0001193125-15-081256.txt : 20150306 0001193125-15-081256.hdr.sgml : 20150306 20150306171934 ACCESSION NUMBER: 0001193125-15-081256 CONFORMED SUBMISSION TYPE: 18-K/A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20131231 FILED AS OF DATE: 20150306 DATE AS OF CHANGE: 20150306 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED MEXICAN STATES CENTRAL INDEX KEY: 0000101368 STANDARD INDUSTRIAL CLASSIFICATION: FOREIGN GOVERNMENTS [8888] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 18-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 333-03610 FILM NUMBER: 15682612 BUSINESS ADDRESS: STREET 1: 375 PARK AVENUE STREET 2: SUITE 1905 CITY: NEW YORK STATE: NY ZIP: 10152 BUSINESS PHONE: 302-738-6680 MAIL ADDRESS: STREET 1: 21 EAST 63RD STREET CITY: NEW YORK STATE: NY ZIP: 10152 18-K/A 1 d885729d18ka.htm FORM 18-K AMENDMENT NO. 7 Form 18-K Amendment No. 7

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 18-K/A

 

 

AMENDMENT NO. 7

For Foreign Governments and Political Subdivisions Thereof

ANNUAL REPORT

of the

UNITED MEXICAN STATES

(Name of Registrant)

 

 

Date of end of last fiscal year: December 31, 2013

 

 

SECURITIES REGISTERED*

(As of the close of the fiscal year)

 

 

 

 

Title of Issues  

Amount as to

which registration

is effective

 

Names of

exchanges on

which registered

N/A

  N/A   N/A

 

 

Name and address of person authorized to receive notices

and communications from the Securities and Exchange Commission:

Donald J. Puglisi

Puglisi & Associates

850 Library Avenue, Suite 204

Newark, Delaware 19711

Copies to:

Nicolas Grabar

Carmen A. Corrales

Cleary Gottlieb Steen & Hamilton LLP

One Liberty Plaza

New York, New York 10006

 

 

 

* The Registrant is filing this annual report on a voluntary basis.

 

 

 


This amendment to the annual report of the United Mexican States on Form 18-K for the year ended December 31, 2013 comprises:

 

(a) Pages numbered 1 to 4 consecutively.

 

(b) The following exhibits:

 

Exhibit 1: Form of Authorization for €1,250,000,000 of 1.625% Global Notes due 2024 and €1,250,000,000 of 3.000% Global Notes due 2045
Exhibit 2: Terms Agreement, dated February 26, 2015, between the United Mexican States and the Managers, relating to 1.625% Global Notes due 2024 and 3.000% Global Notes due 2045
Exhibit 3: Names and Addresses of the Managers
Exhibit 4: Opinion of Cleary Gottlieb Steen and Hamilton LLP with respect to €1,250,000,000 of 1.625% Global Notes due 2024 and €1,250,000,000 of 3.000% Global Notes due 2045
Exhibit 5: Exchange Rate Agency Agreement, dated March 6, 2015, between the United Mexican States and the Exchange Rate Agent

This amendment to the annual report is filed subject to the Instructions for Form 18-K for Foreign Governments and Political Subdivisions thereof.

 

2


SIGNATURE PAGE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant, the United Mexican States, has duly caused this annual report or amendment thereto to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Mexico, Federal District, Mexico on the 6th day of March, 2015.

 

By:

/S/ ALEJANDRO DÍAZ DE LEÓN CARRILLO

Name: Alejandro Díaz de León Carrillo
Title: Deputy Undersecretary for Public Credit of the Ministry of Finance and Public Credit

 

3


EXHIBIT INDEX

 

Exhibit 1: Form of Authorization for €1,250,000,000 of 1.625% Global Notes due 2024 and €1,250,000,000 of 3.000% Global Notes due 2045
Exhibit 2: Terms Agreement, dated February 26, 2015, between the United Mexican States and the Managers, relating to 1.625% Global Notes due 2024 and 3.000% Global Notes due 2045
Exhibit 3: Names and Addresses of the Managers
Exhibit 4: Opinion of Cleary Gottlieb Steen and Hamilton LLP with respect to €1,250,000,000 of 1.625% Global Notes due 2024 and €1,250,000,000 of 3.000% Global Notes due 2045
Exhibit 5: Exchange Rate Agency Agreement, dated March 6, 2015, between the United Mexican States and the Exchange Rate Agent

 

4

EX-1 2 d885729dex1.htm EX-1 EX-1

Exhibit 1

AUTHORIZATION

Reference is made to the Indenture dated as of November 17, 2014 (the “Indenture”) between the UNITED MEXICAN STATES (“Mexico”) and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Terms used but not otherwise defined herein shall have the meanings ascribed to them in the Indenture.

The undersigned, acting on behalf of Mexico in the capacity specified below, hereby certifies that:

(A) Pursuant to Section 2.1(c) of the Indenture, there is hereby established a Series of Debt Securities, the €1,250,000,000 1.625% Global Notes due 2024 (the “2024 Notes”) and the €1,250,000,000 3.000% Global Notes due 2045 (the “2045 Notes” and together with the 2024 Notes, the “Debt Securities”), to be issued and delivered under the Indenture, as described in the Prospectus dated November 10, 2014 (the “Prospectus”), the Prospectus Supplement dated November 17, 2014 (the “Prospectus Supplement”) and the Pricing Supplement dated February 26, 2015 (the “Pricing Supplement”) prepared in connection with the issuance of the Debt Securities. Copies of the Prospectus, the Prospectus Supplement and the Pricing Supplement are attached hereto as Annex A;

(B) The Debt Securities shall have the terms and be subject to the conditions set forth in the certificates representing the Debt Securities. True, correct and complete specimens of the face of such certificates are attached hereto as Annex B; and true, correct and complete specimens of the reverse of such certificates are attached hereto as Annex C.

This Authorization shall be governed by, and construed in accordance with, the law of the State of New York; provided, however, that all matters governing Mexico’s authorization and execution of this Authorization shall in all cases be governed by and construed in accordance with the laws of Mexico.

 

Annex A Prospectus, Prospectus Supplement and Pricing Supplement
Annex B Form of face of Debt Securities
Annex C Form of reverse Debt Securities

[Signature Page Follows]


IN WITNESS WHEREOF, Mexico has caused this Authorization to be duly executed.

Dated: March 6, 2015

 

THE UNITED MEXICAN STATES
By:

/S/ ALEJANDRO DÍAZ DE LEÓN CARRILLO

Name: Alejandro Díaz de León Carrillo
Title: Deputy Undersecretary for Public Credit of the Ministry of Finance and Public Credit

[Signature page to the Authorization Certificate]


Annex A

[Prospectus, Prospectus Supplement and Pricing Supplement to be attached]


Annex B

UNITED MEXICAN STATES

REGISTERED GLOBAL NOTES

representing

1.625% Global Notes Due 2024

No.: R-1

ISIN No.: XS1198102052

Common Code: 119810205

The UNITED MEXICAN STATES (“Mexico”), for value received, hereby promises to pay to BT Globenet Nominees Limited, or registered assigns, upon surrender hereof of the principal sum of ONE BILLION TWO HUNDRED AND FIFTY MILLION EUROS (€1,250,000,000) or such amount as shall be the outstanding principal amount hereof on March 6, 2024, together with interest accrued from the issue date to, but excluding, the maturity date, or on such earlier date as the principal hereof may become due in accordance with the provisions hereof. Mexico further unconditionally promises to pay interest annually in arrears on March 6 of each year (each an “Interest Payment Date”), commencing on March 6, 2016 on any outstanding portion of the unpaid principal amount hereof at 1.625% per annum. Interest shall accrue from and including the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from March 6, 2016, until payment of said principal sum has been made or duly provided for, and shall be payable to Holders of record as of March 5 of each year (each, a “Record Date”). This is a Global Security (as that term is defined in the Indenture referred to below), also referred to as a “Global Note” for purposes of this document, deposited with the Depositary (as that term is defined in the Indenture referred to below), and registered in the name of the Depositary or its nominee or common custodian, and accordingly, the Depositary or its nominee or common custodian, as Holder of record of this Global Note, shall be entitled to receive payments of principal and interest, other than principal and interest due at the maturity date, by wire transfer of immediately available funds. Such payment shall be made exclusively in such coin or currency of the European Union as at the time of payment shall be legal tender for payment of public and private debts. Mexico, the Trustee, any registrar and any paying agent shall be entitled to treat the Depositary as the sole Holder of this Global Note.

The statements in the legend relating to the Depositary set forth above are an integral part of the terms of this Global Note and by acceptance hereof each Holder of this Global Note agrees to be subject to and bound by the terms and provisions set forth in such legend, if any.

This Global Note is issued in respect of an issue of €1,250,000,000 principal amount of 1.625% Global Notes due 2024 of Mexico (the “Notes”) and is governed by (i) the Indenture dated as November 17, 2014 (the “Indenture”) between Mexico and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), the terms of which Indenture are incorporated herein by reference, and (ii) by the Terms of the Notes attached hereto (the “Terms”), as supplemented or amended by the Authorization (as defined in the Indenture) of Mexico for this Global Note, the terms of which are incorporated herein by reference. This Global Note shall in all respects be entitled to the same benefits as other Debt Securities (as defined in the Indenture) under the Indenture and the Terms.


Upon any exchange of all or a portion of this Global Note for Certificated Notes in accordance with the Indenture, this Global Note shall be endorsed on Schedule A to reflect the change of the principal amount evidenced hereby.

Unless the certificate of authentication hereon has been executed by the Trustee, this Global Note shall not be valid or obligatory for any purpose.

[Remainder of the page intentionally left in blank]

 

F-2


IN WITNESS WHEREOF, Mexico has caused this instrument to be duly executed.

Dated: March 6, 2015

 

THE UNITED MEXICAN STATES
By:

 

Alejandro Díaz de León Carrillo
Deputy Undersecretary for Public Credit of the Ministry of Finance and Public Credit
By:

 

Irene Espinosa Cantellano
Treasurer of the Federation

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes issued under the within-mentioned Indenture.

Dated: March 6, 2015

 

DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Trustee
By: Deutsche Bank National Trust Company
By:

 

Name:
Title:

 

F-3


UNITED MEXICAN STATES

REGISTERED GLOBAL NOTES

representing

3.000% Global Notes Due 2045

No.: R-1

ISIN No.: XS1198103456

Common Code: 119810345

The UNITED MEXICAN STATES (“Mexico”), for value received, hereby promises to pay to BT Globenet Nominees Limited, or registered assigns, upon surrender hereof of the principal sum of ONE BILLION TWO HUNDRED AND FIFTY MILLION EUROS (€1,250,000,000) or such amount as shall be the outstanding principal amount hereof on March 6, 2045, together with interest accrued from the issue date to, but excluding, the maturity date, or on such earlier date as the principal hereof may become due in accordance with the provisions hereof. Mexico further unconditionally promises to pay interest annually in arrears on March 6 of each year (each an “Interest Payment Date”), commencing on March 6, 2016 on any outstanding portion of the unpaid principal amount hereof at 3.000% per annum. Interest shall accrue from and including the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from March 6, 2016, until payment of said principal sum has been made or duly provided for, and shall be payable to Holders of record as of March 5 of each year (each, a “Record Date”). This is a Global Security (as that term is defined in the Indenture referred to below), also referred to as a “Global Note” for purposes of this document, deposited with the Depositary (as that term is defined in the Indenture referred to below), and registered in the name of the Depositary or its nominee or common custodian, and accordingly, the Depositary or its nominee or common custodian, as Holder of record of this Global Note, shall be entitled to receive payments of principal and interest, other than principal and interest due at the maturity date, by wire transfer of immediately available funds. Such payment shall be made exclusively in such coin or currency of the European Union as at the time of payment shall be legal tender for payment of public and private debts. Mexico, the Trustee, any registrar and any paying agent shall be entitled to treat the Depositary as the sole Holder of this Global Note.

The statements in the legend relating to the Depositary set forth above are an integral part of the terms of this Global Note and by acceptance hereof each Holder of this Global Note agrees to be subject to and bound by the terms and provisions set forth in such legend, if any.

This Global Note is issued in respect of an issue of €1,250,000,000 principal amount of 3.000% Global Notes due 2045 of Mexico (the “Notes”) and is governed by (i) the Indenture dated as November 17, 2014 (the “Indenture”) between Mexico and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), the terms of which Indenture are incorporated herein by reference, and (ii) by the Terms of the Notes attached hereto (the “Terms”), as supplemented or amended by the Authorization (as defined in the Indenture) of Mexico for this Global Note, the terms of which are incorporated herein by reference. This Global Note shall in all respects be entitled to the same benefits as other Debt Securities (as defined in the Indenture) under the Indenture and the Terms.


Upon any exchange of all or a portion of this Global Note for Certificated Notes in accordance with the Indenture, this Global Note shall be endorsed on Schedule A to reflect the change of the principal amount evidenced hereby.

Unless the certificate of authentication hereon has been executed by the Trustee, this Global Note shall not be valid or obligatory for any purpose.

[Remainder of the page intentionally left in blank]

 

F-2


IN WITNESS WHEREOF, Mexico has caused this instrument to be duly executed.

Dated: March 6, 2015

 

THE UNITED MEXICAN STATES
By:

 

Alejandro Díaz de León Carrillo
Deputy Undersecretary for Public Credit of the Ministry of Finance and Public Credit
By:

 

Irene Espinosa Cantellano
Treasurer of the Federation

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes issued under the within-mentioned Indenture.

Dated: March 6, 2015

 

DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Trustee
By: Deutsche Bank National Trust Company
By:

 

Name:
Title:

 

F-3


Annex C

TERMS AND CONDITIONS OF THE NOTES

1. General. (a) This Note is one of a duly authorized Series of debt securities of the UNITED MEXICAN STATES (“Mexico”), designated as its 1.625% Global Notes due 2024 (the “Notes”), and issued or to be issued in one or more Series pursuant to an Indenture dated as of November 17, 2014, between Mexico and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), as amended from time to time (the “Indenture”). The Holders of the Notes will be entitled to the benefits of, be bound by, and be deemed to have notice of, all of the provisions of the Indenture. A copy of the Indenture is on file and may be inspected at the Corporate Trust Office. All capitalized terms used in this Note but not defined herein shall have the meanings assigned to them in the Indenture.

(b) The Notes constitute and will constitute direct, general, unconditional and unsubordinated Public External Indebtedness of Mexico for which the full faith and credit of Mexico is pledged. The Notes rank and will rank without any preference among themselves and equally with all other unsubordinated Public External Indebtedness of Mexico. It is understood that this provision shall not be construed so as to require Mexico to make payments under the Notes ratably with payments being made under any other Public External Indebtedness of Mexico.

(c) The Notes are in fully registered form, without coupons, in denominations of €100,000 and integral multiples of €1,000 in excess thereof. The Notes may be issued in certificated form (the “Certificated Notes”), or may be represented by one or more registered global notes held by or on behalf of the Depositary. Certificated Notes will be available only in the limited circumstances set forth in the Indenture. The Notes, and transfers thereof, shall be registered as provided in Section 2.6 of the Indenture. Any person in whose name a Note shall be registered may (to the fullest extent permitted by applicable law) be treated at all times, by all persons and for all purposes as the absolute owner of such Note regardless of any notice of ownership, theft, loss or any writing thereon.

(d) For the purposes of this paragraph and paragraphs 7 and 8 below, the following terms shall have the meanings specified below:

(i) “Public External Indebtedness” means any Public Indebtedness that is a payment obligation or contingent liability payable in any currency other than the currency of Mexico (other than any such Public Indebtedness that is originally issued or incurred within Mexico). For this purpose, settlement of original issuance by delivery of Public Indebtedness (or the instruments evidencing such Public Indebtedness) within Mexico shall be deemed to be original issuance within Mexico; and

(ii) “Public Indebtedness” means any payment obligation, including any contingent liability, of any person arising from bonds, debentures, Debt Securities or other securities that (A) are, or were intended at the time of issuance to be, quoted, listed or traded on any securities exchange or other securities market (including, without limiting the generality of the foregoing, securities eligible for resale pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (or any successor law or regulation of similar effect)) and (B) have an original maturity of more than one year or are combined with a commitment so that the original maturity of one year or less may be extended at the option of Mexico to a period in excess of one year.


2. Payments. (a) Mexico covenants and agrees that it will duly and punctually pay or cause to be paid the principal of, and premium, if any, and interest (including Additional Amounts) on, the Notes and any other payments to be made by Mexico under the Notes and the Indenture, at the place or places, at the respective times and in the manner provided in the Notes and the Indenture. Principal of the Notes will be payable against surrender of such Notes at the Corporate Trust Office of the Trustee in New York City or, subject to applicable laws and regulations, at the office outside of the United States of a paying agent, by euro check drawn on, or by transfer to a euro account maintained by the Holder with, a bank located in London. Payment of interest or principal (including Additional Amounts (as defined below)) on Notes will be made to the persons in whose name such Notes are registered at the close of business on the relevant Record Date, whether or not such day is a Business Day (as defined below) notwithstanding the cancellation of such Notes upon any transfer or exchange thereof subsequent to the Record Date and prior to such Interest Payment Date; provided that if and to the extent Mexico shall default in the payment of the interest due on such Interest Payment Date, such defaulted interest shall be paid to the persons in whose names such Notes are registered as of a subsequent record date established by Mexico by notice, as provided in paragraph 14 of these Terms, by or on behalf of Mexico to the Holders of the Notes not less than 15 days preceding such subsequent record date, such record date to be not less than 10 days preceding the date of payment of such defaulted interest. Notwithstanding the immediately preceding sentence, in the case where such interest or principal (including Additional Amounts as defined below) is not punctually paid or duly provided for, the Trustee shall have the right to fix such subsequent record date, and, if fixed by the Trustee, such subsequent record date shall supersede any such subsequent record date fixed by Mexico. Payment of interest on Certificated Notes will be made (i) by euro check drawn on a bank in London mailed to the Holder at such Holder’s registered address or (ii) upon application by the Holder of at least €10,000,000 (or its equivalent in other currencies or currency units) in principal amount of Certificated Notes to the Trustee not later than the applicable Record Date, by wire transfer in immediately available funds to a euro account maintained by the Holder with a bank in London. Payment of interest on a global note will be made (i) by a euro check drawn on a bank in London delivered to the Depositary at its registered address or (ii) by wire transfer in immediately available funds to a euro account maintained by the Depositary with a bank in London. “Business Day” shall mean any day that is (a) not a Saturday or Sunday; and (b) (i) a day on which the Trans-European Automated Real-Time Settlement Express Transfer (TARGET) System is operating and (ii) a day on which commercial banks are open for dealings in euro deposits in the London interbank market.

(b) In any case where the date of payment of the principal of, or interest (including Additional Amounts) on, the Notes shall not be a Business Day, then payment of principal or interest (including Additional Amounts) will be made on the next succeeding Business Day at the relevant place of payment. Such payments will be deemed to have been made on the due date, and no interest on the Notes will accrue as a result of the delay in payment.

 

R-2


(c) Interest will be computed on the basis of the actual number of days in the interest period divided by 365 (or, if any portion of the Interest Period falls in a leap year, the sum of (x) the actual number of days falling in the leap year divided by 366 and (y) the actual number of days falling in the non-leap year divided by 365).

(d) Any monies deposited with or paid to the Trustee or to any paying agent for the payment of the principal of or interest (including Additional Amounts) on any Note and not applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable shall be repaid to or for the account of Mexico by the Trustee or such paying agent, upon the written request of Mexico and, to the extent permitted by law, the Holder of such Note shall thereafter look only to Mexico for any payment which such Holder may be entitled to collect, and all liability of the Trustee or such paying agent with respect to such monies shall thereupon cease. Mexico shall cause all returned, unclaimed monies to be held in trust for the relevant Holder of the Note until such time as the claims against Mexico for payment of such amounts shall have prescribed pursuant to paragraph 16 of these Terms.

(e) If Mexico at any time defaults in the payment of any principal of, or interest (including Additional Amounts) on the Notes, Mexico will pay interest on the amount in default (to the extent permitted by law), calculated for each day until paid, at the rate of 1.625% per annum, together with Additional Amounts, if applicable.

(f) The principal of and any premium and interest on this Note shall be payable in euro; provided, however, that if Mexico determines that the euro is not available for making payments on this Note due to the imposition of exchange controls or other circumstances beyond Mexico’s control, then payments on this Note shall be made in U.S. dollars until Mexico determines that the euro is again available for making such payments. The amount so payable on any such payment date in such euro shall be converted into U.S. dollars at a rate determined by the Exchange Rate Agent in accordance with the Exchange Rate Agency Agreement, between Mexico and the Exchange Rate Agent. Any payment made under such circumstances in U.S. dollars will not constitute an Event of Default hereunder or under the Indenture. In the absence of manifest error, all determinations by the Exchange Rate Agent shall be conclusive for all purposes and binding on Mexico and the Holders of the Notes. Holders will not have the option to elect payments in U.S. dollars.

(g) Unless otherwise specified on the face hereof, if the specified currency of this Note is other than U.S. dollars, in the event of an official redenomination of such specified currency, the obligations of Mexico with respect to payments on this Note shall, in all cases, be deemed immediately following such redenomination to provide for payment of that amount of the redenominated currency representing the amount of such obligations immediately before such redenomination.

3. Redemption. The Notes will be redeemable at the option of Mexico prior to the maturity date. Mexico will have the right at its option, upon giving not less than 30 days’ nor more than 60 days’ notice to the Holders, to redeem the Notes, in whole or in part, at any time or from time to time prior to the maturity date, at a redemption price equal to the principal amount thereof, plus the Make-Whole Amount (as defined below), plus interest accrued but not paid on the principal amount of the Notes to be redeemed to the date of redemption specified in such notice (the “Redemption Date”).

 

R-3


Make-Whole Amount” means the excess, if any, of (i) the sum of the present values of each remaining scheduled payment of principal and interest on the Notes to be redeemed (exclusive of interest accrued but not paid to the Redemption Date), discounted to the Redemption Date on an annual basis (computed on the basis of the actual number of days in the interest period divided by 365 (or, if any portion of the Interest Period falls in a leap year, the sum of (x) the actual number of days falling in the leap year divided by 366 and (y) the actual number of days falling in the non-leap year divided by 365)) at the Benchmark Rate (as defined below) plus 20 basis points over (ii) the principal amount of such Notes.

Benchmark Rate” means, with respect to any Redemption Date, the rate per annum equal to the annual equivalent yield to maturity or interpolated maturity of the Comparable Benchmark Issue (as defined below), assuming a price for the Comparable Benchmark Issue (expressed as a percentage of its principal amount) equal to the Comparable Benchmark Price for such Redemption Date.

Comparable Benchmark Issue” means the Bundesanleihe security or securities (“Bund”) of the German Government selected by an Independent Investment Banker (as defined below) as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of euro-denominated corporate debt securities of a comparable maturity to the remaining term of such Notes.

Independent Investment Banker” means one of the Reference Dealers (as defined below) appointed by Mexico.

Comparable Benchmark Price” means, with respect to any Redemption Date, (i) the average of the Reference Dealer Quotations (as defined below) for such Redemption Date, after excluding the highest and lowest such Reference Dealer Quotation or (ii) if Mexico obtains fewer than four such Reference Dealer Quotations, the average of all such quotations.

Reference Dealer” means any of Banco Santander, S.A., Barclays Bank PLC and Deutsche Bank AG, London Branch, or their affiliates which are dealers of Bund of the German Government, and one other leading dealer of Bund of the German Government designated by Mexico, and their respective successors; provided that if any of the foregoing shall cease to be a dealer of Bund of the German Government, Mexico will substitute therefor another dealer of Bund of the German Government.

Reference Dealer Quotation” means, with respect to each Reference Dealer and any Redemption Date, the average, as determined by Mexico, of the bid and asked prices for the Comparable Benchmark Issue (expressed in each case as a percentage of its principal amount) quoted in writing to Mexico by such Reference Dealer at 3:30 p.m., Frankfurt, Germany, time on the third Business Day preceding such Redemption Date.

If this Note is redeemed only in part, a new Note or Notes for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof.

 

R-4


If less than all Notes having the same terms (except as to principal amount and date of issuance) are to be redeemed, the Notes to be redeemed shall be selected by the Trustee by such method as the Trustee shall deem fair and appropriate. Unless otherwise specified on the face hereof, this Note will not be entitled to the benefit of a sinking fund.

4. Early Repayment. Unless otherwise specified and subject to the terms set forth on the face hereof, this Note will not be repayable prior to the maturity date at the option of the Holder hereof.

5. Purchase of the Notes by Mexico. Mexico may at any time repurchase the Notes at any price in the open market or otherwise. Notes so repurchased by Mexico may be held, resold (subject to compliance with applicable securities and tax laws) or surrendered to the Trustee for cancellation.

6. Additional Amounts. (a) All payments by Mexico in respect of the Notes shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of Mexico, or any political subdivision or taxing authority or agency therein or thereof having the power to tax (collectively, “Relevant Tax”), unless the withholding or deduction of such Relevant Tax is required by law. In that event, Mexico shall pay such additional amounts (“Additional Amounts”) as may be necessary to ensure that the amounts received by the Holders after such withholding or deduction shall equal the respective amounts of principal and interest that would have been receivable in respect of the Notes in the absence of such withholding or deduction; provided, however, that no such Additional Amounts shall be payable in respect of any Relevant Tax:

(i) imposed by reason of a Holder or beneficial owner of a Note having some present or former connection with Mexico other than merely being a Holder or beneficial owner of the Note or receiving payments of any nature on the Note or enforcing its rights in respect of the Note;

(ii) imposed by reason of the failure of a Holder or beneficial owner of a Note, or any other person through which the Holder or beneficial owner holds a Note, to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with Mexico of such Holder or beneficial owner or other person, if compliance with the requirement is a precondition to exemption from all or any portion of such withholding or deduction; or

(iii) is imposed by reason of a Holder or beneficial owner of a Note, or any other person through which the Holder or beneficial owner holds a Note, having presented the Note for payment (where such presentation is required) more than 30 days after the Relevant Date, except to the extent that the Holder or beneficial owner or such other person would have been entitled to Additional Amounts on presenting the Note for payment on any date during such 30-day period.

As used in this paragraph 6(a), “Relevant Date” in respect of any Note means the date on which payment in respect thereof first becomes due or, if the full amount of the money payable has not been received by the Trustee on or prior to such due date, the date on which notice is duly given to the Holders in the manner described in paragraph 14 below that such monies have been so received and are available for payment. Any reference to “principal” and/or “interest” in this paragraph 6(a) shall be deemed to include any Additional Amounts which may be payable hereunder.

 

R-5


(b) Mexico will pay any present or future stamp, court or documentary taxes or any excise or property taxes, charges or similar levies which arise in Mexico or any political subdivision thereof or taxing authority thereof or therein in respect of the creation, issue, execution, initial delivery or registration of the Notes or any other document or instrument referred to therein. Mexico will also indemnify the Holders from and against any stamp, court or documentary taxes or any excise or property taxes, charges or similar levies resulting from, or required to be paid by any of them in any jurisdiction in connection with, the enforcement of the obligations of Mexico under the Notes or any other document or instrument referred to therein following the occurrence of any Event of Default (as defined below).

7. Negative Pledge Covenant of Mexico. So long as any Note shall remain Outstanding, or any amount payable by Mexico under the Indenture shall remain unpaid, Mexico agrees that Mexico will not create, incur, assume or suffer to exist any Security Interest (as defined below) in the whole or any part of its present or future revenues or assets to secure Public External Indebtedness of Mexico, unless the Note is secured equally and ratably with such Public External Indebtedness; provided, however, that Mexico may create or permit to subsist:

(i) Security Interests created prior to December 3, 1993;

(ii) Security Interests securing Public External Indebtedness incurred in connection with a Project Financing (as defined below), provided that the Security Interest is solely in assets or revenues of the project for which the Project Financing was incurred;

(iii) Security Interests securing Public External Indebtedness of Mexico which (A) is issued by Mexico in exchange for debt of Mexican public sector bodies (other than Mexico) and (B) is in an aggregate principal amount outstanding (with debt denominated in currencies other than U.S. dollars expressed in U.S. dollars based on rates of exchange prevailing at the date such debt was incurred) that does not exceed U.S. $29 billion; and

(iv) Security Interests securing Public External Indebtedness of Mexico incurred or assumed by Mexico to finance or refinance the acquisition of the assets in which such Security Interest has been created or permitted to subsist.

For the purposes of this paragraph 7, the following terms shall have the meanings specified below:

Project Financing” means any financing of all or part of the costs of the acquisition, construction or development of any project if the person or persons providing such financing (A) expressly agree to limit their recourse to the project financed and the revenues derived from such project as the principal source of repayment for the moneys advanced and (B) have been provided with a feasibility study prepared by competent independent experts on the basis of which it was reasonable to conclude that such project would generate sufficient foreign currency income to service substantially all Public External Indebtedness incurred in connection with such project.

 

R-6


Security Interest” means any lien, pledge, mortgage, encumbrance or other preferential right granted to any person or entity over Mexico’s revenues or assets.

8. Events of Default; Acceleration. If one or more of the following events (“Events of Default”) shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

(a) default in the principal of, premium, if any, or interest on any of the Notes as and when the same shall become due and payable, whether at maturity, by declaration or otherwise, and continuance of such default for 30 days; or

(b) failure on the part of Mexico to observe or perform any of the covenants or agreements provided herein or in the Indenture (in each case, other than those referred to in (a) above) for a period of 30 days after the date on which written notice shall have been given to Mexico by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding; or

(c) Mexico shall fail to make any payment of principal or interest in respect of Public External Indebtedness of Mexico when due and such failure shall result in the acceleration of an aggregate principal amount of not less than U.S. $10,000,000 (or its equivalent in other currencies) of such Public External Indebtedness, and such acceleration shall not have been rescinded or annulled; or

(d) Mexico shall fail to make any payment in respect of Public External Indebtedness of Mexico in an aggregate principal amount in excess of U.S. $10,000,000 (or its equivalent in other currencies) for a period of 30 days after the date on which Mexico receives written notice from the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding; or

(e) the declaration by Mexico of a moratorium with respect to the payment of principal of or interest on Public External Indebtedness of Mexico; or then in each and every such case, upon notice in writing by the Holders (the “Demanding Holders”) (acting individually or together) of not less than 25% of the aggregate Outstanding principal amount of the Notes to Mexico, with a copy to the Trustee, of any such Event of Default and its continuance, the Demanding Holders may declare the principal amount of all the Notes due and payable immediately, and the same shall become and shall be due and payable upon the date that such written notice is received by or on behalf of Mexico, unless prior to such date all Events of Default in respect of all the Notes shall have been cured; provided that if, at any time after the principal of the Notes shall have been so declared due and payable, and before the sale of any property pursuant to any judgment or decree for the payment of monies due which shall have been obtained or entered in connection with the Notes, Mexico shall pay or shall deposit (or cause to be paid or deposited) with the Trustee a sum sufficient to pay all matured installments of interest and principal upon all the Notes which shall have become due otherwise than solely by acceleration (with interest on overdue installments of interest, to the extent permitted by law, and on such principal of each Note at the rate of interest specified herein, to the date of such payment of interest or principal) and such amount as shall be sufficient to cover reasonable compensation to the Demanding Holders, the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel, and all other documented expenses and liabilities reasonably incurred, and all advances made for documented expenses and legal fees, reasonably incurred by the Demanding Holders, the Trustee and each predecessor Trustee, and if any and all Events of Default hereunder, other than the nonpayment of the principal of the Notes which shall have become due solely by acceleration, shall have been cured, waived or otherwise remedied as provided herein, then, and in every such case, the Holders of more than 50% in aggregate principal amount of the Notes then Outstanding, by written notice to Mexico and to the Trustee, may, on behalf of all of the Holders, waive all defaults and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent default, or shall impair any right consequent thereon. Actions by Holders pursuant to this paragraph 8 need not be taken at a meeting pursuant to paragraph 9 hereof. Actions by the Trustee and the Holders pursuant to this paragraph 8 are subject to Article IV of the Indenture. If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes of this Series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

R-7


9. Holders’ Meetings and Written Action. The Indenture sets forth the provisions for the convening of meetings of Holders of Notes and actions taken by written consent of the Holders of Notes.

10. Replacement, Exchange and Transfer of the Notes. (a) Upon the terms and subject to the conditions set forth in the Indenture, in case any Note shall become mutilated, defaced, or be apparently destroyed, lost or stolen, Mexico in its discretion may execute, and upon the request of Mexico, the Trustee shall authenticate and deliver, a new Note bearing a number not contemporaneously Outstanding, in exchange and substitution for the mutilated or defaced, Note, or in lieu of and in substitution for the apparently destroyed, lost or stolen Note. In every case, the applicant for a substitute Note shall furnish to Mexico and to the Trustee such security or indemnity as may be required by each of them to indemnify, defend and to save each of them and any agent of Mexico or the Trustee harmless and, in every case of destruction, loss, theft or evidence to their satisfaction of the apparent destruction, loss or theft of such Note and of the ownership thereof. Upon the issuance of any substitute Note, the Holder of such Note, if so requested by Mexico, shall pay a sum sufficient to cover any stamp duty, tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected with the preparation and issuance of the substitute Note.

(b) Upon the terms and subject to the conditions set forth in the Indenture, and subject to paragraph 10(e) hereof, a Certificated Security or Securities may be exchanged for an equal aggregate principal amount of Certificated Notes in different authorized denominations and a beneficial interest in the Global Note may be exchanged for Certificated Notes in authorized denominations or for a beneficial interest in another Global Note by the Holder or Holders surrendering the Security or Securities for exchange at the Corporate Trust Office, together with a written request for the exchange. Certificated Notes will only be issued in exchange for interests in a Global Note pursuant to Section 2.5(e) of the Indenture. The exchange of the Notes will be made by the Trustee.

 

R-8


(c) Upon the terms and subject to the conditions set forth in the Indenture, and subject to paragraph 10(e) hereof, a Certificated Security may be transferred in whole or in part (in an amount equal to the authorized denomination or any integral multiple thereof) by the Holder or Holders surrendering the Certificated Security for transfer at the Corporate Trust Office accompanied by an executed instrument of transfer substantially as set forth in Exhibit F to the Indenture. The registration of transfer of the Notes will be made by the Trustee.

(d) The costs and expenses of effecting any exchange, transfer or registration of transfer pursuant to this paragraph 10 will be borne by Mexico, except for the expenses of delivery (if any) not made by regular mail and the payment of a sum sufficient to cover any stamp duty, tax or other governmental charge or insurance charge that may be imposed in relation thereto, which will be borne by the Holder of the Note. Registration of the transfer of a Note by the Trustee shall be deemed to be the acknowledgment of such transfer on behalf of Mexico.

(e) The Trustee may decline to accept any request for an exchange or registration of transfer of any Note during the period of 15 days preceding the due date for any payment of principal of, or premium, if any, or interest on, the Notes.

11. Trustee. For a description of the duties and the immunities and rights of the Trustee under the Indenture, reference is made to the Indenture, and the obligations of the Trustee to the Holder hereof are subject to such immunities and rights.

12. Paying Agents; Transfer Agents; Registrar. Mexico has initially appointed Deutsche Bank Trust Company Americas as its paying agent, transfer agent and registrar. Mexico may at any time appoint additional or other paying agents, transfer agents and registrars and terminate the appointment of those or any paying agents, transfer agents and registrar, provided that while the Notes are Outstanding, Mexico will maintain in The City of New York (i) a paying agent, (ii) an office or agency where the Notes may be presented for exchange, transfer and registration of transfer as provided in the Indenture and (iii) a registrar. In addition, if and for so long as the Notes are listed on the Luxembourg Stock Exchange and the rules of such Exchange so require, Mexico will maintain a paying agent and transfer agent in Luxembourg. Notice of any such termination or appointment and of any change in the office through which any paying agent, transfer agent or registrar will act will be promptly given in the manner described in paragraph 14 hereof.

 

R-9


13. Enforcement. Except as provided in Section 4.7 of the Indenture, no Holder of any Notes shall have any right by virtue of or by availing itself of any provision of the Indenture or of the Notes to institute any suit, action or proceeding in equity or at law upon or under or with respect to the Indenture or of the Notes, or for any other remedy hereunder or under the Notes, unless (a) such Holder previously shall have given to the Trustee written notice of default and of the continuance thereof with respect to such Series of Notes, (b) the Holders of not less than 25% in aggregate principal amount Outstanding of Notes shall have made specific written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have provided to the Trustee such reasonable indemnity or other security as it may require against the costs, expenses and liabilities to be incurred therein or thereby and (c) the Trustee for 60 days after its receipt of such notice, request and provision of indemnity or other security, shall have failed to institute any such action, suit or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 4.9 of the Indenture, it being understood and intended, and being expressly covenanted by every Holder of Notes with every other Holder of Notes and the Trustee, that no one or more Holders shall have any right in any manner whatever by virtue or by availing itself of any provision of the Indenture or of the Notes to affect, disturb or prejudice the rights of any other Holder of Notes of such Series or to obtain priority over or preference to any other such Holder, or to enforce any right under the Indenture or under the Notes, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Notes. For the protection and enforcement of this paragraph, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

14. Notices. Mexico will mail any notices to the Holders of the Notes at their registered addresses as reflected in the books and records of the Trustee. Mexico will consider any mailed notice to have been given five Business Days after it has been sent. Mexico will also publish notices to the Holders (a) in a leading newspaper having general circulation in New York City and London (which is expected to be the The Wall Street Journal and Financial Times, respectively) and (b) if and so long as the Notes are listed on the Euro MTF market of the Luxembourg Stock Exchange and the rules of the exchange so require, in a leading newspaper having general circulation in Luxembourg (which is expected to be d’Wort - Luxemburger Wort für Wahrheit und Recht) and on the website of the Luxembourg Stock Exchange at http://www.bourse.lu. If publication in a leading newspaper in Luxembourg is not practicable, Mexico will publish such notices in a leading English language daily newspaper with general circulation in Europe. Mexico will consider any published notice to be given on the date of its first publication.

15. Further Issues of Notes. Mexico may from time to time, without the consent of Holders of the Notes, create and issue additional Notes having the same Terms as the Notes in all respects, except for the issue date, issue price and the first payment of interest thereon; provided, however, that any such additional Notes shall be issued either in a “qualified reopening” for U.S. federal income tax purposes or with no more than de minimis original issue discount for U.S. federal income tax purposes. Additional Notes issued in this manner will be consolidated with and will form a single Series with the previously Outstanding Notes.

16. Prescription. To the extent permitted by law, claims against Mexico for the payment of principal of, or interest or other amounts due on, the Notes (including Additional Amounts) will become void unless made within five years of the date on which that payment first became due (or such shorter period as shall be prescribed by applicable law).

17. Authentication. This Note shall not become valid or obligatory until the certificate of authentication hereon shall have been duly signed by the Trustee or its agent.

 

R-10


18. Governing Law. (a) This Note will be governed by and construed in accordance with the laws of the State of New York; provided, however, that all matters governing Mexico’s authorization and execution of the Indenture and the Notes shall in all cases be governed by and construed in accordance with the laws of Mexico.

(b) Each of the parties hereto hereby irrevocably submits to the jurisdiction of any state or federal court sitting in the Borough of Manhattan, The City of New York in any action or proceeding arising out of or based on the Indenture or the Notes. Mexico will appoint the Consul General of Mexico acting through his or her offices at 27 East 39th Street, New York, New York, 10016, and his or her successors, as its authorized agent (the “Authorized Agent”) upon whom process may be served in any action arising out of or based on the Indenture or the Notes, which may be instituted in any such court as provided in the Indenture. Mexico hereby waives irrevocably, to the extent permitted by law, any immunity from the jurisdiction of such court (including sovereign immunity under the U.S. Foreign Sovereign Immunities Act of 1976 and immunity from pre-judgment attachment, post-judgment attachment and execution), except that under Article 4 of the Federal Code of Civil Procedure of Mexico attachment prior to judgment or attachment in aid of execution may not be ordered by Mexican courts against property of Mexico, and any objections to the laying of venue in any such courts in respect of any such action to which it might otherwise be entitled in any actions arising out of or based on the Indenture or the Notes of any Series which may be instituted as provided in the Indenture in any state or federal court in the Borough of Manhattan, The City of New York. In addition, Mexico hereby waives any rights to which it may be entitled on account of place of residence or domicile. Such appointment shall be irrevocable until all amounts in respect of the principal of (and premium, if any) and any interest due and to become due on or in respect of all the Notes have been provided to the Trustee pursuant to the terms hereof either paid or returned to Mexico in accordance with the Indenture, except that, if for any reason, the Consul General of Mexico ceases to be able to act as Authorized Agent or no longer has an address in the Borough of Manhattan, The City of New York, Mexico will appoint another person (which may be the Trustee) in the Borough of Manhattan, The City of New York, selected in its discretion, as such Authorized Agent, a copy of which acceptance it shall provide to the Trustee. Mexico will take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment or appointments pursuant to Section 9.7 of the Indenture in full force and effect as aforesaid. Service of process upon the Authorized Agent at the address indicated above, or at such other address in the Borough of Manhattan, The City of New York by notice given by the Authorized Agent to each party hereto, shall be deemed, in every respect, effective service of process upon Mexico.

(c) A final non-appealable judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by a suit upon such judgment or in any other manner provided by law.

(d) Notwithstanding the provisions of this paragraph 18, any action against Mexico arising out of or based on the Notes of any Series may also be instituted as provided in the Indenture in any competent court in Mexico.

(e) Notwithstanding anything else in this paragraph 18 to the contrary, neither such appointment nor such submission to jurisdiction or such waiver of sovereign immunity shall be interpreted to include actions brought under the United States securities laws or any state securities laws.

 

R-11


(f) Nothing in this paragraph 18 shall affect the right of the Trustee or (in connection with legal actions or proceedings by any Holder as permitted by the Indenture and this Note) any Holder to serve legal process in any other manner permitted by law, or affect the right of the Trustee or any such Holder to bring any action or proceeding against Mexico or its property in the courts of other jurisdictions.

19. Indemnification for Foreign Exchange Fluctuations. The obligation of Mexico to any Holder under the Notes that has obtained a court judgment affecting the Notes shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than the currency in which the Note is denominated (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by such Holder of any amount in the Judgment Currency, such Holder may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency (or, if it is not practicable to make that purchase on that day, on the first Business Day on which it is practicable to do so). If the amount of the Agreement Currency so purchased is less than the amount originally to be paid to such Holder in the Agreement Currency, Mexico agrees, as a separate obligation and notwithstanding such judgment, to pay the difference, and if the amount of the Agreement Currency so purchased exceeds the amount originally to be paid to such Holder, such Holder agrees to pay to or for the account of Mexico such excess, provided that such Holder shall not have any obligation to pay any such excess as long as a default by Mexico in its obligations hereunder has occurred and is continuing, in which case such excess may be applied by such Holder to such obligations.

20. Warranty of Mexico. Subject to paragraph 17, Mexico hereby certifies and warrants that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Note and to constitute the same legal, valid and binding obligations of Mexico enforceable in accordance with their terms, have been done and performed and have happened in due and strict compliance with all applicable laws.

21. Definitive Headings. The descriptive headings appearing in these Terms are for convenience of reference only and shall not alter, limit or define the provisions hereof.

22. Modifications. (a) Any Modification to the Notes or the Indenture insofar as it affects the Notes shall be made in accordance with Article Ten and Article Eleven of the Indenture.

(b) Any Modification pursuant to this paragraph 22 will be conclusive and binding on all Holders of the Notes, and on all future Holders of the Notes whether or not notation of such Modification is made upon the Notes. Any instrument given by or on behalf of any Holder of a Note in connection with any consent to or approval of any such Modification will be conclusive and binding on all subsequent Holders of that Note.

 

R-12


Schedule A

 

Date

  

Principal Amount of

Certificated

Notes

  

Remaining

Principal Amount of

this Global Note

  

Notation Made By

        
        
        

 

R-13


TRANSFER CERTIFICATE

FOR VALUE RECEIVED, the undersigned hereby transfers to (PRINT NAME AND ADDRESS OF TRANSFEREE) €          principal amount of this 1.625% Global Notes due 2024, and all rights with respect thereto, and irrevocably constitutes and appoints                      as attorney to transfer this Note on the books kept for registration thereof, with full power of substitution.

 

Dated  

 

Certifying Signature:

 

Signed  

 

Note:

(i) The signature on this transfer form must correspond to the name as it appears on the face of this Note.

(ii) A representative of the Holder should state the capacity in which he or she signs (e.g., executor).

(iii) The signature of the person effecting the transfer shall conform to any list of duly authorized specimen signatures supplied by the registered Holder or shall be certified by a recognized bank, notary public or in such other manner as the Trustee or a paying agent may require.

 

R-14


TERMS AND CONDITIONS OF THE NOTES

1. General. (a) This Note is one of a duly authorized Series of debt securities of the UNITED MEXICAN STATES (“Mexico”), designated as its 3.000% Global Notes due 2045 (the “Notes”), and issued or to be issued in one or more Series pursuant to an Indenture dated as of November 17, 2014, between Mexico and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), as amended from time to time (the “Indenture”). The Holders of the Notes will be entitled to the benefits of, be bound by, and be deemed to have notice of, all of the provisions of the Indenture. A copy of the Indenture is on file and may be inspected at the Corporate Trust Office. All capitalized terms used in this Note but not defined herein shall have the meanings assigned to them in the Indenture.

(b) The Notes constitute and will constitute direct, general, unconditional and unsubordinated Public External Indebtedness of Mexico for which the full faith and credit of Mexico is pledged. The Notes rank and will rank without any preference among themselves and equally with all other unsubordinated Public External Indebtedness of Mexico. It is understood that this provision shall not be construed so as to require Mexico to make payments under the Notes ratably with payments being made under any other Public External Indebtedness of Mexico.

(c) The Notes are in fully registered form, without coupons, in denominations of €100,000 and integral multiples of €1,000 in excess thereof. The Notes may be issued in certificated form (the “Certificated Notes”), or may be represented by one or more registered global notes held by or on behalf of the Depositary. Certificated Notes will be available only in the limited circumstances set forth in the Indenture. The Notes, and transfers thereof, shall be registered as provided in Section 2.6 of the Indenture. Any person in whose name a Note shall be registered may (to the fullest extent permitted by applicable law) be treated at all times, by all persons and for all purposes as the absolute owner of such Note regardless of any notice of ownership, theft, loss or any writing thereon.

(d) For the purposes of this paragraph and paragraphs 7 and 8 below, the following terms shall have the meanings specified below:

(i) “Public External Indebtedness” means any Public Indebtedness that is a payment obligation or contingent liability payable in any currency other than the currency of Mexico (other than any such Public Indebtedness that is originally issued or incurred within Mexico). For this purpose, settlement of original issuance by delivery of Public Indebtedness (or the instruments evidencing such Public Indebtedness) within Mexico shall be deemed to be original issuance within Mexico; and

(ii) “Public Indebtedness” means any payment obligation, including any contingent liability, of any person arising from bonds, debentures, Debt Securities or other securities that (A) are, or were intended at the time of issuance to be, quoted, listed or traded on any securities exchange or other securities market (including, without limiting the generality of the foregoing, securities eligible for resale pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (or any successor law or regulation of similar effect)) and (B) have an original maturity of more than one year or are combined with a commitment so that the original maturity of one year or less may be extended at the option of Mexico to a period in excess of one year.


2. Payments. (a) Mexico covenants and agrees that it will duly and punctually pay or cause to be paid the principal of, and premium, if any, and interest (including Additional Amounts) on, the Notes and any other payments to be made by Mexico under the Notes and the Indenture, at the place or places, at the respective times and in the manner provided in the Notes and the Indenture. Principal of the Notes will be payable against surrender of such Notes at the Corporate Trust Office of the Trustee in New York City or, subject to applicable laws and regulations, at the office outside of the United States of a paying agent, by euro check drawn on, or by transfer to a euro account maintained by the Holder with, a bank located in London. Payment of interest or principal (including Additional Amounts (as defined below)) on Notes will be made to the persons in whose name such Notes are registered at the close of business on the relevant Record Date, whether or not such day is a Business Day (as defined below) notwithstanding the cancellation of such Notes upon any transfer or exchange thereof subsequent to the Record Date and prior to such Interest Payment Date; provided that if and to the extent Mexico shall default in the payment of the interest due on such Interest Payment Date, such defaulted interest shall be paid to the persons in whose names such Notes are registered as of a subsequent record date established by Mexico by notice, as provided in paragraph 14 of these Terms, by or on behalf of Mexico to the Holders of the Notes not less than 15 days preceding such subsequent record date, such record date to be not less than 10 days preceding the date of payment of such defaulted interest. Notwithstanding the immediately preceding sentence, in the case where such interest or principal (including Additional Amounts as defined below) is not punctually paid or duly provided for, the Trustee shall have the right to fix such subsequent record date, and, if fixed by the Trustee, such subsequent record date shall supersede any such subsequent record date fixed by Mexico. Payment of interest on Certificated Notes will be made (i) by euro check drawn on a bank in London mailed to the Holder at such Holder’s registered address or (ii) upon application by the Holder of at least €10,000,000 (or its equivalent in other currencies or currency units) in principal amount of Certificated Notes to the Trustee not later than the applicable Record Date, by wire transfer in immediately available funds to a euro account maintained by the Holder with a bank in London. Payment of interest on a global note will be made (i) by a euro check drawn on a bank in London delivered to the Depositary at its registered address or (ii) by wire transfer in immediately available funds to a euro account maintained by the Depositary with a bank in London. “Business Day” shall mean any day that is (a) not a Saturday or Sunday; and (b) (i) a day on which the Trans-European Automated Real-Time Settlement Express Transfer (TARGET) System is operating and (ii) a day on which commercial banks are open for dealings in euro deposits in the London interbank market.

(b) In any case where the date of payment of the principal of, or interest (including Additional Amounts) on, the Notes shall not be a Business Day, then payment of principal or interest (including Additional Amounts) will be made on the next succeeding Business Day at the relevant place of payment. Such payments will be deemed to have been made on the due date, and no interest on the Notes will accrue as a result of the delay in payment.

 

R-2


(c) Interest will be computed on the basis of the actual number of days in the interest period divided by 365 (or, if any portion of the Interest Period falls in a leap year, the sum of (x) the actual number of days falling in the leap year divided by 366 and (y) the actual number of days falling in the non-leap year divided by 365).

(d) Any monies deposited with or paid to the Trustee or to any paying agent for the payment of the principal of or interest (including Additional Amounts) on any Note and not applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable shall be repaid to or for the account of Mexico by the Trustee or such paying agent, upon the written request of Mexico and, to the extent permitted by law, the Holder of such Note shall thereafter look only to Mexico for any payment which such Holder may be entitled to collect, and all liability of the Trustee or such paying agent with respect to such monies shall thereupon cease. Mexico shall cause all returned, unclaimed monies to be held in trust for the relevant Holder of the Note until such time as the claims against Mexico for payment of such amounts shall have prescribed pursuant to paragraph 16 of these Terms.

(e) If Mexico at any time defaults in the payment of any principal of, or interest (including Additional Amounts) on the Notes, Mexico will pay interest on the amount in default (to the extent permitted by law), calculated for each day until paid, at the rate of 3.000% per annum, together with Additional Amounts, if applicable.

(f) The principal of and any premium and interest on this Note shall be payable in euro; provided, however, that if Mexico determines that the euro is not available for making payments on this Note due to the imposition of exchange controls or other circumstances beyond Mexico’s control, then payments on this Note shall be made in U.S. dollars until Mexico determines that the euro is again available for making such payments. The amount so payable on any such payment date in such euro shall be converted into U.S. dollars at a rate determined by the Exchange Rate Agent in accordance with the Exchange Rate Agency Agreement, between Mexico and the Exchange Rate Agent. Any payment made under such circumstances in U.S. dollars will not constitute an Event of Default hereunder or under the Indenture. In the absence of manifest error, all determinations by the Exchange Rate Agent shall be conclusive for all purposes and binding on Mexico and the Holders of the Notes. Holders will not have the option to elect payments in U.S. dollars.

(g) Unless otherwise specified on the face hereof, if the specified currency of this Note is other than U.S. dollars, in the event of an official redenomination of such specified currency, the obligations of Mexico with respect to payments on this Note shall, in all cases, be deemed immediately following such redenomination to provide for payment of that amount of the redenominated currency representing the amount of such obligations immediately before such redenomination.

3. Redemption. The Notes will be redeemable at the option of Mexico prior to the maturity date. Mexico will have the right at its option, upon giving not less than 30 days’ nor more than 60 days’ notice to the Holders, to redeem the Notes, in whole or in part, at any time or from time to time prior to the maturity date, at a redemption price equal to the principal amount thereof, plus the Make-Whole Amount (as defined below), plus interest accrued but not paid on the principal amount of the Notes to be redeemed to the date of redemption specified in such notice (the “Redemption Date”).

 

R-3


Make-Whole Amount” means the excess, if any, of (i) the sum of the present values of each remaining scheduled payment of principal and interest on the Notes to be redeemed (exclusive of interest accrued but not paid to the Redemption Date), discounted to the Redemption Date on an annual basis (computed on the basis of the actual number of days in the interest period divided by 365 (or, if any portion of the Interest Period falls in a leap year, the sum of (x) the actual number of days falling in the leap year divided by 366 and (y) the actual number of days falling in the non-leap year divided by 365)) at the Benchmark Rate (as defined below) plus 30 basis points over (ii) the principal amount of such Notes.

Benchmark Rate” means, with respect to any Redemption Date, the rate per annum equal to the annual equivalent yield to maturity or interpolated maturity of the Comparable Benchmark Issue (as defined below), assuming a price for the Comparable Benchmark Issue (expressed as a percentage of its principal amount) equal to the Comparable Benchmark Price for such Redemption Date.

Comparable Benchmark Issue” means the Bundesanleihe security or securities (“Bund”) of the German Government selected by an Independent Investment Banker (as defined below) as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of euro-denominated corporate debt securities of a comparable maturity to the remaining term of such Notes.

Independent Investment Banker” means one of the Reference Dealers (as defined below) appointed by Mexico.

Comparable Benchmark Price” means, with respect to any Redemption Date, (i) the average of the Reference Dealer Quotations (as defined below) for such Redemption Date, after excluding the highest and lowest such Reference Dealer Quotation or (ii) if Mexico obtains fewer than four such Reference Dealer Quotations, the average of all such quotations.

Reference Dealer” means any of Banco Santander, S.A., Barclays Bank PLC and Deutsche Bank AG, London Branch, or their affiliates which are dealers of Bund of the German Government, and one other leading dealer of Bund of the German Government designated by Mexico, and their respective successors; provided that if any of the foregoing shall cease to be a dealer of Bund of the German Government, Mexico will substitute therefor another dealer of Bund of the German Government.

Reference Dealer Quotation” means, with respect to each Reference Dealer and any Redemption Date, the average, as determined by Mexico, of the bid and asked prices for the Comparable Benchmark Issue (expressed in each case as a percentage of its principal amount) quoted in writing to Mexico by such Reference Dealer at 3:30 p.m., Frankfurt, Germany, time on the third Business Day preceding such Redemption Date.

If this Note is redeemed only in part, a new Note or Notes for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof.

 

R-4


If less than all Notes having the same terms (except as to principal amount and date of issuance) are to be redeemed, the Notes to be redeemed shall be selected by the Trustee by such method as the Trustee shall deem fair and appropriate. Unless otherwise specified on the face hereof, this Note will not be entitled to the benefit of a sinking fund.

4. Early Repayment. Unless otherwise specified and subject to the terms set forth on the face hereof, this Note will not be repayable prior to the maturity date at the option of the Holder hereof.

5. Purchase of the Notes by Mexico. Mexico may at any time repurchase the Notes at any price in the open market or otherwise. Notes so repurchased by Mexico may be held, resold (subject to compliance with applicable securities and tax laws) or surrendered to the Trustee for cancellation.

6. Additional Amounts. (a) All payments by Mexico in respect of the Notes shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of Mexico, or any political subdivision or taxing authority or agency therein or thereof having the power to tax (collectively, “Relevant Tax”), unless the withholding or deduction of such Relevant Tax is required by law. In that event, Mexico shall pay such additional amounts (“Additional Amounts”) as may be necessary to ensure that the amounts received by the Holders after such withholding or deduction shall equal the respective amounts of principal and interest that would have been receivable in respect of the Notes in the absence of such withholding or deduction; provided, however, that no such Additional Amounts shall be payable in respect of any Relevant Tax:

(i) imposed by reason of a Holder or beneficial owner of a Note having some present or former connection with Mexico other than merely being a Holder or beneficial owner of the Note or receiving payments of any nature on the Note or enforcing its rights in respect of the Note;

(ii) imposed by reason of the failure of a Holder or beneficial owner of a Note, or any other person through which the Holder or beneficial owner holds a Note, to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with Mexico of such Holder or beneficial owner or other person, if compliance with the requirement is a precondition to exemption from all or any portion of such withholding or deduction; or

(iii) is imposed by reason of a Holder or beneficial owner of a Note, or any other person through which the Holder or beneficial owner holds a Note, having presented the Note for payment (where such presentation is required) more than 30 days after the Relevant Date, except to the extent that the Holder or beneficial owner or such other person would have been entitled to Additional Amounts on presenting the Note for payment on any date during such 30-day period.

As used in this paragraph 6(a), “Relevant Date” in respect of any Note means the date on which payment in respect thereof first becomes due or, if the full amount of the money payable has not been received by the Trustee on or prior to such due date, the date on which notice is duly given to the Holders in the manner described in paragraph 14 below that such monies have been so received and are available for payment. Any reference to “principal” and/or “interest” in this paragraph 6(a) shall be deemed to include any Additional Amounts which may be payable hereunder.

 

R-5


(b) Mexico will pay any present or future stamp, court or documentary taxes or any excise or property taxes, charges or similar levies which arise in Mexico or any political subdivision thereof or taxing authority thereof or therein in respect of the creation, issue, execution, initial delivery or registration of the Notes or any other document or instrument referred to therein. Mexico will also indemnify the Holders from and against any stamp, court or documentary taxes or any excise or property taxes, charges or similar levies resulting from, or required to be paid by any of them in any jurisdiction in connection with, the enforcement of the obligations of Mexico under the Notes or any other document or instrument referred to therein following the occurrence of any Event of Default (as defined below).

7. Negative Pledge Covenant of Mexico. So long as any Note shall remain Outstanding, or any amount payable by Mexico under the Indenture shall remain unpaid, Mexico agrees that Mexico will not create, incur, assume or suffer to exist any Security Interest (as defined below) in the whole or any part of its present or future revenues or assets to secure Public External Indebtedness of Mexico, unless the Note is secured equally and ratably with such Public External Indebtedness; provided, however, that Mexico may create or permit to subsist:

(i) Security Interests created prior to December 3, 1993;

(ii) Security Interests securing Public External Indebtedness incurred in connection with a Project Financing (as defined below), provided that the Security Interest is solely in assets or revenues of the project for which the Project Financing was incurred;

(iii) Security Interests securing Public External Indebtedness of Mexico which (A) is issued by Mexico in exchange for debt of Mexican public sector bodies (other than Mexico) and (B) is in an aggregate principal amount outstanding (with debt denominated in currencies other than U.S. dollars expressed in U.S. dollars based on rates of exchange prevailing at the date such debt was incurred) that does not exceed U.S. $29 billion; and

(iv) Security Interests securing Public External Indebtedness of Mexico incurred or assumed by Mexico to finance or refinance the acquisition of the assets in which such Security Interest has been created or permitted to subsist.

For the purposes of this paragraph 7, the following terms shall have the meanings specified below:

Project Financing” means any financing of all or part of the costs of the acquisition, construction or development of any project if the person or persons providing such financing (A) expressly agree to limit their recourse to the project financed and the revenues derived from such project as the principal source of repayment for the moneys advanced and (B) have been provided with a feasibility study prepared by competent independent experts on the basis of which it was reasonable to conclude that such project would generate sufficient foreign currency income to service substantially all Public External Indebtedness incurred in connection with such project.

 

R-6


Security Interest” means any lien, pledge, mortgage, encumbrance or other preferential right granted to any person or entity over Mexico’s revenues or assets.

8. Events of Default; Acceleration. If one or more of the following events (“Events of Default”) shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

(a) default in the principal of, premium, if any, or interest on any of the Notes as and when the same shall become due and payable, whether at maturity, by declaration or otherwise, and continuance of such default for 30 days; or

(b) failure on the part of Mexico to observe or perform any of the covenants or agreements provided herein or in the Indenture (in each case, other than those referred to in (a) above) for a period of 30 days after the date on which written notice shall have been given to Mexico by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding; or

(c) Mexico shall fail to make any payment of principal or interest in respect of Public External Indebtedness of Mexico when due and such failure shall result in the acceleration of an aggregate principal amount of not less than U.S. $10,000,000 (or its equivalent in other currencies) of such Public External Indebtedness, and such acceleration shall not have been rescinded or annulled; or

(d) Mexico shall fail to make any payment in respect of Public External Indebtedness of Mexico in an aggregate principal amount in excess of U.S. $10,000,000 (or its equivalent in other currencies) for a period of 30 days after the date on which Mexico receives written notice from the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding; or

(e) the declaration by Mexico of a moratorium with respect to the payment of principal of or interest on Public External Indebtedness of Mexico; or then in each and every such case, upon notice in writing by the Holders (the “Demanding Holders”) (acting individually or together) of not less than 25% of the aggregate Outstanding principal amount of the Notes to Mexico, with a copy to the Trustee, of any such Event of Default and its continuance, the Demanding Holders may declare the principal amount of all the Notes due and payable immediately, and the same shall become and shall be due and payable upon the date that such written notice is received by or on behalf of Mexico, unless prior to such date all Events of Default in respect of all the Notes shall have been cured; provided that if, at any time after the principal of the Notes shall have been so declared due and payable, and before the sale of any property pursuant to any judgment or decree for the payment of monies due which shall have been obtained or entered in connection with the Notes, Mexico shall pay or shall deposit (or cause to be paid or deposited) with the Trustee a sum sufficient to pay all matured installments of interest and principal upon all the Notes which shall have become due otherwise than solely by acceleration (with interest on overdue installments of interest, to the extent permitted by law, and on such principal of each Note at the rate of interest specified herein, to the date of such payment of interest or principal) and such amount as shall be sufficient to cover reasonable compensation to the Demanding Holders, the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel, and all other documented expenses and liabilities reasonably incurred, and all advances made for documented expenses and legal fees, reasonably incurred by the Demanding Holders, the Trustee and each predecessor Trustee, and if any and all Events of Default hereunder, other than the nonpayment of the principal of the Notes which shall have become due solely by acceleration, shall have been cured, waived or otherwise remedied as provided herein, then, and in every such case, the Holders of more than 50% in aggregate principal amount of the Notes then Outstanding, by written notice to Mexico and to the Trustee, may, on behalf of all of the Holders, waive all defaults and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent default, or shall impair any right consequent thereon. Actions by Holders pursuant to this paragraph 8 need not be taken at a meeting pursuant to paragraph 9 hereof. Actions by the Trustee and the Holders pursuant to this paragraph 8 are subject to Article IV of the Indenture. If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes of this Series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

R-7


9. Holders’ Meetings and Written Action. The Indenture sets forth the provisions for the convening of meetings of Holders of Notes and actions taken by written consent of the Holders of Notes.

10. Replacement, Exchange and Transfer of the Notes. (a) Upon the terms and subject to the conditions set forth in the Indenture, in case any Note shall become mutilated, defaced, or be apparently destroyed, lost or stolen, Mexico in its discretion may execute, and upon the request of Mexico, the Trustee shall authenticate and deliver, a new Note bearing a number not contemporaneously Outstanding, in exchange and substitution for the mutilated or defaced, Note, or in lieu of and in substitution for the apparently destroyed, lost or stolen Note. In every case, the applicant for a substitute Note shall furnish to Mexico and to the Trustee such security or indemnity as may be required by each of them to indemnify, defend and to save each of them and any agent of Mexico or the Trustee harmless and, in every case of destruction, loss, theft or evidence to their satisfaction of the apparent destruction, loss or theft of such Note and of the ownership thereof. Upon the issuance of any substitute Note, the Holder of such Note, if so requested by Mexico, shall pay a sum sufficient to cover any stamp duty, tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected with the preparation and issuance of the substitute Note.

(b) Upon the terms and subject to the conditions set forth in the Indenture, and subject to paragraph 10(e) hereof, a Certificated Security or Securities may be exchanged for an equal aggregate principal amount of Certificated Notes in different authorized denominations and a beneficial interest in the Global Note may be exchanged for Certificated Notes in authorized denominations or for a beneficial interest in another Global Note by the Holder or Holders surrendering the Security or Securities for exchange at the Corporate Trust Office, together with a written request for the exchange. Certificated Notes will only be issued in exchange for interests in a Global Note pursuant to Section 2.5(e) of the Indenture. The exchange of the Notes will be made by the Trustee.

 

R-8


(c) Upon the terms and subject to the conditions set forth in the Indenture, and subject to paragraph 10(e) hereof, a Certificated Security may be transferred in whole or in part (in an amount equal to the authorized denomination or any integral multiple thereof) by the Holder or Holders surrendering the Certificated Security for transfer at the Corporate Trust Office accompanied by an executed instrument of transfer substantially as set forth in Exhibit F to the Indenture. The registration of transfer of the Notes will be made by the Trustee.

(d) The costs and expenses of effecting any exchange, transfer or registration of transfer pursuant to this paragraph 10 will be borne by Mexico, except for the expenses of delivery (if any) not made by regular mail and the payment of a sum sufficient to cover any stamp duty, tax or other governmental charge or insurance charge that may be imposed in relation thereto, which will be borne by the Holder of the Note. Registration of the transfer of a Note by the Trustee shall be deemed to be the acknowledgment of such transfer on behalf of Mexico.

(e) The Trustee may decline to accept any request for an exchange or registration of transfer of any Note during the period of 15 days preceding the due date for any payment of principal of, or premium, if any, or interest on, the Notes.

11. Trustee. For a description of the duties and the immunities and rights of the Trustee under the Indenture, reference is made to the Indenture, and the obligations of the Trustee to the Holder hereof are subject to such immunities and rights.

12. Paying Agents; Transfer Agents; Registrar. Mexico has initially appointed Deutsche Bank Trust Company Americas as its paying agent, transfer agent and registrar. Mexico may at any time appoint additional or other paying agents, transfer agents and registrars and terminate the appointment of those or any paying agents, transfer agents and registrar, provided that while the Notes are Outstanding, Mexico will maintain in The City of New York (i) a paying agent, (ii) an office or agency where the Notes may be presented for exchange, transfer and registration of transfer as provided in the Indenture and (iii) a registrar. In addition, if and for so long as the Notes are listed on the Luxembourg Stock Exchange and the rules of such Exchange so require, Mexico will maintain a paying agent and transfer agent in Luxembourg. Notice of any such termination or appointment and of any change in the office through which any paying agent, transfer agent or registrar will act will be promptly given in the manner described in paragraph 14 hereof.

 

R-9


13. Enforcement. Except as provided in Section 4.7 of the Indenture, no Holder of any Notes shall have any right by virtue of or by availing itself of any provision of the Indenture or of the Notes to institute any suit, action or proceeding in equity or at law upon or under or with respect to the Indenture or of the Notes, or for any other remedy hereunder or under the Notes, unless (a) such Holder previously shall have given to the Trustee written notice of default and of the continuance thereof with respect to such Series of Notes, (b) the Holders of not less than 25% in aggregate principal amount Outstanding of Notes shall have made specific written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have provided to the Trustee such reasonable indemnity or other security as it may require against the costs, expenses and liabilities to be incurred therein or thereby and (c) the Trustee for 60 days after its receipt of such notice, request and provision of indemnity or other security, shall have failed to institute any such action, suit or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 4.9 of the Indenture, it being understood and intended, and being expressly covenanted by every Holder of Notes with every other Holder of Notes and the Trustee, that no one or more Holders shall have any right in any manner whatever by virtue or by availing itself of any provision of the Indenture or of the Notes to affect, disturb or prejudice the rights of any other Holder of Notes of such Series or to obtain priority over or preference to any other such Holder, or to enforce any right under the Indenture or under the Notes, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Notes. For the protection and enforcement of this paragraph, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

14. Notices. Mexico will mail any notices to the Holders of the Notes at their registered addresses as reflected in the books and records of the Trustee. Mexico will consider any mailed notice to have been given five Business Days after it has been sent. Mexico will also publish notices to the Holders (a) in a leading newspaper having general circulation in New York City and London (which is expected to be the The Wall Street Journal and Financial Times, respectively) and (b) if and so long as the Notes are listed on the Euro MTF market of the Luxembourg Stock Exchange and the rules of the exchange so require, in a leading newspaper having general circulation in Luxembourg (which is expected to be d’Wort - Luxemburger Wort für Wahrheit und Recht) and on the website of the Luxembourg Stock Exchange at http://www.bourse.lu. If publication in a leading newspaper in Luxembourg is not practicable, Mexico will publish such notices in a leading English language daily newspaper with general circulation in Europe. Mexico will consider any published notice to be given on the date of its first publication.

15. Further Issues of Notes. Mexico may from time to time, without the consent of Holders of the Notes, create and issue additional Notes having the same Terms as the Notes in all respects, except for the issue date, issue price and the first payment of interest thereon; provided, however, that any such additional Notes shall be issued either in a “qualified reopening” for U.S. federal income tax purposes or with no more than de minimis original issue discount for U.S. federal income tax purposes. Additional Notes issued in this manner will be consolidated with and will form a single Series with the previously Outstanding Notes.

16. Prescription. To the extent permitted by law, claims against Mexico for the payment of principal of, or interest or other amounts due on, the Notes (including Additional Amounts) will become void unless made within five years of the date on which that payment first became due (or such shorter period as shall be prescribed by applicable law).

17. Authentication. This Note shall not become valid or obligatory until the certificate of authentication hereon shall have been duly signed by the Trustee or its agent.

 

R-10


18. Governing Law. (a) This Note will be governed by and construed in accordance with the laws of the State of New York; provided, however, that all matters governing Mexico’s authorization and execution of the Indenture and the Notes shall in all cases be governed by and construed in accordance with the laws of Mexico.

(b) Each of the parties hereto hereby irrevocably submits to the jurisdiction of any state or federal court sitting in the Borough of Manhattan, The City of New York in any action or proceeding arising out of or based on the Indenture or the Notes. Mexico will appoint the Consul General of Mexico acting through his or her offices at 27 East 39th Street, New York, New York, 10016, and his or her successors, as its authorized agent (the “Authorized Agent”) upon whom process may be served in any action arising out of or based on the Indenture or the Notes, which may be instituted in any such court as provided in the Indenture. Mexico hereby waives irrevocably, to the extent permitted by law, any immunity from the jurisdiction of such court (including sovereign immunity under the U.S. Foreign Sovereign Immunities Act of 1976 and immunity from pre-judgment attachment, post-judgment attachment and execution), except that under Article 4 of the Federal Code of Civil Procedure of Mexico attachment prior to judgment or attachment in aid of execution may not be ordered by Mexican courts against property of Mexico, and any objections to the laying of venue in any such courts in respect of any such action to which it might otherwise be entitled in any actions arising out of or based on the Indenture or the Notes of any Series which may be instituted as provided in the Indenture in any state or federal court in the Borough of Manhattan, The City of New York. In addition, Mexico hereby waives any rights to which it may be entitled on account of place of residence or domicile. Such appointment shall be irrevocable until all amounts in respect of the principal of (and premium, if any) and any interest due and to become due on or in respect of all the Notes have been provided to the Trustee pursuant to the terms hereof either paid or returned to Mexico in accordance with the Indenture, except that, if for any reason, the Consul General of Mexico ceases to be able to act as Authorized Agent or no longer has an address in the Borough of Manhattan, The City of New York, Mexico will appoint another person (which may be the Trustee) in the Borough of Manhattan, The City of New York, selected in its discretion, as such Authorized Agent, a copy of which acceptance it shall provide to the Trustee. Mexico will take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment or appointments pursuant to Section 9.7 of the Indenture in full force and effect as aforesaid. Service of process upon the Authorized Agent at the address indicated above, or at such other address in the Borough of Manhattan, The City of New York by notice given by the Authorized Agent to each party hereto, shall be deemed, in every respect, effective service of process upon Mexico.

(c) A final non-appealable judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by a suit upon such judgment or in any other manner provided by law.

(d) Notwithstanding the provisions of this paragraph 18, any action against Mexico arising out of or based on the Notes of any Series may also be instituted as provided in the Indenture in any competent court in Mexico.

(e) Notwithstanding anything else in this paragraph 18 to the contrary, neither such appointment nor such submission to jurisdiction or such waiver of sovereign immunity shall be interpreted to include actions brought under the United States securities laws or any state securities laws.

 

R-11


(f) Nothing in this paragraph 18 shall affect the right of the Trustee or (in connection with legal actions or proceedings by any Holder as permitted by the Indenture and this Note) any Holder to serve legal process in any other manner permitted by law, or affect the right of the Trustee or any such Holder to bring any action or proceeding against Mexico or its property in the courts of other jurisdictions.

19. Indemnification for Foreign Exchange Fluctuations. The obligation of Mexico to any Holder under the Notes that has obtained a court judgment affecting the Notes shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than the currency in which the Note is denominated (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by such Holder of any amount in the Judgment Currency, such Holder may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency (or, if it is not practicable to make that purchase on that day, on the first Business Day on which it is practicable to do so). If the amount of the Agreement Currency so purchased is less than the amount originally to be paid to such Holder in the Agreement Currency, Mexico agrees, as a separate obligation and notwithstanding such judgment, to pay the difference, and if the amount of the Agreement Currency so purchased exceeds the amount originally to be paid to such Holder, such Holder agrees to pay to or for the account of Mexico such excess, provided that such Holder shall not have any obligation to pay any such excess as long as a default by Mexico in its obligations hereunder has occurred and is continuing, in which case such excess may be applied by such Holder to such obligations.

20. Warranty of Mexico. Subject to paragraph 17, Mexico hereby certifies and warrants that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Note and to constitute the same legal, valid and binding obligations of Mexico enforceable in accordance with their terms, have been done and performed and have happened in due and strict compliance with all applicable laws.

21. Definitive Headings. The descriptive headings appearing in these Terms are for convenience of reference only and shall not alter, limit or define the provisions hereof.

22. Modifications. (a) Any Modification to the Notes or the Indenture insofar as it affects the Notes shall be made in accordance with Article Ten and Article Eleven of the Indenture.

(b) Any Modification pursuant to this paragraph 22 will be conclusive and binding on all Holders of the Notes, and on all future Holders of the Notes whether or not notation of such Modification is made upon the Notes. Any instrument given by or on behalf of any Holder of a Note in connection with any consent to or approval of any such Modification will be conclusive and binding on all subsequent Holders of that Note.

 

R-12


Schedule A

 

Date

  

Principal Amount of

Certificated

Notes

  

Remaining

Principal Amount of

this Global Note

  

Notation Made By

        
        
        

 

R-13


TRANSFER CERTIFICATE

FOR VALUE RECEIVED, the undersigned hereby transfers to (PRINT NAME AND ADDRESS OF TRANSFEREE) €          principal amount of this 3.000% Global Notes due 2045, and all rights with respect thereto, and irrevocably constitutes and appoints                      as attorney to transfer this Note on the books kept for registration thereof, with full power of substitution.

 

Dated

 

Certifying Signature:

 

Signed

 

Note:

(i) The signature on this transfer form must correspond to the name as it appears on the face of this Note.

(ii) A representative of the Holder should state the capacity in which he or she signs (e.g., executor).

(iii) The signature of the person effecting the transfer shall conform to any list of duly authorized specimen signatures supplied by the registered Holder or shall be certified by a recognized bank, notary public or in such other manner as the Trustee or a paying agent may require.

 

R-14

EX-2 3 d885729dex2.htm EX-2 EX-2

Exhibit 2

UNITED MEXICAN STATES

Global Medium-Term Notes, Series A

Due Nine Months or More from the Date of Issue

€1,250,000,000 1.625% GLOBAL NOTES DUE 2024

€1,250,000,000 3.000% GLOBAL NOTES DUE 2045

February 26, 2015

Secretaría de Hacienda y Crédito Público

Unidad de Crédito Público

Insurgentes Sur 1971, Torre III, Piso 7

Col. Guadalupe Inn

Delegación Álvaro Obregón

01020 México, D.F.

México

Subject in all respects to the terms and conditions contained in the Selling Agency Agreement, dated November 17, 2014 (the “Selling Agency Agreement”), between the United Mexican States (“Mexico”) and the Agents party thereto (the “Agents”), and as modified by the terms and conditions hereof, the undersigned (the “Managers”) severally and not jointly agree to purchase, and Mexico agrees to sell, the principal amount set forth in Annex I hereto of (i) 1.625% Global Notes due 2024 (the “2024 Notes”) and (ii) 3.000% Global Notes due 2045 (the “2045 Notes”) of Mexico, having the terms set forth in the Pricing Supplement dated the date hereof attached hereto as Annex II (the “Pricing Supplement”), at the respective Purchase Price for each of the 2024 Notes and the 2045 Notes set forth in the Pricing Supplement and described herein under “Payment” below. The 2024 Notes and the 2045 Notes are referred herein, when taken together, as the “Notes” and, each independently, as a “Series” of Notes. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Pricing Supplement and the Selling Agency Agreement. All of the provisions of the Selling Agency Agreement are incorporated herein by reference, as modified by the additional terms set forth below:

 

1


Closing Date and Time: March 6, 2015 (T+6), 12 p.m., London time.
Payment: The Managers will pay or cause to be paid to Mexico the Purchase Price for the Notes (being the aggregate amount payable for each Series of Notes calculated at the Issue Price for such Series of Notes, plus accrued interest on such Series of Notes, if any, from the date specified for such Series of Notes in the Pricing Supplement, less the discount for each series of Notes specified in the Pricing Supplement). Such payment shall be made in euros in immediately available funds to an account designated by Mexico.
Place of Delivery of Notes: The closing shall be held at the New York office of Cleary Gottlieb Steen & Hamilton LLP.
Period during which other debt securities may not be sold pursuant to Section 4(u) of the Selling Agency Agreement: None.
Termination by the Purchasers:

             Section 9(b)(i) of the Selling Agency Agreement

 

    X     Section 9(b)(ii) of the Selling Agency Agreement

Stabilization: In connection with the offering of Notes, Barclays Bank PLC (the “Stabilizing Manager”), or any person acting on behalf of the Stabilizing Manager, may over-allot Notes or effect transactions with a view to supporting the market price of the Notes at a level higher than that which might otherwise prevail. However, there is no assurance that the Stabilizing Manager, or any person acting on behalf of the Stabilizing Manager, will undertake stabilization action. Any stabilization action may begin on or after the date of which adequate public disclosure of the final terms of the offer of the Notes is made and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after the issue date of the Notes and 60 days after the date of the allotment of the Notes. Any stabilization action or over-allotment must be conducted by the relevant Stabilizing Manager, or any person acting on behalf of the Stabilizing Manager, in accordance with all applicable laws or rules.

 

2


Expenses: The Managers have agreed to pay certain of Mexico’s expenses as set out in a letter to be dated the date hereof and signed by Mexico and the Managers.
Additional Representations and Warranties of Mexico:

(1) For the purposes of this Agreement, the “Time of Sale” means 5:42 p.m., London time, on February 26, 2015. The prospectus dated November 10, 2014 (the “Basic Prospectus”), as amended and supplemented by the prospectus supplement dated November 17, 2014 (the “Prospectus Supplement”) and as further amended and supplemented by the preliminary pricing supplement dated February 26, 2015, is hereinafter called the “Pricing Prospectus” and the Basic Prospectus, as amended and supplemented by the Prospectus Supplement and the final pricing supplement dated February 26, 2015, as filed with the Commission pursuant to Rule 424(b)(2), is hereinafter referred to as the “Prospectus.” The Pricing Prospectus, considered together with each Issuer Free Writing Prospectus listed in Exhibit A hereto, as of the Time of Sale (collectively, the “Time of Sale Information”), does not or will not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Free Writing Prospectus listed in Exhibit A hereto did not or will not conflict with the information contained in the Registration Statement, the Pricing Prospectus or the Prospectus; provided, however, that the representations and warranties in this paragraph (1) shall not apply to statements in or omissions from any such document made in reliance upon and in conformity with information furnished in writing to Mexico by the Managers expressly for use therein.

 

(2) (i) At the earliest time after the filing of the Registration Statement (or the most recent post- effective amendment thereto) that Mexico or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the Securities Act) and (ii) as of the date hereof, Mexico was not and is not an “ineligible issuer” (as defined in Rule 405 under the Securities Act), without taking into account any determination by the Commission pursuant to Rule 405 that it is not necessary that Mexico be considered an “ineligible issuer.”

 

3


(3) Exhibit A hereto is a complete list of any Issuer Free Writing Prospectuses relating to the Notes for which Mexico has received the consent of the Managers.
Other Provisions: None.

The execution of this Agreement on behalf of all parties hereto will constitute acceptance by each Manager of the ICMA Agreement Among Managers New York Version 1.

Section 15 of the Selling Agency Agreement (relating to the submission to the jurisdiction of any state or federal court in the Borough of Manhattan in The City of New York by the parties thereto) is incorporated by reference herein, except that all references therein to “this Agreement” shall be deemed references to this Terms Agreement.

In addition, Mexico acknowledges and agrees that: (i) the purchase and sale of the Notes pursuant to this Terms Agreement, including the determination of the offering price of the Notes and the underwriting discount, is an arm’s-length commercial transaction between Mexico, on the one hand, and the Managers, on the other hand, and Mexico is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Terms Agreement; (ii) in connection with the transactions contemplated hereby and the process leading to such transaction each Manager is, has been, and will be acting solely as a principal and is not the financial advisor or fiduciary of Mexico, or its affiliates, creditors or employees or any other party; (iii) no Manager has assumed or will assume an advisory or fiduciary responsibility in favor of Mexico with respect to the transactions contemplated hereby or the process leading thereto (irrespective of whether such Manager has advised or is currently advising Mexico on other matters); and (iv) the Managers and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of Mexico, and the Managers have no obligation to disclose any of such interests by virtue of any advisory or fiduciary relationship.

 

4


This Terms Agreement supersedes all prior agreements and understandings (whether written or oral) between Mexico and the Managers, or any of them, with respect to the subject matter hereof. Mexico hereby waives and releases, to the fullest extent permitted by law, any claims that Mexico may have against the Managers with respect to any breach or alleged breach of fiduciary duty relating to the transactions contemplated by this Terms Agreement.

THIS TERMS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA, EXCEPT THAT ALL MATTERS GOVERNING AUTHORIZATION AND EXECUTION OF THIS AGREEMENT BY MEXICO SHALL BE GOVERNED BY THE LAW OF MEXICO.

 

5


This Terms Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.

 

BANCO SANTANDER, S.A.
By:

/S/ GUILLERMO HOTT

Name: Guillermo Hott
Title: Executive Director
By:

/S/ IGNACIO BAS

Name: Ignacio Bas
Title: Vice-President
BARCLAYS BANK PLC
By:

/S/ CUTHBERT KENDALL

Name: Cuthbert Kendall
Title: Authorised Attorney
DEUTSCHE BANK AG, LONDON BRANCH
By:

/S/ CARLOS MENDOZA

Name: Carlos Mendoza
Title: Managing Director
By:

/S/ MARC FRATEPIETRO

Name: Marc Fratepietro
Title: Managing Director

 

6


Accepted:

 

UNITED MEXICAN STATES
By:

/S/ ALEJANDRO DÍAZ DE LEÓN CARRILLO

Name: Alejandro Díaz de León Carrillo
Title: Deputy Undersecretary for Public Credit of the Ministry of Finance and Public Credit

 

7


Annex I

 

Managers

   Principal Amount of
2024 Notes to be
Purchased
     Principal Amount of
2045 Notes to be
Purchased
 

Banco Santander, S.A.

   416,625,000       416,625,000   

Barclays Bank PLC

   416,750,000       416,750,000   

Deutsche Bank AG, London Branch

   416,625,000       416,625,000   

Total:

   1,250,000,000       1,250,000,000   

 

8


Annex II

Pricing Supplement, dated February 26, 2015

 

9


Exhibit A

Issuer Free Writing Prospectuses

Issuer Free Writing Prospectuses, dated February 26, 2015, to be filed with the Commission in the form set forth in Exhibit B hereto.

 

10


Exhibit B

Final Terms and Conditions

 

11


Filed pursuant to Rule 433

Registration Statement No. 333-185462

February 26, 2015

United Mexican States

Final Terms and Conditions

1.625% Global Notes due 2024

 

Issuer: United Mexican States
Transaction: 1.625% Global Notes due 2024 (the “2024 Notes”)
Issue Currency: Euro
Issue Size: €1,250,000,000
Ratings: [Reserved]*
Maturity Date: March 6, 2024
Pricing Date: February 26, 2015
Settlement Date:

March 6, 2015 (T+6)

 

It is expected that delivery of the 2024 Notes will be made against payment therefor on the sixth day following the Pricing Date of the 2024 Notes (such settlement cycle being referred to herein as “T+6”). Trades in the secondary market generally are required to settle in three business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade 2024 Notes on the date of pricing or the next three business days will be required, by virtue of the fact that the 2024 Notes initially will settle in T+6, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of 2024 Notes who wish to trade 2024 Notes on the date of pricing or the next three business days should consult their own advisors.

Coupon: 1.625%

Coupon Payment

Frequency:

Annual
Issue price: 99.486%, plus accrued interest, if any, from March 6, 2015
Yield: 1.687%
Re-offer Spread over Mid Swap: +110 bps


Reference Mid Swap Rate: 0.587%
Re-offer Spread over Benchmark: +149.7 bps
Reference Benchmark: DBR 1.75% due 2024
Reference Benchmark Rate: 0.190%
Interest Payment Dates: March 6 of each year, commencing March 6, 2016
Optional Redemption: Make-Whole Call calculated at German Government Bundesanleihe (Bund) + 20 bps (at any time or from time to time prior to maturity upon giving no less than 30 days’ nor more than 60 days’ notice)
Gross Proceeds: €1,243,575,000
Ranking: Senior Unsecured
Governing Law: New York law
Registration: SEC Registered
Authorized Denominations: €100,000 and integral multiples of €1,000 in excess thereof
Day Count: Act/Act
Underwriters Discount: 0.18%
Listing/Trading: Application will be made to the Luxembourg Stock Exchange - Euro MTF Market Luxembourg
ISIN: XS1198102052
Common Code: 119810205

Joint Bookrunners

/Allocation:

Banco Santander, S.A. (33.33%)
Barclays Bank PLC (33.34%)
Deutsche Bank AG, London Branch (33.33%)


* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Each securities rating should be evaluated independent of each other securities rating.

A prospectus dated November 10, 2014 and a prospectus supplement dated November 17, 2014 accompany this free-writing prospectus and are available from the Securities and Exchange Commission’s website at http://www.sec.gov/Archives/edgar/data/101368/000119312514405539/d816959d424b2.htm and http://www.sec.gov/Archives/edgar/data/101368/000119312514415239/d816959d424b2.htm. A preliminary pricing supplement, subject to completion on February  26, 2015, for the 2024 Notes, is available from the Securities and Exchange Commission’s website at http://www.sec.gov/Archives/edgar/data/101368/000119312515063913/d881716d424b2.htm .

Mexico’s annual report on Form 18-K for the fiscal year ended December  31, 2013 is available from the Securities and Exchange Commission’s website at http://www.sec.gov/Archives/edgar/data/101368/000119312514396751/d814841d18k.htm ; http://www.sec.gov/Archives/edgar/data/101368/000119312514396751/d814841dex99d.htm; and http://www.sec.gov/Archives/edgar/data/101368/000119312514396751/d814841dex99e.htm .

An Amendment to Mexico’s annual report on Form 18-K/A for the fiscal year ended December  31, 2013, including Mexico’s recent developments section, is available from the Securities and Exchange Commission’s website at http://www.sec.gov/Archives/edgar/data/101368/000119312515007304/d850650d18ka.htm ; and http://www.sec.gov/Archives/edgar/data/101368/000119312515007304/d850650dex1.htm, for Amendment No. 3 filed with the Securities and Exchange Commission on January  12, 2015;

http://www.sec.gov/Archives/edgar/data/101368/000119312515035143/d862816d18ka.htm ; and http://www.sec.gov/Archives/edgar/data/101368/000119312515035143/d862816dex1.htm, for Amendment No. 5 filed with the Securities and Exchange Commission on February  5, 2015; and

http://www.sec.gov/Archives/edgar/data/101368/000119312515063906/d881908d18ka.htm ; and http://www.sec.gov/Archives/edgar/data/101368/000119312515063906/d881908dex1.htm, for Amendment No. 6 filed with the Securities and Exchange Commission on February 26, 2015.

The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the Securities and Exchange Commission for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the Web site of the Securities and Exchange Commission at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Banco Santander, S.A. at +44-207756-6802, Barclays Bank PLC toll free at 1-888-603-5847 or Deutsche Bank AG, London Branch toll free at 1-800-

503-4611.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.


Filed pursuant to Rule 433

Registration Statement No. 333-185462

February 26, 2015

United Mexican States

Final Terms and Conditions

3.000% Global Notes due 2045

 

Issuer: United Mexican States
Transaction: 3.000% Global Notes due 2045 (the “2045 Notes”)
Issue Currency: Euro
Issue Size: €1,250,000,000
Ratings: [Reserved]*
Maturity Date: March 6, 2045
Pricing Date: February 26, 2015
Settlement Date:

March 6, 2015 (T+6)

 

It is expected that delivery of the 2045 Notes will be made against payment therefor on the sixth day following the Pricing Date of the 2045 Notes (such settlement cycle being referred to herein as “T+6”). Trades in the secondary market generally are required to settle in three business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade 2045 Notes on the date of pricing or the next three business days will be required, by virtue of the fact that the 2045 Notes initially will settle in T+6, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of 2045 Notes who wish to trade 2045 Notes on the date of pricing or the next three business days should consult their own advisors.

Coupon: 3.000%

Coupon Payment

Frequency:

Annual
Issue price: 98.199%, plus accrued interest, if any, from March 6, 2015
Yield: 3.093%
Re-offer Spread over Mid Swap: +190 bps


Reference Mid Swap Rate: 1.193%
Re-offer Spread over Benchmark: +216.9 bps
Reference Benchmark: DBR 2.500% due 2044
Reference Benchmark Rate: 0.924%
Interest Payment Dates: March 6 of each year, commencing March 6, 2016
Optional Redemption: Make-Whole Call calculated at German Government Bundesanleihe (Bund) +30 bps (at any time or from time to time prior to maturity upon giving no less than 30 days’ nor more than 60 days’ notice)
Gross Proceeds: €1,227,487,500
Ranking: Senior Unsecured
Governing Law: New York law
Registration: SEC Registered
Authorized Denominations: €100,000 and integral multiples of €1,000 in excess thereof
Day Count: Act/Act
Underwriters Discount: 0.20%
Listing/Trading: Application will be made to the Luxembourg Stock Exchange - Euro MTF Market Luxembourg
ISIN: XS1198103456
Common Code: 119810345

Joint Bookrunners

/Allocation:

Banco Santander, S.A. (33.33%)
Barclays Bank PLC (33.34%)
Deutsche Bank AG, London Branch (33.33%)


* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Each securities rating should be evaluated independent of each other securities rating.

A prospectus dated November 10, 2014 and a prospectus supplement dated November 17, 2014 accompany this free-writing prospectus and are available from the Securities and Exchange Commission’s website at http://www.sec.gov/Archives/edgar/data/101368/000119312514405539/d816959d424b2.htm and http://www.sec.gov/Archives/edgar/data/101368/000119312514415239/d816959d424b2.htm. A preliminary pricing supplement, subject to completion on February  26, 2015, for the 2045 Notes, is available from the Securities and Exchange Commission’s website at http://www.sec.gov/Archives/edgar/data/101368/000119312515063913/d881716d424b2.htm .

Mexico’s annual report on Form 18-K for the fiscal year ended December  31, 2013 is available from the Securities and Exchange Commission’s website at http://www.sec.gov/Archives/edgar/data/101368/000119312514396751/d814841d18k.htm ; http://www.sec.gov/Archives/edgar/data/101368/000119312514396751/d814841dex99d.htm; and http://www.sec.gov/Archives/edgar/data/101368/000119312514396751/d814841dex99e.htm .

An Amendment to Mexico’s annual report on Form 18-K/A for the fiscal year ended December  31, 2013, including Mexico’s recent developments section, is available from the Securities and Exchange Commission’s website at http://www.sec.gov/Archives/edgar/data/101368/000119312515007304/d850650d18ka.htm ; and http://www.sec.gov/Archives/edgar/data/101368/000119312515007304/d850650dex1.htm, for Amendment No. 3 filed with the Securities and Exchange Commission on January  12, 2015;

http://www.sec.gov/Archives/edgar/data/101368/000119312515035143/d862816d18ka.htm ; and http://www.sec.gov/Archives/edgar/data/101368/000119312515035143/d862816dex1.htm, for Amendment No. 5 filed with the Securities and Exchange Commission on February  5, 2015; and

http://www.sec.gov/Archives/edgar/data/101368/000119312515063906/d881908d18ka.htm ; and http://www.sec.gov/Archives/edgar/data/101368/000119312515063906/d881908dex1.htm, for Amendment No. 6 filed with the Securities and Exchange Commission on February 26, 2015.

The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the Securities and Exchange Commission for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the Web site of the Securities and Exchange Commission at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Banco Santander, S.A. at +44-207756-6802, Barclays Bank PLC toll free at 1-888-603-5847 or Deutsche Bank AG, London Branch toll free at 1-800-

503-4611.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.

EX-3 4 d885729dex3.htm EX-3 EX-3

Exhibit 3

Names and Addresses of the Managers

Banco Santander, S.A.

Ciudad Grupo Santander

Avenida de Cantabria s/n

Edificio Encinar

28660, Boadilla del Monte

Madrid

Spain

Barclays Bank PLC

5 The North Colonnade

Canary Wharf

London E14 4BB

United Kingdom

Deutsche Bank AG, London Branch

Winchester House

1 Great Winchester Street

London EC2N 2DB

United Kingdom

EX-4 5 d885729dex4.htm EX-4 EX-4

Exhibit 4

 

 

LOGO

March 6, 2015

United Mexican States

Ministry of Finance and Public Credit

Insurgentes Sur 1971, Torre III, Piso 7

Col. Guadalupe Inn

Delegación Álvaro Obregón

01020 México, D.F.

México

Ladies and Gentlemen:

We have acted as special United States counsel to the United Mexican States (“Mexico”) in connection with Mexico’s offering, pursuant to a registration statement (No. 333-185462) filed with the Securities and Exchange Commission (the “Commission”) under Schedule B of the Securities Act of 1933, as amended (the “Securities Act”), of. €1,250,000,000 aggregate principal amount of Mexico’s 1.625% Global Notes due 2024 and €1,250,000,000 aggregate principal amount of Mexico’s 3.000% Global Notes due 2045, (collectively, the “Notes”) to be issued pursuant to an indenture dated as of November 17, 2014, (the “Indenture”), between Mexico and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Such registration statement, as amended as of February 26, 2015, the date on which the most recent Amendment to Annual Report on Form 18-K/A was filed as an amendment to such registration statement, but excluding the documents incorporated by reference therein, is herein called the “Registration Statement”; the related prospectus dated November 10, 2014 and prospectus supplement dated November 17, 2014, each as filed with the Commission pursuant to Rule 424(b) under the Securities Act, but excluding the documents incorporated by reference therein, are herein called the “Base Prospectus” and the “Prospectus Supplement,” respectively; and the related pricing supplement dated February 26, 2015, as filed with the Commission pursuant to Rule 424(b) under the Securities Act, but excluding the documents incorporated by reference therein, is herein called the “Final Pricing Supplement.” The Base Prospectus, the Prospectus Supplement and the Final Pricing Supplement together are herein called the “Final Prospectus.”


United Mexican States

Ministry of Finance and Public Credit, p. 2

 

In arriving at the opinion expressed below, we have reviewed the following documents:

 

  (a) the Registration Statement and the Final Prospectus;

 

  (b) a facsimile copy of the executed Indenture;

 

  (c) facsimile copies of the Notes in global form (the “Global Notes”) as executed by Mexico.

In addition, we have examined and relied on the originals or copies certified or otherwise identified to our satisfaction of all such other documents and certificates of public officials of Mexico, and we have made such investigations of law, as we have deemed appropriate as a basis for the opinion expressed below.

In rendering the opinion expressed below, we have assumed the authenticity of all documents submitted to us as originals and the conformity to the originals of all documents submitted to us as copies. In addition, we have assumed and have not verified (i) the accuracy as to factual matters of each document we have reviewed and (ii) that the Notes have been duly authenticated in accordance with the terms of the Indenture.

Based on the foregoing and subject to the further assumptions and qualifications set forth below, it is our opinion that the Global Notes are valid, binding and enforceable obligations of Mexico.

In giving the foregoing opinion, (a) we have assumed that each of Mexico and the Trustee has satisfied those legal requirements that are applicable to it to the extent necessary to make the Indenture and the Notes enforceable against the parties thereto (except that no such assumption is made as to Mexico regarding matters of the federal law of the United States of America or the law of the State of New York that in our experience normally would be applicable with respect to the Indenture or the Notes), (b) such opinion is subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general principles of equity and (c) such opinion is subject to the effect of judicial application of foreign laws or foreign governmental actions affecting creditors’ rights. In addition, we note that the enforceability in the United States of the waiver by Mexico of its immunities from court jurisdiction and from legal process, as set forth in the Indenture and the Notes, is subject to the limitations imposed by the United States Foreign Sovereign Immunities Act of 1976. We express no opinion as to the enforceability of any such waiver of immunity to the extent that it purports to apply to any immunity to which Mexico may become entitled after the date hereof.

We also note that the designations in Section 9.7 of the Indenture of the U.S. federal courts sitting in The City of New York as a venue for actions or proceedings relating to the Indenture and the Notes is (notwithstanding the waiver in or pursuant to Section 9.7 of the Indenture) subject to the power of such courts to transfer actions pursuant to 28 U.S.C. § 1404(a) or to dismiss such actions or proceedings on the grounds that such federal court is an inconvenient forum for such action or proceeding.


United Mexican States

Ministry of Finance and Public Credit, p. 3

 

We express no opinion as to the enforceability of paragraph 19 of the Terms and Conditions of the Notes relating to currency indemnity.

The foregoing opinion is limited to the federal law of the United States of America and the law of the State of New York.

We hereby consent to the filing of this opinion as an exhibit to Amendment No. 7 to Mexico’s Annual Report on Form 18-K for its Fiscal Year ended December 31, 2013 and to the references to us under the heading “Validity of the Securities” in the Base Prospectus. In giving such consent, we do not thereby admit that we are experts with respect to any part of the Registration Statement, including this exhibit, within the meaning of the term “expert” as used in the Securities Act, or the rules and regulations of the Commission issued thereunder. We assume no obligation to advise you, or to make any investigations, as to any legal developments or factual matters arising subsequent to the date hereof that might affect the opinion expressed herein.

 

Very truly yours,
CLEARY GOTTLIEB STEEN & HAMILTON LLP
By:

/S/ NICOLAS GRABAR

Nicolas Grabar, a Partner
EX-5 6 d885729dex5.htm EX-5 EX-5

Exhibit 5

UNITED MEXICAN STATES

MEDIUM-TERM NOTES, SERIES A

DUE NINE MONTHS OR MORE

FROM DATE OF ISSUE

EXCHANGE RATE AGENCY AGREEMENT

This EXCHANGE RATE AGENCY AGREEMENT (this “Agreement”), dated as of March 6, 2015, is made by and between the United Mexican States (“Mexico”) and Deutsche Bank Trust Company Americas (the “Exchange Rate Agent,” which term shall, unless the context otherwise requires, include its successors and assigns);

WHEREAS, Mexico has authorized the issuance of multiple series of its Global Medium-Term Notes, Series A, Due Nine Months or More from Date of Issue (the “Notes”), which will be represented by Notes in denominations of U.S. $2,000 and integral multiples of $1,000 in excess of such amount, except that Notes denominated in other currencies or currency units (the “Multi-Currency Notes”) will have authorized denominations as set forth in a supplement (the “Pricing Supplement”) to the applicable prospectus supplement relating to the Notes (the “Prospectus Supplement”);

WHEREAS, the Multi-Currency Notes will be issued pursuant to an indenture dated as of November 17, 2014 (as amended from time to time, the “Indenture”), between Mexico and Deutsche Bank Trust Company Americas, as trustee (the “Trustee,” which term shall, unless the context otherwise requires, include successors and assigns) and the Notes authorization certificate of Mexico dated November 17, 2014, and any other authorization certificates relating to the issuance of Notes executed from time to time thereafter (collectively, the “Authorization”); and


WHEREAS, under the circumstances described below and as specified in the applicable Pricing Supplement, the principal of and any premium or interest on the Multi-Currency Notes may be paid in U.S. dollars from funds in the currency or currency unit specified in the applicable Pricing Supplement (the “Specified Currency”) paid to the Trustee by Mexico, except with respect to holders of Multi-Currency Notes who elect to receive such payments in the Specified Currency and except with respect to Multi-Currency Notes which are payable only in the Specified Currency as indicated on the face thereof.

NOW IT IS HEREBY AGREED that:

1. Appointment of Agent. Mexico hereby appoints Deutsche Bank Trust Company Americas as the Exchange Rate Agent, under the Indenture, at its principal corporate trust office in The City of New York, State of New York, U.S.A. and the Exchange Rate Agent hereby accepts such appointment as Mexico’s agent for the purpose of (a) obtaining exchange rates for Specified Currencies and (b) converting Specified Currencies to U.S. dollars or U.S. dollars to Specified Currencies for the payment of the principal of, premium (if any) or interest on the Multi-Currency Notes to holders of Multi-Currency Notes who are to be paid in U.S. dollars or Specified Currencies, as the case may be, and for the purpose of performing the other services hereinafter described upon the terms and subject to the conditions hereinafter mentioned.

2. Payment Dates. Payments of interest, principal and premium (if any) on the Multi-Currency Notes will be made on the various dates provided in the applicable Pricing Supplement. Each such day on which principal of, and any premium or interest on, the Notes shall be payable is referred to herein as a “Payment Date.”

 

- 2 -


3. Determination of Exchange Rate. Mexico shall notify the Exchange Rate Agent at least seven Business Days (as hereafter defined) prior to each Payment Date for a Multi-Currency Note on which, or with respect to which, Mexico desires the Exchange Rate Agent to quote an exchange rate for the purchase of U.S. dollars with a given Specified Currency or for the purchase of a Specified Currency with U.S. dollars.

(b) If Mexico desires the Exchange Rate Agent to obtain an exchange rate quotation (which, for clarification, shall not be deemed to be for the purpose of the Exchange Rate Agent effecting a currency exchange pursuant to Section 4 hereof) for the purchase of U.S. dollars with a Specified Currency or for the purchase of a Specified Currency with U.S. dollars, the following procedures shall be followed:

(i) After sending the notice referred to in subsection (a) of this Section, Mexico will provide, or cause to be provided, to the Exchange Rate Agent, as of approximately 11:00 a.m., New York City time, on the second Business Day preceding the applicable Payment Date, the quotation for the Specified Currency appearing at such time on the bank composite or multi-contributor pages of the Quoting Source (as defined below) containing bids by at least three banks (one of which may be the Exchange Rate Agent or an affiliate of the Exchange Rate Agent). Upon receipt of the foregoing, the Exchange Rate Agent will select the quotation with respect to the Specified Currency which will yield the greatest number of U.S. dollars upon conversion from such Specified Currency or the greatest number of such Specified Currency upon conversion from U.S. dollars, as the case may be (the “Exchange Rate”). The Exchange Rate Agent will promptly notify Mexico of the Exchange Rate, and such rate will be deemed the Exchange Rate unless Mexico disputes in writing the Exchange Rate Agent’s selection. The “Quoting Source”

 

- 3 -


shall mean Reuters Monitor Foreign Exchange Service or, if Mexico determines that such service is not available, the Moneyline Telerate Monitor Foreign Exchange Service. If Mexico (or Mexico’s designee) determines that neither service is available, Mexico and the Exchange Rate Agent shall agree on a comparable display or other comparable manner of obtaining quotations and such display or manner shall become the Quoting Source.

(ii) If fewer than three bid quotations are available at the time a determination is to be made by the Exchange Rate Agent pursuant to subsection (b)(i) above, then the Exchange Rate Agent shall, on the second Business Day prior to such Payment Date, notify Mexico and the Trustee of the noon rate in the Specified Currency provided in the page FXC<GO> on the Bloomberg terminal (the “Market Exchange Rate”) as of such second Business Day. If the Market Exchange Rate for such date is not then available, the Exchange Rate Agent shall immediately notify Mexico and the Trustee of the Market Exchange Rate most recently available to the Exchange Rate Agent for such Specified Currency (or that no such Market Exchange Rate is available to the Exchange Rate Agent). If no such Market Exchange Rate is available to the Exchange Rate Agent, Mexico may request in writing for the Exchange Rate Agent to provide to Mexico, on the second Business Day preceding the applicable Payment Date, the Exchange Rate Agent’s then prevailing internal conversion rate for the purchase of U.S. dollars with a Specified Currency or for the purchase of a Specified Currency with U.S. dollars, as applicable. If such rate is available, the Exchange Rate Agent will notify Mexico of such rate promptly after it is available.

 

- 4 -


4. Exchange of Currencies. If Mexico desires the Exchange Rate Agent to purchase a given Specified Currency with U.S. dollars or U.S. dollars with a given Specified Currency, the following procedures shall be followed:

(a) Mexico shall notify the Exchange Rate Agent at least seven Business Days prior to each Payment Date for a Multi-Currency Note on which, or with respect to which, Mexico desires the Exchange Rate Agent to purchase a Specified Currency with U.S. dollars or purchase U.S. dollars with a Specified Currency. Such notice shall also specify the account (the “Designated Account”) which the Exchange Rate Agent is authorized to debit in making payment for the Specified Currency or U.S. dollars, as the case may be.

(b) On or before 11:00 a.m., New York City time, on the Second Business Day prior to the Payment Date, the Exchange Rate Agent shall purchase a given amount of the Specified Currency or U.S. dollars, as the case may be with, respectively, U.S. dollars or such Specified Currency for delivery on the Payment Date. The Exchange Rate Agent shall convert, subject to applicable laws or regulations, the Specified Currency or U.S. dollars, as the case may be, to the currency as instructed, using its then prevailing internal conversion rate, which conversion shall be conducted in a commercially reasonable manner. In no event shall the Exchange Rate Agent be liable to any party for the conversion rate so obtained. The Exchange Rate Agent may earn a normal and customary spread for such conversion. The Exchange Rate Agent shall notify Mexico and the Trustee of the rate of exchange. At or before the opening of business on the Payment Date, Mexico shall deposit in the Designated Account the amount of U.S. dollars or Specified Currency, as the case may be, required for such purchase on such Date (the “Required Amount”). On the Payment Date, the Exchange Rate Agent will: (i) debit the Designated Account for the Required Amount, (ii) effect such exchange, and (iii) transfer such amount of the Specified Currency or U.S. dollars, as the case may be, to the relevant Paying Agent.

 

- 5 -


5. Failure to Obtain Exchange Rate. If the Exchange Rate Agent is not able to obtain rates pursuant to Section 3 hereof or convert currency pursuant to this Section 4 for execution on the Payment Date, the Exchange Rate Agent shall promptly notify Mexico and the Trustee. Anything in this Agreement to the contrary notwithstanding, the Exchange Rate Agent shall bear no liability for its inability to obtain such rates or effect such currency conversion unless such inability was the result of its fraud, gross negligence or willful misconduct.

6. Fees and Expenses. So long as any of the Multi-Currency Notes remain outstanding, Mexico will pay to the Exchange Rate Agent a fee to be mutually agreed upon in writing from time to time by Mexico and the Exchange Rate Agent in respect of the Exchange Rate Agent’s services to be rendered hereunder. Mexico shall reimburse the Exchange Rate Agent for all reasonable and documented expenses, disbursements and advances incurred or made by it in connection with the services rendered by it under this Agreement (including legal fees and expenses). It is understood that all currency exchange costs will be borne by the holders of Multi-Currency Notes when electing to receive U.S. dollars or the Specified Currency, as applicable, and will be deducted by the Exchange Rate Agent from funds transmitted.

7. Terms and Conditions. The Exchange Rate Agent accepts its obligations herein set out upon the terms and subject to the conditions hereof, including the following, to all of which Mexico agrees:

(i) in acting under this Agreement and in connection with the Notes, the Exchange Rate Agent is acting solely as agent of Mexico and does not assume any obligation toward, or any relationship of agency or trust for or with, any of the holders of the Notes;

 

- 6 -


(ii) unless otherwise specifically provided herein, any order, certificate, notice, request, direction or other paper, document, or communication from Mexico made or given under any provision of this Agreement shall be sufficient if signed by any person whom the Exchange Rate Agent reasonably believes is a duly authorized official of Mexico, and the Exchange Rate Agent may conclusively rely and shall be protected in acting or refraining from acting upon any such paper, document or communication believed by it to be genuine and to have been signed or presented by the proper party or parties;

(iii) neither the Exchange Rate Agent nor its officers, directors, employees, agents or attorneys shall be liable to Mexico for any act or omission hereunder, or for any error of judgment made in good faith by it or them, except in the case of its or their fraud, gross negligence or willful misconduct;

(iv) the Exchange Rate Agent shall not be required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it;

(v) the Exchange Rate Agent may execute any of the powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys, and the Exchange Rate Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;

 

- 7 -


(vi) neither the Exchange Rate Agent nor Mexico shall be bound by any modification of this Agreement unless in writing and signed by the parties hereto;

(vii) the Exchange Rate Agent shall be obliged to perform only such duties as are set out specifically herein, and no implied duties or obligations shall be read into this Agreement against it;

(viii) before the Exchange Rate Agent acts or refrains from acting, it may consult with counsel satisfactory to it and shall not be liable for any action taken or omitted to be taken in good faith reliance upon the advice of such counsel;

(ix) the Exchange Rate Agent, whether acting for itself or in any other capacity, its officers, directors, employees and shareholders may become the owner or pledgee of Notes with the same rights as it would have had if it were not acting hereunder as Exchange Rate Agent;

(x) in no event shall the Exchange Rate Agent be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Exchange Rate Agent has been advised of the likelihood of such loss or damage and regardless of the form of action;

(xi) the Exchange Rate Agent shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of the Exchange Rate Agent (including but not limited to any act or provision of any present or future law or regulation or governmental authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility);

 

- 8 -


(xii) in order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA PATRIOT Act of the United States (“Applicable Law”), the Exchange Rate Agent is required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Exchange Rate Agent. Accordingly, each of the parties agree to provide to the Exchange Rate Agent, upon its request in writing from time to time such identifying information and documentation as may be available for such party in order to enable the Exchange Rate Agent to comply with Applicable Law; and

(xiii) the Exchange Rate Agent shall incur no liability hereunder except for loss sustained by reason of its bad faith, gross negligence or willful misconduct.

The protections, privileges and immunities contained in subparts (i) through (xiii) above shall survive the termination of this Agreement and the earlier removal or resignation of the Exchange Rate Agent.

8. Resignation; Removal; Successors. (a) Except as provided below, the Exchange Rate Agent may at any time resign as Exchange Rate Agent by giving written notice to Mexico of such intention on its part, specifying the date on which its desired resignation shall become effective, provided that such notice shall be given not fewer than 60 days prior to the said effective date unless Mexico agrees in writing to accept less notice. Except as provided below, the Exchange Rate Agent hereunder may be removed by the filing with it of an instrument in writing signed by Mexico specifying such removal and the date when it shall become effective (such effective date being at least 10 days after the said filing and not fewer than 5 days before the next Payment Date).

 

- 9 -


(b) If at any time the Exchange Rate Agent shall resign or be removed, or shall become incapable of acting or shall be adjudged bankrupt or insolvent, or an order is made or effective resolution is passed to wind up the Exchange Rate Agent, or if the Exchange Rate Agent shall file a voluntary petition in bankruptcy or make an assignment for the benefit of its creditors, or shall consent to the appointment of a receiver or administrator of all or any substantial part of its property or other similar official, or shall admit in writing its inability to pay or meet its debts as they mature, or if a receiver or administrator of the Exchange Rate Agent or of all or any substantial part of its property or other similar official shall be appointed, or if any order of any court shall be entered approving any petition filed by or against the Exchange Rate Agent under the provisions of any applicable bankruptcy or insolvency law, or if any public officer shall take charge or control of the Exchange Rate Agent or its property or affairs for the purpose of rehabilitation, conservation or liquidation, then a successor Exchange Rate agent, which shall be the office in The City of New York of a leading bank doing business in the market of the various Specified Currencies, shall be appointed by Mexico by an instrument in writing filed with the successor Exchange Rate Agent. Upon the effective date of the Exchange Rate Agent’s resignation or removal, the Exchange Rate Agent so removed or resigning shall cease to be Exchange Rate Agent hereunder. Notice of any such removal or replacement under Section 6(a) shall be given by Mexico to any holders of Multi-Currency Notes as soon as practicable thereafter. Upon resignation or removal, the Exchange Rate Agent shall be entitled to the payment by Mexico of its compensation, if any is owed to it, for services rendered hereunder and to the reimbursement of all reasonable and documented out-of-pocket expenses incurred in connection with the services rendered by it hereunder and to the payment of all other reasonable and documented amounts owed to it hereunder.

 

- 10 -


(c) Any successor Exchange Rate Agent hereunder shall execute and deliver to its predecessor and Mexico an instrument accepting such appointment hereunder, and thereupon such successor Exchange Rate Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally named the Exchange Rate Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obliged to transfer and deliver, and such successor Exchange Rate Agent shall be entitled to receive, copies of any relevant records maintained by such predecessor Exchange Rate Agent.

(d) Any corporation into which the Exchange Rate Agent may be merged or converted, any corporation with which the Exchange Rate Agent may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Exchange Rate Agent shall be a party shall, to the extent permitted by applicable law and provided that it shall be a responsible financial firm or institution having an established place of business in The City of New York, be the successor Exchange Rate Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto. Notice of any such merger, conversion or consolidation shall forthwith be given to Mexico and the Exchange Rate Agent.

9. Business Day. As used herein, “Business Day” means any day except a Saturday or Sunday, other than a legal holiday, or on which (x) banking institutions are not required or authorized by law or regulation to close in (i) The City of New York and (ii) the financial center of the country issuing the Specified Currency and (y) if the Notes are denominated in euros, a day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer system is open.

 

- 11 -


10. Indemnification. Mexico will indemnify the Exchange Rate Agent for, and hold it harmless against, any and all loss, liability, damage, claim or expense (including the costs and expenses of defending against any claim (regardless of who asserts such claim) of liability) incurred by the Exchange Rate Agent that arises out of or in connection with its accepting appointment as, or acting as, Exchange Rate Agent hereunder except such as may result from the fraud, gross negligence or willful misconduct of the Exchange Rate Agent or any of its agents or employees. The Exchange Rate Agent shall incur no liability and shall be indemnified and held harmless by Mexico for or in respect of any actions taken, omitted to be taken or suffered to be taken in good faith by the Exchange Rate Agent in reliance upon (i) the opinion or advice of legal or other professional advisors satisfactory to it, or (ii) written instructions from Mexico. This section shall survive termination of this Agreement and the resignation or removal of the Exchange Rate Agent.

 

- 12 -


11. Notices. Any notice required to be given hereunder shall be delivered in person, sent by letter, electronic mail in PDF, telecopy or communicated by telephone (subject, in the case of communication by telephone, to confirmation dispatched within two Business Days by letter, facsimile or telex), in the case of (a) Mexico, to Secretaría de Hacienda y Crédito Público, Insurgentes Sur 1971, Torre 3, Piso 7, Col. Guadalupe Inn, Delegación Alvaro Obregón, 01020 Mexico, D.F. (Attention: Alejandro Díaz de León Carrillo), (b) the Exchange Rate Agent, to Deutsche Bank Trust Company Americas, as Exchange Rate Agent, Trust and Agency

Services, 60 Wall Street, 16th Floor, Mail Stop NYC60-1630, New York, New York 10005, USA, Attention: Corporates Team, United Mexican States, telecopy no.: (732) 578-4635 with a copy to: Deutsche Bank Trust Company Americas, c/o Deutsche Bank National Trust Company, Trust and Agency Services, 100 Plaza One – 6th Floor, Mail Stop: JCY03-0699, Jersey City, NJ 07311-3901, USA Attn: Corporates Team, United Mexican States, telecopy no: (732) 578-4635, and (c) the Trustee, to Deutsche Bank Trust Company Americas, as Trustee, Trust and Agency Services, 60 Wall Street, 16th Floor, Mail Stop NYC60-1630, New York, New York 10005, USA, Attention: Corporates Team, United Mexican States, telecopy no.: (732) 578-4635, with a copy to: Deutsche Bank Trust Company Americas, c/o Deutsche Bank National Trust Company, Trust and Agency Services, 100 Plaza One – 6th Floor, Mail Stop: JCY03-0699, Jersey City, NJ 07311-3901, USA Attn: Corporates Team, United Mexican States, telecopy no: (732) 578-4635 or, in any case, to any other address of which the party receiving notice shall have notified the party giving such notice in writing. Any notice hereunder given by facsimile or letter shall be deemed to be served when in the ordinary course of transmission or post, as the case may be, it would be received.

12. Governing Law; Submission to Jurisdiction. Except that matters relating to the authorization and execution of this Agreement by Mexico shall be governed by the laws of Mexico, this Agreement shall be governed by and interpreted in accordance with the laws of the State of New York.

 

- 13 -


The parties hereto irrevocably submit to the jurisdiction of any state or federal court in the Borough of Manhattan, The City of New York, in respect of any action based on this Agreement and irrevocably waive any objection which they may have to the venue of any such court in respect of any such action. The parties hereto irrevocably waive and agree not to plead any immunity from the jurisdiction of any such court to which they might otherwise be entitled in any action based on this Agreement, except that under Article 4 of the Federal Code of Civil Procedure of Mexico attachment prior to judgment or attachment in aid of execution may not be ordered by Mexican courts against property of Mexico.

13. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

14. Benefit of Agreement. Except as provided herein, this Agreement is solely for the benefit of the parties hereto and their successors and assigns and no other person shall acquire or have any rights under or by virtue hereof.

 

- 14 -


IN WITNESS WHEREOF, this Exchange Rate Agency Agreement has been entered into as of the day and year first above written.

 

THE UNITED MEXICAN STATES
By:

/S/ ALEJANDRO DÍAZ DE LEÓN CARRILLO

Name: Alejandro Díaz de León Carrillo
Title: Deputy Undersecretary for Public Credit of the Ministry of Finance and Public Credit
DEUTSCHE BANK TRUST COMPANY AMERICAS, as Exchange Rate Agent
By: Deutsche Bank National Trust Company
By:

/S/ JACQUELINE BARTNICK

Name: Jacqueline Bartnick
Title: Director
By:

/S/ WANDA CAMACHO

Name: Wanda Camacho
Title: Vice President

 

- 15 -

GRAPHIC 7 g885729ex4logo.jpg GRAPHIC begin 644 g885729ex4logo.jpg M_]C_X0`817AI9@``24DJ``@``````````````/_L`!%$=6-K>0`!``0```!D M``#_X0,J:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O,2XP+P`\/WAP86-K970@ M8F5G:6X](N^[OR(@:60](EG)E4WI.5&-Z:V,Y9"(_/B`\ M>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS.FUE=&$O(B!X.GAM<'1K/2)! M9&]B92!835`@0V]R92`U+C4M8S`R,2`W.2XQ-30Y,3$L(#(P,3,O,3`O,CDM M,3$Z-#&UL;G,Z>&UP34T](FAT='`Z+R]N&%P+S$N,"]M;2\B('AM;&YS.G-T4F5F/2)H='1P.B\O;G,N M861O8F4N8V]M+WAA<"\Q+C`O&UP34TZ1&5R:79E9$9R;VT@ M&UP+FEI9#HS-D8P,D4Q0T,S03&UP+F1I9#HS-D8P M,D4Q1$,S03&UP;65T83X@/#]X<&%C:V5T(&5N9#TB M3E-M*;2WA3J@ MW!ZZ[GA^QV@M*]@:]"RU/FLPDY<=+W22HMP?AHC8?8&H6Y$3B:BW/KNEQXV7D?KC'Z9\!8_9W^0('J1U M?H'8#;77[<#U]OYT?#@]8J.Y2KIN<6<15K)?KK%MYB;-FFS7^-=>TR8FY@D" M2($2%&NY'=?4IG#H2KL5WGIFD=$:-WO2:';NQ$1V/V)I37&FJ[JN6H\?)W24 MW\SE[74B#,["L]/J(D-)(<94M\J080AMY*\Y\8SP*RKW\A5T;VY1]%;@Z2=A M-`[,W-6-GR_7\*^7+KG9:UN"U:DJ;MWM.MPK3JK8/JFVQ7HO?%(W%137&]Z M57:$-)S8\/21>O4*(1+6R1(+4`/&I'=&=)_(1R2@]'K59H6E5>QW*S&HC*Y4 MH"8LU@D7$K<;CX6!CB)65-6AM*G%H$!$<Q9?5LA(.#4#86^;YN`UZ&%F]A@Y8D M&J_7@06Q`S&&E'.$>^^NK77;>^T?Y+-J:$GX#1LL69![?T34;=!% M;`U>S%PJ86P6O5JY>XD0VT[-;91R&&@()XQLPUME(F%J*;;P$#/_`),;-KH& MO;$[*]%>TO6/KA9YFNPZ-_[$D-$V"*U]BXR(<35)G>FNM;[8A""$)E,A)PXML.KN3^2+<6E-GT;5]B_CD[+3)NWMQW#2^D+%7MI=2 MEU_;$]5X*[W4:3ATSF^X.>W?N7^-/M#7=:5*.A3[A/`;3ZC3;U6>L5T;I$/$R,4'OW$E)R9,C(1SJE1 M+I'6*@1%PNVB;>8;,7.@ M7S8'[\+)U3LZ^0P=/AA=?%A/-J+_`"BRW&LH%RRK+V`V)[;=D*UU"ZW[<[*W M"O6"UUC3]67:YJNU948FPRH39X("QHG,R;&Q?V\*.PK&'GVD9PG./;&?'`UG MV-W[O=?[(;*ZSZAZ5;X[&V[4FOM2[&O<[KR]==:E78:(W-^\FZ@'A6X=OZYD MY"1630)1#R11WVVTL)4I>,.)QP(]LK^1?8>I(#0K-YZ(=A8S<'9+>MFT9JW0 MS&P>M!MTD#JSK";VJY;I2UL;GSJ>*KI\#591#25V#):71,8<:1EU*BN\ MQ^R^P+G5_;_6/=G5SV24-9=)[0V7%QK5<=7"H..DVAV ME3ZCU/QRL*83\K6%!V[?_(+M;4VH=^[TWWT$[#:2UMH'2ULW%*RMEV/UDM9M MQ_:1$8HJDU2,UCNB[O-6(N')*,;=D\QX.4AY;^;*W,82$OH';_LY=+-2(N6_ MC/[+4.JVV;K@4EL*Q[=Z=25?IT!.EB-E6V:BJ?V'LMO-CH8`G)+PX$<6:I*, MH2U[>?`G:I`7 MW]S_`(^!LKD:Y-@IJ]QL-,)R;PV\OPRXCV\*]DX"@>W7?8/ MK#L?7^FJMHC9?8/:][UIM/=BJK1K%JNAQ]=U!IARMCW^VR5OW)>J!6#Y$(JV M!(&B`2"I!].7'G$,CMY=R&S^@-ZT#LKIC5.]M9E2+M*W#K6D[5JHT]'N0MD' MJU^AFIN!5.01"E$QABQUK;4G.5M*=9<^)QQ"??(><_\`*7W/MW378W\;\BQM MZK::TWN/N6)JWL?9KNW2!*K_`(F5JZ]VXG$M:[J"\Q264SU9#;5(CDA.(:?6 MCY,94A2`H;^2K^9;K'1NF6U[3TI[\=79_LS'26K1M:0%'VCIG:5FF5SFWJ'7 M[6%'T0TVR(G7V',1=5I=GV3LBZL1$A(0HSU;UIK>E2D[-/-JQED0;U;0MYU MEI81GNU_)#I#H_U^U)V=N,=9=C:>V]LK5]#A[-K-,7+-QT#M.%EK-%[0*;.. M`^]0H6KPSTFS'\B6E>LV[^E^@IH&=O5W[N[%31M< M_L8B"D(^M0ZF8Y2=CW`@F4%^O12#)<808D;!#IA3V$,-N82XI`1XG^277#"R M6TZYOSK@_P#(S'_QMYQ\U90E6S)$:/+;V'[9F!<_IY M#9;L'MW;&I8^IEZIZP;)[/&3\P;&S4)K6Z:=IOY1W]WZ[5V`M?47=F@.J,96MP6NW=F-KWWK MN]1Z?%Z2+MD/=,S%6H6W;CLSW8L=*D`6E(ALLN*8^1+F4+9RZ'$=_*+8:S1F M.P6Q.A7;S7?3YT`2Q'=BK`/IHJ2J>OC> M@')6+B_^49'L(2[AH+2F_P"2[0U8[N4CI/9`[)$RFS]74/8>M=X*Q$E:-M\W ML\JZHUYJL>WB2+JHW8E\C-<3AT$.4TT-,LQRVPWWB5(8R&R&M>PU?V9O'LEH MN-K\Y&3O6B3U5&66;D%QRH6R.;8U\-L2(=KR12WI!#<7&%)'*^TTQG[&,_'[ MH\+R'0([*5T?MY%=/OVU/KM\IUSF^R2+?AV+Q5F:O!;)@]8DU]QO)GYI5A=F M+`P0CP/]7ZV%YR[A>,(4#>W96NZ'O76*AS=9L$_(=H]WN:+JIL*Y%MA5J>9U MEL+:KLW9/R)HA&85,!K8YG'U$$$9*=93\?HI;B`^]O.REL<'O\`V6'I?7.S;I;>MVP*6_MF:@)ZQU:F3[&F-W;"M4`N MU@UDUH(UV.4#]MM+3KK7OA6`],>`X#@02R[(J-/./#LTFU#MQE/E;R=(&K9: M"8@(1Y#4F]YR[]EUX9*_?*$-*_L_U\YQC(4\+VRU:?11;X`W8RPRJZU8/P:0 M(]JS#.?6OKLA7S(DB6:R/8X,O7$F(:/E><,$H0GWRE65I#I#=M:4-%#BX%R1:P9;Y2D,Q0L&0U9'K$SEV4JDAC_`)`#'QH' M\N^F5)3D(A3^V.I[U2[/>*^]-.`56MS-G/BC0P@+$^'#OS>$B"0Y$DDA4C+Q ML.W(!M.?'\H,@(XK*,NY2@.@OM?5VEV-DF@;-#*JPD$]+`FP\&)(X*LDI!Q, M3'B1S]B0<8\2]81G<+0WEK(ZLNX5E/C.0LG7&WP=F&N-1%5L\9%9I].N\?89 M=VK?C):&O0;Q\!@)B)LLK,-DNC"O9BW'$-XQGV6I"<*5@.O#;RHDWKJS;.&,5^VZ478@K>LTM&%I:/J^4N(6 MTU><2(Q3PAQ8$<9$2NN9>/(:)>97@T52486WC+N`[4AVLHL3,AP4C7;FP>^# M/%%Y9'K<@#&DU^-MTP5%D2D99C(LLY^-I1SK>1'B&<>OJXM"T/):#IY[?ZP3 M9551R,NC4KFRRU89RY"B(!R1#FA`O2)YZY5(U>AY!XWUCB)-0291].!@_G+= M88="747L'7[Z]1&H^I7>/QL8.6D:X1(`0SPB`($(4V7(FB8F=DVX)0C'(*<6RIK#*@L2G=E*! M;(EZ<*9EJC%-5>6N>#+2J#'2NNPF`%2!OPQDU*$H6TB02K#:D86I*8 M1E[*7VLX\Y1X7D.IMSL/0=+2M+A[<=1\&$N!!(ON5J.98>6?'O?)AM*\?%P)/CLO2&\"K,BK`&RZ, M!)EN()I\NY'04P2`'!S#P->MDQ)G_ER9)I*`06"I5G"L+>%;;<94Z'=KO8[7 MUC$F"6/OAKA(&>L)@A!=9+?R%`B0LBZPPY#V*4#=D#8VPAOLL_+A7H]CY/CS MG&,A%Q.VE")#B9)VNW,*-G+D72X\TH>N(8^V`8D$N4.4BR+3&0Z"76DH<(RV MM]3N$-(6YA2,!;FJ=FQFVZB+N?;_`&6G>NQ> MO5GVV%HK:VF]_P`K!P]&]Z[DO&R;3$J;A;S=-U"C4 M#7%"8B?K?1#B8]F8&?;D"%EEH4V.XV%2]2=F?R'];^K/6GK_`&+^,*W3TCH[ M1NH-13]HA^V76;,9)DZ\I-?I\M88R,Q9R)EP!]44X4T/AI92F\X1A"G,XQD- M.*+T>W%J[;F_KA;?XT-N;TL]C[L]A.P.OMLT;^0V+U%5I.I7/=DOL/6)!&GD M;TKU:%-"BEB??$.AU)+6G*2TO>SF,AN[=.L_E=N;Y0;_W%OSX]PK6Q:6.'2JE6X*M1I[03!)F#I90[OTR,X># M5%'\;?:-CJIK'H-<8&6VAI/K3_)-H:]:IVB!LNNZVN5QZ/`V)S85C2X_1;/3 M;+0KOIR6L$G`"CQ*HHER,%`S$I2A&4MAMKI_^.UKJ[_(_`[KUE0+'M/0EUT) M/U%BV[=WC>-LWGJ!M.(.'7(O:L(W7L.VVQ^B=DJR^@6?9CY2OPXISLU M$%SM3%HHQL@Z,/\`EDPC#:EN8$3G@>CULK$+=JM9:99`TR%=MT!,UB?`4I2$ MG0L_'$Q4H&I:,X6A)();B,YQGSCV_3@?S]4OKCWXZK=99+^.NU=-]1_R?].: M]#9HFF;2_P!AZSH&\.:4BY%@ZFZK[#478-;+A)J2I[(S(*)B`D2&)`$1KYP4 M.9;/ZU;DT?H732K#L72_6ZQ=2)J"N^K MH.WV(Z-JKEZ%O%ZKR"+2B,BQA6D%DN"?,MQ*&PVM['1G\BW>S0ELZ97'IS4. ML,5NJ)8UWO[L1-=B=?;6U_7=;GG"-W\[0M-J<>WLJ^6VRU]@D:%19HNH,1CQ M39!3CBF,LN!MIVQT/L;86Z_XW;1KRNXFZGUR[1SFQ-G&O3<+'D5^B&=8MZ:G M`E&1I8\(J>(Q:;_&H<'#0\1AC+COIG",XR'!_*KH/:':#H1OO1>F8,2R;*O; M.MD5J%.F8JO"F*KNX-?VV6^68FR@HP/Z\%`E.I^5U/R*1A"?*U)QD(U_)-J[ M?-^#Z97;K_J-W=5DZ[=U*!OZT4)F]4G7ADG2:WJKZ_47M#UC(_C^L>F)K9VDK"#2;58NR/7^XQ$ MK=0[#4GXJGDC5*ROOPZIJ.4:^D\M;(;/TLMJ5EQUO&0I;M1TKVEVR9?!IV)A-R:\DK&,;^^8UL5XM! M"6'1'_@]4.96X'WM_P!8>Q?:'4G\?XIG\?5EZX4XK+V?8)UT3Z6;/U7W@_P`^ MU#ISGHEIK/7FV:OVM6+1V;C^REKWQ;3KE4K%JUZ%!#G+Z-K:#U:R!/.DE-3( MCLL]-(:<#<2QA](>M':0/LR=I:S,=0SM0@;V2;72ZPK>C-B?UJ?&QU@C9&TU MZ6<(4'@_V0ZL=H^XFI-@:'L7\(71'4&P M]IU^8I[_`&GLV]=,W2KZIDYD=07^8*8)0]*PV]INS5IPIR1B14IA7_O--8>+ M2C*_8/2CN%U8VM;ND>ANNNM'I+;MUU5MWH2?,V:R3,-!R]GK'7'>^FKGL*]S M9M@EV1W9N0JU`-.6.A]\@HUW#2/=2_;@5;_*YU;V;V)NO1^T4[KQ.]F*3HW; M&VK=M/7-5WT#UULY,3;-(VJ@UVG=?G[)[H4CL`FT[@N<36Z8#4\3L] MLV[V>L@'1;635$&R#,6(@%S#2/E?\9"8]/\`3NS>O>V*3.U/^*W=6JR9P*'U MG>MF6W^1B%W57:Q2IV9K3EIL^==6O=FP/NJALPC9C:(L!N2<;:4PTM*'5IR$ MCKO\=FTIW0LG.!FMZ&[I:8[D]UNQO4_;(YD58F8N)W9V*V3L:'H^P&("5?9L M6F-Y:_L(4;<*Z\^AUM"TOH2U(`"O(#<3^,+3VV]!]$NOVJ-\5B,I>X*Q"VUZ M_P!6A9Z.L\/!S]DV+<+6\#%3\46<#*1K;,ZC++J75+RWG&'/#F%)P'G/WZZ* M;#W=VMVQL3:G1FL?R1Z6V'H6DZSZ^UJ?W[6M1IZFVX#]VL[4>7"W0D!B-"VX M9+14B3$98)PPLQGV^9S/`GG\C/4 MS979[<7\:E@IU1KEOHO7+N@%N?=@=ED8-@-C7#6K+_2WG!H:;5E%F+Q,VH9S MZ;;:U9::<5_U80E08?\`E,Z&!]B>BNZM.=:]'ZC9W1;S-5.TXAB`HU%6-BK[ MFU[J_9Y2L->/"\\#K;TZ<]ENT'=:1W([NFT=8M9: M%TTG4G7TJK5/0VW2MEG[N2U-]D[;8*MM>K;&B:HPV%6JW5P?(0T@0P)(JPYD M0K"7`U%H?\?7:JO=?>K_`$OO]2`VUI_IU_)!4IBA;`LUDH"5[*Z!CZ]V@&$[ M;*L/(C8#L%"SLA=2?A$"-**C0AWA&@B;-UY5R[GH*'AH5EJ5&L5CFQJ_! M3,D3'N-M@&N-F(SZY<:2G/G`>GNE.P/;2^[%C*MMWH3;=!4@V,F2BMF2O8/1 MNR08^3CQVGHR'=K.O)N5L"US:E.)01E"!VM_6*P;_,1;H)Z'/\`W/2KY1OWG7Y:(G&VAUL2 MR,NC+SEC/D)'_&KUN[>Z(VQWE7V0(3\6R9V,7)Q[<+5U)<4PWG"7"&\84K M.',)"JNQKW?/?\QU&VV%_'[8:I:>I7<2,VV;JR3[)]?SI+8FO9KKAOS6LG-0 M-P"LB:C$EP-JO\>TL$I_)3[:EN)0E&,*4'-W)3WF[Q]/.T_6"2Z"632\QLO3 M9`E+GY_LAH6W1=CM(M]H2LTQS--M"GZX\?6GI(Y,B4\PPWB.RTE67G6L<#@; M*J(.?$Q)"#-FML/.-MO80M6,AOKP'`<#7K;XVR7;73\5'7M(N\"1%6/\E+62 M*`-DJ7,0[+,W&+'^]*A+."NK0CD4V@=*%A'J8)=6MC"TI"-9$W+,RS9&:Q6( M`L>R1H4@LR@04H(BKSTF4W97H2R?OY,E(DOQ*&22LNQXZ,/N*;RA_.,H2$4+ M)[$N%P$U&:DH*I)F>C_W69+0,3'RP489,12K(#6GA+--.3HL4N5,-',<(`7) M_$YGXV7,)P2&Q1CME$!V:W&5..68"+(9H;20PT!V1.:J!*-"26,'L_+DNZR4 M@RM*\C)4CV5G./;+JPUWF9S;2CRI"%84WG*T!UP)#M"J68F;+I_639SD&XP398*/#E M;.//@S,B/C"`CK,&EZNKK<*B4"\2?V5R)8<>ZVPCYS&PF]1F.PR+Q3XD[75/ MB-=$Q^$6*R#BAQLT(,TU97((7$"):CVXQ\9J#&;+&;4WB2Y=;BH54?-F1@EV_`O24N_/PQ^07W8^!^L- MD)62T23Z5J'4,K'`G\?);1@]40;\7JV+(LDMBU@6"IAUV)B!PRR(V?S6%O1G MYF(">@B)_P"J@YY2O=0Q"W/C1Y4I(6A=#)^,&@A:;0FY>9FYIL8HM\")3`P8 M8QC[\I(SCKDM'FLMF#&F*#6P@E:WWL^Z,98(R&S--DYV9JM?E+/`O5>R&Q0;L]7WB!#, MQ$Q\24R(;1@)!0I8K1:5_"ZA>?D9RE6<)SG*`X#@.`X%6;,_R6IRG,ZV M!K#SKL^3^YI"T,O/C15>;@Y1Q;@2!59*<..D4CCX0A./D;=4G+C6/]S`4M6K M'OI^/:19=&5N"G9.7D8Y'XO,)+0XT`3+4V1J"I@M$V*2UBOT@J1C)+PTXVN8 MB$+'3@=YA"@_4^B^E:SJ5@H'7RF/['$LK8CP[T0V3;RZ],#R)X M\2Y^0;9:$-6HSV4SA*FEI\.I"?2T'>K'J^FJ*@:8)L7)M%-N0 M:+5HV@D585R+E6X<0"RM6&$#U^4,#+1Z"B$@BIES93`*D*%K_`/W9SP.J MJG5%?T_>JUQ?X]X@@#V@XQ7T7S'$O%OA^1<_6>*=0E3BD>JEJQC.NCD?>Q)_.Q"QK3WY+'R>)#Y6QDK^]CYE_[OGY/[L_K^N>!WXJ$A MH(=8D)$QD,*Z]DAP:*`%CQW'U(0VI];(C3+:WE-M)3E6<>V<)QCSXQC@9/@. M`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@. M`X#@.`X#@.`X#@.`X#@:V[I,#9L`4"]M>(H!&P*+::4P!*Q M'D(Z>B(Z#E(HJ599;?+QE*W'FTH6G/Z9#758%/C9"C/B=C@J_*Q46T#&QSE: MN#,=*.L6$.Q,2,S&%SXSD<-8V;"`TI]&04R;+C/QK>0M&$A,(Z;II6TJMLR2 MW4+,+F(YZ6CJBFEWL>-,&'C5A$'4Z/(D"R6,E.Q)#C"?C?40ZVZE&'LH5C`6 MUJ6#$C[*JV16UIVU5K9D=9K/6:G8P9QG`R3[O-VB>I#M#N13A>\)6)F9^TG[.B@9:KW*3K:(>%DV927CIB M7$G4#JB`P6TBNH(.;2.RIKU0EMQ#60A,U!4\N?*<.[`R14L7:$WT.DR58VYUZ8;DZRGYOAQD>5JUA0:$PIM5B%:PP>(^A#0;K` M99ZM0AV\B7MI-POL(H6'EW1*[BSI@R+.%B,BR616]=QE)9$#$"D_^ M5#O96:T:@K+F<-.I-3A'U#K[6V^SOVF7`A:S7[ MNW9QEW@3`&HRE$=G-BR6^:W,'B,5"_35ADZM-$1A41+UZ4J8CZXNOW!EE5?M4F MR0<..(I32"QV\-(PE./8,X;.T@_;\1;,;BAHJ2S7X:89JQ479H^7+!``=A76 M6QC9L,?%;E3-DQ99`BX]9.7/JN?)C^QUL(-LH+7>WKD[*0':`BOLRPLU2`*A M!2!SL01:8JO71^P.JP#,1_W3@\U4$U3.$_[*(1QO"LIDU>P=0:$J$J[3)FO] MD3`,EQ%>8A,T\&R%4\Z%*F]6SLB3-"HF2H4,:U13\>/@XE0C@1DQ[L/(]GAG M@EM8ZJV^O2$281N.1FQ8QN40F,D8N56(T5)0M5B/S8?_`-U*6S-,NUQPQ+F? M/_++6O.<^5_(&3C.KMBA8^,C(_=%J?9C$3C(QTL,2;*!LR\=*AY_&J8G`HP$ MEYR43]MY(OROMA#Y;4P_DI\H,Y3.NE(`6*CW)PJGG&:XG*%9MBUTN`F+A*YDI0D6$'6>Z@S M[C#ICZV5_`Z<.2'XHNOZ2XV[2\=BK3?+;#QMTID+%MI<;"EL#)QZ"Y4Z$NF=&2$SL,N(D.R5\65*0$HP91F7, MQ3SU-F+W(W5R7$D:^5#&15P%G$LA#2@:F&68L/`B1/5:U9#I)53[Q6]5503L MRQ.6.-N-DMX]E$;=9*OS86SRZK("XB@I5J$(_"VF:9BE>K;S#3OHXPT.RI., M!>VQ=43MYLE1L@&R+%455@*2%?AH;YL04X_+?"PY)2@.#V,D2,"/\C\0I2U- MAR6&GW4$(;RPL(D#I&]1@\R#&[12$!8X(B"/%8B;,M,$AQAAA$A373+Z:9$2 M!*VG'REO/$K<(?<6TMG.<>`P,KUKL4K]EI6S7XX8V&,BO,2':P3*\R:1;UEQ MU/,;O_RQ$+(BVAMDA#_VBL)$3D=\?.!_JAUR.LMJ*E9,P[8F/7\BZ#)S\G+1X9&&LX&QF)!.;$3\"&&/1C'Q,LH]6D!.N`X# M@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X# M@.`X#@.`X#@.`X#@.!K?NB6UK&3C)UUI4;9;!6J)8KC273WUME24I`EB&JJ< M#CZ[R<2DR\*RE>$8<4\PI3*VG&7'$*"CJ2/J[9MYJU;F=.Q0ZB:BW86YXK9M MOGG?11YC(]<'P3&A*LCL(JA`KRT^^EB-;2E+./",)<"U=45O6$V.+)#Z[`@Y M*BY;54Q2+#;YVUUT;$=/,/04B1/Q@"J]*#,6$YDZ)$+D14_O2L=;"I>` MKCC$EEJS)*42"Q+.!V.2L9\F%LP^/;8(*;6\ZSA+B6_B:^`+PU_3:]?6)EVW:IA: M\!%+K$7%QK=PL]C!E&6:96S`Y$Z"DX"M1(LI&P)8<4HI*#"G6QWA5O?"CU<" M;IT%J-M8+@]/:#S&PY5?"3'S%ACFV8$R.#B'X7X098=IR*S%1[(R1UI4TVPW MAM"4I_3@=Y.F:!A:W%B61]QT>-&>67L#8)JGT0I3QT(\^HNT/9?.@C7U/`$K M]B`G<)4PMM2$92$^A82,KL:/$0XN`X\51"VV?E?(<4\82\:82044Z^668::2 MX\^\ZM;KSSBEK4I2LYR&5X#@.`X#@>:)5IU@/'HLF>MLE>;+7!HP^B!P-BNM M^F(ZP#W*NO5NG0TK.P3!%)L\'*MXD3!@,9&APFE*0XXE]UO@?"]@ZS@JR0S6 M.L6R%"1)%AG:!&4=^[PI=JK=ANB?SLS"D00X,A"F.#6J?/D80KXB1!@OKI;6 M.2*K`;,2\?I2V64:J3L./B`B%U/Z M624X?:6^/]]&/#>4)\A5U[DZ-3]DXJ3/7Z=MCT&S5K0Q>BY6?)BHXJHAB6&K M'9EC!IDMIZ#_`&IE+JVE.NH'#^)2'4OI8<"-14?UG#!0+*Z6J5<+@K!2V8EO M$I(.LX#.G:O3W-@TN7)`CI!$)$QE"C7\R330CQ0(*,/9;0M65A&YW8M`KEJN MX]8ZJ;"L:H.0(E("5IY]C34MMGF9T]'P6(IF-;5#6%BJ_9 M>PXY),+>#;?6^\%[#M;]=_8MDKX+T78K'7['),&)BK#6HF7KT1&'L*?C`UQD MK)O3#^7XPOX30\"X5ZNM/(=P%]1UYS4H0`Z M5F@`,JQF/S]URVRJ:S$*D;3$UK,?;IYRAMNP$W#-R?W)(=H0UL0?",_*Y[JR MV$NU/O[.S[=-55[7MOJ;4=7X^7B[)+QTLW7;2ORBH.>V#2(2:0H=*X>7M<#&RB%%X0H5*H\T]DM*B4N)RWC*/[\ M*QX\^<<"7&&"1XKYQY0P(0K2WRC#'VAA1F6\>5O/D/*0TRTC'ZY4K.,8QP/A MAP46AOYBBGD-MI\^5N+PG&,YSC'`CA M-^H@4^U5#+K4A+2^ZP.Q6B;'#L3[SY2$N#,M0[IB)%QTAM6%-IPWG*TYQG&, MXX'7G]DZZJAWXRT7ZE5N2RR@G$?/VF#ASOKN95AM_P"I(G#/_"YE.?57KZY\ M9\9X',=L*@QDR-79*\4^/L!N1?;;=8:,"+D621G'FG4J0 ME:4Y4E6,X_3..!)%6*OH$)/5.PZ00Y#$06:J3"P(+*Y+:`Q&$D9?PRQ(9.?0 MS\*LX<^5:4>/;.,<#GEI>)@8\F7G)2.AHH)"7#).6-&CH\1M2TMI62:8ZR,P MA3BTIQE:L8RK.,?USP,7%72G3L8J;@[96IF&0:U&KEXJ=BY&,1(//,#,@*/$ M*>%2:Z04TVEK*_=2W$IQCRK&,AFS3@HT,F0D2Q8\`)ATHPXTAH4,09E&7'B" M27UMLL,--IRI2UJPE.,>,IQC.<>.!F^`X#@.`X#@.`X#@.`X#@.`X#@ M.`X%';@<`5#\]9)QAPXSXO^&P40I@5MMAMM*@K9J`[95H MFKY)V!7+T^FF&ORXA:(*IQC>P"`QQHQF1^,,B5D*DW.Y3EUP7"'G4.J;::9S MAOR'%%!]O6_VSA^WT6U/5^MD0]F>B3H..&N<]7[.P^N,R\XS)`2#BR\#KR MZAP@#T'>(SD=W*LMH0E7HK.$XQC.,!G.`X#@.`X#@?%><8SZXQE7C/KC.?7& M<^/TQE6,*\8SG_7QG@:22,MV)G+%(*CKK2ZZQ,5:SAP4$%;*=+YJ5U>7:V*^ M[*K=AVC+`$&TJ,<4VTTI2E(7A7IZK^0))9Z7V*;#LJ*WO")8D$HKS57A@\H_**BU`?82EE`;#Z/*WW$ M<""V.*[`HN]JDHR[PZZ)*_756JR$_`1-A`$#;K*R,`3,Q`S0.3)!`TJ^E;S# MC:&<.(5GV6P^,%:S@O;5DR7RSL.EO!"$4)!304A6(\D?+T'AF>"$^]#LX9>E M)E>'FG25B*7C.,--+0K#;83`,+=KQ!K-AW%!AP3-GCW8R0B9*FASX[!^R)LJ M>HUA4_5"HDUZ!UHH-B/)'2,6^_A27TY=9484'6?5VD^>LD1VP-1R8(MHA79A MCPW&*G8^-*M#,SKS!GQSJ562:!DXY_,DP@1+3D7\:!&\/.KR&Q.NB;R]601] MA1+$=98X8(`\T:4`DA[`4.`,@Z=83'BA-1[)YWR*2QEM"D8\?IC'C&`G?`XC8ZO5*LN>4A2A$?V=%:KA96R:[7!AK!#ES@]FDJC($64%J1B_W$/!G1]9 MA0HN,D(/[;T>R]@E]IYK*7E^CB,L!RJ%[;8GB5%;#U=%Q1DC`(K0#CH#SZ3: MG$K8EJ_.)!XJZSZU7T"I=6=.C=/LZQ MWCHS:VK[EL[N3^6U(]7+%BDV&/E=V[%JMYA+6?O"_P!E[7P0,A&GQTU`@.*3 M9"LS#B$B-Y(#FL'3K?U0JLW)ZDJH[K>Z>[A>Q>P^GY"QP(0!M9&[[HW#3.S- M(+=D'(8*_1>HXL)BQ1676R+'"MB8REN6B66#`_4MU_V1`]Y^PVV;-UPO^U-; MW_<6M+?6\U[5O2&\UJQU^'Z[:>UT69*W3<6Q:YO2GDUZ[50QY0D<.AM*`4/# M)=R2YA8>@7>;7=RVWTZ[,:RUW`KM%ZO6F+Y6JE6VSHF,?':7IGO7 M8V]>ZTG6],;`GE[LV#J*PZFM@%:Z9$ZR/'J&CM'5(EZ[[+V!.L=J-9!BW&BR M`Y9%2;9DX\1M)T.E1RTJ4%Q[GZ\[/_[]-O;LDNO%[W!JJVU/KB+&AU+6O2O8 M\5;T:Z$V`U=:K.2?8S8-1V%1_ES/#LIJ6S)P;>NYWN=0YRFU34NRIBIN>TZ9:`=;/GD*6TG$0[*5^'D2$9E(\) M_@6-W_T[=-^]6+KJC7T8)+6BRW71)(XT@)7Y$!F)J^_M7V^SRAL3:B@Z_-B0 ME7@3#7`"E^AZ!\CX2M3J4*#4O8W0VQ:QU-NNSZZ85N3:NQ=A=*I\^BZZH.G- M$P9]1ZQ=EZIM,IJ`JT<92J0=?"*X7-+>E)J42^:V*"$VZRTPVA06YV/"WGV^ MT[C2<'URL6L8"^[$K<%N`3LL9K8RI3^D8D(ZXW"",`TEN2]R\K"[+.@@J@8, MV^P3@29)<6W]=O*U!KULS5/9@[J;I;0%YZTO[HV'6[18=)W;=E.$T'8[/3>O M=92L4/:FHV=X;"@W!MD;7I0$1#!K)(^W#RV2Y8UMW(`K)P9;?G5/;F^-;]=- M+=?=/U/J]I[16OSKM1JWMI,6M[6^[ZLO-2Z]?MZ)TS?K(R/8M*M@FV9)69"0 MC"B#H_*EO$-D):#U=UM,VVQ:^I$]?JHNB7F7JL#(7*EN'QTK^U;45&#.V"`; ME(DV1C))B+E5.LM$,/NMO-H2O"O[N!->`X#@.`X#@.`X#@.`X#@.`X#@.!0N M[(?6+J8>S62]5WXHV4+M05N';F'OBC@+G)3$,%;;(#89#\G7A M:4<3(#QTBIP@)T=#WSAN,H2$4I.M>L4>-39ZMV'N!T\%*5S(. MYN4'7H;6W_`'/5-WEI.V/SL?1`+9578>2D[W+42HW*^1TZ@&P:ZF@78"KQP%@K$6_)5P MX84J.@6,".BN:W,8S)(^"2?7ZK<4I.1?C")0U9ZS[+#5:*I8[O9BU%34'+3M M/$K<+B,A*98HN/EDS$)'14/!,U"==&BRTM)$7]YK`LFRVESU)2&1UIM#JI5Y MK3)8%DG9.>DX"9KVJY>7JA4<[9(>RWV/J4B^M+<6(ZHRG3$>;\CQR62(V(*/ M)\8">RXH-@:-VTTAL555Q5+*4>BZI!Q6B%Q)PXLD7(3]BK[44@EUO##4VT[6 M22W`EJ26F-R@OX\L9RM(;*HL/=J?(0LPW/-6+-YQ=:XTMLEPQY9@(K8 MSC:!DMIQ@&H8^U;3(A:SM@FVU^TQ5A;PV[?)>*L=_I[X=K'=)E9V M.IX9*SX=TQ+S#KL>*LAPM;:5+"\]D:QH^R[CKL*RS%B3;Z.Q.7"J/QA3(PC> M19REXDRIB.R*]"RJL)^L,V.6PZVEHIUYM"2$,OLAK),Q&D;&HNGS%IVQ:;-K M(,W78KD7`1$79*436:SLR""+#('@XX9J?$J+LK,B/K]DR<4\.KXB!S$CD!V+ M#4>NJ0*DHNYWE(>W[BB-H;08`OR$S]=LUA!-<;-_`M/".E2-P,RD^3?2KZGQ M#(G+&);J>&?7XXT.P+/+)*AV!!/Q;HASDR M!L$D]EAU3;ZXV-*>=92@(GP&2"K>@*8$`0(K;U+U9KR_[$O<VK#T:CJ&:DL"CEB2L=^[H_P`$N_789))6C#B_ M1+6`E]LE>LLO7\ZVLTKLN+@+=)R=HNE?HQUEK`T[;R*U57HB*G;G* M1-U@"$6',*9:(&L(;882XEM8T2RTA:G,^ZUN+".#R742<:G,,WZ["E/CU#][ MI1!L1XP1FQJE3MD5JW6J$_!837CJ[6=7B`GR>$C*C/.1I!W#C+"Q0]*:,Q&C M4JGC0Q9Q\./5J^Q%'2F4JDC(UJ)$;!+D M`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@. M`X#@.`X#@.`X#@.`X#@.`X#@:P;L.V'%WVANT71E3V<%-1AU=MEPF1PDRE(B M)"T5-B03EXC&"I2NG4TF>RZ`-[O/26`L*1]59;K01,(R[NBPX;O7VH.N#2]? M6U3E45,7'0[*1'5.6D>[EF%0#):/SAR60FH_)8'R/H>=SEW.7`CF-B[Q;P2R MCK;'5QDF:I#X$TNHO6,0AA0$A9]@2IU?KDTS/BR,'MYY;T7\R6LE,D9/]LNJ M4K`7`$;'LU-R=;T^,Q:*I;D"DQS.LI,1QN*G;X#"6.P55G,;DN5(,IT4 M`X3[J99PY[^J4<#O;&E[7`:]A9[2&LXV:L4=@6*A:[,U@B#<"XUT M&BN*(6Y2ZFM9:&VREKKL0I9*&6&16D$*4'E3R6A1VVTX5YQAM"4X_3&,8#F1 M2::V4HUNI5ELQME3G9:/]L4(K,`+4P5 MV5<5JX:-EY"%D)')%-AP\G2:GUJ.R1]>!:&0I+N$YX'3KQBSYB17:NM,'!TE MV:KS#$,C2,C(V4:"=ISYC5LH^OI,>>(C68>REY.,OC9"(OX:P;&@!,PKHJS@)^Y1U0T?5=C?DQHB0CHR3HCJ1[1;W*Q*QD19K+L$V09JV M`ZY(Q\9&D#O,9D6HQU3C;V&FO3`0^4DMI`P&=@U[$J=*PV$I0I+KSP6OK',U,6:2BK1H^ MN5"OB%SUXJM@'KH0J"BCIVP5*#6<&_A1,+L)%%6XF4\(4EP8_'P/Y:>>'9"\ M2J=43F6!C:M73!QBQCQV"H6-(98-""8C1#&6G1EH:*%CA6AVW$XPI##:6\9P ME.,8#B8HU*%6>Z-4*N.Y***7)N,0$4TN06<\,0:HY38B5%*+(#9<=RY[>ZVD M*5YRG&`X#@.`X%%;NE;#%-TO]N:?:VTF0L#D?P\G[)S);Q\L64R_A:TO9,A$YRTQEIM3@5Q5+UOPX"$A+GTVKD=&3! M0+%YB(A4`3$,"`0%?'A#6_#V8>%++K]2!HLD?)&%Q;LE4HL,B<22RR,X.) ME`CC+C9`@=/%GW9&CMEIZNTQR0JL-8#TYB85CVDHR7"M)@0=(4Z0.\).J(@X M%N8B2\C_`&'4NI8(=QD-S(=V0)V#75R9U:ZU4241&XEW9**C*2F#E,1\!!6X M6!KU?DB7D1%QEG)X!A.1/=D63R0XDEO],/X4K#F%><\"7"BC!##AACL"!B,-"B M""M-L#"C,-I:8''8:2AIEAEI&$H0G&$I3C&,8\<#GX#@.`X#@.`X#@.`X#@. M`X#@.`X&H/?)^XM=5=EL4&V7>BVF5/UK70+CKYFN[%(;#A-G:._C=W/8H"[T M>-G(.B[/N'YV91JG>.M7(ELL&*V+)0T2MJ7AQLKD*Y,LOLLH>`4E9.P]3K%:OU5JL!W0W[VC@Y$37T["7H&'DE;@J>O<5C_)TQ!$ MUF48$`=2]%FJ2LA6%Y;;#`:TW5V(VELFH"9F]R1NO?Y!;I6]\Z6,/BYZLD]? MM&:&MN7[W12T(&:*U^1NG353O9/[AU9K6([! M:-FWWKQJJM:T##Z'>F8S=&-E7/4+.XNRG0DC47J]6'HPNFU!N8CH@AB0-9'&.3$L($"B2YCMAM4'IG5(67W!:X* MPVOO`[#&VK=&V>H=PVSI37\B$-UMNNV;IK#6YMK!M$M4B12!&#X./_,M/8/+ M2R^XXA02N$O7<@C0G1-&I[IDK==][&=@*Y8H/?,SL*6K^M(L+3?::0B-1[ZG MX:%B[OMS_`EJ@(F,S)DM1R[9+1`I22T-E-$N!OCU,V=7A-)T(?85\O\`G:=D MV-9=<7L3>LV*Y>\]BQ\3T[>=>QS`#`%1$B04P1Q%<#KHX\"]761R(Y"V'4N. M!#NWJ=_G;RZL1F@K[+5&<`B^P-Y=KI3Q"=6[2EZ?6Z0W`:WW"VR$:IJJ64>> M/9'.'3^0ACU-2(R7E"J&?#7J!VUO'8'53M#V0K1VWJ/LCK[V)WCM*E:JV,U. M1STQ"::K(G[FZWWBNC??;EZ-9\"3,5'F1GW16#W0YR*66AIC!`>AO6BN7>"U M)`RFR[U,7_8-_=(V9;Y.0=*;AH28O"69K-)H<*4Z[FM:]HX;S,7$A^C2<%J%",;0V9N6/HMSC^NFS+O-]-2.V M&BZEG?UVO^V9Y-.U),:TN4GO`F*W>-*/;FGM#P&VXVH`N62/GD$#YFID%B>C MP1,DQP;F=/\`9^\'],FBTO6[>Y8:O[7V/5X79LYOS8KE7V'58U<`?!7G5T]N MJ)V%L>9H!QZ0LE6M499*G7 MP%M*OZ.D]]@W_`+,UC078#L9J-N3C9S:. MZ]A[)TOT>KJ)J)_R1'2-[G[/L37<]O"P."S=I.C'63:S3)II2?I%Q+I;0;I] M*;"3,6GL3'T*YW39?5J%L]":T)?KU:;3?R#YDVHK(VY7J1LJ[GR]JV1J^O32 M8YZG-<&QR"LM5%N02QBYH)F8-PPA48Z2VW)N14<"\EK&6G4)4_E+V/A6O@: MXRE=LTF52"XCMG`P@+U?1;FD`WBRRL;*UEW\-(M6H$^7GY%Z<`LD=3)=Q2'2 MVV!6B",C+6EAU3@2*CT>5F3J'&G=EFYLRMQXL?::Q7MA6!\BY,V$;8XHLM)$ M(DH^>BI8^CU:K;RG7UZ5(8C=GYK% MNDB[%+VEV'B),<6VFS!DM)CH.2XL[X#;&M%D2*[(CR5$GOS#417Y,$"?"&BT9'4W+8R'D280[_>VO*'0K M>OTZXLN,@']Q&;"N&AKPB?<_)%@DR)9L%*6*KRKJF+&XQ'M4JSEV(@G`V4H) MA0H\)W"$QF?8-G=1TB[4]V[$V^]O74>RV1V9KB7B90O$)$._,ML)ER0+<8:8 M4AY&$,L-)2VEO]77?;'H%R\!P'`2%'(&`$E\,$H0O(3:4A7Z*U)1F* MWC/=B4&%J[\>]8&3).2=>MD:=+T&>$C9ATB10Y"GOR=9<9:>'3DDN'DRA\I] M#''$AE)V#L!`Z!(KMU%N-"22#)<64M4N$(_+*:CRLQL=:1)-]]J,.KT,X[F. M\$Y:(^5T?+:7G4X"_P">&//W%5HZ-V5!Q,A$P-7^W3?W9:\2BB8E=GEI,8>O MIDVX*=8M\00VT\](L/G#B`*):2I:$K;"%[@BY89:?.E\/R(&&DK'RSG`F!`R2 M:UL6ZQ%H@M;[FJ:R@(TY*4MS>Q[,%6[@J)N%=C(]^7=M?YR9K@=.B4LX;:95C#(9*DZ/W#5+0+,D[+,E(B%JU%@(:&D]@;,L"Y%VKQKO[DD;D M].FE`6"Q7N:4RLB5P*RL0,1#30V5/EN/!96T=>;,V"46!"[$SK^O)BA1XXRM M*EF[(N2J@U,*T'NX)BM`&]OIX9NHPS%BR`Y1Y0L/^*:.0VIMI2L_JG"E9QAO&`JZ8UGO6V#4UQW?D)6P8 MZCS>OPPQ889MB.4_(ERL8^S5Y1-BCZPRJ/B[&#`2$@4B4CT%R!#&66RX MO#P`[&27&4A\@]-7"&KPB9O=,@=;'H4V'Q(D7F\HC920&36Y"2F"91EJ'F9?/V7R%%)E&QAGG\)-:R\L-G.`X#@.`X#@.`X#@.`X# M@.`X#@.`X#@.`X#@.`X#@=$N,CSWXXDT(!LZ MA\.K?%_M2I+*UDJ9:6%!`M];X&/CR8[3LH&!&,S;5=BJY+%REOK0KT#M.X2$ M6U4(8]^PTNN.F$R;\>A&&PL/%"E-8:2RTIH/B-I:,A9Q=NB-4[#D[72]B84- M-DJGTR4Z#)T^\IFMC"21#SK-FIJY1F>BGUO*S&ID0&BG5,,M"$H"T=87F@5" MO;JEJW`V3(L))6S8=B# M\Q%!/&.Y2PM]M+KWG*WUY6$+E[1U\]V,H;"TW>TL:`=)08E03,$P501 M8\)K]QAK"W+^Q,X`!#5LJ.9);GI1QR$QEYM"DNM),MO(9(;_Z7FFG<+;0$SX# M@.`X#@.!\SCSC.,^?&<9QGQG*<_K^GZ*3G&<9_\`/'Z\#R[>V)U_1`%WN7U; MN8ADX/_.VRS(S39*R4J1M4Q!VJ M,DI9X%!F6;!JY]+)`ZR6UY6A#F6\N*9X$YG[I6(P.R;NF-?W:/FZ[L&+HV8. M1LWU8XNRBD(HR;6&&$<=$8CQA9Y\9HY367'ALK5AI.-AS4DR/0G)9)&DDI&4\\A:$!=K&^M:ZXC=:O52BGIAMV??OB"8U`@A6%V:V5\)<@<. M\A)1Y9!]U:=^)2F\C`LJ0GQ\2&>!)C^U^O!I6N1@(F8>B3T_'K(B8NVS\7%RC[#+SR$MMQKBG,IPXS[AU4=K*NS8U5V5@"P6 MAQ8DLRWCS<'(Z]7^6L,3`8CXBXLDM`3$U&-2V)$T5*6U#1K#SRL^6\HX'-:F(T*6;;9D<19N5.QA1+#3CF!U2$?EL MC#:L^[:7<)7C"\*Q@)?P'`JH2GPY)PUIUIK#:L93A M/J%@F=<=2FP&K:V]7,XC-+Q>(W6B&BWVG:LZS$!PP$T"M&<)S88ED!IX,U>% M/#%IP^C.'<85@*Z@>CW76MX"1&U65<8CJ0)K@`65M,_.L"TN-MC%TAX1M,V= M(+4B$FV/`CRE*):%6L?Y,LJRC@C"I M.^MS3=P<;BI%9P$:F?S8"G'LAH'7]AS+R5)>RIQ02'5O4[3.G+5"W"AQ$U&2 MU?HTEKN)019)8X-FKRELD+F0*6P20M4N2U,23F&'S%D.CL8PVWE./;*@V3X# M@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.!Y[VCLE?)KK=JC=T#?=<:?C]MR_Y M40NS:XO6W;O^V+`',R6OJ#K'3E+EH>R;-W!."C"_;&8=4MA"#7&0'\-)2V'2 MN783M)3.G^@MRVFB:_HNY+3MKK%3]S4JS1\\Z)#U'#,]T]V;UU2J,#T?8];.W*1IEEF->Z>)UC> M=R;9/Z1"VT!^.)6=^$DHBR`52\UB0D/#;$D..?8(UV.*0TSE]/VL*1 MC#:,Y#6[MYO'L'K6X1-?T5,ZSLEP.KT#*T7K\WKF[[(VGMR:)MCL-8'K9/P- MJK%57H^GY/6=X--G]4( M9T'$:YO5QOTEK^S6T*)VCLW;.U8VSPU-Z[U6L5S$B3729&/.:F#8I8[6322$ M`,!6DGV-[?TS>%B?VS71J'UJ$[05O3M9N$5J&FV^+F*A>)RC5'7!'QELH(?:#97:G90)6O+7*ZVMT=J^2K!E?_`'%? M>PVE]XUBFUN`DYYB&/)K\1/UO7W^2[R8X[@2$@@95AP^0(9Q[+QE++P:[TOL M9VRNC6AM22T?4=6;*W18NR,M%[8O^JK5!YD](Z)DJZ+5+,QUYF[Q&6.G[4VR M)>(TMN#F)M+D9%`R)[XB',(CF`ZFO>U'8G=NP8KKG69?5&N]FU,KLPUL[;Q5 M!LESI%M:Z[[3I.K0_P#$U!>V!7"6'[(=>AB;$V;.G_M@@9V,0HQU]HY@.MJ' MM;V5[0S,G1-=2NC]/6S4^N)"R;'LEGJ=JV34]FW8'>N^=#AJUA'CWFBFQ>ER MY;KQ)RA4NX9)2"&)D(1KU='>(?#>_K1N)?8/K[IO=SL`Y5G]I:[J]U)KZWU& M,Q94Y%CEE#QT@MD=4K"Y(6I0!GQM_<"4T_Z(^3UP%X4\2G##P[F9R3%D17[10PXP2-57@XVR?8&`?:J\<\[,L%_CVG)?"V1EL/OH M=7AH(Y46.XBY:&1=4"*A/N%NS#T8UJ[\@4G\75_HB'HSE3'X%J:3)^BQ<8D, MC*QA7]Z6U*"P=9P/8G,C67-L6P5X4#]SIL4=#`49<3-HP%5W:J\IQ%=9FAU? M<-ED/X'4-A'U64?WIQD@H+5BSKW)Q%W?DJ_B$-=-E4TB./*@#LM!!U^&&CG) M)V+.-"`H*#%[D((J<;.ET9Z+::N45=K`G\* MN8??G6L-T.RUV*'C!(LL2DDQ^'9,-_`"S6I'X6L.J$P^^'%(-]UVY^+R"3K4 MFL/5F$/G4J&%%G!;?^V+1^Y(&OCN/$@N5]5CEHU0!19"WV%1&&GOL,FO$,!V MY!/;1#\@[%IKYD.3'28<&S+)I[%U@R1('9),-8#GPE.5.4E)F857A#A&DLAB MN)^9E;C*BFTAL!K=JWMUYY-T;>3(_F97,>J0;KK/7TRE.4^,8]?'KG'CQZY\?_#@$-H1C M&$(0C&$I3C"$X3C"4^?5./&,?VI\Y\8_T\\#]\!P'`<#\+<0WZ^ZT(]UI;1[ MJPGV6K]$H3YSCV6K/],8_7/`^^Z?_P"2?]?D>1Y]VD>%?WN(\9\IQ^N/'`Y_9.<><9QXSGQC/G'CSC. M<9Q_\<9QP/PX\TTWEUUUMII/C*G'%I0WCSG&,>5JSA./.<^/Z\#XI]E&',J> M:3AK"5.Y4XC&&DJQY3ESSG'IA6,?IY\>>`4\RC_K=:1^JQ;&ZF9%FQYD(#+LD.,K89<2TD9 M>6$I2SX;P$Z`T7J6-US":D'H\0YKFN34%8H6JG*-E``)VL70/8E=E6W),LLU MPZ%N\N>Z[BUL+9^JX*TWAFJ#45%K=+FXN< MS30Y:0GA*P[(0DI&/OPH\W*DEH'3_ M`&I6Z,*2\026N.J%3^XJ$K\4O+;?H%/[&Z==9 M]LW>4V3L#4L#/WR/[?.,AF'.I76U[:"-S.:=IJMBHLK=WQ-_2?2&N M^-#9#9V$]6DDXJK^Q&1<_&B?6$J80G&,))QXQX":[=TAJC?5=BZIM^D0][@( M.S1-TA0)C!2?Q%M@FS&H:QQ90)(A@$Q%HD'O@?:<0XWES.4YQG]>!7J^GG6M MS7[.KW-4PSE+$MR[]%@KD;$J4@;LY'IB%VJM6E4SFUUB>5$X4+]F/-&=^LZZ MUY]'7$K#NV#J5UMLU%I6M9/3M-:IFM\G9H$5"!/UA^FYE\.IGOVW,UHF(G(C M%G20YB7PR2C$M\J_N?/[K\APW/J#UCV!!TNLVK25",@-=UU5-ID0!$8KX,%1 MW6A&2Z`PQ77(I)&OI%H!A)<"_P#+#F89;^<9ST3X#82/CP(D`**B@A(R,C!! MH^.CH\9D,"/`#90,&$$&,AL<000=M+;;;:4H;0G"4XQC&,<#M\!P'`5J]-L6Q[-4D6J%N4="05/K;QUBE)*2KTC M4Y&0BIX<!]KR#+T/2:[K-TYG7TI&U2/+N?X`FK6"24>S),Q0Q@TF&7K$]LIR%C":=,3]VC(6GAP] M>'7&'7<.ANMP'`V+KBKQ?[!E8V>D M8:G5@*V2W&D,L?9\-Y#N@U73!!8-FJVY+3#S4J MS!I_/T*DDQ5.A(T1Q+T?&R%99ARJ_5V$S]WC"\H(2T2+/L.*D:YBHZL_RY:72B M0I77E3B;C2W#MC089ALO$Q\'$V$ZNL2%6(`?MSC1!*VD.2`#+7N[\++KBPML M'J-!M7:+MQ]J>*#&!D@Y&I`5\*&K12)2+NT24#$QHIK@E?@7F+JXZL1IMQ>2 MQTOI>2ZM:N!LS3:P)3*K`54(@HUF"BQ0%2!SSI$C*DM-XR;+R93[CSY<6MQXAU:U*4I6<9+2XVK/GPTZK&/4*@F=%ZOU"57LSU_VP4Z@^>N M`DVXC,\J#`*ONK[AM8JQ28\6]ENGW2ZQP1LFR5AQH9\]XD?X,>2IV0P M^[YPA0S:6`DM)U7J"V:V:T%7MF[3>CXZW-;)K,V06L"[P1$)^TK8B?@;,3$I M=:&E['9&I\0DAM;C[DD[A.%#I^-(@LNI5GR^ZCXG5X^)]M3H149C1I4A8HX6[V.0EZT MZ<&2`YKR/FDOHA)*0'LDO9XU$,0J\5N"/H)J0VI'*T1"$(2*GV6'G(1HFK=< MIL;AC; M(J&_DRM_.$9QC.4^0V(;7\C;;GJM'R(2OT<3Z.(]DX5ZN(S^J5I\^,X_TSP/ MWP'`C5J3M$F%%-FDAAN21046M#"77FFLNJ3A2TI\JP&NFINXH6Q:/>-IV76< MGK75U"H9=]F;T?M'1NPHUL("'18SHHD/4>R+U(Q,L'7E?<6@QIA.4>$I4I2L M8X'%&=VZC-Z0U?M>*UCM4B[;>O1FI*EUZ(C*Y'[B#W!#*MN;9KNWC'65FGU` MZB!429.FSC)9$<''1SCZ'GO<=#P?C8GFM3L;#W)HZ_P"N+#([.K6HH&E3 M=MU#B/GK5;A4%P4LSL[_`"$UKF!HKB?E:>DIH^+>06.L5`KA;HC!(9&+[?1Z M:5JZVV_65CK#NUM]UK0$`#%W/5>Q(UV:M`Q;X%Q$M6OKO8((VF(>`?'<\N,R MS;[*TK!3CU4H*NM_\EVEJ7JWM9LF4J.R'C>I^T)W5=@UV''5Y5ZV5*1DH7#1 M,[JP(BQCQ4[6[3(PTNV(046$IG,!)Y*0PD-U6`N+8O<"B:TQO]4S6[<"!O5_/LY\83KL7V` MKW6_1MIWK98*:L4)6,5%"X&"*KP$L>5=;=7:7#L(D+3,P%:C6&Y:S#J))-.' M&''2XXM>,)_4/SH7=4WNN,G9H[5\C0(B,+%"B90C8^GMCQUE*SDU,LQ'GZBO MEZ#!>@7!VDD-FN#N942GT2KU7ZAWIW=C`8VWEU"B7/9LGJ&2K]8D*[2&X1Z; ML=ZL,5`3S51@L3\LQQID8$F:Q%[LMEYU MS"-RIL!),@[%U\;>`):!1,U^4E(*Q0DRYK6;=AIJ-()CI08=AUM>,%LXR$^W M;M.W:QB8AVD:@L^W)V:(DDY&C)VKTRI5:,AHQZ6D[!?[Y;I$.*J\,D=GXF,M MLFDDE+2A+.&\//,A03W=AZ?Z]ZQ[#ZIT3?[Y5]BZZF-K2"IRS:YUE7]=TFMA MBF31=UOERM(]30<8@A6(;\>^V;_`"F:VHDYK>(C:*^0 MSLSKAK3LW$R.R-FZRTDV#2=J25ACH&+D1K_/#/LS4*JO*7-.?_3XC!(^'RK&&! M''#!PWG%I5EY#6??`:"0'\E]')AM[/6?79H-GT4O4PV&QY>)FS`VH@,IHY13P>5O("0/\`\A$#!#[#I]RU M/9H'L1KO8VD-5':)C[=1;`[+6OLEDG.DRH_8C$P%48ZL6M$<=E\J4S'EAJC2 M$8$>6L))HLLIH9N]:]^&)VG_ALCL&VY([1Q-* MJ+%.,TZ/F7'*PE4L\YGZ.(S!R'1VPV1ZY]A*IV/H\W:JZ`;`35)V%>=1;+ID MF="RLG0]I:VFW8&Y5,V6KR&')"D6NEVQ\:.((KT M+#XI[N*%3#HP<8UFP5ZUXE)6+(4.DQF):4RHG#*BE#L!/Q)!.(?;ET3U]0Q: MJ?&1I4%!KK\ZG%B)`"*@8Z)PAZ-0'-RT)$5H-"WHX=YE(;K#3+SC?JXH,LZX M"=HF#N!.A80BST-EN#J=!*JA#Z*Y%QUL33P#JR"_%_?CHQ-7$1(LMBI3EL+. M&OE^/RO(0+%YO-X*BI&Y=9%CL`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`X#@.!4VU/Q3J M*H$7K]-_E2["+B&%*K9TO&164.L8DI*0F6HTR)KB6`7,K0LYT=HE2/1.5JQZ M\"BK/ M!#,P+:VU>/\`>;#IFLV^(CB9#'7&F65(TN7.P4)`5C\7)A3#>KV+D-+G.S). M!2%?N=UJ`SAA*7E/C*RVWE>$LMAP[2&D:U89V'IO5"OW8%%<>FZG-AQH8@]C MVG8DBQS-3E%-B#M56#4T,R7)SACV`&1`\CJ3\ZF,9#!EW"SQQTC8:CU08`)B MX2JV*K.E462!F1)Z7C*M&V`>1;CHQEI4_`AG%`MLB*6RIF-RO[Z$+PW@,[53 M(\VA27!D9;&3G#*R:W'N9 M3_3+@3*O^IM&JU)U>2/BE&CF!)DA`Y1;C&7F76L.I3[H4GRG(5) M<.HNG;9I!WKVQ`A5'6DT71?WY$4B(A*FYL."IDG`'F5JS$0<>`M4==`JZU'2 MSH_PENQSKK+3K6%X4D*P_P#\_P#6$(/8T:VN>QM7F$;>@=_Z[E*_,!3Q^J-R MQU$,UM9[;77[U'VI<^!LVEFN`6.*FLR(!S+Y"FT,/O9>2$\DNMM^G]96>F67 MM#M:?MEJG8V<.NTE3](GQ`HL8)@'%*!U=*ZQDM?9H$FPG"SA"!")$DC.7OOH M<]%("LZ%_'KK:DQ4:WFW3Y5BQV=I7:VQR\%6]?4&!G=@T.HA4>&B0M?TFJPU M-K-8?KT8/@S(8N)4XI"B"37G5Y5@.6V?QT:,NC]IEIL^XKM%CA^U<(Q81Y04 M9<2-VQE+3)64K\,T$F#G)772+U.CU0J1'*=B6)R13C*\FD96%@;'Z=TK9;'8 M%B6MEOC_`/N(ZMUGJG9W(S,&E<%3JMC;_P!&RUW!D06A-J>5N>1RYDK!(6?K M#^&,8P[\H0R\=-;KMG3VQ-*[A[5;.V-6+R#1VHT@_7&@H8RGR=$N\%>8^5!& M@=8`1%A1(GUP8%PM&&DY6K.0NKK]I&?T?$ST%);3-V'#R9@I\/&. M:RT[K*-K!./NJF'8^/U!1J0">[/ND-+(<-;(=2H=/HI/LOV"*;+ZO+O--[!T MBK[6O6H!>PMFKERGK5K=44#=H"ZIK\$`Q.!T%,MD MFJ8?;U;&4&(FHTX*4#K4! MJ:BTV`7]LN0<,6Z6,0ZHA6-']:X[<>PJ90],1E$@S MF`8?7EE#V_7M>TA=,AJOM^MW*HSM8MM3*<2Q*&Q7U&@#9`1CYVG!T984%D0/ M777+IKC]>E677$=')#KRV8]H>,2\\0V MS]Q:2$!8.Q.M.R+_``@,-_W7[;KF)+6[>L=EE1--T@3F^QCB9-$I9@A9C64B M)0[K,,R[S3S\4AN-^)+7@#Y&6G$A(6>H.@X>KA0M(H5>UU:X.B1NOZEN2H5J MHIW;3HV$IPU#@9:!V18*[/S2[%"U@)D9DHW[GNTWA#R'6\J1D*HBNC`3Z-T2 M^P=S6[8U^W/J^)T[*6^4UUHN-BXJBPF-FU& MI`Z1_P`:$:;Q3`GUF+(')ARI`M^4,)6;@I;#PX=8#^-O5$+HRR:<,^/@S[RCG MS"20V>ZW]=:%U@UHUK6@-N."$V">N%CF'HRNPA%CM]H,^Y-3*X*GPM=BUFIP0A$?,&-?#\S M@Y(P0\"$EG8U4G'[[B[,]8R*R+\:=TRP$-(%`5`P>=9KLJ`Q,*A7B;>.J32T M"-Y(&&6.Y\;65IP'1LD5LJ5-A,#]BZ2J/-GI:9%@A+L_4BI*NQDWL9T^+#L$ M*@Z3E6XL0Z-&?>0VA(ZXAQ+F,^N5!`*[5]O2\W&F.]G:C?`F;<%-D5^`O+]:;RU)\8"S:WIW=`Y$+FW[AEI]JO/0R@2`)^>@R9,5FE6-B M5%M(D4P#%S[R-@'@/L/K:1E^+"PA]&7K^T[CD$]'[PKJOPPY_P"1 M#(A9`)JUD35&J]1<;**$2^Y!(JTL#*3@#S;1GVI$QO#S33;><<#:B!3`=EH.:L<05($V"#F;A(%Q%GF9B1CU`1 M.8YL\[(T8`%X90VD;.7\/9PTT*\XV2T'V-HO8.M0\8N<[.5:0;@AE5>8LTJT MQ'CS0%5QLB;D+:='OX)$AK['ME@,RC/W"(Y^/B7UNH96VC*`YE5':)MD/8A= MQ0H&2ZD96*[7VMTV"Q2<+G$3%.C MU0LP]*-3$9*MD#"NOCO(#.'4E3J7$KR$T M##`N0\#.*LY.`8UB0C)9EMR:B"7I93Z2(%MG#C;2\.>'0C%?H>[)(\VT5_:< M-/5IR+4+48L;:MJGHR'D1)F1>+'D+"U5WT7)!`ZDCK+-842+E648;7]9O+@; M&TYC8P\M9%7`>N9B922S*0RHJTRTP7#-9B($'\`D(ZFP+*P4GAF$_8P1[Y4] MC'PX\YRD+$X#@.`X#@.!0>]AY(@:J-1U_B*(\](3(C#DM>IFCX-E#((L>&,& M5"YPY9W*](K08J)(RD,Q",I=4E/Z\"AZ[%[`/G`UE]MZ7/!F7N8M\Q'P\PB. M)_QQ,24`Y8*7`LMS9B,#52RM5L")F$_&I@&>/'=1AXT9S(377@-E=3:93_-] M&O M04AO"L*PYG`5L!J3>,E'@(B^R2;:_)TNW@PTOBZ66%<>/&D9"+B[0/'0&"A) MI<''&Q;)[F>!M87L"B`2"(DVYU8246T^^ MF/)GXMDS+(PBI`AWZSA27<-L@(R\K/CQAK&5_P#3C.>!CWMJZR8+9`>V%2FS M293,(.(JS0V"'YG']8IEG[GR.2/Z9_V<8RY_;G]/[<^`Y$;/ULXD-3>P*6XB M0?+&!6W9X5:"WP?I9,:'6DW*77!<20WOA.<^OV&O/_J(]@R!-YI09(@9=OK` MI9[F&0AB)Z+9?+=R&!(8;&:<*2MY>0945[&$XSG+1+2OZ.(SD.H+LK79S<6Z M'>Z>4W-NOLPRV+)#N)E7A?A^PU'Y29G[:V/L-^V&_;*?D1Y_ZD^0S/[GK?Q? M/^X(3X?D^+Y?RH/Q?+^%_SG#,O\GS>GXMW*<^I'GXE>/T5P/TF=@UX;4B9BE8>&D# M&8BWU'D M$B`I9D!'G!XXR$G8: M8$F!'Y")*BY0&0'E`!G&6238Y\1]YHT0=TEM*W&LJ0A3B<9SC*L>0QCM^HK% M@14WKI4V;4X\V.W67;'#MV!;[S."&6$0RS,2*GG1\^Z4X;]E(_NQCQ^O`R!E MGK4?'R0XXFVU6>9`(@[-7YEB52=G8MN<#AD)]URQ<2LK!X\8A'ZY?6WA MK&/U]N!@&MO:F?'?+9VAKMX47`N226KM6G!Q\'.*9"R^\B3RVS@QU.4M>V,90_ MZYS\2G485XRI/D/Q,7&HUX1\^?M5;@P1I!,42;,3D9&"#RBQTEHC7R32F&6I M!8J\.894K#F6\X5X\9\\#%JV9K=.(;*M@TA.+&G"J]E5K@<8GDJ+4`E4-G)_ MB42HY.6,98^3R]C*/^K].!*)24C(2.,EYJ1`B(F.'<+D)24,'`C@164^SI)A MI;C0PH[2?U4M:DI3C^N>!'"=BZ^"A(NS&7NFB5N<(9$A;`39X1B$ERRK:OA7XS_8KP'<8?8*89)&>:(&(:;?'(8<0ZP^PZC# MC3S+K>5-NM.MJPI*DYSA6,^<<#EX#@.`X#@.`X#@.`X#@.`X#@.!K-N"(U25 M>`9^^V*:K,C5-878]TP60B1(HNDG+8"M(9#)@9TB27EC^GU$MNX;5GU7[93C M@:C.6_JQ86]:V@T/<]FM9L.7=H:1*6`!:XB3K9`0KD?:@13(6'C+75A]-28" M!_K^N`XF51G+J"5*)#]U_/62,C1F:UK;<66:17YZ1B8%$H.5*00QDO<:!/U6 M`!L=F^T5(35@BI!U03KF58-(^PS\;F,Y;"T7]BZ;:H![8S(TX@`B+5F!;5?M3I,+L7TI)F/<9=F"(=)#24O82%]E.4)< M3C'`P^TM=:AITE6F)N*VK:2(6G6ZXM2D!(12\Q%(H$%"1[D8?**Q%DM`AQ66 M&Q&4+2Y)+2I!3I*U82L('4#=`!GZ80'7MJFV@68$BJ,5-D5Z*E(8>G7+8L.] M`SQ$>1#LKKJ+*$>\2(4TXEQYL5U>$OCHRT%QS_=O5M7$BBYROWUM$\RMV%;B M(VOV1PUQ\=)$$`_^W[+(HB)6QY2Z@<Y^GEOS2$-V MI8==M5MJ$U*IB@?Q\=(5F1@(B,D"5YEL$-UR_2EC8'@)++?TSGO*5.-94WAP M-M.`X#@.`X'S.<8QG.:3KG4VE6J0KU<) MNL5:9%-KV(//5>-/-[LOU7FYXXHRI8D*+F0D+79&I=FUP#$17RH"SO(LL;,FM' M>JL1ZLD+#9<:*_X^`EU,J_76J6#56XJ'7+M;)^Q$3E$J5FQ,N2:!("C0\O22 MI&PYEI5@0>+BZ]!Y8Q(E)S)(&99:)<3Z9:2&8U'N'65@HH,'0Y#9-X@;`'(U MT"&M9^OJY)5Z.R7BNQ$8PW.EU$AYR9#(&+!9\GG?1/&=?2E3[2%!7=-'Z_:C MK0AM3J&U=?Q9E6%N1HYI MID-;[`C2V&`G^N^L_7S8=,B[178:]U\!;5XK<4&19Y*//K[!B"];;#B<`-%$ MB*8L[5>2R8R8DA24C,I0D?X4-MAMW2*B%1*Q%U2./DY$"(;>9#(EU@N'88=( M=(2PXY'`1HRFV,O90CPUA7IC'ME6?UR$KX#@.`X#@.`X&LO8FZZQI!>N)+9% M3-MF$R\Z_",,C@FA1[H\8RW)GF@'O-L&+9!+\LISC.,9PK.ESJX<@^HU@&7U\./.-RWH4A@Q MEDMM2"5H0&3JANG0])%;#BA-HNT"NRTSJ,&)$N%+F0[G6&)D>+R6`5"$D?;J M&)=M]T$KW'E'VD**1AP9YAU83;<@'7W7VMFKY=JQ=KI';2%_;9MFAF&;3<1G M92N7.V`RR5-.(4#(3)>/PS;X+2D(*.$;<2V)AYYL,7*[AU["5^F3XPNY,.T* M-E`XI4/(5DJP&5XQ\:6L<=;XF+_).1X0W[+:4TE\459`;'S,+RQAYQ`=ZW;[ MT?/V&\MFIV$Q*51G]A6QM@UNN1-NJ+$-/R!,P@T@YF.L4+`SBIZ,94(Y\Y,P M$6TA#PR<.<"\L=8--8,&D0ZTY'DB_9^BH`XH1`;)\!,UP\<<=*OA;9.C9XC+ MBF7WUNIRZXOXFL(#C#Z^ZT8)P<;%ES\BB--B6)&PFJEC!0BAH( M(9(JWV_C'(APJT&V&^E.'V?BRYE:G5*N&KX=E@*+`E@8IM M]IPN%'FC414JP,<)+AQ\F-[940`#-B?<:0E2,I><<3G.65Y:X'<_P+2OVM^U M/NVKZWY?\Q^6_/O?G?E_9W^//I_D/A]?H?L3_P!K]/C]OA_W?;[/^_P+LX#@ M.`X#@.`X#@.`X#@.`X#@>3(7\>NP0[LS.8O5/S6T;%@-9J@\(GL>.@%0FVMI MUG1R6\!897=QMML*$>(RK`3E4+(&^7Y%>F0Y=D?Q_;,MNPM@6BN['JL!#&6" M0J>KA5-3F)&H]?NPT])67N[4CT#!XCUVK8E@L3A];?:PID$B!AOE<;PT[G(9 MS='1W:]FVG>=E:@O]'HSL*$B[=<0C0YL9&N=\7^+B-<;VM4TS#AK'?K5AT]5 M1PXID?W>;DYZ9==2E+K2LA?FT^O$Y/4/45`I,%0CJCU[N>L+'3*+?9R7?J^T M:_1J7/4_]J;#P)4I1,`NOO3`TS#&(&G6\3L.$2\,GX_"0BR=.[X@]AZ@VQ3= M;];820I5)['TV]7MI4GLKMW=A]5U%:([:6RA=B!9/O>42%+?SI[5U$>;`B2. MMTA.R,[&3U`?P,^0V7<*9R%3@_Q][E&UKMC6TOMNE6(#?=MTGN+ M9)J*J/"NQV\*;O:G[)VK:86/.@[77[.U?:?!ICV7I8'/AZ#C&R!5L.$9;"9E M?Q^G_P"+=B4T.T@,7^;['Q^U*IMV)*QKRT-T"6Q0J5?H`J.U74Z75J78)[0$ M5*TDE,#'LB3*$"RQ:VY1UQ\8/WM;IILUVS7U.D8[0$7"7V:T>97[3?ZI!3TE MIBJZ>KE;J3&K8+75AU7?ZU;M9#,5O\U#!`2=/+C)Z0+6@I&'/FX&9'Z?WC%P M``)A-,9@`^TMB['%[YPY+$;XG(2?MLU;B=8R,"[3FX_Y#X67Q13)15E>%>HK M/U$QJD52BM3]L-?_LS3^#M]W#<4_5"&*;&(CH./O=;8BJB)-I_` MI>;=KLDVM_*1D/(8]O9G.59SP.2.ZY[+U3.]8K%IJJ:5.QICK]LK3UNK$M9I M[5T1(SU^)Z_2&;57S*KJR]X,3]S31"2DE!BO.I+:7[Y4A2.!6.UNEFT;W^4E MA"M?O2,KW0_[GGH%ZT$0XS5?,ZBL]?2ZZS9YO3&S@%3H%L4LUMQZM/,DQR$^ M%"D+\-!7&_>@.V=QRQTG$Q.FZ@-8>J8G7HF%CKLRB-ITZ+=-FSR[.$DOJY+) MM\68'=AR'V0&Z44X8V0A+K>%LDLAN]OG3=XVO6:3#L!:]FV]6[+USL6.J]N. MFFJ1MYJKQ$K'S%8OL$>PBQH'F8J/)>87\64<"E9GK5LPVV MU_9*],]5K`MBB[-H+VB9J8FQ-6U'%^M498G;Q79W&G9AN8M=K'%<"M_R5N/S M+CMB_$^WAAU!85'(?QMW.1CA89_;$9]*:ZU:GZN[>(2#*_/MW4M+B=I'6BAF ML+<<76HFFJ*H=0]6ZUH\HZ"1)TR@4ZJ2 M+\9AS$:\=7:['1!;L?AU@9W`+A`:LM>S;:OCSCRE.?TP$_X#@.`X#@.`X#@. M`X#@.`X#@.!06U6-GKME4)J%$I5TK+#4>+-9GQ`,V"'+D[I6!BIV!-D)!@=8 ML#542#Y066VW2,Y;=9?4Z/@,L(>L[?2F7G2Z9&CF/_0S)(C*K598<$8F+>44 M5#/G[&B2+!,F2I&6C1B4##BL//Y;>?RVVHL,9*S>]%C5PB/T/63;U&W%9EUD M#$UP:%?U\PZ85)!T2:>G'I`JY36266A,EI8&2K+[C^4^$I<#-!N;I/JE[(L> MNZLY9!K3F+K:V8F$)4?1).3&>G2Q(WN\K&$+"%R M2^TN&,IA=4:M4MBGQ&*$'+XBT!4Z_O,:T5+G2Z@2EK#A0B96QO(_'Y?<(5%L MM8PS[(>)#K'W+N&2W:'H#3%120\U%)JT):)*&&%B(],@%(ST')349,DMRBSZ MT*3'CK9:RQB6<'>=^(9*T<"YM?A["GK)XI!'GW9:"Z1H.$"2Z@.'BQ$/ND//H&CQ& M$O/%^GVW74M,HPXZ5\:?D5GSE?KCSY\8X'+^*C/U_P#;@/[AVPU?\,?^X1I6 M%M"Y_P!O]1VUX\I1_P!.,_KC'`[_``'`"+[* MQQ$,FP:SI;[8\U&`.NU42!]_VL\Y2CU1J7Y&;C,1$?$H.FU9PTR2M)T8PA.5 MH>0^L.M'S_;HN/BER>J->PQ8LS:ES4<)(@2H1D!8SZ^=5$12ER`KCDI!Q M!/I<6*V2=&N%CK=8>:'<"P-;A[>EY&B2]X!B(H=J%LAMNCGJC!M&@VL15=C( M%B%EQI=TE@&0B#"O+J6%K]8U+65I2I/R!(M:KV))$7'.RJ;"1SD9*R,?12@P M(M#;U76C*4!92W)R)#*'$I:PM.5X:=SG/A6<8\)"J193MG%?A!CJ[3GW9"GS M4V;FM1PRP!KX5'OE@U^9?,DP5(&7/9_Y!+",)PT[Y^=]Q*EJ#-2\EVPC0G`@ M8RC2\[B"*6#(!QF"JTN1?$L"D/2SQMJJ\M^0B#FXQ*!&!6QST+=\OL^V7!`^ MG6OM(IME;&O:^(ZW=6H\D0P6D$B1!D7;`+C`\E#AQAC"R!AWD,E M92\VP]A;:`VLX#@.`X#@.!K_`+_3O3,57%:*@*#8)E$A,8F&-@8PD`!DBNR0 M1%O68^$&R6ZE>H2]K%U5U6Y8V#C+JW*/(=9J[B'JTY'+" MCR`7(9Y91$DZAKYELE*,2P[D]HCXF\B?6<<"TN`X#@.`X#@.`X#@.`X#@.`X M#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X M#@.!K;NIVG"6RE$V:_Q]:-5'3CL3#2L/8)S&68=8=B(:(9B7R:M\6'6WQ74E3*DNNOH4ZT2$H$UCK6+<"M5JVUFYQMCOD#-5I6 M8N:E\*,I!\M#3K8Y`LK-R#L,228,*40YG$4'@9C&$I0XVG`8B#@-12<*RX':S5]2,ZH@=6Q_8D:2&7;3;Y#2EV9=WX_BSX(:^1MTM:WG0L_9L_2;_`:[:@]ZDT=BK2T/?09VD5Z M1DJ[(E184=^U!K64MN0C!J,\[8QQ(`6":TI MLAB.0WX95AM3(;?102HV+C8Y9"BU@`!A+*7A25DJ%';840M*W'EX4]EOVSC* MUY\Y_7.?Z\#O\!P'`&C" M;&V7=#P926)D(5[&77\*#^1G*U-8RA*TACJC#TF^5/9E&B>T4];U]A0HB^P< MF%AV,G*LJ\N6=Y$OKP^.=CS(ZO$Q=12P`$IQ2HE^+6IYQ:RL-\"TJ1409?55 MUTS%[K1M4<30 MBV?B&C#L8=>(]WG5J6VX$,$UE1;9.%047V>M\P<7KV@/LQAC9,!Q*AK>E[#/P<\DAG.&E(_+(P[AMIH5*PD=FK&I(L>4'E=EQD5;P8ZR4.M MR$EK6W2L#&65VL5JF!NPE;(/^KZG01%7J-6K1DH].%UZN0D&5-DH=;(F"8F-&`?E'VWRSWVWI! MUC+JDK?>4G*_&5KS_=D)'P'`(.DM".6HD!^>A7I MA#[N*P)ET8P3X MDD)%@V69+#+3?R(>+4VI7RH5Y"EI;4=$=,A[,3NVS2XMFA[M2(I^;",CU!O5]VN2QB&DR#XJ!!WG&$.+\K1E81.NTO1;,U6/Q6^[6DMN& MV'6JHB1@IJ/#EH8J9MP$@$(8Y&1@DC*UJ4W%&(9;"<88>9CVW%".80X\,'Y' MKVH7HR!BHOL/:DQ$T@0VEIL%.L4L"&W5T%&3TO7"IH1IA934U*N$QQ!:RVHI M1!`S*'6OB;&"7%P^E03(TB!M4[3VIO;)D*UZ:;OPWR7J]V.NS<$+6",0T-!;2*+*+;*#8B"25+;2PEU:`V=T[J+&H8^3B&+?/VF+(9K0D,-8'7"GJ]' MUZN`PN8T0\@DL\T(HX=XMO[+CKHZ7\#X<4TTUA(7)P'`)0 MAU_'R,".%FMY2@![.0BE5M>EL058J\O155X%R2DZD5!6:6L4NY5X`H`>_,OR MCDVTZ0F'F)^`"9;9<4EG!"DI3G.,J;4$#LNTZ6<'(UQ@0D4=1!7RC M`MXP&;V!6]3TZX1T8-I1=F7*D/[,_*(/N#V96TC@STD&ZP.+'S0,GB&>JK'V M,'OC#Q?Y`1;#2_D7A(5NX5K=<(-/S'4\..FHD,EC$%EV5_^>-=>A_K*S]UM2$9"\*Y"]?;A%($";)*?,<'$:4I6!A4/D*^-E'AIE'A#:4H2E.`S7`<9QXSC]/U_IP//>,E=:R<:R',Z4-)&MG4Z6F[#=&X4HY14H\U"KBVT*(K# M=LDY%,"(RVV43E?KE!3V/`8.`G==F8$L5MT(#32+?^R3+C%6*:LR4$BLD59NEU^0N<@QY:.%%>-P5E(V,K6K`1V,-T._(7,V-ZYS]<34IIR(I M]W%1;JP5>*R%7OM5J6JEGA1V)9B!*N^IQH2*CVB5MCMLQQ(Z$H+:9R&2D'-= M2)%D&D.O&PK$=#SQ!21![5?I"?`+;`V;,D'(D9XR*BZ_*S!M&;?*8C)-Y9R) M@(E[+SBV4N!/JI?JQK\!Y6L-6V"2LM[V%+GWRH-VZQF'1DT==,1LI935VG!H M`>D!T MK=1G#&"`LJH#P$`7M"3@]`V*M/1]2F&\H1($8!V$-#S=@IX@4;$,&%#H*D(2 MD`DJ?>$;D5LF(]&W_;W>"9Q9$+&:JLLU%4&+>6^`6-(U:MHM#4/,AI&"JC!& M$R56B9=\+%^(K#C3."9)"''1'!4,EY#'`2E=04X*%U2G M!ZH7DNQ#F6O%I5F'LE?O3\N#DF%?BIPJO.Q\G4(^:7^/:=1A+7R"J)RTTE\+ M@K+=?MDG6HBQ:0A8&H1561BOVIY\UD`5Q=J?J$578*.-@X:69782&E&MK<0Q M\T28QEW&5/.-("-[3D:XQ;(0JMZ,E;Z5KBZL2+=BCR[76UU>PRT&?!622!^$ M(9,DH6O1H0C[C*RFG0#U)PA3674N!NHVXAU&%MJPI"O/JK'GQGQG./T\^/T\ MXX'[X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X M#@.`X#@.`X#@.`X#@.`X#@.`X#@4ILI>R/W)61:3>:35A#QFV'XFSC-ERDZ< MS;JD47^":R6(\E3%29DVG/"2<+60VG"&E9P^V%-&1?9M8L(F(VW2@$M2X[UD MS+R%?E#WXY;<7"&)C#QJ4("RQ)R^)HL)I8J'!GP!AU.J;=?;&#AKH_9HC`DA M8]OZL)&J5VF).W.5QX1(+U8G)VHRKE1E,D`91"$ZUB_ST:,2\I:Y(-L5U]+) M2UO-!G@V]V)TG.&O['KX]D?767HFV%V*M2L>P@9$0);UYL`]=A8-`$S,,EI" M;RW\PZ7<8^="LI99"0[,.V)*Z[KL12[Q7X.^@%TL^_ST9<:V*_#U#+#3ULL$ M2U/5:8B))^59]FHQ)X88>'"6RG%92S]5X(979'?,(U/,3EKJ,]+)BKB^?]B[ M5L0>MLRSD._0[0D3\$IYB(AA$E_/\V&D$)?:SAM7KYX'[I0G8,-%6Q;MH58Q M36IJ9KJ<+@!S8LV>5+#)KA#D^.3"@R3(?U"PE!*5AYUU6/"10W'QGS^N M/UQG]<9Q_KP'`WDU`5L>1VM45V-UU^'+.=M MU46`;:1GHY,OZA)K1[TH*H)S+`P`[PA`AKGRNIRAU"&`SRY';(NH9\8[$@)*$O^OY(5C8!\W,RTU("24)=*:J0?AH>F07X*+0B M#RH25=->*3G#RSXP05&$M/$+X&2#)VQ$V&CG6/9<%^TXU>2;PDF\U#YI%V6< MKZX:696BI5M`-;/2'(N"A>Y#KC+OJEQ.7A64,A$.OH9*=7A.?"495G/C/`[D=*Q<8%5=X;!T.RFL@2[PIKEPXT%50=1WW M(QCR+!NZLGVH*3OY4<54CNK/--ML/I<0X;`-B MO$-Y=<6A89*7`[!MQ5NB1M@T.2D+=`$FTRRCRF:JBNHCWE$$RD?`.1=D(,CU M`R`K3S^)%Y+*LI=\I^1.,!#88+;TW8&@HK>M48S+"TTZMHC[Q&VPU@:"D($B MY^]?(BU(M$?8/P&$#&.*>&?7AO+03?:.+L18M M?R=>N,%7:W#`6&:O425;&X-T^/P?4\QDRV9F/(2_#0[+9J"%N>C&,4^@:XU&M=96*U5K+"C[LWB MQI65.A)J+BXD-L&!N"IYV1,DI^7-IUHG2Y6,S_S,!3=@/6UG/^XP,%E8'Z_" M:_VNSBS722K=GBK+7I8L.(@AC!(N,G=Q660:AL!0,;B6?Q+5:=PT0>DMY2&V M4^R<.+4H)%/7'2,CUVK#-BM-J"U]/'%OP4FJ(B6Y=)VHYJ1NA`V68R/)C7TN ME41_"5XP\DU"?*7?9S#G`PUFU!U_TY+:X%DY>\#66WI@:%3"$M@3[9AD!_BZ M*A,2(*D;,N?5L)#!F]:J M\[3HFTF7)B=L<239J]"W")HC)947I^PT)0_F'K(680(R0)USAMA.$MF28PS MG,?`PWEG+24X0Q[(6I8?=LOZ0A*O"];MI2UFD(VPPJK,T*$*[&J+K5`,(NDI MDN>KPT8T`AEBM+RZVVZU(FMX5@?Y7O<).#U&Z/;&*G9J"G178:; M@*2\2"7$01N851/@J/ERI2M[F9J0>BT,@0YHLQ&DN'J>92HLO#(RFDJ7G/NG M@6=J/_"6G[Z;H2ES9Z;99:S%;45#3!S1SF8UN,CJ:0RRI*.!M)P'`QE($'$F9&*04KP@68:CG,Y]L(QD*!JEBZ^1MCC+#3)?=-6)V=>) MO$N6O%<*A6;R*8ESPSEM0;/:KK]#,W)=IR#D;^;;::U^RK/(SK.O@:[*NC$2A#3(4;7H MN.,9(;8%"2M+.,+RKV7AT,M%S5!J>OR:L1:;E,58V'V+6X\.28J2#( MB.HA1-6G8L!Z+B8=;Q*7&UX"R6HEY]./9:OTSC@4M'5+5^R;77C).,WU9#[) M%6#3H-OEIB@P4(12:HB6S8*R?`UZ8@FG()R0SB1R7^&7)NE,#9:?QAG#20N: M.ZE:RAI(25B)"WQQD="QL)'*;E(PA##$-.!V"*+.;/A"TV0\(\)&?DEOO_-C M*E/8<?.?UX'+P'`K3\#%VROEO@3E8DI6+*!`L,.8,XT^/)0I;R"65)5CPXWCSYQYQP/.NA1'?H M.9EKW=XDXXN8I5HW.%K9O8%<77J[O1JI%Z@J'7EEP2;;%CW:3<.W%J%@)JY#$4>_1<]M2EDZ3H%XBV#C'OP,OK%,RQ$F M-,K(J97PO9;_`+5ADA2V*5W%%C=62%BHVUKMLL:E=:41&6NP$C5J'2S(:K0B M-^0NT5TG:,`-8[^]=_R!KLP7&VZ(F8S+`3"<^KC2@M^S:"V_`J[.S&OY[=AI M-AM>M&];1!?9#8(T+;XN0B]I8?OE MYG;1IZ\[<+CD)K[LT?)A9P^>/F/RD+ZH;8=:9#;`>MZ77]X5>Q0VT)5G95KL MR29X"[PM:0_LV5(@:D[=@3'&I-]FMSX:8S"&DX7'A+PI+"VLLX#1>IZR[>L5 M)(D;%=B:]8L462"W6_>^P$;9U[/G%[+3N_8MMJ5QPW.24FQ M8)IF.:/*9PT<*,TR,R$@A]1]JVNS;NU"K/9F-5R^X;F^Y3U;!NY,E%:\)T5$ M1]-#(J1NWY?2::8[LS!WWDQ]7&LH,BT(^P2Z.\62@(\G6_:2+MW6JPGL[0O$ M^#KWKM!;"B9:_P`Y$T.M3]>4`WNB;.LE&["5,&4FBV223#<3=)N;4Z0(R(P_ M@=Y:6`WWL(&Y7ML:WD*O9-?`Z4"@;ZSMBLS59G#]BS]E+17L:U-I%H$L`<#7 MXB%<9E,R[)D>8Z8EYC#*VLH5G(:);SU]VRE>U2;/KM6RO\=(/ZWNP#T1>#HN MAA@5^^29VZQI>*;[&5&!`S+5%Q#)*I#6UT<,;RA`_P#N83A@,37]%]RX^V[3 MF2+[9$`;!I'<82I-M[+OYCM8N%EV1-JZ]MV6.MNV;M2J]%1U$(")ASJ5!0AD M8ZRH4Y&$?HZ$[MT3V(VM7MBE-0.]=813&N-%UJ,KF)^J(MEANE0V':;%M8J+ M$I^[JJ_BN66JDQT;('!6NO3,D,E;01&&PR]@^;V7%5P)]3;+/RIR, MZ$\A]?\`91O<78^1GH?NT-':W!70^Q&O[90I.IJNT+B7IYINQ MUHH4O%R1$B5J/M7K.VRL%'6DADK/UK9'O.2#;#CX1@N':R[&MUG7#1_\`DMRX;CI4$6#*UU5]C)>08MH-NM,D951Y`88YV8*<1)NM M//$&H0M;P97>1VT(.S:1M%`J-YOE?K]YLKNRJI0IFH1DG)5N2UC=HJ%=+"N] MQI$)-``74N-=RS]M3S3J4/);SAM2DAK`35.PDSMIRR.5C>\9;);=&N+54;?_ M`)5A0=)4GKLG]B%WO6EVU9%[,(@9"WLP8U@BRT-P$N69/%CG!RZ16VGH\(!' M:M[XP5%;J+]DNEK;/ZP]G2Q9\C9T6/?JMOJZ1M;;U[KZ3F,S(G[A:C)M1QM4 MLB3,J@V%O`E.LH8$((#,/:]WXH8W,=3^S\=H?%\UT99-2V#L$U-=@[#"Q]%V M:)?9"H[)3NNR3T/3C;O(4PAV#3<@S#&X>3R,EIHG(DB'5_QMW<$C&;12I*^! MO5/7'89-%U9L+:H,FY9H^U[#BG]7ZZV99&[!8 M>:T[(*)#VC%$Z5_P`KR&UH:8O3$K4XIV!_S/#`.UJS MP[B;[.1#)K,;*+*+"8/6EYUI]O@0?LM5^RTI?=,6SKU+(';HX&RR+76YNRYA MJ%"VL.,D2)DM9A20@A;IQ9S[X_N<'?)HVR%U2OB5W5/;J%HH= MZKAVZJA8^RCLSMF_PS5)OHAJ==6O&^Y@^*BX?8)4(;-L@3==_<`K:L"(>:;< M%,#`26I^[!=9KD53;/L.I`VI.QF7,6;:`,]=-25W76PI;:W7&.LV$/B;)LF9>Z7."=FLV!B MFS=UFY&U.Z]C99)1@ID/KIB6;@A'!W,C.#QZ%M^4J\Y"W^`X#@.`X#@.!K]M MDB\,6VGC5K5]7N]9E4,#W>8F8IJ1D(MH2Q0V8%L5"BQU.C`/&E&Y_P!HGZ[C M6'<)1C#B\!"%3^V$Q[SP6D:Q(S!29?\`)5DBN*KP(:3:U-RJWEW,B4E0K,NR M3E2R0[EUE+F`A4E:MVGR%BD$=6*LF0BY]]BLS(MUYT!S*$DQDT/GXGR?G\A;M4L-F("O+UWUDPJ)@L5M!GHT*+/D95VX/2<3]8\N2#;&9-_).IRVM?R)2&?LY%B> MUY5I!=`AG["8S%-6J+*J:K>Q5,R<:B:G%`U@23C3;$TU:@A1U-#FH_OS@E2U MX'SY"L&)#84BFU*"X^`X#@.`X#@.!H!4[5N MATIMF8ZZTRL`SQLWFPF@:RERU&DE!U,U8AX+$HPXMP^8P\T1(D+6&1@1IW&< MY9SC(2.N3.X3+;7X"P:*HU-9+%@19^X"4(RTPRYVLPM'E*Z9%+C)D!\6OQ<\ MZY@#,BIA^,5&X1C.%C)><"TE"R!%)U^%<]65BT6JY%U<>SQH.OFVZI7(]1+BR,G8/Q_[>A[!*J&6^2X@@Q3N$)PHC+2P^7&"<%G*/6ZUJ*DR%5C<19$ M'D^A!G`0)LQ8L)L;P+S)<<%1%5N,;1*K]AG5R[W_`!VLM/)]\A6Y-KWB59(^ M.L^F*CF"3=&(\>P-TF8M"A:<')S'X24;`"F2'0SP<"-O8RM3:&%O>V&TI6A: MPSE>GG6(F#AK1H!F'88GRPY^&@M7FRD+'5UZLR\I'G0^(\$N/,??LLCD5]+/ MR^F"7U+0CV4O@6-KNCCO@G,7/5VL8/\`;$]9X"DL5^I@CBYJIJ,#&3`HQ;+W MX5%P2^ZH@)C*D8:SZ.NOY5G.`L:$H=&K*&&JW3*I7VA3G),5N$KL1%(&DG8] MR)=D&$`!L)9.<^FXY#(;V7,>Z&?(4XW M,[Z<`!C;#I.E,%.8R_*8B*H+8*_9YF8#C[:4AMIZWB$5464M+N6I$H_!>0Y( M);WDQ&67W`^1V*KLZ]GZ$UY7-I_=BL5"(`:C,R%L9.RR2 M^39+(--?*^N&`E&A7\Y<:RHN.*6UA33S&$A7KQG8-H:P&B];=6YOLI'0]CK8 M'[7"1".[(+F'V4SEQN:)E;:,5(0Q\]UU"\'/Y]FF%)<>PO@3*1O?9-GV?C=+ M0D-&QQE7(B%+B6YF7$BKK779>8":CX:S+PU+Z[EA'HB6<9Q\,FZ4P0,E#.'/ M`7CK6&&UN/82G*L^?`="M]CM.V MR^/:UA+2:Y;6YNVUH<>0I]W@X67L=#=):N5>K=NG:W&U&TSE:4$1DP2-.*(9 M;&?7E'HPZI`<4=V:T-+5S6]NC]FUTBL[=V";JK7$UY.:`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`U_3_`.7`IF\] MAM*ZSE[G`WW8D#5Y?7NH9#?5Q!E%%MO0FH(J0DHJ2O3V6Q7&R8H*2B7V'$L9 M=(2YA"?C\NM>X92-W7JV8.C8V-N$>2?+V""JL<*D>1;>)L%FUZ[M:"BTI>"; M]")#7K*Y1/OZI2PG*592Y_9P,N;LVA1VQ8?4IUHC1MC6"H3M]AJFZI[$G(5& MLR49VH]MQU,EM;WJ'MT=L* MK3]UIQ47@S*)JM5:7@X"QR+>"!6%B+A)JR@BDCD8:):>(PE3>,I7ZA;7G'ZX M\_T_K_Y?Z_K_`/+@5*]O;4(T+#V,R^P8$!/9OF(V9D7"(Z,6C6`T\;L!\LTX M<=B,$J@E8/<+>*4RTA`J\X5G'CR$#1W!ZYXA#K#([';K47&R^NX8]RZU>ZT4 ML5[;4SBO:VDGHNY5N"E4U>YS.%L`S/P_B'5,O9^SA++N4!)K'V.T[5B%`2%I M,/ETV*R57]OU6H7:\V=2IU M&%!.SMB4N,IT5L"0GA@Z?-XJ68N;(9,;8*_?4G#PU3Q\"AL&,JF92?#91AQM M&4+?Q\F$8PK.`J>5[:=?H@`*3KFLZ)UZ>Q%7:V",5&L MS9!%!K4F2V.58D(S!-OKPW]O*OTX&="[*:(DI6RPL;L^L2,G46=7%3PL>2^; MD8+=;\4-JN1%>%'=8EHN[$3@B`R@U/C^Q",+6CSP.]5M^:KNUM?I57GY*6F& M3;)&M&MTZ[#U&4D:<:N-M<=`7\RN#4.R'UV1:<',9CY(ET=YIQ"TX4VO"0N+ M@.`X#@.`X#@.`X&N6\7)*8D(.A@;5A=;EVJ'LK4$TE%O+>AO.%8^1KX`DMGAHZJ MU>ZZV(W>=#VZY'GW&N%V&T2+LM5J:`>*?^&#->(?.$@@X^(,&24][N/HR]E> M7LMK3@.W9+Q&U<>(,W;KV-M%&>(,L!EHG2XP&V1E'IMP&N6)?#DP3(I5') M@SY4M3KI6&LQ+JW?_36M`1=WK]MTZON1S6])NORSUKF;"]98$0\PM6$._VA9].U;=ZUL)%GD=D2D]6FZT;")K MDB3,EX40])-E`&XP3)N#))"&;RA;[B2%O>^<)2S_`'*6%\\!P'`['BNP$=+VB="V#/52>C2E=?'76 M+>%(+DH2Q2T#&G+8>RF3MJG%K^-PY+;83ZU5"U;&NSM7J7967BRJAJR7UG<: MS#"&#FNR-GK[PTUL(J9BS@ZW:(L<(^`)?593"I6TR\>1%33#==M%+D1HMB&Q'.99@H\4@ M?TRHU]S(;#:[VI182C#$V7<\%LBO`9BKWNGW5N,F&X\C#KD>:VX^ MSEI]&<)5A*GA74)7C&6UJ:7A*LY0KP$LX#@.`X#@.`X%&;N''=$@,D;7EM69 M?58(<=Z%88+*FRYZ%>BQ&WAWQ)#*`8+CKI]L%<=JD@Q&NM_.VYELM*7 M,?'E*0P59B8Y@36152[0K=F)H&KP\&_#`6FXU&_M?;GK,.?+Q34PL`2PRCOU MGT)0I#4CY MDI>Q7&Y;$<(T*5"'ORKK;$I$ME&5P<%;'AUPT-I$DY\S6'LCK;"J2(*/KTY% MDQO;N0!8!M3^SOKF#$3!>BRX&Q2(Y[<:[3#84F7^D-\[)9$B\*^E\A< M>.WP.2F5@*0FZG7JWVPMDI+)C8I-+C)H:U.FRM3!32<3T9852\P+^ZC),?5\ M\L"2(^.7804M[+I>!S5GALCK'4UMHEMG)^:V3*W",E:]"Q+43))DG/K'10<8 M(J1:=.F)!+"7 M-P4G=%I`7,6;7E6E:W4Q"?BS'1+TK9ZO:ESX_HV@Q,P.=4QD-Y^7X?BRK"D* MSG&W5`W[E*ZS9N)%U:UQ;[3+7F)1(2 M>DIS1,Y'_N&XE3EUS#2M7E!R\,9DO`^;'MA01F2Z;PEY_(F[FO\`/;4G)JY:CL\V6;`56MQ$C&:3/L4K M2JNNO0D:V*V`J4M1Q)S_`,BB2'74X2IIIM#20G.O>L%)UK7M)U6NRT_B"T)= M+U;:.*4X$00\S=8/8M=Q"6*1<$7(3K<+%;'(2@]YS,J>^*T0<220LAUX+$MN MF=;WK8NIMLVFNKD[_HXJZF:NG<35@!16B=AUI5/M[BXB-E0X.<_+5U>1\8D1 MB\#>?D8PT[_?P(;,Z-E%;1E-ET?:UNUS^\7*-GPAEAMO^S@:ZUK^/S5>OHI(>L+':M?RH(NE#H"=BT0DF1" M7C1T%/U6"N#($[&R,80Q::Q8R0IJ'6UB*>^9\L5D21)(-<#*2W1:@7!T67V+ M=[Y<+<].VVU62V-$PU6D)VQ7%[3H,B^(S78D-FMQ;-#TK'51`H7I\]=,.9*< M(()<)R&"3T)KT-:M;7*C[.L-3F]8U%VFP+SE+UM96V(S.P+-L$9^.:GJN3B" M,%,M1`:^0VKN6F-;;`OVI-GVVNKE;QHN7M4]JV;3-V".Q6 M96[50ZD64EMB-GF1Y2W`B#8"+=4WY'5AP, M-(=/P6A8QZG;6O%+L\+?=>;!BK.-%TJ=?&E->Z+5H`<-R*L%`_7_`&=0T]IV7<5;E:24%;LV%4'`+A*C69^ MJ&55_6$'@/6KT5:XR\6-1KZXQ9[3\Z\X,0QE@3#`974/4#7NE+[5;_39RV-E M5S1P.E#8`DN,S6;*L)&NA%[-E8QB,8R+LB5B-8101Y8;@PQPX[7S,+6PRM`6 M]3-+ZUU]?]M[0J-<5$WG>LO5)W:"_&UF.9 M&RB-'#;?RCY'DN.Y4YD-8\_QX=>U!,,XBB1)4AG?0=HM<4'`Q5MN`'85JVHM MXLW.B1"25*BWK:IZ/<1ZK:>$84YESU5A02Q?48.SR^;+MS:-LVS9<&:Z';.G M*]0H2+73];V61M8E1-K5>K(,+(#VZ7DW%SI#K65%I2VV.@1A'PY"%C=#*]6X M0^+U]M[9E5*.D]JL*D9!V%M3[>OMM&U`R3UJDF2CV)M,344T*(:@9))R9H1H M)*""RT+=2L+VL_7.FW+0<#UVMDK9K;2X>.UA$R$G<9`>U6:X@ZQL-5L(Z;M( MS`9#%C?MC]4;:F7'F?\`F-DO^,(RO&4A6$;TZ&I"XI[3NW[[JEV"A;%0H!N, MBJ190:[J*;FF+'#ZR@8ZV5N5%`BM9S62E51_.'%101F0'4%@L"#L!CW>A6H6 MA*^/#3-TKY-0N&C++59>,D8W,Q&0NC(G4L(#KTPXN))5/4:\1VFXG,V(;AY; MQ:$F#K'+'$?'"2:\ZEB:\V35+H#MK91U5UW'VZ(U]K-1X<;68F&N+YI+\'9E MQ0XJK[%5EZ1>S"*DFUGAYRA3Y12VT+P&W?`)N=AV%%6JCPTH[)YCT00$TN(9/':?$9D)>+?E7U,^9`8=O(C;*E?81G" M4*#6;]QZ9K46+"D:1D:O!LZO'V9*U6`V%,(&B*%:2[@3+.P%:`2(/)R%'@Y6 M:F<`!I9&P7?=3+F: MJ_8[,J(9D8"R"LA$UML)R2!S)R1,=;E_,A#:E*0Y_N8SE+?J%6;M@.OD#:XK M7-CZ]R=S&)%(NH2XE;C-5AB7#+K/X?P.F1&%BSG`D![`S8%U^1BII_7\E#3]C6%.(#!UGML%97Z#@:@3"P[S8<>/./TSCS M_P"&?],\#RKJ-PZWBSR8&.U9.:[B"C[@Y8"%["L,-"/L5ABCNS,B6+"E%Q=E MLDXB&`)>9#>?=D#@L?*^\0^OW#,:Y_[8;!+:G'8ZVVFGEC3M974Q;`),`XUA MLZ1*GX^3JQT,\=AVIV&.C-5L2CKV6&PI/+K;R'7"G/+H;.:CL.L[)MG=.*U" M6ZLVF-M++,N7-KF8V%V,T,SF`(MU28,<0',0P%AJ4C$.*8]D(=CEN^N&B6EN M!6KMOU_(-DS49JZV"DC;":-EWJ%; M=R08,+D9L9*G7&V7)FE>SCC205J_M(=:SP-HZ-KWKGL=Q^=J$9$CSM>MM.UO2M?O3K]/ M@AX-=E+8/G,"NDJ;D9%A+Z<2)#3SSJ%2#R'\X>?QC#KV$I^3*O5/@)SP'`L\F?+.`5NOQ4I(QMAEV",B+L0D:Q%&@ESH3(++9 M)0"U*'>^NVMS&,M(<0&KDH5HLX8LTWKJJ;<+/3;%2%3D#IJN)M3\O5`OW/BP M`M`)C;O$N;$?9*E&F$R(#@)0R'E(;QG@3FMW375)U_/[=C]'VBJJJ=UI&;Y7 M1W)0R?@CW-:UJMEV8*)'^T'9FJ[6+JD9QR/PXU)BMK.2MQ[^@6!+QVO=O9]\<8A[@[3E/3-K&*;KDA:38B4*"?0S*A1AM:2&O&,)9\YQG"?3RC( M:VR&PM.R9U^N`W76[2$])6%@>:<.(MD0BTUF0K1.&V*,1H.S1NRE)L-9T1+R%EC&:Q'0&1 MYZ3/OM8KUAQ%L2'V8VPCBR4?44QNQY%^,&=;*'&DAFRF&B6B1Q"67TM.8]T.--N(5Y2I*58SC@2K@ M.`X#@.`X#@.`X&IW:G?=RT@UJ,*C5>&LLSM'8$I359FF[*6/$"1.NKK?'CV8 MNJ1Y\M)OO*J21O3'QH;2]EQ2L^N$J#7>L=Y-A[#M.E*_5:9KZNL[(TIKO;-C M-MA^PI0&!-N-QN]6EJTF9K=/5$0N855%?PV1,+"^GVU=EV#7:5!V4=<(A M8NOK(90'!"Y]"EYB3CA?L#8#4^8,%D-]P)O_`"9%0LH'KJL4@W=<'H!``@)-$@K]K46?JE,#EI*P--0`LZ0&U.@_&8D\;YT#X#::1VQ'1NYJ MOI1=-V65*6K7UJV(/?0*+,&:DB`JG.5R")K-CV,TC,%"WF8=LK9$;%.J^P:& M*2\C^UG/D-$-@]OMP5?N*5I2+;HK]+#V9HBDL0!,;6%7&5KVT(JO$6JU,+?W M?$[&,36B9IY3;T31)>+';%RHTIEAHT@,,D;W2N[M''OEI@A+,)>=7Z%KKM7W#=JA+[CUO<\$;:/HN] MMJZWA=4Q=>D+749.$MD-4Z3$%3H(RI"?+,GV,@!(;:6AP+#I_:;;!_8^E:_O MXD54(N^MUMN,U;!0E,M]LK"9K3@=]D$['/QN:'VQ5I>#MR3P2CFM?E5A@=@9 MIPQ+Y*WF`LCL)VFGM/[EU52H6HREAH^,QTYV`LH5,M5@&H=-N\^C7]!D/W%! M95"51QFS.&3 MW%ZW$MC80>D^PS&J*:_-9G]YZM.@ZN95W5'S)L4Q8Y%+;+Q0T?\`$VEEP+-A M^T>PI;MO?M+R5UU95("IR5:"J]:D(^HO&[#>F-):_OV8V%M3^]`=F.D'6JW& MI&-$UH7&YCHQ24D^@X;#TC<2=F5;:,U6:7> MZC(:YO&R=<,";AIU@UV+99[7C[H'[K@,F!%R$YJNQF)2Y&SH;#S1X?LZPA>< M>N0\S2.WNZ[AHS:57`G3YSL#*&ZNJU#)U+0:[.0=?MUU>M,K95Q,WIWTN MR-T4<33<5I&`5,6?8^RS:M,#HJ=>N]$%1\99]P:2JB"<2U1$'< M>*L+:4LO+2RT^\IM.`I>N=LMQQ6Z=0ZNVKKEJ-CCZS5*;N^T5>H7&3K%,["[ M)BW[)1Z^Q>12I>FQ44)%1H0$F"LF07^7N<0D60>''(>?#!O]V[07J0*TUYW7 M]K+:]`'UG^`IUNA!)Y4O3F#C9Z>;=C9)3P5^K-R`5.8&:LX]7BBY]$F>X6TV1$PS;KQ:4K8<3P(WV^[ M(W#085":UW1IO8=BE)62N%O@X&CVJ]&B:9UZR)(;&*$%J;K9$/8Y?\F#%PI9 MF%@HD#<+>;<;:6C@:_+[G[/)[=?XJ@R*%,ZR.VQKNEPL<+&UM^V'T&\Z.I^R M\[":6QNI6SBAV)ZRJ924/K]Z"9%3Y).90R44P%[:'[/26W9O259P72S[%-Z5 MO%QWU`UU;STSJS8]?E-4Q4/4IZ,_+&FTAXXNSSS?T)9'W7UQBOC5CZ[_`)"` M[5[/[&I?8&W42'N&J<"5>7T%%UG1\G590O;>X!=JS.(NUR=0L(^P0%!-U@=U MQ]+R*[(`B)`>4'3D*BEN]>\1M.4B0L%;@] M3;<5O]K6NT!;[2&JC%P-+LVI-A;?H\[$1&Z=O:9AV%/CP@$`2:=8T#E3`$DD M-ES*QVDAMCU6[`[$W5B"_?%?AH3)_7_6.RB_Q4;(")7;+5?=PU6<9%(>F)N, M(A51M`CRA/IE'C*P4IT<\X1T8A87QKG;(.S"]J@QE,V152-4[(FM8FO;&I,U M28ZXR4-"P4WFUZ[.DF%IN>NI!N?;8%F@TK'?)'(;1C*F<^0\Q6^\FZXS5NV) M:7F:1);%IA>AER#\#4=;2^L*:SLW=$#K:Y,1]MB^U#L:>J`BY1XD`*\&Z_ED MLL_=,;2S\XXP3B5[>;`:@H`E.^=!UD5.I);9P=[L=%;EH+;5Z#LMAC3M"58. MB[NMM9&MFO@8P!N;'A;)99B1(FA5QXZ6VUI>"X@^VUA60?6+#&5:D;7D=L=8 M8"I:=GR'E7TC7^V8?0DGM*41"*D`9:RN:_(NUM'F@\V*"@Z+MFTT2(/EZRY)G3D9DB)C0' M'W'TH;<>*PM&$H=;3P-E^`X#@.`X#@.!1FRL;H_=]>5KY>/VIBMV3$PAO%2] MOW5E+&*P[(*L*WXL3`-.2]+)DP9)_% MI-<8@4KG8$>6FW,#59W`H(<79IF#P"V&^8(L$0U2DD,/-)R^L)``_P!H54?9 M;4PUKX&_O6]9>KCPY00/B$K\7&G9H@G*&V5,FA(%9\+>P0O#`29M_L.TRD4]JL(,44^>Y,@/0[4-@ M-+MA#:@F13U+D\'D*7'%MN*0IK`[3B%O8>\MJ":ZA7M!,+,M;:)CB)_]QGKB M%`YB&,JKF10/I_+'0_SC@829\_QH648^IK*5..85GT2%L)6A6582I*LH5ZKP ME6,Y2KQY]5>,_P!JO&?Z9X'ZX#@.`X#@.!K%73.QT:2;FU0@]@'(9F!A514A M1VL!3;\?7<@RK`Y'X-QBEB2J)'ZC;KY\NL9:,E)RM*4Y"%1V>WF8H%7YBMNR M3]?CHN;$G<4A!X=F=_BRHIC#46-F/.1AQ[#KKZ'499^)\+!4+ MV0-IKT0_/4Z!OF+^&"-98\8$R-,UZ%&@-&3[4+(B$?4EID]E]YP!7SJ$6[EI M#[C:$/9#([E'["YJ=5;TG+4D:XL2I(MK+NH:6863BR*K8(=N2CQQU2#P<@#: M2P)D4;"E))P%]!]QELAPAD(I-M]F&H\Q44ZE^;4\M'Z%:]!B7,?4FE02:TLV M%.D!VE&?CTSZI/!#GI@C,8WY^/@?DD/M&S*6]Q MWC.?'G'GQC/C.?']?&,_IP/O`(C`AEKAYZ)_&MOI<^XT@51KB5-Y8S_8M"PHH8+N`^0,N3L^N(UL:_ M2LV\S&.AF-$Z\E;+47HZG&)-K@S[)-YC3978+AU??1*P^*^WFO`N5]L8 MU+C:RFL.)>9P\TZZ6%_BLW9_8Y\PNTBNZ\37:XW!54+$&HHV8++DV)N:DSEA M.'?0:'='RPVR0G#CK.?7SCRA85?LYCLR\FY)UK;];PHDBZ6!4)2QC-*54F2F M==(18)=:ASAYC,9\5B6.'\&/=\D3YEK:QE*0ZY378L\%XP6S1JCC#ZX;BMU, MFDY)K0)^O)HJ:!6(V*_D-@I<$+C/JZ1EQ;H?JM1G;$J;D7+ MA8:+%0KM\A92,:K+`TBMC7C[!\;8JJ4W*0HY")T-R#!DPI%+SZ5+FS!W6E(% M&]0VHX#@.`X#@.`X#@.!$KC0*)L2.'A]@4JI7J)$,3("Q=QKD/9HX:00P^,@ MX<*;#.&9,0,2XWAU*<+PAQ2?/A6<9#`S>E].V5^!*L>I]:3Y-5`"BJN1-T2K MRK];BXUU+T=&P+QT4^Y#@`/(PMED?+;;2L8RG&,XX&9=UUKYZP0]L>HE-=M5 M>7+.0%F=K$(Y8(-R?(-+G7(>94#F1C%S1V5JSD.]^S:? M](N-_:E;_''PKM;.`_!1?TC:\^LQQZ!+%^K\!,*\Y($*4*M*F%9?,84OT3^F//GQC@?'G@?OQ_^?\`7@/&/_#_`/&>!\\8_P##'_Z<#\H: M;;]_C;0W\BU.N>B$I]W%>/9Q?KC'LM7C'G.?USXX'[X'X0TTW[?&VVW[K4ZO MT0E/NXO/E;BO7&/9:\_USG]<\`IMM2D+4A"EM94IM2DIRIO*DY0K*%9QY1E2 M59QGQ_7&>!^^`X'&AEIM3BT--H6\K"GEH0E*G583A.%.*QC&5JPG'CSGS^G` M^K;;=3ZN-H<3[)5ZK2E:?9"L+0KPK&<>R%8QG&?],XX'[X#@/'C^GZ<#C0RT MVIQ;;3:%O*PIU:$)2IU6$X3A3BDXQE:L)QXQG/G].!R<8Q[+SA.,><_KXQP"VFW/3W;0OXUX=1[H2 MKT<3C.,.(\XSZKQC.?&7D)4A#N4)RZA"_&5)2YG'NE* MLX_7&,^,\#DX#@.`X#@.`X#@:Q;RL%&K%JK+-KV.[3C=@TS850#K[,`].%6> M&AHC%GL;L0H9*GX^8C@6\('5ZN_9))9';;A+! M/QMIKVR+C)9(EIC9V!Y6E$3T:/'UX*<_,FSV7D).D2$H^?*O1UQI"V<(P(A_ MY?<+-KT!IJ'T%5JZ9.VFST.WVD&8CS(:HRJ+#(,Z\6U,R2;&B&P<>L0=JDNY M+*Q\>5M?V,I_N;QD)W+9U?N?6K<#7['/PM4HMGC:=$3"()Q-?!'AU\=J6 M8;5\V1&'9$P1#;SKJFVU!LWK/3XFN)>QS+4TJ3)L2RE$(9AHV$:<699;#:'S M93("S':O+/O)C6()FQ1TM!(V)&` MPB6VL/+<+2PUA;J5)P'[CZ!JBU[%MT=6]C75V2DQ)BD(F7`"9]<-/V8>\W^) ME:?>91T[&)6*&L+I893Z"FGF0&V\.*1E25A<`/7K5D;7Z3ID1[\?5(N[A`!8PZ@I3`(^5J<4AQ>0ZEW_&6U593=Q!B!Y!@N$A\C#N5&RR`D^KK@S60D(%1ZX78:'L*;U9)L*8K$+6Y=N%JL_#PX=:?_`&Q* ML_N:,;$5(4L]DJ<%9-(*=8-$-+)P]AMYEQ0P;5TK08%,L,38W!WJ/VG,56>LL>?*S\C?94<>0ARX_\0]* M&UG8-NC8$MZ+'SXR9!!?%AMI3Z'PD513UOU_(VDP?=,28H$&PZXE64NP.)&+ MD;TW;@$/D5R5D&%2EEEQ;/90`Y%`+I/MEUIEOX_./`3L*E MZ5?AJM:E[+5FO7QNH6*NR4:)&5\Z:&K!=(D!I.)L8,2Q=(.FN?MJ.4ZE@P8$ M9)>5Y<2EUCT"I)76?5"&KILAG?\`FMQ(8@<[839.UPWXXQP!JJ3\3:K&S)"- M/IDAZMI92,'8=8=,ATNN/K?0T(ZP%K4&6ZSZ]O4I:87<$%+6NQQ=>@I2."EP MI`4Q^QO@@U=IV5<+AFRDPBP<+4$UKJ4RXNQ;"5U]A435:CI;\0*U4K#` M.2K[DI88%Z`,1+PHZK8EROQ8IRWXMDUE]HO+33>7<)]G<+RXVY[J"M MIB6F/@N5?HO7@*9@;),PQ+45(5JSP#!Z";75B!K7,8GXV`@/+[DY(22!&"6# M(UZ/^0K*%+<^`(<9=KG4,V;,)UMKL=:1['&ZXCF&];[`G8^7@;B:$NX3"S",AO)*4*.PAMUYYG@;JBZOUP(.V,-1JLT.C.5I:Q!@>N5*& MF`U*GN.D2<)+O9J$O+L,259.AX6L=;F9HXW,"0(WDPV/9:.5AMCW4V&9.Q8H6.4LG1%#DH^*GQGJN+$T M*U/?\MND52P".9C4PQL@#(2LBV+#M'."LB`$Q"E%K0XEMC`8^NQ8?X399-EZ MPQM7CZG,UQRJQ47`GENV&OHFI.L8E8N*K@\DM?S:1X0@4>!"5A]23% M,->H^$K5A2$^`H,<]F3.&G++UD$CWO\`V*;G'1:98'[-`_G96&DY^;0`EHEO,LEI,AA$9*18Y`^ M,.8^%]E*T>%8\\#%OZ!TH2[-D/ZNI+I5DEBIVP&+@0.!S":)TP#F-R+JZC-8A;&NWP:,5N,6U!6=R9`L3D[ M!,N#J:A))<]%CF9<%PRK)+*7/^K'G@2(S6]!D`JU&F4^O/Q]-'9"JP2HP5(L M#'L,ACMQD:PAM+8\5\$>.E0N,?77@=KV1GXT>H8#.C-.*=$>N.A1G0GP]14`%^, M9AQXI^/K4:`_$,5\Q606'S'>!(N`X#@.` MX#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.` MX#@.`X#@.`X#@.`X#@4]LT"U?D(*:A;/"Q($8-(JQ&S]HF*E$NS0:A9\>5D' MX5EUVR1XXM5D"8.`E8PVRB3 MC%9=M8EVJUUL4'9I`)V6G(J+F8UI[!LODI(U*T+Q(5ZVDTPF)_(1:XB+M4/5H%J:#?%K[^&W<+*>>:R7A;N5?W MX;0%LVVJ;R>U2ZB'WI4ZW.A70V\*V9(Q:BX4K7T*LN;K$))BI,CP00YKZ<>W M/$,$)%^DHWZR$I=;0V$HN5H!LZJHJ!V=1@\,,3$U*PX6S'(-J0CA%%-8L#$W M!-9DY&-K3D#(8($6VR$0I#V'G49%X%0%1=U-=@)`7LU4X]B,EZY-'88O:CAK MDEZ:DOG*=2ZZP-7`;A%UN5&%BV4'Q@9,8\MI)/H0A`8URI[JK5EAX9WM32VC M(VV?NF0K5F,?8SDF4=>/)<8$ M<;:6ZYE.7%(RK"&TYPA(3;@.`X#@.`X&C\36]@0C)`TKV7KTNM.%EI<,8J2EI",/:9Q M]Y+/UC%$-_'G"1FPLVU%SLU4Z@$[=Z;'6;,C%"6,6(O$E4XRR2AP4S`MQL'8 M8YA^QQ^7;>,IX45MI;I2P%AK5G_<5@*?+397`Y21SV"I2XQHPX,Y:-HFQ8AT MIDN:%#DE2P[1#M*=K3\_%,JA@\OB23@K>"7$*>5[!V6*'L:2G@$0_89JX20] MNA6`,5QF7F8=HT27"7EI.&8[T0WEM*L^'7`NS45)V# M2FK2S>[\1?,2\P/*0;I*REKA!G`6D2$4G[N'7E,IDDK6TI#J6?A4A*6&5(6I MT+BX#@.`X#@.`X'2>DH\$X\V@HUL!+*S5BLJ5AQ](B2$9 M?Z\"*`;,UY*,E$1UVK!K`7VLENCS0#J&$!.1[13KBDO9QAAIBO+"A#)D`66+1;7YL6KJ'C MGWVRW<6`FM2+8GJC/SK!?PCSEI?J'0:VKK9XXB,1>:Q^0%M`M*>#DSC,PM,DX MZ><&+!+CS9&J[`D5)?6\R%B*%D,NN)>0,E84*FD]2I:0CYIRBWU)+T-'ZX@Y MAF?=L%ECH>0`,;$A`J2!/3EN*C:K&6I8H4@Y%%X'`(4TP_D-_/SAFX';G7V/ MM)%@@XW8T[<68&F:Z^&0(B89N7AKE3%3Z2/D&=BHV9:IX<1B&D'<_*S%2;7P M)2AS*W$K8]90_6^^.2LO=KC2XVNS%*DZT*9#3U[4G!9.O@*C!C0+0[;DS M,R8V!(_Y5>SKKJ5.+QCWRD('*4#K37-;5;:L>#-6>%GAFWZW+@SC`CQ^+JF] M6W)!)9;\/!0?SE7R0-3AWZV$'X':91]G+;+H4U<">L4F39]B26N-D6B6K&%0 M#ESCID-V=E,V2'M-WE;&-%@2B!"4.R^&`B>]6L96,C#VZS=,NS]KN3-K!04H?5D$%#_DHZ-<(7\"'1OG"TJWV5H5KML+5(<>84Y-S,[7 MF)$YN/C6FYJ!.N<<2!F*./8L+KZ"Z#)-D82'G(#[6&2OA>RIM`;#\!P'`<#X MK.,)5G*O3&,9SE7G&/7&,?JKRKRG'C^OZ_IP/*:0K74>OSC@D'KF\7=NA?N' M9,89$7@>2CW["DM(\S*5MV3MXXLW.7*QZP%,(9>>2(5,,,'*1@IOYF@M:0V9 MUJL,'/:V*J-J_:I-^N<_C*`QX<&R7I$CM:U7B/%>1(A24?8*^73I!]\$U`1S M.%M?&E612_J!D++L'75_@ZEJRQ4+8@M>Q)6+-8E2#:[#$.1^JR$5&1F@C,E) M(&:4W)^H;S"6GGO?RPZE[&,8"OYI[K+):U!W%.:VVK&LM["(CVXR*>EF+9'W MX5-SO4?=)1,3+LOBO5M=JE'L2I[J1XM@AP@G*0VLD)#EEK-UE5#G1<[K&U!U M*#E-D0TG-QQ<,Z.:7`S#*Y6;L)4--ID_QY]BKPC$9*9\BL.DMY6Z,VI:T!-: MAN+4-2LL`#7*SL1=C=*S4PZW/'0H@M6:LA$PTY.YP]*8"1'71C5C<@V6VX^- MEMS&$?6<^XPT%S0O9BO3A4<&'3[6^]*V*$KX>8]^JS#;2[*5.#P)LLJ)L9F8 M1@INK23KR"<-O"(%Q\J4J?8PX'6OW::HZW+O";'4;\J*I$[!UIV=C()N0CIN M:EQ:U*&"0RVRT_.JOU^Q+DS<*RE;0$8:[Z_[*<.!@C^Y&OHTN8'?K-X>8C[6 M'5@90*+"*AI9N1,NP`-K3*XD4!1=%6]03G'IHM;,8(-ZNOOMXPYAL-NN`X#@ M.`X$-M-&AK:9!R,@_,!GUUPY4<7#3!L4Y\,HTRQ(A%I%<2T<":T.C"VG4J3_ M`&X\>.!JG?YCK;K*9>K]B'O9$S#+K4<@.,>NDX7)#2TC58^N4$?U.<=DJ[@@ MV-4D57_MR%8SA;OS_,A0=*]UOK%6K;F$G(JSC6E`%#.4F/E)'YP'R67:A2&' MYIKM MW(E:K"*K)5_!E#AP!_:+C7X62>>6:6PEI.%NX6M+?S9X&-F=H]'[=-SM>D(8 M\J8HUCVU?+`8U#3L'(P5GH4@B;N%T+/23%S#TU#&6U:X8A'RDMLENY"PEA2\ MY#:"/ZXZ7^Q'S]0]5(',/\R!)V9L%AD!W+ M!)2GY##CJ?D4UYD)M"-C!5L"NMR7JU7IEUF:!_ M(SD,,^TW:VA?"\NO$)'>SG#>,^RD!KN7)=U7RK!##:VU%^VC*^\BLE2)##>& M;7+UZK@`-6B('EY!G%;I]I9E90P@;!!,D(\.$R.TXPHM\+3UZ]N<^Y-&WS6E M1KM>GHTPH\H%<(5/U^0!K5'$37)'26QH\1A!#F%)7AQ]+324NKPM&,^5><^<8S_IP/@T%"!M M*'#AXH5A3J7U,C1XC#2GT)RA#RFVF4HRZA&?&%>/.,?IP.W@`'#[96`Q<$L_ M8^$C`[.'VOMKPX7\;OI\B/M.8PISQG'OG'G/G/`[7`RI)9X]@Q3H6>5K9@-NLB%0)$':9F*F[1-S\J39<8+S M')$@0DQSN7)`I:VPXJ:7VJGYFFB;$HT+!1.,2*3;`!#4J7/A)-\"`<:*4$_, M/)8`9F73D>PR4.+890K.75>,N!;U-_SRS+5*.M\!4)"N%B01ETGD*!C9D*6. MI5L0$(.EMXIDZTS7]3I@V'%7, M*_R2(BA93*&,R4>U2'8U*;24\37CHY12C%._`^G&4Y_M7CX\AT&S^U1,C4(^ MPZDUI,Q,5)8'O,N@F(SB9#>IM3#AYZBPALRXL-<;?9B:D)((\IA;``/U!""E MO(+<"\-)MWIRC,/[/K<17;D],RY)XD4-%,#OH^XXD&2RW%.DL()(%SCSE2U. MXQC^Y6<_W9"VLC#JSG*F&59RXIW././UX'&^``4Y\I(0A#N1W1,N/C,O.?5?RE3PWNXA2OKO91C*D? M]*LXQYQ^G`^?CX_W><^B'\A"&VGU_69]WVV6G666WE>GLXAIE]:$X5YPE*U8 MQ^F<\#KKA(5S*A2)1R94S>GJF$YJ784;8&?V?9;-E%>-_%_D+# M"D0DS$LBV6%0WGZS/QF%/X=S\3.?17D*BU+6*$#?:9)P6SIZ>^C7412J[$T^ MV0M'G;*0U?RZS:3BR<'Q,=9HVI)L0APJRL8)RL)U]MIYN/PZ%Z5&)DQ-7JCY M.XLS,'FGO#1,\'4+!!S[,2J(^-B1D@Y&P3,D;,-,>SBTI9%=<^I@MMO&)7+3#+ACZV%-)R&QG7.!A(6!.56[U;[I7SXJEN0#5RK]GA# MX*&%KK0([`[EM'&FCQ)8L<@YO[.%D#-OH9RM;2&"2S+RE$QK3<@9AWY?NM, M-9#'52BZG$_"XB=ZVN2`35[B+%IM.N;RHIW[M5@V)63A"G&X,1FTPZV\D,-M M#+-66[\3B'C&WUN!8C=6U0Z"$W4]I6`*(17FLC+C:?<#K`Z,+7K`+)N.&1;( M2?VA(/+=*GA4@H<5(-I0LL9Y3*4A8VJ8G4X6P0'XBVQL[=LUFSI$$:K\K#B_ MBBK4^7E^LXDWS&QH",8]A(UEL@GWC?\`<8=6-XSP-KN`X#@.`X#@.`X#@.`X -#@.`X#@.`X#@.!__V3\_ ` end