN?:P(EU+/7`[]$M)$L9$6=RU@CIHZ<=;=?8=IL4!,.4, M\CG;D'5(D^GI/Q#BPJ]1PZ0+UA.%+TDGJB>&R="[_DQV.)9-)3*AHXF$\)Z7 M*@R`9EN/T<083#I'HY-RN7B'3#(>'A)^D"_Y"I]-#S;>\F8IO`YPY%]L6>5Z M<`]'3M1O3($_(9^#,&WKP?,#$<,&\7`^:V).(I>\(25%1X]8)20:.;X,6X M?+R9V7[J1N?GLEN?CIR:8$A1]AE;#J_8HH3CCC,3I?-0_YV4\7K=?ED.?\A4$3:%U4$5#!6^*,=!HQ+_.C`7BYP-593"6[KL\FK<9S6TZ!JU`=P@7^3A<)$S'G-$PG8L'IP4F+*7,/`<$SR'>PR;X M,.]S41[!Y?2S?J?7*;B\#J]-L(X^4XY6HAE<`/T0_M/E(QQ1/A"B\['0<2\3 MDFJ\PP$_/V8-FY/U%7!O88G(D[!:W$L$\(A8V"MEXRYQ*3;9EQGU53P8G\1J M**Q8WB#!%3#<"_:P_0"&:[48F%Z-26O2KE];O@ZN<_H(4XH7HO1`R#M;Y,:' MN5GBP)@CVCO2`.O0B7+T6]35V=)MW&:IX*!0O%JW^I21')U-#%[XA(DD@R'! M-WZZ_"YZGHBHPYR95FJM;S@9DQ3H=W*@VV/R&A+:E+9?,XBJX5OEW\)_D5[E MSTV<9WA<(JUFFGC<)DOQ+MTUM`0Z3)J6,@':$B#T!TYC&P,)ER_A0[ZPU[>. MU7VA^SXL;$NRA85DR[>"&Z[B4!O"T-*2#&G2A@1HH<<,(?W$?)ZVW]K`/]#1 M["^:;_=]GO=]WN?]WM7QB>'AJ#\WY`Y:AZTO[GP@#MY**/RRF3^LBW:=K@&[X5^6 MP=58I89!BF7E4EVY3F!8[/Y_<2W!V^Y@O;<(L`<#^\$U?SCD'K;G9DMO9U[C M.IM&#D0OR=1?P_5ZGDJETZM)F=H5I($?^_.6B_`5R-_RWI:R"#,^%HL,^76N MKCY*[3+8[$1/+)B\&FW:2[V#,6KXJO#=YJH3N6TMBN8Z(O_]X]?CPZ[`&:K' MXW4-]@O>]?1U_)J\TNFD]#P)#-ER9#IX,)&6IE]'J)(I<5,VJ&7%]\%RQ_?';N_.F@0F:C+:I3AE9BM\G?,DY.]$=& MYW:<6P>7KUD!7X?+[ZT!.5,3OO`0/1#R^09'!`C[+/CO+(>=B["5RVB\!P]C MQRPRWP21N05K&3OV(;KN'B?@;NS]TKH@NL-_:U,>7`6___&/OHD-.KT]=,CM M=,3."'9A`PZG)6!QFWWHYS"=M6B1+#@0`QL6T2SC^&X"!EQSAYUL'!&D14?"^23,V;`& M<7G]L[4@YX.IX&"2#O=X_6?3C'_9X8JZSE+R@##UD8361`T!_90`X"D<$D'^ M$TO/Z#09"JA9)QUHM3&FK0*3]I1&2:#]]%0LLRP-CL>R?@_H2R@FVF3B$35_ MCX7US1'@QMVI]2`;NQ0()T][U'*M0:M545H53\WJY4JBKI])IJ+1D9F"\0UO M%I3^4DQI:@V=A411R17X!;],SI9K*32FLV%Y#'P7X)_$0#"6-8'(O<*ENBVS M$K\(EV+!DD:[D(0O;]CY1EFH(M%`G^[RJT;$`@.VN4DH/$2T.]M]D2D-4]XEZ"\PB=W0X^[N=_I"'=@7LIA@9 MY/OY;OZ3&U>^&F,'&V,T;/\I_H_0\'2Z5[AQI[91TD:)Y5)U&WFD<^@^W0+G M<;"-?ZF_2W2TN'GU^F/AJ5Z')Q9&(D=9XM_FA'(3H:<6A+(T@E5:V,`$`4S8 M%P1P=U,1#;58)2NIUE(,ECV/(P0V\"87 M?\G5S%.\)"%*3R834Y,U0Z4E-=6E%#@T_Q2/8-4VUC]"9'*X\*@%1]5N5DC` M-,HXL-%HX\A(15 MP_.WV^4J@I5H3AK1(5D$8W46KY*&!T%O:GSFTD`PU^_JM@W;!0O$."0W$"_@ M1#D5F<0]HT3F*UC$8$/Z8&T*S MW#M)`.M"+>IJ%5T,U2I6*!NK!7/U59$]9/[1DT55M.$6W,_P;4;>B-8K74R, M7/:\*&HN?7*4OH6B>+P>5!27W6T7N/QNBY\<#3`%7%$JY+)*W2*M:BL;6#AN M=7I\7LKI<#K<-H$KX$+'1YX=+U?(A'IJ,><<]#\^5]`PA]JB\$X\1UUPK'%_ M%?4"XJC&)2_G(/X?ND'F_,S=MJ&04;1;0>KO/P0X6/KP,<@#*]8^ACA?+T)>Z2V&J[;K\E4B6L]J6+5"T,5*5*UD M<[NG1TYW)+1C3XCL/%@6`QMGP7]FLVX_FP(@#.G3)V@/H;<^A$L*JUJ*ZVG#1R^(NUG4,`9$7%&V2!P#A\!O M<:##4IZQ1(*\&"V"WX&Y304%HL:^43$WA=*9=;&L)`J^FJT.H%:+D/.O;?N.K*>O/C-:V,#M4GII1(,5HR:\2H!"[$)L,N%P:E@7Y9;R.@)!51\YTC\PEJY)'#TL/+G[ M.&VX`PL7.*=>Z%'Q7(]8-AQ`]=L6RQIX!%8^6@+^"N[@8%4K)M%HM"RI49FM M,EILXSF85FL;^9.=^6_M&!+^^S#=K>)=;HHP#82POJGD5\>FOFRC&N&F*-]D MX87<=H>+M-B,V@`=T/+D\90Z2MZ?F[UW2Y1:>8[N=/(.1)E(G$C$HJEDHJNA MCPJTVUE?E0`-"O8V^";-#?DE8`;9Q1M@S)99U_;GZD]R@+3&S/M2T\_`8 M8\/26B];1L!AK*:F7=%`"L4]YVGP`!8L&%E*[917$-"&_>R#0Y_'SCB\82KL M]3CC`VCPAITN<\#JLWC-'E/0\K^NRRY^GG-A"7*FJP2_PY#[+6Z%;.R7B3[D4 M0Q%A$&0\9+=]L0L.8ZP!=)G(Z/+C1"6RFW:"_HX(1>;O=)+C9]@`BLNQ ME<#K^?>!'927=5YU"X[EI/(@7M4*40Z=SP$U)BVXI;`RITTX>0$(@.RUST?3 MON>+I6C2'2HSJYSL>^&*Z2`C$T92+8JD:<]0CD)4BN3[I047;-VKQ4PBCDE$&<9@N$!2Y/L8H2.T(.770.?L+#!&`JQG);+ M`EE=6%2.YB9A@WW=U=DR.3H[YV/=+$=S8=Y)P7,F0!0(*@:ARLM:BGSW]J&#*'GEK?2S5&/`0O%)Q;/9?QVB.8;TD%^4!3_3:?=WP$E`# M3S!>XD61,%+*P_A_WN5NFGW&&/+NI MS*[>'IV>'AO:'-\NK^O9''D_GRZ6/N@%.2V(L,UJ<64VD_J&Y/SSPRL;M#IA M1^,4[K]Z=^26W[EX;S(VV#2%0[]U`BOL.1P1^QA6P--;JI$US'Q)_BPX5W`[ MM->*S5A'T.VZL%L#S?VG+;"+AMV_X\\`&CTY:R0%AS,)`2?S/3T]O;_J#I1J M8?-!H:[>`@T_VAM_`S#/4S8*"F5N9'-T2A5:4U5-EA@7$NYMTC0MT@VD=SM/5:80&^\&`C*`=]+*_MEN/RH(@<[W."XZ5 MZ2;(\T!\4'%>W`J'9WD?WH%X=5XL0;6^Y#YY:G*W2Z)3I$?+H5$">A06@:?_7@M@[FDY_*1?D MIX2442B3@O#1XY@PFQEG14`]=G7ZZ_6M_)@HHRL,"1.A"<>-)THB$DDX41M! MF`A6'+TE847*BM03*2M2MC]X2_JXC_<#^3<<\2T8?76.,MOVL$7#H0P&;ZNR MD^4,^`0_`@P`X*.+A@H*96YD"]S979E;B]E:6=H="]N:6YE+V-O;&]N+W-E M;6EC;VQO;B`V-2]!+T(O0R]$+T4O1B]'+T@O22]*(#+?-)\0HXW..$+(%JB4).!"H6P2-^&$PWE$T_";F4N&_MRG&_43:(L%&_ M!VW43C5]!U]B01AN5Y^2YZX\7$$91MRLZGU\/VW4=5.72JMK&`2MU-GHN;(.0H9(3[CHSZU1I' MEXS]O"A/W^EU\U'=-IY?N\Z@^1>U*;=.7XQ?WC^)&YI:&5_N="<@#PZ-&AI/ MDL*'@\QRZ#>MT7]539S"<9)<'%W^G$"V2'&V7\_/LH5%%QQ?W\T_*O>S8T2. M7>(GG(VW]32Q,^:$'L]UVDTG(:-4XL+!@#SG$Y@_BI(9[&+&1PL12BFW[L'W MBX5%.Q@NFD&R/,FVB0?Q^7_X@L4D.BD)'0-S#/.K97:[S*[NLSO+M"Q&!W^# MZ`:B5T0!YTD=8HJB-`9= M$EHXU5ZT=>V]&?D^K(LK&.=.&9A;XUU%[4NS5R[]G>:JT:VQ72?XAZZL,\2, M2/Q@5*=KY7PK)/B@;&J'0$E\7#_?:+5REP:T%[HIFTJ76S=ODN+[U0HPS:>A MCW-(4B3CY*./1[PH>_75._FVW+LNVC\I3FGL<#@TB$(KTKE&B/V-_Q-@`$=: M#ZX*"F5N9'-T'1=+T5X=$=3=&%T93P\+T=3,B`W M(#`@4CX^/CX*96YD;V)J"C(Q(#`@;V)J/#PO5'EP92]&;VYT+T5N8V]D:6YG M(#(U(#`@4B]"87-E1F]N="],24M%0TLK5&EM97,M0F]L9$ET86QI8R]&:7)S M=$-H87(@-#`O3&%S=$-H87(@,30T+U-U8G1Y<&4O5'EP93$O5&]5;FEC;V1E M(#(T(#`@4B]&;VYT1&5S8W)I<'1O%LM,C`P("TR,3@@.3DV(#DR M,5TO1F]N=$YA;64O3$E+14-+*U1I;65S+4)O;&1)=&%L:6,O1FQA9W,@,C8R M,C$T+U-T96U6(#$R,2]3=&5M2"`Q,C$O0V%P2&5I9VAT(#8V.2]82&5I9VAT M(#0V,B]!7!E M+U1Y<&4Q0SX^5!3=QY_C_!>'J+Q(IC#?4G=6K165CNU MUG6T!<83/(J@`;42[DA(("\G.4E"()"$$$*0<&@XC2`BARL542NK7;53Z8YN MW;I=Q]VUT\ZZ6_?Z/7R9G7UX=+;;G=F=WY^_W_?[.7\P%!T%P3#,2=N1NB4E M=56&I+2`6)TLE^;O4(JEDKS9NQ4D'R;CHLUSH\BE<^.I0Y3LJ?;I:N1'T`)> MP3R0/1]4+3R]E+]B$10%PWE$BKQ,IY`4%2N%:1*97*DK*UB]O4`J%29M>T,H MEN4+Y0JA1$D("54N(OG']WP;F%AQ8^7%2RZ)/%8W$Y<U;[W)F]S,.E4,MZ]M[WTU)X%/\H]8;H55RZ2U:T>0O&$DX]9!RB=GXG9"+T MLW\78CJE^KX0H0DDP%:PG'$+\-GBDJ.YXOZ2L=&!_K'1HP.Y`E9=>.85#>R- M!X\[+>AV;6#07^?V]PL\`9!(3JD=R;J]E@0#MZ+&J40\G5WNX_S>H%EEKW74 M6`147.2((5.F>\_)9=4!C"Q[!(/;()Y!K@?[V`K4;E855NCE-FZUGJA1\*F5 M*!"!C<@W]R?NW^5]G7(G,>N@5I*/%Y48-:5[0V;.M='1WDG^M=.Y6]+5V>G) M@GW)A(+B4=Q*BUZO5F,$R6"R3&/D_6D8C(%8!H@#?V8_<7Z4D3JA->EG."1.GJ]_M:0]BK1T]_E[^Y=/%&9OW M9%/LLEF_P-Q'Y&X-3&8!%WLK"F+);4@:&GDW\IY\&0)JT%SJ=03$H6/@=>13 M-!+SF`WZ0=CMW$3U(;/T3P`,!C>>,$`6.<4&/O0,@!'J#$HMH2XB8)GSJQ0* MYKV=MGF+VMS89<"-G`PT:>!.$`MVTN:0=3,;V>LK5(Y\PPYBZY'](BQQ;28UEXJA_;RU M"42!I0`&1MC@*-8)$'I0<-YH)*K@*( MNIF'7=JF+EZ+MZ6I';_V!`$E:/,:Q&UR62IY^0;3`0=NKD443"J.]ARL`-5# M5#5"0^D^(O\9AOOIJL0;3F2KN1;[.Z&]2"8&9Q@YA/$=0NZC!5 M3?T$P#\&ZV]>;S]]23#2V]Y^]E)IB%,DMEH)+59:>$`GXJ_*N`6B`?\Z6/V[ M1X*S0Q=.?,C_S<2>%99:B],LZ*]"6"1<%R;_'H;)(1KTZYFU;`736SM:%:CQ M57$;'!Z;A6>H,6B2\(0(0JRS6M*MM+QA)O"!?6`34()DBO&$2A=0^R,C;!!' MRI`>7VMS'Q\PK[Q/+:`6YU)QJ9L%NP^DRM[B%^H#GYH83`G>#R^MR8\^M MO1$&(1K^2["?K?#*#AHKY`JN4E->(3-C.G%FI8A_0.?O;G!YW'Y!?=`3\#1A M]+#'Q;L*"I`V]''-2?5VGJFVTFG$:ZOZ''=`C[S>JLM+*C-14;5<+?HQ()#! MIF;_"/]75PRR7D%(Z56ZTGH=G',@'8D,*5!O[5A5D_,[M:9J194:I^9',DW9 M!N,'-JZ=SHF<9'Z/;#,I9=,P%?E)A(F"G%S=,Y@!?TO@-']\TFHZ*?`[FNQ^ M:XAH(%R[7H*%_S\P<*';P135&YK"O&.>9G\_3NNM=[FO@,.<5O2KFI.J';1> MJ]/P3"\=X`::UY4QT!&&`0:F/P63C)GE\?2*;+H)MUW%O!X#)5XY- MM`;/^[@^%])-3<[F/&[W.7T.KK=ZEHS9(7=H\$-4$D+9T"O@8&"X]7B?CQNL M][IZ7%@W-?T?S3#S+#4ZFQRG6)%,8Y;!*++1U9B@@?=YS;XPK]43]`_@'O]L M6A?!#@ZPH:F4P9!18=[JX"J8K/[GO0,031BTS1(6>?1-?;P63VM@!*]O!2CY M3LMDL.6RC_O?VM89<#9680V.>ELESUBMLA,X!4=B M[$I5BDE68>9:;/8:H@I3@+QN9I4+>=^G/S;":ZL/_8OQ[_=Y`BG\R_0FQ,*X]O0<,L)(;TY?L1CI$BI4#5(Q7YO;J]>;^$;Z MNS6:7)FUUSU&=TN_,X:#[Z8//Q>:'FX)M?$#*BL.MJ>WT/,=!W4L^,J3-P$& M^*`.=`,]R'WM,7P5\F$-E$(SGOYENIAU>;KR/;BE%!XJW$[D559R2["B^L5; M?XP!Q@S81`1F!J>B2>;ZPL+8!>P96\C_T>>+SS6/HPZS MR^+'K0&SP^JF.X_M,"&&>-0TC(%=7_\9O/35WA5($'2B_(%U%6@L'B3J\'M& ML!6*6U+`S^?P"(FH55.+R>5F8#Q^M@N^! MEU#PP^V/X#;8`FMA+]07Q`\LU>`Q4421$L-\^`;;W^FR(J'%46<"BX7UBDDB MJ41DBPG=:>SJ:G#L##%%6_/L!29LW"C_!NX+_P'W3_\%;L9RSE-@E(8KR,#- M?@[W?W3GLRDLL_6Z1^D`BM$.L@H.(Z.,K^'G"#@>8YCU^I-&C&N3.Y1!39\V MJ`OM`B9VJF_`.19BGA\_M7()?;A[$>[`(0->9%T"4N2TV^,>Q2XFFC_(;]AW M3$PTRY6F0B-MX!4RZB0H21^ALI[00?T*'=06"8MB6&Q(U.-RAC"7UZ`+$3$- MHIC,X`#;[GT*7EZ4S;1/$HU+I'W76H^/79F416;0M>F9*Y]-5L`M?CRNGP95 M2!M#HI1IQ)BVQ^J0$"(GXFD6V.BMB[ES%T0://RA%F*$$^Y:/K'8Z-;$NXJP?9435[U6?JM/L+JLX== M(\XX^PY(!5+]_A5;KBMCI%<%FRT6DQF;(3/.R/RFX65&.>V,>^`THCRAK>:A M/WVP#VS]*.4=3.*CP4@XDHB>]BIH4?`B79&]69BC^D[629])!"5"2NJ2_"83'\B+::H^EMB,EQTFY' M3[D=EQVX/6.7?8R8R4NZ5%Z)L\.;9Q6S;SUU(`E&^M6-;_6%0E[*DYLC6T]O MFLWJHG7+S2Q8^\#W67H2J>1()/2V03K=;K/7&B#LPX[!0(I.;#J";@`E&V9K MI1_2?SVK%@U68P?SCKU30AQ]K_W=?>B>N6-KOY^?>+"*6\PF/:)N,1Q>.1^5-SS/A@V#^(18+B]C95I>00O7^I M.E1=S(+FEI9F+$=.I5]6MC*\O-\#+B`66W2L?3"@C(>EIA MU)!2Q*@QZ?0H]WKKQV`7>!O\%NS[Y/BY0AY/W=.%BZ1J-9]CM+#O@4_DQEH- M7U^KRQ48.@TB@]S$!GKX-U8!?T=-/GZTK8%7CPD5@='!X*6!%:)_*7JA?XPY M,3`Z-(Q1`6$-D7-7OIY^D&/;Z9W['S)&O@W_,9A!D='KC27;:OW&0]8&LB7Q3 M39?.']P\:O)INE&53M!3BM.]QM/+#0IV3-#M:L<.Y)?_^IDXNPO0O6>.7$F, M^R)1G!KV^!(IBYEM(A$MUZCH11LBPN3RF>3]\[@HB!SG"_B]F(YT.&T6%ZV_ M+>B(N4_YECSC]D%[B`W/P[VLD&?!D\`CUZ)GQ^>95"3B'Z(E[.)U*\J[2PAE MLY*O$C$+N,T<+M8I&9[X%S,[/7_OT0?H.MC&TJF1XKI681U6(QI9#5J\MD'B MJ_!,<&F:.31P;6Y[`W$Y28S09#'K"H$-T*H-&C?+"72-4.#*VU#!V[DP+=["TF!JD$GSM7+]7)2SFQ5],@$ MF%IG=YH(C]_A]Z%Q4:2C32AL*Y]JO9B:C\R>PA/3X?GA._T7_*F^LW.@G&V/ M(7]AY,!J"MRF0.GJ22JK[.Y)6N?7,O,H2.]EP6Q&E-OJKL3@=U[_S>MEL:95 M(2'3((6-/5(.VAH2S\APX^9JI<;8J61RI-W\)G3_S1/T-?6CQY?O7JX;AUD4 M+G!*[4JKS*:PJYQ,M5WG<:%.F\?IPIUVA]6!69TFHY-P&A&3,V!T8^"%A[6`M/H7'^@>\82P^T-E4+ROK/$YPI9T2/L;O"9\F&J") MY3#:3583$WR[-2ZM16NJ._(*JL86$_'1 MAY36=8OEF%KK=-NL7JN;6`-'$&_2E1Q`%WDC%56UG4^)$J.9_??T MS^2&_8HJ;;XV5VY"^.;-;MJ4,,JG%*J,:IV0@/^LN]J?FSBOZ+C)RFJ@[DRF MHM)NL]MA6EJ7ECIIVN9!:$L#:=(8F#9`@HV?@"5;UM.2]=;JM=H5UG/UEHUE MV=;3LK&,;6Q>`2>%0B$!0J"ETT>:T$D[36?ZRR=FZ;3?PB_]I7_`WKW?.>?> M<^Z6!U<0\`5!;&X)?&OFYJ4/);7RY-@$%H\Y[!1#>NW$Z]Q>Q-;K4>K1KIQV MN323S.;P/SY>+QX_+RX?[ M!N5]./C<`YM(EX*M[Y?J=";,Y8ZP[`@;*1)L.7YR]&+VMYF+B:7(I%CE(1D# M+?7L\W1[+7!.HXVS::?>39N]%N(77"]J9X5- MKNO@?@D$(%)%:%2@&>P1U?+99N2E3*W]%'9Z;N;>&4(7AY+M'3(:39C>5'G/ M2JC`ALL7EFOY8[FH)!ED_>,!F&)[-8'&65_2;4&-FL%N&?Z=;8P?--7;;,PO MR5;GS_\?ABT\ADT"'H[[3P[S:#P&Y'#%\4_NT^O,/%MLBJVFSA$P6XW;F.W6 M=O?KGO^M5D@[C`Y*31D)[O$'&Q&RVWE0C_9.#2U5R@D(>*489I>O"N'=\E`6 M#>!CJ/@-\#_5^DX1K)$1Y%(."^D=)_486_[L<\O#D20="TT.8TNJ/(]_8>,"@7>W4NY M6[]-^\47P2X;O<\^S&QR2GCYC]>?*A4@IUE>_0[0)-(E(9YO]%DM9LSEB<3" M\'[.,>_Q&N[*']L)R=;G/*J39*HJ1=/HU/J`HV MSOL2'B/J\NI=*OQI[GX-$T!N`SNCU>1D/ M3MM;N?V(Y2"EU4(0AI8K)9Z24B$&01#R?ON]4@,-^>CA>:_5>T1<,_=5[AEN MZ[/76C\%F\!3H`5L_>BU*T\33H6H,*H]O%/&?:5O._&65JZ28_VFW-*OIT%C MZ29QK7!\=@%K@GL8_(!W\09P%Y;,U3>+@H(%)D898$.4C\*Y)Q\XD4,.L[T' M8U3`GZ<$'2,6=@H-'0T$4K@_"H,'6@*-(08Q5>+T!';UYLG;:\2Y&\4_WD$_ M[%Y]M;_?IE'@>@-I5Q^A`^+JO^S,"[8.]V&OQ,0@X.QFD=[9[NC#==O5;\BZ MA$J]SJ;%ADSI[%ALH?@W(CX7+42SPO/9Y1-S6"ZCDQ./.N9-MV&$9ZN1VRDZ MY!IAG80G2$=8E`VDDBLX:*X7$*Y!8.63T%F78;0=V[6C_<4]Q+Z7E=M>1E^L M';CZSF+IUBKN9W9S7=8V*[G7*W&IP+B`8\`MT:TE@*S=PHO9;#*'95,&A8(\ M8-A-.`8<&L>P\+6!?AA^5+:Q&M%4@0?`!;B5\OQL!!MYY(PH2:G@-=7"W>8Y M/P^VC;V=R!=6))%$)!Z."L>2HVD6"X2]GA`1<2&V1-*=PJI3Y<6:-B\;4IK4 M>D+6Y2:[GZ/\XC6P4^UV,"9:,DB1OBU.85/ED096/WH7&O6?Z]TBA<#'(&:' ME[9A#K<_9"6L(21BL`>,V//[#FSK&.V9/TA,*9#YCC&9%I5KM`/2_L*2!:?& MZ"@UJPJ(==P+2%Z0""78)-0CXTT220KQ',O0Q[`_75Z[O:(_L?LFH][+H/G&81?1."SQ0:2%V05>OA/!37P=40JZ&S5:KJ5&I/- M([4*I6<;G^=.("X%8[.@'=/JD^7*PZA3C,9KEW0I\?Y^E=($S9F-L<%L.$O< M`67D#X)'SO1W?C334/-BGN\!(!%YW4BG8F@(IF!7-,KZX]$9(K:06$Z?O@!V MB[DG!$YY#[=1^;/V5R1O2N4J+69ULZ/ID5!LA@@F/P67H"0\/C.MAF?9FVX% M;68[A#"&6DM4:T;5ISYE<+I7].EW[Y!P.(]1XO6VXX1.P[@/89@;.$2LX%J==(2)AC@R$ M6X7!?O^!'M1^E/21./,3G\PG0Z8%<]6_?GQZ[=3[DJ7+$V\OH[.*RL"@6BFW MA&T)"QZS(PEKT.5`9=7PB?DX>NU>0_UKX(O\K=`ILSM,F,&1GG<1`Z"%3413R$IQ*C>.1<(,%258 MR'0\PL2P\M1DL:(L#BI55I6:4*O.!UR)KD7M6*5O]$_ M'CP:Q2HITULQHL1MZ=R!#`R33C,,I",A%Y'4N?T6;%`+53:M/7YF:N+>&C&U M&#`CWQS/]ZYBIQ:K?[D$XR;7?;=^OM0`IB%4J?IW17Y!+N:ULD1*&S^<>8F5 M1@Y'>D,VJ4W9^7V/7WZ.D!" MXOUEG+#?^7:`LE3).UV.4[S`8FOO]1TDK['!V/D3+`[IQR<1^W,(W]BCGT!# M54&#K4HVSW5XJ7N$A&5_W.$2$,Q\3J^-AP;'4#N,M3\AE&9=05GH"M`W_^^4 M%<6Q=5]U5*5Q5*FUV52$4?`389O.F#YJ-BJ-3HM*D=]5F>I?(_&5GJ80BS7) M,K;(\IG(V,=FA*T0A(E@B16)98GE:6PC!(]D6\++3(@M$"`V-2]!(#8W+T,O1"]%+T8@-S(O2"])(#"]Y(#$T-"]Q=6]T97)I9VAT73X^"F5N9&]B M:@HR-B`P(&]B:CP\+TQE;F=T:"`Q-#4W+T9I;'1E6Y,>XAX@$I(0 M2Z2&A&RK]]SSD[O`@A0I2TTGS;3C&0F$EL#;]_;+9Q\?PO&\&;V?C,ZNPC$= M3V8C&HS-'WQEZ3@)4C^@?#Q9C=SV^&D4^$$0@&T.>Y.7T6=R?>V?G-(@97Y& MSM?KNGH6RY/3D#-2S=)4_ MM>^FUOXBF6ZUD64ACQ2/S6-IE`,M:-EIH_,E<];6]4UB( MLO!/_IC\,J*1'XY/*7Q,/AB'C;G'TL!:3][!S^=SHDF0]4RF<+DJ+:P6%"73NGJ2YFC.25F5I\^5EN`)99Q1GY+, MXTGFQ1&UYYRVR%*+K"/=\&T(3ZR7_X!OFF5IZ_OE:KVLME(BA@';=YLZ7XA& MME3^3X0GL1=38)1GAP@/0T.X%U+F!93]:[XCGGB4I]_C^Q/0'6>&RWNAU4SE M\%F9R^(CE(/'E2HU4&5`QT'/ZM>[WSX:8CBL;V[NS#(>$*R`WK7AV+[+$R(V MA3(I8I_`8&;)XFQXY5:*;ALR+&[)_S$5TMAC"7`@".-=5@S$=0U@M@>YRCD3JRCI, M!"K\4M5/ZZ7(,:#AW;PJD!)'>0@[9;')-8;&%`*\<+EBHR4@UZ66=6D5M5?& MYI@;,04R#/`>2[V0N*WGHE1_MG'`,W/-,T@&SRC4COBRTEWR##4(_U:#,/0X M2[PHHT=+3Q1[``G2(?CA5`AL*M#,2Z+,"T+,NK.K"+O!*8T-1H:B76NY0E&X MC^3=0@36>,-U"8&Y0D;P#-=1^K+?;FI\<5TM5;Y%/'.@I"Y18BNBKD79B+PE M,V:PAQZ!K'A"2!J9;VJEE>Q,IEL\NS,IVN[BV>X")O(5WM+J6;:Q5LT@G:5- M+F@_'5U5ZQN0005IB8H%_; MY"*R*5V586](]/&4+CXAMFI7@5.(/8VIC:FN&B=;U899DR\K[)PI*22DW[)! MTUK.889Q7IB#"O6LB@W6M@Q#?=_)SHNV0G7Q_"*GC=+2'^9H<"`_8R?UY>M" M34U$#C(RZ&7D(Q&/)Z809)TU\@:\J'=X[U<\#-H*P]5-92%'&9E`Q".YUV5N M2$*5<7P81N:%P12EY-Y]OP=FO+9VY#YR^N@Z843.=X.&B_=F`&HC5-! M+Q\?R11]8=$;7[Z\\87C:F\$]7M#:+@;07^R0T?=L<(_DORH)D_O$+;SPPUW M1NK^:#?THC_:\?_6D<()$NXY`I(._+B`HK'173]-;)5P]<[L(H9VZU+8?K%7 M4:_4:XOJ`J:*N6SZ2"0B29,A$M/^!DAZE8$)&%M<@F#E.L/C*2_ZOQBT%[(> MCH:\Y\+%0LE96Y9[Q3`&FULLABW4_I3Q2&86=)29$;$'VTS>`#P\V1_R6O!F M'M^'C^#-&+(/_P#XWL3:@3=CYI4J19DK+&#I&_`M[OEAV=F^[`\R;R6'H&`\ M<-'PD\@T4!9'H80_$\J0F$-03.*"MF2RP`820F/L`"5F@&RTTAN-`XVM>1B' M*U&*N>S^F;!3;@F-`X?:C%2N/3ASTW\ES$]0T[;M"VN7\VQG7-=F.K"GVCDW M]!F4TM2/32TE,/A/OHPN)Z._!@#$148="@IE;F1S=')E86T*96YD;V)J"C(W M(#`@;V)J/#PO0V]N=&5N=',@,CD@,"!2+U1Y<&4O4&%G92]087)E;G0@-3D@ M,"!2+U)O=&%T92`P+TUE9&EA0F]X6S`@,"`V,3(@-SDR72]#RLC9VK)S M@"A(HH[V< MO7P;SME\N9FQ8([_X"=)YTF0^@$3\V4U,]/S!Q@M<_SO_S,?.85]=>ASONBJ1=VJFIJU+$NU57HR@4LV;5%O5047XS4QAW/Z5JU*?4)Z M=(4GZ_75'\L/8,0U\\/Y\@8LD7W?M+4Z=-]Q.T,UE.I\NO-C#;\\]6Y4KJJ5 M:JVFF38I\,(@X&;H=,Z;H>UI>]?+@S+JN_6^+62I$0'E>D46[U6]!CN,A!5M MACYO*D7*6_O=:JO4DZR*6B+&UG:00@N7/X!I@#;YYFSK'BZN^XXPE#U-%ETW M*&/XDB0#L*;:R_I`6JX;0C+TZJ:G@7K:J[P_,;$"4#58,>#2D.!.?E/&@:04 M""D#11QYRB*0J\L M_AR*==$??D2I$,#9-8\*KM$>P^]G%0;_E6N:7JGG5+4633RN,?I.>,*YJZ$K M:M6YP,:XTP>UJAM*PCT[=A5$NO9C9W/%)8.!:S/T0ZO(0DH+7V]_^993`D-0 MAWZ"28MA_;Y7%8$9^@3@I[I5VZ(#2TSRP"7WLB2/1BY&W@!H_8'&]RH?6D!6 M.:W($IYYGSH3(';?7=OD2JT[HY1A%8Z9E@1:*>^+EW^YNEI^A65&RZDFEW0> MA=P7KZ$=*7%(B\6]D^J)Z^THG>1ILP$SZ#W>'T&O-U<@WPL&`.$>^.N!#@@V/T MFE65!8$?"S=Q\D!++>##0ZF1_:%GA,!Q@L!CY+D_'@MQ30##!:RB>#B``: M1C7Q-TP2#`(VZOG%8Q0P")QQD+,Z3#62%XPFF*-H=-*RZ74&\\3[==!D3H8% M(@Z=DF-8&2-1!B`*XS2Q9EJ?6E^8NYQB$8=;+[HC$L('EX>3\'D%G`2/%+$2 MQ'I;Y,I=',21T^Y.%FO2+\5P(&+0BMKPBL31W=6,!Y`^EW3A@`_DIHB=,@8E MN$HUD(7:YQ-00,0X^PBA&FJ`4]F1:=FT:6 M(?(<0,6O:RE05D3&'(%?D<\#1`.LX6QB1ZSMX")`[SW7,V3!:>\0V[9(`U(H;'X,2(19*!#3R"&NY?\)O0;XQ^@-^0H04GZF)Y M`&_.([[_&3XO'/(XB_7S`J\1<]_E+`HB#/A1((J`-:<"R*)'`ED$+#(*<,1F M*L#CHXE2)\2XC`DQKNF$&/,@`^J)V3EMAWY\&;BC/Y2&'#B%,0H681*86$A< M+%!H1Q"C-K1YLDC/HOH<7PLLU)M'P)KOG>`$Q(F`.''- M>`*Y9CS!"H@3`7'B.W>"]9T[PDF(4PDQ]:X[0'MWW*W7Q-&:W0>4Q[G=QL+8 M?9T%!4I&D\*"ZJ?K-.+>LI5U)W/;8L3X^+9J#R4.-(*F4W/=H7DJCOM.$(76 M->_UXZU[S8Y*)"VU:1O3;RA37.J%%+LLTR]UT.!TFP,U/[U\HLL>BWZW:\IU M46]UR$PYL%50V[>J,KTJ-;BF'^P&H@]H074#<+TR=84VK9^8Z^NV#29_;6I% MW8NU"4PF,\71#KOA4;6F9ZWD6E$[5M0GW5]#Q;]N$['T]PV?3^R@1T_[X:-N M%%+O1N5*%Z&F161\Y$!AANZ*UXUL30=I-;\!7/*^: M^%.WELY7?5&9EM(UM6[&WC3LC39&XH4PR3U:"`5*$##BCZHHRX*_%9A>=+M'I&%M+,B4`7VR+ M#B.MMR&V4^6:_%3H&`=IJ+(&W:G`[;=*]9@91Q[1%?_.:&!\:M/BU;XM2HI4 MEDV>5<)N^8-6;$6*<:S;G@IE[MU0@\;'T*G&V]-),G0-%(B%(0*&=-$-9!*& ME`'R-[4=2MD;W"G$7_WHT^%V9XP>*^KSG&KV^Z8K[/G) MA&Q;H?T6>4X";*I?0\XQ&U`_GG'A35 M5UGBD;5)5%F6!.M(5$X)YXH14U4JI%:?KIP$3#>4%!@C:WUKK%?X,T[;-(.9 M^JF474>3[R^PAKF6;G5G23(!LJ,ZCKQ^URKCN(.2K0D-%'(M%Q@1U*I--;!&'4,?2"M2XOLCT:DP:O5,ML+*) MY5]\>B[>J?I!E5CF!`#&7U`G@@O9(HOXF3I\`?T55*[Q\^HLBZKI=Z;0O_7) M+[]I[S,61<%?4X9EX4*(X$P9L0@RL6!I\)PRUU.67P*#'^Q3\S/Y#D;+'3!U MARF989$27E)/L_5_\1]T!0$_!PS\)V`U/05LPKNYY=T;U>5ML:+X1@K2@6CR MTP;M^)`C+='&RCT-P`F0;LIP]+"W/"M[FG&[+[*V8P0G6@_VY1>866?4)C>; MH@45BF^X`,6GKN&<%[%4?U7IN;=4V#_;RNJGU=M^F M9NB'[/1!?P_>91S\D\'C@C4&61D]_U3#6Q/II('Q+TV]O5X:$A'>^SI'I4CQ MS+LK9;VP)Q#OZA&PZ=J6,9G5.X`A%J#RWX-&!;@-*X+[#X8@5(RT$0C4TC18`22 M`':A`'/_WI$*"F5N9'-T7!E+T9O;G0O16YC;V1I;F<@,S8@,"!2+T)A7!E+U1Y<&4Q+U1O56YI8V]D92`S-2`P(%(O1F]N=$1E%LM,38Y("TR,3<@,3`Q,"`X.#-=+T9O;G1.86UE+TQ)2T=$ M3RM4:6UE7!H96XO>2]B+TDO5"]X+T8O8V]M;6$O<2]W+WHO5R]'+TTO<&5R M:6]D+U8O96UD87-H+TPO02]A;7!EUEG=78"-SR6AWPTJ$3DMHS(1IZ23# MT)26AE`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`)2"S@9U<`#W(4&P6YZ*ISF$RQH9CX?`M M`"M%M7YA!1SVAAT4WF!S[@N0KA!L0X75H%L!7@!I.(Q<$-)P7C0'IG,@E8/X M[4^EGE)P"@'K@>1#L'"R_91I2-4RZ$CN&Y1%T'B$#3/A2^GA9+8WD^I,)3IE M/8/)D1/X7[=<$Q2DT&ECD9N!;DJ'.P(FKX$42N9VV"O=KOT4%J([0K0*),%3 MQ;O`'DU'HDP4BR>YZ"#QZ(QVRT]:#]>95`;;45<3+0LY6D-Z0M.@2",?AT;\ MV1;9J*E+^S-HS@# MJN!6Q.9Q^\R$QQV)VE5&%DYH-8R.$.J%/<(!P2"L`Q)!`LINW>!.3*O.CPST M7[EIS2@/''11=4:90?-3QP%"*"S_+2"`!JP"Y6##DZN5`I12R7FH(\?_023U M6)0#I;.K%#:4"<$S_HRG24QM]!J_G-H&6!2L`4LN__DCU;U?G/GX+SC8*!3^ M2WB=%!KGG`JPB-\"#[+=\7,$4#]\55@M*-X02E_:H:JO?*UM$U%E28UU1C.9 MJZKY+W4E!](Y:%8N2L_Y;,B\.*7'?:%`T$GZ&H*>+QO@8^A=\!U;HF:/PVYH MP[0'RNTO$OMMD:1#1;&!>`I/Q/KB6?(6T&1"?Z+'0T->AL*BOHC;B5N"[?Y6 MLM__2V"WQ`(>VAL,8)9:>YMXZ3S&X'I:9D;N`T?!`L'\0O-N=M?]JCP]L#AF<, M?:U4JY?"/"Z'3^>7!9^A9#@?NC=J28_CJ4AG?)B\"XQPG`G%B-!$?RA%="'7 M.7>=/6CWZ54]_O=!NX413?M$TVUU#IO%:W#90VMI65O>--S/9MA)(H%\0+]- MIX.]%)8(L'YFWFX;WH[21MB'YOWRD"7'_SL'70-2<`GT26?WS:Y5V&.PP6*C M#(3;'6&LJN-)N+.N.GZ4$(Z*):L2],)Z4"1`X-6I:PGNLBJ7XN)G!J;`3F7J M3:Y_A,W$HN&QB(P3^O(%.A=(!U->3(3EH7"+]YBSEFQ8#6O,&NL;A+!L\T.@ M`(NO@*6/'JLN77AG[!WB5S.Z?>.JC#%F9:I[:66^EKW@USG0WPN!4C`"BL3Y M,9L0R0H=_ZW(-5^71X_;`FW>9O*@\#(LG$5N@+V9J6S?71;CA)'/2TPUX7;: MXM'_OQ*'.-0?ABO9]N0H'@\G(W'R/J!A!JKVJQ[O9@E#A@P`B'^L+P M+L:1'!/7)2()$BCYENX;J=1T$@M'.\)1E=S8T!:= M`5O-;,MAO\=NQCQ.EZO=+3MVY*#K!6*#(3$2[6`BK"K6&^N)=8,B?O,S='*^ M>3X)7RW*S7Z6E]N("(_G'#"-5/`.6-AF8Y"+]+"S!?>'?+2'I%U^FZ\U8%>N MFI.97[/5F]LQI]<;-.6'^7[.CQZ,F3-C>#*697I(@/(;X1AR>RXG_LIY&3\- M1Q%AV=P1>Z7%L=6#?8YZ!^-F3^)<))T\2>:I<3<3"9%:9!XUN"X,4GX+&13'1XC^^ERQDD:$([P'%C;8D"E_CZN_ M1BB:VZ#TFAI74_\ANNR#FDCO."[2#?%ZQ:DV/;([W?6NGB^C56]LG>OUU*.< M>N<+@H#G@6\("J@@+R&0-T*2S28;DDVR>2,)"2&\OPI$H(.@X%N]*E4/>]I) MKYZVZ-1>S_-F>L]RRTS[1+QV]K^=9Y_][N_W^WZ^SZHSM.)YE0>M,0=ZF*`] MA(,?<+^$*D'UW#DD(`#+N3I'6VC:&?1[Q/5.)]/."O_GG]\_BR7,[%XN102P MM<_XGZQ=F;UQ$[YQ0PX?MPSE7Y]9!41?/1O]VT/\BT?C8!%8B,YU\4ZX]A;8 M^O@)WM\_$;Z`1]A. M;&:H8`O_:GH._X:2K+-*Y_7$@HE3/HOG;L`L/VR5^:HFU@$ZZ8Z_V=D=%I[O M#@]/HD^2+_`HSIMC4]IC\!H=U>+"JRQ%?`6<@C#K M=@4QM\=(AHBP#JGI:Z/:,2!\^!`DW)`,OO68*.E$,B\I6X?13X8B4] MW":QJ,QYPIB#7]1M]D>Q9.@0Y/+K`@;&#B^;V-7H\KOJ6:?#Z78(F[N[V1DL M*."7S[6H#DCDV_5P.H?]":2YVJPRUYK%&K..(1FAQF9P!]!ZBX-MA8T%!$83^TN?C)J:%270NR2MQ2DI5?4A M3RG2-,>D!RM/BFME2H6L1EA^ZH3Z*+8I8W3:9W:R[80S8F^Y"WR^2W:_QROV M!X/LB$T8@ZPEX0H=U)2@.I/>(,5IK4EOHG?PQB1::U!0%0:Y46TBA0:)L52. MKGF\#2P!XL_O@#4C^%_!@'_2T^\,B-U-7L>0"]:(E05F%T/LT&!O_.S[,:VI M"L$(%=14H;+JW)/I.'^8?XY0@IWR$9M@?"X;:12` MRURT==SE'*P7)]:.<:)`7$,49,'IS0<+1115>@8I*=:26DRGM[,-`V#]19!! MV$(DDTH:C9HC""WHU14WYF*[WLW>LI?8_T')UFUH2O^QF\,##7U]>'N;QW_N MBH5.HG6(?"<-05WL4;?W=X2F)O%@&)G[H5WTX`I8>FL*;VKJ\;9AO>&R_-2R MY(/O$07[)!4G%4)]C%?38S=F^*F+S1]:?;Z)V<\6V% MA:KR8KSPM$IQ/(TV)SWG?DS9-'2.5F+#M\C[@V-1D:QX?93V43BH]H>[LU`7&<4J*&:;_XM2L_,DV1C&47# M=\&;3P'Z38N75!E,!@-)&$F$TM*D%JWPJEK:&X-MHX=[4_G5_#)^!;]^[63& MD\\F.^]?QQ-KQKC7`K%/]$5!&NS!F:]%:A>E1S*SU1H%5DLZ/`YKP-9`V)O` M:FZ;W-[NW\$FF?2(KM!858V6^&5MYR:&IB_@ M_,U=(J.@H+)U"/9IR:TI(MS.%5<7T$)8C!>STQ4% MM3?CP7<@3J35(0=VGU0%NU+Q73L+-J>@[TSNNS]]/W+K&LZK0;S(.\`V./SN4'V3/R0XB($Y@ M[X:/"2Q>!+S1&IF>P+Q.BC3"H3(0>HW)H$,K?(JF<##0U%_0_O'^0V?V%^'% M.>HS)>N$ZP6)_+$`>!H`!WL"@3C'1%\4I,`6GN96BU(%!MILTQ$R#\6H;$*V M2LI48GS\6UM^\5&HY&HI05+(@<)J:26J0;=/'?X:+'EP M[5&DNN=X,U[C4+`2I]Y2:U783KHUMEH;Q"_I<*!NE]?GP>%OG\6,601&5[W) MCXV,!GL'B+[NQOZS:,#8H&_"QP7\JS6B-9F;]N17MI]_?"5ZH[^Q(A?G<_D_ MBZ[*_U#6JA`&:SS2"C1S7][F=P[UW^AU-_9VX0&?S>J'YPQM@%OZPGX@$C7# M#SL.%HG@:*8=4JH4F)9TN*QFA[4>LH&IM[`#8&F2A;5Z[2%XK/,Q]4)XT^M" M(V5M^44%LL+_LEQEP4W<9SP>NI(FG4!?U$J[[>YDVI29](%.H2TM*05,&U*3 MA*,0C`66#;Z0C2_96MW2GEI)JY5D'=9]6+9DR2$T`_$V-V'4D*1ZPD'W9..KTZ(L?7[U7?6=E;=7*DALW&YC MW33GQ%C+`:F3&F1-$&/@+"0\D#27)HJ19!:=S(^%%OX"D`(0&O]/PVIU#N27 M9.VALJ2?'!@PC.AZTZ.EJ5R^B+8],2I9>KB7<)BM:H>-8$B$H80`A[EYCY>' M@_XL2`.\`*`$?R'><_$$-\KV,UVTVL+9.=+M!)9C<2O,@OQBE,&!(%$#V'ZI M!R+[V"$CW)4PE"\L3']^%5WCBB(E.L$HIX`'U'X!V,(!D+GA(WU.APG!31.W M!K#VA]:9;.K?GZ7CLQEU.AKQ3?F`T36!S\_'&1M)V6TVK+MSV+!IM]VIXG@0 MG)OK@NB=;$?>(&)4-UM-@L-J>:(ATLC9!,("IX M>.\8)J2%E/AB[2[C)[A6YS&RY>E_)^2E&&D"`S#NQB3HR1Z([.7L#OATREB> MG(JD,^CTE.`_=[,>78E5\7^K#>)_J]4ZIA[_80U3I]J=#JM=39.4BT0(UA^) M^"<".>R<^&,H=G'\6A*>&RKJ.K5#&BW:?=(XI'T9P"A[/7$S"<_K"Z=T/<:> M;O1HR[?XNB)J7+R3ZZ?[&3VC?LWAY"`PPC?=81<..]V478LZNW9(10"NZ.*\ M^%SZPOPE=;*0+F3SBJ6%8CJ/1(.$F>$(EQ5C#%W2C[32SVD]>#M\IB@^D[N\ M?%V=*>6F"I.*4FDBGD2B(<+.<$[6C#F.M$J_@ASM=!\.]\J'D`E[5K;W:TL:[.K"8(`0R;(L9#/X_.-8U[@X%[^EFA2!2>% M0@Q>'"QTG#@QW-**=K;A@YI=H,=;8D>]QU8"=[UD>=K@!2Y.FV":Q6D]NEFZ M6V_OS(SXG?'I15!P.0M*5BS-EK,32#QDQVE`(2L&(`P6E=>E$16#LE]I2XNY4[040Y3=\N>Y*;:/2&Q$\`60JZ3"Y/!R(Y`.2_(_2V/#/ M6!L(=93:<=3N.,Z!A:XMSLI;O>:Q/!SPI84X.BU^#[)-)=@"O7L-MW MYO_^"5S57FSCAQ_0]]^%-N\<__S6^#M"ZVWYQ?C$T5T M<384?NL>L-I?2HN.3I-C'ZNF`&%$6B[-B/>5GZQ^_?Y':*DXERHALQ,#'8?Z M?W>L$6O4:+J.(3K]]%EL?<4S(SZZWG#A^_=ED;G*5['%PEOJ[/G"'HH%`_XP MV#\X8@:CP8A8!"N`VWH3LTFA?P05+5(_%!L*6?&^N+T",#RDB!L%FAC6G==H# MO4L/S6A=N<7'8*U:K>U0_E8V(SX+&60M^[K[3HZ>-*@HEC5#]V6-TK3;Y68Y ML*8<=#.<0T'+]1ESL5B,31;0;"X4K5RT!%4VPW`_;E00!,E2"$$'PSZ@8S[L M"_$!]+FL'G]E,PUGJ^)OZO96VZW<*;-VG'S>W'5BK]HT8!S$AQ4M'0,CPXB# MB$3]WJ!7`.3\I_A-W0F:[=WTL37YLP+R19@1@K,R1NS/T@FBQTVZ]&HWY6$8 MN#N-SRPOY<\MH,LKL>R-KQ0^F4[:`%&GV1$;K$N:RN>FLA^\B:8*UA!+0PSJM MME&")P4*]3$"(["\V\?Z6474X:.J* M\5]LELTR*470[?(QB`NPE<5<#.>FL).DW37*#K)JT@VM%V]^6ZV\*G[]:%VB M7FTLZ`DBF9"+]&-AB[\_W!AH%MIY'=^A\FF\I^WP*<$:"@8#B1!:N?+.-Q^+ M/XP5(%Y6DMZ#6/DHSS-!!#R>+6)7/RPOK+Q;/*^.9B*I4%J1K(0J.;@RDNL= MMMI&[`*9M*!)LY^PP68:=XRB0\=ZV[9MM%M4.E&$!+D`*F<1EG71+"8=E"X# M]G*+[BASR57D.< M'%ABUR[:K5KS=P"DV@L@Q-*D%8?ZAAU.&^+\?\7E]YI$'`!PQCBS6D,JP7G@ M]R5Z[3V"021[VGO%!F4P8B7.SCMUWO3\WD]AZGG^N//FZ3G=_+55,$Y5PGUYX^=@5\.!:-6WF6$1B3W:0$ M@1J$Z1@:B$0"?CW8;;;$Y:-M1X7A MTPPJ>,V0`@\=X/^SU[FMC>]^F#)&)],GQB?[%I_*(`>:FA^BQDW+Y/BW-0<1 MI22+&EII4<0^Z(00K-^BZNCH3;>O;Z@$$8V&8)+-1D"*W10$9YQBUPDRMT.X ML-:S'E%#MU/E5@[?_L5GH9>3<9IDU\5\4C2=* M2;2X=+?;O?!WYN+>I;/+8^&Z\ ME`7JX69?5IQJT\\@):'O_G%9W0ZGI^*6W0!]=1VZT0QPNF0?GUYH-FN_<4*S M`H.RA`Y[0JMG95_4A$`#]J===HO`XST[&L\=+E9I=,H,")*+$N1=7@*:[O\; MX8EH>_VE'$E.QOQ!(B`YR_*2>.YPB%]_PB77P82)JCR59[[.[Z/@:R\$1\&2 M$!P%#\(Y"KXF4@1$)$0$1+2^/JLD/!SM4\,P08CU&H;>G/,YQ>QC'"&(T>#U M>^QLP]QAD1\!!@`O'8D$"@IE;F1S=')E86T*96YD;V)J"C,V(#`@;V)J/#PO M5'EP92]%;F-O9&EN9R]$:69F97)E;F-E"]Y+WH@,3,R+V5M9&%S:%T^ M/@IE;F1O8FH*,S<@,"!O8FH\/"],96YG=&@@,S`V-R]&:6QT97(O1FQA=&5$ M96-O9&4^/G-TM7Z#A*T6.2(BFI[K?2_7*=:0-7A#FX3S=9H0=C_3?+3%=X=#-8 MU4EK)]YT/HMW"]WN1.>O+C)E\8]VV'R118_O]1K?V`NC]^8:=7F6[Q&GX MPRV\+KK2_3K+BD:H%JW>9:HKFL&=\[&]\C'-,21XHQS0X#)KE-BH1O7.J=5U MUHJ^E\8_LIIELMLKH[M6=KUW8'4-]DZ.M+M&']P)]WD*WY?*[H9>HB,WX2-^ MTAW60=1&2G?+^F?2,#2DRWBOUW\";R%GK32%0@<6B8$W0M.K*P?9<6SO80NYZM6DD.\GEL:KN5*4*@6&[M.S@6?\I M%"R&X`N38V'N>\H`NC3+:K67';K:JQ9,W603/**NIMG_'7ZJV^MF+TM\1%A\ M1"I?!9\E@7[N((JN5U6%2-%)C4I9R:[$9"QO\EE,+%[MAG:#KT4WTWRIKC(` M5*G1I\ED928JFB&YF&`P!O M(8EE`&<-L5ONT9-\^D0O7DQTJ^HMF=U(=-'(?PW*8,YO@PNM>))X901>1A]$ MTU/9M<$;FHNTA.@.V$XA"CXT8G^4O`YMW1NU@<[VW\"#Y&T(1)ND2,1B"!`' M1'&U7(SIZ68KR2HZCQQLX1W##ANZ-<41U/?<`V4$7WK>JF*+;P'#-24Z$M![ MWAV!;UH]='WN;:'YV->+;G\[K6>VDZR!5FQ]%1JS%SUVE/`O&!+)B< MU+V6G1MY/!A=KFVOC:C9^<%*)@"NGQ$=U,><-#BA9BM^$Z9,\@*"0!J8SS90 M-SP4JBU;9:UC<@XRZ7>G>4/D#D`).81OHANQ`0T4E!'_N)* MA$#[_8/WBDITCWV86+0P;!J1Z`W?>]1ZT#(Y7@0$,)1'9+*5\HGJ%.C)DR=Q M9Q!8,"L,)2P,/J\:M0E(Y5XH-%03>!_<\VAI"9FW-/N780-HM:515`@K$R8T-*R$X0F8 M""?M9A]DQ+>/KR!.)\O"?YHC-Z@THGXKR%9"*5@-MU(U!*O@?)#[!K1KJ0*S MN@X:BZ5G,)\%\U*>(`)9\V83W0LW@DB/FR.GXXL&ZH7X(V.$UI-[-_,:HIS1 MT*)2."O0GQ$Q6_WLW@DLEP0WMM"R6Y7K4.D]HS)`9<*R`@N:9CI)@XU!-&XN M.4J#(,[51!MAY5WGHP3%6PTT#3$NN%4U,,E]3R6M:F0#YO<(#)G-%T.@BC<`M0C\4,X\0)1*.XQ6LC!:;= M%=KH%@U&T^R9^PLJ\.P]X@$P0X-U<4R%(<+@10CIQ!,>VB4U%(0($\!B&E.! ME32S);^B:@U5':WZ5NQI5G2ZQU\.LN=&EM2%4==_NZ;.0SM3.^?(Y6&A'2^T>:@2('YJ>&H>=0=E&=.MK'L44\2%!2]Z%#;G/5Y"]Q7B<+% MZQP,BQK"^%EC#&[?VE''PCZPA5;&B7CC-[=:=.HW<33!QA:@0NP\OIP3K]\O M+V>7Z^IB#@68+R^GZ,[W)6MQE*Q]3N'ABS'&MSD6ZM'_O,O>@/:EXKC;$[S. M-$\3Z/7[.3IXFR]7[%Z.MW[-WJJ]:A!LL)A0TUQG'S69NIXN\.C;O[L_K++I M:DHF_]:IGGGJL]M8"+3OE`4A4&!A(=3!]+3@_B!<1KJQ8XSIM?PJ[*]7E`'O M"B6ESP(S(KA8U81F&%LUW<+X< MBO[XCWNE&YX$"9LD2V?4(+)T\A@/0E94;P;?HB`#CS?3&-!9;5#&+H#N:6@( M:Z4AZ-P=28+`7\M*J M>`?9`"A6L#K!S(S./ZM^BTX>>X!2%][>JIV/VO/+2WBT4CY93OJ7H2M8):/& M!_U48;F#;Q"(I#6K%*VHN9>X9KB(.C:R,&=5I7SVD#=;/71]'F,8EVTNWJYD M&4DH1KCC@7ZK:)S"S$+B`@_WJM;`F;8YY(S$&'6JY<-60[HC+C4>FDP4'!"4 MM'#"#4[=,!N]D848K$R74.H&T,ZJCNHEB+*0'LS.SN76+0SFP"4"5-?R=+D\ M2DPA.E(Q"X],>RJUO0)56XVZ\2[1<5R5(Z62:CZG)$(T06Q?T;K&UV%.**<3 M)CQS6']06$9T-267+?,5&[J!OSE9@@A-.8^A<7"D.:@1JUY.'R@^:P=PHI"I MB$MH=@PX4<$'C?@]>D^!=RRG4PD\3H[?*(].X'*NCF)X7(*7;7ZOZ/S6_8JQ M34Z&B<1V3RE!A+$-*ME1M%-:1\ID=I??1&7R63S!^!`MFGY'<_Z#V`[F2>`8 M!"O['%\?DQS'LF*VS*=+>CV;7*W_VWH9["`(PV#X[I-X,$LW)G(UQD0O7-`' MP&$"!M2H%][>=NO&C"1&XVTLT(VM_]^OIV%A$#P/`@!PRN#Z@51`<#@*C..E M,20^6_B3A5!9J/S@OBQZQ(?.]4DZXB5V4?#1<+0YENVC-FA*,Y_Y]OW7G:=" M)>%4CEGW(H3@- MJ#)27:M\#?0YDZ/E=@<'.^2.2/>2S?<-D<112?IMAQ5S06`4 MZM<\1+_W9'[G5J0I7?J>KZ[@]+V6Y(Y.PP-M5*CB_M[P8J;$B&A,KL[+D4.V M4E8B(35K9=4\U9)2?[V;/`$`PT"2"@IE;F1S=')E86T*96YD;V)J"C,X(#`@ M;V)J/#PO0V]N=&5N=',@-#`@,"!2+U1Y<&4O4&%G92]087)E;G0@-3D@,"!2 M+U)O=&%T92`P+TUE9&EA0F]X6S`@,"`V,3(@-SDR72]#'1=+T5X=$=3=&%T M93P\+T=3,B`W(#`@4CX^/CX*96YD;V)J"C0P(#`@;V)J/#PO3&5N9W1H(#@S M-R]&:6QT97(O1FQA=&5$96-O9&4^/G-T0:HTXJR&A),K/*0$X.=U*SA$OM>Y5QB M\:^]P+-E7LS)I%@^Y.QA')/3O<6R/G_FFNMEC>S,!P1W3[0E#54Y1[B.E?;1\PQ4P^AS";E=(%:5-C<+`J(5;C! MCB/3"8+OS!C4(9J`0V6V9])RN7/E%ZYA1"+9$8+%37[W]8L+G'B-TOMHIM4< MSIJ3L6R/O49`>R():K',N348;'L#+H#R#L6D/+-4,BA`#(K<"MNJ?M=&/1,& M"SH9'ALH83Z"B3PX%L9CY5)",S6Q@?XC=Y=:_`(HF,:I\SA(?6#:,"0'A3)7 M7H\S`I4Q?,L%MR=?'=+8$S?6#.8:G*-Z'=C@NS1_J^*LLW3O?Q--52]JS`U] MBU.PH>_(\!'=;O@_%;IQA)=-O`QV4LLXBR,NICM!I;ZS: MXQ*ZR96&?>2]`H\THPP''&[B\@"\*'V*O*?K3,N[-)1U'[P6VCPHV/\#D)1$ M`5$2%PNY+88V=6;L!*%A[+I>PT:,?L86GT,B)PQ"173'V7.FG7A8C@@1;`TD MZV<3'2?.S29(YB;Y?-T*&+7Z4K%D3;?[^N`=Q]`5*ND;QBK`H#Y=7:`*HEXR MVG<=R@E^;PD/_X)!M[",_0J(CX8_CSAU<<36>=BUY72>39;%=.465;Z8C:O' MT5TU^BW``#0*4;D*"F5N9'-T'1'4W1A=&4\/"]'4S(@-R`P(%(^/CX^"F5N9&]B:@HT,R`P(&]B:CP\ M+TQE;F=T:"`R-3$W+T9I;'1E/:4 M/Y#4_N0TT`T0U,>,O8>DMLJK(0F@^_7KUP^O__PQG^STU9O-U>OW^22;;.JK M;#JQ_\'_UJO)`1_%KD22T5%SOWQS(I9=\9);C^T_4_-S_"IK=9 M6A1PWKMH;]$9KK@V=JS=%Q""!%ADF?(H MS1&EVWP$TP^&MPCO+,5L_M*SS@@#"#\XX%?V1$QJ;5\VT;LUO'LG=`D1]@J> M%/"WQI/OMK(WN.@GICYS@]C^5>C/%!`U0#XBX1NF*MQ`'KBCCHLAD1U&Q_#E MKI%;1'R1;)D6&G]BG/#>%I];BB*)\?TLT?WV$R\-(FOD$=4`:I>'^]BF8O:, MPF8`+L=EM9*$V*@%`NEM5[0]4%8C$(^\:<*3 MT*855^+!5]QM6HN.=:6@4YSXJ+[EG;F2DHY=OCG"D*R:5 MR>8EC+Y03<])CU)(9(Q43"0/N>>XWZ(5G6C%KQPG!(A/!Q&0"`9:E$SO<1D( MT",N?)!67OTLL630$JIMN%U33.&H1X'2E]MWW'BI:@3.(('B55A$.FC\D(3H M'F"N.*:XJ&*"'A1T]+:A3@%D6S%\:0M1<4O@CN)PA3@_XQ`I""+UA/V!OI.J M\C/!HZ1XU9?46\/,L2+E'GF!?:$>IQ/OM.%O?*&."8B+'@4VWSP2F('@0:O" M$V[)BI\!;R4N?:Y7HRJ$?@TAT?9.%:BR5!:I;/37XPD<\1?XC@4IGFOM,\4[ M1[TA]0MM]VP20:W/(]QK+WBU)$VP^0;Y9(KJ!Z\?:0PMT!K0Q"VF`U_EP7;+2]`+TP\#8'YQ`""T80"8-9AV=O%"@;1K-,/H"1KFXP MBO#%3_PK6'+JE0]<2]PA-B7XX8\,@J&17B1_YYU-#(S2G8L0O...B8ZP"JO! M8VEO"+P;BHP!MFY4GC%M/;=''1O53-:U]GQYOE9GV'2^CGZXN:I9!;?>[C?: M=I!8=#JVDZ]IO.QZ4?%&=/$@A_&P%UM!$3KQH\9=1?IWV9EXCH;6UX!#WXRT M\M`KB!CGA@OX;&=:)V^/IU$:'7Y6_@9R*=9IJ$@\LV77/!&$IV;4("2C]O\& M]^2#!S)J=&3P\@YYI7FG@<4/?K:[`.O%@3<:7(V30@H*R'#"/I>2+SG MXW!Q[4B7_Y]@V%@<'-%4'2!9#I#`62-(4L3R]XCL-\3[$IGC&FXYG<;4CJ," MK$8*O(V8^-UAPF3BJGDB>;0F/):>^(JF>2S^!E=-+@'HK7C9\L M<-\XT0RVA8N;SRJH3GJ]^7253V[AS-ED\P[2]5[]'2]YNR6+"Q%EZW5Q/'!' M4UUHW7,R;:^RQ32='C6$+8*O5I$N/6\A`R]T54^%R:=YD>+R"*;HRW`SW6). MMY!#EN:8`MPI.`PT%\LJ$K$0-WK'$[[C2WL*_MK+IJ(Y,Y3Y!)=(#7V_TWGD MVVPXK3_1]4_DR_B7GI'A.V??R%X%,K(6C(_!`9G<`>(MT6R.C>U;-H(J4&7/ MD?_1%969'ES5$TK#6T>Q'XDT6@XK$B007^%M17<22B@H2@5JZ:^ M!5D4S?+H5A`R^I]C'RE;5`8O@Z^R^3HMSO4BP?(J6QV7Z6;(!@"QCA5TM<%8 MT3?AYY>+9]>_?C^?9)--?36U`K-8+TAA#*=+YIR*_-8JM6S\E<"A#7;\@Y(E MK\!2:=HNQ^U(/FNK",3ET--3X,IY)^#'4. M]:RX!EOEY<[7%-R=-X"Q">KL),>;VAFM^M(+15H5-O(#BH(>I.Q$UBEIM/5V MUBA^D,I04FX4'8G?1_#=]BHUW-+N(U]H^_:N-'B\)UVVGI&[^<7OLTC^'98% MKL#"__QR[<U94KXPB0;GD!/`>O%KS2[TNC*AMEX>!Z%V0O2 M[9"/$2TYCP-8`%F17EO6BEH,[O$$NH_W;QULP#35-V&RQF;-%D[?'(G`4%G= M(_OS48VI1SP`K"S[MO?W,@=XV`JJUX+3*_W+/+H17B[Q<&.[&9(KF[X*RB1, M='5[NQ>\QJWNOT+QR2.YZ?5S7<,H4DT]";N\LE^-2GLXLG>:.3LEL;>\,]YNK_PX`Q43LB@H*96YD7!E+U!A M9V4O4&%R96YT(#%LP(#`@-C$R(#%LP(#`@-C$R(#6J0)4+2G.*>@!UJB M9284J9*27??4G]"?W"&'0TFV=K-!4:1K223GZ\V;QZWL_' ML_'^.)JE8_KV"] M/EANSJQW!E/YDS9^17)A1N%IJT4B>5USX]?-$I%S58OCU7W]8__K:#9=CQ]G MT_EX_PY\S?E19((K^.?7+^%<B(P'=[I._]DP*>JK/S6Q5UOSTCYC0B@>Y_'^ M!W"T%]/E)+*3V]:&YYYVR5EHV4^2/MYDUO"BZ:R9N7!T(W,,%>N"@5$>*J/S M)JO1YY.6N9W0XHQ)Z9_`9=A:&]&6>>VLJS:"8P.)X1AL)CDS3%%68.7ABCF, M28\.'S%=2_+#5V&=U!J]Z^0B[AVJ*D/;2_"36:W807J+6P]&2`C/,87=`F7B M+"1%D%1<,<`LAQKMOXP>`Y!6NQ5"B6`?O3@R(3%BR`ZYJP\U$VJ"YTM1BIK= M9JR?A\;RL/,XP4_Z`9)]`U&IK<7PXK(*8D*,KEU0F"(-.T)P0M5<2NA+0"%9 MAQ17W!`DC2A.-93WOFWB>V&F3*`ZPM\P@_#RY:`6N1W;1P9YA%XRA MA$H:P63$,F`B)U>_Q57]K@GHOJ]H!:W+<0V%'^IV-+H,+?>B$=M4E13(3RYE MH?Z9$4!]6-#%]T<:OR-J0Q'3:9JF,S=O/GO4&--4L866P?9LNB-WY_#3^W>E M)P"!4,^TS$%EH*8I6J#"9HVM=1D8..WAIF37T(2NG0/8*56J*0_4<926=DZ$ M\U:=7)RYRK4)S=SFOD]SP>!%2!FXL3$0%4!VJ+((`$\+KJTZ1T7(#_'^R^7F M?V6RL0*Y:M/Q4C)3!!2=M*V`W"2>&:;;A"S4O#"!>B)VJ>'W1 MYBNQ6LA.8713!1[!D*FO?`H+IL3?GE#;V:9J-X'MU!_]]'Z&D@:K/9\NJ(,_ M:+"O'(>@SXX;F)]F$W0!VD(V.9C[,9P4Q%'Z^A00D+O(=M07X)10#3:Q*\F) MPV0Y8>*R,*E6GG#0MML`F'7>/;8CZ=P[E"!G9=?W'#R+OM4M`38\%?2I?.EYW MIJE1OA&P]"OOM2@/C;$X**///5O4^XSX6"FTN>X0WH7T8II842@!$X^IVO-K M,`3I#D7O&8TCL:OI,EAM>$1D:R8J'Y?5=H*_-."^,9F!*VCL+^\I[M/TX]3U MT`9N'E[.+W=M;=Z9IL!P?^K``7'6$QL0%H>$(*J"T-9^T"-8*_#UC/02](V3 M`B'VFXDR=%>1.&E:.JP,/\?VB\'_:$A(`,'K4+O!4A6%0B[ M!E!X_4;:7^7!4A,WG$6A@=HM$5\)HLC&Z'DF>UEN1IF:TA/*U3>?^TM154S_W M1\A-NA]!(`)+Z(,41;S1P6H1/L`$5SQK%UX>`(Q^1L+#;9W!+OR!.EX& M;U]Q?$W"67`0)"9LC'?*"?GH>:AU"5X`6!`=\-W%(PQNYJ6P7A],6B\9C`?< MZ)]J'M;"Q(4"FV(H+U9+$7Y>W/[7Q5>0VK_YJQI-#%1C)1#FW"#XAO!D1OHG0!H9,U)I)6Z&L, M_BQTJ-?W'=GN(]8DGCWRG/AMU]HA_NE!TW?>!9$)WWIZA6Z//@<]P7*K+@8< M!P_$.:HH1\H6T,-/6N:^/$CSV9OB)C:PS:'B('$LP>0F(Z!*1&T:BZ/B]<0. M$D[L;^CI,$`=K$O7J,!B.!/?<*=K+Z6!6+QSUITB.W>J;7<8@V#@ MS.`0V=W.X7993[]U^162%97@\(2E7!XX'G7B-#M<#TH:4W1(V$=2)I8D9R7S M1+5.GD-QAF='!W"Z++FAJY,#5X^4-K=P>(ESABXFK#`R?3P;$*+(/!;@7Y,>M`SS))E[RX_W7*_IQ\:#73.N&` M;%V*C-`'C[FWA,E:?3>##UY@VLN>+KFMT=SN1M6TIK')Y^ETX1Q?I=Y$LM@^ M[+^,?MF/_AL`\LDT3PH*96YD7!E+U!A9V4O4&%R96YT(#%LP(#`@-C$R(#%LP(#`@-C$R(#UF=S.=W,9_\.=Y??LT63]. MILO;37-#CV]?X-.FC/\=;OY9_.?N83I;3HJPEWER5>RL*R5^A%>$\;G^`*!Z4UQ@3[=3H=LX;X,.BS.-,!/Z1]'FBC)6YTAH78*JT2#G"C8''# M)F(CTO:K26$[AX_E;B?+H%[CJZM9$<0;[N%$H#OD*UZ`V$D-ZZKQ27D/T0%: M_IZV:5LIM#_9$^)4M0B`$%YM\Z=+%W+*O\1/2W@D`G^B'TO;`,A'A+(11WQJ M;,!H?%>6TOM=IW4*>P9AJZ;5DE*+#X+'78T\P(?%<_'1!.E:.%ARJC]+#ZAA M9A?%SUH8HTQ](;%?B_]^_/SS_[[>823*0$$TZ8YQJWG,Y=$'V21@GJ`\%5;? M%*[2Z8JPJUZE\S+%O%S'2DN)(J1/[O[_%/T35C.4DL=EW`"VE2Z=[[F8N,IV M7:SF'GE8J&Q%2;)4(AF].N81VZIK%H#._Q-)+ ML,#NB\DB?ICD7_-^7X3;"B/]PS_>M,R`_(AHI-WH`L5L,IG]<+?Y]EZ+J)A5 M(S0VP4Z4P3HLT.=8*'L\6'@./4#4E+<^KA>,`0@!RL@>I<0=U@G74D/1X]V? MWB,%?NWN(;YSK?`O(B[*O9*OO)EPL0RQ`.(ILA0>FVXU'=:6<%2YM32Q'+!K MU\4VDLP](B\:BZ%##IDR8Z?%`^[Q"V9K4K3.?H/LP2[G#?!J==?(TU8?@,%( M-M2W\[A=U976,%T4WC84=T_GYW=J+'Y:QHUV*HBMEMS;0!EF<*?K'%K" MWP)>J#'4>=\I6"LG*B&\[YJ66RO1!&4W+5@-6JW/:=MJ568^&"K5IQ^_1/99 M%=/9_',$8+'.70CG=ZEP()Z$2@%A.%RR<[8AY)GW+T3.J?7!EB^( MZZO0'4<*M9+OS26,X=B6ERQ`\:0KD37AX%:$V'#<8F=4ERN_%)VG7$9.D\9G M@"8LO;P`2MRZ"A%^.J6R]&Q$8]PV0T"\JHW:019,0%58PB$]2B-^S;'D8+\C MFGZ'SCGR$&N*B\C48-=-,]T(_(K)14J!#@'\E"#M6D;E$B7M]OTJD",?*L%S MYIYW>J$2C:BIK3+W&NA8^]Z;%=+'S M,+.IG2F"5KB@RDX+=Z'V1VSRE0!>7#X7MLRFH0MPD5\ET;U!\07]-!(/[<-! MBD]BSM?'V^\L&4WR2CD'8REMQ#=<^,3!>O`+.4^YT7)H)*.7,S\&S4G8C_.6 M-;D+;1?&3,HG$U$'7)E?P?Q3N8YO&8E4;H_X8B->2/&@/D-_B=AP,47)9M6W>)PA7RP!U2;!9WV.S*,<^;V@\:FNKWG]GM*-# M-K4B\4C^WGL92%S/?,D(?>PYJHO)@$R4\5T$0L4XSFL5Y'J/V^VT/5!X(XD> M4=/0I?2A^5:6B<^`*.Z9SU@Y,N=O.Z_`1E&^>\W<.BLJ?#$FPHYIB?.6'34< M@H%BK?0EOV9]J&9/ MAIT!UH)C);NW!8]&5#D0W+SR%Z.H*V`J"'"/4Y,I4BU?ES7PSMJV1`OIHIS? M//V-F9$;*_&J.(^^2]KO[M@'I)G0E%G6 M4O,XMA'0/>?)'-3"T%-<#'7\M&/MG0]O?Q6E_JY8RJB]U6N,F6:!QZC"@>:Z M6-"1\Y5],%V&^60?/$UV)*?3<5V8/LPB5C*DZJ18.=0/++'&>,E MWP;#V"KM?(FX>V[-Z6^$>Y&$KY&63O1H.!/'GO)3V!PG$["NC)NA6].!PT(4ZJK M'J(M/'*T>3G=8#9H]=Q,XTZI9&0XV7MT1%V+K=37DB4I.! M0OW$5HB88Y%Y$R:\2FIQS.-F=%:&C!J"G"MK-NS>>Z[JD2D=/.T13@_R<5[H M$[%EP8KA3\YM-+;[+$G=']!1L67C&!V`926-6A%X3-3"$.A@G*%)F'3@ZG'Z MH6H'[Q.SN>O8YF2:8 M80W6&S5P4(W4=+FM\,J?5`Z'IT5G2NJ'/[+A04&!&T+(>BH0">8JCHC7VUM+ M4X?]\22RN(LF"_\[T!341\3\D>P&4]Y@1O'H]H$+F)DTQ;H<,85M6^M"!VJN M./91H_2=5L.^2&XHT[G]4JL<`;4N_GVNZ.+[\##&X^^,A4CWPQT MQI;L.$=V171A;]U9;_6$('.7C,!G0*-(JVT7L@F1;_`H2]18.D;YR6'#B&6] M&MKA'%Q5I>>Z7(X^+#H64],)I(78%484^*% MCA[S.JRYVCX#MY;QE)'/18DAYYMYL9.![#T8X%(ZXX?<@CU[$>1,W(>]!'19 M8=+4R)-=/"SF'V1Y-&8I[* MB8/0-$Y!!$#HJLY3T'S0HXF]^7)1:NAFIX8&K"0,,R2>R4GYOLP%V0KHA7@8MV2L.8@[K?)QR0!19ATFN%/3U'#%ZF; MYT^QC3]N;GX;`"KH0SP*"F5N9'-T'1'4W1A=&4\/"]'4S(@-R`P(%(^/CX^"F5N9&]B:@HU,B`P(&]B M:CP\+TQE;F=T:"`R.38P+T9I;'1EH&N$`W9?GD M'Y!C/]E5J"H`35+V.!SA';'1Z'ID969]^N.7V>T^W'S_?//I:78[O7W>W4PG MM_@_^,]J?;N:K,>3Z>+VN;WAGV]?X%_/%?[?Z\W?1I5KC\J^W3W,%H\CKT]& MOP;\8S'J#CIH^J>QG;)[LVWP[^5D/!VI$'07#ZY&.^?I=0-7&=]JV^&Q1SQF M;:^:)EZ_'-&Y&;Q,_ZT.<*L._++E'XVO^C;`!ZOX:+F`>^1-B.GN[\]_@N`? MIN/9[?/O(0-75;WW&H[CF0V>WM%I?8)0.)O0[^%374H-_S&'A%MEK+%[R>ND MFEYS0('.6-?1=5Y7[J2]@C*,8Q2?GA94\AF&L]DL**"?M0W&67K[V"@;^#0W M:#%>P]$)'7Z@NY\IHLFP'^'H;'">4SCF>Q_YWOC/&!7E`$4._1:+UQFN._6A M:>B.VK50!5/%4HUT>VSTYCN33KJ]2^]@?)CA\82YA>-]6TXD4YU!F.-/RQ7 M'!X\@PY#!SUEM%-5QR7:0&,5MUAU'406@3@9=2YF]?P;R`1+4YFCZB*69W#K MKN]ZKSF;`C+*,Q+ZH&MJ4P*I:JJ^@?@(.7A+PI3^!S:*7TT1-T;E`B#PX&VZ M=8/A)71GT(SIAF<9P]DP56.KIJ]UD5@(/60,"`EI2K>N[^C*='=M0N5ZRYWQ M$,4]-PGBKC@F>*"A*-QBPMPDAD67E..?4O144QQT'L"RL@ALJ(OJ",(Q/LC! M:Q5HSB?("RF;6G?:M\;&>)93.+Q]HRA2)CPJ,7Q$SZOI#H;'8X#7?6]J@*#5 M5%.DB!^YD:JN#49T3T&>W_TKY8BEK+I>>4-8Q'Y74.>^P4G+Y6Z"2XC)JA1'[K(+&$HS%5/4CX#"0<\5807A(Y M?YC*D$EGF-P`22F+/`0?-8)2;]6;`&VWHR'=C#`8GQ@)YW_G74M@B1]O*`&O ML::,\)J8>)K2BGK!1(>R*@DP6+@J81: ME!#;GC:>BS9^-N$E4*NH9Z`3?[$\K9W1X3N)^P?58^>4CY]! M`O@"@J#9742E^:SWRM<,")RK)^=?X9>'GYQ[H9\?UW'80;%:8IZ!$D?=7DAL M/V3.(/4A=9*``$SXF-.''P!%6HX+"$0@"H$:3$?MP-R(Q`PD;9@5.MVJFILE[6F557LI6V2?"Q@.(G1>#-LJ?XISIUQW7.4F53GR\V7, M0F>UWDG=EJE"Z>L_>W-"KDH@_J+!T!D$@US]$_RU'RC'9XTMI8+\CN"=$YN" M%1M3]G]U/8&L4OQ=D`(`VN[MC@U#XL;+^"\0CO1)6>1VP$,A/$?'"\/8#!(+ MG3=51QPX2ZQV`)/C?*0LT$`!$GE:IC?\+I'V"NF!P^J%)EYA*GFH+K7D/1N> M^W\+Q[R+0I0_1?V//\!GWH_>?96_8\G?84"UK>&'E-`[.L%*!3Z%LOB.)H$N M68S>MR"[8*GBGYL/#%P1?7J,VD^&,C4UF-8TRE/M6JUL)NU;L M"+@:!.]IM#]]$();TSBDA$K#XH[@1=GAT4%N#8`9EA-62X0G'(P$`SPVECJ( MP2"*!Z_H[_,H%XL5F;@/*"<"2+:3!!CH3-U7XG./\"=L+:7"E5D4L4EH4M$! MQ%+I,UQJ>8$_2"X#%3&HAA1QB?("LA,;^S)-2=I M1[;Y&KW`/:L.S&#CCHBM>QE%@$2/O`)(N4^-5M6+0H>5^@?C`J2U[85[YV6Q M$09W`^^`MNJ\")#QP//3@KO]L!\]"7()+&_).P"6Q) M&6;:!+A#8I`GL>RT&%O0;=["<4@4+!B;9\(97:PA$S`DVMS(>M!]A5-&`1!]\"?4A[XR\.TO`GN>VLZ>1CI.="6`;%57+U%83%050F)$&`\D$=.=UT:J0T:0PI@3E1] MI577\SE_D4(8+CQ)BRO5B[?,GIC)AO',G+?5PAX+7$\6$+B,%3EIA%6WAG=L&D'`^])(T.2 M`YX/K_<@4]"F-YD&C;ZY2MX1#ZOT;MS6KLF3LP6LY'*HZ!E5G+O/S'473C(Z!DNMI,!3'FN)=,Q^]8D*!D+6>X'`YKIIH:9E%0(GT`#6MY&38_]2 M1\X3RT*NN0GON)CES)YH7MD+IJ5&[E'6]B1HN!0"JW9T4"KYQ-Y\/II.'OY\ M37V_UVGVYP@JOFXU+%82`!7;):Q?^/)PSG'%X)2UD<=]N6LFTKJ^"56T@5[7 M7(VFG<(<;&4ZL-62[3_I=/?VN?<%>JU%"FN#2Q#J=YI7%+K&UB:>&R0#GX; M[_OT-+V=WC[O<"1GX[F,Y!]B-9)_`/>B]L+]D2R$ICS^W(@DJ47Q577`U9-B MRV:7Y6I>")^J6W`)X',59Q\]*R@$[$&RFL"/RS)`:M#>N\"IMLKO#:-UJZW> M&4%#[#2F,QTO"PY)@+L:6UQRPOF\A1XXGFFD.BCZWB,>WGM%/F*=?*0JU8?' M_']J+YSN?,_!I(E.A%/Z76>M3NW'=[,'2_>C)]V3SMV=;9^J`K7T`G6!@@[? M$=URL3YN.BEX($602ZW>2Q/1T_5;4,2$#(@8Z,I*]\;3W(,+RW'=892U%*+Z MR(NE;_@KS:]U!\_B@A>8PT$"+[H3.@QNCVPHKK]#':=I&O9$K.ZP$.:/2M#;DZA6=B:&H\/@RBC9S`5#=3$3QU6LMFADJ$-(*8GS:%3I+,2IE:>N;S(N_C-@T*3FY!?`:DN0-X!U>2HP MB96`O`9QEI&!GC&HQC4Q!3M+P]A,,R2+RS6$"P!OU]6Q"@IE;F1S=')E86T* M96YD;V)J"C4S(#`@;V)J/#PO0V]N=&5N=',@-34@,"!2+U1Y<&4O4&%G92]0 M87)E;G0@-S8@,"!2+U)O=&%T92`P+TUE9&EA0F]X6S`@,"`V,3(@-SDR72]# M'1'4W1A=&4\/"]'4S(@-R`P(%(^/CX^"F5N9&]B M:@HU-2`P(&]B:CP\+TQE;F=T:"`S,3DX+T9I;'1ER!U=+%EZG$6007:PP&+L[#X,]H'J M9DN,^Z(AV9+U%_GDJ6(5+RVU$\_L#`+$K6Z2=3MUZO#]CX_SFYUY]X^G=^\_ MSF]F-T_5N]GT!O_!GX?US<-TG2]GRYNGYAV_OGF&IZ<"_SN]^R6K5:.LL*IK MS>W=?+7*9]E>X.-RGLF7@]*RQ!^KK-/TTNXE/BRR1E@K\>5JFBE#[SKXJD_* MN"4/<):6IJN/LLS=B^R)-D^SHFL.HCWCCWM8MI6UDD?I3EF#"6'Q:1F-];55 M8!!_K>99UULX0+)CU>W_GOX)\=S-!?V:X06HE<-UJD2GPL[#D5]>2\\H:.KM2K6@+7CO+#IU1F$F*U2>L M5K_VJE3V3*G:]FRX$6>*;2O'#-LNYAOC>_H[Q*7:&+<5+[3_H+NC,MXN9%.T M)9W82DM+TGVJ'81;];;75*_L`/8[J!7:FV,^5W/*YVC=L@[6@\]<-7]N@[4Z MU))R`EZJ=D?I^M)K94I5.+1-\/L2:P^@H9TG9?=TRGVL_.=66<+@(GNTWMPJ M!@E@,*KT2;G8AI')".L[&5.83[VQ3X"(76L M$)QYU1ZQV6@GAE3+%ZZY,?U5X@(`M02$$@;6&1TV@^:WLBTI\TM&QH6;JF'< M>*QRM[_2[%^-!^CG_#&/L52R!!RYOMS$'%:JAFP9>AN;="MEZ]E)-*HE!_'0 M[9FLA=1^^OD1'NXW646M>`^9JB$FH2G2LQ2:TPQON3383HK6KT)<\^ETFM/I MXY`)_!4+1$2SC`&5JJJDEFT100'@,0$2*;XZPM?]H,YC2?#\2AD/I372VII9 M=_.*SX'FXVE`BJI2=-J&:#@&Q+AP'@V!$/C0U152_O"6FH:JA()!FA?D:`@$ M7MUS6?TA2=DBG4-D#:;6I1(RZ\DHG&UDT;5,([_V0M/H0E*O8HQ@;?5*G5/P M_N2"A$ZJ,"#DDZ]84;3[!^$;P/NIK3GV9?8S(*KM>3A+V83"P8)/+FCC MSRCX=?XQF=Z0[OK=?H"ZQ3NWMNIK*IHH"AQI;L#C'.J-!>W!2[7<^A&^](6; MXN"2K>WTF4XX:72L.[6&W6%ENYCE"U!X4_+GSI>U%3L)S>](:9/C7'MF)KY; M+-R../ZE(1U)@(RC+.A,$$IU+4&B;*&>I-GPS*N%5RCQ85,(6A92'<6VEA-? M()KT]!V!$T2NT`Q]2@ZCVG>A.<@"2+F(>/$9=3%,$[)#%W0I$AI$147?@/VL M!B7;D[Z<.TGBQCZFSAUUGTK'04F@Q\HO8#4LQ>UQZ%>8,!?FQ398=11U3SB- MDX1%:<@EX,KCP^>YZ(REI'@9W0C]+&U.S/')DRB5DQC%$4PX%#A":B:G#2AA M("$CR*]U!&_2H2+%]RI=\AJ^0T1-BD%7$D@WBE)J8K2W5U`TK0J6]]BP@E-= MRJW/")!E28VS&C3.!@\L))8PBF<\9+`(?\-]3=E3IU%)0\2W++*QK@F`M.9^ M660;)^E: MNG<@E.-T"0V3^_*\`3^O1S(L##/:A++Y/20,KW.UX.D;I?16VA//N:1##IUJ M?3]PAQA1RP&-)KX?Q-D3XFJ$NMC_KZ%Z%`,Y4-1"-1S-,-+`1.X>ZW"2RD-1 MGXWR6L"[-$([*-54I)*E(["B[KT6>4A$FXU\F/J(M\X_%:%7W#JH[45,T&)] MN"%B&2Y1;/IB[[DQ.LU0SKW=MV`PL*X?(L%&)-K@>QR;KGSW;A1^EY@.NH-P MO*+?@K"2ID#--O&<`G*YM30+(0RG."#?>\C'A!)2];;7'&4I&T[4_0C'#HP- M.*F#-9K>$]/?:5E[)MB0X\!L2'ZY=WV\]C!Z80H:3KJO^ELRR0R8R`].XVGO M.A+$I"MM1$OPR;M4B-X+V1#TE0$*D%"%\]%OX(&Z9<$&\KH[<1L)K<]!-[L] M.6UZ0PXB'-,I'H+P9I.1FU`,8_M*/!XD7!A89OJ/I[TB2[-4)W&*R!?Y`G/0 MD,Q,U.7=-)_.-O!8@$.?T`W0>G"Q1.N+*3P=.F.8W-UO6((+2$.YM?Y-6.+D M0[TF.`7?,(B]'78 M"OR-[Z!_=PY$[N4'MU$>PI70O755#Z6L;#O"!PQ,TC/!4039C4:#7 M`86;+/C38(!PO(4NB]85O0W6+?V.882F=)\[=V;P@&/DNK]VSYM2^OX39#MV M>'(!.O2ZV`OJ%,>-/__MPX2X<==UY4G5-9%(W.SF]_G# M_/)F]U]BW9%;E[#"0.:A@CUS?!OIMD*Q5DJQU.N]@',-\K91@\4J**"0M2BR7 MN`EE,O@I")6+@K#3?.TK:>?V3%7:R18`6M?NYP9)2AZ"]F+*\@+-J0;0 M;.I`\\'-TZL)\;E5?,`B>T0AQ[3O8OGW(#.8%TJ+SWDIH??\5^]Y.#H9FA"Y MVH65?I;9?>?',$B.+W`SX'M@F/ICLRHJ#EC)4H7GWUZX<0!'`\AB&#!GI3KZ M7&JYZ^$$XF,"R@&..8K:US^4)CV/"B!J:':@376,-YA$5X&LR&G#!PD+&]6R M8)P.L`P7/V[:$>$_AO2(+H_R6Y+WW4B_,X2I5"&6%,IIKW.KN&Z_(PD?VW4S MWM3!;B.>N8!87[QV"-)N*)#]-9$N=`N6@C$4I[3)HSWP;)I>!*-"\ZRD>"F'V_!8$")_K@Y6BX(^,?L(G81]R(8M]V]7=[GR%RQ*$ M4-+JZQ1<+6G6Q;CMK2B>^?C0A%)I\O8`54>Y$&)R'4Q*?ADUK+=.!=%\=5HA M^$LZ\_4,"G8NN`N)Y%Q=8<#-C3#)!_2%5*=+?S_$^$_*[L.WA!2/842&J!H) MQ%/&*]Y'ROCL6X,`G"(P+GD[%D:EO%K4?@#N?VMZ3V**.VA ML>T-0!/,Q+OJ97X\D('$`J+BE10(46E_6W5*IVU[G,X3[XOOY:;3C)X*Z16V MU&'ZJ"JII]-]AL]GL!=*%WUC+,%]AH8,4]KM--,7,79%T6LMN34V"?+DD0L- M;IA^!W:8?45+QUT'Y"^"+O!``)9WKD9SD8S=/S1(P$U-LW@=1XB?('#CZ^TH MC$@R0J;-Q4Q)-(30;&3K`<.W)PB*>\X+"V;Q6)DAF^;T'%)2))<2)[VN/3>F M@T;UDVM`62$W`RV8CU4$<\]S*D3C^885#MXBX'()L]BQPF]]EST2@C`0A7M/ M88D%%J".%["P]P(P1(P3?X:?0D_OVVPV"1CMF`R3L'F[WWL`PSQD]J_JVZ]2 M/CS-I,A/H*WTOUS87-!0.WW/P^@F+K:NC.!ZE_47I22S>5/S^UW'IG4EASCB MPIN..-Y,(Q;-:Q(M7&#OAS+`Q+E>2O@\8=\)H![_)@DK3#_(.6B(3O/@AQ3P MQ"W=/>C@K4.GZU&I%V9E=T710S7P21@6A$*\2%\\B9.S/( MTTX@!`I<*!]*N'S<>'GON@[(<\PH\+CAU9>JNCBG6)V*=;G,B_6FI"*S'T^(#34],EPH*96YD7!E+U!A9V4O4&%R96YT(#DR(#`@4B]2;W1A=&4@,"]- M961I84)O>%LP(#`@-C$R(#%LP(#`@-C$R(# MLAE)UL5^3#+Q5K:F=K;&SE.R#RVR*77,B])-6M;\PZ3RR0LT@&93M.QL3=68 MH=AHX.#@`'C[S[O9V<:]>7__YNWM[&QZ=E^\F4[.\#_XL[H^6TVNT\5T<79? MO>'79P_P=)_A__9OOB2E46M3FM9H=WXY6Z[2::):>%I<)>U6TT.N6O\T3YH" M_\[ZGPI3JSHSJL3#4SCL6OBXTG7KS5VAN3K';Z?](:MWC6VU?WV=J*KIZ//% M$CZ7*ZQ^U'6GZ7UO1#_M=.WH]0(^SSMKZ@UYAQ?\]_Y?$-HEN`)!_P8!TF7\ MS4VRT]8T>>J/)_?DT22Y^_@!'N;+)-<0$5E?)7]G%H#)*+AYHK(,/653B-2N M*4T&R/W`#R:)!1_!ABKQK&EW!2%R;JRO9#?7+?^IK/6/&KO"%JSY$K65+M2/Q&(W[I\XU-S MX;WPE[:Z)JOBO"*4T[$/AQKM?413R/DE&73IMYJ"_Z7!PFSJS-M6V5J,A184JD#79-M5;WA M*^FK&:+E(!E@2#A'I'`IP118431EV>PYW\O$1"'534O&3`T(Y@3',L"QUN0' M@XE9L'H+Q.448<)+0PE=A?A565+$(\#1@*H//YTP[S074X(B!#$ZZLRF-D`@ M!?'W*3IICY&5'%0-/2V2HBM](A98-0Y*9QY`RYK:P:6H M-KDD>*@OD;JDPOU/]:!N).\*-.*"'`U.C(-LK59M14SPUD(J*'$[!=(!I::L M?-!:53N52>7.,%A'YMU.9QY8PF7IY(Z:;39;,@X);O(NXR)2HE)PP@SI`K)HF8\S%N'47_3V M=D']?8;=;3&C[O8G="3`&0!ZOS]Q24D\U@=RC"W\Q67O MB8E^AQ[F;Z.Z0IPUR[J436Y<%KKYJM=CJ]>!D=>0%4T.7DXGZ%G4K4&)7:=8 M)KT#^M'DNB;DEL?UZ509)@1K4>JEF+$P]1-(+%VZ2EK3EOJH35CC'H:*6S:. M56D;NCE6/&3%ZOQ"$ANJ;MT=M/WI),=&_!1-*,P3,#B4M+3E7$/F*]`VH%$P M"OH'=V5M)T4"9+= M1'J%==.@"P>1;>5^.("ZL8DI'48ZB.,Q^T M*&\JG!0RR@CPIH5B[]J&VO^I%PV7:>#_S>-..8[W-OTC?9_&R3`;4W.P M'_HY8AG32IK3T-]P\\?.-CM-XG#E"W@<2.B=[``,F@N4-Y"7H7+>$CVF,9># M&N]Q]NDU/T3Q$MR^71+]3]Q](7H-*2&<(K(M$C64+2.Q^I/ MH^ZO9!Z6_&"OASG$5VL(Q=0@+X"<(:7P?IU8`R"I#8P%T:20P7S,O@3`@YR% MP:3;]:[+,-NTOFM+2Y]'8T#GE$R/TKO[H#K7`BGL:7D&($)`Y_??>CV>IZOE MD1['GW+H(0P71HC5>#F#IJCM4(4S7A7F06\J91]TFQ(K`LVBE>*H&A^-(\U! MS"ZD48A5'H0OEQA&)-ZB:I04#*%SW$)CAY5K+TU]61@+#[09K+";?$W^_OW3 M[1\_OI[[:[!_:EBE9%GKJR.,R2A"]&AB^*;3$U[[^U_U,O"1/#QV]9IW MB[5N]UI'`W'X5O`YB$H\JK(3RE-EP!9CCU*%Z3Q,6R#`4#^RN++38C$<.[CQ_0P!*]+0I"=AS*>]@4 M=4L(KJ(X)JN4S'P6[D6<*I0L&4C5H:#'B?%C`JL582D@^^84H@BKXX54RR]F M?JP@%0Q..">1G(X4>0/-6W25^^\\D6M0IH\[4!1@[[OLK'O@`%-/ZBX.:]SB M9&[53QB*V'T<%?>CGP(VE#28NTTO8*R0]*L'X>6TB-?/(.K]9]Q>12J*ZGMG M+&\A84T+LZ:IL[++977$21]"@6V*';YZ<1QU*"_D=S2P/S8EG)9"*CC<[$=`YH*UM!K4H,8`6PZ1N8`Q,L?4/!.Y8GWK?,&<9]_KG?!(& M1FSJ)YJ]QG43,`B2,6(35`0VR8PV#+0XOF-TJ/?2J]PL5K@(C7%;,`"<$74: M7U38IF+V=;#G9+2'K'#AR@4"@E@&RU-+ZZ/1>Y[]PN5H11B"EW=5/$3V2T"4 MP](4G&3!P,A(^:J'W/*X2T"+D,DD+!`R=IP?3]QJ!QH&5"2M\+^%5(I8!X=> MAM1$O3_X/FSU,(R765>J@*L_&)`=,G",R"LE_@Q!A9[-VFG[R`LD+K(C+A[7 MT!=8WEI`K68=Z"N2REV'Y>@%SG)EJ6QK8)609CR-#H'VP310J6B0J@RL.FU3 MTPTSOWZ9;$NW9ZJ?!72I+>?-5Q-I*DTW@YI_AY:@T_J""?@M;DXTG8%XCS7> MC#8L2&93FCS>B%P\?O>\PD;%WJE$G6WP%P>V*B3)::@4&J=:>>4/5P<)]AU M4#7?.Q[;4-.I4[.4B0&5M1W44;^YC".B;8$##LH+T[H`'XHJB,+MT(HO`TU+ MZ6R,R#,E_UR)H_^XL[RT`?RN-S0:8^Z]:A!>?=T/=H";=#7]I17`'`\BAIO" M-2Y(32GJ%.`OQ9$E0HR*R9D+:8>E$(LIZ(PD/](+91EA7(1H49BBQU%UX0YA MZJ-2&6D8OH!!6E,2<4&T34G^!()5ZD"GP]8E%'ZHFSU>`9-W7T-/K:[S7I,' MY`JB"BBE=,TGH27K!ZRID'4"A7IOH&!6*L@5[5LT;FO]0*[EJE(;/K6,)M:] M+DM.$+]IP"3W4:NA\15^>)\0NA<4E]2`+S>1 M=*!\ONMC*8U:]WTVT`AUV3)ZJ^92_L4@7T2:XC#0[M+:0*[!+I;H0+M*] M^ZW72>@MB@`I&^>&?(]2#];Z%($-`X-*WU=@$%FK=H=VJ`0S,): MU-1P_"#F@D:D0H)/Q1')Q\X&X@Z=(1AF>"U_,<>;(TD_>7O8^`2@Y],9+GXU MKZ^E,6Z^[B6ANU=/)%,GE&V1KJZ.E.U=R>:)UJT9'BRI"^X^G,-_06YY"5N];_&RR8G8AB&PGM. MPDBC@?E9S)8%-Y@+9)HP+2IME2:@X10<&3NQ'?<'"8DETSBV\][WL'*E<*7" M<71AG*D6G]QDITG`QJHIX&RYMRM.(W>8D`@.)N*K)M'F&G""R56KI7##U(;> M@Q?S:+-QYO^5;;NZ\$5\HAB@,M[?B=K/TUGPY_]U_?+H%WLEOUD=OW=0.^<& M9,LA^@$26Z%3W1?FQ$BL[0"$/B(#;$ MXE#5IFU==RM:<[W/1E=6),):^=0.'5!X;V>'@C$@@``C\@'TW1;WD\65R`%0`(L^:>$NJ'IH%!*$,;"B\U1"XX$ M;P"0EB70/CE[&(ZTJC:?COW*R:F61$9^/?1`1*'1,+TB3M`A#$%I>H`CA:?' M6-7\;8RNN9'[/WC4NUMLC<\YZCEI`_[EE6@"52YMY<7/;U-*7IR9CYRL%#2E MC9;4CJ&ZQ)\-F;*$`2UZ-`X>%5=!2"@WFWY4Y#L&Z-TW.:6X..0@*)3$`-Y0 MY68+AOX9&75AP?`FA\,./.6P.^W14QZ/I\WE_>'U\O`+H][-'@H*96YD7!E+U!A9V5S+U!A%LP+C`@,"XP M(#8Q,BXP(#7!E+U!A9V4O4&%R96YT(#DR(#`@4B]2;W1A=&4@,"]-961I84)O M>%LP(#`@-C$R(#%LP(#`@-C$R(#'1=+T5X=$=3 M=&%T93P\+T=3,B`W(#`@4CX^/CX*96YD;V)J"C8S(#`@;V)J/#PO3&5N9W1H M(#,R-#,O1FEL=&5R+T9L871E1&5C;V1E/CYS=')E86T-"DB)K%?;)7F=LBN^E*WL2[P/0V``C@5BD!F`%/,/=OF3TS/=,[B0 MU%JIK90C`)Q+]^GNTZ=?_OIY>IGKB]O[BY>OIY>3R_OL8A)=FO_@S_7J6K>5^$D6+/R`5BMM^#C"6B M$+6Y9C$-:EFS0I0YGO%B'D5HRU84A9#FZD44U!M6X\VZJ2JI:FO:`JZHP?;_ MWK^]&$\OQY/0>/D*/`)'MEPE@A5F_QS65:SB"AVKE,P5VYJ79<#*E"QDY.:: MXX=&HR/3().T4\)M"NW(>"/ ME5!IV54HD!.42P"<'9H&%,8XL M6/8#!?H'[@/["EGFXYHK@\JB'R[P"\X,\5#P0]$9>WJ:!J7$XV53ZQI,,R9X MZY\,Q5HJ)?>P7CN@,,XS<%HE&X1Z-AGA^>#_8N`_?(KI5\"NXDDM=KPX&&L7 M,SCN#065I>`/I-/(.>P@^9#4RUI7]1A8%Q4+N2XON_-JD!Q=Y MB0#I9JU%*I@ZN%R0&>X8@H]7\A)0QSB9J-<2/U.!O0`+3I3#/ZTTG^#>I1-) M_G1FEYRGFJ#!Y/,)YWB"2A2#=\[[-O52G@B-KG4.,1&@I"6S%:]8K82QA;MW/E-LM+NF#RQHX>TB0=<9>$,38V:$.O:EE:;XOT#!K!`@E4U@3+'/>1TA.Y2 M@F3B$0,(S%@ISNC98?;;F]L/GTR60B#4(!`;D7LVQE.7-U`3`)3&[^:@$$_R+/B3S-;I3 MY$-+5B\FDS@\550.@RZ+N>HZHJDV#SH`D%.A=<#VHWB!_>CG#3Y!$1M&^+^8 MG&0#9WA3:IXT1":F-Y:R1E3G7:="YY6/1F?=EM4-(K5RD>AWUFDT'7)PA?UI MXG)2\ZT8L[)LD/*G-KN;"I.YY<-%N(Q^"?&YHT#:A;VZ"9("&BJR+W3M"IKX MHP!KK>'V#@\>SS+L`YA=WA)P+Y&Z;M/KB)LL$"$N]299.Z^HT7F@TH9D0@O( M%G&8>04!H>!\VY*TZVW^ODZ-GS:&*E46D&TH>7SC>L43OJ7B,,'N-4GOHKN2 MM19MW:4+PVY&,E"-\#\]3HX_O#&PK$Q$A1&%V&]E4]:H;MH>FT"W2%F)YQF' M]Z+>X&^O;SX;&EH$[Z79-5\%RQ49?%9`1D+YK>HUY$4^G+$(_BCT8PX5W7Y@BAT*E>OOQ$'@QII;M_#Q2"3TB_ M`Z[OU\1PB^+`_R0R7*YTA-)03?8B;+69B>&-ULV66'8>GK[21W?#"Q*S[CY+ M54"WHROJJW[_EJD'3M;M6-'P)RK,W=,E%._'BPG42'R""!0!5@(Q+`A0VJ($XB/OH`76P`4YDM\JR,7.Y=DM MV0Y+F@PJ0@!E.'ZA,UK9D17\4:P[FN+EZ\DER-T,1"!$8^7"<0?8BGH+1VE7 M"P@"T.R=+`VV'`ZFS'[Y.L9#;$AGL3TD^(WG8/S]5_AY2C^'\>PRPAO&&(4/ M5\!2>&XGC2>+-HWG]/A))L"6=4M+[[B96`BM.YHJN@/9FS(),5B9*-Q`1&W+ M1*9@`J$R78OE\&:5`2P:)MT(,W9N[.\D+8-R)\&[`(HH&]!K1NPHEY!M%N^) MD7,%<@1=KQKPEVDW[)@.I7)6BK]\7[(BY)0N3!C2;@_\V32X6KNY$%!UE'L)Y-PNHJ=>:2ZOP1W8B<* M!/`F<:UDUO;T633'I7?_N;+=/EI$=.GOI2!RFIDB)N)=!*_LT)9@9,'51M4C M1/S?S"!2GEI&XF!,9G:`N.>/3'^Y&FHXS!Z19;;6P-V"YZ=J^Y0B."8WGTH-]='8$RG0$\M=\PT$23@P/FV2NO]Q)V3AM!GH$==&=4T3XK(U MLC<#`BJB5DU7<1=LKX>2_R@V6N+]7HJ!>@"U@8A>&S4AMAJ?,TD=9-U`:7+M M%)70%5,LYX831XY?30M")V)CB*,6&RZ6'%P`.X@K\+KIZ`$[D630GU#C6J': M:MR^#8HC:'HC*NOSHM=L!EYKSA^T@_UK4_KYQ;"=,KTHPX![Z\`53O-&RK8L M=P7EHL;*UFZ8#"N>>#%K&;2KX$^VP!`GL#*E@UT"8LJCK6TW!.6$_`4V[D0N M@3EU<0A=-K9^,P"54_B\NB/Q;,>[!26G8PO1<00"FYB^VQY\RQ/6:#Z@7&B9 M-#$@O&CEK`4',:P,LB!!F3JX`$%6YWST!!^81(*14E*1F-QT(>]<_P`';T!H M6#_#=NCM1H6EX(DFX2V;&FYQ+\I!;?0>)-65;^MH.#0+JU5M;D_]>C?E,6CX M:)Z[UVW0OAK<+Q6(8$A$-]E1+H6N$YU61X2`=R7';#6=!)=,##"-,L.@=AB< M$E'=M&G'"S\);=B.]UPS/B@R=M9'4(!]"1&>&X[.TZ/BNBEJ[2G-NR)!E;:S MYK6M@IX)66-4`Q(?K!62Q*@+POD[!R*QDEHX6EWZ[87XLQ%I1_)UU9H;)JP^ M(/&T<.*IU\'C<-DV\/&`?.(YF("4;0F*/7JNCX-;\)0UN-O5T*!6 M60/&.EG4.I]!I;I&`+IP@A>3(?"!IJJ:/>+Z`V<*F7:\M*9WFKI+U:[7,7D] M&E3^$>AO&;QSER1?):I(>-R!$^`>9OH9'K'.(11#"O%KSI$(CD?("CZ[3E61 M[W'/XQ&LLK,5[//*QQ*= MZ73KAHS9,NJ7:SXPQCOD>ER;`+9-4H$3]LP+:W^AG>.344+A=4-.]820+HA]>FOVL*NW/EO2S'O][>*M8]LA_#&0]ETEESXCA4-7M3*"27W M3E6[*A@$\1]E'=Y8*;D3J3NC);?4T@D)H>X@`$$MP;ZL:7^R;&V*RV6FBV;? MS/#OTJM@IV$8AM[W%1RW`Y/6H#&.:.**..P'LJ[5`BFMT@Y^'SNV$S?`A,1U MDYIG^]GOO5S37H&+)G(&3U>L)I,-LO7U!0(%&7A\4(+2 MBW3/RV6@'WMX91P@T+(Y>8C.?3RK7?$]QU&3+PEJ^92B@U[4\CIU=;$L`;BQ\]P?N&5&L_B%DSNR5%9 MBP_7?!(.]$:SZP35>UL+GEF8R8]S2Z]*Y#[`QO,J[):/=8U:SUU%M"\]U.:N MJV$.M@#+AD0,1IJ0G'\>> M?Y<\C&?=(#F'OI4-7]L2-S4:(AW;DQ^-$5[%2?97)NT=Z9XC1/>:!9DA@B&M M=!\GP93;\2JFIM;FZK]=T&BUH:LSJ\+IX.BR]%2/8^"@IE;F1S=')E M86T*96YD;V)J"C8T(#`@;V)J/#PO0V]N=&5N=',@-C8@,"!2+U1Y<&4O4&%G M92]087)E;G0@.3(@,"!2+U)O=&%T92`P+TUE9&EA0F]X6S`@,"`V,3(@-SDR M72]#S"^]\6S=JJ42S.UF&:<@"3U:WHE4[4:G6OE);KN`Y2;PMOQ7X%'IU M(V]DQ4O\M?9V7'6-5%+H/0GLJ:]I724KH>YI=\'O6[N;_I:B;>D;;[3AV,OK MJI6%:$2!OS,PE?-VB\^1)[YV\I:7Z!L[^7WS<;8,Y\N`A?/-.XCEM[KY(JL; MLI?SO536/=G2_D)<@SO:<.IQXTO>-0U8U*?!RU;HP)/5P+G1DE+R*UGJ8!E& MNP(7W_8+$J_A2M9DXM&#U5;0U\$&"YL]$8/<_`6"&SJFZ@G/I]SZN]`?AQ#N MZQ;6U-4S_,--I_1],@5XB@^G\*J@4]H1F>(I*FE,75"J-BE:@0=7BM$1'RHZ M_U.NZBO1$"U"WX^U,WZ/V]G'MV?P%"?>'?GL>ZV\,7'@\014[)7\CI&+&]KK M#_;FC>`*WF9>09\X+55BMZ\;WMS;.&650RB2;L`:7ES7QCGTR`65U[L]K^[- M%Y.J1NRY:J0^"*!!U/*\VW4EO,%CTX#L"?"?`!&\@;MS8U(NJP/.P-H=INF-C[!)59-7984FW\86UXW""T>1V3%Z#\],P<7T*WY5"K*HXRI$:]C@*',-.PP= MN>+$KM$M,O`TPAC:`9&VI@H#U2B@T/N%-_F6WD:!X0`XG)H+;`M2'\.;]P&U MQTRWP6P>AVNVFB=9QE;4'VG_YO/LIXWKE7^#IX_P]!F>[["E_C*_^-V?%[-@ M+N>S.`Q9!"82%H*)W2Q.(@8/]D4Y.\?&[`Y<1;)*K:$+[](K(!N\0:1BGV64[WC%(LO=]O+$`'&D$X(@FR?`>&=MJFU0 M0@O"_.J>@*[W`F\Q42#310TJ#^D`/"R`)H1>`W%\%B:H.RX\]L!_)\L`;2YH M9\P@>K.5]J4I@^L8)#ZN6491XJTCMM*K,64L@139G$#)0<+V.3$O2KL`O!TO M,"]*EXG>!&:BWV\^]P;PL]NM$W4`;9P^"FW76E;;2TI]T\)Z!&K,TF>#.D86 M_[WT])_`)LAW,#/?]T,R%\'E`,(L@P!0S[S%I0?L30V%D*Z$8AP>H&A>.)CC MPSS$ASCV)A#'?K_]/,J"VST%<^@NEB',L[`&W<.K_$&LDQ<0>`3UTF"MK:1' M9(:;G1J`5[@:60VKEZ$7L?@(9[SP(QC-"X=S>)B(\!#(W@0"V>^WGT=I<+O/ M:;1()D:+Q(=ZEAI:?QH6@OBX$+BJD[$P)B`NO"5EX#W5_^![U/^'Y(#N+S>B M0B^MXEE001GV=SU2!#[ZV(\54]VK5SJF!$*!/;6]=A&NH"X="X=^GH"!RJH/ MY^DS3[&'0/L'L6UC>4X/=1+B:1P31H^;K32S0"%0)K>"CG-C0R>,G&KDCC>R MU%JYUU162?-OIHOP^YT96,`M7IB1[UB&7/6PT4&6GF"7#9!!7F[`!)/:==; M*T$K*H[1Z)"7D^J)\%PH`]3.BL]=/Q5J,O<:'`:'7)9F=IGTT:YU'U\F4H:5 M20^I=Z(1!MI+#^L]EF7\.0(.):4+9A&$+)Y`]Y65[*FE?+NG":^\U\,35'SO MG=@#>#VI<>02W_:B:LT=P]%@/!1]@RNKA+FR6+:@\$V5K5>,"H^-[[,!2CZP<;^XIE M_ZN^WHNZ18#"=0(M6[QUK=!=?@W^]CW>H?F@]#[5U0)9`+)AJ@`#MP1Y/M'= M%RB?)S;UKC_M`96K1TITWP/_!!/TXUN^EXJ79$+?D$*JKB$?L+3P7=U5QHMT M4,`7H<^BB3A[-H?1Y(+O',A+R^>&$N6/B`7O82G)E?B!DA!.=V,,9Q#%=Z^; MH/)?NRC0TW1>>/ZUDZVT=308**BKKI45"%VZ,0E,%Z#Z%#9[_7OEJ09T'XC% M+W2EL`;O.W#!B$L0(?)FJXSHFGM, MW+NPVRU<]B7HWYWUVKNJFZ:^0UW*3C:?#XKU)\Q'G'EGX$!)B5L=T6BZBNJ< M8C0KKZ!UO\*\I$1.GS_`=6\J[28O=>90-W^HYT#2& M95"X"S8*_I0\+^O<2#]0OTET8N=O#?ZZX M^KG.O^AU*Y9`__3G^#?`(),YF&8A9G8W\_Z-N0Y\O03^!*N`1;`BADF35EQH M`A.5[5T$G[>"AB:W08Y+(P/R8", MA?'_@0[(DLEV>RP#4(#&4T+@>ACQM!#(PDGQ^K@0B"8GA]YUZ^*#YY_\-V4` M71"XPF5]1UM&U=>6W">"6I7MDR7$B<*RLS M6.[YO9Y>F;6TJ8U8BKU"7)FQ=#1P+4)0C5.)YV;ULP>F))CL_$_8L1F=]-3B MI^S'%5P0+0`'LQ+&.0HIB%GT`VUT[JU9;%^]+*ZG]-DKU1`7S*B./"GZH.IF M$SFP.([[VRJ)3GW?I_7MEI-ZH&YG^;C71TW").J`GHU7WD"?Z$9LNQ MOJW076NH@T0TUL4!!WT*WCC]AZM2B\1R9X2K!LF4HQ'=>*=`,PXN+F9'I^R6 M"!![5_<'F?ZQYHW5V89U[T`*YJING"2UA7I83`Z'IEY8.[G5:RQ;0UM+`7O4 M`M)B1L(]01,-P[,'O\(4!0>'+SZX%W4O[:FX,PQ9-%^&+`Y0;WA1B+KNI\WL M/P,`N`L#-PH*96YD7!E+U!A9V4O4&%R96YT(#DR(#`@4B]2;W1A=&4@,"]-961I M84)O>%LP(#`@-C$R(#%LP(#`@-C$R(#'1=+T5X M=$=3=&%T93P\+T=3,B`W(#`@4CX^/CX*96YD;V)J"C8Y(#`@;V)J/#PO3&5N M9W1H(#(T,3`O1FEL=&5R+T9L871E1&5C;V1E/CYS=')E86T-"DB)M%=-D^.V M$;WK5^A@ISBI&2P!$OSPS=Z/5)S83NTHE<.L#Y0(:>BE2)FD9G9S]M6I_.0T MT`V0H#13X]G);M4N20&-[M>O7S=>_>5:+'?]XKO5XM4[N>3+U7;!PZ7^"__E MV3(-,Q9RN5SM%_1Y^1&>5AO]S_WB)OAK,ZA.]P6$K8N7H#RZ]@G13!N[;3#SP8;I5^B."A4^8Q"?9M,]SV^ED&JBE5B7M^ M*+K-+7Z-^*5^"`,1A@D]5A-'N'7$V+LO>EQ2'`Y=^ZG:%X.J/^MU$>/!5RG+ MC,-7F7'TBC.!ONZKNJ[:!B,#B0U]2V#:TZ-5YFQ&3>*1G8XM1QR\0M63X MN$)+!OE.%;UYR^'-A+3Z,X2A,<(U#HCRJ`A^BN*VVMVJ#H_Q@>P@,+,K#8JF MQ%U5

_[U6#:R#@=5$7S4;UC%)/5!++*\&XIL\;0Y7)-IG!MEU!CD[($J66 M*SV>]O*4D?38#B[H#\28#Q";^G103:\N,6.-&O!06%8?Z8`D.'1J*#Y9 M^H#K(WNF#&RWCY-%G"$+I.!8#U6S(^YT[1Z-%0@#+`8TVT;9'!R*SQ;;!';7 M<$B);+!9=L@9,C>?_]M;-O=%K1`(Y^J$0:?Y+H\=>C8E9B`OU6/ M;A%VG?9T4]55,1#>>M%:#?=*-99<%)7:;M5FJ.X,SL*Z%9TMC!&*H1B.0]M] M1FIPKIT=N3'9^X*:0%7NO-%,_\:'.S,:GBWC)%O*+&,R,=*.NU>_+-ZNG,S_ M#9Z^AZ=?X/E>=X,?EC<_A\MRP9?5E'(A-1]["9@S_ES<<73!/"_T)"#V&I1IF$FM1%R$`Z9218QK$..AL<'']Z:3_/M9D4!6>W">L4K1>;>;ZD"?/TJ7" M8;*T@QI,$*90Q*2)B>1K-/;0:"Q26G#J>U_L2?G`RZHMK0JZ.6&<;[%U"]?" M#QW,3UTUSD\GPZP[I0*_-H,_@[S[]EH+3Q)P$;W73YF=]$BU^G'NN5=U37-# M/S-].`*`%B$]/+S_TQNT!I^[W3@)4^,-]9PC4YIS?D19Y][`@WT;++PMN@9F M%YS5P?0_%$V^UV!Z=KDR"4DDV?VNZ$H[X1S:C@9`\`E8T-9522.AF6^G$ZWK M/:>9\@:Y)\\@%NVO,I@69\,M#P-*[NL+H.G$LQ.*_7]\I*N9NPUI)R//289J M]Q"<954?Z24-U"1;J:8S,=SDRIRM'7:<>BE@0Y;::L6FZE\!4[>2VR)T%XAG MN'\>;Q?4DS&?NB^Q1/P;P+?:D3@'!>HW7;6VB!?KUF@C;#W"6>3D[Z_;?K"3 MO9UZWV(UT^??\-R?[$TO>LI-[_(_:&JCNJ%`4S-F/2!J?Z]^ M/58E.B.U,#M!>UT\V%9-`==/MT9W_FJH=-.`"&*P'5YK9IZW9734R- M`93@1PEGF8T);71N`Y7V;8-YZX=V\Q%)!=).O1SAUR9?D\D0IHU6VZ0!9=30 MTXJ!'@N8'-5X%2+:K.UX\F!-XDA#;,3J('IM1_X\Q%*4"T:=95)/Q2"A'[IJG MC:NALD.L%@!3@0P/T!4]-L%B75,W!S?P$![TQ[V>[/YM?#(&9J3=0W?3+$*@ M7%\:V[0=TRSI_X#2SN:US`SR,,0+R4"4X'[&),[R:`#O8=SQ/(/&$QK)&A7G,ELC"04K($136"(*?""G71#5>:=J.H MC#JCM^0G;C[QMJHS)/C]Y M//EU=J/4^>&IRW9P?5P/K199<"QZ)OB/I2*=QYKD&3S=C;^.N_-XLO<<5C(9N?ROMOM(#4NZ[J3]3KX0.1^S M^`2S!`CG8Z9AC&:82>%C0N\.,SG#5,Y0&??G\70W_>HAZO:>PRS*)O5_[#H< M)``ST^R,U_*Y%>0@TY44P_SO(268X*_T53$,!;QD$;SX($6Q#P*].Y"B&8C1 M#(9Q?QY/=].O'H1N[SF00*4<2*N6YIP8KBSKP;@30]I4>IHS[*1-? M`I^/7,2DCUP7!E+U!A9V4O4&%R96YT(#DR(#`@4B]2;W1A M=&4@,"]-961I84)O>%LP(#`@-C$R(#%LP(#`@-C$R(#;C0` M7B1K;,.!]%;;A7GL_0Y7JS7^=[^X]%>WZOPBE-S?-%75W)?U#=[&+/#+#J\B/\>? MP._VVVW>/N!-ZC<;_`W];?ZM:?$R\==-U^L=TL_K@O:H[SM5=XH>@\F\HVW& MY$ZU:U7W^8V&D,$":[=6/1W>Y15MCP&@/DGX/4&.X*)5BEYNF[J_[\7=\2P"A8DM,AYS%=.A?5*>&9'=("W6GJF:WA9*S+DU@BI?RKID.6#J#"]PCV@S0 MQLBY!9M,P'ZL>]4JG1?Q%%#\.GE@\&4'^`)DD/!QECR&[S/(34MZ<^67];K9 MJJMS!,L'_I8D3*A:FLG@`/GELZ!KAQ9]%`M))^MD,%LA:[R27'+U$F%X735 M]'E%;)QL")HFSJ(?#+".K#R(;!(/A0)Z'3@V+`U)-J/!/*B&%E?T'K7WR%Q=WG]\%^] M&7#H^%"D'A-C:O^OV[/_O<_;G@HJ-=U9UUV&T"?J>Z)9W^>&`BWFRPG`5A7[ M=5\V]712"3CMN,Z[TF3EKBEKFZ&;MMD29(?T3^8'O5[]!*X^B:-3$XRD*WN. M;FIL%OV\:':6%.F6?GCW%>>2V`_"Z`M>I:APK7VUW;W"G3#.-P],IZ'$XV#(6'6(W?N(0\QR6Y?3WRU[)!1)RJE6)/HZ3? M-W:XKO>;?-WO6YHZX@@[SF93KDM5PS_<%^.D?FO)WS:%0G==\,J:7K1J;;I^ M@N!*[4KLS^9<&)Q#)H-C\X^/>%K8Q`P/A3K$R9.)QK'I\[_&S?EH9NF%Z_&5,'9%!QQN*A6,.U8RXTTIFDH04;U!!<4H&W>8=G%V"#N*^.-#Z MM>D(=C*QUY6;?,_&CLB,9?*U.9>?9GT@V65I%\4:Y:LM1/MHLF8RX M%_@5)T9"U*K*Z;,3^A(_@6H]-P.-[0A:=A(:](;RKNRA$^@("*R*$E*S;VI% M"0#IG#_@%HKE.%W+MKC`='FPDGUXKJO+DV?;HQW2W1ZLV%+%J'SYVR\4L7'5 M`7FN6(].7[-V<+V']:JSS?(4(C8@G[07H,4R,0K82]D?)P9VVG6U+]3?R2%0 MB+Q]&'=*6'*M:K4IJ5K1=E4U:Y,,<#`,(^VMRL<:;SR%@_4.49]:*^ M[*^AYLHUP8?9H2WI^VN$?9)ST^5'1XR)=90"6$";.]7>E6MR>73`D'0.^R3M MP.;S$F]..;.P7!O'@'IU:1YMFJ'K-0FH[#X34L3X1N;ZM1$C1@<5AU( M&B&._0=PVU3?#/01/QV^,&'A!!^C[/Y(Y4&2X,92=ZX+YV'R_Z$D'QC;E&UG M$O8'I[/'ECU"/W7*5.G9<8]>D_U34\!'5&E%EM/C?1YT)I&S/C_: M%L\\?JW:G/"?N*9^)EARA"]=='HTR#3<830X`Y:/;?CA6=Q<'GQ?'HS4UTW; M-O?0"2#]\8/O5#P^VTE0^E=HJ=FJJ_-99BWI')R;IP-9R,+@L>_`/K^N%!7( M-63L/6$VTM:1TY,IX7A7;Q[!!XR.T6$W=7,]4DU3FT"`-C3C$=Z<'.((?=LJ M?8,C]!;ZY"VI!MP]>]`W9V\A`EPD6`J+M@L1I^ZN6GQ=_+P:K&7IV!I]MI$AD:0C&Q(FV,=L1."\ M]((XMF8N@>ZBJ6#\038$9RE)A(!!&"AK]AWXVD$HIAG!M4'XP9.!*6=M6L`4 M2+TW9K$I=LY"2=%A+_@#AGG`_;-S3+XK7]L.4Y8*9WV(?K),.<@!':6FCTM,OBO_)B_KCFHG]:NFL]\. M073@X1,=Q"B&4&.QV4TP`"N!%TF<^?]QB+-9IH>T_&-]![2;?A%C9FJ@>AL4 MVFMP#SS*3`*4"Q'&TI(?09TX\K77T3+4R,$M6,EX-I9-+41+*F"K-.*5M*!)T0PX-J(3(^72'#8+I" ME]JT-'@XJ7[XP&EZ&OC%"7>Q[/W\91+M]]0.>PW[^/9^_@XTQ$@3R#1QCH;<2.._QL`*$)U MZ0H*96YD7!E+U!A9V4O4&%R96YT(#$P."`P(%(O4F]T871E(#`O365D:6%";WA; M,"`P(#8Q,B`W.3)=+T-R;W!";WA;,"`P(#8Q,B`W.3)=+U)E'1=+T5X=$=3=&%T93P\+T=3,B`W M(#`@4CX^/CX*96YD;V)J"C?@"FU9;EG):-=F,*GN8Y4VK\P_(;"&<2!?%H^?HB#,(P MC'2(-V0K9*,NX>5T$2S(EDF^O6.2EN5^PFO%X$SM]2PE.:L;N&_.AS=S"LZ# M0\J<`S=NR7\_O'WU2OUZ._;F:&U"UH]W5.5M227ZN7".P54&5VT)MI5H\?TY M*=B.PW/W&!+=2+YJT1D("Q,8P2.=0AW=\A]8M!NB&BGJC?F4U*S!!"M:HKDI MV4AQW]QA`7A]4`A1YZ(4FSU>09!L(Z0MZ='+MB;H,JL++'!,WE&9WZ$#272) MA8K##2)@U07Y(9`2E'R@C8=X$[E88V(2S\_'OPEUOB6#(G6-8362C;@N&%$NL&HVNX4BU#&Y`"RN4EFH=FA1I6M,[UTVD, M=>92\@UMN,G<-($[M@4CZSX8$E\VVXDN\=?GRM"T.`7[XWW.R,3 MNI+VYZI+G[=^K%.>F=@[JM!D)0HXV.9LH3G/CF7)M$1!.UK'B,+5A#NWO#L5 M;5KI>5(S9]]C']*NIWF`0&7-*9KL^UE1^1,B<7XL$;ZKN74U(=<-N*V.L?WV M\*.U:"6Z/!W"%_"96:@>9A91S^$X;I,SC1U$=J)LZX9:'=,Q*N8?\J;K:$KL MLL`;"YNOJ2R,P[,@,^I8_TW3)%B,,A`T&0IG\OMX^6-/5J<9I!1>2)VRAOZM MMD+Q3_J]@:E%$L39.5M9&`5I-C#V;;MAY:&E+,[..P5:/UW$SL@->NFC?2(L99,8_G338,6CICP'IRA?XQ\ M&L&M'-8("JWA^TJL8+/8&;>-XC!C_G"GL8A6KA9'?"7&FS?H< MLZX8NMX_U1WJ8\QI78L&S]SPG3W$N@'O00JD5EK*9:>Y`W[W$7FW?%[N.395 M2E8,;2@X6JVY:\X3M'3$DA#,%KQE@:O2,5<<\3/"SV5$C[1SE`$VV2>XLC!W M0/6!U6VU0IN9MXD`=KO8D*=7>W>89%;*NE$ST+<"3K%F2]=\H'KY+^R@I-[K MDU24S`U_I.F#;9\L#'^DZ1/(*(F#Z3E;:1H&\X&IDU24@DX\[U0Z2PZSL1&]+.UD\PMK5CRRW,_!HPBM:V4Y84UZV1JA`_?1` M/;.9ON\*=7H'G0;S17:P@_I>[I5Y,'1`+"#U>%A8O=%M,!JU9H6Y%ZWITG1. M"@D\0C=6+73-:PD&9Q@8X+7;0^?&NRY_[.>6;RLK%#1!P/[4KFD.>H!)]9L^ MOIV&\-P[$?)@<9<"<=1C^T072V>J4<["OT3BG2`7IB1B=L:5&-E(W40>O-I MRX!1#T!L1/D+U[F[-FP:@C1"7^;UMYG[M9&6'FJE7!97&+$ M*"5A>EVZ^:085,].L^Y,VIO\.W:\5EB?+A%9,$286W9ZFJ)@.U8*WPN+(#KX M3LL?^+8Q8]P]PT?>2`_7MQI4HF*F:P!J0V/0'`$&V2O*,!O=KBLO^M7S.305C\EX#XDE1*Y5_\:/4^1&#VRTIYV;I_T5L@-K?DO/>FF MO?K80UCV%(0],]IAC\%KFE4L!YD8O==:,-D)..\)#P!R;10[X/+I[0`XXCM8 MJ)@R_:BU$K`I=(2H34*TMMW2O?[$<5/'YEP6$V"X9N^`=GRN]_KLV>YH[^FV M!2O`W84#X<>O7B.W]<$@N9?!9"U%A25^&`>K%M[W@OJL1T'G^=N'.6)87;]9 M#CZ`.$#[N5EIAPZ'F;<"%&MO`G>ZER')XT0SX(ZSZ/)Q#-U"^Y=C-Z$9W]18 M8/8)7*XW-L0-B`YUP(BE4*K?4(#%T+N*F*BMGP^$#<7* M>C2AX3],YQ<=LT/"ML'ZEY_7WH-..9/K:V:E_;]%8W_-;)>,0W*X#,(&RRP> M'?=!%Q3Z)$Q\@/JLIUQ-^&O0R]`=R)":U4#!`4P-K_5:Q.AT9!W"_=E.T5T) M6:$;43CY#W)$'`<)Z)(0I16)%WH->K.\^&,`SEM5(0H*96YD7!E+U!A9V5S+U!A%LP+C`@,"XP(#8Q,BXP(#7!E+U!A9V4O4&%R96YT(#$P."`P(%(O M4F]T871E(#`O365D:6%";WA;,"`P(#8Q,B`W.3)=+T-R;W!";WA;,"`P(#8Q M,B`W.3)=+U)E'1= M+T5X=$=3=&%T93P\+T=3,B`W(#`@4CX^/CX*96YD;V)J"CM?/D:C=7/V9G'V^CT=T='B^HR&(_D'_[+Y M*`WG04B3T6)SIE^//I]-PB`,L]EHD[LDOS!FKPKF1A/HFD8S,C%F`93 M(NI5E[?-^,_%KV`^0O-ID&5@9_%.FZ'2S"69R*TTH.3-.`HRPL0*7L09O-B, M)_(]$Y\YV%('P)/YL5/+BQ4W+X1>7JWMJ_K:&-\:E_27ZUJ83RWNN[&[MEP4 MVQLN6&F6W(Y#Z9H+E0[<>V5\+JJ\[%9%M5:Q3S(9,RR+9-B7A%>K^K9G)B); ML#TWB&D[$0%G0OA7\KP5]?9FWQ1U6:_WYG,_G`B"7IE/#>[LQ+K(300160MV MW1X],C`;WP*@<"U;2U:MV6I#+.FL%:O""ZDT5W62<$ MK_)]'R,M@Z4\Y6ILR)77FRT3W&JAK>TOCZB*EJ)P7-ZK-YR)_QS3"]&TYKO. M1&",?0H^VM\VS=1/\]U2Z6668F:IEUGJ9Y:ZS%(OL[Y,;69[$"%"/<8&VU)$6*4MH'X=;3PKI'V=;>U5=>2U5-'CF24#E=[IP==MFLG"K17UDM7 M\)==4U2\:2Q==T5K65P<<$)R'I5W7$(2-5$TLBUH&U.=#F2_S7W^B/)K5!.1 M.UO*G=5:?^O)V#8?)^/(EW'D9!PILF(6H]$D"J)$-KH0\_BV'TR2VB*3Q#:4 M9*8]2Z8Z>?#1^9/,9=/$_"2%`6GWFNLY`RTU8I+$GC8&\$I8T9RR1P>O,JFW-8Z MR\PI2B6:BCJ%,`KE'7C+ZZXQ4+:"54W9;0ID_RS!H:NHMR5KVKU9=D7^N5C\ M]"]&`JV4E66-Z"8D9^`^N")3.),":5JN$;&3"D2+4TT"<@3CS1X-Z4RBH5*J M%/JR[]@:G\$R%2Q558P/0?,AE1M6)7+PV:1 MJ@D#LN1>[U`)/YF,DBUKP5J@#@;3[('1&]@W)SJS\`PWBF6I3J-D5;!U!3VH MR$W"C":4)'QB6Q6PRA&;;S@,^!CB7*U&)AG:]-EQ2$I]?F%#,QL9B`AU+1OV M4A1EJ3J=?"/7W;!;CNZL1''+M:#OU-D'`;=P.#!N-5M7[, M*^X)=RX'X_LZ4;__S)U.$T<5P3<,.*&[VS6D$,]V1M4R7[!I3ZZI;_:84#V9 M6)'./(FF3J!]><[).YX#825Y+0^\/-ROPD.V`YO+O787ZE&>P^CF=9,&SRW` M3MX:4'RF/A?Q7K^G(RBPUWT&?A*F5@#D%R;[N#["]6F0SD.TJ:(U]A>5;4:B%/6%X5L0^6;'EYB\;!21@.-(<$5[04L%;7G<-V M9XF.H6B=X2BQY3G000TB4,/,OL"1[7M5A![L_7AV7&#/(S_0>!K$N'$#Q1<@ MP"G)*_]^(S>-?ZP[(1XFVVCB^O6CFWWZPB?8?B__%'R4I66:'DWC`^`'-`1O M8`157L[DK2RU=5AO'US-%->>>-QI8KG^_E!R626L!=_AK]FY\=@#7@[N7UJX M/PPNOFKTOUXU%D_^- MJ="QJ]`3?\ZP]?:@N+^O2[[77-'3IUJM!&`U@=7'DN:Z[JJ5&0E[H^/ICFUR M=S#)++M&#KI-8'S\7K7Y6)^;'$YK!TQ+SQV_'\ZVN>'G."2/G,B08NGSB_L4 M\L=FM.=&OZBNN>WVH9H=@#'H\!&2CGN='5URY8]F`_4O:S/G,1?-_3/T4X;C M+TS$B[F\G!ZKQA,:DCVN=AF8F6ON[J9`\Z;<\*'H>T53L/QF#SX+MAW,:Z8P MZG3(N:/A`N9%C@5-5L;^W>F+!I[I$+GTRUVPME0GGGNJ$KI9TPXE*[':+Z'C:`&/ID^5DW[K@O"G>) MDA[::U2B*']PD3*9,H"6LON:]?#MMD`N*,<]&-:BWF$1E?@4E8_4D/5#U1^?Z>93I$N&R:*4H\Z-%0>6YZCOU:/^0W? MJ-XT(ZH"!JC.H:ZS;Z1K'Z1XJ.J`#EKL$\:>B!Z?R[_?T'/RYFBC^ZH@GYQA M+%+//5VHF)YVC_MFP=-'7-]44XR"6!:3J=08B>;CQ5]G/R_._A\`&G$ED0H* M96YD7!E+U!A9V4O4&%R96YT(#$P."`P(%(O4F]T871E(#`O365D:6%";WA;,"`P M(#8Q,B`W.3)=+T-R;W!";WA;,"`P(#8Q,B`W.3)=+U)E'1=+T5X=$=3=&%T93P\+T=3,B`W(#`@ M4CX^/CX*96YD;V)J"C@R(#`@;V)J/#PO3&5N9W1H(#(R.34O1FEL=&5R+T9L M871E1&5C;V1E/CYS=')E86T-"DB)K%=;<]NV$G[7K^!#,D-W9`;@78]I3YR9 M=)QX:OFTTY_?8.LI]Y($I/P'3GP6K=K%WN]4#N9F]>'8U8]_*VO23SN2G$GJD[H=>QF4N#].U&IB\5&+5-W M*^L#[FCT5?K18&Q1>/!8^%'6FRYOFZ4^`"\J1!S8LYNBR>NNHBT(J.UD!6NE MSJE6@Y,64MP"I`8A9=4&E:_A?JD>(S$;%;/2^E?O_+@.)$B6*:H/"??<\D_D>(05\B22FJ_$&[U#RI%OQ1%JA0[#Z(C%P'8KBH-WCFQFV$ MP,<_S[,JVXF#J%H=,G$`L*X:8;U$P_M<5Z^UZCZ\,+?-47?[@&*LDF6= MZYR$=GF4!MI](3>G1S#=@]$J[YJV/B!;JYF8:O<268G=0UVU^V8F^K\YOFQF M4#Y+7X&PH\C;XDZ4#TN#"NT(NJ+2H0+6[DEIQ:I'.97R>:KS=NI`S#I1PCV& MZ1RO7O^V^+"VJ?UG>/H$3[_!\[VJ`.?.]:_,V2RX4S@++4`%/@@X+,(TL*MR M<:E*B+UIE4YOBN@F_\'?R2E/&7.3$V4)KO^'V..,)_2.T3MM='V[M;NND.Z' M3M9'H30/U/M7Q#8$B-#2$4!\MQH"U!`F`#]E4/D4/O^5N3,`_0``1A9:!-"B M(2C_,6NZI6@IR5&0WM>RW.@3\>L220CC$<)X@%`%AQ=!,"QTR7/@N^?'Z/_^ M8%TJSQY]CW@P^JZ]>^S4+.I[*ZW)NFZS$H-ZDM+F=7^1ZLHMF9>21`3`&0,6 MDCC!)V*`5&?0F@U5IW5)W\/5:O3=K"TU]CQ1TY_7W_OS^+T__YBZ,!GD@PM9 MY%2*`>FA&BZ(=M5FW.G."^E43IVU="E`S7$.6\VWDLVDZ9O*>M01J?)E MNLNGB;!J77F7VFT2=U.7):F8]"HBPG'W-=)T1D\;QJ;=_3?-JIK*1E%M"M7K MW2EI,9_3;01F*AOL4X%?-KUNFTY0%IFZ0+W=0B/68N:(55/Z53UG+?I(4^@< M8!=EI%1GI*:E%M[VBN*/HZ@:@7-H--X$LX,:`6BJ,DZ)<^=T2B@TEYHJ*]NJ MJ*U?/>AN7YM_+S8[`A:XF>I/B[90TVO?RU/WJ^98/!>^?`+M'6S."^S0%D!5 M8WB"AC:=12:S%!0X,TD]GH<0:I^/?=3F>9/GM\)FS`M'L&G6?"T.KSJ11'F%",(PXF47(U2+W!5Z9:G4GF)EJK M5&_%YW-$*CZ#'S_U_#G;_:^`L;)"P'WN&GQDI^_U*LR?5%;H M5%57I[UF']^_OU!!#644`J"3`G':Y&EK44]@F>6FWL;*$-;"O2PIFJXT1?S& M;03U77^>9U6VTZ?_;LSYJX8*JW'#SX#0RH(-YXBL^@[=XN>.C%B7,:>"RA>G8A M:S5@X(F/LNZ.^'C9'4S[%@PHL,YX:8>X5$\QJ1.D@1=$CL^9G@_5##AH]\]0 M9]"!M`XAP4`K17JK]^=&\Q`F3/>#"1`H(E9CZ.!#K3/-<5S-L4&\\E*XF,5F MV@I"NZ)9JP?)O-CAJQZC=A[-'C@.B"1I/#720I8HO/7@;"?L,DB<7$X@;;BZO)Y:1'S053:BS))`H2=@NMR/P*? M4E[@_F0R!MZCYE@^N$;Q^11DCI`2>\\UA#FVR]J4S*-.#8RJ_+SN&G!0E2;1 M,7UR3*8%PD^2.CR.+>K_9A"-($Q!"[P5L,EPD@3TRG+>]_[I_!"IXVR0']YP M'BP3!ET6!Y^%)0N7@5KZ`8_A/&R3+J(Q82\]Y\CR??XWD2 M`_#TQ/<8I[*14/;]9P#`V8WQ"@IE;F1S=')E86T*96YD;V)J"C@S(#`@;V)J M/#PO0V]N=&5N=',@.#4@,"!2+U1Y<&4O4&%G92]087)E;G0@,3`X(#`@4B]2 M;W1A=&4@,"]-961I84)O>%LP(#`@-C$R(#%LP(#`@-C$R M(#'1=+T5X=$=3=&%T93P\+T=3,B`W(#`@4CX^/CX*96YD;V)J"C@U M(#`@;V)J/#PO3&5N9W1H(#,T-3`O1FEL=&5R+T9L871E1&5C;V1E/CYS=')E M86T-"DB)O%?;CN.X$7V?K^B'F4`=='ME6;+=>4LR.\$LL%E@NRK48?&;?SP6-XUY\[>G-]]\ M*&_F-T^[-_/\QO[!SVI]L\K7LWQ>W3SMW]#PS6=X>JKMO^.;G[*/`]_?WA?5 M,BMF]C?/OF>2-7S/Y?"[L2/KV3Q[+TP]&B.4M",EC#"YA>:V>GF]M]/WT%P M68Y"UVO=,ON"F MZ/PBX[*!R+?X(M#3;,`EBVS+C6CD'2[9,SGN6#V,FMN1I8VH9_5GU@C9N#D5 MC&R%&;38C!3WQ=&@6%L!6ND M,H.HW=34:@^H0>I3^([8A4L+ZVG'5#ZZ)Z^C-$$[T$BSON M:$;K'6+\>>!RBWFIDMEDQ^T.N1`=\(M;;Y;+B`=,X5HR`&0.E@AY,?#+R\Z2 M_DG"7(+@<6`#IVBC?8?178RFUP*(W[.N>_'$\%:_';7J.3X'`]\QR,`,=_A( M$QLN@?Y(A%5TAK*%9;FRC)MD@(`!/LL(6$S,AJ(?#7XI,B7K4V]@+QEC`?X" MW&3)ZH#2.%_L^XY)1&:9VQP)6*F1=:`HO=),"T2@3-9!54/E`#^[EYG;QK%Z M_5IQ:@[&,,1U)O"AT7_HTJ0"I`F]-R*JB7LS&-[$38K"9U1:+IEAM),&G$>`/*!<%(NEPFCD64H M'M=VS*S4'3`I#U$-V(%/]NXXVW)M6M%[K'MEPL&P"LA#_4R3%U*_9_HS)V_@ M^.G!O6>Q![R1;M;D>OYN&I'E1=2;TS*2?$#4$U9Y/XH\KS#8(]<4"@0`D5)Y M[;2B`W1:C=[`L15U&XIK4L@^4RWS8H(_70K<$G)S;?2!6/\>%X#YJ#K*AZV`?:],] M;M&1`V#26_VX\Q^&&`/9'G6HJD0I,'",&]!CDJ!>/&3JUJTMRCEQO\P#0>%1 MZ89)\:L#&[?--J,1$LY/G+"-;J$5:%?@)*;##B:PVSRC4*R@:W4@0#(@M`V3 M.ASH:'"8PX+=3M308-2D0##Z=*VV8`LT!`HF_9Y^0PG1<7(,LJ/VG"9H>MC" M!%MFA,8&DQV`!6KD4UZX>#;V./=3%?[B:3KP5 M1Y3Q@4VYOD<>.Y5)9D@L`2L)B[0GF?D)'W%=**$P72*@\I?Z7._:*3DK(;GD3K M8ZN352]HC6D3HCV*J%_L1#DNJ]*$J]P#U_M3-^H2$P>$+<(A"WN.S%VVHQ*Z^@),[S-`])_*"T-SS@O%3> M?QE!8GB8P=$UNFNX]=^GT2WF=\DFR_\]&1;K_PL7XBDP84,J'Q>R,,_@R\,[ M/R.2(:K"%S<6?B%)W80,?^C&VV(U*X(XI#"=ZY579SX]($H\(";Y+S'_99+_ M,LU_&?-?.C&8^9?0X96(1#E%HHQ(E`Z)Y1D28>]G@,($:SNTIH*'0]QIP&^M MYF%H#WU@:_P;_\(XEE-H"H2&6LS`IWX$`_'D*;(?__0>STC/S5#!;^?Y6;%& M50T4[D33AJJ(]7^QF#K^[/N+:Y-[YX16H2N83#QM!2:ULL&E\#'Y+J$'F`"# MN$Q[*M_KX&6%^E:;F2ST2XD4N,X*,AQ;,OSI7%M)W9?OXICO.4=*7!@Q$(MF M'4Y[L>!8-+"C;VN+0+P MI(-`O6W?TYUL*7W/3-%"9;Z-I0"H/D1DUD_4$`FH4 MR*VOBO'TCG&\761`:/(96]#=Z!NTD]9<4A<)U(3-4]HHWP`'WZ[//8;]?+!Q M7Y_&`-"$L>N5I2QQWV\<6=64[TB&Z(I`7Y=M1P_;S#S5YU MOGS%>9N?I(":03/CP/L`1.7GI388U3YU+<-[P1H%EDD.;'I\7GZ`^+A)]NZ MR=;)9HBDX:K1K&]%;:>L[+55V6.GH:PF%8O4V-&]#KQ"0N=9"R?\?0.7,4H` MK-F,1D@0+Y*#M;N>U:(3`VK'\RJ^+*?JKO0>-&Z<4?]QO08"0*W!CO>R7<>>&F=/8(F3DG MHMK^="5]K#,*G_J.24+O2Q1U2JRAU6IL6EQNN#UWQ<&A:4^P7T81>>=\])%? M2$9H;\XU-2@#KUNI.M4(/+$=S7W=H=.=L[>Z4E".*=YWSQ6SMU`ZMOI$+BLW._&U\%T(B:`5L> MR,J$,I8P.P7=[ADJ:2=S%98]>R')PIN53:S8)R7I87&CSE#(=52C&H`!OFN< M\!I<'=,-UYAY:(L&MNF$:?$2%/1(^V%AB!,'S-)8O0V4+89H!<>DL;8D_)US&4:^M1]"OEFA[^?PV."C5 M0*G:='Q:A[;L0-$W#F,'!!L&ACNL;2L7PMO#*'U9YKX/Z#@#V$PK>L\*?PY@ MV*X7A&UV^`#JZ=L&4._!"D#C-'CI/<'#;GE94NQ=UW=P2.LA2L8.50$,@UUI M6!331=)\;&U2*2;;1N9S?R-T`W*7QSFGF[($NBE01(8L%?$G(AUJ$N;(6 M_@4R`37YW]*KGKEM&(;N^14=Y;M49U)ND\Z]7*=N'K/0$FVSYXH^4HK;']'^ MY@(@`5)*.F42OP2`C\0C'F'?8L5?51/W='=@K%_3:-)A.9P]2S^5=*)J*J4E M,-"\>;TPV+.%1'D1&W"?X;W#O-OA;39P+P=A=INTVRYMMS7.M^!CAK`C<_"I#&*OM+AQ MW6S;A\9"&01I>K(\G..#%LM1:/+S2BORE@;V?B!#O[FKJ#1-,R8Z^8T*@V(D M13GR4BP\N5V"I60.Q=7DJ_6[MI!-A8!.".@%`EJ,:D9`$P*/:P2T(*`+`KI& M0*\0T(3`(R.@&T7=[7*V0*$74.@$A68H-&86]L\24*G4*11*)5@_E`"^F]"? MN=.I>VXB-W$[IQ+!M<15"ZY:\N>];C]Q^QG>93'YYZN/9>-F%$M/&V"UYM<5 M:,C&O[P`"GJ/Y6CW`)UC@L5+0$534G=P$2JI+"#):-HEYO/T6'R0TX0OU2T?-;NY-W8D&C,!#2 M"@BGG+\JIPG^*!:L_?U5F._-J'.`Y5=?CA0.(^_I5E!PR3%LP(#`@-C$R(#%LP(#`@-C$R(#FDIF<%:K?;IZ>W'R;>$HU4=G*;!R3E##*6/`:/(_N## MF2%<(4T-H4RA]#EH7>@GK-*%_?<:W.(S,AAR:?!U^ST=7T]"N^1X%GNGQN-X M8A<2)S>GR6PR&U_/ILG@/KT(AHP2K=&0$8/2">#%\Q1<<%CA=`Y?1?'9/)Y, MXV1J,80FS&XD\\O99)SZ/0-[Y[-X')_-QI=V8P0;20KNJVF<)@,FR0C_NL-G MV[+9E+M\>3=PEY^<<_]LN)XKA8:<2,\B7>?^[L=M46Q?-^7*FA'`-ME#X7P1 MKO*7*J_SLJG!CA@XR[RQ+H'KK,AK?^KAS2,M-W6>U2Y4X[K)FG;YG)79*G\& M&-*2:G-AG-X&2<$)D(MDM,^$Y5?E+IX1@:_@6>O:*STME_G2X7`B(DC@D/D7 M76758FW/C(C"@H7NS#3MLOH=5A>P>H+UJRV`*W1[3]$R8&B#`LDEBH0D"@@\ M!XKU5A$DMH)ZLI)H(,L[LIA3&@W2)WN9@^&\A9&@F>KL8R"C;?T=`:D]D(X. M0EM&?P`2C(S@+!1!)]\=7D)>L\J)1HG!F]+)!V(VZ^VNSLIE?5PC?6N,#(JH MZ-%BGW7FL_[5A5%;TDYZ_".K%SNXS%(7Q"@`@6UJ7P=MA,G?_5DT;JS6'LYB MW>(OC(E04SH8,D4IF%2&`DS7:E!'44_KIMH6V]7;?V`ULB"'K)CP+(:008H9 MUZ'L.`F@TW&:EXN.E"3BJNUR MMV@\K>@SA'34]#$U3ETF/37F>>[G"O3GJQ\<2DK"H[[C]W;1MG'OMVW<>UT; M]VW'F$%*'/1=NFU\,N3QX/V49[LGR^,G?Y&1#E7?89*;+B/MA%.V`P[?V]I% MZ]5'7OU>C2[:J=''ME[]SJL_UDI`S6K>3\[]W/PMP``YY+GL"@IE;F1S=')E M86T*96YD;V)J"C@Y(#`@;V)J/#PO0V]N=&5N=',@.3$@,"!2+U1Y<&4O4&%G M92]087)E;G0@,3(T(#`@4B]2;W1A=&4@,"]-961I84)O>%LP(#`@-C$R(#%LP(#`@-C$R(#M6^^;CF;.%.6YLF9 M!XB$)$PH4LN+'+> MF]^+\_NKN7ID[NT=3L;N^=V5>@C_K#[,%)5X<.POJ M)<[Z"NS=?5[#%"P.W?5G^`V)>_GY[NKZ;G6M;/BQ1]6+U>>/MU?G:WR7P+N; MV[OSN\O;\X_JQ1)>K-8P_>GZ;KTZHX&W=/_ZXEZ612.+5F1?SO3A[V\8N@W' MLS!T%LP+$,6%V,FBD,5.(?#!V@=>M+PZJ6'HTCD"8X1$^/0DF[UZ8FZS%WJ/ MFY:'(R]._ZW54*'F67EL9%F@C7*+ZV_.M;>12YE_;^Q.;:A!X&[$CA?FD!)_ M*Y&6589$,D4B0_AJGRAJ;HZ+"!POOJE7`FUMRPH?NJ.N5[_^ZB&2-;XCX^,? M>0[,O;`+-_6^!6[;R%S^B>Q%M%]]D?/TZV*5[LM<:%K4Q1W*3.2>]F']#\#> MG;XM\[Q\,G<0PU32X+8Z0_@-=U>]!`:NMV6XOLG^:V39`G.I`3 M)TB8%X5.Q+H0?W!OD!CJ^<9JD,#C>E\)@32#S80JKI'I3Q!2^QJC_+K(1-:M MBB![NE6\2E5\!$LO=/U1^*CEU^LNN?X-3Q_@Z0]X?E)Y^,EY^)TXV8PZTID% M<>(MG0AR,@3`AUGH!]THGZTPE=DTE>/$"9=1[^.5?)29*#(;VR6"0 M*,Q$)3]DN>O]\+^S]1\S/_0BWUC69HGGA[^HF45`O64\B-U[67]=;!7?`&_I MRJ(1E:@;#*6*-W@/RY^+5&-D$XR!%\0O8[R&7$H;DPW`X##X<[G5T&.`CEEZ M$KRJ-6H*,C>!_?!6W&<+G_K$)6,H7\6.9U;1)72 MUKC1&AB)M_]G?6\^#1[D^^1>["""GP*+:CZ"JV"AA/]],;23IR% MCRF:F&M^[NRQ*K,V;8P#.U&(BN?Y M"8W4>ZY1@*.UA.OEE8;D9K)N*KEI;6BI`I/N>5&(W!CJ(*=MW90'H,ZS9"HL M72,PZCXR4KI$CGABR\W<^-56 MN\$PDWQ7E'4C4ST>FCA"%)GK2D"$J@%TP["Y^3UO$+9A+'"/+40SKS&X56NS M.>$=[,OZ*"%1T0EUW'%_JF4J>=$%6`>@:*O:J$`(.P_&]4#1<\*(L??_M)>8 M/K0'T=8VN_3KL9+NI=B:W@RD"JA!8&I7)E+03Y1K MH)M_-=D"0:[4GC>B:^-DA1./'-2NM9&7EQN,W=#&I!F450-=HBQK*\UX"('L MZKPH1(-\EAC_X5M\^HY'DRP9.PC@MW"[&RR[`#D>7B"6.L`<0=/R_2/:I]V.'PUZXK6M0*KS?[FI9Y[_ MW9[>=/(!C;S0\:':F!Z=!MW(].@=#I\Z?M"AP)8$^LW>2L",E0#H[<=3.TFL MFK:)J=":BL>F-*!7#`$QS/']H"?FBYM!!'`=WP'Q$NQJ`S@0R(<4A?"MOYR- M:VG_Z;$$FAGKK=UA?&"YJO&[C`SJU6^%;&P(K!JNE!N_2^@/-Z=G"ZI[/+S+ M>-#H/[@^=$W0I\&2D,`2GY!Y`$-=3GVH&QU"][JM0`OTYX(7_90/$&V+C.`D M;,X4&J;0Q,NY/\`2]5@^<-`KM9W])"@&#!V!82%2H\$P-@]?!+/0C2[#+??X MO09=8=>#P]-3676?F?1'\6JW8XCKT342396!&G5W"$E`8.F38]**Q7!PU*>5 M'>>QY$L;X8$\"0Q_.H M=]YX#2(T\MJ,\VZ>3>;9F)5NOV:EWQV/=^,L>YDS$`0E(QUEMP6475-.-@)Z M<_/<\&_(']3,1ZRURAGXM(W>1N*8/3J)'$J6\V7/'Z549^"8/S\:\V/&'7_^ MA%]_PE"W7S/4[X['NW$V>)V_H:!^+(O=(I>/?2L);81H,.+B']0%G62!-XFU M=W1.:(R9INB",]\MDT3S-R:,)F-"S+@CC$X(I1-*NOV:DGYW/-Z-L]'KA)%! M/;ODNL'&*--?O9G4K8_&GKPUO/X^11GI*8,5"ZU1?J?M/6MD(DZ$C%BCRS&K M=MSQ0D;B1<;2UN]6L_W>YZS19-`>7:E.3S6GYJN.C!K7`_3A\D^TD>3L8K9<4=?0B;S$X*2H8X-=L?CW3C[2F7P"75B MUC=C@6G%_C<`Q=TA$@H*96YD7!E+U!A9V5S+U!A%LP+C`@,"XP(#8Q M,BXP(#7!E+U!A9V4O4&%R96YT(#$R-"`P(%(O4F]T871E(#`O365D:6%";WA; M,"`P(#8Q,B`W.3)=+T-R;W!";WA;,"`P(#8Q,B`W.3)=+U)E'1=+T5X=$=3=&%T93P\+T=3,B`W M(#`@4CX^/CX*96YD;V)J"CDU(#`@;V)J/#PO3&5N9W1H(#,P-3-ZT6A9G.FIT6?X M6J;R?\]GC^3".9_X84(>]._[^OYP M?;4X_VWY\6SBNP6_DDHN[V\NKV\65/".8 M.IX<6-S]?'TY7^)8`F,?KF_GMQ?7\Y_EP`P&%DN8OKFZ72[.O="9D3\_D8M2 M-%RT+/MTKBY_]\%'LR`1MT5VS&[^P@+#!1H943JIDP_:_17Q2XO]TP?!`NMB17[5\LK!)B0IL0; MVH;G_`^F["&TP=MR1FOU.25^]!87]B#Q"N=8SC=\E9O-0K0T5^8M_P9V#1QM MKNM"*,T\,@*1MH(W.I"MR%BECS"^N%G4*R4PCL7:4SX)5]9;O%#CPZ*:%..=L8J7FI(00&O3NFSU(7M&3=)T$(Y)JX:[).HL`_K@9,4: M8%B2/PRIW(]\C*KWCEB>8M$C,D&(5>3&E1MAC3Z#@O`O=M9U7&Z]2L MC3M7@\/6C#?@C#Z0RSI37C:^`S$\HW ML0^WK5CSS)@X2/6"5I]9H_U7:5?&I_`/B-I?VAP<^25*<],2BA)<\0>RQ0-D M%6WH"HFI`WPHMEC MM3U*D\[MQ[VGV59,GPWUMMGJM`.*@9G6B!M:82^-2.#I_NJ[;OQWW9:U&DF4 MXDA&81A)+1*%@3.+48LXKNMZ4H8\D@\(`KJ+V[WPD_VQ0VL%=\Z>-@W'^ MJ9+YJQWJ)EY@?7JI>0Z2C*KVK7;^*NNN\6(X'0#0_AG"L=JLDZ325:ZK%BE@ M=VU3-Y"@/6I/D*KOV88+H<=EA3'57'@4X"JS?`VMP!N/IU-4X9^0-8)U- M;95P(J@*D'BA`VX-H>OX'B;>U'&[`/8#PR!`*GOVI36MH:Q,QW8J@?R;D5XN"+4*PZ\`;>'ONL$GO;&/5A8 M8=,X4N,T*W<--P+?..7#7+TD8^+YP<,86];A.P?[UY;J-J^5[J[,>;H?GE:Q MM*Q,+!)\&.V8D/I>78QZ[D4.6>6=4Q2#LKN62&*_]R#K.JD1E/;5-6S_ZD-* MZ8E4T>:R;]8"\QK98G5\W>9:ZQCKT(-H7'325&PC$.@E5D*U6NVM#MCS4`? M?K\MIU3OP!(D+L9N2NAN5Y4OO+"`97]\`R4+=Q8\SPV?;K7=,"GRPSC'FF0*A MQ>2K(GUL<[_2V)XQ5=PON&[F^*]P2X4((]2*XVB<\EI:UHUVQ:D2"^C[[P-1 MBB?4,Y/^HW$*TKY[O4;PE_861!*?L$KVRA?`TJ2S!W_8RT.Y!5T`K5*%,C6W M.(:P*F6,/S+-%WG=T;9:+GAG?;.&@"859NL%WJVGP^MXN3KHWG_1\CSZR M;>A*`0T(E#9**'@"%;N\W.,R6;H639E^QLC<]^I31.YS*O[\!9A7Z5IXD$Y= MW?=FLP0#_I<.QW%#BPM\=)`'_?N>5MGXN(->BU2_2#Z1?U]!:/_SZ7R,+O5( M5A:RPZ3(#J;!U#;1378,ZBUD(01`("./]J0&YZ!X*W1X5FU,#`EM$)GNNE[T M%K>:EH!;.](^=C[-65VCH[L.;2<+6GUFNGWO*MWQXT%35NM6_5>0=#_6%U_6 M#_,V(IE^KH7']]3\9:+*SKENELC!&J_K'_*Q%0PW!VY7>4[DXB5+F7F\QE!6 M3(;AW3)9&,6B(U-"DM8FX54_%%`/Z=XL8SDDGAH=I%U!/]ODI.N&59.&OJAD M@H$=W5=EGIM=4$_;5)88)'$/C_?6?'4G>ZX=/$K$4_7**(F,K;G`W(_):G\0 MKIW.@0`D@I[2/4\3J*"0X&V!-#71>N-'8]?57M\9S6@\!V&UFN!*%[Z88`<- MH&LWMI7$]K:",4/-OCA28A/%E](BH224!K%@::>^0WPBN,>$NH;[*J&J/32` M!_;$1(MUE5R4&3L?O&B\66):C?$?+11*CL/Z#\91 M$Y]$DN:)\IRN%7N2 MLVVS+2O3JF:J7&*H:)9Q&6T=1YB!PSH.=CZ-.T7#Z[JE`BO5M'-6[W%C'14? M//2.B^.//O:&>EB4B/L[Y%D/\V&G,_7%HC^H,-*?U>'!KQ?!HJ/6XZ##&1-,.F`IZ;W8CCN# M:4*#5@`[`F\XWWOVYGGY;'/`(ZNVAC2MM5LRNA^CH:W(]2A(9"[UJ=WVWR%]^OZO[G)92AB&PO">)\$9IXM4HBY=N%46O$!HB\0);:<2&-_> MDYP+IZ9L@99S_?[_B*]MP67^LH%D69?79OVA>7PM"SJZ"3R(AZ+FJ[560KST MFUQXF_)$\\'7;II'"0@X>O)]G"/GAD3??JGM/+=LMM7DK MDXFAQDN>QRZTQ`N2CQD$@G=['P!D^4&;!OT*,S/$,Q$K:164"G/GB@P\51OX M08-J6#$R/P:D3NLOONTH1:LW?72>8M(+U2EVX,+UT*%]9%K8Y&7!+R++[7); M90,K_M?/'L.9P:$N9>#I^=&\F!+>_T^K>3L456ZOW&A:3T/\.F)PY:[K9Q!7 M31-/,0A^C0P4!GZE:].4K+DG)TAF<>&+MRF`E,&3S)/R"-DB8$&JA]WWRIBJ M5I=3EM@U6!WXZGVW^@/#&&C_"@IE;F1S=')E86T*96YD;V)J"CDV(#`@;V)J M/#PO0V]N=&5N=',@.3@@,"!2+U1Y<&4O4&%G92]087)E;G0@,3(T(#`@4B]2 M;W1A=&4@,"]-961I84)O>%LP(#`@-C$R(#%LP(#`@-C$R M(#'1=+T5X=$=3=&%T93P\+T=3,B`W(#`@4CX^/CX*96YD;V)J"CDX M(#`@;V)J/#PO3&5N9W1H(#(T-3,^Y[M;^Y&V@&R!H28F]]D[-I&I,X=']=:,;^+[7/TW9<%4/WLP&KR_\ MH3^<+0>^-Y3_X`_S4Y=%P\1+7<^/AK/-@*:&7^!K-I?_NQM\79Y>F'R_/IR6^S=X.Q[[E),AS[ M;CJ7)^=7T_/I8T@<7TY,+WYY?+L=(9C*8Q= M7%Z?7K^]//U%#DQ@8#J#Z:OSZ]GTQ`_=B?/ML_.V+!I1M'SQ^40Y?WW!,&QP MSZ)H.&9N2"C*8L?KAB\D@@"L?8!?E9CC2.Q)^TTY_R*GF?.Q$`U^G=YEU:+^ M-EMSA#XO-]NLN)<_0F>3J8_`6559H39$3M6S&SJUMAHZ+5BM<553HODYKYI, M%)@Y)K/&$"__RN=M(W;*;>J4RZ6`M7)W[#M9H<+P';[9YN4]Y[6KELE,DD'X M&3\2RSI#+\S9\FI95INLF,N!F(&])<^:MD('L>=,V]N:_Z/E&&T("R`2"7[V M5P"]X1R.8X60L^TV%_/L-N:EYM1-S M2AEX$^6BQDR42]QPRYL[S@L\M26E-U()-5'4?*=7W/.LPMQ&4$'8#[M2QQ@Z M985F%V(G%AQ/!4I`K-:(-7&RBN/2K*[+NKL3S1JW-VM>$Q)5202ZA>+. M\;/!^@M@;,&K_)X0R-ZIU^"#=AAOHJZA*[J8VFU98`'++H#=+FXXLX`'CLSF M+LLY(E`@C<5M)FB5MC3O2FWRR)/[WR(R46!4=!ZSLLER]"";DA=UU@B%30'G M7^40@:]X3ID'J+KWK*QGJLL1SUU68WROX"+#KXW(1RZ,5QB*:!:2M.5S>4GD]ZH_ MY;UV*BV'$U/QQ\S2)X#$$XZ[P*%SJ_*KV$#*\GMM]Y4_<5,K"#MD[:O11Y+` MJ59\7JX*\4^,3]Y-AXYI7M:Z.`X>4F'?VQ%L^$&A4;.I\W0Q_3-]SHR\F2!, M<.RY_EB#%=3E:W,_8:7$,:GLW0PO;7X MNG_EF%=G6>9Y>4J3451:?6.9_HP><>$NJN$DZ#.5C'0VC,'!9C*S%]3S/EX3EDW.!`.#5)`@A MCXS;.EG^'H' M7[_#]YTD5E?#3[]YP\7`'XKA(`0$'N`-?#*E^?L=XE9VS$NPS12Z3SB M=C)Q`YAE)MF?G+\WR`/!W>D.G@U*9,0BD\J?B/V$$2PZ@[(F5'Z0=(LN,E%I M0[]F>,8^=C/W4@P<%$N0% MF$&@O2R(#.'#'$)!@AF(_%E0CN(+`C?LX_.C<#0)$XTOCET`>Q#?KWA3*'C/ MR]1W\$']3*(>P,].,/&`W(_],)X`0%@1$<#4C2U\.O(]2T](4+AQH/UP:R+L5P<,5P>&$0&.% MT*213PG9TW.6>GNR9K,>.OMYTSQ@(8`!-"4^R[$OG1F&&EIJY):4!4/;FDYD MS;Z\*TH-K:9WU6*EZ!U\BJW07%R2"<,!#6]9\0+H1JYH!+S\"R$?\-N67G"& M\@Q)!^[4H?0IP5I0Q%K/K#6]D6P$7>GRXKFDG"71?@-)'@8M)'E`'H'K=#RE MRIH,DW*;U8+(@4;!,R0&A[P>1PCR<7,R3ARB$EG>K,MV10RC;N

QS-26@ M"5[ON#I95C;D)5)>D)6E%BO#)PW8[B:KOO"FBW.G'KA>!$?4AHYK#A6U(BIF M#NV'NJ;CH:9L3+'^1U-+&_L'HGA@T)15+C:*W,5>9Z4&%4BLM>K":B!/]5*Y MC+MG]$CW'-)Z:IYZUMXGJX>JP524M3\KJ.X7"R&A*Y&ALM'[6Z!K8"D)3GJ*8E%5)F-C2-75-D0.3MN5K)*W@.^'W%_63VJ4TD`9,N3(%HM(3 MUGZL4QTJ1OE2RI5)7<.2B5(RSU*NL-/26T^6KK[BH*@%69PJ6HDZ2_]2RI2% M'DU9/PXK4XD\>0%EVKDD97K,+2I360C)'ZU,.XPJ8WV`AY4I8TF'\\^@3/>4 M'QNEZLX.2/<%B=%]R>-UZ:<7$*9C!B"<;^1>^=#>%=;O2\\70+`'@>U!^)&Z M?#Z*'@9;.$K%._13Z!;424DB=9(>."0<_21ZT)M_`O4X>53Y*>V($2?L0<0T MD'!1=\E55L"#NN&H+"=]76K[B#H/L7-4JHH"'D=DZI(7 MTON]L9TH^F$QB:WE));J2SG9$Z`MO"$/I0,\&4$7)V+^#`1CQ4D(`4?JU)'1 M=WS!Y[RN251^%PV8'3UP^J^KZ?OW__Y\XN*+[#L?-3*_6R37J)<[4;8D/[3V"AWD,\R6 M4+AAD35:K2(I8,P-AF/FADPUC<,8<8+_#@"+9&;""@IE;F1S=')E86T*96YD M;V)J"CDY(#`@;V)J/#PO0V]N=&5N=',@,3`Q(#`@4B]4>7!E+U!A9V4O4&%R M96YT(#$R-"`P(%(O4F]T871E(#`O365D:6%";WA;,"`P(#8Q,B`W.3)=+T-R M;W!";WA;,"`P(#8Q,B`W.3)=+U)E'1=+T5X=$=3=&%T93P\+T=3,B`W(#`@ M4CX^/CX*96YD;V)J"C$P,2`P(&]B:CP\+TQE;F=T:"`R-S`Q+T9I;'1E!UJ";"84J>5%MO8Y'["?O`TT`)(2[<0SF9JDRB)!7$YWGS[= M>/_SC(T?JM'I?/3^TAV[X_EJY#IC^1]^F!M1YH]#)Z*.ZX_GZY'^-/X"3_.% M_/,TNB5G]'C*O(A\TK^G)Y_.)_*1D:MK_!B2D^MS^>"1V:^GLZOSJY-/5Q>S MX]_GOXRFKD/#<#QU:32>G\-^US=S^`23?3*_@5_?(6:- M6-X=J\/?7S(T&XYGOC^>,NHABOFCP+-725K*IY"LD_*+J.5S1+9)UJ@)'BE6 M\I>1JBX67_30IDZ+O)(O/GDHD[P62_D2D%51XI0:]^?P4`J!']>`[E&O$OD2 MUS#R,2D7CSC*W0FB8H[CX]-34N&#J.ITG>!)`2-%CNYETK4,C;*'+F%>'[U" MB8]`X!S*J3^TP; M6#1UEN9Z@W;SI*J:M759X,"BIC+6UP7^&O.45?-_=*WY[A#9%8MBO4GRW?\4 M$DFH@^#AL_)*]<-#%^!3DJMIKHKF3YJ0.@\CE6O1F#-O'#!.F4Y!ZC@.D]EW M2RX1D"M]K"!Y,BAS#PPL)]M$@D MZG@\TFMNR1TY3?-BG2;9]$-2U^E"'LH9#9`6.L$NYE8U_@5/O\#39WA^D@+S M<7S[NS->CMQQ.AXI.QU.0[!S/?(Z;]EH)A7*.,3C?[M#?"U7=0;YX#@C0GF.4)=9DGQ^8;-6I%>4P&OMQ:SP>=YYNTZ5`,G$P:Y>*#,T* M*/=AH;1):CG,)O3;_X[GGT?,H]RNQ6-`I]\=3T,/\LRAT3MT`G=H$/F6%9_2 MZLMTI=,B)BDH7PF9*]/:):5)W_B-L"0@-Z2Q:U>!KSFB@LCY[Z8>C`"X(`;) M"8E'7:[QL9"RP.\']N)Y(Q9:DF%J+^.S="502](<4YA\A$1CUD%E=?Y)I`^/!AY)MJ),'K08;D2)`ED])J5`^?M; MR^A!(7R#+N]5V2/@H[$LQS2GBA%ILLX9)`I?^@66_MZKFG!!51#6Z=99O;_H96+XN.)$K78 M1NVEZ?H1#B[U>1*L-2/9;,KB6=7U;&=\=<0@IP?,L%7<^#(D35Z*1?&0I_]% MW%+OA_R[**I:VSCHW;S(MR!3..P/]0-5V^=4G1ZDL[&FNJ>"N;!4-4?<"^3* M(>!B:_(EP2DFM:9M5@4,)D)>I05"M,X8]&"1Z\.D=E%$==Z4NBEC^SS0UG0K M6,L*V3E;7H`8M*&67S#84"%C&V[UXG(V<7W'O';H*E>UOI9O3VG]:#97'I"U M\3;%H5XS;);BVPHY9-<%*"?#T(.529 M*'U/6AXHUQ]K+O=%#"`-)%BK9W#U\WL3)CAC6-M,24@6=6,RLTZ>T:9[D8M5 MJO6^%$FFJ&\3:,`)9B48VBPL;V2_]JT@R92V=>0/Q41IB^'$$1N4TXZ;7,I; M4_XRS1T(Z&"MV6-\IUCK^PXB>D0:2-7#KX!UC7&+R:;(TL7N%:FT]I1BTP#> M1#M>RD[7]2_>FF#5IJCVJS[(=;7:H4(%LH/'^!TF@(FHOL7M*WUQGZ4/B6:- M*T=TQ?IG\21`2M!Q]H;@NR_X1DOQI@12X]VF4X&LZ1JO8_#"XH#HV+1DA8NK M[BFM$V%DTJGF^;$IDVA9`78A@&ZW9'L!=!;&I6J0,^QET[]!@ZI9K=)%BIF! M60!Y6C6E.:$3SD$(MN!9@SJ-7RG^TZ1EFV7>H/+EXKG6HIKGC6F5L.`AL=]? M^G@9ZC'\$U22,M755L5A)BOW!->_\!4__IJG6+JY22V'W,A&!2U4,Z>GAFU2 M?DZ>DG)9:33Z:L8B&G+LPV_)UV%/KY,=GJ-Z6.,6"\WH7G5,:/LF>'U MVY/&F`$]@8;>^9H@9!0@';N%*.L$;S<0N_4F*W8"XRN[$2LS2XC:HB[*R@H+ MR"'<"!2\ZV[#)"GSBJN9=MS7PSD=I*E&F595H_NP0\W9)"5D8PJN;?T8@V69;M,EB'9ERXAQ6*N,LG7IY\NVJ&T9$.8F MU*IW3_2PU0RL2W4%5"U@EJY5+0TZ]E90L2P!!GJY&JRO5HK7@=/KE-K,EJU5 M`][(S`M&5R)1#1P26SUV.[!6G<*7^[%:MXG[7`7S'>(#]R!B]^;*GN!&KJO#G9W>5?7_=NBD;S99#^JR++BB>= MM0HK*(0^8RF@T4K==\VJ;U<,W^D=3^27[)^0V\5!Y0'4-[7O>)QB0"@9&H(7@2/01!Z-`,EZY'//OF6C,!J[$!#\U'G) M1K/1Z;RU1^\21-8>-.6Z6=\+;0V7%)''.C0*?0V9S+`4S3]WT=@COW,C#=M(EEERU MT6^JR!J/Q3U(VF-]@+95=1T%%7ZD\[P.SIM^J9*DGR*73L5#FN=ZG'?N>#K; M)`[7H\`U[($=>)3>)O0-_Z3#&93N2.^!X>)!,`EC4$`W&SBN$X?8&BX#7DR?AJ//-]1>26KH8MIR&C4#FB6]\GML.\A M]T6^[)?N+JG=0RZ]W0^*V3[U]IGM3:+([S"[HX%H;ASUK=7OF?T>['T/AIW! M0<=#1AU7.8.P_\\06K@!`#UTSS,*"F5N9'-T7!E+U!A9V4O4&%R96YT(#$R-"`P M(%(O4F]T871E(#`O365D:6%";WA;,"`P(#8Q,B`W.3)=+T-R;W!";WA;,"`P M(#8Q,B`W.3)=+U)E'1=+T5X=$=3=&%T93P\+T=3,B`W(#`@4CX^/CX*96YD M;V)J"C$P-"`P(&]B:CP\+TQE;F=T:"`R-3@U+T9I;'1E%./SA:C M#U?>V!LOUB//'FK\!$^+I?SS,KHGY\YD1H.8 MW.G?L].[BZE\I.3Z!BPW\WM`J9@,2.+6_AE+CF_O;FXO)E?RCW\R/'DP/SVU^N+TP6.Q3!V M=7US>G-^??JK'$A@8+Z`Z8^7-XOYQ`N)NKP#U<4W8;C M*6/C&74"M&*QY?)LCZS++"M?1+&1KR%L*XIU6>5I(\H"AD)?#F79KFZJM.&U M')*K&OS>)WR]YLM&/B=$?0'^%+S!25$LRUPM#$E:K/!$GE8%G">W8A%YYA6N MK;=II98R(M;R-V@/@5V>T^)5C<+AVW2%L:4RKA0]2I^?,\%7>)C]D^N\%C/\?7!00R/"W6T"@TX$GL^Q`>C\]%8`F"]5):852%L;5=I MPX+$&9BFEE\N;(W\`D\_P],G>'Z1Y?1Q?/^[.UZ-O+$8CX(`TC0.J>LP,#@? M,3^P;]EH+BO2.L<`\."<1UOG'L@*4)E6RE[7B0%'RG+P,`L$:D5Y`X?^#6_=?\FLR8 M1UT23"2`'/676@PY##`S"B+(TIA%H4-#!1(7SK'O&B;]K(1!VZN5%8=DT`=;^8IYD'F@TS!`XY,D9\%$[!_VDYYQ^S\P\=)?>O'X_Z'P0MI`\ M2VNQU`WXJ^WT(%3ARO@+,5#^LZ'_<-/%??\#VO=/OUO_@T%\`O>X_S1N_;\0 MV:[!=LJ^.P+L^R.@_`\.^,_Z_L.:GG_ZW?I/!_&A]+C_7J?]'\+]H\'$5R*B MLS\LZ6^I`)W^\(W[?M]]=U#;;MAWWQV$QPV.NA]T._(A]U#_`?]^ M^0=QO[S->V;GP\%\K_=]N&+#JRF1;*`3B'E3+I^0?]SJ=MZ[U`#B`=IX3V98 M`YKYN3U21395"G26O;>XU_YM52U!RW>ZY@-YW0HD07,EX; MV[9I8>C7>ZF?N0B'-/._>`J8!@,YDEK6BXKFN?;#%5#C_IXJG@Y^"1&O$76+ MOP':7-?U\/:R6_I`WS'4YBU]2:L5=BUXV_""5VF6O6(HMND>V3M,5?R/'9!5 M=3[<+@FI>;6'2*$+B<2^*'$G!J^/O'GAO#`;-R\E^D&X]X(ZV:]#'3?*3>Y8!*\1]X!3;BD=HPS#?B MJ^(;B(W>11[9E`W$6`'[3:6:6#5B+YI7=%TFS7J@R2\:\0.U2WA$N_B@%ETV M]F-[>7<+P*H8VJH8JE6,@F70%2XP=:D-48CMJ)5`&Z/&I3F&:TIU,O(!H11L M"#IRQ+P-Y`C<-'[09YFVLV)K5RN,L/%8FY_;,#'UC#T;.A*\"H'UF62G[C8K.5]0JNP"7;>GBZAT+> M<"5F8#,[?L=SJ#\)=9RQRI2<=[J+GG/#5O@MH,5,M&Q]P-+6\DZZ$73-!C<` MB\E1-Q(U&5JXDM/-1I9@P]$-/VRMN@:C1"%9EYIBL=6BY-_JFD%3HS".S?B# M5;!@H.8*2=<>C[IFZ@U"%Z?Y[QC2@*W3(2:!FF^^%E8`@0 MC=Y+@*2EGB^7M7SGGL33V*=3/PFAAWDQI)^<^+$31@@RD$>,VMN<_"0O1,2" M[T3O/OD+]*MGBQ=,H:V@(>0$+L+8TV;$\C1KQJ7F%,J0;PG!43M\)PS[MCP0 M+V93%L60XED6-1$$X]CVF#R(EL3+XI M$(!:VR6IY:S8:FA\7)+2*#P,P$OD">P(]+QO!8#"'P-U-$K@Z422'<^XJ_V,:-_/R$@O,^\.YH]+4WDOVSAHA,FKWL3A6`G^ MH#BP:9($4\\-.G'PI!8Q<:`V#AX8.H@#"_I^LJ`?!S:($SLB44&:T&Y#ZC4A M26206=$NV1#5"LG&'[NTLOS-A`KN<38=,.V>:%D"Z=\@,?&):#19`2:V+5=E M5FY>#8^W1&>99LM=EFK:&$KF=4`OH$;`8K5UVN4M:*&DWU^@\*VDDL0;Q9/\ M)#44^E$492[2;`8&-4C9(SK81)IBZ""$)B]7/#-L?%V5N=T>O9"<_BQ+ET^S M^7);9EIDZ3UG4D)ISWW7"D`YY1P/`@9)&;A1XE-(TDHT?DH9[$`?2 MPQK[!P!MA[1;(:@V3_M2@CD#KC_%K*Z$U$[8=I1\$SRS+Y66J:POY2!?3[.U M)OYR#BSD0$&;B9:4\CO'3/ZC?.'`WW1A8E$KHU8HC:8F?Q:0-CP#L+71"K\, MK$[UMS30E"]2/SC12CRS&K$U'4@/Z:.*F3I9[6^P-O@6/WT!QH9/CQQE M&K'1=+T5X=$=3=&%T93P\+T=3,B`W(#`@4CX^/CX*96YD M;V)J"C$P-R`P(&]B:CP\+TQE;F=T:"`R-3,P+T9I;'1EI&URD?JE?4[7*W6^-_3Z-9^[XRG?IC8 MG]7OV>+S^00O??OJAE[&]N+F'"]">_GE;'EU?K7X?'6Q'/^V^C":>JX3Q];4 M6>_+XM&%"W?W(WEYN\N?8(] M#0!K9$U])T0O7,=U70]!WMJ?,E;\YVXL(.7&ROMMSL438LPZ(>P>&[ M[LSLMX7OD1`7`^%+"@A]SO:X-K#ON=S7%G4-_,EM[+;8D&,!6.!T`68#BAH2 M)YV`->K=9#9W)T'H$P6>9L,[:NE<4_E#4@F?'UH,DDDPFSFTX:*A7V-A7>8[ M5NQ_U!+;ZA^`9U$4+5'KV=><-T1?%"M>?7N)-&[+;$-!BU!)9:$VV%5"K@UM M;SZA9TCCY-F^]="&])VUS;:LQ'?B;B[!DQMLLQ&-*`OIU@QI\2>1ZTY`@F17 M1=9@2$M2@XP%*]:<$)P:#4.Z=V03U-Q/1,,ADXLG5FUJ,G2J&Z@L`\FH2[TT M*P%K3D[I`-5-N?Z=\)<[Y$VF&JBQ]X+M=N"M8/@:W?7!W4H\;!OZ-K8SD8M& MA@)R]&<6`D=-)=9J;4AK)QV0MGCVA3.TK[DO`6'5\WMZS^J>-"2?#E'P%KFO MYB3R,U[4!BQF,?^&C[ABHZY+)(-4@:^?1+-]3OC4-_7W M=DBPCAM;X[XZZ9.!GOEA?O M:>6R86E*7"Y@I[;0!1)U?-9F&59,"L)-J1J^Y\8JFI\J42I1-V6GLTY*&\*D M-).^X#;8/,X_(Y=%(\#@S$'.FWO<=E#N!=AY% MK1E'9L'!KF\*P,Z>R M6*CSI6&\,#@/'M5AW&!Y9UG*' M+!VO'5)C9#/L@IN7&Y&*KL!"L.M=KR#`HP:"!C"C`R:UQ?`^?\CQ8DF>VUPDRA*\I&UY6F*IET3'XVDS'=?&WK1E,)#:;- M2-=S.ZW*7-<^E7QPR>%:]8^9_47[B!$6JIZ\A';2=_@PU.NR;DXH:&]G8U$^ M$4>01%F[HNP8=Q/Z2PFCV"" M?1`TJ4;SXR53+H`^TG`,N(Z_*?:P&LHF6<`5A[4/UA8;2>>1,*KB&2-A?F!8 M>F9%)RB&1E;0Z9FF,8)#X$#74G5_J>R-R*XZ[TEZ>R>V.]M7%1UN^OJ,T(<# MA?;UF0Q"CZ(:QNJ$E!E4R[J]5]5$%WZM_[=&&R.HP)QK3'A[4E*CY,D:ZIK\ M*3IZ63F#,JH:Y966J#HI330EQ\<$ZCRJH@R:4_EX,#T#RU79A>-6>HMG-Z4E MI);J*3':[Y9DH8(X`!;%F5WSZE$H\&JE.J!`X58])]O+[AOTT@_:0X$OE28' MM/6J8O^8)GH#0:\1B:9W5AP,SL.SR+/169T9@@ZAD;L_.*Z\H=2?/X>:`\QX M.K=_T,O>X9*F2H/H8'#[FU.E["//1I64BZ8EGF6C86:$7K=5Q3>.5NV7'97D MY#0O7NVM`Z5V\Q+UG[=YEUKJ]U+BV3/9*I.U,WP,IHZ(J+6TU^5#(;[K&N91 M!G6QT(2B[VM3G*`LYN2#YL%\>`1%?R)L:Y5V/>W4,*O@N7&:B4*"B,VT(N.` MGIM94$!@UPTE7[>YGGI`[\4#)XRZ^.V&\NKG^NL3D)ET18[T5K*I>>CA MO@)_=,>3DU5\SPN>"C,`ZG@V[%N'`L3[5&?YMS>MZN,MAF%]"KA8^ M\8KKI3@YJ84F3TI@D>EN+.VQ>DO`TZQ\HLGT^5$SP51H!.J5S!=V;`\F!(XM%1I-DT6:&6Q;UQ1LF," MY(@8?&OJ.Z&U.L=C8XYCR8O9I(-B9)'VQB/L)7J,JG6[,.%&CIK],)..18U5 MJJ)H3"ET.PC!/Z6O%RL80/#/L_X-5Q_@ZBM:UU;M[^YUF;D6<(:Q8F% M9Y'(BZR\?Y.-EJ.SU>C=I0?+5NDHD=82*_1=)XHL/YDY+GRVRFF*\VG:N204 MGFGA82*3N.(TPT[!\\0#(CVB\;HLFBWZ'Z*4+XJ-.M?B=S,_4M^I4>J:05\; MR\$PLH/^!*0AAY"E?3QA#-/=KKR)L[KEY('OT"<_MX&D9P(/P%YE@B/HB<>`:\._Z1'%ZSG0`4*HD' M$YR`(V4!8\S>E'3=3E/Q3<]IK*ZYFL\@0_QG.&Y?`3*>!F[@VNX80^[(_\/Q M-'+!]S_)<3*H'5<03ZQ`,#J4N1H%N]FC6PL!J/BC*-N:#CQ4U$_@0D:LQ^8; MI!S&]C5.7B/+3Y"8`4$Q&G^-'Y@/J@?CU0,3!T8GR5'W7-'1S\)R_[J)L?&_*XF\#"9Q``W&=F(!X M@1,B$(^:I>W-<3'4L/\.``@!2S$*"F5N9'-T'1'4W1A=&4\/"]'4S(@-R`P(%(^/CX^"F5N9&]B:@HQ,3$@,"!O M8FH\/"],96YG=&@@,S$X-R]&:6QT97(O1FQA=&5$96-O9&4^/G-T/S97Y&K\Y?X&F9V/^]GOTSN`LO+D?CZ^"9?F]O MGN\']G$4/,[QY32XF=_;AW&P^':[>+Q_O'E^?%A<_&OYV]GE,`JGT_/+87A] MOKR'\^9/2W@%'\?!\@E^XRBX>YK?/\P7#_:,JVDXM`N+IR^/]S=+7+N&M<^/ M\YOYW>/-%[LP@X7%$EY_?9@O%Q?#<3@+_O,]N"N+2A6U3+]?N,L_?1ZAVY=7 MX&M\?CD*QVB%S)4QJBP,G#:)X+126UM&0:I,LA5Z(^V;V-ZCBJJTS^.@VDK[ M*6)6Z)@J3,=Z(XX*HR>`[OR,4!%U82OI-X MG+`_PV`G='7`%;1C%.QTF4B9JF)CG)N1#>\('5N!:9MMA?>`D5+CR=[V.S!$ MRZTLC-J[)1OI/!D++6B42G[JQ->M]OQ3,$<"\UAA->-&8T`9H^BK^1\H7R1#G6\M^UTIB@QB2( MG-04,`9/"7$35:D]8,LUODB@&D2N"C#'VCJQ*32JDF:`UE5:%)!A7>&1DS'N M]8YLQ1]"IV7M#I[`R]R&2XG,?\W&>OO<\7BZ#]!&%HV!6&MDX,\O@&K2N M5VBUJBOFQ%'+HO[KVL7?-#]5$9R;[@-'AHRF8S[\TW`+]U!ODNGIY"K8"ZVX MQ#=:"@R[3;0N<[RPN9HMLRLA+GU&/`!FB%_'W5;H/?16>)>.+&'N3JF@P$5@ M`(-A]-#T^'/%;,@NC\4FJ[U9WXH]<4515OAPD!47LJ0J3"5T2[A>IJ&S=N14 MUBQ&(="O/%8R4X#V]PNQ#_+L5)()E5/V4VD2``RBW7VU*MGH5Y5E>%VF7CP. MN0-UR\1V"KQ9H"BX'+74C'R#=*3<_X'H5'G$!97*,MR@@!B@00)\N' M<2U%TSI;@@H\1F9ODVU=L1J;=*NAIS\,.`XK07QU!<2#"B7JUL@)].6;]4P6 M"4HMR^%)K36W3U"@`*>\TY5]3L1NEZE$M-@`1,>QDNE`("VE.0*7-2!ID-#7 M_AINH9@U&"6ARN2-92)22*RA=,CUFLZ?!1P2Q16PAAY1)+31]@$H3)9VGILS M!7(HA2(,VMQ:)]=<:.!FW(5Z]ENB#';MV5+$P M#VRAE)$1IVZ`VXA"_2$Z#-8W`"5BY_"%`V*,`^(($C"*SR,TYV/!&G>"M0_) M/3RQ\?$NQ$0]N]]9<`O:EY)C=P]P.[=Y8B`_P5Z'\83-"W$7S+MJKS($&PPF M5#17P;RDJZZB,7YZ]P^[,`FB2417?BM4Q7UJ82<6`NV],B`$$DPLN%KKBN;< M!V$C4O1]QIA>RC=AOE]0!)S)C?^>D!`Y:KVF3O$3:=AI7@TH?)=NU/*IB`01 M8G8P1A%ZN8+E6Y+5*74'YHI&2?BS/026Y0QHZAW1-I"&.D)NC,.I+`]Z]N&[0SG-!B(^T\,+CP8T6> MES2@@3'<5ERZ1'+@!+:B#M*31L491`.@N(;1"3BS,?Y555LTLFL!2ETX>ZMV MSFO77][#HY'RQ7#0?]1%PBH9-3[HIS6FV]L&CD@:LU*1BPW7$N<,!U';C0SP MK%HK%SWLFWE9%U78^-`OVZR_1:;)# MR$ALO&YK>3_5D.YHAAH'36X4[!"D-+'"#;Z:ZE8FHC6P/H50-H)W5IE$O M7I3Y\&!T=C:V=F#0!TX1H'HCCX?+3F`249"*&3MDFF.I[12HVI:H&VKD]('\,Z8&(Q+9%G&M-ML'G$;!>XWX$;VGP#J6TVT)W-\< M_Z(\.H++J3IJW.,4O'_GQT3GQ>4P"O[ZD,4`)TL]+?'EQWU!>.X&J6S[M)5; M'7DRG(731IXLQ`MPB,CQZGLB^Z]B6^L7@5P(M^Q#/+U/=W2UQ3`.HYA.#P87 MRQ_-Q5%(ZU$811$L)7"_ERM12,?9@^'Y)DEL!3KVOYJ&HVM/_Q'N7!Q`0^0X M+(U;HHE::<2GP=.O4F35-H'.-&#XN^^[ED_"T96/R\\%433$P^_PS^MQ//J? M]=`<&&EK!9%SERQIY$Z_0GK,,E64RHDDJGV/H38,+#U:@SXM"8KEB MXT$50'+?+EG&KY"H7';:M-^>Y!K'L$-UXH1Y(6E*D6Y$DDU%I>4JDQBKCK*P M]4(NM`L3.GBIG1:90C6:/YU#\+261")C^`,'1OO!O4P\EB;!;,!ES&.C^X-< M&,%C8M'/QP`W']#XKBD@!`C,#JU&67L'S#KH@B=Q1=TN+=>.0L3+L?J,E M#!=6'K"0<*S)04#_&W">`*N-&D$SE@)FE"$FI;^3IZ4DV>MY4+Z!ACLNH39W MLCS["&'*]9H.G7G"5%6K$#_&5[],/O#U)H8M.IL[YA%P9XV^^8_![@[O?S]9N`OR5C[T?YW];+ M9J=!((CC=Y_"(QQHY$.IY^JMAR;VR&6II!);:*"%X#OH,SL[,[O+0E9MXG$# MV?G8F?_\IB2M>_`ZB`&B(][41&_?AK%1)J8@;[K-@?(T^(G.=2TX6#;Z?YY7 M?6^8%SBA\+<;*XLPO[,E1#(Z^ M-WO"M/=I7_6M.38O(#K`B%3U85*2>8>Z!?R9)G3F3%/LZGU5?L`1)RR+H@^I MM-+G%HJ0$?8VB!91PD*1,BR]G.O=.W=^7\$;OI4G&C6AMSF(JK75`]7F/OD1 M^W4(^T:H'+&3G6C*XCSPLRH4`H@O@ERT.$:1KDYB..HY!>=+]4KC>=2`(!0Q M65_7*#$`15M@%G("!$"N$%1CCQP,V5-V5Y2@(#)T/F((6A-2)GN-^4I8D`DR MY8T<_9_:(3A(:U^9K_]48&_/'1'4W1A=&4\/"]' M4S(@-R`P(%(^/CX^"F5N9&]B:@HQ,30@,"!O8FH\/"],96YG=&@@,C@W."]& M:6QT97(O1FQA=&5$96-O9&4^/G-TSE:W_NS]?;F>_-Y3_X$_B9&\3SU,M7W^XOWN\^GW]9K;T/3=-YTO?S>;K6Y#W\'X-1W`Y=M;OX6_L.3?O'V[O M'A[OI(PP=7WYXO']V_O;ZS6^R^#=Z_N'ZX>;^^NW\L4*7CRNX?C=WT^'2EE+]\':#;H#Z(X_DR<".T8KVGJ#OGU8'4)_DC2H&)YY!:O?<=?F@9KQN\=&3M7CX%SI;5I,X9*>5U'P2SNFE9V^%E%ZX^V99>W'3%V)"&HV]#V M2&F-G^54M(2I'RLG[X2@8!IM7&,;Q*^A*&OB9@[A:BD&JV05:U5L$M^A1-2L MWJ$KZ[^!"T^\!!-*UIZ4#6!!3KI&F[H#]0TFP$:NY$U#&PPU:1H.T=+B/;"I M#R7]FN])O:,Z?]J>Q*GX$ZT@R4J$Q!`1^LZ.UE20$K,L3_AVV]`6W=B<$"O] MY]8%#%'0Q[NK"RK*$SBJ8`22]K38(3X"!Z)1N1J:NB(S5779/$PS-YTG?N"N ML!P_.N^(R*5'T3'S MYVP^"Y-8BO96;@2BJUD416X6VQ?E[%%RA#$DDJ@>&W)+A) MG!D5X0I(S/Z>.N*IP]7`D=>$"45CX`3*-<9[0T$V1,])CA,WBG_`?AVC@9X, M`O&\GA6>?I\+JY$HC/]S@B&[&1QZO=Q/3L'+DBCZBSPW0VA'(!/`S;L&BK"9 MTFK?35*0EF0#*WLB#`Q_G)!8R4[001F!)7$`0B!4GFQ(T'D<]]O_R6#ZB;R, MG\EO/CHO@G#A>=[5TH^`AEY<+5,`J(\O@$_D<3P]EB^063/=I32[OE<35UO;]H[L3RP'?3B>51M$A[T_Q%TEL=KLPO>10L?&MQHBR&6O71Y&OLSP*R M>*$9\>V$J&H#6)64)X4D185G-W6+_+,QC&;RN12T-`0L6_1?[W[P!2J5RLY; MW!Z08IB[;O?Z(UH7AD\-0\93?E1/K$$'2*.['H2&'YM?+A-P%(=<0,6?QC$LOC#$!"#I:5@!V-G%`V@]T"/.-E.V"K].>O. M;0W]J:VIJO%EX$/5^-DBM"9F8Q/OOAX8C'PO('M3!#ZL$BP#&-GM[]+" MUUY0\+7'"KYCO`4#O'V;!IZ%&O3`GPR,B@L4TSG:O"G:-,?;80D#$@3C@.C? M97_!FUSP)A&S$E3$^N_-L3Z@5+-A_2 M[)'6MY+,]=3=R"_.&L@?'==?AK+54+:KT9G1@@!"Y8J@]S[3+(QCW\:6;6O? MI#P7']]TQ4X&Q-SIXU$=2G[J?03RM1M&09]HR0\Z(O+41,_&U>;@^63]72]- M> M%2R''>^)&EB<31>DD@G72UV[)^UD@=73!VH#<)0ZG[!FENQ?%*<+LX813`;V M9^W_,!8F[ZY)O`5Z9]998V#!MENJI%AOAI)@_>PJ.\JH_1-GF4`%G)CQ$?13 MZ*#07?F.86AE&`:.[,F35DUJ-)^"YESI63DHQ3O/DJV=_UJB.L)N[\AUBT*? MP_9BHK-&J>'WTP&W\W/T["1HQ;,Z%ZIA(7O(O$CQRY8OK9ID-02Z'LRL0\]N M&#K<%JZ"R@)`1*<6-I2!+0*=X>8Q'L,($DY;S1$FTU!.HM-EJXBJ;I!&8BSB MZ1Q=-[QDA4F>Q,R&E+)]]YXT>TI;%_6_1CV#2/WX1#Q-Z:BL("HE^,>V#"V3 M+*-+J>1-,TXM.1P$_ZHP6)X,5;SPW!`U5*PL9>JM1UO!*\L^7=79E4'1P2#: M8)&@>XCA@"YZ]2W7R.J_^"21PRLJYP\,I\[!0G.3@:W)5\Z;=NS,CO.B04\A M-X7!8Y^Y'F(7LM>T\$LSNJI%(Q;MTE[KAK*GQV>(Q4`LTR9X7&7C%/MVHAOF#:\J MUHXK604`]MP;KL8$<%32*LJ*498:`9(X5HO26[H#6H$YS>XMH"?$>>VCLT1S M[Z_`Q4FYJD9)A.84(&R!+2*V3F[DV`%-3\$M&;;24769-;3I-I\UKZ<6SD_0 M,6&_0JB4RE;U"#660];`0W666==E>RL)JT"KFG70+[0:#$:>#/J<_K3LS!O=F#N/%ZJV0=6M@)+,,PX$^AO2E"_HOLDY? M!)^[.C>CVFHPQ`[4E0Q(V+2%1(XVIK)9JP>0GE<`];V/=;>%U'8J_M@?M70H MZU:P#52V.@&!VEKK"&QKO7N:Q1`@$N8&(@:N@W3S(^8R6MFMT@@M62ZG@TDJ M+F?R(FJ4LG/$3&]`F<%N4HSSU]6TAKDUIP0X9M'[]I-`@A==KEG!BKHPD-NS M4:RFRX6V`X9SBPCI8BB][SZK!\H]8:'",".3WX/K9`N]-]?Q<&TJ+"M&&Y4]$">D>Y M^,\@"1K87):;#'`_OY"*BKR@Q#Q@]16CY&YIH,A*K@-TLI'`!-?J+@-5S,;SDAM;D M1D9ZQJ`X,#&"M+H,S4%-+M<0+@#JPIX="@IE;F1S=')E86T*96YD;V)J"C$Q M-2`P(&]B:CP\+T-O;G1E;G1S(#$Q-R`P(%(O5'EP92]086=E+U!A'1=+T5X=$=3=&%T93P\+T=3,B`W(#`@4CX^/CX*96YD;V)J"C$Q M-R`P(&]B:CP\+TQE;F=T:"`R.#8X+T9I;'1EN'CW]]2LXV^L/-ZL/'^_@L M/ENM/\31F?D'?Y)X'B:3LUDT#Z-X++W:5Y3(+E`WZS MLZLXG)^M[L#>P^,*/L'B2;!ZA+^3*+A]?+C[]/#TR=@8S<+8O'AZ_+R\6ZSP MW1S>W2\?%@^WR\5G\^(:7CRMX/,OGQY63Q?Q.+P._OT/0SSQ:2M5<[7BJC2_)V#M1BHE=Z+::+L"WK`JQX@_RVKCU\;P MY8ZGC;7_\3[!M"8FP`E%N-IR/"6391D&S90V>K-NZAE18UZ9P1`.^V\S9B!(,".(HNK5B*C3,X@]Q3`*+!9G$0V5_8%U?D;[@/_"H.8!A$S[5=K$D!< M8#-$HQ"'(AL[>DJ"2J)YV3:Z`=>,"][[=TN1[F'8)`K+/(*@5;9%!T;Q)=J' M^*<'\=_QC)99(UYX\6;"F(Y@X9*JS7((%&!VB?&Y3#UF MC31F?1C)@&%J@MU6%@652.XJF_3QM4$-%YL*[>HVU2(73+TYB,@U[CBLB4T, M?.<5E`,+:.#02,P8G7D.YP^TR0]TH(_HL`N_B_[W(5]QGFM*#*+2(3&,/8-0 M\V)=3V6@0V7.,Z$Q..P)UP83PK/LPE&\9HT2Z)'%60NYT/`J;3$?TP1>[E6% M,U4Y\,W,>@32J'-I`=@51`W&HY]E2J1XJSAKR+=IL,@:S)L+"IP%&X23ZB?KFY3APGCNX03-!:C2^-\9"M.99]7TFM2>XCK:10W7F-%@7 M#?X]13B7GCH5Q=`1WWD<3\*H"VBO%UT>^JSHFO*(]MZK?&@/L./M>HKS[<>= M/N86F.M$GN?Q((DXQ]M*\ZPE#C+D6LD&LSKN!Q6ZJ'PU>NM*UK28K;F;:7N# M.HF20TJO<=S%#I::E^**556+$\0T<2;;&D'<-=PTG$4_A?C!3AK_;9G^-SQ]1JG!X++>P+195)[0HW"*(IB(T-_)9^@ M7,Y*`H\V*];!$?Q"%X$$KM%SM\'GSBS*6XP#'BE1=D-)@@`>4[\`ZL1Y2<1/ MK9WL>]#UOC%^TDGW#&,-0*G=`?+":,S*.;$W>0,+/OO>#FF7$TS'`<\83TOG MRM08-;J%FHO_RV?7$8^O!"RK,E$C#@`QI6RK!B56-\\SF$PYJ]">@>5.-%O\ M=K^P,GX:/$BZ&LSFU"FW!=-:K,WL)+\F.*-];S^FA=C8K]I9[D0I0XR/@UM6 M%"PMB/?2MX,^O+4S6*I+1\>G.I2&3$9NX?P:X09-&KS79GY]JQ2GG,R#Y9H2 MZ0ZQU?41]>H[!27O>Q=-\5>CVO`L"Q&A,*C^!'%RZ5"&O<=%_?T[X!U\0L[N MAH1%RI[C^G"+XC`T2$H[K+`NO$-)NU=AJP--#1=:MR51\S@V%%2R:.1$__G#X-^3C.8^B1R0!/?T\J#\R-6Z:W MN`!8M@2D>%W@5=X^3?;:\1Q8<<@+5ZSS*!P-?/>&?<3-5G&J="FK9HM#$`1O M[B3G2?%_-#_\Z2?U_G$.`#1,D&[[$0V:.OK:*,.P%?R,#6MI/#F#&+R]K-6- M+'LR'V0I^`.;D#HL3DR'[)A2K&H$#AQCSH>2\S5KB^8X6$#'B]7#GH%<^>^)-P";0W2SP@(V2"["GD#M<7T.`%R3B?G4*4 M]F8Z[5$*3@)TVWG3U:VCZ6&VI7$**I:]D+`;DC<+X\GXVA]P`-+NIO@]_;7# M&D5>FIJOA7`IC?9F%L/"@B1O,WJU%B;]`L>@P=^+J4>C$>L?[^,SD"%K&+Y7 M23@:3Q`[D]`QM1(OC.2,!?BR`J2T2`9H($$#%GJ3.>Z_82K_YL1?^D^OB&`V MN#!*5K$-%=3`332NLU]KJ5M2Y!:(Q)Y[ES&<71E)LG719DWKYZV=?4(?D*\! MG/B-A-G^9<[CQ0+KJ)4ZD+W(`DYQEP?30%IFYAJ9#Q1#:]Y@?\P`B"PU^ZB% M>T>:OC8ZI7?MA!(#;!WC6G&1\TI"!+3*DH7+Y%!>!*<"6Y#U%&X/6;GDU/Y^ MC+]D$(930.&_8(+G,[(&8YSW5 MI3B&HK>BMOX8"9#R9L=YU1-*/'>X'@T%X`MO%KH9)AI>(E3F[]"T[Q$E]%=\ MLFU$7< MR5QBU#5S8O!(Y818BK^93*!5H\B!G1V2>GV\E@6T(?HQZ7#7A=2[C#D*[S@Z MW:M1SC5TC&NF>;\J1L*(M;OJ.8B<#@&]V">0@\ED"TV7N>`>'8]_E^-4O"&G M?4S_G^/HVZ6;?6X";5FU<4+3\8S_^EVC;NAMQ69;4+OQ]=J/@6D?B:AR3/C, MB/`NH(Y)_R1W_(Y^YR%+X_Z!*QIK0!BE;4/7-,O%1U?-OCW3FIC/:6?%=)$B MP3HS$?@@Z0Z&/H/($9(`[@94Z/K@SP;.:;2?QO#E,#Q\-'^@)@?XJ$$(TL5O M0'?W4O#-$?$&M*:3'#1^"@G%U4>U,+8I%QY-J&N[LL"D4'S+*[W'E?`:.6L: M+!HDK%.W#WKTBNR`>H>(EZ8O2@F@?\6_UT9A[,?->S,SY1EK-4='(%!2L-T) M[Z@+GW/-2K*PK[T<:@:[P MNMGOXXV4.5UQM2QR]-?U8>_T9SKJ^<*%`'H??.&V7TP?^[N@`Q:KX2I;*Q-W MZ/S]HY4Y0C>$6I%-N\J'^AS$UE<[Y#'``<7>1Q`HX4JSS(G>I*=A*MY=XH?]N#E_X:6@5':[N7YI9`T9@!+I%CJ(/KD%GC< M$)W&02D%LP(#`@-C$R M(#%LP(#`@-C$R(#39QMF+-[L&9`RW!$C,4Z26I.)[S_H#]R=N-!DA0'\YG[22I MLDB@T>A^:+Q^?/;JBD]7[>3Y?/+L)9NRZ?QVPJ(I_HV=_GLW=G3_&1!Q>7-)D$L\LS?!#!U6_/ MKR[.+F;O+LZO3GZ?_SHY95&8)--3%J;3^1GXNWP[ARDPEL'\+?S**'CQ]O+L M_/+J''W$27$YNWQQ,7N-`QD,7,UA^LWYY?SJA(DP M"_[S/GA15UU1;?7R_8G9_-E+3FG#]ES*Z2D/!44Q7VO:^R8O\VJA6WQ+@OH6 M?WFPJNOE?5&6^"9@K[Q:XB,+BJK+JU5Q4^)R%>%4V^K.+L\;XU7`(/FYK-77;GLP_3$[A\*!(3AFB%KS(F^:AJ%8X`Q,L3=W,/_-RJW$8 MXK,[,V5WCH4*8]D/[&XN50@GHWB/03!;++:;;9EW>FECB(889INZZ8H_\ZZH M*[>A'&VPF8B(A]'1'06SLUF_X[S)J[;T??9&O4_)CSI,6)C($8"7NC.A0]EY M*'T9?D)Q?]\L-O@^R!,\1PYOXR%0!\J\FKX?;"$NL\;O`0B"E.X-88F(*(-7"I` MN=V]H`,O)9!5ID)ND?P'E$'5F6*,0Q&##00;(7,!107AE_W#U5#D`I*RZZ,H M8NCA.GC"X/@8Q,"TR_/#)-!PCN4#"09 MGYS&E,K[`"H<$X%W10G$E`!R\A!^:L,7!\*'LECHJM7V`+XBS`/X'PQ992$? MA9P>#!G^B"'D^)&0H675Q,,LZ/1B7=5EO2HT(9U\;0H&;74$[1@+IP]=AL*$ M+@2&'E%:A#=L^Z7!O^W6NL'H8Z_9N."_]@*8Z).=PNF9J6$'T*43/8H<\ M5#T.0',S[S%7\)Z8BDDPZ"#K6Q'0QSWV&K"82DR;$>,+)&0W4$YBI3!@SR+C MR!J#AK$D`\1"X>AV*%K88TAU1&L=J!T!CS; M,;`#`^Z#"XO[X,):##ZL1>_#GDSOPIU,[\(:]!Z

`!CVY8;X]N6(_3PVH[ MW:^^&NG7H>V8_BR!R3+F'_*97NC-#1TND.%(0DF'+*.J19TBH7$)YIJ<>SNH MD$26NLU^A$(2269WM@K)#1Q62"+K4_U6A33L:!72D1VM^!$I[W<\JI`\GZ"0 MCCDDA>0#^+T*R=N7%-*1K:V6\;;^@0II"`*+Y]CYD4(2231$\+T*24BZ'O\O MA00HC!22#*//*21IEMB6)WX:A<2,Q;4A@<+ZK*#@>VRG@&T46^:VN@PO2^08J!$R?Y"@12//[N`9-3CI,+QRVRL MCF)8G?B8NH&R-^"[!MP9$.B>"P+=<^$L^*Z%\T'',KBPQS*X<`9\UZ#W`.?F MK:=S\]:;:;X[[58?44WV>EWFU<.V-]!$Y M43Q4M#<<&()A!_8T@YU5;L]@MEP62.EMKQA&#A`+HVR.>91V=O!X0(7(D0M$ M"`:.N41YE_JX!.?5TN(!(HK%B3P,B(Q\K]3NCP*1HBZ*9;_)][?[6-!6QMFK MNE[>PRJ\G5"-X-S7O"F,C#6O>>K63;U=K>ERO\F;Q9HNMV^J;`RHB-9#I0'.:K/]VAEJ!4[O.60L_O[IKZ4[$!G5<^H"D09_!$AAE-VPK" M";"MEM38GZA0'IB_K1OR#OQ./13@T^91!9NZZM8M%8:NEO!Q00G@$7$ZH6.E M8R-UNR/:=K;1[9U>=,5'")ZDM@\&X%!56^HZ#*/3B[S%SQHG`W=0DKLH[2?T MH.FB08A#9*,BX1%C-%RTM(:@YN"M+.M[N_HF;TT@,&\V-V[T/B:+>G.75P__ M-5#GP`*9D"1\,Q0P/?/S'N. MW#-+!WLLF5V1C*6+7Q+**UW[7MI9L3,KW&SJ6]MJ'=:FOK6;=6M-@0XKJ4#[ MM30K=F;[M4*-]U69OU:H\;XJ\]UB9^OFW5K;>4-JV,_7SBX).`@:Z,GKT-3#ZTLW,B-_&M1J' M,J&*N0Y.:>6<2#IRG$E\W.B/A7:L6Z+STCG/>O)\2NS9;HDL><^CT!SO=-,] M6(,[T&T=N<)V9-B:20QE8&S][VUQAYD]=;JB[UQW6V!C1_QJ1.:M:TKM]N8# MM#3:KZMM.``"!5"NS+;JH3"[S MOV''*9K%=M-VJ%!;MUD!4G8!&L'`!ITJMRCTC7&1-\T#JEW,&>/=.J#

:5 M)1!$W&J"_(%65W5'1C>:C*!5UY!`#LB$#IF#YVNRR\LMQ-:Z,W6-U*33>RK* MHC,*1WG5YO=.![:+8:U+VZ'[`]S:LP.C!R^6QB5N-_]V1%P,NNV,)EL.B6SA M"-H%>J$84`S<;KMMHRE\T#9KVOG6R8S8,//"+E![&:Z@3)K<3J=]3GT*)K"0 MUE[<[DBA;\I/?UIHO6R'K`I7ET/&5J\^DMM3=RSD?_\"0'$W*TV.G0S#0EA5 MQ9\V6[#:S]=+PDW>KPLBA<\=;9^22W\,XSC_\>6YA?`IT4W>_$&V:8!E;87H M89?V9&9]#8N]$X:2N:MMT0X'MSL0U]H56VHX8,BQ M#^3&?LJ:2-JUUAX]VIM\!]SE2HQX(Q[6PW%:GMI/\I$*LR3V6>"`6"W8B[IU MI>9`:G59/J7('9N;Y#QXJII^L7%0G'+`5@-$BP)K-G3?MC%^?@CZ_`B8M%KN M?P,`L,:%LP(#`@-C$R(#%LP(#`@-C$R(#7F M`H=9M+BER6ET>7N#@W%T_X^K^\7-XO++XL/]^;^6OYP-TR2>3@?#-)X-EC=P MWNW=$J9@<1XM[^`W3Z+KN]N;#[?W'_",T31.\?%S>62OLW@V\?%[>7M M]>+R,WZ8PX?[)4S_^N%V>7^>CN-Y],=#=&UTHW0KRX=S=_G[CQFY/1R!K_E@ MF,5CLD+I1M;2-G#8)(TD;&OV:,PT6ID:!^/H>:.*#0[3J-E('(RBPFQW0N]Y M@;!D?YC>U6HK:C<]CQZEEBM5*/HPRY5II#>?@JAPV_"IJLCJ/1ND%V9 M".XT)?07H5LV.H_2I-N3\_!*U*6W^K=6U/XIRNV:JJ4NZ$28*1HBN5I3NLA%ER<^9N=N#* M>J'8U:9LBX;\:'4I:]H9S&QJ4;KA)-)B*\F`I03CK77'3>/)E`J')(,AEOQS=1T M%@!NSLE*#Q?M6@"5L))`-D><%^$/,AMW@(U"KQ79C$ED$."5CC+F,`AEA;>) MFG(38[EP>O%"L35UHW[G,$7FB9*)4^G(G[27HK8Q%WI.A=X!/"'7KVI5KB6C M[4J9K2P9U@M=Q(1;+7="\?&K6NABHZR,/8N%@G`! ML:KA.L<"<.2Q!2.<7\N_@S,%1,H'+5C$GA3";IALQ=YMH+/C1YY1^+_A9+"BT&7;`NF5*BN3+3FKK M#`3W@V\&CJWI6V7T>@@4N"5&Z"4F]HDY3;O!SF"YV$&K>(%.W\R MJ*43>?'F[F!U\*$G#9X55?48"(R;Y`%WQ1U[N59$13*-6BM7;47>5Q`Q2T.? MF9,VIMPI>\3G'%KXD):E*ZV+HYR?>4_I"__*W&V+D(/,S2VX[" MYWK-U.##`EI`>JDW[QPLY9.LS,X3(^:#:XON]MM58WM\>ZA+W"[H1XWT9>O$ MJP^#TN"-XW:43][#)U&U?`=$7JVU+^W&_"R/04>7$@M_W'/"`$^]3QX MB`0\.*@GRF*C3676"IJ8C]Q*"JL(&)ZA-X+/TZ:A^#P"O7:*:;P@NQ[B![)*-?,:Q:^(=;:]ZX*8JY%`Q3D*V?5-FTM`TTQ^'T` M'J(B..LM60E/:U!)WR5'N`<)O+;O&U01- MHG=E"ZJ?DC9S$!EZ(2U)+7?:9P7=SM26'E^(Z:KU\HM842@K*ICO50E<5GN[ MW>.LZYI$)R,V6*X(BJO:;"GNM=E#I(-B%]7>TLMF=K+;E/S$FSA_CGM5/7D?/A347T^G$9< MM7VC3IB$]1;$_C`=H2V=2HOW6" MM*\D?&F"DB[)[]8R)$<]W>O%X0:`$Q\$H`=6EU7?8CPT[@5OO5%R;2[HVFM1 M*7!4*W'A<4U%;+G!^23<0T?XC(\2O&0:YY#/9("_V1S_'TUF<9[F@^7V+/KS M?/GM+$W<"O@9)3D\5D90NPDMP$ZIO=;UNEO`38TK`*@<*PO@(&YCCMH@LJ@T M`DQ3@M8PR^(IO(1&E,T11^133X3D@;\!<(O^&]5-79)0.`!LA@"9YG1F_ZRL MWPN.WKM'HJ-K,!OQ)'WO!/4`M=D$[GM#!XJ:F3/TAU>R\K'EF5IXXIAU^QI@ MV?X;RF'?N96R6VJ+3S8?8E)JN@5"V#.H:SH>[N54K6KY6POKJR#MU8IN>WT6 M>`HM$"DV]*^:GX1@T:UQZ1_/7S]%7CTXWXQR`'L77P)X>B+.`')_^>*':>N: MD6=23_EC=\SK%+T6_%QF3!L6^@2^WX8,>J[LX"*+AOD,_8B&W#BO`RS/0ZIVW8UV=6(AD& M0):'C`::%I2:=HV:5^1SQX[AS$`Y_24'])8M]K>%9H>W@G81#MX!(&3]6^)`@ MBIP#7E!X>.?)[[<+%IM6Q9WQP+HYT/H:28(?J"<@$$X]VHA.481['=/N\.'" MV$0J/R6-0\HO>_+Z-5]5QEKF,NLM*,Q:F?,N$:^=+P0VO2H_LN,J*N M]SXS2!.MYB7RI9"RM$?K3_C,47U=".P*U4*,_18:(>J:/!X[@H_2,7[]L#S[ M:P#*?DMA"@IE;F1S=')E86T*96YD;V)J"C$R-"`P(&]B:CP\+T-O=6YT(#4O M2VED7!E+U!A9V4O4&%R96YT(#$U-B`P(%(O4F]T871E(#`O365D:6%";WA;,"`P M(#8Q,B`W.3)=+T-R;W!";WA;,"`P(#8Q,B`W.3)=+U)E'1=+T5X=$=3=&%T M93P\+T=3,B`W(#`@4CX^/CX*96YD;V)J"C$R-R`P(&]B:CP\+TQE;F=T:"`S M-S4S+T9I;'1EZ:/Y5UAM"_QSGCUY-_YB&269]ZA_/UP_WK[#9>3=/]#AVKM^N,5%XFU^ M^;"YO[V_?KR_VRQ^V_XX6X:!OU[/EZ&?S;>WP._A\Q:.@#CUMI_A-PV\F\\/ MMWTEX&>Q_O'ZX?;NZO?\*-'#8V6SC^=/>PW2S" MQ,^]_WSQ;MJF%\W`RR\+]?C[CQ&IO8Q!UW2^C/P$I5@&H'..2CYYHNFY;%BU M'#J.K`.O:_?]F4GSM0B\H3C"1Y1[;($;:K]?+$/OJ(E.[%6V584?H5<`4=OU MFJ[=TRZO3U7[RKG>+OE+"[(>B&\O:LVI;_6.9;T(/=D^\\(P1!F:DJCX-Q*> MGBB%!#(MA)-@CY*V4EDD0$]$Y(F:P67!*B(#BS+-%I8=ER^BX)UO-FXL/R3L MNK80<-W2GT5_-.L_613YC6V*'!9+_'$;_-N)-YUC6`[26`>^T-B^-3<>\TX< M&G-\.C+WU``Q0`;!B^[*J07!E!&V_]`1$%$(,+*9'WGGH]"NA@_U:&0?C;P3 M^<$0PZ/F1!(I9\71J!"YMR.O7`1^YO$77K6GFC>618=F`$IVX+ZY!N$,M,.N MX_\>1J2L+$4OVJ9[9PAK>K0MQ5X43)V9]\#;^MIP.DA6,X3+?2MKXL5&)*S[2D1"/W22_$6T0V?D+(46O6EM<#QY)^)' M/O$VDZ=KQ1>MU["F,%8Q&=E+.+)Y/84"RX+#]CC>P1=O9#TD9VO.\4U-$,=R(N!BEYJ378`E^KG/6:BAF30RV$:.[M3>)TE*`7:2LI#R$R`6HL M'#S3[E`>7&R'2@S?2(TIJQ[@$'2ULQ!"QR*"_2.WA,QF[#C?0I=O3HY1ODUR M7;]UD6]6*\RW-T#/H9X1S(W?"^LO'O9UA;*+C%P!*\7SC.D[%)Q[4Z+ZMO_(?)E@L/6%:"*6=>B MJC"$W@35Q@+A5>KG%K3T%?W9*F#<&[02!&E_*B#110&)5%&;`-T(;0UP2VZW M:N@,CA8$>5,ZF/[$I,/\.+3P&@7!RJQ'RL!V:FD@"="G`@+MU=0O)(U_>NT:UG[<9Y"2V99$(>ENNMM M%[HV)8!)[+F5HD>_Q3FU'(D)2#A6,*0<^T='.]15H"!Z@TR;&/3HC8GBW/8/ MBF<'F5MITF&!C<(/]C')`33Y.[K5ZS1:YDH+TW8H1;*,-"ELM$&+EV%6JS+I MT"6'STK4@CH-1022H^&M$?$&0"(Z2=M0$[*BD`-T-[[9N%%47/9,P:W:(U,A M#QT_^"*8"T/+&4SMCA^VFP4\:E^\D'0LE0!]1EEB7*D+8!)2!0"S'0``I&KH M$H0QPH>8RI/:X]\*;CS3-MH3KYQI_VC$0$^Q2B5ZG.LTGP0"'2@;<1T"O(,V M5#=U<3X*$>*'=6=DXDEQPP#J+X).];03G34RZ/#$I&8ZE-!.U`HU]+K*N5>[ MI#/=`6GKN/VZA9ZONV`D+6=HBEMIHEDU>;PQZXY:>[4NK#)O<8%BM&.[OY"W M8);K;O0VZT#B765UL58V>*$GLTQ-7]D\C@`MTWD:1'YFYC(PF_>!'T2CZN;V M>1;XR0J2:!EB2GD?6*4Z$3A`S$EB<_+DW?*"USM5M=+`CS6^P]?L/H15L^P/N.,^&G^]%LP+V?A7,QG,4QR(%B2Q7X,@M6S>)WZ*_M=S38X M:5HU,CP<:0&3Y)')@PJV-`11H!-5$XD/DZ@3V,P9208D"+M$$T:IT?:..J<. MU07AZ2$G51)%_OI[4B4Q':Z,5&`@C'#5.Q,_0V+YK4'M[_*;>LJ[:TKM(2RF M8*"W7`1X;[5YLN4GR?UTXIZ5<4^2C26H9VF<_)75X7"=.*M_\4J83)GL#-`I MI$G6Z($C-,)@X^[+8EIX0AT1P7P-.JY&/G35*TV\LX.#=&7Q5K$*0S](=.T" M#Z`G\`Q+T*V#?:""C[2%;0OC[SFI3!=<)K"UL]M)8J+,@RR MQ1')1L4WC32B@J-<"0.#.#A-U]Y>E4S8K=JNHTTP4M>UA=`@N\*&ZRSZ(_'D M$QE5[0Q7^+2IG4\`)V.)5S$V;+M*'.ST1RP)X)+0N_:>%O;TFH[KB**4K]L6VI=H>!!?N$4I<_?4U&7 M29(P=QHAUA\:W:\JT9N6'%6!3$I$+/4*JM-8>:_BYBWJD,E>5,:`1,M3C10` M\XB=J*C?6F'8=/U0OOIT8:-M'KB,F,K(RN>A(P-!F*BA!A[<#Q);**(5#8Z? M$R.4-,UT)E+)WE!VA"R&NNL17CHC3P$:'K@6R$`J$(-V3HVA'TBDM1I-`+IP MPYK8>?3_=Y/5F=H7D*`478'E6JN/PTIK+2XDB7,",6AJ@X\75@W<=W(_@HMA M#A,ZST8^^[N"FD*?IJ-@;(WU4^_$9*_97X26;B-&;H.$YKW.>)=W(UW@&A>G M7OMUE`:5I;N* M8-`T'V[,4Y_ZFFF6@#B-_?0[Q&JTB\W$H>J4E;"G,SW:J2T[VJDO-[?`AZFM MZH-JJUK:ZKJ,IH-)'HZ'UQAG7#/OJ8_QO&,_EU1#*`9JRS[TAQ.)KF-21SAYY3P@2W M>E&2D+RRO3Y\P>!23T>4S,PH:@+)0&8V'&H="ZB",&-0#O@A(.B@\]&4."N% MDR$MA^D(U/0-Q2\-&THW+;DKYEL!H.&_%PW@FZ#.7[T]`4BZ@$KG.FQP92>Z M'"W8=*PP*:/V2MX54NQX.1U2=`3L`&S/2(H`.G/)WY`.,U0*,S`9YE9@+8`8 M1P>SIP(JPHLHA\OKTF$8.QPD!\RW;^^TI01Y.E==5C=4(_VL:NT)2OA$"W?6 MCQ6^\%[B*HM:"C)14U1#.0IHO6N3Z#(U=>?VAV59D#7@$6@"RW%RR*D*JFA8 M&UB'1I19..)ID##[Y0(;;^!HQTNC:33VIC99Y&V@UDLWYK;JNKW1TRONV0M- MG!R%1>[HC:B)',Q%9"X89[%Z8));&GO05DXA0&R@:__+>)4L1PT#T5_)(0=/ M56)LV=+8QX0B5`[`@:6*2BZ>+1@\XRE[)I`[5_@4OI'7W9(LNY)`+B-'ZFZI M^_7R=NM'*\:^>G`J.--&0R_GJAUZ>1VD:;7\4N/I89$11]%JN>X.5>W3_4!D M\G]M4&*Z7L"5;.>/K;CNR'!%AL\&F;LC2F3;/01XI\9W;R.#N'`QI27%Q$5$ M\+JQ*<6G)';1EDY5N^,&8#YVME[B9=6^XGFRM@6RC"ZX]$3]+(F.6Y1^Z;(. M-HCXCLJM"V\0#[Y`$`!\!:YYK-(Y/Y73M'NLSM3#:I)OMM:A:DZ&F(&;EC%& MF;0$IS%,)YGI11]:FM;``4%ULP*\%$?`.`U1W3PIX\)_3\ANKDP,EJ>2W"F, M4M*#UQ6)HV<@G]S? M/'?_(B>'A!;R<_TO"_/)$\IG+&AV7V#@)KK8"`W"D*HY3DAGH_1CIG0R-J6S M_.E0S&-L%H&AVVC5-@UI8\`4$:_WM;#RAI@FKPP_&U'2>L26Y]6B, M8E[GV6KM:Q:^#7<]EPTRT*08D.FB>!\>JQET\3-_]/PTC^?:RDB:G`([)?(W M29+H%*]PRU3%!FL:S'_B`BJE7S(+#R*,)]]/'*KG2)LT0+7];MR^*<;[]KMQ ML!WDLU"?WQ_DLU!?XU`YR)NQ?;L_R)N)_4*-Y]O-WW\@RU%U=ZBI(2E\QSX->BY/5Z]_!#0/$&G&]9-6<.+=>[93P&6Q%G MN_\Z8)G+5[!Q- M]&=X0&=!@Y'_(`9E4L/"'VL737W'0Q&?Y9K<"E5)$[JQHRLW(06`SOZXZ`\5 MND+5,"4S.>5(0YT*_)+[1F@GI*UNT[D/I6'D/G$>B]U&O_C4[]L9[VDA&^3Q M?5??.SYH$O3"9B4R6]'%S\'0?5\O_=1`;2BQ;<@Z,>8+H)/XVW"3EOXL7M6. M[=*QK6^GO&E4]+&#'!F8QYJ10K\**69.4J7B>=A[_G"N>T"I,B/@JF3`E(VU M?V2+=ZX/TI"-XC[X%<->M6C6[C^+8_-->CO!P39I+(4G8N&C<.C6E:]]U(Q`[32!(-: M*DV=D\,!X"I@6;QQL5RVQ]W!/0;_>0^,K:INU;O$N&SQ);:N07TZ<*"#T#(_ M-+UM8TFJW%AOOO0S=E#0W2T^56`LXDX\D)6BFG-MCU[A,C0E"9B`QJOKMR*5 M&X?)[(G$K%=P=+VI+4Y@,0`\@1RBJ;NFF6V0?P<` M!7]*X`H*96YD%LP(#`@-C$R(#%LP(#`@-C$R(#:U+Y MR=M`-T`,-9)C.7%5A`$;C>ZO7Q_>_/N&S^Z[H[>KHS<7;,9FJ_41\V;R'_SA M;.GRC!?/<.)XMF+NR8T$ M-FY6\/G]^=7JYI@%;N+\[\XY;>J^J`>1WQVKR]]<<'0;KN=A.%MP-T`K+NL' MT?65J/L.]$4<]!6UM(8[XM>AZ!_E.G0ZD0UMT1="2?D@U6_2'K]MT@>!)UJ1 MYD6ICBR=7/2BK8HZ_5C*SU$`A]9IT"3H&;+8"!AH$%0N(2.^X?5>:#L9;2,6ZW(FC9'K?X)GKR`S1S/[HI^@Q:#O7+A.]DFK>]IK=UY0=&^#7.4JE'$=YHU:4^_ MB&Y.\=`HHO]94VV;F@"2<.LS$(>A&LI41L*XU&A<0W6P%1M1=X7*EHBI`,"V M,BIR[IRRZ3K(U\72<;$<5G":?-O1BCMU@Q\AU\I""O^&8#+G/BWJ#CW$'.!* M)696Y#0U'GPY4"9]#,3]IA5B]*F"TMI0LHJ:(LF=]VF;;7#79W.\B7M>1*Y< MH%HV5:LL^S:5(2TM<.\(28D>CU0V?MD"U#IQ9(2-`R!:#G1)Y$!0(-RXML-A MXKK=MLV7HH+`JL)6(/W@NQR-J(JR+!2RD0Q)-Y30=^[QY[IM*E1&R0/"T&L@ M?73\M^ECI7,)3F/VP(_$Z9LQT8WE,H?2^O%/!95LCU1_@(`QM\:K"M/6]%TY M!%I99L<6XM_4.:Y_'=*V1T271A_@'8S9B(NOUI!+JN+G4)P7N=-V=P77]1]\NQE MG;FC[7=/+PA!*/@''I>&M-VFV-X=NS1(0QRD:@:%B1Q":H;6?=/*`*X^C<,V M<.,(B(2:4PM4:(M28IK1T/4Z_V,3*H-/V>PP$F.;SIJNWV]WF(\N)N0I?;:: MMBDL::MSHTKK89UFO2XJ=:YY$.T&*(`R M0,)HNEY%MH1.#AVFZXL,RSPO'HH.`HC31K*;T:FB0WV-E#[4PUNV#LU(J)C!U69)M:51XFNF?Q-^KEVF#HP#U,;MFKY]I4 M8U]>K-N$L`-K)\<%R:]ILD+C8:.5)0#+QEU"^JDNI#@_MZ7QE M'CC_@=6/L/H$ZYU\"[V?W?[BS?(C-BMF1P&\)I9P#^`9PSW541!RUQ\WRJ,; M^:0R9D6Q^FJ;98\0S_4MRQ(&;Z[1LI`LTTK,G2$+GKV0DZQUX1TTF+),6PET MX+E+),4!"$)XFZ'?3-]'X%$Q`*;RQC+:+HBZZC:`$N&^:O%-'(S>`BU5G M]^3;$1Z)CON-_TF'>2A/HQZIY!9&-^-SP`.J.X&1!I..Y+$[DTD?OST!C()P9^2'<*?C-C M_F;\HBE^03!/C&GP(R#39-*[(22YR6K)D2([JVFC/`IB2$]+(/02-[`%5!;N M98V?F*QQ5DV?ELJZO\'+/6^3I]FR1!=UMD3)/!H])E?])-AW56^4HP2?2O`] M,$85!(:E@@3X5(#;:!G>M`];'+F^+K:?VF8KVOYQKMG#3V5:$PVB'NTYYT"; MMXK6[Y+=$Q.+1<_OT\_X;26+Y=:[&1N MTSUZT"TDNLRNAZ*"`GT0%7$Q-2[,A5FZ+2!U"GC0&BJVVQ0E3:4*AF0OZI1F M(:.+E!>MV,*CI$-29132(S#7`WRW47,3AC;POZ%M14Y4\4S`,S`K]`!5T[KH M]A]>`X$1$=&;S%9)ZBH"3,WIH1/KH42`2G@;3(AY3E=^+$=ONDX013W(5;J^ M38O[3;\H"WQ"QE-2\EY8IWSV9>>*KNYXVBZ_6MGE= MV'6,P?-D=4*P)`[OY,G#C?OV]9U[P61&_J!N\[UI"VV[&3[=KY/ MLPT4*E68;:?8:^(P5E_-4Y29;&JF#YR$&3-]QA0G.$@#I&61/?GTAAYLHP`- MME%@0@,"EBB-D-(F34.?6Y:$S)LOGP?LG21NJ@O1`$NS;*B&4G=5V2/S2:?F M-JYIU;1]\1M^E)=`!/\:!9$X0K),>1X@%QKK(26-]2.YX+X_`9`V#(!&0`-H M!)[R*,[Y"-Z5Z-&O;VO*F%3!*\B70B%^0K)\[BE6137J0Q2]ISA`]-D>#K11 MCA+Q5"+6$HB44:&1&E600#P5T!H.0.E!9FDH?S;#.+"'\1H93&`0)K;S=7*4 M4J;BH*67*I?9'`3?WJ:XRSTK6![[EI8K&RQ,U<0)^V,YY8">A+3`(''?Y4LK MI,ZCD&,(@KWP0S=X9==BWV.S934S5K-]JX/GK(935IP9L#4^SON]]@"LCVL6 MJ`:?&SL[#)UBGEL(Q!=%V\I'W/3ED].-L;:JHBQ)$<15(X$B_*`()10`KFD; MARO[32OH?CC1U/VFPP.)(^I<$%GFKL<];I%E39G@6*28B[I1L22E.!PMD@R& MOK>BVXJLAR0O'UVB$X?>'@P:,+T]%AY42L(Q@#?-NM]AGLMI[9P>P]O"T=1\ M[*V&I"1*C0H4*J),D$WE+HCX@9+H\74@BGA@X#)+:_]V;1 M5)PG#O0!YFP0FB=T'+8J^5T1^I.(%@6:U*F M*#GLK"&4N*.N;_!8!UZ30E48+JY/)PX;8%%#!F8`]4-\5#>CY\!>"L#KJ!QR M#1EW_E]UM>L@#,/`7V%L)8J4LM`1P=())+Z@"$5D()&@B-_G[/C1;G7JI&Y\ M=\DE:F`O]>/A5>.%4O`P;R?2;)XIQDY'1EL#9WMY/\3,,=!^:7[JVQMY3Q'> M/7VKM'1ECAI>VX"P?)(0G2<-ARYL-3AB_6^>M748B;5J!8XR=`%RVQE*B^NM M$5"?JA,T\*W9$IHS%D*+!9$&5E0_-#;IPDGW&8;6-Z%,)HC#/,$&ZE M`^(5Q*AKRD8MQ[U3`>?;E+)E^,^R\RRDFEX--X-E&"JQZ<@1N!*'7MS2'T[T MLOL*"F5N9'-T7!E+U!A9V4O4&%R96YT(#$U-B`P(%(O4F]T871E(#`O365D:6%" M;WA;,"`P(#8Q,B`W.3)=+T-R;W!";WA;,"`P(#8Q,B`W.3)=+U)E'1=+T5X M=$=3=&%T93P\+T=3,B`W(#`@4CX^/CX*96YD;V)J"C$S,R`P(&]B:CP\+TQE M;F=T:"`R.#@V+T9I;'1E6S[&8V4190&"+A(('!P_)FK4_P)\\U5W5 MC09(R5*/?OB$A=C M^_CR5#P$]M5O[ZXN3B^.OUR<71W]L?HP6S#7B6-KP9S$6IW">9>?5[`$FT-[ M]1G^AJY]\OGR].SRZDRX;L$WIU?7!Y?GEPQYBV&#>"T-KX3D!>@$[,UYU M3=KE=26\$&:_Y.V?+7WHX8<)?.#B)PNQS;-76XY>9W6Y2ZM'\2.P\U;\]>U= MW<&Q>5H48B'RX-2VO[GC62>-V%V-I]SF55IEL$_L8K`KK]JNZ4OX6'V735R4 M+^M;_#YK^#J79R9V`VYKK`,!M8<>=]NF[C=;\K"3+H9VEK9;=#:O[GG;"9NM M.C^MUF*-V6!W+0.-[#3+ZA[WP*^&9SR_3V\*[BC?5R*H8&F7>9=OTH[+P\`Z M;SF:;"2P\O,.X?/'\)5I7G7P7ZN.E$Z*F%;_A$"T5X/O_#\]>%$(WP4;(U<@ MO:V;;M'QIA1O@F?CRW@C#(H?2[L&KQIT=9P8(RWR"!^.>,B[+2;A/FWRNJ?` MRO2N;C#)PQDZ`G%.WO4BE:W$+1"X':32CC>W=5-*>Z[XE=?K/,-45WQK$(B^15F!(VT]+P18\ M\!!=^===W?8-FASA21!`3!7'!\.ZH_`?E>X>#+(8I.WAW(:W.U&!.BA5A2\@ MN2)DB@X'&#-?8]#KGAS5)RH4BK39T-%57]XH>FE`^K:K2]YH_X?"V_*<>+3. MP>^FI0XE>EZ:-76K"0=PZ9`VO-XTZ6Z+3(G1XU1R#?;^6C_P>][,)=W$&MIJ M\TV5W^99BEU'H'LH>P9,`S"ZI%3K&_"N9&ID"4&^MSPM<"6"^J6\V^UCVW%) M)=H>@]L8$E/!-7N0=3A>CANN6^*DA^ZZ^&:>#PURI2P6IF*Q7*683 M/@8:ZV"`?7#.3=_5#48C2O\!"+8E\O2[G403_)QFX7NK6+AKZG6?J;I295)2 MIJ"/5^M%WW(T(=VA2I1PAQ&\N,6^&MCI#D[[FI>0"TRC(*SO_P//-!NA#F+/ MGXIW:+A544946O.FW\##IW=8[Y MC^Q[8`)UQ<&C#RGLGP_A?`*"0O[FBC(75>;,]0RYR2N^GBO87HECM)S@V/89 ML5Q"Y8P5E2=T1LA0:)P;-)6F+HRQ.=)34``@.L>*ZH2&NFL.==T75=_=YIMM M\:AZ,&Q<*ZCVAORN;[)MV@Z1FR.&)DR3;W*J"1`N*4`OB@I5%)-.#CI*(5(! MOK+R@`3K])$Z#*+JV8`1*2Q-'FRF@Q^*_F_".'9"C+G,BX($GD&[-[$7.=ZA M'43?3VF#Z0EMGQ$%@+_1A+ZGT)'4]!$>B+V:30;?:40"QXM'S/0HP8>5RGAF M:GJ]0(8I?HL3FC5PAZOJ'U)U=7Y,]X3+FNX>C"E_C]$TE5A`[);I\XS,G0PJ M+P)2/NG'*;_I*&4*N3.@6$=-ZHIG@A_4-%'S'D($WJ^Y"!R(HFT,PDB4W:[) M22%+F5O`=)$36(G\Q-`R<(LPYN(+Q"TQJ##MY#P':048:\O.!GL3XQRP=0$OY@'/=-\P? M!&%2<&81O:3H5(&&#A&X*/;'EC14]YTIU),77FQ(YORX+VC/GW636D^J9E(B M*Q/K)1@$^B-/&\+_MPH$9Y'_%]N=<'M#-SK1*O25`?2KJ(W()F-Z(&L@TJ\H MGT0G5=T?5!1`0$?K1*7C00]>T30UBRC+^K(OE'X356=<]\1G#=_RJE4W)AS? M=4E7Q^A8=4OVBUXMJV+-0B7[XH^0U;,+G&0DX9BU)!!+J#YP>+N=8GZ_<_7&L]8U9NS7SPT0\M'Y2I M!V>7L]`/]*]B=C5[M])NJ+V!]L,^+@%YF`5^J*^\ M)5GPEYX3#R\F1@)08N!!D&@;[R5YX#`8\6["/&7#Z#W2N+GV7G(*'0CK'$5=\;^?:_91E0JM5F?;9,XA,'>ZZ3B+T&F:ZQ500A<`ENE7T+9!:>CU6\/&!I MQ4`$-C#@UXGN^$4F0\@Q!O^0DB0)X$R'&C*,:K@>L`>JL,MCNO M^N=HP5RAWNTW*&$A"&$8S\0#_7GDNN"`[\5.8K_Y=K3P8[A*1?+12X+`">!K M.,=U::\4E8`]:/9$2LO$]V5>C_?4U*&`W]?WO*E*FDQ,M98@K@-]97A1S`+F0:,9-@2^:_R&]7`)?!%]0J(3H*\BPAZ>>Y18)G/?P#,\B"=L2@8\ M%9`AFP!)+S20>@,!.:PCD,,Z`CFL(Y!Z70&I-XR`!'YZ`7L"R)$0@#?1:/Q+ M3+V?P90M]S%]`^UGOM3]);;?(*R>A-7L,,SUYL$^LGX\099>%,..*8G]"8GU M$82]/D&M3TCN3T@^?(^Y&;ZG]4D1^),BT-^KW`T'T(9IE?BC*CF@>#PQI3R/ MP52E3)O"RH41.!96!"K#XI>2PP/9Q/0\5+\.BQK/U99>(6K8TB4+)&K4BX.B MQG.7VL;?)&H&!TC4/.6`%#7/./!3HL;P`D7-4UXL:=4?LOHC43.<+9+XU,$H M:EABT.6UHH;%`P/^'T1-,'=?+&IP[U.B!G+HNIYLA"^1-V3_[]F,=7>;LG6I@'S<7L]^J%ZN?# M!NSGQKKLU\:Z[-?&NFS'PSJUXV'#5+0P":6L"D+P+RN7EV'W6N@49@#,&#-Z MH3'3&PBS81TQ&]81LV$=,=/K"C.]8:I/8,X_A]E?%"DOA6_<./XW+(UJ\@H. M1%`#@P,EI*%\>'/%$BWU6J(F7KAV2#S`=4-E45.V)6K"1N@%QQ%"+T06-=5; MHB9ZN%YH_"$T0Z31LH0E2HXP-`!'+Y`R-C!4,`?&#[2F,#2$5H4`V[]OO0H* M96YD%LP M(#`@-C$R(#%LP(#`@-C$R(#%/4>K-B9U];AMG7Z2\/20]P"1D(:5(%20MN^>]=E_^Y!U@!B!( MR4[2IDE>1!+`8.:;F6]F7OQK%4WOFLG+]>3%ZW`:3M>;21A,U5_XB<*%'Z73 M+%CX09A.U[L)+4U_A:=UKOX[3#YXK_RS\RA9>._H]^7%N\N9>HR\ZQM*_>WEQ>W:RNE(PX\T/U8?7VY^O+BS5^6\"WU]OKB]^5A^6\&&U MAN4W5S?KU5F8^$OOOQ^]5W75BJKCQ<0.:624Y'(SP**`$J^M"YVA1Y?[QDC<=Q6B'M1\$*]I-[M(R+3;CGN/'!Q MMVUQ.?'8/9?LCEN`(X5OA$KJJQN467=MT[*J``V5HU*%XQ^7HNQ(TOSOUO^T MVGH_Z:E,6/\3]'9T-:JRXE/7T.G,V]02Q5A0X'K)=Z`9*Y5J"1PIE'&BKK0( MK]Z@QT[(;MHZ_Q7EU7MUHD'-81>&`CLP630^WO2^*GG3F%L+D3.E5J\[J"0/ MHN$SK2J('R))HG=UARB"^?0U\7)6YEW)T$P-+VH?>`P5*7I_9=XMA!XJE7H7 MF)"2YW65BU(P,GP^5T+(]&<\`+[;P0%KQ1.18Q!KZZ^5J+7[@C36--V.WK.1 MVXX]W6XEISO@@G9+SN)5X;KA#9/Y%E?B<(8@1D$P)SB-9^%3BI\$N90U:-JF M+LOZT/Q`#$")GZ33-EGXZUXR)TM>?)E=KRYX_P=./\/0)G@^* M:-],/_P23(M).!7321(E(&#N!R!@-TG`WZE]+R:@"XA]::*0K(TI%D8MP%@8! M;$H#M>E<_<"W&+ZI`\K]X(T#^3=._47H^)?>2UJ-1ZNQ6467VM/:I?U96HT' MJ^:L=O@0NBCLH?N/D[.*GKXY:[4SET=@/XFUBM(P5NGBPA@&\6RA<(1`#N`M MF2T)P7.P)'2JV/4QM3^EI@`F8;-$3BO[5GUS\LG"($+T3?O,1NO,10O:T1J@_BZOS`;KV[`G\4J=N M.,UC^E4(CO/K&Q`<`GA$)H#6_!C`=`!@.N1:\TX`IB-XTQ%$J M0-9O9+VCGOM+W.AL()K4*D(SJ4G:G3/8?B_K![&#SK54W?X<"-P+D=&U@BX7 M'3BVNY%7U2T^0!$ON\+,(:+"KQ:50=?[;*!I"TP731UP!+K<\IQU#:V#7"%) MV&;#\[;O&FT3"+,C4N(]]TW1^@*F,=^D*2V+M+$%7EK M]D`#E&V>4F"0T;1Z4986<#NLM>R!C'9G$LDWI8)&S2&]P81A9$<*NP(CQRW, M'2VZW]MQZ`H+&D[>`S(6.D%QACMF^%+P#9>2^O?S3&G>1U>O8-/PEAQOP]1< M+#22>@*(_ZK MS.\'IHVH&,R"V#0IV^V9D]Z7''1O28.E&EL[N:\;3A,F?%AO>6\%2-BSZA&O MVMJA290F3QW!`".RR\([B':+6T&VL+2S`"!82X'!'O'@+4=U\RTK@<3N4++J M76X?1Z[K0Z2#J)(:#M\0$>AMPG9TJ>1`$XY1;3TCJ(%.[RA,X!+9S`@M68@C=%PA]"G+S^JX29CEP8L3%WD2@J"!,>T"UN%:RJF&Y5G9F+.GM%;L^ M5BIG[,7`02W,E4!+76ZMSMQ(.`:PE9RUJMDV=]KHRZ&:].AI6K5R"N"JIA4J M7QK+EQ>EF@SOMB.F@%[4@<"D3N_`0K3-,2-WD$2R9:*:F?@T96+'*NA_E](WH&'5T6P&28>8O$%Y%#.1P$&DT[;H;>7IETA M;^Q$RVP$*XZWS`7D+Z3I0,Q55B2B@WJ8B-3$M6I,]"`QZ*=.)UH-!T!IDUDF_963]B5'4$!-HN/4^]1) MT13"86Y5.V]K4_=4!40I2>_R]U`L3%^R:LUU\]Y*B()&%`:5T;&C?AQ%^+C[ MM%D;EMM+D'+U=JXBL8326/,"\1S/!5F*YF#Y9*6#OK,B&AG,IF[=4(/H$WYV@_>0GNF9Z87"V_C2Y6D_^/P!P,N#< M"@IE;F1S=')E86T*96YD;V)J"C$S-R`P(&]B:CP\+T-O;G1E;G1S(#$S.2`P M(%(O5'EP92]086=E+U!A'1=+T5X=$=3 M=&%T93P\+T=3,B`W(#`@4CX^/CX*96YD;V)J"C$S.2`P(&]B:CP\+TQE;F=T M:"`R-C0Q+T9I;'1EGJJO06$1: MFHP<^3T30'57U]9???7N'W-W>E--WB\F[SZ*J9@N-A/A3/$?_+@BMMU@&CFQ M[8A@NMA.6#3]%9X6*_SO?G)E?;"/9JX?6Y?\^_[X\N0M/KK6V3D)(^OX_`0? M?&O^Y?W\[.3L^/+L='[TR^*GR4PX=A1-9\*.IXL3T'=^L0`1+`ZLQ07\!H[U MX>+\Y/1\?HHZO,@6^&%^\?/9R?&"OL7P[>/9^?'YA[/CG_%#`A_F"Q!_.CU? MS(^$;R?6OZ^M#T5>J[R1Z^LC??B[CRZY/?/`UV`ZS=JE:TU-=X*]KI?@C0%#6:J5V:5[#A]"#X]--+4N4QE8I:U7*K21A`,+B MCF1>JT`$LT>9EG3<3I:J6&/H`@C"K:0HY$7^K4DSM5$2C0@=T",?5K*J:.%. MYI4JBF@^$5[-BJV.+*M*:U6DU:EFE^8RQTX=.N+.[46E9D MT5+FT8OE( M_M7DJ&<-O;1VD`@2K!NI_5G\#?QHC3C+(^0>7UJIK:JUD&H,-!A"%:;4&.,TOR1K&XJ60UR-9>[6FZ7G%W8YSFT M;2O3JND2C56P3FM):C9%20]IEI$)Q:;SAF,;8.)43J$Q8:! MV44.IVM=>%'@"!VD7-9Q`T(E4K_X.CE=&(3Z)SS]!$]?X?D>P>S3].H79[J>B*F:3B`S MTR")-*QM)U[BV8%YSR9SQ,/V.!^N1_3DN("/\YW^UNTD\/Q#BMS(1;N#.#:* M%ND#ZM%7$RR:";R?UK],\8/,L6/8Q)+/F'(^6;L0)GRNFP"^F??1R9ZCA;'Q MP+$=Q_$0P:WS/J2`9F&'CC%%@_S@5%9ESO7\Q/8.GAM&*`2_C<-%#=>4507] MK28+^U7YPL4LO%;P.&WF;-\+;/_@V;X6OD;X6%5W;IQ`TSMP;N!$*#P0/C_I M;^7*.Y2'0%=>:#RX`BQ_L69Z`HB3:)W'^G**`.$V( M'K0..N2![E-21R<4%"=UOZZ`FZ$OP/[/#\:6S9S8XB5V_L6 MO7"O2UYI4T=>G4+36-74KWQH.$!UFE+WJ,BB7M5OX&E526A.N@#<[V89$H+6 M7EMZ,;0ROUT+MT_0:L].=#=/O!#I'1@>PXU*6;YHOO(/5O@6.U)EN]?@./*1)FD!0XK\?6GE?$)S&N23W[-6'L5#.;^;?)O]G&^SG^5F/\N[_5P/G0*NATX# MK^A4\`JC0U>,4<`58_9KJ=G,TFXOU5.W.^J_&WFW/^J_=_5F%+3U9C2T*XR* M=H71H2ORW<=@W"83*,U@7)H70*=+:H>?H0,,!T/@,M;[CI%'3!Z&;=BW?4&U M>F7-2-/^L65=2&;4/'^Y[=Q%]+QJEI5:J]\(NW&,V3VQ"+_>RC2K;[F[(ULG M@`S1C@X@AP.BX?G`C23YHG(8C=*<>`+J715WLDQOF#?@(+OCD;&;E%HE,*K1 M-"BLO&DGK\`P"]BPI6])-XK:[4''._#[06UA$LL>VXFWOE5E_4C`T)_#ZMNB M-P(]U=HJ+>5*JCMR9J^=.^CUJU+M:H(<&@;+YH8S`9FUJ2>^\O1F//F3$YP^ MZ$=/;WZ4V-'42^)]PQN.:G!#`[BA7A*T'%D3W?9]S)$%M/BQNG8X"YS^3J+( M!_3XDC2%[D?\]ADS,+Q`O9GXO_T-V$FHZX(H(?YF[!>+%C/1'V16) M(<5QL2&ZXV\'[?TK7/.57-H?7-(_LK9/&3'"+ECD+W>'G,_`^HQY%?=58J[DHU>W_K]T8R^ M%\P:^ENE3+ZM8IFI&\J_SK7SFE8>R+;SQ$!`'S.I](<40,GD=<.VUZ1N^$#R M%4W=V)#_I/\.5`M*->G)`Z__OH_ZN]$+J?^@4YJJ>>V$).#\FWY)>Q`1C,3H M(X>%XQ$YPWA$AKR2/(R'\C`>QLOLYWB9_2PW^UD>OH"XNOXXL*=$@(B[`I)] M``)1JF7#U:[I2ET0!SB!6.<,TT-"RPS">9X'[Z&^'O"V*'B&^_[1D:?E5^@6 MS-$2[-^$+Z[6TC'739.O57Y#UC*##:#[;Z$S4OTD5IT^S+XU*;!91?PN0+IL M6HVJF&!Q`-+5JMDV&1#.UAT\A!=5S6:C5HI]]7IQ&]#SC@1G&7TY0+';W14@ M3;5Y[%-9YGU;E:MML]74%^(T2)RVKI3?&HY_I8?.'O13WJZMT\NS^?'UD=U9?M'4%0>B1U^_Y,RN MX7E>0W"KMW266?%L#8SRA%D9>:F0$^4:M-.LS?2P/`.;R!)7"HXQK%9M>=BY M5S!?Y'M2H4>$B@A7&XM!>O:EPJ0Z16Z=+C-I;ESZ0'J!P3+EV("VUM1P:UHN`*LCP0@X@?- M?RP=W[TCYN;;M+V_>:^"N+K7[#=W@+LB:_(Z+1_;[/8Q2M\"MY=R`]%?[#FZ MZD>',\!&8M0(!S(X0V`N;9+\[T$R/OV50/7"-`S""*8%UDS%$'KD6(P<;QR; M491G4L(0G0PCC55[DLS;`"2'-_A!7S\;8`!'H'*AP6A44`96O MLF;-L:^:W8Y(*\&P.UQ[?ZNH4.&NE+(S^P;N50DP^4B`GQ=UA_1R32W&A6D- M"(!O.P$R`"M!*@Q\[+\#`#$AGZ\*"F5N9'-T7!E+U!A9V4O4&%R96YT(#8P(#`@4B]2;W1A M=&4@,"]-961I84)O>%LP(#`@-C$R(#%LP(#`@-C$R(#/?5I/S;7%VLS[[^#`^'Y^O MX[/QZ-S\!_],QLOA9'Y^.5H.1^/Y^7I_1C^=?X6G=6C^=SS[/;@=7@PFLV7P M3/_>7#_??3"/D^#Q"7^\#*Z?[LS#+%C]=K-ZO'N\?GZ\7UW\8_WWL\%X-+R\ M/!^,A\OS]1W8>_JTAI_@\#Q8?X)_YZ/@]M/3W?W3ZM[8F%X.Q^;%ZM,OCW?7 M:WRWA'/U[^8%U?P8K6&GW^]?UJO+L:SX57PKY?@-DM+E58R>KFP MEW]\F+?2_AK(TK\:AF(-#(/XR`K=](:F`ZRSO7V&;P\2PL([X(`%=F)`G6`X(D4;(@QU M)1)T<",*5>`W*L6KP%,,.9=:95'SQ^-.A3NTX\XU;E8%OPPS#>X..<@U'A\U M[W>PYCHSH:&1)J(.<8<7H&K"6_\5PGH56?8&PD1,IP%B-ZK=#[-]+M+3?]Q' M.U64F3ZAY[7?=`[=M5<5^!Q6<'XOM?ES,0(#989@81AH)I*QA,P=I#T40-@N M@DCLQ582T(1#,>0,_VR]42'<>#*`+*;PL@\M!&LG[!5P>YJ5^+"1DK*WA\K4 M2B1#MM,;'+S?:D%X+X)")++@&O-J&Z)T(:@TDKF$_Z4EHPA9*[7:5."\!<:8 M]=)0Y9U$>%_89"P6MKGR3$/#;LV9JR"+,1*X:U`5F/A+WT77<3E@!I]1%E=\ M8M9J4&@]%X6M3'1P$6Q._76"1OYTLQA7W]LIGQ:)E&[(-(3L2PWC2`\$M-L+M@`**]*HV#]G9C M2:5A4D54_%#F)?@2^8FB9Y.R']"57SS0+P?,[55-O)UVH+<')8]$2H9R2P1) M"JSHJ=>8=3J\'G"QBN@+\".[75-CG$A+8`N@"E$*HM6#4(G8),22?&NY$\1U MIBI>(^8A7U@P3'[0O;?3IX:QXEA"[LS\<#$UBH^JWP:SF-`DPBB]'A)[.ZT< M@Z\JQ&Q$KKD4&PL*?$YOD#..8>=Z5TW\#YSFR,*% M,"3Y-$?Y-#'*:;J8H]A8[52>4^'.&*91\#,\)?3:1'^;%41/3H:-)\,16!FA MG0'>ZIN;UJCO/'-S"(;2/J_K&#N(.9TC-">[M%&T(AJ0*WYQY>O>J?,*)&E4I:TK=3?J\`RS)+;1./ MC5I!WG5,Y+BGW"D=#7*ARU,]3MZ\V9O7?+>]VIO]%5C@4;AXGU6*YR7X=^?K MY[_<_0';`E&W5V2JH.);>D*\1UC6;%+!%[*@CGT5SB'#V>`Y0-4#DE/^9Y-' MI=)HE9\P'F@(`4*AQIK-;&0J8T7KSY45PB%3(NC:@]0[*=I#(`O#"K`(/0%0 MD`GH6VAAHV^1CDLC4%NN-TJX>7POTBHV[*L]34+6O=&*\Q8-F(F@0IX)?2N: M_7Z(S]=)PD/CO;#V$1%!'1%Q%)RXL-+::+_7N+3,PJ^#&Z[(2\N;>V-.V%6P M0SC3%M_\8(4)ZZUJ4?=D`5NO'+"0M/M,Z-]&[YA*C14=F:6+A\Q1E;N:9*8> MQZR,?B&@K!&NWP>5@@7*N[%QC;[Q`#%#M`3$A8X*;LJGS"1HM@S&DRE&]V)5 M"S-B,!F-9B\7'WB`F*AN_*[^7*O!.3;^P_7*F+PR)I__H&]A:E^,@L+?=:#9 M4FRI)9*EH,:SC&%T.T``;QPTKH6NLJ+HN!<6-HVL_B=B:]G)R\=>RF*2I/* M\#0;>6YW2>R&B"3KK&]1<1]X`79$NCA"#5#E<0?Z874U#[=:@^L,3;7:/N]Q8<8LD7%[M>6\PCKI*\W.8J)B2['0&C[4W/<1C M/"1@0O!HY14LHJ9R(K%N\1PX#$H1N<+^YC+)9.T<>AU2E7JTS;Z;1F5&`[Z" MW(=5(ARN]D.';+,`NXB\T>(]]Y2A!^VPY6LC>KADO>H/$!(ZB+?6_$`19F:X'#DSN>7QLI*4@8 MM55(A5/K-BZ"B*.#7V*I0!C3+F&*C!3.PBJ<'\T7[T/^CD/8R&;%NP?GQHY[>HH&N^523;#*7CI"8J8P-F'X`^ MX@"%DGZ%2B,JFP>=$I$5K'9@,YV#E/?N`J[12?!]\`_Q4C-1J M\*[+*`*6@#2'+?H-I2X%5JAM'AA6I.U9*N'`7N)@*:ABO!"L:(\D.DA!4S/V M*AN!%^="@S<*4EA:9E\LVNSI7'?.GF"'+9I\8^:0,A5H$7'%T09UU*H"WFSW M(J*G*J?1UAX_<98DV9'5M8%5`QEL+1D7/W&)452->^M]I/8ZI&(F^Z]RT,02$*#7*[I4;:ZCK.X=\Z:N@_M]"HS(B,NPS2Y/. M^B-B_R[`JU8%FP2M:PI;+S(^MT:T\1YW.B[C#-R<\7L_`,*SV),$N M6J,9M871*V$]*#'1=+T5X=$=3=&%T93P\+T=3,B`W(#`@4CX^/CX*96YD;V)J M"C$T-B`P(&]B:CP\+TQE;F=T:"`S,30T+T9I;'1EE*TY3?8`@9`$ M#P5P`5".\PY)Y9&W@09`4))G-N4J"P30C?[]NOO#/Y^GEUM]\7%U\>&^N"PN M5YN+(K^T?_`S+9:3Z?QRD2\G>3&_7.TO_-'E-UBMJ/WW>O$UNYV,KJ:S9?;D M?S_>/-V-[7*:/3SBX2*[>;RSBUGV_.7C\\/=P\W3PZ?GT7]6_[JX6DRJY?SR MJI@L+U=WP._Q\PJ.X/(\6WV&WWF>W7Y^O/OT^/S)\B@7D\)N/'_^Z>'N9H5[ M2]B[?WB\>;Q]N/G);ES#QO,*CG_^]+CR#U63%^CN::6L&KN6?X2$RGF*689G*# MOY];IHCA4@3**5(N)TN0(T?"*[Q[.\JS8,U^^9&H>NS$R!X$=3*7V:^9V;F7 MYMD?5.Y;(M[^M)\5B"H5LOO#4O[YZPBO<8V43&S)EM7XP05>] MFV5[(KH-H5:I,=JPR)W8H/04)6\)_4:V8"=',H?7:ZZ-XNO.Z@Q[50E[1-2H M@":-ESK89\]JL'SCR*\SW:EM\EESLA52&T[==\JI!:,R[[",$N79UNS`*=/. M2E6V0K7RS)O(J05<]D1]8P8]LOH'J,&-1OI6R;JC^%5EKU(U]2NOT3A`:"1* MO9.ZY88T>AP$XZ+F!UYWI`D[.T8:LT-&O8#PP(9I#<;QU,Y`[#?#1(U>F2>W MP?J\X<;&'=RL>O6!-5."&'NO@IC.-(=UU*>GFSA"N&"#`6EWLJE],("K),;X MW!L%#=I*X.>"UB=$")0#T;1KB!J'@T[)1F[?QL&T4E"W@?Q[QWO'>C>WC')0 MP=ZJ\FCT2:\`>$[[3*(@!B1?#JT^>5H\^2G/A[`D05HNY"&N<_>#C$SX]93LYI M!62&<(%QLCC-7A_F?[G7+%#>".$CLLB>6"N5P8NH;Y[=2[7'G2*_^C?N;1`_ M9HYMU.:-$;\=`W6:W3'*]FNF`O*4Q1AY3/-\/CF!RHB]5_DDSZ]GMHIDM]$4 MU@NKEQXBYY/%TD,D$MC["):S(EN-(`VMWK/\V)SE]<"8LR-3`@$7M.EJ3VT" M&X*H[^_($?@$R<%J1?)8P!)XAP!."_\F#Y1[\B(5-V]7H<(MECUFHBH%ZB)? MA9?8^GMT9>.@6VL.P*=\\KJCFP85Z6\-:I8[X"`D_`@`AE1$"YJI7O8;68CX MLE%$:$)#QN,EQ<*2X?V&[[F()@Z@X%8T=6*4>I4&T%`(*)`CJ"7>P/"YM]+# MKC9A9^-W%`-=D>44<*2W3N#DU)EF0=Z3['*$I'\XODE$/(Z/A;,0%':)9SO% MXM8>$G$7.8:,<)SN1]#*9&RM.J+>PN9T.8[+/*^B4""`-Q"&18EA8=,'[Y2] MD"4J6F;^W=*9@R.H6M%?+`)W:13VK=TOIK8".? M.C\317UL&[10I<[CN]978DYM0>M%:`(DV?2YL-HTD.Q#@I MCC`'-D(5C>^#OZZS^*C"A&6Z:_K<#-$)JV'G>!PC,OK=]):C:'),_^CKU3L7 MPOF.1&,+%U+1O5`<3W*I/).$,3;[8!61B:_V0=RV4V"8*!'SA,:W*^\6C:_0 MPFC^7O#_`FFW``S0$,RD-_H@?[[TKQY1?W+4T&A:AQ]UZ@44TFG:J3M\6+DT MWZ684S.A>QPXBH;I<0VRB$(.D1Z:A'!QS5C$.]+5T-C5D_"-?1'VXM=6KF%9 MP=`XKG;QG9XU]%RL)2'/,V\NZT5W#4I?M+6O?CXI7)GQ$`0_N4UO`U6H3Q(' MOS`$,%^:0DL%)\>5-H!`UL*#``F4MXT/J8RT;<.#?.Y1<3X/NHAUL=MQ7T\. M#D/3X[;0ZS$T[IW7L05RY[X)@AFSQ(I01LP8I-F;XX,=D3M+*D"9W>'#=(C# MQ7D#QJ$1K[]!TT$9[L+&!N>OX& MSWL"T]?L`CL,.Z#8VA+;DL1S1Y4C>JQ(:O:@+XHY"TNO/.\KA9T(*>ARB/<1 M_S?OBJN&FK'?VD&I^9ZFMCU'[$PA,\<(0!/.?&.XPV(U\%K'>>ZE MJ[?!'FYF]!T#F`Z[`WQ(.>A!*9<9V6/W&P,OB$JT9D:/4=2&DS5O7"6T.]7" M104T:)W7,)7#Q@=4''CHNT5T(9)<.&][\RXDV#G&*T#![$#:;K@:-]XA8#]&ZX* M@R\1>$&*K?0Q"H77USSKR+XS_VKW\=V9G_'.O1DX[Z#T21M\33BQ?H)625`V M#L*['MN;V[4./,Q>:/X@_P$0178AN$%EY<73NMNW@:;*AT&HO/G7#"KH(204 MA'BO$4/^BA$M!5DW+$C6`1ZJWJF8*5S1;F_+/,69M)JG?NIA"Z+L#)Z8`_$A%[UKYJ>.)&O9F5ZA7E:BU)LG6V8V:'R"'"7<_Q';&N^_ M,E3981 MH"`I`'`C'`_R/N8QY=Y/5K0;:K`K`I,.7+4G;RA9S0&V%&YNE.Q]\ZX'DRA! M8JM$%/Q,=*)/ITFL?Z?3SYX8;8`)W[@":MFL7OJ&?#')9_.T(0>^MTP9@G6I MLI5&JJLW[,^JJ3611U]W[-OA>>RT8:7BBRY=*@NTO16X`@Y&$F6DT5Y9("/1/DHV!/UC04? M1[QJE:P[&DSP*E53O_(:'TITW4G=/A29T7"`4]5`%24]HDGY5DD^-84I@1:E@B.)86ZJ$ M8A(<=KYR:,A?G^XUM`'4N'ZCRE-7QD`7]56GF=)I,+\'`X$>+,1:JQ5&@

    TJ<]&>TS[WK8<-`=45ML9)QT=@Q)T,_V M(RXKQV%',=,I@=]+^%J'>I\(FQ;!II&OL28Y#FIB'ZP:.CW# MC2^Z_V.\"G8:AF'HG3]!0I5:5K@C;1*G7>`#2EN5B#:IDA;HWV,[=I*6,G;; M85O\[.?WGB,VJ]S'VJOZ,.58"893=LZ>$-L!AZ$ZI1GHRLX25LE2 MK^L-KQYG:\;69]O[S1H+D)`.T\<;_#?-[A30G#Q!\I3,(0+`DEAAY#7-IJ3O MN?_'RT2]?&=XMYQ=:F,;5O*D)Q*\IW=)D!0F]V3W60[75+-6Z99JP%"U%LLL MCVF)STF/ZK]K4FE^Z`$U23O5:98$-E>0'9C.(@U+#RKZ@'7\%EVLC+L,Q*IY M<%218$P2L=N<8Q<*D<,SOW1X`G\-''%>Z$D&:N,D:`1^!5+(TV M4TAZPE(I=795)R?"$G_K@'1' M4W1A=&4\/"]'4S(@-R`P(%(^/CX^"F5N9&]B:@HQ-#D@,"!O8FH\/"],96YG M=&@@,C4P."]&:6QT97(O1FQA=&5$96-O9&4^/G-T$&]V-5W:R)67DB:0F>,_^$.]R*7^/"21 M2SQ_OM[-]$_S/^%JG>+_'F=?G(_NR9+RR/FL_WXX_7RVP$OJ7%ZK'T/G]/H, M+[BS^NW#ZO+L\O3SY?GJY(_UI]DRAZ^&# MUG:_4L@F>K-=Q=G5^O5_C$AR+]!5>' M@P,Q'[]%U;>^.ILRSY.JQG`O7%N2@KM16'S05>$MAU?5\)89Y?E45S M7\O0X:?S8B,V\E/<)7Y`(6@,F:CMKI(JO<>EL>L[S%O(A>=KFZ!_P]4GN/H& MUX^8RZOYES_(?#/SYME\AK'&\X#[+H=0=S.?<7N7SU9(!WLL^`(\#9@]ED,) M"4[6W_!S>B/&]$8\C"4(^L%H+Y\P-QQOY9NMHL&K.JCA1ATUPV@>4,_L`YQ) MZGM%OFU>/LIL,F=;E3N\\IUR+ZJDR8H[O.6`;I(VV4/69*+^2:>3JG02)(>G MR'$M&D6'K$C+G=#)B#F$@)G`VI#)<-_PW\DR9K[S3N[-J$M#O;G:.?(6'B$G M2\_G!!8M?4+P&8-GLG*@/*C7B_AT\ZVMFYTH&@D!I,YI2KRB3B72LDBS'.D6 M$*=09V/F;'`=V+7VQU3!"E?[JGS(D)$2S]LGR>`AKM$!JK07VIG80P@9K"X+ M&0)FH=@H@)-=6379W^I'?-.C+A_A_'*8D5&4NN$02R]8!(@E12SA)K0@^D,0 M?TZ,#,A(X9A9\2`,K/A*]`-(<`+?I<3YC\J\YX:P41#W8ORUA?I/:IT/@+(2M=":X,<=L!OQ(/)RCZ$K7/VC<,4@O/@`4;+@B"@+ M8W.0`S#/Q%94E8HS')(M^2X4G/$; M-MLV5ZE)TK1L#=GI2TM1DH2-C\`7Q!Z!2;Y,'N$&NF*ET"Y`IZSN0,O=_1^* M;DECD+&OCM%=$O2+S[!$EEX_RH_W27&G8/6T6:!.4M="Z6W809UGR6V62RT$ M^4:L%TI+K+:66_UZ^E>;V0JY;>NL$#6\%#A3,GIJ4B,)B)E.1?:0W.9"@S3. MU2M!PB;*+#)04Z-TAEJ5EC0DH=(HG5#63ZBE))X?8/Q1;1.PC'OA1>/P0-=C M%9\7A10+/EQ$O8IG0W7JL6[=_JOU M/4[D97&W;$2%+C(8UK3$A1Q`_.+HIST*E?5D:!%K5-'7NS[X>/#;@0L=BW/J M>H$RW*$;V/M\QF-H4?T%/L-7NP6'/IK#"NNCK>5]G?,;.&J%37`<-A(7,BZ7 M(%!=1'JWF%GO)D<0!0D-AY#H^PX2NT!#8A=(2.P\-\0&_-)+9PQE$GNE^*(9 MXV.RSYI$]UV!K@.FS+82/Z[GJ4)Y3C9[GH<2W?90.V&V@N64#?S28-K0J3%. M5`]:IJD])%DNNY*<-JS/J)--)/:[;C:.`S/2L,A87Y0V$Q]U98N@5*6+H% MAUH+X/Q/K6WU1$>MN1RH2G2@LF_Q57!RWK5ZSYC]*6E@,4KN0!I"AEW_$*Y1 M:V+CUL1&K8D-6].T#K.N1^D$_H,8;[,B*5(-&W^9&/R47Z6+"D]?W M9=584X`SX&U95>4C?$OGQ#^6LUK*#KG*_%YU/2]E'\O=3GDM@+2;4[F3U75K M&K@5C'*O?)A\:HOQ5A1BFS7JU-UT2U]I=>0L&!RX'^BAW`S/1B1@!X9]!KB.`-G&5JE0G43I-T^R39R[;'M M[;EPV53+\UBO3+D2N:DBI1$;%*FYMT7:+5!%VBTXU#2*@O`J31L4YP_7M+[1 MH6,&1KX&9$F9G`_-)#,"*(B&`.G[#B"[0`-D%TP`!"W;`G2^W8JT41W0\!J& MN'MH>\*0!HRU4"9$/:]UP1;*>G?0VJKM'HF_VNP!3):Q+/00S4DP9<$>S",> MMD10G3`FS_7TJ0,])%6FS1_(%31U44DOA4,41)8U3VK]1L!(6)=YMDE0BXRU M>&WZ!Y8*ARK:+PPL`Y0=2++T5=0-@G[-7A9I);368&.#H.2])$F`2FIX^V+@ MT?/">QLPN+H#.>!Q]#@EJJQ4FD!?,"-AS/%4J?M6FB@E,7S-XU9/>T0&ASD@ MLK[OB&P7:"+;!1-$QMP8(G](H#FDVH4FC3KNW- M'^ M5-45/OI/T]_`7.TZ*:-];Z;7$V4)U)ME]=-H(:B1%DOL\6^?-J>X`VD9=44Y M"AGFP-\0PF36F[&^X$N33-5KH)SE3GDTR%.3?-<=_-``'Q/WB.ZCD+DGZ=W% M#&$Y?-%%C3UWOF1NA!%@!M9*@0GX#0A[GQ1/QH%`6HNR,6VV*8W;+,#*:?." M;;GK5?*99(BV,HHRZ+GA1S,VP'``7!E+U!A9V4O4&%R96YT(#8P M(#`@4B]2;W1A=&4@,"]-961I84)O>%LP(#`@-C$R(#%LP M(#`@-C$R(#1LODJ#ME%V32B95.U-E$6ATH]&/#Q]._[F@TX=F M\G8Y.;T@4S)=WD\(GIK_\$.)2JF82JQ23,1TN9MXT?0W^%JNS)_/DUOT0WHR MHURA&__[]NSF/#&?%%U>.:%$9U?GYH.CQ;_?+B[/+\]N+N>+DU^7/TUF!*<* M]IF15$V7Y\;@]=7Y_&HQ-QI,IL1,+*[?79Z?+=V<@KG%$D;OYU?+A9D1,'-] M`5\")#^>W#NN*"8V;VIV_L.K??; M;5$WQI9"9>5LMIO]L2FJM9TF8$]_6>E#:T8"-9NBUN:3(EAB=LS10==N9BC< M[8]5VYC8"`8VCE5Q7)>M7M^=>*=\#J2-LYPRS%(YS7B>4I<`B,U^M]M;IT2: MHT6[7_UF=>?++CO_@J^?X.LC?'\VB7P_O?T53]<3,BVG$YJ3E(%-D4JPN9NP MC`[&V\G"5$/G@*0IGV:"#APH#F5;;(T'/.4F0#:).)5491!(%\8YA*=I7*XX MVM_;`*02_5S4=CU),RR)7XY^*;9'?;+\:$[!,FG\8=S[Q_%P//*/DRQ5PGKO M'40WNBW*2J^-.?`*4\+#-O.BKLKJH?$[<4+CG;CZG9T@8VP8"72V6AUWQVW1 MNKV6_X!C7[<;GW=3M?O=(;6GA>`$'RZKU>D=>K=O&DBZ]\.9[OW(G_5"8`4B MU?FPW)M4>#.Y&A@1C#]GA&%3[4,S"U.C(2R^0#I+C)'GP\*8C"R=V1(/J619 M;"FCCRV=7E!7],J:5%,)QZ"\+[BWQ;:H5MK"2*I089J.0]K1N5[IW0<;;Y`P MQ(CM+(PHQL)5&92^-H"01_?!D)N$G5V$-5Q!!,PUK$$VRX20HLBPA,&7;B&9I MECDP--Z:5KK2]L1Y:M!HM=]INQ(*_E4G>^*@S,+[\)R*6$]F,H=,B3"TCG&2 M"B8CQ\X^%>6V^+"UJ8$21O?[VN4&(+%PT_"E5\>Z;$O=.)S.`&(K=R3A@,&T M'7J3FXU-^-KBBVX\(I+\B6/>#LX)*E`H&&S:]52F$%?JUIONQYCX%"828[`Z M8S@S5\I=-^..EZ4R4[(_GH_(#YNB>M`.])F[#>`R6^NZ_%2TY2?M$"X#2=/6 MQYT&>#=3!MW7NBD?*@L/H$1,Z3;AM*NBV;C+\GZ[_^R..@SM1J\?M%O]3+CX MD^'"KZIW6P0"`'Y8`W=(^4`I(F"G,'9A@M"IN`HN]K6&#F*UK:Q(/FSS4P=>A"$F6#0VUP%$WRKIW9HW:^ M;)IC`%J>#HMM%3@':"G4=)R#D->#D$58J**1XS07"P4"X2:N&2 M26(@"<:LPTJ@%B3&RI^/]6I3-*YU.#C[^X?PF1G@5EOKHCG67T-E/FZGVZ<. M"`[*W-CU.`21R<()(QB2@IE+P?07D="N.6A0-Y:,"3OFTEP1=HKFRK8@3`VZ M\-'!?1"7Q9>`5!]TI>_+-I19K4T+5@\.KJ`K]P[(X$*!-O3UB$$OBLO^8-JV M<11:=-P6]/7NL-U_U?HQTB*OAD`"'RCU/BB@13_B($N7*7,ZC/$+THSSZ\;:3XY$._T@ MQR,YCNN@T_=UT.M+&ND'.8[KI-=W==+I!_GHAL+C&ZHWX.NHMQ!6C.\P'-UA MG0%;:;VVE47W&W[R?H,JY%)](S7G?S@USR1-&,%]%68>%&S9<9I[RCT@YTHH M=U.&HN-!IRM"EN'OB)>SF)>S/XV79R_FY2@^!G!Q(D;4DH3+#UBX(Y=A)K!P M/CK,=TO`R8L)^).,P<<)7#7DC")V8FQA_W?&'66+9VV,`,%E1,%])17PV^$;ISS"MS#NT&NPP*'78`4@5"\V"-7+Q@R<$_[7,G#;JOY5 M:OFXB0Q5N>D_A3N"\IB#.Z9(_@,AHT%^<$@+ MN(&:35'K4(WLU<]!.!`G2HW;E@X8:6;W[Z;"42C.V'?SG)"<)!DC_CE!N^<$ MHYY_^.<$C.7?^3D!I?;H.4%&SPF*S9F[Y&5N*OO_<\(^)V(RX9LWE`<97+1, MCG`7+MK=OF[+_W2@*J(*6>M[#1AL#\E-O1P`>-S:E\-MYR@=O7I(_.HA8[;, M1,R&PSBPW8'GU)(_T@YW&9]/JN3#K](.H*"BT?@67=V.10'!8`Q/-?ENN/34UQT#W906E M75JRDA'`/1`&-IL9-@O7NC-;5!:5`6Q;_5`[!8P.16VZ0?B+%K9M-]I")4SU MUE);7I2:'IC!^X^8TD;"%#O4W/\&`)/$M%`*"F5N9'-T7!E+U!A9V4O4&%R96YT M(#8P(#`@4B]2;W1A=&4@,"]-961I84)O>%LP(#`@-C$R(#%LP(#`@-C$R(#+/Z"KWS?$V963FVAR M=8L=[$1/$XP<]8$O@H5'F!,@X2',G.@PL5W.5RA%6_7O=?+H_N9-YX0*]\%^ MWUP_+&:J2-S5VG0&[O5ZH0K4W?QULUDM5M_?KQ7*]6:H)?N!AU;"Y_W.UN(Y,FX"V302UN^4ZVJ@6,.'>WT*)8;7F_=U2 MF[ZZI693<^0%OEJ"F"4^NN4^/LE2S6!NG"?*M]!-BBR+3[J5NVEN[%7[XKF$ M(;H9PT+RVU8>*S/U*$^J0(P]4XP/Q7->E0H!\V'\UN:6>2(3 M[8H:%9^V>[T[C[D^GNGQRZ@)Y1]0^@"E+U!^55&_98"=U)I01AU/N M"?#K,&$^;6K99*/2IMD")U[`'.XW>W`)0GP:?5&+:3,^M6:H`%^:^L`00X%* MNH$A5AL*>6>J]:AOZ.J6#!,Y$`XGI(6[EI4);1EGTA#TO9#!8."'U/*0W*[W MTW_*:=_W:&U9F7UT?Z$\F#&$IO,`(:@1,>-0TT:E+'_5,T@GJ=5H,Z9X,I-V16'3UBV++-$S@O?:J=H=Z5@SN\-!.*-J:%'7EM4IKM(7E?U< M>`T&D_[B\CTI[S$?>4^)#H;UOA>:OO5<]3 M^N/T-6\\S"9?6(=5,I%@1AI_N4DEZ^\JKR0(GO**]WWB[Y?ZVL5P")7.`N4A M44C]&>XXV`5Z#SJG-<\'=4[S;7&0H)?@+6H9ZDRA;@[G5]/$(]6&QDKJYG5KO: M?J5=;:_6KIYD,=)(H`49%56<&03;6AG86!D,&]1FRD^%U1[S8=JQH'-0?!SH M0V]Q:`[`LL?!UAL.3;_FT/0..(3``7>D>Z43PUS0G^53<;+E*OYF_^IM.`P6R)AH M-2)L%-F&BH;]E*WK=:C:?A6JMG>VEPQZ29]/T$WESES;2WJ]Y#P]D+J& MWDUU"].W[XXSYSU'\3:94G$,.OA$2T:DEBAU"U=D(SW M4=FZ!9G9&,11(VE&,19H]5^8]S/X3RO?)T`%).B+) M1R19CR0\@'NL;-V2]`><_0&K9K9FUH@%,+7L_`OY+JB:]L<1\&Q.8=0N$Q5M]YE=R=S`3D'N-392)9_S*#QVXI;7`; M:UX=.@C8G'@4JU"X5,4&>/\S`!Q[Y[\*"F5N9'-T7!E+U!A9V4O4&%R96YT(#8P(#`@4B]2 M;W1A=&4@,"]-961I84)O>%LP(#`@-C$R(#%LP(#`@-C$R M(#KT=MW>(S' MJ[L11F/]#U\$RX#P<8AD@#`?K[:C^J?Q'W"U6NN/I]&-=Q&<30B3WG7]?3Z] MGOGZDGB+*_MCZ$VO9OJ">C%?GOVV^F4TH0$6?#S!@1RO9CK> MQZO9_&HYUP_0,,#:L/QXN9A-5]8FP78^O9Q>7R;!^%U$0TA1YVA1Q`29ZO?1_-5B_2_X.H7N/H=KI_TIGP8W_R&QIL1'B?C M$0-X*!\+QH(0WK,=,4GZAG2TU'O;9B6M>S^MF5JK[:TRJT0![6468<)[F?$Z MLR9(^TY.F?O"M^^(6TRA'`M*FO=ZT^52[Q>$1+T=NM@7A[);=E75MHI[ZEZG>]U3@;:`DH$ ML+U-E2Y_H5LD4Y5%&1VB_"T)VWP'V9*0^UQGBW6V1(1^>")?;P$H9E5>)*K4 M@?CKY#3,CI(AEI)9+$UV6$2^^(IMWZ@[!95NBCCRJOB3!=I6O`66O+@2#*;# M"J#20DHH)$W#0:F*0=*398ZY=J M:H2R?FJYCP/S<-SCOL:0@@$&1=^#4PKKZQP,5PTHBG<4=>.M\BI.+>&?QN#5 M2LV`8`;NH,Y\0K`?F4I#$BI;6P3S<8='`P0\/`2B-G1`M!XU$*W#$2!P;T9< MJ4K25,=Y(7RGTJ,.I,+.K1I2+GUY$M(>-219%6?W"4P&S6PP"^K> ML/7Q'+C#;X3;0(P&:XAXCS*B<%`4)\FMU\O?:6PX91#)'M#0Q2T'=YW,A$-I MC:'MY,[#=G+G<-C)C!^GM"S/^JS6[MWKZQ`1A"ZI(1SZM"$U?8]PVPX]()A# M:8VA`X(-*:US<(!H(M(>K;TA/J&1W0ZCX>!>\':0]_+0NSC(HS:DG0=R/9"3 M:1NCSK0+T3@@QP&=WE-],FN6<;F8GB\N%RM]GC+'"]P[;+V?7L_??[RGYO;N-H7)IQ^4OLUO)#FV7T;4LNCVZI6W,\4\7V9CO%02=1;VI?I4'I? MT&M#];N+/VOI:WR_E:U.LL.0P9BTD]XP&">#`2'<%(N]U8]P]/FT4UFIRN^2 M(HG<.<8B0ZTU@TEI&ODXDN_41A66<$17%'=YH9+[S,Z()%OG6V4]0`C7J\#T MA]+C<#I^US<;CJHVW^W,5/J*8#>:8_ M4?TYH7K?AS93M6+06S54/8G@D).[8Z`87T$WU(-RN%^2]HYK$G_AN#;K'2A/ M]=2KEI9T4F66$X@I+,-BP[(BD5-6C:$MJ\[#EE7G<%A61(IG:II_X4`]Y"L.F_-MT*>Q\DCVJLM+GT!\=F3-! M`4(1LZE?Y-MMKF<1C0+FP,9"F"JI7O5 MNL;V\7T%&BGYR[2CL0/-ZOZH>\2^2>=<_M0$2\IRW_G;46DN\WU5PB%K`_+* M%K"SC+">R@BX@C.?1Z%],O3BR@8/O0]QL7YHS!3[S27PB6B]FU>&$`NZ&1.? M1?(PUDRMU?96%N-L+-E#\G>*#2Q@U?4=2IT223[6(N`44=F[K?[-*YLOII0\V8P<@^&S`[Z#K1G M\JBZMC.SQZ#]K0LRR;L)=?2 MI1HZH)JFREZZD08!>KA]/*I%+$9PFH%[*GQ\"$7HZ-C&T$$1#G5LY^!`T404 M/2W[!E0DM?K9'JK@OCYD.7EP9^@WAK3S$*Z',Q2Z&'6F7+H.PG$X,34D'D;?0QRW0"`Q\PE'F:;.KN M$`AL=TD69^O$5`MH16#N2NFZ*)M2@>JQ8>/,'H:2K%+W]HPDD.:L:LABT&ZE MLJ8N6F!IENCBFI"`(:ZKQ*.Z;`#^_PT`OYR4IPH*96YD'1=+T5X=$=3=&%T93P\+T=3,B`W(#`@4CX^/CX*96YD;V)J M"C$V,B`P(&]B:CP\+TQE;F=T:"`Q,#,X+T9I;'1E9#1&!0+ M*:N1XO@#\IY/3L]%@@),099`%6K-I>>KS75I3^!%2_XS[-VCVZ,7I_8/@K5\WH8CMYRDZ!@ M)CL]-)R-N&&CZ.XZ"D;!,`S&4>]S_%[S#.PZ>A\;OAZ/-)@R&O_;B[]HOEC, MU^V!8WB.[GIF"^,>?1S>CL&=8QD6FLT-X6<<=_C^`NL]6%_`?N94IOK]9U-/ M-:QGNM8Z=%W#`8=KS;'L[BW7(B['1@7/UUW'WEXZC#D3"P4<`48_^,-$DV`V MG-T$PP_P:@T,#$0F\W`ZC(/Y3."[FA"I43:HJD2;.:II]ZPJMM`/A6/(A%6:2T8#05V&`& M-+`RSU+P)-I`;72=Y+`0Y:\0CQ6E8@&P%95I4BU6W'20A=_*-F*:KK220CI' M([J@ZP=:\3<7W&Z/=00XRS:P[X".@,WDN01)> M1&9?I/*1]T'R%8MR+5BZ:%)6$G2]HM*(5Q45IH6F95&OE`1C6#(]*`,'BCE$ M(J4^H$A'W#7<5WC_UD>)94NQ/.'\LEI%JZ2BJS)/:<5^MIU!\8VRFH]O6TZ1 M<5>GUQ5]+;$Z&;'U?W54RDEW?6S_`>EN$K92)2`OGYDRS\NW7OO)BGJ#(*5 M?:-M\G?DH#/?Z>-:YB5K*FCARC"EXT/9U%T=>**U7";,V).,_T#@.9&W8F0) M1@.5`8/CC.R6$<2JKLI?QNW$H;UIG7S$^T*7,6$N2I6E6+!5;6Q+ M,N[Y43Q(R3U.R6DIS>&`JV0$@N*QK-:BCK49=:G]LP?3ZA+JP-;9P'1;F./O MJ^PA4R>-?]E,/P;0WY<11<'M;!C?A?#_!ZJ]]V?`[,"15T?L2+D('#$;/(3# M@']/OP8`<,E*#`H*96YD?\@LJBS/2,$H6D2H4@/1!RR<_+2\W)2:U44%,(SL\KUE$P MM+0T1;,$"!@9'!FV,C`K))Q@8&%D9.$Q6OJSB>][7_G\[OF,?+]J?FOM_7EO M+^/FO3]/[&7>_%M+])?.+Z=_.FQ[_PF(_KSW\\3?>^S$J?H;_5U;=%W2]Z7? MEWU?^'O%Q(G]_7U]DE.G]/5/DIK6-*MFMMSOVN_-WQ=^7YVVZO>"WXM:.K)W M_"[XGMLVG;6&K:FYO;JSH[91?0N`7^GH"=,8)TWA&O82"-<<78>V@Z, MT^GPJM6+BL`S/.UKPF7T-H`0C'_DY)IHA]/YZ;%Y`/Y&!LGY&4Z7]O,K!Z8M MQA]TO605$$TSY'_FCHK2H:QU%Z,WHJRS[E[E%"'.X_T\ M,<0RMSSV*\``3:=KEPH*96YD7!E+T5N8V]D:6YG+T1I9F9E6UB]]QA5WI/'F7?K/?S,O'STZKN5\-XU(^X5WBB,O)#' M-`R4MQ\IZ?=/.]P*7FP%W=9J]&TR>G7#P5"R&?$(C4:>D#X5R@MB11577K(? MLKJY^3M:`P60C`\!L6OX>!J M-KU?SI,Y;,/AB"HR61@YQ6A(9O^9OIDLOINAGI!,[VYOYZO5_&YA=7&!MH4G M?$DC<"OHW7H@_TZ;;5&^:ZORVLC[-""OZ92:=0BZ!%-^;-7,$D#JR1L)%7F! M']"(&SRD\ONG#H\!#"JT,'!%N;-W<[>\1<<5X6S\H]-MU*HXH'ZOUCTYM7T8 MG'.JE*=""-ZI_?%^LDQFR^]_PB!\LIS]<+=,'"0_W"]7]Y.%?9808G*'/D0& MV<0@9<5BPJ7=('=+_.5J3?+U%:(>D[L;\UJ`QN3-S+H>4N;S\#)1TH@,V0DI M)Y-I@DM_H(W'TD>RND1AGA`^A>B4E">R;JH:W6JWVHJ27XYIW6K[5A)=YCJW M(9/;M,ZV>$3R:Q02C`5HA')(W[&@2J#7TVJ_+YJFJ$ISTGAY4^RL!9\LCOM' MW9GEXR`6P9`R/XIIT%/FGCK*A&^#@1\!E`6>KQ2-72PVQX""F"S[U;>3Y>MK MQ,0G\P4<,:8PGR"=.&2DY_L#)6LR^Y1FK:6'E.E>(U&25!NWJO6[HFGKM+2G MP`V2-JZ(FH/.BDV!H#'8*DKD1I"B;3!9(I)M+<:0!1F MPY.`2T_B0C]9(^2MKAO]C(Q`4DJ/TXZ/4#($?*I+<'V']$X^ZO*HL3\`0!(H M["5NCW6=/B/A;XK=SJ(8G=FRC+(P#OVK<2!]1808FF(P&:L^11Z)T$UF1.EW2%J41F^\.N>H:T MM6`Q*H>ZYSF@"K1GUF%3I\;`HJ).^8F]@%/?D^"`="@L^W3ZGXD+`N6DU3M] MV%8E5@R\*&W-6`Z@U@Q`NV,.7=:^(&FM4V0JJW+]#9*[)C&+;*,!AD08CB/& MV##AI%"#2G-/_1TDNCNH]SV&@HGC4ZG,R]Q$;'V,R>,S`I5M=?8!/=BGM5TI M\K35T&!J]*5K-9\54B`AKC7ASN.M+2H(:0.-([==A*2['>JK-62'K2=(R5K_ M?JXY:,:B!4Z\&AVRN@>+>?5!SK(NV MT,:/P-`R^P257;[#3FHZLVTDX(23M5W9FLM!%.D;`'*H=:8=K=##!9[=5V6[ M;=#=-:DZ&#=NT1Q=8VZVE>O=$3GHNJARE&JW:>M66._)UQ#?.0%/B#K[`JB; MKHF'`Z,=%^LKDYT!(VF98]!K(L[(?-2Z['P]/K[7B$_8ZS]I!4L=#CW!>R@R M"[4IB#[Z$WAIT^*KF)U"S-/G!DJ8,R;(3\"4V7AU(S&W88HP%PIP37Z_2MZ? MDEYT;Q<5ON[.G(?I*@J&]]_?4!M%@SLIHKM+:TPTN'ZR#/H%=$M+ MESULB,)V$0,A79?XXV,(J`#]9W505N7X,VGEI"E*KW17;[G>%&71U9>M"I?\ M__U,A>]4.#?SOQS9KYAJ19=+R^.NL\[%XUC@RV&]]NEPH4*IR]:I8P=D2[V^ M^L:*,8,#D&N!^-ZY)K_HVLL,BTU&7,HPZ/*APIT'\.*%+G99EQD(+F8?S*.L MU[4XY^H+OL$L&5_.9E_0?SB;FZW&WA[`%;8_I&4W6:QQMH*5S2OL1\%?)][: MZ$D_2VR@?WV%[4%>:@\L4A<1^O/^\/M9?V#JRY#VKI;];*SZ.!J8%NT=`X%7 MQ[9IH5)<;QR4ETZQ=\IS`&`2/^K:CA=0-=DN;1K=79[N+*"^=U=BTU;9AVN$ MW37N,YT[VMT8OHCLF,+C"/*R>^SF%*=(!@#Q4-$#N7N!E6^J*L7!'N9%]SD#'W/J MP@<-&$>-O7$_E.;KZ:7U"U,2%Y("U9%_')E9@HP(#$W,0HP,#`P M,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,38@,#`P,#`@;@T*,#`P,#`P,#`V M,"`P,#`P,"!N#0HP,#`P,#`P,3DU(#`P,#`P(&X-"C`P,#`P,#`S,S8@,#`P M,#`@;@T*,#`P,#`P,#,U-B`P,#`P,"!N#0HP,#`P,#`P-#@S(#`P,#`P(&X- M"C`P,#`P,#`U-S,@,#`P,#`@;@T*,#`P,#`P,#8W,2`P,#`P,"!N#0HP,#`P M,#`Q,S@W(#`P,#`P(&X-"C`P,#`P,#$Y,S<@,#`P,#`@;@T*,#`P,#`Q,3`U M."`P,#`P,"!N#0HP,#`P,#$Q-#,Q(#`P,#`P(&X-"C`P,#`P,3$X-#8@,#`P M,#`@;@T*,#`P,#`Q,C0R."`P,#`P,"!N#0HP,#`P,#$R.#DP(#`P,#`P(&X- M"C`P,#`P,C`P,38@,#`P,#`@;@T*,#`P,#`R,#,W,B`P,#`P,"!N#0HP,#`P M,#(P-C@R(#`P,#`P(&X-"C`P,#`P,C$S-3$@,#`P,#`@;@T*,#`P,#`R,30X M,"`P,#`P,"!N#0HP,#`P,#(Q-3F4@,3 -----END PRIVACY-ENHANCED MESSAGE-----