-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type:
2001,MIC-CLEAROriginator-Name:
[email protected]:
MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info:
RSA-MD5,RSA,
FOS6J/UyLZ6i8oH9LIWarCNTuB7PfEHFCC36cjuh8P9ouNFAZ6bVfhpsTxjon5pE
8Uq/v8HZAq+rVj7/PF+0nw==
0000945234-08-000062.txt : 200802200000945234-08-000062.hdr.sgml
: 2008022020080220161541ACCESSION
NUMBER:0000945234-08-000062CONFORMED SUBMISSION TYPE:8-KPUBLIC
DOCUMENT COUNT:21CONFORMED PERIOD OF REPORT:20080220ITEM
INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial
Statements and ExhibitsFILED AS OF DATE:20080220DATE AS OF
CHANGE:20080220
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:MERCER INTERNATIONAL
INC.CENTRAL INDEX KEY:0001333274STANDARD INDUSTRIAL
CLASSIFICATION:PULP MILLS [2611]IRS NUMBER:470956945STATE OF
INCORPORATION:WAFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE
NUMBER:000-51826FILM NUMBER:08629894
BUSINESS ADDRESS:STREET 1:14900 INTERURBAN AVENUE SOUTHSTREET
2:SUITE 282CITY:SEATTLESTATE:WAZIP:98168BUSINESS PHONE:(206)
674-4639
MAIL ADDRESS:STREET 1:14900 INTERURBAN AVENUE SOUTHSTREET
2:SUITE 282CITY:SEATTLESTATE:WAZIP:98168
FORMER COMPANY:FORMER CONFORMED NAME:MERCER INTERNATIONAL REGCO
INC.DATE OF NAME CHANGE:20050715
8-K1o39430ae8vk.htmCURRENT REPORT ON FORM 8-K
Current Report on Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section13 or 15(d) of the Securities Exchange Act of
1934
Date of Report (Date of earliest event reported): February20,
2008
MERCER INTERNATIONAL INC.
(Exact name of Registrant as specified in its
charter)
Washington
(State or other jurisdiction of incorporation or
organization)
000-51826
47-0956945
(Commission File Number)
(I.R.S. Employer Identification No.)
Suite2840, 650 West Georgia Street, Vancouver, British
Columbia, Canada V6B 4N8
(Address of Office)
(604)684-1099
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy thefiling obligation of the
registrant under any of the following provisions (see General
InstructionA.2. below):
o Written communications pursuant to Rule425 under the
Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule14a-12 under the Exchange
Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
ITEM 7.01 REGULATION FD DISCLOSURE
The information contained in this Current Report shall not be
deemed to be filed for the purposesof Section18 of the
Securities Exchange Act of 1934 (the Exchange Act) or
otherwise subject tothe liabilities of that section, nor shall it
be incorporated by reference into a filing under theSecurities
Act of 1933, or the Exchange Act, except as shall be expressly
set forth by specificreference in such a filing.
Attached as Exhibit99.1 are materials relating to Mercer
International Inc.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
Exhibit No. Description
99.1 Presentation Materials relating to Mercer International
Inc.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly causedthis report to be signed
on its behalf by the undersigned hereunto duly authorized.
MERCER INTERNATIONAL INC.
/s/ David M. Gandossi
David M. Gandossi
Chief Financial Officer
Date: February20, 2008
MERCER INTERNATIONAL INC.
FORM 8-K
EXHIBIT INDEX
Exhibit Number Description
99.1 Presentation Materials relating to Mercer International
Inc.
EX-99.12o39430aexv99w1.htmPRESENTATION MATERIALS
Presentation Materials
Exhibit99.1
CIBC Whistler Conference February2008
Forward Looking Statements The Private Securities Litigation
Reform Act of 1995 provides a safeharbor for forward-looking
statements. Certain information included in this presentation
containsstatements that are forward-looking, such as statements
relating to results of operations andfinancial conditions and
business development activities, as well as capital spending and
financingsources. Such forward-looking information involves
important risks and uncertainties that couldsignificantly affect
anticipated results in the future and, accordingly, such results
may differmaterially from those expressed in any forward-looking
statements made by or on behalf of Mercer.For more information
regarding these risks and uncertainties, review Mercers filings
with theSecurities and Exchange Commission.
Company Overview Mercer is the largest publicly traded NBSK(1)
market pulp producer in theworld Operates three pulp mills with
1.43million ADMT(2) of capacity Rosenthal Stendal (3)Celgar
(Germany) (Germany) (BC, Canada) 325,000 ADMT 620,000 ADMT 480,000
ADMT (1)NBSK =northern bleached softwood kraft. (2)ADMT = air dried
metric tonnes. (3)Stendal is a 70% ownedfacility
Our Strategy Focus on NBSK market pulp Premium grade kraft pulp
that generally obtains thehighest price Operate modern, world-class
NBSK pulp production facilities Targetprofitability in all market
conditions Limit ongoing capital requirements Improveefficiency and
reduce production costs Focus on continuous improvement Focus on
energyproduction Grow assets and earnings Organically and through
acquisitions 4
NBSK Market Pulp Capacity By Producer By capacity, Mercer is the
largest publicly tradedNBSK market pulp producer in the world Sodra
Cell Mercer Canfor Pulp Trust Pope and Talbot IlimPulp Weyerhaeuser
(1)Tembec New Domtar (1)Producers by Total Capacity Stora Enso West
FraserMetsa-Botnia SFK Pulp 0 250 500 750 1,000 1,250 1,500 000s
Tonnes of NBSK Market Pulp Capacity (1)Adjusted for the merger of
Weyerhaeusers fine paper business with Domtar, excluding idled
mills inPrince Albert, SK and Lebel-sur-Quevillon, Que. 5 Source:
Public filings of individual companies
World ClassAssets Mercer versus other top 20 NBSK producers as
of Q4 2007 (includes integratedcapacity) Large, modern facilities
low capital requirements, high runabilityState-of-the-art
environmental compliance Energy net producers Weighted average
PMcapacity, 1 000 mt/a 4Q07 750 STRONG 600 Potlatch Weighted
Average Weyerhaeuser Technical Age 19years Botnia Terrace Bay Ilim
Mercer 450 Sdra UPM SCA Canfor SFK Heinzel 300 P&T Stora Enso
MillCapacity, 1,000 mt/a Domtar West Fraser Weighted Average
Billerud Capacity 380,000 t/a 150 BoiseCatalyst Mondi WEAK 0 30 25
20 15 10 5 0 Note: Bubble sizes represent market and integrated
pulpproductions. Technical Age, Years 6 Source: Jaakko Pyry
Pulp Price History Quarterly Average RISI Price Delivered to N.
Europe USD CAD EURO 1200 1100 1000900 800 CAD 700 NBSK Price Per
Tonne USD 600 500 EURO 400 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Q2Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2000 2001
2002 2003 2004 2005 2006 2007Source: RISI tables 7
Capacity reductions Recently announced closures and expected
shutdowns will reduce supplyApproximately 1.1million mt of NBSK
market pulp capacity already shut down with another500,000 mt
expected to close in the next two years Represents approximately
11% of totalglobal NBSK market pulp capacity * World NBSK Pulp
Closures Size Market Pulp Company Location Date(000s mt) (000s)
NBSK Pulp Mill Closures Stora Enso Norrsundet, Sweden 1 Q2 2009 300
300 StoraEnso Kemijarvi, Finland 1 Q2 2008 250 120 Weyerhaeuser USA
Q1 2008 60 60 West Fraser Hinton, AB Q42006 70 70 Tembec Smooth
Rock Falls, ON Q3 2006 200 200 Cascades Jonquiere, PQ Q3 2006 82 0
BowaterThunder Bay, ON Q2 2006 100 100 Korsnas Gavle, Sweden Q2
2006 70 70 Weyerhaeuser Prince Albert, SKQ2 2006 260 130 Western
Forest Products Squamish, BC Q1 2006 275 275 Domtar
Lebel-sur-Quevillon Q42005 300 300 1967 1625 Total NBSK Capacity
Closures 1967 Total Market Pulp Closures (approx.) 1625Source: NLK
Pulp Monitor, company filings 1 Tentative plan to close in the
future 8 * Total globalNBSK market pulp capacity = 14, 520, 000
tonnes (Source: Pulp and Paper Products Council)
Capacity expansions Recently announced expansions have not fully
offset capacity reductionsWorld NBSK Pulp Expansions Size Market
Pulp Company Location Date (000s mt) (000s) NBSK Pulp
MillExpansions Mercer Stendal Germany Q4 2007 20 20 Metsa-Rauma
Finland Q2 2007 45 45 Jilin ChenmingChina Q2 2007 100 100 Stora
Enso Finland Q2 2007 65 65 Mercer Celgar Canada Q2 2007 50 50
MunksjoSweden Q2 2007 20 20 Weyerhaeuser Canada Q1 2007 30 30 APRIL
China Q4 2006 40 40 SCA Sweden Q4 200620 20 Ilim Russia Q2 2006 100
100 Stora Enso Finland Q1 2006 125 125 Mercer Stendal Germany
Q42005 50 50 665 665 Total NBSK Capacity Expansions 665 Total
Market Pulp Expansions (approx.) 665Source: NLK Pulp Monitor,
company filings 9
Tightening of Supply and Demand The gap between supply and
demand flattened in 2006We had expected in 2006 the supply / demand
spread to narrow to zero with the 1million tonnes incapacity
closures, but swing capacity offset the closures. Based upon
species mix inforests we believe capacity that has swung to NBSK
cant be sustained over the long term.Limitations to fiber switching
combined with continued NBSK demand growth and further
capacityclosures will continue to tighten fundamentals which should
lead to higher prices over the longterm Historic NBSK Demand versus
Practical Maximum Capacity Capacity (tonnes)Demand (tonnes)Demand
Capacity Spread (%) 16000 35% 14000 30% 12000 25% 10000 20% 8000
15% 6000 10% Thousands oftonnes 4000 2000 5% Supply exceeding
Demand 0 0% 1990 1995 1996 1997 1998 1999 2000 2001 2002 20032004
2005 2006 Year Source: Pulp & Paper Products Council 10 Note:
As of printing, 2007 data wasnot available
Substitution (Western Europe) European price differential v
softwood consumption growth 120 BSKPat a BSKP / BHKP price 8%
premium differential 60 4% BSKP / BHKP price differential 0 0%
(US$/t)(YoY %chg) -60 -4% Softwood pulp consumption growth BSKP
consumption growth* BHKP at a Right scalepremium -120 -8% Jan-02
Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 * Consumption data based
upon6-month moving average Softwood has been selling at a premium
for 24months and there is nosign of this differential decreasing.
Evidence suggests over the short term, ability tosubstitute has
been nearly exhausted as further reductions would impede the
reliability of papermachines Source: Hawkins Wright 11
Mercers impressive financial performance Quarterly Revenue
Growth (millions of EUR) 200 RevenueGrowth 2005 2006 2007 160 120
Revenues (EUR)531,908 623,977 704,391 Revenue 80 Revenues
(USD)1662,013 783,715 965,720 40 0 0 4 0 4 5 0 0 5 6 0 0 6 7 0 0 7
1 3 1 3 1 3 1 3 Q Q QQ Q Q Q Q Mercer has experienced exceptional
growth, with a 46% increase in revenue and a100% increase in EBITDA
from 2005s performance in USD In 2007, Mercers revenues havegrown
to approximately $1billion USD Rolling LTM EBITDA (millions of EUR)
160 140 EBITDA Growth2005 2006 2007 120 100 EBITDA (EUR)69,810
148,338 126,744 EBITDA 80 60 EBITDA (USD)1 86,886186,313 173,766 40
20 0 0 4 0 4 5 0 0 5 0 6 0 6 0 7 7 0 1 3 1 3 1 3 1 3 12 Q Q Q Q QQ
Q Q 1 Indicative results using EUR/USD FX rate of 1.2446, 1.256,
1.371 in 2005, 2006 and 2007,respectively.
Advantageous financial structure Mercers levered capital
structure is highly beneficialGerman Government provided Mercer
375million in grants for the construction of the Rosenthal
andStendal mills. This amount is credited against fixed assets and
translates into 375million inequity or debt that the company did
not have to raise Mercers 565million Stendal debtis 80% guaranteed
by the German Government, is fixed at an interest rate, including
associatedfees, of approximately 5.3% plus margins and costs, and
is secured by the mills own assetsThe debt has provisions for
cross-currency swaps with no required margins It is anamortizing
debt with no immediate balloon payments Our principal payments are
effectivelymade in pre-tax dollars due to Mercers tax shields
Unsecured convertible debt of USD $67.5million at 8.5% with a
conversion factor of 7.75; redeemable by the company starting Oct.
15th,2008, maturing Oct. 15th, 2010 Unsecured senior notes of USD
$310million at 9.25%,maturing Feb. 15th, 2013 13
Mercer average daily pulp production Average Daily Production by
Mill Rosenthal Celgar Stendal2,000 1,800 1,600 1,734 1,400 1,534
1,644 1,200 1,349 1,000 1,247 1,254 800 918 901 929 600
AverageDaily Production (ADMT)400 200 2005 2006 2007 Mercer has
steadily increased the productivity atall of its mills 14
World class assets Celgar Modern and efficient mill Capacity of
480,000 ADMT peryear 16.6% reduction in non-fiber conversion costs
from 2006 Mercers Blue Goosecapital project has exceeded
expectations, delivering greater savings per tonne of productionIn
2007, became a net exporter of electricity Several projects that
would allowCelgar to be a large exporter of electricity have been
identified Celgars energyopportunities fit well with the BC
Governments focus on securing large amounts of green
renewableelectricity Excellent location with proximity to fiber
basket and ability to servicegrowing Asian and North American
Markets 15
World class assets Rosenthal Converted to kraft pulp production
in 1999 Capacityhas increased from 160,000 to 325,000 ADMTs Sets
new standards for world class millavailability at 98.8% Efficient
mill with strong cost position One of the lowestdelivered costs to
Europe Achieved a 10.1% reduction in non-fiber conversion costs
fromprevious year Continued its drive for excellence with another
year of record productionvolume Location has strong lumber supply
and is near a central transportation hub,positioning the mill to
service important European markets 16
World class assets Stendal One of the newest and largest NBSK
mills in the world71% Mercer owned Capacity of 620,000 ADMTs per
year Achieved world class millavailability of 94.0% in 2007
Economies of scale have allowed for lower conversion coststhan
Rosenthal Achieved a 26.4% reduction in non-fiber conversion costs
in 2007Non-fiber conversion costs were 96 (USD$132) per ADMT
667,000 MWh of electricitygenerated in 2007 273,000 MWh of green
renewable energy was exported, generating revenuesof 13.8million
(USD$18.9million) in 2007 Location has strong forest base and is
wellpositioned to service European and off-shore markets 17
Mercer export of electricity Mercer Electricity Generation and
Exports Electricity generationElectricity exports 1,600,000
1,400,000 1,200,000 1,401,881 1,000,000 1,297,437 1,274,906
800,000600,000 Total Electricity per Year (MWh) 400,000 200,000
430,437 414,411 403,171 2007 2006 20051.4million tonnes 1.3million
tonnes 1.2million tonnes Pulp Production Pulp Production
PulpProduction Pulp production and electricity generation are
positively correlated the more pulpthat is produced, the more
electricity that is available for export In 2007, Mercer
generated22.9million (USD$ 31.4million) from the exporting of power
18
Mercers key investment highlights Future supply/demand outlook
for NBSK has never lookedbetter World class mills that have low
delivered costs and are located in excellent fiberbaskets Insulated
from risk of rising energy prices due to excess electricity
generatingcapacity Incremental production capacity available at low
capital cost Uniquefinancial structure offering shareholders very
high leverage to the pulp cycle Strongshareholder focused
management team and board 19
GRAPHIC3o39430ao3943000.gifGRAPHIC
begin 644
o39430ao3943000.gifM1TE&.#EA[@)$`O:8M9)9IYIEHIJGFFFRVZ>:;>>?/;IYY^`!BKHH(06:NBAMB":JZ**,-NKHHY!&*NFDE%9JZ:689JKIIIQVZNFGH(8JZJBDEFKJJ:BFJNJJMK+;JZJO^L,8JZZRTUFKKK;CFJNNNO/;JZZ_`!BOLL,06:^RQR":K[++,-NOLML]!&*^VTU%9K[;789JOMMMQVZ^VWX(8K[KCDEFONN>BFJ^ZZ[+;K[KOPQBOOMO/36:^^]^.:K[[[\]LL://_``[#``4LT,,$(`_S2P0(W//!*##=,1^0`![7XM!S7:IC5-4RSK1C*^H0L`&M,YA(D(9]CH?+^(8?=C!$6:QMBA5A&3-L(0M9S&(6AD3D(1/)2%;8(@\X>&$:MI&$S.AH,'MPH!B(9N,;'T3:/\"1/'BP0@QA$,,0C8`#M/R93EG>=*L0I`73(C:&"8YV(5VU,VU;#-NM$9IGBA9"$QOVTLN6,'6\8_]##.M';0BMU7-[I)U*3!3"S4'D/"&,I:Q#&8X6QG.9C:S,\N,96CS?^"8\47$S%$(M)B,9F+4VM3$[.'@4`PFHAG/]$%>]$48R$,:(MS&.(>]YU[O>QR@&,KB1SM,YM#Z=1'0,WK&WM;T=;;LU.!C(,OFHP.P33P,:!#F3!#60H(QD79\:R$YZ-F^+UMA3IX!"[^.P6P/\BW&._S;!J0`8[)A;2.AH/',?+JQF-$'`?3&W:FGRQ9`B[TM9)DP5_U;)4,MH30>WPRKK7K5&A$S/9&P]&ETX]8-.ZS1C:'/H4JB&UU4)CHW^T1`/*T:3W/8M-+;YT25GPQG#'_T9J6C3?RCZB6)@[S9&?W6'98.5HR>Z4JO^WA"6K>#=M-H??#9E)PM5=_Y5>CM%MC)7(2:9H;25$Q%5%#E`%ZD`OT]%!&MT&8Z,(68A(9IR#OW^&([X(X#LX59LD1F*]Q:#1=Z0_=#O`1J,T6E4ZM8&GP8U48NF-&%9^8$HI0&6/5X&SP@&`'J)++``X#=Z8OYEAQ!I11E7AFB3@&MR&!X^EF2)3C:V1%)%TGV*7$8=0S^P!58\Q4&A,IOL[B`Q&AR1)`#?]!.,+--M+?A7^Y2G@&5Y0)I4-J.0%B6H%E54()H$*>J"LC4_4OHHH6B-O&DYS,A_3'`,MU_RIIZ/=T@0I:\"0I)0G$`(4=F@(`@``,U*`#(!.#@`M`^`D[(H,`Q1@!S9@31*`[G0`"\;3B`JQ1(`3B`1K@T4A1"P9'.#9)@@9(LR1=X89)&,M[0HP(KD#V\*Y74M1M]&5`I;S#D'H?A9,!'FO#E%FR=?H1SC&1'*"R>(,S!F)#GX`GG0`N+PSBM):F-T5@G@T&,E0NNR;J-T5H8\F!*'6Z.\YJ.TW;A]NMLMN;2O^Y@I]SAN#9F1E3!-&6Q'&.R=Y*DJOW*0>8ZQT;1'VO2R#U=)]I9)[LE*MD&X%6*?I2B"@;$QX>`=14ZQ,MD3K6JQXRB1/[!F,I*F?@)QFYYAB;L0?9MP8J$G!C^O;&Y,DX/N;&;D-')DF\GN9P>.TDJF4E*A\-6X`3FDM1=X``XZE`7MB@S[6R!X/M9OOVL_K8\?T086)9N@(JX`?@L2P1`:HWL`$JK$VD0,.)''`M0:I+-+'0&FI,LPP]MCBR6"V>6K7M)VH5[[57G@P`YK???S%$*&&"`B)H-X)\$ZA?@?P-RA$\*07X5TZW>BAHB?MV*&)++S@(8KYY3=BBB*RN$(+,*;P>>'*FCDD@N>>:41N8H0`%E[@BD`K(+M`````Q!`0.P9.-F`DTXRX$`!#'"@(^YH,G#F#K([@,$.#6101%^1'`4)(XTTM`H@@CR3KA1CR]M&''HOZR:B?>I`_OJ+HET_I');&MB4A%3F+^$C>`BPT#X=9);N"0D=Q@(!SG0^@9U7``,/Y/F/"U*`@A28(`4I4`'H7'`?L[FM/NHA#WCLM-J#[",@_!.K;W2K$H`+M[9@06E`S%T0XP!GN0G-#YH$VU`+^##5."9(X,:%,I"Q(VZ*9IE[:]?^-\QU3G>`4YKAMRL85ACQD=7U#7N#D;#7R)65YN4LU3UZ2.-@)!C`^#@SN8">\TA'E)X#!AQ+8ML@0GH&4L]:N"&JE@YN48="M.*HBPA&4:D%M8/F9>SF6>U#I#H4=O5!5Q[F9VU$?\`%]3$N3M=0=2S;F98_F?=P&,)44@P353R[F9_WF;""4%S:O0OBJGQ"T`H_1P-MDW$0:_36M^Z+"JG?YE%0OA?08U@$:IR'D8#\#(F\:I&\=PR$(3X=487(=.1?M4B@]S!=IF_Q$TN2MNN,!:W0!)/2"*-Q`$/#!&G`!Y/'!*,#^PQJT@!40;7>\M4-F``2-P`B>8PMIK@CGT`BGTP`_T@8`%E4R01!;\`2E$PB?T`B?@@BB80R.^@01&(I6+$=9&FJ#OF"+MF)16QN!)[L(+NB4,S*6AE"4,S.`-W!H-T'H,NJA":$6MX^+[\.`-/B\,Q@"NMW[HA_IJ0"6LO0$@X2;:GT$"MS6U;-\@+-(.MQZ"LQT!A;LM@%YN04V6R"*4E608$&$"@DR-"A0X4&($BB&"""B[(8(,./@CA@K],2-^$%,YG87\6;I@A?QW6]^%^'&ZHX8@D>OC+M?2$^"%^++KX(8XPRSDACC3;>B&...N[(8X\^_@ADD$(.26211AZ)9))*+LEDMDTX^"6644DY)99567HEEEEINR6677GX)9IABCCFC?/[!DQR39LZ'9G-KRM?>MFVTR)V>:22;@))):*&&'HHH>\E-Z!S^H\O)EV*?TZ49MZ:!#0IIHIIIN.BD\JB#"2*BBCIK())(BF9PJB20RBZ3R19*()*>>E]PLBS!"MBJN>,J*(*;.:EYPNRHWRR*J*80(@4#,0A7/>QZFE*"R`00@M``5H@`LB83]XC```/"@!``)```[^""`'>&K5#`"``E-D;SX\"``*LE?4#2!`M`(\5@`(:$-%6P",+=30"`4CK@&)^X@;9'*P`2.`$``$1"D46``\D1=2B``B\LNM0`$+P/F?4X"&6"+$QLMBK#/!_!:J&X`%M!LM3MD",`,`(:`*E;#6*X;J"*`"DB4N1`,T"0``'S`*/Q7%!U#L`X``';"\>BH`M+M`JOW!!.P``(O#*C*($!$`!Q2.R4?[L`G``%+`$-L,$?:G^0-/3*D@@``_`M7KY2!0R@``,``-?*`S'#YV4+`H_'95;N\8E2D1#``3[&V.Y3!SD0-QO0`DQ@M*FC4`@]@`YM=0%V``4)`+\G1;VM0#O@32UW@`AC0`1E``TK5``Q/P`1O0`5[?`1S``1H0`GU0#HS2M!SPP`AO``2K0!+(20#29!"R0IB'``^OBE'[`H,M+#)_0`A,P`I7`!QWP`;9JM!17@[L$,!2+O8YI\`QG@`2`@!&0L`!^(7]*R*&O@`R7`]AVP`D5P1S,T'XO@M`AR``2QP591@!"1P]"#0`U4@"CO^``$J,)KF``DO,/8HH';F,@AKI@$:U"_(#&/,`0GH`$D`$M8`2*)YX?3__3PB?/L>6(Q$1V,D*WMJ!WR`1#EX`TD:([@080)%18TJ/"708._%IIKN!!A18L)*3Z*\N03PG(@!`@QMIPIC07@2+3Z$=Q)EQI86*2YD"=-F2Y4):]X0XE6M3H4:1)E2YEMVM3I4ZA1I4Y%27'F3Z'F'EK5"O&JU9@MO4*,"?8J3JY=P8H]FW5KVK95X%.MWNS7*^%RGLMF-@N8\+$#&7IMK:]6O8L67/IEW;]FW_7OX\9'.A-*"`H$""$+2*!=/G79:$8_NP7BDN^3.;*DDZ8YJEF^H44M%SDT">J+6QK8')Z'@LB4?W\^R%^''Z8(9:QADIH4I*\>F>&;TYXT8IUI]E#MM\Q"B^[6I[J+WYEEOLYD8NBAC)?-*[)\3'CO&DOR9Z,,'`/64F?M"!^$8VM"B44H6Q9@\)UG(BJ@"'C@00!0@DTAX:,$`/C`'(3B0@TFNH``Z!-$E]0C44A`!-03DTL24FD"8$"B6B16ZXI$3U:00(#M`$`0X`'(E@2%%"[email protected]&U@+N`!A`9NW:PA\*18A%C),YC&9!:?,,,G*FB"(TQ`B"G#HQ`)F";;5*0F0#``M!P?I0P6"``DC$$$*_ON%0/9`A"(\H7LY,0@C#D!@)L.C"0M8PB2,\(Q"5"`RW0#B)X;01M5P$&$K"!$BX!CTHL`=#7,T$0IA@`Z8P""1D7H0,GP?QH>[=]&;2AR00P0B_EAH\;""`M.DQ``Y6`!R64,(0C)'!Y\/#%Q;TM"I,.P0$D*`(@),*'($&Z`).*(06X(!`4(5R1`)+D`0>.#13"0($)6(0G$(!((B(K&5WI--THAQH]BMH]JKJG?\X\&JD\K-JJ!=2F-X6JKWJKQXBNL)JLOSJLMQWK+I'I`P=HAO.8`?`13M'J,Y%JMV2.LKWJGW3JG`UNP72=3R106Q37L63A.U+UNS$3M[QSM?3J-SU,T6XMGKD.:P$W.%QV`!7:IM@P.*P`@"?""L\(#!`:#+`@*\P!3PD(0((E!>*GR``"`5G_BRM0Q%=*`!3!P%M#`I@K2JVX&!1\*`D`E&!OO"23O!8@@`NI6,2)(G$*S!''R;`@:\U80(*,*QPMNE*$`0"X"2+H4@PF?`+N%`5*[`!D5`#%.!6MW,"%F`NM?Y8]+R("&0`!O',`*',"1-@'5U1KCX0"2W0`GV@$$%0`/'Q6O`0!",0!;I@#H?:%T?``,@2M!6`7"K.@!!L`=H53`#10&C@P`"[P0MMS`:;`!Q:P47\,%"S!/100M`0@@".9``P)0`&B1$A]Q`![6%E51"ZF%2%K``,/P2(2-`@"%\2E+E(2(TJ@&@`RBGEM;+E93L(&X0.E!B-XC7K0H#+RI:BY-X[X*;+C$A\:@UR^5&7XAI!#,6&^C,1CMHD)53K@H"A(G@J>)M&GQ`>D`/'D%X7`,>M$G&X80FR7AP1!S%L(TB+''#H09"8)@'""8+TNZB*.G9`@J`E;@A"DAYR-,0&MJE[Z8X8^""+FB!MNZ,($$W!Z428QY@P$GE,&O>C^_I0;%F,8JLF'@;M#=\Q*!,\3!H0,^%*)YO3"Z7G;OM@V^TP1B_P$`R;`/V.1O@&(V'15O#`1Z3H]F>UC"`,8R!`6`H0]A%84H=5#$CM\(-L+[`^O3-7?WW7OQ\B.S%`+[!!#1:P8!MMS;U$WH(&:-!\,HXA&"JI+V#-M&?Q@^P9P&;#H\/!L*8Q!%PCB&\[`[XAOE@SA>WRA+8H!&"0-,%!!K=#NZ*;-M&UC`!+8!/$00_E;P(99"%JJA%*K!$*(A&8R!&MC#_2AB*="`'YQA$/P@&*`AM%*1A#ZK^X]4`@`;:H1H&01`,81Q&X1MD"?T0;^BV+K5DX8Z6HB\^8A2VP0#^M(!Q&01P$@>OZ(B-8(1M"81J"+0=US5.L01F&P1I"@/58T`X'989TH1E:P0#4M0!F4`0#W#R+>H@V((1F:81=(X!>:@0T%"`1F:(1C4A!F`(OR&[0>T\`X%(\S(@8M(Q>GQ"BDP\R:@L^"4=DL0Y>&$9B4PA@-HC%^:&UT,=#";-`*39?Z;!F5+8N`7C.$:U,`0K($91H$;DD$6@BTMX;(:ME$$0=H$90.`4P$$77*$,V@`7R$&6?,`:7B#D=($4#"$;7F`8F&$:`$`6W,T5M:*`.?`$=]$T73L$5G,$#E.$4AH$[`A&K)A%7BA2H$7%XQA&HI!#J!A&IIAU&R@;'6`&J9!%^H`\J"AM#*!!!5@@&6:L#IJ!&IA!!Y9A&GQA$(X!!(#!$%Q!5^=O$/;@&%I`&F#!&YJAM&D*A&%B@%V*!%)*A#JYA&DHA!L#A%#3B&Z`!&DAA&7@@#XJA#[R!*FBM#H;AM%73!`XRA#;C!%9`W/X$!&[I!&7JAG[:!&J*A%61A&P9A05'!!JZ!&ZP!#LZ@?!&-"!&TK*`/3@&[B!&]C`'+;!M*KCA&&C^`!NRP1MR81E8(!>`X16^81QZH1R>`42/01E11Z=(P]XH3$#0`*,82!&\Z\0))$4YYY$991MNGFFVL"@`(QM@,!H@S)ND0CGGGSVZ>>?@#[G`0C/[$R2%(*+P9!SSGII'>KI"0TRM.-9A'[*Z'.'>C">6K%>RJF:M@/;JZVJ;X:++0H(`0X)EOSI9*&.\GFG9JT6FF>RTU%;KJ[19-EEA?MA:Z^VWM*66RNH]%)&CN"FJ^ZZ[+9+6*'^/[+(:Z'=NFOOO1D5:H`*=@"RE[[X!BSPMP`07;/#!WS[')KT"G`'.W-90D026TPTWS9!`RBO#]N80MFT['+??=H8\&M#%."BD`8\(HN[`1`B$DO-&&':\$$H@N/`B52PPGH,+"M60"D8(THJ_`R"`"`[/**"M.D4H8AW9P!"!MN[!**8+P$@UPX/JBBRPX\M&'`M'WN(DDO^=W6L,;'=P`
GRAPHIC9o39430ao3943006.gifGRAPHIC
begin 644
o39430ao3943006.gifM1TE&.#EA[@)$`OY9Y?X)]@(2!@X>%AHN)C)"/D):5EYN9FYZ=H*:DMIZNJK+"PL;.UM[:WN+BYN[N\O[Z_PL/#QLS'S,O+T,G*U,+%U[N_V;6YW*ZSMW:*IVHZ8U(60TWZ+V7:(WVJ`XE-SYT1KZ4)JZ3UEY#E?VC59SS%2PB]-N2U+MM"Y,N"Y/P2]:WS%B]C%E_C-E_C1F_C5G_CAJ_CEJ_CMJ_CQJ_CUJ_C]I_$!IM^T%J_4)K_D-M_45N_D9O_DAQ_DIS_DIT_DMS_E%T_E!S_E%T_E)S_E%T_E)TM_E1U_E5V_E5V_E=X_EAY_EIY_EMZ_EMZ_EMZ_EQZ_F%^_F.`_F.`_F1__F6"M_F6!_F6!_F:"_FB"_FF#_FF#_FJ#_FJ#_FN$_FN%_FV&_FV'_F^(_G"*_G&+M_G*+_G.+_G2,_G6,_G:,_GB._GJ._GJ0_GN1_GR2_GZ2_H"2_8"3_826_H::M_H>;_HB;_HJ;_HNF_IFH_INJ_IRKM_IVM_J"N_J.O_:BQ_*NT_JVW_J^Z_K"]_K3`_K?"_KK$_KS%_L#(__MO?_=_D_N/G_N7H_N;G_N'?[-[9WM[9W=W8MW-W7W-K4V]W7W=W7WMW8W]W8W]W8X-W9X=[:X.'=X^;DYNKIZ^WL\.OL^.GLM_NKM_NWO_N_P_O#R_O+S_O3U^O;V^?;U^_7V_O;W_O7W_O;W_O?X_OGY_/KZM_OKZ_OG\_OK]_OS\_?S\_/S[^_O[^_S[_/W[_?W[_OW]_OW^_O[^_O[^_O[^M_O[]_O[]_O[^_O[^_O[^_B'Y!`@```0`+`````#N`D0"``C^`/\)'$BPH,M"!,J7,BPH[V8T.?+-J'\:Q%WR%G@Y`G:O@:,SMH0(Q%PW554U$WQ);Z$7O@2Z,W&/@MZ\`WN?V9SX?2L^#Z,.>^#6).?@D57K,O3:5;BVM:SM$^Q8"]M7M\)UL&N%K%O3!%BW#O:QMA,4K8BVK5[CR];*[\:M:YJE6SM@+4K7#V;V^]:NDC:UA=4LZ'$EVL6AMDF]?>]C#_E6S@[5M;QT[6\:JE:\ZMM*QHY?I6X386K:,M;&R[2EGGRA6S=:4N;*/+V^\^E[:*K:M999O8XZK6NKCEMKGB=>]K*YE6Z[MUL:=MKVK\"][B"3>M9V6?>.&>EFG9-P5.M?$YP9J#YXQ-D:ZJN!D:A'GG&*[S5`::MXI?[^,`S/G`:=GSG/=;KR,LZ#>&EN896!KE>4TZ^_G&*U@_S@=*>=U!^O\IL_W>5;I]PT9$[C&]6(((/TQSXHJ('X-X4=MJ(-"&(+5$("I4X*$%88'&(ADI3_^"YA*#=AH,H@Y7C:!4CA_C9@ZK[6!>BB&M_`>"1#B"%SB&)GA92QA636A7B.B"BNAD^Z95V)!!['988O8Y&M=Z4]9CV)5*MF7-:=$6"+)J@_MAA,B"-YCY-N9?5&5J8Z,+>%G>5F5\5>MC#9E]72!-]T)SX8."?.6-`V>"K;AA/R)Y.5*.[AB'SB@_Q6@Z]7B%M"[ES_:,\9&AT]ZA\,AAU_/AP\CB.?R2,A-6*;,5)(1=J[=A9"AF/DO.1'5>/M&1B1&?G^.-KXD1>I[R7#C+7C\[9;UFC2=[CMBXM`T(DAQ&@N':5^B'M,0'MC/X2LSSFM'05K@;V1V/UFFQ;LD'(C496M&^U6_+36679E-/E>]2XMF?[L5,[MCYVXL[KS@:KUFB1[M?"CCI=%M(FYLBC+CY3EKDX2KL\X%MBW,+FU6K5ETKAT99N$8[N>RU>9PSL#E1L!=*/4-VYV9?-"9A6:7$Y@G?O%W5)FG+)]X8!]%_/NW?8VWZHM7&W)1YGV*U57)4EON56,!JSB:E8H=EKZJCI0EZ"*MF&K6"(0@-U@UXH%(6(`ZQF-"RHO^1)2I[4BDS--RAA7(?JR"G!-VH9-QE^>VM`?R$1.AE.Q3*0PI9:L8I.W?*&6:;*_MTM(-?*0&?+?17'V3MEM$S)T3QI:"5WZ1>*LZB;>'I_ABQ69I:E.'+,=ZH_#6B%MET5[SHQHT*Q&,H"OG9-&9UJ?E5>CN+^8+[@$.>(#O[B$9Z'6&Y74^[D;9[C>K;CM6MX[^W?E4;YA-WED)>[/99[BZ/SGX1IWW%C&X>>8VOF9J5)SJ$GM=TMYB=I5:J3YB>D1*L]I[/:M(C>H1D=K038\]P?'@SK.!BCI/-2.?6K7XD0]4M8NVH:=?XB,M[&[N3H;NSXCLL3>HER+7V`:BIO^W*?))I4?Q!]G/Q1:E_:+P([PM(EJH0HNOWQ!6A\HF0)^:_7[T8)G!MH3J>MCMT9X0+22^7&OJV;X:K/6;M'/.VWXA[-5,F7ALK7[]4MT.LO#>Z^+X>M8N:H%/:PPC0$_HP)#H(9GBT$#?14(@@+)`##"/2@".\!2*6`:"7\(6QQ#C4#!M/5BOEQS8,Z#.SI-3709!E6Q@#,Y3'M/'2)+TC#)[P:)=S',3A;-,`#)41".[`"+KS#%Z0#/KC"._C^0RV)(@[)F6D\`UB`7^G0MU%HF=`EEHPC=]W,:`.)RHVN>W?*N.MN_-\:?"FO8.+7N"%?+EE*!?)=+Q$2@9Q-_EQ\RAR459N=?MP'XC9RJ[R9:9#-PL?-U,QFKH;^?D8&OJQF42I\="Q\2X2`.KM[&7D'&CA^MFJ5ZL!NEZ0IE]N=GDFM^D:5Z*[S%+PG(QZ?2(\=8)"AI.GMH)037;6!]@TJ:M>"!K^W?H`>B6389]G-._-8@^CS[;SSGI3XX'D95QNZL&@29]@LGI=[U[ZHIRM.DMQ)=3/P`>#;E#`D[7J5!FXB\:8-J>!;SY9=F#KLP;ICE7)N*>[K'?I;9B*MP;Z.DDZ"9AN`!,B`D'Z`ZU/&?'NFZVEC[443:72/F2%@F#GBYFZJK$H[ZT@79[PC:H]+KJMFD7MKT[^\*K'Z+7N>@H?Z::F[K'7ZVV8Z7*TZ7C0Z0,*ZGXFZFA`ZCY(CLZNMG/^.[S+.F$3IRY64[1[*[76&ZR`\^..\.KX@F!'9&IN$VR^6%]0G3\IM;\$WIO%YE^5Y![L#A?L-=KJ[9^G5EA&8J\[T\_M'8Y:4I&E70\0%._MTVQYR5?VIB0D626CG8D#"ZY!"!,,0XMZP(S6EV]"%Y?'T8RG*!WY4?JC0P&!9/24(P3*RLDQDA-L9YUA#V$A-DDM'F$H,Y%K&07?3DG7;'-\2/.?.'O("QBN\R@Y'-"S?;1T([ZRB1,ZN?@+8ML#,SU\,-+K>7]^WKO)#]WR1@?5W#>/>N?3M!/KYC=1(`'_UV>MGZUU7PU'`WC9EDATSI^N3:6,LGI"\MLLYN%NY^-"\NF._MXG,_OMN]-O@[!FJ^J>B0/J@D?=/`3#*`\4":@,H*Q0&2S\.#?Q(0QM&@0D"\#91P&C68J4(4D:.[0EKKB9HX/$;ZP#0,PU-9&W["Q)P(PR3\$/\HMB(=*,/F`0U=APO=Q`S&"0E`D10FY89G47$&*A(&1E25!X5B2\@#C^1&4@M'$7%B1WI*-[XSDR%MT\(9/`6SBONA$_RJT\EQH1,\U9$P*"`Q.!8Q-D`%@UG)TFF;B7"!U!PL&$9]M*'S:L4;YH@Q!R/.XEXYR"*495CJB"3=CE!714X+K4V=%$&C-(%B=-OTXU/#"M5JC05EW^]9,N\0C"D51QQ55+Q50NN;#B$1(:N9=V[95WU1]>FP\9$=2=*%2MMY(RHR5=.:=02FE4!B504O-6-NU1]X=5-_55!>A>A&V&5G$MEOG:`A:4R4U@RV4C06%?%>-)N\&T`W#@WC`#C`H!3X^EC8M*8P3E=4&4YC\TE$\OUB@R%GQX2[^[X)9`_1>.8K$>ZPXD#QSQ&[%1B>3BB8O()\;D)*ZQ)?7@BCC"C\+A)U2424A!W_^`M&ZOR7Q?>YID\4AY"B0YQI=@0B`3^G]-AC)]0WBZ!0;7Y"XEH"8.8'#>//6!=MH"(N'+PMVT)K7$_K&N:%'N=UW,/0D36`4Z?:2Z1YFV@=B!ZM:=Q515AD6)A&'NZ1U-YL?;Q1U!N7K=&%'6\H!(8:7VBQ1GM--WY_GX!I`FK>8%MD7DAF&1'33Y9$1AV3*G%F%UWK`+*MY&SGKG1HE5?^^8:2!)8Y*)CICEEOI6@J9"%9;3[U*^D:9O+X*UD4Y+&$%8VH()Q`9$C;MFTIV'+0&>#7!QJ?5?24%E@31U(8QW6-MTA=%O>K?F%JXM-=@9^6G1AO3JO&DD@-Z(3KJ8RA8*'FH?U>N&UL>][IYDWR-^A1ZGQ?$D??%DU\P/CT:Q1$Z/O-2NUX;L;6]*M@T,-4,+7GO'9#@QHF,B6[I"^Z(>=0H+O68++2PP:2@2E^H)K,5#BT(1/NAU^"`!B>(S=C`1;.X1E@(0C^LD3IT`P9;J`&IH5'88$:AJ$_)5-F9Y:7MSNH'CL`(0FPX26Q`M*,X2&ZF5R>@!IB`:@R&>+&M99JI&8_9)9OMF9]_E@+%I478(I_M>9FSF9SY^0"?!:'5Q:#3I:`)VER^S)T7M>I_)>9NMF0+K>:"!:9_[&:*#&:3^01K&Y$N^`J.C6]FDC^S+5$F5QOG(5%JEM63JF6QK&9AKB,CDBH$N_6*"X;/JF99JF6=JDA3JE8;MO,O;O,\;O=-;O=>;O=O;O47:IKY;DNHW?.XP2A#GG\,YLD]:F$>X?OF;M(_QM]TH4P!%ZJI?[&"7:H4=8P;\[*%1`H:_[T2J%K#GZ#O';!#P`OP^:`2N+`*:-M63#;60G9F`H6^YY#0XHMJK>F4"!NW2!O7=B>A0UR[:ES#8[R6-PEBEM#8YY]8QZY16.JE-]#"90EHPZ.67^!4GCVA>ZYT+[$T44L'8GJC>]@()M'6CK^R1F)54R8()5-J"#CH!-Q*6AD.74.6=;C@IYA1-K/(J&:8/CJ95NFYX&8.03Q=@8MP7FAR%K%+EDY?5N?,$@EW'J^+950,()W?&0P""[0UL+GD4R#ODHE6A/\+N-4F;`1#%3M0+S0&@;M`\&?KUC`'DK4:A$12-EF^)R(7O(H4;81YZB7]I"=>)-E7M'[email protected]/+'C`ENL)B-IC@/MJCG1*LQPSB@D-.$/U"5XF869QU6+`KM]ZKN/O4(MYZH,L(`4U>ANZ$$47K$N6_U5&.GN-0)89%&?N]9M!FSOGRC7."._`VKP^K[OMZMB)1`6990HYT?80`(\SZ"9PU?;OUBZ)U]:HV)X-[KZ)>(OPF,WM`]EM!=P,MR0+N_%6DX69N$(=O+D%N659N0VG^JC]DEM.VU?>QB))8,]*^;@C)[A6G\=K^M[GYKF7O#$LV%ZV[[-ITP%WB)RX.2*&R+K[!A":(0'G-97D!Q*??>FJWPYV#YMB::(KS;U37\R+7Z38*(@[*NXFD637)`Y+-&;3-`'9H=4%)'?.5-#_FDRCT*HUHUMY;GN=;E/[email protected]=VU40$I8IW=6`'RKEG6A2G]A2J6>'?J'B.>SB'ZLB$@>B.MA&@%ACB/B9A\VHB+^DB/7J>-ENA)F*AJ8T",7C>0O9_2EENEAW")EX$62W09B&\9:F>7E[EEB53IEXT'F!E7MAUP)-6NF)*V1V_1]Y7?5G5)V7SN5(:*YDZ]:(E=AX!IQW@NMHWE@*26"(E)2)^DM)'6Y-6@;2:64:*?'EWIJ-09$;)JH7NJC8,>H0DJ*3)B0MLBB>5#"/-_AV=LI),WIUV0B:Y,=\-PJH.3IOKE2H!JE,>MAZBTJD;+=J2>I)M^6B)M"B-=Z[>9P;6R6NNZY20@^1294U8B4>;S1F93L[2M4G>ISU;C;@Y848JH@SBN"/D$E-[G)^GEF\-&H[YTQ)#[?+_(^]T]>\.U>]"-"\S,"939.M&Y"O\CE*[;^P]B-B0_HN%ES&&R[6C3?[*ND[2??26C?\8-2.^-&M!%*`1-"!E.^!E\_.X@4?^5_N\M8A,`#Z9!MWO?^@%"MA,`/!PXD^"!0Q`*#"0YT2-BAH42$`AN*."!,UH$%$ALB3-#^0C8DG>_X,M.K3HT5(EDC[]5FQGU*R5=C;=FC')IJMC:Q7;DC7(V;:APF9:N[?PX-JS)V="+LIHHXX^"BF-"]SP##_F&&/,-'F&PEE__960P"G\?'+0MFGT>\$D]Y_!04@*,\*--,K(20\0EZG33QRSO*%,--C\LX)A2.B4RCSO*,.M/\"9KH0M?"$/4M"T:_"!(4OBR@%74@Q"RX(7^)&PU1DA&@A*1N".$`0Q,$/>MS`%/QH1;X6(@)OP$,'?4($-KZTC=U1M1Z0+L9XI5`22&%#V2U_Z10)NH(POG>.'')%)(057DBB^M)RE"V,,>]'!+`HD`#WO(P^L:\H,_X*$$,]A##:YJ$"3LX2(L7($>]D"'U,W(M-3+!@3;8,ML2`"(0@+`N'_;`!U85Y+U\L*I_&B*$0#QL-P,D7KO&-@1P2(3O91#.NMLI6OW*,78WG+7.[RHRRCY3@QV-1=)$7,Y%'DV4WERQ!MF`UB:[email protected]""4(NZF[(1B?^TN1%1`UK#H)+,`D8M:>F`VB+K._2KMDZ.8B6S')J'6SFM@HFH@BT#4H>[+JRW-OE0SFC(PB;6#B,9>K@R:V*.^*JT1M/16/A&4WQR:VF%?G$E%#!]2]ALUU6LW68#,XT'E^C&JD?2+IS`8V,*#8J9)HM;BH9^=LZ&DUU)-T1(.M;DJOC#;\#M*AWKR@&,$A`(PK145,!'-L"M[:#3(73MA>"A&?CB\`%P0`S38CPZ!!D%,P;7X:TTI!3*:%?X8KD_#!_[:F&,M%/IF0X`Z+-WIMSYC!SZ7TC=A?*)H-N4$LFAX,ES_X3M*8'T@EL(=1$2^S[W.6Z.">WO]0Z00(@6$UMX;*)V$8TAS%AP0+(0QLPJ(NY58S-V*3!PSL`QCO$`YJAV?L>[O/6X*4.ZM=RM*#LZ8+/^^F"YO$XY^(.3O2_](O"4O2^1Z>X-&F`^ZJ\.MFULVN21&JG6!0E4MS&\""*B.4WB/>ZJG/OB$TS:&9SA*G$NY^D-(83-$?CACA#A=PR>)M^T,ON$YL&F@:!RA`WR/-[C_=[G?=S_/>!+XTG0P#G4@SRXGI5NA!MHJ4,(MP2)`0D='@"%`@B&DVAA`PB*([8.(,O8!^O[I$/,P"([email protected]%``&M)MTVN=`SK^`%$7L$$]K($@TX`]`,2;N.&@?0XS%\O.GE8MG3Y$F;+.9+\T1"`T6).G3MY0CS8MQ9\PDT.-%1M6K!A18?X$Y=F31P_+J%"EZHEJ%:K5J'WFL/,GH6=8L6,%-!"@MQA\QHFO7CF.:IX]6/7OVS*U+UZ[5N%K[V*&7CVQ@P8,)%S9\&'%BQ8L97SP(M!I^]>_5D&)3(P""C1?9F"#@H0U[G=H8BO1'PAET;=0)BV*/B.>+"A@\;Y\2HMD2-;W1]1JHSY&_C,FC=K-_X9='=R8TL#9:5ZU3ETZ$_UAE#(]OP`S$LLLM=R2R^P.FD">+Q`ZY)P%??WUT$'94'))HL`3KP^\DKVKNCWBFC(NKOX"UM`SN[P6VVRU9>(9F.""#3X8X805#OA1HL31Y\;UHWUCTN(%KF(:M%X8"9(4UMAX5")7YF:(=2R(!VF(=XN"IS>$/^?1B$;"B(I!=4>D@QT)J(9K_CU/^YY0MB9>Y4%1%`H0>ZHAFV@$9;+Q:M$&)[@]8:X&1`:TJ3*[9#JII8ST=]/VRGH@[LJ^YMK?Z3=1[FMW4YM8AZ2>OIY;I[KDU>RT>[M2&WMZS[LBOZ@ZQ9MY'R.G;?8)+./J4W,*)W:MX/QQYM+'4L9GX(I9_1Z\^]6;1FX?.'#IQM[_;=T_>NUZA?^THQ&60H$JE>]0JAVZ4KWSY/JUZY8M7J52M8L%RU4L5K92M>MKF"]XO6JY;ETNEC:?/GITB-#@@#AR9,!0`$`3)LZ?0HUJM2I5*M:O8HUJ]:MM7+MZ_0HVK-BQ9,N:/8LV[58%`.S^Z,DS)T@0($KH+ED21XD2N4%X[.#!XT:-M&C8*V[AA6'#A&D)HT+!!8T8,$"!L@(`3BU0I)!A`A``QPS/ER91#A/!00X8.M2Y9IU`"!*52U3^N&=O5O/)*P`]^-V?/V21/L"YL'(\?/!!M#3=$+)@'E(5,L0T??V:#PVEJ_#`0.&P&'M#89S"0,(25#&(:`\'&.D"#`MH/M!!?80,(VX#`08``#&T-@R1`X@PANH#(;2`$(:C#"D&DL@EX*0@V"``?`+$$)M0A`"$>`0!R&+!HAO&ASJU=/`'"[F/MH;4R@6=N_>-`'Y#HG=4R\?*S,R\S,S5RQOCE\).LCW:]`'??`'`Q@'4``%5V`%RWT%B,X&IH`*M3`-W=`-XA[G8.WFPDW8$MOCH2[JHSZWU5ANSP9]/M)^1U[DV86TV.?3IO3D9K:OZNZO![&3VR07:UO9\[F#E[0O9O:^CK0!*V[M;\[GM2JSD;;=N]A1?)W7"NS/?R:Z]NU,+W&=[2T7[U\!M]\^^Q5K-]U[-SGU-Y_B.M[37_]$S?SX6?^.%^W2`=!U:@W%&0Z,HM](V0"I#N[MZP#?O0"ASNUW/^^#E_MW7TPO%:/^JFO^I7BFV8RO==6/-S^)_9B#_N2VWTE^[VLM%RLA*751[7-6L.B]XC)L0+A&&XPM/O[P*A`W&K,"BB@@M]!!M*RBT3!=OLJG9GEDXQ'.TTB15C=)6@W[(6H-RW59HI).FC56F(V+V((^*CEIIM&,-%#J5V6TI7W79[FO3^],$0"*DG``LT"1(P3P@`@.UR(T"$!1#W``^TK7:*$5$1S6)&Q$V8JZBL*VF;1+B'&UCKVDTC:\.26)>1CC7OB"56"[%V,?:')!=3B%IEL5M3Y2"`'@",0@#,;BH*`B'X5(%!N!!"`@#1Q@A5QR`"```!Y1!;/&(%P"`P50'M&\BD""I`&.BV`!A&HBI&%$.#UKP%+Y`?;&D!Y*P&!*@O=8C")%25%@L`^;$&M"%!-@8`$^O3*``#-;H.PI,J\CZB1(IJ.(MHA)1&R(:*)A5&/?70/?,2K+AD9MN\F*IFC^'/\`C`X!#/_XBQL-$#`[2`(1LX;4,N!+C-=9LT%3&=!0/X>T#T>!MHT)[297Q@SX0!$%@@Q(H@9#,OI`S-N=5A"`R:Q%AKJ%`(@N!B@`:5`6]`'3ND"`)@&:*0!94*1XC^A@*0`'OP1%!T!7'X!G&0!BA0NEMXUHZP!C4`GN8Q6C7XAS.@I14BM+Q:2``.0AILB6'4@[email protected]!R@,,S10"X@>)AM(4>HKVMH``F`SVH`J7&`@'KKW@,P@VB3B'2LB>F@6BBYEWJ9#JAMF(:YBB)ZM(O`8C_9KO]9K$_\Z"L!8OMD(!4R.=3&(!3(`!?S8$`6-:R5(=P.(6]:\`D;-96");\L8VB%&38A=RT`!V!O`>V"@>"&"7`ZHA&(M51``BI+^UYC3'VN1,`@8"&F`PPT7@/\;H:3S`GMP@`!@;W7(JCA\N(AS9H((M05NHA@%P`?$1@P`0V"=0S7IX0VYN4!?(!6S1A1?\AQ1>881"$1?4GW[P!Z'>M:%P8GX0F"'N0:@($@"DH"#$`@!66@$O;(&N8``"X[W\(%;$FZ]8X:]XA`+5FM:V.LJT7/WMQ.X20>;^LD\S(1L'=X[C=Y!2;BJ!G%JL*>?P*CD0`@J'1YLOGIA0P=Q\\XB[M>:^E"4LJ3;FFLJRX;$83(-[*8E26K5]D0/,[W_K>-\'46RIAM'L24LVI5'_[WD/XB7"$;AA#_\#[;9@!2M4Y?*`%>R(;`%!6V1G(NDT?E*;(5MDZ.92[2;IBW,)[YS$>&/;!P@`,6!Y-?[[O>_[UN]M%+&?Q0F.8/[5C[*:S:Q)A-ED"=:DE[FL24UP*8P``%32"M%D8#!?A'`Q3`^)&A+WKC-Z+AD@&;0P"0Q>U23,,XA&9IXN)+`FAJKN:/"FE?T,4C%(`NM.,`CS((`I$(+2,#/```7\)/8)2/;!``8TDO::L'OM?:3X;F9G0N@VQ&(L=L,BO&GM_6=D;BA-7O!?%,8_B,&+](87O,B?S$4:M$`+MA,%XS8(,E,)^I$(,Y$)=@,,:N(`-K`(9W$``R^H9(W*0BN,%U9JVV".J("E;MRFQ88B>LX*PBP,$,*\+KVB4+%^![7JD,*P+'F`(J(`_R7`S^(YQ"ESKK>UXHMS0ULZX6@]Y9M0Q(H$%OMU.)I0XIQ12^Q1LJO1#=F@/#E0>FZI55/]517]6HKX,D!`E=K->S:I>=Y'@$FZWJ&:9?2L`VCM@@VGPBJD0G`S`B)T-/1J'=C"-11#\1@[9G,[-\'ZM7-+]W0W-V$[YKGZ-;>,M@1AXI`T\`13+]GS3=WVSC.B6M-F?AUTC^("!6=QQ_`[ALM;9L_9EL@=R]F.=Z*L(_G^Z]=%XBZ#`BIR:*4_>>RF]S,^2>&WF?1_=UWUPAQ($-H,!PA4`(K)BW8;9$M:K8V;_1,0A>34WJE5["3`]L%:=X@`!3GEJ,S(ASN[^L^PC`KZP"@^BM;SU+5GZIGLZJ=_+JF]YJO?L;Y4Z@N?N>OK!#$>K*B.M#:>YMT1I"(6S+]O)M7P,"LPK?8YP4)`K,5UW@7U@2#TP=,W?`%N_^PFPOD'9KW/',^^-H2#'`P[*YKQ-_]Q=._QA7[QT`P0A@0,'#C)X\""A00H%+EQ($&+$A@P-4B14M:%`A0H'BZ`#Q$61(2R,[=?)TTI.I0`P+:0SD$&*@3ID\J;-W3UU.G3MY]O3YM$VA0H4.)%C5Z]&@]=;G0J#GS-`V:1[K4U;.GCAR:6C9SKHHZJRH]=:T'\)[+ESY0W`\*\49"@S9@#"?(3Z+%JR(,R#W+MM)PZ@1+`!$4IT*%&A1(M.H4)U*A4C1FOMMU]Y6CM\@IO'#GQ!1*>2L8A6L4,5Q:F8(0VCD?D*3R'4%*$+$837+I*('Y0`!!"%SZZV-D/H("T_Z;GA'G(X-F%^M##CM@`(-IA4#L%QE)S&BP2D\VI49N`(K]W!$%>P1CAJHHAI02,8U4J$*!>,Q]21"N)DWN>%0@^;`"H/?%I'6TP+D2DYP(?G`=1+_AM@5SK6XC(]EXCM4XU`Q-=I&,@$(70A(B597B&>:E?'E:P]#$W.00)(HA.:$1@5+B2)8-F.5`(D0@K"S^MU`-AR'A3LF@"$=R`C&$X`30Q*FQ;64P3!GI8L17LB8RS@8DF-.$2PB@KBWGDMH[;C/&>QQ,R&8>[D!M;>4AMD#8^I0*2'WJ4G^!+'R)@YXE`SO13B+0K=.+IA4R@E2?N@LDP*%N+VK"M-%';)ES`P#JQD@;U@&-!80@71;;Z`'2@D15M@0]2,!S_J:+#T0(_``Q),4-F:![!0)PWX`/K\#PQ`$ZS2JFS(CPS)D2S)DTS)E6S)EXS)F:S)MF\S)G>S);VS"X2N)+#P2[YJ^%IR#XIN%\`D>I.R_--'`'6[(;M#M=/?#^``N@``\-!?ZLM*YES-88Q!8$W$%7P(%^R$DY``4T`##9PD&62S2OQ`Q*@``R`;EMR?PF]66,"MT_NW#C-``U=SPVB;A5M"`2Z`%(9!`P[PT`H@`89YP^&AT`-AN6>AQ?O,U%)LMM`,0``\@B@(0`#@P#+80!7?["D]0!5"P*&[P!+J5.$_`N6T0!5,`!3&R#C00M``C@U@GP!)LP`#R]U4]0DL`@!4]P.)@``010!=W4!EXM?Q_V!%#P"G46!-H1M`$Y0!:!#F4UP=2R6`P%```D`U;K"%'$M$%,0!9C@!)0B@)J='5%PUM/Y!$X0M%T$@`*KD:`*1U>3C"DZ@"5:PM4G^W`9/8->1,FI04(>;(-N5G1E@`0$!D``)M@``/X`9MT$+`#.O`,.P"2N.`R%/U3$1`)-I[`:P#D8NN;VN`Q"@``^AVK83M`%?W`!`0!+2>#=-2\,W4WJ+^\2M/`)C`[Z\@Z#6P"1/^WU(@`0EP=;G0`S10M[I?`"0+03`P@`3W0\\X4`$+@!`%@`^O@WXMR$[:0`S2```/0XD?!`$#?UP)AM``N0Y?4N`#-?`!70%E.@WE:0#4WPY>M`!'-/`P1P.%Z^"06/&4\P`&Q8`94]M6SYK\:
