Prepared by E-Services, LLC - has filed with the Securities and Exchange Commission (“SEC”) a...
Transcript of Prepared by E-Services, LLC - has filed with the Securities and Exchange Commission (“SEC”) a...
-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type: 2001,MIC-CLEAROriginator-Name: [email protected]: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info: RSA-MD5,RSA, AAFdTpyub4Pm9meJLHU+h9saOcoDUDeIq+lB9MLAK8q+BzunF9MHwZE7GexbSilM AtaRfyL+8S3tCu8hwoMmUA==
0001003297-03-000416.txt : 200310280001003297-03-000416.hdr.sgml : 2003102820031028123250ACCESSION NUMBER:0001003297-03-000416CONFORMED SUBMISSION TYPE:425PUBLIC DOCUMENT COUNT:30FILED AS OF DATE:20031028
SUBJECT COMPANY:
COMPANY DATA:COMPANY CONFORMED NAME:PECHINEYCENTRAL INDEX KEY:0001003467STANDARD INDUSTRIAL CLASSIFICATION:PRIMARY PRODUCTION OF ALUMINUM [3334]IRS NUMBER:000000000FISCAL YEAR END:1231
FILING VALUES:FORM TYPE:425SEC ACT:1934 ActSEC FILE NUMBER:001-14110FILM NUMBER:03960261
BUSINESS ADDRESS:STREET 1:10 PLACE DES VOSGESSTREET 2:LADEFENSE 5CITY:COURBEVOIESTATE:I0ZIP:92400BUSINESS PHONE:3123993000
FILED BY:
COMPANY DATA:COMPANY CONFORMED NAME:ALCAN INCCENTRAL INDEX KEY:0000004285STANDARD INDUSTRIAL CLASSIFICATION:ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350]IRS NUMBER:000000000STATE OF INCORPORATION:A6FISCAL YEAR END:1231
FILING VALUES:FORM TYPE:425
BUSINESS ADDRESS:STREET 1:1188 SHERBROOKE ST WESTCITY:MONTREAL QUEBEC CANASTATE:A8ZIP:00000BUSINESS PHONE:5148488000
MAIL ADDRESS:STREET 1:1188 SHERBROOKE STREET WESTCITY:MONTREAL QUEBEC CANASTATE:A8ZIP:00000
FORMER COMPANY:FORMER CONFORMED NAME:ALCAN ALUMINIUM LTD /NEWDATE OF NAME CHANGE:19930519
FORMER COMPANY:FORMER CONFORMED NAME:ALUMINUM CO OF CANADA LTDDATE OF NAME CHANGE:19870728
4251alcannorthamerica.htm
Prepared by E-Services, LLC - www.edgar2.com
Alcan + PechineyInvest With ConfidenceOctober 2003
2003 ALCAN INC.
Alcan has filed with the Securities and Exchange Commission (SEC) a registration statement to register the Alcan Common Shares to be issued in the proposed U.S. offer, including related tender/exchange offer materials, and such registration statement has become effective. Investors and Pechiney securityholders are urged to read the registration statement and related tender/exchange offer materials and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they contain important information. Investors and Pechiney securityholders may obtain a free copy of the registration statement and related tender/exchange offer materials and other relevant documents at the SECs Internet web site at www.sec.gov, and the transaction-related documents will be mailed to Pechiney securityholders. Additional copies of the transaction-related documents (when available) may be obtained at Alcans expense by contacting the Information Agent for the offers, D.F. King & Co., Inc, toll-free at 1-800-488-8035 (North America), 0-800-90-2614 (France), 0-800-389-7892 (U.K.) or (44) 20-7920-9700 (collect in Europe).
This communication is for informational purposes only. It shall not constitute an offer to purchase or buy or the solicitation of an offer to sell or exchange any securities of Pechiney, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The solicitation of offers to buy Alcan Common Shares will only be made pursuant to a prospectus and related materials that Alcan sends to Pechiney security holders. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
FORWARD-LOOKING STATEMENTS
Certain statements made in this communication are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Although Alcans management believes that the expectations reflected in such forward-looking statements are reasonable, readers are cautioned that these forward-looking statements by their nature involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including those listed under Cautionary Statement Concerning Forward-Looking Statements and Risk Factors in the preliminary prospectus included in the registration statement we intend to file with the SEC. See the previous paragraph for information about how you can obtain a free copy of the registration statement.
2
IMPORTANT ADDITIONAL INFORMATION
This presentation includes certain information concerning Pechiney and the combined business of Alcan and Pechiney. This information is subject to risks and uncertainties. We have based this information on publicly available information about Pechiney (primarily filings by Pechiney with the SEC and the French Commission des oprations de bourse). However, Pechiney has not yet granted Alcan access to Pechineys books and records or any other non-public information regarding Pechiney and Alcan has no means of compelling such access. In addition, Pechineys primary financial statements are prepared in accordance with generally accepted accounting principles (GAAP) in France while Alcans primary financial statements are prepared in accordance with Canadian GAAP. There are differences between Canadian and French GAAP. The unaudited pro forma information included herein is prepared based on the US GAAP information that Pechiney discloses publicly. Alcan has not been in a position to verify the Pechiney information or the pro forma information about the combined entity included in this presentation. Some of the information about Pechiney in this presentation is based on good faith estimates by Alcan or industry sources that may be materially inaccurate. The pro forma information presented is not necessarily indicative of the operating results or financial condition that would have been achieved had Alcans offer for Pechiney been completed during the periods or at the times presented, nor is this information necessarily indicative of future results or conditions of Alcan after it has acquired Pechiney. The pro forma information does not reflect the impact of synergies that Alcan expects to realize over time or the costs associated with the integration of operations necessary to achieve such synergies nor does it reflect the impact of significant divestitures that Alcan must make as required by antitrust regulators. Some of the risks associated with the information about Pechiney and the combined Alcan and Pechiney will be discussed under Risk Factors in the preliminary prospectus included in the registration statement that we have filed with the SEC in connection with the proposed offer.
Certain terms used in this presentation are defined in the appendix.
3
Alcan + PechineyInvest With Confidence
- Alcan at a Glance
- Strategic Rationale
- The Combined Company
- Transaction Review
- Summary
4
Alcan at a Glance
Overview
Worldwide Leader
Key Facts
Key Attributes
Second largest aluminum company Diversified business mix $12.3 billion revenues* Low cost operations 54,000 employees Attractive growth platforms 42 countries Strong financial performance 6 business segments Robust earnings capacity
* Fiscal year 2002
One Governing Objective Maximize Value
5
Alcan at a Glance
Global Presence
Geographic Balance
2002 Alcan Capital Assets
($12.9 Billion) 2002 Alcan Revenues
($12.3 Billion)
2002 Western World Al Consumption (28.5 Mt)
6
Alcan at a Glance
Strong Financial Performance
Delivering Despite Weak Economic Conditions
Revenues and Aluminum Volumes
Sales & operating rev. (US$M)
Total aluminum volume (kt)
Operating Income (1)
Operating income (US$M) LME (US$/t)
(1) Operating income: calculated by substracting foreign currency balance sheet translation effects and Other Specified Items from Net Income
7
Alcan at a Glance
Strong Financial Performance
Demonstrated Financial Discipline
Cash Flow (in US$M)
Free Cash Flow (US$M) Cash from Operations (US$M)
Debt as a Percent of TotalCapital
$10,000
$8,000
$6,000
$4,000
$2,000
$0
Borrowings (US$M) Debt:Total Capital
Equity (US$M)
8
Alcan at a Glance
Q3 2003 Highlights*
Strong Cash Flow Underscores Business Performance
Earnings
-
Operating EPS up 5% over Q2 and stable year-over-year. Cost efficiencies and improved metal prices offset falling US$ and higher pension and energy costs.
-
Net income from continuing operations down $0.23 per share Y/Y due mainly to foreign currency balance sheet translation effects and Other Specified Items.
Cash Flow
- Record free cash flow of $266 M, up $60 M Y/Y
- Cash from operations of $560 M, up $140 M Y/Y
- Capex in line with depreciation
- Debt as a percentage of total capital at 31%
Maximizing Value Initiatives Continue
- Pechiney offer initiated and approved
- VAW integration on track
- Uniwood/Fome-Cor purchase announced
* For additional information about Q3 2003, see press release dated October 23, 2003 and Form 8-K of same date.
9
Alcan at a Glance
Financial Targets
Long Term Objective: Double Value Every Five Years
- Grow operating earnings per share by 15% per
year
- Minimum of $400 million free cash flow per
year
-
EVA positive by 2006
10
Strategic Rationale
Compelling Strategic Rationale
Creates Substantial Value for Shareholders
- Consistent with strategy & value-maximizing
objectives
- Solidifies Alcan as a world-leading aluminum company
- Broad technology leadership -core smelting
technology
- Enhanced aluminum fabrication portfolio, e.g.
aerospace
- US$6 billion packaging leader
- Accretive to EPS, free cash flow, ROCE from Year 1
- Timing is right
- Substantial future options created
11
Strategic Rationale
US$250 Million Annual Pre-Tax Cost Synergies
Synergies are Realistic and Achievable
-
100% percent of synergies by year-end 2005
-
Costs
- Implementation: US$200 million
- CAPEX: US$50 million
12
Strategic Rationale
Competition Review
Clearance by MTF and DOJ Received
European Commission (MTF)
US Department of Justice (DOJ) Divestiture of either
Divestiture of Pechiney's aluminum rolling mill located in Ravenswood (West Virginia)
Alcan's 50% share in the AluNorf(1) mill and the Gttingen and Nachterstedt mills
The statutory waiting period under the US Hart-Scott Rodino Act expired on September 29.
Pechiney's mills at Neuf-Brisach(1), Rugles and, at purchasers option, Annecy
Continue licensing of alumina refining technology and aluminum smelter cell technology Divestiture of anode baking furnace designs Elimination of the overlap in aluminum aerosol cans and aluminum cartridges
Total commitments amount to approximately 5% of pro-formasales
(1) Alcan's Latchford casting operations can also be added to either the AluNorf or Neuf-Brisach packages at the purchasers option.
13
Strategic Rationale
Government Review
Clearance by French Treasury Department Received
-
Continuity of operations at industrial sites except those which Pechiney has, as of today, announced would be closed
-
Location in France of
- The global headquarters for packaging and aerospace operations
The global headquarters of new cell technology for primary aluminum The European headquarters for primary aluminum operations The global headquarters for engineered products
14
Strategic Rationale
Integration Approach
Lessons Learned from algroup
- Maintain current operating focus
- Line leadership of integration process
- Jointly staffed integration teams
- Fill and announce key jobs as soon as possible
- Timeline to achieve full synergy run-rate within 2 years
Demonstrated track record in synergies
15
The Combined Company
Global Group - Balanced Presence
16
The Combined Company
Diversified Business Mix
Balanced Portfolio
2002 Revenue
Alcan: US$12.3 Bn
Pechiney: US$11.4 Bn(1),(2)
Pro Forma: US$23.7 Bn(1),(2)
27%
(1) Including Pechiney trading revenue of US$4.8 billion (2) On the basis of average US$/ exchange rate during 2002 of .95
17
The Combined Company
Increased Core Market Presence
Strengthens Current Position
2002 Revenue By End-Use Market(1)(2)
Alcan Pechiney
Pro Forma
(1) Excludes Pechiney trading revenues of US$4.8 billion
(2) On the basis of average US$/ exchange rate during 2002 of .95
Source: Pechiney figures are based on estimates derived from publicly available documents
18
The Combined Company
Leading Position in Aluminum
A Leader in Primary Aluminum and Rolled Products
Primary
Bauxite and alumina
- 2nd worldwide position in alumina production capacities(1)
- Complementary bauxite mines and alumina refineries
- Technology optimization
Aluminum smelting
- Largest share of low-cost smelting capacity in the world
- Advanced high-amperage smelting technology
Rolled and fabricated products
- Large presence in value-added aerospace market
- Improved service of growing demand for automotive applications in North America and Europe
- Application of best manufacturing practices
(1) Source : CRU (Industry and Market Outdoor, January 2003)
19
The Combined Company
A Packaging Leader
Strength Across Key End-Use Markets
20
The Combined Company
Technological Excellence
Cutting-Edge Capabilities
Alcan Pechiney Together Alumina refining
Smelter - Cell efficiency
Automotive
Rolling
Packaging
Composites Alumina refining
Smelter - High amperage
cell (AP-30, AP-50)
Aerospace
Packaging Strong technological base
Sharing best practices &
know-how
More efficient investments
21
The Combined Company
Customer Benefits
Meets Customers' Need for Full-Service Suppliers
Enhanced Scale and Regional Diversity
Aluminum Packaging Diversified low-cost primary position
Increased R&D and technological capabilities
Capacity and reach to address
expanding aluminum fabrication
needs in any region
Aerospace capability Leading full-service supplier in most segments
Global reach
Integrated solutions
22
Transaction Review
Summary of Terms
An Attractive Premium
Consideration 47.5 per Pechiney share(1)
83.4 per OCEANE Offer Structure For each Pechiney
share:
24.6 in cash plus
Alcan shares equivalent to 22.9, based on the
average value pricing formula
Maximum number of Alcan shares: 0.8358
Minimum number of Alcan shares: 0.6001 Substitution Option
Option to substitute an equivalent amount of cash for all
or part of the stock component Bonus Additional 1 in cash if
more than 95% of Pechiney
capital and voting rights on a fully diluted basis are
tendered
0.4 bonus per OCEANE Minimum Condition More than 50% shares
tendered
(1) If Alcans average value is between 27.40 and 38.16 as explained under Pricing.
23
Transaction Review
Pricing
A Fixed-Price Mechanism, with Potential Upside
Value of the Offerfor 1 Pechiney share
(Excluding share for cash substitution option) Alcan Average Value ()
24
Transaction Review
Pricing
Value-Protecting Structure
- Offer value fixed at 47.5 even if Alcan stock price in
decreases, down to a value of 27.4, contrary to usual fixed parity
mixed offers
- Pechiney shareholders retain upside potential on Alcan
stock
- Greater transparency and certainty for Pechiney
shareholders:
- Average value of Alcan stock based on 10 trading days among 30
days
- Determination of the stock component consideration 5 trading days before the end of the offer period
- Average value of Alcan stock based on 10 trading days among 30
days
25
Transaction Review
Remaining Transaction Milestones
Alcan Committed to Successful Process
Main Steps Time Period Initial Offer filed July 7
Pechiney Board recommends revised Offer September 12 Revised Offer
filed September 15 Approval decision ("Avis de recevabilit") by the
Conseil des
Marchs Financiers (CMF)
Receipt of competitive/anti-trust clearances in EU, US and
Canada September 29 Launch of the Offer in France October 7 Launch
of the Offer in US October 27 Subject
to CMF
decision Alcan to announce final terms of Offer November 17 Closing
of the Offer November 24 Publication of the Results of the Offer
December 1
26
Summary
Alcan: Committed to Maximizing Value
Invest With Confidence
- Creates industry leader
- Provides strong base for further value-creating
opportunities
- Supports financial targets
- Enables potential for re-rating
- Leverages track record
27
Appendix
28
Western World Aluminum Balance
Primary Metal
(kt)
2001 2002 2003f
Production 16,670 17,230 17,730
FSU/China/E. Europe 2,700 2,750 3,150
SUPPLY 19,370 19,980 20,880
% Change -1.9% +3.1% +4.5%
DEMAND 18,920 19,570 20,490
% Change -6.2% +3.4% +4.7%
INVENTORY CHANGE +450 +410 +390
29
Aluminum Primary
Bauxite & Alumina
2002 Alumina Production
kt
- Further 20% of Queensland
- Integrate complementary bauxite mines and alumina
refineries
- Optimize technologyof the two companies
Source: CRU (Industry and Market Outlook, January 2003)
30
Aluminum - Primary
Aluminum Smelting
2002 Production as % of Global
16%
14%
12%
10%
8%
6%
4%
2%
0%
Alcoa Pro forma AlcanRusAI Alcan VAWBilliton Pechiney ChinalcoComalco
- Largest share of low-cost smelting capacity in the world
- 50% in bottom third of global cost curve
- 50% in bottom third of global cost curve
- Advanced high-amperage smelting technology (AP30 & AP-50
cell)
- Alcans wholly owned hydroelectric power
(1) Adjusted to include Alouette for full year
Source: CRU (Industry and Market Outlook, January 2003)
31
Aluminum Rolled & Fabricated Products
2002 Pro Forma Revenues by End Market
World class aluminum rolling and
continuous casting technologies
Application of best manufacturing
practices
Improved service
of the growing demand
for automotive applications
in both North America
and Europe
Synergy potential
Source: Pechiney figures based on estimates derived from publicly available documents.
32
Definitions
EVA is a registered trademark of Stern Stewart & Co. and a key measure of financial performance. The term means the difference between the return on capital and the cost for using the capital over the same period.
Foreign currency balance sheet translation means gains and losses arising from translating balance sheet items mainly in Canada and Australia (principally accounts payable, deferred credits and other liabilities, and deferred income taxes) at period-end exchange rates.
Free Cash Flow is calculated by substracting dividends and capital expenditures from cash from operating activities.
Operating Income is calculated by substracting foreign currency balance sheet translation effects and Other Specified Items from net Income.
Other Specified Items include, for example: restructuring charges; asset impairment charges; unusual environmental charges; gains and losses on non-routine sales of assets, businesses or investments; gains and losses from legal claims; gains and losses on the redemption of debt; income tax adjustments related to prior years and the effects of changes in income tax rates; and other items that do not typify normal business activities.
ROCE (return on capital employed) is earnings before interest and tax divided by capital, which is equal to Total Capital.
Total Capital is the sum of short-term borrowings, debt maturing within one year, debt not maturing within one year, minority interest, redeemable non-retractable preference shares and common shareholders equity.
33
2003 ALCAN INC.
34
4253alcannorthamerica.pdf
begin 644 alcannorthamerica.pdfM)5!$1BTQ+C,-)>+CS],-"C$Y-R`P(&]B:@T\/"`-+TQI;F5A1I$@MR#@#UJ9@JO!L:A_67;D#N6K(`7;#65R'7!CM$,FL.H_4CN%_OKY#=)@A9_L-CMEVNU$VVI:>FF,>E:=3>O7.$\\=B^MU;5+.YZNG/>^G977GJ1P\6CM9!()&1?\F0@K/99W.P19N992LG)MA[9OHR=N*/EF6VW0,>8Z8Y?I79;C>4O[ME)%W.-4US07R;K(W6[Q?5P\,5APLX$KM;PE60[0E*QA"VSO]&PIKI9!CAR!#0>"!=J""""^H&RK@F%:!^?#](*P=CX^RMS/TF)854K:D:7%VV=A#:]U$/,1XOUY\``P#G[_U\#65N9'-T&5IDQA.RU'^2S\^7?YMGZZM_3G_OH>OAQ9Q?3[PYM;[4_CP>KL\_SS?3N?#]^VS,.N-.-J1`@SV@\9@;EZUML#^(V3TE_L*,L)X._)/6^^N/\R\F257Y/F[+/P$&`/9C^UP-96YD'1'4W1A=&4@#2]302!FM86QS92`-+U--(#`N,#(@#2]44C(@+T1E9F%U;'0@#3X^(`UE;F1O8FH-,C(SM(#`@;V)J#3P\("]&:6QT97(@+T9L871E1&5C;V1E("],96YG=&@@,C8Y-3,@M+TQE;F=T:#$@-#(V.#@@/CX@#7-T09^XV>U(@*LP9&(=CV&E5X;(FI(\8D3X\M[9>IPX8.21D\Z![?PM1[IV">LPK`=PN@ZFV`ZFT`@5MKU]__@JXP6P8>8SC#C,COM$=RX_7^M7=9Z@[)?+:F^VBO]UG]Y[K,226W&(C$1B*`T#@M3G*]*_QB_SM73/[?Y&)O\87T>E?!_\`Z+3_`.,7^:Z9_;_(Q-_C"^CTKX/_`/1:.#_P-_U5M',?^"O\`J*O\8?T^E?!__HM6?KEU#(Z=U/I&7C&'M#P1V#]3?J_AP?L_VAX_/O.__H_1_!;B2I9.:S3WF0.T=&]CY3!CV@">\M6%=553M0RIC:VCAK0`/N"FDDH&PI))))2DDDDE*22224I))))2E%S&O:6O`E_!W_5,77W=2MQJ.H48%IVVY+'.J)X)9$M^.JY7_&!C9#K^GY#:W.IJEME@$M:2YL2>TJ'^,%M[V=0Z6]A+7MW%KAH00YG">,8RPY>%[C+]NZPY#BGS$ZVEB^H.CW"2;I4J^M1GX.,X,R,BJEQ$AMCVM)'C!*6?FT8&);F9#MM5+=SO$^`'F5YG1B=3^MO5%PP('AEX^A)/FVKK:))Q$D6AK3^SICUS8X8"*!3F?J:M%2L7VVH165GFMV))R-H1$'9G"5#R$E\`,$W-MG958V+*R]567G4O>'SC69]'MP^\#/B554HLX#Z*^=`?[$CI:.,=2*LB`C$`;D@:&JAP-M6HL2=SI@1`\&NW.+D_%5-+EN5XM[5@=GS44RVTG%&35X?KD]#G,]:M;X/)R1YS#CRFEO&CYF(2AEMUS^N^P,>S[,>TW`\C2R?L)W9ARYFI^%(9^8\)))9JRMD:(1WQK)R-5[Z@7(IK.1FRDEA!XX@9$*%GM@EVA-M=O;,QIRJ!$I1D"GH-3:MP_AUY7&M%PH"K4H1*$Y6*):MC?N-7_>D?:CX3!QB=N/O!'9;_4O@M&D>Y0UEMT,WJQ$5X?,>^0=,>Y0)`#AO1AY(/5U63ZXJS#TH]CKRI)%Y]='0#@*MLF`=]M15>B7"L+"5NK6RH)"L`TG+N+V=APK%K;]Y`O1/Y"H&EV0]/I/M,^7XFK[85?MICR%5AB[_C;2?TSS,^QI9PELJ/$2E*Z$)SN*O_I,3C(7M\652ZZ@F7]U)K3M+)%[&]ZL,A@*-KQ.E+$E3DW1W3'^1>N>MF@[/>..C\!&`V>2T&1K>WN8'M,LM7(00;]Z4&F9P5F`W>CGO('1'4W1A=&4@/#P@+T=3,2`R,C(@,"!2M(#X^(`TO0V]L;W)3!(F#RI_)#D`E:@MF=-/_O4?8SFDE$HU%>AD4&=YU"/&LM$IA'$&N*5HH`E?7"QX)O/39MU!VQW-=(+`NN`E-(V7)G0.+&===-KOJ%%QLLW>QMR5[)L6'0S5^$M#(10DX)10#+?U%4/U1XJN-Q4?=U$O)'1KV%9Q&**V]Q$P'^B$8-+._'`F8JBM+O>[BC+#-=DW:;]M:WA/F--2+*TCV_[P84,ERM]$Z9^`=7YD;1)KOVY@M$3A*L@V]8$CWN>UC`I+6W[NNVCTII$YMQ0'7&_"6HR>2X-MGOO%1;9%7W51G/E/C`OR74A$-V`%"TL+5V%2CCM=:`RG/EZ;S'E+RNRP!:)>M;VH[\M!VO'%:D6P7)`]#D[M27?D.$*FWH@UP7SS:Z4"%*>9ET#Z%+-.N(3S2MT?EXJ4/>L]-553908J=D7EDA$/][BR\\.=A=;F-PZ&$J#A.%'EMJ?7#K/G3Y=U(MG16C0CT-^3CU1.^[3TKSHLCS_.;FYGU,+IJHF,OEC*3.S"=GIZJAR?R67(O1;X^MYZR5"W5%E>`AYJ8`UF89?1@_,^9M>W56;/9WF:U8+!*_R4)_S38]"MB'..O:J6E,P6W^#D>5WI#B)?P."8W^?&'FM6>+UVS;[+,Y'.?)>7IK%Y[GZ;=TDK74C'-"O*JG14I5>I%4I^4C/-QYWN=0YFMR7C^.1E4(]OQS!U57Y"A#_JG-%DNLL)M[?(OR^;S\?5S7Z_#H^?'H8/]&WKHM/LX_M[XS;"4,&CZW#7\M4>:]=)D7YL]$^SQ7.D+21)GGQ)OIXLGL[7)Q/1=$MF*JJ.K5*4\F^2N=4:2M:'0?TTT]^K\H\V>)?*X:VD:I&%O)Y^YS@JNCU[=W=M_9T=K]1B7;_-HY!^_HEK`_9S_6L_+W,34*C([BIN1N%S2_$7,4@]KUZ4E^HA3_^0:J(`_/V:31/U+M9][`L%U_'AGN=]O[VW!9>.[J/:O/1X;4MY1LY$@NF,?_JFVUW,G>-/F@K_@^F#+=5UJ)Z6QTIB$9?'^X4D+T./JDY3$^M=_MBH"B8&?@@QDFV\RT]$K;Y^*O_N6#XW/ELZVSDR0TGMO\4XVRLEZM)8_RM=3>M:#B(;6BWAR#\RJOQB[;;Z]Q+?.[I65U>]L_7/\#)PI;E,N_)M%2[K=:5M39K,IEYC),,%2>9M3"F$E"IDGH-!Q-5AL7QYT'#7+[[W(9?,(1=K9PXWN`L[.H$BDL8''04@?C-=M_!U\*O$&1E'FH*WZP[%NVZ;;P7H:[%3OF@I>VZGI.]O6A'OY97J.\M0QQDT$M.M'DO7R."(6G&6%SJ&?>11CTH2,7B9+3O&9WMMQBGF,;/7A;_6)W,W4[%S:\CL'S_YKNM+%>SY9E_/VZK:JB=$S3E%9CZRW1W_UV0HD/6-[!UL8W!BLD+9Z"RXQZV+5WRM7/2/-]SA7:^_7=US;\N*2`7[@:ZM4%;.'S1$['Z5[C%"Y40V^,G=?OHD-J?G&$M\[CT]\!.3"TOQGOFG*1(`336(H7AUWHN=)_B4?XM6;E31UB?\.YD`L'[email protected]!`4_M4LJA*H,]'M>UOIX-;H>_\`X2US8#9\`H=.^KV-CUUV]6!.1D$-Q\-IAVIYLC7_`%\5I_\`M-R^RTV6L+8=/IUUN%>T7=.MN(,%S'VMF#J>8M"DZOI1QR]M-U3XF!:XQIWW!RC$OTOR]PJ(^AOX^(AMJS.@_6*GIOUDQ\Z]SW8=9NZ+F@@$@28$]SRN%_MQ:_S^?\`U*_RO6W]>+;*>A^M4XLLKNK7_`)[%_?A^;Z3U;_DO,_XBW_J"O&E[M+U;_`)+S/^(M_P"H*\:53X;\L_,-WXI\V/R+Z]]7/^0-=M)_Y4P_\`CZO^K"]E2^)#UP/@4?"R>"8\0I)#JNJNK%M3@]CIAPU&[email protected]))))2DDDDE*22224I))))2DDDDE*22224I))))2DDDDE*22224I))))2DDDDME*22224I))))2DDDDE*22224I))))2DDDDE*22224I))))2DDDDE*22224I)M)))2DDDDE*2253JG4L;I>%9F9+H8SAHY/\EJ\KOOMR+GWWN-EMCBY[SR258ZKU3)ZKFV9F2?M7&&&NLY?,?V.'S?,G-/32$?E'[5)))*=JJ22224I))M))2EN?4G_P`4^%_UW_SU8L-;GU)_\4^%_P!=_P#/5BCS_P`SD_N2_)EY?^>QM?WX?F^D]6_Y+S/\`B+?^H*\:7LO5O^2\S_B+?^H*\:53X;\L_,-WXI\V/R+ZM]]7/^0L]SWMGZ_?^)Y__`!M?Y4LO^[A_>A^2L/\`MVOE_=G^9?/>D_P#*F'_Q]7_5A>RKQKI/_*F'_P`?5_U87LJ=\2^:'D4?"_ERM>8?%L[^FY'_&O_ZHKTGZB_\`B;Q_Z]G_`%;EYMG?TW(_XU__`%17I/U%_P#$MWC_U[/\`JW*7G_YB/]Z/Y,'P_P#W1+^[+\PX'^,G^G8?_%._ZI5?\7O_`"\[M_B'_`)6*U_C)_IV'_P`4[_JE5_Q>_P#+SO\`B'_E8E'_`'#_`()_-4_^V'^'M'\GM/K3_`.)[._XH_E"\D7K?UI_\3V=_Q1_*%Y(A\._FY?WOV)^*?SL/[O[7MVRC^8K_J-_(O+/K?_P"*3._KM_ZAJ]3H_F*_ZC?R+RSZW_\`BDSOZS?^H:H?MA_\`/3_NG\PS_$OYF']X?D7IO\6W]"S/^-;_`-2I_P",?_DO%_X__OCE#_%MM_0LS_C6_]2I_XQ_^2\7_`(__`+XY(_[N_P`+]BA_VO\`\'_NGDOJM_XH\+QQ>M_5;M_P`3V#_Q0_*5+\2`X(2K6ZOP8?AG#=>+JI))++=922222E))))*4DDMDDI22222E))))*4DDDDI22222E))))*4DDDDI222#E95&'C6960X,IJ:7/:60R5>7-F>?FX'OWK6/B6.!07!.?[G/\S6/([:%2DKFUBBL^WUR"XY7../0M9Z5D17K0R^3.I##HV/E(^IJ90;+C)(:0SV4I]0#^3`5STT92-&'1E_56-=&$LZ?_;Q6M-3]O*YJ:/$0MU"?[A/\`WS55CYFF@_W93_X\M:$)-KJV.SC'_?:5;TG34LX#M'-D%FW@XDS@;B,`=JXJ%2=:?,](K[A54J=DM9=C&T_37LU9GQOM.F*TK.R$0R?PK2.F/*JD#D`=Q6E;:8L7)S^ECH1M?Z>UF?SH`Y8WA$\L-IK$VI0W.GS27"O(KB)@O!``^7TQ2QW.^'1[M"[U272[(Z:DHECD$9D?@8W'I@=O>NI@72T4B,V>;AC$Y7;^]8#!4^IXZ5(+?M3KVU$(AM;BWC.P(%5T4CC&.@QZ4`*6$``1R(&7CIP:`."N]8U==$L(Y9M6"RW$B--%>Q!F4`%1YHRH/)YX^[[U.+K4[C08!-JD=LJ7#+DZE&LDR`#`\U0M1D'KQS7;-96K6HM6MH3;@8$1C&P#Z=*:]A9O:BU>T@:W7I$8P4'X8Q0!B:/=M6VH:)%NU"\B$-R(_,FG7)QE6M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*Q*VZQ*\3-_L?/]M#*IT"BBBO%,@HHHH`****`"BBB@`HHHH`*NZ''O5NO$E%Q=F>S%J2N@J![NWC?8\\:MZ%A4>ISM;V,CHVU^`IM^M[MS5B/VCHR)PTO'^S6U&A.M+E@AI-["V-OTE;_@M(IE_DW"@],1_#0!VK:E8)(TM;WMLKINW*95!7:,G(SV')H74K!E=EO;8JB!W(E7"J>A//`]ZYIM)+6WB:=K$MFZD>40.8OG93'CY>,D')Z5'I^@0?;-#\W3%$?V$_:0T/!DPOW^.NE2I-%)`)HY$>(KN#J*63*,N#CGK^'%`#+#Q0UMY=6P;3IH;.\=DMKDN#O(SU7JO2G67B;[5?1(UC)'9W$K16]T9`1(RYS\O4=#MBL[3+^?4M=2XU/2=3C8,4ME:W(B@4CEF8_Q'UQQ4>FV5[G2M)DL;B,:;H+'SLX7$LY0JKE@0$&&&PM\4ZA3MDC![`UI@@@$'(-`"T5AZ;J-S-J9,S,;2[W_9E*KA=AQU')W#YN?2KK:K"MGM]_P"!\_\`\71_8UK_`,];[_P/G_\`BZT**`,_^QK7M_GK??^!\_P#\71_8UK_SUOO_``/G_P#BZN3,4B9E."*I_:9O[_Z"FEM]_X'S_`/Q=:%%`&?\`V-:_\];[_P`#Y_\`XNC^QK7_M`)ZWW_@?/_\`%UH44`9_]C6O_/6^_P#`^?\`^+H_L:U_YZWW_@?/_P#%U>;[MI^E9WF/_`'V_.FEM]_P"!\_\`M\71_8UK_`,];[_P/G_\`BZT**`,_^QK7_GK??^!\_P#\71_8UK_SUOO_``/GM_P#BZT**`,_^QK7_`)ZWW_@?/_\`%T?V-:_\];[_`,#Y_P#XNM"B@#-70K)&M=D:\4N=S$7TPW'`&3\_/``_"G?V-:_\`/6^_\#Y__BZT**`,_P#L:U_YZWW_M`('S_P#Q=']C6O\`SUOO_`^?_P"+K0HH`S_[&M?^>M]_X'S_`/Q=']C6O_/6M^_\``^?_`.+K0HH`S_[&M?\`GK??^!\__P`71_8UK_SUOO\`P/G_`/BZT**`M,_\`L:U_YZWW_@?/_P#%T?V-:_\`/6^_\#Y__BZT**`,_P#L:U_YZWW_`('SM_P#Q=']C6O\`SUOO_`^?_P"+K0HH`S_[&M?^>M]_X'S_`/Q=']C6O_/6^_\`M`^?_`.+K0HH`S_[&M?\`GK??^!\__P`71_8UK_SUOO\`P/G_`/BZL7C,J+M8MCGL:J>;)_P`]&_.FD0YV=A_]C6O_`#UOO_`^?_XNC^QK7_GK??\`@?/_`/%TMSS9/^>C?G1YLG_/1OSI\HO:(?_8UK_SUOO\`P/G_`/BZ/[&M?^>M]_X'S_\`MQ=2VCLTC!F)X[FK=2RT[JYG_`-C6O_/6^_\``^?_`.+H_L:U_P">M]_X'S__M`!=:%%`S/_L:U_YZWW_@?/\`_%T?V-:_\];[_P`#Y_\`XNM"B@#/_L:U_P">MM]_X'S__`!=']C6O_/6^_P#`^?\`^+K0HH`S_P"QK7_GK??^!\__`,71_8UKM_P`];[_P/G_^+K0HH`SQHMGN1F:[?8ZN!)>3.N5(()!;!P0#S16A10!C0QG_M`(2C44DZ36D6S@=`7!Z^Y_6N8.GZ5HTLUMK$DENHD8PS?889$D4G(Y\ICDW'%=O/:"6[M[I6"2PY7.W.Y#U7\P#^%6:`,+666ZTFP%NK+YMS!Y2LNT@!PM>G;@$UNU6EM%FOH;F1MP@!\M,=&/!;/TX_$U9H`****`"BBB@`HHHH`****`M"BBB@`HI#G''6JTEQ+T'RC&/PJU56V:(WMV$0K(&7>#]Q)'^BXM_4T;YFZ1*H_VFY_2ES(?*R:BH=DI'S3!?]Q